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Most , 

j Timber,Euilcfing Nigeria Is^ Heating and. - 
*, Plumbing Equipment for-the Construction 
and Al lied Trades. Northampton 52333 

No. 27,586 








Friday June 16 1978 ___ 

..... . s Wroa , 

r ~-rucni AMnc bliji. NflUWAT Kr3J: PORTUGAL £x2t. 

*ANY DfcH . ni ITALY LJMi 4 

Industrial LeOUG 
°utput as president 

GEC-U.S. group 


on semi-conduc 





• wall street dosed io£i The General Electric Company has reached an adyanced a major 

■,« U U1I/ down at 844^. “ttri* ^th Fairchild, the U.S. semi-conductor company, tor tne & v 

^ SSt “ ™a« *^*^4 7; microelectronics company in Britain IhouW . up 3 com- 

Belgium’s Prime Minister, Mr. fears about the US. money The new company would be manufacture ot sisxems t Utive company at present. 

^o Tindemans, tendered his supply. setup as a J?'?t venture between GEC has recently . - — - 

•esignatixm after his fear-party 

te^ivn - n wwA w i w w nwi- f n 21 rkfl trt 

to quit 

fears about we «•?*. rue new company w«u.u « * rvr h*Y recently conic to pcuuve - • " , 

supply. set up as a joint venture between GEC has recenuy . |crQ _ So Iarf * D Europe tin-owned 

5 “ PP y - GEC and Fairchild to make large realise that oroduc- cnmoany bas made any sigoifi- 

£««« SiSSfe 

igree oh 

— rwiisT.«‘5T» 

, • In Hong Kong. institutional 

. . The country has been plunged boyers fronJ London. poshed the 
intD confusion, since King e*n«r index: mt~I8j28 to 

-iaudouin said - he. would need ^ hiXS ■!« the past 

irae . to consider whether to 115 _ 

iccept the resignation. 4* years. - 

Mr. Tindemans move could be • GILTS closed mlxed^wun me wjth £3 0ra .£5o ro of taxpayers were comp i e mentary and could 

• tactical step aimed at rallying Government Securities Index money and help of a group fae of gTCat benefit to each other, 

support for his programme of _ down ^ 70>57 . oF u s _ and expatriate British first puarter of this 

fiscal restraints in the face of *• - technologists. »mc vear I 

stiff resistance from his Socialist ^ STERLING fell SSVpouits to a i so intends to make MUi * * 

partners. But speculation has $18305 its mdex remaining at memories, probably startm^Mth P u6gi 

been heightened by his recent * dollar’s deprifeciation a component which has b4.000 cfa 

narrowed to 5.8 per eextt (S.U). 

,o„,p Uttr ^ ■SJf SSffMS 

TJEfU- be about ^u-Uou pnjJ* >"* — 

£50m, but total investment could and many other parts L l7 »j. lg t j ie yn i : . company in 

eventually be very much more, business. ^ uK-with larae design and 

The venture would be in direct Although Dr. Hogan would give prc , duc tfon effmi devoted to 
competition with a plan by the nD f urF ber details of the taiKS ] arg ^scale menn-ncs. 1 
Nauonal Enterprise Boara to set wit 

up a semiconductor subsidiary n j Ca , SK i lja ui wt ...» unusu - . . 

with £30m-£50m of taxpayers compiementarj' and could The French Government is 

fit to each other, ^y'rng to promote ■« link up 

u.a. auu *.-**/■»«*«•.- ln lbe first quarter of this between Thomson CSF and a 

technologists. year Fairchild increased its net u.S. semi-conductor companj. 

I s*H-a sa SSSi'? J5S *2 SSb^, P—b...» .1 

a link between Siemens and 

THERE ARE now clear signs 

that economic activity has 
strengthened in response to in- 
creased consumer spending. 

The latest figures show that in- 
dustrial production _ increased 
Sharply in April, reinforcing a 
steady y drift upwards since the 

begiunins ^ 3e ^ ear * 

The Central Statistical Offices 
index of total industrial output 
rose 15 per cent in April to 
104 S compared wiLb 103- m 
March (1970=100. seasonally 
adjusted ). The manufacturing 
industry index was 1 per cent 

“ftTSSi I. supported by 
evidence from industry « 

increase in consumer demand 
working through. It is lively to 


of Italy resigned tonight after 
months of accumulated but so 
Sr unsubstantiated a ^ e S^°: 
about association of the Presi- 
dent and members of J»“ *JE2f 
in a range of corrupt practices, 
including fiscal irregularities. 

This is the first time au Italian 
President has tendered ms re^S 

look at contingency plans for a 
-military rescue operation 
Rhodesia if civilian lives are 
'.endanagerd. Dr. David Owen, 

■ Foreign Secretary disclosed 
while launching bis new " open 
r Government " policy. : But a 
•: British airlift would .be under- 
_-taken only as a last resort. Back 

a Com ex June settlement v* 
in gained 90 points to $184.10. 

• COPPER fell again with cash 

illness. Page 2 . . . , ^ wcd t0 5 . 8 per eent (6JI). signed yet a link between s xemena «.« - 

Rescue plan - • GOLD lost $U to'^iwf in ; vfeeihaftman comparable peri ®JJ[“^ u J a y s e JS pa^hS't .Smuoted^but'ao 1 st 

The Government is taking a fresh London and in New S rIc ^ce of Fairchild confirmed last night ^ienT^over the past few years. Siemens Vn.s w. ^.-n ” 

ir..-.L- at .onhrinopriev ola&s for a Com ex June settlement bricc talks were at an advanced profits compared carry' on 

"livernmvnt aid and 

5ta - S & . deal can be reached I -l«b -J" • ^tavy lessee S"WS^r»« relatively small 
would look very Favourably on “ “?® “ntures inio the con- U.S. companies. 

?as a” ‘mSelf'beuer chance of sumer market, particularly m Ne.tber S» 

wi rebars £13.75 down 

zSitkin warns 

■Britain will take . unilateral 
action to tighten up on the con- 
; servation of fishing stocks m 
. home waters if there is po agree- 
■ment on a common fisheries 
policy at the EEC Council of 
■ ...Ministers meeting next week. 
■ Mr. John Silkin, ..Fishenes 
Minister, told the Commons. 
: Peyton’s pledge. Page 10. 


in the 

jssey, uiey »«*= 
on specially 

- Mfl n ai»w ' maY ^C} 

. Am 6cb theory _ 

Sub-standard steel was probably. £709>75 — a decline of *» 

Ub^riaa^S ^or Inquiry. JSTSf£^ 

^ age6 " 

'"PLO man shot - increased ,n 

- :; w. All YHlb the Palestine Back and PaKes 4aud 22 

JffiSSWlW " • JEEq - ?!i - 5 “ S® 

SS fE e ^ chance ef JjM “|K JBBS SU ta W* 
success than a company set up dig lM wax 0 f 830m mass market [or St aodard 

bv the British Government, conducto^ ^ ^ B 

S3 Fiiirchild has. for some time. GEC last ms t ec i Seo . or owned companies 

tion" an ^clrirafciraS Secu«ves are betieved t^be ** 

S"S design ^us. 

Financing of Government 

a ! :'S. -H 

to be 

1970 =: 1Q0 seasonally adjusted 


industries Manufacturing 

7976 1st 












7977 1st 












1978 1st 










Statistical Office 

nation. , 

addressing die nation on teie- 
visicin Sig. Leone said bis deci- 
sion. which he had c0 J“ de ^ d 
taking for some time, followed 
the “defamatory campaign 
against him which, he said, had 
apparently undermined the i con- 
| fidence of the couciry’s political 
forces in him. . - 

He told tlie nauon that in ms 
six and a-half years as President 
be had always as ' an 

acted as 

honest man.' 1 

The Presidency is now to be 
assumed on an interim basis py 
the President of the Senate, big. 
A min tore Fanfani. the veteran 
Christian Democrat leader. Both 
Italian Chambers must, accord- 
to the constitution, meet 
two weeks to elect a 

Sig. Leone : fij years as 


successor to Sig. Leone. 

iccessur xu oi a . 

So far there are no concrett 
signs of an all-party consensus 
on a successor. 

Worst crisis 


; reuei grania xu* ” nf Paee 2. 

£140,000 raid , , -^e tad » % 

Four armed men SMtched uk synthetic 

f 147.701 in wages ■* 2 bres aS they may violate EEC 

Su“coSSl lpS e a, W 0 rm A centpeUtion rnles. Back IW> 
wood Scrubs, .West London- - A express lT f - 1 

£14,000 reward Tiasbeenoffere . dW^on im cu^m 

, Boys on the run ' iS 

S* ?S “’?5 jssvsSZ Racal may 

meuvs -- B ^officials are thought: to be in | ^ r of g nt-edged stock were 

mg Tto ^bei 3 Mliken as a ^examining ritern a uveS Q to the cover ^ jjnfjjj 

sssss mmzt % 

■'ft™ infill Study win achieve?^’ 

Money supply table Page 6 D1l xhe 'extra contribution from 
Editorial Comment Page 22 

Lex Back Page in the 

be reflected in future surveys of 
industrial opinion. 

The improvement is suu 
rather patchy, however, and' 
represents to some extent only 
Recovery from the low ooWj} 
levels recorded in the latter half 

° f In February-April period^ 

d : P st ^ 

months, while manufacturing 
industrv was 1.2 per cent higher. 
in S a third of the improve- 

“.ta 'bolder 

normal months of February and 

^^Nevertheless, the ^Kindustrij 
index now stands at 1U 
level since 1974 and in Fcbniary 
April it was 5 per cent ado%b 
ti,e trough of the business eyrie 
in the third quarter of and 

1 5 per cent, above the same 

P 'Tta brseTelement wlthml 

the index — the engineering and 
Continued on Back Page 

iorCfia iae rnuuuu— - — -- 
measures less than two months 
after .-.the spring budget. 

Mr. James Callaghan and Mr. 
Debl, Healey, the Ctancellor. ere 

- this source to domestic credit 
expansion was ^ 51 >u. compared 
W ith £5T3m and E262m in the 

Denis Healey, the alternative methods were con- previous wc have 

believed- io have J« n si dered before the recent pack- Some ot me r borrQW / Qg in 

rage , ^ fetttt at thftaS had not age and rejected after oppoataen J«n rt of Pomihle^t 

it . total! fulfilled Msurances, given at the hy^* 5 ^ nen t 0 f the pressure reOTicUon^ath ^ugh^th ^ tJw 

&1 e ^ d r t co t Si‘e 5 ta -u ^o«h ef lendin- 

vrithoift drastic measures. reteaiea »y. u ^.ia-wbiv associated wit] 

Sis Leone's resignation comes 
only "a month after the kidnap- 
ping and murder by Bed Bngade 
Leftist terrorists of Sig. Aldo 
Moro. the former Prune Minister, 
which plunged the country into 
one of its worst crises m 30 

r<? Inthe last few days some Left- 
wine Doliticians and the leader 
r B the small hnt Influential 
Republican Party. Sig. Ugo » 
Malffe reiterated earlier J e " iands 
for Sig. Leone's resignation. 

Italy's powerful l -oramuni-t 
partv, cart of the present gov- 
ernment majority thoi^h dot 
rrvnrpspnted in the mi non . 
ChristiJo Democr-ic admin.s tra- 
tion had joined today . the 
increasing demands far resrgna- 
tlon oE the President. 

These demands 

H cation here of a series of mjior 
but unsubstantiated allegations 
against Sig. Leone ana J " 1 ®" 1 
r.r his famtiy. touching on 
reported fiscal irregularities and 
a number of corrupt P^ Uc ^ s _ d 
A state prosecutor J*™ 

investigations to see k th *- 
grounds for criminal proceeding. 

These and similar charges 
against the President hare been 
hiiildin 0 up in recent months, 
and a series of formal denials 
h-ivp been issued on behalf oE 
Sig. Leone, a former Christian 
Democrat Prime Minister, 
Spring specific allegations 

A Communist Party spokes 
man, Sig- Alessandro Noth*, said 
tonight: “We betieve that the 
current extremely delicate situa- 

tinn of the President makes it 
advisable for Sig. Leone to take 
the necessary steps to enable him 
to defend himself without being 
hindered by his official status. 

The charges against Sig. Leone 
■and his immediate family have 
been repeated again in the pant 
few weeks in a series of general 
articles carried m the Left-wing 
weekly L'Espresso. 

There ace some indications tnat 
political forces opposed to 
Sic. Leone have moved pnvatei.- 
to’help orchestrate this damag- 

in %£ l nliSe , of the President had 
previously been associated wil t 
Italv's Lockheed scandal, but all 
charges of his involvement have 
been vehemently denied by him. 
or on his behalf. 

However, the leadership of the 
Christian Democratic Paro- in- 
cluding the present Prime 
Minister. Sig. C.iulio .-viidieoui, 
aud the reformist secreur..- 

general. Sig. Benigno Zaccagmi h 
aje known to have considered in 
recent days the renewed .illt-.i- 
tions against Sig- Leone, who in 
any event was ue tu retire at the 
end of the year. 

Recentlv many pov.etiui 
elements in the Christian Denvv 
cratic Party believed that thi. 
President of the Republic tuuat 
not be condemned by someth n 
like a smear campaign, although 
there was a growing acceptance 
that Sig. Leone should be fre«. 
to det'end himself vigorous.:' 
against public charts and 

■‘iS'hta P.«. S«. Leone ta. 

already made it clear num- 
bers of bis family intend institut- 
ing legal proeeeedings against 
their tritics, though be is under- 
stood himself to have accepted 
that as long as he was President 
there were obvious difficulties 
in his doing so personally. 
Search for successor. *age ~ 

Sds in a coach . takiug them [to 
horstal .at Rochester, Kent Four 

rttai? «ho escaped with them 
were recaptured, while l out 
remained on the coach. 

sell SA offshoot 

itidged stock could be 5010 Sveiiid by thrVoney^ 'supply ^KTln 

be taken in the p 1 J?; h ° l . pve , 1 0 f P These show that domestic l di le fined money supply 
concern about the high level of continued to expand on Back Page 

P S SSSTS- in White hall rapidly and rose by £1-Xbn, Co 




ania signs £300m. air deal 

to a local company for £6*m casn. 

5-. st!jtss 5 s — £rSf £ iSS 

5 p “: cent frora 

team’s low morale. ST5K SS S 

British Davis Cup. team manager j^ve agreed a muoP which over thB next 15 years. assembled and tested. 

qult tte Sut^ st^ taor ks.^d^niate Detailed I»SJS Details of the de^ tavs been ^ 

over the next 15 years. 

^ steelworks "and made TbetSled financial arrange- Details oE the deal have been The overa n programme is 
easier muiuam w -fworkers idle- but 11 ments have still to be concluded g j ow tQ emerge because of diffi- eJrpected to start with the sale 

Naional Front after a d^nonsta^ 4,900 return to work may export credats for £l-5m lties over Romania s request f,b r ee completed aircraft from 

tion by he Ani-Nan- League in seemsthaf ^^^promismg ranged. aT . thp that the contracts he bandied in ° l ridsh Aerospace. Over the 

Bristol. depend on J BS io . \ - . British Aerospace greeted the terling< Britain- s Export Credits sev en years of the deaL, UK 

Newark court.. awarded over mann g ■ : signing at its Filton, Bristol, fa - Guaralltee Department prefers to manu f a ctured parts will he suf> 

Benmett, 12. damages of £250 masseY FE rgUs0N ?«^S -tSy yesterday of the final a^e operate i n dollars and has so far Ji d in at form to cover the 
SSKttiii Football Association • ^^luntary redundauci«. ^t 0 f the BOmM !*>«« agreed to back only nO0m of the ^ „«*. 

[or unlawfully discrmnnating m^oal workersat its ^ ^ g , nm ng of the ia^rg^ estimated total of ^OOm- Bv i9S5 the entire manufactur- 

against her by banning her from JJJJJgj,- .tractor ^ mdnstrial ^r- The clearing banks J ine process wfil have been dup- 

playing for a boys team. SeS by L500 employees., fer programme in transport air agreed .to help .and U»reua and transferred to 

pJanl City: University classes ^ “Sient was signed dur- now guaranteed is believed to be 

„dre anspendadaiK^wo ^»ple • - gl tro gr P "«.- a«g iBwee said u. at it had Half ^ 0ll $| ev “£ ^ 

llpsSSSS - * 

Construction will 

died C0MPA1.ES . fenl 

r g instn»co d s n « I 

Sr^-eafhta Is - ggfc W M 

beswt . De “ 30 • encash china <x «■„»» j 

involve a years. 

behind you. 

(If you haven’t^ talk to your insurance 

7icf»r tndav\ 

Back Page - - ^SSffeS^om to 

Three American jj§?53m for the six mouths to 

hilled and 19 lwnnjj March 3L Page and Lex 
-<oach was in collision^ wun * _ — copnnd 


\ — 

adviser today). 

S5i toZSmVm « .JESS- 

King Hussein of 

Usa Halaby, a -6-year-oia x ^ p^e 24 and Lex , - 
American, in Amman. 


European news , 

Americans news J 

Overseas news . 

Vorid trade news 

Home news-general 6, 

—Parliament ... io 

Technical page ^ 

Management page 

I^der page “ 

UK companies “j® 

Mining 26 

mu- “2 

Euromarkets — 

World markets 36 

Money and exchanges — 30 
Farming, ttw materials ... 3< 
UK stock market 38 


^ - 

Prices to pence utotas totannaM 


irr & Wallace Arnold^ + g 

rowu Jackshn" + 9 

Ihloride iJK T 

iontrol Secs- ■■■• — . |i + 
tills & Allen InU. ... ISO + 

'aterson (B-) -go j. 

►ork Farms .95. -u 

ledsivick Forbes -J|g 4. 

&Sri« - + 

b£SK“«^ % X 

Jabina mas. • ^ 4. 13 

sungm Beal *— *_■ iS q + 7 

ikon Cons. 













Allied Retailers .* — 
Bath & Pjwtl*®.? 

Brit & Cmnwlth. ... 

Brown (J-) — .* 

Caledonia Inys 


English China Clays 

Farness Withy 

Lloyds Bank 

sSdhnrei White 

Robertson. Foods - 

Westland Aircraft — 
Anglo Utd- Pevs. 

SSS* «5wS^ 

WestGrid -Mineral^ ■“ 


26S - 10. 

285 - 20 V 
354 -« 

158 T T 


238 - 7 
270 - 5 
25 i - 3 • 
39 - 2} . 
144 “ J 
91 - 5. 

445 - 20 

104 — . 6' 

The IATA battle over att ^ 

PotiSS "Today: 

view ol the economic 

-TEtier^review: pitfaiis of 
windmill power — 

Around Britain: charter for 

Merseyside zu 


Miracle drugs and others 14 


party congress 

Peru’s generals abandon 
Power : a grim legacy 


Safeguarding tomorrow’s 
mineral supplies 

Channel Islands I 5 * 19 


sank newr* ■ 
_ Crossword -■-■■■■■" 
Enterulnf" 1 ®! Gbim 
E uro. Omian* E*.... 
peed Prices. 

FT-Actinncs Indices 




















Unit Tmstt 
Weather - 


Lombard — 

Men and HaUers ~ 


Racing — — 

Saleroom — ■■■—•• 

Share Information 
Today** Ewni* ..... _ 

latest Share Index 'phone 01-246 8026 


Base Lending Rates 
Tau: and Lyla — ■ 30 

Asttmry & Marictey ■» 

BriL hr*. Trust ... 


Chloride Group ..: 
Combined Eag. Sirs. 
Eloc Art DevpL ... 


Laporte Industries . 
N aUnn.-MederfandaB 
Warren Plantation... 











Royal Exchange 

Head Office Royal ExduagfeLoadouBDV 3LS 

One cf the wife great insuraiicecQ^^ 



Political confusion grips Belgium 


BRUSSELS. June 15 - 

BELGIUM WAS plunged into a 
state of severe political confu- 
sion this evening, when M. Leo 
Tindemans tendered his resigna- 
tion as Prime Minister follow- 
ing the failure of his four-pa rty 
coalition Government to agree 
on a series o controversial fiscal 
austerity measures. 

M. Tindemans' resignation 
vas not, however, accepted 
immediately by King Baudouin, 
who received him for several 
hours at the Royal Palace today. 
The Kins said that he needed 
more time to consider the situa- 
tion, and his devislon uiay not 
be known for some days. * 

Poli tidal opinion here is 
divided over whether M. Tinde- 
mans' move is meast to be taken 
seriously or whether it is merelv 
a tactical step aimed at rallying 
support for his attempts to push 
through a programme of fiscal 
restraints in the face of stiff 
resistance from bis Socialist 
partners as well as from some 
sections of his own party, the 
Social Christians. 

control over the anti-crisis pro- 
gramme. whose original pro- 
visions have been greatly 
watered down at the insistence 
of the Socialists. 

The proposals agreed so far call 

Income tax 
scheme in 
|W. Germany 

Brussels to act against 
UK oft platform subsid 

m * u 
££ • \ 1 



By Adrian Dicks 

THE EUROPEAN Commission is before the end of July- to. force - The Commission has utf 
planning to order Britain before Britain’s hand. The necessary pro- closed what action i- Pj?5S 

the end of next month to abolish, cedures will be set in motion take in these cases. But : ^ 
' eu “ u t faiiv Wawfl -when hflflp heen clear sums 

BONN, June 15. jor at least modify, its system of within the next few toys, when have been clear signs that 
Democratic Party, interest relief grants for domestic suppliers in the rest. of the EEC attitude towards the ,U3fe* 

for IitUe more than placing a THE Free Democratic Party, interest relief grants for domestic suppliers :in w ^ ^ 

ceiling on state pensions, clamp- Junior partner in the West suppliers of North Sea oil equip- will be formally asked to com- h^dene jg| 

ing down on tax evasion and German coalition, is making a me nt on the grounds that it. meat on the system within 30 energy council, at whu^ 

w„“fd n A,e m S' im C pac r f an toe «S tie Vote* laTbeeTto T&WIMW expert; to Brussels , package of eoergy toeas^ 

budget deficit Moreover, the Siler last week’s heavy losses. f „™ e fife y“arTpr“ ™ comtaeed that the schema i» reratmg Proposals to eawl| 

Socialists have been pressing for and at the same time to re- yj des j at erest subsidies of 3 per “ clear breachof dapaaty in. the refinery .«£ 

the creation of a public invest- establish Itself as the parly of ^nt on loans to UK suppliersof gf***® R °™ e T™ With a British general.e&J 

ment bank to aid ailing indus- ideas In Bonn. , offshore fixed platforms, platform hlbits State alto toemea jjkely this year, it seems im 

triK which could actually lead The ppp has taken the installations, submarine pipelines that a b ,e that Mr- Benn wiU $$ 

to higher state spending. initiative in suggesting reforms and angle buoy moorings. ; . Market. They also consider. that ^ positian within the foi^ 

M. Eyskens’ demand was for the tax structure which. If One of the Commission’s main Jt v . ,ola Jf® +« * We future. The view is % 

backed by M. Tindemans and agreed with the Social Demo* objections is that the interest re 3 u ^ e - , te 10 * ore growing in Brussels?*, 

other members of the CVP. the crate, could be presented at the subsidies are no* available, to. in dustnal restructuring there is little 4o be galnedwft 

Flemish wing of the Social Chris- world economic summit next suppliers in other EEC countries. T he Commi^sum is eonueo to a jjy delaying cc-| . 

tians, but strongly opposed by month as an important contri- Britain is therefore expected to act against the seneme wwnoui yerjjai competition cases.aa^ ‘. 

the Socialists. They believe that bution towards boosting West be told either to extend the first obtaining a decision fro® UK energy policies. <■?. 

it would be used to cut back on German domestic demand. system throughout the Common the Court of Justice, though it nan* adlC5 . rriis 

would have little impact on the popularity with the voters 

to regain distorts competition in the EEC. days. 

Benn helped block a de 

tries which could actually lead 
to higher state spending- 

Prime Minister Leo Tindemans arrives at the palace for his 
meeting with King Baudouin. 

tians, but strongly opposed by 
the Socialists. They believe that 
it would be used to cut back on 
social security and unemploy- 

If implemented, the • FDP 


on the Flemish and Walloon com- The PSC. the French-speaking 

ment benefit spending, which has proposals would put anything The Commission opened an in- filing ^ Britain refund to ^ Commission’s actlcKl 
boomed m the past year and has U p to DM 20b n back into the ve stigati on into the scheme at the comply. The UK could also D g Dartmen , of Eherev -*I 
contributed heavily to the overall hJ n iis of personal and business end of 1975 on the basis of a .appeal agamst the order, thoup that modfflcatfcL K *- 

^H^et deficit. _ tax-payers. complaint by .another ,- EEC tt* latter ‘_vM not J|« 

uuugci, were nrsi mooiec last whu au-cauea astai r _i jfi ■ <> - a- per 

April, he warned that unless they «*»■* t0 together his un- anti-crisis plan came to a head ^dthe na^ f£rs f that P ft^ 

were agreed in Cabinet by mid- wieldy coajaion . which also in- early this morning after a long SSnaS fnMit^in Waihmia 

June he would “draw the politl- eludes tne Flemish Volksunie and meeting presided over by M. ?oiij 1 ifS P KI!w h. nnS . 

cal consequences." This P was the Brussels-based Front Demo- Tindemans. They were apparently heEefite 

widely interpreted as a resiena- crat >que des Francophones. provoked by a demand by M. benefits , 

tion threat. On the other hand, there is no ^ark Eyskens, the Social Chris- The ^Saa is further com- 

torate will be on holiday, and. if lead to a lengthy period of politi- > ear - PSU, who want to link the anti- 1 

his resignation offer were caJ uncertainty. In these circum- His demand, which would effec- crisis plan in some way to the j 

tax-pavers. compiainr uy anotnei . ..- ^ alreadv been snbmrtteri v rfi 

However, the pUn .was government, believed to . be mabcaily suspended dunng court g 0 *2SL!Sto mSmS? iS 

expected to run into opposition Denmark- But it has deferred proceedings- relief scheme within the tenM 

frem the Social Democrats, taking further action untfl' now The scheme is only one i aspect- ^ of RoS" 

while the Bonn Finance Mini- in the hope that Mr. Anthony of North Sea policy which the The DoE is still waltine fniw 

stry declined all comment on Wedgwood Benn. the Energy competition department w invest g^eig. resjaheto its^lat 

It. Secretary, could be persuaded to isating. It is also e x a m i n i n g O rooosals. made some time 4 

According to a draft plan modify it voluntarily. complaints ^t ^he TO requir^ following s meeting betweeni 

released to the Press earlier However, according to 5rell- ment that all North Sea oil be ^ E | 

this week, the FDP wants to placed Commission officials, landed on its territory js an department —{* ^ it wa l 

bring forward to January 1 at repeated approaches to Mr. Benn illegal restriction on trade, as a j^ rue fo _ ^ CommissibS' 

least the first stage of the long- by M- Raymond Vouch the Com- well as allegations that the ? | aini approaches had! 

discussed reform of the income petition Commissioner,, .have British National Oil Corporation .heme anvfrait. ■ +;-• 

tax structure. The Party wants borne no fruit. Officials say enjoys unfair competitive advan- . . - ■ ■ " -4' . 

to lower by 1 percentage point, that the Commission will act tages over other opera tors* Editorial comment. Page. 25 

accepted, it could well signal his stances, the future of the coali- tively deny the Parliament the recently agreed imer-communal 
withdrawal from the centre of tion itself, as well as of economic right to amend the Government's pact which would give morel 

Belgian national politics after policy and the country’s intricate 1978 budget proposals, was power to regional authorities in 
more than four years as Prime plans for devolving more power clearly aimed at re-asserting his Flanders and Wallonia- 

in Lisbon 

Fewer out of work in France 


PARIS, June 15. 

the 22 per cent rate of tax on 
the lowest income bracket (up 
to DM 16.000 a year for a 
single person, or twice that for 
a married couple). 

Further, lie FDP is suggest- 
ing softening the effect of the 
“jump” in tax rates to 303 
per cent that takes place im- 
mediately above this level. 
The cost of each percentage 
point redaction of the 22 per 
cent rate has been calculated 

Italy faced with difficult task 
in choosing successor to Leone 


ROME, June 15. 

THE LEVEL of unemployment modestly and in line wifi normal The Government has stopped 

cent rate has been calculated rr IS TOO early to know, .and the regional governments. -"and assassinated the five-tin'- 
as a DM 3.5bn Iom to the it may well rest finally with the Given the present parliameh- -Prime -Minister, Sig. : Alde Mo! _ 
public purse, while the mod^r- courts to determine the issue, tary balance, following .the for by general consent Big. Mo 

in France dropped slightly seasonal expectations.' ft sees giving the seasonally adjusted ation of the jump up to 303 whether tonight’s sudden inconclusive 1976 general -elec- would have been an;.unoppos 

between April and M3y but looks little change in the relatively version of the figures on the per cent has been reckoned as resignation of -the President tion. this gives an effective veto candidate for the president 
set to rise steadily throughout sparse pattern of ordering. grounds that these are mislead- costing DM <bn. Giovanni Leone is the tip. of an to the Communists, since the Now the field is seemingly ,wi 

the rest of the year as school- „ . ing. They have, none the less, Among other changes sug- 

leavers seek jobs an companies been worked out by a host of gested by the FDP are the 

continue to shed labour. t h5 ed Mini7tr?. y «I? e t?Kn?, a « unofficial experts and show a raising of tax-free allowances 

Although the index of Indus- Th a 26,000 increase in jobless over for individuals, the raising of 

trial production rose to 131 in Pre-occupying. tne Bank says th e months to 1.132m. child allowances and grants to 

Giovanni Leone is the tip. of. an to the Communists,, since, the Now the field is seemingly ,wi 
Italian Watergate. - • successful candidate for . the open. - • 

What has become clear in Presidency needs to .secure two- Political realities here inltaj 

By Jimmy Bums Although the index of Indus- ** “J ‘ ot Labour as 2 goo 0 j ncrea se in jobless over for individuals, the raising of 

LISBON, June 13. trial production rose to 131 in Preoccupying, tne Bank says th e months to 1.132m. child allowances and grants to 

FOR THE first time since it April against 129 in March and manpower is in while vacancies are up From students, and the reduction of 

took office last January, ibe 125 in February (seasonally uf.!? 90-000 to 94.000, the Ministry of the present trade income tax 

ruling Portuguese alliance of adjusted and excluding construe- Kers * n “ e ." Labour says they have dropped —though this would be partly 

Socialists and Christian Demo- tion), there are no signs of a ?J* d „ C0 J stni ™“ ls to below 87,000 from 90.000 offset by an increase to 13 per 

crats (CDS) appears to rapid general growth in output. according to seasonally adjusted cent in the standard value 

Jh* divided on future Govern- In fact, the latest Bank of estimates. added tax rate in line with 

ment legislation. The CDS Franee survey of business recruitment un “ l J° e , °? e , M. Robert Boutin, the Labour broader tax harmonisation 

that he sought ‘to deoy^ach ale elected despite Communist would be a non-party candidal 
new eh-irse his hiah office was opposition .. would .almost but few personalities of sn 

today published in full its 
alternative to the plans for a 

survey or ousmess. — r" “"r- .34. KoDert douiih. tne Labour nroauer tax nannumsaiton jvuihwiuw™- ■ f rnm the existine ^eRncihtM with nnriv nnliticc 

activity forsees oo “important ««» «ttB»ated that un- among European Community On the other han_d. his _Silcnce • SSL? 

national health service already duction before the sujimer 

buui. . „ > , w i a* i9icri « uag GSLimauru >,uiu 1411*' auivuc u 

development” in industrial pro- employment incentives come into employment will reach i.'iin this members. 

drawn up by Sr. Antonio holidays. . „ 

Arnaut, Social Affairs Minister, “For the moment heads of show a drop in the numbers of d’Estaina yesterday riled out offer Its partners at the' mid- had recourse to formal vnuld orob- • SSISinf 

member of the SociaUst Party, companies are little disposed to unemployed in crude figures emergency measure*. -,uch as July economic summit in Bonn, hut thes only* basten«tf%tMT ■ A" ° ce neral^ ^ See- nffnf 

The CDS is in agreement take decisions on investment and from 1.068m in April to 1.037m lowering the retirement age and lax cuts have been advocated frequency of neto charges, many JJJJ JltJ tiirt ^that too ' 

ith the Socialists that the recruitment and they are con- in May. again a seasonal phemv shortening the working week, to as the most constructive of which were “ answered •" Wttab*. fgtmer .Primc MinistEf. Hfi ~ 

Ministry of Labour figures President Valerie 

Amid continuing uncertainty acknowledgment of guilt. 
Discard about what West Germany will Initially, the Quiranie 

rould be tatei^rted as-some . governing alliance ' whether : . It is known that Sig. Andreot 
acknowledgment of guilt - trader the premiership pf Sig. has ambitions towards the Qui. 

inS^e OuiS Falace- Andreott i or aaother ‘ leading ipate, bur so .too does^ th- ‘ 
I had recourse to formal Democrat . . map who now serves as actin- 

with the Socialists that Uie recruitment and they are con- in May. again a seasonal pheno- shortening the working week, to as the most constructive 
country's archaic health service centra ting on improving or men on but nowhere near as combat ‘unemployment and said fashion in which the West 

should be reorganised but Is restructuring their factories or 
adamant that patients should salos network.” if comments. 

nf whirh were “answered" 11110 vmyiuuoc, igcmer .rrime minister, no - 

through Inform?) brlS for won^ow b« poulble w(1i i M gnat admirer., of si, 

UiroueD unuruidl urinui£S »Ui. ft— IJ«fi cinm than wad tViflannHt 

uiruuu muv iiuwiinc near «i uuinoai unempivvniifm auu saia in wmen me wesi uiiuuku luiui uiai ui ichhes un. than ™ a o j 

it would be in a year of normal that the only long-term guaran- German Government could selected corespondents. Mean-^ "J e * JlnEJSSlt Sie Fein fr!S 

economic activity. Unemploy- tee of employment was to press give something away of sub- while, political forces opposed .to nSSr 

*■ vnwuBux. nuuuuuv viicuijfiu,- ire w) riu(fiu>uicm "db preiN gi*r Vfiuriniiig dnav gi su«- *mic. HUHurai wives u|jpuacu lu rri, 

share the cost of treatment The Bank notes that stocks ment has worsened by 63. per ahead with the modernisation of stance, while avoiding the Sig Loone and others who De° ne dissolving Parliament in manist^. His critics h^^ no 

tL-il h lha ,e wall Sic liavo h,uA HuAlt 1 ,,n 1-111+ fnl ativalir nan f niinf +Vtn an a r * +l%n . .. T. 4 l:. . 1 ... *’ that these tence-mendj 

with the State, as well as have have built up. but relatively cent over the year, 
the right to a free choice of ■ 

the economy. 

short-term pump-priming it sought his removal for ulterior 


In this, the CDS is echoing 
the demands of Portgual’s con- 
servative Medical Association 
and many of the country’s 
V.LOOO doctors, a large propor- 
tion of whom went on strike in 
protest at the Minister's pro- 
posals earlier this week in the 
north of Portugal. 

Doctors feel that a national 

NATO reply to arms plan Opposition to 
urged by Warsaw Pact Dutch curbs 

regards as im-ffective and 
potentially inflationary, 

However, neither the Social aleeation and innuendo. . m-pconfe the main nartfoe 

Democrats nor the Finance No firm evfdencehas yet been presets C0e main paTUeS 
Ministry has chosen to show advanced to substantiate any of Wltll tne- tSSK Of piCKlIlg 

motive?, were at work orchestral- ,, , v . 

ing the anti -Leone campaign of The snud.en : resignation 

as many of their cards as the these aiegations and Quirinale nn am-apH Prmidential 
FDP has done, nor to question denials, where issued, have been , U ^V 

oul loud the conventional unambiguous, touching on CSnClluRte EC tliey are tO 
wisdom that says income tax charges not only against Sig. avniri an a rHm onions 
reform could not he put even Leone himself but also against aVt ” Q 


I THE WARSAW Pact today fact outnumbered NATO by 

on spending 

that ' -fhese Eence-mendint 
exercises .have not been ur| 
related to his developing ambs 
tions to replace Sig Leone. 1 
Tp fact, there is no shortagi 
of willing candidates. What mus 
be secured, and quickly, is ; 
consensus between . the 
parties and one which can pro 
duce an agreed, candidate with 
out a damaging inter-party con 

Doctors feel that a national urged NATO to give “in the 150,000 men, he added, 
health service as proposed by very near future " a constructive Meanwhile it is understood 
the Socialists would sacrifice response to its latest proposals frora sources that the 

the efficiency or the medical on force reductions in Central latest Eastern proposal suggested 

profession to an iniiated Europe and start immediate that Warsaw Pact ground forces 

bureaucracy. work on a concrete agreement shou j d be reduced by 105.000 and 

Challenged in the current At today's 173rd plenary meet- those of NATO by 91,000 to a 

By Charles Batchelor 

partially into effect as soon as members of bis family. In some C0Ht6St Which COUld UpSfit w ^ c h could sow the seedf 

AMSTERDAM. June 15. 

□ext January. 

While the FDP risks friction 

instances, legal actions have flip pnalifinn 
been initiated, but there were ^ CDcUiUUn. 

of yet another government crisis. 

Sig. Fanfani and Sig, Andreotti 
apart, other immediate . “pos- 

force reductions in Central f r ? ra source 1 thal ^ HOLLAND’S RESTRAINT nack- w,rh 1,5 Pother by doing so. obvious practical difficulties and ■ *, rTnZ 

one and SSrt immediate 'atest Eastern propose! suggested HOLLANDS ra^TRAINT pack f| faas p , a , n!v fe „ a eom p el | inK ^ s 0me constitutional the sthcailed “white semester," sibles include Sig. J^iugno 

ope ana sian immeuiaLe +v._, Warcnw Part frrniinrl fnreas ace which aims to Lop about i : , ' . b:_ t +h„ loaf ...ntiiK lit »«,<■{ Zaccapnini. thp reformist serrfr 

debate over the health system ing at the 19 nation East-West 
is the continuing alliance in troop reduction talks, Mr. Emil 
government of two parties who Keblusek the Czechoslovak 

have managed surprisingly well Ambassador, claimed that the *+hp C Pa Jern presented to Parliament before 

since January to bury their Warsaw Pacr initiative, put Iff orts t0 D i ace s0 ca ii e H seoarate next ^esday. the Government 

s-sss-TESf irjs-is ss$ SSS om : said K h 

mir r.ACale TT O COlri ll h!f^! e thL n~t at West Germany. encountered P ° fierce CU ODDOsitfon 



mic crisLs. 

The Government's public 
image, skilfully stage managed 

information office said. Controls to replace 

The proposed cuts have twt__ • e 

encountered fierce opposition Norway PHC6 iFCCZC 

they were hoping to avoid until there is at least the possibility a “ sl nackiiig,. and somewnat less 
nearer December when President of again going back to the' elec- veteran^ ^ Bepubh^P 

Leone would have retired, having torate to try to resolve it, and Pa riy leader and. elder state*-, 
completed his full seven-year there are right-wing forces ra* 0 - Sig. Ugo ia^Malfa. ^ ■ 
term. They have two weeks to within the Christian Democrats .^ n * Italy has always nag 
find an agreed candidate wbo would favour such a course, difficulty in electing its jaes^ 

nosals. He said that in the first 1 encountered aerce opposiuon ‘ uvciv nna an agreen canaiaate woo woum ravour suen a course, 

phase it provided for Soviet Last but not least, the NATO from some Ministers who are Norway's Under-Secretary or for the Quirinale if they are to having noted a sharp antl-Com- “ e ““- . p l 8- 

iroop reductions twice as high spokesman today also made it unwilling to accept the sugges- State in the Consumer Affairs avoid an acrimonious contest raiiniet trend in recent local , ra Decemo®, 

«« tf. thnea oniiic'irtnJ tr» k TV C aIaoi* +I,ol th« Faempn nrnnnoa 1 1 tinn< nF fhp Fin:mf*+i Mini«T^r I Min Ktrv Mr Rpiolcin ClnU I which cOUld undermine the elections. lift l, on IDe «ra DaJIOt, tUS piw 

hv Prime Minister Mario Soares those envisaged for U.S. clear that the Eastern proposal turns of the Finance Minister. Ministry. Mr. Geisfem Gnl- — — — . rt PPW!nP vj ie , rim«nn« CsnM 

and the leader or the CDS Dr Forces stationed in central for selective arms reduction in Mr. Frans Andriessen. Mr. hrandsen said the Government present fragile parliamentary Fourteen days is a short time aig- wuseppe jaaragav 

Freitas do Amarai, has until Europe. phase one is “ far short" of what Andriessen today postponed a will replace its price freeze by majority behind the minority in which to secure main party ®® ums pP re 7iL„-- in. 

rrcilas do AmaraL has until Ciurupe. puase one iar suuri. ui wuai nuuuracu iuuu> iwlijuuvu a ii?> iiiht ns«r uy “whuu u+c uiwji.ii.jr >■« ^ ; e «*»rtnfr'-ln 

now appeared to contrast con- However a NATO sookesman ^ West proposed in December trip to the meeting of the Organ- a system 0 f strict price regnla- Christian Democrat Government agreement on a candidate, the y « 

sfderaWv 3th ^ the bickerin- todav Jafd that iSL mSSad lfl7S - Under lhat Proposal, the isation for Economic Owipera- tion. the Norwegian Informa- of Sig. Giulio Andreotti. more so because the principal J **® 8 ttifficulties- m ctoctog 

andpouticking whichchaTac'- Se nfthe areeotancebySe U.S. would withdraw 29.000 men tion and Development (OECD) tinn Service told Renter In To complicate matters, Sig. parties believed until a few an 

ter ato/ T'SSrzJS™ - -y * ^ a 

ui aig. uiuuu /tnureuiu. muie su uerauac uic puncipai — J, "j- ”, — ^ 

To complicate matters, Sig. parties believed until a few 1111 ftatian President are ahnasi 
Andreotti bimself could well be short- months ago that a basis - ^ a ® ™ e opposition of tne 

months of the ntino'rUy ceiling 0 0“ 700 , 000 * for ground heads. 54 nuclear capable aircraft Minister, Mr. Willem Altfeda. The switch will take place a if dat e presidency. for ^reement existed to replace 

Social Let "overnmenL ‘ forces 5 on each side was “ques- and 36 Pershing ballistic missiles called off a trip to an inter- over the next month after Italian presidents are elected Sig: ‘Leone on his scheduled President 

Iu pa rliamenL ihc all i a uce tk.nable" The East adntitted in exchange for the withdrawal national Labour Organisition comments on the controls by the Senate and Chamber of re tiremenL Reeled by traive^i , 

has succeeded so far in dnin? nnlv to a " light" superiority or five Soviet divisions 168,000 HLO) meeting in Genevji to have been obtained from Deputies sitting together, and The -Red Brigades terrorist 

precisely what It was orieinallv while according to Western data men) and 1.700 tanks from the enable talks to continue iij the trade unions, employers and specially augmented for the group, put an end to that con- aonai roieo+ ffle 5^, 

Forces on each 'side was "ques- and 36 Pershing ballistic missiles called off a trip to an inter- over Ibe next month after 
tionable." The East admitted in exchange for the withdrawal national Labour Organisation comments on the controls 

precisely what it was orieinallv while according to Western data men) ana i.iui 
nteuded to do: push through Warsaw Pact ground forces in central region. 

I Hague. 


urgent legislation such as that 

or the budget and the packet 
ot austerity measnres with a PRa 
convincing majority of votes. 

Despite this some political 
com men la lore here still 
seriously question the ability 
of this unity to persevere 
until 1979 as proposed in the 
Government programme. 

This school of thought 
emphasises that though debate NEXT 


Allowed to grumble but expected to obey 

occasion by representatives of sensus- when they kidnapped s u r P I “\pg that. this .snouw 

be so, out it. is also an indication 
“ of bow fiercely -the politicians 

- will fight to secure the office* in 
party terms "if not always in 
; terms of personalities. 


President Yugoslav national unity and way in which Yugoslavia has 

emphasises that though debate NEXT TUESDAY President Jugoslav national unity and way in which Yugoslavia has 
on ibe health service may for Josip Broz Tito, leader of the independence, and the policy of distanced itself frora what it sees 
the moment end in com- League of Communists of Yugo- active non-alignment and self- as the inflexible, authoritarian 
promise, there are a number siavia (CY) will stand up before management under the guidance brand of “Management Social- 
of other issues not yet publicly over 2,000 party delegates and of the LCY. ism " practised wherever Soviet 

debated which, once allowed to numerous foreign party deiega- Th e uj etne 0 [ th e Tenth Con- “great power hegemonistic pre- 
surface, could provoke the tions. including a powerful j n 1974 wafi Yugoslavia’s tensions" prevail. 

divergent political views of Soviet one expected to be led refound Dnity after the outburst But the development of the 

Suciaiiats and Christian Demo- look forward to the 19S0s. 

rns "h anSrlhi? iff f„ r - TE- Ui cne very important re 
CliiS is answerable to the ,#« : - »oeciall\ - inmc 
conservative rural sector J* T? » 

which is becomingly increas- Jr * 

“E.. 1 *?. ra power. by senior Politburo member 0 f virulent nationalism in Croatia principles as expressed in the 

. The issue of agrarian reform Andrei Kinlenko, to review the Serbia. This led to a purge new constitution and avalanche 
is one example which for Party s progress since the Tenth throughout financial, intellectual of new laws passed over the last 

j ,? n JJ’ b,ch Congress four years to and Party circles followed by a four years, has s iy en the LCY 

l00k f0rward 10 the 1980S ‘ tightening up of Party control, a very challenging task. 

CHS is answerable to' the 171 pne very ra , P orta " t on the one hand and, on the Because of the very diversity 

conservative ” rural serinr 197S is a specially important other, elaboration of a new con- 0 f Yugoslavia, with its six differ- 

which is becomlnidv increai >’« ar for Yugoslavia. It marks stitution promising greater de- ent nations, IS ethnic and 

imrlv impatient at the faUiw the 30th annivereaiy of Yugo- volution of powers to the six linguistic minorities. Us turbulent 

or Ule prevent Minister uf siavia s expulsion by Stalin from republics, two autonomous pro- past and the Communist Party’s 

Agriculture to hand land hack lhe Cominfonn as a punishment vincas local communities and basic loyalty to its Marsist- 

to its originai owners after it L or 5T £ c . peDdent 13136 which work-places on the other. Leninist inspiration it is official 

was illegally expropriated in Pres ,. n V T v° in . S5S . ted , on talu , n » The guiding principle was that dogma that Yugoslavia must 

tlie Atentej© region in 1975. Ime ne , has insis t e d.oh W3 th of “self-management pluralism,” remain a one-party state. Allow- 
Ticd up with tills issue is the* even ® reaTer emphasis ever elaborated by the Party's prin- ing a multi-party system, the 

qurstion or indemnification since. cjpal ideologist, Mr. Edvard dogma runs, would Inevitably 

Nor so long ago. Dr. Vitor Reflecting this historical anni- Kardelj, the 68-year-old Slovenian lead to the formation of parties 

Agriculture to hand land back 
to ils originai owners after it 
was illegally expropriated in 
tlie Alentejo region in 1975. 
Tied up with this issue is the 
qurslion of indemnification 
Nor so long ago. Dr. Vitor 

Conslancio, tlie present Minis- versary, the speech, which ex-partisan schoolteacher and on national, ethnic or religious 

ter of Finance land 
Socialist), attempted 

a President Tito has spent weeks close confidant of Tito. lines which would in a short 

to preparing on his island retreat The main task of the LCY time split Yugoslavia into Us 

and provinces and in Belgrade, it Party: 

is continuity which wins over The theory Is that the' Party. (■ 
rejuvenation. All the republican should be considered an integral}! 

rejuvenation. All the republican should be considered an integral 1 
and provincial secretaries remain part of society rather than some- ■ 
at their post, except the Bosnian thing above and outride issuing ! 
hard-liner. Mr. Branko Mikulic directives and instructions to it. g 

b rK •SW 1°. T>OI ? nc ^ be «ra the advo- # 

dency of the LCY at the Con- cate 0 f a highly articulated ceil- B 

gr6 ® s - . j . . .. . ' structure and this has- been car- I 

streamUned executive' body ; while i t is to- ensure thit this prb- ■ 
at the same tune opening up a cess has. the desired effedTthat M 
more active role for the 166- the ^principle, of , *T>eto6watie 1 
strong Central Committee which eentraHsm;” ' has :been modified ■ 
has met very infrequently since Henceforth, although minorities 1 

the* Inci PornTroco ...:n - _1.n1 1. . ti * * . .*• 

grbw»-ffom 27^,1923^ 

e last Congress. . will still not be allowed to “'fttend ,>OGfBffie iDl3 ^ Vf 

Taking its piace as the top organise themselves Into factions. ■ yeais. lt% aD impfieS$K£P 
po!icy-tnaking_ body will be a let alone separate parties they } 

new-look Presidency of the Cen- will be allow^o eaSy^o^S 
tral Committee, composed of debate, within Uie party 

tral Committee, composed of debate, within the party - even 
only 24 people — three leaders after-the point when a vote has 

President Tito 

provinces, on’ SSS&Tio^ 1 

Pfe President Tito him- decided by the majority .but will Z ; . : r - r A 

self Mr. Stane Dolanc is expected not have to pretend • they- asuee ; sz.vmsP-- .] 

to be confirmed ns Secretary- with it and may continue to inrisr ilV ‘ i&iL: am 1 

been tiie year of politics 1978 torical review of Yugoslavia's cadres and indoctrinate every- However, having predicated the who Tito picked 
was clearly going to be the progress from the break with body in the art of managing continuing existence of pros- Partv organisation 

VUSir 111 Pl'nnnmilN. tho fAm l n Fnrm ■ in 4 -tio ffAAtln tknlw i ■ t j _ _i <. . m m < ^ . 

year »r economics. 

Until now. r 
succeeded In takii 
nf ideology. Yet 


S vES'lS SS , jv 3 afi:si f =’ ^ 3 

- p,rt srs tsm -sscawfisias ssa S iHH ESgSSP®? 


of Portuguese life. 





'l 7 


e % 

Pmanci'al Tiines Friday Tuns 16 1978 

Food prices 

i m 

rise 3.3% 

' y. £jr- Victor Mackie 

OTTAWA, June 15. 

price increases In 25 years 


. fjrice increases in 25 years 
}'. helped push the cast of living 
up 1,4 per cent in May, the 
' ■ Govemmeurs statistics branch 
-.lias ; reported, causing an up- 
• -roar 'in the House of Commons. 
' z .y. The Federal Agency, said 
-food prices soared in May by 
-3.3 per cent, led by beef and 
..Imported fresh vegetables such 
; . : tomatoes and lettnces. 

The 12-month inflation rale May was 9 per cent, the 
-."•'highest since last -December. 

Prices of beef, the largest 
; meat item for most consamers. 
: rose by 10.5 per cent in the 
month and. were 52.5 per cent 
: higher than a. year earlier. 
.-■-.Beef prices have been de- 
pressed in recent- years be- 

• cause of over-supplying, ac- 
cording to producers. 

The jump in food prices 
- - accounted for about TO per 
cent of the overall increase 
in tire cost of living. The 1.4 
per cent rise in the overall 
cost of living was the highest 
since Jnly 1975, before manda- 
tery wage and price controls 
were, hr ought in by the Can- 
■' adian Government in October 
or that year. Food prices are 
largely uncontrolled by the 
programme which the Govern- 
ment started dismantling in 
April- . 

The consumer price index 
stood at 173.6 in May compared 
with 171.2 in April and 159.2 in 
May, 1977. 

M. Jean Cbrellen, the 
Finance Minister, told the Com- 
mons he was “disappointed’' 
over -the rise' in the inflation 
: rate- but declared he has no 
intention of reimposing wage 
•l' and price controls. 31. Pierre 
•■^ Trudeau, the Prime Minister, 
£said he “sympathised” with 
those who had to pay the 
' higher prices but said there 

- ij-yfoald be no change in Govern- 
ment policies. 

. - Opposition members attacked 

- ' the Government for the failure 
■ -'- of - its anti-inflation policies. 

'*■ pointing out that daring the 
' t- first five months of 1978, the 
inflation rate was higher than 

• ' - It was before the controls pro- 
;-r gramme was introduced. 

- “What has gone wrong?" Mr. 
-joe Clark, the Opposition 
- leader, asked. “The job of the 

- “ Finance Minister is not to come 
ato this House and express 

■ ^appointment. The job of 

- - STBS Minister 1* to «“.* 

' -i-aod voice policy v * e “, 1 {* 1 '5 

-i»Tpar that his policy is falling. 


U.S. STEEL, the .largest steel because of tinfair of 

company in the nation, is to raise petition, and P-jrUy h ld 

steel prices by' 3 per cent from government pressure vo n 
July 30. But unlike some, major Prices down, the indusnyh^ not 
competitors it is refusing to been allowed io earn an adequai 
make any commitments not lo investment return. Sieei. 

increase prices again later this On Monday Bethlehem nnai t 

I year the second biggest steel company. Sunda y' 

On the contrary, the. com- announced a 3 per cent stee mem i>ei 
pan Vs chairman, Mr. Eds«r pr icc* increase but promised asseinbl 
Speer, in a statement bused with barring . “unforeseen cireum 
th„ nri^ino ,>nn mincemeat Muos- siartces” it would not raise pric 


Speer, in a statement isusea wild barring "un 
the pricing announcement dues- stances” it wn 
tinned the philosophy behind again in .^T„; _ u ,nc 

efforts by the Carter Admiairtra- Steel’s qualified commitment was 
tion to hold down steel pni-es bailed by the Carier Administr^ 
Mr. Speer said that: ** With the llon aS « a major breakthrou B n 
steel market on the upswing our fr.r its anti-inflation P® 1 ***- 
Government is now urging that j n t jj e wa ke of the h 

we forgo the profits we nee a in stoc-l announcement, wmeu 
order to keep our steel manuf ae- brought steel &rice increases this 
turing facilities modern, and ye . jr {f} g.S per cent. Mr. smauss 
efficient. The real need in the said T hat the 3 per cent rise 
American steel industry is for “precisely” the level of increase 
(improved productivity. Keeping j, e looking for. . 

the steel industry from earning Lust yean list prices for stem 
adequate profits today will only ro , e by S.a per cent. But the 
! create greater inflation m the administration w di^ountin-»o 

i ,0 r 'sTee^remarks' un- SffSwJi ibe P |Joands tiudii 
Tb e v feel that partly dustry wage settlement. 


ssw^Js 35 ?SS 
@L?£S '£Sjp 



for New York aid 


NEW YORK, June 15. 

f Le ft*v in g Revo lu \ ionary . . ^ M^h.le ,, the v.,,rs pro- 

r the sort of policies General Pine- list Party iPSB*. are on the run fw Sunday. Gen. 

e and General Yidela have in Lima. Q f new Economy Sliu inter. Si. ■ia..ier 

11 a j,.;.;-, rvr.r. ami Two former aoirurals. also of p has announced mat 

FSR. wore la.- month among f f toeether a plan to 

group deported to Bu*.nos ht^ oCOnomy more pr-idiu- 

!me "in power 1,1 ” ' 'The pressure ,-n the Left, from ^and UniTh?* 

power in 196* ana which The Itight. -si net ^strength ^TrotskyUe^ u.the ^ 

eronomic reforms which previous J " eltV ;|.. ns vould he hela ihouyhi it ortp^-ien. t»ini. auce 3S Uiey contended ihat ilie poll - ^ v 1 L ; (inf ^ sl?d X hat Peru’s 

a5SV.?-!?»isrAX - 

_ ' 

socien' 1 where millions of country 
Dtonlc were living in conditions 
tantamount to serfdom and 

2 SS. the 33P he»-e« ■ ™h and , 1L(1 n « a* * ' few ob«rv«. : hi 0 k however jee e.; 

ooor was so great that a iar.,e yrrec'-v-r-- hoi a rijrties senior ot-cer*. . it wUl get m> re than a hftr. - t ■ v - - , ( red with 

San Ofthe Population scarcely - whMe ^^rvernmcM nv «rt ttairt ^ ^ ^ 

Earlier th;* : v.rthe_ Central fUW.d^^on^-K f ^--. lvai cipal winner^ ar^foreenst |o oe of the counts 

illness and tiie b e st efforts of ^h is ^ n ^ J|P , : .. f 
inanv opponentb in 
abroad, notably in 
States, had sapped Gen. 
energy, and he was 

issvffii sr aiSW &»?=*? IE 

: ■ ; i ^ cpf-nre in* 

» j S; e r - s ..fias 

1 plan tn prnvidc it witit long- v. 'Ucd out m 
i. ... . r. jL i pnarantecs. in liiiJ and 19bt 

1 plan to prnvidc it with long- J v ”'-''^- r ' n'VN^^nd S250m in 

if™ f «dErul 

although the extent _ of govern it . ; vailab ie provided the 

ment aid may eventual ybe ivs a wo ^ Kg aira o[ a 3 enu- 

than was original y wwjW. c - balanced budget by 1982. 

Following bearings Jast weeK 1C< ‘> ; jttee w | n hedge this 

and this, mfluential °P^° n ittt . £ . ai J^vifh further restrictions by 
the Senate Banking J ?iti clthlr House of Congress 

has shifted from oppoon^ ^ right to withdraw the second 

Government help to^a^id it thought the city was 

bankruptcy of New York to an . . j jt financial goals, 
acceptance of its requirement net neetm ^ wouid cer- 

for long-term guarante^ How- Mw > orb m ^ th|g pr0 . 

ever, the compromise f , )ecause of the difficulties 

looks certain to emerge >» e [ os ^ ; 2 ’ h , creat e in persuading 
committee will P rc, y' de i $l V ea? S ' invars to loan their money, 
guarantees for ^ n t0 w lh tbe Moreover, only Sl.Shn of fluaran- 
instead of the &-■ wte^. mean that the cil* will 

City sought and * h,t * b V v ,. u . cut back on its plan to 

of Representative jPV^gl- th ^ end .^.5bn on capital projects 
Senator .W iliiamT’ roxtw*. J sp^ ^ ^ four years. .In 

committees c ^= , ™ 1 fiJv 1 I 55SL n . addition, its capacity' to raise 
this rooming that 1 ». *^ ta < SlS!?-» w i,nn-tenn loans with the help of 
roittee and th I f 1a ® e Jr!,"r.^me’^the - guarantees will also be 

Violence ahead 
of Carter visit 


U S OFFICLYLS studj ing reports | 
of overnight violence m Panama 
in which two people oied sa d 
today they were confident Jjjux 
security arrangements for rresi 
dent Carter's scheduled visit to| 
Panama City tomorrow. 

nm ^ 

L L. — O' 


^.hnh.s I Brazil 

11 2 . lid lip 13 % 

w AS i ! I N‘ • iTO N. June J 5. 

nr.nM anilVSlS !1J VC 

the less !v- • hven anpwciwh'y undcj^inu 


" Th^ treaties, transfer nne i-Hn-j hi car.P*. u ; . . .. ion of str „. -f, n ;,fiic!:ds. 

rijssas »¥¥ iSivws etssasss s-sansa.- iwur ■» 
ESteRsa- - -rrr- i -- -^-n— 

Reuter ' - — ^ m n 

Omar jomjos. die ^ - 

the ranfication of the two new 
Panama Canal treaiies. 

Th* 1 treaties, transferrin- enn 

trol of ihe 

Pel ru-Canada and Occidental 
bids for Hisskj: North- 
west Airlines strike 511 
eighth weeks: Hardee's "•’■eks 
injunctiiMi against 1C Indus- 
tries. page 2S 

Within a cecade. the states fringing 
the eastern coast of the Arabian 
Peninsula have become a new world 
Rich in themselves, nch in opportunity. 
Fast developing into international 
trading and financial centres. Breeding 

ne gS^vIs” part of that new world. 
An international airline flying the most 
modem equipment, including 
Lockheed TriStars ana the acy ancea 
Bceina 737-200. A regional airline 
s^^'inc more destinations througnout 
the Gulf than any other airline. An 
airline unique in its offer or Golden 

The Gulf is a new world. When you 
fly Gulf Air, you’re a part of it yourseif. 

; ’** r pf 'i'.i..'- 

&&& 0M. 



.. r . . . An«.!erciain Bahrain Seiml. Eorobav . 

r-c-na Cubai K«4SSw Urn^cs Liiraon 

bfu'SLl P^i &daUt Sn^fjUt £hua£ 

Financial Times Friday 'June 3$ 197$W ; 

PLO chief 
in Kuwait 
shot dead 

KUWAIT, June 15 
ALI YASlN, the Palestine 
Liberation Organisation (PLO) 
representative in Kuwait, was 
shot dead outside bis home 
this morning. 

Au official statement broad- 
cast by Kuwait Radio said Mr. 
Yzsin, who was considered a 1 
moderate Palestinian. was ! 
killed by a pistol. Officials 
said this seemed to indicate 
that Mr. Vasin, who was in liis 
mid-40's. had been murdered 
by a lone assassin. 

agin resignation threat 
>ver W. Bank, Gaza Strip 


TEL AVIV, June 15. 

Informed sources said Mr. 
Vasin was shot when he 
answered the door bell at iiis 
home this morning. He had 
lived in Kuwait Tor more than 
1-1 years, the last sis or thorn 
as PLO chief. 

Kuwait Radio broadcast an 
official statement saying Mr. 
Vasin's body was round in 
front of bis home at 11.30 local 
rime. The Incrior Minister, 
Sheikh Nawaf al-Ahmed al- 
Sabah. and senior officials 
hurried to Mr. Vasin's home to 
supervise investigations, the 
radio said. 

Palestinians make up nearly 
a third of Kuwait's population 

THE DIVISIONS within the pared to accept any proposal tell Washington that Israel was 

Israeli Cabinet over the future which goes beyond his offer to prepared to decide un the final 

of the 'Vest Bank and Gaza Strip •• review" the situation after five status of the West Bank and 
have given rise to speculation years of limited self-rule for the Gaza Strip in five years lime 
that Mr- Menahem Bogin, the Palestinians uf the West Bank Ministers regarded this as 
Prime Munster, may consider and Gaza Strip. having the attraction uf both 

resigning if he finds himself in However, the U.S. Admmisrra- rep iyj Qg positive! v m the US 

' ni " o r, l £: . . , tion has asked Israel if it will and leaving ooen the details. 

‘ hetwepn e r-ihfn2t e mH 3 iS* undertake to decide the “final There was much lex* support for 

iSm ibe^stfewiats Stv slalus " * f occupied tern- the propose of MrMosheVvan. 
; r m" i. , cSmpromiM on how t0 ™ s the flve - vears of SEir ' «>' Foreten Minister, that Israel 
Itu replv to U.S. Questions about ru ]*- „ should offer lo negotiate ^tnc of 

the future of the occupied The Cabinet -has held two final details now rut her than 
! territories. y debates on this question so far. wail five years. 

Mr. Begin said today that but instead of Producing an Thf? Primfi MjnisLer found 
I rnoorts that he niav have to agreed position, three possible ,, . . . . , 

I “draw personal conclusions" if answers have emerged. himself m a minority with only 

he is outvoted in the Cabinet The most support was given to four ministers supporting h« 
were purely speculative. the proposal put forward by Mr. view that there was no need to 

The Prime Minister's aides did Ezer Weizraan. the Defence change ihc original proposals of 
confirm that Mr. Begin is not pre- Minister, that the Cabinet should a review after five years. 

Feudal war looms in north Lebanon 

y Lehannn's day in the northern town of have been placed in alert af 
paramilitary Zgharta of Mr. Franjieh— son of an emergency meeting by the 
I today it will the former President — and 32 party's politbureau under Mr. 
its merahers others, including his wife and Gt-mayel yesterday. 


THE Phalange Party. Lehannn's day 
largest Christian 
organisa lion, warned 
use force io protect - 

of about one million people, i against ihreatened vengeance daughter. . n .. Palestinian guerrilla leader 

and reprisals in wake nf the They were all. killed when null- \a.ssir Arafat has linked ibe 
murder two days ago oF deputy tiamen uf the Phalange Parly on events in the north with develop- 
Tom Franjieh Tuesday attacked the town of ments in Southern Lebanon. 

The parly's dailv ' organ, A1 Ehden about SO miles northeast Addressing a Palestinian rally 
Amal said information had been of Beirut and the Franjieh resi- here last night, he claimed Mr. 
conveved to the partv about deuce there. Franjieh was asassinated because 

renrisals being planned' against The friction had started over he had refused to co-operate with 
"our comrades and members of reported attempts by the the Israelis, 
our families.” Phalange Party to move its mflu- Christian militias in lla- soutn 

It did not name the persons ence- to the Christian north, which who have the support of the 
making ihe threats. Cries for the Franjiehs regard as their Phalange Party and the National 
vengeance against the PhaJangists fief. . Liberal Party of Mr. i.amille 

and thei r leader Pierre Gemavel The Phalange militia, said m v.nanioun .have estahhsned 
were made at the funeral yester- number 10,000. were reported to alliance with the Israelis. 

but this was Ihc first political 
murder among Palestinians 
there, residents said. Fatah 
is the dominant group among 
Palestinians in ail the Gulf 

In Januury. the PLO's repre- 
sentative in Britain. Said Hani- 
mami. :j(5, was shot dead in his 
London ofi ice. Representatives 
or the PLO in Paris. Rome and 
Nicosia have also been 
assassinated j;i recent years. 

S. Arabia 

OPEC divided over 


Tw ® nio . re < Britons have been (THE ORGANISATION oF Petro- fercnce at Taif was called io 
a^Satldi^^lraliiaii^niarke^iai’C^for leum Exporting Countries discuss long-term OPEC strategy 
^upplOn^ akihoT' lo Arabs a I lOPEC) begins its regular on pricing and production oo-.ey 
Foreign " njikc diplomat said ! summer ministerial conference in inevitably Algeria. Libya arm 
vo-iiTdai i In* Press AsnociaLion i Geneva in morrow, with its spirit Iraq pressed For talks on lm- 
"r«* pons. One- of ihc men wa^iof solidarity somewhat restored mediate remedial action, in tne 
v.-ntcnceil to two years' jail ami j by the informal get together event the host country— backed 
1*00 s Irakis of ihc cane, the other held in Taif on May 6-7. But its notably by Iran. "Venezuela aad 
to is months' jail and 100 strokes. ! members arc still divided — and Kuwait — had its way in insisting 
XliO" ether seven men aro. lhe price militants among them that the proceedings should con- 
b*lie«vd to be lacing similar ! ate very perplexed — over what cenirate on broader, longer-term 
charges In Saudi Arabia. Theban or should be done to com- perspectives. 

Foreign .Secretary, Dr. David 

predicament of 
essential raison 



Owen, is understood to have 
ordered a strong protest to the 
Saudis over the earlier caning* 
of two Britons For making and 
distributing alcohol. 

Saudi Arabia and Iran, the two 
largest producers in the club, 
accounting for some 45 per cent 

Yen rises further 

Tiie yen rose sharply against the 
dollar on the Tokyo foreign 
exchange market yesterday, clos- 
ing at a record Y213.40. Charles 
Smith reports from Tokyo The (t , v ^ uuuul 
rive reflects a i-onviction lhai’of total OPEC output last year, 
-T.i pan's pr.yim-ni* position is; have the weight lo dictate to 
likely in ream in strong at .east other members, 
up to the time for the Bonn „ ls ;m unpalatable fact that 

Sr'ViTJ'h-TC" r KnJriiJh rS members feeling the 

JJ imic' lidi- wenis u! b5 5?. ! revenue pinch must learn to live 
(raining from Wy intervention i wi! , h /} however much they pro- 
in the market, has also been a “ ,n "" rt - 

pen-sale producers for the con- The real argument will take m .' eiien . aUwn pf revenue values, 
imuing erosion in the value of place in Geneva till- *cek*.».l. , )!1S issued a sonii ,^ jnd 

their oil revenues. However, quite apart from the ..Ljdered statement d« Dlortna 

A continuation of the freeze in decisive weight of Saudi Araoia , 0 ju, " j. u ; 

force at the beginning of the and Iran, frustration and anger ^.houtLiiainino w “ 
year until its end seems almost on the part of the militants couid , j n ' croase m ' a i n . 

inevitable - if only because prove impotent as it dirt n ,ncroase cou,d jaam ’ 

Saudi Arabia has said that it will Caracas. The “hawks" arc w: 11 , , .... 

go on until 1979 and Iran is also aware that because of the con- , 1 me .™ fl ' r * 
in favour. The" lesson of the last tinuing oil glut there can be no V-) „. r ,™ *j r - 

ordinary meeting in Caracas significant increase in the price f„ pe ^ l ? d J °L sur Fi l !f l!> 
nearly six months ago is clear. 


Warning to 
EEC on 

joint export credit rules 


PARIS, June li, 

, , - cnM'ifically to the# A maxiiimni repaynient peti M 

THE UR. today put strong pres- ^ errl Trea- of from 5 lo 11) years depradiS 

“A on which of ttn. group.T 

By Richard -Evans 

l swee on ua uuww . iu i«ii!a-nw.'»- — -- that . Ampri- on wtnch or tnree srouns 

STRASBOURG, June 15. ! adopt tougher joint ra “ . £ ° r: ta *y fS^sferofgly countS’^ of destination fSb uS 

THE EUROPEAN Parliaraerrt ! export credUs. whW, would.mltesn S riXStennediafe or poor r* 

caUed yesterdav for much Government aid to exporbng the publicly supportcu 

solmder S management lenrapanie.,. S VM .nHeri?,r.dVj“ fn the OECD •. * , ra A ,m ™ ™“ re A T** « 

arrangements between the Com- The aid given by the Bnhsn the ^understanding 7.J5 to S per cent, depeadinji 

raunity and the Comecon coun- 1 Government to finance the Rollfr ns did not have a? alQ H pon j 116 . c °i”! tr y W 

tries of Eastern Europe because j Royce engines for-lbe Lockheed . Since toe l ■=>■ » . desti nation and also the repay. 

oF the harmful effects current i TriStar airliner was singled out thp iiSmlntetration to ment period, 

trading ‘practices were having. I by Mr. Michael Bluraenthal, the sures ju DQ iicies. particularly .The arrangements coyer all 
A resolution from the Parlia- i U.S. Treasury ^ecreUujij as 4 >_ 0 ®r 0 ngress. were severe. But . ex ports with the exception of 

particular example of the type ^SSstrotion believed that notary equipment and agricnl- 

OECD 3 standards of conSuS."^ modification of its attitude tural commodities.. Certain other 

OECD standards o( .couau^t, . j n this field would be an unfor- ex ports such as power stamps, 

Mr. BlumentbaL who was wnite development from the aixeraft, most seargoing ships aiy 

attending the annual meetine of .point of view of free trade. . ground satellite communication 

OECD Ministers here, told jour- ij^, e British Government s posi- stat j ons subject to special 
ro thp comminee i nalists that th ®*® ^ e-re some big . t - l0tl was succinctly put by Mr. u-eatment, 

disturbances iu SSe 

0[ lhe b ,^, 

that the preteut SSne in the case the Bog- » W t 

economic relations argued that 
the increase in barter trans- 
actions with Eastern Europe was 
restricting diversity of trade and 
placing smaller companies at a 
particular disadvantage. 

According to the committee 

this could lead to 

employment and distorted 

compemion. accepted bv! arrangements did not indute SSyce^eir^tnd there .was' noflic •jteyJOTM?aitout»tan^g1ntte 

uJ i |aS‘“u l i“"no>« & *g «2:P W0PrU “ *“ SnCh * ^ 

SStrt« e ^contlnued f S’^nse I wanted situations in which there new OECD guidelines,- be represented by Mr. Robert 

*^s^ca an4 e ^ rt ■ 

the subsidy provided iu .export, yeaiu or more. The basic terms Jjipeu . by Mr. 

•Hiniiuul.i cash payments of 15 Atfaira. aud Canada By Mr. Jack 
public sources, was also clearly per cent- whatever the destina- warren, 
identified. -non of the exports. 

Co-ordinator for the 
Multilateral Trade Negotiations. 

Japan’s ‘oligopolistic car trade’ 
is a non-tariff import barrier 


TOKYO, June 15. 

Mgnificam factor. 

The yen has now -a inert nearly 
J"<-ur points against ihe dollar since 
the start of ihe week. It is ex- 
pected to continue its rise during 
the next few days unless Japans 
May customs clearance trade 
figures, due to be released tomor- 
row. show a contraction of the 
surplus on visible trade. 

Burraah's India talks 

Representatives nf Burnt ah Oil 
arrive in New Delhi for what Ls 
expected io bu the final round 
of talks on the tlovernmentV. lake- 
'iver of Oil India. Ihe exploration 
company in which Burnish ancl 
ihc Indian Government have 
5n-. T “ 




nil l.nm pauy. which opera les 
wnall refinery in Dihoi. 

Sudan directives 

tesl. Undoubtedly, they will pro- 
test this weekend. Their concern 

Because of the world oil glut 
it is probable that oil prices 
will remain pegged until the 
eud of the year. But oil price 
"hawks” point out that Ihc 
erosion of the dnllar has 
reduced their real income to 
the level it was at before oil 
prices were doubled. 

to produce less. Individual 
countries like Venezuela. Kuwait 
and the UAE are imposing limits 
on their output for reasons of 
conservation. Yet a coherent 
production programme depends 
on Saudi Arabia, “the swina- 
suppiier." which ij implacably 
uppuaed to .any interference ill 
its autonomy to decide its own 

In (his situation the militants 
see in the decision at Taif to 

about the drop in tbeir purchas- 0 f cither in nominal or roal establish a six-member com mi t- 
ing power, especialv through the terms. .' H!" 10 and P° lic . v 

depreciation of the dollar, is OPEC, as Sheikh Yamani pu> of UPEC in the next decide as 
justified. it at Taif, has entered a "new a device to forestall meaningful 

Sheikh Ahtned Zaki Yamani. era ." In 1973 the producers discussion of pnee maintenance 
Saudi Minister of Oil. has himself finally asserted the power to set fo r a ! > oa J- b Y when the market 
acknowledged the contention of prices themselves. It was a have recovered, even 

the "hawks" that the price of oil development made possible as fhough Iraq and AUeria are 
in real terms is almost back to much as anything by strong members or the new entity, 
jihe level it was at the end of demand for oil" in the early 1970s. in pursuing the policy of price 
j 1973 before it was more than The industry, however, is not restraint since 19i 4 Saudi Arabia 
| doubled. Since then, a recent going through a transitional !° c,;, n^ider the 

i study b; *’ ^ 

re vent 

Taking a more recent lime span. Having seen their production 1™": "■ . *ft r "'- ro ) vl \ J ? ,nc ? 
OPEC has calculated that the r i„ on \v mavginallv bv 1.5 per finj * drh * lcr f " i>audi oil 

e . *. L.^ DO lev. l-pfl*rrt-fl In “fJ.-L-c uii I h 

ran up debts had fallen in the > - ne ciarmea. -, f»,i c war. are aopiiwuii* iu the EEC by Htrr 

last two years. This could place 
a severe strain on East-West 

Both the European Com mis- 
sion and the Council of Ministers 
were urged to pursue current 
policies more vigorously, 
particularly the harmonious 
development of trade, the 
application of the most favoured 
nation clause and liberalisation 
of imports. 

Herr Wilhelm Haferkainp. 
vice-president of the Commission 
for External Relations urged 
member-states to stop looking 
for advantages For themselves in 
trade with Comecon countries. 

He accused some Community!, 
countries of indulging in a race; 
to give hand-outs. Instead, there | THE JAPANESE FAIR Trade effective dealer network has commercial banks. Toyota says 
must be a unified Community ; commission, which' acts as Abe proved to be one of the most its, dealers turn to it 'ramw 
policy on trade and this would guardian of -Japan's anti- difficult tasks for would-be car often ’ for long term loans which 
continue to be the aim of the I jnonopoly law. i's starting to "in- importers- can - be used for operating funds 

Commission. . : vestigate alleged "oligopolistic Leading motor manufacturers or t0 " capital investmenl. 

Herr Manfred Schmidt (Socia-| practices" in the Japanese car to-dav claimed that the industry Outstanding loans to dealers with 
list W. Germany), moving the, distribution system, says its is not monopolistic, according. to repayment periods of one year 
resolution, complained that ex- chairman, Mr. Osamu HasbiguchL criteria -et bv the FTC— in that ^ more are currently worth 
Dorts from the Community to < . . Nissan and Toyota the top two Y35.Sbn, the company says. 

Comecon countries had hardly' Mr. Hashiguchi says a ^ pre- „„ mnnnjrj; !n induerrv^have ■ Nissan JMotor, the number two 

the industry, bas 
and operates a 
system accord- 

,ii F for Dorset w pnintea • ^uimiiiwsiuu «ia» ms eje “* h***- v r k V , w0 fijms as in S T « wnicn different' product 
dui that the Comecon enunirtox: ticular on the degree of control * . lines aje-sold- through separate 

knew i hey could relv nn the EEC exercised by car manufacturers ^nupvn^K,. - outlets each with its own fran- 

when there was a gap in their lover dealers in such matters as A Toyota spokesman said tnat area. Nissan says it main- 

economy, and in the present state: the setting-up of sales targets, the Japanese.. industry ' was less tains ' an ' equity . stake ranging 
of re-as"se«*ment itaev were able , deferred payments arrangements, mono politic 'than tne u.&. from 20 to 100 per cent in an 
to plav EEC stakes" off against | price cuts, and- the settlement of i nd us rry. where GM and torn unspecified number of its 
one another to get a bettor deal.; accounts. . between them account ror over dealers. The exact details, and 

Lord Brimelow. a Socialist! The FTC's concern appeins to 7 D P er '; en L or , tn ■*** Dmnb er nf dealers partially 

peer and former permanent; be that motor manufacturers • Ar or wholly controlled Ls confi- 

secretary to the Foreign Office. ! be usins their influence . de ^ a1 ' 

argued that Comecon countries j tbeir dealer networks to priiveht £ Nissan provides management 

tended to plan their economy so ; price competition In the Industry .influence exercised by motor ^ sales personnel to its dealers 
that they depended as far as I — a point of view which receives manufavturers over • in ®“ in. proportion to its capital par- 
thev could on their own (support from the extremely <iealers - \ 1 tidpatlon. Its long term loans 

resources. Foreign trade tended (profitable record of the Toyota. Mqtor Sales Company, to dealers are believed to be 

to be residua i and to grow in! Japanese motor industry in recent the. ntarkeiihg "twin." of the comparable to those extended by 
step' with their own economies. | vt-ars. iToyota was the number Toyota ‘JEbtor Company, sells its Toyota althongh this informa- 

• Une corporate earner in Japan cars Lltrougb 250. dealers of tion. too. is classified. Honda 

! during ibe 12 months ending last which only 20 are directly con- - Motor Company operates no 

: Marcht. The tight control trolled by*. Toyota itself.-. The fewer than 2,350 dealers through- 

I exercised bv Japanese car manu- company bbwever engages in out Japan, although its market 

j racturers r *vcr their distribution "managemen'^consultation" with share is well belpw that of 

I nutlets also helps to explain why dealers. Moretimpo riant. Toyota either Nissan or Toyota. Forty- 

’ foreign ear-! have, not peneirated acts as financier to its dealer , six are directly controlled; but 

•the Japanese market more network. supplementing ihe more others ^are acknowledged to 

. • - •inD * *■ " ** " ‘ 

Chinese to see 

ling ot urn. of -course, are acutely conscious •*" increase -p 

It was then that members last of (he situation even if the up 10 5 p * r ceni |n Placate or 
raised prices by 10 per cent with n ,nitaots are reluctant lo accept appejse lhe "hawks." ; 


ihe exception of Saudi Arabia lhc implications. This now seems unlikcfe' 

anrt the United Arab Emirates At Taif there was an uncharac- following Sheikh Yamani’s up 
which came into line m the , feti „ op<?n accep t a ncc by qualified and 
middle of 

3f Lynton McLain 

CftlNESE DEFENCE officials are ( 
to" visit the British army equip- 1 
meni exhibition at Aldershot on; 
Monday at the invitation or the 

; The six-man delegation under 
Mr. Tang Chung-Wen. deputy 
dhief adviser to the Northern 
Industrial Company, China, will 
$lso visit the British army 
mobility and firepower demon- 
stration at Bovington and Lui- 
[sworlh. the Ministry of Defence 
said last night. 

The>! are the first official 
defence visits by a Chinese 
of^ delegation and come aTter the 
visit to China by Marshall of the 
Royal Air Force, Sir Neil 
Cameron at the end nf April. 
The re is speculation that the 
Chinese will be shown a vertical 
take-off demonstration by 
Britain's Harrier juiiip-jet. 

Tin., delegates will tour stand* 
of British defence equipment 
manufacturers at the exhibition 
and will later visit a number of 
defence factories. 

•successfully. Putting together an normal financing^ function of receive financial support. 

Kawasaki-ETPM joint venture 

The Sudanese Government 
issued a number of directives 
mined at forestalling runaw 
inflation folim-.jne last week's 
devaluation uf the Sudanese , 
pound and in anticipation of next I 
months Government salary I militants 
increases. Alan Darby reports 
from Khartoum. Provincial secre- 
taries of the Sudanese Socialist 
Union have been ordered “to 
uproot Lhe greedy activities of 
black marketeers." police have 
been instructed io combat 
violators of price rules, and the 
retail price of some imported 
cigarettes has been officially 
lixed. There are fears 
merchants Mill use the devalu 
and pay rises to raise 

t Q J. nt . n f , 1 !. n ® teristically open acceptancc by qualified and categorical asser 

utter an mcon- ^ j racjl an£ j Libyan ministers tion to the effect that the OPEJu 

• has ' kKonf that market conditions were such price would 

iv. Cs kingdom to use its spare capacity as tQ make anv 5 ,g n jfi Can t p r j t -p 19.9 when 

" j lo force avcra =- c P rice increases impossible. Mr. Izzedin “50:50'' chi 

ouid remain frozen un|il 
hen there wyuJd be ia 

. _ lh ri-nf iiicieiises nujiuaoimv. nn. twui>, - — — chance of an incie^e 

wn vit rv?! tension rose u"am at Mabtouk, Libyan Minister uf Oil, justified by market vonditiops 

the Caracas conference with the expressed the view that not The statement appeared to brook 
mnitanN^harfino that Saudi until tbe end of 1979 wou,d no ar sument and seemed to pre- 
Arabia^and Iran were influenced market conditions justify a rise elude any possibility 0 f com 

hv ■* nnlitical considerations m real t^rms— which also promise. Acute strains within 

implicHIy fa ailesin- that their happened to be Sheikh Yamani's OPEC, which were eased by ihe 
moderation was dictated by a “guess." Taif meeting, will probably be 

desire to saUsfv (he U.S. Since Nevertheless, anger bubbled up felt again tn Geneva. But despite 
then an even stroneer head of and especially bitter reseniment some indications of demand for 
steam in the ranks of the was expressed by the Algerian oil firming up. Saudi Arabia and 
"hawks" has built up because of delegation. Mr. Tayib Abdel Iran will be able tn argue for a 
the depreciation of tbe dollar. Karim, Iraq's Minister of Oil. freeze on the basis of market 
That I Having started a recovery before has given notice that it will press realities rather than the need to 
ation'the Taif meeting, it has sub- for an increase at Geneva, aid world economic recovery — 
prices I sequently slipped. Libya will do the same. In a even if the two are inextricably 

Although the " informal " con- more sombre appreciation of the linked. 

S. African Information Ministry disbanded 


THE SOUTH AFRICAN' Depart- his second direct intervention in demanded. foreign politicians, unofficial 

ruent of Information, the centre the affair, follows the pubilca- Mr. Vorster said Dr. Rhoodie diplomatic missions, and buying 

of a controversy over a slush tion of u third parliamentary was resigning at his own re- services of foreign journal- 
fund for secret propaganda acti- report an the activities of the quest, but that be might be re- isls havc “ al i been T^nfioned 
vi ties and the extravagant spend- Information Department, ebarg- employed on contract to assist 

ing of its senior officials, is to ing Dr. Rhoodie with disregard- General van den Bergh in his . D, ' ai De * 5 P a P e i‘ mvesuga 
be disbanded. And Dr. EsctaeL ing civil service accounting investigation. tions. 

Rhoodie. the Secretary for Infor- regulations. It also revealed that The significance of the affair Dr. Mulder's standing has ud“ 

motion, is to resign. his brother. Dr. Deneys Rhoodie, relates both to the unorthodox doubtedly been damaged by' the 

Announcing this in Parliament who was deputy head oE the activities of the Information De- affair, for Dr. Rhoodie was his 
today Mr. John Vorster. the department but has since partment, which were largely personal appointee, and til e 
Prime Minister, said the depart- resigned, bad wrongly claimed the brainchild of Dr. Eschel unorthodox strategy was -also 
mem would be replaced by a public funds for travel by his Rhoodie. and to the standing of partly his conception. Although 
Bureau for National and Inter- wife and family. D r _ Mulder, formerly considered there" is little likelihood of his 

national Communication, which As on the previous occasion, the heir apparent to Mr. Vor- resianation— he also hold* the 

General Hendrik van d«n Bersh, bate, clearly ' intendin' g de- Dr!' Rhoodie' has persistently S s 7eria, ^^ 0 °/ ^ 

head of the Bureau of State fuse some of the Opposition's refused To reveal what activities i ' un,siendf successor. 

Security t BOSS), to decide which criticism. His move will also were financed by the secret • A black ecumenical news- 

should no continued, and under take some of the heat out nf fund although subsidies for paper, The Voice, was banned 

which the attack on Dr, Mulder, whose purportedl yindependent publi- today by the South African 

Mr. \ orsters announcement, resignation lhe opposition has cations, undercover lobbying of censors. 


TOKYO, June 15. 

KAWASAKI STEEL Corporation as far afield as the Middle East structures including “oil dotting 
has reached agreement with (where ETPJl has two fabrica- barges. 

Entrepose GT1W Pour ies Travaux 5® n «*tres), the UK, or West Kawasaki says negotiations 
Patroliers Maritimes (ETPM) nn Afl ,ca ' with ETPM had to be preceded 

an exchange nf know-how and a Kawasaki is interested in the by discussions wlthih . the 
joint tendering system which will platform construction business Kawasaki group itself to'deter- 
allow il to gain access to the as a means of diversifying out of mine whether Kawasaki ; Steel 
fasi-yrowing world market for basic steel making where growth Corporation or its sister com- 
offshure oil-drilling platforms. prospects are now limited. It pany, Kawasaki Heavy Industries. 

Under the agreement. Kawasaki starts with the initial advantage would enter the platform build- 
will use the French company's (hat it is a major manufacturer ing business. . KFfl and other 
technology to build platforms at of the heavy plate and pipes Japanese shipbuilding companies 
a new fabrication centre to be from which drilling platforms have become interested -in pJat- 
built near Kobe in south-west are built, but platform construe- form building, despite the rela- 
Japaii. The two companies will tion Involves sophisticated lech- tively low ratio of added value 
bid jointly for platform contracts niques . .which Kawasaki has so involved, as their . ship orders 
in the Pacific region and :n f ar lacked. • have declined. Steelmakers, how- 

Alaska or. in sonic cases, will AccKS lo thc market, which is ?™ r - .Wmntly iave the edsc 

Riccar to set 
up subsidiary 
in Britain 

By Charles Smith 

TOKYO. June 15. 

A JAPANESE sewing machine 
manufacturer, Riccar, has an- 
nounced plans to establish a 
£100.000 sales subsidiary at 
Abingdon. Oxford. The company 
will aim In build up Riccar s ex- 
ports to the UK to 10.000 units 
per year in three years, about 
half the current level or its 
exports to West Germany. 

Riccar already has six overseas | 
sales companies although exports 
represent a fairly small ratio of 
its turnover. 

The UK sewing machine 
market is estimated here to run 
tu about 400,000 units per year of 
which 300.000 arc imported. 

in 'the* latter" case ^ the oil majors, also. 

give each "first refusal" as sub- 
contractors. In the latter case „ . , 

Kawasaki will generally under- ca " s ° iar ^ eCin 2 contacts . . . . , 

take construction of platforms which ETPM has established over ■ 

while ETPM will look after *e years but which Kawasaki T !^? wasala e *Pects 
in-sta llation. does not possess. Kawasaki says P year weighing ^000 

F,o,, ETPM's point of view ETPM. io ono of the lop three £S on ° 
the tie-up gives it a manufactur- ctnnpajlies in the international ^ “ w 131656 

ing foothold in 

theFar East." ^ about VSAhp. to turnover- 

The company established a sales «**.' O™ ^ the others. Brown f 0 ™ 'Tf SiiSSn?' 
office in Singapore last year but an d Root of the VS., signed an about 150 tilatfnrmf nir^par°btit 
has been handicapped in its agreement three years ago with 

efforts to enter the Far East another Japanese steel company. Xsumntion of drllMn^ ^Jhrkin 
market by the fact that its plar- Nippon Kokkan, for.-the construe- Lmy Sffsho re^a rea& nlrticiilarly 
forms have to be built at bases tion and operation of marine SSd the 

China and Spain to sign pact 

U.S. technology 
for Bosch 
car ignitions 

Fairchild Camera and Instru- 
ment Corporation said it signed 
an agreement with Robert Bosch 
of Stuttgart relating to the 
transfer of technology for solid- 
state automotive ignition 


The agreement initially 
extends over five years and calls 
for Fairchild to provide its tech- 
nology -and know-how to Bosch 


“ framework 

TEHRAN; Junje 15 . . 

sign a "framework" trade Iran* werC'able ^n thetr speeches' ranirf^ ’ 
agreement during King Juan to poinLOUt extemporary paraL 

Oarioc'c visit whii-h start® trv. i. . r *»(*• and . are projected, to .reach 

Carlos’s visit, which starts to- lels between their" coutSri« r t0;re * C i 

morrow, the Spanish Foreign with each going throuEh ^Tv- ■ 1 ? e . c , lirr «?* : .^ 'W ;4: 
Minister. Sr. Marcellino Oreja. period of ' transition frmn^ght 
told a news conference m controls to. throne-guided greater 

Tehran today. The King and his democracy. greater ing .frequently,,. V.v* ,.V 

spheres of interest in Europe, thanks iargelyto the fact th« u®2*SSKSfc tsS 
the Mediterranean and the Sp ^ m buys hetween one-quarter and 

Americas, is evidently an iinpor- aad 3 third, of its oil from this Huang’s ttan 

tint underlying motive for this 

first state visit by the Spanish The Foreign Munster said that parat^ri^^ni? 

“ “ 1116 e “ i - p“ i b24r« zf “ srsaffsss 

Sr. Oreja said today that Spain ~ ^ T6nnes ^P lQ taatic drive in'-tfie^Fendo" 

and China needed to deepen G “« region., 

what have until now been ,3 _ Sporo -hopes ' 4 « « - 

uitui uun ucoi (ri : As it is several: veaths-' siiiCo a< 

shallow relations between them. at ^ Qiihese -official -iwas-Tn- 

China was. an open, market for j6V6 '* “?•? ^ «- Teheran, itas coSrk^mpor- 

Spain to build on the present 5?- rt u Construction aHff tont We. China, 

tiny trade levels, he coinmented. S ’ p b rt u « singled put as |H share a commotSaeeSi 
The King of Spain is Likely to lVv ° POSsibiBT fields. Sovief-Gnban toUitaiya^entiBV® ' 

be viewed by the Chinese leaders As General Franco's designated V 1 . Inforihetf^sottr^ 33 ^ 

, as a new member of the Euro- heir, and, more compel] inoiv a ^Gulf securify teKiperation- 
for use in manufacturing elec-|pean Community, in effect If nor member of the band of booefni ¥1? th ® _ recent. ooUR,- 'i> 
tronic ignition systems. In addi-jyet in practice, and according to or former monarchy the then Afghanistan,' whiefi -swung this, 
tion Fairchild will supply com-; the Spanish Foreign Minister, Prince Juan Carlos eot lo kS P lv otal central' Asian' - cottotiT 

Uiina had welcomed the King's the Shah quite well, visitiQE Iran - further ; Mascot. 
VIS1 ^- on several occasions. will 

!. discussed. vlft.Kawr^ 


tion Fairchild will supply 
ponents. subassemblies and 
solid-state modules to Bosch. 

At a banquet last night King In the past three years, Spain 

... wifii .- - 

Foreign Minister, ’ 7*^:.%^'.;." 

I 1 


* <V 

• « ■ ' m<i X i A W 


••< <*r 


'•— ■«*--»>- .*►. 

K « I ''*< '» l» » «.’ l ■ w I ■ ' ««*»■ ’•**’ 

i; . '*: s ?«.':• a 

£«»*■ ;-. 


-f ? • •• - • >s-v : - • 


CBI to oppose 
reduction in 

working hours 


INDUSTRIALISTS are to fire the policy paper rebuts this argu 
opening shots in a campaign of ment and says that the far more 
total opposition to cuts in likely result would be that exist- 
Britain's general 40-hour work* ing workforces would do more 
ing week when they meet Mr. overtime. 

Denis Healey. Chancellor of the Since the unions would not 
Exchequer, to discuss the next agree to any wage cuts to accom- 
pli ase of pay policy on Tuesday, pany a reduction in hours. 
The Confederation of British employers' unit costs would rise. 
Industry is preparing a policy L ® 3 !, " DUl £ b f donem the 
paper on the subject of working sh ° rtene d standard week and 
hours and will tell the Chancel- f n nh ^? rf ^ e ft ^ m W0 ^?,? n aVe 
lor that accepting trade union lt 

demands for moves towards a 35- wnLSi?,,?®' 

hour week would raise costs and 

severely damage British indus- conipanies international competi- 
try's competitiveness abroad. 

tiveness cfluld. says the Con- 
„ , . . „ ^ federation's document, lead to 

Tuesdays talks will be the hJglier rather. than lower unem- 
first between Mr. Healey and ployment. 
the Confederation specifically it suggests that recent esti- 
de voted to what should happen mates by the Department of 
when the present phase of pay Employment that a reduction to 
policy expires in six weeks. The 35 hours a week would add up to 
industrialists will demand maxi- gj per cent to labour costs are 
mum flexibility, including provi- unrealistically low. 
sion for productivity deals, it also points out that agreeing 
together with the abolition of a joint EEC programme for re- 
the Government's pay sanctions, ducing hours would be of only 
Industrialists have become marginal help because it would 
increasingly concerned about the do nothing to correct the fresh 
implications of a 35-hour week problems that the UK would face 
during the pasr few months. This in competing with countries like 
i< because trade union interest Japan and Korea, 
in working hours has been build- Indeed, one leading indus- 
ing up to such an extent that the trial 1st commented when discus- 
TUC is now preparing a policy sing the problem that the most 
document for its economic com- useful thing the TUC could do 
mittee and its annual congress would be to persuade its counter- 
in the autumn. parts in countries like Japan to 

Union leaders argue that cut- push For a 20-hour week: then 
ling the working week would British industry able to 
heln to create jobs and so cut compete with its present 40-hour 
unemployment. But the Con- week on equal terms, 
federation's first draft of its own Murray Assurance, Page 10 

Steel prices rising 

by 5% next month 


THE British Steel Corporation from the standard— which have ised the need for higher charges 

Rio Tmto 
to make 


By David Fishlodi 

is to Increase the prices of most remained static for the past two if the European^ steel industry 
iroducts by about years. “ 

of its standard products by about years. was to be preserved, 

5 per cent from July 9. With the excentinn of flat-rolled T* 16 cumulative risesin. steel 

It wUI also notify the Price products the last General price pnees agreed by the EEC since 
Commission that it intends to increase' for "the remaining January 1 this year are now 
raise the prices of its semi- products was in October 1976 or around 11 per cent 
finished products — like tubes, las t July. British Steel did not Earlier this year, the Conums- 
cold rolled narrow strip and wire pass on - increase sion set a rise of 15 per cent as 

—probably by roughly the same agreed upon by the EEC. effec- being a target, average .i ncrea se 
amount. live from Aorif i to he achieved in 1978. A further 

Meanwhile, the rise in UK steel P ‘T • . . , . rise of around 4 per cent in EEC 

production over the past six , 1,115 round, British steel nas guidance prices is therefore to 
months was halted last month, not pas sed on the full increases ^ expected before the end of the 
although the trend remains “ ™« EEC guidance prices on year 

upward. ImJ? 1 !!?. ' • UK steel production was 

The price rises are generally the EEC. has raised oy 5 down 7.4 per cent on April’s 

in line with the increases in EEC Pf r cent, lwve been kept StHDie but up 4.5 pe r cent on oui- 

guidanee prices, agreed by the Steel. Where the ejlc putin May 1977. This reflected 

Commission late on Wednesday. °* pla , te £ the effects of annual holidays in 

to take effect from July 1. per c ? nt » British Steel h 3S P“ l Sheffield and the West Midlands. 

The average rises by product l “ P nc ® up by only 5 per cent. an( j dispute in BSC’S 

groups are: carbon steel billets The prices of both heavy Llanwern works in South Wales, 
and billet-derived products, 3-d sections and plates are still steel production in May was 
per cent: plates, 5 per cent; un- higher than tire general level on 409,000 tonnes a week against 
coated and electro-zinc coated the Continent, however. -441,700 in April. Production in 

Mr. John Safford, director of May last year was 391,300 tonnes, 
the British Iron and Steel Con- The first five moths of this 
sinners’ Council said yesterday year showed a drop in average 
that while no consumers' organi- production over the same period 
sation would welcome price last year. Output was 404600 
increases, his ' members— the tonnes against 411.300 in the first 

strip mill products, 7-10 per cent: 
electrical sheets, 5 per cent; 
carbon forging ingots, 3 per cent. 

The price rises include 
increases in the' "extras”— 
premiums charged on size, 

quality or quantity variations steel-using industries — recogn- five months last year. 

Accounting standards 



CRITICISM OF the methods and The Standards Committee 
work of the Accounting Stan- needed a full time “ chief execu- 
dards Committee, which formu- tive" and a larger high calibre 
tales accounting and reporting secretariat Separate standards 
rules for companies, emerges in might be necessary for sectors 
;i report published today by the such as property, banking, oil and 
London Society of Chartered insurance. Special standards 
Accountants. should apply to the public sector. 

The working party who pre- The balances of Individuals on 
pared thc_ report was ..headed by the Standards Committee was 
Mr. Ken Gardener, finance direc- wrong and, in view of the in- 
inr of Dunlop, and included a creasing! y sensitive areas now 
representative from the Govern- covered by standards, more rep- 
inent accountancy service, a resentatives of industry and more 
.NtocfcUroker and a partner from “non accountants” should be in- 
international accountants, Arthur eluded. 

Andersen and Co. No alternative committee was 

The group agreed that the necessary, but it should be given 
technical content of early more independence and 
accounting standards was good authority to Issue accounting 
hut recent exposure drafts standards. 

“ lacked the quality which earns The committee should also be 
respect and ready compliance.” prepared to advise on the imple- 
Examples given were the mentation of standards and 
exposure draTt ED19 on deferred should publish written interpre- 
1 ax— which is criticised for its tations to clarify misconceptions, 
“pragmatic approach " — and It is also criticised for failing 
ED21. criticised for allowing two to make more use of the Con- 
.1 1 tern alive methods for dealing sultative Group but the working 
with currency translations in party concludes that there are 
accounts. faults on both sides. 

•• We believe that exposure Auditors were reminded to 
drafts should always discuss the qualify reports if not satisfied 
conceptual background of a pro- about a company's departure 
posed method of accounting." from standards and if departure 
Ideally, standards should is material, 
specify a single accounting treat- • Report of on LSCA Working 
ment but: “some flexibility Parti/ on Accounting Standards, 
should be allowed in those areas Acaiiable from London Society 
m which accounting is at an evo- of Chartered Accountants. Price 
lutionary stage." £i 

RIO TTNTO-ZINC is to make 'Jb J 
higb-value chemical intermediate 
for the new US. -pain-killer 
Dolobid under a£12mconfaaet five years.. > . •' 

ISC ' Chemicals, - the Eio . Titrtdij 
Zinc fluorine chemical snhsSdfaij.j 
at Avonmouth, will build a.£L5mj 
plant, the first ;o£ its kind. It is 
believed, to make the matetiai to 
pharmaceutical- industry; '-stag, 
dards of purity.. -,:* . ■ ■ ■■"- 

Its contract;.' with Thomas 
Mors on and Son, feto make; the 
chemical 2,4 £fliioro-ato£tne;- 
starting material Xor tha-mann-l 
facture .of diflnis&L the i active 
ingredient of the.feew aHafgesic; 

.Dolobid. a ITS. discovery, 
made its world dehut m Britain’ 
in April as a replacem etft 'f or 1 
aspirin, because of its freedom- 
from side-effects, when, ui^'ln 
large or repeated, doses. 

SratiiSSSfiiro 1 " 1 - 

will cost 



-with the loss 0* j — _ move jn area * 

sssgrtifc ***** 

SdSSSwn of the 

assembly plant. Three hundred 

teste*- to 

j_i. e “The continuing :reces- 

ston'in world-wide agricutorai mrat. ^^ 
machinery markets nerasmtotes - F oar mmdtei 
reduction in tte mauu&aimng. 

At. the time it ivas, estimated J _ 

that Its drug, to .be madeocom-f-^ emnlovees and'^rill be phased 

.n months, with prodtic- ing 

tion ceasing in September _anii r uruepeTf ' - : 

October and final closure at the .. factor r-v 
ead of the year.” • - ^ Howar iT s; ■; closed- 1- 2p : - 

The Washington . factory was lower la^t-sigt^ . 

,s*r : TT"„ 1 

Earl-s Court owners 
win £5m loan 
for modernisation 


TOWN AND City Properties is 
to receive a long-term £5m loan 
— initially interest free — from 

it is 

“As a public company 
difficult to justify ploughing cash 
into Earl’s Court, since invest- 

the Greater London Council to ment yields are so low ” he said. 



"Help not required.’ 1 

modernise its . Earl's 
exhibition centre. 

The latest accounts from 
Town and City show that the 
exhibition services division, 
which owns both London exhibi- 
tion centres — Earl's Court and 

He tohught that Earl's Court 
and Olympia were possibly the 
only major private exhibition 
centres in Europe not to receive 
public money. 

The GLC plan needs to be 
approved by the finance com- 

Car industry 
chief attacks 

Olympia — made profits last mittee. but this is likely to be 
year of £609,000, a fall of 14 per a formality. The National 
cent. The group loss was £7.6m. Exhibition Centre in Birming- 
Mr. Jeffrey Sterling, chairman ham which has taken business 
of Town and City, welcomed the from London since it opened two 
GLC move as a long-needed sub- years ago, welcomed the GLC 
sidy, for Earl's Court which still move as a boost for the exhibl- 
lacked basic facilities. tion industry- 

mere iaily in Britain by-: -Tho mas', 
Morson, could provide the ; UKif 
with export earnings of':£2Q0m 
in the next decade. - V.J'.r. • . 

ISC Chemicals plans to': buJML] 
a 500-ton plant for mahofactnre 
of the intermejliato as- ttfu**_of- a 
£3m multi-stream plant fb^ arih 
matic fluorine compounds. -'; - 
The two stages of chemirtryJ 
involved -will -add about,70 per 
cent, to the value of its -feedstock. 

This feedstock will be supplied 
by Hickson and Welch under. a 
separate contract negotiated ^by 
Thomas Morson. lnvJoving ' con- 
struction of a £500,000- plant 1 at 
Castieford, Yorks. 

Burmah Oil 
to sell • 
to BNOC 

By Our Industrial Staff 

THE LAST THING the motor 
Industry wants Is further 
“ help ” from the Government, 
Sir Barrie Heath said yester- 
day after his election as presi- 
dent of the Society of Motor 
Manufacturers and Traders. 

Sir Barrie, 61, is chairman 1 
of Guest Keen and NettJefolds. 
More than 40 per cent of the 
company’s sales by value' go 
to the automotive industry. 

At the annual lunch of the 
Society's council he said that 
he would fight every Inch of 
the way for the industry to 
have a free hand, in deter- 
mining its future./ 

“We must oppose unwar- 
ranted and wasteful inter- 
ference by government in (be 
running of our' industry." 

Sir Barrie 1 succeeded Mr. 
David Plastow, group manag- 
ing director of Rolls-Royce 
Motors, wbo became deputy 

‘Evidence of metal 
fatigue' in tanker 


Silver beakers fetch £12,500 

KOOPMAN. the London dealer, late 19th-century Sfivres plates netted ' with Florence Nightin- 
was an active buyer yesterday for £1,850. gale sold by the executors of 

a i Sotheby's silver sale, which At Sotheby-Parke Bernet, New Denys Eyre Bower of Cbidding- 
ld tailed £144,699. He bought a York * 11115 week a sold enamel stone Castle, Kent, made £2.315. 
sot of four 17th-century Dutch ?5?, la ?L S ,azill i S*® Sci S£*,Jf“ e JS. paid ^ 



b^kers by V a „ Eyck for £12,o00; ^L'so.l fcr'W*™ 
a pair oE George IV entree dishes ^ 

and covers by Paul Storr for 
£4.-00; anti a George IV silver 
ailt bowl tsold by the Duke of 
York in 1827 to meet his debts) 
for £146 IS* lfid for £3.200. 

Ji-ssop also gave £3,200 for a 
Charles 11 caudle cup and cover. * — ~ — ■■ ■ ■ — 

At Sotheby’s Belgravia Euro- Pair of late 19th-century Sbvres 
penn glass and ceramics totalled with stands for £8.696. 
£61.791. Marin bou 


for a shoulder sash worn at 
Scutari Hospital in Turkey, and 
£325 for a letter from the Crimea, 
by Florence Nightingale. 

Museums were also active 
bidders at Christie's South Ken- 
sington first sale devoted to 

The London Museum paid £1/20 
for a canvas banner of toe suffra- 
gette Women’s Social and 
Political Union, Chelsea Branch. 
The National Army Museum 

A U.S. metallurgy expert- told 
the Liberian Board of Inquiry 
into the AmOco Cadiz disaster °re:aun& 
that sub-standard steel was prob- 
ably used in the vessel's steering 
gear and that this may have 
caused its failure. 

Mr. Fultoh Holtby was called 
by Amoco to analyse the results 
of tests on parts of the steering 

system and incorrect assembly 
coula also have led to the studs 
The breaking which 
basis of available 
evidence, was probably caused 
by fatigue or a tension failure." 

When questioned by Mr. 
Gordon Victory, a Board mem- 
ber, Mr. Holtby. said that high 
pressure tests on the Amoco 
Cadiz steering system before it 

By Kerin Doha - - '• - . 

BURMAH. 01L is to sell its share 
of the crude. oil. produced from 
the North Sea Thistle Fielff to 
the British. National Oil Corppra-J 
tion. • : • 

The agreement will last -.for 
the life of the Thistle.. Field, 
which has recoverable reserves 
estimated at 54)0m-525in barrels. 
The. field caine on stream earlier 
this year. . .; 

Burmah has an 8J. pec omit 
share of the field, its Sole remain 
ing equity, stake in a' North Sea 
discovery. ; • • 

The company was formerly 
the operator of the field and^he 
dominant partner. Bnt in'L876 
it sold 65 per cent of- fts-share 
in Thistle- to the corporati on :tor 
£103.3m. , -i . - 

The price at which. Burmah 
will sell its remaining crude to 
the Corporation will be deter- 
mined every three months • 

The company has taken this 
step because its small refinery 
at Ellesmere . Port is unsuitable 
for processing North Sea crude. 

gear taken from two sister ships w$s installed could have 
to the Amoco: Cadiz. weakened the studs. 

He told the inquiry in London 'Mr. Holtby is expected to be 
that the results showed that the of the last of the technical 
steel used by Spanish ship- ogperts called to testify on the 
builders Astilleros Espanoles design and operation of the 
was ** inadequate " to withstand Amoco Cadiz steering. gear, 
the stresses in service and did i Monday, toe Board hopes 
not meet the. chemical specifica- 9 1 begin a detailed exa m ination 
tions listed by the steel manu- •* events after the steering-gear 
facturer. The steel raanufac- ? a, . Iure whlc J j ed 
turer has not been named during P cin ? grounded on the Bnttany 
the inquiry. ^ 0ast - 

of £L7m 

The tests were conducted on? 

& This section of the inquiry will 

cr ,. rf , _ nrf fl,_ ODC i„i hear the testimony of toe vessel's 
Steel Stud* Md flanges used or ranfoh Pncnivalo Rfird^n 


. -bt a pair of At the Lawrence saleroom. h _ lloKfc n ... - r ; 

large Sevres vases and covers, Crewkcrne, Somerset a Paul bought a FANY uniform For £3o 
niade about 1900, for £3*300 and Gauguin print, ‘Have Nave First World War nurse s 

□"the A^oco 

initial steering failure and bavrf ^ 
not been recovered Ter testlbg. : bSTSicid 

Mr. Holtby said that the kincj to give evidence before a Coni' 
of steel used in the steering mons committee which will in- 
gear might have been to blam£ vestigate the Government's 
for its failure. There were handling of the Eleni V t ank er 
design faults in toe steering incident. 

Crew training proposal 

a -? e d&P , !?. u . e “ f ^ Madonna FenSai" was bought by Fritz- f&S, 1° the 

for £-2,000. Gay DenneviBe of Bond Street for wa 5 

and Child sold 

Antiques acquired a set of 12 £5,100. 

A group of items con- 

Allied Ir ishBanks 

that the following 
rate will apply from 

13th. May, 1978, 

Base Lending Rate 
10% per annum 

(X) Allied IrishBanks 

for a field officer's coat of 
the 56th Foot, dating from about 
: 1775. 

Christie’s sale of Continental 
furniture and rugs and carpets 
made £75,917. Van Delden, the 
Dutch dealer, paid £4,800 for a 
suite of Napoleon III mahogany 
and parcel gilt seat furniture 
upholstered in Aubusson tapes- 
try. An antique Afghan Saryk 
carpet took the same price from 
an anonymous buyer. 

A. set of six Dutch marquetrv 
dining chairs sold for £3.400 and 
Van Delden also paid £3.000 for 
a Dutch marquetry display 

Sales at the 20lh Antiquarian 
Book Fair, which ended last 
night at London's Europa Hotel, 
totalled a record £615,000. There 
were 104 dealers from seven 

An anonymous £10.000 qift has 
helped cut to £66,500 the amount 
needed is the next three-and- 
a-half weeks to save one of 
the pair of Warwick Castle 
Canalettos from export. 

It was handed to the National 
Gallery, which has both pictures 
on display as part of the effort 
to raise the money. 

The pictures, of the castle's 
east front were sold bv Lord 
Brooke, son and heir of the Earl 
of Warwick, to the American art 
collector Mr. Paul Mellon, but 
the Government is withholding 
an export licence until July 11. 
A total of £275.000 was needed, 
and Birmingham Art Gallerv has 
already raised enough to save 

AN INTERNATIONAL coh- On Monday a special workin_ 
Terence on the training of sqa- party will examine the Danish 
men will examine the need fpr proposals, which have been 
tanker officers and crews to have framed in toe light of super- 
special qualifications. ►. tanker disasters like the Argo 

The proposal has come from Merchant and toe Amoco Cadiz, 
toe Danish delegation to the It is widely accepted that the 
inter-Governmental Maritime main cause of tanker accidents 
Consultative Organisation con- is human failure and the Danish 
Terence on the training and cer- suggestion, if accepted by the 
tification of seafarers which conference, would require tanker 
began meeting in London on crews to have specialised know- 
Wednesday. ledge and training. 

Jaguar Cars to recall 
7,200 vehicles 


JAGUAR CARS is to recall 7.200 
vehicles for fuel system checks. 
The recall affects certain XJS 
models, and some Jaguar and 
Daimler XJ12 fuel injection cars. 

The company said last night 
that the XJS models will have 

leakage developing in long-term 

The X.I12 cars are being modi- 
fied to ensure clearance between 
a fuel pipe and an adjacent pipe 
in toe engine bay. 

Owners of affected vehicles 
will he receiving direct notifica- 


r , flra,h 'f f “? hos “ ™T iiced 

to eliminate the possibility of of charge. 

Copying equipment levy 
‘unfair’ to office users 

By Arthur Sandies 
AN INDICATION of toe buoy- 
ancy of the North Atlantic air 
traffic market came last night 
when privately-owned charter 
operator Jetsave produced 
profits of £1.7m for toe year 
ended March 31. Jetsave, which 
is strong in the Advanced Book- 
ing Charter business, had a turn- 
over of £lSm. 

Although low fares have pro- 
voked alarm in some airline 
quarters it is clear that the air 
fare battle has stimulated traffic. 
Jetsave’s 1976-77 turnover was 
£10m. and its profit £821,000. 

Mr. Reg Pjcroft, chairman and 
founder of Jetsave, said last 
night that he was " not sur- 
prised now to be meeting strong 
low fare competition from the 
scheduled airlines" but he was 
confident that the company 
would maintain its position.. 
** Our plans for new products 
may surprise our rivals just as 
much as they have in the past" 

company, • therefore. Franca 
intends to concentrate ail 
Auction at its Halesworth 

£ ; F-- 

an!t«iS^riM^,:;c3nito' * v - 

pro; .pretax - profits;.: 

and . from £3-28m?to;£LSIZK; p 

■Harieston factories. . . . .. Q 

The closure will affect about W earside Ttove, , cpJKtecja ed 

Rival coimdt§|ip^d 
to agree 


Irish Bank, : 


MR_ REG FREESON, .toe Hons- backed 
ing Minister, has intervened- in stepped xti 
an Inter-coundl dilute over #ie . fo? £t r 45m;l . . . 
future of Manchester’s . Central V. The - Cbonifll. ' ..carried : on - VJ& - *• 

Station site. - talkni j 

He has written to Mr. Alfred, Manchester ' -Cmincii -ampeared, 

Morris, Labour MP for Wytheaa^" ’-iMW>'tialied 

shawe, to say thar the Govern-. Robinsori iaud, according to Mr- ' • 
ment does not. welcome Moms,; left the eSty^ggnpleTely ? 

competition between Manitoes4er.'ih.--toeV^^;al^t' , 'Ur^oiM^ls.- • 

City Council and the; Greater 'Mr, Morris says toat the city 
Manchester Council, for control has. accepted proposals : hy ‘the . 
of the 23-acre city centre ■Site. - Department of toe.'Eimrtm- • - •. 

Mr, Morris is writibg^ta botov.hsHfit pfllce to meet^aili^iscuss ■ 
authorities passing on Mr. Free- ; .’toe matter with; .Ureter /-• 

son’s hope that' :ways: ; Manchester Goubc 8 - Mx.' Arnold •' 

found of reaching ' &greeinenL'FreJ<tootise, _Ieader' or : the conn- ■' 
And he hopes that “ what - many ,cil said yesterdey thatbis council 
people regard- as a long standing . woedd: be only'TiaYe =/. 
scandal can be w idad?^. .- . dteanstons. .-....• 

.- Manchester Central Station waifciv Th®rfe' thin m a tter rests- ' w Th e -- 

accorded a long passage In - the - city is st ifl wifling to-. rohsider - ' 
report of Judge Fuy’s invesi^- Rv.^ompuIsoiy. pur<ffi^setif :Us - 
tions into the Crown, Agent's exhi Wtian . centre r plans >stre ' r 
losses ’ blodtoi. ,. r ' .-. f : .■/ >?.-•. 

The report showed that British^ ^AnnMr. Freesoq-l^ saiA ttot r ' - 

Rail agreed to sell. the 'site to : ^ypuW • - - 

1972 to a Jersey based <pmpmyj ar expetoitoiisly as pps----_ _• 
for £2.75m. Before completion- of w ‘.T-r -'i-*: 1 - r - ■ 

tile sale Mr; Jack Walker abd-^'P^^®® 1051 ®® for. the. Greater . i--. ■ 

Mr. Ramon - Greene agreed to' “W*® ester Council- however. 

IMtzy the site, .from itfie lersey seOa no reasons for a 'dispute^ , 
buyers .forJra.73m. . r \ ~ V-.' - v 

P AYfkr • n . (vrnitflex aertps of -wu - r . - % . i ' - 

Resorts back v 


After ; a-, complex series .of 
adds,'-.; the property amvedi to.. 
toe portfolio of ,the' ; Crown - 

Agents*a^ed English ; and Can- : a|(J pafti lWigll r- " - " . 
tmenuil gro^ptor £5m, and £L2m ‘~.f . -- • . 

was' passed to Mr. Greene and THE BRITISH -Hesortip AssocHt 1 j-....,.. 
Mr. Walker personillys. - • tion gave , its' support yesterday. 

Sir. Nhnnan Morris, leader of to aL campaign .to make Coven* - . 

Mahchesfej- ... Cifr - -Cotmcil .nl^t- grante avaitehlnvfo^' all 
explained \y ester day that thef tonnst- proiecto at British resorts, 
council subsequent] ystaxted talks whetber..or not they were^ ^wthin .. 

with English%nd Continental to: official development : areas. _^. . • ; . 

buy' the site rer £2-501. 1 Mr. Moran; Atiia, .frbm-.BrltS- ••• •'. 

Plans to bufijr-u exhibition ' lington. suggestfid ‘ar therAsBod- . .: 
centre were beinh hanxmered- out "ation’S : .--annual-,, conferenced fa . , . 
and toe city discuteed the option Scarborough . ■ that^v’- tourist 

of applying a Compulsory Par-- development- areas ^efajuld be 
chase Order on the ate to ensure created aqd aH. resorfeg^ven the 
that a suitable schefae emerged, chance' to qualify fox Govern- 
lien a Mr. George' Robinson, ment- aid. >, v'v- •> 

. — — . v 

' . . . k-v. 


w r'-'.r-s^u 

Seat belts ‘could save s ;>> i 
thousands injuries’ 


'■ si 


. L. 


MORE THAN .12,000 fatal and tttejyieJflcie: “ 

serious "road cairaalties could be- one quarter of th^“thfown _oa> , - 
saved every year in the TJK if- of tl»ir torwmte Mu^an 
all drivers and front seat 
passengers wore seat belts,' says a u deat^ 

- - On toe other hana.-ttr.^. - ’ 

ped- itffiideavfehJae 

report on the effectiveness^ -.of ..wra 

seat belts - > . merged jn- water ms jessvtoan . 

seat oeits. - ■_ oriem^one toou»md.. - 

The survey, based on a com- --Tha' *Teport •‘'■v.cbmmeofc: - 
prehenpive sample of acridepts,. ^although ft ; 

= 5 

i ■ 

-1 iC 

2'- 1 

shows that the use of seat belts 

— — --r-„ . irmagme -.^dtdafioz» Vsrtaa^- 4r -- . 

considerably reduces the chances occopafct v Would i have ‘ farfed • • : . - ■; .- 
of sustaining head inj nriBS .in-a ■.i 7 et® r wItooat:-a^s^r belti -no " .- 

crash. - .: . - • , stfah; cases were,„-nfa^^:toe-/. ^ 

Seat belts also offer ^ protec-r-suivey: ahd. so -musfchejrelali^SiJf ? ,, 

tion by pteventfag ejectiou.frtHh rarer^ ';T. 1 . 

Managers 6 


A BETTER understanding of in- The survey forms Tiartj.of .a : loqkjng tofa . _ 

dustry among Members of Par- gen eTOl move by fae institute to 
tiament and enouragement by get the; views ot managers: more: 
companies of individuals who widely knOwn in WhitchalL " 

wish to become MPs were con- has been- inspired by- toe "steps "tg toe 'pdl jticat 'parfy.^ ' ' * 

sidered desirable objectives by taken by . the , Confedmatai®^? propose -9;3t£-GejqeraL3 
most managers questioned by British ^ "Industry to - consmer/diaiogue'T .betweeh-^the' 
the Britisb Institute of Manage-;' bow. f] ^ 

meat ' easier 

But there was widespread MPs. .. . . ...... ...^., . 

opposition to the proposition The UBT -already, ^has; a-^ ^cotn-: 

that companies should sponsor, mitteft f 
MPs. '• formaf 


Money Stock Ml 


Honey Stock 


A PROPOSAL by toe European 
Commission to introduce a levy- 
on the sale of equipment for 
copying printed words, sounds 
and images could be unfair to 
office users, the Business Equip- 
ment Trade Association said 

The Commission's proposal is used for 
designed to provide compcnsa- copies, 

tion to owners of copyright 
material for the increasing prac- 
tice of pirate copying of record-; 
ings and printed material. 

The association says In a sub- 
mission to the EEC that office 
machinery' should be exempted 
from any levy because it is rarely 
making unauthorised 

April 20 
May 18 
June 15 
July 20 
August 17 
Sept. 21 
Oct. 19 
Nov. 16 ' 
Dec 14 

Jan. 18 
Feb. 15 - 
March IS 
April 19 
May 17 


0 • : • -351, • Otf: •. 120?.-..:^^^ 


■ ; l9o 

; ?4H \ .jm?k\4*y 

r 1658 - 3M:- ; |L7'; 

* Vi. 

®w 9 -„ 

+ G- 



urged in 

Power plan reveals SS 

Foreign 1 Only shareholders 




split on coal role 

and van 

should choose 



r sih 

. ByMax Wilkmeon ■ • - 
A BIG increase in subsidies to L 
the- ■■electronics industry and c 
tougher measures against unfair £ 
-overseas competition are urged c 
today hy ' Mallard;. ' a "Philips 
subsidiary. , 

r Id , a brief to. MPs and officials. . 
Mu Hard gives a rather depressing . 
picture' of the declining market ] 
share of British, electronics com- 
panies in both components and > 

■ the manufacture of equipment 

It reports that the industry has \ 
moved from self-sufficiency in 
1960 to a dependency on. imported 
components of almost 60 per cent 
this year. • 

Milliard says, after reviewing 
the different sectors of equipment 
manufacture: “Only an overall 
view shows the true gravity and 
magnitude of the situation which 
now exists — an equipment 
industry fast -losing ground in 
' vital sectors at ihe same time as 
being heavily dependent. and| 
becoming more so, onto ported 

The company, now the only 
[ maker of television ; tubes in 
j Britain, is particularly biting 
! about the Japanese- pricing of 
importSi' which it says has been 
, unfair, predatory and designed 

■ to knock out UK competition. 


A DEEP diviston .between the i 
Government and the Central Elec- 
tricity Generating Board on the 
future roles of coal^ind nuclear 
power in 7 the: electricity supply 
industry . is evident in the board's 
corporate plartfor 197S- : .. _ 

The board- says; that if 
domestic coal prices, increase so 

that it is no. 1 longer competitive 

with oil, it ‘intends to reopen 
negotiations on owl hnporta- 
Foreign coal— especially from 
Poland and Australia is up to 
30 per cent cheaper., -than UK 

coal. '■’■’• 

Mr. Alex Eadie, a junior Min- 
; ister at the Department of 
Energy, said that ihe viewed the 
Board's co mment s on coal with 
; scepticism, and" did ■ not fully 
j agree with the plan. . ’ 

I The plan is to a. large extent 
i board's comments, .on coal with 
t an attack on •.‘the assumption 

made by Government and the 
National Coal Board on 
the level of coal production to 
the end of the century, and on 
Government reluctance to bat* 
the Electricity Generating 
Board's plans for more nuclear 

The electricity - generating 
board is extremely pessimistic 
about codl production, estimating 
that it could be as low as 115m 
tons in 1985 and 105m tons in 
2000 . 

The equivalent Government 
National Coal Board assumptions 
for these years are 135m tons 
and 170m tons respectively. 

As well as forecasting that the 
Coal Board wall not produce its 
target amount, ithe electricity 
generating board believes it will 
not need an Increasing amount 
It was assumed in the govern- 
ment green paper on energy 

UK power station 

policies published earlier this 
year that in 1935 the generating 
board would consume over SOm 
tons of coal and under 20m ton> ( 
of coal-equivalent of oil. ; 

The generating board con- ^ 
sidered that, based on the P ric .® , 
relativities between coal and oil : 
(estimated at 1.1:1) the coal ! 
burn would be between 65m and : 
75m tonnes a year. 

The emphasis in the report is 
on future nuclear capability 

“In all scenarios studied by 
the generating board, nuclear 
power proves to be the most 
economic choice for electricity 
generation at high load factor, 
and its cost in real terms is 
, likely to increase fairly slowly 
. over time. 

“Fossil fuel prices, oo the 
, other hand, are expected to in- 
crease more rapidly, so that the 
[ economic case for nuclear power 
‘ improves further in the longer 
’ term." 

The plan argues that assum- 
ing a required rate of return on 
investment of 5 per cent, it will 
be economic to install nuclear 
power stations (advanced gas- 
cooled reactors or pressurised 
water reactors; before required. 


board, urges 


Kv Terry Dodswonh. 

Motor-Industry Correspondent 


rnNCERN in the British motor 
Sdiistrs about rising commercial 
vScl? imports was heightened 

vesterday by the publication of 
figures showing a 5S per cent rise 
■J* 0 foreifi 11 truck and van sales 
test month compared with a year 

^The figures, issued by the 

society of Motor Manufacturers 

a£d T^ders, are in line with the 
An oer ‘cent increase in imports 
during the first five months of 

^lheyindicate that the big UK I 
manufacturers have not taken 
Si advantage of the improve- 
£2nt to the market this year 
when sales have gone up by 12 
oer cent to 10i.56- units. _ ^ 

” They will also add weight to 
the moves by Leyland Vehicles 
etPD'UP productivity and out- 
put in its UK plants in an effort 
to reduce imports. 

wvuaw * 

— *' ... • • water reactors; bef 

sulphur emission Fast breeders 

Mr The electricity 


“In electronics, the Japanese! 
have resisted, directly and] 
indirectly, reciprocal competition 
in their home market In 1 
export markets, particularly the ; 
U.K.. the Japanese have 
deliberately manipulated' prices 
in a predatory fashion. 

“ There is ample evidence to 
show that TV set components 
such as tubes have been exported 
: to Britain at price levels incon- 
sistent with prices from the same 
eupDliers quoted elsewhere in the 
.world; at price levels which 
seemingly do not relate in any 
way to production, transport and 
marketing costs; at price levels 
which do not reflect massive 
movements in foreign exchange 

• . Figures quoted in the report 
show that prices of Japanese 

• television tubes are on average 
’20 per cent lower in the UK 

• than elsewhere in the world and 

harming Norway’ 


LLliJU ciacwutis ail wv "r . 

80 per cent below the price 
charged in South Korea. _ 



Apart from unfair competition, 
the poor performance of the 
--British electronics industry is 
partlv due to the low levels of 
Government subsidy compared 
with what had been received by 
- competitors abroad. 

• Deliveries of imported colour 
■ television sets to UK distributors 
fell to 14,000- in April, compared 
with 24,000 in the same month 

last year, ..according to figure 
released yesterday by the British 
Radio Equipment Manufacturers 
-Association. . 

Imports during March were 
also down, af 25,000 compared 
with' 34.000 a year earlier; 
■Deliveries from UK manufac- 
turers increased 11 per cent to 

costing up to £12>bn"-£.y®ar jnay lw 
have to be adopted bysthe U-K. tri 
power stations in the/ next few ac 
years to cut down emissions of be 
sulphur dioxide. - *;• ■ e * 

Both West German's; and the 
D.S. have brought -jn sulphur st 
emission controls ani;th ere 13 lo 
increasing pressnre\bft;the Euro- v; 
pean Commisson tO;'igake them li 
mandatory on its mejoaber coun- si 
tries. ’ • iw. , ri 

In addition, the ^Norwegian 
Government is clainiK® that suj- a 
phur emissions frqn£. British y 
power stations ari^.- causing fi 
serious environments^ damage t 
in South-West Norway . a 

Scientists from tbe.«j Central j 
Electricity Research laboratory i 
: have been working with, Nor- \ 
l wegian experts in an Exempt to ; 
! judge the extent of th& damage. 

While, the British Scientists 
. claims that there are Bp codcIu- 
i sive results from the t^s.' which 
3 have taken place' oveigthe last 
£ two' years, 'the :T®fflf e 6 ia “ 

I Government continuesT^ put 
7 pressure on the EEC ^5 §mis- 
sion controls. . _ -Jtiy. 

r Dr. Gro Harlem BrundtsIamU 
s the Norwegian EnyiWmni£pt 
i Minister, . discussed the/Jro^m 
b. with Mr. Peter ShoreJthe D-K- 
s Environment: Sewepry, . jlast 

s’ m The Central / Electricity 
Research Labora^fy is Pl^ning 

c a further series a f chemical sur- 

d veys over the .North Sea, jointly 

r; funded by tbe'Central Electr icily 
c- Generating .Board and the fcriec- 
to trie Powei;= Research Institute off 
the U.S. * 



Generating Board experts be- r 
lieve that present pollution con- a 
trol — using very tall stacks — ls r 
adequate, and that to much is g 
being made of the harmful side- j 
effects of sulphur fall-ouL 

However, they concede the j 
strength of the environmental < 
lobby, and are investigating a ; 
variety of ways — all of them ; 
likely to be expensive— in which 

sulphur can be washed out before 
reaching the atmosphere. 

The Generating Board has also 
arranged, in association with the 
Medical Research Council, for the 
funding of two joint fellowships 
to advance understanding of the' 
action of sulphur-related com- 
pounds in the atmosphere on the 
’ human respiratory system, and 
- to pursue further epidemiological 
i studies on their effects on health. 

The electricity generating 
board favours the adoption of 
fast hreeder reactors in the near 
future, so that energy needs 
would not be constrained by 
uranium shortages 
“ on a world-wide basis, 
nuclear power utilising fast 
reactors offers an energy source 
at least similar in order of 
magnitude to, and possibly much 
greater than, the worlds total 
recoverable fossil fuels. 

Other points from the plan 

include; . . „ 

■ • The average growth in t,ross 
. Domestic Product to the year, 
2000 is assumed to be 2 per cent 
i per annum (low estimate) or 3.- 
i per cent per annum (high 

> • The continued price advantage 
* of gas could cause a further 
- deterioration in the competitive 

> position of electricity. 

Imports i 

Virtually every sector of the 
industry has been affected hy the . 
expansion of overseas vehicle - 

companies. ( 

tn the heavier truck, and arti- 
culated lorry field, for example.!; 
imports rose from 321 units last j 
vear to 1.102. with all the big 
Continental groups - Volvo. 
Scania, Fiur. Mercedes and DAI 
addin'? substantially to their 

Sa iii four-wheel drive sales the 
Japanese manufacturer Daihatsu, 
is now beginning to make a 
significant impact. . , 

They sold 57 and 29 vehicles, 
respectively, last month, against 
521 Land Rovers and Range 
Rovers, more than making up for 
| the fact that the Toyota Land- 
i cruiser has been withdrawn from 
; Britain. 

In the light van category. im- 
. ports rose last month from 1.325 
; a year ago to 2.340. and in the 
, car-derived van and pickup sector 
from 966 units to 1.405. 

tish Industry has decided to pin tni 
its opposition to Government sti 
proposals for worker-directors on du 
the principle that only a com- de 
pany's shareholders should have ba 
the ultimate right to say who ui 
should become a director. 

This backing of the traditional ^ 

supremacy of shareholders as the 

owners of a company cuts directly 
across the Governments and the 
TUC's view that employees . 
should be given a statutory right 
to elect their own boardroom re- 
presentatives. H 

**We don’t believe that any h 
director should he imposed on a G 
company against the wishes of I{ 
the shareholders who own tne p 
; company. 

“Maybe some people want to j, 
1 overturn this traditional owner- <j 
; ship structure; but our members s 
: don't want to, and we i? eli eve g 
L that many other people m the c 
country do not want to either, t 
Mr Richard Dixon, the Con- j 
federation's special affairs direc- c 
, tor. said yesterday. s 

1 Together with Sir John ' 
„ Methven. the Confederations 
e director-general. Mr. Dixon was i 
: detailing the views of leading ; 
l * industrialisis on the Govern- l 
;; menr's industrial democracy . 
,l [while Paper, published tiiree 
•2 weeks ago. 1 

The Confederation is consult- 
F [ nv its members on the details 
ir of the White Paper, including 
the implications of its proposals 
ie for a form of nvo-tier board 
u > structure, and will meet Mim- 
a sters later in the summer. 

The Government's official con- 
!5, sultation period on the White 
st paper has now been extended 
to September, although some 
or preliminarv drafting of a pos- 
id- sible Bill has begun in White- 

im hall. „ . 

The TUC decided on Tuesday 
m- to urge Ministers to strengthen 
25 the roie of trade unions in any 
he Bill and to provide for the early 
tori introduction of statutory rights 
I to worker directors. - 

The Confederation's vi !S 
that not only should there be tio 
stautory rights to . ™£*er- 
directors, but that any 
democracy legislation ■ should oe 
based on all employees, not traae 

union members alone. , 

Sir John, however, confirmed 
yesterday that his organisation r 

does not object to' fall-back ^ 

legislation on helow-board-Jevei r 
consultation systems. s 

This is in spite of tne tact j 
that many industrialists object to j 
any legislatioo at all.- 
The Confederation's leaders 
therefore believe that they can 
have useful talks with the ( 
Government on below-boara- ; 
level consultation but not on the ; 
principle of worker-directors ; 

Meanwhile, the Confederation 

> is encouraging its members to 
■ develop voluntary consultation 

> systems. Yesterday. Mr. Andrew 
i Sargent, head of its employee 
s communication unit, estimated 
' that more than 70 per cent ot 

- its meinber-companies have 

- developed formal consultation 
systems. This would cover some 

i 7m-8m workers. . .. . 

s Sir John emphasised that uns 
s did not mean that companies had 
e gone fur enough yet in moving! 
i- towards employee participation.: 
y It did, however, show that 
e legislation was not essentia' for 
changes to be introduced, 
r. “We believe employees should. 
Is have rights to information, rights 
r» to be consulted about all 
it decisions that affect them, where 
d possible before they are taken, 
j. and rights of access to senior 
executives in the company, 
o- CBL warning. Page 13 



Design award 

THE NATIONAL Association of 
Shopfitters is sponsoring an 
annual design award, with a 
£ L000 cheque and commemora- 
tive plaque as first prize. The 
competition is open to architects 
and designers practising m the 

LAST WEEK’S economic package 
will break the back of the econo- 
mic recovery unless there is off- 
setting policy action in the near 
future, say City brokers Fielding, 

, Newson-Smitb. 

At the same time, prospects for 
the balance of payments have 
improved. Both the public 
sector • borrowing requirement 
and domestic credit expansion 
are forecast to fall within the 
Chancellor's limits. Sterling 
should therefore stabilise. 

The firm estimates that the 
measures will eventually raise 
retail prices 2 per cent above 
what thev would otherwise have 
been, which could reduce real 
gross domestic product by 0 
per cent. 

In addition, the credit restraints 
imposed through the corset will 
have tiie effect of lowering final 
demand by .possibly a further O.-o 
per cent through restriction oE 
■ oersoual sector lending and the 
t ability of industry to increase its 
r stocks. 

, Another broker, Simon and 
1 Coates, says damage to the econ- 
t omy by the measures is unlikely 
} to be significant- 
; Tbe strong financial position or 
I British industry suggests that the 
amount of investment postponed 
or restricted by financial con- 
straints will be minimal. Recent 
figures showed that at the end 
of March industry's financial 
position was at its most favour* 
able this decade. 

5 n f Overall monetary growth was 
, likelv comfortably within 
■a- Budget guidelines by the 
-. e autumn. 

ife This showed up the problems 
lie associated with the present 
method of funding borrowing. 


A further problem facing the 
Central Electricity Generating 
Board is tbe increasingly nign 
chloride content of coal, especi- 
ally from the Midlands and 
Yorkshire areas. Here the prob- 
lem- is not one of emissions, but 
of the corrosive effects of the 

chlwfae. \ ... , T _„ 

CoalVfrom one colliery— Lea 
Hall, Staffordshire — ranses 
such severe corrosion of boiler 
tubes at Ytugeley ‘A power 
station that they have to be 
renewed every year. 

More alarmingly, coal from the 
newer, deeper pits appears ta 
contain higher chloride levels 
1 than that from the old, shallower j 

• i{W ♦. Vi '..4! 


Council changes condemned 

BY DAVID CHURCHILL IN EDINBURGH ' ^ ta „ ltlbly to. extra 

PLANS BEING considered by'a t0 t a ^ being contested costs due to tbe dnplicauon o 
Geiinet » s f 0 0 "; Sothin ie Cabinet oSgeon“??eaj'ed to tbe 

S£S 7 «"uld ^ -r L «5. “ ! S:S“London"l »d & 

ims?* , sss- sawsfga 

ss&.-jff-dssss? ^ Sr ii-MSys * SSfSSi 

- -ssSSfES ASfflS’SS 

fe^^^gmsatioD^n 19W u “J va { crippling f ° r |^ S^as 6 a^pJreV dSSrirt 

certSn services to the counties staff ™^%, hen pU bIic servi«sl C0 SncU tax. *? I SjSr?Snme y 
at^the expense of some major *would 

ou * * I ns education. 

• ’ ' : : - ■ 

m ', i- , i 

mm.u. ni-v 2': i r 

l ' • ’ 

c/ ■ " ■ • - / 

' j . f { 

-.4 - 

4 , ' V*1 •"/ — . 


-Jr New leasehold factories and serviced sites 

are ready NOW. 

are ready wow. 

-*■ Government grants are available and 
substantial rent concessions may apply- 

* New motorways,fasttrunk roads. High 

- Speed Trains and modem docks link you 
with all yoursuppliers and markets. 

★ New Town housing availability. 

_ LUC — 

“ G e rSS°>o advucatod 

■ central grants. He proposed that 
- the idea of a negative income 

■ "tax, whlich would gnarantee a 

certain minimum income, could 
be an alternative. , th 

This had been proposed by the 

institute five years ago, but had 
not been taken up by the 

.‘Near collapse’ 



M dOovenuneirtEm^^ ttausWy ,suiil • 

Si I® ~T—, DeaeioT mmt 



“I would suggest that the 
' present personal taxation system 
Is Tjerilously close to collapse, 
nn^Serely in its administration 
“ but also in its disincentive effect 
on worker an ? 

• He acknowledged that there 
- would be considerable practical 
difficulties to introducing such 

‘ 4 Slier, an attempt was made 
to mend the fences in the row 
I between the pubtic 

- sector accountancy profession 

■ over the standards of auditing m 

■ loc £ ■ 

co^dl member of Oi 

of Chartered Accountants in 
England and Wales, said tha 
resolution passed at last 

JVs Stute o£ Cb^ rei 

- IStbnts- annual 

not .meant as cnticlsm of the 

resolution, passed over- 
whelmingly by the Institute of 
Chartered Accountants meeting, 
wiled for all practical steps to 
. £ Sen *‘to raise the minimum 
standards of accounting and 
. accountability required of local 
authorities at least to equal 
. those required of companies 
quoted on the Stock Exchange. 

' •: : ■ * - 
■■ , 



\ " ^ ' '.2- ' •: 
A ..■••• _■--• : . ; 

- t ‘ 

. . — 

V > 

%••• ’-‘Si 




Nowadays vehicle breakdowns, routine 
maintenance, testing, repairs, all play havoc with 
vehicle availability. 

So you find you need to keep a spare. You buy 
it, tax it, but then half the time you 
probably don’t use it* - 

There is another way. BRS Contract Hire. 

The provision of replacement or extra vehides 

(and drivers if necessary) whenever you need them, 

And thafs just one way we can save you fiom 
the “spares!* 

Whafs more, we 7 ve the close appreciation of 

local needs and the nation-wide I ? s ° ur ^!_ ( '^ r 
150 branches) to ensure the right help with 

transport problem. 

It can be anything from a one-day, one -truth 
rental . . . to a total distribution service. 

We see ourselves as transport problem solvers, 
finding solutions that fit individual situa on . 

I- just say ‘Superbriz’ 

Northway House, High Road, Whetstone, London, U2Q 9ND Telephone . 01-4461363 


Financial Trines' 



wo pitfalls of windmill power 

WITHIN THE nest year the electricity at 480 volts into the Dutch seek so enthusiastically as 35 per cent may he possible, demonstration under higher price, it will be a cheap way wSeMea 

Department of Enerxv may be Yorkshire electricity supply, to preserve in working order, compared with about 20 per wind conditions. Local people of demonstrating once and tor mat might b aprOBenerators. 

Just how much power aeii Typically a Dutch windmill of cent for a ttfu windmill in objected, however, to what that wmd^ifls-ox answS^SS • 

a scheme eosrin* Snwarris of generators might generate is the whatever design or purpose is Holland. (As a Dutch miller they, saw the mtpi- Britain once had about 10,000 _$if Maruna a CQn . ; . 

£ 9 m C ro build a San? windmill subject of heated debate generating the equivalent of once told me, “when the wind, sion of a large engineering —are never going to make vaaaries of the 4i<raed late'.in lOIS -madV a 

“ ppmnto^ hiii*rtn nmh between windpower enthusiasts, about 60kW of electricity. fails toTiW t — «# tn catch stnirhm* Into an area of great comeback- Thu* may .well be sumer against *8** . . «hoW~«tnrt. as 'T Iww' ain*,;*,. 

on auniL reiiioie niiiiup, proo- . . * 

ably in Scotland. If so. it will yf ho * e * "° and Big aerogenerators ' 

be the first- of the “benign and J 1 ®. 0fn I™ t t n , g boa 5 d i' J 9 .* 1 * a disturbing 
renewable” energy sources to ^ e / 1 * re *" 1 v ®ry best Britain The most 
reach the stage of a large-scale mlghl une day obtain a few was fl 

demonstration in Britain. In !«*££&££? gJMrattr buii. on Grandpa’s _* tne roogenenttor is to su ? W_._ ™ ^t^ea. «aiinod th. 'Mt-WAMS*. 

fact, no one has yet operated this sou^e—pernaps the equiva- Knob, a hill in Vermont, du 
a windmill of the output the ^ ent . a smg * e 2.000MW power world War II. which shed 

UK is now contemplating, station. of 53-metre diameter " 

although the U.S. and West • after a couple of years. 3 . . — ... 

Germany have plans. rA'DfflfinCfi had its own failure with a machine would In any event be ^nlry. To objections. 

Wavepower. most publicised lOOkW aerogenerator with 15- shut down at -a. certain wind- 
er the new electricity sources The generating boards recall metre blades in the Orkneys in speed, to protect the machinery *- — — — — - - _ , . - — . - ■ , .. . . 

is still at the stase^of small- the experience of having tried the 1950s. As recently as 1976 —as is the case with traditional lines must be added the noise duce_ u^ul amoun^ of eljo- scientist was prop 

scale models Any direct use *o harness wind-power in a IQOkW aerogenerator built windmills— but -the structure veiy large, high-speed machines tricity to offset a capital cast fuu y charged m Februaiy.J^r.siorned^tM^3j^r^^^g:«i 

of solar power for electricity Britain during an earlier energy by the U.S. National Aero- itself, taller than any electricity may make - and a new one. perhaps twice that . of .^r^.t^-pebruai^ 7 at 

veneration can probably be dis- crisis. 25 years ago. The two nautics and Space Administra-. tower, would remain fully interference with -television, nuclear capa.atj, and ^o.-npL;i,een. exhausted. ^Householders 

counted in Britain Tidal counts on which they were tion ran into serious problems, exposed. U.S. experience has shown that raise the hackles of those who^wduld' have remained short 

power. says the Central beaten then have by no means which threatened the blades This brings us to the second big aerogenerators cart interfere seek to protect Bntain s regions energy until FebxuMxy ^ J S 

Electricity Generatin'* Board disappeared today. with fatigue failure. problem of which the generat- with TV reception over dist- of natural beauty- . would have encountered further in WesE? ■G^magy .^fe^L^ * 

cannot compete if costed for one of those counts is the For Britain the problem is mg boards already have expert- ances of up to one mile. The windmill envisaged -Would Shorties be ^^ nF ebruary21.go^ ,• 

“ not be of particularly 'adven- 'and March 10 tnar year. ■ ror. .aerqgepera.taF^.^flo-agiB^Vii -u> . ; 

v^.teaVinMAT tri- h»VP Kp fnnripd-fhv^ M luktjiv rtf - 

prent be Country, To o ejections. aoouE li-.wiu-siaiiu uy iu me wwura,. - r 

in wind- the apWrance of aerogenera- run unattended (prohably under ..-The data showed /'that, - iliad 
lachinery -tors and power transmission, microprocessor control); /9ro-..*tM -.150-hour heat _ store-foe ; ^ 

electricity alone. 

reliability of the engineering on that it has been clearly shown ence. In 1953 a 100 kW 

But windmills, or aero- the scale and unde^fte Vnriron- 5St the bSt dti far e'lectridj?- windmill' watered Tim'de Cheat) WaV 

itions envisaged for producing windmills will be on Havilland Propellers and tested M led by British Aerospace, and- adequately covered mat J^RK. 

generators to use the modern mental conditions 
term, may produce some com- high-power aerogenerators 

of hilltops in the windiest regions, at St Albans. The generating A cynical attitude to 

led by British 

the including Taylor Woo drourjCpH-.'.'wind power 

failures daring ^JSSR. ^^ talking--^ [idsEalling 

ppiitive power. One. rated at 1MW 'output or more. Big wind- where the machines can catch engineers then- wanted to move Department of Energy^ plan to s tmctians, C leveled Bridge and those two mon^, Mys n 

far cry from the gusts from every direction. By it to the Lleyn peninsula spend £2m on a 3.7MW aero- the Electrical Research .A^socIt 'CEGB, the^r h°m^ wo^q nave . ^toUicapaal^ 

30 kW, built privately by Sir mills are a 
Henry Lawscm-Tancred, feeds picturesque models which the this means load factors as high in 

North Wales for 





a generator might be that, at the ation, has arrived-at .arrmitEnC needed a 38-day .-.heat store- -a .'Such ach^es-.wrer-lii'rfar cry 

design for a metal-bladed- wind- r ; far more costly proposiuo^..; . = r £fpp''fhe:^eitoia'.1^»-Biitttli . 
mill with a propeller spanning The geneTating boards ^ee -prof essorv^f- a request to yisit 
60 metres i co m pared with ■ i23 wsidpower not as a . replace-' n brth ’ -Wales , v .yhere the- BBC 
metres for a big. Dutch wind- m eht for nuclear cajwcrty — wished ,= Mnr td. VtaUc about 
mill), turning upon a horizontal which will sti2L i>e needed to sevcraT “i>e^a'.aiid- renewable” 
axis. The Energy' Department safeguard a gainst ; becalming-^ energy , rsporces ■ .dbdtag- 7 demon- 
has just authorised, another hut as a way .of _ savinB some strated •' tjdexe- r --_ But . was 
£341,000 far its detailed design' fossil fuel when wfnd canditipns %i n ter— the OTlar panrfs were 
and the testing of -'components ■ are right. ' J J covered -rftt’ snOw, 1 the" ' water- 

over the nest ; 12 moirtibs.: Environmentally - ioweTOri t^^ls^ilmbst irozkri. the wind- 
Further -ahead— perhaps along. ^ foresee worrying problem^ iiM&ed,; v The; ; cameras 

First quarter 1978 was another record earnings period for Continental 
Illinois Corporation. 

Income before security transactions was $40,196,000, a 15% increase 
over first quarter 1977 Annual rate of return on average stockholders’ 
equity was 15.7% as compared to 15.3% during first quarter 1977. 

Since 1962 when we opened our first European office, we have increased 
our assets more than sixfold from $4 billion to $26 billion. Today we are the 
seventh largest bank in the United States with 126 offices in 39 countries. 
In Europe alone we have 20 offices with specialists who are committed to 
serving the financial needs of the business community. 

O Roger EL Anderson (/ John H. Perkins 

Roger EL Anderson 
Chairman of lhe Board of Directors 


Board of Directors 

Continental Illinois Corporation 
Continental Illinois National Bank and 
Trust Company of Chicago 

Chairman of the Board of Directors 


Vice Chairman and Treasurer- 


Loyola University of Chicago 


Chairman and Chief Executive Officer 
Borg-Wamer Corporation 

Vi-”*? Chau man 

Commonv.eauh Edison Company 


Chairman and Chief Executive Officer 

Deere & Company 

Chairman and Chief Executive Officer 
IC Industries, Inc. 

Panner in the law firm of 
Lafontant, Wilhins <5 Fisher 


President and Chief upere fing Officer 
Sa>/er Traveno/ Laboratories, inc. 


Chairman and Chief Executive Officer 

FMC C orporafion 

Chairman of the Board and Presidenl 
Chicago Bridge & Iron Company 


Executive vice President — Finance 

International Harvester Company 

Chairman and Chief Erecuifve Offiter 
Chicago, Milwaukee, SL Paul 6 Pacifto 
Railroad Company 

Retired: formerly Chairman and 
Chief Executive Officer 
Esmarh:, Inc. 


i>r»icr Vice President and Group Executive 

Cwa Pr<?cevi<ng Pr.xfurt Grouo 

inter nenona/ Siiimess Mactvnes Corporation 


Cfi.irruvn <**.' the Board and Chief E> eCU&Ve Officer 
Dt hALB AifReseanih, inc. 



ln : and ofeef Company 


Retired: formerly Chairman of the Board and 
Chw Executive Officer 
Sears. Roebuck ana Co. 

&ecuf.-ve vice President 
Standard Oil Company [Indiana) 

Consolidated Stateriient of Condition/Marcft 31 

(in millions) 




Assets 1 

Cash and due from banks 

$ 2,496.9 

$ 2,010.2 

Total funds sold 



Investment securities: 

U.Si Treasury and Federal agency securities 



State, county and municipal securities 



Other securities 



Trading account securities 



Total loans 



Less: Valuation reserve on loans 



Net loans 



Lease financing receivables 



Properties and equipment 

f 170.8 


Customers' liability on acceptances 



Other real estate 


- 17.2 

Other assets 



Total assets 







Other time 

Overseas branches and subsidiaries 

$ 3,687.9 

$ 3,222.2 

Total deposits 



Federal funds purchased and securities sold under 
agreements to repurchase 



long-term debt 



Other funds borrowed 



Acceptances outstanding 



Other liabilities 



Total liabilities 



Stockholders’ Equity 

Preferred stock— Without par value: 

Authorized:10, 000,000 shares, none issued 



Common stock— S 5 par value; 


Authorized: 80,000.000 shares both years 

Issued and outstanding: 1978—35.601 ,355 shares 

1977-35,531,210 shares 



Capital surplus 



Retained earnings 



Total stockholders ’ equity 



Total liabilities and stockholders' equity 



OFFICES IN UK: City Branch, 58/60 Moorgate, London E.C.2. West End Branch, 47 Berkeley Square, 
London W.l. Representative Office, 9 St. Colme Street; Edinburgh, 

MERCHANT BANKING: Continental Illinois Ltd, 14 Moorfiekte Higiwalk, London EC.2. 
INVESTMENT SERVICES: Continental Illinois international Investment Corporation, 

14 Moorfields Highwalk, London E.C^. 

Other European Offices: Antwerp, Brussels. Liege, Diisseldorf, Munich, Frankfurt, Piraeus, Athens, 
Thessaloniki, Madrid, Rotterdam, Amsterdam, Milan, Rome, Paris, Vienna, Geneva and Zurich. 

way ahead— lies ^possibility * them-^n spite r of- the however j so a 

of replacing the remfttred. an-*', fiXtra l ost of construction -a ' " ' 

_ an £. resourceful producer : .got be- 

Crete or lettice step! t6we£,wr- -look.SSaibre; hto^e iinitaaUl «n^ canked \ 

, . , “ - - • ■ v, ;. t - jarse UJ. aciuccuciAWio - - h ,7 t 

welded-steel blades .with blades ^ jn the shallow 'water*: of '• / Vet It could still be that the 
ofjremforced pla|tic..;.- . ‘^' tbe southern North- Sea." 1 - C- problems- whkb / beat 


The aerogenerator,, says . Mr. ' . • •jr < ,/ r^British-'genenrtlng engineers in 

Peter Kendall, of "British Aero- • - - - >- ^ 19Ms — reliability' at an 

space, will. be., designed to V^lUSlcr ' : :. 'J r„; acceptable cost, and public 

extract power over ah unsualiy ’• - .. -accefitahee— will still defeat 

wide range of windspeeds— per- No-one has yet toed , . to fo r 5 ^ - aerogenerators. 

haps 20 to GO' mph. UB- cluster windmills. No-oae.knows.'Ttie 1 Energy Departments of 
machines are being^ designed, for just how widely spaced: bcrth^Britain and. the U.S., are 

lower windspeeds and hence-are. must be to avold'takutg-the wmd^j^^jj^jnjjjg investment in 
much bigger. At windspeeds out of each other’s sails medium-sized aero- 

higher than 60 mph tie UK pro- reducing aerodynamic efficieilcy^ g e g ei , a j orSj . 0 £ ^ ort i er 0 f 
totype wiil be a u tomatkal ly Th e a ns wers could he crucial to ; 100 KW. 

id out of the. wind audits the economics. The .CE6B has ■ N . , K erov Centre 

ss locked horizontally^ v installed instruments .. ground - -~ , S^° y QC Leatr ! 

-S jouteu oun^nuuiy Yorkshire inadiine and is- at Klngston-upon-Thanies — a 

Britain s --most ' eminent ----- «* — 

currying oit>wiidtijjmeL - of energy consultants 

advocate of aerogeHeiatorsris SSSSTS'# 6 ■ “I 11 of still 

Sir Martin Ryle, the Nobel T^e g™ • smaller models, both to ofl com- 
radio-astronomer, who ^believes ^ powerpIaills in remote 

that the wind c^uld ; proffife Bri.tain rorns — offshore nr desert — 

Britain with enedgh electricity pf th^wndiesfcorneryiWLe^rii,.-^ to people with cottages 
to avoid installing more dude^ tn^king^prospects- for retoa>] l e:{jeyohd the reactr of central 
plants. He announced that he .aFtyeene^tQfs brighter; = - her^ electricity ' supplies. For the 
intended to testify to this effect th^vn i3^feother ^Ia«», 3ut; latter fhe centre claims, it has 

was ready with a rebuttal, sub- the U-S." 1 ^ tlte^most aiidjitiops^ Qrjgri,^ Jf ranse 0 f machines 
sequent ly published in Nature prosratnnt^ of work,bn bfe af ro-‘ ^ CMtfe ^ beenvable to 
in April. .generators. vJts, Federal .'Wind recommend to its clients; says 

One or the flaws in Sir J rQ S ramme . Mr.: Paul McClety; its director,. 

Martin's case, it had, been demonstrations, -.have so far beeii German, 

alleged, was simply the problem Tlie first, a ‘WOkW-machiaeFrench, .American — but not 

of safeguarding eleetricity sup- near Sandusky. .v)hio, .comnris-. British. 

v - 

Thom fires first shot 
in new TV battle 

THE NEWS this week that Video recorders, on the other the U^.., by .contrast,":®. battle i* 
Tbom is lo market and rent a hand, are too expensive at £700 raging between the. tw.o Japanese 
Japanese television video- to enjoy mass sales in the systems and total -sales so far, 
recorder is likely to be followed UK. Moreover, the complex are - estimated- at' fiQOJJDO units, 
shortly by a similar announce- mechanisms needed to move the with an expected sale Of 500.000 
ment from Granada, the televi- recording head diagonally "across during the uexil2- months, 
sion rental company. the tape are certain to need Analysts -Wool Mackenzie 

Thorn, the UK's leading televi- re oUl®* servicing. believe that, the contribution of 

sion manufacturer and rental This complexity will in turn video recorders to the profits of 
company, has chosen the Video lead to the development in the rental companies in . the : UK will 

Home System in preference to 
the European-made Philips 
recorder or the Beta system 
made by Sony of Japan. 

Granada is likely to follow the 
same route, although at a more 
cautious rote perhaps. 



For most of the other rental BY MAX WILKINSON 
companies a period of careful 

evaluation can be expected. 

because of lhe high risks 

be small until well into the 1980s. 

They believe, for example, tha l 
video-recorders could contribute 

about £2.5m to Thorn’s turnover 

in 1978 and about £1D. 5m by 

1980. They suggest that by then, 
those wanting video: recotders 
will ^till total only 1,6 per cent 
of people owning' television sets. 
- It now seems improbable that 
video recorders will become a 

associated with this new tech- next , fe w years of mechanically ' truly mass market product dntfi 
nology and the aggressive pricing Sl ? p i* r „ all ff. Iberefore ^more tyro big changes in design have 
policy adopted by Thom. reliable machines using different been achieved. 

Vislonhire will be marketing re ^ or *. S m emS lj,' , " Fusi,_ . the _ complicated 

the Philips system, but as yet A. customer therefore has mechanical method for ^scanning 

the other rental companies have every incentive to rent, if only the tape wt H ha ve td .be repla^d 

not made their intentions public. of being stuck, by an. eleefyomc system^ con- 

It now looks, though as if the * lth ®n obsolete machine when trolled by a micnwompnter. - 

rental market for video- 1x011 com ® s on This goal is being pursued 

recorders may be more difficult 10 . inarKe t- • feverishly by PhSips,-. W*ose 

for all of them than some of the The rental companies, for' their present machine , has been ever- , 
more enthusiastic pundits at first part, are having to make delicate .taken in some respects by its 
predicted. judgments about the risk .of Japanese - . rivals. : Electronic 

From one ooint of view the beIn E left witfa lar S* numbers control woitid enable machines to 

video-recorder which allows of obsolete machines "after, the be ihade cheaper ahd much:mor8 
viewers to record up to three technology -has: moved on._ _ . «Uabl.e._ ' : 

hours of programmes off the air, ri . j. • Second, manufacturers of the 

is an ideal new product for the T Iinir6 ■ tbre* maia^ ^ Systems ^ill hifve to. 

rental chains, which have been - . - • standardising ihe tape 

worried for some time that lhe 1° the event. Thorn as the . cassettes, so. that they are Later- 
public wiil switch to outright market leader, has decided to-: c - h “2 ea £ , «; as" is ^ lhe case witn 
purchase of colour television se t the price rather below- what : audio _cas^ettes. - 

sets. could be calculated as the- '. 'At present : none of the 'thr» 

A,lthou"h the television rental “«odomic ” level. Its rental types ^ video cassettes^ can be 
arkef'is stiU hoidinn^un 1 welL c ^rge will be £18 rather than used: on a ; rival machine.- This 
aKountin° S for about ^1 per cent - a which will idhibif the . m.^ 'prodne- 

oHcb in mirsomfoMhi cou1 ^ be expected on a strict torn, of ^tgpes and-limit 

underlying f7cto% which sZ 

poried it seem to be changing. ^ a >nrbearibg cm the^saJ^ of re- 

p ol.rt Kin VIBW t ** 1 313 effort mnst be mad® co ^8 machines,. themselves. 

AvlldUiv to develop a . big market in the- 

When colour S eb Bret come 


on to the market they had three _ , 

characterlstics which now apply Thorn is also .looking ahead 
to video-recorders. They were l *° oTftbree yeaxs to 

TJ*\Z'y?u%:£Z £ ^.or /f l«16 a ™0Oth, , 

newer technology. The sire of tbe future. market “™vv- v -• : 

The colour set is now more ln ^ still very ; mtich a ..7 t^ntu-Vv VattOT' Ot standard- " 
reliable, less likely to be made marte £ , of ^^^-lsatlob- m£ges, howiyeiv it is 

obsolete and relatively to uch va F? ^0255? ltklify rthWnway'cbhsitmto - ^ 


- } 


’.yA-r - 

!'■ -■ ■ •• 

. 1 i . i- J ■ 








t S0 


\ * ~Pnll year 1st half 2nd half Fujlygar 


£m —60 .. 1^4 I 


£m -0-4 -\r7-3 

17* S 


£ni 14*S 3*4 LL’- 1 

EAEMNGS PEE SHARE -(after tax) 13 jP. 



— — . - — , * „ availablefroni the Secretary 

K the race to develop new energy sources 
there -will be one certain winner. 

; Electricity . _ 

Because whichever primary sources’ we tu 

i to, well have to convert far more into electricity than 

we do gtore electricity As world recharge- 

able battery leaders, we have both theresources 
and tile technology to store more of the worlds 

electricity than anyone else. . , 

So we certainly foresee a bright future tor 

ourselves.^ ^ haveto report that for the first 




11* 6p 

time for 9 years we haven’t achieved record profits. 

f 3 ' 

This was mainly due to a poor first half year. 
However, as our table shows, we recovered 
so strongly in the second half, that we nearly 
equalled last year's record profits. 

Now we’re back on course. 

And one' thingis certain. 

Whichever energy source the world develops, 

Chloride is ready to store it 



SaUtiOSStf S'^J MWHilff 




for hard-line 




A- REMARKABLE toughening of 
the Conservative Party's approach 
towards Common Market 
fisheries policy negotiations was 
outlined in the Commons jester' 
day by Mr. John Peyton, Tory 
spokesman on agriculture and. 

He fully supported the hard 
line taken in the negotiations by 
Mr! John Silkin. Minister of 
Agriculture, and called for a hi-, 
partisan policy by Labour and 
Conservatives on the matter. 

He also warned the EEC Com- 
mission that it should not expect 
a future Conservative Govern- 
ment to take a softer line towards 
a Common Fisheries’ Policy than 
the one adopted by the Labour 

Matters hud now come to a 
head, said Mr. Peyton. If Britain 
could not get an adequate agree- 
ment with the EEC. we should 
unilaterally introduce strict 
measures to tighten up conserva- 
tion of fish stocks within our 
home fishing grounds. 

His remarks follow the warning 
given to Britain on Wednesday by 
Mr. Olav Gundeiacb. the EEC's 
fisheries Commissioner, who 
made it clear that there would he 
no more major concessions to 
Britain on fishing policy. 

Speaking in Strasbourg, "the 
Commissioner warned that any 
attempts by member countries to 
bypass the Community and seek 
bilateral fishing agreements with 
third countries would be taken 
up. immediately in the European 
Court of Justice. 

Mr. Gundelach's remarks had 
been aimed at the visit which Mr. 
Silkin will make Later this month 
to meet Mr. Evenson, the 
Norwegian Fisheries' Minister, to 
discuss matters of - mutual 
interest Next week. -the Minister 
goes to Luxembourg for a 
Council of Ministers' meeting on 
fisheries' policy. 

Commenting on Mr. 
Gundelach's recent visit to 
London. Mr. Peyton declared: /“it 
does not appear that he brought 
anything very useful with him, or' 
showed very much concern as to 
what opinion might be expressed 
in this debate. 

Certainly, as far as I know, 
he has done nothing to modify 
the proposals which have pre- 
viously come from the Commis- 
sTnn. and which -t and my right 
honourable friends, regard , as 
totally unacceptable for us "in' 
this House.” 

. . Mr. Peyton, said that a settle- 
ment" was needed' which the 

British fishing industry could live- 
witb. Failing this, we would have 
to introduce a strict set of 
measures to conserve our stocks. 

These measures would be taken 
against all outside countries and 
woiild . .'Dot . -be l discriminatory. 
Therefore, there could be nothing 
illegal about them so far as the 
EEC was concerned. A regime of 
comprehensive conservation 
would show to all-conoeroed that 
we were in earnest: 

He proposed, that under: such 
a regime there would be 
licensing of fishing-boats and 
even of skippers. The “ pout box 
areas ” — where, the fishing . .of 
Norwegian pouts is. prohibited — 
should be enlarged and the fish- 
ing or breeding grounds should 
■be very considerably restricted. 

There should also be strict 
cootrol of the purse seining 
method of trawling and or indus- 
trial fishing. 

- Mr. Peyton said that ■ both 
major parties had to show them- 
selves determined and united to 
make it clear that it would be 
wiser to cherish - fishing-stocks 
rather than- to— loot them:- He 
wished Mr. Silkin well in the 
negotiations and hoped that he 
would bring back -a settlement 

Premier offers hope 
on differentials 

acceptable to both sides of the 

Although he did not share the 
anti-Harfcet views attributed to 
Mr-. Silkin, nobody should take 
that to mea* that a Tory Govern- 
ment would accept a shabby deal 
from Europe. The Minister could 
rely on Conservative support so 
long as he resisted demands that 
were regarded as unreasonable 
and intrusive. 

Mr. James Johnson (Lab.. Hull 
W.j.ysaid that suggestion of an 
EEC fleet to enforce fishery pro- 
jection -laws should be rejected. 

He wanted financial aid for the 
fishing industry. “If it is good 
enough for the .Government to 
give millions to car workers and 
others, it is not impossible to 
find £500m for fishermen who 
are in this serious plight." 

- Mr. Jo Grlmond (L Orkney and 
Shetland). said that the Govern- 
ment had the total support of the 
Commons in saying that the 
present Common Market attitude 
on fishing was intolerable. 

He hoped that licences would 
first be given to local boats and. 
after that, to traditional 
customers of fishing in those 
areas where there was to be 

He viewed with considerable 
alarm a rumour that licences 
would be able to be bought and 

Mr. . Robert Hughes . (Lab. 
Aberdeen N) said that-if no pro- 
gress was made io EEC talks 
next week, the Government 
should be asked for its backing 
“to disrupt the whole day to day 
business of the Common Market 
unless they show some apprecia- 
tion of our essential interests/' 

Mr. Hamish Watt (SNP Banff) 
referred' .to tbe “totally un- 
satisfactory” situation in the 
industry where British fishermen 
were prepared to carry out con- 
servation measures, while our 
EEC partners were fishing ‘‘all 
out" and indiscriminately. 

There would be no solution to 
the fishing problem until Britain 

had nothing less than a 50 mile 
exclusive zone for its boats. 

Mr. Michael Brothertou (C 
Louth) said that all parties were 
agreed on a 50 mile limit 4l to 
have complete control over our 
own resources.” ' 

Mr. John eilkm,. Agriculture 
Minister, said eventual exclusive 
access to fishing grounds within 
12 miles of our shores was top 

We also . wanted what he 
described as u a sea-lion's share 
of growth" within 12-50 miles. 

“I believe those who provide 
the waters should have some 
preferential bias when they drop 
their, nets: in . the. seal' 

“Those, who .talk' of a 50-mile 
exclusive limit I -do not think 
literally mean exclusive. As I 
see it that would give us fishing 
rights in Norwegian waters and 
Norway fishing rights in our 


Mr. Silkin left MPs in no doubt 
that . if there- is no agreement 
when EEC Fisheries Ministers 
meet in ! Luxembourg next 
week, Britain is ready to take 
unilateral action. •• 

He hoped the EEC Com- 
mission and Council of Ministers 
would take the necessary action 
on conservation. 

He warned that unilateral 
measures would have to agree 
with scientific evidence, be non- 
discriminatory and necessary if 
they were to meet the EEC's 
legal requirements. _ 

"The best thing — provided it 
is on the right terms — would be 
to get agreement But I am not 
hopeful of an early settlement." 
His officials would be working on 
what measures might be neces- 
sary if there was no agreement. 

“ What ever may- happen we 
are prepared to treat flexibly any 
sensible, realistic approach which 
is made to us. 1 shall go to 
Luxembourg on -Monday in the 
knowledge -that- -the -House is 
behind me in demanding a fair 
deal for British fishermen.” 

on Tory 

the Commons yesterday that the 
Government hoped to give a 
"better show” to differentials in 
the next pay round than they had 
had his year. 

Mr. Callaghan told Mrs. 
Margaret Thatcher, Opposition 
Leader, that it was the Govern- 
ment's job to ensure a balance 
between the level of wages and 
the level oT inflation. She should 
say one day that she regarded 
the overcoming of inflation as the 
number one priority. 

Mrs. Thatcher accused the 
Prime Minister of preferring 
that 8.000 1CI workers on Tees- 
side should be laid off rather 
than let Lbe company pay higher 
wages to its skilled employees. 

“Will you accept that your 
policy of depressed wages for 
skilled workers and high tax lor 
all is leading directly to un- 
employment?” she demanded. 

Mr. Callaghan said there had 
been a large increase in training 
for skilled workers since the 
Government came to power. One 
day. Mrs. Thatcher would recog- 
nise there was a relationship 
between inflation, and holding 
back wages. 

Mrs. Thatcher again pressed 
Mr. Callaghan to say whether 1CI 
would be allowed to pay more 
to keep its skilled workers or 

whether it would be blacklisted 
for doing so. 

The Prime Minister replied 
that Mrs. Thatcher was departing 
.from .any proposals . for having 
reasonable restraint on pay. “In 
that case there would be a serious 
return jo inflation.. 

-.“That is something we- have to- 
balance. Jt is. the responsibility 
-of the Government to. try to-get 
a proper balance between 
differentials and restraint on ■ 

Mr. Ian Wrigglesworth (Lab.. 
Thornaby) said- -^that-if • Mrs. 
Thatch-if consulted" some' bT toe' 
Teessioe workers she would find 
there was no glib answer to the 
problem. ■ 

ICI was able to keep only one 
out of every six instrument arti- 
ficers it trained. Others went to 
countries like Saudi Arabia and 
Norway, attracted by salaries of 
£10,000 or £20,000 a year. No_ 
pa v poliev could match that. 

Mr. Michael Latham. (C.. 
Melton) "suggested that the 
Governments policy for a fourth 
pay round was “to find out what 
the unions want and then give it." 

Mr. Callaghan replied “it is -the 
wisest thing to hear what the 
annual conferences of tbe unions 
have to * say about these 
matters.” The- Government would 
find out what the unions' atti- 
tudes were' and then reach its 

All-party MPs 
put new plan 
for Bridge St. 

LABOUR MP. Mr. Jeff Booker 
(Perry Barr) was yesterday 
ordered to withdraw allegations 

that Conservative Party chair- 
man, -Lord Thorneycroft, as 
chairman of Pirelli, had been in- 
volved in illegal price fixing. 
'* ripping off millions of pounds " 
from the Post Office- 

After repeated and noisy com- 
plaints from Tory backbenchers 
in the Commons, the Speaker, 
Mr. George Thomas, ruled that 
such an attack on Lord Tborney- 
crottf's honour was out of order. 

But it was only after a direct 
order from the Speaker that Mr. 
Hooker finally capitulated, with 
tbe rider. “ 1 think the point has 
been made.” Usually, MPs with- 
draw after a “suggestion” or 
“ invitation ” from the chair. 

There were complaints from 
Labour MPs, including the Prime 
Minister, that Mr. Booker was 
only quoting from a motion he 
had been allowed to put down 
on tbe Order Paper. 

Mr. Thomas said that the 
motion accused the . company 
rather than Lord Thorneycroft 

Mr. Rooker had asked the 
Leader of tbe House (Mr. Foot) 
to “ find time next week for a 
short debate on my motion so 
that Labour MPs can have tbe 
opportunity of inviting the 
Leader of the Opposition to dis- 
miss tbe chairman of tbe Con- 
servative Party — who, in his 
other capacity outside this 
House, as chairman of Pirelli — 
has been involved in an illegal 
price-fixing ring. ripping-off 
millions of pounds to the Post 
Office and is now being forced 
to pay it back.” 

The Speaker challenged: 
■‘-Were you -referring to a 
member of the House of Lords? 
If you were, it is as much out 
of order- to criticise a peer as 
it is an MP/* ' 

Mr. Thomas explained that 
when and if the motion was 
debated Mr. Booker could make 
such references, but not until 
then. There- were immediate 
demands from Tory back- 
benchers for Mr. Rooker to 
withdraw his allegation, and 
after being directed to back 
down by the Speaker, the Labour 
MP did so. 



Investment surcharge 
change accepted 

AN ALL-PARTY committee of 
MPs has come up with a new 
plan- for the redevelopment of 
the Bridge Street site opposite 
Big Ben. It is an attempt to 
solve once and for all the 
problem of lack of accommoda- 
tion and facilities for West-/ 
minster's 635 MPs. 

The chances of the new 
scheme, put forward by /the 
Commons Services Committee, 
ever seeing the light of day- 
should be judged by tbe fact 
that it is the sixth in ,the last 
23 years. r 

- But unlike some/ of the 
grandiose visions of .-the past — 
which have involved flattening 
the 'Treasury and? the Foreign 
Office among other local land- 
marks— the latest proposals have 
the merit of being flexible, 
comparatively cheap. and 
designed to be carried out in 
several phases. 

At present, the fronting 
opposite Big Ben and New 
Palace Yard consists of cheap 
catering stalls, tobacconists’ and 
undistinguished souvenir shops. 

Under the new scheme build- 
ings “ of real quality ” would be 
retained and restored, the com- 

mittee says. The rest would be 
replaced. The man the MPs 
want /for. the design, jvorfc -ittStr. 
Hugh Casson, President of the 
Royal Academy of Arts. 

/The committee wants a com- 
prehensive scheme drawn up 
urgently and then submitted to 
the House tor its approval. After 
that, work should start as soon 
as possible, perhaps as early as 

The report acknowledges that 
Bridge Street is one of the most 
sensitive sites in London, adjoin- 
ing the Palace of Westminster. 
“ the most famous and best loved 
building in the modern world/' 
•No scope is. seen for extending 
facilities within the existing 
premises. “Every possible flat 
roof bus temporary huts upon it, 
and the poor working conditions 
may well start to deter potential 
staff from seeking work there.” 

•The report adds: “Tbe time 
is not long away when every MP 
will -require the same standard 
of facilities which already exist 
in other legislatures." This meant 
that several hundred extra 
rooms would be needed. 

At present, only 60 MPs have 
single rooms at Westminster. 


goes on 

By John Hunt 


ling game over continue 

f dividend controls when 
_tter was raised again in 
itnracms by Mrs. Margaret 
ler. Leader of the Opposi- 
tion yesterday. 

The controls, which have been 
in Operation for nearly six 
yeai. are due to run out at tbe 
endijf next month unless Govern- 
ment legislation is introduced to 
rei£w them. 

Inuring questions, on Govern- 
ment business, Mrs. Thatcher 
asfed Hr. Michael Foot, Leader 
of <the House, if the Government 
had taken a decision to reintro- 
die dividend restraint and if 
a Bill to that effect was going to 
bf brought .forward. 

?Mr. Footr “This is a matter 
oi which I think. we should see 
hpw we proceed. We haven't got 
any proposals for bringing such 
a Bill forward at the moment." 
i The subject was raised again 
fa ter by Mr. Norman Tebbit 
•icon. Cbingford). Mr. Foot told 
* im: “ I haven't a statement to 


under approved schemes estab- 
lished as a result of the profit- 
sharing provisions in the Finance 
Bill are to be relieved from 
investment income surcharge and 
capital gains tax for up to IS 

An amendment embodying this 
concession was written into the 
Bill Iasi night when it was 
further considered by a Commons 
standing committee. 

Hr. Joel Barnett. Chief Secre- 
tary to the Treasury, explained 
tbat during the ordinary 
operation of a profit-sharing 
scheme, the trustees might find it 
necessary to hold scheme shares 
for some while before they were 
appropriated to the individual 

The Government believed that 
in such circumstances it would be 
quite wrong that the trustees 
should he liable for Lhe - invest- 
ment income surcharge which 

was levied on income accumu- 
lated in discretionary trusts, or 
to capita] gains lax on the 
Increase in share values during 
that period. 

Mr. Barnett said that the 
Government agreed with Mr. 
John Pardoe (L Cornwall N) 
that there must be some limit to 
the length .of time during which 
the trustees could hold the shares 
without beejming liable. An 18- 
months period seemed reason- 

Tory MPs sought to extend the 
tax incentives which will come 
into operation next April to 
encourage participation in 
approved profit-sharing schemes. 

While welcoming the introduc- 
tion of the schemes, they argued 
that they owed more to tbe 
Government's, .need, to provide a 
sop to the Liberals under the 
Lib-Lab pact than any genuine 
conversion to wider capital 

Fears over Assembly 
control of fire service 

ake now.’ 

Free milk call 
to councils 

THE POSSIBILITY of interpre- crews would need to include anj THE PRIME MINISTER yester- 
ters having to travel on Welsh interpreter to make sure each day backed the campaign by the 
fire engines when Welsh-speak- team knew whai the other wa* National Dairy Council to make 
ing firemen bad to team up with doing, said Lord Long. •; sure all local authorities intro- 

their English speaking col- qvo Welsh fire cadets had duce free school milk schemes 
leagues, was raised by a Tory already refused to speak English f0 L sev SS, to l, 1 D „ 

peer in the Lords yesterday. and he feared that siving cod- ^ Noble (Lab. Hossen- 

On the third flay of the com- tro i 0 f training schools to the dale) claimed in the Commons 
mi t tee stage of the Wales Bill Assembly might encourage ihis that Tory authorities might not 
several Tories were concerned at trend. ! operate the scheme announced 

the plan to hand over control of XT '. by the Chancellor (Mr. Healey) 

£ fire servlcein Wales to-the to the April budget 

planned Welsh Assembly “® rd . Harris “ Greenwich, said <• This is a much L... — . 

They wanted control of fire- Jf**' to? future pub J i( ^ ^nds ^ 

PC’s training schools and the -if ^ , .If.- pushed through by the original 

better use of 

?^^ ra S ing m SCh ? ? nd whether or not devolution went milk-snacher (Mh- Thahtoer) 

W^itor WP entt ° SlayWlth f ea ^' But fire officers in neigh- ei ° 

' i »-• bounng border counties would 

Opposition spokesman Viscount continue to co-oDerate doselyi TVTaavf wonlr’c 
Hf. To deny the Assembly tSL JNeXt. WCCK S 


might happen- if Welsh-speaking 


powers would risk interfering 

firemen using Welsh equipment, ™ 

had to work in an emergency w,th lts ablIlty to TUn 1116 


Barnett, Christie Limited 


36 Berkeley Sneer, L a mLnWlX 3AE 

Base Rate 

Barnett, Christie Limited announces that 
with effect from the close of business 
on 18th of June 1978 
and until further notice, 
its Base Lending Rate will be 11%. - 


to work- in an emergency ■« ,f. r ® 

with English speaking firemen seruce efficiently and effectively. 

using English equipment The Conservatives did not . ” a 

In these circumstances, Welsh press their proposal, MONDAY: Debate- on Royal Navy: 

Domestic Proceedings and 

debates next week 


Financial ^ 

accept plan i 
to end stoppage 


A MASS meeting of Llanw&fti seems the furnace was. closed, 
blastfurhaeemen ( yesterday down and the men laid off ihLthe 

agreed to a union peace plan for first place’ because ah overtime 
ending Their two-and-a-half-week- ban was preventing repair- ot 

old dispute which has shut the too tilting trough — a-rontine luit- 
giant BS 

x _*C • 

- v • • 

.• . »•» • .,»* 

. ✓/.: •*-* . . 



!■ * „ . • r* 

- ■-> <•’ 

,-r •*'.*, 

•y - , j . 

By Alan V . a ' ' 


C steelworkers ' and essential piece of maintenance. _ 
resulted in 4.900 other steel* - An agrenient to do this repair 
workers being laid off. vin’ normal hours -rather.- ithair 

But the signs were that _a designating it 
return to work might finally hinge‘-<»iild resolve the duficuBy... = ... 
on BSC's management accepting . * ' ' . . 

an increase in manning levels on . UACMihnpnt '" 
the Llanwern number three fun- ._\ ; - 

nace — toe biggest in Britain rr" On' the associated claim ior an 
where the dispute orginahy extra £8 a. week in e xchange 
started. ". - for, new manning arrangements; 

- Negotiations continued ' at Mr.- Booth said the meeting had 
BSC's headquarters in London agTeeii this should be, handled 
yesterday evening. The blastfur- through “.normal procedures.” 
nacement agreed to meet again Prior' to the stoppage,. BSC; WaB| 
at noon today to hear toe out- prepared to offer only £1 extra a 
come of . last night's talks. - week. '. ' ■ 

Mr. BUI Booth, the- local blast . At . their meeting; ,.' blaistfur- 
furoacemen’s leader, said the nacemen voiced 'resentment jat 
meeting had agreed that there toe outside pressure for a. settle- 7 
should be no guarantee to work:ment exerted by' other unions, 
overtime as part of a return -to. Before leaving for London jto 
work settlement. At! a time of meet BSC management, together 
high unemployment, it . was- with Mr. Hector Smith, general 
ridiculous to require men to .secretary of toe National Union 
work overtime, he said. ^of Blastfurnacemen, Mr. Booth 

BSC may say that tbe 5,000: aiso hlt out at' other .steel union 
tonnes a day furnace can still “leaders, who have .criticised the 
operate effectively -with its" nor- rblestfurnacemen's aictioiL.- -Mr.- 
tnal manning of 100 blastfurnace-; Both said: “ When we wanftheirj 
men and without overtime. It.iflvice, we will 

.UNBWn,,. ._ .... 

priced tiwtesfty TiMjaStfti 
concern aboftt 'possarfe !ifflJ2J- 
cations, .of : take-over: ef 
. Albright ; 

; Albright and WUsofi/toara*, 



tfatr list bltfsafty;; 

'.the. ; , „ . .. _ 

-strategy; and tbarrttr.mily ndt 
be ht toe i 

ft j , - 


■? ; 


^rr; . . . 

t-r".- 4 .-: 

s -.» 

■ V « A 


v *■ 

ageriaTStaffs^. «44- j««teri(ay • 
that .- toerft ; w?a ,^0^ " 

about : toe^wtf 

to qulry, .... ■ 

examtoetf thwtmgwy . x - 

<e /^' . 




APPLICATIONS for voluntary' Massey is cutting, toe £700-. 
redundancy and early retirement- 7 strong manual -work- force -in 

** j -y by 20 pgr cent because 

all In world, demand Ton 


^Albff^ti and WHs«nu\: . 

“Tejmecb bave alr**4y 

at Massey Ferguson's 
plant in Coventry arc 
problems for the company.' ’ tractors. 

The Canadian multi-national 1 ;.' »pjj e trade unions, supported 
called for a cut of 900 manual, by local Members of Parliament, 

jobs and around 1£W employees afe seeking a meeting with... - - . . . - .. ... . 

have already asked to leave. But ; Government minis ters to nifess? ‘ cofstUtatlve style manaxe- 
the workers wanting to leave: are for- : improved export j ' belhg encouraged ly 
not necessarily in area* whweifaeflities to stimulate -fraetoH ««»»»" - 

economies are sought • sales overseas. 

*v' I ?^* COmp ^ 3 L At BL Cars, fears are le : 

that it would be impcmible.m that the strike which l»s halttSt; 

meet aU the requests but tot all Rover production kt toe 

compulsory redundancies wohld Solihull plants - Binningham, 

could be prolonged. ; 

The 80 external drivers r-who 
walked out in jpfro teapot toe sa’Ck-* 
ing of a sbqp: steward, are' npt; 

Most will collect between- 3L0QO dti| to meet itotj nexrThurs^yr 
and £5,000. - : ; Mqte than half the BflOO assembly: 

Unemployment in CoveptrY^t wkkers are -already^Md off.^ The; 

5^ per cent, is higher than both njmtoe A made.'. irfTe: 6y f the 
toe" regional and nationa f; la disput^are expected to increase 

now be kept to a minimnm. 

Under the terms offerefl^py 
Massey, some employees opting 
for early retirement can expect 
about £9,000 in severance 

4a II 

ages, . r ’ ~ . 

Stalled workers can'dxg£ct .to--' : )A11 . prodoction -.' of Raver 

find another job easily but many saloons, Land-Rovers and -Range 
of those leaving the tractor plant Rave r\ is at a . standstill. ' jLost 
will find fierce competition for outputtati showroom prices ^ is 
unskilled vacancies.. . worth around £3m a da£- 

AC AS defers Aitoa 
recognition deefeior 


THE Advisory, ConciBation and has about-70 .per oent^upport in 
Arbitration Service has again toe area which "it Wants to 
deferred a decision on whether organise.;- . - ‘ • 

toe Engineers and Managers . ^ p ^ D€er ' 

Association shoold be granted 

recognition at Alton, a Derby that of toe U.K. Association of. 
engineering finn. Professional •' Engineers, ACA$ 

One fa<aor in toe decision is has dedded thajt possible disraiv 
the High Court action against tion of-... existing arrangements 
the service by tbe United King- should he taken into account, 
dom. Association of Professional when making recognition- recom- 
Engineers on which judgment mendstions. . . 

is pending. Similar principles Mr. -John Lyons, general 
are bkely to be raised by both secretary * of the • managers’ 
cases. association, said yesterday- that 

ACAS has not yet produced a be believed toe deferral- 'on 
draft report on toe Alton claim. Ai toil 'suggested that ACAS .was 
“ has been suggested, however, beconnng “ increasingly unsure 
that toe managers’ association of itself ■* on recognition issues.' 

. . iC- '.fleT .'fj;-,:-- n -_ — -* 

. -list nikbV 

to* -othe^^itiioa' lattferr^ntaf 
Mr. David Liviniattmci ta*na*- - ; 

ing' director . Of 'Albright «»d 
TViliWn, aa^ a ^sl«r Tenhaci 

.executive rlo^sein» to UL - 
AH <miplbyeea of AlbriMit 
•ararWUsoi ' ' 

- yesterday reo^ived 
from flr.7. X. l&deiaen, - pre^ 

sWeat of r*» 

imtotoai toeai to£rtoe A«a«i- 
;raa,:"WT«nfeatit»-r:3«s jw 

: otir6r-;‘Tesxnieco 
employ moretoan 

>. ^hr. ‘ KeUtlsco : assured «i- 
j^syees tot exU&hg ctotoltilni 
•rof employment wonld hehtunife 
3Jtat he welcomed anit^p- 
; 9orafi ;the' “ partirtitatty-jn aflff 

- *» ■ - 
•- .f. -j- • ■- 

. ■ f ° r •*.- 

r > 1 
J -w 



1 ^ • -r-r . 


tr ^ . 

. Bat' '- the . trade . nnjens, _ 
'example, " should _aigo^im|£* 
'■Mdx- views •; -V ' 1 

; — Of . cvnisej toe Temwco 
ofter tu rshartooWera sul 
to necessary approvals jrf 

u p a prosperous ftttnre.^ 

" ■ 

.j-. r—*!- 

n! •:• • - 

. iiT?; :» ■. .-ja. 

. 1 4’jn f. 1 — 

• C • * r - 

” . m t 

yj : i v-v. 


Callaghan to address 
conference on wages 


THE Prime Minister will be able It is expected that the ; conri 
J P. BjitUne the Government’s ference" wul endorse toe claim 

pay policy after for a‘ new national minim urn 

Phase Three expires to- a wide skilled rate of £80 per week 

trade union audience later this approved by the Amalgamated 

o u u , Union of Engineering Workers 

Mr. Lallaghan has accepted an national committee in May- 
mvitetipn to addrras the Con- i The agenda also inciiides 
federation of__Shjpbuilding and motions. I condemning Govern- 

Engineering Unions coherence meat interference in* wage bar- 

at Eastbourne on June 30. gaining and any further - exten- 
The confederation is made, up sioa of toe-siKaay contract " either, 
°£*l 9 “P 10113 ; .including several by tripartite agreement or uni-1 
of the biggest in the country. i a teral_Gavemment dedaratiS& 


Minister, was last ai^ht iqrtefepi 
h(»pital electricians’. iead«iy r -in 

an effort to avert .a^cbqntnfWHA' 

programmes of indqstrial aetifia 
from next Monday over a tfay 

Somejrf Britain's l^tagest hos- 
pltids. Including sevmid'cd Xbi- 
don’s leading teachrbg hospitals; 
were yesterday majdng contin- 
gency plans.' 

TSs plans' are meiit tt? to 
redinte as far as possible the im- 
pact of Selective action planned 
by leader a of ff.BOO healm ser- 
vlce electririans- -an d - plumbers 
in , the Electrical ffifliflffqmfriig: 
Trades UhtOBL ’..- 1 

Last, nights ^meeting. 'At ilie 
House-- of Cqjifldbns v W&- .'tlic 
second to. take place 
union and MIn^s^rs ff&n 
a weefc . - 

. - Talks with Mr. Ehn a lx aad Mr. 
Albert Booth; EmpIoynren,t-S*cj^' 
tary,;- lart-'weeki-resulted -in**? 
offer to tty 'te -^rtrodnod^Bpa^e 
hospital/ ! - - incentives : ich.emi- 
raifle electricians’, earhtqgg: 
this- was seen as notffinn jehbugh 
to. merit' calling off J^ ^ajnied- 
program me of. steikes--an d^ wffrk- 
to-rules.. . . f * . 

- The pay dispute has -fleen oBt- 
standing since- January' wfleh a 
Phase - Three .settimnent^for toe 

electricians- became-’ c due.; , It 
centres- ran clainl f or^ari^y i^th 
like workers m the piWate--etee*^ 
txical contracting ihffastry.- -.-- ’ 
■ "The union daimsu ,'tot-V'to? 
Government has tailed to' k<fep i, 
promise made in -1972; to mam- 
tain parity between - the .tiro, 
groups until a 
structure is worked *o 
health service 

Phases One i _ 

ment pay policy kept the h__^ . 

electrictans’.pay in:Uh^vdth thW' 
of the contracting industry until 



• •':!* •: '.v.r*- 

W-... . - 

tfL * ■- '-J • -. 

Tory MP seeks action 

hospitals if a strike by mainten- 
ance men goes ahead next week 
must result in many deaths, Mr. 
David Crouch (C. Canterbury) 
said in the Commons yesterday. 

He challenged the Government 
on action over the threatened 
closure of twelve London teach- 
ing hospitals if the strike by 
members of the Electrical, Elec- 

tronic, Telecommunications and 
Plumbing Union, scheduled to go 
ahead on Sunday night, lakes 

“The evacuation of some of 
these major teaching hospitals, 
with about 1.000 patients each, 
must result in many deaths,” he 
argued. There should -be a Com-, 
mons statement by Mr. David 
Ennals, Social Services Secretary, 

Benn backs Select Committees 


A CALL for Parliamentary 
Select Committees to be set up 
for every Government depart- 
menr was made yesterday' by 
Anthony Wedgwood Benn, Sec- 
retary for Energy. 

“The Select Committee has 
proved its worth, especially in 
the fields of science and tech- 
nology, tbe nationalised indus- 

tries, public expenditure and 
public accounts." he said. 
Giving the annual Jubilee lec- 
ture at Imperial -College. London, 
Mr. Benn also called for a 
development in industrial 
democracy and workers’ self- 
management " lo permit the 
sharing or power and responsi- 
bility at national level and at 
all places of work in industry.” 

Magistrates’ Courts Bill. Lords 

TUESDAY: Northern Ireland 


WEDNESDAY: Debate on hous- 
ing: Parliamentary Pensions 
Bill, second reading. 

THURSDAY: Scottish and Welsh 

FRIDAY: Homes Insulation Bill, 
and Iron and Steel (Amend- 
ment) Bill, remaining stages. 

LORDS business is: 

MONDAY: Debate on unemploy- 

TUESDAY: Electricity Bill, and 
National Health Service Bill, 
second readings; Scotland Bill, 
report; Protection of Children 

WEDNESDAY: Wales Bill, 

Theatres Trust Bill, Nuclear 
Safeguards and Electricity 
(Finance) Bill. committee 

THURSDAY: Adoption Bill, 

second reading; Wales Bill, 
committee: Consumer Safety 
Bill, second reading; Home 
Purchase Assistance and Hous- 
ing Corporation Guarantee 
BilL committee. 

FRIDAY: Wales Bill, committee. 

Murray assurance on pay 



ANOTHER assurance tbat unions 
would bargain “responsibly” 
although formally disregarding 
any imposed limit on wage- rises 
in the next negotiating round, 
came yesterday from Mr. Jtien 
Murray, TUC general secretary. 
Trade unions hod taken the 
lead between 1975 and last year 
in “ restoring reality -to the pay 
packet” and reducing toe. rate 
of inflation by their sacrifices. 

u Now commonsense tells us 
that we must not slip back,” Mr. 
Murray told the Scarborough 
conference of the Furniture, 
Timber and Allied Trades Union. 

"There is no question of a 
return to the stringent incomes 
policies of 1975 to 1977. justified 
though these were at the time. 

“Responsible voluntary collec- 
tive bargaining is a condition of. 
the rise in real living standards 
which we want and which is in 

The Government wants to keep 
the rise in earnings io about 

7 per cent — half toe expected 
Stage Three figure— in the' next 
round, ", *• 

But: the Prime Minister .told: 
the Commons f this week that 
Government proposals for Stage 
Four would-: not be put forward 
until toe-end -of -the union: cOfa- 
ferenee'seaso'n — thatis; -after 
the Miners’ rand Railways en's 
conferences :in the' first half -of 
next, id onto, and' Stage Three 

expires on : July 3L 
In Inverness,, the .Scottish 
miners 1 : conference, meeting: a- 
fortnight before the. conference, 
of the national union.' called 
unanimously for. a. wage of .£135, 
a i*eek fortbe top-rated coalface 
workers; and for an end to incen- 
tive payments-- - 7- v ::.. 

They demanded" !tb at ■ bonus 
payments and. other, supplements 
be added to the £80-a-weefc basic 
rate from November this .year.-.- 
Mr. Mick McGahey, Scottish- 
area president , of - the National 
Union. oFMineworkers, said: *f If 

it is true that tJbis'd^toan iT Is j$r 
an increase : between ,75 and ® - ' 
.per ceuF in. miners’ wages* it;, 
proy es/fte havef hfeen. too.low-for 
too long.* . ... 

The" assault on wages 7 In '-two 
weeks’ time, will be' led 'by toe:' 
Yoikrinre nr^af.Trtniffliaff-ywai'.- 
a wsb^ution rof^lSO a week, afld 
supported- hy^'Soufh Wales and T 
Siatlahd,.- . * ; 7 - . --'1 

These' three i. big.- Left-wing" 
areas-, are still-smajtij^ -fcoia - 
wha t they tael was- to®, .ancon- 
stitutitmal behavioar- ~uf - thev 
Right-wing.' executive ih : revers- ; 
ing .a; ballot : rejection nf ipcen* ■ 
..tiv^.aavmenta^ : 

.- - ,ji>. -- 7- 

: Tfle Left's fealla for proportional 


7 «.. t ; - 

M; i-L f « 

represenratiozi OnihS NtOt execu-_ 
-tive.^r-' which WOuId he . In 

4* ■kdffc l %w4 vV— ■■iawm. Smw mmrn m . m a fc— J * L wViiLiJ ^'n iW 


“r.w.-— wMivu nviuw 

favour — were abswered 
"“■"Mr: Ken T&bh^/jW^ 

mat 11 ms, sear-was:iasea: 
his and, .: other i scfleriRfe-': 
would seridtisiy consider : * 
tog jawfty. j&mn ■.r v '- — 

'■ •• ■ '/wr;;. : f; 

Zig&gtfk - -1978 

1 h j w 


Jfi :-:^— — — — 

1 *.•.■ ., ■ . ; I 

l\fn^M^O r AlABKH 
«U th 1 South ; 


(iKWPOrttad WtM .Republic of . 

__ . South Africa; .. . ; 


With 'rofarsnCD to iho’ notice ol dedara- 
[Lilon ' of ' dividend -advertised in . the 
™»re#s .on 6 th June, 1976, tha tatlavftns 
. . ’^information Is publish ad for the guld- 

W*.' j. ince of holders, or. share: warrants to 
^ wiw. 

^Vn» dividend of 25<efits per share 
. ^iwas declared In -South African currency, 
i?,. South 'African non-resident share-- 
-Smolders' tax at 2.77457 cents oer 
. ■dare, will .he deducted from tho dlvt- 
•■» 'viend. oayatSli ia resoect of all share 
*-> ■ warrant-coupons taring a net dividend 

_ • I-;. Ipif '3KZ2S4S cents per' share, 

- -Tha dividend on hearer shares Mill be 
.Salfcaa .'or .after. 2ath July. 1978.: 
1 jtfsiot surrender of coupon No. .89 
Ci touched from share warrants -to bearer 


% toa^. i j , 

3»«r • i ..*> 

At the . offices of the -following 
conUrwntaJ paying agents:- 
Credit au Nora, 

6-8 Boulevard Haussraann. 

: Parte: 9e. ' ■ 

Bank Bruxelles Lambert, 

'if ■: ' 

t .:*\V** 

• A'S*. • 

v « ; * W » . ' 

.r ‘ i ,-v- 

• V i, Hi' 

-■ fc 



'«*, ***•.■, 

tSc . - r • 2 Roc tie. le- ReaeiKC,. • 

■*. • 1000 Brussels. -i.. 

.- L; L ' Sodsre Generals dc Baouue, 

---. i • 3 Montasne-du. Parc,- 

■i.Vfc i ooo . *russeis_- 

L, ' - Swiss Bank Corporation'. »•' 

-i Aescheiworptadt. - :■ 

Buie 4002, . _ 

Banque- International a 
- - Luxembourg SA. 

2 Boulevard Royal. " 


. Union Bank, of Switzerland. . 

' SaBansfstrasse 43- . 

Zurich. - 

Payments In respect .of. coupons 
lodged at- the office of a COn- 
-tihental paying agent wiH be made 
In .Sov^h - African tamwey -to an 
: authorised * dealer in exchange in 
the .Republic- of- 'South Africa 
nominated by tha Continental 
■ paying- agent. Instructions regxrd- 
k , .. - rug disposal of the proceeds of 
Sa- - ' the payment so made can onlv 
be given to - such authorised 
„ •• dealer bv the Continental paying 

*V ' agent concerned. 

At -the London Bearer Reception 
.Office- . ol Charter Consolidated 
Limited. 40. Holborn viaduct. 
London EC1 P 1AJ- Unless por- 
toM depositing coupons-' at such 
office request payment in rand to 
an address In. the Republic of 
South Africa, payment, will be 
made In United Kingdom currency 
either: ■ ' -' 

-. (I) in respect - of coupons lodged 
prior to ,14th July.. 1976 at 
the United Kingdom currency 
equivalent 'of the rand eur- 
. renev value of their dividend 
on 18th July. 1978 or 
<lt> m respect of coupons lodged 
during the period 14th July. 

• 1978 -to 19th July. .1978. 
both days inclusive, at the 
United Kingdom currency 
" '• equivalent of the rand 
currency value of their divi- 
dend on 24 th July. 1978 or 
<11 U In 'respect of' coupons lodged 
on or after 20th July. 1978 
at the prevailing rate of 
exchange on the day the 
. proceeds are. remitted, 
through an authorised dealer 
In exchange in Johannesburg 
to the London Bearer Recco- 
- tion Office. 

'1*1 Coupons most be left for at least four 
l -. clear days for -examination and may be 
presented .. any. weekday (Sauirday . 

- ; -excepted! between the .hours of 10.00 
a.m. and 3-p.m. .. 

r United Kingdom income tax will be. 
V> deducted from payments In United 
.- ‘ Kingdom currency In respect of coupons 

- V deposited at the London Bearer Recto- 
tton outre. unless- such coupons are 

"' ' '-accompanied by ' Inland . Revenue 
'‘-'declarations. Where' such deduction is 
• -made, the net -amount of the dhndend 
-' » will be the United Kingdom currency 
. equivalent of 1 6.50001 cents per share at as under:- ^ A(r|Ca „ 

- . Currency 

• Cents per Sharo 

Amount of dividend declared 25.00 
.... Less: ' South African non- 
— - -.resident Shareholders.' _ 

^ . - .tax -at 11.0983% 2.77457 

(I AcorporaudMn ^gie^RepubHc- or 



With. lereropCffc * 1 ' °* 

aeuarUiuB .of 4 Hid«ii» -4*l«iu»«l .111 
me I.Kro. fne 

lwiewum imgrmaUon ;i 6 - dimmish eu 
lor me gulwace or nolocrs oi kwk 

warrants to oewr.'*- 

The dividend at j* 

acock was -veclbdtd ili^ oodth Au Kan 
currency, boum AfrK f^c no r^TJ 1 °S^ 
snarehoiders- 'tax w MU X' 

unit ot stock - *rtH ■ o* Beduwog . hw 
tha divlpend pays ole *»■ nwP«i. ot all 
stock warrant coupon*.. * . M { 

atl The dividend . : on , g ** r*T j*!l} 
be paid on or afterlDm-ArausLis/a 

unnu surrender uOf L0UUP*1 61 

atuaMd fT*Sn o*;stoac -warrants to 
■bearar. as- under . . 

«j' At tne 

tssntmental ; jataB - agent. 

fc P Ss^fiff i SS6JssiW 

d sr-ar.'HBKS 

South Africa -norotoattd by t» 
: ■uwM.nO'i- instruc- 

tions ragardira w mu- 

isggaarJ gRj wjS 

dealer bv tne continental pavma 
agent concerned... 

At the London 

OfHce ol- ChOri*r^CoasnH«^ted 

a jsb*bbb.5SJ: 

either: . . - v ‘. . 


?S,»mv wSn 2«4. 01 th<f 

Jand commcy AM 
dividend . ott: August. 

1978 or -- ' 

In resoect Me9»ai5| ,Bd KjJ 
S 197» ioimAP*o«. 

' ot the 



the United 
renev eq 
dend on 

(Incorporated in the Republic of 
south Africa i 
, TO BEARER . „„ 


With refarance to llw nolke of 
declaration ol dividend advcrtlxd in 
the Press on fith ju«f. 1978. fhe 
following Inlormanon -M published - lor 
the guidance- oi hohleri ol Stock 
warrants to bearer, 

The dividend ol 3% (3 Cents) was 
declared in south AlriMn currency. 
South African non-rabdent share- 
holders' Uk at 0.33295 cents . per 
an arc will be deducted ffd 1 * 1 
dividend payable in icsoect oi an chart) 
warrant coupons ■ tearing • a net divi- 
dend ol 2. &67D5 cents ner chain. 

Tne dividend on bearer snarm will 
be said on ci atter 2 ist July. 197J- 
against surrender ol coupon Ns. 99 
detached frsm stock warranib is bearer 
as under: 

(at At the since of me following 
continental paving agert. 

Credit an Nord. 

8-0 Boulevard HauSHnann 
Paris 75009. 

Paymenn in respecr d coupons 
loaded at the-. offices ol a 
continental paving agent will 
be made In South African cur. 
renev to an authorised dealer 
In exchange In the Republic ol 
Souln Africa nominated- bv. the 
continental saving agent. 
Instructions regarding disposal 
ot the proceeds of the payment 
so made tan only be given 
to such authorised dealer bv 
tne continental paying agent 

<bi At the London Bearer Recep- 
tion Qflite of Charter com 
solidated Limited. 40 ffolhern 
viaduct. London EC 1 P 1 AJ. 
Unless - persons dcootltmo 
couooir— at such onicc rcouest 
payment In rand fo an address 
in the Republic ot Soutn Africa, 
uavment will be made . In 
United Kingdom currency 

lit m mpeci ol coupons lodged 
prior to the 7!h Julv. 1 97B 
a: the United Kingdom cur- 
rency eauivalcni or me rand 
currency value Ol their d'»'- 
dend on lltn July. 197B. 

till in respect ol coupons lodged 
during the period 7th July 
1 1 to 12 th July. 197B both 

davs inclusive at the Umted 
. Kingdom currency equivalent 

1 1 oi rhe rand currency value 

oi tnetr dividend on 17ih 


exchange dealer 


PrivatbanKen - one of the large commercial 
banks in Denmark, with an active loreign 
exchange department - is looking tor a foreign 
exchange dealer interested In joining our team 
of foreign exchange dealers in our Head Office 
in Copenhagen. 

You should be between 25 and 30 years of age 
and must have had some years of experience in 
the foreign exchange Tieia. 

Managing Director 


! i 


^July 1976 or; 







■ - l«u: UK Income tax 1 
. .22.901 7"S on thr oros* 
.'imount of tho divWend 
of 25 cents 




Should the amendment to the UK 

3®J5St SSttfeMSJS! 

of the dividend a further notlce wlit. 
,bu published amendinB the »bove. 
8 aures.... For - and onbchelf of 





EC1P tAJ. " 

13th June. 18«B. • 

The* Company, his been reouMted -bv 
5? Commissioners of Inland Rownue 

■■n^w**"he double ta* agreement- be- 
irei me United Kln9do ,,1 * r> ^ Q ^? 
-niblic of South- AfTka. the 5omn 

African non-resident shareholders i w* 

?978 at rate 

ol exchange on dw uie 

through an anStwjM 
In exchango. “J® 

to the LomKHlTDeW Recep- 
tion oifcce. • 

Coupon must be left f orait .leest Jour 
clear days for examtoa tion and "JJV 
be presented any wrahBastr^ao»ro»v 
ex coated i between the hour* * 1 0 *- m - 
and 3 D.m. .. 

United Kingdom' Mcome^W t will he 
deducted tram coupons P» 1 g-. m uniicq 
Kingdom currency at r 
Bearer Reception Office, 
coupons are accompai 
Revenue declarations, 
deduction Is made, the 
the dividend will be the 
dom currency eoulvaleat 
per unit Ol stock In 
paraoraph >b> above 


Unit of 


ft respect of coupons lodged 
an or alter 13th July. 197 8 
at thr prevailing rate of 
exchange on the d* 7 , the 
proceeds are remitted, 
through an authorised dealer 
in cicnange In Johannesburg 
to the London Bearer Recep- 
tion Ollicc. 

Coupons must be lelt lor at least 
tour clear days for exantmabon and 
may bo presented any weekday (Sat- 
urday -r* ccd led) be i ween the hours ot 
10 a.m. and 3 o m. 

United Kingdom income tax wilt be 
deducted from payments in the united 
Kingdom currency w reso«t or 
coupons deposited at the London 
Bearer Reccpilor Office, unless such 
coupons arc accompanied hv Inland 
Revenue declarations. Where such 
deduction is made, the net amount 
ot Iho dividend will be «h 0 United 
Kingdom currency equivalent ai i-9o 
cents per ohare In arms ol sub 
paragraph (b> above arrived at as 

undcr; South African 

Currency Cents 
x Share 

W e can offer you good wortdng conditions in j 
a modern, well-equipped foreign exchange i 
department, a demanding job,.and a competitive j 
salary based on your qualifications. j 

If you are interested, please apply in writing in 1 
the first instance to ! 

PRIVATb anken 

Staff Department, - 

P.O.Box 1000, \; 

DK-2400 Copenhagen NV, 

Attention: Mr. J.Arnholu 

for a company -wiicli employs about »o people making 
specialised equipment and components for a. range of major 
customers. - 

. backed ty tie parent group, tbe task is to improve 
profitability through operating efficiency^ ancreased sales, 

in a largely autonomous role. 

. the requirement is for an electronics engineer -with a record 
L.4irJnt sales ability and the capacity for profit responsible 
general management now. 

. T ™ed age: 35-45- Salary is tmlikdy to be less than 

£ 13 , 000 . 

"Write in complete confidence 
to A. Longland as adviser to the company. 






Amount of dividend declared 
Less: South African non- 
resident shareholder! U< 
at 11.0903?. 

Lou u K. income tax at 
22.9017°. on the gross 
amount ot the dividend of 
3 cents . . : 



Amount of .dividend decia 
Levs: South Atrjtan N 
Resident Shareholders . .t; 
- H 15% 

Less: UK income i»* el'll 
- or the gross amount 
. dividend or 3 cents 






UV «aU» n bl™to'Se VllldWls, ajlow-bfe 
1 . w a credit against the United JJ'Jjndom 

* parable In respect of the divide nd- 

• - Tli deduction ol tax. .at the reduced 
r rate of 22.901 7?i instead Ol the 
b^c rate of 34% reuresvots 

a nee of -credit 
1 1 .0963%. 

Should the . * mend meet 
' Finance Blit reducing (He 
UK Income tax *0 33% 
and enacted before .t he 
of the dividend a further, 
be published amending 

For an on 



- . .London Sl . 

• • ' • • J. Cl GrFfciflFfH 

London Office: ' •' ** 

40. Holborn Viaduct. 

EClP 1AJ. . 

15th June. 1.978. . 

The Comoaov has ^ 'Sm™ u c 

the Commissioners ol l^and Revenue. 

to state: f 

■ ^ «d wasra 

^ tS! “* the reduced 

The deduction .JJ d 9 , ,, t „. banc 

rM of 34 % represene an allowance 
of credyat the rate of 5 .. 

( 1.66705 
1.9B • 

Should ihe amendment to the U-K. 
Finance Bill reducing the hasic rate 
ol U.K. income lu to S3“i. be sus- 
tained and enacled before ihe oavment 
da'c of the dividend a tunher -notice 
will be published amending ihe above 
figures. F( . r on 1%eh4!) 


J.C. Greensmlth 

London Office- 
40 Holborn Viaduct. 

EC1P 1AJ. • 

1 5th June- 1978. 

Tho C ' Company has been remjestwl 
bv the Commissioners of inland 
Revenue to state: 

Under the double _ tax agreement 

oetween Uw United Kingdom 1 and 

US. K IK -Aln 5 °t.r5£i 

deduct fan of tax at the reduced rate 
or 22.9047 °-b instead-, of the basic 
I ate of 3\% represents- .an allowance 
V credit A the rate ot 11.0963%. 


AiarLo American gold Investment company limited 
ANGLO In-tfie R^uMc ¥ Soath Mria ) 


scciflt anonyme 

RepislereO Office: 

LUXEMBOURG. 14. rue Aldrmgcn 

payable to 

_ _ _ _ declared 

period- ending 



- jobalmertwrg 9 7 a! t ^RegM* 2 eu m shareholder* P«L3 J^ n ‘"J„^"'2S 1970 

‘Stock Exdiapfl^ r l U n £’nit of Switzerland. B*?inliofstras5e 45. *-g e Franco and 

■ is 

-- any currency. Ax» prevaBino d«Tcr ■* exchange... 

ffbS&M * M auU,QrMd Tl' w the last .. 

• ^ February. .1 report jtsaned to merroeTS rcoorti. 

■ ; . 

x . cTmpanis Secretary- 

.The Annual General Meeiiwj ol Share- 

E IH be held at Its registered ptficc at 
n^embourg. 14. rue Aldrlngcn. on 
July 3rd. 1978 at 11.30 a.m. lor the 
. purpose of considering and voting upon 
^tho following matters: 

1. To hear and accept the reports ol: 
a. The directors 
: b. The statutory auditor. 

12. To approve the balance sheet and 
• . profit and loss account for the year 
ended March 31st. .1970. 

3. To discharge the directors and the 
- auditor with respect to their per- 
formance of duties during the year 
; ended March 31st 1978 
4. To elect the directors to serve untl 
the next annual general meeting oi 


.5. To elect the auditor to servj- urrtil 
the next annual general meeting ot 

. shareholders. 

.6. Any other business. . . , 

Thn shareholders are adviiod that 
•no quorum lor the Statutory meeting 
Is required and that daelsiow will be 
taken at the majority of the Shares 
present or represented ,f £ ., Ul ?, n mc ^ h “?9 ; 
-with the restriction that no share- 
.holder either by hJmseH or try prp*/- 
cen vote for a number o' snartt in 
excess ol one-filth ot the shares issued 
or two- filths of the snares present or 
represented at the meeting • 

in order to rake parr at the statin 
tory general meeting ol July 3rd. 1978 
thr owners ol bearer slums will have 
to deooslt their shares five business 
days belore the .mwH™, at the 
registered office ol Uio Fund. 14. rue 

of the 

Atclffngcn. Luxembourg. 

or with the 

'bstoijc ^firiirale du Luxembourg, 


The Board ol Director*. 


™ E lwge'mternational group in Uie southern 
part of Europe. ' t . ; 

THE . th corporate Secretary with the 
preparation of board rafetlngs and minutes 

* Ensure legal and Regulator!' 

compliance. £ 

* Supervise the general services 

headquarters. . | 


* Early thirties with several years of business 

experience. / . 

* Academic backgrouhd (law, economy. 

* English methertengue and preferably 
another language, 

* Service-minded. 

* Writing proficiency. 


* Excellent. 

Please write in complete confidence, giving full 
details of career to date and present 
remuneration, to: 

Box A63S6 
Financial Times 

10 Cannon Street, London EC4P 4BY 


Managing Director 

. to succeed Sir John Tern-, vrk o retires at the end of the 
year. The Corporation assists film production in the UK 
through the provision ofloans. 

. the role involves directing a small staft in London to 
ensure effective advice and feuitiuLfinancing in this field. 

. the requirement is for financial or legal skills, and an. 
individual with some knowledge of the film industry ts 
strongly preferred. 

♦ the salary for this appointment is £ 12 , 14 °- 

■Write in complete confidence 
to A. Longland as adviser to the Corporation. 






HhJ omce: 


i" H, 5 nn *?wvS . — ? 

London. Ofney- - 

40 Holbovn Vvxdnct 

ifith June 1978. 


03 ) 


Share Offer - 



legal notices 


5 H T# S e || 

*27th June. 1978, ai tho Head OHjtt ol 

WiiTrSEfi. ”»«A 

TEjbep for* aao t ?sg 

{from 1st April. 1977. to 3l3t 

2.. ^o* I jm’emJ ^tho. Article* ol 

lion ol toe. Company. MftlloWL-- 
. Article 1: T° l MBrt thc f° l,0V,IBB 
cempa i mrt Of ncm l nam e- In 
English ilmll f* Rhythm Witen 

Artfele°'5:’ tl To Incrcasa the "J™ 11 *! 
— of Share* autfwrteed to »c 

by the Company trom 100 million 
. • to 200 •million. _ 

Conies ol tho financial) Nmtefnento 

.of the Comjapyi — 

R- L.‘Uw. ' 

7tfi floor, 2 Lombfird rl»C4, 
Wlnnipej. .ManUobii 
R3B 2LS. Canada- . 

SZncf* period 0 arcTivaHable. for inspection 

during normal business houn un a v 
Hookday {Saturday* and , ? ,n k n.?n-ioi? 

tDR I ho?dcri wishing “ JL""nooosJto»y ee fn 
ira .shquid Instruct the Dw«»Mry m 
writ! TO 3Y the dOHi ol buiuwflt JJL^^Sy 
m 2Srd June. 1978. » » now inn 
uiiMi to- vote. Insnuciionf _5* 

aceSmpaiiledSitbertl) by ««S •MSSSS 
tbe relevant number of dcpos'iro Sharw 
In respect o< which they wish “ **g*J*8 
their voting rights of ^ 

1 Ipam ihd Aeent for IfOfli aflonwr • 

TOPWv^d W°'n^ ATOWtorvlstot'^ th« 

the relevant EDR* have J} 0 ®" J f , *J5SS£SS 
with it and are to be held In a oiociron 
.SSSum until after t^ voting riohts 
ettrlbrn-ablc to such EDRi nave 

lta ,S«"g5ft 1, W JUSTICE 

S“BSaajTsr aaa 

^''ihaV ihe said Peiitiuo Is directed 

iX d t"» qnd any ■Treditor or comrtbn- 
a'% of^ihe s.w y comoanr deslrom to 


,|fo ume of liearinp In pursmi or W 

yiSTKWS will r.M b/X- 

for iho -sawe. 

C. F. GLO.xK. 

Klnfs Beam nouse. 

38-41. Mark Lane. 

Loudon EC3R iHE. 

Salic I lor u> Uie ^egVoneHL 
NOTE.— Any person wno imeMS to 
appear on ihe bearing or the 

on. or send to oon to. me 
above-named notice In writing of Bis 
fntenUMso to do. The notice nmsi stare 
me name and address fll *e Person, or. 
If a firm the name and address or tne 
arm and must be signed to iBe person 
or firm, or his or their solicitor iif any 1 
b« served, or. tf posted, must 
bT sent W non in suffldem lime to 
wacb ihe aboi-e-namefl not latex roan 
four o'clock in ihe afternoon of the 
nB day of July 

No. 31 of 19^ „ 1OTTTO 
Chancery Division Liverpool Distrlci 
Realsiry '"•roup •‘A”. In the Matter ol 
and In me Matter of Tbe Companies ,■ 
-vet 1941 

Petition [<>r the wlndinc up or the above- 
named Compto by the Hish Coort of 
Justice was on the 1st day or June 
I97S presented io ihe Court to 
vbose Reglsrered Office Is situate at 
Station Street. Barton upon Trcnl in the 
lounry oi Staffordshire, and ihat ibt 
sjld Petition Is directed to be nearo 
before ih.- Conn sit line at Sr. George 5 
Hall. William Brown Sireoi. Liverpool - 
In the -M'-'rondllLan County of Mcnseysidi 
on ihe iflih day of June 191S, and any 
er-Hfiror ur contnbuiory or the said 
Company desirous to support or oppose 
ift.’ ninRii'S of an Order 00 ihe said 
Fv-mion niav appear at the ume of 
he.tring in person or by bis Counsel for 
ilui and a copy or the Pennon 
will b< furnished by tbe undersigned 10 
anv rrt-iiior or comnbuiory or un- 
said coinnaity requtrins such copy on 
naynieoi uf the reaulauid ebarso for ihe 


Trident House, 

SI O Dale Sireel, 

Liverpool L2 2NS. 

Soiidtor* for the Pertdoner. 

NOTE.— Any person who toieuds .to 
appear on ihf bearing of Uie said Pentjon 
must serve on or send by post to the 
above-named, notice in wrlUna of ms 
Inienuon so to du. The notice must stale 
Uie Da me and address of the person , or. 
U a tinn. U» name and address of ihe 
Arm. and must be signed by tho person, 
or firm, or bis or their Solicitor in any) 
and mnsi to «rved. or if posted, must 
be seat to pur in sufficient time to 
reach 'he above-named nor later man 
four o'clucb In the afternoon of Ihe 
291 b day cf June 197S. 



Lecturer ll/Seulor Lecturer i" 

Required from 1 September 197S to 
join a team of siafT concerned wlin 
ihe adunnlsiraUon and leacmus of 
Banking courses. The person 
appointed will be expected to assist 
In developing the Financial Studies 
Diploma and io contribute lo the 
teaching uf Law and PracLlceof 
Banking and Elements ol Banking 
for the Insiicuio of Bankers’ examina- 
tions. Ability to teach Investment 
would be a further ad van; age. 
Applicants will be graduates a.nd'or 
professionally qualified with banking 
and prelerably leuebing experience. 
Salary scales: Lecturer If MIDI- 
hoJs -r London Allowanev 1401. 
Senior Lecturer 16051-7065 (ban 
—7572 - L A. £4112. 

Application lorms arc available 
from ihe Principal's Office, tel.: HI- 
5,64 4411. and are returnable within 
14 days of iho appearance of this 




Applications are invited from recent honours 
graduates in economics for the post of Economist on 

the staff of the economic section of the Treasury. • 

The post is permanent and pensionable on a non- 
contributory basis 1 save for deductions of U 
towards famUv benefits) and has a salary scale of 

£3,642 to £4,579 per annum. 

The successful applicant will be concerned with tne 

collectitm, collation and evaluation of ■ 

about the various forms of economic activ ^ in the 

Island and the maintenance of an Index of Retail 


Applications stating full name. «Mrm date oj 
educational qualifications ^dj^cncc 

together with the names and uddre^os tnarew 

by ihe 14th July. 197S 


■ BANQUE worms 


ex Erased. 




Jdiw .1978. 


'«>« ““Stock* 

■f '«iswi 

.'j^VrSAifti P i”v>- E ^“- 

• assistant 5terettry< 


- m 16; 197B. 

”' e 5S gSSS 5!tf r ™ E 

notice is H? h |5Xks 

,nd«lve. 8v M Ql the »«^ E c C ,s.; 
■■ ... swreurv. 

107-112. 4ae - 

™ e aa tf THE 

jgsg x^'gs^Hysajg 

& 8 ^.7i2"VM!5“K?«S®iS 

K m'MolaSv. • 7th July. 1978. 

it n “ tor tto ftfisy'^LTBSSS 

'■ AjA ff JSTSSL 

31k December- 1977, 

lH >nd 

s.sWbJS'S-®* oi an ort,nanr 


- BV Ordrt- <U "S.WiEGGIE. 

■ ■ Secretary. 

107 - 112 . LHttotiliail* Street. 

• °Lomfon £C3A -LAE. 

No. 001781 or 1978 

Chance IT Division Companies .Court. In 
and In ihe Mailer of The Companies 

'notice IS HEREBY GWEN that a 
Petition for the wlndins up of ihe above- 
named Company by ito Hteh Coun M 
Jnsllcf "’as- on thp Ju ? e 

1978. prescnird 10 tbe said Conn _ by 
and ' that the said Petition Is directed 
lu be hoard beforu the Coon sllilns ai 
the Royal Courts of Junlcc Strand. 
London WC2A 3LL. on the 19th day OF 
Jniy 1973. and any erudltor or contributory 
of the said Company desirous to sigport 
or opw*e the pibKIRB oF an Order on 
the said PotWmt may appear at the, 
dme of hear Ins tn person or by Ms 
Counsel Cor that purvose: art a row of 
the ' Petition ieUl to fmlshed by the 
ondereuioed to any, creditor or romrlbn- 
lory of ibo said Company rtqntnns such 
copy on payment of the regulated charge 

a MolFords Hill. . 

Tadley. Bas)nsstoRe. 

Hants-, RC28 BJQ- 
Solleitors for the Petitioner. 

NOTE.— Any person teho Intends to 
aopL-nr on tto hennas of the said Petition 
umst serve nn, or send by post to. ihe 
ahovu-named notice in writing w his 
toteddon so io do. The notice must state 
ihe name art address of the person, or. 
j-f a firm toe name and addrras of tto 
im and must to signed to lhe perton 
or firm, or his or ihetr aoliaior Hf any* 
and most be served, or. 
bo sent by post In suifitJtnj time to 
reach ihe atove-named n« laier than 
four o'clock in the afternoot. of the 
7fh day of July 197S- 




Two diploma courses for 

language graduates, 

beqinniag’ September. 

School of management Studies 

marketing FOR 

One-year,^ full-time, combining 
two languages (chosen from 
French, German, Spanish) 
with overseas marketing in an 
international context. 

School of Languages 

east-west trade 


one-rear. part-Uiw, evenlnc. 
combining & language (Russian. 
German. Or other East Europvanl 
v,-iih Eait-wMt trade studies. 

Full detail* of both conrsw from: 

The ReCisiiT- 

school oi Uanasemem Studies. PCL. 
35 Marj'vhone Road. London Ji W 1 5L5 
TV-1: p|.45fi 5811. ext. 253. 


Tho General Meeting ol 12th Juno. 
1978 anoroved me dlstrlDurian. tor the 
financial vear 1977 ol a not dlvloeno ol 
BF 200 per A £ B share an? ol BF 80 
per C share, the latter Being 40 per cent. 

P * l The l *'Fltial Dividend of BF 130 net In 
respect ol the A Shares mil be payable 
by BF draft. tr» transfer ta a BF Account 
or. In Sterling at Bankers sight buying rete 
lor Belgian Francs on the day of aresenra- 
tlon ai the option of the hojfifr. against 
presentation, ol Coupon No. 20 at either 
ot tho lot lowing oifices:— - . 

J. Henrv Schroder Vtfagg & Co. 


120 Cheaoswo. 

London EC2V 6D5. 

Banque Beige Limited. 

4 Blshoosgate. 

London EC2 __ 

between the hours ol 10 gjn. arm z o.m 
on or after Tuesday. 20th June. 1978. 

U.K. Tax will be deducted from me net 
. dividend unless lodgements are accom- 
I panted be th'e necessary Affidavits. 

1 Payment un be made only to oersons 
[rending outside the Belgo- Luxembourg 
Customs Union. 

I Shareholders should note that under the. 
terms ol the U.K.IBelglan Double Taxation 
Convention. Solvav Shareholders . resident 
. m me U.K are eligible, ubon submitting a 
i duly comnlcied form 276 Dlv. iG.B.l to 
partial reimbursement of Belgian With- 
holding tax equal to 6.251a ol the nar 

etc: Donald Swann. 26th Philip 
Brass: ComterpoInC & somc omer days 
Brochure & tickets 01-222 1061 



MICHELLE'S Cabaret Club. 

6. Ormond Yard. S.W.1. 930 28J-I3. 

Dancing partners, 

EVE. 189. Regent Street. 734 055X . A la 
Carte or Alffin Menu. Three Soertacuiar 
Floor Shows 10.43. 12.45 and 1-45 »«> 
music ol Johnny Hawkeewor tn 6. Friend!: 

GARGOYLE. 69 Dean Streer. 

Show at Midnight and_J .-c 
lon^Fri. Closed Saturdays. 01-437 6455. 



Courses leading to 
professional qualification tor 
inelatore and interpreters | 

Entry requirements: 
a levels in German and ono 
oiher foreign language 
(preparatory courses available) j 

Semesters stort in March and 
October ' 

Dolmeischersdiufe Zurich, 
&cheuch:erstra£sa 6a 
CH - 8006 Zunch 


Following the increase m capital agreed 
. upon at the Extraordinary General Meeting 
1 held on Mav 12th 197B. It has been 
decided to readjust the exercise or Ice ot 
the warrants, so that it may truly rcRect 
(he increase in the number of Petrofina 

As announced in the Agenda of the 
above-mentioned meeting, the readjust- 
ment was made bv applying the formula 
foreseen In the prospect w reiBtingto the 
1973 Mafina B-V. bonds with Petro&na 
warrants attached. , 

This formula results In a reduction of 
the warrants exercise orlce whwh from 

n ”no°?o W jI^ioth 1978: BF 8.411 

irom Julv 1st 1978 vp to June 20th 

19&3: BF 8-947. 


5L W.1. 

01-499 5058. ’ MATIS55-Df*7, ln ?8 

Prints and Illustrated Books. Unti' 

Read. Chelsea. S.wj. NORAH CLOVtR 
—-RECENT PAINTINGS. Until iuw aA - 
Open Tues.-Sit. 9JD-5 .30. _ — 

June. Mon^Fri. 9. 30-5 JO. WCt»- '• 
Sats. -12.30. 77 Walton Street. S.WJ. 

589 604 8. — 

j.PX. FINE ART5. 24 Davies Sireet. W-1- 
J 01-493 2550. .CAMILLE P'SSARBO 
drawings, watercolours. June 1 -J u, t "■ 
Mo n.-Frl. 10.6. _ — 

BROWSE ft DARBY, 19. Cork St.. ■ 
FORAiN. Mon.-Frl. 1 0.00-S-30' Sat. 
1 0.00-12.30, 

SL James's. S.W.1 . 18TH CENTURY 
SCULPTURE. Until 7 July. Mon.-rrt- 



tram ter book* « , 1 l 2 L 6 ?iJ^ r th£ ur i 5 th 0 tt 
Stock will be closed from the lota to 
th^SDth Julv 1978. tor the preparation 
bT i i«efrst J warrants payable on 31st July. 

By Order ol the Board 
W. L Spalding 



Deccn House. 

9 Albert Embankment. 
London SE1 7SW. 

15th June 1978. 

MALL GALLERIES. The Mail- . 32$£i 
ANNUAL EXHIBITION. Mmb-fri- 10 - 5- 
Sats. VO-1. Until 19th June. Adm 

BLOND FINE ART LTD.. 33 Sa^*' 1 *® 
5tra«t. W.1. 01-437 1230. Bernard 
Menlnskv— Paintings. Gouaches. 

15th July. Weekdays io-6 P-m 
10-1 b-m. 



AGNEW GALLERY, ~4S. ord Bpnd;» 
W.1. 01-629 6176, OLD MASTER 

PAINTINGS Until 28 July. Mpn.-m 
9.30-5.30. Thurs. until 7. 




Every Saturday the 
Financial Times 
publishes a table 
siting details of 


on offer to the public 
For further details 
please ring 

01-243 8000* Extn. 459 


Financial Times Friday 

■I' ."'-Vi ,^^2* 9 



Keeping the air out 
of the fuel 


Outlook for 

AUTOMATIC elimination of 
breakdowns in ■ diesel fuel 
systems due to air locks is 
offered by a device called Hydra- 
bleed, developed in Britain by 
Bridgentore Engineering and 
now being manufactured for 
world distribution. 

Slightly larger than a conven- 
tional fuel filter and normally 
fitted between the lift pump and 
tbe high pressure injector pump, 
the unit has a float, automatic 
air valve, automatic sbut-off 
valve and a warning device to 
tell the operator that he is either 
running out of fuel or drawing 
in air. 

Prototypes have been produced 
in steel, copper und brass, but 
it was finally decided to produce 
in plastics and tbe work was 
entrusted to Glover Plastics 
(Capper Neill). Only fixing 
screws, nuts and connectors are 
of metal. 

The body is made of glass-filled 
Nylon 6 for strength and resist- 
ance to diesel fuel. 

All other parts except the float 
are in unfilled Nylon 6. The float 
itself is an acrylic uitTasonically 
welded to give airtightness. 

All the plastics materials were 

chosen their engineering 
properties, since the Hydrableed 
is mounted at the side of a diesel 
engine and has to go through 
extreme vibration in a fairly 
high ambient temperature. 

Bridgemore indicates that 
about one-third of all diesel 
vehicle and plant breakdowns 
result from fuel troubles caused 
by air entrained into the system. 
This can happen and air will be 
admitted in large amounts when 
fuel is low in a vehicle travelling 
over rough ground. 

Hydrableed continuously 
monitors the fuel system while 
the engine is running.. It warns 
of contamination and constantly 
bleeds off the air during normal 
running through an arrangement 
of magnets and .follower arms 
connected with the float, actuat- 
ing valves and/or reed switches. 

The unit will bleed the system 
after a filter change and after 
refuelling an empty tank. 

The makers say it needs no. 
maintenance and costs nothing to 

JBridgeroore Engineering 

operates from 55 Canal Street, 
Paisley. PA1 2HQ, Scotland. 
041-889 5192. 

language in .which such machines 
can be programmed. 

Be that as it may s survey 
of the U.S. market carried out by 
Creative Industries Inc, says 
that the potential market in the 
U.S. is 20m households out of 
the total of 77m The surrey 
does not make it clear whether 
NOW THAT the calculator wave machines wHl ultimately be in- 
has subsided, that electronic stalled - In these 20m homes or 
games have proved to be some- whether it means that 2fcn per- 
what of a disappointment and the sons will have their 
gunerai consumer public has personalised machines — whether 
taken -the electronic watch and at home or in the local store or 
its sophisticated derivatives in office. 

its stride, predictions are being . The latter places personal 
made to the effect that the per- computers in " nine categories, ' 
sonal computer will be Lhe next “six non-home and three home." 
piece of electronic “wizardry" Non-home covers very small 
to catch the imagination of the businesses, low-end business 
industrial and business consumer applications, self-emploved pro- 
and thus move into a boom situa- fessionals, scientists, educational, 
tion. and industrial applications- And 

On the basis of U.S. predic- it reckons the U.S market for 
tions, this is inevitable. But the machines which could be put in 
case of the home or "per- this category at SI bn bv 1982. 
serialised” computer is not But the fact that tbe company 
strictly comparable to that of known as Radio Shack already 
the calculator, if only because to has some 7,000 shoos all over 
take full advantage of such tbe U.S., i n which micro- 
machines as the PET from CBM computers and personal machines 
at just under £700, or the rather are available over tbe counter, 
more expensive IBM and Wang obviouslv • looms ” large in 
portables, the user really has to Creative's thiTit j wg 
get down to it and learn the Basic In Britain the Online organi- 

sation Is later Oils month hold- 
ing a BIT Computer show at the 
West Centre' Hotel in London. 
This will rim concurrently on 
June 22 and 23 with a conference 
on Personal Computers in 
Business and It is clear that on 
this side of the Atlantic, the 
rapid spread of this , form of 
computing Is being taken for 

The PET machine from Com- 
modore, first whisked through 
London after its initial showing 
at last year’s Hanover Fair, has 
been sold to the tune of several 
hundred in the UK and not only 
to hobbyists. Takers include 
educational departments, en- 
gineers and business systems 
users. - 

Commodore has started to 
announce additions to the PET. 
one of which is a printer unit 
working' at 50 characters a 
second and capable of producing 
carbon copies. A second cassette 
deck is available for direct con- 
nection to the unit and a floppy 
disc and extended memory 
options are just round the 


kinks in 
ship decks 

tween the stiffeners, ripples 
-occur Which can be as much -as 
25 nun deep. , ■ . 

. Using the flame straightening 
technique, Sunderland - Ship- 
builders has reduced these 
ripples to 5 millimetres i variance 
with an average ol two heat 
cycles: Three or lour cycles may 
.be necessary for the worst areas. 

; Panels are first checked using 
BY USING dissolved . acetylene- ^straight edge and ttien are 
(DA) supplied by BOC, Sunder- jjg treated, a Plate 

land Shipbuilders, - J>art of ^flhtener WJf -HS 
British Sipbuilders. is saving SH*®!®/?!? * ^SuimeSas. 

n,-7 s easing?-- 


on time 

Bnusn sipouiiaera. is paving millimetres, 

time and reducing costs by yhcwioss mo - . . +wo' 

,Mn.< - Flame straignwnmg uas iwo 

Online operates from Uxbridge 
(0895) 39262 and CBM from 
01-388 5702. . 

“flame straightening- ships’ -«sn* : faster 

decks. Previously, straightening operation with 

was acmeved by JJJt blowpipe, and 

three inch fiats underneath the , “ n f ^plication are 

deck, an expensive and tune, % by the average 

consuming method. '■.SSimM*™ 

Sunderland Shipbuilders has .. >j^ e Method is now "being 
been using the technique for jjy Sunderland Shipbuilders 
some months and considers it ip- -neb of its three yards, and 
the best method yet It is in the additional blowpipes are on 
company's own interest to order At present, the accommo- 
straighten decks, as sub-con- dation decks only are treated in 
tractors applying covering com- but there is a post- 

positions charge mofe if rippl® hility that ship hulls will also 
are excessive. be treated using the same 

Stiffeners are positioned method. 

.underneath deck panels at p or more information. Bother- 
spaces of 700800 miii. In be- ham (0709) 2161, 



Prints show 
on problem 


Sitting comfortably 

Sound neutralises sound 

Gives good measure 

MANUFACTURED entirely in 
engineering plastics and offered 
at considerably lower cost than 
other comparable units is a new 
type of eye-level spirit measure/ 
dispenser of the kind, familiar 
to all who frequent the bars of 
public bouses and botels. 

Representing a departure in 
design from existing equipment, 
the Sinclair Mark II measure has 
a performance at least equal to 
what is now available and also 
offers a very high degree of 

The body of the dispenser is 
made of Tenatine, a dear 
injection-moulded polyester by 
Ciba-Geigy. This has two con- 
centric acetyl tubes passing 
through its centre. The outer 
one. which can move, is con- 
nected to a moving shuttle 
inside the inner tube. Liquid 
contained in the bottle will flow 
down the tube into the spirit 

bowl, or from the spirit bawl 
into the glass, depending on 
spindle position. 

Four dynamic seals are made 
from bigh quality silicone 

One of the major problems in 
design was to find a bowl 
material which could be made 
to high dimensional tolerances. 
Many plastics tend to shrink 
considerably during the post- 
cure period but Tenatine was 
found to bave good stability and 
extreme predictability. 

On leaving tbe moulding tool, 
the howls have a maximum wall 
thickness between 2.5 and 2.51 
mm — 24 hours later this drops 
to between 2.49 and 2.5 mm and 
remains at this level for the 
life of the component. 

The materials chosen also have 
stain-resistance, even from such 
drinks as lime juice cordial. 

Ciba-Geigy, Duxford. Cam- 
bridge CB2 4QA. 0223 832121. 

US$ 50,000,000 

Caisse Nationale de Credit Agricole 

Floating Rate Notes due 1984 

In accordance with Condition II of the Notes notice Is hereby- 
given that for ihc six-month period June I5th 1978 to 
December 15th 1978 the Notes will carry an interest rate 
of 9.U0%. 

Relevant interest payments will be as follows: 

Notes of $1 ,000 $45.75 per coupon 



If you’re feeling expansive, 
we can fit you in. 

Ju-;1 now.we'ye units of between 1.000 and 50.000 sq. ft, 
comprised ul'new industrial or existing warehouse space. 

And ihese are «m oiler at very uuraciivc rates. 

They're immediate!} available. 

But t hey' re not i he only reason w hy you should consider 
Bristol lor >uur expansion. 

We’ve the work lorces you need. Both skilled and semi- 

\nd ill c services. Plus Britain’s most streamlined business 

i or more details ol Bristol's Services to industry, please write lo 
Mike West. The house. College Green, Bristol BS 1 5TR. 
Ur ring him on Bristol (02 72 1 ’Ml 620. 

Name . 

Address . 

requests the pleasure of your Company 



f Incorporated in the Republic of South Africa ) 


Holders nf ail-paid renounceable letters of allocation issued 
in pursuance of the offer for subscription by this company of 
25.161.413 shares are reminded that the offer will close at 
16h30 on Friday. 23rd June, 1978. 

The subscription moneys for these shares must be paid on or 
before that date, in accordance with instructions contained in 
this company's circular and the renounceable letter of alloca- 
tion. otherwise the offer will be deemed to have been declined 
and the right to take up the shares will lapse. 


16th June 1978 

electrical wire &cable? 



Thousands of types and sizesh stoddor immediate delivery 

LONDON 01-561 3118 ABERDEENm4)32355/2 
MANCHESTER Od7 -#72-4915 

24 Hr. EMERGENCY NUMBER 01 6373567 Ext.403 

A REMARKABLE piece of mounted near the exhaust out- “beefed up” acoustically to 
research work at Essex Univer- let a °d a microphone close by have big diesel characteristics, 
sity— at present in some dancer which has the sole purpose of Direct emission of sound from 
of hein« overtaken hu TT<; determining the residual total the engine casing has been 

of being overtaken by U.S. sound leveL acoustically absorbed, leaving 

efforts due to lack of funds Using a microprocessor, at only the exhaust noise which can 
has resulted in an “electronic switch-on the equipment starts be heard to dramatically fade 
silencer" developed in co-opera- by generating a single pulse at away when the system is 
tion with Sound Attenuators, of the beginning of the engine switched on. A sound level meter 
Colchester. Essex. cycle period: if this results in in the laboratory showed a reduc- 

It has always been theoretic- a reduction in the overall noise tion of nearly 20 dB. A big scale 

ally possible to cancel a sound beard by the microphone, it is test on a 200 HP diesel is under- 

lay emitting another with identi- retained, in its time position, in way at Sound Attentuators. 
cal waveform but jn the a semi-conductor memory; if In non -station ary applications 
opposite phase, although to not. it is taken oat With each the two organisations do not see 
cancel a random sound in free successive engine revolution the the response delay as a problem : 
space presents formidable diffi- rest of the waveform is exam-' Professor Chaplin believes that 
culties. ined incrementally along tbe it should be possible to generate 

But if the noise is cyclical, as time axis until a replica of the a waveform signature for- each 
for example in the exhaust of exhaust sound waveform is speed in the range of an engine, 
an internal combustion engine, stored in the memory in digital and store It for use whenever 
most of the acoustic data in form the analogue being con- that speed is detected by the 
each engine cycle bears marked tinuously fed torthe loudspeaker, revolutions counter, 
similarity to those that have Within ten seconds or so from If this is so. an extremely 
already occurred — a key point switch-on the Optimum contra- important field will be opened 
realise’d by Professor G. Chap- sound is arrived at and will be up for the silencing of all 
man and his team at Essex. held unless the engine note reciprocating engines ranging 

The equipment developed does alters, in which case a suitable from big railway locomotives to 
not attempt to make instan- modification will he generated, the mass market of tbe domestic 
laueous copies of tbe waveform The rather long adaptation motor car. 
but instead builds up the shape time results not so mucb from The important point about the 
and amplitude revolution by tbe electronics but tbe time for technique is that it enables low 

revolution on a trial and error the acoustic changes (once per frequencies to be dealt with very 

basis. eneine revolution) to work efficiently, producing attenua- 
te only transducers used are through. tions that acoustic damping can 

a macnotic revolutions counter Tests so far have been on a never achieve, 
to get the repetitive speed or small electrical generator ensine The technique is not yet 
the waveform, a loudspeaker which has been deliberately Proved beyond about 250 Hz and 

in any case conventional absorp- 
Lng techniques may always be' 

ERGONOMICALLY engineered gently lowers the user to his pre- 
for anatomically correct seating, set- working height, and roe wide 
is a high base drawing office chair adjustability of the rawest 
called 673 from Giroflex,- height and rake enabling each 
Hengoed, Mid Glamorgan, South user to match the chair precisely 
Wales (0443 812535). - to an ideal working posture. 

The two maior features which . Seat height and backrest angle 
• are said to offer greater comfort are fingertip controlled hy levers 
and efficient working conditions, beneath the seat and can be 
are the Girolift gas lift system operated from a normal sitting 
which raises tbe vacant seat then position. 

Desk top document binder 

in one simple 

The General Binding Company . control arm 
is marketing a desk-top machine , operation. r 
designed to punch and plastic- The machine can punch up to 
bind a wide variety of docu- 15,000 sheets per hoar and bind 
rnents. .Collated sets of pages lengths up to 305 mm. It weighs 
are inserted in the throat of the 28.00 kg and width is 407 mm. 
machine and punched automatic- • Further from the company at 
ally. The punched set Is then Dorman Road, Camberiey, 
bound by moving the binding. Surrey (0276 62162). 

TEN TIMES as effective 
developing fingerprints than ‘ 
traditional aluminium pow 
method is a. process based 
vacuum coating of the susj 
article, using an adapted ven 
of the Edwards 24E5. Vaci 

Developed by the Home O: 
Police Scientific Develops 
Branch, the method consists 
evaporating fine coatings of g 
and cadmium on. to thetai 
material. This yields a m 
higher percentage of ust 
prints and makes it possible 
develop prints, on plastics, can 
bags and similar articles. 

Old prints, hard to develop 
other methods, can be detec 
by deposition. 

In practice, the article to 
examined, which can' be up 
2 feet square, is placed in 
coater and a preliminary coat 
of gold is applied. Tbls\ 
be preferentially absorbed 
chemicals in the prints and 
second- coat of cadmium, 
normally forming a film oh pi 
tics, makes the gold- coat 

Advice on installation - z 
operation is available from 
producers of. the equipmen 
Edwards High Vacuum, Ma; 
RoyaL Crawley, West Sus - 
RH10 2LW. 


Beer on the high seas 

OFFICERS AND crew in two beer to be stored in a minimum 
new cargo ships built by Lithgow of space and there is no handling 
Holdings. Glasgow, will be able b . eer ca * 
to enjoy draught beer maintained during 

to the same high standards they a standard bulk beer delivery 

would find in licensed premises vehicle is taken alongside the 
on land in the UHL • *’ ships to service the vessels and 

Brewery engineers. Porter the tanks are filled via delivery 
Lancastrian, recently installed hoses directly from the road 
two five-barrel vertical stainless tanker. Tbe supply of beer will 
steel beer storage tanks for be .from Allied Breweries in 
Allied Breweries (UK) in' the Wrexham, North Wales. . 
vessels “Oroya ” and “ Oropesi” More from the brewery 
The bulk beer system adopted engineers company at Park Lane, 
enables the required quantify Bootle. Merseyside L304UP. 



AN AUTOMATIC fire detect 
system which provides an audi 
warning of fire through, 
public address system also 
tiie facility (via security switi 
for a member of staff to dir 
the evacuation of premises 
instructions transmitted from 
~built-in microphone. Piped mu 
can be transmitted over the sa: 
wires and loudspeakers. ' 

. Called the Communicator, 
comes from McMillan Fire Alai 
Systems, 49 Scrutton Stre- 
London. EC2. (01-729 1919). 


1 -r? 



e A 



In 1977, IMETAL's activities were affected by 
the irregularity of the world economic situa- 
tion, characterised by a slowing down in 
industrial production and the persistence of 
a general inflationary trend. 

In spite of serious difficulties experienced in 
the nickel and zinc market, both of which 
were unprofitable, and a decrease in earnings 
from iron ore and manganese ore, consolid- 
ated net income amounted to 82 million 
francs. This derives mainly from manufactur- 
ing activities and lead and uranium opera- 
tions, thus confirming the advantages of the 
diversification policy pursued by the Com-, 
pany. Net income (loss) recorded by the 
principal subsidiary and affiliated companies 
in 1977 was as follows: 

Le Nickel-SLN 
Lead Industries Group 
The following table 
financial data for IMETAL for the past three 
years (in millions of French francs, except 
share amounts) : 

% owned 



F 11.6 


F(65.S) - 


F 23.1 


$ 16.3 

. 24.9 

£ 10.0 ". 

shows comparative 





Net income 




Income from subsidiaries 
and affiliates 




Dividends (gross) 




per share 




Retained earnings 



11.1 ' 






Total assets 




IMETAL shareholders' 




2,291 ' 

Capital employed 
(IMETAL and minority 
shareholders’ equity and 
long-term debt) 




Net income (applicable 
to IMETAL shareholders) 




Per share 



2 44 

IMETAL’s Annual Report 
in English can be obtained 
on request from: 

Tour Maine Montparnasse 

33, avenue du Maine 
75751 PARIS 

cheaper to use at the higher 
frequencies. Thus, a complete 
silencer would be a combination 
of electronic and acoustic. 

A commercial, robust and reli- 
able production model has yet 
to be designed, although neither 
the loudspeakere - or micro- 
phones need be of special 
quality. This is because the 
generated contrasound auto- 
matically takes account of the 
acoustifc characteristics of both 
— they [are In the “loop. 

A similar project at Essex is 
working towards tbe cancellation 
of sound in heating and ventila 
tion ducts. In this case the 
sound is random; however, it can 
be intercepted further along the 
duct- with a phase-changed, in 
verted replica so that the noise 
is cancelled at tbe duct end 
This work has been partially 
funded by Science Research 

The “ cyclic " work however, is 
in need of funds. According to 
Alan Fry, technical director of 
Sound Attenuators, £Jra 
needed to exploit tbe present 
knowledge to the product stage 

Apparently a number of likely 
backers approached before the 
demonstration stage was reached 
all expressed the same view 
“fft can't be done." 

■ Both Chaplin and Fry are con 
Vi need that iF it is not done in 
the UK within six months, an 
-nouncemedts will be beard from 
other parts of the world. 


to 1982 

JUST published by tbe Financial 
Times is an International Man- 
agement Report entitled “ Elec 
tronics: Tbe Market to 1982.” 

The 125-page report, in A4 
format, provides projections 
arrived at after weighting data 
issued by a wide range of govern 
ment, trade and institutional 
sources. Author Peter Evison 
has, in this context, experienced 
the difficulties of most fore- 
casters in this area — there Is 
often no alignment of product 

Assuming that there are no 
major perturbations of tbe 
market, tbe report makes growth 
predictions in terms of 1976 
dollars for the year 1982 in six 
main sectors: computers/data 
processing, doubled to $60bn, 
consumer electronics up 90 per 
cent to 338bn. components up 84 
per cent to S33bn, U.S. Govern- 
ment spending, increased by only 
38 per cent to $22bn, and tbe 
industrial/commercial and com- 
munication segments both 
doubled to about £20bn. 

The total is nearly S200hn, of 
which half will be in the U.S., 
30 per cent In Europe and 20 per 
cent in Japan. 

Discussed in some detail are 
the ' technical and 
trends now affecting, 
to affect the market. 

The numerical data are pre- 
sented in over 120 tables, and 
the report costs fSO. 

More from Business Publishing 
Division. M'mcte* Hou«*. Arthur 
Street, London EC4 9BH (01-623 
1211 ). 

and likely 

w By agreement between the 
Financial Times and the BBC, 
information from The Technical 
Page is available far use by the 
Corporation's External Services 
as source material for its over- 
seas broadcasts. 

■ - : . -■ .i-J i . . ■ 

( Incorporated in the Republic of South Africa) 



The Board of Directors of First Union ' General Investment Trust Limited has pleasure in 
announcing the unaudited estimated consolidated results of the Company and its subsidiary 
for the period of six months ending 30 June 1978. ; 

Net profit after taxation 

Less: Dividends on preference shares 

Net profit attributable to ordinary shareholders 
(Note 1 and 2) 

Number of ordinary shares in issue 
Earnings per ordinary share 

Normal ordinary dividends (Note 3) 

— Interim declared June 1978 

— Final declared December 1977 

— Final declared June 1977 

— Special dividend declared October 1977 .. 
Net asset value per ordinary share (Note 4) 

Six months 

. Six months 

Six months 


. Ended 


30 Jnne 

30 June 

31 December 







R2 535 000 

R2 324 000 

' -. R2 071 000 - 

. 55000 

65 000 


B2 470 000 

R2 259000 

R2 006 000 : 

62100 000 

62 100 000 

62100 000 

3.98 cents 

- 3.64 cents 

3 33 cents 

3.00 cents 


3.00 cents 


3.75 cents 



— - 

5.00 cents 

98 cents 

• 81' cents 

92 cents " 


The income of the Trust does not accrue evenly over each half-year period of the financial year 
but is dependent on the timing and dividend policies of the Trust's underlying investments. 

r ® aUsati .°n of investments are transferred to a non-distribntaWe reserve 
m terms of the articles of association of the Company and are not included in the results above, 

The dividend of 3.75 rents declared in June 1977 represented the final dividend in respect of 
3 3 r l " ded 3 V U ? e , 1977 maWn « a,total dividend for that year of 525 cehS^ere- 

2 il ered to. 31 December and thus the dividend 
pnttinv J f e 1978 . presents the interim dividend' for the financial year 

AMS £e S’grr * total ^ dividend « 


The net asset value of 98 cents per share was calculated at the close of bn&incwta tvn Tune 
1978 after deducting the ordinary and preference dividends herein declared. 


Directors m terms of Section 221 (3) qf the Companies Act, 1973.^ ^ ^ controV o£ 

! Your* 



15th June 1978 

On behalf of the Board 
D. Gordon (Chairman) 
J. R-. McAJpine (Director)- 

gjggpgxg sffM grgag >" 

tave been declared in respect 

in tiie books of the Company at toeriose at businS 

preference share registers of the Company will be closed , T ? e o^ttary and 

S July 1978, both days inclusive ^ 0mvajl7 r ^ closed from Saturday 1 July 1978 to Saturday 

S July 1978, both days inclusive. 

Ordinary xbares 

6 * Per cent cumulative redeemable pre hrei ic e " shai^ 


per share 

transfer secretaries on or about 31 July 1978 Johannesburg and United Kingdom 

transfer secretaries on or about 31 July 1978 , T .- 

r* hiui„« -7 j. itcid cdviucilus wnere apDlicable — — 

in ***5, Currency ‘equivaJe^oif-M^il^igTO^of *v f* ^ 

payable ( era appropriate taxes) e x! eD t whera sbare^ of «?e 

payable (lera «5^te value of ib< 

of their election to be paid In South African "currency and sn^hnlf- ed ^ ave -written ^ -notice 

Kingdom or Johannesburg received by 1 

Kingdom or Johannesburg transfer 'SSbfi tSSKA"*”* 

Johannesburg y ■ 

15th June 1978 . By order of the Board 

E. Paulsen (Secretary) 

Johannesburg Transfer Secretaries- 

ISWwt 115 <Praprietary > 

Nedfin Place, 

Corner Simmonds and Kerk Streets 
Johannesburg 2001. 

United Kingdom Transfer Secretaries 
Charter Consolidated Limited, 
P:0. Box 102. 

Charter House, 
Park Street 
Ashford, Kent 
• TN24 8EQ. 

/v* ia 



••• — 

■ ■/.: ii't 



' " V 



ement Page 



gtaiiegl^r' flrdfessioira^^iHifffrit 

. tb&Jfifo&Qlg; Ofr ^romsti : afid\ 
! Newe©fl& BreW^ri^s^after fly- 
i ng ^e^'cttapja^ fifth 

largest- brewer-, pjore ; er_ less . 
single haiidetf for theljast' eight 
! years- .v; He jus hired a man of 
knovwf t^ent to " reverse a slow- 
slide" r itt>. the fortunes' of. the 
group’s beer- . business. ; He has 
devised ca . -»ew management 
structure - that - reflects 1 the 
group’s sise abd diversity; Now' 
he' must sit back and .see what 
they make of It ‘ '.. ... : ‘ 

. The most symbolic .change at 
Scottish-, and. Newcastle- is ,that 
a new beer company— as. yet 
unnamed— has been ' 7 formed 
within the group^to concentrate 
on the making,'. distributing and 
wholesale selling of "beer. Pre*' 
viously & and, N was ; ifself a 
beer company -which attempted 
to' ^diversify 'rather belatedly 
and . with mixed su ccess.- No wits 
other interests are to be ranked 
alongside beer -as independent 
’bus&esse's within- the <group. 
There will be a retail, business 
running hotels and pahs. There 
will be a wines and spirits busi- 
hess-r-'Waveriey Vintners. Each- 
will be a profit centre in its 
own right;’ ... 


The second .major change is. 
that a Group Executive has now 
been created between the 
operating companies and the 
Boards The new chief executive 
ij-i Mr. . Robert King, 49. pre- 
viously chairman of the Diversi- 
fied Products Company of Metal 
Box: Mr. King brings with him 
a certain aura of managerial 
dedication to the rather club-like 
atmosphere at.S and- N's Edith 
burgh headquarters. •' . 

He and his executive staff, 
which wilt include the finance 
director, Mr. Peter Molohy,. and 
the personnel . director, Mr. 
Allan Blacklaws. will be in day- 
to-day control of the group. 
They will teave Mr. : Peter 
Balfour, .who remains chairman, 
and his Board, free to think in 
broader term$ about the way 
S and N should develop. 

The need for. , the manage- 
ment shake-up became 
evident during a rather un- 
satisfactory period in S and 'N's 
history. The last three years 
have shown static., profits and 
.declining market share. They 
have been in contrast to the 
_ company’s above-average per- 
formance at the turn of the 
decade. . ... 

’. ; 'V? • . i • • ■ - * "’.-W ' i 

reports on management changes and group reorganisation at Scottish and Newcastle Breweries 

A shake-up to put the sparkle 
back into Tartan bitter 

• That was tim lime ' of. - what 
Peter’ BaUourf^ow-i. calls .wist- 
fully “-the smtil ;boy spirit" 
S . and -N was Relatively small 
among - ’ the ' : ;'jnajpr:-' British 
brewers. It was-piaMng the right 
beer for . the type. . It had a 
fortunate.bias towards. the grow- 
ing free ■ trade, sOJe-;: of beer 
sales.' It was poshiig'.its pro- 
ducts into untried territory in 
the South, and, - it made those 
products efficiently: The profit 
and sales figure^ that resulted 
made S and NVshares a market 

These advantages ' ' resulted 
from a mixture Of Huck and 
judgment. The cbiwpany sold 
three-quarters of. its beer to 
the free trade Oue„ =tb outlets 
not tied to a' particular brewer) 
partly because Sir. William 
Younger, the chairman until 
1970, did not believe - in expan- 
sion by acquisition.-; The com- 
pany’s expansion intfr^he South 
was helped by the public’s 
enthusiasm for Tarfah Bitter, 
and was made cost-effective by 
the managements fusion io 
use Cadbury-Schwejfces as a 
distributor td retaiLputlets. 

looking back on jjiose times 
today, the S and, ^.directors 
remember that when; . things 
were going well Pe$&Balfour's 
personal style of . management 
allowed for qiridi^aecisi on- 

But in the early 
the market turned^ 

S and N. The 
lager— -now 25 per 
market and still 
started to find tbatS'i^cl N was 
only involved in thi{£product 
through its part-ow^rfnip of 
Harp- The free tradejfbecame 
much' more competitive. The 
labour and fuel cbsts|» S and 
N’s long supply linesLto the 
North of England an^^otland 
tended: to outweigh. thMwnefits 
of large-scale and centralised 
production which bad j|£en one 
of this company’s adjutages. 
Where other brewing cancan ies 
began to reap the benefits of 

Group Boarg 

l*«tcr Balfour 


Robert. King 

Executive and Central Staff 

6% of 1977 profit 
(wines and spirits) 


BEER COMPANY (75% of 1977 profit) 
Bernard Kilkenny Managing Director 

19% of 1977 profit 












diversification into wines and 
spirits and into hotels. S and N 
found itself lagging behind. 

It was in the attempt to put 
things right that S and N began 
to feel like an overgrown family 
firm. Where Peter Balfour had 
been able to take quick decisions 
before, the number of decisions 
needed now began to overwhelm 
him. It was impossible for one 
man to be on top of the day^o- 
day problems of beer produc- 
tion. of an expansion into the 
hotel business, of the much- 
needed aggressive push into the 
wines and spirits business, and 
of other schemes far diversifica- 

Two of the latter—- a joint 
interest in Del Monte Kitchens, 
a frozen foods company, and the 
St Cyprien golf/leisure centre 
in France — turned out to be 
loss making mistakes and St. 
Cyprien in particular took up 
a disproportionate amount of 
• > • ' • • . 

top management time. It also 
became clear that the central- 
ised style of management had 
robbed local management of the 
initiative to take local decisions. 
Everything ended up on 
Balfour's desk. 


The non-executive directors 
on S and N's board played an 
abnormally active role in getting 
this situation changed: Lord 
Airlie. the chairman of 
Schroders. and in particular Mr. 
Lewis Robertson, the chairman 
of the Scottish Development 
Agency, pointed out that S and 
N Board meetings tended to be 
nothing more than an extension 
of the preceding meeting of the 
executive committee. Far from 
developing an overview of a 
diversifying group thp board 
was drawn into .detailed argu- 

ments about beer production 
and delivery. 

At the end of 1975 Reid and 
Timpson. a firm of management 
consultants, was called in to 
arrange a re-urgamsation of the 
company's divisions, a move 
that stemmed from the impend- 
ing retirement of some senior 
managers. The firm reported 
that Scottish and Newcastle’s 
management was " too far front 
the market place.” 

Today, with the wisdom of 
hindsight, Scottish and 
Newcastle's top and middle man- 
agement are scathing about the 
lack of feedback from the 
market “The cross links 
between marketing and produc- 
tion were so tenuous as to be 
non-existent.” says Mr. Van 
Gruisen, now managing director 
of befir production. It was not 
until 1970 that S and N began 
to do systematic market 
research, and the men running 

the company's pubs and hotels 
had no clear idea who in the 
group should be told about the 
Shifting tastes of their 

The chairman set up a com- 
mittee to act upon the findings 
of the consultants and by last 
summer, when he found his new 
chief executive at Metal Box. 
the committee had laid down 
the rough blueprint of the re- 
organisation that is now taking 
place. Nine months later, in 
March 1978, Peter Balfour was 
able to jump at the chance of 
recruiting Dr. Bernard Kilkenny 
as managing director of the 
newly formed beer company. 
Dr, Kilkenny was leaving his 
job as chairman of the beer 
division of Allied Breweries 
after a board-room split over 
the re-organisation of Allied’s 
beer business. 

There is plenty of scope for 
Dr. Kilkenny’s talents at S and 
N. He has to reverse the con- 
tinuing slide of the company's 
market share. He has to draw 
the right conclusions from the 
first results of S and N's ex- 
pansion into the lager market 
in the South of England with 
its own product, McEwans. Part 
of the gamble here lies in the 
name. Lagers with British 
names are well established in 
Scotland, but in the South it 
seems that lagers must he 
called after psuedo-Continenlal 
brewing dynasties to be success- 

Then there is the question of 
production. There is a growing 
feeling that S and N needs a 
brewery in the South to serve 
its market there. The site and 
type of brewery will be another 
of Dr. Kilkenny's early deci- 

Some of the groundwork for 
improvement on the beer side 
has already been done. The new 
beer company is already 
equipped to be an independent 
operation, ft has its own finance 
and marketing directors. It has 
three separate sales/marketing 
subsidiaries operating in Scot- 
land, Northern England and 
Southern England. Already 

these marketing subsidiaries are 
charging a realistic transfer 
price to pubs and hotels In 5 
and N’s retail division. The 
feedback from the marketing 
companies to the marketing 
director of the beer .company 
has already been greatly im- 

Indeed the overall impression 
created by S and N's reorganisa- 
tion, and the first reaction of 
executives to it. is that many 
more people in the ‘ company 
now know for what, and to 
whom, they are answerable. 
This clarifying of ihe structure 
and unblocking of the lines of 
communication seems likely to 
make the group more effective 
in the future. 


At the top end the changes 
have a transitional feel about 
them. Mr. Balfour remains 
chairman but says cryptically 
that he is “ looking to the 
future “ at the age of 57. 
His colleagues are surprised 
by the extent to which he 
has been prepared to hand 
over the reins to. Mr. Robert 
King: he has recently devoted 
an increasing amount of time 
to his work Tor the Scottish 

The top management has put 
on weight in the course of this 
reorganisation, and the salary 
bill has been increased by an 
estimated £$m. This is partly 
because the added manpower 
was needed and partly because 
the shake-up has been carried 
out in a humane manner. The 
Board is now generously 
manned and will probably need 
to be slimmed down as time 
goes by. 

It is clear that Mr. King 
must inevitably become involved 
in both the conceptualising that 
is supposed to be the Board's 
role and in the day-to-day 
management that is the function 
of the executive. But to ask 
whether he is Peter Balfour's 
successor is partly to miss the 
significance of his arrival. He 
is a different kind of business 
leader: in his own words he 
represents “a less charismatic 
and a more systematic 
approach.” S and N is now 
pinning its hopes on making 
use of its collective talent, 
rather than on inspired thinking 
from on high. “My job is not 
to succeed by myself, but to 
make people underneath rae suc- 
ceed,” Mr. King explains. 

Lonely hearts 
club for 

SMALL FIRMS bemoan the lack 
of finance available to them. 
Financial institutions complain 
there are insufficient takers for 
their funds. This apparently 
contradictory state of affairs 
cannot be totally explained by 
small firms being over-stretched 
and financial institutions being 
over-cautious, says the London 
Chamber of Commerce and 
Industry tLCCIl. 

To bridge what the chamber 
sees as an information gap it 
has launched a new financial 
information sendee for small 
firms. The centrepiece is a 56 
page book which lists the insti- 
tutions providing all types of 
finance from short to long term 
and includes sources of leasing 
and venture and development 

As well as giving the 
addresses and phone numbers of 
the institutions there are. in 
most eases, some comments 
offering a guide to maximum 
loans and the type of security 


The back-up service — which is 
a sort of lonely hearts club for 
small companies who have 
trouble finding the right finan- 
cial partner — includes an 
inquiry service, regular up- 
dating bulletins, details of. new 
services and any changes to the 
I information contained in the 
I book. The inquiry service is 
I being run by the chamber’s 
: economic department. 

Next year the chamber is 
hoping to expand the service to 
include export finance and to 
run seminars where small com- 
panies seeking finance can meet 
some of the potential lenders. 
And the book is planned to be 
produced annually. The chamber 
says that it has started the ser- 
vice because 6,000 of its S.OOO 
members fall into the small 
firms category. 

Sources of Finance for Small 
Firms costs £5.50 for members 
of the LCCI ifS.OO to non- 
members). This includes the 
updating and inquiry services. 
London Chamber of Commerce 
and Industry, 69 Cannon Street 
London EC4N 5AB. 

Jason Crisp 


A WARNING that companies 
should ' not expect' too much 
from profit-sharing schemes un- 
less, they form part of a wider 
employee participation pro- 
gramme has . been Issued by the 
Confederation of British . In- 

dU Comuvg at a time when the creasing eritployee involvement. 
Government’s tax relief provi- It is* “ l th * 

sions for helping employee booklet published by the Con- 
share ownership schemes are federation, which outlines some 
now passing through Parliament prptft-shanng schemes, sum- 
in the Finance Bill, the warning manses the Finance Bin provi- 
reflects the traditional, em- 5t&ns, and makes suggestions 

warn:. ., _ 


offer an 


“ For companies, 
participation schemes 
avenue for achieving that sense 
of purpose, at least at company 
level, which is essential for 
prosperity." says the Confedera- 

is not a primary method of in- weigh up the oenenis 


Ifs an old problem. 

The more you receive, the more tax you pay.Up to 83% 
if you receive an increase inyour. salary or as much as 98% if 
you also receive dividends fiwi your company. If profits are 
left within the company they suffer corporation tax. 

The new solution. 

Hill Samuel Life Assurance can now help you plan hoc 
efficient rewards for directors and senior employees using 
their newly designed Executive RetirementPJan: ' 

What does this offer? 

Money invested In fbe Executive Retirement Plan ranks 
as a fully deductible business expense for the employee 
Moreover, assets within the fimd to wbjehit is.linked 
accumulatefree of capital gains taxand taxes onincqme, 


of Inland Revenue approved benefflssuchasataxfree capital 
sum and a pension Which can increase. The Plan could also . 
provide substantial capital, transfer tax advantages.To find 
out bow theExecutive Retirement Plan can help you, 
please returtLtbe coupon. . '. 

I - " To: Peter Monis,HaiSamndLife Assurance Ltd, ."J 

NLA Tower, 12/16AddiscombeRoad,CroydonCK92lJ»-'J 

Telephone: 01-686 4355. Please let me have details of 
your new Executive Retirement Han. 

Name : — 

Name of Company— — — — 

Position ; — - — — — — 

Address — — 


^^Xot *{igi«WeM.Eirej ^ «■ *■“ mm "*™ ■ 

schemes should never be seen 
as an alternative to other forms 
of involvement and participa- 
tion but as a useful contribution 
to an employee participation 
programme. As such they 
certainly merit consideration 
because securing commitment 
presents major hurdles which 
are not cleared easily. 

“ Difficulties include the size 
of • some organisations; the 
nature of a great deal of work 
making it difficult to motivate 
people; and the high level of 
expectation among employees 
in terms of both involvement 
and reward. 

While the C-BI does not 
regard a financial participation 
scheme as fundamental to solv- 
ing these problems, the concept 
may well be relevant to some 






As we are one of the largest 
leasing companies, we can 
deliver many makes right 
away that you could wait 
months for elsewhere. 

who else has over 

All makes and 
light commercials. 



5EVENQAKS 55255 

p.a So* 450 Stvenoflh® Kent 

The CBI is not dealing here 
tilth cash handouts which axe 
basically ordinary bonus or in- 
centive schemes. This, it says, 
is because “true financial par- 
ticipation schemes are moti- 
vated by a wish on the part of 
a company to offer employees 
the opportunity of a more per- 
manent stake -in -the business 
Chan (the regular pay packet 
gives them," 

The booklet says thaft mort. 
schemes limit the employee 
shares issued to 5-10 .per cent 
of ihe total equity and warn.- 
that companies introducing 
schemes would have to balance 
the interests of die majority 
shareholders and the employees. 
“ This is sometimes much 
harder than dt appears because, 
as the employees' stake grows, 
so do their levels of expectation 
that they will share an the 
decisions that affect them. When 
an employee is a shareholder 
he can argue that he has as 
much right to influence company 
affairs as any other share- 

Traditionally trade unions 
oppose company-based schemes 
but says the'bookiei, “ a scheme 
with is too attractive may well 
become a subject for collective 
bargaining and that -too has its 

There is also the problem 
about what companies should do 
in bad years. Some schemes 
have foundered at such times. 

“ Statistics show that few 
British companies are at present 
adequately profitable, especially 
when inflation is taken into 
account In these circumstances, 
companies will need to think 
very carefully before pre- 
empting a specific proportion of 
profit in an employee profit- 
sharing scheme. They will need 
to weigh this against the oLher 
uses that could be made of tbe 

Fiurtficirtl rariicipation in 
Companies. An introductory \ 
booklet. Confederation of 
British Tndustru, 21. Tothilli 
Street, SWI. Price £1. 

John Elliott ! 



Business in the International 
Environment, by Yair Aharoni 
with Clifford Baden. Macmillan 
Press. Price: £10.00. At present 
a priority for management is 
the understanding of the eco- 
nomic, social and political 
environments in which the firm 
operates. This is a casebook 
providing the core for a course 
an the business environment 

Managing the Manufacture of 
Complex Products* by C. C. 
New. Business Books. Price: 
£12.00. This is about the 
managerial problems of the 
co-ordination nf the multiple 
activities which make up the 
manufacturing manager’s task. 

Commercial Property 

on line.... 

through JLW Computer 

The unique jlw coiviputon system links 
the speed of the computer to the needs 
of commerce- whether accommodation 
is required in The city, west End, 
suhurds or Provinces. 

A thorough and on-going service is 
offered, handled in a highly professional 
and confidential manner. 

• Commercial Property Agency is aided 
by JLW coiviputon. A brochure 
outlining all JLW coiviputon services 
is available on request from: 
west End, Suburban and provincial Agencies: 
103 Mount Street, London W1Y 6AS. 

City Agency: 

33 King Street, London EC2V SEE 


Chartered Surveyors 

YOU ARE healthy, needing no 
regular medicine or treatment, 
but preparing to be banished 
for a longish spell to a desert 
island. What 10 drugs do you 
take along? A painkiller; or 
perhaps two. because a mor- 
phine-type analgaesic may be 
useFul if you injure yourself. A 
broad-spectrum oral antibiotic 
for infections and food poison- 
ing. An anti-malarial (but you 
could easily become very 
neurotic if you tried to think of 
every tropical disease for which 

Miracle drugs: the euphoria 

Financial Tiines ^Friday June 16.1978 

becomes harder to swallow 


fected, and Ttalf-a-mfllion die 
from TB each year— and not 
only in the poorer countries. 

The euphoria whieh a decade 
ago pervaded the search for a 
cure for cancer has largely 
evaporated. Even a Presiden- 
tial declaration of war on 
cancer, by Mr. Richard Nixon in 
1970, has achieved little more 
than to establish that tt is a 
more complex problem than if 
appeared to be in the 1960s; a 
family of perhaps 100 or. so 
diseases, each of which would 

voumi»ht carrv a DroDhvIactic) simplify tbe “epical armoury remedies, however efficacious or explosion in health care cost s. "isolation hospitals” for such ' a specific:, treatment " 

Personal idiosyncracies soon for nations whose budgets for safe they had proved in a it sees a need for decisive actiun diseases as dipthena ^scarlet which in each .case seems 

begin to dictate whether one in- health are tight It has drawn particular population. in sev^ ^ X fi^ of fever ** *> lo ^ er Medei likely to come dose to being as . 

dudes antacids sedatives anti- U P a list of 200 “ essential Dr. Fatturosso believe that if 1 . areas, J 11 ® t of the latest triumphs is overa ^ angeroas ^ the disease itself. 

flaUilents purgatives alcohol, dru = s '' : . acti * e compounds the novel concept of “ essential whlch _ and : Probably m disease of tcnlay’s stressful ^ more . perhaps 60-90 per ' 

. ’ * which, when formulated into drugs is accepted it would lead important — is the primary pre- habits, the peptic ulcer, using an cent. , of- cancers- are- environ- ' 

, several hundred preparations, to a more equitable distribution vention of disease, if need be by anti-histamine. mentally caused, that Is by some • 

even though sdeuce has carcteog*. people come into. 

‘We've done it — the first acupuncture pill!* 

nostic and therapeutic sub- 

system-can be treated to-day widely ignored. 

"J5.SS fS'Ti' 5 :: in sconce. The best they can do is to be The UA on .w 

breaking new ground 

medicines, and how 

such as tbe “ beta-blocker ^as demonstrated another harsh ail the money spent- by 11 U.S. research — pick its targets? 
drugs. But a drug that cures f ac t : that crash programmes to national institutes concerned Some pick themselves. For 
or, better, prevents is nowhere so j ve or eradicate a problem y^th major areas of disease— example, most good drugs 
in sight Malaria, once the vrill work only if someone has ma jaria and TB would to-day .only alleviate or at best 

target of a WHO .campaign of already answered the funda- f, ave joined the diseases of cure disease, -but do not prevent 
eradication similar to that for mental questions. Lord Zucker- vestprdav " it Antibiotics, the class of 

mnlTnAv iff cwoonitiO fVlTPP J t iL. • 

countries mote titer. 30.000 There is . go h M ^ d“the preens pSS Sf SS? fo” ££*£ ■«*»■' f 

ssr^eS‘ s z ^£?srsL%s ^XKSss-^St y&zrsssrjzfz rJ e « € d ?o spsttmtss 

according to tbe World Health Answers depend on the place. ffSe patie^ themse ves that d ™ 8 ? the£ X>?e need 55 quired wStoV^reat to he boid *““2 tSmiSm^facSwaf two considerations: the scientific acity^to adapt and breed strains 

"V .*« W. £££- ”« d - ETS^Sve™ — ■«■» ■ commercial possrbm. .renter* topmost potent 

to serve the needs of most of that the list will need Hoffman-La Roche the Swiss- as well as for “Acts of God." The m Britain, is still unexplained dis«veri« that mayoccuMs hoover cures or prophylactics Britain, and Merck Sharp and 

his patients. constant review, to take ac- Iwsed multinational, currently reason is that its most and — 35 with the common cold did President Kennedy when he f or a bost of diseases frbm colds Dohme in the- U.S;, for example 

The WHO recognises that count of innovation; but ex- r^ted the worlds fourth biggest spectacular successes have been — its treatment is at best the decided to land a man op. the nTM | car igs cancer. —are very confident about the 

although drugs are generally a eluding, for instance, altema- maker of pharmaceuticals. The with some of the most dreaded alleviation of symptoms. Tuber- moon. future of prophylaxis. -Vaccines 

highly cosi-effective method of tives which might replace a company believes it is naive of infectious diseases. Smallpox culosis is both preventable and There can be no doubt - that against pneumonia, venereal 

combating those diseases for chosen drug when an infectious anyone to expect new drugs has been virtually eradicated— curable with nearly 100 per -had the U.S. Govennent directed Darporph diseases, hepatatis, dental 

which drugs have been dis- agent had built up a resistance alone to bring about better no case reported for six months cent, success. Yet about half elsewhere a traction of the . lVCaCdl caries, even some of the rare 

covered. it has been trying to to it. and also excluding plant health and win control of the anywhere in the world. The the world’s population is in- resources it has spent bn cancer ^ The 50 biggest companies “incurable" tropical diseases. 

" — ” : (apparently spend well below 10 are all serious prospects to-day. 

TTie Norwich way 

is to speakthe business language of Europe. 

per cent- of tu mover on research Paillt a .. concomitant ' of 
and development; a figure which jjjnogt every - disease, is another 
is high compared, say, with tbe q^vious target. According- to 
mechanical engineering or food Dr John V ane, the Wellcome 
industries, hut which hardly sus- poundatiotfs research director, 
tains the claim that research is 100 000 tons of aspirin are 
one of their biggest sources of ^ year. Which? says that 
expenditure. But this » not Britons . buy over ton. pain- 
the; whole story. Most com- ^ teblets a year;' for ail- 

pames dilute their ethical drug £ ttat range from hang- 
sales with other products— cos- Qvers t0 rheumatism — 
metics. special foods, pr£ potentialI y the world’s No. -I 

pnetary medicines, disease if ever cardio-vascular 

medicine product from t^th- dlsease md . aagm m 

pastes to treatments for-dan-t 

draff. These require a much ^e v! lcef, " 

smaller research investment - -q ■ 1 *11 

. On average, • . .finds Dr. FfllDKllivlS 

i. ■ 

a-5! SBC** 

In France, perfume is a great industry and 
mimosa an importantingredientin rtsmanufecture. 
So itisonthe hills above Grasse, where mimosa 

grows wild, that 
Monsieur Philippe 
Bonne of Norwich 
Union Insurance / 
discusseswith / 

Cetto, top parfumeur, aspects ofthe bus- 
inessoftheir mutual client Lancome. 

Why doesa famous French 
perfume house like Lancometurn / 

to Norwich Union for important I 


Like mostsuccessful companies 
Lancome knowthe value of expertadvice. 

r- , , 

They appreciate that Norwich Union 
are specialists with an informed and 
oftheirclients Y 
businessand its 
insurance needs. 

i. Although 
many major international companies 
enjoy Norwich L|nion’s personal approach 
to insurance, it isn’t reserved for big names 
only. Take your problemsto j 

Norwich 1 

i ^r' 11 i NORWICH 4 

^ ■ UNION -JL 

lang^to/ INSURANCE m H 

•;h Nowotny. the research budgets 
of the leading U.S. companies 
. ., expressed ^ a percentage - of 
- pharmaceutical sales is about 
10 per cent; of the leading 
> German and Swiss companies 
(which hold five of the first JL0 
places ii* drugs sales) around IS 
percent' The biggest spendets" 
he says.- reinvest 15 to 25 
per cent of turnover, in 
research- If -one then takes into- 
acconntVhe invited fixed asset 
in labani^ries and their equip- 
ment there figures must be 
increased b\50 per cent,. bring- 
ing the reak annual research 
investment of^the most innova- 
tive drag companies into the 
bracket 22^-37.5\per cent of 
turnover. - . . 

But how does l ^the drag 

- There has been ah explosion 
of interest among the drug 
companies since two Scottish 
researchers in 1975 showed 
that tiie brain can make its. own 
painkillers, which, they called 
enkephalins. The search is on 
foc^pillsiotighithetic 'enkephalin, 
as. powerful- as morphine but 
free from the side-effect of 

Or could it be that the answer 
to pain will be found in 
acupuncture, the ancient 
Chinese therapy of sticking 
pins into the patient? Some 
researchers now believe that 
this is simply a way of stimu- 
lating the release ;of “God's 
morphine "—and the perfect 
way of administering a drug. 

’way, ,« 


Senior changes at 

Jardine Matheson 

JARDINE MATHESON AND CO., and Speed Services earlier this 
Hong Kong, has made a number year. Mr. Stevens was . previously 
of senior management changes to 'with Nabisco, 
take effect, later this year. Mr. * 

J. J. G.- Brown, who has been- Dr. C D. T. Minton has been 
managing director since 1973, will appointed managing director of 
retire from the Far East and, IM1 AUSTRALIA from October 1 
while remaining on the Board of to succeed Mr. J. R. Seear. who' 
Jardine Matheson and Co„ .will is retiring- Dr. Minton will be 
take up a new appointment as replaced from September 1 as 
executive director of Matheson managing director of IMI O pell a 
and Co. In London. Two deputy by Mr. R. A. Owen, at present 
managing director will be assistant manager, IMI overseas 
appointed at Jardine Matheson and marketing department, 
and Co. 2hey are Mr. D. D. B. . 

McLeod, Who will be responsible * 

Me. Alan Charton has su* 
ceeded Mr. H. B. Roper-Caldbeck 
wood, who will be In charge of 33 chairman . of BOUSTEAD 

mLt °!I e J? ea L» Ope ^ 0n f - Mr- LIMITED. Mr. Charton^ischair- 
MrLeod has been a director since man of Boustead Holdings 


m iZ. ^ Boustead Holdings 

™ sp< 5S. "SZS Berhad. Malaysia, and of the 

activities. Mr. Heywood joined sineao 
Ihr’ Board in 1972 and since 1976 nanfes 
has handled group investments tn p 
North and South-East Asia, the 
Middle East and Southern Africa. Dr ] 

Singapore-based group of com- 

middle tasr ana aoutnern Africa. Dr. Miebael Branson has been 
. appointed managing director of 

APL*PLUS, the UK subsidiary of • 
Mr. IL G: Kersey has been Stoning Corpon- 

appainted tedmical director of- Uon ’ °* *“ e u ’ s ‘ 

hydraulic drilling equip- 

MENT- Ur. X E. Keyes is now 
manager, sales and field opera- Mr. Mike Gandy has ’been - 
tians department. appointed to ' the Board of. 

■' * joint venture .operating in the . 

M . UK between Selection -Trust and' 

Mr peter Hallgarten has been Ira thane Inn, U^. He continues 
WINE as general manager. - - 
1978-79. Mr. Vincent Larvan has * ■ 

become deputy chairman, and wr, p w iZ..c-C£:jC 

wcTOine aaputy cnairraan, and -tf r . p w r 
Mr. Dennis G. D. Webb, assistant m, V r TLJi - v 

tleputv chAirmazL X ■» Dexter-- to become. Js 

p “iy cnairman. directors of W. AND E. TURNER ^ 

‘ • from July i Mr. Broughton is at \ 

present company accountant and ' *u 

Mr. Richard Easste has become Mr - Dexler. property manager. . \| 

managing director of KRAUSHAR ' V 1 . 

ANDREWS AND EASSIE and \ ■ ■' ' >?{ 

Mrs. Janet Gllkes and Mr. Michael Mr. t; P. H. AWwu has become : \}\ 
uoidman have been appointed deputy chaihnan- of GILL AND ' 
directors, Mr. Peter Kreushar DUFFUS GROUP. Mr. - R. <3. ; v 

remains Chairman 

The Board of INLAND 
^VENUE has 'appointed Mr.- J. A. 

Christopher to be a deputy chief Ste®® and'DisWayv^Mf -~Z' . 

valuer from August l and Mr J ?* 1 ^ D. Bakei^ feF T. . U , .. • vy 

P- G. Heard -wifi he an assistant De “ p .? er ’ “r- F-.'St G .JU***. ' W 

chief valuer. Mr. C R Tlnslev 811(1 ^ ®- F - Kifson havfcibee*- » 
retires as deputy chief valuer on SgSSSM.' directors of ;AF«$KjN . , *, ? ' 

that date. v : ‘ . SERVICES, a -new hatiotodr^ 11- . V * 

maintenance comoany:-"/' ~ • *. : r‘ ; 

. v. . - v ' -Kli 

McFaD 'has relinquished, 
position as vice-chairman 
remains on the Board. "* 


— : sgt me 

has become: ’‘.jMlpl t 1 


iiahed ; 7 ..hls . ^ 

irman ' but i‘- -v'l; 

V* is - 

u .r‘ ■ ■ ee 

•*... 4r tw4u? 


s. • 




■- 3k»* A ^ 

Continued growth in the financial sector has enabled the economies of both Guernsey 
and Jersey to move forward despite a high rate of inflation, the flat state of some 
long-established industries and worries over finding employment for school leavers. 




Royal Trust 

bave been in the Channel Islands 
for over 15 years. . 

Backed as we are by a long established international ' 
financial organisation we have, in that time, 
acquired a wealth of expertise and a large number 
of satisfied clients. 




By Anthony Moreton 
Regional Affairs 

ALONG THE • ' quay and 
esplanades on St. Peter Punt, the 
picturesque little - capital' of 
Guernsey, the painters and 
decorators axe out in force. A 
few miles away, in St' Helier, 
the flags and bunting have gone 
up ra Jersey’s capital. The 
cause -of the- wash and brush 
up, as well as much of the 
excitement, is the imminent 
arrival of the Queen who comes 
to visit her overseas - depen- 
dencies in 20 days^time. 

; The reception she and the 
Duke of Edinburgh receive will 
be both royal and loyal,. as royal 
and loyal as anything she had 
in her own kingdom during 
Silver Jubilee year. The British 
holidaymakers* already throng- 

ing the Channel : Xdands 7 will, of 
course, be out- in'-fOtce, waving 
their Union JaeKSifeeir bats or 
just- their arms-:; -But the 
islanders will :be "just as 
enthusiastic- even: though the 
Queen comes udt^as head of 
the United Kingdom - but as 
successor to ;T3»' Duke of 

For the islands"' are Crown 
dependencies. Tbey came to 
Britain with - the 

Conqueror and when the link 
with Normandy was cut they 
opted to stay, bqUI^ey. stayed 
as Crown dependencies rather 
than as part of '-what several 
centuries - later ^become the 
United Kingdom.. 35o they have 
their own laws, based on 
Norman law. theirhwn customs 
and their independence from 
Whitehall. They',£fflay be, 
physically, no larfj^ than the 
size of a countyrwkh popula- 
tions no bigger High 

Wycombe or Doncasftrr but they 
fiercely maintain v^heif- inde- 

This independence is not 
only from the UK: but from 
each other. Although it is 
sometimes assumed feat because 
they- are loosely called the 
Channel Islands they/jnust be 
one unit, they are basically two, 
with laws and customs-on Jersey 
differing from those • ipr Guern- 
sey (there is a furfeepcompli- 
catioo that the -Bai&wick of 
Guernsey takes in-^ldemey, 
Herm. $ark and Jetho«)Wersey 
for instance, bans the g^abjish- 
ment of insurance coippanies 

IT--' jwprt 


JK • ^3 

:■■■■■ &' PRi 

■ ! ' r •; -Vr -*a? . k- - A 


• -I 

»5*iv . ■ ' • ’ ~ .* : 

. - . :?•<-<?' ■- r : V* : - : . *<\ 


H^AMemey > 
L Guernsey 

L Jerv>y5& 


t 0 . . ^'lOMilas 


■■■'i A 

e. a.MHur 





supplier, but there is a time lag - 
of around six months. The rate 
of inflation went up in the 
islands after that in the. UK and 
similarly lags behind in falling. 
Whereas the rate of increase In 
the UK is now of the order of 
7 per cent the March figures 
(rates are computed quarterly 
in the islands! were 12.7 per 
cent in Jersey (over March 
1977) and 12,2 per cent, in 
Guernsey. By June. Jersey 
hopes to be just within single 
figures. Shades of Mr. - Denis 

There are some fears, though, 
.that when fee UK. rate -turns. _ 
up again in the autumn rates 
in the islands will follow suit 
almost immediately. Tbis is be- 
cause the pattern of wage bar- 
gaining is tending to change. 
Previously, UK wage settle- 
ments tended to be accepted 
for island workers, many of 
which are in the same unions— 
transport workers, health ser- 
vices. bank employees. Then, in 
some cases, a local supplement 
was negotiated. Now, however, 
there is a trend towards island 
negotiations which could be 
rather more inflationary. 

The biggest concern, how- 

For investors on the move or with international 
- savings, the facilities available in the Channel 
Islands will be of interest.-- if you would like 
details about Jersey -as a ? Financial Centre •• 
' please complete the reply coupon. 

The Royal Trust Company \ . 

of Canada (C:L I Limited * . 

Royal Trust.House * - 


St. Helier *' ' 

Jersey ’i. .- ' 

Tel. STD 0534 27441 

A wholly owned subsidiary of the Royal Trust 
Group of Companies with assets under administr- 
ation of .over Canadian 319,000 Million. Copies of 
our latest Audited Accounts are available on 
■ -request. ; 

Other subsidiaries are incorporated in London. 
England; Douglas, isle of Man; Dublin, Ireland; 
Sl. Petec Port, Guernsey. : 

; Please cut out the coupon and return it to The ; 
: Royal Trust Company of Canada (C.l.) Limited. : 

• Royal Trust House, P.O. Box 134, Colomberie, I 

•St Helier, Jersey, C.l. • 

0 m 

1 1 would like to receive a copy of your booklet * 

• entitled '‘Services in the Channel Islands" * 


whereas Guernsey has cultivated banks overseas became con- Jersey would like to emulate. The concern how- 

their presence. cerned. It is impossible to say on top of this, inflation ever, centres on the debate on 

While the islanders will turn g* SSSlnSo^of^Se hfwwd remains worrvingly high, just how large the islands 

£°S£fS “ c act,vity " y 

are just now less than ^ ere was considerable concern. teQ ^ t0 be dominated a year during the 10 years to 
enamoured with the Queen’s The MPs have not yet pre- by ■ what happens in the i!9S4. Jersey has a limit of 500 
representatives, or to be pre- sented their report to the UKr, since that is its major*a year to a total of 80.000. 

rise the Queen’s Government. Labour Party and there are *T CONTINUED ON NEXT PAGE 


GN 11F.T.6 78 

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Jersey, Telephone: 

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U.K. . Telex: 41369 

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■ 5, Whites Row, London El 7PB 

Both the Queen's Government th ose on the islands who believe — £ 

and the Labour Party which that while they may beT — f 

sustains it have in the past criticised for some of their 1- 
three years taken actions that social policies they will not be j / v 
havevdisturbed the fine tuning attacked for tbeir tax policies, m'lfifflii ' 
of the, islands' economies and Indeed, there is an air almost xh-.K 
this hak been greatly resented, of complacency about the visit. Igl 1 
. In tfAl975 Finance Act the Many believe that the MPs have' g§®||||| 
Chancellor extended Capital seen the desirability of allowing f§§B|jHs 
Transfer T^x to those emigrat- their low-tax position to con- ||§gSra|| 
ing to the islands and he further tinue; others believe that Wliite- nrajM 
enacted the legislation retro-' ball can do nothing about it in §||§mp| 
spectively to ' the previous any case because . of their 
December. This was a nasty Constitutional position. gfe§- 

blow to the islands which. This overlooks the factor of BPpllllill 
under the leadership of Jersey, confidence. As the islanders ; 

bad developed strongly as off- point out frequently, much of » 1 : ; }.i 
shore financial centres (they the money which has flowed in 
strongly dislike the phrase “tax ^ come because of their M &53M 
haven political stability. But stability 

The move caused a hiccough j S a fragile plant and even hints 
in the flow of wealthy immi- of action can destroy or niuti- 
grants to the islands, though late it. It would pay them to 
this has picked up again. Jersey court London a little more 
has a quota of 15 wealthy immi- assiduously than they have done 
grants a year, the definition of so far. 

wea ^y beiog that they roust ^ of Jhe financial 

contribute at least £10.000 a sec j or j Q borh islands (which 

year in tax income to the are scheduled terri- *■'> , 

economy. Given the 20 per cent tories) over ^ past ig t0 20 , ^ 

rate of tax (and no capital levies years has allowed the economies 
of any sort) this means that the grow: but it has also masked, 
newcomer tpust have a gross in- or i esse ned the impact of, «AV«23?' 
come of atTeast £50,000 a year. Ganges in ’other directions, 

Tourism, for instance, has been 
T Tnpprtiiintv hit by costs rising faster than 

uutcl iam V net earnings in the UK In 

Tn 107*5 thP flow of wealthv^ ^ Guernsey between 1974 and 1977 mg&Wm 

newromers ^drop^ed J ? B S2S J“ ffS 

spirwa from this ™ some f e fj 
depression m the price of ‘'oatchv” 
bouses and a general air of un- * „ . _ . 

certainty. The following year Horticulture, the other 

the number had risen to 14 and staple of the economies, has gfe* 
last year it was 21. Jersey ex- taken more of a buffeting. 
plains the 1977 figure being well Since 1974 there has been a 
over the 15 limit in a pragmatic rea * decrease of 18 per cent in y ^jgg ii 
way: it has averaged the last Guernsey’s export earnings. 
three years. This year Jersey Jersey, too, has suffered and 
expects to gram the full 15, both would have fared worse ggg 
which will disappoint as many bad not the pound fallen, 
again who want to leave the making their products, rela- 
incidence of UK taxation for tively more attractive vuw-vis 
the attraction of 20 per cent. 

idSds- e TO I1 iXi^aSte r Is^oUy ^ eridence that _ 

resented. Mr. Peter Dorey, ^e fall has bottomed out bnt I 

president of Guernsey's firing to find ^niative J[ 
Advisory and Finance Com- employment for those no 
incrt-anMi cams it i<? longer needed in agriculture has 
“stf^r vindictiveness ^We rt set P 11 * pressure on the economy. 
wrtoS bS« they iS Un«nploymeat levels, despite 

S SSSS S*.™ ^“SS-5 now 

sTKt fe« a" js as 

balance our own economy. t0 unemployment. It offers no 
- Certainly, the islands (and central aid for those out of 
the Isle of Man, which is in the work, other than parish relief, 
same category! have been dis- which mighi be described as a 
criminated against It is now throw-back to 19th-century Eng- 
simpler for a UK national to land (In effect, it exports what 
emigrate anywhere else in the it has to the U.K That way its 
world than it is to the Channel conscience as well as its budget 
Islands. An emigrant to Spain, is clear), 
for instance, can take £40,000 Both islands, however, find it 
with him and bring the rest of fijjg cu ]t to place school leavers, 
bis capitaJ out in four y®*®! The bulge in the birth rate in 
someone going to ■ Common earJy 1960s ^ oow heing 
Market country can take £80,000 re flected on the labour market 
immediately. No such conces- there is some criticism that 
sion is available for the Channel no t enough apprenticeships are 
Islands. being offered. 

. On top of this simmering Guernsey is better situated 
concern was the visit in in this respect than Jersey be- 
February, of two Labour MPs, cause It has a more buoyant 
representing ■ the national light industrial sector. The size 
executive of the Party, which of the average industrial unit 
had taken a jaundiced view at in Jersey is small whereas Tek- 
the outflow of capitaJ from the tronix in Guernsey has 670 on 
UK to the Islands. Ripples from the payroll. Guernsey also has 
the visit spread widely .and a better spread of firms, which 





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THE DEVELOPMENT of inter- ■ per employee. Yet as the States' 
national banking and financial advisory and finance committee 
business, which Is being actively pointed out, the' demands made 
encouraged in Jersey and Guern- on the island's resources were 
sey, has particular attractions modest, with'only two additional 
for the islands. The banking housing licences being granted 
operations are highly profitable, to banks apart -from the clear- 
offering the islands a valuable ing banks in. 1977. 
source of tax as wejl as of These figures ’ underline the r „ 
employment. By concentrating vital importance of the financial 
on the growing offshore busi- sector to the structure of the " 
ness, mainly in wholesale bank- islands’ economy The extensive 
mg, the financial institutions do international -fiiianee business 
not make heavy demands^ the has takeh off in' the last few 
resources of the islands and yea rs, devdopiim out of the 
particularly on the limited islands’ historical position as 
housing available for Jow ^ centres £ ithin the 

immigrants. sterling area. In the past two 

■It has. been estimated that ° lain types of activity were 
in Jersey the clearing banks andrf aw " ^ islands. One was 
the banks registered under the hand }J?g of trust business 
local law produced profits liable on behalf of 

to Jersey tax of £20m in 1976— residents and more 

a potential tax liability 0 f Particularly of expatriates; this 
around £2,500 for each employee JH ?, 1 ™ ™ foundation for the 
—rising to some £2 5m in 1977. 51111 espemting trust business, 

The finance centre activities w * u . c b J s now increasingly inter- 
account for about a quarter of na 5? nal J 11 character, 
the total tax income. In Guern- , ^ e other was the attraction 
sey the 43 institutions regis- , deposits, historically mainly 
tered under the local Protection sterling, from the residents 

of Depositors Ordinance pro- the islands and . particularly 

duced combined pre-tax profits H?. m . . w calthy immigrants, 

of some film, compared with This business is still important; 
£92m in the previous year, -finance -companies of ^ 

representing a profit of £11,000 ™ W** 8 WMJW a substan- ^ 

tiaL source of funds. Some of the g 
deposits raised are .used in the 
local market, in the form of 
mortgage lending— the islands 
have - no building' .societies — 


know about 

expansion m 

A great number of International investors 
and financial advisers are now using 
Schlesingers’ investment management services 
and funds in Jersey. 

This is due to an increasing need for 
financial planning advice and portfolio 
management for non-resident investors. Our / 
resident dSrector, Robert Howe, leads a team ' 
who are experienced in investment work and 
offshore management for individuals, trusts, 
and also corporations. Directors of Schlesingers’ 
London investment division also visit the 
Channel Islands regularly and are available for 
advice and meetings. 

Please visit Bob Howe at the offices of 
Schlesinger International Management Limited 
at 41 La Motte Street, St. Heiier, Jersey or 
telephone him on J ersey (0534) 73588. 


Banks in St. HeUer, Jersey. 

but the bulk is Available for the position in 1978, but it may opportunity to keep dovrti^the 
use of the bank parent com- possibiy prove more difficult to average tax rate on' their overall 
pany.. A typical example is pro- maintain the growth -rate of portfolio. 
vtded by. National Westminster reC ent years.” The tax rates are -ico W 

Bank Finance (CI>, one of the _. „ . , , , , 1Qe tax rat f® -also.- the 

big groups, which list year had gnwOi hM been lounded mam reason for the growing 

nearly £3m. lent out on mort- on a marked change in the numbers of companies being set 
gages but had deposited a total nature ^ business being up in the islands. These Com- 
of £168m. with ltsrarent com- carried out in the - islands, parties, often subsidiaries; of 
pany or with other group sub- Apart from the limited number major international corpora- 
si diaries of wealthy immigrants* their tions, are used for. a wide 

In recent yeafe' however a activities are of little direct variety. of purposes, with, the 
new kind of - international relevance to the UK resident; common theme of enabling their 
business has provided the main recent tax legislation has meant owners to take advantage of a 
growth impetus for' the finance that it is now virtually impos- flexible vehicle for reducing. tax 
centre activities of the islands, able for huh to take real advan- liabilities. Mr. Powell -cpa- 
The attraction of'coaxse lies in tage of their low tar rates. But mentetf:- u The use of Jersey by 
their tax situation— not just the the islands have been able to foreign residents and foreign 
low income tax Bat also the use their advantages to attract companies continues ftfr' * 

absence of other imposts such a widening range of business variety of reasons, some associ- 
as death duties, capital transfer internationally. For these pur- ated with the minimising-; Of 
tax and capital gains tax The poses they have attractions international tax liabilities4mt 
authorities in the islands are besides the tax. position; their others more associated wittethe 
very concerned,: though, that political stability, their location political uncertainty in v - ; the 
they should hot be regarded as and their communications aH areas in which those concefnal 
merely another, tax haven. This, provide for foreign business to are resident.” 
they argue- ; -and their- feelings move to the islands. _ 

are shared by the bankers — This has been clearly evident IflS liranCP. ; ' ■ 

would be an insecinre : >base bn in -the banks’ trust business. ^ i 

which to build their ; expansibh They have biiiltiip in thie-istiinds . The finance centre activities 
plans.- J- ! an extensive expertise in .inter- of Guernsey have one feature— 

. an extensive expertise in .inter- of Guernsey have one feat* 
national trust activities of a kind the captive insurance market 
' which it would be hard to find which does not at present, exist 

. f ■ on the mainland. They will in Jersey (where- insurance 

/The description preferred 1 Is handljj business, for example, companies cannot \be~ estab- 
that the Islands operate as off- for wealthy foreigners or lishedj. This business has been 
shore financial centres, with the expatiates perhaps in politic- one of the main aspects of the 
special characteristics of being ally unstable areas who want to growth of the island as an 
within the sterling area. And find a safe haven for their funds, offshore finance centre, with a 
the policy of the authorities on Th . bl t Dr0 vide a number of companies 

both the main islands is very f __ ;„+« th*. finding benefits in forming 

much aimed at avoiding the companies based in Guernsey 

=~ ESS& dl B2Sr22 

Members of The Stock Exchange 

41 Broad Street, St Heiier, Jersey, Channel Islands 

Telephone: Jersey Central (STD 0534) 27276 Te!ex:41687 

Management of private client portfolios is supported by a 
comprehensive research-department specialising in ... 
banking* insurance broking * chemicals and pharmaceuticals' 
•oils ’tobaccos* stores* food distribution.- mining finance. 

In liaison with our London officeive offer the following facilities? 

•Authorised Money broking •Internationa] research and analysis 

•GUtdealingaidreseareh ‘Traded option dealing, clearing 

and analysis ■ ■ 

•0> crseas dealing • Corporate finance advice 

Clements House, Gresham Street, London EC2V7AU 
Telephone: 01-606 8099 Tetex:886268 

methods of tfex avoidance or of their own risks. The Guernsey 

evasion and at encouraging the ^ ^ n ariv fhP economic re P° rt ****** that 

development only of the most *°, r ^ e mve ^ or - Sl ™ llarl > r ' ^ island had “continued to 
reputable banking institutions. establish itself as an insurance 

The point was made clearly “"2,™ 8 ® LS-tJUS centre man y new captive 

in his last budget report by Mr “«L P ( i nsuranC8 J companies being 

Colin Powell, the Jersey nature -. ^ ““Portant develop- f orme< j during the year to 
economic adviser. “ Over the men J * ecent J® 8 ” IS underwrite the risks of their 
past year" he said.' “continu- pach of the new bpmess is of- pareilt organisations." 

ing emphasis has been placed ££££ currant ^ther th^ ^ financial activities of the 
on the m® to present a islands are therefore expected 

respectable image to the outside Jf . ^ h^t Prc to provide an essential and ex- 

world.” As a result of the P»n«ng of their econo- 

continuing developments, the ” “fics and have reached the 

island had strengthened its anywne e n tne worm. point where their international 

position as an offshore finance . A second recent develop- growth should be self-sustaining, 
centre. “It has shown more inent. particularly in Jersey, has The islands recognise that 
and more clearly that it is not teen the growth of the booking because of their proximity to 
simply a product of a special of international loans through the major money markets of 
relationship with the UK to be the islands. This business, arcbe- London they are unlikely to 
weakened by changes in the typically offshore banking, is develop as full international 
fiscal legislation of the .latter, providing an important draw for money centres — though there is 
but a centre of standing and the growing, number of major some interbank business being 
integrity capable of attracting international banks which are carried out But as offshore 
business from all parts of the finding advantages in setting up centres they maintain that they 
world.” in the islands. The community have the foundations of a long- 

Similarly, the Guernsey includes banks like the Bank of term development which will 
advisory and finance committee America, Citibank, Hongkong incidentally produce growing 
remarked: “Guernsey is now and Shanghai and recently the benefits for the invisible earn- 
well established as an offshore Algemene Bank Nederland and and the balance of 

financial centre and there is the Bank of Bilbao. Booking payments of the UK as a whole, 
every reason to suppose that it international loans through the _ „ 

will continue to strengthen its islands provides them with the Michael Blanden 

A Jersey coiporatioD tax company 
may be auseful element in the 
■fingrtrog^fliriri tAv plflnmng ' ; * 

arrangements of anyone with, 
business or other int^rest^m more J ■ 

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service for such, companies, inclnffiig 
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JuliaiG. iregoinng, .. . 

Save&Prosper (Jersey) limited, 
P.O. Box 73, 

St, Heiier, Jorsey, _ 

Channel Islands. 

Tel: Jeraey(Q534)2Q591/2te •: . ‘ 
Telex: 41626 ...... 


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Unless you happen to be rich 
enough to qualify as one of 
Jersey’s 15 wealthy immigrants 
or ' able to buy a house on 
Guernsey’s open list (starting 
price around £70,000) .then the 
Islands erect many hurdles to 
potential newcomers, some of 
which seem difficult to justify 
to outsiders and alt of which 
involve. a degree of bureaucracy 
which would be roundly con- 
demned if practised elsewhere 
On Jersey, for instance, yon 
have to -live and work on the 
island for ten years without a 
'consent” before accommodation 
can be leased and a further ten 
years before it can be bought 
On Guernsey’s closed list of 
properties, which are cheaper 
than those on the open list 
(though not always so) only 100 
licences for house purchase are 
issued a year and the govern- 
ment takes first pick for those 
employees it wants. Even some 
Guernsey-born peopje find it 
difficult to return because of the 

Yet the islands need more 
immigrants or new companies 
if they are to expand. With the 
non-financial sectors flat extra 
revenue to finance growth must 
come from the taxes wealthy 
settlers bring with them or from 
the business created by the 
corporate sector. This is because 
they are precluded from raising 
tiie level of taxation. 

is a potential tax . liability of 
well over - ' £2,500 for every 
employee in the financial sector 
compared with £400 in the rest 
of the community. 


The way in which, the islands 
have developed . the financial 
sector has been the' great 
success story of the last two 
decades or more and has 
allowed them to attain their 
enviable level of prosperity. In 
1876 . banking and finance was 
responsible for employing 
2,545 people in Jersey and 
probably 1,000 in banking in 

Banks alone produced a 
profit liable for tax last year of 
some £25m in Jersey and £llm 
in Guernsey. In Jersey there 

New companies registered 
have also been growing fast In 
the first ten months of last year 
(the last date at which figures 
were available) 1,499 bad been 
registered in Jersey compared 
with 1,537 in the previous year 
and 1,256 in 1975. Over in 
Guernsey, 899 were registered 
last year, a rise, of 185 over 

Both islands are aware of . the 
need for legislation to enhance 
their image as centres of 
financial probity; Two bank 
collapses some years ago led 
the authorities to ■ be increas- 
ingly concerned about both the 
quality of new entrants and the 
need to prevent imbalance 
arising. There is still ample 
growth ahead for the finahc'>T 
sector if sensible policies are 
adopted on population growth. 
This is the key. 

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^ ^^ci^ 'niines FrFday June 16 197S' 



company law 


,WEFH_ A company law In 
f Jersey .. ' basically .unchanged 
;■ j^nce 1861, and in Guernsey 
• since ISO? — "both originally, in 

i - "French-— na responsible . person 

> in the islands pretends that the 
^existing. legal - frameworts are 
: f adequate to. : contain - today’s 
>- sophisticated financial activities. 
r The . question has been how 
' far and how fast reform should, 
-go. The islands’ -present law?; 

. whatever . their > - deficiencies, 
have the attraction forjdients of 
being ■ uncomplicated and mot 
unduly restrictive.' To what ex- 
; teat can ■ off shore -havens afford 
to. start, stirring up. the dust 
withl^' hrbhms y . - 
I :\: is the fact: for instance, that 
. i r one, cannot', discover the names 
' l of; a -Jersey compands directors 
- (unless one -of them happens to 
sigh ^ — K legibly-: — the annual 

V retnrh> unjustifiable secrecy,; or, 

V f 8^,:-,the' island’s legal fraternity 
.injilntaans, ,a .perfectly proper 

of . confidentiality. that 
; c^hses ho problems? ' * 

-'.' So while company law reform 
v *'has -been . under . discussion . in 

Jersey and Guernsey for some 
years, htfle'-his sb far got on 
to! the statute- book except pro- 
tection of: “-depositors’ legis- 
lation. " i 

■ : At one tuoe it looked as if 

the islands ihight'. tie going to 
adopt ' radnafiy-'.: different 
approaches teethe, question, with 
.Jersey' opting', for 'sweeping 
reform aiid.'. Guernsey for 
gradual amendment. 

. In 1971 Jersey -"appointed as 
its first coduntexcial relations 
officer Davitf 'JtonS^ formerly 
head of legalservices at Jordan 
and Sons ■ in' iotidon, whose 

well-publicised - ; . w 3 ® to 

draw up a modeih commercial 
code suited'tb.'Wif and's new. 
role as sVjflhaiKaal ' centre. 
Guernsey avowed *hy involve- 
ment . in ; ' AHs .-'neighbour’s 
apparent reforming zeal and 
set up a worlds Pf 0- 

fessional meh-tp; make. a. quiet 
reappraisal of yfhe fisting law 

In the events Jooks as if 

both islands ttre -jaobaNy going 
to follow much' the-same course 



r '■/ 

.f 3 









The Managing Director, ^ : ‘‘rSE-. 

Chawton Cominoditiesliniited, 

Normandy House, 

Greamfie Street, - 

St-Helier,”' ... - ■ . j 

Jersey CJ. . ■/ f 

Tel: Jersey (0534) 26352 Telex: 4158. CJP 

of extending or amending their 
legislation where it seems 
prudent or profitable to do . so, 
since Jersey's professional 
community has shown itself 
determinedly opposed to any 
kind of clean sweep. 

Of the four draft laws that 
David Morgan produced, the 
only one that has made pro- 
gress so far is a proposed Trusts 
and Trustees Law. Another 
dealing with mortgages of mov- 
able property is also likely to 
be enacted eventually, since, 
like the trust law, it is seen as 
good for business. 

But the main part of Morgan’s 
work, embodied in draft com- 
pany and insolvency laws, has 
met with general hostility. One 
foreign bank’s legal expert 
believes that if it went through 
Jersey would have one of the 
most modern commercial codes 
in the world, but he queried 
whether a tax haven such as 
Jersey was adopting was the 
right approach. 

Morgan himself, now back in 
private practice in St. Helier, 
thinks that many people in the 
island have “ conveniently for- 
gotten” the climate of opinion 
that led to his appointment 
following two bank collapses 
and a run of local bankruptcies. 

He points out, too, that his 
assignment was to draw up a 

legal framework, for a financial 
centre — “ not a tax haven.” This 
he did with a thoroughness that 
has won him considerable 
respect internationally, if not at 
home, studying recent legisla- 
tion and reform proposals 
throughout the world to give 
Jersey a code that he hoped 
would see it through the next 


The local reaction to his pro- 
posals, he thinks, has been 
“ negative and un constructive,” 
especially as several of the 
points attacked by the island’s 
professional community (spell- 
ing out the responsibilities of 
directors, for example) are now 
being advocated by their parent 
bodies in the UK. “ The implica- 
tion seems to be that the local 
professional community wants 
lower standards here,” he says. 

On the other hand, some of 
the arguments being used 
against Morgan’s proposals cer- 
tainly swayed Guernsey’s auth- 
orities in deciding not to em- 
bark on a complete rewriting 
of company law. 

At present Channel Islands 
courts can draw on UK prece- 
dent in interpreting their Eng- 
lish-based company laws. Intro- 

ducing legislation untried else- 
where, Guernsey felt, could 
lead to great difficulties and 
perhaps endless and costly 
appeals to a higher court 
There are a number of 

Morgan’s specific proposals that 
have, been welcomed and will 

undoubtedly find their way on 
to Jersey’s statute book. These 
include, removing a prohobition 
on setting up insurance com- 
panies (which would enable 
Jersey to compete with Guern- 
sey for captive business), and 
provision for creating floating 
charg® 5 - 

The trust law is something 
that has been increasingly re- 
cosrised as necessary with the 
faSnfoff o£ t™ 5 * business 
from the UK— discouraged by 

and the need to turn to 

the international market. Over- 
seas clients are less ready than 
the British to accept that Eng- 
lish statutes and case law estab- 
lish the validity of trusts in 

■ The delay in bringing for- 
ward legislation has been due 
to professional objections to 
some of the original provisions, 
notably those proposing regis- 
tration of trusts, a system of 
approved trustees, and regular 
audits. Morgan hopes that his 
third draft, in which he has 
either dropped or considerably 

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We provide Company formation, 
administration, financial management, 
accounting and banking services 
for corporate and private clients. 

Bevfbelot "House, 
Berthelot Street, 
St. Peter Port, 
Channel Islands. 

Telephone 0481 2G618 
Telex 41413: 


Copies of latest audited Accmms'.'are waitable on 

St. Peter Port , Guernsey. 

upport for 

modified those provisions, will 
prove acceptable. 

While working on the latest 
version he had an opportunity 
of conferring with a recognised 
authority on comparative law, 
Professor H. R- Hahlo of the 
University of Toronto, who was 
concerned with the trust codes 
of Quebec and Louisiana — areas 
with a similar French back- 
ground to Jersey. 

The outcome has been a 
longer and more explicit law 
than what Morgan now feels 
was a “ too skimpy ” first effort 
—a point to be noted, he thinks, 
by those who have criticised 
his company and insolvency 
laws for being too lengthy and 
complicated. Guernsey’s first 
imminent piece of legislation is 
a long-awaited insurance law, 
designed to provide a proper 
legal framework for the island]s 
expanding business in this 
field, especially as a base for 

The law will give the finance 
committee wide discretionary 
and investigatory powers, and 
insurance companies will have 
to be licensed annually in the 
same way as bants (except 
those already authorised by the 
UK Department of Trade). 

It will no longer be possible 
to operate an insurance com- 
pany as a non-resident company, 
one registered locally but with 
no place of business in the 
island. “Such companies will 
either have to come onshore or 
cease trading,” says Guernsey’s 
commercial relations officer, 
Bruce Riley. • 

The island is also planning 
to bring in legislation to deal 
with the same problem as 
Jersey’s proposed Mortgages of 
Movable Property Law — the 
difficulty in obtaining a valid 
charge over personalty in the 
Channel Islands — though 
Guernsey, unlike Jersey, is not 
at present envisaging any 
system of registering charges. 

Guernsey’s working party on 
company law reform has now 
virtually completed its job. but 
it is likely to be several years 
before all its proposals are 

Areas in which reform is 
seen as desirable include a 
number that Morgan has 
pointed out in Jersey: the need 
to define the duties of directors, 
to ensure that directors of 
insolvent companies cannot so 
easily escape personal liability; 
to be able to deal effectively 
with fraudulent preference. 

Guernsey, it can be assumed, 
will watch the reactions to 
Jersey’s trust law, and Jersey 
to its neighbour's insurance law. 
In fact, the islands now seem 
likely to keep rather more In 
step' on company law re'form 
than looked probable at one 
time — a situation that would 
certainly make life easier for 
their international clients. 

coupon to: 

K F.\Vilkinson,Managins T . . , 

Britannia Trust Management (C.1-) Limited, 
P.O.Box 271 ,lniuty House. 30 Bath Street, 
St. Helier, Jersey. Channel Islands. 

Please send nie irfortnetion on: 
Lump Sum Investment 
Regular Savings Plans 
Private Portfolio Management LJ 
Share Exchange Scheme — 


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Administrative services 

Accounting Services 

Telex and Boardroom available 

4 College Terrace, The Grange, 

St. Peter Port, Guernsey, Channel Islands 
Telephone: 0481-26467 Telex: 41611 

Edward Owen 

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the CHANNEL Islands might but only «uliflo ? n o a slight decline m earnings 

be forgiven for being eompla- fa 1 in sales anu in s ^ die iD 1h76 . Tomato exports, based 
cent about horticulture. Every pnt do« n ^ ^ “ oo a crop slightly greater than 

year Jersey new potatoes and previous dry summer. in T he two previous years, 

Guernsey tomatoes arrive in Total export value for the first brought ^ £22m. an increase of 
the UK shops ahead of most ol n\ nc mouths of 1977 amounted p« nl over 1975. 
the competition, and every t0 £i3.78m, with potatoes ^ there has been ( 

year it seems, they contribute accounting for £8.26m of tins. j ncrej5e< j investment in horti- 
more and more revenue to the But whi i e this is clearly useful eu]ture _ during the past few 
islands’ economies. There revenue, one almost gets tne vears- this, according to the 
never seems to be a bad year, impression that the value of the g tates Committee for Horticul- 
and poor crops in the UK dur- f arn i sector lies more in its ture _ ^ paying off in higher 
ing the droughts of recent years con tribution to a broad range prot j uc tivity: around 301bs of 
have also helped the islands to econom ic activity and to an tofI13Toes pgr plant for instance, 
boost their sales. environment that cannot oe ^ urren t research is directed not 

The market for Jersey allowed to succumb to any only t0 improving yields but 
notatoes for instance, was maior urbanisation or maus- als0 t0 fading 0 ew high value 

ereatly helped last year by the trialisation wnrHmT crops ™ ch as pot P la . Ilt ‘ i - Ther ® 

Sects of the 1976 drought The The Agriculture and Horticul- hgs als0 been hea ^, sn vestment 
UK main crop was poor and ture Committee is at P ai ^ ™ j n new glass, particularly the 
thP weather in the spring of point to the importance of tne mod ? m 24. inch panes, apo 
1977 delaved the digging of se ctor as an empteyer—i some grgnts ^ available for new m- 
earlv potatoes in the UK- 5,000 people are involved an ,. tjd , 3tl0TV . or around 13-15 per 
Aided by a large crop, the a s an essential ? t f C en-t of -the capital cost fnr lane 

value of potato exports by serving the island s pleas y ou , ers ail( j up t0 25 per cent 

g o ^ er5 A not fare^so well, m The intention therefore h« Grants 

1 to be tt produre^as P°^ (A n j WMe example of the 

while at the same time importance of horticulture in 


rs“ £S 811 it! sstsak — e S°it e 

at heluLs the farmer to i9S oolumn inches to a report 

’aTce^d’afSreUa 1 “The islands have a climate 

such as hydroponics — soilless arrangement with the EEC that 
suen seems to .involve them in do 

A marketing campaign for the discomfort-more than can be 
Jersevpotatois also under way, said for .UK farmers; andjhe 
Swttrated largely in London threat of serious competition to 
fnd ttHorth of England and their products from other coun- 1 
and th® media including tries has been fairly slow to . 
•*““ m6dIa ' materialise, aided in part by the 

And for the future it seems weakness of the pound, 
th™ is greS scope for develop- Agriculture and horticulture] 
Sf the Sands fishing industry, are essential to the balanced' 

s, ir setting up fish economy that the islands want I 
KSs- aroiid fiL5m worth of to preserve, and there is no 
shrilfish was exported last year, doubt about their ramnuttpent 
sneunsn vZ. nee to preserving the industry in 

m Mu A the ssSe pattern occurs rouehlv. its present form. 

in Guernsey although the farm through government support] 

sectm is a bigger contributor to when necessary. 

the island economy, with around Colin Inman 

a 37 per cent share. Last year s 


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marshal strengths from the worldwide 
resources of a $35 billion organization. 


The banking source. Worldwide; 

W. Penman Brown, Director, General Manager 
Manufacturers Hanover Eank (Guernsey) Limited 
P.O. Box 92, Hirzd House. Smith Street 
St. Peter Port. Guernsey. Channel Islands. Tel: 23961 


light industry 

IN SPITE of limited land and 
labour resources'the amount of 
light industry in the Channel 
Islands has grown steadily in 
the last decade both in terms of 
new enterprises and in the ex- 
pansion of established opera- 
tions and every plant is enjoying 
a boom. 

Today Jersey and Guernsey 
export light industrial products 
worth an estimated £40m to 
£50m a year. The kind of goods 
varies enormously, from com- 
plete mobile outside broadcast 
television units made by RCA 
in Jersey, to polythene waste 
bags and liquid denture 
cleansers, which are anions the 
prnducts of the Universal Pack- 
aging and Simco companies of 

In the main, light industrial 
effort in each island can be 
divided into six main categories: 
electronics; engineering: horti- 
cultural equipment; knitwear; 
boat building; marine engineer- 
ing; and miscellaneous manu- 

The majority of directors and 
managers in industry are jug- 
gling more frequently with the 
problems of growth — finding 
more room and skilled labour — 
than they are with anything 

In a sense much of this suc- 
cess derives from the fact that 
most firms have looked very 
carefully at the Channel Wands’ 
environment before setting up. 
And each has been equally care- 
fully vetted by government 
selection bodies which are all 
too conscious of the effects of a 
bad choice, nr of allowing one 

company to swallow up too much 

In terms of light industry 
elsewhere, the units operating 
in the islands are small and un- 
obtrusive. The largest single 
employer, for example, Guern- 
sey's oscilloscope makers Tek- 
tronix, set up in 1958. today has 
a workforce of only 670, mostly 
housed in a factory near the 
airport This number of em- 
ployees is exceptional; most 
other units employ no more than 
150 to 200 workers and many 
fewer than 50. 

Throughout the islands there 
are probably no more than 3,500 
workers directly employed by 
light industry. However, this is 
expected to grow as Jersey, 
faced with a “ bulge " in school 
leavers in the coming years, 
opens its doors wider to suitable 
new units. 


Several hundred workers are 
engaged in more traditional 
pursuits— knitwear and boat 
building, both of which, genera- 
tions ago, were substantial local 

Much of the success of today's 
knitwear operations has sprung 
from an increasing worldwide 
interest in locally made Jersey 
and Guernsey fishermen’s style 

There are four companies in 
Guernsey producing garments 
and several more in Jersey. 
The range includes Arun, Breton 
and other styles of woollens and 
although total annual export 


another Midland 

link with the 

nel Islands. 

At Midland Bank, we believe in 
teamwork, which means working 
with you, both personal and 
business customers, as a team, on 
your ideas, plans or problems. 

And Midland Bank is in the 
Channel Islands. With twelve 
branches at your service. 

Here are some of the areas in 
which Midland Bank Group may 
be able to help you: Current 
accounts. Sterling and currency 
.facilities. Taxation advice. 

Eurocurrency facilities. Expansion 
capital. Information concerning 
market rates for deposits in sterling 
and currency given on request. 
Nominee service. Investment and 
company management. Executor 
and trustee services. 

For further information on 
Midland Bank Group services in the 
Channel Islands, please contact 
one of the offices listed below, 
or your local Midland manager. 


Manager: KW.Holl 
8 Library Place 
St. HeJiec Jersey, Cl. 

Tel: Jeney Central 

Tale/: Jersey 41622 

Midland Bank Limited branches in the Channel Islands include: 

Manager: D. W. Micelle 
2 Mill Sweet, St. Heller 
Jersey, C.l. 

Tel: Jersey Cer.tiai I0o21 
Teiex: Jersey 4i3i3 

Manager: R. H. Pallol 
17 Guunnevais Parade 
SI. Brclade, Jersey C.I. 
Tel: Jersey Central 

Manager: H. W. Hail 
five Oaks 

St. Saviour, lersev. C.L 
Tel: Jersey Central 


Manager: D. LeSvevr 
13 High Slraer i and 22 
Smi;h Street), St. Peter Guemso ti Cl. 

Td- Guernsey 24201 
Tele*: Gi.<arnst:r *5ici7 
An J at Si. Saraps in, 5:. Mania 


Manager- D. le Sueur 
Swfc Mancg^fj 
J. H 
Victoria St'eet 
Alderney, C.I. 

Tsl. Aidwney 2293 


Manager: D. le Sueur 
Sub Monogen 
J.M.S. Terry 

foje Lucas, Sat L,GL 

Tel: Sark flO 

Director £ General 

Ic'di; cu March*. a.*d St. Pkac an Bad 

Midland Bank Group Companies include: 

Midland Bank Trust Corporation (Jersey) Limited 

f.ia.-.cger: D. G. Fester. Pif-x^r & General I.'.sncger ITrusnl: 3. G. Elstcn Registerod Office; 23-24 Hill Sired, St. Heiier, J 
„ ^ . Midland Bonk Trust Corporation (Guernsey) Limited 

jer.*iGi Manage- P -j Marog»r. c- H.t e.’ey Registered Offi«; 22Sr.:;h Sired.!!:. F c := r i > *rt. Guerr. -, r ., 

values are not available for yachts, some selling at fTOibOff meht ^officef,- antf Iri-^erkeyfo 
Guernsey, Jersey’s'arenow said or more, J-ttraners by Master Mr. Colin POwfiU, 1 economic 
to be worth over foac Marine, commercial- craft andadviser/.- ‘ _ »• • />' ■' W; . 

Major markets : includes the launches by Guernsey Boat- Mr. Barton said; * One ofthe 
UK, Scandinavia. Europe, building and Engineering, '-and main _ 

America arid the Middle' East several types of working arid -in the Islands -is .undoubtedly 
and the' annual- influx of over pleasure vessels from Aqua- the - low-tax situation .which 
lm visitors provides a substan- Star selling- at between -£10.IK}O favoHrs small. to medium-sized 
tial home market. and £40.000 and more. One firm companies and enables them to 

Boat bunding: currently con- bas specialised in the produc- generate capital. ■ It is a^peik 
centrated in Guernsey but ex- tion ot canal muOr- cruising . .too tar 

pandfng in Jersey, is another barges. . ta ^ 1978 Gmfe For todw 

healthy category of light Indus- Island-made boats 'are today'-T 1 " ^’ WI r} e5 ' - . -$P r 

try turning over several million, regularly exported .to the UK: .-M 1 ” 1 *: 8 
pounds, a year. The range of Scandinavia, France and Irisonie * 
products and services is con- instances to the Middle arid Far ia many ways- bf els SSiS 
stantly- expanding and it is East \ . competed when.^^ 

hoped will grow large enough to w . ’ - . - .with . . that-, m a . . larger, .com- 

SecSicSs ^ S ^so points to the absence 
SeM IlSrfy JeS^ and new. A typical example. 0 f PAYE and “the maze- of 

^ThpfirS wLJheldS “ Eurptherm (Guernsey), a statistical returns; which have 
St/peterPort eariler^thisyrer 1 bnbsidiaiy " of the UK-bused, 0 b e negotiated in the- UK” 
S GueJnsev’s boat buildingand “ternational. group whose . re- . j “ the- simple .life fe a real, 
marine^industry has- been offer of a quarter- of ; its attraction -to . lndujjtrie.s-:and 
assisted by keen local interest- shares tp me was heavily nmn*gomerit. time. diver- 
in boats and yachting and, in ^ pyereubscribed. . - r . . ; _. ted .to non-produpfaye,- occnpa- 

^^•K^Quiput. . 

SSHS? ud by low^duty VAT- ^ Guernsey’, subsidiary, - 

Purpose-built, factory in trade, but** out" for everything 
Even a SSL «... Peter Port and produces else.. • They ■.* have. / political , 
Jeffries specialising -talooi ^snlvassembiy - units for 

made marine soft furnishings 1 companies m the -group.. mumcations;.wltii the- outside 
has been obliged recently a,- Output is expected to world. _ ; . _ . _ 
move into a new 4,000 sq ft reach £lm this year and, ; The. attractions are such that 
faetorv. because of demand, according to general manager, ,tp encpurage..the sm^ amount 
esrcciallv from viritine French Mr - Bai Morton, there is a : of suitable, new light industries 
yachtsmen. possibility that as his workforce . required to take up any slack in 

There has alse been a sub- improves its capabiUiy the. the labour markpt^ithCTisland 
st an tial Increase in marine company will eventually gradu- needs -to offer any kind ol 
service business- Including ate to making complete umta of v^anci^ wsistMre 

indudes pleasure and cominer, development land and schrolJeavm prepare* for tte 

cial vessels of up to 60 feet in local government departments variety of newoiroor- 

length including steel, wood and deal with inquiries. , OTenmn rin PP 

fibreglass hulled boats. They sey these are ■ directed to Mr: : tuniu « s sro w 1 y 
include a variety of racing Ron Barton, industrial develop-. JSOu ifaker 

Greve de Lecq, Jersey. 

The property 

; ’-ev Cl. T-?! Jcrsev Central ?623LTek ■ : Jersey 
C.-r' . 2?"s5 Telc* Gue<nsev4|53c*. 

ABOUT £50M worth of commer- from £30,000 upwards for those 
cial and residential property is in the private sector. Routine 
sold every year in Jersey and business also includes a steady 
Guernsey. The figure has to be turnover -in small- to medium- 
an estimate because, while all sized hotels. axuL guest houses at 
transactions are placed on pub- between £50,000 and £250,000. 
lie record, no one totals up the With the exception o£ . two 
sums involved. recently.' completed commercial 

In Guernsey a reasonable developments in Guernsey 
guide is provided by the amount Commerce House and Albert 
of feudal conge collected anau- House -— neither island has a 
ally on behalf of the Queen — great ’ deal, of office accommoda- 
as Duke of Normandy — and tion ori'offer and rentals range* 
some 20 privae seigneurs. from' £3 to £4 a square foot, v 

The coupe, which is scheduled The more .spectacular deals 
to be abolished, is an ancient involve the occasional sale 'of a 
2 per cent levy on land and pro- commercial development where 1 
perty paid, to .-trig owners £inr qr 1 jnore can. ... be ■ paid -by 
of the fiefs on which the realty private or institutional investors 1 
lies. It raises around £350,000 St Peter Port’s Royal Hotel, for 
a year towards the Crown's local instance, recently changed 
presence, which includes the hands;' It. is. thought -for £lm. 
Lieutenant governor and the Wealthy settlers : pay' prices 
prison, and an estimated £80,000 ranging from £70.000 upwards in 
for the private seigneurs. Guernsey and from £100,000 lu. 

This indicates annual pro- Jersey. - 
perty sales of around £20zn, 
although no one can be sure FrA^HOlQ: ' 
how much additional business is .■ ;• : *** ' 

done by share transfer where Very 'occasionally an island 
conpd does not apply. might come on the market, too. 

In Jersey the situation is There are three — Jethou and 
monitored only by the privately Lihott, off .Guernsey, which are 
owned fortnightly publication Crown leaseholds tenanted by 
Prtul’s Guide to Jersey Property , Sir Charles Hayward and Lt.Coi. 
which gives subscriber the Patrick W.ootton, and Brecqhou, ' 
basic information about all a Sark freehold owned and 
recent transactions, ; including occupied - since . 1966 . -by - -Mr, 
the sums involved. Leonard Matchari. 

BSr. Paul Ostroumoff, the Almost: all property business 
Editor, estimates that, exclud- is conducted ^ through locally 
ing purchases by share transfer, based estate agents and advo- 
annual sales average about cates and.whiie a^call 
£30ni. for the introduction of .controls 

The bulk of the business in over agents, there is no lobby 
each island involves the buying for a layman’s . conveyancing 
and selling of homes by system. 
islanders at prices starting at Some estate agents in both 
£10.000 to £12.000 in Guernsey Jersey and Guernsey — and this 
and from £15,000 in Jersey for in spit£ of th^ forraeris-Regula- 
government-built . homes,. , or .tion oTUfidertakjrigs and Deve- 

lopmeht Law — claim, to be 
worried about their expanding 
numbers— there are about 30 in 
eath island, j; : -p. v.^ ; - 

. . Mr. Fred Langiois,preadent 
of. the Jersey Estate . Agents 
Association, said;' “ Ahyofie can 
set up overnight riefri-'.-as an 
estate agent and .accept deposits 
from the public. T%iese Should 
go' into a separate aa»iiixU wiih 
the interest payable to the 
client However, we do notTvant 
to ’set a -closed shup^-but a 

licensing system and some kind 
of statutory indemnity arrange- 
ment, as In Fraricie, would ' help 
prptect the public! v.’’ . . . 7 

Other .agents .'.point to new 
controls being proposed for the 
UK Arid already. Introduced in 
the ; Isle of . Man which, :they 
say, . ' will., i leave /Jersey and 
Guernsey behind- -/So far, how- 
ever. Iheiri odricern has . pro- 
duced. -'nf ■ ribxifeaWe .-political 
support-'’ /:.■-/« - . 

The- ptaspetr of ‘/advocates 
being affected by ; trends else- 
where towards a' simple, cheap 
layman’s conveyancing . system 
is remote because of the peculi- 
arities of : the. islands’ laws- 
Tbew include inheritance le^fr 
latiori- dating back to Norman 
.tlines^ and housing -.controls 
through ■ .which/.' each island 
government "regulates ' immigra- • 
tion., : -,-v 


• . NEXT PAGE * 

Company for Sale • - - 
Wide objects £300. Apply - 
lOVHiif *StN«r.r«V " 

• H ' 


Fine nic 
inc Horn 
: 2nd expor 

p! 6RR| 

^financial’ Times- Friday june ife 1978 


■y 5 


T ourism set fair 

Williams &Gtyrfs 
knows how to 

rHE • CHANNEL ISLANDS Bat visitor^ aBb return to the 

isrrowly escaped disaster in islands' yea* ^ after year .tojCMise, ■BEw 
a arch this,’ year when the in spite -of .0% 
imoco Cadiz went aground, on getting therer-ttfly • * Te a . reia " 
ha coast of' Brittany. At one tively cheap .place 1 to taxe a 
v-ime oil from the tanker was. holiday and because, although 
Vimly about .30 miles from the the main iarVBB 
glands’ beaches, and emergency their share • 

■ « . neasures to fight - the -oil» indud- theystai easu^-eMtigh of^a ■gjggpKdf 
" ;*jM • a fleet of; ships armed with foreign atmosj&^tt*^® 

- tispersant equipment .... were UK holidaymaSer- «bi ne is Kp^KI 
: rade ready to action. • abroad, while «• PS(«^i 

■ ■ in the with mumsm 

: -iid of favourable Winds; to*-- a $' ! .i a n eu&as m strange food. 

- inoved away, catastrophe was Aithanirh thecost-of living on " 

_>verted and theislands breathed ^arS is^siigbtiy higher 

..a sigh of relief. For much 1 was ■ . t h e XlK.:*tbe visitor 

at stake. Had the oil come . efit ~ from accommodation 'graHW 
> ashore there would have: been £[“ - rheaperthanin com- 

- queues of- holidaymakers at UK _ arab ]e resorts 'ahd also from 
Irayel agents offices canceUmg ^ absence df .duty-oh alcohol, 

■ - their bookings and looking for ~“ Wch mem tot..a pint of 
: better conditions elsewhere. Jitter cair cost & little as 21p— 

And this in a season that is not d ^ added attraction is the 
" • going to he the busiest that the du0 * free aBowahces of drink, 

:• islands have seen. tobacco and perfume -that may 

. Admittedly; , sand, sunshine be taken back tortfae UK. Add 
'r*nd the sea- are not the be all to this an above kywag* aeJ * c ‘ 
and end all of Channel Islands tion of things to “dd when tne 
tourism, but they are a siguifi- weather turns ha^hnd a range 

“■ : rant cart of their attraction, of evening entertainment tnat is j^nce and otJ 

■ " ... '.>• '* ■.’ 

, '■ VV •• : - 

9k'^s4 ; v]! s S' 4 ..' * ' : s •. -v . 

fe*T:: ; r 



La Coupee which joins Sark and Little Sark. 

and end aU of Channel Islands tion of things to,dd when tne . _ . rao „ - _ 

France an, other Continent., Hd. in the cost of 
; SSr„raraS If “tiie same sen of patten. cef on P^ 

SS^nin^youngwho larity is not hardio^unt for. ^ be seen in Guernsey: and the °“ pen5ive residentsreprdheplaceasan 

M 32 assssfwi »S£ » ble « " 

hours of sunshine list—or the the island governm^to pre proin ouon in other countries omic wjnter ones— and resort. 

•energetic who enjoy swimming pare a Report a^^^siuon oE plateau in UK ^ lhe pT . jces charged Guernseys centre, called Beau 

' and surfing . ; - Regarding Tourasnw.^wich was arnvals . British Airways makes a loss on Sejour, has been designed pos- 

_ — — : — ■ last Febtetfry- 1110 What is surprising to the out Tc i,nrf< services. C iM w with Greater attention to 

: “ report concluded m^ re sider is the extent to which the is i and p r0 Sding facilities for the local 

no real P°ssibitity^wercrow^ jersey and Guernsey P tour i sl authorities have nut per- population during the 
. - . • ing and recommea^lttiat the sep arate paths m kitted charter flights, partly for mc , at hs. It includes a ran*e of 

TArcmJ^C island should JJ) e their wares. It is difficult ^ causing a concomitant, balls ihat can be adapted for 

Jersey S industry's contrib^jo ^e understand why .they do t M ^ clion jn me number of usc for sporting activities, con- 

... economy (£70m 3'orn together in the Continent . he duled flights .which wonid ferences. dinners, concerts, 

= : AWTI about its curent’d® : .*“ rea l marketing campaign, with. ^pre- s u c ndou b t edly upset both resi- theatrical performances, etc., as 

• OWH . •: terms. - - ■' sumably. a consequent saving in financial com- we ll as swimming pools, squash 

.. ■ ™y further gnr»i tounst costs-but this seems to be a dents ana courUi etc. The centre has had 




/ We operate more 
direct scheduled . 
air sevfces and 
I' more charter air 
L services • between 
r i Jersey- : ‘ and the • • • 

m&potlier: ’airline^ f ; : 

Any further grov^i tounsx costs-but this seems lu « . ---- courU etC- The cen tre nas i»u 

traffic- should be en^ira^ to political problem. The major m “ n u t new it seems there is a it5 teething troubles, not least 

take place in theA^ajfl late mar kets now being tapped in ^ o£ hearti for jersey has during the political arguments 

seasons, and the : ^ort paid clude France— with special * ed tQ admit charters from that raged about whether it 
particular, attentiq^. ^ emphasis on ^y shoppmg^P th of England and the shovdd 1 be JuiM : « t a . but the 

seasons, and the : ^«>n. p«u clude France— wiu. decided t0 admit charters from that raged about ™ u 

particular, the emphasis on day shopping tnps ^ north o£ England and the should be built at all. but the 
marketing of the r^md. in —Belgium, Holland ] Guernsey j ^ ajld it seems likely millionth visitor has just passed 

^ mil recently Scandtaavia G ’ nsev wiU follow suit, through its doors, and the 

ICDCrV Uersey^anditisthegro^ i ^ move has been welcomed queues on a wet day in summer 

.. JERStTv^. arrivals from these countn warnlJ b y the tour operators point firmly to a n eed fulfilled. 

LOW TAX AREA • . that has kep t theindusm from ^ non< . ommIt tally by Jersey- ... 

We specialise m «4phinnin B f ein 8 a nK*St b^made men. who prefer to wait and QjjgygS 

Tnd aS Company five see what effect the move has. ^ 

secretarial' ‘ i servi‘^i^^^i ne ? up now on |y 76 Both islands realised Ion., These queues are likely to be 

apppkitrtrent; . ' Gepe^^fe*unt;-. total, the figure wh ile there ago that tourism would continue } welcome to the 

; per cent ia^J^ form an important SSrirt authorities, since they 

. MJLC. Office Senn^fe*. * J a ® a ]f 0 . b ^, r ^ se v P ' integral part of a balanced ^ revenue gained, , but 
' - ^ fall off in Guernsey. economy, but in neititer island ^ ither queues that can be 

’ ■ - icWey -34553 '5Jt- » T^f*'±Z-n a ■ has the money been available islands’ roads -are 

lem that may well become more 
serious during the next few 
years: labour. Each summer 
the islands have to rely on 
imported workers: most of 
those in Guernsey come from 
the U.K.. but Jersey imports 
around 2,000 Portuguese. For 
one thing these workers have 
to be housed by their employer, 
Channel Islands accommodation 
being otherwise too expensive; 
for another many employers 
are worried that the increasing 
activity by trades unions will 
force wages up and hours down - 
to an extent that will be re- 
flected in higher prices; and 
the risk exists that if Portugal 
was to join the EEC its workers 
might find more attractive 
opportunities in West Germany I 
or other EEC countries. . | 

j But none of these factors is 
t a potential source of disaster. 

» For the immraediate future the 
1 prospects for Channel Islands 
» tourism are set fair, and the 
r respective tourist organisations 
1. seem to have it well within 
their power to ensure that the 
climate does not alter for the | 

Cha nnel Islands 

Compressive banking services. 

Competitive rates on short and 
medium term deposits in sterling 
and currency. 

Medium term mortgages for Channel 

Island, residents. 

- Company formation and management. 
International investment management. 
Trusteeship and executorships. 


FO Box 64, 6-7 Mulcaster Street, St. Helier. 

Telephone: 0534 27351 Tdex: 41363. • 


POBox62, 22 HighStreet, St. Peter Port. 
Telephone : 0481 23074-5 Telex : 41607, 


The most flexible of the big five banks 

Colin Inman 1 







;; ■■ nunm 

■ • z - Jersey -t^braM^JslapdB.v.' . - V . V:- • \ . 

\ . Telex 41389 > ■/’ GUERNS 

. • . l 


Fine men’s knitwear. 
Manufa ctured in Jersey, 
the Home of knitting 
and exported throughout 
the world. 


is the legistered tfada mark of. 
Channel Islands Knitwear Company Limited 
St.fleljer Jersey C.I. .' 
Established 1905 



MC for large-scale hotel investment a ^ eada che for which no imme- 

. . % ^ p tinenta! initia- A principal reason for this is P remedy is available. For 

~ th l^ D „ff a ewyea?s that the cheapest form of large ^ te re ” s y that the ro ads on 

tivefwasssparked off a few years Jg hjgh rise , md sui ch *** ■ ^ t00 narrow to 

If&ZrL't r ..Sticky time M""?. Md «* with .theamomtt oltrafflc 



Attractive email Manor 

SSfteT deiaUs on application. Small bungalow £75.000. 
For further section of various properties contact : 

Mr. Pat Donaldson 
5 The Salerie, St. Peter Port, Guernsey 
Tel- ( 0481 ) 24703 or (0481) 45940 (after hours) 

in the 

now it seems courage the moaenusauon ui — t see much of tne 
S&V .*» «taU»« hotel and guest house Mre is cheap and 

Itb^.leve is neither accommodation. . i na ddition,moreandinorevisi- 

;UP -again, , 97g is But the major investment in bringing their own 

aw rairda - tourism made in the “™ S m ftfuK. A road 

for this being during, recent yem-*nd here ng programme would not 

exchange ra attracting a lot the islands deny it— —is in leisure f tour jst environ- 

****:.'£ “tonAVs centres. Jersey’s Fort Regent 0 *™ e ^ at ^ islan ds present. 

o£. British toun - d is a massive entertainment and q . shov t-tenn remedy 

. And then jjew » spovis complex situated in the t &eemg m^iy to have aoy 

question of air fares, a iso-year-old fort in the centre would- be to put up a 

is. a matter on vjnch thefe is * ^ r Facilities include !“™ g nposts here and there 

tittle dis^eement between lhe p00 l s , sauna, ^ ‘|^ s P t ^ would reduce 

^n t! a & h ~ z loT^TLT one 

SS fte norih Of Englm,d o And there is a further nroh- 

These are big sums to have to cares anu 


MMitn hfliTP 



- OneoF^'sey* fin«c « u ntry hor,ls. 
- - enjoys a quiet situation overlooking 
B relades Bay. Open Easter/ October 

Introduced, after the war as 
a means of reserving as muen 
low-cost residential property as 
possible for bona fide islanders, 
the laws have been regularly 
tightened to the detriment of 
potential immigrants most of 
whom come from the utt- 
'' And the trend is for- these 
controls to become even tougher 
as the population continues to 
rise. Typically, Jersey and 
Guernsey have gone different 
ways in tackling the problem, 
and each island uses its own 
legal yardstick to identify 

Gilt Edged Stocks need supervision and management. 


[ Jersey] umuw 

RO Box 165, 1 Charing Cross, St Helier, Jersey, 
Telephoneitlersey (0534) 73741.T e iax: 41666 

provide both. 

OFFICES ALSO AT: King & shaxson Managers (l.O.M.) Ud. 

King & Shaxson Manage™ n -m omas street, 

(Guernsey) Ltd. t Dou'gfas, 

Valley House, HirzelS^ Isle otMan. 

SL Peter Port, Guernsey- 

islanders and different systems yt 
of control. b j 

Newcomers to Jersey must . 
Jive on the island for ten years ^ 
before they can lease property. h| 
and a further ten years before b , 
they can buy— with the excep- 
tion of those born on the island 
essentiaL workers, and the a 
wealthy settlers. J 

Also all property transactions t] 
are subject to the consent of pi 
the housing committee vmicn u 
expects to intervene in 100 cases v 
this year where it is unhappy a 
about the price or other factors. 
Guernsey does not have uus ^ 
rule. . c 

Also in Jersey, and again 
unlike - Guernsey, all apphea- ^ 
tions from wealthy settlers are 
vetted. The process includes f 
being able to proveanannual ^ 
local income-tax liability of at s 
least £10,000 a year coupled 
with the purchase of i W" , 
costing more than £100.000. . 
Only 15 new applications are , 
granted a year. ] 

In Guernsey an islander is , 
someone who lived permanently 
on the island betwcen -Iarmary 
1 1939, and June 30, 195/,. and 
on July 31, 1968 These are 
sometimes referred to as the 
••magic dates," Everyone else 
. —including many expatriate 
Island-bom— must, unless living 

with an islander, occupy lodg- 
ings obtain a licence, or buy 
properties from an open register 
o£ houses, mostly already 

There is little doubt that 
these controls, while perhaps 
controversial — one Guernsey 
dispute has gone as far as the 
Commission of Human Rights 
at Strasbourg— have helped 

preserve homes for local people. 
And in Guernsey it is claimed 
they have helped to keep prices 

down. , . . in 

Housing problems, which lu 

years ago were acute, have also 
been eased by government 
building programmes, private 
building, and more recently by 
lhe introduction of long-term 
house loan schemes by several 

Today, id spite of the 
absence of UK buildlns 
societies, which are prevented 
by VK law from extending to 
the islands, an estimated 67 per l 
c . en t uf all residential property J 
in Guernsey is owner-occupied, 
while the figure for Jersey is 
around 60 per cent 
Nevertheless, at present 
many young couples who fall 
outside the scope of island 
government loan schemes, and 
who are facing rising property 
prices, still; find it difficult to 
produce deposits of around 20 
per cent sought by most private 
mortgage schemes. . 

With new building land vir- 
tually exhausted in Jersey and ' 
in very short supply in Guern- 
1 se y both islands «re having to 
look towards the creation oE 
i nio re flats, mainly- by encourag- 
r ins th e conversion of large 
r residences, or guest houses. 

1 _a. s might • be expected, the 

s property situation is different 
s asain » a the more outlying isles 
i 0 f Alderney - and Sark which 
e have no housing control laws, 
g Tn Alderney, where on average 
about 40 of the 500 properties 
y qjz on the market at any given 
r time, it is unusual for even 
y the a* 03 * m od«t to sell for less 
than £20,000. _ 

it Newcomers need to think in 
is terms of laying out at least 
:y £25,000 to £30,000 for anything 
le substantial. 

ts Because of Its feudal stme- 
!d ture, there are only 40 freehold 
e. properties in Sark, each with its 
? d own hereditary seat in the 
es island’s parliament. Chief Pleas. 

in Bob Baker 

Channel Islands 

. . . . it — - j mikoiiiianR in Tiftth Ters 

residents and non-residents of the Channel Islands. 

Our Jersey Trust Company can arrange for the formation, 
management and administration of companies. 

A complete investment management service toiuslimnotial Mid 
private clients is available. The Brown Shipley Sterling BondFmd 
hasrecmtly been launched in the Channd Islands andis defied 
principally for non-residents of the United Kmgdom, with the 
SJestSS advice bring provided by Brown, Shipley & Co. Limned, 

If you would like further advice on the Channel Islands, please 
write to or telephone:— 

Brown Ihipley Trust Company (Jersey) Limited 
Channel House, Green Street, 

Telephone? 0534 (Jersey) 74777 Telex 418105 

Brown Shipley (Guerasey)Ximited 
Channel House, Forest Lane, 

St. Peter Port, Guernsey. 

Tdephone: 0481 (Guernsey) 23069 

Brminr Shipley limited 

Founders Court, Lothbury, London EC2R 7 HE 

Telephone: 01-606 9833 Telex 886704 


Coimnodity Brokers 

in association with 

members of 

The London Commodity Exchanges 

Discretionary Investment Management 

Syndicate Formation & Management 

Commodity Brokerage Service 

Market Makers in Krugerrands 3 Silver Bars 
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Commodities are a natural part of any investment portfolio to^ 

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ALL. D oxfdrd & Co. (Jersey) Ltd,, i 3 /£ Charing Cross, St. Helier, Jersey. 



Take-overs and 

Exploding the myth 

Financial; Times -jraday 3L97B - - 





MANY PEOPLE agree in prin- 
ciple that employees have a 
ri^ht to be consulted about 
mergers and take-overs, but it is 
difficult to devise machinery 
which allow; them to exercise 
Ibis right without damaging the 
interests of shareholders. In the 
absence of such machinery 
employees have found a surpris- 
ingly effective way of frustrating 
mergers which they do not like. 
This is to put pressure on the 
Government to refer them to 
the Monopolies Commission. At 
the very least such a reference 
will delay the proposal: in a 
good many cases the bidder will 
give up. 


A classic case was the Asso- 
ciated Engineering bid for Serck 
last year. The employees kicked 
up a tremendous fuss., threaten- 
ing nil kinds uf unpleasant action 
if the bid went through. While 
there were some other factors 
which might have justified a 
reference, the Government was 
impressed by the Serck workers’ 
case: it was felt that a Com- 
mission inquiry would give time 
for tempers to cool and for the 
anxieties of the employees to be 
examined dispassionately. In the 
event. Associated Engineering 
dropped the bid after the 
reference was announced. 

The Government is now faced 
with a similar case — the bid by 
Tenneco, one of the largest U.S. 
conglomerates, for Albright and 
Wilson. Some trade union 
otn rials have objected to the bid 
and the Government, with an 
election in the offing, has no wish 
to cause needless offence. But on 
any other grounds a reference 
to the Commission seems quite 

For one thing, Tenneco 
already has effective control of 
the British company through its 
holding of just below 50 per 
cent. If the Government was un- 
hHppy about Tenneco's influence 
nvoj- Albright, a reference to the 
Commission could have been 
made c c-me years aao; it is hard 
to sec what public interest 
issues are raised by the move 
to 100 per cent control. 

In the late sixties and early 
seventies Tenneco made a large 
and risky commitment to a com- 
pany which was in serious 
trouble: the American investors 
helped to steer Albright through 
tt>e crisis. Fr.r the Government 
to turn on Tenneco now seems 
unreasonable and unfair. 

Moreover — and this is an 
important consideration— a refer- 
ence would imply a partial 
acceptance by the Government of 
the chauvinistic arguments used 
by opponents of the bid. It would 
be regarded by other foreign 
investors as a significant change 
in official attitudes.. 

Successive UK governments 1 

have consistently welcomed in-; 
ward investment by foreign, i 
especially American, companies. 
Very few bids by foreign com- 1 
panies have been referred to the 

Commission.. Of those that have 
been referred, almost all have 
been cleared. 

The only case where a foreign 
bid was rejected largely because 
uf its foreign-ness was the offer 
bv turncanadian Shipbuildings 
for Manchester Liners and Fur- 
ness Withy. There the Commis- 
sion found that service to British 
shippers would be adversely 
affected if Manchester Liners 
was controlled from abroad. The 
bid might disrupt the conference 
system and the new owners 
would be less likely to order 
ships and containers from UK 

None of these dangers apply 
to Albright. One. suggestion 
which has been put forward is 
that Albright is an important 
British chemical company and 
that it is in the interests of the 
nation that its “Britishness" 
should be preserved, at least to 
the extent of retaining a large 
British shareholding. In this 
way the power of the controlling 
shareholder is somewhat 
reduced and Albright's ability 
for example, to play its part in 
the Industrial strategy is thought 
to be somewhat enhanced. This 
seems an extremely tenuous 
argument especially when set 
against the importance of en- 
couraging inward investment 

MERSEYSIDE has had its best 
industrial pews for some time 
with the announcement that 
both the General Electric Com- 
pany and Lucas Aerospace— two 
|of the concerns involved In 
j recent major closures in the 
area — are to invest m new 

GEC, after settling its dispute 
with the Government over the 
terms of assistance, will be 
getting £5m towards the £18m 
cost of a new furniture factory 
which its subsidiary, GEC- 
Schrelber, is to build at Run- 
corn. Lucas, too, will be receiv- 
ing very generous Government 
aid in return for switching its 
proposed new aerospace equip- 
ment plant from Birmingham, 
the site originally chosen, to 
Huy ton, where it will be spend- 
ing £ 10.5m on a purpose-built 

The two new projects will 
together create only about 1.200 
jobs, compared with a Joss of 
more than 2,000 through the 
two earlier closures. But the 
moves none the less are highly 
welcome on Merseyside, not 
least because they are seen as 
evidence that the area has not 
fairly or unfairly, been placed 
on an industrial blacklist by 
potential investors. 

For, as a recent report com- 
missioned by the Department 
of Industry pointed out the root 
of many of Merseyside’s prob- 
lems is now its poor image and 
the mythology that has grown 
up surrounding its industrial 
relations performance. “What- 
ever the facts are on the area’s 
strike record fhe allegations of 
poor industrial relations are 
now levelled so frequently, from 
so many different quartets, that 
the refusal of many people out- 
side Merseyside to believe the 
facts must now be regarded as 
a fact, in itself," the report, by 
PA Management Consultants, 

Not justified 

The consultants, who were 
called in to try and suggest 
ways of helping inner Mersey- 
side, believe the image is no 
longer justified, despite the re- 
cent dispute at British Leyiand 
which triggered off the closure 
of the Triumph Speke No. 2 
plant. The damage, they believe, 
was done some years ago in the 
docks, the motor Industry and 
some other subsidiary opera- 
tions transplanted Into the area. 
“In most cases the root cause 
of the battles has been the 
maintenance of jobs in an 
economy which was grossly un- 
balanced and characterised by 

over-manning, casual labour 
policies of declining industries, 
and lack of alternative oppor- 
tunities, to a much ■ greater 
extent than most other parts of 
the country.” To the extent 
that a shake-out had to come, 
the report claims, it has already 
happened. Even in the docks 
the labour relations record over 
recent years has teen vastly 

It is a view for which there 
is also a large measure of sup- 
port from industrialists on 
Merseyside, evidently not all of 
whom find labour relations con- 
suming most of their time. Mr. 
Leslie Young, deputy chairman 
and managing director of J. 
Bibby. the Liverpool-based 
feedstuffs and paper group, 
claimed recently that labour 
relations in his company were 
comparable with the best com- 
panies in the country. 

Nevertheless, although the 
image of constant industrial 
strife may have outlived the 
reality, there remains a fear 
among potential investors that 
operations in the area may be 
bedevilled by allied problems 
such as absenteeism, lateness, 
low productivity, deliberate 
over-manning, demarcation, and 
lack of flexibility. 

The suggested solution to 
such problems is a novel one — 
an industrial relations charter 

drawn up between management 
and unions which- would have 
the aim, in part, of stopping 
abuses and ensuring that all. 
disputes were negotiated within 
agreed constitutional pro- 
cedures. The charter should be 
Initiated at local TUC/CBI level 
and then adopted at plant level 
by management and unions. The 
machinery would include a 
quick-reacting, formal com- 
munications link between 
employers and unions, as well 
as informal . links at a very 
senior level between the two 
sides. Both parties would also 
agree, and extensively publicise, 
a sound grievance procedure. 

Such a development could 

clearly bring benefits in the 
longer term, but as far as the 
immediate problems of the area 
are concerned the report tends 
to confirm that there is not much 
that is not currently being done, 
and that shortages of land, 
skilled labour or inducements 
are certainly not a major part 
of the problem. Some cherished 
notions are also dismissed. The 
idea put forward by the liberals 
of a free port on the Mersey is 
thought unlikely to bring sub- 
stantial benefits. Such a develop- 
ment would be years too. late 
and has in any case lost much 
of its relevance now that 

T ’ "Saete.y Tfturiigton, 

6 EC plant 


Britain is part of the EEC com- 
mon customs zone. 

The report suggests some 
strengthening of the industrial 
development machinery bn 
Merseyside — a suggestion that 
would appear to be largely in 
hand as a result of the creation 
of the new Merseyside County 
Economic Development Office. ■ 
There are nevertheless. a 
number of recommendations 
directed at Government which 
the Department of Industry wilt 
no doubt be . considering.' 
Emphasis isupladed, ak in^' a; 
number of previous reports, :<m- 
Merseyside, on tbe’part-jjiayed 
in the local economy by the 
prat ■ • •>" 

It is clear that the part must 
play a major role In any regu- 
lation. There : is a heed for 
farther . concentration oh 
specialised activities and re- 
newal of; facilities. But tiffs 
would require capital invest- 

ment- 6n.a scale out of propor- 
tion 7 to the Mersey Dorics and 
Harbour’-' Company's ‘'profit-", 
generating potential.. .-If would 
■be. desirable Tor 'the port — ■ 

,ciassifi«Litifee-ai4 ports as a Ser- 
vice industry— to be put on the 
same- basis manuf acturin g 

industry; though 'this would 
need Government action. 

: Whether the Government- 
would be prepared to make 
funds. .avafiaMe, ibr this pur- 
pose ’over and above its inner 
.jcjtj:.'. programme . ' is' doubtfiit,' 
however, as there, would dearly 
be : a case fdr- other ports to 
reeefve similar .treatment: -.The 
Government is likely to point 
instead to~ the aid it has given 
GEC, Lucas and other manu- 
facturers towards; . ■; investment 
as evidence of the- support it , 
is giving' to., the area.-. .So. It. 
still looks as though solutions 
will have to come from within 
the Urea. 

Northleach will like today’s Hale Irwin is early leader 

stiff seven-furlong course 


New procedures 

JOHN DUNLOP, whose Derby 
winner Shirley Heights was 
yesterday the subject of further 
good Irish Sweeps Derby 
support, looks to have the 
answer to today's Waterloo 
Handicap at Sandown in 

The real problem with cases 
like Tenneco- Albright is that the 
merger control arrangements are 
being used for a purpose that 
was not intended In the legisla- 
tion. If we want to move to a 
position where the consent of 
employees has to be obtained 
for merger proposals, as is the 
case in some other countries, 
then procedures should be, 
established for that to take place | 
within the companies concerned. 
Reassuring employees about the i 
consequences of a merger is no! 
an appropriate job for the Mono- 
polies Commission. 

This chestnut colt by North- 
fields, the $ire of North Stoke, 
Northern Treasure and Oats, 



showed notable promise in his 
sole two-year-old race when 
making the running before 
tiring in a six-furlong event at 

It came as no surprise when 

he won at the first time of 
asking in a similar event 

Sure to be ideally suited by 
this afternoon’s stiff seven 
furlongs, Northleach — who had 
anything but an easy passage in 
gaining his Brighton success at 
the expense of Almighty — 
appeals as a sound bet to con- 
tribute to- Willie Carson's title 

Two other possible winners for 
the one-time champion are the 
twice-raced Eyelet and that 
tough handicapper, Topbird. 

Eyelet, a chestnut filly by 
Sharpen Up out . of the Sky- 
master mare. Skyey, will relish 
any further rain before the June 
Fillies’ Stakes, while Tonblrd, 
among the six runners for the 
HWFA Williams Handicap, will 
also be in her element should 
the going further ease. 

Judged on her victory in New- 

market's Babraham Handicap, 
the Royalty four-year-old should 
□ot find it bard to confirm 
superiority over the 11 lengths 
runner-up. Georgian Girl, whom 
she meets on 4 lbs better terms. 

A greater danger could well be 
Mint in receipt of 6 lbs from 

2.00 — Eyelet 
2.30 — Topbird 
3.05— Northleach*" 
3.40— Hatched 
4.10— Smarten Up 
4.45 — Fine Blue 


2.15— Nicholas Grey 

2.45 — General Ally*** 

3.15— Clwyd 

3.45 — Whoconnedwfao 

4.15 — Gem iniani 

4.45 — T ardor* 

t Indicates programme in 
black and white. 

8.55 World Cup Report 
7.25 The Wonderful W 

BBC 1 

6.40-7.35 am Open University. 
J 11.45 You and Me. 11.05 -For 
School:,. Colleges. 12.00 Cricket 
Second Ttest: The Comhill Insur- 
ance Series: England v. 
Pakistan. 1.30 How Do You DoV 
1.45 News. 2.05 For Schools, 
Colleges. 3.00 Cricket Second 
Test: England v. Pakistan. 3.53 
Regional News for England 
(except London). 3.55 Play School 
420 Scooby Doo. 4.40 Take Hart 
5.00 The Mole and the Egg. 5.05 
Tahitha 5.3p Roobarb. 

5.40 News (London South-East 

5.55 Nationwide. 

0.20 Nationwide. 

7.25 The Wonderful World of 

6.15 The Black and White 
Minstrel Show. 

9.00 News. 

9.25 “Professional Foul," play 
by Tom Stoppard. 

10.45 Tonight (London and 
South-East only). 

11.15 Regional News. 

UL16 The Late Film: “For Love 
of Ivy ” starring Sydney 

All Regions as BBC 1 except ar 
the following times: — 

Wales — 11.05-1L25 am For 
Schools. 1 AO-1.45 pm 0 Dan Y Mor 
5.05-5.30 Teliffant. 5.55-6.20 Wales 
Today. 1045 Kane on Friday. 
11.15-11.16 News for Wales. 

Scotland — 5.55-6.20 pm Report- 


ing Scotland. 10.45 Breathing 
Space. 1L15-1U6 News for 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 10.45 Lifetimes. 
11.15-11.16 News for Northern 
Ireland. ■' 

England — 5-55-6.20 pm Look Bast 
(Norwich); Look North (Leeds. 
Manchester, Newcastle): Midlands 
Today (Birmingham): Points West 
(Bristol); South Today -(South- 
ampton); Spotlight Sou* West 
(Plymouth). 10.45-1U5 East 
(Norwich) On Camera; Midlands 
(Birmingham) The ' Grass is 
Greener; North (Leeds) Royal 
Sandringham: North East (New 
castle) Friday North: North West 
(Manchester) Champion Brass: 
South (Southampton) Cusden on 
Location: South West (Plymouth) 
Peninsula; West (Bristol) Life 

Crovrn Court. 2.00.- Money-Go- 
Ropnd. 2.25 Racing from Sandown 
Park. 4.00- Tribute* to Industry 
4.15 Golden Hill. 445 Fanfare. 5J5 

5.45 News 

6.00 Thames at 6 . 

6.35 Crossroads. 

7.00 Winner Takes All. 

7.30 The Pink Medicine Show. 

8.00 The Making of Stax Wars. 

9.00 People Like Us. 

10.00 News. 

10.30 Police Five. 

10.40 Russell Harty. 

11.40 How to Stay Alive. 

12.10 am George Hamilton IV, 

12.40 Close — a painting by 
Velasquez with music by 

AH IBA Regions as London 
except at the following times:— 


Crossroads. 6. DO Granada Reports. 630 
Hr. and Mrs. 10 JO Reports Extra. til JO 
Great Films of the Century: Greta Garbo 
in ■■ Amu Karenina." 

1250 fin Report West Headlines. 13.55 
Report .Wafas Headlines 22a Women 
Only 4)00 Cartoon time- 535 The Under- 
sea Adyoniurus or Captain Nemo. 5 JO 
Crossroads. 0.00 Reparr West. 635 Report 
Wales, j 6 JO Eramcntalo Farm. 10J5 The 
Benson and Hedges Show Jumping 
Championships. UJ5 - The Cabot 
Connection." starring Craig Stevens. 

HTV Cymru/Wales— As HTV General 
Seme* except: 1239-1235 pm Penawrlau 
Newyfldion Y Drdd. 4354.45 Camau 
Canumil 62M35 Y Dydd. 

HTV West— As HTV Ceneral Service 
exce#: 1230-120 pm Report West Head-' 
Un*s.( 635430 Report West. 


BBC 2 

6.40-7.55 am Open University. 
11.00 Play School. 

11.25 Cricket. Second Test: 

England v. Pakistan. 

2.00 pm Tennis: The John 

Player Tournament 

4.30 Cricket. Second Test: 

England v. Pakistan. 

6.35 Open University. 

7.00 News on 2 Headlines. 

7.05 That’s the Way the Money 


7.30 New-sday including West- 
minster Report. 

8.15 The Money Programme: 
Can Britain manage? 

9.00 M. H. and 5p (Fivepenny 
Piece with Mike Harding). 

9.30 Inside Story 

1020 The Devil's Crown. 

11.15 Late News on 2. 

11.25 Cricket: England v. 

Pakistan (highlights) and 
11.55 Rugby Union: Australia v. 

12.35-12.45 am Music at Night. 
BBC 2 Wales only— 7.05-7J50 pm 
Heddiw. 12.35-1.00 ara That’s the 
Way .the Money Goes. 

1235 pm Anglia News. 4.CO Cartoon 
Time. 535 Chatterbox. b.00 About 
Anglia. 10.30 Probe. U.OO Friday Laie 
Film: ’■ Attack!" starring Jack Palfuve. 
Eddie Albert and Lee Marvin. US am 
Your Music at Night. 

1230 pm News and Road Report. 1.00 
Mr. and Mrs. MO Cartnim Time. 535 
The BubbUcs 530 Crossroads. 620 
Smrland Today 639 Ernmeraaie 
Farm 10JO Ways and Means. U20 
Late CalL 11-05 Friday Cinema: "Soldier 
of Fortune." starring Clark Gable and 
Susan Hayward. 


1230 pm A TV Ncwvdesfc 3 .45 The 
Sullivans 525 Breakaway: Cowgirls and 
Skatobords, LOO ATV Today. 10 JO The 
Friday Nljihi Film: " Prudence and (be 
Pill." starring Deborah Ki.-rr and David 

1 2 -50 pm Southern Nows. 2.00 Women 
Only. 420 Canoon Time. 520 Weekend. 
520 Crossroads. 620 Day By Day. 6JH 
Scene South Ban. .620 Survival. 10JQ 
-■ The House That Dripped Blood." star- 
ring Ingrid Pltl. 1225 am Soathern 
News Extra . 

DENVER, Colorado; June 15,.-: 
HALE IRWIN, the Z974 champion 
born less than 50-miles from here, 
became the early , leadqr. in tiie 
first round of. U.S.: Open Cham-, 
piousbip here today when "ie 
brought in a fine score of two 
under par 69, playing' alongside 
another of- the most fancied 
players, - .South -Africa* Gary 
Player, who dropped a stroke to 
par at the final hole to be round. 
In leveh par 71... 

In setxuid place to Irwin at the 
moment— and l must stress that 
more than half fhe field, indad- 
has yet to go out— are an 18-yeaf- 
old first year student at Brigham 
Young University; lS-y ear-old 
amateur Bob Clampett; and the 
experienced professional Apdy 
North on TO. ... • 

Alongside • Player - is . 'fhe 1 
younger of the two Wadktns 
brothers, Bobby, thanks ra~np 
small part to a hole in one atr the 
208 yards loth hole. ' 

Conditions can hardly ever 
have been more perfect for golf 
as they were this morning. The 
temperature at midday 
95 degrees, and this immense 
heat was considerably tempered 
by .a pleasant breeze and Ihe 
lack of humidity at the Cherry 
Hills Country Club, which is 
over a mile above sea level, and 
is staging this great champion- 
ship for the third time. 

The setting is incomparable, 
a great parkland golf course 
superbly manicured with even 
and totally fair biit devilishly 
thick rough malting a beautiful 
picture against the staggering 
backdrop of the snow-capped 
Rocky Mountains — the clarity of 
the light being totally dazzling. 

It was in these circumstances 
that the early starters found 
problems on the shorter first 
half of the course, which has a 
par of 35. The ball travelled so 
far at this atmosphere that short 
irons can be played to all the 
holes except the 543 yards fifth 
and the 229 yards ninth holes, 
with a medium iron demanded 
at the 432 yards ninth. 

No-one knows better than 
Irwin, who played all his out- 

-sfandiag : amateur golf in this to ugh. and dropped a Stroke here 
area, just how to' judge the.flight to return to level par' , 
of the ball — generally speaking - '. JackvlSScklaus has opened his ; 

flies 7 per cent, further ihan first.TQahd“?With .two solid par 
at-sea level. / -Tom .JMfatsdit -took 40 strokes tb 

So it -was no surprise' la -me 4he turn, and at the-Jastcdhnr a, 
when he birdied the sixth and .jbirtfto'iat the 594 yard£Utji was 
seventh -holes to go two under four qyer par and struggling. 

-par, a position he maintained for- r K(?!-U.S. Golf. Association 
the rest of the L ,nron<Li 'Ea*ti^ Prompt faction if 

Flayer had been the leader ht ; there "was slow play,-: and they 
the same figure after birdie* at- wete-as goodas their word; After 
•the third arid fifth holes, butiwrtite trio pla^g Inrfraiit’ofJilal- 
couUt not sustain his mormng . Jeateros. Ben Crenshaw and 
brilliance, and faded on jtiie-^eny Pate had .been fritted td. 
inward half. . . 'Wait to play: every shot over the 

Clampett, a sBghtiyoitdg 'man- tratward' half. Bob Impaglia. a: 
who weighs only 10 • stone.- is .professional from NOw York, was 

obviously destined f»ri~ stardom, penalised two strokes oh the 10th 
having won this year’s All- hole. ' . ' ■ ■• -' 



American ' University * 
ratnt and last year's 
junior title of California. 

- TT 7-/ He had been .out in 36 shots 
" - 1 against the 45. taken by one of 
. .'• hi& partners, who shall remain 
-- . nameless— an- - ajriateur— and 

r . ,lnrpaglia went '.-to pieces com- 
.- ’ pletely, taking- 47' Shots including 

A > the -two penalties to get home ia. 

; 83 to the 87 arid 32 of .his 

Tourria- partners. 

i State Crenshaw, who. has a sad 
• knack for making bog -scores • at 

-Hia round wua made poaaible ££ 

the mm ^^Sk3^&ec?after^tbe i*t- the. tree- in front of him. put 
recent raids. Oampet^faJd ^ his- m creek aod had 

sinele nutts^an his inward half to retrace his steps to- the tee. 

single putts Va his inward half. *!® tr 5 ce 
I bad the Measure' of 
the first 15 holes with 

British competitor Peter ; Ooster- qualify week for the. 
huis, and Lam happy to report- 

that he played tidy and skilful jentiy paring, thfe l JWW 
golf to be level with par at this Irwin at tw«> under par. -oqt. or 
stage. \ - course. Fought has .14 holes to 

At one time, however, he was P la ?- ' ■ . ' 

two under par after eight holes. ; At one under pax witn one 
The short game, normally his hole ti> Tlay are. thfe vastiy 
strength, betraved him' at the experienced . professionals M^jK. : 
ninth hole, where he fluffed a S^res and A3 Geiberger, wptie 
chip from just behind the' green Phil ' ; H a n cock, . the - former 
to be ont tn 34, one under par, American Collegiate champion, 
and at the 13th, . where he has just finished in 7L . .. - .. - : 
chipped too strongly, haying The great Arnold Palmet wno 
missed the fairway and. green .won his only US Open -title on. 
to the right on one of the rare this golf course in heroic fashion 
occasions he was inaccurate with, in -I860, is. currently . two 
his iron play. - paTr after eight holes an<L Nicfe-. 

When Oosterhuis brought out laus has just dropped a -stroke 
his driver to iny horror at the- at -the shortest; par four on^ the. 
436 yards, par four I4th hole he course, the 323 .yards third bole, 
duly pulled, the ball Into deep to be one over par -at this, stage. 


T12.50 pm Border Nvms. S25 The 
Partridge Family. 6A0 Lookarouod 
Friday. 10-30 Border Parliamentary 
Report. UJDB Laie Night Film: 
■■ Revenge." starring James Booth and 
Joan Collins. (2240 am Border Mews 


0.25 am The Good Word, followed hy 
North East News Headlines. 1230 pm 
North East News and Lookaround. 4.00 
Cartoon Time. 52S Mr and Mrs. MO 
Northern Life. 10 JO Sponsume. 11.05 
The Friday Night Film: *' Dracula \D 
lSr:." starring Christopher Lee and Peter 
Cushing. 12.40 am Epilogue. 



128 pm Channel Lunchtime News and 
What's On Where, b.00 Report. AX Six. 
10J8 Channel Laie News 10J2 Sommer 
Of -7S. tUJM Late Nlpht Movies: "A 
Child Is Waiting.” 12.20 am News and 
Weather In French. 

I2ja) pm Lanctatlme. 423 Ulster News 
Headlines. 525 Fllnistones. 5.00 Reports. 
625 Police So. 1020 Friday Film: 
McCloud. 12JM Bed lurw. 





1 Appear less than one minute 
in course (3) 

5 Dismounted and clicked 
c3. 3) 

10 Composition for musical 
yroup. just one in a book (5> 

11 Spike must accept wrath from 
North AFrican (9) 

12 A parly sailors met round 
tbe north providing decora- 
tion (9) 

13 Legally adequate state cover 

14 Colloquially very strong (6) 

15 Mode*! soldiers go in vessel 


18 Potential spy could be under 
or over rails (7> 

20 Ash or elm partly on land (6) 

22 Visual dispenser of spirits (5) 

24 When? dishes are made with 
carnivore in pies (9) 

25 Bawd giving professional 
remedy to ship (9) 

26 Pleased with eastern opening 
in wood (5) 

27 Read back about two pages? 
That’s neat! (6) 

28 Endow people and start 
tailoring ceremonial garment 


1 Refusal to transact business 
round Northern Ireland (6) 

2 Instrument for chap on party 
line (9) 

3 Uninformed and missed by 
the photographer (3, 2, 3, 7) 

4 Glutted, i.e. with tasty mix- 
ture (7) 

6 A fraction too much to drink 
(3. 4. 3. 5) 

7 Gold that is left in window (5) 
8 What cricke leers may be 

doing for a novelist ($> 

9 Like soldiers marching on 
foot (6) 

16 Grow micro-organism in a 
trial experiment initially (9) 

17 Legally precluded stop in 
stormy deep (8) 

19 Weapon for soldiers on jetty 
( 6 ) 

30 Performer in part is terrified 


21 Agree when posted (6) 

23 Soldiers and what they do 
with colours (5) 

9.30 am Schools. 12.00 A Handful 
of Songs. 12.10 pm Daisy, Daisy. 
12.30 News plus FT index. 12i5 
Help! 1.00 The Better Sex. 1.30 


9-23 am Firs Thing. 12-50 pm Cram- 
plan News Headlines 6.00 Cramlsn 
Today. 7 jjq The Entertainers: Labi SUTre. 
1020 RedccUons. followed hr road report. 
1025 The Friday Film: - 1020 pm 
Summer." starring Melina Mercouri, 
Peter Finch and Romy Schneider. 
1230 am Grampian Late Ntgbi Headlines. 

1227 pm Gus Honeybun’s Birthdays. 
1220 Westward News Headlines. 6.0D 
Westward Diary and Sports Desk 10.28 
Westward Laie News. 1020 Summer of 1 
71 tlLGO Laie Niebl Movie: ” A Child I 
Is Walling." starring Burt Lancaster and , 
Judy Carland. 12-55 pm Faith For Life. 

Edited by Denys Sutton 



1220 pm This Is Your Right. 420 
Cartoon Time. 520 Whai's New. S2S 

1220 Pm Calendar News. 420 Cartoon j 
Time. 525 Oui Of Town. 620 Calendar ] 
(Emley Moor and Behnonr ediunns). 
1020 " Hard Contract," starring James 

RADIO 1 247m 

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Solution to Puzzle No. 3,693 

SHEE2E3EHQ .ipjElEH&je 

k 0 Q ' n :-:?;• •• e a m 

H m- E G R HER 

S E H 0 H r- R 

n - g - e • Ej n b 


E-v-‘ • fS ' E •: "Q ‘ - 0.- a 

B0G0ES 0E000nEE 

n n 0 ,- 0 0 nj g 

RADIO 2 woom aud VHF 

5.00 am News Summary. 522 Ray 
Moore <Si with The Early Show. Includ- 
ing 605 Pane for Thought and Ml Sports 
Desk. 732 Terry Wogan iSt. Including 
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i report). 8-27 Raring Bulletin. 8A Sports 
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Hamilton IS). Including 225 and 3.S 
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ing 525 sports Desk and 6.02 Croas- 
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Rand Parade iSi. including 730 Spans 
Desk. 8-02 John Gregory conducts the 
BBC Radio Orchextra (S'. 8J5 Friday 

Night Is Music Nmttt (S». 935 Sports 
Desk. 1022 Free Spin 1030 Lei's Oo 
Tjrln with Ronnie Hazfahnrsi Satin 
Larin. 11.02 Sports Desk. 1125 Peter 
Clayton introduces Round Midnlnht. 
Inciudhig 1220 News and Calf report. 
220-222 am News Summary. 

t Medium Wave only. 

Overture iSi. 820 News. 825 Morning 
Concert fSi. 920 News. 925 This Week s 
Composers: D'iitdy and Duparc fS). .930 
BBC Northern Ireland Orchestra t Si. 
1035 Yaung Artists' Recital 'Si. 
1125 Cricket— Second Test: England v 
Pakistan, lncladtng 135 pm News. 120 
Play hill and 220 Lunchtime scoreboard. 
1620 Lifelines: Leisure and Recreation. 
7.40 Salisbury Festival ot the Ana 1976- 
part 1 (S'. 820 Shakespeare's Marriage 
(talk by Andrew Gurr>. 920 Salisbury 
Festival or the Arts 1978— pan 2 (Si. 
10-00 BBC Symphony Orchestra (Si. 1120 
MoSlc Now. 1135 News. 1120-1125 
Tonight’s Schubert Song. 

VHF— 620 am Open Ontversity. 720 
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12-15 pm Cardiff Midday Prom — part L 
320 News. LOS Playbill (Si. 12D Cardiff 
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425 The Young Idea (Si. 525 Open 
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Drink of a Nation (S». 43S The Roof al 
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Within. 53S Weather: programme nous. 
620 News. 630 Going Places. 720 News 
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830 Any Questions? 935 Letter From 
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BBC Radio London 

206m and 94.9 VHF 

The world’s leading 

magazine of 

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Arts and Antiques 


of Lt 


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635 an Weather. 720 News. 725 

635 gm News. 637 Panning Today. 
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125 Woman’s Hour from Manchester. 
Including 220222 News. 2.45 Listen With 
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520 am Morning Mucic. 620 A.M.: non- 
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(innes ■ 820 After Elghr with tin Gllehnst 
920 Niahtllnc wilh Alan Nln. 120 am 
Nlohi Extra. 

Capital Radio 

134 ra and 95.8 VHF 

620 am Graham Dene'« Breakfast Show- 
'S 1 . 920 Michael Aspel (Si. 1220 DdVC 
Cash iSi. 320 pm Roger Scon (Si. 723 
London Today iS». 730 Adrian Love's 
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■■ - 



5 it- • 

^ ; Bnandal -’Ernes Friday June IB 1978 


Waiting for the Revolution 

- - r v 


an aristocrat- revolutionary filter window, through which his almost like Wagnerian leitmotifs: sixty feet- t J'Pf ( f ian 9 fficer 

trs become hideous appari- the reds of action and rebellion takes DJiu D n ‘j» 

1 Vlitmsanfan CAA) Camden Plaza f Played ; by 
/Nlthjwu Uzaia (U) Curzon 

Memories Withm Miss Aggie 

Riutic-ixt Soho Cinema tionaiy band known: as the novelty. The film has speed and aim exasperated by its uneven- in the .JiSJ or tJ? 

JHHUsCX) . ‘Sublime Brethren" Instead, brilliance in parts, but no ness tot in no dtoubt that the toily unsjw of the rul« «d. 

ABC Shaftesbury Avenue FuKjo heads .'Cpt the. tranquility momentum as a whole. talent that treated Padre Padrone caveats wt •• f^WniL ,% 

, — _ and ^epicurean - eopfortsjof his it also leaves the filmgoer wa5 present, if dormant, to „ d 

• family villa. But- to? *> not there somewhat bewildered as to what ^Uonsou/an a final coda^na seems to breathe 

■ AUonmjon is written, and tong before his fortnev comrades the Tavianis are trying to say. * *8““ DQ ^ \ r ^ '- ts own a ?> 

L "r-.'fii reeled by the Taviani brothers, cat ch up with hunj: and_v*isk Clearly the dilettante revolu- Dersu Usalo. by contrast, is the **11 as tn uppers natural 

v , - - . Paolo and Vittorio, and is the him away to join them on a hot- tionary. as incarnated by Mas- twilight work of a great director, habitat. + 

^1" 5..-. "film they made-before the miich ° ea( tod revolutionary eipediiion iroianni. is presented to us as a Japan’s Akira Kurosawa made it . .. ... 

; • : act ,i a i m id PnAr-n Lw J ™ UCh ,0 1he Soulh of J I ? lvi0 | pathetic rather than 0n location in Russia, aod the Memones vnthn, Vi * Aggie is 

. ■' ‘.r Qarc ^ aartme - ■ Open- loyalues are now 'divided beyond sinister: a man politically ** lost " film is a Soviet-Japanese co-pro- directed by Gerard Damiano, who 

■V mg. this week, it .-.receives a repair, however, and. his vevolu- rather than actually evil. And durtion. It lasts M hours and made Deep Throat and The Devil I 

belated run in London, thanks ttonaiy good intentions fight a the internecine squabbles of the begins with painful slowness. But in Miss and who styles him- ] 

... the interest fuelled -in the P r °tongod. and finally rosing. Brethren themselves comprise a do not be discouraged. This Is — self the Godfather of Porn. Thej 

--. Tavianis’ work by their w * th aad satirical stab at Left-wing in the best possible sense — an Press show audience saw the un- 

’ and i- ‘ tre ^5 iie I y - - *■ -J . heterodoxy. What troubles one old man’s work. Once you have expurgated version of the film,, aflitistteiUorthseemg. The film. alas, u also divided is xhat fi , m dueks out 0 f shaken off your impatience at the complete wiUi wobbly pencil-lines 
* tsut be warned; the film is beyond repair. The sumptuous offering any broader statement tortoise-like tempo, and set vouc down the side of the screen dur- 

- ’•/ : j w ? rk t Th< : miraculous; colour photography 4by Guiseppe 0 f political belief. Its morality metabolism to beat in time with ing any sequence that had incur- 

, "<is single-mindedness of Buzzobai> and .-' tile.: - stolid , s purely parochial: like a film the film. Its slowness is a joy. red our censors wrath. There, 

roare padrone were yet to come: charisma of Marcello - Mas- about disagreements on the Kurosawa, unlike the Tavianis of 3re nine minutes of such footage - Mermaid 

of a Stalinist Allonson/on. does not rush about altogether, and while the film. is\ m ™ 

Lniiiartf Hurl 

Ian McDiarmid, John Carlisle, Frank Windsor and John Woodvine 

.what .-lUoTuanfrm- offers us is a troianni's nerfor mance .seem to arlminicti-atinn 

- £? tll . e *?<** of melodrama. -The vanise the story. The contrasts Nonetheless. individual quali- camera. ‘ As a Londoner, you will see a 

is influenced more by the sometimes produce 'a. 'fruitful ties compensate a lot for the over- On paper, this story of an aged great deal of Miss Aggie berseir, 

. ; great overreachers of Italian art clash between old traditions and all incoherence, and there is a trapper and his friendship, an old lad v with a hayseed accent 

ana spectacle — the Verdis and new Ideas: more often, they jar startling inventiveness about the through forest, flood and fretful who wanders around her log- 

•• - the. ViScontw — than •— — --- — - - - — — — — w: — ">««*• ’ — 

Every Good Boy Deserves Favour 


- - rough-grained, . Spartan 
. Padre Padrone . 

The story is set in 
'1S16. the year of the 
Napoleonic restoration^ 

IV'hat an extraordinary piece because of the food ”)- His cell- plucks the arpeggiated ninth nf 

Ivanov (Ian McDiarmid), EGBDF on his violin beFore 
eccentric who despatching the lad to wander 

h»«rrJ 1; Thpv through the musicians’ desks 
orchestra, i ne> rec j t j n „ “ p a pa. don't be ripid. 

indsor) Who brave aod tell lies.’’ 

ph'j I osophi c a fjn o rai 7t be manof ibe female anatomy. ' Uhe baton of Micbael Lank ester, actually P‘ a >‘ l ^= e ^ \f C Soviei 5 ?vi« Tul 

‘ tJ" mm. sounds* like somethin J ££2F - ** ^ SSeetions inside by.ndoptins espeeinUy in the Prokodev 

from tnc man or nature), ine »««« soiiicuhhs — r-.r.r--- nastiche deoarl 

photoorannv begins in the murky m urgent need of penicillin, but about two inmates of a Soviet u brilliantly funny lateral line pastune a par 

Sorief *£le. aT?f processed in in fact it. is the name of the 1 psychiatric ward looks set to in Stoppardian chop ogle. Kol ai s design c L 

mud. but as the film continues, heroine of the second of this' win the wide audience it In p?usi r ed 0 f a ci 

Kurosawa turns up the contrast week's erotic offerings. Directed | deserves. erim 5adv schoolteacher vainly Piusn reu oi a ci 

department. Ralph 
ontains a grimly 
sit within I he 
concert hall, and 

erim lady schoolteacher . . ... 

shimmering under a damp sun: with the. stor> of a nubile school- 
beetling, shadowy forests; a Sirl fPatricia dArhanvilie). and 
milky moon and a red sun the first stirrings of sexuality 

balanced on either side of the she feels while staying at the 
lone 70 mm screen. palatial borne of an older girl- 

There are twn marvellous friend (Mona Kristensen i and her 
action set pieces In the film. In smooth beast of a husband 
one the two heroes, marooned (Gilles Kohler i who runs a riding 
between frozen rivers, des- school. She meets true love, but 
perately protect themselves from does not at first recognise it. in 
the Siberian night by cutting a hippy-Jjke photographer <Brr- 
grass, piling it head-high, and nard Giraudeaui who lives a life 
burrowing into it to make a °f careless Bf/hemianism in what 
warm sleeping hole. In the other appears to be a well-equipped 
the old trapper is carried away beach hut. 

on a raft to almost certain death. The film belongs to the Em- 
and is saved only by his own wanuelle school of sexual eva- 
instructions shouted hoarsely siveness, 3nd the characters swan 
from mid-stream to his friend on ‘ n and oat of frame wearing coyly 
the bank. diaphanous clothes plucked from 

But the best scenes in the film the pages of Vogue or Queen, 
happen around the edges of the The prettiness is so monotonous 
action. The friendship between that otie sympathises with the 
the Russian officer and the wise journalist who asked David 
and wizened Oriental (whom he Hamilton, in an interview re- 
and his unit stumble upon one printed in the film's blurb, if 
nieht in the Siberian forest) he didn't think it unfair only to 
begins nn a note of English stiff- be taking pictures of beautifu 
upper-lippery. and slowly girls. .“Perhaps not fair, but 
develops into a kind of Chek- one does not expect from a §ar- 
hovian male love affair. When the dener either that he grows ugly 
old trapper's eyes fail him, and and fades flowers. An ob- 
he can no longer fell a deer at scure. possibly misprinted, reply. 

but one appreciates the intended 

fringe of a dissident group whose of geometry. The language linguistic conceit in a ^P , ' ,> ' 
response to authoritarian perse- fuses geometric imagery with pnately equal proportions The 
cution is glazed puzzlement and musical terminology and the snow only lasts ob minutes nut 
the start of a hunger strike State line on freedom of the it says more in that tunc than 
(•■We've only had one hunger individual. The young boy at a volume of documentary 
strike here before; and that was one point visits the doctor, who evidence. 

Richmond Theatre 

Theatre Ballet 
of London ; 


The “ gems from the classics ' ’ In this weefi’s programmes at 

view of touring ballet is not one Richmond ^tveral guest artists 
with which I have much syni- are appearing. Maria Guerrero 
■ pathy. If the regions are to sec and .Peti?r MaJlek bring a wel- 
the standard repertory it must, come 'technical sparkle to Le 
he decently presented and more Corsotre. and better still. Miss 
. than decently .danced; it does Guerrero dances with Robert 
i ballet itself a gross disservice to North in the latter's Reflections. 
_• offer shrunken approximations of Tbis is an emotional and well- 
39th century works, with per- argued duet which has the added 
formers unreasonably stretched advantage of being set to the 
• in choreography too searching, adagio from Howard Blake’s 
for. their abilities. The continued! piano quartet, a work by a corn- 
demand for . the- traditional poser unafraid of melody, whose 
favourites — and . an infinity, .of music — unfashionable perhaps 
£uxm Lake and Coppelia would i Q its lyricism and craftsmanship 
keep many a provincial theatre — jg well worth getting to know, 
permanently full — must only be Wednesday’s programme also 
met by' presenting these sacred brought Belinda Wright in 
monsters at their very best. a version of Giselle Act 2 
So Norman McDowell and his reduced to its essentials: the 
new Theatre Ballet of London will Giselle and Albrecht (a 
seem to roe to be begging several pari taken by Peter MalleR), 
questions by offering fragments a0( j the cross oo the heroines 
— Napoli. Siran Lake. Giselle in tomb. In a bizarre way. with 
penny numbers — and allowing n0 help a t 3 ]| from a production, 
audiences to suppose that they Belinda Wright's imaginative 
make much sense as examples graS p of the role made a good 
of classical ballet. With the best dea | 0 f sense. Muted though her 
■will in the world l cannot feel da ^ c ing was, it had a touching 
that this company is oF a delicacy of style, and seemed 
standard as yet to sustain much, more persuasive than many 
criticism: the dozen hara-work- bolder opera-house m- 

ing dancers who bustle about to lerpretatidn. Crdd. Poetic. Uncx- 
recordings of tried and .trjie pec ^ cd . Memorable, 
favourites offer distinctly meagre CLEMENT CRJSP 

artistic fare. * 


The Golden Cradle 

. {. by B. A. YOUNG 

.The title covers a bill of five of blessing or cure. There is an 
short plavs by some seminal odd forecast .of < Beckett about .it. 
,writers P "of Dublin's Abbey Purgatory deals with a tinker 
; Theatre. Thev arc directed by who knifes his son lest be should 
Siobhan McKenna and. insofar grow up like his. th* noRer n 
as 1 am qualified to judge, seem father; and The Pot of Bro.rt 
to me absolutely authentic in tells jokiiy bow a tramp swindles 
style; The sets' on the open stage a countrywoman into proviam 0 
axe -reduced to the necessary him with a meal by pretending 
minimum, aod the excellent com- to sell her a m agtc stone The 
pany, all but one of them Irish final play. Synge s Riders to the 
and .she an experienced, stage Sea, is probably the best-Jyiowti 
Irishwoman, have the cbarac- piece of the evening, even if only 
teristie singing delivery of the through Vaughan Williams. Its 
lines, so different from most tale of the old woman who Joses 
speech in the English theatre the sixth of her six sons after 
today. This is a proper medium a supernatural visitation is 
for the demi-poetic treatment or really the nearest to a solid work 
the pretty Irish talk used by all at art. and with i Siobhan 
three of the writers represented McKenna at Bs centre rt pro- 

— Lady Gregory. Veals and vides a moving half-hour. 

.c vha e • But the trouble about all three 

, authors seems to be that though 

; Lady Gregory, though she evi- t ^ ey wanted madly to write 
dently had a sharp car, is the about the ** farmers and potato 
least interesting of the three, diggers." rhey only wrote anec- 
Her little tale of an Irish police- dotes about them and their 
man conned by a wanted rebel characters were museum recon- 
into letting him past the cordon smictions. Their plays are of 
sahilaire is no more than 3 much academic interest and 
puffed-up bar-room tale, and no some sentimental interest. Then, 
doubt owed Its production to its j>y the grace of God. Seao 
tinge of nationalism and to its O’Casey come alon« and native 
author’s privileged position. Irish theatre became a real thing 

-Yeats is represented by three that shows Irish life as seen by 
nieces. The Cat and the Moon the potato-diggers, and the 
ie a tvpical piece 3bout beggars Dublin workers, themselves, un- 
at~ a holy well' given the choice filtered through an alien intellect. 


Festival Hall 


It is the received wisdom (and In the fourth concerto , as well bright primary colours only, but 

not u/hniiv without cause) That as glitter, and in the lyrical a glory of half-lights and half- 
not wholly without cause) that conversat j 0ns a p ener ous broad- tones— in cascades of feather - 

Claudio Arrau today is no longer ness jj ne> lhcre was fj re; j n tight half-staccato; in the adagio, 
the great Beethoven interpreter shining trills, and in the magically simple, unassuming, 
that he was 20 and more years bright, pungent rhythms, and direct: in much marvellous 
2*0 But ir is too. a wondrous unusually urgent, explosive pedalling, and in the inner voices 
fa«— aDd one of the exhilarating cadenza. In the sempre pianit- or chords, subtle play of grade 
thin°<; about music and music- simo pages of the andante and accent. A fierce, noble per- 
njakt^o—that ac often as not Arrau's tone rarely ventured formance. driven with manic 
tbe received wisdom is wrong, below a rohust mezzo/orte— here energy, proudly sustained, that 
On Wednesday it was not proved too there were flames barely bp- brought the house cheering to its 
wrong merely, but brilliantly, low the surface, powerfully con- feet The orchestra was the LSU. 
decisivelv refuted' two perfor- tained: a springboard to the warm-toned, well-tuned, once or 
manees by Arrau, of Beethoven’s finale, taken at a Fast, easy twice inspired— in the adagio of 
fourth and fifth piano concertos, vivace, light and strong. the Emperor one remembered 

each a marvel of glittering In tbe Emperor, tbe tension of especially one ravishing sonority 
authority, poise and eloquence the fourth concerto, a deep of muted strings and wind. The 
—the playing of a pianist spring for all its force not yet conductor was Walter Susskind, 
unmistakably at the zeDith of entirely unwound, was released quick and attentive, exemplary 
bis powers. in a blaze of glory. And not in accompanist 


cc— These theatre* accept certain credit 
card bv telephone or it the box office. 


Modern music at the Proms 

The $4th season of HenrjrWood Fourth .Symphony. JJ* {?" r i 
Promenade Concerts which will be featured on Septcmbe - 
beeins on July 21, makes a use- in the Chicagu hjmpnouy 
fu! contribution to the cause, of Orchestra’s first Prom appear- 
SStH c ealSS music. ance, Sir Georg Solti conducting. 

There are no commissioned The opportunity to " ear J™ 
works this year, but there will be portant works again, so muefr a 

repeat performances of three feature of tius season, is not con 

works bv voung British com- fined to modern music. Rameaus 
nosers commissioned by the last opera. Les Boreadcs given 
BBC for the Queen’s - Silver its - first performance in is* a. 
jubilee. will be repeated on August -9 

Justin Connolly. Edward Harper by the Monteverdi Choir and 
md Edward Cowrie will be in good Orchestra under John Knot 
;ompany. Peter Manvel J Davies’s Gardiner ... v., d its 

"innphoiu. Lutoslawski’s Mi- Uszt’s Cftmlus, whkh had itt 
wrti. Panufnib's Sinfoma di first complete Enyish pe 
Sferc. Iain Hamilton's Scena: formance in petober. win 
;ieovatra and Lennox Berkeley's performed on July so 
Fourth Symphony are among the This will be the oOth J*r 
m portant contemporary works BBC has been respond be for 
m r.ffpr - -the Proms, and .the size oi 

nsis sa®- 

■iolin concerto and Tippetts cope. 

Continuing action in culture, 
independence and democracy 


W igmore Ha!! 

London Oboe 


The London Oboe Quartet gave factors. In the Beethoven. Perry 
0 , Wednesday its ten.b 

sary concert, and reminded a intonation; and. on occasion, the 
audience of moderate size but thoughtful mildness of the per - 
affectionate disposition that, in furmances left one just a little 
its unassuming way the group hungry for broader definition of 
has become one oi the necessary ?»tline.. The Berkeley quaitet, 

tsz ?HS S “ 25 

= d 5 KS 2 

SS!Sv y R«^er and MaconSy for the occasion, made a clear 

*£ ssr jiMfeo vri " 

Safsajssrarai r&t? 

Sufwork responsible more pensive utterance of the 
SSiSSTSS cor anglais returning for the 
\fri 7 art's; G maior Ouartet. final bars. Though the piece 
K285a' (in which the replacement seems simple, in that its quiet 
of the originally intended flute lyricism tells immediately, and 
by Janet Cmxlon's oboe seemed Jays long 'n the ««nd, the 
to remove an element of bland- details are fi* 1 ® 1 ? 
ness) and the Beethoven C minor son on ties eloquently subtle. An 
String Tr“ Op. 9. no. 3. Firm, athletic and vigorous Duo for 
taetfully stated readings all, in violin and viola (MissHartaad 
■which the unemphatic, impee- Brian Hawkins; by Skalkottas 
cable style and delivery of Miss and Jean Francaixs deter- 
Craxton’s playing and the air of minedly cheerful Quartet for cor 
civilised community engendered anglais and strings closed tbe 
by her partners were common concert. 


mM. Crea.t card*. 01-240 1258- 
Resenritions 01 -B 16 si 61 • 

Ton-1. T.JO LBS Svlphidcs. Grepj.MJ 
prodn. 1 . Scheherazade. Vomor. 3 * *.». 
Mon. Tub. & Wed. 7.30 Conservatoire. 
Gise'lr. Ihur. next 7.30 Fa A 

La Chaiie (new prodn.' etude*. »• 
balcony soatt always Ironn 
ID am aay ol Pert. 

Evgs B.O 

01-930 2578. | OLO VIC 

938 7616. 


Tliurs. 3.0. Sats. 5.30. B.SO. 



COVENT GARDEN. CC 240 10**; 

■ Gardencnaree ^ ^ 

mV'ii’i 30:° Mad wna M ^!{ 

d Wed. next at 7-30: Luis* Miller. 65 
ArnoM- seals avill.t tor Perts. trom 

10 am on d*Y o< pert. Note. Personal 
Tef. nicas. tor Julr Ballet opens July 1 
& not June 1- 

Aug. 7 with the London Philharmonic 
Orchestra. Ton'll Sun.. & Tue. oe*t 
ai 5.30: Don Giovanni. Tomor, & Mon. 
ne»t at 5.30; Ole Ziubertlote. Wed. 
nest at 6.15: La Boheme. Possible 
—cum* on’r- .BoR Glyndepourne 

UnSev E. Smses (0273 ai24if. 

Ay?* EC 1 837 1 672. Last Perts 

Ton i 7.30- Tomor. 2.30 4 7.30. 


Music and dancers trpm Bali. in* 
MPcr ence not to be miUMl. 
rrom Mon. nftxC to July 1 FIESTA DE 


ADELPNI THEATRE. CC. 01-836 7671 
EvgvT 7 30 PA At* j 3-0 ‘ S4U ' ‘ , '°' 

ol 1976. 4977 and 197* 


Sunday People. _ 

ALBERY. SIS 3878. Party Raw. 



ALDWYCH. 836 6404. Inb8. J36 S332- 
repertoire Tontght 7 . 30 . Tpmgr | 0 * 
7. JO Strindberg'S THE DANCE OF DEATH 
with Shzwsoeuev CORIALANUS tnrjr 

pen. 22 June) RSC else at THE WARE 
HOUSE 'see under W) and - 
p fr, a.t illy Theatre In Peter 


__ the 


ALMOST FREE. 485 6224. 
by Bob Wilson,. Tues.-Sat- 
Sun. 3. DO and 5.00 p. 

■ One Oh " 

1.1S n.m. 

No show Morrs. 

AMBASSADORS. Ot -636 1711. 

Ntahtlf at 8-OD. Mat.. Wed. Z-AS.,. 

The World-HmouS Thriller 
"Seeing the play again Is m fact an 
utter and twal joy." Punch. Seat Pricey. 
£2 DD to 5AA0. Dinner and Top-PrKC 
Seat £7.50- 

APOLLO! 01-437 2663. Evenings S.OO. 
Matt- Thurs. 3.00. Sat. S.OO and 8.0D. 


- Actor el the Year.” Evening Standard, 
"15 SUPERB." N.O.W- 
shut your eyes and 
- Wlctadf* funny." Timei. 

Margaret COURTENAY. Ocrmott WALSH . 

" Blackmail, armed robbery, double bluff . 
and murder." Timet. *'A good deal ol 
lun ' Evening News. Last Week. I 

CRITERION. 930 3215. CC 835 1 071-3.' 
E»flS. 8.0 Sac. 5.30 8.30 Thurs. 3 0. 


• VERY FUNNY." S. Tel. 

DUCHESS. 036 8243. Mon to Thurv 
Evenings 8.00. Fri.. Sat. h.lS & S.OD. 

The Nudity is stunning. ' Oaiiv Td. 
8th Sensational Year. 

ARtTthEATRE. 01-836 2132. 



• Hi^rioirf - • - It-" 5undav Times. 
Monday w Thursday B-30. FntMv and 
Saturday al 7- 00 and- 9.15. 

ASTORIA - THEATRE, Charing Cross Road. 
01 -73a 4 291. Mon..ThUrS. 8 P.m. FrL 
and Sit. 6.0 and 8.4S. 

*> Inlettiou*. appealing, foat-stornping ano 
heart-thumplnB. 1 * Observer. Circle buffet 
odci beiore ana after show. Seats £2.00- 
EB.QO. HaH-hfiur before show best awil- 
abk 5d stt S3.00. Mon. -Thurs. and rri 
Rom. pert. only. 


Lunchtime Theatre dally at . LIS 
lune 12-23. “A SLIGHT ACCIDENT. 

FTmBRIDGC. 536 6056. Mon. » ThdtJ. 
BOO- Friday. Saturday 5.4S and 8.30. 

EccltinsSlack African Musical- 
- The flirts are beautiful, bare ana 
bouncing." s. Mirror. 


Dinne r a"d .top-puce seat £8.75 incl. 

CHICHESTER " . 0243 St slz. 

Tonight J u "- 17 and t9 at 7 0. * 

at 2.00. Jwje 80 and 21 at 7-00. THE 

DUKE OF YORK'S- 01-836 SI 22. 

Evenings 8.00. Mac Wed.. Sat. 3.00. 
ir Julian Mitchell's 

HALF-LIFE _ . . 

Brilliantly witty . . . no one should 
miss It." Harold Hobson iDramai. Instant 
credit card reservations. Dinner and 
Top-price Seat £7.00. 

FORTUNE. 836 2238. Evs. H.O0. 7hi/r5. 3. 
Sat. 5.00 and 8 00. 

Muriel Pavio« as MISS MARPLE in 

Third Great Year. 

G £.re c o K 







GLOBE THEATRE. ’ 6 . 9 S' 

Evgs. 8.15. Wed. 3.0. .Sat- 6.0. 3.0 


■■ Thu must be tne happiest lauonter- 
makcr in London." D Tel. ” AN irresis- 
tibly enjoyable evening. Sunday Times. 


Evenings 7.30. Mat -Sat. 2.30. 


Plavs by Tests Synge and Lady Gregory 
For Z we*»'S onlv. ''The Irish stage at its 
best. S Times. 

HAYMARKET. ... * I 832 

Evs. 8. Wed- 2 30. Sat 4 30. 8. 





Must definitely close Julv '• 

HAY-MARKET. 930 9832. Box Office Now 
Obcn. Prevs. July a &S at 8.0. Opens 
July 6 7.30 








Directed bv casper wrede 

HER MAJESTY'S. CC. 01-950 6606. 
Evenings 8.00. Mats. Wed. * sau 3.00. 
with Derek Griffiths 

Directed bv BURT SHEVELOVE . 
"It is packed to bursting point with the 
Personality and sheer energy ot Bruce 
Forsyth ” Sun.. Express " The audience 
cheered." Sunday Telegraph 


Mon to Thurs 9.0. Frl Sat. 7 30 9.30. 



LONDON PALLADIUM. CC. 01-4 37 7373 
Man.. Tues. Thurs. & Fn. at 3. Weo. 
and Sats. at 6-10 and 8. SO. 

■n a Soettaiular Comedv Revue. 
Sundays June 25 and July 16 at 5 & a. 
Special Booking Hotline 01-437 2055.. 

LYRIC THEATRE. CC. 01-437 3685. 
Ev. B.O. Mat. Thurs. 3.0. Sat. 5.0 & 8.20 



MAY FAIR. CC. _ 629 3036. 

E*9S- 8.00. 641. 5.30 and B.45. 
GORDON CHATER " Brilliant," E.N. 

Bv Steve J. Spears 

■' A compassionate tunny fiercely doauenl 
plav." Gdn. LAST WEEK. . 

MERMAID. 248 7656. Restaurant 248 
2835. Evening's 7-«» 4 9-IS 


A Diece For actors and orchestra bv TOM 
£3 & £2. "A work of true theatrical 
genius." Sunday Times 

COMEDY. 01-930 2578. For a 

Limited engagement June 20 to July 16 
••An unpMa'iel e-j. tiur fly fnrr» ' S. This, 
fgej. tn y' 3-D- Sun. 4.30. No Bh. 
Man. jra tt CT.2S, £2 .25. £2.50, £3.0 . 

DRUftY 0 l"iss 8108 Every 

"■*"* 8 00 *'°°- 

‘ -A r,fe S wVn^ i a'b^Tm4 St0nlSh ‘ MI 


OLIVIER i open stager Ton r. 7.30 
Tomor. 2.45 & 7.30 THE COUNTRY 
WIFE b> William Wvchrrlev. 

LYTTELTON 'prosunlum stagec Ton'l. 
7. 45. Tomor. 3 A 7.45 PLENTY a new 
play bv Darid Harp. 

COTTCSLOE < small auditorium!: Tont. 
& Tomor. 8. Last Ports at LOST WORLDS 
bv Wilson John Halrr Many excellent 
cheap seats all 3 theatres day el pert- 
Car park. Restaurant 928 2033. Credit 
card glss. 928 3052. Air Conditioning. 

A Work ol Sundays. June 11-17 at 7.30 
Today Sat- Derek Jacobi as Bvron *vlMi 
Isla Blair. Julian Glover Harold innocent 
• May it live a thousand years' The Stfae* 
7 30 THE DAY OF THE DEAD Graham 
Collier* jaz* composition based on 
the writings at Malcolm Lo*rr. 

Prospect's TWELFTH NIGHT returns June 
19th C'*n outstanding revival’ The Times- 
SAINT JOAN returns June 22nd r a 
great pe norma nee ' The Times). 

OPEN AIR. Regent's Park. T«. 1*431. 

Evgs. 7 45. Mali. Wed.. Tnur*. **£«• 
2 30 With RULA LlNSkA. IAIN 

PHOENIX. 01-836 2394. Evenings 
Friday and_ Saturday 6.00 and B.40. 
GARDEN make us laugh." D -Marl in 
THE Hit Comedy bv ROYCE PYTON 
HAVE DIED." Sunday Times. "SHEER 

PICCADILLY. 437 4506. Credit Card bicgs. 
836 1977-3. B.30 a.m.-tJ.SO p.m. 
Evgs. 7.30. Sat. 430 4 B. Wed. mats. 3.0. 

Royal snakespeeie Company <n 
_ by Peter Nichols 
Riproaring triumph " S. £«pre*s 
Ev. Sta. Award ana SwET Award- 

TALK OF THE TOWN. CC. 734 5051. 
B.OO. Dining. Dancing iBars open 7.1 S|. 
9.30 Super Revue 
and at 11 pm 

VAUDEVILLE. 836 998'.. CC. Ev*. 8.00. 
Mai. Tues. 2.4 * Sat 5 ana a. 
Oin.ih SHERIDAN. Dulcic GRAY 
■' Re-enter Agaiha with another who- 
dunnit hit. Agatha* 1 -. stalling we 
West End '.Ot again with anoilter pi her 
fiendishly ingenious murder mysteries. 
Fell* Barker Evening News. 



Book now. 628 4735-6. 834 1317. 


Evgs. 7.30. Mats. Wed and Sal. 2 45. 


Garden 836 6 So*. Roval Shakrspeare 
Company Tonight 7.00 nremier prodetn. 
David Edgar's THE JAIL DIARY OF 
ALBIE SACHS. All sears £1.00. Adv. 
bLgs. Aldwyrn. Student standbv £1. 

PRINCE EDWARD. CC IFormcrl, Casmol. I 
07-437 6877. Rfc. price previcv/s. Tomor. 
5,30 S; B.30. Tuesaav at a.O. 
Opening Wednesday ai 7.D. 


bv Tim Rice ana Andrew Llovo Webber 
With David Essex. -Elamc Paige and Joss 
AcMand. Olrecreo by Harold Prince. 

PRINCE OF WALE5. CC 01-930 U631. 
Mpndaji to Friday at a P.™. Saturdav* 
at 5.30 aad 8.4 S. 

starring ROBIN AS* with 

_ . ‘ Daily Eiprcu 


i ib6. 


WESTMINSTER. 01-838 0283. 

”M?EN CHAN7 HUMOUR." D. Telegraph 
"SHARPLY TOPICAL." Financial Times. 

" Tremendou! impact." Now. 

Evs 7.45 Mat. Weds. 3.00. Sal. a .30. 

WHITEHALL^ 01-930 C692-7765. 

Evgs. S 30. Fn and Sat- 6 45 a/rd 9- 00. 
Paul Ra/mard presents the Sensational 
Sev Revue o> the Ecnturv 

WINDMILL THEATRE. CC. 01-437 '6312. 
Twice Nightly 3 00 and 10.00. 
Sundavi S 00 and 8 00. 

PAUL RAYMOND presents 


"Tales lo trnarpcenaenied Irm.tS wnat I* 
Permissible on our stage" E*s- News. 

Evg,. 8.00 WrtJ. 3 Ou. Sat. ' "0 
m Alan Benner l » 


Plav and Players London Critics Awa'd- 

At 7 pm.. 9 pm., if D m. mpen Suns j 
PAUL RAYMOND presents 

Fu I'Y. air-condltioiKd. _ 


WYNOHAM'S. 01-836 3023. Credit Card 
Bicgs. 836 1071-2 trom 8 30 am lo 

; 20 Dm Mon-Tfturs. 3 Frl. and Sal. 
5 15 and 8 30 

VEPY FUNNY ■ Eaen-ng News 
Mary O'MniWs smash hit Comedy 

" Supreme eomedv On so- and religion." 
Daily Teleoraph 


Evgs. 830. Frl. ana Sat. 7.0 and 9.0. 
"Elegant good -humoured engaemg." Gdn. 
A New Musical. 

'■ Caustic and Comic. •' Trntet 
“ Show scores In songs." D Tel. 

" Linda Thersen ... a revelation." Times 

YOUNG VIC. 92B 6363 New Camn>nv. 
orevs, from Ttjn't eves 7.4 £ 


ABC 1 & 2 SHAFTESBURY AV S26 £361 
Sen. Peris. ALL 5EATS RUBLE . 

T: THE COMEBACK iX>. WE. & Sun. 
2.00. 5.10. 8.10. Late show Sat. 11-10 
2: THE GOODBYE GIRL i&i Wl. & 
Sun. 2.00. 5.10. 8. 10 rias! 6 daysi. 


1* June-2 July 

A new Play bv Nicholas wr.gni 
_ .. TREETOPs 
Gillian Barge. John Blutnai 
Jcmoke Dcbayo. Judith Hane. 

Lila Kave. BUI Paterson 

CAMDEN PLAZA topp. Camden Town 
TtlbC). 4 05 2443. Tavianis ALLQN- 

SANFAN -AAJ. 4.45. 6.50. 9 00. 

CLASSIC 1. 2. 3. 4. Ovlord Street 'Opn. 
Tottenham Court Rd. Tubcl 636 0310. 

1. Alan Bates John Hurt THE shout 

i AA). Progs 2.30 4 35- 6 40. 8 45 

Late show 1 1 pm. 

3 OD. 6 5D fe.'ture 3.25. 7.15 Late show 

David Saisien,. j*p W-ld i 3. Jack Jones THE COMEBACK rxi. 

COURT. ^730 1745. “ ‘iiiT Com j J-®* 3 3E ' 6 05 8 15 La,C ShOW 


Prcvs. Eves, at 8. Opens Tucs 
7 suds, eves j. Sats. 5 

bv Bill Morrison. 

4 . Bertolucci's 1900 Pari 2 iX- Pross. 
2 . 30 . 3 20 5 IS Late snow 11 10 pm 

IfOO Part 1 ui. 

ROYALTY. Credit Cards 01 -40S 8004 ; CURZON 

Monday- ThurHttp evenings 8 00 Friday 
S 30 and 8.45. Saturdays J On and S ”0 

ipmttn crluts vete 
Best Mux,cal el 1977 
Booking* accepted. Major credit cards. 

Special reduced rale fa r matm^es tor a 
limited oerlod only 

SAVOY THEATRE. 01-336 8388. 


TO SEE IT. - ’ Gdn. 

Evas, at 8.00. FrL 0. Sac 5.45 & B.4S. 
Shattesbury A*», WCZ Wish Hoibom endj 
EVAS. B.O. Mats. Tues. A Sat. 3-00 

■This musical has evervthma " S- h ,,r - 

SHAW THEATRE. 01^388 ’394- 

. EvfiS. 7.30. Mats. Wed. 2-30- 

bv Arnold Wesker 

5 |^ K Thur D sl"3 3 a^?urwi« E I‘yli n Sna 8 B 0 3u i CLOSE ENCOUNTBHS OF THE IHIKU 
Mat. T"urJ- 3.0 Saturdays 5 31 ) and 8 3 KIND lAi. 5e? n's Mon -Frl. Doors 0 pcn 

. Curzon Stree* wi 299 7737. 
full, A|r Conditioned Coniiori) DERSU 

It? ALA -U' m 7C mm lEnelisn sub- 
titles! A Film P-, AKIRA KUROSAWA 
director Ol " Riwomon " and "The Seven 
Samurai " Film daily at 2.0P 5.D0 A 
E.OQ Sr^ls BcdUabie al 12 50. 

ODEON MARBLE ARCH 1723 2011-2) 



goo'd' s?ATS. R JULOO- il so 

ST. MARTIN'S. CC. 835 t«43 E»S. *02' 
Matinee Tun. 2.45. Sattiryu,s 5 and S 
26|h YEAR 

erogs Mon.-Sat. 1 30. 4.45. 8 10. Su" 
3 30. 7 45. Late show Fn & Sat 11 45 
pm Seats may he booked in advance 
tor 8.10 Prog. Mon.-Fn. & all progs. 
Sat. & Sun. No laic show booking. 

ODEM HAYMARKET ’.930 27 JBJ2771). 
jane Fonda. Vanessa Redgrave 
in a Fred Zlnncmann him 
JULIA <&l 

See proas dadv 2.30 5.45. 8 45. 

Feature daily 2.45. 6.00. 9.00. AI! 

seats bkbic at theatre. 

KIND ■ Ai. sen oroos. Olv. Doors open 
) OS 4 15 7 45 L3le show Fn. A Sat 
0'*ors open ills pm All seats may be 

• S 7 10. Sal a Sun Doors ooen 1,05 
4 15 7.4S. Late Show Ffi. 6 Sat Doors 
oson It 15 pm. All seals bkbic. fn ad- 
vance evoert late shows 

PRINCE CHARLES. Le.c Sq. 437 B1B1. 



SCD.Pcr's D'v line sun 1 2.45 6. IS. 

i 9 00 Lie Show Nightly 11.45. Seats 
Sksie. Lie d Bar. 



Telegrams: Flnantlmo, London PS4* Telex:, 886341/2, 883897 
Telephone: OMW 

Friday June 16 1978 

Credit and 

THE STUDY of credit control 
methods which has been 
launched in Whitehall in the 
wake of the latest monetary 
crisis is in principle long over- 
due. but in practice it may 
prove a damaging waste of time. 
The Government has been 
politically embarrassed, and 
naturally resents the fact: but 
if we are now to have a secret 
inquisition on who failed to buy 
adequate amounts of Govern- 
ment stock, which banks did 
what to window - dress their 
liabilities, and whether any 
political malice can be 
detected, a lot of quiet damage 
could be done in no good cause. 


A serious study of existing 
methods of credit control and 
of possible alternatives, on the 
other hand, is urgently needed. 
The whole history of credit con- 
trol in the last six years has 
been punctuated with crises, 
when official funding, or con- 
trol of bank lending, the flows 
across the exchanges or the 
growth of domestic liquidity 
have appeared to lurch out of 
control for a time. The insta- 
bility of exchange rates and in- 
terest rates has done gTeat dam- 
age to the real economy. We 
have not even suffered in a good 
cause, since governments have 
yet to draw the right moral from 
them: that the official demand 
for credit must be held back if 
room is to be created for a re- 
covery of the private sector. 
They have hoped instead that 
official funding would be no 
problem as long as something 
called "confidence'' was high, 
and thus tended to knock every 
recovery' on the head as soon as 
it was visible. 

It has been remarked by 
many students that crises are 
the main instrument of mone- 
tary policy in Britain. In the 
days when we had a fixed 
exchange rate and no monetary 
policy, measures of restraint 
were almost invariably pro- 
voked by a run on the pound. 
In recent years the constraint 
on government policy has 
tended mote and more to be 
the progress of the gilts mar- 
ket, since bitter experience has 
shown that a monetary problem 
neglected for more than a few 
weeks can grow into a national 
disaster. Mr. Callaghan’s first 
task when he assumed office 
was to wrestle with such a 
disaster: his most recent, as he 
plans to offer his office for 
renewal, has been to head off 
another, regardless of political 

If the sole aim of a monetary 
regime were to discipline poli- 
ticians, the British system 
might then, be counted a con- 
siderable success; it does not 
prevent mistakes, but it ensures 
that the consequences of any 
mistakes are visited on their 
authors within weeks. Anyone 
wanting to design a collar and 
leash for the Chancellor might 
conclude that nothing could be 
more effective than to stake the 
whole control of the monetary 
system on the sale of relatively 
long-term government debt 
Official policies are thereby 
dally submitted to the judgment 
of the market and Investment 
managers who aim for nothing 
more than to balance their port- 
folios and avoid buying on a 
falling market acquire an unin- 
tended political power. At 
times we appear to have gov- 
ernment by brokers’ circulars. 

However, most central banks 
also aim to produce stable and 
appropriate credit conditions, 
even if this means that what 
they see as excessive govern- 
ment credit demands are 
punished only by a relatively 
undramatic adjustment of 
interest rates; if such a demon- 
stration is thought to need 
reinforcing. such central 
bankers are in many countries 
ready to speak out on their own 
behalf, rather than leaving 
comment to market participants. 
A central bank with greater 
political independence can per- 
haps afford to use subtler and 
more pervasive technical means 
to influence credit conditions. 

Less distortion 

Such methods would not only 
lead to more stable market con- 
ditions, but would produce less 
statistical distortion and drama. 
At present the growth of credit 
and money is as unstable as 
the means used to control it. 
and the figures are constantly 
distorted in one direction or 
another. Yesterday’s money 
figures, for example, show a 
grossly excessive growth of 
domestic credit; but the adjust- 
ments needed for slow gilts 
sales and for window-dressing 
by the banks (again, a straight 
expression of commercial self- 
interest) swamp whatever may 
be the underlying trend in loan 
demand. We suffer crises with- 
out even knowing at all cer- 
tainly whether there is any 
trouble brewing. There must be 
a better way; and if the result 
of Cabinet anger is to find one, 
Mr. Callaghan has been irritated 
in a good cause. 

Another subsidy 

in dispute 

THE circumstances which led 
the European Commission to 
object to the UK offshore sup- 
plies interest relief grant 
scheme may differ from those 
which caused Brussels to object 
to the temporary employment 
subsidy. But the underlying 
reasons are the same. Both 
schemes distorted trade be- 
tween Britain and other 
members, which is against Com- 
munity rules. 

The temporary' employment 
subsidy ran into trouble because 
it had so often been extended 
and its nature had been so much 
changed that it could be held to 
be preserving rather than solv- 
ing problems. Half the subsidy 
payments were going to textiles, 
clothing, and footwear firms — 
sectors that were deep in 
trouble throughout the Com- 
munity — and where they were 
meeting as much as 30-40 per 
cent of UK firms’ wage costs. 
The offshore supplies relief 
grant, on the other hand, had 
been introduced — by the Con- 
servative Government in 1973 — 
so as to help UK firms match 
subsidised competition from 
overseas suppliers of North Sea 

the extent that it was an aid tn 
an infant UK offshore supplies 
industry, the scheme could 
again be accepted. But its 
discriminatory nature against 
Community firms outside 
Britain became more objec- 
tionable as the North Sea 
market — and the UK share of 
it — grew. By the end of 1976 
the exchanges had reached the 
point where the Commission 
felt obliged to initiate the EEC 
Treaty procedure which eventu 
ally can lead to the European 
Court in Luxembourg. 


British firms were not 
eligible for ECGD facilities 
whereas their rivals, many of 
them then American, could get 
loan finance at preferential 
rates from their own national 
export credit institutions. In- 
stead of extended ECGD cover 
lo the North Sea. however, the 
Government brought in a more 
complicated — and possibly 
more generous — scheme 
whereby North Sea operators 
could obtain an Interest relief 
grant oE 3 per cent a year for 
up to eight years on loans 
financing up to 80 per cent of 
the value of the contracts they 
plated with. UK firms for goods 
nod services used in the con- 
struction of fixed offshore in- 

In nearly every other such 
instance, the national govern- 
ment concerned has sooner nr 
later conceded the point, as the 
UK eventually did earlier this 
year over the temporary em 
ployment subsidy. Some modifi- 
cations to the offshore supplies 
scheme have been offered, but 
evidently Brussels thinks they 
do not go far enough for it bas 
now decided to force the 
issue. The situation appears tn 
have been inflamed by Com 
m unity members' impatience 
with the attitude towards 
energy policy generally shown 
by Mr. Wedgwood Benn who, 
as Energy Secretary, is now the 
UK Minister involved. 

To the extent that the scheme 
could be regarded as aiding the 
development of the North Sea, 
Brussels had no objections. To 

The issue is clearly not 
straightforward. French, Dutch 
and German offshore suppliers 
enjoy good export support 
schemes. On the other hand, the 
lack of ECGD cover before 1973 
meant that UK suppliers faced 
precisely the same disadvantage 
as every other UK industry 
facing import competition. The 
“infant industry** argument 
loses force with time. The UK 
share of what is now a £lbn 
plus a year market has ri<u*n 
from 25-30 per cent before 1973 
to over 50 per cent, or not far 
short of the most that could be 
reasonably expected. One 
would have thought that given 
the political will (an important 
proviso in this particular situa- 
tion) a way could be found of 
keeping Brussels and other 
Community members happy 
while still meeting British 
industrial policy — and public 
economy— interest 

shots in 

Financial ' Tunes; . 

over air 


T HE DECISION by British 
[Airways to embark on a 
unilateral high-wire balanc- 
ing act with international air 
fares, announced on Wednesday, 
marks the first practical step by 
any airline to aot outride the 
agreed fares structure of the 
International Air Transport 

The U.S. Civil Aeronautics 
Board has already threatened to 
pull U.S. airlines out of LATA 
But no airline has yet gone as 
fax as British Airways in defin- 
ing the new parameters within 
which airlines may now be ex- 
pected to operate. BA has pro- 
posed a radical restructuring of 
its fare structure. Three classes 
will replace the existing first 
and economy classes in a move 
which has important implica- 
tions for passenger comfort, air- 
line economics and future 

The new first, club (or busi- 
ness) and discount fare classes 
proposed by BA are designed 
to boost the number of cheap 
seats from under a quarter of 
the present total to a full 50 per 
cent The airline is banking on 
filling 80 per cent of the cheap 
discount seats on every flight, 
but is fitting a moveable bulk- 
head in the event of demand for 
the cheap seats not materialis- 
ing. The airline would then be 
able to expand its club, or econ- 
omy class seats at will 
More important for the future 
of airline competition and LATA 
is the claim by Mr. Gerry 
Draper, BA's director of com- 
mercial operations, that the air- 
line had discussed its low fare 
proposals before Wednesday's 
public announcement with all 
other major airlines. This has 
been taken in some airline 
circles to amount to a declara- 
tion by BA that it wishes to 
lead world airlines in the way 
they structure their fares, in 
any post-IATA era. 

The BA proposals look radical 
and perhaps unworkable, with 
the uncertainty over how to 
achieve precise passenger fare 
ratios not likely to be resolved 
until the last minute before 
take-off. Tn reality the biggest 
change is the move to three 
classes. Within this structure, 
the first class and the new club 
dass fares will correspond to 
the old first and economy prices. 
Even the standby discount 
fares, on domestic flights at 
least, are to be on the same 
limited weekend basis already 
in force on shuttle flights at 
weekends. , 

The main novelty is in the 
wider availability of these 
prices and in the timing of the 
announcement two weeks before 
the 106 corporate members of 
1ATA meet in Montreal to dis- 
cuss what should happen to air 
fare regulations in the face of 
growing unilateral , action by 
members. By the, 'end of the 
meeting, on July/1, there may 
only be a handful. If any, 
members who wish IATA's 
status to remain unchallenged. 
At the heart of the changes 

to be put to the vote in Mon- 
treal is a new two-tier structure 
for airlines which wish to keep 
their ties with IATA. British 
Airways is one of the big air- 
lines likely to keep some rela- 
tionship— if a distant one — with 
tbe recent more liberal ideals 
of IATA. This would be in spite 
of BA’s move into the vanguard, 
of across-the-board low fares. 
The hint of a continuing link 
came from Mr. Draper on Wed- 
nesday. He said BA had no wish 
for air fares to be completely 
“de-regularised.” But the airline 
wants changes. By taking the 
lead before Montreal it clearly 
hopes to take other airlines 
along its own particular road. 

At an earlier meeting last 
November, tbe big airlines were 
faced with growing support by 
governments for cheap-fare 
“consumerist” policies on many 
major world air routes, includ- 
ing particularly the North 
Atlantic (such as the UK 
Government’s espousal of the 
cheap-fare Laker Airways Sky- 
train to New York). They were 
told bluntly by the LATA direc- 
tor-general, Knut Hamm arskj old, 
that in order to survive they 
had to respond swiftly to tbe 
new environment in world air 

He argued that there were 
strong and growing govern- 
ment antipathies to the long- 
standing IATA techniques of 
fares-fixing; consumerism was 
“becoming rife”: and govern- 
ments themselves were in- 
creasingly taking over fare- 
making functions. He said that 
for the scheduled airlines the 
forces of stability and order on 
the one hand (meaning the 
IATA) and those of “laissez- 
faire” (meaning governments 
whose interests were more in 
tune with the politically-popular 
cheap-fare theories than with 
tbe long-term stability of world 
civil air transport), were con- 
fronting each other. 

“ The operators are caught in 
the middle.” he claimed, and 
added that the time was ripe for 
far-reaching reforms. While 
these might not be appropriate 
in all markets “ particularly 
where there are developing 
countries with developing air- 
lines to consider," in those parts 
of the world where “runaway 
regulatory trends are clear, par- 
ticularly on the North Atlantic, 
there may be little other res- 
ponse to the present situation. 
How else does one respond when 
regulatory authorities are sharp- 
shooting with shotguns?" 

One of the particular com- 
plaints of the world's main air- 
lines has been the attitude of 
tbe U.S. Government, which 
over recent years has shown 
itself as increasingly anti-IATA. 
On a number of occasions, pain- 
fully constructed fares packages 
for the North Atlantic route 
have been rejected at the last 
moment by the U.S. Civil Aero- 
nautics Board. The U.S. ten- 
dency bas been for tbe CAB. 
backed by the government, to 
lay down a policy for the U.S. 
airlines to follow, and make 

existent) areas ‘ of ■ ^personal’ 

IATA-regulated transatlantic travel' in economy class. Meals, newspapers and the children’s 
games are free — but yon have to pay for alcoholic drinks and inflight ent ert ainment 

IATA fares policies fit that situ- Montreal. Hitherto, even tie. smallest airline, with little. real 
ation not the other way round, bulk of the airline-members of - direct interest in 'the. *ares ; on 
This ’ Govemment-versus-IATA the Association have only a given route, has bean able to 
conflict in the U.S. has already known in general terms what, block decisions until it got its 
obliged Pan American seriously is proposed — they are in : prdr own -way on something ■ else, 
to reconsider its membership of cess of getting fuller details. But Thus, fares policies have .often 
the Association. enough has been divulged" to been compromises, uhsatisfac- 

not “ate it dear that, if approved, tory to everyone— passengers, 
Mr. Hammarskjold _ was not tte proposals ^ ensure, that airlines, and governments alike, 
only conMrned about goraj- IATA wm never ^ ^ Now it is intended that the 

meat impatience witolhe associ- ^ ^ ^at, more g^ys. unanimity rule should go, in 

a ! 10nS h™T™5l oth£ cant *y> tiie opportunities fra: favour of a simple .majority 

also about many of its other ^ng its mem bers vote, while airlines which do 

regulatory techniques. He UTeed bg mucll greater than not have any specific interest, in 

the airlines to take a close look 
at all their other rules and regu- mtner ™- 
1 at ions, “ including those dealing 
with seat-pitches and sand- 
wiches, and perhaps in this new 

environment a large number SjSlcIIl 

More open; 

given route will Obliged 
to participate .in . the. fares 
- conferences on /that,, route, or. 
even necessarily be bound by 
the decisions taken. This should, 
give the airliner greater; Best-; 

cnuld simply be thrown into the The proposals broadly provide bility in negotiating new ‘fares 
waste-bin.” for a “ re-definition " of - the much more quickly, ahiT intro- 

His comments undoubtedly membership of the Association; during “innovative .;, rates* 
shook the IATA delegates, and the adoption of a more : ; open which many know are necessary, 
at that same meeting fo Madrid and accessible system of fares- One senior airline executive 
they set up the task-force of fixing: greater flexibility in the commented recently that **Sky- 
“five wise men,” comprising: development of “innovative train caught-tif napping. The 
Mr. Ross Stainton, deputy fares:” and cuts in tbe numbers idea bad been^' around for years 

chairman and chief executive of 0 f rules governing Inflight before it was finally approved 
British Airways: Mr. K. G. service. last winter, but we had to 

Appusamy. managing director What these . proposals really improvise oar answers to it 
of Air-India; Mr. L. Edwin mean is that the -Association (Budget 7 'Plans Stand-By. ’ 
Smart, chairman and chief intends to try to change -its fares) in a hurry. We eoiild, 
executive of Trans World Air- rules, so as to ensure that While and should, have worked but 
lines; Mr. Umberto Nordio, its members adhere to certain bur. •response- to 1 if ' much 
managing director of Alitalia; basic regulations — such aSj-those earlier.” : Thus, What , the 
and Mr. Claude Taylor, chair- governing safety, legal, medical; scheduled -..airlines, are. now 
man and chief executive of Air technical, and handling matters, going to be’askedHto do is think 
Canada. All of them were as “and other essential, service- more’boidly, in the knowledge 
well, aware as Mr. Hammarsk- orientated and safety-orientated that any ideas they may- 
joldjof the need for change in fields designed to maintain and generate, will not necessarily, be 
the Scheduled airline industry, improve service standards"— sqoashed^jznder. the weight of 
if the IATA itself was not to there will be much greater a ponderous bureaucratfcally- 
be relegated to the backwoods freedom when it comes to fixing organised faxe-flxlng. machine. : 
of world civil air ttansporr, passenger fares and cargo rates. Finally, thq aim will .be to 
with governments taking more Hitherto, all the scheduled try to get rid,, of, or modify, 
and more control of airlines’ airlines in the IATA have been many of the ''currently over-, 
affairs. obliged to adhere strictly to restrictive rules governing what 

The task-force has worked rules governing fares confer- kind of in-flight service any 
quickly. Only a few weeks ago. ences, and especially the airline can give its. passengers, 
its preliminary report was sub- “ unanimity rule,” where each Hitherto, strict conditions have 
mitted to the top policy making airline has one vote, with all been laid down for such things 
body of IATA the Executive airlines being obliged to accept as the size, quality and cost of 
committee, and endorsed the resulting decisions. This meals. served in different. parts 
unanimously. It now goes to has often resulted in a rigid of an aircraft, the price charged 
the special general meeting in fares system, whereby even the for tofflght entertainment, and 

sendee— such as politeness to 
passengers*- Violation: of these 
rales to ; the past has often 
resulted- in airlines Jreing fined 
by .the association, andon some 
occasions -: there have - been 
; international rows leading to tbe 
nearto-eakdown of air. services 
between.' various roimtries— the 
famous “sandwich war 0 several 
years -a^r for example, turned 
entirely up oudifferent- interpre- 
tations between Scandinavia 
and other countries- as to what 
.constituted a "sandwich.'”. - 
. . Now, the IATA has realised 
that such regulations make not 
only a mockery of . competition 
in scheduled air transport; hut 
-bring the Association- Itself into 
disrepute; If the task-foroe’s 
proposals are accepted* many of 
these -rules will be etther swept 
away or at least "substantially 
modified, so that tiie scheduled 
airlines will be able to compete 
directly for passengers’favours 
in, such' ; thlogsj .as. : in-flight 
service, including meals, drinks, 
entertainment and "give-away ” 
presents.. • . ... • 

It haste be stressed, however, 
that air these are. only proposals. 
They have yet to rum the 
gauntlet of the special Montreal 
meeting. Many of the members 
, of -the IATA have; bnly-.recently 
Tjeeu given the details of- what 
the task-force is proposing, and 
it is certain that many of them 
,wiD not- like, what ' they. read. 
While : some, of tbeblgger air- 
lines ate consdous of the need 
for change, -and will feel strong 
enough to: be able' to accept the 
proposals, conscious of . their 
power to compete for traffic 
tinder the new conditions, that 
are likely to emerge, some of 
the smaller, developing airlines 
may feel' the; need for a con- 
tinued “umbrella” of IATA pro- 
tection/ Thus, some of the pro- 
posals may well be substantially 
modified,' perhaps to’ the point 
of being treelfess . ^n \ obtaining 
wbat th^ task-foree set bat; to 
achieve— a greater, competitive- 
ness in’ - the: ; association's 
membership. . . • ’ •: 1 . ; 

. • Governments will be watch* 
ing the Montreal meeting with 
especial interest (they will have 
jo approve what their airlines 
deride) and the lATA members 
know that if they do not Uctueve 
some results that would widen 
IATA . cities to. allow greater 
competition, they are likely to 
find many more of their .func- 
tions being taken over.Ttsferes- 
fixing -already has been on some 
routes. " The wind of change Is 
beginning. to. blow through the 
conference balls. Of thb^IATA, 
and it is now doubtful it there 
is any way of stopping it- - 




says Sir James 

At the risk of straining any 
entente cordiale that may exist 
between this column and its 
readers. I am once more report- 
ing from Paris. In particular, 
there is news of “Le Chevalier 
de 1’Epicerie” — Sir James 
Goldsmith, of course. It seems 
that Goldsmith is far more 
fascinated these days with 
journalism than groceries, sn 
that a large slice of his time in 
France is devoted to his latest 
pride and joy, the weekly 
l’Express. He will soon be mov- 
ing the magazine, acquired last 
year from Jean-Jacques Servan- 
Schreiber, into handsome new 
quarters overlooking the Etnile 
— with his own penthouse flat 
surmounting the offices. To re- 
mind everyone that he is the 
boss, the message “President: 
Jimmy Goldsmith” appears at 
the front of the magazine, and 
the imprint at the back says that 
Jimmy Goldsmith is tbe director. 
Last month his control was 
stepped up from -15 per cent to 
two-thirds. There have also been 
reports that he is in the market 
for l'Aurore, a Right-wing daily 
owned by the troubled Bnussac 
empire, but that may instead be 
bought by aircraft manufacturer 

“Goldsmltb tells us we are not 
impertinent enough in inter- 
views.'’ says Todd; that should' 
amuse Private Eye, once deluged 
in writs by Sir James. It also 
appears that Goldsmith pro- 
mised Todd that he could urge 
readers to vote socialist in the 
French general election; in the 
event, this journalistic freedom 
was garnished by a result that 
must have gratified the boss — 
hardly a leftist from the poli- 
tical ideas, he has declared in 
Anglo-Saxon surroundings. 

Culture Vultures? 

A recent cartoon in Le Figaro 
shows a Parisian husband and 
wife gazing complacently at a 
transformed Place de la Con- 
corde: its centrepiece, the great 
Egyptian obelisk, has vanished 
— and in its place is a waterway 
on which a boat sails past. The 
husband explains: “We have 
exchanged the obelisk for tbe 
Suez Canal." This is a fairly 
typical French response to the 
call by the United Nations 
Educational Scientific and 

Everyone in the Paris news- 
paper world thinks Goldsmith is 
just sharpening ins teeth on his 
weekly magazine. He has still 
not abandoned his British media 
dreams, and now that France is 
politically more stable he may 
also revive his plans for a 
Parisian financial daily. 

L’Express has changed, both 
in looks and approach. I am 
told - by Olivier Todd, former 
BBC correspondent brought in 
by Goldsmith as a senior editor; 
that it has lately increased in 
credibility and circulation (the 
print run is now 700,000). 

Cultural Organisation for the 
return of “plundered works 
of art ” to the countries 
where they were created. 
UNESCO’s director-general, 
Amadou-Mahtar AT Bow, has 
launched a campaign for bi- 
lateral deals between tbe 
"plunderers” — especially former 
colonial powers such as Britain 
and France — and people who 
have been "robbed of a col- 
lective memory.” 

Nobody in the UNESCO build- 
ing in Paris has yet suggested 
tbe return of the Elgin Marbles 
to Athens. An official to whom 
I spnke even admitted that they 
bave doubtless been better 
cared for in the British Museum 
tban if Lord Elgin had left 
them in situ. But M’Bow’s 
campaign may well bring re- 
newed calls for the return to 
Gbana add Nigeria of tribal 
treasures seized by British 
punitive expeditions in tbe last 
century. M’Bow comes from 
Senega], in whose capital of 
Dakar he convened last March 
an expert committee to push 
ahead the UNESCO plans for 
the “return - of cultural pro- 

But the risks involved :n re- 
storing precious artifacts to 
politically unstable countries 
are being stressed in Paris. 
UNESCO has praised the way 
Belgium bas sent tribal trea- 
sures back to Zaire; I am toid. 
however, that one masterpiece 
returned from Europe to an 
African country was immedia- 
tely stolen. 

sons, M’Bow prefers “living 
over the shop.” 

A spokesman had denied 
categorically to me on the tele- 
phone that there was any dis- 
satisfaction among tbe staff 
about the director-general’s 
apartment. But when I visited 
UNESCO I found the contrary. 
One official complained of a 
“sheer waste of money.” He 
also forecast that when M'Bow’s 
term of office runs out in 1980, 
his replacement is unlikely to 
fancy spending day and night 
on the premises. 

Seen it all 

Over the shop 

Send these 

round to 
Street : ” 

While director-general M’Bow 
is running inro criticism around 
Paris for his proposals about 
"plundered art.” he is also en- 
during grumbles witbtn the 
UNESCO headquarters itself. 
This is because he has conver- 
ted a section of the building— -a 1 
a reputed cost of about £50,000 
—into a residence for himself. 
It seems that for security rea- 

France’s Mrs. Wiritebouse is a 
Mr. He is Jean Royer, mayor 
of Tours. In 1974 he stood for 
the Presidency on a “ dean-up- 
France ” platform. Royer was 
a successful minister under 
Georges Pompidou and his 
polished oratory has assured 
him of re-election to the Tours 
mayoralty ever since 1959. But 
my ventures into the seamier 
side of Paris reveal that unlike 
Mrs. Whitehouse, he is winning 
hands down against what he 
calls “moral perversity” In 
brief, the French have had 
enough of iL Film censorship 
was abandoned in 1972 and the 
capital's 58 sex cinemas show 
things that would make Mrs. W. 
shriek. But sin« 1975 their cut 
of the total cinema takings have 
fallen from 25 to 6 per cent 

The president of the Paris 
Sex Shops Association, a Mon- 
sieur Phal. says: “We are run- 
ning out of steam. Last year 
15 of our colleagues went bank- 
rupt." Reeine Desforges, who 
publishes blue books., says that 
only four out of 40 new titles 
she put nut last year sold more 
than i.Onn copies. “Sex isn't 
what it used to be.” she admits 
■—an amarine statement, to hear 
in Paris, althonoh nne that must 
delight Mayor Royer. 


Our lexnpus 

are exceptional. 

.the ■ “ pitch ” of aeats-wfte 
distance between a seat apd 
: -that ifc front of it : As ■& refold 
the scheduled airlines’ :coihpeti- 
' tive ^capabilities. : have been * 
‘severely- curtailed. ri.Onsuch 
routes as . the- fferto -Atlantic, 

/ airlines have often been flying 
the same types of -aircraft, at 
same;. kinds .of meals in-flight. 
■Their only areas of - competition 
have been in the -rather vague 
(and -even sometimes non- 


.... You get an extra :25%‘mterest just i 
agreeing to leave. J ydllr'moil^^TOth''m' f6r ; -~ v • " 

~1 : -1__ - - J ■ •••• -• ■.+ - 

three months ahd.then .giving three mouths!^ 
notke of any withdraw^; - . s.l ii . 

Tempus Accounts ar^an ideal wajrrif ^ -• - ' ■ 
earning more ! ^ ' ‘ ‘ ‘ " ' *■ ' 

5 . . _■ . ■ r ' 

is 1978 


IF THE West German EconQ-~T3ie- Germans vriti riot be happy safely doubled, he paused for 
mics Ministry has its way, there without • some 'assticance that a moment and said: “Yes, some* 

, will be .little' Fix the Bonn the other- Europeans, will join one from the Treasury did say 

economic summit meeting -next then] in --helping- to -check the that at a meeting last week. 

; month I to please the British, appreciation of the D-mark. but I assumed he was joking- 

; Goveitnnent - -The Ministry, has which is .another way of .saying At any rate, the German 

‘■‘■-'ir V a kind' of ; verbal checklist of that, the weaker. European cur- belief continues to be that infla- 

v what it would - like to see- in rendes, such as-lhe -pound, can- tion i s the greatest possible 
; tne final - communique and it not be . allowed: to float •- down danger. Without price stability 
* S: ' sounds more . like' a Tory indefinitely. -V-Onlyi^when all there will be very tittle invest- 

... >. • __ • “* ' ' ■ r_i V iV Tiift?i -n PiT»Prt t ron? litHfi 

the running, however, is an German 

. r . ,♦ Wrescnt leader, is that it is paying the 
relations at P« 1 - e for bein n lm , ready to so 

Taahan ’and -Healey something , aboiiT;, .-increasing too. that seems to win elections. 

The general slogan is “back their 'own economic . growth which j 5 ano ther reason why 
- i-rU' to the free market economy,” rate. ; . It is not^«3»ctly what chancellor Schmidt seems un- 
3 Xv though ™ an Mr; Callaghan likely to budge on this issue 

; Sth? than a'piiSy national he . .piped . «oaP«HgM» toe The argument about the 

or even European, basis. Not summit earlier^, JfiWy , exchange rate alsq seems to e o 
' only is the Ministry seeking a r 6f course, 'the:. ^Economics on for ever Almost y 
pledge -of no.'-mbw inrotoc-’ttliilstEy:^ m«n o, y 

n ... l V tinnism, it is also demanding is the extreme pwSW 4 -. c han- German the „ 

-i - T? that', existing •; protectionism cellor.. Schmidt- 1 *««*“■ ': t0 be re yaluation The e 
• .:.***: should be dismantled in the keeping his ewB.^ideas very rather more than ten Marks 
. L ," ». shortest possible. period.; .There dose to himseHiVand, not. even to the pound: now there are 
^ ' is a further call for an end to very senior ofBeida’are. entirely than four Ten >cars * 

all subsidies. .. . .. .. - sure, what^^r'jWhat visible e^dence Uiat the steady 

The Germans (or _at : .Tjg stTs?^ 

£**- “ ^J C0 "°E £ff withTi^^nd^between mans have apparently decided 

' Ministry) no longer ^ believe u . . Hi . E what We sura- that enough is enough. 



A smilin'. Mr Healey with Chancellor Schmidt earlier this 
yea^bur problems ire looming tor neat month s summtL 

r- SSj S t ,S S re *S JSgZu TZ SSatri^nt ^W.iho. sum- Cat enongh is enough. 

V mit should best seelt^o. achieve. of *. ^so-called ^ Gove „ 

: J..~ . money to companies or Indus- Yet there are' fwo points on curT I ncv s , ability in Europe with some of the new 

■ sprtnrs - all rtPT-msns seem to be ? r currency . . . „ nVL . hi»ins disi'USSet 

amount of logic to this which thought likely that the er Christian Democrats in some of 
1“ T 11 follow!: however strong Government would wish to lender. The party s 

economically- West Germany is tribute very much in th * pr | nc iples are said to have been 
basicallv a European power. It 0 r a form of Marshall sacrificed for the sake of a share 

ou"ht therefore, to concentrate European south. -M jbe ■ power. No one is quiie sure 

^energies on the area it knows time, thm ire any more what the German 

best: Europe. What better way about British polity Af cher> liberals stand for. 
to do it than by creatmsfunds Hera Fo ? ci o n Minister, who The nes t test will come with 
for the development of the the Bonn rorm 0 n ^ ^ - n ^ c , ections in Hesse in 

applicant °LP 3 G«ece. seeding to^nwlve the Germans October. If the liberals go 

pean . d per . in 'thc African continent, has out the re. there emild well he 

Spain and Portu^ I. and pe in th hos tilny repercuss u,ns in Bnnn. Une 

haps Turkey as well. JJ™ he Gcrman business com- lhe nry. held by some ..f them. 

The Germans already pride fnr lhe wa y he has sup- is that the parly would then 

themselves, in a small way, on ■ western initiatives in be obliged to withdraw from ihe 

what They have done for Portu- poriea ^ especially Fed eral Coalition m order to 

gal in the days since the retro- " =y,= a west German sym- seek xo re-establish it : 'dcntny. 

Iution and for* Turkey since . sti jl „ oes ni ,t to the j s nol c i e ar what would hap- 
the American arms embargo. P ^ wll j tes - and ^ e way. it pen nex t. Even with Ihe 
But this time the thinking i* * hfild thev are being liberals. Chancellor Schmidt 

more ambitious. Aid for . t ' Q change with indecent has a majority of only ten- 
southern Europe would have to so there could be a prematuie 

be dressed up as coming^ from * of th j s disapproval of general election and even a 
the Community as a whole— GenSt . her rubs off on conservative ior rather an 

the European Investment Bank Her ^ „ eneral t he 0 mcial conservative) Lhancell-.r 

with access to capital markets • . of , he wor id does j n the not too chstam iuiurc 

is a possible source. Yet the ^ ite lo fil wit h that 0 n the other hand there might 

trial sectors. ' which all Germans oe r ‘ e «ill to be worked 

■ They consider that, while united, (toe is thatjb^e can |» ^ wrong t0 

have still to be worked out. but ww bemg . any fll ' lsQI ne praise from Chan 

it would be wrong to dismiss For a start, parucipano c,. hm ldt when he says 

rney consiaer jnat, w U . lo uniiea. we “ “ • TiT” ’ it would b»» wrong to dismiss rw < Schmidt when he says tnai Bremen ana uu-» British membership of tne lwu- 

there a case for giving be no question of®?..2“ e j t as no mo ' re than a gleam in kind of currency snake vou g C rita - Q is now -moving in the the economic summit in Eonn r unjtv ,.-, Thev can hardly 
money to people for the pur- i n the German ra^ of. Ration. ^ chancellor's eye. The mean samficing tiic f B direcllon; . StiU ;t will be as an example of what Europ ‘ the msclvos to believe it. 

pose of retraining, the practice The other is ti»ar;tiiejipward ^® pral principle 0 f trying to to the Pound float do n. ^ intcresrns rest of the Chan- is doing to encourage the tram ^ e 5 Gennans . f ,, r their part, 
of shoring up companies has ro march of the D-mi^capnot^ be ^ ^ Q , hpr European curren- According 1 ?. s0 1 rae ^f^ a " nonT ce lIor's skill and determination f er of resources. n0t ha ve become fully 

of shoring up conipanics h.s ro mm h of the .MlM- ^ EuUeoi curron- According .0 some Gorman om dc.cVmin 

: stop. Otherwise, they- say, there allowed to go much cie more firmly to the D-Mark cials, it might also mean i accept see y b e can bring th eB 

- ' V -‘ is no knowing where it will all Inflation fell last '®9 n *jL l° thp has a °reat deal of support ing a series of • Q « ld any closer to the German n 

" T *i- end: the economy will become annual rate of 2.7 per .cent, the Bundesbank and severe than anything imposed any cio 

aid ambitions 

Jiior European uouucu ? --- « iti _ h electorate is now agamsi u0e Knows nu« m-i. 

that Bremen and then present it to membership of the Com- ou t. 

the the economic sumimt m B'mn Thev can hard y , , ecms tll he that 

11 be as an example of what Europe themsclvo? l0 believe it. G n politlcs are not quite 

ban- i S doing to encourage the tra - Thg Genna ns. for their part. laci( [ a<; thC v sometimes 

ition fer of resources. n0t have become fully _ J ar In lhe ' backs* *11 nd 

* t!5h One senses a conflict neie j n t erna tional. bui they nave T | ierp - ls t b e occasional Hash of 

odel. between those who want to help surely became more European. ^ knlfe _ After ihe summit 

the Third World and those who nejrt m0 nth. it might be dif- 

are still suspicious of the CpTOSS £9 TF^TS ferent. But in. ihe meantime 

developing countries m general B UBinL I tu I *» Qne sh ou!d un tiers land why 

; S!.2Tb£ ih 1 iSSSS tell Swiss and the Austrians are The approach of the economic and who believe that German Herr Schmidt is unwilling to 

! fou that Germa^H has an already being bought into tine^ q£ pJ > y increasPS . J^d the meeting of the interests lie closer to^me.^But » Hjs sniaJ1 . do anything ^es-tike'S- 

. inflation problem. father than Entain is Reckoned Yet the Germans are pressing European Council m Bremen ^ e ^ t tberp cou]d be a d ivi- liberal Free Democrat Party h>s elector^ ih^n ^ jnfla J ion 
? *? “SSOTS tn be .be main prablem. though „n. They beUev. that Ihey have «*«*»» W* to sion „ labour within the Cnm- was ™«d out o the P ’ ot oihor rountrie,. 

- i” . late. - mnauon promcm- , nrher than Britain is reckonea Yet tne uermans arc ance that there could be a divi- jioerai nec ----- . ratP , lf jnflatin 

^ s sS f « sS sS Sl™“ i, StSSsSk S?* “ =* 

' goes for exchange rates, too. German inflation raw i jou ' 1 , tional airport on Severnside as j 

* ••• • • - - "jij I GENERAL Xllfliiv’s KV£lltS alternative to expansion 

. . • ;• • '■-rMifrw. a a Tn I nmail nrices index (May). . AUUfl J J t London airports. 


. an T?' Reiail prices index (May). J x V ““J ^ London airporis. 

Letters to the Editor .s/ ^.“ lEsss °< «*«« “” fer ' nce - ^ 

; .. ... ... ...... near But then Mr, WMM fellMLIl b. requiret I panieu- ?««• ££*&» " J&i®TSE SSSStfi! IfflSSfr?-..™".* 

tional airport on Severnside as an 
alternative to expansion 01 
London airporis. 

•; The members 
■ ; for Europe 

~~ From Mr. Ian Lloyd, MP . 

. . *,._ r But then Mr. wooaneaa leuauun. 

that in connection with-ibe now roads dig out OhmIs. clear ^ ^ ^ nn? whe „ he queried Jariy it ! si 
notorious Archway , -scheme, refuse, iandscap willln a the statement that British hut that J 

MrtSTum 0 ’mummy »“le SSSSto if tb«e were some In- manager, hu.e » a^gnei. It 

Sour ^pped'TV built vo^lioul choice upon nil that n 

saviours of people’s homes. In registering- . apart, most British managers begin rung 

the May local government elec- if the “unemployment benefit would swa Uow seaweed rather cial year. 

* V, 0 - ta'nc -J fn tViftCtf) WlUlTlSl . . . 1 11 k^nt it KlflMWI 

1 when he queried iarly if sVerhug baleens further, to continue strike. 


honourable or suicidal exceptions all tttfmueR lower wm at me ■ meet t0 saSguards and Electricity Adbrd, 1IB. nan «an. o-u.. *- 

- apart, most British managert begmamg of The 1977-iS finan ^Jjg r measures t0 trim pub]ic (P i„ a nce) Bill, second reading- HgJT Test-Englnnd 

■ would swallow seaweed rather cial year. sector deficit and on financial Motions to Approve Consular Crieket. - e . .. Boxing: 

£ . . 1 l.iuj .. it Financial analysts in the City scy^ur i V* inrincinpc n A i.ii<i n A t lmmunj- i Pjkistaii- _ L.ura . 

-- y-£ European Members 
_ .711 huge (in . British 1 
earned, by some 0 
mental colleagues. 

transportation chairma- 

unenxai cuuc-6-v-. _ . a ejecaae, or inurc-Tv™*-.™, pr- - rfoina nothing tor “C.jTh", hp Harris says in ms apuiusj--*^ — 

* ■ - : This may . b.eaecura te i been 1 on the books ♦iSf^Smunity we would return' are so appallingly ’bad ® W hiofi we are grateful— of June : 

- - ~ iresratmeht wiU-.ixot * ntury the road.^ld# Aq ^^uman^ pride in couldn’t understand how they 14>/but a more bearish view ; - 

n has been apparent That the further from success thg i r to » tje Mfc nuu survive). would have been appropriate in . 

- •- trend of - egalitarianism "in ^at the Conservatives -of being able Jo fftrwar d Barrie Heath said a year or two raar kct terms. Economic jour- * 

Britain reinforced by a degree tlje qjx have less-tinn tttee This sugge^uon is P ut back that "people and politicians nalists also have a difficult job, m 

. ... of inflation which, ^ some oi us yearj j t0 . g0 _ 3J-Horn*y » «g- as . a means, of reducm„ the b^^^ nQW seeiJQ gripped by an no doubt, but selective quotanon to 

' .. consider to enjoy the suppqrt of ^jng to go -by , , W * ‘ psychological tiamage done 0 y which is slowly squeezing d0 e 5 seem rather unnecessary. g 

'--the Left precisely, because it ^ « concrete ( MjBeii, v.ont f0 r«^ inacti^ particularly to ^ counlry t0 death;'; And Tim Congdon, 9 

achieves a degree and rate of get many- roadsjfiuilL b - u I h *“ the ’young school-leavers, many BrU . gh managers are s'aymg the Economist. | 

income redistribution which w01 secure a -4phdly Labour ^ .whom would surely welcome same t0 me every day 0 f my life. l. Messel and Co.. u 

income reoismiiuuw -------- wm wrtuic a f same t0 me every any wi my 

Parliament wpuld not London- for /the foreseeable SUC h a eoaatructive outlet .for Qeoffrey Mllls . 

ance. has virtually reduced the f utu , e . / their energies? And. as suen, ^ Anne Dpcc. 

status of British MPs to that of q j a. S1j|di. onrf would hope that it could C i avgate Esher, Surrey < 

^Parliamentary paupers of^e Stop thejSrchway Motorway not meet wit h resistance from 

.. - ^^'eM b iuS f|J:, Shepherd, M SgfJSnf ^ C T7 

■■ N V raSSrtM « Same day 

■ - ^ ; ■'SZ8ST£2*~ a r 0 delivery 

iSS 4 ? iu ^ Splitting up a:u -SUTsB — - ~ A - 

miumns ■will 1 conclude 'that Mitm-. . Slr.-WMle . agreeing 

araereuuain whn studies - 

- " SSffl* ’S '" iU ^ "Splitting Up menial, °wrely Free. Mr.! A. Rilev From Mr G. Foyne 

.. managej P . th a t Meni- , working would be an added ci r — While agreeing and Sir —As a regular reader of 

■' S!S m nf Parliament no longer 4-]|g rgtGS bonus? 6 When one considers the ith g. ’ML Walker the Financial Times and also the 

^m^diinSmewhicb bears LUC , amount of time that Mk deterioration in the proprietor -pi a smaller security 

o^^Jfatioaship n> the respon- F TOTO ,Mr. H. Michael. spand with spades and wheel- Qffice (Postin eri, June 10). company l would like the oppor- 

cihiiitfes demands or costs of q{ , enjoyed Mr. Campion's harrows in their gardens or, on £ musl him that same- tunity to 1 cross i swords with Mr. 

S ti Si>e despite the recent s ^* /T ime J LI) —especially the piY m the home, there can be day . p0St j Q g-and-delivery happens John PhiUp whose article The 
(heir office aespire letl er (Jime l.) few with zer o experience 7n y t £; country, at times. Domestic Burglar at Bay 

improvements m auowan heading. case does it matter? m , nnsl _ nret-class appeared in the Financial Times 

But my Pdrpow “ I wrote to my n i° ca ibe°s?me Sfte risk of sounding jingois- ]e ^in Bromley on a weekday on Saturday, May 27. 

not to canvas ( ,^®^ nt i ais t iii the offices recently upon a ^ might even lead to a Joeal delivery— making sure As a former Detective Police 

siole so subject, but all 1 & revival of the community spirit [°^ ag lhe correct postal code aod officer I am appalled first of all 

United Kmgdom. m wmcn ^ wag a witii ins ^“ 0 Qf ajjd ride in onr national heri- . q ^ pi „ ar ^ before S a.m. by bis arrogant assertion that in 

many other been un- “ h°w to claimrelief m c badc * wh ich won Britain the last }t H is due for collection. e ff ect the houses of ordinary 

managerial gniups ha Sueeae' hardship. ^ * ^iordiPR S’ Sw and made her Great. know f or certain that such a people contain nothing which 

able to escape -emphasising that- acwrmng to wax aa pippa Nason. letter has been delivered within ^ ou ^ d warrant or justify the 

S^fSCSrSaf ideas u. Srfrwxs iHLrawe 

the a ^_niy n vaS t numbers treasurers would ^ - Tj. n P( ]i<nniTl minor miracles won d beLome r;iva: , ed by an intruder he would 

some 250m peopl . ^ _ basing r ate^od 0 e - ord . (hg UOftrtirOOIti more frequent. nSf-v not dare make such a suggestion, 

of whom do not ^are ‘b . would be paying fairly w codes ]ead xo q uicker delivery. areat majority of cases 

row and restrictive philM^P^ ing to. means not -i.ord^ ^ elr From Mr . Geoffrey Mills ! Bnd . lh i ordinary person or business 

« Bn ?pSators from' the deep Je cubic measureme v sir.-While Mr. Woodhead Micbael A. Riley. _ receives no reduction of pre- 

stat “ h® not hav^ their fees homes- ' (June 13) is squeezing Mr. Webb- J04 Murra y Avenue. mium from insurance companies 

south do not ^ >“' re .. J1 ot H: Michael. VI i Bowm’s throat may 1 slip m and B r omiey. Kent. bv having installed an alarm 

S US Boston or- Los 53, Hursiwood Road. Nn *owen both Mr. system. Despite the fact that the 

elected . f«m ‘ people ’ — — Woodhead might have got a fall installatiou of the system un- 

AQge if' thlm aopropiiately for • If he had confined himself to the doubtedly .reduces the risk 

♦h* r^oonsibility P fliey carry and x 5 v : na ftr « one-versus-two tier question. Two \ OlatuG accepted by the insurance 

!5VS miSt Uve in a style UtVlIlg OU tiers, most particularly In the cur- companies.. 

^nVoorite to the dignity . and ' . ■ . 1 jrat -British ihtn unify ^llt DIHrkct Mr. P hi,i P next makes an 

Ah demands^of ^eir office. tfafi dol© serve to divide ratf'er than & equally appalling statement that 

hie. a. vanishing con- _ ^ • OA _ Nasat , Purpose and pol^y. (or in . Frmn Mr. Tim Congdon because > finn is canvassing for 

L. Messel and Co., 

P.O. Box No. 321. 
Winchester House. 

10U, Old Broad Street, EC2. 

A question 
of security 


■ *■*<*£■■ 


1 ■ columns win eonciuw — 7 ■ rcitAC 

bers of Parliament, no longer ralCS 


5, - m which SO suuj«=h ^ ~ instructions revival ot tne comniuuiv -i*“V it has the correct posuu ww officer 1 am appauea nm uc hi 

United Kmgdom, m wmcn ^ ^ a f0 nn vntt 0 f and pride in onr national heri- . q ^ pi „ ar ^ before S a.m. by bis arrogant assertion that in 

many other b a een un- “ bow to clamreUef m c g WO n Britain the last }t H is due for collection. e ff ect ibe houses of ordinary 

managerial gniiips ha ee hajdshi IVe *®J £ d inu and made her Great. know for certain that such a people contain nothing which 

able to escape 'emphasising that- according w wax an pippa Nason. letter has been delivered within ^ ]d warrant or justify the 

S^fSCSrSaf ideas m Srfrwxs iHLr 

the a ^_ni» n vaS t numbers treasurers would ^ - DnnFilrAnni minor miracles would beLome r . iva: , ed b y an intruder he woulc 

some 250m peopl . ^ _ basing rate^od^e - ord . (hg UOftrttrOOIIi more frequent. not dare make such a suggestion 

of whom do not snare w i w0U ] d .be paying fairly w saav. ^ codes ]ead XQ quicker delivery. areat majority of case! 

"? W ^ih rt Salism Untied ing ?* aVS of tiieUr. From Mr Geoffrep Mtib l find ‘ the ordinary person or busines 

W&i ■' > 

of British Socialism. . umiea ^ cubic measurem eats of 
States Senators from the. homes. . 
south do not hav ® • vL. H: Michael. J 

reduced becaus £ ft ?*,? or^ Los 53. Hursiwood Road. JVWI1. 

, Living on 

dS^-’S^ST'’ ; the dole . 

; Sir,— While Mr. Wood bead Michael A . Riley. 

(June 13) is squeezing Mr. Webb- J04 Murray Avenue. 
-Bdwh’s throat inay 1 slip in Bromiey. Kent. 

put a half-nelson on both. Mr. 

Woodhead might have got a fall 

If he had confined himself to the -v t _ | _x:] 0 

tiers^ most particularhMn *the cur- 

s as S , 3 g gilt market 

purpose and policy. . Frmn Mr _ Tim Congdon 


_>»ni iae u vanishing con- “ • purpose and policy. Fr(m AJr Tim congdon because a firm is canvassing for 

A-fc/lTrl T t ha i l a m Brit£dn!’ but the more From Michael and Pippa ._x ^ German sir.— In his Lombard column business that this wU! in some 

^/3^l | ,icept m B frias of Europe ej. There has recently been stance ,_ a Fxeeutive’s n f i imp 13 Anthony Harris gives way make that firm unacceptable 

JjVjSfes 2s^ft | 'Sr 

/%/& the indiginilies wbichwe regulations ailowe f’ l0 have five decision centre, a bala f cannot speak for them. H ad \,crtise their wares. On 

* Xj ingly impose upon n^e arid this P°^ nt h B . e ^ a S nv 0 £ your top executives, plus trained yeri x do fe ei t hat a quote from that basis therefore does Mr 

1 * *•>* the House of l ^ om ^S? DS 'irhould been £or 8 otten b L daidage ployee representatives One _ ^ our April 14 Weeklp Gilt Monitor ^ make the assumption tbai 

>' 1 European Parliament should correspondents that the Won-nominated) P^ p ^P^; ]USt after the Budget would a firm has lbe temer it> 

decide its own members _- done on a ps 1 - C bologa b^ a . <ied . out5idebus , Iie5!im en s interest your -readers. ■ A {J*J 1 0 advertise it is unlikely they 

f . .,\jons of employment those- unemployed * e W jta executives. . . noting thal the market would be acceptable to an 

-v ' taxation should he. of time appeals to mcrea ^ i within one balanced decision fal i en V ery sharply on the prance company? 

- • ' ■- «"to that paid by S^sSitiar time and to la ®J pl !.“ ards P ^t is point the failure or success of die Budget measures. Mr. Healey s ^ st3rt in g out la tb e alarm 
/ c ivil servants, who fa . ce s ® ,1 tional period ' drive, Secutive, and especially of the bints about a , niC ® _ I ,;!5 k at «S harness in April this year my 

• •. living problems, aodJ usual to lake. MD. can be properly ex P°sed. reflationa^) Juypacka a eand assistants C0Dlacted ail 

-* •’ nomnlete immunity 1 / ^ ;„:hjitive and corrnue suc b a single forum a tbe smaller-than requirea ns larger Insurance companies 

J 1 ..V,!nn WM^irMPtlta- TUflniinlirrt T.PnQinS ttaie LO *3 L uv f. 

Do you ever ask your bank where its overseas branches are." Or, are they 

,r» rlip i-nunmes where you want to 3o business ? , 

Ask Standard Chartered the same question- If it’s Hong Kong you re 
interested in, we’re the only United Kingdom bank with a branc Den\'or’ o\>. 
SO branches. \X 7 e have 2,000 staff committed to serving vour busine. s e 
across the world we have 1,500 Group branches and offices to offer > ou in 

across tne 

.- . /British fiscal machine. yrtth this in mind and wi ^ u p ves v 

> ,;I an Lloyd. „ WI a very 4i n i?nem ployed buslnei 

yy House of Commons. SWI- nation’s funding, the upen p a ' ■ • lik - e _ { 

The politics of 
■ building roads 

From Mr. G. J. A. Stern. 

nation’s funding. y- , liKe And , n tne same na enlighten me as to how he 

could I,ew , r i under*. (assuming that lhe . non-execu- market. . indeed un- expects reputable smaller corn- 

workforce. T£ 1S . 

-rs a -n aiiid .1 V** zwz 

«*JS- 5 Er^wiirSe S ° CuAtl ' 

It is very relevant w 

Wherever you ha\’e overseas business, you need a bank that s reall> 
part of the local scene. Ask Keith Skinner on 01-&23 7500 to prove that point ior 
you today and also ask about Standard Chartered’s intemaaonal mere ant 
banking capabilities. 

^ Standard Chartered J, 

Bank Limited ^ 

helps you. throughout the worn 

Head Office: 10 CI«nenlsUnc J LondonEC4N 7AB -^ sets exceed £7,600 miliioa 

...rir-^ ■ 


; ' Financial Times Friday 


Tate & Lyle cut to £1 1 m 
as sugar profits dissolve 

WITH SUGAR and shipping profils tion have been aggravated by the In the UK this means bringing 
evaporating and commodity earn- depressed home demand and capacity in line with supply and 
in-^s. showing a sharp decline severe competition from imparts demand without delay. With the 
laxable pro rii of Tale und Lyle Troni the European community as continuing co-operation of the 
collapsed From £M.!lm to £11. Ini a result of fhe EEC sugar moun- trades unions they have no doubt 
in the March SI, HITS sis months, tain. He says the acquisition of that Tate and Lyle Refineries can 
The core business of su-ar Manbrc and f*arton was the neces- return to adequate profitability. 

- e coie Jri.nnrt rr.Tm , sary nrelude io the rationalisation. .. ' , 

around from a — »»,„ .... .> — m.- Of the supporting businesses 

17.1m operating profit last time to „ t - - ... wnicn i 

a £0.4m loss, with the l;K side Go v e r n m -nnf o r m u la ti n„ a j ||j |u at : n nar ticLilar 

l ,.. n rrnm yr. Tm hreak-evpn domestic sugar policy has thrown i , ‘ cw . M ? 3 . 01 f” l n particular 

down from to break e\en. |hjj AmenCiin m arket int0 dw _ Tate and Lyle Engineering has 

The commodity handling, arr; , v resulting in Refined Syrups continued to prosper and has 
i ratling, storage and dislribo- and Sugins suffering along with won a number of important con- 
tion operations contribution of her U.S. refiners" The con- facts abroad for asro-industrial 

cl nipped from lTTJim to 111.3m, lim ,j n « lueses at RS & S have projects. Its good performance 

overseas. the delay by the U.S. 

which improved in the half. Lord 

Alpine Soft Drinks 


Sarr & Wallace 


Belhaven Brewery 


Berisford (S. & W.) 


Bluemel Bros. 


B & C Shipping 


Caledonia In vs. 



_ 26 

Charter Trust 


Chloride Group 


Cohen (A.) 


Continuous Stationery 




Dom Holdings 


'T' • 1 _ 


Page Col. Company 

Page Col. 

Duple IntnL 



English China . • . 



Fortnum & Mason 

' 25 


Goldrei (Foucard) 



Hargreaves Group 



Highgate & Job 



Intnl. Timber 



La ports 



Leech (Wm.) 



Paterson (R.) 



Pauls & Whites 



Saatchi & Saatchi 



Triplex Foundries 



Tate & Lyle 




v- J 

IN LLNE with the midterm 

r ** y* etjtBM/ 1 'JJlW- 

: '&r v.r;- 

113.59m to £17.S5m. but the result ■ o ~ 

overall drop was after adverse 

to £L2m The first half results,.' 
had been affected by. two strikes' 
in the UK and Australia and the 
unsatisfactory performance ' .in- 


Sales for the year rose £45-77m 
to £3 06 -23m with UK companies 
contributing £132.a/m. Of the* 

£29. 67m operating profit UK’ _ 
companies contributed 51 peis'%- 

A second interim dividend of ;-9: 

while enginvvring, instruction emmu-rba I a need a generally satis- has been complemented by that . „ . share to 5.1377p. 

materials, etc. rose XO.-im to f ;lctorv performance by ihe of Redpath Industries which is AFTER an advance from 10.92m of work was processed. Margins j s 

After lax of £4.lim iIR.4ml and Canadian ' subsidiary, 
minority ini tresis up from £Jm to jnduslries. 
riJim atlrihurabie uroliL came out 

I14im allriburabic prolil came out starch, directors have Coast, 

at £-v.1m (£1 j.-ini i and earnings f oun d it necessary to continue the 
sh:<rt ; shown d0 " n from in vest mem programme ai Garton. 

Sons and Company at a high level 

Half-T<*ar Year 

in second half 

from £0.92m of work wa . JS . 

big r side wbJSfwL" B S^ : ; Chloride Group directors i M- to right) Mr. 

"torch by an acquisition in the last five j, n s , before Sue and 11 . 6d Mr. David Cochrane, executive vtce^h^wa^ -ritf ;-£<£} 

flheilpmen coon «#■ .VAcf antvMrfa*" - j 1 • 

.MJii/oe. the chairman, says t0 b rm!1 the plant up to modern Rrfininit 
general ihe results reflect standards to increase pro 

2S.3p io U.ijp. 

that in 

Ihe continuing depression in inter- and “he quality ‘ ofoutput 
natiniiai trade and the effect on Th pr,* j evy on - 
Ihc group of the large world 
busar surplus. 



Overseas . 

i sog i UC o« gsr"'^. 

continues to adversely affect the .shipping .... 
results of the one-third owned Raw snear 

3.7977p takes the total- for the ?■ 
year from -L6323p net per 25p 
If the tax rate 

. „„ „ reduced a third interim 

Redpath successfully completing an agro- to lUSm at half 
ndustrial project in the Ivory profits of Triplex 

Group finished the year to March oy an acquisiuon in tneiascnve before tax and 11.6p executive _ .. - 

31. 1D78. some £0.65m higher at ?ln 1 hi. t lfnJ P the t J3 - 4 P> net - * . . J . V Sir Geoffrev Hawkings, chairman, seen at -yestenlayts.. 

£2.69m. Turnover for the period °" ind^?e n 'e After tas l ®^ ud “8 assoc«tesV - conference on the results.' 05. profits were rat back wljiS 

moved ahead from £2S.6m to y‘ e . ld « 8-8 per cent and the p.e Qf (£10 .62m). and minority * comcrencc Enrbne increased. 1 1 : " 

£34 4m - onIy th 5 mar h et clearly has interesls of £L57m (£14)4my ' : nurvpe Hiaedseu. 

p “XL ls of . associates Tunnel Refineries and Bottomin ' ■■■■■ 

dividends remains unaltered at 
luesent. he says. The first interim 
dri id'.nd of 3.1p net per £1 share 

rn a n . v |nni Opera ling profit 

CoRirai oxpins^n 

Tate has suffered from the con- Admin israt Ion 

was paid in April and the second Hnuine depression, in freight Kinancr 

is usually annuunced in Septem- ra ’f^ ! ls shipping interests. p ^^ so-<rtrh 

her Dividends totalled J3.l4p last The chairman says directors ^ 
w . itr are taking steps to strengthen the iik 

The chairman says that in the Board and streamline manage- 
I'K MJgar relining business the ment structures to better face the 
rationalisation programme is difficult challenges ahead, 
being carried through, so Tar with all diredurs are faced with the 
*ucces>. but is proring more costly task of restoring healthy 
than direcinrs anticipated. sugar refining in the UK and 

The problems of the rationalisa- overseas. 

tax profit 


Above To "'"arirws 
adovc A „ rlhll , abl( . 



1976- 77 







(0.4 k 

0 4 

I s 

1 1 


21 4 


a ", 



1 2 

5 A 

tO. 5 







:c; « 



S 7 


7 7 

; 5 



5 l 

7 6 


1 1 






S 4 

13 l 

1 i 

3 0 

4 7 



S 4 

6 j 

16 3 

741 S 

1 2 




13 3 


«■« some doubts about Tripless attributable profit was £14.59in. 


?i ----- « 

If the tax rate is reduced a 

again this year. 

©im’ to £17.2 nv the directors, -pleted for,., a. 
Directors say 1977-78 was Y'Said later- ■ floating — 

with this year’s Interim. 





Fnelnevrinc S.«7.ww non 

other activities ... 3.8SS.KN1 -I« n *•» 

Inh-r divisional sain 2iH.i>0<> i'" 

other acUvitJes 

2.79 191 

;rs. 3S4 

Tst. ahead 
at midterm 

— c n - . hp But the U S. business bad a Txwr; short-term 

successful year for the European , .c^ Hmm hv mnrp . 

rate lo^a n ^td. - ^ ' f 


^tu year ror ine European . Dro fits down by. more Director3.say : tb e.. gf, 

region with results well ahead a half al £2J2m against £4^m dal position -is stremg^ 

i America, management and' last toe. AH the projt was made gearing it SS ^cehx 

prod a^onprobieua coupled St f^cond half. ^ 0 ^5g^ at59 
Severe price competition in the* ?f the second hs .If vs ; coutmumg date. - 

industrial battery division • con- .m : the new financial year. ■ In the year .ft; -.est^blislKBi bC^ -V. 

tributed to a poor performance^ .. In Austiaha pr° fit s foothold on- ..the^. ?k : 

they say. The second half showed around £l-5w North America. wftb^tbe'puitaia^^X ! 

significant improvement, how-7’ On the 4>f battery, com^hfe^inttOmftmv^-* 

ever, particularly in the auto- Increase in the 'and British UolumfitauiTniiEraBc ' 

half- motive division. “* “ ** — "** riireetors estunaiea - 

t Esiiiiui*.* nf halt ihf full v.-ars total. p rc ( rl|v 
TEsiimaie of h^U ihe lull year’s toiaL Atiributablc to ord. ...\ 

See Lex ort - divs ‘ 


against 1.03p per 

Inti. Timber near £lm. fall 


Ri-rainod — . l^37.9n; i 

" Boih years roBocl ihe appll'.-ai mn of snare. 

ED,B - Cross revenue increased from 

liSSr iVSK NET EARNINGS for the 

EnraordioaiT debit etr: - year to May 31, 1978 of Charter Overseas, roost countries where 

sjoi s -^ 91 Trust and Agency expanded from Chloride has a manufacturing 

* i!v22 £393,997 to £477.689. representing stake experienced severe econo- jevej m* yw- directors mv ' i§i-:-:-Mr z 

— 25 d mic conditions, allied m several • For the future airectors say. ,^L» j.‘ • 

cases to political change and* both short-term and .long-term sales .t. ; v :3tffi2a^'. satCi^ *~ 

balance oF pasTnent problems, -. prospects are good because t of i 0nn8ty W ft ajBt ;i;’ y ' 

£784,741 to amm. before ex- ex W 

p^ ns “r SJffi 7 ^ 1 ^ ) and 1^. with^ustrolia a notable jolidate the .^cent^rogr^to T „ 

• comment 

A 20 per cent increase in sales lax of £309,370 f£257J60i. 



. Overseas 


Triplex at a 

A TEN PER CENT drop in the sites conlinued. producing a cash or 8.5 are above the average resulted 

UK consumption of timber and inflow of just over £lm. 4 In the figures for similar companies 

umber products created severe current year receipts are likely 
competition and put margins io exceed this figure. 

Negotiations are at an advanced 
1 ' ,1 m 1 , C ,o-^ 41 th ‘ 1 stage for the sale of half of the 

Apni j, l. i^. Gliksien sire in London, which 

The slide in taxable earnings alone should ensure this, and 
wen at half-time persisted in I be changes in handling methods 
second half with a fall from mean that the remaining 12-acre 
£2U2m to £2.->lm leaving the site fully meets the company's 
full-year total £fl.ftt»ni lower at needs, the chairman adds. 

15.57 m on sales weaker at 

, j „ . .. . . . . .... , .MWUV.L. The overseas opera-- exploit the group's potential 4 and 

coupled with an improvemem In The interim dividend is lifted tions as a 1v hOle achieved a to pursue growth in areas of ... 

margins on the foundry side has to 0 75p net, compared with 0.«p sirniJar reS ult to last year. - strategic importance. ‘ 

r-cif-w ,n record profits .at —for 1976-77 payments totalled Despite mm , 0S5 ta profits-,: During the year a revaluation SgJggP. 

time when capital 2.15p from £880.755 earnings. caused by the /irsf-haJf strike at. of group property resulted in an'; At tri Uu a aie 

ri34.K«m. against £14U.lHm. 
However. Mr. Ronald Groves. 

1977.7S iffis-r? 
UKIl) £000 

at Duple 

investment in the UK has been in respect of the conversion ^ mo ^ battery making com- £sJm surplus which has been DfrWends 

panies the group's European' taken to 

sluggish. The company has been entitlement on June 1 £1.038,890 

spending heavily on the r-.undiy of 4} per cent convertible un- operations"" increased phifilr .“by endanan 
side to improve both its product secured loan stock 1990-9o was 1 
range and its ability to meet lodged for conversion into 
changing demand pattern. Tills 1,742.224 ordinary shares, 
expenditure programme is now At the half-year, net asset 
bearing fruits and it was signiii- value is given as 76.4p (69.2p; 
cam that a more profitable mix per share. 

its®-,: ixjsi; 

..SJJd&v ■ . . 5J57- 

reserves. Since year - ... SJ3S.; bjw.*. 

gements have been conr- -• y~, ' y -Sep ^ \ 

Pauls & White 

of cautious optimism. 

industry now seems likely, 
the group's sales are cur 



.... 134.636 


Trjdiiw prolil 

— 7.676 


Surplus oF props. *a!e 



... 2.46S 


Pre-tax promt 

._ S367 



... 3.974 


NH prohi 



Exiraunl. d-hn 



To minor nivs 






ITikTisncc dividend ... 



Mr-linarr dividemls ... 

... 1.107 


To rrsrnvs 

... 1.137 


DUE almost entirely to the coach- 
building division where the 
seasonal pattern of coach sales 

for the six months to 

Barr & Wallace heads 
for good result 

WITH ALL divisions increasing £10.47m valuation. This has been , -'::--At^1lber > hiilfiira 
their contribution pre-tax profit included in the accounts. : porting 4 ^ .profits':-'; 

of Pauls and 
31. 197S year it 

Whites in the March a t balance date quote* 4feeV t8rtCtotiP i . 

increased 20 per cent investments of BIT, which' ;W Mid'fim-^arproas would beTfe":. ' 

substantia] reductions in the Previously, 
•jonrl result in rhp rurront war. !ov«t>c n r tho 4 now doalorshiD^. 

. . Unquoted 

After tax of Il.flm f£1.4m> net- investments were £253m (£2 

at £3039 m t£33.36m). 

. After tftxof £733,689?t£S82553V 
wSm> and £40S.4trt ff42ft215rtn*nnritiJ«t 


factoring companies are working 
near to capacity, he reports. 

Tneviiably timber prices in this 
country will continue to be in- 
fluenced by currency movements. International Timber’s — . — . ...v .»<.» n — — ... - - — ... . . , 

and currency uncertainties are result is in the middle of the year the reported surplus was main forecast. London, and more is to be spent against 3.45lp previously, 

likely in maintain the industry's range estimated by analysts. But £I^7m. ^ re . porled orj Mav 10 taxable on re>earch and development. Glentham Essence Company. 

temi! 1 ® PUSt year ° r tH0, ar f a [ ter sufa stontiaHy A net interim dividend of 0.335p profits tor 1977 bettered last a 

nsr s h»m , r p following per op share is declared and year's forecast of a 20 per cent P roilt 

Earnings per -np share are disposals in Belgium.. • Margins subject to restrictions at the time increase and turned io some £0.5m l, on 

itl-toSrt th.t ttato.1 wUl ' be h Igher a t £1 .6 m. 


l.'59p ilR.Bpt fully diluted, and time when volume or softwoods greater than the interim Last 4 . £575,000 

.i net final dividend of 4.285p lifts consumed in the UK hit its lowest year a sihrit! Daymen L of 0 5Mo E * dms,l> ? produfeJ record 

tile total to 7.IB5P rUSp). level for 25 years. Hardwood sales was made paymenl 0 a94p 

Following some months or were also dowm. The depreciation 
reasonable stability. sterling of the Swedish kroner made 
appreciated in the second half imports of . Russian softwoods— 
and profits were affected, more so about 25 -per cent of the 

in the softwood companies which, company’s total— relatively more Turnover 

after making stock provisions at expensive: . margins had to be 

the year-end. contributed no pro- trimmed in order to move stock. Pram before tax 

tit in the second six months. Trading profits were down 24.5 Tax . ... 

Bank overdrafts and accept- per cent but share price at 123p oroj* 
ances ar April l were down from continues to be propped by an CMdlr 

£X.fiom io £5.59 m. and during ihe element of takeover speculation, nivkirnd 

year sales of surplus freehold The yield of 9 per cent and p'e Retained 











177-% 1976-77 vr^TT /'Holidays showed a steady profit 

profits with the mofOr division 
more than doubling its contribu- 








Xi(M y^T 

ow th in most areas with trie 

Revenue rise 
for] Dundee 
& London 


AS FOS^W.ARNH) at , midway. : 

pre-tax profits of A, Cohen and. Croup ^of. ■ C^mf^aal^. -holiia 

’ hires 1 at S83 p- . , . 

' ;'v : p^nsular_jfcod^PTlewtal Steam 

higher. In the animal feeds 






doubling profits. The divisioo is 
in a good position to share in the 
growth of European coach ser- 
«"7 vices. 

r« ’j[ h * ™® , ® r l .«i i pi s l in ?n 2i' ir vanced fl ' om fl80.«2 to £317.542 cenf. Volume was around . ,»-r 
th* P^rThii^hpH H h n h , ni r,,r th,; s,x m fnths to April 3n. cent low er but margins were made 
494 the e.tabk . bed deah n-hips and mts Gross revenue was better at up by improved sales of seeds. 

[£393.740. acainsi £3 1 1.721. fertilisers and chemicals. The 

# comment ^ ,, t .. .. 

With national demand for animal Co- the metal refining .and --liptf- IW. ' 1 

feedstuff's showing a volume drop ferrous allortmaking concern, sol wwt: '*r= ; r - ■ .• ••* 

of around a tenth, and malt from £2.13S,2%B to . £1,867,699 1 for; Kuberofdt^Mr. ' J. .-■.A^-Koberts, 
production static. Pauls and 1977. . Tumoriy* was high^at" boU^t..8J120,Bbares';on- Jm»e..l3- V 

production static. Pants and ivn. . was twgnejrtr-ar 4 po_UEm .a^ww.- auiuea .on. juaw.-xj ■■■ 

Whites has had a difficult year. £44.03m againsti £4 0.67m. - - _' 7 'atr S7p^^otel-holding ‘-55 JWO, • 

Nevertheless, profits are a fifth ■ L *’ 


An excellent start to the new year. 

1 am pleased to report that we have made 
an excellent start to the new financial year. 

We have enjoyed much improved trading 
conditions in the United Kingdom and the 
results for the first quarter were substantially 

better than last vear. 


We are actively seeking further opportunities 
to .expand by acquisition, both at home and 

I have great confidence that this financial 
year will be another year of substantial 
growth for the Group. 

ON 15TH JUNE. 1978 


Multiple Specialist Retailers 

Pre-tax revenue of Dundee snd 

London Investment Trust ad- division, profits are up by 11 per 

i ~ eio- « «■_! s — 

p? r • . .V,- ... ■- j ■ 

- - 4t ‘ Current 
C payment 

The result was after manage- malt side showed a profits rise of .\mbcr tod. 



• .i. 


,‘rWaoV Sf°" nd 14 „p» d “ e t0 Anglo AmeHran GoId "inti 100*. ' 

and interest of £53.132 (£65.9981. higher selling prices. Elsewhere, 
but before tax of £!19rl90 overseas competition has 
H107.347). continued 

S. and W. Berisford ...inL 
Bluemel ^ 

1.65 - 

to provide difficul t B and c-Shlpptag 2nd inL 5TU ? 


Date -. Corre^ .. Total 
of -spendinfe: 'for ' , . — . 
.payment'' •**Hv. 4 ? -year' ; year- 
July 2r r-12fr - • * SA 
Aug. 4 4 0.5 -654 OSt 

Atlg. 4 80 — . -166 44 

Oct. « • X75» — '* • 4J34" 

. 1.5 «dI7 4 - ■ 

Aug. ;4. .455 . . 9^6 835 ; 

• — --L34 • 1.49 -r'. L3*,v. 
•Aug. II 05 V " . 92 4 . 

Aug. 7 4.07 8.43 c'075i ' 

Aiig: 4 . 

better mid-year 

the demand for feedstuff's. At 
„ . 4 . , - , 121 p. the p.e is 65 on a Inw tax 

no" -, r ,?' ed f . a *able profit of charge while the yield is 5.5 per 

£192.-vlti. against £161,3/9. is cent 
shown by United Guarantee 

-Tuly 21 

0 S' 

4.64." IA2 
7.75.:. ^.75 .. 

-25 . 

The interim dividend is stepped conditions for pig production, but r-j. Onematwnaijh 

up from O.Sp to 0.9p net — last profits are slightly better because castlefieia Klane iiit 1 111 

rl-. r n« , J aJ K, aS 15p paid from 2 f ' ower feed prices and slightly Caledonia Inv. *. 2nd InL 4.68 ' 

fbjLu.,8 taxable revenue. higher pig pnc«. Meanwhile, charter JCriiat . inL 0.75: . Attg. 17. -P.7 

conditions are likely to remain chtoricte ..-.. ..2ndlnt 3.79-.' T-Aug.US 1 ■ 3.4 . 

TT .j y-, . difficult. There are stiU no signs Cohen • 3.51 Sept I 3.19 ' . 543 ^ 451' 

I tfl IvllSirantpp of a recovery in whisky production » n irf ; n »c 3.04 

UlU. VjUtUaUlCe to lift malt production while Tst S’ 

Duple Int. 

English China. int 

Fortnum and Mason 
Ch. Goldrei. Foocard ... 

Hargreaves Git>. 

Heywood-' WUliapis 

H ighgate^and Jab 

IntnL Umber 

Killinghall Rubber ...inL 

Wm. Leach v 

In the March 31. 1978. year R. Paterson. 

(Holdings) for the half-year to 
March 31. 197S. on turnover down 
from £2.S9m to J£3.45m. 

The net surplus came out at 
£92.419 (£94.yw> after tax of 
£100,121 (£66.385) and, as before, 
there is no interim dividend. The 

BIT switches 
to the U.S. 

payment for 1976-77 of 0.181 p was British investment Trust reduced Paul and WM**® 

paid from 

record profit 


July 15 . — 

;ii» 4 .- 4 

• 9.59 ; 


Ju»r 19 1.75- 



Aug.'2 1 V5 


= -203 -y 


— ’1.63' T 


■ 74.43; •> 


. July 27 1.73. 



3.5 Y 

Aug. 4 4 nil • 


1.5 , ^- 

Jtfly 31 3 ' 

V - - 


' — * 3.8 




Aug. U 13* : . 

' — ■ - 

3.5 - 

Aug/25 .23 '• 


. Aug. 19- 258 




— . ./ 2.41% : 


_ 3.45 L” 


Sept. .29 2 


. . - 4.13 

Aug. ; 4 
JUly. 26- 






0.4 .. 


Farmers £3m 
variable loan 

of its commitment in Canada and Saatefal and Saatchi ...inL 

made a modest reduction in Triplex -aw. 

Japan with the funds released J. W. Wassal 024- 

re-invested in the ILS.. Mr. F. B. Dividends shown pence per share net except where otherwise stated. 
Harrison, the chairman, says io • Equivalent after allowing for scrip issue, f On capital 
his annual statement increased by rights and/or acquisition Issues. . .. r .. . - 

Also the property portfolio was increased by rights and tor acquisition issues, t Forecast 48 p. 
valued for the first time on an $ South Alrican cents througbouL V Malaysian- cents. . ’I] Tb 1 reduce 
open market basis, with a £126m disparity. Total distribution expected to .be approximate last year 
surplus arising on the previous excluding the 6.5p special distribution at CastJefleid 4 . . 

The .Agricultural Mortgage Cor- 
poration is raising £3m of vari 
able rote- bonds dated June 10- 
1983. The issue is priced at par. 

The bonds have been placed frj- 
payment on June 16. on which 
day dealings start .and a propor- 
tion of the stock has been made 
available in the market for mem- 
bers of the public. 

interest on the stock is pay- 
able half-yearly on December 16 
and June 16 with the exception 
that the final payment will be 
made on the redemption date of 
June 10 1983. when it will be 
redeemed at par. 

Interest will be at 1 per cenl 
over Libor. The payment next 
December, in respect of the 
period from June 16 to December 
lit, will be equal to £11275 per 
cent per annum. 

The bonds are registered and 
transferable in multiples oT 
El .000. free of stamp duty. 

Brokers to the issue are 
Mullens and Co. 


Dealings started yesterday in 
the new Sooth Tyneside issue. 
The 12; per cent stock, £10 paid, 
opened at £105 and dosed at the 
same level afler touching a high 
point of £10 IS >*. 

Despite the tremendous over- 
subscription — the £7m offer was 
at least 100 times oversubscribed 
— ■ the price held firm though 
there was a significant amount of 
stock moved through Ihe markeL 


The application list for the new- 
long tap opened and closed yester- 
day. The issue of El bn of 12 per 
cent Exchequer stock 2(113-2017 
was allotted with all applications 
from tiie public being allotted in 

Warren Plantation 
Holdings Limited 





1977— sixth consecutive record year- 

Earnings per share doubled 

Dividend increased by 57 per cent to 22J)p gross 

Further development in diversificatibrt policy thrbugh 
Supara acquisition of rubber and oil pal mini ndbnesia 

Summary of group results (S’ 000s) to 31 December 

1977 . 

■ .1970. v 




Profit before Taxation 

';v 10,899 , 1 


Earnings per share 

81.18p ■: 

40^p.; V: ; 

Dividend per share (Gross) 

22.00p y; 

Return on Capital Employed 

' 70.14% 

/34:9Z% : ; l>! 

Copies of the Report and Accounts wilt be Available after 2£thjime fiofl t& i ■-} Z 
The Secretary, Sir Johrr Lyon House, 5FJighTirriberStreefe 
■. ; UpperthaniesSttaVt Lohdop Kjrtf 'SHL. ^ 

•• -V 

•' *’-T £- 

■li'i 4 ^ 


■■ •><i' - 1 

^v- i 


r-r.f 4 


'I ..'*' . 

: 7 * " 

-» - 


t w ~ 

! - ' 


; i • 

• ^ . 

■aageSV; ■•■■?y^- 

Juiae 16 1978 

demand knocks B & C Shippi 
£5m off English China ahead at £2 

First-half growth for 


' WITHOUT.. .THE toped for im- 
provement m Its markets taxable 

earning. ofCEagUsh China Clays 

slumped. fwm jEX3^Hn to £8.58m 

imthe'.hatf yyar to March si, 
1978, and Lord AJsercooway the 
i chairman, -says that as there is no 
early prospect of- a significant 
increase.. Jtf- demand from the: 

r JCar profit 

( vein taflvkaWjr. falt short of the 
fi record.-JGWMSm seen for 1976-77 
FbUgwiifc'-the tights issue lit 
, year .the. .group t j^uid position 
i remains ao tod . but " nevertheless 
| the directors have thought it 'wise 
to arrange a five to seven year 
loan oF>£20pi from a' syndicate of 
: banks: v 1 >7. This .will provide the 
further.:firods to finance at con- 
tinuin|Miish level of capital 
expenditure; to cover working 
capital- pe^Sis- in. an inflationary 
situation ^d. increased volumes 
of business- In due course, and 
a to ehabK the group to take 

El advantage ^. ^suitable opportuni- 
that may ■ arise for growth, 

the chairman says. 

r-»> » K Stated earnings per 25p for the 

' first half slipped from -L4*p to 

" 257p and the net Interim divi- 
dend Is raised to 1.925p (l.75p) 
absorbing £3.1 lm f£3£S2m). if 
• V dividend restraint is not lifted and 
_ •- ACT remains unaltered the dircc- 
- :•?. . tors -plan to pay a 15S42p final 
. •'... against 1.8038p last time. This 
- . would be paid with an additional 
• Q.0274p for 1976-77 if the lp in- 
come tax is confirmed- 
Profit included a £0.7m (£0.73m) 
transfer from the capital grants 
. - . ■ “ account arid was after deprecia- 
tion of £5.17m (£3 :23ml. After 
• - tax of £4.4m (£7.08m) net profit 

emerged at £4.13 (£6.43m). 

*•••' r The . director* hope that the 
troubles at clay and transport 
> divisions-, (where ^Ince - the half 
year end there have been difficul- 


Hie following . ewassafes tjav» nouEeU 
antes of Bonn! meedacs to the Stock 
E xebanse. Such meedw are xoiutiy 
held .for .fin*-' stirpes* of ..cotttLdertiiE 
flivWeods. OiBelil toikniaas are not 
available whethtfr Olvldemlv Concern rd 
are Interims - or Seals, and- tbs snb- 
diviaions shown below w based malnlj 
w last wars timetable. 


In ter Inn Di mi ner- jmrcfltmprtt Trust. 
Anhur Grimms. - Ksebarn -Investment 
-Thai. • 

.. Final*— BeQ and -SIm*. Brent Walker. 
Caffws. Crosby 4 piiojf - tetwtoro, Fer- 
-fioson Industrial, pi^fospoo Brothers. 
Prosvty Partnership, Victoria. Carpet 
and Jonas Woodhead. 

Interims — . - 

*fCOl?S , - June 22 

KnroJnn -Motor June 21 

TSrertnai Srodicate July 6 


A'^ocJai.'d f.-L-wsoapers . Job 1 3 

CaiUe-s Holdings _,_£.'..,.. v -. June CG 

r.):wu <B.t June ?i 

London Sumatra Plantation*!.'... June ip 

ties over pay demands and in 
interruption of production) are 
now over. 

- Trading in Europe has been 
very much in the doldrums and 
demand for china day has. re- 
mained sluggish. Despite fluctua- 
tions in exchange rates- during the 
first half, the group at least main- 
tained its market shard, except 
for marginal tonnage losses in the 
lower grade filler market. It also 
held, despite pressures, export 
prices, though it has pot' been 
practicable to raise them -gene- 
rally in the important paper 
market since January 1977. 

See Lex 


Due to expansion of/ business 
by Cory Brothers Torque Loading, 

?f Powell Duffryn House, Cardiff, 
it has been decided to bring this 
company's activities within Die 
Powell Duffryn engineering divi- 
sion and to change the name to 
Powell Duffryn Tools. 

tops £lm 

FURTHER growth was achieved 
by Don* Holdings, a maker and 
retailer at fixing products, in the 
year to March 31, 1978. with 
taxable earnings advancing from 
£834,522 to a record £1,022,643. 
Sales improved by £2.1m to 

Halftime profii was better at. 
£406.171 (£S23.1?inj and in Dpcem- 
ber the directors said the group 
was in a continued process erf 
reorganisation and trading 

activity in the second six months 
was progressing satisfactorily. 

Stated earnings per 10u share 
for the year were ahead to 6.92p 
f5.59p) and a ner final dividend 
of 3.039036p takes the total to 
4 . 644222 P f4.I9fl01p), costing 

£132561 (£120.149). Mr. D. O. 
McIntyre, the chairman, has 
waived 99.9 per cent of his entitle- 
ment in respect of 4.64m shares. 

After tax of £503.724 f£4I5,09S) 
the net balance came out at 
£318.919 f £41 9.434), Of which 
£386,058 f£299,2S5> was retained. 


Edinburgh Investment Trust has 
repaid part of its foreign borrow- 
ing amounting to U.S.$2m. 

AFTER RISING from £1 0.42m to 
£ 1 1 .89m at half-way pre-tax profit 
of British and Commonwealth 
Shipping Company ended 1977 
12.04m higher at £29.31 m on 
turnover ahead from £2lS.lra to 
£233. 13m. 

A satisfactory increase for the 
year was forecast in November, 
and directors say now that while 
it is too early to make any firm 
prediction present conditions in 
the shipping industry and other 
related factors suggest that pre- 
tax profit for 1978 will show a 
reduction on this year's record. 

Operating profit of the group 
for the year was down from 
£20.S3m to £10.86171. with the d_mp 
fn shipping profits frnm £$.5nm 
lo £2.75m and the decline in the 
proceeds from the sale of ships 
from £3 .39m to £02Sm only 
partially offset by improvements 

One of the major improvements 
came in the leisure division where 
the loss was cut from £l.SSm to 
£0.43m. while the airtransport and 
helicopter operations climbed 
some £1.7m to £U.63m. Aviation 
support services were up from 
£1.36m to £2.24m and office equip- 
ment activities increased from 
£0.99m to £2 .03m. 

Other group activities contri- 
buted £1.5m, down from £2 .99m 
previously, and there were 
realised currency loan losses of 
£2 .22m <£1.43111 ;. 

The associate company contri- 
bution jumped from £3.49m to 
£8 ,77m, while interest and divi- 

dend income row almost £lni to 
£10.aim. . . 

The accounting basis of B and C 
has been changed to include asso- 
ciate contributions, and the 1976 
figures are restated. The change 
followed the tuhenr of con- 
tainerisation on the South African 
trade and the increase in the 
group's shareholding in Overseas 
Containers from 7.6 p?r cent to 
20 per cent ft was aise felt appro- 
prtate zo similarly wiih the 
results of principal associates, 
directors say-. 

After tax of £1 5.26m f£l5.84m) 
net profit was £14.05m i£l 1.43m) 
and earnings per 5op share are 
shown ahead from 2s.9p to 34. 5p. 

The second interim dividend is 
lifted fro® 4.354 “p to 5.0076p for 
a total of 92576p againsi S.3543p 
last time. - Director- intend pay- 
ing a final dividend if i he rate of 
ACT Is reduced. 

!*»“ IPT6 
ii'fni inuo 

Turnover .... • • It- IJ0 21 t.V/O 

Profit from swpp |n <'- a'.u- 
[ion and oibcr ac tn.iu.-s ::J .vis 3<as<5 
profit uo sale of mh?-. -t.. 

Dfnreriaiion • nor.; ir..*39 

Onerauns I'-.vy 

Diva.. iBtcrrs* rwun M i.u. 10 5JI 
loiorest pars*>w_ . o.vto o C20 

Associates' proots . . . -.TiA 3.^90 

Profit before tax MJ12 27 jzn 


Croup Up ifC 12.*I7 

Associates J.itM =aCS 

Net proti ll.ato 

To miDoritieS J -71 3 n7u 

Etmonl profits .- . . 7<w -143 

Available 11. '"j P21J 

Dividends i.W - Titf 

Retained , — 6 »6 O.aLJ 

t LOSS. _ 

bee Lex 

WITH TURNOl'ER up 12.5 per 
cent to £G23.B3m reflecting funher 
growth worldwide, pre-tax profits 
of S. and W. Berkford, the inter- 
national food merchanting, com- 
modity trading, metals and 
insurance group, advanced by 17.2 
per cent from £11 -64m to £13.65m 
for the six months to March 31, 

Mr. E. S. JIargulies, the chair- 
man, reports that overall the 
trading divisions gave a good 
account of themselves and showed 
continued growth. No account has 
yet been takep of the benefits 
which are anticipated to flow from 
the acquisitions concluded so far 
this year, but which will make a 
contribution to the full-year’s 

An analysis of turnover (in 
rOOG's and per cent) and pre-tax 
profit (in £000's and per cent of 
turnover/ shows: UK £321,970 
(51.6 per cent) and £6.490 12.02 
per cent). Europe £59,145 (3.5 per 
cent) and £2 .776 (4.69 per cent). 
North America £81,527 113.1 per 
coni) and £798 (0.98 per cent), and 
Entrepot (external trading on 
which profits 3ccrue to the UK) 
£160.084 1 25.$ per cent) and £3,5S4 
(2.23 per cent). 

Net profit for the half-year 

increased from £SL7m lo £12-13 bj. 
after lax of £ 1 .52m i £1 ,95m) 
which comprised UK £769,000 
j £570,000). Foreign £651,000 
(11.26m) and associate £101,000 

The liK tax charge has been 
limited to an amount equivalent 
to ACT which the sroup is 
required to pay on the interim 
dividend and comparatives have 
been amended accordingly- 

After minorities of £336,000 
(£73,000) and preference divi- 
dends. available profit emerged 
as £U.79m (£9.62zn'j. The net 
interim dividend is effectively 
raised from 1.75p to l,925p per 
25p share, absorbing £1.56tn— 
last year’s final vras an adjusted 
2.375p paid from £23. 37m record 
taxable profits. 

The directors add that this 
year's final dividend will take 
account of any reduction in tax 
credit on dividends to 33 per 
cent and any further freedom 
which would exist if present 
controls on dividends are eased 
or lifted. 

e comment 

Berisford's interim profits — 17 per 
cent ahead pre-tax — are right in 
line with market expectations and 

the group looks lo be comfortably 
heading for £27m lo £2Sm for the 
year despite the decline in 
activity in the commodity 
markets. The lower Joel of 
trading in cocoa, coffee and susm* 
—■still the backbone of the 
company's trading activities— has 
not had a dramatic impact on the 
figures for two reasons. There 
Is a carry through from the 
buoyant levels of last year as 
profits are taken on contract 
completions, and secondly 
financing costs have declined as 
the amounts deposited with the 
Commodity Clearing House moves 
down with the fall In trading. So 
the question for the market is not 
how good this year will be but 
M’hat the lower level of activity 
means for the next Berisford 
remains optimistic, but the 
market cannot help but have 
some fears. However. the 
company has a good track record 
and to sonic extent investors arc- 
backing management judgment — 
obviously highly relevant in a 
dealing operation. At I37p. the 
prospective fully t.'i.vcd p/e of 
over S and yield of around 5 per 
cent is not demanding — but 
Berisford's rating is rarely high. 

Alpine Soft Drinks 16.6% higher 

Caledonia Inv. at £3.I6m 

Belfaaven cuts loss to £9,000 

TURNOVER FOR the year to 
April 2, 1978, at Bclhaven 

; Brewery. Group advanced from 
£2,9m to £3 .23m and the net loss 
- r was reduced to £9,000, compared- 
, . with £693.000 last time. 

'•t During the year, brewery 

trading continued to expand 
^ _ rapidly with turnover ahead by 

f flA 24 P* r cent t0 S-STPl and trading 

' I profits by 20 per cent from 

*»V;(J £299,000 to £381,000. The hotels 

sector achieved a turn round from 
a £2,000 loss to profits of £44,000, 

• ■■■ on turnover of £0.65m (£0.74m). 

: - • In the first two months of the 
^ current year, the brewery tum- 
' • over bag increased by a further 
" - n . 25 per cent with a commensurate 
increase in profits, and it Is now 
operating at per cent of 
production capacity. 

‘ The successful development of 
the brewery will result in a satis- 
. factory level of profits in the 
current year and return to the 
payment of dividends, the direc- 
V tors say. In this connection, 

. application -will be .. made in 
■ > September to the Court of Session 

in Edinburgh, to approve the set- 
off of losses incurred during the 
development of the brewery 
against the" group’s substantial 
.....* capital reserves, thus removing 
- : . restriction’ on dividend' payments:' 

The last payments made totalled 

...„ 34p .net in. respect of the 17 
' “ •"“months -to end-March, 1974'. 

Since the year-end, agreement 
: : vhas been reached to sell the 
- smaller of the two Bermuda 
- Hotels for £660,000. which will 
.'r realise' a substantia] exchange - 
profit. Sale of the remaining 
Bermuda Hotel Is currently under 

— ■ consideration, in line with the. 

policy of concentrating all the 
group’s assets within the UK 
brewing industry. 

With net current assets of 
_ £30,000, compared with £l^J2m 
' liabilities, the balance-sheet re- 
flects the results of the sale of 
the group’s former trade invest- 
ments. Cash on deposit amounts 
. to some £400.000 against an over- 
draft of £1.4m in 1976-77. and. 
there are ample funds, to finance 
the growth of Belhaven Brewery, 
the directors add. 

In November the .company 
changed its name from C.C.H. 

lSn-B ; 1876-77 
£ : ' £ 

Turn inrer 3.2S-0 M 140.000 

Trading w-oflt ... 40S.960 - MT.M0 

Administration 79,900 103.000 

Repairs and renewals . 1 98.900 ' 88.009 

Depreciation KH.000 85.090 

Interest payable 226,909 553.000 

Loss U3400 248.000 

Tax recovered 25409.-.' *191,000 

Except, profits 50.090-’ +944.000 

Net loss 3.009 , BB3.060 

Ceased activities +78.080 149.000 

From reserves 874*0: 047.009 

■ Charged, t Interest, t Profit 

at £0.2m 

ll U10 

Turnover for the year to March 
31, 1978, of Continuous Stationery 
rose from £2.3 9m zo 12.44m, and 
pre-tax profits advanced, from 
£175^14 to £106,159. .-.Jl 

In January, reporting "S'flrst 
half surplus ahead from $810,431 
to £114,120, the directors said they 
were hopeful that that teyel 
would be continued in the «®Qd 
half. - 

' After higher tax of £106^58* 
against £50.743, full year earning: 
are shown at 3.57p (a.Olp) pdT 19? 
share. The final dividend Js i.62p 
net lor a 2J52p (2.32p) total cost- 
ing £63.000 (£58.000). / 

The directors now spy that the 
current year has begun compara- 
tively satisfactorily so far as the 
order book is concerned, although 
trading margins.- are remaining 
extremely tight-"' 

Fortnum & 


Art. upsurge in profitability is 
reported, by Fortnum and Mason, 
the departmental store operator, 
with pre-tax profits nearly 
doubled from £557.993 to a record 
£1.045,320 for the year to January 
28, 1978. 

After tax of £526.607 (£282.645) 
net profit advanced from £275348 
to £518,713. The dividend total is 
held at 20.8p per £1 share, with a 
net final of 17.3p (same). 

Highgate & 

Job slumps 
-dividend cut 

With a fall from pre-tax 
earnings of £50,390 into a loss of 
£63.061 in the protein division 
profit at Highgate and Job Gronp 
for the year to March 31, 3973 
was more than halved to £106^67, 
against £264.274, and the directors 
propose a sharply reduced 

Sales by Hie oil division were 
better at £3-31ro (£2.84m) but 
profit teas down at £169.328 
(£213.S75), and turnover in 
proteins slipped by £1.09m to 

At halftime when the surplus 
was ahead at £103.000 (£87,0001 
the directors anticipated that any 
improvement by the protetns 
division would be offset by a 
oorer performance from Oil- " 

Now they report th3t a delay 
to the cargo, referred to in the 
interim report, necessitated a spot 
purchase of'\sperm oD to fulfil 
contracts. The Board has taken 
steps -to protect its legal position 
arising from the delay. 

The resulting stock losses 
caused a more severe faff in the 
profits for the second half of the 
year just ended than expected, 
and the operations of the proteins 
division are under review. 

Uncertainties in the fields of 
operation of the company and the 
outcome of the claim for the 
delayed cargo make it difficult at 
this stage for them to predict the 
result for the current year. 

. Tax. took £55.356 (£148,642) 

leaving earnings per 50p share 
down 7.ip at 5.5p and a net final 
dividend of 1.5p lowers the total 
to 25p (4p). 

FROM TURNOVER little changed 
at £5.55m, against £5.54m, taxable 
profit of Caledonia- Investments, 
which owns 49 per cent of British 
and Commonwealth Shipping, rose 
from £3.07m to £3.1 6m in the 
March 31. 1978 year. 

The result is subject to tax of 
£l.l8m (£i.34mi and after 
minority interests of £66.000 
(£79,000) and extraordinary profits 

of £22,000 (£10,000 loss) attri- 
butable profit is shown al £1.94m 
compared with £1.64m previously. 

Earnings per 2ap share are 
given at 10.58p (9.08p) and a 
second interim dividend of 
4.6805P lifts the total from 7.6D97p 
to 8.4305p. If the rate of ACT is 
reduced a final will be paid to 
maintain the maximum permitted 

Its 74 ner cent -owned subsidiary. 

Amber Industrie! Holdings 
increased pro-tax profit from 
£227.725 to DJtfl.riP.s in the same 
period with up from 
£3.45rn to £3.03m. 

The year’s result is after 
Interest of £3.156 i £8,281 1 and 
depreciation of £118,969 (£47.922). 
Tax, including a reduction of 
£5267 (£2,3451 for prior years 
takes £199.692, against £129.655. 

After an extra ordinary loss of 
X6.3S7 from e<v«Jv. ill written off- 
less the profit on the sale of 
freehold property — attributable 
profit came out at £155,259 
(£98,070). Earnings per lOp share 
are shown ahead from 3.62 p to 

A first and final dividend of 
0.5-HGp is to be paid compared 
with 0.4951 p last year. 

REFLECTING A 12.3 per cent 
increase in sales volume of its 
soft drinks, taxable profits of 
Alpine Soft Drinks rose by 16.6 
per cent to a peak £1.539.805 for 
the 33 weeks to April 1. 1978, 
compared with £1.320,751) for the 
previous 52 weeks. Turnover 
advanced from £S.82m to £1 1.41m. 

Following midway profit of 
£920.679 against £852,584. the 
directors consider the full year 
result satisfactory having regard 
to the poor weather conditions 
throughout the year. 

The major expansion and deve- 
lopment in the South-East of 
England has been hampered first 
by exceptional planning delays 
and later by constructional prob- 
lems. they report. This delayed 
the completion of the Basildon 
and Woolwich factories and 
although sales operations com- 
menced during the latter months 
of 1977-78 at both places, produc- 
tion had not started by the end 
of its financial year. 

The two factories are now com- 
plete and will be brought into 
production later in the year, but 

this will of necessity involve 
development costs which will also 
be incurred in the expansion of 
the Maxipops and Leisurewear 

Although expenditure was 
planned at an amount in excess 
of £2m for 1977-73, the delays 
resulted in some being deferred 
into the current year. 

Present expansion plans includ- 
ing Maxipops and Leisurewear 
envisage an expenditure on fixed 
assets in excess of £l-5m for 
1578-79. the directors add. 

The current year is certain to 
be a very busy one for the group, 
they say. and subject to unfore- 
seen difficulties, the directors hope 
to announce a further increase 
in profits. 

After tax of £797.000 (£685.500) 
net profit for 1977-78 rose from 
£635.250 to £742.395. represeminp; 
earnings of 14.7p il3J29p) per lOp 
share. As forecast at the time 
of last year’s rights issue, the 
dividend total is lifted to 6.6p 
(3.333S25pi net with a final of 
4.4p— the final has been waived 
by rbe managing director on his 
holding of l.iim shares. 

Dividends absorb £250,882 
(£155,380) leaving profit retained 
slightly ahead from £479.370 to 

Ch. Goldrei 
Foucard grows 
to £453,000 

Taxable profit of Cb. Coldrci, 
Foucard and Son, food maker, for 
the year to March 25. 1973, ex- 
panded from £385,750 lo j record 
£453,134 on sales up £1.4 5m at 
£9.1 9m. 

Mid -year the surplus was better 
at £193,647 (£166.358] and in 

December the directors said they 
expected full time profit to at 
least equal that for the previous 

A net final dividend of 1.3p 
lifts the total to 2.69p <2.43p). 
Mr. L. H. Goldrei. the chairman, 
and his wife have waived - pay- 
ments on 171.435 shares. 

Tax took X222.1S6 i £200.506) 
leaving a net balance for the year 
higher at £230.993 (£185.244). 




Highlights f rorrrthe Report and Accountsf orthe Yearto31 st March 1 978. 

Year to 

31sl March - 










ft .tot. 

. per Ordy. Share 




4,793 .000 





142 / 


1975 • 

' 97.712D0O 









: 3.50 



1 16,353000 

■5325,000 - 


V- 4 :30 

175 Vi 






' 188M 


* *« 


The bid for the Ordinary Shares of the 
Company in the closing months of last 
year and the subsequent offerforthe 
Convertible Debenture Stocks resulted 
•n the National Coal Board Pension 
r unds acquiring over 82% of the Trust 
stated at the time of the bid, it is the 

ntention thattheTrustshallcontinueto 
oe run by its existing Managers in 
Scotland, under the direction of the 

estructured Board, forthe benefit of all 


REVENUE ' ‘ r , 

otal Revenue overall rose by a little 
;>ver 5%. As a result of a substantial 
eduction in interest paid last year the 
-\et amount available increased bymore 
-han 20%, which however has to be 
\pplied to the enlarged Ordinary Share 
-.a pita! resulting from the.conversion of 
he outstanding Convertible Debenture 

Copies of the Annual Report and Accounts 
The British Investment Trust Ltmrted^fi 

On this occasion the Directors have 
decided to mitigate the effect of the 
conversion by declaring dividends 
totalling 4.85p per share for the year, 
although this requires a small transfer 
from Revenue Reserve- The dividends 
declare d represent an increase of 
1 2.8% on last year's total. 


The unchanged property portfolio 
produced an Improvement of £1 .26 
million or 1 2% on the last valuation. 
Total Assets rose by £7 .7 millionandthe 
Net Asset Value on a fully converted 
basis by 1 3p per share or 714%. The 
market value of the shares since the 
bid last year has remained on a relatively 
narrow discount to Net Asset Value and 
is currently around 20%, one of the 
lowest discounts in the sector. 

may be obtained from The Secretary, 

Castle Street Edinburgh EH2 3BR- 

"Vigorously continuing our planned growth,!^ 
to reach at least the £10© million sales mark by !§§• 

Mr. W. P. Capper, Chairman 

Other highlights from the Chairman’s Statement for 
the year 1977178 

^ At £69 million for 1977 /78 group sales have been 
increased by more than 38 per cent over those for 
the previous year, and the profit of £5.2 million is 
an increase of 24 per cent. 

^ The total gross dividend of 3.1944 pence per 
share represents the maximum permitted under 
current dividend restraint- The special inflation 
accounts show that even after adjustment for 
inflation the dividend remains covered 7 times. 

% Export sales at £23 million were 75 per cent up 
and now represent 34 per cent of the group’s sales. 
Most of the impact of the increased overseas order 
book has still to come. 

* During the year the group invested over 
£5 million in its overseas and UK operations. 



60 - 

60 - 

j oH 

20 - 












1301 EARNINGS & 

per awe' 



■Adiuiiedloi 13/5 iighti nsuc and ! 3/ 7 scrip. 

5-YEAR GROWTH (1973/74 to 1977/78) 

5k The current year has started folly up to 
expectations and we continue to view the future 
with confidence. 

For the Chairman's Siatement in full and the 7977/75 Report and Accounts write to The Secretary Capper-NeillUmitcJ Hi irringlonlVAl 4AU 


feaiicM Timek 'Friday 


Debenhams credit sales 


•> - • *: 

NBH denies bid likely to increase 

f* T>TX _ il AS A RESULT of recent Govern- Anthony says. . 4 ! 

B ■ E mAllT ment concessions credit sales at Debenhams has also sold its i 

■ 1 IB fl 1 E fl L lllll III Debenhams are likely to further two superstores at Nottingham 

wMJl increase. Sir Anthonv Burney, the and Walkden to Tesco and has 

Racal to dispose of Soutl 
African offshoot for £6m 


PERSISTENT rumours, with their 
inevitable sharemarket impact. 
That Australia's base-metal group. 
North Broken HiU plans to make 
a take-over bid for BH South have 
drawn a denial in Melbourne 
from the former's Mr. Bill Forster, 

manager for finance and adminis- 

He added that NBH has not 
purchased any more BH South 
shares since last December and 
confirmed rhai his company's 
holding in BH South amounts lo 
US per cent of the 55.55m shares 
nf 50 rents in issue. The NBH 
staff provident fund holds a 
further 2 per eenl. 

Queried by the Melbourne 
Stork Exchange. i'-H South said 
that it did not knew of any 
rca.son for the latest rise in its 
share price and added that it did 
not have any announcement 
pending other than the date of 
termination oT the company’s 
phosphafe production. This date 
K to be .June 30: the intention to 
end production by the loss-mak- 
inu Queensland Phosphate .sub- 
sidiary was announced last 

The previous bujing oF BH 
Smith by NBH initialed the talk 
or a possible bid. but in view of 
the company's relatively small 
atiraction for NBH it would 
appear that the buying might be 
more reasonably interpreted as a 
defensive move against other pre- 
da mrs. 

The Consolidated Gold Fields 
group, which is still in the process 
of reorganising and tidying up 
its various Australian activities 
which are under the control of 
Consolidated Gold Fields Aus- 
tralia. has. also been mentioned 
as a possible bidder for BH South. 

But popular market fancy 
turned yesterday to a more 
likely bid by ihe group for the 
successful Reni.snn lin producer in 
Tasmania, in which Gold Fields 
already has a 50 per cent benefi- 

cial interest In Sydney Ren iso n 
shares jumped Asuo to a peak 
of ASW-SO to the accompaniment 
of talk of a possible $A14 per 
share bid. 

Despite the various rumours it 
was understood in London yester- 
day that the Gold Fields group 
was not contemplating making 
any announcement of real import 
in the immediate future. In a 
cooler Australian share market 
yesterday, BH South closed Ip up 
at J13p ithey rose 17p on Wed- 
nesday! while North Broken Hill 
eased Ip to 31 p and Consolidated 
Gold Fields Australia were 5p off 
at 295p. 

£95 M PLANT 

An announcement about the 
construction of the third stage of 
a tailings leach plant at Ncbanga 
Consolidated Copper is expected 
soon, writes Michael Holman from 

Nchanga. which is 51 per cent 
owned by the Zambian Govern- 
ment. has been considering the 
SI 75m i £95. 7m) scheme for a long 
time, but there have been difficul- 
ties in raising the finance. 

Funds are now expected tn 
come from the International 
Finance Corporation and the 
Bank of America. One of the main 
contractors is expected to be 
Davy Powcrgas (UK). 

The project consists of an ex- 
tension to the tailings leach 
plant, the construction of an acid 
plant and the extension of a lime 
plant at Ndoia Lime, an associated 

Production will be about 40.000 
tonnes of cathode copper annually 
for 10 years from the treatment of 
old tailings at Chingola. The cost I 
will be around £300 per tonne. 

AS A RESULT of recent Govern- 
ment concessions credit sales at 
Debenhams are likely to further 
increase. Sir Anthony Burney, the 
chairman, says in his annual 

The group continues to 
promote credit trading and such 
sales rose 40 per cent to £77m 
in the January 28, 1978 year. 

And Debenhams is able to take 
full advantage of the Govern- 
ment concessions in view of the 
arrangement for the sale of up 
to £45m of trade -debtors to 

Lloyds Bank, Sir Anthony says. 

The £45ra facility replaces a 
£19. 5m three-year revolving over- 
draft facility used to finance 
credit sales debtors. At balance 
date £12-3m had been received 
under the new arrangement. 

During the year £2 1.9m was 
raised through a rights issue 
while sales and leasebacks of pro- 
perties provided £19.5m of capital 
sums after expenses against £1.5m 
of initial annual rents. These 
three transactions have reduced 
borrowings to £55 2m (£81 .8m). 
representing 32 per cent of share- 
holders’ Funds against 57 per 
cent previously. 

A further sale and leaseback 
transaction for approximately 
£5m is near to finalisation. Sir 

Anthony says. 

Debenhams has also sold its 
two superstores at Nottingham 
and Walkden to Tesco and has 
reached agreement to sell a 
department store at Bradford 
which is now more suitable for 
a superstore. The total con- 
sideration will be £4.33m- 

The company has recently 
received planning permission for 
a £20ra reconstruction of its 
Croydon property which will 
include a new store, a shopping 
centre and offices. It is intended 
that this scheme should be subject 
to separate financial arrange- 

A new supermarket is planned 
to open this year and three more 
will open in 1979. Two new stores 
are due to open. in November this 
year and two more are planned, 
while a reconstruction and two 
extensions are underway or 

Sir Anthony says that the direc- 
tors have carried out a thorough 
review of the cost structure and 
are taking steps to improve the 
sales mix in order to increase 
overall .retail trading margins. 

With the Caters food operation 
— which lost almost £lm last year 
— he says that while food profits 
will inevitably continue to be 
affected by the cut-price policies 

of competitors, the steps taken to 
improve the position are already 
meeting with success- The chair- 
man is confident that results will 
not be unsatisfactory. 

Moves have been made to 
strengthen the management team 
in the photographic business and 
to rationalise buying policies. 

The group now has 48 sports | 
departments tn its stores and the j 
rate of build-up in turnover makes 
the directors confident of the 
future of this retailing activity. 

The New Dimension furniture, 
furnishing fabrics and lighting 
operation now opening depart- 
ments in its stores is also ex- 
pected to be- a valuable addition 
to the group. 

Sir Anthony says, however, that 
Debenhams should not acquire or 
Invest substantially in any new 
type of business unless it can 
contribute to the efficiency or 
development of its department 
store operation. 

A current cost statement shows 
the pre-tax profit of £28-26m 
(£20. 45m) reduced to £2L2m 
/£15.2m) by additional deprecia- 
tion of £3J2m (£2 .4m) and a cost 
of sales adjustment of £6-2m 
(£5.1 ml, offset by a £2.3ra (same) 
gearing adjustment. 

Meeting, Wigmore Hall, W, 
July 13 at noon. 


Ratal Electronics, the military ment from black Africa might 
electronics group, is in the final not like Racal having .a subsidiary 
stages of negotiating the sale of in South Africa. , terms of 

iLsSouth Africansubsidlary to In 1975. Racal embarked on a O&jeog® ■ »d.. 
a local company, Grinaker Hold- long-term expansion programme wM tejXKTOjSual jartoesE vrilhm 
ingsTfor £8Jm in cash. in South Africa but recently ifa.-aj»ej30d«t toe 

Racal Electronics SA is the main drive > 

group's second largest overseas where it bought .WJgo t^roora- WAVPItf- 

company and one of the most tion and. Dana m 1977 and VadiC I 

profitable. Its pre-tax profits are Corporation in April this ^ar. TALKS OFF 

.. .L...t bmiiim Tho nmCSedS Of the (UfiPOSal 

profitable. Its pre-tax pronts are oorporauuu y—v iALJvo vcr 

running at about £3L2m per annum The proceeds^ of the disposal critic Harcu eonSianed yeeten 

on a net asset base of only £7m axe «!>**£ XiS^te?rob£§t 

on a net asset base of only £4-«m. are expeciw day that tt nas imaisy 

It researches and manufactures quickly at the official rate, subject ne^j^o^-to’ aneege ife oiafaie 
its own products as well as mar- to ^ ese f^ n ? a ^ c H ^ ni * in ^ engineering : ^subsidiary,'.. .Bran 

keting those of its UK parent. The Xafee, .until. HanoKkrShipbtifldiijg 

The products consist mostly of is a (Pembroke). H^acbck 

keting tnose ox iu> un -ua&e, wran. nancuc* jLupDttuainv 

The products consist mostly of is a consteuebem company.wluch iv€mi H^cbck A^tlbto 
communications equipment, in- has j )C€D . n Jl anh ^® receivership last nkHRh; ' 
eluding back-pack radios and a JH la s ^Lv Celtic said yesterday that Barn 

new radio which can transmit suspended at 295c last week. . has a: substantial, order, book 

through brick and which could on. hart and Is : currently self- 

have applications in deep level PROBES sufficient. it added ihat the group 

mines. . . , „ _ • wfl I oof be materially affected in 

n ■ »ho Intact in lOn&T m I’Allnunncr maritorc -urn- Ttnf v. - - # tv_ 

mines. _ _ ■ . wU 1 oof be materially affected in 

Racal is the latest u« i long The foll owin g mergers are not-^y ^ 6jrifie dlffiafities of In- 
line of British companies sejung ^ be referred to the Monopoly cent of 

or attempting to sellout of South commission: Northern , Foods/. Critic ' 

Africa. In AprU. DEC sow half Pork Jove .Investment . Haneodfs^ ^ receiver is going- .to 

Hargreaves second half slip 

Hunosa cannot check losses 

HUNOSA. the Spanish state-owned 
coal mining concern, has reported 
a 1M77 loss of Pi a ld.OSbn t£69m). 
This is some Pta 7l)0m (£4fim) 
more than was anticipated in 
September last year, reports 
Robert Graham from Madrid. 

Hunosa. wholly owned by the 
state holding company ZNL pro- 
duces about a quarter of Spains 
coal and provides two-thirds of 
industry's coking coal needs. 

Traditionally its deficit has bcerf 
covered by direct Treasury grant 
since »i is INI's bissest single 
loss maker. This now has lo 
pass through Parliament and only 
on Wednesday Pra S.29hn was 
approved to cover the l!»7i» deficit. 

Although Hunosa increased pro- 
duction US per cent to 4.0."m tons 
lost year, this was si ill well short 
or the 4.7m tons target. The 
management has placed snme of 
the blame Tor this shortfall on 
a low level of productivity and 
extensive absenteeism. 

Sales improved by almost 47 
per cent in money terms to 
Pta 13.8bn. Nevertheless, losses 
represented 73 per cent oF sales. 

To improve the financial posi- 
tion. plan*.- arc being implemented 
to diversify into forestry, indus- 
trial studios and thermal power. 

treatment of tailings continues. 

Laurasia still hopes to resume 
mining at Minador concentrating 
on the higher grade reserves on 
the Main reefs. Mr. A. C. A. Howe, 
president, says that serious con- 
sideration is being given to raising 
CSSO.OOO by way of a rights issue. 
The shares were 20p in London 


INCLUDING A slightly lower 
contribution from associates of 
£0.S6m against £0.91m pre-tax pro- 
fit of Hargreaves Group rose from 
£3.27m to a record £3.42m in the 
March 3L 1978, year on turnover 
up from £134.0fim to £153.34m. 

Directors say the results reflect 
the underlying strength in the 
group's basis markets and say 
they were achieved despite par- 
ticular difficulties in certain areas. 

The current year has started 
well and opportunities have been 
created for the future, they add. 

After tax of Sl.TSm ( £l.6»m ) 
net profit was £1.69m (£1.6Sm) 
and earnings per 20p share are 
shown at 6.4p against 5Jp. Net 
tangible assets amounted to 54.1p 
(50.9p) per share. 

A final dividend of l.9167p 
takes the total payout to 3.2167p 
net compared with 2.S8p last year. 

and dividends will absorb £0.S5m 












Interwsr paid 



Assoc, profits 



Profit before tax 

3.4 22 


Commercial vehicles 






Plant hire. etc. 





Fuel distribution 



Transport, warehauslns 



Debenture Interest 









• comment 

Hargreaves has been unable to 
maintain its first half profits 
growth of a tenth.' In the last six 
months there was a downturn of 
almost three per cent., mainly 
because of the heavy snowfalls in 
the north of England which halted 

almost all divisions during January 
and February. Exports have only! 
marked time due to the recession j 
in the steel industry and reduced 
demand for coke/coal, while, 
higher costs and increased compe- 
tition cut deeply into fertiliser 
margins. In addition, plant hire 
and warehousing have been flat 
while shipping has suffered in line 
with lower international trading 
patterns. However, all this has 
been offset by an upsurge in waste 
disposal activities while transport 
services for liquid raw materials 
were active. Commercial vehicle 
building also showed a small 
profits rise, mainly due to good 
support from the spares market, 
and quarrying was a tenth higher, 
in spite of the government cutback 
on roads expenditure. All this left 
the share price unchanged at 57p 
for a p/e of S.6 while the yield -is 
8.8 per cent 

of its subsidiary Trust /Ringside Investment Co.:, ^eii ihe im -Critic shares and 

Rand for £lo.6m. And m January, Gunther Wagner Fe^Osan-Wette Celtic directors say they "are 
Sited, to reduces cJSritJE G mhH/Caribonum. . .. . ' Mjpj* in touch. with this ;.***- 

The South- r* v cirovirrc ^ JWeanwhiie, Geitie also said that 
gught be partic ly ENERGY , SERVICES .. present indicatK>ns.ore tha-L group 

ducts have defence applications. Energy Services and Electronics jme-tax ^profits -itor-:|he. -joar. to 
Government would like- to authorised the issue on June 30 Mwdi 31* l&TSjshorid ®ot «lhr 
2£| control or strategically of 480,304 new. , onUnaiy shares mater^Iy frwn the record 
important companies into local of I0p each in settlement -of £101,068 of 19/6-77- - ■ 

hands. £50,000 due to tiie minority Share- . ’ JV. 

Racal would make no comment holders in Neve Electronic Hold- TryT t T7GPlG<v 
on the sate last night .except to &»«s on the same date: , • 

ptere ^T^al^ «2wi SSS& be^SrepSd 

snSishTg ta* the remp^rJS ' HOGG ROBINSON in respect of 856,0C rixaxea (^.4 
gested that another reason for Hogg Robinson Group has per cent of shm^forwhi^offer 
Uie sale could be that actual or agreed that Challenge Corpora- was made). The v offer. remams 
potential buyers of Racal equip- tion of Wellington, New Zealand, open. „ 

Saatchi & Saatchi strides north 

Laporte plans U.S. development 


Australia’s Western Alining and 
the Industrial Bank of Japan 
announce that IBJ has been 
appointed financial adviser in 
Japan for the Australian com- 
pany's Yeelirrie uranium project 
in Western Australia. 

Western Mining will be assisted 
by IBJ in considering all financial 
aspects of the project as they 
relate to Japan, it is stated. Mean- 
while, London merchant bankers 
S. G. Warburg continue to be 
financial advisers in the project 
in all other respects. 



South African gold hopes of 
Canada's Laurasia Resources took 
a knock last year when the croup 
V as unable to obtain the financing 
needed im increase the operational 
rapacity of the Minadur mine in 
the Johannesburg area. Under- 
ground opera t ions were suspended 
in September, but the profitable 

An interim dividend of 100 
cents M>3p) is declared by Anglo 
American Gold Investment for 
the 14-month period to February 
38. Following the company's 
decision to change its financial 
year-end to February 28, from 
December 31 previously, a report 
on the results for the eight 
months to August 31 next will be 
issued towards the end of Sep- 
tember.. For 1977 Amgold paid 
nn interim of 80 cents and a final 
of 85 cents. 

partners in Interox Laporte In- 
dustries (Holdings) plans to set 
up peroxygen manufacturing 
facilities in the U.S. .As a start 
a major hydrogen peroxide plant 
is being built at Houston. Texas, 
which the directors hope will be 
closely followed by facilities to 
produce sodium pcrcarbonate. 
made by a completely new pro- 
cess developed by Interox. 

Mr. R. M. R'tngwald. group 
chairman, told the annual meet- 
ing that the directors believed 
this development would have 
significant importance in the 
future and put the seal on 
Interox as the world's leading 
producer of peroxygen products.- 

While so far in 1978 volume 
for titanium dioxide pigment, bne 
of the group's major products, 
had not improved in either the 
UK or world markets, real signs 
have recently appeared indicat- 
ing a reversal of the adverse 
price trend. 

Increased prices, coupled with 
the current drop in the strength 
of the pound should produce 
better competitiveness and profit- 
ability in this sector. Most of 
this improvement would come in 
the second half and is much 
dependent on costs not rising 

disproportionately, he said. 

Demand on the whole for the 
group’s other products is rela- 
tively static but there are 
indications that the lowering or 
margins, which has occurred with 
some products, may be coming to 
an end. 

Lead Industries Group — Mr. Ian 
Butter, the chairman, said that 
the group was dependent on the 
level of economic activity in 
various countries and there had 
not been signs of any better 
conditions in those national 

In the UK, the group's most 
significant area, there is little 
•sign of any increased total 
activity. Though some had 
improved their level of profits 
so far, the UK subsidiaries were 
not expected to maintain the 
excellent levels achieved in 1977, 
he said. 

'Combined English Stores Group 
—Mr. Murray Gordon. the 

chairman said the company had 
made an excellent start to the 
current year. There had been 
much improved trading conditions 
in the UK and the results for the 
first quarter were substantially 

The newly acquired Kendall and 
Sons continued to incup losses in 
the early part of its current year 

hut was now trading profitably.- 

He was confident that the year 
would show substantial growth 
for the group and he hoped to 
be allowed to recommend a much 
higher dividend next year. 

Durton-Forshaw— Mr. R. F. 
Hockin, the chairman said overall 
results for first five months of 
this year were very considerably 
ahead of last year and he was 
sure that 1978 would prove to be 
a record year. 

The Board was constantly 
looking at opportunities, not only 
in the traditional fields but in 
other associated businesses. One 
of these negotiations is now 
reaching finality, he added. 

BSG International — Mr. Harry 
Cressinan, the chairman, said cf 
forecast for the current year 
made by the media that “for 
once my colleagues and I see no 
reason to take offence.” 

The retail motor trade was 
harinz an outstanding year. Vans 
and trucks were booming too and 
BSG was getting more than rts 
fair share of the 1978 boom, he 
said. Also there were many 
opportunities for expansion in 
motor car components and before 
the end of the year the group 
planned to be in production in 
Spain with steering column locks 
™d door lock sets and this would 
be followed by seat belts. 

London of Saatchi and Saatchi 
Company are to be more than 
doubled by the acquisition., of 
, Halls Advertising, described as 
Scotland’s largest advertising 
agency, in a deal that could be 
worth £lm. 

Announcing this move Mr. 
Kenneth Gill, the chairman of 
Saatchi, also reports a 32 per 
cent leap in the group's taxable 
earnings from £571,000 to £755.000 
for he half-year to March 31. 1978. 

Halls' had profit of £161,000 on 
£4 _2m turnover in 1977 and antici- 
pates billings to reach £6m and 
profit climbing to £285,000 in 
1978. SaatchJ’s main agency, 
Saatchi and Saatchi Garland- 
Compton, witi make an initial 
payment of £0.25m on completion 
of the acquisition and further 
instalments of £0.25m and £0.5ra 
in 1979 and 1980 conditional on 
the Scottish agency attaining its 
profit forecasts. At the end of 
December Halls net tangible 
assets amounted to £106,000. 

With stated earnings per lOp 
share better at 9p (b\8p> the 

directors have decided to take full in the first’ fifar months improved 
advantage of the two-year .to 3 per cent {13 per : cent}, 
freedom from dividend restraint 

resulting from reconstruction of -.c’PAKTrc - • 

the group m December, and to 5HAIvt .dlAikha 
lift the net interim dividend by “W” Ribbons Holdings: BSG 
0.7p to 2p. Also a one-for-three international acquired ■ a-- further 
scrip issue is planned. The new 4(^006' "shares on June 12 and 
shares will rank with existing now holds 340,000 shares (658 
shares for the current year’s. final -percent). ,.- 7 

which last time was 2.132fip paid . of Scotland: Kuwait -In- 

from record profit of £lJ&n. . ves tjn etr t Office has acquired’ 
- 1977-79 1^-77 interest in further 25,000 Shares 

moo £800 making total 1,840,000 * shares 

Turnover ~~ — U, ®J (6.015 per cent). '. 

Profit Wore tax ®g ' g[ SreenfieM Mffletto: FoBowing 

Net . -Si? 2« directors: sold preference .shares 

Minorities «s ' *48 0 n June 12 as under: Mr. R. L 

Attributable ^ - IS Greenfield U57, Mr. D. B; Green- 

B„V lvldfnd ;ira -iS field 9S.085 Mr, J. Greenfield 

Profit More tax . ®g ' g[ SreenfieM Mffletis: FoBowing 
Net . -Si? 240 directors: sold preference .shares 

Minorities «s ' *48 0 n June 12 as under: Mr. R. L 

Attributable ^ - IS Greenfield U57, Mr. D. B; Green- 

B^rl : ."ire *138 field 95.085, Mr, J. Greenfield 

* Adjusted for tiie conmraie reconstrno- 71,202. Air. P. W. Monaghan 1,285 
tion of December 9.. .1977. and- Mr. G^M. Lewis 17,108. " 

Mr. Gill says that for the full Debenhams: Mr. E. E. Crabtree, 
year management figures indicate director, bought- 5,000 shares at 
that turnover,' which , in the first S8)j on June 13. ; Sir Anthony 
half was 25 per cent ahead at Burney bought 5,000 shares at 94p 
124.61m (H9.B9m), will pass the- on May 28. . 

£50m mark and he expects the ' Chubb and Sod: Kuwait Invest- 
present -rate of growth in" profits ment Office sold on June 1-25.000 
margins and dividends to ' b'e shares 'leaving interest at 4^50,000 
sustained. . The operating margin shares. . 

Capper hits confident keynote 

THE CURRENT year at Capper- 
Neill has started fully .up to 
expectations and the directors 
continue to view the future with 
confidence, says Mr. William P. 
Capper, chairman. 

The order hook is at a record 
level and is continuing to provide 
a very substantial workload, he 

Members are told that future 
plans remain basically the same; 
strong continued expansion over- 
seas, in many cases on a perma- 
nent basis, while maintaining the 

steady growth of middle range 
companies ' and- where suitable 
opportunities a rise acquiring com- 
panies with Complementary trad- 
ing activities that are capable of 
expansion. i 

Taxable profits for the year to 
March 31, 1978, reported June 2, 
advanced from -£42m to £5 23m 
on turnover up from £50.52xn to 

During the year the group 
invested over £5m in its overseas 
and UK operations. The majority 
of this was used to buy buildings. 

plant and equipment for Capper- 
Neill International’s projects. 

Neill International’s projects. 

Export turnover at £23 -8m was 
75. per cent up on the previous 
year’ and now represents 34 per 
cent of total tumover: - - 

After adjusting; for deprecia- 
tion £343257 -fc£240,826>» cost of 
sales £434^72 (£319,830), mterest 
payable £293,444 (£69^31) and 
net monetary assets "£358,021 
(£648,886), pre-tax profits 7 on a 
current cost basis are shown at 
£4. 09m (£2. 99m).- 

R. Paterson doubles to flm 


ASH SPINNING COMPANY — Result* fnr E.-2.:Lj2 eurreni liabilities £13.637 

5 .-ar !•» Muri.ii i>. 147$ alrradv known, inajui. Klnia Kolia, Rubber Eirwes 
i.riiup IT.-.ctl a v.oL KS'J iC.7V.75b>. not fluid.* -J-JJ per cent. Malaysia Rubber 
Lurront ns-i.0! • fl IK3.0.-* i£9i;j7tfi. Bank rrnnpany 17.G per com: ?<ew Creuccnt 
■■i-.Tdrafi . IMS. Ail TJ 1 3.1)71- Moeuiia, ■ Holdings) 13 per com and G. R. Klnne 

William Leech turns in £2.2m 

•■vvrdrjfi, xms. iii >1313.471 • Mi-euns. >iinidnu«) 13 per cem and c. R. Kiime IN THE context of the building dividend iota! is lifted from 5n to 

™ «:.c™ SEajEI sr-njES-jss 2-7 “ti /sstlSsIr s „v ,th 1 taal wSSJErSeV 

S'- Sn.ArToJr'pSSi W™} 

& *S*LX£ — , M SS -JS 

10.4,., «iV.-;ini> and n.rrom Ii.imi.uros rn c ™' D J*"\" v ^ MEr,T , ^7S, compared with £2.78m for oEEitae prii/it' afli 13? 

ll.4.-n, -.Ol TIln,. tortina do- thc corresponding period to be a OT Hi 

te > EdMS£ iJhi UfflwS'TwJSrSS particularly sound achievement. »« » » 2 

-,r.~ n ■ , 1 • am - . -.oas nirrm >£lS, He says that the profits were ^9. 2.7M 

mSSX' ms" reined ( ’fnw k^Ttvm WAf .'nS?' attained in a year «4ien thebuild- Profi, tm saw 

tn-ni •' 1.1 I.'K. qu.oed £3.01.1 .K-OSm*. umMu toex^a ujS was faced With the Offer for safe expenses ... - 110 

ahrujui I337.1US,. and unnuoivd n waftroolc EC July 8 .1 Continuing problems OF inflation, AttnUuiaHte 1.7» 2.4M 

>al>uii«n 07,ui >nw.35S,. ^ W uncertainty of building society 5S122* s SSS 

:SJSL- plSffS'S"* ISft: ‘Ttalr 1 ine 7 * - JJ 8 . * 2 * , S ca "**- s“"c' 

MMw""| ir ' I’J- 71 ,n . col ”° * ,n making r.75n *8.73o> ' Loial. ’ Revenue , W3y ' j h f staled he was demand for housing has been cm::a!7 «» in ‘ W ^4 experienced by the group but 

F.C j1.|v V n!»wi U " ■■ * ^ ? bl K se ™ nd ' h;,lf a .^ this proved this occurred too late to affecr 

..onwrauon «-.4a- '£tij»5, and iropuu-d to be the case, with an advance > h , nrr ,flt c r nr thp war 

DORANAKANDE RUBBER ESTATES on franked inreifna-ni income ilit.317 r rnm rn TO n , 1n ri the profits for the J ear. 

— R.--HII-. f'.r 1377 air.-a.jj kn .v.-n. invvsi- >n2).s;6>. Eammas pc-r 33p share s.VTp .1 ' ■ . The contracting side of the 

I'l'-ni' in: 7.17 r»m- >724pi. No: ass.-, value per ordinary ?ar " n,r lH? a . rt> SIaIe . a business continues to make pro- 

•?>» . r.irr.-m assei-. ^han- ,-JUip.. I4.Bp 121 p I per 20 p share and the ffrMB and a sjmi iff cant contribu- 

- - ■ ■■ tion to the profits of the group. 

At the current time the company 
has work in band to the value 

of £13. 5m. It also has work in 

ASTBURY & MADELEY || owns, for office and shopping 

/TT/^T r.TikTnn\ T TT» jTmnrk developments to the value of £5m. 

(HOLDINGS) LTTV T I I LD The accounts have adopted 

x ' ED19. This, together with the 

profit for the year, has the effect 
of increasing the shareholders’ 

RECORD PROFITS FOR II funds from £6.9m last year to 

£11. 87m. thus giving an under- 
lying value at cost of almost £1 
per share. 

If the current market and eco- 
nomic conditions continue Mr. 
Adamson looks forward to a sig- 
nificant increase in sales for the 
current year. 

Bluemel Bros, 
just ahead 
at halftime 




Profit before 



\ ear ended 



of Dividend 


3lst December 



per share 



























itVJiievJay Inr. t+1 -T 
June 14 Dec. i— i 

197S fur » wk 


UXUiMTlte : C £ 

'.h)>ii*i 1 — 

Uoimoil .... £>.400. 1 W , S?.0P9 

?i>e>-ui Detail s. - 1S.420.000 

dunhere 476.UJ.b‘fif + 56.052.1W 

Reserves i Other ■ 

Ak* j &39.734.15', __ Z4.Si9.440 

A marginal increase in pre-tax 
profits from £185.455 to £190,055 
is reported by Bluemel Bros, the 
cycle and motor accessory group, 
from the 28 weeks ended April 1. 

There have been some signs of 
recovery recently. Should this 
continue and given uninterrupted 
production the directors expect a 
satisfactory year. 

In December the directors 
warned that an industrial dispute 
early in the first-half might affect 
results in that period. Demand, 
however, continued at a very high 

Turnover in the half-year 
improved from 12.3m to £2.6m. 
After tax of £99,000 (£96.500). 
earnings per 25p share are stated 
at 4-p against 3.9lp. 

To reduce disparity Che interim 
dividend is lifted from 1.5p to 
1.65 p net. Far 1976-77 a total of 
3.67p was paid from profits of 

DESPITE HIGHER advertising 
expenditure in the second half 
more than doubled pre-tax earn- 
ings of £1.021,000, against £458,000, 
was attained by R. Paterson and 
Sons, the coffee and chicory 
essence and food products group, 
for the year lo March 25, 1978. 

At halfway, when the surplus 
was up from a depressed £69,000 
to more than the previou year's 
total at £584,000. the directors 
said that the volatile nature of 
the coffee market and its effect 
on retail prices made it difficult 
to forecast but they were confi- 
dent for the second six months. 

Although there are still uncer- 
tainties in forecasting the Board 
remains reasonably confident for 
a satisfactory result in the current 

Sales for 1977-78 were higher 
at 116.57m (£13.B9m) and profit 
for the year was after providing 
for losses and terminal costs at 
the now closed Danish subsidiary 
of £122.000 (£73.000) and interest 
of £259.000 (£220.000). 

Tax took £566,000 (£217,000) 
leaving earnings per 25p share 
better at 6.54p (3.46p). A net final 
dividend of l.Slp lifts the total 
to 2.5475p (22825p). 

under the rule which provides for 
dealings in unquoted stocks. 

They note that the rule provides 
Nationwide shareholders with an 
avenue to deal in their shares 
pending an official relisting which 
they hope will be obtained within 
the next 12 months. 

Last year. Nationwide defeated 
a £6m -takeover bid by British Car 
Auctions. ■ The company recently 
reported that pre-tax profits for 
the year to October 31, 1977 fell 
from £241477 to £173,754 on turn- 
over of £2. 7m. 

from £186,002 to £14,777. The net 
dividend is held at 2.6Sp. 

Last year the burgeoning cargo 
traffic and fishing activities gave 
rise to increased use of old plant 
and equipment, and the cost of 
maintenance, works expenses and 
other repairs, including problems 
with the slipway, added over 
£50,000 to operating costs. 
addition the benefit of the- 
Regional Employment Premium 
worth £18,351 in 1976, -Was.- 

Milford Docks 
starting to look 
better already 


G. R. Dawes 
to make 25p 

12.416.261.731+ 61.340.6* 

Group turnover to 30.4.7S has maintained an encouraging increase 
over 1977 but margins continue to be eroded by fiercer competi- 
tion. However, if present trends are maintained and Birmingham 
Steel Co. Ltd., acquired on 3.1.78, performs to expectations, our 
shareholders can expect an adequate improvement in gruup profits 
in the current year. 


&irt.dtomri ties.. ;1. 61 5.46 L0S7 — 3Cn.46S.001 

Admitted iOtherl i 

Ah*_ 603.076.441 +413.696.682 

Premises. Equip'! ; 

i Other decs..-. 168.W7. 12fl;_ 59.779,973 

Notes 28.382.205+ 4,820.137 

Goin 164,880- 11.611 

3.5p interim 
from Heywood 

2.416.361,739'+ &L240.59& 

After completing the purchase 
of Interstate United Corporation 
of the U.S.. Heywood Williams 
Group announces that it is return- 
ing to the dividend List after four 
years with an interim payment of 

G. R. Dawes Holdings (in 
member's voluntary liquidation) 
proposes, on October 7 to make a 
third distribution of 25p per 
ordinary share. 

Toaetiier with two earlier 
distributions totalling £1.35 per 
per share, this will bring the 
distributions so far made to a 
total of £1.60. 

The distribution of 25p 
represents the release of the 
retention of 15p which, at the 
time of the second distribution,- 
the liquidator found necessary to 
make in connection with a 
contingent creditor's claim 
together with a further 10 p by 
which he is bringing forward the 
distribution he had hoped to.make 
about October, 1978. 

The . spending of more than 
£96,000 on repairs and maintenance 
by Milford Docks Company during 
1977 helped the development of 
new business which, with its exist- 
ing business has already produced 
what appears to be satisfactory 
results in. the first quarter of the 
current year, says Mr. C. A. V. 
Smith,, the chairman. 

The directors therefore believe 
that the new business generated 
coupled with fundamental changes 
in policy in connection with, the 
dry dock subsidiary will enable the 
group .to L continue profitably, he 
tells members. 

A number, of spheres In which 
diversification seemed possible 
have been examined by the 
company -^and negotiations are 
continuing with' a European 
organisation operating a fishing 
fleet and -other related activities. 

The parent company expanded 
its operating revenue to £514A1S 
(£317,835) tn 1977 but the sub- 
sidiaries* contribution to turnover 
was- down from £911,628' to 
£687,575- and, as reported on May 
23. group pre-tax profit slumped 

Floating Rate 
Stock 1982 

For the six norths from - • • 
lethJunfe, 19781016th December, 1978. 
the interest rale on the above stock' - 
• ^wIlhefll.iaSK^peranniimr:-./ 

Morgan Grenfefl &Calinfited-*\ 

N.A.V. at ’ 
S2L24 (D.FIS50J!) . 

. .-' ,.uyi 

INFO Phttojo. H*Wrtng ft FIcnoo N. V, 
' Nenmfractt 114, Amtanbam : 


3.5p net per Sflp share. 

Forecasting pre-tax profits for 
the year to April 30. I97S of not 
less than £500.000, Mr. Douglas 
Oliphant, chairman, says that it is 
the directors intention to recom- 
mend a final dividend of i.3p net. 

Treasury permission has been 
granted for the interim payment 
under recovery rules. The taxable 
profit for the year to April 30. 
1977 was £59,000 and for the 12 
months previous to that a loss of 
£756,000 was incurred. 


Registered Office: 

Note# Ivliied 8.150.(00.000 — 26.uW.000 

In ClivuifttluD.;8,l&l.ll7.7u6 — Sl.32U.197 
lab*4V s 28.aar.2Cip + 4.520.197, 


ftiivL. Hetaa 1 ll.OlS.lOCt — 

Orher ft write*. G.M4.ul0,5«7 - 462.0&7.370 
uUjit SauutiUe#.'i>554.974,>35 + 437.0o7i70 

,3, 160,000, COO. — 26,000,000 



Shares of Nationwide Leisnre, 
suspended in November 1964, 
joined stocks being 
unofficially traded in the stock 
market under Rule 163 (2). 

Stockjobbers, S. Jenkins and 
Son said the shares were dealt 
yesterday at a price of around Op 

“ ■ Vi Uttj WUVtt -.- *■ - , -j. 

Trust Company, as Reference Agent thei^ 

the Rate of Interest on such Notes for ccmLanTrmR p ^n-jo A'-: '.f-i-'-;- ’ 

ending December 15, 1978 as pin#* par rwif. (9%y : per ^ ^ 

As calculated in accordance with h” •* 

the Interest due on such dat^-whickwinbepa^^ ^ i . 

of Coupon No. 4 of each Note (the ‘CouponlAmbuh^ailibflnta^: I * .-•• t. ' * c. 
in United States DoHara to 945.751 " - ' •“ T; " ' [ J- : <\ 

PA VteT7P g' r m iv>i> ■- 

DATED: June 13-1978- ’ » 




^ ^^^nanci%L L TiE&es . Friday June, 16 . 1978 


Published by The Association of Investment Trust companies 

The opinions expressed by contributors t % th * s f F n e * i *T the%ssoda°ioa 
aod should not be assumed necessarily to reflect those or the Association 

A new hand is dealt 

by N. O. Taube 

Senior Partner, Kitcat & Aitken 

r c„.. 


' Two dates and the - names 
of two saints (or at least the 
names of the men who were 
' named after the saints) 
shpuld be- engraved on - the 
■'^eartsV of ■ ■ every investment 
trust investor, or- manager. - 
The. dates are 6th April 
1965 aha 11th' April' 1978 and 
the saints are St. James and 
St.. Penis.. 

.-/.Until 6th April 1965 holders 
of investment -tnLrt companies’ 
shares ■ enjoyed .privileges, or 
at least did "not suffer dis- 
' advantages^ as compared with 
' those investing directly in the 
underlying securities. That 
- day Mr. Callaghan in his first 
1 budget effectively abolished 
double tax. ' relief, introduced 
the .Corporation Tax, .long 
. term Capital Gains Tax at 
• - 30%- and the 25% surrender 
"rule on sales of hard currency 

On 11th April 1978 Mr. 
Healey reduced, the tax on 
capital gains paid by invest- 
ment trusts to 10% from the 
“ level of 17% to which it had 
'been previously reduced from 
- Mr.-. Callaghan's original 30%, 
pnd. from 31st December 1977 
the 25% surrender rule was 
also abolished. The abolition 
' of this particularly restrictive 
'impost was quadruply wel- 
come as, in Mr. Heath’s 
-immortal phrase, at a stroke 
it made switching 'of currency 

securities a .practical pos- 
sibility once aganv 11 r ®‘ 
.vitalised and -extended the 
market in investment cur- 
rency, it directly , benefited 
asset values .and,-- most 
important of all? - radically 
reduced the ‘‘necessity , that 
Is to say- the_ theoretically 
advantageous- -.but . widely 
disastrous practice,- of direct 
borrowing of foreign cur- 
rencies. Anyone who remem- 
bers borrowing Swiss francs 
cheaply with a view to invest- 
ing in dollar 'denominated 
securities will remember that 
particular heffalump trap- 



Perhaps we could draw 

further conclusions from the 

fact that the discovery or the 
bones of St. James was fol- 
lowed by the. liberation of 
Spain or draw encouragement 
from the fact that^ St Dents, 
after he was beheaded, picked 
up his head and walked away. 

. What is. I thinks indisput- 
able and can be proved *rora 
the figures shown / in my 
table is that investment trusts 
as a whole did a good deal 
better between 31 st December 
1952 and 31st December 1964 
than between 1st January 
1965 and 31st December 19<i- 
By saying better 1 mean not 

only in absolute terras, which 
is indisputable, but also in 
relative terms. 

What I have attempted to 
do is to pick companies of 
reasonable size with un- 
changed 31st December year 
ends and which have been 
involved in a minimum 
amount of merger activity. 1 
then further concentrated on 
companies which had a fair 
proportion of their invest- 
ments in international markets 
(which in the 1950s was 
certamlv a hallmark of 
alert and intelligent manage- 
ment) and, taking the result- 
ing Tour companies (two 
Scottish and two from Lon- 
don). constructed price and 
asset value year end indices. 

I then compared the growth 
of asset values with the 
Financial Times Orilinaiy 
Share Index (the F.T.-A. All- 
Share Index did not exist then) 
and the Dow Jones indus- 
trial index weighted by the 
exchange rate and the douar 
premium. , . 

Before going any further 
the reservation must be 
expressed that effective gear- 
ins in 1952 was greater than 
it 'is today. The explanation 
for this is clear. First, there 
was a positive yield gap in 
the U.K. market and second 
there was the incidence of 
double lax relief. U was pos- 

sible in the 1330s to invest 
in a variety of American 
securities on an effective yield 
basis of 8% or 9% and 
to look forward to a steady 
growth of income and capital 
values, while at the same time 
borrowing money at 5% or 
6%. This policy was highly 
beneficial but came to an end 
with the abolition of double , 
lax relief and the coincidental 
rise in inlerest rates. 

Clearly the 1950s and early 
1960s were golden years, 
nostalgically remembered by 
many participants m the 
investment trust world. Both 
the British and American mar- 
kets had prodigious rises and, 
as seen in my table, in 
the period between 1952 and 
1964 both the Dow Jones, 
suitably adjusted, and the 
Financial Times Ordinary 
Share Index trebled. 

Overseas Exposure 

What is more, British 
investment trusts managed, by 
concentrating on the less well 
recognised growth stocks both 
in America and Britain, which 
m the early period were 
obtainable at low price/earn- 
ings multiples and on reasonr. 
able yield bases, to benefit 
from the subsequent recogni- 
tion of the value of these 
stocks to a much greater 
extent than did investors in 
the leading companies repre- 
sented by the Dow Jones and 
Financial Times indices. In- 
addition judicious switching 
between American utilities, in 
a manner not unlike that 
adopted by institutional 
investors in the gilt-edged 
market today, helped to 
enhance both yields and capi- 

tal values. Altogether 
not surprising that the 
a „ e asset value of 
cSmpH 1168 1 examined 
tupled in the period 
to 19&*. 
the two 

it is 

thus outperforming 
major indices hy a 



compound factor of just over 
40J, per annum. 


more adventurous 

investment trust 

started to take an 

interest in Japan and Europe 
towards the latter part of 
this period, but the mam 
involvement outside the tradi- 
tional areas of the United 
States, Canada and Britain, 
and to a smaller extent, 
Australia and South Africa, 

31.12.1952 ! 

31.12.1964 : 


trust a. 

— N.A.V. 

(Discount) % 










— Price 
' — N.A.V. 

(Discount) L 7> 








(24:6) . 

— N.A.V. 

(Discount) % 1 


(18 2) 







trust d 

— Price 

(Discount) '7. 











average of the 
four trusts 

—Price Performance 
—N.A.V. Performance 
(Discount) % 










F.T. Ind. Ordy. 



Dow Jones industrial 
— Actual 
—1952= 100* 













did not take place until after 
1965. Currently the move- 
ment's overseas exposure 
averages over 40%. 

By contrast the period 
since 1965 has been much less 
fruitful. The averages rose by 
431% in the UJC. between 
December 1964 and December 
1977 and by 69%, using the 
same form of adjustment, in 
the U.S. In the latter instance, 
all the rise was accounted for 
by the decline in sterling and 
the increase in the dollar pre- 
mium. The Dow Jones average 
was actually marginally lower 
the end of 1977 than it 


was 13 years earlier. There 
were hair-raising fluctuations 
between those two dates and 
is a great tribute to the 



Adjusted for exchange rate and premium. 

managers that, despite 
difficulties which the Capital 
Gains Tax and premium sur- 
render rule p reseated, the 
average asset value , o£ 
sample doubled, i.e. still con- 
tinued to outperform the 
indices by a margin of ) ust 
over 2% per annum as 
against the weighted Dow 
Jones Industrial and a margin 
or nearly 3i% as against the 
F.T. Industrial Ordinary Index 
— with a reverse yield gap to 
contend with iuo. 

The question now arises 
whether the major opportunity 
presented by the reduction in 
the tax on capital gains to 10% 
and the abolition of the dollar 
premium surrender will allow 
a return to the previous pat- 
tern of performance. 

As far as the prices of the 

shares of investment trusts 
are concerned the general 
decline in discounts on asset 
values which took place 
between 1952 and the late 

1960s (when quite a few of 
them stood at a premium to 
asset values) was swiftly re- 
versed in the last few years. It 
would not be illogical to see 
a reflection of a better per- 
formance in the narrowing of 
discounts and their possible 
elimination. It Is also interest- 
ing to reflect that, in the kind 
of circumstances ruling dur- 
ing much of 1977 when dis- 
counts on investment trust 
shares were historically high 
but stocks in general were 
at humdrum levels but 
tended to be in short 
supply, the rights-issue-cum- 
mass-in vestment type of take- 
over of investment trust shares 
could again become fashion- 
able. as evidenced by the 
recently announced bid for 
the share. capital of The Invest- 
ment Trust Corporation 

Easing Oversupply 

The hope of a return to the 
pattern of the earlier years 
should encourage investors 
back into the investment trust 
market. It is also possible 
to argue that the change in 
this year's budget which, from 
the beginning of the 1979/80 
tax year, will raise the maxi- 
mum Capital Gains Tax 
suffered by private investors 
on sales of investment trust 
shares from 13% to 20%,. 
should lessen the present 
experience of investment trust 
shares being the first target 
for any private investor wish- 
ing to raise money from his 
list. This factor should help 
to reduce the persistent over- 
supply of stock seen in the 
market during the last few 

Net Asset Values 

. i 4* cM. Miipri bv the companies named, which are 
The information in the columns , ^applied ^ are unandited . 

The figures, which are in pence exucyi 

members of The Association of Investment Trust Companies. 

....•Total Assets 
less current 
" liabilities 

..... tohilHon 


( 2 ) 

Shared or Stock 

Date of 




Net Asset Value 
after deduct inp prior 

at nominal I at market 
valve I ralue 

♦(61 ♦t |) 

I see noteg) 

Total Assets 
less current 


( 2 ) 

Shares or Stock 

Date of 




Net Asset Value 
after deducting prior 

at nominal i at wiarfeef 

♦ ( 6 ) 

♦ (7) 

isce note g) 


Except where £ staled (see note d) 

Ordinary' 5oP 
Ordinary 25p 
Ordinary "23p 

f\ I t. I*D« ( 



Anglo-American Securities Corpn 

British Investment Trust 

Capital & National Trust....... I Ordinary 50p 

Cl av echo use Investment Trust Ordinary 25 P 

Crossfriars Trust * I 

Dundee & London Investment Trust 

Edinburgh Investment Trust 

First Scottish American Trust 



Great Northern' Investment Trust — 

Guardian Investment Trust 

Investment -Trust £° rp . ora thm-,.. . . — • 

Investors Capital y tv, '. iV 

Jardine Japan Investment Trust 

London fc-Holyrood Trust.^-.;-----'-- 
London & Montrose Investment Tsl. 

Ordinary^ ?ap 
£1 Deferred 
Ord. St3c£J*3p 
, Ordinary; 2 
LOrdinary 5ft . 
Ordinary 25p 
Ordinary 23p j 
Ordinaxy 2op' 
Ordinary 2op 
Ordinary 25p 

London £ Sa TnM 

Mercantile Investment Trust -coirf. Debs.'lDSS 

North iS 

ScoHioh Investinen^ j Ordinary gp' 







Scottish Northern - 

. 1 Scottish United Investors - 

Second Alliance Trust vr ' 

Shires Investment Co. 

Te«h nrto^'ln vestment TnSt "! ! -■■■■■• 

United British SecuntiM^Vuj ---- 

United ASS^S-I" 

Do. Do 

Bail lie Gifford & Co. • 

Scottish Mortgage “ 

Monks Investment Trust — 

Win terbottom -Trust 

Baring Bros. & Co. Utd. . 

Outwich Investment Trust .... 

r Tribune. Investment Trust .... 

I East of .Scotland Invest. Manage 

Ordinary 25p 
I Ordinary 50p 
i Ordinary 2op 
[Ordinary 25p 
[Ordinary 25p 
Ordinary 25p 
Ord. Stock 25p 
Conv. Loan 1993 

Ordinary 25p 
Ordinary 25p 
Ordinary 23p 

Ordinary 25p 
Ordinary 25p 




Aberdeen Trust -"'Via • 

Edinburgh Fund Managers Lt . * 

Amorirnn TTUSt ...” — - LUT I 

Ord- Slock 25p 




Crescent Japan 
Electra House Group 

Ord. & •* B” Ord. 25p 
Ordinary 3Up 

31 a /is 

31 5/78 
31 /5x7S 
3 1 .'5/7,3 
31/5 .78 
. 31. -5 -78 
31/5 '73 

3 36 




















150 4 





230 5 









Ordinary 25p 

Electra lnvesimentTrust - (Ordinary 25p 

„, ;_. r.„„r,monr Trust I ^ (o,n 

Globe Investment Trust 
Do. Do. 

•Tentple Bar 'investment ^’ust - 

DO. — 

OrdinaD’ 23p 






Do; Do. 

• Do. Do. 

F. & C Group ... 

Alliance Trust"'!'.!"...! Deferred 25p ' . 

Cardinal Investment Trust ... !Conv . Loan 1985/87 

Ordinary 25p 
Ordinary 25p 







Conv. Loan 19S7/9J 
Conv. Loan 19S5/90 
Ordinary 25p 
Conv. Loan lOSayflO 
Conv. Loan 1987/91 














12 b'Jl 
11 0.0 



1 11.1 















. 5.4 

Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25 p 
Ordinary 25p 

Ordinary 2ap 
Ordinary 25p 

Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

16 0 
12 S 

£1 Capital Loan Stock 
Ordinary 23 p 






386 8 









Do.. Do. 

Foreign ^.“colonfai_ir^5s_';jr™ i ’" 



Ordinary 2ap 
Ordinary 25p 

3 1/5 '78 

60 3 





af 92.9 





















3 35.7 







London & Lennos c lorrii . 
London * ■ Si! 

Income 50P . 

Capital 30p_ 

Ordinao 23p 
Ord & “B_ Ord. 2op] 
Ordinary -5p 
Ordinary aOp 

Ord. &;"B OrcL 25p 
nary 25p 






London & StrathclydeTru^t j Ordinal^* 25P 

SSftf 1 ^Sirrtoemlordinary Jop 

Gartmore InvestmentT Scotland 1 Lti 
Scottish National [Trust- 
• Glasgow Stockholders Trust 

J °BSrder & t Son“orn U 5;toc».olders... 












- G^e^tock^^nvesr ^t 









Govctt-European Trust 
Lake View Investment Trust .... 

Stockholders Investmem Trust - 
G.T. Management Ltd. 

Berry Trust '”!!!!!... 


tin. Do 

Ordinary 23p 
Ordinary 2ap 



Ordinary 1?P ' 

Ordinary 2.ip 
Ordinary 12 !-P 
Ordinary 2»P 
Conv. Loan 1973/98 
Ordinary 2Sp 

31 /5/7S 

69 7 













Philip Hill (Management! Ltd. 

Citv & International Trust 
General & Commercial Inv. Trust 
General Cons. Investment Tmst 
PhUip Hill Investment Trust ... 

Moorgate In vestmentpJ-^ ■ - — - 
Nineteen Twepty-Eisht Inv. Trubt 
Industrial & Coraml. Finance Cpn. 

London Atlantic Investment Trust 
.North British Canadian Investment 
Ivory & Sime Ltd. 

Atlantic Assets Trust 

British Assets Trust 

Edinburgh American Assets Trust 

Viking Resources Trust 

Keyser Ullmann Ltd. , 

Throgmorton secured Growth Tst. 

Throgmorton Trust 

Kleinv.ort Benson Ltd. _ 

British American & General t rust 

Brunner Investment Trust 

Charter Trust & Apene-y 

English & New York Jrust 

Family Investment trust 

Uindtm Prudentiai Invest. Trust ... 

Merchants Trust ... 

Lazar d Bros. & Co. Ltd. 

Raeburn Investmem Trust 

Romney Trust ■ 


lcou£h^srcra SnvMtmem Trust 
Scortish Ontario Co ' I Ordinary 25p 

Securities Trust of Scotland 1 

Murray Johnstone Ltd. 

Caledonian Trust 

Clydesdale investment Tr us J 

Glendevon I " vest ^5^ T 

Glenmurray Investment iruhi 
Scottish & Continental Imestment 
Scottish Western investment 
Second Great Northern Invest. Tst. 

Schroder Wagg Group 
Ashdown Investment Trust 

Australian % Iniernaiionai Trust... 

Broadstone Inveslment Trust 

Continental & industriai Trust 

Trans-Gceanic Trust 

Pence except where £ staled (see note a) 













Ordinary 23p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25 p 




















Ordinary 25p 
Ordinary 25p 

Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

















Ord. & “B " Ord. 25 p 
Ord. & “ B ” Ord. 25p 
Ord. & “B" Ord. 25p 
Ord. & “ B " Ord. 25p 
Ordinary 25p 
Ord. &- ’* B ” Ord. 25p 
Orel. & - B " Ord. 25p 

13 9 

Ordinary 25p 
Conv. Loan 1988.- 93 
Ordinary 50 p 
i.'rriinary 20p 
Conv. Loan 19SS 93 
Ordinary 25p 
Ordinary 23p 












103 5 















Do. ^se CU nties Trust 

Hambros Group 

% 135.4 
* 21-1 

- T 



Greenfrlar Investment 

Lowland Investment --■--— •■••!!! 
English National Investment - 


Ordinary 25p 
Conv. Loan_1903 
Ordinary 2 jP - 
Conv. Lo*in_ 1987 
Ordinary 2ap . 

S 1/5/78 





















n ,Con\. Loan 


Do. Do. i 

S Sc V ottish U AmerSn Sl ln vestment Co. [Ordinary Slip 
Scottish European Investment Lo., Ordinary 2op 

T °s?il Efecuic & & GeSeral Trust ... i Ordinary 25p 

Atlas Electric [ordinary 2ap 

Bankers tn'^iment T , 0rdinary 25| , 

Cedar lnyestmen^Trusrt^ ( Deferred 2.ip 

Loan 1U89 94 

31 '5/78 
31 '5/78 

102 3 



31. - o T8 
31/ 3/ 78 








City of London Brewery [Ordinary 25p 

Continent ai Union iiu=u i Ordinary 25p 

M^isV!!!!!!!:. : Ordinary Up 

Industrial & Ceneral^Trurt 0 rdinaiy 2Sn 

International Invesimeni :o«linary 25p 








• 138.1 

Sphere Investment Trust 
Trustees Corporation ; 

Williams & Glyn s Bank Ltd. 
Sizewell European lmest. irn-i 
Atlanta Baltimore & Chicago .. 
West Coast & Texas Regional ., 

Ordinary 25p. 
I Ordinary 23p 

I Ordinary 10 p 
lurdinary lOp 
• Ordinary lOp 











[Ordinary 23p 

Investments ...j Ordinary 25p 

Ordinary 2a p 

Ordinary -JaP 

Ordinary _2op 

Capital -oP 

31/3 '7S 









Ord- i " B:\Ord. 35p 

Ordinary s-jP ■ 

Ordinary 2op 
Ordinary jOP 
prefd- Ord- - 3 P 

ri^r.i Clrd. 2aP 













JE 120.70 
. 164.7 










75 S 

Safeguard Industrial 

City Financial Admin. Lia. ....'cap. Ordinary lp 

Do. DO. . ■ i ifHinarv 2Sp 

^Irivesti Tic in Success — - ..ui am ary 

D ^?«r2SSS^”-- 1 Ordinary 25p 

Do. • 

Drauon Consolidated Trust • 

Do. Do 

DO. Do. 

Do. Do 

Drayton Commercial 

31/3/ 78 
31. '5/78 
31 5 '78 
31 -'5/78 
31'3 78 
31 -'5 '78 
31 5 -78 
31/3 '78 

31 "5,78 
51/ o/ (3 

1 5 

lij 1.8 
192 3 

- • 3L/3/78 

11 1:!2 
69. 3 
88 3 

24/5 -'78 


English ^International Trust jcS^Uan U»6 

nn Do *?3n 


...J Conv. Loan 1993 
!...; Conv. Loan 1993 

!!!. 'Ordinary 25p 
....I Conv. Loan 1993 
... • ••A'* Conv. Loan 1994 
’*!!';•• B '* conv. Loan 1994 

Co. 'Ordinary 23p 

,Conv. Loan 198ti 

Ordinary 23p 








Do. Do. [Deferred 23p 

Colonial Securities Trust 
British Industries & uen- Im - 

I- Drayton Far Eastern Trust 

i Citv & Foreign Investment Co. 
Montagu Boston Investment Trust 

Deferred 25p 
Conv. Loan 1994 
Ordinory 25p 
Ordinary 25p 
1 Ordinary lOp 

^ 01 *TWnSr w— isaiss s 

Dominion — -- inrdinarv 25p 

PenMsnflTnve^mem Trusi ■■■ ■— 

31 '5/78 




31 /5/78 

31 '5/78 




31/o /78 




31/5. '78 
31 .'3/78 


227 8 











1 52.0 











9S 3 


02. S 

2 3 









160 3 
















102 3 


S3 4 

14 7 






22. S 










■V) | 








US 50 





86. 3 









16 2 



74 S 

rt l 

1 117.0 





11. 0 




HI 8 




10 6 






■1 5 


16 7 





J iS._ 

11 Til 5il 
£174 20 
131) a 
155. S 





fill nil 








to wn * 

SZSR Sf « 

THE INVESTMENT TRUST YEAR BOOK 1978, which is the first edition of the 


^ tahle ^ aKO a« of the redocuo" scrip T^deouS” B^e * 4 Chanw 

♦ - 16 wllh prev,ous BQ 

!wSd‘ STS'vtou^ curbed Autre. . - . lM pa , cenL ^ B „, (msimni i currancy oremium 

arior ^ ^ ^ —— jySBKi S5S“- — ” alKt f#rel9 " CBrW,Cy 

ss — - 

future dUpow J of a Penny per share 


official Year Book of the Association, is published this week by Fundex Limited, 
will cost £7.85 fine. p. and'p. in the U.K.) 

Si o £ m T srs?.S^SSS&-- WPl ,e- «- ^ ^ L 

(C) cel. 5 
{/) Cols. ?•* 
ta) cm. 8 

- ihe insest-nt cornmcy P-nl-m « 
^ tower iu.v. ocr «».are ; _ 

(h) Cols. Wt 

Please send your remittance to : 

■ The Association of Investment Trust Companies. Park House (Sixt oor). 
1$ Finsbury Circus. London EC2M_7JJ. 

^ . 


- x 



Zombanakis Northwest Airlines pilots 

quits First . , , , 

Boston strike enters eighth week 

lifts bid 
for Husky 

By Mary Campbell and 
Nicholas Colchester 


NEW YORK, Juae 15 - 

Mr. Minos - Zombanakis has re- 
signed From bis position as 
head of tbe international 
operations of First Boston, the 
US. investment bank. Follow- 
ing his resignation, which 
takes effect from June 30. be 
will become chairman of INA 
International Holdings and 
chairman and chief executive 
or BJyth Eastman Dillon Inter- 

Mr. Bruce Schaefer, a vice presi- 
dent of INA. the major U.S. 
insurance company, said 
yesterday th3t the appointment 
of Mr. Zombanakis was **a 
milestone in tbe development 
of our international investment 
banking operation.” Blylh 
Eastman Dillon, which is 
currently 60 per cent owned 
by IN'A. would increase the 
capital of its London-based 
international investment bank- 
ing operaiton, he added. 

No replacement has yet been 
decided for Mr. Zombanakis in 
his position as chairman of 
First Boston International. The 
running of First Boston 
(Europe) will continue in the 

' sands or Mr. Michael Hamilton, 
who has been in day-to-day 
control for some time wbile, 
Mr. Jack Hennessy, who works 
in the New York head office 
uf First Boston, will take 
overall responsibility for inter- 
national operations. 

As a result of the changes, more 
attention will be paid by First 
Boston internationally to pro- 
ject and to the mergers and 
acquisitions business' tbe com- 
pany said yesterday. The inter- 
nation operations of First 
Boston contributed some 15-20 
per cent of the revenues of 
the First Boston group, be 

IN THE midst of a traffic boom 
which augurs well for U.S. air- 
line profits, one of the industry's 
most successful companies. 
Northwest Airlines, remains 
grounded by a pilots' strike 
which moves into its eighth week 
on Sunday. 

The strike is a further reflec- 
tion of the extremely testy rela- 
tionship between the airline and 
its pilots, who have staged three 
similar stoppages since 197L Ejoth 
sides to the dispute are being 
subsidised by their counterparts 
within the industry. Under a 
mutual aid pact, the airline is 
receiving more than $1.25m a day 
from other airlines, while the 
pilots are receiving substantial 
financial help from colleagues 

Perhaps as a result. Northwest 
has had do direct contact with its 
pilots since the middle of May, 
and despite Federal mediation, 
there are no signs of an early 
settlement. Northwest, which has 

reported profits consistently for 
the past 26 years, is a byword 
within tbe industry for its tight 
control of costs and successful 
developments of a route structure 
where its most direct competitor 
i$ the industry giant. United 

The Airline Pilots Association 
claims that its members flying 
Northwests 110 aircraft work 
mare hours than on any other 
trunk airline. The company has 
refused to reduce the maximum 
workday from 14 to 13£ hours, 
and claims that the maximum 
75 hours worked by its pilots 
each month is not excessive. It 
insists that before further 
negotiations can make any head- 
way, the pilots must drop 
demands for more generous free 
transport for themselves and 
their families and for an alleged 
“featherbedding” rule which 
would mean the employment of 
more pilots on long haul routes. 

The dispute graphically illus- 

trates the . protracted bargaining 
process which is a feature of air- 
line industrial relations. Pre- 
liminary discussions started in 
the Spring of 1977— and under 
National Railway Labour Act 
procedures the dispute has been 
through various stages, including 
a 35-day cooling off period before 
the strike began. The airline has 
turned down proposals for bind- 
ing arbitration, and has shown no 
inclination to follow some of its 
competitors in agreeing an ex- 
pedited bargaining process with 
the union. ' 

The stoppage bas had a drmatic 
impact on United Airliners traffic. 
Its revenue passenger miles rose 
24.8 per cent last month com- 
pared with May of last year. In 
the same month, all U.S. domes- 
tic and international airline 
traffic leaped 18.8 per cent, re- 
flecting the extaordinary increase 
in passenger demand w’hirb has 
been one of the notable features 
of this year. 

Hardee’s files suit against IC 


HARDEE'S Food Systems has 
filed suit in the U.S. District 
Court for the Eastern District 
of North Carolina seeking an in- 
junction against IC Industries, 
its subsidiaries Centigon and 
Iconic, and IC's proposed public 
relations agency Georgeson and 

IC Industries, a railroad hold- 
ing company with ambitions to 
diversify, recently launched a 
S3 89m merger bid for Pet ln ; 

corporated, a diversified food 
processor. In March, Pet had 
agreed to acquire Hardee's for 
just over $94m. IC bas said tbat 
its approach to Pet is conditional 
on this merger being abandoned. 

The day following the un- 
solicited approach from 1C, Pet 
and Hardee’s filed proxy 
material with the SEC concern- 
ing their merger plans. IC made 
it clear that it intends to vote 
any shares it acquires in Pet 

against, the merger proposal with 
Hardee’s. , 

Earlier this week. Pet filed 
suit against IC alleging viola- 
tions of Delaware corporate law 
relating to required notice of 
tenders. Today's suit from 
Hardee's alleges violation of 
proxy regulations and unlawful 
interference with the merger 
contract between Pet and 
Hardee's, and seeks an injunc- 
tion to prevent such inter- 

By Robert Gibbers 

MONTREAL. Jone 15. 

THE CAN ADLAN National Oil 
company Petro-Canada (Petro- 
Can) has come back with an 
improved offer for all the 
shares of U.S. controlled Husky 
Oil of Calgary. Petro-Can now 
offers C$52 per share for all 11m 
Husky shares outstanding, worth 
around C$5 50m (U.S-$491m) 

against its previous offer last 
Monday of C$45 a share. The 
previous offer was rejected by 
Husky management and a rival 
bid by Occidental Petroleum 
Corporation of Los Angeles, a 
share exchange worth U.S-844.70 
or U.S.$491.7xn overall, was 
accepted. Petro-Can says all 
necessary documentation for its 
new offer is being prepared and 
the circular will be mailed to 
Husky shareholders after Petro- 
Can complies with regulatory 
rules. There W3S no immediate 
reaction from tbe Occidental 

Trading in Husky shares re- 
mained halted in Canada yester- 
day, pending a further statement 
Stock market sources in Calgary 
took the view that Petro-Can 
would now find itself alone in 
the bid battle against OccidentaL 
with Alberta Gas Trunk Line and 
Pan Canadian Petroleum, who 
have both indicated interest in 
Husky in recent days, withdraw- 
ing from the field. 

Later, Occidental Petroleum in- 
creased its offer for a minimum 
of SO per cent of the Husky Oil 
shares. Tbe value of the new 
package, it said in Los Angeles, 
will be increased by S per cent 
from the original U.S.$44.70, 
while in other respects the bid 
remains the same. This would 
bring tbe per share value of the 
package of Occidental Preferred 
shares to around U.S.S48. 


THE AGNELLI family financial: 
holding company, IFI, has 
successfully- taken control of 
Boog Automotive of the U.S.- 
in a deal worth $80m. 

IFI, which has made the pur- 
chase through its subsidiary 
IFI-International, owns the. 
single biggest holding in the 
Turin-based Fiat company, 
Italy’s largest private company.' 

The fipanrial holding com- 
pany said in Turin today that 
the takeover of one of the lead- - 
ing LnS. manufacturers and. 

ROME, JuneJS; 


suppliers of spare parts for . 
steering and suspension 
systems involved a .direct IFK 
investment of S17.5m tof which 
some $20.5ni was in cash) plus 
■a bank loan and note issue 
guaranteed by IFI to cover the 
balance of the purchase-price. 

- ■'Die company, described, the.i. 
deal as a “purely financial 
investment " and said It was or - 
no way connected with .re- 
activities of the \ 

‘ John Wyles writes from New. 
York' Moog Automotive is a.. 
private family company. 

founded In 1919 
and unde of the present 
man, Mr. Hubert C- Moog. I&e 
company employs about 
people in North America^ 
hulk of them at its fit MKda 
plant It has a small assembly 
facility . In - Toronto and st- ® 
wire manufacturing subsidiary 
at Mayville, Mfcsoarf. ,v.vj 
The company's main jpo- 
darts are replacemriit jpax^ 
for vehicle front suspensfeas 
and It supplies wa&hQha& 
mass, merehan.disers.aitd jUbbfcr 
companies. .. ...> i5 

ENI expects to spend over 
$1 .8bn during current year 


" ROSE, June' . 15^' 

Ente Narionale Idrocarburi, 
tbe Italian state hydrocarbons 
agency, is to invest- some 
Ll,5S0bn (just over $L8bn) this 
year, Sig. Pietro Sette, the chair- 
man of the oil group, told a 
special economic parliamentary 
commission to-day. 

ENI also plans to double its 
fixed assets, now amounting, to 
more than LlO.OOObn, by 1982. .. 

Sig. Sette said the main' aim 
of ENl's development, .pro- 
gramme was to increase the 
internationalisation of the group. 
In particular, the group has -to 
purchase raw material abroad 'at 
the best possible terms, secure 
fresh funds and new technolo- 
gies on the world market and 
expand its export performance. 

Tbe ENI chairman has- just 

returned from a- visit to ; toe- 
Soviet Union, together with the 
Italian minister- of state partici- 
pations and other leading state 
sector managers to promote 
Italian exports. -• 

. - The largest share /. of • « the 
group's new investinehtB. is to. 
be allocated to the energy, sector. 
These are expected to total about 
L825bn this year and" may reptiS 
sent as much as 88 per-cent of 
ENl's overall investments during 
the' next five years. 

ENI also proposes to -invest 
some L200bn in its . chemical 
activities in 1978 concentrated 
in its financially troubled ANIC 
subsidiary, which lost LISSbn. 
last year. 

Sig. Sette also -referred to -the 
major role of the projected 

trans-Mediterranean pipeline l in 
supply : Italy With jsqme- 12bn 
cubic metres of- Algerian, natural 
gas a year.- The total invest- 
ment of the ambitious project 
amounted to L8,OO0tm, Sig. ifette 
said. ■ -P v.'vv 


Italy’s largest, bank," the slate- 
owned '-"Bancs- Naziopale .'del 
Lavoro said that business confi- 
dence in the . Italian economy is 
definitely on. theorise,. ..both „ at . 
hpme arid a broad, T- 1 j/. y. 

In spite of - the^goVefhment 
inaction in -nvfcfhaqlidg ‘the 
budget — or - maybe, as. - some 
sceptical observers: note, thanks 
to it— the impression - is gaining 
. currency in: Italy that a business 
recovery is already under way” 
the bank’s monthly bulletin' Said. 

ap-dj . 

■jjrp r:>f 


Support for Babcock Spain 


In the first quarter of this year. 
First Boston Corporation re- 
corded a loss of S685.0S8, fol- 
lowing profits of $3.3bn in 1977 
and a record $18m in 1976. It 
is understood that, helped by 
the upturn in Wall Street and 
some notable business in the 
mergers and acquisitions field 
in the U.S., First Boston Cor- 
poration has been operating 
profitably since then. 

“My move has been motivated 
by the recognition that INA 
and Blyth Eastman Dillon 
together possess the elements 
to emerge internationally into 
a leading financial institution 
which will provide universal 
financial services for clients, 
including co-operations, govern- 
ments and international enti- 
ties," Mr. Zombanakis com- 
mented yesterday. 

Kaiser Aluminium sees higher profits 

Atlantic City 
casino suit 


MADRrD, : JimeiS, 

Chemical Corporation expects 
continued strong aluminium de- 
mand for the balance of the year, 
higher overall profits for 1978, 
and sees further price increases 
on fabricated products before 
the year-end, according to Mr. 
Cornell C. Maier. the president. 

Mr. Maier said tbe company 
will have higher 1978 second 
quarter aluminium shipments 
and that year shipments will ex- 
ceed the 6.67m tons of 1978. As 
a result, second quarter earnings 
should exceed tbe $2.01 a share 
earned in 1977 and year earn- 
ings should be more than $6 a 

share, against $5.53 for 1977. 

Kaiser, the third largest U.S. 
aluminium producer, bas already 
a 1978 first quarter net of $1.20 
a share, compared with $1.18 in 

Mr. William Hobbs, vice-presi- 
dent and treasurer, said that 
based on April and May figures, 
Kaiser would probably record a 
slight currency translation gain 
compared with a loss of $6.1m, 
or 31 cents a share in tbe 1978 
first quarter. 

Mr. Maier believed there would 
be additional price Increases on 
most fabricated product lines 
before the year-end. Although 
he would not estimate the size, 
he did say the Increases would 

' NEW YORK, June 15. 

probably be smaller than those 
made earlier this year. 

Earlier this week the company 
said it would raise prices on flat 
rolled automotive bumper stock 
by 4 to 6 cents a pound and 
prices on auto body stock by 12 
to 13 cents, effective July 1. 

The company, also raised its 
aluminium ingot price by 4 cents 
a pound to 57 cents, effective 
June 1. Kaiser’s other com- 
petitors, however, have not raised 
their ingot prices. 

Mr. Maier said he believes 
Kaiser's price increase is justified 
and he is willing to hold ingot 
prices at that level “ as long, as 
the market stays strong.’* 


NEW YORK, June 15. 
THE Atlantic City investment 
group. Regency Hotel Corpora- 
tion, claims that it paid almost 
$1.5m in security deposits to 
lease the * Howard Johnson 
Regency Hotel in the city from 
its owner, Jemm Company. It 
was announced yesterday tbat 
one of the largest gambling con- 
cerns in the U.S., Caesar’s World, 
which operates the Caesar’s 
Palace casino in Las Vegas, had 
taken a long term lease on the 
hotel, with a purchase option. 

Regency Hotel is suing Jemm 
for reinstatement of its lease. 
A New Jersey court last week 
denied a motion (or a prelimi- 
nary injunction seeking to block 
the execution of the lease with 

The investment group also 
claims that it spent more than 
SSQ0.OOO in planning a casino 
project for the hotel. When it 

AGREEMENT in principle has. 
been reached on a rescue pack- 
age to aid Babcock Wilcox 
Es pan ola, Spain's largest pro- 
ducer of capital equipment The 
company has been in serious fin- 
ancial difficulties for almost a 
year: ' tbe solution involves the 

injection of Pta 5bn ($82m) and 
a one fifth cut in the 5,000 Strong 

This avoids breaking up/ tbe 
company and hiving off . loss- 
making operations to the --state 
holding company INI or Hhatng 
them down. It also avoids the 
nationalisation of a “lame 
duck " — something which ...the 
Ministry of Industry has strongly 
resisted. Nevertheless - the 
government is expected to - pro- 
vide at least halt of the cash; 

injection, the remainder coming 
from existing, shareholders who 
are mainly banks and savings-- 
banks. . i~ 

According to Ministry "of 
Industry officials the' plan to 
restructure the company, has 
been agreed' . by all parties 
involved including the: works 
council, although there are still 
apparently differences \ of, 
approach among the two main' 
trades unions. J 
* Another important element, in 
the restructuring agreement- is ■ 
for a major rOU over of debt with 
perhaps some write-offs -and a 
moratorium on- others. In Febru- 
ary Babcock, was- granted a 
temporary . .suspension- of f pay- 
ments by a Bilbao court At the 
time- the company said it had 
defats of Pta IS.fibn <$1M m} and : 

assets of -Pta 24-3bn-'l$294ni). ; 
t -There are believed to-be 1 over 
r4,000 creditors - who - - include 
Spain’s' main banks, the Ministry 
of Finance and the state T social 
security system. The, -company 
also is in default on at least ;one 
international loan.' -• . 

Our financial ■ staff-. write: atthls 
stage It - is notv clear "whether 
Babcock and Wilcox ot the UK 
will be taking, part in the rescue 
operation. The .company has a 
10 - per . cent - interest. In'. • the 
Spanish, group but - this was 
written-off .in the UK company’s 
accounts for the year ended last 
January. According t0‘ a spokes 1 
man last. nighty Babcock UK will 
hot make, its plans known until 
It has seen ah- official text of the 
rescue package. . 

Spanish poweroutlook 

encountered problems in raising 
all the financing for the deal. 

Jemm terminated the lease and 
ordered the group off the hotel 
premises, it says. 


1977 Highlights of theyear: Increased profitability and further expansion ^rhird quarter 
— z I . "I “ " ' rise at Dana 

The Group’s 1977 Results and Dividend 

—Net profit increased by 15% to DFis 205 million 
— Net profit per share DFIs 16.53 (1976: DFIs 14.36) 
— Dividend per share DFis 4.80 (1976: DFis 4.20) 

Expansion. Broadening of the base in the U.S. life insurance market through 
acquisition of 87% of the shares of Security Life & Accident Company, Denver, 
Colorado; increase of interest in U.S. non-life insurance company Peerless to more 
than 80%; further expansion in Belgium; new offices opened in Spain, Saudi Arabia, 
United Arab Emirates and Oman. 



(in £'000fi00) 


1977 1976 


1,984 1,828 







Income from investments and other activities 













Taxation & minorities 




Net Profit - 







Exceptional revenue — 







Dividend — 
















(rate of exchange at 31 December 1977 £1— DFis 4.36) 

NEW YORK, June 15. 
NET income oC the U.S. auto- 
motive components manu- 
facturer Dana Corporation for 
tbe third quarter ended May 31 
rose from $30.6m or $1.03 a 
share to $39m or $1-22 a share. 
Sales rose from $497m to $612m. 

For the nine mouths, net 
Income increased from $78.6m 
or $2.65 a share to $98.2m or 
$3.09 a share. Sales for the 
period were $L66bn. against 
$ 1.32 bn. 

The quarterly dividend bas 
been increased from 32 cents a 
share to 33 cents, payable on 
September 15 to shareholders of 

Meanwhile, American Medical 


TEE CHAIRMEN of two Catalan 
electricity companies have 
offered alternative views on 
whether Spain's mainly privately- 
owned electricity industry can 
cope with tbe present phase of 
expansion into nuclear power. 

Sen. Pedro Duran Farell, chair- 
man of Hldro Electrica de 
Catalunya (Hidrunya), expressed 
as his personal belief that “the 
nuclear option was beyond the 
capacity of private enterprise," 
callmg'for an urgent agreement 
with the Government and public 
sector, which measures up to the 
country's present and future 

Sen. Juan Alegre Marcel 
chairman of Fuerzas Electricas 
de Catalunya S.A. (Fecsa) 
stressed that private initiative 
was already measuring up to the 
nuclear challenge, in spite of the 
huge investment required. He 
expressed his satisfaction that 
the National Energy Plan, shortly 
to go before Parliament had 
given firm backing to the present 
structure of the electricity in- 
dustry, closing the door on 

Only 16 per cent of Spanish 
electricity output is controlled 
by INI, the state holding com- 
pany, with the rest shared out 
among over 20 private companies. 
Rather than a single national 

. B4RCELONA, June. 15.. - 1 
grid, thdre are- a series- of 
regional 'grids, - corresponding 
roughly to the sphere of influence 

earns less 

of T each company , or group of 
companies. . The contrast of 

companies. . Tbe contrast of 
opinions has attracted, attention 
here in a debate, which is fre- 
quently highly charged. 

Spain is: among tbe 10 largest 
consumers of nuclear power, a 
process which; - will ; -accelerate 
with the completion^ of plants 
approved by -the plan.- : Sen. 
Duran estimates the country's 
uranium reserves as the equiva- 
lent of. 600bn tonnes of coal, 
while Sen. Alegre believes that 
the plan errs on the conservative 
side in projecting the number of-, 
nuclear .plants needed for the; 
coming period. 

Secsa made a profit Of 4.82 bn 
pesetas in 1977, while Hidrunya 
turned - .in profits of L17bn 
pesetas. —Both companies paid a 
customary dividend of 10 per, 
cenb while agreeing on the need 
for- prices to be adjusted to a 
more- realistic rate.. - - 

Secsa has recently negotiated 
an -international credit of $ 150m, 
while its' annual meeting 
approved a capital expansion of 
up to 20bn pesetas. -Hidrunya 
plans 'investment of around 50bn 
peseta? over the coming, five 1 
years, mainly through yearly 
capital ' expansions. 

Amax to invest $4O0m this year 

Scott Foresman and Co., the 


SHARES of Amax (American 
Metal Climax Inc.) will be listed 
on the Vienna Stock Exchange. 
Speaking today at the introduc- 
tion of the stock, Amax chairman 
Mr. Pierre Gousseland said his 
company would invest some 
S2bn over the next five to six 

Starting with 1978, capital 
spending would extend to about 
S400m_ This year was also ex- 
pected to see earnings in advance 

; ' VIENNA, June 15. 

of t»e.5l69m of 1977. 

• * * Tfc 1 

The Zurich Stock Exchange bas 
suspended trading in Cia Italo- 

By Guy Hawtm 

1 \ . FRANKFURT, Juxte 15. 
HAPAG-LLO YD • West Ger- 
many's largest- merchant ship- 
* ping ■ line, , saw * its net profits 
decline list year’ as a result of 
the industry doldrums, and holds 
out little. hope of any improve- 
ment:, dnring 1978. ... 

I; But it. reports :that i$s policy 
j of diversification has tended to 
offset the impact orf earnings Of 
the - poor performance in its 
traditional - areas, of -operation. 

Net profits for the .group 
declined 'from DM 19.8m in -1976 
to DU 16^m.-($7BmJi, according 
to the annual report- published 
today. 'Hapag-Lloyd's manage- 
ment is recommending a cut in 
dividend from - 12 per cent or 
DM 6 per DM 50. sharerto 9 per 
cent : ' r 

However, shareholders paying 
West German taxes will iiL-fact 
do rather better than in 1976 as 
they . wiH:. receive e further 
DM 2.53 in-the- form- of .a_tax 
coupon. This allows them ' for 
the first time to offset^ ■ "corpora- ; 
tion tax paid 6 ntheir dividend 
against personal ^ taxes. c y' 

Group turnover last year rose- 
from DM 1.91bn to DM -2J9bo 
($I.05bn), while the parent con* 
oern’s sales advanced* from 
DM 1.48bn to DM 1.52 bn. : Group 
pre-tax profits went- up-, from. 
DM 74m to DM 79m, and those 
of "the parent advanced from 
DM 84.3m to DM 72.1m‘. 

According to the Hapag-Lloyd 
management, the. current year 
has brought no marked trend 
indicating an upturn in business- 

SCI’ t*', I— — 

•*o £» ; 

ter ion? 

Argentina .de Electricldad SA, of 
Buenos Aires, foUowing the 
announcement of plans for : its 
nationalisation' by toe Argentine 

Tbe company has several 
thousand small shareholders in 
Switzerland* of which the largest 
is MotorrColumbus. AG 

Loan for Saciloiv 

The . European ‘ Commission, -the 
Common Market executive, aretp 
lend FFr 70m. (about $15m) W 
toe Sodete - des Aceries - et 
Laminoiri de. Lorraine (SacBbrl 
to concentrate production of pS 
iron into fewer and more efficient 
plants, AP-DJ reports - frdffl; 
Brussels. . 

Baker issue 

In 'the United Kingdom: 

The Orion Insurance Company Limited reports: 

Merchant Investors Assurance Company Limited 

Premium income for the year 1977 totalled £26.5 
million and investment income increased to £4.4 

At the end of theyear, Shareholders' Surplus was 
£15.7 million. 

The Life Association of Scotland Limited 

Doubled its premium income over the past three 
years.1977 was another record yearfor new business, 
total new premiums (singles plus annuals) being 
32% ahead ofl976. Long -term funds increased during 
1977 by over £13 million to £82 million. Total premium 
income grew by 27% to £14.5 million and investment 
income fay 26% to £7-6 million. The overall yield on 
the funds increased from 9.8% to 10.7%. 

© During its first full year as a member of the Nationale- 
Nederianden Group, the Company expanded its unit- 
Jinked life and pensions business rapidly. Premium 
income in 1977 at £12.6 million showed an increase of 
176% over the previous year. New sales of regular 
premiums increased by 40% and new single 
premiums by 283%. New branches were opened to 
give the Company full coverage throughout the U.K. 
and a completely new range of unit-linked life and 
pensions contracts was introduced. 

Nationale-Nederlanden operates on an international scale with 
branches or associated companies in the Netherlands, the 
United Kingdom, the Republic of Ireland, Belgium, Norway, 
Spain, Canada, the United States of America, Surinam, the 
Netherlands Antilles, South Africa, Australia, Singapore, 
Malaysia, Indonesia, the Philippines, and through general 
agencies in Denmark, Saudi Arabia, the United Arab Emirates, 
Oman and in other countries. 

Copies of the Annual Report in English can be obtained from The Secretary , The Orion insurance Company Ltd., 70-72 King 
William Street, London EC4N 7BT.The Secretary, The Life Association of Scotland Limited, 10 George Street, Edinburgh 
EH2 2YH. The Secretary, Merchant Investors Assurance Company Limited, Grosvenor House, 125 High Street, Croydon 
CR9 IIP and the Public Relations Department, Nationale-Nederlanden, ISPrinses Beatrixlaan, The Hague, the Netherlands. 

By Our Financial Staff 
IN another dull day in tbe Euro- 
bond market, the main develop- 
ment was tbe pricing ef tbe 
Baker convertible. 

It was increased from the $30m 
originally scheduled to $40m, 
while toe conversion premium 
was set rather higher than in 
originaily indicated due to very 
large subscriptions. 

The stock market quotation for 
tbe company has reached 829 (it 
was $28i when the issue was 
originally announced) and the 
conversion price was set at $34 
for a conversion premium of 
17.24 per cent When the issue 
was originally announced it had 
been indicated at between 10 and 
15 per cent. 

Another major feature was a 
very sharp rise in the prices of 
Japanese convertibles in the D- 
Mark sector stemming largely 
from tbe upsurge . in the yen 
against the D-Mark. Price rises 
of between 3 and 4 points were 
recorded, dealers said. 

Slow progress 
at Huhtamaki 

By Lance Keyword! 

HELS INKI, June 15. 

SLACK DEMAND in food pro- 
ducts and on tbe' engineering 
side . limited sales growth at 
Huhtamaki to 7.9 per cent in 
1977. But the company Is main- 
taining its dividend at 12 per 

Consolidated net sales rose to 
FMfcs 1.07bn ($249m) while 
exports rose by 15.7 per cent to 
FMks 89.7m. The pharmaceutical 
division maintained its leading 
position in the company account- 
ing for nearly a half of total 
sales last year followed by the 
food division and the packaging 
and metal division. 

In the UK the Polarcup sales 
subsidiary increased it turnover 
by SO per cent. The company 
exnects to again increase its TJK 
sales substantially irr 1978: The 
UK Is also one of toe most 
•mnortant exDort markets for 
HuhtainaM's sanitary fittings. 



115 v ■< 
:>«i i , a W: 
; z' 

?>■ ‘ * 


: 71. 

-•• *■. 1 t 

; • \ ■.- 
i:. &:»•' 


\ . ,. 

!!i> its 

• a^naes Friday June -16 1975 


growth in sales and profit 


RCJUSSEUJCLAF, the pharma- 
ceuticals; veterinary, and per- 
f jimes- grwp, id which Hoechsr of 
Germany .has -a majority share- 
BoWlnai?vea2seoiisolidated 1977 
results -which show a sharp 
advance tn profits, further pro- 
gress' in penetrating' overseas 
markets, and the' effect of the 
continued policy of 'diversification 
to reduce .dependence on its basic 
pharmaceutical 'activities: 
Further profits growth -is 
expected this year.- 

As with practically every other 
large French group “with overseas 
-interests the bulk- of the 1977 up- 
turn came from exports and acti- 
vities outside France where 
economic austerity, . including 
price controls; limited growth in 
sales last year to 2.8 per cent. In 
contrast, .overseas turnover rose 
by. 23.2 per cent. 

Overall; - sales -..Teached 
FFr 3£24tm representing a , T.S 
per cent increase: on a compar- 
able basis growth extends to 
11.4 per "cent " 

, Gross operating • profit was 22 
per cent higher at FFr 600m. 
Consolidted earnings before 
profit sharing and extraordinary 
gjains -were FFr 83.3m represent- 
ing a 64 -per cent increase and 
at .the net level of FFr 78.2m 
Of 1977 compared with FFr 70.1m 
of 197)6, the two totals benefiting 
respectively from FFr 10.8m and 
FFr2fiflm of extraordinary gains. 

This year the company earn- 
ings to increase , by 12 per cent 

on a broadly similar rise In 
sales. ■ ' 

.M. Henri Monody managing 
director, emphasised last year's 
increase in research and develop- 
ment spending of nearly 14 per 
cent to FFr 274m and lie effect 
of the group’s aggressive invest- 
ment: policy in the shape of 
amortisation, up JLJ-7 per cent 
to FFr 118m. • - ?• - 

.He also stressed : the con- 
tinued diversification of the 
group noting that die basic 
pharmaceutical activity . which 
had accounted for 53- .per cent of 
sales in 1973 had shrank to 48 

The newly formed Renault de 
Mexico win invest USbn. pesos 
< S72m ) over the next fivey ears. 
The money will be spent on 
expanding production at the 
Saha gun plant and os develop- 
ing the company’s sales net- 
work. Renault owns 40 per 
cent of the Mexican company. 

per cent although still account- 
ing For some two. thirds of 
research costs. 

Roussel - UcJaf - comprises 
several related activities. Linked 
with its medical products is a 
division represen ting., its diversi- 
fication in the health sector in- 
cluding medical cosmetics, 
dietary products, and; dressings. 
This group of activfti«r scored 
a 27.6 per cent gain in turnover 

PARIS, June 15. 

last year to reach FFr. 110m. 

Five chemical products in bulk 
(578m) and the animal and plant 
health division (698m) each 
marked a 10.8 per cent' advance. 
The sales of the five chemicals 
division however of which more 
than three-quarters are overseas, 
were depressed by the decline of 
the dollar relative to the franc. 

Finally, Roussel - Uciafs 
perfumes division, Rochas, 
acquired in 1975, achieved a 62 
per cent increase in sales last 
year to FFr 236.3m. More than 
80 per cent of these sales were 

One of the general lines of 
policy is to maintain the research 
and development effort at around 
the equivalent of 8 per cent of 
turnover. The 1980 budget will 
contain a FFr 400m-plus research 
commitment — a 50 per cent 
increase in three years. 

The group debt equity ratio 
at the end of the year is 25 per 
cent leaving room for external 
financing. The company plans to 
finance 50 per cent of capital 
needs up to 19S0 out of cash flow 
and raise the • rest roughly 
equally in long- and short-term 

By 1980 the group is aiming 
at a FFr5 bn turnover leaning 
particularly on the agro- 
veterinary and perfume sectors 
for accelerated expansion. The 
group also hopes to go into the 
1980s with two-thirds of its sales 
outside France. 

Sharp rise 
at Phillipp 

Creditanstalt lifts stake in 
Austria’s biggest store 

FRANKFURT] June 15. 
West Germany's two largest con- 
struction concerns, said net 
profits rose sharply to DM 15.6m 
(37:8m)- in 1977 from DM 12.1m 
ui' 1976. In its annual report. 
'Holzmahn said parent company 
turnover' climbed to DM1.91bn 
from DMl.lSbn. 

Holzman’s world group net 
profits were up nearly sixfold in 
-1977 at DM lS.15m from 
DM 3.12m in 1976. Foreign turn- 
over, rose- to DM 2-56bn in 1977 
from DM l.68bn in 1976, the com- 
panjr.sald-. • 

previously announced, new 
foreign orders totalled DM 1.2bn 
in 1,977. after more than doubling 
to DM 3.5bn in the previous year. 
Hie company attributed 1 the 
ifeelfiae In- foreign orders : to 
Writer demand - from oil-gro- 
dbfliog’ states, due largely to 
■curie Dcy- considerations. — • 

Despite the appreciation of the 
Deutsche Mark, Holzmann. also.. 
said it was confident of positwe 
foreign results -in 1978. 

Ph i Hpp Hotaoa nn’s supervisory 
hoard has already recommended 
to stockholders an unchanged 
dividend of DM' 7 per DM 50. 
share. Domestic shareholders will 
receive a higher payout' due to 
tax credits. 



VIENNA, June 15. 

MAJOR CHANGES, ..involving linked with Gerngross through 
Austrian. Swiss and.. German consulting contracts. The 
banks, have taken place with changes in the respective hold- 
regard to the ownershiptrf Gern- ings do not affect the 25 per 
gross, Austria’s single "largest cent interest held by the Nord- 
store with an annual turnover deutsche Landesbank. 

Of Sch 3.1bn (about 3207m). Gerngross operates 13 stores 
General Shopping, a Luxem- in Austria and sales last year 
bourg-based holding •. company, rose, by 8 per cent. It is under- 
has sold its 50 per cent holding stood that General Shopping 
in Gerngross for an undisclosed wants to concentrate on opera- 
sum to the Creditanstalt Bank- tions in the U.S. and this is the 
verein of Vienna and Jelmoli, a reason for the sale of its holding. 
Swiss store. r'-' - No details have been revealed 

As a result of the complicated about the price Creditanstalt and 
transactions to be completed Jelmoli paid for the 50 per cent 
next week, Creditanstalt will interest. A figure of Sch 400m, 
increase its interest 'm ; Gern- quoted by the Vienna popular 
gross from 25 per cent to 37.5 daily “ Kurier” was described by 
per cent. At the same tithe, the bank sources here as a purely 
rest of General Shopping's speculative figure. The basic 
former holding. 37.5 : pe*T cent, capital of the Gerngross Kauf- 
will be acquired by Jelmoli of haus is Sch 170m. to which a 
Zurich. ' V further Sch 62m. the capital of 

Both Jelmoli and General Shop- Gemeross Grundstnecke. must 
ping were, until recently, icon- be added. Thus a transaction 
trolled by .SKA fSchweizerische_at nominal value would already 
Kreditanstalt). However. ?SKA' involve at least Sch 116m. 
sold its holding in JelrooUAo the Modernisation of the Gem- 
Union Trading Companyf which gross stores and investments 
is in turn controlled 'by the aimed at raising the general 
Basler HandeJsgesellschaft. Jel- level and quality have been pre- 
moli bad last v e ar;£ turnover dieted as a consequence of th* 
of Sch 7bn.; while Union Trading changes. The top management 
Companv reported" p worldwide post will be taken over by Mr. 
saels total of Sch* lObn. C. Sfagri. hitherto director of 

JeJmoli has' already been the Jelmoli concern in Zurich. 



Finer loan terms for return to market 


GREECE yesterdav confirmed it by the Bank of Greece in late Greece will be repaying S350m 
could obtain fine 'terms for- its: 1976 (for which it paid a 1* per on previous loans maturing uns 

borrowing with thfe signing- of cent spread) and which had year. . ivv , 

. a $300ro 10-yeai medium-term never been drawn. The balance The placing “^ Dr *? d £??v pr ( f; 
loan, -which ‘ is being -lead is earmarked for financing the t Greece^ 

managed by Banters Trust public Investment SS U m and l?n E -tem external 

International. Earlier this year, the IMF .told del)t at -$4_3gt, n 0n December 31. 

. The .borrower, the Bank of the Greeks that with their ‘ basic This comprises private 

Greece, is paying a spread over external deficit declining, cae 0 f 5:1,3400. public debt of 
the interbank rate of I per cent scope for financing the ouoget g^ta, and suppliers* credits of 
for the first three years, rising deficit through foreign credits 

to 1 per cent for the last seven, would have diminished as on - suppliers’ credits, which 

to this one. inject liquidity into the tectetLare of over one-year's 

. The Bank of Greece was repre- economy. Consumer prices are duratio „ Greece also has 
rented by its Governor. Professor rising at 12-13 per cent per year. Uer ^, cre ^its of S771.Sm of 
Xenophon Zolotas, at the signing. However, a Greek official ]&$■ one year at that date. 

Pact of the loan, he said, would insisted that the borrowing is The official figures may ex- 
be used for repaving one of within the existing deficit, woue c i U de some loans for the pur- 
. $125m ; arranged over seven years Professor Zolotas stressed that c hase of military equipment. 


. requirements 



State , 

Sank of 

Other banks 
and IMF* 



































100.0 ■ 



. 1984 

• ■ 21.1 





.1985 . 

17 3 

- 65.7 











. . J2.8 

377 J 




. 1.9 

\ 282.7 




* Including S6m loans to private companies guaranteed by the 5*ate. 
Figures in Sm, principal and interest at end-1977. 


N * 

Source: Bank of dreeco 

Last year Greece paid $520ra. for 
such equipment, some of this 
for cash purchases and the rest 
to meet earlier commitments. 
The figures also exclude direct 
investments and, more unusually, 
short-term capital flows in the 
form of deposits made by Greeks 
working and living abroad. At 
the end of last year these totalled 
$2.4bn. and the figure has since 
risen to $2.7bn. 

- However, the Greeks point out 
that even during periods when 
disturbed conditions such as the 
Cyprus war scare of 1974 had 
led to. rapid shifts from domestic 
deposits into currency, no net 
withdrawal of foreign deposits 
had occurred. Most of these 
33.2 deposits have been withdrawn in 
18.8 drachmas, meaning that their 
Sight abroad is unlikely. 

The Bank of Greece records 
Greece’s foreign debt service 
ratio in 1977 at 9.5, a not unusual 
ratio for a country in Greece’s 


by 11% 

By Kenneth Gooding 
SUNTORY, Japan’s major 

whisky producer and probably 
firtb-Jargest drinks business in 
the world, saw profits after lax 
increase by 1L2 per cent from 
Y9.i;hn !o YtiUlbn <S47.3m) 
in the year to March 3L 

Turnover rose from 
Y4l7.13bn to Y485.59bu 
($22bn) and at the taxable 
level prefix were Y32.78bn 
against Y23,77bn. 

The group expects expan- 
sion of tbe whisky market in 
Japan to slow from 13-14 per 
cent to 10 per cent this year 
following a 24 per cent in- 
crease io the liquor tax from 
May J. 

Imported whiskies have not 
been hit so heavily by the 
changes and this might im- 
prove sales this year, said Mr. 
Keizo Saji, president of the 
family controlled group. Sun- 
tory is the Japanese agent for 
Haig, the Distillers Company 
brand, which last year 
improved Us market share in a 
generally static market. 

The economic recession had 
caused a cut-back in entertain- 
ing and gift-giving last year and 
this was a major factor in the 
lark of buoyancy in the im- 
ported Scotch market in Japan 
last year. Mr. Sail explained. 

Suntory. which waitts to 
build up its share of the 
Japanese beer market from tbe 
current 6.5 per cent to 10 per 
ceut. has acquired a site for 
its tWrd brewery. By the time 
Ibis is ready in 1981 about 
$21 m will have been spent. 

Other diversifications are 
going well. Although it entered 
the soft drinks market only five 
years ago, volume of sales, at 
20m cases, is the same as beer. 

In the Fast-food business, 
Suntory’s “First Kilehen" ham- 
burger chain in Tokyo now 
numbers five wholly owned 
shops and by the end of the 
financial year this will have 

Trading group 
sees advance 

By Wong Sul or. g 
AFTER THREE years of 
sluggish results. Harper 
Gilfillan, the Malaysian-based 
trading and travel group, secs 
an improved performance 

The chairman, Mr. D. M. 
Row'n, says in his annual report 
that the group’s results for the 
first Tour months of the current 
yrar are well ahead of tbe 
comparable period last year, 
and he looks forward to a 
progressive improvement in 
profitability as a result of ihc 
regrouping and consul Ida l ion 
of the group's structure. 

Pre-tax profits last year were 
fi per cent higher, at “.iMm 
ringgits fU.S.$.7m>. on a turn- 
over of -102m ringgits. 
<l r .S.$T67m). However. a 
substantially lower level ;if 
taxation, and 2:1 extraordinary 
gain of I.54m ringgjls from Ike 
sale of one of its Hong Kor» 
subsidiaries. IV. R. Loxle.i, 
enabled the group to maintain 
its IS per cent dividend rate, 
as well as to transfer 4m 
ringgits to reserves. 

Sm Hmg Kai 
looks overseas 

By Anthony Rowley 

HONG KONG. June 15. 

SUN HUNG KAI Securities, 
one of ibe leading stockbrok- 
Ing ami investment bouses 
here, plans to Internationalise 
its activities through the pro- 
jected link-up with Corapagoie 
Financier* de Paris *t des 
Pajs-Bas f Pa ribas) of Paris. 

This is stated by Sun Hung 
Kai chairman ami managing 
director. Mr. Fung King Hey 
In a circuiar to shareholders 
outlining the reasons for the 
SRKS hoard's unanimous 
recommendation of Paribas’ 
offer to acquire up to 25 per 
cent, of the Hong Kong com- 

Shareholders v.ill he asked 
to approve the link-up at an 
extraordinary general meeting 
to be held here lo-raorrow. 

Paribas recently bought 
around 8.4 m SUSS shares in 
the slockmarket at HK51.75 
each and, if Sun Hung Kai 
shareholders approve, will sub- 
scribe for a further 15m of 
new shares at HKS1.85 per 
share. After that, Paribas will 
own 11.5 per cent of the 
enlarged capital and SfTKS 
will receive HK$27.7m In cash. 
Paribas will also be granted 
the option to buy further new 
shares in SHKS between 
August of this year and April, 
1980, to take its stake up to a 
maximum of 25 per cent. 

The price formula will be 
based on the prevailing stock 
market price of SHKS, which 
is currently HKS1.S9. 


lean Australia 81 PC i9Sfl 

UEV Sac 1S$? '. 

nstralia bipc lW2 - - ■■ 
ostrallan M. & S. fljpc * 
ardays Ban* S!oc 1992... 
iwak'r 9ipc J992 -v 
U. N. Railway 83pc 1BS6 
redJt National 9: PC 1586... 

enmark 81 pc US4 .... 

CS flpc 19M 

CS 9JPC 1997 — • 

IB Slpc 1992 

HI »ipc 18S3 

rlcssoil 8}pc 1&S9 

jso 8w taw NOV; 

•T Lanes paper Sine 19M 
pnenley Wnc " 

fliro Quebec 9pc IW- — 

I Skpc 1987 - - 

. E Canada 8rtw IB3S 
BCjDillan BlowdiU 9vc 1SW 
asses Fertruson 9Jpc ’91 

Icbelin 9Jpc )98S. 

hiland Int. Rd. SJpc ’9- 
itional Coal Bd. Spc IW7 
uIodsI wsnnasn*. sue » 
aiL Wsrmnsrr. 9W ^ 

irdlc Inv. Bfe. Sipe tM 
>rxaa Korn. Bk. SJpc 1392 
irnlm SIm 1989 

Bid . . Offer 



























• 971 









98 : 




- lot* 







Norsk Hydro SJpc 1992 -. 

Oslo 9pc 19S8 - ■ • 

.Ports Antimonies I99J 
Ptqv. Quebec 9pc 1995 
Prov. Sasfemchwn. 82pc 'W 
Rcod Interna ilonal 9pc 1987 

RHM 9DC 19K 

Selection Trust 81 PC IMS .. 
Stcand. Eosldlda BsK 1991.. 

SKF -Spc 1987 

Sweden iK’dom) BiPc 1M7 
United Biscuits ,9pc 1989 .. 
VoJto Spc 1B67 March 


A nstralia 7jpc ISSt 

pell CanadB 7S PC 1987 .. .. 
Bf. Columbia Hrd. 7iPC 

Can, eac. Slpc 1984 

Dow Cbemlcnl 8pc t9Sb ... 

ECS 7Jpc 1382 

ECS Sipc I9S9 

EEC 7ioe 19S2 - 

EEC 7jpc I3S2 - 

Enso. CuizeJi Slpc — 

GiKaveriea 7|pc "S2 ...— 






Kvcftuns flpc J8S3 




MIcheBn flioc 1SS3 





Montreal Urtan flf pc 1SS3 





New Brunswick 8pc I9M ... 





New Brims. Prov. S iPC ■S3 





Hew Zealand-.8*pc 1886 ... 





Nordic- l»y Bk. ?Jpc 1984 




Norsk Hydro ripe 1988 ... . 





Norway rive 1988 - 





Omarfo Hydro Spc 1987 ... 





Slaser- Slpc 1W2 




S. ot Sew. El pc, SJpc 1981 




Sweden OCdoml 7Jpc 1982 



SwedfsA state Co. 7iPC ’82 



Tetmex Siur 19S4 



Tpaneco 7} pc 398? May ... 



Volkswagen 1987 







Allied Breweries Wipe 'SO 




CiUcore 10pc 1993 




Conmulds 92pc 19S9 





ECS Blpc 1988 





E1B Dive 19SS 




EIB «pc 1W2 v - 





Finance la S lod- »3PC lfiS? 





Finance for lod lDpr 19S9 



FJaow JWPc WS7 


96. 1 

Gwtelner llpc 1998 



1NA lOpc 1SSS 



ROwnrree IDSpc 1988 



Sears ISJpc iflW 



Total Oil 9lpi: 1934 




Aslan D«?9. B-ink S!Pc 1?57 



BNDE H’pr 1 ?^ 



Canada Aloe 1PS.7 



Den Nor^V 1 '. 1 Id Ck. fin-' 'Ml 

90 i 

1 DU 

Deurwh* Bank 1932 .. 



ECS Sine 1990 



FIB Sfpc 1(60 



Elf Aqultulm? Slpr 198S ... 



Euratam sspl- 1937 



Finland 57pr lpsr. 



Forsmarts s:r>: 1W0 



McriW 60 C .1985 



Norcem 53 nc 190 — 



Norway Mpc isra 



Norway 41pc 1983 



PX BMken 53nr 189S 



Prov. Quebec fnc 1090 ...— 



Bauiarmddu 5’pc 19SS ...... 



Spain Spc 3988 



Trondheim 5rpe 1986 

TVO Pow-*r Ca tine 19SS .. 



Venenela epc lflE8 



World Bank Slpc 18S5 • 




The securities rand route 

SOUTH AFRICA’S two-tier cur- 
rency system, and the continu- 
ing gap between the official rand 
parity * nd rate at which 
securities rand can be bousbt, 
have several bids 

recently by overseas interests 
for locally-listed companies. The 
indications are that others may 

be in the pipeline. Thoush the 
amounts involved so far have 
been relatively small, the prin- 
ciple has become well estab- 
lished, and it is possible that 
larger interests Will eventually 
use" tbe securities rand route to 
buy South. African assets at a dis* 

C °The basis of the recent deals 
has been - the long-standing 
arrangement that securities rand 

may only be used to buy listed 
securities. With the securities 
rand, in which there is a limited 
but reasonably tree, market 
standing at '73 cents (U.S.). the 
discount on the official parity of 
$1.15 is 36* per cent. So it is 
possible for the offshore entre- 
preneur to purchase South 
African assets at a substantial 


discount and at the same time to 
achieve a high income return in 
freely remittabfe rands, subject 
to non-resident shareholders tax 
of 15 per cent. 

The size of the securities rand 
discount also means that the off- 
shore purchaser can bid an 
attractive price to local interests 

listed construction subsidiary, 
Ovco. to foreign interests and 
subsequently bought back tbe 
operating divisions, releasing 
R1.5m in Cash. In another, a 

Netherlands holding company 
associated with the entre- 
preneurs who sold control of 
Morgan Grampian bought a 

Tbe secorities rand market in South Africa is being 
used for overseas takeover bids. The amounts 
involved recently have been $tnali, but larger deals 
may follow. The most striking of the recent deals has 
been the purchase by Alexander Howden, of the UK. 
the insurance broker with interests in banking and 
shipping, of tbe “ shell ” company, WeUworths Stores 

while still acquiring assets on a 
favourable basis. Tbis is in part 
because of the tendency of 
locally-listed shares to stand at 
a discount to net worth. 

ODe such deal occurred last 
year, when the fishing group. 
Ovenstone Investments sold its 

locally-quoted printing group, 
Hortora. Last week, a Panama- 
based company bought control 
of Empisal. a listed distributor 
of sewing and knitting machines. 

But tbe most striking deal, 
attain last week, has been the 
Bl.llm purchase by Alexander 

Howden of control of the quoted 
company, Wellworths Stores. 
Well worths has converted itself 
over a period into little more 
than a cash shell with residual 
interests in the distribution of 
textile piece goods. In the pro- 
cess, net worth built up to 134c 
in the last balance sheet. 

The shares were quoted at 20cr 
before suspension two weeks 
ago, but were hardly ever traded 
— with only 8.000 changing hands 
this year. Howden has acquired 
69 per cent of the company from 
the controlling shareholders for 
95c and is extending the same 
price to the outside share- 
holders. but Wellworths now 
stands at 115c. It has mirrored 
the performance of the local 
short-term insurer Marine and 
Trade, in which Howden has 
also acquired a stake. Well- 
worth’s — tbe name of which is 
to be changed to Alexander 
Howden Group South Africa — 
will acquire the existing Howden 
interests in South Africa and 
provide a base for further 
acquisitions in the country. 

Tata-Finiay ahead in new form 


TATA-FINLAY. the tea company 
which has adopted the 40-60 
pattern of foreitrn-lQdian owner- 
ship under the Foreign Exchange 
Regulation Act, raised its pre-tax 
profits to Rs l$$.5m (322.4m) in 
the first year in its new form, 
from Rs 119m in the previous 
year. Sales rose to Rs 790m 
OSSHml, from Rs 459m. 

Tata-Finlay was re-shaped last 
year by the merger into it of 
interests of the James Finlay 
group of companies in India and 
certain interests of McLeod 
Russel. Half the UK sharehold- 
ing of 40 per cent in tbe company 

is held by James Finlay and half 
by McLeod Russel. 

The director say that the 
company owns 20,513 hectares, 
the largest area owned by a tea 
company. It has also diversified 
into coffee, cardamom and 
pepper. ’ 

Reviewing the year’s activities, 
the chairman. Mr. B. K. Dutt, 
traces the satisfactory volume of 
profit to the sustained U.S. 
demand for its instant tea. It 
plans to increase its instant tea 
capacity. The company also 
exported bulk tea to various 
parts of the world v/ith .satisfac- 

CALCUTTA, June. 15. 
tory results. 

Prospects for 197S, however, 
are not promising, the chairman 
S3ys. Weather conditions have 
not been as favourable as in 
1977 and droughts have been 
experienced in’ many areas. 
There has been extensive . frost 
damage in parts of South India. 
On present indications it is un- 
likely that last year’s record 
harvest will be achieved, but it 
is still expected that the 1976 
levels to be reached, says the 
chairman. Tbe crop in 1976 was 
512m kgs, and in 1977 it was 
560m kgs. 

Strike cuts revenues at El A1 Airlines 


EL AL Israel Airlines — which 
expects- to be in deficit this year 
— lost some If 170 in of revenue 
f about. SlOiii) in April, when the 
company's planes were grounded 
for three weeks. A further esti- 
mated revenue loss of I£40m was 
incurred in May as passengers 
were afraid of a renewal. of the 
strike.. * 

The longer-term effects cannot 
yet be gauged — many group 
flights for June-August were 
arranged during the period when 
E! Al- planes were inoperative 
and the to°r operators therefore 
hooked ViU)' foreign airlines. 

The constant reduction in air 
fares and the increase in charter 
flights, together with the con- 
stantly rising cost of local per- 
sonnel, are other factors 
adversely affecting the company's 

Sahar gain 

SAHAJt. one of Israel's leading 
insurance companies has; an- 
nounced a rise of 32 per cent in 
post-tax earnings to I£il.9m 
(3920.000), in spite or an 
apoarent exchange losses in 
London of 1127.4m., L Daniel 
writes from Tel Aviv. 

TEL AVIV, June 15. 

Pre-tax profits were up 33 per 
cent to IflP.lm; helped by 
l£t9m from the restatement of 
quoted index-linked bonds. Tbe 
company is recommending a 15 
per. cent, gross cash dividend, 
against 21 per cent In 1976, and 
a stock dividend of 33i per cent, 
against 25 per cent. • 

Net life insurance premiums 
at I£52.2m, were up 47 per cent 
and showed a profit oE I£11.3m 
l [£4.1m in 1976). Net premiums 
for general insurance at 
I£lS9.3m, although up 54 per 
cent, resulted Id a loss of I£9.6m 
(I£11.2tn in .1976). 

Modest rise at 
James Hardie 

Sy James Forth 

SYDNEY. June 15. 
James Hardie Asbestos, the 
major building products group, 
raised its earnings only 5.4 per 
cent, from A$l5.7m to AS 16.5m 
tSIS.Sm) in the year to March 
31. Tbe increase lagged well 
behind the growth in sales, 
which rose almost 24 per cent, 
from A$166iu to AS205oi 

The results were affected by 
the Victorian power strike late 
last year, a cement strike in 
New South Wales and a trans- 
port strike in Western Australia. 

It was also affected by in- 
terest costs related to the 
AS19ra takeover last year of 
CSR's asbestos cement subsi- 
diary’- Wunderlich. The interest 
bill rose from ASS. Ira to AS6.0m. 

The dividend has been held at 
12.5 cents a share, with a final 
payment of 6.25 cents. The earn- 
ings per share dipped from 64 
cents to 53 cents, reflecting the 
issue of additional shares. 

P. T. James Haxdie, Indonesia, 
which held the group hack in 
1976-77. contributed AS 160.000 to 
the proflts for the latest year. 

★ + -k 

Shares in Hitachi of Japan are 
to be listed on the forward 
market of the Paris Bourse start- 
ing June 23. according to tbe 
Paris stockbrokers’ association, 
AP-DJ reports from Paris. The 
company’s shares are currently 
listed on the exchange’s cash 

. fir.v ISSUE 

These securities hating been said, this anaqt/ncement eppearsHs a matter of record only. 

16lb June, 7973 

U.S. $30,000,000 

>assque Worms 

Floating Rate Notes Due 1985 

Credit Suisse Wfaite Weld Limited First Chicago Limited 

JSanque Nationale de Paris European Banking Company Limited 

Morgan Stanley International Limited Orion Bank Limited 

'Bank of Scotland 
Uovds Bank International 


Hessische landesbank - Girozentrale — 

■ Philadelphia International Investment - 

Corporal ion 

Afceinene Bunk Nederland N.Y- A. E. Arnes & Co. Am stcrdam-K otter dam Bank X.V. .Arbuth not Latham & Co. 

Banca Commerciale Italiana. Banna Nuziunale del La>#oro Bank of America Inter naiimial Bank lulius Baer International 

1 i milri 1 ■ ipitcd 

Bankers Trust International Banquc Aralic et Internfcitionale dTnvcstisscment .(B.A.LL) Itanquc Bruxelles Lambert S.A. 
Baiujue Contincntale du Luxembourg Banque Bicropecnne de Tokyo Banqne Franchise tin Commerce Estcrieut 

Banquc Francaise de Depots et de Titrcs Banqne tie lTnduchine et dc Suez Banquc Internationale a Luxembourg S.A. 

Ban;; ue Louis-Drevfus Banque de Neuflccc. Schlumberger, Mallet Banqne de Paris et des Pays-Bas 

B: tuque Populaire Suisse S.A. Luxembourg Basque Rothschild Banquc dc la Sucietu Financierc Luropeenne 

Ba uque de {’Union Europeenne Banque Yernes et Coi&merciale de Pans Barclays Bank International Baring Brothers & Co., 
Ba>t-ri$cbe Landesbank Girozentrale BaycrischeVereinsbank Joh.Berenber£, Gossler A Co. Bergen Bank 

Berliner Handels- und Frankfurter Bank Blyfli Lastman Dillon & Co. Caisse Centrale des Banques Populaires 

1 ■itTuiiaari lioriud 

Centrale Rabobank Chase Manhattan 

- Citicorp International Group 
Credit Chitnique 

Credit du Nord Creditanstalt-Bankvcrein Credito Italiano Dai-Ichi Knngyo Bank Nederland N.V. 
Daiwa Europe N.V. Den Danske Bank Den norskc Creditbank Deutsche Girozentrale “ Deutsche Koiumunalbank — 

Dresdner Bank 

G c nossensebaf tlicli e Zeiltralbartk AG 

Caisse des Depots et Consignations 
Christiania Bank og Krcditkasse 
County Bank Credit Agricole (CNCA) 
Credit Lyonnais 

Chemical Bank International 

— Ltailrf . 

Commerzbank Continental Illinois 

Credit Commercial de France Credit Industrie! ct Commercial 

DG Bank 1 Dillon, Read Overseas Corporation Dresdner Bank- Lirst Boston^(Europe) 

Robert Fleming & Co. Gcnossenschaftliclie Zeiztralbank AG Girozentrale und Bank deT Osterreichischcn Sparkassen 

Goldman Sachs International Corp. Grecnshields Gronpement des Banquicrs Prives Gencvois HambrtB Bank 
Handclsbank N.W. (Overseas) Hill Samuel &-Co. IBJ International International Financial Advisers K.S.C. 
KansaUjs-Osake-Pankki Kidder, Peabody International Kleinwort, Benson hredietoaiiK :\.V. 

Kredietbank S A. Luxembourgeoise Kuhn Lock Lehman Brothers International Lazard Brothers & Co., 

Lazard Frercs et Cie Jlannlacturers Hanover' Af cLeod, Youag. W eir International Merrill Lynch International & Co. 
Samuel Montaga & Co. M organ Grenfell & Co. , National Bank of Abu Dhabi The National Bank of Kuwait S-AJv. 

Ntfclcrlandsche Middenstandsbank N.vT* The Nikko (Luxembourg) SA Nippon European Bank SA. 

Nomura Europe N.V. Norddeutsche Landesbank Girozentrale Paine Webber Jackson & Curtis Securities Ltd. 

The Provincial Bank of Canada Renouf & Co. X. M. Rothschild & Sons Rothschild Bank AG 

Salomon Brothers International Sanwa Bank (Underwriters) J. Henry Schroder Wagg & Co. Skandinaviska Enskilda Bankeit 

1 U ti VmM* m load _ , . 

Smith Barney, Harris Upbain & Co. Societe Bancairc Barclays (Suisse) S^A. Societe Centrale de Banque bocietc Generale 
Socicte GenerdTdc'Banquc S.A. Sparbankcntas Bank Svenska Handelsbanken Swiss Bank Corporation (Overseas) 
V nion Bank of Finland Ltd. U nion de Banques Arabes ct Francoises - U.B.A.F. V ereins- und VT estbank 

* _ ZloowmBirbli 

S. G. Warburg & Co. Ltd. Wcstdentscbe Land e shank Girozentrale Dean Witter Revnolds International Wood Gundy 

_ " m iMalcal 

Worms American Capital Corporation Yamaichi International (Nederland) NA. 

Financial Times 


Currency, Monc> mid Gold Markets 

Dollar recovers 


Jtme IB I rati 

Recent pressure on the U-S. 
dollar seemed to abate slightly 
in London's foreign exchange 
market yesterday. There appeared 
to be a number of reasons for 
this, not least of ail being a 
speech in Paris by U.S. Treasury 
Secretary Hr. Michael Bluxnen- 
thal. He stressed that the U.S. 
was fully prepared to use its large 
resources with a view to counter- 
ing -disorderly market conditions. 
Some sources suggested that the 
dollar may. have been oversold 
after Wednesday’s sharp improve- 
ment in flbe yen. 

Consequently the dollar im- 
proved at the yen's expense with 

SamKoq>Bi 0 fl 


Interim Statement by the Chairman , 
the Rt.Hon.Earl Jellicoe 

Pre-tax profits for the six months to 31 March 1978 
were £11.1 millions (1977 first half: £24.9 millions) 

^ Our verv poor results for the half vear reflect the continuing depression in international 
trade and die effect on Tate & Lyle and its subsidiaries of the large world sugar surplus. 

Rationalisation of our UK refining capacity is 
being carried through, so far with success, it is, however, 
proving more costly than we had anticipated, with -the 
problems aggravated by depressed home demand and 
severe competition from EEC imports. 

3\estoring the health of our core business at home and 
overseas is our first priority. In the UK, this means 
bringing capacity into line" with supply and demand 
without delav. 

^ We are taking steps to strengthen our board and to 
* streamline our management structure, in order better to 
face tlie difficult challenges which lie ahead, o 


Copies of the Interim Statement for the six months to 3 1st March W 73 mciy bo obtained from 
JEiVright, Secretary, Tate 6- Lyle. Limited. Sugar Quay. Lower Thames Street. EC3R 6D Q. 

Despite our disappointment at 1 977’s 
final outcome, due primarily to the poor last 
quarter, the profit achieved is still the second 
highest in the history of the Company and the 
Company is paying the increased dividend 
predicted at the time of the Rights Issue. 

I should like to highlight one important 
development since the end of the year under 
review. Our peroxygen business, which was 
combined with that of Solvay & Cie to form 
Interox, has had a major success in 
developing an international business of 
considerable scale. The total turnover of 
Interox operations, excluding the smaller 
minority companies, has over the past 7 
years grown from around £30 million to 
approximately £1 20 million. We manufacture 
Interox products in almost every country in 
Europe and also have production facilities, 
through fully-owned or associated 
companies, in Australia, India, Japan and 
Brazil. However, in the largest market in the 
world, the USA, our involvement has so far 
been restricted to export sales. With our 
partners, we have therefore decided to 
manufacture in the USA. We are building a 
major hydrogen peroxide plant in Houston, 
Texas, closely followed by facilities to 
produce sodium percarbonate, made by a 
completely new process developed by 
Interox. We believe this development In the 
USA will set the seal on Interox as the 

world's.leading producer of peroxygen 

We hope, over the years to come, to 
develop our business in the USA, particularly 
for hydrogen peroxide in the growing 
markets of environmental control and 
chemical applications. We are confidentthat 
in the long term this venture will become a 
most valuable addition to our family of 
Interox companies. 

Let me now turn to 1 978 and one of our 
major products, titanium dioxide pigment. 
While so far in 1 978, volume has not 
improved in either the UK or world markets, 
real signs have recently appeared indicating 
a reversal of the 1 977 adverse price trend. 
This fact, coupled with the current reduction 
in the strength of the pound sterling against 
other currencies, should produce an 
improvement in our competitiveness and in 
the profitability of our titanium dioxide 
business. Most of this improvement will, 
however, really come about in the second 
half of the year and is very dependent on 
costs not rising disproportionately. 

Regarding our other products, demand 
is on the whole relatively static-and we are 
forced, through rising costs, to run very hard 
in orderto stand still. There are however 
indications that the lowering of margins 
which occurred in some products maybe 
coming to an end and this is encouraging. 

Salient Figures 





External sales 

Laporte and subsidiaries 

Principal Interox companies - attributable share 

Profit before taxation and extraordinaryiitems 
Profit attributable to ordinary shareholders 
Ordinary, dividends 













Copies of the full statement and of the Report and Accounts may be obtained from The Secretary, 

Laporte Industries (Holdings) Ltc^ 14 Hanover Square, London W 1 R OBH. 

High performance chemicals for the world. 


1977 H978 

i2 * aVoVd jf 1 

sentiment remaining nervous 
ahead of to-day's announcement 
of Japan's trade figures for May. 
The dollar finished at Y216.20 
against Y215.25 in terms of the 
yen, having been as low as £215.35 
at one point. Using Morgan 
Guaranty figures at noon in New 
York, -the dollar's trade weighted 
average depreciation narrowed to 
5.8 per cent from 6 0 per cent on 

The Swiss franc fell to 
SwFr 1.9025 from SwFr 1.8875 
while the West German 
D-mark also lost In dollar 
terms to DM 2.0950 against 
DM 2.0S50 previously. Political un- 
certainty surrounding the govern- 
ing coalition in Belgium saw the 
Belgian franc ease to BFr 32.90 
from BFr 32.67 against the dollar. 

This tended to underline the 
possibly unpleasant effect on the 
stability of sterling had the UK 
Government been defeated in 
Wednesday night's so-called vote 
of confidence in the House of 
Commons. However, .t-he pound's 
trade-weighted index remained at 
(ilU. Trading was fairly active in 
places and sterling opened at 

S15300-L83I0 and eased on- the 
dollar’s strength to- SL8265-L8273. 
UK money supply -figures "were 
considered mildly . encouraging 
and the pound touched .$£8325- 
$15335 at one stage before easing 
at the dose to $£8300-15310, a 
fall or 22 points from Wednes- 
day’s dose 'i' 

TOKYO: The ■ U.S.- .dollar 
finished at a record low of 
Y215J37I compared with 721637$ 
,on Wednesday. • The Bank of 
Japan seemed to test the jharhet 
earlier in the day by buying a 
s mpH amount of the U-S- currency 
but quickly dropped out later in 
the day. The dollar opened at 

Y215.50 and eased tp Y215JN) 
having seen Y2I8JQ at one paint 
The Japanese authorities seem to 
be going out of 
minimise the effect that Che May 
trade figures - may have on- the 

BRUSSELS: The Belgian franc 
was at its lowest permitted level 
within the European currency 
snake against the Norwegian 
krona, at BFr 6.0785. ' following 
news that M. Leo Till demons* the 
Prime Minister, and his coalHioh 
Government' had offered'^ to 

PARIS: The dollar gained 
ground against the French franc 
in nervous but relatively Hght< 
trading, closing at FFr 45987 
compared with FFr4.3900 {n early 
business, and FFr 45S50 late on 

Sterling was the only major 
currency to show a significant 
change against the franc; -rising 
to FFr 8.4190 from an early -level 
of FFr 8.4010. and FFr 8.4066Jate 
Wednesday. The D-mark closed 
at FFr 2.1955. compared - with 
FFr 2.1960 in the morning and 
FFr 2.1950 previously., while, "the. 
Swiss franc finished at FFr 2.4185, 
unchanged from its early level, 
and FFr 2.4278} on Wednesdayr- 

FRANKFURT: The dollar im- 
proved to DM 2.0952 in late -trad- 
ing from DM 2.0302 in' the' morn- 
ing. Expectations that U.S. Prime 
Rate may increase to 8} per cent 
from the present Si per cent today 
may have helped the U.S.- cur- 
rency Mr. Blumenthal's remarks 
in Paris apparently gave rise: to 
this speculation about US. 
interest rates. The dollar was 
fixed at DM 2.0936, compared with 
DM 2.0S50 previously, in rather 
more active trading. The -Bundes- 
bank did not intervene: The 
central bank's trade-weighted 
D-mark revaluation index against 
22 currencies was 145.6- C14&8V, 
up 0.8 per cent from the end- of 

tLS. 6 
Canadian 6 
Belgian Pr. 
Danish Kr. 
Por t, Bsc. 
Span. Fes. 


Kroon. Kr. 
French Ft. 



7 lJ 2 flfrl.*Hi 
&lo 2JM75-2Jffi25. 
4 4JS-4.1Bg 

'6i« 6S.7S40.95 
9 T0JM4-lD.«r 

IB 8S-2&-84-2S 
1 P 2 I.W 0 -UM. 
7 S.BWJWf 
3lg - 

7 8.45-8.40 

Big 590-480 ' 
Sis 27.5frS7.70 
1 5,46f&sa ' I 

1.6500- LETS 

ouH.iu* : 

9fl.T7-fl0.27 ; 
10.57i-10.3W I 




(L82-0.72c.T»n - __ 

*V2Uc.p» IB-We 

1*5 ore du —131 Mor&dhT 
338-238 b*pw - 3-Sfl Jfljif pm'.v 
15-565 cuius -lS487fr«Bc 
40-120 din -8.631 MG-1IB 

J lirepm-VU* . 0L58 

Ztaejpn-ltfis — 

214 - 3140 . pm ' 2.48 — „ A . 

AH pnpni 1 .J? iflnrepm .M2 .B.7T 

Ifr&cnt pm . 6.K W- 
BSi-aif* mjfl . iv&Ve.-" 

Bflirtan rate is far convertible francs. I 

trues 6fr3fr€0JS6. liz-momn mm 


Mj- .Three nwthq v p ^ 



Bdgiui Fr 
Danish Kr 

Nrwgn. Kr 
French Pr 
Swedish Kr 

Austria Sch 
Swiss Pr 


2 JM 0 fr 2 ^®S 

32.73-32.90 - 


















C WHfrffh 

368463c PR* 

L54.5c pm ‘ 

l0J2477pT pm 

1 2.7S485ilradla 

1 0.40445c tOa 

coots per Canaffiah S. 

XJWUfccpm ' 

:_aafr ateJE38cpai' - 3 S 

2.TJ TSflh rtf - 

.v-42* . . LSMSStowtfc-rta 
■'.J&Z*S*SSK tttm. '■ ' -231 -- 

.-JtM "'- iawjjit pm i 641 


S pedal European 
Drawtas.. Unit of 
Rtght* 'Accuse 

.-■■ai* of Mu-bmi 
J rtM -CHareotp 
hto dwrt% 

Sterling — 

U.S. dollar ........ 

Canadian riot] or .. 
Austrian sAtlline 
Belnan franc . — 
Danish krone ..... 

Deals rhe Mark .. 

ftench franc — 

Lira — 

Yen - .... ^ ... 
Nnrwnslan krone 


Swedish Kroner .. 
Swiss franc 


6.45B8Z . 
2.7S24 • 

1 0572029 
1058 42. 

SterUcg — ~ ■» -t4L8 ' • 

- W.97 r— SA 

Canadian dollar t 

Anmian Kfaflhna >:• HKbS v >H&4 - - 

Beiaian teanc.;^-«. j smeo "• +124 
Dazdsh" krone '“..JZZmi' 3X53Z -l r+'*a 
Deutsche- Mart . 14832'.’ ?+354v ' 

Swiss -tame' — : s X86.92 : +745' 

Guilder .12131- ' -nit 

Frenrt fnuje.- ■9B5T -- — 4L9^> - 

Lira _ " - 

Yen -^lU 

'Based on trade w^than :nlahaes (m 
WasUngton asreemec? ftecemtnSi r 3Sm 
7 Rank of England lndcdr=tnwi.' r '' 


- - &-■ 

Notes Bate 

-Aruemiuii Pi-^o 

Australia l*.i|lar._. 
Kmb«i id Maikka.... 

Until Cni/cip.i 

Greece Dradraia.... 
Honjc Komi; Duller. 

Iran Tliat 

Kuwait DlnsriKDi 
Lnaembiiuri; Franc 
Millfu* rinllar^... 
IV etr Zen land Dol lai 
Ssuili Arahla liiyal 
dhutapc-iv Lkiltar... 
Si-otli Atiicnn Hand 

1.489 1;43« 1 

67 .604-693.78 
8.523* -3-55lj 
0.499-1 1.609 



6 J 6 r 6 .d 6 

4-B6-4.28 .. 

780.65-782.85 1 
4.28604.2880 Deannuk 
■17.37-1751 . France.:^; 
36.88-37.8 J .' I'tirr-i- ny ........... 


68v a -72ia . 3»{ian_ 

0.2726-02780 .Vetberlmxl^ - 

. .Norway; 


0^78frflJ875 Spwi..; 

3.43^3.47 -fwitnjrlond^.'^. 
2.3278-2^288 United States.:.™ 
08624^^00763 u n^uolaviiu_:^ T „, 

- 1630- 1590 
‘ 9.80-10.00 
- : 77-85 . 
w 143-146 
: 340-3.55 
• L8&1B4 


Rate gt re n for Araenttna Is free rate: 


Junvlu I Pintnd Mi-rtln^l f.S. IMtar 

I'-mifl Mcriiny 
f>. L'uliai 

Dentx-iieMarh) kpnwt Yn | French Fiauc 

3.835 39S.S' J 8.420 

2.Q9S 216.2 C [: ’ 4.600 

Struts Ftium> ■ | Dat>.<fa Gait 

[<injtdn.Di>Ui»r [ DeU^oa Prune 

860.7 ’ 

Utiiii In* Xlai^ 

lajsifuesf Veil IaOO 



I'neioli hranv lu 
S*i.. Fntuc 




“ " 1 . “ 



1'nu-li (iuiiiit-i 
lldliatt Li i a l.l». 

I 0.243 

I 0.635 



\ 383.3 . 
=' lOtMJ. . 

LhiihiIIhii IMtar 
liet-.'iiw KtHiu- I'M 



=-. 768.4 - - 

“* WrtMK" 

3-405 j *■* 100.. 


tshun 1 1 ■ m 

T jjln.i .- n>.ti»v. 


Niri-r ini ml I is... 
-it in- -ill bw 





L\*. P-.llur 

lUncb Guilder 

Sirlsi Franc . 

YL v.ertwOA 
“$Lirk .. 

10 104 
1BI 2 -127 8 






7'^ -74 
71--73* ' 
77 3 8i 8 

81, <34 











J/eil. i 
14-lTfl - 

French Fra nc ). Italian Lira 

Japanese Tan 


_ 71013-1084 , 




. 13-13- 
: 14^16 


-2a«-4A. , 

■ . 4M-46S 

The ruiloiiuin nominal rates were quoted for London dollar certificates of deposit: One month 7jSfr720 percent: three man tits 8.05-8-15 per cent; six mon£he K4545S per 
i*m: one year 8.70-8^0 per cent. ... - _ . 7. . 

) Lot 13-1 trni Eurodollar der<osiis: two years 9l^-35[6 per cent: three years 9i-9f per cent: four years Sfflf per cent: five years BHi per eent * Kates are t mmin sl 
dOiini! ratos. - ' , • ......... 

Shon-ienn rales are call for sterling. UB. dollars and Canadian dollars: two days' notice for SuHders and- Swiss -R-anofr .•* ,v. -i»-v 7-r 
Asian rates are closiw: rales to Simjapnrc. - ' 

From the statement by Mr. R. M. Ringwald, the Chairman, 
to the Annual Meeting held on 1 5th June 1 978 


German credit policy meeting 

Credit policy was left un- 
changed by the West German 
Bundesbank at a meeting of the 
Central Bank Council yesterday. 
No policy decisions were ex- 
pected. despite tight conditions 
in the money market recently. 
Frankfurt money market rates 
were unchanged from 3.5 per cent 
for call money, to 3.75 per cent 
for six-month funds. 

New York: Interest rates were 
generally firmer, with 13-week 
Treasury bills rising to 6.64 per 
cent from 6.62 per cent, and 26- 
week bills to 7.16 per cent from 
7.12 per cent on Wednesday. One- 
year bills increased to 7.46 per 
cent from 7.42 per cent. 

Federal funds rose to 7J per 
cent bid from 7| per cent. 

Paris: Money market rates were 

firmer for the shorter periods, 
with call money at 72 per cent, 
compared with 7} per cent pre- 
viously. while one month money 
rose to 7 J per cent from 7} per 
cent, and three-month to Si per 
cent from 7H per cent. The 
six-month rate was unchanged at 
per cent, and 12-month was 
also unchanged at 8^ per cent. 

Amsterdam: Call money rose to 
4| per cent from 4J per cent, 
while the one-month' rate in- 
creased to 41 per cent from 4 J 
per cent, and three-month money 
rose to 4J per cent from 41 per 
cent. The six-month rate was 
unchanged at 53 per cent 

Brussels: Deposit rates for com- 
mercial francs were 3J-41 per cent, 
compared with 3 Mi per cent for 
call money: 52 per cent, against 
5 A per cent for one-month; 52 per 

cent/ Unchanged, for three-month; 
and 6f - per cent, unchanged, for 
six-month. The rate for lifrmontb 
funds - rose . to 71. per cent from 
7J per cent 

Tokyo: The Bank of Japan is to 
buy. national bonds to cover a 
seasonal money market- shortage.- 
The central bank will buy five, 
descriptions of national bonds, 
totalling Y286.70bn. from financial 
instiiutfoojff and securities com- 
panies^ on June 29, at prices 
ranging from 107-110.45 per cent, 
yield 015-6.1 82 per cent. Purchase 
terms; -atere decided through a 
tender' between June 9 and June 
13. ■ : 

Hong Kong: Conditions in the 
money market were tight, with 
call - money and overnight funds 
'unchanged at 5i per cent and 54 
per cent respectively. .. 


Special deposits cut by li% 

Bank of England Minimum 
Lending Rate 10 per eent 
(since June 8, 1978) 

The supply of day to day 
credit in the London money 
market has, so far this week, been 
extremely short The authorities 
took steps yesterday to ease the 
situation by cutting the rate of 
call for special deposits from 
3 per cent to l* per cent of 
eligible liabilities as from June 
19. This move Is seen as an 
attempt to increase liquidity at 
a time when the Government is 
in the process of floating two 
major offerings of gilt-hedged 
stock. However, the authorities 
stipulated that this did not reflect 
a change of policy but wa9 
intended more as a smoothing 
operation. This was underlined 

by their intention to increase the 
rate on special deposits to 3 per 
cent from July 3 and back to 3 
per cent on July 24. At the 
same time Bank of England 
Minimum Lending Rate remained 
at 10 per cent. 

With the release of special 
deposits . not effective until 
Monday, day to day credit 
remained in extremely short 
supply. The authorities lent an 
exceptional amount to 7 or 8 
houses at MLR for repayment 
today and bought a small number 
of Treasury bills from banks. 
Although discount houses paid up 
to 10^ per cent for secured call 
loans at the close, the total 
amount of assistance appeared to 
have been overdone. Banks 
brought forward balances well 
above target and there was a 

fairly large fall in. the note circu- 
lation.'.' On the other hand, 
revenue transfers to. the Ex- 
chequer exceeded Government 
disbursements and there were a 
number -'of local authority hills 
maturing in. official hands. This 
Was' ift addition to the repayment 
of - Wednesday's - exceptionally 1 
large -loans to the market as well 
as applications for the new 12- per, 
cent Exchequer 2013-17. 

In the interbank market, over- 
night 'Wans opened at 12J-13 per 
cent- and firmed to 13-13ir per 
cent. However, by mid-day rates 
had eased , to 10-10} per cent and 
during -the afternoon . reached 
11}- 12 iper cent at one point 
before dosing at around 10 per 

Rates the table below , are 
no miner In some cases. 

and the previous fixing of 
Conditions were very quie^Srid^. 
bo significant new faefore 
Sue nee the_ market. The aftetfrawy 
fixing showed a further deefirie p:-) 
5182.15 and the opening of centres'^ 
.in New York prompted rof fi&A 




■ 'lay m 'lu-tv 
l <l«r> «ir 
I IdV* ww. 
"hi: ii mi ali..., 
i wi muni h- ... 
Three lih’liUi-, 
lx niMiali- ..., 
Xiiii- 1 1 1- ii i III-. 

unc urn 

I‘wi> »rar- 

VI crime 
■'l i 1 c<i-«-iIb 


r*.mi ] 



[Local Aoth, 


Fibi nee 




94 134 














1 4 114 




1-4 1 ■ 

1 104-104 


9ig 1 l4 

1 4-114 

1 -9H 

1 10 106s 


94 IO4 


94- Sfi 

! 9t 0 103b 




94 968 

9»s-10 r > 


| 94-678 






1J 36-104 




1, — 




Discount ! 
market j 


.- Bills « 


Jftnk Ploelnrie 
B1H«* Bills*' 


Prime Rate 

Fed. Funds 

Treasury BUI* Ufrweek ) 
Treaacry. Bins tffrwsek) . 


•Ur >-’•> 


- 934-10- . - 

934-10 _ 

104- 103b 


Discount .Rate 

Overnight J j 

One month r 
Three mouths ' 

Six tnnnitl^ 

to - - • I 




•irt- • J 


- b PGI 

Local anthorlry and finance houses seven days- notice, others sewn days' fixed. Lonx^enn local snthorlis 

noni.>m<iv in years lll-liUu per ceni: four years iu per cem: five years U!-121 per cem. * Bank bill rate 

burins rates for prime naper. ; Buylnc rales fUr four-month bank bills Bcr cem; rour-mooth trade hSoa* 

Approxlmaie selling rates for one-month Treasury Mils Mi6-8iia-WB per ran*: two mouth 91-91 153 per TJT L-” Cem - 
93|o h-.’-C mr cem Approuraate sc nine rale for ontHnontll bank 0:11s 10 p»r «nt: and iwcMUmth S3 tw'conr MfltS-fSSSS 
99|(,-a: wr wnr. Qne-roonth trade hills 1M per cent:rwo-moni& 103 p^r. cent: and also ihrmnmfii toi 

Fluancu Hooch Saco Rate (pnhlMted by tho Finance House Association) 8i per cem tram June. L Mis -■ 

Deposit Rates ifor small •nuns at seven days notice) M-7 per cent. - CMnt 

Treasure Bills! Average tender rates of discount 9A252 per cent. . • ^ 1 »/_»«. 


oiseount Rato ^Z 

One mamh 
Three months. 

Six -mooths 

Ijapan.'. ';J: 

Diacount Rato. 



r;? 4 ^ri(MS®iies : Friday • Jiiae ' 16 1978 


mineral su 


* S.V 

; •• >• s. 

AN-. : OFFICIAL review of Empire to Commonwealth. 
British ‘policy on the- security And there was the question 
and- maintenance of mineral, of need. “In contrast to the rest 
supplies, now taking place of Europe, and more strikingly, 

, within the Department of Japan, the UK’s consumption of 
Industry, has been given addi- most minerals has declined. 

. tional point by recent events This partly reflects the post-1974 
’fn Africa. When Katangese recession, but consumption was 
armed '* rebels crossed from in many instances falling before 
Angola to Zaire and disrupted then. The decline has enabled 
the flow of already diminished the UK to stay within traditional 
■cobalt supplies from the mines contractual relations without 
' bf Kolwezi'tb the high tech- mounting an aggressive search, 
n'olo'gy industries of the West, for . new supplies, wrote Mr. 
it was. a. salutory. reminder of Phillip CrowsouA 
thesUK’s overwhelming depen-- For -all that, Britain remans 
dence on imported minerals. a major consumer, forced to 

’ This historic vulnerability come to terms- with ^ combina- 

was further emphasised when tion of new economic ana pou- 
• it became known that ' the tical circumstances; The capita] 

' Government had been approach- cost of new mining projects ft as 
ing engineering' companies for increased three or four times in 
■ assessments of the likely effect the last five years, while the 
on their business of any impo- international recession, ana the 
si tion of a policy of economic J ° w metal Prices. lt 

; sanctions against South Africa, brought about have markedly 
. a significant minerals supplier reduced the ability of the min- 
to the UK. hag groups to invest In ventures 

- The • Industry Department needed to meet ^consumer 
review does not aim. to provide requirements of the i9ou - 
-fora situation where the UK - 

may be blockaded because of UlSlIlCCfltlVGS 
,-wac. Rather it is directed at « nth develop 
. disruptions to supplies and 

prices from circumstances out- "urceshTve 
side the Government’s imme- es 
diate control. ba,aJlce 

An open-air copper mine near Kolwezi in the Zaire province of ‘Sh* ba - 
P severely disrupted mineral exports to the West. 

* . . .- 
Recent fighting 

mentS undertaken by cun- agreements taween the EEC o th <1 on min „ ral5 

sumers. British Insulated and host countries. ““ ^ 0 q stoAsI , Bnd w hu should 

Sender Cables and Delta would lay down rules £ not vet been 

have a long-term contract to duct for both sides as answered bv the- Department of 

take cornier from Afton Mines including specific project agree- answerca uj 

in Canada and they pro- ments. 1 Tb ^S^" ou, g In Mr Crowson’s view, stock- 

vided a credit facitity for financial contribution to s |VOuk , be -especially 

the mine’s development ventures and offer an _ relevant to that group of com- 

British Steel Corporation meat insurance scheme to P m p ditlP5 wnerc south Africa, 

owns part of the equity and has cipatin* companies. the L : -S sr or china have domi- 

a commitment to purchase iron StOCKDllOS nant positions. They would pro- 

ore from Sidbec-Normmes, also DeDartinent of - Industry vide some assurance that Eas- 

in Canada. Tbe j 11 .' ?£ p framing tern Bloc countries which pro- 

But there is a limit to how has been invoked in the commodities exported hy 

far this process can be taken oE the proposals from thc^s^^^. Africa would he unable 

because of the fragmented but the matter has quicklv to exploit political de- 
nature of the consuming Indus- bogged down in the E^_. jn Soulh Africa to 

trv The mining industry would France is exhibiting its • __ 

approve the establishment of tional hostility to any increase ®J^ rn the ba5is ' ot - calculations 
some administrative organisa- of the Commission spo t r he L , st j nia t:-d 

tion which would bring together thinks in an> itat it* approximate cost of an EEC 

smaller consumers and provide guarantee scheme* a q it! ' stockpile for 12 months' supply 
the basis of some form of Germany is satisfied with bj|fe moUls . man . 

partnership with the producers, its own arrangement* the sanesc . chromium, vanadium. 

Domestic developments and no * *_** - f £ a C nv bill for the platinum group, antimony, 

local incentives are likely how- More cobalt, tunplen and moist- 

ever, to be complemented b> the insurance si nem ^ denum at $ 7 .lflbn. 

EEC action. The Government fetailed work is bein„ a T he formation of siockpilo 

has implicitly acepted this with the Commi ssion but^ pohcy is a political act. based 

its “ cautious but constructive ““j*® . ■ holidavs. on assessments of economic 

welcome” to a European Com- un i^ aft " th d in which UK breakdown in oilier areas. The 
mission submissions the Coun- ^ese co^ evo lve is definition of an investment 

policy for minora is can be jus- 
tified in term* of economic prn- 
lc- jeetions based mi historical 
zrowth rater. Bin in both cases 

*£? control. * s^Snty" oVer and throughout the world with an ploration but only a smaU ^rantee'^^emTh^ w^uld SS<ed “ountriS expert mentTco^d mrthive aE nation 

Mi revenue- ^ ST JZE* TZ 

granted altbou^ it often is bring a gai^t the need for inter- lished, thus lessoning the tie- panin -have argued for^ihL » depressed. An imerdepart- ^^nd C oppe? hy 1985. purchases is now being publicly 

The problem faced by the nat j_ na i mining groups to pen dcnce un any one particulai tension o ■ mental cuminmec examined « r »-nrt<ais seek to come argued. , . r . ,-.j 

Government is how to ensure hSeve eeonon uc return on area. The second concerns foreign exploration, noting the ihjs area \ n i£»76 but nothing P. p . . th European A strategic stockpile on the i\i,, K raI: >*t!d 

industry - is protected their risk capital _ Taxation measures which would offer German *cheme where loans are emerse d. The matter is now be- ™* e tQ Drotecl investments and US pattern can probably be ■ 1 p ^} lf . f| ‘ Iu( philhp 

ist interruptions in 1116 channes have been frequent, limited protection in the face jj nke( i Ul 3 system of first re- 1)12 reconsidered. ? fi n d 1 Mo^spIv submissions made ruled oul although a limit. d l omj . • ^ . Mie 

of .mineral^ Mine produc- ^ership policies have shifted. of an emergency which could cut ftlial* for’ German mns.imcis on ‘"security of supplier can at ’^commSk” 1 S bT Sng stock to provide l measure of C«jfr*ro;i. 

in any part of the world heen at least a off supplies of a particular minmls discovered. the same time be made more totihe suggest reli ef for industry is nut our ot im.rmuo,^ A linn. 

The attraction of the UK certain by l^-scnn commit- ,r up.. 



- - . their risk capital. • Taxation measures which would 

interruptions in the „ Vianges have been frequent. limited f 

rship policies have shifted, of an emergency which could cut ft|£aJ fnr C ; eni:a n «■< 
result has been. at least a off supplies of a particular minen i a 

tical disturbance labourdis- 3 ^The* question of investment The atlracur-n 

putes. or natural disaster. Short- further* the political in- has two sides, domestic and 

ages may also develop through cen t ra ] and southern European. The UK is still a 

lack of investment — this is a Africa of which '- the recent centre of mining expevus**. 
distinct possibility in the 1980s. ’ = Zaire aTe latest based on four major houses—- 

Governments elsewhere may id manifestationi places at Rio Tinlo-Zinc, Cunsolidaicd 

for - political reasons, curtail ^^ "ular supplies of a Gold Fields. Selection Trust and 

supplies. number "of minerals often not Charter Consolidated— all of 

. • ' . - . immediately available in which have widespread inter- 

: Insecurity "b^ ewhere ol,tside fte 3^’. 

The recognition of insecurity p^halt is one of course, raw materials for the British 
is belated. There has been no Q . e „ are chromium.- industrial economy specifically: they are 
dfficiiUy inspired national drive - dg manganese, vanad- multinationals working m ihe 
to . seek out sources of raw asbes- environments which sun them 

materials on the Japanese pat- >um speeme ^ JJke best and seJUn{ . m the marfcL . lb 

tern, no system of loans offered “ aQd ^ atinum ^uth Africa of maximum advantage, 
to mining l companies for ex- • Namibia (South West If, therefore, they are to be 
ploration and development such important sources more cmseiy atiacned to ihf 

•as that in Germany, no launch- ^r»caj v Briush consumer marketi they 

irig of a limited stockpile policy ..p bvS i C al shortages or rising will have to be offered mcen- 

hke the French, nrices encourage the search for tives. They receive no special 

Kven in a European context. P ubstitulcs> s0 we should not preference, except for certain 
there • are still only three mg that any drastic develop- relaxations on foreign exchange 
minerals where EEC production . Afrirti would- .neces- controls which take into 

account for more than two ment « account the different nature « 

thirds of supplies-fluorspar, ar^ be a i on ^ ^ investment com pa r^ 

living.: off However^ ^there^ a 'manufart 
thefS accumulated m earlier the critical." sStf W* Tlie ‘companies would cer- 

‘ years. The country has been would be c chai & a n l of- tainly lik\ a foreign exchange 
fortunate; Industrial growth in Konald Pr ^ Trust facility Which would allow 

the last century was . based the former - Koan beieqp |nvfegtmeatt a hso]vm 3 

largely on mdigenousminerals for ®“ y Si nation^ f circum- them oF the need .To 
then followed a lengthy penod This SU ao e sts that Britain's overseas ventures with for*- 5 - 0 

-awnsssr sajSrs ss ssss. swflt s 



Fine Art Developments 

-mail order and greeting cards- 



"... budgeting for increased 
safes and profits . . . ' 

optimistic of record results 
again next year 

Year ended 31 st March 


PROFIT before tax 


DIVIDEWDS per share 
EARNINGS per share 

EARNINGS per share 

(without provision for 
deferred tax) 


% Increase 

£41.9 million 


£4.7 million 


£ 2.0 million 


1 „835p 






Fine Art Developments Limited 

The 1978 Reportand^coijnts^eavai^Wefrom 

■Morienplotz, Munich - whr.m*« lougind 01 City -MuMuml 

We re m.. ^ 
strangers to the market 

^ in foreign exchange an 

Munich, in ** 

sSS? the and the East, have existed 
^/SwUmkh has thrived. 

Today, it is the heart of one of the fastest- 
gre S5nJ and most prosperous reg.ons m 

expanding breign trade banking business. 
Ana we're well-placed to help you. 

We're one of the largest 'universal banks in 
West Germany, with a balance sheet _total of 
dose on DM 60 billion. We re secure As bankers 
to the State of Bavaria, we re also ° n >"J®9 ro 
part of Germany's most powerful finanaal 
organization, ihe savings banks network. And 
auXorized to issue our own bearer 

b wl-rq flexible. All instruments of 
international commercial banking are 

strengths of the Bank - from simple trans- 
fers to integrated export-import financing 
packages. We also enjoy a strong position 

in foreign exchange and currency trading on 

' jrbank basis. . . .. r t L_ 

mow our market. We know it from the 

an inte 

ground up/This intimate knowledge plus the 
expertise of top bankers and specialists m 
finance from a? over Germany, qua ranter Y°u 
■ : and advice, it you 
in Germany or plan to 
ily accessible 

om an aver 

the best possible service and a ° vlC _ e ;_|j|y° l J 
seek trading partners in oermany ■. 

set up, the Bank also has an easily 

data bank and gives advice on mergers 

aC ^re°friendlv . Bavarians are tradtiionollv 
worm and open. And the ^ nV J. n ° 

We believe that banking should be a PeoP^* 
to- people business - not just T n °" e f Y'JJ‘ Y ' 

or sheets and sheets of cold hard fa - 
We're different. It's a rare combnafion ot 
professional drive and personal fnendlin-ss 
which makes Bavarian banking uniqu. 

And it's what makes Bayenschc Land-bank 

your perfect partner for foreign trade 


Bayerisehe UndcsbankGraECTj® 1 © 

8 MOnchen 2 # Bnenner Stre«e 20 
TeL: 217T1, Telex: Foreign Dept. 524324 

Cables: Bayemboi^MunKh 
S.W.LF.T. Address: BYIA DE MM 


International Banking with Bavarian Drive 
anil Friendliness 


The Property Market 

•"., Vp-.- 

■x^ 'ym^Sr^ V"’ '^v lry-'l5r -".-• •-'- ■•*?• vv; = 

■ -.m *-$' «»> Hf * * 


EPC’s unnerving silence 

THKEE WEEKS of silence 
following English Property Cor* 
portion's announcement of take* 
over talks with a continental 
group have unnerved followers 
of the shares. After an initial 
flurry of interest, dealers have 
stopped bothering to work out 
hypothetical bid prices and have 
settled back to enjoy the tangle 
Of rumours that All the factual 
gaps in the saga. 

Factually. EPC's merchant 
bank advisers, Samuel Montagu, 
report that. “ discussions are still 
taking place.” The bank is 
conscious that a three-week 
silence is unfortunate, and it will 
consider issuing a further hold- 
ing statement if the talks drag 

The rumour and speculation 
front provides considerably 
more interesting food for 

Since the announcement in 
May the Dutch property group 
NV Beleggingsmaatschappij 
Wereldhave has been firmly 
tipped as the prospective bidder. 

A long-standing institutional 
friend of Wereldhave. the 
Western Utrecht Mortgage Bank, 
has also been mentioned as a 
one other mnsortuim partner 
in the negotiations. 

Whoever is talking with EPC 
Is not talking directly in ihc 
group's largest shareholder. 
Eagle Star, whose 27.2 per cent 
shareholding holds the key to 
any bid. Eagle Star admits that 
it has been "fed up with the 
market price ” of EPC. But it 

discounts most of the person- 
ality and policy clash rumours 
that have been building up in the 


It has been said that David 
Llewellyn. EPC’s chief executive 
pad been casting around for a 
buver for Eagle Star's share- 
holding because of the insurers 

enthusiasm to further de-gear 
into an improving physical 
property investment market. But 
Eagle Star has denied putting 
pressure on Mr. Llewellyn, and 
as the hid negotiations arc at a 
delicate stage — with nothing on 
paper yet — the insurer is quite 
reasonably not keen to forecast 
its future attitude. 

One thing on which property 
observers are united is that if 
Mr. Llewellyn could pull off a 
deal involving a bid for the 
group around the 70p mark, it 
would be the most impressive 
property coup in years. Eagle 
Star is hardly, likely to reject 
such an offer, even if recent 
letting interest in EPC's Belgium 
developments, and the general 
rise in property values since its 
October year-end. firm net assets 
at. nr slishtly above that level. 
And outside shareholders would 
jumn at the chance. 

However, a £13m revenue 
deficit in the UK and Europe 
offset by a £2m inflow from 
EPC's North American interests, 
may prove too heady for the 
Continentals unless a rapid dis- 
posals programme could stem 
the income haemorrhage. Time 
will tell. In the meantime the 
sluggish share price suggests 

that the market doesn’t want 
to be dealt into Mr. Llewellyn s 
high stakes game. Mr. Llewellyn's 
reaction to speculation in the 
market? ‘T ignore it.” 


inflation by 3 per cent in the 12 
months to the end of May ac- 
cording to the second edition nf 
the Investors Chronicle Hiilier 
Parker Rent Index. 

The Index, published today, 
shows overall Tent growth of 9 

— 7-v-' f 

# c- .... ; 

Retail xent values have increased by nearly 50 per cent, since 1974, and are still rising. . 

per cent in the sir months from arguing that many entire nil. ^.“eme S£E2mS ‘cSS? 
May to November. 1977, rising the point that this u an i attempt Into 

lo an annualised 15 per cent an to measure rental value <? J- tbat shops have again out- 
tb^foUawtng^aifyear.^ ^ Jj* other classes of pr* 

ssnr tarsus, K- ^ ta ss»""bSK 


Dr. Schiller hits out at recent commercial space to Jeon s S ££l ^ ^ - ' 

criticisms of the exercise, yearly reviews by 19S4— the 1-6 per cent. 

. fit* London - suburbs -have 
been a better bet far. offices,, 
with annualised six .month - rent 
growth of 15.6 per. cent, com- 
pared to a national average, of 

2.7 per cent. , •’ 

Office rents nationally . Tart 
shown to have overtaken. their; 
previous high point in ,.19<4.; 
with the recovery m Central 
Londoo office rents ebunter- 
aeting the effects ■ of a stall 
. sluggish provincial market. In 
contrast the three-year boom m 
industrial rents seem* to, have 
peaked. The Index shows a. .2.7 
per cent slide in rent value* 

• • • 

BOURNEMOUTH’S office market 
could begin to come to life again 
a£ accommodation in firsf^diolCia, 
relocation centres nearer. London 
is absorbed. At least/ Wimpey 
thinks it will, and the- Heron 
Group and Townsend Thoresen 
i Properties must hope it will, for 
, Wirapey has just boughta 36-acre 
: office campus site three miles 
outside the town. and. the other, 
developers each have 4LOOO«f it 
schemes there which are due. for 
’ completion this summer. - 
" Wiiupey has picked up the. 

Consortium break-ups 

Securities opened the door for 
private investors to participate 
in the flat break-up business. 
Nine months after the scheme 
was unveiled in this column the 
first of these consortium opera- 
tions has been completed and 
investors will shortly learn that 
after repayment of bank loans 
and management charges their 
equity has increased by 97.6 per 
cent from £550.000 to £1.09m. 

After stripping out standard 
rale tax and West grove's one 
third share oF the balance, 
private investors are left with a 
gross return, on top of their 
initial stake, of over 40 per cent. 
Little wonder that in its first 
nine months Westgrove has 
brought just over £7m worth of 
properties under its wing and 

aims to have acquired or traded 
around £50m worth by the year 

The explosive growth of the 
business is all the more remark- 
able in that the unauthorised 
property' unit trusts created as 
a vehicle for the flat breaking 
are forbidden by law from public 
advertising. Westgrove draws in 
investors through stockbrokers 
and other professional advisers, 
having started the bail rolling 
with the backing of brokers 
Panmure Gordon, whose private 
clients figured large in the first 
of West grove’s Property Asso- 
ciates Unit Trusts. 

Westgrove. which is chaired by 
Arnold" Hagenbach. founder of 
the Arndale Trusts, and directed 
by former United State? West 
Coast banker Clifford Smith, has 
one trump card when it comes to 

attracting investors. National 
Westminster Bank has lent its 
name to the business as trustee 
of each of the unit trusts formed 
to handle break-ups. 

The business itself follows the 
classic residential break-up 
pattern, apart from its financing. 
Westgrove aims to buy tenanted 
Hat blocks at 35 to 40 per cent of 
vacant possession prices, sell any 
empty flats on the open market 
and sell the rest to sitting 
tenants at a 30 to 40 per cent 
discount to open market values. 
Having found a properly, it 
estimates the total break-up 
costs, raises around half the cost 
in the form of a Standard and 
Chartered Bank loan, and offers 
units in a specially formed 
Property- Associates Unit Trust, 
through brokers and other finan- 
cial advisers, to private investors. 
The investors can subscribe in 
units down to a minimum of 
£ 2 , 000 . 

The unit trusts have a maxi- veying. marketing and so forth 
mum life of 18 months. - But came to £950.000. Nine mbnths 
Westgrove has so far only dealt on, sales have raised £l.49m, .a/ 
with projected break-up periods .gross profit of £537,000. After 
of less than a year. At the. end repaying a £400.000 bank loan, to - 
of the operation . the rump of Standard and Chartered and ye. 
the properties is sold, the bank paying investors initial' equity 
loans repaid, and NatWest pays of- £w0,000, tax takes... a. .third 
standard rate tax on the accumu- of the surplus and Westgroyb 
la ted cash. The Inland Revenue a third of the balance, leaving 
has yet to test the tai liability investors their gross 40 per cent: 
of the distributable surplus and- Westgrove's second trust paid 
could eventually raise trading. Wates’ £183,000 for a flat block 
assessments on the profits. Even ft Richmond, and the third £1.5in 
so. the after-tax returns so far for Heritable and General Bank's 
have been impressive enough to ioo-flal Boydell Court in St. 
satisfy most soecula tors. - John's Wood. And the inyest- 

' The first of the Property meat interest in these trusts lias 
Associates Unit Trusts bought been suCcient for Westgrove 
Guildhall Property Company's to put together an unsuccessful 
residential properties last £835m bid for Peachey's Park 
September for £S53;tK)0. The West block, allowing an .addt 
Trust acquired 160 flats and two tionai £2m plus for refurbish 
shops in Knights bridge. Merton ment. 

and Wimbledon and its total Westgrove's next step is to 
purchase costs- after brokers' form an exempt property fund, 
fees, interest, legal charges, sur* that will be able to noli the 

'former "Amalgamated 
and Property site.’, man 
Irtfestriuhster Bank, Iau^tha^SS* 
zoned > for offices fitter BotOpt 
mouth’s n orthern v-*-™***"*-^- 
plan. Local, agopls 
ior-AJPjajmora^gee^ haw" 
retained* Jjy WSnpey to in 
the .development -which tbr&fc 
line planning perntissiMf ^ 
500,000 ..sq ft : of Officea:^^ 
detailed pi arming consent 
.160,000 sq ft first phase. Xamni 
has it that Wimpey Propers. 
Holding* paid jurt underpin fcr 
the land. \ • \. r Jv; .-V 

Wimpey seems 'likely ioh&d 
out for a pre4etting-^«i fi&t 

phase, at least until Heron’s town 
centre • block and ' 'Townseatfs 
, Motris^Hoiwe devel op m en t j>^a. 
tenant . Both -are on. the-raarfet 
for over £4 a sq^ft r - :A J . Irtting 
would .^Ip to ■ reestablish .-.jrtrt ; 
levels in the towh for 1 apart frohi' 
a- number small 'and -aecOn- 
dazy office lettings ran^hg, ftfeji . 
fiUO to: nearly: £4 a .file 

. last major /agency ^deal JfereuL 
was two . y earc ago when tSwUsHt 
Life Assdranee - paid. £3.65 
■'sq- ft for SUrler Estate’s.^flJJflO 
sq fr development • 

rump: of properties left after-. V- 
rapid break-up^ and which would 
-be ’open to^iastitiitlqns lotfidst-" 
for; a longer T tenxr holding.' . y ' 

-Institutwms ; -already v acctumt?. 
for . a ; substantial part , of :t|i ir . 
< cash- for' the spe<nilative daalit^-,. 
business, r. and ‘ : . NatWest 

around ta ensure ;th?t Westgwya: 
keeps to: the respectable end -n£ 
the' brea k-u p - biisinesk, funds' l 
■ participation m- the trusts lR ^p- 
, creasing^ ' i “ ‘ ; - --j ": 

• ' The Westgrove , schemes 
totally -speculative, -^and - profit 1 - 
forecast! tan ‘ be thrown: vnlifly ;, 
(out by -.changes ' -far vthe/av&u»i: 
ability and cost of- .niort«a»f ■. 
and the other vaganei , of, the 
bousing market.- /But' 
"clearly a, demand for this fbfni ■ 
of - consortium . property dealings 
and, so far, jr.-works^ , ' ' . 


Property- Dfeaft : appear ba 

- v , ■: ?a«* 3 :*v; . • 7 : v... 



a superb 



ZO,o4U gross 
55 car parking spaces 



ealey & Baker 

EsUibbshed 1320 in Lonckrr 

29 St. George Street* Hanover Square, 
London W1 A 3BG 01-629 9292 





500,000 sq. ft. 



Immediate access to M.8 Motorway with direct link to the Central Scotland 
Motorway system and to the South — Glasgow Airport 3 miles — Site fully 
serviced — Includes 15 Acres of undeveloped land. 

... . \ ,>T? 


*£ ”??Z:. 3: LC2.'D.3 ; N.HC-,4r ; --A 



- " ' 

PHONE 0410483 331 

5"-2L*i! : 5S oe -^ace roeGre r o‘tne Ace'is 

.And ask to speak to Hugh Alston. 
He'll be more than happy to give you a 
detailed run-down on the advantages 
in moving across die sea to Ireland. 

For example: a comprehensive 
choice of ready-made factory units 
{ ranging in size from 3.5011 >quare 
ft-et to 73.000 stjuare feet) 
immediately available: all ideally 
situated in die rapidly developing East 
coast at ea of the Republic. 

Served by a sophisticated transport 
network plus a labour force of 
well-trained, skilled and semi-skilled 

And lastly extremely competitive 
costs coupled with gnwmmt ni 
schemes tlwr provide for grants of up 
to 50' t for plant and 1 00 r f for \Vi >rker 
training as various <*ilief 
special concession* Ireland oilers the 
overseas manufacturer. 

No worries aboutred-tape — 
the IDA (Ireland’s Industrial 
Development Authority) will take 
care of all negotiations on the Irish 
side. As well as giving advice and 
guidance on any other matters that 
may arise. 

So even if you've never considered 
Ireland before we suggest you make 
iliii, call right away. It could be the best , 
nun e you've made In quite some time. 1 



-New Warehouse with high Office content ' .^7; 
25.000 sq. ft. 1 1> A I ' . - 3:x. 



New ! Warehouse Units 7 
8300/10,000/10,000 sq. ft. . . ... - . . ^ 

Available for immediate occupation 

TO LET • •• ■ -; •• '. • 


Freehold Faabiy for saile • 

22300 sq.- ft. ■ v. 

Yard. Car Park: Caretakers Flat 


Single Storey Factory 28.000 sq. ft. • 



New Warehouse - - V: ’ 

13.400 sq.ft. T.O LET V"' ' ^ V " 


Lofty Single Storey Faaoiy 

12300 sq. ft; TO LETv.r ' v . V ; . ' 

Rent £14,000. p.z.-exct.: . 


Factory/Warehouse Units 

To be refurbish ed /redeveloped. - x 

IO,ODO-200;OQO sq. ft. TO LET • • & 


CROYDON, Surrey |! 

She — 2j*3 Acres " • 


Factory 50300 sq. ft.; • ..■■■- 

King & Co v | 

Chartered Surveyors : v‘: 

1 Snow Hill, London, ECl; ^ J ; 
01-2363000 Telex 885485 : 
Manchester, Leeds andBrusseis? 




iviodern factories, warehouses and sites at 



A Selection ofOffice Suites Currently Available: 

21 HolboniViaduct, ECl. 

1,580 - 7,650 sq.ft Third Floor. 
Fully Med, shortterm Offices- r . 

2,030 sqfi. Fourth Fioon 

Air-conditioned Office Suite. ; . . 

Lawrence House, 3/6 Tfcump Street,^ C2. 
2 ,2 3 5 sq.ftFourth Floor ■■■ 

Fully fitted, modernised Office Suite. 

165 Queen Victoria Sfreet,EC4.. 

3 ,2 50 sq.ft Fifth Floor. 

New air-coiiditioned Offices. 

Cifry Office Department, 

33 King Street, London EC2V8EE 
Tel : 01 -606 4060 Telex: 885557 

CityOffices . _ . . 

One of the ILW Computon Services 

14 Nicholas Lane, EC4. 

3,470 sq.ft. Self-contained Building. 
Air-conditioned and carpeted. 

. 3 Kings Arms Yard,EC2. 

5,523 sq.ft. On three floors. 

Newly modernised Offices. 

55/61 Moorgate,EC2. 

8,333 sq.ft Fifth Floor andBasement 
Modem, centrally-heated Offices. 

38 Wilson Street, EC2. 

11,375 sq.ft Self-contained Building. 
Offices, storage and showrooms. 

500 sq ft 
1,250 sq ft 
2,500 sqft 
5,000 sq ft 
10,000 sqft 










'oy^em ifibfit • 0 j ■ "■ •' 

Sfcear s ' r en IP fr cie rin ay a.} >p !>'. - • 

4C^Hcn : t-.ct>nirii'u*'i icxitwfir 

i ri e s ; to- Al a n $ mit h, C hie I. tat 

* New Town hbusingwivuil^l/iluv:. x 

* M ;.i x: mbm'eo-bpef ; it 1 on 

. Cwmbran Development Corporation-; 

O fii cp r C wnb ran^O^velop-n? col Obrppra'rtmbv 

. « # to- Alan »mH«. V"*«- . “ j NY S ( .,mbt«tS 7 T 7 T 

iidsiness to life in Cwmhran-Garden dty. 



Chartered Surveyors 

SHOPS and 

throughout the North East of England 
for current & planned Developments. Enquire now. 

v.-ri:e or lelepbone: _ 

F J Hutchins. F.R.I C.S.. Managing Director 
Wingrove House. Ronieland Road. 

Newcastle upon Tyne NE5 3DP. 

Telephone f0632) 8668 1 1- 

78. Calm ore Row 
Birmingham B3 2HG 
Tel: 021-236 8477 

' 51 ISi Brick Street 
■ Condon W1Y7DU. 
' .Tei: 01 -409 9452 



-N't - 

. ■ • 

- m ( \ m 


B 30,000sqtt. banking and office accom- 
modation to be let in oneoriwp units. 

■ Prominent building finished to the _ : 

highest specification with fuller ' : „ 

conditioning, partitions to tecan , . 

. requirements and carpeted throughout. 
Further detailsfrorn'iointsoleagents. 

r- *.i. 


tzyveli Court; 

Queen Street; . ^^-7,., 

London. EG 4 M 9 DN Tel: 01 2 48 376 ]] 

CityOffices To let 

Coleman Street, EC3. 

Ground and First Floor Banking- Air-conditioned. 

6,300 sq.fL Rental £95,000 p.a.ex. 

Blossoms Inn, 

Trump Street, EC2. 

Fifth Floor 4,900 sq.ft. Rental £61,000 p.a.ex. 

Lime Street Chambers, 

Lime Street, EC3. 

Entire Building 1st-4th floors' 1,843^,906 

Rental £14.50 per sq.ft. 

Lime Street, EC3. 

Fifth Floor 2,596 sq.ft- Adjacent to Lloyds. 

Rental £11 per sq.ft. 

Cereal House, Mark Lane, EC3. 

Ground Floor 1,182 sq.ft. Rental £12,400 p.a.e\\ 

Stevinson House, 

Fenchurch St, EC3. 

First Floor 1,966 sq.ft. Rental £21,500 p.a.ex. 

Fumival Street, EC4. 

Third Floor 690 sq.ft. Rental £4,750 p.a.ex*. 

Walker Son&Packman 

Chartered Survejws E^-hodinis.:- 

Blossoms Inn 3-6 Trump Street London EC2V 8DD 

01-606 8111 

Branches m U.K .‘and Ovw 

r :;?AePt : • • . bflr' 

~ Jo^^-jriidSiOi^s . 5tvi ; !e.5^ 
or fi' • ' , ; 

, - L "Gentrel . . 

. , . _ PETERBOROUGH ■ tbndoiv • 

M 51 ’ ■ • RQKD< b; ' " ; s ■ iGMil'er/ . 


Opposite . ; s --v 

# 8.053 TO I.ET 

Station Mm'- b. • b : ' 

.■ , Scte A'Qe^tS' „ • 

Henry ^ av ‘ s & Company 

1C", ,,, ■ 3: -'d Wm • 

A fine 


Office Building 
in Regent St,wi 


30,000 sq.ft.To Let 

at an attroctive initial rent 


c j y!,cli Htj-.V-vew ' u -?. ' - 

Te!eui»ne:i«M 2»234 

Richard Ellis 

i: i V i.-.cC-U 

T-V i .vl-Ivi* T; -' l 




When real estate is < 

Mencedi \ a wonderful lined 

Ete&iitftman !e$£m«.h. 

Q2 picture! 

Situated very close to the Country Club, to the Beach and to the 
Sporting Club. Two luxury buildings in a wide park with 
swimming-pool, panoramic view of Monaco and of the sea 



Commercial offices: 


7, Avenue Saint Roman - Monte Carlo 7 

Tel. 50.84.44 - Telex 47.92 23 MC. 

TO, Boulevard du Theatre *** 


Tel. ( 022 ) 21 . 16.88 
Telex 289199 S1PI-CH 

The i iisehoid Irii erost- in :t rnsperjo dfyu.iTdmg 
having 76T:.years unexpired at ittYxed-peppercom . 
/ground tc-tu, feotTeredfor.saJeAVith viieantppssTi's'io: 

Form'eriythe. Mayfair .Bakery. iopsera has . 
>--:h qb : am editor rcia.l ana oificS iise> rth and ' 

^ .flcpr^'3596 sc/rh : •>' 

. Spieagems ••/ : •/./ 


LondorrWlV 9FD .- r 

& Chinnocks 

44. 4^ £ r-» S:ree: 
ec-^or V.tY * YB 
01-4081161 ' Tele 7. 22': 05 

Btumih H.imbut(jj Butirnln 
Dubni Toronto Now York 
Sydney . • 

This fine Residential and Shop 
Investment available as a whole or 
as two separate lots 

36 Flats 8 Shops 

Long lease for sale 



Opposite London Bridge Station 

Amenities: High speed automatic, passenger lifts. 

Full central heating. 

Male and female toilets on each floor. 

Richard Ellis, Chartered Surveyors 

64 Cornhili. London EC3V 3PS. Telephone 01-283 3090 

L ’•Ktta-.Vl 'sC-'. Kin Firtnnr. jWUnn .l|i Aim.. ( , 1.1 S 4 (?■•••• M S'tjPO** M|J"1 ► »»e 

for a town 

IT MUST be increasi ng ly diffi- 
cult to find a. town, oven a 
village, that hasn't had a recent 
visit from a developer searching 
for a new shop site. And to judge 
by the number of town centre 
shopping schemes to be sanc- 
tioned in the past 12 months', 
the relatively short development 
i period for these schemes, and 
the prospect of tapping the boom- 
ing retail rental market, clearly 
provides developers with a per- 
suasive case when angling f° r 
institutional backing. 

Private developer Arrowcroft 
[Investments is now hammering 
out the details of- institutional 
finance for a £10m. shop scheme 
in the centre of Chester. And 
with a pre-letting to Tesco for an 
80,000 square foot superstore- and 
to Boots for another 63,000 
square foot unit, Arrowcroft 
goes into the negotiations with 
the unusually strong hand of a 
secure forward rent roll of 
around £500,000 a year. 

The six-acre site, which fronts 
onto Chester's Foregate and 
Frodsham Streets, was 
I originally assembled bv a local 
group, the Union Canal Company, 
in partnership with Norwich 
Union. Arrowcroft and Us con- 
tracting partner. Crude n Develop- 
ments. bought the land, revised 
the first scheme, and their new 
plans have now been agreed by 
Chester Borough. Council, which 
has acquired and leased-baek the 
land on a 125-year lease. 

Work starts on the Chester 
scheme in September, and the 
stores will be trading by 19S0. 

The 275.000 sq ft. £14m phase 
two of the Basingstoke town 
centre development is also due to 
start later this year. BP Oil 
trustees, advised by Debenham 
Tewson and Chinnocks. are 
financing the project, Basingstoke 
and Deane Borogh Council, using 
Chestenons as project managers, 
are acting as developer. Phase 
two will be completed by Easter 
1981 and Healey and Baker, joint 
letting agents with Chestertons, 
have already pre-let the 190.000 
;q ft of prime store units to Owen 
Owen. Boots, Sainsbury and C 
and A Modes. 

On a more modest scale Hcndy- 
vale. the private Heritable and 
General Investment Bank's pro- 
perty arm. starts work this week 
on the 70.000 sq ft £2ro Rowland 
Hill shopping centre in Kidder- 
minster in partnership with the 
Wyre Forest District Council. 

Hammond Phillips Partnership- 
letting agents for the 22-shop 
precinct, expect the scheme to be 
trading by Christinas, 1979. 

The Clifton Down Station “hup- 
ping centre at Whiteladies Road. 
Bristol, will also open in time for 
1979's Christmas trade. Work has 
now begun on the £4-5m p inject 
on British Rail land. An Alfred 
Booth and Company associate, 
Thrasylus Properties, advised by 
local agents Latonde Brothers 
and Parham, has been working on 
the development for 15 year-. But 
it toook pre-lettings to W. H. 
Smith, Sainsbury's and Boots to 

draw in a financing partner, in 
this case. Provident Mutual Life 
Assurance. King and Company 
acted for the insurer, and Wil- 
liam Cowlin is building the three- 
store, 20-shop, and 20,000 square 
feet of offices on site. 

. • 

LAST YEAR'S scruffy warehouse 
is today's prime investment 
property in Covent Garden. 
Interest in Co vent Ganlen 
property has heightened since 
the £2ni refurbishment work 
started on the former central 
market buildings, and since a 
collection of new restaurants and 
shops has drawn trade back to 
the area. 

In one of the largest, and 
longest, letting operations in the 
market, Knight Frank and 
Rutleyl acting for the Covent 
Garden Authority, has now com- 
pleted letting of the 70,000 
square feet of offices, shops, 
studio, warehouse and factory 
space in the T. J. Poupart fruit 
company's former buildings on 
the site bounded by Long Acre, 
Langley Street, Neal Street and 
Shelton Street. 

The agent has let some 10,000 
sq feet of offices at rents of up 
to £5.75 a sq foot, and has 
achieved rents of- up to £4.50 a 
sq foot for small industrial units 
in the block. 

Further into the market St. 
Quentin Son and Stanley andi 
Covent Garden specialists E. A. 
Shaw and Company, have set 
new levels for refurbished office 
space by letting National Provi- 
dent’s 9,300 sq foot building at 
35/36 Bedford Street. W.C.2 for! 
£7.36 a sq foot L.A.P. Advertis-j 
ing. part of the Guinness Group, 
has taken a 15-year lease on 
the space at £68.500 a year. 

An even more impressive 
gauge of interest in the area is 
the fight for Fletcher King and 
Megran's old warehouse building 
at 44a and 44b Floral Street, 
near the Royal Opera House's 
box office. The agent, acting for 
a private investor, is marketing 
the block with planning permis- 
sion for conversion to 4.115 sq Ft 
of shop or restaurant space. 
3.840 sq ft of office and — rare in 
the market area — four two-bed- 
room flats. A year ago it would 
have been hard to find a taker for 
the unconverted 19th-century 
building, now even a £300.000 
asking price hasn't deterred a 
small queue of would-be re- 
developers. ; 


THERE ARE signs of resistance 
to higher West End rents in Les- 
lie Lintutt and Associates' JuneJ 
survey of air conditioned offices. 
Three month rolling average 
figures show a steady increase in 
space available, to 15m square 
feet, at average asking rents of 
£11.55 a sq ft. Yet there is 
still a rather feeble take-up rate, 
a three-raonth average of just 
88,453 square feet in May. More 
dramatically, average asking 
rents on the space taken up has 
slipped from a February peak of 
£9.64 to £8.34 a square foot only 
two-thirds of the overall asking 
rent level for this quality of 


Newcastle Upon Tyne 
CaleC ioss fjouse 

h 107,000 SQ. FT - - * 'Gas fired’ central heatmg. 

■ 65 Car Parking Spaces wTo ba let in floors of 

■ 5 Lifts. - approximately 

■ Carpeting throughout 5,000 SQ. FT. 
the offices area. 


32 St. James's St., London SWLTel: 01*433 4121 

Higham House, New Bridge Street, ' 

Newcastle Upon Tyne. Tel: 0632 26291 



■ ■ •.* •>;••■■■■ ji*' 






UNIT I 20,000 SQ. FT. Include* o ffuuixfl. 

Factory 1 60ft. x iOOft. 35ft. to EayejJr '.«■! 

UNIT II 15,000 SQ- FT. To indude^S*.- .. 

JfiOfc. x 95ft. 35ft. to. Eaves. To bd ytomptewd 
Further Development 31 ,000 sq A.'; ' 

GOOD ACCESS A5/Ml/M6^f42 v ;; V 

Further details from:-' .. . 4 f . 



,jw itb capital tax losses 1 of 
•:V' "between £i/£L , million 
Detai&tb 'imrdiiasers*.agents.- 
, - please:. ■ 

-'ButawSwe Whin, 
- B rite toy 5ww. tiWhw W1X COE. 
Ttfeph ofe: BUM Zm Tejex: 2081 



Richard Eliis 



A Mar (Stanley) A Price, 7 SL Stephens 
Street ESI IEG. Tel: ErutoJ (i/2J2( 


Connells Commercial. Estate Agents. 
Valuers and Surveyors. 5 L upcr George 
Street. Luton f 05*2 1 -J1C61. 

Kiiray, Estate Agents. At) SL Loyes. 
Bedford. Telephone: iteJIi 50952. 


Chancellors and Co., Ovrtmercia] Pro. 
perty Uffloo. J6 Grcyfrurs Road. Read- 
in«. WM 53G&XIH. 



Ekiu. Dillcy and Handler. Cbariored 
Surveyors. Centenary House. Hunting- 
don PEIS 6Pt) i and a i Klaglcsuade. 
I'ambntlgi-. Ely. Si. Dos and St. Ncmsi. 
Tel: HunuDBdon 56171. JO Unea. 



Dixon Henderson S> Co- Chartered 
Surveyors. 22 W nines Rd. ■ 051/ -CJ 1237. 



Bait-sum Eves. 73. High Street. Brent- 
UDOd. i(K77 226222.1 


Glenny (A.) Si Son. intartered Surveyors. 
5" Easl Street. oi-JM 3017. 


Glenny (A.) & San. Chartered Surveyors. 
12:i New London Road ULMai 5JJ74. 
Taylor ft Co.. Chartered Surveyors. 
Commercial and Industrial Agents and 
Valours. 17 Duke St. Tel: i0245> 53561. 

Derrick, Wade ft Waters, Terminus 
House, The High. Harlow. Esso* 
CM20 1UT. Tel: 39191. Telex: 317513. 
Walsofl, Temple, Talbot ft White. 
Chartered Surveyors. 34 Clarence SL 
Tel: 107021 830717. 

Powell and Powell. Chartered Surveyors. 
Commercial and Industrial Specialists. 
S7/41 Clarence Street. Gloucester GL1 
iea. Tel: 3M44 also at Cardiff 37666. 
Lawson & Lawson. Chartered Valuation 
Surveyors ft Estate Agents. 3 Regent 
Street. Cheltenham GUO lHF. VJ42 


Sultans, Chartered Survey ora. 60 Spring 
Gardens. 061-332 3103. 

Eight brant-hes in Nonh Cheshire, one 
In Derbyshire, and one In Yorkshire. 



Hall Pain ft Fester, Chartrred Surveyor*. 
Valuers. Estate Agents. 39 London Road. 
Southampton 1 07(G) 23915. 



Mault ft Cb., r.i.c.S., Com. and Ind. 
Property and Development CORStUtanu. 
Salisbury So.. Hatfield. Tel; 0479. 
ft. J. Altdibon. Chartered Surveyors. 
03 Marfowes. Hi-mel Hempstead 2446. 
Cordon Hudson & Co.. 4-9 Queensway. 
Hemet Hempstead 5(1263 i7 linesi. 

Keodalu, industrial Dept.. 44 Eroad- 
uay. Leichwortb 3772. HitdUfl $9643. 
Stevenage 53309. 


Gordon Hudson ft Co-, 147 The Pararfe. 
WaiiQnf 39TU ao Unesi. 



Borrows ft Day. Chartered Surveyors 
and Lsratc Agents. 29 41 Bank StteeL 
Tel: .vshford 1 02321 24221 
Geering & Colyer. Chartered Surveyors. 
Bank Street. Aitilord. Tel: iD233i 24561. * 
Baxter, Payne ft Lcpper. Chartered 
Sun-eywo. 19 Easl Street. B1-4M llfil. 


Frail Champion ft Frail, Chartered 
Surveyors. Auctioneers and Eitale 
Agents. 7G Spiral Street. Tel: 2S88L 


Gocrlng & Colyer, Chartered Surveyors. 
6 ertman House. King Street. Maid- 
stone. Tel: <06221 5B89L 22.-24 High 

Stn-ci. Tunbridge Wells. Tel: <0692> 
251.16. Bank Street, Ashford Tel: (U233J 

Tinsley ft Clinch. Vainers and Estate 
Agents. New Romney. Tel: 067B3 3194. 

Hudgins ft Son, FRIGS. House AsenU. 
Estate House. Seveuoake. Tel: S235L 
Geering ft Colyer. Chartered Surveyors. 
22 "24 High Si rest. Tunbridge Wells. 
Tel: '0892 1 23126. 



Derrick. Wade and Waters. Vm centre. 
Lords Walk. Preston. Lancashire PM 
1DU. Telephone: an5S. 

■Walker Walton Hansen, Chartered 
Surveyors. Estate Agents. Auctioneers, 
Commercial ft Industrial Property. 
Plant ft Machinery Sales ft Valuations. 
27 Market Place, Melton Mowbray. 
Leicestershire, Tel: c 0664 1 6<a55. 


Broaden ft Ce- Chan. Survyx.. Estate 
Agents. Silver Street. Lincoln. 9522 31321. 



Balrstow Eves, Aldermans House. 
Bishaii White. EJ2. 01-622 1351. 
Chestertons. Chartered Surveyors and 
£siBir Agoou. CUy. Holborn and 
Decentralised Offices. 9 Wood St.. 
EC2V 7AR. 01-606 3055. 

City Agents, Office SoedalUts. 12 Well 
Court. E.C.4. Tfcl: 248 :t751. 

Collier ft Madge. Chartered Surveyors 
and Property Consultants. 5 SL Bride 
Street. London EC4A 4DE. 01-353 9161. 
Conrad RKhlat & Chi.. Consultant Sur- 
veyors and Valuers. Plantation House. 
Pem-burch StreeL ECS. 01-623 SHE. 

Da Groat Collls, Estate Agents. Vainers 
and Surveyor*. 163 Moorgate. KC2M 
6\B. 01-638 4704. 

Kcmsley. Whiteley ft Ferris, Chartered 
Surveyors. 20 Ropemakcr Street. E.CX2. 
01-023 URL 

Newton Perkins, Surveyors. Valuers and 
Estate Agents. 19 North omherland Alley. 
B.C.3. Tel: Ol.fflS 4421. 

Smith Mdzack. Surveyors. Valuers and 
Estate Agents, 17 St. Helen's Place. 
ECS. Tel: 01638 4591. 

John D. Wood. Surveyors. Auctioneers. 
Valuers and Estate A Kents. WamTord 
Coun. Throgmorton St.. EC2N 2AT. 
Tel: 01-5SS 0557. 


Richard Carey ft Partners. Chartered 
Surveyors. 15 16 Buckingham StreeL, 
Sirand. London WC2N 6DU. 01630 S996 
De Groot Collls, Estate Agents, Valuers 
and Surveyors. 3U9'.1I0 High Holborn. 
WC1V TLX. 01-831 7651. 

Lander Burfleld, Chartered Surveyors. 
Hareur Bouse. "6/3S Lamb’s Conduit 
Street. WC1N 3LL. Tel: 01631 G3II. 
Nisei King ft Puutr’s- Surveyors. Esr. 
Axents and Valuers. 61 Carey Street, 
WC2A 2TG. 01-405 4494. 

Tuckers ft Co., Ciurd. Survs.. 19-30 Bow 
Street. W.C.2. 01-340 1351. 


Anthony Barriman ft Co., Surveyors ft 
Property Consultants. Slandbruok House. 

2 3 Old Bond Slrert. Wl. Tel- 01-409 099L 
Ayion Hooper, Chartered Surveyors and 
Estate Agents, l Albemarle Sl. WTX 
SHF 01-4B9 6111. And’branchea In West 
London and Birmingham. 

Chestertons, Chartered Surveyors and 
Estate Agents. West End Offices. Fnc- 
tones. Warehouses, etc.. 90 Gnavenor 
Sir.’et. W1X nJB 01-499 0404 
Connells Commercial, Estate Agents. 
Valuers and Surveyors. *2 Grosvcnor 
MlWt. WIX BDA. OL-493 «2. 

Conrad RHAIat ft Co.. Cmuwltant Sur- 
vi'Jihh and Valuers. Uflner House. 14 
Maucheilt-r Sn.. WIM 8AA. 01-935 4499. 
Davis & Co.. 63 Berners SL. w.i., Esl 
A gents. Valuers ft Surveyors 01-637 lost. 
Oe Grow Collls. Estate Agents. Valuers 
and Surveyors. 9 CUfford StreeL WlX 
SAL. HI-T34 1304. 

Harrison ft Ptncre. Office Specialists, 
.77 Blaudford Sl.. W1H 3AF 01-488 812L 
Leavers, 38 Bruton Street, .WlX SAD. 
Tel: ot-829 4261. Offices In Edinburgh 
and Assoc, office in Dublin and Malta. 
Anthony Lip ion ft Ce~ Office. Industrial 
and Investment Surveyors. 33 Current Si.. 
W.I. 01-491 2TU0. 

RellT Diner ft Co. (Office and Camracrdal 
Property Specialists). 179 New Bond 
Street. WJY 9PD. 01-491 3154. 
lan Scott ft Co* ~ Estaro Agents and 
Surveyors. Berkeley House. 20 Berkeley 
StreeL London. W.L 01^93 9911. 

Smith Mettack. Surveyors. Valuers and 
Estate Agents. S Cork StreeL w.i. Tel: 
0I-KS 053L 

James Andrew - ft Ptnrs., Consultant 
Surveyors and Estate Agents, G2 Pall 
blall, London. SW1Y 5H2. 01-839 4438. 

David Baxter, Commercial DepL, J6S- 
170 High StreeL Penge. SE20 7QB. Tel: 
01-659 1638. 


Michael Berman ft Co.. Shop Office ft 
Industrial Specialists. 5AS Regents Park 
Road. Finchley, NJ. 01-349 S21L 

Bennett ft Co^ 167 Cncklewood Broad- 
way. NWS. 01-452 8666. Specialists ui 
commercial and residential properties. 
Philip Fisher ft Company. ■■ Fisher 
House.” 379b Hendon Way. London 
NW4 3LS. Tel: 01-203 6585. Incorporated 
Valuers. Auctioneers and Surveyors. 
Salter Rex, industrial. Shop. Commercial 
ft Residential Specialists. 285 Kentish 
Town Road. N.Wj. 01-367 2071. 



Dixon Henderson ft Co* Chartered 
Surveyors. 44 Old Hall Street, L3 9PP. 
Tel: 051-238 4458. 

Ramsey Murdoch ft P biers. Commercial 
Pro Dirty and InveHmcnt Valuers. 48 
castle St.. Liverpool L2 7LO. 951-238 1448. 

R. F. Spark ft Co., Chartered Surveyors. 
21 Dak- Street. Tel: 051-338 08S5. 


Dixon Henderson ft Co.'. Chartered 
Surveyors and Estate Agents. 9 ClauKft- 
ton Street. WA10 1HJL St. Helens 54417. 



APC International, Industrial and Cnm- 
mrrcfdi. Surveyors. Project Managers 
and Property Consultants. The Lodge. 
Harmondswonh. West Drayton. Middle- 
sex. 01-759 0968. 


Horne ft Sons, Chartered Surveyors. 
161 Blah Street. Tel: 01-578 2244. 

Richard Brampum ft Co n Surveyors, 
Agents and valuers. 25 Windsor Rout. 
Wraysbury. Tel: Wray Shu rr 2288. 

Emmftt Rat h bo ne. Comincrclal/tnrt us trial 
and Restdemial Surveyors. Valuers and 
Estate Agents, 15 Clarence Street. 
Staines. Tel: Staines 59321. 


Turnbull ft Co* Chartered Surveyors, 
S'lO Bank Street. Norwich. Tel: 60381. 
IS Blackfrtare St., Kings Lynn, and 
Market Place. HoU. Tel: 3343. 


S. D. Ellison ft Partners. 24 Northumber- 
land Road. Newcastle-upon-Tyne. Tel: 
I0S321 24024. also at Edinburgh. 

Storey Sons ft Parker, Chartered 
Surveyors. Newcastle 9833 26391. 

Middlesbrough 0642 4S30L Stotosley 
0642 719553. 


Arnold Bennett. ARICS. 20 Sheep St- 
NorrtaaramtKL Tel: « 08841 35517. 



Walker. Walun Hanson, Chartered Sur- 
veyor?. Esiale A Rents. Auctioneers, j 
Commercial and industrial Property , 
Plant and Machinery. Sale and Valin- | 
cions, 45 StocfcwcU Gate, Mansfield (06231 



Beardsley Theobalds, Commercial amt 
Residential, Market StreeL 0802 4S75L 
Cavanagh William H. Broom, Property 
Agents. 92 Friar Lane, Nottingham. 
Tel: M»02i 48747. 

Lindsay FrossatL Bank Chambers.' I 
Mount Street, Nottingham. (06021 4UB23. 
Associated with Edward Symmou ft 
partners of Load on and Manchester, 
Neales of Nottingham, Chartered Sur- 
veyors. SO Brldksmlth Gate. 0862 5331 L 
Walker Wilton Hatuon, Chartered Sur- 
veyors. Estate Afwnts. Auctioneers. 
Commercial and Industrial ' Pranerty. 
Plam and Machinery Sales and Valna- 
tinnss Byard Lane. Bridlcsudih Gate. 
Nofttrudiam tQ802 i 54272. 


Lacy ScatL Commercial. Agricultural 
and Residential Surveyors and Auc- 
tioneer!. ^ Hatter StreeL (0284) 63531. 



Cubit* ft Wett, ^Co mu te r rial Surveyors, 
44 Hi gh Strwt.'fiuitdford, Guildford 
04S3 77277 or 60565. l 13 offices In Surrey. 
Sussex and Hampshire. 


DavM SmWtyus Psrmeflihlp, Commercial. 
Cotisultanu, l west Street. Woking. 
Tel- Woking SS6S6. ■% 

Mann ft C&. Chartered Surveyors, 
Woking. Guildford. Camho-ley. farD- 
ham. Rlnasajp-atJon-Tbanieff: ' Waittra- 
upon-Tbames.. 6B Associated Offices 
throughom Surrey, Hants:.- Berks.. 
Middx.. Sussex and Dorset. Head. Office: 
22 Commercial Way, Woking. GUffi IBB. 
Tel: Waking (04882) non tie Tines). 


Clifford Damn Commercial, Chartered 
Survey ora, Albion Bouse^ Lewes (879X61 
4375. tjSix local offices.) 

Eric Mar-chant ft Co„ 51/53 Church RxL. 
Hove. ‘Tel.' (8213) 71383. Commercial 
and Professional Departments. Sales, 
Lettings, Acquisitions. Valuations, Rant 
Reviews, Surveys. Platming Manage- 
ment. - Offices throughout Mid-Sussex.. 
Stiles Horton Ledger, Surveyors. 6 
Pavilion ' Buildings. Brighton. (0CZ3) 
21581. and at Hove 728771. Eastbourne 
38244. Worthing 37992 and Crawiey:M68SL 
Goo. White ft Co-, (Commercial Depart- 
ment:. 28/28 Ship Street; Brighton. 
0273 291 IB (S local offices). 

CRAWLEY. ....... 

Philip James Associates, 13 High -&.V 
(03931 ZU58- Telex: 87566. - - . . 

John stldrity . ft Co„ Chartered Sur- 
veyors. 14 -Brighton RoatL Tel: 26425. 
Gearing ft Colyer. Chartered Surveyors, 
133 South -Road. Haywards Heath. 
Tel: 10444) 67311. 


Kins and Chaxraorc (Commercial) 
Carfax. Boabam. Teh (84D3) 64441 1" 


Powell and Powell. Chartered Surveyors, 
CommerciB) -and Industrial SpeciaHsta. 
6-7 St. Jabns Square. Cardiff CPr 3SB. 
Tel: 27988. also at Gloucester 38444. 


David EL Little PtnersL, Chan. Survyg M 
38a. Caroline SL. Mid Glam. 9836 58445. 
Cooke ft Arkwright. Chartered - Sur- 
veyors. Commercial, industrial. Agri- 
cultural SneclaUats.- Offices at Cardiff 
454.'^. Bridgend 5£ul, Swansea 51612. 
Havcrfordwesr 4349. Bangor 2414. Here- 
ford at2i3 and London Di-Jgfl 4949. 
Fisher Ablitt ft Co, Auctioneer*, ffigh 
StreeL LL38 9 AD. (8634) 719388. . . . 



Ayton Hooper. Chartered Surveyor*, 
921-643 S8l 4 (see West London). . 

Coo. Fisher ft Son, Esl Agents, 39-24 
High Street. Hartoame B17 9W. 92L-427 . 

Yorkshire- .V ■ r ' V"' r .? 

SHEFFIELD ' ' ■>- - 

T. Saxton ft C»^ Chartered Surveyor*. 

- Estate Agents -and Vihrer*.- 5T Ctueen 
Street. Sheffield <07«i J7B35. and 19 
The. Croft*. RotbertdBL: - New office: 
sr Marh Jtiace.^tionL-TeO: 70474S- y 

Eadoo LoddoHd ft Rhffiio. <ffiariyred 
Surveyors, Property Cd»rtiiluuitv.-fi»les 
And- Advice Ug connection ma. Com- 
mercial ft Industrial Properties. Port- 
folio. Prapexty ManagemrtM tirvt^jBenr. 

6a CanRm -Lane.' Sheffield ST2EF. Tdlr.. 
71277. Telex: 547490. SLR. - 1- 

YORK . - 

Broader ft Spencer. -SiwveyQnr, Vs&ierff,; 
Estate AgpdttV -AtKdioneeHf^.ahd^fBitinc^ 
Surveyors: 9/7 Bridge Street; ;Ypit T3at 
10904) 21441. ,V : 

.'SCOTLAND " / :• / 

: Ball learmn.' Chartered -. Suiwyptftv, 
Aberdeen.- ^Ediffirargh. Glasgow. London. 
Perth, Walker fit, Edinburgh, sn-223 
327L . .» ■-./ - 

HU Her Parker -Moy ft J**Wdeo.S 
Charlotte StreeL 83L-4ST 8981- ' ^ 

.ABERDEEN - - . •• • •- ‘ •, si- : 

BunMtt (F. G.r, Orartered, Snrreytw. 
Vainers and -Estate Aaenta. U- Rrtrisww 
Terrace.. 1W: (0224) ff7286L-. . 

James IL Thomopn (Properties) l«. . 
23 Crown" Street. Aberdeen, ADI 2HA- . 
Tel: 9234 SMSB. 

Webster ft Co- Chartered' Surs’cydrfc. 

89 ■ Union StreeL ABl. IBB J (0224) 
EDlRBURtK . : • ' r ;"l 

S. D. EIIIhhv 55 Wonh ^CaSUe S^*fc 
831-228 6023. also a( Newcastle- ‘ r 
Leaver*. 78/89 .George ScreeL Tel: 9KI-, 
229 47VL . , 

Ryden. Kenneth and Partners, Chartered : 
Surveyor*. 71 Hanover, ^Street. EHiJEP- , 
Tel: MU225 6333, ' • 

GLASGOW ? t-' ; 

Cenrad RJtMaL ConsulL -Surv: - 

3 Royal Creft, G3 7^. D41-3Q3 3877;, C f T-< 
Ryder), Ken neth a nd ~P«rtn4 r». C fla rtpmf 
Surveyor*. ‘121- West ;Gwrrt-.'5tr«i^ 


BELFAST. •. -v * : ■ . 

U«wr ft Son, 19/29 Donegal] Squire. 
East Hetfasi L f9232t 38940. 

CORK- ., 

Lbney ft Son. S3 Grand Parade. TCot*. • 
Tel: S0T». --’V . 

DUBLIN . V7 .'I:;"' 

Jonas. Laas. Woettan, efiJSJi Dawson St, 
Dublin 2. Tel: 10091) 771501. - 

Leavers. 8 Dawson Street. .Dublin.- Tefc „ 
(96011 774338. , 

Llsacy ft Sena. 24St. Stephen ’a Gn^_-, 
Dublin 2. Tel: fOOM) 784471. Telex: 8894. ; . 


• GUERNSEY- .-. ■/ 

U • Fw pa - Estate --ftBeaqy- .^uaw - 
jQzambcre.- -Glatugny - - Bspumidn, fit*.; 
Peter Part, - - Guernsey.- [.Tel: ,0481- 31 W-. 

Alrey EntwtMle. 3SriM Cross Street. ; Kaaniett Radfety, - '"Chartered. -Snr-:>I- L . 
Mucbesfer M2 7AO. Tel: 0SL8S49177 :oemm 'Aacrferasecr BndpSffiwnt .rf v® 
Balrstow Eves. .Valuer* and. Aue- /Plato. . MacMnerp- ■ aifeTiFactOiff ‘ .l.- 
(loMere of Plant . a .Mschbtery - and ."PramsPB Throuffioiit -UnRM' “JSaSr-ft-. 
Trade Stocks throughout the UJfc. domr PO .BaiT -1. ; 

Aldermans Walk, EC2M SUL. Mrm ffiatr- Wycombe. B«cKi-; /Tefc (OOtTS 
135L • ' - 23334. 

Frank G. Bowofl Limited K EoLJS241^;-' ■ Eta*;' 2*3*- f 

Special igt' Auctioneers And Vainers.- ^pchaji*r:«34. SOW. - 
of Machine Tools- Texiflf. Machinery , ' . . . ■ .-1 •_!* 

Bonders. Ptxm- and Moterials, Trade MPaa. ; ft- ,Ca^ . Qiart^rea:.SarmR»s^> 
Stocks, eti^. in the CJ5. - 15 Greek: ■ i - Soow_- .Hill, Umdop. BOA 4BL*. .. 
StreeL Shaftesbury Avenue. London : T*I: ^1-23ff 3080. Telex:. S854S5. . .. - ; 

WlV 0.YY. - TW: 61-437 3244. ' 'NOnnaar L*vy Associauuf-O vcreeaS ^ • 
Hoeor .Butcher ft Co, ihe. Lem eld. 

Fanner ft- Shu,. A uctioneer * ft 
Vainer*. W/«2 High Moment. London 

wav sec: to-, ai^kmu, aim 

at BtrralQSftun & Leeds. • P™"- « ^EnySWrj .■ . 

EMteitSa Chartered;/ 

imiRimiff.. Butuung. - Plant .1 ' 

Machinery Auctioneers nd Vatanre. S^. Wtrira 
10 Grew STTWf, Loads lasRZ.Tfcl:^ " 

SSJTBk ^ • 

Coteofe Hbw, . Bfnatnghorn. -Tat oas, - .- -. ■- .'-V . 

Oianm-d ' ni.u- j...- -Hnsktsal ft 

«VS& ! 2S l 5g SSKS£ --SBSE- ■■S : SaSSSS>i- 
SSJSSL**- • B “ S S-**'SSS3SS 

. • TW«-' - S€tm W^JSSTg reert 
Head Office. Londoo. . . . .Surveyor* /" -Estate- 

Gpddard -amf- SmHb. 23 Wag Strert, Chancery L*n«- “i/xmnn T 

St. James’s. London swrv bqz. jhaqs bbm. 

Tel: 01-830 73Sr. Vadurre of aJl Plant We*titerefi> 

and audunet? and ■ ludasrriil S avgyow /."Estate^ ftgBH x "" Zh "* lw " 
PfemigWx thro ugh out die . - Hutted -Bouse. B/Bng'SfM e-jt — . — t—t—, _ m 
KffiMioiii and Cbnrtagnt. . .. .Qaer'jMgoftC • 

Mnandal Tjmes, Friday June 16 19/8 

international property 

' on instructions fnc»m 



2 Automatic Passenger Lifts Boardroom *A: 

Central Heating Entrance Vestibtue ★ 

^ .44; Gar Parking Spaces. Efficient Layout ★ 

Staff Restaurant Excellent Natural Light ★ 

Maffinson House 

44-48 Borough High Street 
London Bridge, SE1 1XP 

& PARTNERS 01-407 5321 



£on/on’W.C .2 



An imposing Office/Showroom buikJing formerly occupied by 
Ease Midlands Gas, with planning permission for use as retail 
shop, restaurant & offices. Freehold. 

Total Floor Area 50,000 sq. ft. 



ELR 1 

Eadon Lockwood & Riddle 

ChTrtTred Survayors Estate Agents Established 1 840 
2 St. Jamos Street. Sho.tield SI 1XJ Tei: 0742-71277 Telex 

saj \ Healey & Bilker 

Established 1820 in t&ndon 

29 St George Street, Hanover Square. 

London W1A3BG 01-629 9292 


Modern Single Storey [ 
30,000 sq.ft. I 

TO LET Chamberlain 
lu &Wiflows 

]i«l,iu.- AawiL- • Nin pir. Aa j 

L . 01-8824633 ! 

HJeTTw4cGfConLantoLouJviiM.*5T , jTL[tztiWI&l | 



A rare opportunity to acquire Freehold Premises in 
a prime trading position 

Frontage about iff 6” Total depth about *o ft. 

Existing Floor Area 1.750 sq. ft- on two Hoois 


Rateable Value £4/J63 Vacant Possession on Completion 

Wthhi a few yards or the Lion Yard and oppose 
Bradwells Court. One of the few properties remaining 
private ownership in the City Centre. 

at 3 p.m. on Wednesday. 2Sth June, 197S, at 
Owen Webb House, Gonville Place, Camondge 


7/S Downing Street, Cambridge 
Tel. No: Cambridge 63291 

Close Finsbury Square EC2 

Redecorated and carpeted 
office suite 

Approx. 2,486 sq. ft. 

only £6.50 per sq. ft. exc. 

Jones, Lang, Wootton 33 King Street London 
EC2V 8EE Tel: 01-606 4060 



^Shotbuilding PROV1D]NG1Wu. ¥ 
■ E3 ItaDyairconcKticmed.O Double Glazing □ Fitted Carp 
Q Folly Partitioned U Automaticlift □ Prestige ^tnu* 

O Penthouse Flat □ PMBX4 telephone excha^e 

' Ofificesaiso atBfrmmgl^ ^u^to 

15.32 acres 


” \ with consent, at 


to be sold by tender 

on 26th July 1978 


details available from sole agents 

joiin ixwooi) 

23 Berkeley Square, London W1X 0AL ASB) 

Telephone 01-629 9050 Telex 21242 



LEASE FOR SALE- Oiamberlain 

• • E^an-Agcnty ■ Suni-w* -\atu«s 

, • 01-8824633 

HalcHniDer<reniL«iieeLDiuloiiNU3TUTi.Wx-: , ^l*' 1 


residential investment 


A substantial purpose built block, of 15 hats, over- 
looking a garden square, offered with two adjoin- 
ing houses that have been converted into a further 
5 units.' The majority .of the uhits.are vacant. 

. LEASE: 74 years 

A. ■ . GROUND RENT:. £600 p.a. approx. 



103 Kensington Church Street London, W8 7LN 
Tel: 01-727 6663. 




7,600 sq- ft. ENTIRE FLOOR 

• .. FULL' OF" AILS:— _ 

Henry.Davis & C°mp a ny 

Chartered Surveyors ... 

1 01 New Bond Street London W 1 Y 9LG 
..... . Tel 61-439 2271 . 


sq. 2,100 ft. 

in prestige modern building immediately off 

. • • Snip nanus 


28 i Conduit Street, tclchohi: 

LONDON, WIR. OHH. oi-«« boo?. 


Are you interested in the following? 

HAWAII - Larse Hotel on beach - S1S.000.000 Cash 

HAWAII - Golf course anU country club - S5B5.000 Cash 

Lease or Fee 

HAWAII - Office Buildings - F« s,m ? le “ SI* 000 Casb 

■^ss,“bs^~?S : ;>2ks‘- ™”“ 

81,600.000 to S15 million 

VEW YORK — 4*> storev Office Building — S46.000.000 
**" 7 ye^s old - IO 0 V 0 rented - SI3.200.000 down 

APARTMENT BUILDINGS - Texas - California - Colorado 

Aparl “ e commerrial building - S3S miilion 

LAND: 750.000 level acres in Venezuela — rarnuos land 
Price 59 million cash or Submit 

LAND: Southern California - 90U acres choicest land near 
Los Angeles — master plan for residential 
" Pn ce S5.000 .000 Cash or Submit 

125 No. Clark Dr. — Los Angeles, Cal 90048 

Please call or write <PR1NC1PALS ONLY) 

The above is submitted subject 10 change in 
errors and omissions ofprior sale or lease or MithrtrdMdl Tiom 
the market without notice 


Office. Industrial Property Developments and 
Enquiries welcome from UK Manufacturers and Investors. 
S. Homan. FRVA. C.Eng.. Senior Partner. 

E|o r 


r don 

dson b CO. 

147 The Parade, Watford. Herts. 92-39711. 

Will be in America from end of June to end of July. 


For Clients of: 


freehold preferred 

/ Lower 5l„ane Street 
London SW1 8AH 
Telephone: 01-730 3435 


* freehold club premises 


Rat*? family lounge, cabaret room, restaurant, etc. ln al j 
3£>2?E Turnover 1977-76 LB6.000. rulLdet^cooiact 
Box G— 091. Financial Times. 10. Cannon street, Ei-P -B ■ 

One of the best locations in 
winter as well as in summer 


would suit two families 

TURNOVER FRS. 4,000,000 

60% soft drinks— Luxury class 
with splendid 5-room flat. 
Altogether: Frs.3300.000 cash 
. plus credit facilities 

Write to: — 


13 place Massena. 

0601 1 NICE CEDEX I Ref. 0967) 


Excellent mveitmenH m S.W. VA. 250 
miles of Waihiopcon D C Clow 
to Roanolte. VA. fthe capitil of S.W. 
VA.). 8-15 percent net yearly return 
realistic. 100 acre to more than 5.000 
acre tracts S20Q an acre and up. 
Gramme timber and land value 
increases make excellent investment 
plus Strengthening of the dollar. 


ROANAKE. VA 24011 U.S.A. 
TEL: 703-J4S-6704 




For Sale as a Going Concern 


( 266 deep water moorings » 

45.000 sq. ft. WORKSHOPS 

Offices, Chandlery, etc. 


tfi-FPHONE Q1-62o Iodi 

An Elegant Georgian Mansion 

Set in beautiful grounds 

riahnins consent for offices oi 8.40C i sq. ft. eross 
For Sale by Auction 
with low reserve 
ON JULY 18th 1978 
at St. Philip's House, Birmingham. 






25,460 sq. ft. 


wiih Reception & Office Block 
Loading dock 
— Ample Parking 



30/32 King Street, 
Maidstone, KenL 
Tel: (0622 ) 57225/9. 



£100.000 INDUSTRIAL 


imaeuna m»iv ipriniiieien orcmi*« 

■ built 19Jt»i on Norm Circular Hoad. 

N W 10 near 

Two ’fliers ci othees: shonroori: large 
-•“cnoiise'.vciorv: cam cen: cantamc- 
loading si' tw® lists, oil c.r> ana 
brncroSn-.. generatar. Asking 
£390 000 ■r<!* | Mld reflects nc« *or 
minor retard* Inna 

More detail* from 01-965 8787 

for investment 

afinancialtimes SURVEY 

By Order of the Sussex 
Property Investment Co. Ltd. 




in Burgess Hill and 
Haywards Heath, Sussex. 
"Producing >n total £19.050 pa. 

With valuable revervoni and rent 

review: troir. IVHO. 

10 Station T B J M<, 2 ■ 82 ^' rE ” , H ”■ 

and Hanocka and Haywards Heath 
Soitcitori: — 

Messrs. Steven*. Son and Pope.. 
40a Church Road. Burpas Hill. Sqtaev- 

1.000-13.000 SQ. FT. UNITS 

Do you need temporary accommoda- 
tion? Space immediately available in 
modem fully sprinklered warahouM/ 
factory iN W.10)- with office*, show- 
room. near Ml /A40/M40/A4/ M4. 
Only IS mml. from West End. Lew 
inclusive licence fee 
| 4 o re details from 01-965 8787 

UROMLE 1 — Warenouse 19.000 w>. let j 
B io National Fnelabt Co mo ration £12.500 j 
Sv annum SRI JO years 1976- R« le " 
igB*. Frecnola £125 OOO. Ba.ter Parms 
I libOC'-. 20 Walbeefc Street. London. | 
w 1 aSfi 2B49. 1 

RIDTTINOHAM. PratKSeo factor v soacc. 1 
12 OOO sa- ll - in Arnold. 4 miles north ■ 
June | Ian 26. Ml 4 miles. Ready Seotern- 
October. Rent Details irom 
anenS Hardlno & Co.. 40 Wclbeck 

Strew. London W1M 8LN. 01-436 8276. 
Single Storev Factory and OHice* aonro*. 
70 000 SR- **• Central Position 2 acre 
site. Amble narking, mod neadroam. 
E-nn nOO Freehold or may lease. Full 
details D« rB Son. A Hartley. 1. The 
Grave, iimcv. W. Vorks. Tel- 0943 

H^y2f. 5S M» ODX trr' ,o - 00a - 60 - 000 

brand ne» unite all passible amcnltlej 
£1 85 p.s.f- Goldenberg & Co. 01-491 

ROTNEMITHE. S-E.16 — 1.372-165.072 
so ft. 17 it- minimum helgnt orlve-in 
load! no car. 4. lorry rarkino to earn 
unit From £2.30 pj.f. Goiflenherg 
& Co. 01-4 91 4101. 

building land 

bulldlnfl * ,ls wtenslve sea views 

and southern " Mnect. Existing planning 
consent for seventeen flats with garages 
Close to town centre. All main services. 
Ev 1st Ins raids. Freehold. Price £B0 OQ0 
cubiec- to contract. Details ApoW 
Diamond. Mill* 3, Co» 117. Hamilton 
Road. Feinrttowo. Tel: M. 2M1 12- 



fn all 140 Acres 
with pofsetsiDn 
together with 110 Acres of Woodland 
In hand. 

12th luV. I? 7 ® 


3 High Street Fdmfrirta*. Kent. 

Tel: 07?2 thIAU. 


chi RE Pj. me o' icvr ea.h *».tb 

rl-lno a-:-3inmofl3T'5'' ane.e L i2 f I 

sale* whS amniet* -aMr: WWW". 

ES! -mated Income whe" |rt Lb MO Off 
“num cclusl.e 

joprOTmatelv taur »«?'? Cj--. • 

Haifam "aracueri S C» * ! 

men:, tvortingnam ngi 7DR. 

FREEHtJLO— K>PSlng:pn W.3 — 5 

house. IS romu. 5 Mt» r cijml P.’n 
vacant oossuss'on. tnrgme £”* 000 OO 
Der annum Ofrn inv. rd Wrl c So 
T iqod Flnanc al T.mes. 10 Cannon 
Street. EC4P 4BY. 



NEWBURY. BERKS^ Wanted iqr elicnis 
wi-tan Z0 m '! es , °i Newbury. Irecholfl 
ijgni industrial site about k acre Would 
also consider coining building 10.000- 
15 000 54- Leonard Brjison. FRICS. 
1 ^ a «iiciview. Cobham. Surrey. 


Business flats available 
together with accommodation 
call 0272 34563, or wile lo 

1 Harley Place. Bristol S. 

r.iv cdiNGc. J.60O sc. it mooern 


Times 10, Cannon Street. ECOP 4 ht 
ndice moct and worKsnop 3-SOO so K 
Close to Motorwav connections M6V 

ll; 05 6? ana De«-,ck 

1 Jiride A Vvjicrs. Preston 57/58 
CENTRAL HARROW. 5.000 SQ> ft- 

lent Mli-conraincti office* Morffrrn buiio- 
>ng C mlh oarr..n 3 ESO OOO P i. Smaller 
suites also available. Apply Corbett 

LONOON* Vc%°-lT0 Q S2 sa ; « 

tet •ssfzsrusrt cS. 

BRENf 0 Vr®. 41 N.W.A — New Olhee BIKk 
*8.400 w It » Let *mav divide) All 
amnniiies. immediate possMilon. I 

A Turtor. 16 Hanover So.. W.l Tel- j 

roLUERS woOD. S.W. 19 «do» Wimble- > 
“tolAkhmo” Mw Omce Block 11.000 j 
so. «. to Lei c*i» I^c3- All ameni- , 
nes. immediate oossesnon. Lowb A ■ 
Tucker. IS Hanover So., w.l Tel- | 

MAYFAIR— 5.300 sn. it. SC HuMdlng , 
"* For rent or lease for sale. James & | 
Jacobs 01-930 3261. _ 

BOURNEMOUTH— CcntraUv. situated Show - 1 
room iSto rage premises suitable lor manv 
other tlSn. TOlJl floor flfTi abOUt 
8^000 ic. u Vacant Pttttsslon. £60 ODD 
Freehold. Sole Asents— FOX ft SONS. 
44.S2 Old Christchurch Road. Bourne- 
moutn. 0202 24242. 

JULY 3, 1978 


The Financial Times is planning to publish 
a Survey on Property. The main headings 
of the provisional editorial synopsis are set 
out below: 

IOTRODUCTION The property market 
entered 197S on the crest of rising property 
values and a rise in property share prices. 
Early enthusiasm has ebbed as doubts about . 
the long-term strength of the country s 
economic recovery and the effects of higher 
interest rates are absorbed. But the 
industry’s recovery from the 1973-74 crash 
is now too well founded to be upset by a 
temporary loss of nerve. 


new TOWNS 


For further information and details of 
advertising rates please contact 

Terry Druce 
Financial Times 
Bracken House 
10 Cannon Street 
London EC4P 4BY 
Tel: 01-248 8000 Ext. 7196 



The content and publication dates or Sufvcys in the 
Financial Times are subject to change at the discrelun 
of the Editor. 


Financial Times Friday June 

•a '*;* 


* :•> 7f;*> 

Wall St. falls 10 but Hong Kong advances 

INVESTMENT DOLLAR money supply, it could trigger a National sled companies in Dalraaru, Blidoriya and some newer! advance after a shake-out 

PREMIUM rally. commented Haney announcing a modest 3 per cent other Department Stores were on Tuesday has increased con- eisei-. here. Conti i,umnii aecunec 

S2.60 to £■» - 113 J% (113%) Deutsch. of Purcell (Ira ham a»H nt*ir 4 t*i«a An Khui mill niwhirtM. bousbL fidence that the market wil. ££ 1®. 

money supply, it could trigger a National sled companies in Dalraaru 
rally. commented Harvey announcing a modest 3 per cent other I 
Deuisch. of Purcell Graham and price rise on steel mill products, bought 

J nne I June 

S2.60 to £—1131% (113%) Deubrh. of Purcell Graham and price rise on steel mill products, bought fidence that the market \ul to however 

Effective $1.8305 50% ( 501 %) Co. Bul - he addcd that ** I see a THE AMERICAN SE Market Value Also higher were domestic- continue rising for some t!me with YolSazen 

amid INDICATIONS that the more .serious correction"’ if the Index reacted 0.58 to 150.74 on market issues, like Real Estates, to come. „ to ■,* nvieia while 

Wall street stock market is enter- • st0L ' k maJ j ket faik 1° rebound in volume of 4.80m shares (5.65m). Chemicals and Sugars. Nippon Among the leaders. Hung Kong Fnaineenr-^ provided ’another' 
l„ '. a S55eu« DhJse Diicc! «- ** next few days. Husky Oil moved ahead 3i to Refined Sugar, Guile and Koateu Bank rose a0 cents to HM 118.00. l0 CMlIS 

treated sharolvofer a broad Aftfr the market close, the Fed $45 " Petro-Canada has raised its Gas were among those to improve. Hong Kong Uind a further 4o ^iSde I S to D?S49S 

front* hi S^.l£Ssb B «JSa UK? SS^TZTSSt bid f0r HUSky 10 0,52 3 Shafe response H A"' 6 ° “o flK MO^d lett" SSTSkw on 

trading yesterday. 1^' 'S? ShHe the briade Tolrvo T™o Jardine Matheson 50 cents to being requeued, folding the 

The Dow Jones industrial Aver- K°SS-ure rose SlOOm 1 ° k y° Komolos remark That additional HKS 15 . 90 - . . , j E™“ J?«L* , SSWffl-S 




radin- vestertav M1 «« unchan e ed in the taunt 

The 'industrial Aver- T ° k y° 

a"e tame back 10.31 to $44*3 and ~ 

Kornolo s remark that additional HKS 1 M 0 . . , „ 

steps, including a large sup- Properties were again favoured. DM94./ on nev\s of the Veba share- 

a , , l" . WT ir, T4-1 p CTirci r% r.eoch nffpr 

v 7 sf I nZ The Wmmerce Department re- Share prices were mixed with Meps. including a large sup- rmwt m were a 

il , V 0 "!" 0 ?! In iu P° r,ed that U -S. inventories rose an easier bias in another modest Pigmentary budget, would be* Hong Kong l\harf adding 

declined -i7 cents to S-oo.3 . while s3 S .i bn in April after a !5.44bn business as a wait-and-see mood necessary to ensure Japan reached at Hk$23.o0 and New World b 
. outpaced gams by I.lo.i lo j um p jn March. Purcell Graham's spread over the market as h 115 4 Pf r wnt economic growth cents at HhbLS*. 
volu ? ,e Haney DeuUirfi said the imptica- result or the continuing plunge target for fiscal 1978. Shipping . 

lo 29.28m shares fro mUednes- Iion is ,hat business will increase of the dollar against the yen on L ‘ nes ^ -finned, reflecune the Australia 

day s very heavy total of 37.29m. borrowing to finance the inven- foreign exchange markets. How- r *S® v ® r y to the tramp market- Stocks again made an irregular 

“ 1 think the market's path of Rories, putting further upward ever, some investors selected the “(?£. w ® e r® Nippon Steel put showing yesterday, although there 

least resistance for the near-ierra pressure on short-term interest issues that will not be hurt by ® n .* 3 to YUT on institutional were a few outstanding bright 

is downwards." commented Harry rates. the yen's rise. The Nikkei-Dow buying, taking other Steels higher, j n ^h e Mining sector. 

Laubscher. of Blyth Eastman Rowan jumped S3 to $26 — Jones Average lost 8.20 to 5,495.01, BH South, after Wednesday's 

Dillon. “The market Is giving it has rejected as inadequate a but the Tokyo SE index hardened HoflE Kon? 15 cents advance on a flurry of 

signs it needs alirt le rest." after §26 a shar eoffer fo rlts stock O- 2 * to 412.33. Volume equalled “ take-over rumours, moved ahead 

its long rise from mid-April, he from Chicago Bridge and Iron, Wednesday’s level of 220m The entry of aggressive London 12 cents further to A91.32. with 

added. which lost 1) to ?56j. 

Analysts said there was also ic Industries declined 11 lo 
some nervousness in advance of 3241 _ Hardee's has obtained a 

.SE close. 

spread over me market, as h «?“»■ ramuwn. Riinde^hank bought DM26.5m 

result oT the continuing plunge target for fiscal 1978. shipping nominal of stock. Mark Foreign 

of the dollar against the yen on Lines a 1 *? -finned, reflecune the Australia Loans were little changed, 

foreign exchange markets. How- re £S ?ep y m the tramp market. Stocks again made an irregular 
ever, some investors selected the ““®, w bere Nippon Steel put showing yesterday, although there Paris 

issues that wiU not be hurt by ° n > 3 t to . . YUT on insntuponal were a f ew outstanding bright 1 tn show 9 

the yen's rise. The Nikkei-Dow buying, takmg other Steels higher. spots in ^ Mining sector. Market continued to «■ a 

Jones Average lost 8^0 to 5,495.91, „ BH South, after Wednesday’s ^otlenwR bw in Jgt voi™ 

but the Tokyo SE index hardened Hoilff Kon? 15 cents advance on a flurry of 

025 to 412.33. Volume equalled IVUa S take-over rumours, moved ahead g" . *««SE sl r f*S9SSL cl 

Wednesday’s level of 220m The entry of aggressive London 12 cents further to A91.32. with Iac ?f d thlr 

shares. institutional bujdng pushed the the last few cents of the gain Wednesday to die effect that as 

Most export-orientated issues market forward at an even faster coming after directors had said J- ^ legtslation wm oe mm* 
lost ground, with Sony ending Y30 pace yesterday, the Hang Seng that they knew of no reason for du “j“. „ e :2 C 0 iirf o ran itat K nt 
the weekly US monev suonlv nn.Vr tnrder blcM-L-in.. tf fmm in off at V1.720 following lower index climbing 18.2S more to the price rise. Volume in the I7„ lQe raplia! 01 

“* Ne "- Srfrt.J.Mf the of Pej ““ on ASU0 to a 

Canon Y4 easier at Y481 and Isuzu Interest was more widespread new peak of AS10.80, spurred on Mm mg issues, were firm gainst 
Motor YG down at Y29L than or late, with good local by the sharp rise in the London * *™ ral an . tl S? d 

Shipbuildings, such as Kawasaki demand also in evidence. How- tin price and also take-over “.u?-- nr?dSninaSd 

Hoarv (ndi>cf>-.« anrt F«kii h«„v mLxed. but declines predominated 

lad. rfiv. yield % 

Slay 86 [ 


I nrf e Hardee's, bur tt it «vm tronI c were Y20 cheaper at Y1.750. past four-and-a-half years, 
and Hardie s, but IC said it will Canon Y4 easier at Y481 and Isuzu Interest was more widespread 

U,. wort, money .apply ro* th caction. Hm-dee^ded jf* yid™ Sl"“ .tan'oT let" SSh sooT'loSi Sy^sUp tbe " geneml trend 

M.-bn, increasing f«ars that the s to Slh, .md Pet { to $50 : . Shipbuildings, such as Kawasaki demand also in evidence. How- tin nrice and also take-over Mechanicals and StorM 

analysts were looking 

decline in the money supply yes- traded at -S 28 J. 

200,000 share block Sugar and Osaka Concrete, also brokers were iD the market to AS4.10 and Utah 

icrrluy. however. 


U-S. Steel, down 1 at 527 J. -Selective buying focused on stocks currently in demand in cents to AS2.72. 

replenish their depleted supply or A94.15. but Thicss came back 3 f-ri'csson, 

«lnpk« purrpntls in .-/oinanrl in i-onrc tn 1OT79 UOili US-lUcg. 

Mellambi “ained bl a, l Other sectors. 
u] aEkT” ml Signifieanrly lower were 
cents more to Weber. Sa tinier Duval, Hachette, 

S Nouvellc, c a leri«, Te.epJ.op^| 

Ericsson, Chiers, BP. Beilon and 

If there is some drop in the joined Beihlehem, Republic and Retailers and smali-size issues. London. Dealers said the re- However, Copper issues were 

However. Simco were suspended 
due to an influx of buying orders, 


A I Ixi- 5*3 

.t-l>litcvttnii>li ... 2^1 1 ! 24 
.\>.-lrui (.iiviUi, 41in i 42 
An- Hnr.hi.-W.. . 30U 1 3C 

AliCO 50 j 5C 

Aitkin iriluni 27 ■ e i 2E 

AIvm 43H 44 

All>?yf. Lu.liirm... 1 H Jji I 1 G 
Allegheny Howtr 17 'is I 17 
AlHerJ f 3912 I 4CI 
Alli«*1 Mum., . . 23^a 24 

Adit (.'licInihTr... 34ij 32 

A MAX 34 34 

AmgraUu Hesir .... 2Bh 29 

AniL-r. Airflow. 12 U 12 

Anrr r. Uraiirl-....' 50 ij 51 
Amsr. Br-wliss-i 50 51 

Amer. i.'hii 40?3 . 41 

A'ltei.t'vnnainirl 30 ^i . 31 
Amer. Kiev. H*>n 22ia 22 
Ainf-r. h\|iiw>... 37 is 1 38 

Am«r.H' , rniyPh> 1 . 29 ‘t . 30 
Anivr. Mr/lMi... 27 ip ■ 26 
Amer. ..6 5 

Amtr. Nil./in-..' 4 1 14 41 

Ain-r-. .‘SmiirtAm. 47 Ag 47 
A mm-. .Mure-... . 33 is . 34 

Anurr. l'ei.j, TVi. 60 >« > 61 . 

Aiiitfivh 35 34 

A M I" 19 10 : 

A MH 33 ; 3 j 34 

Aint-ev lb>; . 15 

AU'.-L-ir Hip-k ms. 28. 3 . 28 

.\nii<-ii-«i bn-di. 2434 as 

'tiiiw.fie*;! 30 30 

A \ HOia 20 ' 

A -ji nierx ».'ir 14 /j 14 

A I-.-. IS Is 16 

A -II UUM (.III 28Ja 25 

Ail. la.-hfli'M 52h 52 

Aril-.- I'lr... . 3 jj« 33 

A V V.' 9. 4 10 

At.- 25T4 • 35: 

Ait>ii I'n-I inii... SB 34 
H»ii Hr- hl»--t.... 2Sij 25 A mt.-ri'.-M. ... 23.; 24. 

Ikiokm-s fr. N.Y. 35i4 56 

■H.rl**ri'll 27 U . 28 

Ui,l«iTniw>uiil.. 431 j 44. 

MuHln .t Hr—I.... 251-j 26. 

fccir.nUi k«u«.n 381* 37^ 

Boll .V Howeu... EO .14 81 

Meii'lu 39'n . 40 

Utfusum Ivin 35; 4 

8vUilt.-lic'>i si*-?.. 23 !>j 24 

Kir, k A. D«.-hirr ... 18?; ' 19 

U. -fills bit; 52. 

Hi.ijr 29Jg 29' 

H. ltr(«.ll 31M 41 

li-.-1 -U Wriiiii.. . 31»I 42 

15ihn:il lui_ 13i; 14: 

Brn-nu-A' 15 15 

Bn-i.r. Miei-.. . 361; 37 

Km. I\rt. Al»i:.. Ida, 15: 
Jar. ,.-l,n ri inm- .. 34 32: 

II.udmua 151- 15: 

Uiu-irti- Ki 1 —. 19,; go' 

Wni.-li... 6’, ' 6: 

Hririmslvn Mini 3i*Ai 40 1 

Kinn«ii:(jr 15 vi 77 

t-Rin(it«ii 9 >hi|i... 351* ! 35’ 
t_ jijutiliftii IMciUv 17'; j 171 

I. RIMl KjQrlOlpIl.. Ill* I 111 

'.RiVRtluD 26'; 27; 

(.■iriw Jl i.i«livni) la': j 1Z< 
i.Rtiei Hriiil.i... I 8lj . IBj 
L xlerpiiim I Mi 57 'a 57i 

l B? I 57i- , 581 

Ii-miac L.jri.n 4 llg 41i 
Lmilml A 16i, • 161 

lut-uumeerl ! 2lifl ' 22' 

kar-yUH Au--rali...| 37 36i 

viiH-*;M«nliRiiHi.l 31»i dz 
' iK-mi-a. bk. M | 40ij ; 401 
l livMlu-h Kni.l. f 24ag ; 28 
1 . lu-»-iif!'V»i»rni...i oOrj 31' 
L'h*.Ri- v Bri.f S t...| 56'j 1 58 
Uiltlfcr I 111* ■ Us 

« menuiR.... j 41 - 41 

■ ■.•nulls Out-- ... 58 'i 6 OI 4 

J lu'HO liil'ii'li.rjin 3 l's 32 

kinii*-. 29 -: 30 14 Net 27^1 . 28 U 

L n.nii /e|ien«t-li a 2 i- 32 Tg 

1 . iminnn- Kujii- lOv. ' 41 

0 'iirli»p H'rlahl.. 171 a 1712 

Uane 20 28 1 3 

Llaii hirtiifin*--..' 43 431 « 

Uccrn 33 34 

IM Monte 26 ig 265 a 

1 Ill- IPs 

Urnippiv Inter.,.- 22 s* 2234 

Uotrnit "B-liP-.n^.' 151 ; 156 g 

Uuiinoo-'^hRmrl. 27 27 

Ui>d»ihnnf> 16 16 U 

L'UMtal h-fut)*.... 51 52 U 

L)U ney < Wall , 42 425 ; 435 ; 44 

Uo» Cbeoilcal... 25 '; 2 B >4 

Umr*i._ 27 27 1 * 

UiW**r 4412 45 lj 

llu IVuii 1171 > II 8 -I 4 

Us mu iD.lmtrie- 30 '; dO >4 

Kiltie 24 '1 24 Tg 

Karl Airline- Hie 12 

ba^inmn K-Uk.. 55 >g 56 ag 
Kamu : 38 o 9 >g 

K. I.. A O i 65 ; I 27 le 

hi Hr<-> Nat. Or- Ibi; I 1 « 1 | 

hi tin 331 s ‘ » 5 U 

hmen . hi hieiil rn.-; 37 ?a 1 30 i- 
t meiyAn Fr'iuhi- 24 a 3 lg 

hmlieii ' 38 '; 08^4 

fa- 71.1 ' ; 258 

hnseihRi,! 23 14 23 1 ? 

hr'llHi-l. ... 32 d 2 *e ' 52 >t 22^4 

Ki-stni 455 ; - 46 lg 

Km ..-In nl Ln mem. 32 ^: 34 

Ke>i. Ile| 4 . .11 Min', 47 >» ’ 3 bJg 
Mreainia* Tik.... l 4 i« | 14 ‘ig 
Km. Aat. k 9 U ■ 29 

t le\i tun ieOij 1 21 >i 

* K nieivAn Fr'ishi- 24 

151 ? hiuhtti 1 • 381 ; 

28 - b-M.I ' .j, 

IS! 1 bnaefheifil : 231 * 

22 'a hmiMi-k 52 ' 225 , 

14 Ki.Mii I 455 ; 

I 61 . Kiii,.*|nnl Lnniem 1 d 2 ^: 

2 HiI Keil. DeH. .iivier, 37 >» 

52 i* HreMi'ia* Tik.... l 4 i« 

31 “ Km. Aat. W 14 1 , >n,. 1 : 91 : 

• Q t IeM Van bOJj 

OfiSa Klllllknll* b 6 l; 

« 2 6 ® Hu« 3 U 

255 * *"iuor ; 385 ; 

K.M.C. 25 n 

oS * Kool Jlsfw 45 i; 

Korem* -1 Mvk.... 21 s; 

k'u KoiI».ri 3853 

Knuikiln Mint.... 
vtil Mi 11 * 1 * 1 , 23 % 

SA 5 ; Krueliai.l 32 *s 

4 a raqiulyl- 1 11 »« 

?q.'^ U. \S lad* 

4 vsi , .e*«*U«t 44 »J 

Uen. Amri.liil...: lU 

fi.A.I.A KBT; 

ji l.l-ll.l-Hl.r 171 ? 

... i.ien. U\ uhiij 76 ia 

151 ••mi.Kietftnn. aB 

Ueiiei*. Umi-....' i£ 
OeuM*- Mm*.... 31 !* 

15 *i Ueiieia. Sl"t>.r,... 60 
32*4 ’-'•f' 1 - Kui ■. I. Ih. . 10 1 1 

15 >i '•■cn. Man* 313 * 

201 * Iff-- 2 ** 

I'Wi. Ivr 

4 qi, 65 g 

77 ■.■e»rciH IViln-.. 86^4 
35 >, eyilt Ui 160 

}?!* u met uf 29 i* 

XXr ..•'••I 11 . b B. K 21 ig 

, 4 , ii.R-i.senr 1 'iri*....' I 6 J 4 

in!, 4 1 ••Mil. 1 so 

lim.t,- w. 1 ; 27 #a 

ti , 1 6 k At Inn I 5 s. 4 w 71 ; 

Orl. Xi.tiIi Iixm.. 231 ; 

TiJ* tirei Ih ••«■!•] ' 135 a 

1D 2 i.nill A W*»t v ni. 15 

22 1 ( bull Hi- : 24 

365 g H rtl itinn. .11 64 Ja 

dz llalllln M tllllm 36 

40 i» H«iu*.iiieuer....; 173 * 

lU'ri* 1 . i.irj^i ' 58 

31'2 Henii tL J ■ aS>R 

5 B ' UenlueiD..... ! 280 

Ij 5 *! Heuieit HR>;kRnl.' 62 14 

4 3 * 1 {Imii.Ihi Inn- , J 8 bg 

3853 | 38ia 

J..I 111 * .IIhii, me. . 311; 31'a 

■l...|iii«.in J..fin*..|i 823a 833 * 

J. .| mm hi O.riln... 293s 29 

his MunulRului'f: 361? 363a 

K. Jlirt Cuff. 247; 24>; 

Kenner A 331* 33Sg 

Knurr ImiuMTi^l 2fg 2 

25 ig 26 

Key • 13 13's 

benmx-nn^ 1 231; 23 3g 

Kvrr Metiee. 457a 45 in 

K tilde Waiter.... j 331; 335.. 

Kimt«ri\ Cwrk ..j 41ij 48la 

Ki'jifiera | 23 24 

hnsil j 48 481; 

■iniijei (A*. I 34 ij 34J; 

I^H-eway Trane.-! azs « i3l S 

Levi *lniue ■ 33 14 1 341* 

LtMivOw-Koni...] 27 bs I 27 J* 

i.k-'em Oioup 1 33 ij 1 33 14 

Liny l til} j H 8 <{ ' 481; 

Ul ton Indu-I.... 22 14 22oa 

O.iel. UeC- ■ A in-r'i I ■ h.3 247; 

Leiue 5tAI luil»...: 197; 203j 

0'iu: 1-ianil Li.i., i9 19 

Liiui-ieoii Ijuiii... 225* 223* 

LnhriMH 425* ' 423, 

Lneky Stmer It l; laJg 

L’he 1‘iinifl'iin: 65g 6 k. 

lU Mi.-rIi ' Hi; lfel* 

Unis K. H ; 4 3 43 U 

Mtis.HNiii.vei...' a75i 1 aB 

U ‘.|ii a3J£ 34 

Mb ns the hi Un 481; 481* 

.Manor Ml 1 Hunt, lrig t lS^a 

XUsn-bRii field .. 23 1* , 231; 

.M«.V Ueiit. »li.rc* 24 j* 241; 

MCA -2 1 ; , 64 

UdLieniH.lL 271? i 27Jj 

?1 LMnneii U>*m. - 2 '* a3n 

II liivst Hm k4U 24u 

Meumrets 43i| 471; 

Met h 6 »i, 59i; 

Mem H l.s Dx-te 19i| . au 

Mesa Pel nvemn..' w , 351; 

MU11 i 6 l; d 6 7g 

Mum MiiiuA llie ; 66 d* 

llutn Cort,.. doI* 661; 

lUmimuio :Ut 1 &U» 

Un ienn J.P. 491* | SOi« 

97* el.Horo.s -Sl- 454 , 

£ 3 1 * Murphy till 397 ; j 40. B 

32 on A'Utjp?. ' £37; I *5-‘, 

12 ; Clieim.* i.„- 287; : 281; 

I 'uluiM Clio : 18aB t 19 

4 h>j I '" ,l - UlMll.eiR,... 2 c 5* 22.5 b 

J.U j >H, S*"i vi..** lift. lOlt loig 

2 g te • 'Hi'snii ibleci... 415, 31 •; 

17 .» 1 41 i* 42'a 

751 , ! •* =4o* • 565; 

& 3 j \v|4iine linf. Italy lbi; 

32'i l■' , al■•n•^ fc«. 21 i; 2 H; 

321^ Litjimiiil lei aa 3314 

60» 5 Unban h 14 141; 

X 6 i- xie^aiiR NiHie. ... 10 s; 10 >i 

311? '. I- liMn>lrl*e . 185; 18t; 

29ia" '•"•in.kAtte-tian 26<i 26>4 

2 aia .Velli Nil. 1**J ... 39 ■ b 4u 

g -T . 'Hill Mult's P« I Bta 2blg 

27 ’ ’ .Mlisse*! tirium 28U 29 

L61'-> - v, l'«eM Mail .*-| 831.1 251; 

-1 1 nil .Mini hi. .. lbW lull 

89 U • 1 x-iiieiitn- I'rfn-i 241* 24J* 

22 j* "ailvt Mnthei .. 55 ’j . 55 h 

16 .; Iviimri la’s l&U 

305 1 Una 15 Sg I 155s 

Ifeshiii 48 Ui 481 * 

l(eriinid*i Met* I-.; 29 1 ; 1 dOi; 

Key iml - 0 K. J ;6 I 57 

Ilkni'scMi Merrel'. 1 . 241 ; 1 25 
ICneksrell Inter...; 320 ! 321; 
Rohm 4 Hus I 34^4 1 34 7 ; 

Hum Dutch 1 571 ; ; 57 lj 

KTK ; 161 ; ' 165 ; 

Uiuk Luttv i 125 * 125 * 

Ky ler System....: 23 S« , 24 fle 
aaren*y'.<torc*...J 4 H? ) 4 J 3 ? 
11 . Joe MmiyraipJ 25 1 b : 26 
3L Itejiis Hiper..., 1 29 1 29Jg 

-vmu Fe Inds j 35 1 3 b 

'ail Inresi • 6 53 I 6*3 

3 axon !□•<■._ J 67 * ; 7 lg 

>.-hiU? rnaimv..! 13 '; : 14 

t>tli> ■ 605 b I 815 * 

-CM 181 ; 181 ; 

"ijnii Hri er l 7 ij ! 17 »t 

-.-vr Mr- ! S. 07 a j £ 07 * 

acudder Duo re. t! cl? uJa 

13 ia 1 13 '; 

Cm.-- Mil» 3 5* 301; | H« nnrrUu,, 

UverseuRabifi* 271* 

..■sseiiR Cnmitiu .. d 1 5 * 
i. 'wens lllmoi-..,. 23 

■’■eiii Liu. 2 h 

I’s uie Lim.Liiiij: . 2 o'« 
fa . P»i. A Lt...- 215 * 
HanAiuW.-rt An 1 1 * 
Parker Hannifin.; l 4 i* 

Pe*lR.>>\ Ini 255* 

Hen. 1’iv. i Lt 21 

HeniiV J. I I o6S* 

j 2^5* 

1 l’en|»ei. Uru:- .... ' 1 Ifi* 

sea LODlaiaet-^.. 29 .* ; d 05 g 

S* 4 trani 24 S* ' 247 ; 

sear.eiU.O.s lo lo?* 

Tear Uoel mt-k™..' 23 5 * ' 23 5 * 

581100 36 r* 37 Ja 

alien Oil 3 2*1 . aBiq 

-lie* 'Imn-i-ui... 391 ; 39 J; 

asenn * 161 ? • 47 U 

Tiirnote L'lty 38 ' f 381 ? 

jinifilh-ltv Pal.... 131 | 141 ; 

Sinuer ' 2 li; 22»4 

amiriiKiine ' 16 '* 75 >i '. 3 le 27 ; 

snutri'.inii 32 '; 321 ; 

-nuinein Cr>. til' 26 J* 2 t t 2 

soul liern Lky lr ‘2 . Its* 

sum. ,\»t. 1 ( 4 . .... 37 37 

son the* n Ha Hi . 325 * da 
xuUiemKaiiniif ■ 465 * , 49 ij 

luntUiSDii 25 0 ■ 29 1 ; 

'■w'l LSan-rwre- .. 27 '« 275 * 

Hiitsai 17 '; 181 * 

? perry Kan- 425 * | 4 c 5 * 

- 4 U 1 U ; 4 *t 1 33 '» 

’ran. lam Hrnn-i . 261 ? , 26 Te 

-Pl.UiiC*. iliiniia' 4 a 4 o 
-bi.Ui. laiiutna..i 4 Bt* • 497 g 

. 01 . U 11 Ohm t 4 I; 1 o 5 

•taud CuemiOR .1 m 2 >; , 427 ; 
•ler'iait Drmj....| lol; ! 105 a 

mi e*«her ta 7 »* . 681 * 

t’-o. 42 ?, 421 * 

a 65 * 471 * 

Tvntex j 307 r '■ 315 * 

Ln.-iiliiinii.ii 121 ? : 11 '; 

lektmmx 44 S* 43 S, 

Ie.e»nie 1161 ; , 1151 , 

telex 6 pi, 

31 '* , 315 ; 

I'eenpr. Hei nneum: 10 i, 11 

leXNi-n. 20 25 1 , 

IV-MIXK'HI ; 19 -a 20 J; 

lexer I list, m i bHi , be 1 , 

1 -XrrUii .V Ur. .[ 325 , 3 Hra 
lew Lulu ipr ...I 201 * 1 2 (U, 

I inn* Idi^ • a 2 l; 435 * 

I inie- Mirror... 3 u if. dOi; 

Itiiikeii 01:3 531 * 

imiie 36 i; . 36 ’, 

I muxnin lea. j 157 ; 161 , 

Iihusx'J 18 x 5 . 165 ; 

I nut* (.'qina ; 3 bi, 36 i’ 

lnui-mv Inii'itj 27 i; 280 
l"ntn» M'nrut tu.j 19 ?* J 197 ; 

IraeeUer* . a 7 t; a 8 J* 

I'r. CnUnen' 1 IS-’, i 19 J, 

LB.W 395 * 401 ; 

a .111 v eiiliirv Hn» * 64 * 564 , 

u.A-L. 285 , dUi; 

.I. A l(UO i .5 25 

l 5 ' t *' 2 J j 20 1 , 

UUI* ' 21 21 

^"'rvet 385 b 39 1 ; 

uni evei \\ • ; 4 i.j . ; 45 , 

v 'liiin imn.. rp . I 225 , 34 

l. UI..VIV 1 24 >; 

C'lie* Sei vh-e | 505 , 

Litv lut in-tin*. — 16 ^* 

C<ui Cvm 41 ,'; 

(.-■lltRle 1 ’nmi.... 215 , 

CiHliiL, Aiknuui. 121 ; 

O’liimMi i.isi.... 26 ”,- 

i.iiliiuibla Hli i... 2 U'i 

Lnni.lll>k 7 ia>l tm 19 *, 

i..imbu,iiiin bna 435 * 

• ..'■nilnistii nr la,. . J 7 1 1 

t 'nt'ti'tli l«l|vr.|i 27 'j 

I lym'-r'llll.lil lie! 21 ;. 

1 "inrti. Nslelin,-.. 41 i* 

1 i»in|iuier-<-ieni. , » 12 0 

I iiftn. (irii.iliiii .. 371 , 

1 nnrRi- 22.4 

inn. hiliriil.t .1 22 a* 
«. ■ in— ,.| K-->t» 1 25 ', 

* mini Nsl.'.i'vJ 395 ; 
i. nllMimei rn«ei 32 '; 
■ '•nr 1 ■■•-, hr 1 i.irn.i 311 , 
iV«iUnemnii.'il.. , 26 '; 
i .iiinneiiiRi leiu-I 16 it 

1 ••lllrnt Urir 34 i , 

C mi-vr Iniim... . • 570 

Hniievs'e 55 ''e 

H.-jiei ’ 121 * 

Ho | .Cvrp-Amei . 1 34 ®, 

H. vi-tvti iNmi.On 1 26 3 * 
HumiHti.AiCbiu' li'i 
Hutn-ri i't.K. 1 .... ' 17 '* 

I . 1 . Indn-ine* ... 24 », 

ICA 41 a* limid... I 61 

1 1 1 in lid ;leei 381 ; 

ln--l><.i. 16 '; 

luleii.'ini biierur 7 

1 uM 270 

| lull. Ki*imiii> ’ 2 o 

mu. H«r»e»ii.i .. a 7 s* 

I m I. M 11 , x 1 lie, tr db'c 

Inn. IIiimii 22 ‘, 

1 Inc-- 16.6 

• nil. Ha,ie, ' 41 

III'! d 6 'j 

ini. lie .iirer ' la 

'hi. le.. j let... 31 >* 

Milt'll. II* 

| .«» • .ret 36 ', 

It'. 11 J* 
O..I W-t'lel 31 l 3 

, Hfnples (in. ....... o 35 b j 445 b 

Hepuio-t j aO 1 dQi- 

34 *, . an 5 ; t'erkta Kirner.... 

26 Ag 27 net 

li'i 1 Dit Hn/er 

17 l*J IV At HUeun ir.«ii>e.... . 

24 », 1 26 HbiiXiieipbiB hie. 

41 a* I 42 '.* i*iiili|.M,.rnv . ... 

61 ; 62 ', l'ti,IM|^Hetn.i'm 

381 ; j 39 l-> ; Hi l lf.|i [V 

16 '; | 16 .V i Hittiey tmnei. 

7 I ?i , 1 I'HUi-in 

B 70 ' 271.12 ! Hlwser LmAUH 

2 o : 25 u, I 

a 75 * ; 39 1 , i'.iihioi.i ' 

38 1 ; a 8 >* l‘«v Kim ' 

M 2 ‘, 22 ..: 1 * 1 * 1 .. ie-. 

16. '6 17 i'r. ■■' ei 

41 [ 41. 5 Hill, ersr K-e-l 

461 - j as--, i’ii "niHii 

la • lai* ] * 5 n ex 

31^8 : 32 0 Vruakei 1 mi- 

!•* . * '.i Hr pi 1 \nieruaii 

36 i* ■ 36 'i itavlK.enii 

Ill* 1 11'-. in: A 

31 13 i 32 l* IjplPlhlb- MrPl., , 

llfi* 1 1 IA| •'"■"■ll LRU. 1 . 1 . ... 385 , 

*35 b i 445 b ‘■•“••J.'W.wwm 

aO ! dQi- ,,I,,N Ul ^ " : **9 Hn.-ifi*- 475 , 

245 , ] 25 1 81 ; 

aO'- 1 bli, uuuetl Viands..... 9 i b 

42 a fl ! d 3 l* u* Uenotry 4 l 

22 Ja ] 23 1 * usOsinvutti 26 i* 

I ID I 174; «.'ash.*e- ; 265* 

691 , | ua me*. 

a 4 ia I o'- 1 ecu imn ®ier. ' 
40 in j •- 1 " Industries... 

24 ’, ( • ukuiir bieet 

211; ■ W ii U ieen • 

171 ; 'i srtirr C.immn 
Waiuer-Lanil*rr 1 
am " '■•te-MRn'nien- 

W-sten. ttsrv ■•■ 1 
t 65 ^ *' esterti >. \m> ■ 

d'.-*l«l 1 l I. Illnll.. 

if.? '5 Rlmeh-e K er 

26 ; *t e\ei hseiisv-i .. 

Il’l , W|i|r 

493 e . tVlmet-wi. |I|.|.. 

29 i, I 1 Y 1 uunC.x.. 

245 , | W i^.n-in b'le.-t.. 

80 . * i 20 S* 

Wnoisvnrtb 1 *: : 

Wily 4 

XenvR ! 65 

Z4p«a lfci; 

'ienith fftulio ! 15 1 . 

U.'.Ttp*. 4 ^ 1*1 194 ip 
L'0.TrM«4jg76.&: tSOif 
U. 5 . 90 Dav hill- j 6.65 - e 


4 nintn Hupei. _..i 12 :., 125 , 

.VauJi-o bucie. ) 4.80 4.75 

UusnAinminuim, 41 '--. 311 ; 

Wumxsiee | 22 2 ii, 

ttlerlin ! 44 .', 421 * 

U*nkvi Mnatrets l 22 2 t 7 g 

Hsak Non 211 ; 1 211 , 

Urbi Kesoiiree..- 5 5 

Be Telephone.,..! 56 i.: ' 561 ; 
tVnr V&iievtnri_.| 303 ; 301 ; 

81 * I'unlL. | 14 .s 143 * 

Urtuosn 16 .? 17 

bunco _..i t 4 . 3 u ; 4.20 

dnuri rv Hhtver j 38 4 8 1 * 

'.'an 1 flow Muien.., 151 : 15 

■.'Riuslai Cement..: Hi-, 11 

CunsukWLsD..' 12 ', 12 1 b 

Caniiup Bn k Com: 8 b H - 2 bi* 

lsiuuIr lndnsT_..l 20 ij 201 * 

Out Kitcihc. ; j 9 m 1938 

.hii. 1 W itte lnr..i 20 ', 203 * 

•-R II. ■Super S 9 I; 59 j, 

..:*riiDK O'Keefe. . 4 65 4 .So 

■jtsMil Auesto»...i 11 is 11 

.bieitRin • 19 19 ', 

VUIUIDUO 2 c 1 : 28 ', 

v«n Ualbumt..,. 275 , 27 >, 

Omi-unier (ia»„..i lbi; lti* 

w'pseka Kevnireeri b:? 57 ; 

CosuId Rich ' 12 1 4 12 

U%m Uev.ini .... 1 tail tt- 

Ueinson Miner... 75 75 

Lloni llinen.. 1 67 86 

Dome Heutmeun ‘ t 53 * t 5 i 2 

UiiRiimnn bricUtti 25 253 * 

UnniMr..._ ' lb 171 , 

I'upmii lb 7 ; 151 ;'ne R fckie.l 24 '; 241 ; 

rmxt Mntnt Citn..t 773 , 77 

JouslAi 295 ; 30 

jittUl lei’nkmlt J. I, las* 

Mill! Uil Uuirt. 1 * . * 6:3 ' 265 ; 

rtasvkweii i.Can. v 5 * | 61 ; 

tin meet ' 4 .- 1 - 3 a 

rlnnieOil-A 42 42 

dil-won IMv Mils 17 !® 17 1 ; 

du-lK-n Br.t ; i2 2 Qo* 

d miaou Mil k Or* 4 , <; 423 , 


iiupenRi un 19 

ia ; 3 : 19 'e 

Ihw 1 123 , ' 13 

aiiian.iNHI.Usa. 11 1 U>'; 

-ni*,.rHi,« Litu .' 14 .? ! 15 
Kaiaer l.'eanurue- 15 14 *, 

irtiinnni. "ip,.. g 83 * 

btutaw Uun.'b'. 4.20 . 4 05 
.ilc'niiii'n ui.«u iv 1 • : la', 

4 story Kentusor 12 i* ' lZs* 

Uc-lutyre. 231; I t23l B 

M.». re c.ti.n ' 373 e i 367 * 

.Vl'Aiutaiadtaieli- 3.95 ' 3.90 
.s t«n •• Hiun.. 261 ; 263 , 

Nwwro fcuerus.. lbl; . laS* 

Nlbn. lefBcnm... ' 32 5 * ' 323 , 

NuniRi: Un A (i« 45' 3 341 * 

Uhj>»*uir 1 Hfft-'m 4 . 4 a ' 4 . 2 a 
i'rlkh: Copper 31 . 1 . 8 a j 1.83 

P uiheKei mieuii. ib , ,6 

. -n. Can. H*t "in ;3:a ' 331; 

;tali i *ia-u 

i'e<ipie» Uepl^j.. -*.7 j 4.65 

‘kite Can £ Un.. 0.96 0.97 

•'-wrUevelui mi *.2 1B 2.s* 

i‘..nerCiv,mnii'r' lr 1 * lr.l 5 

'■"« 133 , 13 . 'j 

^ ueUei- atmvenr. 1 .. 8 1 - 9 

iiMiiii' '*■ i 36 36 <, 

lieesl 3 ban- ; ls.i, lui* 

itiu Ai£ 32 J, 33 

Knyai bk.m Otn. 33 >, 3 aiR 
■bim Trust • lyi, 191 - 

ireptre K'nouives 1 1 « ■ 8 J* 

>«fCi*ni» 27 '; 27 i; 

jbeii Cartaua Ij, J* ! la*, 

Tbcsnu (j.Jliun bl; 51 , 

Tlefien- U. ti 5 1 30 

, -if'ipj-an- afj ! ai- 

jiee- -A 2 t'a 2 b ■; 
teep H'Rri. Ii.’ii . 2 01 . 2.81 

L'mCRas. Csibf-tN .. ;9i g ,* ;9lj 

lonmln LhHTl.Bk. 19 ,; . 19 '.‘8 

■ ■•inri.RiiHipe Iji lbi; • 16-a 

1 ■« n- All mni Hi- 9 • 9 

ln<« jla tl 3 

'-•moil tie 11 . 11 

C id- iM-R?Mtue- 1 1 , ) 7 ig 
«- Ret Himni... 33 1 * ■ 33 
' 3 eel f iRWl In-., lit, ; US* 
>l*t|.i|ilfpn.... 1 17 .17 

* Hia x Asfted s rmded * ^e** 


easier following U.S. price cuts in “uilo Paribas rose further to 
the metal. Bougainville shedding £™ Ie _ l .V , _ nbjs rose ~ A furtr,er t0 
3 cents to A31.25 and Western it* — ». 

Mining 2 cents to AS1.63. p. nn i„ 

The Oil Shale stocks relin- 1^211303 
quished more of the recent sharp Stocks were inclined to gain 

Mining 2 cents to .-vsi.w. f nitn j n 

i 9 mi The Oil Shale stocks relin- 1^311303 

4i* quished more or the recent sharp Stocks were inclined to gain 

S 6 I 3 speculative rise. Southern Pacific further ground in another heavy. , 

losing 30 cents to AS2.25 and Cen- lra dc. The Toronto Composite [TOfiONTO Cvoipnaitd iiASJj j 148.4 1 142.E- 1M 

t 94 s 5 tral Pacific, which were un- index put on 1.6 more to a high 

1804 , traded in Sydney, falling -A $1.50 f or the year of 1,148.0, while Oils 

6 . 61 ^ to AS6 in Melbourne. and Gas strengthened a further 

Pastoral companies were firmer t0 1 , 436.3 "and Golds added 
on a Canberra forecast that farm 33 at i^s7.8. but Metals and 

incomes would be up more than Minerals declined 5.2 10 956.1. 
40 per cent this year, but Banks 

and Financials were dull. 

BHP closed 2 cents off at 
A $7 .20 despite fresh support 
from arbitrage operators. 



The recent firming trend 
persisted. One dealer said there I Belgimn u 

concern were new rumours in the market 

Datronics rose 12 cents to A 8 1.30. that the Swiss Central Bank will | utannr,£ ‘ 1 • oil) (6® 

Aountliai* twO.87 . SflO.28 1 bOt^A <41.19 Spain . 

ClJ/P) (1/3) _ 

Behrhun i?> l 96.53 ioH6 9b.«3 Sweden- feii 'm'M 

^ j tffto < 23 A) 

Oenmrk ,**1 »-20 Bt.98 96.13 94:00- St^txefTdtri 28X4 

ease investment curbs for non- France «m «aa { 70.1 7 L 8 # 7 ^ >v^ . 

resident foreigners. He noted that [ (jtW) (&£ tui iDc 6 *y« a^-n«p 

mn^h 'suicc nanifal ic cf-iTI coatino 7 95 ' 796.9 813.7 ? 39.4 AGTIYE STOCKS ■' 

Germany resident foreigners. He noted that | ' j (pOffi; 

Profit-taking brought an easier much Swiss capital is still seeking Germany'S) 795^: 706.9 812.7 

tendency yesterday following investment. I Holland u'y E6-7 1 9ii ■ "TM 

Wednesday's widespread improve- Saurer Bearer, however, re-1 1 r»^i 

merit, ceded 50 to SwFr S30 following a 

■* " ; i • 1 (1047 } (17 iU)> • •••.-' : N- - •' '---j • Ctttnse 

Holland •;') E6.7 ] 86-3 ■ HfJO.t 76.0' ,on 

Hong itaptauijWiiMM 

Bayer V ere ins bank slipped 2J2 denial by the Oerlikon-Buehrle ea.-n gspqI S K -F^nme^-e '.iSa 

DM31 l.S. AEG. in Electricals, chairman of a possible take-over iy|i b ^.71 | webbi-Zl swjb# ast 

to DM31 l.S. AEG. in Electricals, chairman of a 
receded 1.3 to DM81.0 ahead of bid for Saorer. 

NOTES-, livened* pnr— sno-.vii oeiinv aua-ur *c“.p msue. fMT «Uare • r runts 
S Dremium Rician Uivinenrls »i Hross div. %. b Assuitien Oimflenil aftei 
,re .in«*r wuhboWmE ta* Sltto amuor name issue b After local 

4 DM 50 neiium. unless otherwise siai«n. ras.'s m % tax free. *f vrancs indurfUiR 

Japan Oo. 41^35 : 412^! 4l£ll j 

aua-or «r.p issue, e t>A «Hare .francs Singapore 1 32L»imaaj321 JO jaSloK 

.1 Gross rtiv. %. b Assnmefl amnenil after 1 . r^rfyf. t L«l : pSua* 

SL -no ami for rwws ■«,». h After local 

ndh,^^" %" After T^at I . . .MWWKT .(MB' Pamidl .:„.™.,.. U8f9B0- - Ti-v-.+l 

ra? rree.T?ran« . “SSLi" - *** **** ^ HatMy * 

u ^wflTTi q Staffr p %nlu * 'Div 6 XC 6 IK NYSE AQ C-mraofi _ » — 

liiice special oavtneur , fndi Sfanflenu ana Pnat^^U. m tn0 i ftronto CwnmerBasictMc^ Uoi ?ron Ajaater. 
L'nnffirtai irnHinu •: Minority the ian oanied JWwt on !»«>. dam. UMRaHinl 1 »». i; <m Rn* Setts 

ri .\i-ra« oetytitis - Askwl 'Birliirtinji bonds. fnrfustrjsis. Bartc TStrt/M. <CP 6H/an 213/n ^»a\ TWnm 

artprt sLflt^r ? Assumed ,nn *- 40 .IKOnMa^W- Plnante awl New SF 4 / 1 /ft: lUSttUu Timei 19 M. 

i,Et dividend xcRt M Ttanwjnrt. ff) S^ine? All . Ortf. trlOosod . tdi Madrid ss - *om/ 77 . 
sa Ex all. , interim slncp 'll) Belgian SE 51 / 17/0 (— > Cnoeatu«en .fe> SmcttHoim Todtublit -t/I/fl). . mSwtae 
SE 171773 ftr imparls RourK tKL Baoii Cnn> - Val Hiuwallatilrt. 

rield* basefi on nei rtlvnlends plus :as L'niljc rtiv. v Mom. n Shar* split. a'Dlv 
v Ptai.aOO rtenon. unleas oibenvise stated, ant yield exiiune special parmeiil » tndi 

■, Ki |im, nenom unles-j oi<e siavn cali-d div n L'nnflfiriai iradinu 
t Frs snn ^nnuni and Bearer Rhams holders nnlv n Atenwr oendlns 
unless uiluruiv stolen. * VenSU rteifim. ~ R-d . Tradprl • teller 

unfes* ijiherwise stated, s Price at time xr Ex nrfns sd Es dividend 

.*( siisbens’inn n vinnns. r* SrftiUinas 'TO L«?uie sa Es all. » Interim since 
*■ f>n!s i, nirlitond ali^r wndme nahi« :nrr/-ased. 

* Asked 
t Assumed 



Mrpeu.' U*iU,„_.|. 

. 92 ” kl' 

67 ^ 26 J + 2 JSj 

104 . 5 ]— 0.5 

04125 .." : 





4 oraX HydrtUtr^l 185 ^ 51 -f 1^5 
itflrebnmrt'.'..---.'.r.|- 92 . 5 ’:....” 



Ai»iLaOP .j TUJ 3 OJ 1 TJ .16 

MutM 40 tapwi . 1 ? a.07 \ — O.liV . 1 -, 

MUtJU 40 tanwn ..i; 
u*narliku„. M j.. n , 
Unae-Atner. OP.. 
Ketrobns- J^P.. 

hi. .Auer UMIOU.' 


249.8 + 1.8 25 : 5.0 

O.weiilirau ICO.... 1 . 45 U m .. .25 0.8 

Lufthansa. 111 . 5 — 0.5 9.36 4.2 

MAX 196 t4 ; 12 3.1 

ll hud? niann : 138.4 —0.1 ,1MB 5.4 

Uela.i u .. 218 —1 10,2.3 

Muucheoei Uiu.-k.| 345 -8 .18 1.7 

vei-itL-rinniiit i 151 +0.5 1 — — 

rreu-Ma L'M Ki.-.l 117.3 -U.2, - - 

itiicmWe-i.tL.iit.' 189 • 0.5 i 25 1 6.6 

X3.ur>iii> ! 271 12B.12, 5.2 

lenici, ■ 287 —0.3 . 16 2.8 

m.i %u>.-koi 24 2 -26.66 5.5 

rreu-Ra LOl lU.-. 



>U.i %u>.-kOi 

U --1 AnatnUia .... 

Inipr-Ciflijjw - 

leiming* Itufustriea 

tones iDavtd,._ ' 

U a uiutni l.fii | 

Mriais Exj^orat luu i 

10 ’ 5.5 | -*t I At HoWIaft ..' 

10 ■ 3^5 'Iyer .Emporium I 

20 VO 

11.30 1 - 0.02 

T 1.24 '-mil 
(0.45 (-0JI1 
10.35 - 0.02 

I’uy-eiiA.l.! i 1 16.8 —0.5 ,17.18 7.3 

* ala. i 176 +1 14 4.0 

Source NlkKO taeCurUws. Tokyo 

i KfcA 

Verein-Jf We - 1 8 k 



I 110 . 5 , + 0 . 7 ! 12 I 6.6 


+ 1.2 i 25 . 5.6 



1 Kricc 1 


; ob. 

*.*|R l-jn 

Vli'B*. \ •»!. 

i V.l>nie Vol. 

a ri 




I. ■Ilf.-MTli 
K. K.-IbL 
h. K.pIrK 
K K.«l*k 
h. b-lak 

b A. Mill 


ti \l 










A mi*. 








.VrV Xei 

X*L \?1 

Xat Xed 




!.*. P. Shell 

K. Li. Shell 

H, D. shell 




• 8.50 ' 
i 2-50 1 

; 0.30 . 
5.00 I 
3.70 i 
1 0.70 ' 
i 9.50 ' 
| 2.40 
1 13.00 : 

• 3.00 
. 0.50 

4 >, 1 - 

• 11, 2 
>, — 
; 30.00 ; - 

: 22.00 ; - 

: 11.50 ! - 
5.00 , — 

I 7.50 1 — 
I 3.50 , - 
; 1.50 ! - 

• 23.00 | — 

'20.00 | 1 
1 14.00 ' 6 

1 10.50 I 2 
: 6.00 1 16 
I 3.80 i 6 
: 11.50 I — 
I 3.50 I — 
■ 5.50 j - 

5.70 ! 2 

1 5.00 30 

• 1.20 1 35 

; u. 5 o ; i 
J 5.00 35 

! 2.00 — 
1 13.00 I 8 
: 5.50 1 - 

• 1.50 . 17 

l sa: 

S 32.00 
[ 24.00 


5.30 ■ 

2.50 ! 

26.00 j 

19.00 ! 

18.00 1 


io.9o ; 

7.50 : 
12.70 \ 




1 3.50 I 

j 2.00 





. 3.00 ' 

\Y 108.40 

A.B_N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank oF N.S.W 10 % 

Banque Beige Ltd 10 <?, 

Banque du Rhone lOi 1 ?, 

Barclays Bank 10 

Barnett Christie Ltd.... ll % 
Bremar Holdings Ltd. U % 
Brit. Bank of Mid. East 10 % 

I Brown Shipley 10 % 

Canada Penn’l. Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 

Cedar Holdings 104% 

I Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits ... 10 % 
Co-operative Bank ...°10 % 
Corinthian Securities .. 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie H10 % 

Eagil Trust 10 % 

First London Secs. 10 % 

First Nat. Fin. Corpn. 11 % 
English TransconL ... 10 % 
First Nat. Secs. Ltd. ... 11 % 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank tlQ % 

I Guinness Mahon 10 % 

iHambros Bank 10 % 

■ Hill Samuel S10 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 9 % 

Keyser UUmann 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Munson & Co. Il|% 
Midland Bank lO Vjfi 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10% 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Ref son & Co. ... 10 % 
Rossminster Accept'cs 10 % 
Royal Bk. Canada Trust 19 % 
Scblesinger Limited ... 10 % 

E. S. Schwab 10*% 

Security Trust Co. Ltd. 11 % 

Sbenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk- 11 % 
United Bank of Kuwait 10 % 
Wbiteaway Laidlaw ... 10J% 

Williams & Glyn's 10 *% 

Yorkshire Bank 10 % 

■ Mem tiers of Uie Acnpttas Houses 

■ depa.ii* 7;., l-monib deposits 

r 7-day o?ddsiis on sums of I1U.UOO 
and under 6r'i. up to EJ.WO 7iti 
and over E5.U00 7i-i. 

r Call dv points mvr il.iuiO l - ,. 

i Demand deposits 71’,. 

B Rale *lso applit-s io Slcrllfia Ind. 

us -a 4 fe' 


342 ' 

10 : 2.9 

t'ennHRwr- ! 

262 . 

. 9- 1 3.4 



- 38 ' S.U 




■*rej.r Ihnnnt-r ... .' 

196 .. .. 

■ a. • 4.i 

'rn M*an?*it. ..! 


14 s.a 

> ;vi Triday. Jurie. 16 1978 


- • ; ^ 



egg prices in UK 



Bjr Our ComrnodirJes Staff 
COFFEE PRICES rallied sharply [ 
futuSs marked vesture X2J^:J^ JST EGGS 5n warnings against building flock The levy is used 10 

SEMFSS&ff ; ^L„ T S : & JiHL-^SiS» ‘■Su?. l0 “ .‘W- a-* «» • 



M* rtifcirinn 'l.j > . . ,r’ 1 — ■— --- - ---- . „ --**-•= “J- tuu uicu. JiUHClit VAK UU.WI iism^ JDd Mf. 

to £1723 1 mnns , 1 v : ^ e ^nouncement of eu*s in first- Goidenlay added that there Dean argued that a substantial, m 75 lower at Huy 75 a tonne 

J^FtC '*** Si* 1 ^ E*V« « «" C ™ e in lh £ -^ertising: f* ‘fiStae 

limit nn nf 4 >»niu -T --....j ■ - €rda *' ... export markets for the surplus li ud get mu Id well have prove nted • 

some month*: Bnw a pounfl 1Q | — Size four go down by *BBS as cheap eggs from Eastern some of the recent price cuts. 

Tho . a '*■■■':- ;4p a dozen to the lowest level Europe bad saturated Britain's u . s ur^od the E°"S 

Hoi? I ^ ?s , ; no new supply i for two years.- The smaller sue traditional export markets. Aulhuriiv to int °.dnci a hen 

fn*” de ^® lopm ® nt to account .-fives win be 3p cheaper and size Th ® UK market is usually over- „ . chene Jf JJJbte farmers 
for the sudden rise m prices ' sixes 2p cheaper. ... supplied at this lime of year hut j ” ilfnS „? older hens [ X 

Dealers said it 'reflected the feel-* « ^ , ■ ,h “ »- - ■v,-." to «- et 110 01 oiuer nens it nvner 

fall again 

By John Edwards. 

Comm° d ' lties Editor 
COPPER PRK.ES felt again 
I on the London )lv tal Lxchangr, 
With cash n i ri.-bais closing 

the problem is much worse than 


reflected the feet- 1. *„* y--„ A w m hP 

mg among speculators that the H Lif n normal this year. 

recent decline in prices may have" f^Srir^h^^ie'l^orodutiJs Mr > Pelcr Dean - managing The authority turned down 

been, overdone in view, of Evkifita! dirpcl °r uf Dean Farm Eggs, pleas for such a scheme last 

continuing Brazilian, frost fears. 1 P AJ P J this? said ***** w ' ceh ’ s P rice changes week, but Mr. Denis Cummins. 

Meanwhile” : t be - Brariltan & the &V 53 wiu mean lhat '“** are tb * lhicf T?*?**- suid .- VM T 

Coffee Institute t iBC) yester- ?M g er ?b4 SpbuS £ive begun ,nore th |» twk-e as dear as small day it would be examining the 
day cue its forecast for i97S-7flit« t *«>« e S» s - Size twos should cost proposals again/ time the dust 

coffee crop to 18.9m bags of 60 fare expected to ' rise 1 *hy 2p a al, our 59p a dozen in the shops settled ’ following this weeks 
kilos each from its first forecMt doLn P d *- * P nexl weeti while size fives will price cuts. “We hope th« cm* 

of 20.7m. Thls^oiMarM wirb ^ cosl only 28p. will stimulate demand. Suhsi- 

fi nalesUm ate for the 1977-7S crop’ ebnsortSm*!!^?' orfce^ciits The Hmace egE producer will dised culling will only be used [ 

of 16.1m bags. - ^ crop .consortium said J»^me cutb now be losinB about l2p a dozen as a last resort.'' 

nr!.. ^ • . J i ! , , ad been forced by. ojifirproduc- un eac | 1 £j 0Zl?n jj 6 ae (j K jj j S a Producers are seekine u S per 

reduced erop estimate had; Uon. .while “.'onsu motion has sjd ^flection on our industry cent cut in The laying llnck which \ 

ii^ the market, since . remained pretty steady.; Thai .some producers can .sUli find would involve the slaughter of ; _ 

thai>K JJi, ?■!? anticipated j The overproduction was umc to argue ahnut the cost nf about 2.5m hens. But Mr. Cum-! they, "th ere lore.' r»-ei price* will 

tni ® ye , ar would . blamed nn excessive chick plac- the Authority levy, which mings said Iasi week that he; nol fall imuh rurihi-r for the 

«fr S n^\ P - ‘ • iBo 1 *”" 1 ' late last year and early this works out at about 0.2p a dozen, thought a sun. non h>-n ■ utiiacfc 

nrpsident ,.{ lU? e ^ S ‘ ' * e!ir in spile of Eggs Authority when they are making losses «if would be enough In restore 

ea r rv from the and Ministry of Agriculture this order," he added. balance w ihe market. 

vanj part of the harvest: -• 

already milled were low because 

past two week*. 

The fall j cm it ib y mainly 
refiected the sleep ,Jr u p over- 
night Ln the New York copper 
market- Heat y speculatire sell- 
ing was iriggiTL-i) in New York 
hy news that A>:urew. one of the 
leading t'-S. producers, had cut 
its domestic selling price by 2 
cents *0 6- 1 * ec-iiU a pound. 

Most other Nnrih American 
copper prudueers have iiuickly 
Followed Asan-i»\ price cut. II 
is generally agrei-d that the 
surge in prices, following the 
invasion of the Sliaha province 
in Zaire, was probably over- 

However, murhci sources 
point Out that buying interest, 
notably front I'hinu. i s coining 

of adverse weather. If this trend { 
rontinued, there could be a 
further fail in the crop forecast . } 
In New York, the. Federation ( 
of National Coffee Growers of 
Colombia announced a new three- 1 
year support programme to pro- 

EEC threat to lamb prices 


J«°t? e SaJe i Colombian coffee ! toe PRICE of Iamb; in Britain need for a cuinmon sheep meat slaughtered Iamb were not easy 
- , ers ■ 0 sup Piy the ' eoutd go up 35 to 40 per cent if policy. to meet, frozen lamb wa* not; 

institutional market. *-• - -- - - *• = - 

New cocoa pact 
decision likely 

next month { committee on 

_ _ _ ' e „ plans for a sbee.miMt 

By Our Commodities Staff ] regime. Mr. Frazer forecast an p r n,; osa f s ' did n o r stem from 
A DECISION oh whether the i increase in prices far. in excess - strung '' requests made by any 
'107S International Cocoa Agree- ! 10 per , < ^“L Esr i : ^ c i.f d member state, 
menl should be re-negotiated or ,, p Ministry of Agrtcuuure. Common Market exports to 
extended beyond its’. September ! present New Zealand laino m c . w Zealand could suffer if lamb 
1979 deadline is expected to bei^ ost . a . r . ou f ld J^.P . a P®?® d , imports were curtailed- Nearly 
taken at next month’s meeting of' “ oc ™ <,e * n 40 per cent of New Zealand’s 

the Imernational Cocoa Council. 1 foreign exchange came from 

time being at U-asi. 

The fall in nipper depressed 
other base isu-uit market* loo. 
The - rise in tin prices was 
baited, despiir an increase in 
Penang overnight. 

Nervous jm< r.u -taking sales 
met a tack uf if 1- m a nd and 
standard grulr. cash tin 
eveninaliv cIom-:| i.'ll5 down at 

£5.799 a tun m-. 

Lead and /iuv values were 
also hit- t ash lead fell hy 
£4.25 to £K|i:;,73 a innne. despite 
rumour* of s ante lias tern Euro- 
pean buying interest and liu- 
continuing A max refinery 

IV i" : Commission fell obliged to draft the msi Tft wars T 
EEC ..Commission po jj cx proposals as part of its wp.Al'.iiii o!, [•nhu-ii ■ 
'«»>' "• ? pun«lt.illts >04 that 1* Z^VoV^Sh 

The ships 
and could 

not be used for any oilier trade. ! 

UK herring 
catch halved 

Bv Our Commodities Staff 

the present’ -agreement- — for j drop in consumptionL ftrlwid been lured products, he added. fishery from 

changes in the pact. . ' j estimated that a 10 per cent rise New Zealand had attempted to r 11 ary. 

Committee delegates said the in prices cut consumption by 11 open up new- markets for lamb. The total catch in 1977 was 
consensus was in favour of a j per cent. . • ; but major outlets could be found 42.435 tonnes, 53 ocr cent be!»*w 

-simpler and' more' flexible; Key. to the probienu-day in only in Anglo-Saxon countries, last year's 90.913 tonne* 

approach to price stabilisation in 1 France, where the Giryerament southern Europe and among the and nearly 75 per cent 

any new pact. • -■■'-■ •• -- | was anxious ' lo "'protect the Arab states. down on 1973. according 

The producer proposal tmder income of sheep farmers?# .' It now sold 15.000 tonne*; of to the Herring Industry Board, 

discussion .called for the ncw| If all nine EEC governments iamb a year in Japan. This In its annual report published 

Reuler rc purled. A price range 
of between S2»» In S2:» a pound 
for broken cathode* is now- 
being quo u-d lij dealers. 

Spain to aid 

MADRID. .June 15. 

A GOVERNMENT regional 
the end uf Feb ; development plan which will 
; aid the quicksilver 
j industry is *.*\ pcried tn he pub- 
lished vvithui a few day*, 
according snurecs clnse 10 the 
slate-owned mining -company, 
renorts Reutc-r. 

The plan in*-ludes operating -a 
new, mine which, although no! 


Great achievements 
with simple 


IN AN inconspicuous corner of 
the industrial exhibition in 
Shanghai is a little heap of metal 
tools — a hoc and a few sickle 
blades about six inches long. 
These arc ihe tools on which at 
jeasi 99 per com. of Chinese 
larming depends. Everything 
else is made of wood, driven by 
the power or human muscle and 
a few water buffalo. 

Yet in spile nf this almost pre- 
historic equipment productivity 
per acre, and use of available 
resources, is of a very high 

Because uf the double 3nd 
treble cropping yields, they can- 
not be equated with normal 
Western standards. But claimed 
gram yields ,»f from l wo in four 
ionne* an acre over the year arc 
•good by any criteria. 

China is farming as if under 
Mege. No pint of land, however 
Tiny, is left untilled. Even rail 
and road side* are planted. The 
gardens nf some uf ihe museums 
are growing wheat, as were the 
pavement* of Sijn. 

The maintenance of soil ferti- 
lity is fundamental. Every waste 
product: “ night soil " (human 
excreta 1. dung, stubble, straw, 
weeds is composted and applied. 
Each plant uf one field of cotton 
had received a handful uf com- 
post. nesides basic fertiliser. 


The pig. China's most common 
f .1 mi animal, is kepi as much for 
proeessinE vast masses of un- 
likely feed intu dune as for pro- 
ducing meat. As a result the 
pigs have cast p 01 bellies, but 
liny limns. Crain is hardly fed 
to livestock at all. 

Out of the country's total area 
of 900m hectares only 100m is 
classed as cultivable at present 
and only about 30 per coni is 

irrigated. This area feeds and 
clothes 900m people adequately 
although not. of course, to 
Western standards and un H 
largely vegetarian diet. Never- 
theless. this is an outstanding 
achievement, fnr which..- of 
course, the authorities claim a 
lot of credit. 

This is fair enough. But in 
reality 1 believe their main con- 
tribution has been to provide the 
security under which the Chinese 
have been able to develop their 
instinctive genius for growing 

One has unly to watch the 
thoroughness with which the 
Chinese tend every single plant 
under their care, to realist- 
Chairman Man's luck in having 
had the Chinc-e to lead. They 
are nut like some of the other 
so called hungry peoples, whose 
basic agricultural incompetence 
has them fur cu-r rattling their 
begging bowls 10 rouse ihe-cm- 
sejence oT the West, it’s nothin-j 
really to do with Communism. 

The centra*! - with what 1 saw 
of industry was striking, in both 
commune and mwn factories 
aoplicarinn of effort was poor. 
Machines were unmanned; there 
were masses of rusting half- 
finished parts and hordes of 
workers doing little or nothing. 
.A general air or lack of direc- 
tion. Perhaps ihe Chinese just 
don't like fai-lw-v work. 

But while agriculture output 
per acre is com mends bly high, it 
is very low indeed per worker. 
Each farm visiied had just over 
one worker per acre when grow- 
ing cereals, rising tn two nr more 
under more intensive systems. As 
a rough t guide each worker pro- 
duced about three tonnes of grain 
a year or its equivalent. 

In Britain 10-day output per 
man would he 1 00 times that. 
Output of other crops would be 

in proportion, and it would he 
difficult if not impossible to 
equate thn economies or 
Chinese farming with those any- 
where else in the world. 

The Chinese plan to increase 
output substantially, from 28 0m 
tonnes of all grain at present, to 
around 400m. tonnes. By grain 
they mean not unly cereals but 
pulses, potatoes and other food 
crops. They claim that mechanisa- 
tion will be a factur. as will in- 
creased availability uf fertiliser, 
especially nitrogen. 


Mechanisation is certainly 
lacking. Only in ihe vicinity of 
Shanghai did 1 *<-e any significant 
evidence of the use uf machines. 
A f-w l radars. :i rice trans- 
planter and mechanical thrash- 
in» machines <»f the most elemen- 
tary kind. t'»n ortr commune farm 
t was proucfli shown ihe machine 
shop, where .1 girl wa& fabricating 
ItalMnch mils and bolts by band 
from steel rod and plate 

The general application o£ 
media nisa non could tn the 
Chinese context pnsitisely limit 
yields. The practice of double 
cropping in the .short growing 
sviicon entails planting the next 
crop IWo (■(_. the last one has 
ripened. This would be almost 
impossible io mechanise sen- 

It is. for instance, perfectly 
easy to plant, grow and harvest 
rice completely mechanically. 
But only on a one crop basis, or 
at the most two. as is done in 
the L’.S. and elsewhere. 

So the aim will probably be 
U> cut some of the more laborious 
work: ploughing with walking 
tractor* instead of the hand-held 
hoc: spray irrigating instead of 
h <nd watering Bui the scale of 
ihe problem is almost beyond 

Little interest in free milk scheme 

U.S. winte the pact- to rely, on! trade in bananas— aod WtM,a!l development of the market was wider exclusive control a rttas j present ^extraction m 1 **- 
a .buffer stock and sees no. need national barriers to intra-EE^ difficult. than the six miles granted in the I A .Mnjilor productive lifespan 

lor quotas. ■ • I sales of lamb there would, ;w 

The \ demands 

ritually EEC treaty of accession. 

i is forecast for existing mines. 


-A CAMPAIGN to persuade local 
! education authorities io provide 
school milk for children up to 
11 years old with the help of an 
EEC subsidv was launched yes- 
terday hy the National Dairy 
Council. • 

Free school milk is already 
provided for 2m children up to 
seven vears old. A further 2.75m 
would’ benefit if the io«tl 
authorities take up the EEC 

subsidy, but so far none has 
said - it wants to take up the 

The offer was made to local 
authorities in the Budget on 
April 11. It would not cost them 
anything to begin with, hut from 
next Easter it would cost about 
Ip a child a day. 

The National Farmers' Union 
said: •* Britain’s -dairy farmers 
who are financing the major 

part nf the EEC scheme, are 
ama-'ed In find that Inca! authori- 
ties. are deciding to vein it and 
withhold mill', from their school- 
children '* 

The Department of Education 
and Science said it had asked 
local authorities to say by Sep- 
tember if they intended In take 
up the scheme. St* far. only one 
official reply has come tn — from 
Keni — which turned it down. 



COPPER— Steadied . alter a sham fall 
following Hu* owniiuhl wi^km-ss uf Xw» 
York. Kt-poris ol ChliicV- jairi-Jias-w 
adik-d souk- firm lies:; io the market. In 
very aeiivi? iradinj: fnrvunJ nwial .sianvd 
m.IW; T-it la rrr.l hut. held around ihis 
kuel before «illpptn« 10 on ihe monk 
itm Kerb. In The-, afternoon the priw 
sraried al £733 and ihcn fell ro XTih.S 
hefort elnsimr at £739..', -a-uli Homes show- 
ing ervar^r sIbbs ol steadiness. Turnover 
K.-fllfl tonnes. 

■.iii. + >-r (i. in. t-f*T 

Ofiiewl — . 1 (dnuUli in I — 

iimalga mated Meial Trs'fini; repuni-d Forward mvial fell (tom £6..aO in I6.U90 
' ' ' - before iiuyiru. asamsi nust uUssival bust- 

ness held tin- ptlve. In Uv. afi-.-nionn 
nervous bull liauid-itiaii and i-liunisi 
aeJUiK causi-d a (all «n £U.<tti« amt a 

per inn ranis. July S-.-nt. r- and irpr,. 
P iwills iJ.'riB and C!t!i for lire rvspi-e- 
live sliipnieul iwriods. Yam ami cloilt 
very quiet. 


r>. So. 26.3. 27. 27s. .VfU-riitiuil Wire- 
bars cash rrtii. ihtvv muMiii* rrw. 

5, 32. *1 3. :a. s: “t.3 II. I'lTb. 

Wirebars. three' mon'bs liaa .'i. “1. :«i. -3-S. 
29. • (.». no.-,.'<7 

tin — L ower, luilui-nixd t'T tin- iH-rtumi- 
ancc ol eopi*'r but inlually held steady 
by the .ffnnness of tbc Easi itvernieht. 





'-J- nr i .ii.. ,ii-ii 
1 — | I. ii- .Tlu-in , — 

Jt c r 

Wlrebars- • l 

706.5-7 -.25 709.5-10 

3 mcjtnlir-.y:727^-B — Mj: 7-30.6-1 
aeitl'in'ni 1 707'-. — as.j — 
Cathodes- I ' 

C«h 701.5-8.5 -SM 7Q3.5-5 

3 ii»mh».. 7 23-. 5 —24? -J25-6 
Settl'm'iit 70Z.S -23.5,’ 
t.S.snit..'. . - *66*- 68 

J.' Hied Grad® f 





igu farj. „ „ 

Cafli 6B10-80 —90 6780-800 

3 innnll...| 6700-20 -70 6680 700 
SetticDi‘i.1 6880 — 100 — 

bcandard.; " 

l.’a-li...... ..{ 6810-5 r B2* 6780-800- 

a mojiilis.- 6690-5 —70 6670 5 ■ 
beitietn'i . 6815 86 i 

SLmilu E..: :S1766 .418, — 

,Wh Wt' — • .. .. 

pn_ nhij Kerb of rr.,fi70. Turnover 913 
iotibc*. _ . 

&!orniflh- SiuivtarH. eas-b rfc.SCO. ihr.-c 
monihs CS.7U0. lu id. ra.Tuu. ffifitw. 
16.700. 03, M.TiXi. lii.OM. Ml. K.-rh: 
Standard, ttm month* M HD. 
AAnmonn: Standard, cash Ifi.S40 It U'i. 
three jnonihB £6.715 10. M.700. fS.OMi. vi. 
B9, so. 73. Kerb; Siandard, Uiriv mombs 
£8.075. 7D. 83. 110. 70. 

AD— Easier with copuer's pi-rfunn- 
ance the' main inO ai-n<x. alihounh snan> 
lags arc nol expeeiud while thi- Atnas 
force majeure L-uniinue.s. There were 
rumours of East bloc purchase*- ai lb- 




tower levels. Forward meial vtaried ai 

EUW317, fell to £312 hut naL-OVered lo 

• • • ctow. on ibe Kerb m ISIS. Turnover 
g' 5 3 CiW- tonnes. 



+ **r| Uiu-'in-*' 

— 1 |ii .11- 


•17 |,.-i inline 

■1 11 IV 


+ 7fi.0'183O 1763, -Ini.. .. 

revplcli 1*1-1 

IT 22-8*1 

+ 6!.0 1730 *571 

•Anan-f . 

N-i\i 11K n-l . 


+ 545 1645-01 


Jhiiiuici .... 


-i- 54.0 1575-40 

1 <■-* ->-|,ll V. 


J 1509-15 1510-U35 

Ki-i-mii *. 


1 1480-65 

-r5?.5 1480 



.i 1460-65 


•1 mi- .. 

Eli. Index Limited 01*351 S416S. Three month Copper 727-734 
29 Lsmont Road, London SW10 0H§. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 



Deniic and Popular Republic ol mseria 




Societe IValionaie dcs Industries dc /a Cellulose (SONK-i 
informs international companies and firms irmrcst^d in 
the JnternationaJ Invitation to Tender which was 
launched at the beginning of February 1978 for the 
setting-tip of a. factory in Sedrata to produce, cel lulo.-a.' 
and paper products that the date limit for sending 
tenders, formerly fixed For May 30, 1978,' has bet-ii 
postponed to June 30. 19 75. 

Information from: 

SONIC, G4 Rampe AJi Haddad, Ei-Monradia, Algiers. 
Tel: 66.38.WWH.04 — Telex: 52:933 



> t‘ i f 

r«*li„. . .50S.76-9.2S-a.75 3 1 0.5-1 -B.2S 
8 «UpiiUk..i 319 . 5 -9 ' 321-.5 .- 6.6 

S'nuwr . . ’ 309.25 S.75 1 - i 

evin.WW, _ .. ..- 29-31 .. .. 

Mom ins; Cash £369. limit months mi. 
». 2Z. S2. 21. 20. 1J. 17. 15. 17. IP IP Z. 
25. 19.3.- Ki-rti- Thn-r months 1X0. is. 
W. 2D. AJlornoon Cash niD.5. ihrw 
.mombs fW2, 23. 22.3. ?l. 2U3. 21. 21.5. 
Kurb- Three months £321. 70 5. 

■ Cent* per pound. * On previous 
official . dose, t SM per . olcuL 



Buyers -Processors -Refiners 

Basic Metal Co Ltd 

Vineyard Walk. London ECI 

01-278 6311 Telex: 27159 


1 . £6 million BHK Issued 14th June 1 97B 

■{due 1 3th September 1979 a: 9 
Aooiintions touilad £69 :"i. 

' ■ Bill? ouatandlno Lfcm. 

£900.000 Bills mlturlnijj on t5tn 

I £e Member ‘1978 were oUered »nd 'MUM 
J on J4rt» Jone 1978 at a" are-W rale 

j 01 Total * replications 'or this '*soe 
; amounted to £4.500.000 a"f ll ' wc ' re 
. tbe only bills In iSfUC- 











Commercial and Tndustiial Property 
Ileiidential Properly 

Business & Investment Opportunities. 

Corporation Loans, Production Capacity, 

Businesses for Sale/Wanted 
Education, Motors, Contracts & Tenders, 

Personal, Gardening . 

Hotels and Travel __ 

Bunk Publishers 

Premium positions available 
(Minimum size 40 column tsms.) 
£L50 per single column cm- extra 
For further details uriti* to: 
Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4F 









1U. 00 

4 BY. 

^T. ■■■ 


',+ ni 


+ «T 






; t - ! 









313 .5 

.—a ' 








. .. 


-Mo ml no: Cash r3M.5. I'X ihrw? monihs 
WM. W. 12. 13 5. 11:.. 1'- 12 i. 13. Ki-rb 
&ui b XSK3.5. three monihs £712 5. 12. U. 
Alter noon Cash £VH. lhn-i.- monihs E-714 a. 
IS, ' 14-5, 14. 14.5. Kerb- Three months 

ZINC — Deprcsrod lijr eopner bui ihe 
market iron ncnlt-ctort by comparison, 
forward nwlal sfan-?d at Ctf4-£325 and 
flipK-tl io CCD ai which level slop-loss 
MlUiis came in and look the pnci* id 
£JI 5. 7 Oneo rhls had finish.-d there oas a 
rally to a close on the Kerb of £720.5. 
T urnove r 6.123 ioiiiiob. 

~ ' • ”| .+ I'-m- H-r 

/xiNf , oni.-Mi . — i ii.-m.uti: — 

Arabius; lin order bluer, seller, ba»'- 
ness. soles'. .1un,* 199.00-205. un. 8S.5<- S: Aumisi 1*5.00-1*7 50. 1*5 00. 4 
October i;;.uiM*i.UU. ml. nil: Dccomba 
ni5.00-172.on. ml. ml: Hcbruary 15a 0«- 
166.00. ml. nil. April 1Z2.0U-UKM. nil. 
oil; June 15 ii vn-i«,i>.oo. ml. nil. Toul 
sales. Kliw. . . .. „ 

ICO Indicator prices t»r June IJ >b 6 
rtnb per r“'*uiidi Ci.lombun llilil 
Arabica* 14:: jii 1 105 uf * r unwashed 

Arahr.vj. 1M» *70 'W»i. "'her uilicl 

ArabiCJ* Ml C 'UNiH: nnbiuia* 135 50 
1 157 ov ■ Paily avermso 1C1 f7 iiK3.4ji. 



Tile ill • reel Opened £3.5' i tinuii fnlKie Inu 
near 111 III I tosses in Chie.i -*• iiurk.-is 
Further (unit Ihiaidaitun .,r.d »ioi*ln<v 
orders 'Irin,- pneeS IO I1CV •Oiitr.vl lr«" 
.M ilw • t'-v laws ranped ln»ni i" <"i '<-> 
ConiOKMliiics r. port*. 
Ymlrl'iiiV + llii-mi'-' 

I |. n*v — I 



. ..116.10 16.i-2.20 150 30- 15.90. 

. . 120.20-20.5 -2.75 122.50-20.00 
... IU.fiO I9.fl-l.55 121.10 18 70 
...12I.OT-2l.6- 1 75 - 

... 121.50-25.0 -1.50 - 

. . 123.00-25.0 0.25 

Sale** :.*4 rjin fois of liW tonnes. 


IVS/O i,.,:i < i a ionne til for .luuo-.lulv 
shmmeii! White siiaar djilv prc.i* wm» 
lb. 1 '. I ai ‘.i’.I.On i £109 90 1. 

The i .1 ., ri* . -i upi'Ded herb l'-wto 
and :ii- r. ,.iitr shnuvd lii'.l,- chauac 
ilirMiiL'ieui: the- morninc. Later, iniuruc- 
Ins V'irU Quoiaiiu'e; lifi.-d i*n,-s 

\oiui' J mi p-mij. hut i he blahs \, ,.-r,- shun- 
I.i ud .i-i-l nruys tell shjryls hs 'ip 
I w p'uii- - iioivovc-r. prl.vs u% re 
l, in,. , .lu -d from firii trailed l- v-.-'s 
r<-f»ri e > ‘ rjrnlkijw. 

markci uponed unchaiiKcd and caaed 
5.] on m wry thin iradinc in the mamma 
M-*bion. ln Ihe afternoon nome bilvllie 
support was t-run In nhiar. which 
stcadii*] On- marl cl in cliMv MSP hivhrr. 
Barley n-niaiued nhact steady io close 
uiichaiiacd lo 5p kiwr. .-lclt reports. 

I'li- ■*. 

' ,-nui.. 
I ■•nn. 

■Inj-'i, I' 

«■ ( t 






I _■!*-! 



iVis-l**nl«> V -f- ,-r Vi-IhoIhj 'r. -f- ■ 

M'»>lh : ei'we ' — elie-t" | — 

• lull. 



85 .30 






+ 0.05 
+ 0.05 
• + O.D5 



. Silver was teed 2.130 an ounce tower 
for siwi delivery in the London bullion 
market -yosierflay ai 237.S5p. U S. ceni 
maivsJemv at ibe Icons levels wn- woi 
585-Bc, down 7.1c; Lhrcc-momh K3.5c, 
down 6^c; slx-moorh M5.Cc. down 8.8c: 
and 12-momh 5678c. down 7 oc. The metal 

Opened- a 
cloud Al 

fcff.iss.sp 151*7 51520 
asfi.7-2flT.7p (32«-a2(Uci. 


• i*f 
lruy of- 

On llicil ’+ «*r! L.M.K. 
flslna 1 — 1 
jure-Inj; ) 1 

+ “ r 

'ipui ........ 

287.35i- -4. !5 286.6ii 


Ifiiiioi itlni,. 

. iimi nlm,. 

303.1?. -3.5 

S19.7p -3.2 - 

LM 5— Turnover 171 > iUU' l'»l* oj 10.WO 
-fizs.- Slornmi;: Thrir niotnh* C93.5. .i 4. 
ai, 5.3 Kurd--- Tlirw nwurths _?W..v 
•AUcrnuuri* Three nnmih* 4 *■ J-5. t- 1 *- 
Kerhh; Three niunlhs 201.7. 4-5. 3. • 


Tfce market was again umlianyef} and 
remsfned inacuvt: until ComnussHin House 
buying caused ii lo close at ihe day's 
reports fill! and liuHK 

YekUtvla v's 4*1" BuMllW 
.. L'OL'OA 1 il'»»u — 

tO. 15 
+ 0.10 
+ O.10 1 
- 0.10 
, + 0.05 

Bus hi oss done — Wheal! Sepi Kj J.*-S5 10, 
Pfnv. 57.80-47.55. -fan. So2b-00.Hi Marth 
0! 70-32.711. Mav ml. TwiaJ sale*: 70 
Barley: Sent 79. AV 79.20. Nnv. SI.S3-S1.70. 
Jan. «4 .*>-M.4ii. March .+7..'3-S7. 15, May Total isle*: 3S 

IMPORTED— Wheal: CWRS Nn. t. IV; 
tx-r cent. June £04.00 Tilbury. UJ5 Dji rft 
NtTllwru Spnnis N„. 2. 14 per cent. Jmu- 
115:1.25, July £52.30. Alls. £4.1.75 tran*hlp- 
ini*m Ea*i Oum- sellers. 

Maize: II S.‘ Krcnch June CltU.OO. .loW 
HOI 30. a us. Iiul. <ni tr iii 1 shiftin'? nt Ejit 
Cf4*1. b. African While Jime-Aus £73.50 
Clampin-. S. African Yellow June-ABfi. 
£75.00 Glascmr. 

Barley. Sarghum, Oats: Untnmietl 

HGCA — Location cx-fsrm ;pi,i prices: 

Feed wheat: Sculh Linuotn £07.50. Feed 
barley: Smith Lincnln £5? £0. 

The VK mnm-Jarv mc/Ucteni Air the 
wrch hccuininp June 10 will remain 


EEC IMPORT LEVIES and WI 11 IU 111 -: 
t-Ifi-cuve ti'toay- m urdi-r curri-nt levy pin- 
July. Alls, mid Sepi. prvnuunis. wlih prn- 
viiiu- in bracbeis all In iiniis ut accnuni 
per tninic: Common wheal— St<s4. rest nil 
isOli. p. si. o.’Al. 11 17i; Durum wheal— 
102.46. rest nil >t:vi48. resi ml ■ : Rye — 
srw. rcM nil issai. rc*i mli: Barley— 
ft 7(1, rest ml 'S;’.7i-. ri-si nil*: Oats— 

n'M nil 'Ill.tsl, re a mli: Maize 

1 mitt r ili-in fivhrid l«r sivrtinu >—77 32 
n-Hi nil iTILOQ. .real mli; Buckwheat— AN 
nil isainc' Millet— S.‘ 84 rest nil 
rrsl mli: Crain sorghum — s-1.50. resi nil 
(S1.22. n.-sl n‘li. Fleur ievles: Wheal ur 
thurt wheal and rye — 1 137.07*; 
Rji— 134.S1 iISUITi. 

L iwf.imiiH* 

,\«s. . lOO.iO ID 1.25-0 1.50 102. 03-100 S 

(i, i 102 44-02.50' 102.85-02.80 103.60-02.00 

lie.-.. . 105.10 4ft.W-106.25-lie.SO 107.00-05.50 
Aim ,-J, . 112.50- 11.00,113.23- 1 j.50 1T4.00-I2.SU 
Mhi .... »'s '5O-I6.M 116.25 16.40,116.75- Ib.cO 
Am -.... 112.00 20.001 18.60 20. 10. 120.25 20. 00 
tl,-l.... li:.iu 23.501 iss.25-!4.tl0 ; 122.50 

SjIus : '3 294) lois nf Hi imhh*. 

TaU Lyle ev-ri-Qnerv nno- I-<r 

iiraimlaiv'! h.ists white -ijcar i-j £J4S 4U 
1 tjui+i mnne for h*'iiie iijiIl- :mu 
1135.5*1 ■ - - ■ 1 i-r ■ for cspnri. 

IntcmaiienaJ Super Agreement— Price • 
f.,r Jinn- 1- • U.S cent - p,w i»iiind lnh .■nd 
i.-J : .|•■l■hHJn p.,r;i: Dull - , 7 1» -7 Ji>: 
13- jV" : jUT 7.44 ‘7.43.. 

EEC IMPORT LEVIES: Edo. ! 1 v iie 
dat in Hint' nf aivnuni pi-r t*tn kllus 

n. hraeki.ts'- '.wnne <1, u«iuri->l 

and ii„n-J-i'-*t«in»i|.- - ‘.‘figi i*i.-51i. • raw 
detMOllAc- 1 . ind non-di-oarun-d. — ' W 
• uni bane- • 


LONDOM— Dull and" leal nrcto- s. ri-p»r:': 
Haclie Hj! - v Smart. . 

'Pence per ktlot 


NabCunrT . 


*cpi lBfiB.D-69.0 

Dec 1B7.0-M.0 

Uamb • 1611,0-14.0 

May 1537.D-8d.0 

4mv...... 1586.0-89.0 

h 51.25 1761.0-1690 
+ 30.5 1675.0-41.0 
,7.0 1 655. 0-18.0 
+ 7.0 1614.6-05.0 
+ 6.0 1557.0*0.0 
+ 4.5 :15BD.0 " " 

^y.::r:::i57s.o-M.o -1-0 

“Saluki I 1.7431 low’of ilTuniiws 
imernailonal Cocoa Qrganisailon tti.S. 
cent* per luiundi— Daily priw June 14: 
151.01 liK.Tji. Indiuilur June 13 
15-day average 133.06 1 133.31 1; —-dal 
average 133.1 1 (13g.3C/- 


DUNDEE JUTE— QuiaL Ptilvs c and f 
UK lor Sew. .-'No*, shlbimmi UWU C2ii4, 
Btt’C £232. BWV tS4G Tower UTB iM. 
8TC- C33. BTD Kin. Calcuiu gavdc 
trea d y QuolaliWS (' and r UK lur .lum- 
shipment. . id « 40 Ins. ISM. n \u ii.'fl 

STEADY upenina nn the London 
p7iy:lcal markei- Easier Ihrnuchi.m the 
dav. cIlMilng uncertain. Lewis and Peat 
repurirri a Malaysian 'gctlnun price or 
2331 12355* coni'; a ttlln (buyer. June'. 

N-r. t | Hir-viniir j V'+l'nlnVe Un-.!iie*> 
|;,.l‘.4 1 flint- llil*P ‘Itlllf 

67.70 58.10' 68.40-86.60 68.66-57.60 

Y 1.11 ' Ba.78 59.IW 59.40-69.50 

jiv-etoin 58.75-SS.0S: 69.<5 59.50 69.45-30. r 
Uet-UiA-i 61 61. 60-61. Be Sl.flO-fiO.r 
Jen- Mi. 62.E6-62.50 62.80-62.95 62.90-02.05 
Aj.r-4iM 6S.8fl-65.0ll 64.U54/4. |6 64.I-fiS.25S 
: 64,60-64.70' ft, 15-65.50 65.06-64.40 
Itot-Jin' 65.56-66.00 b6.i0-66.55 65.10-65.95 
Jrtir-Mm D7.20-67.i0 67.60-67. Bb .804-67.250 
Selc-'U rl** *43) i lui* iif 13 lunni-j and 
100 '3dJ. l-‘t'- a* 5 1 'nines. 

Physical cIusIiik nrli-es I buyer' I wrr«- 
Spnl 371* '-^.0/; July J7p iST.Si, .Mu. 
57-ip liiW;, 

iirl mi'*- 1* ,Ve4eiSVt-+ ■•*< Hi.'im-*- 

l»>->lj li'*** — , I naif 

. j :• _ 

Jiilr 254.D-32.D — 

H-I.4.T .... 242.0-40.0 ,-0.5 — 

1 i,s.s- mi - 244.IL4DJ ...... — ;4e.0^b.fl : — 

Mm, 24S.0.46.0 1 - 

,1 „i 248.0-46.0 1 — 

1 h-i-.'v; • ' - 

lim-i.'i-' ..252.IL4a.0 - 

Sale* "’' ,l '*aittei Int* uf liSP 11 hi 
SVDNEV CREA5V— 'Jn -r.h-r buyer, 
.seller, bii 'i'-- • •• -mil-* ■. Micron Comraci; 
J ill v nil "• :'■• 4. 332 AOoU.D '-!: i»l 331 5-, 'i-i'l-i. 21: tire. :vi7.:!-J> 0 

337.3-::52 "• 4?. March ■irdJ.i^jul.O. 351-*- 
r.fil n. )? 11 tv WUK 0. :Xit, j-i.iiS.S, Ol: 
JilJv nir 357.--367.0. 47: ■mi. 3713- 

.T72.U. •'■' "*1 -S. si j tk-c .tr:.5-37J.n. 

371.11-27:: s- la tmal ulus 347 


SMITHFIELD i pence per pound (— 
Bee): Scottish felOeif aides 55.0 to PsO: 
Eire nintloiijriers ,5.0 lo 74.0, forcnoarietN 
14.0 in > a. v Mli Duirh hinds and ends 
*6 0 tn On It. Lamb: Enulrsh small «4 u 
10 tire u. medium 60.8 m ffi.O: Iruparn-d 
fnizen :••- f' L 31.5 lo 32 0. P.M W.S to 
51.5. Pork-: l-.nelish. tern Ihjn KWh "K n 
to 45 0. liiii-12Ulb 36.0 to 42 0. lSIMOTib 10 4'i.ii. • 

MEAT COMMISSIOII— .Vvoraise fnKtortc 
prices ai'rwfiiiHHve m.lVUels on June 
l.i GB-C.I51J? «2-40» per ItU.O', I +2 mil. 
UK— Shi '-p L' ,|n Tl per kfi.rsL.d.u.W, t+5 7», 
CB— Pifls ilI«B per kp.l.w. 1 4-3 51 

Eng and ad* Waits— Caftlc jjii/rh.'rv up 
19.7 per sell!, average prfee 73.Sr-p i *■:■ u'.i. 
Sho.-p up 57<i Per c«m yecnmi' 1 W r.n 
1 +S 7i. Pn: s ' U D J9.2 pur j-ciii. avcrauc 

62.«u • '5 3-. 

Scotland—' -* ■ down 3.P pur ei-iu 
an-rasc -*9 p • ’ *1.02*. Sheep down 9 :: Per 

u«v. -.r.ipe !3J.9|> t+EEi. 

COVENT GARDEN > price* in Merlins 
Pi -r p:uPn ;< client wlicre 'itju-n-. 1 
Mjled'-littPOfied. Produce: Oranges — 

Valencia l * ja Kiliih L.uj.j.dii: Munic- 

can- 4 OiM Califtjmian, 4.90.4,50; 5. 

.Mm an: N-oel.- 3 LV4.W. Lemons— 
1 1 shall Iirt/LV; m\* crop 4.40-4.30: 

Tr.o's IJO-i.aO. brae tfises 3.00- 
4 00 Grapeiruu— c pru^: J" fcito" ajo- 
4 mi S Al'i'Mi' I’T 72 7.4P-4 43: Jaffa: 28 
hi lit, 4<m-4'Ut. Apples— l-'r.-mh: Gnlden 

Lie III 2!'-lb 4f‘ JJiirel.SP. 72 - 

lumhle huvj-. n>-r (fund U. 13-1117- W. 
An -:rjiiin '.rji'"! c „’ii'i 9 iffl-0.31* Ta<- 
in., uian ■:• iii:i' Sntlth SgO-Vi'ai: S. I .raii:n S*n:th 9 3*9 JL White 
(Vi in ,-r rJJ-M'O Martins P'-- 

lni„us 5.;ii-r 4I|. ' i-ililen Dehs-le'is ? 4H- 

v.iTK 1 -rial 175 JM S un-.- 4rt: 

■.'hils-xi. *7rar.i>‘ Smith 9.30: Xeu- .Ire- 
land Si nr in er P.pmn- 9 00 173 s.M. 
•Jraiui:- S.m’.li '("-O- lulian. R>.nie bopuiy 
[.. r ,-mrr>«f U. ' 7. *: Men Pclicmus 0.15- 
U 17. .l.iiiiiruii to-lb son: Danish pr-r 
n>-un’f Spar: in- 0 12-0 1.7. Pears — 5 
M>lc3ft Part-nam'i Triumfth 

n jn. Wniicr Neli- sfn) Peaches— Spanish: 
SmnrLu-'l irav.. 2 crapes— l«Tach: 

FurliMc 7 30 Ou%-e , i ■'( (he 7 iiieurtl . 0*t. 
plum*— Span- -It ; I 'll- l-''as -2 Ihi-J.jtl. 
Mi ihh 1 2 fin. Santa P'-a * -lul.Sii. 

Apricots— Sna »:• h 5 Kilns ? 611-3.40. 
Bananas — l.unauan: Pi-r pnuii'l u.'IJ. 
Avocados— K' t'ia 1'mric 14 24' * 4 5u- 
4 si.- § .\ir|,n>i' I ncrii- 4*f>-4#u Siraw- 
borries — *'jlif'irnian O.oit. Cherries^- 
KrciiiJi I'er iiiairnt f, 4it-n 43‘ Cvi,rn- O'ii: 

f, '..'.n «,,i Onions — Chili-an ■_ Ca*'"' 
•j c u-.i nn: C:,ii.t~." : on. Dutch 1 ZH-2 ini: 

IU1: f -.-j 4 -Hi Tsui- |il ton: 3.00. 

■j *:u. Poiaioes— Ea-.*p'i:m 3.',o: 
Liar \‘ .hi 4 2 h: lirniim 
Tomaioes — Dutch. 2 7ft :i.00 

.p-,i„|i* i'4-lh bnve. 4 in: 

■ prill- J . :o Asparnqus— a'ahlurni.'n: 
i-,. r -...iind u°*i-!uo. Beetroot— Cvpni- 
.•Mb 4 411 r .. .. 

EnnJisb ornduce: Potatoes— Per jb-lt>. I.-<.-i1 J.SisSJu Leiluec — Pi-r 72 U.4"- 
ri 311. i-..- t G" W-bh- Carrots — l**T 

n..iinj I nil. Qmons— IV 2’6-lb ' 3ft. 

Rhubarb — IVr puiinri. nvs-flitK. 

Cucumbers— P- r :p» v l-'TIV* 1 Wl-l w. 

Mushrooms-— T'er 'i.4ft-n *0 Apples 

— Por ,,..iuuj I iii I, - • (' '.u-rt 20. Tomatoe* 
— r-cr 12-lh Enali-li 2 m. :im. Grrens— 
ivr crai.* Ken! I nn. I'Jbli.iee ’ in Celery 
— I'i r 12 !9 I.Au-J.JIi. Asparagus — /'it 
hunrtli- .inpruT 2-’.b 1 40-1 SO. s ' r *7T 

berries — Per 1-nnitnd 0 1S-0.1S. Canll- 
I towers -Per 12 l.wo»c 3 0u-i?0. K*-nt 
.1 nu-5.4u.' Broad Beans — Per P'nina "i"- 

Rons— Per pmiKl 0JU. 


LONDON PALM OIL — June tiilv. 
\U4USI nft0.Ull-—M.0U S'T.1. 39«J-T»OT. 

Oi l. .'“O 0":73V n 9- !•"( W wslUjli. Jl* - . 
~2*i> ftn-'lO' ■■". J:i*>. J*-il Feb. unquoted. 
Sales- Sit 


GRIMSBY FISH— Supply talr. demami 
good. Pncep 3f slop's Side <unpnLusn.-0> 
per -.nine- ShcH epd £T. nO-£4.dO. codlinss 
E! sn.m 6*i: larve huddDrh *•’ 2u-I" , .3ft. 
medium afiO-li 3n. small £2 30-13.20; 
Jar*- Platon - 4.70-53 '20. medium *4.i«- 
r; ijft biM <nul' i'l 3Q-£4 39: lurCi skinned 
•Mcfivh iM un. mpdluiR £7 no: lurse lr-ninn 
vnl*-« in 00. mediunt £4 pi: saline n.eO- 

Rice buffer 
stock olanned 

BANGKOK. June 15. 
THAILAND IS study in u setiinp 
up a ccniral buffer stock for the 
Asocial inn uf Souih East Asian 
Nations 10 main lam tbe stability 
nf ihe rice market in the region, 
the Deputy Under-Secretary for 
Commerce announced here, says 

The idea of a regional nee 
buffer mock was recommended 
hy the Philippines in an ASEAN 
Ministerial meeting in Jakarta 
early this monfh. 

The buffer slock will be set 
up in addition io reserves in 
oath ASEAN member coumry— 
Malaysia. Indonesia, the Philip- 
pines. Singaporp and Thailand. 

Copper deal 

MEXICO HAS purchased 10.000 
tnn* of copper concentrate frnm 
the Helca Mine near Casa 
Grande. Arizona, in what may be 
the first of a number of such 
transactions to meet internal 
copper needs, AP-Dow Jones 
reported yesterday from 
Phoenix, Arizona. 


Prtoes p*r tonne uiitoss aiberwlv 

Llllll- t? 4-- •*ni- 

1 1? — ii" 

Metals | i 

. Vi , iiiiilimn ...._ 880 

1'w market li-iM.5l.D20 S 

Liil'iwri-ni-li W.Batv'iTOB-TS - 

S iii>uiih« >li. 'In. IC730.75 - 

1 «*tl Oihnlr- JC705.75- 

inmnili* ■tn. "In. k'725.5 - 

I i,.!. I Tw'*J IB! 625- 

U«i1 t'ii-li |C30S.75- 

j iminlti- ..['2314.25 - 

\t«:L«* ,.ii-.666 . 

Five Maikrl ail «» *1.BT 
\ -1.97 


Plaliliiiif. lr».| iv..;i:133.0 I 
Kiw Umlri.i...., 1 134.3 
Vnurk * ««■ iliitoi 1BU 2S 
Mivoi um „ j...... 1-87. 35|i 

' Hi- 295.15c 

I'tiila-n : 6,790 

' un nit li- ! 8.672.5 

W. ,11 im iii'J'.'.aili^rui 13Jf if- 



*1000 ID 
15.75 712 
-IS O l731.2» 
14.75 --70I.5 
-15.0 1 1 20.i j 
- 1.25 * I.7.M5 
-■4.25 .291 5 
-4.25 500.625 

-O.Oi. 2.05 


j 1 ii* iiilli- 1321.25 

rriMiu'rrv 550- 600 

Oil* I 1 

1 ii*iiiiiI 1 1* lull /S 650 

iitiiiiiiiliuil ■ L 739 

l.lii—v-l L'nvle^ l,.,L285 
I'mIhi Slm!*\MH..„..}b53^„ 

Seed a 

■l-m Philip 


1 .7 J 

5.5S 85.5 
-3.JS 89 A 
-115 0 6 505 
■95.0 6 4a. .5 
15 40 
6.25 a 6 
■6.6 ol5.71 

550 500 

. ... '610 





*ft«lwn 1 1- 274 


- 7.0 >299.5 


umii-> HK»; 

Hi ‘It If hiilitrtr *.,.. 


It -■ Vlii 

Win*, 1 

I Uni *»ii-iri«- 
■N',- Hm t Wnil v r 

K,ijii»i, >| >ilm..„ 
«...•>», 'I,ll.,l,^,1l.... 


U'H"+ > noil" 

•• ; 

- ■*••.«, 'I III I , \ .. 

Ii»'- i «-i 

*■• }«<■ ll*» • 

■<•• III ... 

t ai.BS C79.40 

C104 C 105.5 

■-94 - 1.25 95.25 

• 1US 
il 780 
;f 1.667.5 

> 723 


, 3i 5 .1 896 
-JO. a- 1-820 

„5*.0 1.535 70.55- 
1.0 ai.75, 

.. . 101 

.. . 280 

• Nominal 
ni lunr ftuguSL 
t Per ion. 

J U'luoMtcd. •• 
..laJuly.. - iJune-Jnl' 



June 16 -luut I< 41>m(li ajjii G*' e-" 

246.83 246.15 248.2-5 250.20 

‘ Ba*.*: July 1, 1562 = 111"' 


.lime 15 .Inin 1 H Itnnili a|>,» (.■«.'>• 

1496.2 1508.B' 1470.8 1597.2 

ifiiii:: Seqiemltor IS. 


linn . Jmiq .lunr. I Mtmilr l--»i- 
.Inin-* I 15 14 Bp, . «-■- 

4j«i . 359.35 256.91 361.83 397 1 5 
Kid 111 1^35 1.23 340.3 5; 356. 3 8 369.20 
"'lAvcrase 19S4--*S>6= lun , 


• JilUc • June Ml. nub 1 1 er 
MwhIv'* I 16 • J« j 

re ply C. n ullity 924.2923.1 923.5 870.4 
ibecembL-r 31. I93l=lft'i. 


LIVERPOOL COTTON— Xo spo , „ r -snip 
nti'ni sab* were a?ain roeordej. 
ilK< lut al tor »he wtk so f»r al 1U4 '»»* 
r 1- ports F. W TaUursall, The siiisaiult 
LUndiUoiis prevailing in the r«« . miuii 
mnrfciM fcepi busing 4 i .1 siandMill. n>v 
st Art Of hoi ida vs lh thi- tmll mwiw 
hampi-r.'d aw st-opi* for mvivdscd pru- 

Copper and 
metals rally 

NEW VmHK. Iiii«- IS 
SG'7.\n mil-..- J>.un i- iaiili'JK-d niw life 
"I I', m rad In iv'- ifiliftwinc the "is munUi 
ejv>eiiM..ii -.f Hu- j-iu rjijhi-jinni perinti. 
Hailii ri-i».'i- C-wui-r rdllioU »n irj<le 
•irbnrnui- bn; in, -uni rmiiriii -i.mi H.iii-" 
lu.ri-i-.rter in- l-r,-in,ii- itniili rullirej 
..n ln“». tuil -pi 1 ill.illli' Imvinu. fis'i'il 
i-l»Mll urn, i.n irart,- .irhitraue buyina and 
I la Hi %;iceulanvc'ms 
Cocoa— ini.' r.i7^ ■ l.:j "-ft ■ . sepi isi ihi 
! v.'ft.;iu In--, ■ji. i.ft M are 11 ia.i.<ft Mar 
l.'l '0. JiiG IIP. Ml. >i|.i, 117 >3. Sato 1 

ColTcc— • r " 1 ..-iiirji 1 .Iul«- I up *4- 

1*4 <5 I fl... fti. S. ;i( l(.«04 I M(. 'Mi. lw 

17.2.110. March 14* T=i. Mav IIS ftll-139.ii0 
lull 1:; On- 1 Sci'i. I.m 5fi hid. Sale. 

Copper — Line i.uJu ..'.9.jy', July cMu 

• 7p1(it Mi-- ni u-i S- 1.1 i.’ '.11 Tiei.ffil.git 
Jail, i.f 7*i M ir.,n ''4 Jn. M.i • 6.' 7ft .full- 

7tl. Mfjil 1.7 7|| Du "j‘ 211. Jjn. 

Mjriii -.lie' ?.4m» 

Cfttlan— Nil. J Jill-' vT 49 
i'.,-i i.-t.i.'.-u: 31 Du M.TS-si *n 

M-vr-.h tj 11 j-. »i. in-hE Jiih 67.IU- 
r7.tiU. u.-l ..I, 4U.ur.-2i r. Sin 

'Cold— .luilc 1-4 ii' •IJ't.U.. .lull I >4.SK! 

■ 1*4: Pili. iii,- I li. l 1*5 7(1. De. 

Ci 'JI. I . 1.. 1P5 Ml. 1»; 3W. .lime 

■-■'.HI ! .n All.-. J.i: .1.1. "cl jin'. 7,1. Dec. Jltp NI. 
Kvl*. JlJ.'J). .Ilwil .'IS 70 Sale a.4".0. 

ILard — i.'hiiaij.i |...iv. JJ ‘.it ui.,[ avail- 
jMi'i MA' (.rum -leftrn '24 oft traded 

• -aim-. 

i Ma lie— .1 ni-- J.i+ 25.:; . j'.W ; . . .*'i-pi . J5»- 
2”-4 1 2V;.. D.'.- 2 j,:.-2.vNi . March J.2I. 

-1..... Inly .V*— Ini> 2 ■"■..on- 24* so nn .. 

-J.ll Oiuj.'iJ.uii •I'i’itO.. .I.m 23.' W. 
April ST. lift .tiilv 2".* (lft. i>ci 2 *f> 90- 

2i.l 111. Jail 2A I 9U.-.-M tft Sile% 52*. 
"Silver — *,.•.! 52:- OU * ij** lift . Juiii7.jn.SI> 

■ 324 411' .t'il'' :l -0 • .".J*. 7.0 , . \Ufc 7-"-7.4H. S.I'i.Jfi. p. Sill ".54 pil. 

if-in-h 3i.: 10. M.i;' ."I .mix 5Sft jn 
-■■l.i s-o 5n. p. 1 <iV - : mi J-jii Ajr.7K. 1. 17. fti. jjli-.. . • - • 

Eoyabcans — lull o7'2-<:7i. \u-- Ai.iv 

nV2 *..-fW Il'ti. .till' <:!<76I4. Jail. 

ii7 i,t* M.inli -wi.-i.2iv.. Mar «: 1-652. .lul* 


Soyabean Oil — J11J1 25 ii<-2.'. 17. .24 S2 .. 
Alla. 24 47-24 41) <24 2Ji. Sv-j.l 2J BlVj-i «"i. 
«i- 1. 2* _-. r --j : jij Dii 22 2 J 4u. .I.m. 
22 10-j J.2i) Mj-cIi 22.11ft. Mav 2L*U. Juh 

21 1.11 

Soyabean Meal — .Ini. 17)jo-17ii6ij 

• i.;n 7u -. Mu :7: "O-ir-: 7-ft -171 im. «i>pt. 
Ir.1* 50 |i.'l Otl. Dl-l 

1b-: 3ft- Mjr.'h tbi.aO. 
17' .7ft 

lull iJ.HU- 7 On '7.W '. 

»ci. 7 I*- : in. .i.m 

.>7. May * ns. Iul> S.:,5. 
.7 v'jli>. .7 (oil 

Tin— Si»i.u"-37':.ftv a -Led >570 Mft-377.0n 

--wheat — liilv ..£ J 1 W»:» Scm 5I7J- 
•:i-i tii-u. :r.“2,-.i22. March 324. Mac 

■J2. i ii-- ::t5- 

WIVNIf'Ki!. -fuin 15. : Rye—luir K«.CW 

• in.; nn >. u.-i :u~. jft - Veil ■ tWvju 1. N'.v, 

10:: nn a.L.*'l Uci. lO-i-'M .' Vcd 

tioais — "in 75 .W fn:i O.Kn. 76.OT 
a fed • 75 Mi ,1-vkcili, Dec. 74 So a-ted. 
\lar'1t 7". 511 a -ki'il. 

jgBarley— -f'llv W 4ft hid •T»i.4fl*. <V4. 
7 m.; u Did ‘7n 411 .r.fci-d 1 Dec. 75 *0 hid.'li 75 ; II j-LlaJ. 

j5Fla*sced— .till' 2jJ JO ■ 2SS :& hidi. Oct. 
U.'.s fill i’.'.ii.*n hull, tinv -31.04 a>kCd. 
Tli-c. 2'm 10 .i-Li.-d 

•■Whqai— reCV.'RS 1: 5 per com protein 
Ci.]Uv:iil . if St. Lahtwe ll'h S4 <164 bU > 

All i’. i'l 5 jvt pound e.vii archoiive 
.Pilcin •iilK-nns-i- staled, -ss prr imy 
aiiiici — l<H' viimic lots. ' Chicago loo** - 
-s P-r Jon jh7— Ci-pi of Ac. prin-s pjv- 
i|nu% .lay. Prime sk-am fnb XV tmlV 
laiiP cur*. -Crni* per .Vi lbs hustul vs- 
i-.-jri halt.*; . 7 . iiiiii buslp > 10 W : *«, ire-r 

mu ounce for Sfl nj units M 00H per 
i-,-ii; pur.n' d-'liri-n-d .NY. 1 i'cnis p»-r 
inn «mhi« < i-«'.ir,'hvu6'- • Kon* " P " 

, .inira. 1 m a shun inn for Gull: 1ms 
01 inn ifiurt ions diln i-r-il fob cars. 
I'iili'.iaM T ul.-fjc*. St l.niiM and Alfnn. 
'.'inis l“r i'.« pi iiiishc! In sinre. 
i'ciik jre-r 24 1 huilicj i'i nm D'-r 
I- in (viishcl ■•s-varclioiisi- •••' 1 i-nis per 
;.i. lb biibhi'1 arohous, . l.miii bushel 
tins. ‘ ’ 5C ftp r tatuh. 1 . 

l 50-172 in. 
ii-*; in-ihi,.'m. 

3! ,i 1 Tik.iilf 
Sugar— Xm 
4.-I.I. 7 in '7 IS, il 

7. n. March 7 lh-7 :> 
*v,-|»r. *'. j7. IV-| •' 





Long tap applications disappoint and subdue Gilts 

Equities follow but index above worst at 469.2 after 467.4 


Account Dealing Dales 

subdued and the premium after the chairman's reassuring com- Engineerings, A. Cohen lost « 'to f ^!l er _ \^^ce Arnold "A” Elsewhere, British Borneo firmed 

bdueu anu rne premium after me cnairmans reassun^ vu m- Arnold A Elsewhere, jjnosn Duraw utwcu 

brief ir.Uial flurry up to 114 per ments which accompanied S&J" w“ Ton 5 to 99p after the chair- 4Jo_194p J ?.J^“*„HJ 1 ' a 

Triplex put 

May.'iU . 

25 •'“"V JX’-V version fat or was 0.6666 (0.6653). rcseetive chairmen. Croda Inter- r^lts prompted a the leaders. Boots, 188p, Uni- i35p before rallying to Close with 

i»n'-»K t ,f' 2 - il Jis The market in Traded Options national shed 1} to 50p and ®. esh advaJlce of s 16 t p 0 2SS,,. after lever. 5S8p, and Metal Bos, S06p, 0 ut alteration at 137p. Among 

Jun.-b July 6 July i Jul > iS became quieter again. The Laporte a penny 'to lOBp- [ Small stave ley industries all closed 4 cheaper, while other Overseas 1 Traders, Sime 

• » iimo » p»ihu.c »!.■. •!,« .... ..r . i — i jplline Ipft Allied Co Holds 3 . , .. „ .. « n , j mu 

New time " dealings may take i>iace num ber of contracts recorded selling 
from 1-30 a.ra. two business days oarllcr. fg|l (0 lfi - as a g ainst pre . lower 

Disappointment with iho ro- vious days total of 557, 
sponse to the new long Lap issue 7ll per cent or the busi 
Tended to keep interest in the Gilt- p | ace ; n three stocks, 
edeed sector at a low ebb jester- j| e( fHOj. Shell (107) 

Grand English, which, edged forward a ShipbuiIdi[lgs 

preliminary figures. quieter session- Gains of 5 

Nationwide Leisure, suspended occurred in .M 88 - ^f sfa SS5?* 

r»d-ed sector at a low ebb jester- n fOi SbeU (1071 and 1CI penny to 100p in response to the „ Nationwide Leisure, suspended occurrea in ms 

^ d U ir ' c6; - ' .. „ F ± a J^^L„ r r. ar ^;^ n ir^! i. n , SSfc 

ftSES BLffliir 5SJT-S S British the^Nortbern fflyW..?? “« >-»* * , ESS, 

subsmbed^ews of the temporary therm ' al lb4p ’ Home, iSfip, lost 4 apiece, while be referred to the Monopolies ; Heron remained a market 5i to to Financials. Grim- 

subsenbed. News of the temporary 
release of around £C40m of special n j -r + 

deposits helped to steady the B3HKS UTlIi lOWCt 
market and losses at the close The Bank Q r England's decision 
were limited to J. However, stocks reduce temporarilv the rate 
within lh* vicinity of the new of L . a „ for special deposits made 
tap recorded Tails of around ». no significant impression on 
The trend in the shorts was Banks an d the close was slightly 

1 r ■ _ ■ 

r: -.| ' j •• ' . wtk'i&^r.r ,. 

L >1 ,* , ..... a:,... . 

I ' 1 V ,.V 

similar, but prices eventually easier . j.[ 0 yds ended 3 lower at 
Flawed a marked rally to close i 2 70n and NatWest finished 3 off 

in listless Motors and Distributors, shawe hardened 2 to 22p and 
losing 4 to 131p for a three-day Prctaball Sicomi moved up 2§ 
fall of 17. Blnemel Bros, eased points to £645. 

3 to 63p on disappointment with British and Commonwealth 
the interim figures, while similar w|re a prominent casualty in 
losses were sustained by Auto- shippings falling 20 to 2S5p, after 
motive Products, S4p, and Aiding- 2g2p on the current year profits 

hisher. Applies lion IW* for the al ' 267p while Barclays were 2 ^IhH JIHl ~ * 1 : JrLi vV ; *'V Z Against the trend, Jona 

tap at this end of the market eas j er a t 32Sp. Elsewhere. Far- III ‘l ttA;' ,-»*■ "■ - head edged forward 3 t 

open and close today. eastern advices helped Hong Kong I Ht «* j | — \Sj y ’ H I anticipation of today's pn 

The indus’trialleadcrs continued and Shanghai^put on 4 to 314p. IHG " - ■ — | ^ . .- figures. 

tn drift lower but picked up tn- Standard Chartered. which ~ ~I1 \ Z Associated Book F 

wards the close as the occasional recently announced the acquisi- I ■ — l ~ = . - attracted fresh support 

buyer put in an appearance. Down lion of 3 major Californian bank- jgg — I . 1_ I — —* \ — 4:; t on a rnuplp. nF r»nee 

4..T at its lowest or the day. the ins complex— Union Bancorp Inc fHAISim A V «ff n I . 8 ? _ “ o=o D hut New-snanem 

FT 30-sharc index recovered to —moved up B to 41Sp. In Dis- TATB & LTLE - 4 1 » J 1 — easier with News InteS 

closo 2.7 off on balance at 46H2 counts. Union held at 338p; the i | ™ 222? “1® ^ 

Ac far as i he equity market was half-yearly dividend will be 170 ' -y" ~ “V P E 

concerned, ihe special deposits announced un July 19 and not ..I Z_ — __ J. 

reduction was considered tcctani- nest Monday as inadvertently imn~ 1 1 ~ Saatchi, and Saatchi imp 

cai anil therefore unlikely to aid staled in yesterday's market ir.CV~ 1S77 ia/H I I. A to ib'iP on the highei 

sentiment. repon. OCT NOV DEC JAN FEB MAR APR MAY JUN 1 promts *n& proposed s& 

Overall, it was another quiet , Apar i fr**m small buying of renewed sneculativ^T inti 

day. hut tecond-line issues again selected brokers. Insurances Debenhams slipped 2 to 84p and Commission. NF closed 2 easier in , p 1Wta 
provided n useful number of Passed a quiet session. Sedgwick Gussies A a like amount to 27tfp. at 94p. The announcement of oup ‘ 

feainres. mainly in response to >'«™» were prommeut at 4!»p. a f\ er 274p. Elsewhere, profit- substantially higher earnings Leading Properties 

ton, 125p. Lucas Industries were warning, the preliminary figures . ■ j s-o 

also on offer at 30Sp, down 4. were io line with market eypec 

also on offer at 30Sp, down 4. w ere in 
Against the trend, Jonas Wood- tations. 
head edged forward 3 to 97p in r and 1 
anticipation of today’s preliminary off at 2 
figures. its rest 

£5^ t f?«H B ^i 1 nnrf , ln 1 ri Sh o,K 5? ter ' =*?• !? r * J2f notably weak^ and,,; etoge*rT v 

attracted fresh support and put s . on dividend omission and- cheaper at 20Sp, while WBlOn Interestsr^^Anw^al^ ~ 
a C t? u ? x- P® nce m 2 r ^r* j trading deficit. Furness Withy Mining gave up. .4 to' i53p,- 5 more :fo <ff Srep • arof •' 

-oOp, but Newspapers drifted dec imed 7 to 23Sp as did Reardon Bougainville 3 to I20p and Mount Tt^nsvaalj Con4oUdatei7La3d.' 'i; - 

easier with News Interaational .j Smith to Top. .. JLyefl the same amount? to SSp.-- " ta £14#. ; - y- „: -• 

“A" P 3 r iower atWflk- Elsewhere, Tobaccos were notable fo r du ll-, -Against the general :--tri^iLd' 2 In Tfc iSimg^3B5K^avairced =! • 


trading statement-5. Outstanding J*P while fllipet and WUI is : Faber ;aldng after the good results and lifted R. Paterson 8 to 47p. while initially, but in the absence of 12®P an d Abercom 3. at 165 p.^ 

“ h \ ” P 3 r ] ( ^ v - e p # ^ P 2Mp d Elsewhere Tobacois were notable forduU-,. -Against the . general' :>trend' , In Tins SungeT' sBCNf advanced 
Saatchi and sitehi improved U U 65 ? ,n BAT S£?*^ ^Sfe? 4, renewed speculative biding .-lifted -T2-to-a- -of ,220p- fpIIfty-taK'tfe; 

to 167Jp on the higher interim 1 Sftaper PMinS® 4 t0 a Y^Vhlgb 

profits and proposed scrip issue. ,^re^ in The firmness of .-the dollar 

while Mills and Allen encountered up .-."'caused a SI-25 'setback In.- the ~ -'EbtewbmJfe- \ an 

renewed speculative interest and selected South African Indus- bHlHon price to *182.625; -per interest Bfle^lifcAll3'i«Kitat^&L-ii 
rose 10 to I80p. ^ oonce and left South ^African /high hf 

Leading Properties eased Transvaal Industries adding B aV ‘ . 1 -.V 

above the previous day's. 

lower. In the absence of buyers. Electricals and the close was 5 2 easier s 
Marchwicl eased 5 to 308p, while higher at lOOp. Audio Fidelity consideration 

VL f 'Vun‘ on 2 to 37p, after 38p, but Great 
the results ParlIand Estates. •* 

Assured or a premium debut Richard Coslain and Taylor edged forward 2 to 29p, while dipped 7 more from Robertson 1 “ “ T^ P ’ 

dlnwinu Wednesday's massive Woodrow both cheapened 2 to renewed speculative interest took Foods, at 144p, whfie Higbgatc „r I Q AL P twf 

.1 C .L. OClOn anrl 1TC rcenanti.,.!.. C-:. T-irn^ll Flpi-lrnnli-v nn E In ?03n n«rf Ink cltnnaH t lota tn 39 n T'SC Of 4 Which lOUOUBfl the 

the announcement Far Eastern Stock Doel 
demand causal Koala Lumpur Deferred ... «p 

Kepong to move up 3 to 67p and. 5? . ~L 

Highbjlds 5 to 109p. - ^UTs^oc^ §? 

Anglo Utd. react . , - jgSSS Ss£.I. 

After the heady gains ot t&e Sp® 1 IntemationL fl 
previous three days Anglo United ** *3™ 


. "No. .. 

Denomlna- of . (3osing -Xliahgeri^vlSSB^'J^TS^ 
tion . marks price (p) ; r^Jow k. : 

27S — 7 

388 - 

k - --227 -S'- 

Uiiw Ufja UIDWB P__ . non 03n 

Development went into .reverse 0111 na a ys 

on profit-taking following the' SfLiai-i ?hn 

announcement that the com pan y. 1 t raP u MeL 

is progressing with preliminary 0 « p 

work on its County Don Hgaf Westland Aircraft 2ap 
ur anium prospect. The ' shirp'i" Barclays Bank ... fl 

nther Corporations were over- ?.’?/? 1 t ? unte, !} er ? t left Heywood other minor casualties included Kiior. China Hisar mnillt 
shadowed partrcuJarlv recentiv- Williams •> lower at 117. Not- Nonnand Electrical, 43p, and ® “ 

issued stocks. ' am on*' which tm S ham *frick shed a similar Rotaflex (GB). 53p. Secondary issues provided most 

Greenwich 113 per rent 1986 amoun t to 275p in a thin market Westland Aircraft plummeted to of the interest in miscellaneous 

Oils quiet “ZTZ 

The absence of a decided trend companies 

were finally 35 lower at 225b, 
after 210p. : ' ' f- 

De La Rue 

• 74 V-- - '-7 ' 4. ’ .?»•' 84 ;V7-t;72-v. . 
261X- . _ • A- 4 ;r; 27S ^ ? ;2S8: 
io?i +.01. •; aiii- #c«r 
; ;• 63 . i*. 1 .. : ■■ T8.V 5 — W-‘ -v . 

35 , .. —19 - - . ■ 'S9jr- . 

328- -• •— 358 - 1 7 236 ‘ - 

The other Northgate group 
impanies also lost -irtum£ 


The tallowing securities oaowd -to ^ - . . iT - 

Share Information Service yjjtertlay ••• TtAS ^ 141 v 

attaloed new Highs aod torn lor 1978.-. i.' - MINES <■) :' r.-.— % - 

NEW fflGHSf (145) 


. :NEW LOWS ;(14) 

ment currency market was more penny higher at 123p. reflected 3 54p in sympathy. Elsewhere in 7Sp in the absence of bid develop 68p, following the announcement a ? d cfhnbed 11 more to ja 1978 
7 ' [men is. Lead Industries eased 2 whereby it will sen its 8 per cent *V gh «>f 82p— on June 5 the shares 




June 15 


Danish A.l per toil l.UDfl 

British A.l per ton 1.075 

Irish .Special per ion 1,06.1 

Ulsier A.l per lonS 1.065 


NZ per 2fi lbs — per cwtf 71.85 

Danish salted per ewif ... 72.85 75.S 

\Z per lonne I.lflO.ilO 

English cheddar trade per 

tonne 1 JJU 2.10 


flume produce: 

Size 4 

Size 2 3.60 4.51 

Week ago 

Month ago 

12.51,12.62 11.41 11.52 
6M.61.-71J15 fill. HI 

r2. 1 0/75. 88 70.15/72.42 



1,202.10 U02.10 

2.40. 3.40 
3.60 4.50 

2.50 3.40 
3.60 .'4.50 

3.U0 3.50 

June 15 


bcnitish killed side^ ex- 

IvKCF 55.0 '5S.0 

Eire forequarters 34.0 36.0 


English B0. 0 68.0 

N3 PLs-PMs 50.5/52.0 

MUTTON — English ewes ... — 

PORK rail weights) 

POULTRY— Broiler chickens 36.0 

Week ago 

.Month ago 



60.0 68.0 



49.0 51.0 


36.0 46.0 

■" London Eug Exchange price per 120 eggs. 
t Unavailable. '■ For delivery June 17-25. 

t Delivered. 

First Last Last For 

Deal- Deal- Declare- Settle- 

ings ings tion ment 

Jun. 7 Jun. 20 Aug. 31 Sep. 14 
Jun.20 July 4 Sep. 14 Sep. 28 

to 151 p following the chairman’s share of crude oil produced from wefe changing hands at 38p. • . ... 
bearish annual statement. Powell the Thistle Field to the British In Australians, BH South closed 
Duffryn, I67p, and Hays Wharf, National Oil Corporation. Siebens a penny firmer at I19p, after 
_ !37p. lost 4 and 5 respectively but (UK) suffered a small initial 122p, despite a denial fay . North 

c ,«i v,ntwi rose 7 to H7p. after IlSp. reversal on profit-taking to 320p Broken Hill that the latter & 
settle- as bid hopes revived. Dom before rallying to 338p. A net considering making ‘ a bidVFof 
meet hardened 2 to 83p in response to 6 higher on balance following BH South. The denial fallowed 

iKS m 
INGS rsv 
DRAPE for & STORKS (2) 


L foods cni 

1- 'INSURANCE <23 . 


■shipping (» . 


K TRUSTS (7 1 /'! . 


Treas^ Varjaow 19S2 Exctlnr. l£T<pC ’93 . . 
Treas. 9pc 1304 ■■ ■_ '• •• 


Casket (S.) • -/Oebentarras ■ 


Britgh Northrop Westtaod Ainraft ; 

•i** FOODS' 421 '•* • —>• 

Edwards (L. C.) • I wwite & Jok 

, •- •. INDUSTRIiOKn^ »•••'• 

EftslOb China. Clava • ^ - 

. . -.NEWSPAPERS «> - . 

GoftJOTf S Gotcb. . * T** _? *r 

, • - »i* • SHIPWN 6 ■- 

July 14 July 18 Sep. 28 Oct.22 
For rate indications see end of 
Share Information Service 
Stocks favoured for the call 
included Western Mining. 
London and Northern, Premier 
Consolidated Oil. A. Bell, EMI, 
Queen's Moat Houses, Kenning 
Motor, Tesco, CCP North Sea 
Associates and Burmah Oil. A put 
was done in Brown and Jackson, 
while doubles were arranged in 
Spillers, Corinthian Holdings, 
Pauls and Whiles, Pelhow, Asso- 
ciated Book Publishers and 
Ladbroke Warrants. 






British Funds 

CorpnsM Dom. and 

Foreign Bonds 


Financial and Prop. ._ 




Recent Issues 

Up Down Same 
3 27 23 

S 4 56 

206 419 914 

146 72 302 

2 U IB 

12 5 15 

17 59 47 

1 ID 27 

417 610 M02 

"Notice of Redemption 

K-Mart (Australia) Finance Limited 

9% Debentures 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated 
as of July 1, 1976 (the “Indenture"), between K-Mart (Australia) Finance Limited, a 
Bermuda limited company (the “Company”) and The Royal Bank and Trust Company, 
a New York corporation, as Trustee, $420,000.00 aggregate principal amount of tha 
Company's Debentures issued, and outstanding under the Indenture (the “Deben- 
tures”) will be redeemed through operation of the -sinking fund provided for in the 
Indenture on July 1, 1978 (the “Sinking Fund Redemption Date") at 100% of such, 
principal amount (the “Redemption Price") together with accrued interest to the 
Sinking Fund Redemption Date. 

The serial numbers of the particular Debentures to be redeemed are as follows: 


71 2493 4901 TJ(W 98C3 J232S 14827 16738 18833 21220 23742 26164 28626 31104 33661 

svt 2571 5066 7513 KW8 12460 14886 16857 18945 21331 23829 26271 2R729 31199 33763 

1M 2662 5120 TS90 10006 12510 14968 16942 19086 21409 23887 26341 28811 31281 33858 

2H2 "752 5230 7664 10173 12641 15071 16947 19114 21500 23986 26428 28922 31368 33936 

3il9 2827 5297 7767 10249 1 2699 15161 17038 19191 21578 24048 26510 29000 31458 34039 

467 2925 5415 7841 10400 12822 15264 17083 19235 21709 24171 26633 29075 31549 34093 

54G 3008 5510 7940 10414 12860 15338 17144 19372 21803 24221 26715 29165 31643 34172 

644 3102 5596 8070 10477 12983 15409 172U7 19504 21854 24312 26786 29264 31738 34290 

715 3185 5643 8117 10591 13D4S 15551 17239 3U541 21976 24422 26832 29302 31824 34317 

797 3279 5773 8243 10710 13172 15610 17312 19647 22035 24509 26987 29449 31903 34443 

892 3366 5828 8290 10796 13210 15688 17388 19649 22081 24611 27033 29539 31985 34574 

1002 3446 5954 >»72 10883 1 3317 15771 17433 19816 22212 24674 27160 29590 32080 34616 

1085 3535 «0*U 8463 10037 133B1 15872 17490 19838 22310 24768 27242 29696 32214 34707 
1203 3821 6131 8589 10996 J3486 15877 17517 19969 22397 24871 27333 29763 32265 34805 

1254 3716 6170 8648 11126 13572 15936 17622 19090 22447 24923 27363 29853 33343 34896 

1376 3810 63 CO 8770 11209 13667 16033 17718 20158 22554 25016 27490 29984 32438 34974 

1411 3897 6351 8813 11271 13753 16070 17803 20204 23614 25130 27600 30046 32512 35081 

1489 3983 6477 8896 11410 13876 16097 17899 20357 22727 252US 27M3 30149 32603 35151 

1596 4070 6524 8998 11464 13974 16202 17964 20391 22853 25251 27745 30239 32693 35242 

1690 4200 6594 9117 11533 14009 16227 18068 20&2Z 22920 253B6 27860 30270 32792 3S336 

1T77 4231 6697 9171 11633 14107 16330 1820 1 20532 23018 23464 27942 30412 32934 35399 

1871 4.105 6819 9242 1IH24 14186 16305 13249 20743 23097 25543 26029 30495 32969 35S2S 

1966 4456 6378 9352 11858 14300 184 28 18326 20745 23170 25621 28115 30585 33142 35588 

2040 4526 6956 9415 11893 14355 18507 18414 20820 23274 25720 28218 30692 33204 35638 

2143 4613 7055 9521 11!W3 14469 16557 1H491 20910 23360 25846 28272 30750 33323 35765 

2197 4711 7133 3G4H 1210B 14546 16616 18567 21001 23487 25913 28367 30849 33373 35879 

19838 22310 34768 27242 29696 32214 34707 
19969 22397 24871 27333 29763 32265 34805 

2324 4778 7288 9702 121 B8 14670 18664 18676 21103 23329 25971 28461 30935 33500 
2308 4896 7322 9821 12287 14731 16713 18756 21146 23060 20086 28528 31034 33502 

1513 26521 

The Redemption Price for the Debentures specified above will become due and pay- 
able and, upon presentation and surrender of such Debentures (together with all coupons 
appertaining thereto maturing after the Sinking Fund Redemption Date), wifi be paid 
on and after the Sinking Fund Redemption Data at any of the following offices of the 
Company’s paying agents: the Corporate Trust Department of Morgan Guaranty Trust 
Company of New York on the 13th floor, IS Broad Street, New York, N.Y. 1QQ15, 
United States _ of America, the main offices of Morgan. Guaranty Trust Company in 
Brussels, Belgium, Frankfurt am Main, West Germany, London, England and Paris, 
France, of Bank Morgan Labouchere in Amsterdam, The Netherlands, of Banque General© 
da Luxembourg SA. in Luxembourg, Luxembourg and of Union Bank of Switzerland 
m Zurich, Switzerland. On and after the Sinking Fund Redemption Date, interest on 
the Debentures to be redeemed will cease to accrue. 

Coupons due on Jujy 1 1978 should be detached and presented for payment in the 
usual manner. 

May 16, 197S 

K-Mart (Australia) Finance Ltd. 
By The Royal Bank and 
Trust Company, 

New York, as Trustee A. 

Ken unci a turn cute usually usi dap lor dcalim* rree of sumo duly. B iriguKa 

based an pros Deems estimate, a Assumed dividend and yield, u Forecast dividend: 
cover based on previous year's ea mines, r Dividend and yield oased on prospectus 
or other official estimates tor 1W» 0 Gross, i Kisures assumed. | Cover xiiuwti 

(or conversion ot shares noi now rankles: lor nivtdcnd or rauklns only (or restricted 
dividends. ( Piacinu price io public. Pt Pence unless otherwise Indicated. % Issued 
bv leudcr. || Otrerwi io holders of Ordlnani shares as a riahis." “ issued 
by way of capiialisauon. rt Minimum lender price. IS Reluirortooeil. HI Issued 
in connection wiiti reorganisation mercer or take-over, |||| Introduction, n Issued 
to farmer Preference holders. ■Altai ment letters tar rally-paid i. • ProvhaannJ 
or partly-paid allotment letters. *Wiih wantons. 

^ v ; 




Abbey Unit Tst- Mg» LM- 1 

W® 1 C f reH nr .Kd.^K a ban i «*£ fn 
Ahbcj-i-amtol lft-3 -a 4 SB 

Ahbcj-i-amfoi is-* 

AtllW> ltltOBM*.. -• • » “ 

Abbey In-- W t,J - l2|5 
AbUt-i Uon.lrf .—145- 

333 1'iTfwE^L^K sL 

Allied Haznhro Group* faHg) 

Harobiw W«v.. U'itton. Bivjw«fj“jd- Jjff**; 
nl-Kw tUSl ° T Breath* e»rf >0217* -l" 9 ** 

i Balanced Funds . . 

£ Kb tyJ -o.J 

KIpi'L & In'll IVv. 33.0 

* fEKiU.TU.V« 

Gibbs (Antonyi Imt 


5« («52fL“Ri? 

-icy 105341737*1 
m«v iMSl' 2^* 


54111 fur Ear* Fd — .. 

U«| -°-0 2S rf.Trt.'liwWW ... 141 2 4421 I 830 ASem-an Kund- • 1» * — 

“I -V IS S Jlfess-B J ‘d ■.;■_] Jg Practical Inc*. Co. LzcLV 

iil’"04 53J wWLC " Dealing ■Tuej.nWed. 44.B]ooni-'bu^ 

«s Gorrttaohotv^ „„„SsSsS. J .“It:lSi =>* 




G. & S. SupcrFd. — 

- : £7.?5* 

ifil 7 -! L 

Set \:cl '.:!.i.— 

m s®»hs« 

teWidBI «* c«d*ajJ»w rM SStf»r:?=B! “S: ! 

SsSJ-pi vs |^:fe *m : j is 5SSU5«?r 

bSmata&T^Btt Mol'oil in SGro*b*nSL,EC=)>2Ds. 01-M6W33 Pnnii. Portfolio KngTS, Ud-» (aifbMci Bruxelles Lambert 

SS*E£-k ** .. t S88&M M $ Bacas -cars waMras » 

0 A-fi Eq.Inc ' 

Internal! rnul Panda 


Sees. otAmenea. ••{»* 

Pacific Fund . ._.r«J.Z 
SprcUllai Funds 
SmilWCo'sW ...g5 5 
aid Kmlr.Ce sFd. J4» S 

>- Lid.* I Bn*, or Lndn. & S. America Wd. ^ u p .4fe “| sufjig 
fll-3Cr fS?l4a-BS Q-iwn Victoria S' .KC4. , Ol-WOOU KBUS Gwlb Fd 

01 '! .0 11 3 03 J.. ...... 1 _ I ..... I — SiCnci Bermuda. . 

!195(-Dc! 741 AJnUi-der^n^^M^- ^ 

Klelnwort Benson Linritea 

2T.r eneb«rfc*-Ka , 

F.urin-.-s-.l Lu?.. F. . 1.0M 3 

(iMMn«.^..w ;•; ;. 417 

Do iccum. ....-•— - *r " >01 1 51 

KB ForL'asl V d ... SI;S3155 -W J-g 

KBlr.U Fund . SlilJ-g - 0O# 

SB Japan Fuad _ SL|Jlg 5^ 

s, s “^issrj“.gan - L ? su i8 


SSonsnlbWTsi-P"* VLBI-OSt 434 

Henderson Administration^ (U(cXg) 
pronmr irrWmm. 5 BnytolBb R«d. Hu^ 

SSwcoW-ws g-fl“ U |£g 

3ndSmIr.CosF±-W^S on 3 iUi'f, 50b 

_ ReeormSIto.. IS 

ro Mn. Mi □. * Cdly. . feOS 457 

OvcTBtas Barwnflajte^ ^£3 ^ ® on 

Jixpt-Smlr.Co's.-etaiaJ m- 

Anderson Unit Trust Mana * e " ^f^an Bsynl Ex. I 
IjaFenchurehStEraMGAA S^SaS«»EC3PaDN 

57 Anderson U.T. |43J 52.41 — -l 

Anabacher Unit Mgmt. Co. Henderson Adxninlsti 

1 Noble SL.EC2V7JA 0]«3W™ p—nte DT Admin, 5 Bayl 

Inc Mouth* Fund |lS5i) 175JJI 1 A» Essex. 

00 Arbothnot Secnritiesi LuL i^Me) VJt w fe. ■ to* 

■ 37, Queen SL London EC4R IB V CoSeKSliAcc — J§3 

I Exira Income Fd—Jina.O ll-J “ 01 i^Suae * A»e«--l32A 

. Hifib lae. Fund — «D «J ■ - Jg mewse Firnds 

: SSCSKISprfc §t ig g (SBSjsdSi 

: SSESSE— 1 j ■ 1] >" fSSSSn.-_.».;. 

: ■BISS | 5 aagg T — p; 

= Si :8:i i?8 

I c^SSS’Fnnd JS2 g-8 -g.l Aunrr»U»n— 135« as..-.. 3.47 

2132 +J. 
199. C 

206 0 


1DBJ2 — 

74 0 _ 

7-5 Qnliter IKanagrznent ' 
151 TbcSik-ExcbanpJ.EaN lx 

2A3 Qnadr*nlC*ai.FA.lJW0 

US Quadrant lacoMae ^ll2o2 

Lk Reliance Unit Kgrs. 

Uovds Bit. (C.I.) UfT MaJr*. __ 

p.o. FO*. 195. SL Hdior Jersey. 

UovdsTsS Oacos, I5S.4 .614]*3.0J 

t SLA. 

L Genera 11 

I 150 

:..., hja 

Lloyd s Ini. Grow lb . [STTJin 
Uovds InL Inc—- SFM3 w 

Exrra Income Fd — RS*-* 
Z Htfib lat Fund . — « 0 

. _ <^1 Arcutn. Unlit,'. — l»l 

_ PrcIercnccFund- .125 3 

— lAccum- L'nliso • 

iIimlDJ Fund — • - J’* 

Cammoiilly Fund .l»5 . 
_ lAccum Unilsj gJS 

__ .10*4 Wdru - ! L.i - • 

_ Fin.tPropFd 1*7.4 

niunuFuiic r? ■ 

_ I Arcum. L'nlWi W B 

_ ilrowUi Fond Ig* 

_ lAccum. LniU' -. .g»x 

Smaller LVaFd... ig* 

EaUcn & lntl- Fd..|S* 7 

— lOVWdnaLUli'- -|W4 

— Foreign Fd...-- v --g4* . 

— S. Amer i !nL Fd.l>*.7 




■a ss 

, ~0 ?1 27* 
-0.31 278 



... LIS 


.... 0.75 


cm -221 5521 

295 -0. 
St 5 .. 
200 .. • 
911a . . 
35.2 -0 

7 47 S“£E£junrt._ 

LOO *•*£■*“* 

I i'll 5^ Rothschild & 17211 070 JC-. HopcS:,G!n*pa»-. Ci 041-2215521 

_ 71 45S SL Sw> thins Lane, Wn- K4 - o:-Kfi«o - FF< ^ Ea-Su^Jc Split- -Hope 5: Fd.. j SJ-'|?!rS j I Z i 

177 »-ccB S fcd a a!.d21 ! ; -= J bhumi* Tst. ccd u* •«*™ r " d -..Ni v 4«? 1 ' .1 

"°' 3 IS RowM^^t Trust Mngt. I-td.V!B> »»»».«.H-r.^. ^3 

Britannia Tst. ?;lnRmL (Cl) Ltd. 
30 Sa'di SU SL Helier. ' 0534 1 

T-AV May 3L 

N to A Jol Fd.1327 ■ 35.21 gi]1 gunnel Unit T 

Archway Unit Tst. Mgs. Ltd.* (nto> ^Beeeh SL^atrsix 
317. High HolbOHL WC1V7NL aua\ 0333. ,UBWT« 

*F^ W*' i^N«t rub. dny line 22. _ 129.9 

Bare levs Unicorn Ltd. UNfflNd ‘SffiaMKBs 
l'mfoniKo. 252 Romford Bd.E7. _ 0I-M45544 '»>SSSwS“l52l 

, Negit S..4. -1 

12g 10a Bmilevanl Rof aL Tai wrtourjs J 

NAV Juno 3 i SV510.H I 1 - j 

1 Aft J 

12 m Negit Lid. i 

Bank of Bemeda BldBs-. Hamilijm. Bmda. J 
- nav June 3 1 25^ ~ ^ 

ip ,W Phoenia Interaaliocal .1 

71,1 on 77. 5 l Pcicr Pori, Gucrosw- 3 

- Caicoro Ko. 252 Romford Bd-JE7 
,j I' olcorn cVmoriea -Ig2 

Do.Aua.Arc (W-; 79 

>533 Co. Aua lne. -If; ® 

i asaa«.7;|f» i| 

_ Da. Extra ta«m* - »1 /J) 

_ Do.Finanna!... — g32 

„ Do. 500 J7L8 . •< 

“ dS. CraiTb AccZzUa^ *! 

9222 Wees ■: May 

— Do. Recovery — 4 

— Do. Truatey Fund— (11*6 « 

— Do. Widartde Truxtlft-T 5 

B'utJnJ'dJnc 2 

Do. Accam. pi-4 * 

. E7. 01- 

asiai -o. 
79J2] -0 

07 3 112^-0-5 

si t 3oS-o-y 

r98 MA*< -0-3 f if 

?« . 73 71 -Ojl 5.93 

IU 3371 -0J| 613 

£0 44ll— Ojl 42« .... 

H6 913-051 ‘S 

D7.2 14<3 - —I 502 

Next «b. dav Jpjf ft 
12 « 058 —0-41 569 

[12.6 1217 -LW 5-07 

5L7 559 -05 Lg 

i2J 65.1 -03 4-Bf 

7L4 7041 -0.4| 4.03 

— S (j fcK ibiiBib 

$ » sSLSSLrat.^ -« 

:S5 ss “^S^- 187 - 3 T "is? “ saarsfcsw: 

-s ? f JS Key Ito»d Managers Ltd. <»>«,_ 53 ve & Prosper Scei 

:“j !” » 1 SS^taJn a ™.6 B36( 01-608 33?’ l^^* dooal Flmd 5 lfi n 

-5-? ^ 55rS^2fen:Sl.i S3: — hr»^ 

P^rli 0 ^2- - S ^.GnSSh— 1« 6 

r J n D 5f 569 KSF&diuLFd._|o.6 U-g iKTOBlng income Rind 

5.07 BSs^Coepd..p6b 10231 —.4 *2* HlSh-Yield .....152.7 

-oil L5i KWuwert Benson Unit Managers? High income Fends 

|-03 J-g S^-hnrchSL.ELCa. 01«30OOO HifihHctum 

[_°.4| 4.85 9231 1 S.M laeome 1«* 

lOfsWil ^VLtaUFdAc__!l06a -- St UL Wad* 

31 s SSrs^.'S. ^ sip^ - . 

^5- 11 aiSSS^-^J 3i|:HI 8S B«wa ShipIey Ts!. C*. SSSSAS'S^' - j 

-"3 IS “f^iSTls.' *„■ *•“« J “' “• ES,«SS£“!£l »%«( I 1!J4 Pmperty Gractli Oversea Lit 

7. •ZifSSLtSZ »«■ ■ l“32?!“J^S5££' 'PfSSSiS'Tww i ■■■“'” 

intcrnadonal Funds 

B! fFfc-rB? 

» 73 TlnKr. Growth l W 6 

ig&SS’K . £SW».ag IH3I" 

LW Capital lot. Funi... I »S176li J“ ^ > IT ^ ““ “fei M H3 = 

Charterhouse Js?het D^ESlV.osi'Bd.'I'lin* lsail ---I U-» 

S6M-0.4' 7-5 L^mitTRow-E^ 0^ 550 Rothschild Asset Vjumgement (C.U 

TUi _P c| 8 14 Ad! verb \ 5 W P.O.Box M. SL Julians Cl. GuerM^. 048 J ZfiM£ 

4531 -0-2! S* Fcadak jr^g I"". 560 ■ C.C Bq.JFr.Mw 30- Kg, .“3 ^ 

Fondis — tVi^ei 16'J — O.C.i n;Fi June 1. .1*47.1 159.99 rsi 

*» “ 8£^a.-tefl Me i 

■KLB. tJnlt Pd- 10 '- - 

Charterhouse Js^het 
S6 M -0.41 7J5 1 pratroositr Row. EC4. 

Adiropi ii'i-152 

7171 _n il 814 Adtvertn— — i»*j2S 

0531-0.: S.69 Fradak l.-IrSS 

2 1‘ 


■■■Ml 1 V *1-1 

■■MMi^ rtl 

- » i. 1 



f f Vvj 


47 $ — . 

6L4J ..— 

673 -..- 

""■"“sSS'EBrdw June 2i. ■— ®E-— |7 ’- 

Blshopasate Progressive seci Ltd. ¥0010 ' Ejjh 


Ac&UteT 1 ”June0—P15.p j fSJ — S' 7 473 635 Bigfcjfliliimn Fusis 

g-^el-L June 13.^1 21.4 IZ. Kl !—«■—«» 

,ACCl N^U «b“di.y : j^e 27^-jU A. SffiSs&5=r S 5 fj Lffi Mecl lDOOn “ f 9 

SSaSS^ w* feSEE H | = ^ iSSfcrrll 

American 4 GaU- -r?® ■ ,0J HI **[AcSim. Uui^- Scolshares »7 5 

iSSnc*-— !■§ dS^oo. Turn. TtWed. JThurs. “Frt. . Gll: .*.... R44 

Capitol inc.T -■ --fej 419 1 35 i jw al Jc General Tyndall Fundf scoLEx.nd.-e- .Sfr? 

2%£E£ lu? 146X . ... 5.« ffS^MUnDdBristoL 02723=341 Prices at June 34. .V 

SumSfte* -- Hi IJx d^aSm— -&-■ J IB Schlesinger Trust 

t&ff *» — “SfcnKt» m?S msSSS28& 

j V - : ,i*e Gill F d 1 Js> . >.!t 99 

635 wAMilmi Fusil _ , ,, 

2.40 Select lnlernSL 12520 “IS il “"t ii 

=-« BSw- 1“ 9 55.2! -OJ! 

ScotMts Securities Ltd. 9 
0-50 __K1.. I3".4 42 --p*. 

52 S ? i 4 ComhiU Ins. tGuernsey) Ltd. 

.>32*1 :8 - 

•7e«;-L0' 2.23 Delta Group 
55.? -0J! “-45 p0 Spt M12. Nassau, Bahama. 
[_9 Delta inv JuncS. tfl.ES 

42 “-0*1 5 Cl Dentscher Icvestment-Trust 

t Prices on June <■ ->«« *— 

Basra! Trust <CI) Fd. KgL Ltd. 
r.O. Bex Ror*i }*£**• *”£%■ 

R.T lafL Fd— -~^S9-^ 

Save A Prosper Iniernalional 

CklUK — .... - — * — - - 

American &" “ 

Income*- -Ej-f 

Capital Jne.t — — gg-§ 

DoT Acc.t M3 

E=«nptt ; if 7 . 

Intern iL met . — 15.4 
Do. Acc.t . — - £. a 

£ iUreyfns laterci 
.Jpg Box N3712. !• 

avenu. Bahama! 

CTbUR. Pne« Ju« 

ha administration 

Britannia Trust Management la) (g) ZDattSLiL<n doavnMGJP. 

'™ aair* b3s==ib i 


A A 











to 11 





B f- : f- y " * -% ' ^ Ti# 

it- ^M94EW*X 

Mm 1 



nr* 1 

■ r'tKXeL 

■ 1 - l ■ c 1 *1 ’- j-y 

1 Assets 

Coptic] Acc. 5J6 

Coimitad &4 


iKmieaiC. — 

Exempt EH? 

Lura income ... — EJ ■* 

Par East --gJS 

Ftnccckal Sees — — Igf 
Gold* General 1»6 


lull Growth— — M- 7 


North American M3 

Professional— —■ 
Property Shares — a3 
adeld— — — — — 

| Status Change HJ 

I Dai v Energy 

SiS Bk. UnitTst. Mngra. Lt*L¥ (■) 

60 7 -Otf 436 

CJrt -02 6.08 

to tut -5 4 

119-5 +5j 6.06 

42.1 -0J 9J4 

226 +03 319 
U.1U —06 4 S3 

fa ' Wes Sussex- 

li? FfnKBalned.) 

qr5 Do-tAremn)- 
it? Second (Cap ) 

453 Do.tAocnm.1. 
xu TWrdtfaconiei 

406 XVa-CAcmm)-- 

7U Fourth CExlncJ 

_0*| 448 jnv.TsL Units 
-OS 4 « Marten Leaders 


-1.0| 163 

-10 582 

i u.m 

*June 0. 

4lSl '.:: 985 0l+C3«B9 1 I — 

3L3xtri ..■■ — — (CeriLrd.JunoT. _| SLS5.«o I •••■ I 

^3 1 • *i5 {Fidelity MgKt- * Res- <3da.» ltd- 

51351:7. ■*■53 1 p.o. Bor. (TO. HcrrdlUrj Eeroiud:. 

124 ,5-33! Fide’. iC Am- A.^ - j I _ 

1e Eil ua = 

aS :::::: H iFideJityHSgEt. Eeseareh Clera^y) xitL 

Schlesinger international Mngt. Ltd. 

+LLaHctieSL,SLH«Uer 1 Jei*cy. <»3 47^ 

S-AJ.L 837 o«i 4^9 

B&MSte:®* 1=1 r: S 

0 . 3 J 3.79 M- & G Graupf (yXcKrt 

a si ussBfts.'es*. 

Income J une 13— 

4.44 See nlM Stock&cbnuKB 
455 American,-^— — -Kf S 

253 (Acxuni UnJW— g 

AuHtrolaetmu-. g?“ 3 

i (Arm ml' Bits? -K?i Vj 

Toe British life Office Ltd * (a) 1 ArcnmUnUS) — 1 

»“» k'SKiSfe, 

~ olSjSoS- K6.0 50-9 • gff Consendoo Growth t 

!7 BL Dividend* I*t6 ' i Conversion fie. — ( 

■Prices June 14 Next dealing J |,nc - L Dividend - ■ - . — ] 

Z Brown Shipley & Co. I*L¥ 

Mngro;Found«CLK 2 m^aOT.^mUmuo-- 

Bfi Crnfji June j . — B14 9 2J1.J ... I lAccino UnlBI— 

2-E2&05 Da (AM.' June 5 — |267 B 2*7.91 .. l p*r EMtent— 

— Oceanic TroeU »• jg> ^o, 41 * i Accum Dnl^__ 

— Financial — Pg* l|3 J* , 

— General -..- -R£4 tii En^. «« fAccimUmxal 

— Growth Accum-- |«5 403 -u._ ^ awd^j 

— Growth Income—— [»■* i5S ■». i.Occim l UBil M. 

= af®5===B ife ^'-K^&TTr 
= as5ts=B *g It 25 asasste 

— perionmmee g^2 ?ra Majpimi - 


^ u 
-0.7 180 


erriuue? .1149.5 v.9s3i •■ 
•For lax exempt fcatL, cnly 


SpeeJj^JUBC .... 

Rccoren ■June ■ < •>—-•- 


62« -o.; 

22.94 -0J 

3aE '.High Income [ 

2 tZ vAcnun. Unit*) 1 

- o£aS* Hg 459 ;Ag?S£ uS5j 1 

- ass-triB IS fS?o5E5zr2 

7 Sffcr=r:g7.9 «J3 -j 459 — i 

Ltd. Canada Life Unit Tst. -- — g 

>0384142 MHlehSLFoUO*xajr.HBta ; , 

■■{ — Gan.Gen DJ»L-- — 483-03 454 (AMumUnlM) — . 2 

...| — Do.Gen^Aceum— 2^3 5J 7 77 Spct-ls! 3 

. . . rw-Inc-DisL _^— ac 71 Ji ?] 7.77 (Acquit. Units)—— 2 

tLti Do. luc. Accum }OA 45.71 

•§ SM141 Capel (Ja«o) Mogt- Wd.V S JJ 

| Z lOOOWBroadSUE^lBQ 01JB8W0 

'1 - P^2 lm M3— J 7J3 Chari fd. Juno 13 — t 

90.3 -0.4 
UO.8 -0.4 
59.2 -0J 
M 9 -0J 
66.7* s-OJ 
816 +05 
183.7 -03 
2805 -05 
1D7.6* +03 
IfLG +05 
1635 j= +0.4 


Sccttish Eqaltsh’e 

757 38SLAndrowaSq.Mii 

7.g income t'nlta.—jW- 
355 Accum. Units.- •■1=;- 
j j ff Dealing day 

m? {First Vt!di« Cosenaodifir TWsis 

t a SL George's SL. Pouches. J-J Af. . SFned la*.' 

isl^SSfliateBi dSdia 

4:w i Fleming Japan Fuad S.A. f* ■ 


Schrader Life Graup 

Enterprise Homo, Portsmou lit. 

la^raatiocal Funds 

£Sbpiity. L 

TS2?«S5!==Bi. gg 

aSSfcgj § 

Ub.O 122 . 

h. 070527733 

127.11 +2.41 — +15 — 
1455 +2-7 — 
1116 -0.1 — 
130.1 +26 — 
122.3 +0.9 — 

J. Henry Schroder Wagg 4CD.LI4 

« mi* ijaris 

H "“^-SarMSiSv: SSi; ■*£. 1 Sentry Asmrance InternMlonal I*L 

Sebag Unit Tst. Kanagers U&X Finxburv Orrur. London EC2. rO. ^ .-I - 

IS p^SsiiacWhry wc-Eft. Dl-Z»*W0-£? ! ai»I TUL- 0M19D Manugcd Fuad -HISUW 

Sg BaesaftrU u^3 jsm m "gziJEff -** ^ £SSL 

*K Security Selection LJ^^ ^"3 IS S«S3*i=S«- (“S&sjg 39 ! i ^ 
















114 ^ ■•■■■> STAi.nFdZ-.Z: 

7-15 Stewart Unit Ts*. Managers Ltd. caj C T.^ESjcrUag- 
II SSoUnSu.Edinbunih. 031-22SK71 OT.gond^d- 

ta 77.41 +0.71 133 G.TJaciflcglt 

55 273! 

CQ 90 lio 2fi 

1£95 1^“ 


5-LJ Sr^wnnro uniia— ... i°' » -?"ii *8'U i GErtTOOre lOVCSL Ltd. Idst- Agta. Queeax rtae- “on- •» -— 

431 ^S^ilJrtozSl 57.9| +o:^ - jo, sl Mot Ax r, London. EC3. J' 183 ® 1 A^lcrolndTa- g61 _ _ 

SSS'&nT-Zteiil ul-S 1 HK& Kjc.U.Tri.zfe'a ^ TS3 Unit Trust Managers (Cl.) Ltd. 

Accumun. ntolul| tF J t.»*±- line l»ff SL fariwJMU. 053473®* 

' ,3 ^v.uuiuvavm—- -yk| 1 tic 

IS BS^jsriirTKWn'-'l ^ 

172 stronghold Management Limited 

|-g P O.S« 315. SL Heller. J««cy O^TT4W 

O'” CommodityTcust „.|92.« 9736J-e.49| 

117 Surinvest (Jersey) Ltd. (*) nMj _ f0 

■ auec^H-a^Rd&HeUejJg^fflM# 

SSS£~Bk-B*M = 

— I Capital] 

- | U, I?tS£ WjJHTi Nat dealing M»4U. 
" jcariiol Unit Fd. Mgra. XXd.» (*Kc) 

^SSSSSadm ® '* : 

Manulife Management Ltd. 

6® Sun Alliance 
fr.43 son Alliance Hx. 

CarilDl Lull JfM. «***»• — “2 manui+*c '— " " ft . — n«n«ini Tercet Commodity .r 

llilburn Home, NeweasUe-np^TVa® ,3101 ^ Georve^Wii^awTO'lge. Tucrtffe£fto>— ||g-g 

1-800 500 Cajllol ------ 

— Da Accum. UnlU — 

Z DP-H'Shttfld;;— S 3 Z"| 8^ 1 V38 Grcshxm St. EC2V 7AU. 01 ’ 8 f >6 ^ > Twiri^uVn;p 

- BaafflEdBr wdssiMse 

. TLm Mercury Fund Manugera Ltd. ®g®.» 

SMI .Z5U52 - l I <>“ M.Gre*h«SuECSP2EB. 0M ?°4n Pr. June 14- 

= ^Ss-Jbs. S 3 & 3 &HP 

70 WWfim'J rw— w- ■ * | cJmin Inll Gxtfa|tfi.l W XI .. -I ' 

5J» Target Tst. RIngrs. LJ f- v l .^"fL-« SM1 [Ea3!b» Pacific Fiol Kgast. I+o. 

31 Gresham SLECa *^377 1 3110. Connaught Centro. Hoag Kj-cC 

IZi ga^or caajpnrEaxtMnyai— w= «3 Z 

j 63 1903-06 6 1« I Japan Fond |SUSi« > 

[211 5 2ir5*J: . 5 Z5 1 Hambros (Guernsey) Ltd .1 

1 ISC g -B5 3=0;Hambro Fund Mgrs. tCc..» -^* 

Growth Units 1513 wjwi ---• « w TnrEetBroKy- - -ffif. 

Mayflower Manngimrtmt Co. U± JSgWiSSfclgKI ■■„ , 

OUnuuth. Only svallaule to neg. «-mn 

Charterhouse Japhetf 

1, Paternoster Bow. EC 4. 01-+ 

CJ laternatl ||4 **"*; 

Accum. Units gA S- ... . 

C J. Income. »6 -rt 

CJ. Euro Fin 264 s-f 

Accum. Units ■ — -St 394 ‘ 

C3.Fdlnr.TM *76 294 ..... 


335 +0 E 
1S7 4I .. ... 


Tokyo Pacino doiuinss ro.». 
latimis Mac xgc meet Co. N.V. 

NAV per share June 

Tctyo Pacific Kldgs- (Seaboard) N.V. 

Intlmis Mannsement Co. ^ X>'s^^011 
NAV per sburo June 1- SUSJ9.1* 

4 g’tp.o.Bos 80i Guernsey 018 Tjmdall Croup 

nSUDfi HI ^z: ii 

mZ- alft^gatapr U SSTUJB’itMS 

m -■ ! 1 PT.CM on June lir Ncrt d«l.r«s June *, s*^***"#^ 

23 ri 4Se l*=„ Rnrinw Fuad MRIS. Lt-i- WSt*2Ki , ..““ln«B 

pda PC Box 125S Sasslltoa 5. BesTJ "^-.r5 , ?(wi 
;.§0 Oiweas June »■ ■ 

8 53 .Accum Units'-.- 1 _ 

253 3- Way InLMxy 18... ISL52J58 Z 711 

itcnderron Baring Fcad MB® 5 * 

I 4.42 Target Tst. lHgrs. (Scotlandl { p.o.oo*N4723. Nunu. Bahair-i* 

m 1 s a&asssg*- ur^1«a%mro-Bsa-.3V?r> 

113 a «s«SSW SNalsnssssrss*.^ 

I?’! 1 IS Camwood Hooxe. Hlror su*«, H«d. r-;f Tst. ManagersV }“ Pe IfJnt e ' r 'i«i'ort^0^ 3.5 

lAccum. Shams'.- 
A.-7icrican June 14.. 

.tecum shares' ■■ ■ - ■ 

JerserFd. June 14.. 
i'Noc-J. Am IUI- 273 2 


L|ll^ 6 Z " 

0.251-0.39 6.00 

W3 a.- 

23601 +0.4} 7 65 
2B9.SI — Q.W - 

‘ - M Price June l+- ^.y u W ZZZZZ: &7J 405* -0 

Chieftain Trurt Managers «*«aHg> g^n m-— |$ || ^ 

_..| - 11J*»SLEC2M4TP. ggAccum. 310 

( — American tiPo 3 twm-o3 9^ Incom e - -- -- 5j . ^o 

-H — «»eb Income.. --.. {W-i. S3 M iu 2*££*!S£i S'? 517a -0. 

..r_l — JnieroationalTS-j.ira^-0 Sa^njl 43S Inxcrosumai— — ® J 57 7 _n 

I — BxUc Resrce. Tst426.7 a.t\ -oai ^ Do. Accum g.9 ^ 

Lid-V confederation Funds Mgt- U« 

045238541 M cbnacery L4=e, WCUL IBB ***&&£— mt is! Z 

more profitably 
than 2 million 
other investors 


Of investment 

London WH 3BR 

Many People make money ‘IfjjJ, 5 
■rmitiares. Vou eeuM M> >"« ® " ^ nem 
— able to Buy or sell slocks & W'“ 
end use money mom dtrewtnytM" 
Britain’s other two mUllon lnv«tois 


- Simply through a unioiro 

12-w«k home eouise. Jr* 
ICC Art ol Investment, wtmen 

kfcWeee tiy professional Investors. 

L. ‘ eiockbrokersuna aceoun-' 
IV ants, step by step they 

" snow you howto mJE-e 

j money. 

JVO RISK - It easts you . 

|HJ . pa thing unless you 

Even without previous 
k now-li ow — e*« •• wri" 1 
capiun x* ,D " a * °°, 
unni you could ue P rof,l * b .^,.. s 

JS5t ' . dealins •« stocks and snares 

MENT " m 1 2 weeks’ t«mc. 


1 ABM s , amp joquiriO.. 

^™Sfef-B5 63 cl zii\ its EKMtamziel & Co. , Guernsey) Ltd. S?S B 'g ! »rM“feg 

E^“ MS IS XSSS?** 5WS£T=lSf ^ STSS «-• *+• «-• 

« - ^SSSJZZL!?-'* 

S-?3 J.B.T. MwiagOT aer»y»jWL susso.w |*o.K| 0.91 

6.47 lAccum. Unrts.1 
254 BertExpLM3y31 
254 Buctan. Jtinel5— 
831 < Accum- Units 
851 CalemaJiLne9 
5.49 lAccum Unite, 
5.49 Cumld- June 14 

=s = 

OrowthFun d -H 2 - 0 99-N ■— 4 ^fc^tTS^SlNtott tffi '•*«“ »- 

Cosmopolitan Fund M a n a g ers. ' Minster Fond Managers Ltd- (Accum UnitsT 

aePontStroj^l-u^SWIXW. Wn «rH*,^ttairSUIlCA 01 ^ 3 ^ ffiSSTliS«>^- 

Cosmo poIn-Gth-Fd. f!76 ■ 195j -05] 9JQ , MinslCT jiMe32--.B53 |J3 ■ — J gag vS^th-Iaef' 

3 = }S^o^GiFd-tf7Jl ■ 193J-03] 458 g3 — J |g VfflSffi’ilZ 

_ , tUtit nr ^ 1 Mees. Ltd. (aMg) EnemptMeySl— — .pOJ - **■** JZ* (AfieumUtuei— - 

Crescent Ihnt Tst. Mgrs. un. ww ^ Tran* MgomL Ltd. vsn*a»JiineJ 3 - T r 

, Erfinhurch 1 081-22848S1 MLft ua» uirnwo™ mutwi viS.PtMeJcnel4 

sssar a ^n 


SSSSCwr™. M oi T "« sdBwJh aJ ^ issssar 1 - 

M3? « J-S-T. Manager. (Jersey) Ltd &w£ESE|“5K» ».9l 

151 a 5 79 PO Box 1M. Reyal Tsl Hie.. JerroyOSM -■*« c j;« asset June 14. . 

^S^’KriaVb.Sr'jSi' 1 »* s. g. Warburg & co. Ltd. 

Si — c 5§ Jardine Fleming & Co. Lid. ■ ?d, Gnwhcm sa«t, ^ ^ , 4 S l 0 T , _ 

1 43th Floor. COaMUgl tt aut re- B«g Koas fe^ntJ'uSiil -0^ - 

545 2.« jardine £am.Ts*— I 5HX2 5j^ c^SL^UAp?5lZ STJS7.09 1 - 

757 :::::. mi arUSSSSS «»«- Warburg invest. Mngt. 

47.7 +06 6.41 N«t suh. June l.Chnnng Cross. SL Helier.Jsy. CT O* 5 ? 

SS Start- Jersey Ltd. CWFL<<l Mai;=f - M TA - 

76.2 +06 

68 W 


f-fr? NAV May 2g ^Equivalent _ scs 
!.S Keyselex Mngt, Jersey Ui M 

354 1® VS 

..J - 3 2 - B ^ MEr,cWSl - E< 5^5 i733rf"Tsi3 Sutiil H'6hYW_t56.4 IM I — J' ^jene 14 HI 

+ia - Disc income H625 j National and Commercial i Accum- Um«f; -• JK5 

litiin. E. F. Winchester Fund Mngt. Ltd. s ,. An drew Square, Edinburgh rai MB W51 capital Juac« . 

i SdTcwro.Era °T624 til g 

swaewsl#! an-.:- 1 « ass^affi fflrl W 

ti.8 - Emson Sc Dudley Tst. Mngumt. Ltd. Provldrat Inv. Mngra. LtdAf '^g^Vl 

■*2-? _ 20.AriiD2totiSUS.W3. Ol^S.Kl hun . hSuEeap3HH <n<&*300 lAMuat'wW ■ 1|5| 

IS! = Emson Dudley ThL.167J 7E6| I 3.00 H Sfi KSSS.«^-&| 

-V- - Kittitas Secs. Lid. (a) (fi) lSl J ?■« **.!«. Jane I 4 .. «* 

543a -02 *.»» , „ 

730 —03 726 Tyndall Managers Ltd* 

S S 060 If Courage Road. Fri-JJ*. 

JSr income June 14 H* lg! 


B e*4**iC\ EPW W 

Kevsoiex Ini i . -.wH 

local authority bonds 

Every Saturday the Financial Times publishes a 
Slaving details of Local Authority Bonds 
off er to the public. 

For further details please ring 
01-248 8000 Esrtn. 266 

BBEa&dBir m 

ijSSiSSwjT-SS i'° world Wide Growth Management* 

Japv-i'Jlh Fund . . ILSJJ42 ‘ l _ , 0a 5v, u k-vJrc Roial. Luicmbours. 

0272 322+1 1 Jap, n ,j,h Fund . . R SM42 , ^ ' p ‘ 
• i 0-W 1 ««•«!*». Japan 0158 - ^ 

. . — I Cent Assets Cap _ £133 61 I » u 

103. Souk-care R«nai. 

Worldwide Gth Fdl S'J 6-5.23 | +91111 ■— 


Emson DudlcyTsL-1675 72 

Equitas Sees. Ltd. (a) (g) 

sels5 £~ w ^ ««»aarRSftte* m^wT ^***** B1 

«SS^_„1675 7L2I-B.4! 450 fflSg JSSS » gSKSS^W 

Equity & Iw yau »■■ «■» National 

l«c^ 1 5J 

172^ """I 31 

01-4994B3 Equity tLaw IM* 

-D6) — I Framlington Unit Mgt. lid- (a) 

:1| Z |6-7,lJtiliu>tiyart.EC4B5DH. m- 01-® 

Capital TO.-—— ■ 

Income TO--—— J 
InL Growth FI™ — 

Do. Accum. PMA 

.» gSffir= 

01-2488971 G ro wiLh Inv 

*02 7-K UnlvcrtalW-ftO— 

+1-2 nEL Trust MM 

+L2 25Z Dnrk+ 

BED. 01-608 «B 
1 71.M —0.7 

3 7h!S]h>3 

57 § —031 585 
89 7 -05 — _ 

435 -031 UF1 

5U-d 530 

65W^|| 7.« 

66 Indicated Yield* "fa (shown in '^L^ ^.-itW bused oh oiler pnee d F 4, l 'v"?iSS_5 Tc^oio 

“ rasa ae sad 

585 9 Net of lax on roalucd^capjaj 5,‘J^‘jcwo!- tax. T Ex-suMivtU”- 

::::! ^ Equity & Law Un, Tr. M.? Oh bKc) National Westmlnsterfta) ^AtSua^^ b “ 

j^rth»mHd.mB|iWiMmbt . 0«43OT7 m. dJ^^- K2V 6ED.01«p ^ KmSuvriw 

u= 5^a^SLg^»w«» ? Sd! s ssa®l=e* . su| - li| “j 

^ =■ ®sfc=i* -^isi 9 a ■ss'jsis.-. -h 

_ gS:SS3£±=^ nljd « Sctmrr.t^sun^ S IffiSSidH f| 

'{Tf 53 Friends’ provdt. Unit Tr. Mgr^f HSKSkJB H ■■ }^} ffi&S£=B| ^ fe ! 

-^1 — Ksham End. Dotting. for New Court Fond Hxnageri Ltd. TSBSeonbfc gg-2 f?nlliii in 

53 - Friends «Si^ Sg F gte Rothschild Asset 5 tes|«ueBt _ (biiu.Accum. 1 *- 9161-03 ^ 

Dll — do. A ccum.—- .-.-I 5 * 5 3BjC * • Norwich Union Insurance Group m ulster Bank*? u) 1 

.•table. GX Unit Managers Ltd.¥ ' aBm 4.!eonridi.SEiasW. , Waring Street. BclfeYL 

» ia Finsbury nreusECOMTDD Ol-eSOe^ GroupTrt-FU. &4t8 »53| 464 1 ** ibunsierGrawth.. -137-3 

030357333 G.T.Cap. ine- . — ttL5 Trust Managers Ltd. faHgha) unit Trust Account & REgsnt. Ltc. 

■ I — r , gt^STSiVa — fiuS 1723“.: 7J0 aaHiriiHvftjwWJVTEB KioBWHliacSt EC4R9AR m -® 5 JS. 1 

• {Friends ' 1 Prtwdt. Unit Tr. Mgrs.V 

2 ^ jili, Trust MMiagm Ltd-f W® 

MII.mCo^t)oiltog. surrey.^ ^ ^ y g 

' saKEiiiaszfis am 

Pish am End. Dorking. 
Friends Prov. UU-.jg| 
Do.Accam.— ■ .—-I s * 9 

..0.11'— Do.Accam.— ,-..^-l>*» M 

ites* table. G T unU Managers Ltd-¥ 

4 V 19. Pinabuiy Circus EC2M 7®D 

° 30 ? 5 ^ 3 iH 

gtaBfcgi 1 

Ltd. ■ gG^fcll f 

***« »« KfSMd z:Ba 

' | " — G. & A. Trust l»Kg> 

- 5 1 R^rIw^Rd.Breal'*i>«I 

J — — ' P*+ 


iil ill 

fblDo. Accum — 
<b) TS Bln come. 

(b> Da Accum— 

SidS 7.1? | 

m3 -0.7 757 J 

39.71-0 21 5» 

7jn a2HiRh«9j«wra.v*t7V7£e . ' KincWI Iliac 51 ec+hbah. 

?j2 Pearl Growth Fd-.E5 F „ aroHsaF-nd 0510 

■■— H2 Accum 1- tilts — ^...roi Sa ni -674 WlcerGrth.Fnd... 20 3 

2OT SJSaiB 559 TO Accum..- - .|M 0 

750 ..Zwi 3 4 S 1 -oil 5.09 Wleler Growth Fund 

Pelican Units -Anpyn, Ltd. (SR*) rang william sl ECffls ar 

j,— -*wi pi Fountain SL,Mjnich«ater , . BC0 5? HSiS?" S’ 

34.4ri|^S^B SaSaltoilBi— 4M* M 4J-06S 5.08 Accum Lulls 1M+ 

37 m -05| 5-09 W”' 1 ™ 1 "- I' 1 " . 

3 444[ —03i 5.09 wieler Growth Fond 

iw-.o . 5+: 

55 fli 1 fljfrs 

01-633 4P5l| 
31 1! I 4.33 J 

26. Si I C-3»| 


CLTi ^ 1 ‘ v „ H ;'n vrw ?LU Te 1 * 01-2S3 1101. 
Royal Exchange JLve- E- s f o, sc ilrtJ at 14 . 1 . 7 ?) 

Index Guide as at Tth^une. lPtS (Base iTO at 

Clive Fixed lnicresi Capital H -191 

Clive Fixed Interefi Inco me Z 

COF»AL INDEX: Close 467472 


n ,,n n 

f Properly (.irov-'lu ■ q’,” 

t Vanbrugh ‘Jl'f ««•' ' *i'.d 

' \(Mrvib shuun *• 

Financial Ti mes :Friday v 3nne 'Ig^igTS^ 


Hwflowi Sock f Price M M IcnlSj 


<•' Great Russell Slrc-t London WCIB “PA 01-6 



83); Urelawi TTjdc ' 81 -K? 


- «r V 

- hi. I 

Shorts"(Lives Dp to Five Years) 


Treasury Ui'pcTte 


1 94 H'niSUioS.lw . . ..| 96 | | 

Uis. 5 & DM pneos exclude inv. : 

3';| 3.90 

5 premium 


Su«f 1 Stock 1 £ | r - W 

1 Dir, 1 

| JYTd 
Crtl fir's 

rude Dei. 51 .til 

Mrs Fawn st 

42 n 


Rarewn Wm. Hip } 200 
Rcnlokil l a Jp_ _ 1 59 

i i. ratal tae^H gg 


Sleuarl I'lMuv 

FnndiniSae "KWH 

2 21 7.7t 74 






26 J*i a | +1.65 1 



19} 9_7| 82 

39i 2 
10 l 2 

Comb.£jiAl3aj.l 100 

- j - nm;spd* |. E96 | ..;..|1Z50 i llm 


37i f 321; GmraWpc 337, 1235 — 

37'; 29^ W'.irLnjn.-Pjpeii 3 (p 4 U« _ 

39'a 33 >>mv 3'gxr'til AIL .. . 344i 1029 _ 

28% 23% Treasure jpeSG 4ft 2474 1242 — 

24ij 191, Consuls 2hpc 20t>id 1212 — 

24 19>4 Itrexiiij-ZSK 205, 12.43 - 


88 1 821’ |3pc Stock 7742 1 85 J+l 4 I 526 | 9.41 215 


9.70 1 11.06 



■ 93 «0>4 

991; 9T, 
102*2 91P’ 
29-5 25? 4 

■f? M 


no ftpeww 


France Pkr.l 

- I - 


PDblic Board and Lnd. 

M'; 581; Aerie. ML Spo'3M8__ 

901; he, Alcan KP-pcTEMH 8. 

JV4 2® 3 "MeUnr.&jc'Er 

139 107 U.SJLC.9pel9S2 1 

951; 83 Da without Warrants _ 



60d 329 .13.40 

81‘jnl 12.88 

3fii 4 10 18 

137 nl +2 6.57 — 

89al 1021 1250 

1262 1162 
- 13.40 
1266 1320 


*38 | | Price l+orlDir. C.j Red. 

I Lew I Stock I £ 1-1 Gross I Yield 


M Jnson Fin. 30p . 

Freemans 1 Lon) 



MFI Furniture lOp. 


Telex: Editorial 88634V2 883887. Advertisements: 885633. Telegrams: Flnantimo, London PS4. 

Telephone: 61-248 8600. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8926 

_ 90ri 
i_ 275 
5- 45 

110 , 






Amsterdam: P.O. Box 1206. Amsterdxxn-C. 

Telex 12171 TeL 240 555 
Birmingham: (George House. George Road. 

Telex 338850 Tel: 021-454 0922 
Bonn; Presshaus 111104 Heussallee 2-10. 

Telex 8888542 Tel: 210038 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: SL2-80J7 
Cairo: P.O. Box 2040. 

Tel: S385I0 

Dublin: 8 FitzwilUam Square. 

Telex 5414 Tel: TB5321 
Edinburgh. 37 Geonre Street. 

Telex; 72484 Tel: 031 226 4120 
FranfcfUri: Ira Sactisenlagcr 13. 

Telex: 416283 Tel; 555730 
Johannesburg: PO. Box 2128 
Telex 8-0257 Tel: 838-7545 
Lisbon: Praea da Alegria 58- ID, Lisbon 2. 

Telex 12533 TeL 362 SOB 
Madrid: Eapronceda 32, Madrid 3. 

TeL 441 8772 


Birmingham: George House, George Road 
Telex 338850 Tel: OU-454 OKS 
Edinburgh: 37 George Street. ' 

Telex 72484 Tel 031-226 4139 
Frankfurt: Im Sachsonliger 13. 

Telex 18283 Tel: 554887 

^wkSSSS Hou6b ' T1,e HMdrDW - 

Manchester: Queen's House, Queen Street. iia 

Telex 688813 TeL- 061-834 9381 $g 

Moscow: Sadovo-Scmotechaaya 12-24, Apt. 15. 97 

Telex 7800 TeL 294 3748 46 

New York: 75 Rockefeller Plaza. N.Y. 10019. 45 

Telex 08390 TeL iI12i 541 4625 27 

Pans: 38 Rue du Sender. 75002. 

Telex 220044 Tel. 236.57.43 <" 

Bio de Janeiro: Aveulda Pres. Vargas 418-10. 

Tot: 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 £11 

Stockholm: <yo Svcnaka Dagbladot, Ha a 1 am bsv aeon 7. iZ? 
Telex 17803 Tel: 50 GO 88 

Tehran: P.O. Box 11-1879. rjl 

Telex 212834 TeL- 682698 ft 

Tokyo; 8th Floor, Nihon Keizai Shimbua £57 

Building, 1-8-5 Otemachi, Chiyoda-ku. 7ak 

Telex J 27104 Tel: 241 2920 on 




531 6.6 
7.1 5.4 


MZ23I 1 

UBH Group o6*’Xd 4J0 

iVeetis Stone JOp. Z5 1.46 

hihropJam J72 



Best & May llta— 


Brocks lup 



Bulan *A'5p 

CabTefonnSn — 
Campbell larwd 




CrayH'tronic KJp _ 




. — 4 JO LI 9.8 133 

1.46 23 9.0 6.7 ft? 

...... td931 18 8.4 10.0 -*21 

|WanJHldgs.lOp. 33 d2.64 10 1Z1 -1L91 

{Warrington 53 3.13 « 9.0 6 i±? 

{Walls Blake--- 111 -1 h2.80 3.8 3.810.4 

30 Westbrick Prods. 36W 15 

56 Wertcm Bros_ 95al 42.0 

40 WhSUiuasSn 41 257 

28 WhU shm^jp.. 32 09*1 

22 ITiggirafoiLlQp 24 t15, 

9** WilsoufCannolIyi 135 »J2.5 

63 irimpej'Ceoi 80 Q.tig 

42.07 07 
257 3.0 

094 4i 
*155 2.2 
<12.50 10JJ 
O.bS lO 

J, * A oo 

h 33 9L9 ^ 

3.0 9.5 5 J 

4J 4.7 5.9 

2.2 9 8 7.0 

,(U Z-B 54 33 

5.1 L3 7.B ,£ ,» 


Washington: 2nd Floor. 1225 R Street, 
N.W.. Washington D.C. 20004 
Telex 440235 TeL- (202) 347 8678 

Manchester Queen's Hooso, Queen Street. 

Telex 866813 Tel: 081-834 9381 
New York: 75 Rockefeller Plata, N.Y. 10019 
- Telex 423025 Tel: (212) 480 8300 
Paris: 38 Rue du See tier. 75002. 

' Telex 220044 TeL 236.88.01 
Tokyo: Kaxahara Building. 1-6-10 Uchikanda. 
Chiyoda-ku. Teles J 27104 Tel: 295 4050 

£111; 600 AKZO £li: s -1. _ 

172 86 Albnuhi W'ibon. 169 44.61 

295 253 Alcinalelnds-- 26E dl3.96 

97 84 AlidaParh WJta 87xd 6.32 

90 61 Ail'd Colloid u)p 75 -3 Ml, 154 

79 60 AnrtwrCteBL 72 44.16 

£57 £401; BajerAiLISia). £551; +i 2 (QW. 

246 122 BlacdenNoakK. 230 12.0 

"191134 Btwit Chens Ito 190 -1 Mjja 

25 19 BriLBenadlOp. Z1 U2 

9 8 70 50 53 

Ib 54 41 33 

In 30 33 

^ 7lB 134 111 

392 324 
67 52 

125 83 

_ _ 322 2b0 
4.1 9J 105 8b 
7.9 7.7 *25‘= 2JR. 
LLO * 54 42 

31 11.2 19 14 

87 5 3 ”3 122 
^8 24.8 27b 146 
7.9 9.9 


me Ml. 10p> 



4 .. 




9 . 

7 : 

: 4, 





13 . 0 } 16.0 
5 6125 
LL 4 62 
- 29.4 
5.4 5.7 
4 J 
i 8 . 7 . 








104- " l+l J a60S 


Norton (W.E)5p. 





Eda .6 
Q 17 %l 2 
+27 4 . 


fWAilop) 24 

27 hl 
76 ■ 

Weeta AraocJQp | 28I2 


Altaian 5p_ 





25 19 BriLBenadlOp. 21 ±1 ’ 56 * 31 

61 45 BriLTarPrtLlOp 60 ^2.08 4 5.3 * 

14% W 2 BmreUSp^^. 10?4 ...... 0.92 0.9 13.0 13 6l 

41 27 CarleaCapd UJp_ 29«d -1 0.92 * 4.8 4 m 

,49 44 uJUiin 47 2.86 L9 92 8.7 m 

£95 OT CitoTgpTliMji £93 . “ Q^, * f81 - m 

JsgSs^SL SS’i -- * ra.8 - w 



Copies oblai liable from nw««rn(* and huoksUlls worlrf«iric nr nn recular subMripiion from 
aubscnpiion Depanmem, Financial Times. Loodoa 

si 7 — 

£981; £91 Dag^’nv 82/95 £92 

79 64 Coal iie 1 Aran — 67td -1 

75 59 CcalesBnk 68 4-1 

74 57 Pa'.VNV 67 4-1 

2fli’ 191; Ci#}-|Hurjftfi5p 20*’ 

601’ 431; Cioija Int. Ifip. ... 50 “ -l: 
"3II4 16 Ciyaalaieip 271, 

57 46 £riak*n Plastirs 46«S .!.!! 

44 36 F.irnihvil 38m .... 

394 325 Frj»ia"£l .. _ 360 

D/4 NaWtuiiJ i IU11 20 4 

22? 156 Hk-n Vfoli hSJp 199 -4 
5-4 5*6 ll«ei-liM [iq.‘i 514 -5 

« 19.1 - 272 
-1 2.78 6 63 * 1(,3 

4-1 Z32 38 5.2 77 fis 

+1 232 3.8 53 7 6 65 

...... 0.67 5J 5.0 54 56 

LCfLllarhiiiajJ 110 

APA-ill p. 220 

Acrw 112 

iHk'-V 83 

■ldwe3tGroup„. 254 

-1 : ; 2.19 
•. .. tO.w 

.... 0 bt> 

12 85 

H .iSBsata 

H ?! £ i 59 CxxOpcConv- £155» 

In 25 « |5 Allen 1 R 1 Balfour 63 

t'2 & .37 Allen WU 50 

!gi||i!8 SI & S-^r; 

338 2.9 

-2 5.71 4.4 

238 3.8 

-2 128 3.8 

-1 F10.0 33 

9.90 29 

09% 253 

4.40 bL4 

— 1^2.82 33 

.:.... 538 5.4 

237 L9 

170 1115 
183 130 
124 104 
33 25 

49i 2 43ia 
58 48 

47 41 

49 42 

,40 33 

116 73 

1 025 iJTU-.l lA'_'ials*,Cfeii4 £05 {.....J vlO'ie 

0 bb f i.b i, 1-55 

12 85 3 0 54 72 S'? 

70.52 3.7 24 - 13 J « 

1 * 1.346 87 27 55 23 

yio r j <t> 4 1 4. 100 

h!lO'?e — IB.0 — Uj 

U-h&Lan- 125 

Vf.ErillbhLl'.p. 7 
Tm| ins.. 37 
irfroliwfJ. I0p„ 21 
\ur-r.i lll.lf ..... 94 

AituiilJajDfcii„ 106 

- - 125 104 
aO 7.9 107 82 

- 4.0 141; 

9.4 28.7 35 
73 72 78 
83 4 3 !3 

107 82 

141; 4 

35 29 

78 66 

13 a* 

74 5? 





F g|i 
g IIL 



104 1 

46 -2- 

40 L..; 

, '6l, ' ^ 



41 * 

.7. t7“ : . \ _ __ -~ ■ 


; -»i, 

' -.-'l-. ‘A 

?5 ■' i i‘-i k 

C> I »;..«■ ^ . • _-r— iTT'-— — .11 ■ «* ..WMIWUbW • 

I ?? s* ,rw 


PKOPEETY— Continued 

INV. TRUSTS— Contiimed FINANCE, LAND-Continned 


a • -Js 
& :■-.'**■£ 
;•;■? .-j 

'S ■*; "'sic 

5 ■ ' : M 

i 3 !•<>■; 

-si J 

■ » -^-v 

. 1^1 . '■ 

*7 .’j?-. 


il "~-.v 

' jl •' 

>U-U5 ,y.. 

. '•i ■ ..■5« 

i; ■- •'; I 

’"> - M ~ Vj 1 

; : «:3 

■» ■ * 

V "• J " 



Wgft UJ* stock. 



. . *: Motors and Cycles 


37i a 



35i 2 



,U2 82 

24 18*j 

282 240 
148 119 
1292 262 
1 20 34 

29 16 

37* 30 

Imy Property— 
Jwmyn Invest— 

J Ibi.BV'ttir'Ki 

mutiiiidDfp ... 
t.rad U-ayflk-. 
LmPnnShp liiri 
Lwi .Sbwmt'p. . 
l.uJoo lldt^.lUp 

irtEK.’.. - 

UsfcrBtUfe* . 
Mrlnnwv lflp . 
UidfiurjU'ih 10p- 
Mount view 3p_.. 
IJwkJWiA i J j 



Pronif/dc Ainv. 
lip lc. ARnli. 
Ifnp See lnt?)p- 
RayflnPmp Sft. 


ILcurtmal Prop.- 

Va -A' 

Roth ft Tunphiw 
Samuel Props— 

Sox Wefrop.37p 
Second City lQp 


Stock Otmenai.. 
Sunlej'Oilnv. ^ 
Swiro Properties 
Town Centre — 
Tounftfirr lOp. 
Trsfford Park..-. 
U K. Property — 
IVd Red Prop. 
Warner Estate - 
'Sairfordtnv.ajp - 
Win idler P.29p 
WtttlonEste. — 

+ _1 SS C*|HU 

+5 bl.6 ifi | MlWJ 


1.60 - 

ThO.67 ' 

5.32 q 

*1 &y*«i 

-2 OhC”. 4 , 

+2 QltKq42lf7. 

ID 03j 3.' 

<325 ’i ZOi 3 

-i ?0ai : 

... . 7300 i 
-3 12-28 : 

m : 

.. . *- - 
-3 - - 

. 11.41 li 

-Z 1 ; - ■ 

.....: 132 ' 

t)il 22 

2.0 I 

12.00 - 

rf.54 IJj 3. 

. ♦tA.O 0 8 5. 

17 59 20 1. 

5 16 16 2. 

.... tl-88 - Z 

+’« - • 

: rld 


-3 d287 

+1 Jd2.1 




+2 OI0*. 


. .. 3 95 


...... 0.D1 


+3" 517 




-«2 127 

. Is- wj Di. \Td 

Stork Frirr ! - • VI Cir Uri P IE 

mPbvnsms, repad 

) 64 |HjmihomL50p.} 71 — 

125 iSsan Hunter £1.. j 133ni -1 6 86 

135 Kosper 172 -5 4 65, 45 

|260 Yarrow 50p |270 t4.6l 4.7 


5 1252 
158 122 
348 206 
157 130 
41> 2 34N 
39 25 J 2 

,145 116 
2SS a0 

22>e 12*2 
85 66 

138 117 
116 91 

140 67 

46 34 

115 87 

{ tit. & Com. 
umcssoruhj LI 
Htniinf Olbsn U 

Mersey Dk.L'ntts 
lifiltord Docks £1. 
Ocean ^ Transport 
Ip.ftO Oeldfcl— 
iRcardcnSm SOp 
Do ‘A'50p— 

285 -20 9.26 i ft 
132 -2 5.81 

156 153 

238 -7 6.17 

157 -^1 509 

35 dl.85 

251? —2 — 

123 4.90 

220 . .. 5.10 

Z?« +.«4 - 

72 268 * 

118 -2 835 2 

92 -1 6 54 1 

75 -7 ±1.64 3. 

35 -3 41.64 3.w T\J1 
87 6.16 2.1 14.51 51 

Zffl 7S 
7.4 7.7 126 . 
b.W 6.6 306 
8.4) 5.7 133 
W.7 148 
i IIS. £235 
,121 95 


tanherger SI 


181? -i 2 1.0 2.0| 

59»3 ..... 4.39 

57 td3.89< 

101 4.50 

42 123 

94 4.90 

72 12.27 

42 ..... 3.17 15)11. 

50J 2 ...... 280 3.0 8 

48 ..... L87 2.7 5. 

56 2.77 4 2 7. 

39 +1 thL92 1,6 7. 

60 14.24 24)10. 

63 1.72, 

30ij ..... hi 16 

771? M3 . 96 

26 131 


16 180 Aberrooi R030 ... 105 +3 J029e L 

420 AndO.Aro.lh.Rl 570 -5 C^3c 

83 AnR.Trslnd.50e 123 +8 Q20c 

28 EdwurkslUt 80 TQ4c 

62 Gold Hd*. I' 3jc 77 +4 QBc 

95 CT^JMS-.V.IOr . 332 -3 

100 HnlaVsCpn.P.1. 120 +2 QMc 

288 OKBaarorsMr. 410 Q58c 

35 Primrow' lOcts.. 74 -1 fjWflje 

130 Ba Traefora -.Y5Dc 154 . — Q28c 

58 SABnwsaOc.- 81 fflje 

445 ricerOasRl... 575 -3 052c 

55 Umsec — - 66 — QlJJtjc 


Hi^» K»w ! 

( j- oi Ihc VMJ 
Stock | Prite ! - -Vi Cir tir^jpjE 

30 -1 

38 +1 
177 -1 






30 ... 


125 f 4 

68 -Z 




32 .. . 
219 -1 
£645* +ZS| 




- 1 

£10 -4 

25 -1 
56 ..... 
71 ... 

a fully Inlegraled banking service 


tl64 43 40 

Q4 0 22 


•40* 30 
10 190 
1.65 3 3 

03 * 

0.5 4 7 

1L25 4 2 
346 37 

058 24 

■598 11 
U5J16 - 
13 Ofl 

2 3 22.5 
SJJ 54 
7.S 54 

n 32 

10.9 109 


2 5 114 
4 2 9.0 
2 5 396 

■7 77 
oG — 

17 3 IT 2 

H ud OIfI«: OsaXa. Japan 

tl.O 3.6 4 7 71 
681 3.5 4 7 92 

094% ~ 45 — 
048 10 69211 

3.02 17 4 5198 

Q4.25 - Gr -* 
t4.41 2113.1 60 

- — — 43 

0221? - 62 
3343 J52 L6 : a 
21 1.8127103 

1133 3.7 37 109 
139 38 30 92 


Hfeb l*w 

MINES— Continued 

j I 1+ uri Dir. 

J .Sw* | Price | — J Vl 

Or Ora 

210 155 Falcon RniW— 185 i-5 QjOc ! 

24 15 R.'wfnCorp ISr,p. 171? -^ 056 

BO 52 h-jmCohj K4 .._. 70 |... . — 

175 122 TanJanyita.Vlp.,. 160 wJ I .... Q10.0 

90 78 rw.Pret&Jp 

41 32 V.imkieCeLnhl.. 

161? 10 K^m.Cpc SEPO-4— 

90ri(.. .. Q9"» 
37 -1 iQ/l’C 
Mh ~ 1 


164 8 0 


Fearson Lancnu 


tl\ Z5 
13 -fll 82 

511 ? 

a. 83 


r._ • as 

P _ 59' 





3Pj IBrit Mohair. „ 
42 iBulfflfrl'nKaJp 
12 ICalrdfDnndeei 


99 lUnsODlna. 






27 im-pwithitajp. 
32 [ 26 
40 28 

53 I «? 

d6,49 3. 
3,67 ft 
188 ft 


13.38 8.' 

ki & 


1 41 

i % 

35 20 

29 20 

99 84 

73 50 


198 lu 

ft 11 
20.0 IOC 8.0 
1161 9.9 
9.01 6.0 


264 +4 

866 -2 


68 -1 
£62 -l; 




£24 - J 4 




281? .. .. 
150 -2 
£1M -i? 



248 | 


£2W, -is 



5BO -30. 
544 -b 1 

61 .. .. 

338 -6 

184 -2 

264 -2 
148 -1 

185 -5 

185 -5 

70 -2 

6.74 3.5 6 2 Z5.7 

2110 4 2 3.9 94 
5.61« 5109 12 1 — 

oa^i - - 

163 ft 10^ 
QMlir 1*9 74 105 

jioo ?6 T:i5!o 

♦0.1 t Oi ft 


in" 30 r-3M| 

1*1 T"; 24 : 6 78 

15 7~ 4*1 Ta re 
4 9“a 1102 12 4 — 

0Ti 8 c Z ~f Z 

132 5 B 1116.7 

_ _ SB 

7 C « 24.5 68 — 

Q15V1 - -5.9 — 





49 -I- 
421? *1 
375 tfl *5 





418 .... 


stoics S usar—1 151? . ... 

63 “I 



90 -1 
IBS +5 
280 i-5 


^4 ^ 
85 +3 


58 -1 


65 -1 
65 -1 

h3.52 19.0 10 2.6 
Q35c 1.1 2.1 443 
76413 4.7 4.6 4.6 
62 U 19.3 \6.7) 
L50 ft 5J ft 

635 ft 26 ft 

8.71 32 49 83 

Q12°i 14 1 9 22.4 
♦21781 ft 7 0 ft 

4.2o 21 7.2 8.1 

H5.0 32 5.4103 
Z0.66 63 - 45 

655 23 158 i32. 

3 4 17 12.4 (5Ri 

13.2 6 83 ft , 

2.28 ft 4.9 ft { 

67.7 75 63 33 

♦7.7 7.5 63 3.1 

*4.43 13 $ 53 1 

hl75 3J 32203 , 
6 5 4.4 4.7 70 

3.10 2.7 8.1 t5Aj 

OS% 180 18.7 — 
th075 11 0 17 7.9 
13.4 31 2 12.8 — 

15 10 

132 64 

125 63 

245 148 
72 4B 
138 81 

40 10 

220 125 

39 10 

fci, 11, 

143 79 

lb 8>? 
178 117 
48 30 

£14^4 750 

40 12 

538 310 
160 84 

70 35 

30 24 

360 240 
bO 45 
290 200 
145 HI 
10 8 ‘: 
290 220 
165 130 
93 78 

11 10 

73 ee 

490 450 
400 280 
70 40 

62 50 

210 165 
61 49 

61 47 

205 140 
305 230 
220 134 
75 55 

100 85 

100 74 

220 148 




flHSOuaiaOc.. - - 
Coram Pjotir.iojw 

C M KaljPtoriieSl- 
Hampln Areas op _ 
MdihEi. >jc ... 
J1LM. IDdC 1- 30k‘_ 
Mount Lyell 3c 

‘IaMUI Mh - 

North B HjIJSV... 

Xih. KjIcutIi 


Panf;*. t'ooper 

PanamH JS4. 

F. ui nr a MtE-Jft- 

\numt‘teck23i. , ._. 

15 .... 

120 -3 
119 -1 
240 ... . 
55 . .. 

130 -2 
331? -U 

208 -7 
33 -3 

131 -1 
141? -1? 

176 -2 
42 -2 
£141; -u 
40 *4 

527 -5 
153 -4 

60 r5 


AtoI Nigeria . 25 

Ajc-rHiiamSNU.. 355 

BerallTin... 53 

Bi-rjimtotSMl 285 

i!«nor 135 

OoW4Rio?W?p 10 

iluptiV'j Crinr. . . 290 

Hongkuns 165 

Idro-.lOp 38 

J.iniiir I2 ; ?p .... 10 

Kamuntinr SM0.30 68 ! 

Killinchall - 490 ' 

UiU; Dridfir,' jy. 395 

jFahans.. 70 

PenelaleutOp .. . 6 Did 

PeuilinrSMl 208a 

Saint piron 52 

fwrthCrtiro li'ip . SB 

South Hints SM&30 200 

9.hnMatojMnSMI 300 

Siui^i Eesi SMI .. 220 

Supreme Carp. SMI 75 

TjnvmaJAp 92 

T'inftdiHrhrSMI 96 

T/om/hS-Ml 210 


. ... 

.. .. 3 75 
.... itjllOc 
.... H4.51 

16152 ' 

09 i * 
44 13 2 ■ 

ft 7 
3.4 51 

..... .U.'Jl 

.. .. tQ80c 
-1 fil99 
+2 W.13 

tun 8c 

.. .. «!3Ur 
-12 ty>5c 
.. .ZQlQc 

6 5 


100 1 70 IttodnaHUa..— .1 91 [-5 1*Q50 l-| 1.9| t 


17 I 9 lEunna Mines lT-.-p 1 15 — — — 

300 220 ICuns MuP.-h.I0c. .1 225 SQ30c 2.6 t 

465 245 |Nonb£3teCSl — { 445 -20 - — — 

234 lb4 R.T7L 226 -3 9.5 23 6.4 

82 30 SabinilndiCSl.. 

82 l-rlll - - - 

QS°-. 180 - 02 750. fTara&pt(tSI. P . I £221? +J£ - - -I 

h&75 11 0 L7 7 9 1 45 I 43 ITchid; Hinoral: tup 43 13? I ft j 4.7 

rAa at 7 (781 111 130 1120 K'nkou'.v'ns.CSI.I. 280 -7 y7c | 2.9| 18 


IBs 1 " 


t f or) Dh. ‘ Vld 

I Price — Net Cit Irf'* 

100 -1 2 75 ft 43 

93 3.S 15 5.7 

16-1 - - - 

50 -1? 1.7 10 5.2 

250 +12 s2.a 10 1.7 

40 +1 hl-38 12 b2 

37 +'? hOJO 2212 3 

10 055 ft 83 

277id 15 0 qU At 

96 9X4.0 - 63 1 

109 +5 020 Sc ~ 4.1 . 

67 +1 Q12l?c 1.5 4.1, 

51 +1 Q115e 0.8 4.9 

150 M4J0 1A 4.4 

94 +2 $20c 19 46 

46i 2 +l 2 h0.43 31 1.4 

70 ... .. 52.13 2D 4.7 1 

57 -1 h!5 19 4 . 0 1 


I Bangladesh 

Empire Hants 10p- 1 

202 * 

pes.ftvf».JOp.J 2g 







Investment Trusts 

I B 'L I lj 



184 , 






101 ? 1 — 


167 +3 
151 1 


L’nltw olbentisr indicated, price* and nri dirMend* are In 
pence and drnemination* are 3Sp. Estlmaied prtce/earnins* 
ratios and covers ore based on latest annual re-pons and account* 
and. where possible, are updated on half >ear!> bsorea. P/Eaara 
calcnlated on I be hast* of nd diotribotioa: bracketed Ocnren 
indicate JO per cenL or more ditterenoe if calculated on “nil"* 
distribution. Corcr* are ba>ed on -nnninwin'’ diftribution. 
Yields air toted on middle price*, are firo». adlnded to ACT of 
54 per cent, and alW for mine of declared distributions and 
right*. Securities with dennml nations other than alerting jra 
quoted Inclusive of the uncsbneot dollar prennnw. 

i sterlinc denominated securities which include unwatmeufi 
dollar premium. 

• “Top* Stuck. , . . 4 „ 

" High* and Lows marked thus haw been adjUfted to atimr 
tor rights issues lor *.jtah. 
t Interim since increared nr rwniwd. 
t lntonm since i educed, passed or deferred. 

Tax-free to non -mu dent? on application, 
ft Ft cures or report awaited, 
ft Unlisted security. 

* Price at time of suspension. 

9 Indicated dividend alter pending seripandior righl* V biu < W 
cover relates to prev tous dividend or forecast. 

** Fbee of Stamp Dut,-. 

♦ Merger bid or reorganisation in progress- \ 

a .Not comparable. 

ft Same Interim; reduced final and/or reduced wmflga 

f Forecast dividend; cover on oarnioga updated by latest 
interim irtatemrnl- 

; Cover allows for conversion of share* not now ranking for 
dividends or ranking only fur rcslnctod dividend. 

Jt Cos er does not allow for shares which may also rank for 
dividend at a future date. Vo P.'E ratio usually provided, 
ft Excluding a final dividend declaration. 

•> Regional price. f 

II No par value. 

a Tn« Irec. h Figures hasod On priMpectui nr other official 
oMnn.110. c Cent*, if Dividend rote paid or payable on part 
of capital; cuver bawd on dividend on full capital, 
e Redemption >icW. I Flat jield. R Assumed dividend and 
vi-id h .Voumed dividend and yield after scrip issue, 
i P.iymeat from capital sources, k Kenya, m lmenm higber 
than previous totol n F.igfatc issue pending * Earning* 
bused on prclnuinarj- figures. r Australian currency. 
r Dividend and yield exclude a special raiment- * Indicated 
di vi< len*i; vover relates lo previous dividend. P'E ratio baaed 
i>n latest annual earning.-', u Forecast dnidend. cover based 
on previous yearis earning* v T.tx fnee up to 30p in the £. 
« Yield allows for currency clause, y Dividend and yield 
based op merger terms, s Cnvidcnd anti yield include a. 
M»-cial pnyment: Cover does not apply lo special paymeJiL. 
A Net dividend and yield. B Preference dividend passed nr 
dv-terred. C Canadian. D Cover and P/E ratio exclude profiLn 
(<l Y.K. aerospace iub* Id nines. K Lasue pnee. F Dividend 
and > iejd based on prospectus or other official estimates Mr 
W7T-W, f. A-tsumed dividend and yield alter pending sertp 
anri/or rights issue. II rm-idend and yield baited on 
pre-rectus or other official x-dimaus foe 197S-T7. X Figure* 
based on prcixpccni.-; or other official estimates for 18T8. 
M Dividend and yield based on pro*p«ctuii or other official 
csiunatcs for 1978. N Dividend and yield based on prospectus 
ur Other official estimates lor 19TB P Dividend and yield 
Laiu.-d or. pro<pcctus or other official estimates for 1977. 

4} tirnxx. T Figure* a -turned. V No significans Corporation 
Tax payable. Z Dividend I'Jtal to dale. # Yield based on 
ns.-umpiion Treasury Bill Rale stays unchanged U util maturity 

of slock. 

Xbhrev ialiens- rt ox dividend: vex scrip issue; a* ex rights; a ex 
all; d ex capital vlistributum. 

*• Recent Issues ” and “ Rights ” Page 38 

This servive is available to every Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


The following is a selection of London quotations or shares 
previously listed only in regional markets. Price* of Irish 
Issues, most of which are not officially listed in London, 
are as quoted on the Irish 5a 

Albany Inv.SOp 23 j 1 Sin dull 90 J+3 | 

Ash Spinning —I 45 I I 

Bcrtatn. — -1 2 2 { j 

Bdg"wtr- EM.50P 210 ...... 

Clover Croft — . 24 ..... 

CraiR&£tose£l 445ol ...... 

S soniR-A.) A. 37 

lix&McUdy- 62 

Eve red M 

Fife Forgo... — 50 ...... 

Finlay PkR.Jp.. Ofj -... 

i4ra(g Ship £f- 254 

Iligjottx Brew.. 80 

I.U.M. Sun £ 1 . 150 .. . 

Holt<Jo«..2Sp... 265 

Vibn i:uld>miili >* 

ri-arcc"'- H.i • . 2g .... 

Peel Mills . 20 

Shet field Brick 45 — 

C on r. 9% "80/82. £9Jfj -1 4 

Alliance Gas ■>_ 73 

Amoti 34M 

Carroll tPJ.j— WM .. ... 

Clondalidn 95 -1 

t'oticrete Prods.. 131 -4 

HeitontHldgs.) 40 

Ins. Corp 148 

I nth Rope* 130 -5 

.Incob 65 

Sunbeam.... — 33 ... . 

T M.i.: 170 -3 

Enidare 90 


33 ... 

170 -3 






s il 


43 27'; 

32 25 

20 13 

59 50 




.6 1 15U 1 9 1 ? Ifwnjtee# 


dO 49 
4 94 | U 
1.0 l.< 


London Brick. 


90 64 

>70 285 
H ’ 4 925 
74 54 

U.U.S A- 


• V * - V--. : 


Friday June 16 1978 

V- >. ■ : . 

~ . : '\ ?r >asfai£! 5gV.v 

— -"r— T r.-fili,. .jjr.f 

meeting fails 

owth targets 


PARIS, June 15. 

MINISTERS FROM the -4 the cisht countries should be good intentions into effect in the 
member countries of the Organ- determined “in the light of present depressed world 
isation for Economic Co-opera- their internal and external economic climate, 
lion and Development agreed circumstances." Mr. Denis Healey, the Cban- 

here today to take concerted The communique did, how- cellor of the Exchequer, warned 
measures ‘to step up economic ever, emphasise that countries countries with large payments 

growth. without, however, with strong balance of payments surpluses that they must take ex- 

settins any specific targets for surpluses bore a particular 

individual countries, or fixing a responsibility, an indication 

,t West Germany, Japan and 



Switzerland were expected to do 
more than their partners. 

All the other member coun- 
which were not in a 
position to expand domestic 

Nor did the chairman of the 
meeting, Mr. Kiichi Miyazawa. 
the Japanese Minister for 
Economic Planning. expect ^ r Jv,\ 
quantitative growth commit- 
ments would be made by 
participants at the Western 
summit meeting in Bonn next 

The most positive outcome, of 
the meeting was that eight 
countries — West Germany. 

■Japan. Switzerland. Belgium. 

the UK. France, Italy and 

Canada — undertook to take demand, were called on to con- 
“ appropriate measures" to ceotrate primarily on reducing 

EEC and UK offshore equip- 
ment subsidy. Page 2 

U.S. seeks tighter export 
credit controls. Page 4 

Politics Today, Page 23 

paosiohary action before ex- 
pecting the deficit countries to 
dismantle their job-protection 

A country like the UK. which 
had moved into surplus partly at 
the expense of very high unem- 
ployment could not be expected 
to renounce special measures to 
protect employment if there was 
not enough demand in the world 
to bring unemployment down hy 
normal means, be said. 

The positive adjustment which 
was required was one in which 
the surplus countries accepted a 
responsibility no less than the 
deficit countries to produce a 
better balance of payments in 

Owen looks 


contingency plan 


...wMw.ra L-cuii-tu Wli icuui-uij fh ur nr |H ,,, , urhnfp 

ensure that the expansion of inflation and bringing their pay- « ia , , . ?T? - 

their domestic demand was ments back into equilibrium, 
significantly greater than in Though the communique con- 
tained a firm commitment to an 


Mr. Healey said that -if the sur- 
plus countries did not choose 
the method of positive adjust- 
ment by stimulating internal 
demand, their currencies were 

The final communique was open-market System and the 
depressing!*- vague, both an the Ministers renewed their four- .. . 

precise objectives of the member year-old trade pledge, under to appreciate until their 

countries and the manner in which they undertake to refrain external payments were 
which a boost to economic from unilateral measures restrict- balanced. But this would be 

growth should be achieved It ine trade, some countries, not- achieved only at tihe cost of 

merely slated that the scale and ably the UK. underlined the prac- slower growth in their own and 

timing of expansionary action by tical obstacles to putting all these other countries. 

Liberals take tougher line 
on National Insurance 


DESPITE ITS victory in the launched a robust attack yester- last election is bound to be a 
Commons confidence vote, the day on the Liberals' aid for the major feature of he prolonged 
Government still faces serious Government, in a bid to persuade elecion campaign now in pros- 
difficuilies in implementing its Liberal voters in the country to pect. 

proposed National Insurance sur- switch allegiance. The Liberal Conservatives believe that the 
charge on employers. leaders counter-attacked just as Government is unlikely to be 

The Liberals, who abstentions strongly. upset by any adverse vote in the 

in Wednesday's vole saved the Sir Geoffrey Howe, the Commons for the rest of the 

Government, threaten to oppose Shadow Chancellor, said that the session. 

result of hte Commons division Even the fact shown in the 
would have " greatly dismayed ” latest opinion polls that a grow 

many people who voted Liberal ing proportion of the public 

in 1974. expect an autumn contest adds 

*• It will not now be long to the pressures, 
before they will have the chance Mr. Callaghan again indicated 
to secure the return of a j n the Commons yesterday that 
sensible Conservative Govern- tie hopes by the time of the TUC 
ment that is the only hope of in September to have achieved 

Cilvnlinn frnm rlum«T Cni>isllct - _ . . „ ,1 „ j . .. n i, nr 

insertion of the surcharge pro- 
visions in the Finance Bill. 

Without Liberal support, the 
Government has little chance of 
securing the amendment or the 
enabling resolution that is also 
required when the Bill comes 
before the full Commons again 

THE GOVERNMENT has taken military presence iD Africa, par- 
a fresh look at contingency plans ticuiarly among the non-alignea 
for a military rescue operation nations. 

in Rhodesia If civilian lives are Havana would have to demon- 
endangered, Dr. David Owen, the strate that it was genuinely non- 
Foreign Secretary, disclosed aligned if it were to host the 
vesterday. planned non-aligned s umm it in 

rress comerence. ow> if the Cuban troops were 

Dr. Owen, launching moves by re d ep i oye d elsewhere in Africa 
the Foreign and Commonwealth it be “very ominous.” 
Office to aromote “ open Govern- Q r _ Qwen was encouraged that 
meat " stressed that a British Cuban forces seemed to have 
airlift would be exclusively for pulled bac fc f rom confrontation 
humanitarian purposes and be with ^ Eritrean separatists in 
undertaken only as a last resort Ethiop j a _ He hoped that Zambia 
His remarks are not likely to would not allow a further build- 
be taken kindly by African up of Cuban military advisers 
leaders such as President to the Zimbabwe African 
Nyerere of Tanzania, who has people's Union forces on her 
sharply criticised interventionist territory. 

Western policies in Africa. 

Dr. Owen said the UK could D on ble standards 
rush paratroops to an African 
destination "within days” in Nevertheless, the West should 
the same sort of strength as the not apply double standards. Gov- 
French force sent to help ernments like the British had 
evacuate Zaire’s Shaba Province, very good friends in Africa and 
Over 600 French paratroopers wanted to retain Che right to 
were involved in that operation, send forces if friendly territory 
He was vague about the people threatened, 
such a force might he intended to Dr. Owens Press conference 
evacuate from Rhodesia, though was called to announce plans for 
he referred to British expat- formerly clarified background 

briefs on foreign affairs to be 
made available to the public, 
The papers, hitherto distri- 
buted confidentially to British 
abroad, are similar 
to those made available to 
journalists by the 
Office’s now defunct 
, . , Information Research Depart- 

forces could certainly ment 

an African airfield. Dr. He stressed that the papers 


- — * - ■"'v r frr r - 

- - 

*’ > ‘ Z • . '/ • A* '• : 

Maybe a third of the long 

tap was left unsold yesterday’ T n dex feH 2.7- fc> 46&2 

and the stock could open at. a . , , . -Ti^iera verjtfae ajumaj ... 

nates and said both blacks and 
whites could be involved. 

There are up to 80.000 full 
British citizens in Rhodesia and JSSSsS' 
a further io.OOO who could claim t t . 
right of abode in the UK. accord- ™ lfi4 Sd 
ing to the latest Foreign Office Foreign 


Owen said. did n ot represent official policy. 

He stressed that at each stage and warned that they might 
of the Zaire operation the sometimes be incorrect. The 
Zairean Government’s approval decision to release the docu- 
had been obtained. ments was a serious effort to 

Dr. Owen said he thought Cuba generate open debate, “even if 
was showing greater sensitivity a few feathers were likely to be 
to world reaction against her rnffied." 

early next month. __ 

Ministers are to hegiu further salvation from a dismal Socialist an understanding with the unions 
talks with the Liberals on the future," he added. on pay which would include “a 

Mr. Michael Heseltine. Tory better show of differentials." 
Environment spokesman, said the Mrs . Thatcher is to tour Tory 
Liberals may have saved Mr. marginal seats in September. 
Healey s bacon but they certainly 
cooked their own." 

Mr. Peter Walker, former Tory 
Industry Minister, said: "The 
electors will not forgive the 

issue shortly. 

Liberal demands Tor reduction 
of the proposed surcharge to It 
per cent have beeo rejected by 
the Government. Mr. David 
Steel, the Liberal Leader, has 
warned the Prime Minister that 
his MPs are adamant in refusin 

to lend ibeir support to introduc- Liberal Party for their actions, 
tion of a 2i per cent rate. Mr. Steei hit back, calling the 

The hardening of the Liberals’ Tories “a band 
attitude is due in part to the poii- competent^." He 

tical necessity of separating them- failed to produce ao alternative 
selves from the Government as Budget or any reasoned policies, 
the Lib-Lab pact comes to an end. they now descend to crude abuse 
Conservative leaders, now con- of the Liberals." 
vmced that the General 1 Election This struggle for the 5m votes 
will be held on October 12, that went to the Liberals at the 

The trade figures, which 
embarrassed the Labour Govern- 
ment’s campaign in 1970, and the 
monthly retail price index are 
due to be published on October 

John Elliott writes: The Con- 
of faceless in- federation of British Industry is 
said: " Having continuing to press for a meeting 

with the Prime Minister to put to 
him in detail its view that the 
proposed increases in employers' 
national insurance contributions 
would be damaging for British 

Continued from Page 1 

Government loan funds 


including sight and time deposits 
as well as cash — ruse by only 
£400m. seasonally adjusted, or 
0.9 per cent in the month to 

This is smaller than the rise 
in domestic credit because there 
was a large external 
associated with the 


The target range for the 
growth of sterling M3 is S to 12 
per cent. 

Large amounts of gilt-edged A further £SOOm of a new- 
stock have been sold in the week short tap stock is on offer ibis 
since the package, which will morning. 

sharply reduce domestic credit The high level of gilt-edged 
expansion from now on. sales has created sharp pressure 

The offer of £lbn of a new in the money markets. 

ultra-long tap stock yesterday Consequently, the Bank of 

outflow w r as not over-subscribed, as had England yesterday announced a 
major been regarded as _ possible technical smoothing operation, to 

for sterling in the earlier in the week. But about ease market adjustments without 

two-thirds of the stock, on loosening the constraints which 

which only £15 per £100 was Qj e so-called corset scheme re- 
payable on application. is activated last week, will impose 

thought to have been taken up. 

cloudy, outbreaks 


London, S.E. and Cent. S. 
England, E. Anglia, Midlands 


Edinburgh, Dundee. Aberdeen, 
Moray Firth, NJE. Scotland 
Cloudy, showers. Max 13C 

Glasgow. Highlands, Argyll, 

Cloudy, showers, bright inter- N.W. Scotland, Orkney, Shetland 
vats. Max. 14-15C (57-59F). Mainly dry. Sunny spells. 

Channel Isles, S. W. England, Max 15C (59F). 

S. Wales N - Ireland 

Cloudv. rain. Max 14-15C Cloudy, occasional rain. Max. 
( 57-59 F). 

N.E. and Cent. N. England. 

N. Wales, N.W. England, Lake 
District. Isle of Alan. S.W. 
Cloudy, occasional 
14C <S7F i. 

Mostly dry, sunny 




Barer- kina 









B. Aires 












H. Kona 




Y day i 
•C *K 
17 ra 
M 07 
HI 70 
27 St 
10 5fl 
19 Bfl 
17 «3 
12 34 
14 37 
19 dS 
SO 6S 









New York 





R 17 tJ3|Perrh 
S J7 9S Prauui 
R J.l 55 1 Reykjavik 

14C (57F). 


""" Cool unsettled weather is 
during the next 30 
warmer spells likely 
later. Overall temperatures are 
expected lu be near average in 
.... W. hut below average in with 
midday tot al rainfall above average in 
*c *F most areas. 

»'»■ ssrs. 

22 72 
It K 
It 32 

\6 hi 
!2 34 


19 M 


h « Algiers 
1 ? Biarritz 
2 Blackpool 
18 m Boutasne 

•C *F| 
C 17 B2 
S 25 77 
R 14 6? 
R It 52 
C IS 64 
C 19 66 

Las Pirns. 


81 1 

Rio de j'o 

















.i 1 .' ; 












To Sydney 










39 1 Tel Aviv 
































I? Casablnca. F si 79j Nairobi 
il St C‘ : >P?T'™n S >9 M Naples 








Gibraltar S 
Guernsey R 
Innsbruck C 
larcmrns C 
tile of Man R 
Istanbul F 


29 S4 1 Nice 
19 « Nicosia 
si 70|i.<nono 
72 1 Rhodes 
B4 SaUburc 
72| Tanmer 
•ml Tonis 
57( Valenda 
SOI Venice 



nr op 

C 13 S3 
S 23 73 
C 17 «3 
F S3 73 
S 28 79 
S 27 81 
C IS 62 

c ss re 
f :i re 
s a si 
V 17 «3 
S IS *2 
S 21 79 
F 21 79 
C 17 A" 
S 29 SI 

s y? <i 

F U 63 

F— Fair. C— Cloudy. K— Rain. 
Th - ' Thunderstorm, 

on bank lending over the coming 

This is similar to the action 
taken at the end of January 
last year when there was also a 
concentration of gilt-edged 

The operation involves the 
temporary reduction in the rate 
of call for special deposits. 

The rate of call for all banks 
and deposit-taking finance honses 
will be reduced from 3 per cent 
of .eligible liabilities to 14 per 
cent with effect from next Mon- 
day, and will be restored to 2 
per cent on July 3 to 3 per cent 
on ‘July 24. 

Institutional investors 
may meet Westland 


A TOP-LEVEL meeting between the helicopter contract, but also 
institutional investors and West- against a hovercraft contract 
land Aircraft is on the cards However in its annual report pub- 
foilowing the company's surprise lished in Januai^ the group 
announcement on Tuesday night said: “The provisions now made 
that it is to forgo an interim have taken into account likely 
■dividend and its warning that levels of inflation over the next 
profits in the current year will two years." 
be disappointing. Brokers’ analysts who 

Yesterday Westland s share attended one or both meetings 
price Fell 19p to knocking with the company this year said 
£11 jm off the groups market yesterday that there had been 
capitalisation. At one stage the nothing to indicate that this pro- 
price touched as low as 30p. vision was anything but adequate. 

._ At ^ ,t, ast - 0D i e IQStJtu tional This bad given rise to a series of 
shareholder is known to have optimistic brokers' circulars 
made a tentative “PP™acb t0 about the company’s immediate 
Rowe and Pitman. Hurst Brown. p r0 spects. with recent pre-tax 
the company^ brokers, to see if pr0 fit forecasts for the current 
there is a need for an institu- 

small discount litis morning- 
still, the major funding strides 
taken by the authorities: 'In .the 
past few days allowed, the mar?, 
ket to treat the money supply 
statistics as being of strictly his- 
toric interest The temporary 
release of special deposits ap- 
pears to be a smoothing opera- 
tion 'of the kind that has 7 been 
seen before. The gilt-edged 
market was concerned yester- 
day, however, at the. massive 
May figure of £770m for bank 
lending in sterling to tho Pri- 
vate sector, after seasonal ad- ‘ 
justment. If this mostly reflects 
pre-corset window dressing^ by 
the banks it will soon be un- 
wound. But if it represents to 
any large extent genuine de- 
ar is ing 

■"group ea^-in t&e-;eurirent'halt 

^ better 'w eaSrerv-amf ■ ^hercf-may 

- -qriairy : ahd : Anildr^i^Uy^ooB . 
(a prefite^iagti- yeir} . 

■profits: .* 

• neffl*r ^ ^Cihv^£hi.lsst':yeaT^ \ . 

, £3CL5eb a hd -th e .^fceyr^^Be^&oii 

• can : Mgo&te.-reasoiTO^e^export ■ 

■ price Mses^; th^hee^tQe' -effective 

next January. cent ' 

•added V to 1 -, .'dim^.’.^^^egeport ■ 
^ces -jai^ips' ‘in-. ... 

. crease_ : At yi dend . 

mand arising from economic j P dang er but.the group 
recovery there could yet be have to axe more o£ its capacidy : 

monetary problems ahead. if it is going to be : assured . 

T ‘ ‘.long • J 

Tate and Lyle c , . : r- ;: , ; - 

Tate and Lyle’s interim figures ® ^ Shlppmg^ - " : : ^ ; 

are just as bad as had been Even after. yesterdara gOp '• ::VL. 

rumoured. Pre-tax profits .have fall, British ^(LCofimonvealtiT : 

slumped from £24-9m to £ 11.1 m. Shipping’s shares stfll' yield Bcmni of ti&orider.-^quld 7 prefer 
The UK sugar refining 1 opera- under 5 per cent .at. 285p, contT _gj f 0 rget. pnly,ajey wteek^after 
tions contributed nothing in the pared with over .10 per cent eyeing its cha inBanSto- jfaitish 
first six months nor did the P & 0 and Ocean. . . - “. j^^-beylsBd riie^gipui^hftdtd ropori: 
shipping side. The overseas -ror And it is not hard to see .iyhy. a.£3.6m - droplin firsLhalt profils 

fining operations were dragged B and C's diversification pioveS, TGid^eSter^ayi dc^tie 

into the red bv the U.S. busi-' including air . . transport, -are a strong re tovfeiry^n the second 
nesses and the overall result now providing a health#, enshion hhlf, ittifi best‘.{^tl6ride could 
would have been still worse had and the only possible trouble manage ^.was of 

not the commodity trading’. and area — the South African ship- £25.1m a djpp. of .^-per cen L 
handling side chipped in- £L5m ping trade— lwgfelj The only '.cbnsSapt>ii : i»: that oa 
more than in the immediately hived off to -Overseas Containers «, Hyde baste real^ ^ pre-tax ^profits 
preceding half year. Limited in' rernni for an ip- may fiaveJinprq^d from £lG.8m 

Over the last three half years creased share stake. The; other io flJMJm. :: 

pre-tax profits have been £25m, partners itf OCL can be for- . Despite. the'opstJy £3m ^rike 
£19m and'now flLlm. Admit- given fotf feeling sDghdy ' g g- py fhfr;UK; ^fDfit$;from Europe 
tedly, the problems of . over- grieved.-' •' • - - > • f accoiiating f or -almost 60 per 

capacity on the refining side Helped by, a: higher cantribu- cent 'i-oy^raUj : are up £3^m, 
have been aggravated by a tion from OCL, B 'and C's pre- though ‘only -industrial product 
rather surprising 10 profits rose by 7^per cent gales produced any .volume 
fail in volume, due in part to to "£29.3m. last, year and though, growth; antf r margins have im- 
the adverse impact of the bad the ^oup, is talking about a . proved: half a. point But this i 
weather on soft drink sales, reductitm in its profits" in the was. ^inore ;than , taken up by • 
However, it now looks as if Tate currept year it is infor wnriUMj ‘dism4 : ^^imai^^mAmeri 

over opumsuc. w n r ~ , 3*"W**. 1JJUCgac 1U 

Under the plan agreed with JUlgtlStF-.^ LUina yiay^ ; / . grodp.s^es .^o £30flm only 4 per 
the Government in March 1977 setback at reflected. Yolutne growth; 

Tate reckoned on reducing its rtiie jZir V* /fr aing fo Ife ' ' -cqfmb^ation- of yeduced 

capacity from around 2m tonnes woree than the'inai&iia^lbeen «***&£* capi !f„ 

per annum to 1.4m tonnes by anticipating- up^-to^Ihow:. half- expenditure has iiaf a dramatic 
1982. This assumed that Euro- time profits have dropped- from impact on ^btonde^ . balance 
pean imports running at 0 . 2 m fis.Sm; to" ^B.Sm’prt^ax. The sheet, where net .gearing .would 
tonnes annually would decline signs have been .there, "for some have jpmpedfroni_47 to 64 per 
and exports of roughly the same time: .china clay industry cent.; '<?*.•' shareholders f unds 
order would continue. It now volume eased hy 3 per cent in .without an £8j(m property re- 
looks as if Tate’s refining ; the. OctobenMarch period j and valuation surplus... At In- 
capacity needs to fall to nearer' there has been no general where the yield is » per cent, tne 
lm tonnes per annum. export price rise on sales to shares trade at a premiumrat- 

On present form Tate’s profits the paper industry for . nearly ing in anticipation-. that profits 
should top £20m this year and 18 months now, while the poor for the current year will recover 
the dividend does not look to winter weather proved: expen- well to approach .£35nf. . 


ci<»s - 



L ■- 
II. - 



Blacks ? 

wife iv r 

iclsian c? 

year as high as £12m. 

tioDal shareholders’ meeting. ... . . . 

while another institution said yes- Now the group has said that 
terdav that “such a move would the provisions made against the 
be justifiable.” helicopter operations in 1976-77 

Some institutions and City might he substantially increased 
analysts are aggrieved that until in the current year. 

Tuesday there had been no indi- On Tuesday, ahead of west 
cation from the company — des- land's announcement--whicn 
pile two meetings with major came after the stock market had 
shareholders and brokers Ibis closed — its share price stood at 
year: one only eight weeks ago — its high for the year of 52p. 
that provisions made against a The subsequent collapse oi 
helicopter contract in last year’s this price has also i affected Jonn 
accounts were likelv to prove Brown which holds a 16.4 per 
inadequate. ’ cent stake m the group. Brown s 

Then the group made a pro- share price yesterday fell 3p to 
vision of £6'lm largely against 354p. 

Legal doubts delay EEC 
decision on cartel plan 

BRUSSELS. June 15. 


THE EEC Commission has been visions in crisis sectors badly in 
forced to delay for two weeks a need of restructuring, such as 
decision on proposals for “crisis S^JlSSu^ 
cartels because of serious They have susgested that 
doubts over their legality. special legislation may have to 
Commissioners were due to be drawn up and approved by 
have discussed the matter in the Council of Ministers to pro- 
Strasbourg yesterday, but the vide a legal basis for the 
talks were postponed when it proposals. 

became clear that the matter was The aim of the legislation 
still a long way from resolution, would be to impose much stricter 
Commission lawyers believe conditions for the setting up of 
that the proposal to suspend the crisis cartels than were pre- 
Community's usual anti-trust pro- viously envisaged. 

Continued from Page 1 


allied industries — was 1 per 
cent higher in the latest three 
months, compared with Novem- 

The demand from this sector, 
and the recently imposed sur- 
charge on steei imports, helped 
to boost manufacture of both 
ferrous and non-ferrous metals. 
In February -March, production 
was 5.6 per cent higher than 
the previous three months. 

Comparison of broad market 
sectors on a three-month to three- 
month basis shows that inter- 
mediate goods industries were up 
3 per cent, consumer goods op 
0.9 per. cent and investment 
goods np 0.7 per cent . 

Although part of the gain in 
the intermediate sector can be 
attributed to increased fuel and 
the cold weather, it also shows 
signs of manufacturers respond- 
ing to consumer demand. 

The improvement in produc- 
tion is in line with the April 
retail figures showing an increase 
in sales of durable goods. 

If this relationship continues, 
the output figures for May are 
likely to show another sharp 
rise, because last Monday’s pro- 
visional estimate of retail sales 
in May jumped by 2 percent 

The fish that stopped a £ 64 m dam 


AMERICAN conservationists 
won a big victory today when 
the supreme court forbade the 
Tennessee Valley Authority 
to complete work on a $ll6m 
l£64m) dam because the 
existence of a rare fish would 
be threatened. 

The fish is the 3 inch snail 
darter, discovered only five 
years ago. 

As far as is known. Us only 
habitat is the shallow shoals of 
Uie Little Tennessee river. 
Immediately above the dam 

The Tellico Dam Is 80 per 
cent complete. Construction 
was begun in 1966 but was 
effectively halted two years 
ago when conservationists won 


a lower court order— npheid I»y 
the High Court today— pre- 
venting the TVA from putting 
It into use because Of the 
threat to the snail darter. 

The court’s ruling, on a six- 
to- three vote, was based on a 
strict interpretation of the 
statutes— In tills case the 1973 
Endangered Species Act. 

Mr. Warren Burger, the 
Chief Justice, writing the 
majority opinion, said that the 
language of the Act “indicates 
beyond doubt (bat Congress 
intended endangered species to 
be afforded the highest 

Reiterating the philosophy 
that Is becoming quite a trade- 
mark of his court, the Chief 
Justice stated: 

“ It is not for us to speculate, 

much less act, on whether Con- 
gress would have altered its 
stance had the specific events 
in this case been anticipated.” 

Dissenting, Justice Lewis 
Powell caustically observed: 
“ Today, the fish wins 100 per 

The great environmentalist 
movement which grew up In 
the early 1970s has been able 
to savour few victories of late. 
Although much has been 
achieved, the recent trend has 
been to question the con- 
sequences of tight environ- 
mental safeguards, insofar as 
they add to economic costs. 

The Carter Administration, 
for example, In its fight against 
inflation has suggested that 
some environmental regula- 
tions might be eased, and 

bureaucratic red tape cat, to 
produce a savings on cost while 
not sacrificing In any substan- 
tial degree desirable social 

In Its ruling to-dayr-as in 
the case of Its equally signifi- 
cant verdict yesterday on the 
retailing, of petrol in the U.S. 
— the court issued a clear In- 
vitation to Congress to amend 
existing statutes should it 
deem £L 

In the snail darter case, 
legislation Is pending In Con- 
gress to exempt the Tellico 
Dam from the restrictions of 
the 1973 act. 

Should that exemption pass, 
then it is a reasonable bet that 
all sorts of other “special 
eases,” will be brought to the 
bar of Congress, 

(J %C 

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