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nn Mafe 



hTr3 din - 

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Thursday June 15 1978 

f The world's most 

I expensive 

j twist suiting cloth 









Comecon, - the East European 
economic idlianee, is considering 
a change in its voting system 
which could fprec the economic 
policies' of smaller Communist 
states into Kne with the Soviet 
Union and; provoke . serious 
strains wi thin the bloc. 

The nine countries involved — 
the Warsaw pact states^ plus 
Mongolia and Cuba— are expected 
to discuss the plan at a suoQhlt 
in Bucharest later this month. 
Coroecon’s ' present unanimous 
voting procedure would he 
replaced By a • system making 
majority decisions binding on all 
member countries. Back Page 

Tax oncompany 
scholarshi ps 

Company scholarships awarded to 
directors or ; higher-paid em- 
ployees to assist , in the cost of 
educating members . of their 
• families are to be taxed as bene- 
fits in kind; rtfae Inland Revenue 
has announced! The move, which 
will affect many long-established 
schemes, is. a further stage in the 
ciampdown on fringe benefits and 
is likely to be bitterly opposed. 
Back Pager ' 

Olympic plan 

Greater London. Council leader 
Mr. Horace Cutier suggested that 
an Olympic city could be built 
in. London's derelict docklands 
-tb' house the • 198S Olympic 
Games. Tie council may pay 
£50.000 for a feasibility study of 
the project. Page d. ' 

• EQUITIES fen 2.7 to 471.9 

in subdued trading, with the 
dull tone extended into late 
dealings following' 'disappoint- 
ment over; the -Jttay trade 
figures. •'•t:- 

• GILTS came ipfor profit- 
taking at the sbort end, and 
falls of i to Jr were recorded 
in shorts- and.' lofcgs. The 
Government Securities index 
closed 0.15 down at 70fi3. 

• STERLING dgseilS points 
down at 5LS32Z, wffii its trade- 
weighted index sfil^ptng to 61.3 
(6L4). The yen rose to a post- 
war high against dollar at 
Y21&25 ahead ef Japan’s May 
trade figures. 3?Sgfc.. 4. The 
dollar^ depreciate Widened to 
6.0 per cent 

• GOLD rose §3}7to 3183i in 




jperfrnfc ounce - :*£& V 1 -- 


Girl fights bap 

. . London. 

Ttjeroso Bennett; a LZ-year-OJa ~ • • " . : ' 

g irl who has' been banned -from ♦ COPPER price, fafl 
playing soccer with, boys in the on the' USE, with i 
Newark. Yoiith-Ldague, Took her down £LL5 to £723 Jftf tonne on 
fight for bgoaJ opporhmity ta neW s;tIiat«.S. produtcer, fiasco, 
Newark County..- Court. • She ^ *’ 

claims £2,000 damages, - alleging Si 

that the Football Association is New_ York the prices o£ copper 
in breach of the Sex Discrimina- ra*I pack sharp®' in response to 
lion Act, 3 975. ' If she wins -her the LME redmsion. Page 31 
case, the association will ;i FPT ct , oio 

unable to stop_giris playing in • WALL SJREET closed —42 
junior football teams. . dovv^n at 85^.56. 

BmiiaI a, n «-■» ni-r h ? - .fi.SHELL’ C H E M ICALS has 
CCfUal ownership . rtrcflted design work on a proposed 

Husbands and wives should nQfin?--+^Qpm petrochemicals plant at 
ally be equal; owners by law ptJStaulow. on Merseyside, because 
their homes-— whether freehold' pL a fall in world demand and 
or leasehold ■ properties or «>m>' iJSiulting .overcapacity in petro-: 
cil tenancies— ^unless they -agree chemicals. ICI has said that some 
otherwise, the' Law Cbmznfssib’n- of its nnaller petrocberni^ 
has recommended. Page 40- .plants atWiltop. Tees&ide wiUbe 

■ ... / ; run-down within four to six 

Fabian dies /> . week ^ BacR “ d Pa,e 8 


ten dent rRobert Fabian, fonner 4(^0^ working week, with a 
head of the. Flying Squad who policy p^r being prepared for 
retired in 1949 after 2S -years in ne j^ month’s TUC economic corn- 
the Metropolitan Polite, died m mjttee meeting. Back Page. 
Epsom Hospital, aged 77. ■■ . 

• NALGO annual conference -at 
/V, rriiCPC •' Brighton has approved continued 

warier accuses dialogue with the Government on 

The U.S. ' has firm proof that pay and the promotion of union 
Cuba helped train the Katangan moderation on future pay policy 
forces that invaded , Zaire last Yor Its 710,000 members. Page '16 
month. President Carter said. 

-The country^ cholera epidemic • BSC blastfurnacemen at the 
has claimed at least 68 lives, but Uanwetn works in South wales 
seems to be past its peak, accord- will, discuss today a peace 
in g to the Belgian Health formula aimed at ending tfteir 
Ministry. African News, Pages two-week dispute which resulted 
o a 4 and 5 in the shut-down of the plant ana 

• . the laying off of 4.900 steei- 

Saudis rapped . - workers. BagelS 

The Foreign Office has protested pnypR|fiEC 
to Saudi Arabia-about the pubUc WwrllWM . 

floggings -of ; - two British • NEB’s controversial £5m 
engineers for breaking the investment in British Tanners 
Moslem ban on alcohol. The products has raised further ques- 
men, who- have- been .'released, tions from a Tory MP on finan- 
are awaiting repatriation. ■ The cial transactions connected with 
British Embassy- said at least- the setting up of the company, 
nine Britons were still in jail Page 9 

for drink or -other oKeuces." _ - 


Rripflv whose profile may be substantt- 

Dneiij •: * ally lower on last year after 

"World Cup;- second _ round: Hol- industrial trouble at its Yeovil 
land 5; Austria- 1. (in .-Cordoba);., helicopter plant, has decided not 
Italy 0,' W. Germany 0 tin Buenos -pay an interim dividend. Page 
Aires): Brazil 3, Peru O', (in. 33: 

ISS 55S 

work today .when talks would be be passetL 2 - *** ** 
held with the management O ROBERTSON FOODS pretax 
Belfast woman, 10.- was jailed for profits rose from £2fi8m to -a 
14 years for causing an explosion record £2.73m in the y earended 
which injured 20 people in a March 31, on turnover of £7w33m 
nfp (£53-2/ m ). Page 25 


majority of five 


MR. JAMES CALLAGHAN last ined to carry through its battle 
mgh t sta ked the future of his against inflation and to secure 
Government jd. a gamble to win its devolution legislation, be said, 
a vote : of confidence in the “If we cannot get support from 
Commons. the House, we believe we sbould 

The desperate last-minute get full support from the 
move paid off— securing the country.” 

abstention or the Liberals and Though the vote was directed 
Welsh Nationalists to give the against the Chancellor, the Prime 
Government a majority of five. 

Labour and the Conservatives 
arc running neck and neck 
according to two opinion polls 
published today. Gallup, in 
the Daily Telegraph, gives the 
parties 45j per cent each and 
MORI in the Daily Express 

Amid jubilant Labour cheers, 
a Tory censure motion on Mr. 

Denis Healey; the Chancellor of 
the Exchequer, was defeated by 
287 votes lo 282. Thirty-eight 
MPs were paired, some at the 
European Parliament and others 

on a visit to the U.S. _ 

„ T ke vote again underlined the gjv~ 5 Torieslfi per "cent 
Governments increasingly pre- 7 „ h „nr js 
carious position as the end of Md Labonr 45 pcr ceat 

the Lib-La pact approaches — 

and shortens the odds in favour Minister said it was aimed in 
of an autumn general election. effect against the Government's 
The victory! boosted Labour whole financial and economic 
morale and the Prime Minister policies. 

was boisterously cheered from . Mr. Callaghan's tactical move 
the Labour benches as he told to turn the vote into an issue of 
his party: “ When the. time confidence was taken only two 
conies we can appeal to the hours before the debale began, 
country in confidence, proud of A Government defeat, it was an- 
our record, knowing that facing nounced. would mean the dissolu-. 
us is a bankrupt Opposition.” tion of Parliament and an ira- 
The Prime Minister said that mediate general election, 
he bad treated last night's vote The decision— -ratified by a 
as an issue of confidence because hastily summoned meeting of 
of the damaging repercossions Cabinet Ministers at the Com- 
tbat would have followed a Gov- mons while Mr. Callaghan con- 
ernment defeat in the money tinned his talks with President 
markets and. on the exchange Ceausescu of Romania at Down- 
rate. ing Street— was prompted by a 

The Government was determ- warning that the Liberals inten- 
Parliament, Page 10 » Editorial comment. Page 20 O Econ 

ded to vote with the Conserva- Tories but the Government 
rives. insured itself against defeat by 

Mr. David Steel, the Liberal persuading the three. Welsh 
leader, told the Prime Minister Nationalists MPs to abstain. 

r h ! c ® u . ld . n « restrain his The Welsh Nationalists in a 
MPs fra™ joining the censure on statement said that their action 
!? e 55*1 or unless the had been decided after assurances 

Government treated the vote as that any excess revenue from the 
an issue of confidence. employers’ surcharge would be 

Facing inevitable defeat if the distributed in tax reliefs in the 
Liberals were ranged against next Budget 
him, Mr. Caliban acted rapidly sir Geoffrey Howe, Shadow 
to save the Government. Minis- chancellor, launching the Com- 
teis agreed that there could be mons attack on the Chancellor, 
chaos in ihc money markets if accused hint of “laying the foun- 
the Government was defeated, dations for a stagnant economy 
And a separate confidence vote, anri an impoverished society." 
invoking the Lib-Lab pact to . . . . „ 

uphold the Government, was has presided over a stra- 

delayed for a further day. fo f. * e demoralisation and 

„ „ , , .... destruction of British industry 

Mr. Calsagnan decided to inter- he declared, 
vene in the* dehate himself in Bolstered by the tactical moves 
defence of the Government and in his support, Mr. Healey 
the Chancellor. The Liberals mounted a vigorous defence of 
responded by agreeing to abstain his policies tbat brought a pro- 
This gave ihe Government a longed roar of cheers from the 
paper majority of four — but with Labour benches, 
one Labour MP, Mr. Tom The Chancellor lent support to 
Litterick, absent abroad and un- City expectations that the first of 
certainty about tbe attendance of a series of small cuts in the mini- 
Mr, Frank Maguire, tbe Irish mum lending rate would begin 
Independent the result of the in a few weeks at the most. Mort* 
division still looked in doubt, gage rates should follow, he said. 
The two d:-J nut arrive to vote. Mr. Healey claimed that his 
The Ulster Unionists, who, package of measures had already 
unknown to the Government, been a u resounding success. The 
had earlier decided to abstain. Government had taken action to 
ironically switched to support break the deadlock in the gilts 
the Conservatives on the confi- market and to demonstrate its 
dence vote. The Scottish determination to keep the money 
Nationalists also voted with the supply under control,” he said. 

omie Viewpoint, Page 21 • Jobs claimed denied, Back Page 


UK back into 
trade deficit 


moved back into deficit again 
last month after the record sur- 
plus in ApriL 

This year's pattern of sharp 
montb-to-momh fluctuations is 
continuing, and about half the 
£392m deterioration in May — 
for a deficit of £49m — is ex- 
plained by movements in the 
more erratic items, notably pre- 
cious stones, and by an industrial 
dispute at Southampton docks. 

Consequently the underlying 
t7‘" ! remains obscure, though it 
is clear that rising North Sea oil 
production is offsetting a sluggish 
export performance and a steady 
growth in manufactured imports. 

In the last three months there 
has been a £150m improvement 
in the current account compared 
with the Decern ber-to-February 
period for a surplus of £105m. 
This is fully explained by a nar- 
rowing of £2S0m in the visible 
deficit on trade in oil. 

The latest figures produced 
mild disappointment in the 
foreign exchange market yester- 
day. After an initial fall, 
sterling soon recovered and 
closed only 13 points lower at 
SI. 8327. The trade-weighted index 
slipped by 0.1 to 61.3. 

Prices of gilt-edged stock fell 
by between \ and !■ and there 
were doubts in the market about 
whether the new £lbn ultra-long 
tap stock would be over-sub- 
scribed when offered this morn- 


£m seasonally adjusted 






1977 1st 









ri- 54 




+ 45 



1978 1st 





— 33S 

+ 90 

— 248 


+ 43 

+ 89 

+ 732 



+ 90 

— 7S? 



+ 120 





- 49 

. Source: Department of Trade 

The reception is still seen as 
finely balanced, given that an 
£SG0m short tap is on offer on 
Friday. However, a £7m issue 
by South Tyneside Council was 
over-subscribed more than 100 
times yesterday. 

North Sea oil remains the 
main bright feature of the 
figures. The deficit on visible oil 
trade is less than three-firths of 
the figure a year ago, and less 
than half the gap of two years 

Otherwise, tbe picture js not 
so encouraging even when the 
more erratic items, such as ships, 
aircraft and precious stones, are 

On this basis, the volume of 
exports of manufactured goods 
Continued on Back Page 
Tables Page 8 
Lex Back Page 

British Airways cuts 
some fares by 66 % 


lenging tbe International Air 
Transport- Association by intro- 
rdneing farther cheap fares. 

Redactions of 66 per cent 
will be\offered from October 1 
on all British Airways flights 
between ,the U-K. and Scandi- 
navia, bringing the price of 
dying from London to Sloek- 
holtn and back from £272 lo 
£92^ The only conditions will 
be 30 days advance booking 
and a minimum stay of seven 
days. The scheme, welcomed 
last night by Mr. Edmund Dell, 
Secretary of Trade, will apply 
ti> flights to the UB. from next 

Also from. October, the air- 
line is to eat UK domestic 
fares by 45 per cent for weefc- 
: end travel on stand-by tickets. 

: Pensioners will be eligible for 
40 per cent fare cats if they 
fly on Wednesday, Thursday 

Bfr. Gerry Draper, director, 
commercial operations, said 
yesterday tbat British Airways 
conld no longer be constrained 
by lATA in meeting growing 


(Prices in pence unless otherwise 


Allied -Retailers ...... 278 

Assed Book Publshrs. 248 
Bath and Portland ... 82 
Breedon Cloud- Lime 100 
Brown and Jackson... 116 
Churchbury Estates^. 275 

Common Bros. ‘ 134 

Eurotherm — 16s 

Executes 35 

Henderson (J. w -) 210 

Hartwells Jfljj 

Letraset - -*42 



Owen Owen 

Staveley IndS. 272 

Swan Hunter 134 

Union Discount 3» 

Vesper t 77 - 





7 ' 


+ 4 
4- 55 
+ 9 
+ 6 
+ 4 
+ 7 
+ 7 
+ 6 
+ 10 
+ 7 


Anglo U)d. Dev. + 

Cons; Gold Fids. Aart. 300 + 15 
Northgale: Expin. ... 46g + 15 

Oakbndge 1^ ^ f. 


Westfield. Minerals ... 110 -r 13 

FALLS , , 

Exchecr. 'BIpc ’81-JQOSf - 1 

Barclays Bask 330 9 - 

Guinness Peat 24 d 10 

Heron Motor 

lofs -JJ I ** 

McNeiD Group J 

Pauls and Whites ... 121 -4 

Pennine Motor ...... 10 8 

Trust Houses Forte... 215 5 

Siebens UK- - fj* _ 

Charter Cons. 6 

North Broken Hill ... Mg f 
Vlakfontein 52 10 

customer demand for cheap 

Tbe airline was not advocat- 
ing complete de-regulation of 
international air fare pricing 
— it wanted to take the Ie3d in 
setting new, cheap fare stan- 

“The time has come when 
world airlines have 10 recog- 
nise that the traditional sche- 
duled fares have to go to meet 
cheap- fare needs, the fastest 
growing area in air travel.” 

Mr. Draper is discussing 
British Airways' new low fare 
structure with all other inter- 
national airlines and agree- 
ment has not been reached on 
tbe precise level of. trans- 
atlantic fares in British Air- 
ways’ new discount class. 

The airline has proposed 
the re-introduction of several 
distinct classes on all its flights. 
In place of first class and 
economy class British Airways 
aircraft from October would 
start flying with, three classes: 
first, club and discount. 

First would have all the 
features of present first-class 
seats. Club would be the staple 

form of travel for most busi- 
nessmen, combining executive 
needs with the present economy 
class. Business passengers 
using this service still would 
be able to change tickets at 
will but would have a guaran- 
teed number of seats 
At the moment, 23 per cent 
of British Airways tickets are 
standby or budget. Under the 
scheme proposed yesterday, 50 
per cent of all seats would be 
at cheap rates. 

Provisional fares between 
New York and London from 
next year will be £748. first- 
class return; £340 club-class 
return; and £149 discount 
return. ;* 

The new Heathrow-Aberdeen 
standby, single wilt be £22, 
compared with £39.90 now. 

0 The best buy on British Rail 
for the journey between 
London and Aberdeen is the 
£26.68 weekend returu, with 
£30.65 charged for the monthly 

British Caledonian plans seven 
U.S. routes Page S 
Editorial comment Page 20 

Britain warned against seeking 
bilateral fishing agreements 


EEC Fisheries Commissioner, 
tonight spelled out a clear warn- 
ing to Britain: there will be no 
more major concessions on fish- 
ing policy, and any attempt to 
bvpass the Community and seek 
bilateral agreements with third 
countries will be taken up imme- 
diately in the European Court of 

Id a major statement to tbe 
European Parliament in Stras- 
bourg, .Mr. Gundelaeh said nego- 
tiations for an EEC common 
fisheries policy appear to have 
reached a stalemate- British 
demands for special treatment 
went “just a fait too fac.” he 

His recent tour of EEC capitals 
bad shown that the gap between 
Britain and the other eight raem- 
mer states, had, if anything, 
widened since the informal 
meeting of fisheries ministers in 
Berlin last January when the 
other eight concluded a 
gentleman’s agreement" ex- 

cluding Britain,, to abide by 
Commission proposals For 1978. 

Mr. Ginw»l>.ch said Britain 
bad consistently delayed progress 
towards a common fisheries 
policy, despite the fact that both 
the Commission and the other 
member states had gone a long 
way to meet its special require- 

“Tbe Commission feels its 
latest proposals are fair and go 
as far as is possible under the 
Treaty of Rome," be said. “ 1 
don't «ay that modifications are 
not possible, but the Treaty must 
be respected.*’ 

He warned that any member 
state which tried to negotiate, 
formally or informally, for 
arrangements with third 
countries would be taken im- 
mediately to the European Court 
of Justice. 

This was an obvious reference 
to suggestions made by Mr. John 
Silkin, tbe UK Minister of Agri- 
culture and Fisheries, who said 
In London today tbat tbe possi- 


bility of a bilateral deal might be 
raised during his five day visit 
to Norway at the end of this 

However, despite the warning 
to Britain, Mr. Gusdelacb’s 
speech was moderately worded 
and be appears to have accepted 
that there will be no solution 
for the fishing problem until 
after the British General Elec- 

There were strong indications 
in Strasbourg that both the Com- 
mission and the Danish presi- 
dency regard Mr. Si Brin's posi- 
tion as pre-election manoeuv ring 
Continued on Back Page 
SiZidn’s potato dilemma Page 31 

£ in New York 


Judo 14 




t llinulll'. 

0.9CU>.?.fi di* 

0212-0.71 rti-. 

a months 

1.90-1.85 .Its 

1 .22-1 .74 ,n- 

12 months 

gb.9CL5.S0 .lis> dis 11 

Debts of IRI reach £11 bn 


ROUE, June 14. 

THE ACCUMULATED debts of in IRI's capital endowment employment levels in a number 
Istituto per la Ricos truzione In- fund to complete its LtWOObn of Joss-znaking companies, 
dustriaie, the giant Italian stale 1978 and 1979 investment pro- The group is considering 
holding company • employing gramme. further longer-term package of 

some 500,000 people aDd incor- ■ The group needed a further ^ 

porating more than 180 concerns L3,5O0bn to* cover the ^ which will bring HU s 
in Italy alone, have now reached accumulated losses of several of * ar 3 et 

LIS.OOObn (£llbn), according to its companies — including Alfa . r n .. 

Sig. Giuseppe Petrilli, Uie Romeo and the Italsider steel fPSKU 1 * 52 *5 
group's chairman. conglomerate — and reconstruct flfSyihn Xurther 

As a result. IRL one of the their base capital, he added. investments of L^.SOObn. 

pillars of the country's industrial Previous delays in the alioca- s .' s ' Petr illi emphasised the 
structure, is facing its worst tion of capital endowment funds social role IRI played In the 
crisis for more than 30 years, had forced IRI to seek further Italian economy. This often in- 
: Addr essin g a special Partia- short-term, high interest-bearing volved risks not normally faced 
mentaiy economic commission, credits from the banks. Of the by other Italian industrial 
Big. Petrilli said IRI urgently group’s total L18,000bn debt, groups- Between 1970 and 1976, 
needed a big, new* injection of about L7,Q00bn was short-term, IRI’s contribution in creating 
funds for its current invest- Sig. Petrilli disclosed. new manufacturing sector jobs in 

meat programme and to recapi- IRI investments this year were st, ut bern __Italy represented 3s 
taiise many of its financially expected to create about 9,000 
troubled companies. new jobs’. The figure would have 

He asked Parliament for an been higher, but the bolding corn- 
immediate increase of L2.000bn pany’s policy . was to maintain 

much as 41 per cent of the total, 
while in national terms IRI's con- 
tribution amounted tD no more 
than 6 per cent. 


European news - 2-3 

American news ............... 5 

Overseas news * 4 

World trade news 

Home news— general .... 

— labour IS 



Technical page 

Inti. Companies 26-27 



Marketing page 
Arts page 


Euromarkets 26-27 



Leader page .. 

World markets ... 7 . 29 


UK Companies 

Farming, raw materials — 21 



U.K. stock market 34 

Problems of London's indus- 

. trial decay 2d 

Economic Viewpoint: 

Healey’s negative virtues 21 
Court of - Human Rights: . 
Protection against state 18 


Norway’s shipbuilding sub- 
sidies trimmed 30 

The OECD ministerial meet- 
ing ; 2 

High cost of eutting infla- 
tion in Spain 3 

Brzczinski; a disharmonious 

voice 5 

Soweto: . Black movements, 
destroyed or underground 4 
Jordan s. aim to be tech- 
nology centre 6 


Appointments Advts. 


Easiness onus. 

CnsMtrd ..... 

Economic Indicators 
entertainment GoWc 
European Opts. 

Jobe Column 
Letters — 






Lombard U 

Ken and Matters _ 20 

Racing U 

Saleroom 8 

Share Information 36-37 

~T D-d ax’* Evcats ..... 21 

TV and Radio — .... U 

Unit Trusts .......... 35 

Weather . 38 

Base Lending Rates 2V 

McCnrmodale Co. ... 24 

Black and EdglngtoA 24 
ML Borneo Pot. ... 

Eng. Scottish lav. .- 22 

®®»Rton Invest .. 

j«*ts Hydranflc 

industrial Gen. TsL 
Scat. Marine ... 
fc Electronics 
Pritchard Services ... 

JWtono TtaZ™:" 
& w. Whheley 






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FmancteTTiintes ^irrsday "June^IS^lST^ 

7>22 C SCD MiHlS 72 REA&- MEETING 


a iree 


Promise by Giscard defends economic 

T 'liTEl'S FROM the Orpani- Western economic summit, due do not meet until tomorrow— have been taken in many 
..m* Economic Co-operation ItJ 111 “ 0nn next month. little or no reference was made countries to pron up mdns- 

■. :i ! Ivveiopment (OECD > conn- Only the preamble of the trade tu the ' specific expansionary tries and protect jobsAa un- 
-.‘ill inmormw renew the pli-due. which is considered to be Pleasures which individual competitive sectors, 
pledge which they first J0 important element of the co u ntr te:> should adopt to speed Mr. Emile Van Lennvp. the 
: J-'Mi'c four years a£o and which industrialised world’s overall U P growth ia the industrial OECD Secretary-Generai. >:■£ the 
oti.mils those countries to economic strategy, has been modi- world. tone for the discussions by 

r-ii:*yfTS from taking unilateral Sod in take account of develop- there **** general agree- emphasising that, given promt 

* L ‘ merits since 1974. - ment that, given the gloomy high unemployment, there were 

It emphases in particular that forecast by the OECD secretar- increasing pressures to modify 
the difficulties encountered by lat lha * growth in the area domestic policies in way* that 
several industrial sectors in many a _ _ °' e wouIt r , more undermined the role of ma r k*. j t 

PARIS, Jane 14. 

-j>i:re.j which restrict the free 
t f world trade. 

;?i-:htiy run aided version of 
;--l:ch.c his been approved by 
majority *iF the 24 in-? in her 
irtrn.-s, hot its formal adoption 
uiM.inisation's Foreign and 
r.I misters :it their two- 
nnjal meeting here was 
until tomorrow, pend- 
.• ,::ritjl in Pari? of' Mr. 
,d Del!, the British Secrt*- 
f Stale f-.-r Trade. 

By David White 

PARIS, June 14. 

of the uic-aioer countries are an 
Important source of tension in 
the trade field and that there is a .. 
continuing risk that unilateral _/?!!* *„ 
trade and other current account 


than 3.5 per cent in 197S, a con- forces “in the dynamic process 
certed growth strategy was „f continuous adjustment ” 

SS& and* 1 Japanese US a JSS 

- “ 10 *3“ lock labour and ^piS into 

measure, «HUd touch off a pro- Jgjj® d s ^ u lus targets Sid w " W ’ ^ 

be fixed for individual countries. ; ia 1ii d 7 hc ' r 

Even the U.S. still has doubts uinaJ^ and uff* ' 

. . . 1*: . on this score and it thus remains ... ^ ess productive, 

time, conference a sail fie -.riucal proportions, highly questionable whether the , ls remarks were minicaia'.cty 

■aid that the Finance f T e ?i n * tSfV" 1 * A f Uo “ J " participants in the Bonn summit taken up by Mr Cyrus Vance the 
•Jf tile so-called Croup thl < fi - Ir ‘ ^nuld be confined to £ est m h omh will be ab i e to a£;ree U.S. Secretary of State, and hei r 
Hans Dietrich " 

teciionist chain reaction. 

Every effort should be made to 
identify sectoral problems before 

L-'.vj — ‘ b" U.S., West Germany. 

l*sv UK and France — 
. •. i'-v. e a separate meeting 

t-vnnrrow. or possibly in 
-••Jon on Friday, devilled 
i: :::y n- preparations for Lb-? 

on any quart titati ve cummlunenL «■“ G ^ber. the | 

ihf ni-ruen of adjustment to Most oF the emphasis today German Foreign Minister. , 

tro'linc partners and which mini- wa c on wh ar the OECD secre- Trade liberalisation nuisi he. 

miicd dislurtiuQs to trade. 

At today"-* !»eeting of foreign 

was on what tbe OECD secre . . . 

tariat calls “positive adjustment accompanied by national policies; 
policies," namely the abolition ^ich economks 10 

mifii?-te."n — die finance ministers of anti-cyclical measures which adjust to changing trade pa t! ,i r!is. 

Mr. Vance said. 


n & 

, Ol lXi>LAiL\ 


BONN. June 14. 

new buildin 
a new trunk route 

if . i 

GERMAN Cabinet The programme of closures, in tbe main 
s'M-'.f a determined effort involving up to 6,000 kilometres ject, that of 

ur:p; with the financial of pa-sf-.-nger-service track and from Hanover to Wurzburg, strong reservations abom 
j :»/ !he Ii^ut.-che 3.009 lulon.vtres of goods-service which is intended to ease the new °emphitsis on phasinc 

Policies to assist industries \ 
should not become p rob' rived I 
protection. Government suh- 1 
sidies to specific sectors or | 
companies in trouble should be: 
reduced progressiva I v and | 
should be linked with the j 
phasing out of uhsolete cap - . city | 
and the promotion of labie 
pro- industries. Mr. Vance said. 

Britain, however, stilt has 


'. •:»' ; in. thv federal railway.-', track, is :o be continued. Bur Rhine valley bottleneck no the Government subsidies and j*..b , 

t -iUtitorised a series nf cost- service.-' are being substituted present principal north-south protection measures. Mr. Frank) 

■.•nd raliuRulUalir.i- for unveonomiu rural lines. mainlines. .tudd. Minister of Stat? furl 

ri-sd i.Iire^ied Heiv Kurt The Transport Ministry is to There is also to be a thorough Foreign and Comraonv;e:iUh 
-b.? transport lnmisier. br'n.g railways and postal review of the cost structure of Affairs said that the adjustment) 
■ ■..«■>■ ou* :« <irii‘s of olterna- country bu?«:<- in'o a single, into- commuter sen’ices, with an in- process must be certMiily i 
:• ■ which the railways grated network by the end of crease in local authorities’ shares tailored to reduce hardship to a[ 
•J.i j-.* .elieved ef fi/iar.ciai next year. in the financing of uneconomic minimum. 

■•'■;'..'ibiii:y fur the perujarn-ni The railways :tre to receive routes. Our Foreign Staff adds: Mr. 

additional ai-l to build i up invest- Herr Gscheidle is hoping for Edmund Dell was expected 
..“.n-'-Pch decisions taken tori;,;, nients in m-*re profitable freight savings of some DMSOOm a year, announce that the UK was. pro- 1 
U'.'ii «h»ri of tlie Ion.-- systems such as containers and The figure is likely to disappoint pared to join in renewin’: me! 
. : s’ d • t nsohdaVi-in nl lb'? piggy-back carriage of \or- those who had hoped to hear new pledge for one more yea/, bjt I 
•; i i»ncr.:i:il position. i-K-y nos. Kerr Gscheidle is also idea? from the Cabinet on how to to emphasis.? that, unless lkc[ 
i.r :iy l ■ : tie greet eri as . n oaipowert -J to review the tax-free reduce the level of deficits. These world economy could be ■ir- 1 step tuv.;.r-l> >>mus of th«- inland waterways, are running at DM 12-13hn a improved the present infer- J 
in--:" I'peraliunally profil- the main competitor to the rail- year, on top of an accumulated national trading system v.ouldj 
• —id -inking a balance ’.vji;i vavs fur bulk freight business. debt for the railways of DM30bn continue to crumble, pledge r.r; 

r i.K.dcs of transport. There is likely to be a delay at the end of last year. no pledge. > 

five Western conniries in- 
volved in Namibian settle- 
ment Initiatives today pledged 
to renew their conciliation 

Dr. David Owen, the British 
Foreign Secretary, made no 
comment after the faour-long 
meeting ibis morning, but U.S. 
sources said the talks “went 

A bald communique issued 
afierwards said the ministers 
“ took note " of the recent 
meeting in Luanda between the 
South West African People's 
Organisation (SWAPO) and 
five front-line black states. 
The African leaders are 
apparently pressing to get a 
settlement along the lines of 
tbe Western proposals back on 
the rails*. 

Michael Holman writes from 
Lusaka: ^The South West 
Africa People's Organisation 
(SWAPO) will accept the five- 
power settlement plan for 
Namibia, say informed sources 
here, providing the 1400 South 
African troops permitted dur- 
ing (he transition to indepen- 
dence are based south of Wind- 
hoek, and the Western powers 
declare that, despite its exclu- 
sion from tbe plan, they regard 
Walvis Say as an integral part 
cf Namibia. 

The SWAPO position, more 
liexshle than its public stance 
which Insists that Walvis Bay 
bo incorporated in the Western 
plan, follows the meeting of 
I he five frontline African 
states in Angloa last weekend. 

The frontiine leaders are 
prepared to formally endorse 
SWAPO's acceptance provided 
(hose two conditions are meL 

The soar res believe the 
Western powers would be pre- 
pared io issue the Walvis Bay 
liecla ration, but are pessimi- 
stic about South Africa’s 
willingness to position their 
troops in the south. 


THE FRENCH President M. French citizens has been under pend on improving professional 
Giscard d'Estamg, today strongly attack, or threatened and when ana jnp training; persit ading -sav- 
def ended both the economic the. African Government faced a mgs to go in to. industry; and 
policy of his Government and (dear illegal challenge to its tightening the structure of the 
the military intervention he had authority. . State apparatus, 

ordered in a n Limber of African On economic policy, the Presi- He announced that in 1979 

dent denied that there was any there would he a special mea- 
sure to. permit companies to in- 


At bis first press conference 
for almost IS months he defined 
the African policy as one of 
"stabilisation contributing to tbe 
maintenance of the possibility of 

Although he did not directly 
criticise Soviet and Cuban policy 
in Africa be repeated his familiar 
paraphrase of such criticism — 
th3t detente had to be global to 
be effective. 

French unemployment fell 
to 1,037,000 In May un- 
adjusted, from 1,047,000 In 
April, the Labour Ministry 
said vesterday, Reuter reports 
from* Paris. Job offers rose to 
94,600 on an unadjusted basis 
lu May from 90,600 in April, 
tbe Ministry said. 

crease their capital by up to 5 
per cent by 1 free share issue 
to their, work . force. ' Fiscal 
arrangements would be made to 
maintain the yield of shares al- 
ready issued. Some 10m shares 
could be issued, he estimated. 

He affirmed, that- the austerity 
programme guaranteed maintain- 
ing the purchasing power of 
workers and he defended his 
social - policies * by\ announcing 

French troops bare been in . . . . . .. . - , ; ~ 

action supporting the Mauri- distinction between tus ideas amL tbe adyance^ troEO October^ 1 to 

tanian and Chad governments those of his Prime Mi n i s t er B/L July 1 of an Increase in mini mum 
against rebellions backed respec- Raymond Barre. He repeated old agepensions.of Fr 1,000 to 
tively bv Algeria and Libya while his commitment that France wiU Fr 12,000 a year, 
today the final detachment of seek a faster economic growth On the. political front, the 
troops in Zaire began Its pull-out rate than the average of her President spoke of three Iegis- 
to return to France. European partners. He would lative proposals: measures to 

The President defined three aim at an extra 0J5 to l .per cent,- limit the number of national 
results of the African policy: be said, and in 1977 and 1978 .the elective offices which could be 
stabilisation: proof that France French lead was likely 0.7 held by ope person to two; pro- 
had the capacity and the will to per ceot. . posais on the financing of politi- 

fulfij her commitments: and Blaming the recession on the cal parties; and, most controver- 
reassuring French citizens that high cost of energy and the tech- siaUy, the possibility of restor- 
tbey would be protected- oologicai challenge from, new ing proportional, representation 

He was careful to assert that industrial countries, the Presi- to local government elections in 
in each case French action had dent said that painful as the -the bigger, towns- In addition, he 
been defensive, limited, orient- Government's policy of correct- planned -to introduce the right 
ated towards the search for a ing imbalances in the economy of reply to ministerial broadcasts 
political solution, and at the re- was. such a policy was. essential on the British model. v 
quest of the African government if France were to return to full These . measures respond to 
concerned- employment. some extent to criticism forom- 

M. Giscard d'Estamg examined M. Giscard d’Estamg said that iated by the Oppfisition during 
the cases of African intervention France’s task was to catch. up the series of post-election “sum- 
in turn claiming that each had with tbe leading handful of in- ntitV meetings between tbe 
been the minimum necessary to dustrial countries and leave the President and the main Qpposi- 
respect treaty obligations when pack behind. Success would de- tion leaders. ' - • 

‘Positive response’ to 


BRUSSELS, June 14. 

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tlian the worlds most experienced airline? 



THE ZAIRE Government claimed its current negotiations on a new from x a speeding . up of pro- 
this evening to have received a. credit line with the International grammes already in operation, 
“positive response” from a Monetary Fund. rather than from fresh -contribu- 

nuraber of Western nations to m. Andre Emem ann. the tioos, and will take the form of 
its appeal for SI 16m in enter- Belgian chairman of a two-day Hoods rather than fi n a n cing, 
gency aid to help ' relieve the meeting here between Zaire and Foodstuffs and medical supplies 
hardships caused by its econo- 10 of its Western- creditors, said likaJy to . a“°tint for the 

mic crisis and the recent fighting this evening that the IMF of the shipments, and it has 

in the copper-rich province of negotiations would be ‘‘extremely apparently proved difficult to 
Shaba. difficult and painful” and would m *? t , a J? ire t s f e , mands for fuel 

But substantive discussions of take some time to complete. Tbe a „ ” V 1 
Zaire's demands for increased meeting was also ..attended by nhnT 

Western assistance to finance representatives of the World ^ ^.jJJJvirinEr'rh/iiC 

the longer-term projects con- Bank and the EEC Commission, {ISAS? 1 of sumil^s 

tained ’in President- Mobutu’s as -veil as the IMF. m 

;X”y towIZSfK Mobptus persons! S^d ^iSs. Gcrm«ny" 

Zaire has been seeking almost expected the relief aid to flow believed to have made precise 
SI bn for long-term investment in during the niext three months offers today, though Britain, the 
as well as medium-term - balance brft declined ;io put an exact U.S. and France are understood 
of payments support But many figure on the-amount available, to have asked for more time to 

of its’ creditors appear unwiilir^vOlters tuade at the talks will in consider the size of their contri- 
te meet these requests until they an? 

case have to be officially con-, buttons, 
can judge the progress which- it firmed by national governments. It has been agreed that the 
makes in restoring economic 'It is understood ^hat much of participants at today's- talks will 
stability, and see tbe outcome of the planned relief aid will come meet again in the autumn 

Callaghan hails role of 

Romania in Mideast 



UK Prime Minister, said yes- 
terday that the visit to Britain 
of Mr. Nicolae Ceatisescu, the 
Romanian President, set the 
seal on the steadily increasing 
scope of Angto-ROmanian 

At a lunch held in President 
Ceauseseu’s honour. Hr. 
Callaghan praised the Rom- 
anian leader’s statesmanship 
and the “ valuable role n which 
Bucharest has played in trying 
to bring about progress in the 
Middle East Both Mr. Mena- 
hem Begin, the Israeli Prime 
Minister, and Mr. Anwar Sadat, 
tbe Egyptian President, have 
visited Romania, which is the 

only East European country t<£, 
have relations with Israel. ' 

Mr. Ceansescu's talks with 
Mr. Callaghan yesterday 
apparently spanned the full 
gamnt of world affairs, foeus- 
ing on disarmament, East-West 
affairs, as well as the Middle 

In his speech, Mr. Callaghan 
referred specifically to Anglo- 
Romaniau trade and described 
the 1977 joint trade turnover 
as encouraging. The Romanians 
are known however to be dis- 
satisfied with the amount of 
British purchases from their 
country which has resulted in 
a substantial imbalance in 
Britain’s favour. 

President Ceaoseseu 

Oil self-sufficiency ends 


^F? L AiE-i USESCU ’ } he crude from the Soviet Union in it will also increase Romania’s 

Romanian President, was under- the late 1980s or radi^aiiv s, also 

standably pleased on Tuesday industrial growth ia2 y * te ^epenrienre on imports of brown 

r n — i— » «-■- Browtn rate. coal and ligmte— imports which 

the high price of Middle East may well come from Comecon. 

when tbe Queen praised his 

o£basTausW^nlid7erabr e con- ^ It is. unclear how - deep 
dence. Mainlining a relatively l,7 h to Ro “^ ia ^ P lani| ers— Romanian energy dependence 
independent position within thP S0 J that Rom ania may will bite. There is a wide- 

Warsaw Pact and Comecon iL the Soviet imports" 1 t0 ^ c6eaper ranRifls en ^ sav “K »”>- 

.•nirmrctnnA nf fU A J A. aL 

L-omerstone of the Preside -fhV l^ioited Coo StMza oil ffl“* 

foreign policy, and indeed bis 

of the growing role of 

political fortunes rest on its refini ng Kuwaiti crude nuclear power. But the planners’ 

pouocai rununes rest on its m Romama for eventual export concern ig evident. 

maintenance. «i«n is eviueni. Romania 

Yet Romanian autonomy n , ustr ^. te ^ t ! lc „ difuculties cannot stay as independent from 

depends on rather more than ttie^MWdii^EaS oII T de f i ls t with SSSSS?' 5* its fo Sl iEn f polksr 

international affirmation derivine ^ . e , E ¥ t . on dictates unless growth rates are 

in the first place from a degree “! mmismg forei « n involvement scaled down in the 1980s. 
of self-sufficiency in energy i lts economy ’ JRomanU is President Ceausescu, on his 

resources. As the only major ^™ J , y S?l ,stln8 . Ku waiti pro- present form, will be reluctant 

1m Pnrt. P.... PU5«tlS SOT 

a share in tbe to slow down the pace of indus- 

a voided having to triior its L° r ° ne -° ff ***** P'« ship- ■U™" better 

economic policies in return for m p nl * . . n 7 !- i . S d B £ t i price 

Russian crude. Romania is understood to be suck growth may be high : an 

Times, however, are changing. t? und ?°? Nigeria to replace “creasing dependence on Soviet 
5 it pushes ahead with its Kuwait jh g project But with Ea st European energy 

ambitious industrialisation plan^ ^ ffi new ®PEC price rise in the ■«««■ - fun f n =Ori)Ora- 

R Oman la has become a small the potential of Soviet oil «„?? raai!la mt0 ^ 

importer of oil and looks set to W, J more “nrartive. _Comecon fold . 

become a large one by the end Natu ral gas production — 

of the 1980s. Mr. Ceausescu is Ro .raamas energy strength is 
determined to industrialise P rirnar ily m the hydrocarbons — 

rapidly, and one of the main ,s a similar problem. Natural 

growth sectors in this process is gas output has been sufficient to 
petrochemicals, which further meet domestic demand during 
increases the need for oil. pakt 10 to 15 years and to 

Romania’s oil reserves are suf- Provide for a small export to 
ficient according to Western Hun sary from the Transylvanian 
estimates to allow production at fields - But since 1970 output has 
the current rate of 14.5ra-15.5m *wt increased and is expected to 
tonnes per year to be main- P eak at about SOm cubic metres, 
tained for the next decade. But This is enough for present pro- 
unless new fields are discovered. Auction but if. for instance, the 
a decline in production can be chemical industry is to grow as 
expected in the 1990s. rapidly as planned, gas will have 

During the 1960s, domestic oil to be imported— almost certainly 
consumption was significaotly from the Soviet Union, 
below production, thus facilitate Romanian planners expect to 
ing substantial exports of oil pro- electrify some 95 per cent of the 
ducts. Now, however, because country by 1980 and are planning 
the increased domestic de- to make more use of hydro- 
mand and the continued export electric generated power. Tbev 
Ro ™ attia J* expeet that such power could 
having to import about 6ra provide about 11 per cent of the 
tonnes of crude. country’s primary energy 

Romania is determined to buy requirements by 1980. 

But there is also a tendency 


To the Holders of 

Nabisco international - 

Finance Company 

5J43& Cnoranteed ConvertiMo 

Uehentnres Due 1988 

this oil from non-Comecon 

sources, such as Iran and Libya, to switch, to 'thermal power 

mnts a i7°R?.l- [ |f-iro<:^. Stern diplo- stations from . natural gas and 
!” a * s J ' c ®“ cha . rest - ll , may have oil to solid fuels and this will 
to buy— albeit m small measures call fur substantial, investment 


The shareholders of Nabisco. Inc. 
(formerly . National . Biscuit Com- 
pany), Guarantor of tike above De- 
benturee, approved on May L 1978 a 
two far one split of the Ctataaaa 
Stock of Nabisco, Inc, effective. as of 
the dose of business May-. 2. 1978. 
The terms of ibe Indexmrre under 
whidh the Bebetttnres were taueAxe* 
quire a enrmpondhig adjushnenr of * 
tbe price at which tbe Debentures ri® 
convertible into tbe Common Stock 
®E Nabisco, Inc. Tfcecdare* rifeefiro 

at the opening of business Ma y. 3. 
1978, the conversion price is adjusted 
downward, to reflect the two for «oe 
spUt, fam SSQfiQ per shaft ft &S-25 
per share. ’ - *•. 

Dated: Jrno 35,1978 

u=63 ) i y >! 


JKS i 

s* 7 



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a;/. .f . 

■. - .. ... ■»•>» ■; 4 ' * r ' - 7 -;. i ■ ' ■ ■■ ••••.. 

J;vx:ass25^~i' £.*. .-7£- ‘ 


' - ' ; E; . ■■s 

, j ' „>>: 

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'. 7 >.'• 



Swedish energy body gives Jj"gg 
backing for nuclear power costs must 


WTSDiEN’S Energy Commission The question ’now is whether intolerance ind lack of respect By Our Own Correspondent 
is decided by: a majority of ten the national conference of Mr. for others' jews as during the STOCKHOLM, June 14. 


ie high cost of cutting 


. SWEDEN’S Energy Commission 
has decided by: a majority of ten ; 
to ^ve;that.-'nik:Iear- waste- can be 
safely^ treated aDd stored. The 
■majority ' recommends that 
nuclear- power, continue to be an 
energy source but leaves open the " 
: question of how many reactors- 
shall be built.. Sweden currently, 
"has ten. in operation or in van?', 
ous stages of construction. 

The Commission was- set up by 
the Government - parly last ■year 
shortly after - the . three non-' 
Socialist parties bad won power 
in ah election, during which the 
new 'Prime - Minister, Mr. Thorb- 
joern Faelldin., had promised to' 
do away with nuclear power. The 
Commission's final report, tabled 
. yesterday, does.;. nothing to re- 
solve, the impasse within, the coal- 
ition. over, nuclear policy and 
paves the way for a government 
crisis later . this year- 

The question how is whether 
the national conference of Mr. 
FaelWin’s- Centre Party at the 
end of this week" can open the 
way for" any compromise accept- 
able to the moderates (Conserva- 
tives) and Liberals, who favour 
continuation of the nuclear pro- 
gramme. The -minority of five 
within '.the Commission which 
opposed nadearpower comprised 
the' two Centt^ Party represen- 
tatives, i Communist and two 
outside experts.'. .. 7 

Its chairman/ Mr- Ove Rainer, 
stated thatlfoe . conclusions of 

the Commission majority left 
foom for political .-compromise 
but he pointed out- that it was 
backed by -'.'a large majority 
within parliament -and the trade 
unions,- 'which /Should make a 
; political deriaon possible. 

Mr. Rainer a3so_stated that he 
had never, experienced such 

for others* 

ipd lack of respect 
jfews as during the 

Commission's work. The whole 

The Mini. 

Olbf Johan 5 
said yesteri 
decision on 
be based on 

Including a more s*v«e 1 re u ^ ea ] CUlation;S aro based on 
»r of Energy, Mr. tion in domestic consumption. es pr0V ided by the National 
in (Centre Party) must be “J 1 ® ”2£*,piinn Statistics Institute for the first 
ly that the final wegian industry s proaucu auar ter of the year. Although the 
idear policy would cost lo the level prevailing in uracy of the official figures is 

iie current investi- competing countries, u» l0 challenge, no one will 


SPANIARDS ARE paving for a altered slightly with ^ Unemployed Europe” suffer far n'ore tn a 

Sss^fiws BEES Irr js 55 

payment One of every 14 of construction sector as a result of - q{ ™ ^ ptall2bn dynamic behind internal m^ra- 

Spain's active population has n0 tiie recession. i£760ra) a year to be met as to non to the more p P 

for others* 4ews as during the * ctocKHOLM, June 14. job. I f member of marginally This wnd resulted m thirds 'by increased contri- areas. supP /m ul DOci . 

Commission'? work. The whole ST°CKHOLIft,Jime ^oyed is added, the propor- combination of thei slowdown « from employers and cheap •odu^nallaboun espu 

energy situafion was in political • STRONGER MEASURES, jJon is almost one in 10 . growth ? since 19/3 ; and ia^ acd Qne from the ally in the c “^ ruc J' 0 p " ^ ' 

deadlock. 3 _ __ Includingamore He calculations are based on ij to control Treasurj'- The Ministry - ka nA5ir^T- -ntiuitu fulU in R^TL' “Iona anil 

first to be squeezed. There is 
a note of urgency about dealing 

be based onlfite current investi- competing open to challenge, no one will 

gation imofthe nuclear fuel Norwegian Federation dispute that Spain is experienc- 

safety projeft, which the indus- Industries urges in ^ t he highest level of unem- 

try affirms w£l meet the require- economic soncy. U expoc ployin ent since the . 18o0s- 

ments laid <§>wn in the noclear industrial production tesc Ministers and senior officials are 

safety act pifcsed by the present ing oi»> to drop by z per ce the matter the utmost 

parliament, Ind on current inter- m WTO, which will be priority while the opposition 

national investigations into fourth successive yci * r ”*_!„=_-] parties ami the trade unions are 

nuclear safew, decline or only marginal ^ creasio? i : , vociferous in their 

He has fproraised that a growth. {radl . demands for remedial measures, 

decision wilf be taken in August La ? 1 ^hlmned bv -L3 official figure has yet to 

about the Celling of the two t5 onaL fh e ^ed- top the psychological barrier of 

reactors noj nearing the com- W .S" 1 K ^ the in lm. -According l0 the National 

missiomng >tage. In the final NKr «»bn Statistics Institute, at the end of 

anaajsis tiis decision will SE. 1M '£ March MT : 500 people wore elihcr 

depend oo tie conscience of Mr. .* ort industry will out of a uou or seeking to find 

FaeUdin. fe 2E£ L iSriSTuhm employment for the first time. A 

’ I 1 1 inflatinn in C!naia tO all with unemployment in the South 

The virtual halving of mflatiou in s»pam since opinion could easily 

B 'hich The" Indus- Industries urges in its latest J“^i,e highest” iev7l of unem- annual rate of around 17 per Cent by Ap become radl “' ^ p e r . r be 

:*== Sa-SrHS 

“ Sa-Firss: Sar-aiS . 1 ““ 1 w 53 “S 

;irtS,. 5 U Sjasss « -SSSS savvyrs*^ & SsSAa, ^r±rstisff 

Bomb hits Rome’s lighting 

"ViAirc T,. tt 


THE- DAY-TO-DAY reality of 
political violence in Italy has 
again been forcefully brought to 
the public's attention when left- 
wing Red Brigades “terrorists 
bomber and seriously damaged 
a Rome power station causing a 
' major black-out in several dis- 
tricts 'of the capital. • ' 

. The attack came only hours 
before Sig. Virgin 5 o Rognoni. the 
new Interior Minister, was sworn 
in today by President Giovanni 

Leone, - . . 

The surprise appointment or 
Sig. Rognoni. a tittle-known 
Christian. Democrat politician, up 
t r> now Vice-President of the 
• Chamber of Deputies, was an- 
nounced late last. night. 

Following the resignation of 
Sig. Francesco Cosiiga after tee 
Moro afiair, the sensitive Interior 
-nnrtfolio was taken over on an 

‘KOMEr June 14. 
interim basis by -Prime Minister 
Giullo Andrebtti.'who during the 
last few days “had beep comma 
under increasing political pres- 
sure to nominate 'Sig. Cossiga s 
successor. ' •'■ - ■-• . 

The Prlmej MJnjster is now 
turning his attention t° Italy’s 
economic problems. .;Tbis follows 
strong criticism drqjn the Cooi- 
m uni sis for the. Admin istration s 
delays in enfo^cfoR . the com - 
monly-agreed f /economic and ! 
sociai programme', to bring the 
country out of. its 'current crisis. 

Economic Ministers, experts 
from the political-, parties and 
trade union leaders; ^are clue to 
meet tomorrow/ in discuss a 
further package r .qf- measures to 
reduce public ..le&spenditure and 
reconstruct fin^piaRy-troubled 

companies. : ' 

U.S; citizens 
in Moscow 
by arrest 

noo^oH export" industry will «« Z- te? time°A problem is *.*£3%™* be > .nUtlrf no. due before the end of the 

continue to lo^ market shares primarily in the of unemployment benefit. t0 benefit three months after >wr. there are 

f «W5 f^rToUs agriculture con- 

«J% &*: 1 ->-b. «“™ PbPbla- recMvlns" av form Df »ejal , efl de^on of - 

per cent and tee Federation 
estimates teat, even with an 

These are the figures which 

estimates teat, even wiin an ernmen , works from an d 
Improvement later ui Uicjwar. wd as Tho most accurate 
there will be another fall in a . CLC i; — n.,i 

ich .He 

MOSCOW. June 14. ceo t more titan those of Nor- 
MISS VIRGINIA OLBRISH. a way’s mate competing com- 

U.S. embassy secretary engaged needed P to be 

to Mr. Fn. ncis Jay Crawford, the s ® 0S Jf “ nd so 

businessman arrested by Russian #h *® ,, unrealistic 

rsa - sgsiissftss at sss .‘s« s-tmetss 

a KGB sei.umy jail nere ioaay. thrnueh an Incomes 


■ its 22 per 
ce rises tor 
i ly that ceil- 
rbably halved 
up to control 
reoare for 

lemployment total is 744.7 uz. . first jod are tieuiar prowmna recoverv 

The National Statistics Insli- often nnd that the> are .lit sectors i lke shipbuilding or a n - 

| A «vf AO ll(Vl /lmrdrpH hp cause companies have _„i, nra i i.hnnr in the South, the . n _ 

anting The Federation wants aomes- ue numuer w . measures agreea oj ' instance parts of employment ana me whmuv ...... 

leal of tic demand. Including public percentage nf the total active pppQS 'j tion lasI advanced. For instance, pjcks up Bul in the 

fits is consumption, to be reduced population has moved from 1.39 ^lerou ^ is being Andalucid. 1 ^ e C ? t J^ ' aun „ nn there will be a new crop 

'.’one fnrt her. The Government has per cent, to over S percent Ocrooer^ There is and SetiHe between of schenl leavers and projections 

after- hesitated to act more slronsly The structure of unemploy- w* “ ' dra f t i aw before parlia- oer cent— almost of 1 per cent economic growth 

because of .He effcc. »» ® men. has rcmalued relaUvely V™ n ' up by , hi Socialise 1 1 t» aluiost ^“^'“era™ do no. allow much hope even for 
ploj-ment hut the - e deration constant with almost 40 per cent . “ _ erat i on wit h the UgT. to double i th with- a halt lo the overall rise of 

I concern about whether this is consumption, to be reduced 
the sign uf things to come.” one farther. The Government nas 
of them told reporters after- hesitated to act more slronsly 
wards. because of the effect on em- 

Miss Olbrish. who took cloth- ployment hut the . eder J“°“ 
ing and other personal effects to argues teat there ts no otner 

Under the '§/ 

provisions of tlieM. 

GamingActl 968 a? : 

a licence has 
been granted for ■ 


atTheRitzHotd \ 

# ■■■ !. 
1/ - r ‘ 


Miss Olbrish. who took cloth- pfoWnl Jut^ the re«foration cwstant ■ wl th “g m cioperation with tee UGT. to ^^e^reas^moreover. "with- a° halt'lo 'the ov 
Igl^i^^vM 35*^-“- hi. the farmer safety vaive of uncmpln>m^ _ 

Crawford when police pulled him Shrinking shipyards. Page 30 ]Q b - H j ; P 1 

from his car in the heart of — 

Moscow on Monday evening. He 

faces smuggling charges for , ; 

which he could be given up to 

10 years in a labour camp. — 

U.S. ufficlals are known to 
regard tee police action as 
retaliation, for the* arrest last 
month of-itwo Soviet employees 
at the United Nations. The two 
have been accused of stealing . 

U.S.- military secrets. 

Mr. Crawford's arrest is also ? 

vlee'n as a symptom of the strains ' f 

tin. Soviet-American relations , ‘ 

ovqr such issues as human rights - — '• 

and developments in Afnca. 

Th\re is speculation that police 
were told to act as they did. 
rathfer than arresting Mr. Craw- 
ford \at home or at work, to 
cause\ the maximum shock to 
U.S. leaders and public. 

. A few hours before Mr. Craw- 
ford was seized the Soviet 
Govemihent neswpaper com- 
plained \of anti-Soviet hysteria ‘ . 

in Jhe U.S. over recent spying 
allegations, and said: “ we’re not 
scared easily.” 

Mr. Crawford, aged 34, who 
has worked here for two ycare 
-for International Harvester, is 
understood to be denying the 

S’ be^and^hfs Toi l^a^e^were Overseas Containers Limited was formed by four ^hetoTncfto'shape th^ patterns^ of world-wide dist 

. ^ famous^Britistf shipping lines to concentrate cent^ie^of 15 he ‘ P ^^ ports, the OCLGrcu, 

Reuter experience. In maritime trading into a modern y subsidiaries and agents, provide rapid, efncientar 

car g 0 _^ansportation^rs operatjons started and well over 3° ^gt^een 8 virtually any locations throi 

minion wnteiner loads later, OCL has invested over £500 ?o°r ^oorbetween ww J ^ Zea|andi the , 
million in a fleet of purpose-built oontainerehips containers, 
terminals, hardware and equipment and most of all, peop^. 

With a route network now linking four continenis, OCL 
has become Europe’s biggest container transport operator 

and a world leader in international trade, and in the process 
is helping to shape the patterns o, worid-wide distributor.. 

Serving over 40 major ports, the OCL Grcupjts 
subsidiaries and agents, provide rapid, efT ' c . ie " 1 
transportation of containensed export and im POrt goods, 
door-to-door, between virtually any locations througho 
Western Europe and Australia, New Zea.and, the Far East, 
South East Asia and South Africa. 

And that is only the beginning. 

I. - ■ 

Ghescer Barrie istill the 

finest name in menswear. 

' Because our d'othes are virtually made by 
W. Ar Chester Barrie only a veiysnaall percen.- 
a o e of the work on any garment « done by sew- 
. - r- -rixr -t^ a niatcec of scissors, rape 

SSlob chalk, needle Jd dnead and 

traditional tailor's gas kons. We haste we ^v, we 

■ press, again and again (44 «"res m all). As to the 
quality of materials, all button arc horn, all 
Lead is pure sdk. cloths are the imest purest and 

therefore most costly British 

■We- make no apology for our prices; the customer 

gets wte he ip L. $¥* “ d nCVCC 

come cheaply. 



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SSSSSSSK 3 Kl^Ss 0 S!I».oa32 S ,0 2SI .B i rm-™l-.02, JM69 3 3 

Israelis to press 
UN over 

guerrilla pledge 

Yen rises 
the dollar 


Black movements: destroyed or 

.’'.V r l' *•’ ~ f ‘ v 


TEL AVIV, June 14 . 

up after tip funeral of Jfr,- Steve. 

black journa lists an d ch urch SdS= N^eommuSig . ^ough ^ chUton' have BOco the black consd^ 
f * & "he SK. a M ^ '3Sf*k 

Fljri I alio. iliCUSfC TOKYO. June 14. ing overseas » Those are the the country-most simply for Soweto Students «ftpresencaiive aoour nouses anu SZTiXm 

A AiiM, jp.&W’MLfcV the DOLLAR today closed at words of a black cWh worker “pass’* offences, not carrying Council. Most children rents ye acreasing, imraptoy- torn; ana 

Y217 after active trading on the who lives in the black township their identity document. Security have returned to school after meat is nsmg, sales tax is going twp. VK^^th°a 

BY DAVID LENNON TEL AVIV. June 14. Tokyo foreign exchange market complex of Port Etizabelh. 3" police have also detained some two years of intermittent boyr }» hit ns, people are going 

-down 35 points from yester- ugly industrial city on the South 30 political activists, including colts. Disturbance^have largely hun^** ■ ... . . 

ISRAEL intends to apply strong Knesset members drawing up da £ s closing price African coasL whkh boasts to be black journalists and church died down. ^*-. C0 “; iuI1 t 1 ^^ ‘schoorm^y have Sr *• > c?nsclQq * 5 «* 

pressure on the UN to keep a balance sheet for the three- 4 However, the U.S. unit was the motor industry capital of the workei^, under (he security councils, estahhrh^d by the retailed to school, many nae.e ae. _ . - 

Palestinian 'Srillas out of month operation Litani said that Jradmg well above the rock country. In the past vear the laws. The actions follow a state- government to pram a Htnctly KiatfSPfiLa? 

south ™tanon. rZIm where it on the positive side was the de- bottom level of Y216.20 it city, or to be ex£t i* black merit by the new police comm is- limited measure jg political »!m25 

finally withdrew its troops s [ruction of the Palestinian touched at one point here yester. townships, has won the dubious sioner. General Mike UeWenhuys. responsibility to _bliatfc. J g 1 f ? 1 gfr j tl brought *' to jSurt 

yesterday after three months of bases in die area, the introduc- ***■ Despite today s relative distinction of being the principal that security police are taking have been established m more sSeth chare^rfwkh offenS 

occupation tion of the UN troops robbing recovery, dealers said they centre of urban black unrest, and the “ necessary steps’ to prevent than 90 locations . * . M * 1 * 1 A I T 'X? < *®l na?K 

the guerrillas of the freedom to expected the dollar to plunge security poUee activitv in South any violence on June 16. the There are wide^iread hopes BBMMGMnPVplPBSH t22°S!f* ■t.J? toou n 2?5 

“ES u, operate openly, and the creation ?till further after the forthcom- Africa. Yet the whJte'ponulation Soweto anniversary. that this > ear’s c 'pan cm ora tion fgr.y v between Jirne im and April 

the M w22l? ° 1 ’ a stri|> J I on 8 rf ie border *njf publication of Japans May of Port Elizabeth, and of the rest A rash of police pronounce- of the slaughter V of school- 

lUainMi thI? n »h«. J ti’v S irftnr« C h^i P olicpd b >' tbe Israeli -backed h^do figures. I of South Africa, scarcely know moots has done little to clear children which oc qrtred in June half the nabonat total of -J>00. 

i he Jf 00 ? -il ad Christian miliua. The figures are expected to | anything of it. ' up the confusiuo. On the one 1976 will be peaceful. Only jf&frsZSW&km Perhaps the irost dnnmmc 

lion of the UN troops robbing recovery, dealers said they centre of urban black unrest, and the “ necessary steps ’’ to prevent than 90 locations* 

, the guerrillas of the freedom to expected the dollar to plunge security poliee activitv in South any violence on June 16, the There are widespread hopes 

the last operate openly, and the creation still further after the forthcom- Africa. Yet the white’population Soweto anniversary. that this year’s t-u^mem oration, 

rie uayan, 0 - a strip along the border ,n S publication of Japan's May of Port Elizabeth, and of the rest A rash of police pronounce- of the slaughter V of school- 
„ c 2?Jr policed by the Israeli-backed lr ^de figures. of South Africa, scarce! v know ments has done little to clear children which ocqAred in June 

. . Christian militia. The figures are expected to anything of it ’ up the confusiuo. On the one 1976 will be peaceful. Only 

the areas fvacualed earlier bv 0n the nc V alive side they see ■ a 5®2S?. u Ef, . *" The same words could apply to hand senior officers claim to have church services are planned, 

i, r „i * the inability *»r the UN troops to ^Pan s alread) hu 0 o trade suit- virtually a ny 0 f south Africa’s the whole situation under con- while students have called for 

Vr n-ivan cent a cham \ni P control completely the area, and L us r JSlrSf« th Ifnli 0 i£ divided cities. Johannesburg trol. On the other they warn all sports fixture* a^d eaiertain r 

nr the fuel that the UN no* Japanwe surplus and the and Soweto, Cape Town jnd of “4,000 urban terrorists" in mem to be calleu Off over the 

Serretarv foneraf ionising him negotiates with Mr. Yasser hi I h ?f Langa or Guguletu? Pretoria and training outside the country, and weekend. But- dote observers 

nffanfn" r?JS ^hi^nipioo !hSt Arafat, the PLO chairman, as an rStn*!-- Atteridgeville or Maun-lodi. large numbers who nave been fear that the situation remains 

souih Lebanon P wou?d d feiMfii °n u a L ?.Iany a! so feel ihat the Durban and Kwamashu un the picked up coming back into totally unpredictable. In the, 

free uf PalSan ^erriE presence of the UN troops will ThfdoUar todiv in ra^ dosed eve of 010 second anniversary uf South Africa armed with Soviet- first place thcy iear that the ■ 

T J MiSiSir inhibit any future Israel strike io n,jnt« un ^ npnl S the outbreak of riots in Soweto, made weapons and explosives, police activity coutt spark off . 

ih^ h - if h r r f n l into south Lebanon. "f voii on TnLvn P ' be white population nf South The blanket nature of their cur- exactly the sort of violence it is 

were niw^n the a reLs "formed Meanwhile. Mr. Menahem jJJ 2 ^ of ^7 its^ AfriCa ^ows less about wh?t is rent operation would appear to supposed to defuse^ WbUe they 

SJUnSS I, n . L Begin. . the Israeli Prime ,KS*9»«* on in those neighbouring belie their confidence. . But on have promised to ^ ow ^ the 

example of the radicalisatiVn is 
the extent to which Steve Biko 
has become a symbol -Qf the 
struggle . tq the school students. 
It was only after his funeral that 
the disturbances really came to 
a - liead in Phrt Eli^heth, 
although the area has always 
been a' centre of politicallactivity. 
Now he has been written iatn a 

Meanwhll“ Mr Menahem gL^X ren, opera«nn „ou.d aup oaed t o defuae^Ue iey "WII M ill n -- rr- ^ Bttoi 

SSx sr- t f HlfSH 111— 'sera 

lion organisation iPLui io send decided to uke a vacation at ij ecn spiralling downwards as J?* 15 * * ear h as ,K ’^ n ‘inn?rni U J ‘ streets. Although the notice in last year, and more than 34.000 °&_ ^ 111 

supplies to the men who had home for a few days, accord- foreign exchange markets open | •*: U Th~H iv ,IP„, lowoto haveleafnetfto use^a: .the. riots.. .In Port JSlCSS?** 

supplies to the men who had homo 

infiltrated the UN area. He noted i n ? 10 b ‘ s mdes. | an( j c j osc a round the world, 

ilial certain units of tin- UN Mr. Begin resumed public Reuter 

interim Force in Lebanon activity 10 days ago after spend- 

lUnifili even had PLu liasion ing nearly twu weeks at home. . inv • 

men attached in them. He was suffering from "a high \_^Srt6r-UCS3i 

Israel believes that abmii 350 temperature and fatigue." 
guerrillas I liivc- entered the areas according to the Cabinet Scc-re- fultc finish 
which Israel handed over tn l|\e vary. UlUiS llllioll 

UN during earlier «l!isn- of the Hi? doctors have denied the WASHINGTON, June !■ 

withdrawal. Prime Minister is .seriously ill. PRESIDENT CARTER 

Indian Prime Minister Mot 

o _ a ® ^ x Desui ended two days of 

black i 
with th 

t of black ; power, -fie 
of a maiden- Alice, Ha 
under Jimmy Kruger. 

the banning of IS black the movement or just forced its More fundamentally, however, ** iV isn’t calm They are simply He . died and was-hurieU After 
.-musness organisations and organisations .underground. ^ IF the grievances of Soitrtb Africa’s going underground,” according five months he waff followed by 

n over Christians’ role ss 

-day without resolving differ- j have suddenly launched' a" funner virtually their entire leadership and order. Our schools are open *“ AT^tim^me' tff^hT first anni- the ^differenT 
'.w 0V6 J . n r PC ‘icy. J massive security operation. More In the latest detentions Littc but the aboininableisystem of Ternary of the Soweto riota last South Africa b 
y.b. officials said ihe Briutc-than 3.000 blacks have been has been heard o f the bowel o Bantu education is ^-sriFI being' year It was not in Soweto itself Power is ours 
mister was sti refusin'? tn i — ■ - ' 11 *"■ * 

,Y ,H5aN Hi ' AZ1 BEIIil ' T ' J “"‘' »• I Htaltr ™ rtU refusina toi 

LEBANON TODAY iPfovn/r! the itiir.Tini fuivcs m Lebanon ' accept safeguards stipulated tn j 
United Nations that Major Saud *i<.»nvral Erskint told repurlers ■ * new American law for nuclear 

o discrimination, stud in all 
liferent nations, because 
Africa belongs to all of us. 

Haddad, commander of the at NakoMra yesterdav that hisi n nv, ‘ er plants as a condition fur __ ___ 

right-wing Christian militia in >ini!e»- binding was that Major? thp sa,e o f U.S. enriched uranium v. v — — — ■ ■ ■ ■ ' ^ MT ~ O - 

southern Lebanon, does not legi- H:«rM:ri represented (hei rtl L»tHcr countries. % BY OUR OWN CORRESPONDENT .. • - SAUSEIURY, June 14. 

tiinatcly represent the Lebanese U-hanev authorities in the “ " re -!| 0 P* n, t 1 . ^ ln ll .^ SY CHARLES SMITH TOKYu u BRITISH AND American envoys exchange of views with the 

authorities. u.„-,» n r j, wiih Israel The! 18 to J4 months there will B* CHARLES SMITH June 14. fly out of here tomorrow empty-. British and American Govern- 

But cunfusion remains and at L- , '-n ■'* • tiuv-'minet has issued i «'•' J basis fur India tu acrc-Dt handed after nine days of inten- meiits. the sources added. - 

the UN headquarters in New a \’-.»ng .1"nial of this. : full-scope safeguards,’ one offi-i CHINA . today apparently of the LDP which Favours close most of the major issufes involved sive discussions aimed at per- n ne government official said- 

\ork. Dr. Kurt Waldheiin, thi- UN vVithilrawinu Israeli troops ' cia i «-?: ,, . ,, accepted a Japanese proposal relations with Taiwan. have been settled ip. informal suading Rhodesia’s transitional “The British and Americans 

hh ^ T'k s:iK ■ 3ta, ,V 1 ' lesturdav iuuk-i the,® positions i ,, A ]? hl , le IIon ^ sa d for the slant of final negotiations Another problem centred on contacts between the two sides. Government to attend au ' all- appeal to fee? they bavfefl^SS 

Haddad bad been prnusionally ; lVer to* Major Haddad and hi* if 1 ! j. ^er ^ and tm* Sj->ear-i.Id on a Smo-Jaoanese Peace and the Chinese proposal for an The Peace and Trlendshin settlemeTU conference with aS^miSSkeit looktothe 
nSSSSif -c ,1% men. and ... d U.iifi I £ dS uith l . ndla ? lead, ' r fussed Soviet- Friendship Treaty. The am-pi- "anti-hegemony" clause which Treatv i s The 1<^? inSe externally-based guerrilla worldXttheyTredoSz 

t.ovcrnnienf as de facto com- M * di American negotiations for a a nee was conveyed to a Japan e,o is seen in some quarters as an of bi-lateral aarSnente in leaders. ■ . sS^nir wheh L 

s- isssr 

SiflO- Japan talks in final stige 1 No progress on Rhodesia 

*• ai m mifu ^ADAnBAkinekiT fir vnntmu v -• * 


TOKYO, June 14. 


BRITISH AND American envoys exchange of views with the 
fly out of here tomorrow empty-. British. -and American Govern- 
handed after nine days of inten- merits, the sources added. • 

me L.nme$e reply Daa . r w,,u - [envoys had brought no new pro- then on to Tanzufo, Zambia — 

forthcoming. Japan was unwilling -fc abm^pesals and the Administration where they hope to see Mr. 

at the Chinese have gate this and thus accepted threjouhd nu reason to change its Nkomo-— -and . possibly Mala wi, 
start talking, conclu- compromise formula of an addi-i attitude. . . ' Sputh Africa, and Botswana 

Ghanian Commander of UN armv. 

i Reuter 

The mam .htole jar. ^e--n si cm of a negotiation is expected tiomil Peace and Friendship 1 . J Buf tbe r 'Iransttlonal Govern- before ' returning to Salisbury 
oh lection 5 from the Right wing io be rapid. It would seem that Treaty to be signed with/China, j menl .welcom ed theNlialogue and next Tuesday or. Wednesday. 

■ 7 \ . \ x ~ ’ 

The new DC-9 Super 80 is coming. 
And you'll be able to see it long, long 
before you hear it. 

Our new Super 80 is expected to 
cut the high -noise area around airports 
to as little as one-fifth of what it is 
with current jetliners ot comparable 
size. With powerful, yet efficient, new 
. "■ engines, and improved instru- 
r men ta tion for all- wea ther 

operations, the Super 80 offers 
airlines the lowest operating cost per 
seat mile of any jetliner in this cla ss. 

And it offers you, the passenger, 
the comfort of improved ventilation 
and lighting, a much quieter ride, plus 
the on-time reliability you've come to 
expect from the DC-9 family of jets. 

Our new Super SO will fly in the 
early 1980 s . . . and so will Spacelab . . . 

system forsea-gping tankers which 
keeps natural gakin super-coldliquid 
JSSyjjJi system xthat saves space on 

ships, offers <ost savings to 
shipbuilders and owners, 
and eventually, toiisers. 

Just as our aerospace technology 
has produced some quite remarkable 
down-to-ea rth benefits, so has our 
computer technology. . ... 

Introducing peace and quiet 
for airport neighbourhoods 
around the world. 

Under contract with NASA, were 
working with scientists and private 
industry' to put research and 
manui?acturin g projects into 
orbit aboard the European 
|||||« Space Agency's Spacelab.The 
||||||Hp potential is as limitless as 

space itself. New life-saving 
drugs, for instance, 
difficult to produce on ? 

Earth. And silicone crystals s/j 
for electronic com- 

Faced with sharply 
liigher fuel costs, 

. airlines and 

military^ forcesaround the world are 
turning to a new visual simulation 
system built by McDonnell Douglas 
for on-the-ground pilot training. . . . 

. CaUed VITAL IV, the systemuses 

computers to create sharp, true-to-life"' 

mpvingcolouriinagesinfhewind-- t 

shiel ds of a pilot train ing simulator. The » . 

pilotin training // sees"thedtiesbeloWthe '. 

airport's approach, run way aindtaxiway - 

- lights airport buildings and docking 'fl; 
points. In daylight, twilight/or night. V.- 
Qear weather, fog, even rainstorms’. ; - j'! - 

... . . For commercial and militajy avia — ^ - 
tion alike, VITAL systems provide risk- ' 

free framing that needs no fuel, and ' 'j- : : • ■ 

- costs a fraction of in-fhe-air training.. . . 


fa iew 

U . Clip 


•!}jra\ pf 

r «iU\ 

it criii 

ponents-with a purity ^-■S0r 
never before achieved, r 

Quick facts about our new DC-9 Super 80 
and a look at three other projects which 
put our aerospace technology to work 
for people everywhere. 

To put your projects ■ 

in to orbit, we're the ones to call. 

Finding answers is the work we • 
do at McDonnell Douglas. And while v 

Wpnaan aprncn^>A * « 


— /Mlu wme ^ 

.were an aerospace company bufldinsr * - - ' - 
jetlmers, fighter planes> and space 
systems, were also buildinp - on niTt* -. 

fe! T.V l 

° r k oit 

.systems, we re also-building on our • ■ ; 

Qur "floating pipeline;' another project - ^rospaee technology to help find 
ivi th roots in ou r space work, offers help answers tothe needs of people every- . 

in solving worid-vs'ideenergvprobiems. 'WUHB^you'dliketolmownioredo^fA •• • 

Developed in cooperation With Gaz- anyof the workwe've discussed here/, ^ r - 

Transport of France, it's an insulating Mrno P 'im n0t f" Address: 

b McDonnell Douglas, Box 14526, , : ^ 

St. Louis, MO 63178. / ‘ 

J. ■’ 


We bring technology to life. v 

■■■. • rt-S 

• ..- . .... - v 

Sfe-'v.' . - 

,e *V” : 

4 *la 

..r; V • 

Tuiitntfkl Tiiiies ‘t'hursaay June 15 1978 


station ban 


■c - t'*. 

'■* . -. tv 

. : ■-- - ' ‘ V; 

" ik 

'- : ' ‘4 ;• 

• . 

■' V^v: 

Carter discounts Castro 

of involvement in Zaire invasion 

nr * omvfirnV Turn* 14. 


president carter told » ■ 7 »°aw«" 

news conference today Ibat the rnm>p He went 

• BY. jfUMK; MARTIN ’ . 

THE SUPREME COURT may well' ing the : majority; 
have set in train today a -course ^In the absence of a J™ evj21 : 
of events' that could alter the congressional ; MGaraaou .ot 
face of petrol retailing- in the policy or 1 6 P* 

United States, even to. the point discrfjnlnahon-.^a^M* or 
of leading to the effective divesti- burdening. , oft *ti ter ' s ^„v, 0 

: lure of the tiiractmarketins 
o pe ratio ns of 'the major oil pro- the. states arw'lwjtnout power lo 
duclng and refining companies. regulateVr ~- VrWi^nH rnmnanieg 
The court today upheld a In ^rylac^fte^c^ipanies 
Maryland state law which specific- will be i _ 5Q 

ally prohibits oil producers and selves pf-at to#-** 
refiners from directly operating owned petrol 
their own retail filling .stations according to, 
in. the state. • • worth of 1 E De u 0l 

The Maryland law was enacted there are p 

after the 1973 Arab oil embargo stations to stations 
when a. state commission found oer cent 

that' company-operated, service comprise Accord- 

stations were getting all the of all 

petrol they - needed while inde- ing to the American I 6000 
pendent dealers, were being- Institute there^fib^ 
denied supplies. .. / ■ such sta^n^St^* national 

The major oil- companies, led total of 3S4.0W- - ^ threatened 
-by ExxonT Shell. Gulf, Ashland ■ tl^S^toorny 

and Conoco, took legal action to sink Its- tael t divesti- 

against -the' law but . were 

defeated in the State Court of tura but has y®^ rt J s ^ 0USe and 
Appeals. -After today’s action by tive ^action. -S-Srihe Petro- 
the Supreme Court, Exxon issued Senate ^ ave ^f^ractices Bill 
a statement ' expressing disap- Jeum_ pro- 

pointraent at the court’s verdict but tins is in their 
and saying that It .would lead to 

higher costs- to the consumers, relations with; ^tW? P 
• Only the District of Columbia companies. j v . Qf 
has legislation similar to that in The most ; s th a * 

MarylamL. But both Delaware petrol dealers 

and Virginia has started moves owned by .^°^ ei ^.. or many oF 
in the same direction and a who buy f rom .-°?f=rj se i» petrol 
number T other states have the oil 

expressed interest m such a under speak- 

law Tt will now be. up -to the bnoi nsines. « 

individual state legislatures to comp3ny-^wMd^ aply thaf] 

take the necessary action, which sold P^^J p ^Sfemhterparts. 
will inevitably be a time-consum- them mdependen^o jv 
ing and uncertain nrocess. Iu woring ^ 

Nevertheless, the Supreme would be 

Court opinion made it dear .that, that Maaller re^g* 
Irrespective ' of whether such most affecte^ jamjar* om . 
laws made economic sense ? r ^A-TltSeiV would 

StSSS BS3£|a=’ “ 

Energy price-rise u^ed 



U.S. has “firm proof” that Cuba 
helped train the Kalangan - 
forces, that Invaded Zaire last 
month, hut said, he had no 
desire to get into a public 
debate with .‘president Fidel 
Castro of Cuba os the subject. 

He said he planned no 
“retaliatory action” against 
Cuba nor did/ the U.S. intend 


intervention force. He wnjt 
out of his way to reassure 
President Julius Nyerere 
Tanzania who has been critical 
of the US. reaction lo reported 
Cuban involvement 
Mr. Carter was responding to 
President Castro’s statement on 
Tuesday that Cuba had not 
been involved in the invasion 
and that UB. statements to the 

contrary were lies ’’manufae- 
tJyed" by Dr. Zblgnew 
BriezinskL the President’s 
national security adviser, and 

»Tbe fart is that Mr. Castro 
could have done much more if 
be genuinely wanted to stop 
ibe invasion,” Mr. Carter said. 

The Washington a ir is cur- 
rently thick with information 
from sources who cannot be 
named but whose information. 

according to other tafoitaed 
sources inside the Administra- 
tion, proves that the u * s - 
telling the truth. Some of 
these officials provided more 
evidence to bolster the lr case 
at a White House briefing last 
night, but there is no inde- 
pendent way to verify what was 

According to reports of their 
briefing last night, these 
officials said that in March last 

year ibe first Invasion of Shaba 
Cubans and East German* were 
province in Zaire was planned 
and prepared iu “close co- 
ordination” with Cuban ana 
Angolan troops using J“™ s 
from Cuban and Angolan stocK- 
pjjes. K . . 

Last summer, these officials 
continued, Cuban units were 
training Katangans in at least 
five locations and planning for 
the May incursion began as 

EARLY EACH morning, when 
most of Washington is still 
asleep, a chauffeur-driven car 
delivers Dr. ZWgniew Brzezinshi. 
President Carter’s national 
security adviser, to the White 

And each morning his first job 
of the day is to brief the Presi- 
dent on the events of the past 2-4 
hours with the aid of _a briefing 
book prepared overnight by a 
small team from the National 
Security Council over which be 

It is a task rthat Zbig. as he is 
often known for short, rarely 
cedes to anyone else. In a. “ty 
where access to the President 
means power, these dally hair- 
hour briefings are something of 
a symbol of his close relationship 
with Mr. Carter. So. incidentally, 
is the car— all the Presidents 
other senior aides have to drive 
themselves lo work. 

It is a relationship which, for 
the moment at least, is pre- 
occupying much of Washington. 
Zblg is credited with having 
bent the President's ear over 
Africa aDd over the link between 
Soviet and Cuban activities there 
and the strategic aims tal ^ , . 
Yesterday. .. President Fidel 

hat UE. statements to tne 

Brzezinski*. voice in disharmony 


Castro of Cuba singled out Dr. 
Brzezinski and accused him of 
“ manufacturing lies about 
Cuban involvement id Zaire, isy 
contrast be paid heavily quali- 
fied compliments to both Mr. 
Cvrus Vance, the Secretary of 
State, and President Carter. 

The Soviet Union has been 
attacking Zbig for months, 
charging him with resiujecting 
cold war attitudes and deliber- 
ately trying to sabotage detente 
and the SALT talks. In the 
past few weeks the attacks on 
him have become more strident 
and Russian commentators nave 
claimed to identify his hap d 
all the tougher parts of the 
President’s recent speeches. 

The attacks have not just 
conic from the East. The Jewish 
lobby has been arguing since the 
Administration took ofiice that 
its new found support for moder- 
ate Arabs and its Increasing 
irritation with Israel was also a 
reflection of Zbigs success m per- 

suading the President to listen to 
his views. 

inevitably Dr. Brzezinski's 
recent promineni-e brings to 
mind his predecessor. Dr. Henry 
Kissinger He, too. began his 
public career as National 
Security adviser, working with 
Mr William Rogers, a pleasant 
but m*Id-mannered Secretary of 
State; IS months into the firat 
Nixon Administration the fric- 
tion was clear between Rogers 
and Kissinger. Eventually. Mr. 
Rogers was pushed aside and 
Dr. Kissinger became Secretary 
of State. 

Eighteen months into the 
Carter Administration it is 
tempting in draw the parallel. 
B U t it would probably be mis- 
leading- At the start of his 
Administration, Mr. Carter said 
■that he favoured a ” collegial ” 
approach to foreign policy- 
making. Out of this grew a sort 
of triumvirate — Mr. Vancae, Dr. 
Brzezinski. and Mr. Andrew 

Young. Ambassador to the UN. 

Since then this group has ex- 
panded to include Vice President 
Mondale, Dr. Harold Brown, th« 
Defe nc e Secretary, and mr. 
Hamilton Jordan. Mr. Cmter* 
chief aide, who now has special 
responsibility for the domestic 
implications of foreign policy. 

Last week’s speech by Mr. 
Carter, which was supposed to 
clarify his policy, clearly bore 
the imprint of each of these 
men. It was in turn tough mid 
conciliatory, reflecting the dij 
agreements within the Adminis- 
tration about how to deal with 
the complex challenges pre- 
sented by the Soviet Union. 
Interestingly enough, the whole 
speech was written in longhand 
bv Mr. Carter himself, and it left 
the clear impression that the 
President has still not really 
made up his mind about how to 
respond^ to Soviet and Cuban 
activities in Africa and else- 

Zbig’s critics— and there are 
many of them in Washington— 
charge that he has taken advan- 
tage of this Presidential in- 
decision— or vacuum— and has 
pushed _„the_ Admlnisuations 

centre" of gravity to the jigbti 
Thev distrust the way be nas 
flaunted his recent trip, to China 

in the face of the Soviet Union, 
and were disturbed by his hint 
in an interview that he favoured 
sending a naval task force to 
the Horn of Africa. 

But more than anything else, 
they have been irritated by me 
interview that he gave on tele- 
vision soon after his return from 
Peking. In this he used strong 
language to denounce Soviet ana 
Cuban adventurism and seemed 
deliberately to be raising the 
temperature of the Telat30 ^ b l b 
at a time when more subtlety 
might have been more appro- 
priate. . 

Tbese same critics say that 
Zbig knows too tittle about the 


long ago as June, 1977. Both 
involved with some 5^00 
Katangans in Angola in August 

Further, these officials said 
UE. intelligence suggests inat 
Cuban troops accompanied tne 
K a tan gans as far as the Zam- 
bian border before the May 
invasion. The Katangans had 
to cross throngh a small part 
of Zambia before entering 

complexities of African affair^ - 
and the differences between 
countries — to be allowed to play 
such a public role in Africa 

policy. They believe in short 
that he has over-reacted to Soviet 
actions and driven the President 
into a corner where be has little 
alternative but to “ P_ l ay it 
tough.” Zbig himself said m a 
recent interview that one of his 
roles was “to stiffen^the back 
of the Administration.” 

Yet in practice Zbig is not fill- 
ing the vacuum to anything like 
the extent that some of his 
critics charge, and it is highly 
probable that he would not want 
to He remains a close personal 
friend of Mr. Vance in spite of 
the clear policy differences 
between .State Department and 
the National Security Council. 

Zbig himself says that the 
differences between him and the 
rest of the administration are 
mostly a matter of degree. He 
strongly supports detente, ana 
wants a new arms control agree- 
ment. But he also behoves that 
the U.S., with the trauma of 
Vietnam behind it. is now in a 
strong position to challenge the 
Soviet Union ideologically. 

— v. 



rope. North] 
4th the U-S. 

pi trilateral 
l co-ordinate 

uto work 
-to the 
Sriew to 
& -energy 

twf WORLD'S major indos- oil prices in 

S^^ e ”ric« d so h S P £ tES&XrnAjl 

encourage ^^SSrnative ftTSSSSSi 
souri-es^ supply, according to energy summit * 

I report ^sued here under , the pricing P?^ l “ es :“^| 
ausnices of the Trilateral Com- out a joint appM 
mission! the influential private Soviet Union with 
which seeks to promote greater cooperation 
floser co-operation between the technology and dtp 
US., Europe^ and Japan. It. adds xnent.-' ♦*«* '«*£»'- £he‘ 

that current known oil supplies The report toe 

are probably adequate to meet next five wars 
r„mnnd for several, years and. danger to. oil siipplipB^wtil 
S; £to the early lWOi ‘ From war. or ter/nsm. Over 

a^ : SpBs:SsEsa.jiWM 

tend Commissions handle. 

"SSj-stus s 

SiiK.Sl.fiS Bgriuw* 


r fkfatJrt- - 





m Large. At 


Citibank warning of new 
credit crunch ahead 

' NEW YORK, June 14. ; 


. 1 -■ T, C !c fllsewhere in the country bank 


demand, from c ?^° r ri a ^SS y ^y about the impact of jjjgtei 
households was issued to^ay Dy demand consumers, *he 

Citibank, the second larges- Federa i Govemment_and mat 

c0 S. m iS' ™t“y ^„ i ^ re Se”n aernwa, 
th^bSk Ws tot f “ ?•«££■ would ££* further 

mercial.banks the currant pe^d on ra tes. ^ 

is reminiscent tif tne citibank warns that tne toe- 

booms of 1966, 1969 and 19ra-Tt will come to an 

The -bank-says that the rate suggests that on -the 


in absolute terms in 1975 ati“ an.. acceleration of inflation, 
crewed by - »■>'?„„ *f£ te ‘ ot wflenot forecMtoe 
1976 crew at an- annual r *jjj g might happen — Wall St 

?47bn in by SZXbnta forecasts vary from the 

vear after increasing by ^ year t0 as late as 1981 the 

19 Sonomists have tended 


r^rKew^o^b^ ^ demurd win be. 


wants the same thing f rom a copier? 

When you ask anyone whatthey wantfrom a copier, you II get all sorts of ^ Business Machines (UK) Limited, Sunley House, Bedford Park, | 

i-nn+enctA/PrC " r~ AV'P 01 -AftOI S 

To- Canon Business Machines (UK) Limited, Sunley House, Bedford Park, 

That's why, at Canon, we devoted over fifteen yearsto developing a new . j-j Np5Q Desk - t op. For copies in a variety of sizes from A5toB4 

reDroduction process that’s 50 times more sensitive to lightthan other system (IQ" x14" approx.) 800-3500 copies per month. 

commonly in use. L ‘ . . , . , 1 F~\ NPA2 Forfast copying of originals up tolS" x24 atafractioni 

The result is copiesthatare difficult to tell from the originals. And, on ma y | the cost of other large-copy methiods. 

copiers.even photographs and solid black reproduce perfectly. Q NP5000 Forgeneral office use -especially where high volumes a, 

Developing a better system also meant a more reliable system. | involved. 4000 plus copies per month. 

introduced solid state electronics for instance. And reduced the number ot j pj Np?0 Forsma || to mediumusers- a compact sized copier that can 

moving parts to help reduce the chance ofbreakdowns. n | print as lar^e as A3. Superb reproduction of photographs. 

But to make absolutely sure, we still cover all our models with a unique 3000-12000 copies per month.* 

guarantee: ourTotal Guarantee Agreement , r^riurtion I C! NP75 For automatic documentfeed- produces at30 per mjnvrte 

§ There areseven Canon copiers at present. In eluding- two with reductio j and automatically collates them in the same order a. the 

smut . I originals. 5000-15000 copies per month. 





‘Sid, naturally enough, they all have different advances. To satis^ 
everyone's needs. Postthe coupon and we'll tellyou more. 

Singer blow to 
New York city 

ByJohnWyles . • 

' NEW YORK. JtoMjgv 

companies moving ^ ritv 
quarters out of Now Vork Cits 

seems to J* ve'ars Singer’s ' stir- 


announced and a 

cSt-conseiOus corporations. 


whicb it is . payipS on- its 

*® , ; iSd rt s ap ^ sm a* 

headquarter M _at 

P laza , Manba-ttati- - — • 

Strike faUs to 

halt the News. 

By Our Own Correspondent 

NEW YORK, June 14i 

achieved a lower than normal 

paper this morning in P 
strike by 1,340 staff. - 

in 3SS 

March 30 without 


number of issues 

"i“._ NPS500 

'52! SffirtSS" to cut pro. 

duction rt»ts- cra ft unions 

^^nSu^NeWS have pledged 
at the . Newspaper Guild, 
to support the ^ ^ g^ers, 

$QgS?& sw 

' he?bIe Ct to P?odabTa 

newspaper again today. - 


hor automate aocumenL i cv=u — • 

andautomaticallycollatestheminthe same order as the 
originals. 5000-15000 copies per month. ■ 

□ NP5500 Fori :1 copying and reduction, for example Ao originals 

onto B4 orA.4 paper, - 4000 per month, 

□ NP77 For efficient desk-top reduction copying. Besidesl: 1 

copying it reduces A3 onginals onto A4 paper. 

_ 3000-1 2500 copies per month. ■ 

• For guidance oniy. 

Name — 





Tel . 

The next step forward in copiers 

ealeu lat°rs and y | 

upjur IGMAKK1 H:1. bf ISTi.-^ j j j 7SK. hW+IHtS . vt . — — K 

CHSf flCLD C . UVErK«Ci C : ’. -M - mmm mmm ^ _ J 


Financial Times Thursday 3ttne }5'197S 

Carter’s task force hopes 
to broaden Exim range 



Britain and Japan 
agree on computer 
software exchange 


content in 

export to West Germany 


THE SPECIAL interagency task rise in imports, and has given equipment expenditure in the 
force convened to devise ways .strength to the popular belief U.S. 

of stimulating sluggish American that American competitivity in Wa ,„ hroaL . m in „ nntivM 


t •E.p.odi"? and liberalising the S.i 1 it ■STASIS ! 

GOODS BRITAIN bought from- did in Germany. The surplus in investment Between 1976 and 
West Germany last year were 11176 W as only DM 405m. There ^ 

93 per cent. German nianufac- -is n o doubt that the figure for by private German companies in- 
The Japanese ambition to tured. while products exported 1978 will be higher creasea by / p( sr rent to 

move into European markets is there from Britain were only ' Machinery is hy IWjJ® 22h 2 iS5f , iJ!inrtl5t 
indicated by the recent a^ree- 63 per cent British in origin, largest item of West German sixth most : unportont "wntemt 
inent by Siemens of Germany to according to figures published expenditure at DM 687®) T plus country in Europe for private 

market Fujitsu’s larger com- by the Federal Republic. . another DM 33pm *25,’°®?? Ge ^;l n mupttmnnt t. 

puters. Fujitsu also has links resulting 'imbalance in machinery. In 1977 tote _*[ as MaJ0 German jnvestmQnt has 

with Amdahl in' the U S. added value tenii s >as therefore foUpwed hy cnide oU <DM e46m been m - - ^ £ T 
The Computer Services Asso- sealer than thatianparent from, compared with none in 1975) and {DM mm), coeniicai inoustry 
ciation has distributed a detailed fi^u res f or locailjSiade goods, ears {DM 615m). Other big CI>M 370tai>. banking 185m) 

account B? S "L i SSt“h c L^ 18 ?. m) ;«„ . 

r hC 

* K 

•\ u 

imports last i*ar tSd Products. includioR synthetic Britain, however, is still a 
nl? fL m?pr clonfnS materials l DM 474m) and much greater _ investor m the 

a done 11 nr siU-aon. nearly soon 01 «r. .ionn moore, an oia — . , Fnr wSaw. • facturers. and it has undertaken D .f , 4 Bbn (UD 3 * Der cent on materials I DM auu raucu greater «uv«uji- in me 

up »n Ihe record pace achieved Georgian associate of the Presi- The underlying feeling is that tor exchange 0 { pco|iurim,es between any i976)wbi?e »!***> P the F^derS finished chemical products Federal Republic, ranking as 

in 1 Ik* same period ur 1977. dent, export loans approved by the export trade « Mill 00 ^ " the ^Pan eBe Snfttvnre “ a J ufactu a rer and software com- £ ub hc we?e S I 0 5bn (up (DM SOSiiii. fourth largest overall. Here, too. 

While the key reasons tor the «he Exii.ibank ; have quadrupled, dominated by the major mulii- I^t iute by. the end of next s th UK lts efforts Sf g r‘* r cent) ^ ° W : Cars were by far the biggest the investments are spread over 

*h»ni:.|| am essentialU macro- and (lie Administration has national companies. Ai a >pceip1 momn. t . to market British software run “f 7 em /' . ; , . . ' item in Britain’s “ shopping list ” a large number and variety of 

economic — the love] or U.S. oil already asked Congress to seminar in Pennsylvania yester- The) link-up i B . bem& supported paraIle i to those of the National Looking a ih^ total the Federal Republic-worth concern*. but those, that have 

imports anti growth differentials increase Use Agency’s lending day. one of a series being held hy tile ] Department of Industry E nteiTrise Board which has set between the iwi. countries, haw- Ma f h inery was attracted, most British capital 

h»- tween Hip U.S. and Us major authorisation to S40bn from its across the country, the acting nnd the J apanese Ministry of up a up a subsidiary called Tnsac ever, the pictort fe reversed. the d “ w j, h DM i.6bn (plus office are holding companies 
iradm* partners — a consistently current *!5br .ceiling. ESS* 111 , °L ** I s d d lndustr *- to sell -software in the U.S. c "? a ^f Il j5? ls , h t t SSL SacbliS "slued at DM S 98 m).fDM l.Sbp), oil. processing 

(li-iuriimg figure has been the M is Hmught possible that the Alan Benjamin, director The four companies which are B^ds valued at DM -®* 1 ® .^4- other big items were .chemical (DM 737m), mechanical engmeer- 

•"ctremely modest advance nf task farce will recommend that (OPICl told a group of execu- <J f toe Computer Services Asso- co-operating with lnsac are all }9 « r J, taAn va ^ ue “ hre-oroducts Including synthetic tag (DM- 375m), chemical 

evpon.s. The 5 per cent increase the Eximbank be empowered to fr ° m s ’ 11 . al J Nation said lasr night that he members of the CSA, but as yet la - 55 bn - - - materials (DM S69m) and electrl- industry (DM .344m l and banking 

ai.-hk-vi-r! sn far I his year, com- finance not »nly foreign buyers Rat ine nations hoped the understandings now Jnsac itself has not joined, and The. imbalance In local manu- cal nroducts ( DM 736m). TDM 322m). British holdings in 

pared with Iasi year's rciurns. is nf U.S. uunds. as at present, but "f. 1 ? ni a * DU i Si n„r s 1 1 1 „ hfi i n S roachod would lead to no formal co-operation between facture reflects re-sale by Britain c i 0S e economic relations Germany totalled DM 4.77bn la 

Pi'Ss Ilian half the 12 per cent also export-oriented plant and ,, .. ,p ave uj mg sa | es 0 f up tQ vorf h yf the efforts of the two bodies of goods originating in the Coup Sw-tween the two countries also 1977, an increased S per cent 

— . . - ^ — ousmesi, aionc. software a year In the nesl few appears so far to have been con- monweallh and elsewhere and f Q ,, n d .^xnression in considerable during the year. 

The Administration would still years: sidered- the importance of Britain — : — 

7\r r\\r /\n i'ktf to phase out the u.%e of 1 primarily Lond«iQ— as an inter- .r _ "- ' " '• 

™,dwh,t E Paris, June 14. Dutch dollar risk scheme ..Nepal-India 

UK. MAfXi'LiU Fit AS Ell. the with U. tlaymond Banc, the ^joLaviil hinselveLMrlhe d-4. a a • j j Britain's second umst Importam- . BY OUR OWN CORRESPONDENT KATHMANDU, June H. 

Australian Prime Minister, said French Prime Minister. I he Spjiommiiie, pruvidcd andata I 52ltr580fc cfmnG llllaracf raarketjonly the ftS. is, bigger) . ^ __ ; 



■*’. r. 

r v i * < 




Dutch dollar risk scheme 
attracts strong interest 


AMSTERDAM, June 14. 

primarily Londnn—tis an inter- r- •••• 

n r" S;,c :asi year NepaUndia hydro .project 

maintained, it? r position "as „ T 

Britain's second mgst important- BY OUR OWN CORRESPONDENT KATHMANDU, June 14. 
market (only the (£S. is bigger), . - ... 

laking 7.6 per cent-pf all exports WITH THE signing of an- agree- IS MW Trisoli hydroelectric pro.- 
uf British product*; . ment between Nepal and India ject upstream from the proposed 

Britain ranks a*;saventh big- for the construction of the $3Sra site of f. 1 * 

] * ? : ^ 

■ \ v *•« * 





siimmii in Bunn. 

trade deficit and powerful lobby- Gn’dpany 

»Tdta io SC7 SSJSTS, Sn TOwJ I "in 1 1 DA 'Si',? 5,S " mE U1 “ ““ *“"■ M ‘per" «n.“ ^TSTaSSi W™ h^onower ««««« Ml 

view with the afternoon news- j n die near future I dollars. It has reported strong The NCM has thus taken over imports. makJng the couatry.'the-;of the Himalayas. Industrial sector, 

paper Ln Monde, would determine '' interest fur the scheme, which the currency risks inherent in a sixth main supplier jo pna .,„ DO werful rivers, which DC v \gnat and the 

the ehi'i ii* bd ween freer trade • Also on the probable task it introduced at the reque.-t of rise of the dollar against the The way in which British * flo - l f r o m H 500 to 700 It alti- wfOY AUWfiKgMt Project (now 

and :■ :!i ur relrogvession into force agenda is an eauag nf exporters and banks. guilder, it said. exports to the Federal Republic in loss’ than 100 wiilpx unacr conslructMn directly south 

protect ionisni. regulatory obstacles to com- Banks can obtain cover from The Credit Insurance Company increased last yc-ir iefiects groiv- igr-vj ne millions of tons of water o£ *** Kathmandu) will 

In the last year, he said by panics wishing to get into the the NCM for the payment risks has contacts with the Export mg trade Jinks between lwoj)f i r| 0 - , . he S G an ges river system each more .than double Nepal s in- 
way of example. Australia's wine export business, greater govern- attached to loans granted to the Credit Guarantee Department in toe bigger members of the EEC V ga r u old cyoou MW estimated sta Hed POWT capacity witpjn the 

sales to Eiiriipt* had Fallen by ment assistance in both product foreign purchaser or his bank the UK which recently intro- a ™l one of the highest growth. . JIT’ notential or the installed P«t- nsi^decaaft- : 

half because r.f ‘‘arbitrary rules and research and the identilica- on export orders. Any loss on duced a similar scheme, although rate $ among supplier counbrief ^ capacity of Canada; terms-Pi Pafaffial and 

b> the EEC. Ii is an inequitable lion of potentially lucrative dollar denominated orders will there is no direct link, accord- British earniDss.*of D-marl(s £ tj s and Mexico toeethet, regional -,m3portance4 ^DevIgnat 

and irrespiinviblc attitude.” he market* Tor U.S. exporters, and now be met by the NCM a; the ing to the spokesman. 'are likely to be j-ufetantially- in- „ rX n PP t.c here. Of -.'gpo over- 

fliJ n.irh. n.- I Ku .. rl,.l l..r ii:..,. - I i |L a hn-,u« cnondina ’ . . T . H _ j'shadowpA. . .bv ^ -maRsivP 


regulatory obstacles to com- Banks can obtain cover I’rum The Credit Insurance Company | 

unfruitful' 1 meeting yesterday cellar Helmut Schmidt in Bonn, to exporting companies. 

dollar risks, is given at the rate performance. 

more here than British visitor* -largest aid donor, built, the apd Nepalese of&cials,.. 

Jordan aims to be technology centre 


THE PROPOSAL hy Jordan's 
i'i-< Prince Hassan last week 
tl'.ai a Euro- Arab centre for the 
irjnsfei- of technulogy be cstah- 
li-b rt 'l in Amman may at first 
appear to be the whimsical sug- 
gestion nf a very Western- 
orient i-d and iei-lmucratic- 
thinking A rab — a n assess ment 
v-hich wuiid he unfair. 

The suggestion, made hy 
Prince Haxsati at the second 
A r;to- European Business Co- 
uperatinn .SympoMiiin in Mon- 
irenx. Switzerland, h in fuel the 
latest in a mure ur less studied 
scries of initiatives designed to 
mTcr Jordan as a natural com- 
mercial gatevay into the vast 
Middle East market, as well as 
something of an mdigenou-: Arab 

centre tor science and technology 
serving the Eastern Mediter- 
ranean and Arabian Peninsular 

Prince Hassan, 31-year-old 
younger brother of King Hussein, 
specifically proposed the estab- 
lishment of “ a Euro-Arab centre 
for appropriate technology.” the 
function of which he outlined as 
being a focal point receiving 
specific requests and providing 
proper answers regarding the 
transfer of appropriate tech- 
nology. and a source of making 
financial arrangements “ to 
lubricate the necessary tech- 
nological transfers.” 

Prince HassanV and Jordan's 
new-found fascination with the 
whole question of the transfer of 

technology is very much the child 
of necessity and circumstance, 
and initiative* such as this are 
Jordan's attempt to forge a 
regional niche for itself instead 
of always being buffeted by the 
economic forces that hlow all 
around it. 

While it has no oil wealth, Jor- 
dan does enjoy a well-educated 
and technically trained popula- 
tion. This has led to a high 
regional demand for Jordanian 
workers, to the point where 
nearly 300.000 Jordanians nmv 
work outside the country, and 
the domestic workforce of only 
400.000 is insufficient to fill all 
jobs in the booming Jordanian 

The fact that l he domestic 
workforce is well educated, 

coupled with recent labour short- 
ages. has led to an instinctive 
leaning towards capital-intensive 
and technologically advanced 
Industries that require relatively 
less labour than would otherwise 
be needed. 

The centrepiece of the 
country's dash into its institu- 
tionalised technological aspira- 
tions is the ” Royal Scientific 
Society," established in IftTl on 
Prince Hassan’s initiative . to 
provide- a fq£a) point for the 
vu unity's scattered researchers 
and technicians. The RSS. under 
the leadership of its present 
Director-General. Dr. Albert 
Bulros. has become more aggres- 
sive in seeking out the practical 
problems of hundreds nf small- 
scale industries which it can 


ernlbkyoto Kuwait, the shrewd way is 
Id ship our cameras via SdiiphoT 

- tackle and often solve, given its 
‘ greater resources, and the lack 
: of any real research and 
! development programmes among 
' private or public institutions, 
i Jordan has woken up to the 
fact during the past three years 
1 that its potential in the context 
■ of the socio-economic develop- 
ment of the Middle East is 
significant. It is the potential 
that it is now setting out to 
1 translate into fact, and the 
1 country’s role as a ** technologi- 
; cal service/ centre ” as both 
Prince Hasjan and Dr. Butros 
put it, is - central to Jordan’s 
future self-image. 

The provision of trained man- 
power to Its nearby Arab neigh- 
bours is- the most obvious uf 
Jordan's roles— so obvious, in 
fact, that the country has tried, 
so far -unsuccessfully, to receive 
financial compensation tor the 
rusts it incurs in providing this 
skilled labour. 

Tho drive to use more sophisti- 
cated. technology in manufac- 
turing industries geared to 
regional markets is the next step 
in Jordan's efforts. The on- 
going establishment of four new 
free zones throughout the 
country is the lynchpin to attract- 
ing foreign investments tor 
joint ventures in manufacturing, 
though many wholly-owned Jnr- 
i dantan industries have already 
established themselves outside 
the free zones and are already 
selling to markets next door. ' 
Transport is emerging as a 
key pillar of Jordan's regional 
role. The state airline Alia has 
successfully introduced non-stDp 
fiiphLs using Boeing Jumbo jets 
between Amman and New York, 
and is attracting freight and pas- 
senger business which uses 
Amman as the transit point tor 
nEthcr Middle Eastern destina- 

Now your legal duties and personal responsibilities are more far-reaching 
than ever before, an informed awareness of the standards that roust be 
achieved and rhe bestmethods for achieving them are vitaf, to relate 
compliance with thelaw to efficient and cost-effective management. 

■:pear ; m 
Ser -in as \i 

SCO mav b 

U . • V - 

J-/ i. A 

anvil i vo 

i i?tr 

L..« I 1 V 

*v:iiv O: it * 

in m 

will give early voice to specialist views on 1 
nature and extent of all new and existing 1 
hazards, together with practical guidance 
on the techniques, methods, procedures 
detection and control devices, by which 
they can be successfully controlled. 

Whether you are a Director , Safety Officer or line manager, this new moodily journal win prorate yoin^m the authoritative 
inlormatwp necessary to tackle the many health, safety q™* a«wfen»H pmhW^jn 4n^nCTr y, Qri fl y 

Act now! Complete the coupon today and ba certain of yovtregular copy. 

i j The expansion nf Aqabu Port : 
4nd the pew Amman Airport. 

£ nfh of which will be completed, 
ithin two years, will onlyj 

lincrease .Jordan's capabilities in 
lit bis 3rea. and the construction i 

' 'S-.c 

A demanding 

h.i’;ih.iu OIi'lI Atiiihliivr. Irjf- 
/.V “['Crution Jt'ihirtiucnt. {.toinri 
Ani^ ,V V ..'iLhipluA-Oubt, 

'Distance is largely irrelevant 
these days. For cargo like ours, 
where one unit load device can 
hold tremendous' value in 
cameras, we need last, no- worry 
handling. And obviously,! need 
transportation via Schiphol 
Airport, where wc have our own 
bonded warehouse. 

KLM Cargo carries most of 
ourTokyo-Amsterdam cargo, 
and a good deal of our many 
onward air deliveries from 
Schiphol to Africa, the Middle 
East. and throughout Europe, 

And wc fly in more than 
cameras: our plain-paper 
copiers may be bulky for air 
transport . but they arc in such 
demand that we need lots of 
them here in a hurry. Naturally 
enough, most of l hem fly with I 
our friends at KIM Cargo? 

We have worked "ilhCanon 
:tl Schiphol lur nine years; 
ev er since I he;, n ■■ ■ ved i rom 
Uencv a. They .ire not "easy” 
customers. Mr. Ohta is a top 
professional .11 id beam make 

lilc very hard k-r ns- 

as he did during a 
delay at Bangkok- 
last year. And he is 
no sent! menial isi; 
i I he sees a bet ter . .■ ' . 

service than ours, he v c' ' ;; <* 
will buy i t. Th.n su ns bty V‘ v':.\ 

us line: we didr r 

Cameras don't 
take pictures. 

People do. And iusl as the 
most magnilicenl C.mon 
equipment is only as g> hjJ as 
the person w ho uses 11 . 
so with all our modern 
airfreight machinery. 

We fly in and out of -HI 
places in Europe.und 70 
olhers worldwide. Our 250*J 
cargospedalisis have 
the latest wide- bodied 
aircraft. some 3500 unit 
load devices, the right 
computers. the right 
/. schedules and 

300.000 sq fi cargo centre 
can handle virtually all 
Ireight under one roofi. 

Can reliabillSy 
be exciting? 

ne into 1 he ai rlreight contacts and charier 

siness(57veiirsayo) possibilities. (We’re 

business ( 5 7 years ago 
looking tor a lazy way 
10 make a living. 


possibilities. (We’re 
at home at Schip- 
hol, where uur 

S-inie penple find reliability 
boring and unrewarding: 
they don’t work lor us. May be 
its because we're Dutch. 

yet great sal i&l action 
outofdoingadillicult thing 
and getting it right time alter 
tune We're piuudol this 
altitude -and proud to he 
working lor people as success- 
ful- and as den 1 an ding -us 
Mr. Olila. 




ov . 

JX3 • h 

* : > j- 

-this area, and the construction 
nf told storage facilities at 
Aqaba — which the Australians 
are considering as a resiunal 
depot for their meat sales to the 
Arab world — will further prove 
. the viability of the Jordanian 
planners' ideas for their country. 

The more rapid movement of 
■ educated women into the work- 
force (fewer women emigrate 
than ment and the fact that over 
40.000 Jordanians in universities 
abroad, should give the country 
the human raw material required 
to play its technology oriented 

The fact that the scientists and 
engineers are Arabs makes them 
that much more valuable in the 
regional context and the proposal 
by Crovrn Prince Hassan last 
week for the establishment of a 
K urn- A rab cemre for the trans- 
fer of technology thus takes on 
a much broader and more 
realistic Pan-Arab colouring if 
the ‘centre is established in 

Tbe entry into service of some 
new free zones and the comple- 
tion of some vita! infrastructural 
schemes gives Jordan for the first 
time ever the facilities that any 
regional centre requires, be it 
centred on bankinR. manufactur- 
ing or anything else. The 
Jordanians are not used to bcioR 
able to offer them selves as a 
functional entity of practical 
value to the international busi- 
ness community. Thev will 
probably he a bit clumsy in their 
initial self-promotion, but the 
fact that they are now proposing 
themselves as a centre for Ihe 
transfer of technology between 
Europe and the Arab world Is 
testament to u latent economic 
potential which is on the verge 
of being tested in a serious 
manner for the first time io tbe 
country's history. 

VtunijM In bra* 
MIRDMirt ItHl 
ttffdih St Safety at xurft 
... *ilkrsfnlHlu 
tmi Umr paiSKnl «U 

be rrtundrd in f»H II 
>«• arcaoi inMnb 
MirWfnI »ilh Ibc 
j 00 null alter Ifte Tint 
Ibrf ntimife «l » our 


Visit by top-level German industrialists to the Paris 
Machine-Tool Exhibition ' 

wmM ■■ 

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y V -• ' ; T *» -j-j 

y ' Vv ' . . . 


. J’ -fi: 

1. i i # 1 I 

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-$ i i $. 


' J' ' 'I-' ' . ^ ~ " 'J" 1 :.:- • 

Invited by the u Syndicat des Constroctcnrs Frftncafs de Machlnes-Outlls this deleeatton 
from West Germany, Ibc major customer of the French machine-tool industry, landed: 

Messrs. GUNTHER (Ford AG. K81n), Dr! ROTH, MENM1 (Mannesihahn AG, DQspeldorf), ’ 
H1LSMANN (Hoesch Werke AG, Dortmund), KRUGER (COOI. . Central Voreinigung 
Deutschcr Handelsvertreter- uod fUndelsinakier-Verbande, K81n), . BORNATSCH 
(Fachverband des Deutschen Maschinen- und Werkzeuge Grosshandeis Bonn), 
HANKE (Deutsche Babcock AG, Oberbausen), BENKERT (Bosch^Sigmens Hauagerata 
GmbH. Munchen). VOLZ (Messerschroitt-Bblkow-Blohm GmbH, OttoBruno/MtihchWi). . 
SCHADE (Suddeutsche-Bremsen AG^ MOnched), SCHMITZ (Dornier GmbH, Mfincben), 
PH1LDIUS (Diehl, NUrnberg), HELLER (Motoreh und itrbiiieh Union Mfinchen GmbH, 

Mlinchen), Dr. RAUSCH ENBACH (MAN. AG, AugsbiirgL FUNK • CEtfelt AG,. 
Stuttgart). MANGELS (Daimler Benz AG. -Stuttgart) RAISER XOttp^ Dq.rr, Stuttgart ' 
Zuffenhausen), Dr. SCHMITZ, BIENEKT, MULLER (Magixus -Dautz AGi-Ulm^ 




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Gamma is quite as quick as its sleek Italian 
looks promise. 

Its new 2fc litre boxer engine provide „ 
effortless Speeds in excess of 120 mph. Even more 

toportanf in these da^ df speed restrictions, the five 

speed gearbox enablesyou to reach more permiss- 

- ri'tf'i 




TheSiandling should please you too. It 












ners as if they were straignt lines, 
sensitive power steering. And power assisted, 
all-round, disc braking that is more than a 


• - 

tv;. ,<... 

Tljie Gamma is as luxurious as 

. • -i* 





BRITISH CALEDONIAN has of letter.* between President time directly link Britain and 
Indeed applications with the Carter and the Prime Minister. U.S. cities. . t . 

Civil Aviatmr Authority for a Presideni Carter asked Britain bince the Inirndiutioa of the 
new network of services next to allow an American carrier to three-cabin plan three months 

spring to seven U.S. cities. operate tram uindo 

The services, due to start nn Bn-mud^'a^reement 
April l. will provide a direct , L 

link between London's Patrick Tn ( ,ntW 

airport and Pittibur-h. Clev*. W u _ ™ r ** 
land. St. Louis. Kansas City. Min- ®‘ ,,|Sh rw5« p 

r „.l;YSl. Paul. Denver and ^,'i'n 333S. S 

i.nA Kunn f-nnciil 

operate from London to Boston, with a wide range of fares 
which was not part of the 197V on lhe Houston route, average 




into art 


Leyiand truck results stud 

•>«, vm.u nArsni,noTu unmo iXinilCTBY rORSECPONDENT V 


NEW DRIVE to improve the of the main lines his reorgani 

A NEW DRIVE to improve the of the main lines pf his reorgini- "This will hr ^ seb^ct <rf 
performance of Leyiand saUon ot BL’s car division. He major management attention 

jrmuda agreement. load factors had increased from 

This was seen as opening the 55 p ‘ ?r cent t0 80 per l ‘ ent " 

Vehicles the former ‘SiSE £,m.K iTS.* ^ ; 

Levland Truck and Bus division, days that he is -not impressed Mr, Edwardes nas ayawn ... ... 

Is being mounted by Mr. Michael by the long-standing reputation parallel ^X^n^foi^ance of FJf * ndaI Timw R<pBrter . . 
Edwardes, the croup's chairman. j>« tbe LHCShtelaM trtjj* ov „ ae tot LONDON SHOULD consider 

Talks . between Mr. Edwardes JJ^ er ** r j* ^ group few years, which has shown that offering to play host lo _4he 1988 

and senior managers at Leylana & r once market-share is lost it is Olympic Gsuaes and. investigate 

V. B + . a SHORT with a view to achieving suhsian- the annual meettu in London- ,£j. d y^ida* has’ already London’s diweStet <tockiands said 

TnShmitW r. in THE British Raft superannuation tial productivity improvements, this week, he b ffeves produfi- been y substa ntially reorganised Mr . Horace Cutler, Conserotire 
odst S a £27 stand- fun t invested a further £4.8m in The review is also expected to 'iLfriiw lUK ^' within the last iS months since , Bader * tie Greater London 

from Anmtwdam to wor 4 k * of art ** ^ar according cover possible plant nilonalftt- '^'J ea ' lve^eM C 0 m" appointment of Mr. Domood C{mnc u y^rdiy. ■ • 

The Amsterdam ta l0 JL^ e report and accounts. lions, the present model range !°“ itl SJ ,osetl 1 Pitcher as managing director within the next tour weeks the 

i?reulaces the London 71115 brin S 3 the total invest- and the declininc market share peutors. - ■ The company has been spht into council m to. he' asked -to p«y for 

route and for foii ® ent to at book value, of Leyland's trucks. -The current production per- smaller entities, new investment a ^pOO feasibility study: to be 

i-ompanv is offering the * 1 ? nc( L paid for i{ V"\ Mr - Edwardes' singling out of formance in Leyiand Vehicles is projects got underway. a°d plans dlBCted by independent coa- 

troducto"; rates AUogethCT. the fund has Le y , and vehicles for special entirely unsatisfactory in many developed for a revamped model 

and senior managers at Leyiand s ' . mw maricet-share is lost it is Olympic Gsuaes and investigate 

Vehicles, have already started in particular, asrho stressed at ^ V erv difficult to regain building afl Olympic city in 

with a view ro achieving substan- the annual meeting in London- i hits - already ..u 

the Gatwick to Houston route. In ties for British 
S'livii 1 cases, because of the the U.S. 
shorter distances, prices could , 

than the £69 now charged JDlggCr 10305 
on the Houston route. Full ser- 
vii-c details have to be settled. „ 

.M.-* vnoair. )me had been consulted over the Boston. The Amsterdam to «« f^T invest- and tl^deriinin" market sh; 

British Caledonian said yes ter- exchange uf_ letters and had Boston route replaces the London ment to £12 Tin^at value of Leyland's trucks 

day that all the services would replied urging that Britain to Boston route and for four Se or toe mh I* «, bo °u , n of Leyiand s trucks, 

be run on the tbree-cabio tow- should agree the U.S. request weeks the company is offering AltnSlE^ ” §.« t M f' Edwardes smglm 0 out 

MSS sssss *2 “ ffij W-fH I& a to -s&rm asssa. f^v^isas; 

Until July 14. a 

Amsterdam ‘ticket will cost S99. (KjJXj * ketch - 1 “inaHv 1 

about £54. and Amsterdam to in ° JhPr nf 

...iii oka .hm.i painted in 1743. A number oi 

UUULH umu niii-Jiuiuiuii iw nn in tori fn a ^u, r n f 

Boston will cost 350. or about A number of 

£27. From July 15. the rates will 111086 worka *» on !oan 10 

v ;.. c defils'havM to be >ieit!ed Mr - Thon,:i0n described tbe be S155. about £S5. Boston to 
**■' - t0 .elliea. 3 -j tlsh cah-donlan initiative as Amsterdam, and 3124. about £08. 

British Caledonian s applies- truly innovative because, instead in the other direction, 
turns to. the authority come less of increasing services to exist- Alt daily flights are non-stop, 


This type of investment 
accounts for only 3 per cent of 
the main pension scheme, by 

lions to. the authority come less of increasing services to exist- All daily flights are non-stop, ‘ l!?, scn „! i ;. „c 

Ilian a month aft er an exchange ing purts. it will for the first no-frills flights o n Boeing 707s. 8 fua^T Nevertheless 

there have been strong objec- 
tions to the principle of invest- 
ment in works of art by a 

Huiiterstoo nuclear accident 
‘was caused by human error’ 


pension fund, by outside corn- AN INTERNAL inquiry into the the damage and extra generating was corroded, 
mentators and by some members jiifjjn accident which has put the costs- . • The report 

Olympic hid. 

Two years ago the Coiiadl 
threw out a proposal to stage the 
1984 Olympics sn London because 
of the cost but Mr. Caller said 
there was now a growing feeling 
that past (Olyuyricl trends to- 
wards “lavishness and grandeur” 
should be reversed. 

The Olympus' were held in 
London in 1908 and . again . In 
1948 and Mr. Cutler said it would 
be ' **■ appropriate, therefore to 

By Arthur Sandies 

airline | Employment Act 

JL~ Jc ^ S a SB V lll/aal B a a a H ■ peiwion iunn. tjy outside IN LbHiVAU inquiry inw me iac oauage aua ewa Beoer-mas was curruucu. ^ tVinm ht>» mu-e mftwi in 

fo tnrm J mentators and by some members £i6m accident which has put the costs. , The report does not name S 

dvh of the fund. Huntereton B nuclear power Investigating engineers found those responsible, but it does in- an latorvfll, of another 40 

« o* T»m "■ a A .A resolution has been wh- [ station out of action for 18 that a temporary r cross conneo- dfcate that the Incident via*' not -y«^; ■■-•j" 

fTYram SlirllfHP ^ &. iPa mWted at the forthcoming months has concluded that it was tion had been tuad£ in the cool- . a case of gross negligence, - He saW fearihm^ study 

vp vf ,=l 5 y 1 1 annual meeting by a member of caused by human error. No disci- ing system without approval to". The Board said last night that cou ^. show i^at the games 

By Arthur Sandies ** the Yor . k branch . seeking to stop plinary action is to be taken. bypass a faulty weld and that it formal disciplinary action would Dr, P8 London enormous 

ev muM E'lmi-T iNim ictpiai cnirnp these investments. A similar -rijy r u ii cost 0 f the incident bad remained in p&ition for six not be taken, but Mr. Donald benefits. - 

INTASUN. one of Britain's BY JOHN EJJOTT. INDUSTRIAL EDITOR resolution submitted two years | ail j7 h e Sid S v: ■ Miller director .and general Commenting on ; the threatened 

Ir-rce^t package lour operators, is , PLANS lu suspend parts of the Hade unions had been consulted. ,- v . the sam c member was made public on Monday when the Their report say* that station manager, is to Interview all closure or tne Dodcs Mr. 
to form a new independent air-- Employment Protection Ad for There was no ques Lion of repeal- a v- atea - . . , , annual report of the South of staff should have -joreseen. the those involved in the incident vAmer sun ^puitumg an Utympic 

linn — said to be the first jet j. small businesses will be con- ing the Act. The report shows that tb^i Scotland Electricity Board, implications of making the modi-. Operating procedures at the city m docJtiandiCOuVd .provide 

passenger charier airline since i sidered by Conservative Parlv Nearly 80 per cent or 804 rom tuned funds, wmen • which owns this statioQ, will be fixation and shoujn not have station are also to be tightened thousands or jobs, housing and 

Sir Freddie Laker started his; leaders. This follows reports companies submitting returns in JJon-m*nuaI employees of British published. dune it. ■ The report stresses that .the recreational facriittles for the 




passenger charter airline since I sidered by Conservative Parlv ’Nearly 80 per cent or 804 ro i nDH ieii hums, which cover tne \ w hich owns the station, will be bcatiDn and should not have station are also to be tightened thousands of jo 
Sir Freddie Laker started his /leaders. This follows reports companies submitting returns in jmn-iiij*nual employees of Britiso published- dune it. \ The report stresses that .the recreational fa- 

operation. It i s huvinc three: from small businessmen that the the survey said the Employment ” 0I 5Jr a J l Mr - Hoy Berridgc. chairman. As a result of the change sea accident had no nuclear lmpllca- future. * 

.American Boeing 737 jets far; Act prevents them from increns- Froieotion Act's measures . r 1 ” *j[ 5t ; ul, v,«f has said that the Board will not water was sucked Into the cool- fjons and that the design nf the -' He did. not a 

dn livery next spring at a cost of, ing their work -forces. limited the number oF workers „s iB W fjlijf 111 , j 1 ? g0 intD deficit, although there iny system when tbg reactor was power station — which is of the MW- Olympics 

£1 r, m .- , i One idea which has hecn out employed. About 40 per «j nm ZmiIh in \TK “^hl have to be a 1 or 2 per depressurised for imaintenance advanced gas-cooled, type— is showed... an ef 

M?. Jim Prion the ™ ,»i «« « "nmjor S$^ m 'gg* *g m «°t increase in prices to pay for and thermal insulating material sound. - defecit. , . 

.-iuiicu u,o. ifcut-ij. jiiio ivuvna wi'iimuJif; ielui,,, [ p-il .... i,„ ■ " cCilm In > ' — — - — - _ . : . — - 

Is having three: from small businessmen that the the survey said the Employment I -f , Mr. Roy Berridgc. chairman. As a result of the change sea accident had no nuclear lmpllca- future. 

ig 737 jets for; Act prevents them from increas- Proieotion Act's measures . i un has said that the Board will not water was sucked Into the cool- fions and that the design nf the He did. not mdmtion that the 

dniivery next spring at a cost of , ing their work -forces. limited the number of workers 

n privaielv , owned Leisure: °- ne id . ca "hicb has been put ^_ bo “ t £54fim. m investeT^m ' 

o wn i ni'ln ta^tm 130 ^^ nci o^t he ' spokesman"' is deterrtnt ' in terms of jobs now - ^ 

>as-cooled . 

type— is showed 

ic employment spokesman, is u X'r'. lt ,L 1,1 ^ ,IU " equities. £33m for the share in 

at parts uf the Act might be jn ^. in l ^ e .r ejtl couple of jears^ aC q U j r | ns Edinburgh and 
spended f«r small companies The . Actrf unfair dismissal Dundee “investment Trust and 
sen unntnpioynieiit is above a provisions worried most com- rjani in propertv. 
rtain figure — perhaps 3 per Ponies vmhs, per cent citing “ The latest actuarial valuation 
nt. At present it is nearly roc tisk or having to pay com- revea | s a deftciencv nf £14f»m 
nor rent. oensattun of up to to a Fflr tbe part of the fund q u a ran- 

Such an idea qoes further disintssed empiojee. The general ree( j hy tbe rail board and this 


in the UK • ^ucti an t-tea qoes further «*«»»»»"• i.. c -cne.oj reed bv tbe raU b0ard ana {m . s 

Sf rirjorlman c 3 i,i the rk-cisim , lh:in those of iho present Govern- unfair dismissal procedures Bnd j underwritten by the Guvem- 

tn into Sno oneratjS ilS ! men » which, faced with trade the cost in management time and ^ e0t . 

is ken because of u .shui1a o e of union opposition, is not prepared aoltcitoi* fees, in attending a deficiency of £26in w-as 

’.i._ «*’?.: .. . m pani>i»i anv i>mniormpnt ieui«. tnduslrtal tribunals 'worried a ,atn>i1ai1 in rpcnprt ftf benefits 

lak-n hi.n-| U ^M nf ^hnrtnop .-.r union opposuiun. is not prepared ?'■***-"••'** ■«» 111 attending 

charier r’anacitv in British ' t0 ca0 «-*l an - v employment legis- tndusiral tnbiinals worried a I 
market md the fact that chart- 1 lat'r.n for small businesses f' ni J lar P r ^ orUon of U,e firms 

rales had reached a stage which - Mr - Prinr ,s concerned that In the sun ey. 
promised n reasonable return on ?ir1 ce small bUMnesstoen feel the Nearly bO per cent said the 
investment. /legislation impedes their opera- Acts provisions on maternity 

lntasu.n'« decision to aenuire ' lion& ’hey would expect a God- rights ami re-employment of 
Boeinc THTs — tile deal will hr . seroative Government to help. women were a significant factor 
a mix of hire-purchase and j Yesierdav he said the Om- * n hmiting the number of people 
leasinc — conv** when airlines i servaiive Party would examine eu, P. 1 ? it?d - . 

throughout tiie world are con - 1 how the Employment Protection *-tner employment legislation 
siderins r**-eqiiipnient. Many of : Act could he amended. It a mild s:n ” 10 a J ec . t a considerable 
ih«_- aircraft now in service will ; also consider how more employ- number of decisions about taking 
'■e banned from pubic airports \ tnent subsidies could be aimed un extra employees included the 
on <*nyiron nicni:i I grounds by the j at small businesses. Redundancy Payments Act and 

inid-eieniie* unless they are’ Mr. Prior.' was speaking Trade Union and Labour 
Heavily muddled. ” : nn the pulilicatinn of a survey Relations Act. Legislation cover- 

fi British Island Air wavs has nn th*- problem copdisotcd by the iR? sex discrimination, equal 
bought three secondhand BAC. Conservative PirtvV Small Busi- pay. race relations and health 



industrial tribunals worried a revealed in respert of benefits I r , , 

similar proportion of the firms n0 f 'maranteed. This is b^ing I IMPERIAL Chemical Industries the dispute is not solved rela- exodus of artificers from the difficult for comj 

in the survey. parried forward to the next valua- decision to start running down a lively quickly ICI’s customers company— nut only to oil-related come that pro bit 

Nearly 60 per cent said the tion when the position will be vital ethylene plant at its biggest and their employees could also work and private contractors but guidelines. 

Act’s provisions on maternity re-examined in the light of the petrochemicals site results from be affected. also to Id's competitors. The issue has 

rights and re-employment of j benefit and contribution changes another of those industrial dis- There is no argument about Training artificers internally cated in ICI by 

UTinmn worn -i ,inniAi-int (.nlr., I i. A n .;i 1 tVTO ■ PLlteS which look hi’Zarm rn stnill^ iSSIIPS Tbp pnrtinanv nnprlc imriar nro<l>nt natr Y*irpTimcran/u>e I in inn" nKmol, Mn 

women were a significant factor made in April 1978, 

in limiting the number of people 


Other employment legislation WftrlfPrC 

Workers ask 
for Tenneco 
bid inquiry 

Ml serie; 4D0 aircraft at a total 1 
price of XUm. < 

petrocnemicais site results from ne affected. also to id s competitors. The issue has been complj- 

anothcr of those industrial dis- There is no argument about Training artificers internally cated in ICI by belief of some 
putos which look bizarre to some issues. Tbe company needs under present pay circumstances union - officials that the company 
outsiders. 400 instrument artificers to run would not solve the company’s could have_done much more to 

The company says it is forced existing plants and commission problems because such newly- improve differentials, possibly 
to start a programme of plant new ones. It has little more tfttir trained men would simply leave.' by a back door appeal to the 
closures at its Wilton site on half that number. These workers The only long term solution Government over its difficulties 
Teesside because of u shortage are vital for the running and. wotdd be a major improvement in recruiting artificers. -, 
of artificers lu service and main- safety of high pressure- chemical iit craft rates* he savs. ■ F,or its part ICI is worried 

tain control-room in si ru mem a- processes. , J •' Sphe company admits -that that at toast at local .level, the 

tion. There is no dispute either .artifices which ICI says earii unions’ have been using the 

The unions, wlio asruc the jboui the “conversion training” about £5,000 a year with over- shortage of artificers as a 
company has severe difficulties of fitters and electricians fo he time and shift payments are paid hargaining ploy to' ' fry . to 

artificers. This was agreed 27 only • margin iUy^nidte than the improve craffsaoens’ rates across 
years ago. # highest grade Afters and the board, outside existing wage 

The fitters. electYiclans and electricians. \ arrangements. ' 

artificers belong to’ either the But ft says that witb'Vthe use Eight unions, incloding the 

Three month oil. deficit cut by £ 280 m 

RISING North .Sea oil production ha* more than 
offset a deterioration in non-oil visible trade to 
mod nee a ill 50 m improvement in the current 
account in the past three months. 

The balance on trade in oil unproved hy 
£230 m and the monthly deficit is now only Ihree- 
fifihs as large as it was this time last year. 

The recent sharp fall in sterling has only- 
just >tancd to affect the terms of trade index— 
the ratio of export to import prices— since there 
has been no change over she past three months 
h> ii whole. 

The index increased by LI per cent last 
month, however, following a sharp rise in export 

inquiry befqre tne American 
Ten ueco group is allowed to take 
control of the company. 

Marcbpn. which makes deter- 
gents and toiletries, is the 
biggest plant in the Albright and 

K frtVp Trip A mpriran w 1 lVf *%■ u. uuui Ig. Lti Cioiti ixtt OUl rt a Uliu WJlfj UJltr use 4*»o XXfc • Uiv 

De «n i« iinweritntakP 1CI t0 P re * r>t improved v.-:*g;j Amalgamated Union' of Engineer- of contractors enough artificers Transport and General Workers 
In,. 10 iaRe rates f° r praFtsmcn first, over ing Workers or the Electrical and would remain afrer traiuVig to and the General and Municipal 

and above the company’s present Plumbing Trades Union. 

haul the company out 






Terms of trade 

£m seasonally adjusted 

Volume seasonally adjusted 


Oil balance 

1975 = 


















1776 1st 









7,0 SO 



















1977 1st 

















• 124.1 











1973 1st 




114 J 



1973 Jan. 



































Th; rjcio ol expo t: 

prtfoi co irnporr 



Source: Ot Penmen; ol Trade 

10 per cent annual aay r.iTer. Mr. Gerry Russell, the engin- present difficulties. \ 

The result is lhat some jobs coring unions' executive member The stumbling block has tre 
e under throat and tong-term for chemicals, says ICl's prob- pa v policy, which has cq 
nplnyment jeopardised n an loins stem solely from poor wage pressed differentials an the o 
eu of high unemployment. If rates, which have caused an hand and no the other made 

g to and the General and Municipal 
■ its are party to I CIV manual wor- 
\ leers’ wage agreement Company 
Been officials are anxious about the 
com- repercussions of major structural 
oKe changes in differentials during a 
ie ft period of stirc tpay.. policy. : 

iwiiM iTninnt inmlved arK undcr Ihrcui and !ong-icnn for chemicals, says ICl’s prob- pav policy, which has com- repercussions of major structu 

-•ii nt employnjfni jeopardised n an lc ms stem solely from poor wage pressed differentials on the one changes in differentials durint 

both The British and* American arcj of h ’ sh “"umployiiwnl. if rates, which have caused an hand and on the other made ft period of stirc tpay policy. , 
com names today. 

Albright and Wilson share- T^fT j M j 9 j A ’ 1 

sH SSES Net what it was cracked up to : be 

and Transport will cut the shore **■ 

staff of Its ocean fleets division 
by 40. The redundancies will in- 
volve management and office SHELL'S 



In return Shell supplies ICI 

The Liverpool staff (design work on its proposed with ethylene on the Continent 

'will be trimmed by JO andi£200ni ethylene plant for Stan- from its larqe cracker at Moer- 
Tilbury staff by 10. ’ low. Merseyside, is a direct dijk for ICl's plants at Rozen- 

Hygena. the kitchen furniture (result uf the crisis which has burg in Holland, 
concern, will cut the workforce} been developing in the petro- Shell's postponement of Its 

Shell's postponement of Its 

j at its Merseyside factory on the chemicals industry in Western plans for a FJOOm cracker for 


Organic Base Chemicals 
Growth Rates 

Kirkby industrial estate by 200 Europe in the last 12 months. 
to_ B00. Last year it stood at f lie industry has been h 
1,300. I hv riv»*rr!in:i/*itv Inw nrirf 

Stanlow illustrate the flexibility 


Bank bulletin 

a [oss of profitability in impur- 
tiujt sectors. 

| It is perhaps not surprising 


Shell's latest estimates of the 

that ICI has chosen its own’ Fowjh in demand for ethylene 
smaller, ethylene plant at Wil- nto the I980s indicate that there 
- - need for new cracker 

| THE BANK of England hnh. Teesside. as the first ,s no . need for new cracker 
quarterly bulletin has been [cisualtv m the series of progres- tapanty in the UK until at least 
delayed for a few days because . s «.p p i ant closures which is tUc mid-1950s. 

! the main economic assessment is threatened by ICI as a result of According to the most recent 
] being revised in the light of last a n industrial disoute. The dis- survey hv the Council of Euro- 

week's economic package. 


'e plant closures which is mid-1980s. 

-eatened hy ICI as a result of According to the most recent 
industrial dispute. The dis- survey hy the Council oF Euro- 
te is over ihe shortage nf pean Chemical Manufacturers' 

was due this iskijled workers to look after the Federations, petrochemical pro- 

! early next week. 

wfo v Toholdersof : 

- — Certificates 

I. - Nationals 

federations, petrochemical pro- i n the UK by 1985. It has not an explosion but opened 140,0 00 

. mot, uiiiciiMiiini •>. vuni.ui Queers are still building plants changed its public stance on this tonnes of old capacity. A small 

-°?»uk i ■ i, »■* i i. faster 11130 demand is growing. j ssue , ^ it is unlikely that 50,000 tonnes a year plant was 

:= Olefine 4. the ethylene cracker The over-capacity for ethylene more than one such cracker will closed in De nma rk 

: which ICI says it win have to is expected to have worsened by be built by that date. There are This. year an extra 1.4m tonnes" 

g irnncsi^SAAf nsrintinp * i hjs he :i n m us ° ^ ^•d^'ssns. isssr* & -xers; usm 

A g, f^ r ? 0| 1’ » few months since important petiochemical build- ibat scheme. contributing 450000^ tonnra a 

^ ^ wlonsed maintenance last ing block and is the raw material The drastic Tall in the expected .vear RumiaM ^TJ 

1 -J tfV O ii A AAA * f or u ran ? e of products, indud- growth of demand is due to a 200,000 tonnes a«i ciosing down 

’T 1 I IS if 1 ing plastics, Rbres. detergents, combination of the general 60.000 tonnes in Italy. In Nor- 

oL aUl/ V Ol<igO«in£ paints, and anti-freeze. economic recession and. the way Norsk Hydro is opening 

' Tbe Council of European marked slowing in the rate at 339.000 tonnes a year and in the 

A Gathering of Soldiers in a ' . ’JS, *!£? 2*. *V I, S» S« ¥ 2? ins r i heuiical Manufacturers Federa- which chemical products are UK Id and BP are scheduled to . 

Dutch Village oainted in I6°S — to full capacity of -00.000 tonnes tions expects EEC consumption being substituted, for existing bring a joint. 500,000 tonnes.. a 

by Joost Conielisz Droochsloot. car CD Anu S,iit ar 'i olher com- of ethylene to grow by only 3.9 products. . . year nn stream. ■ 

sold for .UH.uOO. plus the 10 per SALcRuQM panics in Western Europe have pur cent a year from 1977 to In the mi d-1 960s substitution Other crackers are under con- 
cent buyers' premium at prolonged maintenance shut- I9S1. compared with an estimate wa * contributing as much as 10 struction- for Shell Jn France ahd 

Sothebv’s vesterri«v It L tHp By ANTONY THORNCROFT downs in an attempt m_run the of s per cent little more than 12 P.^r cent, of the growth m organic BASF in- West Germany. The 

highest price in an Old Master ^ iu0nlhsi , a ? 0 ’ AeL ‘ ordin ff t0 the A 6 ?" 1 Europe - Coimcii of European Chemical 

paintings auction which totalled cminr, n,. i„, , r. -.-w i cl0 ® ur ^ u ,L . , SI . na -* er councils figures the UK had an That is down to ^.-3 per- cent. '.Manufacturers Federations p're- 

£219.170 men totalled ^Hon. llto lot went to Qugritch. ^h^ e ne plant could take longer effective ethylene capacity 0 f Mr. . Gerard Falrtlough.. J the dicteXd^W?Sere^riiI ^ to 

dcslCT. at £_.500. than normal to bite under pre- i jin trmnes vpnr {» JTictn&gmg director of’ ShcfL <i n HT r rthrr nA«%aiJrv atkvTmA 

i ^ sd i* ,,f€ of by Roc- A sale of antiquities from sent market conditions of st as- expected to "raw to more than Chemicals U.K.. says the present hf 

landt Savery. sold for £6,800: the collection of the late naot demand and spare capacity. 2m tonnes to 19Si depressed - trading coiS^ns 

and a wooded landscape, by Josef Muller of Soiothurn. Shell Chemicals UK has ' * ni4n there to hardly aSgro^ “ - CDn_ 

Adriaen Frans Boudewijns, for Switzerland, totalled £151,047. already discussed with 1C.1 what The UK Government and the j Q ethvlenp demand at the sut ®-P ti0 ® '/-Lon 1 tonnes. • 



New; improved extensionterms have been 
announced for 14th Issue National Savings 
Certificates maturing from 17th June 1978 
onwards. The value of each M unit will now grow 
to£1.55 at the sixtli anniversan: This growtii 
represents a compound interest equiv alent to 
755% a year. Holders needonly retain their 
certificates to obtain these terms. 

The 17th Issue, previously aimoimced, has 
— SStponcd and the 14th Issue will continue 

A still life of flowers, by Roe- A sale of antiquities from sent market eon 
landt Savery. sold for £6,800: the collection of the late naot demand anr 

and a wooded landscape, by Josef Muller of Soiothurn. Shell Chemir 
Adriaen Frans Boudevrijns, for Switzerland, totalled £151,047. already discussei 

£4,S00. On Tuesday Christie’s sold effects anv plai 

At New York on Tuesday African and tribal art from the have on ethylene 
Sotheby Parke Bernet sold same collection for £210.420 — Under the so-e 

!m tonnes in 1981. 

, , *7 * — ^ r ' . Wfc irmn^L a year Iji 

S 2 «St: ’.JS 55 I. Westora against a con- 

K a Sith^l JR. The UK Government and the T 

nv Plant l losure will trades unions have placed great moment “It w zero or one Or ' / ' '• --- f-' ; % ' 

thylenc supply. store on the rapid expansion of two ‘oereentace points at the" .’ CUStOHlGf S 

ive on emyienc supniv. «« uic mpm expansion or two -DercentaRe 'points at 

Under the so-called North Sea ethylene capacity In the UK, absolute most.” 

modem and contemporary paint- Yesterday’s sale saw Fugenda swap arrangement Shell takes based chiefly on the exploitation What has none wrone » 

ncs for ft 68.179. Th«.rP nF Janan nav fd 9(Ml fn- ahmit 550 000 tnnni>c vIm th«> trine, nf North Km F^dctoolrc — ^ , wrung IB tnar It IS SgaWSt SIHJh.a background 

ings for £16S.179. There was oF Japan pay £4^00 for an Egyp 
good Japanese bujing. The lian limestone so-called “sculp 

about 50.000 tonnes via the trans- of North Sea 
Pennines pipeline of ethylene a especially ethane. 

£4.620. a Symes, the London dealer, 

A sale or printed books at paid £4.000 for a Greek geometric 
Christie’s yesterday made £42,524. pronze figure of a horse, 3i 
Bannerman, the London dealer, ,n cnes nigh, from the 7th-6th cen- 
paid £3,000 for a com pi ere set tu 2 ° c ’- . . 

of The nenllcinan’s Magazines, eo sante dealer also paid 
nr Trader's Monthly Intel- ?’ 200 ? r , a ? Egyptian Old Kine- 
ligenUia. The set dated from dm ? rel,ef fragment. Dynasty V. 
the magazine’s inception in 1732 an anonymous bidder £3.200 

torn i : i.. j. j for an Eevntian \Tlri«11e kmnHnm 

. MilBon tonnes i 

Demand forecast in 1974 ’ 

to 1870. and included indexes fo l a 2 F s> ’ Dt L a . n Kingdom 

complete up to ISIS. annydnte/kohl Dot of barrel 

. . * form, Dvnasty XII. 

K cl ¥. ded Gi 5 br i n >, AT Phillips, a ceramics and 
rlistory of the Decline and Fall glass sale totalled £51.900 with a 
of the Roman Empire in six collection of Venetian glass, dis- 
volumes. Volume I was from covered in an attic makinv 

transpon-om 1st jlllvthe maximum permitted nf to* Roman Empire in Six Collection o f Yen e t Jan g] ass ' *d 

fh^hore'Mbe increased to£3, 000. jthe fourth edition, and notable £ 14*15^ The top priced a™£600T j 

e,wi?h.m ' torjte numerous autograph from Zietz. the German dealer 


UK Eiliyleae 

. 1978^ 

aQ qsT 


fpedsfnck*: - Y. J D *“,*”"* u « vauwuuuDU 

leeastochs, petrocbenncals producers have that Shell ' Chemicals UK is 
ntnt . n¥ „„ lost about three years’ forecast freezio* work ra the desim of 

?«r m . a rket growth, bat the plants n®. Herseyside «te&e r and is 

•w p i! nne j to meet the expected deciding, ta eonceotrate 6n the : 

,w crackers extra demand have nearly aJI establishment of tey 'ethylene 
been built. Sales volumes at uwr pl«ts. sfidtefr its proposed 

tiie end of ■ last year were only £50m, 175.W0 . to'nfles . a year 

just gcttingback to levels estab- hh-her olefins plait t at Stanlow. . 

hshed in 1974. But many plants- If- Eswo Chemiwto decide to 
•A are wooing at only 70-75 per etr. ahead with i is £250m to £S00ra 

* cent of capawty. - 500,000 tonnes a 'yiear cracker. In. 

Major additional ethylene Fife at tbe end of the year, Shell 
plants are still coming into pro-. could be one of Uhl - major cus- 
duetioo. Last year 645,000 tonnes toraer^ anyway: ’ll already has 
r J ?,. J ’ ear caofleity was added in ; aii agreement to tak.e 40 oer cent • 
J Western Europe, according to 0 f the prodttetira from the plant. 1 ■ 
figures produced by Shell. *, jf iC jk boDt.' ' 

France a consortium of com- xihi the - .. meanwhile -it considers •. 

'r panies, including Rhone Poulenc, there. Is. plenfv ofethTIene. availr 

Afo and Solvay, opened a 200.000- able from .other' producers sneb • 
tonnes-a-year Plant at Fexin. aa TCf end BP.- And with. 500.000 
Enpetrol brought on 325.000 tonnes .a year of new, ca parity . 

, tonnes in -Spain and' Esso added due ori streaia at tile- end pf.tbV/. 

. 330,000 tonnes in .West. Germany.; year those two coin ooiiidT 

gr sr- In Italy. Montedison closed'. a.’ be ‘clad-. nf any -customers/ they--- . 

. . ■ ■ Iri t 350.000 tonnes a year plant after ^cajp 

■ -k 



cs fin - Montreal 
estimated. £500zn 

difficult for. companies to over- 
come that problem within pay 

.i-t \ 0,0 


y i «nr 

•i JL-r Kt l 

l‘ifv ; I : . 

- ,Li jaae 

*» dia 

• J 5r>r 

^ k 

3tare 15 1578 


*' A - . * .• ■ » • . . . 

tJRGEM!-' CHANGES do the 

management of the National 

Land Fund to enable it to play 
; a wider -role in preserving, the 

' t national heritage were xecom- 
emended by an all-party Commons 

‘ - V-' committee yesterday. . 

•_- . ‘ <» The committee w: 
: ' “Government to .' resto; 

r. ♦ nl." Art .f enm* tVi a in 

It has been used to reimburse 
the Inland Revenue, for property 
and works of art accepted in lieu 
of tax - finance the pur- 
chase by. GoVennhent depart- 
ments of historic ■' buildings. 

New Ught on link Lib-Lab Nuclear reactor 

between NEB 
and British Tanners 



wants the 
■ uoverninent' 10 • • restore £50m 
staken -from' the. fund .in 1857 and 
rfree : the fund from . public 
expenditure control;- ■ 

9 It suggests -that the ; fund’s 
-resources, be - banded over to - 
? in dependent trustees to use for 
contingency -purchases of 
? property and works of art for the 


infla tion and-, taxation 
posing great threats to historic 
r houses and art treasures m 
. private ownership, -it says a-more 
.^flexible policy, of safeguards 
' should be adopted by the 
■ Government. . 

The recommendations, come 
.after an ' inquiry into Treasury 
'.administration ] of the " fund 
"prompted by its refusal last. year 
to acquire Meiitmore from. Lord 
’.Rosebery. . 

. Established in 1946 with £50m 
'from the sale of .war surplus 
stores, the fund was intended by 
Dr. Hugb Dalton, Labour Chan- 
■' cellor at : the time, as a war 
memorial.. . ■ 

The orlginal'intaxtioh of using 

it to acquire' land of special 
scenic or natural value has never 
"been fully carried out however. 

In • the first ID y^ 5 - only 
£I.Sm was -paW.out from the 
fund arid by 1957 its capital had 
increased to £59nu'The Govern- 
ment of the day : reduced the 
fund .to ftOm. that year, since 
when about • £9.6m has been 
disbursed. . Investments have 
increased the- capital to about 

A wider role should be con 
sidered for the fund in the 
acquisition of . historic gardens, 
nature reserves and other 
countryside areas and cash 
endowments provided for the 
maintenance of exceptional 
historic buildings. 


Treasury procedures relating 
to the acceptance of property in 
lieu of taxes should be clarified 
and published,. and the provisions 
extended to coyer all forms of 
capital taxation/ 

xuui. . , 

The commWfee., agrees in its 
— - -f thc orgamsa- 

report with-.zftost df « - 
tdons involved safeguarding 
the 'national heritage that the 
fund has been -administered too 
restriclively.V /" 

Treasury .'iianagement con- 
ventions are- • preventing the 
fulfilment of; the funds original 
purpose,, the MPs.say- 
The committee s^ys that, 
reconstituted as a National Herit- 
age Fund under independent 
trustees, the resources should ho- 
used on a contingency basis in 
rescue pro'pertyjsmd works of art 
lor the nation. " 

The question whether a work 
oF art offered" in lieu of taxes 
meets the statutory requirement 
of being of preeminent” merit 
should be determined by inde- 
pendent assessors, the report 

Until tbe I und is run by inde- 
pendent trustees, however, a 
council should be established to 
advise the Treasury on the alloca- 
tion of its resources. 

Tbe committee believes that, 
if given a more flexible role, 
the fund would soon be ex- 
hausted. It urges, therefore, that 
the Government should, as a first 
step, mak'- good the £5Qm 
removed in 1957. 

ExiTcndiiurr Committee. Third 
Report 1: <77-75; The National 
lMnd Fund, SO, £5-10. 


Fraser case 


PUBLIC sector accountants yes- capital 

terday joined, the growing <>ppu- “8 in. local goye^. „.. KI4rt 

affairs, nsuv — — . tuoiuuan «». — 

the Chartered Tnslitute of Pub- committee. - ~ p . 

lie Finance, and Accountancy At the request Peter 
conference in Edinburgh made Shore, Environment Secretarj, 
clear vesterday their anger at the local auihonty^ssoci^Uo 11 ® 
increasing Government attempts are drawing ® sed 

Jo control local authority acU- ofrfbe controls OwgggJ ' ea sed 

Wo £ 

trot over the whole field of activity.. . 

on July 14 

ie Cabinet 
State for 
.."who are 
it ..central 

by james McDonald 

:o bt 



. . . . ijATi. abuses •• of 230 known 

POLICE in London _ should b . 52 bail. Evidence 

paid more than those » the inemdes instances of 

provinces. Sir David- McNee, “Sals who have 

Metropolitan Commissioner, said for crimes as; 

yesterday. In ^fixst ^nnual. "^ed robbery despite 

report to the Home L ?EL strong police objections and. 

commissioner &r David wnt« of ^din z trial, being 

the grim realities of 1977. Uje again for similar 

task of police was being mad- If bail had heen refused, 

unwarrantably difficult by “^ many % er i 0U s crimes, including 
tain restraints oF crmnnal pry: LI of. firearms, would have 

cedure. He calls for.a system ■ of , tbe Looted .” 
justice which is as effective m fr J£ud; This was the only 
securing the conviction of the jor category of' reported crime 
guilty as ft is in securing tbe major |n 1977 . But Uus 

acquittal of the innocent. . re fl ec ted by any decline 

3 An excess of liberty which ^\° c workl 0 ad of the Metro, 
makes ordinary people fear to in oU !£* aQd C ity police fraud 
leave their -houses; is-Tiot ^.r^ branch. “Indeed about 40 per 
dom under- the law. Libertarians ^ ^ inquiries were started 
should proceed with caution. {ban in 1976 and, at the end erf 
Other points from Sir David. r 556 'were in progress. ; 

report; ' ’ 

Ul ot.utuau - - _ . 

me ms will be ‘given on July 17, 
Sheriff J. Irvine Smith said in 
Glasgow yesterday. 

Sir Hugh and five others who 
were directors of SUITS ip 1S75. 
have denied that they failed to 
give a true and fair view of the 
affairs of tbe company by mis- 
classlfying a £42lm loan m the 
accounts. They are charged under 
the Companies Act. 

Sir Hugh and three of the other 
accused are also charged with 
failing to notify the company or 
vheir dealings in its shares within 
the required period. 

Sir Hugh has admitted not 
notifying'61 transactions. but has 
denied the charges in relation to 
a further 18. The others have 
deniM all charges. 

^ThAcasc was completed last 
month\ but it was adjourned 
while transcript of the evidence 
was produced. Sheriff Irvine 
Smith sifid yesterday that he had 
now recc\ved the transcript and 
would y>\ making a written 

the National Enterprise Board’s 
controversial £5ni investment in 
British Tanners Products, which 
it owns jointly with Barrow Hep- 
burn Group, have been raised by 
Mr. Michael Grylls. Conservative 
MP for North-West Surrey. 

Mr. Grylls has now received a 
copy of the NEB’s “revised re- 
written statement” to the House 
of Commons Public Accounts 
Committee about financial trans- 
actions in connection with the 
setting up last year of British 
Tanners, formed from the loss- 
making tanning interest of 
Barrow Hepburn. 

Yesterday, he described this 
statement as a great improvement 
on an earlier, as yet unpublished, 
account of the matter to the com- 
mittee. Parliament's watchdog on 
public spending. 

He considers that the previous 
NEB statement was misleading, 
although not intentionally so. 

Sir Douglas Henley, the Comp- 
troller and Auditor General, at 
the request of Mr. Edward Du 
Cann MP. ebairmau of the com- 
mittee, has been looking into 
points already raised by Mr. 
Grylls on the NEB's earlier 

The NEB’s revised statement 
to the committee throws new 
light on the exact financial trans- 
actions involved when British 
Tanners, which made losses of 
more than £2m last year, was 
set up- 

Of the £l0.4m of debts which 
thi* tanning interests making up 
British Tanners owed to their 
previous parent when the new 
concern was formed. £I.Hm was 
settled through British Tanners 
assuming a loan of that amount 

owing' to the Industry- Depart- 
ment front Barrow Hepburn. 

The remaining £S.5m was paid 
in cash to Barrow Hepburn. Of 
this, £5m was met from the 
money channelled by the NEB 
and Barrow Hepburn into British 
Tanners against loan stock, and 
hy the NEB ior its shares in 
British Tanners, while £3.5m was 
found through overdrafts. 

Bill row inquiry proposal 




Mr. Grylls said the figures 
“mads a nonsense of the claim 
by the NEB that ihe reason for 
their going into British Tanners 
was to give financial support to 
it, 'since all the money put in 
went straight to Barrow 

Last night the Board com- 
mented; “W c have no comment 
to make on evidence submitted 
in writing to the Public Accounts 
Committee prior tn its publica- 
tion by the committee.” 

It emerged last night that Mr. 
Edward Buchan, former manag- 
ing director u[ Rentokil, has just 
been appointed as an indepen- 
dent chairman of British 
Tanners, hitherto headed by Mr. 
Richard Odey. chief executive of 
Barrow Hepburn. 

Xn a lei tor yesterday to Sir 
Leslie Murphy, chairman of the 
Enterprise Board, Mr. Grylls 
said he thought the Boards 
new sLatemcot would give tbe 
committee a better chance of 
understanding ihc full implica- 
tions of Ihe NEB intervention 
in British Tanners. 

‘As Parliament has the duty 
of monitoring the expenditure of 
tax-payers' money through the 
NEB, I certainly hope that great 
care will be taken in future that 
misleading statements are not 
made to select committees of the 
House of Commons.” 

Liberal energy spokesman yes- 
terday gave a new account of the 
dispute between the Liberals and 
Government Ministers which re- 
sulted in the Electricity Reorgan- 
I isation Bill being killed. 

The Liberals refused to sup- 
port the Bill and J}.r J 

Penhaligon's argument with tbe 
Bill’s sponsor. Mr. Anthony 
Wedgwood Benn. Energy Secre- 
tary, emerged when i lr -. Pen £“!L' 
con was questioned by both 
Labour and Conservative mem- 
bers of the Select Committee cm 
Nationalised Industries, which Is 
inquiring into the electricity 
supply industry. 

The Liherals. he explained, 
particularly took issue yvilh Mr 
Benn when he was seek mg their 
support for the Bill because it 
cailcd for the introduction of 
“strong and organic industrial 
democracy ” to he .fostered in the 
electricity supply md^try. we 
mid him?’’ said Mr. Penhaligon 
“we would only support it if 
that were to mean explicitly 
‘one employee one vote, 
whether or not ihe employee be- 
longed to a trade union. Mr. 
Ben refused.” 

Mr. Penhaligon said he had 
been given just 48 ^ hours notice 
bv the Government that Liberal 
support was requested under the 
Lib-Lab pact in order to see the 
Electricity Bill through. He had 
secured extra time and had 
consulted Sir Francis Tombs, 
chairman or the Electricity 
Council, union leaders, and 
many area electricity Board 

The Liberals concluded that 
they would not want any 
nationalised industry to be given 
the wide-ranging new powers in- 
cluded in tbe Bill. 

dustry and the Atomic Energy 
Authority will be submitting to 
the Government later this raonin 
proposals which they believe 
could be used as the basislora 
public inquiry into Britain s 
first big fast breeder reactor. 

It Is understood that recent 
discussions involving three gen- 
erating Boards, the Electricity 
Council aod the Atomic Energy 
Authority have agreed upon a 
basic scheme for managing ana 
financing the £lbn project. 

The plan, now- being oral tea, 
also has the support of the 
nuclear construction industry 
which would build the 1,30° MW 
power station. 

Last .'ear Sir John Hill- chair- 
man of the Atomic Energy 
Authority told Mr. Antbon> 
Wedgwood Benn, Energy Sec re- 
larv, that he would not be Pit- 
ting forward a firm proposal tor 
the next stage of fast reactor 
development until the Govern- 
ment gave ils verdict on the 
Windscale inquiry into repro- 
cessing. . 

The Government gave the t,o- 
abead for the Windscale project 
last month. 

Sir John said yesterday that 
the industry w r as agreed that it 
should try to persuade Govern- 
ment to hold a single inquiry 
into its fast reactor plan, not 

two or more as some opponents 
have proposed. . . . 

From the industry s stand- 
point. this meant putting for- 
ward its case as a complete pack- 
age — including an outline reac- 
tor design, its associated furl 
services, and the safety case for 
a chosen site— as it had done 
for the new Windscale plant. 

The scheme still depends 
upon the willingness of the. 
Health and Safety Exeeulive to 
accept an outline proposal at 
this stage, as it had done for 

A more detailed submissjnn 
would require detailed design 
work hy sub-contractors. It 
would involve the expense of 
perhaps £50m and a delay of 
perhaps two or three years. 

Sir John believe* that if the 
Government accepts the indus- 
try’s proposal, the inquiry could 
be held next year. 

The proposal would concern a 
commercial power station — not 
an experimental project — which 
the electricity supply industry 
would expect to produce power^ 
It would be n scaling-up <<f 
demonstrated UK fast reactor 

Still unresolved is ihe site 
Dounreay in north Scnll.ind. site 
of two previous fast reactor pro- 
jects. is an obvious contender. 

Move to speed cheques 

THE AREA in which large 
cheques can be paid in for 
same-day settlement will be ex- 
tended if proposals by the clear- 
ing banks and the Bank at 
England are accepted. 

Under present arrangements 
cheques worth £5.000 and more 
can be cleared on the same day 
if presented at a “town clear- 
jing” hank in the City of 

The clearing banks and the 
Bank of England yesterday in- 
vited other banks to discuss 
the automation of the system. 
This would allow same-day 
clearing outside tbe City. 

The projeel, the Clearing 
House Automated Payment 
System, has been under discus- 
sion for about 18 months. 1CL 
has been involved. 

on training 
of seamen 

By Paul Taylor 

Two jailed over 
bank diamonds fraud 

1 r- 

4 • 



were Italian, was sentenced to ^ tot ad 
t'Kiaviix men of 2| -years in J«u ™ J”*- 

passed yesterday on two men 01 s dishonesty and con- 
found guilty trf c0 i^imin2 > thal spiracy to which be had pleaded 

defraud by falsely claiming tn a P _ R ev . Thomas Kemp. 

Industrial ^ nk ^i_£?TS°rVSt Pre tired minister of the Unit«I 
a small company based tan a west | eformed Cbur ch. was cleared of 

Indiajt -island ; was a g five Charges against hnn. > 

and honest business which ccM«* . p-og^ting i n the case, which 
arrange payment for - deals in ^^^Sigblsbridge Crown 

^industrial ^tanking .Corpora- cX 

tion, based in Anguilla, but had described tbe AnguiUa- 
formetly' also - n £?- ra 1 ? ( 5|£ !fm based -Industrial Banking Cor: 
Hanover Square m London,^ is M - a sham— no more 

not tu be confused Wlh Jccom- ^ att facade „ used hy the. 
panv of the sajne.tiante wtach is to develop credence, - 

a subsidiary nf Guinness Mabon, ... court was told bj the 

•dFC&fio-n" city men*-* .. The -£*«, that the c«t: 

bank. . . fnrlpv was com had attempted to 

Mr. Wilham John Morley was large deals> including 
found guilty on an sut ^arg* finance a s50 om cement works -in 

of conspiracy and fchonest5.n| ^ M . 

■ura* sentenced to terms . . aJs0 p-opo^ed in °py 

imprisonment rangmc froni two uti ^ of ii 3 2ionds % paymg 

to -five years to run concurrently m wki , letters 01 credrf 

on five charaesi farther ^ -|d - £50.000- worlb of 

‘"m?; r”tS"o SJSeno MoreUa. a» S en, S . hat tte sailer 

DELEGATES to an international 
conference on the training of 
seamen were warned yesterday 
by. Mr. Stanley Glinton Davis. 
Under Secretary for Trade, that 
standards should not be set so 
high that some nations wouid 
not accept or In.picioen tuenn 
..'Mr. Clinton Davis was 
welcoming delegates to the loter- 
Govemmentat . Mantime Con- 
sultative Organisation conference 

^^He^ 'reminded delegates of the 

importance of the e ° nfe Jl"» e 
because ” the greatest sin„ie 
factor which leads directly toan 
accident, disaster or near missal 
sea is human fallibility. e _ 
the conference should draw up 
minimum standards. rules that 
are “ strong and worthwhile, but 
rules which are acceptable to all. 

Fifty-seven nations, including 
two observers, registeredatthe 

start of the conference which is 
SS to all UN member states. 
Most of the work on the newcon- 
[venUon will now be done in 

New electronics 
paper planned 

ness and specialist publications 
is launching a weekly 
[tabloid newspaper, Etactr°m« 
Times Tlic first I s * 11 ® 
appear at the end of September. 

Spar changes price-cut policy 

ET . -• ? ~r- nnkinFkf . 

t “ 



THE SPAR voluntary group of rtie ou 

^,1 iHo abandon its natton- bought ta »f ^«, cra h e r S and 

SK Wutar* “ SSS“ promoted 

the face of growing °? t n .aonaUy at a single 

on then promuwu -r-- ^ 

toe tace 01 nationally at a Single v . 

independent traders w ™ t centra t organisation will 

featfsart® ^ 

. . - 1 _ < nAfl h#on ftnoC 

conveiuence 01 — r The wno.v 

of Spar's 4,000 branches. • campaign is to introduce m r 

Announcing the new g Uategy fi ^ility into the system- b . 

SSSS%' tbe^volunUry grog 

ZSTsssarasS S ss£S 

being forced .out of S" y. „?°be P S 

unprecedented; .rn,,^ 

"me new. marketing I'o^Swem^n. as will o™™” 1 

n.a™ a^ Vdamental eWe^n. s ^„, on PJ"™**- , : 

SSut *« iifs To" udependcS ^ 

tmder one umbrella 

grocers since Tesco stepped up 
the price war, almost exactly a 
ywr ago to the day. by dropping 
. trading stamps .and putting the 

money saved into price cuts- 
Since lien, Tesco's market share 
has increased by 4 per cent and 
the chain has taken business 
from almost all 

with the - independent shops 

8U Whife* Spar, partly as a result 
of heavy advertising, has been 
able to maintain its share- of the 
grocery market at 4.1 per cent, 
.tbe share taken by the indepen- 
dent sector as a whole as fallen 
from 21fi‘ per c * nt t. n t“ re c 
months ending May 28 taat year 
to 1S.5 per cent in the l^ o months 
to the end of this April. 

Because each percentage point 
represents about HOOui worth of 
sales, this means, accord ins to 
Spar,- that independent grocers 
are losing business at tbe rate 
Of £lm a day.. 

Alfa Romeos offer exemplary perform- 
ance both on the road andon the appointments 
oases. Because when you.want to fill a position, 
nothing helps you fill it faster than an Alfa Romeo. 

And no-one offers a range of cars that fit 

the bill p^g ran g e from £3,000 to 

£4,100.The Alfettas from£5,000 to £7,500. 

Small prices to pay for the style, comtort, 
kudos and above-all-else performance, that comes 
as standardfeatures with . 
every Alfa Romeo. 

And they're covered by the AlfaPlus 
back-up programme, which includes unlimited 
mileage cover for the first year. 12,000 miles _ 
between the main sendees, free routine service 
parts for the first 27,000 miles (24,000 miles 
Alfasud) and an ‘all-in’ purchase price. 

With all this, theonlyreasonfornot 
being sold on the idea of buying Alfa Romeos foi 
your company, is that the idea of leasing themhas 

equal attractions. , ^ , . 

Either way get your secretary to contact 

us for full details. 

MaRomeo (Great Britain) Ltd., Edgwai-e Road, LondonNW2 6LX.Tel: 01-450 8641. 


: { V 

! 1 


■> V 


Financial Times Thursday June IS 197S 

oes to the brink 


THE GOVERNMENT won its vole of confidence 
last night by a slender majority oF five (282-287) 
in She Common* after a speech From the Frime 
Minister in whieh he threatened an immediate 
general election should the verdict go against him. 

As the result was announced, jeering Con- 
servatives rose in Ihcir seats to point accusing 
lingers at the Liberals whose last-minute 

abstentions saved the day For the Government. 

In a sure-footed wind-up to the debate- Mr. 
Callaghan warned of the grim repercussions faf the 
market the exchange rate should the House 
decide to hack the Tory motion of censure against 
Mr. Denis Healey. Chancellor oF the Exchequer. 

Mr. Callaghan then went in for some naked 
clvvtioneering of his own. The Tories, he said, 
advocated a policy of sabre-rattling against the 
Suik-L Union, tab thumping on hanging, shuffling 
on immigration, confrontation with the workers, 
and running away on devolution. 

lie told his cheering supporters: “When the 
time comes, we can appeal to the country with 
confidence, proud of our record and knowing Hint 
facing us is a bankrupt Opposition." 

Looking at the laughing faces of Labour 
backbenchers in the debate, one would never have 
supported that the Government was facing a cliff- 
har.gins vole oi confidence. 

Their spirits had risen after listening to a 
swash-buckling electioneering-style speech from 

Mr. Healey in which he defended his economic 
record and claimed that last week's package of 
measures had already received the blessings of the 

He sat down to wave after wave of cheers from 
the Labour benches— probably the best reception 
that he has ever received for a speech in the 

Government morale rose even more when Mr. 
David Steel, the Liberal leaders, announced that 
his party would not he backing the censure 
motion. Indeed, Mr. Steel spent much of his time 
attacking the Tories and merely expressing 
“ irritation " over the Chancellor’s uncharitable 
behaviour towards the Liberals. 

The House had listened to a long litany of 
charges against Mr. Healey from Sir Geoffrey 
Howe, the Conservative Shadow Chancellor, who 
— with the possibility of an election in the offing 
— resorted to uncharacteristically tough language. 

Patting the Chancellor in the dock, he accused 
him of ignorance matched by incompetence and 
recklessness, and of arrogance and deceit. Accord- 
ing to Sir Geoffrey. Mr. Healey had promoted 
policies which had led to a stagnant economy, an 
impoverished society and the destruction of 
British industry. 

Nor did be spare the Liberals. He remarked 
caustically on their abrupt retreat from the cen- 
sure motion immediately they had heard of the 
Government's eleventh-boar decision to make it 

a vote. or confidence. 

The Government was, he said “ now summon- 
ing the rats to return to the sinking ship -* 4 

Rising to reply, the Chancellor certainly did 
not look like a prisoner called to justice. As Mr. 
Steel remarked: "He would not know a penitent’s 
stool if he saw one.” 

With all his oid pugnacity, Mr. Healey referred 
to Sir Geoffrey’s indictment as “a tedious and 
tendentious farrago of motheaten press cuttings.” 
•Being attacked by Sir Geoffrey was, he said, “ like 
being savaged by a dead sheep." 

He delighted bis supporters by attacking the 
Tory decision to employ the advertising agency 
of Saatcbi and Saatcbl to present their policies, a 
firm which included among its clients Penguin 
Biscuits. Fairy Snow and “Schhb . . . you know 
who! " 

Mr. Healey jeered: “ You can't win the confi- 
dence of the electorate by selling a party like a 
soap powder.” 

Goading the Opposition even farther, he scat- 
tered his speech with references to the action he 
might take “ in my next Budget ” in the spring 
of 1979. 

At that time, be explained, be might find it 
possible to increase employment by making tax 
cats or by using ether methods to offset the 
£L5bn which will be brought in over a full year 
by the 2 J per cent increase in social security 
surcharge announced last week. 

£i <sbL,5L 


; j--v • 

already proved ‘a 


Equal rights 
to property 


HUSBANDS and wives should by live social surveys which indicate fiy 0w> Staff 

law. normally be equal owners of that most people arts in iavtoit. v petto 'swn*rc 
their homes unless they agreed Co-ownership, it argues, reflects MR. PETER SHORE, Enwnm- 
otherwise, the La* Commission the modern view of marriage as “ e °V. Sec reUqr, said yesterday 
recommended vesterday. a partnership, with equal contra- that he.. did not believe local 

The new. rules would apply to buttons from either side. * ' authorities would be ^challenged 
freehold and leasehold proper- It was only fair that the wife by _ the Dfetrtet w ^wLfarlT ttay 
ties and council tenancies. (or husband) should have .an refused to give contracts to 
This is the most important sug- equal stake in the home, - and b*™? submitted the lowest 
eestion of a 400-pa ge report from the recommendation would apply tender out were on the Govern- 
the Commission, chaired by Mr. as much to properties owned by mept s pay policy Aleck list - 
justice Cooke. the wife as by the husband, ' However, he made clear that 

It also proposes that either The Co mmis sion stresses that he could not. - give a ‘complete 
marriage partner should be able co-ownership can be avoided _ If 2 11 axantee . of . immunity from 
to seek the court order giving both parties so agree. ■' "such action, 

him* or her the right to use house- Nor do ^ new proposals '• Mr ^ .Shore was challenged by 
hold goods owned by the other, cover the rights and obligations Mir. Norman -Tebbit . (C. Ching- 
The report is split into three of common law wives, or their f°rd) oyer die Government's 
sections, which deal with co- male equivalents, an issue which delay in issuing advice to local 
ownership, rights of, occupation; raises problems going weti authorities concerning. the 
and enjoyment of-, household beyond property law ■ application of sanctions to firms 

goods. * . The report also backs- the- ^riew. w;hich had, breached. Phase Three 

Each is followed by a draft that a deserted wife or husband o£ ^f e i 

BUI which if normal practice is 8hould have au toinatic right Me. Tebbit said that only a 
followed, will become the basis apply far a court order giving few weeks remained Of the 
of detailed legislation m the ^ or her ^ entitlement to current pay potiCy in which the 
Commons within about two use. household goods Remaining. Government. coaid .issue advice, 
years. .in the home, including the He. suggested, that, the delay 

The five-person Commission is family, car. - was due to. the fact that the 

a non-political body -established Moreover, a wide measure ^af Government Had been advised 
IS years' ago to examine law discretion would be left with the that <toum^<rav.wbo - incurred 
reform. -courts^ Anyone who disposed of extra ■ ‘ expendi&lre -- through 

The latest proposals are bound such goods in defiance of an refusing the. “most : advantageous 
to arouse some controversy order would be forced to pay teiKlef mere4y_ to comply _with 
although the Commission has lump, sum compensation, *' 1 ‘ - --- ■ 

framed them only after exhaus- Commission says. 


BRITAIN'S ECONOMIC :md there would be repercussions in 
financial policies would have the markets, for the exchange 
been put ar risk had Mr. Denis rate, and for a great many 
Healey. Chancellor of the financial and monetary affairs. 
Exchequer, been subjected to a The Prime Minister said he 
personal censure,^ tit? Prime had rejected the alternative 
Minister told the Commons last course of awaitim; the outcome 
rcigtii •.ri-en his call Fnr a vote (l f t he vote and. in the event of 
«jf confidence in the Government a rebuff for tile Chancellor, seek- 
M-curer! a five-vote majority. iny a vote 0 f con dijence the next 
A Conservative motion seeking day. He had reached the con- 
in" halve tite Chancellor's salary elusion that “it was not the 
defeated by 2 >.:r to 2S2. -After right way to do it." 

:h.- revuit v.:*s announced Mr. B ac j,- ed hy Labour cheers, he 
Callaghan ard Mr. Healey were jsserted t hat even if the Govern- 
congratulatei. hy jubilant Labour inent was denied a vote of con- 
Jii-'s and left the ^Cnamoer gj ence j,v the Commons, it 
tnaelher amid a roar o. exultant. wou | d have no difficulty in secur- 


Government cheers. jng ong f rom ^ country in the 

Earlier, the Chancellor, in one gpneraJ election which would 
of his most effective Parlia- certainlv follow, 
nuniar;. speeches, claimed that 

ill-- nackane i.-f restrictive nwne- 
*ary’ and fiscal measures 
announced last Thursday had 
already achieved their objective. 

With a buoyancy which belied 
ihe fact that he was fighting for 
his political I i fa. and with it 
that ;if the Government, he 
insisted that the effect of 
v. hole package would be 
re :- 1 ore the outlook for 
economy to v.ltat it was at 
lime of’ the April Budget. 

When Tory MPs urged him. to 
" try it." Mr. Callaghan said he 
did not fear the outcome of a 
general election but there was a 
great deal of unfinished Parlia- 
mentary business, including the 
passage of the devolution legis- 

controi with a package which had vote a matter of confidence. Sir 
restored the integrity of the Geoffrey said that “ at this 
Budget judgment in both the eleventh hour, the Government 

Tax relief hint too 
limited for Tories 

fiscal and monetary fields. 

These measures hau already 
been "a resounding success." 

Mr. Healey quoted the leading 
article in last Saturday's 
Financial Times in supporting 
market expectations uf the first 
of a probable series of small cuts 
in the minimum lending rate in 
a matter of days or at most a 
few weeks. 

The Chancellor stressed amid 
Labour cheers, that the mortgage 

has decided to invoke the 
tattered remains of what is left 
of the Lib-Lab pact" 


the Government pMIcy -that licked 
the farce ttrisn^vvoahLruk being 

surcharged -f or; tfaaj expense? .' =•' 
Mr. Shore did nirtaotept com- 
pletely *tb£. .MPi'.bs^rtfoh but woificLbe for a_ «mncil to 
decide whether ite .actions could 
be. -justified'-,.# '..'they', were 
challenged : * -District 

.Auditor or inJtfiecirart of'. 

“ Smce- the whole purpose of 
pay poficy is to actfieve what we 
consider to-be a major policy in 
the nafiohil interest, I would be 
very surpreed if local authorities 

„ , „ „ . SOME EXTENSION' .' of the ordinary loan. — — 

He attacked the Lhancellors ca piTal gains tax relief provided Tory MPs gave an unreserved get into? any. difficulty on 'that 
“ disastrous ’ record as a com- j n B ud get to cover certain welcome to the promise account," he said. 

biQ 3 tion nf ignorance matched patesiories of inter-company loams further concession on Clause 39- - -bj S hore -added that the 

ndd I <4 UIC IVUHUdUUUa rill T rpasurv - __ w 

3 stagnant and an impoverished ^ a me’almenrio"the Finale, a" individual aged 65 or over, to^se'e "^"supply' of“ orfiers 
society. gyi a t jjj e report stage. ' w ^° disposesof a dusimss,. with ct) u]d be smoothed regionally and. 

Sir Geoffrey said that those , . .. ■ a corresponding proportion .for nationally. • 

who made the most valuable 





li per cent below that in opera- 
tion when the last Conservative 
Government left office. 

Dealing with the effects of the 
so-called “corset” restrictions, 
on bank lending. Mr. Healey 
maintained that there would stili 
be room for sufficient lending to 
British industry to keep expan- 
sion on the path laid down in the 
April Budget. 

i, Hr.n which he would Prefer to A® the Financial Times had 

before -ofa* to batt,e a £ ainsl world ^cession, stated, this latest “ squeeze " was 
° Wheo the right time came the mild by pasr staiulards. certainly 

rate at 9 ? per cent was °still contribution to society were the which provides that lrrecover- . 

Sanctions oo 
24 firms 

Sir Geoffrey Howe 





most severely punished. able losses on loans to traders . jjr. Joel Barnett, Chief Secre- 

Tbe Chancellor’s disastrous made after A P riI 1L - 1978 ' tary to the Treasury, said a 
record was made worse by Mr guaranteed payments in respect ^ change to be introduced at report 
Healev's attitude of " unrepent- of such loms > should be allow- st a g e would reflect the principle 
ant arrogance.” ab l e for capital gains tax -(,f a .Conservative proposal by A -TOTAL of 24 firms are now 

Ho tuot-ii purposes. ■ allowing the relief to be applied being • subjected., to. economic 

attacking the Chaicellor, iSriS?- The prospect of a limited con- ™ abiding scale." He explained sanctiww Jor having negotiated 
ing 3 abeadHne inthe latesHssue cession, held out by Mr. Derail that .this would be an improvej-w • settleniems above the 

of Liberal News, stating “Healey Davies, Treasury Minister of “ent on the .normal marginal ^veramTOft la^r d^f ^hmit 

must so." State, yesterday, in the Common "telitf. f ■ . . ' . : . w. JoeHSarartL;CtaefiSecretary . 

.. . nilo .. ... . ... Standing Committee considenng Mr. Barqett also pwde- it clear to the Treasury, said In a Com- 

We hope the Liberals will th f a |i ec f to satisfy. Tory that the tirife which be is to mons wntteq answer last mghL 

have the courage of their failing jjpg ’ have with TorjrJiPs and their tax . Mr. Harold Walker, Employ- 

conviction." he said. xhev forced a division' on an legislation advisers oq various ment Minister of State, told MPs 

Sir Geoffrey /said the Chan- amendment — defeated by 15 aspects -of the capital g^ins tax that since July 31, fast year, 

If Lhesc' Bills did not reach Government would appeaTte the jher 'judged agi nst ceflor U h7d ™ r ple«ided over a votes lo^i^-which' woiild ‘have will include con?idcratio\of the major 

c Statute Book in the present country and it would do so with -, d h _ lin i e effect 0 n strategy for tbe demoralisation opened the way for relief to be feasibility, of giving legislative current .... 

rliamem, the Scottish and confidence. g ^ jn industrial j nves t- destructiorf of British Indus- given in cases where the creditor form to existing extra-statutory reached covering over ?*m 

„ „ „ . e!sh PC'OPte would lose their Mr. Healey based his spirited ment now expected bv both the try- He is always either claiming company's loss arises on an concessions. . \ woiTerj,. the overwhelming 

Sir >,. , oiir.-> riowv. The con- opportunity to participate in the defence of bis handling of tbe ell and the Department of credit for the miracles to come , ' ' — — 

‘•orvauve Shadow Chancellor, devolution referenda, and the economv on the contention that industry ° r blaming, his predecessors . • 

1.1.1 Mu T;» 1 -.,- ;iTI:<('k Wltn a lAniclitiuo nriuu« l„ c.crulilifh .. ”... i i » i_- inOUsiry. uihan fhaw foil In irica " ^ ” 

Shipowners examin 

settlements . under the 
pay. policy . had' been 


I'M :'ne Tory attack with a legislative process t«. establish "need to in traduce last" week's 
demand for j " guilty verdict the Scottish ■ and Welsh p3c k age had arisen from the 

•<n Mr. Healey for the arrogance, assemblies, which only - T - 1 * * - -- - 

!ncnr.ii'i'iL-rii;e. recklessness and ijovernment would 

There was scornful laughter 

when they tiul to arise.' 

‘"undertake" irresponsibility of the Opposition %$***?£* d"S!f Smight 
^undertake. ln forclng trough additional in- actiohln next April's budjet 

cuts to benefit the 

to mitigate thc i full effects of tbe 
2t per cent rise in the National 

decet: he had shown over the would have 10 begin again. come tax 

Iasi four years, and far policies But the Prime Minister better off. 

which had threatened to de- emphasised that the biggest task . . . . „ . , ^ • , «... 

moralise and destroy British of a |] which the Government , A balanced Budget pnmari y Insurance surcharge. This, after 
md-si-v wished tn our sue wa<; th^. battle designed to benefit the family raising the additional £500m 

The Pru.i.: Minister justified a-jiU iafiation. and with ti the and . t0 J“ v * a beneficial effect in needed this yjjr to oM the 
his decision L-:«l! for a vote overcoming of unemployment. moderating wage settlement had ettect oftbe addttionaJtax cuts 
uf .’cm Silence on the grounds While there would be month- upset by tbe House appro v- would yield £1500m in a full 
that the Chancellor's position to-montb fluctuations in the un- ,ng T °*" y . ProP^als, wl lucl ii had year. 

central to the Future of the emplovment figures, he believed a o§tavated Britain s a. ready hjg.. Mr. Healey admitted to having 
Govern men i itself and its that the total number out of work t 71 ?‘ 2 ey supply figures by adding being reluctant to impose the sur- 
jiulicies. would continue to fall over the P°° in . 10 the . publ ' c sector charge but argued that it was 

If the vote a Mains t the Chan- next 12 months, provided that it borrowing requirement. preferable to the alternative 

•jellor wer< carried, he warned, proved possible to succeed in the 

by policy 

tanker conditions 

majority within the . policy.* 

He .said the Employment 
Department's f comprehensive 

monitoring covered, .only- .major 
ettlements which related - - to 
bout half the fatal labour force. 


likely on 
July 13 


’^'heke arc limits to whul th 
J. C"‘“" * *>. after years of 

the human mind can stand. For Major 
bravery in Bomb Disposal, the limit 
comes each time he sees a clock. Every alarm clock is a bomb, 
each licking watch a probable explosion. 

Soldiers. Sailors and Airmen ail risk mental breakdown equally in 
war and in keeping the peace. There are bombs much nearer to us 
than Cyprus. Aden or Malays. 

We devote ourselves solely to the welfare of these brave men and 
women who have tried to give so much more than they could. 
We help them at home. and. in hospital. We run our own 
Convalescent Home, For sonic, we provide work in a sheltered, 
industry, so they can live without charity. For others, there is 
our Veterans' Home. If we are to go on helping them, we must have 
funds. Please send a donation, please sign a covenant, please 
remember us with a legacy, perhaps. The need is really urgent; 
and the debt is owed by all of us. 

*' They've given more than they could— 
please give as much as you can . " 



Thurlcc Stt-cet, London SVV7 2LL. 0I-5S4 SticS 

As a result, the financial insti- courses advocated by Opposition 
tutions had failed to buy Govern- leaders. 

ment stock on the necessary The Chancellor reaffirmed the 
scale and this in itself had led Government's view that inflation 
to a further increase in tbe will remain at or about its 

money supply figures present level for the rest of this The Government was right to 0 ». ««= 

At the same time, there had y ear ' ^ ut stressed that from oul b Y tbe General Council of and Western approaches between 5 -** 

been an acceleration in bank December onwards, tbe rate of would be «i flefeat for British Shipping and the Inter- 1900 and the end of last year, Trih 

lending, and retail sales had inflation would depend increas- the «3overnment as a whole. national Chamber of- Shipping. on iy ten bad spilled oil. He 

been rising exceptionally fast. m Sly upon the level of wage * lt would cause havoc in tbe Mr. George King, the chamber's thought none of the accidents 
Mr. Healey said that the settlement in 1 the round begin- markets and Labour would be chairman, gave details of the was caused by alcohol. 

Government had decided to take n,n S ln August. quite right to go lo the country survey in reply to Dr. Jeremy Rear Admiral Peter Graham, 

action in good time to oreaK For the Tories. Sir Geoffrey if tile motion of censure on the Bray (Lab., Motherwell and Secretary General of the 

the deadlock in The gilts ma-ket referred to the Liberals as “rats Chancellor was passed. Wishaw) a member of the com- chamber, said improved qualifi- 

and 10 demonstrate i's in cntion rejoining a sinking ship " “We have to consider whether mittee. who had asked about cations of ships' crews should be 

to keep the money niipuly under Of the decision to make the tt right to allow our natural shipboard drunkeness. a lop priority. 

irritation with the Chancellor to 

. By Rupert Cornwall, Lobby Staff 

FINAL local party selection con- 
ferences this .weekend will 
choose Labour’s candidates to 

REPRESENTATIVES of British Dr. Bray, who wanted to know 
shipowners are conducting an if officers of oil super tankers 
investigation into the social con- were required to take a breath- 
ditions aboard oi) tankers, a aiyser test before going on watch 
House of Commons committee said it was very easy for stan- 
MR. DAVID STEEL, the Liberal was told yesterday. dards of behaviour to fall on 

leader.’said that if the debate had -^hp aim u to find out what “ 1 *P S during long voyages. 

been simpiytickmg off the Chan- n ,7uvater seamen fi and masters *£-2*!!? ««« wwarr vauaiuaves 
ceUor ? 1 and my coUeagues of ves sels and what routes and “ f .JJ* fi ^ 1 vacant seats, of Fenl- 

sssks?" o « a r‘ uons ^ 

1S brtnji. nrrted S ^rs°d SS HuM-S "p»SS£ E& m j£8& 

formerly held by the late 
Tribunite Mr John Mendeikoo 
will make its choice on Satur- 
day. The Moss Side constituency 
party will decide on Sunday who 
will defend the somewhat more 
precarious Manchester seat ■ 

..In both cases the .selection pro- 
cesses have heep speeded up on 
the order of 10 Downing Street, 
to ensure that the Prime Minis- 
ter has the option of a further 
test at public opinion before 
his own decision later in the 
summer bn whether -to cal] an 
October general ^election. ■' . 
However, from Labour's point 
was gaming^was that they operated of view, the sooner In July the 

uff for the Chancellor — “He the Lords vesterday over a pro- 
wouldn't know - -• — ' • ■- - - - r 

briig about the downfall of the 
Government and destroy the pro- 
grdmme of legislation we have 
Marked on and destroy all that 
hat been achieved over the past 
18> months.” 

Mr. Steel said that if these 
debates were going to be held THE 

Wigg secures change 
in devolution Bill 

Prior attacks Labour « 

employment record 

■s&Mr ss - * our 

hiararri llin f!h:< nppiinr Mr Prior niijinMi- “i think economic debate. _ _ _ the Welsh devnlurinn Rill. havo no IpnixIMiiP rnmnptpncp r 


?S? y ?, efe Jted by 15 votes (76-61) in in the British way. ' " two polls are held, the fewer 

Greenwich.' problems there . will be with 

Lord • Harris of 

MR. James 

MPs had heard tilt? Chancellor Mr. Prior claimed: “I think eC u" on ! , fL n ae ^, , . lh the Welsh devolution Bill? have no legislative competence confermces ^ Jitiv~13 

of the Exchequer at bis worst— the trade unions have behaved "* .“"SSl Ji^L »h« L ° rd Wig3 ’ who succeeded in but would be operetmg within co ?rerences is : Jiuy.i3> . 

at his most arrogant, at his most with remarkable responsibility. r , , making a similar change to the the franiework ‘of the existing 

cynical and at his most inexcus- They have been treated shabbily tu debate the,r 

ab I e - : . . . this Government. P inflation ir. - 

There is always someone else -The Government offers con- before the Lib-Lab pact had been 

to blame. It is what other coun- frontation — confrontation with 21 6 per cent 
tries are doing, or that business the dole queue and higher -*i have no hesitation in say. 
has not invested, or that wages prices." ing. although it mav not have 

have gone up too quickly or that Mr. Prior said he had never done mv party any good, that we 

riaha*. Z u, a»»ug a similar cnange to me me 

debate their own Scotland Bill earlier this week, law. 

the three months ■?“ he w ^ 5 s u PP° rted ^ the “ Betting 

On current form between the 
two, parties. Penistone ; where the 
Conservatives require a swing 

the world economy has been thought he would hear a soefal- were absolutely ri^ht to stick 
expanding too fast or too slowly, ist Chancellor cheered by his own through the programme of 
“1 must say lo Mr. Healey, on side jo the House with unemploy- economic recovery ° whii-h 

_ and gaming are ^ - - 

statutory bodies connected with primarily ~k matter for social or per cent from 

racing, including the Horse Race recreational activity, for which " abour wtn - .looks unpreg- 
Betting Levy Board and the Tote, it is wholly appropriate for an na ^ e ;'.' , • . - • 

“Tbe work of the Levy Board elected assembly to have direct . "" Moss -Side, they need 
and the Tote have been of sub- responsibility.? , a swing -of only .6.4. per 'cent, to 

stantial interest to the country The Government suffered a faKe the seat held by the late 
and should not be torn up in pur- second defeat^ by. 47 votes to 40, Mr. Frank!' Hatton, a feat 
suit of a political chimera, the on a Tory proposal to ensure definitely, within the! Tories* 
results of which are quite that the Assembly complies with scope. 

obscure,” he added. a section' of the 1944 Education . Although Labour planners are 

One of the merits of the Act dealing with, county aod- cirefnl to .emphasise- that the 

bodies connected with racing and voluntary schools. 

, ^ . . ploy- economic recovery which has 

the I4lh Budget that he has ment at l-4m — and lhai figure brought inflation down to 

introduced, that there are some would rise with his latest roughjy S per c*»nt That should 

people for whom one cannot measure. not lightly be set aside." 

truthfully say that practice makes L asl week’s squeeze was Mr. Steel said that hp under- 

Sf rf 2*: ^“cSnreuSr” “*“!»*■" „ he The Goiernmenf's obj 11 

the case of the Chancellor. would cost the average British tion to the Liberals urnnosals on 

, h H , e 'SSSuS* , £10 °- iS 

2 M. f SfL“S£ un 4 p lg >- spe „ H d ° r s f 3*&' a J?Er£ the ' Govenfmem r '™ai n trviDg^'o 

ment was coming down that mfla- pfl |j tica , ^iter-and I am not counteMnSS 8 

HeSlev W had U ^Ui r the^e was no (ollow bim there.” This was why the Liberals' 

for unemolovniem to reaJb Am,d lo t ud M J« r ? from J the discussions with the Chancellor MR FRANK ALLAUN (Lab., tors of big building firms. 
“nS a Jminn P * Govemmenl. Mr. Prior wound up before the Budget had been on Salford El accused the building Direct labour building 

MPs throw out proposal 
to restrict direct labour 

the discussions with' the Chancellor MR FRANK ALLAUN 

smallish inner-city seat may not 
be too .. reliable /guide to 
national voting intentions,’ Man- 
- Chester is a focal point of the 
North-West,^ .' region, which, 
abounds la marginals "rital ' at 
the general- election. ' . " : . 


his speech by quoting words employer^ national insurance industry oF "remarkable Jnci- argued, brought' important" bene- 
Trom a person he simply called contributions. dences of corruption*' in the. Com- fits to the community, and saved 

“an American.” The Liberals had proposed a mons yesterday. for the tenants mid ratepayers 

The unnamed man made the it They were _ He was attacking a hid by a the profit that would otherwise 

Managers to 
see Healey 

one million. 

They have forgotten all that. 

They try and try again tu pin 
the mistakes that they have made 
constantly and consistently over following* 
the last four years un the money * 

supply problems of 1972-73 and 

it does not wash, said Mr. Prior. a5K |or saL - rmcc . rt t- oium m- me mis year. meats ay local auinonues. private Oiniaers. • - meet - Mr rioniir- HniioA 'Y’Son. 

-fwHn.r n ! riKi 531 mii ? 1 Ih? r a flrst 10 9 i y e : if we wake mistakes “Yet we find in June that it is The Direct Labour (Restric- -Mr. Morris had earlier said cellar ofihe^ ^ Excheauer” fora 
steilint, tnsu, made the Chan- we must admit to them. possible and acceptable at a tion of Works) Bill, proposed by he wished to see an end to direct workine dinner a?- lii ' 0 11 

e tax “We must provide the people hichpr rat**” — ■ “ — =- — **• - - - & <uuuer at--, wo. 

cuts. It was a far deeper and with a vision of the future that 
far more 

begun long neune mere was any ne tuameo tne country * with cuts in the higher rates of against of 14. structlon. Any contract worth exoressTlm thnt 

question of tax cuts. unemployed on the bad manage- tax and to do it after a 3j per Mr. Allaun described the Bill over £5,000 should go out fa Mr^eatey ^led ^ 

He said the Government had ment of the Chancellor. "He cent increase in the minimum as a ^reactionary attempt to stop competitive tender. pressure on na* *diffe£enttal 8 

become a bad risk. It had to has misled the country and lending rate. councils from building their own He believed direct labour betwISe? manaMShndS^rf 

borrow and paj - over the odds remains in office against our Mr. Steel said that that was council houses.” and went on to operations —should become of the ’ 

for ihc money at b^b rates. The wishes. It i< tons overdue that the cause of their irritation and refer to tbe “fear and hostility" separate trading services, sub- through tax : cdne£sfan?faS^-' was not >et aware of the be should give up his job." anger with the. Chancellor, towards direct labour by direc- ject to chartered accounts. April Budget.” ■' .^VV‘ 

.. . speech: “ If we told il was wrong because it was Tory MP to bring in a private go to shareholders. By lhe coin- SfK ^DER^*^ra^^Sirtnan nf 

A promise we must deliver; if we an employment tax and, even if it members’ Bill to restrict the use petition It provided it helped lo the British Insti Mnnaec^ 

? pr*>pose we must produce; if we was right, it could not be done of direct labour building depart- cut the prices, tendered by. ment wfll lead a de 

r - ask for sacrifice we must he the this year. meats by local authorities. private builders.- - . meet 'Mr Denii W^awrifijin.- 

“Yet we find in June that it is 
. . possible and acceptable at a 

cel lor act. It was not the tax “ W e must provide the people higher rate.” Mr. Michael Morris (Northamp- labour being contracted by'locai Downing on^ -“£SriTV : 

a far deeper and with a vision of the future that it was a different matter to ton Si, was later rejected by MPs authorities; or any public under- The fnstituie wHiAh Malm<r 
stTious. crisis which is attainable. increase the surcharge combined by 212 votes to 198. a majority taking, for any farm of new con- more than 57 060 members, will 

before there was any He blamed the country*, 1.4m with cuts in the higher rates of against of 14. structlon. Aiy contract wo>S ESUfai AiEtESSS 

International Finance. Competitively. 

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Exclusive to Midland,direct access to Ae worlds largest 
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A complete range of international financial services 
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Samuel Montagu are also major market makers 
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International Insurance. Competitively. 

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International Marketing Services. 

A unique range of marketing and export finance 
services through the London American International 
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Information on regulations, tariffs, documentation 
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To ensure your company 
_ makes the most of its 
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you really should talk with us. 

For a prompt answer, contact 
George Bryen, tel: London 
606 9944.Ext 4057. Telex 
888401 or contact any of our 
branches throughout the U.K. 


Bank International iff f Delivers. 

Midland Bank Limited. International Division, 60 Gracechurth Street, London EC3P 3BN. Tel : 01-606 9944. 

Financial Times Thursday Jane 15 1978 - 


Chance— and warning— for a would-be writer 



“ I COULDN'T stand working 
to deadlines,” is a frequent first 
comment from people who 
meet me and learn that I am a 
daily paper journalist. My 
reaction is to wonder why that 
particular working condition 
should bother people so. 

After all, virtually everybody 
has to work to time limits of 
some sort. What bothers the 
layman must therefore be the 
idea of finishing by 12 minutes 
past three this afternoon, as 
distinct from getting something 
done before you go home on 
Friday night. But given that in 
both instances the worker is ex- 
pected to do only the best be 
or she can in the time available, 
I cannot see that either is 

Once a person has become 
used to doing things quickly to 
fairly broad tolerances, it could 
well be harder to make the 
change to working more slowly 
to highly precise standards, 
than to change the other way 

The reason is that by con- 
stantly working to short-run 
deadlines, journalists tend to 
develop a sort of sc-lf-handi- 
capping sense of the minimum 
time it will take them to accom- 
plish a given task. As a result, 
if they have more than this 
minimum time available, they 
will use the extra allowance in 
delaying the start of the work. 

This is why the late Sir 
Desmond MacCarthy suggested, 
as a professional motto for 
journalists, the chilling phrase: 

There a always another 
quarter of an hour! 

I say this because Dave 
Watts, editor of the magazine 
Money Which?, has come to the 
Jobs Column with a post which 
offers one of the increasingly 
rare opportunities to get into 
journalism. And since one of 
the condition is an ability to 
“stick to strict deadlines," 1 
suspect that the lay public's 
unjustified worry about working 
to short-run time limits might 
otherwise deter perfectly ade- 
quate youngsters from applying 
for the job. 

a report on a particular topic: 
doing original research and 
commissioning any extra sur- 
veys or statistical exercises re- 
quired from outside analysing 
the material and doing the 

The pain 

Its title is financial re- 
searcher. But the tasks include 
writing as well os assembling 
the information for articles in 
Money Which?, whose main aim 
is to give the general public the 
know-how they heed to run 
their financial affairs in a 
sensible way. 

The topics covered by the 
magazine include investment, 
mortgages, lax. insurance, and 
employment Id addition, it 
carries explanatory articles on 
broad economic issues of the 
day such as “Is Britain Over- 
Taxed ? ", “ Inflation ”, and 

even the EEC's Common Agri- 
cultural Policy. 

At that point, I would bet, 
anyone without journalistic ex- 
perience who joins Money 
Which ? will find themselves 
wishing that they had done any- 
thing other than take the job. 

The reason why we hacks 
tend to delay starting, you see, 
is that writing is the kind of 
excruciating activity than no- 
body in his right mind would 
start before he absolutely has 
to. It was Bernard Levin, I 
think, who lately estimated that 
he must have eaten 200 tons 
of digestive biscuits in his 
working life so far, simply be- 
cause, at any given moment, 
there are always far better 
reasons for eating a digestive 
biscuit than there are for start- 
ing an article. 

Whoever is engaged for the 
job will be responsible for her 
or his own reports from their 
origination as ideas to their 
being printed in the magazine. 
The work includes deciding 
what needs to be covered in 

So there, for the benefit ot 
any reader who wants to be- 
come a writing journalist, is 
the secret. The difficulty is not 
writing to deadlines. It is writ- 
ing at all. For the bulk of us. 
if we did not first take the 
relatively er/y step of commit- 
ing ourselves in advance to 

deadlines, we ’would never pro- 
duce anything. 

The only parallel in my ex- 
perience lies in my attempts 
to become a high-grade judo- 
man, which involves fighting 
other people - who for some 
reason always seem bigger 
and fiercer than you are. 

When kneeling to face one 
of - them across the mat just 
before the start of a serious 
contest I invariably found my- 
self thinking the same thing- 
It was “If only I had taken 
the precaution of not coming 
to this place today, I would 
not now be in this desperate 
situation." But having gone 
there, and with the contest un- 
avoidable, I muddled through 
somehow and someti mes won. 

No doubt whoever goes to 
Money Which? will find the 
same. If so, it may be a com- 
fort to the recruit to know 
that while the pain of writing 
never gets any less, you learn 
over time to bear it more cheer- 

Given the initial foolhardi- 
ness, candidates for the job will 
also need the ability to solve 
complicated intellectual prob- 
lems, to cut through obscure 
detail, jargon and “popular 
mythology " to the. nub of the 
issue concerned, and to express 
complex concepts., in terms 
which are readily understand- 
able to the lay reader. 

Mr. Watts thinks that this 
prescription implies the need 

for a good degree, but from my 
own experience of a good many 
honours graduates I would con- 
clude that the two things are 
necessarily coimected. 

He also prescribes at least a 
year in the working world since 
graduating. While work of a fin- 
ancial nature during this period 
would certainly be no disadvant- 
age, familiarity with monetary 
matters is less important than 
the possession of “a lively, in- 
quiring mind and the ability to 
think clearly and concisely.” 

The newcomer will, by the 
way, be able to call on the aid 
of a panel of independent finan- 
cial experts retained by the 
magazine as consultants. 

There will be a starting salary 
of around -£5,450 for the initial 
12-month trial period which, 
successfully completed, would 
be followed by a three-year con- 
tract- Working hours are 10 am. 
to 6 p.m. 

Applications outlining your 
experience, should be sent to 
the personnel manager, Which?, 
The Consumers’ Association, 14 
Buckingham Street. London 
WC2N 6DS. Dave Watts would 
probably be willing to answer 
relevant inquiries telephoned to 
01-839 1222 — deadlines per- 
mitting, of course. 

And having dwelt earlier on 
the strains of being a journalist, 
Td better say now that I would 
not change it for any of the 
other ways of earning a near- 
living that I know about. 


INTERNATIONAL hfead-hunter 
Jo Jacobsthal is locfcng for a 
marketing director far an un- 
named' client in Austria. He will 
respect any applicants request 
not to be identified to the client 
until specific permission is 

“I want,” he says^a senior 
marketing executive ^of about 

35-45 years, familiar with 
branded mass consumer goods, 
preferably in the food industry. 

« He should also be a 
diplomat, because vhe will 
eventually be designated to 
take over the total management 
of the company from the 
present chief executive, 
approaching retirement age. 

“ Absolutely fluent German is 
a must; French would be 
helpfnl. Preferably h£ should 
be familiar with the; Austrian 
market structure and have 
lived or worked ther^. Salary is. 
negotiable around £30,000." . 

Outline applications to M; 
Jacobsthal at European Market- 
ing Systems, 5 Avenue Beau- 
mont CH-1700. \Fribourg, 
Switzerland. Telephone 037 24 
32 SO. Telex 3S152. X 

Our dient is.a private fewstmrat 
controls the funds of a substantial Middle-Eastern 
business concern. A • mature, lo ^ ^ey _aad - 
thoroughly professional financial controller is 
sought^o manage U.S. equity investments and an 
offshore investment management company, which 
^ shortly to be set up. Based in- London, the 
successful candidate win be responsible far dhe 
SKon^nd operation, of the accoimtag 
SnrtieSr preparation ^ financial statements and 
renorts and will ensure that adequate internal 
controls are maintained and be the custodian 
of Hall company funds and responsible for. 
arr anging bank deposits. 

It is envisaged that the individual will have had 
a minimum of 15 years experience m the control- 
lershio function with emphasis, on accounting for 
portfolios of equily and fixed income seciurifces 
issued in the United States, Europe and the Far 
East Experience as an accounting - executive m 
■the Trust Department .of a major bank or financial 
institution and familiarity with off-shore, account- 
ing would be considered desirable. . 

(w client is offering a substantial compensation 
package and would be prepared to .consider a 
contract of employment 

pi « nop reDlv with full career details in strictest 
-confidence to Box A.6388; Financial Times, 10, 
Cannon Street, EC4P 4BY. 



Preference will be given to* chose. applicants with .export experience. 
Apply In strictest c wrWeffca for application form:— 

J. " M. C. Ayfing, . - . :... * .. 


Market Buildings, Mincing Lane, = 

London EC3R 7DA. 01-626 5700 ' V.,".. 

f Director- International 
Public Relations 


A leading organisation, active world-wide 
and involved in the political, commercial, 
industrial and technical spheres, requires a 
top executive to head-up its public relations 
and information department at Its Swiss 
headquarters. The responsibility of this key 
appointment is to deterrrine and express 
the public relations needs and objectives of 
the organisation's members in relation to 
each other and. in particular, in relation to 
government authorities and the general 
public. As a line manager, the person 
appointed will ensure the smooth 
organisation, efficient administration and 
effective operation of his department. A 
reasonable degree of international travel is 

Tne man required, between 35 and 50 
years, will preferably have a university 
education. With a sound knowledge of 
economics and industrial business, he is 
likely to have studied journalism, or have 
acquired practical experience in it 
Knowledge of industry orientated public 
relations is essential. Particularly important 
is the ability to monitor, analyse and 
evaluate the needs of organisation 

members and government authorities, as 
weS as the general pub Be, and to determine 
the most effective responses. The capacity 
to quickly grasp Ihe essentials of a problem 
and put forward views with conviction is 
also necessary Much attention wtil be 
given to the abity to express complex 
ideas with clarity both verbally and in 
writing. Linguistic skills of a high level, at 
least bi English, French and one other 
language are presupposed. The ability to 
manage and enthuse a small team should 
be balanced by his skills in relating with 
people such as professional colleagues, 
organisation members, government 
authorities and the wider pii>lic with whom 
he will be In contact A close acquaintance 
with the various media channels is 
expected. This is a high level job which 
commands salary and other benefits erf a 
corresponding level. 

The identity of candidates wilt not be 
revealed to our client without prior 
permission. Applications quoting 
Ref. CH9321FT, or enquiries, should be 
addressed to Dr. J. de V. Mansfield,-. 

PA Management Consultants AG 

Kreuzstrasse 26, 8008 Zurich, Switzerland Tel: Zurich 34 69 36 

A member of PA Ime.-wicnal 



{AC A, ACC A, ACM A or MBA) 

Thomson Publications Limited is a major publishing group at home and 
abroad and forms part of The Thomson Organisation. They are looking for 
two qualified accountaots for their compact and highly effective central 
finance team. This team is responsible for the financial control of a wld» 
range af publishing activities covering a market stretching from the UK to 
Europe and beyond to Australia. 

Under the Group Management Accountant, their duties range from the 
consolidation of management information from subsidiary companies and 
the constant review of exchange rate movements to monitoring accounting 
standards worldwide and assessing the performance and viability of other 
companies. The work will also involve a modicum of overseas travel. 

The successful applicants will have qualified experience in industry or 
commerce and will have developed a flair for identifying problems' and 
reacting on their own initiative. Salary is negotiable around £7,500, and will 
be related to experience. 

Please apply for an application form to: 

Personnel Services Manager, 
Thomson Publications Limited, 

Elm House. Elm Street, London. WC1X 0BP. 
Tel: 01-278 2345 ext. 31. 


Industrial and Regional 

An effectiveTax-free income of 
up to £18,000 plus allowances. 

Economists are needed to join a high-powered 
team of Consultants working on national 
planning in a major middle east country. The 
consulting firm is one of the largest and most 
prestigious international groups, who, for many 
years, has held large commitments in this 

The results of the v/ork to date are easily seen. 
As part of an on-going commitment, two extra 
Economists are needed urgently so an early 
start is highly desirable. The successful 
candidates will probably have experience in 
developing countries, especially the Middle 
East They will enjoy working in a closely-knit 
multi-disciplined team, and have a proven 
ability to negotiate and work with local and 
intemationalcivil servants. 

Industrial Development / 

A broadly based man able to prepare develop- 
ment plans tor the hydro-carbon baded and 
other industries. Experience in energy, petro- 
chemicals, or investment banking would be 

, Private Sector Development 

Particular attention is being paid to the 
development- of the private productive and 
service sectors. In addition to industry, the 
development of banking, mining, agriculture 
and fisheries will be given special attention. 
Experience of public-private .Sector policy 
making in these fields would-be especially 
relevant. » 

■A basic salary of between £12.000 and £18,000, 
depending on experience, will be paid, plus 
overseas, hardship, housing/;' utilities, edu- 
cational allowances and extra leave, effectively 
doubling this base. 

The contract is for a two year period. However 
a conversion to a permanent appointment 
would be intended after 18 months. This would 
involve being based in London or the U.S. A. 
Applications will be forwarded to our cJient 
unopened and subsequently matters will be 
dealt with in the strictest confidence. Inter- 
views will be held in London fis soon as practic- 
able. Please apply with fujl details, quoting 
Ref. 91 9 for all posts. i 

Charles BarkerCouithard 

30 Farringdon Street; Lcpdon EC4A 4EA 

Private I n vestmen t Batik 

Central London 


Our client, a small old established bank, seeks a qualified accountant proba bly aged 
28/35 to join the young management team at an ffnportarrt stage m .me oeyeiopmersr 
of its business. 

responsibilities as the group expands. 

Contact David 1C LTod BSc ACA on 01-4053499 
quoting reference DT/262/PBF. 

■125 High HoiborhiLondon WCt%5QA 

Cl -405 3499 

Senior Dealer 


BANK OF AMERICA invites applications fora 
SENIOR DEALER position in its Manama Branch. 
The successful candidate will be responsiblefor 
high volume money dealing. 

Applicants should have a minimum of 5 years’ 
market experience in Deposit and Foreign 

Exchange dealing. Knowledge of Arabic helpful, 
but not essential 

Basic salary will reflect qualifications and 
experience, and other terms of employment, 
including expatriate allowances and fringe 
benefits, are in fine with best international banking 

Aoplications containing full career details and salary history, which will be 
treated in strict confidence, shculd beaddressed to: Administration Officer. 
Middle East Area, Bank oF America MT&SA.7 Old Park Lane, London W1 Y 30J. 


International Banking 

Amongst a comprehensive portfolio of career 
opportunities, the following are particularly urgent: — 

Foreign Securities 

to £4,500 

Medium-sized Consortium; demands all-round experi- 
ence but with accent on valuations. 

Credit Analysis 

c. £4,250 

Small U.S. Bank; chance to build on introduction to 
analysis or extensive Loans admin, experience. 

Foreign Exchange (2) c. £3,500 

Both with small American Banks who offer genuine 
prospects in return for approx. 1 year’s experience. 

Please telephone either John Chiverton, AJJL or 
Trevor Williams on 405 771L 

David White Associates Ltd. 

Hampden House, 84. Kings way, London. WCL2- 

Copiers and-Copier Supplies 


Nashua Corporation has grown to a position 
erf worldwide significance in the office copier 
and supplies market The is a new senior 
staff appointment with Nashua International . 
— the efivision with responsfoifity for * 
distributor sates in Europe, the Middle East, 
Africa and Latin America. Aggressive seffing : 
has won valuable bridgeheads in the key 
markets within these zones. To help 
consolidate and develop these strongholds 
the division is to establish a formal marketing 
function at its H.Q. to Bracknell. The task of 
creating and directing this new staff function 
will fall to the International Marketing 
Manager who will report to the General ' ■ 
Manager. The person appointed will almost 
certainly come from a senior international 

marketing post wflh a major in the office 
copying field or similar business machine 
environment The salary envisaged wfll 
secure an outstanding man or woman n the 
3045 age ranga A cars provided withoffier 
benefits typical of a mggor organisation. 

PA Personnel Services Ref: SM54i6458iFT 

Initial interviews are conducted by PA - 
Consultants. No details are divulged to 
clients without prior permission. Please 
send brief career details or write for an 
application form, quoting the reference 
number on both your tetter arid envelope, 
and advise us if you have recently made 
anyother applications to 
PA Personnel Services. 

PA Personnel Services 

Hyde Park House, 60a Knighlsbridge, LondonSWIX TIE. Tel: 01-235 6060 Telex: 27874 

A member of PA International 



A major European based. international bank is exfending its 
U.K. activities by opening a new branch in Birmingham to 
service the West Midlands area. 

A manageris required to establish and. develop the branch which wilf 
concentrate on servicing Industrial companies, particularly in cofh 
necuon with their overseas business.. - . 

The new branch is regarded as a development of great importance. 
The finest administrative and technical support is-being .provided, 
including a full on-line linkto the (J.K. head office computer in London. 


supplement staff of leading Japanese investment bank in 
City of London. 

Age immaterial but previous experience in investment field, 
perhaps as securities analyst, essential 
Extremely competitive 

salary for right person. 
Generous bonus and 
o thcr fringe benefits. \ 
Applications with j 

detailed l\v. to; j 

Keith Clarke 

_ Enroslafl Selection CnmilLaiits Lid. 
JU9-UQ Belsorrr St reel, 


In accordance with intemafiooal banking practice,, a’ aerierbus 
remuneration package will be offered. • . . 

Applicants, male or female, in. their 30’s or early 40’s, with a good 
knowledge of the West Midlands area, and having a proven record of 
successful business development in a bank or financial institution 

,n confidence . . quoting reference 2941/L to:' 
M. D.O Mahony. ' 

Peat, Marwick, Mitchell & Co., 
Executive Selection Division, 

1 65 Queen Victoria Street, .... . 
Blackfriars, London,EC4V3PD. 





35 I\lew Broad Street, London EC2IV1 1NH 
Tel: Q1-5Sa 3588 or OI-BSS 357S 
Telex No.BB7374 

***"? < ?c!T?. Wth of «** «»»** manufacturing ground the world and will 
y W a Diructorahip tf.* major Subsidiary Company with potential to advance to the Main Board In future. 


LONDON BASED £ 14 , 000 -£ 1 8,500 


!2?. k VP«*do» from candidates aged 35-48 who have an engineering degree or similar professional qualification 
recently had -profit- 'responsibility for a sizeable light- engineering operation overseas. The Controller will 
oe responsible, for co-ordinating the Groups very diverse manufacturing interests throughout the world and will be 
expected to monitor ail existing activities, recommend development strategies for each area, identify and evaluate new 
k? T *“ the ‘mplerrrentarion of agreed projects. As well as being technically competent the successful candidate 
j 0 “Ctrul.-Artjeulate -and numerate with *!' ability to communicate effectively with senior colleagues, civil servants 
}no/°L °f^nous nationalities. Considerable overseas travel will be necessary, perhaps up to 50% initially reducing 
thereafter. Initial salary negotiable £M.00O-£l8,500 + car, nOn-contributory pension, subsidised house mortgage 
Taciuty, free ramify &.U.P A., assistance with' 'removal expenses if necessary. Applications in strict confidence under 
reference IMC3868/FT, to the Managing Directors— 


35 NEW BROAD STREET, LONDON EC2M INH • TEL: 01-588 3 S 88 or 01-588 3574 - TELEX: 887374 

Opportunity, to establish a reputation »id make a distinctive mark— -scope to introduce original ideas. 





Applications are invited from candidates' aged 27-34, who are likely to be working in an insurance company, possibly 
as . an actuary and hold rhe position of number two to the Gilt Manager. The successful candidate will be responsible, 
/cnn^-ir wt,a ^ team, for the effective management of the sterling U.K..; fixed-interest portfolio currently approaching 
c500 million. He or she in addition to making the main contribution in the Gilt department must be be of sufficient 
cahbrs to head up the technical committee^ responsible for reviewing technical practices in’ the sterling, equities and 
non-sterling fixed- interests markets. An attractive salary is negotiable + non-contributory index-linked pension and generous 
lea^e conditions. Applications in strict confidence under reference GPM 10349/FT, wifi' be forwarded unopened to our 
client, unless you list companies to which they should not be sene in a covering letter marked for the attention of the 
Security Manager:-- - ' - 


Herts/Essex border c. £7,000 pa 

We are searching for a professional banking 
manager for a substantial, profitable group 
manufacturing for international markets. The 
banking function is integrated with other 
accounting resources and provides an increas- 
ingly important service to operating units in 
negotiating and supervising bank accounts 
and foreign currency transactions. 

Responsibility is to the Manager, Treasury 
for review of cash forecasts and requirement s, 
management of qashiering facilities, export 
documentary collections and control ssmims; 
and reconciliation of bank accounts. 

The emphasis is on planning and Wtfm}. 
controlling the group’s cash flow needs Ig 
as effectively as possible. |§ |j| 

The man or woman appointed j||g® 
will be aged over 30, be possibly a fc%Hl§ 

qualified banker and must have held a respon- 
sible treasury position in a large industrial 
company for about- 3 years. A background in 
merchant banking is particularly appropriate 
and experience of financial negotiations, 
export documentation, foreign exchange 
markets and exchange control regulations 
will be valued highly. 

Personal qualities we will be assessing 
include the ability to manage staff, precision 
in applying controls, and a style which is 
. mature, polished and acceptable. 
fMmm Prospects for the successful are 
IIBI excellent. 

To apply either send a c.r. or, 
preferably please telephone for an 
Application Form, quoting reference 

Cambridge Recruitment Consultants 

9 Brunswick Walk, Cambridge CB5 8DH.Telephone; Cambridge (0223) 311316. 

ntOCUBRENCY DEAUR is reouirefl for 
E.C.3 Bank. Experienced In C.D.S ana 
knowledge 01 French an advantage. 
Salary £ 6.000 p.a. LOANS AOMIN IS- 
TBATION Assistant and CREDIT 
•ANALYST reou.rprj lor E-C.1 Sank. 
Previous, experience essential for these 
EPSH53 s i. v i f -52 :l5 - Aged 25-30. Salarv 
are. In a position to help- graduntes 
vilth an >r,:u-ros: In banking. L.J C. 
Sanfclna Apooimments. 01-283 99S3. 

Leading international maritime transportation company in Rotterdam 
.. is eorrenti^ expanding its administrative staff and seeks qualified 
applicants forthfef oil owing positions: 


Reporting to the Manager European Financial Analysis and Reporting, he 
Will be responsible for the review, ^ approval, assembly and input of 
accounting entries, analysis of financial accounts and cost reports, providing 
; a continuing analysis of financial account activity, the review and assembly 
of cost and revenue reports, and assist in budget preparation and variance 
■ explanation: • 

* Nationality EEC national, preferably ^British 

* Languages: fluent spoken and written English, another language would 
be desirable 

. * Age around 35' 

* A recognised accounting qualification, or a university graduate with 
financial management experience 

,• . * Two to five years’ analytical/accounting experience preferably in an 
; international environment . 

, Moderate travel and willing t a considegMer relocation 
T * Proven management skills. and proble||solv'mg ability 

YST . . 

^-‘'■Kdpbrting to 'ffie Manager ^European Anilitosis and Reporting: 

working 7 under the direction of a Seiwr Financial Apalyst: performing 
essentially the same function as listed m position A, in less complex areas. 
The profile is similar to position'A, ixcept that age should be around 30 
and only one to three years’ relevant Experience. \ 

In addition to technical competence, candidates should dynamic, but 
diplomatic, ambitious and willing^o play an active “hands-^n” role. There 
are excellent prospects for advancement. 

The salary will match experience and achievement. 

If you are interested in 'either of these posts, please send your 
■ resumfi with salary requirements to: 

Ref. FT01 

. : William Greenway, Partner 
,-i . ’ ■ ' Avenue Louise 523 Rte 30 
B-1050 Brussels, Belgium 




circa £7,000 
plus fringe benefits 

NPJ is one of ihe leading and most 
progressive companies in ihe life assurance 
industry. We wish to appoint an imernaJ 
auditor and the ideal candidate will be a 
qualified accountant who has had coed audit 
experience {either as an internal auditor or in the 
profession) in the financial sector, and preferably 
in insurance. A knowledge of computer systems 
■would be a distinct advantage. Applicants will be 
mature, strongly motivatedpeople uith the 
ability to discuss at the most senior level. 

The appointment will be. based at our v main 
centre of administration inTunbridge Weils 
which issiiuaied’in a pleasant part of Kent 
about 35 miles South of London. Some iravel 
will be required to our office in the Cijy of 
London but only very occasionally to other parts 
of the country. 

Reporting in this appointment will be direct 
to the Company Secretary . 

interviews will be arranged in London. 

The commencing salary w ill be negotiable ut 
£7,000 per annum in addition to which we olTer 
the following fringe benefits : — 

• Staff mortgage at concessionary rales of 

• Non-contributory pension scheme 

• Free permanent disability insurance 

• Relocation expenses where applicable 

Please w rite or telephone 
W. Kingston, Personnel Manager, 
National Provident Institution, 

National Provident House, 

Tunbridge Wells, 

Kent. TNI 2UE. 

Telephone (0892)2ol St 



The Specialists in Executive and Management Selection 

Financial Director 


c £1 0,000 + car + benefits 

Our client is an expanding autonomous subsidiary of anAmerican panant operating 
in the Machine Tad and Foundry industries. The person appointed to this key 
position will report to the Managing Director and be responsible for all accounting, 
data processing, secretarial and purchasing functions in addition to playing an 
important role in the management of the Company. Applicants should be qualified 
accountants who have previous relevant industrial experience at a senior level. 
Longer term" career progression could move more towards general management. 
Conditions of employment are good and relocation expenses are available. 

Telephone 0532 -#59757 (24 hr. service) quoting Ref:, 3275/FT. Reed Executive 
Selection Limited, 24-26 Lands Lane, Leeds LS 1 6LBy;. 

The above vacancy is open. to both male and female candidates. 

^London Birmingham Manchester loeds_ 

Banking Appointments 

-The Gulf 

US$25, 000-35, 000 + Accommodation, car, bonus 

requiSlomexecativJtoits ledge of famfmtotitxL These praatrans 

SSStS^porate finance depart- offer for develpp- 

meStoassisf an established team m meat and capital accmmfiAtjon. 

jnenx to ssusv (V.nfirous salaries will be negotiated 

Candidates^ have a ^g^a^da^hSidSeadweffl: 

guaiStoTaod Renewable contrary are for 2 years. . 

Mervign Hughes Group 

. .'.v •_ Recruitment GonsHlfepts 

^The Life Assurance Company^ 


• Standard Chartered Leasing are seeking to 
recruit an additional leasing salesman. 

The new salesman will be given a marketing 
territory in the U.K. and will be based in London. 
It is likely that he (or she) will be given additional 
European responsibility as the job develops. 

The job itself is to market leases on IBM 360, 
370 and the new 3000. series computer equipment. 
As SCL is a subsidiary of the Standard Chartered 
Bank group, the security of SCL is assured. 

The successful applicant (male or female) 
would need a successful sales record, a knowledge 
of IBM equipment and a knowledge of finance. 

An excellent salary with the potential to earn 
very high commission is offered with excellent fringe 
benefits and working conditions. : . 

If you are interested in this position, please 

John Burke 

General Manager 

Standard Chartered Leasing Company limited 

79 New Cavendish Street 

London, W1M 8AJ. 

Tel. No.: 01-580 0302 


Experienced Personal Assistanl/lage 25-35), male or 
female, required by Partne;-s. in medium sized 
London firm. Must be comp etent to control and 
review computerised privalJ^ client portfolios, 
prepare schemes without supervision and undertake 
some associated Investment re>earch. S/E examina- 
tion standard essential. ; :■ 

Write with details of experience rer nuju>roUon required to: 



Chief Financial Officer 

Financial Director Designate 
c£ 15 fl 00 

O ur client a Jong established company is a nationally recognised manufacturer of 
food products sold almost exclusively through traditional grocery outlets. 
Operating in highly competitive markets most of their brands are leaders in their 
2 ^spective fields. Turnover is in the region of £30 million per annum. 

They require a Chief Financial Officer who will be responsible for the financial, 
accounting raid computer activities of the company including profit planning, cash 
management, tax problems, short and long-term financial activities and banking 
relationships. Hr/shemust beable to continue the development and implementation of 
sophisticated information systems and controls and be capable of interpreting such 
information into sound business decisions. The opportunity exists for promotion to 
Board level a t the appropriate t ime. 

The successful candidate will have outstanding leadersliip skills and be capable of 
operating as part of a tightly knit team. A professional qualification and a thorough 
background in accounting and finance are essential; additionally recent experience in 
food manufacturing in the UK is desirable. He/she will probably be in his/her late 
thirties or early forties. 

Remuneration, which will refiect the importance of the position, will be by negotiat ion 
depending on experience and ability. Additionally, there is- a bonus arrangement. A 
company car will be supplied and usual fringe benefits will apply. 

Please write in confidence for an application 
form to David Prosser, Executive Selection 
Division, Southwark Towers, 32 London Bridge 
Street, London SEl 9SY, quoting MCS/3697. 



▼ ▼ Associates 

t: 1 


the City 

A major international bank invites applications 
for the position of Head of Export finance in 
Its London Branch located in the City. Major 
responsibilities include the development and 
implementation of Government-backed 
export finance programmes for the United 
Kingdom, and foe solicitation and structuring 
of ECGD backed loans. 

Qualified candidates, in their mid to late 
30s, will have experience with ECGD buyer 
and supplier credit programmes, a 
knowledge of international credit and 
business development procedures and 
preferably some knowledge of project finance 

Salary will reflect the senior nature of this 
appointment Other benefits are in line with 
best banking practice and include a company 
car, favourable loan facilities and a 
non-contributory pension scheme. 


REPLIES will be forwarded direct, 
unopened and in confidence to the client 
unless addressed to our Security Manager 
listing companies to which they may not 
be sent. They should include 
comprehensive career details (including 
salary progression to date), not refer to 
previous correspondence with PA and 
quote the reference on the envelope. 

Hyde P.jrL House. 60a Knijhlsbrjdge, London SW1X 7Lt. Td: 01-215 61160 Tel(*\: 278”4 

A member of FA Inemnional 

Jonathan Wren •- Banking Appoi ntme* 

, m Thy personnel consultancy cU-aMhe exclusively 'with' I he bankinc-pruf^^hj 


A financial institution based in a Gulf State wishes to engage an experienced 
Foreign Exchange Deposit Dealer, it is expected That this position will lead 
to a further appointment in London in approximately 2 years time. Salary is 
paid locally, and during the spell inthe Middle East it will be tax free. - 


Our client is a leading international bank, currently operating at its London 
office a mechanized accounting system which is shortly to be replaced by a 
mini-computer system utilizing visual display units. 

The bank seeks to recruit an experienced person with a background in 
international bank accounting, operations and systems, preferably including 
previous practical experience of installing a computer system. Candidates 
should have good analytical and communication skills, and will ideally be 
aged in their early thirties. 

The appointee will initially play a prominent role in managing the installation 
of the new system, an assignment which will develop into a Senior Control/ 
Accounting appointment. 


Our client is an international bank in London. Due to continued growth of the 
bank's substantial Documentary Credits business, there is a need to engage 
ar» additional parson with in excess of 1 0 years varied experience in this field ; 
candidates should have experience in all aspects of Documentary Credits 
work, including Guarantees of all types. .... 

The position carries a generous salary and fringe benefit package, including 
profit-sharing, which will be amply attractive to candidates currently 
earning in excess of £6,000 p.a. 

We can currently also offer several rather iess senior appointments in this 
field, with salaries in the approximate range £4,000-£5,000. 

To discuss the above opportunities in confidence » phase telephone 


>J jr fc *9, 

:: & The Board of a prominent and successful civil engineering contractor, • 

\ | active both in the U.K. and overseas, plans to appoint a new Managing 

* gj Director, aged around 50, to lead the Company over the next decade. The 
r a remuneration package is unlikely to be a limiting factor and the successful 
:: ^ candidate is expected to be currently holding a deputy chief executive or 
~ & similar position in a middle sized U.K. contractor or one of equivalent 
I responsibility in a large company. 

Please reply to us quoting reference MD/ 12911 FT on both envelope and 
latter , ; enclosing a full curriculum \/itae. Letters will be forwarded, unopened \ 
to our Client. If there are any companies to which you do not wish your 
application to be sent, please Indicate this in a separate letter addressed to 
the Security Officer. 

pick Group Advertising LtdjgSw 



t *4^4 J 

Klockner IN A 
plans, supplies, erects 
and finances 

turnkey industrial projects. 
We are an affiliated company 
of the Klockner Group of 
Duisburg, West Germany. 
We wish to engage a 

j ■ 






Th e a pplica nf s a g e wi 1 1 be in th e ra n g e 
20 to 40 and the applicant will have a 
successf ul record in the industrial plants 
expert business, either in a manufacturing, 
engineering, trading company or in a 
merchant bank. 

Basicknowiedge of German orFrench 
would be desirable but not a pre-requisite. 
The applicant must have an ability to 
establish contacts and negotiate projects 

throughoutthe world and toheadthe 
Sales Department of our Company. 

The position carries with it the chance 
of a directorship in return for successful 
performance. The position is ideal fora 
first-class sales manager who isthe 
number two in the present organisation 
but wants to acquire board level status 
within the foreseeable future. 

Applications should be submitted in writing to Mr. H.-J. Pretzel l. Managing Director, 
and will be dealt with quickly. 

Klockner IN A Industrial Plants Limited, 

Berkeley Square Ho use, Berkeley Square, London W1X5PA. Telephone: 01-492 0192. 


Two well established City backs have positions for foreign exchange dealers in 
their mid twenties with a minimum of two years dealing experience. A vacancy 
has also arisen for a sterling anti gilt dealer a^ain with at least twu years 

experience. The salaries for these positions will he up to £7.000 per annum with 
the usual fringe benefits. 


This position is open to people with 
in d*plb experience of .he sterling 
operations of a bank, to include know- 
ledge of accounts, positions, settle- 
ments. sterling inter bank market. 
C.D.’.?. etc. Age range preferred is 
between 2-i and 32. salary. x5,500. 


An international bank requires a 
person in their mid twenties, with an 
extensive knowledge of all aspects oF 
foreign exchange. This position affords 
excellent opportunities for advance- 
ment within the bank and the salary 
will be up to £5.500. 

These positions are open to male or female applicants 


115-117 CiMiw Street, London EC-iN 'SAX Tetqhwie 01-623 7J17 Sc 01-623 9161 

Rocruitmeix Consultants 



Woking, Surrey. c. £8,000 + Car 

Providing specialist consultancy services in town planning, architecture and 
engineering, our client, the subsidiary oi a Candian Group, is currently handling a major 
design contract for a Middle Eastern development ptojecl. 

Reporting lo the Managing Director, the Financial Controller will be responsible for 

further systems development, the preparation o! accounts, administration, and the 
provision ot financial and commercial advice concemina maiect develooment. 

provision ot financial and commercial advice concerning project development. 

Applicants, qualified accountants aged in their mid; late 20’s; should have 
exper ience in a commexcial mdustrial environment. Whilst with the presence to 
eilectivety interpret performance to management ot varying disciplines and positively 
contribute to corporate development they should also be prepared to become involved in 
routine accounting functions. 

For more detailed information and a personal history form, please contact 
Kigel V. Smith, A.C.A. or Peter Dawson quoting reference 2164. 

Ctsrrneraa'iriaiETTia Division 
Douglas Uaxnbics Associates Ltd. 

Ai^ointfln<~7 S MiVuKKixnent Fk-c*uitmi-n 1 C.-ir-uH ,nw, 

■ 4!0 S'l-inJ Lend™ WC 2 R 0 KS Ti-I P!- 336 *SOt 
12 1 Ji.ViucttiI She*. Gli.'ic.. C? ‘jH’.V T.,i- 114 1 . v>fc, ijijj 
CudLua PLica, Edmbui >»h trijTAA.'i'i ! U3I-J25 774*1 



kiddie east y 

In the Middle East^se^fe two outstanding senior executives. 


Reporting to-wtftKesitfent, the Chief Financial Officer 
will have respbikr&aiJr for developing and Implementing 
all corporate-Wfoe do ries. practices, and procedures with 
respect to trej^mv^iccounting and financial control ac- 
tivities, He wiiCL.ii-7 *— 1 - — 

control procedures, and serve as the principal catalyst in 
the financial pterminn process. Responsibilities will cover 
such areas as cdtonercfel and Investment banking rela- 
tionships, corpbi&fc capital structure, external financing. 

ysis, end revfew ^ -analysis of subaldiaiy operating 

The position enn* hr m accomplished financial profes- 

The position cells tor an accomplished financial profes- 
sional having at lea* 10 years of broad-based, international 
financial expertise with solid grounding in treasury, control 
and financial Dlanrrfna. Experience in evaluating fnvest- 

nnntfi inlnV 1 #ipnn(c!i!nn<:. 9<l Woll fie With 

«iio luctu lana mwA will D6 » Mimuuici »n« «ioj» 

effectively in a- relatively unstructured environment, haa 
strong communications skills, a stable, mature personality, 
and appreciated thn challenges associated with a rapidly- 
growing organization. 



The Vice President— Consumer Finance Operations will 
have profit and loss responsibility for the operation of the 
Consumer Finance Division. He will be responsible for all 
marketing, financial ' and administrative functions, and will 
Initially supervise a staff numbering more than 160’peopfe. 

The position calls for a strong entrepreneurial and 
imaginative leader who has had at least 10 years of broad 
operations and general management experience either In 
a consumer or commercial finance operation. Background 
should Include In-depth credit and collection experience 
and 'proven administrative abilities. It is essential that ho 
have demonstrated the ability to manage ail aspects of a 
multiple location business and have an understanding of 
computer applications. Again, strong communications skills 
are necessary as well as a stable and mature personality 
and he must be self-confident, recognizing and appreciat- 
ing the challenges of building a new organization and 
developing subordinate talent 

In each position, a most attractive compensation package 
Is offered consisting of a substantial base salary supple- 
mented by an outstanding incentive plan and other fringes 
including automobile, and furnished housing. Future op- 
portunity in this growing company is limited only by the 
capability and performance of the successful candidate. 
If you are both interested in and qualified for either position, 
please write to gs as the company’s executive recruiting 

Write Box A.6337, Financial Times. 
10, Cannon 5:reet. EC4P 4BY. 


Insurance Specialist 

Our client is a medium sized firm with 
a first class reputation for spe c ialist 
research. The firm wishes to expand 
its roristiTig team covering the in- 
surance industry by recruiting an 
additional person with experience in 
this sector. 

Applicants will ideally he Actuaries, 
Accountants or Graduates , aged 25- 
35. with a sound, knowledge of the 
Composite and Life .Assurance 

Remuneration is negotiable and. will 
certainly be commensurate with the 
experience and ability of the suc- 
cessful candidate. The position offfts 
excellent prospects for advancement 
including the possibility of a partner- 
ship in due course. 

Please contact F.J. Stephens who will 
treat all enquiries in the strictest 

Stephens Selection 

33 Dover Street, London W1X 3RA. 01-493 0617 

b Recnricment Consultants^ 


1-4930617 /* 



Manufacturers Hanover Leasing wish to recruit 
a Leasing Officer for its London-based operation. 
The successful applicant will be responsible for 
negotiating the lease/finance^ of major capital 
assets and will report direct to the Marketing 
Director. j 

Candidates will be in the age range 25-35 and 
possess a proven record of/ success within the 
specialised field of equipment finance. 

Salary will be commensurate with experience, a 
car is provided and there are fringe benefits 
consistent with those of major banking institutions. 

In the first instance, write in confidence giving 
details to: 

Mr. A. W. Dukes 

Manufacturers Hanover Leasing UK Ltd. 

22 Austin Friars, London EC2N 2EN 

James Capel & Co, 


We need an additional Accounts Executive who 
will be working in the department which special- 
ises in the management of trust portfolios, with 
particular emphasis on overseas business. Some 
experience in this field will be required, and the 
successful applicant is not likely to be aged under 
25. - 

Applicants should send a brief curriculum vitae, 

-Financial Time? Tbursd^y.. : Jime-i^jt9f8_ 

A London appointmeni ^ith a British, corpora^oii -whick 
identifiesjiew processes andproduets and fundsthek develop-: 
jnent and subsequent profitable exploitation, by 1 ifidfiStry- It 
draws itslncome frompatent licensing acm^ties, sales 
and dividends* immediate Junds £50m'.' . • \ 

Reporting to the finance director tfip/Wnttpi^-^i^.eTOluate 
financial and commercial' features of industrial development- 
proposals, including ; the finan cial capability of firms involved 4 

ture; professional staff of eight. • . « 

Candi date s aged 35. to- 45 must be quafified accountants witk 
considerable senior experience in industry including acquisi? 
tions and delated company investigations preferablyin hagfi- 
technology sectors. . ^ ^ 

Five-figure salary "negotiable, _cgmprehemiye_. . to 
re-location, assistance. / . ~ 1 •’ ■ ' ^ 

Please send letter of application and career resume .— .. 
in confidence— to Dr. E. A. Davies ref, R.40333^ 

: T B,U 

Thi: aflvMim&tBeptn to men and t^SKOu 1- 

• . ‘ ‘ ; . 7 .V- 

Management Consultants . - . • y. 
Management SelectrorrLrmited ' y 
1 7 Stratton Street London WI X 6DBt J 

for the London branch, of anTnterhatioiiat b^k with an out- 
standing record of profits and good manag e ment . A successful 
performance in this post could lead to advancement after a few 

Aged 28 to 35, candidates must be chartered accountants with 
experience in the commercial field, preferaWy in banking. This 
must include multi-currency accounting. Pensions experience 
would be an advantage. •" • * . - ’> 

Salary £7,500 to^ £8,500. Non-contributory pennon, Jew 

Please send relevant details'- in confidence — toP# Hook ixfi 

b. 26403. .v \ ;; v: 

Th;i appm'inmcM is -pin la men and ,to*v*C ' \ . : : 

Management Consultant^ ' ■ ;5 

Management Selection Limited . >■ V 

1 7 Stratton Street London W1X ©D B 1 ' • 1 * ' 

Charles Barker 

Confidential Reply Service 

Please send career derails, listing separately employers to whom we should 
nor forward your reply, to Charles Barker'Reonfitmept't td. , * 
I W * ai H in iBii ;gtf> F,oor ' Kenedy Tawer^Sndw Hill Queer^wp^t^^ 

Birmingham BJ 6Jt?. . V. 


c. £ 11 , OOO and car 

West Midlands 

Our client, a major company in the automotive engineering industry is now seeldfig tp 
appoint a top flight financial specialist to join their senior management team. * " 

The duties of this interesting and highly responsible key post, whidi reports direct tg.tbe 
Managing Director include the effective control of:- general acco UhtTng^dbst acdbyntTpg 
and analysis; budgets; investments; E:DJP. and systems; tracking the Plant's performance 
against set criteria; analysing variants to forecast and making .recommendations to =' 

consolidate and improve the Plant's profitability- 

Applicants mid 30s/40 years of age with a good educational background /and preferably 
a relevant degree, should have at least seven years' in-deptH experience and tf thorpf^i - 
practical understanding of financial control ^preferably gained within an engineering'; ; 
environment) as opposed to accountancy. The confidence and ability to manage staff irr 
a tactful and efficient manner is necessary.--- -•< • - 

A willingness to travel abroad, initially for about four weeks, is essential. : - T 

Conditions of employment are first dass^nd include good fringe- benefits.' • - • y •• 
Relocation expenses will be paid. 

This post offers an excellent career opportunity for a self motivated _professji 
mate/female, within an 

international group. -A* '• 

i =• : ; 4 r.".^ '.V ; ; 

Please quota reference M^48 



to CJE5000 

Our client, a progressive medium-sized firm of stockbrokers, 
is continuing a programme of expansion within file- private 
client and banking department. A vacancy has been created 
for a person with previous experience to assist ip the ■ 
banking sector and suitably qualified personnel aged, 2632' 
are Invited to contact us. The successful” applicant wtU 
receive a competitive salary, bonus and other benefits. ' £ 
Please telephone Mrs. Lewis on 01-588 5752 dr write to- 
confidence to Birch’s Employment Agency, 34 New Broad 
Street E.c^. 

’TtosHay Jtme 15 1973 

Over £8500 

Oor dfent & a leading company fa tbe high 
' vo *wne dearonics industry. To enable them t© 
continueto compete successfully in their growth 
roari®**, tiiev are now lookftgfor a procurement 
^poblist^ Wfth exceptional ability. A man or woman 
y/ * ) ° can negotiate and coridude cost-effective 
contracts In WORD! mar kets. ' 

With nvAr CM fW - — ^ 


professional, already In a simitar position with a 
major electronics company. 

Naturally, as ProoirementMahager, you wffl 

have considerable support, with a staff of around 
25 people. 

Tou will have 10-15 years’ experience In the 
function and be educated to degree level Although 
.not essential - , our diene’s preference Is fora 
Chartered Engineer who has some knowledge of 
computerised production control. You must, 

■ i p ca^ci ui prwJiuiKn 

In the USAand japan as well as Europe, not only In 
efedronlc components, but also In complete 
assemblies from OEM’s. 

Director, Executive Projects limited. 
Shears Housed H«h Road, London N128QX Tel: 0t-204 0862 



BA Asia Limited, Hong Kong has two important positions to 
fill in its International Investment Management Service Unit. 

Portfolio Manager Marketing Specialist 

Applicants must have a degree, excellent professional 
qualifications and at least five years experience in their respective 
fields of investment/portfoiio management or the marketing of 
investment products. Applicants must be willing to live and work 
In Hong Kong. A knowledge of foreign languages and work 
experience in South East Asia is desirable, but not essential. 

Attractive salaries will be offered, reflecting experience, and 
benefits are in line with normal banking practice. 

Only qualified candidates, male orfemale, should apply. 
Please send complete career details, in full confidence; to the 
Director of international Investment Management Service, at the 
address below, who will arrange for initial interviews in London. 

BANKOF AMERICA International Ltd.. 

Att: IIMS, St. Helen's, One Undershaft, London EC3A8HN. 


s P ec ^ ls ? s *5 fi nanc ® international trade. Although new to the 
market, it has experienced management and adequate resources via its Zurich based parent bank. 

JJLJSJlL a ^® tlier “side person, experienced in documentary procedure and E.C.G.D. 
matters. Ideally, the candidate wifi leave an Export Finance House or Confirming House background. 

of employment will be attractive to the right person and salary will not be a barrier in a 
dynamic Company, where there will he ample opportunity to grow in an expanding environment. 

Wriiewfth full c.v. and salary progression to: 

. . - • - . . The Managing Director 


50-Gresham Street, London EC2V 7AY 




Our client is a major Public Group to appoint a Managing Director 

to one of their successful. Engineenn^^ouipanies. The Company with a 
turnover in excess of £3 million hasSreexcellent history of growth 2nd 
profit achievement and produces high qj|pky precision engineering products, 
in demand, both m~ rhe UK and overiflaj^-^ ... 

The Managing Director will have toalraglbnsibllity for the Company and 
-the immediate ’ objective wHI be to fiirtHmjdeveiop the. Company and to 
achieve a high return on the investment' 

For this demanding and’ challenging -appointment* "re 'is* essential to -have a 
proven record, of success in general jnanagetfient of an engineering company 
with clear evidence of. both com merciayafad /financial .invoVemenr. Forma! 
engineering qualifications could be ad^intageous. \ 

Rewards will include a basic salary between £M,000>£I2,000 p.a., plus bonus 
and normal fringe benefits, including* company car. The above appointment 
is open to both men and women . / \ 

Please apply ip confidence for application form to D. G. de Beider. Knight 
•Wegenstein Limited. 75, Mostew Street, Manchester M2 3HR (Tel: 061*236 
D987). quoting ~Ref. No. 6815b/ \ 

■risibility for the Company and 
[develop the. Company and to 

Banque de la Societe Fmanciere Europeenne 
- Multinational Consortium Bank 
Located in Paris 

.• .; ' fe looking for 


. to increase th e institutional Sides force of its 
' expanding Eurobond department. 

-Preferably aged between 26.JtndS2, the 
candidate should have a good knowledge and 
imderst&bdmg-of international financial and 
capital markets as well as at least two years of 
. experience in the field of international bonds. 
—Fluency m Engiish and working knowledge of 
French are a must, any additional language like 
German orDutch would be an asset 
This challenging job offers attractive compen- 
sation arid good career opportunities. 

Applications, gn’ing full details of qualifications 
and career to date, will be held in the strictest 
confidence and should be sent toMr.F. Periewitz, 
Manager; Basque de la Sodete Financiere 
Europeenne - 20, rue de laPaix,.750t)2 Paris. 

university college of 


Applications aro Invlicj far iho post of 
head of r5PART?.nrNT op 


Most hare cxp-'Menc.- lo Uiuv^rsity 
IcbcIUdf aud research. Tto Donan- 
ment of Ammniinc is in the Family 
of Economic and Social Studios and 
tfw subject is a major* in dcarcL 1 
courses. There an- also Diplomas/ 
Certificates to Areauccuw; and Busi- 
ness Studies. Two mr eonrram with 
posslblHc- of furiht-r umoacf. Salary 
scales * a odor review i Si-ulor Lvcmivr 
P58K-P7US aa- Prof war P7&»P7iSS 
pa. (£1— Pl.SOi. The Bnush Govern- 
ment mar supplement salaries in 
ran*? C.7M.£3.i5« Pa isusrttnB* for 
married appointee and a.l’tt-S.HS pa 
tsler3ttc> for single apnolntw 'cur- 
reuUy under r-ivn-w and normally / rev 
of aJl taxi and jirovMe children's 
edueaiioti aUou'Uices and Holiday vlsu 
passages. Fare tip possum: hoUMnn. 
bagsuc. and education allows nevs: 
30% inducement allova ru-o and H". 
sratuity after 2 yean. Petollcd 
api'Ucadona (2 copies') vrlUi curriculum 
fitac and aaznlns 3 ref.-rev.* to be 
soot to Rpckstrax. UniwsKr Coll cue 
or Botswana, PBO022. Gaborone. 
Botswana. Africa, by 24 July 197S. 
Applicants resident in the UK should 
send one copy to 1UC 00/91 Tottenham 
Conrt Road. London IV IP DDT. 
further details may be obtained from 
eJiher address. 

The Britannia Group 


- requires-an. ~ 


kriwtnh -Fin-cJM^ « >n Indopendwt invutaent mams^ 

group- It cumfltly n, W .-o«r £300m. tor nnlc trons. P*™** funds 
..and insurant* companies .wi . print*, client*. 

THE INVESTMENT ANALYST ,. b e*p««d to >PKM»« j n 
tlKtrical and construction thares. He or- At- will 1 ^ idw ' 
portfalto managers. Aa aUWty » fi«»ra» ideas and to analyu the i«w 
'of other* it essential.. . . ■ 

A' salary Hi the roalon of £5,000/6^100 b efivbsged. ' 

AppHcadons,. which wfll U t rawed id eh* aricun "*****££££ 
^Sbof edwadon. expanse and salary proSro»lw »««• b« *ddr-**^ to. 

_* *fli# investment Director 

: i LendM WaS fctfldnv, Omdea SOM SQL 


Applications are invited for the post ' Of 
MATION SYSTEMS in the Department 
'of Management Studies. Applicants sbooid 
possess a good first or higher decree and 
should preferably have relevant InduKrtai 
or commercial experience. 

Salary within scale £3660-£T30fL U Is 
boned to matte an appointment on the 
lower hall of rise scale. Postcard requests 
for application forms aud.mnher particu- 
lars to Paul Johnson. Establishment 
OBcer. Ref: T8/21MS. 

Loafihboroufib Lcicesiershire 


Experienced and with 
; good track record 

A^ed 27-32 
Good salary 

. Write Box A6389 
Financial Times 
. 10 Cannon Street 

- - ; * . s/ ;v. - '-vH- ■' ' 


wish to fill two senior positions in the 


circa £8,250-1- valuable fringe benefits 

The post of FIN AN Cl AL ACCO U NTANT is concerned 
with the preparation of the Group's half-yearly and 
annual accounts end attendant financial planning and 
accounting development. 

Selection criteria include: an accounting qualification; 
experience of multi-national consolidation as auditor or 
accountant; aptitude for statutory manors - corporation 
tax. Price Commission, EEC and SEC regulations; 
age 24-32. Ref- 926/ FT 

The post ol COST ACCOUNTANT is concerned with 
development arid management of the costing system ior 
the U.K. branch banking network. 

Selection criteria include: business degree or 
accounting qualification; costing or management 
x'^rvices experience; aptitude for numerical analysis and 
problem solving: age 24-32. 



Rate £14 per single 
column centimetre 

Both positions offer opportunities ! or career progression within the Department and the Group and many fringe benefits 
including a non-contributory pension, house purchase and profit sharing schemes. 

Please send a comprehensive career resume, including salary history, and quoting the appropriate reference number, to; 


Touche Ross b ■ Co., Management Consultants, 

4 London Wall Buildings, 

London EC2M 5UJ. 

Tel: 01-588 6644 




Grindfay Brandts Insurance Brokers 
Umited is a median-sized broking house, 
placing all types of business, except 
Aviation, at Uoyd'^and elsewhere. 
Considerable scope exists for business 

The Director will have responsibility to 
the Managing Director for all financial 
matters and for system development and 
general administration. Several years’ 
experience of financial management in 
Insurance Broking is essential and some 
EDP knowledge will be necessary. 

The man or woman required should be 
a Chartered Accountant and must have the 
maturity and confidence to assist a highly 
professional team to develop their business. 

The compensation package will attract 
the most professional candidates, and 
future development will be in the context 
of the whole Bank Group. 

Please write with full career details to: 



R.J.E. Barker, 

Grindiay Brandts Insurance Brokers Limited, 
36 Fenchurch Street, 

London EC3P 3 AS- 

Group Financial 

West London £9,000 4- car 

Our cSent is a major U.K. industrial holcSng Company with over 20 
■subsidiaries and a turnover of £1 50 m. A SmaS corporate 
department provides advice, service and codrdnatton across the 
whole range of financial and accountancy maters. 

TOs appr^rtimerti reports to the Hrxancial Kretaor and 
responsbfflieswi! indude control of Groupfcmdng and cash flow, 
preparation of ooos£4datedfinarv^stal8rnenls .and published 
accounts; advice on accountrig prinoptesahd practice; review of 
internal audit and iaison wftti substiary Corrpanies indurSng 
special projects and tfivestigations. 

Salary a £R000 + car + excellent terms ci employment and 
career prospects. Candkfates ideally aged28— 35 should be 
quaSfted accountants with successful experience in an industrial 
envBonment. ,y Ref: AB643IFT 

REPLIES wHf be forwarded direct, unowned and in 
confidence to the client unless addressed to the Security 
Manager dating companies to which tfjey may not be sent. ' 
They should include comprertensrve earner details, not refer 
to previous correspondence with PA and quote tile reference 
on the envelope. 

PA Advertising 

Hyde Paxk House, 60a KhigWshri«fe®*"&«¥ib«iSVV1X 7LE 
Tel: 01-235 60 W Triex;27874 . 

Ph.D. (PHYSICS) and M.B. A. 

Fluent EnflMsh. French, German. 
So^nlsh. 26 yr. otd Anglo-Spsmsh 
descent Spanish national. Seeks 
posHloti In International Corporation. 

Please write: Arartatfo fie Correas 
1338, Barcelona. Strain. 


Grove WHO® f fl set uo-exoana their 
S£«ai«Y n, crotlde impulse to 
°ow«Jons could need 
*. JSL SS* .i^x ecuywe seeklna r new 
roswente Switzerland. 
5^?inwm > - Tnt- sate ( services. 

4>rer,rfT ’ afimlmaratlon. 

A 635&&S2S5 „ Flewo "*>** Bo* 
A.SJ3«-.'Wwnc 1 i | Times. 10. Cannon 
^treet, eccB aay. 


•* v> ? 

?< M 

Accountant with 
Management Ambitions 

around £7000 City 

Williams &*- ? Glyn's Bank is the U.K.'s fifth largest clearing bank. 
An appointment is co be made in the Comptroller's Division which 
will give an Accountant opportunities co become involved in key 
areas of banking and finance. 

The successful applicant will be responsible for providing a financial 
and management accounting service to a number of subsidiary 
companies and will be involved in taxation matters relating to 
the Bank Group. 

Candidates should be Chartered Accountants with two years* post- 
qualification professional experience able to communicate effectively 
at all levels. Career prospects are excellent and" the successful 
applicant could have che opportunity to manage a tfmall specialist 
team within a relatively short time. 

Remuneration will be negotiable around £7.000, pfus generous 
benefits including subsidised mortgage facilities and a profit sharing 

Please write giving full career details or telephone for an application 
form, quoting reference B.987. to: M. T. Brookes, Williams & 
Glyn’s Bank Limited. New London Bridge House. 25, London Bridge 
Street, London £E I 9SX. Tel: 0M07 3121. 

) lit 

A,: Am 


'-m ■ ' 


£8^00, pSas bonus Bicssr a Age 28-33 

Located in Berks, this appointment 
reports to the Finance Director of a Major 
Division of a diverse, well structured British 
Group. The Division comprises several 
subsidiaries, sane with Important overseas 
interests, end one of which Is the UK 
market leader in its speciaSsed fiett. 
Besides provkSng centraBy controlled, well 
CRsciplined financial and accounting 
services for (he subsidiaries, the Financial 
Controller will be regularly involved in 
providing financial guidance and advice to 

general management 

Candidates, male or | 

female, must be financial Jj 

accountants (A.CA or fjfl 

A.C.CAJ with at least five TY 

years' accounting management f T 

experience fo manufacturing / If 

industry- tdeaDy engineamg AV 

and/or contracting. They win L ~~ 

be accustomed to monitoring performance 
against a fuB range of modem control 
systems and wffl be wel versed in afi 
aspects of company taxation. Some 
previous experience of overseas company 
operations is essential. 

Starting salary around £8,500 with 
substantial profit-related bonus, company 
car and groip pension scheme. The Group 
is strongly expansionist to outlook and a 
rewarding and progressive future is 
envisaged for the successful encumbent 

Please write in 

confidence with brief 
F / relevant career details to 

7 H.C. Holmes, 

^ Bull, Holmes 

f/f - (Management) Limited, 

VylJ^S 45 Albanarle Street, 
r r London W1X33FE, i 

quoting ref: 745. ’■ 





I- - • 



Age 30-40 £10,000+ Bonus 

A prominent International Bank seeks to appoint a Senior and fully experienced Banker to 
control the day-to-day activities of the Branch. The successful applicant will probably have 
reached a managerial position within a Clearing Bank, and will be well used to dealing with 
both retail and corporate customers. This is a challenging and very progressive appointment. 
in the first; Instance, please telephone, in confidence. Rod Jordan 


Age 25-30 £6,000 

European Bank with major expansion plans 
seeks a fully experienced Banker with good 
all-round knowledge of Credits area. Excel- 
lent opportunity for future promotion. 

Please telephone Brian Durham 


Age 23-27 £4,500 

Major Merchant Bank requires Banker with 
a minimum of 2 years' experience in the 
administration of Eurocurrency syndicated 
loans. Ability to accept responsibility 

Please telephone Mark Stevens 

if you are seeking to further your career. In Banking, our Consultants would be only too 
pleased to discuss your requirements. 


•41/^2 London Wall - London EC2-Ts(epbon 

Financial Times Thursday June 15 iW 

Wbour news 

• 'a 

Firemen’s shorter week 
claim for arbitration 


and a iibhucti o ns te cotni 


r Cililll 




Shots out the cold 


Design sbdy project 


<„' St 

TALKS ON introducing a shorter It appeared last week that pro- the Central Arbitration Cora- 
working week for firemen, gress was being made on the mittee under the agreed arbitra- 
wbich have made slow and diffi- issue after employers, who bad lion arrangements. 

a OTTIDY carried iut by a findings and has requested that 

* “45*. c™- 

Com- the Committee continues in] 

Redctfch Tel: BBdCftch 25522 1 

cult progress since the ending of wanted to introduce the shorter The inevitable delay before AN ID ea which «,n the The Thermoblinds should cut 
t> national strike in January, working week on a three-&bi/t arbitration takes place will add double glazing hard out cold do™raught and reduce 

SS& -d devel = t 

t ration 

will bi 

reduo td insult U* M *«* ££« raMeriuls 1STKF «S* 5 ,‘ a V of ' tP&SBm.SSf pta*a 

ing the working week in the fire agreement on change* in work- last Mg ht *bat Jt will pre^nt {he shutters. Patents have been Although it is early days, a rrnQQQ design study contract . Majnifsrturiog Systems Croup. ; flowinfi materials in powdered 
service from 4S to 42 hours. rag practice* applied 'for on the idea which guide figure as to the cost of the tool Ssigners in National Engineering Labor*; m powdered 

The.™. >c niroirfv ctmne imrpct The decision to seek arbitra- mittee and is also to seek an **,.j ■ ... rL..#. - n t cik wltn raa«ji.ue r™ 1 rrZ? j lfiihnd* niaseiuv or granular iorms. ii ua* appu- 

w already strong unrest . The decision to seek are.rra- rnmaem n to seen an w( / uJd use eilherpo^soeyanur- shutters' is in the region of £15 ^ endorsed in lory,. = East. Kilbride Glasgow StKs S d-SSST 

SSS.“-*SSL3~S»S SSSSsS swssms- -asesa-. T^Uer-***-* 

issue will now be considered by Jems. 

Union leaders try 
to strengthen 

Best performance from these so impervious to heat flow, the z*~ 

'core materials is for the first and Thennobiinds can be used in a eOMPOjNEnTS ' 
it provides a k value of O.nt 7 To excessively hot weather to keep w ‘ } 

put this in perspective, it means rooms facing the sun very cool x * 1 /vilkeA a m aa«i*i*A«VI A lft 

that whereas a single sheet of Apart from UuL it provides total A 1 flS BTCGISG BlCSSUlCIIIClII 

alass of fimra thickness allows privacy and could he arranged to rUUO pi V VWV uivkvjua vaaavu -■ 

Basically, -toe new Thelcastle 
development - has a centrifugal 
•fan, a cyclone, a suptiwr. jfarjee 
■and a -two-way material delivery 
unit.yriib baggiag spigots: These 

items jarp supported on a.castpr- 

IPT 119 electronic' pressure bipolar voltage ^ W ty SWigd *»» 'overall 

per square metre and per degree There would seem to be few ;! _* from Darehth Weigh- current for two-wire trans- dimensions of only 3 feet by 

t.. a l-mm Thenooblind with problems in hxmg the units to transducer . . H mission. The sensor is a gorru- 4 ft by 7 ft 0 ips higb. Com- 

2umni airspace and a 6mm -h-.*et existing window frames or dur- rag Equipment Das. oeen 03^- -apsnje stack, displace-- b act - design coupled . w&h 

r,f r wil> reduce *is fisi ,p e in ? .^e construction of new signed to suit both conventional joeoi being deliberately smart.. niobility. enables the conveying 

to 0.9 Watt. 

This is still far better than 


More io formation from Ther 

By Our Labour Correspondent 



THE NATIONAL Society of TRADE UNION leaders yester- Board un which unions are 

Operative Printers, Graphical day decided to try to claw back represented should have control 

and Media Personnel, is to recall some of ^ ground they have of 3,1 ma i° r decisions, not 

its conference later this year , . . merely long-term strategy. 

tori ng electrical supply- cable gas j$es, i&e combined eSept» of these nee Won, complete wfth ;suction 
pressure. process " pressure pot exccedijig ±0.1 pqr cent of- nozzle, which can be inserted in 

companies. ^ "S 

delegates to their biennial con- They are to urge tie Govern- Cabinet— was the White Papers a new p mce s S nr in the I - - SS? .here an improvement TJbelwstte* RK MukX JSonr 

™ rz* asm 01 .*; & ln H 3 J « FARM4NG ~ ~ 
rvix zstz , : s,s 251^ * f ja ®_ farm,ng SIT, 

available. Bill, what they see as the ambi- 0 f < ea is on the board. Members Basic change is that the caisi- 

Last year Mr. Owen i 0 Brren. valence and compromise from of the commiUee are siickinj to pany is introducing much* ninve 

general secretary since May. 1975. , t montfl - s white Paper, 
asked the solicitors to undertake .... 

the TUC bid for parity, but fur (compact stores, built up fmm 

an inquiry into the sale of union 
properties in London. 

They will also seek to have “^.£“"1 ^ JEL "Er^.'SEL: ,^!!!: 

Existing 2970 and -*9'6 
machines will be retrofitted if 
required and maximum store 
capability on the larger machine 
is extended to eight Megabytes. 

Toge.her with these moves on 
hardware, ICL is introducing an 


Cray Avenue. ^Orpington. Kent . filling is effe'cie<F‘.«y-"haiffl-tever 
BR5 3RJ. 0689 72901. operation. 

■ ~ • TheJfAsrte.. PJIL JYflrics; Jfion- 

7 " — : — : : tonfieids -Rcrad.. ftftwrton/'gccles, 

jfilly programined for automatic Manchester M30- SAW. 061 288 
feeding. 0345.. •; ' ; • > 

wrote in last month’s issue rights for trade unions lacor- 
of the NATSQPA journal that porated in the Labour Party 
the matters arose 'ro 01 ‘ ®P" manifesto for the coming 

general election — on which the and" sole* ri"hT to "board" seats’ m manufacturing costs they uiTcr ^“‘applicable* ta^The^'^eo of K.GP1NG TO highlight the Roy« JSbimr requirement far both fill- steel tubular components -at the 
^rae 3e soc et? S run^ S f ™m Bi,1 ’ s fum ^ Spends. where the White Pape? sugg^ ™oi bo ignored by the cm- JhjToler loO have bee^oid ll SfSSSS ^ and ?mplying ' -'T Sc^thorpe^outb Humh^ide 

wouestration under the l“ Meanwhile the TUC nation- there could be special arrange- P“ l ‘- builders. . d ate . and ii provides a perform- aSS.V^iSr'SS tronic. control panel. Filling is works nf Redpa^Dorman Long 

iusrrial Relations Act 1971” aiised irdustries committee has menis for large groups of non ihe new machines are die ante improvement of about 25 j.,,..® }t u -in' disolav the Babra- even an< ^i wl J** out ' nc ‘ 9 p’^9 tonne JJHgfa 

Mr O’Brien aid that' as a invited air Peter Parker, head of union workers. But they agreed .md Lhe -976 E which pro- p t -r cent when applied to pro- SjS'Vi kS? P,r fiS “ ' *»Bon because the loader physic-. Smith vertical plate .bending 

result of actions hp had taken group of State chairmen, to that an Industrial Demnrrecy vide a pvi-Formance respective!., gran-» Tor 19W machines. ^^rSimered of sheet steel aIly W» ads . l he f hrage and at machine. This machine sajd_te 

rertaln monevs due to Natsopa meet them with th^ heads of the Commission he set up rathei 3' tunw h.-tter than the 2M»- in peripherals, the company is nP h^^in^ M /? of ihe conven- s*™* time compresses it. . be the only one of its kind Tor 

luey win ainu lu u/vc j ,v,„. t », a ... „ l,..,,, , ■ . uaruwarc, iv-t. is hiiimuwliiii; an 

. . . . , demana more ttian that tne wait- inriie built up from-. Ik. chips nair 

lh_e,r demands^ for un'qi.’ocr, 1 iag pcrioi he shorleni!d . hi.hcno. Reliability rrf the li?k machme "eviJonSerTr 

Cows get 
fed and 

The parlour is available from MFTALWORKiWG 
.4 x 8 COW to 24 x 24 cow models, w 

Also on show will be the com- D An J 0 . ... 

pan/s peedstor system which IJjgJIfJS IUIU& 

has-been modified and uses the 

straight-up seam vitreous enamel _i _ _1 _*1 • ••.-* 

silo and revolving, revolutionary. Dfaie ’ 

cOTjbihed loader/unlpader which - • . 

will spread, compress, unload FACILITIES for the fabrication 

.... • - . . --- , giren iiidvijiuc ciivituiiuicm — ■* 

Among other points, they want .fT*®!® ! l, |i„ ,rnp f 0 , ved consh cr- f acl [ity which allows programs S Irrif-f 

le union control of workers’ n ' e - lhe P® st t ^ n years anti froni ear |j er machines to b-J run lliiilivll 

• OU It UIIIV1I Willi VI l»l .. • ■ <• V I U 1 ■ , , . - II VIII WHI IIVI UI 

joint representation committees l " e VLM '’, cimMaerable reduci^n vilhout major 
and sole right to board seals. m ma nu ractu ring costs they > *1 : i- 1 - applicable 

where the White Paper suggests cannot bo ignored by the i«*m- which over 100 

modification It ^ „ ; aid : convey. This needs a low of large : diameter, thick wall 

iu -*attn n r KwPlNG TO highlight the Royal- laKnu- requirement for both fill- steel tubular compooaits -at the 

sequestration under the In- Meanwhile the TUC nation- there’ could be special arrange- P ul £ r buiklers. . date, and it provides a perform- brid-e" when ^amm^ other pro- fS l 0 " 1 ™ 1 P 30 ? 1 ’ - 

dusrrial Relations Act. 1971.” aiised lrdustries committee has menis for large groups of non Jhe new machines are the once improvement of about 25 ^nn" disniav the Babra- (o . be even WI 

Mr. O’Brien said that as a invited air Peter Parker, head of union workers. But they agreed -*• •- >rad ioe L9/6E which pru- per cent when applied to pro- , win.-ma Pari/mr tation because the Joa< 

had been transferred into ihe hi 2 nationalised industries at the than leave the monitoring work 
society's account and a sum of the month. The purpose to the Advisory. Concilia Iran and 
£9.500 was still subject to wi, i he to urge State Industry to Arbitration Service, 
inquiry, part of which was being m»jve ahead fas’ or on worker The CB1 is expected to clabnr- 
claimed as expenses. In addition Participation. All nationalised a te on its first, hostile, reaction 
he had given instructions For the 'industries have been asked by to the White Paper today, in the 
sale of gold sovereigns, Kruger- ^'ne Government to declare plans wake of uie Conservative Party 
rands and gold medallions which, (ray August. which on Tuesday announced 

had been purchased as an invest- At the TUC economic com- that it hart reversed its initial 
inent. mittee yesterday, the White approval of lhe document. 

Mr. O'Brien, who was riven rly Paper's general provision for Union leaders have been fold 
re-elected as Natsopa general statutory " fall-hack ” rights of by lhe Prime Minister thnl 
secretary, referred at the con- consultation and Board level legislation will have lop priority 
ference to attacks which had representation were we i corned. in the next session. But it is 
been made on huu during ihe But the idea of two-tier widely assumed that nothing 

>. is capable of 
bending plate • of 
le SOD quality up to 

Watch oo a "ast process 

mono ranscruciea ra row ’ rrjj’wlth operator comfort in mind. The new machine can bend 
pWe piece for added strengto^r j p ^es an etectrie- thick plate by using a combina- 

operated, totiltipoint feed thm Sf three Interchangeable 
nDeratort controlled by a multi- rolls of d75mm. 950mm and 

^^is Sres^d or by a fully pw. 1.090mm diameter. A vefy jrlde 

Pinn ftefnariniir to come' S Tan »* €d uait . which identifies- range of _ material- properties. 


' automatic feedlnn system which blower, feeder. t grain blower, small diaiaeter. tblck wall tubu- 
' ^controlled from ^Suhipoint cha.n-ele valor, r^dial miJIi, pre- lar compooents-for example. 
^ JK JSSt mixers, etc. i 1.066mm diameter cans with a 

- wall thicknesses of 50mm. 

council. Thev confi.roied their 
trust in Mr. 0’>Brien and 
expressed gratitude Tor his “ full 
and clear esplanarion given jn 
answer to the mans jpicks made 
upui! '-rm " 

A 1 il -H-i » taining two Ferranti FI 00L micro- promise to be developed in its 

I iiaJUvJaJ' eU/WI y pmcesMirs. close-coupled. Dr. own right. nnnerreiui 1 * 

v John Brianell. leader of the There are several important 9 rKOLtaalNu 

-■ . 9 . developing group, believes it has application -areas in which its 

moderation talks ?r sss plant mad 

cessor to processor communica- frri1 '' advanced constant mom--*- ^ 

uons poeud bv the rarrag of such hospital patients • j ■ 

BY PAULINE CLARK, LABOUR STAFF ^or concept. ' tu hearl fufTerers. there is the PSI^iPr fO 

dpit-a.m-c u , 1T In parti'-nlar. TCU researchers luonitoring of a wide variety of VWvjlvi 

BRITAIN S chances of avoiding public service employees .sutler- haw COinh ; n cd rigorous prolec- fast mdasirial processes. . v 

L rUS S °k. inflat ,?" 3r> ' waae ln ?, ‘".an unlemered return iu , iun fj! - ^..fiware with the higa Further data from Communi- POnfrOl 
demands this autumn were collective bargaining, and have speed of ha.-dwj re working u> J '.M' cations Office. The City Univer- ^UUU 1 




Bifurcated Engineermg 

to seek £135 BRITAIN S chances of avoiding public service employees sutler- haVc oJJnh’.ned ngorou*= prater- Tast in. 

iv a rush of inflationary wage ing in an unlelhered return ru liljn , i( Slfflware ' wilh lhe H hi .. a Furt ] 

MR. MICK jScGAHEY, president J eTna ^J s *5“ . autumn were collective bargaining, and have speed of hardware working un^'.-r cations 


MR. MICK McGAHEY. president “ em3D ° s . auramn were collective bargaining, ana nave speed of hardware working ur^.M' cations Office. The City Univer- 

of the Scottish miners, yesterday * yesten M ♦ wh ® n emerged as leading proponents direct memory access. The sity. Sl John Srreet, London. MAKING A major drive in the 

urged the union to press for rtOJWmriras \; a ,V£ na ^ . ant * “ie case for ; an unwritten input-output processor controls EC1. 01-253 4399. UK and Europe for its MPC8Q 

f «?s?r f M e 5 m. w T zssttJsrssj&s 

oi tsyssa ^ ^ y rs policies of pa3t Tests passed on time 

the National Union of Mine- 18 on ^ mth ^ Gove n»- years ^ ^ vau waiav originally pursued at Oxford 

workers, he also supported the m S3 L . . . . __ Mr ’ Ul [ ain , s ®i? the conf ^ r ence s COMMISSIONED by the Anglian ins programs for entry of new university and the Warren 

Yorkshire miners' call for pro- 'nr" i h ^ ^ Water Authority after a great data, enquiries on the data- Springs research centre of the 

portion a! representation on the one of the!22 LSI of free deai 0( controversy, leading to a has fv ^chnical timesharing Doi to a stage where three-term 

V ^°LST.!2a22_‘;2K2; «c..n« round of tend,™ , t r ?=. r>nl *•*?«"'»!«» comrol with up to. 32 

Rivet setting, automatic parts feeding arid assembly, 
net weighing machines -gli make an essential . _ 
confribution to efficient production. For this. cost 
saving eq uipment, wise executives turn to o ne 
source of supply -the members of the BE.Group- 
Are you keeping pace in these competitive times? 

Send today for 

The Guide to the BE Group 

Group Head Office: 

Bifurcated Engine Br i n g Ud^ 

P O. Box 2. MandevHie Road. 

Aylesbury. Bucks. HP 2 1 BAa 

Tel: Aylesbury lD29t5j 58 1 1. Telex £3210. 

ctrSL’P {taoc General and Municipal Workers meDt ' erap! °i' ers and > P 9Clf - v,n ' i! - developing and run- The benchmark tested the applied to the plant to do the 

SlFm0 20£S on Union lastweck? when Mr David unions - aDd seeking a broad "| n 7 acceptance tests and its computer'*: throughput, response s Si e j ob> or agl ] a this can be 1 ro-__. R.n^n^rt^ “ th*** wner.-.i wr*f>nr economic understanding with - fHan/y care work in lhe deve- time, on the terminals and its run through eight or more 

TECHNICIANS at Tvne Teesl Basnert ' the seneral secretary Iantnn « w,ta 

Television were still un strike an d chairman of the TUC. also ^e Government 

yesterday preventing the broad- received a mandate to carry on . H< - emphasised that this would 

_ *- I . . 1 1 _ ■ _ i. . ..a i .« in vnl Vtirf o tnint 11 n en*, H nccocc. 

run through eight 

iopment of the benchmark in- aliildy to recover from a variety radially distributed units, 
eluded building databases con- of failures. The Honeywell ^ deve i 0 pers claim, apart] 

casting of ^ adirertisements and ta^ng ^tpaVVito the Evolved a joint “broad assess- V 100 m<f » ”>*«»; 2X" 3,1 from of installation, on 

Government, ««" of eeonomie and wa;e Ao.n.miOs thede-rs at ti,e firat ortempt. plaD , , 0 mi, cuatomero' require 

I oca 1 ly-tra nsn> itt ed p rog ra uimes 
from the Newcastle-based televi- 
sion station for a third day. 

The dispute began when a 
transmissi-m controller refused 
to transmit a cor adver ! *i-?ment 
last week. Management s.niJ yes- 
terday tiiat it was prepared to 
put the Issue through the normal 
disputes procedure, provided the 
technicians returned tn work. 

)Yt*rmiieUl. svuuviuit oim " a-,c l i ■ _ # , ------ __ — piaOl 4U aLLli UlbtUMiCAO 

i“ de £t KiSrJL " ol • da,ab."iS*a n 3 n ^„S Lo^wiAisE ^sM^r- S!!?!- , f " JSS 2 

have spelt out the dangers of commitment to negotiation. 



Pay walkout 
at dockvard 

quality dalabisv,. and instruct. Lo»dr,n. W1A 4SE. 01-580 S361. £rniin«. compared with tte 


TS v get tliv cost down to about 7p control units. SenziroJ. allowd 

gt "5/ per meirc. .process engineers to carry out 

x. wui, j The latest traffic signs 'in pro- parameter changes as they 

g duc-ir.R ai Leeds make use of a require, without any special 

jfOg ■! branched fibre harness system knowledge of programming. 

in v , hlch , mK tun? sten ha'logen Two pairs of wires carry 
P lamp feeds the ends of a large a, l necessary interconnections 

lepfiP bunch of fibres which is divided between each front end con- 

a tn tii-iii-: .- laa ta-nlter nn/I thp M^niral unit. 

Are you reaching 
e American sunbel 

..or just . 

HALF THE workforce of Ports- 
mouth naval dockyard walked 
out on strike yesterday in the 
biggest protest so far m a mount- 
ing wave of unrest over paj 

The rest of rhe fi.000 workers 
are banning overtime and refus- 
ing to work incentive bonus 

The dockyard's biggest union, 
the Transport and General 
Workers, staged the latest jn a 
scries of 24-hour stoppages. 
Other group* of workers to bold 
one-day strikes over the pasi 
week are the engineers, the ship- 

wrigbls and the boilermakers. 

JOURNALISTS WORKING for working lime next Wednesday. A un £j x 

nels P Trvlc^°Srf Threatemn ’ * Ac . ofr ! cial ^ UI ? ion ‘ s ^ bunch of fibSs i 

news service are rareate n,n s AsS o Cjat ion chapel I office ^ to ppivide «enar 

industrial action unless man- t, ranc h) said yesterday that if , r . _ , . of each spot <tien 

agenient makes major improve- improvements j n Lhe offer were ^ A few w.*eks Ranx optics is Q t i, cr ] a ^, ps ' of 
Iment^ on its annual pay offer. no f TOn5 i de red satisfactory, a ^ x ^ retJ ,r ’ announce .is debut JgJ ^ 

A meeting of National 'Union work-lo-ruie would be instituted L 1 ! cawniunjcatJuns optical- a i en , entJ . via 

A meeting 

to pp>%ide separate illumination troller and the cenfral unit, 
of each spot element of a legend. Ncgretti is expanding produc- 
Othcr lamps, of oth<>r colours, lion at Aylesbury and strength- 
feed the same and/or other ening its software and 
elements via integrating engineering teams as well as 


or ’ , - uuu The tuuoo intends convening paid an average or about £2.000 t^ph, * ,n m-Tit- . lines and » 

n »wt Ve inr n< iif tf refus- anfJ |her mandatory meeting of more than Press Association SU rtabl« fu- L-om m u nicjii, «* m Pany us 
t work bnnu, its raembers during norm*! stuff. 

dockyard's biggest union. an attenuation figure i>{ p«.‘rhaps *j van ia-iu 

'ransport and General „ it * - ,J J° :w dB per * ! « ,rji, "L‘ r e- reduction I; 

■ s o f sla sir Peace move at Lianwern a^-st 

ffi 1 / Vi ™ roi" inodtis lhe SrtT HKO ^ TdR Anbury 

n.SJ3LuJ5SS ssrr" *5" '.'r 593L 

“up to a kilometre ” — imp I vine l* r n **‘ re 2 lster 

an aitenuation figure .-{ perhaps ? j 

20 to :w dB per kilometre. rorhSM! ude a ' ,,ari ' ed 
Fur ,iv..r inn vo-erc ih„ reduction in the number of 


puny has been drawing fibres for !" m p. s "* edcd compared with the 
use in straightforward lieht kulbed equivalent f typical jv 
guiding applications win-re low one>. up to aO per cenl 

loss is nol important— «0«d:, /km reduction or power, no comph- 

r . i lamn «wifr>hinn nr, “cun. 

\ .PEACE PLAN aimed at ending rurnueemen. bas now resultc*! in is fairly typical — end pro- ^ ,n P switching, no “sun- 

tite lortnisbt-old dispute at 4,900 other steelworkers being duct has been widely used in Phantoms (there arc no 

British Steel Corporations plan* laid off at the plant from the equipment ranging from internal rellecrnrsl and a bright 
in LLanwcrn. S. Wales, will be beginning of this week, and £4m versatile motorway signs in dash- directional display, 
discussed this morning at a mass worth of steel being imported by board instrument illumina' 'on in Bank hr? also undertaken 
meeting of fiJesL r ui7iaceinen in- BSC to fill the gap in supplies uf the Rnvcr. Jaguar and Pr.ncess sppcific designs for indus- 

volvcd in its shutdown. steel coil for tinplating. cars. try including, for example, ■ a 

The plan has been drawn up dispute began when 100 Rank Optics' turnover in these tiny circular ring of light guide 

by local officials of the National hbstfurnacemer. demanded an "iighl . bending" applications duplex iirilii'cs which look for 
Union- uf Blasif urn act-men after * xUa 43 a week for aewpling exceeds' £im and. n pari frn ; i .the toars in the paper during th° 
suggestions put forward at a nc ' A working arranaements on decorative lighting ba-jiiess manufacture of cigarettes, itsi, c 
rumliKv uiwuug or the union’s LJanwern's No. 3 furnace, the i which leaked soma lim. ago), a roflectinn technique, 
national executive in Middies- ,ur y cs t in Britain. is steadily rising For ihe motor tr.du<»ry it hn* 

b rough earlier this week BSC Was Preuarvd to offer uni* At Leeds, bundles uf lii. .'stare a design, which oas r .*'! yd been 

lh „ r / £1 a week and a work-to-rule led drawn direct from siac;. uf i taken up, for monitor ns bulb 

not nvaitable ten ^ If,c management io shut down rath diameter gla-s rods i ,-^ u gh failure in the vehicle's lights by 

werehoifui ‘Sl 11 ?" the furnace and lay off the men. an overbad f., mw . - taking fibre ’me fr-'-w wh 

H?. uW P rodu “ Another 4U0 biasifuroacenten tubes eacn taking 55 roc- (W location to a pkm view display 

Improve ycnir Profits with 
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weighing machines & 
process control equipment . 

Write or phone tor details of your 
Profit improver 

Howe Richardson Scale Cc.Ltd. 
Amside Rd. Bestwood Est. Nottingham. 

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. The American sunbelt The region :i'v 

stretching from Virginiaand the Cardinas 
in the East to Arizona and N^v Meaaco. 
in the West - . 

'Atentre of growth. Booming in- 
dustjy.^ Rising per-capita incomes. A .. "■■■'. ^ 
rich — and grounng richer — target for .- *" 
your U.S, adverti^ng^ . .../ ;c; -• 

. . But remember this: no other daily - r : 
reaches so many sunbelt decision-makers . 
as TheWail Street Journal. 

We reach more than The Atlanta v 

Journal. Or The Houston Post Or the 
Los Angeles Times. More than any other ~ 
new^japer. . . 

The reason is simple. WeVeAmerica’s - - 
national business daily. Withmiiaons^ " 1 ^ 
dedston-maldng readers coast to coast ‘ 
Indiidmg the affiueirt infltientiais in 
buaness, finance, investment, govennnenL : 

Advertise in The Wail Street JriurnalJ ' -5 

And assure yourself of your place 
in the American sun. ' - - w 

and computerised process eootrol With movement converted to an system to be easjjy manoeuvred . ^.-7: jl d * 

H-stPms. Tvoleal of -its many electrical stenaJ . by a linear tn smv material transfer point. ai M *-t 5 t 


L - . 
V ( \:„ 

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The aSI-Amerko business 


JJ Ventilation Limited 
13 Dowry Square. Bristol BS8 4SL 
L Td. Bristol 291295 

Represented by DJIMS. In London, caU Ray Shariiat -,-v 

D3IMS offi ^ n n,dJor business centres around 1 - ■ - -4 


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How Joan Collins 
and The Stud ; 
made two and 
two make five ■ r 


Tlffi STUB, the shapely vehicle for Joan Collins . 
oCTisefby sister Jackie which scored as a film*. 

a record and a book, iias notched up sales 
£3m in -just two months- Not surprisingly, ' 
champagne corks were popping, but at Benton 
and Bowies rather than- in: the Jermyn Street:-- 
-pight club Tramps, where most of the fiJm was -- 


Benton and Bowles was throwing the parly 
because it' produced the advertising for what 
was very muefa a marketing exercise. Indeed,, 
the media- budget of £350,000 equalled the cost 
of the film. 

’ This was a rare case of synergy, or two ahd- 
two equalling five. Brent Walker raised the . 
finance- for the film and wanted It promoted as.v 
Intensively as Bunco promotes. records. Benton, 
and Bowles produces advertising for the Ronco 
records: and was quite happy to take on a joint 
exercise. One commercial sold film, record and 
book, with the result that the album is now 
platinum,** which means it has made £lm. 
through tbe tills: the film and book have 
contributed another £2m. 

At the Cannes Film Festival the rights' to 
Tbe Stnd have been sold virtually everywhere 
except In the U.S., although three companies 
are reported to be competing for that prize. 

. Tbe initial budget was £200,000 split betweeo 




»,:ri ii» 


Is there a crisis in branding? Have excessive cuts in advertising by the 
bier manufacturers jeopardised the market position of 
their biggest brands? Michael Thompson-Noel reports 


m itt&sSSSB-Bsa MttMwagMgfflH 

to the views of Stephen Kine.i f or ,h e big manufacturers have advertising by 1977. 5££. ,t ^? rf “ d ..a? “.Irenes, 

director of J. Walter Thompson, 

Top B & B 
job goes 
to Miss 

Joan Collins: a £350.000 production budget 
plus a £350.000 ad spend turned Tbe Stud 
into a £3m property. 

Bonco and Brent Walker, but the success In 
palling in paying customers encouraged the clients 
lo add in another £150.000. and there are already 
plans for a second burst after a decent interval. 

who maintains that short-term 
pressures are forcing too many 
companies to cut back their 
branding activities (this page. 

May 25 i. and that crisis is not 
too powerful a word with which 
to describe the situation. 

According to tbe JWT man. 
several very well established B d ^0^^^ 

brands are visibly shrinking 
before their owners' eyes and r * « 
several complete markets are Cadbury 
toppling into unnecessary de- Beccham 

Schlitz returns to JWT 


THE TURBULENT and fiercely 
competitive TJJS. beer market has 
just" produced . one . of its big 
account changes. Jos. Schlitz, the 
Milwaukee brewer whose ads are 
based bn a “Gusto'* theme, said 
at the beginning of the year that 
it was unhappy with the way 
things were going with the Leo 
•Burnett . agency which had 
handled its account since 196L 
It wanted a change. 

Eleven., agencies were invited 
to -submit ideas. By -March these 
had been whittled down to six, 
at' which stage Lea Burnett, 
which had been Included, 
dropped out of the race. Finally, 
after what the Schlitz manage- 
ment described ’ as a “tough 
decision between truly outstand- 
ing .presentations*” the account 
was awarded not. to one but three 
different agencies. 

J. Walter Thompson has been 
named as agency for SchlitzBeer, 
and Benton and Bowles for 
Schlitz Mall -Liquor. . Cunning- 
ham and. Walsh continues as the 
agency ..for the brewer’s two- 
other major, products, Schlitz 
Light Beef and Old; Milwaukee. 

But though - , these agencies 
stand to share an- account- esti- 
mated by., advertising industry 
sources to he worth some $22m 
to $23ra, they also face an uphill 

St ScWitL long the No. 2 brewer 
*n the US- after Anheuser-Busph. 
is going through a sticky patch. 

It was recently edged out of the 
No. 2 slot by .MUIer Brewing, 
the aggressive Vans bi diary of 
Philip Morris,, fee - tobacco com- 
pany, and it reported declining 
sales last year'TorThe first time 
in several decades. 

Although part of .these difficul- 
ties are due to bad. management 
decisions, iocludSag failure to 
recognise the fast-growing mar- 
ket for light or lager-type beers, 
the decline in j the company s 
once-excellent advertising Is also 
to blame, say $oui®p-. 

Last year, inSgibat is ack- 
nowledged to ha^- been an ill- 

advised campaignsiiaenes of t v 
ads showed Supposed Schlitz 
drinkers reacting fiercely to 
suggestions thattbby try another 
brew. The serie*.b«ame dubbed 
as the “Drink Sqgtitz or 1 U kill 
you ” approach,.. wad- propabiy 

frightened man^^er-Jppleis 
off. Since ThwuJjclilitz has 
reverted to tbil^y® 3®j} 
have Schlitz, y%don*tbave 
gusto " theme. butUamage had 
been done which Jxjpe short of a 
complete rethink <OTQd mend. 

The big questjgt now is 
whether the newiSjCampaigns, 
which will probab^APPear in 
August, will stick gusto 

theme, even in a 
Gusto has been the-Scajltz catch- 
phrase for over te^.yejffcm an 
industry, where brand .jRomera- 
tlon ■ is ' enormous and^iWWcteS 

that ideniifies a brew in the 
public’s mind is worth hanging 
on to. On the other band, 
.Schlitz may decide it’s time for 
a complete change. 

In this regard, it's worth not- 
ing that the two new agencies 
have quite different experiences 
in brewing advertising. To JWT, 
it is a familiar field. Apart 
from being Scblitz’s agency 
before Leo Burnett, JWT has 
handled other bears including 
Hamm's and Meister Brau. 
Benton and Bowles, on the other 
hand, bad never directly handled 
a brew before. 

A big figure in whatever does 
emerge is likely to be Schlite’s 
new marketing manager, Alim 
Proudfoot, who, apart from 
being six feet six inches tall, 
has just joined the company from 
Coca-Cola where he was head 
of sales. The decision to change 
agencies was made before be 
appeared on the scene hut it 
was Proudfoot who headed the 
agency selection process and who 
will be keeping a close eye on 
the Schlitz image from now on. 

• In the first quarter this 
year, Schlitz sales fell 10.5 per 
cent* on the same quarter last 
year to $231m. The company 
showed a net loss of SLfln com- 
pared with net earnings of 
S7.4m the previous year *ne 
1077 sales decline was 6.6 per 
cent - 


At 1970 Price* 




dine. Rowutrea ^ 

To illustrate his point, be rhM 3.5 

examined the 1977 MEAL- type ex- d cn Berg 

penditurc of tbe 35 grocery t . ri 3.3 

brands most heavily advertised ""V 2^ 

in 1970. and showed bow this ex- Co'P 1 * ^ 23 

penditure, in real terms, had Brook Bond Oxo - 

halved between 1970 and 1977. 

(Naturally enough, these 35 in- 
clude some of tbe really great 
golden oldies of the grocery 
shelf: Oxo. Stork, Typhoo Tea, 

Bisto. Horlicks. Howls. Lucozade, 

Heinz Baked Beans, etc.). "There 
are of course, wide variations 
around the average," says Mr. 

King, “but detailed analysis of 
the expenditure for the 160 or 
so advertised brands of tbe top 
10 advertisers shows a very 
similar picture." 

What was equally worrying, 
said Mr. King, was that branding 
activities that were measurable. 

5 3 








“ * Source: MEAL 

The table shows the spending on Press 
top-spending advertisers of 19 <0. In to^ltby 
foVabout 40 per cent of all advertising m the food and 
household stores categories. There »e rertain p 0 
of definition. This table regards Lever Brothers and 
Associates and Van den Bergh as «P«ta 
Cadbury includes aU confectionery, Typhoo and hranas 
under the Cadbury name but not other subridian^ Rowrn ee 
includes all Mackintosh; Mars excludes Petfoods. 

bold stores and toiletnes cate 
gories. leaving aside cigarettes, 
alcohol razor blades and patent 
medicines. Quite naturally he 
turned a blind ey e t0 Top Dog 
pet food, whk-h spent heavily in 
1970 but did not advertise at all 
in subsequent years.] 

According to Mr. King: “l don’t 
think any impartial observer 
— 53 could look at the 35 brands and 
—40 suggest they were representative 
_ 4 of the regular manufacturing 
»» cycle of replacing the old with 
” „ the new. Most of them seem to 
- ,3 me the life-blood of their makers. 
— M and from that point of view it is 
—22 worth concentrating on them. No 
—17 manufacturer to whom I ve 
_4 ■% shown the figures so far has sug- 
gested that Ihere isn't a very real 
+ L problem. 

"To repeat a point that it 
seems necessary to go on making: 
the advertising figures aren't par- 
ticularly important in them- 
selves. They only berome impor- 
tant if they are symptomatic of 
a decline in ail forms of brand- 
ing. If they are symptomatic ana 
if manufacturers are cutting 
raison ' d'etre of the maoufae- 
back on these things, that does 
seem to me to be eroding the 
turer brand." 

That is not quite the end of 
their difference of opinion how- 
ever. According to Mr. Baker: 
“Mr. King also appears to be 

Britain5s 14th biggest adver- 
tising agenev with 1977 billings 
of £lB.4m. has set a hundred 
pulses racing by appointing 
Robin Hallsmith as creative 
director. Miss Hallsmith— 
vivacious, 44 — becomes the first 
woman to occupy such a position 
in a top London agency. 

Benton and Bowles has been 
seking a creative director since 
Dennis Barebam joined Leo 
Burnett last November. 

Miss Hallsmith is currently a 
creative head and Board director 
at Ogilvy Benson and Mather. 
OBM is replacing her with Alan 
Rodford. Miss Hallsmith— not 
the best known but easily uie 
best looking of London's creative 
luminaries— worked previously 
at Pritchard Wood, Garland 
Compton. LPE aod Foote Cone 
and Beldlng. 




such' as advertising, may be considerably trimmed their sails. 3-Only ®J5«S£2” n 2“ 
symptomatic of those that are ToUl MEAL expenditure in this spending subs UjMM * 

Stf SSL TSSPSSA -» ov v S J5M 1 <*"9 

S e of t0 a f °brend-R l0 ;K SB 

nrocSs and product improve- Rrnther? Omo in l970 was lems; MaxweLl House-coffee private label brands lack adver- 

tapwv?mMtE“ew l wiiSti.tfm- ^’ 000; last year tbe figUie . WaS (Ariel.^Dai and ° PaimoUve gg| "expenditure 11 on JchSa 

But Mr. Baer's mam point is Sd 

wiif'the bLif of this analysis, that nothing stays still m the terms than in 1975. so were pre- 1977 Maybe here lies part of 
T52^5!S. to him- “The figures m*rket place— that because of sunJably not thought lo be dying Mr _ unhappiness: the 

leem To have "been ebbs and flows and a hundred 3__The Ust of each m dividual ma j or fading agency not repre- 
wdtT the specific inten- and one factors affecting con- year - s top-spendmg 35 brands ted in ^ chain grocenr seg* 
rinn of mSeadfn' thT reader, sumer buying decisions, it is ihsnges, of course. The 1977 list meat is __ you guessed it-JWT." 
Mr Khic has selected the top fruitless to compare advertising contained 16 brands inotm tiie disputes that figure 

KndTnendSs of 1970 and im- expenditures for specific brands ig 70 list, but iU total opo# ^ore to the point, he 

that 11 the market place is over a seven-year interval aBd ture was still 39 per cent below _ e for ^h e tone. 'of the 

totally^atic by examining the draw broad conclusions. that of the 1970 lists spending m g^® entence< - lt - s a p Uy some 

expenditure on the same brands Mr. King agrees there are 1970. . flr e introduced people can’t take you and your 

inl977. and concludes that real nifine rous difficulties involved. offfyiSgbrands. arguments at face value wj- 

S naiture is down by 50 P " JFff S S5u ta ..?4 ^ 

gg SS U one of spent Ifs a W ^e. Pra.jhpg, 

wins £|m 

LLOYDS BANK International 
has appointed Interteam McCann, 
the newest of the McCann 
satellites, to handle its £500,000 
advertising and promotional 
budget in Europe, the Middle 
and Far East, Africa and the 

w WHILE MANY advertisers 
were hastily scrambling for cover 
as a result of Scotland's World 
Cup demise, the TV buying 
group at Lintas has been happily 
following Italy's progress with 
its Wall’s Cornetto Ice-cream ad 
which has a distinctly Italian 
theme. According to Val Knott, 
head of the buying group: 
"We’re rather pleased witn 
Italy's success, and look forward 
to being in the final with Cor- 
netto and Italy." Wall’s is spend- 
ing £lm on its ice cream brands 
this year. 

viously with Cadbury Schweppes 
and Avon, has been appointed 
marketing director at Cussons. 
John Proctor is the new general 
sales manager. 


The aircraft industry has no i 

monopoly on initiatives to reduce noise. , 

Working •withSaab,Renoid. 

/ have developed a technically advanced ) 
i chain drive system for frontwheel { 
^Idrive production cars.Ifs quiet. It has 


in allits aspects. 

For the modem noan^er in industrylife is a more complex 


competitive perfonnance of indiLy in today’s highly ol^Qisedsociety 

ASweefiyissues addupto ahistoty,m-tke-makmgofmdusty-a 

contmumammave of feopimottanddebate,chartmg eventydea^ 

i industrial change and growth. 1 

And tfs as stylish,lively and readable now as ever. . 

Ifs not surprising thatinthe engineering industries more engineers 

and engineering managers read jj-*« 

TheEngineerthanany other I— (V|f — ||V[|— 1“ « 


, Morgm^Snmpim (Publishers) Limited, 3.0 CalA:rv.’oadSl t e=t;LonAmSH86QH.Tcr'phoue 01-8=57777. Aifr 




PijaaiECiai '"TiiEKss 



Protecting individuals against 


ment. of proposition 13 in Caij- 
fnrriia— cutting property taxes 
and limiting the growth of 
revenue — should be seen as a 
warning about how not to take 
major policy decisions. Instead 
the vote has become a beacon, 
encouraging similar anti-public 
sector protest movements else- 
where in the U.S. and abroad. 
If was perhaps inevitable that 
this bandwagon would not take 
lung to attract someone like Dr. 
Rhode* Eoyson. He has said a 
ronservutive Government should 
consider holding a referendum 
limiting personal taxation as weU 
a.-; one on capital punishment. 

EifrC referendum 

This kind of populism must 
produce the occasional wine 
some of Dr. Boyson's 
more thoughtful and less 
publicity - conscious colleagues, 
including those on the Shadow 
Treasury team. But it is the 
price we must presumably pay 
for the successful advocacy of a 
ip ter end uni on the EEC by Mr. 
Anthony Wedgwood Benn. 

This is not to underestimate 
the significance of the growing 
i'-uidii: objection to the level of 
taxation on both sides of the 
Atlantic. It is quite risht that 
politicians should respond to 
iliis concern. The question 
really is how the response should 
Le channelled and whether a rep- 
ri-sr illative method is belter than 
the direct exercise of the popular 
‘-'. iff through referenda. 

The problem is that the 
referendum route docs not allow 
a balanced consideration of the 
•r;n? 0 ! Lienees of a tax-cutting 
n*:c»su»n. My own view after 
vi'-itmg California for several 
»!."•» during the campaign is that 
:■ fcrp.nduni is the worst pos- 
sible way uf curbing the size of 
the public sector. 

Supporters of ihe tax-cutting 
proposal frequently suggested 
I ha: approval would not mean 
the loss or significant disruption 
i f vii:.I public services. They 
«ugge: ; i*'d in effect that Cali- 
firmans could have it both ways: 
i lie lus:-. of more lhan a fifth of 
local revenue could be offset by 
:he elimination of waste and, 
i -turs crudely, by cutting back 
r>n welfare payments. The 
.'•inner view was given respecta- 
bility by Professor Milton Fried- 
man. now a San Francisco resi- 
dent. whii appeared in a series 
•if television commercials in 
supnort of the proposal. 

The- opponents of the proposal, 
including both Governor Jerry 
Bmtyr and the Bank of America, 
presented their own alternative 
ux-ciming scheme. And local 

authorities pre^ente’d hypt* 
•toetical budgets. ; ahowiqg ■ tb? 
implications— for. example 1 ,- large 
.cutbacks in the police force. But 
"this was not conyjtydng enough 
and a Los A ngeles ^ftimes' pol 1 
Just after the ballot flowed- that 
a half of those who supported 
proposition 13 believed there 
would not have fa. he 'any reduc- 
tion in services- 

The immediate result of the 
vote -is almost certain, to be a 
smaller 'cutback than. die. oppo- 
nents warned, but this ia likely 
to be a misleading guide. After 
all, it is election year and Jerry 
Brown is looking for big re- 
election margin in November to 
sustain his presidential ambi- 
tions in 19S0. So he will clearly 
want to try and minimise the 
short-term disruption of ser- 
vices. a state budget surplus of 
over S5bn will allow him to offset 
a large part of the $7bn lost 
revenue in the first year at least. 

A CONTRIBUTOR to the letters 
cplyron : df -The Times recently 
■asked ', rhetorically how an 
Italian judge presiding over tbe 
European Court of Human 
Jtigbfs, ; ; sitting with. judicial 
colleagues from Denmark, Fin- 
land, ^Maltai France and West 
Germany (omitting the seventh 
judge of the Court who came 
from the UK) could possibly 
understand the social and 
political conditions, ok the Iale 
of Man in- determining whether 
the birching -of a l&-year-old 
was a degrading punishment 

The correspondent's mis- 
understanding of this inter- 
national tribunal that sits in 
Strasbourg under the auspices 
of the Council of Europe is a 
common reaction among the 
British public. Each of the 18 
members appoints a judge to- the 
Court There is almost a sense 
of disbelief in Britain that the 
law and practice of these islands 
could ever be impinged upon by 
courts elsewhere. 

The longer-term impact will 
presumably be more severe with 
cuts in spending under consider- 
ation on law and order, educa- 
tion and environmental services. 
The effects are also likely to be 
more acute for the poor, while 
the benefits of the cut in taxes 
will go disproportionately to 
private landlords. 

All these points were raised 
during the campaign but the fact 
that voters were only asked to ! 
respond to a one-sided question 
meant that the consequences 
could easily be dismissed. This 
response has been taken even 
further in a recent vote in Ohio 
which went against a rise in 
property taxes even though this 
could mean that the schools in 
Cleveland do not reopen this 

There are. of course, more 
sophisticated versions of tbe 
tax revolt such as the moves to 
impose fixed limits on the level 
and rate of growth of state 
spending and to require the 
federal government to have a 
balanced budget. Some of the 
wilder ideas are unlikely to be 
taken up seriously in toe UK. 
But there is the danger that a 
desire to cut taxes almost at all 
costs will lead to unbalanced 
decisions. There is certainly 3 
strong case for limiting tbe 
growth of the public sector, and 
in particular of certain kinds of 
transfer payments. However, to 
aebieve this goal in a haphazard 
and sudden way. as seems likely 
in California, will only produce 
an inadequate standard of 
certain services as well as risk- 
ing increased social divisions and 
an eventual sharp counter- 

To understand this inter- 
national tribunal of growing 
importance to our civilised 
existence one has to go back to 
its origins. In the wake of the 
most traumatic onslaught in 
European history upon human 

dignity and rights— tbe Nazi 
holocaust — the nations of 
Western Europe established in 
the late 1940s the Council of 
Europe. One of its first steps 
was to draft the Convention of 
Human Rights and Funda- 
mental Freedom of November 4, 

History had all too con- 
vincingly and devastating!:' 
shown how inadequate were the 
traditional concepts of human 
rights at the level of national 
institutions. The creation of the 
Council of Europe and the adop- 
tion of a Human Rights Conven- 
tion were the first tentative 
acknowldgement that protection 
could no longer be left to the 
tender mercies of national 
governments and national laws. 

The beginnings of this new 
venture in human rights within 
an international context were 
modest. Although the Conven- 
tion specifically envisaged indi- 
vidual citizens bringing their 
grievances to Strasbourg, that 
right had to be conferred by 
individual governments as a 
separate act of accession to the 
Convention. It was not until 
1966 that the right of individual 
petition was granted by the 
British Government, and inevit- 
ably prompted the growth of 
litigation that has been wit- 
nessed in the past few years. 

The right of individual peti- 
tion had long been resisted by 
Britain on the ground that it 
would be contrary to the 
accepted doctrine that states, 
not individuals, were the proper 
subjects of international law. 
That view did not prevail how- 
ever, and the right is now firmly 

The Convention is adminis- 
tered by two bodies- — the 
European Commission of 
Human Rights and the European- 
Court of Human Rights. 
Initially all applications go 
before the Commission. That 
body has three distinct 
functions. It first has to 
examine the admissibility of 
applications by individuals and 
states. The great majority of 
the applications never get past 
the first stage. The usual 
grounds for inadmissibility are 
that the applicant has failed to 
exhaust bis remedies in the 
courts of bis own country or 
that the complaint is manifestly 

Once tbe Commission finds 
an application is admissible, it 
proceeds to establish the facts 
of the case. At the same time 
it takes on the role of con- 
ciliator and places itself at the 
disposal of the parties with a 
view to securing a friendly 
settlement It is only where a 
settlement cannot be achieved 

that the Commission <Hws up a 
report on the facts rod states 
its opinion whether ihere has 
been a breach of tbjj Conven- 
tion. | . 

The final detisi on \ whether 
there has been a breach of the 
Convention is then tak#n by the 
Council of Ministers, or if the 
case is referred to by the 
European Court. RtfApenee can 
only be made either., by the 
Commission or the Government 
against whom toe complaint has 
been made. The individual 
comnlainant has no before 
the Court, although in practice 
he may be heard as Pitrt of the 
legal team for the Commission. 
The judgment of the . Court as 
final and binding. and its prin 
nouncemen-ts on the wkerpreta- 
tion of the Convention. have 
much greater authority than 
those of the Commission. The 
Council of Ministers . then has 
the task of supervising the 
execution of the Court's judg- 
ment Whereas the -Commis- 
sion’s proceedings aro all held 
■in private, and parties are not 
permitted to reveal what has 
happened (although leaks to the 
Press are a common, occur- 
rence) those before the Court 
are conducted under -the spot- 
light of Press and public. 

Not unnaturally the Court 

proceedings bear little resem- 
blance to an- English . 

-Cases are conducted mostly by 
written submissions, and toe 
oral bearings do n°t have toe 
significance that, they m 
Britain, The advocates tend to 
read prepared speeches without 
interruption from the Judges, 
At the conclusion, -toe judges 
sometimes ask questions which 
the parties are normally given 
time to answer. Ihe cut-apd- 
tfaruct of forensic debate is al- 
most wholly absent All this, is 
alien, and even strange, to the 
English, lawyer . used to, toe 
essential orality of the English 
courtroom- There are*- however, 
signs that English- habits- are 
beginning to permeate- toe pro- 
ceedings. This is particularly 
true before toe Commission, 
which has as its president, £ro-- 
fessor James Fawcett who fa 
an. English academic lawyer- of 
international distinction. 'Under 
his influence toe Commissioners 
do question the lawyers without 
ever approaching the state of 
garrulity which is the occupa- 
tional disease of .some- English 
judges, . ...... 

- The outstanding characterise 
tic of the Strasbourg^ CqwV 
which is lost sight of- -by: cook 
ns rotators, is that ^operates 
in thd context of * single ^Can- 1 
vention and outside any unified 
social system.. . 'Tbe Court, is 

purely and . simply concerned-; 
with the human rights enunci- 
ated in the Convention.: When 
it. finds a human rights issue, 
such as fioggihg or third degree 
methods of iaterrogatiwi, -it 
.tends to pursue toe point to its 
togirai. conclusion. And it does 
SQ/gven though it means' ridtog 
roughshod-over various factors, 
such as public opinion o? social 
policy, , that one finds are' the 
.meat- end - drink of .. national 
courts which ; enforce - rijnilar 
human rights:-' • 

- ;A Constitutional court. like 
■the Supreme" Court of the U.S., 
operating within a; unified: poli- 
tical and social system. Is better 

equipped jto bring ihbi play call, 
tbe factors that would modify 
the strict application of a parti- 
cular human right; Once, that 
fact is understood, the rulings 
of the Strasbourg Court become 
both intelligible and under- 
standable, Whether successive 
British Governments find this 
icind 6* international tribunal 
tolerable trill largely determine 
whether -we .shall shortly- have 
a_ modern Bill of Rights. For 
if the courts at .home begin to 
engage in the enforcement 0 f 
human rights, there win he less 
heed, or indeed opportunity, far 
dra g ging Our Government before 
a court that re composed largely 
of judges reared and. nurtured 
in alien- systems of law. 

Powerful Marakas looks pick 
of Newbury Cup six 


Summer Cup has the makings of 
an intriguing race. There are 
only six runners, but each has 
a claim to consideration. 

The likely outcome is a victory 



for Ron Smyth’s course winner, 
Marakas. is a son of tbe late 
Bernard van Cutsem’s Washing- 
ton International winner, 

This powerfully made bay 
showed his best form on his most 
recent appearance. He comfort- 
ably accounted for tbe favorite. 
Nation Wide, in a four-runner 
handicap at Goodwood. 

That race was over 1? miles, 
but I bave little doubt that 
Marakas will be equally effective 
over this return to li miles. It 
was over this trip and II fur- 
longs that the Epsom four-year- 

old showed his best form last 

Both Town and Country and 
Bright Fire look strong possi- 
bilities for anyone brave enouch 
to try for the forecast The first- 
named. not harshly treated with 
9 st has run well in his three 
■races this term The veteran of 
the party. Bright Fire cun 
usually be relied on to find his 
best form here. 

Several progressive middle- 
distance performers are due to 
clash in the Foxhill Stakes, in 
which Town and Country’s stable 
companion. Latin Luck, will be 
carrying top weight of S st 13 lb. 

It is difficult to gauge hn-.v 
good this Homeric colt h. He 
beat Calibrator by three lengths 
in a 15-runner maiden event over 
this course and distance on his 
reappearance this spring. Subse- 
quently he went to Ascot Like 
several other runners here, be 
became bogged down behind 
Leonardo da Vinci in the White 
Rose Stakes. 

T expect Latin Luck to po>c- 
tbe chief threat to the beauti- 
fully bred Stephan o. a chestnut 
colt by Royal Palace out of th* 

Court Martial mare. Nerissa. 
Stephano, who has a six pound 
advantage over Latin Luck, for 
a hat-trick, which could be with- 
in his compass off his current 

I do not intend opposing 
Saved by the Bell in the Child-; 
rey Stakes, despite the claims of 
Captain Ryan Price’s Pretense 
colt, James Hunt. Lester. 
Piagott’s mount, a half-brother 
to the Ascot Gold Cup winner; 
Erimo Hawk, caught my eye; 
when goinq down narrowly to, 
Wait and See at Ynrk last month 
He could be an extremely smart; 
nerfonner in the making. 

cc — The** theatre* accept certain credit 
cards nv telephone or at the-, box office. 


COLISEUM. Credit card. 01-240 S2SB. 
Reservations 01-836 3161. 


TOfl-t and Tomor 7.30 Los Sylph Wet. 
Greening (new PTOdn). SOnlierande. 
Sat 3 and 7.30. Mon. Tue and Wed 7 JO 
Conservatoire. Giselle. 96 balcony. seats 
always available from 10 am day at pert. 


GLOWS TNETRE. _ 01-437 1592- 

E»es.‘ 8.15. Wed. 3.0. Sat. 6.D. 8.0. 

-'■nils must toe ihe hapdest Uoshter- 
. maker 1n : London," D, Tei. An irresist- 
ibly enjoyable even I no, Sunday T lyres. 



U- nErkV * 

ROYALTY. Credit. Cant*. 01-404. soon,. 
Monday- Thursday eve n ings 8.00. Friday 
S-3Q and 0-45. Saturdays 3.00 add 8.00, 

COVENT GARDEN. CC. 240 1086 

(Gar bench a roe credit cams S3B 69053 

Tonight at 7.30: Rlgoletto Kress re- 
places Dvorskyi. Tomer at 7-30: FalstarU. 
Sat 7.30: M edema Bolttrfly. Mon 
and Wed next at 7.30: LbiM NIHer. 65 
Amphl* scats avail tar all dffrts’ from 

Ways by Yarn Svn« antf Lady Greoory. 
For 2 Weeks OMv.. 

10 am on day ot oert. Note: Pej-sp-nar-: 
Tei bsk* tor July Ballet opens Jitlv 1- 
and not June 1. 


2.00 — Peaceful Valley 

2.30 — Fine Tale 

3.00 — Marakas* 

3.30— Hughes Next 

4.00 — Stephano*" 

4.30— Saved by the Bell*** 

5.00 — Locks ley 

2.45 — Abyssinia 
3.15 — Moving Star 

3.45— RibeUaro 

4.45 — Manor Farm Boy 

Until Aug 7 with the London Phitaar- 
monte Orchestra. Tonight. Sat, Mon next 
at 5.50: Die ZanberAote. Tomor.. Sum 
and Tire next at 6.30 Don GloranuL 
Wed next at 6.15: La Boheme. PosdMff 
; returns only. Box office Glvnde^ourwb 
Lewes. E. Sussex (0273 81 2411 L 

HAYSdARKET. - '930 9 S3 2. 

VT mSTS. wed. 2 JO, Sat, A^O. 8 




Must definitely dose - July -l.;,. 

- .' • Ben. Musical of 1977 
Bookings accepted. Major credit tarde-. 
-Special reduced rate for iMtrtaea lor a 
. (imitedpenbd oniy. 

SAVOY THEATRE. • 01-536 -8888. 



- . WHOSE UF* *s IT ANY 

WHS*- '■r.juoumm * Kft 

S3KKT- J 9 “ revs £Tc££ 

Are- EC1. 837 1872. LU3 Pens. 
Eves- 7.30. Sat. 2.30. 


Music and dancers from Ball. “ The 

Open, Preva. July 4 * 5 8.0> Op«** 

Juhr 6, 7-°. pAuL SCOFIELD 


f ffiSS5cV., 

-TR jwr*- 

Directed by CASPER WREQE 

1 'A ' MO M EtfTO U S * pLaT?.*I URGE YOU 

Evgs. it a.TC. ^I. V'sat. S°« 4 8^5- 

SHAFTESBURY. - . CC. ' B36 6596. 

Shaftesbury Are WC2 (Hlffh HaUnen en«> 
Evpp. -845 Mats- .Tuo. 4 Sat. 3.00 


SVSp 'ME l .V^ r : 

' 836 65 B6. 

(Hlflh Hdlbom end) 

: Mats. Tu«s.- * Sat. 3.00 

experience not to be missed.'' Guardian. 
From Mon. next to July 1 FIESTA D£ 



t Indicates programme in 
biack and white 

BBC 1 

fi.4P-7.55 a.rn. Open University 
r -.41 For Schools, Colleges. 11-20 
"n iho Move. 11-30 Cricket, 
Second Test: The Cornhill Insur- 
ance Tost Series: England v 
Pakistan. J.3i) p.m. Chigley. 1.45 
:-;.’.vs. 2.fH) You and Me. 2.15 

■Vicket. Second Test. England v 
'’:iki.«,in. 3.53 Regional News for 
Em kind t except London i. 3.55 
Piav School. 4.20 Sin bad and tbe 
l a mod Demon told by Paul Jones. 
-..35 Heads and Tails. -1.50 Laff-a- 

Lympics. 5.10 Blue Peter. 5.35 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

620 Nationwide. 

6.45 World Cup Report 
7.05 Tomorrow's. World. 

7.30 Top of the Pops. 

8.00 Rosie. 

8.30 Citizen Smith. 

9.00 Party Political Broadcast 
by the Labour Party. 

9.10 News. 

9.35 The Songwriters: Leslie 




A r 

> l 

10.25 I. Claudius. 

11.15 Tonight 

11.55 Weather/Regional News. 
All Regions as BBC-1 except at 
the following times: — 

Wales— 1.30-1.45 p.m. Mr. Benn. 
4.50-5.10 Y Llewod a Mi. star 
Mostyn. 5.55-6.20 Wales Today. 
11.55 News and Weather for 

Scotiand — 5.55-&20 p.m. Report- 
ing Scotland. 11.55 News and 
Weather for Scotland. - 
Northern Ireland — 3.53-3.55 p.m. 
Northem Ireland News. 5.55-6JJ0 
Scene Around Six. 11.55 News 
and Weather for Northern 

England— 5.55-6.20 p.m. Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle): 
Midlands Today (Birmingham): 
Points West (Bristol): South 
Today (Southampton!: Spotlight 
South West (Plymouth). 

BBC 2 


Dirt- ei ion by the way to com- 
j lete letters after typing (S) 
Slops current composition of 
wine (6) 

Hail bird in company seeking 
natiuiKil assistance (4. 4) 
oj«ls on ceremony involving 
fairy (6) 

jli'bny place for third-class 
airman (male) (5) 

Obtain volume, say. according 
to rules i'l. 3. 4) 

Maidenhead is place to lose 
Tor to«? moment (6) 

• «ld boy returns flower to 
braggart (7) 

Girl ‘tfelerniined to skip (4. 3) 
Another ten ring doctor in 
Bury (6) 

Mean birth to lend to bare 
pass (3. 61 

Foirt to house of film star (5) 
Gunners in coffee-house hit 
l :iq buttle (6) 

Play for time backing number 
one horse (S) 

Explanation of things happen- 
ing on the Circle Line ... (6) 
. . . before Scots leader grew 
old us forecast (S) 

6 Confusion when this fruit 
carrier is overturned (5, 4) 

7 Crafty sound to leave in Eire 

8 Draughts threatening Kings? 

11 Attempt to upset runmakers 

15 Tried to find what was ex- 
pected f6, 3) 

17 Check speed of person giving 
present (4, 5) 

18 Understood how to make a 
little mischief lawful (8) 

20 Rent paid to navy (4) 

21 Point parish priest makes to 
builder (7) 

22 Was Inclined toward skinny 
newsman (6) 

24 Inferior line-up's oriental (5) 

25 Red in the arms (5) 

6.40-7.55 a.m. Onen University. 

11.00 Play School. 

2.00 o.m. Tennis: The John 
Player Tournament. 

4.30 Cricket. Second Test: 
England r Pakistan. 

6.35 Onen University. 

7.00 New? nn 2 Headlines. 

7.05 The Engineers. 

7.30 Newsday. 

8.05 Gardeners’ World. 

8.30 Tn Deepest Britain. 

9.00 Party Political Broadcast 
(As BBC-I). 

9.10 Midweek Cinema: “The 
Madwoman of Chaiflnt.” 
starring Katharine Hep- 
burn. Charles Boyer and 
Danny Kaye. 

11*0 Late News on 2. 

II JO Cricket: Second Test (high- 

12.00-12.10 a.m. Music at Nisrht 

B5C-2 Wales onlv— 7.05-7.30 pjn. 
Heddiw. 12.00-1225 a.m. The En- 


9-30 a.m. Schools Programmes. 
11.39 Klmba. 12.00 Gammon and 

SDinach. 12.10 p.m. Daisy, Daisy. 
1220 News plus FT Index. 12.55 
Help! 1.00 World Cup *78. 2.00 
After Noon. 225 The Crezz. 320 
Quick On the Draw. 3.50 The 
Sullivans. 420 Little H<>use on 
the Prairie. 5.15 World Cup 78. 

5.45 News. 

6.00 Thames At 6. 

6.50 Crossroads. 

7.15 Mr. and Mrs. 

7.45 Best -Sellers. 

9.30. Mrs. Am worth. 

10.00 Party Political Broadcast 
by the. Labour Party. 

10.10 News. ' 

10.40 What About the- Workers. 

11.10 Whickers World: Palm 
Beach. Florida. 

12 . 10 ' a.m. What the Papers Say. 

1225- Close: Music by Rodrigo 
with a' painting by 

All VBA Regions as London 
except at the following times: — 


1155 pm An-^lfa News. 2.00 Women 
Only. 120 Rocket Robin Hi.ind 445 
Rmxnerdaic Farm. LOO About Anglia. 
SJS Arena. TJS Eniernnse. UL40 
Pcaimv Film: "See You In Hi 11. DxrlinB" 
.srarrlns Janet Lcigb. Sloan Whitman and 
Bar nr Sullivan. 12 j J am Tfiu Living Word. 


12.50 pm ATV Ncwsrfcsfc. 4Jo The 
Tbrer Muskcri-tfcx. 6.D0 ATV Today. 
705 Emmcrdale Farm. 11U0 fJardtnlns 
Today. UjOO Dan August. 


112.50 pm Border New a 4.20 Code R. 
b.03 Lookaround Thursday. 630 Tbe 
PUdi stones 705 EmmvrtUlr ('arm 
U.U Dancer in Paradise. Tliio am 
Bordnr Nvws Summary. 


1ZS pm Channel Lunchtime N,-» s and 
Whai's On Where. 6M Channvi w-ws. 
10.00. Review. 1038 Channel Late .News. 
10.42 Tbe Open Air wlih Clive t,: U nnclL 
13-18 Play: "Thu Discretion of fiomlnlc 
Ayrea." 12.10 am Cuor&c Hamilton IV. 
1235 Actualities vt Projections 


4.23 am First Tbm^. 12 js pm 
Grampian News Headlines. *30 Gr.imnlan' 
Today _U30 KeUKUans lire r-nwr 
to Cover. 1135 Si reels of San Kran^oco. 
1248 sm Grampian Late Nirtt Headlines. 


1139 am Clue Club. 1230 pm This Is 

Your Risht. 500 WhiVs Near. 5.15 Cross- 
njads. 62a Granada Reoons. 6.45 World 
Cup- 7.15 Emmenlale Farm. 10JO 
What’s On. 11-10 What Thu Papers Say. 
tll-30 The lintun chnhle a. 


1230 pm Report West Headbnes. 1235 
Report Wales Headlines. 2.00 W-iraen 
Only. 330 Bvryrs Lm. OJO Children . in 
l£hH. 4.45 TRo ' FliDLsi>mes 539 Cross- 
roads. 630 Report West. 632 Report 
Wales. 6.45 world Cup. 10-45 Am ou reuse, 
flirt The bow- Film: "The Unseen'' 
starring Joel IteCrea. 

TV C--mra/Wale»— As HTV General 
Service cxci-Bt' 1230-1235. pm P-cnawdau 
r.ewyddion y> D><ld. 430 Min. MauT 

4354.45 Sort® WiD. 6.03-632 Y DjiM 

' HTV Wesif-As nTV General Service 
exeep:: 12.5M.00 pm Report West (lead- 
lines. 6.22-635 Sp un V-’e vt. 


1230 pm Tivws and read report. 230 
Women Only 430 Six Million Dollar 
Man. 5.15 Tiie Bubblit-s 533 Crossroads. 
6.03 S-tMla*! Today. 635 Gamoek Way. 

6.45 W-irld "Cup. 74S Cnrnnaunn Stre-et. 

13.45 Whitt About Lhc Workers. 1105 
World Vllfr'i K-flng. 11 j 45 Late Crdl 
1130 The Trisom-r. 


1230 pm Southern News. 2.00 Women 
Only. 4^0 Dj-nomutt— the DuiL .Wonder. 
435 ThviLb'A blands. 5.15 Belly BOOp. 
530 CroEroodi,. 6.00 Day by Day. 6.45 
World Cup. 735 ErnmcrdJlc- Farm, 
in 43 Tie Praciice. U.10 Yoiir Weh:- 
mlnsier> The Man (rum Ihe Market. 
2135 S^tiih-'m News extra. 12-05 am 
Whal it? Papers Say. 


9.25 am The Good Word followed tjy 
Nurih East K> ws Headlines. 1230 pm 
North East News and Lookaround. 2.« 
Women Only. 630 Northern Life.' 7.15 
Enunero.tle Farm. 13.40. Double Top. 
1U0 An Audtcn'.e wtib Jasper Carrmi 
11.50 The Protectors. LL20 am Eptlosue 


Evgs- 7.30. Mats. Thun. 3-0- Sats. 4.0. 

IRENE. - ' 


Of 1976. t377 and 1B7B / 


Sunday People. .* 


. r 

dtrectM 1 by ¥3 rt SH^LOVK 
*' It packed to burstlne palm with the 
personality and naar .cfleray o* Bn*cs 

STRAND. 01 -835 2B60. Wmdn*»--BJ». 
..Mat. Thun. 3.0 Saturdays 530 and 830 

; . ‘ - WE’RE BRITISH - ■ 


GOQD SEATS £4.00-£13O. 

personality and Baar .«nerav o» Bruc* 
Forsyth." Sun. - Express. " Tfie aodience 
choered.” Sunday Telegraph- 

MDn - 9 - 30 - 

ST. martin's. CC .835 1443. Evs. 8.00. 
Matinee Turn. ZAS. Saturdays S and d. 

. 28th YEAR 


ALBERT. 836 3878. Party jlates- Credit 
card bicss. S3 6 1971-2 irom 8.30 a.m.- 
8.30 p.m. Mon.. Tues.. Wed and Frl. 
7.45 p.m. Thurs. and Sat. 4.30 and 8.00. 

ABLE TO 5EE IT AGAIN." Dally Mirror. 

- -SON PALLADIUM. CC 01-437 7373^ 
Mon., Tues.. Thurs. FrL at 8. Wed. 

In a SpfctKular. comedy Revue.- V 
Sundays June 26 And- July 16 at 5 & B.. 
Special Qooidnp Hot l ine Q1-457 2 OSS . 


Er. 8.0. Mat. Thurs. 3.0. Sat 5.0 A 8:30. 

DP :: 

MAY' PAIR. ’ - CC ' 629 3036. 

_Evui. 8 . 00 . Sat 5.30 and B.4S. 

TALK OF THE TOWN. CC. 734 5051. 
I 8.00. Dining. Dancing (Bars open' 7.15;. 

9-30 Super Revue • 

and at 11 p.m, 


ALDWYCH. 836 6404. (nta. 836 5332. 
repertoire. Tonreh! 7.00. Tamar. 7.30 
with Shakespeare's COBIALANUS tnexi 
pert. 22 June) RSC also at. THE WARE- 
HOUSE tsec' under Wt and at . the 
Piccadilly Theatre .In ' Pettr Nichols' 

VAUDEVILLE. 836 . 9988. CC . Evs. ,8.00. 

Er. 8.0. Mat Th^ 

01-4 J7 J6*6. 
It S.O A 8:30. 

Mat Tues. ZAS sat S and 8. 

) Dinah SHERIDAN. Dulcle GRAY - 
'Eleanor SUMMER FIELD. -James GROUl 

*T£o-enter Agatha with inother wtro- 
duunit hit. Agatha -Christie is staiidno tne 
West End yet asala with another at her 
fiendishly ■ no bp iota -murder mysteries. ’* 
. Felix Barker. Evening News.* 


Evus. 8.00. Sat. 5.30 and a.4S. 


AXMCST FREE. 485 6224.. ~ One Off" 
bv Rob Wilson. Tues-SaL 1.1 S' nan. 
Sun. 3.00 and 5.00 P.m. No show Mons. 


AMBASSADORS. 01-836 1711. 

Nightly at d.00. Mat. Wed. 2-46. 

The World-lamous Thriller 
'■ Seeing the.- play again Is in Net . an 
utter- and total Jov." Punch. Seat Prices- 
£2.00 to £4^40. Dinner ano Top-Price 
.Seat £750. 

MERMAID. 248 7666. Ractaurent 24? 

e^y'^cww’toy 9,1 5i -■ 


A niece tar acton and orchestr a by tom 

* work oT true theatrical 
aenius." Sunday. Timas. 


Boole now. 82B 4735-6. 034 -1317. 



Evgs. 730. Mats- Wed. and. Sat. 2.45. 

A^LLO. 01-437 2663. Erenlnus B.OO. 
Mats. Thurs. 3.00. Sat- 6.00 and B.OO. 

" Actor of. the Year.” Ev. Standard. 
" 15 SUPTRB" N.o.W. 

"Wicicedlv funny.” Times. 


jSyjLfflffia'renUt Ton*t «hd 
Tomor 8 LOyT WQRLDS bv Wllpon John 

ssKrtsr***?* “•j* ? the * tr « 

Mr IS 

WAREHOUSE. Dornnar .Theatre. Covent 
Garden. 836 8808. Royal Shakespeare 
Company Tonight 8.00 premiere prodetn. 
David Edgar's THE jail diary of 
ALB iE SACHS. All seau £1.60. Ad*, 
bkga. Aldwycb. Student standby £1. 

S7.TS THEATRE. • .-01-836 2132. 



" Hilarious ... see tt.” 'Sunday Times- 
Mondsv to -Thursday B.30. .Friday and 
Saturday at 7.0IT. and ,9.ts. 


WESTMINSTER. 01-836 0283. 

"TRENCHANT HUMOUR." D. Telegrapll 
"SHARPLY TOPICAL." Hpanctal Tbe. 
_ .YTremmdous Impact." now. 

Evp. • 7^5. Mat Weds. 3.Q0, Sat 430. 
WHITEHALL. 01-930 6E92-776S. 

Evgi.- B.Sg. Frl: and Sat 645 and 9.80. 
Paul. Raymond . presents the Sensational 
Sex Revue o 1 the Century 
. . DEEP THROAT . . 

nt Sundays, June J 1.17 at 7 JO pm. 
Today Derfflr Jacobi, ista Blair. Julian 
Glover, Harold Innocent In a Selection tif 

ACrntlA THEATRE. -Etiartng X'. Rd. j 
01-734 4291. Mon -Thurs. 8 . p jil. _--F n . , 

and Sal. 6.0 and 8.45. 

Glaver. Harold Innocent In a Selection Of 
Travellers' Tates THE GRAND TOUR 
i' a lolhr tjKjvP* JGuardlanL ™FrU Sat. 
Derek Jacobi as "Byron, with Isla Btglr, 

uiMATir ^ oV F!iwS ar ‘ , il! l u •"'"ESP 1 
JiHnatjc -Lover and the poet 

" Inlectlous. aopeallng. loot-stomplrtg and 
iicarr- thnm ping-" Observer- Curts buffet 

i‘"May it fiw a thousand years' The 
DEAD Graham Collier's laa composition 

wKirer- L’iub Dumi 

before and after «Jiow. Sea^ £3.QQ. 
C« 00. Halt-hour before show best arell- 
■ibls seals £3.00- Mon^Thurs and. Frl. 

DEAD Grahapi Collier's ]tza composition 
based on thewrfdngs of Matcrtm Tnmy. 
Proa pact 1 TWELFTH NIGHT returned 
1 wlval" The 

Times SAINT- JOAN returns June 2Rnd 
'"a great puttormance" The Tfmos). 

OPEN AIR, ^ Regent's Parle. Tel. 488 2431 




12 J8 pm LiiO'.-hUnu?. 4.11 Ulster News I 
Ht-adflni'-J. 6.D0 Rviwns. b-ZO Happ ' 
Days. 715 Enunurdale Farm. 1U0] 
Church R -port. U.a Living and Growing 
12.85 am Budiunc. ' 


1137 am Sk'ppy. 12.27 pm Gus II oner- 
bun '■ Tlinltdars. 1230 Wustward News 
Huadlinr;. 6 DO Westward Dlan'. 1038 
WcStu ard Ljfe News. U^40 Tbe Open Air 
with Clive G num.'ll. 1130 Ploy: "The 
Dncn.-non or Dominic Ayrea." 12.11) am 
George Hamilton IV- 1235 Faith Tor Lite. 


12.50 pm Calendar N-.-ws. 6.06 Calendar 
1 'Em ley Moor and Belmont editions). 
705 Emmcrdale Farm. 1106 Danger m 

■ibis seats £3.00. Mon .-Thors and- Frl 
. 6 pan. port. only. - . _ . 

Lunchtime Theatre- dally at i.IS j.H 
June 12-23. “ 4 5LIGHT ACCIDENT.’ 

WINDMILL THEATRE. CC.- 01-437 631 2. 
Twice Nightly 8.00 aod 10.00. 
Sundays 6.00 tnd fljjq, - - 
PAUL RAYMOND presents 


• Tslccs,.to - unprecedented limits' what. H 
. nermlssIMe on cur stage." Evs. Hows. 

•• --am CRgAT YEAR- 
yFYNDHAM's. _0J-a38 3028- Credit. Card 
Bfcus. 836 1071-2 from .8 30_a:m. to. P-m Mon.-ThKiTs. 8. FrL.and ML 

"very" WWl^. - 
Mare O q ^ 

“ Supreme- cb™jy on-sex- and- reR8ta«* 

.. "M«E^ T u e ^ E With 

- LAUGHTER." ^Guardian. 

Y 5 UWC VIC SSA BS63. New- Cffimw 



RADIO 1 247m 

(S) Stereepltunlc broadcast 
5.00 am As Radio 2. 7.02 Dave Lee 
Trsela. 94» Sun no Bales U.U Pool 
Burnett including 12.30 pm Ncwshcai. 
2.00 Tony Blackburn. 3-31 Kid Jensen 
Including 330 Newsbcat. 730 Country 
Club 1 S 1 (Joins Radio 21 . 10.02 John 

Peel iSi. 12.00-2.02 am As Radio 2. 

VKF Radio 1 aod 2— 5.06 am With 
Rjdio 2 including 135 pm Good Usicnlns. 
1330 With Radio 1. 12JD-2.Q2 am With 

Radio 2. 

by Fritc Spiesli. IQ-30 Monteverdi to ihe 
Beatles, part 2 <Si. 11.15 r nC K' tf [- 
Sc.-ond Test. Encland v Patlqan includ- 
ing 1.35 pm News. 1.40 The Great Match 
1962 ttalhi and 2.00 Landman: sl-c reheard. 
T6.4B LiTcIipes: The Wider World. 7.40 
Variations on a Tragic Theme is. 835 
Drama Now 1 S 1 . 035 Floroat V:..tar1ana. 
Dart 1 1 S 1 . UJ5 A Labour uf L-n.. italic 
by P. J. Kavauagbi. 1035 Floreat 
Vlctorlana. pan 2 iS». 1135 Noh->. mo- 
11.45 Tonight's Schubert Song 

Weather: Drogranttno pews. • 8.00 Ni-ve. 
630 Brain of Rnlaln IPiB. 130 News. 
7.05 The Archers 7.3) Checkpoint. 7-45 
I aside -'Outside: Adjusting la freedom 
after prison. 830 James Cameron with 
the BBC Sound Archives. 3-45 Nation 10 
Nat Inn- The Question of Israel. 930 
Kaleidoscope. 9 -So Weather. U38 The 
World Tonight. U30 Any .Answers? 
1130 A Book 'at Bedumc. U.15 The 
Financial World Tonight. 1L30 Today In 1230 News. 


No. 3.692 


1 Like this fastener to offer 
cnuifort ffi'i 

2 Potato dish Tor willing carpen- 
ter (4. 5) 

5 suit: about the chaplain (5) 

■5 In which treatment is given 
to injured horse (4. 3) 

3 C .0 : H ra-a-"G B 
0 - B H • 0 E Q B - Q 

jssananEiS; 5 hh3b| 

■-< - m s 0 


5.03 am News Summary. 5.02 Ray 
Moore iSt with The Early Show, includ- 
ing 0.15 Pause for Thought and B.-ti Spores 
Dealt. 732 Terry Wosan iSi including 
7.41 Sportx Desk. 8.S7 Racing Bulletin, 
i S.41 Soon* Desk and b .45 Pause for 
Thought. 1032 Jimmy Young <S). 
1235 pm Waggoners' Walk. 12 j.Q Pcle 
Murray’s Opeq Rouse <Sj tncludlDS 1.45 
Sports Desk. 230 David Hamilton IS) 
indudlng 5.45 and 3.45 Spons Desk. AJO 
Waggoners' Walk. 4 j 95 sporlB Dusk. 
430 Juhn Dtmn (Si Including 2 45 Sports 
Desk and B.Q2 Cross-Channel Motoring 
informal ion. 633 World Cup Sports Desk. 
7.02 Gauntry Club iS » including 7.30 
.Sports Desk. S32 Folkneave (Si. 835 
1 Spans Desk. 10.02 WU's End. 1030 Star 
Sound Extra. 1132 Golf; The U3. Open 
Championship (report'. 1133 Perer 
Clayton introducus Roond Midnight, 
including 12.00 News and Golf I further 
repom. 2-00-2.02 am News Summary. 

VHF— 630 am Open Unlvershv 7.00 
With MW. 1135 Recorder R.-cn-j) (Si. 
1L45 BBC Symphony Orcbesira in Paris 
<Si. 1.0 pm News. L05 Prokoti>v and 
Grieg violin recital 'S>. 135 "Ti-nnstucle" 
Opera serla la three jcis, music by 
J. C. Bach. Act 1 iSi. 3.15 Words . , . 
lialki. 330 'Tomlaocltf" An ■< ‘,s>. 

435 Interval Read Ins. 430 "Ti-r.iisioclc" 
Act 3. 535 BflO Brass Eruemh|„ tS). 
535 Open University. 730 With MW. 

BBC Radio London 

206m and 94.9 VHF 
5.00 am As Radio 2. 630 Rush Hour. 
930 London Live. 12.03 pm Call in. 2JJ3 
-106 Showeuse. 4.03 Rome Ron. 040 Look. 
Suw. Listen. 7.30 Black Londoners. 830 
Soul 79. 10.03 Late Night London. 1233 
As Radio 2. 1235 am Question Tlmu 

(ram Up- House or Caramoos. 135— Close. 
As Radio 5. 


EHBsSsnnB- S sheh 

a . ’ m - n v q - 0.0,0* -b] e 


RADIO 3 464m, stereo & VHF 

TMedlum Wave only 
635 am Weather. 730 Navi. 735 
Overture <S). 830 News. 835 Morning 
Concert rSi. 9.00 News. 935 This Week's 
Composers: D'Indy and D up arc ISt. 9.45 
.Monteverdi to the Beatles, pan 1 (Si. 
1040 An International LaazuaieT (talk 


434m, 330m, 285m and VHF 

645 am News. 647 Fanning Today. 
6.. 5 Up to the Hour. 7.00 N-.-.v-t. 7.u 
Today. 735 Up la the Hour fcar.ftnuedi 
including Thmicht for the Day 8.00 
News. 8J0 Today. 835 Ycsh.-rday la 
Parliament. 9.K) News. 935 Thi-au You 
Have Loved. 10.00 News. 10.05 From 
Our Own CarrcBpaadcm. UJo DaiW 
Service. 1B3S Mornine Story. 1130 
News. 11.05 Down Your War. u.45 
Apricnts Or Lumons. 12.06 News. 12.02 pm 
You and Yoors. 1237 Many a 51in. 
Weather: progranime news, uio The 
World ai Ono. 130 The Archers 135 
Woman's Hour Including 2 . 00 - 2 . « *Vcw« 

2.0 Listen With Mother. 3.00 Nmesi 
3 13 Questions 10 the Prune Ministor 
"live" from the House ol Commons. 
335 Wildlife. 430 News. 4.05 

Mart 10 Precisely. 435 Tbe Roof of wale*. 

5.00 PU Reports. 530 Scrtodipiir. 535 

London Broadcasting 

261m aod 97.3 VHP own of york-s. oi -830 5122 . 

530 am Momins Music 6.00 AM: nor- Evenings 8.00. Mat. Wed.. Let. 5-00. . 

lSc Rcportaf 330 ^Irtnw' ^GaK * N ™NAL roOATj^ PRODUCTION | »WJL *AYM$NO ongg *"*" 

isvimiGi, HIM lilui ■*. Udiva HALF'UFh 

3 O'clock Call. 4.00 LOG Reports (cun* " Brilliantly witty ... no one should 

Itnucs). 8.00 Aficr Elntat with lan m,ss !*■" Harold Hobson (Drama). Instant 

Gilchrist. 9.00 N I chi line with Rrrn Jones, cr ‘ w,, car -f' r ^7 a i£3 s 'vY ^ 

130 am Night Extra with Adrian Scon! 

Capital Radio 

194m and 9.18 VHF 
630 am Graham Dene‘9 Rreakfan 
Show »Si. 930 Michael A$pcl (Si. 12.08 
Dove Cavil iS‘. 5.00 n«i Roper Scott cS>. 

7.00 Lord Gecnse- Brown’s Capital Com 
mi-mary 1 S 1 . 7J0 London Today 1 S 1 7.30 
Adnan Love's Open Line <Si. 930 Mukj- 
Horne'i Your Mother Would n' I Like It 
■ Si 11.00 Tony Mr. in i Lam Show '5i. 

2.00 am Duncan Johnsons Kishi Flight 

V \ •i , ‘* " ■' 

U .9 


.lie Go 

fe N y 

'l 7 


s ; 

■ r. 



*a% • *■.,'• 

..'‘.-'•V- ,. *n 


• ■ • • f . " S. 

* -. ■ i% 



1 ' " . , 

,. : f 

. ,.- w .: ■ . "^^ Thursday jtme 15 1978 

^Nw/Efaabeth Hall. 

••"• _ ky DOMINI C GILL 

UI(m (.nna 'StjjJjJjgjj--' i>W«— .J— . . -t 

record by 

Jorw Mi/ton Cape, established a shimmering 
ux)r ‘ d “»w«ienc<atfir remmf Ku from a 

group of 

bass notes 

'SSSi f bnerged in V «£ down 

“we-of hu .otcn design for n <*ch Etude. 

.hours, swift. 13 people on board J9? e character, and 

- June 13 - He wo s£yi rfuUenge - ° f tte Etudes i s their 
interested in ifte practical itnnZi- I er 7 openness: Pianists should 
.cottons of fte experiment The And it fascinating and reward- 
*ts el/, he insisted, twu £ work ont for themselves 

(non. justification different.- schemes of perfor- 

^ r : - . mutce-— very quiet, very loud, 

■»«» form should a review of eve P» uneven, xonsistfrnt. incon- 
-John Cage ideally take— the Miss Sultan gives them 

kS 5^ for irony) Of a perfectly baJd ^- virtually without textural 
oaanK space? A straight review or . dynamic variation, and at a 
• its paragraphs shuffled accord- **&? constant basic tempo, like 
mg to chance operations dictated 8 sequence .of faded mono- 

by the 7 Ching? chrome snapshots. Other perfor- 

.. . mere will doubtless find more 

■ n or Y} e . composition isnot mak- interesting; ways to present 
J?® _ c *toices; but asking ques - them: two years, ago. at the Euro- 
110113 pean premiere in London o£ a 

Threp. i.- Tji . selection . from' the second book 

carte^ m Cage of Ei udes. Richard Beruas gave 
S? a more satisfying: reading, more 

from Part ft If SLi, S3E7* pungent' delicate and varied. 
WMMrflnlrt i £ £ pl v %ords - Why not. for example, a group. 
himsetfiS^r vl»iu e C ^ p0ser or ooe °t * *rc«p, -of the Etudes 
o2 the "aw of^f • t n?- T M €atr *’ p l^ ed P™ piano' e presto po *■ 
absurd- » the idea is stbile?— supremely, difficult, but 

a mix o£ words, part- I should guess an electrifying 

B<>ok Reviews are on 
Page 33 


Before studying Zen, men are 
men and mountains are moun- 
tains. While - studying Zen. 

“ " — things become confused. After 

words and syllables obtained by studying Zen. men are men and 
chance operations from the mou «tn*na are mountains. After 
Journal of Cage's - beloved telffno this, Dr. Suzuki was 
Tnoreau — “ no greater American asked. M Whatisthe difference 
has lived;" a jumble of half-sense between before end after? •• He 
and non-sense spoken aloud, the “ No. difference, only the 
oddest homage to a writer whose feet ore a. Utile bit off the 
own use of words is so pre- ground." 
eminently . uncluttered, keen and ...... 

direct. But the quiet, hypnotic .Oieop Imitation Mas origin- 
magic . . OF the performance aiIy written for piano solo in 
accompanied . (relevantly or ir- 1° take "The place of Satie’s 
relevantly as you like) by much- Socrat * as an accompaniment to 
magnified slides of Thbreau draw- Merce Cunninfibam s dance 

ings. cast its own shadow: a quiet ft an Wl5‘ e °. Ch copy ‘ 

deliberate delivery, close to the "Sbt holder had refused penn is- 
microphone — was - there once or to arrange'.tbe original for 
twire a flicker of laughter in this P ia , nos - Cage later arranged ; - 
surreal and gravely beautiful Chenp fmttatum for an orchestra i ? f. r f ot r ( 
liturgy? - of 24 to 95. players, and ihis;™|j> ®» a 

year, at the request of the 
"I am. still really thoroughly violinist Paul Ziikofsfey, for solo 
puacled bp this -imp of compos- violin — “in order to do it. I 
irtg by- observing im perfections study under Zukof sky's patient 
on paper, it is th« being tutelage, not how.lo. play the 

Holland Festival 

Der Kaiser von Atlantis 


Money was again in short Tcasons. above all by meditating, siQS er S- ,'0 which only Gabriel 
supply at the Holland Festival in the light of the work's History, Bacquior s Leporciio (despite 
tins year. There had been hopes on the final aposirophe to death reduced vocal means). Lillian 
. oT.rtsgmg /or the first time He — •* Komm. Tod, du unserwertcr Uat5on s Zeriina and Ellen 
.Twfjl, a ’rill Eulenspiegel opera Cast,/ in unsers Herzens Kam- Shades Elvira Mere able to sug- 
|trom the 1930s by Jan van Giisc mer./Nimm von uns Lebens Leid g®s f a u>‘ passing awareness of 
t cl.1944). which had evidently uad Last; Tuhr nns zur Rast/ Mozartian felicity and grace in 
made a strong impression in the nach Schmerz und Jammer” — their music. Edda Moser, the 
1976 Amsterdam concert per- this seems to me just as it should Anna, seems to have developed 
formance that was its belated be. The work is a document as a dreadfully blowzy, hard- 
prenufer.?. Jn the event, all that well as an opera. pressed method of vocal emis- 

could be opera tit-ally afforded The producer, Rhoda Levine, si® n recently— A here is the 
was a single aew production, I3ou aiu j ^ l?r designer, Robert Israel, sweet, full lone of only a couple 
Ginoanni by. G5tz Friedrich, and had devised the staging as a ^'* rs a S®- Riidigcr Wohlers’ 
ItiiSJI'i J’ 1 ” 1 Performance taking place inside Ottavio sang his words as if 

i“"v? b y Oilman {first 'rheresienstadt nr Auschwik:. as «adinf! them pbonetically off a 

Orougflt (o light by the IVellier- n were, with hareb. pitiful, and fafit-maviitg telecast. In the title 
lands Opera in 1975) in a double threadbare props and costumes. f° le » Wolfgang Brendel strained 
i l «L22? h Schoenberg’s Pierrot an d a demeanour on the part every nerve to make himself 
L "’i£ur .... a f players implying over- the swaggering vulgarian Fried- 

The facts of Ullmann’s liFe und whelming physical and spiritual rich “as wished on the character. 
de ®th arc briefly and painfully depredation. This was, 1 felt, a ib defiance of every bar of bis 
told. A Czech Jew born in IS9S, serious error of judgment; for music; but though tall and 
be became a Schoenberg pupil in any dramatic colour inherent in presentable of face and figure. 
Vienna, and later conducted the work tended to bo over- he signally lacks magnetism of 
operetta and taught music in balanced, while at the same time personal!!;. jn d voice — lhe 
Prague. His compositions include the symbolism in ihe text was phrases were square-cut. and 
a Peer Gynt opera, a piano con- unnecessarily underlined. (Was choppily utiered. The sets, the 
ccrto and much chamber music, anybody in lhe audience reall|i familiar Friedrieh amalgam of 
In 1943 he was deported in in danger of ignoring symbolic black, metal, and props on 
Tbercsiensladt; there, with Peter overtones in the opera, or of tracks, were this time bv 
Kien, a talented caricaturist, forgetting for a single moment Andreas Reinhardt. The efficient. 
P? et, _ P amt ? r - and musician as its background?) Coupled t« uninspired conductor of the 
ms librettist, he wrote per this outbreak of Producer’s Radio Philharmonic Orchestra 
Kaiser, -j ‘ Legende in vier Interference were instances of was Hans Yonk. 

Bildern. Tbe piece was intended rather feeble sub-Becketlism in Though not reflected in the 
performance by prisoners, the acting and some rather choice of opera, the theme of 

Ian McDiarmid, John Carlisle, Frank Windsor and John Woodvjne 

Lo'uiinl 6wt 


for _ _ ^ 

and was evidently rehearsed (the under- projected singing — the the 197 S fes rival fa "folk-art and 
roil-cau nf proficient players and Emperor was inexcusably weak- its relations with classical art” 
singers must have been consider- voiced. 1 don't believe this pro- (whatever th.» latter may be) 

«-!* • “V , , was w balined be 1 r ° r ®J!" dutl * on does fuI1 justice to Der in addition, music theatre events 
/howwg. In 1944 Kaiser, even though the playing (Kagel. Cage. Stockhausen) and 
ann and Kien were truns- of the 14-man orchestra was a n eniovabl-- h^teroeeneous mix- 

d?eT d TL A S a W f 'Thftfaht’tn spir ’’r d , and aecuraie. But I'm lure of'.-oncens and dance fills 
died. The opera was bought to grateful to have encountered it, out the bill. On Saturday even- 

ha ^ w,lh lh ^i. a n the same. i nB 1 eb-cted to "o to Rotterdam s 

S n l 974 . lhli ? core l ' an ] c l “ Producer is in was on display S pf e ndid De Doeien concert half 

ni t h^t 0D ;,'s V* e ted ' Wilh r ' wn * eanw ar the AmS,er ' where lhe 

and its chamber orchestra scoring dam Slads.-ichouwburg. in a Don 

completed, by Kerry Woodward. Giucanni disfigured 

conductor of the Amsterdam woret features of a Friedrich of . Mozart and' Diepenbrock J win 

Every Good Boy Deserves Favour 






by all the birthday by 

Rotterdam PbUhar- 
celebraling its 60th 
giving a programme 

performances 3 ° f theSC festH ’ aI P rod ” ct J r,n - an(i with .very Tittle ^der' David Zhfina^ who^ext ln the way of redeeming theatri- ..^ qr r p n i ai .^ c lH . Wsart 

T ??. fu J! Ulle .! s ™c_Kmjwror c . a . , yi. , J ,hl - v .-.T h ?J lsl of . , tbe P^the orche<tr a 'z chief conductor. 

Ip the Po^ihom Serenade one 

His cell- plucks the arpeggialed ninth of 
EGBDF on his violin before 
despatching the lad to wander 
through the musicians’ desks 
reciting “Papa, don't be rigid, 
be brave and tell lies." 

Previn's score is a superb 

! o/ At (ant ?K. or Death Abdicates, ducer's revisions of and 
(tenon sings mourn- accretions to the libretto is long; 
world now ruled by 

could hear how much more 

violence and war. in which be 
no longer has the power to make dir” that lakes place in the 
people laugh. He begs Depth cemetery (Anna has arrived 
l bass) to release him. but Death there by night to place lilies on 
refuses. Overall, the Emperor her father's monument, and is 

notable among them a statue ^ 5SU reiJ the orchestra sounded on 
that makes no move, a Non mi home I0rril0rv th3n in its rather 

hard-pressed Albert Hall concerts 
during last year’s Prom season. I 
Afphons Diepenbrock (lSd2-: 
1921 j. placed by Grove "at thej 

What an extraordinary piece because of the food "). 
of music theatre this is! I did mate, Jvanov (Ian McDiarmid). 
not see the only previous per- is a bona fide eccentric who 
formance, at last year’s John imagines himself to be a triangle 
Player Festival in the Festival player in a large orchestra. They 
Hall, but wilh a new- cast and are supervised by a dotty 
an ad hoc small orchestra under Doctor (Frank Windsor) who 
the baton of Michael Lankester, actually does play in the 
the happy collaboration of Tom orchestra and turns his clients' amalgam of Soviet styles, but 
Stoppard and Andre Previn objections inside out by adopting especially good in [he Frokofiev 
about two inmates of a Soviet a brilliantly funny lateral line pastiche department. Ralph 
psychiatric ward looks set to in Stoopardian chop logic. Koiiai’s design contains a grimly 
the wide audience it In the background there is a peniieutial bed -sit within the 

schoolteacher vainly plush red of a concert hall, and 
i-duriite Alexander's Trevor Nunn's precise direction 
in the preliminaries balances serious argument and 
linguistic conceit in appro- 
priately equal proportions. The 
show only lasts 6S minutes but 
it says more m that time than 
a volume of documentary 

deserves. . grim lady 

Alexander (John Woodvine) is trying tn 
an insignificant writer on the young son 
fringe of a dissident group whose of geometry. The languase 
response to authoritarian perse- fuses geometric imagery with 
cution is glazed puzzlement and musical terminology and the 
the start of a hunger strike State line on freedom of the 
(“We’ve onJv had one hunger individual. The young boy at 
strike here before; and that was one point visits the doctor, who 

sens, whom he rules by means little scene enacted in un cm- thpn r ;, in „ - rtr icinallv 

of the Loudspeaker (baritone), barressing silence— bon- thought- funded hf a \ii \u w die festo 
proclaims universal war as the Jess of Mozart to have left no £, rl.u 


thoroughly puzzled that makes violin, but how to become even! ,h aritnne> isolated from his cili- tbc-re discovered by Ottavio, this ^ ^ of lh ,-. Du «' h sc hool of com- 

d possible for me to work. I more baffled by/ its almost un-' wnc u ' hr ’"’ r ’’ ,fte K ' — *- M “ ' — * - ~~ 

am puzzled by hearing music limited flexihOity.;- Cheap Imita- 
1 Dell played, too. If l‘m not tvm for violin -is one of the 
-puzzled, it wasn't well played . . ." results of this study. I wrote the 
,t_ tj... . .. „ „ „ , notes. The editing is Zukofsky's. 

J ’i. Gre i« though he did it^in my presence 
Sultan played 16 of the 32 and often asked -me. of which of 

EtliM&s i\u&tT(Xl€$ for solo piano, several nossihilittBS j Dr^fcrrcd M • , . — 

Only the pitches and a few The piece unwinds sometimes it 0 return work: Death agres. instead, 
genera/ dfstmetioos of, duration muted Quietly Soured bv the!? 1 " 8 as t ls condition that the — - 

are given by the score, which souj-!sweet titahS of mean j n J Emperor becomes h-s first vjc- 
Cage prepared by chance systems 10 nation, a lonely Jnonody. sung [ ^ n,arr' na,e c,anfies thl? In, ‘ 
from a book of star maps of the ani j dear.- -"nie perform - 1 
southern hemisphere. Atlas ance j s good. We -are, gently, \ 

Austi-al». Tempi and dynamics puzzled. 

do ' these things. 
complex nothwig cfmnges. ’A _ . 

fe r - 

Greenwich iV 

of every citizen. Death music for Friedrich’s opera.'); a men's choi us and full orch^tra' 
retaliates by withdrawing his final down Fa II without the R| buff , fr - ir '' th „ d D l r r 0 ?mers for 
services from mankind; great descent to Tell— luridly painted - 1he wn,-k P was^^ned 

suffering and rebellion ensue monsters doing nightclub dance- ™ h u °'" d L™. '. ’nLnalfv to recast 
Finally, the Emperor bees Death routines finish Giovanni off ; t au ^ d (^^^.^“^^cboru/and 

organ; this concert marked the 
The list or elaborations to the performance of the original 
action is do less long. Through- v ersion as completed by Hendrik 
out the opera, red lighting marks Andriesren. A work of noble 
the spot where the Commenda- purpos e and large scale, 
tore died, glowing up at Signi- limited hv 

Der Kaiser con Atlantis evokes 

remain free . for the performer 
to choose. The music "sounds” '* Unless 
like a star map: a 



is revealed as a competent and 
fluent piece without special in- 

feeling of 
monotony in the gait of its six 
There is much super- movements — everything seems to 
of minor characters ^ j n Die same andante moderato, 
batii is played 

The Golden 

by B. A. YOU N (y.y ’ . *>. 

The title covers a bill of five who knifes his sgfi lest he should 
short plays by some seminal grow up like jfis, the tinkers, 
writers of Dublin’s Abbey .father; and ffrte Pot of Broth 
Theatre. They are directed by tells jokily hdw a tramp swindles 
Siobban McKenna and. insofar a countrywttnan into providing 
as 1 am qualified to judge, seem him with srmeal by pretending 
to me absolutely authentic in to sell her a magic rtone. The 
style. The sets on tbe open stage final play, Synge's Riders to the 
are reduced to the necessary Sen. is ; probablv the best-known 
minimum, and the excellent dom- piece of the evening, even if oiyy 
pany. all hat one of Them . Irish- through Vaughan Williams. Its 
and she an experienced stage tale of the old woman who loses 
Irishwoman, have the eharac- the sixth of her six sons after 
teristic- singing delivery of the a supernatural visitation is 
lines, so different from most really the nearest to a soud work 
speech in the English theatre of art, and with Siobnan 
todav. This is a proper medium McKenna at its centre H. pro- 
for the demi-poetfc treatment of vides a moving half-hour, 
the pretty Irish talk used by all . But the trouble about ah three 
three of the writers represented authors seems to be that though 
— Lady Gregory.- Yeats and they wanted madly to write 
Snree. about the “farmers and potato 

Lady_Greg°ry. though she evi- j 1 { f t |^ rS ’ ab Jut y ihem ^aod their 
dently bad a sharp ear. ts the 

least interesting of the: three. 
Her. little tale of an Irish police- 

characters were museum recon- 
structions. Their plays are of 
much academic interest • and 

. - ,_l a i fflUCU acdurmii. 

man conned by a wanted rebel some sentimental interest Then, 
into letting him past the cordon ^ graCe of God Sein 

sanitaire- is no more than a 0 - Casev came along and native 
puffed-up bar-room tale, and no . theatre became a real thing 
doubt owed its production tp its jhowg Irish jjf e as seen by 
tinge of nationalism and to its - potato-diggers, and. the 
author’s privileged position. jjabllo workers. tbcmselveS, : un- 
Yeats is represented by three filtered throueh an alien intellec 
pieces. ■ The Cat and the Moon filtered through an alien iutellecL 
is a typical piece about beggars - 
at a holy well. given the choice 
of blessing or cure. There is an 
odd forecast of Beckett about it. 

Purgatory .. deals with a tinker 






As we Sre one ot the largest 
leasing companies, we can 
deliver many makes right 
away that you could wait 
months for elsewhere. 

who else has over 
ah makes of cars and 
light commercials. 




PO. Box ^Savanoaks Kent. 

Jazz on the 

A series of Friday evening 
jazz cruises on the River Thames 
is being launched, on 23 

with the Mike Westbrook Brass 
Band. ••/' ’ 

The succeeding Fridays, will 
feature rhe following groups: 
June 30 Big Chief, with tenorist 
Dick Hecks tall-Smith: July 7. El 
Skid (Elton Dean. Alan Skid- 
more,- Chris Laurence. Louis 
Moholo); July 14. the Harry 
Miller Four; July 21, company, 
with Derek Bailey, Evan Parker 
and Ton v -Oxley: July 38. the 
Mike Osborne quintet; ^and 
August 4, Elton Dean s Nine- 
sense. . 

Embarkation is from West- 
minster Pier promptly at 7A5 
pm, return at 11. Tickets, sold 
only in advance. L - ost £3:75 
(students. Jazz Centre Society 
and 300 Club members, to).- ■ .. 

The events are being organ- 
ised by Ogun Promotions, part 
of Ogun Records, to whom 
applications for tickets should 
be made at 35 ®h° 1 J. ft ^y enue ’ 
London, NW3 (794 4490). 

Suzman, Scales and 
. Kohler at tbe Open. 

Janet Suzman. Prunella 
Scales and Estelle Kohler wdl 
play the roles of three high- 
class prostitutes t" 
Magdalan/s comedy Boo^Mti) 
be directed by Charles Marowiu 
at the Open Space, Euston Road, 
NW1, opening on July **o* 

The play concerns the madt- 
inations of three ladies of easy 
virtue who work their way -up 
into the highest social cirles and 
reunite in Miami during an 
economic summit conference. 

ible want un chromaticism. This is less 

dramatic. ,hc fl P. or ^ suggest s liberated tlian lhe finally enervat- 

ironv or sexualuy that uas become the dr(Jop of th e vocal lines, a 
tim&c f H a most wearisome of contemporary er.»-» Af nmec hptu.-AAn HnrJlHn 


leresL The score is put together L* r Batli> batl i!’ is , out and io the same 4/4 with triplets 

in number of Weill-like cut— before an audience of drunken jOcely in the last two heats of 
song, recitative, aria, dance inter- '' nuu,h energetic har. 

mezzo. “ W'ahnsinnsterzett.’’ and tussling tAnija spends much of ■ j n hj s day Diepenbrock was 
so on — whose Weili-like scoring her opening scene upside-down >: reproached for excessive 
[.emphasises a comparable want “tuen of that lolling about on chromaticism. This is less 
of melodic flavour, of 
ally deployed musical 

cutting edge. Three times the ^mst wearisome of contemporary so f-j cnss between Horatio 
mufic kindles a more distinctive clicnos- It was all. no p aT ker and Delius, and the 

response to tbe text: in the “°uot. m tne service c>r some orsan -iofi orchestration. The 
lyrical duet for the Soldier heavy-breathing. Teutonically performance, by the orchestra, 
(tenor) and the Girt (soprano/; earnest Interpretation (Holland t fi C . G roo t Omroepkoor NOS and 
in tap announcements of the appears to have been spared the ■, male contingent from the BBC 
Drummer (a mezzo en travesti t; pages and pages of exegesis and chorus (sounding magnificently 
and in The Finale, where, choral- self-explanation that usually forthright in this radiant 
like, the vocal stanzas emerge accompany a Friedrich produc- ambience), and an interesting 
clear-cut nut of the chugging tion). Instead, ihe effect was s0 | Q quartet beaded by the 
Hindemithian accompaniment. coarse, clumsy, deeply unmusical. 

But normal standards should an<i infinitely tedii-us. 
not, and in the event do not. This pretentious-provincial 
apply. Jf one is moved again Don Giovanni was peopled by a 
and again, for “ extraneous ” cast of no more than moderate 

Festival Hall 


It is the received wisdom (and 
not w- holly w-ithout cause) that 
Claudio Arrau today is no longer 
the great Beethoven interpreter 
that be was 20 and more years 
ago. But it is, too, a wondrous 

energy, proudly sustained, that 
brought the house cheering to its 
feel. The orchestra was the LSO. 
warm-toned, well-tuned, once or . 
twice inspired — in this adagio of 
the Emperor one remembered 

bright, pungent rhythms, and 
unusually urgent explosive 
cadenza. In the sempre pianis- 
simo pages of the andante 
Arrau's tone rarely ventured 
below a robust mezzoforte — here 
too there were flames barely be- 
fact — and one of the exhilarating low the surface, powerfully con- especially one ravishing sonoritv 
things about music and music- tained: a springboard to the 0 r ntuied strings and wind The 
making— that as often as not finale, taken at a fast, easy conductor was *W a Iter Susskind. 
the received wisdom is wrong^ vivace, light and strong. nuick and attentive exemplaiv 

Last night it was not proved in the Emperor, the tension of accompanist. • P - 

wrong merely, but brilliantly, the fourth concerto, a deep 
decisively refuted: two perfor- spring for all its force not yet 
manccs by Arrau, of Beethoven's entirely unwound, was released 
fourth and fifth piano concertos, j n a blaze of glory. And not in 
each a marvel of glittering bright priman colours only, but 
authority, poise and eloquence a glory of half-lights and half- 

— the playing of a pianist tones — in cascades of feather- .... „„ 

unmistakably at the zenith of light half-staccato; in the adagio. The Changeling bv Thomas Mid- 
tais powers. magically simple, unassuming, dleton and William Sovtey. 

In the fourth concerto, as well direct: in much marvellous Written in 1623, tail Jacobean 
as glitter, and in the lyrical pedalling, and in tbe inner voices iragedy was last men te London 
conversations a generous broad- of chords, subtle play of grade at the Roval Court Theatre in 
ness of line, there was fire: in and accent. A fierce, noble per- 2961 and will open on August 29. 
the shining trills, aod in the formance, driven with manic closing on October 1. 

‘ The Changeling ’ at 
Riverside Studios 

Peter Gill's next production at 
Riverside Studios. W6, will be 

Canadian soprano Clarice Carson, 
seerued- carefully prepared, and 
full of festive devotion. It is to 
be broadcast by the BBC, at a 
date still to be decided. 

Der Kaiser von Atlantis 

Richmond Theatre 

Theatre Ballet of London 

The “gems from the classics" penny numbers— and allowing piano quartet, a work by a corn- 
view of touring ballet is not one audiences to suppose that they P'> 5 e r unafraid of melody, whose 
with which I have much sym- sense as examples music — unfashionable perhaps 

pathy. If the regions are to see 0 £ L -ias$ieal ballet. With the best ‘ n lts widsm and craftsmanship 
the standard repertory it must wjJ j jQ li2e w<frl( j l eaiJn - ot feeJ — is well worth getting to know, 
be decently presented and more ^ this company is of a Yesterday evening's pro- 

fan B et1fSf a y 2 rltfd?^i L d e to staQdard “ ye V° SU5 ? in much S ram P le ^so brought Belinda 
ballet itself a gross aiM ryiie to cntlcwm: .^e dozen hard-work- Wright m a version nf Giselle 

19 th ‘ h n p£ !■» ^ bu r le aboul ** ^, u “ d >” «” essentfalsf 

Sere unreasoSv stretched I e '' ordl ° ss J tned fnd true the Wih GiseJJe and Albrecht (a 
iS ch^reo^ohy too searchina^ favourites offer distinctly meagre part taken by Peter Mallek). 

Sr SS®. The “Sel ar t umc . ,3re - 145 ber0in - e ,L S 

demand for the traditional In this week's programmes at ™mo- ■ in a bizarre way, with 
favourites— and an infinity of Richmond several guest artists a production. 

Swan Lake and Copptlia would arc appearing. Maria Guerrero » el in< 3 * • wrijht’s imaginative 
keep many a provincial theatre and Peter Maliek bring a wel- ^^ p nf L: he r “ le a sood 

permanently full— must only be come lechnicaJ sparkle io Le Jf;" :V, S6nse - .Muted though her 
met by presenting these sacred Corsnire. and better still. Miss cujiemg was, it had a touching 
monsters at their very best. . Guerrero dances with Robert oencdiy- of style, and seemed 
So Norman McDowell and his North in the latter's Reflections. ,nuT /. ^fsuasive than many 
new Theatre Ballet of London This is an emotional and well- anot ”,L' b ° id ?. r opera-house in- 
seem to me to be begging several argued duet which has the added lerp , r f/ a n on - 0dd - Poetic. Unex- 
questions by offering fragments advantage of being set to the pcc(eo. «emorabIe. 

—Napoli, Swan Uke. Giselle in adagio from Howard Blake's CLEMENT CRISP 

Directors : S. Borsook { British) (Chairman and Managing Director] : K. Gross : J. Mincer; L Mincer; 
D. H. Shapiro : N. Werksman. ' 

Saker's Finance and Investment Corporation Limited 
Audited preliminary profit announcement 

The group's trading results have recovered to a reasonable level, considering the prevailing 
conditions in the motor industry during the financial year. As wifi be seen from the figures below, 
sales in Rand terms were marginally lower than Iasi year, but ihe net operating profit before tav and 
interest improved by R370 000 (10.7%), As was expected, there were material savings in interest 
paid amounting to R666 000 (27,0%).. Another important factor was ihe control of operating 
expenses excluding interest, which only increased by 0.5% over the prior financial year. Earnings for 
shareholders improved by R376 000 (92.4%). albeu from a relatively low base. 

The balance sheet reflects a significant improvement in the group's liquidity as a result of sound asset 
management and the decision c-f the board to divesi from us investment in hire purchase finance 
'and vehicle leasing. The decision to divest was taken because this investment was not producing an 
acceptable return on the assets employed and as a result was depressing the group's overall return 
on assets. The full benefits of this decision realised in the forthcoming yea:. The substantial 
improvement in the liquidity of the group provides j new and lower base from which the group 
can develop and improve its return on ‘net assets in the future. 

Your board has declared a dividend of 4 cerits per share in respect of ihe year ending 31 March 1 978. 
Annual repons will be mailed on or about 30 June 1 973. 

Consolidated group profits -year ended 31 March 1978 









117 3 49 

10.7 > 

Net profit before tax and interest . 

3 802 

3 432 


Less; Taxation 

1 674 

1 595 



1 837 


Attributable earnings 




2 304 

2 047 


Less: Interest after taxation 

1 007 

1 320 



1 7S9 

2 465 

(2 ?.0l 

Less: Taxation 


1 145 



1 297 



Interest of outside shareholders and 

preference dividends 




Normal earnings for ordinary shareholders 




Per ordinary share 

Earned (cents) 



Paid (cents) 

4, SO 


Number of shares in issue 

4 787 030 

A 787 030 

Declaration of ordinary dividend in respect of the financial year ended 31 March 1978 
Notice is hereby given that ordinary dividend No. 42 of 42 cents per share was declared by the 
board of directors on 5 June 1978 in respect of the financial year ended 31 March 1978. This 
dividend is payable to shareholders registered at the close of business on 7 July 1 978. The share 
transfer register and register of members will be closed from 8 July 1973 to 14 July 1978. both 
days inclusive. * 

Dividend wanants will be despatched on or about 31 July 1 978. In terms of the Republic of South 
Africa income Tax Act of 1962. as amended, non-resident shareholders tax of 1 5 per cent will be 
deducted from dividends payable to shareholders whose addresses are outside the Republic 
of South Africa. 

By order of the board 

Registered office 

Saker's Management Company 1 1 th Floor 
(Proprietary) Limited ' Cape Towers 

Secretaries Maclaren Street 

Per: P. fl. Glendining Johannesburg 

2001 . 

5 June 7 978 

Transfer secretaries 
. South Afnca 
Security Registrars 
(Proprietary) Limited 
16;h Floor 
Nedhn Place 
Corner Simmonds and 
Ker). Streets 


Granby Registration 
Granby House 
95 Southwark Street 
l • ndon SE1 OJA 



Financial Times Thursday ^ 

financial times Tinkerinff with 


Telegrams: Finantlmo, London PS4. Teles: 886341/2, 883897 
Telephone: 01^248 8000 

Thursday June 15 1978 

London’s industrial 



FURTHER stage in the Under the present system of 
now fashionable drive road financing there is simply 
for inner city renewal not enough cash to make a radi- 
was marked by Tuesday’s ^ improvement to the road 

5& arj,: rs-iKs 

imng plans for an £855m road Ut|cal] f ^{ ® c ^ rf 1he 
improvement programme and abandonment ^Winner 
A FULL-DRESS confidence including 1975 is severe. Mr. rent and planning incentives to London motorway nfcns nroves 
debate on Four years of Healey, however, is one of the draw industrial jobs back to ^ . = t ■ . ^ p ans p 

economic strategy might sug- rare Chancellors who has the capitaL But already these 

yest that we had just reached remained in office long enough plans have been criticised as k° rd Forchester, chairman of 

some great turning-point in our to reverse some of his own mis- being too little and loo late to tiie South-East Economic Plan- 

economic affairs, rather than the takes. The growth of spending reverse the decline of London’s .Council, recently argued 

resolution of a relatively minor was checked very sharply, and manufacturing base. t “ at in ° u stnal development in 

crisis in the market for Govern- even in the present year of In ig61 a of the working S e “PJ™. was bei “S stifled by 
nient stock: but a Chancellor’s rebound, is only rising in real nnm iiation in England and tbe * 1 ® cb of ade< I ua te roads and 
record must be judged on the terms roughly in line with w^Ipc worked in’ Greater that ^Pwvements in the sys- 

Wales worked tern were blocked by the din- 
Lond0D - sion ot fMPOMiWUW ior roads 


performance of the economy, national output 

f^imons he Sprri n i hl Chancellor can certainly tion had fallen to 18 per cent, 

on far loo little evidenre^o “tol rtllf The E£K.S“5 llve^ Mriod* ^SrS ** GLC- Unlike Manchester or 

carry much conviction on either “** rate^S^? t *f ir’ 3 S2.nSiJSrin? inb^fn this Birmm 8 ham - where the inner 

side. The basic position has botb interest rates and of the of manufacturing jobs n this trunk road links were developed 

been clear for some months. excbange "*? dama Sed d ech m n g wo rkf o rce f e 11 from directly by Government finance 

The balance of payments and ™nfidence and^ made Planning 32.6 to 22.2 per cenL Without io London ^ North Circular 

the value of sterling are now ddbc “ lt - bav ® persistently a radical change of * Road falls under the wing of 

underpinned by North Sea oil criticised technical means GLC’s Industry and Employ- mi„ m but 

and thanks to this unpolitical used to execute monetary policy, ment Committee has i given i a south Circular Road, and indeed 
contribution to the economy, a which have done much to pro- warning : that a further 300,000 ^ roads witMn ^ Qld London 
fairly rapid recovery in real duce ^ese results. Perhaps the mbs will be lost to the capital Council boundaries, are 

incomes has been passible — most that can be said in the by 1981, most of which are m tbe responsibility of County 

rather more rapid, in fact, than Chancellors defence is that the the industrial sector. Hall. This structural anomaly 

can be sustained or than the Opposition bave so far contn- The (JLC hopes to reverse this stands in the way of a co-ordin- 
overnment would have wished, buted very little to the discus- s t ea dy drain of industrial jobs ated road programme. But then 
This rising income is support- s *on of the essentially technical by improving road communica- the whole concept of road lin- 
ing a sharp recovery in retail and noo-political issues involved, tions and by rivalling the incen- provements begs a number of 
sales. Everything else is The most recent crisis has been tives available to firms “chicken and egg" arguments. 

caused as much by distorted employing labour in the industrialists want hptter 
figures as by the markets Jush- development areas. roads, taT uLder “e ,S 

Its road plan is welcomed by system these necessarily involve 
the London motorist associa- a transfer of resources from 

Leonard Burt 

Urban decay and renewal in the shadow of London’s M40 Westway fly-over. 

proposals for Industrial deve- to deal with the problems of This loss was seven times tbe 
lopment incentives looking unemployment and population national average and meant that 
rather lame drift - many skilled workers were 

_ ^ . . . These problems Include a foreed away to find work, thus 

Essentially, the plans in- population declining: at the rate creating skilled manpower prob- 
reauirement *wumwb num volve a markeOng dnve To Q f 100,000 a year, while jobs in j ems £ 0r companiesleft behind. 

re Sr. r h««r.»tini a D<i Mr d 0 ,i 0 v tions, attacked by the Labour public transport A further draw industrial developers and industry are being lost at an • , , _ _ . , 

uiure economic . have criticised Mr.Healey Group 0n the council as a pro- deterioration of London’s public employers back to Central even g^rater rate— nearly 5 per But ]0 . bs loss t0 

^ s ^ depe n nds St mulil and ^ amme wil! sacrifice the transport system would London with offers of rent-free a year About ohe factory the Government’s aims 

rompetitiveness timed fiscal stimulus, and some tr a nc«nrt tn th*. ^ — *•«*»» . and 


Competitiveness fl ed worries about the size of 

Tli at exclusion unfortunately the public sector borrowing 

embraces nearly every useful 
indicator of our future economic 

t indStov e£ |mth lie at ri^fn' toterest* ratSVtoe pJice ® apital ' s pubIlc transport to the inevifably make ifmore dWcuit periods of up to three years for ^'wetouse ?n five WempS P l . moviD - borb “jj 

or Bnl, s h industry, both at rise s in i '"J ff-ft jj “J* ■ private car, and rather sadly is to keep, let alone attract, new projects on council-owned ^ unemployment is over 15 workers to areas m need of new 

SSJto ^nlev^Jmes^irnnlv the dismissed b - v industrialists and skilled labour to London. land, concessionary rents on C enf To some London areas. * d «ftry. Half of It .was the 

l t ^ ZWf l tlrilt 1 P WN road freight operators as only a 4t th same . j certain Industrial schemes, and On , 0 p of this much of the result of companies dosing down 

fur J?riv TS‘p whPthei Kf^nSlv hS-om^ eSS with^the sraa!1 step towards a solution autoorltiS ^re tocreasin-fy a far more flexible approach to capital's housing stock was built altogether and another quarter 
fnr too early to jud s e whether will only become clear with the tQ the pro hi ems 0 f traffic con- t t tn .... .. ^ n y planning controls. The GLC is before World War I. with about by companies cutting back on 

SS* . “X *hL y n nrfcatp TrTc^t demand IF sesti0D ' duS s S« which also to renew its campaign for 350,000 houses still officially staff. The result of tois industrial 

usually obscure* distorted not proves heavy the Chancellor's Tbe Movement for London encroach on residential areas, the ending, or further relaxa- classed as falling below decline was 

only by volatile items but by Jtrategy^Uroadly endorsed in Committee which represents Although no one plans a new tion of r tbe ri I fi nd “ s&i ^ s ^ el0 ^ acc-eptabie standards. ^re^ and Sg 

the effects of a docks dispute, terms of fiscal balance by the Confederanon of British wave of dark satanic mills ment Certificate g m a It ig i it tl e wonder, therefore. g rt gr tai ° u ro ^ cm ccijllr § 

The Chancellor did bis bit Opposition— will lead to trouble: Industry, the motoring organis- throughout SurbUon, there has hangover from the days when th at County Hall has a slightly onu^ ti on 

more than three vears ago to but if improved cash flow ami alJon s a ° d tbe major road been a basic conflict between governments actively bloriied jaundiced view of groups which youn « and co,ourea P°P uia “ 

enable industry to finance its real incomes limit credit freJ S bt federations, estimates the needs of industry and the developments in the South East claim that their regional . The Department of Employ- 

opnrjiions in an inflationary demand, as was the case in the there wU1 be b el> v ee n housing preoccupations of most as part of their job relocation problems are greater than those ,ment does not publish a 
3ge through stock appreciation U.S. recovery, the problem will 500 ’. 000 and V 25m morL * motor London councils. programmes. of London. • break-down of statistics, for 

relict: he has recently followed be manageable. vehicles fighting for space on The Iact that w i thoat j n . The GLC's proposals iron out Yet to a certain extent, Lon- Londox J JB ? r E l S5lL f «# 

Liberal advice and taken back T - ■»..* London s roads by 1990, in addi- dustria i or office schemes these many of the planning con- don has only itself to blame: ^employment m many these 

some of that benefit through itivmaties tion to tlie LSm in London now. counc j[ g may eventually have straiots facing firms willing to Many of its present problems is weU above 3.4 per cent 

national insurance. However, The really important ques- And the GLC s new commitment ne ither the rate income nor the set up, or expand within Cen- result directly from serious average for London as a wioie. 

many of the main determinants tions about Mr. Healey’s -° roads ; Wltb , exp ^!l dltur ® local working populations to tral London. But because of errors of judgment by both P°P* ar - for example, nas an 

of performance — confidence, strategy cannot, then, be creased from the £66m «■- 

imagination, labour relations — answered at tbis stage, so the past bve y ears t0 

“ 5 ' local working populations to tral London. But because of errors of judgment by both 

support ambitious housing regional aid programmes, central and local government . L othe r areas . 

£155m scbemes merely adds a further London’s planners still have to since 1945. Fears that London insroni™ 


relative trivialities. It is absurd [to £280m and £420m in the sue- capital’s planners. 

are quite outside his sphere of debate necessarily centred on I between 1978 and 1983 rising tw jst to the dilemma facing the compete for new employers would become excessively 

' ' ‘ against far more attractive in- urbanised and industrialised 

dustriai incentives available led. in 1945. to strict controls 5SSL ^ 



(Male resident unemployment — by employment office areas) 
per cent 

Indeed, one can say that while for the Chancellor to accuse the ceeding quinquennia, can only politically equivocal 

1 chancellor can contrive a Opposition of gross irresponsi- hope to keep road improvements attitude towards roads in the 

ssj 7 SpSSSs? wS “ •» u ~ ^ ^ — 

lie can place obstacles in the way taxes: were he as good as his 
or industry: in collecting the private word, he would have 
money to support the public done so of his own accord. We 
sector, he is the administrator have commented sharply on the 
of a necessary evil. In financial way he has chosen to recover 
management — ihe funding of the revenue, which was cer- 
govvmment debt, the dilemmas tainly not tbe least damaging 
posed between monetary policy economically, though it may| 
and exchange rate stability— he have been in electoral terms: 
can only try to avoid unneces- but the issue Is hardly one on 
sary lurches. which the fate of the Govern- 

Mr. Healey originally stood ment should hang. Mr. Healey 
fnv high taxes and high expendi- is not a lovable Chancellor, and 
ture, and the damage done to his recent conduct has not been 
the private sector by the un- marked by tact or finesse; but 
checked growth of public it is results which count. and| 
spending in the years up to and cannot yet be counted. 

elsewhere in the country. 

« «? " 2 “5 SSKF^SF- “2F 

The London Chamber of well ■ u attempts to steer .com- Ho fi oway : ft# ^ ^ 
Commerce recently underlined P*nj*» out to the provtnees. In 99 per rfnt and Bermondsey 9 

addiuoo, the Greater London per ^ An4 flgums fall 







Wood Green 


















Canning Town 


Soares: Department of 

Employment figures far GLC 

this problem in a special report - . , u« wku n UU uic ukuus uu. 

on the capital’s economic pro- P* an JJJJ* y tSf C ^S5SS Perspective when it is 

biems. The ; Chamber com- gTeen-belt aqd estab- cons jdered that there are now 

mented that ^London is still ] ,sbed tbe * dea of encouraging more pe0 pi e unemployed in 

viewed as a milchcow by the lar 8e numbers of /people to j nner i^ndon than in the whole 

rest of the country.” in spite of move J° n T ew of Wales. . 

local unemployment rates that London’s problems,, however, 

rival any of Britain’s tradi- °J^ p tbese ^ d have not gone umWiised. 

tional blackspots. JJJJJSJS. i n l vi ta wr h 1 nf Since Mr. Peter Shore took over 

London’s^mage as a UsicaHy LondorT proved too successful secreta?? iu^ ove?^ 
wealthy city, not m need of the dPf .ij ne in the umrkinc Secretar y ^ust over two years 

special aid, appeared in last " S on ulat i on shnwf WOrklDg ago, he has attempted to reverse 

month’s Commons debate over P ™ iorhc the M engines of exodus ” which 

the GLC j(GeneraI Powers) Bill, Between the early 1960s and have caused London such 

when Parliament voted to cut 1970s, London lost about a problems. Thus he has put the 
tbe range of powers called for third oE its manufacturing jobs, brakes on the highly successful 

Location of Offices Bureau in 
resiting companies away from 
London and virtually sounded 
the death-knell to future 
expansion of the new towns. 

In place of these * engines of 
exodus, *’ the Government has 
adopted a short-term strategy 
of providing special help to 
regenerate the toner cities and, 
long-term, to encourage local 
authorities to do. more to 
prevent such decay taking place 

Help for London is being 
made available by the Govern- 
ment in two ways. First, there 
is tbe concept of ‘‘partner- 
. ship ” areas as a means of 
identifying those areas most in 
need of help. Thus tbe dock- 
lands area of Loudon, the 
adjacent London boroughs of 
Hackney and . Islington,, and 
Lambeth are three of the seven 
partnership areas, designated 
by the Government.' These 
areas are drawing Tip a three- 
year programme .for action to 
start in the 197930 financial 
year. The existing urban pro- 
gramme's. allocation of £30m a 
year is to to increased , to 
£X25m a year. The second 
means : of help is tbe. Inner 
Urban Areas -Bill which is going 
through its final stages in the 

The Bill will empower local 
authorities to make, loans at 
commercial rates for land pur- 
chase as well as construction 
and modification of buildings 
and installation of- services, of 
up to 90 per cent of the value 
of tbe land and buildings. In 
addition the Bill wiH establish 
Industrial Improvement Areas 
where local authorities can 
give’ grants or loans for 
environmental improvements 
«*r for building complexes to 
provide new jobs. . 

In specific partnership areas, 
local authorities will be able to 
give grants towards rents and 
to help companies taking on 
leases not owned by tbe local . 
authority. And interest free 
loans for up to two years will 
be available for bringing inner - 
cities back into use. 

The London Chamber of 
Commerce, however, goes 
further and suggests that inner 
London be. designated as ao 
assisted area for a. limited 
period of ten years. ' 

In the ehd. the problems of 
regenerating; London are too - 
vast to be dealt with by local 
government alone. .County Hall 
dobs not bave the powers to 
reverse' tbe national planning .. 
policies that have accentuated 
Loudon's decline, nor does it 
have the cash resources fully 
to counter the effects of that 
policy. Although the Inner 
Urban Areas. Bill does recog- 
nise the problems of declining 
cities its benefits will be spread 
nationally. And it is difficult to 
see bow London will be able to 
Wield the political Influence 
necessary to attract sufficient 
additional central government 
support to move beyond the 
stage of tinkering around the 
edge of the capital’s problems. 



i fares 


THE U.S. Civil Aeronautics 
Board's proposal to withdraw 
U.S. airlines from the Inter- 
national Air Transport Associa- 
tion's fares agreements would 
appear to be ihe final body blow 
in IATA's role as a price-fixing 
body. It comes as LATA is 
itself about tn discuss the 
report of an internal committee 
prnpusin^ a fundamental re- 
casting of its fares-fixing 
activities. What the CAB is in 
effect saying — particularly to 
airlines which may be averse 
tn change — is that, radical 
though LATA’s own ideas may 
be. they dn not go far enough 
in satisfy the U.S. civil aviation 

The IATA reforms, which 
were drawn up by a five-man 
committee of airline chairmen 
and chief executives, would pro- 
vide considerable scope for 
competition in both price and 
service by making participation 
in the organisation's fares con- 
ferences optional rather than 
compulsory and by abandoning 
most of the rules which now 
govern the kind of in-flight 
service members can offer 

The IATA meeting at Mon- 
treal at the end of this month 
tn discuss these changes is 
likely to bo a contentious affair 

for the prospect of open com- 
petition is more than some air- 
lines — and governments — can 
stomach, while the committee's 
proposals arc tho barest mini- 
mum some of the bigger carriers, 
Mich as Pan American and 
British Airways, are prepared 
to accept if they are to remain 
in the organisation. The chances 
uf the proposals, or something 
like them, getting through have 
therefore been considerably im- 
proved by the CAB move. 

The threat to IATA's cartel 
activities has been building up 
fur some time and can be traced 
Lo tbe marked changes in the 
market for air travel. Airlines 
responded in the growth of 

tourist and student traffic — and 
of qou-IATA charter airline: 
by progressively adding to the 
multiplicity and complexity of 
fares structures designed origin- 
ally to cater for business travel. 
The final blows were the intro- 
duction of the Laker Sky train 
service last year, the growing 
awareness on the part of some 
governments of the “ consumer 
interest," and — perhaps most of 
all — the determination of the 
U.S. authorities to bring about 
a more competitive climate. 

The attitude of the U.S. 
authorities has to be seen in 
the wider context of their 
changing views towards regula- 
tory policy in transport 
generally. Internal air services 
in the U.S. have already been 
substantially de-regulated and a 
similar approach is now being 
applied to the U.S. trucking, or 
road haulage, industry. Inter- 
national liner shipping confer- 
ences have of course long 
attracted the attention of the 
U.S. anti-trust authorities but 
here the position is more com- 
plex- The U.S. merchant fleet is 
competitively far weaker than 
the U.S. airlines: it carries only 
5 per cent of U.S. seaborne 
trade and, as in many develop- 
ing nations, there is considerable 
U.S. support for a system of 
cargo preferences for defence 
as well as employment reasons. 
Moreover, the shipping confer- 
ences are being pressed hard 
by the rapid build-up of the 
Russian maritime fleet 

The end of the air fares cartel 
on the North Atlantic and else- 
where will not lead to totally 
free competition. Governments 
have national flag carriers, 
many of them State-owned, as 
well as the consumer to protect 
But the presence of effective 
competition in price and ser- 
vice is by far the best guaran- 
tee of the consumer interest and 
should reduce the need for 
regulatory intervention on at 
least the busier routes. 

| Scooping francs 
in green fingers 

Locust clouds of financial 
journalists have descended upon 
Paris for the meeting of OECD 
ministers, but it was the really 
important happening which 
drew me to the French capital. 
I refer to the exhibition of 
gardening equipment behind 
the residence of Sir Nicholas 
Henderson, our ambassador. 
Although Britain may be having 
trouble in exporting motor cars 
and textiles, take comfort that 
we are doing great business 
with hedge trimmers, plastic- 
covered rose trellises and lawn 

France lias become a prime 
market. There was a sense of 
sylvan euphoria as I strolled 
with Sir Nicholas amid the 
astounding scene in his back 
garden, hardly a flowerpot's 
throw from the Elysee Palace. 
More than 40 British firms bave 
set up shop on the ambas- 
sadorial lawn. His Excellency, 
himself a renowned gardener, 

□ever flinched as a man from 
Stanley Tools stabbed a forest 
of shears Into the grass. Else- 
where, final nails were being 
hammered into a summerhouse: 
formidable stacks of fertilisers, 
all labelled in French, awaited 
the hundreds of wholesalers 
and garden-centre owners 
invited to the show; and 73-year- 
old Harold HUlier of Win- 
chester, doyen of British 
nurserymen, surveyed his glow- 
ing display of shrubs and plants. 

Hillier handed me his price- 
list, starting (at two francs 70 
centimes) with Abutilon mega- 
potamicum M Variegatiun." 
Definitely a show for the cogno- 
scenti — but one lawn-mower 
firm took £500,000-worth of 
orders after last year’s 
inaugural promotion. ‘The 
French have become a nation 
of gardeners,” Sir Nicholas said. 
A lot of them have second 
homes nowadays." But why do 

“I'm going to complain to 
the Foreign Office! ” 

they buy garden equipment 
from the nation of shopkeepers? 
Aubrey Carroll, an exhibitor 
from Liphook in Hampshire, 
who specialises in garden 
arches, said cheerfully: ‘The 
French manufacturers are 15 
years behind.” 

In one corner was a ready- 
made pond, adorned with a 
plastic nymph and a frog that 
blew water out of its mouth. I 

thought Sir Nicholas viewed that 
exhibit with a gentle disdain. 
Perhaps he recalled an article 
by some wretched inleUectua! 
in Le Monde after the 1977 
show, mocking the English for 
exporting garden gnomes. We 
can take it Yesterday ihe sun 
shone and the orders were 

Minister’s choice 

Having emerged from the 
embassy shrubbery', I collected 
a titbit from the OECD. The 
man most likely to succeed to 

the job of president of the 24- 
nation Council of Finance 
Ministers is 40-year-old Dr. 
Hannes Androsch, Austrian 
Vice-Chancellor and Finance 
Minister. After almost certainly 
being elected in Paris today, he 
will fly to London for talks with 
Den|s Healey and Harold Lever. 
Andyosch has held Austria's 
purse-strings for more than 
eight years and wants a change 
of interest. 

The post he had half coveted 
of i president of the Austrian 
National Bank went to the 
articulate Opposition spokesman 
on economic affairs, Stefan 
Keren. Androsch wrily said: 
“It’s like making love to Sophia 
Loren. If there’s no possibility, 
you don’t even think about it 
I knew my own Socialist Party 
bad other plans for me." 

Milord files out 

I strolled around to the rue du 
Colasee, just off the Champs 
Elysee, in the hope of chatting 
to Lord Brooke. But the man 
whose name makes the British 
art establishment shudder 
apparently feels that Paris is 
too close to home just now. 
While the National Gallery 
leads the last-ditch fight to save 
for Britain a £250,000 Canaletto 
of Warwick Castle, Brooke’s 
family home, he has flown off 
to Idaho. I am told he will not 
be returning to Europe until 
September. From Idaho he will 
go to Bermuda for the summer, 
well away from criticisms of the 
manner in which he has already 
soid off more than £2m-worth 
of art treasures from the castle, 
with more in the pipeline. 

Brooke has made it plain to 
friends in France that he 
intends to keep on disposing 
of the castle's contents-— Inc] ud- 
ing pictures by Van Dyck, 
Rubens and Kneller— when the 

market is right. He keeps in 
close touch with his Bond Street 
agent There is also much silver, 
armour and antique furniture to 
be auctioned or privately sold. 
In all, Brooke may accumulate 

In Paris. Brooke— who is 44 
and divorced — leads a busy 
social life. But he keeps away 
from journalists. He is known 
to believe that Britain will soon 
be under an extreme left-wing 
regime, so that he must realise 
the family assets while he has 

His father, the Earl of 
Warwick, has made over the 
castle an its contents to Lord 
Brooke. Tbe earl is also a tax 
exile; he lives in Rome. Asked 
on the telephone how he feels 
about the family home these 
days, he has said: “It stinks of 
old shoes, old socks and wet 
mackintoshes. It is up to the 
Government to decide whether 
it wants to preserve it or not” 

Peter in Paris 

If an Ecology Party is formed 
in Britain, a likely leader will 
be Peter Ustinov. He is in Paris 
to address a UN-sponsored 
“Round Table” on the theme: 
"WHat world shall we leave for 
our children?" Ustinov tells me 
he played a large part in pro- 
moting the gathering: among 
other speakers is Princess 
Caroline of Monaco. After 
enthusing about the ecologists 1 
recent election success In north 
Germany, Ustinov in his droll 
way told me about a Swiss 
woman he had met in Kenya. 
She had been sleeping beside 
a swimming pool and awoke to 
find a deadly green mamba 
entwined around the leg of her 
deck chair. As people rushed 
up w kill it, she cried: “Stop— 
you are destroying the ecology 
of Africa!" 


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:cs Thursday June 15 1978 



The negative virtues of Denis Healey 


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ve* 1 

J* 1 

. ^.:A. lectured a Chicago audi- 
enee earlier this year r Muck 

BritfSTn ° Ut by sa >W that 
,J5rittoh Governments had turned 

Oieix bafcfe on budget deficit? 

: financed . by excess monetarv 

• jrowth^-because of the repearsd 

evitoce . .: Qutt - such growth 

S 1 f^ ked ^rUng without 

stimulate output. On the other 
flane, the real problems of slow 
5^*3?* hi011 Ul3em P I owuent 

were s.un very much- with -us 
. jnd.bad indeed been aggravated 
; by recent .pedicles'.; 

' !f he readiness of -the . Oian- 
ceiJoff to tigiMen credit sad raise 
taxes in the run-np -to an elec- 
tion, at tlie first si^na of run- 
away monetary growto, vindi- 

eates- iny on the .first 

point. Biit- the particular way. in 
ivhich. he has chosen to close 
to® gap alas vindicates my 
pessimism. on "the: second. 
Labour Ministers righteously 
repudiate 'monetarism end em- 
brace - policies for improving 
grass roots performance. Yet ir. 
practice they have been pretty 
good monetarists but .terrible 
micro economists. 

An example is the National 
Insurance surcharge on which 
Mr. Healey - has been try- 
ing to have it both ways. 
Either the surcharge will 
be passed on in prices— - 
in which case it will be .no 
different- from ah increase In 
VAT or other consumer taxes; 
or. it -Vdll be absorbed by em- 
ployers. In the latter case it 
will- act as a tax on labour and 
discourage employment, IF — 
as is likely it is partially 
passed on, there will, be some 
. increase in prices and some in- 
duced unemployment/ - There 
is no miraculous way in which 
ir can raise revenue without 
doing one or the other or. a 
mixture of both. 






9 X 











The adverse . effect on em- 
ploymeijt’is similar to that aris- 
ing from a successful bid by 
unions - to. -increase real wages, 
which prices : their workers 
out of Jobs. Interestingly 
enough; an : Abortive proposal 
for i surcharge' OT employers’ 
contributions first appeared in 
the late' • Mr.'-. Selwyn-Uoyd's 
1961 Budget ' — 'Wheu it was 
regarded . as a remedy f 0r 
labour shortage.; .. ... 

' .TheT3B. .is -slfigYtire effect on 
the;; Industrial: Strategy, The 
farter seems to consist of paying 
emt to companies through the 
Department, of Bidustry back- 
door. rash which has been taken 
away via the Treasury fronr 
door. Policy becomes even more 
schizophrenic 'when taxes on 
employment are combined with 
employment ■ pyemia-trader job 
creation- schemes^-," 

•• • • •••-’. yy . ‘ 

What would V . ba ye done? No 
hindsight is -Squired. The 
indexation , of ? tbfe personal tax 
allowances, of the starting point 

f o? e Section an “estimating change" its borrowing requirement with 

* ouM “ y * teve h* ce± ™ t :r , ha , 

tiJe 11 Trras^^SSSs^have P0LICY MISTAKES usually limited lift. For toe FurthS that 
been iS the in I,aVe fflUt ' h de6 * er TOOts than rise and the more that MLR 

deration of the JOloWances- but ! eL ‘ hnica ! err l ors i l n is dropped back, the less there 

Ministers have never even orn tl0n; and ll?ch,ucal Si»niickE are i s for the market to go for; and 
Z tl aSn o? th. 100 o£Kn w*)Mnl<!<l by polui- the more likely it is that the 

specific duties a quid pro l ° an altexnpt t0 av0ld real next (ihift in interest rates will 
m i0 . choices. be an upward one. So the mar* 

a ts. %ri u •!> Yet present method of ket for gilts dries up; and to 
,. A ’“ eaur y ^nfeter, Mr. Den- controlling the money supply Is stimulate it, we need another 
ni Davies, told Parliament on one of the exceptional cases crisis with interest rates being 
reDruary *.1 thaMhe non-uzdexa- where technical failures really -jerked up yet again; and thus 
uon of excise duties cost the are to blame. we commence the next cycle. A 

revenue some £4p<Jm a year— or Indeed periodic crises are part significant fraction of Mr. 
mos l the cost. of the lp cut of the system. Draconian in Healey's 14 budgets have been 
in the basic rate4arced through creases in short tenn rates, and due to this bizarre technique, 
by the Opposition for 1976-79. tough gesmres in other spheres. The main defects of the pre- 
And it would not have been are required to convince the sent system are succinctly set 
beyond the wit q# the Treasu ry nnandal markets that a turning out, together with a suggestion 
to squeeze £100$i qr so out of point has been passed. From for a new control mechanism 
the extra public .expenditure then on the expectation is of by Nigel Duck and David Shep- 
autborised by tha£&anceJlor for falling interest rates and the pard in the March issue of the 
this year — indeed; before an Government is able to “fund” Economic Journal (published 

The Bank of England fears that a change to more direct 
methods of controlling the money supply, would increase the 
volatility of short-term interest rates. 

by the Cambridge University 

Like most promising pro- 
posals, this one is basically 
simple. A proportion of clearing 
bank deposits with the Bank of 
England would be reclassified as 
Reserve Deposits (RDs). Other 
banking institutions would also 
be allotted RDs which they 
would acquire through sale of 
Government securities. 

The authorities would set a 
ratio of RDs to bank deposits 
and deviations from this ratio 
would he subject to financial 
penalties. The Bank of England 
would control the money supply 
by conventional open market 
operations. If for instance it 
wished to reduce the money 
supply, ir would sell Govern- 
meut securities to people and 

institutions, who. when they 
wrote their cheques in payment, 
-would be reducing the deposits 
of their banks with the Bank of 
England. The latter institution 
would immediately debit the 
banks’ RD accounts by the 
amount of the security, thereby 
leading to a multiple contraction 
of deposits. 

This is basically a cash ratio 
system with modifications. One 
of these is that variations in 
public holdings of notes and 
coins would not have a multiple 
effect on ihc money supply, as 
they would under a pure cash 
ratio system. The other is that 
the Bank of England would be 
able to make an extremely dtf.c 
estimate of the money supply 
on a week to week basis, simply 
by looking up the number of 
RDs outstanding in its own 
books, and multiplying them by 
the. reciprocal of the proposed 
reserve ratio. 

Like any cash ratio control, 
the Duck-Sheppard scheme 
would divorce monetary from 
fiscal policy and make the Bank 
and Treasury separately 

accountable. An excessive Gov- 
ernment deficit would still 
increase loan demand and push 
up interest rates, but the precise 
method of Government finance 
would no longer be crucial for 
monetary policy. In particular 
the issue of Treasury Bills 
would no longer be inflationary, 
as Bills would no longer count 
as reserve assets. 

The Bank of England’s 
advisers are said to be hostile 
to such Ideas because they 
would supposedly increase the 
volatility of short term interest 
rates. Readers are referred to 
the chart for an illustration of 

hardly surprising that chauges 
in exchange rates and in the 
price of manufactured goods 
have roughly offset each other. 
Internationally traded products 
are likely to be sold at a com- 
mon price level if they are to 
attract any buyers. 

The main >hort to medium 
term effect of exchange rate 
changes is on the profitability 
of countries' international 
trading sectors, contrary to the 
belief that exchange rates have 
not worked, the table shows a 
dramatic shift in relative profit- 
ability in the right direction. 
This is demonstrated in the 


(% changes March, 1973 to May 15. 1978) 


Real rate 

Real Rate 


adjusted for 

adjusted for 


exchange rate 

manufet. prices 

labour costs 




+ 0.6 

US, Dollar 



— 16.6 


+ 16.0 


-f 29.1 




- LO 

Fr Franc 

— 8.8 


- 0.3 

Source: World Financial Market!. May 1978. Morgan Cnorantf. New Vor* 

the great stability of interest 
rates under existing methods. 
Maybe the Bank experts do not 
sufficiently distinguish between 
the loss of day-to-day control 
over short-term interest rates, 
which is one thing, and 
volatility in the movement of 
rates, which is another. 

nominal exchange rates have 
usually been associated with 
small changes in real rates and 
therefore with only small 
changes in competitiveness.” 
These remarks of Mr. Gordon 
Richardson in Berne this week 
are illustrated in the table. 

Unfortunately, there is a 
danger of wrong conclusions be- 
ing drawn from such data. It is 

right hand v.-uliunn for the two 
countries wuh a major current 
accounr imbalance, the U.S. and 
Japan. (A negative sign means 
greater profitability in ihe 
trading scciur.j Little change is 
shown for the UK and Germany: 
but the UK is, so far this year 
almost in current balance, the 
May trade figures notwithstand- 
ing, while the German surplus 
makes an extremely small con- 
tribution to world imbalances. 

Exchange rate changes do 
affect comparative inflation 
rates, and by far more than 
most economic forecasters 
would admit. But exchange rate 
changes do not just happen, but 
in turn reflect different national 
rates of monetary expansion in 
relation to the growth of pro- 
ductive capacity. 

Esdiange rates can for a time 
be shifted from their under- 
lying paths by events such as 
changes in portfolio preferences 
by reserve holders, nr by North 
Sea developments or American 
oil imports. But auch events 
can have a lasting influence 
only if they in turn 'affect rela- 
tive rates of monetary expan- 
sion in the countries concerned. 

This is important in relation 
to European monetary union for 
which 1 expressed some quali- 
fied sympathy a few months ago. 
'VVhat I had m mind was mainly 
the development of a E» 
as a new international trading 
currency, an alternative to ex- 
isting national ones. There is 
also something to be said for the 
gradual harmonisation of 
national monetary policies to re- 
duce differences in underlying 
inflationary rates, and thus re- 
ducing exchange rate divergen- 
ces by an indirect hut sure road. 

If, however, monel ary union is 
lo mean forcing exchange rates 
back into the snake — or into a 
constrictive new version known 
as a boa — by means of official 
intervention, then the result is 
likely to be capital and trade re- 
strictions. followed by forced 
devaluations, as m past such 

If the newly d is in I erred 
central bankers’ dislike for 
floating rules is to mean pres- 
sure on the U.S. to "do some- 
thing ” about the dollar, then 
the result could be mnre painful 
still. Too many people have 
forgotten the U.S. import sur- 
charge imposed by the Secre- 
tary of the Treasury, John 
Connally, in 1971, which nearly 
resulted in a trade and 
currency war. It is nut world 
currency problems which 
should alarm us, but their pro- 
posed solutions. 

Samuel Brittart 

Letters to the Editor 

Education in 

Once the MFa wiiB*«reed those 
involved In the industry hoped 
that tbe Industry would, through 

Fro.j ihe Secretary. 

The Institution of Mechanical 

tfan was being bright about, 
the Commission vmald marshall 

V r Z Snd safeves i a a 

without cousullatiott? br even 
courses in engineering. n> timely aEreemen t of the mei 
and welcome. The lnstiiution-of to this £233 
Mechanical Engineers, which has % agreement 
•tried to kpep in close loach :wich nffifaSurers, rSic 
developments from the outset, is understandin - J 

Tinrv -arnod- at tVtn nnn«tihlp- * - . _ 


^y‘ Concerned '‘it 'toe 'pebble aSction- an ?e?els C °SpSa&maS 
Implications of what is now being fibres which will / itself bring 
introduced; i use the word about further /n employment 
tried deliberately because Acain. member Jtates were not 

discussions, and 
led of the out- 

, -- --- about further . . 

^ Because Again, member /tates were not 

th Lie has been very little con- j a * 0 i ve d in tfa 
sultation with the profession.. . . were only -a 

The Institution believes ; that, come. - j 

given good entry standards, three If toe textile industry is 
years of academic study is suf- pressing t/e EEC Commission 
^ CI ®2 t to reach an Honours level for. assistance for analysis in the 
jn Mechanical Engineering and- jhdJviduid sectors of the indnsr 
at the same time cover toe basics ^ perhaps we should accept 
of -non-engineering subjects like so far as the textile indtis- 
accountmg; economics and com- try in this country is concerned 
munications. The majority: of th‘ ere are three partners : the 
mechanical engineering courses employer, the employee, and the 
acceptable to this institution Government (who to date have 
already do this. Such a' three- «^en considerable public funds 
year degree, plus a further two t0 this industry), and if any one 
years . of . training, preferably party seeks with the Commission 
integrated, in the practice of a plan, then I would suggest. It 
engineering, is - we believe; the ^ doomed to failure, 
ideal formula. We do not sup- Your quote concerning the new 
port the view that an. extension Carrington Viyella spinning mill 
of. the academic period Is jus- at Atherton does highlight the 
; led in order to include a larger growing problem of investment 
proportion of ndn-engineering causing further unemployment 
subjects which are best covered while bringing about higher pro- 
after -toe "engineer has spent ductivfty, which at the moment 
some time in -a real engineering is higher than the national 
situation. ’ average. Both the Commission, 

The »im of academic , and the Government and the em- 
practical training at first degree ployers will , fail unless a 30mt 
»evel should be to produce an plan involving all parties, both 
engineer who is broad based and on a UK and to some degree an 
sufficiently competent in ‘the EEC basis, is accented, and ant 
basic skills to make -a useful a Commission dictate, 
contribution .in the shortest 'pos- Roger Beson. . 
stole time. It is neither desirable Enst Bo on. _ : 

nor indeed possible to- cram a .EongsighU Mancnesii.r. - 

complete education for life into 

the first degree course. What is •; 1 

aStude^ towards ** continuing Producing oil f 

education. -» 

On present evidence, the insti- • f r r\m aaq I ' * . 

tution Is unlikely to .accord any nvvaix 
higher status . to the new courses' p rortl the Head of Economic ■ 
in relation to its membership Assessment Service. NCB 
requirements and in its extensive / international Energy Agency 
contacts with schools and semices) - . • 

careers advisers will continue to * .. /i, mB ay is 

promote the toree-yfear degree * J, £ a §£ 
combined .with , two Tears o r j^h CX perlS 

nrartfral tra inin g as the ideal. r German a. no. oiizisu 

^em?hasU^-hpwever> producing oil from co^nt 

that toe institution is very much J"® 0 ® 1 ? r A t iea Coal 

in favour of - experimentation -tiiterest ignores iL At '-qa* 

leading to 

^S”™ g f4rS.e“o US -- V* 

support this latest Initiative. 

Alex McKay. • 

1, Birdcage Walk, SWT. 

a char by-product from solvent government to force out of the 
extraction processes is an added pockets of the rest of us, the 
reason for choosing a carbon revenues needed to pay the 
water splitting route to obtain the bloated public sector wages 
hydrogen. It is interesting that and salaries. This legalised extor- 
present day German Interest in tion also has to meet the cost of 
gasification of coal using nuclear those services no longer being 
heat considers direct beating of provided, that is. the payment of 
the coal gasifier as a specifically index-linked pensions from the 
better route than electrolysis, proceeds of other people’s taxed 
Even so, the economics of a income. 

nuclear process do not look Unless radical changes are 
specially favourable, unless made to the magnitude of the 
optimistic assumptions are made public sector expenditure, heavy 
about heating performance in taxation will continue, either by 
the gasifier. 1 with much higher resort to the printing press, or 
coal cost than' currently foreseen by toe continued plunder of 
in file UK. Problems of coup- private sector incomes to meet 
ling 'nuclear heat with the coal these open ended expenditure 
gaitfier also tend to be mini- commitments, 
mised by protagonists of nuclear It is no argument in defence 
gasification. of toe public sector to state that 

. As My. Whallcy says, these their members also pay taxes. A 
programmes are long term of highwayman who robs you of a 
their nature, but a fair amount £100, returning to jou £33 so that 
of thought is being put in at you might not starve (with some- 
present and international views thing left over for your return 
of the past- as well as the present journey home) cannot be said 

are Dot being excluded. 

Ai Baker. 

34/15. Lower Grosnenor Place, 

to have behaved, particularly 
generously In having deprived 
you of only some two-thirds of 
the contents of your wallet, v 
Tax cutting Tbetoric may be 
fun for competing politicians 
buying votes with the electors^ 
money. The problem is much 
more serious and fundamental; 
the public sector needs h drastic 
pruning. When that has taken 
place, lower taxes will follow — as 
daylight follows the sunrise. 

N. A. Bilitch. 

6, Rusbolme Road, SW15. 

Rewards of 


From the President. 

The British. Transport Officers’ 


Sir, — This, the smallest of the 
.four railway trade unions and 
representing management staff, 
strongly supports the points 

S^rtw/Zbi1°™o“jlnV6 productivity 

lM Se e “ e Uttr e a |o , ubt that dis- Fr ™ "£,*”*“* G - 
tribution problems have not been Svr,— With reference to Ruth 

given the serious consideration Kosmins letter (June- 8 — The 
they warrant. This has resulted rewards of productivity ), our 
: in a very high price being paid experience seems to support 
in economic and environmental much 9^ & er academic research, 
terms for alleged convenience What is not too clear from her 
arid the avoidance of having to letter and forecasts is the 
think about a distribution current trend in the distributive 
strategy. aud services sector. 

It is to be hoped that company Higher productivity will in- 
bhairmen who have not already deed depend on increased efiiri- 
done so will take the example Of ency, but this is likely to come 
Monsanto to heart They should through greater use of techno- 
ascertain how their existing dis- logy. In the distributive and 
tribution systems work, why they services sector the emphasis is 
are doing it that way, what they on the white-collar worker — an 
are costing, what they want them expensive investment rising at 
to .cost etc. An objective the rate of 6 per cent per annum, 
appraisal along these lines would At toe same time, the cost of 
introduce a professional new technology in this sector is 
approach into an area of iudus- falling. This must create the 
trial life that has had more than situation which has already 
a touch of the enthusiastic ama- occurred in toe manufacturing 

teur for too long. 

Henry Haydon. 

Room 307. West Side Offices. 
Kings Cross Station. N.2. 

Battle over 
EEC textiles 

Germany) which shares insights 
and experience : in the economic 
analysis and- development .. of 
new processes compared with 
old, Mr, Wh alley’s figures alone 
indicate that the ratio of coal 
cost to synthetic gasoline cost 
would be roughly halved by cui^ 
rent development ana _^that 
ignores the likely value fronj use 

fte N^l Officer 

Association g£’J; chnico1 and • creased. sale P envisaged f« the 
Manafl gruff. Staffs ~ hewer processes is an additional 

Sir,— Although your informed bene fi t to their economies- 
article (Juiie32) on toe looming M f ; cture 0 f hydrogen is 
battle for EEC textiles makes Manufactory^ c00CQmitant 

good reading, there are I brieve refined coal liquefaction, 

a number of factors that are not oTa^ rennea rep0rt Vo 

known to toe general public, and Pjoce^anu^^ ^ UK Coal 

in some cases have not been ^ indicated the value, 

made .known by many . of those „ „ in V anous 

who attended the recent Textde of^ ^hydrogen 

Conference at Heathrow. , Nuclear power might be one 
I believe it b true to say that ^^f^ogen but it will 
the European Commission and in & A recent US. 

particular Viscount- Davignoo, - __ SU20 ' es ^ that with coal at 
although deeply involved In the P tj£- prices it would be 
reeeot Mulu-F^te Agreemeot. expensive to 

were only responsible for tois S y hydronen via electro- 
reewt agreement berause of toe P ^ produce it from coal 

SBStSffiSr^fcS- «on 0 |io g-JTgJ^ 

Tax cutting 

From Mr. N. A. Bilitch 

industries, whereby jobs will be 
lost to automation. What the 
“ white-collar ” industries have 
to face is. in fact a “techno- 
logy explosion," not unlike that 
which has occurred in manufac- 

The problems are,- however, 
different^ Manufacturing indus- 
try has a tradition of training 
and re-training. The distributive 
and services sector, on the 
whole, do not. . Whether they 
Sir,— I take it as axiomatic will be able to reorganise thera- 
that most of us would wish to selves physically and intellectu- 
see, before long, an era of ally to meet the changes is au 
much lower taxes, with a good interesting question, 
many existing taxes abolished My organisation has become 
altogether. What is much less heavily involved in the study of 
appreciated, is a proper regard as “ information processing aod 
to what any substantial cutting communications," with particular 
back on tax revenue implies: A emphasis on toe impact of 
considerable proportion of technology on the office envlron- 
taxation represents a complsory ment. It is clear that the 
levy by the. public sector on toe majority of medium and large 
incomes and capital of the private companies In the UK have not 
sector, whereby the stipends of yet looked closely enough at the 
the former are kept at levels potential problems. It is clear 
which they have ' become that the acceleration of techno- 
accustomed to demand as. a con- logy in toe now integrated areas 
stifutiona] right. The public of computing, .telecommnnlca- 
sector is now the most efficiently dons, and administration is going 
organised of collective extor- to force a faster pace of change 
iioners whose political weight than most people are prepared 
prevails in the councils of toe for. 

TUC. its members' jobs and Michael G. Moon, 
enhanced remuneration can only Director, 
be guaranteed to the extent that Handley-Walker Company, 
a well organised public sector Essex House, 27, Temple Street , 
“persuades” local and central Birmingham. I 


President Ceausescu visits 
British Aerospace, with which a 
preliminary agreement has 
already been signed by Romania 
for 82 BAC l-ll short-haul 
airliners, and later gives dinner 
in honour of the QueeD and Duke 
of Edinburgh at Clarldges, W.l. 

Foreign and Finance Ministers 
of OECD end two-day annual 
meeting in Paris. 

European Parliament in 

session, Strasbourg. 

King Juan Carlos of Spain on 
official visit to China. 

The Queen visits Lord’s during 
the first day’s play in Second Test 
between England and Pakistan. 

Today’s Events 

Prince of Wales visits Three 
Counties Agricultural Society 
Show, Malvern. 

NALGO conference continues, 

Mr. K. Marks, Under-Secretary, 
Environment, Inspects experi- 
mental pipeline for carrying 
waste from Horden Colliery, 
County Durham, out to sea. 

Lady Mayoress opens photo- 
graphic exhibition of “The City - 
in the Blitz” at St. Botolph. 
Aldgate. E.C.3, 12.30 p.ra. 

House of Commons: Debate on 

Fishing, followed by debate on 
Official Secrets Act. 

House of Lords; Wales Bill, 
committee. Co-operative Develop- 
ment Agency Bill, report stage. 
Index of industrial production 
(April, provisional). UK banks’ 
assets and liabilities and the 
money stock; and London dollar 
and sterling certificates of deposit 

Berlsford <S. and W.j‘ t half- 
year). Chloride Group (fall-year). 

English China Clays (half-year), 
international Timber Corporation 
t full-year). Tale and Lyle 
(half-yearly figures). 

Alginate Inds.. Charing Cross 
Horel, W.C, 12. BSG Intnl.. Savoy 
Hotel, W.C., 12. Bunzl Pulp and 
Paper, Abercorn Rooms. EC, 
11.30. Combined English Stores, 
Dorchester Hotel. W.. 12. C roil a 
Intnl., Connaught Rooms. W.C., 
12. Grampian Television, 
Aberdeen. 12.30. Lead inds., 14, 
Gresham Street. E.C., 12. 

Moorhouse and Brook, Hudders- 
field, 1 1.30. PorLer Chadbnrn, 

Liverpool, 12.15 Usher-Walker. 
Connaught Rooms. W.C., 12. 





-* i/ 



.**; ,* i v 




JAP*' 1 . : 


•; i O 


t; r- 

’- % ! j 


K. '.s 


\ : ... r 

V . ' -j- I A 


There’s a new source of equipment financing on the , Blue Key programs of MH Leasing Limited. 

Ttiinfcof us when you need financing for substantial 
capital acquisitions. We offer medium-term, 
sterling-based equipment financing in a varietyof forms. - 
Most importantly, we tailor a financing program 
to suit your specific situation. Because what's ,*.■*" ^ 

right for one company is not necessarily right ; ; 

for another. 

While we're skilled at structuring deals, 
tve're equally proficient in the follow- 
through— providing attentive service 
throughout the life of the agreement. 

Consider, too, the strengths of our corporate 
relationships. To begin with, MH Leasing Limited 
is backed up by the resources of a 535-billion institution. 

• s' 

ty in addition. L/X companies that require 

dollar-rienominared financing can turn to Manufacturers 
u Hanover Leasing Corporation for a program that suits 

their needs perfectly. 
If you need sterling-denominated financing to acquire 
high-cost capital goods-, don r make a move until you talk io 
MH Leasing Limited. Call or write today. 


Anthony VV. Jukes, Marketing Director 
22 Austin Friars 
London EC2M 2EN 
Telephone’. 01-628-3633 


Total equipment financing. 1 Worldwide, wm m 


•Financial 'limes jlhuio^t 

O:\ 1 V 1 KM 

£ 4 iii deficit at ‘Lots’— no dividend 

Westland Aircraft 
passes interim i 


Ail'd. Retailers 

Alliance lnv. 

Avenue Gose 



r sjm 


DIRECTORS OF London and m 

Overseas Freighters yesterday 
announced art OU2m rurnround 
io a Dl.yflm attributable loss for 
the March 31, 1978. year, and the 
l»«mj of dividend as part of Company 
steps to conserve the cash — . — — — — 
resources of the company. Allied Retailers 


WESTLAND AIRCRAFT fears months it has not CompSEr ; JW 

that its profits might he sub- sible to reach agreement Continuous Stationery ... *■» 

stantially down on last year after new system of pay. ; Country & New Town 

lATrx-b nn ti.- a "i cprSps of dismoUons sod The chairman repoxts that a Flexello Castors inu 

v* 0 ,, T” at crL portw 

Date Corre-^ 
of spending 
payment div. 

Oct,. 2 6.09 

July 20 -1*3 

1.48. , 

Sept 1 . 35. 
Aug. 8 1.08 

sufficiently advanced to reee»‘ e 
and load Ninfcm oil when produc 
Uon starts. * 

suDsianujj uiL-i«ac »h uit roruaxm 

tract provisions which yere himb aawros 






Page Col. 


crisis faces the group in the 
immediate future, directors are 
seeking the agreement of iu 
bankers — and of the UK and 
Swedish Goicrnmenrs as 
guaranties — to a deferment of 
some loan repayments. 

“The aim i.% In conserve our 
cash resources lo avoid running 
into liquidity problems before we 
achieve a positive cash flow 

again." McNeill Group 

Last y*ar a 3.32076p net per 

25p •‘'hare dividend was paid 
which including tax cost £1.6m. 

Avenue Close 

24 " 





Country - & New Town 



Fidelity Radio 



Gt. Portland Est*. 



Hartwells Group 






London & Oversea* 







News Intnl. 



Nichols (j. N.) (Vimto) 



Northern En^g. 



Nottm. Brick 



Parrish (J. T.) 



Robertsons Folds 



Staveley Inds. 



Warren Plantations 



Westland Aircraft 



Wheway Watson 


2 " 

Country & 
New Town 


lLs _f helicopter pla t- Jast Jear xvin be reqt^red. The ^ & O’seas Freighter? 

The company has decided not will depend o^ progress McNeill Group n, J_ 

to pay an interim dividend.. It in ^ pay negotiation and on Nottingham Brick InL 455 

warned yesterday that provisions actua i productivity and costa ^ T _ pgr^h 3.84 

made against its helicopter achieved, and likely to bp achieved jfofc^rtsoQ poods 4 -? 5 

operations last year might be j„ jjj e Yeovil helicopter factory, stavrfey — jj.l 

substantially increased in the Thai amount mas’ be as great as Smjgei Besi 

current year. last year or even more.; Tridant Printers *■** 

Last year the group made pro- Delivery of helicopt^s, mclud- UAr & . Cencra i Trust int. L*5. 

visions * of £6im against both ins the Lynx, has improved in the Warren Plantations 10-J 

vjsions ot mini against min pas{ few month5 to around the wheway Watson 0-5S 

July 27 
Aug. 31 
Aug. 10 

Aug. 15 

July 27 
Aug. 2 
Aug. 1 

July 17 
July 18 










4 ■. 

nil . 


36 •• 




- -. -ar 


Total '. ToUr.--.- ^ 
for - last 




.3 • 











.oa . - ;-jp„ 

276, ' 

335 2 ^ 

0.57*-".V; J <v’ 

332 . 


— * %*■ ; 
3*4-.. 3*4 . 

5.72 .. 5J9. %,-'■■■. .?.-•• •" 

65. ... nil " *--• 

, i'n . n , - St 




hr 1 i mater and hovercraft con- I ,asi Icw n,on ‘ ,r * LV wneway waisou r — — ~ • . ; ■ J ~ . u ' 3 ?. I*’ 88 c.'*X ' ! 

5SS%^tfiESZ5i» « 2S&&2 ™*B**r ? *** ^ .^v-u 

.Sil >3-' 

'Equivalent ‘SSr aUowing for scrip . jsgie. t On "eapiiaT . ■■ ■ 

r^myawni ^ ± „ 70 weeks, 6 For ^ • 

» A * c,a . u W,U1 dU J most otner parts ol pie srrvrsr VM»T*vsian cents throughout 

6 The directors of Count rv and helicopter contract negotiated trover and profits : have been o3 weeks. H Malaysian c e ugP 

>1 C V^... T. n. ^OUUtry mirh tha Minicfrv fif npfpni'6 ViulnnaJ Ia»1s nf rlphtAK ’ - — - — — — ^ ^ — 

the year 

January 31, 1978/of '£t5g£s"com* to run. in substantially lower 'borrowing 

... — J — *» »- - - •* •■ — • ’ -■ ■*’’ ! * .u«..u "rtrmg| 


pared with a loss of "SSjSSu 'last The problems at Yeovil are which should continue-bi noronat 
time, but after tax £153.599. due to the company’s inability operation ftor the remainder of the 

nofiinct F7Q 09.1 . 3 _ . • ^ . . _ — mi'ront VPar 


News Intnl. looking for } 


].4Sm proiii ». and |10 pri „ isiof* had been made continuing and an increased con- th croup' would recover 

Directors stay the ca^h surplus a:Ja i nst the poieruiaJ increase in tnbunon is expected from this in the sccond half 

generated by the fleet was repa y mt . nl cw »s. 


year and the year 
expected to be equally 


up 23% 


Tradjuc profil 


Prc-Ux profit 

Nrl |imKl 

"rrt. iliviOeniic 

13TT IS 







‘ t understated. 
iu.riii.7sc: This was 


have been 

i.ov«r urru completed are ivi<w>io uml mwi u_. »u> me project aenmuon oi a new heav-v losses „ w ,.. r . . . . . . _ 

encouraging, they add. Further, interests are per ronniog satisfac- helicopter to replace, the Sea deliveries ofi orint orders. • . had cost another « ltesecond 
in the longer term, it is torily— will be able to pay a final King. • pilwrthPiUs he felt th; compared wiih 
sliribuLible outgoings in respect 
ot loan interest and repay men is 
;mJ payment s for new .ships 
bmueht in 10 service in the year. 

The result that group cash 
resources dropped £S.74m to 
iS.'iSm in the period, despite the 
inflow of dividends, inierest and 

I lie proceeds from the sale of 
two ships. 

These ca.*.h resources may, 
however, he augmented at the 
appropriate lime by the sale of 

the f.V.'m of tiovernment siock WTTH TAXABLE, earnings 
received as interim compensation H81.S71, against i4_4.06i. comm., 

■m the nalion.ilisaiinn of Austin in the second hau. \lhcway 
and Pichersgill. Matson Holdings limshed the year 

Although 1 he group has no to April l. i!LS. " , *th full-time 
•ships >.n iirrler and l he re fore no profit 2.» per _ cent ahead from cxpendiiurt* commitment Di24.b01 to £di.i.tiSS. bales by the 
ibis year, loan iiucmst and repay- chain-making, engineering and 
ments will total some £9ni.. and forging group rose 16 per cent 
directors >ay it should be im- to X12.fMm against IiO.elm. 
prudent lo" rely on the fleet The year-end total of reserves 
making any — _ • 

inbilllun. limes rnp isueu L-iciiaL jii urun u«<ii us i nuauiiiiii ■'‘■■I" lamuj ... j . _ ■ . - 

paid an interim of Q2p in April. 


[£64S^18 credit I. 
a transfer 

«>f oiir reserves gives Us cause for pa n/s"au t lio nsed .-hare capital by chairman, loid the annual meeting 5 a i ls f rt 

concern." lo £3m and to capitalise that due to the delay in the start md,nlj bi change differences. 

They say L« »FS is on a survival £t .004.412 of the reserves and of \inian production, which has 

■•nurse and that directors are ;>ppiv this sum to increase the increased its peak financial 

I I ■dr' rm i ned ro see it through the nominal value of the shares in requirement, the group requires 

present siump in good shape. issue from 5p per share to lOp additional funds beTore the end 

ihey say there \« ill be more per share. of the year, 

compensation •.•omiug for Austin Tlitr improvement in the 1977-78 Lasmo’s present borrowing 
and Pickersgiii some lime ill the profit wag forecast in December, comprise £7fim unsecured loan 

annual meet- presses, for both these develop?.;' 

_ _ _ _ had an i 

C0 S!!™ y u„ic. e ,n rt( h„r They now say "that the figures allowed some manual workers to covering tooling, training, and l&arehoiderr that overall, tiie ; -investment- of -nearly U.S^30m in •?. 

Felco Hoists pad anotner ^ood have not fuJ j y rea u sed ihe gain increases outside the norm supplies for an initial batch of 50 group's trading position was only News America lne. jow ned 50 per;.-. 

nea ° .. expectations anticipated. In the established by the latest pay helicopters have been feceived. slightly behind last year, but with cent by News loteritationai and \ 

saus- event, the totality of the costs code. This had caused unrest a further additional'., batch Of every prospect of overtaking the .50 -per. cent .by News Linuted -of 

— for the second, half were amung lessfavoured workers ana Lynx helicopters has beep ordered' final result. ...Australia). ' ------ 

s'. ' 

pushed up the factory's wage by the Royal Netherlands Navy however News Group News- The- .Star . had achieved-, a 

partly due io bill. and further orders have also been nublishers of the News of national over, three 

d , lsrtJptl0 U ca . used b y the Strand Last year’s provision had been received for Sea King helicopters the World and The Sun. was about J^oncopi^.P^ wM^ Likewise 
j 15.000 store modernisation u-Hint. ' . r«, ,h. p«„i m.«j -• . ._ j tho nmiwanprs tn -San-. 

w W P ro r d thought enough lo provide for for the Rni] I Navy. 
••n.i«r' 10 be greater than anticipated a jj ihe group's problems with An 1D, tial ordi 

saPri^tw.:! 1 ™ £«*« ^is^jgssas**sf-?«* 

in its estimated the newspapers in San -Antonio 

■aiS Al.houch .uSSBi-KtrSen fiVJd IoT componc^iru for S‘wS“da,‘"o dSTwffifiK;- Mn 

22 f f!» •tWbutabk 5 SS &SS. fn tl,V AniS ? bf cT«IS IndoMriaJ tri.uj.1 M V 

•* cmm. it is not poMibfe Z.-S b.ili by Aen»>ati>l'..»n«Kliii| MirtMb ' -IIWJWt.ttWmWMriiA. 

quantify full effect of the T r f- ch , ! 1 ^ p > V" x the group's industrial collabora- Lm' P 6 - gone several ebauges-and was now 

disruption. However, noiwith- helicopters to the armed services. Uon with that company and a in' sn j (P (1 f determined and con- makins exceHent progress, .while -- 

standing the continuing upheaval. There remains the question of contrac t has been received from. finuo ^ l *«i rLs to improve indus^ New- West, which w&s.:iauhched . 

sales in the departments which whether the group — which the UK Ministry or Defence for rrlai rTLiHonfi the sroun was Mill in California- at a- coat' of > = ■' 

□ re reports that most of its other the project definition of a new c lom ^iri short ^ ^ itist before the group -bought it; . v-- - 


considered that the value of ihe dividend for the year, 
asset will be materially enhanced. In 

London and Scottish Marine Oil '?« unchanged; ^from a 

ignilicant cash con- at £4 229 727 uas more than four Compam announced yesterday f •’’P n ^' P®ymmu last lime. 

limes the 1 sued vanilaL In order thru its remaining bank facility ^company 

losses id short' 

■uvenes 01 print orders. - “ ■-■ — -•-■=■ • — ~- 

, n J w .. Nevertheless, he felt that there was. now : mstang good. . 

, . . , J Work on remotely piloted heb- ^ mucb tangible evidence ^ V,-’ 

his interim stalmen) Lord copters i.s increasing and a larger 1 vifhin the company of improving- The vHiage Voiee^tfie New York 
' — * u ~‘ J — — version is now in developmer* ' — ' • ■ 

the UK Ministry of Defence. 

Loss per lOp share is shown as Aldington says that despite exten- version is now in development for attfinde^in come ‘sections ^ntThe weekly, continued torHo-.weU'-and 
O.oGp I1.B3P' and the dividend for sive negotiations in the past few t t- ■— atutuaes in some seciiuus «» 

was hoping for a more settled T 11 * New York .Post ; had 7 made 
period in the immediate future, important strides. . ,-tais year. 

It was the staled, policy of the Advertising revenues were -nearly 
group to maximise its revenues 25 per cent ahead of tins .time 
so directors would continue to : Ia *J JJfW. - • -/v: .. — ■ 

apply for increases whenever pos- . While- Mr. Murdoch CQUra stiU 
sible, the chairman stated. see . many 

years of ~ -important 

Advance by 

Hartwells £1.4m rights 

Hartwells Group, the motor per cent to redemption, 
distributor, is raising 1137m by Brokers to the issue, de Zoete 

It was intended to begin print- growth for the group's UK news- 
ing in Scotland next year and a. papers. “ whjcfa we. will pursue 
decision would be made very soon aggressively,"- he said, limitations 
whether this would be achieved .of legislation relating -to mono- 
through contract printing or the pblies, together with- the attitude 
erection of the group's own plant of the authorities towards news 

papers investing., in television. 

Revenue of Harcros Investment 

fill lire. The contribution from Now Mr. W. Gibson Biggart, the slock-* and flam from its bankers. Trust advanced from £328,111 lo 

A !: P this year was limiled lo a chairman, says that the outlook Mr. Grant first disclosed in April £924,812 in ihe year to March hi. rights issue of ono-for-three at order 10 ensure that dealings Can 

Stim dividend tor ihe June 30 fur the current year is reasonably ihis year that the company was 197s. before tax of £271.1US. S2p each, which is underwritten commence today, ir is regretted 

quarter against Il.iiin last year. encouraging. holding discussions with its against £170.951. by de Zoete and Bevan. In the that all applications for up to and 

The group ha' taken no account After "tax of £131.323. against banker* aimed at increasing the Earnings are given as Q.HTp market the shares closed 9p including £45,000 of stock will 

of inierest which will eventually 120.002 last lime restated in line amount available under the (0.63p> per lOp share and the higher at 106p. . receive no allotment, 

he received on The balance of ihe with EDJ9 in the treatment of syndicated unsecured term loan dividend total is effectively raised Hartwells’ directors slate that Applications for £50.000 and 

for some £2m. . . 

. . Development of a major r.ew meant, that the. Stroup wag more 

way of u cash cail from share- and Bevan. said yesterday that production centre in London was likely to be purchasing - or deveiop- 
holders. in view of the exceptionally Large being investigated and tire group- mg- new properties otrtside of . the ■ 

The company is proposing a number of applications, and in already owned sufficient printing UJt,' rather than within it 

the company has a b 0V e will receive approximately 

Flexello forecasts over 
£0.72m for full year 

On turnover ahead from £3 .52m. tend - to pay the maximum ' per- 
£4.13m pre-laic profits' of mitted total for the year— last 

c'njipen colon yet 10 be agreed. deferred tax. earnings per 5p arranged last year. from 0.5fifltip to O.S5p net with although 

Ship sales in the year yielded share emerged lower at 3.09p Authorised spending on develop- a final of O.tiap. The retained adequate canning facilities ior Qijog per cent of the amount 

£1 7Sm I £1.24011 while realised i3i>p) basic or 2.SSp (S.Olp) fully ment of the Ninian field at Decern- balance is up from £33,918 Vo current requirements they con- ri pn| red for with a maximum 

loves on ihe repayment oi diluted. A net .final dividend of ber 31. 1977 wjs Iij7.42in repre- £68^40. aider that permanent capital aijntment of £62,100. 

1" reign loans t.iialled £,m. 0.52S45p lifts the total to 0.87S45p renting Las mo's 9 Tier cent The net asset value is show n should be raised now so that Letters of allotment will be to 

agamq £n.S!)m. The attributable (0.79436p). If the rate of income interest. Of the total. £25.1 m was at 26.54 p (20.32p).- advantage can be taken of both despatched tomorrow and dealings Flexello Castors and Wheels rose yeal-s final was L714p.' 

I<i>s is afier £54.noo from minori- tax is cut lo 33 pi-r cent the final contracied for at the balance date. No dividend has been received increased trading and the acquisi- starl today - from £239^66 to £364, SOS for' the' The directors state that overall 

lit' • 1.11.26111 10 minorities) and a will be increased to 0.53645p. Mr. Grant also reported that from a subsidiary whoso pre-lav lion of additional franchises. * -six months lo March 31 19TO. - demand for- products remains 

£11. 7um 1 Ei MiSm 1 .Mia re of associate At Wheway Watson (CM) order following the installation oT Ihe profit — not consolidated — was Proceeds of the issue will be And -the directors expect that satisfactory and in the light of 

company ln*sc<. levels indicate a rising trend and. iViman central platform on !Uay £9,183 (15.092). Figures include used to reduce bank borrowings. BRElVT — 98 7°'n ' Hie current levels of business ffieir- continuing policy of raar- 

Pi reel iirs sny that of (he group'- given a further improvement in 18 the Ninian field now has two the net assets of the subsidiary For the year to February 28. 1978. • <0 /-will be sustained for the rest of ket 'development through product 

subsidiary <-f pre-tax profits rose from £1.23ra Brent Chemicals . International' the year, and that second half Improvement afid new products. 

w ::it.27m Eurudnijar borrowings operational efficiency and the production platforms in place. The Harcros is a _ _ _ _ _ 

repayable bciuven nowand 1SW7. brighter outlook in export third platform i.-s expected to be Harrisons and Crosfield which to £2 Am. The sources and applies- announces that 2 65sj302 shares nrofite w’i if exceed "those of the they look "forward to further ' pro- 
;h r or repayment would markets now evident, this sub- towed out later this month. holds »3.S per cent of the capital, tion of funds statement shows an gs.Sfi ptfr ce nt of the lOp shares-4ireti'h'allt -resulting.' they sa?, ^'fitable^ 'e*l>ansfo» dF the-‘group's 

funds amounting to issued by way of rights on the a' usefttt improvement" for the "business "iir- the fiettf of materials 

As one of Europe's great chemicals 
and plastics groups DSM knows how 
important it is to clean up after the 
job is done. 

For instance, in The Netherlands 
this year, DSM will have spent some 
£35 million to make the River Meuse 
cleaner. To do the job DSM pioneered 
techniques which, take out. nitrogen 
impurities as well as organic matter. 
The plant that has been put to work 
on the Meuse will be big enough to 


deal with the waste produced every 
day by a city the size of Birmingham. 

Good news for Dutch farmers who 
will use the 130,000 tons of bacterial 
waste produced every year to improve 
their soil. 

So Meuse ’78 will be a great year. 
And the know-how that made it so 
will travel well. Soon there will be 
great years for the other rivers of the 
industrialised world. 

Water is a vital resource. DSM 
technology keeps it clean. 

-r v «••***•_ 

• • -i e-A 

-x -. 



■ ? 

DSM © chemicals and plastics 

To find out how much more we do, write to the Information Department, DSM PO Box 65, Heerlen, The Netherlands. 

inflow of 

£4.47m but because of pressures basis of "two-for-five at 20p each year as. a whole. Profit for . the handling, both at home .and over- 
on working capital which in- have been taken up. The balance 1978-77 year was- a. record £596,211. .seas. 

creased by £I.223m the year-end has been sold at premhim.6nd the The interim dividend ' payment Net profit came out at £165.808 
bank overdraft / was up from net proceeds will be distributed is lifted- from i.05p to J.l^opnet (£111,601) after tax of "£199,000 
£3.t)9 m to £3.?2m. f - to entitled shareholders/ per 25 p share arud directors in- (£127,965). - . 

The directors .-are forecasting ai 

bis jump in pie dividend this 
year. The payout will be increased 
to 6.7p per share net which com- 
pares with 4392p per ^hare for 

Turning injtite current year the 
directors slafr that the company, 
made good j>cogress in the first 
two months/but it is. too early to 
make a forecast although they 
view the future with confidence. 

Vehicle ; distribution i.s split 
fairly evenly between British Ley- 
land and'iFord. In Oxford the 
Leyiand dealership will be the 
sole operator from July l due 
io the IJrilish Leyiand reorgani- 
sation. This is good news for the 
company- Leyiand 's market 
share in that area is above the 
national average — the company 
puts it . at around 40 per cent. 

AI<o Hartwells has bought oul 
the Leyiand dealer competition 
in Baip and Banbury. So the 
directors are looking for a much 
larger market share this year. 

Dealings in the new shares start 
nn June 19. 

Tyneside well 

Sndlli Tyneside's offer for sale 
of £7m oT stock has met with a 
tremendous response. The issue 
was -at the very least ion times 
oversubscribed when the applica- 
tion list closed one minute afier 
opening yesterday morning. 

The issue was of 121 per cent 
Redeemable Stock 1986 in the 
Metropolitan Borough or South 
Tyneside. Priced at £ii!i per cent, 
payable as rr. £iu per cent on 
application, the slock Melded 
12.37 per cent running and 12.43 

£We are emerging from the period 



company’s products^ 


Highlights from the Statement by the Chairmaiv 

Mr. David H. Whiteley 

Turnover dropped to £5.3m (1 977 - £6.1 nr), A loss of £137,992 was 
recorded. - ~ : 

The directors have recommended that no o r d inary jJivjd e" n d should be" 
paid this year. ‘ ; • - 

We have withdrawn from our trading association in Japan, and bur. 
other overseas associates have all traded profitably- ' 

Orders in the first two months of 1 978/79 are well ahead ofthe 
equivalent period last year. 

There is no likelihood of f urther red ucti ons m the workforce. ' 


Manufacturers of ’Elephanride" insulating pressboards 
and multiply presspapars. 



A copy ofthe fuff Report and Accounts maybe obtained from the Secretary. 
Poof Paper Miffs. Poof-in-Wharfedafe. Otfey. West Yorkshire LS21 IF Pi 

' Directors: • 7 . - t ■ 

The Rt. Hon. Lord Tryon (Chairman), T.L. Grimley, F.F.S., l.T. Henderson, T.D^J.M. Hunt, P. L Lam also p. F.C.A., E;Tnpw»r, j?. . P. Pc , F1C.A- 

Managers and Secretaries: Gartmore Investment Limited 

Pivftfencf record 





Dividend of] 
F.T. Alt 

Dividend of 
ol Inv. 

Dividend oq 
Cow Jonea 




’ /v = ; ■ 

Revenue and Dividends 

Year lo 
31 si January 








1,477,133 ' 

Net Dividend : 


Ordinary Share' 

1.40 _ . 

1.83 . . 

2.20 . 


Net Asset Value per 25p share 
Financial Times Ordinary index 
Dow Jones Index (adjusted for dollar premium 
and currency movement) 

Earnings per Ordinary share 
Dividend per Ordinary share 

Movement Vo 
'3T.1.77 to 31.1.78 
' -{-19* 




Geographical Distribution of Portfolio 


United Kingdom 
North America 
Far East 
Other Countries 

Net Current Assets 
Fixed interest 


•. • .* -- 

- .a- 



• ■»' C'*>3 - 

‘ ^1* o. '5B/IH 

*£c.r ad, ^ !¥ 


^Fiaancial Tinaes Thursday Jane -15 1978 ' 

rises to £15m 
sees more growth 

CompAir £ 
at midway 


Warren Plantations 
than doubled at £1 

PRE-TAX. .profits, far. the 78 weeks 

wwS 11 1978 n A a an : of borrow^ a and of rearing has AS INDICATED in February, a fuU . >w. Overall, bower, 

unproved to £l5.02ni. “OARQ IVV£ETlNGS been deliberately reduced over profits before to* of CompAir. at Comp air w nor likely lo improve 
SIS™- with £6.76ip for the Tlw tmwute caaawtia ban ^ l he fe w years to provide the £5.72ra for the half-year ended on la** il£2m. At 93p 

^ weeks. . On an - date « «f Boart'- meettw to fte^si^b elbow ro ® m {or Rnanc- April 12, 197S have fallen short the shares stand nn a prospective 

annuajjsej basis,' the result was B ^kaage. Scch mevtinss *ee usually future capital investment, of the corresponding period's p/e ol 9 and y ial<s ij.<i per cent. 

1 ^ »««5 



J**^* 3 *!, c ^ Dcrrncd financial refiouTresT 

a« Interims or toU* and the 

Wced from *i03.85m T%? r g%* a £!%u? t ^ 


acquisitions, £5.86 rn, 

the groups rp^g directors say that although 
the profit Is close to the excep- 
tionally good result achieved in 
_ last year's first half, progress has 

f44.4m were gamed o^* ----- ™ DK Z „ ^ „ The 48 per cent jump in StaveJey’s been constrained by subdued 

including £X7Sm dlvwt ““Wfalksed profit topped raarkst demand in most world markets 

erportg from the UK. I5£ ®^Pectauons and the share rose and by generally adverse move- 

All product Wraunc w Trmt ud A»oncy. pnwte» and London *P to 272p. Another reason tor menLs in exchange rates. 

POSSihlv mlnp-r-ri wZZa.1 • ®* C *Pf Investment Trust, EnjdisH China Clays, the qwaket* rospprauat 04 the e a i PB overah Increased hv more 

S£ a i&£^££r™ SroU * «_*! foreca.i of a tha T?0 p<? ^^T efle^SSS 


well placed 

growth in nrnfitB wwoe. a. uie company Deueves, benefit from future si 

With ti ^aSSSS ffe<S^K»K eE-hJSS: a * tradJns condilions ' 

*£*gSW°?} n *?£, P®** to rStoSL however. Is unlikely to have a Sdvantage of a recovery in the 

Was £lfl Si m tin niasxaie aoa Jon. Zteani#B«aJ Ttmher. io maiiJiam 

u,d *' p “— ^ a< T PM eentctadoitr, 

analysis shows (in average is a per cent! on con- 

trlcal^and «^ms- FmrU * C BATeS ** <*"*'* and 

, —,733 and £1.488, -foundrv 'Brunner 
Products W d ^abS^ 10 ^ g^W.' 


IN HIS annual statement Mr J. 
Dlckman, the eUiurmjn of Fidelia 
Radio, tells members that the 
Improvement, group w "'ell placed to take 
nowever, is unlikely to have a advantage of a recovery L- 
r^T* significant effect during the general economy and any upsurge 

remainder of the current financial in consumer spending. 

S8J*g i^-'^rC~:iSg SSTSUI7Sw ,, b , i,Hl» , S£ Profl,s »® «»**« fro ™ «■* mmpam^ |»«ition in u» nTarket 

Sbnl>!St & ^Salter £3.^08, WftMii M^a.flpw..- Am» {SjJS ry :^ h uJ[nr£^ consequently the Board believes says Mr. . Dickman to pursue the 

^2 F S« America cdofT^vraUani} tsiiafitoTO : Ana. a SovSg ike comoSS at Jt reasonable to look for a final policy of est.toiKhing and main- 

outcome in line with 1977. taming a prominent position as 

The interim figures exclude the S®,Sin th of , JfSK 

57uid Power division of Watts PfOdUCTS in tn-.r. country. »n ihis 

Rcwlato? CoSiSS? but the [JJ** 0 h - s succeeded, 

exclusion does not significantly D * 30 ’ . , 
affect the result for the period, Demand for consumer durables 
the directors say. has been badly affected all over 

The Interim dividend is raised the worW Hnworer. Fidelity's 

Xr2 e i*X im "to C S"loToS J el" 

irollts' "SmiS* tr ° m PrMa11 P“ S 3re l-.' m o3, > i5™!i° P and 
profits of II* J m. sales overseas have increased two 

R**fwar Vtar a nd' a half limes in ihe last two 
hST* iooS moo »“*% This has been achieved 
71.587 is9,7fis mainly by Sirenaihening market- 

8-605' is.008 ing strategy in existing markets, 

а. 145 and new m:«rkcis have also been 
--•?*? tackled with success. The 

jt directors hope to see the cominu- 
12.214 ing benefits or these endeavours 
5.577 in the years ro come. 
f1 }g Tbe chairman says the group 

б, 250 has also made great strides in the 
— development field with the intro- 
duction of new models using the 
latest techniques. 

“We have ; herefore consolidated 
our position m the home market 
hit growth for the moment at and we have expanded our ex- 

INCLUDING £2.Ilm.. against 
£0.27tn., from associates, pre-tax 
profits of AVarrcn Plantation 
Holdings more than doubled from 
£4.6701 to £i0.f>m in 1977 on turn- 
over ahead from £1 5.91m to 

In January, the directors fore- 
cast profi is substantially higher 
Dhan those for Z97ti. 

They now say the development 
of tbe diversification policy 
planned to achieve a greater 
geographical and commodity 
spread has progressed through 
the atqui’riiion of Supara Invest- 
menis' rubber and oil palm 
estates in Indonesia. 

The tea and coffee prices in 
1978 are tower than those pre- 
vailing during 1977 and. there- 
fore, it is unlikely that the profits 
for the current year will be as 
good as those for 1977, but in 
light of the diversification policy 
the level of maintainable profit 
is now higher than In previous 

Earnings are shown to be up 
from 4Q.L'8p -to Sl.IRp per 25p 
share and the dividend total is 
stepped up from 9.lp to J4-87p 
net with a final a[ lQ.05p. 

f The directors report that wS‘ ^ J— » 

the- exception of North America, 
an product groups improved to • . 

rerord profits, . profit before extraordinary Items 

Electrical and mechanical merged at £H-8fim for the 
services performed excellently P eri °di against sin annualised 
and in a depressed market T7-78m and a restated £5.97m for 
produced an Increase in profits tbe previous 53 -weeks, 

against tbe directors’ Extraordinary debits took 
«2^2??l, e * p S cta£i ? 0fi *° d the y ate £I.67m (£0.47tn credits for 1975- 
optinusuc about its prospects for 1976), including a gi.llm charge 
toe current year. arising from currency rate move- 

Vimto sees 




Opt-runnc grout 

Stun.' assocs 

Profit before tax 


Nit IX-Ottl 

Tii minorim- i 

EMTHorfl. dib;i« 



i CrcdllS. 

$ comment 

mr? 12TG 

£ £ 

. 23.7J7.77I 15.913.214 
, :-:.790.SK6 4.39S.972 
-_'.W7j54 271.115 4.668^7 
7.45 0.Q34 3.0M.4P? 
0.445 Of 6 1.601.568 
30.7S3 80,202 

273.920 ■'«7.5«2 

3,JiJ,3r'3 3.S7B.949 
r.n.SBT 3S2.06S 
2.523.M6 1.133 .564 

Po^dry pfod^cte.^a .brarira Ja S» ‘Sir KS 

fnr5a r wcre .¥^ tts profit; the sterling. The reffi fining Items tinuing ^crease in home trade fTT? . 
mu-ease would have been higher mainly cover closures and ration- saiesL says Sf? 9 P Nichols the S.f 

?wVt eP n™lr d ^^ et ^-"WSS mea ^ res - h SairmaT of 1 

roStnnP £ F I s Shouw Stated [eammra share are (vimto), the Soft drinks concern. Group t« 

continue, even under current 8A3p, o«2p annualised and a And providing no unforeseen Associates 

restated 47.7p for 1975-76. A final circumstances arise he 

of the 
a con- 

Extcnul sal,'s 
Tradlnc profit 
Interest paid 

• circumstances, they add. 


P“J25 demof to'Sr^xpaMloi 5 du?toi jSSS^dSpMM » 


ing sector produced a very for the 78 weeks’ "period to the the current 1 year* 
mMsUM! increase on the profit- m a x i mum permited / 13.5036p reported May 18. pre-tax 
ability achieved in 1976. This was (7Ap) — " **” '■ — ' — J - - - y p 

not quite as * ‘ 

expected, but . , r ^ . . 

be hoped for, considering tbe de- directors. 'Dividends absorb £2.2m £4.4m to £5. 65 ml 

5. 635 









id in 1976. This was (75pj net — if ACT is reduced profits for the March 31 1978. , . , , . _ . . 

good as originafly then a further amount cot exceed- yea r rose from £508,606 to w ® rld demand ibr ' corn- 

better than could ing 0.89 B4p will he paid, say the £782.062 on turnover up from , pressors and pneumatic tool-, has 

pnnslrip.rino- tVio ilo. Hiriw>tfi« m«i4anHo ahenrh f2.2m r, A c: jilt growth for the moment at 

au, Compair. Taxable profits slipped ports. Thu rsie of inflation ex- 

per cent, and thU continues periencert in the past, appears to 

casts 01 

jL! Year 

pressed state of the market say (£1.04m) leaving retateed profit of The chairman says that 
the directors. They expect higher £7.8lm (£5, 39m). . . export sales increased, rea 

profits in the current year, Durini “ ' ' 

The mineral products division tovested 

produced outstandingly good re- annualised ... ... ...... .. _ 

suits, mainly due to British Salt, and capital investment in the UK overseas markets will continue at 70 per cent in the first six months. rh *, «•,» he 

but also helped by r improving per- continues at a high. l«veL the present high level. There Exchange rate movements have 5JE sr f f°!l! , 1 .„* ''' ‘LLr, 

formance in Staveley Dime, which After provi d}ag r -ft>P 4he bi- was an even bigger increase in dipped more than £Jra off over- a £}f, etu n 10 " reatcr P™fit- 
' is now operating at breakeven, creased dividend, - reserves the demand tor canned “ Vimto," seas eamin&s and hit exports aDUlcy- 

The group will be hard put to increased from a restated £14 .4m he adds. This is now one of the from tbe UJK. The chief prob- As reported on May IT, pre-tax 

match this excellent performance to £2L9m, leading canned drinks In Saudi ] e ms however, lie in Nigeria and profits fell from £1.75m to £I.31m 

.in the current year, they state. Overseas bank . overdrafts Arabia and the Arabian Gulf and France. Profits from the Nigerian «n the year lo March 31, 137S. 

v In North America, operations amounted to £2.8(}u} <£L56ni ) and has made excellent progress since subsidiary fell by £lrn lar-’ely Turnover rose From 117.87m to 
suffered from a further downturn UK cash balances to '{2m (£0.53m its introduction to the market. l0 Government controls on £f8-4m with a drop in UK sales 

compared with 1976, aggravated overdraft). This resects con- The new factory and offices at ^, rM . )TVY TJ . e uosjtion here is irom 10 HMw oSset by 

by. costs associated with tinuing progress. at^TgOOd finan- Chorley are now complete and ..Voiv^w ' to imomvp hut next 8 rise in exports from £2 .43m to 

*t.„ m£-%i ^ — * — iT *i,„'nir an <i fho *».«* — n Kt. uniiKwy id unprove out nrsi 

Net liquid funds were £43,000 
(£171.0001 lower at the year end. 

measures taken to improve the cial controls in the -UK, and the he feels sure that greater profit- nn « ra *i nn w :ii a «vwav 

situation there. The group is ex- effects of further investment in ability will show itself in this EL/"* TJwv lhen 

TiMtuI trt Ka Koalr in i- ,L.« ITirl in C rriu- J rCVeri CO aSSOCi3te iStatUS WUfll 

pected to be back in profit in the manufacturing facilities and in year's figures. The old premises 

urrent year. new product lines Canada, in Congress Street, Chori'ey. have ^n\ € rT^ n r-nl^ S “V”' 

The Salter Group produced re- Borrowing facilities available to been sold Along with half the aawt ? e L?^.vtr,ii en i ®H a ^hk G int!Tn M f e , tln £- l - Pprrman square, \\, 
suits m line with expectations at the company exceed {fttat Bengal Street site. ' r ?2SlS2Li n i Ji? »!»°5 J* 0n Jvly h al nt>Pn ' 

the time of the acquisition. Total debt a* a percentage of A statement of source and *»smeM confidence -pwor to elec- 
Following steps taken during the ordinary sha rebold er£ funds, application of funds shows a bons nit pronts in r ranee our 
period under review, a consider- after netting off cash. [balances, decrease of £59,021 in net liquid ®*y should recover this year, 
able increase in - profits is ex- dropped from 303 per cent last funds against an increase of Meanwhile the Watts acquisition 
pected in the current year. year to 19 per cent Ih T969 this £33.432. As at March 31. net to rbeU.S. should contribute some 
After tax of £2.S6m (£0.5flin). was 121 per cent. current assets were down a( £300,000 to profits in tbe current 

adjusted for ED19 and minorities, ' TTie directors add that th^lev«I -£S2I,468 against £390^03. half and some £ZQm to sales m 

— - ryv r r — ’ — 

Although tea and coffee prices 
have come off the boil, "Warren 
Plantations' profits have more 
than doubled. Warren has 
adooted SSAP 9 and did not write 
in massive stock profits in 1976 
as most of the other tea and 
coffee companies did. So the 
profits have only appeared in the 
accounts after the produce has 
actually been sold. In next year's 
accounts the tea and coffee profits 
will be lower but Supara. the 
Indonesian acquisition producing 
rubber and palm oil. will be 
consolidated for a full year 
instead of onlv 1} months. The 
Sunara deal has been made to 
look very good in the light of the 
hich value since put on London 
Sumatra's estates in Tbe recent 
bid battle. Meanwhile official 
sanction for the “ lndianisafion ” 
pronosals are expected shortly. 
And when the proceeds come in, 
perhaps Warren can find a wav 
to solve its irrecoverable ACT 
problem. In view of the diversi- 
fication both past and planned, 
the yield of 9.6 per cent, at 242p, 
looks attractive. 


The directors of Crane Fruc- 
banf intend to submit to share- 

holders of the 7 per cent deben- 
ture stock I9S6-9I proposals for 
its early repayment at {80 Per 
cent together with interest up to 
and Including Lhe date of repay- 
ment. The nominal amount of the 
stock outstanding is £258,030. 

loss: no 


concrete and structural engineer- 
ing concern, was down from 
£13 .82m to £12.1m for the whole 
of 1977 and the group incurred a 
pre-tax loss of £L29m for the 
period compared with a small 
profit of £3,494. after an extra- 
ordinary debit Of £15,084 (£30,000». 

The directors state that the 
group experienced extremely diffi- 
cult trading conditions through- 
ouf lhe year and that the second 
half was particularly disappoint- 
ing; losses tor this period 

amounted to against £D.3m. 

The current year's trading has 
continued ro be difficult, although 
the benefit of recent orders 

obtained should help to Improve 
the position of the group. 

There is no dividend payment 
for 1977 compared with 2.850439 p 
net last time. 

1B77 1H70 

x i 

Turnover I2,un,o°o i 3 , 

ExiniorUinarr d^bn ... I3.0M lO.Ofli) 

Pre-tax Ihi 1.287,783 '1,(94 

Tax credit* t7H.441 

Loss arier lax 830JG4 72*17 

Dividends — 77.610 

Prior year adjust. ... 24.394 f 8-17-9 

rVltL’il forward ... 2».2<ti "814.735 

• Profit, t Qurae. i AddlUon. 

Advance by 
Alliance Inv. 

Pre-Tax revenue of Alliance 
Investment Company advanced to 
£591,784 for the year to April 30, 
1978, compared with £480,812 for 
the previous 121 months. 

After tax of £222.688 (£177.146) 
stated earnings rose from 2.49p to 
3.09p per 25p share. A final 
dividend of 2.05p makes the total 
3p (2.45pi ner. 

Net asset value is shown as 139p 
(120p) per share. 

Brick ahead 

First half to March 31, 1978 
results of Nottingham Brick Com- 
pany, show higher turnover of 
£911.856 against £772,107 and pre- 
tax profits up from £215,872 to 

Full production has been main- 
tained in spite of difficult weather 
conditions. The directors believe 
the recent improvement In 

demand will continue and that 
full-year profits mil show a satis- 
factory increase over the record 
£509,000 achieved in 197C-77. 

The new merhamsrd sorting 
and packaging plant will he in- 
stalled in August, the directors 

As stated at the time of the 
rights issue m July last year, lhe 
directors have reviewed the ratio 
of interim lo final dividends and 
have declared an interim dividend 
of 4 .Sap per 50p share against 
3.83p previously. The total last 
year was ll.SSp. 

The directors point out (hat it - 
i<i policy to provide t.ix on an 
actual basis and not to provide 
for deferred tax. The la:: liability 
{will be bhown in the annual 


tops £4m 

■WITH SECOND half reientte 
higher at £2.14m agiiiiif.i £l.2lm, 
Great Portland Estates ended th-? 
year to March 31. 1978. with a 
pre-tax figure up by 5-? per eent. 
from £2.«7m. to ;i record £4.1 ni. 
Gross rental income rose by 12 
per cent to iS.lffm. 

After UK tax of Il.Tfim 
(£1.17nii. i (ft revenue from com- 
pleted properties ml i a need from 
£1.54ni lo £;.;S5rii. which included 
an amount of ni.oiiO i l M7.uun i 
equal lo the outgoings lor the 
year attributable to properties in 
course of development. 

The result was struck after 
exceptional item-, amounting vo 
£904.S59 i fl.nuru >, which com- 
prised £234.1136 i£S71,iyO» for 
repairs arising on the refurbish- 
ment of properties. £670,833 
l £332,9471 for remedial work In 
connection u ith latent construc- 
tional defect, less a profit of 
£117.931 last time on the sale of 
trading properties. 

Stated earnings are S.2n (3jp) 
per 50p share and a lino! dividend 
of 3.3572p i2.9457pj steps up ilto 
total payment from 3.W57 p to 
4.3572p net costing £1.27 in 
(£1.13mi--should ACT be reduced 
the directors say the final will be 
maintained at the maximum 

A one-for-lwo scrip issue is also 
proposed and in the event of 
present di\ idend restrictions 
being removed, tite directors 
intend lo maintain lhe current 
dividend rate on the increased 
capital for the 11/78-79 year. 

During the year the group 
realised a surplus on the sale of 
investment properties amounting 
to £1,017.087 (£742.852 1 after 

capita] gains tax. This sum bas 
been transferred lo capita! 

A professional valuation of the 
entire group pori folio is to be 
carried out as at March 31. 1979. 

Extracts tram the Statement by the Chairman, Mr. G. F. B. Grant, at the Annual General Meeting 
held on 13th June, 1978 at which the accounts for the year ended 31st December, 1977 were 

"he Ninian Field 

l am very pleased to be able to report that the Ninian .. 

'entral Platform was safely installed at the location in the 
Jinian Field on 18th May.This platform was recognised as 
ne world's largest man-made movable object, weighing 
■ome 61 0,000 tons and costing about £270 million. Its . 

ow out and installation, which was a technically difficult 
>peration, is a considerable achievement both by the 
i onstructor and main contractor, Howard Doris, and by ^ 
he Field managers, Chevron, and all must now be very . 
l eased that it has gone so smoothty. . • 

pwjg. The Ninian Reid now tas two production platforms in 
with the thirdplatform expected to be towed our 
£ir&£*l> - 0 , r this month. The pipeline from the field to Sullom Voe 
he Shetlands has been laid. The terminal at Sullom ■ /; 

a, which will be the largest such terminal in Europe, 

'l has muchto be done before completion, but it is 
iiciently advanced to receive a nd load Ninian oil when ; ^ 
I l>duction starts. ... 

■ - The Ninian pipeline was originally constructed with • 

r 'are capacity. The Heather Field has already purchased , - 

‘ . 0.25% interest and final negotiations are taking place - 

ith BP regarding a possible interest for their Magnus 
•ield which is awaiting devejopment approval from the 
Department^ Energy. - . 

■ As I said in the Annual Report, there has been some 
delay in the commencement of production from Ninian 
compared withthe original target dates set some time _ 
aoo. Chevron have increased the offshore labour force in 

: orderto offset the effects of the exceptionally bad winter 
weather andan industrial dispute, and we expect oil 
production to commence before the end of this year. 


On the exploration front we hope to be making an 
application when the Sixth Round blocks and the 
Government's final terms are known. V\fe have recently 
entered into an agreement to share exploration costs in 
the UKSectorbf the English Channel and Western 
Approaches with Conoco North Sea, Incorporated ana 


Ranger Oil IUK) Limited. It is intended that all three 
companies will apply as a group in these areas with 
Conoco as operator. We have plans for partners in other 
areas covered by the Sixth Round, but these are not yet 

As previously announced, the exploration well . 
,^3/27-4 was abandoned after encountering shows 
' of hydrocarbons. While this result is a disappointment 
regarding the part of the geological structure tested by. 

. the well, we considerthatthe prospects forthis Block 
- merit further work. Another seismic survey is being 
conducted this summer and will be followed by 

BP is continuing steadily with their farm-in well in 
Block 3/30. When completed, this well will be more than 
three miles deep and one of the deepest North Sea wells 
drilled to date.The targets are expected to be reached 
Within the next four weeks. 

Financial Arrangements 

As I mentioned in the Annual Report, the delay In the 
start of Ninian production increases ourpeak financial 
'■requirement. Our present borrowings are £76 million 
Unsecured Loan Stocks "and £15 million from our 
bankers.The remaining bankfacilityfora further £20 
million will not now be sufficient and we shall require 
additional funds before the end of the year. Discussions 
with our bankers for additional funds are proceeding 
and we shall make an announcement when these have 
been completed. 

Finally, you may have read with interest the recent 
report by Sir Harold Wilson's Committee on the City, 
which was published this month. LSMO was taken as a 
case study and put forward as being one of the best and 
most successful examples of British financial institutions' 
readiness to take risks and provide money for 
investment in the North Sea.The Board were 
commended for their determination and our advisers for 
their ingenuity and effort in the financing of our venture. 

„ - .- iQTTProsBBctus, Mf. G. f.B. Grant retired as Ch^innanatthe conclusion of the Annual General Meeting and has been 

succeededoyiwu. " n ^" r ^ oanfexpresssdia ^ksto him for ha in valuable contnbubon during die last sevan years. 

Copies of the Company's fSJ7/fgpoiian</AecBimts/nayt^oMmd^n^e^ Compan/soffices. 9 Henrietta Place, London W1MSAG. 

No bank today can afford to stand 
still. At A P Bank we have taken this 
literally. We've changed out- 
address. You will now find 
us at: 

2 1 Great Winchester Street, 
London, EC2N 2HH. 

(Our telephone and telex numbers 
remain unchanged.) 

In our new offices we will continue 
to provide all our customary services 
backed by the specialised expertise 
and high standards of personal 
attention which have been our 
trademark over the years. 

A P Baltic L_ 

A member of the Norwich Union Insurance Group 
NORWICH ^ 1 21 Great Winchester Street 

UNION nwfrfj m u 

kskwice ERoup fianl m la 

London, EC2N 2HH. 

Telephone: 01-583 7575.Telex: S88218. 

FfnanCfa! TOnas- 


Robertson Foods below 
expectations at £2.7m 

FROM turnover of £72j33m. 
against 153.27m., profits before 
♦as of Robertson Foods rose from 
£2 58m. to a record 12.73m. iu the 
year ended March 31, 197S. 

However Mr. R. C. Robertson, 
the chairman, says the profit did 
not come up to expectation. At 
midway, when reporting pre-tax 
profits up from £881,000 to 
£909.000 (including £103,000 from 
Scotia Barry Foods), the directors 
were of the opinion that the full 
year's profit would show a satis- 
factory increase over the pre- 
vious year. 

After the satisfactory profit 
growth in the first half followed 
in particular by a good Christ- 
mas trade in mincemeat and 
puddings, abnormally difficult 
trading conditions in the last 
three months, to March 1978, 
were experienced in the UK. says 
the chairman. 

The existing price war among 
Food retail groups and a general 
fall in food consumption in the 
period meant that most UK food 
manufacturers have suffered 

But with selling prices shortly 
taking place on most of the 
group's products, margins should 
not be further eroded, says Mr. 
Robertson, and it is anticipated 
that the current year to March 
ISiTfl should show a satisfactory 
improvement over 19 1 <-78. 

The final dividend is 4.3511p net 
lifting the total payment from 
5 18.19P to a maximum permitted 
5.7249 m. 

Actual earnings per 23p share 
are shown ns 22.Sp 1 24. 52 pi and 
12.4 lp ( 12.33p i after notional UK 
lax charge at 52 per cent. 

The group profit would have 
been considerably better but sub- 
stantial increases in the prices of 
soft fruits and dried fruits the 
costs of financing the stocks of 
these materials were very high 
and the additional bank interest 
charges could not be fully re- 
covered in selling price increases. 

Canada, the group's major ex- 
port market, suffered from a weak 
dollar for a considerable part of 
The year which adversely affected 
profitability on sales to that 

The technical problems en- 
countered following the delayed 
installation of imported equip- 

ment for the increased breakfast 
cereals production took longer to 
overcome than bad been originally 

The poor summer, followed by a 
mild autumn and early winter, 
affected the sales of the UK can- 
ning company. • 

However, the directors consider 
that the fall in the UK group pro- 
fit in 1978 is only a temporary 

Peny S.-V the French canning, 
subsidiary which is now wholly 
owned, had an . outstanding year 
with a substantially higher profit 

and, assuming this year's crops 
are good it should have another 
excellent' result, says the chair- 

man. .... 

The current production in the 
breakfast cereals division is run- 
nine at a satisfactory level with 
demand exceeding supply: the 
Canadian dollar has improved and 
a reasonable summer could mean 
a slow down in increases in soft 
fruit prices. Mr. Robertson adds. 

1977-78 lBTfrn 
UwKs 53 wka 

Hum.: turnover .. 



Total turnover 
Tradloj profit . . 
Deb. u>i*rc»t . .. ... 


Profit before U* 



Overseas lax . ••• 

Net pruril 

Other Income — 
MjooniivS . • 
PtW dividends .. 
urd. dividends 

£000 I0W 
58X13 4.1.458 
4.208 ."..326 

8.795 6.482 

72.326 53,266 
3.777 3.243 






















£10,000 at a time when industry 
grocery sales, by volume, dropped 
by around 4 per cent The impor- 
tant preserves division (half of 
group sales) struggled to main- 
tain volume while the availability 
of fresh produce knocked more 
than a quarter off volume sales 
of tinned fruit and vegetables. In 
contract, however, breakfast 
cereals (14 per cent of sales) 
showed a volume gain of about 
a quarter but unexpected 
technical problems with the new 
Canadian equipment, which cost 
£2. 5m. reduced profits in this 
division by 40 per cent. This 
should recover in the current 
year now that the "problems have 
been solved and there should be 
useful growth from cake mixes 
(the new Candora range intro- 
duced in April has already taken 
a tenth of the cake mix market). 
But, overall, with the main four 
supermarkets accounting for 
around 30 per cent of Robertson’s 
turnover, the outlook depends on 
the duration of the price war 
and bow soon margins can be 
restored. At 151p, the shares are 
on a p/e of 112 while the yield 
is almost 0 per cent compared 
with 05 and 5.6 per cent respec- 
tively for the food manufacturing 

Fixed asvels 

Currunt assets 

Cumnl liabilities 

Deferred lax ... ■• •• 

LuiuMi-nn loans . 
Shon-ienii loans & a drafts 

Minority inturesi — 

Sbart capital and res. ... 

9.030 7.013 

24.3X1 19.4S4 

8iS3 7.504 
1.992 1.943 

2,007 1.919 

8,422 4.132 

— 345 

13,305 10.640 

Avenue Close 
earns and 
pays more 

• comment 

The slump in grocery sales since 
Christmas has left Robertson's 
full-vear profits only 0 per cent 
higher, with margins— down a 
point to 3.S per cent— coming 
under further pressure from the 
continuing food price war and 
higher soft fruit prices. After 
stripping out a disappointing con- 
tribution of £143,000 from Scotia 
Barry (acquired in September, 
1977). the profits rise is only 

Avenue Close, property invest- 
ment and development concern, 
announces an increased net divi- 
dend for the March 31, 1978 year 
of 1.625p per 20p share com- 
pared with 1.477p last time, on 
earnings of 2.703p <2.623p) per 
share. . . 

Profits for the period rose from 
£307,227 to £358,957 subject to a 
tax charge of £190.752 against 
£147.568 and an extraordinary 
credit of £11,129 (£02,340). The 
amount retained came out at 
£80.404 (£132,079). 

Profit at halfway was ahead at 
£172,263 (£140,8SO) and the 

directors anticipated a further 
improvement for the full year. 


Two alumina plants 
Western Australia 


THE Western Australian Govern- « orld .,^ nilia A pr ^?° n com “ Snte^byAe mSSexrf Sotnter 
mem’s strategy for the develop- from made dius allowing for the target date 

ment of the state’s bauxite re- Sir Charles yesterday maae e construclioii “ K “ 

sources will advance significantly clear that the state wanted to of January consul 
within the next six months as advance from the production of met. • • ... 

plans for a start to construction alumina, the first stage m the 0ver this period 

at two alumina plants within the processing of bauxite, to tiie o{ Aiwest corporate t structure 
next six months come to fruition, smelting of alu mini um, the neat w m have some light. shed upon 

Site preparation for the Aiwest stage. He wanted to bold talks them. During the nextfew weeks, 
consortium’s plant, led by Rey- with the companies about this. Sir Charles indicated,, the nature 
voids Metals, the U.S. group- - 1 want to see us work out the of BHP£. participation wm oe 
using bauxite reserves held by energy requirements to go into settied. This w^l ensme a strong 
Broken HOI Proprietary and Mr. “.SShSJ- he said- “We believe Australian participation in the 
Rupert Murdoch’s News limited, Ihat tb e changed energy project. 

Is scheduled to begin in January, situation, our capacity to smelt is At this stage costs, of design, 
1979. more competitive than, say, ten environmental studies, and plant 

Construction work at a plant jears ag0 /- layout are being - met by 

to be run by Alcoa of Australia, arose Anaconda, the U.S. copper group, 

in which Western Mining Cor- of^to as to 25 per cent. BDUton, the 

PO ration has a 20 per cent stake. fJltMrawaf 1 lut^aur from the Shell group’s metals 'unit, as to 
should start by October 1 if the 20 per cent Kobe Steel of Japan, 

existing target date is met. Albert consortium. „ to 7.5 per cent, with the 

Both plants are south of Perth The M/agemp balance being met by Reynolds, 

in the south west corner of ttngent upon state *Ppro tor . TM _ whi i e studies about th 

Western Australia. Alwest’s plant an errvdreiKnenral^rewew and Opening up the 

will be at Worsley and Alcoa's management programme which 15 deposits of lie Mitchell 

-f W.ooniTi TOtc will third DftW ADCQ 40 DUbilC COmm«It. OaUilie 

at Wagerup. This" will the third now open to public em«n '£''the Kimberley area, 

Alcoa alumina plant in the state. After ins talks wd J 11 which is in the north "of Western 

The urge, deles for , start to J™ S a 5!&£. « continuing, 
construction, emerged in talks Mr about >Bhe wiwa i. These deposits have been the 

Charles Court, -the Premier of ** .. n r lengthy investigation 

Western Australia, had in ihe “The environmental studies ? U *5 _ t jc ro&sartium in 

U.S. with Reynolds and Alcoa have been done with great by * JiS- 2^2 

towards the end of last montb. thoroughness and I am confident which Amax holds p d o its 

Both pinnt, are priorities for tite -all ^ S 

the state Government, which ** project to produce refractory 

holds as a basic point of policy t* 1 * y,e ®C; vLffSri— w -, u C11 v m it trade bauxite, but he would 
the desirability of adding value The Aiwest J^jJ***^ prefer to see an alumina plant 

to the mineral resources of the their emarotimerml pragnunme Preter 

state. Already one-eighth of the by the end otf this month and at is S _ — - 

£1.2m to 

shares for -every 

AFTER A lower S SJdtoS shares, 

unrealised gross profit reserve of 

£281,607 against fSOS.056. Pf**** # comment 

SS G ?m^im^ e grou^ D Shed .the nv-i^turt^in'anrtmigw^ t 
aXaiiKa vear at a record in the first quarter calatdar - 
SBSa’loJSSt^rttt am l«t SiTitoa through, n * 
ST Turnover was nheati by Retailers’ sm y«B- 
nim'.tn ciK7m a rise-' in first half pre-tax profits 

£13m to £ ■ Jf.^ 5 per cent the secdodhatf 

At the interim ««X»>ecl^ home with a gam of 

were up from £l5m to ti-aufl rziSSbn «»*+■ nnt- abi«w4 <« 

— — - M thev n««riy'20 per csxfc But AHed is 

and the 'directors said they. K..: *• -- — -*— * v 

liiw-Jg” L mSS prdraMy not tj?icai oi the carpet 
expected a satkEactory increase ^ ftn5sdif«.ttad« Votane for 

for the full year. 

u. uk *uw j— — tjjjj’ year as’’a whole wS: up 

They now state that resul ts f or between 5 and TJ per,r f cettt, u?Pd .1 
the first 10 weeks of the current damite competitive pressuras the 


period last year auu, mey -siropea. man 

consumer demand eontmu es, they This year Allied is w 

expect a further subsmtiai ^big increase in safes area— 35p«: ; j 

increase in profits for the-rixii ^g^__^n^ ’go.start'uip "costs in^v 
year -• dent m^gins initiaRy. partiiada^r 

The group’s ccnaiderable ia the afeond' haH- wfaen -ti^ \ J 

nrogramme is majority of ttw^openangs diould t 1 

and . is ataxt to-.come _ throngh, Hoirev^ ; \ 

SStodto add some 35 per cent Al lied is bodfeefang'-fors^i J 

S^Bing floor space during the growth bf arpuod-SO y fer cent t |», 

187^79 -rear They say the full year arid profits arc^expettsd -to /,=. . 

^[creased turnover frtm climh above £0*m -with toe Jrig: J4|gA- __ 

^^eLSiSob will arise in the bbMt frbm phydcal' 1 expanrimi ^ 

when total group coming-in 1979:80. Meantime tfie > ■ ^ ( ~ 

197940 year w . exceed moVeW ha -j • ^ 

istmesting -r, development. vbo*. ... , z 

iot -78 1979-77 since it wiU acooTBJt for no, more 

£ £ '■ than. 20 per cent- of carpet-’ -sales t _ . 

Tonm -» rt 6S.S93.582S2.m2W the company is"<deariy- ^en-'fo 

Prate profit ... 


Net pro fit 

Extra onl. credit 


t Net Of VAT. 

Earnings per 

sales are 


... ai.m .mg.wg ^tiafeifarn ns recaumg -.-Bias: 
•• SSS«-/Hr 27Sp the shares haw»7l»ft-> 

- 0JS7S4 very good rise xeceatty and the 

- 1 _ T™.p/b of 10.7 and yield of r 
1,403^87 i. to, 342 ce n t seems high enough^ for 
- present ' . .. : . J : -*> 

10p share are 

'ft • 

shbwn as 25.5p (20.9p) and a final ASSOdATO DEAL V 

SfS de 3i d e I SSS e frem 7B92SP to - Ro ber t BletofegHj-Jtompany 
8.712p. Also proposed is a senp bought . foir 
Ssue of one 9.75 per . .cent discretioriai ^chentg^l 5^ Ingej 
preference share and ID new ment Trust Corporation at 27Bp. 

Uranium fever excites 
the Northgate camp 

Hie Industrial 
and General Thist 

Total Assets at 31st March, 1978:£169 million. 

Core.i' On;yip«r 
’ C-riH.ji Goods Du>abi«& lion Oijublu 
\:i’. J IS 




L9 1 . 

Chem reals Ois I Other; fixed inlenssl 
10^*1 iodc; S3S 


Disbibnti«i of investments by Se^h^\^ 

F.TA All Share Index 


.1 ..i 

i-O 1 11 f’ 















F.TA All Share Dividend Index 




y • • 







1 Retail Price Index 

















Net Assets per Ordinary Share 




. 68p ■ 





, Wp- 



. 1976 ' 


Gross Dividend per Share 









'■ L91p. 




3977 ' 



Price per Share at 31st March 








38 .5p ! 








A member of thelbuche,Remnant Management Group. 

Total funds under Group management exceed £750 million. 

TIil- Report 3nd Accounts can be obtained from The Industrial & General Thist LtiL, 
\\ indi^ter House, 77 London Wall, London EC2N 1BH. 

IRISH URANIUM exploration started at the $200m (£10&4m) 
fever produced more excitement Oaky Creek coking coal 
yesterday in the shares of in central Queensland. ..Holton 
Canada's Anglo United Develop- Oil and Minerals Australia stated 
meet which jumped 57p further in Brisbane. 

to 260 p, making a three-day n, B company, which has an SO 
advance of 96p. Northgate per ceD t stake in the venture, is 
Exploration, which holds 24 per a subsidiary of Houston Oil and 
cent of Anglo United, rose 13p to minerals, a U.S. group. The 

_ LUk fif Afitin uKilo UfoffRalrl ha ir 

ccui ul /uifig vun.^ iujc tv minerals, a kj.j. ^iuup. 
a high of 465p while Westfield remaining 20 per cent is held by 
Minerals, which has a 13.6 per w. Miller (Holdings) of 

Mn» in MnrtWfretn croinpfl ^ 1 

Root, and Fluor Australia. 

limited life 

cent stake in Northgate, gained Sydney. 

13p to 110P. First production is planned for 

In Toronto Anglo United 1931 and is expected to build up 
cautiously announced. that } 0 2m tonnes a year by opencast 
preliminary exploration work on minin g and lm tonnes a year 
the four prospecting licences from underground. 

subsidiary, is progressing. 

Initial indications from detailed 
geological mapping and scintillo- 
meter surveys have substantiated 
the original indications and the 
zone has now been traced 
intermittently over a strike 
length in excess of six miles. 

Work is currently proceeding on TRE AUSTRALIAN Selcast Ex- 
a comprehensive shadow trench- ptoration, in which Uindon s 
ing and bedrock channel sampling Selection Trust f*®* ® 
programme across the" zone of! interest of approximately 84 per 
anomalous radiometric readings cent, sees no promise at this srti«e 
in the centre of the area. Analyses that the cash flqw from its Spar- 
of these samples should enable a govtile nickel yune in Western 

better understanding of the Australian will/ last beyond the 

distribution, source and nature of e J}d of next yey or the begi nn ing 
the anomaly for continuing of 19S0. 

foUow-up wo>k, it is stated. : At the annual meeting in Syd- 

In view of the area involved, ne y Mr- Wreford, the 

Anglo United anticipates that a managing director, pointed out 
considerable amount of time will that it has now been deluded that 
bp reauireri to thoroughly economic recovery of nickel from 
^aluato^cono^ucsigtofiSce the SpargovdJIe No. 2 deposit is 
of the radioactive zones. 

Sungei Besi’s 

THANKS TO higher than forecast 

not possible because of the high 
arsenic fcontent and AS 1.4m 
(£0R7m) Is to be written off. No 
extensions have been made to 
existing reserves at location 3 
while the location 1 deposit is not 
considered an economic proposi- 
tion at torrent nickel prices. 

While the company moves 

tin concentrate production towards the end of its SpargoriUe 
coupled with a good metal price, »»">"« o P eratior«-whicb made 
Malaysia's Sungei Besi reports a a ne !. os '? 
net profit for the year to March ™ onU «; 

31 of M$6.94m (£1.5Sra). equal to 

MS2.03 per share. For the previous ?25S , irinf2S rt «h! 

mssvsvsr 01 M$1 ^ or p£ST*S?Z£S££j£ 

Dividends are to be resumed de P°OT- 
with a payment of 65 cents (14.8p) The. latter, which is jointly 
less Malaysian income tax at 40 owned by the Selection Trust 
per cent, or 39 cents net. For group and mim Holdings, "should 
UK residents, standard rate UK k profitable open-pit mine 
income tax is deductable from the " lp„ vpr 

net dividend payable. when metal prices recover. 

The company adds that produc- Agnew, which has sold its produc- 
tion for the current year will not tion for 10 years forward to 
be less than that for 1977-78. The Amax, is progressing through 
shares were 208p yesterday. better ground conditions than 

those encountered in the access 
HOUSTON STARTS decline and which have put back 

rn AT poniCrT ** date o£ production from 

tVAL rnUJLl 1 sloping to the first quarter of 

Initial development work has 1979. 

The Guardian 
Investment Trust 

Company l i mited 

Mr M B Baring, Chairman, reports for year 
to 31 st March 1978- 

increases over last year 

• Gross Revenue up by 11% 

• Dividend Payment up by 15% 

• Net Asset Value up by 10% 







Asset Value 



P • 

















Total assets of £61 ,000,000 spread as follows : 

UK 70% N. America 11% FarEastl'0% 
Europe 8% Other areas 1% 

Individuals constitute 85% of Shareholders and 
hold 23% of ail issued shares. 



Camping, Outdoor 
Equipment and 
Retail Branches 
Travel Agencies * 
Blinds and Awnings 

Protective Clothing 

Marquees and 
Exhibition Hire 
Tarpaulins and 
Canvas Products 

Turnover— £m 
Pre-Tax Trading 
Profits— £s 





1975 1974 1973 
18.8 16.9 10.7 

2,666 1.756 1.350 1.0B2* 943 


Chairman, Mr. R. G. Duthie, C.B.E, reports 
•Record figures: Turnover up 44%; Profits up 50% 
•Continued expansion in 1978 with agreement to 
acquire Gailey Group— UK's largest 
caravan distributor 
•Queen’s Award 1 978 

for Export Achievement won by the 
Group’s camping division 
Blacks of Greenock Ltd. zm 


Black & Edgington Limited 

port Glasgow, Scotland. 

Copies of the 1977 Annua} Report may be obtained from (he Secretary. 


This announcement appears as a matter of record only. 

The Housing Corporation Finance 
Company Limited 

ran feed bv 

Advance Facility 

£ 15 , 000,000 

Arranged by -_ 

Morgan Grenfell & Co. Limited 


Provided by . .. 

Allied Irisbjnvestment Bank Limited 
Barclays Merchant Bank Limited 
Canadiar^mpertal Bank of Commerce . ^ 
^Midland andlhternational Banks Limits^ ~ 
Morgan Grenfell & Co. Limited 
The Royal Bank of Canada 
The British Linen Bank Limited 
Lloyds Bank Limited 
Samuel Montagu & Co. Limited 









World-wide specialist printers 

Unaudited interim figures 

6 months 
ended * 

6 months 





Group profit before taxation 
and extraordinary items 
Earnings per ordinary share 
before extraordinary items 










24b67p 4a31p 


Mr. Alastair M c Corquodale. Chairman, reports: 

% A further significant advance by Ihe Group during the past six months. 
-3S- Profits before tax increased hy 31 % over the correspomfing period. 

-Jc Steady improvements recorded by most sections of the business. 

•52* The Board faces the future with confidence. 


McCorquodale & Company Umitotf, P.O. Box 66, 
MOCorquodate Homo, Telford Road. Basingstoke, 
Hampshire, HG212YA. 

- ...rrr ^v, 


°. f . Adler * Imperial and Triumph Typewriters. CaJcuialors. and oftBr ! 

Business Machines and Supplies. 

Continued inaeose in Profits and Dividends 

Results for 1977 








Profit after Tax 


•.. 642AJ1. 

• 718,635 

Shareholders Funds per Share 


.'. 74.0p 


Earnings per share 

15.2 p 


. H.7p 

Dividend per share 




Prospects fbr19ra 

Tumov^for the first 
few monffts of 1979 


v v -J 1 

Acoouite may betoUdunl 
... ;1f» 

140-154 eopwghMtoShwt^^ 
Londo ° senuL^y 

< ■ • 


X . 


r' -• •' 

-,;i : 


5#. rA. 


1 , 

* '• . v' ■- T vv-vrtr. 

- ■ -V. 

te 5- 


- : -~ 

Finimcial Times. Thursday June J5 1978 


L. .-ft. 

•-eV 1 : 


“ r ^5J£ 

'. Hi 

A^*v . 

•- 1 

: - •. - J t 1, 
"'• ^3-Z- 

, U J ! Dt u 

;. ' ■ i-u 

.. * Ss fissi , 




Cement-Roadstone bids 
for J. & W. Henderson 

Reports to meetings 

Britannia Arrow 
sells more property 


_ i n akn Matirr cf ALEXANDRA ROAD 

In RT 1B [iV JUSTICE HOLDINGS LIMITED and in tb* Mattor 

To Uii' lliGii U«LRT J- ■ l-i .j Th. s Art lDtb. 

C&inciiy Division ronipaJUJ' -/rSIiruiT NOTICE IS HER LBV GIVEN that *c 
lie Manrr of DUYSTABLE J* “■^Sw-naWL-J Company. 

£ STORAGE COHPASV UMJ*® svh“h is vrtumanly wound up. arc 
m ibe aintrr cf Thi- Ac! - }£”,£ * or before Oil- Tih day. of 

1W? , hal , July. 19TS. TO Send ’.U LVir fdlk Christian 

NOTJCE IS BfcRrBY G) • v;. ‘ boVl - and surnames. their addresses aad des- 
PoiIuod for the Witu VS '•*.■^2? crlrnou. full partMUlars of the r debts 

Peiiiion for The WmJlru UP « •» __ 

named £ «J» j M pc or" ‘ctoun's. 'aid 'ibe n==i.» and addresses 

,- h , n dividend re- J,,sljcu was ,h,: cwt by of ihelr So’rc.iors u aw- -O Ihe undj^- 

,hen drtiaeno ™ lff75i pr.-senred lo Ifc ^4 VSLi CMUird RICHARD E.-'.GLES C TELD FLOYO, 
l«Kd or removed baxx jot hop« ldibed. cSSwra of - ciuTord-s 

! SINCE THE beginning of this current year. When 
I vftar. ErltnnDia Arrow Holdings* strainis were relaxed 

I iA- Vi..*.. - II* « r~ - _ i* ..-nr fUo mlftTTt SIT 

Cement-Roadstone Holdings, have been earmarked for over- A spokesman for Sagestsaid ^^pertF lor a total of flAm the v^jraal dwta?* JSStfoft <5 SfT* fnni Vs sit iSSd-w Wrsbnab 

Ireland's laroest • industrial com- seas developments last night that the "roup intended w chairman. Mr. Geoffrey tribune? a large proportion an, ®n the - rd dw «f Juir, ld „r u v ik-it Suuciiors. it i»uw hi ar 

miUSfM II *Ufci Tfc£*ffia« -» Uni Hen. to seek « 8S» «* « yesterdn/. «nuv>. Sjr£^CS&>‘ "E5 BfJS'JltrfKifT S 

agreed takeover bid for J. and VV. derson wiJJ retain Hu separate with Law Debenture s soon jneetm«. Enrrell and C.: Mr. >1. C. Ash- umkms u: aa u*r jj “om. or Tn d^iauii ihcrccf they u-iu 

flniderMA the Aberdeen based identity. , possible. _ . . . M r . Rippon also told share- worth said nis forecast tnai pttjuon mar wounr « U nsvi. be iscmdcd from ih. b.uifl! *f aw 

builders merchants.. It can clearly support tlie deal in theintenmZn^ewate holders that tho company was lo growth in demand m W7R was b^anne. mw or w ;tu . d in rib u non mailt bt.'oro wr.-h d-.-bts .im 

_CBH is Mddjng210fJ sta for vrjjb cash of Wo to it s last S^Sj&amSiSS^S JSS iU sierhnSdeSe mark freely to be nriM «- ft TS&O ito Sb o-y o' June wts. 

Henderson, winch it claims is balance sheer while net debt of with Law Debenture 'to , bond isso® 31 the end of June at line with sales in the current year, t0 anr crwi:ar or ^ --- ilovd. i..ii-j!da;u 

Scotland’s ; largest builders £25m was compared with share- cost of nny vossiwe repay an ^HWlium of Ci per cent The Everything pointed to the fact or *■- «id Cora>aw jgj. note.— T bia nvu^ » punir torm: 

merchants' group. There is an holders’ funds of £34 .6m. of loan slot*. effect Of 'this "ould be to reduce .v-A the group was at least on payment of tit rusui* An l-hdu-q joditors lu-t been or w 

alternative Mare Oflfer of 21 CRH _ _ rtD However the group believes that ^ jpwup’s currency exposure by maintaining and possibly even coward ctLOtcB. ^ _£±H , JU — : 

Glares for every eight Henderson $WlSp BID FOR it has a strong case and has saw i jam. and to eliminate an increasing slightly its share in Rems Rwa.- n-c^r 

• BRIDGEWATER that it «w nM to* 1 * 31 shortfail of £250 ' 0W a the UK market. SfcTaf cbL-S cuSin 

The bid already Juas the. backing TRI1<5T to majse the repayment demanded year at current rates. Change Wares: Mr. Geoffrey r?-^ vtnd.^j'j5jg. iho Maiu-r of st PER-wnirh. servicj 

^ t nnH.n IRvbl . bv Law Debenture. tWp e’.irtrc fn* - h^ PoliriOBW. 1 L1MIT5D anil Ir. rhe M jl \ T VO T 

repayment, together with Rose, the chal mum. said that ■die 

alternative shareoffer of 21 CRH r „ n However the group believes that ^ group’s currency exposure by ro aintai 

Mares for every eight Henderson SWISS BID FOR it has a strong case and has said i £2m. and to eliminate an iricreas] 

*WS- • BRIDGEWATER that it does not expect to have shortfall of iSoO.OW a ^ t'K 

The .bid already *as the. backing TRIJST £ tnfvSSure“i dcmanded year at current rates. . ^ 

of the major MarMoUer London »rWg«water Investnient Trust by LaH Del3enl “ ■ jto repayment, together with Row, t! 

and Northern gpoupwteChna-9 a . been granted a re-listing of the .mandatory' repayment ir -July forecus- 

3« per cent stake ta Henderson if ? Se London stock UNITED SPRING of tranche of the Duteh ability 

whose duwrtors are also eupport- ] Jfae florin notes would reduce the fin 

mg the- terns. Henderson shares jSge« SA, a Swiss BUYS GILLS AN jajfmjanys Joans by about flOm. enanci; 

f?H a SaSSSed^ Penny vu financial holding group is to mount L1niled Sprui g and Steel Group Summarising Uie effect »f this y i 
CKH spares njtsea-* penny p a 335^ bj d rortbe trust. h _ 3crec d to acquire the capital jxggpt IransacUons in 19iS, Mr. very sa 

‘“Jrf' , • , '^mMres With It had been hoped thal Bndgc- f the G fij han Company. The Rtopon said that Uie cash <n bud 

£5 7m Water would regain its quote today ^deration is £428.700 of which nSelved from the sale of Arrow thereto 
f^- however this has been delayed was satisfied today by jLjfe Assurance and the properties, pany \\ 

1078. because the offer document^ was f 903,350 United Spring aT) d from the redemption of r he yw * 

were "*'f ready to be^ sent to share- shares which, have been hiding cf W, s ham Poland Juan vnously 

SoUriiors lor :be Pctirioiw? 

N H I'uMVD. l..ii-j!da;ur. 

NOTE.— This TitlR-: >:■ piinir formal. 
AD L'liou-a >ji>d:tors lu -v been or will 
be p.ud jU Iiiil. 

No. 001770 vf !?7« 

In thi- HIGH 'JOV f'T or Jl'STICE 
CbutTcry Diti«.«R Comaa-b-s Cuun. In 
lh«' MsikT of SLPER-WniTh. SERVICES 
LIMITED soil Ir. :h« Mji'.-r *i Tile 

wbp taji-nis io comrsink-s IW,' 

of ih>.- -rud Companv desrrous ;o iunnori 

Pre-tax TiroGts iast' vear were llyl risauy IU yt ordinary snares nw»»s ■■ ,«« T h-»n <‘450 000'* — — — — r—r-npr or ifu- «nd companv < 1 cvro-js :c Mipnon 

^ ’ holders last night — the stock laced ^ behalf of the vendors tnsether with a reduction less than jiatwwu. to. o»nsa justice or o»os, uk- :»abaa ■* m order on 

i 'twjfMTMo fnr'-CRH said la«it exchange has told Bridgewater |^ der arrangements made with - m deb tors armunted lo £I6m, of First Castle Securit'es. Mr. to dw gTGn lOUOT^ In :Sc Mld p t .-.: tl „n nyv wa-.^r m the 

Soiphidb«n that its shares w^H be quoted ^S"- 0 TtBTnson. wt wh » committed to Leslie Connor told shareholders builders .* 1 >. *-r hr i«s 

builders’ as soon as the document is posted nM^umdtoe 1200.000 will repaying loans. tha* the -situation remained ~aus- mu ted 3 ud me Mat»« o. The- .^p Jpv»^ b ;^ b » ,£ 

that the eroup bad been Wat ns snares w«i w: KJe j nwor c tsenson. wh«m "as commmen w Lesne L.onn 

selkingto ^rteSr te builders* ** document is posted ^ outstandijlg X200.000 will repayme loans. toa-t the *m 

merchant interests followios the to shareholders. , _ has ^ paid m cash by United Spring As to prospuctn. Mr. Rippon £acli>r>- 

successful aoqirisitfDd of Van The 'lnvertmen^ ms 000 ° n September IS. Gillsan. which S3 j d: “As <h:ire holders will Tlie board 

Necrbos in Hoiiand around live P-»d i^^Dcrccm ^ stake to Is based at Nctherton m the West Kaiin , the perfirmance or the developing 

years ago. - ■ ' Midlands, is a mass-producer of prou p s largely dependent on ness vAile 

More importantly, -the j? rou3> ; now' bid for^thc specialist springs of a smaUer fluctua ting interest rates and resoU rc«s ol 

which earned pre-tax profits of ft j- ^offering type than presently manufactured £ore j gn currency movements. ulilis£g i J0 1 

.■ £14£m last year, has atoo been ovu^m* stott Mnmsrm. by Uaite d Sprmg. which means that it is not due cs>ia!SCm 

f seeking to extend B* *rofi» base Mp » sh^^_b« WJSf 1 Fnr thp vear to September 30. possible to make a precise fore- • * 

Ih34 the -situation remained 

he major trading 
trust and invest- 
nt has enjoyed a 
start ;o the year, 
will continue.” 
were also told of 

disc'd lo the bet-t advantage in rt . l .j 5U . r i ;< i offk<.- u 11 ss 

Hawtin: Mr. Frank HawUn said lhp Coun ? ,mn~ ar me Rwa* c< J* fts 

30-41. MjH- L--H- 
l.cnCwi ECSK THE 
Solicitor tor the Peuuuncrs. 

V DTE.— Any p..rson t-.-iiu :'.'.niJs to 

Bridgewater lost its quote at the WD > OMjm. ^ Xg, we hope Cill coiUnue> was not able, antic.- JKTStw of 4. o.fer « K 

end of April after the Law Debeo- presently chairman f • t* BC» P also told of Dale wh'>n Ordinary -dividend pay- PMtuon may =nj«*T at rh c timi .iml rim: b- su-n-.d bv in.- person 

“™ L taB Sd intends ^rcCorporaiion allcgvd^chcs agreed to «' n ^ i ° ed by atr . H . a change in the relationship with men is would be resumed. fo^ibat 'm.fc: aod» copy or^ ^ 

%?Z£r ?^3Tere^ P atS — e ^ymem ^ to &on. a director of Uaited gro ^ d "-chant ^ o ^aoks. ^ ; -d 

Sime of thLs ^Tbe Verted to holders of £143.000 of loan stock, bpring. Sfsons. ,hich have been par- £*^10 increase in exce» « ** 

- ticidariy close to the company in of expectations, Mr. Erich saD „ 

rion ^vpr 7^ next five- Sears and immediate repayment at par to Hudson, a - — 

some of r this can be expected to holders of £143,000 of loan stock, bprrng. 

Serck payiug £ 3 im for private 
foimdry— warns on profit 

A deal vorth O* Smk the ttat pwto nro«= * 


Our specialist loss * IN A deal worth yeSerins high 

assessors will take a look 

,at your present insurance vwswm Foundry li*'™. 

coveron buildings, %£S ™ 

.plant machinery, fixtures . base4 \ 

arid fittings anci negotiate The consideration has ^ 

r your claims - including . satisfied by the 4m 

: any consequential loss. in j! 

.'.On jfOU affpld tO taliedie ; conjunction with l^-Messei and 0 

risk of Bdfconsaitsng us? ; k . s rim 

5 1 g* • J ^ recent years. Markuc repijrted. ’ Although some! bobbins OLIVEY & LAKE. 

ifM| TAl* I Two directors of each had been ^ was duc t0 replacements ^jssw' nd 

4 HI lOl Oil ▼ ^lv on the Board until December 1977 over from the cutbacks S : or^rV fcii.Icikt 

JL from October when Mr. Jim y j. preceding years, the note.— A ny iktsob v.-ho in^ncli m 

_ Slater resigned as chairman to oe wneral prospects seemed good. apivar 00 iLt L-»mu of die said pkilom 

a <„rreeded by s-r James Gold- ° „ ,, c-j m ,,nri mos- sorv' 17 or seD1 ^ b? .wsi n. uie 

wk r.i i ..-'inn riip Bank of Shiioh Spmneryi Mr. Edmund atovt-nained ncniw m wnuns ut I«j 

AY| TbT llTS I i ^ J I?I Liihhpavv Gartside told -harehoiders Uie SS.on so .0 a,, -fte ™«»«o 

Ull pi uui SgsJ Sii" bUyi^ tho graup jf.iss « S£r.£ » 

Ms ,.i„ n0! V. which is . vh.ny-.Wh54 Sl«« tank =^.^cr JSS„lpm», T^SZSSSi&S‘.FSr. 

interim's £2.86m. subsidiary of Royeo. J*® "JJ iSSmber. that has taken place during the and mas. be j-rre* or it n«*» 


‘Prs/^nyAft' Qnno that Wilsons FoundraHSftoCh as manufacturing agricultural ^ bei 

a production . &**<§&■* machinery. . „_ n dent 

O TkT' tons, will pronde The investment will give uDFC takeov 

Af NlCnOiSOIl of the casting. Linn a 3M per cent’ holding. The other 

. V4- AM 1V>X i-W V-/ J- J- screws industrial v^^rd»is i0n . shErehoiders are UK Howard 

-■ Z1 South Audley Street, in 1»79. ^ «.. Stfhc its Machinery, which has a 4o.b per GL 

• : London WI16HD of J»? f nn>7ii which has _?!. 

■ coTnnany.”headded. helped to pmf^wrg^Mm ^aSE M. u-%«* 

1 ATnthpr' marines held yester- At a me_etmg -of directors imxne ^ 0D M <u»„of July isw. 

At other’ meetines held yester- At a meeting or , " ill, 03 the 3rd day of jui>- mn 

GLOSSOP COMPARES d^the chairman reported as 

ITS PERFORMANCE Petroleum S>m- nn™ editor-in-chief of toeUve^ - S M 

.WITH W EXTERN S Af. C L Ne^ ^ SSted^aiSSi: ST ffi. ^ £ V * Tft 

WOlSSSm WKOTS0B »— 5 «« dV ImpJ^tos of Brazil, which has ^ITH WETTERN’S tUeafce* \irC. L. SKrtlte poo! DaMy .Post 

Tel.Dl-6Sy yLAi leiex^iaoo aboul 4.000 tons m & 2 . per cent holding wun ^ SX' expected to do well in the elected chairman: 

1— —1 mmm ■ : - itt-ariiiw steeJ foundries ui W’ tv investment is the third for \v. and J. Glossop, the_ pobUc gr«to P“- 

SBa>^hK **■ Thp acquisition will ti«SjSrt«de ^pQ in Brazil, where the total vor ks contractor which is bidding , ■ 

Serck with a source e^n* 5 ,^ ■ bookfeiue of their investments is fot Wctiern Brotlsere compares 

Serck with a squree book *al u e of tneir bw*uubi«» lot wenern WI "*erf 

and a new source of /evwue. t c 5n , The others 1 include its 75 cent pre-tax profits . , 

\3r. PJnckaTd said . jnvesLnients in the Brazilian sub- increase over the past five years T TP PjUTlSll 

to' bfr aWe 10 double shUu-ies of Eva Industries and M -ith Wettern’s 92 per cent de- J. X. IdUWU 

earnings to 1979./ Lo ** R+ V Delta Mebl. . . dine over the same penod in an j____ 

.wSon* made PS^ lax t p 5?Sf Sf ’ • Mr. Dennis Pearl, managing off(?r document sent to share- QfOpS 'lO 
.«har book value Ol tr-nwr aatirt the invest- hniriarc vecterdav. * 


revealed tha^ 
ic-ixie secmn 

NEI forms 
mining tools 

in turnover from Northern Engineering 

for Ibat purpos?: a™ a wp«- oi me 
PtiiilPD wilJ be furnished by the iiDd>*r- 
r— si-iW to any crodhor or ■Nimrlbuiory 
of ibo said Company roouinna such copy 
oi pajmeci ef Ibt- rtgHlated cnaret- for 
:be same. 


Royez Hous*-. 

AMormanbury Square. 

London EC5V 7LD 

Ref: MND.549-MJC. 

Solicitors for tbe Poiitloner. 

NOTE.— Any person who ip'ends lo 
. app'.ar on the hearing of the said Petition 
In- must sente on. or send hr posi to. me 


nn Oi^ Krarement of fhe Chairman, 


to MoS ' II Sf^EAjR & JACKSON • cird’edHn^ihe company's recent 

SLui bln Mohamed and Encfk. Abdul Saiam bin R^a M . d, OUT ' a^uai report and accounts for 

who joineif^ v* vn to £2159,310 before tax OF AUSTRALIA He said, however, that this was 

The Profit 3 ifl76 The level of profitability- Spear and Jackson Inter- appropriate ;rvv<?n the tow level of 

compared with f28Q,S33 for 1976- -J 4 u tput at 23d inetnc n attou5. the tool manufacturer, JJ fit J generated from these 
was maintained despite Jie redu^on received bas agreed to sell its 60 per «nL 

tarts 1*93* metric tons jd 197o), as vne uski* -tecy nPr -licul mvned Australian subsidiary. 

Sfoiftto ore increased to $836.per picul from b65i per . icuj. wnea „£*£*«* Holdings, for 

iE thc nrevUms year. . j-driKntirm amounted £755,000. Brown and Dureau, a VAUX EXPANDS 

T^Th? profit for the m fitrtbuiabl* to Melbourne-based . JavoruM; c..- ^ g EL GIUM 

t&- : £96^01 (W76r-i Efil-Orei. tje ‘SSS’SJftL’SrtSL dig. .l*5?s *1* share k and' offer the Vaux Breweries has acquired 

&£&'2?£££S £&£ VicfcW per Picul. i 

compauy. ■«*. mu jmi _ . named NEI Minniq 

ssl isus 

J"SSSV*r»5S JSBrtS SfeEJSj - |>- stfcSSt 

aSifirf rhSit SrSnSISr to'prSfit"^ loss mining and mineral processing 

1977. . account jnttustr es. 

He said, however, that this was -■ — 



Notice of Redemption 

8-1% 1972-1984— SU525.000.C00 

Holders Ot the above mentioned i«ue 
are l*r et>/ informed that the annual 
redemption instalment amounting to 
SU.S.1. 875.000 h« been satisfied 
partiili* by repurchase in the market i 
ot SU'.S.l .320.DD3 and pania.iy by 
drawing by lot of the remaining 
amount of SUJ.S55.000. 

Thi following bonds have been drawn 
on 3 1st May. 1*7C at the offices cf 
Banque Internationale a Luxembourg 
S.A. in the presence ol a notary 
public: , , 

numbers 17980 to 18534 inclusive. 

The bonds so drawn will be redeem- 
able at par on and after 1st August. 
1?78 and have ca bo presented far 
, payment with all unmatured coupons 


After the redemption of 1st August, 
1478 the amount of bonds outstarid- 
• infl will be SU.S.17.500.000. 

Societe Anonyme 


J 2th June. J97S. 


The Banl: ol Tokyo. Limited, are 
instructed Ov tho Jaow»e Government 
to aonounce that Coupon No. -9 duo 
30th June. 1978 irom Bends ol the 
i983'68 wi [J be pam on and after 

50 ¥U U »oJ l ! 7 ^ printed to-*- 
mental The Bank -i® 1 '?? - ?- -ks? 
20 2£ Motwaate. London EUjrvJl 
listed on the forms provided b.Twoon 
the hours of 10.00 a.m. and - P-m 
They must be leit at leas, hve clear 
days lor examination prior to pavnwn.. 

In accoreanee— .with the E/crange 

Cpntrof Act. 1947. coupon* to"fa"{7 
be jcceoted from and PdJd w 3n 

Att aaa SSSff«i« through 

‘Me bank of tokyo t l|M1ted 

Director and General Manasef. 

London Office. 

15th June 1S7S. 

Sie winding up of iho aoovr- u-iisNir ^hip and aircraft 
C ompany by ihc Hu* Cwrn of H k.^URA n CE P COmka NY S.A. 

w “ " rtJ a Z ,n . »5 c _ or £t nce ,.- i ^ tt ? n 

Sii lower ^® 1 ?^L^ 0 5 e r a sh^ 1 { lWfr-^5 25P^» a f 

fiB ^ t The t ^roi^nd 5 U'eatcd S.jj^^SS IMA »* SS“o&;|?S=| 

tailings from previous op^ranon ^ Que tQ ^ shallower o{ lhe UK parent, noT already owned. OJb w the 

virgin ground udjacent to tbe beftoc^K ^ however . 1 muted, flS ySeTday that the Bo ard had same price in Bdggm S£a»* per I 
fiepOis encountered such t nnctome ^ total production i^n'hoptoTto « S1 the A 11 ??? 1 / 3 " share as was paid for the original 
resulting in a reduction 01. ffooeraD'oti for some nine. It has ac t r ujsiuon. 

rc^>u o a. nvinfmis VMT. . II • M i a . ..fionnnprtpd ifw D*bnl The V3UX 

IMIM per share 


Vaux Breweries has acquired 

ZSSp& to holders of the other f „ sFr AMA3&1 (®WJW the 
%mmi} shares. maimns 2o per cent in Liefeaans 


Suiting in a reduction of V* “““ r ~ \<%rad*m for some time. “It has awru jsiuon. , . .. llv 

I^nared with the previous year... current year - ^increasingly unconnected jtr. Paul Nicholson the \3U.v 

”lS,du«ionforthc Sw four mojto ^15' -E for the SnT «J?StaS4n«.' he said, chaimse. «id lb«t ha^lJef- 
imjmnfHl -to 'L220 piculs, compared with ^70 Pjeuis . « Hoidings has expanded mans 3 s a wholly ow-ned subsi- 

ia^t vear. and the overall production is espe 5 ^ £ w# aC importing and d i 3ry ma de it easier to use it as 

'^nS SvhJfS ^the venr under review. . gSo^g tearias the business a base from which to expand 

to.he stmtiar to that ot^e^ ^ OB . tlie Penan g mar^et rose fagnng. parent at only sales of the group's own beers in I 

r - lhe record of M$1,S95 per -picul. Since /. W . of ^ whole. the EEC countries as well as to 

fii October to. an all-t me wcoroo^ considerable fluctuation^. SS&to will be remitted deve iop the sales of Lirfmans 

then the pneo has t he diSSions in the United Statej,- ^K and used in the main geers in a wider market 

resulting no doubt frotnihe aiscus.b of ^ njela l from ^ Crosbard said that 

af.’prdposed legislation , .■ to he hoped that |h>’ such.-. ^ funds could not be used for urMCHi I T 

the Strategic Stock It is to he ^ c0 £ ult U0I> . the luuos ove investment. W. HENSHALL 

Mo £ ^2 

STSKSic SL5SR r»v~ w. henshaix 

safes, if they CounciL^ ^hf which the United Mates book value JJjS The unconditionai offer by 

Tilth the lntsmatiop^ Tro Council, Australian subsidiary m the s alto Buvhourne for W. Hensbafi and 

is tf member, and yilh. due re gard to me w* ■ — -. J intemabonars accounts i is (Addiestone) has been 

44 : : . fSST^-Tbe proposed offer price ^ cef>tcd kn mpc« «f ^0 

compares with previmi (d .s per ceotl. Bovhourne 

closing pnee of SO cents per s£ w holdF 1^70^52 shares 

I-.-- ' share. The «J^aKJh^«SSin2 (50^ per cent). The offer is 

on - yj e Australian block Exchange ^ vrerided U nLil further notice. 

t ta ““S?; a? S2S90W t^5,0M). Mr- Henshafi is opposing the 
1= ■. . ... tax profits of ?23S,ow i^^w tafcohver. A spokesman for its 

7 . _ adviser, Barclays Merchant Bank, 

. — urn q ATCFS said yesterday, “'Ibe implication 

— 7 ESS5«7 m WWFRT of this low level of acceptance 

JD R1S hydraulic tin limited is for 011 “ SM 

tu I. & J. HYMAN 

Edrietetfowfil* . £443^38. Iroopm intention, raised its interest j ? m i j. Hyman announces that 

The gross profit for. the year_.j£77 *J!J uft ®:« t0 s Se5S*t/ S Brown Boveri tI ^ n | , c r0 ^ the purchase of those Stares in 

with £338.128 for 1S76. Producuon was si hou2 K equipment and i nsmimen ^ Qraka Foam noi already owned by 
at 302 metric tons ^1976 274 metxi c to n.l , controlled frog 1 Swrt^rla^ H ymon has been completed and 

increased at ^kt ^ fact jgwer than those for 1«'“- io 26 per cent. Untn mantly. tte on liiiary units m Hyman 

sa, f S J Sock rarried over from the preyroub ^* ^ had a ^ke ot li.S PJJ “"J ha ve been allotted and issued in 

mduded 65 tons otSW - 7^ attributable to the hifijjfj 3p BBK l5 4i per cent rfjjjjcn ^ part satisfaction of the ronsidera- 
Tbe increase in proBt is TMiny compared with ' d by Brown Boven of g Th Board has been m- 

price, received -for ojirtte ore, ** P gSJriand) but it has mcrejseits that ^ 995, o(M ordinary 

M5663 per pHhll in 39'& * aV . t inn 'amounts to £151.521 (1 hnWfog. both by PJjSiSs units held by Draka Foam have 

i?ss®rs* “s-s ssst sar^srJ&VCIi becn soW at OTP “ 


t ^ an _ .-fSL nf the year. . .r i.i«ri. srade of 30fip a share. . . shares at 23p per share making a 



Hi ghlights from Chairman, Peter 
Pritchard’s 1977 Report: 

^ “£2m profit forecast exceeded 

# pre-tax profits rose by 30.4% 

-Jfr Tear of consolidation and profit growth was 
largely organic 

-X- Mobilization phase of Sandi-Arabian City 
Cleansing Contract completed on time and 
within budget 

Current results show- satisfactory progress’* 

-'td ip tv Vard V.Torv ihv Cuun !9 7 8 at i;.oo hours a: :nc premise 01 
at llle Royal Cours 01 Jlisurr- our Head Omec in ^4. S.adou S.rccl 

Loudon WCSA -LL- on l1S Anv°S!>aroholSor wishing to ar.ona Lno 

td July 197S. 3l;>l U'll v-n-ditor g erlora i Moving mus*. c«oos,t h,s share*, 

or comrlbinors- of ih-. «jid Company at u ; latest 5 davs prior a «<© *££* c 
■ won* <0 tfiwpon or oppu - 1''^ oiafcns nWjjiiosNn; □«» o« ' c ^i?or 

an Order go tin* sj'ti PvIJlJon fflaF w ^ lth ltl ^ Cersiqnfncnt Dcp&sin and 

appear at itie ime of hearing *n person L(>ans funo or wj!h 3apk Jf i Greece, 
or toy hi 1 ? Counsel for ttii! purp'?3f* an<3 and: 

a repr of lie Pen Han uni] bp ruroished Abroad, will* any one d the recognise . 
by Uie UOdlTSisneC 10 BPS ■-r>.'dil0r or loreion ol thc General MceUn? 

oonu-Jbuiors ol ibo 3a id Company rwiuir- Ms ^ i onn as hereaner- 

in* SU'* cop# on parmeni of Uic regulated Rwor; ol the Eaa« #1 Directors o» 

"»*• gsufissns* gg B 

Balance-Sheet as at the Sist Ceecmuer 

6 - . Bi-dfoitJ Rrw 1977. 

2l Auditors' repert on the Balance-Sheer. 

31 %\ZrZl? I %*§!!?";*&' Vdmlnist ration 

Loridon WC1R «Dq. 
SolicliATS for ib- p.'finow’r. 

NOTE. — Any nerson who intends to 31 ^ p ‘JJSi* l ,, as' 3 Vl'the B-Tiancc- Sheet nl at 

jpoar on fie burLne or :bt 'a-d Pvut’nn 
must serve on. or-svnd bv poai w. ino 

31st December 1977. and ol tic d<s- 
posal ol qroh'.s 

above-named notice in wtkiiw •“* » In* 
iliKnnon SO IO do The hoj-V n l,5S - s,alc i°g77 nd a"m- t n:stratlon . and with the 

Uie name aad address uf 'S'- person, or Balance-Sheet as at 3'sf December 

>f a nrm lhe name and addr.-tj of Uie 1977 , h „ 

firm and musi be «ffll.-1 h>' 'Uv w«0d a) 01 t>« Board •« ' D.rcc ors and the 

or firm, or his or ihi-ir solimor <'f Jnr' hio* the'Aiid^tors! 
and musi be served, or. if P" s: ' 11 1,1 51 APp'rpvil ol me r emu ueo:. on ol the 

be sent by post in suffu .<•"' rm r 10 5 Members ot me Board D.rec.ors t.r 


Profit 2L25- 

before | 


£m ' „ 


Profit before rax 

Divide rids 

Earnings per share 

1977 1975 

£d6.3rrT f 43.6m 
2.2m 1.7m 

1.486Bp i.3302p 
6.12p 3.60p 

four o'elai*- m ibe aliyrtiojn of me 

7ifl day or July ig. 

No. 00175? of iV;* 


ChanccTj- Division Comnam: > , -'°>i r t 

tbo Mailer ot JGNE.s TRANSPORT 
in Uie Maner o( lhe CAninanles Ael 

Peiiiion for 1 ho Winding up ui ib< above- 
nnnicd Company by tfi..- Hioh l*uti ol 
Jusuce was on U*c 2nd dav •’'■P' 
1S7E. presenlvd 10 flu- said Conn by 

01 which mu 

STrnf ManiMment ' 7r 

SI SI M?Y 1 3 6 


*121.354) flflu Jt5caiu vTwTTnt *1 cost of fiw.ow* 
iSvPjSn O^ iJSJn i Mb Se ttnrf ȣ 
MUliJM MWSW & rSenes ,w^'- 

35fSffl^Srt£S5»:^ ^ in pocSets 511 

AGM-wilibe held at Winchester House, London 
Wall, London EC2 on Friday, 23rd June 1978 at 1- 
noon. Copies of the Annual Report may be obtained 
from The Secretary. 

Company desirous to laipnon or ounusv: ; ■* v d ® etr r «ord-da-.e 2 ro.76 or«i 

Hu- rnakint of an Onkr o-i ih- said Yen s _ p-n.i alter oejuetionoi IS rjt 

Peiiiion may appear a: iln- i- nl - °. r >“ anKC , / n ' d °v e0 D 7SC- = DM- 

hearing. In person or by his coimsel. Cdr wf ^30 si-s Without an 

for Ibal purpose: and j mP v 0 t" 1 ’ I<iida>it 20 pet Jap :an 1 = Yen £0.- = 

Pell Lion will be furnished by Hie under- D(K . 50 Dq . r car repr 50 shs .'"O Yen 
stoacd 10 iay creditor p: ..■^mribiilorv tooo.- = dh* 10-* w r l - t3r rv ° r 10J9 

cS Uu.‘ said Company rt*g ut::u 5»*Ji cop;’ will t« lh . d ; v *,ii 0 ^i Y 

on payment of Uie resBIit. d ihar^i lor - dcdut :i on .,1 20 rrt Jm «3f 
the same. with Dns 2.- not cor Cdr rcor ^O sh. 

COWARD CHANCE are w.tb DM* 40.- oc PC - C . r r ,'Pr 1 COO 

Royex House, lbs in accordant w.lh the japar.c# e 

Ahlernunburr Stniare regu at.o 5 . AMSTEP0#M DsPOJitary 

Leadon EC2V 7LD. company nv 

Rtf: MND^W.MJn. Amsterdam 

Solicitors for the Pi i itiOtier. June 9 1 97a 

NOTE— Any Person win jmc.’ds 10 " ’ 


ghmr- nam-.-d nfllia: in writmit 01 his na^maamsoz&ssseB 
Inirnilan so 10 do. The muni m,,?l s,a,,: 1 busnlcy eorouch ccuvcil 


k :4 affWIiSSS-S a. Of oro-bcarioa 

:tS > *"TtarSi»ui» in tbe swt uiwst -f ■ 

year ^mounted to S6D ?^_ S _ f^SSSSf-' rSStsV the year 


strippfoS ^.expendltnre. . • ' - 

increase its holding further. Tho»» .1tortI»wiek and Jaw: 

- Sir John T. BorthwiCk, a director. 

CT .,,r bought on June 5 25.000 shares. 

• ROYCO SELLS STAKE on June 7 50 .D 0 Q shares and on 

instil mMSrM 


I ur nrm. or am ur ineir suin uur •*■■■ ; ■ euuU ncnng 

and musi lie served, w. >f uui 1 - 1 j ■ — " s ur folk county council 

th? v:ai liT auSJ in sufticK'M u:lK Iijodoom i«ued 13th June 1ST? <*"e 

TTSth tbe above-named mil lj'«r msu ii 2 . h scniembur 197L at an 

four o'clock in lhe afli.rii0'.:i «f ,,ll ‘ rate o* f °' 1 ' 4n p i it j t ' e ''5 .j _ 3.-ed 

r*ih day of Jjujji- »». ! ff 0 » Q 0 gg° .'^^1 

Specialists in building cleaning & maintenance, 
timber preservation, linen hire, city cleaning, 
security, hospital healthcare, industrial catering, 
airpoft& transport cleaning services. 



■ 02.00 S -PSli«l 1 51* June 13i6 Ca» 

I ■2*9 Scaler b?r 197B *1 a r^tc o! 
1 p -i Apications torallco L4m i3tal 
U»i ■i^ IT eutithniUpg £3 5n 


Dmectorb a»:M f.wm a on 9'«™! Th? Cbm mnotv one da. Bills, were 
display si .Tbc General Trading 'issued on rue 15th June v,Iih maturity 

a hand-picked selection ol .'j, ® ■ Jnthc 14th Scdlcmber 1978 Applies, 

best In modern design as well ‘ "i i , lCn4 ;0 ul4r*d £56.5 m. The minimum 
fiaest traditional Suites, write nr ag * « accented was £07.58 The averao* 
general catalogue to JKiG T« I rale o< discouni was 9.30549S'a- Th* 

Twifipg Cwopooy. 1 44. Sloa<* --T ipul Bills oaiswndlnB IS ClOm. 

Sioaae Sasiuz. London SwiX Sot- ^ w 

:•••• y 


"Fmaacial times ’niura^y'Jtme 15 197SLy 

jmi rnahonm. financial AND COMPANY news 


Good third Canadian moves in Husky Oil tussle 

quarter ^ 

for Dana 


MONTREAL, June 14. 

NEW YORK, June 14. 

NET INCOME or the 
automotive components manu- 
facturer Dana Corporation for 
Ibe third quarter ended May 31 
rose from $30.6m or $1.03 a 
share to S39m or 51.22 a share. 

Sales rose from $497m to 

For the nine months, net 
income increased from $78.6m 
or $2.63 a share to S98-2m or 
$3.09 a share. Sales for the 
period were $1.66bn against 

The quarterly dividend has 
been increased from 32 cents 
a share to 33 cents, payable on 
September 15 to shareholders 
pf record on August 29. 

THERE IS a strong possibility Petroleum is Mr. John Taylor, Saskatchewan. This was designed from programmes to develop 
that Alberta Gas Trunk Line one of Canada’s less known oil- to forestall arg um ents in Ottawa long term oil supplies. 

(AGTLj, the largest gas trans- men. PanCanadian is a large oil that the Occidental bid for Husky Sentiment in Alberta has been 
mission firm in Alberta, and Pan- and gas producer and holds exten- would not bringi “ significant less strong but Mr. Blair of 
Canadian Petroleum, the oil and sive exploration land in Western benefit” to Canada under the AGTL who was mainly wstru- 
g3s arm of toe Canadian Pacific Canada. Mr. Taylor is known to rules of the Fore ign investment mental in getting the Alaska 
group, are taking an active part have been having talks with Review Act. Highway pipeline route chosen 

in the tussle for control of Husky Federal officials in Ottawa in the The position .. now is that rather than the Mackenzie 
Oil, of Calory- past two days, but no details have Petro-Canada, with the backing Valley route which was backed 

RnLiert Blair, known as disclosed. _ of Ottawa, could ettoe back with by thebig international oil 

th Tman L, who B wo^tS°^ *¥¥ 5 ^ “Eft* L * 5 E-? J 5 SS 

Highway pipeline.” heads AGTL f^" t L2 i L“S!2i.ii d o9S pannfiM gUStan' ^KL j 0 "^ 

arid U b as confirmed hS* company a share for the outstanding Husky companies, possibly” including Canadian control, 
have bought about 4 per cent of AG TL a nd Ran Canadian fwith ; _There are^two gwqM propos 

Genera! Tire reverse 

General Tire a»d Rubber Com- 
pany experienced 

a rise in 
demand for tyres and plastic 
products la the second quarter 
ended May 31. hut profits Tor 
the first half were lower tbaa a 
year earlier, according to Mr. 
fl-. G. O'Neil, president, AP-DJ 
reports from Akron. 

Mr. O'Neil said that the com- 
pany. a subsidiary of RKO 
General Incorporated, con- 
tinues to show higher earnings 
than a year ago. bat combined 
lyre, plastics and Industrial 
products profits were down for 
tha first half, as were earnings 
o: Aerojet-General Corpora- 
tion. another subsidiary. 

As previously reported net 
for the February 28 first quar- 
ter fell 14 per cent to $lS-7m 
or S2 cents a share from $21.8m 
Or 96 cents a share 

Suskv's outstanding 11m shares Petroleum Corporation of Los or without Petro-Canada) could ing to develop the heavy oil 
in the open market since Angeles came back with a share make that higher offer. The reserves of Saskatchewan and 
jhinuarv exchange offer worth around atmosphere in Ottawa is against South East Alberta. One led by 

. n . .. . U.S.$4SOm, which was accepted the Occidental bid. A number Husky plans an upgrading plant 

He said in , caigary that AGTL by uj e Husky management of foreign bids for Canadian pro- with a price tag of around 
is "considering several options About 65 per cent of Husky's ducing oil compalnes have been C$500m. But there have been 
and a bid for Husky, together s har eg are held in the U-S. Husky turned down under the FIRA Act long delays in getting either 
with other Canadian petroleum ^ controlled by the Husky oil especially when Canadian-owned project on the road, 
companies, is one or tne posst- Q rou p 0 f Cody. Wyoming. bidders were on' hand. One Pressure has been mounting to 

bilit, es. Later. Occidental played its Occidental bid was rejected get the reserves developed both 

But *\GTL has not resumed its strongest card by proposing a earlier this year. . for the Canadian market and for 

open market acquisition of Husky joint development project with The objective in Ottawa has export to Northern Tier 
stock since trading resumed on Petro-Canada and the Govern- been to reduce the 90 per cent American refineries. The task 
Tuesday at around C$47 to C$48 ment’s of Alberta and Saskatche- foreign control of the Canadian would be simpler and less 
a share The price today slipped wan for development of the oil industry without appearing costly than embarking on pe 
ba«*k sli2htlv to around C$46. heavy oil deposits in the to be specifically anti-U.S. or to third Alberta Tar Sands mining 
head of PanCanadian Lloydminster area of S.W. freeze out international funds operation at a cost of C*4bn. 

aiser sees more price rises 

NEW YORK, June 14- 



ALUMINIUM and share, against $5.53 for 1977. probably be smaller than those 
Corporation expects Kaiser, the third largest U.S. made earlier this year. 

New casino 
lifts Resorts 

mnHmnM aluminium de- aluminium producer, has already Earlier this w< 
continued strung aluminium de- a l97S ^ quarter net sl-20 said it would rai 

mand for the balance of the year, _ chan* compared with SI. IS in rolled automotiv 

Earlier this week the company 
raise prices on flat 
automotive bumper stock 

By David Lascelles 

NEW YORK, June 14. 

Emhart forecasts rise 

The diversified holding com- 
pany. Embart Corporation 
continues to record large earn- 
ings gains as a result of strong 
foreign business and improv- 
ing domestic operations, ac- 
cording to Mr. T. Mitchell Ford, 
chairman and president, AP-DJ 
reports from Cleveland. The 
improvement in second quar- 
ter earnings Is expected to 
approach the first quarter rate 
of 27 per cent. In 1977’s second 
quarter, art earned 
Si 5.6m. nr $1.31 a share fully 
diluted on revenues of $312.9m. 
The 1978 first quarter net In- 
come was $L5.6m. or $L30 a 
share fully diluted, up from 
.$11.8m or $1.02 a share a year 
earlier. Revenue rose 8 per 
cent to 8316.3m from $292m. 

a share, compared 

higher overall profits for 1978, 1977. by 4 to 6 cents a pound and RESORTS INTERNATIONAL, 

and sees further price increases Mr. William Hobbs, vice-presi- prices on auto body stock by 12 the Miami company which 

on fabricated products before dent and treasurer, said that to 13 cents, effective July 1. . opened the first U.S. casino out- 

the vear-end according to Mr based on A ** ril “ d May fi Su res - The company also raised its side Nevada in Atlantic City, 

„ n ‘ . p Kaiser would probably record a aluminium ingot price by 4 cents New Jersey. last month, expects 

Cornell l. waier, me president. currency translation gain a pound to 57 cents, effective “sharply higher net income 

Mr. Maier said the company compared with a loss of $6.1m. June 1. Kaiser’s other com- this year because of it. 

will have higher 1978 second or 31 cents a share in the 1978 petitors, however, have not raised In an interview with Dow 

quarter aluminium shipments first quarter. their ingot prices. Jones, Mr. James Crosby, the 

and that year shipments will ex- Mr. Maier believed there would Mr. Maier said he believes company’s chairman, said the 
ceed the *6.67 m tons of 1978. As be additional price increases on Kaiser’s price increase is justified casino’s “ net win ” was holding 

a result, second quarter earnings most fabricated product lines and he is willing to hold ingot up at about $438,000 a day. This 
the $2.01 a share before the year-end. Although prices at that level “as long as represents the casino's gai 

should exceed the $2.01 a share before the year-encL Although prices at that level “as long 
earned in 1977 and year earn- be would not estimate the size, the market stays strong.” 
ings should be more than $6 a he did say the increases would Reuter 

Heinz expects peak $100m this year 

gains at 

the gambling tables and slot 
machines before operating costs 
and other expenses. 

According to Mr. Crosby, this 
came clow to expectations, but 
he declined to calculate what 
the win would work out at on 
an annual basis because 
expected seasonal fluctuations 

APL pursues offer 

APL is to pnn>ue its proposed 
exchange offer for 32 per cent 
of the common stock of Pahst 
Brewing by seeking a Federal 
Court declaration that the offer 
could proceed in states other 
than Wisconsin and Arkansas, 
AP-DJ reports from Great 
Neck. APL filed its action In 
the southern district of New 
Fork contesting the constitu- 
tionally of out-of-state applica- 
tion of Ibc Wisconsin and 
Arkansas State takeover sta- 
tutes. in a recent decision the 
Securities Commissioner _of 
Wisconsin had ordered APL 
not to proceed with its pro- 
posed offer forPabst in Wiscon- 
sin or elsewhere. 


DESPITE " fierce ” and growing For the full year the Food its food markets, especially Frozen However romnany' - 

competition in its markets, H. J. processor expects earnings to foods, pickles, Tuna and ketchup, resu its year would exceed 
Heinz expects to report that sales j£ crease between P er cent . ant * . To combat competition. Heinz tast year s ne t income of $3m 

and earning in the fiscal fourth » g" cento a share. 

", . w-„ „ . w-iSm, indicating final net of tures during the year by 44 per Ahnui h*lf the net win is 

r the enm belween m7m and SlOOJm, or cent to a record 8120m. equal to "X nJfiS from slit 

about i/ per cent from the com- between $4.32 and 84.26 a share, about 10 per cent of sales. The Shines which" Mr Crosbv 

rnnf rt 6 r^-nrH fn^rhp Included in the ,atest year sharply-increased outlay was sa ; d was ’ unexpected, since the 

re ,? J . rt Jr eC flj£i r f| are unreaiised currency transla- used to introduce new products S hare was closer to 25 per cent 

who e of fiscal 1978, Mr Burt t ion gains - in excess ” of $10m. and increase market sLre of JLiSs other^Linns 

Gookin. vicMhairman and chief The , atest fourth quarter and ejrfstin^ product tines. ?* {J* Bahamas 

executive officer, told reporters. f U n.y e ar net include a non- Despite widely-publicised 1 Despite this higher income 

Mr. Gookin estimated that recurring charge “in excess of accounts of the ongoing market- though Resorts does not Plan 

Heinz will report net income for $8m ” for the closing and reloca- ing battles with Campbell Soup, t0 s {^ r * t paving cash dividends 

the fourth quarter “ in excess ” tion of certain domestic and however. Heinz stressed that its instead profits’ will continue to 

of S35m, or between $1.54 and foreign facilities. marketing effort was not directed he ploughed back into expansion 

S1.57 a share, compared with Consolidated sales for fiscal against any single competitor. Mr Croshv added that the com 

pany is not* considering an 

$31. 3m, or $1.34, a year earlier. 1978 rose about 15 per cent tj Nonetheless, it is clear the com- _ _ 

Sales should increase to around about $2.14bn from the year- petition with Campbell is inteo- equity offering but" may "issue 

$614ra from $526.5m. The latest earlier Sl.STbn. sifying and some analysts believe s-q^om wortvof bonds this year 

fourth quarter net includes un- AP-DJ it could result in price discount- 0 r e arlv next to finance capital 

translation Mr. Gookin said Heinz was par- ing and eventually lower profit iJeSdtag. 

realised currency 

gains of between $Sin and $9m ticularly pleased with its record margins for both companies in 
compared with a year-earlier full year performance in the face the markets in which they 
currency loss of about $500,000. of “substantial” competition in compete. 

Plan to consolidate control at Argus 


MONTREAL. June 14. 

Resorts plans to extend its 
casino floor space by 60 per 
cent this Friday, provided it gets 
permission^' and Mr. Crosby 
believes that bis company is so 
far ahead/of the field that 
will be autumn 1979 before any 
competition opens its doors. 

Hughes Tool record 

Mr. James R. Lesch, president 
of Hughes Tool, said earnings 
to be reported for the second 
quarter ending June 30 will 
exceed the 89 cents a share 
reported a year ago, AP-DJ 
reports from Rochester. They 
wiil be record earnings, he 
added, but he declined to fore- 
cast a specific figure. 

Atlantic City 
casino stilt 

Hudson's Bay Oil 

Hudson's Bay Oil and Gas Com- 
pany has declared a 40 per 
cent share dividend on eom- 
moa shares, for the second 
quarter of 1978, payable July 
2S. The qnarterly dividend of 
62.5 cents per share on the pre- 
ferred shares series A has also 
been declared for payment 
July 15. 

A consolidation of control of the led by Financier Mr. E. P. Taylor change in the aging and. some 

large Toronto-based holding com- in the fifties, rests in the hands of say. overly conservative manavc- 

pany Argus Corporation — which Ravelston Corporation, a private ment that has ruled Argus since 

owns Massey-Ferguson, among company in turn controlled by it was formed. 

other large Canadian companies several prominent Toronto «Ar«ms has been run hv old vc ,,„ v „ n „ _ 

—seems to be aimed primarily families including the Meighens. people* too Ion". Times hive NEW YORK, June 14. 

at fending off any further Mr. Conrad Black and his changed and they've stood still ” ™ E Atlantic City investment 
possible incursions by the family— he is an Argus director, sa j d one source. Thf change group, Regency Hotel Corpora- 
Montreal-based Power Corpora- through his private company “should make Argus’ a little tion, claims that it paid almost 
tion of Canada Group. Western Dominion Investment more aggressive, and there's lots 81-5raj in security deposits to 

A bii! by Power Corporation. ov ^ s ^2.4 per cent of Ravelston. 0 f room to do it.” the source, who lease..' the Howard Johnson 
an equally large holding com- ™ “/J® Meighe P family trusts asked for anonymity, added. Regency Hotel in the city from 

pany controlling interests in ho ]r „ p l r . c ^ nL . ... The Argus empire was con- its owner * Jemm Company. It 

transporation, pulp, paper and Now Mr. Black says he will use trolled almost single-handedly bv was ®«™ ou P Ced yesterday that 

financial services, led to the a compulsory _ sale agreement .set Mr John A (Budl McDougald, 

formation of the Royal Cora- “P until bis <* e ath earlier this year. 

mission of Corporate Concentre- °, f , ,u „ n 1 i n 19 V t0 The Black family company is „ . _ _ „ 

tion two years ago. The bid fell alI .^ e Ravelston shares of the in a position t0 force the K ^5. Palace casino ra Las Vegas, had 
short of getting voting control of Meighen group within six months. act j on because the estates oF ta * cen a term lease on the 
Argus Corporation, but the Under this agreement, shares of ^ f ormer Argus executives. hote1 ’ a Purchase option. 
Power Corporation. Chairman, a . n - v one of lhe Ravelston control- w pj C h together hold 47 per cent Regency Hotel is suing Jemm 
Mr. Paul Desmarais has about uug groups reportedly must be of Ravelston. are supporting Mr. f *r reinstatement of its lease. 
25 per cent of the Argus voting offered to the others for purchase Black’s interests. The estates are A New Jersey court last week 
stock and a larger percentage of and not t0 outsiders. tfjpgg G f e. Philtips, who denied a motion for a prelimi- 

the non-voting preferred. 9 AP-DJ adds From Toronto: died several years ago. aDd Mr. nary injunction seeking to block 

The voting control of Argus. Financial observers here say McDougald. No price has been the execution of the lease with 
founded by a group of friends that the development portends a set on the transaction. Caesar’s. 

~ ■ * The investment group also 

claims that it spent more than 

This announcement appears as a matter of record only 



On behalf of 

OLT, Osijek 

U.S. $4,500,000 

Medium term project loan 

arranged by 

The Riggs National Bank of 
Washington, D.C. 


and provided by 

The Riggs National Bank of Washington, D.C. 
The National Bank of Washington, Washington, D.C. 
Nagrafin Bank Limited, Cayman Islands 

June 1978 


S800.00Q in planning a casino 
project for the hotel. When it 
encountered problems in raising 
all the financing for the deal, 
Jemm terminated the lease and 
ordered the group off the hotel 
premises, it says. 


Medical group 
moves ahead 

NEW YORK. June 14. 

AMERICAN Medical Inter- 
national net income for the third 
quarter ended May 31 moved 
ahead from S3.5m or 56 cents a 
share to S5m or 74 cents a share, 
on sales higher at 3109.8m 
against $90m. This result lifted 
nine months net income from 
39.5m or 81.52 a share to Sl3.6m 
or $2.04 a share. Sales for the 
nine months period advanced 
from $253.2m to S310.7m. 

Meanwhile, Ampex Corporation 
today reported an advance In net 
operating income for the fourth 
quarter to April 29 from S3. 26m 
or 30 cents a share to $4.18m 
or 37 cents a share. Sales 
revenues moved ahead from 
S7S.2m to $S7.8m. There was a 
tax credit this year of SS14.000 
or 7 cents a share, making the 
final fourth quarter net income 
figure $1.99m or 44 cents a share. 
A tax credit ot S2.6m or 24 cents 
a share lifted last year’s fourth 
quarter net income to $5.85m or 
54 cents a share. 

Scott Foresman and Co., the 
textbooks concern, reported an 
increase in per share earnings 
for the year ended April 30. 
from $3.01 to $3.99, while the 
linen, chemicals and lighting 
company National Service Indus- 
tries reported a modest increase 
in earnings for Ihe third quarter 
to May 31, with earnings per 
share up from' 50 cents to 62 


Restructure call by Hidrc 
NItro in PUK dispute 

MADRID, June 11 


months between .the ranen a 51 • latioiL foreign partners can b 
group Pechmey Ugtee RuhMan ducer b^een- PUR’S prevented from intervening 1 

and a Spanish chemical ^ n ^ ves a nd sup- nominate Board members c 


Hidro Nitro Espanola, in which. Board ;repr^-_ T . ^ 

PLiK has a 40 per_cent share- running the company Since then contacts be twee 

holding, is becoming l.increastagy bn been “JS'puK representatives and stn 

bitter as Spanish shareholders for same ten years, cave ueeu ■ n c r vniar Mir hav 

52 * % the rtench 

re-elected on April 122 as Hidro Pta 316m to Pta 271nx IV eent caaih? 

Es -SsS-as&HssS 

have the company reclassified, demands. These results accea- Vom ^nas serven J?.™ ^ 111411 

have tne company reciaMiucu. nwnauus.. afn>fT , PT1 > rviwpr nlaY v 

He is pressing the Ministries of tuated differences over market- agement povra- pia^ 

Indust^ and Commerce to treat Ing -strategy, interpretation of aowgmg t 

■Min-n as a ntiutv and not asn-ron^TitK nn third country, prevent cu*. iTooi suMciiDingi 

Hidro Nitro as a utility, and not agreements on third country. . }ncreaKe _ Today PtH 

as a chemical-industrial group, sties and investment strategy. _ the capital increase, loaay i'uj 

This would permit the anti-PUK 

SiSthia published a' statement in all th. 
This WOO in permit uae amr-ruR; At the begujning 01 Marcn inis “Beearia 

shareholders to invoke Articles year the company’s annual meet- StointiSS iSlre 

of the 1974 law on foreign tdg failed to agree on any of the SSfiSSffiidhS’ 
.>.=» iin.;r fnrttipn fhP. Ai?pnda_- Then ou Nitro Espanola .Me uiegauy seea 

investment that limit foreign issues on the Agenda- Then on . nrevpnfPtJK from exercis 
equity in Utilities to.25 per ceqti April 22 a .second annual me^ mg to present 
Sr. Vi liar Mir is arguing that ing ended in uproar wl u th ^^ Sfipr hona fidi 

Hidro Nitro can be accepted as refusing to approve the 1977 . 

a utility since it is involved m accounts in Protest at Sr. Vtilar gtidpetoous «7 “f? 

hydro-electricity - generation. lEr managing to be rejected .as rtvnfPI^ 

However, in terms of sales the chainnan-despite the fact that exjd^rveprop^y of rat. 
major area of activity is cheml- PUK together with itssupportere ^ g* ^SSSTlml^ltaS^hS 
cals especially ferromanganese had obtained 51 per cent iff the token to ensSf 

and manganese silicate. Produc- vote. . ........ pr^^nld^hJSihe and wmiec 

tion of the former was one of the Sr. VUIar Mir invoked a pre- PUK coiud subsmbe .and wamec 

main reasons why Puk originally vioosly unused legal device 
came in providing both capital governing relations between bought such shares. 


VAW suffers from DM advance! 



THE LEADING West German- VAW is also having to contend with which VAW; doea busmesi' 
based producer of al uminium, -with a 50 per cent increase tn at home, are now moving there. 
Vereinigte - Aluminium - Werke, electricity tariffs, following the Herr Escberich confirmed that 
expects a slow improvement in expiry of concessionary lfryear yAWs plans to. enter • a Joint 
the world market for the metal agreements at the end of 1977. smelter . project in. Norway had 
by the early 19S0s, but has been Because of this and the fall in been ' postponed* bat said it 
operating so far this year at a the dollar, the company is remained interested in prospects 
heaw loss because of the resigned to making a_ loss in m countries with long-term 
Deutschemark’s appreciation 1978. following the DM 10m cheap energy supplies such as 
against the dollar, chairman Herr ($L8m) operating profit earned Brazil. Yet, at a capital cost of 
Rudolf Escherich said here In 1977. . . over DM 40,000 per ton of. metal 

today. . However, he emphasised that produced, the establishment of a 

the aluminium Industry’s .$itua- ;new aluminium smelter was a 

Firh increase in the German tion was by ao means as bad as.juuch more costly proposotian 
bach increase m tne uerman that Qf tte rest of non- than that of a steelworks, with a 

sented^ S DM°4m a P vear !? CTOas m ?^ ls sector or that 'ol much more 'elaborate inf rastruc- 

5K? Here Es^heric^saii In «« steel industry. Capacity in tural requirement 
VAW, Herr bscuench said. Germany was almost fully YAW’S results’ \ weighed 

S5f tfssr s -STH-iif >113 S35K «V ffiSS 

the pomt tnat^the^compaBy to ^ WO rld. - r .- company Vereinigte Industrie. 

For the future, VAW is. in- Untemehmlngen AG (VIAG). 

losing about DM 0^0 per kilo on 

aluminium, at market . prices , . ...... , - . . 

averaging 20 per cent below the terested in expanding its over- whose other interests include 
companies list prices. As a result seas activities both as a fabrics* electrical uffllti^ coal minis 
of the currency pressure, he said tor and as a producer of primary and chemicals. However, VIAG 
that- West Germany had how aluminium. The U.S. market earned a DM 53m ($255m) 
become a “marginal producer” remained the most attractive profit last year and is once again 
of aluminium, with German prospect for the former, with the paying a DM 22m (5 per cent on 
refiners unable fully to cover added lure that an' increasing capital) dividend to the Federal 
costs. ' number of German companies Government . 

ESTEL to reduce loss 


/ . -.FRANKFURT, June 14. 

ESTEL, the steel concern which as the business situation permits 
groups West Germanys Hoesch it” 

and Hoogovens of Holland, can in the first quarter of 1978, 
look forward to a parked im- the Hoeseh-Huettenwerke subsid- 
provement in its 'results this iary reported, a continued .loss, 
year. although in April figures were 

Expressing the 'brighter view near break-even point. But it 
of steel industry' prospects that was still too early to forecast 
has recently emerged, Herr Heinz what the next few months would 
SolbaCh, chairman of the German bring, said Herr Sofbach. ' 
company, told the annual meet- in any event it looked as 
ing he was optimistic about pro- though there would be particular 
gress in 1978. difficulties in the third quarter as 

But the steelmaking and pro- a result of the summer holiday 
cessing concern was unlikely to period. Rolled steel production 
move all the way back into profit in the first four months of the 
this year. “Our hopes rest on year was 5 per cent up on the 
1979,” he said. comparable period of 1977. '. . 

There is still no sign of a There had been cutbacks in 
resumption of the dividend and employment In individual areas 
shareholders no * t0 of the steel processing sector at 

expect one for 197S- They were the end of last year, but the 
assured, however, that the annual p reS ent business level was enabl- 
payment would be made as soon , ng thi s to be built up again, fn 

the trading sector, there had 
been a welcome upturn in sales.' 

Spanish bank 
lifts deposits 


Optimism for 
Baker terms 

By Francis Ghills 

THE MARKET had another very 
quiet day. with prices holding 
steady, essentially because there 
was no turnover and most pro- 
fessionals are very short of 
stock. • 

By David Gardner 

BARCELONA, June 14* 
BANCO ATLANTICO. the largest 
Barcelona-based bank and ranked 
eleventh in the national han kin g 
league table, made a profit of 
Pta$54ra (S10.7m) in 1977. 
against PtaS50m in 1976, and 
boosted its deposits by 17 per 
cent to Pta76.3bn, of which 
nearly 1 Oper cent was in foreign 
currency. Capital and reserves 
now stand at Pta6.6bn while the 
bank has increased the number 
of its branches from 90 to 112, 
approximately a quarter of which 
are in Catalonia, with the rest 
covering most of Spain. 

Atlantico last year became the 
majority shareholder in the 
Banco Comerrial de Catalunya, 
operating almost exclusively in 
Catalonia, with 35 branches and 
some Pta llbn in deposits. In 
addition, Atlantico holds 50 ‘per 
cent of the equity of the insur- 
ance company Fenix Peninsular, 
25 per cent of interleasing SA, 
60 per cent of Bank Atlantico 
Zurich, and 50 per cent of the 
Panama-based Banco de Ebiro- 
america SA. It has a 3.3 per 
cent holding In the Banco Arabe 
Espanol (Aresbank). 

The main owner of Atlantico 
the Madrid-based Rumasa 
group whose chairman, Sr. Jose 
Maria Ruiz-Mateos, has recently 
been made vice-president of the 
bank’s Board. 

Rumasa officially admits to 
bolding 27 per cent of the 

Atlantico equity, but is now 
believed to hold a comfortable 
majority, without yet incorpor- 
ating either Atlantico or 
comercial de Catalunya into its 
banking group. 

Continental Illinois owned 13 
per cent but has now reduced 
its holding 

In view of the very good book 
for the . Baker International 
Finance convertible, toe terms 
are expected to be improved 
before the bond is priced. 

The Swiss Franc sector is also 
very doll at present Oy Nokia 
has been priced at par with 
terms otherwise unchanged. Two 
bonds J are .expected soon: 
SwFrlOOm 'for Voest Alpine 
which will he managed by Credit 
Suisse and a SwFrSOm for Fin- 
land which will be managed by 
Swiss Bank Corporation. 


DG Bank Finance Company B.V. 
.. U.S. $50,000,000 Floating (fate • 
Note Issue due l 982 

For the six months . „ 

.Kith June, 1978 to 15th December, 1978 
the Notes wifi carry an ' 
interest rate .of 9% per annum. 

By : Morgan Guaranty Trust Company of New Yoik, London 
Agent Bank 

Messerschmidt stake 

BLOHM is to take a 35 per cent 
share In a new aerospace com- 
pany to be formed in Iran, AP- 
DJ reports from Munich Total 
investment in the new concern is 
around DM 2m ($lm). Other 
participants are an Iranian group 
led by the State Energy Com- 
pany, the Iranian Industrial 
Development Organisation and 
the University of ihe Iranian 


>&5440,000,000 Floating Rate Notes, 1981 

Notice is given pursuant, to condition 3 (d)- of -the terms and 
conditions of the above-mentioned Notes that the" -Rate 'of 
interest (as therein defined) for the Interest Period ^thereto- 
defined) from lSth June, 1978 to- IStii December, '1978 lir at : 
the annual rate of 9 per cent. The U.S. Dollar amount to 
which the holders of Coupon No. S will 1 be entitled tin duly 
presenting toe same for payment .will' be tLS. Dotiars 4&250(V 
subject to such amendments thereto <or appropriate--aiteniatlv0^ 
arrangements by way of. adjustment) which we mayr.make, 
without further notice,-, in the levent of an : extension or • 
shortening jof the above-mentioned Interest -Periods ? v V’” 
European B awfclwg _fon > pim y ~. TJm l+ga 
' * ncCnk on behalf -of 

- ■ (Principal Faying Agent) 


. > 

4 '.icl 


To the hold^of 

Jhe Long-Term Credit Bank of Tapan, Ltd, 


•>^c H 

Negotiable Floating Rate US Dollar Certificates of " 
Deposit — Maturity Date 15 December 1980 


in accordance with the provisions of toe Certificate * 

of Deposit notice is hereby given that br the second 
six month interest period from. 15 June 1978 - ' ' . 

•to 15 December 1978 toe Certificates will carry an 
. interest Rate <rf 9*0% .(nme per cent) per annum, • 

Reference Agent 7 ■ : ;■ .•'< -v 

The Chase Manhattan NJL,' 

'■ : . ;••• JLondoa ; *■ 


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THE "0 per eent statfrowned oh 
p>up Elf-Aquitaiae - ma mS?d to 
Jmprpw-itj ^vor^'flndnclal per- 
fomaatite -last year despite a 
uwr-diaartrQus deterioration in 

m-W refining 
^Ite ration s. ■ • - • .-**•«* 

r * W-l Alhin Chalanflon 

.again y-ent oat fiis way yester- 

thit ^ess the 
Government, reinforces 
,tere protection given to: French 
companies. 1 b the refining sector 
W»'« “TOcaUDa'-^BBe 
. of the^coun try's leading instru- 
ffients; of ofi exploration, will he 
. compromised. . - . 

t immediate prospects for 

. -tho group are- for -a significant 
increase in its control of recover- 
able, ^reserves of oil and gis (it 

* estimates that recent discoveries 
•pf some Ifiin.tonaee of criide and 
-..some 29 bn ..cubic metre? of gas 
f are .recoverable in the short- 

• Jenn)j- sjaectacular in- 
. create in cash-flow, and a more 
f . sluggish- —growth', in profits 
I 'jbecaase ef-jthe Characteristics of 
.J^acing' oil. operations. . 

; ' • ThfeSro.up'SrStake in . the North 
‘. Sea -:(it controls 52 per cent of 
Fngg and -8.1 per. cent. of Eko- 
-fisk) ; is expected to be translated 
„ intern -extra JFFr lbn in *ash- 
^flow-in 1978. FFr 2hnin 1979 and 
'jFFr2.5bn in 1980. 
j X^ast year a Iso .saw the group’s 
diversifhration-pro gramme move 

Unions reject 
aid plan 

-'--By. David. White 1 

r , . ... ’ . - PARIS, June 14. 
LABOUR reduction arid reorgani- 
sation" plans Jdmed at saving 
Manufrance. .the " ‘ .financially 
troubled retail and small arms, have been rejected by -the 
: main ' unions representing 
the 'company's 3JJQ0 workers in 
'Saint-Ettenne.. .... 

• . The, biggest .of them, the CGT, 
fiaScatied for a 244iour. strike 
"arid 'demonstration tomorrow in 
protest' against the plan, which 
-involves making ‘334 - workers 
'redundant. .:.. ; 

; strike . can "■ follows the 
■'Oovemmeht's; decision to offer 
'HJapfifrance .-an’ advance 'of up fo 
FPr 8m oii'.a FFr 20m (84.4m) 
loan conditionally earmarked for 

.ifetecovfery.plan, . . . 

Although . /the . -Gbmmnnjst-led 
CGT is fighting the plan, which 
alsbrne^ns dividing the company 
into "three separate manufactur- 
ing; : retail and publishing divi- 
sions, the. Communist mayor of 
Saint-Etienne, M. Joseph Sangue-' 
dolce, has changed bis- position, 
■and decided-to* sr u pgo riri r. “ TIfe ^ 
municipality of Saiat-Etienne, is' 
the mam-shareholder. 1 : 

The mayor said it wais a 
question of accepting the propo- 
sals drawn/ upj - by M: Francois 
Gadot-CJet, the recently-installed 
chairman, or facing -bankruptcy. 

This meaqs.thatia fresh set of 
battle lines has been - drawn 
between -the lunions. QD.the one 
hand and on the other, the shared 
holders and the Government, 
Whose Offer of financial respite, 
gives implicit backing to the re- 
organisation plan.'- 
. The'. other mam unions, the 
left-wing-CFDT and the usually 
moderate Force Ouvriere, also 
rejected the plan. Although the 
white-collar, union, the CGC, has 
nbf*. y^t .come out ode way or .tile 
dther, the white-collar branch fif ! 
the CGT attacked what it termed 
“an. unacceptable ulthqatumf v 
- The authorities, it stated, were 1 
only- agreemg to release loan 
fhhds.bit by .bit in order, to force 
the RUiohs to accept theif condi- 
tions. These include the renego- 
tiation of social benefits offered; 
to -employees' 

Volkswagen rights 

THE STATE of Lower Saxdqy, 
■whicb bolds a 20 per cent ih&fy 
of Volkswagen will not 6^1^ 

styibe to VWs planned DM WKka' 
(§450m) rights issue ...reports 
AP-PJ from Hanover- The state 
government will let the Volks- 
wagen Foundation subscribe to 
its rights offer. --A study has 
concluded that the state can 
keep its voting rights in the com- 
pany by putting its rights parti: 
cipation into a trust arrange- 
ment . - ■ • 

Government protection 

v . i . > • ‘ 

forward with the acquisition of 
the fine chemical group Rousse- 
lot . vl^ the joint Ato-Chimie 
mihsldiary with Total (Rousselot 
chipped , in FFr 1.44bn turnover 
ind- FFr. 40i2rq profits- .to the 
group ici 1977)' and the acquisi- 
tibn of MT Chemicals in the U.S. 
from. American .Gan. ' However, 

bution recorded a negative cash- 
flow of FFr 349m and a loss of 
FFr 941m, in each case signifi- 
cantly worse than the FFr 76m 
negative casb-fiow and FFr 562m 
deficit of 197$. 

The group reckons that its 
losses here are about FFr 20 per 
tonne of refined products sold. It 



Financial charged 

Operating caish-flpw 

Net profit: 

Attributable profitk-.-f- 

Medium and loag debr 

Capital spending 

this year \sdll>^lhe company 
pause for digestion. 

An examination^©! the cash- 
flow and profits -per sector illus- 
trate painfully -the problems of 
the refining and m&rketiog sector. 
The group lias not only substan- 
tial over-capacity, in. defining but 
is operating" An/ expensive and 
loss-making fleet. 

Exploration ;an& production 
generated Fpjr. of cash-flow 
in 19 7V and aTmost/FF? 2-4bo of 
net profits.. Refining and distri- 

1,764 . 









has closed dawn one elderly 
refinery at Ambes saving some 
FFr 45m In costs and it is relying 
on its ■ new catalyctic cracker at 
Grandpuits to transform some 
lm tonnes of crude annually into 
higher value products. 

The chemicals, health and 
hygiene divisions made a FFr 
255m contribution to cash-flow 
and FFr 29m to profits. 

Another black spot for the 
group is the plastics field. 
Atochimie closed its accounts at 

PARIS, June 14. 

zero on a turnover of. FFr 3.36bn. 
The group’s sulphur activities— it 
accounts for an eighth of free 
world production, have been 
helped by some increase in 

The group's 50 per cent subsi- 
diary Le Nickel also had an un- 
happy year because of depressed 
world prices, the misfortune of 
incurring its costs in francs and 
income in dollars, and accumulat- 
ing stocks. U lost FFr 68m last 

Last year the group produced 
18.7m tonnes of crude of which 
more than two-thirds came from 
the Gulf of Guinea. Its output 
of commercial gas reached ll.Sbn 
cubic metres, 65 per cent of 
which was won in France. 

Investments in exploration 
represented some 17 per cent of 
the total last year. With the 
development of installations and 
production taking nearly 48 per 
cent nr FFr 4.14bn. Refining and 
distribution was tbe other main 
-claimant on investment taking 
FFr 1.318bn or 15 per cent. 

The exploratory budget is 
sharply up this year with Africa, 
including the Gulf of Guinea, and 
the Camerouns, claiming a sub- 
stantial commitment of funds. 
Development expenses are likely 
to be lower than last year because 
of the completion -of substantial 
projects like Frigg. 


NCB r the pulp -atwfrpaper xnanu- 
facturmg group Mk^ging to the 
North Swedish ;l»rbst owners 
association, nmst^dorganise its 
! management befote 1 it receives 
the SKr 400 m state loan 

recently approved:!^; parliament. 
Its. owners mugj&ftbo commit 
themselves to <jontiaued 

existence. Vv' 

i These two' coupons . were 
among the reco minima tions sub- 
'mined to the of Indus- 

i tey yesterday by ttegovernment 
committee investigating the 
forest owners’ ednmuties. It has 
hurried through 7 to-: report on 
I NCR's finances, the com- 

pany has to closed Sir. books by 
June 30 . 

' ( -,r • 

.. Part of the report is being 
kept secret, but statements from 
< the . .management "iSSipate that 
after the heavy losg ||qtained in 

tbe past year, the company’s 
cash holdings are very small, its 
equity has been eaten away and 
interest payments on its debts 
are in the SRr 175-180m a year 

Foreign banks are understood 
to make up the majority of the 
company’s creditors and to have 
exercised considerable influence 
on the committee’s report. The 
committee in fact states that both 
Swedish and foreign banks have 
underlined the need for a change 
in NCR's top management. 

In return for this, the com- 
mittee now seems to expect 
creditors to agree to a mora- 
torium in amortisation and 
interest, payments. It under- 
lines this point by noting that 
the SKr 400m state loan would 
not in itself be enough to save 
the company. 

Arab cirrency unit trust Dutch insurer 

: .by :mary "campb&l - - taps holders 

! . .BY MARY. CAMPBEajU.- _ - 

A UNIT trust to specwSge in 
investment,/ in. • fixejf 
securities" denomiaated/fw Arab’ 
currencies has bfeeh/lfeunebed in 
Jersey.. The fund^alled . First 
European Arab ' Fund, has been 
, launched . by European Arab, 
Bank, which Is London-based 
; consortium, bank owned, mainly 
by. Arab shareholders. - 
|- This is believed to be the 
firaFjEuchc tt&t to specialise ih 
bxvestmehMTin 'these currencies. 
The ertbMhment of open-ended 
trusts is impossible in the domes- 
tic majkets of most of the coun- 
tries concerned because of laws 
recjolfing the majority of capital 
to-be owned by local residents. 

In practice, most of the invest- 
ments will, initialy at least, he 
made in "Kuwaiti dinar issues, 
since issues in other Arab cur- 
rencies have not -been frequent 
This - .' mainly means Kuwaiti 
dinar Eurobond issues and issues 
Of -certificates of deposit deno- 
minated In Kuwaiti dinars. Tbg 
yields currently available ip 

these. .niprkets. range from 6 to 
;§*per c«it per ann um. 

The 'managers said yesterday 
that the Kuwaiti dinar has appre- 
ciated'^ an average of 2 to 3 
per cent per annum against the 
dollar hi -recent years. Yields 
are ciirejmt approaching 2 per 
cent below yields on dollar Euro- 

A key question on how much 
non-Gulf investors are interested 
ih.putting money , into purchas- 
ing the units will be the extent 
t4 which they consider that the. 
Kuwaiti dinar's rate of apprecia- 
tion against the dollar will . 
accelerate. ; 

- Subject to a minimum initial 
subscription of - 50 shares 
(KD 515 or about S1IJ50), shares 
may be purchased in multiples 
Of ten. European Arab Bank 
hopes tb at the launching of the 
fund will encourage the partici- 
pation of smaller Investors in a 
market which hitherto has been 
dominated by Middle East insti- 

*tl. V 


Alcan Australia Ape ltt 8 B Mj 

AMEV too 19S7 9S 

Aosiralra Bipc W ...v; Wk. 
Australian It. t 5. Blue *»2 «t 
Barclays Bank Wpc 1SKL.; 05!-. 
Bowaier B*pc 1W2J . ...... >.• 

Can. N. Ballwas 8 lpf IBM - »! 
CrMlt National Stoe 1BW... • g 
Denmark 85 pc 1984 as*. 

ECS Vpc IBM ....... — 

ECS^iPc ".«* 


EMI ftiPC 1989 «*• 

Ericsson 8!PC- 1889'.'..../-..-. * 

Esso sue raw Nov. ..!•» 

CU. Lakes Paper 8 JOC. IBM :* BVJ-. 

Hanerstoy Mpe - » 

Hyde* Quebec. fe>e ISOS'... Mi 

ICI ?lpc IB W M*. 

ZSE Canada SilW -1»96 . . .'. JB3J ■ 
MaonlSaH Blaedel Bpd-tflBS M* 
Masw FerStums 91 pe VI 88 

MlChetn SiDO M 88 — w?*.. 

Midland tat. FL£ Sine "92 ' .85-- 
NatkJoal Coal Bd.' Sue 1987 . 9J4 
National WBtmrijtt: BtK.’M 1*0 
NalLWBtmoftr- -Bpc. 1 W 'S’ 98* 

NewfoaDdlaUd-BpC S89 W 
Nordic inti. Bankflipc 1988 W 
NorscCKOHL.Bk. MpC.mS M 

Latin American $500m loans 


TWO MAJOR loans for La tip- Meanwhile the Brazilian 
American borrowers have been federal Highways Authority 
t>,nima is to ra t Wl .DNER is arranging a S200m loan 
^ ‘through a group of banks led 

a ^year $S00m loan throng a Bank International, 

group of banks ted by Bank q^- loan comes in two tranches: 
America. . Citicorp will run thft 3135m for ten years with five 
books and rhe management group- years’ grace which carries a 
"is currently being formed. Other spread of 12 per cent and a STom 
terms " are not yet known but for 12 years with six years’ grace 
the •'maturity ' Is ‘a sure slg^- which carries a spread of lj per 
Panama is getting much finer tent. This loan carries a 
terms -than when it .last cam®.- Sovereign guarantee, 
to the market earlier this The 9100m loan for Acesita 

(a spread of 12 per cent for seven, ’has been increased to ? 120 m with 
years T. • - conditions otherwise unchanged. 

. . . ■ ■■ 1 ' ' ' 




BRi . Norploe 8Jpc 1989 

- NoreK Hydro 8 !pc 1992 ... 
SM ■ Oslo Spc 1988 ._ ....... 

SB Ports Amooomes 9pe 1891 
Pnsv. QoeJjec Spc isas . 
•Si- Pros. S&fifcaichwa. fflpc -86 
S, Need loiematlQiHd Spc 1987 
• « URM Spc W9S...... ....m.-- 

'-JL- Selection Trust 8fpc-lW9... 
,S; Stand .Bnskflda 9pc 1991... 
S SKE Spc 1987 
iS* Sweden iKdozoi 8 M » W7 
- «S United Biscuits 9oc 1989 ... 

5 n,' '-Volvo aw 1 B 87 Man* 

JW* NOTES - r 

95* Australia 7|W IBM 

. 99 Bell Canada 71pc 1987 
101* Br. ColmnWa Hyd. 7 Spc *95 

Kl , ran. Par. 

94^ Dow Cbemlcel Spc 1880 ... 

1001- ECS' ftpc 1988— 

W0* ECS 81pc 1989 • 

SS*. EEC 7*Pf 19SS .. — — 

' as EEC TWt VU Li-v-;— 

98} Euso Got»it 8*PC. 1984 ... 

• . * - ffiBung iu*pc mi 

/- A/Veefcly net asset value f. mTK Sa ^..ZZZ 

. : -n *0-70 Kovatrpe moc im '.'-Z.Z 

1 on June 12, 19/8 impc isss 

*“• .... . , .. Total ou 9*PC 1984 

i Tokyo. Pacific- Holdings N-V. SM », 

' - --- SNDE fljpc IBM 

US$53 71 • Ckwda 41PC 390 — 

u a w .. Den Norske Id. Bfc, «pc w 

. . , W V Deuuduj Buk «pc 1S8S - 

Tokyo Pacific Holdings (Seaboard) W-v. 

SU Aunitaiue «PC i«H « 

u.s. $39.13 ■ SSTiWr..::::":: 5. 

Listed on the Amsterdam Stock Exchangs aEfStS2L= ~ 

Offer -. •• ■ Bid 

96* Goaverken 7tpc. 1982 96* 

96}. Kockmns Spc 1983 971 

100 , MlcheUu 8 JPC 1983 -99* 

984: Montreal Urban Sloe 1981 99 

Ml New Brunswick Spc US4 96* 

W-.KIV Brnns. prev. SJpc * 8 S S9* 

Mft Nqw Zeeland. Sipc 1988 ... M 
Nordic Iny. Bk-. 7|w 1984 94J 

S ® 'Norsk Hydro 71 DC 196S M 

“. Norway 7}pc 1982 93 

...Ontario Hydro Spc UK7 .. W 

■«. .iinpt-x 8 »pc-lM 9 100 * 

*3 :S. of Scot, me c. 8 ipc 1981 9S* 

«* r J»W 0 den tK’dom) 7ipc M83 98 

; .5wetUah State Co. 7 toe -S3 96 

941 Tftole* »PC 1954 98} 

gS Tea Deep 7tPC VN May ... 9» 

Sj |VoDtBWMKn 7toc 1987 93* 


I*:. -Allied Breweries lOtoe w 88 

96 . -<hacorp lOpc 1993 91 

8 § -CdOTtaulds 9 toe 1989- 89 

EIB 9!pc 19S8 «... 9U 

■ ■ - iVlnance lor lad. 9!pc 1987 M 
JliWnc* for Jnd, lOpc 1989 ail 

flaonj Wipe 1S87 - . 9*4 

‘Grafrtner 11 pc 1888 92 

INA lBpc 1988 H 

• Royafn’a »toc 1888 ..L.... W 

Sean 10 *pc 1988 99* 

, .. Total OU 9toc ISM 91 


■- Aalm Dev. B80K 5*pc I9S8 964 

. SJTOE 6 tor IBM 96} 

■ Canada 4Jpc 1983 98 

Den Narskfi Id. Bk, «pc W 99* 

* 1»» 
81 go* 

Mi 86 

■ Infonngtlon; Piorsoo. 

imsteraam oioca A aa»*5r ZIZZ * 

Heldrintf & Pjaraon N-V-Herengracbt 214 Am»Wd*M Normn 5toc vm W 

" ■ -14J 76— 1Q0% ' ' : . 

PRJCS INDEX 1 3.479 

DM Sond* ! 2 f in 

Bonds & Noea 105. 0 

U^. $ Sant Bond* 
Oo.-DoUar Bonds tOO-H- 

OM Bonds' ‘ ‘J J 
+|PL Bond? * Njw 
. US- i Sws.. Bowte 8.848 
Qn.-DoJhr- Tjondj. J-A** 

Norway 41 k 1583 W* 

Norway 4|sc 19® ;...« 97 

PK Banken 5 toe 19SS M 

Prov. Quebec toe 19M. ®7 . 

BamarankW Mpc M68 ...... 95 

Spain -6pc 1M8 96 

ttxmdhdni 5toc lBW ... ... 

TVD Power Co. BI* 1958 .. 97* 

Vcnezoela 8pC 1988 97*- 

World Bank 5toc 1990 ... 98 


Bank of Tokyo UM JSk ... 99* 

BPCJB. 2984 One §M 

BNP 1983 8116PC lUfli 

BQE Worms 1985 93* 

CCF 1965 81 pc »i 

CGMP 1944 8 Uut>c 99} 

Credlransiali 19« Sire 99* 

DG Bank 1948 9pc 100 } 

GZ 8 19S1 81|6PC 100* 

Inti. Westminster 18M Spc . m 

Uoydy 1933 8 Ci*pc .' igni 

LTCB 1983 SPC 

Midland 1687 89i 6P c SI . 

Nar. Westminster Bk. 1990 «n 

SNCP 3985 SJpr 

Stand, and Chtrd. -84 s:pc sd; 
wms. and Gini's *M Stifcpc m 
Source: While Weld Securities. 

American Express 4Inc '87 m 
A 5Urand 5pc 19S8 y,i 

Bai>cpcJc * Wilcox s;nc S? toi* ,S« 
Beatrice- Foods 4 !dc 1092 .. 97 ~ u 

-Beatrice Foods alpc 1982... ioc 

Beecbun «*pe 1995 .. ssi 

Barden 5pc 1892 . J<n 

Broadway Hale 4 *pc 1997 .. 77 } 

Carnation 4pe int - 77| 

Cbevron 5nc 193 s 335 - 

Oarr 4lp C 1®7 1 81 

Eastman Kodak *ipc 19 B 8 *<* 

EcoiwaUc I*abs,.4}pc 1987 78 

Firestone Spc 1988 .... 85 

Ford 5pc- 1948 " S 7 J 

"S 1 43 PC 19S7 84 

GUIfttf 4lpc 1937 16 

GojlU 5pc }8S7 117 

Cull and Western sue lass RS* 

Harris Spc 199 ; ■ itw 

SJWJNB toe 1986 87 

irr «pc j 98’ ihii 

WA toe Jto7 97 

rncb cape 6ivc 1993 Z. in* 

tir 43 pc 1987 BO 

Jttsco 8pc 1»2 !. " !U* 

Kotnaisu 7ipe 199I> ... 1*1* 

J. Bay McDermoit 4ipe'’87 1*3* 
Matsusniia 61pc 1M0 187 i 

Mitsui 7} pc 1990 130* 

J. P. Morgan l*pc 1987 99 

Nabisco 5}pc IKS 104 ‘ 

Owens minots 4ipc 1957 . 1131 
J. C. Penney 4*pc 1W7 . 7«* 

Revlon 45 pc 1D87 122 

Reynolds Metals 5 pc 1989 *5* 

Snndvtlr 6 toe 1988 .; M 108 
Sperry Rand 4*pr 1987 . .. 98 

Sonfbb 4*pc J9S7 ; 81 

Texaco 4»w ipw 79* 

Toshiba Wpo 1995 127> 

Ty Co. 5pc 19S4 77* 

Union Carbide 4 toe 1892 .. u* . 

Warner Lambert 4#oe 1W7 si 
Warner Lambert 43 pc 1938 78 

Kero* SBC 1998 79 

Source: Kidder, Peabody Securttl 

ti^t* 114* 

M Sli 

1?«* 130* 

1*3* 163* 

Vf!i mi 

m* I2t* 

■ 1W1 
1M, 105* 

11-i 111 

:: 137* 129 * 

_ 77* 79 




Bleak outlook for Sony 
after half-year setback 

con V ersion ** CHARLES smith 

Conditions on Swedish pulp loan 

STOCKHOLM, June 14. 

The committee specifically 
states that the combination of 
the posts of board chairman and 
chief executive must be 
abolished. Mr. Gunnar Hediund, 
the former leader of the Centre 
Party, who has held both these 
posts, has already indicated his 
intention of resigning. Tbe NCB 
board at its last meeting also 
decided that the share capital 
should be increased from 
Skr 72m to SKr 200m through a 
new share issue and a bonus 

NCB’s financial difficulties 
derive from the swift expansion 
it had undertaken just before 
the recession hit .the Swedish 
forest industry and the collapse 
in the demand for pulp from 
western Europe, which was 
aggravated last year by the fall 
in pulp prices to a level below 
Swedish production costs. 

By Charles Batchelor 

AMSTERDAM, June 14. 

A RIGHTS issue on a one for 
ten basis is proposed by Nationale 
Nederlanden, the largest insur- 
ance company in Holland- Recent 
precedent for Dutch rights issues 
suggests that the company could 
be about to raise more than 

This strengthening of its 
capital base is seen as desirable 
by NedcrlandeD which has. been 
expanding rapidly in ‘’recent- 
years. Group shareholders capital ' 
totalled FIs 1.7 don at the ena, of ' 
1977 after a rise in net profits**) f 
15 per cent to. FIs 205.3m. | 
Revenues during the year' 
increased by an . eighth to 
FJs 5.3Sbn. 

The proposed rights: involves 
the issue of 1. 3m new shares at a 
price yet to be set. The recent 
I rights offer from the smaller 
Dutch Insurer Amev was pitched 
on an 18 per cent discount to 
market prices. A similar sort of 
discount for Nederladcn suggests 
that the funding will raise around 
FJs 117m. 

I The- warrants attached to the 
recent bond issue which now 
each give the right to 11.009 
certificates of shares will have 
the right to 10 certificates. For 
the remainder the option exercise 
price will be applied. The new 
-shares will rank for dividend 
1 from 1978, 

Slavenburg's Bank will raise 1 
FI 60m through the issue ol a ( 
10-year debenture. Coupon is 71 1 
per cent. Tbe issue will be 1 
redeemed at par in 10 more or. 
less equal parts. Lists close a 
week today. 

By James Forth 

SYDNEY, June 14. 
'creasing its working capital by 
concerting a UjZ$15bi loan 
(about A$l3m) from its U.S. 
parent into equity capital. 

The loan was arranged 
recently and It was stated at 
tbe time that it would be con- 
certed into equity. The VS. 
parent, which also pumped in 
another U.S.$9.1m, Into equity 
last October, indicated that 
farther subordinated loans will 
be made if considered neces- 
sary. The support from the 
parent company follows a 
A$25.7m loss by tbe Australian 
offshoot in 1977. 

The conversion will be 
achieved through a one-for- 
two issue of ordinary and A 
ordinary shares at ASLOO each. 
It will involve the allotment of 
11.24m ordinary shares and 
1199m A ordinary shares. The 
XJ.S- parent owns 97.74 per cent 
of Chrysler Austraiia’s 
ordinary capital. 

Acme sold 
by TNT 

fiy Our Own Correspondent 

SYDNEY, June 14. 

Thomas Nationwide Trans- 
port, the international trans- 
port group, has sold its 
troublesome U.S. freight for- 
warding subsidiary. Acme 
Fast Freight Inc. for U.S4L2m, 
subject to adjustment follow- 
ing the preparation of Acme’s 
balance sheet, to an unnamed 

TNT has been Interested in 
disposing of Acme for some 
time. Tbe U.S. company was 
acquired in 1973 and at the 
time was unprofitable and bad 
run up heavy losses. TNT 
paid no consideration for Acme 
but took over the losses- 

Acme reportedly earned a 
small trading profit in 1974-75 
followed by a profit of 
U.S -$700,000 in 1976. 

However, last year it was 
discovered that profits In prior 
years had been overstated by 
A$2^m (US$2 jm). 

. Acme is one of the largest 
freight forwarders in the U.S. 
It holds operating rights over 
the mainland states as well as 
Alaska and Hawaii. 

in Japan 

• . TOKYO, June 14. 

JAcPAIVESE bankrupt ices in 
May ‘rose to 1,363 from 1,342 
In April, but were down from 
1.652 fn May last year, the 
Tokyo Commerce and. Industry 
Research Company said. 

Tbe company which pro- 
vides the figures used by the 
Bank of Japan for Us bank- 
ruptcy statistics - said 'that 
debts involved in May fell to 
YIMbn ($880m) from Y235bn 
in April and a record Y355bn 
in May last year. 

dated net income fell 4i.i per 
cent to Y12.Xbn ($55.5m) in the 
1 six months ending April 30, 
compared with the same period 
a year earlier, the . company 
announced today. 

The decline is put down to the 
impact of “negative forces 
arising from the unstable 
climate of the world economy.” 
Tbe main blame seems to rest 
with the yen revaluation which 
affected the value of Sony's over- 
seas sales while domestic costs 
continued to rise. 

Sony’s overall sales increased 
daring the six months, reaching 
Y255.3bn ($1.12bn), up 3fl per 
cent over the previous year’s 
le.veL Overseas sales, in terms 
of yen. showed a fall of 0.4 per 
cent, which Sony stressed would 
not have occurred but for yen 
revaluation. If the yen had held 
steady against the dollar during 
the 12 months up to the end of 
ApriL the value of sales would 
have been substantially up in 
yen terms, Sony says. 

Sony points out that its results 
.for the second quarter of the 
I six-month . period under review 
are better than those for the 

first half. Profits in the three 
months to April 30 were down 
3L$ per cent from a / ear a ^° 
(to Y6.7bn) whereas the profit 
figure for the October to January 
period bad shown a fall of 49 per 
cent, to Y5.48bn. The company 
warns, however, that the “nega- 
tive factors ” influencing profits 
will continue through 1978 and 

The most positive part of 
Sony’s half-year report \ deads 
with research and capital invest- 
ment both of which, the com- 
pany says, are being stepped up 
despite the deterioration in the 
short-term business prospects. 
Research spending is currently 
running at around 6 per cent of 
sales revenue while capital 
investment is up 20 per cent on 
a year ago. The company is still 
putting money, into expanding 
its tape plant in Alabama fan 
additional 922m, following $45m 
already invested in the plant). 

A breakdown of sales shows 
that sales of television sets fell 
by 32 per cent during the six 
month period although itihey still 
provide 30 per cent of Sony’s 
turnover. _ Safes -of video tape 
recorders which had’ been rising 

TOKYO, June 14. 

sharply up to the turn of last 
year slowed sharply in early 

Sony attributes this rather 
disappointing result to poor 
American demand and to a tem- 
porary interruption in European 
sales of its professional VTR 
models caused by a change of 
chassis (which led prospective 
purchasers to delay buying old 
models). Both of these situations 
are claimed ot be temporary and 
Sony maintains its faith in VTR 
as tile key to tbe future growth 
of. consumer electronics sales. 

Sony says that the group of 
companies producing the “Beta- 
Format” video tape recorders of 
whicb it was the original 
developer now account for about 
50 per cent of total sales of 
VTRS; the other 50 per cent is 
accounted for by sales of VHS 
recorders pioneered by Japan 
Victor company (but also made 
by Matsushita and Hitachi, 
among others). During 1977 tbe 
Beta-Format market share was 
nearly 60 per cent, so that some 
deterioration in. Sony's previously 
dominant position has apparently 
taken place. 

Receiver put into Cockpit Hotel 


COCKPIT HOTEL — one of Singa- 
pore's oldest and established 
hotels — has been put into re- 
ceivership. Moscow Narodny 
Bank, which has issued a num- 
ber of loans to Cockpit Hotel 
Pte., the owner and operator of 
the 280-room hotel, has appointed 
Mr. D. Brown of Turquaad 
Youngs and Company as receiver. 

The largest of the loans issued 
bv the bank amounted to about 
SS50m (U.S.S2i.4m). However, 
the company's outstanding liabi- 
lities including interest as at the 
time of the appointment of the 
receiver are believed to be in 
the region of S$55m. 

. The loans have been secured 
against several of the company's 
properties, including the hotel 
building and adjacent land, and 
properties in other parts of 

At the end of 1976, the com- 
pany has a paid-up capital of 
SS10-27m and fixed assets, a* 

1973 valuation, of SS59.79m. 

The comp any incurred an 
operating loss of S6623J176 
(U.S.3266,400) in 1976. bringing 
total accumulated losses to 


Ironically, Cockpit Hotel has 
fallen into receivership at a time 
when Singapore’s hotel industry 
is enjoying a boom. The hotel 
is believed to. be currently 
enjoying a high occupancy rate. 

Cockpit hotel is the third 
major Singapore hotel company 
to have fallen into receivership 
in recent years. The other two 
were Far Eastern Hotels 
Development, which owned the 
Singapore Hilton,. and Imperial 
Securities which owned the 
Oberoi Imperial Hotel. 

★ * * 
ported a 5 per cent increase in 
trading profit to S$15.3m 
(U.S.S6.5m) for 1977. Post tax 
profit was approximately S$14m. 

SINGAPORE. June 14. 

Rollei Singapore’s pioneer 
status tax incentives expired in 
February last year, and profits 
from March 1977 onwards were 
subject to tax. 

The profit improvement was 
achieved in spite of a 2.6 per 
cent fall in turnover to S3114m 
(U-S-$49m). Of this total, only 
1.2 per cent went to external 
customers while the remainder 
were accounted by inter-company 

Rollei Singapore is owned 75 
per cent by Norddeutscbe 
Landesbank Girozentrale of 
Germany— the parent company of 
tbe Rolleiwerke, Granke and 
Heidecke camera group — and the 
remainder is held mainly by the 
Development Bank of Singapore. 

The company last year paid a 
dividend of 23.28 per cent on its 
issued capital of S$58m. un- 
changed from the previous year's 

Board changes at North Borneo Timbers 


NORTH BORNEO TIMBERS has which is a major shareholder of « e re “ disappointing,’’ although 
announced a major reorganise NBT. S^Wh^aJhSf 

tipn o! its Board following a Mr. John -Wilson, a former g 0r 455^ Ringgits 

sharp setback in its profits 

general manager 

(U.S.S190.000) compared 

,, ... _ . . . Standard Chartered Bank, will kiMm r in celts 

be aiteraate t0 ^ HydarL iff thSTSSie. NBT says an 
te jbre of Mr. J H. GJyn who other directors. Mr. J. B. early return to the high profit 

will continue to be managing Gibbons and Mr. J. A. W levels of the previous years is 

director managing Torrance have resigned, and Mr. unlikely, and in view of this, it 

P. E. Isserlis, who is one of the is cutting down its interim divi- 
Mr. Hydari is chairman of company’s managing consultants, dend from S.5 per cent to 5 per 
Wimco. the Indian subsidiary of has joined the reconstituted cent. To improve its liquidity, 
the Swedish Match Company and seven-member Board. NBT has sold off its entire hold- 

vice-chairman of the Bombay NBT reports that its trading ing in Harper Gilfillan and the 

Burmah Trading Corporation, results for the year ending May Owens Group. 



Japanese Yen 10,000,000,000 
Ten Year Loan 

Guaranteed by the 

State of Spain 

This financing was managed by 

The Long-Term Credit Bank of Japan, Limited 

The Sanwa Bank, Limited 
The Mitsui Trust and Banking Company, Limited 

- ■■ . provided by - - 

The Long-Term Credit Bank of Japan. Limited 
The Sanwa Bank. Limited 
The Mitsui Trust and Banking Company. Limited 
The Bank of Tokyo. Ltd. 

The Bank of Yokohama. Ltd. 

The Industrial Bank of Japan, Limited 
The Mitsubishi Trust and Banking Corporation 
The Nippon Credit Bank. Ltd. 

The Sumitomo Trust and Banking Company. Limited 
The Toyo Trust and Banking Company. Limited 
The Yasuda Trust and Banking Company, Limited 
Nippon Life Insurance Company 
Asahi Mutual Life, Insurance Company 
The. Chuo Trust and Banking Company» Limited 
The Dai-lchi Mutual Life Insurance Company 
The Daiwa Bank, Limited 
The Saitama Bank. Limited 
The Sumitomo Bank. Limited 
The Taiyo Kobe Bank, Limited. . 

The Tokai Barfk. Limited 

Sumitomo Mutual Ufe Insurance Company 


The Long-Term Credit Bank of Japan. Limited 


has been advised <n The noqouauons fcv 


■ • . . • in cooperation with the Id lowing shareholders : 

Caj'as da Ahorros de Vrgo, Pomevedna y Santiago de Compos:--'-' : 

Bance MdsSarda; Uga.Finanuera: PlurmvBr. 

March. 797$ 



TRW Resorts Record Quarter Results 

(C1.S. dollar amounts in millions except per share data) 



Pre-Tax Profit 

Met Earnings 

Earnings F'er Share 

Fullv Diluted 


Dividends Per Common Share 

Outstanding Common Stock 

Shares Used in Computing 
Per Share Amounts 

Fully Diluted 


S 870.4 $ 776.9 

69.6 622 

35.8 31.7 

.93 -on 

MO .96 

.40 35 

28215.000 27.665.000 

36.686.000 36.699.000 

28.662.000 28367,000 

?*&&■. ^ ST 

! V"- ''i 

• fee - *-® 1 

TRW WON HIGH PRAISE from US. military officials upon 
the successful deployment of the first in a series of Navy Fleet 
Satellite Communication Spacecraft shown here undergoing 
prelaunch tests in one of the company's US. spacecraft 

TRW Inc., a major international 
supplier of high-technology, pro- 
ducts and services, established 
new first quarter highs in sales, 
earnings and earnings per share. 

First quarter sales were US. 
$870.4 million, a 12% increase over 
1977 first quarter sales of CLSa 
$776.9 million. 

Earnings after taxes reached 
US. $35.3 million, a 12.99 fa gain 
over 1977 first quarter eamings oF 
US. $31.7 million. 

Fully diluted eamings per share 
were US. $.98 compared with US. 
$.86 in the first quarter of 1977. 
Primary eamings per share were 
U.S. $1.10 versus G.S. $.96 in 1977. 

Each oFTRWs three business 
segments reported sales and 
operating profit gains over the 
year-ago period. TRW's Car & Truck 
segment sales increased 12.6% 
and operating profits rose 9.6%. 

In Electronics & Space Systems, 
sales and operating profits were 
up 103% and 173% respectively. 
Industrial & Energy sales increased 
12.99 o on a quarter-to*quarter basis, 
while operating profits were 
ahead 27.2%. 

Consistent with TRWs policy of 
raising dividends as eamings 
increase, company directors 
increased the quarterly dividend 
on common shares from US. $.40 
per share to US. $.45 per share, 
payable 15 June 1973. This will be 
the 159th consecutive dividend 
declared on TRW common shares. 

For further information on 
TRW's 1378 first quarter results, 
please write fora copy of our 
quarterly report: 

TRW Europe Inc.. 

25 St James's Street. 

London SWIM HA. 


Al! of these b:>nds having been placed, this announcement appears as j nutter of record only. 


Aktiebolaset - 

Flux 250.000.000 197S-19S6 

underwritten and placed by 


in cooperation with 


Luxembourg. May IS. 1978 

All of these bonds having Lven placed, this announcement appears as a matter of record only. 


Hax 200.000.000 1978-1988 


underwritten .ind placed by 


in cooperation with 


Luxembourg. l\U\ 24, 197 S 

Financier Times Thursday June 15 1978 

C urrency. Money and Gold Markets 

Pound eases on 
trade figures 



June !4 buy'e 

j % ; Spread Cl» 


One month j % pjL Three months % p-a. 

i- a c i 7 t , 8iiQ-l.r5?ti jl.6i22-1.3532 tl-M-U-Mc-pro 6.57 431 
lawplkil fl Bl3 2.0Mfl-2.06W '2.06BQ1OM5 O.W-O.W,;.^ 5.14 4 .80 

Guilder • 4 - 4.0*4.11 i *-054.M 3* 'Sac. pm U.43 (8U-7 U v.|ib 7.57 

I Ik-kUn Fr.! 5i;’ 53.7&-W.J0 j M.W-Sj.SO 40-50 v. pm 7.02 jiffi-t* 640 

Uaoieb KrJ a \ 10J5- 10.58 |l0.3fl4-tOJJ54 ii-4ioredls —5.77 Wi-OJ oredis -8.80 

8.81 KHa-fllg Jrfpm 8-28 

L>- Mark ; 3 a.81-5.64 5.i1j-4.h2i Mp-iSa p* pia 8.81 RUg-Big pi’ pro 8.23 

rtrft Etc. 18 I 35.00-64.25 84-45-83.85 15-185 c. din [— 12.5ff7M76 i-.ttu [-16.14 

‘ _ I * '.ir >■ uit7n.ii.Eoc m inn 1 iu i<r.ok. I a so 

. . j.naW *n f S ian Pm ; ft r 145.60- 148.50 I IW./U- IHB.M 40-120 Ilia 8.58 145-21& i-.dis 

In generally quiet trading, the average depreciation widened «.o | r j^*- “• | i.§o-i.6M j 1.&74-U7S a u*ei>m-i bjb Mreimi-an^ 

pound showed a slisht fall against fi.0 per cent from 3.* per cem- N . £r.i 7 ( -.7^24 9J9i-3.90i li-repm i+i# 0.GI lew pm -aw 

ivher ImSSe ^ currencies reflecting Paris: The dollar recorded Utile Pr _ 9V WK . s . 4 i 3 2i, u,cp«B LK 4V3U ,*ro 

Sr*™ 3? drown Change against the French franc 7 I 8.45-8.4*; 6.46^6.4?i 2i-i.nrm 1.78 Sftvrwrj I 

! he L d i" p S2? tme rL riSlv in rat he r nervous trading. It Yen 1 ji-l 3M-4M 7.80-8.78 c. pm 22.22 14.5-15.7 ..po 

in UK trade figures for May. m rainer nery oonTnared Austria Scb, 5‘r Z7.50-27.W 27.57-27.47 i8-8«Topm 5.65 42-32 .iropral 

Using Bank of England figures, fljjjtad at FFr Ub eo mptna 6y ™***\ , l j 5.45^ iut 97, - 1 

sterling's trade weighted index with FFr ’ 4.SWH w trying, • \ \ „ 

lSln«! rn at B1 « * against There was hardly any reaction to Belgian rate is for convertible francs. Sfr-monft Ward <U 

Kf n »?« publication Of a first quarter Financial francs MMUfc U4» n. 

Conditions briefly touched current aemunt P3>;^ ts 

-sarsss THE dollar spot forward a 

were announced, the rate_fel! S“^l« r oc °. f „ ^ *' lur J •: 

6 . 45 ^ 3.454 1 37g-27g e. pm 11.70 l97g-r7a 


S£x -month forward dollar 3J0-3J3c pm. 



from the previous close. 

i- *414114 _ 

duqi* rjRA Mon 
infTbj»«i t»E«l nm 
saaanlSartiia c» nuiun 

1 1 ; ! 1 

the Swiss franc finished at Yen zx5^5-zu.90 

p-r- r 04-7701 un'-insr FFr 2 4300 * ,B trl3 Sch — ia.v67S^A.vl 

ridourtv *' - SvrtssFr XJ867.IJW IJ867 1MT, 

Pr Frank fiirt: The fixing was very * u - s - cenis *** Canadian s. 

quiet, with no news affecting the 111 — - - 

rates. The dollar moved up to a niDDrMCV da tcc 

fixing level of D*I2.Q850 com- CURRfcNCT HATK> 

pared with DM2.0807 on Tuesday,! — — 

and against an opening rate of nSSSL 

DM2.0835. and 3 raid-morning J “*“ D IE£? 

rate in Zurich of DM2.0843. Turn- a 

over remained small and the SWMimi n um m o.t7Ms 

Bundesbank did not intervene. u.s dafli- ""L 1 

The Sunde.sbanfs trade- cmudlan dollar .... uma 2.38423 
weighted D-mark revaluation gasman scutuuig ... xajan uaid 

index against 22 currencies was: “g“ £*5 

W5.S 1145.91 up 0.9 per cent from Marif " 2^55 2J7M4 

the end of lad year. •joilder i74i% 2.7SS55 

Jam 14 




On raooOi 



Three months 



Canad'n S * 

89.17-29 JO 


OJBJUBc dlf 









1.95-L.90C pro 


Belsnao Fr 



74.25c pm 


203-Uc pm 


Danish Kr 



-^0825-2. DE« 

0.754.70pf pm 


252-ZS7pf pin 


Pon. Es 



858.90459 JO 



8.7S95MireiHs -441 

Srwgn. Kr 
French Fr 





U0-L20C dls 


2.V-U5C dls 


Swedish Kr 






215. 65-215. W 

a«^42y pto 






Austria Sch 
Swiss Fr 




L06-L81C pm 








Bank of Morgan 

June 16 



Jtroo 14 

England Guaranty 




lode* changes °.i,- 


U.S. dollar 

0.664822 0.672959 
U2765 L2BU 
LJTftZO 2.38423 
1SJ871 1U67D 
40.0981 40.2951 
6.94113 6.97362 

{" » S 0 n J f b i r.TJJ Jim, .-,-jainst the lira, arter a t. ,r * iS 5 ;!* HrF* ,rjnc S 

normal marfc^ volumF of S9.8m. jj£«5;iin"fcrine"!!; 6.62624 646034 v**n “ ix 

month rfisry tint against i he dollar The I S. currency nnbhed the p**.,.. 97.6853 90.1132 c.wd on trade mime 

widening to a.2li 1 cents from 11.04 session at l&rtl -w. compared with Swedish krona 5.6M40 5 .TO 09 WastmiRinn ajtreemnn ' 

’out- -tn-l T he 12-month 7».!>ri cents LS 59.40 the previous day. The Swiss rnne - 232345 233395 «Ban* of England India: 

jgainst 5..>» cents. lira improved slightly against 

The Japanese yen rose to a most major European currencies. ‘ 

record post-war high against the with the Swiss franc falling to __ uadvptc 

rfotlar with renewed b uvins in L454 From L494&4 on Tue.sday. UlHtn IVlAKnt 1 o 

most centres. After an opening Tokyo: Tn moderate to active — 

level of Y2 17.10. the ven improved trading, the U.S dollar came £ * , 

;o Y2I4S0 before 'easing back under further selling pressure 

Slightly to V2 15.25. Intense inlerest ctoslfw J fl a “ r i 7 S tg: eu „ro. iw'.'.” 1.423-1.427 776.45-778.65 amm .:.-.'. 

surrounds the publication on Tuesday There seemed to be ^ mla u.-nu.^ .... 1.6070 1.6232 0 .u738<3.i«j 36 dei«ium 

in morrow of Japan’s trade figures a general feeling that Japan « Fmhmi] jfmku.... 7.S450-7.B550 4.2810-4.2880 iiennmrt. 

f.>r liny , nhich may well show a trade surpius for M-iy. due to be b™-ji ciii.wr.. 3 1.85-32.85 17.38 17.92 ?nw -. — ... 

■ ■ f-i.uli-.r ciiri'.liii: than nreviouslv announced today, may be larger K' l 1 *** I'nwuw. • 67.304-i».i7a 36 ; 83-37 : 75 iftruiany 

Milan: At the fixinc the dollar Frencli franc 5.63369 

SterltOB GL29 — 4L9 

U.S. dollar 88.15 - 63) 

iZaaaOtan dollar ...... U5JB —223 

Austrian schilling ULU +1U 

Belgian frarw? 11MB +323 

Danish krone USaH + 6J 

UfUiachu Mark .... 1AU0 +362 

S>rifi3 franc 1*1.91 +752 

ttuUdi/r 12124 +11.7 

traHCb franc 9257 — 42 

Lira 56.60 -46.0 

ten 138.13 +362 

Cased on rrade wclchfed chanvcs from 
WastnuRion ajtrecmnn December. 1971 
iBank of England ludexsiOO). 

un-Hior surplus than previously announced today, may be larger «w*« 

.♦asicipaietl. than expected compared with the J|^ >;«* lln,, - r - ’ eS ^ ljJSn 

Elsewhere, the dollar showed surplus of the previous month and icimait bi^rTKii- 0.501-0. si 1 0.2734-0.a788 Xcu.erta'ndT"""!: 

little chan-'e against the Mest this anpeared to have a. weaken- Lnxcoitviin- t'rxi.-H 59.80-59.90 Xorwav 

ilerm.m m:i:k vl DM2.0658 from inc effect on the dollar. After Ualayna Ueliar 4.3780-4.3840 2.3883-2.4900 Portu<r»l ...- — 

Dug IS4II •.il.ilc the Swiss franc ooc-nins at Y21BS*. the U.S. cur- A«lauill«-itai 1.7956-1.8137 0.9785-0.9873 Spain 

iinnrered to ^>1^75 from rency rose nr W1W « pjjf 3^^“^ 4i5S3!oo tJSSSSn SS&StZZZ 

hv.Fr l^ft-tb. Using Morgan bu. seliin, towards the end of the lialll | i ,5829-].6084]o^637-.08776 

Guaram:- figures at noon in New day saw it back down to the Y216 . — — . 


SrtM Hate 

27-8814 . 
4.00 4.15 
3.40-3. 65 

York, the tioUcr’s trade weighted level against. 


rut given liar Arcpnrlna Is free rare. 

tiniK' | D1.1t i.-li (iulMerj luilinn Lint | GiiM’Id Dollar | Uni jUn Fran.? 

Uiil.-I. 1 , 11 

Ii 1I1.U1 i.iri 1 a 

101 . 101a 
105n 107 g 

11 im 




1 IV 123* 
la- 14 

Tlur fnUii-vn- nMimo.ii rai-- •■.•ere qu>>itil for Liindr.n dnllar ceruil-jie- nf di-an-ii- •'iiio inunlli 7.76-7.S3 Iter cent: three month* 8 09-8.10 per cent: six months 8.44-8.50 
;>(T tvnt. mi* S,ii.VS.T5 per rent. 

Gnw-ierr.i Etir>n1i»||ar dep-i-;iti: two icjra MS y+r rent: three year.- 9’i— 93|o per i.-nt: four year*. 95|«-95 m Der cent: Bve years DS^-STlo per CWL •Rates ara 
n'riniii'.' .-lit- •in.-*.--.. 

Sh<in-:erin ral'" are call l«»r sterling. U.S. dnllari and Canadian d-itiar-: (wo d notice for pniderx and Swiss Francs. 

^-r.ii rti'.-. jrr c1»-mg r,ii>.-s in Sin=-jpnn; 


New York rates steady 


New Yiirk ■ntercsr rates showed 
link* change, with 13-week 
Treasury bills quoted at 6.62 per 
cent bid. compared with 6.61 per 
cent late on Tuesday. The rate 
for 26-week bills was unchanged 
at 7.12 per cent, while one-year 
bills rn.,e to 7.42 per cent from 
7.39 per cent 

One-month certificates of 
deposit were: 7.5s per cent bid. 
unchanged from late Tuesday, 
uvo-mnnih 7.6s* per cent 17.67 j 
.md three-month 7.80 per cent 

Federal funds were quoted at 
iV fi per cent bid, compared with 
7J per eeni in late trading on 
iSiesday. The Federal Reserve 
made overnight matched sales. 

bankers acceptance offered 
rates were: 7.45 per cent, 
unchanged, for 30 days; 7.30 per 
cent, unchanged, for 60 days: 7.itfi 
per cent (7.55) for 90 days; 7.63 
per cent, unchanged, for 120 days; 

7.75 per cent unchanged for 150 
days: and 7.SI) per cent unchanged 
for 180 days. 

Rales for high-grade commercial 
paper were all unchanged ar: 7.60 
per cent for 30 days: 7.65 per 
cent for 60 days: and 7.70 per 
cent Tor 9u days. 

Paris: Money marker rates were 
Tairly steady at around 7} per 
cent fnr day-ro-day funds: 75 per 
cent for one-mom h; 7ji per cent 
Tor three-month; 8 A per cent fnr 
six months: and 8"'* per cent for 
12-monrh money. 

Frankfurt: Interbank money 
market rales were unchanged at 
3.5 per cent for call money; 
3 55 per cent for one-monih: 
3.65 per cem. for three-month: 
and 3.73 per cent for six-month. 

brussels: Rn? official Discount 
and Lombard rale*, were both 
unchanged at 51 per cem. follow- 
ing a Board meeting of the 
Banque Rationale de Belgique. 

This was generally expected, since 
th? rise in Treasury certificate 
rates last week, and an increase 
in the auction price of the four- 
month bond fund rate on Tuesday, 
were regarded as technical moves. 
Deposit rates Tor commercial 
francs were: 3J-4j per cent for 
call money: 5ft per cent for one- 
munih: 5} per cent for three 
mnnth: 68 per cent for six-month; 
and 7i per cem for 12-montb. 

Amsterdam: Call money rose 
to 43 per cent from 4,\. per cent, 
while one-month increased, to 
41 per cent from .41 per cent, 
and three-month was unchanged 
at 4i per cent. The six-month 
rate rose to 5| per cent from 
ol per cent 

Hong Kong: Conditions in the 
money marker were tight, with 
call money dealt at 51 per cent, 
compared with 5J per cent pre- 
viously. with overnight at 51 per 
cent, against 4| per cent. 



Gold improved $11 an ounce in 
generally dull conditions to finish 
at $1831-1841. After opening at 
S 183 1-184. the metal eased slightly 
to trade in a range of $183}-1833 
with the morning fixing at SL3S.65. 
Activity Increased daring the 

SIBli 18* 
STB (.80 


June w. 

bullion is I tile 
uum ei 

SI- 8A- It4 

$ if 3.65 

Alwmwn nsmu_..| 


i £100.000) 

i » Ir 3.70 

Kruj; errand 


New SuverenjTis / 

Old Sovereigns j 




Further exceptional help 

Bank or England Minimum 
Lending Rate 10 per cent 
(since June K. 1978) 

The supply or day to day 
crt-dri was siighily easier in the 
London money market yeslerdav 
compared with earlier in the 
week. However, the authorities 
were still required to intervene 
un an exceptional scale to 
alleviate the shortage. They lew 
in exceptionally large amount to 
iix nr seven houses' at MLR. for 
rcpavmenr today. This was in 
addition to a moderate number 
of Treasury bills bought directly 


from the discount houses and a 
small amount of local authority 
bills. Total buying was on a 
moderate scale and indications 
pointed towards the assistance 
being slightly overdone. 

The market was faced with a 
slight net take-up of Treasury 
bills and numbers of local 
authority bills maturing in official 
hands. There was also the repay- 
ment of Tuesday ‘5 exceptional 
loans. On the other hand, banks 
brought forward balances a long 
way up and Government disburse- 
ments were substantially larger 
than revenue transfers to the 



1-.3* I- it 

L- «.-»!' 
Xtillfrit V 

Lvnl Alltll.l 

IH^'iil iMll lf 




I11| 121b 


1 Jj Hi* 

h i Ha 

iota 107a 

10*5 107g 

lu«9 103a 

10 ,:. 10 A 

10 u- 10 lj 

10 M 

10 ,'. 10 ■« 


9 >a 10 U 

io,!. io,-:- 



lOr'o i- in 


9is'9 J * 



Exchequer in addition to which 
the note circulation showed a 
slight falL Discount bouses paid 
between - 9 per cent and 10 per 
cent for secured call loans for 
most of the day. 

In the interbank market over- 
night loans opened at lli-Ui per 
cent and rose to 12{-13 per cent 
on the prospect of a shortage. 
After easing back to 11-11J per 
cent the rate fluctuated between 
91 p er pent and 1 2 per cent before 
closing balances were taken at 
8-SJ per coot. ' 

Rates In the table below are 



O0I1I Coin* .... 

. mUiQuuiaiiBlly 

Kruj^wramt SISSf-IBS^ 

l£ll92 IlSJ 

New duYtreixiw-... >58* 9*4 

UIJ :wteret;ni»..--.!$&t>l-&7l 
Ii£4ti4 alii 

S20 Kah}** »2/b-27«i 

Slv Katies Slt0i-tZ8i 

tki Ka'pi-j. 1499 105 

l654-« • 






i27Bi.JJ8J , 

11>4 1S3« 



1 JSe 10>2 

nominal in some 






9 10 



. . 


9J« 10 










- — 




afternoon with the opening of . 
New York and the metaf improved 
to $ 183 J- 1843. The afternoon fix- 
ing showed little change from the 
morning at $183.70 and with very 
little to influence trading, gold 
failed to maintain its higher 
levels. However, sentiment re- 
mained good and sources sag-, 
gested that an upward movement 
towards the $200 mark seemed the 
most Uhely. 



Prim* Rale 

Fed. Funds ^ 

Treasury Rills M3- creek) 
Treasury Bills (K-week) 

Local aurhortis aiul nnunre huuacs seven days’ noilce. seven days’ IbceU. Ung-lcm local auihorlty tnonagage rale 
'iuntinully three years lll-llt->i» per cem: Tour years 125 rer cent: five years 121 Der cent. • Bank bill rates in table are 
IlnmiiK rates (or prune oauer. Buy Inc rates for logr-tnotuh bank bills n ,l w-9» p*r c-.-nt: fnur-month trade bills 10] per cent, 
i Apiirovitnsle selling rale*, for une mooih Treasury bills 95|« B*T cem: Iwn-niontb 9S r -9'i K per C«T; and three-momb 
In r wrni. Approntnaie selling rale for nnc-month bank hills 104 p>.r rent: and iwmnootb IIU16 W .coni: and threo-roonUl 
s 'i-eLJit per rent One-mnntn trade bill- l«i per cenr. two-month 10J ocr cent: anti also three- month 104 per coni. 

1 Finance Housos Base Rales I published by the Finance House .^xwciatiom 84 per cent Tram June 1. 1*78. Clearing Bank 
■ Deposit Rates Uor small bums at seven days nmio:i 84-7 per cent, osartng Bank Base Rite Tor tending 10 per cem. 
I Treasury Bills: Average tendur rates ot dlsconm *.t j 3 per cent. 


Discount Rate 


One month 

Three tnonibs 

Sis months 


DBj’mirrr Rate 


One month 

Thra- months 

Sir months nnuii 


Dlaconnf Rate ... . ... 
Call l UncoDdJbonai) 
BUla Discount Rale _ 

... 1* '• 
— »’5_' 

„„ 8JJT7S 


■ r : 


i.i ■ 

>: X 
i . 


- i 'I 

r 1:. 

... ;» 


; l 



• in— i f iiM B ffi 


. , Pipgiiaal Times Thursday 7une 15 1978 


WaR X M. moves erratically in heavy trade 

• panBion^ U*_tbe. money supply General Motors, however, eased jumped 73 cents to CjjUj y5S to YU80.' SUnden^nEkc- eer^to™A»%^w the recent 
Mon .: when the Federal Reserve re* } to *B0| — the company la to encouraging report on uranium ysb l0 yt 7 0 Koatsu Gas advance on its copper find in 

FwJfi 60 to leases its weekly resort after to- recall about 600,000 cars for safety exploration in Ireland. «&**», Y46 to Y32S. Chugal Kogyo Victoria. • p J - 

255” ! (51|%) day s stock market dose, animus** checks and reported a dip in ^ 0 kSSI Y43 to ' Y©5 . Yi£ 5» f M« n iui»s were m« ed. Igg 

MOST OF; an Initial strong- rl» analysts Mpect a slower money early June car sates. Germany ££yo also Y43 to YS30 Nippon WsUspl logngS 

on Wall Street yesterday was lost supply growth rate than in the Ford Motor reported an 11 per Spurred by a resurgence of both Hodo Y40 to yi iso Nippon Tele- but PancontinentaJ improving v 
by mid-session,' end the stock Previous statement week. cent rise in sales hut continued anti fnrticn buying in- v-jn cents more to A5io.w>. _ ^ .- 

. — - -. ®bk. cent rise in sales but continued domestic and foreign buying in ; -mnnumicatioiis ' Construction Y30 cen L s more t0 A, > ««* interest 

market moved erratically for the . It was reported, feat UJ5. fac- under pressure because o( the lerest , share prices gained ground and NfaponTSad Y2$ There was lirtlc fresh interest 

in Uie first Government scrutiny regarding across a ■ broad front in lively ‘ vfll7. • shown ill un- 

rest of the day before elosin? with tory profit margms fell 
mixed movements “ — 

active trade. 

-The Dow Jones Industrial Aver- 

flug „, Shale issues. 

Southern Pacific Petroleum reced- 
ing 10 cents to A$2i5. <?U }B»tera 
lost some ground m bgbt trad- 
ing, while Beach Petroleum shed 

O siuaure witn r - — - „:r — ww****“wm* ot* across a «•«*«« *0 Y«U»- 

after a very Quarter, ”*££ *" d P pce the safety of its small cars — the trading,, although dealers could lu 

Stability Connell director Bos- shares lost Si* to $4fil in heavy give no spocific factors to account p-j-jc 

, industrial Aver- ? orth said the na^on _^ bead«l uSJdlnfi blocks of for the rise. The Commerzbank ran 

age touched^ extremes of SB5B2 L or a ^ a0t 100.000 and 113,000 shares. index closed 6.7 up at <86-9. ^ easier tendency again pre- 50 amis 

and 850.57 before finishing 2.42 brought under control. Exxon shed fi to $463 — the Linde led Engineerings huher nl |^ i n quiet trading, with 4 cents to ah cents, 

da y *tt 854,56. The The dollar feU to new lows U-S- supreme Court has upheld with a rise ofDM £3 hi * operator awaiUns the ouicomc of Johannesburg 
KV V$& All Common Index recorded against the yen for the third con- a w prohibiting petro- Brown Boveri gained DM 4^0 w debate on the capital gains r M shares 

,aet loss of 3 cents atswjg. secutlve day but m-wd hSTpSTuSM S ^from Electrical* Be „ ux Id the National Ameuibly. with i 

movine hRrwp^T, «=« aaaihst other major currencies. ‘ JUST Among Motors, ‘ Daiinlcr _ Bens R an ..„ iru ra , roa ,„i «7 to 2?*?rv* 

were selectively 
afternoon interest 

SM** rg&^XSt.Z’B 

$55^6, although gains still held 
an edge oyer losses at the close * ve F> 

of 794 to «mU w Bethteh^S^/^cendy^ -Ss Stores 

SSm ” 

8ai<J -the market was against ; u^ation. _ Insurance to acquire Service 

caught between- ...some- - window President- Jimmy have been abandoned, 

dressing by institutions prior to news conference yesterday urged g oay ga i ned j to $8{ In heavy 
S.% -SSLs?. Jfe 8 qu *rt» Congress to ^^^ onsiblj ta trading despite reporting lower 


aavanceu o. “ mu FFr 318.1. Clt Alcatel 17 to FFr moderately active. , . w 

- i.DW. Can-eruarjis to_FTr l^75. Diamond .Issues^adymiced.^wth 

but firm 

ana unfavourable .economic new* passing appropriations. 

Analysts- continue to expect njML which hit a new peak for 
further, j rises m short-term the year on Tuesday, ended 2} 
rates and the Prime .rate, end down at *2714 after trading as 
some are forecasting a new ex- high as $2764 .*•*' 0116 P oin t 
_ yesterday. ; : 

Ramada fans jamped & to $7? 

Stocks dis' . 

THE AMERICAN SB Market Value further moderate 

DM 3.10. „ , . 

Elsewhere. Gelsenberg were un- 
quoted because of the cash-oi^ 
shares offer from Veba, DM 2 

Tokyo N 

' • a firm bias in .PWg« 

activity, with 

spots Included 

rFr 365> and Anamint Mi 
Poclala, Coppers were 


Hong Kong KE Sttiff "*’ ” e 

After Tuesday’s easier trend on industrials recorded 

tri reduced but still 20 cents at R9.70 and Premier Mill 

^xmm'a^alTesli'rise'of 057 b^Trih' interest concentrated fa «gj r> The'' Han? Sen^uSnS ^w^t7GrI^d° 
heavy volume of speculative Issues. The Nikkei- a risc of 14j * 9 at 528^8. jWltZeriana 

to 151.32 in 

5.65m shares (4.70m). 


Dow Jones Average improved 8A4 ^ bast level since November 26, Prices moved slightly ab e ^d fa 
. - 5,502.11, while volume .... . , s<cen ...... >_jiM mtiltmlntlM bv 



Ramada long ......... W 5.100 

Cliy Investing 441,3 m 

Caesars World S37,aoO 
American Motors ... 343, BOO 
Ford Motor 335-200 

Del E, Webb ........ mow 

Exxon ... 281. B00 

Bally . 280-200 

Sears Roebnck 276,500 

Playboy Enterprises 225.M0 

17 . 







stn ^- ‘S* “H, ^hi,e° 1U Sfv “bSs JioSS A strong performance occurred "“Howe^r,” the Jfs __ .. 

healilv SSded^SE licked up * yesterday in very busy trading, appreciation against the dollar (H K$1R2.75m>. 

+k ?* a .Vi y mata The Toronto Composite Index continuod .to ojfle »g«J jgrdinc B1atl. maa .... .. . 

11 Motors issues were- also In the ended 3.9 higher at a 1978 peak or imitated issues, Mataudil fa E^e- tQ HKS15.40. Hong Kong Bank M Trading in 

-u Soot?tfht. American Motors of 1146.4, while Oils and Gas fur- trie shedding : Y4 to Y738. Piobjct etam t0 HKS17.50. Hutchison Electriddad 
+\l gained 4 to $64 fa heavy trading, ther advanced by 20.5 to 1454.1. Electron c Y40 to Y1.770. TDK whan ,po a and bwIre PacHlc 40 6UBP ension 

-& SclufaxSs™ facks^ofJ^OOO^ and Golds added ^ 9^ at 1,382.5 —* «"-—»-*• vin to Y 2 - 020 ma — 

Denshin Denwa rose 



for the 



; Jimpijnne (Jddb 

16 IS ! B. 






- — r—T . 5 

June ! 

7 * Hteb 

7T — 1 

Low | 


Rlph : 

•- 1 


Industrial— ^4. 66, $66.1 
(TmeBn'da'I 87.851] B7- 1 

Tnujaptirr— ,p23Jj |i 279.74] 250*1«! 


6M.721 488^9 862.03] B6l.9t| IM.11 

! 1 1 10W 

•$7.60| B7.50] 87.79! 87.85= 30.88 

251. 50' 22 1.50 1 251-56 


niunes. j 108. IB' 1 06.07 j lOS.SBJ W8.85J W?. ID, 106-M^ 1 

1 57, 2M.’ SD.7W 32 - 47ft ! iS,W0 ^ il,m \ 

Tradinq vol.l 



J! i ! 


199 A 1 











"Bhh» ol lurte, l-IadsmO fr<*«n August 28 

June 9 

JllUC 'i 

Mavis 1 Year W? (appro*- 

Ind. div. yield “ 

! 8.4S 

| 5.5D . S.59 


1 Juae j June 

j w 1 a 





June i June j— ■ 

0)11 Uigb ] 

: IndiuLnau.', 108. S$ 1 10.15 
4Comi>Mllc | B5.48 1 39.51 





110.871 no.76 1 110. Ufa 

■ = lr/6> 

100.21' 100.12) 100.52 
[ i6n>) 









164 .as *A* 

f lMf7* (Wlfc§Bi 
I 125.36 ! 4.40 

rll/U7*| (1/S, Si 

Year aco (appw- 5 

lu-l.dlT. vi^M 5; 

-mj cent rise fa early June car sales. 

-v , -- wnnm \ 1978. when it closed at 54S.S0, moderate trading, underpinned by 

amounted to 220m shares (•10m)- irgmover on the four ex- the Swiss Commission 
A strong performance occurred However, the y«i s renew ea ranges totalled HK$143i3m Economic Affairs’ favourable 

ading. appreciation against the dollar ^jjKJ1R2.75m ). port on the outlook 

Index continuod to unsettle export- j >r dine Mathcson rose 70 cents economy. . . .. . 

— - _ “ Trading in Cta Itaio-Argentfua de 

SA resumed after its 
__ on Monday which 

cents each to HKS5.S0 and followed news of the planned 
HK67.50 respectively. Hong Kong nationalisation by the Arsen Une 
Land 25 cents to HK8.95, and Government The stock opened at 
Wheel ock 10 cenU to HKS2^2S. swFr 142 and closed at bwFr IS8, 

compared with last Friday’s close 


and Electronic Y10 to Y2.020 
>yota Mo 

Anglo United Development Koknsai 

+ 2 7o"6o0^har»^'it reported a 1 per Banks 1.39 at 278^4. Toyota. Motor Y3 to Y9B7. 


C r 


Abbott Lat.v 

AililrciMOsrHpb ..J 
An Mia Life A C&» 

Air Prmluou 


Alcu A1 umlalu tn 

AlUOB-. ........ 

AllfcR. Lihl>uiu...j 
Allaebeoy Pew 
Allied Cbemlml^l 
AJIiel SHtm...... 

AIIIh Chalmers. ., 


Amanwb* Hess .. 







4BT 8 



281 B 



177 S 




















Amec. .Urlinea.. J 
Amer. Bninriei. 
Amer. BrWiJew-ri 
Amer. Cun. . 

Amer. Uy&nuoid 
r. Elec. Pdw 


Amer. Elec. Ppw 

A mar . Kxprt«. 
Amer. Motors.... 
Aiuer.'t/nu Oe».. 
Amer. StMiilardj 
Amer. Stores... ~| 
Amur. Tel. A Tei. 


AMP; u.--.: 

Aiupex.— .... 
Anchor Eoeldtu; 
Aubeaeer Hud) 
Armoo Steel.... ~ 
A_£i,A. -I 

A^t niita Uii— 















34t b 



157 8 





























Uui-nillM (JlEar..,, 

CPC Ini’n'tiana 


Crunk nr Nat 

Crown ZeuerUtcb 
Cummin- Hnelw 
Curti-p Wnghl^ 


Dari. I oriuBtrtea.. 

Deere .......... 

1M M'Hite........J 

Deltona — 

laply Inter.. 
Demili Edison.. 
Digital KquiV*..J 
UiHiev (W«|t>..... 
Hover Corin' — 
How (Jliemiul— 


Dtcoeer, 1 

Du Punt— ... 
Djmu luriustries 
Nettle Pieber.—.. 
Han Atninea,.^.. 
fesuunuui KnflNk. 

I'nliHii .l DU. .... 
Ati. Biuhdew..:..' 
Auto Data Pro..- 

. AVU - 

Avvo...— ! 

Avon ptvslustM — 1 
hall (iu 

haub America. ~ 

■ hankers Tr. N.Y. 
hixOerOtl — — 
BeH.un.-e JTa*1L.~. 
BertonLli -itenabni 
hell A Uowell_... 

ben.UX i 

Ueuguet Cults 'B' 


his~-k jc Decker ..| 

Bueiue— — 

Boise OsKiofe — 


hura Warner. — 

Branin luu 

U cattail 'V... 

hnstoi M verg — 

• 10 
54'. I 
253* j 
44 Jo 

b 24 
■ 32 



























Brit. Pet. ADR... i 

hrea-U way U las- 

hraiUfrlek — 1 

hucyru- Kris— - ( 
Butov* Watcb — 


hurra ugh 

Cunpbet' Baur._.i 

“ cifk. 

Lenadi&o Fac 
i»n«i RspBotph. 
Carnation — 

Ciuxtei A Genet* 

farter Uawiey... 

Caterpl liar Tract ■ 

CBa-. — ~ 

Ceioneae Corpo . 
Central & S.W... 



16i 4 

































Certain teed 

Cessna AinnalT-- 1 
Chose Mauh attain 
CIiqoUlAi Uk.'NY 
Cbesebqih Fonrt.J 
Chewne dy -tem — | 
Chicago Bridge- 

Cinera m a . 

tl mj. lluaertin... 

City in pe»nng,„ 

(ha Cai*..«. . 

fioigate Vann _ 
Cuitaio Alt man.. | 

221 * 

















25T 8 
. 45$ 
3ul a 
247 b 
125 b 















117 a 













247 8 





"13 .. 

334 : 
41 - 
■l 74 












46 V' 

67. - " 

Johnson C«uin>i 
JOY Menu lat-lur'g 
R-Mart Corp— - ... 

kUlserA iliniiii'ni 
Raiser Iriduwriw- 

E*y — 


_ r McOee. I 

Kidilfi Waiter i 

Rimheriy C'cm . 


(-ivrogei Ca 

lease nrty Treus.. 

Lev! Straus- I 


B. (j. A O 

fall Paw Nat. Gar 

Rliiet-suli KluL-irh- 



Kru»e i ban 
Bsmark....^.., ........... 


rairrhili! Camera 

F&t. Ue[H_ >t«JiW 
PiresLunc Tire.... 
fa'm. Am. Bostou. 
p let i Van...__... 
Ki in^.. _..... 
fa'itiiiiia Power.... 



r'onl MAUnr 1 

Fnrwnoi-i Ihsk^.l JlTs 


Freeisni Miner* 
fa'aqua I ml*. 














45t b 


















47 7§ 



Ugget Gruun..... 

UHF (Kill 

Litton lndu-i.... 

.Lone Bur I mis... 

UkUL l-latld Lt*t. 

-Jynlriana Lan. I.. 

Cotnlsc'i J 

By Suu-ea ; 


fl aril Ilian 

.Jiacy K H 

LHua, Umouvut... 1 


Ljlbratbou Oc 

I iajtne Mbiiami 

shall Field ... 

35 1* 
24 7g 


43 L* 











1— 5$ 



33 4 




JUy Depu at., nn 

BC5 — 


■^a.i'Donneii Duuu, 

VM Uiaw Hill 





237 B 













G-AJ'...-. :] 


C Hi. Amer. Ini... 


Gen. Cable -J 

Con. DytMTDln. 


txenera!.?< asls... 


Denam* Motow— 

Gen. Pul’. CHC^. 

Gen. Btgnai — 

Gen. 8»V 

UethTyre^.'.... .J 

Georgia tadflo.. 
i«li-Uit«. 1 


uoodrii-b B. F— .1 
eiwinar Tlre....1 

UouM - 

Grace W. „ 

Tit. At l/i n PaeYes! 

Gtt. North Iran., 


Gulf & Vrttem: 
Goli Ui 


Hanna Minimi... 

HumtM bleuer. - 

Harru Ccrpn.—. 

Heuir 1 


ColnaoUbi Pld~ 
Cooibustlou Kni 


C-’m'w'ih lullajn 

Com' w 4b OU K a 

Comm. Satellite. 


Conn. Gen./Llt*'-! 

^>tnr*J9 ! 

Con. BOIaon N.Y. 

Consol Fco>1b......L 

Coosoi Nittiiu..! 

Consumer Power! 

C-MUtnenia Gro. 
Conti nenu' Telej 
Control Data......] 

Coooet In-in*. 














2 25a 
165 b 

27 4 
25 4 
307 B 

Hewiect Packard .{ 
Holiday Inns...-. 

Ho p.UoiycAmK 

tlomton hm.Ua, 
Hunt ( F&-AI Chm 
Hutton IL-F.L... 
I.O. intlu-lri«* 


Fuge/wJi Jlaml.. 
Inland Sleet-..— 


nitercoui Boergy 


IiilI. Piavuurs— 
loti. HarvcMer_ 
IntL. Min £ Chem] 

Inti. UultiroodB.. 

lute Taper— 


Inu Hocntler — 
lai. Tel. A Tel... 


Iowa .— j 

I U Intemulomd 
Jim Wairer 



167 S 




























39 1 8 


227 8 


417 8 








27 ? B 












257 B 





















2&7a 1 


AatlutiaiAVn— . 




«<■ '« 





42r s 




567 8 


18 lg 

S aw hii”Umrl Jfil, 



.lew Kugland Td 



Nii^ara Alobawk 



Niagara share. _ 

10 V- 


N. L liMuMne*. 



,'mvj Uii v.„-i 

- 26V 

!io 7* 





Mb we«i Bancorp 

25 V 


.VprtLrti Siniuo. — 







Ubtn blL-ion 



Oliil J- 






Ueyrydilc Metal*. 

KeynoiiB it. J I 

Klcb'snn Mcrrrli. 
ttnokirell later.. 
Unhml Uaas. M 















Hoys i Dutch 


l(ua» !/«:» 

Itpier System^, 
aafewny Siuras... 
j»l Joo MiucraU 
St. l:«xisP>i«r... 
MTIlM Ko lets— 
Snu- liivnl—a., 

Saxun In, Is 

x-bliir urvwiiu:. 


Snu Pai/er.^.— 

Sruvl Mr» .] 

Somider Duovest 

























0 3* 





I7i 8 



3isi Coniamer 

Seme rain 

3ter etti.D.) 

Seer UoettK k 


Shrill'll- —I 

aiip, Tran-imii... 


iigiicite t kir|^...... 

Simim-hv I 
snunrr ........... 

Soul tun 

scnini'U avii - 

Suulhem Cei. IS 
Sonrnei u 
3 Uid. Nut. lie .. 


Soul hern Uai‘wn\ 

75 »i 
27 8 





















Winj'Wnri b 


vcrroc ... 

4atntN — 

health Kaeilo.— . 
U.'.Trem- s % Wri| t944 
CS.Trau-li%76rtf| t805n 

U.S.90 Durbin-. 











, 8060 

6.61X1 6.61 A 


Markots lost their upward 
| monmaium yesterday and clowd 
, mixed, dealers noting, profit 

of SwFr 132. 


Firmer-inclined fa jnoderaje 
activity, with sentiment helped 

taking .and a failing-off of buyiug Jy t he Central Bank's decision to 
Interest, parucutarly from over- ,/ av g officJa ] key lendina rates, 





45 to 


A 1*1111*1 IV|**r | 

Anni n ha-j-e 

k,>.-nn Amitilnhiii’i 

\ 'l^CIIIIH llli*,.. J 

AJlMi* ..... 

It Mill. UlllltK* 
Ham. Nhvk a-ieiH 
Unbi. Kvwnir-c*.. 
Ueu leiephune... 
Siiw Vallet Irwl.. 

123* 1 
4.75 i 
314 . 
2 3* 
42t B I 
2i7a i 
214 I 

664 | 
304 I 

4. /5 








dF l Simla ' 

lira ■can ...» | 

Cuignn Kiwpi.... 1 
Ommu Lviuml . 
LBim ieKW l«*ii. 
LUU I II Ip bilkctm 
L'miKtbi InHiM.— 
^RU I'ltL-llH.'..— .— 

..mi. Pa. ittu luvj. 
Cun. super Ul 
Car i uig I /'Killer. 1 
JauHii Al t-ili i*-. 

. 15 

. 124 

















’coal shares, however, further 
I strengthened. Coal and Allied changed. N r errQUS 
Sdine 13 cents >t AM* j. Bel- V i'X l«ont^e rose 

Iambi 10 JF JSN&JSjS BFr H l!595 and Union Sfaerc 10 to 
8 cents at A62_75 and Oakbridge ^ Chemjcals> Cevaert 

° plt^finl fn Oifa^dvSd Ts to 

Ss a to AS P 1* ™ dfe^iUi 

a buying bid of A$l^o. giving 2550 in higher 'utilities, bill 

StSrHS c r S S BttS 25^5®— “ d stM,s 

metal miners, however, were w *5J.£ n * c a ed ^- 6 t0 B Fr 942 on 

XHcs syjggMj" 

nvrnesS onces Assumed dividend >ne 

scrtD and<or rinhts issne. fc After loca 
taxes. m% ta* 'r* 6 - "J^rancs- incmdinu 

dtvidHids olns tax 




j'w’t Lau-iuiK, 
>pdri Hutch.— | 
9|nsriy Uaiki.— 

MmhIbui Bran-i* 
•tu.Uii >iKliana..| 
3b 1. Mil Uhto.— 
i min Cnemu* 
Jiernug Dins... 

eun Ca.-..— 

Minn -train'... 

r> tiLcx 

I ix-iimcnn*r ....—. 

f«<in ne 

leiex..— .—.....! 


U veraeB* 

Uu-eux Co ruins -J 
Out-lit, llliDoii.^. 

t * IU.-lb Cu 

Pr.-iik- Umhliou 

l»H . I*«r. * LB— I 


pHrkci HftnoHui 

Potl »i.V Ini J, 

Phi. I*w. * U— , 

L'rfiny J. 


People* Drue —J 
People* Bu 







- 71 “ 
29 V 

11 V 






7 i B 




U7 B 



Pen in timers 

Pef — ~. 

1 ‘hmi 

PiHfip* D*'*«ae—4 
Pbili*'l Iorri ®-*<— I 69.4 

PiiDi-V Uowm. 
piiiter Lei £Wf| 

'23 la 


















Poummc Ele&_J 
ppU lniiu*tri8(,J 
Procter fisinlftfc. 
Pub t-urve bwettj 

Pure*- — tj-M 

(Junker OrG 
Kajrt i Americmi- 



Kep«i hl,r 





















1 l i < 












42 Ts 
155 b 

S15 B 

ak 4 
4a l* 



U3 ( 





^lue'lHiii ........... — . 

—huh um luim.... 

CtiiiBiimei Gut..:. 

ixmekii Keauurce* 

uurfNiii Ricb 

Uhuii llev nii— .. 

Lien ■» m Aimer... 

Ufuii Mine*. 

i* mu: Poritiieun, 
iltsnluiiiii rfHili/i 

LAjuiUu i 

L>u|miil— | 

tRuvn's* Vn-uie | 

rom Minor L«n.. 





SV 8 











19 - 
2c 4 
£77 B 



8a 1* 

e Her snare. > f rance 


| rxcinn* * premium 

i are a Per wuhhoklmn — 

> DM50 flenom unle» * a ,„' }uIS c dlv p Norn o Share wUt. a DW 

/lelrts based «n nei dindeTuls oln s rax niu o iv p spec1il payment Modi 
« PTksoWirtenom unless Wherwua g« ed. u Un^nrtalaardrnB » Mloortn 

\ Rr l'» nennm unless Olherwtte nal«L niv » „ pendhig. - Asked 

tFrsSOO ivnniti and Bearer *«• w»l«M» “YseUer. ? Assumed 

unless otherwise natMi. V Yen i» denary ria jTre xd Ex dividend. xcRx 

ankSB mherw 1S e * "ftJUS ^ ^ « ®* •> 

u susnenslon 

* interim since 

£1bos and Falls 

! June 14| June 13' June 13 


lunel June IJunc I June 
14 i 13 I 12 I. 9 


6&.B8 66.811 55 AS* UJOi 6S.M 

. ■ ' iWj 



V«ucs traded 
















Ke+ Iuwb 

35 1 




June 1 Jn»e * Jane i June - 

14 1 13 | U | 3. 1 

HUtn 1 




184.651 185.8): 183.93' 183.61. 
193.54! 132.77] IBlJU 1M.01, 

184.65 (14|6| | 
W4.0U lt.+l | 

IBZ.sll (Ih/2) 
170.62 (30/1 1 

TORONTO (.Vimprelte 

1146.4; 1142.s] 1143.1: 

1146.4(14/0. | 

-dSj WD,1| 



i 1 l i 

2H.7: 213.8 | 213.8 [ 213 Jb , 
SM,S : 227.9 i 226.0 ■ 225.5 ' 


21 ./ il/2i | 

230.5 il4/bi | 

163 Xi 120/4) 
154.- (lili' 

' June | 

' » 1 

Pre- 1 1S7B | 1976 
vir<u e 1 High j law 

| June 1 Pre- 
, 14 | vieus 





Australia 1*1 S00.38 ■ B0L3* 601^4 «1.19 
1 ; ilJi'bi . (l,o) 

U6i3 ' 96.4b 1 • i*.43 

1 ! icioj ,{U»/bi 

Domnrk i**> : 9&.W 1 95-TT j ^-J3 

Belgium (Bv 



irfl! 104A4 1 10434 

(«.-)' 565.76 '. 5S7J8P 

Franco (til 70.1 j 

Germany! ill 796.9 
Holland <i; •' 56A 

70.4 i 7 LX 

i (JOibi 

790 | 812-7 

i (10/2) 
66.6 ! c7Ji 









BwUsorlW-33.4 j 382.1 











I uOicr > add Oaw; dales ia*J -.ase values 
lt*i rxcetH NYSE AU Common - 50 
Stannordy ano Poors — . 10 »nd Toronto 
Sihv-uvri, the ias> named based on W5i. 
1 gxcJuriinjt bonds. t40n Industrials. 
J *00 1 1 ids.. 4U UUbtJrB, u> Kin* nee and 
2u iranSDort. HI Sydney All <3rd. 
Italv GO). 6L99 ; 62.91 I oi.-a ; ini Belgian SB 31/12/63 «“) CnoenBaaen 

, I I (OUiA i ilU,l) SE ^nm (it I Parts Rourse 1041. 

Japan (oi 412.06 j 411.70; 4 lo.ll iMAS n:iCMiMierebauk Dee., lies (55* /UOTter. 

Hone Kousi &28-Z3 bli.V ; iti.« 
^ cvTi | <uioi [ (ii.ii 

I (Lruai 

Singapore 1 310^6 319A9 , 520^6 1 &t.U 
^ ^ tf.y | i tl4/6j i (,1.6) 


dam IndnsmaJ 1BT0 H!) Hana Seng 
Ftunk xi/7/fi* >1111) KlUsflVl/ss (a) Tokyo 
Men SF 4/1/W «n^(ratts Times 1M8. 
(/:' Closed (/« Mannd SB SS/12/77. 
■e) S/ockitnim Industrial l/l '08. «) Swiss 
Rank Coro »m (inavaflatUe. 

June 14 

And- ; 

| a ww ver-kfh— | 

.lUtT— ! 

Aak - 


Ic-^iro Petroleum 



C—ca» liiA.m—.. 
Ii-xu. Oil A Uhr. 


I'liue Inc. ......... 

I niiet. Mirror-....) 

rinikeii — — .... 




Irena Union 

L'rau-uay lnii’i- 

Lrano W.irlil An 









a oig 
165 S 

2 8 >4 
197 B 















3c 5$ 





■ i P-nnUU 

Juul I'ei'wMllK 
liuli Oil Uada la . 

UaWkeral ’..tun. 

*!•*- ln*«— -. -. 
dome Oil "A* .... 

Uu-imn imv 31 ■ > 

Ju-i*m Buy-.— 
dn,i-*in Oil StiH 


,lli i* hi 

i lupeiiA. OIL— J 

lilUO— ....I 

I.K.W | 

Itll L-L'lllutv 




OOP — J 


uni'tfvei M .... 
Uiiinu on net rp 
UiiH.n Curlildt. — ) 

Union Caiiumen.-' 

union Ul Cadi.. 

Union IVclfic.— . 













467 8 













487 B 

in'an-i iNat.Gflo.. 
i ul' |.vl‘i|* Lwr- 

Aaiaet itoourcw. 

MurlKm C<K(/,_. 
LoannW LaiQi .' b '.. 

.ilc'miu'u nine'll. 

lauey Fenuvi 

■Ik-liuvre. - 

J .,rr- ■ *11 1 II, 

.Vluuti lainStatel !* 

* i . ^ Vi me *.- 

.vorvun luieno — 
NiLui. Iciiavin... 
Atiii ioc Ou A: On- 
Jimottl Poi r ’ni 
rauinu Ct»n«r .M 


Jnile.1 Hrandr... 
ua danexni..! 

UJiUi ifiiin,,..,. 

ua nh.M>„ 


U. ledint«*;M*. 

. V iiulu-irteu.... 

* n-juna fc.iev.-i— 


\Vrtnwr- Cninoil' 




Western Hanroiy- 
iVeutarn N. A mu I 
Western Umon...I 
IVMBiinEhiwiy'rc ] 





26t 8 

277 8 

























2a V 







Weyerhaeuser — 

Whir'iimi - 

WbkeCoei. Inti — 

Wt lam Un.— .... 

WI«eon<dn B'ert- 

27 V 
25i a 
22 Tb 








Ik 5g 








1- V 








4 05 
lb 1 * 

1 83 

20 V 





' 13 
J4a a 

Mver. Hyiv... — | 

in yw.Verem •)>*«. 

. •bslni.Ned.wri 


u> 411 Gnmmi...— 
unmier Ben?...— 

I »irjl l~'» 

Uenwn — — — 
i*f,.i-L-he Bank.— 
UiHnrr Bank 
G i if ei 1'iffnune— ■ 

ria|n .■ Ltqyri — 

Uiirpi-ner— .. 


riucx.'h ■. 



223.31 + 2.1 

- 76.0! + OJ 



>301.6 w 



nan umt San 

ivjir-nuil ............ 

runulini — 




P cillel'Of ruteiin 
. ill. '.an. 1'ei'ni 


i'f*,|,it» fc/ejiua.. 

1‘isce Un A Ob.. 


i*i iw er IV ,rpr«nt ‘u 1 

Knif — . 

Jut+jec aiuneein 

i;*>i|*l- ...— ., 

■hcii bluw. 

itio Ai«*. ui..— .... 
liuy+l 6 h../i U«n 

(«■%•*■ Train 

n.T|4ie l(’«onrc*+ 

lllS" UHlUKlA 

lien ill li.MlUt- 
■lrtK*ll' U. /(...... 


iteei J Canada.. 

leep Ul*+ Iron 

tViin-o Canada ... 
loiuobj Di3m.HI, 
Irens Mount 0|- 

U i itrui (ini. — ..... 
UtvL 'ikcuelllnn 
Wa-aei Hiram... 
Wea Ccaust I’m- 
Ifaliin Gnu. 








































1 14 

2« 4 
107 B 






i. 'Wfeui-iuu IU0— .1,450 

Uiilban-s — I 1“ 

.>1 A N 

viaiinr miuin— 


IllaliL-nvnvi KulT 

leckL-riiMitn.— . 
i-n-u-n* DU HO erij 

-ol«-l illy — 


'■bl luckei — 
fiiy- eii A.G.— . 

v arui 

i hBA 

, Hiein A ITm Ufa 

I'-nk- wiicen^ 

+ 5 
+ 1.8 
+ 1.5 
+ 3.1 
+ 13 
+ 5 

118 ' + 1 
293 +1 

132.081 +0.2 
46 J9 +0.7 
135 '+3 
158.5'+ 1-0 
321 1+5 
221.0 + 1.5 
93.5 + U.5 
96 :+i 

248.0, +8.5 

31-2 33 
2B.UD- 5»8^ 
18.76]' 6.6 
1B.7&I 6.7 
28.12! 5.0 
16 1 2-9 

17 7.6 







LMtll UtaHI..—., 

Jal Kill— — 

28-12! 5^ 
9.38 2.B 
12 l 3.0 

14 .041 
bIS. 72] 













I ! 25 ! OH 

+ 2 [ 9.36| 4.2 

ia > 3.1 
27. IP 

192 ; + 5 
138.5;+ 1.0 
219 +1 

537 ! 

117.5:+ 1.5 
271 ;+l 
287.3, + 1.9 
2+2 -1 
109.8'+ 2.0 
290oJ| + l 





■Male, — ; 

^Iiinon — 

Uat Nipion Print 

Pun Pnuiri 

- lim- hi 

rieukta Motors-..., 

Iihiv# Kr«»i -1,100 

..Itoh....- ! 221 

i «**• Ynkmlu 1.330 

i ! 650 

».A.L. - *.640 

■vnllnal Kle-I. Pw., 1,140 

tiiillMiAII .....I 344 

Auluda —I 279 

%you>- Ceram it —'4,090 







•litlMj'iiilB In 

li it: ubtehi bant, ..I 278 
viii-uOlam Hetvv 127 
.uuubisbi rp- 423 

jiit-ui 4 Co. .... 320 

•illMIHalll.— ....* 3^Z 

.iippoii Densu — ; 1.400 

-VI [.pun 5iiiu[*u..! 740 

.sl-mn Muinr-. 1 808 

Picneet 1.770 

.l»yi, fcirctric — ' 254 
«ki-ui Prelate— I 871 

- m-eirto..., 1,080 

*iR.t 1.750 

■ Haiii., il«nne_.. .1 238 
• on e. bt Cliemica . 381 

UK 12.020 

mjiu | 120 

.okn, Marine...-. 492 
ukio b,u:i t\,u'i ,1.030 
ubiti ram 309 

•livosiii'wuni... 145 

imv I 144 

, .a a \1 -i i*i I 987 

+ 1 


17.181 7.3 
14 4.0 
12 5.5 
18 3.1 
25 I 5.9 


June 1* 



i + or 





\Uu»i (fr'i-iS — . 

1LZO lP*J.40| 

V uero UBb<ini(ri 
|\JtV iF-.lO)— 
\mn.liaJiii (FiJB) 


106.0, — 0-60; *21 

30.5vJ| ; - 

+ 4.0 A26JI 
— 0.7 50 
+ 0.8j2d.6i 







I Asked « rradert I N-*. 






ML Kodak 
H. Kodak 
E. Kodak 
Exxnn - 



GH . 
U5» ■ 

rfV V 


•Urn \ 


dear* - 

dears - 






Amro . 


KLM • 

Nat Ned 
Nat Ned 

Nat Ned 

Philip* -- 
K. D. dheJl 
it. D. dbrit 
K. D. dheli 

663 - 
S25 - 
$45 . 









: Ja 

. 3V. 















HI 20 
PI 20 

















27 & 




2 V 














a.ou | **• 























3- 50 



4- 20 
















. 4 

■ 7 




57 b 
























16 DO 



6 . 00 . 










~ I 647V . 


$276 ' 






F75.10 J 

P 176.60 







1 12840 

If 121.70 


AAN. Bank 10 % I 

Allied Irish Banks Ltd. 10 % 1 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

: Bank of N.S.W 10 % 

rfunqne Beige Ltd 10 % 

Basque du Rhone 

Barclays Bank 10 % 

Barnett Christie Ltd.... H- % 
Bremar Holdings Ltd. 11 % 
Brit Bank of Mid. East 10 % 

I Brown Shipley 10 % 

Canada Perm’t. Trust 10 % 
Capitol C & C Fin. Ltd, 9 % 

Cayzer Ltd. — •* % 

Cedar Holdings 10*% 

i Charterhouse Japhet... 10 % 

Choulartons i0 % 

C. E. Coates 11 % 

Consolidated Credits ... 10 % 
Co-operative Bank ...*1Q % 
Corinthian Securities - 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 510 % 

Eagil Trust Jj> % 

English TransconL ... 10 % 

First London Secs- 10 % 

First Nat Fin. Corpn. 11 % 
First Nat Secs. Ltd. ... 11 % 

[-■ Antony Gibbs JO % 

Greyhound Guaranty... 10 % 

Grindlays Bank +10 % 

! Guinness Mahon 10 % 

Hambros Bank 10 % 

Hill Samuel §10 % 

a Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. Df Scol 9 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11£% 

Midland Bank 10 % 

Samuel Montagu 10 

Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 
Rossminster Accept’cs 10 % 
Royal Bk. Canada Trust 9 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 101% 

Security Trust Co. Ltd. 11 % 

Shenley Trust : H % 

Standard Chartered ... 10 % 
Trade Dev. Bank ...... 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 104% 

Williams & Glyn's 10 % 

Yorkshire Bank 10 % 

I Members of tbe Accepting Houses 

7*4a7 deposits 7%. 1-montb de posts 
fi%. ■ — ^ u. 

7 -day deposits on sums of 
sod udder 61*&. up to 05. 006 7j% 
and over D5.000 71%. 

(-.Mil AnO*'* -wp n MW ri.. 

Demand deposits 7J%. 

Ran- iKq applies m StorlUM 

47.7 i 

66.0,+ 0.4 
108.0!— 2.4 

Uoh.,Webi'm(V1(n 124.7 
durtinii L'enorodel 73 

Kirfiier ' (V*.20),l 282 

bn um N ■ V.Bcwrer 139.00 

l-iu ruLVnoTM 71. lCj O3.0 1 

Gun uno>.iea(PIU 65.0,— 0.7 
UelneteniFiJsS). .1 102.5 !— 0.5 
iiaiKWi-u tb*»JOl *5.3 1+0.4 
JunivJ-DJV'-iOOl *6.5U-0.5 
i.L.ii.lF.lOX.. 176.J 1+1.“ 
j mi. ,Uuiiur(i4)).. 

Inor-ien ifi.lO)-.| 

.s ui-Me, 1 lO-JVilti 
AvU-mt BklKiJt 1 
it.1 ili.l 8k IP' J( 

| 17*. 

vim utuuieteiu^. 

.'HKiiinn ri/i.'db. 

•Ill HIM. iF‘. fa — 
ildWJ ifci «l)—- 

ico.iiiw iKi. oOl... 

.Oiceiito ir'. oO)... 
,£ 0 y4.(JuI«ti(l f i H d. 

KveuiMin;— ..... 

leiiu Grptr.jJUj! 

(LlkVl'l'+L'. Uidu 

Jnliciec I*' 1 - fa- 
,' in IuijKot. I nbSl; 
*Vwiwi' ,, * ,, .6*al« 


























184.8j+ J.l I 22 



158.01+ 0.5 


26 . 81 + 0.2 
83 -»3 
162.4 + 1.4 


128.1 1+0.4 
2s3 i+3.3 

le 8.5 +0.5 
114 1-0.5 
121.0 +1.0 '42. B 
. 48.5; + 6.3 20 
406 1+2 ! 33 




67 4 















\UU I L (2b cent) 

•\i3Tjw .Vu-Lnilci.,— — 

\mal Uiig. hllii,-J*1' 51 

\dh*> 6x|»prBtl>Mi— ..... 

Ampft i'etrawim - 

oc- Mmera- . 

\nce. t*ulp Haper *L — - 

Veoc. Con. In,ln“l rl«-.. — 

Amt. Foiiwlatiofi Invea.. 



AlKI (M % (In 

bamboo Creek Gold 

•>iue Meia Ini ...... 

iSjugaforiite Copper — . 
dmtteo UU Proprietarv . 
6H £«iulb.— — 

C-aritan United Brewery. 

C. J. Cdfr — 

lS>H (31) 

Coos. Gold field- AmJ— 

L^nratner (£1)....- 

Lxumnc Ulotlnto — 

LMtMaiu Auuruli — 

Dunlop hobhcr(Sl) 
bOCOK — 


It/- Inhuetriee. 

Gun. I'ropeety TrnBt— — 
da mere ley , 


I Cl Aiutrelin , 

Inter-Copper — 

iRjci InduntriBB 

Source NtkKo SecuriDe*. Totoo 


June 14 



AltHU ] 6.360 

mi. bra. Vm >(•....: 1.343 
ten ....11.910 

. * -Hi. CeuiMii ....l 1 .200rt 
kttn I 450 

,-.,0 mV 6.-1 6 J 

I'obrujoe XM jK.795 

-j.ri. I QDo-biu_.. „2 ,lI40 

JcvMrt ]1.290m 

doboken ... 2,4 d0 

i 11.750 

n.reiUetU*uk 6,85 j 

lot Hoy ole be) ae- ,3.80 J 
rtn Hoi, ling— ..14,600 

Petroling :*.c55 

xx.- Ucn Lwimut.. 2.w85 
Gen UeU!Kjur!l,940 

« m 

fr . 




+ 10 


l J-. 

+ lu 


17 1 



+ 25 


+ 6 


+ 5 



‘ + 2. 

S 9D 



vhiu - — — 

i« v»y 

trauma 2<ert— 


L'Q lllLU IlllO)..- 
V len.e Uouta*>ne-l 





748KK+ 10 


+ 15 1174 
— 10 .4-H 


tuiiet. (Lmvid) 1 

ueniHU'i Otl._ I 

iieULle ^tiuoration 

HIM UnldtatEB.— — | 

ilyer Kmporluia— - 

A'KihotHM iaternatioiiai I 

Sortb broken d'-llnyr itG-, 

UaKttrkljie I 

Oil dr.'ll. I 

Jeter Lxpk>raliun_ 1 

Pk>D«m Canerfcte....^ 

•(cctltt A Unlman— ..— . 

*s. C. Slelclt — ... 

uiiibmihl Miniiiu—.....— . 

(auitub gxplorariof)-. 

will (£)_. 

+ 15 

+ 15 








/. 4 






4. i 







J une 14 



1 * 


June W 

, ,C> I « II MCU 
Junn'rfr IV .... .. 

| DiUlrKt 6*1111 J 

afiA'id 1 Ul 

c’liiaa haii*en,. M .l 

■or. Paptr-.. 

] diiaJnf'IMik 

un Korw-.^.- 

Prui , ip» ,Bin * 1 ’ — 
mijiIi. Berewl 



+ or 



+ 2 






+ 1 


+ lj 




' + V 

75l 2 

Div. [Yld. 

11 I 8.1 

15 6.2 

13 9.8 

12 I 7.1 
15 110.2 



136 V ! 




184 +V 





t u ill in mm 1>865 

uUC*A a I VWxri + 3 

jim Gels vtKi .4*1 1.150uj+ 29 
Do. L'nrt. Cen..; 8o0*i| + 30 

Uo.UtK._- I 695*1 1-.--, 

jioitt siiiiiw«'_...;2,l9 » +20 

deoiiuwaii- 1./40 +15 1 

ri el >e i iGeoreei.; I I 1 

rluOiuou PlLen 73 .o0i.| I »3 

Ou. ispibiii._.|/.473 

iiiukiw d. 

lemiuii (Ft. WJi .1 1.41b 
Node (Pr. UXn ...|6.415 
Dlu Uee 

2a ' 

16 I 












is I 0.1 
21 I 2.7 

iV’alioa^— j 

iVestcm Uininc itO cents) 
ii’mivimhi I 


















tO. 86 



[- 0.01 


+ 0.01 

- 0.01 









[- 0.02 




'+ 0.01 

- 0.01 

- 0.02 






n 1 - 




AvcmuOP I 

■emx.1 in dioei .. ' 

>«iii» llau- 

-cHtfO SUnelin Ul 

Laiui< Amei. UP.. 

Petrotrra HP 

Pirem j 

xhj -■< Vru* UP-..: 

Unip HK. 1 

.- K ■ . ■ Hfc| 

1.03 OJl6iJ.12 

2.16 I I .17 I 

1.26 I Ij.37 . 

2.18 | — O.Uf .vb 
6.37 • 1 


1.6 - 

-O.Ot[ .16 14.25 

i— u.obI-..i 6 

6.u5 -a.m J!a 17.54 







Vol. Cr.103.ltn. Shares 48.7m. 
Source: Rio de Janeiro SE. 


J une 14 

"hw j + or fDiv.iSTT. 

Kroner | — i % 

^etKCll (feiih i 

■fcoresMor-i | 

-roKtiiaiil. _..j 


93 1—1 
65 1 


230 .. .. 

9 9.7 



infill lui reu 1 104.26. +0.76; 11 

.S'ureL H y,irr+r^* j 184.0!— 0.3 . 12 
uwelmm-l I 92.&I-2.5 | 9 




6 £ 







5 .73 



H 3.50 



l+o. os 




j— 1-04 



June 14 



Vi Llgui'1. 


0 C — 

riuuicuf ....... 

■1.3.2?. Ugrvir,, 

varreiv^ii _.J 


.1 A. -ate 

vie Uanouie.., 

J>ob Ueiilte* 

Crfrlti Own Pr*n 

Ceti'M Dure, 

Una i ez 

^r. Pe*rx'ie»-.-.. 

ien. U • ■Mhim i 



+ or- Dtv.'YM- 

— 1 Prs.| % 

742 1—1 
387 r 3 
299.9-1.1 1 







itevjues bnrei—. 

Al*l*Kia l'lwui 

.vlicbelln -U" [1,416 


+ 15 

Pliant alP lP-l*V 
jiLOlafa (Pi. fall- 
Do. Paris Ueri+ 
i bmlierCtar i(X 
inner cu (b.UU: 
MVibMii (Kr. Mill 
swum UnnH'F.10C 

3i»iH lUe. F.*0). 
birouD b(UiX — — 
■unefa liu— 

47 j 
8i 7 


+ 105 

+ 5 

+ 25 
+ 100i 










June 14 

rtriiiiM** — • 

eiS ‘ W . H ~ H - 

lempenv.— — 

Vail Mateierit. ■■ 




— DY 













+ i 










+ 2 




June 1* 

AMU — 

u*'Ui' n 'i 

/111. - 

Liu. fn? 

r in-mei 

iMKement— — . 
ill ' Hei — 
tlediiibailM ...— 

hll "II l fill * o*i —| 

i.ivetti Priv - 

Pireni* !>' ! 

Hire'll ■>P> 

mm V (> c ( r « 


1,530x1-' + 10 



+ ar 

Div. :Tld. 

9B.O — 1.25) 

465 [+5 

9 >.26 

+ 1.25| 


152.25!+ 1.26| 

1.-48 I 

1,993 -8 
s#l4 +3 

150! 8.2 
160| 9.7 

*lutH beiiue*ev.. 




Pern. ri-Kuaud — 

reuKcw -Llin^n. 

i*. cteln 

iVdhi Tei'liiitqiM- 


atutiue Piuieih: . 
■h. UeJnln 
rats tinmlcriQi _ 

4Vj 0.6 
; 21 . 1 b 6.3 
Li.lh6.5l 5.6 
— 16 !2b.26i 5.3 
—8 |lS.s5j 2.7 
i+S i 42 [ 4.8 
'_4 ■ 40.0! 7.6 

'-15 I 75 | 4.7 
_6 I 31.5! 8.8 
-17 ,76.50: 7.0 
518.10-6.70 1^! 4.7 

7B3 j^5’ 1 j3S.7fi! 4.3 
137 1—1 1 14. 10:10.8 

188.5-1.6 ( 8.25, 4.3 
65.21— U .8 | ^ 7 , 

-6.5 16.77' 8.8 
+ 5 [15.97. 2-J 
r9 3fa.7b! 2.2 
_4 39.9 4.0 

132.56 2.3 

_5 1 12.0' 2-7 1 
-1.7 6 , 1.9 

+ 1.50 13-9612.5 
7.5 8.2 
7.5| 2.8 







ls 5 . 3 | 



+ 0.b 














+ 1.1 


+ 10 


- 1 





— O.b 


. — ' ‘ MINES 

June 14 

Aosta American Cairn. ... 

Charter Consolidated 

East DrltJonieln 



Kinross - 


RuMeiiburs Platinum 

St. Belena 

Souibvaal 5.00 

Cold Fields SA 121.75 

Union Corpora non 4.48 

Dc Beers Deferred S.17 

BiyvoorujizJdH 5.30 

East Rand Piy — ta.oo 

Free Sute Cedold +23.75 

President Brand - - 113.110 

President Sleyn - IL4J 

Sulfontem - 3i4) 

WelKom 14.40 

West Driefonteln - 37.00 

Western Holdings 3J-0D 

western Deep 13.60 


AECI 230 

.Ana io- Amer. Industrial ... 9.70 

Barlow Rand 3.78 

Carrie Finance 9.68 

De Beers Industrial 110.00 

Edgars Consolidated Inv. 12.15 

Edgars Stores — 

ErerKeady SA 

Federate VolksbeteBglngs 

Greaienaans Stores 

Guardian Assurance (SA) 

Huletis - 


Mr Carthy Rodway — 

NedBank - 

OK Bazaars - 

Premier Milling 

Pretoria Cement 

Proiea Holdings 

Rand Mines Properties ... 

Rembrandt Group 

Reieo — — 

Sage Holdings — 


C. G. Smith Sugar 

SA Breweries 

Tiger Oats and NatL Mlg. 
UdIbpc — 


—0 20 
- 0.02 

+ 0.05 
+ 0.10 
+ 0.10 
+ 0.07 

+ 0.05 
+ 0.12 









+ 0.07 

I 90 

+0 OJ 
+ 0 08 
+ 8.05 
+ 0 02 
+0 05 
- 0.01 

- 0.10 
+ 0.03 

Securities Rand U.5.S0.72} 
(Discount of 36.7%) 


June 14 Percent 

Asiand U9 

Banco Bilbao 310 

— i — ! Banco Adunuco (1.000) . 2J* 

- 3 

27 , 

27 I 4.9 
9 : 9.Q 
14.55' 9.7 
69 1 2.4 
35.6 9.8 
25-5' 3.4 


Juue U 









Aha Amh.i 
AimLuvsi i.(kra 
.V-sbA ifvr.aui 1 

Allan Coiiuth KrS 

.nlleru *... 


bdldo— : 

Diect'inz ■tJ'dva 
hnesauu 'Jt'cKrSi 

b . eiie "U 1 



! tri Si 


.liunfles | tree) ! 

Hand s-hanaen.. ' 

>1 >u«i>uu 

.•lo Deb Dum if. 

■MiKlvik A,a__ 

'.K.l 1 . *8* Kr- ,. M 
5W»od En-kiidn^) 
nUHtrtlk ‘B 1 KrM. 
Volvo (Kr. bO)— 






















+ 1 


+ 2 

5.5 | 2.6 
5 6.7 
0 ; o.O 
a 4.9 
4 | 5.1 

„4 | 3.3 
10 ; 0-3 
10 I 4.4 

6.5 1 4.9 

+ 2 

+ 1 - 

+ 2 
+ 1 
+ 1 

5.75. 2-3 
1 4.6 j 7.6 

1 8 l & -5 

I & l 7.0 

—1.6 I 


6.2 1 Banco Central 

Banco Exienor - 

Banco GeUeral 

Banco Cranada (1.000) 

Banco Hispano 

Banco Ind. Cat. n.OOO) 
B Ind. Mediterraneo .. 

Banco Poiuilar 

Banco Saniander (230) 
Banco UrmdJo >1.000) 
Banco Vircaya . 

Banco Zaragoza oo 


Ranus Andnlncla 

K* brock Wilcox 


nragados .... 



IJspanola Zinc 

Expl. Rio Tlnio 

Fecsa 1 1.000 > - 

l-t-nosa 1 1.000) 

Gal. Preciarios 

Grupo Vtdiuques (400» 

Hidrola - 

Iberduero — 

Olarra - 

Pa pel eras Reunldas ... 



Sarriu Paoalera ... 

Sniaee — 


Tcleluolea : .. 

Torres Hostanch .._ 


Uflloa Klee. - 



2 » 
... 152 

... an 

... 77 

- 2 

- 2 

- 2 
- « 

- 1 
- I 



6 i 8.8 















+ 2’ 
+ 1 

— J 

- I 

- 1 
- uso 

+ 1 

+ 1.24 
+ 130 

- 3 

- 5 

+ 03# 

- 1 

+ 03 

- 030 

- 2 

Dl 1 * 


NORWAY’S RECENT announce, 
merit that it is to take a 40 per 
rent stakp in Volvo, the Swedish 
motor manufavturer, was well 
timed— -at least for the Oslo 
Government’* shipbuilding 
policy. The connection between 
what will be ihe Norwegians' 
newest manufacturing industry 
and onp of their oldest is 
Mm ply that as une shrinks, it 
is hoped that the other will 
grow lo soak up some of the 
displaced labour. 

So the timing of the announce- 
ment — neatly sandwiched 
between the Government’s pro- 
posals to run down shipbuild- 
ing and what is bound to be a 
sticky parliamentary debate in 
the Storting on the same sub- 
ject — has given the Industry 
Minister a few rounds of 
defensive ammunition. 

The strategy is to use the 
wealth created by North Sea oil 
and gas to finance the recon- 
struction of the country's indus- 
trial base rather than using oil, 
a.s has been largely the case so 
far. to subsidise key high-cost 
domestic industries in areas 
such as textiles and shipbuilding 
against unmatchablr com- 
petition from the Far East. 

At the moment, only the 
briefest outline or this new 
strategy is visible, but on ship- 
building. the Government does 
now appear at least to have 
made up its mind that the old 
policy has no future. 

The old policy probably cost 
ihc Oslo Government around 
£200m la?t year, although no 
official figure is available to 
confirm this. An official inquiry 
into shipbuilding, however, did 
ascertain that on average a 20 
per cent subsidy was required 
for all order* taken by Nor- 
wegian yards last year. This 
suggests a total subsidy level of 
at Tear-t £120m. 

The real cost is certainly 

Why Norway is trimming 
on shipbuilding subsii 

its sails 

higher than that after taking 
into account loan guarantee.? 
which may result in lasses and, 
more imporiant, after allowing 
for the very considerable costs 
of development aid packages 
whrrh have heen used to market 
smaller Norwegian vessels in 
the third world. 

Government sources put the 
total cusl ««f the development 
aid deals mvniving ships so far 
at Kr 375m i£87mj. There is 
also likely In be some under- 
reckoning as the result of a 
remarkable aid scheme last year 
which soughl to encourage small 
private investors to put their 
cash into new Norwegian ships 
in return for tax credits so 
generous IbaJ some deals were 
financially attractive even if the 
ships purchased had no prospect 
nr profitable employment. 

This scheme cost the Govern- 
ment almost -flOOm in tax 
credits and. by what is now 
common agreement, harmed the 
Norwegian shipowners' reputa- 
tion for professionalism by 
bringing into being a new 
group of "shipowners” whose 
own professional ability lay in 
high-paid but hardly maritime 
occupations such as dentistry 
and the law . Established ship- 
owners also feel that merely to 
increase the number of shipping 
companies is a retrograde step. 
With well over 200 such com- 
panies already in existence, 
there is widespread support for 
the idea nf using the pressures 
of the present recession to 

force some regrouping and 
rational isatioh. 

There is no doubt, though, 
that last year's State munifi- 
cence worked. In 1977, Norway's 
shipyards booked 621,000 com- 
pensated gross tons of orders 
(the agreed measurement show- 
ing a ship's work content) — the 
second best performance m 
Europe behind only West 
Germany, and enough business 
to keep most of the yards busy 
for a year. 

For a number of reasons, it 
was a policy which could not 

In particular, Mr. Eakke 
wants Norway to regain its 
initiative within the Organisa- 
tion for Economic Co-operation 
and Development on a con- 
certed approach to reducing 
world shipbuilding capacity. 

Whether Mr. Bakfce and his 
colleagues will succeed in con- 
vincing their European col- 
leagues that Norway has at 
last swallowed the bitter pill 
of retrenchment depends 
much on the deployment o f 
the proposal now before the 

By IAN H ARGREAVES. Shipping Correspondent 

last. Principally, pressure from The proposal stops short of 
the Finance Ministry to call a sotting any target for reducing 
. „ , nr , slvnn „ Rllt the size o-f the industry and docs 

halt became too slion,,. But pot su3gest W hich of the 

there has also boon a grow- coun try's more than 80 yards are 
Ing acknowledgment from a no longer viable. The Royal 
Socialist administration — which Commission report on which the 
traditionally has more sympathy Government’s plans are based 
with shipyard workers than mentioned reductions of 
with the remote and slighlljv, between i 40 and 50 per cent in 
aristocratic xhlpnwning com- the industry s workforce 
mumty — that In fuel shipyard- 30.000 in a two to three year 
output was to turn the screw , 

further on a hard-pressed ship- nit i , °a , ES en * 1 w * 

Ping industry which in better abo ‘" *}° re_ 

days used to account for one- 

third of Norway’s foreign " ut {J shl £ d . S will J* left 
_, rnin „«. t0 the 'mbvidual yard*, ft 

, . . argues that the financial climate 

Mr. Hallvard Bakke. Minister created m the new pohrv will 
of Commerce and Shipping. not. unlike the old, permit the 
now accepts that the pre- survival of all. 
servation of the shipping Under the new regime, the 
industry is a high Government tax-credit device for domestic 
priority and that the change shipowners is abandoned, 
in shipbuilding policy [s de- Instead, domestic owners will be 
signed to serve that end. offered a straight reduction of 

If) per cent of the price of any 
ship ordered in Norway— the 
Government will pay the yard 
the 10 per cent— and in addition 
owners will get 80 per cent, 
delivery credit spread over 12 
years with freedom from repay- 
ments in the first three years 
but at uc subsidised interest 

In addition, the Government 
is to top up its development aid 
programme with another £L0m 
and provide £5m for research 
and development in shipbuild- 
ing and for costs incurred in 
companies switching away from 
building ships. 

Norway r s shipowners, who. 
like their colleagues ip other 
European countries. have 
bowled long and hard against 
subsidised production of un- 
wanted ships, beliere that the 
plan is tough enough to have 
an effect. 

For its part, the Government 
says its measures will reduce 
from 20 to between 12 and 
lo per cent the level of average 
subsidy per contract. 

■lust how the required re- 
organisation will take place is 
far from clear and shipbuilders 
are still in too great a state Df 
shock to have many ideas of 
their own. The Government 
does not intend, as was sug- 
gested in the commission's 
report, to take board-level 
representation in those com- 
panies that it puts funds into, 
but it does intend to channel 
aid towards the smaller West 
Coast yard 5. 

This must mean that the first 
yards to suffer will be, ironic- 
ally, the larger and better 
equipped companies in Eastern 
Norwav and the Oslo Fjord. 
It is into sites such as these that 
the Government .is thought 
likely to place its share of Volvo 
manufacturing and In particular 
the marine engine side of the 
Swedish company’s business 
which is to be transferred 
entirely to Norway. - 

Even with Volvo,. the diversi- 
fication will not be easy. The 
obvious candidate for absorbing 
labour and equipment is the off- 
shore supply business. But 
Norway's cautious and some- 
what glower than intended pro- 
gress in exploration has 
restricted scope to its own 
sector of the North Sea at the 
same time as the British autho- 
rities have learned increasingly 
to play the protectionist game 
in the’U-K sector. . 

In any case, Norway's biggest 
shipbuilder, the Aker Group, 
started its diversification into 
offshore work in 1974 and last 
year spent only 31 per cent of 
its efforts on building ships. 

So with a squeeze on offshore 
rontracts- there is intense com- 
petition for the next big Nor- 
wegian order, the Statfjord oil 
production platform. Aker's 
main competitor for this con- 
tract is Norway's biggest indus- 
trial group. Kvaerner, which 
also has slack capacity. 

With almost 9 per cent or its 
Norwegian workers employed in 
shipbuilding these are serious 
problems, justifying the Govern- 
ment's decision to let the air 
nut of the subsidy cushion as 
gently as possible. Sow quickly 
it will deflate is hard to judge. 
It partly depends upon the res- 
ponse Norway receives from the 
international community when 
it urges others to follow a 
similar course. 

Financial Time s Tliuraiay Jane -15 1978 



in many 


Extracts from the Statement of the .Chairman, 
Mr. Campbell Nelson, at the 64th ^Annual General 
Meeting held in London on J4th June, IWB 

■ - Net earnings for* the year were £483.000. easily a tocotd for 
the Company and. on a comparable basis, an improvement of- 
£82 000 over the previous year. In addition Brupex edr investment 
crust subsidiary Company ha d net gains, afrer taxation, on reafi- 
sation of investments of £41.000, compared -with £25,000 in the 
prior year, which have been placed to Capital Reserve. 

m goth the interim and proposed- final dividends have been 
Increased to the maximum extent permitted by Government. It 
has been the policy of this Company .throughout its 66 year history 
to distribute, as dividends, a large proportion of its earnings. It has 
of course been restrained by Government action in recent years. 1 
When these restraints are relaxed or removed • it'-fc the intent 
of . your Directors to recommend a resumption of it* traditional 

dividend policy. 1 

m T he distribution of a higher, proportion of eartl«8* will suit . 
all classes of shareholders with the single exception of individuals 
living in rhis country who are liable to the top rate of --tax on their 
investment income. There have been efforts in various. quarto rs to I 
get somp relaxation put into the finance Bill on these top rates bue 
these efforts have unfortunately come to neiight. For each £1 of 
our earnin'** «ve pay Corporation Tax of S2p. When we distribute 
the remaining 48p to the individuals I have described they have- to 
pay over 46jp directly to the i nl an d.Re venue and are left with under 
1 Jp out of what started as £1 of earnings. It is a sad reflection 
upon government that it should apply -such a confiscatory, measure , 
■ and disguise it as taxation so that it does not receive the publicity 
'■it 'deserves. . 

■ The Stock Exchange value of our Quoted Investments at 3lsc { 
March last stands at a record figure of- £9,435.000 which -exceeded | 
the Balance Sheet figure by a record £5.427.000. This is an. improve- 
ment of £180.000 over the position at the end of the. previous 
year. There has been a substantial improvement since' 3isr March 
which has applied to our Oil Investments both in . the U.K. and 

'the U.S.A. as well as to our Industrials. .The further improvement 
in Stock Exchange value exceeds L\ million. - 

■ Our Capital and Reserves, together, with, die unrealised- appre- 
ciation of our investments, were equivalent to 18Sp per oshare 
at 31st March last. It must be appreciated.^ however, .that- profits 
on realisation are liable to Corporation Tax. 'We have rhe taxation 
status, except for Brupex. of a Finance Company. 

The make-up of our quoted .investments at 31st. March last 
at their then Stock Exchange values was 83?« -Oil Companies, 
8'' Industrials. 6% Gold Mining and other Mining. Companies- and 
3 a ; Preference Shares. These percentages reflect higher values and 
Increased investment in Oil Companies, higher values- arid .some 
disinvestment of Industrials and a. continued disinvestment in Gold 
-Mining Companies. . • • • " 

■ Our expenditures' on Western Canada oil and gas' exploration 
ventures totalled £176.000 at 31st March fast. We have' two Interest- 
ing ventures which are referred to in the Directors' Report. 
Drilling of the Boundary Lake .prospect -is expected to ■ start in 
fate June. The drilling at Meek wap has been held up owing to 
the difficulty of obtaining a rig. This problem Has now been 
resolved and it is expected drifting' will start in August. 

H Our enthusiasm for investrrient in selected oil companies both 
in the U.K. and the. U.5.A. is uri diminished. We shall .proceed - 
vigorously m our Western "Canadian ventures keeping- -to^.our 
criteria of ventures giving promise of early pay-outs and attractive 
profitability. Our financial position is strong and our portfolio- 
oF investments is in good shape for its income and capital ■ appre- 
ciation pror-pects as well. -as- for opportunities - in market dealings. 
We arc encouraged m our efforts by the good relationships'- we- 
have with our principal ' shareholder. Consolidated Gold Fields. 
We exptcr to do well in- the current year. 


We at Savills acquire commercial and 
industrial properties for Pension Funds and 
Insurance Companies, and see a good many 
portfolios in the course of a year. 

A curious gap often strikes us. 

Many substantial investors have 
surprisingly insubstantial direct holdings 
of commercial and industrial property. 

That's curious, because such property 
has often shown the best average 
performance of any investment medium 
over the last ten years. 

Of course, you have to pick the right 
properties. And that can be difficult 
without help. 

Savills apply three principal criteria in 
assessing commercial and industrial 
properties for investment : 

1- The location of the property. 

2. The quality of the building. 

3. The covenant of the tenant. 

We look very carefully into all three 
before seriously considering any property 
for our clients. If it measures up on all three 
counts, there's a very good chance it will 
give good long-term performance. 

With the help of professional evaluation 


of this kind, our experience shows that 
Pension Fund and Insurance Company 
Investment Managers do well to put 
between 15% and 30% of their portfolios 
into the direct purchase of Commercial and 
Industrial Properties. 

In return, they get a good return. 

They also get total control of the 
properties they buy, and a total 
management service from Savills if they 
want it. 

It could make very good sense to plug 
that gap without delay. 

I The partner in charge of the commercial 
investment department is Tim Simon. 

The complete property service 

20 Grosvenor Hill, Berkeley Square, London W1X 0HQ. 

■ v „ TeL 01-499 8644 

Banbury Beccles Chelmsford Colchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimbome 

Paris & Amsterdam 

Associates in Scotland. Represented in Guernsey. 

si- 7 

jgrt 1 . y- - 

imes Thursday June .15 1 97S 


2ry'^5& ■ 

price cuts hit copper 


tfae^Sndo^^ftaT 11 n 0n ^ te . pted that reaction to the 

“ probabIy 

eut its domestic copper price bv Cash wirebaM bav e faiien from 
i’VOits to. 65 cents a pouwL a P eak «'o«er £77S earlier this 
.- It Tear less, than ttree weeks ,n . 0 ?^ to £T23£ -a tonne last 
ago. tbat.-;Asarco led •» cenerai n: sbt. £13.5 down on the previous 

^ S u, COl3 ^ r ScS cto «- 

fvtw^J 4S w qiuckly ^ : toUuwed b? Asarco's sudden decision mav 
SJ5 v .P^ peer S:' ' Since then, have been affected by Ube fact 
™^v^.-vahies have fallen back that one of Rs main rival pro- 
H ly °° the London Metal ducers, Keanecott, has aban- 
Mkcnange. and.. the New York doned the producer price system 
copper market , as a resuJr uf and is now basing its prices on 
speculative pr.oftt-takiog ali«i lack the New York market (Comexi. 
**-‘5^511010? demand/ - where values have fallen in line 

■ Altpo&gV traders remain seep- with the Londbn Eschangu. 
n^rn/lwtt»i re ' s claim that Duval Mining was quick io 
Tb^»J-ai^^.v? ee ®T rcs J inie ^- at an follow Asarco's price cut. An 

T-^J^2s Ve ^S?; _ . level at the interesting point now is whether 

Bunes.'- it is ^cneraliy other producers, notably Ana- 

* " . • ‘ ■ > _• . " 

conda, might, he templed to fol- 
low Konni-cott's move and switch 
to the more flexible free market 
quotation. _ 

U.S.. zinc producers are also 
believed to. be considering re- 
scinding recent price increases. 
National Zinc has already done 
so, claiming that the other pro- 
ducers had not implemented the 
increases announced. 

• Cosh zinc lost £3' to £317 a 
tonne and lead was also de- 
pressed by (he decline in copper. 

However, tin prices continued 
their upward climb, reflecting 
the shortage of supplies aggra- 
vated by the closure oF. the Cap- 
per Pass smelter because of an 
industrial dispute. . Although 
some proflt-takina sales were 


WEST ,' GERMANY'S leading 
aluqrinium .. producer, the 
Goyermnen t - owned Vereinigte 
Aluminium-Werke fVAW). sees 
httle need for the London Meta) 
Exchange’s proposed aluminium 
futures contract. The company 
fears that by ■ accentuating price- 
volatility,, it' could have an 
unsettling effect . - 

Herr Rudolf Escherich,' VAW 
chairman, claimed that as little 
asr? per cent of the aluminium 
traded internationally was sub-, 
jeefc. to. the present free market 
I price.: .mechanism. - - - Aluminium* 
: bard.' benefited > from the over- 
whelming influence of long-term 
contract- prices, and had .gained 
business from" other metals pre- 
cisely because consumers wanted 
to avoid the very-severe fluctua- 
tions o£ recent years. 

As a result, he forecast that 
the LATE contract might he 
merely an irritant “ to the 
wdrrd aliiSalxnum trade' if prices 
were to fluctuate severely on a 
relatively-' • small ' volume of 

physical metal changing hands. 
Herr Escherich doubted that the 
initiar volume of trading would 
be much greater, .than that at 
present taking plate io the free 
market, where shifts in the 
major producers’ own prices 
were, he 'said, still the most 
important single factor. 

However, HeiT Escherich did 
concede that' the LME could 
fulfil a more important role in 
the aluminium trade-if it could 
succeed in persuading larger 
volumes of metal to be' sold 
through it. such -vs. the- output 
from the new smelters under 
construction in the. Gulf states. 
This would not be: the case if 
Eastern Europe remained the 
main source of supply -to the free 
market, Herr Escherich said. 

He cast doubts on the ability 
of East European producers to 
meet an acceptably quality stan- 
dard consistently • . enough to 
make an expanded free market a 
reliable source of Theta! for most 
Consumers. r •' 


Our Commodities Staff writes: 
London traders claimed that 
aluminium sold at free market 
values, rather Than the producer 
price, was much greater than the 
2 per cent claimed by Herr 
Escherich. They thought a more 
likely figure was 10 per cent, 
although the: -amount varied 
according to market conditions. 
Jn times of shortage, for .exam- 
ple. the free .market share- might 
well go up Ip 15 per cent. • 

No definite date has-been set 
yet for the launching of the Metal ■ 
Exchange's aluminium market, 
although it is hoped to be estab-i 
lished during the last quarter | 
of this jear. possibly before the! 
Metal Exchange annual dinocr 1 
at the end of October. ( 

Quality specifications for the' 
contract’ will he laid down as 
with other LME markets and 
there scents no reason why 
Eastern European suppliers will 
not meet these specifications as 
they do with existing metals. 

triggered by lbs fall in copper, 
standard grade cash tin still 1 
ended £95 up at £6,905 a tonne. 

■ Meanwhile, Reuter reported 
from “Washington that the House 
trade sub-committee approved 
legislation to lift the .duty per- 
manently on zinc ores and to 

continue the suspension of 
duties for scrap metals .such as 
copper, iron, steel and alumi- 
nium until June 30, 1&81. 

The present duty suspensions 
for both’ zinc ores and other 
zinc materials, and copper and 
other metal scrap are due to ex- 
pire on June 30. 

The sub-committee Bills are 
expected to be approved by the 
full Ways and Means Committee, 
and then clear Congress. 

New grain 
in China 

' By Oar Own -Correspondent 

- PEKING. June 14. 
CHINESE agricultural scientists 
have developed a new grain 
variety which * is ■ resistant to 
cold, drought, poor soil- and 
crop disease. 

.. The. acw seed— roctoploid triti-, 
cale — is a cross between wheal 
and rye:. Scientists claim after 
several years of breeding arid 
experimental planting that the 
seed yields 20 to 30 -per cent 
more grain than cither parent, 
has high nutritional value and, 
tastes like wheat. 

The New Chino News Agency i 
reports that triticale was suc-| 
eessfully grown on more than , 
26.000 hectares of arid cold 
mountain land in north-west and 
south-west China last year. 

The agricultural scientists 
believe that the development of 
triticale will enable much arable 
land in China’s cold mountain 
regions to be used. • increasing 
national grain production and 
improving living standards in 
rural areas. 

Meat supply 
down 1 % 

By Our Own Correspondent 
THE REDUCTION in meat sup- 
plies this year is now expected 
tn be as little as 1 per cent the 
Meat and Livestock Commission 

Total supplies of beef, veal, 
mutton. Iamb and pork are ex- 
pected to be down by 3 per cent 
on last year, hut there will be 
increased supplies of bacon and 
poultry meat. 

Home beef production for the 
whole year is expected to f. 2 
slightly up on last year— at 
1,010,000 tonnes. 


for U.S. 

sugar curbs 

By. Our Commodities Staff 

PRESSURE ON President 
Garter to raise U.S. sugar 
import duties or impose more 
restrictive import quotas in- 
creased yesterday » ben a 
group of 21 Senators warned 
■that railuro to act at once 
could lead to a flood of foreign 
§ugar on to the u.s. market. 

Ul a telegram the Senators, 
led by Idaho Democrat Frank 
Church, told sir. Carter the 
Government might have to 
acquire "millions of ions” of 
sugar ‘‘just to satisfy those who 
believe in import quotas for 
other commodities but not for 

The telegram said Carter 
administration officials were 
rumoured to be opposing 
action on suxar imports 4 *to 
teach Congress a lesson” 

In Brussels, mean while, the 
EEC Commission authorised 
sales of 45,000 tonnes of white 
sugar and l.nuo tonnes of raws 
at Its* weekly export leuder. 
Last week. 45.800 tonnes or 
whites ami 5,000 tonnes of raws 
were authorised for export. 

The maximum export rebate 
for while sugar was cut from 
25.191 units of account to 
25.1H hut for raw sugar if was 
raised from 22.143 to 22.552. 

AH the white sugar 
authorised came from France 
and (he raws from the UK. 

India prepares 
to meet 
locust threat 

NEW DELHI, June 14. 
THE INDIAN Governments 
plant proto,.;ion organisation -tas 
swung into action to deal with 
the possibility of a large-scale 
locust invasion into Western 

Reports of locust sightings 
were received earlier this week 
from Western Gujarat, and 
swarms have now been seen in 
Banaskania district in Gujarat, 
close to Rajasthan. 

Senior officials of the Locust 
Control Organisation and the 
Directorate of Agricultural 
Aviation have gone to Gujarat 
and Rajasthan to monitor the 
situation from day to day and to 
keep - alerted the governments of 
the neighbouring states of 
Maharashtra, Madhya Pradesh, 
Rajasthan Haryana, and Punjab. 


h a 


THE MINISTER of Agriculture 
has still not decided what to do 
about managing the UK potato 
market ibis year. 

He admitted yesterday that he 
was in difficulties because there 
was no Common Market regime 
to take care of the situation for 
him— an unsavoury position for 
an iinri-inarkeieer m be in. The 
best he could offer was a 
promise nf a decision on tactics 
within the next four or five 

Mr. John Silkin is well and 
truly trapped between the devil 
and the deep blue briny. If he 
announces a guaranteed price for 
potatoes as usual the farming in- 
dustry will no doubt rejoice; But 
there is a strong possibility that 
such a step would cost the tax- 
payer dear if a case now. before 
ine European Court of Justice 
goes against Britain. 

The court is expected to rule 
in September on a Dutch ex- 
porter's charg- that the British 
ban on imports of m a incrop 
potatoes is against EEC law. If 
the shipper wins bis case then 
Britain will almost certainly find 
itself flooded with potatoes from 
all over the EEC next autumn. 

The home-grown crop would he 
pushed out -of _lhe market 3nd 
would have to be paid for under 
the guaranteed price arrange- 
ments. Support for last year's 
crop which is nc-w almost totally 
cleared may yet cos; the Exche- 
quer around £20m — and that for 
only a relatively modest support 

F.Ir. Silkin'? humour has not 
been improved by the attitude 
of the farmers who blithely 
ignored all warnings \o reduce 
their potato acreages this year. 

The situutun could be eased 
if the current drought continues 
•and stunts the crop’s growth, but 
the Minister's relatively limited 

experience in the farm job has 
already taught him that Britain's 
weather cannot be relied on as 
an instrument of policy. 

He is also growing restless 
about the lack of activity in 
Brussels among officials supposed 
to be fulfilling the promise made 
at the Spring price review — that 

“ I'm anti-fox,” Mr. John Silkin 
declared yesterday. The Agri- 
culture Minister was comment- 
ing on the elevation into the 
political sphere- of the long- 
running row over blood sports. 

His dislike springs from per- 
sonal experience. Foxes have 
laid waste i u the Ministerial 
chicken run at least twice, but 
be is also unhappy about hunt- 
ing. “I don’t think chasing 
after them wiili dogs is particu- 
larly spurting. In fact. It’s 
. rather silly." 

If rabies ever arrived in 
Britain, the thriving fox popu- 
lation would be the main factor 
in spreading the disease 
. through the country; ' he 
warned. As for hare coursing, 
Mr. Silkin called it “ revolt- 

a careful assessment was to be 
made of the argument for a cut 
in MCA import subsidies nn 
Danish and Dutch bacon sold into 

The changes called for by 
Britain Mr. Silkin claimed, would 
be just enough to bring the pig 
meat industry in Britain back into 
profit. '' Bui an 1 can do at the 
moment is nag,” he admitted. 

Meanwhile, the average price 
of pigs sold in Britain is begin- 
ning to fall again and farmers are 
not expanding their herds. At the 
same time, feed prices have 
begun to climb as munufatcurers’ 
cereal costs go up. 

There are also delays with two 
more of the Minister's pel pro- 
jects. The Norlhileld Committee, 
which is 10 report on the owner- 
ship and management or term- 
land in 'Britain, is still digging i;s 
way through the 'masses uf 
written an d - ‘ vox pop " evidence 
it collected on its lightning louts 
of Britain and Europe. 

Lord Nort Wield has . .been 
asked to . get a move on. but 
release of tbe findings is not ex- 
pected until the end of tbe year. 

There may be sftiue consola- 
tion for those anxiously await- 
ing Lord NorthfieJd's report. Mr. 
Silkin at least expects his- study 
to be “ probably the most eoin- 
prehenseive since the Doomsday 

What the Minister calls "Son 
of Food from our Own 
Resources" — the sequel to ihe 
ill-fated 1975 Farm policy White 
Paper — j.« also . jammed in the 
works.. Evidence from Rfi-ndd 
sources is still being, sifted, 
.although results are expected 
shortly and iho publication 
has Keen tentatively set ' for 
some lime during September. 

The National Farmers' Union 
did nor helD progress when it 
a«ked to withdraw ii.s first boteh 
oF evidence for amendment'. Toe 
Ministry recened Mark il last 

Mr. Silkin stressed that while 
he hoped the report would be 
republished as a formal White 
Paper, be ini end'll that u should 
be reveiwed and possibly up- 
dated every year <ir .<0. 

The main trouble with the first 
paper was that it was incorrect, 
he admitted. It also jpr.eaivd in 
have been “ inscribed in tablets 
of stone’ — »"h3i-h left no rnmn 
for manoeuvre when the weather 
and the collapse of sterling made 
nonsense of its forecasts and 
prop mi nee menus. 

Spanish wine price raised sharply 


SPANISH WINE producers have 
been granted an increase of 42.8 
per cent in Ihe basic price for 
their product, but are far from 

Steep as the rise may be. the 
producers say it goes only some 
way towards catching up with in- 
flation in recent years and they 
claim the basic price is still be- 
low the cost of production. 

The new figure of PtsllD a 
"bectogrado" was agreed after 
negotiations between producers 
and government, and re presen is 
a slight success for tbe growers 
because tbe administration had 

been out to settle for no more 
than PtslOO. 

The negotiators’ difficulty was 
to reach a figure that would cover 
costs while not further aggravat- 
ing the industry’s loss of com- 
petitiveness in export markets. 

Already, because oF export 
shortages in tbe past two seasons, 
and thy lower prices being ac- 
cepted by competitors, Spain bas 
suffered ’a loss of sales which, 
according to the president of tbe 
Wine Exporters Group, may be 
impossible to recover. 

Tn the first two months of this 
year. Spain was able to sell 

abroad only 12.5m litres of wine, 
or less than half the quantify for 
the same, period last year. 

It was in the hope of averting 
a shortage, and helping to con- 
tain prices, that tbe Government 
decided two months ago to per- 
mit imports of red wine from 
the .Argentine — a decision greeted 
with violent protests. 

Wine that entered Spain from 
Argentina before the Government 
withdrew or suspended the im- 
port licences has now been 
blended with Spanish produce, 
and re-exported to several 
African countries and Sweden. 





i 1 oV ' *»* chrT, g c . $teofv<|. tbe pries hjffe iu‘ around £750 on 
.! DAijE ITfE 1 AL9 . : - .Jifijr* aWm.oott aryj/iiiis soiling uttvisUtsd 
COPPhr— sharply lew or on ihc London ftJdowIag n>?ws,Xnat Asarvo had cut iu 

1 jTSU S Sts ■:*«* 2SE& 

.; Ofti-mi i - ? t-n.uik.nkli - li?. aF AJuKnoon:" W|£ 

| “ 1 o \ r. itiare;- tbrte.taonibs rrsn. 4M. 4T. 48. 45.5; 

_ , ! I -M \ ■•-*«•...;• I 4SJS. 4& CaiVoOct. va& St.’S. Kcrt>: 

,Wl»bar» I .-i j, 'y " Wirutrars: threv months I7-W- JCA 46. -6, 

. - t.j*-4r i 731.5-2 ^L5,r 7Z3-3- ; —*15# w ,« = . • 

Sihmium..; 954- 5 * -iW,® , - ^ 

• Scttl’in'orJ 732 : • ; ■*•. ■■ • TIM— Higher again lollouliw ;i furiUvr 

Cathodes-' ! - fc J i- - ' hao. to. thu Psnaus ' price and on com- 

(*sIj .1 725.5 6 ~I.25r 918 B7_"p-lS.S .uhuiaz .CBnsKterdltaii a( Uw Cupper Pass 

1 5 nwuTbs-741.5 8.5.— 1.5), -bAQrt.y- V121 Infct niuji-urc -dedaraliun ividcwrf 
TMei u'm'nt; 726 —2 .1. . .... tite - backwardation Io i33U .il ont point, 

rl j>. Sint.. 1 — — L-*b6S^S Ffepyagfl standard metal . operant higher at 

• I.G. Index Limited OtSSi’^iW- - Tffree-fflcuili Tin 6715-6775 

Lament Road, London SWlfl OHS. 

1. Tax-free trading on commodify futures. 

<i 2. The commodity futures market for the smaller investor. 

ana PsgBiar BeimiE oi ls« 



Society ■j'laridnale des Industries de 1A Cellulose (SONIC) . 
informs jfltematibnal companies and Anns interested in 
the International Invitation to Tender which was 
launched at the beginning of February 197S for the. 
jetlingTup of-.a^factory in Sedrata to produce ceiluiosp 
and- 'oapec products .that tbe’ date -limit- for sending' 
-tender^ formerly, fixed for May 30, I97S, has been 
postponed t6 June 30.1978. 

: ■ ■*." -•"*'. information from: 

SONIC.' -64 Bampej.AU Haddad, Ei-Mouratlia. Algiers., 
j ; ' . .Tel: 66u3g,0W>l.t>4 — Telex: 52.933 

£6.740 and rose if a high of ffi.TSn before 
I profit -i ak Inc anti puH liquid anon, prompied 
i by ibw sharp <ft> ntu In copper left tbe 
: . price ai £b,;« on the late herb. Turnover 
, 2,015 tonnes. 

I 1+ or! rr+,ir 

1 TI5 UfDiit ■ — I'lhifflcw-' — 

1 - | 1 1 

' Hiffb Grade i ' x i£ C 

r uSi ;fc910 20a +120' 690D-10 +90 

' 4 6770 SO j +60 ,'6'/70 9D .+ 65 

: Seuloni’i. t920 +120. - I 

i Standard I ! ■ 

CiLtb . 6390 900 t 102, 6900 1 0 + 95 

J muiiMi*.; «76.> J , + 80:6765 70 +65 

fUHtn.'in'tJ >.900 -r 105; — } 

.Strait.-. K..( ;»i?48 1 + 27 i — j •• 

.V-nY.Tkl - J _ 

■ Momlns— Standard, Uhl " 1 monitm 
18.770. W. 75. so. 73. 7U. hj. Hicb Grade, 
cash £6.920. Kerb: Stundurd. three monihs 
10,165, 70. 60. 77*. Afternoon: Siandard, 
three mouths £C,74U. 2W. 50. 40. 45. 50. 55, 
in. Uj K fa a rad.v cash I8.SS0. £6.910. 
Kerb: Standard, three momhs 16.760. £0, 

LEAD— Easier maJulp re&xling Ihe 
downturn jn copper. .Uter openlne al 
£322 ana hardenma mluuliy io C12I.5 for- 
ward ineui ibcreaHcr drifted baefc ro 
Cltw at £317.5 on Uic Ulo kerb. Turnover 
7.100 laaries. 

I i+wj |*.n’i7’;+ior 

LKaIj J U|H in ! — I l'n.>iliulBi| — 

~ f * : x i c •: t 

Vh * Il .770.76 1.25 + .25507.5 8.5 -2.2B 

iuiooclw.j SSI-J3 , . ...J 318-9 - 1.75 

,>n *1 rn'm 311.25 ‘ + .2o - 

lijs.snir.l_ — '■ j 31-33_j ... . 

'Morula^: Cash £312, 115. 11.25. ihrw 
momhs ssi, j.5. 21.5. 21. Kerb: Threi- 
montlu. 13213. 20. 20.5. 21. Afternoon: 
.Cash CMS. three momhs £320. 20.5. 19.3, 
ID. 1S.5. Kerb: Three mooUis £313.5. 18. 

ZINC— Lost srtiUnd loQui-nced hy the 
trend of copper and lead. Forward metal 
traded quieily around £329 ihroafihom the 
morning. bu< tell back In the afternoon 
to dUnv at £327 on (he late kerb. Turn- 
mvr AS2a tonnes. 

I a. in. '+ ori p.m. t+w 

ZiM* ! tifih-m . — 1 L’n-’Hicii i — 

Cadi i 317.549 '-3.5 r 16.5-7.5:— 5 

imwiUi-.J 328 .5 —3 13157.5 8 -4.75 
-a'ineia.... 1 318 j — 3.5. - ! ■ ■• - i ... .! AX-SI I 

Morning: Cash £317.5. throe monihs £329. 
Kerb: Three months 132S.5. Afternoon: 
Three months I32S. 27. 2S. Kerb: Throe 
months £325. 26, 26.5. 

“■ Cents per pound, t On previous 
official close, i SM dot mcuL 


ROBUSTAS traded for most nf the day 
n the eslablished range il.6TV-£l.720. basis 
September, Dres^l Buralum Lauibvri 
reported. Trade setfing ai the hoiiom 
nf the range, however, (oreed values 
ihmush hUp»"n levels «■ the dtAe. and 
heavy siop-lo-i iumidaurm caus«i the 
market to finish at the lows, £40 Inw^ on 
balance. '» 

VeTtefifiy"*] \ 

toKFKis + ,r 

£ per uhjiic' 

Juij* } 1752 1755— ifi^O 1793- I7r5 

wpteiitlier ..I 1658 1660-S7JJ .1715 1660 
Nuvemhei- ..I 1588 1590 -45.0 1660 .505 

J BiiUHry ; 1610 la2B-52.0 1580 .550 

AInreb 1460 1467. -405 ,1520 500 

Mur WZO ld4J;-52.5 1080-1420 

Jiil'v | J3BJ- 14 10 -70.0 [1460 

" SaTus: HMDS 13.2901 lots of S t. uaci. 

ARABICAS were auleUy Heady with 
Interest again puur. Dresel Hurnhoui 
Lambert reported. 

Prices tin order buyer, seller, l»ismcf'>' 
— June 193.0U-9S.aU. 199.00-9850. Auy. 

1S0.U-S2.0D. 154.50: Oct. 100.00-70 00. uo- 
iradeti; Dec. 157.0042.00. un traded: Feb. 

157.1X^0.00. uhiraded: April ii8.i4-ss.ob. 

untraded; June 150.00-53.00. . untracied. 
Sale.--: S ini'-. 

ICO Indicator prices far Jane 13 <L.5. 
min. Per pound): Colombian Mild 
Arabics* 195.00 isamei: unwashed 

.U-ablcas 1S1.00 riSJ.OO ■: other mild 
Arabicas 1US.23 isaroci: Bobm.tat 157.50 
i some). Daily average 163.42 (same-). 


market opened unchanged on wheat and 
Sp up on barley. Again seme- protes- 
suonul selling eased Die marker iu thin 
trading conditions to dost- nboot eioadr 
2Un-4Up lower on wheat and Mp-4Dp lower 
on barley. Ach reported 

£27. u. £27.95. £27.71 for Hi-: respective 
shtpni-.-nt periods. Yarn and Cloth very 


The market opened ?un li.v.ur (ollowuu- 
Chiuea. The price drifted lower >>» 
lorn: liquidation anucbouu)i of lower 
Chicago opening and slop-loss sell Inc 
caused prices to dip sharply at die clir*-. 
L>jssc!> ranged from il 1 io £1.50. SSv; 
Criini nodlUfes reigned. 

; \n4enluv < *i . mi in-. - 
\ I Cfr+e ■ — I K'lii- 

Joua 110-0012.0 -O 25 13.80 

Auuom [120 70.1.0 —2.06 . 2.0J 20.40 

n.-i.-ter''. 1.2.8 .25.0—1 26 -4 3 .2.2 

LV.i-i,i«r.;..ilal.40 .1.5— 1.65 - 5.3 -SI.00 
rVl-nwrv, 1 .... Ii3.0 -.3.5 — 1.35 24.00 
A |. n i — L.....1 1a5 00 5.5— O.BO - 

Jiin^. ..„...„!l>5 00 .-7 6 — 0.25 — 

Sale--: 227 (106) Inis of 100 t'<lincs.' 









1 m0.20 


32.80 1 


yS.JS 1 

[ — olsoi 8ll85 (3 ... 
I — 4>.4D| (.4.66 I— U.40 


Pa mines, Drew inns andScdPtere. ■ Un- 

til 7 Jaty. Mon--FN. .105- . 

MALL GALLERIES^’ The Mall. 5^W.1. 

society of Graphic artists 

SjbV 10-T. UnW19th June. Ad m, >0p. 
Street. Piccadllkl; W.1 . ExhlSHUon ot-Old 

S5f&. mSGSrW m- 

arepbical orlnts and- oalirfirta# and ships 
models. - ■ 

s k?“w ' «uife] SILVER 

artiss. Wide range o! pnc«- Tocs-FrL 

■tQ.a o-5^3, Sag, to.oo-7.oq __.i 

jgfifflFaJf 3 -ttS! 

hOenirnkY-^-T^iiKMi^. Vffj * 

- i5th July. -Weekdays io-6 p.m. Saj. 

-sa-s. p.m. . . * * - I 

AGNEW GALLERY, f 3 ffl* •S&nM 
W.l. 01-629 6176-„ 0. LD MorLFri 

PAINTINGS. Until 23 July. Mou-Frl. I 
B: 30-5. TO ThutS. Until 7. • ' ■ . 

TrZ& .TOoSbS* SM yn j Hsu,, 

Modern- British MARJTJME PICWRES. lmVat , i prtrfjijf 

40: Albemarie Street. P<r«#HW . 1 

Silver was fixed 4 45p an ounce higher 
for spot delivery u> liie Lund on buliloo 
marked yi-.Meniay ai :90.7p. U.S- ewi 
equivalents uf the flxine levels were: 
Spot 533.Se, Up «.«: tbree-nioolh 542.0c. 
nn C.5c: six-month 552.4c. up CJc: and 
12- month 574^c. up 0 f>c. The metal 
opened af 2W-20IP ««2f-SS4c» and dosed 
ai 20Q.7-201.7p l+l 1 i-j33er. 

>JL\ lilt I Du- I- >n l+- orf L.M.S. J+ nr 
pci [ ftaiua ] — | ■*'<««•* ~ 

i my iv. i pririiijf f J | 

HGCA— Ex-farm spot prices Juqe 14. 
Feed hurley: Hertford £31.00, 

UK monetary coefficient for week from 
June 19 b expected to be uochanxvd. 

IMPORTED— Wheat: CWRS No. 1. 131 
per ceot. June £95.25 Tilbury. U.S. Dark 
Northern Spring No. 2. 14 per ceot. June 
atul July £$L50. Aug. £85.00 tranship- 
mem Ea*t Coast, ieller. U.S. Bard 
Winter ordinary. ,iu.*mllan. Argentine. 
Soviet and EEC erodes un quoted. 

Mnlre: U.S-/ French June £104.00. July 
£104.50. Aug. £101.00 transhipment East 
Cuasi, sellers. Sooth African White June- 
Aus. £75.50 Clusgow. South African 
Vcdow JuihsAus- £73.00 Glasgow, sellers. 
Barley, Sorghum. Oats: Unquoted. 
Business done: Wheat— Sept. S5.4S-{S.1S. 
Nov. S7.95-S7.G5. Jbil 90^0-90.20, March 
W.80-92.S0. May 95.3S45.3e. Sales: (H lolB. 
Barley— Sept. 79^0-79.30. Kqv. S2J0-S1.75. 
Jan. Es.l5-M.70, March n0. May nil. 
Sales: US lots. 

The Sixtiook for 1978/79 %# 

' Limited 

Specialists in Fundamental Research 

I . -jZ- i. ’. To: Inter Ud, • 

. . - *3 LlWds Awnur'. London COX 4Di> 

B .Telepfiune-iOi-JaiflW * 

■ ' pi eafe tendRtf yogrrepotl on ffi6 outlook torSoyafaeanS 
| in 1978/79 . 

S •• _ 


| Aattress g . ; ; ...,r ' “ ' 

8 ■ ■ •- T^tenhaHft^U 

J 290. 7 f V4.45 S9D.3(> + 1.85 

a uictulw ' 295.5,. +4.65 h98.05p .+1.3B 

imnnibb.. 3 6.4|. +4.7 — I 

rm'intbo.. I s22.9r +4-0 — I 

(.ME— Turnover 100 <110) inis of 10.000 
025. Morning: Three months I9S.S. o.l, 
8J. 8.3. S.C. S.5. S.4. Kerb: Three months 
I»5. S.6. Afterno'iii! Three months 296, 
97A 93.3. Kerb: Three moniha 2B8. 9T.S, 
7.0. 7.5. 


LuOit counnissimi H<nao sell mg caused 
the inartel to dose near Uw day’s lows 
after trading m'a narrow range all dav* 
hi thin volume. Gill and Duff us 

lYin/filiv''. +• pi i IhniinesB 

OH4».\ ! I 'lire.- ! — i Hr w 

an're' .!" l "T690 0-96.5 -2.26I7&8.0- 1699 
,tw -I 35 0 -14.5 1860.0 34. 

1620.0 12 0 —3.5 :l.60.. -16.0 

18G5.3-OS.0 -7.5 ! 1&15 C-04.0 

■ U aV :I59I)JI 84. . -1B.D, 1600,0-1532 

I «!■¥’, '541 -36.0 — lO.o - 

1570.0-65.0 — 0.00' — 

“Sales: 1,715 “ 5535SI tnls oTTo tonnes. 

InternsdoDBl Cocoa OrsunOui ‘U S. * 
cents per pound*-. Doily Brit* June Kb 
£133.75 1131 70). Indtcainr prices Jttpe 13: 
15-day uvnrate 133.31 (133.63); 22-day 
average 133.56 


FIRM apeninc un the London physical 
market. Easier ihinugbqut the day. 
closing nominal. Lewis and Peat reported 
& Malaysian gndown price of 2351 <2301) 





July 59.40-5fl.80! 59.‘0 Sfl81, b9.30-5D.50 

Aiiu 5S.40-SS.5tt 5 ^0-5s.70i B0.2u 

Jlv-bept' 6S 45 S3.SS, Sfi.50-59.7D! 60.00-59.56 
Oi-tr 1 'kJ cl. 5 • il.Bfi! p 1.&0- . 1 66-. v2.55M.50 
. Juu-Mr-i S2.B0 t5 8K c2.75 t2.8j 14.00-2.60 
Anr-Jnw 5i4 1R bi.30-*3^5 £5.00 i4.v6 
J ly-Setn! 65.15-65.50! t6 2- tS 1b 
Ot«- Uw, S6.3fl-SS.5a bfi.26-b0.3fl' t7 00 1 6 85 
Jrni-Uut! 67.60-57^6! 67.«B c7.B0M 7 60 
Sales* 431 >387) lots' of 15 tonnes "aid 
30 i2 1 Ini* at 3 tonnes. 

Physical dostnfi prices (buyers) were: 
Spot 3Sp 7S7.75>; July 57 Jp < 57.23 j: 
Aug. Sftp <same). 


U K. for 3ept.-Nov. shipment: BWB £2W. 
BWC £252. BWD £246- ToOSa: BTB CM. 
*ETC £253. BTD £240. CalCUtU poods 
steady. Qunuflons c and f U_K_ for 
prompt Khinmeut: 10-u*. -MWn £9.91. 7(-oz 
17.7S tier 100 yards: June £9.91 and £7.7$: 
Jafy-Sept. JD.70 and S7.&. " B " Twills 


LONDON DAILY PRICE irew ■vu.'jr- 
I9S.JQ 3 loune di fur June- July 

sIiipiikul. White :iuujt daily price 
hud Jl 1109.00 r sm.H0 r 
Sellers and buyer.' were well uia'-'heU 
throu^iMUt the day with trudlnc c-inimcd 
« iitiiu j SO points range. !■ trial quniatinni 
were in tie dumsed from 'he opening 
levels. C. Cranukow repurled. 

i 1 ' j ~f~ ' " 

l-rei. leuenlsy’a Hn-riwi? busiue-r 
I'l.iuiii.J Ck«e J Lkitv J tenr 
L-uu. - . j i | • 

Ai per luuilr 

Any.. . L12E-01.20 i-I.Gj-I.EBII 2.20-1.0.8 
th-t. ... V 2.B5-82.9 1-3.1.!u5 M- 2.10 
l-re... iC.6^6-JK,«0 u> SO.e4J 
>Un-h .jilSJB-ia.50 Hi 61) iS.70|ii4.25 12.80 
U«\ . ■ 116.2B- 16.4. 11665-18./-. I S.75 IG..5 
AMU.. : 1 18.Bi.-20. 1 ji I. 0.0 .u.00 

te l II 8.25-24.0.!!. S.5 J4 .«mI 25.50 

Sales ZjSi i4.074t fats nf M maiNU 
Tan- and . Lyle es-refinerv pnee f-w 
fcraimljied basis white sugar vm £2L*.w 
(sjffK-i a timue fur ftutnc trade and 
£)55.5(i - £159^0) for export. 

imcrnatlmul Sugar Agreement: Pm.-cs 
f,»r June 18 'U.S. eotiti a pound fnb and 
>ioni-d Caribbean port- — Daily 'J5 < 7.4J - : 
15-day iivcraae 7.43 (same*. 

EEC IMPORT LEVIES: Effective i-Jday 
In unn A uf accounr pur liKi kifir. i|irevio<i» 
in brackets 1: while suuar. denatured and 
non-d. naittred 26 21 iiuuim: raw sucar. 
denatured and non-denarurtd 21.9J -21.75). 


LONDON— Dun and featureless. 73a che 


•Pence per kllui 

'ambiimiwu or. Bueuiew. 

fiteaf.v 1«ooH Cltac ] — j teme 

Juh 282,0-54.0 +1-0' — 

ti+.J+'i S88 ,0-42 0 — 

De«-niiH?r...|240j|-«S D I — 

UmivIi *1 Gji-‘8 0 ; — 

Alai-- 2 6.u-i8fl; — 

July V...-2 8.t^8.D I — 

UdoU* 241.. -MO! ! — 

Urtrtiilif -.248. • 52.0 < — 

Sales: Nil f«amci lots uf 1.SD0 t?. 
SYDNEY GREASY On order, i-uy.r. 
seller, business, sales)— Micron contract: 
July 349 0-3® J, 350 0-MS.U. 30: Oct. 530-7. 
35) 0. J31.0-318J, 35: Dec. 335.U. 33C IL 
355.5^54.5. 38: March aco.o-nsu i. WH 

339.5. 77! May 364 0, 364 3, 364 0-3*0 5. 95: 
July 3oe,5, 3S6.0., SS: Oct j&S. 

370.5. 370.5^63.5, SO; Dec. 372.0. 372.5. 30, Total sales: 421. 


SMITHFEELD -pence per pound-— Beef: 
Scotch kHl«J sides 55.0 id 58.0. Ulster 
hlndquaners 72.6 10, forequarters 
IC.O lb 36 0. Eire hindquariers 74.0 10 
75,6. forequarters 34.0 In »:.0. Veal: 
EmJisb J 1 “ a H* ‘ T, ° In 7c. 0, Gulch Rinds 
and Buds 86-0 Hi 910. Lamb: Enclish 
snwll M-0 ID W.0. Jmported ftwxn: NX. 
PL SI •». » 43.0. N.Z. PM 50.0 iu 51.0. 
Park: Emdlsh. under 1M lb 30.0 to 43.0. 
100-fJO 3K0 to 42.0, 120-tlX) lb 34.0 

U) 40. P. 

MEAT COMMISSION — Average laialock 
pneea ui _ rimrex-niauve markets un 
June 14: « ran] e 72.4s P per kK. I.w. 
i+3.0ai- UK sheep ICJ Sto p v r kg. es[ 

d.c.w. < + Jl-41 eg pujj 00.7P per ha- 

, w - and Wales-Caitle 

numbtTj up -74.8 « r rent, averaue pn-v 
7i.ib p '+3j»1; Sh«p up 37.] ner cent, 
aerraw Price uu D , +IMi: UM 3.7 

pnre eo.ftp <+4fli. 
scotlantf-CWOe mimbere up 14.3 per ceni, 
averacvprioe 7li2p <+2,38i; Sheep 6nwn 
- 0 * 3 .., "eraw Brice IK.Tn 

lT 10.0-: nn Ann 13.0 ^ cent, averse 
price 06 IP l+l Jj. 

COVENT GARDEN -Prlovs in suriim: 
per fji.Kase vswiil vlKN aimed*: 
Imparted produce: Oranges— Cynnoi: 

Valencia Lad.s 15 Ulus r..ou-3 Wl: 
Moroccan: l.i)0-1.20: Cainorman. 4.U0A an: 
•S A/nc-an* iVavels (yl4 GO. Lemons— 
Italian: i*TO 1:0 s ir... crop 4.4 <i-i 
S panish: Travs, I.2W-1.30. l.irse l»ws 3<tu* 
On. Grapcfrait— >; jt-hui *.« fcilo-J 5-"- 
4«0‘. S Airv ao: 27 '72 3.4'J-I 45; 20 

kil*»s i oiM.'.u. Apples — Kreneh. -*!ulc.en 
Dell-. 1 -jUS Hi :4's J 50-.: 5-0. 5.C-- J.-HJ. 

jumble InHCi'S. rvr younJ - 1.V0.17: W. 
All: <r..!iau *7:ariiiy smi:n > JKp# 50 While 
wiiiie- f’vjmiam 7.50-6.0U. Starting 
D-'.ik-lOiU ^20-5.41-. Oald-.-n Dvhcious »4U- 
v-i Vurk imperial 173 -’!»4 40: 
I'hllun: Granny Stnr.h bsit: New fedbnt 
Sninner ftuipns IU St.On. 17a Cranny 
i-ntnh f>.:»i Italian- Kon;e Deauiy per 
nijuud [-17. Gulin DeliLioi-S 0 15-0.17. 
-toiuihaiis 4o lb 5. : u; Danish: IVr rwund 
Siurtahs 0. ).*:+'. 15. Peers— S .Uricaa 
Carious. Packluoi's Triumph ■< 50. 

Wiri'T Nelis s.QO. Peaches— Spjniili: 
Niaud.i rd rea's -.iu ’ .'■0 Crapes— iGrrn-U: 
Pirloi-v 7.5ft Cuevn of iho Vm-vard 7 i-o. 
Plums—Span;£!: 3 kilov Japs 2.50. 

Mvihlci 7 ffi-7 «. S.i'ii J Bosu 4..7U-5 0U. 
Apricots— Spanish: 3 kilos 3.00-3 40. 

Bananas— vlatnaie .in: Per puuml u 15. 

Avocados— Kenya Kwcrie l-l .Ms 4.50- 1>U: 
5 .Virl.-ac l-ULr:-.* -1 5IMiO. 5<rcw- 

herries— CaftlnrnUirr 0 -j*i: Italian- Dl'H: 
Spanish: P2<i. Cherries— French: P-r 

PuRnd ii4')-»'4>*. C>nriu»* 0 «5: liahun- o..i*,. 
Onions — i' Las.-s ? ^<--3 no. Canary: 
:W; Dmr.b i.tu-: u-i. Israeli. " 00. 
4,.:n. Egyptian 'i.Oo: Spanish .'.00-7.30. 
Potatoes— EgrfP'jn. ""o: Cr prior: i ><>: 
aj iimx-jd. : -0: Iinnar.j ■ :* 50-4 CO. 

Tcmatocs — Dutch 5.70-7. 00 Ce.rrots— 
(• r- n‘-ii: :,aai*-s :'B lb ho-.'-f 4'M: Cypriot ■ 
3.20.::. J‘A Asparagus— Cal iiurman: VVr 
pound 0.WJ-1.00. Becirool— Cyprmt: 2S lb 

English preiluce: Potatoes— Per 5u lb 
V.'hJtc Ued S0-” iu. cev «.Tup per pound 
0 us Leu-ace— Per 1J o 7ft-u tie. Cos t Oft. 
Webbs O.SO-: ik 1 Onions— Per 55 lb 

1.50-2 0*1. Rhubarb— Pi. r pound, cnil- 
dnur u 03-0.00. Cucumbers— -P'-r 'ray 

tj 21 a lin-l.Oft. Mushrooms— Per pound 
u 4*)-u 30. A Doles — Per pound Branrlefs 
n 10-0.20. Tomatoes— Per 12 lb Enrich 

з. <d-3.h4 Greens— Per iraio. Kent 

1.1*1). Cabbage 1 Oft. Celery— Per 12 Is 
■J oo-3. ft* Asparagus — Per (.'indie approx. 
3 lb 1.0ft-! 40 strawberries — Per 1 lb 

и. 13-0.16. CauHDo-^ers— Per 12 Lincoln 

2.40-2 W. Kenl 4.5ft. 



2H'j *:*j. .ini" ;:no uu-ju fui. A0«. 3 (h) uo- 
ao oo. Scfii -jan.iM-sift ••». o*-*' 290 im-Tjo uo. 
Nn*. 2*0 1)0-315.00. Dee. iWift-SJO Of. J ad. 
unqilftleil. Feb. ucq*"<icd. Sales; Nil. 

GRIMSBY FISK— Supply lair, demand 
good. Prices at ship's side lUiiproresSed • 
per stone: Shell cod tlHK-M.W. cudhnss 
*2 sv-ii.Ofl: Lar-v baddori: £5210 medium 
£4.lw-£4 30. small Ljr^r plaice 

i3.0ft-£j.iu. m+djuni £4.59-15 iu. best small 
ri 5ft-£4.1<i* Skinned rio«ai>h. larue DO.Ou. 
ui'.-diuio :5. tu; Lphjoo J.irae Ifi.w. 
□indium 76. (m: Sailhe £T.3u-£2 4U. 


Prices per tonne unless oiherwue 
stafi d. 

'lime 14- M '.ii iii i 

1 la} — **41'’ 



hr- uinrSet (ei-. 

t.v*tS«T«. , **.li W.ttKt' _ 

j ni.inilt- .In, fin. ' 74y 75 — Is. 5'* *31 2 

t'D-b (nth, sir ,1 7 16.5 -1S.5 .701.5 

i i*i.*nite itn. ef.*. -■ 7*f0.5 '-72.5, - < 30. Sb 

Tm\* -K.I 165 875 + 1.85' 1 1.7.375 

Len.i :c308 -2.26 2& 1.5 

Minmilit ,-.'318.5 -1.75 300.825 

Nieke- U' ’. 66 

Free Unrkei left 'h-. '1.90 . .. SI. 95 

, S.o 0 [ -z.05 

Pintiniiin tr>f «■«..•£. 155.0 I ... 1. 120.5 

r’ree M«rUet., It 156 +2.05 134.6 

qmek * V«*r [ fill,., | 120-25 . 115, 

sinwtiwru |!90.7p *.J.45 8?.S 

: ninntii- 298.5i* .-^4.551 89 4 

Tin Lush .6.9 5 -rfiS.O 6.505 

’ Uhinlli , 6.767.5 6 4j.‘.5 

Wi.*mim2i.i.Aih.u!j! laJ.da 15 40 

It517 —5.0 '5 6 

Miuntl). 'L'327 7 --4.75 i -15.79 

Pb.*iticer<. i 550-600 550 600 

Oils f 

te+i.uul il'nilj |$650 ■ .... -S610 

limuiiiliiul 7J9 I £744 I'm lfciv,.. k.505 C.65 

I'mni UtevtD :S58 k —10.0 =65 

680 | 

! . ... • eao 

■1.020-8 | 

. i 1000 


-75-75 712 

Seeds I 

l- 1*1*17, Piiltlp j 450; 

v^HUfMu <U.i,.>_...i 2B1» 


Mrlev Ebt 

tJiine Kulnres*.... 

Unl« ■ 

frr nen No. y Am 


.'**. I ifc i e'priue 
A.* 2 Uur t \\ mtei 
biijiu* Mmiuv..' 
.*n-.»i Suipraeui.... 


('■•(fee Km lire 


(nlr.Ki "A" l alia,... 

Itil'ftwr min 

a*i .nr iJinu i 

VV.nllnin n4» Min... 

- 10.0 S4I0 

, ,181.65 *0 35. -79.40 

£104 £105.5 

£95.25 -0.25 95.25 

' . 105 
iCl 645.5 
U 1.637 


i- 2.5 : -1.896 
—14.5' -1.620 

-S7.0 1.535 
>0.5 70.55*- 

' 101 


Kenya seeks 


coffee aid 

THE KENYAN Government is 
asking the World Sank for a 
£3Um loan for a coffee rehab- 
ilitation programme. 

A team of World Bank experts 
is now touring Kenya's coffee- 
growing areas io make a detailed 
appraisal of the industry’s 

If the loan is approved the 
bulk of the funds would be 
channeled to sinail-sealc* coffee 
fanners as seasonal credits to 
improve productivity. But the 
programme is planned as a com- 
prehensive one for the whole 
coffee industry. 

The aim is to raise coffee 
yield from the 741 kg per hec- 
tare, recorded in ( fie 1976-77 
season, io 900 kg per hectare. 

Tbe World Bank team, led hy 
Ur Jan Wijnand. is inspecting 
coffee processing facilities, sup- 
plies and studying general farm 
maoageuient requirements. 

* Nnminal. * Un'jii.ncd. 1 \ius">' 
m June- August. tpJulv 2 June-Julv 
j Per ton. 



JunT lj •a**«m ~* * > 

246,1 51 g47ii5! 346.10 1 "249.62" 

■ Hut' liilir I* itoU a liUli 


June lA. Illllr £3 ; ||~ ■,»*• lr*l ’L" 

150B.8 15 10.0 ' I466.5~l~l50b e_ 

1 Hd»*f ' ■ieti'emh+i l> "'H‘|l — 10U* 


Du* June Jinif. I “vl'miln Vo** 
J**ne 14 lJ j [ is*. 

^I«< ... .1356.91366.36; 62^3401.73 
KuHire 34 6 .3534 art3.j54.76, 375.2 0 

I AVW hit* s'tMII 


, Jur*e I Juik. U4i*ii.i.» 

< M I 13 - •<: 

•n.-O.n.m !9a 3.1ftgft l 920.3 «S».A 

l D*i'*7nru«r »1 mi =*inri*~ 


(.bipnii-m sales were recankd. leavlnn 
the total for the truth Sll f ar a i 1Q4 lcnii.-; 
w. F. TatiersaHs reported. Su'k* tradmp 
eo Trillions prevailed tn the rJW ciinon 
market Spinners wer® sr)|j reWclftoi » 
give ihtlr support and fresh developments 
were scarce. 


HIDES — London. Generally remalnlns 
firro, with 3 very good altar ante jM"? 
hiliw wiUidrawn 50 5p per kilv, 2b.:* 11 ’ kilus 
5SP. kilos fiO.Ip. Light “ith- 

drawn Sl.'p per fcho. No v a!f uffvrcd. 

pse by 

NEW YORK. Juno 14. 
CoPREH c**l]3i>j*ii nn a^4r.-..M'vv ]. a ,ii 
%oltiiii and C'niiiUTbi'.n Hou^: Itrjuiduiii.n 
full'iwiiu j J rriii rt'd<A.‘ii**ii in ihe 
d*iiiios(ic nr.i*luur erico f.aifte rer'ci. 
Ft evli ms uii-uN raj) iiiarplv fi.ijnnii*,- j 
steady li <l i ju *1 the general :*iio.» 
dr'.'hiH* in n* r *-T ■-imm'-Jin.'s. Snrjr 
aua*n ••aabli5litJ ne* file *,f cmiira*.! 
Inirs r.i, renewal vf Cnui-.m-'.icn Hftu e 

Cocoa— Jul* 122. uft *1SL25 i. jt*>|.| l“4 7*1 
* 1-D-l 0 1. Dee. 124 7'i Marvlt 122.10. \U r 
*i20.4fj. Ju!v ns.iS. Scpr. llJ.lo. SaJe-* 

Codec — ■ C Ci'iilr.iel: July ft,., r."- 

Ifti.'l) •lOU.lJ*. Sun. 15 C.l-U-!5:ji!> 

Dec 1)'. 00. Mjrdi 1:» no. h|j« 

125 iii- 1 2u fin. July Ui'.ftft-i.'iB.tK 1 . Ser*i 12.; iiu- 
T2> M. SjICs 3V2. 

Copper— 59.20 >«.I 4ft*. July Vi 10 

*U Tft*. W\ A C0 1',| SepT. M|.*4I. Dc*.. 1^ :ai. 
Jjii. *rj so. sjprrh *,: <.ft \j a y .1 ulv 

s5 5ft. S* - ;*' '.o. 'll. I*.;.;. *,".. "JI Jj-|. IJJ.SJI. 

Man-h .‘n. Sales' N.ouft h-w 

Cotton— N... 2' .lull 6» _r£*-ClMi> ■ >S,.'.:**. 
Dvl. *ij 4IM2.I.3 iCIV‘». D-.-e C4 HN.t.21'. 
March ftS.15.n5.20. M *■ *o.SS-*.(. on. Julv 

:**i'5-(j..ij0, *;ui. w) Jn -rj; 30 Sjk ,. j.ftjn 


‘Gold — June is.: .11 « l > , 7w » Juft 1;, :.fu) 
*»»4.!0*. •.«,■. J.'Sftft, r,i.-| 7.s;.»>. D< <.. 
too.r.u. I-Vb. 19HI.II. \pril 10.UJI. Julie 
left 0'J. .Mu. mi 9,-i 59.*, Mi lv.*. Cfc;.t*i. 
Fri*. 211. ;u. April .'14 so. „.I7J 

'■.I *. 

tLard — Chicftcj Inir.r- mil jVjilaMe. 
NY wiiii * neai it L'4 fm 'rjOoJ -‘.‘ICS no m < 

1 Maize — July CjV.'Jjj; ilY.r;.. Sei*T. 

*2391*. Dec. -.'SS’-Ts;;. M.uvh 
.■Ui.' .-rt:. , <).*:■ cue?. Juft 

SPIatinijfn — Jnlv 2 4 ft 40-150 -.'ii i.'fiyr,. 

'. .32 .VJ '25': ; u i“V2.aU* Jjii. 25150. 

?.V I'K'ihMl. Julv .'<si i'i-i. 

!ik* nv.-2id.30. Ian, a ‘.o SjI* 

1 .535 I.Hj. 

'Silver— J uju- 5"J 4.i iXU I 20>. .I«lv J.1, './) 
* 332 5* 1. Alls. 5:!ft.2il. Si-pi. .'c;: SHI. Di\. 
.il.s.ftu. Jah 549 lift. M.,r..h ft: SO. V.itf 
55ii.Jft. .Inly 373 :v. S'.-OI . h', f'i: -. 

is; .1.11. .fen. 2ft- March Oil M S.ili - 
>5.000 !n»*. Hand' and H.rrjdn •:(■.. t 
Mil)).*!.- 5“iB0 .527.911*. 

Sorabeons— ml-' ■(»*;■. Anc. 

•v\'..r2i5 Uo’,1. Sent 1.41. R.>v ol“;.r,’,ft. 
tin ^2 1. '-<122. SI unit iirl ;fev Jut 7 

I.Soyabean Meal— ,lj|v 7f,9 4o-i 70.00 
''. \ug. ID* 7«-l7l o»i ' 17s. sri 1 . Sept. 
172.0i). >*lT. 170 i:''-tes 5u D* C 1.17 i(H..; sm. 
Jasi 1ST 5<i March iJft.mi. M j\ itn.-Vj- 
in HP. July in Sv. f 72.0ft. 

Soyabean Oil — .1 HI- 24.Mi-24.sS C5 ij ■. 
A IU. 74 25-21 2ft ■ 25 0" > . ft*:u. 2 1.75-2*; Kl. 
1 1«. 2*.' Xi ii St). Di r. 22.10-22 .Ian. 21 -ft. 
ifen.-b 21 70 M:iv 5). .in-21. 45 Julv 21.25 

Sugar— Xu. 15. Julv 7.H7-T « ■ .7.10-; 12-, 
fppt 7.17-7.15 .777-7741. Oct. 7.21772;. 
1-iu. 7.SU-7.S1. Mar.-li Mu-snv ;.fey ;-24. 
mu S.42. San. S M. Oa s.7ft-s.74. Suk-* 
3.0*0 Iui>. 

Tin— 572.UH-i77.Bu oAi.J ■ jii;.U9-j;2.00 

asked 1 

•*Wfcoai — July :in9>r.n:ii isift’i. ScK. 
114.9137 mia;,. Dec 2I9.31S;. March J2I. 
"J.1T •ns’. •)»!>' 213-315. 

UINNIPFvJ. June 1.*.. 1+Rye— ,lu|> llH-U'* 
I'Dli 0U>. Oct. 103.30 iiaVtO'. Ni»v. IO.i.10 
Pec III*. 10 a‘.f.'i , if. 

++0*L5 — July 75 40 bid . 70.00 1. riCI 73.vr) 
O'kril 1 7h r;0>. f'.-t 74 .ui jikoh. March 
73 20 ajkcd. 

ttSarlcv— Jul.v Tii.lfl '77 4(" OcL 7i;.4n 
isJ-.-t! 'T7?(' bid 1. Dec. :iri*ni. ?.Jjrch 
7h :n askiil. 

TSFInscet— July 2 35/:ij t-ri i'5>.ftfti. 
Ovt. 73* i# birt *(< j- (:«/.. Sue. 
b:rt. Da . hid. 

" Wheat— SUWJW is:, per i-rni urou-n 
e.jni- at nf S|, i..ivre:ire luivi < 1 ■• ] im>. 

,\11 cents per pnund .-v-varMiAiisii 
unless olh.ncfft- rr, MtS. "\s i+r 
numrs— too uunce lots. * ChlC-'.Kn Innsl; 
ft per Kin Ihs— I>cpt. of An prices pre- 
vious day. Prim.,- sham tuft. XV Cuih 
iank cars. : i>iils n**-r en Ihs liushH «-x- 
wan-huusv. .‘..OHO hiLSh.*) Jnrs . *1 p. r 
iroy ounce for so nz units of tt!i.n rr.r 
ouriry delivcr. il NV ' C-hte t-cr 
rtvij cuniv ei-u'jr'fioi.'c. • * ?,’■-» • f; *■ 

com root m Ss a short ton P.r bulk lots 
of ion short tons delivered fob curs. 
Oitcaji'V Toledo si. Louis and Alton. 
** Ccti ii. per 69 lb 1 1 c 1 11: store. 
■T Cents. P'.r 25 lh bnsh.-l. - c.-nit r.r 
4S lb bushi-l rehouse r.*nw u ■- 
33 IU ex-irarehousc, 7, Dun bic.rel 
lots. per fertfij. 

\ ■ 






for Growing 


Jf you are a shareholder in an established and 
grow j ng company and you, or you r o' mpany, 
require between £ 50.000 and £ 1 * 000 .' A « » for any 
purpose, ring David Wills, Charterhouse Development, 
. 1 nvesti ng in medium size com pjiui> as 
minority shareholders has been our exclusive 
business tor over forty years. We are prepared to 
invest in both quoted and unquored companies 
currently making over C 50.000 per annum 
j A pre tax profits. 


CharterboL'seDc\'dc»praent. 1 Paternoster R»‘*w. St. Pauls, 
London EC-iM 7DH. Telephone ■ V ’ 

Private Company seeks Mortgage 

against first charge on facta ry /office building. t^.'.OOO required 
representing 60 7 -. of current valuation. Sub tenant personally 
guaranteed rentafincome of £12.000 p.a. Would consider preference 
loan stock with salary to investor as Consultant i. appropriate. 

Terms, etc., negotiable to provide most realistic arrangement, to suit 
both parties, funds or trusts naturally considered bus individual is 
likely to be able to create the most favourable term:. 

Write Box G.2Q97. Financial Times. 10. Cannon Street. EC4P 46Y. 



Preferably with branded products 
Up to £1 million available 
Reply in conjfafejicc.' 

Bon G.2100. Financial Times. 

10. Cannon Street. EC4P 4RY. 


Medium firm based in the City with attractive offices, 
has vacancies for Members with good Private Client 
business. Wc would be interested to hear from 
small team or individuals. 

Write Box G.21P2, Financial Times. in. Cannon 
Street. EC4P 4BY. 






Thil r, i umaue opportunir^ In 
deliver/ of i n-,v Guifslrum II N 216) 
in;k instead of year:. Aircrait i; 
nc-iiing outlining completion wth lull 
complement ol dual avionics, pnmauly 
tillin',. Dfu: dual Detco Carousel IV- A 
IN Global VLf Omega . RCA Pnmus 
color radar other advanced ratem* and 
in-Jrumenlalion 12-passenger conlig- 
ura-ion includes full-s»r.«ice gall*? 
refre:timen; corner, lavatory, ivalk-m 
h.ijgage Jiea. Handsome inlenur com- 
bine'. earth tones plus charcoal and r 
a .> -’fifed bv raUaipetn** £. tenor mint 
ii heme car. be determined bv o?« o-.vner. 
Aii-mcluavs Gultjlream II pmcliaie 
nacr.age includes iariwv .-.arrant, a** 
training, Giumman Amen '.in Ccmpiit'v- 
red Maintenance Piograni. Flight ni«*i>- 
agemnnf contract available ertienH/ 
iavorable insurance ahead* arranged. 
For complete specifications and price, 
please call Gulfstream international 
Sales. (912) 964-3292. or writer 

Tn as^b?l V.K./Kuropean 
}lfrs.. etc.. In esljiilish in 
America a complete -c-nice 
is offerer!. 

• Market Evaluati«»n. 

• Location & Evalu.m-m of: 

Company Acquisitions, 
Distribution & jUnnufuci?. 
facilities, etc. 

For brochure, etc., coi.inct: 
INDV'STRON consul I in 5 
270 Madison A’.emn* 

New York. N.Y. 1W16 
Telex: ITT 423:1*7 


Above avcraic price paid where 
purchase la ippronriliie 
Wr in . nniplHto cv i|i:l>-ir.-«' to 
Roc r, t-'inan.'i.n Tim..;, 
rn Cannon Siroc:. h'-’P JBV. 

PO. Bo* 220i. Savannah. Georgia j|4C0 

Englishman worVing in Import/Ecporc 
■i v;ry inndui co exhibit > Louis 

copvwriting.Transiaticjn and 
Tv pesetring for Adv -?rtisemencs. 
Point of sale. Brochures. 
Contact: oavto w?zi\n? 
pan-Arab publications Limited 

01-43S 2333 

style bedroom suite in participation 
with company who will ba e/hibiting. 

th company who will ba e/hibiting. 
For details write: — 

A, Duxury. 

Oille Juan Ramon Jiminni 45. 
Madrid 1*. SPAIN. 

o>*e Marfes^ 




20. City Soil. ECi. 
01-623 543-1/5/5:61. 9S36. 

Pauline Marks Ltd. arc now 
operating the rust toll-time 
telephone selling service 
operated totally in -house 
by tall -time people. 

Tel: 01-348 4294, 

40 Tottenham Lane.Lcndon N8. 


£20.000 reqiiired: Ob'* Participation 
lor (anm-rEuli» n ; -Sevan Well as 
aqui pura. Output JO ;ai. por min. 
Confirmative Laoo< Report. Esti- 
mated high re*enu; on battling. 
Every facility for P:>ri-.ipint to rmpecL 
and test. Silt and bjin^uusn con- 
tacts invited. ftepl* — 

10 year mortgages and 
remortgages available at 3V 
4Ti over our hankers base 
ralp secured on freehold nr 
long lease- properties Other 
facilities available. 

542 London Read. Itlcworth. 

Middirwr*. Tel: D1-5U 5414.6 

RookitMry Mill bB--, Andover, Hants. 


Unique *elt-«terinj; Holiday Site: 
Guest House and 3 Country Cottage* 

sleeping 16: 8; 5 and 8. Guest House 
tin be sold separately »* private 
residence or convert to flatlets. All 
service*, fantastic views, unmaeutita 
condition. Guest House £33,000 ( l 
acre ). Toul £80.000 (I wt\. 

Beautiful gardens. 

Chilton Polden 722094 

after 6 p.m. 


middle; east 


Production mark-ting rights for 
telephone cost monitors with vast 
potential. Package include* drawings, 
completed machines, atsvionte Irons 
present proprietor rni hundred! of 

Serious enquiries only ta Bor G 2(144, 
Financial Times. 

10, Cannon Street. IC4P 4RV. 



Job lots, clearance l<n?i. remnsna 
and seconds required hy [jr-e 
indapendant Mail Order 

Write tv-th details (o Bor G.JflZO 
Financial T.m.,, »p. r onnon 5lr „ t 
F.C4P 48V. 


Silver Shield 


Silver Shield are expanding rapidly, and are now seeking 
highly-motivated and enthusiastic licensees in:— 


Suitable licensees will receive the benefits of total organisa- 
tion. strong corporate identity, in fact we organise YOU. 
We train you — and you walk into a turn-key operation. 
Interested individual and businessmen with £10,000 to 
invest, should cootact: — 

Silver Shield, Lidgra House, 250 Kingsbury Road, 
London NW9 or telephone:— Sylvia Jones on 
Burgh Heath (07373) 60818. 


_ u.. msniifsegjra of lour colt hydra 


As a com piny lpociahting in tfw manufaeaire 

units w* art seeking to qxtand our icanon- d#wttep*d wi* 

Over rewnt yaira racelknt i n urn bar of 

cusco mrrs lacking specific lion. 

•ucccsriul Joint ventures hwe b=an_b rou 8 m .mher of » l* r C* 

S.l« this year ^"dhJSA v®* 1 

•ngmeering group, wa have at our ui*»«**« 

with large organisation . , .. , i ™ „ks from 

However, we sinwrcly !?eeresnT in discaamg 

5S smart* projects, ? iArSl ^ for futur. fnng term 

If you would be inter*«d j" diK l!“^, 8 ^ 1 ^*u* al »n4 P d>*^“ fl *he 
the field of low cost hydraulic*, why not contact ut 
possibility of a ioint venture. 

Write Box G.21TD. FfnonciW Tfmes. TP, Cannon Street, a- 


s f 

; i ; 

■ . » 

: i 

beads CompAir 


Designed for production, if necessary, under primitive 
conditions. Comprises designs and construction plans for 
33 metres proved high-speed, sea-going, steel patrol boats. 
Seven-figure orders being offered. Deserted due to illness 
and incapacity- to handle. 



in prime position of Bourne j;®“ th ? ^ * JJnuu*u«i.‘ 

1 ) linden Hall Hotel. Christchurch f room fvacaitt 

Xoad (as investment, let « P osws»iwi). 

£32.500 per annum; 5 yrs. 'e 1 "*’" Forecourt petrol filling station, 

on full repairing and insuring 3) -arari: and workshops, Knyveton 
jM “l- Read (vatant possession). 

2, Undcn Sports dub. Kno.e P«d. ^ *”* ^ 


Qotins date for Tenders, 12 noon TTiursaay. J u a pn]NG, 

Hotel Department, GOAD5BY S makuinu, 

Borough Chambers. Fir Vale i Road. 

Bournemouth Tel. 0202 23491 

Premises (South Coast), skilled technicians and exclusive 
propulsions could be made available. Cost/sale margins 
exceptional. Prince ranee (according to requirement) £55.000/ 
£450,000. Write Box G-103, Financial Times, 10, Cannon 
Street. EC4P 4BY. 

north-kent coast 



Bars family lounge, cabaret room, restaurant, etc. In all 
16,420 sc. ft Turnover 19T7-7S £96.000. Full delude contact 
Box G-20B1. Financial Times. 10. Cannon Street. EC4P 4BY. 


Fer Full business details on over 6.000 major companies in the 
Middle East and 20.000 top-level personal contaccs — use the brand 
and MAJOR COMPANIES OF IRAN 1978/79. Now in their third 
editions. Write or phone for details*. — 

14 Clifford Street, London W.l. 
OT-493 6351 

Telex: 21879/25247 (Grahamco) 


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

Pint carriage. notarial in perfect condition. 

Brilliant White Gloss £3.50 per 5 Its. Brilliant White Vinyl Silk 
£3.00 per 5 Its. Brilliant White Masonry Paint £3.00 per 5 its- 

Fill! carriage. Olrect frem manufacturer, discount Tor large orden. 
Phone 051-523 4022 Telex 627608 


International companv with branches in France 
and Denmark has capacity for warehousing and 
distribution. Based in Kent. Manufacturers requiring 
ihese faciiities are invited to contact Box G.2095. 
Financial Times, 10, Cannon Street, EC4P 4BY. 


Bungalow type hotel 
development in choice 
area, a safe tax-sheltered 
investment, excellent 
economics, developer 
invites equity 
participation. Write 
Box F.1024. Financial 
Times, 10. Caiinon 
Street EC4P 4BY. 


Are you obtaining the best price lar 
your low-mileage prestige motor-car: 
We urgently require Rolb-Ro/c?. 
Mercedes. Daimler, Jaguar. Vanden 
Plas. BMW. Poreche, Ferrajri. Mascraci, 
Lamborghini. Jensen Conv.-rrible. 
Rover. Triumph and Vo!«o cars. 
Open 7 days a week 

Collection anywhere in U.K. Cash or 
Bankers draft available. Telephone us 
for a firm price or «s«r buyer will call. 


Brookwood (04867 ) 4567 



95% paid by return 
on approved accounts 
Phone Bolton (0204) 693321 
Telex 63415 

Silverbum Finance (U.K.) Ltd. 

Since 1964 we have provided o 
confidential service for Vendors and 

instructing Clients require a wide 
range or profitable Companies with 
earnings of £50.000 -lI million p.e- 
ta*. Contact us at: — 

01-935 3141 
or write to:— 

71 Baker St.. London W.l. 




Established Malaysian Company seeks 
suppliers of plant and machinery 
which would be used in the recovery 
of metals or ocher prodj:ts from 
domestic and industrial wait;. Repre- 
sentative vtsisina United kingdom 

Write Bor G.210S. Financial Times , 
10. Cannon Street. EC4P 46T. 

Wich Targe turnover and high profit 
margin interested to e*t:nd capital 
base by merging wich company with 
high assets and low profit margin. 
Please reply in confidence to 
Box C.2T06. Financial Times. 

10, Cannon Street, EC4P 4BT. 


Substantia! Capital Available 
for a growing and profitable 

Minority Shareholding envisaged. 
TEL: FINANCE (0532) 


Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 p.c. 
Lease 3 years from £3.70 weekly. 
Rent Irom £29 per month. 

Phone: 01-641 2365 

If you are cwinflirin- cn«..n( this 
marie: as 3 trader v manufacturer 
or haring local p<ubUmj with existing 
operation: British Businessman resident 
in Paris with Practical general and 
commercial mana,-cm, nt experience 
offers collaboration to facilitate solu- 
tions. Part-time con-.ulcinc/ basts. 
Short or long term assignments. 

Write Bor G.2PJ.3. Financial Timet. 

10. Cannon Street. EC4P 4B f. 

LX PUBLIC CO CHAIRMAN h 4 . £20 a 000 
family trust funds tar residential 

prcPfrlv uwefNcr'i lame or small, 
immediate drt’uun. T. Poihccar* ;53 
5 treat ham H>oh Road. SW16. 01-769 

; create a new interior lor «our office. 

I reception, boardroom, snoo restaurant 
or holer. We dcs-gn. plan anq manage 
vour protect irom start to imisti. Phone 
I Gordon Lindsay Group. 01-995 5446. 

reached bv mail. The Educational 

Addressing and Madina be. vice. Derby 
House. Redhitl. Surrey. CHI 30M. 
Merstham 2223. 

£.1 A WEEK tar E.C.2 addn---, or phone 
rnessaoei. Combined raiei + Idea 
under £5 a wceV. Presti*je offices near 
Stock Exchange. -Message Minders Inter- 
national 01-62B 0898. Telex 8811725. 


Highly experienced Commercial 
Saks Executive with 25 years 
practical working knowledge 
within the area offers services. 
Now available for meetings uncii 

Writ? Bo« G.203S. Fiitaintial Time*. 
IB. Cannon Street. EC4P *BT. 

In trrum yU"».. <jl iii« 
industry -.ounn lonn-i»nn innnTment 
ooooriu.tiiies. MiM r-iM OL* cilabiishe.1 
operating subr.' ol nuior Crltisii 
shinning qroun . an oiler one or two 
investment nr.siecr' complete w.|h 
management ri will^ne vour 
vessel* a" wn,iH«,n.. hr:,.i with same 
eire ann ihcuofr r-mrusten to their 

C«n f: ; -t 

Wr.le Hr' G.12’% F,n,-n;MI T-mcs. 

IO Cannon M..r|, EC-P d8Y. 






3-D8K < 1976/771 500-2500 ■ hr:. Tilt Dozers Rops Cabs. CCU: 
22A with Winch Dozer. 463. 435. -i- Cat. 70 Scrapers. 955L 1 1976) 
2500 hrs. 3 x S51 B t C. Cat. 215 H 976) + 225. Poclain RC200. 
TCS. -I- Liebherr Excavators. 2 x Ford 550 Digger Loaders i 1976). 
Cat. 966. 950 {19761. 920 (1977). 910. {Volvo 1240. 846. 640). 
New Fiat Allis 3458 Wheeled Loaders. 4 Volvo NIO 6 x 4 Dump 
Trucks (1975/6). Volvo 6 x 2 4- 4 x 2 Tippers, Alloy Bodies. 
2 30 Ton Low-loaders, right + left hand drive. Service Vans. 
Pick-up Trucks, Range and Land Rovers, -r Mercedes cars. Mini 
Bus. Welders. Excavator and Side-tip Buckets, Timber Grab:, Forks. 
Cat- -r Volvo Spares. Workshop Tools. 



Full details from:— 


3. White Hill, Chesham, Bucks. Tcls 02405 3928/2523 
Catalogues available on site. 

This is one of the most modern and best maintained fleets in the 
East Midlands. 

PUBLIC COMPANY im.oiulirturinni would 
<Qn!iacT oar: or outri^h: nurcliatc c( 
wi}U mantg.-d v; up., n , w.ih nrohis in 
r.lCH ff £ SO 000. Prlnciaal* only. 
Strittc-.i canfidcn-.r. Writ? Bet GZOai. 
Flnanylvi Timos. ip. C>hMcn 9«r^.| 

No -vpiiji ■ r nuiryd. E'.r.'blir.i'M o> r r 
’ll rtfs. Clrsil, in ro'imr.* 1 J.nrf 
l*iar a.A.E. — Wid- nr.oi, f . P.O. Btn 
9. Mtrthnroijlh Wilft. 


Over 400 sets in stock 

Buy wittly from the mautifachiren 
with full after uki service 

01-986 8231 
Telex 897784 

FORK LIFT TRUCK SALE. H? have a large 
enicKt'on of apbroPimatelv 1 JO trucks le 
ChaoK from. Ring now lor our lilt. 
Trade & export enquiries welcomed. 
Large reduction on hulk purehavfs- 
Qclivcrice arranged worldwide. Birming- 
ham Fork HI Truck Lfq.. Ham* Hd-. 
Salllev- Birmingham BB 1DU. Tel: 
0^-127 £944 p, 02 1-128 1705. Telex: 



For Sale 

Sir-WIIllain Mather, who joined 

the COMPAIR board m J973, has 
been appointed chairman *** ?“*■■ 
cession to the late Mr. N. C. 
Macdiamid. Sir WUlmm is chair- 
man of Mather and Piatt anda 
director- of the National West- 
minster Bank and chairman of 
its North Regional board. 

Mr. L. C. Lewis has Jheccime 
president of the SOCEE^JT OF 

Poole is the new vice-presaenL 

CANADA has appointed Mr. J.A 
Kempton to the newly-created 
position of senior x-ice-president 
and general manager for Great 
Britain. Other appointments in- 
clude Mr. J. B. Purdy, senior- 
vice-president investments, mr. 
G. D. Sylvester, senior vice- 
president. marketing. Mr. J. J. 
Breithaupt, vice-president, 

systems and research, Mr. K. 
Ifenn vice-president, group in- 
surance and Mr. A- R- Brereton,- 
actuary. ^ 

Mr. E. P. Beck has been ap-; 
pointed deputy chairman of JOHN 
Charlesworth. has become manag- 
ing du^ctor and Mr. P. r. Mead, 
deputy managing director. 

- * 

Dr. David Smith has been ap- 
pointed chief executive of ESbO 
CHEMICAL from August 1 and it 
is expected that he will be elected 
a director and chairman of the 
board. He replaces Mr. Michael 
IL. Sehfmmenti, tv ho has become 
vice-president solvents and agri- 
cultural chemicals, Exxon Chemi- 
cal Company. U.S. - -• 

Mr. G. W. Scarle has been 

Sir William Mather 

A group of companies 
trading as timber 
importers and merchants 
and manufacturers 
of timber frame houses. 
Located in East Devon. 

appointed chairman and manag- 
inir rilrpplnr nf the LONDON AND. 

Current turnover 
in excess of £500,000. 

For details contact box G2092 
Financial Times 
10 Cannon Street EC4P 4B Y 

ing director of the LONDON AND. 
-PANY in succession to Mr. G. F. B. 
Grant, who has retired' as chair- 


Mr. E. F. Bigland has retired 
as deputy chairman and as a 
director of the TRADE INDEM- 
Haslam has been appointed deputy 
chairman and Mr. P. R, Dugdale 
has joined liie Board. 

Mr. G. G. Kluss. manager of 
BANK AG London branch, has 
been made deputy general man- 
ager from July ^1. 

Mr. W. McGhie. company secre- 
GROUP has retired and Mr. I.-R. 
McNeil and Mr. T. W. Waiter have 
become joint secretaries, 
i * 

1 Mr. Gordon Legal has been 
i elected chairman of the CONTI- 
succeeding Mr. Tom Kay. Mr. 
[Roy Pedley has become vice- 
chairman. / 

Mr7 Cbrisloplier Wlllb has 
I been, elected president- of .the 
i Quantity Surveyors’ Division of 
; ceeding Mr.Da^id Male. Mr. Willis 
1 is also vice-chairman of the 


with extensive plant .and skilled workforce t situated Snutheni 
England i !reiei?ks merger with large organisation. lUutrignt 
sale mayJiip considered . ) Turnover approximately £S5,000 per 

PrincipaJf only write Box (j— 104. Financial Times, 10. can non 
Street. EC4P 4BY. 

! Standing Joint Committee respon- 
j sible for the Standard Method of 

Mr. Donald M. Latimer 2 
been appointed an ' exeoiti 
director of ESSO P.ETROLE1. 
COMPANY with responsibiL 
for marketing from July L 

Mr. Barry Cull inn has be 
elected- managing director 
SKARPENORD UK, having be. 
general manager since its form 
lion 'Mr, Leslie Cunningham, 
director of Fry’s Metals, wi 
Mr. -Brian Brooker-Carcy as l 
alternate, have joined the Boa 
of Skarpenord UK. 

Mr. Ian Gibson has b« 
appointed -finance director 
AUSTIN -HAIL, a member • 
Pentos Construction Group. 1 
was . previously financial managi 
and company secretary of Critti 


. Six appointments have bee 
made to the administrative com 
cil of the ROYAL JUBILE 
TRUSTS. They are Mr. W. . 
Chahners, Mr. A. V. Kirwai 
Vice Admiral "Sir Gerard Mam 
field, Mr. A. J. D. Rees. Mr. C. f 
Ross and Mr. D. Stevenses. * 

The Administrative Cotrndl 1 
responsible for awarding grant ■ ; 
from King George's Jubilee Trus“ 
and The Queen’s Silver Jubile 

Trust to projects which meet th-~- 

a hns-of-the Trusts - 

Mi* Robert I). Tfngcy has beer 
appointed controller' .of ■ financial—— 
services, BRTnSH SMPBUHJ) 

ERS. • 

■4r - - 

Mr. Leslie R. Pineott has beet 
elected to the Board of CANADA 
PCHLVTION. Torpolo. Canada, anr 
has also gained, the Board oi ' 
COMPANY (UK) as chairman. 

■ * . 

' Mr. Anthony - T. Clothier ha. 1 . ; i 
been elected - --president of the- 
-TUKE^S r FEDERATION for 1978 
1979.- and Mr. Richard. M. JoncF 
has been appointed vice-president. 


Mr. Miehael A. Hovey has been 
appointed managing director of 

. s t 

\ ' l 


i * • • 



Limited Company! 



ownirfc land bank with planning 
permission, valued at about 
£100,000 and tap losses of 
arouid £300.000. 

Principals only please apply to Sax 
G.2042. Financial Timer. 10. Cannon 
Street. EC4P 4BY. 

For Sale T.o. approx £160,000 
with spare capacity. Good pro- 
duce lines await exploitation. 
Good labour force. High growth 
potential. Located North West. 
Write Box G.2J09. 
Financial Times. 

10. Cannon Street. EC4P 4BY. 






Salas of approx. £750.000 per annum, 
large proportion exported into Europe 
at raaliicic prices. Brand laidir in its 
price range. Would sil't cither 
jlumininum die-easting tom pa nr or 
piastre moulding company. At present 
all -work sub-contracted therefore 
profits never being maximised. 

Please reply to-' 


» Alma Square, Scarborough. Turks. 

F.TJlO. Mr. B Leeiinfi 

Established Plant Hire company 
situated 5W London for disposal. 
Available with yard. Will only 
consider principals. 

Write to Box G.2108, 

• Financial Times, 

10. Cannon Street. EC4P 4BY- 

15th May, 1978, NOTICE is now . given, that 
the following distribution will become payable to 
AUTHORISED DEPOSITARIES on and after the 15th 
June, 1978, against presentation to the Depositary 
(as below) of Claim Forms listing Bearer Depositary 
Receipts. . 'V } ' ' . . . 


UNTT -- 7-50 CENTS 





D-ialinr in scenniws with »E'ted 
trading lo»c* o! about £250.000. Still 
trading and «'llm^ to sdl with or 
without present holdings. 

PRICE: £19.000 
t Elmcroft Aranwe. London 
NWl 1 0RS 01-458 5384 

Freehold premises. comprchciwi>»e 
plant, r-irnover £500.000 p.0... 

location West Midlands. 

For further details apply 
Soa G.2107. Financial Times. 

10. Cannon Street. F.C4P * BY. 





Repetitive comoonents with esuhlished 
customers. Frecnold orcmisis and land 
lor emAiolon. Ample macMncry. Great 
potential tor Increased turnover and 
profits. Bona Fide onlv. 

Mr. GilCS , ! rl BcaoKtev 0 rtroobald3. 

Cnarrcred Surveyors. 

22 Market St.. Nottm. 0602 agrsi 


24 Bank Street, Sheffield SI 2DS. 
Phone (0742) 739108 


CONVERTED at 51JS425 •=■ . 3.45997 PENCE PER UNIT ' 

Barclays Bank Limited, 
SecuritiesSeryices Department. 

54 Lombard Street, EC3P 3AH -, 

15th June, T97S 

7 {% 1972/1987 Loan FF 175,000,000 

Notice is hereby given to bondholders , of &e above Idaff 
that .the amount redeemable on August V 1978, -i.C- 
FF 8,750,000 was bought in the market ;; 

Amount outstanding: FF 157,509.000 
Luxembourg, June 15, 1978,. 

European Investment Bank 



An established Merchanting, Manufacturing or Agency Business 
(with pre-tax profits up to about £100.000 a year) in speciality 
commodity articles is sought for purchase by an international group 
similarly engaged in soft commodities. 

Principals are invited to exchange preliminary particulars 
in confidence through : — 

Mr. Michael Ross, FINNIE ROSS WILD & CO., 
Chartered Accountants. Lee House. 

London Wall, London EC2Y 5AX. 

01-588 4100 


AC a MmUrs ol the Board of Director* 
new todov, (tie tolloMKiB dividends were 
dccloruri; “ 


A dividend, o i 4ttv cants <5aa per share 
on tho outstanding w-00 par .value 
Ordinary Capital Stock in respect Ot the. 
roar 1978. W vMch twoncv-ftve cents tZSO 
ocr share l> the proceeds or a oivtdtnd 
tram Canadian Pacific Investments. UmTtcrf. 
payaoic In Canadian funds on July -28V. 
1978. lo Shareholders- of record as at 
the close ol bosinos on Jane 27. 1978. . 

FF. 30.000.000 8^t% 1971-197* . - 
‘ •- v ' . jjpND..' ISSUE ' 

■t. accordance' wtth the terms ot the 

A dividend ol ririrty-sf> point twenty-fire 
cunts 136.250 .per Share on the outstand- 
ing 7iili Cumulative Rodcwnahle . Prefer- 
red Shares. Series- A. payable in Canadian 
funds on July 29. 1978. to Sbaretioldera. 
ol record, as at the close of business on 

June 'STOCK • 


outstamMnfir •-«- a nominal amount-jo: 
FP. 5 2 JO O.OOO. win Jm redeemed at MT 
Irom the' lot of AM|Wt I37B-^r»W*>" 
no. 7 os at let of August JD7B.- •- 
^ . Payment will • bn- made free of 
bv any ot the iMdemmtMoMd- P^W 


Well established Private Company engaged in distribution of 
industrial threaded fastener* is seeking regional expansion in the 
South of England, preferably Home Counties, by acquisition of 
existing distribution business. 

Write ficx G.2099. 

Fj/urnciq/ Tirpez. 10. Cannon Street, E C4P 4BY. 

I A dividend of two por tent 12*61 on. the 
OuUtandiOfl 4% Prctorence Stuck 
respect ol the vc«r 1978. payable- on 

bv anv ot tho underweMtotad PayiM 

' •- ' ..‘.j’. 



respect ol the year 1973. pavaoie-- on 
July 29. 1978. to Stockholders ot. record 
as at tho. close ol busiBffss on June 27. 
1978. - : 

By Order ol the Bojrj!. . 

Vice-Pr«r*tnt & Secretary- 

Jpnc 12. 1978. - .. *• 



\ 197§' 


' - :TJie Wcjiioirs. or Richard «>nality _ whose only trusted day need them as insurance 

-j i f Sidgwjck & JackS^ rv^ft' 1 " stulct . t0 i 8 ^ 1 , and fi Sht against turncoat aides such as 

'I f - UfiO paces • *L il.,.50, aggressively, or that he is a man John Dean, for whom he reserves 

S — y B •■:•■■ w iw has become inextricably his ultimate vitriol. 

-} r • Tn nisnviviut , 1 , .* . - cauyht up in -the. web or his own In the Nixon view, loyally over 

■ titriT ^^Hnmst inslnic- self-justiflcation and deceit to Watergate was the litmus test, 

i »*« Nixon's the extent that he emerged The Press are dismissed as rava C - 

I : ?S?nE t^dr, S?u e have incapable o.f ^seeing the world ing vultures and the former Presi- 

!■' •^ 1 ‘r i ^A o J 0 ^heather Water- many otherlight. dent does not even deign io 

f?„L tw- H 811 P Qh cy- This-is be- Those who had fondly hoped mention by name the two Wash- 
v? ? eoio nstr.*Ue that the that the. Memoirs would contain ington Post journalists. Wood- 
JESS?*®!*' paranoia, the often the truth about Watergate or ward and Bernstein. who 
«£■* i-i us ~ gainst them ” fascinating insights into the great uncovered most of the dirt. 
TOemajjty, permeated down to .the foreign policy initiatives of his EUlot Richardson, who resigned 
mundane. -matters. . There Presidency wili. he largely, jf not as Attorney-General because he 
l ?_pe former Presi- entirely, disappointed. Nuggets would not sack special proseeu- 
^fl ra 5 * ye ^' vtrtuaHy no . subject do exist, but, they are not easy tor Archibald Cox. is portrayed 
inai ranjiot be reduced to to find in this’ l’J20 pages of as weak. Many Congressmen 
parti stuv considerations, be it a recollection. ..This is in part who on the weight of over- 
fjonunation the . Supreme because hia prose style is a major whelming evidence. ‘ became 
or assistance to poor deterrent, flat^ . • unemotional, advocates of Impeachment 


. T I ON 


Devon girls 


, . much poetry and mystery hidden Egyptians — and bleakly disturh- 

t Moons Otiery by Patricia Beer, beneath the innocuous surface ing. The effects of the act of 
Kuichlijton. i-J.95. 207 pages 0 f mis tour de force. jealous cowardice perpetrated by 

1 r~T“ ; — . T* There is poetry of a different the unlikeable-^but are we. not 
Quaram.iif by Nicholas Hasluck. sort j n t ^ e Australian Nicholas all unlikeable?— narrator, now re- 
flHicmiHan. £3.95. 194 pages - * * =>— - ,, j * • - ! - - 1 ’ 


Nixons everyone else out of step 

a holiday resort and which. It 
nsv inc RODUCUVS are has f 10 be sa| d. are always 

attve leader skewered by a and" in ; part-- because he' has the"''' faithful— Hal deman and Jesigoed to show himself in the 

fltnlllAe . • If KiivMiunwiifli, dUVUlOlti U» till CAV. U Ul C U l Ul 

® “W*®* which often written without any sense resignation, are singled out for 
aut not find a righteous conserv- of personal involvement at all hypocrisy. The “good guys "• are 

Stive leader' skewernrl ' hu a anrf in : naff'.- Kiioaiico he. 

ruthless coalition 


.... . . liberal elected to discuss Tils life chrono- Ehrlich man: even after they had ^. est i?/ 1 * 3 . ,n “? r 

politicians. and a liberal Press logically, from. the very begin- left the While House and were Nevertheless, he does leave the 
Vito scant regard for truth and ning 10 the bitter Watergate end, facing prosecutions that sent impression that : 1 or all their vast 
honesty. rather than by sector or subject, them to jail. Alexander Haic. intellectual differences he and 

It xs strange to find a.persecu- The one saying grace is that at the chief of staff. Mnnolo Kissinger worked well together 

tj on complex of such unrelieved least there is a~ decent index. Sanchez, the valci, "Behc" and rppecied each inner, 

depth in a man who, after all. On Watergate, the overriding Rebozn and Robert Abplanalp, Buu in the end. what is one 

spent nearly 30 years in the top- impression that hie leaves is that the personal friends, and the to make nr this hook 1 : By turns, 

most ranks of American Govern- he never understood that he and Nixon family. it is sirossly partisan, self-serving 

ment and politics. His critics, of his aides had done anything And Henry Kissinger, the vindiijuve. maudlin, narrow and 
course, have always believed this seriously wrong— or anything Former National Security Adviser mean-spirited. In pan hecause 
was an integral part of Richard worse than that perpetrated by and Secretary of State comes of these factors, it is also inter. 

Nixon’s make-up but there had his democratic .predecessors — pretty well out of the Nixon miUently fascinating. It does not, 
been the hope that four years of and that solving Watergate was Memoirs, having, for the most on balance, add a great deal 10 
contcmolative exile in California essentially , a. , public relations part, performed the difficult trick ihe sum of human knowledge 

might have brought out in the problem. It is intriguing to of distancing himself from the about Richard Nixon, and that 

Memoirs other qualities, perhaps read that when be first reviewed President on the domestic tur- « both fascinating and u nsatis- 

an understanding of the sense the infamous/ “smoking pistol " moil while continuing to work factory. 

and sweep of history, of charity conversation on - June 23, 1972. hand in glove on Foreign Policy. If I- had to give advice, I would 

towards ideological and political with Haldernan, ' disclosure of The president's book is weak in probably follow that being 
foe, or even the occasional which ultimately. ..forced him laying out the conceptual think- offered by jn organisation (in 
admission of personal responsi- from office two ; years later, he ing that went into the new America) which object*, to p:ir- 
Taility- . could really" see nothing Foreign Policy overtures to liciparcts in Watergate profiling 

The Memoirs, except when . it In due China and the Middle East and from Iheir misdeed by literary 

they deal directly with his own course, he concluded otherwise the summits with Russian and other ventures- do not buy j Farm 

Hasluck's first novel. Like called by him in secret in his old 

Mamo liv rmiin ...... Patricia Beer, the author is a age, remind me of Lord Jim. 

from 'ihl French' bv n Raloh P° e L Bom in 3942. be has studied The allegorical power remind-. 
Manheitr, ? «•« «■> law in Australia and at Oxford, me or Patrick White; but this >s 

U,lhna - H 2S - 18 “ has worked on an English news- something in the range of any 

F " paper, and returned to Australia Australian — and Nicholas Has- 

tni.n 10 years ago. luck seems to be the one why 

It is not Patrick While's fault, has brought it off. and clearly 

Gel t ting Through by 

McGahcrii F-.hVr and Faher u ,Ji not ^tnck Whites lauit. has brought it off. ana cieariy 
£ 4.3 151 ’ hut there is no doubt that he has at very- great effort. He is 

— !_ 0 cast a shadow over Australian powerful, but not at all in 

Hospital Weddln n : Slones bv fiction. He has even eclipsed the White's manner. I have not been 
Jennifer Dawson Quartet, work of his great predecessor, as impressed or moved by a first 

£4.95. 125 »as:i?s Henry Handel Richardson — novel for almost as long as I 

whoso The Fortunes of Richard can remember, and I recommend 

as well as Tor 

Buck's good-hearted hut non- welcoming a- truly important 
literary The Good Earth. Some writer. 

Mama, written by 

a man so 

sne lias aone very _ u-nrthv fnl lower to White- . » ruren y.' « 

1, originally, and charmingly. K Ut t jj e judgment that he has J ealQUS of bis privacy that h 
- ™i unusual ll'tfo 'S^mineiotlobl refused _ the Pm Loncourt . 

Nicholas Hasliick: new Australian 

Paine i , R PH r h>« rVin Mahnncii certainly deserved the this Tor reading as well as r 

mOSt i'mcuH of .H ^nrc S for Nobcl Prlz, »«. . 0... Pe a rl iow.rd dl.«th».. I.tbink W , 
her n'r.sf -*r,rk of fiction: tile 

•s;; c ?r , s; , h j°ss^ ss 

wetl, - - 

and ini 

effeeme the" new S£ fl^o^ IS mWMSV- h' a um«...^n.y 

more l.y »_he fact that the D f fir-tlon. and now i-omes to u* .in ij . good perhaps. fc ; . ih tf b.u-, line -f vir-.n t 

apthor i-Miu-t-niraies more on the This is a tense, subtle, excit- ' ro . ns ' a I[ nn , b . y ,r ^ h -‘‘harr-story nut 

Devonian — l hough never m a jns novel set in Egvpt in about «r ,anh r »- SP kJv’ streiches 0111 behind hirn. Ni-n- 

sU-aine.J ■* jy— than on iho 1937 . n \ s WTitlen in retrospect VhV Shi Sifw A JIhn n, C .?= or thtse was S ieatev— ihbu-j'n fnv The point is that hv n distinguished lawyer some s fac t still y«'«ex uniwr-^nised — 

there 1 ? iuere of the Elizabethan 46 \ears after the event. The * a .*f" lb a “ p“. . C h ' 5 . than Uvurae Uni.r*-. wh.i v.-i i:-.i- 

m- the t relatively) unspoilt nameless narrator relates, in a fj Vf, 1 - nf ihe ehildrHn probably, the imwt ruhu s ; L i-iisc 
Devonian than almost any auihor mood of moral terror, events J* this mlniiin.-ss in Gcffii. / 

could ci hivj upon in any other which occurred 


. The *>1 < -ry i.< simple enuut. 
the « ; n I v.urd iliat adequalely 

d.esi-ri be*, m i 3 "sweet.” The vil- ucumeu i «««■ . - ■ - _ . . 

lage of Muun'.s Olterv finds small, deserted port on the Suez ^ , first of ih-.-se xim-iv- i:-.-:i:e «.F 

business." "sordid Gorky: it is also reminiscent of ) niwci . n i couple who b.-j-. -.- F;h-.-- 
There can be trivial those remarkable tales dictated de*ij jt financial ijcriii't- 

1 tin tdll . - , rw < 

I serious jussads. But , 10 , Pa r 

usriffoi* who has ihe knack of j. 


order ni.r be "raei'-i": tbi.-i 

theories about Richard Nixon: destroyed- the tapes, he sajs. affairs vignettes, which read at boih .conscience 
that be is a deeply Rawed per- because he thought he might one times like pic Cure postcards from will bc ^ served. 

Sadat’s story 


7^ r— T — -r — — rr in ihe Delta... intense pat- Jr tells us of his relations with 

rSSmmntSk riotism corner powerfully across Nasser, whom he portrays with 
WmjK,™ 131, vxmins., _j 1e maintains' tlwt his identity affection but also as a paranoiac 

a < a: pages- ^ ancl Q f Egygfe were "one and suspicious man. suffering 

President Sadat's autobio- and the same-, thing." It tells from “ intractable inner con- 
graphy does not in the end pro- ns of his sehemings and. in fljels” who “died without ever 
vide the- answer to his identity, the early days^ -.'often farcical experiencing joie de rirre." He 
It shows us how deeply and efforts to have Egypt liberated describes how Nasser felt be 
. emotionally rooted he is in from the domination of the (Sadat) was safe enouch to be 
Egyptian village life— in parUcu- British. King' VrNW. the Bus- selected his sole Vice-President 
lar Ms birthplace. Mit Abul Kum sians. and abovt. a J&tbe Israelis, and therefore constitutional suc- 
r ■ f*- " -jm mriiilrpnr 


1 ECONOMIC - ACTTVITT— In dices ‘df fnduscrral prodnciitfW-h»rw- 
■ facluring output, engineering orders, retail sales volnjgc’TifffO-- 
100); retail sales value (1971 = 1001; registered usgiiployment 
(excluding school leavers) and unfilled vacancies! (OOusj. mi 
-seasonally adjusted. J 

IndL Mfg. Eng. Retail RetaiF Unem- 

prod, output order vol. valire ^ployed Vacs. 

. . 1977 
1st qtr. 
2nd qtr. 
3rd qtr. 
4th qtr. 

1 st qtr. 























11 ? 

163.3 21 
102.5 -. 222.0 

104.3 /234JI 

104.4/ 239.4 
1064 246.0 







249. S 


















OUTPUT Bv market seetor: consumer goods, investment goods, 

intermediate " goods (materials and fuels); engfneenng out^ 
metal manufacture, textiles, leather and clothing tl9<0— 200), 
housing- starts (000s, monthly average). 

Consumer invst. Infmd. • -Eng. Metal Textile rjoqsg. 

mods ‘ output TTinfs. etc . start s* 

goods goods 

1st qtr. 
2nd qtr. 
3rd qtr. 
4th qtr.- 

1 st qtr. 









' 98.8 


115 2 



































101 J) 





25 j 





EXTERNAL TRADE— Indices of export and import volume 
(1975=100): visible balance; current balance; oil balance, terms 
of trade (1975 = 100); exchange reserves- ^ 

Export Import Visible Current Oil Term* Kesv. 
volume volume balance balance balance trad e USSbg* 

1st qtr. 
2nd qtr. 
3rd qtr. 
4ih qtr. 

1st qtr. 

















+ 54 







+ 45 

+ 486 

— 657 



118^ • 



+ 71 












— 338 



10a .5 




.+ 43 







-27 9 

— 189 

- 208 





+ 343 











in sterling to the private sector (three months’ growth at annual- 
SlSrSswfc- «d» mansion i fm); buildln- sodeues- pet ,■ 
in Sow; HP, new credit: all seasonally adjusted. Minimum 

lending Tate (end period). - 

, ‘ . . Bank. 

M3 advances DCE 








1st qtr. 
2nd qtr. 
3rd qtr. 
4th qtr. 

1st qtr. 
April \ 






. 25.1 



- 8^ 






5.3 - 74 

5.5 +769 

20.3 +365 

8.4 +698 
8 A- +161 

173 +1,819 

17 J 




































. 9. 

INFLATION— Indices of earnings (Jan. 1976=100), basic 

materials and fuels, wholesale prices of ? FT 

/iwn— inni* retail nriees and food prices (1974— iw/. ri 
Stod” into ' ! (j5H*H=100); trade weighied value of 

steriing (Dec. 1971-100). 

Earn- ' Basic Whsale. 


ings* matls.* 



Foods* comdty. Strlg. 

1st qtr. . 
find qtr. 
3rd qtr. 
4th qtr. 

1 st qtr. 
Feb. ■ 
April _ 






J 24.8 




























‘ 1X9.5 






194.6 201.6 






2 HUM 

83 JS 







1 Not seasonally adjusted. 

cessor. There are indulgent 
m usings on his concepts of 
power, loyalty and love — and yet 
the real Sadat rather than the 
skilful poseur never really 

‘ :ln many ways this is his 
supreme gift. U was shown at its 
best. 10 the dignity of his historic 
address to the Israeli Knesset in 
Jerusalem last November. Use- 
fully, (he speech is given in full 
in an appendix, and it is striking 

ai-.-i’avs get written w v 00 nas . ! ne * ns * CK Ul Presenting En ^ ish fJ:(r ia oix-iw?d by nJaVl; 

1 apoiu-vn --aiior. .\avier. lurris up o;i as m»ial. This one seems to ? A re ^, n rnuph C Iv°enif?v ir,rur ** , *‘ ? 

and curiosity j in lhi . i»|j -e. And so things take be t ri vial: but it is in fact deadly. „ A matists and prubably vverynm* 

(their umr.-e. and it ends with The novel might be said to be jjje. ° else who lacks a svn«e of hunmur 

Rosalnnl •.•yclaiininq to Mr. Suck- a translation of the word fascad 5 *ad— ^ Chagall like pano- The n , her yro n -ji h.-5< keen 
hitch: "The in 1 si: n’s everywhere —and a profound one. It is at ra,na - in thc-ir revelation^ or vanou? 

we ;:r>-n H- lolls her that is unre coma- — the author is quite Finally, two volumes of short sorts of drabness and the 
a Irivl: of the light. There is as good as P H. Newby with his stories. In Getting Through John humanity it hides. 

Salt of the Italian earth 


: is a noble attempt to show the 

Hi.slory by Elsa Moranle, trans- poor, insulted and abject of this 
lai’.'d from the Italian by wor i^ caught up in storms which 
Willjani Weaver. Allen Lane. ^h e y only dimly comprehend 
£5 P5. 562 pages except when their own lives are 

threatened. It will probably take 

Entry for July /August 194^. expressed in human term* Sue 
Unsuccessful landing of the has no hope, except v. Iu< -l:c 
Allies at Dieppe on the can provide for herself. She is 
Channel. Almost all men half-Jewish. ju<i to add anmJuT 
engaged are killed. twist to die rack. Her elder sun 

The last sentence couldn't an horniic with a 

at: actor and patriot 

lias a work of iiigh importance, is partly because the historical public history has to carry its boy Useppe. and omy 
fe I Certdinlv it ought 10 he read notation, that is the summary of own conviction. Dostoevsky, was certain or m? 

b i seriously itere For nivself, l still each year's events as recorded in The private stories of Elsa touch with . sue 1 people, i-n*. 

I cannot make up my* mind. It public history, is maddeningly Morante’s suffering poor belong sometimes not even ne. 

1 belongs 10 a kind of fiction, with inaccurate. Eisa M or ante does to a quite different level of Stripped uf its forma.' history 

-nc- foot in instant history and not seem 10 have had access to literary- seriousness. Her main these stories of live- strugaiini 

Min Short— Violent matters 

Imp 1 

demolish the claims to legitimacy object of sentencing. is ta reduce nrc the suojcct of care procecd- 

- . - 

many of whom were looking for Egypt, nhc 1973 war and thej 
some treasonable bhindcr in his Amwtciui-backed peace moves u 
wor j s represeiass a contradiction. Sadai 

At the same time. Sadat got » ‘ 1,01 * . J 

himself into ludicrous scrapes. ^ f i 

Ira 1041 l_ _ T\mnii tr. I'jlinnk C l m hlS WP rPt/QC^ / 

is obviunsly expected to conclude ! a 
lus first revolution only to find the opp^ne. For Min, the phihA 
at Mena House just by the SO p{jicai e turning-pomi was isola-fX- 

^yramias mat no units oiner t j 0n Q e( j 54 during hu zn.i,.--- «-,t Weapons, bv Jozef m the IRA. Whether his defeat criminality as opposed to the ings because of parental neglect 

man bis own had turned up. on i m pr iso d ment under Farouq in. n ar un«ki Julian Friedman, at ih<? last Irish general election moralist view that offenders arc made to feel criminal 

me night of the coup itself in lait,.' forties. There he was [ , ; = « n?V es -144 ihe had previously been Minister should receive the punishment Baroness Woutton advocuies that 

1952, he was at the cinema with forced ‘Mo seek the companion-! D Tor Posts and Telegraphs, and they deserve. She would like to all children below vunipi , l*or.v 

his wife. In 1971 he promised ship of /-that inner entity 1 call; therefore for bicadcasting, in see imprisonment limited to school aac should he reniu’.nl 

that year would be the year of •self* 1 "’^ and developed, andi The recent release of classified which capacity several of the cases where the public need pro- from the criminal law end be 

political and military decision— ratio aafrsed. his approach to : documents after 30 years, and the speeches here reproduced were tection and substitute more con- dealt with within the educational 

provoking a stream or jokes solving ^profound problems, per- j TV srriek on the secret war. have made \ was a result of this stand structive alternatives of which system. 

about presidential decrees sonar mid political, l brought the secret weapons of against the IRA, neither he nor community service schemes (her The book is not address'd to 

extending the calendar in- But (the main poin' about; i*,... past war well to the fore, anyone else can be sure. But it ia ea ) aj e a start expert crimmolugmt.s out tu mm- 

deflnitely. SadaU | whatever philo mphi cal I sir. GarlinslU does not add much seem? likely, given thai deep seoarate chanters deal with professionals mtuivsird jn me 

f dress up in, ; lr , what is already known and ambivalence towards the IRA SDel .ifl p nrnh | pm< s ueh a s mur- ,aw such . a<1 magi»;raies and 

can be persuaded to be less expect, cynics might .say, of | weapons,' which 

unbending. In each case, he someone, who finds . himself; reward, 

managed to break free spectacu- through- a psychiatrist's article 
larly when others had concluded in the, Reader’s Digest;’ j. Ii is 
he was jn a cul de sac. He pretentious (where did he get a 

recently went so far as to predict book jb-y John Stuart Mill cn- 

another act of prestidigitation for titled , ‘^TTotalitarianism, Liberty 
July 23. the. anniversary of the and Representative - Govern- 

1952 revolution. 

ment ■ Dram?). He presents his 



nujt .11 jimnc-e their how justified by the Protestant/ w jjj agree with her that the . . . ... 

enslavement to the British power in Ulster) and the attem p? of the Children and l- 

Jnion, even more notion that the IRA has some young Persons 4ct 1969 to “de- digestible iurm. rh. ,h ■ . ■ 

nc.---.juuu historical legitimacy I the notion ertminatise -^hc procedures for thc - trf diuil r 

Another is the remarkable skill 1 hat the Irish State was created young offenders has not been in 

and inventiveness shown by the ^ v . and thanks 10 the UtA). Gnt jreiy successful and in fact 

Germans, which lasted right up ^ e , ithe . r ]mB of . a t tac,t was ?®|' some think .that the reverse has the e 1 r r 
to the end. matched by abysmal eulated to win popularity, happened in that children who 

lack of political skill. This was expert*] J.v as Dr OBnens P re- ■ 

exemplified in the alienation of Vl0US career had been read by, 
the peoples of Eastern Europe 1Tial }-' a<! - kDtwmpenalist and 


by (he brutalities of the occupa- anti-Bntish. 

turn, while at the same time these purely literary ^terms. a 

people were allowed or compelled hl , S 

ir. work (and spy) on the most J ?« “{IJilSbfv 
secret projects and also in the wor *'- and there is inevitably 
corrosive struggles between the some repetition. It cannot there- 
empires of the top Nazi bosses. for,) C0,,nI as a maJ0r eontnbu 

the exotic and appealing selling 
of this smoothly-told story. An 
American historian (fully and 

The beginning of the book j 30.000? 
engagingly characterised)* is in- fnps ypju at once; a young train 

r ■ ■ • — 1 . ri n nor nine. •» n Oiimnont 

which could well have ^ne witness to In such an 
:SniM0? CaSC ’ Xi 11 had bet extraordinary variety of roles. 



parenthetically, the romantic father idrnshed the Express. He 
Story of a bold heroine, whose thinks h** has seen a ghost, and 
descendants then become a vital, ~ f w a 2, 1 11 “ lmos t seems; 

disturbing part of his own life, be has. , Blackbura's investigator. I 
Sinclair blends skiHully his two Colonel .Archibald Vayne, 15 a 
tales, a century apart, offering welcomed invention,- an outra- 
a canny contrast of espionage Seous sifob,. racist, twister, but 
then with the same, far rougher, persisten-t and nor without intui- 
activity now. fJ 0Q - ! Unfortunately. the 

denouement is also outrageous. 

(Scroll: Reflections on Political 
Violence by Conor Cruise 
O'Brien. Hutchinson, £6.50, 
236 pages 

Crime and Penal Policy: Reflec- 
tions ou Fifty Years Experience 
by Barbara Wootion. Allen and 
Unwin. £5.95. 261 pages 

Exit Murderer by Sara Woods. Meant t«. be -chillingly horrible, 
Macmillan, £3.50. 191 pages it is. on' the contrary, close to 

laughable, a severe let-down. 

This is a more talkative novel ,| many of them in America or for alntiemen 

than most of Sara Woods’ excel- One of tCs Must Die by Anna i Americans. There is no index. JJJ ‘J 
lent Antony Maitland series. ciarkie.H Collins, £3.75. 193 1 but a scattering of footnotes. „7 i 

Though there is a good deal pages r '-if the plays, I am no judge. * 

Of action, 

it all takes place 

offstage; and much of Ihe time This ti^ne, Anna Clarke’s story 
Maitland, his wife, his austere is set fcn£tho present (after her 

Uncle Nick and the other charac- splendid'* Victorian story The! . ... „ . . 

ters sit around discussing events, Ladii in Bloch); but an event j least. t w o of the three were) in k K°- Baroness Wootton has been 
summing up past events and from th-e; past— the death nf a] Dublin- Their message and closely involved in criminological 
planning the next steps. Since child— ogpts a long, troubling j purpose was political, in the matters as a JP. life peeress and 

Barbara Wootton began ber 
"criminal career" in 1926 when 
This book is, in essence. 0 she was appointed a JP for the 
statement of Conor Cruise county of London. She was 
O Bn i^n. s position on Northern pearly 29 years old and yet not 
Irelj’iu. ]( i s a collection of qualified to vote. In those days 
essa/s. . articles, speeches, re- magistrates were completely un- 

sh .°r t pla '’ 5, a11 * , . ,5 . 0U J trained and on her first attend- 
thc-uoe or violence for political an0t » at C0Uft was deeply 

ln shocked to find that one item on 
tly ab ? t U - SlCr ' agenda was to re-elect two 

mjn> A T n I a gentlemen, one blind and the 

deaf, to undertake the 
inspecting the public 
Their style* strikes me os hrjuses under ,h(f magistrates* 
rhetorical and flat But presum- Jurisdiction. This book discusses 
ably their main Importance is central issues in pemil policy 
thai they we re performed (at slnce „ Tha t date over 50 y earS 

all are very articulate and shadow., ' Basically, it is 0 
urbane, the talk is enjoyable, husband-wife duel that con- 
tone the pace is sometimes frus- cerns its here, a situation as 
tratingly slow. Vera Langhoroe hopeless as it is real. The 
(who promises 10 be a regular domestic 1 horror deepens gradu- 
ate important member of the ally, inexorably: then there it 
Woods cast from now on) has an unconventional, muted coda, 
a habit of speaking in sentence beautifuUEy apt. 

Irish context. Only an Irishman a member of successive govern 
in that context could judge their ment committees, 
local effect The first part of the book 

Of the essays and other writ- contains a discussion of the 
ings. iho main impression must function and personnel of the 
be ihe consistency and political court and the nature of the sen- 
courage with which Dr. O'Brien tencing function. She is a 
has sought to undermine and reductivisi believing that the I 

Edited by Deny: Sutton 

The world's 
magazine c 

Arts and 


_ /*-•-• -j ryp W 

^ Li Ij 

Published Monthly price £2.00. Annual Subscription £2500 ■. Inland). 
Overseas Subscription £28.00- USA & Canada Air assitted SSc-. 
Apollo Magazine. Bracken House. [0. Cannon S:recc, London 
EC4P 46Y. Tel: 01-248 8000. 



ide figures anti-climax for both Gilts and 

fitly easier tendency continues after official close 



Account Dealing Dates 

* First Declare- Last Account 
Dealings tions Dealings Day 
May 30 June. 8 Jun. 9 Jun. 20 
Jun. 12 Jun. 22 Jun. 23 July 4 
Juu.26 July 6 July 7 July 18 

* " Hew time " dealings may taka place 
tram 9 JO a.m- two business days earlier. 

British Funds and leading 
Industrials passed a rather 
subdued trading session yesterday 
with underlying sentiment being 
m A Heeled by uncertainty ahead at 
the May trade figures. In the 
event, these proved mildly dis- 
appointing and the dull tone 
continued into the late dealings. 

The Funds opened slightly 
higher, but doubts about the 
market's ability to cope with this 
week’s two large tap issues still 
prevailed and the short-dated 
..Jocks came in for a fair amount 
r . f proiir-tjikjng which brought 
final Josses of a half-point. 
Treasury 14 per cent. 1982. fell 
that amount io 107J. The longer 
maturities again tended to follow 
in the wake of the shorLs and 
early gains of ! were replaced by 
Josses of similar size at the close. 
Application lists for the flbn of 
12 per cent Exchequer stock, 
2013-17, open and close today. 

Lack oT support and occasional 
small offerings prompted a 
modest reaction in the Industrials 
leaders and continuation or the 
rrend in the late dealings was 
refiectcd in the FT 30-sharc index; 
this extended a loss of 1.7 at 3 pm 
to one of 2.7 at the dose of 471.9. 
Activity throughout the session 
was at an extremely law ebb. 

Elsewhere in the equity sector. 
h rather drab day was enlivened 
by movements in response to com- 
pany's announcing trading news 
;«lon" with bid situation*, both 
rumoured and actual. In the 
latrer category. J. and W. Hender- 
son were outstanding at 210p. up 
.Vi. on I he surprise bid from 
Cement Roadstone. Overall, prices 
movements were narrowly mixed, 
rises slightly outnumbering falls 
in all FT-quoted Industrials. 
UfTiL-ia! markings oF 4.845 com- 
pared with 5.163 on Tuesday. 

The oversubscription. later 
i bought lo be very sizeable, of 
the I7m Tjneside 121 per cent 
HJS6 issue underpinned Corpora- 
tions and gains, usually of a 1. 
were Fairly liberal. Recently- 
issued Fixed Interests were gen- 
erally uninspiring apart from 
Greenwich 11 J per cent 1986 
which, in -toll-paid form, improved 
] tu 4f»l and lirst-time dealings 
in XSS Newsagents 9 per cent 
Preference, issued by way of 

capitalisation to ordinary holders, 
at 93p, after 95P- A drifting ten- 
dency was discernible among 
Southern Rhodesians and some 
bonds were two points lower in- 
cluding the 2s per cent 1965-70, 
at £52. 

After a spirited start to around 

115} per cent, the investment 
currency premium reacted quite 
sharply to close near the lowest 
of the day at 113 per cent, a loss 
of 1 } points on balance. The 
cessation of recent demand con- 
nected with a placing operation 
involving Swire Properties, the 
Hong Kong-based concern, con- 
tributed largely to the easier 
lone. Yesterday's SE conversion 
factor was 0.6653 10.6566). 

Activity increased In Traded 
Options and the total number of 
contracts done improved to 557, 
the highest figure since June 1. 
Interest continued to centre 
around ICI and here 1% deals 
were recorded followed by 125 in 
Land Securities. 

Renewed demand lifted Euro- 
therm 6 to 16$p, after 169p, in 
Recent Equities. 

Guinness Peat down 

The major clearing banks 
drifted lower on light profit- 
taking. Further consideration of 
the proposed share purchase of 
Investment Trust Corporation 
cum cash resale to the Post Office 
Pension Fund left Barclays 5 off 
3t 330p. Lloyds relinquished a 
similar amount at 275p as did Mid- 
land at 360p, while NatWest 
closed 3 cheaper at 270p. Else- 
where, the chairman's reported 
bid denial prompted dullness in 
Guinness Peat, which lost 10 to 
245p. .Among Discounts, Union 
finned 10 to 33Sp ahead of next 
Monday's interim figures, Gerrard 
and National edged forward 4 to 
182p and Seccombc Marshall and 
Campion gained 3 to 230p. the 
last-named in a thin market. Com- 
posite Insurances rarely strayed 
from their overnight levels, while 
Willis Faber put on 5 to 262 p in 

Breweries closed little changed 
following a quiet session. Guinness 
edged forward a penny more to 
177p ahead of tomorrow’s interim 
report, but both Allied and Bass 
Cbarrington closed tbat amount 
cheaper at 86p and 15Sp re- 

Suspended at 160p during the 
morning, dealings in J. W. Hen- 
derson were resumed following 
news of the agreed bid from 
Cement Headstone worth 210p per 
share and the close was 55 up 
at that level. Increased specula- 

tive Interest lifted Brown and 
Jackson S to llfip, while Breedon 
and Goud Hill lime firmed 6 to 
lOOp in a thin market. J. Smart 
firmed 5 to 43p after recent weak- 
ness on the sharply reduced first- 
half returns, but McNeill fell 7 
to 46p reflecting the annual loss 
and dividend omission. In a thin 
market. Nottingham Brick moved 
5 higher to 2SGp after the in- 
creased interim profits and Inter- 
national Timber improved 3 to 
122 p awaiting today’s results. 
Leyland Paint finished a penny 
higher at TSJp, after 75p. mirror- 
ing newspaper mention. 

IQ moved between extremes of 
395p and 391p before settling at 
the latter price, a couple of pence 
lower on balance. Fisons, 
however, managed a smalt 
improvement at 360p, but Albright 
and Wilson eased 3 to 189 p await- 
ing next week's decision by the 
Office of Fair Trading on whether 
or not to refer the increased bid 
from Tenneco to the Monopolies 
Commission. Alginate, weak of 
late on the results and 
Chairman’s bearish statement, 
found support and rallied 3 to 

Secondary issues provided the 
main focal points in Stores. 
Allied Retailers were outstanding, 
rising 15 to a 1978 peak of 27Sp 
in response to the good results 
and proposed capitalisation • of 
both ordinary and preference 
shares. Buyers came for Owen 
Owen. 7 higher at S2p. while 
Executes revived with an 
improvement of 4 at 35p and 
James Beattie A put on 5 to I14p. 
Further speculative support left 
MF1 2 up at 88p. The leaders, 
however, closed with small losses 
after a thin trade. Marks and 
Spencer cheapened 2 to 14 Ip and 
UDS declined 3 to S6p. Among 
Shoes and still benefiting from 
Press mention, Headlam Sims and 
Coggins improved 2 more to 42 p. 

Apart from Muirhead, 7 better 
at 173p on small buying in a thin 
market, movement in Electricals 
were moderate. Racal Electronics, 
results due today week, hardened 
3 to 251p for a two-day gain of 7. 
while Louis Ncwmurk, ISOp, and 
Ever Ready, 156p, both finished 2 
dearer. By way of contrast, EMI 
finished 2 cheaper at 143p. 

Stareley Industries stood out in 
Engineerings with a jump of 25 to 
a J97S peak of 272p following 
better-than-expeeted preliminary 
results. Wheway » Watson edged 
forward a penny to I7p helped by 
the higher profits and capital pro- 
posals. while Williams and James. 
79p. and Baker Perkins, 102p, rose 
3 apiece. News of the group's 
agreed acquisition of Wilsons 

Foundry did little for Serck, 
which softened a penny to 87p. 
while Pegler Hattergley declined 
4 more to 162p following comment 
on (he results. John, Brown- 
annual figures due on June 2S, 
cheapened 4 to 362p among the 
leaders where GKN remained 
friendless at 251p, down 2. 

Shipbuilding concerns made 
progress on revived nationalisa- 

tion compensation hopes. Vospcr 
firmed 7 to I77p and Swan Hunter 
rose 6 to I34p. 

ing comment on Tudsday’s 
disappointing results, while Hie La 
Roe lost 8 to 352p. > 

Heron reacted afresh to* 12Sp 
in Motors and Distributors, before 
closing 9 easier on balance at 
l35p. Pennine Motor, a i firm 
market of late, met with {profit- 
taking and fell 3 to lOp, [while 
similar losses were sustained by 
Group Lotus, 49p, and Ann strong 
Equipment. 67p. Ha dwells j con- 

trasted with a rise of 9 toi 106p. 
after 103p, on the divEdend- 
boosting rights issue pntposai. 
Lookers rallied 4 to 66p «sai re- 
vived demand, while modest} gains 
were established by Rolls-Royce, 
9Sp. and Supra, 59p. Comoierciai 
Vehicles had "an isolated fin ti spot 

io Plqrton’s (Scarborough). J 

better at 83p. Crane Fnielsauf 7 
per cent debenture 1986-91* were 
marked up 21 points to £87 on the 
repayment proposal. 

Further demand raised ? Asso- 
ciated Book Publishers 8 tip 248p, 
but lack of interest in Newspapers 
left News International 7 down at 
258 p and Thomson 3 easier at 2aZp. 
In Paper/Prin tings. Tridani; were 
lowered to 48p - on imtnfl dis- 
appointment with the results, but 
recovered to end a net peony to 
the good at 53p. 

Leading Properties me 1 ! with 
little business and held their over- 
night levels, but the occasional 
feature appeared among secondary 
issues. Chnrcfibnry Estates? ffirtned 
7 more to 275p, after 280p. m 
continued response to the 35.6 per 
cent stake acquired by British 
Land, while Great Portland! ^Estates 
added 4 at 304p on tbejbigher 
profits and 50 per cent scrip issue. 
Apex. 210p, and Imry, I 315p, 
improved 5 apiece in thin markets 
and similarly Chesterfield filmed 4 
to 3QSp. Elsewhere, Rusdh and 
Tompkins put on 2 to 121pf as bid 
rumours revived. f 

Foods had little to commend 
them. Tate and Lyle remained 
at 17Bp awaiting today's interim 
figures, while Northern Foods. 

96p, and J. Salnsbury, 190p. put on 
2 and 3 respectively. Robertson 
Foods eased to 149p reflecting 
disappointment with the pre- 
liminary figures but rallied to 
close only a net penny cheaper at 
151 p. Other dull spots took in 
Fitch Lovell, 2 off at 63p, and 
Associated Dairies’. 4 cheaper at 
228 p. In Supermarkets, Kwik 
Save Discount improved 5 to S9p- 

Hotels and Caterers had an 
easier bias. Grand Metropolitan 
losing 21 to 107p and Trust Houses 
Forte 5 to 215p. Queen’s Moat 
Houses, however, attracted fresh 
speculative support and closed 
slightly harder at a 1978 peak of 

The mildly disappointing UK 
trade returns for May failed to 
make much impact on the miscel- 
laneous Industrial leaders, which 
closed narrowly mixed. Beecbum 
closed 3 to the good at 650p, after 
653p. while Bowater hardened 2 
to 199p. Glaxo drifted back from 
an earlier enhanced level of 
584 p to close unaltered at 53l>p 
but PMdngton lost 4 at 483p; the 
latter's annual figures are due to- 
morrow. Elsewhere, a resurgence 
of speculative bid hopes helped 
Letraset touch 144 p before a close 
of 6 higher on balance at 142 p. 
while Bath and Portland rose 5 
more to 82pi after 83p, on fresh 
speculative interest ahead of the 
forthcoming half-yearly figures. 
A report that its UK mining 
machinery subsidiary, Gultick 
Dobson has had to employ more 
workers to cope with increased 
demand helped Dobson Park 
move up 3 to 97p, while Flexello 
Castors and Wheels hardened 2 
to 56p following the higher half- 
year earnings. Avon Rubber 
hardened 3 lo 192p on speculative 
support and similar gains were 
seen in British Vita, 93p. Metal 
Closures, 98p, and WUkins 
Mitchell. 50p. Holt Lloyd Inter- 
national put on 4 to 141p, while 

hardened 2 to alp ahead of todays 
preliminary figures, while 
included in gains of 3 or so were 
Alliance Trust, 227p, Capital and 
National B, I20p, and Glasgow 
Stockholders, lOlp. 

Shippings were dominated by 
the performance of tote which 
fell 64 to 27 Jp on the dividend 
omission which accompanied news 
of the substantial trading deficit. 

Warren Plantations were traded 
actively after news of the sharply 
increased dividend and almost 
doubled earnings, but settled only 
3 higher at 242p. 

Goranmoat Seen 70.62 

Fixed Interest 72.4S 

Industrial Ordinary.... 

OM Vines ...... * SB l 

Ord. Dit. Tield— — a - 6C 
Bwnbigs.Tiaaraigf) 16-3* 
. P/B B*tto 8.2C 

70.79 70 j 
72.26 71.1 
472.8 *66 

DtdiijgiJiisrtod. ..I 4,845 6,163 4,96' 

Equity turnover £m...j - 68.70] 09.29 78. 

Eqnltv NmzriM total.. I - IlSJWl 14.466«19 .2971 17 

2 piu 412.9; 3- pm 4753- 
■ Latest Wex SKSWWB*. 

- Based an 52 vn cent corporation tax. t 
Basis 100 Cirri, 5 ec 3 . . 15/10/26. Fixed Ini. 1»28. 1 

Mines 12/1,55. SB Activity JutF-Dec. 1042. 


I 1978 (Since Compilation j 

Oils mixed 

Oils presented a mixed fpicture 
with British Petroleum filming S 
to 868p on Wall Street (advices 
and Shell shedding a co'nple of 
pence at 55 Op. Bunnah, up 2 at 
B9p, attracted a few buyesrs. but 
Ultramar eased 3 to 266p. Slebens 
( U.K-) were again volatile on 
r um ours of a pending statement, 
and dipped to 318p before rallying 
to finish 16 lower on balamce at 
332 p. investment dollar influences 
left Royal Dutch 4 down -jat £47. 
but firmness in Canada prompted 
a rise of li points in Ranger Oil, 
at £261. 

Small selling in front of* today s 

Far-ea.stern advices prompted 
respective rises of 6 and 7 in 

interim results clipped 3 from 
S. and W. Berisford. at TiI7p, in 
otherwise firmer Overseas 
Traders. Bo us lead edged forward 
li to 41 ip. Sime Darby improved 
2' to S2p." and S. Hofftmng; picked 
up 3 at 90 p. 

Further stimulated by Barclays 
Banks bid for Investmeni Trust 
Corporation. Trusts made Jmodest 
headway throughout tihre list 
Following the previous daisy’s jump 
of 23, ITC eased to 275p up fairly 
active trading before closing 
without alteration at 278pL'FUGIT 

Anglo Utd. jump 

A feature of mining markets 
was the strength of the Northgate 
group of companies which all 
moved ahead following persistent 
and heavy Canadian buying. 

Anglo United Development led 
the way up with a further jump of 
57 to a year’s high of 260p bring- 
ing the rise over the past threei 
trading days to 96p. while North- 1 
gate themselves improved la 
more to a 19718 high of 465p and 
Westfield advanced 13 to 110p- 

Tbe buying was inspired by 
vague rumours of a cash injec- 
tion by Northgate into Anglo 
United and consideration of the 
latter’s recently announced pos- 
sible urani um find in County 
Donegal in the Republic of 

Other Irish/Canadian issues also 
gained ground. Sabina attracted 
a good London demand which Left 
the shares a further 11 better at 
a high of Tip. 

Australians were again active 
Renewed rumours of a possible 
bid for BH South from North 
Broken Hill prompted a sharp rise 
in the former which closed 17 
higher on balance at 118p, after 
a high of I25p: the latter were 
finally S cheaper at 132p. 

Consolidated Gold Fields 
Australia were also mentioned as 
a possible bidder for both North 
Broken Hill and BH South and 
dosed 15 higher at 300p — a rise 
of 40 over the past three trading 

South African . Golds were 
quietly easier despite the firm- 
ness of the bullion price, which 
was finally' another SL25 higher 
at S1SS.S75 per ounce. 

Vlakfontein were notably weak 
and closed 10 lower following the 
passing of the interim dividend. 
The Gold Mines index gave up 2.6 
to 15S.3. 

| 1978 j 








16 / 6 ) 






l S/S 1 



*!!/«) (5/1/16) 


No. _ . . • 


Barclays Bank ... 

BATs Defd. 

BP .. 

Bunnah Oil 1 

ICI .. 

Anglo Utd. Dev.... 


Letraset IntL 


Reed IntL 

Shell. Transport... 25p 
Western Mining... SA( 

Dunlop 50p 

Imperial Group... 25p 


Of : 

- Closing 

• Change 


marks price, (p) 

on day 

high •• • ] 

£1 . 

: 10 

339 :• 

■-35R.. -:.S 

25p • 



. .. — 

>■298 - .2 




- + -8 ; 




+ 2 - 



- 9 

. 391 

• - 2 . 

. 396 - - 




■ +57 

260 . 


. 7 



27S . 2 


7 . 


+ 6 


fl ; 


• 483 

— . 4 • 

495. 4 



" 13S 

■ . " — 

-143 - 1 


• -7 ' ’ 






550 . 

'-.— 2 . 





— -1 





— *. 





81; ' 


. DEALING DATES . and Dobson,- EMI, Associated 
First Last Last For Book Publishers^ Trust V Mooses 
Deal- Deal- Declare- Settle- Forte .'Warrants, . • Spfflers, 
ings • ings tlon meat Western Mining, Corinthian 
Jun. 7 Jun. 20 Aug. 31 Sep. 14 Holdings, Pauls and Whites, 
Jon.20 . July 4 Sep. 14 Sep. 28 Jtansome Hoffmann, Babcock mid 
July 14 July 18 Sep. 28 Oct 12 Wilcox. UDS and -BO. A ptit 
For rate indications see end of was done in Petbow, VwE3e 
• Share Information Service .. doubles ; were . . arranged ■= • iin.' 
Money was given for the call Barker and Dobson, Aifit *hd 
of Bunnah Oil, K Shoes, Barker Wfborg and Western Mining: 


..The following securities quoted - In ..she 
Share ■ information Service v«*ituv 
attained new Highs and Lows for 197S.S 

NEW HIGHS (171) - 


To tlie Holders of 

Gold Fields (Bermuda) Limited 

10/4% Guaranteed Bonds Due 1985 
Due July 15, 1985 

Hutchison. I02p. and Jardinc 
Matheson. 275p. Recent specula- 
tive favourite, Pauls and White.-', 
encountered profit-taking and 
gave up 4 at 121p. English China 
Clays softened a penny to 7Sp 
following small nervous offerin'.."; 
in front of today's first-half 
figures and Continuous Stationery 
eased similarly to 37p after, the 
results. Johnson Matthey re- 
linquished 5 more to 423p follow- 


Treat. 9 'jpc 1980 

Ireland 7b»C 81-83 

Up Dun Same 

British Funds — H D 

Corpus^ Dam. and 

Foreign Bands U d 45 

Industrials 295 262 W 

Financial and Prop. ... W 51 323' 

Oils 5 M 14 

Plantations - 9 2 21 

Minns - 27 55 ® 

Recent Issues 12 * 17 

Kent (M, P.) . 

Travis & Arnold 

British Nort__, 

• • iNousrn 

Cam rex 

Totals - 510 453 1A66 


• TExnut 
Brluht <John3 

.. OILS 

CCP North Sea 

BorUiwtch {Thomas) 

K0TICE IS HEREBY GIVEN tbat. pursuant to the provision.? of llie Trust Deed and the Paying 
Agency Agreement, each Dated July 23, 1975, and Condition 5 of the above-described Bonds, Morgan 
Guarani? Trust Company of New York, as Principal Paying Agent, has selected for redemption on 
July 15. 1978, through operation of the Sinking Fund, at the principal amount thereof, together with, 
accrued interest to said dale, U.S. $1,000,000 principal amount of the above-described Bonds. The 
serial numbers of said Bonds so selected, ore as follows: 

BONDS OF U.S. $1,000 EACH 

C774 4144 
2808 4146 
2818 4151 
2820 4223 
2842 4231 
2881 4245 
2920 4254 
2937 4387 
2341 4325 
2344 4353 
2993 4359 
3014 4377 
3025 4-»OT 
3073 4433 
3102 4439 
3122 4459 
3148 4459 
3171 4464 
3208 4526 
3250 4546 
3262 4555 
3296 4575 
3298 4618 
3304 4634 
3324 4637 
3336 4644 
3365 4652 
3374 4704 
3432 4749 
3470 4794 
3487 4811 
3512 4880 
3521 4901 
3568 4904 
3615 4935 
3637 4951 
3676 4961 
3691 4997 
3693 500 L 
369B 5063 

3716 5065 

3717 5071 
3749 5085 
3753 5089 
3756 5127 
3776 5146 
3791 5187 
3813 5222 
3815 5230 
386L 5240 
3871 5319 
3889 5326 
3944 5354 
3959 S36S 
4032 5383 
4038 5438 
4042 5466 
40E6 5517 
4124 5530 

7619 8671 

7658 8688 

7659 8739 
7671 8747 
7683 8766 
7705 8779 
7734 8813 
*7752 8817 
7779 SB1B 
7802 8863 
7814 8893 
7835 8903 
ias7 8908 
7890 8921 
7893 8933 
7920 8950 
7923 8995 
7987 8997 
7999 9011 
8007 9035 
8012 9064 
8021 9089 
8064 9122 
8080 9126 
8094 9141 
8117 9155 
8127 9185 
8137 9187 
8148 9332 
8157 9270 
8174 9282 
8194 9285 
8209 9316 
8216 9340 
8264 9348 
8271 9360 
B27B 9363 
8326 9365 
8329 9366 

8359 9381 

8360 9396 

8361 9400 
8399 9421 
8408 9463 
8417 9473 
8420 9475 
8463 9485 
8491 9489 
8500 9522 
8502 9536 
8513 9562 
8523 9581 
8545 9584 
8548 9601 
8585 9605 
8603 9618 
8611 9623 
8631 9634 
8657 9652 

15105 16743 
15113 16746 
15124 16780 
15142 16810 
15162 16839 
15165 16871 
15199 16921 
15219 16955 
15237 16964 
35294 17010 
15317 17027 
15345 37067 
35347 17091 


If l 



(.'"in. I'oiMir 
(.'■■in. I ii i* tt. 
Cwi». l ioi-l > 
CvihliAl | 

•.'■unriiiiiJi*- . 


July lV.irJ>i , i Jaun yy 

iKi'ivw; llmmij ' Uin->iui: | Clu-mcj/ 

! i-ru.'*' : idler 1 Vn|. I niter V.,| • i.ffr-r 'cl. 

• 750 122 - : 'l33 - ! 154 / - j 

, 800 1 72 — I 90 . — : 116 Ji — 1 

□cn . i tkQ H7 J 1 


| Uln-iilli: 
I niter 

These indices areAhe joint compilation of tin Financial Times, the Institute cf Aetaaties 1 ; ktT " r **“ 

and the FMnd(y of Aetaades 

- 1154 j 

- i 116 J 
■ 87 j 

- • 59 f | 

- 27 / 

2 ! 161- 


^ 1 2 ",-r ' s 

EQUITY GROUPS Wed, Joitt 14, 1S78 . ^ }:% 

33 I j* I srf.#' Jowbokj - -- 

:ii -ii* 




, 14L 


■ H 




4 • 

! St; 


■ ts ■ 

M bC - r 

.220 1 



1 56 


§si a i 

1 i Kt- 

840 1 

311; . 


1 38i: 


■ P71; 

li hi 

260 * 

14 13 

' 25is 


: ft s 


1 J EC 





■ -’25 


•imifl Mrt, 






; i 18 , 

liinn.l M-t. . 

110 ■ 




J 12<; ! 


I’irnuil Met. 

izo ; 




p 81a • 



330 1 





i 75 • 



360 1 





51 1 


in , 

390 ' 





1 331; : 



420 . 



11 ' 




to ml -cil. 1 




3512 : 

IO | 

33 • 


ton.! : 




181; | 


24i 2 , 


tou.l >«...■ 

220 - 



75 ' 



UHrka.t. Sis 

120 . 


28 1* 1 

- J 

30ts 1 

Murk* k ffp>. 



121; ! 

5 1 

1 6 to ! 

11 <iiL<> .t 





10 ; 

9*2 1 



Ficures In pamdlwsH number of 1 ^ x 

stocks par section % Cocp. 




I Imu- 

I’rirr s— — A - 

On July 15, 1978. the Bonds designated above will Iiecome due and payable in such coin or currency 
of ihe United States of America as at the time of payment is legal tender for the payment of public 
and private debt*. Said Bonds will be paid, upon presentation and surrender thereof with aTi coupons 
appertaining thereto maturing after the redemption dale, at the option of the holder either fa'l at 
the corporate trust office of Morgan Guaranty Trust Company of New York, 15 Broad Street, 
New York, New York 10015, or the New York City office of Schroder Trust Company, or 1M, 
subject to any laws or regulations applicable thereto in the country of any Mich offices, at the main 
offices of Morgan Guaranty Trust Company of New York in Brussels Frankfurt am Main, London. 
Paris, Tokyo and Zorich or Banco Yon wilier & C. S.p-A. in Milan and Rome or Bank Mere & Hope NV 
in Amsterdam or Union Bank of Switzerland in Zurich or Swiss Bank Corporation in Basle or Bnnque 
Internationale h Luxembourg S.A. in Luxembourg. Coupons due July 15. 1978 should be detached, 
and collected in the usual manner. Payments at the offices referred to in (b) above will be made by 
check drawn on a bank in The City of New York or by transfer to a dollar account maintained by the 
payee with a hank in such City. 

On and after July 15, 197S, interest shall cease to accrue on the Bonds herein designated for 



08 few YORK, Principal Paying Agent 

Dated: June 15, 1973 

ii is 

H X 


S100 I K.i*. ! - 
iooii K.r. ;auib | U0|> 

• ■ ; F.P. I - . 9£p ; 
C98 'CIO BZfS 13 I 

100j. ; r.F. j - l ]U»p. 

• • | KJ\ — ttj. 1 

• • | F.l\ - j 
£100 1 — I — UlUJfil 
ifti? ! 55Jil028i7 ! 10»i' 

II J F.P. I — 

« • F.l*. — | 

699 LaO .ibiB i *9ia| 

• • ■ F.P. 11/8 J lul ! 

• ■ I F.P. | — ■ top I 
luupl — ;23i6 ' li>-'i< | 

• • | F.P. .50/6 | 1 « : 

• ■ i F.P. : 7/7 lu£ : 

■ ■ j K.l*. - ! lOOp ; 

C10O F.P. ! 26& I 101 | 
ro&s/ctu ; j< 9 toi 2 : 
F.P. 16G10HUP. 


The lolfowins tabic shows the percentage changest which have token place since December JO. 1777. in ibe principal 
eguil* sccilons of lho FT Actuaries Share Indices, u also contains the Cold Minos Index. 

, I e~ 
l«Mjei - _ 
Price i 

Cold Mines 

Mining Finance ..... 

Overseas Traders 


Newspapers ami Publishing 


Mechanical Enginccrins 

Office Equipment 

Motors and Otstrlbmors . ... 

Engineering Contractors ... . 

Toys and Carnes 

Textiles .. 

Packaging and Paoer 

i jpiiii •-.ood'- i:roup 

tuber Croons .... ... . .. 

t'aiiwmcr OoovL-. > OurjI/lei Croup 

Investment Trusts 

Oils . .. 

Controlling end Construction ... . 

Wines and Spirits 

NX' bhar» LOtl- % ... 

Tndiislr.jl Croup ... . 

Metal and Metal Forming . 

Ail-stuft- index ..... + 

Electronics. Radio and TV -t 

Electricals . ^ 


consumer Goods 'iKao-Durabk-i Croup ....... - 

Insurance Brokers ............ ... - 

Entertainment and Catering - 

Food Manuraaurinv - 

Building Materials - 

Pharmaceutical Products ... . - 

Household Coods . . 

Merchant Bank - 

insurance (Life} - 

Banks .. . _ 

financial Croup ._ . - 

Property . , - 

Otecoum Houses . ... - 

Food Retailing - 

Stores - 

Insurance (Composite} .. ..... - 

Shipping ....... . _ - 

Mire Purchase . .... ....... .... ..."L - 

f Pt-rcunU8i- chaas-s based wt Tuesday. June 13, 

*Uf> ’ i 

RJ.06 I Nil ! 

JtLntf. Cm 

SSJh \iner. hsi'itP' In* Fm. Innniiie s3..„ 

ICrJ| ■■ VrmKaue ■ 1 i -i it 11 :? ■;u- < Lmiii. I'rci. 

941cm \utunirtire Pnnln. '9» Pn-r. 

-.«■< iiaruet Ho'- 19«i 

llX*p t>r<iH'ii - •’1. iiiii. iluii Pi vi. .. 

93p .(‘liw Iluny>'inv9;\ Cum. Pnet 

9?(. he* (tint <1 -J.l tmn. Prvf 

1001s blinlni>T(b (Chy »i» Vnr. Kale 1985 

101, f.—ek Water 7% liui. I’ivi. lud.' 

2pm Fain lev &■!"- 15-56^ lfc.4, 

3-i- 'iireadeld Millcttr WJ Cum. Prvi.. 

*lj 1 > 1 ll iLnll. llii luce. 

** IJivrty il'M.Klhl'n 

9j[i '■« ;>!» jiewaaitents Cum. Prvf 

n>c i’iiuh- W, '■'(•». rn 

Id I'resme 10i % Cum I'rel 

« V,lrk iH. jc J.i IV% Pri 

98i: |. ?,.iitb bl» A.ibro 945 Cui.i. P»f 

9 j Turn u lea, cd v. bun. r.u.itfd.* 

t vile A Wear 12^ lieil. L986.. 

l-MllWnrir Bdterw* lOS Fnel 


p — | laiu-t 

=“ Reniinc. , 157S 

= ^ time : — 1 

-*:£ i • '• ■ Hist' Lin i 

195 i 176 [brent Clwumaio ........ 

' 06 Bnmn ttuvn Kent—. 

iili.m room Cuumlbi" lni|vrwi Uul> u , 

F.1 ll'entnl tieiii.r 

72 J F.P. ; 

20n I F.l*. ’ 

1 52 'Central Mauiihi-tunm: 

j Zc fiiii' 2 ApmjtiutR»m I’nrk ln> to 

2V>|*ni l7pimNbuiiL-ntii-i (ii<l>l Miuiiu;.. 

• IU Its 'FalrMev &.t»„ .. 

’> loptir lOrni' Hi-'tair 

i. lid ‘ us , Mnr..'*ni Mm ,ih 

, l<|Hi' gpm Hontleo 

12 '1'lu %lgplii ( H.vmau <1.4 G.i...... 

r aia 3f4m -Kintninw Un -Kiul.^h 

| 25i ; . 25i 2 ;Wi»i’«n 

1&3 | + 1fc 

J 5» !+r 

..^Z'^tinn ;— 12 
BO +1i 2 
.. 27 kjpni +2l 2 
'tSpni —2 
115 ..... 

.J 15|«i 


.. 13|im — 4 

. l^piulrl 

.. 4.11 :+a 
- ! 2218 l 

We«l^ June 14 

Tnea. . 

Index Held’ 
Xu. % 


Renunciation Harr usually Ian day for ocalina free of slaniD duty. >(> Figures 
m* DriKPr-cru* ^snmafp. o Assumed Olvldend and yield, u KorecaBChdiMdenii: 
enver m> urn-nun iwrt fjminsts- 1 Dlvioerxl anti yleM based on grospeetur 

ni i-.'imaiL's (ur |g/9 o Gross r Futures assumed. fOou;r mill.. 

lor convulsion 01 shares iioi now raokmg tor dividend or ranRloss only for ;rcsirtcied 
divid- inis t PImciiil- uriut to uublau- IT. Pence unless athcre-UM indicaiutL, S Issued 
by 'elder. || Offered 10 hulders ol Ortlinary shares as a " nchu.'* | ** Issunl 
by way of rapnabsuUan. fr Minimum leader once. S3 RelnrroducmL j 22 Issued 
in connection wnh reorsanisatiou morser or take-over. |||| I mrwi action. ‘ r) Issued 
10 formi-r Preference holders, p AiloimoDf leners tor fully-uaid). m awfaiwal 
or partb-paid oDounont letters. 4 r With worrams. 

15 20-yr. Red. Deb & Loans (15) 67.36 jtis.94 67^9 87. u s&m 

16 invesuneni Trust Profs. (15) 52.94 1336 53.94 52.94 52.61 

17 Coinl. and lndl- Prefs. (20) 71.74 12 J 1 7L72 71.37 7L^4 

t Redemption jncld. Hlgby red (owe reevrt,. test vataw red csostitrent ThwaiwJiro^jilWW^JK 

ksuefi. A new list or the constftneoti is mtlaMa from- the Publishers, the Financial Thaos, BroOta 
London. ECUP 4BT, price Up, by post 22p. .... -t~7. ' 


r - v '. "•*/. .3 * -r • "V v • 

’%tes Thursday June , 15 1978 

• 8a> 




wi Management Lid. 

Portfolio PuM- — I 1363 




■ 12 a 3 



W ? L3,ff71 «.Craceehu«rhSL.EQP3HH. U1E342M 

Manned Fund p*9 9 1»JJ I — 

Pnctt. June L Kcit destine July 3.’ 

New Zealand Ins. Co. (UK.) Ltd.* 
Maitland Uoupe. Southtmdiftl 3, is 07D2MX^ 

Kerin* Plan. 

tanalUo'i Kit, ..... 

TgehnoJocv Kd ... 

Extra Ipc. Kit ,„ . 

American J'u 

PnrEnsif ,! ■ 

Gill Edged iu ...... 





8*0 +0 7[ 

K.3 rO.a 

%a +o!il 
1124 -oB — 
209 9 -D.7| 

C -t. 

r SS?I»n ooraSliy X 

i Ufe Assnrance Col LW. 

- • ■ flexible WwneeH. £L0M .'77 _ I ‘ 

Z iSd^ie^iSueL^uyj H - Norwich Union Insurance Group 

Ktiy, 6, * S. Swperftt ™ | £7.W I'.lTf ~ Pp Bot «, H.inxlch&M3NC. (&&2Z 

| .AMEV Xjfe AnuinNO Ud.V 

Gresham Lite Ass. Soc. lid. 

2Ww of Wales Rd, B'fflfluth. kjj+ tctks 

Cub Fund 10341 „ 

gfcgT&KE®! |§g ill : 

£i:l»S§Efi 7 sl^I z 

Growth & Sec. Ufe Ass. Soe. U4.V 
bb ?“« 

Guardian Boy.i Bashrage ^auyftndllzLlSSJ 

01 - 437 SM 3 » oyalJEMJwnSa . 5 XlS . 01-2837107 - IS -! .^.i -,- -.. 

125 H- ^*******~-v™ “«i i- §^V&£S 5 :SIJ i“:| +UI 

|Sfl Z3 "" Hamtoo Life Assurance limited y Jw.UaitUnjruu. 8*0 " 

~ 35X4, 01 ^ DOT1 Phoenin Assurance Co. Ud. 

Property*. 370, S 

'■ 347.3 


1 = 


asfs & 7 ,- z = 

ftBBfiSHirtdr W* 

Pea Man. AecL 

Pen . - 



X - 



5< W 1 [ 

Arrow Life Assurance * 

. ) 30. TBibrldfe Road. W.12. 01-7400111 

1 HH&HUU igfrjr 

•i.rara%jH isfEl-. 

. BarcUys Idfe Assor. Co- Ltd. 

.; :.202aowfendRd,r;7. 

• — . 11 ; 

: fsESac — ® 

*■5. KlngWU|lai|i«..EC4P-if:i:. 

Satti- JUJ3 119 

Eh'r.Pb.AM...^_-l 77.7 

Eh’r.Pb.Eq.E r.|751 78 


22201 +0 71 — 

S53+P W ~ 

(11.028 9B7G 

Prop. Equity & Life Ass. Co.y 
lift Crowforri street, Will 2AS. 01-488 Qffi7 

K- Silk Prop. M. 1 130 8 

Dp. Equity B.J 73* 

Flex Money Ud i 1CB.6 

33 = 


01-488 QK 

T. 20 | = 

♦14) — 


Pen. MC- 

Bexrts of Oak Benefit Society 

?':T ? E0 IBSk 

HOI Saw L l i fe AfeBT . Ltd.y 

NlATwr..Ad«n>40WbaB<L.&oy. 01-IOB435S AchSlnl i undS" 

Pwperty Growth Assur. Co. Ltd.y 

Leon House, Cfoydon. CRO ll.U Ol-tTJUOCOS! 

Propeny f'unrt ' ' " 

Property Pund |AI- 

ACriculiHTPl Fnnd. 

AKrlc. fund 

Abbey Jv);l Vuh ti.., 


Investment PumL. 




HU *0.2, 



J^rowity Uirit* — RJJ.4 

Properly SerU-j A-OM-J 


Kyney UniU..^H 


Msr±!izii7j _ 

•Cnixeui unit nine June 14. 

Beehive life Assnr. Co. Ltd.y 

72. IJ3mb*td St, ECU, 01-O22S88 

Bflc.HoB*^rnsel^| J2B^ ( , } -T^ 

C a atcda fife Aftmimee Co. 

2d HigI) St, Potters Bar. Hejt*. PBar 51122 

EqtS-Gth.B'dJnijeS.j MB I ...^.1 _ 

Bets'. Fad. J(u»S.| U0J | 

Cunn Ainrnee U 4 .y 

1.0bmanoWy-.W«3tbloyHAW(B 01-4028878 

Ffx.. . 

HSi».^S S l 

PluCieed. A*c.^- UM 

PDM. Eqalts C*p._ W.7 

teS > 5 ; 5 Sr.zB 

Pn^FxdlnLArc^-. K> 
Penj^ Prop. Cap .,„ 911 
Pena. Prop. Aec — ,pM 

m M 

1754 -rd.fl 


1»S *0.ll 
S92J ♦0.1 
07.4 -o.a 

:■ 1107 

- ^ 


- atsiBlftfe 

. Oftetiro .4nrui(y 

Olimned. aVi<n'tji_... 

All "WllM-r Ac t’lii 
V.VI Weal fiiir Cap- . 
flnv.Fd.l'lt J_. 
Pension Fri I'U.,.., 
Conv. Pent 1 'd ...... 

Cnv. hjk. Cap. U 

Man. Pent Fo. _. . 

fe»sfc 2 

BldcTSoc.Cap. Ut_ 




170 6 
323. 5 
123 3 


Growth Pnalm & .Inniliin LliL 


17.7 n 


143 9 

135 bi 
126 J 

Imperial life A W. Co, of Canad a Provincial life Assurance Co. Ltd. 

Buperial Bouse, CoOdOvd. 
Growth FCL Jap* 0^ 

Pen*. Fd. jun c g_ 


712SS 222, BUbopsgalo, B.C2L 

Prov. Managed FiL 
PWW Cash rrl 



Fsd- IntFu 

01-247 C533 1 

JUUl .... 

123.4| - 


107.10 I 


* M. 

?0S 1971 

Smt Ue#. PuJ^As^ 





Capital Life Awwinef 

Conlstofl House, Chapel Aafa Wton 


992 ^03 
1017 >._1 
IftU +LM 
MS ..Z? 

95.7 +17l 

mi +.w 

— +oi! 

1*141 +0.3 



See ore Cap. Fd. 

«5*h ijS'Am'Si* cJ’iii" 1 _ PrndeRtlt * Powfeas limited 
lriah Aafarayw-cn. Hoibornne.-T.BciN2.m oi-aa tea; 

It nott>V<y Shuars. Bpg .. 0J428B2S3 EquiL Fd. May 17—1I2SJ7 25 

‘ — ' ’ Mav I7_ 



gyp , 

Xing ft Shaxsftft Lft 

S2, ComblH, EC2- . , 

Bond Fd: Exempt .IUM MaL64|-Oj02| - 
Next deallno dat* June, 77- . 
CfwLSec,B4_J!5!WBT»5.91J —.-I — 
Lgngham Life Ajmynace Co. Led. 
Langbom Hs, Holmbroo^Qt NW4. 01-203 SOU 

Wiap ^P] Map Frf(7M *2- 
Legal ft GcncmHPtft Asaur.) Ltd. 
giapwood Hcaae. 

c£h^®5!! i 

Do. Aceu 

Psd.InL May! . 

Prop. F. May 17. 

Reliance Rgutoal 

TonbrUgo OToIiL Kent 060? S2S71 

01-G23S433 Prop. Bds._ — ] 198.1 I I — 

Rothschild Asset Management 

SL Stdlluna Lope. London, £>:<- 014CS43G6, 

N.C. Prop. Mar. 31_(U43 I214«f -..-4 — 
Next Sub- Day June 3Q 

Royal Inoaraqce Group 

New H bII Place. Liverpool. 0312274422 

Royal Shield Fd. _[1341 MLfl i — 

Save ft Prosper Craapy 

0802 38SU 

- 0 . ' 

Charferhoose Magna Gp.V 
IB, C3xqoet> Sq-TJxbridgo Bps iNg 
Cbrthsa ' 

Chiddt, , 

SSraS^.r' 1 ** 

8 fagP4 F» « fp 4 

:<3ty of We>thd|iafer-ABSBr. Col lid. 

•WbbW Boose; 8 WMtahooa Rood. 

Equity Initial 

Do. Aooutn. 

Fixed Ini tin] — J_ 

Da Accent. . 

Inti, Initial. 


Maoagpc Initial. 

.Big Do.Antun. 

(Croydon CR027A 

01484 066ft, 



* SM!?00 ^ a CLSr-Hrioo’s, Lndn., EC3P 3EP. 0J-K4 D3K> 

^ Bal.lnv.Fd 1128.5 IMft-t-M — 

Property Fd.* ■ ♦ _aSB 3 161* 

GiltFd.—., 1253 +0.1 

DepoallFdy li3.d ...... 

C<,m p.Pec 5>it MS 2 213.« +4.3 

EquilyPenfi jm! — ^(lG3.£i 295^+d^l — 

r i rnnJ’cns.?d.‘ {222.0 236. R ' 

Cilt Feu*. Fd. TO3 .43.^ 

Dcpc»J J CniLFd.t_|Wi 102.4) 

Prices da June 8. 
tWeehly dealing*. 

Schrader life Group? 

— Enterprise HOfUM^Pfctamacth. 07052T733 
— Equity June 13 

— Equity 2 J naulS ._ 

— Sqai&3JuoeO — 

— Pfxallnt. Jgcel3- 
— Fixed in z 3 June 13 

— Xnt. UT June 13 

— K6dCiltJunel3_ 

— - K& S Sc. June 13 ... 

— Vr;d CTr. J iimi- 13. 

VM MnpagodJutifi 13_ 

a.m USSiSS&z: 


Property Jane 23 _ 



^.r^rsr .-ug. «» 

JSSSferrHS’ HMI =1 = : % 8 E 83 @%» 

5LBdcn9fti; DtadarshaABCa. _ 01-8837500 g-R J«« 

, Property Initial. 

Do.Aeeum. , 

Dcd A tauil d) 

Exempt CattilnlL.., 

Po.Accwn.-_... -,i 
. Exempt Eqtrl lnit-. 


Exempt Fixed Jnltj 

Do. Acctun. — ' 

Exempt Prop. lull. . 

Do. Aiftitn. 

Legal Sd General 
ILOneea Victoria SLECfif- 

Life fens Co. of PfWlwU- 

30-42 N«w Bond St,W170»C QHS0998S BSPaiecB Jap? 1 3 . 

LACOF.UnlW, ,.)«6 f MS5J 

Lloyds Be,. Unit TfC Ka gn. lid. rSUS^ceTB; 

(H-823 RS0 PidJntFuAitcja^. 

/ "9—1 7 » 

— iCoueyP«a.Cat B. 

- Money FU. Arc. s. 


yrAnAcUUmainL| Mjg | = fU^Z 

"" L^don 

Dq, AtnurityUts 

C— feaeraH— life Insurance Co. 

• Scottish Widows' Gzvcp 

__ FO Box. 002, £Ubi burgh EH16S3U. 021-685000 

ty ft Gal. Ins. Co. lid. 




Pen. FdJ 

pSSS^p 2 S:fS" 



:-3l 2* ! 

r s: rJ* 

r . 'X. 




Cqnahm i B Wq ac c Cq. lid. 



“- L ~- im 

1 Tn tiitjt 

J The LondM ft Bfeaelmter A*s.(Jp.f ggar^M*ds„ 

- • Vlbelero - l ^ HkeriiM ^ I ^ oaoss 7 sas . feteSSSSfr 8 --' 

Cf P. Growth Fund „ ' 

up. Exempt Fa. 

. fo, 


_ Safer life Assurance limited 

1002 Ely Place London E.CJN8TT. 0VD422SO5 









, 1Mf , 



• ■ 

Crcdif ft Commerce Insurance 
lW^RaSaBtStvLDndM WUKSnSr W-OB70B1 

CW!lSfdFd_|J2Sft ISLPJ | - 

Crown life Assmutte Co- lid-V 


ffCO 1 

»•"' Inv-KustFund— { 

Property Fund 1 

BS ft G Group* 

Throe Quays, Tbwor Hill BC9B 6BQ 0WB8 *588 

1M.7 ... 

assfti +o- 

®IiS^ = 

IttM ...... — 

109.7) -0J| — 


■ iMwl 

*_ 1226.5 _ 

IXUI WU . JJWM — .| * ag ! 

3S & SSKS 

Hi - sassgr - 

1004 .. 

1083 401 . 

1022 +U - 
18Zft *14 5J3 

^42.4 lift* 

553 +05 ' 408 


American FH. J 

on 'Jmja , j£*'Jtniw a *" June 0. 
Merchant Investors Assuraueq 
185. Blip Rrwaf, Cniydoa. 


lartottySl 1521 

Fxd-lnt-S — XiS.9 
CaihS — -.— W.0. 

_hsas 163.2 

arU«ft«S+dP„ 32Bft 
ProperyP — HCft 

-gquityP lalft 

Solar Fad-lntP — ME 7 

Solar c*5 p^. 99.7 

golar Inti. P_ 11012 

Son -AIUaBce Fond RfiongisL Ltd. 

fta AlUmca Bout Honhu* 040364141 

gE£K3^:r^i5*"l wi0 l = 

Sm i ftjllroro l.fetod Life 195. lid.' 

Sun Alliance Book. Horsham 04336(141 

njlKlf +8i — 

__ iosj uu — 

_ 1117 u?a -oft — 

Fund.— M4 lfill -..j — 

Managed Fond- — |109-ft UL2| -0-21 — 

Son Life of Canada (U.EJ Ltd. 

_ Manorial. Fats.,*, 

Uauafifid. IB 

Managed Pea*, 







J-:; x-r 

■: : -*i\ 

>* 8 ; 

:o--i ^5. 

or. -* • V 

.. * : Xu - 1 

•; j • xtJxf' 

- " .-’'" v J' ■ 

J -* - Z 

■■ . 'i' • 

*. . w-f 

• • ■ i •'/ . m a , ± ■ 


Crusader lotsmee Co. Ltd, siTiffiuM' 

ITneutoBoue^TpwWCa. 01-<tt8«m rij 

Gth.Fhro.JoBee-pM - KIEL Penstons lid. 

Eagle Star IwwtfHWtaad A» „ 

r Ww iiiiiimiltfS . BT 0I-5BH1S 

Eagte/yfid.^nClUU SftilMUJ 5J5 KScs^O'Cap,. 

Eiwlty ft- law life in- Sec, li d-? jwScSEtaAoetBsl 

01-aiffI71 Z3<A CatktpaeBt, SW3YSBH 

MSSsfel W 



EgBtWF^-^MAi UOi 


The Building and Civil Enginering page 
is published in the Financial Times every 
Monday and carries news itemsrelating to 
contracts and important developments in 
the Construction Industry. 

.For details of the advertising space 
available on the page each week, and costs, 
you are invited to telephone 

01-248 8000, Ext. 360 
. or write to The Advertisement Director 
Financial Times 
10, Cannon Street, London 


m. IE] = 

_ Ttemnl Pa.Pd._~l 1995 l -I - 

-+ • Target life Asssrszwe Co. Ltd. 

- :-Sse am * M jS&tlg&S**3 

:? -• iSSfflfctP:? UJ'I 

:-• Pw-F£lnc. 

‘ — -Upo 136,0 

Udl SSdlat F<L lMfiM s mi 


asfcp& mi 

_ t Pen jap. . P21S 12SL9 — — 

—3 ’— L Tunsotasatlanl Life Ins. Co. Ud. 

„ n | M | | J a Bream Bids*. EC*1NV. 01-4DSB437 

-.a^a nsggaas?* - asgjg ^ %- p; w 

'wSlpSFd. a 2."]§£4 3WJ 
'Trident life Aasuraucc Co. Lt d-V 
Benaladu House, Clouceato 04SE2854I 

™py ■ a) m 

j»ericxnJ Oft 1 ^O'ij 

tty Fund- 10tS 2131 +0i 
139J 147ft +OA 

122.4 129.7 +U 

.IlSft 129 j| *0^ 

049438377 NelttOthtoeCup-ffift w, 

= aiw ftsg-Bi IS; 

* Fro New jQMit F * av w «y w» u*ft r 

aep-Cw-, 101.0 
JcpAce.. 1ML8 
■,& V . U 2.9 

.fkacc — m 

Bond — , 35-0 

•M. CJ. Band — 97.0 _ ., 

•peril value for £100 promiom- 

Tjtu&lQ Anwwice/Fewfoasf 
18. Canyngc Road, Bristol- 027232241 

S-Wss June 8 1 J22-9 

lEquily JoneS— | lwft 

|Bcmd Jnoe S ._. J |g|J 

75.9 . 



a-wsyl^L May 18 m, 

(Taoulnv. June 8.> 



Do. Bood 


Vauhrugh Life AMurance 

«14)Vftd6oxSLfeb.UrUl0LA- 01^9*023 
153.9) ..... — 

2C.C -0.3 — 

109.1 -Oft — 

Flxedlnicrsi Fd — Il64ft * Ig.S +0ft — 

gM5i:~|u^ Si 3 = 

jVmbnigh PenrfonB Limited 

jlb432teddox-St.l4l3.WlB ALA 014894923 

i "* 1 -’— Bmb i^S^SS - 

latere*-— gf-5 JM-g + W. — 

Property — — __ 195.4 I — 

Guaranteed «M TOS. Boss Rates' tabte. 

Welfare Iusuronce Co, Iid.f 

TtMLea*.mkc*teo^XenL 830357333 


i£xo Chester Group. 

Wiadtpr life Assur. Co. Ltd. 
jlHlth Street, Wfcudriw. Wiadaorffll« 

feitelnr.Ptan*— —fbW ^2-M — 

Fu^€A^,Gma». M 

£2sS» . „ — . 

SKl 1*t, Gro«tb _RB6A 22lfl — J — ' 


Ahhev Unit TsJ., HKrs. Ltd. (a) C« tertre Fund Managers ¥ feKg) Perpetuftl Unit Trust fiasmlV lai 

72-ftO. G.'.‘ehwi5ii F.d . Avlcsbury rt2PS604l 3,SLM*ry A*«.ECSA8BP. 01-2833531 48HartSt . Honley mTbaace &131263?a 

[Italy Cpjueoi — {S7 
Dbcylnccmw. _.)79Z 4Lil .....j 

Btvy 1 w.'re . Fd..[Ju.l ZC *1 -*-03] 

l*eylka».Tri — f3ft 405] J 

Allied Bcinbro Groupf laMg) 

S ixinhrol'ro . Hutton, BrctfwWd. E«w*. 
OlftBQ 2861 it Brentwood (Q27T* 211430 

BMiuceii Feuua 

484 /riAumriranTri. 

5.68 BcfllsbT*.iAce i..k* 7 


* 09 OcBumodl ly Share ’ 

“ aSf^-SSf: 

InCttfriJ Fund 

In*- AS*nclcs 

Fd — 187 0 

(OlaU- T sl lAcc j 







599 +031 
171.4c -l3 


“J +0.41 

*83 x 

36fl +0. 

.VTJ-ed l?t 
Ent. IilcIu. Fiuttl ... 

firlh ft inr. - 

Hew. it inn. lw 


l-tunteuS-uiKi ..... 
HamijruAcc fd — 
locaaie Feu*!# 

Kiqh YR J .d Fd, 1701 

HjShlncwlSO— .... M-9 

AH.Pij.Iflr. i3Si0 


lnU+friL'WUl 1757 

Secs o? 

Pacific Fund — -J42-7 

SlKcej'ii? rants 

Smaller GVs Fd ...E5 0 
?cf! ilaiJ?. 1 'o'.i 6'd ..OS 
r:«v?iL-«-ry i.l> n *»i 

r»d«in.ftL Wy.. K3.7 
mureeas Kr-^r-JnCx 5' 8 
Exp t- 3mlr. ilii -. .fl>!l8j 

31 iM 

nil rjarti»JCp.Gllj.^ |39C 427J ....J 35C 

lil Piccadilly Unit T. Mrts. Ltd.? taifb) 

^6'i) OSS WardCte Hc+.Sfla l»n,dOB Wall ECI «ac«l 

■ 41 Extra Income —'297 • 

J4* SmaUCo'xFA 37 4 J?'!)- 

Capital Fund. - 425 4Wt 
5W Era* ft Aaset*-j4|.4 ^ j 

Cftbs f.Vntonyi Unit Tst, Mgs. Ltd. ' ’cHl 

559 ABJflBfKMSt.ttSKTOT. OlfeBftlH 

522 • l i^‘f?55C;-"IS? 4« J 8» AlPen«eFund— tf*9 

' S)A.GlFhrEMrr'Bi "II4 030 Practical Invest. Co. Ltd.? iync> 

r*rjlir£ *Tues. ttWetL 4* Bloomsbm 5q.'*Cl A2IL*. 

Qgntt (John )f rr*etlcalJunel4...|mo ifeft!-2«4ftl 

TT,L08i>onW»U,E.Ci Ol-5»58SO Artvm. L’nttn |2l3 6 -A7| 4.21 

6» snidnJjwe 2 — |U4 7 Uftdd ..-..I 202 Provincial Life lov. Cc. Lid-V 
6,8 DfcAWUroUull^lllaj 17M _4 102 zaBUhopefirift^Cft 01 2475K3 

Nextd^lKrfWJuMW. ^T?3 u_„JK 0. 

Hi eh Income . — {UU USvl*0.^ 





















Stag day June Id. 

2ft7 firieveson Management Co. Ltd. 

7 j6 

1- S 30G re3hwnSl -SC2P2DS. 

2- 2" B*rrtn£Um June 1*C05 0 
(jicatm- Units'.. _J222l 
S<mX-il.YcUur.a 8.1176.6 

--- bnx 

IS S2SSS“.BI Jill 


.2 fXoeam. Uulici. ZZ 

in i“«c 1940 

5 «fc (Ancm-UnlU;..^.. 1967 

*,53 Groehrir-JunuO... 99 J 

522 (AKTOIB- Units' UD4 

jAftBrsl*. Jiwe7_ 70 B 

,feds75» Unit Trust Managers Ltd. guusIMW— 734 


Aptkirca n 

ffeutechwUti^HgvL ^ 0J4E3flm BwfeiBoa Admlnistnttonf (akcKKl Bidgefleld Mauagesent Lid. 

Inc Monthly Fund . flis 0 17501 4 *-90 225^2^^^^°^ 0 PO Box -I IB. 3440, Kennedy St.. Manchester 

314ft +031 
2521 +0.5 ) 
206. C 


014064^1 ppjdL Portfolio lingrs. Ud.? l#)fe«c> 

Hoi boro Bare, ECIKSKH 

*53 - - 

701 FnidentUi! — [125.5 


13301 1 4.4S 

Quitter Management Co. Lt*LV 

1.9J ThoStV E*chnnec.EC2N ’.HP 014U117I 

' i 4« 


3.96 BeUance Unit Mgrs. Zid.¥ 

CH Afcu'p. llrjiai .. ,Kl 

t-V/ft Vdrwi I ts J*S2-1 
• J ro!ercf’» rv&l— taJ 
(nfPUB UnlU,l....„l37.7 

Capitol i 'urd ..|1’7.4 

Camnwhiy l-upd ...l S*x5 
l+ecuoi l'n'-t*')., 1HU 

{ lC*.i VTi^wLD .} M9S 

yinJLJ^Op-Fd .... 17* 
H:VK2C und -iij 

Growth rued 5*3 

I'rto.lISL ttettii* iVft 

ScixilorWsV'rt . ... 17.5 

K*«m ft mu. i-d . 2 *j 7 

iCTj V." !• ud.Utx 1. .. .7“ 

f’arrs.Tr Kd... . e* 1 

K. -Vn+<r. & Ir.l Kd.1329 


Ineome ft Assets |3 

' tueerae Pun*. 

Arhuthnot Secuntloc Iftd. taKc) jj.%. Fuad* 

3;. *>ueon W. London EC-tR IDY 013388381 <Mp.Gro«nh Inc. — 

Ertra iRi'OM Fd — 11249 111M +0.1] 

Kit'll Itid.Kuthl |«L0 44ft +ftlj 

BIS +0.1[ 

59 3 +0.1 


610ai .._J 


?it mt- - 

1227 OMtBxtra lac. . 

77 ItnxneStTTU |2*J 

5.W SlftNaLRc* -I27.9 

IS BBS7T__ r ^ 
m SBfesia#* 
Is 5SBaE7_, 
*8 ssasu — L, 

087 236 SfCJl 
RldeirfieW Income. 193.0 

3T7Sc- .j 2.72 

•ft 0^ J li'49 

6ft* {la thwHiid Asset KasaseBseut (g» 


.C. Income Fuprt.. 
Inti. Fd. Itaft* 

%•» ■ 


JK-ai-OTi 6 63 






+ m H^m-CrnJunc* . 
iJS CPbetAmcrSmXa. 

. . ‘ BUI Samuel Unit T«L Mgrs.t (») 

Ar.-hcay Laii TsL Mgs. LSd-¥ ^^^chSi .E'^ip^lx 

3 17. ilii’li llclloin. W01V 7NL. 01-831 82S. <|,)BriU*h Trust . 1150* 

Arr hwy Fund {829 BSW .. _.l 507 

Price. *t June C. Next aub. «Uy Juno is 

4-44 _ 

S.C. Hatllr L'cys >d]l5 4-3 ft»?ft) +0.ef 

102 Bothsehild A Lowndes Slgntt. laj 
4-5* sl Swithtua L>aue,lrix., EC4. 01-8234356 

NcurCLExemp'.^KirO 129fl ! 3M 

Price on — . dealing — 

a*a Bow an Unit Trust MafC. 

IJ2 CiffGaceHsc- Finsbur»S* ,Ec;. ai-owioss 

Securities Julie in.. liiJ.O 
Hi£h Vield JunnR (Sit 

Karclayr- Unleeru Ltd- WHgWNe) 

UaleomKo SCsSpmfcrdRi S77 01-534 5544 

jlnllTroxt Jt.7 

iDoUarTnizi . . SL9 
jC*pllal Trust... 29 9 
~~ lntmcial Trust. 9 UK 
c Trust. ... 26.6 

Unicom imer»r-J — ES5 

no Autt Ak„ .pi 0 

no.Auti Inc— S3 5 


... _=d& 

D<1 Cnp!lxi UftB 


Oo Ehsra Income ..t 


lus. 1 tnnHClxl-. £9.9 

Do idj 52 9 

rm. General 313 

>.l’M»;linir, 4jftl 

Do Inui-ni-- T— 16 1 

■Ho. PrI.iV=s.T3L.. 1372 ... ... 

l+lcrifi -It Mcy Jl> hleul iuh. (If v June 50. 

no.Rfcorcrv., (C2.7 46ft +0J{ 

Tw TruJ.“. Fund... [llft5 122.* -0 3 
tX vT’ltr.. :,1o TrunJ-vi 6 550 +O V 

n-ritIn.Fd.lne. |S23 6&*’ -01} 

Do. Accura |7U2 74.E* -0.4 


HLC -Ofl 
63 Cc —0.71 
72ft! .. ..i 
me -oft] 
33i .. 
64.03 -8.1 

7SJ +0.1 
23. B 

«: .. .. 

we -01] 

W 2 


Ijo Infel-V falfgi 


b > Trnst..taL4 

field Tn_f29* 


41' . 

*7.4 +0.1 
32.E +0.1 
94.2 +12 
210 +02 
56 ft -0J| 
3U5B -Oft] 


Arbulhsst S'carities (CJ.) limited King & Shasson Mgts. 

P.O Dos Su Kciicr, Jersey- OSMBIW l.ChsringCraB Si Heller. Jerroy.lCBMlW74! 
Oap. Tst iJyrt.H . . 1115 0. 119 3ri{ --—I 450 

i^si ftivtiTri ia. 4 . l £io al ° i§*i I 3-» 

A'esi suh. JtUio 22. 

AtHdrofiftR Ssl-jction Fund NV 
Mnti.rl '-rp-’iiu.-.iiic' c'o Insli Vour.C £ 
riutiwcrftc. !3T. K7K . Striney. 

USSlsiwro, I - jirsLW 1 --J - 
?«t. /.iici Value - 
Sian I; of .Vuvri+a (pternatiosal S.A. so, Fcnckurcii tit. EC3 

Valley H*».” St. Peter Pori! C.nny- 1 048» 2 4. 

lJS?5S5»!S«r MU f- .rKfe 

-ft 1 1 r Tpjm il o M ... (jraft 10503 ,.,-4 12^ 
Gill Fud. Gucm:cn9.4+ 9-491-024) 1200 
!alL tiort. Seen. T31.. 

y ten uni. 

Klciaffort Benson limited 

all. tiorf. Sks. Tat. . 

'•rrlStrrlins-—- |IW. — 

r'lniiuU /J«J« 135.39}..— | — 

ft-' rmk+ani jr*»i. ZuAW bM,r 8 G - D -. , 
tfHir.m-tlnc-.po JivsttlW BW v • I *49 
Pricta ix Jur.u U Seat 3ub. any June 14. 



Tflft 83.1 




S-rreiBef™da-...P‘SS9!B — 
-UnUonds- DMl 
’KB act 


F-urlr.icjl Lux. F. 

I'uc-rascylac fttS 

He accuiil . 

. KB Far Ecst Fd. 

Eck. of La-iu i S. America lid. raiati Pu^ 

❖WSS. Queen t le.'on.i St. EC-t, KJ?~ ife Guit Fd.. 

Aloxjadisr Fund.-isi.WJ0 . — J-O0SJ — 

Net'- vnloe June 14 

Basque Srcftc'ies JUmbert 
C. Sup Be .'4 Scc-nce 3 1PW BrnsseJo 
R+nlAFund Lr. .. 11. *51 1,9021 -1| 7.S7 

Barclays Laiccra Int l^h. Is.l Iftfi. 

t.irna.'inaCrn-.-> w Metier, Jrsy. 0S347S7-;l 

iivwiMt l:u.’inrj, . luX5 5101 .... I 
t'atdsJ.irlr-js: ImTSiII aS-OJCl «ft0’ 

LnihwiTron.. I-isbsj? uesil .. .4 Boo 

•Kuhl-Ml to let and wilhlHilain'l lexer. 

Sarclftjs If&ucra InL (I. O. Man) Ltd. 

1 Thonmr S^, n.-u^; 

1’ticurs At a !?-.l f53S 57.+ 

Do-Auu. 1 330 363i^ 

Do oitr Picnic- b2.2 66.9i 

D<t lDll.lnLQ.iu- . J9.0 ^2-0 

7 '0 J oi:,:an7-.i BU *9.a 

Uu.Minv-V.ui'ij! „]J4J • 23-S 

Sishone^aw? r.-nnooditj' Scr. Lid. 
r O rro\ *42 t-oovjlj-. 1 0.31. 0S2+2T911 

ASXAC ■ Mar .: . . .1 X'SUA . | - 

CA.V5i»0'*Jun.;:- .IrXJSS UdSl f — _ 

C01ttST**.'unc' 10.512 2.6oSl ! 197 

On«!iuni!;, l- ..j-jd at *510 and *’I1 00. 

Bridge 5fnas”.psttnt Ltd. 

P.G. Bus fclft 0-1 -i caiman. Cayman 7s. 

Nhashl luii.-i . | -515.338 | .... 1 — . 

Nlppentif fiiB-N' , |tfisS3P* 17ftl|+0.46j 0.70 
!..4iieck Syllt. 

Britannia T-.t. Xagat. i.Ol Ltd. 

Cil Jl^u: S: . :!-.'ier, Jersey. 053+ 73114 

ftli-rll;,': D-.-n-^-n- Jrd Fdx. 






Loudon paying ageau only, 

ZJoyds Bk. tC.Li U/T Mges. 

P.O. Ro\ 195. St. Helier. Jeroev. 053427561 

JJeytis T*t O'mm . (55.5 5S4) | L» 

Next oeoling dslo Jane IS. 

L’oyds laleRt&lional Rfgmnt. S-A- 

7 Rue tiu Hhonr. P.O. Box 179. 1211 Genera 11 
LlnyasInL Growth .IS-RtlK 3HK4-Oioi 150 

Lloyds InLlne. |sF3*3W 3JSfii|-l.«i 630 

0S24+-*«.*^ „ „ 

' 1 co Ji i£ G Group 




J 7S Three Qo3:.s. Tou-er >1x11 E'ftlR BEQ. 0NC8 45M 



.Ulan’ ic June 13. 

Anri. K.-iJunc 14. _ 
Oold f.y. June 14. 




Sl : S13 



302 ..., 

>il£ +0 4^ 
136.0 +o.a 


.... '3*6 
+1J1 «3.*6 

Samae! Montagu Ldn. Agts. 

SF47E0 5LBb 

siiaan liu 

sun 75 in* 

*322 5 61 

£12.18 12.23] 


:.::J - 

nuatMlll fAeeuni I’nltsi 1763 

33 iwi!+i?i s.:o 

■is* Royal Tst. Can. FcL M«ro. Ud. 


I9.fl I 

4 70 M.Jensvn Street, S.» 



01 -«3 R2IC 

IS aasarftdB,., air:J IS 

7.99 prices at UcyftD. Nest dnoUnfi June 15. 

Sara & Prosper Group 

J3. Christopher Street, E.CSL 01-2477243 «, Great SL Bejena. London ECftP SEP 

Intel In v. Fund— __|6 &.Q 4*0). [ 635 68-73 Oocct rP. t2 ^. S ^ - 

Key Pond Managers Ltd. (aXg) 

S3, Bfllk SL, EC2%' 8JE. 

wi^s a ag & — p 

Bft3 Univ. Growth |M1 

ARey Kxcmpl Fd. _ MS 0 
Rrolnromc Fund-lTM 

502 KroKxoJjnLFd.M.* 
5.85 XroSnull Co'o Fd_w60 

162.7 +80) 

PfdiiTg , to: 01-554 CS39 or liji-SJ 7381 

DlS»7im S*« * Prosper Secnnr-ei UOJ? 

90S loternaUunri Ftendi 

4.68 Capital 137 

633 I.Tn..„ fo 

mth ,|69 

Increnriag laccmc f=nd 







High-Yield |f 3ft. 57.0) -CftJ 733 

£ J£ Kfetawon Benson Unit Managers* b^j, i+ -+ Feeds 
30,FtenehurchSt,EC3. 01-0238000 High Return 

_ , _ , R0LVnltFd]fld._BI.9 920) . — | 5.M Inrome 

Sartcg r-rolherc u Co. Ltd.* (*Hx) *kb. u ru iFd. ac__ liiko llifti — J 5.09 v r pw, 

23,Lrndi.-nh7llSt,E.Cl 01-^88330 RB.Fd lir>.Tjta._|a5ft W -M 1 4<T - UKEoulty !«1 

fxrwtcnT-i J17M 17735 4 LAC Unit Trust M anag em e n t Ltd.* o+nm Fnmtam 

Do accum. . pm a _ 2J90j — 4 4 -» The Stack Ecbange. EC2W 1HP. 01-1*8 2800 Europe 1*5 

ktBY , M=iai^=F=w 

01-088 03B0 Lswaen Secs. Ltd. V^aXO ..m 

404 ea George St_ Ed [nfaurghJffl22JG. 031-2383011 Energy- (73 

" V K«£«sa/a 1380 42J5 | 60S Kaaod*lSecs._|rc 

#1 Sit 0 . 1 ] 



r~E . 

N« sub. day Juan +*. I^OIoc. Fd. 

BSshopog^fe Progressive SSgrat. Ce.f WkCInu&GcuFd 

8, Biobcpsipitt. E.Cft. 

3'5a>3T - June 6-1138.5 1«J_. 

/U'C-IIti. _l?I5 0 JftV.S I 4.0* 

j' r-.i,-:,i. Jn l >- -n il^J 1 ivLB .( X2U 

(Aimum.'iJum 13....IK&8 21LS) .....4 L24 

Nect snh. day 'June 07, **Jpne 20. 

Bridge Fund KaBriSe^sVWHO 

mr4*.WlliftmSt.,BKP-EA^ OLS234861 

47 4] ..-J C.73 

Aflunicaa oCf-n^- C6£ 

U<ritri Ins.f 

chamrtt — .— - 

lnlerr-d. lac-t -..iL-ft - . 

Du, nCC.1 — .u>a 

Dccllss *x5cs. IWed. 

_p7<*. ' 
_ J60 
_ UJ ; 
_. 137 




Uni Lai 




“lArcmn. Units) 


.. . 735 

60S FtaaoclAlSccx — - ]7+B 

60S nt MlUlBBte Fnnda 

Select InternoL — 




UM Seotblt* — 
S3S Sretylrid„ 
— ■ Scotshares. 

Select laconic 

■^oi| 0S0 Seotblt s Securities Lti*? 



2 . 1 ?. 

30.970 1001 

norJsaied n* 

12 CO 

DM31 M 




53 ijl 




+ 023 



-0 IP 




412-0.11 3J79 
-S>a 5Z.i\ -oi] b-W 
-.137.7 62.CVJ +0 H 402 

Sect Ex. Gth-* gCftS ,K£Cc:+335 IS 

ScocEx.nd.-d — {3*2 173ft^ +0ftj 

¥z +0.6) sS fiML UMon. -Toes. TTWed. <Th“r» > *+Fri. 

ij^a + +'i sa * General Tradall Fond? . 

170 +01 sS JACriougeHoad.BrtaMi, 02723*261 Prices at June 14. Next sub. dey June S£L 

8SMk.-riES IS Schfeateger^ust ^ feW 

W,te 1^35441 

SritannlL Trust MftaBgement (a) (g) ******* $***£!?*?* Am-Bssm re 122.9 

3 Lnndc* W 6 r RuLldlhs*. Lmdon WalL »aUnoSt-. Txarotem wna«JPi «-«8aWX Am 

LmdonBCsKWL oMssocdmra feBOteL- — i6j1^3 


Ccnuradity — ma 
Doacjtte— -.-I5L3 

Financin’ Tte-t —tT-B 

Gold a Gonen! — uu.6 

Cronth Pi-j 

Tnc. JcGratrth _.T30 

IntIGnnrth. -14 

larostTjLSharc*- 43 

Mineral* — — . >.9 

Nsl li:?hlnc_^ — ti.O 

New Issue Hi 

Wartls American — « 

Proicmiarxl - Ra4.a 

Property Sh a res 1B.1 

Shield.- ■" ' 

77.S -Cft] 
S*.t -0i 
ta^ w ..._ 
22. Be -0.4. 
41ia -OM 
1194a +0-M 

420 -Oft 
200 +00) 
M.7* -Oft 
93.13 -00. 
CS.7e! -O0{ 
73.9c -Oftj 
67AK -06 
320 +0.7 
3BA -0ft! 
161 . 

37.9 +0J) 
»V 5; +0.2, 

490 -ai 


gjm IeoAcc mn . 

503 Exempt Hl£hYld . .&-a 
407 Exempt MkLlriro-^J* 
> , a > Extraloc.Tnt — — ESV1 

.. J. (In come) ELI 

, „ £8l '<+i-m ) 112.4 

b . 98 Fourth 0CxIneft^__ 5f* 
2h Do. fAcmnn.1 569 

234 DacAcasn.) 

Uoydfe Life Unit TbL BKnsrn. Ltd. 


Special siLTri — . Z7.3 
7.94 ITK. Grth. Accuav U6 
7.94 T7JC.Grth.ZHsL 29ft 

t\5. Doll 

1. mi -!.*■:<! . liiissfti Si- 1 

lai.Hi :b im 1 ja>a»7ij iJrl . .1 9.:i 
VjIlo J:it -_- N«»l dcaliri’ Juno 19 
Crccm Shir'-T Tst. Co. (Jersey) Ltd. 
r'O no.:5jTi : ( 1 idiro. Jersey. 0634 7-4177. 

Sterling ior. J ! 1 .JflO 15 10 191 1 lift* 

Sssfenlsie Co. Lid. 

bis liS. H_.-rllU.-n. Bcrmutix 

hn'K^-F/nli- —12.33 2551 1 176 

Elut-.--; . . ,p!o3 x9s| .. I 7 >j 

fflMt at Ai_v d Next cub. duy Judo 12. 

Canii-'d !a‘ft-r national S.A. 

77 m- r.'rirf LuxomK-nrg. 

OapiLdliiL Fund—) SDS176V ) —— 1 — 

Chart ariiouio jaaheC 
3. P.-.1 'roo^-.r r.-.-n. &T4. 

A-liiepa _ 


Tfond'A __ 


E-ppororFuni: ._.. 

Ui'puno _ 

Clive Isv0s;=jcnia Ueswyj Ltd. 

P.o. litiiitr.Jenn 

inwGiur.;. .' .1.110.01 

|ClivcGi!tKd>j ; 

Cornhiil f-J:. (Gceraaeyl LU. 

P.O. Iv.:: Jr»7 . .. Poler Port, Omshtov 

Jrtnl.H.-c.M [168.0 1330) _....] — 


?M to; 5012. ftB-riao. Balic-Tia.:. - 
t^-lDlnv. Jjm. 6 ...]S103 15?) ..—J — . 

a»-jts0L*-.?r tnvwtiaeni-Tnwt 
rciriachCtSi fti cbm^asse 6-10 C8W> FronKurt. 



Breyiss ^'iitoaUcestd lav. Fd. 
P.O. Pos N3712, Nassau. Bahamas. 

NAVJuac-C.. —.R0SKJ4 15 47J | — 

Essoa 6: Fudley Tftt.JiSgljrsy-Iftd. 

P.O. Pn-i 73. ?,. Hiilicr. Jersey. DSM SCS31 

EftJft-C T. J119.4 126.5J 1 3.u0 

F. & C. Usast. Ltd. Inv. Advisers 
7-2 Louronit PcuntoeyHillECiH OBA. 

U1422 4=59 

ftr.i.Fd +un;7 — | 5USLC6 { .... I — 
Fidelia Ti^rat. & F.t*r, toic.1 UZ. 

• P». Ea . C7 1. 1 JuniUcri. S-.-Muda. 


A pell-? F-i Moj. 31 - 
.idlest Kay 21.... — 

1 1\ Grp Mni 31 

l'TJprw May 17... 

Rjtroay. Johcstone (lev. Adviser » 
I'Tt.HopcSt .GLa5S0-v.C2 041-2215621 

■I'oiwSL F-i. ... »i S3225 
•Iturrny fuuJ._ . j iliSl0S8 
-;jaV Mij- 3L 

N?Sit S.A. 

30a B-ii' Ic-.-jd r.oml. Ixjvemhours 
JsAV JuaeD } H2S1B.W 1 4 — 

N-gifc Ltd. 

Cnct et Benr.uila Bides., UnmlKon, Bntda. 
NAV Junta.. — |15 Oi — | | — 

Phty+nls InicrUritiOaal 

?0 Box 77. SL Peicr Port, Guernsey. 
lnUir-Jjodar Fund..|S209 ISOi | — 

Pnps s ty Grunth Overseas Ltd. 

■_ij In-ih Town. Gibraltar 
L'.S Dal!*.- Fund. -.) SUS3S.S9 
SlcrliDilFund | £125.77 

Richasuod Life Ass. LcL 
4C. /.dull ScrceL Pouglxx. LO.K. 


1 _ Hi ihmond BondBT 

1 Do.i'iaunumBtL.- 

To Gold Bd - _... 

01-2483012 I».Em.S7rtl236.... 


105 4 

OKU 33914 
113.3) +16) - 
195.6 . 10.62 

■132.7 +34 — 
1110 + 1.1 ~ 
160 8 -Oft 11.27 

5-]^. IZathscbild Asset Management IC.I.) 
.' 95 P.O.Box r-S Sr. Julians Cl Guernsey. 0481 £3331 


5W 0.C.E4.F.- Kay 3>... 155 3 58.7 

— O Cftnc.RL June 1 _ (147 1 155 W 
£.»4 <,1 -'.mil r-1 t . .. _ 111 35 1.43 

OCSjm.-c-Fd-V.=l.- 1463 1S5.6 ... 

O.C. Ccmmedtlv* . „|L>4.6 1A6 +1.4^ 

y. I0J4 .■/.«. Q<: i}/r.Conidfy.r._Jj25 05 27.«hdi .. .. 

IQ.M-OftSI 1160 'Pr.-te or June 14. Next dealing Jui 
10.02j+0ftr| 1103 TiTices ou June 7. Next dealing Jui 

June 20. 
June 22. 

?ft!ysl Trust (CI» Fd. BEgL Ltd. 

'P.O. Bax 134. Royal TjL flee.. Jersey. 0334+7441 

3.T ir.i'Lrd |Sl!$93 95W | 3.00 

R.T mi'KJsy.iFd.Jtl 95^ . .. | 3 21 
Fnces at May IS. Next dealing June 16. 

Save £d Prosper Ic^rnotianal 

realicft tn: 

S . Brood St.. EL Helier, Jersey 
. — I53?t3 9-a*fl-S6| — _ 1 ; 5. Dollsr-denonlexUBd Funci 

;....|Dt4H23 -.-I — D-rfcdlnCJuai B.J9_8 9 




AmeriCBB 1517 

lAeCBM TTwItrt. 53.6 

Ausrr*l*ri«i 550 

t Aro am. Urdu*) 56ft 

Itelinnete Hrt, TunhrWgeWaU*. **.€88222571 m* 

Tbs Bric;=h Life Office IAd-V <M 

BL Britiah life , 

SLIwlanrcJ* fc*0 

ELDivioonS* |4M . 

'Prices Jose 14. Sad de 

J. Henry Schrader S7agg £ Co. Ltd.? 
72^0.G*teboaw:S(L,AyleabUiy. ^ 0286 5941 120.Ctaapei6e.lLCi 0LS40Z-Q4 

__ BauItyAronm. _pS7ft 14551-03) 455 C apttal June 13 — RC.4 +075=4 1 

4^ E4 & G finqf (yXcX*) I^MBWjunelft jl&ac I9I.Cc? 

Three Qntcn. Tturer Bill, EC3B CBQ, ORBS 4368 tAcemiL Pnlta-— g7ft0 

1 *a lAeeum. Units 
s *a Europe Jnnel 
in (Aceum. Unia» 
in -Pen&CliarFdy 



Sen alae 8*aefcfiMh*aa*.P|*^y. . 

"<G'cJ:Jj’Sfgtrt-‘- Z::^CTCb < Jersey) ZmL 

A'stcrioo Tlse- Ucn bL,3L Udter. Jersey. 

, 0534 Z79G1 

[Serin. 1 , llntol.). — I 3^3 ] J — 

iS^riesBiPneiCc.. ~ >• I | — 

I Series- D (AaxAua.i( C2S2Atd (...) — 

I First Vtldng Ciiunr.LiCy Trusis 

■roe Zi. 

iisiK7a.L-i5i;!«y r- Co. tJd$ \ 
UaOr: Fwctdero Ci. SC+ 

£3 Uclta+nno 3 —.[214.9 
Do. iacc.)Juo* 3 — >2670 
Oeg eale Treat *=1 «a> 

Finn dc ini — -B| 


t« vuiuno«iw wrwtn. l?v' J 

® gssssfir® 

EHcktend— [117,2 


Growth Arena. — K^a 

CSeeth Isrtas G&4 

lH^ilnroir;? P9N 

ITU P>.9 

Igdea Bj|J2 

Otenris — - — - J?0J» 

c Arriim IT nltc) _ 

fcl _ Enropfimi — — . M.4 

Ol-^asa {Aceum, Uidla9 50* 

_ V«.72 Extra Yield-——, 15ft 

2,7.9) — .{ 4J2 t Aceum. UnB*) 1330 

\ Par eastern— H.7 

5S9I +0ft! * ]<fvf Aceum. UnflaO 610 

l’a T 390 VundoMw.Tri*— 62ft» 

H =3 

**** I « taKESSZzsK 

Piaiorauieo __ 
Recovery — _ 
EcropL June 12 



St ■ — I 1 Aceum. Uni**) 

605c; —4 409. MldJflnd _J^ 

Caasda LL'e Unit T*t Btefn. Ltd.9 
34 Rich SL. Pcatfte Bar, Belts. ?.Bar511ft£ (Acchcl " 


fl IS 

Japan .. 
355 iACCUBL 

SJJ KMnum 


7 fnil U4I 

- 152.1 


Cnn-GonC-eL t2S.4 

Do. Ges. Aceum .._ fe, o 
Do. Inr - Diri. — [ m. 4 
ap-lne-Accnm— ...{-m 

C=ixl Barnes) Kogt IM,f 
KSlOld Brand SL.BC3K IRQ 

CociLii, — — (SSft » 




Second Gmx, 064ft 

(Aceum. Urdtri P3J1 

special 1 [161.7 

Aceum. UnlhO PS3.4 

SpeelrilMd |M 
Trustee ■ P468 

r 56.1 ■■ 

57ft +04. 
509 +GJI 
59.5 +0J| 
I lift +001 
mM + 0 . 6 ) 

115.0) +0jl 3.71 'Bor urn extar, pi bade. «dy ^ Koirf . Daa .„ :»,!7taapKde.SM. 

zx Scottish Kqnicabk; Fad. EJffra, LiLVjHmg. June I+L«| — C£ctf JuMiu 



.. ._. . ... 718 

1-uerail Gr -j (7.K 

Far Eastern'* pit 69 

NV ,-th -ftnencant; . 2 ti 

Seur art 114 03 

fiifr3i;dBadMMd Funds 
t-'li annul Cri[iirio...|2345 L+a.-. 

Ghanrel !sltcdiv_ 147 C ZSSi 

Fatniaeti .‘une 1 127.0 333 71 

& FLvedJuael — [109.9 3^.4c^ ......| 1199 

Prices ob 'June 12. "Juc+ 1-L '"June R 
ifrectly Dcatiagi 

Fobiesicser Icferaatienal Kngt. Ltd. 
iu:e SL, Sl Heitor. Jersey . 0534 73588. 

5 .VI L. JU 

S VL'J+ _.| fl 87 

Gill .■•'ft 12.9 

!r,U F-sJcrrey IIS _ 

latrl FdJLsm^rft . 5-0.90 
•For£astruiMt.-.|« j t 

•SMt sub. day June 

S-rhn»dsr Life Group 

Enterprise House. Portsaotilh. 

JetoTL^llpoal Funds 

£Ec:-jiIc '" 



Sccrsdtr Wsgg £s Co. Ltd. 

mH 4 ** 

705 38 SL Addrev* Sct^Edinborgb <3i-£5£9S01 ) jr+gg RgrH'Faa-i Llt5. 

SSSuSSzr^i M ;::::! Is. ««*«*»; 

90 Dealing cc." Wednotinr. 

tS Sebag Unit T-s. gaaasere WTto 

i« a 

ftKt +41.7 
MU +U 
1075c +01 
MU +L3 
162J» +11 
164ft +16 
2290 +«J 
Z7Hft +00 

0 O 6 xi + 0.6 

299J +1.0 ___ 

87.4 +&£ 006 

+051 fft 6 

r “ •Shrent BriCteh Crpftal JW 
400 S tan da r d..— )JEA X g-jj -- 4 


5.g Security Selection lid. 

IS 15-10, Uneoln’s to Fields. VC& Ol^oitZS&O 

8J5 UnvlCthTst Ace _.p9ft SEfti I 2Z3 

lHwlGthMIne— PL0 22.-J^ 4 ift! 

Stetntzt Unit 

3» 45, Charlotte Sq., 

5^2 tfitewxrt Amertcka Fund 
■ r 3 Standard Unite. — JW.2 XrH - — ) —j 

Acrom. Umla [72. 0 77 if • — 

Wtthdrownl Uctta -pftfti 575) .._-4 — 

;iLViIa?31 .— -I Si.'SU>£5 1 1 — 

G.T. Sfanagisnaai l-'-i 

Ptric Vue.. 18 Finsbury Cire-is, Locdau ZCft 
Tel- 01-628 B13L TLX. loCICU 

„ SUFI 1 97 

Troialr-irMsy 31 | SUS117.41 , 

Vsiw l i June 12 , !l SlfcW - Drt 

J.ariiD-t Fnft SALGS 1 95 

Jipur. Fd. jane 1 <Z b w| 

01-988 <009 

-e.oa 2<2 




london Axcnis Cor 
/. nrh, v 'd+lDfia — |31 I ET+— 
.V; c hor C.l li Edge .. [u 7 ? a ~ 
Ancnor j£L Fd LTL'£ -I 


■rui.Jsy.TK. , 
Plc ru 


1 7 Z 



_ cm 

C.T.P’rliicFd j SUSlftlft I ... I 117 

'Cartm-Jro Invest. Led. Ids. Agts. 

2. St Mary Axe. Loader.. 2C3 0I-£S3;93! 

450 AeciiHLUnUa — 

Doallns TPri. ■ 

CL5886D10 lAceunLUnlte)^— ~ *035 
4 4.70 bhariboraataaoM. J 

: ;; :.i ijs Ch*riid.ftno»J3— 6*02 


31. Gresham SL.EC2. 

lTlcej on June "i. Neat ihriUnf June SL (Aceum- Unit*! hllft. 

C=rt!c!UnitFa.Ms«.14d5fuXc) KSlfe jfcfeWrt Md. 

Do.alch Yield. J4L7 442+O0j .153 MsyflOWT Ha nagw nemt Co. Lid. TrgKRcJunc 1<— pift 

Co. Aceum. Units -ISL9 544{ +0ft| 853 J4/18 Gresham SL.ECZVZAU. 010088009 dDo. Acc ; Uclt*^..J 

rtesl i5^11CR date June SB. Income JumV *“*0 «5« .» 100 ™*« 

Chari tics Cificial fnvesL Ffe Gencrei/uavfc 

77 London Fail, EcajiDR OLM81015 Mercoiy Fond Manager* 

IwasKBis lO J12E2 — ) — 4 660!um8L,ECSPZEB. Dl-aW4555 1°^? Inc--, 

Mere Gen. June 14. 0776 

Ace. ills. June 1* Z3L4 

Mero.;itf.Jm»14_ 652 
Accm.Uts.Jaae 14. 730 
OWM039BO alenJMJtejrB— ntl 

San ABlanee Fccfi 3ngt. SAL --T 

Sire Alliance Haa^ ^retaax , :KI|IWI tut 

.TaLiUW 14)42210 H2 ^+7.2 4 j4 ‘ - - - -- - 

Fi — 

Target Tst. E^grs. 

ArCiXITLUfiS‘26 . , 

ftUa&ulb- Oaly avoUsblo to Pxg. Cbviti«s. 

°TE? ^SrnSSSSszm 

I Manager* Ltd. po.^inv.Unita-._i5t5 

Charterhotise j&pbetV 
1, Paternoster Row.ECV 

CJ. lntertatl 

Accuul Units ... W .4 


CJ. Euro Fin 

Aret-'BL Units Kw 

C J. Fd- li» Tst E7.6 

Accum. Units.. {310 . - - 

Price Jane 15. Next dealing 

MlSj+OS 3.65 
33.3+0.^ 3.63 
Jane ZL 



TrgSPrTjuM'iV- 1^73 






eSftj ' 

rs.urf -o.-i 


y-li; .. ... 
ine +55j 


. . 

330x3 *33 


ft!.7i ..... 


20.^i -J.ri 

277 S CJ JO. Conaausht Centre. HcuL lions 
f 2S 1 far PM Mry ft! — JOT.U X tl'J . ... [ — 

1 2 I Japan Fund 7 nj I — 

S't~ ‘ Fanbrn IGB*tnsr.". Iftd./ 

3 C3 
3ft 3 





2 60) J L86„ Accum-Uts. 

Jac - •• 

§3^3 IM Unit Tnfet Manages Ud.9 (1) 


Chicftaic Troat Hanagerg LUUKaKS) 
JlNn»a.EC3M4TP 01-383 2S32 Capital— . 

American. tfSOM 2621+021 103 Do. Aceum. 

Hub Income MLZ 

Ir.tornrtfoncl — (025*0 
aaaic Resect T3L| 


9 +2 Income 

433 L.149.9 

Confederation Ponds KgL Ltd .V (a) 

Da At 

HlghYUjt U.,,. te A 

Coyne Growth Fd. ..]110 

IS Target Tst. Mgra. fSctSlssit (=Kb3 
10. Alhol CreaconL Sdra. 2 
Tareet Asicr£ukiCft3 70 


R«J » I n com e Fd Jft>3 ca 

07*270842 Trades Union Unit Tel EEanasers” 
+031 530 ,His»jCM+ri'll Ql-CCSSftll 

a»5 \ 

I Jo Transatlantic and Gen. Sees. Ca.9 
+0ftJ 329 0100 New London Rd. Chelmsford CE-ai;C51 

rasbra Fund Mgra. (C.Li Lid. 

P.O POVC5, Guernsey OWi-MMl 




See try Assancw International Ltd. 
r.O. 1 ox 3SS. Eemiiton 5. Bermuda 
Nanaced Fund inSUta lWi] 1 — 

Si 35 AT Sc fViedlacder Ldn. Af&mtd' 
SO. Cmrcon SL EC4. oI-=« 06« 

tieiafends. |D|G55JL_ 3i TM+OftOl 6.36 

TjS>-oTK.Junc2-..| SLriSSM | I 1.77 

SiraaCtralJ Stes^esrat Limited 
P.O 3a*. ?1P. Ft. Hello.-, Jersey. 0S34-7148B 
Ccmmodlte Trust— [92.95 97.85) 1 — 

SusS&vcsi ijeroeyi Lid. <xl 

Queens Hs". Con. Rrt. Sl Heller, Jay. 0654 27840 
‘ America InlTsL .ltf 69 0*61*0.031 - 

SSra®Si-r.lSS &8 U:n - 

Unit Trust ftfenogers iCX) Ltd. 

B-v-ftilellL- R±. St. Sar-oui, Jersey. 0B34734M 

Jerserl’ucd... — |S7.fa 50.11 1 4.79 

Guernsey Fund .. H7 6 50. l] ..... | 4.79' 

Pr.css on Jooe 3A Not scb. day -June 2L 

Tatyo F&clRc Holdings N.V. 

InUois Kanagemen*. Co N.V.. Curacao. 

NAV per shore Jnac 12. 5USB3.7L 

Tiijv Pacific EELdgs. (Seaboard* N.V. 

InUmli Manasvmcrit C<i N.V . Curacao, 

;.AV per share June 12 JU525-J3. 


i’ I. Fund ..{1*7.7 352 3ifl +0.3. 

lain! 5U5iiP4:i l-JiKi 

irsLDyisty 5us| iii-l 

lal. Si-at. 'A' H'Sil.C2 - C'i 

IM. Si-2*. A' Ri 

in- Svss. ■«' SUST119 

Price, on Juue K Next ocslin; June 21 

nsederson Baring Facet Mgra. Lid. 

TyidJi Croup 

P.O. C«s ILcG linr-.Utea S. Bermuda, 2-2TSS 

Ovoneos June 7 BlSLl! 323 1 6 09 

(Aceum. Units' RVSin 1W ) — 

ft- V.jy JnL M*y IB.... j$CSU9 2-71J 1 — . 

2N!vrS'...SLaeiLer.Jmey • OS34 3733 L/3, 

. Head. 

Sheffield, 51 $rd;' SU ** e S * r *^i^ 

aaa || jssssassh 

TGFSL Junes.. — „ ^ 
irA-aa ->hai+3i_ _, l £11.65 

6-27 Barbican JuneB— 
*27 rAecuto. 

257 Buctai- JnneiC!l~ 
026 i Accnta. TJ uita) 

’ , rtfemnliin«0_ 

MCtanecryLew.YrcSAIHE 01-3430283 3 o5I 509 SSm.%8»Z= 

Growth Fund f42.0 44ft) . — J 45Z tv, ^r+um. » pm * 1093) ....J 509 Cnmld. Juaa 14 — 

- .... 'Prices at lt«y at Next dealing June 30. (Aceum. Uratat 

CfumoiMuUan Fund Managers, VmJi in.„.+rm im Gien.ju«i3 

2a Iront street. Londeaswisasi. 01-3308525. Managers LUL fAccnm. Unite* 

Casjze^SGtiLFd. [J7.9 MftJ — | 4.75 Qt ^ OW5 ° June 13- 

Craicent Unit Tst. Mgn. Ltd. feKg) — S3 H3|"1 

4 MetoilloCtes.. Edinburgh 3. 031-0284831 MLA Unit Trust MgCmUt. Ltd. 

4-8 Old Queen Street. SW1B8JG. 01-BS0733S. VangT .. .. 

S'2 ao.1 united ,(40ft 4021+00) 427 fAcnuiLUmte.1 — 

453 Mutual Unit Tntat Managers^ (*Hg) (Aeenm.Ud»n 

950 35. OoptbaU Aic^BCSRVBU. 01-4004803 VtckOL JuneB. 

DfacrataBKar Unit Vend Managers n*^ -® nt - A * naL 


507 (Acctun. Unite' 

5.48 V*n.GtethJaa 13— 

(Acctun. Dnltai 

Van 'Hv June 12 

UJLToc JunuT— 

[ 0 LeFeb\-ro Sc, Petar j-en. Guernsey, C i. 

I Guernsey TsL— U3.94 - fl -2l 303 
; eiii Saaael Oeerssss Ttisd SJ*. 

1 37. Rue Noire- Dame, Lc\en< , »*urg 
; IS193? 2317{ ! — 

i International Pacific 2sv. Iftd. 

American June B — 
lAcrcesrhireji... . 
Jersey F <J Juno 7_ 
i f.i.n-J. am. UU i... 

runijnne 7._ 
i Aceusi. Shares* .... 


BM.S ■ 

lZ5oj ... 
8901 ..- 
29 .M .... 
.] .. . 

2 sod .... 
a«.«a .... 

13723 ... 




1120 * 


3 j| j Foe KSTf. SS. Pitt St, SytfinT. Auau 

javeiinE-inltyTsL.|52J0 ’ rftli ■ • -1 — 
J-E.T. BJa=flge» (Jersey) LicL 
PO Pok lfri, Rnya] TbL Use.. JcrscytST-i 77441 
Jerwr Enrol. Tar_ 1J63 c iTZff. ■ ■ ! — 

As at May 31, Nest sub. da.-- June JO. 
Jordinc Fiendng & Co. Ltd. 

44th Floor. Connaught C'+ilre Her J KonR 

Tyndall Managers Lid.? 

IS 10 Cammao Rood, Bristol, 
locum* June K |990 

Mutual ine. 

22, BfacxfleldSL,EC3SS7AL. 01-8334485 SSuri Bh»ato_ 

Dice Income 1162.5 1735*^ -— I 523 Mutual HlKhftJd — 

E. F. Winchester F und Mngt. Ltd. Nation^ Mti ftPMCUl „ — ^.. UUIUI 

^ld Jewry EC3 01-0062187 M, S- Ambtaj aLMre.MtBbuTgh 0S1-S869U1 capiudJuneM — 

SS5gjg SL,-BM gang H:dfS^&r“SS 

GLlSlnchc.' —A 400 cwJuneH Sl M3 +W9 304 (Aceum. Units* 158.0 

Emsoa & Ztadley Tst Mngma t Ud. a sSSfe ss 1 SS£m52!= ^o 

31 ArlliiKlanSL.S.'WX 01-4307551 Ud* 

EmHn Dudley TaL.)670 7201+2.9) 300 48,Grncecmweh8L.EC3P3HH 01-ttt3«00 {A ccum.Umtz) 1252 

^ ^ WPJ-Ct^EO-W-, W2 48ftd| — J OlM ScoLCapJimeld— M10 

£qnitas Sect Ltd. (a) (g) iAccum-UnJjJV-— 552 "mS — ] Ag (Arcum/Unlte) — B£S0 

91Bbhopofiflte,ECC 01JB8 2851 ^ “3 =!« 

Progressive 7Unf+Oft) S-9» ..prices on Mar &N«t deeps' June 28. 

E^it y& UwU C .Tr.M.V(hKbX«) 

Equ ^0 700) -0ft] 4ft5 

FrastKngfen Unit Mgt. Ltd. (a) 

6-7, IrtJwd Yard, EC4B&DH. 01-2480971 Growth Im 



Iflcflmols — 

Do, Aroum. — 

mends' Provdt. Unit Tr. Mgrs.t 

Pi sh» m End.Dar king. 
Da .Aceum. -„)W.8 

G,r. Unit Managers Ltd.? 

<DEU. 014M 606p. 

2SH-M |-g E?biSaPrtari'ty.„[63.7 


Scot Inc June U. „ .p n S8 
» frAm 17*11 


Do . AtctutL 8 42 

Extra Inc. Growth— S70 

Do. Acctun. ^3.6 

4 m Ffinuetel PPrty — . 150 
- DO. Aceum. 

4«6 IsSruSlanal.,..^. [345 

601 Special Sit*. 1&-4 

Mf TSB Unit Trusts <j) 

C272 22241 

xty.E+c^j 8 Vi 


7.03 Unii-erasl FdJ4) 

25 NEL Tnn t Manager! Udf feKS) Deoiincs to «^ y-« c<H3 

Mlltou CotaCDoddn*. Surrey. . 091 X (bffSBGcS^K53 

Jarftlue Erta-TJ — 
Jatc InsJ'En.Fd. 

J a. -dine 

Jsntr.e Flcm-Int. _ 

NAV Msv- 20 . 

Next sub. June if. 

e-Ir-ysafes MngL, Jersey- L& 

SE7C1* J 

Eqsk'.lui.Dl SllSflnS. 




Victory lioosc. Dan-tla*. isle of M*n.(XB4 
IB— 1129.0 HBX1 { 

V.i. Zotal. I^a&anL (C.L) Ltd. 

K. Mu -caster StrecL Sl Helier. Jersey, 
u .13. Fund isiswa 1HJ6| 1010 

United Stafec Tst. fctL Adv. Co. 

1-;. Rue AldriDger. Liuerahours- 

U.S. TsLlnv.Fnd. I SL’SIOW 1-0.01) 

Net asset June 13 

S. G. Warburg & Co. Ltd. 

:«]. Grvshiun Strove DC2. 
rev Dd.Fi June 13| SUSP o5 
Er.*;Ju' Jur.u iS SUS17M 
GrS-.A.-d A nr 31 — | SUS7.09 

Mr.&ur.JuncT llflfta 

l-Vsrwrg invest. Magt. Jrsy. Ltd. 

1. Chorine CYoss. SL Holier. Jiy. Cl 0534 73741 

rKFUiM 3 yia ._ is ;« J ® — 

GM712 i. Muy 26.™ £1203 



$J 9 = 

gL-yselox Japan . . jrn tat i^jtl 
CenL Assets C*P—.[ £1355' l-O-C-l 

lOu. Boulevard Bo*al. Luxembourg. 14 wide Rlh Fd| SLS15.U j-MI| - 


Prices do not include S ores- irs. v.wps where ir.diuled * and arem j-.oce ’mlej? oArrwise 
Indicolci V-.-fth, “i iriiovr- ir. ^.i -oiumni al/ow (or HI buying botw. fl Offered pn cet 
imIucv' all expenses. bT»dc?-, prices c V.tid hf cd or. oifer pnee. d Esirauteic Today's 
opculnr pnee. t Distribution it it Ci I'Jt tai« n Penodic premium *nsura.ico plans. « Sm«la 
?5i«nnwtfYOTf5 price isdnfe* sU estaoses except apeni's commission, 
y Offered pnei- ineludys „|f etpinscs LT bougilt lvn» MWm i Previous daTapnce. 
p Set o; tax on naUmdtvt . ml cuins uaic« imhcawd *«■ 4- f uuentser Cross, t Suspended. 

’j ^ - r’i' ™ 


21, Chantry Way, Andover, 3flds- 06=462132 


NaJitJT— ■■ 


4 JQ ( b ) Oo . Aocubl — 1 J 
709 (tj) TSBIocomc — c 
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Do Atv — .v.._ — 
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G.T.U.S. SGcc 

G.7. lapnn L-Gcn— 
4GLPfE?Rafd — ftS4i 
G.T. Four YdsFd — 

G. £c iV. Trust (Dig) 










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03086055 NdetarBUttlBc. ' _ 

- 04 ] 423 For . LW. 

-Oftj 423 see RMhatilDd Axset Hnsapsssst (MPe-Ace um [om 

Norwich Uidto fusoranm Group (b) 

m«a8L31 c^' B ?^ , Fi Wi<i QS 3NG 36*W Warms Street. Ballast {CKSKEl 

7.M SS2U18H HOlbont, WCIV7EB 0KC6S441 U,Ut T ™ 1 Acc ® ca * & & * S3St ' 


«rto!l S.?6[ !••>«« t-u 

dtiU ®{ Oljvo Fu 

6t3 ._... 7is j J . t-livi.- Fi:; 

1 Royal Exchan^i- Av., London ECUV SLU. Tel,: Oi-283 1101. 
! :ul oft Gulrlo as ai nil •!ti ac ’» (East 1 100 at 14.1.77) 

Fixed I /Weft.* f CapilaJ 1-W3 

;ed Interest Inc ome 112.91 

CORAL C inse 47IW75 



Pnsrl Inc- . 

Pc art Unit TiL 

7J» gAceum-UntaV — 

Pelicao Unite A drofet Ltd. (g)t») 

KU* William St ZC4R9AR 

Ol-fiS-^l I 

grlnrs H» FuwL..ll520 
Wider Gnb. FmL_C^- 

... . :« 

DaArcum. )340 

*• WJefer Growth Food 


■SSI :d m S 

Jil ] ..,.1 406 S 

01-623-361 i 

U* Bfe fife Awe WUUUZl Uiw awi ? 

S»fias 1 eisbTtdnBrcGlwood < 027 ?) 2*7300 _ <M 0 «B 5 iDcomeUnlu p« ?Uj J .*33 ^ 

5 *■ * -ftg . 4 3 ifr*t — -4 42V ^ Pelican TlnlU— . .. | n . 9 9 U)+ia 5 JH ^Aanun-Unila iS 4 ft *u.Cj — ■■•S | 


t Property Grawiii 

f Vanbrugh Gupfiniceri 9 % 

7 Address :,btrvn ujii-T iifttifDAv an-I Properly Rond Tubie. 


i Amsterdam: P.O. Box 1296. Amsterdam -C. 

H Telex 12171 Tel: 340 5S5 

Birmingham: George House. George Road. 

Telex 338850 Tel: 021-154 032= 

Bonn: Press ha us 1IT04 Heussallee 2-10. 

Telex 8669542 Tel: 210039 
Brussels: 39 Rue Dncalc. 

Telex 23283 Tel: 512-PG37 

Celro. P.O. Box =040. 

Tel: 938510 

Dublin: 8 FilzwiUiam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031 226 4120 
Frankfurt: Ira Sachscnlager 13. 

Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex 8-E257 Tel: 83S-7545 
Lisbon: Praea da Alecria 56- ID. Lisbon 2. 

Telex 12333 Tel: 382 508 
Madrid: Espronceda 32. Madrid 3. 

Tel: 441 5772 


Birming ham : George Rouse. George Road. 
Telex 338650 Tel: 021-154 0922 
. Edinburgh: 37 George Street. 

Teles 72484 Tel: 031-228 4139 
Frankfurt- tm SaehscnJager 13. 

Teles 18283 Tel: 5546G7 

Tt ' ,r ^'- 

Rome: Via della Merced* 55. 

Telex 61032 TeL 678 3314 

Stockholm: e/o Svennka Daghladet, Raalambsvagen 7. 

Telex 17803 TeL 50 80 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 6 B 26 B 8 
Tokyo: 8th Floor, Nihon Keisai Shimbtm 
Building, 1-0-5 Otemaehl. ChJroda-ku. 

Telex J 27104 Tel: 241 2820 
Washington: 2nd Floor. 1325 EL Street, 

N.W.. Washington D.C. 20004 
Telex 440225 TeL (2Q2i 347 8876 

Manchester: Queen’s Bouse, Queen Street. 

Telex 666313 Tel: 061-834 3381 
New York: 75 Rockefeller Pi*za, X.Y. 10018 
Telex <23023 TeL (212) 480 8300 
Paris; 36 Rue du Sender. 73002. 

Telex 220041 TeL 238.88.01 

Tokyo: Kasahara Build! 
Chiyoda-ku. Telex J 2 

Udine. 1-6-10 Uchlkanda, 
J 27104 TeL 295 4050 


Copies obtainable from newsagents and bookstalls worldwide or on regular subscription Snm 
Subscription Department, Financial Times. London 

£921 2 

fcBnl 1-1 
67 +1 
66 1+1 

38 hI 



0121,1 DaWalWKialA. I 024 

'-'-y »"*" " v ‘ir. v 


*E*ntes _ rr3lx±r^3ay Jtmel5ig'7& 


PROPERTY— Contisned | INV. TRUSTS— Continued I FINANCE, LAND— Continued 

I ’ I . _ _ ■ i (l mJ n!c l lv a l«ll 

> -.^.55 a 



5r 5ri» 


111 ! 
*■.•«« -Ti If 

i'sj m 

is: 3N 

. ‘ I- 

•:■ ;**8! 


I- -Til 

* I a «»IBU J"u. ! ~ I M. M B ua w 
n :::::: % iJSS 8 | B8Bf£ » J «• «5|? 

ft :\ « EfiSSiS =8fc f H 15 

s - 1 I? SMHVB “ BEft»V ^ 

» + 3 3Q rJsjiii « S JSSSStr S HT- jBs 

5 ■ m 5456.4 127 104 IMrf _ 3-4o 3.7 «- « J 

29 j 4 ::::: L82 ioi mbs 33c m iasSit^ 3 ^ "Z ~ - - - 

I & r> «« J # BBsSfc I = H H 51 « 


7,, if - u« U UM £51 £g asssss; f :::::: Sff a if « 

3a 8.1 V? 5? Mi 9 £■ rft£-u o5=n I II - 

« ::::: 72.07 u mm 13.9 

M 4 +iV H24C LI 5.7 24 0 

Sn - Hit flO «J? 19 Q 

20 15.43 0.9j S.2|19.Q „ s M I.AItarcSDp. % I- 

47 — * — 1 — * 162 134 iRrS. Borneo Uto. 160 l 

1 l”r b /i H I«J« m SSSBMif ffi «" w UB,«n 

It:?.. S 1 . it? W» 3 69 +2 S -1T-I = 

3S 37 1.2 To SO $> = jj 10 .Wsell— » ..... 

41 0.9 1.1 3 2 40 i rtV>,|m Do 0 iLn 91 ; 9 t 5 £621? Q8U e s _ elS.3 — 132 b4 BdVuei'Jle SO Toes 123 -3 

L ?1 * 1 , 67 11 53 26.6 SjJ sgi r^tfhSMU 800 -50 - - - - 125 63 BHSouth 50 c 118 +17 

63 ..“.4 64 •> 11.1 4 > ' 7 -“ 40 [-ii-iavito . .. 2^3 * 7.0 « 245 148 Cause R.*cunW>J(V. 240 

24 : . - - - - 8 I? cSSiSfiteZ § :::::: - z. _sfs 12 * cxbimrfien. h ...... 

S 07 8.00 1.1 4.0 33.9 f 3 bS, fl 4 t. RaVtrOil ' S 2 & +■»« — _ - — 538 510 Peko-v.^iseiuJM:t. ^ ," 5 ^ * 

49 0 85 13 2 .& 4 M “‘S- SSffifcijrie l>i ! - — — — 160 1 84 Wefln MjnmcSOc.. 157 -1 $Qbc M » 

91 3 35 1.0 6.4 23.0 ^ fjy. £47 2.4 5.6 7.8 70 I 35 |whun<.r»k 2 uc_.{ 55 1+5 | — I-! — 

94 J-* ..... 2.85 ID 4 6 51-9 ijn 455 ~ ^centre 610 ^ — — 

W " ... 3 77 1 0 3.5 43.4 ^ ^ she^afc.Re^ 550 -2 157 41 43 5.6 TINS 

51 *2 top* 12 62125 . 61 ...... 4 9*. 1102 12.4 - 1 4 W * , 

sff ili™« g}RBSS5r~S -3 — - r 89 290 200 

3.75 1.1 6 . 321.1 £2 tMTSftTvErr. 149 ..„.. 7 *i 24.5 6 8 - 145 111 Ceeitc - 

17 lOWRg ^ .. 1 _ 10 8>> C-JiditoeDjp. 

98 78 

71»| 48 
2H 2 1SU 
33 1 25 

103 +1 4.0 12 5.9 220 S 

91 +1 335 1.0 5.6 267 n I - 1 

111 1.7 LO 1.8 U 29 

101 + 31 ? 2.4 1.1 3.6 37.5 I 

*95 *1 fl -66 1 3 2-6 46.0 * 

TO* +i" i7 To 3^0.1 58 ^ 
m u4j 11245.6 217”® % 

651 , L 8 15 I 4.2 25 J l* 

Hi a asff I 

Ui? +» 2 gL82 2 0 4J16.9 gf 

...?. 7171 7U> 4.137.4 
77 .... 2.70 « 5.3 * W » 

93 +1 375 4> fc J * m 'll 

36 0 25 9 3.6 * $ 

’g ::•::: & M* li £ 
15 :5-4 iJHUl | 

132 +1 2.90 1.1 3.3 <*22 £' 

Mt* +2 1165 U 3 i 4» ^ *| 

S ::::;: « ti t A 4 4 

Do BpcCnv. 

Bli 2 +ii 2 tQ47c LI 42 225 .g ^ 

s a=ffl»*. 1 8 & s f« 

451 ? -J 2 350 U 11 . 7 11.9 

i%i* to Ti 65 198 RUBBERS AND SESAXS 

56» z :::::: 42.25 u uw ^ > i+« «*. ith 

81^* ; ;^3 h dnl a^iiwl Stocfe ph« | - xa c* jcrt 

1« fi" 4.5 il 6!7 213 I01 75 IMMMK- lg| +1 -_ 7 5 * j 42 

OJJk 2J - — - 93 65 BenampmslOp— 93 35 15 5.7 

3312 -■■■ 177 LO 125 1L7 lfi U j Kxd(Africai K .. . - - - 

25+1 — — — — 51 31 BrahralllOp- 50 l 2 + 1 ? L 7 LC 5.3 

28 l 2 dl 5 5 ^ 8.0 * 305 i ^5 CasifeBeldWp 238 +i s 2.8 LW 18 

253 - - - 43 26 tSselfcl 39 UL 38 L^ 55 

62 x 3+1 3.0 1.0 75 20.0 30 23 ?* Cons. Plants lteul 3 W 2 +i 2 hQ 3.0 121 125 

62x3 +1 30 1-0 75 20.0 39 23>4 Cons. Plants ]&__ 361 

134 4Qlfs 10 4.8ffl3|j24, 8i? 4 |CrandCentndl0p- 10 

63 tfl5 3.0 0-8 1281307 * ?rt Knthri e £i 277: 

113 al +1 3.60 * *, 105 65 fariansMy.Ea. 10 p_ 96 ...... ( 44.0 — 63 Securities wllh defimlnat-tcne -tker Iton *ti 

S, + } JA-, f 2 2 iiifcl 05 56 Jj HlRhlandsMSOe-- 104 ... Q 208 e — f 3 inciBjire of On l^Mtaent dollar pmntnm. 

24 i z +1 70.42 1.4 2.6 4 L 6 *0 41 iX Kuala Kepone MSI 64 -1 Q 12 ^c 15 4.3 ' ........ 

72 +1 2.4 11 5 . 026.5 j 9 “ ttKuIimiuOc 50 Qllic 0.8 5.0 a sterling dcnomiaeied securities vhich Inclute Si 

185 +1 75.25 L 0 4 j 34.4 150 69 Ldn. Sumatra I 0 p_ 150 ^.... 6 t 4 .Q L 6 4.4 dollar pramiun. 

lllrf 3.40 4 4.6 * ea 43 Ma]akflHM 51 93 y 20 c 19 4.6 • “Tap" siocle. • 


Tokyo, Japan 

■New Japan Securities Europe Limited 

1 . Moo«-iM». Loni'jr. CC 2 rt KJH Tel. B 06 - 678 ti 8 
■ Prankluir Oilicc: Tel. f 9092 T 

MINES— Continued 

I I + oH Dir. 

Suck Price l — 1 Net 



DU 1 J 4 . itivniu m 1 — 

175 122 Tan2ai«:iU50p— 160*4 

90 78 riiu.FreLBtm 90d 

41 32 [WankieCoLKii l._[ 38 .... 

— 1 _ f I _ lb 1 ? ] 10 lLuaCpr5BI»34.-| 14» 2 -1 

6 74 LS 6.4 153 


r:Se 1 15 1 

Q10.0 4> 6.2 
(Wi 16.4 ,8.0 
+Q7l?c 1.4168 

Q8c 1.4 4.1 
QlOc I 22 26 

132 145 41 1.7 

215 -3 Q 9 c L 7 26 
36 — - - 

Loam XU 9 /.U T_l « M, Pivtoai-oorSOc . 21 — _ — — ,-uwjm u>tu^c — ■■— I 

73 cl.45 12 3.0 45.a Sm 4 ~ 281? +i? M3 * 05 6 oW 1«? NewnetaUOt __9 J 2 +!+ “ 7, ~- 

87 3.e * 6.6 O [ ?gg ftfeS 1^+2 - - - - 145 79 North R.HIU50e_ 132-8 QBc L5 3.7 

75 2.6 L0 5jai rino; , qqo L^a014 a il981-83 £104ij ...... QH'j — el« — In 0j — _1| rq 

178 +8 tQUc 19 3.9 
44-2 — - — 

Of* +»4 — - — 

532 " Q15c 4 0 18 
157 -1 $Qbc 1.4 * 

M rffiltfcl & -16 ,0 24 AmaiA-i^..:. -25 ...... «51 16 1« 

63+1 — — — — eta £55 Tevacoi^^Cm £59 .... 04 V, f — 360 240 Aj'erHuimSMl — 355 +5 f] .. i 

123 +2 Tl.01 21 1.2 59.6 ^ gg 7n«^rol 186 . . .. 132 52 1.116.9 oO 45 Derail Tin 53 -1 375 4.4 112 

146 552 lJ56S§if? iff “ 266 -3 - - - 89 290 200 BencnuiSSII..— 285 ..... ® } A 

8 :r. SS 3*4 s.I 

10 — - — 

L0 4.7 32.2 J9Q "g w^Nm.IMs' 190 Z." - - - - 10 8J? QridfttoeDff- ™ ~ 7,7, 

r, r., 7 . 190 36 DflH4.Old.!0«_ 190 ...... Q13V - 43 - 299 220 uopentCeni . .... 290 15.0 0.9 7.9 

il 1 : 21 s; n 57 *« 72-1 1- i.s b» Egg*— : ?g i£3 uu 


etn I l h5 « no nl 7 ni 7 h 400 2S0 MaJ^Dred£iD25Hl> 395 +5 TQ95C 0.8 5^. 

11 1 1 93 78 Idris Itrp 88 ... . 12£ 16 218 

S TRADERS" 73 63 Siitine'sMOM. ■ 68 ""i: MB* 0.7 4.9 

UUliJLiaO 490 450 mungtoi! 490 ■■■■•■<&* Jo 2 !-? 

260 h352 19.0f 2.0 2.6 400 2S0 ^ +5 Si H 

104 +2 Q3 5u U 2.1 445 70 40 iPaliao; 70 03 X 

137 -3 h4 33 4.7 4.6 4.6 62 50 FeKfcalenlOp — _60aj 65 15 Z6.7 

48 -1 6 2 LI 19.7 (6.6i 210 165 Peta%SMl 20B«1 ...... -HJ8^ U 8.8 

411? 1.50 * 5.5 6 £>1 4» Saint Pi ran..- — 53 -1 e!99 4.6 5.7 

370x3 +3" 655 6 2.7 ♦ al 47 SeiBhCrofty lOp — 56 

27? .... 8.71 32 4.9 8 3 205 140 South KLnu:SMu 50 200 jSS^F l-J 5} 

£64 +1 24 L9 22.4 2C3 230 Stho Malayan IM1. 500 i®3L3c 1.1 94 

487 4217? * 7.0 $• ^0® L^4 Surujei Befi SMI - 208 „ — ~ a 

41 * 3 1g. li ” ioi i® If SSES2” g = 2 t 

a ::::.. 20 _i4 u- «™ » SSE^. 45 ::®{ni 

gj? - _ _ — 220 |143 
64 “ -1 6.55 25 15 5 ( 3 2 . 

^ j -3 V'lVf COPPER 

91 .!!... IBS 4 > 4.9 * 100 I 70 [Messina R 05 O.. — } 96 | |JQ 30 c| 1 . 9 | i 

ISO $ 7.7 75 6.5 3.1 * 

1 29 1 ? ” 7 .” S .45 15 ; 53 MISCELLANEOUS 

■■■ .B— _ — — — . ?7 1 Q Uln«Vn-m I 15 1 1 — l_l — 

-S 4 * “a- j?Tr 7 , , 1 , 01 , 17 0 Burma Mines IT'aP- I 5 — K 

2§1 2 h 65 5 4 4 4 7 ” ■ 500 220 Cons. MordL I 0 c_. 225 ...... $Q 30 c 

2 59 -1 ■ 310 Z 7 W. 53 . 5 g g 5 NentoieCSI-... 465 +15 - 

^ tSSSS" W n M sEabSar: jltli - 

S f n B 4 Q 2 Q 1 £12 750 raraExptn-Sl £ 1^8 -4 — 

66 °- 4 45 43 Tehid.vlC«ral«)Op. 43 153 

173 120 Yuma Cons. < 51 ._. 173 Q 7 c 

rubbers and sisals ■ 

225 $Q 30 c Z 6 $ 

465 +15 — — — 

229 +2 95 ZB 65 

71 +11 - - - 

^ i. bn 1 5> 

173 Q 7 c 2.9 L 9 

1+ or Dw. | VW 
Price ] - Net jC“«r Cr*s 


Usless Mhenrise indicated, prices and nrl rfjrtdcKfc are, id 

35 — — — eenee »od depomiaatiana are SSp. ErdnaU 4 prlcql MnitoW 

5»? +1? L7 10 5.1 ratwsMxdcwewaraba^eaUUwaxuwMlrep wuand MeMmg 

38 +f sZ8 L0 ZS 

‘ ~ 53 rnlndaicd on the team of net diaa ifautm-. brnctated 

WV-lW £ w 

+ 1 ' c A > xi __ rent, and allow tor nine of 1 

Central lOp- 10 055 * 83 

ie£l 277 xd -..-155 qU (I ^ ^ ^ lor value of declared dUMtateno and 

mlOy.EsUOp. ^96 ...—[ 4 M .0 — 63 s-c-HOeo with defimlnat-ioM other than oeriinx 

lllrf -■■■ 3.40 « 4.6 J 94 4 8 MalafcoHMSl 

74 — 255 6 5£ * 54 30i 2 WnarRherlOp— 

43J 2 tL38 fg f.BXL6 75 55* feautarioo ffldgs. Up 

^ +1 11 MSI 57 ISungeiErianlCHx— 

191 r: 1 L 35 l-Sj 9 .ojmfl ^ 


.-MbJtvy Inv. 20 p 23 

As-h Spinning ... 45 

Scrum 22 

Mj wtr s^LSOp 270 
Clot or Craft — 24 

■-ran:* Rose £1 44ajil 
r.'VSOQ iR. A.) A . 37 

EllLt * MeHdy. 62 

Evcred — 18 

Kite Force.... - 50 

Ktnlay PRR. 5 p- ,Z 3 i 2 
Grai^Ship. £ 1 . 154 

limsoniBrcw. . .80 
]Ot! Sim. £ 1 — +50 
HnlLiJos.liSp... 265 
■"ihn.'ioldsinitn 54 
PeJroci' 7 . H 1 — lb 5 
Peel Mills. .. 20 

SneJCieiri Brwk 45 

Sindoll (Wm.)....| 

Conv. 9 % ' 80-82 £ 91 % 

Alliance Gu.... 73 

Amott 345 dl . — 

Carroll 1 PJ. 1 . - 90 >d ...... 

Clondalkin. ._.. 96 +1 

Concrete ProdSL. 135 

Heiton « Hldgs.j 40 

Ids. Corp._ 148 

Irish Ropes 135 

Jacob 65 

Sunbeam 33 

T.M.G 173 

64 -1 012 %: 15 43 , _ . 

50 QUjc 0 .B 5.0 a sterling denominated securities which Indudn SneuBumt. 

150 ...... tt?.Q L 6 4.4 dollar premium- 

+l" h 043 3 i L 4 " Wghs mSTlows mariwd thus haw be*a adjured (0 allow 

70 +1 $213 2.0 4.7 for righia iwues lor cash. 

58 -2 hi 5 19 3.9 t Interim since increased or 

-77 H i interim s.n« rmlucei pax-<« » 

ft Tax-free M» non-re*id<»« ' “■ appllcaOna. 

|C . 9 Figures or repo* awaited. 

W rr Unlisted s^eanpf. 

J Pnrj^ot tune ot suspension. 

a jJ^Toaied dividend alter pending scrip and, 'or nghte lssunc 
- ■ rover relates to previous dividend or forecast. 

•« Free of Stamp Duly. 

+ Merger hid or reorganisation in piugieio. 
a Not comparable. 

+ Same imerim; reduced final and/or induced tmlitt 
tndlcaied. . . . . . ... . 

$ Forecast dividend; cover on earnings updated by ntnsC 
interim statement- 

j Cover allows lor conversion or shares not now ranking Mr 
dividends or ranking only for restricted dividend. 

* Own- does not allow lor shares which nay also ran* for 
dividend at = future date. No PIE ratio usually provided. 
» Excluding n Imai dividend declaration. 

} Regional price. . .- 

II No par value. .. - M -.i 

c Tm free, b Figures based on prospectus or other m™ 
«tun«c. c Cents, d Dividend rate paid or payable op part 
of capi>»< -wr, based on dividend on, full capital, 
e Redemption yield. 1 n*\ j iww- _ iimd dividend ana 
vicld. h Assumed dividend and yield after scrip _ u bw. 
j Payment from capital sources, k Kenya. » Interim higher 
IhS^rious tot^ > Rights issue 
based on preliminary figures. . r Aurtralian cmrrano. 
■ Dividend and yield exclude 

dividend: emer relates lo previous dividend. PrE ratio based 
on latest annual earnings, o Forecaa dtvldend:_cover 
on previous yew's earnings, v Tax free up to 30 p > in ^ the £. 
w Yield allows for currency clause, y Dividend and jneld 
Said on merger totms- » Dividend and yield include > 
special pamKiir Cover does not apply to special paymo M. 
iSet dividend and yield. B Preference dividend pawed or 
dkerred C Canadimt. D C<wer and P/E ratio exclude profit* 
of u FL aerospace subsidiaries. E Issue price. F Dividend 
n n d yield based on prospectus or other official estimates for 
1977 - 78 . G Assumed dividend and yield alter pending scrip 
and/or rights imuc. H Dividend nd peld based** 
prospectus or other official estimates iw 19 TB- 77 . K Figw* 
b^ed on prospectus or other official estimates far 1 91 8 . 
M Dividend and yield based on prarajjtia « «>tb»olHmal 
estimate^ for 1978 . V Dividend and yield based on prosper ros 
or Trther oJQciai esttmates for I 97 B. P Dividend and ymld 
hased on nraspectus or oiher official estunnies lor 1977 . 
QCross. T Figures aEaumcd. U No signlficont 
Tax payable. Z Dr.Mend total to date, tt Yieid , based cn 
assuniption Treasury BiU Rate stay* unchanged until maturity 
of stock. 

Abbreviations: des cficidcnd: u ex strip issue; 9 ex right®. a ex 
’nil. d ex capital dtstrSbulion. 

** Recent Issues " and “ Rights ” Page 34 

This service is available (o every Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


The following Lx a selection of London quotations of stares 
oreviouslv listed only in regional markets. Prices of irtsn 
S^.iies most of which are not officially listed in London, 
are as quoted on the Irish fggjg^t S2 j 


London Brick 

Luos Inds 

LransO r.. 

MrUs.fc Spnrrt 10 
Midland Bank! 25 

12 lien- Accidonl 17 
lien Electric la 


- -..••.-■i.ifoEis'a 

for ail business 
with ISRAEL 


Head office and West End Branch 
4-7 Woodstock Street. London 
W1AZAF Tel 01 -629 1205 

Thursday June 15 1978 



0742 734068 

5* '.1 a * ; 

r - v*: •“ * i : 

awards by 
to become 


SCHOLARSHIPS awarded by 
companies to directors or 
higher-paid employees to assist 
in the cost of educating their 
children are to be taxed as 
benefits in kind. 

The move, announced by the 
Inland Revenue yesterday, is a 
further stage in the ciarapdown 
on fringe benefits for ibe 
higher paid. It is likely to 
arouse considerable opposition 
from the companies and 
employees involved. 

Many scholarship schemes 
have been established for a 
long time, including those of 
Imperial Chemical Industries 
and Barclays Bank. And a 
plethora of further educational 
trusts have been set rp very 
quietly since the Finance Act, 
1976. which contains provisions 
for the taxation of benefits in- 
kind for directors and higher- 
paid employees, primarily to 
take advantage of an aoparent 
concession on educational 

Under Section J75 of the 
Income and Corporate Taxes 
Act, 1970, income from scholar- 
ships was exempted from tax. 
And until now the Revenue 
has not sought to tax educa- 
tional scholarships awarded 
by companies to members of 
an employee’s family on Ihc 
grounds lhat -Section 375 pre- 
cluded such action. 

Now the Revenue has taken 
the opposite view in that Sec- 
tion 375 does not override 
Section 61. It is therefore 
applying the benefit in kind 
provisions to all scholarship 
awards made as from yester- 
day. Bat It will not be applied 


In practice, this meant that 
directors and higher-paid 
employees — t hose earning 
£7,506 or more — will have the 
cost of the scholarship awards 
to their children or other mem- 
bers of the family added to 
their emoluments and taxed. 
Lower-paid employees will not 
suffer since the rules for them 
are different. The scholarships 
would be taxed on its ?aieahle 
value and this is non-exlstent- 

Tbe only exception being 
allowed is where there is a 
fortuitous connection in the 
award of a scholarship and em- 
ployment. This coold occur 
with a scholarship scheme 
awarded by a company but 
available to the general public 
and it happens that a success- 
ful applicant is the child of a 
director or higher-paid em- 
ployee or ihat particular com- 
pany. Making the scheme 
available to ail employers of 
the company is ■«* «m**wiw 
lu avoid tax. . 

Tax accountants were quick 
to react to the Revenue action. 
Mr. Roger Brown, a partner in 
li cardens - chartered account- 
ants, said that “very large sums 
of money are involved.'’ He 
predicted that the matter 
would end np before the courts. 

Shell halts design 

work on £200m plant 


SHELL CHEMICALS UK has He said the Shell plans fora on stream at the turn of the year, 
halted design work on a £200m cracker bad been “ frozen ” after The start could be affected by 
petrochemicals plant planned the preliminary design stage, the industrial dispute at Id's 
for its Stan low site on Mersey- shell is pushing ahead with s . ite °° Teesside. This is 

side. The 350.000 tonnes a year other major expansion pro- threatening to shut some plants 
ethylene plant is now not likely j Mti ^ construction of a £SGm and del ?/ commissioning of 
to be built before the mid-1980s, higher olefins plant, also at ne * . tU , 

The plan, announced more than Stanlow. Higher olefins are used f ^i«nSS?Tnr Jfmnn- 

a rear ago. has been hit by the aa raw material, for such thioRS ™ " E 

drastic fall in the ejected as detergents, plastics and oil gg' e JJHS 

growth rate of petrochemicals miustry additives. ThV lomS KnCffvSrte" 

markets in Western Europe and Mr. Fairtlougb said the com- day that it made a loss of £5.lni 
by the resumes senous over- pany hoped to seek main board ln ^ first three months of the 
capacity in petrochemical plants, approval for the plant in the year, compared with a profit of 
Ethylene is tne most important autumn, probably in September. f g g m in period last 

base petrocheroicaL It is used ve3r . ■ 

in making a wide range of pro- ' Mr. Derek Crofton, finance 

ducts from plastics and fibres to Lsumuio director of Shell Chemicals UK. 

detergents, pamts and anti- The plant would become a said there had been a very slight 
freezes. heavy additional ethylene user, recovery in the volume of sales 

A decision on the future of but Mr. Fairtlougb said he was in the home market compared 
the project hinges on Esso confident sufficient _ ethylene with October-December last year. 
Chemicals' plan to build an even would be available in the UK when the company made a loss of 
larger ethylene cracker at Moss- from other producers for a num- £3.7m. But exports continued to 
raorran, Fife, in Scotland. Shell her of years. shrink, both in terms of ton- 

fa as agreed to take 40 per cent The latest company estimates nages and prices, 
of the production of the Moss- suggest that even if the 500.000 In the first . quarter of last 
morran cracker, if it Is built. tonnes a year Mossmorran year the company was “on the 
Mr. Gerard Fairtlough, manag- cracker does not go ahead there crest of a wave,” Mr. Crofton 
ins director of Shell Chemicals will be enough ethylene capacity said. The situation deteriorated 
UK, said yesterday it was very in the UK to meet expected and substantial losses were made 
unlikely that the two plants demand until at least 19S5. iCI in the second half of the year, 
would be built simultaneously, and BP are building a £150m, The company has been helped 
Esso is due to decide on its pro- 500,000 tonnes a year plant at recently fay a significant fail iu 
ject at the end of the year. Teesside. This is due to come feedstock costs. 

plans big 
in voting 

By Roger Boyes 


a nose- 


ICI gives closure timetable 


IMPERIAL Chemical Industries No further meetings between further 100 to 200 jobs could he 
said yesterday that the shutting the two sides have been planned, put at risk within about six 
down or two or three of the More plants on the site are weeks. 

smaller plants on its petro- likely to be affected but the com- The Amalgamated Union of 
chemicals site at Wilton, Tees- pany says any repercussions on Engineering Workers and the 
side, would probably begin 1C1 customers would not be felt Electrical and Plumbing Trades 
within four to six weeks. for some time. Union are refusing to co-operate 

This is in addition to the The company is maintaining on the training of fitters and 
smaller of its two ethylene plants production of the larger of its electricians as artificers until the 
which is being shut from Monday two ■ ethylene crackers which, company improves pay rates For 
in a dispute with two of the with a capacity of 450,000 tonnes, craft workers. 

is more than twice as large as the The unions say 'the shortage 

company's manual unions over 
the training or artificers who 
service and maintain control- 
room instrumentation. 

The shutdown plan is based 
on lCTs belief that the lS-month 

COMECON, the east European 
economic alliance, is considering 
a crucial change in its voting 
system. This could force the 
economic policies of smaller 
Communist states into line with 
the Soviet Union and provoke 
serious strains within the bloc. 

The nine' Comecon members — 
the Warsaw Pact states plus 
Mongolia and Cuba — are 
expected to discuss the new. 
voting proposals at a summit In 
Bucharest at the end of this 
month. The proposed change, 
according to east European 
diplomats, would mean a shift 
from the unanimous voting pro- 
cedure to a system making 
majority decisions binding on all 
member countries. 

Dissenting Comecon states so 
far have been able to express 
their disapproval with the 
alliance's decisions by simply 
not taking part in the final vote. 
Although the vote would be 
presented to the outside world 
us unanimous, the dissenting 
slate effectively could ignore the 
decision unless other pressures 
were brought to bear. 

If the new voting system goes 
into effect, Russia, which seeks 
complete integration within the 
alliance, could make majority 
decisions on such big issues as 
economic integration and indus- 
trial specialisation binding on 
dissenting states. 

As a result, Russia, which at 
present often has to achieve its 
aims in the alliance through in- 
formal means or at the planning 
committee stage, would be able 
to act with the full weight of 
Comecon behind it. States which 
declined to participate in certain 
decisions, in theory could have 
sanctions applied against them. 

These powers particular!* 
would affect Romania, which 


Balance of 

Current Account 

Far from being a recovery 

year, it now looks as if 1977-78 Tmiev fell 2.7 to 471.“ 

could end up as Westland Air- 

craft's least profitable period for 
the past decade. At this stage 
the company seems to be in 
little doubt that there will be a 
substantial reduction in last 
year's pre-tax figure of £5 -8m 
though it is not yet talking of 
an overall loss for the year. In 
1976-77 profits were severely 
checked by net provisions of 
ffilm, mainly relating to a 
Ministry of Defence contract for 
the Lynx helicopter signed in 

Westland said last winter that 
although the MoD contract 
looked unlikely to produce 
profits for another 18 months, 
management was determined 
that the contract “must not 
require any further provisions, gripped the gilt-edged market at T : -• 
Now only six months later “ a t the end of last week has died • 
seems dear that ** a substantial down ^ lasc night brokers . Compared 
increase " will be necessaryin were trifled as to whether attributable 

unions say 

one that U being shut. of artificers, who are vital to the 

The close-down programme, saefty and reliability of high, n'„ rnn »*n 

which ICI says has been forced pressure chemical processes. canzone 

on it by a severe shortage of only be overcome by impme-jjates has a bi 1 ^^Srovoked 
instrument artificers, will affect meats in wage rates. ! w,th ^ EEC - Tlus P rov °kea 

will not be resolved about 50 workers to begin with. 

dispute -- . 

quickly. The company will attempt to could keep sufficient numbers of 

Mr. Brian Jenkins, personnel find alternative employment for internally trained artificers <o 
and Wilton site co-ordinating these men, who work on the ethy- help it solve its undermanning 
director, said there was “ no lene plant, within ICI. in the control rooms, 

reason to expect it won’t go on." If the dispute continues, a News Analysis Page S 

The company maintains that it I strong criticism from Russia and 

'it is conceivable that Comecon. 
with majority backing, could 
declare itself against such agree- 

Continued from Page 1 

and do not take his hints of a 
bilateral deal very seriously. 

Christopher Parkes writes: In 
London Mr. Silkin spoke openly 
of his plans to discuss the possi- 
bility of a bilateral fishing deal 
between the UK and Norway. 

Reaffirming the Government's 
determination to win more con- 
cessions for the UK fishing fleet, 
he accused the other EEC gov- 
ernments of being “inflexible” 
and warned he was confident of 
winning any drawn-out war of 

Britain could tolerate the ab- 
sence of a common policy longer 
than other Community countries, 
he claimed. 

The strongest opposition to 
the Minister’s drive to win 
special fishing rights for the UK 
fleet within a band 12 to 50 miles 
from the British coast comes 
from West Germany. 

British waters comprise some 
60 per cent of the whole EEC 
fishing zone, and the most worth- 
while stocks of fish are found 
within 50 miles of the UK coast 

These are the fish which will 
most probably be traded off 
against fishing rights for EEC 
trawlers in non-community 

waters. But no such bargains 
can be struck until the Nine's 
internal wrangles have been 

ln attempting to win the best 
deal possihie for the British deep 
water and coastal fleets. Mr. 
Silkin is therefore frustrating 
German efforts to win back 
recess to rich grounds off 

A bilateral deal between West 
Germany and Iceland is not 
possible mainly because the 
Federal Republic’s waters hold no 
attraction for the Reykjavik 

The Danes and the Dutch, who 
have more to lose than the 
Germans in the longer term, have 
so far ridden along with the 
Boon offensive. Mr. Si! kin’s 
renewed resolve, however, may 
now persuade them to adopt a 
more “ flexible ” approach. 

Chrysler sales may be hit 
by criticism of small cars 


NEW YORK, June 14. 

ments. Romania then would be 
faced with the alternative of leav- 
ing Comecon or rescinding its 
arrangement with. the European 


THE sales prospects of Chrysler’s magazine's reports were “ poton- opinion that controlling the car 
new small car design, marketed tially very serious" and the in such a situation “could 
as the Dodge Omni and the Ply. Administration would look at its require more driving skill and 
mouth Horizon, may have testing, methods and findings. experience than most nop-, 
suffered 2 severe blow toduy. No coizipivitfca soout the drivers possess/ 1 /' 

The models became the first steering had been received from Affier-ic firm Ctfns 

U.S.-produced cars this decade to Omni/Horizon owners. Kennedy, Chrysler's manager for 

be labelled “ not acceptable " by The magazine concluded after motor safety development^ said 
a leading American consumer resting three Omni/Horizon cars the “ twitching test " was un- 
orgaoisatiou. . that the design was “ the most usual and freakish and has no 

Chrysler quickly responded unfortunate car of the year.” Its relationship to the use of'the 
that the designation was “ grossly claim was based oq the results car by customers." 
unfair." But this award from of “directional stability tesrs.” He acknowledged that 
Consumer Reports, the monthly ooe of which involved twitching Chrysler had discovered the 
magazine of the_ Consumers the steering wheel and then erratic behaviour in its own test- 
Union, attracted heavy media letting it go when the car was ing. The company had nut found 
attention today. It could have travelling in a straight tine at the car unstable in avoiding an 
an immediate impact on the 50 miles an hour. obstacle as Consumer Report 

market for the cars, which have Journalists were shown Sun of said. 

sold 165,000 since they were ihe car veering from side to side 9 General Motors Corporation 
launched at Ihe start of the year, instead of straighrenins itself in said it would recall a total of 
The cars are not sold in the a way which rad oeen demon- 59S.OOO 1977 and 197S cars in two 
UJL. but are sold in Europe as strated by about 150 other separate actions, 
the Horizon. models tested by the magazine About 333.000 J&7S cars 

Chrysler already expects to in recent years. equipepd with certain V6 and 

lose money this year and can ill In a second test to establish VS engines will be recalled to 
afford a sales decline when the the vehicle's stability while determine whether the engine 
new car market is buoyant. swerving around an obstacle, fan blade assembly needs re- 
The controversy has attracted again at 50 miles an hour, the placement, 
the attention of the National film showed the car swinging out In addition 265.000 mid-size 
Highway Traffic Safety Admir.»s- of control and turning a full ISO 1977 cars will be recalled to de- 
lation. the U.S. Governmen*’s degrees- termine whether the rear axle 

safety watchdog. It said the The magazine’s testers gave the shafts require replacement. 

Romania’s disquiet with the 
proposals was made clear in a 
report from Bucharest issued by 
Tanjug, the : Yugoslav news 
agency. Often, when Romania 
wan^s to express disagreement 
with Warsaw Fact or Comecon 
policies. it does so through the 
juerfitun of Yugociavia. ooe of its 
closest friends. 

The Tanjung report was quite 
unambiguous about Romanian 
feelings: ; "According to 

Romanian/economic experts, the 
new clause in the statute would 
run counter to strengthening the 
economic. 1 sovereignty of the 
members! Romania is a 
'strong fuppDrter of economic 
soverei^ity for Comecon coun- 

TUC plans autumn campaign 
for shorter working week 


general trade union onslaught 
this autumn against the 40-hour 
working week is being prepared 
by the TUC, it emerged yester- 

Some unions, notably the 
Transport Workers, have already 
determined to make 1978 the 
year in which to fight for a 
shorter week and other work- 
sharing devices to help the 

The campaign will now be 
greatly strengthened by a policy 
paper being, prepared for next 
month’s meeting of the TUC 
economic committee. The policy 
would eventually be incorpor- 
ated in the general council’s 
report to September's Trade 
Union Congress in Brighton. 

College, Oxford, and the TUC panies, in winning a week of 38 
will now investigate the a ssump-. hours or I ess. 
tions on which the Department's Work-sharing was the subject 
work is based. A key point in of a recent meeting in Brussels 
the argument is whether the last between the European Trades 
cut in the working week, between Union Confederation and Mr. 
1964 and 1966, did or did not Benk Vredeling. the EEC cora- 
Iead to an equivalent drop in missioner with responsibility for 
the number of hours worked. social affairs, and it will be on 
British unions have been the agenda of the Council of 
encouraged by tfae success of Europe meeting in Bremen next 
their Belgian counterparts in the month, 
public services and in many pri- Firemen’s talks founder 
vate firms, including oil^ com- Page 16 

Jobs claim denied 


0 B . „ .. . . JHE INCREASE in employers’ He believed that the adverse 

Calls for a detailed assessment National Insurance contributions unemployment effects of the sur- 
of work-snaring-— principally by a proposed last week would not charge were likely to be more 

nhQaari <*llt ln l+l„ umrl.Un ..nul- nn„r. ,, J J I H ...... 1 , . .. ° . ...... 7 J 

phased^cut tn the working week cause additionai unemployment, than counter-balanced by the 

to 35 hours— were made at yes- senior Whitehall officials said beneficial effects on economic 
terdajrs meeting of the economic yesterday. activity of the amendments. 

committee. Witnesses before the Commons t-. „ „ . . _ _ _ lm 

TUC officials have already Expenditure Committee’s social J hl e JJ 1 0f 
started work, prompted by a services and unemployment sub- ™ ent that, taken on its own, 
recent article in the Department comniitt ee denied Confederation tne surcharge could cost about 
of Employment Gazette which of Britiab Industry claims that 60,000 jobs. Increasing value 
warned that a cut in hours would t ^ ie per cent surcharge on added tax to 10 per cent would 
lead to undue amounts of extra contributions would cost 100,000 have had roughly the sa me effect 
overtime, could he expensive and _ « Mr. Frank Cassell. Under- 

Romdnia Is also a strong pro- 
ponent^/ intra-Comecon bilateral 
agreements. These agreements 
often involve only two or three 
countries in the alliance and 
promote a relatively intensive 
degree of economic co-ordination 
und co-operation within a small 
geographic area. 

Other east European countries 
including Bulgaria and Hungary 
also favour such arrangements, 
which are rarely mentioned 

Continued from Page 1 

Inflationary, and could leave Mr - Tony Under- Secretary at the Treasury, said 

a coQipetitivp di«^ Secretary at the Department of the CB1 was looking at the siir- 
Employment said the surcharge charge totally in isolation from 

, , had been proposed to recover the all the other tax changes. "The 

, bccn £500m revenue lost as a result of reductions in income-tax in the 

„ ninB wwpwi. , ■ “ e trade the Opposition’s tax - cutting amendments will themselves 

union research unit at Ruskin amendments in the Budget. create employment,” he said. 

Britain at 


was only J per cent up during 
the past three mouths and was 
less than 2 per cent higher than 
the average for 1977 as" a whole. 

The underlying growth in 
imports looks like being more 
rapid this year. The volume of 
finished manufactured imports 
has risen by li per cent in the 
Iasi three months to a level more 
than 9i per cent higher than the 
average for last year, reflecting 
the marked recovery of consumer 

Moreover, purchases of indus- 
trial materials have remained 
a high level after the 12i per 
cent jump in tfae first quarter 
This increase may not have 
reflected on exceptional bulld-i 
of stocks of raw materials 
officials had boped at the time. 

Consequently only the rising 
oil production has ensured 
total export volume increase 
31 per cent in the last three 
months and an import volume 
drop 1 per cent over the period. 
Both figures exclude erratic 

The official view is that there 
is so far no reason to revise 
forecasts of a £750m surplus for 
the year as a whole after an 
film current account deficit in 
the first five months. 

The latest figures include 
revised estimates for invisible 
earnings; the monthly surplus Is 
now running at £120m, rather 
than £100m as previously stated. 
This compares with a monthly 
average of about £90m in the 
first quarter. 

The difference between the 
estimates is that earlier figures 
were adversely affected by excep- 
tionally heavy payments to the 
EEC in the first quarter. 


pany appears, to be losing mar-' 


ket share in Japan and to 



”*1975 1976 


suffering from the voluntary: 
Import . restraint that Japanese r >38 
. manufacturers axe now exerris^ '.i;j 
ing L their shipments to the U.SJ . 

The great bopeforfSony^s future «* 
is held to be Video Tape Rb^ s 
corders and here, in particular^ lu 
the half-time figures are a dis- .. 

: appointment. Second-quarter- . * 
VTR sales were only 2 per cent 5 -- 
up over the year and — special) V s \".- 
f actors notwithstanding — this " ^ 
is not the explosive growth of.a. 
brand new product.. Even the; 
half-yearly growth of 25 peV 
cent seems muted and there is . 
the suggstion In. the figures that 
the Sony system is losing market . 

. share to Lts Japanese rival, de- 
veloped by JVC-Matsushlia. 



with last" year’s 

__ . profits -! of ; £4,310,*, 

existing Lynx provisions The issue'woSd go af once’ London and Overseas Eroghters 

exact amount of additional initially needs to be has reported attributable lasses 

provision could, Westland says, ^ ^ ^ prospect- of of 3E«hn for -1077-78^ passed- its 
be as great as last year or even short tenn profits ha s dividend. and is stH&mga-defer- 

more.” Altogether this suggests meiit of some loan repayments, 

that Westland's largest operat- r The* announcement^ nf another: Given the depressed state if 'the: 


ing unit— helicopters— wiU end ta^ TVcheauer 10 per cent 1983,- industry in which it opefates 
* * ,ncc a 8 ainst * tm Monday did not help send- this comes as no real sunrise 

^ . . «... enffiment MV' fe-ruinV 

the year with a loss, w 

profit of £3.4m last time. Though “VesterdayvT tirade hnt i t'wa s sufficient to knock 

in most other parts of the group while not much worse" the shares 6*p lower to 27*p.__ 

profits have been good, it is cted are clearly not Whar really seems' to'faave ; • 

hard, from what Westland is iS, ^ U el t he speculative In- upsetvthe stock market is the 
now saying, to come up with a -g, • ... ae mar kei Jjpeed with which the; group’s • = ; 

group pre-tax figure of more , , > . cash resources are disappear-. 
than £3m. however although the ing. As the overall fleet barely 

The problem is the helicopter ^unt is still just in covered^ ^ts- operating.. costs -last 

factory at Yeovil, where ihe ^ deficit after five months of the year, let alone earned fiufBden! • 
earnings of some 2,000 «n-- vear th e main influence' on thb.£°L interest charges ana loan 
ployees are determined by the max ket over tfae next repayments*' cash balances were'. . . - 

piecework earnings of less titan monthc will beiast week’s virtually halved to £8.opL This -■.£ 

half that number. Negotiations .mckage. The spene has been ’y® ar the group has to find-eiv 

ctill miner nn anrl nrmriqinnR ’ . r: ' 

are still going on and provisions :~ t f 0r a sharp 'deceleration in other £9m for loan Interest and 
now made (and anticipated)^ jpone tar y growth and interest repayments : and since tne fleet - 
take into account likely levels xatesare likely ti> move lower. 53 *25* long way °ff ; trading^ -■ 
of wage inflation over the next; Agains t this background it does profitably, : " the group- nas-.^ 
year at least - :not ; really /matter, whether decided to^ seek Government^ .. 

Thanks to substantial advance'; today’s issue is oversubscribed, help m deferring loan repay;- v 

payments, including £15m in * . ments. . • ■ - --, - . • • • 

respect of the new Egyptian ^onv - . WlUJe ffie ^trading pasltlotr is r, 

deal, Westland’s balance sheet - gnm. LOFS has nothing to lose . 

does not show excess gearing. The half tune results frojn. by painting a bleak picture. 3 

But it has not produced a Sony do nothing: to repair tiie Negotiations -have not . yet 

proper return for sonfe years company’s damaged:. unage. Net started with: the Government 

nov J -/ income for tne Six months to over the compensation, terms 

Before the news, "Westland’s March 31 is down, by 41.1 per for Austin find Pickeisgill • 
share price closed yesterday at cent and the Outlook is bleak, ship-builders and "in common > 

52p, (a market capitalisation of Though U.S. institutions moved with "Vickers, it wams. everyffne ■■ ; 

£31m) its highest point for the the price only mar^oaUy below to know that it is suffering 

vear But with the interim the Tokyo dose of Y1.750 there badly from, the UovCFflments 

dividend skipped, and the final isnot an analyst raWallStreet tartiiness.- ■ ^ . 

in some doubt, the- trend can with a polite word to say about That said, hpwCver, its dea- 
onlv bp down. the figures. * sion to continuer to pour good. 

The chief -problem remains money after bai-intxrsnbsidis- 
t __fT fan the yen which has risen by a ing its tanker operations . 

l^uiig iitp trade wei^ited 21 per cent over ping shareholders’ funds. ._33ie 

The stags obvfbusly had a hey the past year- and whose rise prospects fora recovery in fthe 
day with the tiny £7m South has caused another dramatic dry cargo and bulk cargo faasl- 
Tyneside issue, which was more decline -In Sony’s margin on ness seem to be cjosec than m 
than 100 times oversubscribed, sales. the case ol tankers.;': p&S- 

but they axe likely to steer clear Yet the feeling is growing believes the market -for .-the; 
of the long tap when application that Sony’s /problems go beyond latter will pick up in aesupte 
lists open this morning. The currencies. Televisions remain of years. Others, are far Jess 
speculative euphoria which its main product and the com- optimistic." ' ' 'i/i;-":; 






London, SJEL and E. England, 
EL Anglia 

Cloudy, showers. Max. 14 to 
16C (57 to 61F). 

Gen. S. and Cen. N. England. 
Midlands, Channel Is. 
Cloudy, rain. Max. 14 to 16C 
(57 to 61F). 

S.W. and N.W. England, Wales 
Cloudy, rain. Max. 16 to 17C 
(61 to 63F). 

Lakes, Is. of Man, S.W. Scotland 
Glasgow, N- Ireland 
Cloudy, rain. Max. 15 to 16C 
159 to 61F). 

N.E. England, Borders, Edin- 
burgh, Dundee, Aberdeen, Moray 

Bright, showers. Max. 14C 

Outlook: rain, becoming dry in 
E. and N. 


































40 1M 









Melbonrne R 














































New York 




















B. Aires 



























Rio de J’O S 




















C 14 













































a. Kong 
































F 26 ra 
S 26 79 
C IB 64 
C 14 57 
C =0 
C 13 55 
F 31 70 

Jersey C IS 59 
Las Ptms F 22 72 
Locarno F 30 

Cape Town S 19 68 
Corfu S 29 84 
Dubrovnik F 



Fun dial 





24 75 
19 66 
26 6* 
so as 

22 72 
13 5S 

18 61 Tfcnerifc 
» 56 Tunis 
is. of Man S 15 59 Valencia 
Istanbul S 29 84 1 Venice 
C— Cloud. F— Fair. Fa— Fog. 

s— Son. 


Currently earning 

£10,000 -£20,000 

; ■ Odgers and Co. are Management' 

■ Consultants spedajisih^ in ihe recruitment oC 
general management, linancial aud matlieting ‘ . ! =■■ 
^executives. We are currently extending 
" contacts with young marketing and . 

^executives of outstandiugability and ambiticmV^^y-. 
-• .. \Ve would like to hear from executives'^ -Y' 
aged 26 to 45 who feel that in developing their"' 
"careere over' the next few years they 'Suntti&tjiS 
i not rale out the possibility of amove 
. ^job in another company. -We are. inferesFei 
-particularly in those who are happy m theh^-'-^V 
^Ofentpasltions and are doing .well; but^d"^^ 
nevertheless wish io keep in teach with- so that if an outstanding opportuiutyr--^i--^ ; 

. comes along, they wiU be in apoation to ltont’VSi^ 
' nyjrOaboutiL -■ * 

< - "--Asa firet step, please write giving aLrid?'! 

: Runnmry of your experience,' qnallfication^- V^'^ 
age- and salary to Dawd C. 

Alteriutiv ely, write for more 
aboutOdgersandCo. ... 

a &^di wiU be ;*i 

strutot confidence, - . ' >' ’’“'-i:.. 

~ - . ' — — ■■ ■■■■ S:? 


^*ihe run 

** r:3 ' ' 

iXv 5 ?' 


vm^:. ■ ■ 

v A >-:-cr 

B&. . , . . 
r.-s»r:i- . : 



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