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WEIR STREET 

PAISLEY 

TIL 

WJ-SB9 8S11 



No. 27.613 


Tuesday July 18 1978 


*-* 


lop 


vn 


CONTINENTAL SELLING PRICES; 


SLASH ASSEMBLY 
COSTS 


Automatic Assembly 
Machines 

LONDON 
NOTTINGHAM 

... SHREWSBURY 

cRrutisrs i’j-'Kr 1 : i < i:.:f5r’ov r.Enr’‘ , i uirafsTi 1 . 


VAUGHAN 

ASSOCIATES' . LI miTED : 


AUSTRIA Sch 15; BELGIUM F* J5: DENMARK K* 3. Si FRANCE Pr 3.0; GEHM&NT DM 3.9; HALT L SB6i NETHERLANDS U l l 0: NORWAY Kr 3.S: PORTUGAL Em 20; SPAIN Pti 40; SWEDEN K * 3.25; SWITZERLAND Fr 2.0; EIRE 15 b 


EWS SUMMARY 



KERAL 


BUSINESS 


loviet 

eir 

pparent 
ies 


Equities 
up 4.9; 
Gilts 
improve 

• EQUITIES moved forward 
after a slow start and the FT 



I-yndnr Kulakov, a member 
he Kremlin Politburo, died 
■ crday. Hp had hern widply 
. ed as a ■successor tn the 
Tet President. Mr. Leonid 
' tiinev. 

is death creates ihp first 
thurn vacancy since 1977. 
n Mr. Nikolai Pndgornv. ihe 
oer Presidrni. was removed. 

further complicates the 
ition of who will eventuatlv 
■eed Mr. Brezhnev, 
he Soviet news agency Tas* 
that he died suddenlv of a 
rt attack The funeral for Mr. 
aknv. acert 80. will be held 
Red Square, an honour 

ited only tn thp Soviet Ordinary share index dosed 4.9 
? n J •»»« prominent figures higher at 479.3. its best dosing 


Bonn summit ends 
with specific pledges 

FINANCIAL TIMES REPORTERS: BONN, July 17 

THE U.S. wit! put into effect by The modest aspirations of the 1 the absorptive capacity of the 


Bank relieves 

pressure on 
interest rates 


BY MICHAEL BLANDEN 


THE Rank of En eland took 


LEADERS OF the world's seven _ . . . . . „ _ _ 

largest industrial democracies the year-end measures to cut oil summit were reflected by several capital market and the need to ' action yestcrda> to relieve the 
tonight anounced agreement on a consumption and imports; leaders. Mr. Taken Fukuda. avoid inflationary pressures.” j upward pressure oil inlcrrst 

package of specific, independent WEST GERMANY will intro- Prime Minister of Japan, said Later this evening. Helmut [ rates which could roull from 
measures which they claimed duce an expansionary economic that none of them had expected Srhnfidt. Chancellor, indicated severe shortages of funds 
would boost economic growth, package later this summer: a miracle - but thai. given their that “lax measures would play expected in I he munev markets 

reduce inflation, cut energy JAPAN will limit its exports various difficulties, they had an important role" in the) o\er the ncxi few ueks. 
Imports and ward off protec- and boost imports: agreed, not . tn criticsp each package. Th banks are to he allowed 


The shortages arc expected 
lo persist fur the next few 
weeks as a result nf tile flows 
of government revenue and 
spending, anil cuiiM pause 
unnecessary flucluathins Id 
short-term interest rales. 


lionism. 

Few of the actions promised 
are new. however. Most of them 
involve a reiteration of previous 
undertakings or the formal con- 
firmation of steps known to be 
under consideration in the 
national capitals. 

In contrast with last years 
London world summit at. which 
governments committed them- 
selves lo short-term growth tar- 
gets without saying how they 
would be achieved, the emphasis 
this year is on medium-term 
measures with a minimum of pre- 
cise goats. 


FRANCE pledged to increase other's pledges. 


PACT ON TERRORISM 


UNITED STATES: Presideni I to keep for another seven 
Carter pledged to have a “com-; weeks some £44flm of funds 


Countries who refuse to extra- 
dite or prosecute terrorists and 
hijackers, or refuse to return 
hostages and aircraft, race a 
total suspension of air traffic 
connections with Lhc seven 
Slates taking part in the Bonn 
summit. 


Details and U.S. doubts on 
Bremeii currency scheme Back 
Page 

Summit Notebook Page 2; 
Editorial comment Page 14 
The Financial Times team in 
Bonn Is: Jonathan Carr, Adrian 
Dicks, Guy rfc Jonquieres and 
Peter Riddcli. 


Few of hte proposals are likely ' 
to have anv significant effects srowih rate. 


prehensivc energy policy" in 
place by the end of this year; 
when measure will be in effect 
that will produce ml import sav- 
ings of about 2.5m barrels per 
day by 19S5. Strategic oil reserves 
will be -raised, coal output 
increased bv two-thirds and oil 
import volume in 1978-79 cut 
below Iasi year's level. 

The communique did not 
specify how these goals would be 
achieved. He pledged to continue 
efforts to get his Energy Bill 
passed by Congress, but left the 


K Pate 


let el for more than two months, 


iddle East 
Iks resume 


• GILTS made gradual pro* 
gress. and longs closed with 
rises of •. The Government 
die East peace talks resume Securities index rose 0.24 to 
iv at Leeds Castle, Kent, with 70.50. 
pt and Israel still sharply 
riod The Israeli Foreign • DOLLAR was given a slight 
isler. Mr. Moshe Dayan, has boost by initial reaction to the 
n ordered not to discuss Botin Summit. Its trade- 

ni 1 p w l,h h, S weighted depreciation narrowed 
ptiiin cn tinier part. Mohanuued - n __ , r - « ctrri inc 

ihint Kamel. '■» f er f ent (, - < >- 

cj throw airport was under ,ost 2i » points ^ d ° IIar 

vy guard .fur the arrival of « Sl.8800 and Its trade-weighted 
foreign ministers and Air. index closed at 62.1 (62.0). 

V • COLT, ,« Ml «. «Mi h, 

<cil the arrival area and access London, and in New York the 
Is Here guarded by tanks and Cumex July settlement price 
mured cars. Page 6 Tell S1.70 to S184.30. 

itah accuses • wall street dosed o.tb 

"iii -ih. ihc mam Palestinian <ioHn Bt -- 

rr lla group. haF accused Iran * u.s. TREASURY hilt Tates 
diplomatic bags. Iraq wefc: thrccs . 7 . u? ^ W nt 

“■* * «*- 

Arab ^ar.d Palestinian 

W* Page 3 * HEARING tndi'y of Bumiah 

avi^^n Oil's application for a court 

exican tanker order compelling the Bank of 
ash: 15 dead England 10 disclose 62 documents 

....... .. . in connection with its £500m 

’ loll /mm the Mexican acTion ;tS « in! 5i the Bank concern 
tanker explosion has risen tn , ni il4 fornjpr shareholding in 
Aluic lhan loO people "cre gp has been postponed- No new 
Ilv I m in t'd. At least 10 other ^aic has yet been set. 
iich's, including five buses. 

•>hed mm the tanker, .ml <p BSC and the National Enter 
ires \i x i li i n .i MX-mile radius prise Board are holding talks to 
iv damaged separate the loss-making Redpath 

The death tnll from last week's Dorman Long division from the 
3m>h hididay camp disaster parent corporation and possibly 
il*o i a used fit a (anker allow private sector of Indus- 
iliismn — ha.- now reached 150. tr y ^ ^ a k e a share in RDL. 

Britain, a Tory MP. Mr. p age 5 
•ruk MeXdir- Wilson, called 

special route* for road f LEYLAND VEHICLES manag- 
ers carping dangerous inE director. Mr. Des Pitcher 
■iniruN Page .» has resigned after only 18 

, months, following speculation 

AU discord - about a shake-up at the truck and 

. , u „ c _ bus manufacturing subsidiary of 

Atjrrrincnn- «» the oraanisa- BrM j sh Leyland. BL chairman. 

1 or African Unuy s council of Mf Michael Edwardes has said 
iwter< h.i- hfigliiened fears was no j satisfied with Leyland 
hc !" cc .._-. EH?.' t r eh ides' productiviiy record. 
Page 5 


l Ihr >i’lil 
«ivc<" and "moderates" will 
/en .ii th* - O \U summit start- 
ind.iy Page .t 

eform plans 

ioiiiV> Ilomc Policy Committee 
approved recommendations 


Retail sales 
near peak 

• RETAIL SALES continued to 
reorganisations of the Civil advance last month and are now 
,1 Vice. However, alias not yet approaching the peak levels of 
f ' ’ di anv recommendations on 1973 and 1974. according to pro- 

’• i.jl nn National Front activity visional Department of Trade 

un ending the “ pa trial " status figures. The retail sales increase 

v available m some Common- over the first half of 19/ s . 1S 

ilth citizens matched by a similar gam in 

industrial output. Back Page 

riest flees # price commission dum-- 

« R«»v Theo KoItp. former inan j,as urged the merger of the 
->ii-rn Cape director of the Monopolies Commission wjth the 
med Christian Institute, has p n ce Commission. Page j 
i Smith Africa and is believed , . 

hr m Bollwana • CEGB plans to place orders 

h, m bois»«.ma worth about £275m in the neirt 

■ fl xi v few months for. the Drax B roal- 

rieiiy ■ - ■ fired power station, due to be 

.. Greek Cypriot chief com pieied in 19S6. Page 6 

■oii.iKir in nuace talks with ■ 

;. klvll ft prints. Mr. Tassos • ABBEY NATIONAL Building 
udnunufos. was dismissed Society has said that current 
f’r tiling accused by President difficulties in attracting '‘‘"y 3 
■lrrimm"* »f “blind ambition should not lead to an immediate 

\ ir:, "ic mistakes." Page 2 cut-back in mortgages by building 

“ _ ... societies. . Page 5. Abbey assets 

arl\ a million "rose during the first half of 1978 

m claim supplementary g JJ cent t0 £5.s6bn. with 
lofiL- worth a tmal of around c j_j s reaching a record 
10111. sa.i.s the £1 57b iv, withdrawals Mm and 

ncfiiN Coin mission. Page -3 adva nces £710m t£433m ». Pa*«r 24 
t .'-nine people were killed 
m .< hu*s plunged into the Nile CuMrAfllta 
■m a r-tirn bridge. « MONTAGUE L. MEYER 

lavs at UK airports, caused hy second half profits fell from 
,n«r control disputes nn the Mm to £5.4Sm leaving the pre- 
r 1 iin«nt eased hut many tax figure Tor the year to March 
’sencers were still held up for 31 at £12.Win (n4.29m) Page 
era I hours. Page 6 24 an ® *** 


HIEF PRICE CHANGES YESTERDAY : 

■rices m pence unless otherwise Meggitl^ T =- 


indicated 1 
RISES 

r.nc ism ...an* + 2 


rhrq 
flicq. 13jpc 
.relays Bank . .. 

mpari 

irapipr 

ri 

■drn*' • 

•iirral Accident 
'ition and Gotch 

>N 

ni ker Siddcley 

lliird^ 

•I 

Trusi Cnrp. 

*p Cooper 


£HKH - * 

. SLU ■“ fi 
. J24 + .5 
134+4 
144 * S 
. B7 + 4 
. 2lfi + 8 
. S3 — S 
. 270 + 5 

. 21K + S 
. 230 7 

392 7 

.387+13 
135 S 


Morris and Rlakey 
Nova (Jersey) 

Pilkmcton 

Rolls-Royce 

Rothschild lnv. .. 
Siaveley 


72 -v 9 
45t + 

35R + 

971 -f 34 

20U + 17 

nuvraar &G +14 

Vimen lfS + * 

Wallis + i 

Westing house Brake afi - * 

Weston- Evans 12" + 

Yorkshire Chcmc. ? « 

C online Riatinio • -jr , 

Xortbpate Explortn. 44o + « 

Sainl Piran « X \ n 

Westfield Minerals .. *“ 


ackinnon {Sctlnd.) 511 . + . 13 


Coral Leisure 
Gestctner A 


FALLS 


on - 3 
172 - '* 


its public borrowing to boost Mr_ Carter said that i he meet . 

ins bad produced more than he c * car impression Uiat he might 
until "well Info next^’earand' win ITALY promised to create " expected. resort to independent executive 

prohabh ha?e fnl^ modes! investment: Tte dividual cnntnbmion of ^ ^"mTc^policv ,™ 

impact on overall growth, rates. CANADA aims to achieve each country- has hecn tailored on %ty ^ril" b! aiveS o fiehtm? I 
In some cases, their results may higher growth and output; o its particular economic post- , £ i !S. , EE 


which were due in lie paid to 
the Bank as special deposits 
next Monday. 

It was stressed yesterday 
that the move did not represent 
a change of policy and was not 
intended to offset the pressures 
on (be banks resulting from 
the re-im position of the so- 
called corset cum nils on the 
growth or thejr deposits early 
Iasi month. 


Released 


Squeeze 


II was designed as a tech- 
nical operation in smooth the 
flows of funds in the monry 
markets and to relieve a poten- 
tial squeeze on the reserve 


The funds concerned are 
part of the special deposits 
which the hanks arc required 
in keep with the Rank mirier 
official controls. A Will £K>0m. 
nf these were releasi-d In (lie 
hanks tempomrilv Iasi month 
whpn the pressures firsi 
became evident, with a reduc- 
tion in the rale of call of 
special deposits from 3 lo 
1 ! per cent of the hanks' main 
deposit funds. 

The call was reslored tn 
2 per rent nn July 3. hut the 
recall nf the remaining 1 per 
rent has now been postponed 
from July 24 to September II- 


in some cases, tneir results lliaj B * ZJr . „ - — mRotlnn Ihrmirh Oriel ■*<•» "l“«TW me **** 

not he seen until the next decade. THE UK made no new com- Uon. The mam features of the „ ro }l* n a „> asset position of ihe banks. 


President Jimmy Carter said mitments beyond Us most recent package a re^ Seed ptibhc Gendin" and 

that the leaders had taken care Budget. . GERMANY : Bonn w,ll propose ™ " n ® 

noi to promise more than they Mr. James Callaghan said thal tn the Bundestag “ addibnnal and cU,s ° er tne neN! 

could deUver. Each leader had the most important British quanHtatively substantial** tiL, nc' forecast real 
gone to the limit within the priority was to continue the fight measures up in '. per cent of * "f h „ r V »r rent 

bounds of political actuality to against inflation in order to step gross national product (D-marks vVar and In t»uV 

make the miximum contribution up trade and output and to boost 13hn). • The exact size of the - ' * 

to the common goal. the level of employment. .. boost will be determined by Continued on Back Page 


The market has already been 
experiencing a severe shortage 
of money, partly resulting from 
the amount of funds mopped 
up by Ihe heavy sales of gilt- 
edged slocks in the period 
immediately following the 
corsel move. 


£ in New York 


July ti 


FVi ii'ii- 


? !»•* MA?7> -L £Xao 1 

1 tn-mh i*.riSi>.W ili* [ < - '.J I n i» 
^m*iiiiii* I.2T-1.71 iiw 1.23-1.1*1 -ti* 
I* mmillc*. 4.40-3.70 lit* ' 4KU.l-l.il* 


Police 40% wage rise will 
be paid in two stages 


BY CHRISTIAN TYLER. LABOUR EDITOR 


POUCE PAY.;, 
(exclusive pf rent allow vec) 


State chairmen 
make pay plea 

BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

... , t . . NATIONALISED industry chair- tary. in th - ? evening to urge that 

paid in full in Septernner. are to urae Mr. • Denis the Government shouid abandon 

Officers tp Northern Ireland will Healey. Chancellor, tomorrow to its present system of threaten- 

recede an allowance of £500 per design the Government’s pay ina companies which break the 

a nn u m - limits for the coming year so pay limits with sanctions over 

The employers’ side said the that there is a fixed percentage Srate aid and contracts, 

award which was widely wel- amount to be used for solvlns The argument for a *p!i! pay 

corned by the police themselves, anomalies and other wage nnrm wi! | he put tomorrow’ a Trer- 

would increase manpower by structure problems on top of nonn l0 Mr. Healey bv a smrll 

thousands and restore morale. a basic norm. delegation from the nationalised 

Sir David McNee. Metropolitan The issue of whether there industries' chairmen's group, led 
Police Commissioner, said the should be a single or a split pay by Sir Peter Parker of British 

* London rate— London officer^ £319 per annum weighting to con- award would help London's norm is one of the main points Rail, 

tinue, and new allowance of £450 per annum to be paid Ip addition, greatest manpower problem, tn be discussed In a final series The chairmen are worried 

Ulster officers to receive a £500 per annum allowance. which is wastage. of meetings within the next few about the nay differential and 

\ Fending off a charge from his ’d 3 }’ 1 ; before the Government other problem’s •••hioh have huilr 

. v own backbench that police pay publishes its White Paper on pay. up In their industries because 

A cnmmiirpp of innulrv under arm ^ ^ orc «- doctors and uni- some c he ngcd > representation on Wls a lesson to the Government The meetings start mnicht W3 * p have been 

ft comm tree ot rnnuir, uhiict versltv teachers. the employers side, and with an XQ keeD out of free collective with the full TI’C general ushtlv mominreri hi the Gov- 

»rd Edmund-Davies recom- Mp wiin-m Whiudaw shadow ind^nde.nt rh a ir ma n -and barilSni Mr. Re« wld thal council seeing Mr. %ames ernment. Tn solve. they want 

it could not be left to the free Callaghan w’- 1 is then tn meet 3 specie amount— say 2 per cent 

leaders of the Confederation of nn ,CI P of a 5 per cent hasic 


THE POLICE are to receive in 
tty'o stages a pay rise nf more 
than 40 per cent as a result of 
what is probably the largest 
special award to a major group 
of employees. 

Mr. Merlyn Rees. Home Secre- 
tary. announced in the Commons 
that average increases of 20 per 
cent would be paid from Septem- 
ber I. wHh more lhan 20 per 
cent 12 months later. 

The second payment will he 
increased in the light of move- 
ment of earnings elsewhere. The 
cost was about £230m. Mr. Rees 
said. 


Rank 

Present , ;. 

Recommended 

Constable 

£2.775-£3.9M 

:£3.60Q-£5^00 

Sergeant 

£3,918-£4d8T2* 

£5.450 -£6^90* 

Inspector 

£4Jfi3^5J8- 

£U5fW7,440* 

Chief inspector 

£5^95A2B2* 

£7,100-£8J35* 

Superintendent 

cun+uw 

£9400-£l 1.775* 

Chief constable 

£KL6O4rtl4,410 

£16^04- £20^500 


camuna-uavies ro c “ n *' Mr.'William Whitelaw. shadow independent 
mended in its report published Home Secretary, said the next secretariat. 

* ***» Conservative government would The increase in violent crime market" 


r^mw be 'rh P ^nrpfc«. 'ran sps implement the full police and terrorism, the disruption to 
terober.. The increase ranges j ncrease without delay. He was policemen's domestic life and 


The police themselves would British 

mom in: 


Industry- 


tomorrow nnrni— lo be spI aside. They 
believe that if such an amount 


fmm 1(1 In i>i n»r coni hut some ***•**.-- ^unteincn a uuinwuu inv uuu u,. i. _ nd i n vjew sf) .murmiig. «*■*>*-■■ "*i **>iiuun. 

Stief ^cinstaMw will receh’S elecuoneenng by Mr. ,he . advance or sophisticated ^| d anybc^v elle iS the pu’bli? Later in the afternoon the I s not .ap-nfl ed. they will bp 

more iSn^wSr cent h? next ® ob M * l,isb * LabouP ^ for crime-fighung equipment are ' Die public conft , deraMon - s monlh , v counc ,| forced in union necotHtmna tn 

SSuroi Bermondsey. S iven as evidence of the grealer sector - 4 „ meeting will decide its views. aw “ M .*«! r,r " -ha i ^ ■» owed in 

aUlUULii. ... _r Pirlnmorl P'm. B _ ■ ... . j . ... . . 3Pnprnl inrrnscjc u-hirh t.-nuM 


The committee's findin"s came The committee was set up responsibilities oF policemen, 
on the eve nr the Wme after the collapse of the police In a passage that will encour- 

Minister-s meeting with the TUC negotiating hods, and pay age. Jl'oistere to believe the 

aeheral council on ihe forthcom- grievances that led to demands award will, not have repercus- 

iS White Paper for Stage Four for the righlto Strike Its report s ions elsewhere the committee 

of the incomes oolicv rejects those demand as. cop- says it found it impossible to 

Afini«tprc are ennVirferin" a t ra ry to the nation's interests, equate police work with any 
national earnings target of 5 to *’ Eve n the threat of a poliee other -when it came to determin- 
7 . oer cent increases. c °uid be very damaging ing pay. 

Other 'special cases given 10 the stale of law and prder a new London allowance of 
forward commitments during the it says. £650 per annum will also be paid 

present 10 per cent income Tl calls for rapid re-establish- m two stages, hut pensions will 
policy include the firemen, the ment of a negotiating body, with be calculated as if the award was 


Parliament. Page S 
Editorial comment. Page 14 


and its leaders wl’l »hen meet 3^ npra * increases, which would 
Mr. Roy Hatersley, Pnr-s Secre- Continued on Back Page 


Investment banks in share talks 

BY MARY CAMPBELL 

THE LONDON-BASED inter- Bank, the statement said. ings of similar size would cost 
national investment bank Credit No further comment was avail- each institution approximately 
5ttiS5e White Weld and the U.S. able last night but CSWW is the same amount 
investment bank First Boslon expected in ihe City lo acquire It was not clear last night how 
fnc, are negotiating a sharehold- a shareholding in First Boston CSWW would buy such a large 
ing swap. CSWW announced in of about the same size as the. stake in first Boston, which is a 
London last night. Fin»t Boston 30. per cent which White Weld puhlicly-MUOted company. It 
is seeking to acquire White formerly held in CSWW. could seek lo purchase the share* 

Weld’s former 30 per cent stake This holding was sold to Credit in Firsi Boston held by the 
ip CSWW. . Suisse as a result of the Merrill Mellon family, or buy shares in 

At the same time. CSWW Lynch acquisition of White Weld, the npen market, but these 
would replace lihe foothold in The purchase pushed Credit options were considered unlikely. 
New York which it lost when Suisse's holding in CSWW from More likely would he for "First 
it sold its stake in While Weld. 46 per cent to 77 per cent. The Boston to sell CSWW newly- 
a U.S- investment bank, to new arrangements are expected issued shares, making use of the 
Merrill Lynch, another such to cut it back to its original size, fact that ns authorised capital is 
bank, -by buying a stake m First The net worth of CSWW and considerably larger than its 

Boston. First Boston are similar— the issued capital. 

If agreement is reached, it will former at the equivalent of aboui This would involve a capital 
"be subject to further corporate 903m f£51ml and the latter at .injection mto - * First Boston of 
and other approvals Including about S85m. This means that the over w*me w'eld sold tb. 

approval bv the Swiss National mutual acquisition of sharehold stake m r -»«w .or some S./m 


“You buy lift trucks 
to solve problems' 

not make them.” 


CONTENTS OF TODAY’S ISSUE 


European news 2 

Overseas news ,... t 3 

American news 4 

WBrid trade news __ 4 

Home news— general ...... 5-6 

— labour 7 


— Parliament ... fl 

Technical page - 10 

Management page 11 

Arts page 13 

Leader Page 14 

UK Companies 24-26-26 


Mining - 28 

Inti. Companies 29sTl 

Money and Exchanges 31 

World Markets .. 32 

Farming- raw materials ... 33 

UK stock market 34 


First steps along a Spanish- 
A style road 14 

Society Today: A seventh 
- of a good report 23 


FEATURES 

NEB backs high flyer com- 
puter company 11 

Malaysia: The local banks 
begin to stir 30 

Spanish Church adapts to . 
new ways 2 


U-S.-C.Ii ina relations: Long 
march to recognition ... 


FT SURVEY 

Birmingham 


15-22 


Amtumwi . .. 

AMatiUBooli Adn*. 

. IlKf 

.■•sines* Op Ms. . 

Crvssmnl 

"EBlcrutomem Catdo 

' Umta Opu. 

PTVAMwks indices 


M 

V 

K 

7 

U 

u 

» 

3* 


Letters 

Lex - 

Laniard 

Men and Matters 
Racing .... 

Saleroom 

Share Information ... 
Today 1 * Events 


- » tv and Radio „ 12 

SI Unit Treats .... IS 

12 . Weather S 

It Wire _ .. U 

12. World Vlhw of E 31 

. 4 ANNUAL STATEMENTS 
Sh-37 Assoc. Howswtpers 13 

21 Baker hertba 2t 


Sribr LtsUo 
Bncxhoasp. ..Dudley 
Browa Wid Tnwoe . 
CI. Portland Bats. _ 
L^ 1 

Stand. Chartd. B*pk 


Zt 

27 

2t 

28 
* 
7b 

a 

25 


For latest .Share' Index 'phone 01-246 S026 


Because if you start with the ri*hfc 
lift truer- and it's backed by Britain's 
'largest and most, comprehensive product 
support system, then you've certainly 
done your job. 

. And well do ours. 


_ Because your lift trucks occupy a right lift truck, call in your local 

unique position in your works, they have Lansins man. 
a unique ability t o cause problems. 

-Just by doing nothing. Which can 
suddenly cause other parts of your 
works to do nothing, too. 

-And ihat's precisely the situation 
that the entire parts, service and product 
support system of Lansing Limited is 
designed to guard against. 

Throughout Britain, we have 
almost 600 skilled Service Engineers, 
plus local parts availability averaging 
more t han 90% and an efficient 
computer-linked parts system for rarely- 
needed items not locally in stock. 

Behind that is Britain’s -and 
Europe's - leading lift truck manufacture]; 
with Britain's widest range of trucks - 
both engine-powered and electric. 

So when you're next faced with 
the difficult task of choosing just the 



LANSING 


fNin 


We do more for you 


Garni r.uuiri^-BKap'biteOCSfi ZlSUDt^B^lnts . fDsffumfr 0SEJ77PS: 3.H At :7 - 0272 711251. Ea rt KBbrid* : ik whw 

01^04 74T4.&**»a,Dfrb7* oeaJS^TSLMwwt-Qtai-SfiB^ 
Iwfa; Ortl t l Wtfl,BBMui;llj27«BlUt Wanington; {gi j j ji* 






IP ** 5 


EUROPEAN NEWS 


Unions accent restructure 




Small rise 
in French 


SUMMIT NOTEBOOK 


BY OUR OWN CORRESPONDENT 


MADRID, July 17. 


■AFTER MORE than two months 
nf negotiation Government. 
-Management and Unions have 
reached agreement on a plan to 
restructure the shipbuilding 
-.industry, -the ■ most depressed 
industrial sector -in Spain. 

The- agreement is based on 
a plan ■ first drawn up by the 
Ministry of Industry last May 
and recently considered by the 
Spanish Cabinet It envisages a 
'reduction in - the industry’s 
present activity by 50 per cent 
over the next five years, and 
rife Provision of Pta27bn. Of 
! this Ptallbn will be in the Eorm 
of capital increase, in the three 

main yards. Bazan fPtalbn). 
A stan o (Pta3bn) and Astilleros 
Espanoles (Ptaibn). and some 
PtaIBbn in the form of credits 
provided ■ mainly by /--the 
Gnvernmeht.' L\ ' " 

Because of the depressed state 
of world shipbuilding, the three 
yards, which between them 
■ "account for 85 per cent of the 
sector’s total capacity in Spain, 
'ire estimated to be well above 
realistic capacity. Their present 
work-loan is 900.000 gross tons 
'against capacity of 1.9m gross 
tons. Lasses so far this year 
are believed to be in the region 
of Pta 9bn. 

. Reduction in activity will he 
.achieved through the introduc- 
tion of a system of rotary lay- 


offs, involving 7.000 of the 
industry's 30.000 workers. 
Workers win be temporarily laid 
off for a minimum period of 15 
days and a maximum period of 
six months. During this time 
the temporarily unemployed 
workers will receive unemploy- 
ment benefit. The agreement 
has avoided resorting to mass 
redundancies as first demanded 
by management. This was 

described todav by Sr. Agustin 

Sahagun. Minister for Industry. 

os 3 sign that the Government 

could govern in the industrial 

sector. 

The a^eement regresenis a 
vital concession to those Govern- 
ment circles and union leaders, 
who bare argued that a drastic 

reduction in the labour force 
would be politically and socially 
dangerous. 'The -Government, 
which controls 100 per cent of 
Bazan and 50 per cent of the 
other companies has . been 
vulnerable to union pressure on 
this point. 

The three main yards are all 
situated in areas of serious 
unemployment, in particular 
Cadiz and Bilbao. In the Cadiz 
area, where unemployment ' is 
estimated at between 12 and 14 
per' cent, . nearly twice the 
national average, 60 per cent 
of the population is bound up 
witb shipbuilding. . During the 


sector's crisis earlier this year, 
serious riots broke out and the 
police opened fire on workers, 
injuring a number of people. 

An equally delicate political 
problem has been posed by the 
presence of a large part of the 
shipbuilding -industry in the 
Basque country. The Govern- 
ment is well aware of the ease 
with which the demands of the 
shipbuilding workers could add 
a dangerous new impetus to 
political militancy in the area. 
Last Friday, after one of til? 
most violent weeks in tbe Basque 
country since the death of 
Franco, workers at the Bilbao- 
based Astilleros issued a warn- 
ing of industrial action unless 
Government and unions reached 
substantial agreement on the 
industry by the end of the month. 

Against- this background 
today’s description of tbe agr^- 
ment as extremely positive by 
the Communist-dominated Wor 
kers’ Commissions and the 
Socialist unions. UGT and UFO 
augurs well for the Govern men L 

How to deal with the crisis in 
shipbuilding has long been 
accepted as one of the most 
important industrial decisions 
facing Sr. Adolfo Suarez, tbe 
Prime Minister. Observers were 
commenting today that the agree- 
ment is a breakthrough in indus- 
trial relations. 


total of 
unemployed 


Key role claimed for Callaghan 


By David Curry 


PARIS, -July 17. 
IN Ff 


Church adapts to new ways 


ar JfMMT BURNS fN MADRID 


SPAIN'S Catholic Church has 
adapted remarkably well to 
recent proposals which effectively 
; reduce its temporal powers. The 

- proposals are contained in a 
draft -constitution which is cur- 

■ rently being debated — albeit in 
.a somewhat uninspiring way — by 
1 the .Spanish Parliament.- - - . 

The draft constitution repre- 
. senrs the very shift to democracy 
: which the Church steadfastly- re- 
i sisted when it worked hancLin- 
hand with the Franco regime. 
Now unlike any other Francoist 
• institution, it appears to have 
adjusted well to the change in 
'Government. 

The Church has gradually 
r withdrawn from the political 

• arena and adopted what Cardinal 

• Enrique Tarancon. the Arch- 
: bishop of. Madrid and head of 

- the Spanish Episcopal Con- 
, ference. likes to call “ active 
s neutrality." - 

Even in the last years of 
. Franco, -the Spanish bishops con- 
tinued to play a prominent part 
in political life— though by that 
stage less as a part of the regime 
than as an uncomfortable 
opponent in their resolute 
defence of human rights. With 
the advent of democracy how- 
ever the neutrality has meant 
that the bishops have Increas- 
ingly. watered down their 
“ political “ "statements, leaving 
it up to the politicians to get on 
with the job. 

This neutrality found practical 
^.expression on the eve of the 1977 
general election here, when a 
statement from the Spanish 
' Episcopal Conference confirmed 
,the right of any Catholic in 
■'Spain to vote, for the politii*:! 
',T>arty of biff ’ choice, without 

- interference- from the - bishops. 
-This neutral -stance has. been 
. widely, accepted as ope rof.:the 

main causes behind the poor 
showing made in the elections 
‘by the Christian Democratic 
Party, which failed to get-even 
..one deputy elected. ■ 

- One year after the elections, 
-.however, it is clear that - not 

everyone within the Church's 
franks agrees with the bishops’ 
preference fnr political with- 
•itrawal. White on the extreme 
flight. Sr. Bins Pinar. head 
-of Fuma Nueva invokes 
.to use as their spokesmen worker 


and country" and plays host bands oF tbe bishops, who could 
to the traditionalist ideas ban any work if judged to be 
of Monsignor Lefebvre. some "unorthodox." The State, for 
sectors of the extreme Left tend its part, undertook to give the 
to use as their spokesmen, worker Church substantial economic 
priests who openly condemn the support, by setting up. for 
’■capitalist" Vatican, and look to example, a special ecclesiastical 
the -dav when Christians and fund. 

-Marxists can together lead the Both the Spanish Government 
violent overthrow of bourgeois and the Vatican have agreed in 
society. principle to replace the Con- 

Despite this opposition, the cordat by the end of this month, 
bishops maintain that neutrality yet have so far failed to agreeas 
does not mean turning a blind to what should take its place. The 
eye to the social changes taking Spanish bishops, while accepting 
place around them. TTie Church the constitutional guarantee that 
remains “active" in the sense religious education should no 


The Bishops maintain 
that neutrality of the 
Chur ch does not mean 
turning a blind eye to tne e^t up new educational estab* 
social changes taking Iisbraents. does not specifically 


longer be obligatory, fear that in 
future the possibility of creating 
religious schools may he re- 
stricted. Article 25 of the present 
constitution under debate, while 
stipulating the right of “in- 
dividuals and legal persons" to 


place 


tUn™ Include the Church, 

around mem. According to the latest avail 

able figures the Catholic Church 


it. in Spain has 994 schools (mostly 

SSfiral’* aXhSritr S ^h!n ^nish P rlvate '- 573 technical colleges, 
auihontI wlUun Spanish an( j 121 educational centres for 

IbIU. sense .he bishops broke H.ndlcpped <*«*«■ . 

their silence earlier this year „ 0n tbe question of state 
when the first draft of the Con- finance, the bishops maintain 
stitution omitted any mention that the Church needs funds if it 
whatsoever of the Catholic « to survive physically The 
Church... In the bishops’ view, state subsidy today is estimated 
such an omission simply at Ptas 6bn per annum— no small 
neglected the reality of the . su °? sp .®. m s I?' ec SF‘ 
Catholic Church’s existence in °™ c difficulties^ While tiie 
Spain. The bishops won their Who* have virtually accepted 
battle arid Article 15 of the latest *■}«*» ? n “iSh 

draft of the Constitution now 

includes the guarantee that the sbnety r they would like to see the 
administration “will, take- into ? 

account the religious beliefs of {**“?■ - su w nJm h nf 
Spanish society and maintain the rSfih 

consequent co-operation with the 

PiivvwiVi at-—! mjsi. snouJcl ©■VPntuflily dg written into 

W^ othgr ^ thx system, which is cur 
22 A Gently being reformed, 
tf Hie- article -as it now stands; Clearly there is as yet some 
is vague and open to a number wa y t 0 g 0 before the Spanish 
of interpretations, it is because church defines its role more com- 
a clearer definition still depends pietely in the country's new 
cm The. amendment ‘of the Con- democracy. There remain issues 
cordat, This agreement signed such as divorce and abortion 
between -General Franco and the which have not yet been clearly 
Vatican in 1953 gave consider- defined in the constitution and 
able advantages to the Spanish % which still await public debate. 
Church: Cathol’ciscn was recog-’ For the bishops thp*g remain the 
nised as the official relrgi on. in "moral” issues. Yet it is far 
Soain: religious instruction at from clear how their " active 
all levels was made obligato r v; neutrality” would pxnress itself 
and censorship was put in the in the event of a referendum. 


UNEMPLOYMENT IN France 
increased slightly between 
May and June, defying the 
normal seasonal, reduction at 
ibis time of the year. 

While admitting that the 
situation remains worry ing, the , 
Government is inclined to 

think' that this increase has 
been caqsed by employers 
, postponing recruitment so as 
: to benefit from the fiscal 
] incentives to hire labour 
which came into force at the 
beginning of July. 

The erode figures — tbe 
Government no longer gives 

seasonal adjustments— puts the 

jobless total up by 2,20(1 Tram 
the May total oF 1.039m. 
Vacancies were slightly more 
numerous at 99,000 against 
94.000. 

Even with the incentives to 
take on labour, which are. In 
fact, watered down from those 
introduced a year ago, the 
Government is reconciled to a 
steady rise in., unemployment 
over the coming months. 

The Minister of Employment, 
M. Robert Boutin, has admitted 
to expecting a peak 'of aronnd 
L2m_ 

Certainly, there is consider- 
able job loss still to come from 
"lame duck " industries. In 
tbe past week alone, there have 
been 3,000 notified redundan- 
cies, Including 1,306 at the La 
Ciotat shipbuilding- group. A 
further loss of jobs in steel 
and textiles is probable even 
without the contribution from 
the Boussac group, which may 
be heavy when the final re- 
structuring plan is worked out. 

To facilitate the restructur- 
ing, the personal interests of 
ML Marcel Boussac have been 
brought under judicial control 
to join the group's textile 
concerns. 

The general construction 
Index for Hay, seasonally ad- 
justed, was down to 127 from 
131 in April. The Ministry of 
Economic Affairs attributes the 
drop to lower energy produc- 
tion and some failing off in the 
consumer goods sector, noting 
also that May -Day and 
Ascension Day fell in the same 
week and that some companies 
stretched their holidays over 
the two festivals. 


THE UK may - not have been 
able to announce any major new 
policy commitments' as a result 
of the Bonn summit, but this has 
not . stopped a good deal of 
strident trumpet blowing by 
British Ministers and spokesmen. 
Indeed there is almost an 
inverse relationship between 
action and words. Mr. James 
Callaghan has been presented as 
the statesman who made the 
whole event possible— a kind of 
super-impressario and mediator 
In one. He is said to have been the 
main conciliator between West 
Germany and the U.S., relying 
on his personal friendship with 
the two other leaders, constantly 
referred to as Helmut and 
Jimmy. 

Tlie British line is then 
embelleishcd with the suggestion ■ 
that Mr. Callaghan's five-point 
plant to produce world recovery 
concentrated the minds of the 
participants On tbe real issues 
and paved the way for the 
eventual deal. The key stage was 
apparently when the Prime 
Minister visited Washington 
orer Easter to see his grand- 
children and President Carter, 
and it was then the ice started 
to thaw. 

More specifically, the British 
have been promoting themselves 
as the leaders in implementing 
the spirit of Bonn ahead of the 
event — even before the ink was 
wet so to speak. The UK did its 
bft to boost world recovery with 
the refiatlonary Budget in roid- 
April. International concerns 
were naturally the main motiva- 
tion behind these measures. The 
fact that the Budget was 
domestically popular and an elec- 
tion is not far off is, of course, 
quite beside the point and 
demeans Mr. Callaghan's states- 
manlike stature. 

* * * 
JOURNALISTS ARE often accused 
of exaggeration. Sometimes, 
alas, it is true. But among them- 
selves they keep a dour sense 
of perspective: Following is the 
full text of the “ pool " report on 
the arrival today of the leaders 
of the Western world's seven 
main industrial nations' (plus the 
President of the EEC Commis- 
sion) for their last working ses- 
sion. (A “ pool * incidental, 
involves a few eager journalists 
deputised to be where the action 
is and tn report back faithfully 
and without embellishment to 
their legions of colleagues.) 
m.15 — Rnv Jenkins hv car He 



West German Chancellor Helmut Schmidt hosts a working breakfast on the final day 
of the Bonn Economic Summit for British Prime Minister James Callaghan, lbe French -'iSV. ^ 
President Valery Glsgard d'Estalng $n& President Jimmy Carter; 


didn't smileand didn’t wave. To the experienced observer is a mark of politeness to stei. 
10.17— Fukuda. After diligent of summits, sueh episodes can aside and allow others to enif 
eoachine he smiled and waved, speak volumes. For example, a. room ahead of you. So why 
10.20 Giscard and Schmidt tile ordinary bystander might President Carter and Presides ■ 




earae walking together up the attach little significance to the Giscard arrived at the confercnc 
the breakfast order in which the great men hall together a bizarre gavoti 


driveway from 


The Financial Times 
team in Bonn is: 
Jonathan Carr 
Adrian Dicks 
Guy de Jonquieres 
Peter Riddell. 


entered the conference hall. But took place as each man tried i-- 
to President Giscaitl d'Estaing propel the other insidt 
this is a matter of capital Eventually, a bewildered Carte 
importance, and Jimmy Carter’s entered - first/ followed by . 
imperfect understanding of triumphant Giscard. 

French sensitivities- on this point •* •'* * 

came close to marring the care- CHANCELLOR Helmut Schmidt, 
fully-contrived aura of harmony choosing. an obvious symbol frou 
surrounding the talks. the local scene, declared at om 

M Giscard d'Estaing is. of point that the Siehengriurgr. fJ 
.course, a little bit different from seven hills of Bonn no 

other European leaders, being load the seven assembled head:. 


Giscard smiled and waved. -tbe only one who is a bead of of government each t» scale ; 
SchSidt S smiled but didn't State as well as of government separate summit of his owr 

wY^f at sm1, a “ ux a,an He has managed to persuade his choosing (though as the con 

10 21— Andre otti was driven up. colleagues that this entitles him, ference Progressed, the tempo ta 
1 He sort of smiled and waved, to arrive at the thrice-yearly turn was clearly there). Instead . 

10^2— ^Triideauanlved^by car EEC summits a little later than said the host, rhe seven mm- 

"SSrStffifiT else, and immense pains struggle together up to a conunor 

Precise time unknowMB Pre- «re taken b * French « fficials t0 P®“* of achievement. 

ensure that" the distinction ta But perhaps ******* ! 

Carter stealthily arrived by respected- Sp_ naturally M. Mr. Jimmy Carter _ 


another entrance, out ofview, Giscard d’Estaing assumed that the German Chanrellorneglected 
j • he would be the last man to take to mention that the highest ot 


Grand* SR. sneaks, fnur Ws"sMt“ln'Bim. " the Siebenwbirge is the Oe'bers 

waves. 3* smiles. In Washington, by contrast, it —Mount Oil- 


Dutch move 
to fill job 


vacancies 


Soares coalition under pressure 


BY OUR OWN CORRESPONDENT 


LISBON, July 17. 


CONSERVATIVE PRESSURE on 
^Portugal’s Socialist-Conservative 
dalliance is increasing as Socialist 
L-Prlme Minister Dr. Mario Soares 
"iontinues to play down the dif- 
ferences between the seven- 
month-old partners. 

PtoL Diogo Freitas do Amaral, 
leader of the Christian Demo- 
crats (CDS), was reported today 
as saying his party had not joined 
tbe Government to allow it to 
adopt more Left-wing policies 
than the. minority socialist 
• Government bad pursued in 1977. 

He warned that the CDS 
rcould not support complacency in 
-relations with the Moscow-line 
Portuguese Communist party. 

•' Meanwhile the socialist 

national secretariat met Dr. 


Soares this weekend and decided 
to answer the Conservative's 
challenge by asking President 
Ramalho Eanes to chair a special 
cabinet session, . 

Tbe socialists did not fix a date 
for this meeting and somewhat 
vaguely they a ig 0 announced they 
would open high level talks with 
the CD5 to discuss their dif- 
ferences. 

The lethargic tempo at which 
the so-called crisis is developing 
may reflect a conscious choice to 
prolong things until after the 
holiday period or could be a 
result of soaring midsummer 
temperatures. 

Communist party leader Dr. 
Alvaro Cunhal told h*s sup- 
porters titis weekend that tbe 


CDS was involved in blackmail 
to bring down the government 
and restore a right wing dictator- 
ship in Portugal. 

Behind this attack lies the 
fear the Socialists might agree 
to- Conservative demands .for the 
removal of Dr. Liiis Salas, the 
Agricultural Minister, whose 
agrarian reform policies appear 
acceptable to the Communists 
but have dismayed the CDS. 

Other fields of CDS concern 
include the Socialist proposed 
national health scheme which 
the largely CDS supporting 
medical profession opposes, and 
the education -system, which 
remains -in a state of confusion 
resulting from continued ideo- 
logical changes of direction. 


New bid to form Iceland Cabinet 


BY jON H. MAGNU5SON 


REYKJAVIK, July 17. 


■MR- BENEDICT GRONPAL, 
leader of Iceland’s Social Demo- 
;.crats is asking the leaders of the 
Communist-dominated People's 
•• Alllance- ond-the middle-of-the- 
•road Progressive Party to take 
part in talks aimed at forming a 
new left-wing coalition * govern- 
ment 

Mr, Grundal said this morning 
.that the talks could start on 
Wednesday. His attempt Iasi 
;Veek to form a government with 
-tire right-of-centre Independence 
Party and tbe People's Alliance 
-failed when Mr. Ludvik Josefs- 
ion. leader of the Marxist 
Alliance refused to join a coali- 
tion' with -the . Independence 
Party. 


Mr. Josef«son's party is 
opposed to Iceland's links with 
th North Atlantic Treaty Organi- 
sation (NATO). The Social 
Democrats and rhe Independence 
Party favour Iceland's member- 
ship. 

The new talks will be difficult 
and could prove fruitless. Mr. 
Josefsson helieves that the Presi- 
dent should have asked him to 
lead ® new Left-wing Govern- 
ment 

If the tVks collapse. Mr. Grnn- 
dal might try to form a Govern- 
ment with the Independence 
Party and the Progressives. Alter- 
natively be might ask the two 
• parties to support a minority 
Social Democratic Government 


for the next two years at least. 

The economic siruafion is 
worsening steadily and the infla- 
tion rate now stands at about 45 
per cent. One of the first tasks 
for a new government will be lo 
devalue the Iceland krona by at 
least 20 per cent. Unconfirmed 
reports io Reykjavik say the 
Internationa? Monetary Fund 
(IMF) is insisting on a devalua- 
tion of 34 to 35 per cent. 

The country has been without 
an effective government since 
parliamentary elections in June. 
It is clear that the economy can- 
not endure the absence of an 
effective administration lor much 
longer. 


By Charles Batchelor • 
AMSTERDAM, July 17. 
HOLLAND PLANS to set 
tougher conditions before it 
allows people without a job to 
draw unemployment pay. tft an 
effort to restore balance to the 
labour market. . More than 
2024)90 workers are currently 
oat of a job but there are 
65400 unfilled vacancies and 
employers are finding it 
difficult to recruit, skilled 
workers, particularly in the 
building industry. 

The unemployed will have 
to be .prepared to aecept a 
wider range of jobs or face 
losing unemployment benefits, 
according to - Dr.' William 
Albedit the Social Affairs 
Miulsfar. Retraining facilities 
are- to be extended and 'a 
refusal to accept retraining 
may also lead to the loss Of 
benefits. Regional commissions 
will be set up to rule in 
disputes. 

These measures are expected 
to lead to 20,000 vacancies 
being filled ever tbe next 
three years. This would save 
some FI 500m (5226m) In 
unemployment pay. 

To Increase mobility, the 
Government is ready to sub- 
sidise employees who have to 
accept a lower-paid job. and'to 
help with removal expenses. 
Companies will also be i encour- 
aged te take more employees 


Ukraine trial opens of another 
‘Helsinki group’ dissident 


BY DAVID SATTER 


.MOSCOW. July 17. 


from the disadvantaged -groups 
1 the iandj- 


— the young and 
capped. 

Tightening conditions for 
accepting jobs and retraining 
can be achieved by ■ more 
stringent and unTorm applica- 
tion of the existing .• labour 
laws. New legislation will not 
he necessary, the Social Affairs 
Ministry said. 

These measures a re /part of 
the plan to cot public pending 
by FI lOfan <S4-5bn) by 198L 
details of which are nM being 
worked onL Despite Criticism 
of (be plan by the uniting they 
have not rejected it Outright 
and Dr. Albeda sav s mere is 
room Tor negotiation.- Pirtia- 

ment trill disco* the 
proposals when it regimes at 
the end ;f August. ■ 


Kuwait leads in 


output table 


A MEMBER of the Ukrainian 
"Helsinki'’ group was reported 
to have gone on trial today for 
anti-Soviet agitation in the 
Ukrainian town of Gorodnya- as 
the authorities continue their 
campaign to eliminate the groups 
which have tried to monitor 
Soviet observance of the Helsinki 
accords. 

Following three major dis- 
sident trials last week, witnesses 
were called to testify today In the 
case of Mr. Lev Lukyanenko, a 
founding, member of the 
.Ukrainian Helsinki group, who 
has been -held by the KGB since 
his urrest last December, dis- 
sident sources said. 

More tban 20 Helsinki group 
members in Moscow, the Ukraine, 
Lithuania, Georgia and Armenia 
have either been arrested or 
sentenced since the crackdown 
on Soviet dissent began 17 
months ago. Four of these have 
been members of the Ukrainian 
group already convicted of anti- 
Soviet agitation and given 
maximum sentences. 

If convicted. Mr. Lukyanenko 
(50). a lawyer and veteran 
activist who served 15 years in 


ttrict regime labour camps after 
a death sentence was commuted 
in 1961. faces a maximum sen- 
tence of 10 years imprisonment 
and five years 1 internal exile. 

Our Foreign Staff writes: The 
appeal of Dr. Yuri Orlov, the 
founder of the Moscow-based 
Helsinki monitoring croup, will 
be beard in a Moscow court on 
Tuesday, it was learned in 
London yesterday. Dr. Orlov 
was sentenced earLer this year 
to seven years’ imprisonment 
and five years’ Siberian exile for 

apti-fenvlet activities” — charges 
which derived principally from 
his human rights campaigning. 

Mr. John Macdonald QC. who 
was engaged to represent Dr. 
Orlov, drafted the appeal on 
behalf ef tbe dissident, main- 
taining that the original trial 
was “ one-sided." 

Dissidents claimed that Dr. 
Orlov was barred from calling 
defence witnesses, forbidden to 
present requested defence 
evidence, interrupted by tbe 
judge during his final speech and 
repeatedly heckled during the 
trial. Mr. Macdonald, who 
announced that the appeal would 


be heard on Tuesday, has said 
that these were infringements of 
Soviet law and were sufficient to 
show that the trial was invalid. 

The outcome of Dr. Orlov's 
appeal will serve as a litmus 
test for the sentences on two 
other Moscow-based dissidents, 
tried last week, Air. Anatoly 
Shcharansky and Mr. Alexander 
Ginzburg, if Dr. Orlov's sentence 
is reduced, then there is a 
possibility that the -other dissi- 
dents may benefit' Both. Mi-. 
Shcharansky and Air. Ginzburg 
are due to- enter their appeals 
this week. 

The -sentencing of the three 
dissidents/ brought angry re- 
sponses fro mthe West. President 
Carter expressed support for the 
three when they were arrested 
last year and has codenmned the 
trials. 

There hqs been considerable 
speculation in the West that the 
three dissidents would be 
exchanged for alleged spies 
arrested in the U.S. or West Ger- 
many but such a swap would 
almost certainly not be con- 
sidered until the appeals of the 
dissenters have been heard. 


Carter line 
welcomed 
by Italians 


By Dominick J. Coyle 


Kyprianou sacks his negotiator 


CYPRIOT PRESIDENT Spjros 
Kyprianou today dismissed his 
chief negotiator in peace talks 
with Turkish Cypriots, accusing 
him of “ blind ambition and 
tragic mistakes.” 

Another Government announce- 
ment said meanwhile that a- 
“foreign and local conspiracy" 
against the Government had 
failed and that President 
Kyprianou would address the 
nation on television on .Wednes- 
day. 

But there was no obvious con- 
nection between the dismissal of 
44-year-old Tassos Papadopoulos. 
and the plot, which was not 
explained in detaiL 

Mr. Papadopoulos bad been 
ehief Greek Cypriot negotiator 
in intercommunal talks with the 
Turkish Cypriot community lor 
two years. 


He angered the President in a 
speech 10 days ago in which be 
criticised Air. Kyprian oil's policy 
towards the negotiations, which 
have taken place since the 
Turkish occupation of 40 per 
cent of Cyprus in 1974. 

In his letter of dismissal, Mr. 
Kyprianou told Mr. Papadopou- 
los: H I pray that you as well as 
the others will one day realise 
your tragic mistakes. ... I find it 
impossible to understand to what 
degree personal ambition can 
blind one." He did not elaborate. 

Mr. Papadopoulos was not in 
Nicosia and was unavailable for 
comment 


Government spokesmen first 
mentioned tbe existence of a 
conspiracy last Friday, the fourth 
anniversary of the coup which 


NICOSIA, July 17. 
briefly ousted the late President 
Makarios and led to the Turkish 
invasion. 

He said then that retired West 
German diplomat Paul Kurbjun, 
a former counsellor at his coun- 
try’s Nicosia Embassy, had been 
declared an undesirable alien 
and a prohibited immigrant 

The Government stressed that 
neither the West German em- 
bassy nor government ' was 
involved- in the affair, which it 
said wa s .financed and directed 
from ahro&d- 

The spokesman said today that 
“ the conspiracy, foreign and 
local, in the political and social 
fields as well as in tbe field of 
illegality, has failed and the 
people are urged to remain calm." 

He -said the Government was in 
full control ef the situation. 
Reuter 


ROME. July 17. 
EXTENSIVE press coverage, 
including a front-page report 
in the Communist Party daily. 
L’Cnita, was devoted here 
today te remarks by President 
Jimmy Carter in West Berlin 
at the week-end in which he 
-suggested some .change in the 
1J.8. Administration's attitude 
to Eurocommunism. 

Observers in Italy, which has 
the largest Communist Party in 
the Wes ^.detected a less hard- 
line Washington attitude to 
Eurocommunism, compared 
with the State Department's 
comment earlier this year 
which stressed that the Carter 
Administration did not wish to 
aee any farther Communist 
advance In western Europe. 

That Intervention was criti- 
cised widely here by tbe 
political parties. Including 
some Christian -Democrats, as 
constituting Interference in 



Italian domestic politics at a 
time when a new governing 
alliance was being arranged to 
bring the Communists into the 
parliamentary majority sup- 
porting Sig. GinJIo Andreotti’s 
minority Government.. 

Italian newspapers today 
quote President Carter as 
noting with approval the 
criticism of western Com- 
munist Parties, Including those 
In Italy and Franee, of the 
recent trials of Soviet dissi- 
dents, and his ' apparent 
acknowledgement in West 
Berlin that Eurocommunism is 
not dominated by the Soviet 
Union. ' - 


By Our Own Correspondent 
ZURICH, Jflly 17- 
KUWAIT LAST year remained 
the country with the largest 
gross national product per 
capita, according to a survey 
published In Zurich by Union 
Bank of Switzerland (UBS). 
Although its per capil* figure 
in terms of current dollars is 
down on that booked for 1976, 
its 51L950 per head was still 
well' above that of $10,010 For 
Switzerland. . which eomes 
second on the UBS list. 

These two countries were 
followed at the top or Ute world 
listing last year by Sweden 
($9,430 gross domestic pro- 
duct). Norway (58JW? gross 
domestic product), and the- U.5. 
with a gross national product j 
put at $8,715 per hexd- 

The United Kingdom booked 
a per capita gum of $4365 last 
year taking 20th place After 
Saudi Arabia and before East 
Germany, , -W 


Switzerland’s trade gap 
falls 31.4% in first half 


Decline likely 
id tourism 


BY JOHN WICKS 


ZURICH, July 17. 


THE SWISS trade gap narrowed 
by 31.4 per cent in the first half 
of tills year, falling to SwFr 83Sm 
as compared with SwFr 1— 2bn in 
the corresponding period of 1977. 
First-half exports were bigher by 
4 per cent and imports by 2 per 
cent tban in the same six months 
of last year. 

This faster growth on the ex- 
port side resulted, however, from 
a disparity Id the development of 


export and iinpon prices. While 


expon price levels fell by only 
8J5 per cent over the year, those 
for imports declined— in connect 
tion with the rise in the Swiss 
franc exchange rate — by as much' 
as 10.3 per cent In real terms. - 
imports thus went up by I3.ft 
per cent and experts, by 84, per 
cent. - 


Swiss car imports reached a 
record level in tbe first half of 
this year, with sales of 148,152 
new vehicles- This 14 per cent 
Increase over the corresponding 
period of . 1977 points to a 
possible breaking Of < the 1972 
annual record of some 250.000 
new cars sold on the Swiss 
market. Major import brands 
were Volkswagen, Opel. Ford. 
Renault and Fiat; 

Striking growth rates, however, 
of between 85 and IS4 per cent. 
In comparison with the first half 
of last year, were booked - for the 
Japanese Mazda, Mitsubishi. and 
Honda * car companies. Among 
British cars, sales of BL models 
fell off 14.9 per cent and those 
of. ROUs-Royce/Bentley- by 38 A 
per cent. 


fiy.Our Own Correspondent 

ZURICH, July 17. 
SWITZERLAND’S TOURJST 
traffic is expected to develop less 
favourably, over the current sum- 
mer season than during tbe past 
winter, when there was a 7 per 
cent increase in the dumber of 
hotel : bednigbts by -foreign visi- 
tors. According to the Union 
Bank of Switzerland, this wili.be 
due to the higher level of the 
Swiss fr&c exchange rate. 

Figures just released by the 
Swiss Government show that In 
1977. tourist earnings passed the 
SwFr 6bn mark for the first time. 


The Italian Communist Party 
has been in tbe forefront 'of 
western Communists in seeking 
to distance Itself from Moscow 
on a number of issues, par- 
ticularly ou the eoueept of 
Eurocommunism Itself— a con- 
cept which has been challenged 
by the Soviet Union. 


Bonq 


The setback suffered by the 
Italian Communists in -recent 
local elections has been wel- 
comed privately by a number 
of western embassies In Rome 
as Indicating that tbe Com- 
munist . march .• is not un- 
stoppable, as many diplomatic 
observers including the 
Americans, .seemed to have 
assumed. 


C--. 

c 


C;., 

U, 




risiog“by 16.5 per cent^ over the 
rerft 


previous year lo SwFr 6.Q7bu. 
The increase is due both to a fi 
per cent increase In hotel use 
and to ■» jharp- increase in excur- 
sion' and transit spending by 
foreigners. ' 


It" has also been noted that 
despite the .- hardline anti- 
CommunfsL stance adopted , by 
the State Department, which. 
In general; President Carter 
supported in his West Berlin 
exchanges, .there has been 
Increasing acceptance- by 
Washington; In recent months 
of visits to rhe U.S. by leading 
Italian Communist*;- Rig. 
Giorgio Napolitano, a leading 
member of the party's centre I 
committee, returned recently 
from a UjS. lecture tour. 





V,' 





Financial Times Tuesday My 18 1978 


OVER 



NEWS 


l Shaii Japan investment abroad falls 19%j Fatah 

blames 




TOKYO; July 17. 

investment SSOOm out of the total of a little Of the two kinds the latter by a scheme now under disrus- 



BY CHARLES SMITH. PAR EAST EDITOR 

. .' : J Overseas direct j 

.'Jy cent in val mlm ^ W ? rti , ° f mve ? 5f em . s . 10 hav <- , b «p the more K , on inside the Government f..r 
W In cristo If e .i n , e last flscal ™. ent approvals. .Last year the heavily stressed in 1977, but with Th _ i enrfin „ nf , h . 

fact that the b, SSest single project was valued the emphasis on the VS. land i l « e 

ppreciation or the yen lowered at S2Q0m. 1o some extent Canada! rather f°f e>Bn eXlhan se reserves at jo* 

«oat investment costs relatively ~ ... interest -■*— * A ™ 


Iraq for 
murders 


Benguela rail agreement 


costs in Japan itself “the- 19 ^ ,e fi „ p(>siti - ve h fe ? ture " f the 2*° new^nvStmettti^wS” 1 inve5tore in *«ch projects. A | JS** main*' Palestinian b suernlla -! 

an "° un “ d - t , €H> ile SS5 K3£ S«J£:^ u S^irM 

5 kT»hihi U - direct ,n vestment ba ve a smaller value per project * pPJJ ® “J *®" t ‘{L?!™? £?' _i_„ r ® importers of essential raw arms . w» terrorists for the 
the hasts of projects approved than tbe big natural resource Ja £!! ,e X * materials. It appears likely that ‘assassination of Arab and 

te- J I ne. Ministry* was S2.Sbn. or investments) have begun to T^*?! h .,‘' 0 ™ pai ii e ^: I . , 1 - and this could be extended to cover j Palestinian persona 1 1 ties. Ihsanj 


below the previous move up. 
ars figure. This was the lowest investmen' 
re .since 


The value of new 


Toshiba, to establish 


-«—«* -• miniifartiirino < loans tn companies planning in-lHyari reports from Beirut, 

was the lowest investments in overseas manu- j vestments in mining projects.! The charge was published in 
J974. ■ the year.factunng is put by the Finance ^ amounts involved could! ihe Lebanese Press yeSerdav. 

mediately after the oil crisis, Ministry at S1.074hn, compared J„ al ^ emphasis on establish- reach S30 Q m l0 545^ per ; president Ahmed Hasson al-Bakr's 

hen investment approvals fell w ith the 1976 figure of SI -025b n. .{j fi * manufacturing presence year iGovei-nmem has said to have 

‘■® bn - The number of cases, of manu- n ’be d e\eloped world may be • .-non*- tanan e Pn^Bri s e iMd an arms factory which 

The decline was attributed in facturin 3 investments approved a ^UhUJng feature of Japan s c5™L PO p^3 i F«ah had established in Iraq aod 

itude sS . a ^ait-and-see . Toreign investment. with stronc 1978 to build new power plants tin organisation iPLO) via the 

s private com- Overseas manufacturing invest- emphasis on investments in with a combined capacity of lrapi pon of Basra, 
anies with regard to all types ments by Japanese companies other advanced countries Hither- 17.5m kW. the International J* . 

If investment. Another signifi- tend to fall into two types — those to its investments have been Trade and Industry Ministry L accusation said 

>nt. point is that “lumpy” designed to take advantage of divided roKSv 5050 hrtwIeS said. j 1 ”? 1 **j*»**™* 

'eveJopmenr * dimtSihid^'Sniif 2?**? labour in developing the developed and developing The target figure is the second j Abu Xidal. u ere responsible for 

S'"®* 8 l nd fJUr ‘ W °r ld6 - largest ever planned, following! recent murders of Arabs m 

ekVd!IiSnn™» «» H* “ t0 '5W“ Japanese investment in the 19 6m kW set Tor fiscal! 971. and ! Britain: and other countries. 

* NG i in viz 0 ' I“ y establishing production development of overseas natural more than double the 1977 target including the assassination 

-ftesia* accounted for no less than bases in Europe or the U.S.). resources could be stimulated of 7.5m. ' 


r* .r 

: A! 


Eritrean 

bases 

threatened 

KASSALA, Sudan, July 17. 
ETHIOPIAN forces, apparently 
involved in a major offensive 
against guerrilla forces in 
Eritrea, have crossed into the 
province at two points and are 
threatening guerrilla bases in 
south-west Eritrea, according 
to guerrillas in the border area 
with Sudan. 

A large armoured force has 
crossed the Mareb river from 
Tigre province into central 
south Eritrea near Shambuko 
after three weeks of heavy 
fighting with the Eritrean 
Liberation Front and Tigre 
Popular Liberation Front- The 
Etbioplan column appears to 
he aimed at relieving the 
besieged garirson at the Erit- 
rean town of Barentu. 

A second Ethiopian force 
crossed into Erllrea along the 
western border in late June, 
faking the town or Omm Uajer. 
H now appears to have been 
reinforced and is aiming north 
or the guerrilla-held town of 
‘Tesoenei, an important junc- 
tion on the road to Barentu. 

A combined guerrilla force 
of the TPLF and Eritrean 
Popular Liberation Front was 
reported to be holding up the 
Ethiopian advance in north- 
ccmrat-Tigre near Entichew. 
The ELF was said to be. hold- 
ing a major push from the 
Government base at Adowa in 
Ti.ere. - 


Fraser (Criticism of UK leaked 


BY OUR OWN CORRESPONDENT 


London this month of Abel 
Razzak -al-Xaif, former Iraqi 
Prime Minister. Fatah said Iraq 
was behind the assassination or 
the "PLO representative, Said 
HSmmami. in London in January, 
the Egyptian writer, Yusuf Sibai. 
in Cyprus in February, and the 
guerrilla representative in Kuwait, 
All Yassin, jn April. 


CANBERRA. July 17. 

MR. MALCOLM FRASER, the ings leaked out at the weekend, said: “.Somebody jn the United I 

Australian Prime Minister, has it shows that he told the Kingdom, and somebody from . . 

been embarrassed by the leaking Premiers: “We have, no inten- the present Government, told me I Dill open to trade 
of a confidential document in tion of pursuing the kind of that air that had to happen in * . •. , , ... . . 1 — 

which he criticised the economic course which has been pursued Europe was for Germany to in-! ^ r ?2i™ii th/ n s ,n< * 0 ' les,a th e 


ZAIRE AND Angola have 
agreed to re-open the Benguela 
railway, a vital outlet for 
Zaire's copper exports, Congo 
radio said today. 

Re-opening the nil link was 
one of three agreements 
resulting from weekend talks 
between delegations from 
Zaire and Angola in Brazza- 
ville. Congo. 

Also agreed, was a plan to 
creole a commission under the 
auspices of the Organisation 
of African Unity tOAU) lo 
normalise relations between 
Zaire and Angola, and 10 have 
qualified international organ i- 
tinns and the Congo Republic 
help refugees return to their 
countries or origin. 

The Benguela railway, which 
runs 1-250 miles from Angola's 
port of Lohilo on the Allan! ie 
roast through Zaire into the 
mineral belt or landlocked 
Zambia, was dosed in August 


1975 because of the Angolan 
civil war. 

The official Zaire news 
agency AZAP said the discus- 
sions in Brazzaville “showed 
the willingness of the Angolan 
and Zairean people to create 

favourable conditions for the 
establishment ' or a durable 
peace between Zaire and 
Angola. “ 

As the discussions were held 
behind closed doors, it was not 
known whai specific decisions 
were taken to normalise rela- 
tions between the two coun- 
tries. but observers said the 
fact that the talks ended on 
friendly terms represented a 
significant step forward. 
Reuter. 

Our Foreign Staff adds: 
The EEC may help to finance 
a projected .road to link Zambia 
and Angola, according <0 the 
EEC's Director General for 
Development. Mr. Klaus Meyer. 


KINSHASA, July 17. 

Speaking in Zambia prior t • 
his departure~for Brussels, Mr. 
Meyer said that a final deci- 
sion on the multi-million dollar 
project would be made in Eru- 

sels this week. 

Zambia's export and import 
trade has suffered badly from 
the closure of ihe Benguela 
railway, which up to 1975 took 
about half of the country'll 
copper exports. ' 

Apparently the road project 
would be designed lo bypass 
the Zaire section of the rail- 
way. thus giving Zambia- direct 
access 10 the Benguela rail- 
way in Angola. Whether or net 
yesterday's announcement that 
the Benguela line is 10 be 
opened will affect the EEC's 
decision lo finance the by-pas* 
road remains to he seen: an 
earlier agreement between 
Zaire and Angola following the 
end nr the Angolan civil war 
in 1975 proved stillborn. 


Rhodesia shuttle inconclusive 


BY TONY HAWKINS 


SALISBURY. July IT: 


policies of the British and U.S. in Britain where! because of ’a flate "to 11 per cent, a year and i c L?^ ?I^ip e pnr?,\l" c r !fp 
S °<i£ rT1, ? en,s ' ,aX expenditure policy, they are Britain .would not have a P r ob- 1^1 ■tSsiTimar open to trade conf 

The document is .a transcript now putting .the total, weight .of lem left. • SJSfTnT tSS?’. Th» 

p f r.*mS™ e if"S.*5S? , !S^l!ll r *H J ' in * back on m ° ne,ar ' v -Thai is not the sort of advice J „ \l3 2ip 

states on fnrf po .,'f y ' .. which this Government will . . J wards normalisation. Reuter re- 

5!5*« on , I" n f . 22 - &od B 3 in Can- “In three months, interest follow." fpo-rs from Dili, 

berra At the meeong. held rates in England have gone back Mr _ The President s announcement 

behind closed doors. Mr. Fraser 3.5 per cent to 4 per cent, and an If ; K ^ ra , " of 'came in an address to the East 

Mp ^,J°hn Howard, the Aus- housing mortgage rates are 11.5 ^ j Pane 5 e l tl re Timor Trovincial Assembly in a 


AFTER THEIR seven week their pan that the internal TTiere are some who accept that 
shuttle in Africa aimed at arrang- settlement is not working. while the gap is presently un- 

ing an all-party conference on Sources say that in the more bndgeable. a meeting might 

Rhodesia. the two Anglo recent meetings between the bring Mr. Xkomn and the transi- 
Ain erica n peace envoys. Mr. John envovs and individual members tional leaders closer together— 
Graham of the Foreign Office and 0 f l i Ie transitional government though there would appear to be 

Mr. Steven Low. U.S. Ambassador executive, the emphasis has little basis for such optimism, 

to Zambia, left Salisbury today shifted from whether or not Dur Foreign Siaff adds: Mr. 
for London. The two men have Lh ere should be a conference to Graham and Mr. Low are 
shuttled between Salisbury and t jj P search for a viable basis for expected in report to Dr. Owen. 

such a meeting. The Salisbury the Foreign Secretary, and 


neighbouring states of 


Mozambique. Zambia^ Malawi. V j ew tends to be that the only probably alMi lo Mr. * Cyrus 


Botswana. South Africa and 
Tanzania. 

Though some observers here JV." 
have interpreted recent state- 
ments by Mr. Ian Smith and 
Bishop Abe! Muzorewa to mean 
that the Transitional Government 
in Salisbury- is now more willing 


really positive advantage of such Vance, the U.S. Secretary of 
a meeting would he to convince State who is in Britain this week 
Anglo-American govern- for the Middle East talks Tbo 
ments that the gap between the iwn men are expected to return 
two sides is unbridgeable. in Africa later. 


" T re “!? u r l r ' . * "noun ceda n percent again?* he dadnied. session’ 'marking “the! 1° consider such an all-party con- 


effective cutback in the level of 
Federal grants to the states. 


"IF anyone thinks lhat is a »ay ^ tr u W h ^ u 


‘derai grants to the states. to recover an economy, that that -"“'f. . . WDU,Q 

They also defended their is a way to salvation, to reinvest- wc £l d °L ha , ®, p ,K b l Cm ,l' , 1C 

policy of fighting inflation ment and getting jobs going.- H ?j P^tcted that the U.S. 

through an austere approach to then that is not affapproach that .. i P “ ll , h ln 1 - 1 ? 

public spending. I believe we con- embrace, . h u 0rns - l dd,n ? : . Iv, 


mic management as practised in trous. 
Ihe UK and the U£. became pub- 


selves to restrain their burgeon 
ins inflation - because their 


Referring to his visit to Lon- n 

in ns,ri„ ,n Ton. . m- budget deficit is too large. 


lie when a transcript of proceed- don early in June. Mr. Fraser 

Cambodia-Thai talks end 


second anniversary of the region's 
incorporation into Indonesia. 

President for Yemen 

LL-CoL Ali Abdullah Saleh has 
been elected President of North 
Yemen to -succeed assassinated 


Intervention divides OAU 


BY OUR OWN CORRESPONDENT 


KHARTOUM. July 17. 


ference. a British source said 
today that he did not think that 
there had been any “break- 
through." 

The transitional Government's THE SIXTEENTH summit meet- acceptable to call in the 
evident failure to defuse the j n g of the Organisation of Russians and the Cubans 
widening guerrilla war is likely African Unity opens here because that was help from like- 
lo have increased pressure on the tomorrow with the prospect of minded socialist countries. 
vhm»H Hneeain xi i three hlacb le * ders of the coa,i " continuing division between whereas it was “western colonial 
* iSS transitional Government to Africa's so-called moderate and intervention" 

Administration , Ghaehml, the Saudi Pre*s Agency )aorAP tfI lnltc Mr , n Sjnith pr . 0Bressive Slaies 


wit- sduui rre» Ageinyf , tn .-11.- 

from Sanaa. Keuter ! ■*™ e J® U K' 


Belgians or 


* to call in 
the French. 


the 

The 


ho does not know that and does 
not want action taken in rela- 
tion to it “ . 

Mr. Fraser said if the U.K. and 

MR. IENG SARY. the Cambodian visit, neither has been willing J"vp e 0?' programme d bein 2 im* ■ Mauritanians freed 
^ to 5^ e "t« d TWO senior members of 


BY RICHARD NATIONS 


BANGKOK, July 17. 


Even - if the 

official- PreB3%gency i as ! w **° sees Mr. Joshua Nkonio Only the most diplomatic - progressives " include Angola, 
whn rfnw nnr^jJnwTfhLt anti rtnp« ! «iyins that under the Constitution I ,eader of ZAPU. as an essential handling of the summit bv this Mozambique. Ethiopia. Libya, 
who does not know that and dflGS ^eiv Pwrident win also be ivisreiliem in any settlement has year’s cha.nnan. Sudan's >res.- Algeria. Tanzania. Zambia, {be 

Commander of the armed forces.) always been keener on the idea dent Nimairi. is likely to prevent Seychelles and Guinea. 

I of the conference than his black the acrimonious divisions which The Ministers drafted resolu- 
colleagues. But officials here are have been evident during the tions rejecting the presence of 

! wary at announcing acceptance lO-dav preparatory session from military bases and foreign 

r !of such a conference. They becoming even wider. alliances. although they 


Affairs left Bangkok today after concerning the most pressing "'stodl' exchange* "in London 1 and that if Salisbury moves The main issue dividing Ihe approved ihe right of every 

a four^dav tmsfiion totihe Thai hila,era l issue or continuing tVaiisSe?' , 'wourd mo!e Up i ' tow “ rds ,he Anglo-American ministerial council ai the African S.aip to choose its 

a tour aa. mission to.uie tnai tk»< r ■ ■ «•_.*!.. . in 8 bloodless coup a week ago . nnsitinn Ihp Parrinlir Front lori nr»nu»rnri- <p«sinn wife rhp nnlifiral. «rii*rul nr APnnnmir 


along their ceveraf oofnts " ~ 7nV media' el v r 1 “"Z,'"’ ™Yr«oH" ihe Patriotic Front led preparatory session was the political, social or economic 

• Mr. Fraser is known to have £itan^a said yesieJdav.^The! ^ -Nko mo and Mr. Robert question . of foreign military system. A resolution,- which 
Mr. Sary failed to answer criticised VS. economic policies !“ v0 recording to the broadcast i Mu ? abc P ulJ awa >- Tran ' intervention in Africa^ Anger now goes to ihe Heads or State, 
reporters today concerning j n private talks during a visit to quoted by Reuter were the ! s* 110 ™ 1 Government sources are was caused among "moderates urges States to have recourse to 
Phnom Penh support for' Thai Australia two months 'ago by Mr. former Wish Commissioner for j wary also because they fear that such as Zaire. Chad. Egypi, "peaceful means in ' settling 

talks with Thai . Premier Communists and declined to say Walter Mondaie the- vice- Youth. Tiiam Child Karim, and the ®°- v willingness to attend such Sudan. Morocco. Ivory .Coast, disputes so as. not to open the 

Kriangsak Chamanand yfcsterday. -whether - there had been any president: But he has been former Secretary-General of the 1 a meeting will be interpreted Liberia. Senegal. Togo. Mali and doors to foreign intervention 

i While, hoth sides have stressed attacks launched against Cam- careful not to express his views 1 President's .Office. Mohazed -\li hnfh at home and internationally Mauritania by the assumption of which posed a pretext for 

i Ihe cordial Atmosphere of the bodian territory from Thailand, publicly. Cherif * " ' as recognition and acceptance on ihe "progressives" that it was further mierventinn.'' 


MPilal ivbicli on _tta tarfue SSSST, 
'appears lo have ended. inconclu- 
sively. 

Mr. Sary had held extended 


These Bonds have been sold. This announcement appears as matter of record only- 

European Units of Account 22,000,000 

Society de Developpement Regional (SDR) 

7 % Bonds due July 5, 1993 

Unconditionally Guaranteed by the French Republic 


Banque de Paris et des Pays-Bas Banque Nationale de Paris ' Soclete Generale 
Banque Bruxelles Lambert S.A. Kredietbank S.A. Luxembourgeoise - 
Credit Industriel et Commercial Credit Lyonnais 


AlahH Bank of Kuwait K.S.C. Atgamene Bank Nederland N.V. A.E. Ames & Co. Limited 
Amsterdam-Rottardam Bank N.V. Banca Commerciaie Italiana Banca del Gottardo Banco dT Roma 

Bankets Treat International Limited Bank of America International Limited The Bank of Tokyo (Holland) N.V. 
Banque Arabe et . Internationale dMnvestissement (B.A.I.L) - Banque Franqaise du Commerce Exterieur 

Banque Generale du Luxembourg S.A. Banque de 1‘lndochine et de Suez Banque Internationale a Luxembourg S-A. 
Banque Lou is- Dreyfus Banque de Neuftize, Schlumherger, Mallet Banque de Paris et des Pays-Bas (Belgique) SJV. 

Banque de Paris et des Pays-Bas pour la. Grand-Duche de Luxembourg &A. 

Banque Populafre Suisse SJK. Luxembourg Banque Rothschild Banque de lllnlon Europeenne 

Banque Worms Bayerische Vereinsbank . Berliner Handeb-und Frankfurter Bank 

Blyth Eastman Dillon & Co. International Limited . Byblos Arab Finance Bank (Belgium) SA. 

Caisse das Depots et Consignations C3isse cTEpargne de TEtat Caisse Nationale de Credit Agricola 

Centrals Rabobank Chase Manhattan Limited Citicorp International Group Commerzbank Aktiengesellschaft 
Compagnie Monegasque de Banque County Bank Limited Creditanstalt-Bankverein Credit Commercial de France 
Credit and Finance Corporation Limited CFC Credit Genera! SA. de Banque Credit Industriel if Alsace et de Lorrams 
Credit du Nord Credit Suisse White Weld Limited Dai-lchi Kangyo Paribas Limited Daiwa Europe N.V. 
Den Norsks Credit bank Deutsche Bank Aktiengesellschaft Deutsche Girozentrale-Deutsche Kommunalbank- 

Dewaay & Aasocies International S.C.S. DG BANK Dresdner Bank 

Dtutaclw GmoMenaehAftalnnk AktlMtgmwtlschah 

Ffnacor First Boston (Europe} Limited Fuji International Finance Limited 

Gefina International Limited Genossenschaftliche Zentraibank AG 

. . VI r»tn* 

Girozentralc und Bank der Osterreichischen Sparkassen AG Goldman Sachs international -Corp. 

Hambros Bank Limited Hall Samuel & Co. Limited Industriebank von Japan (Deutschland) Aktiengesellschaft 
Kansallis-Osake-Pankkf Kidder, Peabody International Limited Kleinwort, Benson Limited Kredietbank N.V. 

Kuhn Loeb Lehman Brothers International Kuwait Financial Centre SJLK. 

lOnrat Foreign Trading Contracting & Investment Co. (SA.K) . Kuwait International Investment Co. wiJk. 

Kuwait Investment Company (SAX.) Lazard Freres at Cfe Manufacturers Hanover Limited 

Mnrill Lynch International & Co. Samuel Montagu & Co. Limited Morgan Grenfell & Co. limited 

Moraan Stanley International Limited National Bank of Abu Dhabi . The Nikko Securities Co^ (Europe) Ltd. 

9 Nippon European Bank SA. Nomura Europe N.V. Orion Bank Limited 

Paine Webber Jackson A Curtis Securities Limited Pierson, HeWring & Pierson N.V. PKfaanken 

Postipankki NJM. Rothschild & Sons Limited Salomon Brothers Internationa! Limited Scandinavian Bank Limited 
^ J. Henry Schroder Wagg & Co. Limited Skandinaviska Enskilda Banken . 

SmHi Barney Harris Upham A Co. Incorporated Socidte Arabe Internationale de Banque (SALB.) 

Speiite Generate Abacienne de Banque Societe Generale de Banque SA 

Soclete Lyonnafse de Depots et de Credit Industriel Societe Sequanaise de Banque Sparbankemas Bank 
Straoss. Turnbull & Co. Sumitomo Finance International Sun Hung Kai International Limited 

Svenaka Handelabuiken Swiss Bank Corporation (Overseas) Limited Trade Development Bank 

Union de Banoues Arabes et Frengaises - UAA.F. S.p. Warburg & Co. Ltd. Westdeutsche Landesbank Girozentrale 
Dean Witter Reynolds Internattonal Wood Gundy Limited Yaraaiuhi International (Europe) 


Kredietbank: 


KB 



international scene 

Balance-sheet total up 152% 


Some key figures from thebalance-sheet 

at r.'srcr: 51. 1?75 .".n fT.i-. Oi Er j 



1978- 

1977 

1975 

. 1 970 

Ceo:ta; ard reserves 

10.642 

$:s 

7461 

6.963 

Work -re ‘unos 

296.562 

Zi'Zi 

165 ?44 

7S7T24 

F ,f o? t ;or tr.e fman.rj?. 1 -.ear 

1.460 


!i»50 

4^2 

Ed an ce- sheet iota. 

325.931 

;• i’ 1 4 0 

L'07 1 o 

S4 -461 

[.'eicivideno ,:n Bf; ; 

290* 

-bo 

- Zt 

165 

Mo. o‘ stait memoers 

8.344 

6,1 1 -■ 

■ '3.0 ?5 

6, 1 5-1 

No. o! branches 

723 

7 15 

6^4 • 

. . §r_3 


* Er '.-lb p^r sr;,ire lo «.e shares isaued on lie occ<i&X)rioi li"ie Cdpildi ,rK.:s i ci i Jo.err.wjr ".^77. 

Development and striking achievements in the 1977-1978 financial year. 


/In the course 01 the pas! i'see 5 
period KB strengthened :t~- interna- 
tional structure.!!? !ir?J oranefes 
abroad New York and Bahrain, 
became operational and made 
rapid progress KB t lew i or?, i* no.V 
v-'eii established on ;r<e US none/ 
findcSpiidl merkei? while KB 
Bahrain is currently’ ptavno an 
important iSbii .n the rapid develop- 
ment o' (he Middle Eas! i'n*.ar ci«l 
markets Jnthe penod unoe r re-.-ev/, 
a 75% panicipation was acquired in 


the Irish intercontinental Bank Ltd. 
I’Dut'liri 1 . ’.vnic n makes KB the first 
Belgian bank established m Ireland. 

iDn the international capital 
market, ihe Krediertwnk Group 
a-: ied as manager or ^o-rnannoe-r 
lor 6-i euroi'jond issues and ior 14 
loans denominated m Flu' d>-. 
rr-emher oi ihe synaicate it guaran- 
teed the pwicmo b< 5 private bond 
ioah; hredieibank i J V lor iis part, 
acied as undemrner in 159 euro- 
bond issues and.pamcipaisd in 47 


syndicated intefrationa! bank loans; 
in -1 ca-se? Jhe Group was a rriem- 
oer of the Syndicate. 

Particular attention was again 
devoted ;o ihe prob'ems ol small 
r ;.-.d medium- sired enterprises and - ■ 
:neir possibilities m ihe iield o! 
e^PCirts The Bank ornanced various 
meeiings on ihese rubiects and its 
c;ar: -.ve rft espedatiy active in 
ci . idling ciienis iook:r.g lor expert • ■ 
herp. . ■ .* . , - 


Head Office 

■■■— ■ 1 i 

Arenoergstraat 7. B-1000 Brussels 

Branches 

723 branches in Belgium . 

Aoroad: . . . 

Kredietbank N.Y Branch. 450 Park Avenue- 6th Floor, New York. N.Y. 10022 

Kredietoahk {O.B.U.?. Salahuddm Building. P.O Box 5456 Manama Bahrain 

Affiliated Banks • 

in Belgium : 

Credit Genera! SA.de Banque,.Grand-PIace 5, B-1000 Brus&e>s 

Aoroad: 

Kredietban?; S A. Luxembourgeoise. 43. Boulevard Roval L-lu^embouro 

Kredietbank fSuisse.; S.A., is. Boulevard Georges-Favbn, CH-1211 Geneva 11 ' 

Irish Intercontinenial Bank Ud.. 91 Memon Square. Dublin 2 

Representatives 

in the United States and Canada, Australia. South Africa, Mexico, Japan, Singapore, BraziL: - 
Iran and Hong Kong 

t/iember of ihe Imer-AIpna Group of Banns 







i 




- r 


Financiil Time? Tuesday July 18 197S 


AMERICAN NEWS 


WORLD TRADE NEWS 


i . . .. 

:*.%•« •» j 


Links by 
BNOC with 
Venezuela, 
Mexico 


Japan car makers 
hold U.S. market 


Rail pay 
movejnay 
accelerate 
inflation 


BY GUY HAWT1N 


By Hugh O’Shaughneny 
STRONGER LINKS between the 
British National Oil Corporation! 


share as prices rise j 

BY JOHN WYLES NEW YORK. July 17. ' YORK. July l- ^ ^ ^ _ 

_._fvr TADsxfer m u ....... |TRE CARTER;. Administration s Federal Republic grew at a rate 

EADLNG JAPANESE car im- suffered because of the declining | inflation fighters are anxiously fufficient to boost the flawing 
>rte«. into the. US. are, again dollar, .they have still been « watching *e - dost ng su?*. of Sg£L£ redded dtame 


Improvement in British 
exports to W. Germany 


High level 

Rolls-Royce 

discussions 

in Tehran 


fflK 


BRITAIN'S TRADE v.ith West 
{Germany took a major turn for 
.. I the better in May. Exports to the 


The UK's total exports try 


FRANKFURT. July 17. 

. i Bv Andrew Whitley 

In the January to April. 1 


■fS* 


per cent shoe 


TEHRAN, July 17. j |U 
A TOP-LEVEL Rolls- fU^ce I 1 ' 
j team, led -fiy. (tuilmin i Sir l j* f a 
Kenneth Keith, pnW it SWTrt ^ 


British National Oil Corporation j BY JOHN WYLES NEW YORK. July 17, ' 

VeLzuela^and 1 MeS'^are LEADIN ' G JAPANESE car im- suffered because of the declining | inflation fighters Se anxiously 

JrPfJJ. porters, into the U.S. are again dollar, they have still been ‘ watching the 'closing stages of 

5*522 So countries L^rd raislng P n f, es of the fali Jelped hi. the overall boem in two key sets of Jwy negotiations 

ir-JrtSf t 3EI C RNiSr AhVirma? oF tbe d 01137 *8 ainst the - ren - demand for new cars- which has which pose a delicate test of the 

chairTnan - Their sales, however, are still taken January-June sales -to ■ credibility of the Government’* 

RNnr anrf 5 *« remarkably robust, despite a 5.88m compared with 5.Slm lasL| bid l0 restrain pay ind pncea. 

v fPf * string of price increases this year.. At 1.04Sra import tales i Last nighu a ‘ fifth raiiway 

Y-? lit STS' year- are bare, y 3L000 u01ts lefiS * h * u > anion, thlt of - the signalmen. 

■EL* p „„5' Much was made recently of the last year. : reached a tentative agreement 

nirtg and marketing staff oyer g Der cent drop in imnorted car The leading Japanese importer <whh the employers' Notional 

the next few months according 5ales in June, but this masked Toyota, which last week raised Railway Labour Conference. The 
statement in Caracas o> {he facl lhat j apane se manufac- its prices for the fiFth time this settlement is broadly in line with 
u»rd R earton, quoted by ap-dj. jy rers . continually harassed by year, claims that it has no ew the three-year packages, giving 
He remained that. while the dollar-yen instability, actu- dence that its sales have been ri ses 0 f as much as 35 per cent. 

Venezuela bad valuable expen- a jj v j^iproved their share of the hurt by the increases. Last month already reached with four other 
enp .v j in _5®. CD ndary recovery j mp0 rr car market last month. Toyota sales were nearly 10,000 r unions, 
methods. Britain could help j| 0re over. their bold on the itn* units lower than in June Iasti At the same time, negotiators 
Fetroven in Its off-shore dnlline n mar ket from January to year, but the company says that f 0r t he U.S. Postal Service and 

programme, due to start next 4 j un g bas dipped. only marginally i? had no great hopes of matching j three unions representing 570.000 . . _ 

nont,.. . from 6S.-1 to 88,1 per cent. the June 1977 total of 52.14b Ipmolnyees stepped up their iP*r cent. British sni patents to hv***»:? ner cent iu the firtt live ; on tbe four«tay _*WL. from 

builders are hoping ^ 713.991 units. Japanese which was its second best sales j efforts to reach a settlement 

fnr^rders from Venezuela for sa j es for the six months are only month ever.. [before the current contract 

anllin? platforms which would 3.4 per cen t lower than in .the Nissan, .number two- in the-; exnires on Thursday, 
bp built either in Britain or as sanie period last year when im- import market, followed Toyota: Postal workers are prevented 
joint ventures in Venezuela. norts as a whole reached peak hv announcing a 3.7. per cent 1 from striking bv law. hut 
During his stay in Mexico^ i PVC i^ since then, both General increase in prices at the week- 1 sporadic stoppages' have l *en a DM1.06bn iSoUtinu. 1 !J[J S a ™ ao^cara to'Twve^heen maintvNhe result* ’’ihe "visibfc trad" surplus! Ambassador u» Spain. 

Lord Kearton is expected to Mo tors and - Ford have been end as did American Honda l feature of previous years wnen Britain a a.4 s f 3 ^f n ° F a slow-down in the in WeM I’.Rrmaoy's favour Mr . Rotl EllW head of Nalr^ 

follow up suggestions ah ?,“ t | aegressively fighting . hack which is charging an extra 4^ talks reached deadlock The the West Genraan import, re ■ . shinments. increased \ct again, ll went up Britain's MinlMrv of 

closer associations between the minnrted small cars, hut m-r cent for its vehicles. - current negotiations arc osrticu- marker which was a considerable e p ..... _ . ‘i,,*' 1 > n rh<> firsi t. » - 


SS-S“bT«i> w Hr -'>»»«* • T' •TrtTSi HE, «n*J p «ir LR ; KSSSTa •» Sb* SS 

u.WJSl-RSSSff.M S ZJ& 


closer associarions netween tne ae ainM imported small cars, but per cent for its vehicles. - I current negotiations arc psrticu- manter wmen was a rftimtluT’wiTh' a "is 7 ”oer*peni Fr’um _ ’l)AI l.S2»m in the first I a freuucnVtisiior 

British and Mexican oil Indus- the 17 . S per cent market share By contrast. German im- Marly sensitive for the Admlnw improvemem on the 4.8 per cent coupled with » ‘ 5 r «« ^ , asl vCar l0 Lla 2"lS iSill 

tries which were made last week C nj 0 ved by all imports remains porters, whose prices have been : tratinn. which wants a settle- share recorded during ine open- drop *" th ^ ® f ,nrtU!r 199 bn ' ' mJSSL thJvw. 

when Sr Santiago Roel. the hurnncallv high. less volatile are lassing 1 ment to yield no more than the ing five months of the > ear. trial aenn-manuFacture:,. DM1.99bn. ! 


when Sr Santiago Roel. the hj Anneal lv high. 


volatile. 


lagging I 


although import- sales may have formance. 


that seriously, behind last year's per-Jgg per cent Increases in the 6rsi 


Mexican foreign minister, visited -j-^p implication is that seriously, behind last year's per- 55 per cent Increase 
London. although import sales may have formance. year of the contra 

The British corporation might federal employees 

provide expertise for the inter- T~~ limited. 

!§'£?S?= Populist leads in Ecuador jSSa • 

a certain Venezuelan reserve BY SA RITA KENDALL j . QUITO. July It. hM^reiocted 8 

SS’il' M«'IS e « ! 'ifSll^TDOrtSJ POPULAR FORCES candi- i ? nmner-up in the first round last week. Their 

Wirt? tat S SoSTE dare. Sr. Jaime- Roldos Aguilera, (and Sr. Duran has the slight pay aHd cost of li 

Organisation nf J Petroleum- has taken an unexpected, strong advantage so far! will have ml >nts worth more 

Exportin'* Countries and the ,c,ad in Ecuadorean Presiden- difficulties outstrippinq Sr rent a year. 

vSplin ‘SSffiTSi, 'jrS,le,n ’“I y««erta.v. will »k. „ eanKlllle , . tte 


year of the contract to which 

federal employees- will be 

limited. 

' Ann rlsvT* -The Postal Service’s offer of 
^LUaUUi 8 package based on firs: year 
rises of substantially less than 

QUITO. July 17. 5.5. per cent was reported to have I 

1 been relected by the unions (UK IMPORTS of textiles 

Cmn*- Miinrfl I i-.» .....I. TV^L^ . .<A A t-a I rtlnthinrt -J i-o uvtAi'TOH fn fall 


BY LYNTON McLAIN 


Populist leads in Ecuador 

I BY SARITA KENDALL . . QUITO. July li. , „ n^ns UK IMPORTS of textiles and increased imports of textiles first quarter, but P ar l. of 0,1 13 ! S? teaS^w^the sST ?ho 

THE POPULAR FORCES candi- i? runner-up in the first round hast week, Their claim -seeks clothing are expected to fal Ha ter were accounted ror by man-made d ,nr4V<iir.oineline ! Personally supervises Iran’s 

tie Sr. Jaime- Roldos Aguilera, land Sr. Duran has the slight pay aHd cost of living adjust- this year after the £94m balance staples, wool tops, cotton and ®}SnH* c ‘«!£ jnrrease . m pjpeune defence purchaM*s pro- 

Ss taken an unexpecteTStrong advantage « far) will hare S.ente worth more than 14 per of trade deficit in .he = de fibre fabrics o7^S°^LnZ "V\ Rramrne. 


j a British Embassy apokesman 

• ! said today t liar Mr. Ellis’s ilsH 

Textile imports may decrease ! 

■ Boyce was af an early stage of 
' negotiations, but declined 10 go 

. . rt,,. i Into details.' It Is known that 

and increased imports of textiles first quarter, but part o. tnisi ^ team ^ shah, who 


Bureau sSd inrertfv. Sla ^ SUCS “Striae in imports may have Bnta'in' was 2 per cent down; They are also Ukely to Imp 
eI !S The £55m 'rise m ‘the deficit caused by foreign exporters on ihc pnrrtw *!“««£ i 


, cucturidir uoire uiai nivxicau . * . * ■ #. r ... j 

oil sales should not weaken any With more than 70 per cent Democratic Left ana tne 
OPEC strategy. 1 of the ballots counted. Sr. Roldos Ma, N ,st Left J' 0 ™. industry 1 

: . had 32 per cent of the vote. The turnout yesterday was 80 rnuc j 1 c i,ei 


uav tfM |^s. 1 vvuk vi imv ■ a , | 1IIULU |,UCvl iy yjc |ii iii 1. 1 1 d ■ 

while the establishment candi- £*-L C i ent . 01l ti»J? ®^ raor(linarll y tion. Although the tentative in surpluses in uie nine monins burea U "53^” yesteViray There activity remained depresed in Organisation (MIOl. 

dales, Sr. Sixto Duran Ballen and orderly election day. agreements so far reached with to December when the quarterly the firat three months of the ESL. v». - I.** «. 

Raul Clemente Huerta, trailed five of the 13 unions involved “rp^us siood at £15Jm bunching of imports at the slart year. The main problem area trart to ia 37Yii» 

with 20 per cent each. IVfSirVICkt tft Clip lean heavily on cost of living This had now been wiped out the quota vear. was spinning, and altogether ^ 2-Chicftaln tanks ordered 

- Sr. Roldos is. the son-in-law and irldlAlM IU 3l|C adiustments linked to the infla- by a sharp rise of 17 per cent The fa I! In the value of sterling year. The main problem area was h?fn,n with a l°aui tin pnrine 

f Sr. Assad Burararo. * iri :«r erc 5f v tion rate, headlines reporting In textile imports. Imports of in ^ past three months would spinning, and altogether there 2v entmilv't hi s tan k h to be 

ist former -mayor of- - IllUVcrSIlY rail settlements of up to 3a oer clothing also rose, by 7 per cent a j so haVft a positive impact" on were 5.9IK) fewer jobs in March Ji, 

whose own attempt „ ^ .. _ . cent over three years strengthen by value, compared with the first th e trade figures. This would compared with a year earlier. ^*7" 

ir the presidency was By David Buchan expectations among key labour quarter last year, but exports of contribute 10 an overall reduc- Nearly half the jobs were lost will he known as ine a>ner. . 

by the military govern- . .." WASHINGTON.* July A". groups of workers, such a« car clothing rose 21 per cent com- tion in imports bv the end of the between December and March. ‘ _J i : — 

, A SELF-CONFESSED -Marxist, workers and lorry drivers, who pared with the 4 per cent fall year. Quarterlu Statistical Revieto, 

nf rtip ran did at pc ran Professor Bertell Oilman, today will negotiate next year. in exports of British textiles.- Retail sales nf textile products Summer fP7$. The Textile Starts- TV 

of me candidates can - — - ----- A toul of 80 per cent of tbe were fairly buoyant during the tics Bureau. £3. lOSlUDa 1 V 

9 % rise in i Japanese plan for 1984 pIant 


n while the establishment candi- cent on an exi 

H/TTOrr TO adjust dales, Sr.Sixto Duran Ballen and orderly election day. 
a. w Raul Clemente Huerta, trailed 

Belize border with 20 p er cent ««*. Marvkt u 

_ 1 • - Sr. Roldos is. the son-in-law and iueU.Vijl 

— ai e populist former Sr ra ef- - university 


settlement in . the railway rise in tne oencu increaSj ghipmems t0 b eat ihe and A per rent down compared Toufanhm. la charge or the 

industry is unlikely to bring compared witn tne ^tue penoa Quo tas imoased after the with the first quarter last year, procurement programme and 
much cheer to the Administra- asr year came after a * l ® a diT , se ^ q Fibres Agreement the In the cotton and allied sector, head of the Military Industries 
linn Alfhm.oh t-nfatir* ffl Surpluses 10 the nine months «,««.n<»d di.nr«V!Prt in nnMnWinn /MIA 


By Hugh CShaughnessy Guayaquil, whose own attempt cent over three years strengthen 

A NEW arrpmnt at a ^ttlpmpnt lo run for the Presidency was By Dav.d Bucnan expectations among key labour 

of the centurr-old border dlmute forbidden by the military govern- * WASHINGTON! JWy .1"* groups of workers, such a« car 
between GbSSnala Sfd ment - * - - A SELF-CONFESSED - Marxist, workers and lorry drivers, who 

formerly British Honduras, is As none of the candidates can Pr «f Ber-tel l Oilman, today will negotiate next year, 
being attempted on the basis of ! now take an a bsolULe majority, a announcM that he was sums The 35 per cent maximum 
an adjustment of the southern second round will have to be Uj e . Board or Regents or -me aCT p ef | with some- railway 
boundary of the colony, which is held, probably in September. University of Marylami for tail- workers would be contingent on 
now delineated by the course of between the two leading candi- mg to confirm his appointment. an inflation rate of 8 per cent 
the Sarstoon River. dates. The military junta has made this year, to head the or more during the life of tbe 

According to plans tabled at repeatedly promised to hand university Politics Department contract, 
the meeting of Latin American over to the elected president. He is also issuing a S5m libel On0 Q - th ftMtherhond 
heads , of state with President whoever he is. But the victory in sint agaios* the newspaper of Rajlwa and Airline Clerks. 

Jimmy Carter for the signature bhe first round of Sr. Roldos will columnists Rowland Evans and , nressinsE for more direct in- 
last . month .-of the US.:, he a serious blow to. conser- Robert Novak. creases, rather than cost of 

Panamanian treaty on tbe future: vatjve 'sectors, and a re-shaptng Prof. OUtman claims that pres- , jvl adjustments ' and has 
of the' Panama, Canal, straight* df-party, alliances will tsike'plhfce sure from proimaent Maryland initiated- th* comnlieared leeii 
lines would; take* the place of .the &&fore the' second round. ’• politicians, including tire Acttag- pr0ee55 which could leave It free 

meandering® of the Sarstoon Hdwever. '^ aa the Popular Governor, Mr. Blair Lee, has fo take strike action later in the 

River as the frontier between Forces vice-presidential candi- delayed his appointment, and year • , • 

Belize and Guatemala. The latter date. Sr. Oswaldo Hurtado, says that he Is taking - court 

would also . be guaranteed un- poiifted out' after the election, action • to. deFend “.the. freedom jcwwe 

impeded access to Jthe Caribbean neltiier the Liberal-dominated to express one’s political views LurarAWi 

from its ports of Puerto Barrios grouping which supports Sri Raul Mr. Oilman Is suing Evans and ' 


since 


Japanese plan for 1984 
technology exposition 


BY CHARLES SMITH 


y /o use m jauaurae uiau iui x^ot TOKYO. July 17 

. . TOSHIBA CORPORATION Sdid 

air traffic technology exposition 

v colour television production 

nrpnirrpri CHARLES SMITH TOKYO, July 17. there later this year, with initial 

UlCUlt-lvU production of between 15U.000 

, - JAPAN'S Science and Tech- agency that is proposing this and 200,000 seta a year. 

sy moMci uonne, nologv Agency has decided to project not the' government as a t 

Aerospace Correspondent ^ 8 t0 orgail j se a technology whole." ' a spokesman said. ^te B Sfi e K l i i .pu!? , l5! 

WORLD SCHEDULED air expo in Tuskuba;City in 19S4. An Gearing the scheme with the h? 

passenger traffic is expected to agency official says the expo will rest of the - government could SfqfLAi 

rise by an average of 8.7 per cent be about half the size of the prove complicated since Ihc SfSfSL?! 

a year between now and 1983. 1970 Expo in Osaka. Coostruc- Science and Technology Agency J®”} 1 to take over 

This will raise the number of tlon costs would come to YS4bn is not the only government UEs television business. 


By Michael Donne, 
Aerospace Correspondent 

WORLD SCHEDULED 


. Crtil ■ en ' . . W 7.7 » W.. a — — f tilriu. I TV B AIMS Will idiac IHC UUUJUC1 Ul LIU 11 WUUJU I'UUIC IU J dTUU 13 ■»UI- llllKll 

and Mnto Tomas de CasrilJa. Clemenie Huerta, nor the con- Novak for in a column WKes-Liv merger aei^y, p assea g er -kj[ ame tres flown on (about £215m) and operating departracm which is concerned It said IT approval is granted* 

4 rnrmral nDOAtiofinn | a j . 11:..^ r»_ Am i r l:- Rhsm vain hv (.onapnl IT . . _ . . • . « . ^ . i_ — ^i mu. r„i evl. 


• . . — — o ■■■ — — 0 I I - ^ uunu IBUVUI Awiuin; cuiv> — I » w rr > O’ * 

a formal negotiating session servative-led alliance backing Sr. in May that hds mam purpose Sharp gain ny . ueneral internationql routes from the costs to Y56bn. with technology. The powerful I the joint venture company, 
d arranged to include Duran will be able to transfer was to convert 1 ms students to Motors in Brazil: Union Camp 1973 level of 307.7hn to 480 4bn th- PTOn wnnlri fit info iha Ministry of International Trade | General Television of America. 


Britain. Guatemala and Belize. 1 votes in a block. So. whichever socialism. 


near peak levels— -Page 29 


U.S.-CHINA RELATIONS 


Long march to recognition 


BY DAVID BUCHAN- !N WASHINGTON 

— ,w “— —o - w r-- . uuicau ui lmcw^uaonai ua|#usk- .i_ cnftHnlicpri iwarpfi na.uvu qua a luuuia Ul iill 

Hys** « la tioM'oow Peldng pointedly took a long submarine warfare- After Mr. establishing diplomatic links gS! “ h A° d ' e no ?* 5S» hl V v *'ff I res P onsi ' ageSciw are now locHS in Reuler . 

Ch?na T ^ < ^ , i y <5ili t ] l t 0 r?«? elW ?h 0 time 10 -appoint a aew bead_ for Brzezinski's visit;, the decision with Peking means cutting them f blJ,ty for co-ordinating expos. T^ukuba. and the number is ••• ■ ' 

Uhtna and the Soviet Union, the ir* ...j.u t-. ,. i involved. , „„„ . . To . nn „ *- - ■ — 1 

For some regions or the world. A ^ Sc'e-ce and Technology increasing. Dtscusisons on the 

the growth rates will be even Agency also admits that the plan expo project have been held with AT**™ ■ /*»**.!* 

higher/ Between Europe and has lo be cleared with the rest the Tsukuba City government f\CW CUTO Oil 

rhp Middle Fa-si it is exneeted of lhe government before it can and with the prefecture! govern- 

E , .erase “I per ioL »° “ * °< ®* " ■» m,r meot or Ibarak.. st gg.j S Q U gJ|( 

Airbus for . .. . .. 


1978 level of 307.7hn to 480 4bn on,. eKUQ won i d int0 rh - Ministry of International Trade Genera! Television of America, 
in 1983, according to the latest international exno Drn°ramme and Industry is also concerned would operate from this autumn, 
estimates prepared by the Inter- W hich calls for the staein® of ,hro “B b lt » acency for Industrial hoping to raise the annual pro- 
national Air Transport Associa- specialised expositions at ° the Se ,f"‘ : 1 ! 1 ^ d , h9ralri du i lion i " v , S> \ r ? I Cuse ’ N *J- and * n 

tion. which represents most of ra te of one every rwo vears It Tsukuba City, in loaraKi Portsmouth, Virginia, from the 
the Western world's airlines. would be next in line after an ^ re ^ crure f 0 ” 1 ® kilometres, present 800.000 sets to Im next 
The growth rate is a little energy expo which, the O.S. > ^ 

lower than that ^penenced in planning to stage in 1982. the ST® f 5L i lS2lE . Sony Corporation, Mitsubishi 

the past six years, but it will still Science and Technology Agency Electric Corporation, Matsushita 

give the world s airUnes, and the sa y S . So . far. however, no Electric Industrial and Sanyo 

governments and agencies con- approach has been made to the Electric Limited now produce 

troiUng them, some major pro, Bureau of International Exposi- "gJ ^ «2SJ2 Jh ^SJISIE 145.000 sets a month m the U.S. 


rhin 2“ ® rae new neao_ t«r: ttrzezjnsKi's visit;, tne decision with Peking means cutting them * ® ' SJk * ,wo Tsukuba. and the number is 

third sBL Of thl^hi! nnwS ics tatam office,., a vas ..reveraed and Daedalus was with Taiwan. This not only foi- F or some reeions or' the world Tht Scie-ce and Technology increasing. Discusisons on .the 

. ra Mae 0‘ tne Dig power nr.«r Vacant Mnpp LaM vpar, rivpn th» on-ahoaH Thk. ln«is »ho 107-> Chanahoi ror some regions Ol me worm. 1 .I.-. n_. I 


third sid 0 nf tha hio n .u« «■ ***«>■« uul uui } i U i- Fnr Rome repinns nr tHp world ine acie-ce aua lecnnomgy increasing, uiscusisons on -.me 

trian&e 2 comDins dianilif ha?k ESf - Mnce test year : g,v ? n , tbe pahead. The lows from the 1972 Shanghai the I ro^th 7ft es wili be ?ven Agency also admits that the plan expo project baye been held - with 

axi “ he clrter ? hin „? e l " ritot, ‘™ : w “ expressed rationale was that the generally communique in which the U.S M^lr Between Europe and has ,0 be cleared with the rest the Tsukuba City government 

r ration r.' b - v Mr. Fang YI. the Chinese low level of Chinese technology recognised there was only "one of the envernment before it can and with the prefecture! govern- 


Ecoi 


tra ti on up pea re to cn nsider It by Mr ' Fans YL * e Chinese ,0w , leveI ° f Chinese technology recognised there was only "one the sfidcHe EasL it is exnected ^ the envernment before it 
hiah UniMn ^neJt im^ha^fnni Minister of Science, to Dr- PFess .made such adaptation improb- China.” but is also one of three Ft a~'* 15 expec,e<l t» 0 ahead. “ As of now ir ls 

Sih !! £» that “if the obstacle of the Lack able. But again. U.S. export conditions Peking bas set for t0 avera S e 148 P" cenL V 


can and with the prefecture! govern- 
our ment of Ibaraki. 


China up on tbe back of Western co-operation 


trade and technology. *■"“* w.w.. uc anuouwi » was in ludi iasi au»ubl ana . , . . . _ r v n^j r„»m, «»vcw wiiii aat marKei& tor many 

Despite the slump in U.S.- ■ . . Ii lwa " lo ,S. b >' Coopew By Dav,d Cur ^ BTB „ of IM products, has asked the 

Chinese trade since the Slbn • 1 ■ -*? strong and the Admlpistra- . PARIS. July 17. SNAMPROGETTI. the engineer- Also on a turn-key basis, the U.S. Treasure to reopen an inves- 

peak volume recorded in 1974, r T' 1 _ J 1* th f se -**25 e •w£ n u t i? I1 il5 I“S company of the Italian ENT deal is worth about SS2m. and ti Ration of fts complaints about 

Mrs. Juanita Kreps. U.S. Com- I 3 . 1 W 2 I 1 llG 20 i 13 1 IOIIS 111 TIT Ji ndoa ^ SlS-r thi group, has signed a contract with calls for the construction and alleged dumping' 'of stainless 

merce Secretary, has forecast * *411 llVgUilcIltUllD rause an uproar. Tbe pofiticat ^tan carriere lo order the the Libyan National Oil Corpora- infitalladon of the complete steel - wire by. Japanese pro- 

that this year, with China re- A delegation of ti S. sal.1 thb xmlnt- had been »v[o U if«r Be a l 1 a ? - s i *“§ E pi°r eaD J^^° ^^imnnHant 11011 for the 3U PP*y of a large works. Thd job will be completed (Jurors. 

w* .rSor wo JUi sro P r? SSSii 

in 1977. A recent gesture thS IS* 111 *° set1,e ranking Chinese qffidal, whom maining allies' in Asia. Liberals cularly with the Middle EasL D 'J. ri a V P y 1,g00 t n e • 

would help fulfil this forecast differences, reports Reuler he declined to name. -or both parties also would-prob- has ordered four of the longer p *5® a> d ' Dr0 cess develoned Equipment to be used by [Tit 

has been U.S. Government per- from Hong Kong. Mr. Wolff said, however, that ably be disturbed by the implies- range versions of the B4 capable bv Haldor ToDSoe fa SnamoS Saipem for . the offshore section niJl® 

mission for the sale to China of Speaking ai a news con- lhed oieatSn did not feel hons of on longer recognising^ distances of up to 3.100 8 _ 00 ^_°Ji S0 ®.ll^ na . mp . r ^ w ,n include ih«. work derrick year for ronven- 

infra-red scanners, which have ference ai the end or a ljkday Peking had altered its basic some I6m Taiwanese, 

a potential military use. Position for normalisation of There are few votes f#r Mr., 

Two months ago. Mr. Zbigniew the delegations leader, said. relations with the U.S.— that £ arler ,n abruptly ditching 

President Carter's In our Washington cut ajl diplomatic Taiwan. In addition. U'fij busi- 

national secunty adviser, scored issue, the Historical fact was mllltarv ties with Taiwan. oess would not ignore Che fact 

a notable success in Peking when raised that twice in the past . ’ that 10 times as much trade is 

be told his Chinese hosts that the Chinese Communist Party The Congressmen were also done - with Taiwan as with 

“our shared interests outweigh and the Kuomintang have come told that the Chinese Govern- Peking. Bilateral trade with 

our differences." Mr. Brezezin- together '4nd co-operated when ment dfd' not rule out tilt Taiwan totalled S5.6bn itf 1977- 

ski’s visit also paved tbe way It was In their common nltimate use of force to reunite Clearly, the Administration' Ic 

for another this month of 13 interest." Taiwan with the main l a n d. walking on ezas as ir hwins to - 1 j .v .. . . ... . 

senior U.S. Government officials. rr«ifrnn» th ".r3 1“ s “ Fcjude _the nauonal camera of ! the constnicTton of a marine Saipemli order honk now includes should seek- , when Ihe current 

led by Dr. Frank Press, th'e ™ . 1 ! ■ future links with TaiwaSrwhiii * ■ K . orea ' Thailand, while terminal and associated onshore projects in 20 countries valued at import quota system expires next 

White House scientific adviser, less than satisfactory- Certainly, Mr. BrzezinskL have come away Mr. Brzezinski. as something of Iran 1S also a customer. facilities in Ruwais about 87$0m vear. 

“F private U.S. scientists Pefcing liaison office operates from Peking impressed by the the gadfly in U.S. policy iiaking, 1 ' — 

nrnliferarej ia «i»»^ t0 the ,iT |fi«Sn , rie much tike a full embassy. But wide range of concerns, believes cbe issue most Ik; COMECON TRADE ■ 

protiferafed since tne i Jisiortc ^ Dr -press made clear, it is shared by the two countries, tackled sooner rather that later. • . . * - 


■vs. Secretary’ of Stale.' who £5 J 954 U ' S ’' Taiwan 'defance 


Pakistan 


For the U.S.. Bbe setuation is was .in China last August, and „ , . . . _ 

Tbe Taiwan lobby in Congress 

! . .. .. : : -is strong and the Admlpistra- 


Snamprogetti Libya deal 


By David Lascd Its 

NEW YORK, July 17. 
TICE STAINLESS steel industry. 


faced with flat markets for man? 
of its products, has asked the 


Taiwan negotiations hint 


DELEGATION of 


In 1977. A recent gesture that ifw* n r „ , ,e „ , ,r 

would help fulfil tins forecast differences, reports Reuler 

has been U.S. Government per- fr ° m H ® n * Kon S- . 
mission for the sale to China of . Speaking ai a news mb- 


ne Mccmicu w uauic. -ur ouu parues aiso woulff-proo- uiucreu luur me lunger B -j nn . nrnr -« ri«uplnnpri Equipment to ne usea oy -inYrnriuMi *■ ■:» ,ur 's' 

Mr. Wolff said, however, that «. bl y be disturbed by the implica- range versions of the B4 capable ^“Sldor TcipMe S Snampn> Saipem for . tbe offshore section JjgJ* oT^hte^Sar Sor roJSJ' 
the drfeStSn did not feel «»"* of on longer recoffilsing of distances of up to 3 100 ^ s 0 0 r ci ^ Me c0 m Pa nyr^ «,U include the work derrick ' 

Peking had altered its basic S0 !!J® I6m Taiwanese. . I?™,*!®!! 1 . “ l L es fc .?.° tl „ l, ®£ tsdten I fomnleT' win" h arge Castoro.4 and a self-eievat : | Uo ^ f , ht% ...u-,. 


c, r r e r ir^r aua Z “■ ia,e, ‘ -sks 

w rfininmJni Taiwan In addition 1 u« bn«f thE 0,051 Br3ein P 707s. It is The cuntracL worth some ■,! Dm g nt involved in this stee1 Products still up In the air. 

ness would not ignore Se Stt understood thaL the choice of SIMnu is on a turn- key basis ^o ^t «ceeS s 4m U.S. stainless steel makers have 

and military ties with Taiwan, iO times as mu^ a£de £ the new aircraft narrowed down and mechanical completion is project & - decided they want immediate 

The Congressmen were also done - with Taiwan as with esse . ntial ’y l h® Airbus or scheduled within 32 months. This is the third recent Saipem protection againei cheap foreign 


futureTiaks^rlth'^TaPw^Whtil l ndla - K , orea ' Thailand, while j terminal and associated onPbnre project in 20 countries vainetj at [import quota system expires" 

^ lnul ,s als ° a cll310nier - '^ellities in R™„ .bout S7S0n, U ; 


something 


x 7 ;_„_ limuc Li&u, iL If.- »-v wvnjtu juuuci I a Luer mail liUCI . 

t'hp impossible u» sign any official Worry about Soviet -Cuban Mr. Vance will not want to stir 

KUt tins months visit was the * rui ’ inflnonro tn th* Hnm n f Afpli»a nn a now h nn ,.„ “ 


Poland in talks with Soviet Union 


BY CHRISTOPHER BOBINSKMN WARSAW 


fXt time Senior US officials agreements with China . until influence in the Horn of Africa, up a new hornets nest. :in any 
have mrt rtSf Thinw colter* ^ ere are P ro ^ r diplomatic ties- the need for a strong NATO, case no dramatic steps apt likely 
oarS ™fn enerav acricultilre Trade, too. has its frustrations, and a desire to see Japan keep before next year. ; ■ 

mining healthf' oceanography! China continues to regard the PJg* Bt intimate links witn An assurance from Peking tha 1 
science and* technology. A top ' U.S. only 1 as , .residua, suiter. "«ld not try to t a ke<Taiwan 

official from ihe National Aero- to he turned to when other- Bl, V thi* . identity u. ‘"tereslb by force would hetp the 

nautics and Snare Administra- sources are exhausted This year J® tn i large part created by Administration enormously. Such , - n ...» „,r 

tion. (NASAL for instance, was it is. only buying U.S. grain . [mutual mstrusi of the soviet an assurance has nev« been ra ^ malen aid., trade exchange* pared iu R13.5bn in the previous Comecgn counlriesc- Kantaz lorrv '■ ornduetton in the 

The first foreigner to visit Gbina's after ft became dear that T . ma *’ noT , ast ? given, although Chinese Minis- vo-operauoo projects, in- five-year period. Plan* for future- co-operation Soviet Union. ihus vear. 

saMlitp launching station. Canada and Australia could not t ? r5 , lun j e J 1 *o a U.S. congres- the Problems of makm^ A total of 24 per cent of the also include the production of n n th«. v> , 

Dr. Press said on his return provide enough- Diplomatic U-S'-Cfijn^se reiations cannot be sional delegation, which left 5“5 Co “®rt. n t? de tr3de in thls R ^>ear htnw construction eranc* sum*- F r »^ . tf , 1 * app S r ? 

that both Peking and the Carter relations' with Peking have cer- P“ reued as •* /unction of Peking over Ihe weekend, th'at cient; were the subjects discussed penod arises out of specially- especially designed for work in Lj L ^ 

AdmiiPstratnon saw .the trip— tainlv helped Western Eurooean ? owns in attitudes they might be willing to negotiate ?JJ aS L^ eek ^ ® v ®^ ay . 8 ? ssl ®° Don anrt co-operation agree- below freeims Siberian condi- uf ■ m the 


and what is hoped will follow and Japanese business establish “SSJJ" directly with the Nationalist 

in terms of exchange of scientific itself in the Chinese market. , 5 ^ h Goyemmeru !n Taipei. luoiHnuawoii increase after 1980. tractors- and electric railway ThV 

data and scientists and in in- wSs spring £e European «acted with noticeable wariness The departure or U.S. troeps I The meeting discusstrf- the Cooperation in the production engines. - 

. j.. __ , ^ . K _ s tn nrprTn'nMi from Vlprnain nnw umuM nnv h& . t^-ikev nupsnnn nf n*n:r voar’a row in Dniamt »( nirni,.,, ~:i ■? *! . . ... .... represents aroiinrf a 2.S ner eftnt 


uik JWO Polish-Soviet Trade merits, and this figure will none heavy dbner trucks heavv " ,ai •*" <n,a >‘ ¥ar 

Commission. . _ increase after 1980. KSSJSfSd ellc 3? raiSU •“ « ? c , “ elrea ^own on 


creased trade-os giving fresh Community 3 a S ¥°- U,d nB f be ^ 'atrophic for question of next year’s raw in Poland of offshore oil pros- a ‘statement published at the STT'!J^&*iL"L 

political momentum towards *e trade agreement^riS cSna mO* P kia fi Tl’M"' . Less ^ an LOW remain “® t , e " al * n “^ hailge f . as , u ' e,J “ peenng and- extraction rigs and cltrte of the session said that the ] ^ na ) “m 

Mi'toaldsation of relations. The of %o5rse in JS dr f w H, .J U fch ' efly , l ° u.S. weapons ^tiire Polish participation in the production of equipment for role of. -.the Commission . - in HR mSE'*- * S ° £ 2 


normia'USQiiOD 01 reiauons. me of course in pertain j . u„jr:r j » ” w v.». »wwuq -r - .7-7 ' — . — . — ■■■ ror rote 01 ^uoimiKMun . 10 

2£ ^ V4I5 * 5rsE.«S! mss!* pro)ec,s ,a «-~r ^ •-« f«ia !mer ? 


:r cent 
agreed 
l\Sbo 


from the Chinese in such areas 
as epidemiology and agricultural 
pest control, while. U.S- industry 
could hope for more contracts in. 
for instance, steel and nil. The 


emerged as priority areas in mutual obligations should be The tins ins statement of the. 
future Polish-Soviet trade It iy increased.’’ Polish-Soviet - sesiKid'a also says 

thought that tbe nil rig produc- This reflects problems referred that the Commission working 


Polish Premier Piotr groups. should "take into account 
ier in his speech at the *9 e economic* ' aspects of • co* 


ploration. .larosrewicr in his speech at the M? e economic, aspects of ■ co* 

ent that has become the custom. Atomic energy equipment win recent Comecnn session in operation, including the problem 

brought Moreover, the senior rank of on the other hand contribute to BachBYesr srlsin? from fate prices, aiongside rhe technical 
defence the respective delegation leaders. Comecon’s recent! v announced delieverles of previously agreed ^d technological prohlems." 
reason- Soviet Vice-Premier Konstantin nuclear programme wljlch Fore* supplies and ihe ineffectiveness This is another echo nf'premieT 
by the Katuuew aDd Polish Planning sees the construction of power cif existing penalties. Piotr JarOTsewiez’s speech in 

Commission chairman Tadeusr stattonr* with an overall capacity Arcofdlng to Ihff Polish Press Bucharest -in which he stressed 


they cannot count indefinitely un jun -sell the Chinese iufra-red cautious- in taking up any Viet- U.S. this mi 

Chinese tolerance of the half- scanners for ecological prospect- n a mere overture* if the result to sell to Ta 

tray-house stale of relations inq.' on >ne sroiihds that they wa< to provnkf the Cfiines® aircraft wh 

between the two countries, could be adapted -for aati*- WIul is beyond dupute u thet jet engraea. 


whets vslus 


^fleets the srowirjc of 3.m M\ Eastern Europe ajenev' PlAP there have, beert the imenrtaare nf. imerovme ike 
of muiua! trade and ''Ufa and t«w planr« in the af Polish deliveries nf flnannal "V^wyWcfi • 

( . will reach . 32bn Soviet Unioe with 4ra KW out* 8ulphux B * 'clothing joi Mine Co® soon, i." . 


rs °&*BB8a£m£& 







Finandial Times Tuesday July 18 1978 


l h<> 


k } 1 ' ' |N t * Will itli H 

h^Trncks chief 
resigns from 
Leyland 

BY TERRY DO DS WORTH, MOTOR INDUSTRY CORRESPONDENT 


New chief 
jfor 

Sinclair 

Radionics 


U.S. move may 
pose threat to 
UK ‘superchip’ 


BY JOHN LLOYD 


R. DES PITCHER, the manag- 
ed i reel or of Leyland Vehicles, 
signed from the com pan v ves- 
. rday after only IS months in 
e jon. 

His departure follows a period 
speculation about changes at 
e company — the truck and bus 
unufacturing subsidiary of BL 
ormerly British LevJand)— as 
became clear that Mr. Michael 
, iwardes. the group chairman 
as taking an increasingly close 
terest in its affairs. 

Mr. Edwardes made it clear at 
L s recent annual meeting that 
■ was not satisfied by the pro- 
ictivrtv record of Leyland 
rhicles. and that he was coo- 
■rned about its loss of market 
»--p in iho oast few years. 

The statement from BL yes- 
rday said simply that Mr. 
ichcr. who was recruited from 
-icrry Band, had exoressed the 
ish when he joined the com- 
<ny to return eventually to the 
ocfronics industry, and this Was 
hat ho was intendins to do. 
c would remain as a consultant 
i RL. 

Mr. Pitcher's denarture is ex- 
acted to be followed by the 
loointment of another recruit 
■nm outside the company as 
ionising director. 

There were ^iiooestinns la<rt 
‘-ht that Mr. EdwardP= hart 
me to the US. to finrt a 
ici'essor. hut in the meantime, 
r. .Tack Smart, deputy manac- 
le director, will direct the com- 
any. reporting to Mr. Edwardes. 


Mr. Edwardes* attune diale con- 
cern over the company will be 
to improve production (it stopped 

.from 64.000 units in 1970 to 
43.000 last year), increase its UK 
market share (which has 
dropped in (he same period 
from about 30 per cent to 20 
per cent), and raise profitability, 
which has declined substantially 
in "the past year. 

There are a4so strong sug- 
gestions from inside Leyland 
Vehicles, which employs 30,000, 
that some plant rationatosatioa 
is now necessary. 

To put this into operation 
during an election period might 
be difficult, but Leyland execu- 
tives are openly speculating 
about the future of Guy in 
Wolverhampton, . AEC at 
Southall, and the tnvo bus chassis 
and body plants at Bristol and 
Park Royal. London. 

On the investment side, most 
of .the important new model 
programmes and plant develop- 
ments are now well in hand. 
Mr. Pitcher was responsible for 
pushing through plans for about 
£l00m worth of new investment, 
which will include an automated 
heavy truck building facility at 
Leyland in Lancashire. 

Mr. Pitcher also leaves behind 
a radically different management 
system, organised on the decen- 
tralised lines which Mr. 
Edwardes has supported at BL 
Cars, than the one he inherited. 


DEVELOPMENTS L\ the U.S. duction by September, while 
electronics industry may threaten several U.S. companies have 
BY JOHN LLOYD National Enterprise Board plans made It clear to. their clients that 

to invest £50m in the production they, will have samples of the 

SERIOUS POLICY disagree- ! o* the latest design of micro- “ s “P 8 4 . r fJ 5 : p v< 1 B r V ^V.l bIe !? y ^ 
, . n. . n - electronic indnorv* end of the yeer, with production 

: merits in Sinclair Radionics, the ei r^r°T c hA«rinnine in mid- 197 fl 

i Cam bri dge^based electronics *”**** s Plans which will beginning in mm 1 S 78 . 

; company in which the National b® announced in the next few The second development 16 
i Enterprise Board has. a 73 per week ?, are expected to involve that a number of US. semi- 
I cent share, has led to the production of a 7 superchip " conductor, companies are work- 
! appointment of a new managing known as the 64K RAM. which jug oh a new approach tu the 
director. would be The most advanced 16K Chip in which a number of 


Joint monopolies 
prices body urged 

BY ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT 


1R. CHARLES WILLIAMS, 
rirr Commission chairman, yes- 
*rd:iy backed the idea of raerg- 
ig his organisation with the 
ionopolics and Mergers Comrais- 
.on. provided that the former's 
owers were retained. 

In a speech that was unusually 
utspoken for the head of a 
.overnment body, Mr. Williams 
iigcested changes not only to 
iat part of t-oui petition as policy 
hieh he administers, but also 
i Thai administered by the Office 
f Fair Trading. 

The present method of making 
ecroral references to the Price 
-nm miss ion and the Monopolies 
lomniissinn was not entirely 
atisfactory, he said. 

He also criticised the National 
Irunomiu Development Office 
y implication, for failing to 
lace enough weight on the con- 
■JiiiiTs interest when consider- 
og the whole question of com- 
•ciition policy. 

The Government's committee 
n competition policy recently 


Economic recovery 
‘could be reversed’ 


BY MICHAEL BLANDEN 

'HE UK ECONOMY has con- 
i lined 'to recover quite sharply — 
mi could go into reverse next 
ear. according to the latest 
fticial indicators published 
rMcrday. 

The two short-term pointers to 
novementfi in the economy pub- 
ished by the Centra! Statistical 
»rtu-e — the indices of shorter- 
coding and coincident indicators 
-showed a further increase in 

.fay. 

However, the index of longer- 
rading indicators, which have an 
rvraae lead of 12 months at 
urning points of the economy, 
jus shown a further fall. 

The indices bring together a 
lumber or statistical pointers to 
he performance of the economy, 
md both the shorter figures have 
icen rising for the past seven 
iiunths. 

The index of coincident indi- 
•a tors rose in May mainly as a 
-I- suit or an increase in retail 
-alo, while the latest figures for 
itinie other components, the 


index of manufacturing produc- 
tion and the measures of gross 
domestic product, have not 
altered the direction of move- 
ment. This index now stands at 
7.2 per cent above last October's 
leveL 

Similarly, the composite index 
of shorter leading indicators, 
which have an average lead tune 
of about six months, increased 
after a rise in the amount of new 
hire purchase credit extended 
which offset the fall in new car 
registrations. This index has 
risen by 8.9 per cent since 
October. 

However, the longer leading 
indicators index, which has now 
been taken up to June, showed a 
further decline. 

This was due to a slight 
decrease in the FT-Actuaries 500 
index, and to a further rise in 
short-term interest rates fused in 
inverted form when compiling 
the index). 

This index is now more than 
11 points, or nearly 10 per cent, 
below the level of last October. 


No immediate threat 
to mortgages— Abbey 

BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


(TIE DIFFICULTIES facing 
milding societies » a attracting 
'nnds should not lead to an 
in mediate cut in mortgages, 
i wording to the Abbey National 
building Society. 

The Abbey, which yesterday 
lublished its half-yearly figures, 
,sid Hie latest increase in builfr 
iig society interest rates would 
m prove the inflow of funds into 
hi' movement. In Junei they 
f dl to thair lowest point for IS 
nonhts. 

Mr. Tim Tiinberlake, chief 
roneral manager said bis society 
:i!m» had “a very healthy cushion 
1 1 liquidity." 

He expected the Abbey to 
rulvyrure about £1.4bn_ to home 
were’ during 1975 against £Llbn 
in the previous 12 months. 

Mr. Timberlafee said a policy 
of. building up liquidity when 


the net inflow of funds was^bigta 
had been “ amply justified." 

Some liquidity, he said, had 
been used to keep up the level 
of mortgage lending but even if 
net inflow remained low it would 
still be -possible to keep tne 
housing market moving for 
several months to come." 

It is clear, however, that the 
Abbey is more cautious than 
many other societies in ™ng a 
view on the short- to medium- 
term prospects. 

The Abbey does not apparently 
subscribe to the view that there 
is much room for 
current lending levels, altbj’gj 
it does believe that advances for 
1978 as a whole will be up on 
last year’s £6/Tbn t° 
around £8hn. Original lending 
targets suggested 1 ^,™ ort3aee 
advances, of about S^Bioa. 

Abbey results. Pa ge 24 


gS’S, jfll £££ 5=*-*™- mVor , ? v a h« r of 

managing director, tomorrow. 1X1 16 elecCr0rac against three In tbe present UK) 

Mr. Pye, 34, has worked for companies. e email 

Texo, Ijy—u -a gum. sSs^Si 

Mr. Hewett who wo, &SmS™ is 0I6K cUp' frith 

K» r, -«T sup a 

heavy cables division, said " s - „ These advanced miniature 

; yesterday that he bad found t0 make venture computers — the " K ** refers to 

serving three masters — Mr. Clive “kilobytes," or thonsands of 

Sinclair, founder of the company However, acconung to a un |ts of electronic information 
and its chairman, the National I? por \, u ,D .J~? ** , of which they can contain — are 

Enterprise Board, and the anchontative Morgan Stanley now finding more and more uses 

Sinclair Board — to be an Electrorucs newsletter, two sepa- both in defence and computers 
impossible task. ‘There had been! 1 * 8 *® developments may mean an d in consumer products, in- 
disagreements on policy which jthat the UK s lead la the new eluding cars. The U.K. Govern- 
had resulted in his decision to I technology will face serious ment has become convinced In 
resign. j challenge- recent months that the U.K. must 

Mr p VP. cairi that he wnniri ' The J®?® 11 ® 5 ® company of have a domestic manufacturing 

Fujitsu has announced to its capability if British industry -is 
thi customers it will have a not to lag badly behind its com- 

“^ n 1 t J s , t -l le . of J the , corapaoy ' \ version of the 64K RAM in pro- petitore. 
would like to develop a personal H , 

approach to managemnt I don't 

think I should be concerned , ... i-ki ^ n 

SMSAS BP link with Plenty Group 

expect to knowwhat is going on BRITI SH PETROLEUM and ihe begin operations later this year, 
in every department Plenty Group have formed a The joint venture claims to be 

He was keen to develop new joint venture to market water tbe first British company offering 

lines but would concentrate injection systems for Improved tbe oil industry a complete 

initially on marketing the oil recovery from onshore and systems approach to water injec- 

rai mature television, the most offshore fields. tion Including consultancy, oro- 

recent and most successful The company will be based at ject management and equipment 
Sinclair product Newbury, Berkshire, and vrill supply. 


BSC bid 
to sell 
platform 
division 


BY JOHN LLOYD 

TALKS AIMED ■ at separating 
the loss-making Redpath Dorman 
Long division of the British 
Steel Corporation from its parent 
body are going on between BSC 
and the National Enterprise 
Board. 

It is understood that the talks 
include the possibility of allow- 
ing the private sector to take a 
share in RDL. 

Although the division made a 
loss of £5Jm over the past year, 
its interests in offshore oil plat- 
form construction are likely to 
make it attractive to the market. 

Mr. Norman Lamont, a Con- 
servative Shadow spokesman on 
industry, yesterday welcomed 
the possibility of private capital 
taking a share in RDL. 

“If the National Enterprise 
Board is able to move parts of 
the division into the private 
sector on the British Petroleum 
model, then we would welcome 
this verv much indeed." 

RDL operates a platform-build- 
ing company with the Dutch 
company De Groat named 
Redpath/De Groot Caledonian, 
in which it has a 48 per cent 
share. 

De Groot acquired a 43 per 
cent share in the company for 
£2.7m earlier in the year. The ' 
division also has an offshore 
design company in which French 
and U.S. interests are involved. 

RDL’s losses stem partly from 
tbe severe cuts in British Steel's 
capital spending programme, 
since a significant part of its 
operations depend on building 
new steelworks. The construc- 
tion side of the company has also 
suffered from the continued 
depression in the construction 
market. 


OBITUARY 


Robert Collin 


ROBERT COLLIN. Assistant 
Editor and chief leader-writer of 
the Financial Times, died sud- 
denly at the weekend at the age 
i of 50. 

[ Bob. as he was called by all of 
i us. joined tbe newspaper 25 years 
i ago. one of the generation of 
| brilliant young men whom Gor- 
don Newton recruited during his 
editorship. He was thus deeply 
involved in the successful 
development of the newspaper 
over the whole of that period. 
His own contribution was 
immense. 

He came to journalism after 
an outstanding academic career 
at King's College, Cambridge, 
with a double First in Classics. 
Throughout his life he remained 
an academic in the best sense of 
the word, with an ever- 
questioning mind and rigorous 
intellectual honesty. Very widely 
read, keenly interested in 
music, be was always trying to 
broaden the ranee of his know- 
ledge. He learned German so as 
to be able to -read Goethe in the 
original, and last year started to 
learn Chinese. • • 

When his name hart first been 
put forward as a candidate for a 
job on ihe newspaper. Bob wrote 
“that the prospect of working 
with the Financial Times attracts 
me enormously.” Within a very 
short time, he taught himself 
economics and the very essence 
of the art — for that Is what he 


made it — of journalism. He bad 
the rare ability of mastering 
quickly highly complex subjects 
and then writing about them 
clearly and elegantly. 

The most striking quality 
which be brought to his profes- 
sional life was his judgment and 
his sense of fairness. Sometimes 
seemingly detached, be always 
knew where he stood and why. 
He felt deeply that it was the 
duty of a commentator to put ail 
the arguments before making, 
clear what his own position was. 
His influence on the newspaper's 
editorial policy, indeed on its 
whole stance, rested at least as 
much on this personal basic 
approach as cm his enormously 
wide knowledge and the wisdom 
derived from properly used 
experience. 

However great the loss to the- 
newspaper, the personal loss to 
his friends and colleagues is 
immeasurably Greater. Every- 
one at one time or another 
turned to hhn as friend and. 
counsellor. Everyone knew that 
thev could a 1 ways rely on his 
patience and a deep-rooted kind- 
ness He was the most loyal of- 
colleagues, the most sympathetic 
oF friends, the runs! discreet of 
confidants. To snv that we shall 
miss him is literally true: it 
cannot possibly convey ihe sense 
of loss caused by his death. 

He leaves a widow a"-! four 
children. MXJ. 


Ekofisk pipe back in action 


THE 220-MILE oil pipeline- from 
tbe North Sea Ekofisk Field to 
Teesside has been re-started fol- 
lowing a six-week shutdown for 
repjirs. 

A 150-feet section of the pipe- 
line. located about four miles 
from the coast, bos been 
replaced. The pi ne line was dam- 
aged last summer by a ship's 
anchor. 

Norpipe. the operator of the 
pipeline, said yesterday that the 
field, in the Norweeian sector nf 
the North Sea. is now producing 


more than 350.000 barrels a day 
and this wiP he increased as Tor. 
the latest field to come on- 
stream, builds up production. 

The Ekofisk complex is 
expected *0 reach a peak of some 
650.000 barrels a day of oil in 
1980-81. Three more fields are 
still to come on .stream — Edda, 
Elrtflsk. and Afbuskjell. 

The temporary .closure or the 
pipeline did not seriously delay 
production as the oil was loaded 
intn. tankers at the field. . . 


recommended that the two com- 
missions should be therged as 
part of a general tightening of 
the rules governing competition. 

Earlier this month NEDO pub- 
lished a report endorsing the 
proposed merger of the commis- 
sions but opposing any major 
tightening cf the rules. 

Speaking in Oxford y^terday. 
Mr. Williams said that be had 
always supported tbe idea of the 
two commissions being brought 
together, provided that the- Price 
Commission's powers, and In 
particular its ability lo take 
Initiatives in pricing Investiga- 
tions. were preserved. 

Ideally, the Price Commission 
would be given new powers to 
make sectoral re erences as is 
now done by only the Depart- 
ment of Prices. 

• Royal Doulton Tableware was 
yesterday allowed an interim 
price increase of 7.3 per cent 
while its original notification of 
9.3 per cent is being investigated 
by llie Price Commission. 


(6000 IMfcWO. for you if aged between 50 and 72 

Secure Life Assurance ^OMtoIa al 

for only £3.95 a month \ ££ qu 'Reo^ 


whatever your state of health 




Perhaps you already have some Life Assurance but ACCIDENT COVER UP TO AGE 75 ACT NOW . '! • 

realise that, due to inflation, you now need extra cover. Accident cover provides "extra protection. Accident As this is a limited enrolment period, we must ask you 
Or perhaps you are without any protection at ail - Benefits are payable immediately as from the to act quickly if you would like the protection of a 
unable to face the prospect of medical examinations, commencement date of the Policy should death occur Matu.e Life 50+ Plus Policy. Remember - you will 
and complex forms, afraid that age or less-than-perfect due to, and within 60 days of an accident. Accident have 10 days’ free inspection, without commitment, 
health will count too heavily against you. Yow mav cover ceases at -the age of 75. Your Life Benefits, of CREDENTIALS - YOUR SECURITY 

been refused ^ Lif * Assurance prev * ously -3"^ course, continue.',^ ' Life Assurance Services is associated with Hospital 

* u , * Cash surrender values start to accumulate after three Plan Insurance Services, one of the country’s leading 

Mature Life 50+ Plus has been designed to fit your years and increase each year that you are insured. The exponents of low cost, direct to the public personal 
needs. Whatever your stale of health, now or in the Mature Life 50+ Plus^Policy has been approved by the insurances. 

past, you ran enrol today - just as long as you are Inland Revenue as a qualifying policy with the American Life Insurance Company, incorporated iit 
between 50 and 72 years of age and can make consequent tax advantages. the State of Delaware, U.S. A., authorised insurers 

“ g ™ n “° pay ,he Iow P remiums from a current LIFETIME COVERAGE . in the United Kingdom and members of the Life 

3 un ’ Life Benefits are payable on death due to natural Offices Association with over 50 years experience in 

To enrol, simply complete and sign the Application causes after the Policy has been in force for two years, life insurance world wide. 

Eorm and return it to us before the dosing date shown. (Should death due to natural causes occur during the sales TALK 

LIFEBENEFITSAREHIGH- two-year period, all Premiums are repaid with Because we give service direct to new applicants, we do 

AND NEVER REDUCE ,0 [. «»J>P°und interest. We believe this fair to both no , need JJ, representatives and you are spared the 

You can buy one, two or three units of insurance. a PP l!can ana insurer.; awkwardness of discussing- personal matters with 

Obviously, the more units you have the greater the NO COMMITMENT IF YOU CHANGE YOUR strangers. 

Benefits will be. MIND WFTHIN 10 DAYS .. . More and more people are choosing to buy insurance in 

Life Benefits never reduce, because they are based J? n rece, P t of your completed and signed Application thJs s i mp i e ^ dj rect> inexpensive and effortless way. 
permanently on your a^ge when you enrol - see table ^°!7 n w ! se ? d . - ^ y ° ur M at “ re _ Ll ^ e 50+ Plus c omp j ete your n 0 - C ommiiment Application Form 
below for your age. • ***?• m detaU ; ^" su u h below today Send unstamped to: 

advisers, and, if you are not 1°°% happyy simply return Life Assurance Services. Freepost 1,44 Baker Street, 
lUnit 2 Units 3 Units it within 10 days for immediate cancellation. TandonWiF^Fz 


Age next 

Benefits 

Benefits 

Benefits 

1 

" Birthday 

Lite 

Accident 

Life 

Accident 

Ufe- 

Accident! 

Men Women 

C 

E 

£ 

£ 

£ 

£ 

r 


51 

1200 

2400 

2400 

4800 

3600 

7200 



52 

1150 

2350 

2300 

4700 

3450 

7050 

- 

53 

1075 

2275 

2150 

4550 

3225 

6825 

51 

54 

1000 

2200 

2000 

4400 

3000 

6600 

$2 

55 

925 

2125 

1850 

.4250 

2775 

6375 


53 

56 

850 

2050 

1700 

4100 

2550 

6150 

54 

57 

800 

2000 

1600 

4000 

2400 

6000 

55 

58 

760 

1960 

1520 

3920 

2280 

5880 


56 

59 

720 

1920 

1440 

3840 

2160 

5760 


57 

60 

68 Q 

1880 

1360 

3760 

2040 

5640 


58 

61 

640 

1840 

1280 

3680 

1920 

5520 

59 

62 

600 

1800 

1200 

3600 

1800 

5400 


.60 

63 

560 

1760 

1120 

3520 

1680 

5280 


61 

64 

530 

1730 

1060 

3460 

1590 

5190 

62 

65 

500 

1700 

1000 

3400 

1500 

5100 

63 

66 

475 

1675 

950 

3350 

1425 

5025 


64 

67 

450 

1650 

900 

3300 

1350 

4950 


65 

68 

425 

1625 

850 

3250 

1275 

4875 


66 

69 

400 

1600 

800 

3200 

1200 

4800 

67 

70 

375 

1575 

750 

3150 

1125 

4725 


68 

71 

350 

1550 

700 

' 3100 

1050 

4650 

69 

72 

325 

1525 

650 

3050 

* 975 

4575 

70 

.73 

300 

1500 

600 

3000 

900 

4500 


71 


280 

1480 

560 

2960 

840 

4440 


72 


260 

1460 

520 

2920 

780 

4380 

73 


240 

1440 

480 

2880 

720 

4320 


London W1E2EZ 


THIS EXTRA FORM FOR A FRIEND OR RELATION 

n-mnn I FHEEPOSY J (APPLICABLE IN U.K. ONLY) 
89398 V NO STAMP J FHI ih thic coupon sad pod today in 

\ NEEDED/ aa on^aonped sated envelope 


TBIotk otphals. plane) 

N A M E M R/MRSyM OS . 

EMettlwo 


. P.O. CODE. 
Year 


Age next Day Month Year Sex I 

Birthday J* MaWFemile. J 

BirBi • • (Delete one ) | 

1 heieby apply to AMERICAN LIFE INSURANCE COMPANY for I 
MATURE LIFE PLAN 50+ PLUS Policy for the unilfs) selected. I 
MONTHLY COST Tick one box only B/ [ 

1 UNIT £3.95 □ 2 UNITS £7 AS □ 3 UNITS £10.95 □ f 

Should my application be accepted I understand that I will be _ | 
injured from the date of the first premium receipt subject to ■ 
the Policy terms. i 

] understand this may be examined without obligation and may I 
be retoraed within 10 days of receipt if I am not completely . 
satisfied (Sign -Do not print) I 


FILL OUT AND POST 

89998 tefiESS? 

Xneeded/ 

(Stock capitals, pleased 

NAME MR/MRS/ MISS 

Drleic I wo Inina 


I Age next 
■ Birthday' 


THIS FORM FOR YOURSELF 

k (APPLICABLE IN U.K. ONLY) 
Fill id (Ms roopon and post today in 
an nasta aped sealed envelope 



- 

P.O. CODE— 

1 

Date Day 

Month 

Year 

S« . . I 

of 



MateJFcmak: J 

Birth 



(Delete one) ] 


I hereby apply to AMERICAN LIFE INSURANCE COMPANY for 
MATURE LIFE PLAN 50+ PLUS Policy for the unit(s) selected. 
MONTHLY COST Tick one box only S/ 

1 UNIT £3.95 □ 2 UNITS £7.45 □ 3 UNITS£10.95 □ 

Should my application be accepted I understand that I will be 
insured from the date of Ihe first premium receipt subject lo 
the Policy terms. 

I understand this may be examined without obligation and may 
be return ed wi thin 10 days of receipt if I am not completely 
satisfied |Sign- Do not print) 


■ , .Signature — — .... 

DIRECT DEBITING MANDATE 


— Signature 

DIRECT DEBITING MANDATE 


To. The Manager. 


ink Limited J To: The Manager. 


inkLimilcd 


PREMIUMS ARE LOW- ANDNEVER INCREASE 
Whatever your age, or state of health, this is all that you 
will ever have to pay in monthly Premiums: 

£3i95 for 1 unit - £7.45 for 2 units - £ 1 0.95 for 3 units 

Premium payments are directly debited monthly from 
your current bank account. This comehient arrangement 
' ‘ saves time, trouble and expense for everyone. • 

Post your completed application to: 

Life Assurance Services 


_ — full prmal 

I. We authorise you until further notice in writing, to charge to my/our 


full postal address 

I/We authorise you until further notice in writing, to charge to my/our 

(talk Jl.a.l.. AftBP tli* ^nrl AUBHJ fllAnrh 


acccumwflh you. on or immediately after the 2nd day of every month I account with you, on or immediately after the 2nd day of every month 
a i jhe “jstance of LIFE ASSURANCE SERVICES the sum of ■ at the instance of LIFE ASSURANCE SERVICES the sum of 
£3.95: £7.45; £10.95 by direct debit. (Delete sums not applicable) | £3.95; £7.45: £10.95 by direct debit. (Delete sums not applicable) 


I £3.95: £7-45; £10.95 by direct debit. ( Delete suras not applicable) 

I "On • 1 ^ Aprfr 1079 , these payment? should fee made nett of any appro- 

P rijl i c ,tr,» c,eJil m «*p«« of life awnmm* premiums current on 

the Jaiere of payment specified in Oiis mandat* “ 

I Date '_of firat payment on or within one calendar month from 

2nd September 1978.. 

- i 1 1 i i i i i i 

I .Name v* Account lobe debited Bank account Numbe* 


I “On and htier 6 ih April IOT9. these paymems should be made nett cf any appro- 
nrui* U.k, uk rdieftloK credit in respect oMHe assurance premiums current on 
the date!*. 1 of payment specified in lhlima "date" 

I Date of first payment on or within one calendar 'month from 

” 2nd September 1978. 


— 1 — ‘ — 1 — 1 — 1 | „ 

Bank account Number I Name of Account to be debited 

I 


Bank account Number 


' WVI ’T I , -'^-1 7 I'-W toertarge dead . |Sign-do not print) J mstmeboos canoottMaocepied 10 cre>pe direct (Sign -do not print) I 

Freeposi 1. I ®^ce.mS^iS^ Acct ^^ swr ^ ep,, ^ n ^^ , ^ ,0: I rtebitsmaDeposnorsawinqsAcaMTt- Aftar wgnaiure pteas® return the lom\ to. , 

44. Baker Street. London W 1 E 2EZ i .** baker st. London. wie 2E Z j l ife assuranceservices, freetosu«bak£rst lowdonjiviejez j 

IMPORTANT! THIS ENROLMENT PERIOD ENDS ON 22nd July 1978 SO COMPLETE AND POST YOUR -NO COMMITMENT* APPLICATION FORM TODAY 


.Financial Times Tuesday July. 18 : 197? 



HOME NEWS 


Orders for Drax B 


will total £275m 


BY JOHN LLOYD 


ORDERS TOTALLING about 
£2 75m wilt be placed in the next 
few months by the Central 
Electricity Generating Board for 
the major part of the Drax B 
coal-fired power station, due to 
be completed in 1986. 

The placing of the orders is 
slightly behind schedule, as the 
electricity Board had expected 
to announce them by the end 
of this month. The Board said 
that this would not mean a delay 
in the commissioning of the 
station. 

The largest will be the boiler 
contracts, worth around £150m, 
which will be let to Babcock 
and Wilcox. However, there is 
some uncertainty about a sub- 
stantial part of that contract 
worth around £13m, for the pro- 
vision of fines and ducts for the 
boilers. 

The sub-contract was to have 
gone to Clarke Chapman, which 
last week announced its with- 
drawal from talks to merge its 
plant in Gatesbead with that of 
Babcock in Renfrew. 


Clarke Chapman is a subsi- 
diary of Northern Engineering 
Industries, together with C. A. 
.Parsons, part of the Reyrolle 
Parsons group. 

Mr. Tom Carliie, deputy chair- 
man of Babcock and Wilcox, said 
yesterday that the company was 
talking to a number of manu- 
facturers, including .Clarke 
Chapman, about the sub-contract 

"The work is the type which 
could be done by any one -of 
half a dozen manufacturers. We 
are at the stage of horse trading 
with a number of manufacturers 
on price, and there might be a 
change of plan at tbe conclusion 
of these talks. In the end, the 
customer (.the Electricity Board) 
will decide.” 

Northern. Engineering was 
formed last November by Clarke' 
Chapman and Parsons to broaden 
their base and quieten* fears that 
they were individually Insuf- 
ficiently strong to weather tbe 
inevitable adversities in ' the 
power-plant market. 

Although Parsons had firmly 


refused to merge Its turbine 
generator Interests with those of 
the General Electric Company a 
year ago. it was made clear that 
talks on a possible merger on the 
boiler-making side between 
Clarke Chapman and Babcock 
would continue. 

These talks foundered last 
week on pessimistic assumptions 
by tbe boilermaking companies 
on future orders from the elec- 
tricity board and fears that m 
such a situation, Babcock — as 
the dominant force in any future 
merger— would transfer much 
or* all of tbe available work to 
its Renfrew base, thus closing 
down Clarke Chapman. 

If Babcock now does not give 
the Drax B contract to Clarke 
Chapman, it may find itself in a 
difficult position. "It presently 
has work for only one more year, 
mainly on the Littlebrook power 
station. 


Clarke Chapman said yester- 
day that it expected that it 
would receive the order. 


Gateway drops 
trading stamps 


BY 'ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


GATEWAY FOODMLARKETS. the 
west country supermarket chain. 
is to drop trading stamps and 
lower prices with the money 
saved. Gateway, which w-as 
taken over by Lmfoods last year, 
was one of Che retail chains 
which look on extra Green Shield 
franchises after Tesco dropped 
stamps last summer. 

But the company has now 
decided that “ nobody is in- 
terested in stamps any more" 
and that lower prices are a more 
effective way of building, sales. 
It estimates that stamps are 
costing about 3 per cent, of turn- 
over. Price cuts will be mainly 
on packaged goods. 

At present Gateway gives 
stamps in 79 of its 93 branches. 
Most of these franchises are 
Green Shield, but in six stores 
the company gives Pink Stamps, 


which it took over from Sperry 
and - Hutchinson in 1975 for a 
nominal sum of £1. 

Over the past few months 
Gateway has been testing a dis- 
count operation in four stores. 
It claims that in them it has 
been able to favourably compete 
with Tesco on price. This 
pricing policy will • now be 
extended throughout the group. 
• International Stores, biggest 
of -the three large groups to take 
on additional Green Shield 
franchises last summer, .is to 
convert more of its shops Lhto 
PricerMe discount stores. - 

At present, there, are about 100 
branches of Pricerite, none of 
which gives stomps, and the 
plan Is to increase this number 
to 200 by the end of the year. 
That will leave around 500 Inter- 
national branches giving stamps. 


Canto 


improve 

existing 

homes 


By Michael Cassell, 
Building Correspondent 


Views sought on further 
railway electrification 


BY OUR INDUSTRIAL STAFF 


THE GOVERNMENT and British 
Rail have circulated a formal call 
for views on the case for main 
line-electrification in Britain, for 
review before the end of the 
year. 

The review, announced by Mr. 
William Rodgers, Transport 
Secretary, on May 24, is being 
conducted by the Transport 
Department and the British Rail 
Board through a joint steering 
group. 

British Rail has already told 
tbe Government that it thinks a 
good case can be made for main 
line electrification on a greater 
scale than at present. A rolling 
programme lasting for between 
15 and 20 years is envisaged to 
mitigate the impact of oil short- 


ages expected towards the end 
of the century. 

At the moment 3.700 km of 
BR's 46.000 km of track is electri- 
fied. The BR suggestions call 
for evaluation of three possible 
solutions which would in total 
electrify- a further 5,400 km at 
a cost of £580 m. 

British. Rail said it would take 
five years to build up from the 
present electrification rate to the 
250 km to 400 kra expected if 
the programme goes ahead. 

Thirty-nine organisations, - in- 
cluding ' tbe TUC. the CBf. the 
rail unions, academic bodies, and 
the Friends of the Earth en- 
vironmental pressure group, have 
been asked for their views on 
electrification. 


Former mental patients 
‘face job discrimination’ 


by James McDonald 


PEOPLE WHO have suffered 
mental illness need legislation to 
protect them when they recover 
and try to find work, says the 
National Association for Mental 
Health in a report published 
yesterday. 

The report lists 40 case 
histories of people who have 
encountered discrimination be- 
cause of their past illnesses. 

Among them was a solicitor 
who after suffering depression 
lacked the confidence to return 
to the legal profession, and had 


been applying for clerical jobs 
since the end of 1978 without 
success. 

Another case is of a man who 
is a Doctor of Philosphy, with 
teaching qualifications. He- had 
been rejected on medical 
grounds by British Rail for a job 
a 5 a porter. 

The report. Nobody Wants 
You, says that one-third of the 
work of general practitioners is 
in response to mental health or 
psychosomatic problems and 
their annual mental health "case 
load" reached 5m. 


A NEW approach to home lm 
provement policy in the UK was 
called for yesterday by tbe 
National Home Improvement 
Council, 

Mr. 'Ernest Cantie. deputy 
director, told a meeting of MPs 
at the Commons, organised by 
Shelter, that a dynamic policy 
was required to improve the 
quality of existing housing. 

“ Realism rather than idealism 
must be tbe cornerstone of a 
future homes policy. The realism 
is that in spite of the effort 
being' made, continuing deteriora 
tion of housing stock is gaining 
on the programme of improve- 
ments." 

Housing policy should ensure 
the right of every individual to 
conditions which were fit to live 
in and should maintain condi- 
tions throughout the total 
bousing stock. The council, was 
not convinced that either of 
these ' objectives would be 
achieved in the near future. 


Small builders 


The council wants to see more 
imaginative use of grant aid, 
which must constitute a more 
realistic element in the total cost 
of improvement. Local author! 
ties and building societies should 
be given an Incentive to provide 
the balance of any necessary loan 
for improvement, possibly in the 
form of a loan guarantee. 

Small builders ' should he 
encouraged to take on improve- 
ment work by arranging the 
direct payment of grants and by 
a simplification of grant paper 
work. Re-rating of improved 
property should be deferred for 
five years so that grant incentive 
was not cancelled by bigger rate 
bills. 

Mr. Cantie added: "We are 
urging the Government to pro- 
duce a total housing policy based 
on maintaining the best part of 
our existing housing stock. Time 
should be given in the next 
Parliamentary session to develop 
a home improvement policy with 
a new approach — a new 
dynamism.” 


New plan for 
running some 
GLC estates 


The New Address of 

HYUNDAI group 

LONDON OFFICE 


We, HYUNDAI Grtiup London Office, wish 
to make it known that as of July 14, 1978, 
we have moved our office to a more 
convenient and spacious place. 


New Address: 


Telephone: 

Telex: 


10th and 11th Floor 
St Martin's House ' 

1 Hammersmith Grove 

London W6 

(01) 741 1531 

938270 HD LDN G 

937796 

934696 


HYUNDAI LONDON 



THE Greater London Council is 
to consider the possibility of 
setting up independent 
authorities to run its housing 
estates in those London boroughs 
which refuse to accept transfer 
of council homes. 

Mr. George Tremiett, leader of 
the council's housing policy com- 
mittee, is to call for a report 
from officers on the possibility of 
seeking powers far what would 
be a unique scheme in housing 
administration. 

Mr.' Tremiett said- “Local 
landlords for local tenants makes 
sense. This is why the GLC is 
determined to get out of the 
housing maangement business 
and instead use its housing 
muscle and money to give help 
where it is most needed— in 
inner London." 


Intex to spend 
£3,5m and 
cut 250 jobs 


By Rhys David 

INTEX YARNS, the biggest UK 
producer of textured polyester 
and nylon yarns, is to spend 
about £3.5m to modernise two 
plants in Greater Manchester 
but will reduce its total labour 
force by 250. , 

The company, part of ICI, is 
planoing to concentrate 'manu- 
facturing at its Radcliffe site In 
Bury, where new equipment will 
include 10 high-speed texturing 
machines designed and built by 
Ernest Scragg. 

Employment at Radcliffe will 
remain much the same, about 
660. after tbe new equipment 
comes into use next spring. The 
Job losses will be at Golborne. 
near Wigan, where around 840 
people are now employed. 

Intex, which supplies around 
70 per cent of the dyed textured 
yam used in the UK textile 
infiustry, will' phase out older 
machinery at Golborne in the 
second half of 1979. 



Police and armed soldiers at London's Heathrow Airport 
yesterday as part of the strict security operations Tor the 
arrival of the Egyptian and Israeli Foreign Ministers for the 
talks at Leeds Castle, near Maidstone, Kent. 


Castle in a lake 
aodern 


is a 

bodyguard’s dream 


BY MAURICE SAMUELSON 


THICK stone walls, a natural 
moat and only one way in and 
out make Leeds Castle, Kent, the 
modern bodyguard's dream. A 
20-acre lake surrounded hy fields 
and woodland are much trickier 
terrain for a modern hit-and-run 
terrorist than the street outside 
London's Churchill Hotel, where 
the Middle East peace talks were 
to have taken place. 

The change of venue was at 
the behest of the British who 
told the Americans, convenors of 
the conference, about their fears 
of an assault In London by hard- 
line Arab opponents of the 
Egyptian-Israeli talks. The 
Americans put it to the 
Egyptians and the Israelis who 
agreed with little hesitation. 

It is only the second top-level 
international gathering at Leeds 
Castle in modern times. The 
first was last summer's confer- 
ence of European Foreign 
Ministers. As on that occasion, 
the setting will lend grandeur as 
well as security to the -encounter. 
Delegates will look out across 
tufted duck; Canada geese and 
black , swans to the 475 acres.oj 
peaceful parkland ? 

The castle, one -of the most 
beautiful in the world, stands on 
two islands in the middle of a 
20-acre lake. It has 20 bedrooms 
with four-poster beds and has 
Impressionist paintings. 

But its security depends-, not 
only on its location and the six- 
feet thick battlements. As the 
participants arrived there, by 
helicopier yesterday, armed 
police manned gates and roads 
in the surrounding countryside. 
Every gate at the castle apd 
grounds, usually thronged with 
tourists In July, was manned hy 
at least two policemen, . one 
armed, and with vans or Land- 
Rovers. • 

More police with Alsatians 


patrolled the grounds and a heli- 
copter clattered overhead. -Police 
marksmen were on alert. 

Naturally there are also dis- 
advantages for a modern inter- 
national conference. Although 
the chief participants will be 
aligned luxurious rooms with 
four-paster beds, some of their 
aides will have to share rooms, 
either at the castle or at an hotel 
in Maidstone. The Press particu^ 
larly will find it far harder to 
file from Maidstone's Great 
Dane's Hotel, where regular 
briefings are being held, than If 
they had been at a major London 
hotel. 

Indeed, some journalists are 
hoping to be briefed by officials 
at the Israeli, Egyptian and 
American embassies. 

However, yesterday's security 
was still far less obtrusive than 
at London's Heathrow airport 
where Mr. Dayan and Mr. Kamel, 
Israeli and Egyptian Foreign 
Ministers, arrived yesterday, 
before being taken by helicopter 
to the castle. 

Tanks, armoured cars and 
armoured troop carriers clamped 
a ring of steel around the aiT- 
port, and 100 troops were on 
patrol. 

Police claimed this was merely 
a coincidence and that they were 
an an exercise which had been 
arranged some time ago. 

Thjs explanation was, surely, 
just another - symptom of the 
security surrounding the Middle 
East peace talks. 

Britain proposed the use of the 
castle only after last week's 
shooting of a former Iraqi Prime 
Minister outside a Mayfair hoteL 
Although not connected with the 
Arab-l5raeli conflict, this shoot- 
ing underlined the possibility of 
an attack on tbe conference by 
the Iraqi-based Black June 
group. 


Curb likely on sale 
of stand-by tickets 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


THE British Airports Authority 
may be forced soon to inafce air- 
lines offering cheap sthnd-by 
tickets to the U.S, to sell them 
only from town ticket offices, so 
as to ease congestion in terminal 
three, Heathrow. ' __ J 

Some- of the airlines- have 
resisted an earlier warning by the 
authority that unless they stopped 
sales at the airport and sold 
these tickets only at their town 


offices, it might impose a legal 
ban on the operation. 

. Over the past weekend, 
terminal three was congested with 
would-be cheaper-fare travellers, 
and many of the higher-fare 
passengers were Impeded at 
check-in desks, while other 
facilities including restaurants at 
the terminal were swamped. 

This is what the authority 
feared would happen originally 
when cheap stand-by tickets were 
introduced. 


Air dispute eases but 
many flights delayed 


DELAYS AT- UK airports, stem- 
ming from industrial disputes 
affecting air traffic ; control 
services on some parts of the 
Continent, began to ease yester- 
day, but many passengers were 
still waiting f 0r their flights 
several hours after scheduled 
departure times. i 

The dispute which . caused 
most of the problem over the 
weekend stemmed from traffic 


controllers at Bordeaux refusing 
to accept more than four flights 
an hour from UK airspace. 

This compelled UK air traffic 
control services, run by the Civil 
Aviation Authority, to restrict 
the rate at which aircraft could 
leave many UK airports if bound 
for southern Spain or the 

western Mediterranean and 
requiring passage through 
Bordeaux air space control. 


Page from emperor’s 
book makes £32,000 




A PAGE from the Emperor 
Akbar’s copy of the Hamza- 
nama, depicting Hamza with a 
Byzantine princess, was' sold for 
£32.000 -at Sotheby's yesterday. 
This was an. auction record for 
any Indian painting, beating a 
previous best of £30.000 set In 
1973. A 10 per cent buyers' 
premium must be added to the 
price. 

Another page from the same 
book, produced in about 1570, 
was sold for £26,000. Top price 
was paid by the Felton Bequest 
Trust and the picture will go to 
Melbourne museum, Australia. 
The second page went to 
Cnlhagi.' The sale of Oriental 
.manuscripts and ininatures 
produced £H0B5L 


The glass auction at Sotheby’s 
produced £35,679. A Royal 
Potsdam golblet and cover with 
a portrait of Frederick I. made 
in about 1710, was sold for 
£3,000, and a slightly later 


SALEROOM 

BY ANTONY THORNCROFT 


goblet from ' Potsdam/Zechtin 
realised £2,400. 

A pair of book covers, each 
painted with a seated Qajar 
ruler at court, realised £700 yes- 
terday in a sale devoted, to 
Persian . and Islamic works of 
art at Christies'. 


Record 
retailer 
looking 
for buyer 


i 


BY PAUL TAYLOR 


HARLEQUIN, the record 
retailer, may be forced out of 
business by the boom In Hie sal 
home cassette recording and 
the high street record discount 
war. 

Mr. Laurie Krieger. Harle- 
quin managing director, said 
last night that he was 
“depressed” by the failure of 
the record companies to get to 
grips with the blank tape 
problem. 

He said: “ If someone comes 
np with a good offer for 
Harlequin I think I will accept 
it." 

In the past IB months 
Harlequin has dosed 15' shops 
and new has 55 -retail outlets 
in London and the South East 
with a turnover of between 
£5m and £6m a year. 


Squeezed 

Mr. Krieger said profit mar- 
gins in the last two years had 
been squeezed falling from 
£490,000 to £150,000 last year 
with worse results expected 
this year. 

The main cause for Harle- 
quin's worsening financial posi- 
tion, said Mr. Krieger. was the 
blank tape boom. Last year 
more than 50m blank cassettes 
were bought and estimates of 
the lost revenue to tbe music 
industry range from £50m a 
year upwards. 

Heavy discounting by 
multiples such as Woolworths, 
Smiths and Boots knocking np 
to £1 off the top selling 
albums, have forced the 
specialist shops like Harlequin 
to follow suit. 

However, specialist shops 
carry heavy catalogues of back 
material and do not have 
sufficient sales to make dis- 
counting viable. 

Coupled with the effects of 
recession and substantial in- 
creases In shop rentals Mr. 
Krieger who is also chairman 
of the Gramophone Record 
Retailers' Committee, believes 
the days of the specialist 
record stores in prime site 
locations could be numbered. 


Welsh plan 
to spend 
£8.2mon 


reclamation 


By Robin Reeves, Welsh 
Correspondent 


THE WELSH Development 
Agency is to spend a further 
£8 -2m on 71 new land reclama- 
tion projects as part of its 
three-year programme of 
schemes costing £15m., 
launched in April last year. 

The project will result in 
nearly 1,350 acres of land 
becoming available for fac- 
tories, housing, schools, recrea- 
tion. road improvements, and 
public open space. 

Tbe largest share of tbe 
money— £3.1xn. — will go to 
Mid-Glamorgan, which has the 
greatest concentration of 
industrial derelicts of any 
county in the UK. 

Since the Government- 
financed reclamation of dere- 
lict land first started in 1967, 
following the Aberfan disaster, 
a total of more than 10,000 
acres In Wales have been 
cleared and restored -to new 
use. 

Meanwhile in Mid-Wales, 
the Development Board for 
Rural Wales, has succeeded in 
attracting two more companies 
to set np businesss in New- 
town Powys. 

A and E Circuits, part of 
Edinburgh Industrial Holdings 
Group, is to move its elec- 
tronics components prodnetion 
from Harrow In North London 
to a 20,000 sq ft factory in 
Newtown. It eventually 
expects to employ 80 people 
as output builds up. 

Elkay Electrical Manufactur- 
ing, an electrical components 
marketing, and . distribution 
company. Is also to transfer 
from South East London to a 
20,000 sq ft factory. 

Initially, Elkay will employ 
about 60 people but the com- 
pany has long-term expansion 
plans for producing printed 
circuits and injection mould- 
ings. 


Action urged 
to halt rural 
depopulation 


£300m benefits 
‘not claimed’ 



BY PAUL TAYLOR 


ABOUT lm people in Britain are 
failing to claim the supple- 
mentary benefits they - are 
entitled to. and together they arc 
losing up to £300m a year. 

A study published tnday.by the 
Supplementary Benefits Commis- 
sion shows that the "take-up” 
rale for benefits is about 75 per 
cent 

The commission is to launch a 
campaign aimed at increasing the 
take-up rate to 90 per cent and 
so put £200m a year into the 
pockets of about 600,000 people. 

While some of the figures to 
emerge from the study, 
particularly those on one-parent 
families,, are causing the com- 
mission concern, the results of 
tbe survey suggest the overall 
problem is less serious than was 
thought. 

The study reaches three main 
conclusions:— 

• The real amount of unclaimed 
benefit in 1975 was nearer £200m 
than the £600m suggested but 
because of uprating the figure is 
now prnbablv closer to £300m. 

• There are about 900.000 
people failing to claim benefits 
to which they are entitled. 

• Of those not claiming their 
benefit entitlement 250 000 either 
have an entitlement under £1 a 
week (mostly pensioners) nr one 
which has lasted less than a 
month. 

About 600,000 pensioners and 

130.000 unemployed people 
account for most of the 
unclaimed benefit. 

Among the remainder are 

40.000 one-parent families — 1Z 
per cent nf the total number of 
one-parent families entitled to 
benefit— and the average amount 
of benefit they lost was £13.20 a 
week. 

The study suggests as many as 
half those not claiming benefits 
live in households where Incomes 


total more than 20 per cea' 
above benefit standards. 

Manv of those not taking hj 
entitlements are not "TotaHj 
destitute,” says the report bu» 
it also warns against the 
opposite conclusion that thn 
are "living in relative affluence 
and that we should, cease to be 
concerned about them."’ 

A wide number or reasons why 
people fail to claim benefits 
including “ pride, ignorance anil 
a sense of stigma," are suggested 
in the report • , 

The study* says « « unlikely 
that all benefits will be claimed 
because tbe amount of benefits 
iwolved for tin* last 10 per cent 
are so smadL But the avnmis- 
rion should "give considera- 
tion ** on how it can move 
towards an overall take-up figure 
of 90 per cent 

Mr. David Donnfeon, chairman, 
of the commission, said the 


campaign to reach those entitled 1 XU'* 
to benefits who are not claiming*' * 
should concentrate on those with 
families, folkwed by pensioners. 

The commission had ruled out ! 
tc-letfskm - . advertising cam-' 




palgn because, -this brought too 
many abortive claims. instead it 
wvW launch a campaign nevt 
year based to eknpliAed leaflets, 
forms and tetters and is consider- 
ing dtffect-maAKns to those who 
already- receive child benefit, 
pensions or who have registered 
as unemployed. 

Mr. Doontson also said he 
would Jake to see local authori- 
ties advise those receiving rent 
and rate rebate to switch to 
supplementary benefit if this 
would make them better off. He 
suggested this could apply to 
about. 270,000 people at tbe 
moment 

Take' Up of Supplcmcntarit 
Benefits. HMSO Supplcmcntnr\i 
Benefits Administration Paper 
No. 7, price 85 p. 


ESTIMATES OF TAKE4JF OF SUPPLEMENTARY BENEFIT. 197S . 


Group 


Pensioners 

Non-pensioners: total 
Sick 

Unemployed 
One-parent families 
Others 


Total for all groups 


Total 
likely 
to be . 
entitled. 

Pro- 

portion 

receiving 

benefit 

% 

No. clegible 
(but not) Estimated 
; receiving benefit 
benefit unclaimed 
£m 

2490,000 

74 

600,000 

65 

1,340.000 

75 

330.000 

175 

260.000 

87 

30,000 

10 

590,000 

78 

130.000 

60 

310,000 

89 

40.000 

' 25 

180,000 

2A 

1304)00 

80 

3430JM) 

74 

930,000 

240 


Sometimes necessary 
to pay for help-Park 


MR. ALEX PARK, former British 
Leyland chief executive, con- 
ceded at tbe Old Bailey yesterday 
that it was sometimes necessary 
to pay for help In getting busi- 
ness. 

Mr. Park, giving evidence in 
the "Ryder Letter" trial, also 
agreed that a person might wish 
to be paid through a Swiss bank 
account. 

Graham Barton, 34, and his 
Turkish-born wife, Fatina, 32, of 
Lincroft Gardens, Hounslow. 
Middlesex, between them deny 
five charges relating to the 
alleged forging of copies of two 
letters, including one purporting 
to be from Lord Ryder, former 
chairman of the National Enter- 
prise Board, and using the 
forgeries to sell their story to the 
Daily Mail, for £15,000. - 

Mr. Park was being cross- 
examined by Mr. William 
Howard, QC. defending Mr. 
Barton, a former financial execu- 
tive with British Leyland. 


At one point Judge Alan King- 
Hamiltoo, QC. intervened to ask 
Mr. Howard whether it mattered 
“ two hoots " for the purpose of 
the trial whether or not British 
Leyland bad engaged in bribery. 
Mr. Howard replied that he was 
moat anxious that he should not 
injure .British Leyland or embar- 
rass anyone. “ But the whole of 
my defence turns upon the 
honesty of my client when he 
produced these reports, whether 
he thought the letters might be 
tnie." 

Mr. Park denied that British 
Leylaxid had made cash pay- 
ments " hy suitcase " to repre- 
sentatives of- foreign countries. 
The phrase "by - - suitcase " 
implied tbat payments had beea 
made in hard cash. "Virtually 
all payments . are made by 
cheque or banker’s draft" 

Mr. Park agTeed tbat there 
were examples in Mr. Barton's 
reports of people being paid so 
that contracts could be obtained. 


THE GOVERNMENT should give 
the same priority to tackling 
rural depopulation as to the 
problems of inner city areas. Sir 
Duncan Lock, chairman of the 
Association of District Councils, 
said yesterday. 

Local councils "look enviously” 
at the emphasis given to inner 
city areas, whereas rural 
depopulation was simply the 
reverse side of tbe same problem. 

Sir Duncan was outlining 
issues to be raised at tomorrow's 
council meeting of tbe associa- 
tion. which represents 333 local 
authorities in England and 
Wales. 

The association- has been 
Invited to put recommendations 
to the Countryside Review Com- 
mittee, set up to deal with rural 
depopulation, and which ts 
expected to report to the 
Government by the end at the 
year. ,, 


Stonefield Vehicles 
given £2m injection 


BY PETER CARTWRIGHT 


AN ADDITIONAL £2xn is to be 
injected into Stcmefieid Vehicles, 
the newly -established manufac- 
turer of four - wheel - drive 
vehicles, by tbe Scottish Develop- 
ment Agency. 

The investment will bring the 
Board's stake in 4fae Cumnock, 
Ayrshire, company to £3m. It 
now has 75 per cent of the 
equity, the remainder being held 
by tjhe McKedvie family trust 
inherited from the late Mr. Jim 
McKelvle, wfoq was the originator 
of the project 

The extra support was recom- 
mended by Mr. John Barber, the 
former British Leykand manag- 
ing director, who was asked to 
study the market possibilities. 
The management team, has also 
been strengthened by the' 
appointment of Mr. -Bernard ■ 
Jackman, former Rover manag- 
ing director, as chairman. 

Production of the Stonefield, 
a vehicle designed for rugged 
off-highway military arid civilian 
use, has started at two a week. 
The aim is an eventual output 
of 50 a week, when the company 


should be employing more than 
< 100 . 

Demonstration models have 
aroused wide interest and there 
are already sufficient orders to 
cany the company well into 
next year. 

Both basic models of the 
Stonefield; which is designed for 
either 2 oi 3.5 tonne payload 
capacity, have automatic gear- 
boxes as standard and Ferguson 
Formula units made by Borg 
Warner that deliver two thirds 
power to the rear wheeels and 
one third to the front. -. A self- 
energising clutch automatically 
locks up to prevent wheel spin. 

The vehicles have been put 
through their paces in military 
tests recently and the Army has 
shown interest, in the more 
powerful model powered by a 
5-litre Chrysler engine which 15 
being added to the production 
Uae this autumn. 

The Defence Department is 
also interested in: the lower 
horsepower mode! powered by a 
3-litre Ford, particularly for 
overseas sales in the Middle 
East. 


Tighter laws on petrol 
price display at garages 


BY SUE CAMERON 


THE GOVERNMENT is planning 
to tighten regulations on the way 
garages display petrol, prices. 

The Department of- Prices and 
Consumer Protection wants to 
end misleading practices, such as 
failure to advertise the fact that 
discounts ore given on whole 
gallons of petrol only and not on 
parts of a gallon. 

A consultative document which 
is going out to petrol companies, 
retailing associations and con- 


sumer groups this week, proposes 
ba-made 


that all garages should 
to display higher charges for 


part gallons just as prominently 
as the price, for a full gallon. 

It also. -calls -for an -end to the 
practice of displaying decimal 
points of a penny In much smaller 
type than the whole pence. This 
can give the impression that 
petrol is being sold at almost a 
penny cheaper. than it really is. 

Although the Pricer Depart' 
ment is going -to . -consult 
interested 'parties on'.'flie' ‘new 
regulations, it- is' expected that 
they will he introduced .without 
ahy major objections sometime 
in the autumn - 


ire in 


lone 


Short 

fieri 









financial Times Tuesday July IS 1978 


labour news 



. Compromise on airports 

le< t’ worker-director choice 


■Y PAULINE CLARX. LABOUR STAFF 


iRiTiSH AIRPORTS Authority 
i to take -two union-nominated 
worker directors on to its main 
' oar d a Tier an agreement 
eached yesterday between jdmi- 
gement and representatives of 

sn trade unions in the state- 
wned enterprise. 

But in a compromise formula 
rmcn the Authority is expected 
a announce today, with its pre- 
en t a ti on of the annual report. 
H its 5.000 employees, whether 
mion members or not. wiii.be 
Wowed to vote on the union 
iominecs. 

The formula seems well in 
me with the kind of option put 
orward during the debate on 
he Bullock proposals by .groups 
•■ho were fearful or loo much 
mon control of industrial demo- 
racy structure. It was not, how- 
ver, one o£ the main options 


dealt with in this year's White 
Paper on industrial democracy. 

The two directors to be 
selected by the compromise 
formula are expected by the 
Authority to take their seats by 
the beginning of next year. The 
present Board consists of four 
full-time and five part-time direc- 
tors. 

The decision is the culmination 
of some two years of negotiation 
between unions and management 
in which the major contention 
has been how far the unions 
should dictate- selection of 
worker representatives at board 
level. 

Since the beginning of this 
year, efforts to reach agreement 
on the. issue have been stepped 
up to try to ensure that the 
Authority meets the August dead- 
line for state-owned enterprises 


to present their plans for indus- 
trial democracy to the Govern- 
ment. 

The Authority's plan for 
"universal suffrage" on union- 
nominated worker directors was 
accepted yesterday by 13 votes to 
four, with only two representa- 
tives from the union side from 
the Institution of Professional 
Civil Servants and the Civil and 
Public Services * Association 
opposing the compromise. 

The two dissent ors are 
believed to have urged greater 
union control over the selection 
procedure. 

The union side Is happier 
about the compromise than It 
was last January about the 
Authority's proposal of an experi- 
ment with two worker directors 
nominated and voted upon by 
a referendum of all staff. 


Experimental job 
subsidy launched 


BY OUR LABOUR EDITOR 


ME GOVERNMENT yesterday 
nnounced an experimental 
mall-scale job subsidy aimed at 
lelping the long-term 

inern ployed. 


The Department of Employ- 
aent said the scheme was simply 

0 test-market an idea in areas 
offering varying degrees of 
inemployment 

They are Merseyside which, 
oliowing a- number of factory 
iosures this year, has an 
^employment level of 1L7 per 
ent: Tyneside, which is above 
verage at 9.1 per cent: and 
*eds, which is on the average 
or Britain of 5.9 per cenL 

? The announcement could be 
een, however, as a prop to 
•abour’s election prospects. Of 
he eight Liverpool parliament- 
ry seats, two could be called 
larginal, and Newcastle North 

1 held by the Conservatives with 

majority of only 469. 

There are no marginals in 
-eeds, although it sends to 
■arliainent Mr. Denis Healey, 
he Chancellor, and Sir Keith 


Joseph, the Conservatives* chief 
policy adviser. 

Prom August 7 for nine 
months, employers in these 
areas will be able to apply for 
a subsidy of £20 a week for each 
worker they take on who has 
been on the loeal unemployment 
register for 12 months or longer. 

The workers must be between 
19 and 64 if they are men, and 
19 to 59 if they are women. The 
subsidy will be paid for six 
months. About 6,000 .unemployed 
are expected to benefit, at a 
gross cost of £3m. 

The Department is awaiting 
formal consent from the EEC, 
which recently objected- to the 
temporary employment subsidy 
— paid to existing workers in 
danger of losing their jobs— but 
it is understood that the new 
experiment has been informally 
approved by Brussels.. 

The announcement was made 
in the House of Commons by Mr. 
Albert Booth. Employment 
Secretary, in answer to a written 
question from Mr. Max Madden, 
Labour MP for Sowerby. 


Claim for 
increased 
London 
allowance 


By Alan Pike, 

Labour Correspondent 


—Firemen’s threat over 




V- -I \ 


shorter working week 


i ii’- 


'I REM AN MAY take further 
wtustrlal action in pursuit of 
wir claim for a shorter vork- 
ig week, Mr. Terry Parry, 
ccrexary of the Fire Brigades 
Inion. said yesterday. 

•Mr. Parry, speaking after a 
ne-day delegate conference ar 
Uackpool, said firemen might 
nforce a 42-liour week uni- 
Ate rally if agreement was not 
eached with local authorities. 

The introduction of a 42-hour 
'eek was agreed as part of the 
clllcnioni after the two-month 
Irike early in the year. Novem* 
er was set as the deadline for 
n agreement between the fire- 
ten and local authorities. 

Mr. Parry warned that if the 
reincn were forced to introduce 
•ie scheme themselves — without 
le recruitment of up to 4,000 
xlra men the union says would 
e needed to make the scheme 


CIVIL SERVICE unions.. are to 
claim Increases of up to 53 per 
cent in the allowances paid to 
their 150,000 members who work 
in the London area. 

The staff side of the Civil Ser- 
vice National Whitley Council 
has submitted a claim for inner 
London weighting rates to be in- 
creased from £465 to £713 per 
year. It wants the outer London 
rare to rise from £275 to £372. 

Mr. Bill Kendall, staff side 
secretary-general, said yesterday: 
u The claim is soundly based on 
the criteria recommended by the 
Pay Board and official statistics 
compiled by the Department of 
Employment" 


Agreement 


work — then fire cover .-will , 
inevitably be reduced. 1 

He said that for the time being 
the union would accept a sugges- 
tion from ACAS {the Advisory, 
Consiliation and Abritration 
Service) that the matter should 
go to an independent third party 
for consideration, but he added: 
"As we get nearer the Novem- 
ber deadline then firemen are 
going to get even hotter under 
the collar." 

A 10 per cent increase, the 
42-hour week by November and 
payparity with skilled workers 
in industry by November 1979 
were the main points of the deal 
which settled the original 
dispute. 

Arter several months of con- 
sideration. a package deal on the 
shorter working week was offered 
by the local authority employers 
last month but was rejected by 
the union because of points on 
manning levels and shift systems. 


Shorter hours must not 
affect pay deals-NALGO 


BY OUR LABOUR STAFF 


■HE TUC conference in Septem- 
er will be urged to resist any 
lovernment attempt to cost a 
□oner working week against 
ay levels in u resolution by the 
National and Local Government 
•Ulcers' Association. 

Like Hie General and Muni- 
ipal Workers Union, which 
t-cidcd earlier this week that 
ic TUC should set its own 
a rp. 'lining priorities in the com- 
it; vear without a formal 
greemem with the Government, 
Meters of the local government 
orkers want ‘*a new approach 
• pay ” within the framework 

f an economic contract 
A comprehensive resolution on 
jv and economic priorities by 
he national executive council of 
he local government workers 
ails on the Government to insti- 
ute a campaign «F work sharing 
p reduce unemployment. 

Tin* union says, this should 
n elude the exemption of cuts in 
he working week from ousting 
gainst pay norms. 

Earlier retirement and longer 
tolidais not only as a means of 
utting working hours but also 
mproving the quality of life, 
re urged. 

The union also wants the 
rade union movement to 
«rnmole a campaign 14 tn ensure 
hat excessive levels of overtime, 
tnd the systematic use of over- 


.it 


, U V 


SAUDI ARABIA 


CUSTOM CLEARING 
AND 

FORWARDING 

AGENTS 


ALtiH 1THAR 
1MPUR)? & TRADING 
Tel: Dammam 22198 
P.O. BOX 1407. ALtiH JTHAR 
Telex: 6Qt410 AJphMtar SJ. 


time in preference to recruitment 
are eliminated.'' 

However, workers should not 
suffer financial hardship if too 
much of their overtime income 
were taken from them. 

For the Government's pari, the' 
resolution seeks "a rapid ami 
sustained increase ia industrial 
investment and public expendi- 
ture." 

• Unions representing area and 
district works staffs in the 
National Health Service are to 
start procedures for industrial 
action, it was decided at a meet- 
ing yesterday of the staff side 
of the Whitley Council com- 
mittee which covers this group, 
of workers. 

NALGO, which represents the 
majority of works staffs, will now 
take steps to start industrial 
action. . 

A senes of sanctions are likely j 
to be applied from September 4, 
unless a satisfactory solution is 
achieved. 

The works staffs’ grievance is 
that a restructuring of grades 
and salaries, outstanding for four 
years since lie reorganisation of 
the health service in 1974. has not } 
been carried out 

The Secretary of Stale for 
Health and Social Services has 
declined to intervene at this 
stage and there wasp now dead- 
lock, the union said. 


Increases in London weighting 
have been prevented under pay 
policy since 1975. The existing 
arrangements in the Civil Ser- 
vice are based on a report pro- 
duced by the now defnnet Pay 
Board. 

The wage rates on which this 
year's Civil Service pay agree- 
ment under Phase Three were 
calculated did not include 
London weighting. 

Teachers unions have already 
begun efforts Iko/ib crease their 
members'- London allowances by 
submitting a claim which is due 
to so to arbitration later - this 
month. Local government 
employees and other groups are 
expected to make similar claims 
later in £he year. 


‘Pill’ firm 
hits back 
at union 


By Our Labour Editor 


A U.S.-OWNED pharmaceutical 
company yesterday hit back at 
attempts by a white-collar union 
to start a consumer boycott of its 
oral contraceptives and exert 
political pressure in order to 
achieve recognition. 

John Wyeth and Brother said 
it was regrettable that the asso- 
ciation of Scientific, Technical 
and Managerial Staffs was trying 
to affect the prescription of its 
Ovran and Ovranette pills. This 
would . cause "considerable con- 
cern and inconvenience to mil- 
lions . of women, and in some 
cases could be hazardous." 

- Referring to a recommendation 
of the Advisory, Conciliation and 
Arbitration Service that ASTMS 
should be recognised for sales- 
men. the company said the 
union’s membership was too low 
to justify recognition. It 
already recognised the Transport 1 
and General Workers' Union 
and the Association of Profes- 
sional Scientists and Technolo- 
gists. 

: . Neither the ACAS recommen- 
dation, nor the Organisation for 
Economic Co-operation and 
Development code for multi- 
nationals. to which the union is 
appealing, had the force of law. 
'the company said. 


Shut shipyard 


men plan sit-in 


THE 825 redundant workers 
from Western Ship Repairers at 
Birkenhead, Merseyside’s last 
ship repair yard which closed 
10 days ago, voted yesterday to 
occupy the yard. 

The men have been pocketing 
=the yard since it was put on a 
‘‘care and maintenance" bask. 




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tion of major UJ5. corpora- 
tion. 


Write Box F.1037, Financial 
Times, 10, Cannon Street, 
EC4P 4 BY, 


INVESTMENT 


OPPORTUNITY 


National company, hiring and 
leasing specialist vehicles, seeks 
finance (min. £250,000) to 
further expand its share of 
growing market. 

Write Box GJ2271, Financial 
Times, 10, Cannon Street, 

- ■ EC4P 4&Y. 


CONTENTS OF 
FRINGE BANK 

find from otter sources) 
Exceptional quality office furniture, 
teak desks, hide chairs, swivel chairs 
in tweed, filing cabinets and films 
cupboards, Adler and Olympia type, 
writers. 100s of otter bargains. 
Phone for details: 

Brian North or Bill Raynor at 
Commercial," 329. Gray's Inn Road. 

*37 


London. WC1. 01-837 9663. 


PUT SOME OF YOUR MONEY 
IN BRICKS & BRAINS 


Smell profitable and outstanding 
specialised creative agency seeks 


finance for purchase of own property. 

tibia "new 


Would-be investor (with po*sic 


business" potential) wishing to have 
interest in talented co 


company please 

Write So* G.226J. Financial Times, 
10, Cannon Street, E C*P 4BY. 


CAR REFINISH 
PAINT 


Leading lilt car refinish paint f hour 
synthetic for sale. Perfect condition. 
Wide variety of car manufacouren 
colours. Export only, £1.25 P*r I litre 
c.l.f. for bulk orders only, 
PHONE OS! 52 3 4012 TELEX 627608 


SMALL BUT LONG ESTABLISHED 
(1945) 

ENGINEERING EXPORT 
GROUP 

wishes to dispose ol part or all olll* 


equity due to pending retirement of one 
of its — 


a> IB two Directors who are also the 
sole owners i equal shares*. Ho would 
be willing to carry on lor n time If and 
as required. Maximum IBWStmem lor 
toe whole woo Id be £40.000. .* 

Details from Bo* GJ277. ■ Financial 
Times, ID. Cannon Street. EC4P BUY. 


PARTICIPATION- 

INVESTMENT 

Gentleman, aged 35. seeks active 
participation with £50,000 investment 
in existing business or new venture In 
Midlands Ares. 

Write to.- — 

THORNTON BAKER. 
Chartered Accountants, 

18 Low Pavement, 
Nottingham 


ELECTRICAL WHOLESALE 
BUSINESS FOR SALE 
Net profit year ended 31st July, 1977, 
£23.265 after deducting Directors' 
remuneration and Consultants’ Fees of 
£16,000. Offers around £200,000 will 
be considered - 

Write Box G.2275. Financial Times, 
10, Cannon Street, EC4P 4BY. 


UNREALIZED 
CAPITAL GAINS 
TAX LOSS 
REQUIRED 

ISO. WO- £ 160.000 


Also larger arooniM. 
Property or shares 
Write Box G.227S, Financial Times. 
10. Caiman ECAP 4BY . 


L E TTERPRESS PRINTING 


Letterpress business, with some offset 
and diversification. with Profits 
approaching £100,000. near London, 
for sale. Sound management and 
efficient plant. 


Priori pots only should opflfy to 
Bor G.22T4, Financial Timet. 
10. Cannon Street. EC4P 4BT. 


DO YOU NEED 
REPRESENTATION 
IN THE NORTH? 

We would be interested to rake 
on agencies from either overseas 
or UK companies who require a 
prestige office, telex and secre- 
tarial facilities. Warehouse avail- 
able,. We currently have Strang 
connections with users of Light- 
weight Fillers used in the sur- 
face coating. Building and Metal- 
lurgical Industries, etc. 

Write Box G2270 
Financial Times 
10 Cannon Street, EC4P 4BY 


EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 


FOREIGN BANKS 


seeking QUALIFIED 

BUSINESS 

BORROWERS 


Brokers protected. Local representatives 
wanted. Write Swiss- American C°mbine, 
P.O. Box 680 Panama 1, Panama. 


TENANTS 


If you ore a ennutt of good financial landing in cole occupation or widi a 
ility 9 


held kau of a good quality office block, industrial building or shopping centre 
with a rent fixed more than two years ago and though you may pooibfy have 
a rent review imminent, your lease may be of value to you without you 
having to release die tenancy of the bu'riding. 

Contact.- P. K astern. C P. Chou I arson. Sons A Partners Ltd.. 

Ashley House. 30. Ashley Road, Altrincham. Cheshire. 

Tel: 061-928 9011. 


EXPORTS 


London-based Export Merchants with Northern Office md busmen offices and 
connections in Africa would be Interested in quoting for any products co 
expand our present exports. Horae quotes also attended to. We have on 
oar Raff specialists in Electronics, Electrical and Mechanical engineering alto 
In Optics and Food. We are part of i group with 14 established businesses 
in tht African Continent, also connections in the Middle East. Enquiries welcome. 

Write Box G.2260. Financial Times, fO. Cannon ' Street. E C4P 4BY. 


LIMITED COMPANIES 
FROM £49 

Form soon In Britain and ail major 
countries and off-shore areas including 
OLE OF MAN, PANAMA, L1BSIIA 
and DELAWARE 

Efficient personal service. Contact: 
CCM Lad., 3, Prospect Hill, Douglas, 
Isle of Man. Tel: Douglas (0624) 
23733. Telex: 627900 BALIOM G. 


MANUFACTURING CO. 
SURREY AREA 

REQUIRES ADDITIONAL CAPACITY 
FOR EXPANSION 

At present sub-contracting £100,000 
of prassworfc per annum. Surrey- 
based linn preferred. Please send 
details of capacity available, e.g. 
presses, etc. 

Write Box G2121. Financial Timex, 
10. Cannon Street, EC4P 4BY. 


. WELL ESTABLISHED 
TRANSPORT BUSINESS 

with hues in West Midlands and 
North-West for disposal owing to 
rationalisation of interests. Freehold/ 


Leasehold properties, 67 vehicles and 
i. Tui 


trailers. Turnover £750,000. Some 
management to remain. 

Farther details write Box G.2265, 
Financial Timet, 10, Cannon Street. 
• E C4P4BY. 


FREEHOLD INLAND 
MARINA FOR SALE 


Mooring facilities fqr up to 80 boats. 
Excellent slipway, workshop, chandlery 
store, good boat saJet*. potential. East 
Anglia. 5erious buyers, only prepared 
no pay £1)0.000 for the. freehold plus 
stock and plant at cost. % 

Write Box G.2269. Financial Timet. 

10. Cm man Street. E CV 4BY. 


MORTGAGES available on Commercial 
Properties from 6% over Bank Base, uu 
to 15 rears. Smith Martyn a Co.. Stock 

fH h 25<M>S WlnBB ' BS > 1 1U J- 

gentleman emigrating to San Francbco 
will undertake commissions. Good con- 
.Write Box GJ2SB, Financial 
Times. 10. Cannon Street. EC4P 4 BY. 
ENGLISH .BUSINESSMAN, electronic and 
engineering Was. visiting Lagos and 

Tencran autumn, will handle additional 

ulrs/ncootlatlons. R. Kodler. Gala trek 
En gin eering, uanrwst. N. wales. Tel.: 


FOR SALE 


Brand new aluminium Skateboard 
Mould co tike 24in. Single Kickaii 
Impression. Manufactured to highest 
standards with water-cooled jacket and 
separate logo insert. Unused and 
available for Immediate delivery. 


Details to Bex G .2262, Financial 
Timas, 10, Coanon Street. EC4P 4BY. 


CAPITAL OPPORTUNITY 


Northern baled private limited com- 
pany is looking for business in which 
to invest surplus funds. Controlling 
interest not necessary but good growth 
opportunity is. We are open to discuss 
a -limited number of projects with 
companies or individuals. 


Principals only should apply In strict 
confidence to Box G.2273, Financial 
Timet, 10. Cannon Street. E CAP 4BY 


Finance 



Companies 


If you are a shareholder in an established and 
growing company and you, or your company, 
require between 00,000 and 4^000,000 for any 
purpose, ring David Wills, Charterhouse Development. 

. Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 
currently making over £50,000 per annum 
' pretax profits. 

m 


CHARTERHOUSE 


Charterhouse Development, l Paternoster Row, Sl Pauls, 
London EC4M 7DH. Telephone UI-24B 3W. 


114 years of 

form: 

has tatignx us 
athingortwo 



So next time 
you need one, 
phone Patricia Parry 
onQl-£53 3Q30 


L>UL‘(1uAL& 


tha hast of costp&ni&s 


IOxdak noose. BnuKawKi: place 

LONDON XI OX 

miMOMF; IU mUMMft ■ wnu 


. SECRET RECORDING r - 
BRIEFCASE . 

FOR CONFERENCES, SECURITY. 

MEETING FURPOSES ’ 

Beit leather, two sections for papers, 
hidden micro-recording unit provides 
four hours tape. Invisible exterior 
wnsor controls. Amazing device. 

Contact: 

R. U. TRADING CO.. 55 Fork lane. 

London, W1 . TeU 81-493 0102 


FINANCE FOR 
THE SNIALlfR 


COMPANY 


Forfurther information contact: 
K-Dean, 

. ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, 

E. Sussex. 

Tel : 0424-430824 


IBM ELECTRIC 
TYPEWRITERS 


Factory reconditioned and guaranteed 
by IBM. -Buy, save up to 40 p.c. 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 


Phones 01-641 2365 


TAX-EFFICIENT 
INVESTMENT ADVICE 


Most accountants nc'ddttte on Income 
orodnclna Investments, but what use is 
even a 15% yield if the taxman con- 
fiscates 98 %? £200.000 at 15% 

only leaves £9300 after tax. £500-000 
only £10.500, 11 need not be so. II 

vour investments are arranged with 
tax-saving In . mind- Advice sent to. 
and rmnlamented by ydur own ' 
accountant. 

Basingstoke 62639 evenings 


Importers/ Distributors Wanted 


We are looking for companies who 
arc at present engaged in selling pro- 
ducts xo the engineering and cherakal 
industries. IF you are then we are 
aeeking to appoint agents to distribute 
oil -absorbing materials suitable for use 
in many Industries. Contact: 


D. J. Gotcerill, Imporr/Expart, 
143." " 


fipeke Road. St- Helens. 
Merseyside. Tel: Sr. Helens 23189 


OVERSEAS RESIDENTS. Send ror our free 
brochure on expatriate aaniieas and 
supplies. Expat. Box 328. London SE2T 
BUG. Telex 947431 EXPAT G. 


BUSINESSES FOR SALE 


PRIVATE GROUP OF COMPANIES 


Engaged in building construction and the national distribution of 
pvc and da/ pipes, sanitaryware and building materials' seeks 
further growth by acquisition of compatible business based in 
Lancashire, Cheshire or Greater Manchester area, with pre-tax 
profits of up to £50,000 per annum. 

Please write in confidence with full particulars co: 

Mr J B Davidson, C hai r man 
JOHN DAVID50N (HOLDINGS) LTD 
Allisons Bank, Gretna, Carlisle CA6 5EP 


FOR SALE 

INTERNATIONAL TRAVEL COMPANY 

ESTABLISHED 1968 

WORLD-WIDE MARKET AND CONTACTS SPECIALISING 
IN INCOMING TOURIST TRADE. 

SEEKS INVESTOR OR OUTRIGHT SALE 

; Write Box: GJ2276, Financial Times, 

10, Cannon Street, EC4P 4BY. 


COMPANY CHAIRMAN 


seeks new ^challenges. Proposals, 
consumer goods. " pop " world, 
music agencies, etc. 

Please write: 

GMF, 142/144 Oxford Street 
London WIN 9DL 


GOLF COURSE 129 Acres 

SOUTH MIDLANDS 
Blrm I iBlumlCoven-nr I Nuneaton trl- 
anule New privately-owned partially 
completed ifl-hole Golf Course in a 
high parkland setting on 129 Acres o' 
tod quality land with attractive views. 
Outline consent lor ooll Professional's 
Bunaalow and golf shoo. Detailed 
consent lor Clubhouse Substantial 
scooe lor establishing a sound com- 
mercial ell and related ooeratlon in 
a prime population catchment. FOR 
SALE BY AUCTION 9th August (un- 
less sold privately). 

Details: HUMBERTS LAN DP LAN. 
(leisure Management) 

6 Lincoln's Inn Fields. 

London WC2. 01-242 3121. 
or: HUMBERTS. 

8 RoUc -ane Street. Salisbury 
10722) 27274. 


LIMITED COMPANIES 


FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £81 
- COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. Gty Road. EC1. 

01-628 5434/5/736 1 . ' 9936. 


INVESTMENT AND 
.DIRECTORSHIP REQUIRED 
-Ex lawyer/banker seeks active 
participation in sound business 
venture. Substantial funds avail- 
able. 


Write Box G.2263. Financial Timet, 
10. Cannon Street, EC4P 4BY . 


SELLING BUYING AN ENGINEERING 
BUSINESS? Consult Bentlev Smith 


Engineering Sales. Stone Crots, LJndfield. 
*. Tel.: Llndficld 2900 


IRELAND 


Co. Roscommon 


Glorious elevated 8}-acre lica over- 
looking famous Shannon River. Fish- 
ing. sailing. Punning 16 bungalows. 
B5 miles Dublin Airport. 


A. B GOOR. MRAC. MIAVI. 
129. Lr. Babbot Street, Dublin. 
Tel: 764 541/2. 


NORTH YORKSHIRE — EstaDiisneo Garage 
Business FOR 5ALE. Vauxlull Main 
Dealership. B.L.M.C.. and Forn Dealer- 
ships. Freehold Premises. Further details 
write to 29. Park Souare. Leeds LSI 2PCL 


BUSINESSES WANTED 


£1 A WEEK tor EC2 address or Phone 
messages. Combined rales + tele* 
under a week. Prestloe ofttes near 
Stock Exchange. Message Minders Tmer. 
national. 01-628 0898. Telex b811 725. 
TRADE MARK ALLIGATOR. Oner* are 
invited lor ton important, much used 

and widely advertised trade mark ol 

Alligator Rainwear Limited, now no 
trading- Write to Svditev E. 
£ Co.. 52-56, Market Street. 


longer 

M'Caw 


Manchester Ml 1PP. 


HOTELS AND LICENSED 


FREEHOLD INLAND 
MARINA FOR SALE 


Mooring facilities for up to BO boats. Excellent slipway, workshop, 
chandlery store, good boat sales potential. East Anglia. Serious 
buyers only prepared to pay £110,000 for the freehold plus stock 
and plant at cost. 

Write Box GJ. 269. Financial Times. 10. Connon Street, EC4P 4BY 


FAMILY ROAD TRANSPORT 
COMPANY 

FOR SALE AS GOING CONCERN 
London based. Sale due to retirement 13 vehicles 
(artics. and four-w heelers ) . Premises not available. 

TURNOVER APPROX. £225,000 


Wrife Box GJ2256. Financial Times, 
10. Cannon Street, EC4P 4 BY. 


PLANT HIRE COMPANY 
FOR SALE 


Established plant hire company operating from well equipped 
modern freehold premises — Midland. Existing management and 
mined staff. Well maintained plant. Present t/o £Jm p.a. Offering 
considerable potential. Principals only apply ro: 


Box G2264, Financial Times. 10 Cannon 5 »>ec. EC4P 4BY 


PREMISES 


They plan to occupy it natal il j 


is either nationalised, sold to a 
new owner or reopened wltb 
new work. 


GEG suspends 2,000 


in dispute oyer pay 


THE WORKFORCE of more than 
2,000 ai General Electtic com- 
pany's power engineerin',: Pjant. 
in Stafford were laid o? yester- 
day because of a P“J 
They were suspended 
shop stewards voted, to nr 

sanctions iinpowJd in support of 

a pay claim, production was at 

a standstill with no Probpect of 
an early solution to the dispm* 
Workers returned front tie 


firm’s annual two-week holiday! 
yesterday. j 

Before the shutdown, 2,000 had | 
been 'suespended Or were on ! 
strike after a series of disputes.! 
. The company said: "When a 
a shop stewards* meeting decided 
to - continue with sanctions 
imposed before the holiday, we 
said we. would have no option 
but . lay the workers off. Virtually 
all are suspended indefinitely." 


LONDON 


An impressive hotel wirh a 
superb position in a select 
residential area 


61 BEDROOMS 
DINING ROOM 
LOUNGE BAR 
EXTENSIVE OWNER'S 
ACCOMMODATION 
FIRE CERTIFICATE 


Potential exists to develop 
and expand regular trade. 
FREEHOLD £600400 
(947S8/CG) 

KNIGHT FRANK & RUT LET, 
20 Hanover Square, 
London W1R OAH. 
Telephone 01-429 8171 


PRIVATE COMPANY 


Current!) diversifying jnu> nev eroding 
activities h« £1 million amiable u 
invest >n well KnblHtod currently 
profitibir ““rpniet located in South 
Eastern England. Controlling Imereit 
required but praaent participator* may 
retain 0* re * by agreement. Continuity 
of management is regarded a* c«cn- 
tial. Praporo/j will he receive* In 
ttrietesl confidence from principal* 
only b y : — 


FRYER WH1TEHILL & CO, 
Busin*** Development Section* 
Buchanan House, 24/30 Holbom, 
London EC1N 2PX. 


FOLKCOTOKE. Fatty UcemM frtem Hotel 
for oale trnboM a a a going caiucm. 
23 bedroom, etc. Details from GEERING 
A COLTER. MaiBStont (T(L 59891)- 
Kut, 


OLD ESTABLISHED " 
PROVINCIAL UTHO/ 
letterpress PRINTERS 


with i petiaKst connection 

Tor tale. Protiuald prorata*, moder- 
ately proliaWe, trade £$«, pin. 

Wrrto Bat GJ266. Financial Timet. 
»0, Cannon Street, E CAP 4 BY. 




ACQUISITIONS 

WANTED 


Small private group or companies 
wishes w purchase in whole or part 
another private company with the 
aim of helping to expand the growth 
of the company through many, inter- 
national ’ and UK contacts and by 
providing the working capital required. 
A wide range of companies considered. 


FUNDS AVAILABLE; 
£50.000 - £1 -MILLION 


Write Id confidence 
Box G.2238, Financial Timet, 
10 Cannon Street. EC4P 4BY. 


AUTO CLEANING 
CHEMICALS COMPANY 


As manufacturers and distri- 
butors of car care and cleaning 

chemicals to the trade we wish 
to acquire a small facility and 
staff in the Midlands to extend 
our existing operation. 

Please write, principal* only, to Box 
G.7J67. Financial Times. 10, Cannon 
. Stmt, EC4P 4BY: 


TURN YOUR 
SURPLUS STOCKS 
INTO CASH ! 

D. Rubin Ltd., a large organization 
dealing in itl type* of dornttcic can. 
turner product! ».e. Hardware, Tayi. 
Coamecici. Textiles. BeeincaJ goods 
etc., etc., offers Immediate caih for 
quantities of surplus stocks of this 
nature. For a quick dedtlan contact; 

Deni* Rubin, 

D. RUBIN LTD.. 

39, Macdonald 5treei. 
Birmingham B5 6TN 
‘ Tel: 021-622 2222' 


-HOTEL REQUIRED 
MAYFAIR AREA 

LUXURT TYPE 1/300 BEDROOMS 
TOP PRICES OFFERED 
Apply: 

Managing Director. 
LONDONDERRY HOUSE GROUP 
Of- COMPANIES. 

Horiey House. 314/322 Regent St. 
London Wilt 5AF. Tel: 01-SM V3S1 


EAST SUSSEX COAST, near Rye. 6.23 
acres ot residential building land tor 
high-density acveiooment. £97.500 tor 
"quick sale (oHets considered. Apply 
GEERING A COLYER. Rye CTel. 315S). 
Sussex. 


PLANT AND MACHINERY 


FOR SALE 

AIR LAYERING NON-WOVEN MATERIAL PRODUCTION UNIT 

This unit is being iked co produce an air filtration media from man-made fibres, 
but it is also agitable for producing wadding type materials of various thickness 
and density. 

The unit includes hopper, blender, carter, feeder, Webber, spray booth*, 
alining machine and- various associated equipment. 

Full technical speciflcarion. etc., available on application to: 

Mr. L. Wilson, P.O. Box No. 6, Mari Road. Kirldby P 
Liverpool L33 7UJ - Tdt 0S1-S46 7819 


CONTAINER HANDLER of German Manu- 

facture. 30 mns lifting capacltv. diesel 
operated, fitted witn evdraaltatly 
operated spreader to handle 2Drt- 30R. 
and 40ft containers. Hours worked to 
date E.2B3. Price £20.000 n-works. 
Par further details contact Birmingham 
Fork Lilt Truck Ltd.. Hams Road- Saltier 


Saltin'. Birmingham B8 TDU. Tel.; 
021-327 5944 or 0Z1-32B 1705. Tetat 
337052. 


iruK LV- rums KOBO- j 

Birmingham B8 1DU. Tall? 021-3*7 j 
5944. Tote* 337052. 1 


FORK LIFT SALE! Stock of oter 100 wed : 
Fork utt Trucks ready tor immediate i 
delivery. Capacities rrom 2000 lbs. to 
67000 lbs. 50% have an* tvres 
tettertei. new mics and painted in 
original colour*. List Sent «i rreueft. I 
Trade and export enquiries we'comed. ' 
large reflection on bulk purchases. 
Deliveries arranged anywhere Birming- 
ham Fork Lilt Truck Ltd„ Hams Road. 


GENERATORS 


. Over 400 set* in stock 
1kVA-700kVA 

Buy wkely from the manufacturers 
with full after ulei service 

CLARKE GROUP 
01-9868231 
Telex 897784 




lb 


Xif. 


V- 






> ■■ 


Financial Times Tuesday July 18 1978 


PARLIAMENT AND POLITICS 


fjjX 


Rees hits at Tories 



over police pay 


New rules 
on tanker 
labelling 
promised 


MPs’ salaries will lag 
behind Assembly— Tory 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


Tories 
seize 
on food 


BY PHILIP RAWSTORNE 


MR. MERLYN REES, Home 
Secretary, yesterday angrily 
accused the Conservatives of 
“prostituting" concern over law 
and order in a bid to win voles. 


His bitter outburst came after 
he had announced to tne Com- 
mons the Government's decision 
to implement the £250m pay 
award for the police in two 
stages. 

Mr. William Whitciaw, Tory 
spokesman, while welcoming the 
award, declared amid Labour 
.jeers: “In deciding to phase the 
award, the Government is taking 
a major risk over the protection 
of our people ** 

If a Conservative Government 
were returned at the general 
election, it would pay the 
increase in full, immediately, he 
said 


Mr. Rees retorted that the pay 
increase would be an average of 
40 per cent — and half of it would 
be paid on September 1. "This 
is a remarkable pay award." he 
said to B houts of support from 
Labour MPs. 



MR. MERLYN REES 
“ A remarkable award." 


Police throughout the country 
had welcomed it. said Mr. Bees. 


Put they did not take kindly to 
Tory comparisons of the streets 
of Britain to ihose of Chicago. 
"It is not true." 


Mr. Bob Mellish (Lah 
Bermondsey) said that the 
increase would be the miwt 
generous ever awarded* to the 
police. Mr. Whitelaw’s remarks 
had been "absolutely disgrace- 
ful ” and were designed to win 
vot***. he added. 

The Home Secretary agreed: 
“ Some Conservatives give the 
impression that the Tories are 
The r^nosirnry of law and order," 
he said. " It is not the case.” 


The award reflected the unique 
position of the police and should 
stimulate recruitment, cut 
wastage and enable the service 
to counter threats to law and 
order more effectively. 


But he told Sir Bernard Braine 
fC Essex SE): " It isn't pay alone 
that will determine the success 
of the police service. It requires 
recognition by the community of 
the difficult job they do." 

Mr. Eldon Griffiths (C Bury St. 
Edmunds) said that the Edmund- 
D 3 vies committee had vindicated 
every point made hy the Police 
Federation shout wastaee. the 
danger of the job, the constant 


commitment and the lack of a 
right .to strike. 

If the committee thought such 
a large increase was necessary 
now, why were the police being 
forced to wait for half of it until 
next year? 

Mr. Roger Sims (C Chisle- 
hurst) said that the Govern- 
ment's decision was illogical. "It 
i< oeople. not politicians, who are 
making law and order an issue," 
he declared. 

"It is people who are con- 
cerned about law and order." Mr. 
Rees snapped. "It is some politi- 
cians who prostitute that concern 
for a cbeap vote." 

The Government had to take 
account of the country's wider 
problems and believed that an 
immediate 4C per cent, increase 
would not he in the interests of 

the community. 

As other Tory MPs interrupted. 
Mr. Rees angrily dismissed their 
protests as “ rubbish.” 

The average police constable 
with 15 years’ service would, in 
September, receive some £8.668 
a year. 

Rej°cring a su/zeestion by Mr. 
Dennis Skinner fLab Bolsover) 
that the Government should 
learn from this experience and 
keeD out of free collective bar- 
gaining. Mr. Rees said that police 
pay could not be left to the free 
market 

He agreed with Mr. William 
Ross fLab. Kilmarnock) that the 
Government's decision had been 
right... 

The Government had done the 
best thine about law and order 
bv ensuring that there were 
trained policemen on the street. 
"This is some thine we eVuld be 
v-oiirt of," the Horae Secretary 
declared. 


THE GOVERNMENT is attempt- 
ing to speed up new regulations 
on tanker labelling following the 
Spanish liquid gas accident. Mr. 
William Rodgers. Transport 
Secretary, told the Commons last 
night 

In a written answer Mr. 
Rodgers said he had already 
expressed grave anxiety to the 
Health 'and Safety Executive 
over a continuing delay in bring- 
ing forward proposals on tanker, 
labelling. 

The delay had been due to Fac- 
tors including the need to widen 
the scope of the regulations and 
difficulties with consul la linns. 

"Following the Spanish liquid 

gas accident I have asked the 
chairman. For a full report and 
made clear, once again, that pro- 
posals are urgent and overdue." 
said Mr. Rodgers. 

He said a nationwide study 
was being undertaken- into the 
vulnerability of road tankers in 
accidents. "At present, it was 
limited to tankers carrying 
petroleum spirit but he under- 
stood that, consideration would 
be given to extending the pro- 
ject to include liquid petroleum 

gases. 

The Health and Safety Execu- 
tive estimated that there were 
normally between siv and lfl_ 
road vehicles . transporting 
linnefled propylene gas in the 
UK at any one time. Approxi- 
mately 12.000 tons a year were 
carried bv road, and an addi- 
tional 38.000 tons, by rail 

Asked by Mr. Anthony Grant 
fC. Harrow Cent.) about safety 
regulations coorpniing thn trans- 
port of liquefied prnnylene Mr. 
Rodgers said that the current 
statutory regulation* for 
domestic jnumevs rt’d not sneci- 

finally- rover limi**fi«*d pronvlrnp. 

H? did not regard this a* saM«- 
fjwtory. and the Health and 
Safety Executive w»' preparing 
pronnsa's for comprehensive 
regulations. 


MEMBERS OF the propnsed 
Scottish Assembly could be paid 
in the region of £S,650 which is 
more than MPs at Westminster 
will be getting even with their 

new pay rise, according to 
calculations by Mr. Alex Fletcher, 
a Conservative spokesman on 
Scotland. 

This, he said, was despite the 
fact that members of the 
assembly, would be doing only 
one-third as much work as their 
counterparts m the House of 
Commons. 

Mr. Fletcher alleged that the 
Government was attempting .to 
conceal these embarrassing facts 
until after the referendum on 
Scottish devolution. 

His remarks came as the 
House resumed consideration of 
the mass of 'amendments made 
to the devolution legislation in 
the House of Lords. 

One of the alterations made by 
the peers empowered the Secre- 
tary of State for Scotland to fix 
the. remuneration 'of assembly 
members and the civil servants 
who will staff the new Scottish 
Executive. 

Rut on the ursing oF Mr. Bruce 
Mi Han. Scottish Secretary, the 
House reversed this by a 
majority nf 29 f2SS269). thus 
allowing the assembly to fix its 
own rates of pay in accordance 
with the Government’s original 
intentions. 

So far. Government spokesmen 
have not intimated what the new 
rates of pay might be for the 
a*semhlv nor does the Scotland 
Bf’l itself Throw any light on the 
matter. 

Mr. Fletcher" noinled out. how- 
ever. that the financial estimates 
showed that a total sum of 
£6.750.000 was being set aside. 
He estimated thar half of this 
would go on services and the 
cos*, of accommodatTon. 

This would leave a sum of 


£3.375.000 to cover the pay of 
150 assembly members and 240 
supporting staff. 

He worked out that this would 
mean an- average salary* of 
£8.650 each. This compares with 
the present salary of £64270 of 
MPs, shortly to he raised by 10 
per cent to £6,897. 

Opposing the Government's 
attempt to reverse the Lords' 
decision, Mr. Fletcher argued 
that it would be a part-time 
assembly and members would 
have time on their hands unless 
they had outside occupations to 
keep them busy. 

He maintained that the 
assembly would require only 
three months a year to do its 
work — and that was a generous 
estimate. 

At present, Parliament took 
less than three months a year 
to deal with all the developed 
and n on-developed Scottish 
issues. The Government, he said, 
was now engaged in a cosmetic 
exercise to conceal the fact that 
it would be only a part-time 
assembly. 

Comparing foreign experience, 
he pointed out that a state legis- 
lature in the. U.S. normally sat 
about inn days a year, the equiva- 
lent of about 14 weeks. 

From the Government front 
bench. Mr. Millan declared: "We 
cannot accept ad amendment of 
this nature. We believe these 


are matters which ought to be 
decided by the assembly itself. 

" If we were to say those are 
matters which, the assembly 
could not be trusted to decide, 
then we would be expressing in 
the Rill a very considerable and 
unjustified mistrust nf the 
assembly. It would be absurd 
to give the assembly wide rang- 
ing powers and then say it could 
not he allowed to decide its own 
salaries." 

A leading anti-devolution Urt, 
Mr. Tam Dalyel! (Lab. West 
Lothian) said ho was prepared 
to bet his shirt that whatever 
else happened the assembly 
would certainly not be part-time. 
Parkinson's Law would apply. 

It would be intolerable to 
limit membership of the 

assembly to people with private 
means or pensions and those 
who could support themselves 
with outside jobs. If the 

assembly were .to be set up, a 
living salary had to be paid. 

The Government clause, 
inserted in the Lords, providing 
special protection . for the 

Orkneys and Shetland.*, was 

approved without a vote despite 
some misgivings by the 
Opposition. 

It allows the Secretary of State 
for Scotland to override the 
assembly if that body takes 
actions which are substantially 
detrimental to the needs of the 
Orkneys and Shetlands. 


prices 


By Ivor Owen, Parliamentary Staff 


Complaint over cut 


in roads programme 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


MORE DEATHS, injuries and 
the failure of the Government's 
industrial strategy were forecast 
as tbe inevitable result of 
delays, cuts and erratic planning 
of Britain's new road pro- 
gramme, the British Road 
Federation said yesterday. 


Intel national access 
provides important flexibility 

in domestic 

- - — •- -1- — " -*-■ i * - vr 


The Government had decided 
to downgrade more than 100 
miles of motorway and dual 
carriageway over the past three 
years, Mr. Tony de Boer, the 
chairman said. This involves 
schemes on the A27, M54, A564, 
M6. A41 and M42. 


financing 





These roads would now be 
’built to “dangerously lower 
standards of safety and speed," 
Mr. de Boer said. Some roads 
would be planned as single 
carriageways. 

Motorways were twice as safe 
as all-purpose dual carriageways 
and three .times safer than 
single carriageways. But the 
hesitancy - by the Transport 
Department and its erratic plan- 
ning of new roads now raised an 
"alarming threat to safety," the 
federation said. 

Over the next fin years 

schemes in progress or planned 


to start would need at least £2bn 
in England atone, the White 
Paper on roads policy said in 
April. But the paper said the 
planned expenditure would be 
only £i.5bn. 

The lower figure, given in- the 
Public Expenditure White Paper 
in January, as £305m per annum 
to 1983 on road building pointed 
to a serious scaling .down of- the 
trunk rnad programme, Mr. de 
Boer said. 

Motorways and dual carriage- 
ways had saved industry £500m 
a year in the past, decade, but 
now the industrial strategy tor 
boosting Britain’s industries was 
at risk because of the lack of a 
firm commitment to. adequate, 
roads in industrial areas like the 
Midlands, where Mr. de Bncr 
claimed, companies were losing a 
total of £100,000 a day through 
lack of good roads. 

The figure was based on the 
Leitch review ‘-of Britain's road 
programme. : published. - . in 
January. This examined the 
industrial benefits of. roads, and 
on the M40 alone the extension 
from Oxford to Birmingham 
could save industry £5m a year, 
the federation said. 


Benn’s Ministry favours 
switch to petrol tax 


BY LYNTON MdJVIN, INDUSTRIAL STAFF 


Big projects often call for financing beyond WestLB's strong international positionis 

national borders, and trade patterns set their complemented by its broad facilities forlocal 
own money streams in motion. finance in many important markets around 

... the globe. - 

Westdeutsche Landesbank, one of the worlds “ • 

major wholesale financing institutions, has in New York, WestLB’s full-service branch ’ 

built its reputation by making big money has built an impressive loan portfolio of cor- 

avaiiable wherever capital needs arise from porate clients in domestic US currency. ■ 


TOUR Government departments 
have examined the implications 
of a switch in car taxes away 
from the road fund licence and 
on to petrol and at least one. 
tbe Energy Department, has 
come down strongly in favour of 
the change. Increased duty on 
petrol could reduce consumption 
by 3 per cent, the department 
said last night At tbe moment, 
tax on petrol raises almost twice 
as much as that from the road 
fund licence. 

The Treasury has completed a 
fresh review of the subject and 
last week Mr. Denis Healey, 
Chancellor, said in a Commons 
reply that the matter was under 
regular review. 

In his Budget speech in 1976, 
Mr. Healey said he was broadly 
in favour of the switch from the 
current £50 road fund licence, 
or vehicle excise duty, to a 
greater tax on fuel. Nothing 
has come of these ideas, but the 
Transport Department Is under- 


stood. to have commissioned a 
project to find out how much 
would be saved through the 
elimination of motorists' evasion 
of the vehicle excise duty. 

This is thought to cost the 
Exchequer between £Zm and 
£10m a year. 

The Industry Department is 
known to discuss the possible 
implications of a move to higher 
petrol taxes as part of its indus- 
trial strategy talks with British 
motor companies. Higher petrol 
prices could . persuade more 
motorists to buy smaller, . more 
economic, cars. ' 


TORY MPs yesterday seized on 
a Government . admission that 
the food price index increased 
hy 104.9 per cent in tbe period 
between February 1974 and 
mid-June this year, 

Mr. Roy Hailcrsley, Prices 
Secretary, was subjected to. a 
flood of insults which almost 
drowned his renewed claim that 
Britain's annual rate of inflation 
is likely tn remain at, or abnut, 
7.9 per cent for ihc remainder 
of this year. 

In a sustained barrage of 
abuse, he was called "The 
biggest basket Of them all” hy 
Air. Nicholas Wlnterton t C, 
Macclesfield). “Yellow" by Mrs. 
Sally Opeiihelm, shadow Prices 
Secretary, and " funk " by Sir. 
Robert Adfey (C, Christchurch 
and Lymington). - 

The Speaker, Mr. George 
Thomas, repeatedly intervened 
tn - call for- more temperate 
language, and.; In a comment on 
what louked like beinu the last 
two active, weeks of the present 
Parliament before the decks are 
cleared for an October general 
election, added' ** 1 can sec r am 
in. for a very rough fortnight." 

Mr. Hattersley said the fact 
that Britain's inflation rate was 
now lower than the average in 
OECD countries was an "enor- 
mous achievement ' v . 

He hoped (hat -listeners to the 
broadcast proceedings would be 
able to make their own judg- 
ment about the “character and 
conduct" of the Opposition. 

Tory MPs were particularly 
incensed, .by the fact that, in 
accordance with past practice, 
Mr. . Hatlerilcy allowed Mr. 
Robert Macletman, Under- 
secretary. for Prices, to deal with 
questions about the increase in 
food prices. 

' Mr. Maclcnnan's insistence that 
it was normal practice tor htm 
to aruwer questions on fond 
prices' was impatiently brushed 
aside, as was his emphasi on the 
fact that in the 12 month to June. 
1978, food prices rose by only 
fi 7 per cent, the Inwest annual 
rate since May. 1972. 

Reaffirming his belief that the 
annual rate of inflation would 
remain at or ahout 7.9 per cent 
over the coming months. Mr. 
Hattersley said that what 
happened after Christmas .would 
depend on the policies applied 
in the intervening period. 

"My earnest hope and belief 
is that T9 per cent is how tt 
is and how it will remain." 

• He ..acquaed. .Tory; of 

switching their, attack to the 
Four-year rise in the food price 
index because they knew that 
the mose reliable indicator of 
the rate of inflation, the retail 
price index (RPI), no longer 
suited their case. 

“ The Tnries only abandon the 
RPI when it is moving In favour, 
not only of the Government but 
nf the people of this country," 
he declared. 

Mrs. JIT Knight (C. Edgbastonl 
argued that the RPI was 
“ gohbledyook," to the average 
housewife who knew, as she 
went to the shops week after 
week, that’ prices kept rising. 

Mr. Hattersley agreed that 
prices were rising, but claimed 
there was a remarkable . degree 
of stability from one week to 
another.. 


Queen’s lands 
takeover call 


The Treasury said last night 
that vehicle excise duty raised 
£864m in revenue in, the finan- 
cial year 1976-77. In the. same 
period,. Customs and Excise 
collected il.52l.9ro '.in revenue 
from petrol soles to all vehicles. 
By comparison. VAT on cars 
raised £94 -lm and (be car sales 
tax £22 5m. 


MR, WILLIAM HAMILTON (Lab. 
Fife Cent.) yesterday called on 
the Government to nationalise 
part of the Queen’s lands: . . 

He argued- in the Commons 
that income from the Duchy of 
Lancaster . -should : be spent .on 
hospitals. 

“The vast amount of money 
accruing tax free to the owner .of 
this estate - would be Far better 
used in- replenishing health 
service facilities instead of the 
income going'. we< know riot where 
— hut certainly 'not used in the 
public industries," the' 'MP 


progressive economic projects. 

In domestic Deutschmark loans. Or in long- 
term Euroloans in DM and Dollars, for 
example via its wholly-owned Luxembourg 
subsidiary or through its London Branch. 

Here, WestLB's great flexibility in raising funds 

on a vast scale is of great value to potential ! 


borrowers in both the private and public sector. In Brazil. 


In London, Sterling credits to industryis a 
vital local financing capability. And within 
established parameters. Yen credits are 
available from the Branch in Tokyo. WestLB 
Asia Limited Hong Kong is ideally placed to 
give easy access to the Asian Dollar market. 
Banco da Bahia provides Cruzeiro facilities 


Company law proposals 
out on Thursday 


BY MARGARET REID 


In France, one of German/s foremost trading 
_ partners, Banque Franco-Allemande - with 
its extensive trade financing experience - 
provides credits in French Francs. 


International and domestic financings are 
structured by WestLB's financial engineers 
headquartered in DQsseldorf. . 


When next evaluating your international or 
domestic financing needs, talkto the whole- 
sale banker from WestLB first He is backed 
by more than DM 80 billion in total assets. 


A strong force in wholesale banking 


WestLB 


Westdeutsche Landesbank 


Headquarters: F.O. Box 1121 D-4000 DOsseldort I.Tal. 02 11/82 61 - Franfcfurt Office: Tel. 06 TI/2 57 91 
SSUStBS; London.Tel.6336141; New York Tel. 754-9600: Tdeyo.Tel. 216-0581 
. ' . - . ■ ^ _ , - Subskfadffi. WestLB International S A. Luxembourg.Tal- 4 5493: WesiLB Asa Limned, Hong Kong. Tgl. 5-259 206 

EnttTff P"”** Qffiaes LatB1 «T» nca Onto New YbncTeL 7S4-S620: Rio de Janeiro. Tel. 2 24 71 62: Hong Kong and Southeast AsiaJsl. 5-228211: Tokvo.Td. 213-?8Tlr Melbourne. Tel. 6701 91 

fia flffBflripny Banque Fmnc<hftaenaandeSA,Pang.Tel 3 6901 09; Banco da Bahia Investimemos S>A,Bio de Janeiro. TeL 263 88 23 


THE DRAFT of clauses for a 
Parliamentary Bill which would 
give effect to various reforms in 
company law which the Govern- 
ment has long favoured will be 
published in a White Paper on 
Thursday. 

But It is not yet certain when 
the legislation will be brought 
forward. 

In the Queen's Speech last 
autumn, the Government fore- 
shadowed the introduction of 
legislation to reform company 
law, but this has not happened 
in the present session, because 
of shortage of Parliamentary 
Lime. 

The White P.aper with the draft 
clauses, showing in precisely 
what terms the Government 
would have sought to change the 
law, is clearly being published 
as tbe next best thing— and as 
a basis on 'which comments will 
be sought from those interested. 

The document is expected to 
contain clauses giving effect to 
tbe proposals in the White Paper 
" The Conduct * of Company 
Directors," which was published 
last November. These plans 
include the outlawing of insider 
trading — the use of confidential 
information hy directors and 
others to make personal profits 
by share trading— and provisions 
concerning loans to directors and 
the duties of directors. 

Other draft clauses will. contain 

provisions " to incorporate in 

British law certain requirements 


of the European Economic Com- 
munity’s second directive, notably 
on the distinction to be drawn 
between public and private com- 
panies. 

Britain is due to bring Its law 
into line with the second direc- 
tive by the end of this year, 
though, it .is . doubtful whether 
even a limited Bill confined to 
this subject could realistically he 
expected' tn become law In that 
time. .. ... 

Certain provisions concerning 
the Registry of Business Names 
are also expected to be included 
in the White Paper. 


declared. — 

Mr. Harold Lever, Chancellor 
of the Duchy of Lancaster, said 
he understood Mr. Hamilton's 
." republican views," but added: 
“You ought-pot to seek to give 
the - impression that this income 
deriveg,to the private benefit of 
the Sovereign. ; This is tat from 
the truth," • 


New MPs 


LABOUR'S VICTORS In last 
week's two . by-elections, Mr. 
Allen McKay (Penistone) and 
Mr. George. Morton (Moss Side) 
took their seats in the Commons 
yesterday. 


Barracks plan 


Scots records 
microfilmed 


WELLINGTON BARRACKS is 
to be rebuilt, Mr, Bob Brown, 
Army Minister, said in a 
Commons rwritten - reply 
yesterday. 


THE MICROFILMING of com- 
panies' registration records in 
Scotland should be completed in 
about a year's time, Mr. Stanley 
Clinton Davis, Under Secretary, 
Trade, ' said in , the Commons 
yesterday.’ 

Mr. Davis said that because 
substantial alterations were 
needed to adapt the public search 
room at Edinburgh, microfilmed 
records • could . not be used 
Immediately. “But.it is hoped 
that microfilming reading and 
other facilities will be introduced 
Into the re-deaigned search room 
at the beginning of. October this 
year when some 12.600 to 14.000 
files should be on microfilm," he 
added. - * ' ' 7 


Sir Malby leads 


Olympic study 


SIR MALBY CROFTON, Mayor 
of Kensington- and Chelsea and 
member of the. Greater London 
Council, is to oversee the feasi- 
bility study into holding tbe 188S 
Olympic Games in London. . 

Mr. Horace. Cutler, leader of 
tbe GLC, said; yesterday after 
asking Sir ‘Malby . tp take on . the 
job: “We have . to. ensure that 
the £50,000 earmarked by.- .the 
GLC for the study is well. Spent 
There is a great deal to be’done 
in the . way of meeting .people, 
making contacts and monitoring 
progrbk&T 



i l)l 


IPs' 


iCAL P 


I 





s ^'i/e 

<>l1 foo| 


Financial Times Tuesday My is 1978 


taxation 

CONSULTANT 

for a city firm of 

Chartered 

Accountants 

His or her main functions will be to give 
advice on taxation to the firm’s corporate 
clients, to undertake tax planning and to con- 
duct research into the effects of recent and 
likely future legislation. He/she will lead 
for the firm in all important tax negotiations. 

Expertise in finan cial legislation and 
powers of articulate presentation are the key 
requirements. Youth will he no bar to this 
appointment which is genuinely intended to 
lead to partnership. 

Salary negotiable and will extend into five 
figures. 

Replies to Box A.6415, Financial Times, 
10, Cannon Street EC4P 4BY. 


S' 


Budget Controller 


Bahrain 


c£U£00 


Our Client, the Arab Shipbuilding and Repair Yard, has ' 
recently commenced operation of a new and impressive 
cbydock and repair facility in Bahrain. It is one of the world’s 
most up-to-date and best sited drydocks catering for very largo- 
crude ca rri e r s (VLCCs) and over 1100 staff are now employed. 
A Budget Controller is required to develop further the 
budgeting function and to control all the shipyard’s budgets. 
The company's accounting and stock control systems are 
computerised, and a major responsibility will be to train an 
Arab successor. 

Candidates should be aged between 27 and 40 and ICMA 

qualified. F.Tpv-ripnre ■in irumranranr iiwi intanmntinrial 

company would be an advantage. 

The company offers a two year contract with option of renewal 
and a wide range of social benefits, including free family . 
accommodation, subsidy for utilities, educatian,medicalcB&fe 
etc. The salary is negotiable but will exceed £11,500. 

Contact Ann Cossar, London (01 ) 235 7030. 

PER Overseas, 4-5 Grosvenor Place, London SWL 



pnOFFSSKDNAL AND EXECUTIVE ReCRUTTIVTENT 


CHIEF DEPOSIT DEALER 
ASSISTANT DEPOSIT DEALER ? r , 

required by a new International Bank established in the City.. 
Apply Box A.6416, financial Times, 10, Cannon Street;. 
EC4P 4BY. 


LEGAL NOTICES 1 ART GALLERIES 


. NO. of 1»78 _ 

in tSe HIGH COURT UF JUSTICE 

CbwKvrV Division Cnnipanii-si Court- In 

rtw Mailt r o! ML' HI CLOSE LIMITED 
and 111 Lbe Mailer of The Companies 
Act. 1W. . „ 

NOTICK IS HEREBY GIVEN, that a 
Pi-ntton lor i he Windioa up of the above- 
tuiKd Company by Un; Hisb Coop nr 
Justice was on the 2Jth day of Juj» 
1*78, prctunicd to the said Court by 
ERtTH & COMPANY LIMITED »*0S0 
mJMerod oflhv IS airaatr at: 530 Hish 
Road. Lcytnn&iiMii*. London Ell SEQ. 
Bui liters Mcnriiams, and ibat the said 
Petit ii m is directed to ha board before 
«he Conn oitiinc at lbe Royal Courts 
of Justice. Strand. London H'CJA “LL, 
on the 51st day of July UTM, and any 
nredlfor or eontrlbuiory of • the saw 
Company desirous, to simoort or oppose 
the maWnR of an Order on tba said 
Periutm may appear a: the time of 
hi-arliut. in person or by b« counsel, 
for that porpose; and a copy & .»* 
TMKiun wiU be furnished by the under- 
glcned to any creditor or contrib utory 
.4 the sart Company requiring MtS «yv 
on payment of tile rwrolated eiuuw for 
the oaxm-. 

CRAPY k. WALLER. 

V 3. Hind Court. 

Fleet Sirw»«, London. E.C.4.- 
Hot. F.-TTH. Tel: UI-5K3 (All. 
bolieiiors for the PeuUoner. 
NOTE.— Any person who UitethU [to 
•wear on the bearim nf the said Petition 
must ai-nv ra, or send by pow to« uw 
■hovn named notice in unrMinR of jut 
Intention oo in do. TTw noUos most sura 
the name and address of tb* person, or. 
K a firm the name and address of the 
firm, and must be sUmed by the person or 
firm, or Ins or ihrtr wlidror tit any > 
arid must be nerved o r. jf Passed, mast 
be will by post I" " n ^ cj rut time ro 
roach the above-named not inter m*u 
four o'dock in rtin afternoon of BW 
soli day "f Jmy 


AC HIM MOELLER GALLERY. 6. bn. 
venor Street, on Bond Street. W.l. Tel.i 
495 761 1. Selection of IS paintings tjy 
KADINSKY and 20lh CENTURY 
MASTERS. Modigliani. Leger, Bra one. 
Mondrian. Ernst, Mire. Klee. Picasso HA 
through July. 


BROWSE «r DARBY, 19. Corn Street, W J. 
Rabin Phi Upson — Women Ohsorved. 
Mon.-Frl. 10.00-5.00. Sat. 10.0O-12J0. 


CHANORE GALLERY, S-6 Cork St- Wjl. 
01-734 4626. Exhibiting palntinos bv 
GREGORY FINK. Mon.-Frl.. 10-5 JO. 


COVENT GARDEN GALLERY FAR AWAY 
--Decorative watercolours. From and or 
Egypt. Indian and China. 20. Russell SC, 
W.CL2. Tel. 836 1139. 


FIELDBORNE GALLERIES, 63. Q«grt 
Gre«e. SU John's Wood. 586 3600. 
LANDSCAPES bv Roval Ataflcminans. 
-.WARB-LL-QiDjJB^—XLQhlj^-SasSUBSiij, 


FINE ART SOCIETY, 148 Nre BoM St.. 
W.l. 01-629 5116. EASTERN EN- 
COUNTER *- my Painters. 


MAUL GALLERIES, The Mall. J.W.L 
Society of Women Artists 116th Annoel 
Exhibition. Dally {Inc. Sun t 10-5. Until 
1 a.m. July 21rt. Adm. 2 0°. 


OMELL GALLERIES. Flnc BritKB and 
French MODERN DRAWINGS . Md 
Modern British MARITIME PICTURES. 
42. Albemarle Street, Piccadilly. WJ- . 


RICHARD GREEN GALLERY. 4 New Bond 
Street. London. W.l . 01-499 5487. 

BRITISH MARITIME ART. ralnUlws. 
watercolours and prints. Dally 10.D-6JL 


watercolours and prints. 

Satt. 10.0-1 ZJO. Ends 


July 


THE PARKER GALLERY. 2. Albmurte 
Street. Piccadilly. W.l. Exhibition . of Old 
marine, military and sporting and topo- 
graphical prints and paintings and ships 


VVILDC KSTEIM. Paintings and Drawings 
DIANE ESMOND. Until -1M J' 
Wkdys. 10-5.30. Saturdays 10-1 
idT. New Bond Street, w.l. 



Are you a Stock Exchange Investor? 
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or Europe? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
speculator? 

Are you hungry for the FT Index or 
news headlines? 

Whatever your interest... 
Wherever you are... 

Ring London. Birmingham 
Liverpool or Manchester 

246 8026 

for the 

FT INDEX 

and 

Business News Summary 


9 


THE JOBS COLUMN 

Signs of an end to accountants’ bonanza 


BY MICHAEL DIXON 

ALBERT IRVING was, by 
general agreement, one of the 
most capable accountants on the 
Manchester staff of Deloitte’s in 
the .late 1950s. But by com- 
parison with the other qualified 
men there who speedily got 
themselves desirable jobs in 
industrial and commercial com- 
panies, Albert found the 
frontier between professional 
firm and external employment 
hard to cross. 

Some people said the reason 
was that the handwriting in 
which he applied for jobs was 
too stylish and legible for the 
average employer’s taste. And 
when he started deliberately 
scrawling his applications, offers 
of interviews seemed to become 
more frequent 

But it seems sure that the 
real reason why Albert bad 
greater difficulty than his 
colleagues in crossing the career 
Rubicon was that where they 
were chartered accountants, he 
was one of the Jess celebrated, 
certified kind. Although he 
publicly stood up for his branch 
of the profession. 1 feel that 
before he won his desired out- 
side job he must often have 
wished privately that he had 
taken the chartered route to 
qualification. 

Since that time, the demand 
for accountants everywhere has 
outstripped the capacity of any 
single professional body to 
supply it. When Mr. Irving was 


studying, the six major account- 
ancy institutes probably had a 
total membership of only 25,000. 
This year, the figure , must be 
around 120,000. While' less wide- 
spread than before, however, 
the automatic preference among 
employers for chartered account- 
ants still persists. 

Even so, the result of the 
growth — most of which has 
occurred sn the latter half of 
the period — demands serious 
consideration by any youngster 
now thiqj dn g of taking up 
accountancy as a career. Today 
it is arguable that one might 
be wisest to follow Albert Irving 
up the certified -toute if, 
indeed, one would be wise to 
enter accountancy at alL 

This is not to deny that the 
Institute of Chartered 
Accountants in England and 
Wales r emains dominant Of the 
notional 120,000 total, this in- 
stitute alone must represent 
about 64,400. 

At the other- end of the scale, 
the Institute of Chartered 
Accountants in Ireland has prob- 
ably about 3,400 members, and 
its nominal equivalent for Scot- 
land around 9,300, with the 
Chartered Institute of Public 
Finance and Accountancy lying 
between with about 7,800. 

In the middle of the scale 
come the Association of 
Certified Accountants with some 
18,000 members, and the Insti- 
tute of Cost and Management 


Accountants with about 17,100. 

With jobs-market demand for 
their members apparently still 
increasing, all six bodies are 
continuing to grow. Even the 
dominant England and Wales In- 
stitute seems to be increasing 
at a rate of between 4 and 5 
per cent annually. But the two 
bodies immediately beneath 
have been expanding at rates 
around half as fast again, with 
the cost and managements 
making a stronger run than the 
certifieds. 


Popular 


The reason for the different 
rates of growth can have little 
lo do with difficulties in attract- 
ing sufficient supplies of would- 
be members. Accountancy has 
become a leading career choice 
among the nation's young. Of 
the 23,000 new university 
graduates known to have ..taken 
up regular employment in the 
United Kingdom in 1976, for in- 
stance, at least one in every 12 
went into accountancy. It seems 
likely that the six bodies also 
gathered an even larger share 
of the youngsters who left 
school with GCE Advanced 
levels at the age of IS. And the 
potential supply of entrants will 
remain copious over the coming 
half dozen years or so, as the 
eligible age group among the 
UK population goes on in- 
creasing. 


The main reason why the Cost 
and Management and the 
Certified bodies have been grow- 
ing at a faster rate than the 
dominant Chartered Institute is 
evidently a conjunction of two 
things. One is that big industrial 
and commercial employers have 
become more and more keen on 
training staff internally. The 
other is that people can qualify 
as certified or cost and manage- 
ment accountants while working 
in industry and commerce, 
whereas aspiring chartered 
accountants must serve their 
“apprenticeship” with a pro- 
fessional firm. 

Admittedly this conjunction is 
having only a small effect on 
the “ professional league 
table ” positions at present. But 
it seems liable suddenly to be- 
come a strong threat to the 
charterers’ dominance in the 
mid-1980s, when the age-group 
eligible for recruitment starts to 
drop sharply in train of the 
falling birth rate of recent 
years. 

To see why this threat might 
well develop, one has to con- 
sider another effect of the re- 
cent headlong growth. It is that 
the accountancy profession is 
now surprisingly youthful. My 
best guess is that more than 
half of the qualified accountants 
in this country are aged 35 or 
under. 

Given continuing high levels 
of entry in the meantime, it 


seems probable that by the 
middle 1980s. something be- 
tween two thirds and three 
quarters of the accountancy pro- 
fession will still be aged under 
45. And since — no matter how 
much the institutes might wish 
it — £ cannot see the economy 
expanding the supply of senior 
jobs available for accountants 
in proportion lo their in- 
creasing numbers, competition 
among them for higher ranking 
managerial posts looks bound to 
become far hotter than ever be- 
fore. 

Competition 

It is likely that this sharp 
drop in promotion prospects 
for accountants will become 
distinctly noticeable just as the 
age group eligible for entry is 
beginning its 10-year decline, 
almost inevitably causing the 
professional bodies to compete 
more keenly for their intake. 

if so, none of the institutes 
will be made more attractive 
by the general drop in pro- 
motion prospects. But it seems 
to me that this wiU have a worse 
effect on the England and 
Wales Chartered Institute than 
on the Certified and Cost and 
Management bodies. 

The reason is that pro- 
fessional chartered accountancy 
firms, especially the largest 
two dozen which absorb nearly 
half of each year’s recruits to 


chartered training, rely on a 
rapid turnover of senior sraff. 
Their habit is to select only 
a very few of their qualified 
staff for swift promotion. The 
rest are expected to stay for 
only three or four years before 
leaving for a job elsewhere. 

So one result of a sharp 
reduction in the availability of 
jobs for accountants elsewhere 
would look bound to be a 
sudden, severe gumming-up of 
the ranks of a large part of the 
England and Wales Chartered 
Institute. 

If that happened, I would 
expect it to enable the Certified 
and Cost and Management 
bodies quickly to secure the 
major shares of the *iiim mining 
market for new entrants, " 

Of these two. while the cost 
and management route seems 
currently to be the more popu- 
lar, I would personally be .in- 
clined to choose the certified 
path. With promotion pros- 
pects reducing, an aspiring 
accountant’s best strategy would 
surely be to have the most 
flexible qualification and, unlike 
the cost and management brand, 
the certified kind offers a fair 
chance of advancing oneself in 
professional practice as well as 
in industry and commerce. 

But before choosing either, I 
would now think very hard 
before going into accountancy 
in the first place. ■ 


¥xing 

Fund Manager 
(far east) 

The Chieftain Unit Trust group was established in 
September 1976. Our four trusts, investing in both 
overseas and UK markets, have already attracted funds 
worth over £9 million— an exceptional rate of growth 
by die standards of the industry 

We arc now looking for a young (probably mid- 
20s) Fund Manager) with experience in Far Eastern 
markets and in the Japanese sector in particular, to play 
a significant role in the next phase of our programme 
of expansion. The successful applicant will work in the 
stimulating and congenial atmosphere of a small but 
rapidly grpwing company Eased in the Gty 

Salary is negotiable. Please write with C.V. to 
Mrs. C. Carter, Chieftain Trust Managers Ltd., 

■ Chieftain House, 11 New Street, London EC2M 4TP. 



CHIEFTAIN 

T R U S T MANAC ERS LIMITED 


GENERAL AND MUNICIPAL 
WORKERS’ UNION 


PENSIONS ADMINISTRATOR 

(.Funds Assets £8m. 900 Contributors and Pensioners) 

An opportunity has arisen at the union's bead office, 
situated in Claygaie, Esher, Surrey, for an applicant who 
has experience in the administration of self-administered 
schemes, with particular emphasis on records and the 
calculation of benefits. 

The successful applicant is unlikely to have had less than 
.seven years’ pensions experience, and will possess a 
thorough knowledge of all relevant legislation. Membership 
of the Pensions Management Institute is anticipated. Salary 
in the region of £6,000 per annum; contributory pension 
fund; life assurance scheme. 

Apply in strictest confidence, giving details of career to date 
and current salary, to 

General Secretary, 

GENERAL & MUNICIPAL WORKERS’ UNION, 
f . Thorne Honse. 

Ruxley Ridge, Glaygate, Esher, 

Surrey KTIO OTL. 

Quoting Ref: LFJ 


Financial 

Controller 

ZAMBIA 

Minimum K75JXX3 (£10,000 pa) + 25% Gratuity 

A Finantial Controller is required byrthe forming division 
of on expanding international group erf axnpanies. This 
will be In a senior group position in -Lusaka end the 
controller wffl be responsible for aB aspetis of financial 
management of a group oF ‘farms including raising 
finance (maybe on an international basis}, preparation 
c; five year plans and supervision of accounting and 
administrative matters. 

The candidates must be qualified accountants and have 
had experience either overseas or in a U.tC agricultural 
environment. It is unlikely that those- aged under 30 
would have gained siiftaent expertise, Prospects exist 
far movement into general management within the_ 
group either in Africa or Europe; : alternatively group 
expansion in the agricultural sector is planned^ offering 
fy^eradvancanient-toa highly qualified candidate. 

Zambia offers a superb dimerte ideally suited to outdoor 
s portend leisure activities. 

The contracts are for two years, renewable, and the 
benefits indude attractive accommodation, car, i 
ous leave, educational allowance, medical c 
travel schemes arid other expatriate benefits. 

Please write With fall career and personal details to: 

W. E, Harry P.H. Recruitment Ltd., 

42, Uppenperkley Street, London W1H7PL 

\ 


ACCOUNTANT 

Registered Charity East Anglia 

The Sue Ryder Foundation is looking for a qualified accountant to 
join its administrative team based at Cavendish in Suffolk and to 
be directly responsible to Sue Ryder and the Foundation's Council 
The successful candidate will need to design accounting systems 
to deal with the new and expanding fund-raising activities which 
are being initiated to help meet the great needs of the sick and 
disabled. He or she will have in addition to hr? or her professional 
skills, qualities of dedication,- flexibility, tact and* sense of humour. 
Salary by negotiation. 

Please write as soon as possible for an application form to: 

Adrian Mann 

THE SUE RYDER FOUNDATION 
Cavendish, Suffolk GOTO 8AY 


IRAN OVERSEAS 
INVESTMENT BANK LIMITED 

Iran Overseas Investment Bank Limited is an inter- 
national consortium bank whose sharehuiders are ten major 
international American, British. French. German. Japanese 
and Iranian banka. The bank is active In Lhe management. 
of major international loans and syndications in aU parts 
of the world and in international banking generally. 

CREDIT ANALYST 

The bank invites applications for an appointment as 
Credit Analyst in its Loan Syndications Department The 
person appointed will be expected to undertake international 
banking and investment analyses, write economic reports 
and participate in the wider aspects of the work of the 
Department 

Applicants, preferably aged 25/3U, should have a degree 
or equivalent qualification in Law. Economics or other 
relevant subjects and have had training in multinational 
account management merchant banking or project finance, 
•preferably .with a major American bank. 

EUROCURRENCY AND STERLING 
: DEPOSIT DEALER -j ; v 

The- bank also requires a Eurocurrency and Sterling 
-Deposit Dealer with a minimum of two years trading 
experience including a working knowledge of foreign 
exchange. 

j Salaries are negotiable according to age and experience 
i but will be competitive. Usual fringe benefits are offered. 

Applications with full CV should be addressed to Mr. 
R. B. Taylor, Secretary. Iran Overseas Investment Bank 
Limited. 120, Moorgalc, London EC2M 6TS. 


Investment 


Management 


A leading investment management firm in 
Edinburg hag an outstanding opportunity in its 
Far East department for someone with initiative 
and ability. 

The ideal candidate will be a graduate and/or 
accountant with about two years’ experience in 
the securities industry and may or may not have 
had previous experience of the Far East 
The successful applicant will receive an attractive 
remuneration of salary and profit-sharing bonus 
depending oh qualifications and ability. 

Apply to James Laurenson 
IVORY & SIME LTD. 

1 Charlotte Square, Edinburgh EH2 4DZ 
Telephone: 031-225 1357 


MAYFAIR ESTATE AGENTS 

ACCOUNTANT 

PROPERTY MANAGEMENT DIVISION 
An opportunity exists for an ambitious accountant 
capable of controlling a mechanised system in property 
management and able to present information required 
by management and clients. The role will be demanding 
and interesting and fuU responsibility will be given in 
this expanding division. A good salary will be offered 
with scope for advancement 

Please ring Christopher BJyib Tel: 0M99 9363 


CONSTRUCTION INDUSTRY 

CHIEF 

ACCOUNTANT 


London based 


£ 10 , 000 + 


An e c.; s m mi*- v'en ,! frm c.f buitiimg 
Contras*' : . - >r ; d - .t :r.rc.-vhe-Jt '■~t U :.aio Earl and 
Ivortti Ajj -c r.rn ic-sru; a Or-*: Account**-:. 

i r ' i* I m Mi sr J nftvtiap »v 'be Chief 
Eugc-i .•? ?.n'. «. .-nfc; ne 

lv j.v-.vi 'ii jju pj ; z ^ jm 

u.;prdv - 1 . .. :th . ;.\J viu.'-rC'rt.'. .‘<sas 

ttj'.'rti v. r .^:Lu'. • 

Cin-J: ; v 'l j l.. •••.•— !•. •>••• t .- .:.-=d 

v ,-.-r . .. •: ii„.2 

. uo ji>-; •*,.. \ :i 

3;.dicuy A. i -ui. ' :»s 

T.Oind b- j u.U. 

_ Atidf.r.' * f •- •*!* ■-.•>. pi i.vMK'.e :;; '. 

EIU.000 ; <-• • • ! neowLo c-j. v.i;L*-<fi v. rn o;:i :: 
•b-.-rehr. . 

For an application form, telephone 0223 24892, 
or write is Robin Podd, Russell JSwbank and 
Partners Limited, Management Consultants, 
Prudential House, North Street, Brighten, Sussex, 
BN11RW. 



©chequepoint 01 

NOW SEEK AN 

EXECUTIVE MANAGER 

to j-jL 9 their manasemem team and assist In the comp any*® continued expansion. 
Applicants should be aaed 30-40 and Have the appropriate Skill and acumen to 
paruci^te m the nuns cement of our 24 boor 365 day foreign exchange bnsmess. 
A car and benefits tflli bo offered in addition to a salary which is negotiable, 
please Mite with full details to: 

Mrs. J. Burgess. 

OiequeptMUt Services 
47 Old Brampton Hoad, 

London, SWT. 


FINANCIAL PR 
EXECUTIVE 

LejSios inanuiusaJ OoWte relations 

OM’twniMl'o" Mste Qualified individual 
lor its Lonooa office to assist manag- 
ing dire ggr,. Interact between clients 
and rncmnw of- boanclal cnmmumtr 

In tne U.K. ano on tbe Continent. 
Excel opportunity. Compen- 
sation “Tg® annum. Pteaso sand 
resume W F.IOM. Financial Tim**. 

. to. Cannon Street. ECAP 4 BY. 


APPOINTMENTS 

WANTED 


EVMt NEED AN extra pair of bands? j 
Be In two places at once? >'m mate, t 
late 20 a. «xi>«rl«nCod ul«e, maiKctlno. 
GosU yen use me? Write Boo A-8417. 
FisaneM Tima. 10. CasnoB 
K4A-41Y. 


financial manager 

GENEVA BASED 
CHARTERED ACCOUNTANT 
widi 12 rears experience tbraugheiic 
Europe, avaOzHe on part-time bads to 
participsa "m pi ana e t m eat of Con- 
O’notKtl subsidiaries of UK computes. 

Write Boa AMI 3, Ftaaadd Tim*. 
%9, Gmefl Street, E C4P 4tY. 


ACCOUNTA^JCHAKIrsflSD. A com- 
vacancy uHt> in 
pawl* ceran creep o> companioi in 
preperty. msure and sport. Work 
involves.,. ?””»" tancy. admimstretiOfi 


involves g^muwancy.. admlnist>at,cm 

and » ot goation. Apply. 

in C.P.F.C. 

SolSurS; 6PU. 

runiter*. bo eompelent to take 


ct j r'-vv T oanaiire 
wwdtpo^ International 


LBWUB 


STOCKBROKERS 

JAPANESE 

DEPARTMENT 

This active expanding- depart- 
ment requires an additional 
person to supplement its 
young team. Full training 
will be given for' this wide- 
ranging clerical position 
which will involve frequent 
contact both with clients and 
other Brokers. A knowledge 
of Stock Exchange procedures 
would be an advantage. 
Salary is negotiable but 
will be commensurate with 
experience. 

Contact; Mrs. Hutchison 
623 2494 


CHIEF ACCOUNTANT 

required by expanding house building company, must be 
F.CA. or equivalent with experience in the Building 
-Industry. 

This'senior post will command a top salary, company car 
and prospects for promotion. 

The successful applicant will be in charge of the Accounts 
Department and will be responsible-' for inter alia: 

(a) Writing up books and preparing financial accounts 
twice a year 

(b) Preparing site trading accounts 

(c) Updating site appraisals every 2 months 

(d) Comparing actual costs Incurred with appraised costs 
on a regular basis 

(e) Preparing and considering detailed calculations of 
' work in progress for 6 monthly accounts. 

Please apply in writing in strictest confidence 

with curriculum vitae to: Mr, I. Fisch 


ARNCLIFFE 
HOLDINGS LTD. 

Holbeck Chambers. 101 The Headrow 
Leeds LSI 5JW. Tel: 445051. 


AkA 

/m 


LEGAL APPOINTMENTS 


LITIGATION 

Old-established, medium size Lincolns Inn Fields firm Is 
seeking dynamic prospective Litigation Partner in his/her 
early thirties to take charge of Litigation Department This 
is a very challenging and potentially rewarding post for a 
person prepared to take on responsibility preferably with 
some clients of his/her own. 

Please write in the first instance, with curriculum vitae, to 
Richard Cbamley, Blyth Dutton Holloway, 9, Lincolns Inn 
Fields, London WC2A 3DW. • - .2 


■ *1 








Financial Times Tuesday Jaly 18 1978 




COMMUNICATIONS 



EDITED BY ARTHUR BENNETT AND TED SCHOETHS 


Control by voice 


• r« COTpAMif^C controllers, audio amplifiers, 

tutviitumw and to serve as an interface for mENZTES . Communications hears is -in. normal "human" 

■ i »£• j microprocessor logi c outputs- It Systems is the new name for the tones and" different operating 

Simplified sra. sr&isysa sfir ■yss 

-m , lies, and can drive large loads £168di turnover company John acknowledgement 0 of correct in- 

PlPPllllC directly from logic or mlcropro- Menoes (Holdings) to market put by voice or tone Elimination 

LULulld cessor outputs. . computerised voice response of the use of modems and the 

• . , * • Use of the new voltage-con- syst ems. immediacy 0 f response means a 

Oirl nocicrn trolling .dewee « switching regu- - . ftmr ma1or UK insta] . great cost saving an d simpUfica- 

alll UvMkU lators simplifies design and man- , Ha In f f0 J ir . ma]0 u . ~ tion in systems development- 

® ufacture. It greatly reduces the involvmg approximately J ms develop* en 

SILICONIX is selling the first of number of components, by elim- 700 executive users. MCS is ,,52131 

a new family of high current mating most protective circuitry, finalising arrangements to offer wdc Comrnjfmi 


Simplified 
circuits 
aid design 


and- high voltage field effect Silicon!*, Mortston. Swansea, systems with additional 
transistors (FET). serving both SA6 GN1. 0792 74681. ranahiiiilpc 

analogue and digital applica- capamuues. 

tions. The VNS4GA has rated : Linked with this development 

capabilities of J2j amperes, 80 L’^rif rOTIOlP is the recent appointment- of 

volts and 0.4 ohms— 3bout a six- X 1 1 CUdl I Trevor Sokell, former business 

fold current increase over pre- manager at ICL, as managing 

vwusly available units. nf hoards director of the newly coo- 

-With input power in the micro- UUm.UO stltured company. With a sales 

watt range, the first device pro- p^ST TURNROUND board re- and engineering team which Is 


finalising arrangements to oner WDC CenputeRjlN To!fcm$n 
systems with additional gb. Colgate Palmolive, smedley 
capabilities. HP and- John Henries (Hold- 

Linked with this development .*?£?• The 350 dealers of Volks- 
is the receot appointment- of rai Lls “fc," ttS^uTvota 
Trevor Sokell, former business response unit at the VW central 
manager at ICL, as managing parts depot to ensure delivery of 
director of the newly con- spare parts within a 'maximum of 
stltured company. With a sales bours - 



for 

construction 

01-9951313 


INSTRUMENTS 


Intelligent 
heat probes 


Every Colgate-Palmolive and 


duces up to SO watts output at pair service by System Industries currently being expanded, he Smedley-HP salesman is 
lower frequencies, or 50 waits (Europe), the Woking based sub- now heads an organisation which equipped - with a portable 


can be delivered ar 30 MHz. sidiary of System Industries Inc., commands the greatest expertise terminal only 12 cm x 9 cm to 
This input power is several supplier of minicomputer disc on voice response technology in send orders to the; central com- 


wherever 


orders of magnitude less than subsystems, baa been called the UK. puter system from wherever 

that required by Darlington Express Board and offers a 10- MCS was the flrst comply in = they may be— home, hotel, tele- 
b i polar s of equivalent output day turnround. the UK to implement a large- Phone kiosk or. even customer 

Kfj; y 2 HEJK S «le U voice re^ m onse SJstfS Wfe* .This has greatly 


The new sports centra at Kilmarnock, Scotland, 
with an inflated Gourock airhouse roof supported 
by pressurised air. Mounted on toj» of a three- 
metre high precast concrete perimeter wall, 
inflation of the airhouse is achieved by a con- 
tinuously running electric fan which provides three 
changes of air every h our. A diesel .driven 
stand-by unit H installed for emergency use and 


double airlock doors ensure that there is no undue 
pressure loss. 

The design allows a high level of natural 
shadow.free lighting -even on dull days and the 
centre was completed In a record time of three 
months at a cost of half that of a traditional 
structure says the maker, Clyde. Canvas Goods 
and Structures of Port Glasgow, Renfrewshire. 


greatly 


retains the inherent benefits of per cent of the boards current * - e ^ e p office public simplified paperwork -and order- 
fast er-s witch ing. __h^gh _g3 in . _and one-off list pne e, ,bu t an _emer- SSghedl teleoScme network. The *“8 Procedure within these 


M5ici-j.Hi.mu6. “***• to-—. uuc-um ua. ,uui au rare*- Myjtcheri teleDhone network The ,n g proceaure within these 

H!*« .S?"™* 2? SET J“-"5£iaa Other trpteel .ppliclons 


COMPUTERS 


PROCESSING 


units, it aisu pru*iue* mutrieni aoie at a -u kiu jureuarge. nn lino nr ae ctand-alanp 

fail-safe operation with no The service is based on an in- if, ofm* mir? 

failure from secondary break- house Testline AFIT 3500 pro- 


iiuure i rum su-Lui.uary oouse nru ^ pru- "*** USk* \S227 “ COlle ^°”* , X ohm 

down no thermal runaway and grammable tester which the com- “ Jraptf orally credit vertficStion r^hiX maU THERE IS good news for all large chunk of it is presented by ft 01*0 Til'll ture 

2*J!S L l !“ l -SES lt by Sutton terSl $SS throuS retSV? ^Uerrion those who ail concerned at the CDCs Plato and., the company pUUlUgl 


Helping the illiterate 


TWO MODELS afP currently 
available in a new micro-based 
digital thermometer aerie*. These" 
are the 2180A, which is for 
applications using- platinum or: 
n-.ckci resistance sensors and the 
2 190 A for use with thermo- 
couples. Both offer the facility . 
of switch-selectable 0C or OF 
temperature registration. Use of 
micro provides significantly 
greater flexibility, and enables 
the highest accuracy revels to be 
achieved. 

Model 21 SO A offers switch 
selectable temperature resolu- 
tion of 0.01 or a 1 degree for 
temperatures bolpw 240 C. It 
can handle the complete negative. 


7\ and positive temperature ranges 

lyl lira IS Trom measurably hy 100 -ohm platinum 

IT1U1 AAV Atm resistance, and lOfrobm or 120- 

V ^ ohm nickel resistance tempera- 


controlling the gate voltage. and repair of boards from its own ° tfiinVuinV whieh 

Siliconix is offering designers disc systems. ISm! ' WhlCh 030 Menzies Commu 

a universal high power device ■ System House, Guildford Road, De fixed or portaoie. . Systems, 20 High - 

for switching regulators, motor Woking, Surrey. ‘ Tel 04862 5077. The voice which the’ user Camberley. 027B 62718. 


button terminals, linked through order and retail data collection. ^ l0s ® w h° are concerned 


levels of illiteracy in Britain asserts, makes Plato the v only 


re sensors. 

Model 2190 A is available in two 


Cornmiifiira tions where there" are now bought to computer instruction system. % Tendon in a^resolution^f 0J 'decree °ovbt 

High - Street, s* o™ artll i t iii<r 0 n.rp« «riih «■» whirh r,rr.,»iiv »P!.rhP_«s thp IDTV Enterprises of London in “ _ DU "1,1 


Street, tie 2m adult illiterates, with one which actually teaches 


, »»»»M»»««MtMWW*WwtlMMMIWIHWWW«MMMWIMM«W« ll w « M i m^ t ^| M| 


Now Issue 
July 18. 1978 


ThiBMtvartisementappMri 
« ■ matter of record onHr 




Sanyo Electric Co., Ltd. 

Osaka/Japan 


DM 150,000,000 

3y 2 % Deutsche Mark Convertible Bonds of 1978/1988 


Offeffng pries: 
' Interest 
Redemption: 


Convenian right: 


3m% p^. payable seml-anmianyon June tend December 1 - 
on June 1 ol thB yeais 1984 .through 1988 In five equal Instalments 
by drawing of series by lot at per. 

fram November 1.1978 into ordinary sharee of Sanyo Electric Co, Uri. 

at a conversion price of DM 2.95 par share 

Frankfurt am Main . .... 


Deutsche Bank 

AkfacngeMUachaft . 


Nomura Europe N.V. 


Dresdner Bank 

Mlie»igeaell»cnati 


J- Henry Schroder Wagg & Co. 

Lktutad 


Swfes Bank Corporation (Overseas) 


Daiwa Europe N.V. 


Sumitomo Finance International 


Abu Dhabi Investment Company 
Amstardam-Rotterdam BankN.1L 


AlahH Bank of Kuwait [KS.C.1 


A. E. Amee & Co. 

Llrrutad 


Algemene Bank Nederland N.V. 
Amhold and S. Blaiohroeder, Inc: 


Associated Japanese Bank 
(International) Ltd. 

Banca del Gottardo 


Atlantic Capital 

Corpora ban 


Bancs Commenriale ttaltene 


Banca della Svizzera Haliana 


Bank of Amarica International ' 

tmiiiad 


Bank Julius Baer International 

limited 


BankLeumi le Israel Group 

Banque Are be at Internationale 
d'lnvestissement {BJLI.I.) 

Banque Gdndrale da Luxembourg SJL 
Banque Nationals da Paris 


Bank fOr Gemelnwlitschaft 

AkOengastOschatt 

Bank Mess & Hope NV 
Banque Bruxelles Lambert S A 


Bank Leu International Ltd. 


The Bank of Tokyo (Holland) N.V. . 

Banque Franca Is* du Commerce ExMrieur 


Banque de tlodochhm at da Suez 
Banque de Neuflize. Schlumberger. Mallet 


Banque de Paris et des Paya-Bas (Suisse) S A Banque Poputarrs Suisse SA Luxembourg 
Banque Worms . Baring Brothers &Co« 

Lamiad 


Banque Internationale 8 Luxembourg SA 
Banque de Paris et des Paya-Bas 
Banque Rothschild 
H. Albert de Bary & Co. H.V. . 


Bayeriscbe Hypotheken- und 
VVecbsel-Bank 


Bayeriscbe Landesbank 
Girozentrale 


Baysrische W reins bank 


Berliner Bank 
AUt«ngo9ell3KlM(t 

Caisse des D6p6ts et Conslg nations 


Berliner Handels- und Frankfurter Bank 


Btyth Eastman Dfflon ft Co. 

Intarnattaral Umtted 


Christiania Bank og-Kradltkasse 


Compagnie Mondgasque de Banque 
Credit Industrie! et Commercial 


Credits nstalt-Bankverern 
Credit Lyonnais 


Doi-ichi Securities Co- Ltd. 
Deutsche Girozentrale 
- Deutsche Kommunalbenk - 
Euromabiliare S.pA Milano 


DB Finance (Hong Kong) Ltd. 
DG Bank' 

D«ub«ha GtnMtaraehatabenk 


Commerzbank *• • 
AkMn0«riUEh«n ' 

Credit Commercial de Franca 

-Credit Suisse White Weld 
UmiM 

DelbrOck & Co. 


The Development Bank of Singapore 

LunitM 


European Benldng Company 

UniKf 


Hrst Boston (Europe) 

limitad 


Robert Remlng & Co. 

Limiicd 


Goldman Sachs International Coip. 


Groupement dee Banqiriere PrivAs Qensvoto 


Hambros Bank 

Lirruiaa 


Georg Hauck&Sohn 


Indus triabank von Japan (Deutschland} 

AIJionQfMlIictviit 


Isthuto Bancario San Paolo dl Torino 


Kidder, Peabody International 

Lunitsd 


Kredietbank SA Luxembourgeolse 


Kleinwort, Benson 

UnUM 

Kuhn Lesb Lehman Brothers Asia 


Hill Samuel & Co. 

UrtuteU 

Jsrdine Remlng & Co. 

UniM 

Kredie thank N.V. 


lOiwait Investment Company (SAKJ 


Kyowa Finance (Hong Kong) 
Ifemmf 


Kuwait Foreign Trading Contracting ft 
Investment Go. (S AK.) 

Landesbank Rheinland -Pfalz 
- Girozentrale - 


Lizard Brothers &Co, 

Unaud 

Manufacturers Hanover 

Limit ad 


Lazard FrtrasetCIe 


Lloyds Bank International 

Urn Had 


Merck, Rnck&Cot. 


Merrill Lynch Internationa! & Co. 


B.MetzIerseeL Strfm&Ca 


Samuel Moptagu &Co. 

UmMd 


-Morgan Grenfell &Ca 

Uritflad 


Morgan Stanley international 

UmiM 


National Bank of Abu Dhabi 


New Japan Securities Europe 

limiMd 


The Nlkko Securities Co, (Europe) Ltd. Nippon European Bank S A 


The Nippon Kangyo Kakumani 
Securities Co. Ltd. 


Nomura Europe GmbH 


Nomura International (Hong Kong) Ltd. ' 


Norddeutsche Landesbank 
Girozentrale 


Den norske Creditbank 


SaL Oppenhefmjr. & Cfe. 
Piereon, Heldring SPierson N.V. 


Salomon Brothers International 
Unriud 

Singapore Nomura Merchant Benkfn? 
Ununa 


dsterraichlsche Undedrardt 

AktlangM«llKh«tt 

Orion Bank 
UtnHad 

N. M. Rothschild & Sons 

UiUMd 

Sanyo Securities Co^Ltd. 


Okasan Securities Co, Ltd. 


Osakaya Securitiee Co, Ltd. 


Saiiama -Union International (Hong Kong) 

IbilM 


Schrfider.Manohmeyar, Henfi rt A Co. 


Skandhiavlaka Ensidlda Banksn 


Smith Barney, Harris Upham 4 Co. 

tneoraamd 


Societd Gdndrale . 


SocMM Gdnfirale de Banque SA 


Svenska Handebbanken 


Taiyo Kobe Finance Hong Kong 

UfluUd - 


D.WTbytor 4 Company 
IMtid 


THdent International Finance 
Limit*! 


IHnkaus & Burkhsrdt 


Verband Schwetorischer KsntonAanken 


Union de Banques Arabes et Franpaises - 
u^AF, 


Union Bank of Switzerland (Securities) 

UlUM 


Vbrelns- und Wostbank 
Akimcntltfciun 


JLVbirtobdiCo. 


Vfako Securities Co, Ltd. 


S.G. Warburg & Co. Ltd. 


Wardtey 

Umliad 


Wbstdeutsohe Lwidesbsnk 
Glrezentnle 


VVood Gundy 

Unvwt 


TsmeJchl tirtomotfonal [Europe] ' 
InM 


M- M. Vbrburg-Brinckmamv Wirt* ACet, 

Vfeatfsienbank 

New-ara wit 

Yumtana Securities to, ltd. 




WMiiHwiwiiimnwMwwiiiiHiiHHniniriHiwwwiMiiMiitmmwiwnmit 




« -IX. *xxxxxx. ..UWIBUT* <uuu >uuquj w.s v { . polour rransnarvnrv can tnc complete . thermocouple 

in every, seven children coming students while managing ^Smcdimoah^h^quahty temperature range. One version 

out of primary school cannot read instruction process itself. mural of 4 5 x 3 min unit designed for use with thermo- 


or write properly. Plato is able to display lesson Sr ™ln full cdUmS. couple t>-pes J. K. R. T or C. and 

It comes from a series of ex- materials on a screen in the, -j^ c process originated by the other with thermocouple 
periments carried out with CAL form of animated graphics, draiw in Japan startswi tb optical types J K, R. S or E. The 
—for computer assisted learning ings or text The student com- scanning of the transparency on specific thermocouple type is 
—techniques, long the poor re- municates with the live system % cylinder. The entire image is manually selected bv means of 
lation of the huge and growing either by pressing a fingertip to^ progressive^ anaJvsod and a switch on the instrument's 
family of computer applications, the screen or pressing character separated into the three basic plug-in Input module. 

-BSLS (basic skills learning keys, and therefore at his own CO h 3 U rs. cyan, magneta and yel- In common with the- model 
^stem) developed by Control speed. low. After some electronic pro- -2180A, a multipoint selector 


KlJhto nf pnnppn rr a fi simply shout “ help!** slowly rotating cylinder on which used with a combination battery 

no. e i«nr,;n°ff h* Plato has already been recog-.the mural material is fixed. The pack and stable dc supply voltage 

one years learning oy ine __ _ motinnmiclv vnrvinc sien.ils nre- rmm ^inmV j.innmV 


o»sed as a substantial advance continuously varying signals pre- from -iomV to +lOOraV, to 
W hoi^s of ne^tech- in its field by the presentation cisdy meter the air pressure to simulate any thermocouple 
noloCT educatST This bS to the company in June of the each of the three colour guns input . This enables the instni- 
SSlTinm s^v-en houre witTS 1977 Service Award of the and to a fourth, black -gun. to ment to compare, calibrate or 
CAT svstcm develowd Tv Con American Society of Training give body to Lhe Image. check any other thermocouple 

Sol Dafa under thl name of and Development (ASTD), as /.Several kinds of material can whatever its location. 

Plato and the remainder in out- weil as ^ winnin S in the P 1 ^ ^ employed on the big drem Fluke International. Garnett 
side study “ 1 ceding raonib of an award from raduding paper, hessian. vin>l Waford VTD2 4TT. 0923 

R^ulS secured in the US the li.S. Association of Educa- cotton, synthetic lea(hcr. felt. 33Q66 , . 

require 15 £ga exa^naUcn! tlon.1 Data Systems. . _ . -J* . number f J^ woojlen 

especially where the developer It would appear that GDC has i-eded to produce a 4.5 x 3 metre 

says that the drop-out. rate with picked up_ the torch .for Com- ^ d t p hQse can oF tf0urse be A MA/ |* fjl 
P>to is less than 5 per cent puter Assisted Learning from join e d t0 produce a larger mural. /\J1()Q1C Ullli 
while that “in other remedial RCA. whose exit several years So f ar 'there are only six of x -m-**.**,*. 

programs for functionally ago from the large general ^ macb ines operating (four • 

illiterate adults reaches as high purpose computer scene made . Australia . one in Los Angeles rniCftI10SS 
as 50 per cent" its involvement with develops ^ on ^ in Tokvnl am i a London 

BSLS was developed In the ment that demanded computers instalIation is 'planned for the 

U.S. primarily for the age group of this type that much more new year. For the time being PHlfPt* - 

16 to 24. It is not aimed solely difficult ■ uk orders will be sent away for 


Anodic film 


at reading, but also at language 
handling and mathematics. A 


--- — — , ■ . ID&iaildUl'U lb pioiuiEu IM • 

of this type that much more new vear . F or the time being - 

difficult. - uk orders will be sent away for t?****©^ 

Further Information on Plato proressinc an d a three-week NEW FROM Surfatest is an 
from CDC on 01-930 7344. - ^ ■ delivery j S offered. addition to the Minifest range of 


■ -Because almost any colour coating thickness gauges. Type' 
i- - * Image can be reproduced, the N.50 has been built specifically 

L-- _ - -. - p ■ ■ ' •i'’- ' Ncco .system offers interesting for the measurement of anodic 

nvinro milCPm TAT* miTITC " alternatives for architects, films oh- aluminiutq, and other 
liTiOJlv lilUkDClv JLUJL 11111119 interior designers. v advertising thin coatings on non-ferrous 

-- agents and the craphics/display me tals. The instrument has two 
FOR THE second time this year, 4K chips which have hitherto industry in general. scales, 0-50 microns and 0^00 


Honeywell has announced modi- been standard in the Level 6 Basic prices “j® JSL?} mlcrona so that thin coatings of 

SSTJ? tt. m». « .« «!«. the 0V*» metreon Pjper r^s to BTJO rt a, little m S aim* an he 


.. une, users are riven uie unuiun — , , , « •» uikiuus mu tro 

fica tions and additions to its concentrating more jnemory the bottom end of tbe fabrics measured with accuracy. The 
small computer Level 6 senes iftt0 lcss Rpace Now 25fik words ranee: there is a discount stoic- measuring tolerance is plus or 


which keep them competitive occupy only two memory tu JJ* 


with the continuous stream of slots instead of eight, and a T it? 17 rr-iv^n Kill Lnn- ■ •— v « uu 

new offerings coming from million words wiU fit into the w-?Vt?r Vn?!ifS Mis) I s operated from two PP3 typa 


More from Suite 24. Craven 


minus 3 per cent of full scale 
Minitest is fully portable and 


manufacturers in the UB. and eight slots previously required 
Europe. for memories a quarter lhe size. 

Three new processors are in- Disc storage capacity of Level 
eluded. They are the Model 43. 6 has been almost quadrupled 
similar to trie 6/43 it replaces irith Introduction of two new 
except that it has a larger power units, the 128 Megabyte . MSU 
supply; Model 47, a completely 9103 and the 256 Megabyte MSU 
new high-performance and com- 9014- Both have 12-high disc 
mercMLily-oriented processor: and paries (as compared: with 5-high 


iy required doa ’ 3ER lOM® 6418). g vo it batteries. Measurements 
ter the size- - are taken with a spring loaded 

, _ , constant pressure probe, 

tty of Level Type N.50 operates on the 

quadrupled MACHINE TOOLS edll y .current principle and can 
of two new • lww ' n,n6 be used on aR -metal substrates, 

labyte MSU , 1 ‘ provided that the coating is an 

gabyte MSU pi*pcc; TO IrpC ■ -insulator. Other instruments in 
12-high disc A X vvW the Minitest range cover measure- 

with 5-high ■■ ment coatings on - ferrous 

irunits) so OWkW^ffl bases. 

drive per tl tt TT (LL BA ' . This equipment is built in 

■ lm Mega- - Germany - by - Elektro-Phyaik of 

apacity can C510T1P5 Cologne and is available ' from 

a subsystem - Surfatest, 10 Portland Road, 

. ^_. T __ Mn fnr Bowdon, Altrincham, Cheshire. 

.. A NEW 160-ton crank press for Qgj ggg gggg 
Information profile drawing, flat drawing, w 

7 rwiirn Pwah* “ ' ! _ . Aihae 


• MACHINE TOOLS 

Press takes 


metvjaiij'-wjtruicu pacKS v*S wrui a-uigu >■. 

the Model 53, anolher new high- disc packs in. ©artier units) so O’WtI/’ TITQT ff 
perfommoce addition to the requiring’ only one drive per CL Tt Sa. tt IX ' 

Level 6 line particularly suited cabinet. Thus over lm Mega- - : 

to large-volume jobs involving bytes of ' storage capacity can CJlOllpC 

local processing, transaction now be provided in a subsystem ' 

work, and database management of only four units. . , - n ™ D fnr 

rnnDins .timultaneously under „ ,, t . . . A NEW 160-ton crank press . tor 

tli^ nrOS 6 no era tine svstem' Honeywell Information drawing. drawing, 

me UL.U& b operaung system. Sy5tcxns Honeywell House. Great cutting, deburring; and other 

With the introduction of 16K west Road. Brentford, Middlesex, me talf arming ' operations • on 


memory chips. In addition to the Tel.: 01-568 9191. 


Small business system 


HEWLETT-PACKARD is pushing to 


: 01-668 9191. sheet metal components has 

• been '> introduced by • Erfurt 

Machinery, Sheffield. 

.Intended primarily for use 
rxrrtf Ayw • vriib coil feed and transfer equip- 

SyMCIU - ment to permit fully automatic 

w - production of medium-sized com- 

service. To ,i,cW the 


match tight 


i» pusuiuK w aervux. m . ^ 7 non x 9% mm table and . 

further into commercial comput- repair of processor components, *_ m mm • area hb M *has Introduced, lovwmit 

jng with a new small business a rollout cage drawer- . - awkwardlv-sbaned strain gauges .which -have a 

system, the HP 250, a flexible containing the .^ecttqmcs for the J 1 ^ to^hwJie?” tSSSr Se etcbed.foU 

disc-based business computer processor, tbe memory and disc p R . . eccenlrtc j oads can he and finned soldering tenhfnale 
ramMiSiM base ' nianagement control j** e^With absorbed by the new machine as fully -embedded in a 40 micron 
capabilities. • hnllt « ^Sif^test ^nd a result of Its fWb-poim suapea: - thick ' poly ijUTde carrier specifle- 

Hardware for the system Dfthe rom- slon and rigid welded steel frame, ally designed for ease of appll- 

includes a standard typewriter- iSes Good access to the tooling area cation in static and dynamic 

like keyboard, a display, 128.000 greauy Ja maintained by the open stress analysis, 

bytes of system memory, 324W0 reaucea - fronted design. It combines good continuous 

bytes of. user memory, two 12m Customer support services are An unusual feature of the vibration response, low hysteresis, 
byte flexible disc, drives and a optional in tbe form of service P-KDZ- '160- is the provision of excellent linearity and wide tem- 

180 cps impact printer— the contracts, software service sub- two. built-in drives taken from perature range with a .flexibility 

HP-263L scriptions and. comprehensive the nflua transmission at the top that allows, the gauge to be 

Proerammin® i* in a business software support HP’s standard of the machine through 1:1 ratio, bonded to a 0J mm . radius 

vftreinn nf up> hncio laneuapp system discount schedules shafts outside the frame, one on surface. 

version or xur-s oasic lanbuage, _ rm ocn .k- /.nil I T Vjm ..~4T. h. 


mibpro^: multiple «PPlJ.to the HP-250. 


the left: for feeding the coil Each type: LY41 with h tera- 


character variable, names - and More from HP at - King Street aDd . a se ^“ nd oa The ri Sht perature co^fflrteirt that matches 


flexible output formats. 


Winneasb, Wokingham, ^ or . powering the scrap cutter steel and LY43 thbt matches 


During the deeign stage. Berks. RGll 5AR. Wokingham which chops and collects the aluranilum. is available lb nine 


considerable attention was given 784774. 


* TEXTILES 


waste material.- different sires In 120 ohm and 

Erfurt Machinery, Dove House 350. ohm nominal resistances. 
Industrial. Estate. Orgreave Cayl Schenek (U.K.), /Stone- 
Close,. Sheffield S13 9ND. 0742 field Way, Ruislip, Middx HA4 
69734 L OJT. . 01-841 5121. 


Stops dust at source 


SINCE open-end spinning came have been suggested and now W||6H 3 C2U%te5S 30 IDUllltSS • 
to replace a growing proportion the French company S.A.C.M., 

of ring spinning machines, it has Mulbouse (British agent: Aller- COUlU lllCall O COSCIV 1/ luOlllllS 
brought with it a demand that tex, Lower Paradise Street, ALuifiejiitri kali ««**■■ mutfl 

the so-called microdust, parti cu- Bradford- BD1 2 HP; TeL 0274 UlvvUlUiy DUl^yUU lipCO 

larly found in cotton, be elimi- 23783) has proposed another Cprrailti MAVimiim HAItlAnfl Mnnitor 

nated as this will collect in the system. This la ro have a special rei««UI mMI li lUI n MCKUanU IrHHinOU 

rotors of machines and reduce feed to the card and so very IfyouareonamatimumdeniandtariffandyDueflCeedyourlarE^bya 
operating efficiencies. vigorm^yopen thecottooflb^ small arrraunt, you txuld be charged for this excBSthroO^t^ 

Various textile machine A . ^ “ 12 months. ■ .^7 

nat de ^ generation ***** afed Thektert ■ 71 55r^!!^ hi • 

M tr far M W mwSwe ar The° e r4uU t^rom^S^^lalmSl^toV®- s^^our.' Automatic l^Sntrol faciiitiesc^ialsp be [SSdforLitaSe 
OF these efforts has been to duce * particularly clean sliver applications. . 

improve very considerably the that is ideal for the demands Maximum Demand Monitors cancut the demand charge on your 

working atmosphere in spinning of open-end spinning and aids In electricity bill by up to 20% Jf your maximum demand is mtheordererf 
mills where now the atmosphere J ee P l “S the mill atmosphere' free 1MW/MVA you should recoiwyour investment^ within 12 months, 
is becoming comparable with * r °m dust and fly. .• Ferranhkeepa hawk eye on electricity COSfe. Send . ‘ ~ 

being In the open air. for more details to Ferranti Limited, Instrument - r 

Microdust is a major coptri- — *— Oepartmerit,Atoston, Manchester AJ 10 G8C. - • ~ T _- 

butor to what is known in the " 06 1-681 207 1 Telex: 667S57 

trade as “brown lung.” This is • By agreement between the _________ . __ 

a disease that has largely been Financial Times and the BBC, 14' 1-7 A J\j r 1 'I jSd 

eliminated in English mills but information Iran The Technicol X JUJ-VJLVC31 1 XX 

which Is still a major problem Page is available for use by lhe Mavlum i ftiHnawrl*HAwltef . *y , l ' i, - - 

in many mills overseas. Corporation's External Services *' COMU " - • V 

Various approaches to solving os source material for its oner- FOaaffH 

the problem of dust extraction seas broadcasts. _ ’ •- -U; .. as *. 


If you are on a maximumdemand tariff andyouecceedyourtar^ by a 
small amount, you could be charged for this ejcessthroC$iout the net 
12 months. • 

TheFeronti Maximum DemandMonitor not OTtyerisures that 
you cahavdid this but helpsyou make the b®tusectf the energy available in 


FERRANTI 

J4aximnin Demand Monftor 


FI333g0 


/.'Ci- 


•4^ 


\ 




jjnanclal Times Tuesday July 18 1978 


The Management Page 


NEB hunters come up with a high flyer 


EDITED BY CHRISTOPHER- LORENZ 


B^d’s recen^nvp^i 0 ?" 56 sense a ^ duck, la inter- 

SSS^s §£5 ^ve p 

vtirnment in an * e " ,r ° te f»S hand of the NEB K 

The diffim.thc i* *»,* ♦u™ 8 * has not been CT1 deat Since it . 
kind oE^ nrTviL* ? e Very t00k a 26 Per “nt share in the * 
?„„c Pr ? enterprise company a year ago. But tbe f- 

admire C is Pr0fess to availability of a £700,000 loan > 

Sja-w-wars au*. tur^ix : 

in this kind of business, the Tho kte-d v. .. 

qumim •'.-asssr x 

- „ -,« sta L%z 

ri'sv -=st 


port from 
pany may 
matter. 



one or tne live computer tive preference : shares 
systems companies in which the snares. 

NEB has bought sharee UritK 


John Gow (left) and John Parkinson' of Systime — their company 
has found a lucrative niche In the market for small business 
computers. 


Since 


liberally decorated with potted performance - of each geo- 
plants and ferns— just like a graphical area, going through 
modern office. Undoubtedly his all the conflicting demands on 
ability to inspire personal sales, programmers and m anu- 
loyalty has helped to build up facture. 

the company. Mr. Parkinson believes the 

From a turnover of £12m in main constraint on the com- 
1975, Systime reached £4.25m pany’s growth over the next 
last year: this is expected almost few years will be the time taken 
to double this year to £ 8 m. By to instil these ■ management 
1982, the company is lookfng principles into all parts of the 
for a turnover of £30m, of which company. ‘"which is now over 
about a quarter .would be 300 strong. Soon the operation 
exports. will become too large for such 

Any company growing at this personal control: the detailed 
speed quickly runs up against management will have to be 
management problems, and the devolved to divisional heads, 
danger of expanding so fast that “ The major hazard is that we 
the whole structure topples could become overstretched in 
under its own weight. terms of the level of service we 

Mr. Gow shrewdly recognised ran 2™ to customers,” he says. 


: V m *L a r 


SYSTIME’S 
RAPID6R0WTH 


B 


PROFIT 

TURNOVER 


■£M Bm 


. .£t-29nv 


X O' 03m 


£ 0 -D 6 m 


£0-65m 


£V2Bm 


£2-80m 


£4- 25m 


1 

I 

j 

I 
1 


£8m 


1974 


1975 


1976 


1977 


1978 1 
proved! 


■1 

!i 

I 


Since 20 per cent of our busi- ware systems which it can sell Systime’s 10 per cent margin 



business computers. 

The company has all the TnCGIltiVP^ 
hallmarks of technical skill and 1V ” 


&SHS5 3SSS SS333S1 1SST 

business from the managerial *-»*■■* 


ability units) made by Control Data 
to cany out several operations Corporation (CDC). This was 


.omul man.sen.ent «5S J* the Ume being. the man- *rauIt,neou,ly from a floaen or ,£££ his ' most' topo'rtint who". iSS* iSST" At present this is not much development of standard blocks. 

decision, because **,„ ~~ — This insistence on consol Id a- more than an intriguing possi- or modules of programs, which 


steely 


able. To do this the emphasis 
will need to be changed from 
tailoring each system to an in- 
dividual customer in the 


should enable it to survive in ^ging director, John Gow, wants more terminals connected 
a world of natural selection. So no further money from the different locations. 


to commercial uck-uuia, uecause . idine the com . 

tvhy shoutd 1 , need to ' S He ^e^rej At ,h« time, however. DEC ftcM gjZ 1LSS S ^ f ^ “ 

SJSlBSS the COn3pan ^ s future controls and imposes a strict U.S. market in the near f Stare, other parts of tho industry. The The development of modular 


coralled by the NEB? 

One possible answer is that incentives which that gives ested in - developing the UK growth. 


discipline over all aspects of Exports to Europe 


2S& M “f- Gow „Blr. Gow combines a shrewd ^“‘'company’s "iertonmnee. MidSiriBurt wTlIilso depend on market' " fo7 min! “romputCT wit . h .l 1 ** 8 *'*. sen f, ra L __ stral ?*:. 


and the fact remains that the world programmin 

lputer w,th . 

much 11 


S would fit in well 


is expanding 


tly. unexpected j j ke Geoffrey Cross, the lish “A expand a gopd servic- more rapidly than is the British 

ance. Workers f ormer head ^ jql he “g network. companies' ability to supply it to develop such 

lis factory Lh ^g] ieves that rapid ’ The promotion of exports The NEB can therefore put up 


could well prove that 
would be needed 
new types of 


companies making small busi- money the NEB chucked in at decided to set up on fcs own Yorkshire head for good busi- sendee to cuSomere' the ' comuTnJ* aSm to sterns 

ness computer systems, that Present would just put more With the help of his wife ness with a slightly. unexpected mch ““ g 5 ce t0 castomere - we comp anrs a&Iilty t0 esta& - sysiems 

the achievements of even a s ^ack in our belt,” he says. Jennifer, a programmer on paid taste for flamboyance 

small firm like Systime are of It was in the front room of leave from International Com- coming in to his f- MW iv ^ thnt . . . 

strategic importance to the John Cow's house .that Systime puters Limited (ICL) (for a Leeds may pass his elderly service to customers'll may. however^ Tie" helped by The a strong casefnrtiying to The question is entirely open 

SJSSSi tbei { was first conceived six years complex combination^- of white Rolls-Royce (number to ■umSb^S the NEB- which has set up a y sub- promote 5 cooperation between as to whether taxpayers' money 

no n? « BE?- ^ -t very much ta *• same reasons) ' he GOW 1). He believes in g” he sidiary called Insac specifically tiie companies which are sue- can combine successfully with 

h?Hnnin^ .n oLlf”® 85 a l ^ e number of necessary programmes at week- paying engineers well and gives rec ^ves a telex every evening to market British software cessful in the field. a Private company to deliver 

i? n ?L e ® Dtr epreneimal companies have ends and in the evenings. He many of them company cars. {rom each area offl J c ]istin t (computer programming) skills The other point, which the goods. However the invesl- 

natinnafo utn started in the U.S. He also tries to make condi- faults on equipment which a broad r particularly in the U.S. Systime fully recognises, is that ment compared with that in, say, 

Rncinou v° n ^ Gow w ® 8 working as an fi 5 st from HEC, which fj ons for production workers as have not been repaired. Then, Insac is co-operating with four the emphasis is likely to turn British Ley land, xs modest and 

on nnn timoc whlch 1S engineer for Digital Equipment 'l as ^ ia ^. py suPPiy him with pheasant as possible. The main every- month, he spends two UK software companies, in more and more towards soft- the stakes are extremely high. 

Corporation (DEC), the world's “ ,e naniware on credit. electronic ^reduction area, for days on a detailed review of addition to Systime. It ware as the cost of hardware 


P _ |*k n ,._L ^ . . ' — --/I nvnu Li CICLUUUlt 1I1VUUI.UUU 1UI UOJD n uLMUbU ICIltn UL I.W uj.uulh. Ha “it IVJI v. 

do aiinougn systime is in no leading maker of mini- With this assistance, finance example, is fully carpeted and the technical and commercial intends to develop standard soft- falls. At present most of 


Max Wilkinson 



YCvb 


Promotional and technical 
literature for export 
sales to die 

Arabic-speaking; countries 
of the Middle East and Iran 
must be translated and typeset 
in the idiom and style 
die market demands, 
by specialists 

BRADBURY WILKINSON 
(GRATHICS) LTD 
NEW' MALDEN. 

SURREY KT 34 NH 
TELEPHONE: 01-947 3=7* 


THIS NEW study on long-term 
job creation has, on the surface, 
a slightly dated 1960s look. 
Belief in planning, an active 
role for public sector agencies, 
and. in particular, the com- 
parisons with . Swedish' ex- 
perience became all too famili ar 
in the mid-1960s debate leading 
up to the piecemeal Interven- 
tionism of the 1964-70 Wilson 
Government. Yet the now all too 
apparent weaknesses of both 
British and Swedish industrial 
and employment policy have 
caused Mr. Butt Philip not to 
abandon an interventionist 
stance but to suggest new re- 
finements of this, same 
approach. j - 

The author’s starting point is 
the widely accepted view that 
successful demand manage- 
ment by the Government does 
not of itself solve problems of 
weak industrial structure or in- 
adequate employment . oppor- 
tunities." The study is confined 
to reviewing the ways in which 
potentially permanent employ- 
ment can be generated. Its 


New refinements on job creation policies 


emphasis is on how to select 
and promote viable investment 
projects wbicb provide employ- 
ment and not just short-lived 
job creation schemes, such as 
the Temporary Employment 
Subsidy. 

Mr. Butt Philip discusses the 
general development . and em- 
ployment creation programmes, 
and concludes that this type of 
assistance is largely ineffective 
as far as long-term job creation 
is concerned. 

The study points out that the 
responsibility for long-term job 
creation is split between many 
departments and agencies with 
the result that there have been 
differences of approach and a 
lack of co-ordination • 

The author notes the in ere as-, 
ing Tendency in the 1970s to 
increase the finance available 
for selected cases on special 
terms, yet his study concludes 


tbat finance for employment- 
generating projects is only one 
of the obstacles to future 
employment, and concentration 
on the provision of investment 
capital is often not sufficient to 
create more jobs. 

He queries the increasing 
discretionary powers conferred 
on civil servants and suggests 
that a more promising approach 
might be to develop some of 
the existing official agencies 
engaged in stimulating industry. 

In the -most interesting .part 
of the 63 page study, the author 
suggests that useful experience 
can be learnt from the smaller 
agencies such as the Council 
for Small Industries in Rural 
Areas (COSTRA), the High- 
lands a nd I slands Development 
Board (HIDB) and the Scottish 
and Welsh Development 
agencies. Their work, often in 
partnership with the private 


sector, has included substantial 
non - financial ■ support, for 

example in training for 

managers and workers, specula- 
tive . factory buildings or 

improvements in local infra- 
structure. This aid can help 


BOOK REVIEW BY 
PETER RIDDELL 


small businesses in particular. 
Both * COSIRA and HIDB 
already assume responsibility 
for changing the skill base of 
potential employees in a 
locality or even of workers in 
an existing firin. 

The author becomes more 
contentious, and perhaps less 
convincing, when he analyses 


the Swedish example. In 
particular, he discusses the role 
of AMS (the Labour Market 
Board) . which co-ordinates 
regional and labour market 
policy. “ The authorities, closely 
Involved In the individual firm's 
investment and labour plans, 
respond to the information- thus 
received and adjust their 
policies as required. The degree 
of government involvement is 
exceptional, by British 
standards, but it has secured the 
co-operation of the trade unions 
and much of the business com- 
munity because they share 
common goals (principally to 
prevent unemployment and to. 
have viable companies) and 
because the policies themselves 
have proved successful. This in 
turn provides a background of 
economic stability and security 
which boosts business and trade 
union confidence.” 

Unfortunately that statement 


is now several years out of date 
as the Swedish economy now 
has one of the highest rates of 
price inflation and lowest rates 
of economic growth in 
Europe. There is not scope here 
to discuss whether the detailed 
interventionist policies in 
Sweden are a cause of this 
deterioration, though they are 
probably an influence. So 
Sweden can no longer be held 
as an example of the social 
democratic New Jerusalem. 

Moreover in the UK there is 
not the degree of trade union 
and business acceptance of 
common goals, at .least on a 
national level. But this may 
exist locally and thus help to 
explain the success of some of 
the smaller agencies. The 
author recognises that the 
difference in size of the two 
countries means that the type of 
detailed planning and interven- 
tion fundamental to Swedish 


policy could only be achieved on 
a regional, as opposed to a 
national, basis in Britain. 

While some of Mr. Butt 
Philip's suggestions about 
increasing non-financial and 
training assistance at a local 
level to ease structural change 
could receive wide support, his 
conclusions drawn from 
Swedish experience about the 
role of the public sector as a 
co-ordinator of the labour 
market, are less plausible. 

But perhaps the basic objec- 
tion to this section of his study 
is his concentration on the 
public sector, thus playing down 
the role of the market and 
ignoring the constraints on the 
private sector’s ability to create 
permanent long-term jobs often 
caused by state interference. 

Creating New Jobs, a report 
on long-term job creation in 
Britain and Stceden. By Alan 
Butt Philip. Policy Studies Insti- 
tute in association with the 
Centre for European Industrial 
Studies. University of Bath, 
price £3.60. 


Exploration. 

Partof Gulf Ails new world 




Totnorro^you could be 
asked about the Job 

Release Scheme. 





The Gulf s oil riches are now legendaiy. 
they are fuelling an economic 

expansion unprecedented in history. 

But the search torfurther oil continues, 
creating opportunities in rtseEf, and 
aiming tocreate even farther _ 

opportunities forthe people of the Gulf 
and the people who do business with 
the Gulf.it is this new world of 
opportunities thatGulfAirserves,wtha 
fleet of specially luxurious Lockheed* 
TriStars and advanced Boeing 737-20Crs 

to and throughthe Gulf flying to a most 
convenient schedule. Gulf Air. Part of h 
new world so that you too can be a part 

of it 



4L2»6<fc> 

GULF AIR 

Partof a new world. 




Asian Anstudn into Bstat Bonn* Cato autos Data ttta Nnctfl Rm* Uki Lwfen Mwetf Puk ftoMtOaktoi 



The Job Release Scheme has been 
extended until 31 March 1979 and now 
applies throughout Great Britain. 

This Scheme offers men aged 64 and women 
aged 59 on or before 31 March 1979, the chance 
to stop work up to a year before reaching 
statutory pensionable age. They*H get £26.50 a 
“week tax-free, and many married people are 
eligible for £35. 

The point is, they can't take advantage of the 
Scheme without your agreement And if you do 
*gree to allow them to participate, then you must 
recruit people from the unemployed register to 
replace them - though not necessarily for the 
same jobs. 


As a result of this Scheme, your employees 
have the chance to stop work up to a year early, 
which may give you the chance to do a bit of 
promoting. Above aik you’ll be able to take on 
new staff. Doing that means you’re also giving a 
job to someone who’s presently unemployed/ 
Employees who wish to take part in the Job 
Release Scheme must apply by 31 March 1979. 
There’ll be advertising in the national press to tell 
them about it 

Leaflets with full details of the Job Release 
Scheme are available from any Employment 
Office, Jobcentre or Unemployment Benefit 
Office, or ring Eileen Tingey on 01-214 6403 or 
01-214 6684 for more information. 


Job Release Scheme 

Ur nf UmnlnTimD 


Department of Employment 







12 

LOMBARD 


Financial Times Tuesday July IS 1978 


Competition v. 
co-operation 


Agreeable products of V erona province 

... .. ... CniivA u'irh nln!< In Sf*ll to 


BY COLIN JONES 


COMPETITION policy invariably 
comes under pressure wbeo the 
economy is in recession. It is all 
vpry well, we are told, to reJy 
upon competition to stimulate 
efficiency and allocate resources 
at times of economic growth. It 
may be inappropriate or even 
counter-productive to do so when 
conditions are adverse. To rule 
out all forms of inler-finn co- 
operation then could make it 
harder to resolve problems of 
surplus capacity and structural 
decline. 

A conflict between “competi- 
tion '' and " co-operation " is 
evident in Brussels. Viscount 
Etienne Davignon. the European 
industry commissioner, has split 
the Commission with his proposal 
to change the Community’s 
competition rules so as to permit 
a series of EEC crisis cartels in 
tuan-made fibres and oilier hard- 
hit sectors. 


Incomplete 


It has also surfaced! here in the 
reactions to the recent green 
paper on competition policy. 
The need to allow temporary 
ca riels may form only part of 
the case put forward by the 
National Economic Development 
Office for balancing the claims 
of the Government's industrial 
strategy with those of competi- 
tion policy. But the underlying 
arguments are the same, just as 
they were in the days of Lhc 
Industrial Reorganisation Cor- 
poration or earlier still, in the 
1050*5. when Britain's first anti- 
cartel laws were being drawn up. 

.NEDO was right to question 
the green paper's thrust in 
favour of a tougher merger 
policy. As has been said in this 
column before, the evidence 
adduced as justification — that 
industrial concentration has 
increased to u worrying degree 
and many mergers are unsuccess- 
ful — is far from convincing. 

Studies of concentration based, 
not upon actual market shares, 
but upon shares of output nr 
employment ignore the competi- 
tive role of imports, the dispro- 
portionately large contribution 
hig firms make "to exports, and 
the countervailing power of hig 
buyers and big suppliers: while 
no concentration ratio yet 
devised can (ell us whether three 
firms dominating a market are 
fiercely competitive or prefer the 
quiet life. The evidence about 
the results of mergers is 
similarly incomplete. The most 
that ran he «aid is that there are 
risks in mercers as in any mher 
investment. Some succeed, others 
do not. 

Rut »n be sceptical abnut the 
rasp for a stronger mergers 
pohev does not make one an 
~ ipriiHUriai stratecisi.” What 
\rnn is basically savins is that 
a firm anti-trust vtanre mav be 
the right policy in the TJ S where 


imports are relatively marginal. 
But in toe much smaller British 
economy. where structural 
problems abound and import 
penetration- is high, one cannot 
rely upon the competitive pro- 
cess producing results which 
meet various national objectives 
for employment, the balance of 
payments, and so on. Market 
forces have to be canalised, and 
□ot just in times of recession. 

The trouble with this reason- 
ing is threefold. It assumes that 
industrial strategy can produce 
worthwhile results. It discounts 
the role of exchange rate move- 
ments. And if ignores thp extent 
lo which competition policy is 
a/ready balanced with other 
ooiicv considerations — includins 
the balance oE payments and 
em ploynieiH- 

In no branch of competition 
policy— monopolies, mergers, or 
restrictive practices — is the case 
for competition always given 
supremacy. Even with restrictive 
praitices. which are statutorily 
presumed w he against the public 
interest, there are gateways to 
allow agreements to be upheld by 
the Court or to be exempted from 
a Court nearing. The grounds for 
exemption could, it is true, he 
made dearer and tidier: but the 
Office nf Fair Trading is always 
ready to offer advice as to what 
can and cannot be done. 

It is this balancing of conflict- 
ing policy considerations- which 
has made the operation of com- 
petition policy so unpredictable 
and so difficult for businessmen 
to comprehend. It would become 
even more so if the industrial 
strategists were given their head, 
with restrictive practices as well 
as monopolies and mergers 
becoming subject to a two-tier 
system in wbicb an administra- 
tive procedure preceded land! 
prerluded'i the judicial. j 


AS . T AM sometimes obliged it Is worth explaining toe Mg* 
to write about- good Italian nificance ’Of this and Cia=sico 
wines unfamiliar here owing on the Veronese vine label-, 
hitherto to a local reputation -wines item the Classic dis- 
only or because they are scarcely trict are Hkelv I0 ^ th „ bvt{ 0 * 
exported. It is agreeable to deal lhe area( bm Suj>eriore indicates 
•with two of the best-known and not on ly a hi„ her alcoholic 
most widely accepted here: Soave 5tren g lh hut a riha mum ageing 

V i. p01 “ a * 'V‘L t0 ^, lscu f s period before bottling: in Soave’s 
the other wines of the Veneto case ■ MVen months from the 
which produces 15 per cent of January following the vintage, 
all Italian DOC wines. for Valpoliceila at least one year 

Soave is probably the most in wood, 
popular dry white Italian wine - =, _ «,., JU u?r 

se r h '"-. rt, a 

S«ne u 6 ?; «eenenPvafue° at 

wine prices are rising, and the '• Jl om P bej ”l?- 4 S ‘ cM \in r * 
high level or the DM makes « S ^ aCld \ ' M a „d 
all German wines relatively of . * J* |oave cooperatives and 
expensive. private firms make a lniV. »ut 


WINE 

EDMUND PENNING-ROWSELL 


Another wine mostly made in lent Wine Food CTOup, whose 
another regiun is VaJdadiRe, red impressive ap>todate installs* 
and white, essentially concon- lions everywhere to Italy appear 
trued in the Adige Valley in the to have been constructed regard- 
Trcntincu but also produced in a lew of expense, 
rew communes included in the y P dium-sizM and smaller 
Veneto. Awarded DOC status g rra5 whose wines attracted me 
only three years ago. they arc on a lour restricted in time 


Verona, and those who drive on pj er0 pan oF Soave 
the autostrada towards Vicenza make an excellent 
will catch a glimpse of Spare's Soave. and whose age 
fine brirk castle that dominates Trestfni 20 Char 
the little walled town, which is g g j * ' 

the centre of the Soave Classlco 
area and the site of an « 
i moo riant. up-to-date co- 1 valpoliceila 


Classu-o 


,if Average production 


grocers and shop< 


operative. The Clamdco area is most atlractiyp. as it is Ire-ner raade l0 ;i , e nnnh am ] north wines are less likely to be found which Dalian wines have become these attractive. Veronese wines, 
only a fifth of the whole, which .and I® 55 tannic than some >'*. the easl jj ltf t jiy. w-lih a special here, but are worth mentioning, widely popular here, our know- for they are relatively inespen- 
produces the substantial quantity others. Made basically from . ice in l]ie Middle known as the The fir>i is Bianco di Custoza, ledge of rhein is likely to be con- sivc, although I was warned that 
of about half a million hectolitres three grape varieties, the » or- valpantena. derived front a small area near fi nct j p, t hc products of those the growers were generally 

a year. It is made mostly from Vlna * Rondraella and Mnitnara. Valoolicclla is ihe south-east corner of Lake firms long established in the UK. under-rewarded, and prices are 

the local Oarganega grape and it >s a medium coloured v.tne, _ , jn ^ Rardolino pro- Garda and based on PescJiiera. such as Rcrtani. notable Tor its soon likelr to increase, perhaps 
blended with Trebbiano di Soave. sometimes without muth “Irern side' of Made partly from the same Valpoliceila Valpantena and by as much as 30 per cent. 

Bottled aFter six months. io my bouquet, but with a -ruity duced near u. - - r’la«it:u "ranes « Soave it has laraer Bolla particularlv known for Us though that rise would not be 
mind it is best drunk within the flavour that contains a flight Lake Garoa *, th rapes as boave. it nas larger bo»o. /There ‘are. however, reflected in the prices here. They 

next twelve. bitterness, that admirably -_cco«n- area based on the h ;h SSSSSL “ »thiS who make cxcelleni are all admirable wines fnr 


BBSS! BB&ja'gA! s-gg rr.sja ~ 

Kilroy Hawk best at Ayr I' 

%f ■ I . THEATRES 


ENTERTAINMENT GUIDE 


IN THE absence of Nocturnal 
Boy, Kilroy flawk may be some- 
thing to bet on io the Strathclyde 
Stakes at Ayr this aftemnon. 
This American-bred colt, who 
cost S35.00Q as a yearling, has 
run once— -sixth behind Ela- 
Mana-Mou at Newbury last 


Desirable 


RACING 


If industrial strategists are 
convinced that co-operation is 
mure likely r'nan competition to 
improve effii-iency in situations 
where co-operation is currently 
barred, they should bu prepared 
to put their arguments to the 
lesL case by case, before the 
Monopolies Commission or the 
Restrictive Practices Court for 
an equivalent body). In Commis- 
sion bearins4. the case fnr com- 
petition fou Id be put by the 
nirectnr-Oen'?r;>l of Fair Trading 
(as he now docs in the Court). 
• •n-.rarinc the Commission'* 
inviM history and quasi-judicial 
roles is in any i-ase Hnsirahle. 11 
would give industrialists a 
ci-arer idea of where they stand, 
and it could make for quicker 
procedures. What must he 
avoided at all costs is a double 
standard system in which collu- 
sion became acceptable if it had 
Ministerial Messina and was sub- 
jected to legal sanctions if it did 
not. 


BY DARE WIGAN 


month and obviously bad plenty 
of scope for improvement. 

He is trained bv Gavin Hunter 
at East llsley. Berkshire, and 
missed a race yesterday in order 
to run here — a postponement 
which may pay dividends. 

Lady Murless. who has close 
family connections with Ayr. 
runs Clwyd in the Soutar Johnnie 
Handicap. This superbfy-bred 
colt by Crepello. out of the 
A‘**rnant mare Caerphilly, has 
hei*q somewhat disappointing, 
but with M Wi sham claiming 
the 3ih allowance, appears to be 
well treated with 7sf I lib. 

Gav Herald, from P. Cole's 
Lamboum stable. Berkshire, has 
been running well of late and 
win require a deaf of beating in 
the Dumfries Handicap, as will 
Pragmatic, another Berkshire- 


trained colt in the Kirko^-'-ald 
Stakes. 

Apart from Ayr. the remainder 
of the day's racing is run-of-the- 
mill stuff, which is not :5>pris-. 
ins bearing in mind the forth- 
coming two days extra at Ascot 
on Friday and Saturday, for* wed 
by five consecutive days at Good- 
wood next week. 

However, from the betting 
point of view. Rose Track, who 
goes well for his competent 
owner-rider. Miss Franca Vitta- 
dini. is the probable winner of 
the Friends of Folkestone 
Amateur Riders’ Handicap: and 
Pathfinder is unlikely to b** 
beaten in the Derek Underwood 
Stakes on the 'Kent coarse. 

At • Leicester. King of Darby 
has has an abvious chance m 
the Mountsorreil Stakes. 


AYR 

3.0(1 — Pragmatic • 

3.50 — Clwyd “ 

4.00 — Gay Herald * 

4.30 — Kilroy Hank*** 

FOLKESTONE 

2.4.5 — Ruse Track 
4.13— Pathfinder 

REDCAR 

3.00 — Lady Lindsay 
3-30 — Hand Made 

LEICESTER 
7.35 — King of Darby 

9.05 — Escape Me Never 

At Redcar. Lady Lindsay is 
just preferred to Chiparia in Che 
Mackialav Memorial Handicap 
and Hand Made, a small colt by 
High Top. can deFy Sst 111b in 
the Eston Handicap. 


CC — -TM» nwatrei accept certain creo'f 
cards b* tdeniionc or at to* oil >ce. 

OPERA & BALLET 

COLISEUM. Credit cords 7Jp »2Efl. 
Beservatio.a 01-836 31 61. 
ENGLISH NATIONAL OPERA 
1 978-79 mull tfwn July 28. Bfcfl. o«n 


THEATRES 


GREENWICH THEATRE. 

Evcnlnfit ..30. Mat. Sat. 2-30- 
HoiKihton s Maiteroiecr. Times- niNOVt 
WAKES. "A real ItaO. Guardian. 


COVENT CARDEN CC 2J0 10b6 
iCaroeocnarge credit card* D36 6903) 
THE ROYAL OPERA 
Tonight, fri. A Mon. neat »l 7Alfc N<»nna 
Ton-|. Veasey replaces flumbrv. La.iraen 
reel aces Crjifl. July 21: Bumbrv typMCM 
Ca Dalle. Vcaaev leplaccs Bunihry. La«irjW" 
replaces Craig- July =f ; a,m ory reoiac^s 

s. , rs» l T, , n n ™ r «i, c ssu 5 *s 
“^■ftrwBL'Bu'ar ”*■ 

Tomor. A Tnur at. 7.30: Anastasia. Sat. 
at 2.00 * 7.00: Four Schumann Pieces 
Divertissements. Elite S<mrai>Jti<>ns. b5 
Amphi- seats a»all. tor all perts. tram 
10 a.m. o«. day ot Dert. 


HAYMARKET. 9 JO M32. Jw. 8,00. 
'W Cdnes day 2.3b. Saturaw < .30 and »,00. 
PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDL in 

A new Play oy RONALD HARWOOb 
Directed Oy CASPER WREDE. 

-An admirable olay. bonest. wen -eon-i 
ccived. properi, worked out. freshly ana 
Httlnglv written' rtcbly sattsfirlno— **■“! , 
Scofield at Ms best.-' 8. Levin. S. THnos. 


SAVOY I HgAT RE. 01-B36 BBSS. 

TOM CONTI hi 

WHOSE Ilf 8 IS IT ANYWAY? 
with JANE ASHER 

-A MOMENTOUS PLAY I URGE YOU 
TO SEE IT* Gdn. 

Evss. at 8J). Frt. add Sat. WS A 0.45. 


&HAFT15SURY. 


01-636 6S9S 


Shatesbury Aw. WCz’cWfifi Holborn eno< 
for * Special Summer Season 
A New Production of 
GOOSPELL 
Seats irem fc l-cs. 

Best gValUMe seats at £2.50 i : -hour 
before snow ritun uc Bo» onicc. 
Mon- Tnur. 0.1 S. FH. » Sat. 5.30 A B.3D 


GLYNOEBOURNE FESTIVAL OPERA JJrml 
AUn 7 with the London Philharmonic 
Orchestra. Tonight. Thur. A Sar. Jf 6- J £j 
! -LJ Bohcmc. Tomor. Fri. & Mon. ne*t « 
5 jn: Cosi tan tuttc. Sun. at 5.30. ine 
Rake’s Progress. Possible- returns only. 
Bo* Qflice Glyndebourrv? Lewes. E. 
Sussaac fOCTS 812411) N 8.— -The CUT- 
tal« tor Cost will "S® -« 5.30 
There is no possibility Of admittance tor 
latecomers 


HER MAJESTY'S. CC. 01-930^6606. 
Prey July 26. 8.0. Opens July 27 7.0 
Sub. B.O. Mats. Weo- Sat. 3JJ0 
JAMES EMU. JONES >9 

PAUL ROBESON _ , 

A New Play by Phillip Haves Dean. 


STRAND. 01-036 2600. Evenlnfls ft.OO. 
Mat. Thun. 3.00. Sat. 5 30 and 8.30. 
NO SEX PLEASE-— 

WE-RE BRITISH 
’ THE WORLD’S GREATEST 
LAUGHTER MAKER 
GOOD SEATS £4.00- LI .00. 


KING'S ROAD THEATRE. 352 7488. 


Mon. to Thur 9.0. Fri- Sat TJO. 9-30. 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT1 


ST. MARTIN'S. CC. 836 1443. Eras. 8.00. 
Matinee Too. 2.43. Saturdays 5 and 8. 
AGATHA CMRISTIE‘5 
THE MOUSETRAP 
WORLD'S LONGEST- EVER RUN 
26th YEAR 


Nuclear reactor tours plan 


VISITORS to the northernmost 
coast of Scotland will be able 
from today to visit the prototype 
fast reactor at the Dounreav 
nuclear . establishment, near 
Thurso. 

Free tickets for three tours 
each afternoon from Monday to 
Friday will be obtainable from 
the tourist information centre in. 
Thurso. - ' : • ; 

. To minimise disturbuace to tod 


insia Jlation. groups will be 
limited to about 12 and children 
undeT 14 years of age will not be 
accepted. 

On arrival at the site, visitors, 
after entry Formalities, will be 
taken by coach- to the reactor 
building for a conducted tour 
daring which they will see the 
control room, the reactor and the 
area where irradiated fuel. from 
the reactor is remotely? examined 
In heavily shielded ‘'oaves.” ' 


ROYAL FESTIVAL HALL. 928 3191. 
July 23 io Aug. 3 The sensational 
BATSHEVA 

Dance Co. with GALINA and 
VALERY PANOV 
Dancing at every nerfor .-nance- 


SADLER'S WELLS THEATRE. RosebfTV 
Avc- EC1. 837 t672. Last •»«*.■ 
Eves. 7-30. Mats. SaL 2.30. 

NIKOLA tS DANCE THEATRE 
TonlghR Gulgnol Slick Figures, Sort c hum 
Sanctum. Tomor.: T'lOte Du« Irom Grotto 
Gallery. Suite (ram Sanctum. -'Sheer 
wizardry ... an exoerlence not to be 
missed " E. News. - Utterly, -utterly 
beautiful . . .*’ (Triad) Guardian. Jirtv 31- 
Aug. 26 MARCEL MARCEAU. 



TALK OF THE TOWN. CC- 734 5051. 
a.oo. Dining. Dancing iBan open 7.1 Si. 
„ 9J0 5m»r Rc«ue 

RAZZLE DAZZLE 
Mid at 11 p.m. 

LOS REALES DEL PARAGUAY 


LYRIC THEATRE. 01-437 3M6. Evs. 6.0. 
Mat Thur. 3.0. Sat. S.O and 8 JO. 
FILUMENA 

With Elizabeth Archer 5 Trevor Griffiths. 


THEATRE UPSTAIRS, 730 25> 

Evenlnoi 7.3C p.m. 

. IRISH EYES AND ENGLISH TEARS 
bv Niget Baldwin 


by Eduardo do Filippo. 

Directed by FRANCO ZEFFIRELLI. 
"TOTAL TRIUMPH.' - E*. New*. 

-AN EVENT TO TREASURE.-' D. Mirror. 
; "MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS " Sunday Times. 


THEATRES 

A DELPHI THEAIRE. CC, 01-836 7611. 
En>$. 7.30. Mat*. Thun. 3.0. sac 4-0. 
. IRENE IRENE- .. IRENE 


VAUDEVILLE. 936 6986. CC. Eve, 8 00. 
Mat. TueL 2.43. Sat. S and «. 
Oman SHERIDAN, Outcio GRAY 
A MURDER IS ANNOUNCED 


THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
" Re-ente- Agatha with a twiner who- 
dunnit hit. Agatha Chnatfe is statkinj the 


MAYFAIR. 629 3036. Ed. 8. Sat. 5 JO 


OUtitni ii|\, nvdiim miinativ ia g 

west End yet again with another ot, her 
fiendishly Ingeniooa murder mnttWe*. 


/' . THE BEST MWtCAL- - 


and 8.30. Wed. Mat. at 3.0. _ 
ELSN NATIONAL THEATRE CO. 


WELSH NATIONAL THEATF 
DYLAN THOMAS'S 
UNDER MILK WOOD 


Wshly Ingenious murder mysteHe*." 


. •* LON DON'S" BEST NIGHT OUT." • 
Sunday People. * 

CREDIT- CARD BOOKINGS 836 7611. 


I VICTORIA PALACE. 

BOOK Now. 828 473S-6. 834 1317. 



AUtERY. 836 S87B. Credit card No- 
836 1971-3 Irom 8-30 am. -Party RMes. 
Mon.. Tuev. Wed. and FH..7.4S pm. 

Thurs. and tat. 4.30 and 8^00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART’S 
OLIVERI 


flndicates programme in 
black and white 

eec i 

6.-1 0-7.55 am Open University 
{Ultra High Frequency only), uo 
pm Bod. 1.45 News. 3.15 Your 
Songs of Praise Choice. 3.50 
Tybed. 4.18 Regional News for 
England (except London). 4.20 


P!ay School. 4.45 We Are The 
Champions 197S 5.10 Wildtrack. 
5-35 The Wombles. 

5.4U News. 

5.55 Nationwide (London and 
South East only). 

6.20 Nationwide. 

6^5 Hobby Horse. 

7JW The Rockford Files. 

8.10 Who Pays the Ferryman? 


F.T. CROSSWORD PUZZLE No. 3,721 



9.00 News. 

9-25 Cabaret Showtime. 

10.10 Royal International Horse 
Show. 

11.15 Play Golf. 

11.40-11.45 Weatherman/Regional 
News. 

All Regions programmes as 
BKC1 except at the following 
times: — 

I Wales— &55-6-20 pm Wales To- 
day. 6.55-720 Heddiw. 11.40 News 
and Weather for Wales. 

Scotland — 10.00am Paddincton. 
10.05 Jackanory. 1«5» Help! 
10.4n-l1.O0 Big John. Little John. 
5.55-6.20 pm Reporting Scotland. 

II AO News and Weather for 
Scotland. 

Northern Ireland— 4.18-4^0 pm 
Northern Ireland News. 5-55-6.20 
Scene Around Six. 11.40 pm 
News and Weathxr for Northern 
Ireland. 

England — 3.53-6.20 pm Look- 
East (Norwich): Look North 
( Leeds. Manchester. Newcastle); 
Midlands Today i Birmingham): 
Points West (Bristol}*. South 
Today (Southampton!: Spotlight 
South West (Plymouth). 


1-30 Crown Court. 2.00 After 
Noon. 2.25 Racina from Redcar 
<2.30. 3.00. 3.30. 4.00 races). 420 
Breakers. 4.45 Extraordinary. 
5J5 The Brady Bunch 
5.45 News. 

6.00 Thames at Six. 

6.35 Crossroads. 

7.00 Survival. 

7.30 Spearhead. 

8J10 'Life Becins at Forty. 

9.00 Will Shakespeare. 

1U.WI News at Ten. 

1030 Trident Science Awards. 
11.30 Lou Grant. 

1225 am Close: Gerard Manley 
Hopkins poem read by 
Michael Burrell. 

ANGLIA 

UL20 am *• Rim Wild. Run Frer." 
L25 pm AnitUa News. 2-M Hovuepirix- 
5JS Horses In Our Blood 6-00 Abou: 
Anglia. 1130 Music la Camera. UJH 
WiUh-*s io Ycsierdas. 12L2S am Our 
Cone* rn. 


MIRACULOUS MUSICAL,” Fin. Times, 
with ROY HUDD and JOAN TURNER. 
"CONSIDER YOURSELF LUCKY TO BE 


MERMAID. 248 7656. Restaurant 248 
2835. BvenuiBi 7. JO and 9.15. 

EVERY GOOD BOY 
DESERVES FAVOUR 

A play lor acton and orchestra Dr TOM 
STOPPARD & ANDRE PREVIN. Snats £4. 
£3 and U. NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSIBLY 
MISS THIS PLAY." S. Times. 


STRATFORD JOHNS 
SHEILA HANCOCK 


SHElLA'HANCOCK 

Evenings 7.30. Mats. Wed. and Sat. 2.45. 


WAREHOUSE, DtMUnar Theatre. Covtm* 
Garden. 836 6606, Rdval Shakespeare 
Company. Ton'L 8.00 Peter Flannery - * 
SAVAGE AMUSEMENT. "An execution il 
plswn-ttlitd debut.” F. Times. All seats 
£1.30. Ad*, bugs. Aldwych. ' Student 
standby fil. 


10.20 am Cash and Campan?. 1I3S 
Wild. V.ild World oF Animals. 13-45 
Flower Slones. 1-20 pm Reporr West 
H'.adliaes. 1-25 Report Wales Headlines 
2.00 House u-inv. 528 Crossroads. LM 
Report West. 6.15 Repon Wales. 630 
The First Rubin Cumins 7-80 Challenge 
nf rhy Sexei. 3X30 Thu Outsiders. 


ABLE TO SEE IT AGAIN." CMv Mirror. 


ALDWYCH. 836 6404. Iiwa. 836 5332 
Fully dir-ccnditioned 
ROYAL SHAKESPEARE COMPANY 
in reoenoire 

Tont 7.30. Tomor. 2 0 and 7.30 
Strindberg', 

THE DANCE OF DEATH 


MERMAID. 01-248 7656. (Rest, 248 
28351. LUNCHTIMES July 17-2B <1.03 
pm-1.55 nm i TODAY. MY SHAKESPEARE 
with Timothy West & Prunella Scales. 
3.5o Sir Be malts Miles illustrated 
Lecture "Elizabethan London and In 
Theatres” Price 5Qp tor each event. 


HTV Cymru /Wales— As HTV General 
Servn.-.* except:; 1-10X25 n«n Penaurdau 
Nc-ayddwn Y Dhld. 4J04.B5 V Twrllnrr. 
6.0MJJ V Dydd. W-W Uywnl. 13-15 
World in Action. 1X45 Celebrity Squares. 


"Emerges a» a wonder'ul piece ol work." 
The Times. With CORIOLANUS mwt 
pert. Thurs). RSC also at THE WARE- 
HOUSE tsee under W) and ai the 
Plecad/Hv Theatre In las r 3 weeks Peter 
Nichols' PRIVATES ON PARADE 


WESTMINSTER. 01-838 0283. 

SENTENCED TO LIFE 
“ MUGGERIDGTS trenchant humour. 
THORNHILL'S dramatic ■rt”, D. W. 
"Intenscfy human, caring drama," Y. Posr. 
" Tremendous Impact.” Now. I was 
sharply moved.' 1 J. G Trewin. 

Evfls. 7.45. Mats. Wed. 3.00. Sets. 4.30 
LAST WEEK. MUST END SAT. 


HTV West— As .HTV General Service 
exiA-pt: X2DX30 pm Report West Head- 
lines. 615-6 JO Reporr West. 


ALMOST FREE. 485 o224. Lunch: Imps. 
" One ON " by Bob Wilson. Tue»-Sar. 
t.:s om. Suns. 3.0 and 5.00 pm. No 
Mows cm Monday. 


SCOTTISH 


ALMOST FREE. 48S 6224. bvenmgs Kurt 
Vonneault's " Player Plano.' 1 by James 


10 JD am McMillan and .Wife. US pm 
Neua and Road report. 5.15 Cartoon. 
620 Crossroads. 600 . Scotland Today. 
630 Whdi's Your PnrtMeia? 7J» Oh No 
It's Schvyn Frosmtt. 1230 Late Call. 


vonnefiult s ' Player Plano. ■ by James 
Saunders. Tues.-SaL 8.00 Dm. No shows 
Mondays. 


NATIONAL THEATRE. 928 2262. 

OLIVIER topen stage) : Ton^t 7,30. 
Tomor. 2.4 s ireo. or. mitJ and 7.30 
THE COUNTRY WIFE bv William 
Wvciterlev. 

LYTTELTON iprosceMir/n stale): Ton't. 
7.45 PLENTY a new play bv David 
Hare. Tomor. 7-45 Bedroom Farce. 
COTTE5LOE Ismail auditorium) '. Ton't. 
and Tomor 8 AMERICAN BUFFALO 
bv Dana Mamet. 

Many excellent dteu seats an 3 theatres 
day ot pert. Car park. Restaurant 928 
2033. Credit card blips. 928 3052. 


WHITEHALL*. 01-930 6G92-77hS. 

Evps. 8.30. Frl. and SaL 6.45 and 9.00 
Paul Raymond presents the Sensational 
Sex Rente oi the Century 
DEEP THROAT 
6th GREAT MONTH 


WINDMILL THEATRE. CC 01-437 b312. 
Twice NtnlitJv 8.00 and 10.00. 
Sundays B-Qo and 8.00. 

PAUL RAYMOND presents 


RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

“Takes to unprecedented limits what <a 
permissible ^ our^ita^iL -^E nr . News. 


SOUTHERN 


1820 am ■■ Thy Scarl-t Pimpern.;!," 
1155 The Ad ven tu res oi Parsley. 1J0 mi 
ATV Newsilesk. 5J5 Gambit. 600 A TV 
Today, mo Police SDruean. 12.00 Sume- 
thins Dlfftrem. 


1IL20 am Hie Crimson Ptrale." 
130 pm Southern Newt 2JW House party 
535 S-nbad Junior 53D Crossroads. 600 
Day by Day. 630 Survival. 7-00 Father. 
Dear Father. 11.25 Southern News F.xtm. 
1X35 What About thv Worf-effi. 12.05 am 
WL-at&cr Forecast faQowed by Yesterday's 
Tears. 


AMBASSADORS. 01-R36 1171. 

NiqMIv at B.OO. Matinees Tues. 2.45. 
Saturday 6 and 8 

PATRICK CARGILL and TONY AN HOLT 
in SLEUTH 

The World ra/iKMis thriller 
... by ANTHONY SHAFFER 
Seeing the Slav opain is in tact an 
utter and total iov." Punch. Seat prices 
£2.00 (□ £4,00. Dinner and Top-price 
s<v,i £7. so. 


OLD VIC. 928 7816. 

PROSPECT AT THE OLD VIC 
June- Sept, season 

Eileen Atkins. Brenda Brace. Michael 
Dontson. Derek Jacob) In ' 

THE LADY'S NOT FOR BURNING -■ 
" Fresh and buoyant ■' -Dally Telegraph, 
Today. Wed- Thura. 7.30 
TWELFTH NIGHT. „ 

“ an outstanding revive! The Timet. 
Frt. 7.20. Sat. 2.30 & 7 30. 


BBC 2 


6.40-7.55 am Open University. 
11.00 Play School. 

4.55-7.00 pm Open University. 

7.00 News Headlines. 

7.05 Dilemtnas. 

7.30 News on 2. 

7.40 Schools Prom. 

8.40 Eicht Pairs of Eyes. 

8.55 Magoo on 2. 

9.00 Sing Country. 

9.40 Our Mutual Friend. 

10.35 A Taste of Britain. 

11.00 Multi-Racial Britain. . . 
11.25 News. 

1 1.35-1 1.45 Closedown, reading. 


ACROSS 

1 Change oyster for a different 
one mi 

7 and 2S Not in race but travel 
Faster (6) 

9 Region producing genuine 
Frenchman (5) 

10 Detour that should provide 
entertainment (9) 

11 Soldier going to Her Majesty 

could be a robber (9) 

12 Store with two gases to 
employ (5) 

13 Cooiiirg drinks for horses 
(7) 

15 Time lo put back issue (4) 

18 Mark on vehicle from the 
south (4) 

20 Intoxicated men lose their 
head and become more tense 
(7) 

23 A doctor going to soldiers in 
return For a bouquet f5) 

24 Debutante getting a piece of 
furniture? it's open to 
argument.' C9J 

26 Despondent about not having 
one suit (9) 

27 Lurk round bows of ship with 
learner (5) 

28 see 7 across ■ 

29 Is thick string in ball making 
a difference? (11) 


5 The opposite side in poetry 
(7) 

6 Land fish for a worldly- 
minded person (9) 

7 Party coming up with 
promissory notes is repulsive 
( 6 ) 

8 Train follower to be affection- 
ate (6) 

14 Deliehted to sing to Oriental 
in the end (9) 

16 Obstinate Pole has bath 
created (8) 

17 Be at the root of unusual rude 
line (S) 

19 Soldiers come into line for 
relief (7) 

20 Check when company makes 

sauce (7i 

21 Female in war secures a nut 
( 6 ) 

22 Party on sea and land (6) 

25 Lukewarm diet sent up for 
internal patient initially (5) 

Solution to Puzzle Mo. 3,720 


LONDON. 

9J0 am A Place in History. 
9.55 Plain Sailing 10.20 Hot 
Millions. Starring Peter Ustinov, 
Maggie Smith. 12.00 lssl No ho. 
12.10 pm Hickory House. 12J0 
Homemade fo r the Home. LOO 
News plus FT index. 1.20 Help! 


BORDER 

tlOJO am '■ Tlw r.nldtn Aac of ConKrtv." 
11 J5 Untamed l-ronliors. T1.20 pm Bnrrlxr 
News. 5-15 Those Wonderful TV Turk-s. 
600 Loofca round Tuesday. U-M The Odd 
Couple. 12.00 Border Kexva. 

CHANNEL 

138 pm Channel Lunch nmo Ncii-s. 535 
Those Wonderful TV Times. 600 Report. 
1038 Channel Late News. 1X30 What 
About me Workers. 12.00 The Wells- of 
MaarctKe. 1225 am visage; de Franc; 
followed by wealher. 

GRAMPIAN 

9 25 am First Thing. 10-20 Cash and 
Company. 1X05 Diary or Civilisation. 
139 pm Grampian Headline-* 535 Thcu* 
d-vllil TV Time*. 6 -BO Oraintnaii 
Today. 610 The Electric Theatre Sbnw. 
1330 For Gentlemen only. 1650 Relt-i> 
tlous. 1X55 Grampian Late Headlines. 

GRANADA 

10.29 am " The Pure Uell or S:. 
Trunins." 1 1 .50 Cartoon. 130 pm This 
is Your RigtH. 530 What's News. 5J3 
Crossroads. 600 Granada Reports. 6J0 
Branded. 1X» Wbaf About the Workers. 
12.M Police Sorseon. 1235 am a LilUe 
Nlsm MUSIC. 


TYNE TEES 


APOLLO. 01-437 2663- E»enii. 0 s B.OO 
Mats Thurs. 3.00. Sat. £.00 and B.OO. 
DONALD 5INDEN 

"Actor at the Year" Evening Standard, 
—is SUPERB." N-O.W. 

SHUT YOUH EYES AND 
THINK OF ENGLAND 
"Wichedlv tunny. Times. 


am The Good iVonl. t!03Q "Kem- 
branrtt.” starrlns Charles Lauahtnn. 1X40 
The Seen; i Lives ar Waldo KltD' 130 pm 
North East News. 535 T-11 Me Why 
600 Nanh-'m Ule. 1U0 The Adventurer. 
1200 Epllocue. 


ARTS THEATRE. 01-836 2132- 

TOM STOPPARD'S 
DIRTY LINEN 

" Hilarious . . . see it." Sunday Time*. 
Monday to Thursday 830. Friday and 
Saturdays at 7.00 and 9.15. 


PALACE. CC 01-437 6834. 

Mon. -Thurs. b.O. Frl. & Sat. 6.0 and 0-40. 

JESUS CHRIST SUPERSTAR 
by TUir. Rke and Andrew Uovd Webber. 


ULSTER 


1030 am The Scarlet PUnperneL" 
130 pm Lunch lime 618 L'ister Headlines. 
535 Friends of Man. bJU Ulster Nevrs. 
635 Crossroads. 630 Reports. 645 Talcing 
Shape. 1130 Bod lime. 


WESTWARD 

10.20 Cartonnitmc. 1030 - Kaleidoscope." 
1237 pm Glut rloneybun'S BlrUidajs- 130 
U'esm-anl Headlines 535 Those IVander- 
tul TV Times. • 600 Westward Diary. 
10.22 W.snvanJ Latv Neus. U.3S What 
About the Workers. 11.55 The Wells of 
Montrose. 1230 am Faith for Lite. 

YORKSHIRE 

1030 am Power Without Glory. 1X10 
Choirs oi the World. 1LJ5 Friends Of 
Man- 130 pm Calendar News. S35 Those 
Wonderful TV Times. 6®D Cal e n da r 
i grai.iv Moor and Belmont editions). 
it x At the EmbjntmenL 


A5TORIA THEATRE. Cttarinp Cross Rod. 
01-734 4291. Mon.- Tnur*. 8 om. Frl. 
and Sat. 6.00 and 8.45. < Buffet 1 food 

available.) ^ 

" Infectious, appealing, loot- stamping ana 
Heart-thumping. Observer. Seats £2.00- 
£6.00. Half-hour Before show best avail- 
able seats £3.00. Mon.. Thurs. and FrL 

Bpm g'gj.- MUSICAL of the year. 
EVENING STANDARD AWARD. 



CAMBRIDGE. < 36 6056. Mon. to Thurs. 
3.00. Friday. Saturday 5-45 and 6.30. 
IPf TOMBI 

Exciting Blaelc African Musical. 

“ Packed with vartatY. 1 Dly. Mirror. 
Seat prices £2.00- £3.50. 

THIRD GREAT YEAR 
Dinner and top- or lea seat £8.75 Inc 



PICCADILLY.. 437 4506. Cradle Cant bkga. 
856 1971-3. 6.30 i.m.JJO pan. 

Evgs. 7-30. Sat. 4.30 8 8. Wed. mats; 3. 
LAST THREE WEEKS 
Royai Shakespeare Company In 
THE OUTRAGEOUS ADULT COMEDY 
by Pater Nichols 
PRIVATES ON PARADE 
BEST COMEDY OF THE YEAH , 
Bv. Std. Award and 5 WET Award 


CLASSIC l.aj. 4, Oxford Street (boa. 
Tottenham Court Ed. Tiioei. 636 0310. 
y or A proas.— Children nalf-orte*- 
1: Bruce Lee GAME OF .DEATH (X). 
Press. 2.00. 4.15. 630, 845. 

2: VVMt Disney'* HEMkE GOES YD 
MONTE CARLO OM. Proas. US. UD 
3.55, 8.05. 


5: Last 2 dayst Abm Bates. John Hurt 
THE SHOUT <AAi. Press. 2J0T 4-15. 
6.40, 8.4 5. 

f LEBANON . . . WHY? (AL Arabic 
Dialogue — Epghsb Sutniuea. progs. 1.05. 
2 .SO. 5.30. 8. TO-. _ 


RADIO I. 

(SJ SterEopbonlc broadcast 
t Medium Wavn only 
5X0 am An Radio " 7.82 Dave Leo 
Travis VJO Simon Bates 1LM Tntiy 
Blackburn. 1230 pm Nevndwat. 12.05 
Paul Burnell. 2J» Peter Pouell. 031 
Kid Jensen indudlnt: 5.30 Nvwsbeat. 730 
Spons Desk ijnlns Radio Ti 10.02 John 
Pi.h -1 1 s«. U30XB2 am ,V\ Radln 2. 

VHF Radios 1 and 2—5.00 am With 
Karim 1 including LSS pm Good Liatening. 

10.00 pm With Radlii 1. 12.00-2.02 am 

With Radio 


nowN 

I Tunc‘< speed or volumo (3-S) 

3 DisM^troii' way uf nukin-j a 
giri act (Sj 

3 DantKJ requiring spirit to d 

degree tai . f 

4 Where one may ne round 
mittins notice on sown 17). 


ESK5C13H eQHHBE5ClH 
0- E : B E. 3 B 
sneoc F3_EiggaoaE^ 

E n n G 3 W H TL 
^0^053302 . 

3 HER Q,!: 0 
nZHQ 5S33HSBD 
a a rj c n- 5 i' -bj. & 
EsJ3H353H3.-SHEia 
n- s m b 

r-LiSES3a ECaqtiETHBQ 

E . V -•« • vjg a 

Q^ av<av Ga-/: -“R- e - h 

BMSHBBBByiaBBniggsi 


RADIO 2 1 ,50flm and \HF 

5.00 8m ’iCWS. 5-02 Hicfaard Vaus han 
mib The Early Shou 'S- including 8 X 5 
Pause for ThoujihL. 7.32 Terry IVisan 
IS. Including 837 Racine Duilciui. M5 
Pa aw fur ThnuKht. 10.02 Jimmy Youm 
■Si. 12.15 pm Wagoners’ watt 1230 
P'.-ii Murrays Open House i S» Indudini! 
IAS Spons Dnsk. 230 David Hamilinn 
iS i iii-'ludinu 145 and 3.45 Spons Desk 
*■10 iVa^ja.iers - Walk. 6fl5 Sports D*jsk. 
*■50 Jahn Dunn >Si indmlinE 3A5 Swrrs 
Desk. 645 Spurts D«k. IJ2 Folk is iS>. 
7.30 Snorrs Desk. 733 On the Third 
S"ai *S>. 602 Gilberr and Sullivan <£■. 
7JJ2 Anions Your Souvenirs *S». 8XB 
5t>ons Ovsk. 1602 Three In a Row. UDO 
The Stepiw Sa^a 1L02 Spnru Dt-sl;. 
U.05 Brian Malllnni Imroduci-a Rvunri 
itidiunht iiicIndiuH 12-00 Midnight Ki w». 
00-2.02 Summary 


tntprval Reading. 1636 Concertos. Dart 3. 

11.15 Gncllxh Santa Recital, part 1 iS«. 
1130 Kosvritl: Rendlns. IXS5 Rewtal. 

12.15 pm rbc Welsh Symphony Orchesira 
■Jincc-n. pan I (S). Z.DB News- 135 
The Arts Worldwide. L2B BBC Welsh SO. 
pan ” .Si. 2JS Cooke and Haydn (S>. 
»-50 Fowhern Cathedrals Festival 1977 
■S'. Sj-mpbonica from lhe Mnrih is». 

5.15 Jazz Today i5». 1S.C Homeward 
Bound. £605 Scan. £6-10 Homeward 
Round fcniulnunl) 4630 Lifelines: Wort: 
aiul TrainlnR. 730 Halle Ordinitr.i ronwri. 
pan I iSi. 8JK His Fancy Disorrijr-rf 
E.2S Halle O r chestr a , oar 2 iS>. 935 Tlif 
Chancier or Ireland. 1X40 T-.vn Snta of 
Sfraoss Sonrrs iS) 1X25 Jqbn Williams (S'. 
UA5 News. 1130-12.05 6m TomfjhTs 
Sdmbert Sons fSi. 

Radio 3 VHF Only— 600-7.00 am and 
5-45-730 pm Open University. 


Archers. 730 Time for Verse. 730 Halle 
Orchestra Concert ISi as Radio 3. 430' 
tfeaiher. 10.08 The World Tonlebf. UL30. 
The News Qulx iS). n.M A Book at. 
Bede me. 1X15 The Financial. World 
Tonrilu. 1X30 Today in Parliament. 12JB 1 
News: Weather. 1230-1233 am Inshore 
Forecast. 


CRITERION. 930 3216. CC. 835 1071-3. 
Evgs. 8. Sats. 5.30. 8.30. Thurs. 3,00 
- NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
. In SIX OF ONE 

A HALF A DOZEN LAUGHS A MINUTE 
5ECOND HILARIOUS YEAR. 

" VERY FUNNY." Sun. TeL 








DRURY LANE. 01-636 6108. Every 
night 8. Matinee Wed. and Sat. 3-00. 
A CHORUS LINE 

"A rare devaatai r u. I ova us. astonishing 
stunner." Sunday Times. 


PR I NCB OF WALES. CC. .01-930 8661. 
Evenuigi 8.0. SanmdEy B.30 and- 8.45. 
THE HILARIOUS 


BROADWAY COMEO y'^IUSI CAL 
- 1 LOVE MY WIFE 


Starrlns ROBIN ASKWITH 
Directed by GENE SAKS 


BBC Radio London 

206m ii iid A4J.VHF 

5.00 am \j Radio i. 8.30 Rush Hour 
9.00 London Live. 12.03 pm Call In 
lh>.-ludjn? ai 1.00 London Netrc Deck. 
2.03 ;00 Slum case, 403 Home Hun 
Includin'- London Keirc Dcj*. fcjfl 
Lnok. Sioo. Lixil'Q. 730 EilacK Londoners. 
830 All Thai Jazz I0JJ3 Laic Hunt 
London. 12.00 Ax Radio 2. 12-05 am 

Ouesuan Time. LOS-Oase As Radio 


DUCHESS. 836 8243. Mon. to Thurs. 
Evenings B.OO. Fri. Sat. 6. IS and 9.00. 
OH i CALCUTTA) 

"The nudity is stunning." Dally Tel. 
9th Sensational Year. 


Directed by GENE SAKS 
CREDIT CARD BOOKINGS 930 0849. 


RADIO 3 -tiHni. Sicren **'• \ III’ 

1635 am Weather. 7.00 N'i?«h. 7.0S 

Overture iSi. 030 Xtns. 8.05 VTnniitiR 
Concert iSi 9.00 News. 935 Thin w**)-'* 
CiiBiwieor' nniien 5.35 Concerns 

lor 2. i uad 4 fiarputhunis #s». 10.25 





RADIO 4 

434m, 330m. 285m and VHF 
6.90 am New? BrtcflnB. 630 Fanning 
Today. 630 Today. 7.00 and 8.00 fcu-s. 
730 and 830 New Headlines E35 
Yestarday in Parlianieot. 6W New*. 9ju 
Tuesday Call. U-00 Nvi-s ULOS 5jin 5 u 
Shin; or . . . ■ Si. 1030 Daily Service. 
10.« .MornlnR Sinrj.-. 1L00 \cws. U.dS 
Thiriy-Minoie Thejm?. 1135 iiriuin-, 

12.00 Ninvb. 12L02 pm You and Yimn. 
12.20 I.Vser; Island DIM’S. 1235 Weatlii-r. 

1.00 The Wnrlil ai i.'iie. 130 Thr .\n hers 
MS Wunuii Hour inelii'luie 230.2 02 

2.4S Liven aiih Mn'li-.r. 3 00 
340 Oueitinn.-, iu ih>- Prime 1 1 mister 
3 35 A La tlarii- 4Jn N’o» n . 4.85 Gar- 
dener.' Qif:siiun Tim- . 435 fiinrs- Tine-. 
5.80 py- Reports. S.«0 S-n.-niliPil). 535 

We-atlh-r: nviK ^.DO % ( i|t , 

ft JO Many a Slip. 7.00 7JB T he 


London Broadcasting 

26Im am! 97.3 VHF 

5.00 am Moraine Mufhc. 0-00 .VM with 
Bob Holnoss and Douglas Cameron. 10 BO 
Brian H-iycs Show. LOO pm LBC Reparrs. 
3.oo George Gale’s " O’clock Call. aj» 
LBC Reports. MO Alter Eight w|rb Ian 
Gilchrist 9.00 Ntgtaline with Keirh 
r.hulkVy. LOO am Ntglii Extra wlih Allan 
Kinu 


DUKE OF YORK’S. 01-936 5122. 

Evcnlnn BJ)0. Mat. Wed.. Sat 3.00. 
Limited Season, must end August 26. 
JOHN GIELGUD 
In Julian Mitchell s 
HALF -LIFE 

A NATIONAL THEATRE PRODUCTION 
"BrtlllanUv witty ... no one should 
mm It." Haroia Hobson iDnnu). Instant 
credit card reswvatlens. Dinner and 
Top price scats E7.0o. 


QUEEN'S TNCArXB. CC. 01-734 - 7 1«6. 
Evgs. B.O. Wed. 3.0. Sat. 60. 8.38. 
• ANTHONY QUAYLE . 

FAITH BROOK. MICHAEL ALDRIDGE 
and RACHEL KEMPSON - 
in Alan Bennett's 
.THE OLD COUNTRY 
Play aM Players London Critics Aware 
Best PLAY OF THE YEAR 
DIRECTED 8V CLIFFORD WILLIAMS 


DQEON, Leicester Square. i930 -6111.1 
REV8NGE OF THt l PINK PANTHER 
(A>. Sen. . press, dly. Dooro open more- 
ing Mow 11.00 i Not sun.i. 1st prog. 

-7°?. p1 L° c ' ere. proa. 7.45. 

Latr -night Movys Mon-Sot, door* open 
•11.15 p.m. AW seats bkbla. acent morn- 
IhO 990 B *WL UW Olght show at 
Hie . Boa Office jar Oy post. 


ODEDN, HavmarkeL .030 27MJ7n.) 
. Jane Fonda. Va M4sa Redonave In a 
Tied Zlnnemann film JULIA 1A1. Seo. 
BTOOt dlv. 230 (Not &ua.|. S^*. 8.46. 
, Feature dly 2.45 fh»0f SofiA 6.00. 9.00. 
AU seats bkW* at ihMire. 


FORTUNE. B36 2238. Ess. 8.00. Thurs. 3. 
SaL 5.00 and a.OO. 

Muriel Pavtow os MISS MARPUE In 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Third Great Year. 


RAYMOND REVUERAR CC. 01-734 1$9J 
At 7.00 PA. 9 n.m. 11 o.tn. Open Sms. 
PA UL RA YMOND aments 
TH* FESTIVAL OF EROTICA 
Fully alr-condIHoned 
21 U SENSATIONAL YEAR 


OOEON. Marble Arch. W.2. >723 201 1-2. i 
GLOSS. ENCOUNTERS OF THE THIRD 
f two. (A>. Sep. .progs. £8v. Doors open 
1.05, 4.16, 7.45.. UM snow Frt. in d 
SaL ■ ours open 11, is- DJn. All xeau 
bkbte. • • • 


§f«7 ®ss. CB ” ™»’ pb,n “ “ina-s&jS’ -* •'■■■ 

r.DVAnr >un,r,u HIGH ANXIETY (A I 


Capital Radio 

1 94m and 95.8 VHF 

5.00 am iir jhum Dixie's bnjjJcrasr Shovt 
9.00 Michael Vice! iS* 12.00 Mill,- 
■ilien >S>. 3.00 pm hauvr Scott ‘Si 7JB0 
LuiiiIpm TaUa> i5i 7.30 Adri.in Love's 
upi-u Lm.' 'S' 9.B0 Ni.kj- llurne’s Your 
Muthi-r h'liiulii't Lift- It <?'. 1L00 Tuny 
Jlyflii'f La*- Show >s<. ISA am Duncan 
Johnsons Kigiil fc light (S),. 


GARRICK THEATR6 CC. 01-836 4601. 
Evs. 8.0 -Mat. Wed. 3.0. Sot; S.3L 8.30. 
TIMOTHY WEST. GEMMA JONES. - 
MICHAEL KITCHEN 
In HAROLD PINTER'S 
THE HOMECOMING 

"BRILLIANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION.-- D. Tel. 
"AN fNEFHAUSTftfi. Y RICH WORK." 
Gdn. "NOT TO BE MIS5ED." Times. 


THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
Pr*v*. tram 3rd Aug. Box Ofliu open 


Sea. peris, -dly. Bud. Suaj 2.4S. fl.is. 
9.00. Late show Frt. and Sat. 11.45- 
5ea» bkb*. Lie d bar. 


ROYAL cooler. 01.738 174S. Air. een'tM, 
ErenlnoE 6 sat. 8.30. _ Last week. 

: FLYING 


mSmd ** 1 ** ek ' 


Bill Morrt ton's " Savage ferre." f. Times. 
-■AUDACIOUS COMEDY." Times. 

Pre»s irom July 2B World premiere & 
ECLIPSE ov Letgh Jscksoo. . 


S s wava 

pAut 

ALAN AYCKBOURN-5 New Cemedv 
TEN TIMES TABU 

"This must be the happiest laughter. 
maker In London " D Tel. "An irrectst- 
Ibly . enlovabld eve nine." Sunday Times. 


ROYALTY. Credit cards, oi-aos 8004. 
Mondav.Thurdav evenings 8-00. Friday 
5.30 and 8.4E. SainMavs 3.00 and B.OO. 
London Clitics vote BILLY DANIELS In 
bubbling Brown sugar 

Best Musical In 1977 
Booking accepted. Mater credit cards. 
Special reduced rates for nraaims nor 
limited period only) 


CLUBS 

{RV6 IBB, RjMWM Street. 734 0557 A.ia 
j Carte or All-In Mena. -Three Sparacular 
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nee 


; '-I 1 ^ < K [ 


-* y 


ryf^J'fyo' 


S&aselal Tta« Tuesday July IS 1673 

tMe/Serpentine/Fischer Fine Art 


13 


Henry Moore at Eighty 

by WILLIAM PACKER 

Henry* MtSre.^our* mSt^rofe f^ 0I lf,JL he t T ee . s °“ rby ’ ** marhle reliefs of the quatro- suggest repeatedly not only 
bratcd of living artiste whill ‘ * * a > TOS sloping dawn to the cento, one in particular, a Virgin immediate but an extensive sei- 
his SOrta birthday and it ar ^ dls P 08 * d D . m * ° f hia and Child by Rosselli. an object ting. Moore has been through- 

appropriate as it is unsurorisi^ ra omunentaJ works in bronze T take every- opportunity to out has life a splendid, if some* 
• - • iSKStKE £? d fib r SlasS - .And at: Fischer visit. Moore made a study of it times - — 



Books on the Arts 


Sadler’s Wells 
and its history 

by ELIZABETH FORBES 


John Timbers 

Henry Moore’s carving from ft ossein's “ Virgin and Child ” 


indeed it would have been a neHnrte SSL i ° w riscn ® r 6Q0W : remarkable achievement. Even 

scandal had anything less been h? B of ®. rem arkable virtuoso piece: and by 1840 he had done enough in 

done. For the bald truth is that im. I 7 earlJest T ,0 5^ s ' Jt aay ^ . fanc,fijl t0 s*y that the this field alone to secure a con- 

Moore’s celebrity, though in this 'T hat . we ,earD frpm ^ese y ?, un 8 artJBt “ a «*e it un question- sdderable reputation (that is to 
country it came late, and has 2S 0 p i e ?'^ h,eh , in £“ d ® a **}? bis “£• say in the long term, for only 

never been conspiculouslv sus- eottpI !* ** tie and the smooth and ..faithful modelling th«n did be first begin to live 
tained by practical public sun- ent sequence of figure of the broad cheek and brow, in entirely off his work): but 

port, is entirely deserved He d f aw }f8 s toade through the the sharp cu* of the eyes and the sculpture of those years is 
stands in the front rank of sculp- and on into the thirties, lips, a discreet but firm and the thing that secured his pre- 

tors in this century second to that Mt>ore b3s always been recognisable signature. Jt is eminence. 

none, the Deer of Rran<-tici Am BSse ntially an artist who identi- certainly a beautiful thing in ... .. ... . . 

and Giacoi!SS-7nd" Itfacto? himseU the « real its own right ** 

from the perspective we can now ?L *** past - «P°° Fischer, and the Arts Council Stiomti rather S^/HTst 

enjoy back over a long career,?® sa ™ e “atenal and taken at toe Serpentine, are quite } h e eritSS £5 

that only in England could he up £° himself the same great right to place dbe emphasis so " e emical sense. His subject 
ever have been tlken as radical s “&? cts * * mn 8 btanoU to work firmly on toe casting, for that h^ a w b t ° nature> 

Innovator, iconoclast, and pillar a ? d °®iy incidentally to reductive activity has always especially in herfenumne aspect, 

of the avant-garde, we are able ex ^° d : been at toe very heart of toe ™° *£ : ,. a ,? d in l ^ e 

to see with an equal clarity that . .^Sinality is -a quality wort; and even ita toe modelled reclining figure that has sopre- 
from the very first his wort was m bcrent in the nature of the true and cast sculptures, especially occupied him be catches time 
of the highest quality, and that and perhaps.- we worry toe huge ones -of recent years, ““ again the rhythms of land- 

toe scale of his consolidated about it too much far its own built up to their final size from profound and peculiarly 

achieve meat is immense. sake, forgetting that it is well toe first tiny mequette only after .S“®“ accommodation of Man 

Today, by making a short «Me to look after itself if the many stages have been passed with Watore. The reference is 
tour from Millbank to Kenslng- work is good enough. -Moore's through, we sense that they have taken, and once fanulianty 
ton Gardens by way of SL band is plainly on. all. he has been over-amplified only to be t00k °ver from the Modem Art 
James's, we are able to take as touched, and, as is always the rasped and cat. and smoothed Joke in the public mind, his 
comprehensive a view of it as case, the less self-consciously back to their proper scale. work at once become accessible 

is ever likely to be possible. At original be is at any point, the Before the war the wort was and acceptable to the generality 

the Tate are two distinct exhibi- truer the work. We know that generally rather Email, mono- people. We read few com- 
tions {both unto August 28), the as a student at the -Royal College mental only in implication, but Plaints to the local paper these 
one a copious examination of *0 those years ago he took him- toe intention was always clear d ®7 s about toe local Henry 
Moore a* a draughtsman, toe self off to toe British Museum, enough. The drawings of that Moore: and toe popular response 
other a display of the princely to toe pre-Columbian sculpture first period show us that given 10 the huge pieces by the Ser- 
gift he has made to the country of Mexico, to the great .works of toe chance Moore would work pentme, where they look so well, 

—we were hardly likely to European antiquity. . . But in back into toe 'landscape, and on I® evidently enthusiastic, whether 
acquire any of it otherwise— of Kensington ..itself, at- the an appropriate scaie. Those .expressed directly, as by toe 
some three dozen major works, V. and is one of the greatest life drawings are monamenis in children scrambling over them, 
that corpus augmented by the accumulations in the world of themselves, and the projects, ®*\ at a more respectful, adult . this year have proved by Vera Lindsay. Yorkshire is 
Tate’s entire previous holding medieval and renaissance .sculp- studies and ideas for sculpture distance. * impossible to cover except in as proud of her famous son as 

of his sculpture. At the Serpen- turn: and in toe narrow galleries that march with toem, whether T wrote at length abont Henry these more general terms, one we all should be, for we are 

tine Gallery funtil October Si is running along one side of toe remaining closely figurative or Moore last year at the time of or two regrettably overlooked lucky to have him. We all con- 

shown a choice group of his courtyard are kept a number of soiling off into flights . of bis show in Paris at the altogether, notably toe fine show gratulate film , I am sure, on bis 

more recent carvings, while the njost beautiful. Florentine abstracted surrealist invention, Orangerie. The many shows organised recently in Bradford birthday. 


Cambridge Theatre 

Sing Happy 

by B. A. YOUNG:. 

D. G. Associates and director as they sit over a game of gin 
Kim Grant have worked hard at rummy. So is “ Coffee in a Card- 
making a Sondheim-Coward- *? oard C»P " (from Seventy Girls 
Porter show from the songs of Secentp) by the same, pair in 
John Hander and Fred Ebb. but the sam * situation. .. 
all they have made is a concert- But some of the numbers seem 
They have extracted songs from weak without some . support, 
seven Broadway musicals, of Mike Howe ought to be funny 
which only Cabaret crossed the in “Mr. Cellopbane” (also from 
Atlantic, plus two films and tele- Chicago), as the man who never 
vision shows, and those are ably gets noticed; but the single idea 
put over by a cast of three girls is spread out over the whole 32 
and a boy. bars of the chorus,' and that not 

But Kander-Ebb songs are <> n ® most tunefffl. Given 

mostly one-idea songs. NoPl so . m ® ld f a of the situation, we 
Coward’s songs, and Stephen *> ave laughed onraelves 

Sondheim’s, 'and Cole Porter's. su -*; , , * 

can stand atone as self-contained There’s nothing wrong with 
items, because the ideas are Sing Happy as a concert, except 
developed and distributed that its title gives no indication 
throughout and seasoned with what it’s about fit’s thfe name 
Ingenious rhyme-schemes and so of a song from Flore, the- Red 
on. Kander and Ebb write Menace, which played In 1965, 
attractive tunes, but they don’t and who remembers that?) 
deal much in wit Their songs Grant Hossack directs the music 
need a context, or at the very pleasantly, there are some decent 
least a commentary, such as Ned dance movements of a modest 
Sherrin provided for the kind.' There will be further per- 
Sondheim anthology. formances next Saturday. July 

Wit does occasionally surface. ^ 3 °Af tergal 

safjyprti ■.jh uthoi! if 1 tfK Ed 

Sm“ wb?cb “ hand- to 

■omely belted out by Liz b0 ? ° f p 4 _L!f: 

Robertson, or “ Bo Bo’s," equally In my notice of The Aspern 

handsomely done by Isabelle E^S^cktei ItSiS Cheltenham Festival 

Lucas. There is some out-and- gratea five bcmcKie s uauan 
out humour. “Class" (from accent Now they tell me it Is 
Oiicaoo). is hilarious as sung a well-observed Venetian dialect 
by Miss Lucas and Maureen so I must not only apologise 
Srott two hookers condemning but add a congratulation on 
the current fall in good manners observing such a detail. 


- — — — sported musket and helmet as 

The Story of Sadler’s Wells by well as uniform and boots, while 
Dennis Arundel!. David & even Dr. Johnson was impressed 
Charles, £655. 352 pages by the Learned Pig. 

| “ " “ " „ . Topical shows were all the 

In ItiSj, two workmen digging rage: Gallic Freedom, or Vice to 
jfor gravel in the garden of Mr. Liberty presented the storming 
' Sadler's Musick-House at Islmg- of the Ba stille less than six weeks 
ion. uncovered a slone well. Later. artpr ^ evenU and in 1804 ^ 
two other spnngs were discipsed. Sicge o/ Gibraltar inaugurated 
Sadlers New Tunbridge new water-theatre, with 117 
■Wells became a popular summer mode , ships each 3 ft , 003 

iKlWhf manoeuvred by swimming bays.' 

dnnk ihe waters and be enter- spej.taj.jg u - as do l however, the. 

tamed at the same time. only popular entertainment; 



1 


The laty Oliver MessePs design for the third act of “The Sleeping 
Beauty** *! performed by the Sadler's Wells Ballet at the re-opening 
of the Royal Opera House, Covent Garden in 1M6. This b one of 
300 designs, 35 in colour, which appear m Design for Ballet just 
published by Studio Vista. This lavishly produced book b written 
by Mary Cbirke and Clement Crisp, the Financial Times ballet critic, 
and traces the marriage of ballet and design from the court entertain- 
ments of the Renaissance down to work by Warhol and Jasper Johns. 


.! . * 1 X'i KvJ'l } 

Designing, for the '^ballet has attracted some of the greatest of 
artists, partiailariy in\recent years and the sets from Picasso, Matisse, 
Chagall, Dali and many- others are well covered. The lavish spectacles 
and dramatic effects of the 17th century contrast with the stark drama 
of some contemporary design. The book, which costs £17 JO. is the 
first major historical survey of ballet design and is as remarkable 
for the comprehensiveness of its illustrations as in its tracing of the 
vicissitudes of the art. ' 


Hamilton and Fricker 


by DOMINIC GILL 


drop of Austrian, 
drop 




* , - - -■ 

*«**■»- • i - - 


,< I* ncj.cu. ir> naiuniuu ) unu. iue *nu unaij mw tcisiuii iH^ujiaiicru j,_ hper in i)ip c niYPr milSir 

bare^kS S toll But fbe scoring, for full symphony orchefr- by IJnivereall but by Newbould whpn jt does not maunder, with 
fStivafareent^ £ Jffl minch^lv 1S lash: s ° u , lf “ 1 reeds mu ? h S£™puiously served: a kind or Messlaemsb resonance 


SSto; IS e ?io Vf toe P SeS- S^delfcat? rSSts S schSSp & offerf ifno ~ but Solidly, without any real 
^JSJSPS ^S^SnS^rS^hS. let 0 toa l n a nef 6 Schubert * Pagination or convic 
did indeed off^r a premiere each- monies are chromatic and free- symphony intact, as well as help- r ° on 
They were both, in now Lradi- reined: an opulent soprano line ing 10 fill out for us. as the 
tional Cheltenham fashion, carried forward (though without author intends, toe stylistic gap 
premieres of the older school, any sense of direct pastiche 1 on a between the early and late 
The more substantial, and per- groundsweil or - Rachmaninov orchestral works. It should be 
haps the more surprising, was a and Strauss. This almanac has taken into the repertory quickly, 
commission from Iain Hamilton reported greater neo-romantic and for its lovely andante alone. 

(b. 1922) given iri the Town Hall storms and tempests. Bnt on its heard often in the concert hall. 
by_the BBC Symphony Orchestra own terms, skilful and unpreten- The other new work of the 
uli'der David Atherton and broad- tious. and notably un cloying, festival's final day was Anniver- 
cast later the same evening on Cleopatra works. Radio listeners, sarv far piano by Peter Racine 
Radio 3 — Cleopatra, a 20-minute as well as concert-goers, can Fricker. played "as part of a 
"dramatic scene” for soprano hear it again when it appears at recital of Beethoven and John 
and orchestra. unblushingly this year's Proms. Ireland by Colin Kingsley. The 

fTomantic in cast, unequivocally In the same orchestral pro- music sets its title from Its date 
tonal (the centre is B minor): gramme we. also heard .Brian of composition last year, at the 


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T he cork • vifl be li h ed on J uly 1 eth ^ 
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A well-kept secret for a tliousand years. 

Austrian Wine. 


The days are past when every unexpected but splendidly un- Newbould’s excellent new reali- time of toe Royal Jubilee. But 
concert of the Cheltenham Festi- compromising essay from this sation of Schubert’s other Un- it is not otherwise especially 



Dennis Arundell's history of 


music played an equally 


the successive Sadler’s Wells important role, and The Daughter 
theatres, first published in 188S. Q j fj {g a Ballet-Pantomime 

has been reprinted with three with music by Mozart was a. 
extra chapters to bring his version of Tlic Magic Flute pre- 
account up to 19«« The new' jj a tj n g more than a decade 
material is welcome though some opera’s official introduction 
of it makes melancholy reading— t0 England. The great down. Joe 
from the theatre s point of view— Grimaldi, who made his first 

i] 1 j 0r >»r r 1P ea rt ,tsel * aTld appearance at Sadler’s Wells at 
Sadleris Wells Opera moves to tbe age 0 j an( j a h a |f waa as 

toe Coliseum to become the ^ for his songs as for 

mizne; owins ,0 Ul-bealtb. 
w-t? n.nSr f «r ? e t« Grimaldi retired when still under 

Sm C ^v, so. but his personality dominated 

bIXT™ bXi STbStouen^ 55s tl !5,! Jtre fur a quarter of a 

compelling storj 1 lies mainly in 

the first half, which chronicles Another star personality, 
two centuries of theatrical Samuel Phelps, rescued the Wells 
development and social change, from a decline in reputation 

At the beginning of the 18th | £* r nc 
century, when Sadler’s Wells was &HS well as a faree 

surrounded by open fields, foot- pi 

pads were a serious danger and ° 

shows started early to end before *>*»» Jl* 1S ^ “LJJ ^ 

dark; later, the times of moon- The v 0th century brought an 
light or “Cynthia” were lower e ^ b m theatres 
advertised for the convenience of fortunes: used as a roller-skating 
patrons. Rough mannered local r ,n .!S a . variety house, a music- 
audiences were diluted by better and a cinema, Sadler's v\ells 
behaved spectators as the fashion- ^ aT * d V?.™ B tn f- ctlon i. 1,y 
able world discovered the road to Lady— Lilian Bay] is— when 

I Islin gton and toe neighbouring s ‘ ,e acquired it as a second home 
land was built over. Programmes ^ er pid drama and opera 
were astonisbingly varied, with companies. 

music, dancing, singing, melo- The rest of the story is well- 
drama, pantomime, tumbling and known. Dennis Arundel! himself 
wire-walking. Favourite per- figures in it as actor, musician 
farmers included Signor Ferzi. and producer. Ironically, as he 
who went through military says, “while the truth (so far 
exercises on the tightrope “to the 9 s it is known) can be told freely 
satisfaction of all the Gentlemen about the distant past, the nearer 
of the Army who were present.” one comes to the present, the 

Another attraction was more careful (one might say, the 
Moustache, the canine star, who less candid) must one be.” 


Stage-struck 


by B. A. YOUNG 


— , LSE and medical school. Mg 

Going to Shakespeare, J. C. Drama School contains memories 
Trewin. Allen and Unwin, of their training by a baker’s 
£6.95. 283 pages dozen of players; or rather, by 

My Drama School, Ed. Margaret to players and three writers 
McCall. Robson Books, £5.25. who were actors first Life at 
202 pages the English school seems to have 

My Love Affair 1 with a Theatre been much the same for stars 
by Derek Sal berg. Courtney like Dame Flora Robson or 
Publications, £4^5. 220 pages apostates like* Paul Bailey.- 

" though Yvonne Mitchell and Lee 

Surely no calling commands Blontague had less conventional 
so universal a loyalty from those upbringings under Michel Saint- 
involved in it as the theatre. Denis. Lilli Palmer and Mai 

These three books are written Zetterling relied on gurus. All 

respectively by a critic, an assort- of them look back on their 
ment of players and a manager, teachers with devotion, though 
None of them suggests that he not unseasoned with laughter, 
or she would willingly have had The next two books in the series 
things different. are Afp Art School and My Scat - 

t r „ r twli Unirersity. And then? Why 

J. U. Trewin oners a kind of nnt »„•«„,? . 

Shakespearian Pevsner; he DOt My Pnson - 
gives each play, from King Tbe theatre with which Derek 

Henry VI Port Z to King Henry Salberg fell in love was the 

VIII. a brief survey indicating Alexandra, Birmingham. His 
points of special interest, book is partly the story of the 
recounting an anecdote, eluddat- theatre, which his father owned, 
ing a difficulty. Mr. Trewin has a°fi partly of his own connection 
the most capacious memory of with it. He began as an ASM 
anv of my critical colleagues, in 1932. was managing director 
and can remember— and describe five years later (aged 25), and 
succinctly — bis experience of stayed there until bis retirement 
more Shakespearian perform- 49 years on. 
ances than most of us are likely The fortunes of the Alex may 
lo see in our live*?. The hook SO und like a minority interest 
is ideal for comparative new- TO , he world at large: but the 
comers to Shakespeare: even lo appendix which lists the corn- 
veterans it has much to provide pa nies from 1927 to 1973. when 
both in knowledge and in rt p a j the theatre ended, sug: 


humour. 


gests a distinguished minority; 


And the players themselves, w'rih names in it like Raymond 
how do they achieve their Huntley, Kenneth More, Robin 
privileged status? In an addi- Bailey. Alec -McCowen. Zen a 
tion to the series that has Walker. Billie Whitelaw, Vivien 
included Oxford. Cambridge, Merchant. John Standing.' - 


Buda Castle rises again 

At the end of the Second statues no more than three feet and one knight with a daisy belt. 
World War. when Buda Castle high reveal a previously all ihe heads .and torsos were 
was a chaired ruin, toe Hun- unknown period In Hungarian found separately. In the in- 
garian government made a bold a rt, the fifteenth century. One terests of historical accuracy no 
decision: not only would they category of work consists of altempi was made to piece the 
restore it, but faev would also secular statues of graceful figures together, even where 
take advantage of ‘its condition knights, courtiers and ladies heads .^emed io fit particular 
for excavating before rebuilding, with their knaves, heralds and bodies. 

There was considerable interest ladles in waiting bearing their y he Gothic Hall, u-here the 

in- what remained of toe amis. secular staUies now stand, was 

medieval palace that was known The women's long dresses are itself buried under another 
to be under the present baroque carved with folds as though building tintil excavations un- 
structure with, its command of being heid up in their hands, covered it in 1950. It was recon- 

the Danube. Knights wear knee-length tunics strncted from architectural frag- 

The first phase of the ex- and belts decorated with daisies, meats, ihe window-frame, pillars 
cavatlons lasted 15 years and Traces of paint show the knights and .'prfagers, and is an 
long delayed the opening of wore red tights! One lady’s important discovery in itself. For 
what was planned now to house golden curls are reproduced In it represents. -the 0 niy evidence 
the cultural life of the nation, gold leaf, now barely visible, of what is known to be a flourish- 

Gradually slace the mid-1960s, T!le other . set of- statues 

re li trio us figures tecture. Sigismund, king 

reumous ngures flf GerJ7iaay ^ w Hungary. 

UJ . doak^A tt * v * ,led throughout Europe 

National Gallery moved in, and female srim show? remains or fjiSS^SiSbSg^Mis 

to work in’ Buda. The lower 
which bobses the 


one part of the palace was depicts religious figures — 
opened as a Museum of the apostles or phrophets and saints 
Workers’ Movement. Part of toe —each with a long cloak- . A 


just this year a complex oT blue and brown painL 

theatres took up residence In of the apostles has some bluish . 

the castle in what was the rile grey, paint on his cloak. The Sfffnu* -wi 

of the first permanent ». theatre most complete of these figures andScnnKfrJ^i-a^JnA 
in.. the Hungarian capital, a j s a saint presumed to bl Sl 
venue where Beethoven played a Bartholomew, holding a leather %<, walls^fhi? 
pland . recital in 1800. bag in his. right hand and wear- level of ihi J$£Z£ 

A second phase of excavations provides evidence orthe large 

began in 1967 and uncovered ravtafi S uS I? scale bull*ug that was done in 

unanticipated riches that are reveal a tumc be^ed at ^ Hungarian Gothic style of 

now on display in uncovered ms wsus- . . ^ fourteenth century. 

and reconstructed bits of that Unfortunately, except for this ’ 

medieval ..'palace. Some dozen SL Bartbolemew, one apostle • FRANK UP5IUS 


AINIG Associated Newspapers Group Limited 

The Annual General Meeting tor 1978 of Associated Newspapers Group Limited 
will be held on Thursday, 10th August, 1978 el 10.30 am at the W&ldorf Hotel, Aldwych, London. W.C.2. 


Year ended 31st March, 1978 


Earnings from Trading 

Share of Earnings of Associated Companies 

Earnings before Taxation 

Extraordinary Hems 

Group Earnings 

Dividends for Vbar 


1978 
£000' S 
11,163 
1,801 
15,461 
.(1,117) 

8,141 

EL811P- 


1977 
EOOO'S 
7,942 
1,777 
12013 
645 
6389- 
5.1 51 p. 


Detracts from the statement of the Chairman to be presented to 
the Annual General Meeting. 


In the year to March 1978 the Group 
achieved earnings before - taxation of 
£ 1 55m compared with £12Dm for 1977. 
With inflation having run at the rate of 
9 per cent over the period these results 
show a real improvement on last year. 

The highly successful Daily Mall con- 
tinues to contribute towards group 
earnings. The Improvement in ihe Evening 
News has been well received by readers 
and the advertising industry. 

The earnings of provincial newspapers 
showed an improvement as a result of 
increased advertising volumes in the latter 
part of 1S77. Rising costs were offset by 
higher advertisement rates and' cover 
prices within the Government's price 
■control regulations. As part of the 
modernisation programme, new buildings 
are being constructed for our newspapers 
in Derby and Torquay. They will house 
-the new photocomposition production 
systems which together with highspeed 
presses will allow for the future expansion 
both In paging and circulation. 

During the year your Board decided to 
invest in Esquire in the United .States of 
America. The magazine has been re- 
designed and was relaunched as a fort- 
nightly magazine last March. It has been 
well received by readers and the advertis- 
ing Industry. As a matter of prudence the- 
inftial costs to date have been written off.. 


As has been publicly announced your 
Company acquired controlling interest in 
The Wyndham Theatres Limited, a group 
which includes the famous Albert’ 
Criterion, Piccadilly and Vtyndham’a 
London theatres. This investment provides 
your Company with a substantial partfcj- 
palion in London's growing entertainment 
and tourist industry. 

The group has an H per cent interest in 
■Consolidated Bathurst from which the rate 
of dividends has been maintained at 
approximately the same level as last yeai 
Net earnings contributed $2.71 per coni-, 
mon share compared with net eamings dT 
. S2.28 per common share in 197B. 

Earnings from our North Sea oil 
ment were reduced as a direct result t _ 
decline in the rate of production from I ___ 
Argyll Field. Since the result of fuftt% 
exploratory drilling on other licence areas 
was disappointing full provision has be^i J 
made against this Company's axpendKore' 
on those areas proving unproductive. 

The Government has announced theHt 
intends to contain wage increeses within 
appropriate guide lines. In such circum- 
stances It would be possible for earning^ 
to be maintained but In order to make real 
progress it is necessary for there to be-a 
general Increase in productivity; This is' 
vitally important as there is a real danger 
of a serious increase In inflation fn 
1979/80. 


Associated Newspapers Group Limited. Carmelite House, London, EGA 


S» 


v 






14 


Financial Times Tuesday July IS 1978 


FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET- LONDON EC4P 4BY 
Telegrams: Finanthno, London PS4. Telex: 886341/2. 883897 
• _ Telephone: Ot-248 8009 - . - 


Tuesdav July IS 


A realisti 


A 


summit 


THE SEVEN Western leaders 
have not pulled any rabbits out 
of a hat at their Bonn summit. 
The economic package endorsed 
by yesterday's communique is 
both modest and largely as 
expected. Indeed many of the 
communique's specific commit- 
ments had already been under- 
taken or foreshadowed in 
recent weeks. In the days 

immediately preceding the 
summit, most of the participants 
had cautioned public opinion 
against expecting too much 
from Bonn. 


Energy 

In some respects, however, the 
ecunomic agreement does go a 
little further than expected. Mr. 
Taken Fukuda. of Japan, has 
given a very firm undertaking 
to limit the volume of his 
country's exports and the extent 
n£ West Germany's commitment 
to a higher growth rate was in 
doubt until the last minute. 
President Carter has not spelled, 
nut the details of how he hopes 
to secure the passage through 
Congress of a “ comprehensive ” 
energy policy by the end of Ihe 
year, but he has at least 
solemnly reaffirmed the pro- 
gramme's overall objectives. 
Italy's pledge to stimulate 
growth next year is a surprise 
addition to the package. The 
UK had long made it clear it 
would have little extra to 
contribute on the growth front. 

The maior departure from 
past summits has been one of 
style. The seven leaders have 
left each other much Freer than 
io the past in decide what 
measures their national 
economies, and political situa- 
tions. will tolerate. As Mr. 
Fukuda pointed out yesterday, 
there has been a lull in the 
strident hectoring of the recent 
past, in which Governments 
openly criticised the policies of 
others and urged them to do 
better. The new approach 
follows naturally -from the 
decision to abandon rigid and 
usually unobtainable growth 
targets like those set by the 
Downing Street summit last 
May. While Herr Helmut 
Schmidt, the West German 
Chancellor, has been largely 
responsible for the demise of 
targetting^ it must by now be 
obvious to most Heads of 
Government that the setting of 
over-ambitious objectives does 
more harm than good. 

Herr Schmidt. however, 
seems to have had less success 
in persuading his colleagues of 
the merits of his new plan for 
European monetary stabilisa- 
tion, worked out in consultation 


with M. Valery Giscard 
d’Estaing. the French Presi- 
dent. After blowing cold then 
warm towards the idea. 
Washington is now blowing 
cold again — possibly because it 
now realises that Herr Schmidt 
and M. Giscard d'Estaing are 
really serious about their pro- 
posals. president Carter and his 
officials in Bonn made it quite 
clear, like the UK. that they 
will want to study the details 
in much greater depth before 
committing themselves, and Mr. 
Fukuda also showed extreme 
caution. The principal 
American concern appears to 
be that the scheme could pre- 
vent the desired appreciation of 
hard currencies, while forcing 
deflationary policies on the 
weaker European economies. 
Mr. Fukuda is worried that it 
could lead to increased specula- 
tive pressure on the Yen. 

Economic . and monetary 
matters apart the decision to 
step up the pressure in the 
international fight against 
terrorism is a noteworthy step 
forward. There has been much 
talk of the need for sanctions 
against countries that offer 
sanctuary to hi-jackers and 
terrorists, but so far little or 
no action. What is important 
now is that the seven Govern- 
ments do not flinch from carry- 
ing out their threat to suspend 
air traffic connections with 
offending countries when they 
are confronted with the first 
test case. It would also 
obviously be helpful if as many 
Governments as possible can 
respond to Herr Schmidt’s 
appeal to support the action by 
the seven. 


CrcdibUiy 

The Bonn agreement is not. of 
course, going to solve the 
problem of international ter- 
rorism — any more than the 
economic package is going to 
solve the world s economic and 
social problems. Of that the 
seven heads of Government are 
fully aware. Indeed, one of the 
more notable aspects of the 
summit has been a greater 
sense of realism than that, for 
example, which prevailed at 
Downing Street last year. The 
Heads of Government have 
refrained from setting them- 
selves impossible objectives, 
while at the same time pledging 
themselves to much more 
determined efforts to ensure 
that those aims they have agreed 
will be meL In the face of 
such intractable problems, inter- 
national summitry can best 
retain its credibility by not 
raising its sights too high. 


Constraint of 
pay policy 


WORKER CO-OPERATIVES 


BY JOHN ELLIOTT 


First tentative steps along 


a Spanish-style road 


THERE ARE sharp differences 
of opinion about rhe merits of 
pay restraint. Some people 
believe that in principle and 
practice u is likely in do mine 
good than harm while ■ others 
helieve piPi-sifly the opposite. 
On hots aides of the debate, 
however, there is> general 
agreement that the degree of 
rigidity inherent in any- pay 
policy which i* likely to influ- 
ence the climate of wage 
nesi ilia lions • -will breed 
anomalies and consequential 
inefficiencies in the allocation 
of resources. The longer that 
pay policies are maintained, the 
worse will be the anomalies and 
the more serious will be the 
inefficiencies. 


Responsibility 


At the beginning of the 
present pay round last summer, 
the Government endeavoured to 
provide some scope for flexi- 
bility’ by indicating that it 
would prefer to see pay nego- 
tiations conducted on a basis 
that would limit the national 
average increase in earnings to 
10 per cent. It was, however, 
soon forced Into imposing 
greater rigidity’, both in its own 
role as an employer in the 
public sector and through its 
dealings with individual firms 
in the private sector, when it 
became apparent that 10 per 
cent had become the minimum 
level .at which most groups of 
workers were prepared to settle. 
At the same time, to prevent 
the policy breaking down and 
to satisfy the claims of groups 
in the public sector for which 
the Government has a special 
responsibility. Ministers bit 
upon a formula under which an 
immediate 10 per cent increase 
would be followed by further 
in6f.eases to -be? , staged over, 
periods of up to two years.- 
This formula has now been 
used to fettle the claims of a 
mtijiber of. groups, including 
the- ffretuetL the armed forces, 
senior public servants, and 
doctors and dentists. But it was 
first devised to deal with police 
D av The committee of inquiry 
under Lord Edmund-Davies. 


whose report was published 
yesterday, bad originally been 
appointed to review the police 
negotiating machinery following 
the withdrawal or the police 
federations after disputes over 
the application of earlier 
phases of the Government's pay- 
policies. When a . further dis- 
pute last autumn was accom- 
panied by warnings from the 
Metropolitan Police Commis- 
sioner that Ministers were in', 
danger of being faced by strike 
action — something which the 
police are forbidden by law to 
do — the Government offered to 
pay an immediate 10 per cent 
increase and to extend the com- 
mittee's terms of reference to 
include pay. 

The increeses in pay averag- 
ing about 40 per cent and the 
re-structuring of pay levels 
which the committee has recom- 
mended are based not so much 
upon the idea of restoring com- 
parability with other occupa- 
tions but are intended to over- 
come the recruitment difficul- 
ties and serious problems of 
wastage which have been 
recently manifest and to offer 
a better career prospect for 
the long serving constable. 

By insisting that the increases 
in police pay be phased, the 
Government may be under- 
mining the potential benefits of 
the committee's findings for 
police recruitment. 

The wider point, however, is 
the question of devising a 
flexible approach to pay policy 
which can accommodate the 
necessary adaptations to reality 
without a renewal of general 
wage-inflation. The Prime Minis- 
ter has been talking of wage 
increases of around 5 per cent 
over the next year. If the 
Government is led into trying 
to apply this or any other 
Hgure in a manner which 
further compresses differentials 
and prevents adaptation to 
market pressures, the policy will 
contain the scuds of its own 
undoing. It has got away with 
it by making special case* of the 
pnliee and other groups this 
time but the formula is unlikely 
to work a second Umc round. ■ 


D uring the past couple 
of years there has been a 
sharp change in the 
general attitudes towards wor- 
ker co-operatives, which have 
not so far played a significant 
role in Britain's economy. The 
latest and most important evi- 
dence of this change has come 
in two recent developments. One 
is the creation, under new legis- 
lation, of a Co-operative De- 
velopment Agency to help foster 
co-operatives, and the other is 
a decision by the Co-operative 
Bank to start helping to finance 
worker-funded enterprises. 

Together these events could 
lead to a new generation of 
small worker co-operatives 
growing up in Britain, and at 
the same time enable the Co- 
operative movement to expand 
from its primarily consumer- 
oriented base. 

The lack of past interest in 
co-operatives is the result of 
both political and practical fac- 
tors. The main factor is that 
the Labour movement has con- 
centrated on nationalisation as 
a means of changing the basis 
of industrial ownership and. on 
the trade unions for handling 
the affairs of the individual at 
work. This has left co-operation 
mainly to the wholesale societies 
and their High Street shops. 

As a result there has been 
little or no trade union interest 
in worker cooperatives except 
when they provide rapid solu- 
tions to factory closure and 
redundancy problems. 

On a practical level most co- 
operatives. that have tried to 
start have failed through lack 
of sufficient finance and 
management expertise. On top 
of this, the experiences of the 
co-operatives at the Meriden 
motorcycle factory, the Scottish 
Daily News, and Kirkby Manu- 
facturing and Engineering's 
Merseyside plant — ail of which 
were saved from closure in 1974 
during Mr. Anthony Wedgwood 
Benn's era at the Department 
of Industry — served to trans- 
form public and poiitiral 
opinion from a state of dis- 
interest to one of apposition. 
The two survivors— Meriden 
and Kirkby— are still facing 
problems. 

Now attitudes are changing. 
All the main political parties 
regard co-operatives with some 
favour, and several efforts are 
being made to help them. There 
are various reasons why this is 
so. First there is the general 
issue of industrial democracy 
and employee participation 
which involves a debate 
about the individual’s rights at 
work in relation both to 
management and the providers 
of. capital. Some people, includ- 
ing the Liberal Party- like the 
idea of co-operatives because 
there can be greater worker 
influence . without increased 
trade, union power, and they 
regard . the idea of workers 
owning and running their busi- 
nesses as a primary way of 


reducing industrial conflict- 

Next the growth of the -small 
is beautiful" fashion— and the 
current political interest in 
helping small firms — h::* con- 
centrated peoples’ minds on 
how small enterprises can be 
funded and organised. Then 
there is the interest— mainly in 
the Conservative and Liberal 
Parties in trying to nourish the 
concept of individual capital 
ownership: which can be 

achieved for employees either 
through profit-related share- 
ownership schemes or through 
co-operatives. 

Moving further to the Left of 
the political spectrum — where 
there is more interest in 
collectively-funded, rather than 
individually - owned co - opera- 
tives— the subject is sometimes 
seen as an alternative tu tra- 
ditional nationalisation. Mr. 
Norman Atkinson MP. the Tri- 
bunite treasurer of the Labour 
Party, said recently at the co- 
operative movement’s annual 
Congress that “straight ortho- 
dox nationalisation.’’ should he 
replaced by “ forward-looking 
systems of co-operative self- 
managemenL" Many of Mr. 
Atkinson's colleagues regard 
his remarks as somewhat far- 
fetched to put it mildly: but 
what he said does reflect a 
widespread disenchantment 
within tile Labour movement 
with the central bureaucracies 
that run the nationalised 
industries. It should also be 
noted that one nf three methods 
favoured by the Labour Party 
for . taking the building 
industry out of the private 
sector is the creation of worker 
cooperatives. 'And of course the 
Prime Minister saw the political 
mileage this spring in helping 
the new Co-operative Agency's 
legislation through Parliament. 

Two other recent events have 
also given the idea a boost The 
increase in recent years of 
company failures and factory 
closures at a time of high un- 
employment has led workers 
facing redundancy to consider 
fnrming co-nperatlves. The 
Manpower Services ' Commis- 
sion’s job creation scheme has 
helped by spending £l.lm in 
backing what it calls enterprise 
workshops. .. 

In all 33 of these co-opera- 
tives have been started, mainly 
in woodworking, plastics and 
similar trades. They have 
created about 300 jobs • and. 
while only a few are likely to be 
viable enough to survive once 
the year-ion? job creation aid 
expires, other , will probably be 
started in rhe future under the 
Commission's continuing 

special . employment pro- 
grammes. 

The other event is the 
“discovery” of a community 
of cooperatives at Mondragon 
in the Basque area nf Spain. 
Two years ago hardly anyone 
in Britain had heard of Mon- 
dragon where, over the past 21 
years, more than 70 successful 



enterprises with a combined 
annual turnover in excess of 
r.»nm. and a labour force nE 
13.U00 have been built up 
around a bank called the Caja 
Labnral. This bank takes in 
savings from the local com- 
munities and then invests in 
co-operatives which it . afso 
provides with essential 
managerial and other expertise. 
A report last year funded by 
the Anglo-German Foundation 
for the Study of Industrial 
Society showed how such a bank 
could become the pivot of a 
community of co-operatives by 
filling the financial and 
managerial gaps that have 
bedevilled them in Britain. 


often with workers having only 
a £1 nominal shareholding. The 
job creation enterprises also 
fall into this category so long 
as they are primarily relying on 
Manpower Commission funds. 


The report aroused the 
interest of people as diverse as 
Mr. Jo Grimond, the former 
Liberal Party leader. Sir Arnold 
Weinstock, whose General 
Electric Company helped the 
Meriden motorcycle co-opera- 
tive in its troubles 18 months 
ago. and Sir Arthur Sugden. 
chairman of the Co-operative 
Bank which is now tentatively 
■taking "the first steps along a 
Mondragon-style road. 


Three main 


camps 


At present the few British 
co-operatives fall into three 
main camps. First there are 
those- borfi out of industrial 
failures — Meriden and Kirkby. 
These have sprung from the 
sit-in form of defensive worker 
reaction to imminent redund- 
ancy and. in fact, are only 
co-operatives in the sense that 
they are worker-managed: they 
are not worker-owned because 
they are mainly State-funded. 


Next there are about 20 
older co-operatives embracing 
□early 2.000 workers, mainly, in 
the shoe and textile industries 
With a turnover in 1973 nf 
£5.6m, they are the sole sur- 
vivors of those producer co- 
operatives formed in the latter 
part of the 19th century. 

The third group is the most 
significant at present and is 
centred around an organisation 
called the Industrial Common 
Ownership Movement . It em- 
braces 18 collectively-owned 
enterprises and hag evolved 
from the initiatives of Ernes! 
Bader who turned his nwn 
family-owned chemical concern 
in Northamptonshire over to a 
trust for his workforce between 
1951 and 1963. Other entre 
preneurs have, primarily for 
paternalistic or tax-avoidance 
reasons, taken similar steps -in 
recent years and the reconsti- 
tution of old family concerns 
is regarded as a likely source 
of future co-operatives. But the 
main significance of the Move- 
ment is that it was given a fresh 
role by the Industrial Common 
Ownership Act, 1976. which 
emerged from a private mem- 
bers’ Bill and was backed by 
the Labour Government, fhe 
Act gave the Movement £250.UU0 
from the Department of 
Industry to spend in revolving 
loans to would-be co-operatives 
through a new organisation. In- 
dustrial Common Ownership 
Finance. So far £33,500 of this 
has been drawn and allocated 
to co-operatives. 

The passing of the Act and 


the provision of the cash gave 
a new impetus to the develop- 
ment ol cooperatives and has 
been accompanied by regional 
cooperative development bodies 
spnngros up around the country 
in the North. Scotland Inhere 
the Highlands and Islands 
Development Board is also ex- 
perimenting with wider com- 
munity-based co-operatives), and 
Wales. 

This is the sort of activity 
on which the Co-operative Bank 
and the new Co-operative 
Development Agency can build. 
The agency will be charged 
under its chairman. Lord Oram, 
with encouraging the spread of 
co-operatives ui general as weH 
as worker enterprises. 

To begin with the bank is 
taking a strict view of what con- 
stitutes a co-operative.' As has 
been said, the Meriden type of 
business, being mainly State- 
funded. can only be called a 
co-operative because il is 
worker-managed. For some 
Socialists tins is the ideal form 
of co-operative — and so fits in 
with the Norman Atkinson view 
— because h provides a form of 
State ownership and worker 
involvement without a central 
nationalised bureaucracy.. But 
for many others it misses the 
main point This is especially 
true for the Conservative Party 
which U interested in coopera- 
tives providing they are not a 
form of helping dubious “ lame- 
ducks ” like Meriden or of 
introducing back-door nationali- 
sation. 

What these critics want- is a 
significant personal cash stake 
to be put down by the workers 
involved. They also do not want 
outsiders having any influence 


MEN AND MATTERS 


How to go 


asset ripping 


Twu men on a public bench 
in the forecourt of the Bank of 
America, across the road from 
Bracken House, were yesterday 
morning busily destroying 200 
copies of the Financial Times. 
Strolling over, l discovered that 
they were not ripping up the 
entire paper, but just tearing 
nut a piece. Hope?' that they 
were ardent collectors of this 
column were soon dashed: 
George Shepherd and his son 
Gary from Harrow were flicking 
straight to page 35. to extract 
the share application forms 
placed by Hill Samuel for 
Ernest Jones ( Jewellers) Ltd. 

“It's a bit like the horses,” 
explained Gary, a postman, as 
the unread but processed 
copies of the FT piled up on 
the pavement. He and his 
retired father have been tearing 
up papers for years. Working 
on the assumption that most 
applications are oversubscribed 


and put out to ballot, ' the 
Shepherds reckon that as 
“private investors" the. more 
forms they fill in the better 
their chance of getting a slice 
of Jones tbe Jewellers. On 
offer are 1.5m shares at 115p 
each, with a minimum applica- 
tion on each form of £200. 

The Shepherds laid out £30 
on their 200 copies nf tile FT; 
they see it as a fair gamble, 
hoping to cover the outlay if 
only one application form 
proves lucky, and much better 
if two or more hit the jackpot.. 

They rely, of course, an the 
issue being successful and on 
the small application being 
favoured over the institutional 
one. It is also one thing gaily 
to tear up papers on a summer's 
day’, but quite another to com- 
plete all 200 application forms. 


machinery which never were. 

But it is the exports which 
are where the real fantasy has 
been evident — not least in the 
case of the company which 
ostensibly switched from screws 
to saucepans and then told the 
export bureau that it had an 
order 'for 9m saucepans from 
neighbouring Uruguay. That' 
would have been quite a coup; 
it would have meant three pans 
for each Uruguayan man. 
woman and child. 

For 1976 the estimate for 
fraudulent export rebates is 
S56.5m. which show’s that even 
if the Brazilian authorities can- 
not catch this golden goose, 
many Brazilians know how to 
make it lay. 


taiian." It would also, the court 
found. "provide additional 
nourishment od which; tbe ill- 
ness of de-humanisation is able 
to feed and grow to the point 
where it is totally incurable." 
Perhaps the Department of 
Transport might take note Our 
driving licences now have six 
letters and 24 digits to identify 
them. 


Moscow mirror 


Numberless 


Poetic licences 



“How about an exotic fort- 
night at Heathrow. Gatwick 
or Luton ? " 


If the many Brazilians applied 
the wit to promoting exports 
that the few apply to tricking 
the authorities it wnuld be. as 
11166 and All That says, a good 
thing. But instead. 1978 is prov- 
ing to be tbe year of the " con 
job.” The current estimate is 
that so far $170m has been 
spirited out of the state’s 
coffers as tax rebates on phan- 
tom exports. The fact that a 
special division of 'the. Treasury 
controls all export transactions 
has not prevented 230 
“exporters” in the Sao Paulo 
area alone from shipping old 
bricks in crates marked as 
shoes; friendly crews then dump 
these Into the sea. Their other 
conjuring tricks include prepar- 
ing crates of machinery which, 
before you can say lathe turn 
out to be empty. 

Another ruse exposed in the 
Incal press is now being investi- 
gated by the authorities. This 
led to the state being swindled 
nut of an estimated 810m nf 
credits for fertilisers and 


Rarely has a court been so 
deluged with advice as was the 
Federal District Court in 
Minnesota about a case which 
can go down in history as a rare 
victory over the demands of the 
ever-encroaching computer. 

The case, in re Dengler. was 
brought by a mart who wanted 
to change bis name to a num- 
ber. In an age when American 
Express cards run to 15 digits. 
Dengler’s demand was modest 
enough. He wanted to be known 
as 1069. 

Some of the people whose 
letters poured in thought it was 
a “bright, creative and intelli- 
gent idea” or that democracy 
should allow individual choice. 

But the court was not con- 
vinced . It ad m i tied that the 
use of digits to identify people 
was "not uncommon in our 
computerised and bureaucracy- 
laden society." On the other 
hand, it recalled the dark days 
of the branding of concentra- 
tion camp prisoners and found 
that to impose numbers on 
society is “an offence to human 
dignity and inherently totali- 


A new monthly magazine. 
Religion and Freedom, has just 
sold out its first issue: this is in 
large part a reflection of 
British anxiety about the heavy 
sentences imposed on Soviet 
dissidents Schcharansky and 
Ginzburg. The editor of the new 
magazine, David Kelly, is a 
former Reuters correspondent 
and has a feel for topicality, 
but he never expected events 
in Moscow to be so closely 
mirrored by his first number. 
Four major articles examined 
the conflicts between com- 
munism and f-eednin, Kelly 
was also gratified to be carrying 
an advertisement fur the 
Moscow-based journal Sovici 
Union; ironically enough, it 
was headlined " A Closed 
Society?" 

Although Kelly is a Catholic, 
he is insistent that be is not 
trying to proselytise. His next 
issue will carry a report on 
differences nf opinion between 
Jewish groups in Moscow. 
While delighted in selling out 
his first 10.000 copies, he will 
keep editing the magazine from 
his Greenwich home — and 
maintain his links with City 
stockbrokers Laurence Prust. 
for whom he dues research. 
" Starting a serious magazine 
these days is nut the most 
obvious way of growing rich," 
he admits. 


Observer 



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within the co-operative because 
of the friction it could cause. At 
MondraRon in Spain workers 
invest up to £1,000 each, some- 
times borrowed and then repaid 
out of wages, and the Caja 
Lab oral Bank then doubles Tim 
proceeds. The Spanish Govern- 
ment also provides some fund*. 

Taking up tins idea, which it 
has studied, the Co-operative 
Bank says that all, or nearly all. 
the workers in a venture should 
be shareholders putting op £600 
to £1,000 each. The bank wnuld 
then double the amount with 
three-to-seven year loans at 
favourable rates up to a £35.000 
ceiling. Because most co-opera- 
tives start with about eight to 
20 people, the bank envisages 
that most of its loans will be 
nearer £5.000 than £25,000. 


Many workers may have prob- 
lems in finding their initial 
stake (unless they have just 
received a big redundancy lump 
sum payment). 


i v 

' I 
\ ^ ’ 


But the Co-operathre Bank 
seems unlikely to be prepared 
to water down its criteria, or 
change the amounts it is pre- 
pared to lend, unless a future 
Labour Government introduced 
a Stale guaranteed scheme to 
safeguard its loans. Such an 
idea is unlikely to appeal to a 
Conservative Government. The 
bank says that its current rules 
alum t the workers’ financial 
involvement arc essential to 
balance the risk it will be 
taking with its loan*. This is 
because . The rules provide a 
high personal worker-commit- 
ment to the enterprise. 

Another problem to be faced 
by the bank is that u does not 
at present have ihe sort of 
analy tical and industrial 
managerial expertise that it will 
need to identify prospective 
winners and losers, especially 
when such a judgment means 
deciding nor only whether a 
product is viable but whether 
the would-be co-operators can 
survive together for long. It is 
therefore likely to send applica- 
tions for cash to various 
co-operative and other concerns 
where their viability can be 
tested, and their problems 
ironed out. 

Life will therefore not be 
feather-bedded for wnuld-be 
founders of Industrial 
co-operatives. Nor will the 
traditional problems of conflicts 
between the interests of capital, 
management and labour vanish 
overnight. All concerned in the 
new initiatives are determined 
that as Mr. Alan Williams, 
Minister of State for Industry, 
has put it, with Meriden and 
Kirkby in mind; "The co-opera- 
tive form of organisation should 
not be seen as a way of rescuing 
industrial disasters." This is 
because they want to make a 
success of their chance to ghow 
that workers’ co-operative's 
could provide an alternative 
pattern of ownership for parts 
of British industry. 


H 












FmaDCial Tmies Tuesday JuJv 18 1978 

r ' FINANCIAL TIMES SURVEY 

^ Tuesday July IB 1978 



Battle 
to halt 
the 

decline 


By Arthur Smith 

Midlands Correspondent 

BIRMINGHAM, BRITAIN’S 
second city, is the first to have 
drawn up a comprehensive 
action programme to tackle the 
problem of its declining inner 
area. It must more quickly if 
it is to bait the drain of jobs 
and people from the centre of 
a city, which less than' a 
decade ago was the symbol 
of the nation's prosperous motor 
industry. 

The rundown has heen rapid: 
since 1971 jobs, most of them 
in the traditional manufacturing 
industries, hare disappeared 
front the central area at the 
rate of more than 10.000 a year: 
population has declined by more 
than 11 per cent to 291.000. and 
surveys suggest that unemploy- 
ment is more than twice the 
national average at 15 per cent. 

“ We cannot claw hack the 
iiO.tKW jobs up have Inst in a 
live-year period, but we must 
act to halt Hu* exodus and at 
least retain employment at 
present levels." says Mr. 
Graham Shay lor. the city's 
planning ofiicer and the man 

Aeryir MojVimqs 
ACConiracuvs 
A C Gene* at. vs 
A C Induvliin 
Air Actuation 
Air Control Valves 
Air Enuiprue. il 
Air Filters 
Airframe 
At. Hutsls 

Alkaline i Nickel Cadmium) Battery 

Alter naiors 

Ammeters 

Anti Frcece Testers 

Arm-run-on Solenoids 

Arterial Blood Pressure Monitor 

Atomisers 

Auto El« ill rival Spares 
Automotive Electrical Portable Test 
Muiprs 

Automatic Tpst Equipment 
AvimIi.vv Po-.vur U mis' 

Aversion Therapy Equipment 
RuSisli> S 

BaUerii>5 and Allied Equipment 
B.UK.'.'V' Charqprs 

B. v.;er\ Cm-o'* Switches 
Bailors' .in.l Earth Cables 
Battery rili»" s 

Battery Master Switches 
Battery Sour Connectors 
Ewirtjcsicr 
Bfarmry. 

Biological Ceil Disruption Equipment 
Blocking Diodes 

Boot Lamps — 

Brake 

Equipment 

Bulbs 

Cables and Connectors 

Calibrators 

Camshafts 

Cap Krtors 

f. ai A-cptsccies 

Carl kj rollers and Fuelling 

Cai iliac Pacemaker 

C. « Wash Machines 
C.t-.irqrrs 

Chassis Dynamometers 
Cl-. muoPHtinq 

C'c.iin'r'.- ami Cleaning Systems 
O-.mim I Equipment 
t v-arirq EQinpiKiil l Ultrasonic) 

C ir.n.vi e L*m|*3 
Clipper Diodes 
Clutcn Systunis 
Cmls 

fold Thru*.! Rev^rsers 
l' . •lubinalion k alvM 
c.tii-.hnsth'*:i Equipment 
l. .i.-npmsi-ors 
C' mi|ii»ti':' Aided Design 

Connector Covers 

Constant Speed Drives _ 

Contact Cleaner (Transistorised) 
Contact Sets 


Birmingham 

The task of halting the rapid loss of jobs and people from 
Birmingham is seen as so important that the city has been chosen by the Government for one 
of its special initiatives under the recently expanded urban aid programme. 


charged with the daunting task 
of reversing the trend. 

Mr. Shay lor heads up the 
handful of officers seconded to 
prepare material for the Birm- 
ingham Partnership Committee. 
The partnership concept was 
devised by the Government 
under its recently expanded 
urban aid programme to push 
through revitalisation in the 
eight parts of the country where 
the problem was considered 
most severe. 

Seven Ministers, each repre- 
senting their individual Govern- 
ment Departments, sit on the 
Birmingham Committee, which 
is chaired by Mr. Reg Freeson. 
the Housing Minister. The 
leaders of the Birmingham City 
Council and West Midlands 
County Council also attend 
along with representatives from 
other public bodies, such as the 
regional health authority. 

The committee's role is to co- 
ordinate the efforts of the 
various public agencies 
towards a common goal and, 
with the limited funds at its 
disposal, complement the activi- 
ties to give a new impetus to 
the task of regeneration. ' It has 
no executive powers: implemen- 
tation of recommendations is 
the responsibility . of the 
individual authorities; persua- 
sion is the only weapon upon 
which the committee can 
depend. 

To underline the fact that 
the committee is merely an 
ad hoc arrangement Mr. 
Shavlor’s team has deliberately, 
been kept to the minimum, 
with officers from the con- 
stituent authorities called upon 
to make contributions when- 
ever necessary. Whitehall must 
tread carefully to avoid the 
charge that it is creating 


another body to encroach upon 
jealously guarded local 
authority powers and responsi- 
bilities. Equally, ail members 
of the partnership are anxious 
to make it clear that they are 
not introducing another layer 
of bureaucracy into the already 
confused pattern of local 
government. 

Birmingham may have 
worked at a frantic pace to 
draw up the partnership 
programme, but Mr. Sbaylor is 
under no illusion that the 
headaches are ■ only just 
beginning. The easy part is 
over; now the real work must 
start. 


CHANGE IN EMPLOYMENT IN -THE BIRMINGHAM 
PARTNERSHIP AREA 197I-7B 

Change in Employment 
1971-78 

Type of Industry plumber Per cent 

1. Vehicles —14,962 -28^9" 

2. Metal Manufacture and Metal Goods 

Industries - 16.545 —19.8 

3. Mechanical and Electrical Engineering —11,962 —22.3 

4. ALL M ANXJFA CTTJ RING - 5X292 ^2£s“ 

5. Construction — 3.982 —14.1 

6. Services 1 + 5,011 ■+■ 2.1 

7. Agriculture, mining, etc. ' — 209 — 69.0 

TOTAL .\JLLlNDUSTRrES -52,473 - 10.4 

Source: Department 0 / Employment. : 


Alarm 


POPULATION CHANGE 1971-76 

Resident Population 

' Population Change 

1971-76 

Area 1971 1976 No. % 

Core Area 329,300 ; 291.800 - 37.500 -1L4 

Rest of Birmingham District 767,760 778.000 + 2.240 + 0.3 
Birmingham District Total... 1.097.060 JL061.800 .-35,260 - 2J2 
Sonrce: -Central Statistical Office, City of BirminghamT - 


The city was one of the first 
to raise the alarm about the dis- 
turbing and accelerating decline 
of inner Urban areas and its 
representations were certainly 
a factor influencing central 
Government to place new em- 
phasis upon such problems. 
Birmingham was quick to realise 
that it had become the victim 
of its own success in the post- 
war period. In the boom years 
of the motor industry the city 
suffered from labour, shortages 
and excess demand; there was 
a logic to the Government’s 
regional policy of encouraging 
firms to move to the new towns 
and development areas in. order 
to prevent overheating of the 
midlands economy. 

Ironically, the drift away from 
the central area was accelerated 
by the City Council’s ambitious 
slum clearance and road build- 
ing programme. Redevelopment 
schemes took people to better 
housing in the suburbs but also 
removed the small back street 
premises that had acted as the 
seedbed for new firms and acti- 
vities. The massive new high- 


ways that cut a swathe to the 
centre of Birmingham to make 
it so distinctively a car-oriented 
city left in their path pockets 
of dereliction and undeveloped 
sites. ;• 

—The population of Birming- 
ham’s “core area,” which has 
the most acute social and hous- 
ing problems and where the old 
and . dedining manufacturing 
industry tends to be located, 
fell dramatically from 455.000 
In 1961 to 291.000 in 1976-a 
drop of around one third in just 
15 years. 

But the migration has not 
been balanced. Those left 
behind tend to be on lower 
incomes. Not only is there a 
problem of unemployment but 
also of a disparity between the 
jobs available and the skills 


of the local residents. A sample 
household survey conducted by 
the -West Midlands County 
Council in 1976 suggests that 
around one third of the core 
area population consists of 
New . Commonwealth born 
people and their dependents. 

' Work, is already underway in 
advance of tbe partnership pro- 
gramme to tackle the central 
economic problems. Some £2.5m 
was made available in the cur- 
rent year under the Govern- 
ment's urban aid scheme, while 
another £llm was provided 
from the Chancellor of the 
Exchequer's JElOOm allocation to 
stimulate the building industry- 
About £4m is being spent on 
erecting small factory units and 
refurbishing existing premises. 

The partnership authorities 


confess that in the time avail- 
able to draw up their strategy 
the emphasis had to be upon 
action rather than further 
analysis of tbe problems. The 
aim is merely to stabilise rather 
than expand employment, to 
promote hew industries rather 
than attempt to re-create the 
old ones. 

Organisation is seen as critical 
to the whole exercise. The com- 
mittee is emphatic: "However 
well thought out the individual 
components of the programme, 
if the existing agencies in the 
partnership area cannot change 
their policies and their atti- 
tudes and work more closely 
with the private sector and 
voluntary bodies, then economic 
regeneration will not come 
about.” 

The Government has ap- 
proved spending of £10m a year 
for the period April 1979 to 
1981 to begin what is envisaged 
as a ten year exercise. Initial 
effort will be concentrated on 
a limited number of key areas: 
Handsworth and Sparkbrook, 
where social problems are most 
acute; Deritend. Duddeston and 
SaJtley, where there is scope for 
encouraging industrial growth: 
and Small Heath where it is 
thought a modest injection of 
funds could stimulate self-sus- 
tained economic revival. 

The committee believes that 
it is important not only to act 
but to be seen to be acting. Pro- 
jects will be sought which bring 
quick results so that people-can 
see the improvement taking 
place. The object is to raise 
confidence and creaie the sort 
of climate wbere the private 
sector is also prepared to com- 
mit resources. Clearance of 
derelict sites and renovation of 
dilapidated buildings can have 
a beneficial effect which far out- 


weighs the cost. 

The local Birmingham politi- 
cians. who have been loquacious 
critics in recent years of Gov- 
ernment regional policies which 
divert the growth industries to 
the assisted areas, are conscious 
that the problem also exists 
closer to home. There is a 
recognition that if the central 
area is to be' promoted then 
growth in other parts of the 
West Midlands conurbation may 
have to be restrained or at least 
delayed. 


Limited 


The ‘partnership committee 
has also squared up to the fact 
that because there is very little 
mobile industry, the employ- 
ment ' which will flow from 
attracting new firms to the area 
is limited. More promising is 
thought to be the encourage- 
ment of -existing companies to 
consolidate and expand their 
activities. Particular attention 
will be paid to the small firms 
which at present account for 80 
per cent of employment in 
manufacturing industry in cen- 
tral Birmingham. 

The city, known as “the town 
of 1,500 trades." also intends to 
draw upon its tradition for in- 
novation. invention and home- 
grown entrepreneurs. Support 
will be given to research and 
development initiatives and for 
closer links with the local uni- 
versities and polytechnics. 

The approach of The partner- 
ship committee is certainly 
imaginative and fairly compre- 
hensive and the different 
agencies seem to have found a 
working relationship. But 
implementation will provide the 
real test. 

The fact that a partnership 
committee has been created at 


all seems a severe criticism of 
the reorganisation of local 
government pushed through so 
painfully just a few years ago. 
Revitalisation of the inner area 
is a task so fundamental to the 
City Council that the need to 
form an ad hoc committee out- 
side the framework of local 
government must pose 
questions. 

Neither Conservative nor 
Labour leaders of the city or 
metropolitan councils are 
satisfied with the present 
division of functions and 
responsibilities in a two tier 
local government structure. 
Birmingham, with a population 
of more than lm, seems loo big 
to be treated as just another 
district council. 

>Even with the same political 
party in control of both 
authorities, there is room for 
frigtion. Against such a back- 
ground there will be consider- 
able suspicion about the role 
of an ad hoc committee. 

The position is further com- 
plicated by the difference in 
outlook between the local Con- 
servative councils and a Labour 
Government. The problem for 
the local politicians, with their 
commitment to market forces, is 
the extent to which they should 
follow wbat they regard as the 
interventionist approach of a 
Socialist Administration. 

The real test has yet to come 
of whether the partnership com- 
mittee can resolve the 
apparently conflicting interests 
of the various agencies and 
command sufficient authority to 
press through what is an 
ambitious programme. Progress 
at Birmingham will be a key 
pointer to tbe success or other- 
wise of the latest Government 
initiative to regenerate Britain’s 
declining inner urban areas. 


Control Boards ' 

Control and Prelection Units 

Control Systems 

Cooling Systems Analysers 

Courtesy Light Switches 

Cruise Control 

Cyclic Switches 

Cylinders 

Dampers 

Dash Lamps 

Decorative Plastics 

De-icing Systems 

Deionizer 

D C Contactors 

D C Generators. 

D C Generators and Starter 
Generators 
D C Motors 
Defence Equipment 
Dl Lighting. Horn Switches 
Diagnostic Equipment 
Diecasl mg. Aluminium 
Dtecasting Zinc 

Diesel Fuel Injection Equipment 
Dipper Switches 
Dir eel ional Val\ eS 
Direction Indicator Switches 
Disc Brakes . 

Disintegrators (Ultrasonic) ^ 

Distributors V 

Double Check Valves • ■ 

Door Edge Lamps 
Door Gear Motors 
Door 

Door L fckfe 

VAl CirdMbo^fce^^ 

jg^Bamic Balancing Machines 
B^namometers 
Dynastart 

Electric Cables and Flexibtes 
Electnc Connectors. Multiway 
Electric Connectors. Single 
Electric Heavy Duty Starters 
Electric Motor. Controls 
Electric Motors and Actuators 
Electric Vehicle Drive Systems 
Electrical Control Systems 
Electro- Mechanical interface Units’ - 
Electronic Accessary Systems 
Electronic Components - . 

Electronic Controls 
Electronic Engine Speed Limiters 
Electrical and Fuelling Test Equipment 
Electrical General mg Systems - 
Electrical Inverters 
Electric Stariers 

Electronic Fuel Cut out 

Electronic ignition Systems 
Emwgency Lighting Equipment 
Emergency Relay Values 
Eneigy Systems 
Engine Analysers 
Engine Coding Fan Motors 
Engine Management Systems 
Engineering Analysis Bureau 
Engineering Ceramics 
Environmental Control Equipment 
Exhaust Systems 


Exhaust Emission Control 
ExpansonTu rbines 
Fabrications 

Fabrications for GasTurbine engines 
"Fabrostnp" Wiring 
Factored Products ' 

Fan Belts 

.Fan Motors 

Fibre Optic Illumination 

Pilfers 

Filter Replacement Elements 
Filters (Electrical Band Passi 
Finite Element Design Programs 
Fiddler Lamps 
Rasher Units 
•Flexible Couplings 
FlexilighT 

Right Control Svstems 
Flow Meters 

Ruid Level Warning Indicators 
Fluid Power Equipment 
Fluorescent Lamps 
plying Controls 
Foam Filled Plastics 
Fog Lamps ^ 

Fog Rearguard 
Frequency Analy|^K 
Fnction Quality 
Fuel Coa^fll 


^FWPTjprayers 
Fuel Systems 
Fueldraiix: Pumps 
Fuse Boxes 

Gas and Electric Auto Timers 
Gas Spring Dampers 
Gas Turbine Engines 
Gas Turbine Equipment 
Gas Turbine Starters 
. Gearbox Control 
Gear Selectors 
Gears a nef Gearboxes 
Generating Equipment 
Generators 

Generator and Starter Test Benches 
Glass Reinforced Plastic 
Glove Box Lamps 
Ground Power Supplies 

Growlers 
'G* Valves 

Haemodialysis Equipment 
Hard and Soft Mouldings 
H«ard Warning Switches 
Headlamp Actuators 
Headlamp Load Leveling Systems 
Headlamps 
Heal Pump Research 
’Heater Ignition Start Switches 
High Energy Ignition Units 
High Tension Cable Assemblies 
Honeycomb Structures 
Horn Pushes 

Horn Push Switch ‘Horn Push and Dip 
- Switches 

Horns, High Frequency. ' 

Homs, Wind Tone 
Hose Gamps. 


Hoses 

Hybrid Circuits 
Hydraulic Equipment 
Hydraulic Pneumatic Starters 
Hydraulic Pressure Switches 
Hydraulic Pumps and Motors 
Hydraulic Starters 
Hydraulic Systems 
Ice Detectors •' 

Ignition Coils 

Ignition and Combustion Equipment 
Ignition Switches 
Ignition Start Switches 
In-car Entertainment 
Incremental Graph Plotters 
Industrial Brakes 

Industrial Hydraulic and Body Repair 
Equipment 
Injection Mouldings 
Inaction Mouldings. Thermc^^roc 
Injection Moulding. Thermo^Wg 
injection Moulding Tools m 

lmeciase 


■ mentation. Measurement and 
* Control Equipment 
Interior Lamps 
Inversion Valves 
Ion Plating Technique - 
Jigs and Fixtures 
Kickdown Solenoids 
laboratory Facilities 
Lamp Brackets 
Lamp Clusters 
Laser Beam Research 
Lead Acid Batteries 
Lead Alloy 

Leak Detector (Ultrasonic) 

Lever Switches 

Lighting and Overdrive Switches 
Lighting and Signalling Equipment 
Linear Actuators 
Linear and Rotary Solenoids 
Lined Shoes Pads 
Load Concious Valves 
Logic Sequencing and Protection Unit 
Low Pressure Fuel Manaqemerrt . _ 
Low Pressure Warning S witches > 
Machine Tool Drive Systems 
Machine Tools (Ultrasonic) 

Aiachintng 

Marine Equipment 

Piaster Cylinders (Single Ta-d=m). 

Mechanical and Pneumatic Equipment 

Medical Equipment 

Microcircuitry 

Microprocessors 

Microwave Heating 

Microwave Osa'llaiors 

Microwave Products 

Miniature Relays _. 

Miniature Switches 

Minting Machines 

Monjtuba D ampen 

MotowrvWheel __ . 

MilticyfinderPuc9S^»4LbePUfnpB ' 


Multi-purpose Switches 

Multiway Connectors 

Musde Stimulation Equipment 

Noise Reduction Techniques 

Nozzle Actuation 

'Nozzles and Injectors 

Nuclear Equipment 

Nbmber Plate Illumination Lamps 

Numerically Controlled Machining Section 

Ocidfjex Wiring System 

Octopus Wiring System 

Oil Filters • 

Oil Pressure Sensors 
Overdrive Sliders 

Overdrive Solenoids — 

Panel Illumination 

Panel Lever Switchas^^B 

Panel Rocker 1 

Parkn^^lves 

. Pe^Kfction Sy^Hs BWM?' 


Plastic Skirting. Panels 
Plough and Flood Lamps 
Plugs and Sockets 
Plunger Operated Switches 
Pole Screw Removers 
Polypropylene 
Powder Metallurgy 
Power Gearboxes 
Power Packs 
Prepared Cords 
. Press Reconditioning 
"PressToote 

Pressure Conrious Valves 

Pressure Differential Warring Actuators 

Pressure Tranducers 

Presswork 

Printed Circuits 

Printed Circuit Modules 

Processes and Processing Equipment 

Processing (Ultrasonic » 

Programmable Pitot Static Pressure 
Test Sets 

Programme Timers 
Propulsion Gas Turbines 
Puller Presses 
Pump Moiors - 
Pumps 

Pump Test Stands . . 

Push Button Switches 
Push Sutton Switches (Heavy Duty) 
Quick Release Valves 
Radiator Filler Caps 
* Radiator Thermostats 
Radio Automatic Test Equipment 
Radio Interference Laboratory 
Railway Disc Brakes and Wheel Slide 
Prevention 
Railway Headlamps 
Rear Lamps 

Recirculating Ballscrews 
Recoil Starters 
Rectifier Assemblies 
Rectifters.Silicon 
Reflex Reflectors 
Regulators 

Relays and Roby Boost ' 


Relay Valves 
Repeater Flasher Lamps 
Reservoirs 
Resistors 

Reverse Current Circuit Breakers 

Reversing Lamps 

Rotary Actuators (AC and DC) 

Rotary Actuators. Hydraulic Equipment 
Rotary and Linear Solenoids 
Rotary and Rheostat Switches ^ 
RotaryBtfnps 


Seat Actuators 
Security Devices 
Selective Call Systems 
Selector Switches 
Self Skinning Plastics 
Semiconductors 
Service and Commissioning 
Servo Systems 

Sheet Level Contraction Devices 

Shock Absorber Testers 

Shut-off Valves 

Side and Flasher Lamps 

Sierraglo Electro Luminescent Lighting 

Signalling Lanterns 

Signalling and Searchlight Projectors 

Signs and Markers 

Silicon N P N Power Transistors 

Silicon Rectifiers 

Single Connectors 

Single Cylinder Pumps 

Sludchek 

Slack Adjusters 

Slave Cylinders 

Small Synchronous Motors 

Solar Cells 

Solar Energy Systems 
Solar Generators 
Solenoid Actuators 
Solenoid Switches 
Sonicore Atomizing Nozzles 
Sound Level Meters 
Spark Plugs 

Special Purpose Switches 
Speed Probes 
Split Charging Systems 
Spot Lamps 
Slop Tail Lamps 
Spring Actuators 
Spring Starters 
Starters 

Starter Flow Controls 
Starter Solenoids 
Starting Jets 
Static Inverters 

Steering andSuspension Components 

Slop Tail Lamps 

Stroboscopes 

Sub-Assemblies 

Sundry Connectors 

Sundry Lamps 

Supply Tanks 


Switchboards 
Switches and Switchgear 
‘ Switch Panels 
Tachographs m 

Tachograph Sen/ice^ B 

Tachograph I 

Tank Fire 
Tank Turret 
Test Consists 


for^pgation Aids 
Breakers 

JBei^HBPitrol Units 
thermosetting Compression and 
Injection Mouldings 
Thermoplastic Injection Mouldings 
Thermostart Starting Aids 
Thermostats 
Thronie Dampers 
Thrust Reverser Systems 
Time Switches 
Timing Lights 
Toggle Switches 
_ Tool Cabinets and Trolley 
Toolmaking 

Torque Measuring Wrenches 
Towing Brackets 
Tracta Joints 
Traction Motors 
Trafficounters 
Trailer Lighting Sets 
Transformer Rectifier Units 
Transformers 

Transparencies (windows and 
windscreens) 

Transistorised Ignition 
Transistors Silicon N PN Power 
Transmission Handlers 
Turbine Starters 
Twintube Dampers 
Ultrasonic Disintegrators 
Ultrasonic Homogenisers 
Vaccum Formed Plastic 
Vaccum Pumps 
Vacuum Servo Units 
Valves 

Valve Seat Cutters 
Vibration Meters 
Voltage Converters 
Wafer Switches 
Warning Lights 

Waler-in-oil Detection Equipment 

Water Pumps 

Water Valves 

Weighbridges 

Welders (Ultrasonic) 

Welding Equipment 
Wheel Balancers 
Wheel Cylinders 
Wheel Slide Prevention 
Wind Generators 
Window Brake Solenoids 
Window Lift Motors 
Window Lift Switches 
Wiper Arms and Blades 
Wiper. Screen Wash Overdrive Switches 
Wiring Harness and Prepared Electric 
Leads * 

Workshop Benches 
Zener Diodes 











«1 



• f • 





id 


Financial Times Tuesday July IS 1978 



A.C. and D.C. machines 


for most industrial applications 


For more than 70 years 
Parsons Peebles has been 
supplying efectricaf rotating plant 
to the major industries — Oil/ 
Petroleum/Fetrochemical Steel. Mining. 
C hsmiCSift Paper, Brewing, ‘Distilling— 
with all of these there has been close 
' 'collaboration so that Parsons Peebles has 
a full understanding of the requirements 
of industry at large. This relationship 
coupled with continual developments in 
machine design and manufacturing 
techniques has contributed to 
the Company’s wide 
experience. 


ence 


Project 

Engineering 


The Project Engineering Group of ^ 
Parsons Peebles provides a complete i 
engineering service lor schemes involving 
electric drives and their control and also 
power generation projects. This service 
can extend from the initial concept right 
through to commissioning taf equipment 
at site. It can also embrace the- 
mechanical portion of a project 



No less than 35 publications 
provide details of the full range i 
r Parsons Peebles motors and generators 1 
— from the smaller heavy-duty induction 
motor specially designed for arduous 
steelworks duty up to turbinB driven b.c. 
generators with cylindrical rotors and 
outputs as high as 1 OOMW. 

^There is also a wide range of d. a machines t 
with outputs to cover the requirements 
of such installations as mine winders 
and min drives. 



Product 

Range 

and 

Technical 

Literature 


Parsons Peebles Motors & Generators 


BIRMINGHAM B6 7JB 

Tel: 021-327 1925 Telex: 339177 
and 

EDINBURGH EH5 2XT 

Tel: 031-552 6261 Telex: 72125 


BIRMINGHAM II 


Car crisis remains 


RICH 8 PATTISON 

Electrical Wholesalers 
Id Birm'ngham Industry 


since 1904 


or mnmationalY. oiesce t/v.O.V-arS'el 

at Rich frfamson (B ham) Ltd 
Essex House * fern Street 
Surmrdvrn B56RE 
or tefephone. 021-622 5411 


THE PERENNIAL crisis which 
Birmingham has lived with in 
the motor industry for the last 
four years shows no .signs at 
present uf going away. Having 
changed its management cnee 
in J975. BL — the old British' 
Ley land — has now changed it 
again. In Che process its organ- 
isation has been totally shaken 
up and a whole new set of ideas 
brought to the question »f try- 
ing to make it profitable. No- 
rm? as yet C3ti say whether 
these will stop the rot and 
establish a base, albeit smaller 
than in the past, from which 
BL can consolidate us position 
in world markets. 

The main lines of the impact 
which the Loyland revamp will 
make on the Birmingham area 
are already clear. The two 
divisional companies foT the car 
operations. Austin Morris and 
Jaguar Rover Triumpb. -will 
both have a very large pre- 
ponderance of their activities in 
and around Birmingham. The 
Longbri'dge plant, employing 
upwards of 20,000 men. will be 
the site fur the new Leyland 
small car: and Solihull, the 
Rover headquarters, will be the 
main site for 'luxury car 
assembly, along with production 
of the Land-Rover and Range 
Rover models. 

Each of these groups of car 
activities will be run separately 
by their own management 
teams, although the BL Cars 
holding company will have a co- 
ordinating role. The intention 
of this new structure is to make 
each of the main production 
areas much more clearly 
accountable. Manufacturing is 
to be brought closer to market- 
ing. the old marque names 
revived, and individual plants 
to be given their heads to make 
a profit. At the same time, the 
clearer identification of profit- 
able areas which will ensue will 
— ai least in theory — make it 
easier to prune' out the poorer 
performers in the BL empire. 

Underlying this purely struc- 
tural manipulation, there is. 
therefore, an important com- 
mercial objective. This is to im- 
prove efficiency and produc- 
tivity. and with it the profits 
record. The clear implication of 
this, however, is that there must 
be changes in manning, and 
changes also in working prac- 
tices. The new LeyJaud man- 


agement has made it dear that 
it regards these areas as priori- 
ties in its battle to make ihe 
company viable. ■ 

Already there is a programme 
at Lnngbridge to reduce the 
workforce by about 3,000. and 
in the longer term it is difficult 
to see virtually any of the BL 
plants being able* to sustain 
their present levels of employ- 
ment in the face of keen inter- 
national competition on produc- 
tivity. The Austin Morris plants 
in particular lie close so rhe 
bottom nf {ha world league in 
productivity, and need ai least 
to double output per man to 
put themselves on a par with 
their European competitors. 

The indications are that the 
new BL management will pro- 
ceed on a wide front to im- 
prove performance. 

First, it has already put be- 
hind it the method of invest- 
ment freeze threats as a moans 
of persuading the workforce to 
stay at work and improve 
performance. Mr. Michael 
Edwardes, the new chairman, 
has made it clear that he does 
not believe that such methods 
work — they are too remote, and 
too secondary to the immediate 
task of managing and running 
the factories. 


the opportunity to re-open 
bargaining on manning levels. 
At the group's annual meetins 
recently, Mr. Edwardes re- 
marked pointedly that he 
believed That the ability to earn 
extra money couid provide a 
great stimulus to the workforce 
in the BL factories. It could 
certainly he a means of breaking 
the present deadlocks which 
have led to a virtual ossification 
or the present systems. 

Alongside these moves on the 
labour front, investment is also 
planned to play an important 
role in revitalising the Midlands 
base. 

More than anything else, 
heavy capital investment has 
been the driving force in the 
motor industry of the most 
successful countries — Japan, for 
example, is still forging ahead 
with big new projects which 
will streamline its factories still 
further. BL has faced two 
problems on this front, first 
getting the right manning level 
for the level of mechanisation, 
and second, raising the funds 
for the investment in the first 
place. Some of the Midlands 


factories are Ill-equipped in 
comparison with significant 
world competitors (although 
this is in no way true of the 
Rover works) and need new 
machinery and plant to push 
them into the new genera- 
tion of vehicle production 
technology. 

In this respect, the Birming- 
ham area is receiving two very 
large injections of Government- 
funded finance. 

The first nf these projects will 
be at Longbridge. where invest- 
ment is going ahead into the 
new small car project which 
will eventually give the com- 
pany a vehicle to replace the 
Mini, although of a somewhat 
larger size. 


Injection 


When completed, the project 
will Involve the injection of 
some £280m. Although not all of 
this will be going into the 
Longbridge production lines, it 
will embrace a new body weld- 
ing hall which is currently being 
constructed, and eventually a 
significant reorganisation of the 
assembly facilities. In addition, 


there may be new engine- 
making facilities, following the 
recent £3Sm investment in the 
manufacture of the new O 
Series engine which gnes into 
The Princess and is designed lor 
other models as well. 

Solihull, the other main site 
for new capital investment, has 
already had a significant in- 
jection over the last few years. 
This was for the new Rover 
model range, which encompassed' 
a total investment vf about 
£100m. of which almost £H0m 
went into the new assembly and 
paint halls at Sulihull itself. 
Without question, this is one 
«f the finest car production 
facilities in the world, ereatly 
admired by BL's competitors. ■ 

Now the company is planning 
to go one step further with an- 
other. very large scale expan- 
sion on the site to develop the 
Land and Range Rover models. 
It is planned to spend some 
£24(>m on this project, which 
will more than double the 
present output hf the.se vehicles 
from 50.000 units a year to up 
to 130.000 and perhaps more 
eventually. This will coincide 
with a "considerable develop- 


ment programme on the Land 
Hover, which is still essentially 
the sunc vehicle as the original 
designed 30 years ago. 

These investment programniw 
could ensure s stable future for 
the Midlands industry If Ley- 
land manages 10 pull out or its 
present trough. In the Solihull 
area, output will be going up. 
and the new mp#U programme 
would at least, if successful, 
stop the slide in production at 
Longhridpe. Alongside these 
developments would go all the 
peripheral investment in body, 
engine and transmission parts 
which would give additional 
business tn the Midlands. 

But there still remains an 
enormous risk that Leyland 
could he pulled further into its 
vortex of decline before thesa 
products and expansion 'pro- 
Grammes bear fruit. It needs 
new cars to revitalise its image, 
and it needs new investment to 
revitalise the factories. But in 
the meantime it has tn Improve 
on -the present sluggishness tn 
investment, and to retain its 
sales at a reasonable level. 

Tcrrv Dodsworth 


Pruning 


Instead of this, BL has openly 
declared its intentions of prun- 
ing the organisation and push- 
ing through tough commercial 
decisions by dosing the 
Triumph Factory at Speke in 
Liverpool. This is d{j>tant from 
the operations in the Midlands, 
but it is a sign of the way de- 
cisions will h- taken, and There 
are prohably other. sm^M work- 
shops in the Midlands which 
will eventually be cut out as 
well. 

The Speke closure meant a 
workforce reduction of 3.(ino at 
one stroke. But a further slim- 
ming, particularly in the strong 
unionised area of the Midlands, 
the heartland of the BL group, 
will be more difficult. The com- 
pany is now making a tentative 
effort to move towards a situa- 
tion in which it has more 
bility to operate by moving 
ahead with negotiations on new- 
incentive schemes. These could 
open up the possibility of extra 
production - related payments, 
and at the same time could give 


Components make a 


major contribution 


•• 
• • 


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• • 



•• 


inBirmin 



Established in the City of London for over a century, 
BNP Limited is an international commercial bank. 
As a member of the BNP Group, one of the world's 
largest banks, BNP Limited has direct access to an 
International network extending over 
sixty-eight countries. 


BIRMINGHAM IS at the centre 
of the UK’s biggest sub- 
contracting area. It has a world 
reputation for being able to turn 
its hand to almost anything, evi- 
denced by the 1.500 different 
trades that are . carried nn 
within its boundaries. While 
the range of product is of rain- 
bow proportions, from buttons 
and badges to aerospace con- 
trol systems, the bulk of the 
output goes into the transport 
industries. 

As a major centre of the car 
industry the bias is understand- 
ably towards this sector, but 
production covers all forms, 
from bicycles and go-karts to 
ships: many of the berths and 
much of the hospital, catering, 
and more technical equipment 
originates in the city. In the 
larger companies it is not un- 
common to see quite disparate 
items for the motor and general 
engineering industries being 
run in double harness, so to 
speak, either as part oF a policy 
of deliberate diversification or 
through the application nf 
similar skills to new products. 
This wide-ranging, enterprising 
attitude is what gives Birming- 
ham the industrial virility and 
competitiveness that has in the 
past so effectively helped to 
protect it from the worst 
impact, of recessions. 


ing items like tractor tyres. At 
Fort Dunlop nearly 8,000 are 
employed qiaking a wide range 
of tyres from go-karts to earth- 
moving equipment at 19.000 a 
tyre. 

Across the other side of the. 
city Triplex is building a £l0m 
plant planned to come into pro- 
duction by the end of the year 
to meet the demand for its 
brilliantly conceived Ten- 
Twenty advanced windscreen 
that combines the virtues of 
laminated and toughened glass. 
First used on the Rover, it fs 
now also on the new Princess 
and the new facilities will mark 
its entry into much wide 
markets. 


the U.S., to lighten vehicles so 
that they will use less fuel. 


Decline 


Mr. John Warlow, our representative 
in B!rmingham,will be pleased to 
advise you on the Bank's range of 
corporate financial services. . 



But it was inevitable that in 
| the post-war heyday of the 
British motor industry, before 
|what became British Leyland 
j started on its long decline to a 
| state-dominated concern, when 
Rover, Standard - Triumph, 
Austin-Mnrris. Jaguar, Guy 
Motors, Daimler and others 
were ail competing fairly pros- 
perously, thal demand for 
between 2.000 and 3,000 diff- 
erent items, from fasteners to 
tyres and cylinder blocks, 
should draw in an increasing 
number of suppliers. 

With vehicle assembly lines 
| drawing roughly two-thirds of 
their requirements from general 
and specialist suppliers the 
I expanding market was far too 
big to be ignored! Birmingham 
(and Coventry, too) got rich on 
the back of the industry and 
companies’ like Dunlop and 
Lucas, which had followed, and 
sometimes preceded, the motor 


At the midway point between 
these two very different leaders 
in the components field is a 
third, Lucas, whose head- 
quarters are only a stone's 
throw from the city centre. Not 
only is Lucas in the forefront of 
more conventional products, but 
it . is preparing for the years 
ahead when oil will no longer 
be able to provide all the needs 
of the growing transport 
industry.. The group is inten- 
sively pursuing the development 
of electric vehicles, concentrat- 
ing on vans and trucks, and 
claims to be among the world 
leaders in the development of 
control systems for battery 
operated vehicles and of lead 
acid batteries. 

A fourth, Hardy-Spicer, not 
far from Fort Dunlop, illu- 
strates yet another aspect of the 
way in which Birmingham com- 
panies are helping the British, 
component industry . to . keep 
ahead of worldwide competi- 
tion. In collaboration with other 
GKN specialist companies it has 
developed lightweight alloy and 
carbon, fibre propeller shafts 
expected to play a prominent 
part in the drive, especially in 


Since the first tentative large- 
scale attempts to develop export 
markets — largely as the result 
of the failure of the U.K. motor 
’industry io expand and its more 
recent abject failure lo defend 
its home market— coraponeut 
makers have come to 
dominate world markets and ere 
the UK‘» biggest exporters of 
manufactured goods, in addi- 
tion to having established sub- 
sidiaries or joint venture 
companies in Europe. America, 
South America, and the Far 
East. AH the major European 
vehicle producers have per- 
manent purchasing offices in the 
UK. One of the biggest, and 
oldest, is Volvo, whose office is 
in Birmingham. It keeps contact 
with 225 British suppliers which 
last year contributed some 
£70m worth of products, bring- 
ing rhe British content of the 
Swedish made vehicles to 25 per 
cent. Volkswagen, the German 
giant, spends nearly £l5m, and 
Renault, BMW, Fiat and others 
incorporate significant amounts 
of British designed or made 
components. 


instances British-made parts 
have been or are being 
substituted. 


Adverse 


Last year overall exports of 
components and accessaries 
rose yet again, to £l,638m. to 
help offset the adverse balance 
of trade in cars (expons £7S2m, 
imports £l,300m). This was a 
magnificent achievement, hut 
the high rate of imported cars, 
up to every other one sold in 
the U.K. in some months, is 
sucking in component imports. 
This is’ especially so as far as 
Japanese cars are concerned. 
Concessionaires and franchise 
holders are attempting to limit 1 
replacements to the home-1. 
grown product,- but In some 1 ' 


The result of the rising scale 
of imported components, up 40 
per cent in 1976 and again by 
almost the same percentage 
Iasi year to £770m, has been 
to eat into the lead established 
by exports for the first time in 
a decade. This narrowing of the 
surplus of- exports over imports 
is expected lo continue. Mr. 
Alan Williams, Minister of 
State for Industry, warned 
recently that if the 1977 rate 
of increase of imports con- 
tinued the motor Industry 
could become a net importer 
nf components in five years. He 
rightly underlined the impor- 
tance of this sector of the 
industry's role in the country's 
balance of payments, making a 
net contribution of £700rn a 
year. But the prospects are 
chilling. 

It had seemed that the firmer 
control that BL's new chair- 
man. Mr. Michael Edwardes, 
was exerting would mark a 
turning point in its fortunes. 
But the recent Rover strike 
does nothing to encourage that 
view. Stoppages at component 
companies in the Birmingham 
area have also been to blame 
for the poor sBowmg of the 
motor industry.- 


About half the 200,000 
employed in the motor industry 
supply factories work, in the 
Midlands, a high proportion of 
them in Birmingham. It is clear 
that ' the prospects of setrfecf 
employment for very many 
Birmingham workers crucially 
depends on a. concerted effort 
by the motor industry and its 
suppliers, especially until the 
tractor industry returns to full- 
lim^ working. 


Peter Cartwright 


Labour problems 


could lie ahead 


flb mmm « 


Banque Nafionde de Boris Limited 




Wellesley House, Waterloo Court, 37 Waterloo Street, Birmingham B2 TTJ.Tel: (021) 2369735. 
Head Office 803 King William Street, London EC4P 4HS. Tel: (01 )-626 5678. 

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industry’s post-war export drive, 
began to develop worldwide net- 
works. A combination of thrust- 
ing competitiveness, high tech- 
nical quality and marketing 
expertise has stamped the 
names of Birmingham-made 
motor components and acces- 
sories across the world. 

The history of the transport 
industries is studded with 
names that are household words 
far beyond Birmingham, where 
i they have their headquarters or 
major plants. These Include 
Tube ' Investments. GKN, 
Triplex. .Borman. Birmid Qual- 
cast, Lucas and Dunlop. Dunlop 
was among the first into 
Europe, opening a tyre plant in 
Germany well before the First 
World War. Its tyre manufac- 
turing headquarters at Fort 
Dunlop, in north Birmingham, 
was until the early: 1960s asso- 
ciaed with land speed records. 
Four or five years ago it with- 
drew from Formula I racing tn 
concentrate on mure mundane 
developments- for rallying and 
saloon and spurts car racing, 
.while nut by any means ignor-- 


BIRMINGHAM'S EMPLOYERS 
are apprehensive about what 
will happen to wages when the 
Government’s Phase Three 
policy of pay restraint runs out 
at the end of this month. The 
mood is considerably more 
relaxed than 12 months ago 
when there were fears that the 
autumn pay round could herald 
a wages explosion. Many per- 
sonnel directors will confess in 
private to relief and mild sur- 
prise at how well pay problems 
have been contained. 

The single event Which did 
most to undermine the cam- 
paign by militant shop stewards 
for a return to unrestricted free 
collective bargaining was the 
“we want to work" revolt by 
workers at BL Cars’ Long- 
bridge plant, Birmingham, last 
August. The leading shop 
stewards called .for an all-out 
strike in ( support of their pay 
claim but were unable to carry 
the full membership. One in 
three of the workers voted 
against action and, following 
protests and marches round the 
factory, the strike was 
abandoned. 


That ( defeat for the militants that make the headlines. Cei'- 
was symbolic. Leyland workers tainly within Birmingham’s 
in Birmingham are the trenJi- important engineering industry 
tional pace setters in local wane there is the belief that must 
negotiations, More than that employers managed to conclude 
they had been the most agreements that fell broadly 
vociferous in their opposition within the Government's TO per 
to pay restraint. The fact that cent pay guidelines. Obviously, 
the Longbridge union leader- there ^ always the - problem of 
ship could not command the lhe smallor flrms . out of ^ 
tacking for action forced shop pubMc , e wil0 sre able [0 

gt" „‘? r ZS‘ isnore the ofltoal guidance or 

about their own position. K lh V— Z ¥ th 

. policy by devising special pay- 

o meats or offering perks. Htw- 

oUCCeSSCS /ever, there have been no real 

.. , „ . „ . . complaawts from companies that 

Not even fine well-publicised labour is bedng poached or any 
bargaining successes on behalf axHeatfons that people are 
of tony drivers by Mr. Alan switching jobs rapidly as the 
Law, a Midlands secretary of the wav to raise earnings. 
Transport and General Workers’ Many shop stewards have 
union, prompted the flood of pressed for bogus productivity 
high level pay deals that many deals as the easy way to side- 
feared. Mr. Law claimed one 'step eontrols but there is little 
35 per cent- wage increase and evidence - • that managements 
declared that none of his 11,000 have succumbed. Companies 
drivers would settle for any- faced with difficult markets and 
thing less than 15 per cent on rhe need ro hold costs do q«* 
basic pay. have the margin to make ciin* 

It is always the exceptions cessions. 

CONTINUED ON NEXT PAGE • 


I df. 


I 




Financial Times Tuesday July IS 1973T 




BIRMINGHAM HI 


pessimism 


BIRMINGHAM businessmen 
nave come to terms with the 
fact that the significant upturn 
in the local economy for which 
they have been hoping for the 
past two years is unlikely to 
materialise. Output is expected 
to remain fairly constant for the 
rest or the- year and there is 
little optimism for the oeriod 
beyond that. 

There have been so many 
forecasts that the local economy 
was about to take off that 
reports of improvement are 
treated with considerable 
scepticism. Mr. Eric Swain son. 
managing director or IMI and 
chairman of the West Midlands 
region of the Confederation of 
British Industry. «ays that- com- 
panies are reporting a slight 
tmpruvement in the order bonk 
for home and overseas. But he 
adds that there is no strong 
confidence that the apparent 
increase in activity can be 
sustained. 

The performance is fairly 
mixed with sectors such as 
electronics, handling equipment, 
hardware, building and some 
domestic appliances, showing an 
improvement. But the city’s 
industry- does not seem to be 
benefiting from the recent 
upsurge in consumer spending, 
says Mr. John Warburton. sec- 
retary of the Birmingham 
Chamber of Commerce. He re- 
ports that business confidence 
is depressed when compared 
with the end of last year. 

In a city where n is esti- 
mated that up lo two-thirds of 
manufacturing h dependent in 
some way upon the vehicle in- 
• dtistrv. the performance of the 
UK car makers has an 
important effect upon the local 
economy. The influence of BL 
Cars is difficult to exaggerate: 
apart from the fact the com- 
pany directly employs 45.000 
people in Birmingham, its prob- 
lems or otherwise are the talk 
of the area and a factor help- 
ing to determine business 
confidence. 

Several weeks of continuous 
ivch output from BL can set the 
Birmingham economy moving, 
with demand feeding back 
through the compunents. metal 
and foundry industries. Hopes 
were Inch at the beginning of 
the year lhal Mr. Michael 
Kdwarde*. ax ihe new Bi. chair- 
man. might be ahle to deliver 
Ihe gnml* In reality production 
has been poor, particularly 
at the Lmichririgr plant. Bir- 


mingham, where the company 
is having to import Minis from 
Belgium to meet the shortfall. 

Management efforts to change 
manning levels at Longbridge 
to move productivity levels 
closer to those of Continental 
competitors have so far reduced 
output. Production ' at the 
Rover plant, Solihull, has also 
been disrupted by industrial 
relations problems. The strike 
by 80 internal transport 
drivers in protest at the sackins 
of a shop steward, brought the 
factory to a standstill. 

But the problem facing the 
Birmingham companies serving 
the motor industry is wider than 
just BL. in the first six months 
of this year output by UK car 
manufacturers rose. from 

701.000 units a year ago to 

723.000 units, but not enough to 
counter competition from 
imports which captured nearly 
half the market last month. Air. 
Swainson says that CBI 
members found it “quite 
galling” to read that 1978 was 
likely to be a record year for 
UK car sales -and yet get no 
direct benefit 


Unrest 


Whether and how quickly the 
situation improves will depend 
upon the success UK manu- 
facturers have over the next 
few months in dealing with their 
industrial relations problems. 
In Birmingham there is liUle 
optimism that there will be any 
improvement. Suppliers have a 
wary eye. for example, on the 
situation at Chrysler UK where 
there is considerable unrest over 
pay differentials, at the Coventry 
plants and assembly at. the 
Linwood factory has been at a 
standstill for several weeks 
because of a strike by -painters. 

Against such a background, 
the drive by motor components 
suppliers to reduce their 
dependence upon the UK 
industry and expand export 
sales is understandable. Such 
diversification has- proved 
easier, for the large companies, 
like Lucas and Guest Keen and 
Nettlefold. The success of such 
efforts in recent years is 
indicated by the fact that the 
car components sector, is one 
of the few that appears to be 
looking for a modest growl h 
in output over the next 12 
months. 

Birmingham's general 
engineering . industry, -noted 


not only for its skills but also 
the wide range of products 
manufactured, has recovered 
from the low point of a couple 
of years ago. But the picture 
is very patchy and most 

companies are still operating 
at only around 80 per cent of 
potential. 

A recent survey of industry 
in general conducted by the 
West Midlands Chambers of 
Commerce, suggested that less 
than a quarter of firms were 
working at full capacity and 
nearly one third at only 
be tween BO and SO per cent. 
The same study also confirmed 
that investment is likely to 
remain fairly constant, 
although there were indications 
ihat some companies were 
bringing forward plans for 
-spending on new plant and 
buildings. 

Given the extent of spare 
capacity and the generally 
uncertain outlook, it is under- 
standable that what investment 
is taking place is mainly to 
replace outdated plant and to 
improve productivity. Tbe im- 
plications for employment are 
serious. 

Birmingham as a city which 
for two decades had tak^n full 
employment for granted has 
now come to terms with the fact 
that it can no longer expect to 
enjoy such a privileged position. 
The level of jobless has fallen 
back from the highs of a couple 
of years ago and currently 
stands at 5.8 per cent, compared 
with the average for Great 
Britain of 5.9 per cent. 

Prospects for a further im- 
provement are poor. Few com- 
panies are considering taking on 
new labour and sectors where 
manning levels are expected to 
fall include Birmingham's tradi- 
tional trades of machine tools 
and foundries. The Birmingham 
Chamber of Commerce has led 
the local campaign against the 
provisions of the Employment 
Protection Act which, it is main- 
tained. inhibits companies from 
recruiting labour. . 

There is also concern about 
the continued problem of short- 
age of skilled labour. Birming- 
ham has always suffered in 
times of expansion from an in- 
sufficient pool of the right type 
of labour. But the problem has 
been exacerbated by several 
years of pay restraint which has 
eroded differentials and contri- 
buted to Ihe drift of skilled 
workers onf;of industry. The 


present modest levels of output 
mean that shortages are not yet 
proving a serious constraint 
upon production, but workers in 
particular - demand are tool- 
makers. setters, fitters, plater 
welders and design engineers. 

One area where BL Cars is 
providing a direct stimulus to 
the local economy is on the 
spending programme- now in 
progress to manufacture a new 
small car at Long bridge. Build-, 
ings for the £280m. project are 
already underway and orders 
are being placed for the sophis- 
ticated machine tools and equip- 
ment. 

Tbe other BL project which 
could bring considerable benefit 
to Birmingham is the £L'40m 
plan to double output of the 


successful Land Rover and 
Range Rover models ai the Soli- 
hull plant. The company has 
said the go-ahead is conditional 
upon- full support for the 
ambitious scheme from the local 
workforce. However, the first 
£25ra. of lh*.* programme ■ has 
been . authorised in order to 
purchase equipment for which 
there is a long delivery period. 
Without such action the whole 
programme would have been 
threatened with delay and speed 
is vital if Rover is to meet the 
challenge in international mar- 
kets. - • • 

Continuity in BL's spending 
programme is important to 
Birmingham. The company has 
told the machine loo! industry, 
for example, that it plans to 


invest around £40m to £50m a 
year over the next three years 

on such equipment. Orders al 
such a level will be welcome to 
an industry recovering from its 
deepest post-war recession and 
increasing competition in world 
markets. There is a consider- 
able variation in the perform- 
ance of companies .in Vhe .sector 
but spare capacity is currently 
running aL around 30 per cent. 

Foundries 

Another depressed sector is 
the foundries. Hopes of less 
than 12 months ago that 
demand was. picking up ha»e 
not been fulfilled. The vehicles 
industry has not moved ahead 
as strongly as hoped but tbe 


main cause nf airmen w the 
weak demand from the tractor 
industry. Massey Ferguson, at 
nearby Coventry, has been the 
principal victim nf the down- 
turn in world tractor market*! 
and the effects are being felt 
m Birmingham. 

The foundries have taken full 
advantage of selective assist- 
ance made available to tbe 

industry by ihe Government in 
order to modernise facilities 
and improve product ivity. How- 
ever. there is still considerable 
uncertainly within the sector 
bccait>e of the failure by BL lo 
announce details uf its foundry 
investment plans. The Stale- 
owned concern is not only an 
important customer hut also a 
major supplier uf castings. 

The foundries provide a good 
example of how Midlands com- 
panies have looked to exports 
lo compensate for fairly 
depressed home markets. Inter- 
national competition in sectors 
like castings, moiat products 
and machine tool-, is fierce. 
Birmingham industry in general 


is looking for a <mia1I increase, 
tn Ute volume of exports this 
year but this could be at the . 
expense of profit margins. 

Exporters complain ihat they 
are becoming less competitive . 
on price and hope that the 
external value of the pound wtH. 
not decline. The hope is for> 
period of exchange rath, 
stability so thai contracts can 
be entered into with greater 
confidence. 

On the general outlook for 
Birmingham industry. the 
Chamber of Commerce pin- 
points productivity and the rate- 
of inflation as the two factors 
of most eonr-cm to im-al busi- 
nessmen. There is obvious;- 
uncertainty about the future . 
but the mnud i.s nut one nf 
gloom. Industry is resigned to 
the fact that perhaps rapid 
growth may not be aruttnd the 
corner, but there is a determi- 
nation to lake Tull opportunity 

or the markets that are avail- 
able. 

Arthur Smith 


Labour CONTINUED. FROM PREVIOUS PAGE 


They are. however, prepared 
tn pay out. and quite generously 
in return for genuine increases 
in output Tbe problem of 
motivating workers in a period 
of inflation when marginal 
earnings are heavily taxed is 
recognised' as serious. Many 
companies are examining or 
seeking to implement some form 
of incentive scheme. 

One factor which has un- 
doubtedly contributed tn 
moderation in pay deals is the 
fear of unemployment. While 
social security may resolve the 
immediate hardship from the 
jobless workers are conscious 
that it might be difficult lo find 
satisfactory employment quickly. 
An example that employees 
may consider job security pre- 
ferable lo higher earnings is 
provided by one of Birming- 
ham's big companies.-, Manage- 
ment put a productivity deal on 
the table but pointed nut to shop 
stewards that because of de- 
pressed demand, the con- 
sequence would be a reduction 
in manpower. The offer was re- 
jected. 

It should be remembered that 
Birmingham, though tradition- 
ally an area of prosperity, does 
have an employment problem 
for the unskilled, particularly 
in the inner city area. Birming- 
ham’s unemployment currently 
stands at 5.8 per cent compared 
with the average for Great 
Britain of 5.9 per cenL 


Apart from uncertainty about 
employment, there is another 
important reason why rank and 
flic members do not appear to 
be supporting the outrageous 
pay claims of the militants: for 
many workers a 10 per cent 
wage mcerase was regarded as 
good. The official statistics indi- 
cate that in recent months 
earnings have exceeded prices 
and this is certainly reflected in 
the -mood of the shopfloor. 

Full-time union officials are 
also anxious not io rock the 
boat when an October General 
Election seems increasingly 
likely. Mr. Terry Duffy, who 
represents the city on the 
National Executive of the 
Amalgamated Union of F.ngin- 
eering Workers, was recently 
elected President after fighting 
a campaign in which he stressed 
the need to support a Labour 
Government in achieving a 
rational pay policy. 


Concern 


An issue which is of concern 
to union leaders in the Midlands 
is the extent lo which pay is 
determined centrally by 
national negotiations — a trend 
which can lead to frustration 
and low morale at plant level. 
Shop stewards committees 
which have direct responsibility 
for pay taken out of their hands 
may. turn attention to other 
things; A. growing number of 


disputes In Birmingham fact- 
ories have centred not upon pay 
but upon other grievances. Per- 
haps the best example of this 
was the strike by SO internal 
transport drivers at the Rover 
plant. Solihull, who walked out 
in protest at the sacking of a 
shop steward. 

Employers are al<n conscious 
uf such problems hut remain 
committed io the belier that 
some form of central guidance 
is necessary on pay. Many enm- 
, panics would like to escape 
frum the rigidity of pay norms 
hut fear that For the Govern- 
ment tn release the reins too 
much would lead to a return to 
the dangerous round of infla- 
tionary settlements nf just a 
few years ago. 

The position was stated 
clearly by Sir Robert Booth, 
president of the Birmingham 
Chamber of Commerce, in a 
letter to the Chancellor of the 
Exchequer: “ It is our view 
that in rhe long term waae 
negotiations are best under- 
taken at plant level. But we 
fpel the immeftiale economic 
situation demands that every 
effort should be made to 
achieve a further period of 
meaningful pay restraint. We 
are convinced that a return to 
unrestricted collective bargain- 
ing would further retard the 
national recovery." 

The chamber is urging that 
wage awards in th*» next round 


should total no more than about 
7 per cent. In order to escape 
from “the dangers of setting 
norms which quickly rake the 
form of minimum entitlements." 
the chamber is pressing for a 
rwn-tier scheme. Under this 
there would be a low basic 
award across the payroll but 
supplemented by an additional 
‘•flexibility allowance " payable 
ai the discretion of the 
employer. 


Against 


Opinion in Birmingham is 
firmly against the idea that the 
Government should make con- 
cessions about a shorter work- 
ing week in return for union 
co-operation on another phase 
nf pay restraint. Minds are not 
closed tn a reduction in hours, 
but there are obvious fears that 
the net result would be a 
massive increase ih overtime 
earnings. 

The argument that there must 
be more flexibility in the next 
pay round is echoed again and 
again by employers. Because 
the 10 per cent, tended to be 
paid out as a slraighi award 
there was little scope to deal 
with the problem of wage 
structures distorted by several 
years of continuous pay control. 
The issue of differentials is by- 
no means confined to the Ley- 
land toolmakers, although they 
have gained the most publicity 


and possibly inflicted the must 
damage upon their employers. 

Another group harbouring- 
grievances at the treatment 
received in recent years includes 
foremen, supervisory staff and 
middle management who feel 
their position has declined rela- 
tive to ihat nf production 
workers. Recruitment of mem- 
bership has been dramatic by 
the while collar unions, parti- 
cularly rhe Association of Super- 
visory Technical and Manage- 
ment Staffs tASTMSl. In the 
words of one industrial relation*: 
expert: ■They are already knock- 
ing so hard on ihe boardroom 
door that U won't he long 
hefnre wo lose ail the directors 
to them." 

The outlook for labour rela- 
tions is hv no means clear. TIip 
Prime Minister will he trying 
once more tn strike the right 
balance between offering suffi- 
cient cash to prevent dispute*! 
and keep industry moving, while, 
at the same time holding earn- 
ings within tolerable limits. 
From Birmingham employers, 
among whom there has heen a 
measure of pleasant surprise at 
ihe success he ha< achieved over 
the nasi 12 months, the advice 
would he to risk a tnusher line 
on earnings. An increase in 
the rale of inflation is still 
viewed as tile main danger to 
company prospects. 

A .3. 


? \*V' 

1 /; I »■ 

r * v * 


ic;i u 


Years 


XrHelpIUl From small beamings 
YpafS^ just fifty years ago, has 
forward trust B 2S-B78 grown one of the country s 
leading Finance Houses— with branches - 
throughout the British Isles, and an annual 
turnover of around a quarter of a billion 
pounds.That company is Forward Trust 
and ’Fifty Helpful Years’ is a. fitting 
description of both its history and its 
plans for the future. 

For 50 years we've been helping 
industry, commerce and the private 
customer— if you would like details of the 
various finance facilities available- 
contact The Regional Director at:— 
Forward Trust Limited, 

Forward Trust House, 

12 Calthorpe Road, Edgbaston, 
Birmingham B15 1QZ. 

Telephone: 021-454 6141. 


Q For ward Trust 

Forward Trust Limited is a subsidiary of Midland Bank limited. 



,i. 


18 


Financial Times Tuesday July 18 1978 


On Tsugeif 

Birmingham's Prime Office Location 

Three Duchess Place 


Manchester 

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Designed to reduce 
overheads 
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Fitted Carpets 


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□□ 021-236 8236 021-643 0674 


Branching out to Birmingham 


means you won't be out on a limb. 


If your organisation is planning a move to the R/Bdlands, 
you'd be wise to consider the advantages of office 
accommodation that’s built to capital city standards. 

A visit to Centre City will show you immediately that this 
superb complex measures up in every respect. Standing on 
the Inner Ring Road, it's just a stone's throw from the Inter- 
City facilities of New Street Station and has easy access to 
the network and Birmingham Airport. 

■Continue to judge by London’s standards and you'll be 
somewhat surprised at the price. Centre City’s available in 
quarter, half and whole floor areas - at only £2.25 and £2.50 
per square foot respectively. 

So branch out to Birmingham by all means — but don't go 
out on a limb. Ring any of the numbers below for an early 
inspection tour. 

AVAILABLE AREAS 

Of the total 170,500 sq.ft. 50,000 sq.ft, remain In ft floor 
(3750 sq.ft.), and whole floor {7,500 sq.ft.) areas. 


JOINT LETTING AGENTS. 


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BIRMINGHAM’S 
MOST ROOMY 
BUSINESS HOTEL 


We’ve one that holds up to 250 people. Two that hold 
100 each. Four with capacities ranging from 30-85. And eight 


that are ideal for intimate little gatherings of 12-15. 
Throw in Presenter-Plus and Vide< 


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leo-Plus (our two 
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Phone Tim Hamson, on 01 586 3355, for full details of 


our conference facilities. 


3vv&/umi£u»vu& 


Conference Sales Office. 10-12 New 

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BIRMINGHAM IV 



has to work hard 


THE NATIONAL EXHIBITION 
CENTRE AT BiekenhiU. next 
door to Birmingham airport 
achieved a heartening financial 
success in its first two years. 
But now it faces even more test- 
ing problems over the next few 
years. The next, two years will 
bring crucial- changes as man- 
agement fine tunes its skills 
and generates the efficiency and 
fitness to enable the Centre to 
slog its way uphill to the goal 
of being truly international. 

Operationally there is no 
question about the NEC’s ability 
to stay well in the black. In 
the first year a- surplus nf 
£105.000 was earned. Last year 
it was £3 against an originally 
estimated £2.2m. Earnings of 
5-8 per cent on capital invest- 
ment are expected to continue. 

Unfortunately the Centre 
opened during a period of high 
inflation which pushed up costs 
from £17m to £40m. and interest 
charges in line. This took the 
accumulated deficit in the first 
year to £6.5m. and when the 
latest figures are available it is 
expected to exceed film. Even 
though the trading surplus con- 
tinues to grow, projections 
indicate that it will be 1985-86 
before this overtakes the 
accumulated deficit to register a 
net profit. 


the fashion show which, 
wrenched from its traditional 
London centre on the doorstep 
of the rag trade, encountered 
a rival movement in the metro- 
polis which has finally pre- 
vailed. The other Js the toy 
and hobbies fair. It would have 
been wilting to return hut 
needed a different date in order 
not to clash with the Nurem- 
berg show, the largest of its 
kind, and this could not be 
provided. 

Tn trying to accommodate 

regular customers on which 
most of its income relies while 
simultaneously striving to en- 
hance its international image 
the NEC management faces 
some acute dilemmas. The 
exhibition season is from 
September to April, and with 
the Centre already staging more 
than half the U.K. show? it is 
difficult to find suitable dates 
for international shows without 
usurping regular bookings. 


Format 


Birmingham City Council, 
which .owns tbe NEC, could 
lighten the debt burden by 
writing It down (or off) to 
enable the Centre to make more 
rapid progress, but such sug- 
gestions have up to now fallen 
on stony ground. Mr. Neville 
Bosworth, leader of the Tory- 
dominated Council, points out 
that it is a matter of presenta- 
tion how the affairs of the NEC 
are shown. Whatever is done 
to stem the rising tide of debt 
would, one way or another, 
come from the ratepayers. For 
them they appear to have the 
option of paying a higher (or 
special) rate now to see their 
money returning sooner or wait- 
ing for the NEC to generate 
enough operational surplus to 
start bringing down the deficit. 

In the 1980-81 season the 
Centre is full with exhibitions, 
but it is going to be hard graft- 
ing between now and then to 
fill the facilities. The world- 
wide economic downturn has led 
many international companies to 
pare down their exhibition out- 
lays, evidenced by the simpler, 
•modular-type stands. This, 
coupled with the fact that some 
of the biggest shows occur only 
once every two/four or even 
eight years, has increased the 
difficulty of inrensive letting of 
the 0.9m sq m of floor space, 
even though a greater number of 
smaller companies are taking 
more space at the trade shows 
in which they are interested. 

This is shown by the fact 
that no exhibition has failed to 
expand in size by coming to 
the Centre, whether from 
London, Blackpool, Harrogate 
or any other of the various 
centres. What used in many 
cases to be regional hotel shows 
have blossomed Into successful 
trade shows, only two of which 
have failed' to rebook. One is 


But if the NEC is to become 
truly International, as ti has 
every intention of becoming, a 
new format has to be found. 
Mr. Terry Golding, the recently 
appointed chief executive of 
the NEC, is working towards 
freeing September for major 
true international exhibitions 
(not just those with “ Inter- 
national” in the title). An 
early example was the machine 
tool exhibition in September 
1978. This is a four-year cycle 
and will be returning, but in 
April-May 1980. Another highly 
successful example is Interplay 
the plastics show, which notched 
up 40 per cent overseas earn- 
ings when it came last Septem- 
ber. This will be returning in 
1981 and again in 1985. 1 1 1980 
also there will be the inter- 
national printing machinery ex- 
hibition, held once every eight 
years. 

But the biggest of all cur- 
rently in the NEC sights is the 
International Textile Machinery 
Association's exhibition for 
1983. If Mr. Golding's confidence 
that an agreement wiH shortly 
be signed is justified then it 
will be the first time it will have 
been held outside the Conti- 
nent This alone could put as 
much money into the NEC cof- 
fers as last year's total operat- 
ing surplus of around £3ra. And 
the Centre will need exhibitions 
of this calibre and size if it is 
to make real headway to a net 
profit 


ITMA also faces management 
with anoLher dilemma— how tn 
create as much space again 
while preserving acceptable 
standards and amenities. ITMA 
will need a full l.Sm square 
metres. Fortunately there are 
three main areas where tem- 
porary structures, like the 
Orbit, can be erected These 
will fill the saps between exist- 
ing halls and cover the hard 
standing round them. But even 
if these devices arc successful 
they can be no more than a 
temporary measure: the NEC is 
short on permanent buildings 
to house manor international ex- 
hibitions. But unless the City 
Council decides to free it from 
the ball and chain of its debt 
burden tp enable justifiable ex- 
pansion to take place it will just 
have to soldier on. The NEC 
was a bold and original pro- 
ject But it is randert by some 
Continental standards. 

Even if more Internationa! 
exhibitions are attracted, man- 
agement is still faced with the 
almost blank summer months 
and some empty halls during 
the season. Non-exhibition 
events, like boxing and the suc- 
cessful world table tennis cham- 
pionships which were attended 
bv 90,000 people, have already 
been held at the NEC. and part 
of the marketing effort will be 
going to strengthening this side 
of the NEC* personality. As a 
step in this direction a system 
of removable tiered seating is 
being sought and a number of 
top ranking pop groups are 
being encouraged to play at the 
NEC- 

Even if some of these ambi- 
tious projects fail to come off, 
it is still certain that the NEC 
will be pumping more jobs and 
money into the local economy. 
A recent study by Aston Uni- 
versity came to the conclusion 
that the sub-region had benefited 
already by nearly 3.000 extra 
jobs (including regular part- 
time) and by almost £25m spent 
by exhibitors and visitors. This 
excludes expenditure by local 
residents. The study believed 
that if all the available capacity 
of the NEC could be used, and if 
the subcontractors, like stand 
builders, stayed in the area, the . 
£22m or so estimated to have 
been spent by exhibitors would 
generate the equivalent of 5,240 
jobs. This does not appear to be 
an over-generous estimate but 
it goes to show the prime im- 
portance of the Centre in creat- 
ing work in a period when that 
is hard to come by. T be textile 


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exhibition, it Is reckoned, would 
bring £90m-£100m worth of busi- 
ness to the UK and a lot to the 
Birmingham area. 


The extent to which the NEC 
can command success depends to 
a substantial degree on support- 
ing facilities. The development 
of these, from hotel bedrooms 
to conference halls and night 
shows, has understandably 
lagged somewhat behind 
demand, but is catching up to 
the extent that a full range of 
amenities can now be offered in 
and round the city. In par- 
ticular conference facilities 
have been improved and 
extended quite substantially 
and may well continue to do so 
since the linking of exhibitions 
with conferences is a definite, 
growth area in this type of 
business. In this respect the 
NEC is well provided for by 
having up-to-date facilities for 
up to 1,800 people at the near- 
by Metropole Hotel. And it is 
only a ten-minute train journey 
into the centre of Birmingham 


where a number Of hotels like 
the Albany, the Midland, the 
Strathallan and others are m 
regular use for business .and 
trade conferences. All told 
there arc more 'than 50 confer- 
ence venues having an estimated 
turnover last year of more than 
£Ulra. 

Just how 'well the NEC and 
the support facilities can cope 
will be put to a severe test in 
October by the international 
motor show which for the first 
time will bring together com- 
mercial vehicles as well as 
caravans and accessories. It Is 
impossible to estimate the 
impact of a public show, which 
is expected to attract around 
lJ2m visitors, or about twice as 
many as the last show : in 
London two years ago. The ten- 
day show may entice twice as 
many, perhaps 2m or more, 
when they learn that 45.000 car 
and. coach .spaces have been 
found within a"" Park-'n’-Ride" 
distance of the show and that 
British Rail will be running a 


ten-minute shuttle service 
between Euston aud the Inter- 
national station- at the NEC. 
with extra services from Man- 
chester! Liverpool. Reading, 
Leeds and S. Wales. Some 170 
extra trains are being put on 
between 7-40 am and 7 pm each 
day and with a normal £7 fire 
and entrance fee ticket, and £5 
at the two week-ends- of the 
show (October 20-29) it is dear 
a Bond of visitors from within 
a 100 miles radius can be catered 
for. Actual catering facilities 
at the show are being doubled. 

. The occasion will tax alt con- 
cerned with the exhibition, U 
will also illustrate the NEC’s 
potential . for putting cash and, 
jobs into the local economy. ' A 
few pence on the rates (a Ip 
rate raises £t.75m) to relieve 
the NEC’s financial burden may 
not seem to many to be too high 
a price to pay if it can show 
itself to be successful on a. 
large scale. 


Peter Cartwright 


The financial sector 


County Bank 
Limited 


Merchant Bankers 


Medium term International currency 
and sterling finance 

Sterling and currency deposits 
Acceptance Credits 
Corporate financial advice 
- Mergers and takeovers 
London and European listings 
Investment management 


County Bank 


Midlands Office: Wellesley House, 37 Waterloo Street 
Birmingham B2 5TJ. Telephone: 021-236 1641. 
Drecior: Gordons. K. Huntly Local Director: RobinC. Holliday 


Head Office: 11 Old Eroad Sheet, London EC2N IBB 


& National Westminster Bank Group 



THERE HAS beep i subtle 
change in the recent years of 
recession in the emphasis of 
some of the work done by the 
merchant banking community 
which crowded Into Birming- 
ham in the era of booming new 
issue and take-over business in 
the earlier 1970s. 

Nowadays, the rush to go 
public among the .expanding 
private companies in which tbe 
Midlands is rich, has abruptly 
halted, for reasons as various 
as tax considerations and the 
sluggishness of the stock 
market. Staying private, or even 
reversing from public to private 
status, is more the name of ific 
present game. 

Mr. Ran Meinertzhagen. who 
runs the Birmingham operation 
of Gresham Trust., a relatively 
small' merchant banking 
business which has stakes in 
some -65 private concerns 
altogether, remarks: "There is 
an increasing trend for execu- 
tives of calibre to move into 
the private company sector; 
disillusionment with employ- 
ment in large companies, which 
does hot provide big rewards or 
management freedom, is .an 
important factor." 

Gresham Trust’s Birmingham 
office now receives one applica- 
tion a day seeking its backing 
for small concerns, but its 
sifting process— there is no 
shortage of resources — means 
that it makes only two or three 
investments in the Midlands re- 
gion each year. 

The more subdued level of 
bid and new issues business 
has meant an alteration in the 
balance of business within 
some other more wride-ranging 
merchant banks. Sir Timothy 
Harford, the director who. from 
Birmingham, conducts the Mid- 
land interests of SingeT and 
Friedlander, a London accept- 
ing house which has long had 
an' active branch in the region, 
notes how much ihe banking 
side of the operation has in- 
creased compared with the once 
dominant corporate finance side 
of advice on bid and flotation 
matters. 

Much more attention Is being 
given to arranging for the meet- 
ing of companies’ needs by 
acceptance credits (finance 
through bills of exchange), a 
method which can he more 
economical than overdraft bor- 
rowing at current interest 
levels. “We're placing mnre 
emphasis on the development 
nf the banking side or the 
business, including acceptance 
credits, in parallel with the 
corporate finance side which 
was historically ihc main- 
stream oF the business." says 
Sir Timothy, who adds gen- 


erally, of the Midlands scene, 
that industrial activity has 
perked up in the past three or 
four months, though there is 
still plenty of spare capacity. 

Bill Samuel, another London 
accepting house, has long paid 
a great deal of attention to the 
Midlands, and. has a substantial 
operation jit Birmingham, 
where finance through 
acceptance credits has been an 
increasingly important part of 
its activities. 

Other merchant banks with a 
presence in Birmingham in- 
clude 'Industrial and. Com- 
mercial Finance Corporation, 
the ioug established subsidiary 
of Finance for Industry, which 
backs small companies and 
finds the -region one of its 
busiest. London names repre- 
sented there include Kleinwort 
Benson and Charterhouse 
Japhel. while Ke.vser Ullmann, 
which' has recovered well from 
the impact of the secondary 
banking crisis and is now ex- 
panding. opened an office in 
Birmingham in ApriL Mr. 
Derek Wilde. Keyser’s chair- 
man, has said that the move 
was prompted by' the belief 
that Birmingham and the West 
Midlands will see major growth 
in the future. 


Liquidation 


Another example of the trend 
towards "going private" — this 
time in the financial sector itself 
— is G. TL Dawes Holdings, 
which had both a banking and 
an industrial holding side. The 
company is now in voluntary 
liquidation. Announcement of 
the move sent the shares soar- 
ing- and distributions already 
total ISOp a share, which com- 
pares with as a market quota- 
tion of as little as 55p at one 
stage last year hefore ihe 
liquidation decision. Mr. 
Howard Dawes, the chairman, 
and several associates, are con- 
tinuing. in tbe financial field 
with their G. R. Dawes 
(Management Services) private 
company. Some of the most 
active monitoring of the indus- 
trial scene on a national scale 
is now conducted through the 
Bank of England's regional 
offices, of which that in 
Birmingham, where Mr. David 
Nendick its the agent, is a par- 
ticularly important sounding 
hoard, placed as it is in the 
centre of the West Midlands 
conurbation. 

The big clearing banks have 
long been solidly entrenched 
in the Midlands area, where 
indeed (wo of Ihem. Lloyds 
Bank and the Midland, can be 
regarded as having originated. 
Barclays also has major repre- 


sentation there and its Bar- 
clays Merchant Bank subsidiary 
is established in Birmingham. 

The National Westminster 
Bank, whose regional office, 
under tbe regional executive 
director, Mr. Mike Cross, 
operates from Colmore Centre, 
housing 400 of the group's 
employees, also puts a major 
emphasis on its 350-branch 
Midlands area, where a tenth 
of the banks UK business 
takes place. A significant 
development occurred earlier 
this year when the NatWest’s 
merchant banking offshaot,- 
Counuiy Bank, opened an office 
in Birmingham. 

One or the noticeable trends 
of recent- years has been the 
increased representation in 
Birmingham of foreign, banks, 
or British banks with an over- 
seas orientation, all attracted 
by ihe increasing internationali- 
sation of trade and business. 

Srandard Chartered Bank 
which, in addition to its exten- 
sive network in Africa and the 
East is expanding in Europe, 
has been in Birmingham since 
1972. 

American groups among over- 
seas banks with an active busi- 
ness there include - Bankers 
Trust and Bank of America, 
while American Express Inter- 
national Bank and Chemical 
Bank have representative offices 
in Birmingham. The closer 
links between Britain and 
Europe have also brought Uie 
big French banking groups of 
Banque Nationals de Paris and 
Societe Cenerale to Birmingham 
in the last few years. 

A range of banks from the 
Indian sub-continent, including 
Bank of Baroda, Bank of India 
and— from Pakistan— National 
Bank of Pakistan and United 
Bank reflect the presence of a 
sizeable immigrant population 
in the Midlands. 

One of the best-known names 
on the Midlands scene for many 
years, Birmingham Municipal 
Bank, dating from 1910, has 
recently become Birmingham 
Trustee Savings Bank, though 
its trustees arc still appointed 
by Birmingham City Council. 
With more than 70 branches’ in 
the region, the bank operates 
closely in parallel with other 
TSBs. but also continues its 
long-established business in 
home loans. 

Forward Trust, the finance 
house subsidiary of the Midland 
Bank, is among several sizeable 
financial or commercial busi- 
nesses with countrywide opera- 
tions. which are based in 
Birmingham. The company, 
whose name is taken from Birm- 
ingham's motto “ Forward ” and 
which is this year celebrating its 


50th anniversary, had had a 
steadily increasing profits 
record, having boosted its pre- 
tax profit by 42 per cent to 
£14.2m in the year to October 
31, 1977, when total assets rose 
by £S8m to a peak of £338 m. 

Mr. Gordon Ross, a director, 
agrees with others that while 
there are some signs of recovery 
in the economy, these are 
scarcely very dramatic. “ It*s not 
as buoyant as it might be. but 
we are pleased that we've in- 
creased our business this year, 
including contract leasing of 
cars," - he says. “Industrial 
machine tools are quite a buoy- 
ant replacement market! with- 
out any sign oE major new in- 
vestment being apparent." The 
consumer side is also doing well 
as a result of the boust to real 
incomes, though nobody is 
counting on this trend remain- 
ing as bright as at present. 


and General Assurance Society, 
and Midland Assurance, which 
is a subsidiary of Eagle Star 
Insurance. 


Nationwide 


In the insurance- field, 
Britannic Assurance, with' its 
emphasis on life business, is a 
nationwide concern based in 
Birmingham. . Tbe group, which 
makes wide-ranging investments 
in Midlands as well as other 
companies, is well known for. 
its dislike of seeing businesses 
in which it invests taken over. 
It tends tn look on its own 
investment in. and backing for, 
selected concerns as a strength 
ro nourish their existence in 

independent farm. 

Other insurance concerns 
which also have their home in 
ihe Midlands arc the Wesleyan 


After -a .goog deal of re- 
shaping in recent y^ajs, the 
Birmingham stock market com- 
munity has been havings rest 
from furtber changes and con- 
solidating its position.: -The 
recent tally of 12 broking and 
three jobbing, .firms in the 
Birmingham part of the Mid- 
lands and Western unit of -the 
Stock Exchange remains . un- 
altered. 

What Is specially interesting 
is the way in . which, various 
stockbrnting - -firms -have 
responded tn unily of the 
British Stack Exchange in the 
last five years- 

Sjuith Keen Cutler, the 
product of a major merger 
within the last two years, has 
an active office in London and 
ar least half the business it 
transacts is now In London. Bir- 
mingham remains an important 
area to it — the specialisation in 
knowledge of the many Mid- 
lands quoted companies is a 
strength to it, as to other 
brokers — but Smith Keen 
Cutler is no longer represented 
on tbe dealing floor in Birming- 
ham. 

Other sizeable broking firms, 
such as Albert- E. Sharp, take 
the view that extensive business 
can be satisfactorily transacted 
from Birmingham. Another 
which has -a London office is. 
however, Harris Allday Lea aud 
Brooks, 


Margaret Reid 


.'•II yDLf >y 3/j l\he korJos<nr:> 

'.spSc-.r 7.'e have- .the- facts- 

CohiiJct:.- 


!an McDougaH 021-300 ? 135 V 

(ncSriStna! ^ora^ion officer ' 


Jnckistfiaf locations 
Irrfonrtaiian soryfee 


^ County Hex. . 
Lmcastar Qtcusl- 
Birmingham B4 7DJ 





..*9 



LAND/OFFICES for SALE 


BUILDING PLOT with planning consent' for either Offices or FI(U. 
Situated in prominent position in Colcshii! HijH Street. 


PROPERTY INVESTMENT — Two adjoining Office Developments 
both fully let and producing good rents. Situated at -Water Orton 
Nr. Birmingham. _ 


For Detal/j Cpow**' — ’ 

G. R. Darby & Co* 
Devereux House, 
Church Hill, Cole shill* 
Birmingham B46 3AA 
Coles hill 65479 



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rtliaiKlal- Times TuesdSv 


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£»V 


. If you’re left speechless at the prospect of 
exporting to unfamiliar places, go and see your 
local NatWest bank manager. 

You’ll find he speaks your language — and 
theirs. For specialist problems, he’ll call in our 
experts from NatWest International and Credit 
Factoring International 

Between them, they know everything you 
need to know to export successfully. 

They’ll look after all your foreign currency 


pioblems, sort out forward exchange contracts, 
arrange any international factoring you may 
require, and advise you on local : : "" 1 . ~ 

customs . Your local NatWest y #■.' , 

bank manager is only too J '.: [%£■ 

willing to become your personal "" 
financial ambassador. 

Alh /ou have to do is go in 

and ask him. 

Tustaskhim. 







Financial Time* Tuesday My IS 197S 


BIRMINGHAM VI 


Birmingham 

New City Centre Offices 
3,900-19,500 sq.ft 


Fredk. J* 



Working out a policy to 
aid the small company 

BIRMINGHAM CHAMBER Of Council is to spend more than anl Tor they disclose the phone. A iot of U. a>' one would in uT* ilTr^vi ■ • h' 'w a t ^ 

Industry and Commerce has an Zim on 'mim-factorie ? - More strong identity there » between expect, cunw memher- the S|ImV»SnwJwt 

uncanny habit of asking its tlian £2m has been allocated to administrators and managers of ship of bodies like the Binning Enemurin i* R jj »■ J* * Va u 1 * P J 

members questions that pene- providing some 50 unit* at five small firms. A disability ex- hab Chamber »>l Industry and iron at Met « n ,u Suiiictimcs the court -idling 


members questions that pene- providing some 50 unit* at five small firms. A disability ex- hab Chamber m inauwy and (ion at Metfun Miiwbrai. Sometimes the comi*dlin» 

Irate to the heart of problems sites, and three similar schemes pressed was that because of the the CBI, hut equally ii ha.- been Tins kind »f expert technical service is called on lu act as d 
; in a way that no amount of are being studied. Nearly extra' risks like low assets back- available from U-,s likely at j vll(i . ran he made available kind »f industrial t»*vnl 
well-intentioned statistical exer- £800,000 is being paid lor two ing K lack of track- record and sources like the univcr>itir-\ through govermnenl agcnci^. Samaritan. 


| vises by civil servants iseem able properties* in Aston and their reliance tin personal attributes. Their function. 
| to do. Not so long ago it di>- conversion into 18 small bust- higher rates ol interest on loans j„ help lam,- due 
cuvered that but fur fears about ness units. A start has been are likely to he incurred, ,. lv | cs hut help 
unfair dismissal and ' redund- made on reversing the massive Neither can smalt firms, in dl ’ PS extend i 
anev legislation small firms city centre exodus of people and general, afford to pay fur a « pei .t s . The !•»' 
would on average have taken on Jobs. experts to assess a proposition tlon lTn trc a 

an exrra four workers. Had they it has given dimensions and and present it in attractive Vnivcrsity i> ns 
ail done so unemployment practical application to the fair tarttt to financial institutions. Part llf lhp rn gi 
would- have been cut quite words and legislation from the 0r - aSatn. vhen money is tight lloll depart mcnl 
dramatically, for small firms in Government, and real meaning i°! nt . 5lCH:k hanks tend to dis- ,. nr Xorman Dud 
this region comprise 87 per cent ro the "entemrise workshops" cnra:natc a ?aaist small firms. he i pui o | irni ^ bt 


l»* available kind of imlu-tridl G,vnl 

I agencies. Samaritan. «>ne lunchtime a 

•operties* in Aston and their reliance on personal attributes. Their function, generally, is The small linn- information woman plumed in say she aim 
inversion into 18 small bust- higher rates of interest on loans j„ help lain*- due-* over technical centre attached in the Depart- her husband were direct urs uf a 

;ss units. A start has been are likely to be incurred. j, TV | es hut help van, and orten nicni of Industry in Birmingham wupie or -mall businesses. lh-r 

ade on reversing the massive Neither can small firms, in does, extend «•» management signposts many of the near I.ftftO husband had had a breakdown 
ty centre exodus or people and general, afford to pay fur a « pe i-t 5 . The l»w cost auiurnu- enq mrers a month i I has in this through htHisuws worries amt 

bs. experts, to asses* a proposition tlon centre at Birmingham kind »if direciimi. Si one Sd per please ihe wa- nut quite cor! am 

it has given dimensions and and present it in attractive University is one such source, cent nf the enquiries come over whether there was ennuuh to 


so unemployment practical application to the fair J 0 ™ 1 ! V En ? nt ' ,aJ institutions. Part llf thl , 
;e been cut quite words and legislation from the r r : a 2 ain - wnen money ts tight j lyn depart 


engineering prnduc- the telephone anti can he deali pay tin* wages. Although 


words and legislation from the 9 r : a Sain. when money is tight llyn depart mcnl under Profes- with immediately, all hough was a director sire had never 

Government, and- real meaning 3°! nt . 5l0t:k banks tend to dis- ,. nr xonnan Dudley, n has been some nf those from manufactur- had anything in do with rhi' 

ro the “enterprise workshops’* criminate aganist small firms, helping firm* big and small for ing industry especially may tiu si nesses. A i-nunsi-Uor- wnn 

it is oronosed to establish under although much depends on the mure than a decade. need mure detailed treatment to rhe firm, found inadequate 


of the ’be ”25 enquiries m May :S37 
iwu or wrp miscellaneous. 104 were 


to i he firm, found inadequate 
records and tinancial deiaiN. 
and after a thorough imenus.* 


The situation was put more erimeat came clean and pro- of cour ? e ' tfJ ere is tne sensitive u h ,« concerned with management. iwn mi vised that the hi'-! Hung-' 

pithily when Mr. Harold Lever. mised to lessen the burden of a ™ a of an entreprenur being three > ear in* n unoer oi CAi^ |a| ^ g|lwrmBenr dep4rI . , (1 do was to wind up the bn>«- 

Chancellor of the Duchy of taxation, legislation and beauro- y ,llin 3 t0 accept equity-linked on Is *r\ae» acennetL . 126 related to statist i«-:ii nesses before they collapsed 

I .... _ _ loans that seem tn threaten his « line »HC centre is Uiaseu . , .. , 


1-aneaster. came to launch the eracy on ” small firms. The ,oans that seem to threaten his 
inner city Partnership projecL partnership meantime ‘v. si! con- ,or ^ r) independence. Ta.v- 


tuwards smaller companies, it is 


information and the remaining 


another 


which particularly needs entre- rinue 
preneurs and small businesses measi 
to invigorate it. After a per- tion," 
suasive speech in which he there 
promised to do someiliing to ham 


press for further aU ° n - legislation. VAT return.- «l 


Undiu^ aui0iu:i Luiiiuaiuwi xi to ___ _ . . - * 

lie problem, rather than the 3S were for l,e!p nn father of a girl who had a quiif 


successful antique busine-.s ai 
home wanted to know wh*-ilu-i 
y she should move into a »hni>. 

? . anti help .was given «m the way 

iiifiimiation in which the operation, should 


sssss^t.'TiT*™^ 3 M»v.hU. Pr r .. 

ueparimenis. vai auo uaa private developers could pru- i,,.* ^ valiuihle rule in dentin'! It k cti-nr lhai no uinv from 


most fall into the inspection and services which appear to be fill- could be expected n» arise. 

'if, Os am, niht'r ,-ai.n vl# i A ' ' quality contnd zone*— firms ins a valuable rote in dealing It is clear that no one. from 

iatod lo raise hiood J . -j ronrJnmnr having problems with duncn- wuh the one-man or very small Hie one-man ..pendn.ui ti» a si.v- 

it camp tn nnesr'inmfime ^^ a r 1 p ™ r!l ‘£ s * COnflCIHIlS sionai gauging, or automatic concern Kof while the Boltiin able company m»cd lack cvp.-n 

in C m" 1 v, . l °i flUeSt 0n f ff ,e Ah* * n !! er CllJ Partnership Project ..... . . assembly and so forth While definition id- a small firm is 200 a^Mslancc anil advice Imlecit. 

small businessman offered h« ,ICPP/ came to the conclusion And the Council is at one problems are or fewer employees, most com- a ease could be made mu for 

Z n Z n? ^ 3( the important cm-.-'.'ioii wa s J « branch of the «J» of others^ ZnT f4m pun.es of 41) t» fin begin in have bringing the various bud, c.- mi. 

.get tbe Government uff our a n adeauate suonlv o: lactory Coiiiederaiiun of British ‘TC'_ __ ..." e i n . P . » i m i u i. i. 


Do you realise that the 

Duport Group 

is as much a part of daily life 

as these other great 
British achievements ? 

It's an impressive statement and one that Duport lives up to. 

As one of the country’s top industrial groups evidence of Duport 
technology can be found in daily use throughout the world. A high pro- 
portion of the cars, agricultural and commercial vehicles produced in the 
U.K. today and many overseas, can boast some Duport e^ertise 'which 
includes a wide range of engine and chassis components, interior trim and . 
seating. 

Duport’s contribution in the home includes Vono furniture, 

Grovewood kitchens. Swish curtain systems, Slumberland and Vi-Sprmg 
beds and Portway s fibre for filling quilts, mattresses and clothing. 

Duport are one of the largest producers of quality steel in the 
private sector and make a major contribution to a large and varied range of products. 

The company is committed to the demands of a world which attaches 
ever-increasing importance to technology and excellence. 

Remember the Duport Group, it stands fora 
lot more than you probably realise. 


.get tbe Government uff our a n adequate suonlv o) lactorv Confederation of British , ,!V- „ 

backs Mr. Lever.” units in the 500 sq fKMHHJ sq ft Industry. Birmingham Chamber p ?^ s t l !" Ip'b.-'om! 

^ , range; refurbished factories in nf Industry, the Engineering known die rent re become. 

Comnlex the same range; and ever.- kind Indus vies Association and other p n occasions when the centre 

C^UIIipiCX rn ££ )n « bodi ^ whe „. „ , 0ruie01ns pa5t h« developed a or un,I 

Everyone knew what he the proverbial railwav arches to regional policy. Distortions " ,rh a fc, “ er application rho 

meant, of course, and it went high-class units in good environ- arising from regional policy company concerned, or another, 

down well. But in societies as mental surroundings. bad seriously constrained the ! s , . ce P^ e . ri . tn make and raarkel 

complex as they have become Other useful components tn generation of nevy industrial n worldwide, 

government help is often the overall small firms' package growth and had caused ” funda- Aston University, right m the 

needed. The costs — and the were felt to be general manage- mental economic problems in centre of Birmingham, is even 
penalties — of doing so (and raent training, equipping execu- Qt- county. Nevertheless, the more closely allied with indus- 
falliDgi are too great for most rives to deal with the problems council was agaiuit extending try. * The technical and plan- 
people to bear. But the-absence of expansion, establishing train- the experimental small firms ning services division, set up 
of the entrepreneurial spirit in* centres at co-operatives and employment subsidy scheme in with a printins grant some ten 
from the city centre has. as helping potential entrepreneurs, the special development areas years ago by the then Ministry 
evervnne can see. left a void and ■ These kinds of conclusions nationwide. It was felt that of Technology, is now a self- 

dereliction that will be hard ro and objectives stem from talks would lend to encourage a. supporting, non-profit making 

renair. The other day tbe court- that have been held with misallocation of recurves by division. Although able to offer 
cillnrs spelt it out in hard cash, various influential bodies con- failing to differentiate between a range of service*, including 
The Partnership is a three- cerued with local finance, the efficient and the inefficient turning I ikeJy-Iooking inventions, 

come of the West Midlands Employment Department and firms. into prototypes, the emphasis is 1 

County Council. Birminaham other government and industrial This was an inlerestin“ indi- on m anagement training and; 

City' Council and the Govern- bodies in the proce-s of cation of where the Midlands development. In the past five 
ment. with Mr. Re? Freeson. assembling a submission w Ihe and Birmingham in particular - vears lhe work ,las lended t0 
Housing Minister, as chairman- Lever enquiry' on small firms, stands in relation to providing scll l e down mainly iu providing 
In its programme to breathe Some of the comments arc fairiv help. Tax relief fur a’ l small expertise in rhe fields of 
new life into old areas the obvious but nonetheless import- fimts was suggested as an alter- at ’ counlin 3' costing, budgetary 

““—native. That would do more to cunlro1 - and generally helping 

encourage viable concents lo cl,em * ,0 P^^eiu a case to bank 
• - • I . -■ I . . expand and to create new jobs managers. The division can 

IGtf* tnQi thA :t Wl- was also con- °^ ua,1 - v help to improve produc- 

IJV Uldl UlV eluded that the size of unjt ' linn by planning and production 

_ ■_ required was no larger than techniques lo make the fullest 

M ^ <5.000 sq. ft. as there seemed to lises ° r resources, as well as to 

m B l,p a definite break in the ntar- su£? es t marketing and export 

H Wl w f B Hi ket at this point-a conclusion strategies. Again, like Strums- 

L ■ B B I BB B W other authorities have also ham ^niverwty problems and 

^ reached. help may be concerned with 

--i.. j places as far away as Scotland 

rJPA «S1*T 15-Gx ■ ^mSS^SS thelacX ° r ,he Cha ""- 1 ,s,a " ds - 

In (fT f 1JJ1 I V ||TP face meetings Ministers and An imaginative project, under- 


definable management struc- a more formal relationship i- 
re. and it is (he ones > mailer make The range of help morA 
in this who generally need -readily available frum one 



^■DcnuDno* 



EDWARDS 

BIGWOOD 

&BEWLAY 


DUPORT LIMITED. Duport House, 

Hagley Road, Birmingham B16 8JU. 


reached. help may be concerned with 

j places as far away as Scotland 

These submissions and com- p r( , arnn , _j. 

mentj, togethenvith the face-to- or ,hc , ' land5 ' 

face meetings Ministers am 1 An imaginative project, under- 

government officials have had taken some three years ago. has 
with small firm owners- and been helping redundant execu- 
representatives, have done tnres to find employment. Under 
much to pave the way for tax tbe " Loan a Brain scheme 
reforms, like raising the level sponsored by the Training 
of exemption from apportion- Services Agency former execu- 
ment of trading income to fives, many of whom come from 
£25.000 as a step towards a more ,aT S e companies, are put on to 
ambitious £75.000, allowing solving problems of smaller 
relief against VAT for bad companies at training sessions. 
debts, and — perhaps the most These mature students then go 
important ' of all— no capital out to a company client, and 
transfer tax (CTT > liability is for ten days study its working 
long as a family firm stays in in depth and then make recom- 
the ownership of the family or mendations. This bringing of 
workers. fresh, trained eyes to a familiar 

All of these very substantial situation can normally solve the 
roncessions underline the proh- problem, but at. the least it will 
lems with which small firms enable the company to survive 
have been beset in recent longer. 1 And two out of three 
years and the awakening of of these fonner executives later 
government quarters to their find jobs-=-in smaller companies, 
vital importance as a seedbed These two valuable specialist 
For new enterprises and employ- services are able to tap into the 
ment. The package of assistance university Bnd research e.«tab- 
at-Jrnowledges that. lishinent network to cut a 

Alt the Paine, expert help has comer -or get highly specialised 
i heen’ available for many years help as, for instance. Front 
I merely by picking up a tele- Nottingham University, which 


nTS. i 

78 Col more Row, Parkside House, 

Birmingham, 51/53 Brick Street, 

B3 2HG. . London W1V7DU. 

Tel. 021-236 8477 Tel. 01-499 9452 

2 Sheep Street. ' 13 Horse Fair, - 

Shipton-On-Stour, Banbury, Oxfordshire 

Warwickshire. CV36 4AF. . 'GXIb 0AH. 

Tel 060S 61312 •’ Tel 0295-504B4 

Industrial and Ratina Consultants, Auctioneers and 
Estate ^;ients. Surveyors. Valuers and Land Agents 
Licensed Pfopenv Valut-rs. Plant nod Machinery Valuers. 
Fine An Auctiar.^ersancl Valuers. 


FOR INDUSTRIAL AND 
COMMERCIAL PROPERTY IN 
BIRMINGHAM 


IMEAL.E Sl ALLDRIDGE 


Chtir-ceracs ! 


Cornwall House 
50 Ncwhall Street 
Birmingham B3 JQE 
021-236 2066 


Sabcna House 
36 Piccadilly 
London W1V ?PA 
01-734 5371 


PUPO R T CR OUP 







Duport Limited 

a great British company. 





-5111 

V T. .-T , . . 

¥ 


Birmmghciin- 
I Centre fer 
Commerciol 6 
Industrial 
Success 


Birmingham means 

Cicr 4t tht henut p( England . . . 28 million people. wi:hm 100 milot r.tfiui. 

Birmingham ncans 

International ismcci tor Cmnce. insurance, marksunj and the National Exhibition Centra. 

Birmingham means 

Quality office premises as hijtiiy eompabtiva rues. 

Birmingham means 

The logical contro lor axpaniion. 

Centrality . . acccisib.hry . . . skills >n abundance . . . international services . . . comneroal growth. 
Send for detailed lists of property and sites available and for a soot of " Birmingham means Svimen " 


The Commercial Officer, City of Birmingham Estates Department. 
1 Duchess Place. Hagley Road. Birmingham B16 8ND, 

Telephone 021-235 3682. - 



city at ihe centre 

BIRMINGHAM 













Ttaandal'Thnes'Tuesday July ts 1978 


21 


BIRMINGHAM VII 


Improvements in public transport 


WHILE NO ONE these days 
expects to run public services 
without subsidies, the other 
calls on the public purse 
ensure that they are kept to 
ihe minimum in all but excep- 
tional cases. Sheffield, for 
example, has its heart set on 
a free public transport system. 
Birmingham, like th© great 
majority, aims to provide an 
efficient service at prices 
people axe prepared to pay, 
and. considering all the factors 
militating against it, Birming- 
ham, or rather the West 
Midlands Passenger Transport 
Executive, is making encourag- 
ing progress, it will not ever 
be free from criticism for 
shortcomings, but a lot of 
effective effort has been put 
in to creating a flexible service 
that market research tailors as 
closely as practicable to neigh- 
bourhood needs. 

The subsidy in the last finan- 
cial year was £15.2m of which 
just over £12m was for buses. 
This compares with the 1976-77 
deficit of £l9.6m of which 
£17.1m was on buses. The PTE 
takes Its forecast deficit as a 
financial target to be beaten 
and the decreased call on rate- 
payers is a measure of Its 
suecess. In the current finan- 
cial year the forecast deficit, 
allowing for pay increases and 


inflation, is £I 6 . 3 ib, with around 
£I2m again for buses. Hie out- 
come is expected td.be consider- 
ably- below forecast through 
improved efficiency. 

The Executive, which has 
British Rail as its partner, 
carries more than 550m. passen- 
gers a year by bus and another 
14m by raiL within the area 
for which it is responsible. This 
includes Coventry and Wolver- 
hampton and Solihull to the 
south-west and part of South 
Staffordshire in the north. 
People can travel the length and 
breadth of this conurbation by- 
road and rail for £10 a month, 
what the travel ticket costs, or 
£7.50 if it is by bus only and 
one railway line. There are 
100.000 card holders, and the 
prices reflect the inroads of 
inflation but also a modest net 
increase which seems to have 
been generally accepted' since 
passengers have not been lost. 

To an extent the relatively 
small and short-lived reaction to 
the increases seems to mark an 
appreciation of the improve- 
ments that have been brought 
about. Developments are 
founded on thorough market 
research. Birmingham and 
other places are split -into 
various arms and the travel 
needs within them determined 
by analysis. Absolute matching 
of requirements to sendees is an 


unattainable objective, but they, 
are met within the resources 
available— there are 2,500 buses 
and more than 90 diesel and 
electrical multiple units — with 
road and rail services being 
integrated as far as possible. 

Solihull was one of the first 
commuter areas to have a 
‘‘tailored” system. This 
included the first ■* dial-a-bus " 
scheme, which is now being 
modified. It was introduced 
because the area has a lot more 
telephones than other com- 
parable suburbs. By dialling 
the headquarters it is still pos- 
sible to have a bus at one's 
doorstep or driveway within ten 
minutes. Although the service, 
like a public taxi service, costs 
£3.000 a week to run. it has 
established routes which a re- 
modelled service will follow to 
the general benefit of those in 
the catchment area and rate- 
payers in general. It has been a 
useful tyo-year experiment, 
hold in terms of the traditional 
attitude of local authority 
councillors to loss leaders. The 
service is being replaced by 
conventional buses running pre- 
determined routes. Despite its 
lack of financial success, it pro- 
voked new thinking in an area 
that boasts as many large cars 
as in its Surrey counterpart. 
More than one owner used to 


joining the car queue to. the city 
in a £32,000 Rolls merely took it 
a short "way to Domdge or 
Solihull railway station, got a 
city centre bus at New Street or 
Moor Street station and was 
deposited near his office all for 
lOp (as it used to be). This 
caused even well-heeled 
accountants to compare the 
cost 5. It is not revealed, how- 
ever, whether the Rolls was left 
for the wife to drive. 


Growing 


It would be unfair to spot- 
light only Solihull. There hove 
been a growing number of areas, 
like Cheknsley Wood, Yardiev 
and Sutton Coldfield where the 
joint services have been 
improved. There are develop- 
ment schemes in the pipeline 
for Warley. Harbome and 
other Birmingham suburbs. 
Cheimsley Wood is a particu- 
larly vital area, a new town of 
50,000 on which the National 
Exhibition Centre at 1 nearby 
BickenhiU relies to draw many 
of its regular part-timers and 
full-time staff. Bus-rail inter- 
changes have been introduced 
at Lea Hall and Marston Green 
on the line to Birmingham 
International (the NEC sta- 
tion) with a frequency of four 
trains an hour .ar peak times. 


But by far the most ambitious 
development, and one that has 
proved ‘ itself within a few 
months, is the south-west to 
north-east rail link running 
from Lonflbrid^e. where Austin- 
M orris employs 25.000 people, to 
Sutton Coldfield, 16 miles away. 
The 16 stations along its length 
serve some 175,000 people. This 
cross-city line cost £7.8m and 
three of the suburban stations 
are new, the first British Rail 
has opened for many years: 
another four were rebuilt Five 
of the stations offer free car 
parking, and bus services are 
linked to the rail services, which 
provide six trains an hour at 
peak periods. Opened only two 
months ago. passenger-carrying 
rales are already running at 
nearly 7m a year, some 60 per 
cent of capacity. Allied to this 
development has been the 
modernisation and expansion of 
the Hrseley rail depot on which 
£1.2m has been spent, mainly 
on .creating maintenance facili- 
ties for the three-coach multiple 
units. 

Like every other organisation 
concerned with it. the PTE is 
having to make special arrange- 
ments for the duration of the 
Motor Show at the National 
Exhibition Centre in October. 
About one-tbird of those visiting 
public exhibitions go by bus or 


rail, and besides stepping up the 
services the PTE will be operat- 
ing what will, it is thought, be 
the' biggest " park-and-ride ” 
scheme for motorists ever 
mounted in this country. 


Novelty 


Well over lm people are 
expected during the 10-day show 
and 45.000 car spaces are being 
set aside within a 10-minute 
" park-and-ride." 

The conjunction for the .first 
time of the car and commercial 
vehicle shows, plus the novelty 
of holding’ the exhibition at the 
NEC could attract many more 
than lm ‘visitors. In any case it 
is clear that the motorway net- 
work which radiates ‘ frnm 
Birmingham is going to be 
under heavy pressure and the 
authorities have sensibly 
decided to suspend the road- 
works on the M5 and M6, some 
of which are forcing traffic on 
to suburban roads tbrough road 
closures. In addition to the 
well-publicised problems of 
joints on viaduct sections in and 
around Birmingham, there is 
the longer-term problem of 
deteriorating road surfaces 
caused by a very much higher 
proportion of heavy lorries — an 
increasing . number of them 
juggernauts from the Continent 


— than was allowed for when the 
road designs were prepared 12 
and 15 years ago. It is not often 
realised that a 30-ion lorry does 
80 times as much damage as a 
10-tonner. At the same time a 
start will be made on the much- 
needed third lane on' the M5 
before the ead of the year. This 
is a five-mile stretch to the 
south-west of the city between 
Quinton and Lydiate Ash. 
Nearer the centre, approval to 
spend £25m over eight years on 
completing the eastern section 
of the middle ring road has just 
been given. 

The Motor Show will also pose 
severe' problems for Elmdon 
Airport, adjacent to the NEC. 
In a recent week a check on 
passengers on scheduled flights 
showed that 29 per cent of them 
were 'going to the exhibition. 
This will be the first time UK 
and overseas industrialists and 
visitors are able to come to the 
show by air, and the airport 
authorities are preparing to 
deal with up to 300 company 
and charter planes a day. 
“There may be some stacking," 
Mr. Bob Taylor, the airport 
director, warned. 

Exhibitions have helped to 
increase the flow of passengers 
and this year the total is expec- 
ted to reach 1.25 m thus 
beating the 1973 record of just 


under 1.2m. This year Is show- 
ing a 14 per cent growth tn 
traffic, aided by new and 
improved services and the four- 
times daily feeder service to 
and from Heathrow, and twice 
daily to Gatwick. The improve- 
ment underlines the need for a 
quick decision about the £30m 
project for a new terminal for 
which the Government will have 
to pay 60 per cent. The local 
authority is firmly against a 
further extension of the 
existing terminal, which the 
Ministry of Transport rightly 
points out would be cheaper 
and argues more far-sighted^’ 
for a new terminal on the other 
side of ihe airport which would 
link up with the NEC. thus com- 
pleting the dream of having an 
exhibition centre uniquely 
served directly by road, rail and 
air. - 

A decision is expected with- 
in the next six months, hope- 
fully in favour of the new ter- 
minal to match the growing 
importance and progress the 
airport is making. The increased 
business, together with an 
absence of new building work, 
has taken finances into the 
black, and this year's net profit 
is expected to be around £0.5m 
compared with the £0.3m of 
1976-77. . 

P.C. 


Property 





market 




u 


m 


BIRMINGHAM HAS wallowed modern space in Birmingham 
in a glut of office space for so can still be rented at bargain 
long that it still seems almost rates, well below any of the 
impossible that one can now comparable cities elsewhere in 
begin to talk about a possible the country, but the: revel is 
shortage on the horizon. But, now likely to be £2.50 to £3 
with some important caveats, for air-conditioned space, 
that is the fairest way to sum up Further out of- the eenjife, at 
the position which is now emerg- Elmdon. office rents are more 
? . »ng. likely to he at the dower end of 

- - | At the beginning of the year this scale — around £2— local 
local agents began to show a *sents say, though in SotibuU 
_.,h -7 degree of returning confidence itself, where space is ^already 
! not seen since 1973. The glut at a premium, £4 upwards can 
“ " of space was being nibbled at— obtained on a .--central 
. at*n increasing pace — and more building. y* . 

importantly in terms of conft- The reason why the pattern 
ry Z dence the lettings were to prime is not yet clear is that a 
, : 1 covenants at rates not too far substantial number of rent 

WeW from the asking price. reviews are at present being - 

Hie caveats still applied, of negotiated throughout the area 

course. First the base asking and Jt W,IJ n “ r 5f, 1 , un t t j!_ 
rents were very low— £1.50 often ■» completed ^at the rad 

fnr modem space, sometimes rental base ‘ 

even air conditioned. Secondly. Most ,f not ®J ! 
the pace of lettings was by no reviews up 

means sufficient to hold out hope l° w ^ase. ri with so much 
that all the space built during some ^ And ^ith so much 

the 1970s would be absorbed. 

It was becoming dear that some fi g ht for min im^ 

buildings would never let. r ua '‘- 

* increases. 

Six months ago this picture Qn ^ industrial front there 
was still only a sketch. Now it feeling of move- 

is beginning to flesh out. By the J*™ A ,1.11 P J S. 
year end a real pattern should Nor|on the Conune rcial Officer 
ha\e emerged. j„ the Birmingham City Caun- 

The most encouraging signs c jj Estates Department.’ says 
•re showing in the quartely that almost 200 industrial sites 
tpace survey of Edward Bigwood have been allocated by the 
md Bewlay. one of the major council jn the first six months 

local estate agents. 0 f this year. This was more 

The company distinguishes than For the whole of 1977. 
- between ilic three clear dis- Inuring the period he has 
.tncts into which Birmingham monitored enquiries for 2lm 
P '';.hat divided as an office centre, square feet of factory and 
• m ", Ar the end nf June the picture warehouse space — again double 
. — ^7 of supply was as follows: the level for the same period 

City centre 630.000 sq ft last year. 

, EriE hasten 440.000 sq ft private developers are also 

Elmdon/Solihiill 140.000 sq ft beginning to take up land again. 

The total — 1.2m sq ft— is still particularly in the Ladywood, 
mnrmnus. particularly as it is Castle Bromwich and Hawkesley 
,ai'gely accounted for in modern areas, where the City Council 
lower blocks no more than five has sold land for schemes 
tears old. But compared with amounting lo space for nearly, 
tin* :jim sq ii which was on the square feet of new building, 
market IS months ago it is little Apparently demand is also 
{.hurt of a miracle. picking up in the- inner areas 

The lakeup figures explain and the Council is expecting a 
jhc dwindling in the supply. In good response from developers 
“ihe u months up to the end of for the 35 acres of industrial 
June." according lo the firm, land in YardJey which it is now 
i mr 410.i M)U sq ft was absorbed, advertising. The [ council is 




f «uinr i — .... c- .. - 

£ , purma the whole of 1977 the taking a very active role in 

* i !ifi-urc was closer io 500.000 sq ft. releasing land as well as in 

■ ji[i7 c extra 100.000 sq ft being developing small uniis itself, 

ji' !j explained hv one or two un- Under the original Govern- 





‘P usually large leitings last ment grant of £!00m for the 
iisummsr. In the three months rejuvenation of the country s 
{ between March and June inner cities, Birmingham! 
: l; Id tines amounted to a further already had £Ilm worth of. 
ti i-n non so ft. development m progress. Now. 

'll where iettines are concerned with the new allocation, the 
tithe tight financial area is lead- ciiy has a £30m three-year pro-. 
!! me the way— with rente of £4.50 gramme mapped out. 

. H <and sometimes above) being Rents arc still mndert-the 
[! achieved in such blocks as the £2 mark which, c Indtopcn- 
4; joint Rrvanl-Samuel Waterloo hoped to see back inl9/3 has 
'irourt refurbishment. For the still not' material ised^-bui the j 
ip.J *ix months or so the city demand is already beginning to 
he'«un to attract banks to provide upward pressure on 
[j . J* in ,],« area Key- modern units with good access. 

U i™^0Mn^nce opened The «... > oT IU0 I. »• - 
LVInh in Anrll Waterloo common. Key areas where the 
» branch in P ■ cej _ enc city plans rejuvenation schemes 

fiSn" S" Ho A nf X Deritend, Duddeston, B* 

“* MLT* le ^fef. P "mn. to stre* 

. £on and Banque Nationaie ue ^ Birmingham is coming out 

The important point, however.. which Ithu 

is that over the past six mooli* since 19 3, 

as? “ 

up— although, according to some mand ma> have doumea, 
llSTWnls. .one of .ho build- “ d *£? £ 

mg s (because of their poor still nowhere near the . ‘ 

quality) Will never let and activity which 
should just he pulled down. peeled from the cow uy.s 
There arc clear signs industrial- heartland. 

-.emerging that the day* of rents 
‘ of £150 are now past. Good 


Building the Pyramid in Bir mingham. 


Since 1912 the Bankers Trust Pyramid 
has symbolised our commitment to financing 
industrial growth. 

- It was a commitment that quickly spread 
abroad. 

By the 1920 s, Bankers Trust'branches in - 
London and Paris were doing a brisk foreign 
exchange business and engaging in numerous 
international loans. 

Today, our commitment has expanded 
through an international network covering 
35 countries. 

Our clients include corporations, finan- 
cial institutions and government bodies in 
virtually every country in the world. 


During our half-century in -Britain we Ye 
forged strong links with international com- 
panies throughout the country. 

Our experience has shown British business 
more than willing to take advantage of new 
opportunities, , particularly if the economic - 
climate encourages in vestment and profit. 

To back ; it, we have 700 staff here provid- 
ing sound, professional financial services. In 
such areas as foreign exchange, trade, com- 
modities, insurance* energy and pension 
fund management.. 

Their achievements strengthen our belief 
in the abundance of creativity in Britain. 

It is also the reason why we have a thriving, 


full-service branch in Temple Street. It is our 
open invitation to the business community of 
Birmingham to take advantage of the pro- 
fessional commitment represented by the 
Bankers Trust Pyramid. 

Wherever you encounter 
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you’re dealing with a full- 
service bankin the fullest sense 
of the word, with the capacity 
to raise, lend and manage 
money anywhere.in the world. I 

Bankers TrustCompany 

39-40 Temple Street,BiirntnghamB2 SDR 
Tel: 031-643 4935/6/7/S. Also London and Manchester. 



Christine Mo.ir 


l£d«MXwl!ULba.UiNHtaMM.L^ 

Aaln i e ig i u oaalBankinsNewo.^ a* ^“Mn.nihiidunefi.anUiaiesaad representative ofnces mover 30 countries onsixtoniineriis- 


■:;*iw 


\ 



22 


Financial Times Tuesday July 18 . 1978 



Crown House Engineering Limited, 

Electrical and Mechanical Engineers and Contractors, 
Head Office: 17 Addiscombe Road, Croydon CTO 2DE. 
Branch Offices: 

Belfast Birmingham Bristol Cardiff Cleveland Croydon 
' Edinburgh Glasgow Leicester Liverpool Manchester 
Newcastle-upon-Tyne Newport. Gwent Nottingham 
Peterborough Port Talbot Scunthorpe Sheffield 
Southampton Swansea West Thurrock 
Also m Africa, Australia and Middle EasL 

A Crown House Company. 


BIRMINGHAM VIH 


Building work in short supply 


IN* MUCH the same way that 
the recent course of events in 
the nation's second city have 
accurately reflected the general 
state of the economy, so have 
trends in the UK construction 
marker. Birmingham has always 
represented the barometer with 
which the whole nations 
industrial and business climate 
can be tested and its latest 
experiences serve to prove the 
rule. 

Overall industrial output has 
been disappointing and invest- 
ment by companies has. as a 
consequence, been low. Spend- 
ing by regional sections of 
Government Departments and by 
local authorities has reflected 
the central Exchequer cuts im- 
posed in the wake of the 
country’s economic ills. Un- 
employment in a region where 
lack of jobs has not been a tra- 
ditional problem has been 
climbing too high for comfort. 

It is hardly surprising, there- 
fore. that as a direct conse- 
quence of the poor localised as 
well as economic performance, 
the civjl engineering and .build- 
jrg industries in the region have 
suffered accordingly. 

Brighter 

In short, the searching out 
and winning of building work 
in and around Birmingham has 
represented a challenging task 
and while the outlook may now 
be beginning to brighten up, 
no-one in the business expects 
easy or particularly profitable 
times ahead. 

Domestic construction work 
generally has been hard to come 
by and one of the complaints of 
the smaller contractors, used to 
operating in a fairly localised 
area, has been the arrival on the 
scene of the larger building and 
civil engineering company. 
Many of them have been pri- 
marily concerned with keeping 
their teams of skilled and pro- 
fessional people intact and have 
been forced to look for the 
smaller packets of work in view 
of the scarcity of the larger 
type of contracr best suited to 
their operations. The larger 
contractor’s readiness in many 
cases to accept lower than nor- 
mal operating margins has 
hardly endeared them to the 
smaller competitor, not that it 
has done much for their profit 
figures at the end of the day. 

Much of- the emphasis in con- 
struction work in and around 
Birmingham recently has been 


on modernisation and renova- 
tion. with 'most companies 
reluctant, to embark on new- 
building programme-* of any 
scale. Major new building con- 
tracts for clients like BL have 
proved welcome boosts for the 
ailing industry, though they also 
serve to underline the lack of 
substantial construction con- 
tracts around. ' 

Industrial and warehousing 
development, for so long in the 
doldrums, has recently shown 
signs of picking up. an indica- 
tion that at least some of that 
corporate 1-eluctancc to invest 

is giving way to contract 

decisions. On the commercial 
property front— where ihere has 
been a longstanding surplus of 
accommodation which is only 
now beginning to be taken up 
— construction activity is still 
generally low. 

Builders in the region have 
been complaining that, a* if the 
winning of work was not difficult 
enough, their operations are 
becoming increasingly frustrated 
by ever increasing delays in 
obtaining planning and build- 
ing regulations permission. 
Their complaints m this field 
have been coupled with the 
inevitable criticism of the 
Development Land Tax. which 
many Midlands house builders 
in particular claim is keeping 
essential development land off 
the market 

Housing is perhaps the one 
area of construction in the Mid- 
lands which has provided a con- 
sistently brighter picture for a 
year or more. The rapid escala- 
tion of construction cost? has 
effectively ended and with house 
prices moving more rapidly 
than at any time since the last 
"boom” of 1972-73, the builders 
can anticipate a suitable return 
at the end of the day. 

When the house building 
market offers reason ab'e profits, 
output in the Birmingham area 
is always healthy- and reflects 
the traditionally high demand 
for private housing in the 
region. Private developers 
have never attempted to build 
homes for sale in the centre of 
the city on the same scale now 
being achieved in some other 
provincial centres— the pattern 
may now change with the swing 
to inner urban revival— but the 
outlying areas still provide good 
opportunities for housing 
developments of all types and 
prices. 

If housing provides the high 
spot, however. then... civil 


engineering activity must repre- 
sent the least encouraging 
aspect of tbe industry's fortunes. 
The cutback in the major roads 
programme — which has tradi- 
tionally provided a . major 
source of .work in the Birming- 
ham area— has. hit the civil 
engineers, hard, as have reduc- 
tions in expenditure effecting 
such essential services land 
bread and butter jobs) as 
sewerage and water scherrtes. It 
is ironic that a significant pro- 
portion of the roads contracts 
available now and in the. near 
future around the Birmingham 
afea represent nothing more 
than remedial works on motor- 
way and major trunk routes 
built only a few years ago and 
now desperately in need of 
repair. 

Birmingham itself does not 
form the home for many of the 
UK's major building and civil 
engineering operations, though 
many of the smaller contracting 
operations are based in the 
region. Two of the industry's 
major names do. however, work 
out of Birmingham, though they 
have grown to such a size that 
their original market place now 
only accounts Tor a small pro- 
portion of their turnover. 

Robert M. Douglas, perhaps 


best known for its work on the 
National Exhibition Centre; now 
operating on the outskirts of 
Birmingham, is a good case his- 
tory of a construction group 
that has grown during hard 
times at home, largely by 
expanding abroad. 


Vigorous 


The company had pushed up 
turnover from £24m in 1972 to 
over £70m in 1977— a fall from 
the 1976 peak of £75m — largely 
by pursuing a vigorous expan- 
sion and diversification pro- 
gramme. Douglas, which also 
recently completed ahead of 
lime a ten-mile stretch of- the 
M42 Birmingham-Nottingham 
motorway, has along with many 
other contractors been per- 
suaded to seek work in the 
world’s developing regions. It is 
involved on a 10.000-homes com- 
plex in Cairo and has been busy 
establishing overseas subsidi- 
aries in such locations as Saudi 
Arabia. Egypt and the United 
Arab Emirates to cope with the 
future assembly and manage- 
ment of contracts. 

The company has pushed up 
further afield, to locations like 
Australia and New Zealand. Not 
all the successes have been 


abroad, however, with Douglas 
capturing some substantial 
home contracts in recent 
months, involving roads,- fac- 
tory and office developments. 

. Another major name in the 
civil engineering sector with 
Birmingham as its home base is 
the Bryant Group, wliich has 
been operating in the region 
since the last century. Of com- 
parable size to Douglas, Bryants 
has nor so far ventured as far 
afield as its local competitor, 
though it has formed a Saudi 
Arabian company jointly with 
Sheikh Abdul Aziz Al-Saleb and 
is now engaged in contracts in 
that market. 

Bryants has not been receiv- 
ing the best of publicity in 
recent months, arising out of 
the trial and imprisonment on 
corruption charges of one of its 
directors and two former direc- 
tors. The group recently an- 
nounced. however, that C. 
Bryant and Son is appealing 
against the £425.000 fine im- 
posed on it while the three men 
have lodged appeals against 
their sentences. 

A statement, which under- 
lined the strength of the group 
and said tbe outlook was good, 
emphasised that Bryant Hold- 
ings was found not guilty on all 


charges and that C. Bryant and 
Son, a subsidiary, was- found not 
guilty on all the conspiracy 
charges, as well as a number of 
individual charges, on the 
direction of the judge. 

The. order of costs made 
against C. Bryant and Son. 
variously estimated at between 
£13,000 to “over, a million 
pounds" is itself the subject of 
an appeal by the company. The 
directors say they have been 
advised that- the costs for which 
tpe company may be liable are 
unlikely tu exceed £25,000 and 
may well be .substantially less. 

Bryant is clearly determined 
not to ■ be put off course by 
recent events and although it 
ex peel 5 to report a reduction 
in building and civil engineer- 
ing turnover for the year which 
ended in May, it does nut antici- 
pate much of a change in 
profitability. The group, in 
which Taylor Woodrow now has 
a small' stake, described as a 
trade investment rather than 
the foundation for a takeover, 
says that -the improved outlook 
for homes and property develop- 
ment and the heneflt of addi- 
tional contract work already won 
suggests a healthy future. 

Michael Cassell 



Dimensional checks being made on rotary shaft seals manufactured at the Birmingham-based seals division 

-'••• . of Aeroquip (UK). ■ . 



THERE’S GAS FOR YOU 
IN THE WEST MIDLANDS NOW. 

Big new gas supplies are available for premium industrial users, large 
and small. 

Experienced specialists are ready to discuss your requirements. 

If your industry needs a pure, high quality fuel, we can help you plan your 
expansion or improvement programme. VVe’ll see that the installation meets the 
latest regulations and Codes of Practice. And we’d make sure that peak efficiency 
is maintained through a service contract. 

Gas is clean, convenient and economical and provides the opportunity 
for increased productivity and plant efficiency. 

Contact your local Industrial Manager nowand reserve your 
share of these new supplies.- 


WEST MIDLANDS GAS 



Birmingham & District 
J.EJIis. 

Area Industrial Manager 
021-705-6888 

Black Country & District 
G.Pomlett. 

Area Industrial Manager 

Dudley 55477 


North Staffs & North Shrops. 
J.VV. Price. 

Area Industrial Manager. 
Newcastle 563371 

Coventry. Worcester & District 
R Phillips. 

Area Industrial Manager; 
Coventry 27672 


Export tradition 
maintained 


AS THE CENTRE of a region 
producing one-third of the 
entire nation’s engineering and 
allied goods Birmingham can 
claim to be the biggest export- 
ing provincial city. This much 
can be slated without fear of 
contradiction. What is more 
difficult is to put it in more pre- 
cise statistical terms, and a good 
guess is the most that can be 
essayed. The best one can do 
is to lank at parallels, and 
having done so to declare un- 
equivocal*}’ — and without much 
fear of being proved wrong 
(because of the lack of figures) 
— that the Birmingham area 
exports around £1.600m-worth of 
goods annually. This is no more 
than a good guess; but if 
Queen’s awards for exporting 
were awarded to cities there is 
no doubt at ail the Birmingham 
would get one of the first 

It is the home of inter- 
nationally well known com- 
panies like GKN. the Lucas 
Group. TI fTube Investments'). 
Cadbury-Scbweppes, Peerage. 
IMI, Wilmot Breeden. Birming- 
ham Mint. DunJnp. British Ley- 
land, Triplex, R. H. Douglas, 
Glynwed. and several confirm- 
ing houses, or export agents 
well in n» their second century 
of world trade. 

Morbid 

While ihe economic hucarrf? 
pick over the national statistic!, 
and seem io rake a morbid 
>le ugh! in displaying tSie bones, 
an uncnuniabie and. incom- 
parable hit uf people in (he city 
— n«»t to be confused with 
London — are daily getting on 
with the job of making and 
selling things abroad. Oilfields 
are an enormous boo*t but the 
GKXs and Lucas's of this world 
will probably la*r rather innaer. 

The Export Credit Guarantee 
Department is a government 
organisation that provides 
finance and insurance for ex- 
porters. One hundred and fifty 
years before it came on to the 
scene, or longer, a considerable 
number of export agents, ur 
confirming houses were active 
in Birmingham and have con- 
tinued to represent the are2 
with the biggest turnover out- 
side London- Two uf the oldest 
members. Keep Bros, and 
Srholefield Goldman and Son*, 
finance the international move- 
ment of goods between one 


country and another worth 
more than £70m. Although the 
financing of this business may 
be. and often is. between two 
countries other than the UK, 
the profits seep back into the 
city. As the most important 
centre of its kind outside Lon- 
don capable of accommodating 
the manifold political and .com- 
mercial risks in world markets 
they quietly perform a delicate, 
necessary and crucial job in 
oiling the txadh wheels. 

But, like thousands of others 
in the export business, they 
also make use of the services 
of tbe regional ECGD office in 
-Birmingham. This fiovers both 
the West and East Midlands 
and its business has been grow- 
ing apace. It went ahead 
strongly in 1975-76 increasing 
business by some 30 per cent 
and iri 1976-77, not a year to be 
remembered with relish, by 
another 14 per eenL, thus keep- 
ing volume ahead of price in- 
flation. This lifted turnover 
above £2.000m. Some 320 of its 
customers are in the “mil- 
lionaire ” league through ex- 
porting more than this value 
annually, and they arc continu- 
ously being joined by others, 
many of ihem of medium size. 
This again is more than any 
other provincial region. 

Several holders export many 
times more in x*aliie and are in 
the ’’ multi-millionaire ” class 
I ike the Lucas group, w irh 
direct exports last year — its 
“Go fT Cold" export year — of 
XMDm and another IlSOni 
worth of indirect exports in 
which components . were incor- 
porated into export products 
made by customer?. 

EVIL the titanium, copper, 
pneumatic systems, and cart- 
ridge group, exported £82m 
worth' of products directly and 
took overall overseas sales to 
SI 69m. Cadbury - Schweppes 
came up with a tasty £l64m. and 
the list is far from being ex- 
hausted. British Leyland. the 
greatest exporter of the lot. with 
its volume car plant in the 
Austin Morris division at Lons- 
hndge making Minis and 
Allegros, and the nearby- Rover 
complex ai Solihull turning out 
saloons. Land Rovers and Range 
Rovers, all of which have a high 
export content (some SO per 
rent for off-the-road vehicles I 
has still to be taken into 
account 


Altogether the Export Credit 
Guarantee department office in 
the city turns over io excess of 
. £800m ;n the Birmingham area 
and the ’* millionaire ” pins on 
the marketing map are thickest 
there. And since the office 
claims to. be responsible now for 
around half of all its type of 
export business, a figure., of 
£ 1,500m worth of exports from 
Birmingham is probably as near 
as one can get. Like the con- 
firming houses, or export agents, 
ECGD is prepared to cover 
goods that will never see the 
shores of this* country, but like- 
wise bring profits into the city. 
The products, it should perhaps 
be added, must not compete 
with those made in the ILK. ' 

Involved , 

A record of continuous growth 
in exports like this, even from 
a city so closely involved In over- 
seas markets as Birmingham, 
depends on one or more organis- 
ations creating opportunities for 
first-time and small exporters to 
develop sales overseas. Bir- 
mingham Chamber of Industry 
and Commerce bas a distin- 
guished history of organising 
government-backed trade mis- 
sions to all quarters of the globe. 
Since the first mission flew' out. 
in January 1965 to the one cur* 
remly in Sou tit Korea, nearly 

2.000 businessmen 7iai;e partici- 
pated in 1ST sorties. and they 
have brought bad; £230ra in 
firm orders, an average of 
around £ 1.25m a mission. The 
Birmingham Chamber's success 
and expertise-is reflected in the 
fact that more than 20 missions 
are sent our every year, a rare 
no other U.K. organisation can 
match. 

In addition at] overseas fairs 
division has been set up in 
collaboration with the Depart- 
ment of Trade to encourage and 
facilitate showing at key fairs 
in export markets. Mr. Tony 
Cox. an exhibitions consultant 
who has been involved , in this 
work since 1956. for the Con- 
federation of British Industry 
and the Government as well as 
the Chamber, has helped to 
organise a British presence at' 
more than 50 overseas fairs and 
exhibitions. Often in the first 
in-tance' it is a question Of a 
hand-holding exercise in which 
the more experienced introduce 


newcomers to the problems and 
opportunities of doing business 
in a tremendous range of 
markets, from China and. Hong 
Kong to North America. Europe 
and Australia. Included among 
them are territories which 
either are being pioneered or 
reopened for Birmingham-ba^d 
exporters, like Chile, which was 
visited in May. the Philippines. 
Gabon and Colombia. In. almost 
every instance the missions 
represent a broad spectrum of 
the range. of products emanating 
from the Birmingham area, from 
traditional real jeweller}’, fancy 
goods and hardware to heavy 
plant and electronic . equipment 
This kind .‘of initiative is of 
incalculable value in helping to 
maintain local employment as 
well, of course, as bringing back 
foreign currency. . .. 

Another reflection of the 
Birmingham area's export- 
mindedness is to be seen in 
the work of the Cootainerba?e 
at Perry Barr, to the north, of 
the city centre ,iusr off the M6. 
This handies full container loads 
and LCL fless than- container 
load) for smaller exporters who 
deliver to" the Conlainerhase 
where individual consignments 
are .grouped together into a full 
load for' transporting to. Liver- 
pool. Southampton or $mn* 
other port; 

The operation began in a 

small way" in 1969 when th** 
Australian route was enn- 
t.vneri^ed. and it 'grew again in 
T9.72 when container ships were 
introduced for the Far. Ea*t. 
This vear- traffic -aeain jumped 
with South Africa heinc prided, 
an important market for Birm- 
ingham goods. 

The Cootainerbase deals .in 
“ reyehue tons '’—1.000 kilns or 
2.25 eu metres. In the past .12 
months throughput has risen 
substantially from 1.100 tons a 
week -to. “and. Is. still 

Improving.** '. Nirictv per cent of 
the traffic arises within a 40-mile 
radius bf- .the’ city and dewite 
all the changes and difficulties 

encountered • in world markets 
the export-imonrt - ratio has - 
varied surprising tv little. Tt 
fluctuates »T around' 75 per rent 
exports and 25 per cent -imports. . 
which . a sain underline' the. 
involvement of ihe ..area... with 
exports anrt its success in achiev- 
ing 'business; . 





Financial Times Tuesday July is 1978 


One-seve 


23 


SOCIETY TODAY 



of a 





WE WILL never have a better 
social security system in Britain 
unless We redesign the whole of 
it from scratch — and even then 
it may not be possible. The 
latest proposals for reform of 
the supplementary benefits 
scheme, which is a small if 
hideously expensive part of the 
whole, are thus unlikely to suc- 
ceed in either of their two 
principal aims, the first of which 
is to give better service to the 
poor, and the second of which 
is to contain the cost of doing 

SO. 

In saying this I have no 
criticism to make of the pro- 
posals themselves. These come 
in a workmanlike document* 
from the Department of Health 
and Social Security, which set 
up a team of officials to review 
the system of payment of what 
was once known as “national 
assistance" and is now called, 
“supplementary benefit." The 
document is dearly written and 
well-argued. It does not give 
the appearance of pulling any 
punches and, indeed, it is more 
robust than its equivalent might 
have been if it had been turned 
out by a well-balanced commit- 
tee of outsiders. 

What is more, its publication 
represents an exercise in expos- 
■' ing the main arguments to 
public debate that those of vs 
,.wha complain about secrecy in 
■ government can only welcome, 
v When a report of this 
kind refers without apology or 
mitigating phrase to the 
' i scheme's “voluminous instruc- 
! lions which cannot be fully 
assimilated or applied " or to 
''growing dissatisfaction among 
[claim apts and staff alike." or 
[to “inability to use computers 
itojtelp with the more repetitive 
'tasks,** then it isus-ing the kind 
«£ language that makes serious- 
InJinded discussion between 
} wcFvil servants and those whom 


they are paid to serve passible. 

None of this, however, jnakes 
up for the principal deficiency 
of the exercise, which is its 
incompleteness. Six years ago 
total spending on social security 
accounted for just a fifth of 
total public expenditure, exclud- 
ing debt interest Today the 
proportion is moving rapidly 
towards a quarter. Taken at 
1977 prices, the actual spending 
planned for this year is around 
£14bn, on retirement pensions, 
invalidity benefit, child benefit, 
sickness and unemployment 
payments, and all the other 
bits and piems of social 
security that go to make up the 
welfare State (that is. before 
you start talking about rent 
and rate rebates, or the national 
health service, or . . .). 

Of that £14bn. no more than 
£2bn is spent on the supple- 
mentary benefits scheme, and 
it is on that one-seventh of the 
social security system that the 
report from the DHSS officials 
is concentrated. 

They cannot be blamed for 
sticking to their terms of 
reference (and indeed they 
seem to have made valiant 
efforts to stretch those terms 
as far as they could, be taken), 
but the trouble is that we live 
in a climate of opinion in which 
re-examination of one-seventh 
of the problem is simply not 
good enough. The increasing 
reluctance of wage earners to 
pay the necessary taxes has 
been signalled to us from two 
sides now — first by the Danes, 
whose tax revolt under . Mr. 
Mogens Glistrup a few years 
ago put all West European 
politicians into a brown- study, 
and, latterly by the Americans, 
who are demonstrating the 
damage that a powerful wave 
of fiscal conservatism can do 
to notions of welfare. (The 
Californian tax revolt will have 


a direct effect on U.S. edu- 
cation expenditure.) The signal 
has. of course, been received 
by those in Britain concerned 
with raising the revenue ; the 
question that remains, how- 
ever. is whether it is really 
comprehended by those con- 
cerned with spending it. 

Our DHSS officials show 
more than a glimmering of 
understanding. They record the 
“background of continuing 


If the necessarily narrow 
focus is accepted, then the con- 
clusion naturally follows. Fiscal 
conservatism Is not yet strong 
enough in this country' to over- 
come our civfiased desire to 
provide pensioners, the poor, 
the unemployed, and the sick 
with, a decent standard of 
•living, or at least one that can 
be. officially defined as such. 

Where the ehafl-enge from 
the new wave of anti4ax feeling 



restraints on public expendi- 
ture.” But from this they draw 
the conclusion that, therefore, 
no radical change in the supple- 
mentary benefits system can be 
made. The claimants — pen- 
sioners, the unemployed, single 
parents, the sick and disabled— r 
are still there and if we cannot 
pay them enough in ordinary 
pensions, or unemployment or 
sickness benefit or child ailown- 
ances. then this 10 per cent of 
our population must continue 
to resort to the impossibly com- 
plicated set of means tests and 
official calculations that con- 
stitutes the “discretionary”’ 
system of supplementary bene- 
fits payments. 


comes is in asking, “ is the 
narrow approach sufficient? ’’ or 
“ are the assumptions right ? ”* 
A broader enquiry might have 
discovered overlaps or ineffici- 
encies between the • various 
systems that make up the other 
six-sevenths of social security 
spending. The DHSS report 
suggests that the' main in- 
efficiency is financial (if pen- 
sions were higher, fewer pen- 
sioners would need a supple- 
mentary payment) but the 
present political need is for a 
demonstration that this daunt- 
ing thought is as far as wider 
investigations would take us. 

Again, -the question “ are the 


assumptions right ? ’’ is the most 
important of them all. Profes- 
sionals iu the business of social 
« rim frus tration know with pre- 
cision what they mean by 
“need” “resources’* and 
the necessary difference be- 
tween -them. What taxpayers 
or the more sympathetic part of 
the pubMe may mean could be 
quite different. 

TJvis should not be misunder- 
stood. A re-examination of 
first ' principles might just as 
easily result in tbe conclusion 
that social security is not 
generous dnough to most of its 
clients as the possibly more 
popular conclusion that it is 
already too generous and should 
be cat back. In fact we can 
see from, a quick glance that the 
'verdict would be mixed: too 
generous - to some (students? 
young single claimants?) and 
not generous enough to others. 
The' important point is that we 
need « dear exposition of tbe 
best set of principles that 
British society would adopt in 
the 1980s not a system based 
on a wartime design that was 
itself founded on memories of 
the 1B30S. .. 

The contrary view might be. 
‘‘yes but all past attempts to 
come up with something better 
have failed because they are too 
expensive — see the reverse 
income tax scheme and its 
allied, proposals." This ruay well 
be true; and it might also follow 
that any wholesale re-examina- 
tion, of social security might 
produce nothing more encourag- 
ing. Mjr point is that the attempt 
should be made: this Labour 
Government, with its deep 
inbuHt conservatism, has hot 

even tried. 

Against such a background 
the DHSS officials have not dune 
all that badly. They take their 


unwieldy Supplementary Bene- 
fits Commission as more or less 
given, aod set out tbe options 
for trying to make it work 
better. The essence of their 
argument is that the tailor-made 
sendee (a little extra for coal 
here, a special grant for 
cloth jug there), which was 
designed to cope with small 
numbers of people, cannot 
effectively be administered 
when there are 3m. claimants 
receiving benefit in any single 
week. 

For one thing, the costs con- 
tinue to escalate. In 1986 there 
were about 12.000 officials doing 
the work, about a third of the 
staff in the DHSS local offices. 
Now there are 30.000 working 
on supplementary* benefit — 
more than half the total staff 
in the local offices today. They 
pay out just 14.5 per cent or the 
budget. For another, .the 
millions of individual judg- 
ments made necessary by the 
system inevitably throw up in- 
consistencies and challenges, 
leaving all parties feeling 
aggrieved. 

The officials’ chosen way cut 
— put as one of a number of 
possible choices — involves what 
they admit would be “some 
element of rough justice." They 
want . new, simpler, general 
rules, with’ discretion reserved 
for the few extraordinary cases. 

For example, one-third, of. new 
awards of 'benefit granted each 
year are discontinued within a 
month — that is. the claimant 
just needed some “tiding oyer” 
help. The suggestion here is that 
a new short-term scheme, with 
no frills and no attempt at fine 
tuning, be adopted for all new 
cases — thus saving much 
haggling and much administra- 
tive-time. When cases became 
long-term, they could T be 
readjusted. 


Million 


SUPPLEMENTARY 
BENEFIT 



[Working 


Pensioners 


Another immense simplifica- 
tion would be for the Supple- 
mental? Benefits Commission 
to shed the burden of paying 
rent. The Government could 
arrange this by rationalising 
the present system of rent and 
rate rebates, plus all the other 
forms'of housing subsidy. Our 
DHSS officials are less able 
practitioners of “ open govern- 
ment "in this matter than they 
are in others, because the whole 
subject is now being studied 
by yet another eroup of officials, 
across the departments. One 
option is a single income- 
related housing allowance. As 
with ail matters of housing, 
this might, help some, but it 
would probably have to leave 
some others worse off if it were 
not to be prohibitively expen- 
sive. This no doubt accounts 
for the present unfortunate 
reticence on the subject. 

A . further easing of the 
administrative burden might he 
to . replace the existing dis- 
cretionary allowances by single, 
-and inevitably higher, rates. 
The last time this was done 
the result was higher rates, 
plus the discretionary allow- 


ances (which soon crept back). 
Perhaps that lesson has now- 
been learned. 

It will be seen from even this 
short account of the .new review 
of Supplementary Benefits that 
the connection between the 
present scheme and the rest of 
our welfare system is so close 
that it cannor properly be 
ignored. One great saving that 
could be made in public 
expenditure would he to spend 
less on council housing, a policy 
which would include the extrac- 
tion of more in rent from 
thos^ who could well afford to 
pay. it is by no means 
axiomatic that the revenue 
thus made available would be 
given bad; to the taxpayers; . it 
could as easily be diverted' to 
more pressing areas of need 
elsewhere in the system: to, say, 
the disabled or families on low* 
incomes. But before such 
changes can be made we need a 
broader study. 

v Social Assistance. A Recieto 
of the supplementary benefits 
scheme in Great Britain. DHSS, 
July 197$. 


Joe Rogaly 


Letters to the Editor 


stitution5 to account for these 
requirements will lead us into a 
situation that is worse from the 
social standpoint (since conflict 
will replace debate) and which 
is worse for the nuclear indus- 
;e delays to installations 
longer, not shorter). 

-• -. -v r-r-- i don’t expect agreement w : th 

other experts are saying that this 


Funding 
« Gilts 

* . t' From Mr. A. Etlinger worw 

Sir.— Once again experts are tr „ . sinr _ 

# I '^advocating the sale of Gilt-edged “L ] c 

3S* f ’^stocks by tender and once again , d fl . t 

other experts are saying tiiat this TOy T j e ws, but I do expect accu- 
»ould be an unsatisfactory ram- d f reporting. Mr. Irish! ock 
^solution of the funding problem. ma y w j sh t0 consider whether 
■ * ponder if my he 'has sustained the latter In 

experience is relevant. The ascribing views to me .that I 
American crisis of 1907 provoked dQ not possess nor for which 
a widespread default _ by the can he cite any evidence. 
Chinese textile dealers in Shang- D w Pearce, 
bai. Nothing of this kind had D ' ep3rtment of Political 
occurred before in that port and Economy 
the importers there and their university of Aberdeen, 
exporting counterparts in Man- EdtrQnj Wright Building. 

Chester were faced with a severe Dunbar Street. Old Aberdeen. 

problem for the disposal or the 

goods which had previously been ’ 

ordered. There was one import- A ofimpp f|f 
ine house which had foe many /"A- kllvitv w* 
years been selling cloths by 
auction and in this new crisis llctUUlUo 
twi* "there followed this example. jVr j/. Brady 

All this happened JO years bet ore Sir _j was muc h interested to 

I entered the business and I am read Mr gyres* description of 
naturally not cognisant with the Mrs Thntcher'i Conservatism as 
del ails. As far as l know ttoe -monetarist, free market [and] 
main goods sold were white amri- immigration controlling ** 

ings and black tiemsin iwms-Ai Riebt-wlss Tory voices fear 
so early a date there may still over Healh return." July 12). 
have been sales of grey ciom, Mr jj vpes j S one 0 f the more 
especially as one of the auction intelligent Tories yet he con- 
hnuses certainly at a later <rale tradlcts himself in less than 
had mills in Shanghai. Jne hal f. a -dozen words. A free 
roinpradores of the importing market implies tbe absence of 
houses kept in rinse touch vrtui ^,^^5 on the individual’s 
the dealers and the importers choice 0 f trading partners yet 
gleaned from their reports g - mmifi ration control constitutes 
sufficient information to deter- j ugt sucb restrictions. 1 trust 
mine the quantities and qualities ■ Hr w l\l have resolved 

fo hr sold nr each auction. the contradiction in favour of 

Is the problem of the Bank or persnnal freedom by the next 
Knclund in disposing or Uin- time he sneaks. 

Edited now .v> different from that Mar j. j$ ra dy. 
which faced the M J 3 Elmdene Court, 
export rr« ami I he Shanghai Mil, 

importers in 190S? \\ hen it comes Wokin g Surrey. 
in a matter of -satisfying a market v * 

tre .short Gilts so different from ' “ 

zwy cloth, medium Gilts from TnWncfrv oriH 
whites and long Gilts from the j StllU 

blacks? The objection that the ' a 
;iiles might go into tbe bands of Hfli VPP51 FIGS 
-tunc hanks does no! seem VWJ4 UUirciMUM 
-rave: is there anything at the From Mr. ff. Jackson, 
moment to prevent the banks sir. — With reference to Mr. 
rrom buying top issues? Todd's letter or July 7. J would 

Surelv what is wanted is a like to make a point con- 
reriiniqiie which enables the corning graduates with purely 
vendor to control hi& volume of ••academic" backgrounds. 

, a les tun saves him from tbe 1 accept that the study of logic. 
-n>b.irrassmcnt of fixing the philosophy and history does 

instal a certain amount of 
Tin- system which was intro- mental ability, but believe such 
rfyi-cd to overcome a crisis lasted ability Is only one of the many 
,n (he case of my family business requisites of the modern indus- 
f»r 20 years. 

A. t>. Elllngpr. — 

Investment Research. 

L’S, Panton Street, Camoridget 


exhibitions of the last century 
which developed on a large scale 
after the Great Exhibition of 
1851 in London. Tbe French 
reply to this particular event in 
1855 was probably the first-ever 
wine exhibition, but it was 
mainly for ■ growers from the 
Bordeaux area. 

The first truly international 
wine exhibition was the Exposi- 
tion Universal Vinicole in Paris 
in 1889 when there were 6.000 
exhibitors from 34 different 
countries in the wine classes 
alone: 25,000- different individual 
samples of wine were shown, 
1,440 of spirits and 5,000 of 
exhibits in. the viticulture and 
other classes. By 1900 the wine 
exhibitions reached their climax 
when 10.000 exhibitors showed 
35.000 individual samples of 
wine in Paris. The importance 
of these' exhibitions revolved 
around the competitions in each 
class in which medals and awards 
were keenly contested. 

The wine industry has never 
seen the like since, so it is this 
achievement and occasion that 
we will be seeking to recreate 
every two years starting with 
World Wine Expo '79, which we 
hope will come to be recognised 
as “the Olympic Games of 
Wine." 

Michael Von Berg. 

Expo of World Wines. 

7, Eccleston Street, SW1. 


Venture 

capital 


trial and commercial environ- 
ment. 1 have become increas- 
ingly convinced that our univer- 
sities could do far more to pre^ 
pare students for the “ real 
world" of industry and com- 
merce. 

All too often, graduates enter 
industy with little or no appre- 
ciation of any of the basic man- 
agement techniques and it. is 
nn(l normal? some considerable time 

kunnma offpptlVP. Ill 


Nuclear 
energy 

Front Professor D. Pearce 

Sir.— Two mentions In one ^f^'they "b'ewirn'e effective. In 
week in the my view this “acclimatisation 

of course, indirect flattery, but . d W)U jj jj e reduced if more 
David Fishlocks reference to J f JJ r unlv ersity degree course 
my speech to the Lramum insn j i ncluded “management and 
rote on July 11 <F.T; Ju .v J4) buailiess studies” in. addition to 
— beinK “scarcely disguised ^ c0nYen tional academic sub- 
sympathy for those wno j ecls 


a*; 
in its 


opposed - - - nuclear energ Robert j ac icsotL 
would make Justice Papers j Senior Project Manager), 
selectivity in reporting wroo- Haat }i ey .Walker Company, 
scale evidence f3dc by compari- EssEX House, 27, Temple Street 
son. 1 am not on . IP Birmingham. 

the Uranium Instil ute speech. » 

nor in the several other pub- 

lished pieces of work on this U/inpe QH 

issue, nor in any public state- 

■nifent as saying 1 sympathise J{ cn [oy 

with the anli-ttuclear oppasiuon. Ul> 

n pL„ d0 .dS? , ^i 1 .)l ! nd ^ «- 

" national " dimensions The Kenneth 

Windsor. le reprocessing plant miusiry (jui Wine 

and CDKR 1 < commercial Gooding suggests 0Q 

development fast reactor) are. Fair v «hich ope worlli wine 
in m\* view, and in «hal of the Jwy. 19 “ 

GowrnmenL such issues. The faJ ^ ^ ne exhibition'* have 
?o f Origins in the industnal 


From Mr. C. r on TMttits 

Sir, — Your article on “-Ven- 
ture capitalists" (July lit 
pointed out correctly that few of 
tbe companies mentioned could 
indeed be regarded as true 
venture capitalists. 

The term "venture capital” 
covers many varied requirements 
including finance for innnova- 
tive development prototype 
development. start-ups and 
young companies without asset 
hacking; others may add other 
categories. To be’ helpful to 
potential users of “venture 
capital," it Is necessary* to specify 
which of the above categories 
different sources will back. 

Your article also presented a 
group of coinpanles as “the ven- 
ture capitalists' " when several 
of them require a history of 
minimum' profits which puts 
their investee companies above 
the strict definition of “ venture 
capital." ' On the other hand 
there' are companies outside the 
'* group,'* who are probably more 
directly involved in supplying at 
.least some ' types of venture 
capital. 

Particular problems in this 
field are the reluctance of most 
small business financing institu- 
tions to give active management 
assistance to their investments, 
and the shortage of institutional 
sources willing to 'provide fully 
risk sharing finance for the very 
small start ups partly because 
they will not undertake tbe 
necessary marketing research 
and appraisaL 
Christoph von Luttitz 
Capital Partners International 
Vifesttand House; * 

27c Cureort Street W.l. 


where the postmark was blurred 
to the - point where we could 
not identify the actual posting 
date). Analysis of the 7D0 letters 
indicates the following. - 

The average delivery time fOT 
second class post was 4.25 days 
but that actual delivery can be 
as short as 2 days and as long 
as 12. Forty-two per cent of the 
second class post took more 
than 5 days to arrive and 1 per 
cent took mare than 10 days to 
arrive. 

Of the first class mall, average 
delivery time was 1.6 days but 
17 per cent took 3 or more days 
to arrive (despite the Post Office 
claim that some 95 per cent 
is delivered the following day). 

Average overseas post took 
8.6 daj's and of these letters 15 
per cent took 10 days or more, 
while only 7 per cent took 4 
days or less. 

. Our overseas post comes From 
all over the world but the great 
bulk is received from our 
agents in the cardial cities of 
Europe and one would therefore 
expect to receive their post 
within 3 days. In practice, much 
of the mail, particularly from 
France and Italy, is taking well 
over a week and we frequently 
find that of letters posted 
several days 3part- the one 
posted last arrives days before 
the one posted first 

Apart from the very high 
cost of postage for such 
incredibly inefficient service. 1 
how also recognise why the 
telecommunications side of the 
Post Office is so profitable, 
because with urgent overseas 
mail .taking so long we 
frequently have to resort to un- 
necessary telex and telephone 
communicat'ons in order to 
sort out problems which should 
be rightfully sorted out by 
normal correspondence. 

It seems incredible that 25 
years ago. as young sailors in 
Hong Kong, we were able to 
receive mail from the UK in 
3-4 days regularly and yet today, 
where communication is even 
mere vital, our average delivery 
times are 3 times as long for 
only one tenth of the distance. 
J. W. Lodge. 

WBUno Lane, ' -- . 
Mitcham, Surrep. 


The SUUs 
loan 


Delays in 
the mail 


me 


From the Managing Director, 
Bryans Southern Instruments 

Sir,-— The recent -'correspon- 
dence concern ing the postal 
delays was published during the 
time In which I was carrying 
out a survey of delivery times 
of letters received in this 
company. 

Over the last 2 weeks we have 
received over 700 letters by 
second and first class and over- 
seas post (these do not include 
obvious mail shots or letters 


From Mr. G. Robertson 

Sir,— 1 refer to the "Suits" 
report (July 15, Back Page), in 
particular the second last para- 
graph. Your report omits to 
mention that the Sheriff qualified 
his remarks about all the 
accountants failing to notice the 
miselasslfication of the loan by 
saying that Mr. Robertson who 
prepared the accounts in draft 
form, did show the loan correctly 
In his working papers, 

By om mission, therefore, you 
have included me along with all 
the other accountants who quite 
frankly were made out to be 
incompetents. 

For some two years now, since 
this matter came to the atten- 
tion of the public 1 have fougbt 
tooth and nail against wbat at 
times appeared overwhelming 
odds to clear myself of the 
charge, put against me by tbe 
then auditors of Saits. Touche 
Ross and Co., the Stock Exchange 
and Suits itself, of making the 
original mlsclassification error 
Indeed if may be of interest to 
you to know that it was through 
these efforts to prove - myself 
innocent that the rase against 
the Suits directors was brought 

I am therefore asking you to 
correct the erroneous impression 
which your article gave and 
print the full section of The judu 
ment dealing with this point so 
that the record is put straight 
once and for all 
G. Robertson. • 

31. St Attae’s Drive. 

Giffnock. Renfracshire. 


GENERAL 

' Prime' Minister and other 
Cabinet members - discuss 
immin ent White Paper on pay 
policy with TUC General Council. 

Unemployment figures (Jnly, 
provisional). 

. Two-day meeting between 
Egyptian and Israeli Foreign 
Ministers opens at Leeds Castle, 
Kent, chaired by Mr. Cyrus Vance. 
U.S. Secretary of State. 

EEC considers the Community 
budget Brussels. 

U.S. Government holds third of 
six monthly gold auctions. 

British Gas Corporation annual 
report 

British Airports Authority 

annual-report 


Today's Events 


Prince of Wales visits fishing 
industry at Hull and Grimsby. 

Sir David Steel, chairman, 
British Petroleum. addresses 
American Chamber of Commence 
hinch on “Oil and Energy in the 
North Atlantic," Savoy Hotel 

W P. tt 

Sir Richard Marsh, chairman. 
Newspaper Publishers Association, 
presides at "Newsboy/ Newsgirl of 
the Year" dinner. Savoy Hotel. 
W C-2 • 

PARI JA MENTARY BUSINESS 
- House of Commons: Statement 
by Prime Minister on his return 
from Bonn economic summit. 
Scotland Bill, consideration - of 


Lords amendments. Guillotine 
motion on Wales Bill 
House of Lords: Statute Law 
Repeals Bill, committee. Employ- 
ment Protection Bill, report stage. 
Iron and Steel (Amendment) Bill, 
third reading. Homes Insulation 
Bill. Employment (Continental 
Shelf) Bill, and Parliamentary 
Pensions Bill, committee. Com- 
munity Service by Offenders Bill, 
renort stage. Civil Liability (Con- 
tribution) Bill, second reading. 
Debate on aid for victims of 
crime. 

COMPANY RESULTS 
Final dividends: Birmingham 


Mint: Brotherhood ( Peter i; Hoc" 
Robinson Group; Illingworth 
Morris: Jones Stroud (Holdings): 
Magnet and Southerns: SyJtone: 
Thorn Electrical Industries. 

COMPANY MEETINGS 
Adda International, S3. Chiltern 
Street, W, IL30. Bankers' Invest- 
ment Trust, 77, London Wall, 
E.C.. 2.30. Continuous Stationery'. 
87. Eaton Place. S.W„ 12. Dawson 
International. Edinburgh. 11.43. 
Land Securities Investment Trust, 
Devonshire House. Piccadilly, W., 
12. Parkland Textile. Leeds. 12-10. 
Time Products. Connaught Rooms, 
W.C.. 12. Westpool Investment 
Trust. 120. Cheapside. E.C.. 4. 
Whitbread. Chi swell Street. E.C., 
12 . 


is so slid, 



As part of the largest total security 
.company in Europe and the world, Group 4 
•provides the most comprehensive and 
up-tordate range of services available. 

From personnel' to equipment — from ■ 
start to finish — we accept only the highest 

standards. . . , ^ 

• Our Vetting procedure is so stringent. : 
that 95% of the people we Interview jiever 
make the grade. 

. ’ . Those who do are subjected to what is, 
without a doubt the finest Training ■ 
Programme in the business. 

And for three months after that, they’re. 
Only on probation! 

Wher} it comes to buzzers, bells, master ' 
control systems and all_the rest of the 
sophisticated equipment we need to do our 
job, we’re evert tougher.. 


We can’t afford to take any chances. So 
we design, develop and manufacture it 
•ourselves. 

And we don't put bur name on it until 
it's satisfied a Quality Control routine so 
stringent that the ratio of ‘testing 1 personnel to 
those involved in manufacture is almost 1/1. 

If we've learned one thing after 70 years, 
it ¥ s this 

If there's the slightest risk involved, we 
just won’t wear it 

How about you? 



Giving the world a sense of security 

Verxei .yi'.rsj '.‘i "'.16: ^ B£4A 


Group 4 Total'Securtty LM„ 7 Carlos Place; London W.l . Tel: 01-629 8765 or your local office through Yellow Pages.. 






24 



INDEX TO COMPANY HIGHLIGHTS 


Currency swing leaves Rank 
£3.5m lower at £57.6m 


Com pan y 

Page 

Col. 

Company 

Pap 

Col. 

Abbey National 

24 

4 

Rank Org. 

24 

I 

Assoc. Newspapers 

28 

T 

Reed Nam pack • 

24 

4 

London & Overseas 

27 

4 

Rothschild Inv. 

24 

1 

Mann Egerton 

24 

■ 7 

Standard Chart. 

28 

1 

Mcggit Hldffs. 

24 

6 

Status Discount 

24 

4 

Meyer (M. L) 

24 

6 

S. fr U. Stores 

77 

i 


"24 


Vickers da Costa 

*mmLm 

1 


Financial Times Tuesday July 18 1978 

Montague Meyer down £1.3m 
after overseas setback 


SECOND 

Montague 


orofits of il _3p (I2.6p) on a 53 per cent Australia and the Far East ■whose 
HALF tax charge. , contribution -to -profits -declined 

pr, B3m The dividend is stepped up to from £1.23m to £250.000. 

(4.l6846p) net with a Pre-tax profits included asso- 


L. Bleyer. 


WITH CURRENCY movements Radio International made further and bookings for coming months 
wiping £13m from the Xerox com- progress in reducing the level at London hotels are at a high 
panics' trading contribution, tax- of losses through improvements level. In film exhibition, largely 
able profit of Rank Organisation in operating efficiency and a gain because of two exceptional films, 
dipped from £ti 1.07m io £57.33ni in in market shares. admissions have shown a 

the 2S weeks to May 13, 197$. Rank Audio Visual had a dis- substantial Increase and results 

Turnover for the period was up appointing period. Demand was have accordingly shown a marked RESULTING FROM 
from 1208.79m to £222. 03m and the static and margins unsatisfactory. Improvement. Other leisure demand stimulated 
group’s trading profit was £12.4Sm Since end of the period, there activities, including Top Rank motional activity of 
’(£ 1 1.19ml. The Xerox contribution has been 
was down from £60.46m to £33. Gam Rank Film 
while other associates contributed were better than last year and 
£2.oSm (£2.27m>. the video centre made progress. 

Directors say results nf the Rank But! in's results are not included 
Xerox companies tost year but results for the year are 
benefited substantially from expected to be better than 1977 
currency movements and that this with reservations running ahead 


Status Discount jumps 
to f 1.6m in first half 


JSf £f a , m£ iaidSt on a S3 per cent ACTV _ __ _ compared with a Q37.000 loss latt 

£14 29m. . 

In their interim statement the -Tanav^ 
directors reported a slight down- 


1977-78 


IU1U “ — — - — . . 

added that since the end 


increased £225,000 (£406,0001 at June 17. in relation to currencies or some 
bv pro- 1875. This comprised a surplus supplying countries, may cause a 

.. awn-label on , revaluation now realised of temporary reduction in margins 

some improvement Clubs, are performing saUsfac- products, particularly paint add £830,000 Jess an £8,000 deficiency in the last quarter. 

Laboratories figures lorily. ^elf-assembly kitchens, pre-tax of proceeds against book value, Turnover f 0 r the year was 

profits of Status Discount leapt to offset by a £3,000 adjustment of ahead by £25m to £247ra. After 



£000 

347.W 

U.srs 



Interm payable ......... 

4.527 

TS.VB 

Share of Associates 

Profit before tax 

Tax — 

■ ■ sss 

12.952 

S.B83 

7,290 




312 

Attributable 

Pttfctettw? mrMrtJds... 
Ordinary dividends 

8.973 

10 

2.545 


Rank 

Precision 


£1.621400 
June 17. 


1976*77 tune. 

f°w Attributable profit £6.9Sm 

“T®** (£11. 7m) emerged after minorities 
£312,000 against £428,000 and, for 
6*90 last time, an extraordinary debit 
use of £848,000 which was the amount 
written off investment in an asse- 
ss date company. 

12.779 A current cost statement 

**s prepared hi accordance with the 
Hyde guidelines shows a pre-tax 
“w Pr* 61 01 £lA3m and retentions of 
5,274 £5.7m. 

of , The balance sheet has been 


at .Status Discount leapt to onset ny a s.uuy. aujusuuem u ahead by fl5m l0 £247m. After A- geographical analysis ut strengthened, director state, as a 

» for the 29 weeks to deferred tax arising on disposal |#x S66mi reflecting the benefits profits shows that earnings in the rSt of the £15m medium term 

J Of allowances in respect of capital UK were only ]oan Paired during the year, and 


1978, compared with of assets. 


SftSaTSSfiSrt toSniS. “SL'mwVSS £22 


they say, was In 


... „ ...... ***** aa, ct- — * sBws i y?xiZS.ffiS jgBfjSrSVBiTSi w ywj— t 

year's decline masks an underlying of last year and newly acquired ™ Provided demand for the com* for depreciation. 214 p to I2.7p per 25p share and reduction, eaw w-a« in »CC Lex 

performance growth oE some 12 facilities in France also showing f™" . 'JK2? to £3L69ra panys products continues, then ^ comment 

- after including Rank Xerox profits full-year results should be highly JT “ ‘ 

of £i»»*83m t£3053m). a . gJ)7m satisfactory, say the directors- For from 


per cent. a satisfactory level of bookings. 

Mr. Harry Smith, the chairman On Rank Industries. Australia, 


(£2.84m> trading profit, interest all" 1976-77. ' a VronTn^m tax- •££ profits only 


i.n . iiai i j hp ov _ Ojg decline in the marker t"*”"' tra " u, s ^ ruuL ; ! ure, « l all 1976-77, a record £1 

Sfi^.3M" d .. ,, SSJ *±»*~~ ** _ ... h?*™ 


After tax of H5.43m f£15KJra) Ti ^ y report that closure of the fQr whole of i as t year had 


A. Preedy 13% ahead to £1.2] 


influences — that the group can sets and other consumer durables 

maintain, overall, a rising trend h3S and minority interests of £0.44m ““““wpticaJ little impact on the shares. The AFTER ADVANCING from £0.2m. openings for growth in volume £S.5Bra to £4.62m for the year 

in profitability in spite of the expected and the Board does i not ^£042®) attributable profit was ?£ ntl f? ued 311(1 at . ^ u ?? e success at Stuarts reflects the to &L29m at halfway taxable profit sales. At Sop. the shares are on ended March 31, 1978. . 

ssrws aKMwau’S.Tss ^ as 

a*w s^ssrTjns£ » lEtfaftawssss as &sr«s£ sols S 5 rs l, «L— rs - 

sa s: zw nn^s zr&sz sr on “ ^mssrsss xtss. s a “, r sssr^isr — from 44 ^ ^ 


interests of 


before minority 
1124m {£ 1,72m). 

Earnines per 25p share are 
shown at 15.Sp H7.9pl and the 
interim dividend is lifted from 
2.1S75P to 4p net to reduce dis- 
parity. Last year, from record 


[terf f o r^e^comiTany's^ uture ^^ui" Sl Aftor tax of £859.000 ,£294.000, Directore said in Janua^ they 

will lead to ^tjsfactory^ results ^re tSby Vsm in compaS m S 82^ per cent ^re budgeting for a further 


us market conditions 


with 

ins 


ustM “™ po " d - W'k M-SKrtri-ar: 


improvement in trading in the 


as soon 

^Further sales of L’K property Precision to ? 01 P <0.65p, per 10p share “o^"tabri^ ‘^ er taxof.£257JK)7 iSgMOl 

have been concluded or agreed rh. w.r 0 oosting_ A6LOOO (£46,000) last “Se lo ?ain maricet 

the brand leaders. The ^ ^ 

- « - ~ ^^•saau-5*s 3 sssftSrSS ®££t's 


parity. Last year, from record , 0 realise £7.72m, in excels of Mn-Hv in tine whh thoVe for the 7 ear ' s 6021 w “ 3 - 40 »P- , 

profits of 124.46m. a 5^4S622p hnal book value and the directors' r i n ri la vm r an d V la 8 resuJt of disposal of sjmre from 

dividend pnld. Station »! October 31. 1977. The 'i. £ Ibta ftahoU propenie.,. Ions tai. 


Industries continued to trade 
satisfactorily although markets 
are increasingly competitive. Rank 


tinue for the remainder 

PI Rr\nk Hotels maintained the T ear ' says ‘ 
level of trading achieved last year 


See Lex 


RIT revenue up £0.5m— pays 7p 

of Rothschild Directors state that at March 31 performed better than average, 
are lifting the £S.SU1.225 nominal of convertible The is.5 per cent increase in post 
March 31. lflTS. loan wa« outstanding and that . , 

nnr 5ni, cinnn than a further cs!tn (too conversion net asset value per 



Ing capital requirements. under 4 per cent (covered over 

Net surplus on the disposal of five tunes may be _an_inhibiting preedy is a wholesaler 


July 5. 1977. 

The directors state the current 
year has begun well and 
unaudited profits , for the flj^t 
three months show an improve- 
ment of more than 50 per cent 
above last yearns comparable 
period. • 

The 1977-78 result was struck 
after interest of £784.000 
(£176,000), but was before tax of 
£2.33m (ft .88m). Profits attri- 
butable to ordinary holders 
emerged ahead from £L64m to 
£2^2m- 

p refits of Mann. Egerton and Co-, The group's business includes 
wholly-owned subsidiary of motor and electrical engineering 


Advance 
by Mann 
Egerton 


THE DIRECTORS 
Investment Trust 

dividend for the March _ . _ _ 

year from 5.3p to 7p net per 50p since then a further £393,000 
share «i(h a final pajment of nominal h as been purchased for ordinary shar over the year was 
■Up. based on 33 per cent ACT, cancellation. based on grout h i n value of plan- 

frnm basic earnings of tip per Rothschild, which has a 10.3 per 


• comment 

While In line with rights Issue 
forecast, Alfred Preedy's full-year 
profits rise of nearly 13 per cent 
reflects difficult trading in the 
second half. The problem is on 


aui^.ua uu uio uor™ r'" ^r: nreeuy is a wnui«730”n a wholiy-ownea suosi aiary oi motor ana eiecinct 

S°i d JZnU °, n o 2 SSS 5 f SS^SgSSSTS. * dram * d [rom « d 

Abbey expects to lend 
£1.4bn this year 


share against fl.33p last time; fully cent stake in Leslie and Godwin, tation investments, the strength of ASSETS OF the Abbey National of the year, the results for that the tobacco side which w having 

diluted ! hey arc 87p »K.7p». has accepted the merger offer its Sotheby’s holding and the Lep Building Society rose during the period should show an improve- to contend with declining con- 

Revenuo for the year emerged terms from Frank B. Hall. U.S. in- Group investroenL Group profit first -half of 1978 by A3 per cent raent on those achieved in the sumer demand (cigarette sales 
£U3lm higher at £2.1 2m after all surance broker, of 125p cash, for a r ler a n charges rose 31.6 per 10 racb £556bn. In the first half first half, they state. are around 6 per cent lower for 

- each ordinary share held. !! nc * d lo ^11. of 1977 they grew by 10.5 per Direc tore explain that figures for «! e . f* nod > a retai1 pnce war ' 

BIT also announced yesterday “"f tnc w d '„ ® nd ° “ cent while during the year as a t v,p 1 977 fift hs If have beEn This « putting pressure on 
that it had acquired 71L500 holders U up by 27 per cent There whole they rose by 24.5 per cent t0 include the ?ttribin- “argins and there are no sdgns 

*' any improvement. While 
13 per cent 




£000 

'ON 

1977-77; 

1076-77 

3.659 

4.017 

1.148 

355 

241 

«] 

Sit* 

SOS 

452 

244 

1.073 

urn 

1752 

i .'-.‘it 

1115 

LUO 

— 

4 

3.11 • 

1 0-W 

411 

412 

1.704 

1.194 


charges, including tax of £1.73m 
against £l.R5m. Dividends absorb 

a total n[ £1.33m (£l.U4mi. .. - — — - . .... 

4s at March 31 net assets ordinary shares (some 11.8 per were changes within the 
totalled £51. 23m i£39.9mi and cent) und £122,300 9 per cent revenue which 
assuming full conversion of con- conversion unsecured loan stock, 
vertible loan stock, convertible 1990-95 (some 13.4 per cent), in 
loan notes and convertible pre* Royal Worcester, 
fcrence shares, they are shown as 

£7.. l.m (£64.35m). Dividends. In 10 rest . 

Net asset value per share Is undenmuiu. baling, etc. 
given as 2fi9p (211 p) and 25 Op pnapuny 
<2 Hip) post conversion, and 325p l-viistnn income 
as at July it. 1978 compared with 
I'fl.Ip post -conversion. At March Ta i * 

.'ll ilie holdings in Magnum Fund Net revenue .. 
and il? subsidiary were valued at T >‘ nnnomy tnierest 
£13. 10m: some £18.67m. being the Hl ■ 

Colima let! sterling equivalent of dlv ’- 

the proceeds from the sale of 
these holdings, is included in the 
mu ;is.>ei value figure as at July 


. . 7 Figures published yesterday by able earnings of the printing and 01 

ereflenmted the «,» amwu fho itk*c second 


the Abbey. ^ the UK’s 

revenue which reflected the RITs largest building society, showed 
interest in Wedd Durlacher from that gross receipts during the 
an investment in a company to ^ rst reached a 

« 

As a result revenue from divi- high at £941m. 
dends and interest dropped while ^ society advanced £710m 
underwriting, dealings and job- during the first six months of 


reacted favourably to the result 
and the shares dosed at 209p 


this year .says Mr. Tim Timber- 


11 . 


• comment 

Rothschild Investment Trust 


price represents a 41 per cent dis- likely to be in the region 
count or the unaudited backing £1.4bn. 
as at July 11. taking in the Mag- . The Society's ratio of 
has num sales proceeds. 


funds to total 


of 

liquid 
assets stood at a 


Baker Perkins. 
World engineers. 


We sell to every continent. Baker 
Perkins plant produces bread, biscuits, 
cakes and confectionery. Our machines 
also package these products - and tea 
and pharmaceuticals - giving protection, 
hygiene and convenience. 

For chemicals and plastics we 
specialise in mixing (as seen below). 


compounding and separating machinery. 
Most of the world's antibiotics are 
extracted on our plant. 

Baker Perkins also produces 
high speed printing presses, foundry 
sand mixers and specialised bearings 
for a wide range of engineering 
applications. 


Outstanding points from the Report and Accounts 
for the year ended 31 March 1978 


• Profit before interest and taxation — 
22.8% on funds employed. 

• Investment for the future — £5.7 
million capital expenditure and 
£2.2 million spent on research and 
development. 

A copy of the Report and Accounts will be sent on application to the Secretary 
Baker Perkins Holdings Limited, Westfield Road, Peterborough. England PE3 6TA 


Overseas turnover 71% of total 
sales of £86.5 million. 

Profit before taxation £3.9 million, 
an increase of £1.0 million over the 
previous year. 



packaging interests acquired from tobacco sates are ,13 I*r ™ 

Reed Corporation (Pty) on < a t ^ u T e 

Novembers L 1977, with effect outy increase), the contribution 
from January L 1977. 10 Z«» U P turnover dropped from 

. , 0 _ __ 69 per cent to 61 3 per cent. There 

Tax for tne penoa took na tr/m was tittle support from newspaper 
(R4.55m) leaving net Hjcome up — profits from this area were 

by 3S per cent from R6.12m to £l6 ,ooo lower because of the 

RS.44m. Earnings per share are wholesalers’ dispute. Meanwhile 

given as 3 ».6 cents (28.6 cents) for t u_ m R4m HpKiq has vnhctnn- 

&fesKa, l sssrs 

The interim dividend is increased {rom £ 0 .iSm to £l-2m. Preedy -has 
from 11 cents to 16 cents last plenty of scope for acquisitions 
year's final was 18 cents. and new openings in the current 

Including associates' share of net year. So far 12 new branches are 
income of R0.74m (R0-85m), the in the pipeline, with the possi- 

_ _ attributable balance* came out at bility of another eight to be con- 

thoroughly Satisfactory " level R9.03m (R6.S6mt after minorities firmed. With most existing out- 
of 19.72 per cent compared to R129.000 (RS3.000) and preference lets in a static position. Preedy 

20.8! per cent at the end of 1977 dividends R3I.OOO (same). win have to lean heavily on new 

and 18.80 per cent. !2 months 
before. The Abbey's reserve 
ratio rose to 3.72 per cent by the 
end of June this year against 
3.5 per cent at the same stage 
in 1977: * 

At- the end of June, share- 
holders' and depositors' balances 
stood at £o.32bn against £4.5ibn 
a year earlier. Mortgagors' 
balances rose to £4.Gbn from 
£3.Sbn. 

Reed Nampak 
ahead in 
first half 

Pre-tax income of Reed Nampak, 

62.6 per cent owned subsidiary of 
Reed international, rose from an 
adjusted R10-67m to R14.3lm for 
the first half of 1978, on turnover 
ahead by R1 1.28m to R76.84m. 

Pre-tax income Tor the whole of 
19// was R2-L27m on turnover of 
R14l.7m. 

Directors say that the trap rove- 
ment in first half results can be 
attributed to increased sales 
volumes, 'significant cost and 
waste reductions, together with 
better profits in recently acquired 
businesses. Taking into account 
the expected upturn in the 
economy and the better trading 
conditions normally experienced 
in the industry In the second half 


with Lombard 


If you have £5,000 or more to invest for a fixed 
period of 3 months or longer , telephone our 
Treasury Department on 01-6234111 or 
01-623 6744 for up-tp-the-m in ute competitive 
interest rates, interest is paid without 
deduction of tax at source. 

Lombard 

North Central 

Limited 

Bankers 

Treasury DepL. 31 Lombard SL, London EC3V 9 BO. Telex: 884935, 



ISSUE NEWS 

£3m variable 
rate stock 
by Wandsworth 

London Borough of Wandsworth 

I ,y*i ac i n ? n £ m Variable Stock 
31 Per cent. 

The issue, payable in full on 
application, will be redeemed al 
par on July 20, 1983. 

™»to.i erest T win be Payable half- 
yearly on January 20 and July 20. 
The first payment will be made 
on January 20, 1979. amounting to 
£o.oao8 per cent. Subsequent pay- 
ments will be | per cent per 
annum above LIBOR, which is 1 
per cent higher than on earlier 
issues. 

•Stock certificates will be posted 
on July 19, 1978. 

The placing has been arranged 
by Pember and Boyle. 

WH1TECROFT 
SUB-DIVISION 

. Whitecroft is proposing to split 
its 30p Ordinary shares into 23p 
units in order to aid marketability. 

if the directors’ proposal is 
approved at an ECM on July 31. 
the new shares will be traded from 
August 7. 

Also proposed is an increase in 
me group s borrowing limit frfom 
£9.3rn to £35.Stn. The board says, 
however, that it does not intend 

to take advantage of the new limit 

to any great extent in the foresee* 

able future. Borrowlnss amounted 
to about £8.5m at the end of last 
year. 

It Is also proposed to update 
preference shareholders' rights 
and increase The net preference 
dividnd from 3.85 per cent to 4.1 
per cent 

)' hitecroft has interests in 
textiles, building and engineering 
supplies, engineering and construc- 
tion. 


How much faith should you put in last year’s property valuation? 

ff it's losing you rent lhats rightfully yours: causing you to run unnecessary insurance 
risks or has simply been out-dated by yet another requirement of government legislation — 
then, obviously, very Tittle. 

Fortunately, such a situation is easily remedied. 

Some regular attention from qualified professionals such as St QubfiYs can provide 
you with a valuation that's accurate and up-to-date enough to form the basis for realistic 
business decisions. '• 

St Quintin have been providing valuation and hvestment letting and leasing, 
planning and developing services for commercial and industrial properties since about 
183 °- 

Today, some of Britain's largest companies, property and pension funds, come to 
firms like ours for sound, balanced and thorough advice on their property problems in the 
U.K., and throughout Europe. ' 

In an uncertain world, that's something they really can rely on. - 




Chartered Surveyors 

Vrntry House, Queen Street Place, 

London EC4R1ES 

Telephone: 01-2364040. Tetejc88T26t9 

and at la Park Piaca Leeds 1 Telephone: 0532 460235 



Rue Joseph H 36-38 

T040 Brussels. Telephone: 0T0 322 219 32 88 
Telex: 61182 

















25 




Financial Times Tuesday July 18 1978 


®£* : '> • tr ’"VV$ : )te 

frfc»i-Af]oriS*. jtffaitofciurtrta aL 




8S-* *S6i>» j jftMif* ■ **f £.v.tyffi t ,t«.w j i^l/.wU^m J vfc:w^v't : y!'ar-.y' ’x~^ JvEm.- i«y: ■■■ ;■■, 




~i^":;- K :. . 

\i.~' 



Standard Chartered 

BANK LIMITED 


A.. 


19 7 6 


Jr, (t. ;* 

iU tl' v.i 


Comments by the Chairman, The Rt. Hon. Lord Barber 


Italy « 

Switzerland • • Cyprus 


■ w ■■ - — | -S . ■» 

W^»,ii 

}. • i S) ' : ?o3 

Y "4/1 W J> 


ih?fH 

r- > 

■-N. 

.Li! 


. tVi 

- - * v V'T'.! y y.v 

, I •■ .. f ! *►'»«: . 


s. 

£> 4 




GROUP RESULTS 

The trading profits of the : Bank 
and its subsidiaries for the-year 
ended 31st March 1978 were 
£107.2 million and the Bank's 
share of associated companies' 
profits amounted to £18.9 million, 
giving total profits beforetaxation 
and extraordinary itemsof £126.1 
million. This compares ; with 
£109.'9 million in the previous 
year. Earnings per share amount- 
ed to 78. 9p against 69.9p last 
year. At the end of March total 
Group assets stood at £8,494 
million, compared with £7,653 
million a year earlier. 

When judging the results for 
the year it should be borne in 
mind not only that the economic 
climate in which the profits were 
earned was in general unfavour- 
able,but also that, compared with 
last year, overseas earnings in 
sterling terms were reduced by 
the appreciation of the pound. 

GROUP STRATEGY 

The prime objective, of our 
Corporate Strategy is to strength- 
en our position as a leading 
international bank and we are 
doing so by expansion in present 
and potential growth areas, ex- 
tension of existing networks and 
the acquisition and establishment 
of new subsidiaries. We are con- 
centrating on those activities in 
which we have proved our ability 
to succeed, namely commercial 
banking. In the course of the year 
the Bank and its subsidiaries 
opened or acquired a further 61 
offices in various parts of the 
world, and we have increased 
our capacity to provide ancillary 
financial services. 


Canada 
Bermuda .' > 
New York • 
Chicago • 
California • I I 
Seattle « 


Germany ■ 
Denmark < • 
Netherlands 
Belgium 
France 

United Kingdom 
Guernsey /Jersey 
Isle of Man 
Ireland 
Spain 

l ib-wcSS?^' " "' f : 

, 


. Lebanon 
, i Bahrain 
• Qatar 

United Arab 
. Emirates 
• Oman 
• Iran 
I • Pakistan 


India 

1 1 Sri Lanka 
Bangladesh 
Thailand 
Hong Kong 
People's Republic 
of China 
• Korea 
• Japan 


C/fiTt 

V 




*r\- 

Vr. , 


Mexico * ] ( 

Colombia 1 
Panama 

Cayman Islands* 

Miami 

Bahamas 

■ Argentina I 

Brazil 1 1 

Standard Chartered 
Bank Group 


The Gambia * 

Sierra Leone 1 
Ghana 
Nigeria 
South West Africa 
South Africa < 
Botswana 


Lesotho *4 Swaziland 


1 Seychelles 
* Kenya 
- a Uganda 
T •. Malawi 
Zambia 
' • Rhodesia 
Mozambique 


1 * Australia 
Philippines 
Brunei 
Indonesia 
• Singapore 
Malaysia 


More recently, shareholders 
will have seen the announcement 
of the agreement in principle 
for the acquisition by Standard 
Chartered of the business and 
assets of Union Bancorp in Cali- 
fornia, the main subsidiary of 
which is Union Bank. This is the 
most important development 
since the Standard Bank and The 
Chartered Bankjoined forces just 
over eight years ago. The merger 
of our existing subsidiary in 
California with Union Bank will 
give Standard Chartered a sub- 
stantial dollar based business in 
a major growth area. It will -also 
improve the strength and balance 
of our worldwide banking opera- 
tions, 


STAFF 

It may come as a surprise to 
some to learn of the size of the 
Standard Chartered family. At 
the end of 1977 employees of the 
Bank arid its subsidiaries num- 
bered 41,828. 

The Group has in its constitu- 
ent parts employees of all races 
and creeds, and wherever we 
operate thrgughoutthe world our 
policy is to create conditions for 
advancement on merit. 

THOUGHTS ON STABILITY 

I should like now to turn to a 
matter of direct concern to 
Standard Chartered, namely the 
free, or relatively free, pricing of 
currencies. Having; had experi- 


Total Assets exceed £8, 400m 
Total Deposits exceed £7900m 

1,500 offices in 60 countries 
around the world. 


ence from a government stand- 
point with both fixed parities and 
floating rates, I have no doubt 
that the floating system is to be 
preferred. The world has in gen- 
eral been spared the very large 
speculative flows and harmful 
• periods of suspense experienced 
under the fixed parity system 
while an official seal was being 
put on rate changes already fore- 
shadowed on the markets. 

Yet in terms of steadiness the 
floating system leaves much to 
be desired. Shifts in the view 
taken of currencies have gener- 
ated understandable and legiti- 
mate attempts among dealers 
and businesses to anticipate 
market reactions, and their pre- 
dictions have often been self- 
fulfilling,. 

In Europe, governments now 
have an opportunity to move 
towards agreement on a policy 
of constructive stabilization. The 
recent proposal of the West 
German Chancellor that there 
should be a partial pooling of 
official reserves within the Euro- 
pean Economic Community with 
a viewto more powerful and con- 
certed intervention in currency 
markets points the way forward. 

Some may view action of this 
kind as presaging moves to full 
Economic and Monetary Union. 
This is to place vision above prac- 
.. ticality.The type of co-operation 
which I have touched upon, 
realistic in its aims and within the 
reach of governments, could con- 
tribute much to the confidence 
of the international trading and 
■ financial community. 


Copies of the Report and Accounts and of the Chairman's Statement may be obtained from the Secretary, 7 0 Clements Lane, London EC4N 7AB 

Standard Chartered helps you throughout the world 


m 

r-.rJ 






*.• .v * 






( 





26 


Financial Times Tuesday My 18 1978 


BROWN &1AWSE 


LIMITED 


‘Record Results for ninth successive year” 


Point* from 
Statement, ciradnied 
u ilh the Accounts, 
for the year ended 
oW March I97S. by the 
Chairman. Mr. S. Douglas Rae: 



★ “Worldwide recession in Steel now 
entered its fourth year.” 


and ready availability of steel, tube 
and plastic products held nationally.*’ 


* “Despite this, overall tonnage sales in * “I anticipate that, in spite of depressed 

line with previous year?’ state of the economy, we shall again , 

produce good results in the ensuing 

★ “Strength derived from very wide range year." 


STEEL AND TUBE STOCKHOLDERS AND PROCESSORS 



Two further purchases 
BTR U.S. spending to 



Davy buys Piran’s 
stake in Monk 


iisV 

!*• 


*-i ; 

it- 


Saint Piran, the tin mining and Problems Of 
property group which has been contract in 


BY ANDREW TAYLOR 


BTR. 

group. 



London & Midland Industrials Ltd 


Record Sales and Profits 


Results for the year to 31 March 1 978 


Sales 


Profit before tax 
Extraordinary items 
Taxation 

Available to ordinary shareholders 


1978 

1977 

rooo 

rooo 

18,493 

15.413 

1.905 

1.576 

(3) 

53 

(783) 

(547) 

1 .102 

1.065 


• Trading in the current year has started well and a significant increase in profits is 
anticipated 9 Ordinary dividend for ] 978 4.8077p per share (1977 4.30507p) • Main 
activities consumer products, engineering and fasteners • Reserves increased by 
£750,000 from retained earnings for the year to 31 March 1 978 and by £61 7,000 in 
respect of provisions for deferred taxation no longer required. 

IL^ C. M. BED DOW. Chairman 18 JULY 197B J 


LM! Ltd 45 Nottingham Place London W1M 4BL 



on a major 

have led the 

involved m*«m*acriraonjous battle group 10 writers f 3 - 9 ® 1 owing to - 
with A- Monk, civil engineer and it from the Nigerian subsidkij- 
contractor, has finally bowed to and the i autmors i are not sure If 
the inevitable and sold its 29.95 that writeoff wdl be sufficient 
aer cent stake. Monk plans to reduce Its worir 

The purchaser, which by load in Nigeria until the full 

.... , ^ on contrast Monk is welcoming with effects of the Mechanisation 

thB Rrhich on-ineerina per cent or Worcester Controls will include that. arms, is Davy IniehiatlonaL policy .can be assessed^ but in the 
Has paid siQim \o acquire and now awaits the outcome of option to acquire inl9?9 Jyig- engineering giaht which meantime it guarantees all the 

it — a shafeholderV meetin® expected standing' -iv per cent. is pay ® w *. tndudes Herbert Morris. Davy is interest and £L54m of the 

, - to be held some time next month, over ihe next 18 months and is- oav i nc £3 3 m for Saint Ptran’s subsidiary’^ £9L54m borrowings. 

The net SSL o? BTR* Ameri- dependent upon the level of SS 8 equal to lflSp 1 1 share. Monk does not believe aiy 

US. acqriffiSL^o 6 more than cJ^ontriu^ubsidlaries could ETectiwale^ profit before tax m gjjyi with yesterday’s market further needed 

S55a (J29m) in iust over a month, be increased by around £25m from 1978 and 1979. price before the -announcement of against gmj^tee but the 

hls^sLAJS* “ 1 Tnn „ TOVBS 

EXTENDS OFFER 

One of thfi Ironies Of the nraatPt for iomt Wntm» 


i UK siuup iasi montn i*uu*.uv«* — ~ v ,_ : , , 

a S45m bid for Worcesier Controls, result of the three deals, 
the US. valves company. _ _ r . , T 
Lindsay Wire— the larger of the Stavelfcy DUyS 


uiuuoaj — me largB' u. ji Tvitr uuya ,rmnn;c — K — ,h. imninc of the uw 

tivo acquisitions announced yester- J , , FOR FLUIDRTVE , One of ^A on ‘ . s stake creates for joint ventures, 

day— is claimed to be Ihe fourth Meanwhile, in another UiLdeaL Tlwmas ming has exited ta Saint where Monk denaki 


!VCn iw «». npo ip_*- 

representative on . 

Buckley, ch air man nf 
said yesterday that hb 


pipes and other products for- the of Santa Rosa, California. by a IS 5m offer from Associated It already has a representative on _ 

sewage and water supply industry. Bleetroscafe is a four-year-old Engineering which has the recom- the Board in the shape ol Sir John 

BTR is forecasting ioin! sales company specialising In micro- mendatfonor t he Fluldrive board. Mr. P. W. Robinson, chairman of Davy smd - - — 


Monk stakes 
company 


giving 

status 


on 


associated 

companies 


! zT; . _ . .j poramprciai orocesses. Meaney. said the extension was ^ a ]| yesterday’s news from whose earnings would provide a 

mever. SThe^mS? pl«k »» At October 31. ita net tangible a Jg^5™ ove deSlBDed t0 Mink, bo'wever, was cheerfuL good return on Davy's cash. 


however, is me major P»p* ™ , c «nT T*\ and ore- options open. 

the e™ u Pjj «pan S jo n plans m the profits iere^'.S.S 490 . 9 tW V But while jte Pluidrtve hopes 
exposed for Sme tiSiV Last year the half-year to April 30. they are tading Tiffing is actively 
US of fOn £re iust 13 were U.S.S367.000. chasing alternatives m the US. 

per of total etoup etas of The maximum cash considera- At least one indusmal ttnman£ 
£241 S 8WUP tlon for the acquisition of the sion acquisition is expected to be 


On current projections Ameri- whole of the issued and. outstand- announced before the^nd of this 


Liberty Life & Guardian 
merger speculation 


swteaM 

H & C now facing Far East threat 


JOHANNESBURG, July 17, 
expecting a . profits plateau 


a 

years 


of exceptional 


can” 'JgFSMBfiFS * ’SK 1 ng s h a reca pitalo fE lectroscale ^r’an'd th^elsa po^bmty that 

SthTSm ££ ]S W_ ,Ar - taia^PTOMt tw-o orjhi^ M^wJK be made BY RlcH ARD ROLFE 

THE LISTINGS of Liberty Life is 
and Guaradian .Assurance were after five 
suspended in Johannesburg today, growth. , . 

leading to general speculation Even this forecast is based on 
that the two companies are to assumptions that there will be no 
raerqe. Guardian Assurance bolds ships laid up through accident 
82 per cent of Liberty Life, or breakdown- and that two 
■ having increased its interest over vessels not chartered for the , . 
for a build-up of Far ^ past sls months, and is itself whole of the remainder of the. ; 1 

Now that the offer had Eastern Interests In H and C. controlled by Guardian Royal year will be re-chartered at 

Harrisons MaiavKmn Ksinies. But closed HME could resume But H and C itself will not sit Exchange, which bolds about current -rates when their charters ' 

ithas no tmaS-Sd to shake off negotiations with the Malaysian on its hands. Expect H and Cto tw- thirds of the shares. expire In August and November ' 

VliRSSSiSASSS Goverment about the terms on Wd now for cornea Ubepty Life ranks « the third JS ZZBS, t h1 

Senderian which now owns which ‘it would be outside the Far East to make lffs assurer In South 5®'^?° ™°u41ng BM to against tne 

a Q-aiHiB shares /ii 9 . per cent) ** Malaysianised.” he said. HME- is itself less attractive to local com* after the mutual societies Seaforth Conquerer and in addlv“ 

d ( SfafiSfd r . ' ai^to seu a 10 per cent .stake Paffiosand too to tor -mM gff c fi u ^ “d S^TotS iVbSSTtaan'ilfaJS °t>^ 
of to Bumrputras ( indigenous, predators to wallow. Its market ^ at December SI last were " 


BY JAMES BARTHOLOMEW 

Harrisons and CrasSeld has with the outcome of the_bid for bare 
won control of S0.76 per cent of HME- 


Kien Haut is the parent 


Gentmg Highlands Hotel which Malays) but the Government capitalisation is already £233m. {jjgjim ‘‘and shareholder^" funds : 


previously attempted to get a might wish a higher percentage 
piece of the Harrisons and to be sold to them. 

Crosfield empire when it bid for 

j * » m m * : l 


San todri charges on the seven shipsT^ '/ 

leased amount to_£132ra aimually^ ’ ... 


WETTERN BROS while consolidating Liberty Life's 


Golden Hope Plantations in 1976. 


in H and C than most observers Harrisons and Crosfield has con- opposition to the latest 120p per completed the purchase of 

expected In addition to obtain- solidated control of its empire but ordinary share offer from j 6 7 m shares in Liberty Life, 

in £S hares tn H and C through the story is nor over yeL H and W and J Glossop i a letter to the equivalent to I5J5 per cent of the 

accepting the offer for HME. C faces possible threats on two company's shareholders. Mr. J. H. equity. Of these, -L27m were 

Kien Haut also had a direct stake fronts. The “ Malaysia ntsation " of Wettem also tells shareholders acquired from Manufacturers Life 

in H and C of some 934.000 HME must now proceed and the that— in the absence of unfore- 0 f Toronto and the balance from 

shares. Government is expected to be as seen drcumstances—protits in SuT1 Lif e Q f Canada, at prices Mrnora , ™„ n wn. 

Mr Tom Prentice, chairman of tough as possible after all the the current year will be in ex- between 900 rents and lJMO cents taki a 25 rer 

HarrisoiT ™Cro£d. said delay. Secondly. Kien Haufs 1L2 cess of those for the previous per share. Liberty Life shar^ ^ ^S in the U^tackreta 

yesterday that he was satisfied per cent stake could form the year. 


• comment 


The directors of * Wettern 




largest short-term insurer. 


Brothers have ’ reaffirmed their Guardian Assurance has 


cost Of £224,000;- 


BROOfcE BOND 
LIEBIG EXPANDS 
MEAT DIVISION 

In > ; £125,000 deal Baxters 
Butchers, the- leading company. 


hu\ 


BMCT ofiFer for Weston-Evans 


.. 1 cent stake in the Ueestock sub- 
SSJ thf A Parker the 

Assurance at 200 cents, was capl- -y^ s V^f > ^ ry, | w J^., ln g aa 
retired at RIOOm. Its sharehold- 
ing In Liberty Life was worth. ^^P^ 

The shares of Weston-Evans, with further purchases, including assented on behalf of Newman 0,1 ™ B _ Prices, 

the engineering group, rose by the Sun Life Assurance stake. ln ?, s - _ „ . ~- Mn 

15 d to I25p yesterday to match . At that point both Mr. Lacey Hoare Govett bought 25,000 

the surprise announcement or a and Mr. McBride were co-opted Crossley Bulling Prodarts at 

134 jp a share cash bid from the to Weston's Board which 103ip on behalf of Bowater. 
major shareholder, Birmingham announced that the two men had 
and Midland Counties Trust, indicated that their purchase was 

However, the rbe d* not teke ’"JSSST^JSSf 


30,000 a year— is to be renamed. 
Baxter Parker. 

Brooke Bond will provide a>. 
medium term loan of £250.000 to .. 
the new company. Baxter's with 


JAS: FINLAY 

8JP on behalf of Bowater. ^ E ? ff ™“™n,'enta fmm 

C ri.nc CTH'CO James FTala.v for Seaforth Mari- ° f over 400 retaU . 

SHARE STAKES time, the offshore service group. bUlcil shops- 

Avondene Securities, the Bank contains a forecast that profits 


"SwWriJS of K « « -WILLOWS FRANCIS 

late lasutight by the independent dm aot P afSrim r P ltS J 1 ®? 15 *?**** recen L IS « U0 ^ ose foT 1977 ff790««» P** With over 86.4 per cent of its 

directors who s^ that it is inade- jJ vSSfd noJ ta ST ^ ^ « per cent preference capital 

quate. SLSnHr 2L' *^! a , nd _5 0W J ? oIds . 20 : 86 Pef c ? nt - is accompanied by acquired .by Guinness Peat 


. extending the same price to other Avondene bought its stake Iasi profit figures for the' first five Group the^ listing of "this I ■ 

W MHi ic nnw h*»- T“ r Heron Motor Group. months of the year which, at class of Willows Francis shares- ., 

trolled by Mr. Grab am Ferguson Tn a move which fs now be- Hoskins and Horton: The Wes- £131,000 are 10 per cent lower has been cancelled at the~ 

Lacey and Mr. Cecil McB ri de. It coming a haUmark of air. Ijicey, leyau and General Assurance than for the comparable period company's request. Application to 1 

bought a 26 per rent sta ke i n however. BMCT will retain only Society has reduced its holding of last time. make specific bargains in the, 

Weston last April from Barrow ol per cent of Weston and in- ordinary shares to below s per Coupled with the modest fore- security under rule 163 (2) may 

" cast this suggests that Seaforth be submitted. ,- r -, 



Barrow 51 per cent of Weston and 
Hepburn at a price of lOOp and tends to place any surplus shares cent, 
brought this up to 295 per reni with institutions. In 1976 Mr. r~ — 

Lacey carried out a silmilar move 

by acquiring 66 per cent of 
William Reed, the carpet group, 
and then diluting his own hold- 
ing. through Birmingham, to 40 
per cent 


. . • „• •»{& 
j, .... " - Xy.'.X] 

• -.VJWL-jV-.v - ■ ■: fi-jS 




Chairman W. S. Wblttingham is able ro report : 

“Our order book stands considerably higher than at this stags Last year and lam ** 

confident that pre-tax profits for the year 1978. 9 will exceed the £4.4 million recently reported on a 
maintained turnover.” 

And' vrc can make this promise: 

“As soon as the future of dividend restraint legislation is clarified your Board will re-examine Its dividend ■ 
policy with a view to substantially increasing the level of dividends.” 

The report also reveals that Monk’s turnover increased to a record £71 million during the last financial year. 

And the good news is that the value of contracts in hand tore up to an all rime best of £93 million. These are now 
undertaken all over England, Wales and Scotland and many of them are in the multi million-pounds brackets. They 
include major projects for the Department of the Environment (P.S. A.), Department of Transport, Water 
Authorities, Local Authorities, British Kail National Coal Board, Shell (UK) Limited and Shell Chemicals (UK) 
Limited, IC1, Massey Ferguson, Umlexcr. British Lcyiand, British Gas Corporation and Regional Gas Boards. 



Copies of the Annual Report are available from the Company Secretary. 
.4. Monk 6c Company Limited , Green Lane, Warrington , Cheshire. 


HOWARD TENENS 
SALE TO TRAFPAK 

Howard Tenens Services has 
entered into a contract with 
Trafpak, a subsidiary of Pakhoed 
Holding. N.V. for the sale to 
Trafpak virft effect from April L, 
1978 of the Howard Tenens 
forward division comprising Air 
Wingate, Wingate, and Teoens 
Wingate TraveJ. 

The contract is subject to Bank 
of England approval Considera- 
tion amounts to £393,376 and is 
subject to adjustment by £3 for 
each £1 by which the net assets 
jf the forwarding division are 
more or less than £189.282. 

In the year to March 31, 1977 
the division made a loss of 
£483.000 after exceptional items 
against an estimated profit in 1978 
of £50.000 before lax. The 
directors state that as a resalt of 
this disposal, turnover will reduce 
substantially, but there should be 
no- material effect on profits. 

The proceeds compensate for 
the positive cash flow inherent in 
the business and no change in 
group borrowing is envisaged. 


ALLIED CITY TRUST 


Binning ham Imperial Trust is 
now poised to announce its take- 
over terms for Allied City Share 
Trust— more than a year df«er 
Allied's announcement that mer- 
ger terms had been agreed in 
principle. 

Mr. Geoffrey Simon chairman of 
Allied said yesterday that while 
in broad terms agreement had 
been reached In May last year 
several technical problems had 
arisen which had been the subject 
of protracted negotiations. How- 
ever, an offer document is expec- 
ted to be sent to Allied share- 
holders shortly. 

Birmingham Industrial, a small 
Midlands industrial bolding com- 
pany i« expected to offer shares 
in return for Allied which has 
over the last 12 months liquidated 
most of its investments including 
its 49 per cent stake in MPB 
Russell. 


AURORA/OSBORN 
Aurora Holdings announces that 
it 'Is now in a position to acquire 
compulsorily the remainder «f the 
ordinary shares of Samuel Osborn 
and Co. 


ASSOCIATES DEALS 

Drayton Montagu Portfolio 
Management, an associate of Post 
Office Staff Superannuation Fund, 
sold on behalf of discretionary 
investment clients 150,000 Invest- 
ment Trust Corporation shares 
assented lo Barclay’s share offer 
at 26ti£p. 

Hoare Govett sold i 0.000 Oliver 
Rtx at SJp on behalf of an 
aftiociare. and also bought 225,000 
Crossley Building Products at 
103ip on behalf of Bowater. 

Joseph Sebag and Co bought 
>0,000 Fluidrire at SOp on behalf 
of Associated Engineering. 

Hedderwick Stirling Crumb a r 
and Co. on July 14 bought 59300 
Wood and Sons (Holdings) 
ordinary ah area at 55p non- 


LONDON & OVERSEAS FREIGHTERS LTD 


Under the provisions of the Aircraft and 
Shipbuilding Industries Act 1977, our wholly- 
owned shipbuilding subsidiary, Austin & 
Pickersgill Limited. - vested in British Ship- 
builders on 1st July, 2977. 

In February, 197B, a payment on account 
of compensation in the form of £5.222.850 
9J per cent. Treasury Stock 1981 was received 
and your Directors can give no indication of 
the Ukeiy total amount of the compensation, 
nor of the date when it will be received. 

The Loss for the year attributable to LOF -. 
was £3.985 million. 

In the course of his Statement, the Chairman, 
Bdr. Basil Mavroleon, said — 

“In common with tanker owners all over 
the world, we are experiencing the depress- 
ing effect on freight rates of the enormous 
amount of tonnage surplus to market require- 
ments. The advantage of owning a mixed 
fleet was evidenced hy the fact that the dry. 
-cargo ships earned surpluses sufficient tb . 
cancel out the tanker losses and leave a small 
operating surplus of £246,000. 

The cash generated by the fleet was an 
insignificant sum compared with attributable 
outgoings. The result was that the Group’s 
cash resources, standing at £8.5Sm. at the 
end of the financial year, were £8.74m. less- 
than at the beginning. These cash resources - 
may be augmented by the sale of. the 
Government Stock received as compensation 
on the nationalisation of Austin & 
Pickersgill. 

Loan interest and repayments have been 
estimated to make calls upon our liquid 
resources during the current financial year 
totailing £9 million. It would be imprudent 
to rely upon the fleet making any significant 
cash contribution — indeed, it may well add 
to the call upon out resources — so.- even 
allowing for interest earned, it is not difficult 
to sec that the prospective rate of depletion 
of our reserves gives cause for concern. 


We are on a survival course and my co- 
Directors and l are determined to see LOF 
through the present slump in good shape. 
Although do cash crisis faces us in the 
immediate future we are seeking the agree- 
ment of our Bankers— and Ihe U.K. and 
Swedish Governments as guarantors — to a 
deferment of some. loan repayments. In these , 
circumstances, you wifi, f feel sure, accept 
that shareholders, must- play a part in ; 
ensuring that our enterprise surmounts the 
difficulties in our immediate path. 

It is for this reason that no dividend is 
recommended Hus year. 

My -sadness at losing Austin & Pickersgilt 
is' well known to yon. We note that the 
interim payment of £52 m. received on 
account compares favourably with the 
amounts awarded in respect of the other . 
.nationalised shipbuilders and this indicates 
that ’ the authorities recognise the special 
. merits of our case, it would not be in your, 
long-term Interest if .1 were to disclose the 
total value that we put on our claim, but T 
, S5 11 te ri you- titat the interim payment of ' 
£5.2 ra. is but a fraction of the total figure . 
we -are looking for. 

There has been some improvement in both 
tanker and dry-cargo freight rates since the 
end of. this financial year, but it is. top early 
to say whether or not these improvements 
are likely to be of a lasting nature in relation 
to the vessels of dur fleet I am firmly of the' 
view that the future profitability of LOF 
depends mainly on the large tankers, in 
times of depression — and J think we may 
have a couple more years of this to endure — 
tanker lasses are substantial, but .when rates 
do. improve to a profitable level it is surpris- 
ing bow small an Incremental Improvement 
in freight rates can produce an enormously 
- increased profit. 

May that day not be as far away as most 
* experts ’ predict! " . 


8 BALFOUR PLACE, PARK LANE, LONDON, W1Y 6AJ. 

Copies of the Annual Report for the year to 3lst March, 2978 and the full text of the 
Statement by the Chairman, Mr. Bastl Maoroleon. of which the .above ts on ex t ract, 
may be obtained from the Secretary . 


P 


•W . 
rr„... 


* v . 

L ■“ 


Change of name: 


» 


THE FEDERATED TRUST AND FINANCE CORPORATION LIMITED 

to 


>k 

^i'lh 


, '-t'l. 
■ to, . 


FEDERATED TRUST 
CORPORATION LIMITED 


v 


Investment Bankers-Estabtished 1925 ' 


1 Love'Lsne, 
London EC2. 


Telephone 01-606 87*4 
Telex AVfNCO London 886730 









(H i ^ Tinaatial Times Tuesday "July 18 1978 

* Vickers da Costa seeks 
branch status in Japan 


Cor4 ^ the London 
cKbrolong coheern, is under-’ 
ed to have applied to the 
-»nese authorities for pej -. 
idnn to raise the status of 
esisting representative office 

- Tokyo to jhnt of a branch 
J we are indications from Tokyo 

t Viewers is likely to be 
mted Ute four licences it is 
jkinc m Japan, to trade in 
. unties for its own account, 

- .trade in securities as an agent,' 

the underwriting and distribu- 

. . n of new securities issues, and 

.• , l the sale of securities as a 
Tftber or syndicates, 

. ■ issuminsr that Vickers receives 
. • licences sought, and forms a 

■ u m .. apan ' iT wU become 
y the third foreign securities 
to . be licensed to dD 
.urines business in Japan, the 
xr bews Merrill Lynch 
.•unties, of the U.S.. which 

tnned the status in 19T2, and 
eb Rhoades, of the U.S., which 
I so in 1074. 

dr. Ralph Vickers, chairman of 
/ • Acrs da Costa,; said in London 

t i x n,?hl that he preferred not 

V ! li'trHl comment on the matter. 

. IS believed that Vickers will 

M ti to participate in underwriting 
ilt\ Japan* out not as a manager.' 
"•'H this basis, the minimum 
?ital which would be required 
• proposed branch would be 
. 00m (£524.000). 

It is an open secret in Japanese 
»ck market circles that Vickers 
s recruited several staff ard 
_ s been planning a move to a 
w* office in order to meet 
oanese legal requirements as to 
; number of staff and floor 
... ice appropriate for a branch. 

B4T OFFSHOOT 

. . Group profit, before tax, of 
S . British -American Tobacco 
. im party improved from £190m 
. -1105m in the half-year, ended 
irch 31, 1978, on a turnover of 


board meetings 

The follmriag coramnlea hive notiflea 
«ie« of Beard meeUnss 10 the ai«k 
h ^ la f se ‘ . Sflcfi rarednes are usually 
U, J pure uses of coDsJdermg 
“ ”S* l 2r 5 - Official Indications are not 

availa ble whether dividends concern ,- 4 
■re Dimms or finals and the Mb-diYimms 
snown below are based ma)niy on laa 
sear's timetable. 

, TODAY 

interim*; . Boot ham Enauwexe. Hogs 
Robinson. MeUrum Investment Trim, 
v F r a ™i pinningham Mint. Peter Brother- 
hood. Philip Hams. UJlDKwenb Moms, 
™ *■ JobnsoD-RJctarTl* Tiles. Jones 
sutxhI, Magnet and Southerns, sytoon*. 
Thora Electrical Industries, Western 
Board Milks. 

' FUTURE DATES 

Interims— 

Appleyard Group ... .; Sefit. u 

CSC InreBunein Trust July 21 

Foreign and Colonial Inv. Trust July 19 
Taylor Woodrow ; July a 

Final*— 

Da it international July 15 

™C !!... July 2D 

General Engineering iRadcllflel July 28 

Hardy f Furnishers) \ ... July 25 

Haslemere Estates ‘July 20 

Howard Tenons Service*; July 2J 

Rosail July is 

£2.87bn (£2.46bn). The attributable 
balance emerged at £90m i£S5m). 

Jn a . recent report .on the 
interim results of this Bat 
Industries offshoot the figures 
were incorrectly given in 
thousands. 

Braby Leslie 

The forward order' position at 
Braby Leslie is - "not unsatis- 
factory," Mr. Eric R- Izod, the 
chairman, says in his annual 
statement, although in certain 
subsidiaries the order books are 
not at the high levels enjoyed In 
the recent past. 

He poirfts. out that . profit 
margins on forward orders, which 
in many cases have to be accepted 
at fixed prices, will not be helped 
by the recent proposed increase 


Mechanical and Civil Engineers 


“» the national Insurance 
surcharge. There is also a rising 
trend in the cost of raw materials 
and uncertainty about the level 
01 future wage settlements. 

Although these circumstances 
make forecasting difficult. Mr. 
Izod says directors will strive to 
continue the progress of the 
group through internal growth 
and acquisition. 

s&u 

Stores 
over £0.5m 

THE RETURN to profitable 
trading, seen in the second half 
of last year at S and U Stores, 
accelerated in 1977-78 for the 
retail credit company to finish 
the 12 months to January 31, 
1978. showing a recovery from a 
£146,413 loss to a profit of 
£531,927. 

At halftime.' when there was a 
surplus of £188.349. against a 
deficit of £188.551. the directors 
were confident, but because sales 
had been below budget for three 
months they said profit would not 
reach the earlier estimate of Urn. 

Otherwise, the outcome was 
broadly in line with expectations 
Mr. Derek Coombs, the chairman, 
now says. Again there was no 
tax charge but there was a below- 
the-line non-recurring loss of 
£669.951 largely in respect of the 
final stock write-off from the 
retail credit divisioa 

Because of the change in the 
mainline trading activity of the 
group to primarily consumer 
credit, turnover at 116.42m- Is not 
strictly comparable with the pre- 
vious £9.4Sm. 

Though the group is . now 
trading profitably the directors 
do not feel it right to pay a divi- 
dend on the preferred ordinary 
and ordinary shares, Mr. Coombs 
says. The last ordinary payment 
was a net interim of 0.56875p in 
1975-76 when there was a surplus 
of £158,000. The preference divi- 
dend. costing £8.400, will be paid 
In the normal way. 


Lofs opens 
talks on 
vested 
subsidiary 

FOR THE second year running 
Basil Mavrolean, chairman of 
London and Overseas Freighters, 
failed to turn up at the company's 
ACM (he was ilJ) and so it was 
left to Stanley Sedgwick, the 
managing director, to field ques- 
tions from irate small share- 
holders. - 

As expected, the company's 
decision to- completely miss its 
dividend and hence lose trustee 
status came under fire. Mr. 
Sedgwick said that the company 
had “very carefully considered" 
the move and had been assured by 
its advisers that "the question of 
trustee status was not very 
important." He added that .he did 
not believe ■ that the absence of 
trustee status would have any 
effect on Lofts share price. A 
number of shareholders disagreed. 

On the subject of compensation 
for the nationalisation of Its 
whoUv-owned subsidiary Austin 
and Pickersgin. Mr. Sedgwick said 
that negotiations with the Govern- 
ment Were opened yesterday and 
be hoped that they would reach 
a satisfactory conclusion at an 
early date. Pressed on the question 
of whether the company would 
distribute the compensation pro- 
ceeds to shareholders, Mr. Sedg- 
wick said that this would only be 
a. possibility if the money was not 
needed to pay off the creditors. 

At the moment the proceeds 
are " earmarked for paying the 
debts on ships.” Mr. Sedgwick 
confirmed that Lofs in negotiation 
with the UK and Swedish Govern- 
ments for a moratorium on sortie 
.of its debts. If. this was granted 
one of the conditions might be 
that Lofs should not pay out a 
dividend, 

VIDEOMASTER 

' The. new Waddington subsidiary. 
Videomaster, was reported in 
yesterday’s Financial Times to be 
the UK’s only designer and manu- 
facturer of TV games. Mr. Alan 
J. Leboff of S. Leboff (Fobel- said 
yesterday bis company had been 
designing and producing TV 
games since 1976. 


Approximately 97% of the Common Stock of 


Verex Corporation 


has been acquired by a wholly-owned subsidiary of 


The Greyhound Corporation 


The undersigned acted as financial advisor to Verex Corporation 
in connection with this transaction. 


E. E Hutton & Company Inc. 


I ; -J 

s»*;s 


• I 


A New Record 


Year to 31 st March 


Turnover 

Profit before taxation • 
(1977 -after charging 
£271,000 for losses of 
Cable Lines ltd). 

Net Profit after taxation 

"Gross" dividend 
per share 

Earnings per share 
■ Net tangible assets 
per share 


1978 

£000 

31,376 


2,390 

2,007 


1977 

£000 

23.659 + 3396 


1,515' + 5896 
1,221 + 64% 


7.9545p 6.9231 p +15% 
23.8p 17.7p +34% 

' 89. 6p 70.2p +28% 


Points mada in his statoment by the Chairman, 
Mr. Eric R. Izod: 

1977-73 was a highly successful year for the Group. Every 
subsidiary was profitable. 

Braby Group, including Auto Diesels, again made the largest 
contribution to Group profits. 

George Leslie, despite severe weather conditions in Scotland, 
achieved an all-time record profit. 

Acquisitions enabled us to emend our mechanica I engineering 
product range and to rationalise marketing and manufacturing 
activities. 

Export sales rose by 61 %. Now acquisitions, Briggs, Payter and 
Edghilt are now contributing to the Group's export perform- 
ance. 

Unpredictable factors make it difficult to forecast, but the 
forward order position is not unsatisfactory. The Board will 
strive for continued progress through internal growth and 
acquisition. 

A one-for-five scrip issue is proposed. 

Copies of the Report and Accounts may. be obtained from 
The Secretary, Braby Leslie Limited, Cowley Mill Road, 
Usb’idgp, Middlesex UE8 2QG. 


Brickhouse 



PROFITS PASS 
£2 MILLION 

• A -memorable year with sales of £21 million and 
profits exceeding £2 million. 

• 70 % rise in value of goods exported to 

£4.2 million. 

• Exports n ow over 20% of group sales compared 

with 6% in 1975. 

• Maximum permitted dividend. Earnings per - 
share up by 30%. 

I Mould be disappointed If first lialf profits were not 
ahead of last year's. The current trading period has 
certainly started on a happier note and I have every 
confidence the company will continue to make further 
progress this year. 

Michael Huxtable, 
Chairman and Chief Executive. 


Ysarto 31st March I 875 

£'000 

Seles »' 0B1 

Profit before tax - 2*020 

Ordinary Dividend (gross) 3.54p 

Earnings per share 6.55p 


1877 
rooo 
18.128 
_ 1,587 
3.22p 
5,04p 


1976 

rooo 

16,989 

1,599 

2£2p 
5.1 2p 


l n fawnfart tmas and tfetrUurfors 

J of drainage products for the 

nBvercftftW buiW&^ABdciTfi engineering 



Rand Mines Limited 

A Member of thb Barlow Rand Group 

Gold Mining and Colliery Company Reports 
for the Quarter ended 30th June 1978 

(All Companies incorporated in the Republic of South Africa) 

Office of the Secretaries of the undermentioned companies in the United Kingdom : 40, Holborn Viaduct, London EC1 P 1 AJ. 


HARMONY GOLD MINING 
COMPANY LIMITED 

REPORT 'w^THE DIRECTORS* TOR THE^ QWMtTClf'aNDED MTH E Ji?NS^ A l»T« 


OPERATING RESULTS-^ALL PRODUCTS . 

OnL4WlUnJ it)! 

Gold produced Agl: 

Yield f j tfc 

uranium 

■u'o irea:ed Ctl: 

quid* produwd ikal: 

-Yield rvati:'’ 

PvrlM 


Concentrate recovered m: 

Milonurk acid produced lU: . . . : 

Total Rmnuf <Rlt milled): 

Total Cosh <R t mlllrdi 

Total Proftt tR.t milled': 

FINANCIAL RESULTS— ALL PRODUCTS 

— TOTALS IN ROOO-s 

Keener— Gold. Sliver ard Osmlridlum 

-—Uranium. Pynig and Sulphuric Acid . . 

Total .revenue 

Con* 

Working profit . , 

Sueorv revenue (ncti 

Prolt before taxation and Stata's share of profit 
Taxation and Stale'* Share of nr oft l 

Profit after taxation and Staid's share of prefit 

Capital expenditure 

Dividends . . . 

Loan levy 

Loan Lew refund i197li 

SHAFT SINKING 

Merrieieniit No. 2 a Upcast ventilation Shaft 

Advanced— metres 

Depth 'to dat e metres 

„ ^ _ DEVELOPMENT 

■ Quarter ended 30.6.1978 
. 8.799 metres 

Advanced 

on Reel Gold Ura 


Quarter 
ended 
30-6.1970 
1 731 OOO 
7 5«0 
4.30 

1 211 O00 
1SI TO0 
O.IO0 


R41 654 
R9 60S 


RSI 259 . 
R33 2S2 


R12 POT 
R766- 


R12 77* 
R32S 


. Quarter 
*rdtd 
31.3.1970 
1 557 000 
7 292 
4.60 

1 240 000 
133 020 
0.1 07 


R35 129 
RB 504 


R4S653 
R36 037 


Quarter ended 3 1J. 1978 
7 469 metres 


Gold Uranium Channel 


Gold Uranium 
cm g't cm.kg-'t 
968 22.50 

1 319 24.63 

1 015 22.76 


RfSUED CAPITAL: R3 960 000 IN SHARES OF HI -CO EACH 

REPORT OF THE DIRECTORS FOR THE QUAR TER ENDED 30TH 

OPERATING RESULTS Quarter 

enotd entf cd 

30.6.1970 31.3 1978 


Ore milled ft* 172 

Gold produced (kt<: 2 “A® 

Yield tgfti- ... „5'dS 

Rewnue (RJt milled): ............ 39.73 

Cost tRit mined): 

PrpftWJossi (ft<t milled): (2-04) 

Revenue- i R BOO'D: M 061 

Cnxt tKOOO'si' 15 035 

FeWthlOMi . (JtOOO'st: ........... i960) 

FINANCIAL RESULTS tROOO't) 

Working proflt.nossi: Gold W1MI 

Sundry revenue ineti _ W9 

Stele Assistance claimed R3 003 

Prrtt Before taxation and State'* there . _ 

Taxation and State's share « prefits MSB 

Profit after taxation and State'* share 

« profit B1 979 

&B)tal expenditure R774 

Loan Leva . R22 

DEVELOPMENT 

' Quarter emM JO. 0.1 $70 
2 072 metres 


445 000 
2 000.6 
6.31 
30.47 
36.59 
(6 T2I 

15 5S9 

16 283 
• 12 7741 

Rf2 7241 
R55 
R5S9D 


_ of profit 
Taxation ai 


JUNE. 1978 

6 naraw 

ended 

30.6.1970 

915 000 
5 362.6 
5.84 
30 08 
34.10 
14-021 
27 6Z0 
31 108 
U«0Bi 

RI3 GB8l 
R154 
U 392 


U- R2 70Q 

R1 167 

R22 


Deris'- 

South 

Composite 

Main 

M«hi Re*! Leader 

Totals pud Averases; 


Advanced 
Horieen Sampled 
Metres Metres 
116 72 

IQ 6 

113 - 99 


Quarter ended 3 U. 1978 
• 2 405 metres 

Gold Channel 

value wtetft Gan 

O i cm on i 
3 9 91 35 

4.S 2Z 10 

4.4 82 SS 


Quarter enoed- 30-6.1978 239 177 43! B4 348 

Quarter ended J1 S.1B70 S6A 340 10.7 59 633 

These values represent actual results of sampling, no allowance having been 
made for any •ointments vhieh may be netessaey when the ore reserve esnmctes are 
made at the end of the financial I vear. 

CAPITAL EXPENDITURE 

There are commitments far capital expenditure amouPMig w 8632 0S0. The 
estimated tota< capital expenditure for the remainder or the current financial year 
la Ril Million. 

DIVIDEND 

Ng dividend was declared for the half-year ended 30th June. ia?B, 

GENERAL 

from 1 ltd April. 1978 payment tor gold production at the Official price plus 
eremlnm on raarv« pin distributed monthly was replaced bv payment nt the -nark-* 
price. The. non-recurring balancing payments resulting from ihe Chang cover distorted 
revenue. Ipr- the torrent quarter which Is therefore not comparable wrei oast or futtm 
wane**. 

For and on behalf of the board. 

D, D. WATERMAN 1 . 

. _ R. J. J. FOURIE . } “"“W* 

Till Joff, 1978. 


DURBAN RDODEPOORT DEEP, 
LIMITED 

ISSUED CAP1TAJU R2 325 000 IN SHARES OF R1.00 EACH 

REPORT . TIU^ DIRECTORS FOR TMt .QUARTER . ENDED- 30TH JUNE. . 1970 
OPERATING RESULTS. Quarter Quarter 6 monins 


Gold . 

Ore milled «i: 

ijtfd produced ikgfc 

View ig »i: . . 

Revenua IR.T milled): 

Cost iRit milled r ,• 

Prefit (Lossi >Rt mllledl: 

Revenue iROPO'si: 

Cost (ROOO 5V 

Prcfit/iLossi IR 000'si 

Pvrttv 

Pvrite concentrate sold fth 

FINANCIAL RESULTS fROOO’sl 

Working prohr’tloiiv— Gold 

_ . -—Pyrlt* 

Sundry revenue met) 

Slate Assistance claimed 

Profit before taxation and Slate's share 
Of profit 

Taxation and State's share of orofits . . 

Profit afrrr taxation and State's Mare 
Of profit 

Capital expenditure 


Quarter 
ended 
30.6.1970 
541 OOO 
2 196.9 
4.06 
21.01 
20.01 
1.80 
11 797 
10 825 
972 


Quarter 
-ended 
31.3.1975 
477 000 
1 869.2 
3.92 
10.94 
' 22.71 
13.771 
9 036 
. 10 H34 
<1 7981 


R(1 798i 
RTS 
R53 
R2 278 


E«ef* M*i res Metres Bit -kg't cm tm.et em.hg.t 

Basal 339 206 16.3 0.495 105 1 737 51.93 

Leader 1019 054' 4.8 0.196 111 528 21.78 

Total* and Averages! 

Quarter ended 

_ 30.6.1978 1 358 1 062 6.9 0.252 110 759 27.69 

Quarter ended 

30.3 197B 1 259 1 160 7.1 0.228 101 712 -23.02 

These values represent actual results of sampling, no -allowance having been made, 
for any adjustments which ware necessary when the ore reserve estimates were made 
at the end of financial rear 

_ ' ORE RESERVES AT 3DTH JUNE. 1978 

The ore reserves ha«* bwsn re-nslimated as toliowv 

:• Gold Uranium Stott* 

value value width Gold Uranium 

Tons g t kg't cm cm g't cm.kg:t 

Available 15 397 000 7.4 0.173 130.5 968 22.58 

Not available .. -2 380 000 10.0 0.1BB 132 4 1 319 24.63 

Total . 7 . 17 777 000 7.8 0.174 1 30.8 1 015 22.76 


Quarter ended 30.6.1970 
4 341 metres 


Reef* 

K Imperlev 

Sonin 

Main 

Totals and Ave ra ge s ; 
Quarter e"dea 30.6.1978 
Quarter enoed 31.3.1978 


DEVELOPMENT 


Quarter ended 31.3.1978 
4 586 metres 



on Reef 
Horiron 

Sampled 

Go'd 

Value 

Channel 

Width 

Gold 


Metre* 

Metre* 

fit 

cm 

cm git 

e 

833 

795 

6.2 

100 

519 

. • 

500 

459 

24 5 

13 

318 

-* 

ISO 

90 

4.0 

102 

410 

.. 

- 1 4,3 

I 344 

6.2 

71 

443 


1 513 

1 590 

. 6.1 

B4 

■675 


The ore reserves at 30th June. 1978 were calculated on the basis erf a I Dint 
gold-uranium .pay limit In which a a old price Of R4 753 per kilogram ■ approximately 
U5S170 per fine ounce at Rl — USS1.15I was assumed. The Atomic Energy Act 1967. 
as amended, precludes the disclosure of uranium prims used In this calculation This 
is the first occasion on which the ore reserves of the mine hare been calculated on 
the basis of a lolm oav limit. The abovemcrtloned ore reserves are. therefore, not 
strictly comparable with the ore reserves previously published.. The reasons for this 
naw procedure were given in the chairman's statement Included In the 1977 annual 
report. 

CAPITAL EXPENDITURE , 

There are commitments For-capitai expenditure amounting to R3 61 3 OOO. 

GEN Eft AL 

1. From 1 1th April. 1975, payment for gold production at die Official price plus 
premium on market sales distributed monthly was. replaced by payment at the 
market price. The non-recurring balancing payments resulting from the change- 
over distorted revenue for the current uuarter which Is therefore not comparable 

.with past Or future ouarters. ' 

I 2. Of the RB 341 OOO *» t»1 wrwmdHure reReeled" for the aoarter. R3 768 OOO was 
financed by th« consumer loan for th. new uranium fifcp^' * 1h . ^ 

R. J. J FOURIE t 

D. D. WATERMAN J DI,Mm 

10th Jt*hr.'197S. ■ 

EAST RAND PROPRIETARY MINES, 
LIMITED 


Quarter 
ended 
31.3.1978 
505 108 
443.G 


WELGEDACHT EXPLORATION 
. COMPANY, LIMITED 

ISSUED CAPITAL: JM 090 813 IN SHARES OF 45 CENTS EACH . 

REPORT OF THE DIRECTORS FOR THE QUARTER ENDED 30TH JUNE. 1978. 
Olii THE OPERATIONS Of THE COMPANY AND ITS WHOLLY-OWNED 
SUBSIDIARY 

OPERATING RESULTS Quarter Quarter 

ended ended 

30A.197S 31.3.1978 

Tan, sOlfl-^rnftfK 546 489 SOS 108 

Working profit cents wk ton 445.1 .443.6 

FINANCIAL TOSuLtS IR’OOO'iJ 

Working ort>« 'R2 4J3 R2 241 

Net railway revenue 227 6 

Nut sundry revenue .......... 18Z 34. 

PROFIT SEFORr TAXATION .... R2 842 R2 241 

Taxation 725 . 609 

PROFIT AFTER ‘TAXATION R2 11T HI 592 

Capital wNNhaie R919 R552 

Drilling and manoratlfin- fineluded 

Hi sundry revenue, 10 6 

Dividend declared 018 — 

Dividend received- Hite hided In 

sundry re*en««> 97 — 

DIVIDENDS 

Dividend NOk 43 of 9 <*nts per Share was declared on 17th April 1978 
payable on or about TStb May 1978 to shareholders registered on 28th April ■ 
1978. 

CAPITAL EXPENDITURE 

There are commitments for capital expenditure amounting to R2 1 67 000. 
The estimated total capital expenditure for th* remainder of tho currant financial . 
year is Rl 837 N>». • 

Fgr end On behalf of the board. 
A. A. SEALEY (Chairman 1 l tHneton 
N. 20LE2ZI f “ 

lOffi Julv. 1978. 


BLYVOORUITZICHT GOLD MINING 
COMPANY, LEMBTED 


6 months 
ended 
30 6.1978 
1 013 000 
4 068.1 
4.00 
20.46 
21.27 
10. 81 1 

20 833 

21 659 
i82E>i 


ISSUED CAPITAL! R6 OOO 000 IN 24 ODD 000 SHARES OF 2Sc EACH ' 
REPORT OF THE DIRECTORS FOR THE QUARTER ENDED 30TH 

OPERATING RESULTS^:'' Quarter 

Gold ended 

30.6.1976 

Ore milled rtl: .■> 476 006 

Gold predteed 4 065.1 

Yield -g .. 1 0,-13 

Revenue fR-T mined*: . 57.67 

Cost tR t milintn .-. — . . • * * “ 28.49 • 

Proltt IRit milled!: 29.18 

Revenue iPOUO'sl: 27 4S4 

Cmi i ROOD S): 13 563 

Profit 1 ROOO si: 13 891 

Uranium Os Ids 

pjip treated :tl: 447 535 

Oiipe nrunuced 'Lgi: 71519 

Yield :iQt<: . 0.160 

FINANCIAL r.C5ULTS IROOO'sl 

Weri.ni Trnht Geld R13E91 

WerLmg mill: Uranium g.ide Rl 923 

Sundiv ie>enue inetj: AS64 

Profit be! ore taxation and Stale's oiate ol proM R16 398 

Taxation and Stale's snare ol profit . i, ■ fie 1S3 

Profit alter tual*>n and Slate s Share Of profir RB 215 

Cipilai expenditure ' R2 274 

D'vldeno -'vciired R7 920 

Loan eves R944 

Loan Levy refund fT971i R — 

Quarter ended 30.6.1978 Quarter ended 3 

5 095 metres a 663 m, 


JUNE, 1970 

Quarter 
ended 
31.3.1978 
423 003 
4 844.0 
11.45 
- 55.31 

34.40^ 
20.91 
23 196 
14 552 
8 E44 

457 058 
77 231 
0.169 


Rl 1 913 
R4 983 


Quarter ended 31-3.1978 
4 669 moires 


These value* represent actual results -of sampling, no 4llowanoe having been made 
™' Jn 7 adiustment* which may be necessary when the . ore reserves estimates are 
made at the end of the-financlal veat. 

CAPITAL EXPENDITURE 

There are commitments for capital expenditure amounting to R7 000. The 
**V"ated jetat carttot. cxnnflvturs lor the remainder ol the current financial year 
Is R630 000. 

DIVIDEND 

No dividend was declared lor the half-year ended 30th June. 1978. 

" ' * GENERAL ' 

ID From 11th Aorh. 1970 oavmenC for gold product! on at the- official price plus 
premium on market sales distributed monfMv was 1 replaced by payment at the 
market erire..- Th* non-recurring balancing payments resulting from the change- 
over disioried revenue for the current ouarfbr which is therefore not comparable 
vrtth past or tutor* marten. ■ 

Ul» Dewatering of the lower level* of the -mine which were flooded at The end of 
January- 1 970 b still in progress. 

For and on behalf of the board. 
N. A. HDNNET 1 
R. S. LAWRENCE 1 

7th July, 1978. 


Gold 

vjlue 

Uranium 
value " 

Slope 

width 

Gold 

Uranium 

o r 

let 

cm 

CI7I.0 t 

cm.lrqr 

21.1 

0.172 

106.0 

2 241 

1 8-23 

25 0 

0.203 

103.0 

2 *75 

29.15 

22 7 

. 0.216 

.104.8 

2 S7E 

22.64 


Reels Metre* Metres St kn r cm cm g/j cm kg;t 

Main Reef •• 24 6 8.2 0.4S5 11 90 5.01 

Carbon Leader — 16 270.2 1.019 17 4 593 17.32 

Quarter yrded 31.3 1970 

Main Rre* S3 2 14.4 0.52a 12 173 6 30 

Carbon Leader 60 62 222.2 D.841 '17 3 777 14.30 

These values represent artual results erf sampling, no allowance having been made 
icy any adlvstme-it* which were necessary when the ore rose rye estimates were made at 
Hie end of the financial veer. 

ORE RE5FRVES AT 30TH JUNE. 1970 

The ore reserves have been re-cstimatcd as Follows:— 

Gold Uranium Slope 

■ • vjlue value • width Gold Uranium 

- Tons or tot cm cm. a t cm.irg't 

Available - 3 076 00 □ 21.1 0.172 106.0 2 241 IB-23 

hint avalist"- 2 032 000 25 0 0.283 103.0 2 *75 29.15 

Total S 109 0U0 • 22 7 . 0.2 1 6 .104.8 2 S7E 22.64 

The ore receives at 30tn' June 1974 were calculated on in* basis erf a gold price 
of B4 753 per iilngrrm TEwvc-»'m.'teiy UJ.S170 per fine or at Rl = U.S.SI.lSi. Tho 
values represent the calculated "1* situ'' value of the «r. 

DIVIDEND 

Dividend No. 65 of 33 cents err share was declared bn 12th June, 1978. payable' 
on or about 4th AueuiL 1978 10 shareholders registered on 30th June. 1978. 

CAPITAL EXPENDITURE 

There are commitments for capital expenditure amounting to R570 000. 

GENERAL 

From llth April. 1978. rfvment for gold production at the official prke plus 
premium oil marie: tales distributed monthly was replaced hr payment at :he marl et 
price. The ncn-recumng balammn ruvmenrs resulting from :he ehango.?ser distorted 
revenue lor the current guarier which is therelore not comparable wiui past or future 
quarters. 

For and on behalf of the board. 
D. D. WATERMAN t Qlrec10rl 
R. J. J. FOURIE I 

7th July. 1973. 


WITBANK COLLIERY, LIMITED 

IF5UEQ CAPITAL R13 611 394 IN CiRDINfiRY Ji.rfAFES i?F R2 EACH 
REPORT OF THE DIRECTORS FDR THE QUARTER ENDED 50TH JUNE. 1970 
ON THE OPERATIONS' OF THE COMPANY AND ITS WHOLLY-OWNta 

5UCS1DIAKIL5 


.OPERATING RESULTS 


Quarter 
ended 

30.R.197B 

Ton, sold— -metric . . . 1 852 243 1 745 ggn 

Working profit cent* per ton .... 584.7 660.0 

FINANCIAL RESULTS (ROOO'SI 

Working profit • , RIO 830 R11525 

Net Sundry revenue 444 43 

PROFIT BEFORr TAXATION „... R11 274 R11 570 

TlXHion . 2 507 X b23 

, PROFIT AFTER TAXATION BE 767 R7 947 

Capital expenditure . R6 4Stf 64 758 

Explorathn ei pondlfure— included 

in net sundry revenue R99 RF7 

Dividend declared — ft2 B30 

CAPITAL EXPENDITURE 

There are commitments (or :api;al eepeiditure. not of EKom funding la 
respect of Du»na. as foll'-ws; 

ROOO'S 

CoPtrarted 27 3i2 

Amhonsnd but rot -on-r>rt«f 23 22* 

Other prsposed expenditure on Duvna Colliery 17 14 3 


ended 
3T.3 1978 
1 745 950 
660.0 

Rl 1 525 
45 

mi sro 

3 623 


• The estimated net capital cp-ndllure for the remainder of -.he current 
financial year Is RS 509 000. 

GENERAL 

As previously reported 1iold-”S of S17 417 of Ih* company's I3i;% 
Unsecured Convertible Noks enercii'-d their rights th com.ers.on at 31st March. 
1976. The conversion was effected during tne quarter enfling 30rh Jure. 1978 
by— - 

tai an Increase of Rl 534 B34 In the issued sh-tre casual! 

<bi th* creation of a share premium reserto amounting to R2 690 S68r 
and 

cc» the reiwvment in eaih to notohoidera ot Rl 72E <02. 

For and on benah of Tie board. 


10th July. 197S. 


A. A. SEALEY fChj.rman. . DirKJ0 „ 
R. E. MACGILLIVRAY I 


GENERAL NOT 65 

from ’JJJ 1976, pa y m ent for gold production at th* official price plus premium on mxrtet rales distributed monthly wag replaced by payment at 

the marvre Price. The non -recurring balancing payments resulting from the changeover distorted revenue ter the current guarier which li therefore not 
comparable with oast or future guorters. ... 

Colo dvvatbpnieftt value* mated herein reoresent actual results of saw pi log. no allowance luting been made for any adiuftmerftt wMeb may be or were 
necessary wa*a estimating m re—n ma at the rod of tfe respective financial years. 

All finaK**! bfinres Sr* sublcct to aodlL 

Copies of these quarterly reports ore obtainable from the United Kingdom Registrars and T ransfer „4penLs 
wwrter Consolidated Limited, P.O. Box No. 102, Charter House, Park Street, Ashford. Kent TN24 SEQ. 


j. 




28 


Real progress possible 
at Associated Newspapers 


IT THE Government contains 
wage rises it would be possible 
for Associated Newspapers Gronp 
to maintain earnings, but in order 
to make real progress it is neces- 
sary for there to be a general 
increase in productivity, say 
Lord Rothennere, the chairman, 
formerly Mr. Vere Hannsworth. 

Though group earnings from 
trading in 1977/78 improved to 
in.l6m i£7.94m) Us involve- 
ment in North Sea oil showed a 
loss of £669.000, compared with 
a £ l.92m surplus the previous 
year. This was a direct result 
of a fail in the rate of production 
from the Argyll Field- 

Also, because further explora- 
tory drilling on other licence 
areas was disappointing full pro- 
vision. amounting to £2-26x», bas 
been made in the latest accounts 
against the company spending 
in those areas proving unproduc- 
tive. This cut the group net 
investment in the North Sea to' 
£ljm (£4*4ra). 

Durine the year the company 
spent £S.lm on fixed assets and 


North Sea projects, including 
£0.81® on new wells. 

Also the directors decided, “as 
a matter of prudence” to write 
off the £1.5 5m Initial costs relat- 
ing to the design and relaunch of 
the U.S. magazine Esquire which 
was acquired during the year. 

The company's independent 
local radio Interests have pros- 
pered and. there may be further 
opportunities for Investment when 
the new stations are authorised, 
the chairman comments. 

As reported on July 4 group 
taxable earnings advanced to 
£15.48ro f£22.01m) on turnover of 
£l56.Sm (H26.4m) and the net 
dividend is raised to 5.775p 
(5J07p> per 25p share. 

Newspapers, which represented 
75.G per cent CT€L9 per cent) of 

turnover contributed £8 -29m 
t£4.04m) to trading profit and 
other activities accounted for 20.8 
per cent (17 per cent) of turnover 
and £3.54m (£1.9803) of trading 
profit- 

At year end net liquid funds 

were up £3 ,34m (17.59m 1 and 
capital commitments amounted to 


£12 .52m (£7 Jim) of which £11 54m 
(16.19m) had been authorised but 
not contracted. The directors 
assessed the value of the group's 
properties at more than £23m In 
excess of book value. 

The accounts reveal that Mr. 
R. M. F. Shields, the managing 
director, and Mr. F. J. Saunders, 
secretary, have been -granted 
options, to be exercised on leaving 
the company or not before their 
sixtieth birthdays, the right to 
acquire two properties from the 
company for the current market 
value totalling £138,000. 

For the year the total cost of 
director emoluments rose to 
£397525 (£318509) but the pay 
ment to the highest paid director 

was cut to £46.740 (£50,567). 

Lord Rothennere has resigned 
as chief executive for personal 
reasons but wOl continue as chair- 
man. His father, Lord Rothennere, 
who was president of the group, 
died last week. 

The ultimate holding company 
is Dally Mail and General Trust 

Meeting, Waldorf- Hotel, WC, on 
August 10 at 1050 am. 


Stan Chart to strengthen 


Lord Barber, the chairman of 
Standard Chartered Bank outlines 
the group's strategy in his annual 
sialemcnt as being to strengthen 
its position as a leading inter- 
nal ional bank. He says the group 
is doing so by expansion in 
present and potential growth 
areas, extension of existing net- 
works and the acquisition and 
establishment of now subsidiaries. 

Examples are the acquisition of 
Commercial and Farmers National 
Bank in California, the taking of 
a majority interest in Mutual 
Acceptance in Australia and the 
strengthening of its merchant 
bank rn London. 

“We are concentrating on those 
activities in which we have proved 
our ability to succeed, namely 
commercial banking, and are 
reducing our involvement in non- 
banking activities.” Tbe sale of 
the Reliant Motor Group and the 
disposal of various minority 
interests were part of tbe 
rationalisation. At the same time 
it is extending the range and 
effectiveness of services. 


He describes the proposed 
acquisition of Union Bancorp of 
California as the most important 
development since the Standard 
and Chartered banks merged just 
over eight years ago. 

The merger of its existing 
California business with Union 
Bancorp will give the group a 
substantial dollar based business 
in a major growth area, to the 
benefit of its existing U.S. in- 
terests. says Lord Barber. 

As at December 31. 1977. Union 
Bancorp had total assets of some 
$4.7bn and deposits of about 
$3.9m. 

At the March 3L 197S, balance 
date Standard Chartered had total 
assets of £S,49bn compared with 
I7.65bn previously, including cash 
and short term funds of £l-3bn 
(£1.43bn>. Investments of £S39-2m 
(£683. 7m) and advances and other 
accounts totalling £6.Q2bn 
(£555bn). Current, deposit and 
other accounts were £789bn 
(£73ibn). 

As previously reported taxable 
profit of tbe group for the year 


was £126. 15m compared with 
£109 .84m previously. An inflation 
accounting statement shows this 
reduced to £B44m (£71 .9 to) by a 
free capital adjustment of £23J5m 
(£3lm). additional depreciation of 
£4 .4m (£3.9m) and a reduction of 
its associate share of £3Bm 
(£3 Am). 

Midland Bank owns 16 per cent 
of shares. 

Meeting. Connaught Rooms, 
WC, August 10, at noon. 


Investment 
for Davenport 
Knitwear 


DIVIDENDS ANNOUNCED 



Current 

Date 

of 

Corre- 

sponding 

Total 

for 

Total 

last 


payment 

payment 

div. 

year 

year 

Booth am 

int. 

4.3 

— 



_ 

922 

Deivhurrt and Partner int. 

OSS 

Sept. 4 

0.25 

— 

0.83 

A. Kershaw 

int. 

48 

Oct. 31 

3.7S 

— 

15.47 

Manson Finance Trust ... 

O 

Oct. 6 

1.13 

3.3 

2.75 

Meggitt Holding^ 

. int 

0.22 

Oct 2 

0.19 

— 

0.39 

M. L. Meyer 


12.97 

— 

2.S3 

4.67 

4.17 

Alfred Pieedy 


t248 

Sept. 15 

1.01 

2 .So 

1.42 

Rank Organisation .. 

. int 

§4 

Nov. 2 

2.19 

— 

80.4 

Rothschild Inr. 


*5.5 

Sept. 19 

4.14 

7 

5o 

Status Discount 

int 

2.01 

Septa 

0.63 

— 

4.06 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue, f On capital 
increased by rights and/or acquisition issues. + Based on 33 per cent 
ACT charge. §To reduce disparity. 


Considerable investment is 
planned at Davenport Knitwear 
in tbe current year now that the 
Multi-Fibre Agreement . .gives a 
sounder basis on which to build. 
Mr. R. A. Davenport, the chair- 
man. says in his annual statement. 

Accounts show contracted 
capital expenditure for the year 
of £120,000 (nil) and authorised 
but not contracted spending of 
£414.000 (£340.000), 

In 1977, when profit before tax 
climbed from £0.43m to £0.63ra, 
all sections of the business 
worked at full capacity, Mr. 
Davenport says. 

A current cost statement shows 
the profit reduced to £05m by 
additional depreciation of £31,476, 
cost of sales of £40534 and a 
£30.323 gearing adjustment The 
chairman warns that it appears a 
significant bout of inflation may 
soon occur. Inflation remains an 
overwhelming concern to the 
company. 

For the current year Mr. Daven- 
port says such increases as have 
been shown in the past are 
unlikely to continue. 


MINING NEWS 


] 


Harmony Gold has a 
bumper quarter 


BY KB4HETH MARSTON, MINING EDITOR 

A NOTABLY good June quarter bas had to lean on State aid agabt 
net profit increase of 77 per cent Quarterly net profits of the 
to R12/bn (£7^m> is reported by group's mines are compared m 
the Barlow Rand group's the following table.. 

Harmony gold and uranium pro- J Q ™ qn- 

ducer. rood rood 

As with the other South African rayroor. wu &9M mw 

gold mines, a large part of the hart an Dwi tuso 


_ +KJ9 t77J 

Bgher profltl^frora UK MW 1^^.™-; gJS S 'tm 
buying arrangements for. bullion t after wcetot of state aid- 


the western HUM*} . Eat* 
company has a i Interest m tide 
joint venture- The current 
tenement acquisition aha Pre- 
liminary sampling programme is 
at an advanced stage and further 
operations are planned during the 
next three mouths- 


Denison has 
acquired 6i% 
of Freeport 


whereby the mines are paid a full 
market related price on delivery; 
as a result they have received a 
once-only bonus in the past 
quarter of part of the proceeds 
due to them from sales made 
under the old system in tbe pre- 
vious three months. 

At the sum* time, however 
Harmony has raised its gold pro- CANADA’S SECOND largest 
ductlon in the past quarter and M inium producer, Denison Hines, 
earned more from uranium sales, has acquired more than 6-5 per 
Ore reserves are mnv estimated on cent of the shares of Freeport 
the basis of the value of both Minerals,, the big sulphur pro- 
file gold and uranium content of ducer in ' Louisiana, reports our 
the various o rebodies. Previously Toronto correspondent. Other, 
they were assessed on the value Freeport interests include kaolin 
of the gold content alone. in Georgia, potash in New Mexico, 

mv. „„„ ■ . „ „ copper In Indonesia and nickel 

PQw system recognises the . cobalt in Australia, 
fbet that when uranium as taken g ut what could be whetting 
into consideration ore that is un- interest is the fact that 

payable on the basis of its gold CT ^ aut umo Freeport expects 
alone becomes a paying proposi- t( J COIT , D iete a uranium oxide ra- 
tion. Latest ore reserves are C0VeI y pjant (from phosphoric 
estimated at 17.78m tons with a ac jd> Louisiana. Capacity Of 
value of 7,8 grammes gold and piam ^ to be 690.000 lb of 
0-174 kilogrammes uranium per uranium oxide per year. And 
ton with a gold price of 5170 Freeport is understood to be 
per ounce. negotiating long-term marketing 

A year -ago the ore reserves arrangements for similar 
based on the gold value alone uranium recovery facilities at 
(of $140) were estimated at other phosphoric acid plants. 
13.19m tons grading 9 grammes 
gold and 0.19 kilogrammes Tm 

uranium. Mr. A C. Petersen, the ROUND-UP 
Harmony chairman, pointed out .. . 

last year that as mining opera- Diamond drilling is expected to 
tions progress into known low start by the end of this month at 
grade gold areas and the new a silver-lead-zinc find at Kathleen 
uranium plant comes into opera- Lake in tbe Yukon Territory. High 
tion the new method of valuation grade values have been found in 
will have a " significant" effect on the four trenches blasted out so 
the calculated ore reserves. far, one of which having given 

In other words, the growing 44.92 ounces silver per ton with 
importance of Harmony’s uranium 28 per cent lead and 0,8 per cent 
sales is extending the life of the anc. The joint venturers are: 
mine which now comes into the prism Resources (23 per cent), 
long category. So, too, is the $i e bens Oil and Gas (25 per cent), 
rising gold price which, as the Chieftain Development (25 per 
part quarter's results show is Asamera OO (123 per cent) 

1 S5 aot on t ^ and the German-owned E aid B 

of low grade Explorations (125 per cent). 
Steel Alberta 


Uranium fever 
in Westfield 


URANIUM exploration excitement 
again flared up yesterday in 
shares of tbe Cana dl a n -fash 
Northgate group. A month ago 
it was touched off by the Irirti 
hopes Of Anglo United Develop- 
ment, the shares of wtitch spurted 
to 260p and have since come'back 
to 205p. 

This time the hopes have 
centred on the Johan Beetz 
uranium prospect in Quebec 
where Westfield Minerals has a 
25 per cent stake and Northgate 
75 per cent Westfield jumped 
42p to 150p in London yesterday 
while Northgate (which holds .43 
per cent of Westfield advanced 
40p to 445p. 

Prospecting work at the Johan 
Beetz area last year indicated a 
diversity of uranium potential 
ranging from small pegmatite 
dyke occurrences— where two 
trenches in one anomaly assayed 
3.2 lbs of ur anium oxide per ton 
and L83 lbs. each over 2V ft— to 
more extensive areas of low grade 
mineralisation generally in the 
range of 0.4 lbs. 

Tests on a 10-ton sample 
indicated that add leaching would 
recover the u ranium with. minimal 
difficulties. There has been no re- 
cent news of the prospect 
although it is believed that the 
searchers have been further 
encouraged by their results. 


e °'rL°f£\,i Steel Alberta is to acquire a 

^was an f abore Maior i* 011 ore deposit, in Montana 
rest 30 cmite ^nSin? a vS?s covering appriximately L500 acres, 

total of 53 cents) and higher pay- VnnL 

merits are on the cards for the reserves of 160m tons, 80m tons 
current rear of which are proven reserves, with 

After a good Mareh quarter, an average iron. content of 28 per 
Blyvoor has again done trail with cent- This acquisition follows the 
increased gold production and a recently-announced acquisition of 
notable reduction in costs per ton rights to the Peace River iron ore 
of ore milled. Recovering from deposits and gives the company an 
the effects of its flooding early Immediate source of iron to com- 
this year the marginal Durban pleraent the longer-term potential 
Deep has madei a useful profit — of Peace River, 
before State aid— in the past Australia’s Magnet Metals, 
quarter. Leonard Oil and Western Queen 

But the struggling East Rand (1935) have lodged applications 
Proprietary has produced less for 103 mmera>l claims for 
gold as a result of a decline in diamonds in the Lennart! River 
its already low recovery grade and Valley and surrounding areas In 


Meggitt jumps 
to £181,113 
at halftime 


A jump in pre-tax profit from 
£40477 to £181413 is reported by 
Meggitt Holdings, machine tool 
maker, for the April 30, 297% 
half year. Turnover was up from 
to £2.83m for the period. 

After tax of £95,219 (£21,830) net 
profit was £S5J894 (£18247). Earn- 
ings per share are shown at 2p 
(Q.43p) and tbe interim dividend 
based on a 33 per cent ACT rate 
is ahead from 04S5p to OSZ2llp 
net per 5p share. Last year, a 
0.2p final was paid on profits of 
£190,868.. 


Financial Times Tuesday July. IS 4973 Vl 

• , ' -&T- 


GREAT PORTLAND fy 

ESWiS 


Basil Samuel, F.R.i.C.S^ Chairman and 
Managing Director, reportson the year 
ended 31 st March, 1978:- 


# GROSS RENTAL INCOME £8,063,983- 
UP12% FROM £7,181,470. 


$ NET REVENUE PRE-TAX £4,1 03,913- 
UP 54% FROM £2,665,524. 


* EARNINGS PER SHARE &2P- 
UP49% FR0M5.5p. 


# SCRIP ISSUE OF 1 FOR 2 PROPOSED. 


iSi 


Copies -of the Report and Accounts 
may be obtained from the Secretary at 


Knighton House, 

52-66 Mortimer St., London W.l. 
Telephone: 01-580 3040. 


This Advertisement is Issued in compliance with the 
requirements of the Council of the StockExchange. 


Placing of £3,000,000 

LONDON 

BOROUGH OF WANDSWORTH 


Variable Rate Redeemable Slock 1983 
Price of Issue £S9£ per cent 


Application has been made to the Council of The Stock 
Exchange for the above Stock to be admitted to the 
Official List. 

rn accordance with ft© requirements of Ota Council of The 
Stock Exchange £300,000 of the Stock is available In the 
market on the date of publication of this Advertisement and 
until 10 a.m. on Wednesday, 19th July, 1978. 

Particulars of the Stock have been circulated in the Extol 
Statistical Services Ltd., end copies may be obtained 
during usual business hours from 18th July, 1978, until 
31st July, 1978, inclusive from 

Pember& Boyle, 

30 Finsbury Circus, London EC2P 2HB 



-ALPINE AG 


BALANCE SHEET AT DECEMBER 31, 1977 


Assets 


Liabilities 


Current Assets 


Cash 

Marketable securities 
Notes receivable 
Accounts receivable 
Accounts receivable 
from subsidiaries 
Inventories, downpay- 
ments made on account 
Other current assets 


Fixed Assets 


Land, buildings 
Machinery, operating 
and office equipment 
Plants in course of 


for plants 
Interests 
Other assets 


Net-loss 


Surplus brought forward 
Loss for the year 


us$ 

US$ 


us$ 

us$ 

134,816,032.- 

14,877,260.- 

4,595,700.— 

414,267,273.— 

237.711,566.— 

537,876,914.— 

€3,500,041.— 

1,397,644,786.- 

Current 

Liabilities 

Downpayments made 
by customers 

Accounts payable 
Accounts payable to 
subsidiaries 

Short-term bank debts. 
Drafts payable and 
promissory notes 

Other current liabilities 

127,910,630.- 

192,394,235.- 

23,882,549.- 

189,458/166.— 

14,297,019.- 

67,180,526.— 




615,123,125.- 

297,127,626.- 

638,517,312.— 


Long-term debt 

Loans 

Other long-term debts 

337,430,222.- 

539,546,611:- 

876,976,833.- 

53,558,225.— 

191,182,520.— 

38,714.100.- 

1 ,21 9,099,783.— 

Provisions 

Capita] and 


150,503,500.— 





1,231,369.- 

1,464,779.- 

233,410.- 

rfeserves 

Equity capital 

Legal reserve 

Voluntary reserves 
Evaluation reserve due 
to special depreciation 
Provision for severance 
pay and pensions 

196.250.000. - 
88,429,500.- 

127.750.000. — 

266,659,271.— 

295,285,750.- 




974,374,521.— 


2.616,977^79.- 

- - - 


2,616,977*979.— 


1 US$ — 6S16,— 


Profit and Loss 
Account 1977 


Operating 

revenues 


Operating 

expenses 


VOEST-ALP1NE 
Postfach 2 , A-4010 Ur® 


Tel. (0732)585 
Telex 02/1822 



L, 





Employment costs 576,$32£29.— 

Cost of materials used and 


other expenses 

Depreciation 

Interest 


Loss before 

extraordinary 

items 


Result from investments - 5,130,978. 
Extraordinary result -1:12,034,149.' 
Draw on voluntary reserves +44,687,500.' 


Loss for the year - 1,454,779.- 






29 



Financial .Times Tuesday July 18 -1873T 


financial and company news 



IERICAN NEWS 


Lykes-LTV merger may foci? delay ^^ arp gain 

J J by General 


SY STSWAax FLEM+NG 


. [OSPECTR FOR the earjv com- subject to 
-tion of ihe inereer __ 


a review of all 


.. *V and the Failing Lykes cor- 
, ration, wmch would create 
» nation’s third largest steel 
inpany. received a setback 
lay when LTV asked for its 
. ..arcs to be suspended from 

• ^drng. 

• Tne company disclosed that a 
curities and Exchange Com- 

. ission investigation of stock 
• : lues at its Jones and Laughiin 
. pel subsidiary had revealed an 
e evaluation of inventory which 
foiild have a materially 
verse impact on the reported 
''■’■stilt'* of operations of J and L 
prl and of LTV." 

The LTV statement added that 
. e company had been advised 
.-Ny Mr. Chester H. Ferguson, the 
‘‘ : ce- chairman of Lykes, 


merger between facts as they become available. 


NEW YORK, July 17. 

the ment could well mean that the of any restatement of reported 
terms of that loan will have to earnings ' that will be required 
be revised. has not been determined. The 

It was only last month that the ^ ocus of the Investigation has 
Attorney-General, Mr. been inventory accounting in 
Bell, announced that the ^ aDI * ^ Steel in 1975 and 1976. 


Mr. Ferguson did not believe the 
developments m the investiga- 
tion would prevent the companies tj p 
from continuing to prepare for 

^It^Tuggested however that Us - ^overamenf would Tot ti$ P e company pointed out thaMt 
the adve«?®mMW h i^ stock to b,ock ^.merger on anti-trust J oes appear that there will 
llnln.tl.. Tin: 1 J ' grounds, since without the k* an y raa terial effect on the pre- 


Motors 
in Brazil 


Philip Morris ahead after 
record in second quarter 


BY JOHN WYlfSS 


NEW YORK, July 17. 


valuation on LTV could! well 
result in pressure to change the 
terms on which LTV was to take 
over Lykes, and it could also 
lead in delays -in the. merger 
going through. Specifically, atten- 
tion is drawn to the fact that 
the deal Is in part being sup- 
ported by a $440m line of .credit 
under negotiation from major 
U.S. banks. 


since without the , - 

merger Lvkes might fail. Lykes 1 tas results of operations reported 
interests include the Youngs- foT P enods subsequent to 1976. 
town Sheet and Tube . Steel “ However, it added, “ in the 
Company which has bad serious even * °f a restatement of prior 
financial problems. In 1977 Lvkes - vears i retained earnings of the 
reported a net loss of SI 90m on would be adversely 

sales of $1.76bn and LTV affec ted and certain deferred 
reported a loss of $3S.7m on sales ta * credits reflected in the 1977 
of S4 7bn after-tax reported results may be 

_ ' ' , utilised in those prior years and 

Commenting on the valuation therefore would no longer be 


The substantial change in the of stocks arising from the SEC available in 1977." This would 
value O’ LTV's assets which investigation, LTV said this increase the reported loss for 


that seems to be implied in the state- morning that the precise impact 1977, the company added. 


Increase at 

Manufacturers 

.Hanover 

; NEW YORK, July 17. 


Union Camp near peak levels 


WAYNE, N.J.. July 17. 


UNION CAMP corporation ex- “The remarkable-- thing," mill products including liner- 

pects to report second quarter McLaughlin said, “is that we have board into bags and boxes. "Our 

5COND quarter net operatisg * n the range of $1^5 to managed to stay'up there despite mills and mills throughout the 

^ „ come of the bank bolding *1.30 a snare, which would only few major price improvements industry are operating at close 
- - ,-^V-,mipany Manufacturers Hanover be abn ut 5 per cent behind the in our major lines. In fact, to or full capacity. And inven- 
'^->6rpornttan moved ahead from t > uarter ly record of S1.34 a share many lines are selling below tones, which had been high, have 
:7.93m or $1.27 a share to „ ln the second quarter of 1976, the prices of two years ago." dropped both in the U.S. and 
-5.39m or $1.40. After securities Mr ' . ? ef 5 r McLaughlin, the Prices have begun to move up abroad." 
ansactions. net income emerged P r £s* deat - told reporters. this year “ even if only to the AP-DJ 

"-uglier at $45.42m or 81.40 a share *v That w°uld mean he added. levels nf two years ago." The * * * 

jainst $37.82 m. Per share earn- - a L . 15 diversified paper price of linerboard used in the Directors of Kaiser Cement 
as remained the same as at the P acka P m 3 building materials and making of corrugated containers Gypsum Corporation and Medusa 
lerattng level specialty chemicals company had is only $205 a ton currently com- Corporation .have approved a 

•For the six months, operating “V ea ™inS5 of about pared with 8215 a ton in April definitive agreement for the 

— (7Di!_ S2.40 a share. In the 1977 second of last year. merger of the two companies. 

“ But there are strong pros- reports AP-DJ. The merger must 

pects for increases late in the he approved by a majority of 

summer which would carry the Kaiser Cement's common stock- 

prire above the S215 figure:" holders and by holders of two- 
The company converts about thirds of Medusa’s common and 
60 per cent of its unbleached two-thirds of its preferred shares. 


By Diana Smith 
RIO DE JANEIRO, July 17. 

AFTER A bad year in J977, 
an upswing of car sales in 
Brazil is reflected in the greatly 
improved results of General 
Motors of Brazil’s finance com- 
pany, which finances about 
50 per. cent of GM’s sales 
through its concessionaires. 

In the first half of this year, 
the GM. finance company's net 
profit rose by 240 per rent com- 
pared with January-June 1977 
— from $3m to $ 10.5m. The 
finance company, with $16. 7m 
In capita) and reserves, is the 
largest such enterprise of its 
type among finance companies 
owned by car manufacturers 

The overall volume of 
financing operated by the GM 
finance- company rose from 
$78J2m In January-June 197T to 
$145m in the first half of this 
year— an $5 per cent increase. 
It also raised resources from 
bills of exchange of $223m. 
compared with $i34m in the 
same period last year. 

The finance company claims 
that with highly-trained, effi- 
cient management, it has scaled 
its running costs down to a 
level :far- .below those of 
Brazilian commercial banks, or 
finance companies tied to these 
banks. ■ 


PHILIP MORRIS Inc., the 8350 compared with 82.62. Reviewing the earnings report, 

tobacco and beer giant which has This impressive performance Mr. Joseph Cullman III, Philip 
been on a S623m acquisition appears to confirm analysts' ex- Morris’ chairman and chief execti- 
spree in the last three months, pectarions of earnings per share live, noted today that within the 
reported today that its net earn- this year of close to S7. exclud- U.S.. Philip Morris's cigarette 
ings in the second quarter ing the impact of the purchase unit soles and market share had 
exceeded Si 00m for the first time, in May of Seven-Up. the soft increased thanks to the continued 
Earnings were 22.5 per cent drinks company, for $515m. growth of Marlboro and the 
higher than in the same quarter Philip Morris followed this sub- success Qf its new low' tar cigar- 
last year and totalled $l(M.3m. stantial acquisition with the pur- ette Merit. Foreign unit sales had 
Consolidated sales were Sl.BTbn. chase last month of the Liggett 
25.8 per cent higher than in the Group’s foreign cigarette opera- 
same period last year. Earnings tions for $10Sm. 
per share were $1.74 compared The company said loday that 
with $1.45. Seven-Up’s results had been con- 

Net earnings in the half year solidated Into Philip Morris from 
were also 22.5 per cent higher, June 1. but the second quarter 
and amounted to S191.S3ni on and first half figures had not been 
sales of $3.06bn. Earnings per significantly affected by the 
share for the six months w ere consolidation. 


also reach ?d a new nigo in the 
second quarter, and foreign 
results had not been significantly 
affected by currency movements. 

In addition, said Mr. Cullman, 
demand for the Miller Brewing 
Company's products was continu- 
ing to exceed prnduction capacity 
despite the rapid expansion' of 
facilities. 


come advanced from $78.6m or 

'''share^ After°' sSn^ues f tr 2 ’ 73 ” 5130 a 

•tiS *. harp - on »1» of $281 .Sm. In 


-tions. net income was SSS.SSm 

• $2.74 a share, up from $7S.69m 

• $2 65 a share. 

Meanwhile, second quarter 
lerating income of another bank 
.gliding company W : cstmi Ban- 
>lVirpnrnt«m rose from 828.42m to 
•1.36m. to civp operating income 
;r share or $1.69 again** $1.19. 
ficr securities transactions net 
come emerged at S4t>.46m or 
.65 a share compared with 
!K 12m or $1.17 a share. 

These results lifted first half 
icr.il mp income from S53.fi7m 
.* $2-5 a share to S7R.47m 
121 a 


the first half of last year, net 
income was $59.Rm or $2.47 a 
share of sales of $537.9m. 


Metals groups are optimistic 


BY OUR FINANCIAL STAFF 


or S2.01 on sales of SS47m for 
the corresponding period of 1977. 
Earnings for the half-year 


HIGHER second-quarter results 
are announced by iwo leading 
metals groups. Kaiser Aluminum 

=b-,r» j!!! and Chemica ' and Reynolds totalled $77.3ra. equal to $3.«1 

in»,-iinnc *.i Metals. and both companies are a share against $64.2m or $3.19: 

S ', StvPl SUll °P ,inii s tic on current three- Half-year sales were unchanged 

■ InVsVl Mm „ S oS , n,nmhs P™!"* 1 *- SI si 2bn. 

ThP £ ,n « rnotlte Kai_er 9 second-quarter net Second quarter earnings at 

10 ‘ a earnings amounted to $52.8m. or Reynolds Metals advanced from improved sales volume 

share, on sales of 
compared with S40.3m 


•nup Howard Johnson reported 036! a 
•creased per 'hare earnings in crcwv.*, 
ip first six months from 59 cents * “’ ’ 

. 67 cents, while the building 
laterals r^ncern Ideal aBsic 
tdustries moved ahead from Rfi 
•nts to SI. 15 a share ln the 
■stood quarter. Texas Oil and 
as. the 01J and aas development 
impany. advanced from $2.57 a 
jare-.to S2.95 a.^hare for the INCREASED— 
•st nine months of the current earnings are 


share. Sales were up from 
S632.7m to S714.7m. . 

Kaiser’s half-year improvement 
was largely attributed to its 
aluminium division. 

The company is confident on 
the outlook, expecting sharply 
in the 

a corresponding f33 68ra or SI.90 second half compared with last 
a share, to $44j22m or S2-31 a year. 


Half-year improvement at Westinghouse 


Signal profits 
shoot ahead 

By Our Financial Staff . 

EARNINGS OF Signal Com- 
panies moved sharply ahead In 
the second quarter of this 
year; with Mr. Forrest N. 
Shumway, president and chief 
executive officer of the diversi- 
fied manufacturer of trucks 
and aerospace products, con- 
fident that the strong perform- 
ance trill continue. 

Net. profits totalled S45Jm, 
an advance of nearly 57 per 
cent on the S2$-8m earned In 
the same quarter of last year. 
Earnings per share were 52.35 
against $1.45. 

For the whole of the first 
half. Signal’s growth in net 
profits was an even steeper 65 
- per cent to $76.1m from S46m, 
with earnings per share 
coming nut at $3.95 compared 
with $2JL 


Tough time for chemical majors 

ST. LOUIS, July 17. 

MONSANTO AND Allied, two however, including an after-tax quarter net income declined to 
leading U.S. chemical majors are non-recurring gain of $19m or between 874m and $7Sm or $2 
finding progress in the current 68 cents from sale nf a coke and $2.10 a share, from the 
year tough, going. plant and dyestuff business. $S1.5m or $2.21 a share earned 

After higher results in the first The ] <> w *r net in the first half the year before, Mr. James J. 
three months Allied Chemicals resulted despite record income Kerley. executive vice-president 
now reports second Quarter net operations. The coinpflD) s and chief financial officer, said 

earnings of only S35.9m or SI 3*7 effective lax rate in ihe first half today. 

a share, compared with S62.5m * a f “P fr ^ l „ 4 ® b _ per ^ Second quarter sales rose 

or S2.23 a share in the same £ ear t0 

because of the higher effective 
UK tax rate and increased North 
Sea oil production and partly 
because last year's one-time gains 
were taxed at the lower capital 
gains rate. ■ 

Primarily because of a cost- 
price squeeze in chemical inter- 
The second quarter net of 1977 mediates, Monsanto’s second 


up 


a 

period of 1977. Sales were 
from S785fim to $SI3m. 

At the six-month stage, earn- 
ings arc down from $76. Im or 
*2.72 a share to $65 8m or $2 33 
a share. Sales amounted to 
$1.59bn against $I.47bn. 


“ about 5 per cent " to between 
$1 18 bn and $1.2 hn compared 
with $1.12 bn in 1977. 

First half earnings should be 
between’ $21flm and $2l4ra or 
$5.70 and S5.R0 a share, against 
$229. 4m nr $6.22 a share the 
year before, said Mr. Kerley. 
Agencies 


American Jet offer for Grumman unit 

VAN NUYS, July 17. 

AMERICAN JET Industries has Grumman Corporation will con- would mrrease their ownership 
reached an -agreement in prin- tinue as a preferred shareholder to 43 per cent, 
ciple to buy Grumman American of Grumman American and will American Jet will offer $17m 
Aviation Corporation for 332m also continue the development, .in cash for -their. Atock and 
plus S20.5m of a preferred stock testing and certification of the warrants. A formal letter of 
issue of American Jet, Mr. Allen Gulfsiream-Ill to meet its per- offer is expected to be sent to 
Paulsen president and. chief formance specification under con- minority shareholders within the 
executive officer of American Jet, tract with American Jet. next few weeks, 
said today. Grumman will also provide con- For Gnunman's 80 per cent of 

Grumman Corporation has tinuing engineering and market- the common stock without 
agreed, subject to the approval ing support and will receive a warrants, American Jet will 
of its Board to sell the Grumman commission on Gulfstreara-Ill offer $l5m cash, plus $10ra of a 
American common slock it owns sales. preferred issue of American Jet 

which is 80 per cent of the out- ln addition to 20 per cent of stock. Grumman also now holds 
standing shares. the common stock of Grumman S10.5ra of Grumman American 

Should the acquisition of American now outstanding, the preferred stock which will be ex- 
Grumman American Aviation by minority shareholders own changed for a new preferred 
American Jet be closed, warrants which, if exercised, issue. AP-DJ 


^ral_ .year. 
Cannes 


NEW YORK, July 1 1. ,, _ 

, ^ U.S. QUARTERLIES 

second- quarter. Net .operating., rami mgs f or. settlement. _.The. extraordinary.;.. 

announced by the first half qf 1978 totalled loss was the equivalent of 5 " 


CONTROL DATA 



i /^Pacific Tel. 
^denied review 

4 IF icific Telephone and Telegraph 
»*■ id the California Supreme 
5urt had denied it a review »f 
f order hniilins: the company 
able for $750m in back taxes, 
.■ports Reuter from San 
rancisco. 

1 Pacific Telephone will now 
*ke its case to the U.S. Supreme 
, ourl. 

; • 1 *, If the nrder. made Iasi year by 
ie Slate Public Utilities Cnm- 
isMon. becomes effective, the 


Westinghouse Electric, . on .5141.05m. or $L62 a share, cents a share, 
operating net figure of S74.81m. against $121 m or St .39 a share ’ All three of Westingbouse’s 
equal to 86 cents a share, com- previously. Sales increased from major operating companies con- s * e, "“ °“ arler 
paring with S64m or 73 cents a $2.96bn m S3.22bn. trihuted to the sales gains in Revenue 449 lm 

share in the corresponding Westinghouse said the 1877 both the second quarter and first Net profits 25.5m 

period last year. Sales were first half net was after an extra- half and continued to show Net per share 148 

almost 10 per cent higher, rising ordinary loss of S-t.Rm after taxes improved profit margins. six Mwiih* 

from $1.53 bn to *1.6Hbn. on a uranium contract litigation Agencies Revenue 849.5m 

Net profits 41.2m 

Net per share... 2.3S 


1777 

5 

369.8m 

17.1m 

0.99 

708.0m 

30.1m 

1.74 


EUROBONDS 


Significant discount for Chase issue 




BY MARY CAMPBELL 

The picture in the interna- Capital Markets Suh-Committee stood- at 9SJ/3 for most of the 

tional bond market was basically which sets the schedule for day. A bigger discount than on 

unrhmeed vesterdav with the foremen bond issues was meeting some issues might be expected 

— ------- -- unenangea «xeraa>. 11 « yesterday afternoon, but the purely because of its size, and 

. „ 7* 2 unpany will bp ineligible to use D-Mark seitor continuing weak, are not likely to emerge many dealers said that they had 

■pplpntpd denreciation for lax dollar straight bonds a lituc until tnriav not gaoh mnrh c*>iimo 

firmer 


■celerated 

irposcs. 


straight oonas a nine until today. not seen much selling 

and floating rate notes in the FRN secondary' market. 


somewhat easier again, though Chase Manhattan's issue opened the narrow spread is 


{RIEFLY 

Jnion Bancorp 

nion Bancorp will charge 
$3.9m after tax provision 
•ttieinoni against the previously 
i non need quarter income 
ports AP-DJ fmm Los Angeles. 

« a result nf the special charge. 

•t income for the period will be 

C. Ernst loss 

C. Ernst will report a loss nf 
■mil $3 per share for the fiscal 

•ar ended last March 31. reports 

I'-DJ from Washington. The crrrfii National Sloe I9tt_ 

'» »n«» principally “>«- ! S3TS 2B-~— m 

erm rc-valualion of contracts g,-;- g.p,. 19e7 gu 

connect inn with its year-end kib 8!pc vm *6 

■Hi I which will also affect fourth EMI >u»c ;wb 
inrier results. 


at a significant discount by the expressed, 
standards of this sector of the The Bahraini dinar issue for 
market Tt was quoted at about Sonatrach has now been closed, 
continued as a heavy buyer of around 981 or slightly above on It is guaranteed by Banque 
D-mark domestic bonds. The the blfl side at the opening, but Exterieure d’Algerie. 


in good two-way' business. 

In Germany, the Bundesbank 


McGRAW EDISON 1 

SKond Quarter 

1778 

1777 

. 

5 

S 

Revenue 

2fl7.5m 

264.9m 

Net profits 

19.0m 

15.6m 

Net per share... 

- 1.16 

0.95 

Six Mwiths 



Revenue 

583.0m 

519.4m 

Net profits 

35.8m 

30.2m 

Ner per share .. 

2.18 

1.85 

McGRAW-HILL 

Seond Quarter 

1778 

1717 


S. 

S 

Revenue — .... 

176.1m 

151.8m 

Net profiis 

13.4m 

10.2m 

Net oer share... 

0.53 

0.41 

Sbt Honlits 



Revenue 

32U.7m 

284.5m 

Net profits 

23.8m 

16.9m 

Net per share... 

0.96 

0.68 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia Hpe IMS 

AMEV Ape 19B7 

Australia Mpc 1792 ._ 
Australian M. * S. 9*pc *S3 
Barclaj-s Bank 1803 ... 

BoM-srcr Pipe 1992 

Can. N. Bailwar Ripe 1988 


■M 

vn 

9$ 

K1 

, 97 
941 
97 
941 
Hi 
973 


iafon bid 


non Corporation has made an 
Tor to purchase any and all 
■islanding shares "f slock of 
Ulcr-Hnninier at $58 a .share in 
Kh .is previously announced, 
ports .-\r-D.i from Cleveland, 
ic ttutler-Hammer Board 
nnimnusly recommends the 
Irr. 


ESSO Spc ISM Nor. 

nt. Lakes Paper SJpe 1984 
HamrrsW 9ipc 1992 
Rrtlrt Qui'hpc Bpc IMf ... 

1C1 Ripe 1987 

1SE Canada 9jpc BBS 
Mann Ulan BlOdle] 9nc 1992 
Mauri- fp reason 9|pc ’91 

Mh-belin SIpc 1988 

Midland lm. Kin. Ripe 'K 
National Coal Bd.. Spc 1987 
Nailonnl Wstxnnsu-. Poe W 
Null wetmnstr. 9nc "88 'B' 
Ncu-foumllatid 9pc. 1989 
Nordic Inr. Bank Stpc 1968 
Nnrfir* Rom Bk. Six 1992. 


Offer 

98 

M3 

ns 

971 

9W 

071 

951 

983 

HI 

991 

941 

m 

99] 

97 
1WU 

98 
101 
ss: 

Hi 

lab 

95* 

m 

101 ] 

w 

911 

inO] 

1001 

90S 

963 

95] 





The Bank of Tokyo, Ltd, 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series E Maturity date 
19 January 1981 




Jn aocortfance with the proviaons of the Certificates 
of Deposit notice is herebv given te tor the 
six month interest period from 18 July 1978 
to IS January 1979 the Certificates will carry an 
Interest Kate of 9 l A% per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 
London 


Non* Hydro Si pc 1992 ... 94] 

Oslo 9pc 168S 99] 

Poru a Mono mi- ^ Spc 1991 97] 

Prow. Qwfbsx 9pc 1995 . 93} 

Prov. Sukatcbwn. Mpc 974 
Head' International 9 pc 1987 991 

TIHK Spc 1992 94 

Selection Trust 8fpc 1989. „ 91 

Sben loll. Fin. 81 pc 1990 .. 95] 

Sfcand. Enafttlda Spc 1991 . 97 

SKF 8pc 1987 914 

Sweden MCdami 81 k 1987 W] 

UnilPd Biscuits «pc 1989 ... 97t 

Volvo Spc 1987 March 93] 

NOTES 

Australia 74pt ism 034 

Bell Canada 71 pc 1987 ... 951 

Br. Columbia Hyd. 7 Jk '85 93 

Can. Pac. Bloc 1984 .... 97] 

Dow Chemical Spc 1986 984 

ECS 7fpc 1985 944 

XT.S 8]pc. 19S9 931 

SEC 7Jk 1982 - 9M 

-EBC-7JK.IBM • - 94 

Eras Guts-lt 81 k 19M ... 86 

Couvei-ken 7|pc 1982 . ... 94] 

Kockums Spc 1983 9til 

Ulrbelin 8iK 1883 984 

.Montreal Urban SlK l»l 
New Brunswick 8pr 1984 . 964 

New Rnms Prov. B!k 'W 09 
New Zealand Blpc I98fl ... 95] 

Nordic Inv. Bk 7iuc 1984 934 

NoTSk Hydro 71 k 1982 ... 93] 

Norway 74 k IMS 944 

Ontario Hydro 8 k 1987 .. - 934 
filwwr 8!pc 1983 994 

S. 04 Scot. Klee. 8 !k 1981 98 

■Sweden fK'dotni 7 Jk 1982 944 

Swedish Sraie Co. 7 Spc *82 951 

Trimex Sipc 'WM .... 9SS 

TeniKco 74 k 1987 May ... 911 

Volkswanrn 7|pc 1987 94 

STCRLINC BONDS 

Allied Bre works I Dine *M »I 

CillCOrp I Ok 1993 - 95 

Conmnlda 9Jpc 1HV 01 

KCS 190 Ml 

Ete 9 toe 1998 964 

EJB 9 jfpc 1993 ..- ..1 924 

Finance for lod. 95 k 1987 994 

Ftaaro* for tod 10 k 19® 91 

Flams 164K 19F7 961 

OeBtetnw Tine 1988 914 

1NA 10m 1988 914 

HDwmroe lD4pe 1988 04 

904 

90 


Sean IOIdp 1988 .... 
Total Ofl 91 k 1»84 


DM HHH 

Aslan Dev. Bank 54 k WW M4 

BNDE 61K IMS 96] 

Canada 4 toe 1983 97} 

Den Norsfee Id. Bk. kk W 991 
Dcntrehs Bank 4 toe 1983 ... 974 

EC5-44K 1996 93 

RIB 51k 1990 Ml 

EV Aquitaine 55 k 1988 .. B4i 

Eftraiom 51 pc 1W7 974 

Finlnnd SIpc 1986 Ml 

Fomnorltii &{k 1999 .... B*4 

Mexico 6 k WB M 

Xomm 54K 1B8B 994 

Norway dlpc twi 974 

Norway 41 k IMS M 

PK Baakor Slpc- IMS 941 


Offer 

95J 

954 

lflOi 

98 

Mi 

5*1 

94> 

941 

92 
9R 
97| 

9a 

93 
98 

94 


944 

964 

934 

96 

' 01 

95] 
944 
9* 
941 
9fi4 

93 

974 
Mi 
991 

975 
. Ml 

H 

94 

96] 

95 
941 
10»5 
Ml 
a>i 
91 
991 
Mi 
941 


881 

93 

BD1 

K4 

974 

Ri 

914 

u 

071 

924 

924 

904 

91: 

91 


H 

97 

98 
1004 

OR 

Mt 

94 

95 
Ml 
964 
97 
Ml 

100 

88 

Ml 


Bid 

Prov. Quebec Spc 1M0 964 

Raoianmkld Slpc 1988 94 

Spam 6 k 1986 954 

Trondheim 51 k 1988 — . 951 

J VO Power Co. SK 1988 _ 864 

enczucla 8pr U89 ...... 951 

World Banlr 31 k 1990 964 


FLOATING RATE NOTES 
Bank of Tokyo 1994 84 k ... 

BFCE 1984 81K 

BNP 1983 SI*K — 

BOB Worms 1985 9K 

CCF 1 985 SiK 


99 
991 
1004 
BB 
984 

Chase Manhattan 1993 984 

Crrdiransrall 1981 Slpc 99 

DC Bant 1963 9pe .... 992 

GZB .1981 SIhk - 8W 

Inrt. Westroinster 1984 Sue 99 

Lloyda 1983 SUkk — ION 

LTCB 1983 Ak ....J »» 

Midland Im. FS *87 souk 9» 
Midland lm. Flo. Serv. T3 981 
Xai. Wemnilneier *90 ISjtK 994 

OKB lBR 7 Jk 1094 

SNCF 1985 61k 99* 

Stand, and Chtnl. "84 Stoc 994 


Offer 

97 
941 

96 . 

98 

97 
984 
97] 


9M 

991 

1001 

954 

99 

99 

Mi 

IM) 

lf>91 

994 

1«H 

ina 

994 

991 

P91 

1601 

Ml 

98! 


Source: While Weld SacmrfUea. 


CONVERTIBLES 
American Bapresa 4iK *87 814 

.Ashland 5 k 1988 .... 94] 

Babcock A Wilcox 6IK 97 1974 
Beatrice Foods 44 k 19*2.. 97 

Beatrice Foods 41pc 1999 .. 188 
Beer-ham Ripe 1993 100 

Borden 5 k 1992 99 

Broadway Hate 4 Jk H*7. . 754 

Carnation 4 k IK7 ...» 79 

Chevron 5 k 1988 — 1SS 

Dan 4*pc IMT 804 

Eastman Kodak 44 k 1988 S4 
Economic Labs. 4toc 1987 784 

FI red I one 5 k 1988 80 ' 

Ford 5 k 1888 SS 

General Electric 11 pc 1687 81. 

Gillclie 4 !k 1997 - TKj 

Gould 5 k 1687 . 1172 

Gulf and Wet* era 5 k IMS SGI 

Harps 5 k 1992. 137 

Honeywell HOC 1988 ....... S64 

IC1 6!K 199- 89] 

INA 6K 1997 85] 

InrhraN* 6!w 1992 114 

ITT 41k 1K7 

Jusra 6 k 1992 117] 

Komatsu 71 k 1990 141 

J. Kay McDermott *!pc *S7 146 

ManuEhira Slpc 1990 1K4 

MITSUI 7{pc 1980 334 

J. P Morcsn 4«K !9R7 ... 96 

NaWwo Slv 1B« 1634 

Owens minds 4>K 1987 •- US 
J. C. Penney 4 »k 1W7 — W 

Revlpn 4 toC 1987 123 

Reynolds Metals SK >9S8._ 834 

Sandv.k sine IMS U» 

Stwrrv Rand 44 k B97. .... . 93 

SOUihb 4lK W97 - 89* 

Tesaro 4* pc IBM — 79 

Toshiba 61 k 1992 151] 

Ty Cn. 5W 19<«4 774 

Tr Co S4K 1988 . . .. lOSi 

l'mnn Carbide 1JK 1982 _ 92 

Warner Latnherf 44 k 1987 894 

Warner Umhen 4lK IBM 76* 
Xerox toe WH — — - 77 


96 

1K4 

98} 

1001 

191 

1»! 

794 
127] 
£ 
834 
SO . 
811 
564 
M4 
n 

lift 

£8 

189 

£8 

90! 

97 

115 
80 
UR! 
W2 
14 S 
1834 
135 
971 
IBS 
11S4 
77] 
1344 
85 
1104 
944 
Bfi 

884 

1354 

19 

in.- 

33] 

82 

78 

784 


Source; Xtodct, Peabody SeoarBlaa. 


MEAD CORP. 



POTLATCH 



TRANSAMERICA 


Second Quarter 

Revenue 

Net profits 

Net per share... 

Six Mralhs 

Revenue 

W7» 

5 

590.8m 

31.3m 

1.36 

1.1 1 bn 

M77 

5 

452.5m 

28.0m 

1.18 

868.6m 

Second Quarter 

Revenue 

Net profits 

Net per .share... 

Six Months 

s 

1978 

210.4 ra 
19.8m 
1.31 

S 

401.7m 

35.4m 

2.34 

5 

1977 

175.4m 

16.9m 

1.12 

s 

340.0m 

Second Quarter 

Revenue 

Net profits 

Net per share... 

Six Months 

s 

1978 

874.6m 

54.6m. 

0.82 

s 

1.7bn 

S 

1777 

822.2m 

44.0m 

0.66 

> 

1.6bn 

Nei profits 

Net per share... 

521m 

2.24 

47.6m 

1.97 

Net profits 

Net per share... 

31.4m 

2.0S 

Net profits 

Net per share... 

100.8m 

1.54 

78.4m 

1.20 

N. AMERICAN 

PHILIPS 


RUBBERMAID 



UTD. TELECOMMUNICATIONS 

Second Quarter 

Revenue 

Net profits ...... 

Net per share... 
Six Months 

1779 

5 

579.5m 

17.6m 

1.36 

l.Sbn 

28.4m 

2.20 

1777 

5 

477.4m 

15.7m 

1.22 

895.6m 

27.Sra 

2.15 

Second Quarter 

Revenue 

Net profits 

N^t ner share... 

Second Quarter 

Revenue 

1778 
• 5 

64.4m 

5.1m 

0.65 

1778 

123.5m 

1777 

55.5m 

3.9m 

0.51 

1777 

109.6m 

5ix Months 

Revenue .... 

Net profits 

Net per shre... 

Six Months 

Revenue 

340.9m 

3S.0m 

0.66 

666.9m 

72.36m 

1.26 

296.3m 

32.2m 

0.60 

578.8m 
61.30m 
, 1.16 

Net profits 

Net per sbare... 

Net profits 

Net per share... 

S.9m 

1.15 

7.8m 

1.01 

Net per share... 



TIME INC. 



WEYERHAEUSER 


NW OHIO BANCS HARES 


Second- Quarter . . 

-1978 

1777 

Second Quarter 

1978 

W7 

Second Quarter 



S 

s 

Revenue 

985.3m 

S42.5m 

s 

s 

Net profits 

34.-0 m 

25.1m 

Net profits 

115.4m 

91.4m 

Net profits 

3.5m 

3.1m 

Net per share... 

1.65 

1.24 

Nei per share... 

0.90 

0.69 

Net per share... 

Six Months 

Net profits 

1.37 

1.20 

Six Months 

747.9m 

55.0m 


Six Months 


l.Sbn 

6.7m 

6.1m 

Net profits 

4021m 

Net profits 

184.8m 

161.1m 

Net per share... 

2.64 

2.38 

Net per share... 

2.68 

1.98 

Net per share... 

1.41 

1222 


This advertisement complies with the requirements of the Council of The Stock Exchange. 


African Development Bank 



U.S. $40,000,000 - 

Floating Rate Notes Due 1983 


Thef allowing have agreed to subscribe or procure subscribers far the Notes:— 

Credit Suisse White Weld limited First Boston (Europe) limited 


Algemene Bank Nederland N.V* 
Banqne'Fran9aise du Commerce Extfirienr.. .. 
Citicorp Internationa] Bank Limited 
The Development Bank of Singapore limited 
Lloyds Bank International Limited 
Orion Bank Limited 


Ike Bank of Tokyo (Holland) N.V. 
Chase Manhattan Limited 
Creditanstalt - Bankverein 
Dresdner Bank 

- - - AkrienccseDschaft 

Nippon European Bank S A. 

PKbanken 


The Notes, issued at 100 per cent, have been admitted to the Official List by the Council of The Stock Exchange. 
Interest is payable semi-annually in JuJy and January, the first payment being made in January, 1979. 

Full particulars of the Bank and Notes are available in the Extel Statistical Service and may be obtained during 
usual business hours up to and including 1st August, 1978 from the brokers to the issue: — 

R. Nivison & Co. 

' 25 Austin Friars 
London EC2N 2JB 
and 

IStb July; 1978 The Stock Exchange 




So 


Financial Times Tuesday July 18.1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


French steelmakers planning co-operation 


BY DAYfD WHITE 


PARIS, July 17, 


making operation of the Chiefs- possibilities for the better 


Cbatillon sroup are planning lo their current ana planned pro- principal , industrial activities The presence of a Government out almost eu! 
s-'Cp up their I'O-ODerution in the du«:tion facilities over the next grouped under Chain lon-Neuves- hand behind the co-operation ot long ste« 
crisis-hit regions' of northern three months. Chatillon-Xeuves- liaisons. The latter already study was. strongly indicated by Chatillon wc 

i M-ilc.ms hoe tn ciicnunrl with Usinor in th« (tiHlilkon-XenvpjulTnfcnns- Which OflSition in SI 


Slow first 
quarter 
for EOE 
trading 


T\\'f ) of France's leading steel over of FFr 12.5bn and losses of France, which is awaiting a final Usinor is also associated with clearly have a prime role in tie 
companies. Lisinur and Chatillon- over FFr 2.8bn. go-ahead. ’ tie ChlerKtiatillon group's cable rap preachment between the two 

Neuvpjj-Maisuns. the main steel- The two companies arc lo study The Chiers-Chatillon group was and wire making company Tre- groups. There Is speculation mat 

»r use of reorganised last year, with the fileries de Chatillan-Gorcy- Cismor might as a result pull 

The presence of a Guvernment out almost entirely from the field 

steel products, while 

C ’■ibis- flit regions Ot nanaeto laree ujuulus. CQauuun-Aeuvca- M-utavus. « ic «•««■ «ncau> niuuj nua- aimuj&iy u iun«.v» -j would retitirce its 

France and Lorraine. Malsons has decided to suspend co-operates wiib Usinor in the Chalillon-Neuvemaisons. which position in specialised Belas. 

Usinor 3nu Chiers-Chatillon construction of a FFr 400m interchange of materials in the. said that official aid had been Usinor. which produced. S.Sm 

arc. respectively, number one (SSflnH oxygen steel plant in steelmaking region around Lille, pegged to harmonisation of the tonnes of steel_ last year is one VOLUME on the 

and number four in the French Lorraine, which it has just Their activities overlap both two group's Investment efforts, of the two dominant French com- FADING vulumji- on 

J”mI IndiBirv in terms of output, starred bulldins. there and In Lorraine, where The Paribas banians .^op. pames m the mohrag o£ heavy Europeto Opao^ Ej^shge 

about The companies are thought Usinor has a sleelmill at Thlon- with an important say in Usinor s and medium .plate and ® h * et three months of 

likely lo compromise on using villa. Chatillon one at Neuvos- main shareholder Densun- steel. ChatUlon-Neuves-Malsons day In the first tire 


By Charles Batchelor 

AMSTERDAM, July 17. 


They currently employ 

■>7.000 nepplc. an d Jan year pro . .... .. , . . . , 

duccd 9 am tonnes of sreel the parallel FFr 500m project of Maisons and noth have plants at TMordest-Longwy and tie - main special 
between' them, showing a turn- Usinor at Longwy in eastern Longwy. voice in Cheixs-ChatiHon, wdl steels. 


main specialises in stainless and mild operation, or something over 
— - io per cent of the estimated 


West German 
companies less 
profitable 


Rise in Swiss franc hits Sandoz turnover 


BY JOHN WICKS 


ZURICH, July 17. 


COLOGNE. July 17. 


[TURNOVER of the Swiss-based 
i Sandoz group was lower by 7JS 


break-even - level. The average 
number of contracts in April was 
740. risiag to 773 in May but 
Ealling to 750 in June with tie 
approach of the holiday period- 

Actual levels of trading were 
13.336 contracts In 18 trading 
days in April. 15.406 in 20 days 
in Mav and 16.521 in 22 days in 


in terms or Swiss francs, the adverse weather conditions, and 1977 for the industry, even if j un e. Open Interest on June 30 

iaaiiu<«. fiuuji «oa tunc. «_• <-j group's agrochemicals sector turnover of the dyestuffs divi- there is relief of the upward was nj.84Q contracts. Between 

! per cent in the first half oF - l978 showed what the parent under- sion was down 14.3 i»cr cent pressure ou the 'Swiss franc. April 5 when the EOE started 

\FT •.rofite nr We-t lierman ! than during the corresponding faking calls an impressive over tie period- from S^Fr 6Wm siQce ^ starT of t& i s year, trading and July 3. tie' number 
r-in;. a iiiu, trail those of com- ' six-aion'.h period of Iasi year., growth of 18.4 per cent, to to SwFr 569ra. In this latter ^ BaQk business has Of options listed rose from nine 

• miU in four other major! Accordm- to the parent com- SwFr 161m against SwFr I36ra - division sales levels rose in declined in the chemical indus- to 24. 

iiidiistnaAcd imuijiis. according J puny, the Basle chemical and for tie January June period, almost every important market try . A particular disadvantage involvement by Institutional 

if. 1 !. 1 ?!?? ^ en n?5??!! re ?l rf * n ^ oca currcn ‘ for the export-oriented sector. an d personal investors is on the 
a - - some SO per cent of whose out- increase, with 46.5 per cent of 

report prepare u put ^ so id abroad, has been the contracts traded for these classes 

, _ _. , - . _ . Bai V c renewed appreciation of the 0 f investor in June compared 

tho major industrialised nations. Uun ° r foreign currency bwFr — |3m. ... land in . Zurich slates that pros- currenc y. with 3S.5 per cent over the. three 

l\V said that a iter-las profits as ' ^change rates in relation to the JBJmebm. ^d»v»ionaI_ sales ^ indication of this is given months as a whole. 



_ chemical 

nnreentuuc- of equity MipHallSvrisA franc. _ ^ popped in Swi^ fronc_ terms fudueby are rather unfavourable ^ile“«nort The Dutch option classes 



frr* ggLZ !rBSffi "JESV", SS TT.fT‘ SU-VK K3S S.*3SW mSfl SSS^par-^ sg jiiJSt' ifflifla 
niffiS'E ih.5 i tawrac for *• perioi u tt0tei - SkFt in «*“ faM of ***»«• '» ■» r JsS^SST’—S «$$$ ““SmSisSSS^SS 


,n eluded Switzerland with 7.1 uer i 
cert. Netherlands with 71 peri 


Globinvest cuts payout after setback 


and toiletries. 


BY OUR OWN CORRESPONDENT 


ZURICH. July 17. 


Basle SE turnover 

^ .v ® u accounted for only 845 contracts 

Turnover on the Basle Stock _ )eSfi fban 1S p ' r cent of ^ 


cent, franco irtih 4.S per cent! 
and Italy with j negative 4 per 
cent. 

n perci'niage of larnovcr. I 
W<»« i.’erm^n companies * 1 elded 

sharplv lower afer-iax profit [THE imernational Reeuritiefi the fund were reduced by the profitability of the Paciflc-lnvest 
with I 7 p'T cent. Yielding , flind ciobinvesu an affiliate of rise in the Swiss franc exchance Fund for securities in the Pacific Exchange totalled SwFr 10.49hn total 
more ihan German companies nn . .. . » rtf e u , il7 .,i,.j rate, while fewer stock issues area remained satisfactory, m- in the first half of this year, and 

ini • basis were Canadian (5 7 pori u,e vmDn ",“ n ' were booked. terest income rising while divi- was thus down on the figure of 

rni i. U S. 1 3.0 acr cent i. British ! 10 pa - don, esiic certificate- t j, 1? same time, unchanged dend earnings declined. SwFr 11.03bn recorded for 

CIS per rem ».’ Swls*. UI.3 per [holders a reduced dividend of dividends of SwFr 1.60 and The Fonsa fund fnr Swiss Januarj'-June. 1977. The number 

c'nii. Dutch i2.6 ptr c«-nt. and- SwFr 1.60 per unit for the SwFr 3. respectively, are to be shares increased its profits due of bargains booked dropped .over 

Jan.inc>e tympanic* (2.1 peri financial year ended June 30. distributed by the’ UBS funds to dividend increases on the part the__same period from 43.109 to 

cenn. , aEainst SwFr 2 last time. Pacific-lnvesi and Fonsa. Despite of individual companies rep re- 37.579, writes John Wicks from 

AP-D.1 • Foreign dividends received by the exchange-rate situation, s»*nted in its portfolio. Zurich. 


IBM. 

The three UK stocks, which 
have been affected by problems 
in gaining access to underlying 
prices and the existence of the 
rival London options market. 


Fresh support 
by Bundesbank 


ANZ Bank: 



Australasian currencies 


When we tell you that we are the City’s leading dealer in Australasian currencies, 
it'sno i die boast and th ere's real benefit in it for you. 

Our prime position in the market means that we bring the same flexibility to exchange 
rates, as we do to all our services. As a 150 year old Australasian bank, we know the ropes. 
No-one is better placed to deal for you in Australian and New Zealand, dollars] Also we axe 
experts in Papua NewGuinea ldna and Fiji dollars. Nobody operates fasten [ 

L r sing. us for your currency needs is a way of testing our sen-ices without any 
commitment on your part Our own commitment- to customer sendee - could well 
persuade you to try us for other banking services. We would be delighted to assist 
Flexibility is our keynote throughout 

Keep up to date with the ia test in Australasian currency markets by ringing us on 
01-G23 9133 or consult our 
Reuter monitor ANZX. 



By Jeffrey Brown 


MALAYSIA 


The local banks 
begin to stir 



BY WONG SULONG IN KUALA LUMPUR 


MALAYSIAN-OWNED banks are financial resources. “Before w 
known for their conservatism, expand again, we must build iij . 


small size and parochial base, aeore of f-^^acedjjereonng,.. 


which explains why the most This will take time. We have „ 
profitable .businesses • have Indian expatriate erfficers wftf • 
traditionally been in the hands us. but they viH' have to jgj' , 
of the few foreign-incorporated back to India later," says SB ; . 
banks. Even today, 21 years' PicbaL Last year, the bank' , ; 
after Independence, the foreign which is controlled in ijj 
banks account for half the total employment of Indian expatrf . , 
loans and advances In Malaysia, eics by _ the Govenunoi^ 
But in recent years, at tie Malaystanisalion policy.. 1 

constant pressing of the central recruited an extra 200 staff . 
Bank, Bank Negara, local banks Increased salaries alone will skn- 
have begun to stir. down profit growth. • 

The changes and mood in tie . The _baok v ^ 1 " e tibark .on.r 
Malaysian banking scene are ringgit development net-, 
illustrated by what has taken J-f ar - when, construction of jh 
place at . banks.. . such as the 21-storey headquarters buildhu... 
United Asian and tie Develop- b e gU|S. ^esiteis : 

ment and Commercial. *“ * he banking and. sboppini,! ■ 

The United Aslan Bank f T l AR ict »^ f , 1 lh^^fro^ P Rnhin 1Cl 

ssrA-aff-i £s 


directives on lending lo certaii 


Malaysia, and tieir remittances 

and trade ulti India. Then, in P nont Y ".“!»• suen.as agrtcul 


lOAQ rlmHhi tuie, and Malay businesses. 3 t 

t£?s pSd . dilemma lor u, 0 advoooes to priorifr moo. . 

h^bJdry eeAoo “h S', 

ar y surgeons and agricultun 

tEHTSssK ™ ^° 4 ad,la; 

The banks had the option of Tba iimt i« yinvtimif 
closing down, or 
tieir ownership. 


restructuring The hank is particularly prom . j. 

ichose its ‘ experts, anc. ' 

They chose Umx fa . w , in ^ a typica... . 1 


tie second alternative, and after ‘ situation with 

0£ rndl^ tiat Ow«eM advantage. An Asian family maj 
£???“$* need urgent cash for a wedding.- 

Bank, tie Indian Bank and the „ function medt™ 


. , _ . tt religious function, medica 

^ 1,ed expenses or short-term working : 

merged ti form tie United gap^taj but has only jewellery ar 
Asian Dint . - ■ »» * t» i. +. . ■ 


collateral. UAB is prepared tt 


OFFICIAL SLTPPORT for the 
West German bond market 
continued yesterday with the 
Bundesbank buying some 
DM 245m in domestic paper] 
The central bank has now been 
** in the market ” for over 
DM 1.5bn in tie past six. full 
days trading. 

From Monday of last week the 
market has. un average, slipped 
by around U points, and tie set- 
back has been both dramatic, and 
unexpected. 

Exactly wby tils weakness 
should occur so soon after tbe 
central bank’s recent Injection 
of an additional 12 per cent or so 
of liquidity is far from clear. 
But over tie past few days 
market confidence has plaftnly 
evaporated and “ talk " is now of 
long term bond yields of between 
6i per cent and 7 per cent before 
tie end of this year. 

Tbe authorities seem to have 
underestimated tie squeeze on 
bank liquidity at a time, when 
interest rates h tbe U.S. continue 
to march upwards. Moreover, tie 
prospect of economic expansion 
within Europe — plus monetary 
union — Is beginning to pose 
short term pressures fior.tie West 
German currency. 


VW rights transfer 


THE West German state of 
Lower Saxony has approved the 
transfer of its .subscription 
rights, gained through a Voiks- 
wagenwerke AG capital increase, 
to the Foundation Volkswagen- 
werke. However, the agreement 
/eaves Lower Saxony’s voting 
rights intact, which amount to 
a 20 per cent blocking minority, 
according to AP-DJ in Hannover. 

The agreement transfers to the 
foundation DM lSQm for tie 
capita] increase in a trust 
arrangement To receive a con- 
tinuation of voting rights, Lower 
Saxony has agreed to turn over 
annual profits gained through tie 
new shares. Also, if the founda- 
tion wishes to sell tie shares. 
Lower Saxony has a prior pur- 
chase option. 


♦w-^ e ? n ?i an ba ?J ss ™tj* lned a offer cash at 1 per cent interesf- 
tiird of tie ®dulty of the new a^oou, a far cheaper facility 
bank; another 20 per cent went thaD ^ose offered by pawn ’ 
to tie Malays, and tie rest was brokers and moneylenders. 
taken up mainly by Malaysian The Development and Common 
Indian businessmen. „ dal Bank was for many yean-.-! 

reconstruction and a typical Chinese family business 
consolidation, the UAB expanded symbolised bv- the uninspiring - 
rapidly. As a local Malaysian j' t0 the western eye* of at . 
bank, it was allowed to open aQC i e nt Chinese coin, 
mare branches and in five years, 
it had extended its branch net- « . . ■> 

work from io to 29. bcrvuig traders 

Deposits have risen sharply , , , 

from 97m ringgits in 1973 to in Chinatown 
642ra ringgits last year. So have c*,-,*. hv Malaysia's firs' 

fmm Finance Minister. Tun Sir Hen 

increased from Mm ringgits to -n n t«p unc e onTpnt wtm 

7« m during the period. .Similar Sitog^mall prSL «S5ig ffi 
progress is also shown m earn- p el (y ^d ers jn Kuala Lumpur’* 
ings. with pre-tax profits rising ftVnahTwn ’ 



progressively from 1.7m ringgits 
in 1973 to 11 2m in 1977; 


hh: 


Ensuring growth 
through consolidation 


The transformation began two 
years ago, when Sir Henry's • 
younger son. Mr.. Alex Lee, 38,-, , . 

took, charge of tie bank. 

There was a restructuring and 
injection of fresh capital, with ' 

, Malay interests taking a substa» 

. Last year, the bank made a tial stake in D and C. From six’: ■ !••' 
pne-for-one rights issue, to branches In 1876, it has extended-- ’• 

increase its paid-up capital to its network by another eight, and: : 

aJm ringgits, bringing it more in plans to open more. Deposits,. . . 

line \rttb the increase in deposits, which stood at 29m ringgits in • 

Together with its reserve funds 1975 rose to 52m last year, and - 
and retained profits, .share- are expected to reach 83m thlr 
holders’ funds were raised . to year. Like the UAB, It has;~ 

34m ringgits, compared with. 19ra undertaken major recruitment, -'" . ; 
In 1976. and at tie same time held down. 

Recently, Mr. Vishnu Miirtby. the expansion in this area by-... . 
who played a major role in redeployment 
UAB’s formation relinquished The growth is .reflected in.'.,. , 
the diief executive director’s earnings. After-tax profits last:., . 
post to return to Madras as year n-ere lJ23m ringgits, com- 
chairman and managing director pared with 947,000 ringgits the; 

Overseas Bank. previous year. . - V 

His successor. Mr. R. Pichai Other changes include xe-: . 

■— -frinnerly general manager of organising its subsidiary Golden /, “ 1 
United Commercial Bank in Castle Finance Corporation, and ., 
Calcutta— sees his role as one renaming it D and C Finance. .' 17r . 
of ensuring growth through The subsidiary made a meagre 1 

r.KAflt m firm j It. I. ft 


consolidation. profit of 75.000 ringgits last year,/ / " 

me banks rapid expansion but a much better showing is" 
nas stretched its staffing and expected from it In future. •• r>*-— » _ 


PAN HOLDING SA Luxembourg 


As of June 30th, 1978, the unconsolidated net asset 
value amounted to US $122.35 per share of SlO.par 
value, showing an increase of 10.54% since 
December 31st, 1977, while, over the same period; 
the Dow Jones Industrial Index declined by 1.47%. 
This value was before payment on July 3rd, 1978, 
of a dividend of US S2.35. The consolidated net 
asset value per share amounted as of June 30th 2978, ' 
to US $135.43. 


; -4M, 

M,. 

J’lll!-. 


. -n 
tji-v - 

Ji’d 
f ‘ 'tL-. 


:.<■ b 


This advertisement is issued in compliance with die requirements of the Council of The Stock Exchange. 
It does not constitute an invitation to the public to subscr&e for or purchase any shares. 




Fluor Corporation 


(Incorporated under the laws of Delaware, United States of America) 


Authorised 

40,000,000 


Shares of Common Stock 
of $0,625 par value 


: " Issued : 

15.661,871 


The change of state of incorporation and merger plan became effective on 14th. 
July, 1978 whereunder each outstanding share of Common Stock of Fluor 
Corporation, aCalifomia corporation, was converted into oaefully paid share of 
Common Stock of Fluor Corporation, a Delaware corporation. 


The Council of The Stocjc Exchange has admitted to the Official List all the 
issued shares of Common Stock of Fluor Corporation. Particulars relating to- 
Fluor Corporation are available m the Extei Statistical Servicoamtcoplest of the 
statistical card may be obtained during normal business horns on any weekday 
(Saturdays excepted) up to and induding4th August, 1978 from: - •' 


S. G. Warburg & Co. Lti, 
30 Gresham Street, 
London EC2P 2EB. 


Pannmre Gordon &CV>V- v . 
9 Moorfields Highwalk,': 
London EC2Y9DS.^: 




'W.L, 


: : b. 




% 


t 

. i r ,-i 




'\U 

IS 






lib 


f Fill ancial Times Tu e‘s day July 18 197S 


INTL. FINANCIAL AND COMPANY N LYV S 


to 3 Modest earnings increase 
.7 for Rembrandt Group 



urrencv, Monev and Gold Markets 

V ■ *■ 


BY RICHARD ROLPE 

EMBRANDT GROUP the 
bacco-based South African 
ulti national which has diverse 
;d into areas such as mining, 
juor and textiles, has reported 
modest increase In pre-tax 
■ofits for the year ended March 
.. with the figure up from 
117.2m to Rl2t2»m ($139.3mi. 
'ith trie wx charge up from 
,31.4m to R33.5m the net profit 
vel has risen from RS5.8m to 
B7.8m (SI 00.9m). 

Out of the latter figure an item 
f Rllm. down, from R14.9m the 
ear before, is attributable to 
utside .shareholders, and after a 
oe-nff charge of R1.2m for ex 
■□ordinary items, the net attri- 
utahle fleure is up from 
70.Sm to R78m. Earnings per 
5 are on this computation are 
p from 135.7 cents to 149.3 
enls. 

The shares are a popular local 
istitutional stock despite the 


lack of detail as to profit sources 
and at 385 cents today yield 5.8 
per cent on the dividend for the 
year, which was raised 2.5 cents 
to 22.5 cents. Hence the latest 
dividend is covered 6.B times by 
earnings. The current share 
price compares with the 1977 low 
of 235 cents. 

That pre-tax profits have risen 
this year largely reflects the con- 
tribution of associated com- 
panies. These are 25 per cent 
to 50 per cent holdings by Rem- 
brandt Group which are equity 
accounted, and their contribution 
rose from R19.4m to R28.5m. 
Without these additions, which 
largely flow from the 25 per 
cent holding in the mining group 
Federale Mynbou. pre-tax profits 
for the year would have been 
lower. Federate Mynbou. the 
holding company for General 
Mining, raised pre-tax profits 
from R109m to R114m last year, 


JOHANNESBURG. July 17. 

accounting for most of the asso- 
ciates' contribution. 

An ’ important factor behind 
the reduced profits applicable to 
other shareholders appears to 
have been the figures from the 
67 per cent owned clothing group 
1L Back, which reported a con- 
solidated loss including special 
provisions of R5.3m. Rembrandt 
Group's holding in Volkskas the 
largest indigenous South African 
bank, has not been equity 
accounted as it is only 20 per 
cent and only the dividends have 
been brought in. 

The preliminary accounts 
show a figure of R4S3m for net 
shareholders funds suggesting a 
net asset value of about 930 cents 
per share. The group maintains 
a traditionally low profile but 
" full details" are promised with 
the annual report and accounts 
to be sent out at the end of the 
month. 


Malaysian Tobacco moves ahead 


BY WONG SULONG 

1 SHARP RISE in profits has 
■een reported hy the Malaysian 
'obacco Company for the first 
lalf of the current financial year. 

After-tax profits for the six 
nonths to March rose by 42.9 per 
ent from 11.2m ringgits to 16m 
inggits (U.SJSd.Sm). Sales 
ncreased by 11.9 per cent, from 
63m ringgits to 294m ringgits. 

The company, which is a sub- 
idiary of British-American 
'obacco Company, says that the 
ontinuing popularity of its main 
(garotte brands, the more 
ffictent use of its resources and 
n improvement in margins in 
10 th Malaysia and Singapore, 
ontributed to the profit gain. 

However, the rising cost of 
aw materials will erode profit 
narcins for the second half, it 
ays, although results for the full 
ear are expected to show a 
atisfactory increase over the 
■ast year. 


To rationalise its structure, 
MTC undertook a reconstruction 
which came into effect this 
month under which the 
Malaysian and Singapore opera- 
tions were separated. 

For comparison, the Malaysian 
sales rose by 11 per cent to 251m 
ringgits, with profits rising by 
40 per cent to 14.8m ringgits, 
while the Singapore side regis- 
tered a 17 per cent increase in 
sales to 42m ringgits, with profits 
rising 81 per cent to 1.18m 
ringgits. 

* * * 

GOLD COIN, the Singapore feed- 
mill producer and trader, is offer- 
ing 30 per cenr of the equity in 
its wholly-owned Malaysian sub- 
sidiary to the Malaysian public 
as part of its reconstruction 
plans, writes Wong Siilong -from 
Kuala Lumpur. 

The 4.5m shares of L ringgit 
each of Gold Coin Malaysia will 


KUALA LUMPUR, July 17. 

be sold at a premium of 5 cents. 

The company says that 1.8m 
shares have been preplaced by 
Malay financial institutions, 
while another U2m will be allo- 
cated to Malay individuals. 
Another 450.000 shares will be 
reserved for employees’ and 
major customers, leaving the re- 
maining 1.05m shares for the 
public. . 

Gold Coin Malaysia operates 
four feedmills in Malaysia and 
markets its products through its 
subsidiary, F. E. Zuellig. 

It expects a pre-tax profit of 
4.22m ringgits for this year and 
promises to pay a 10 per cent 
dividend. 

This gives a yield of 28 2 cents 
on gross earnings per share, 
while the gross price-earning 
ratio comes to 3.7. . 

On an after-tax basis, net earn- 
ings per share is expected to 
stand at 14.9 cents, while the 
net price-earning ratio is 7. 


Kirin to 
better 
half-year 
targets 

TOKYO, July 17. 
KIRIN Breweries Company ex- 
pects aftertax profit in the first 
half-year, to July 3L to rise to 

about Y9.3bn f$45.8m) from 
Y8.58bn in the same period of : 
last year on sales increasing to 
about Y430bn (S2Jbnj from 
Y361.16bn. 

, The expected profit and sales 
are higher than the init ial t ar-1 
gets of Y8.70bn and Y379bn, 
respectively. 

Kirin, with a market share ex- 
ceeding 60 per cent said that the 
better-than-expected business per- 
formance follows 'a rise in sales 
of beer in an unusually hot sum- 
mer and a rise of about 10 per 
cent in sales after a liquor tax 
rise in May. 

Beer sales in the first half are 
expected to total 1.49m kilolitres, 
compared with an initial target 
of 1.41m and sales of 1.36m m 
the same period last year. 

The company hopes to declare 
an unchanged interim dividend 
of- Y3.75 per share of Y50 par 
valne. 

Reuter 

Profits up at 

Worldwide 

International 

.8/ Anthony Rowley 

HONG KONG, July 17. 
WORLD-WIDE International 
Holdings, a quoted company in 
Sir Yue-Kong Pao’s Worldwide 
Shipping Group, has announced 
a 15.3 per cent rise in net profits, 
to HK$54.57m (US$U-7m) for 
the year to March 31. from 
HKS47.31m in the previous year. 

The company said that the 
latest results include extra- 
ordinary gains which are not 
being detailed until the annual 
report They do not derive from 
ship sales, however. A final 
dividend of 18.5 cents a share 
is recommended, making a total 
payout for the' year of 25 cents, 
against 23 cents last year. 


Dollar firmer in 
nervous trading 


THE POUND SPOT FORWARD AGAINST £ 


Initial reactions to the Bonn 
summit gave the U.S. dollar a 
slight boost as it appeared that 
the seven countries bad reached 
some agreement on major 
economic issues. However, trading 
remained -nervous and ahead of a 
more comprehensive statement, 
business tended to be patchy. In 
fact conditions were such that 
any one of the several rumours 
in circulation possessed enough 
j weight to alter rates in such thin 
trading- . 

The dollar finished on or around 
its best levels for the day with 


I f 1 j«i 


-42; — 

- STERLING - 

■ ■ I 13 ? 8 

.* A 5 D H D J FMAMJJ 

— 

demand picking up during the 
afternoon as sentiment improved. 
The West German mark eased to 
DM £0095 from DM 2.05924 in 
terms of the dollar while the 
Swiss franc fell to SwFr 1.8310 
compared with SwFr 1.8135 on 
Friday. 

Using Morgan Guaranty figures 
at noon in New York, the dollar's 
trade weighted average deprecia- 
tion narrowed to 7.5 per cent from 
7.7 per cent previously. 

Sterling showed a little move- 
ment and after opening at $1.8860- 
$1.8870, it improved on genuine 
demand to touch $1.8880-1-8890. 
During the afternoon, however, 
the dollar’s firmer trend pushed 
the pound down to $1.8790-1.8800 
before recovering slightly at the 
finish to 51-8795-1.8805, a loss of 
25 points from Friday's dose. 
There was little to indicate that 
the authorities may have inter- 
vened and the Bank of England’s 


calculation of the pound's index 
rose to 63.1. a level held all day 
and compared with 52.0 
previously. 

FRANKFURT — In extremely 
nervous trading ahead of the end 
of the Bonn summit, the dollar 
rose from its fixing of DM2.0601 
but finished the day below its 
best levels at DM2.0655. At one 
point the U.S. currency bad 
touched DM £0680 during the 
afternoon on rumours of a new 
German commitment on growth 
and greater efforts on a U.S. 
energy policy. 

Against other major currencies 
the D-mark was narrowly mixed 
and the Bundesbank trade 
weighted mark revaluation index 
against 22 currencies rose slightly 
to 145.6 from 145.3, up 0.8 per 
cent from the end of 1977. 

ZURICH— Alter an initially 
firmer start, the dollar lost ground 
as the level of business 
diminished. During the morning 
the UJ5. currency's rise Vas attri- 
butable to favourable reactions to 
the Bonn summit. The market 
is now awaiting the final state- 
ment from the conference. The 
dollar was quoted at SwFr 1:8168. 
below its earlier level of 
SwFr 1.S190, and D.U 2.06111 
against DM 2.0617 at the start. The 
yen also improved at the dollar's 
expense to Y202 .55 from Y203.45. 

AMSTERDAM— At the fixing the 
dollar was slightly firmer at 
FI £2240 compared with F12J21S0 
on Friday. In later trading it 
continued to improve to FI 2^295. 

PARIS— The dollar showed little 
movement in generally unsettled 
conditions and was quoted at 
FFr4.4785. ■ 

TOKYO — The dollar improved 
slightly in moderate trading to 
Y202.975 from Y202.725 on Friday. 
After opening at Y202.40, the U.S. 
currency touched Y203 at one 
point and may have gained some 
benefit from a little profit taking. 
Some sources suggested however, 
that the dollar was unlikely to 
receive much impetus from the 
European summit and that the 
market is awaiting today's 
scheduled publication of Japan’s 
trade figures for June. Turnover 
in the spot market amounted to 
$324m while combined forward 
swap trading ’accounted for 
6597m. 


July 17 ' ruw Day*. 1 

| % Spread [ Ctore _ 

oXf Tull.BTM-UflBO !u 73S-UBW» 
Canadian $ 8lji2. 1108-2.1210 j2.1IH-2.11M 
Builder 4 4.1M.214 4.194.20 

Belgian F r. Els B1.10_6I.40 61.tS-Sl.2E 

Danish Kr. 9 10-57-10.65* 10.59- ID -69 

n-.MRru S 5.87*4.901 2.86 j -3.89 j 1 

Port. Eh*. 18 B5.BD-8E.4a fl5.B0-8B.5D 

SpROLPta. B 146.70-14S.Jfl 146.76- I4B.B6 
Uni Wt U9 6-1,606 1,6866-1.6972 

Xrtrgn. Kr. 7 10.174- 10 JUj 10.18-10.18 

French Fr. B>S B.SS-B.4& 9.414-8.42* 

SweduhKr. 7 8.584 -B.GS* a.&7* -8.684 . 

Yen Bis 37B-5MI 3B2-5S4 

A nutria Sch 4>s 27.86-28. 10 21.00-2fl.lO . 

Swim Fr. 1 3.414-3.46 5.453-5-441 , 


One month 1 £p*J 


9.55-0.4 ge.pni 
O.H-O.BOv.pm 
23,-lA, c.pn 
JS-2S s. pm 
, 4-24 ore dii 
5-2 tif tun 
| 55-155 c.dta 
10.70 e. du 
I par-! lire dii 
3-14 lire ilia 
llj-lj C. pm 
Unrpm inrdin 
3-0O-2.7Sy.pin 
16-6 rto pm 
Jig-2ig a, pm j 


3.06 1-25-1. He. pm* 2,51 
5.12 l.4tl.36.-.pmj 2.66 
S.45 feSfl-SSe c.|nn 6-07 
6.BB B6-7K-,[un 5.22 

■1.41 Si-44 credit 1-2.85 
7.71 [7VGJ ( pt pm 7.43 
-11. B4 1D5-4Mc.dla t— 11.65 
-5.29 Fhr-BO c_iii» -1.10 
-0.76 i-5 lire dii — I.Dfl 
-0.29 |i-!4 ore dia 0.53 
1.D6 1II4-SI4 r.pm 1.51 
1.58. H-U ore pm 1.2B 
B.B4 B-10-r.B6y.pm 8.28 

4.28 46.56 eiu pm 5.70 
•8.18 jaU-rit c.pm 9.01 


Belgian rate W for convertible franc* | Six -month forward dollar £354L2Sc pm 
Financial franc 8S.0S-fiJ.I5. * 12-month 4. 77 -4. 67c pm. 


THE DOLLAR-SPOT 


July 17 spread get 

Canad'n f MIT7-MX0 64X7-89 JO 

Guilder £223KU292 2JSB-Z2292 

Belgian Fr 32AT-SL54 x» ■a.v.M 

Danish Kr 5AJ2S-5A375 5.6355-53375 

D-Mark 2JW5-2-0MS 2.M35-2JHM5 

Port. Es — 45.55-45.65 

Lira M4.2MS0.1S BOV^MOjC I 

Nrwgn- Kr 5.4U10-54140 54170-5.09* 

French Fr •jWOM.OTS 4jOSD-44TZS 

Swedish Kr 430SMJ6Q 43H543625 

Yen aaza0203j5 2824040340 

Austria Sen — 144200-104306 

Swiss Fr 1.8188-1 HMD 1*2200X238 

• U.S. cents per Canadian 9. 


CURRENCY RATES 


FORWARD AGAINST $ 


parMte pm 
0.72-0. 67c pm 
q-l&cpm 

oaMJMprpm 


p.a. Three month* pa. 

D.12 UMUSc pm 105 

XU X.9l-1.B*C pm £53 

£72 2U-22£pm 2.72 

«3 2-6J-2J8pf pm 544 

-360 70S4LMH India -574 


835445c pm —0.91 lOS-USc pm 


US4.Ky pm 

l-BS-UMc pm 


2.4HL8Sy pm 
UUAcm 


Special 

Jnl» 17 Drawing 

Rights 

Sterling 0.659783 

U.S. dollar - 104567 

Canadian dollar £39914 

Austrian sc billing ... 1AA9S1 

Belgian franc 404407 

Danish kroner 740253 

Deutsche Mark £56620 

Guilder £77037 

French franc 537500 

Lira 1057.89 

Yen 252.622 

Norwegian kroner ... 6.7.1538 

Peseia 96.5295 

Swedish kroner 5.68399 

Swiss franc 2.26488 


OTHER MARKETS 


European 
Unit of 
Account 


CURRENCY MOVEMENTS 

July 17 

Bonk Hi Narjan 
England Guaranty 


Index 

changes ■, 

U.S. dollar . ...... 

... 8t.M 

- 7-5 

Canadian dollar .. 

wua 

-123 

Austrian schlllinc 

... 131 52 

+18.7 • 

Belgian franc 

... 1D9J4 

+11.7 

Danish krone 

.... 113.46 

+ 5i 

Deutsche Mark .. 

.... 14036 

+553 

Swiss franc 

... 185.11 

+78.1 

Guilder 11M1 

+17.6 

French franc 

... «.K 

- 33 

Lira 

__ 56.05 

-063 

Yen 

__ 14538 

+DA 

Based on trade 

wclRhrrd chances from 

| Washtncl on amvement Demnbcr. 1971 

■ (Bank of England Ind ex =1 OCl. 


Ament Inn Peso. 

Australia Dollar 

Finland Uaakfea.... 

Hror.il C'mzpirf' 

Greece Ihnchnia.... 
Hnnu Kong l*ollor- 

I ran Klal 

Kuwaif Dinar (KI*l 
Luxernhcum Franc 
Mnbirna Dollar..... 
NewXealand Dr, liar 
Saadi Arabia HivaL 
Sin“B}*»re Onllar... 
South African Band 


1.498 1.608 
1.6400-1.6600 
7.9870 7.9360 
3 a. 44-34.44 
68.156 69.837 
6.7625-6.787 B 
189 136 
0.510 0.520 
61.15 61.25 
4.44764.4685 
1.8143-1.8843 
641-6.61 
4.34254.3575 
1.6328-1.6498 


796.80798.94 Austria- 

0.8726 0.8737 Helcmm 

4.20954.21 15 Denmark. 

17.79.18.32 Prance 

36 25 57.15 lierminr 

4.65204.6540- 1 lalv 

68.68 71.81 iJaiwn 

0.27130.2766 Neihcrlan.1. ,^.. 

32.55-32.57 Xnrwiv.__ 

2.3515-2.3625 PnrlWal 

0.963B-O.9662ijpam 

3.40-5.46 FSwitarrland. 
2.3065-2.307511'nited Sjalw^.... 
0.8685-0.8775! Yugoslavia... 


£ \ 
Xnrea Rate 

27U-28U 
61-6213 
10.50-10.66 
8.30-846 
3.80-5.90 
1570-1600 
380-390 
4.104.25 
10.10 10.25 
8005 

1.435 1. 465 
3.35 545 
l.B8-B9lfl 
34-36 


Rate given far Argentina Is free rata. 


Telecom floats controversial A$50m loan 


BY JAMES FORTH 

TTE GOVERNMENT-OWNED 
lustralian Telecommunications 
Commission (Telecom) today 
pened a controversial A$ 5(hn 
•ubiic loan — its first market 
unding for 1978-79. As Telecom 
i a Government authority the 
oan needed approval from the 
,oan Council, a body represenl- 
ng the state and Federal 
reasures. However, Telecom 
-ncountered difficulties in obtain- 
ng approval because of opposi- 
ion to some of the terms of the 
oan. 

Telecom has raised only three 
irevious public loans. Until 1976 
t was entirely funded from the 
•Vder.il Government's budget, 
rat it now has to raise some of 
ts capital requirements on the 
narkeL Telecom has been noted 
or its innovations in the capital 
narkei: it has placed great stress 
m the markelahility of its stock 
ind has established a strong 
secondary market in which if 
ictively buys and sells its own 


securities; and it was . the first 
borrower to break from the tra- 
ditional underwriting by a major 
sharebroking firm to using an 
underwriting syndicate,, -along 
European lines. 

In the ■ latest borrowing 
Telecom sought to introduce 
further changes. It stipulated 
that . the management group 
handling the loan should include 
for the first time at least one 
Sydney and one Melbourne 
sharebroker, and that it should 
include some members to invest 
in Telecom securities on a 
medium- to long-term basis — 
such as a trading bank or life 
office. A further requirement 
was that co-managers had to 
agree not to underwrite any 
other loan while the Telecom 
loan was being marketed. 

Telecom offered potential 
underwriters several choices. 
They could opt for a traditional 
underwriting for up to ASSOm, 
setting their own rates, or an 
underwriting on which the yields 


were established for sub-under- 
writers. with the underwriters 
virtually tendering on. the 
margin. Under this latter method 
th$ underwriters could take an 
amount firm up. to $A80m oc 
.underwrite -a: -minimum of 
$A30m, with an additional 
amount to be decided immedi- 
ately before the loan opened In 
the light of the then prevailing 
market conditions. 

Some of the potential under- 
writers refused to accept all of 
these conditions, but on June 19 
Telecom announced that a syndi- 
cate led by the Sydney share- 
broker. Bain and Co. would 
handle the loan. Co-managers 
were the ANZ Banking Group, 
QBE insurance and the Mel- 
bourne sharebroker, Davies and 
Dalziel 

Normally Loan Council 
approval is received within seven 
to ten -days after the loan has 
been awarded, but on this occa- 
sion it took almost three weeks 


SYDNEY, July 17. 
and came through only late last 

week. 

. The Loan Council was unhappy 
about some of the terms, parti- 
cularly the requirement that 
underwriters had to refrain from 
handling other issues concur-' 
rently with a Telecom ’.loan. It 
■was claimed that this could inter- 
fere with the orderly marketing! 
of such loans. Telecom declined! 
to change its terms, because it 
was feared it might have to re- 
tender the loan. The Impasse was 
solved when the Loan Conncil 
gave approval, subject to dele- 
tion of the exclusivity require- 
ment. 

Telecom also had to make con-! 
cessions on the amount of the 
loan. The management syndicate 
agreed to underwriting a mini- 
mum of SA30m with an addi- 
tional amount to be decided 
immediately before the loan. But 
the Loan Council would not give 
approval to a raising for an 
indeterminate amount, so that a 
figure of SA50m was set. 


EXCHANGE CROSS-RATES 

July 17 | PniroA Sterling] U.S. Dollar |Dent»chnMart| J&pajuae Ten | French Franc | Swiss Franc | Dutch GmW 

Proud Sterling 
U.S. Dollar 

UeuL-che Mark 
Japanese Yen 1.000 


Italian Lira iCtuutHn Dnlbtrl Belgian Fmno 



EURO-CURRENCY INTEREST RATES* 


Canadian 

Dollar 


W. German 
Mar* 



12- 13 i a 
lllfl-12l 3 
10V11U 
11 iB-lUar 
1150-12 
12-1258 



French Franc Italian Lira 


Japan*** Tta 


8l*-8Jfi 

8*fl-B5a 

9ra-9K; 

lQig-lQSft 
lOTg-1 1 lfl 


9-15 
11-12 
111(1-1213 
1213-131* 
13 >r-14 1* 
1415 



The lallnwing .nnminal rates were quoted lor London dollar certificates of deposit: One month &J5-8J0 per cent; three months S.45S.33 per cent: six months S.00-SJ0 ner 
cent, one year B.fo-fl.la per cenL 

Long-term Eurodollar deposits: two years Bi-95 per cent; three years per cent: lour years -B9ifl-B"M per cent; live years VB-91 per cenL -Rates are nominal 

dosiriK rates. 

Short-term rates are call for sterling. U.S. doDars and Canadian dollars: two-days* notice for cuilders and Swiss francs. Aslan rates are closing rates in Singapore. 


INTERNATIONAL MONEY MARKET 

Hong Kong prime rates rise 


GOLD 


World Value of the Pound 


The table below gives the 
alesl available rates of exchange 
or the pound against various’ 
urrencics on July 17, 1978. 10 
onu? cases rales are nominal, 
larkct rales are the average of 
uying and selling rates except 
there they are shown to be 
ilierwisc. In some cases market 
ates have been calculated from 


those of foreign currencies to 
which they are tied. 

Exchange in the UK and most 
of the countries listed is officially 
controlled and the rates shown, 
should not be taken as being, 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations; (S) member of 


the sterling area other than 
Scheduled Territories; ’ (k) 
Scheduled Territory; (o) official 
rate; (F) free rale; (T) tourist 
rale; (n.c.) non-commercial rate; 
(n.*a.) not available: (A) approxi- 
mate rate no direct quotation 
available; (sg) selling rate; (bg) 
buying rate; (nom.) nominal; 
(exC) exchange certificate rate; 


(P) based on U.S. dollar parities 
and going sterling dollar rale; 
(Bk) bankers’ rate; (Bas) basic 
rale; (cm) commercial rate; 
(cn) convertible rate; (fn) 
financial rate. 

Sharp fluctuations, bave been 
seen lately in the foreign 
exchange market. Rates in the 
table below are not in all cases 
closing rates on the dates shown. 


Placet and Local Unit 


I Value of 
l £ Sterling 


dfehaxiiBlaa 
|I«RM — ... 
Ificrm 

Iitl. >mi 

ri 

U lie'll 131... 


luti tunas (S' 
anj taiu^ht^l 

Jill mm t.ii... 

Sn:«»ri< - l*ir» 

UlXflBil.ll 1 51 .. 


Puwr l 

i Frcncii Franc . 
i -jioiiudi rrwtn., 
K*m» _ j 
t. inriUqu 3 I 

Ar. IV-’ l-'W Ha! 
An-iraiwn S 
.-H-iuiiiDf: 
r..rt»«- t'curtn j 
I H*. IMInr j 
I I»fc» 1 

L'lnur I 

. Him. 

HartonlO* 5M I 


j-lpinm.. 
•i'll.V ... 

»rl'n .. . 
(iiulan... 


H 8 

i .F.A. Franc 
B>u. S 

Inrltu Mupac 


Wi<Minfiil- c 'i. I' 11 * - 

Irani inn** 1 — 

tr' irsinl-iM s 

luiiici S 

‘iilsnrta Lev 

til mm Kyat 

tiirun.il Burundi Pwnc 

lamero'aSp C.F.A. 

iuia.nl .*.! aiwiOili f 

'suart l-u>... S|»n»h &***• 

hj* VmHi I. Y Kacu'ln 

qvmaii f«is»i Cay. I. 3 
mi. Ai.Kiu. I’-tA Franc 

'liBi-t C-F.A. Franc 

C. fCW 

■tuna Kan pi mb i lino 

AinmMa C. Few 

,.innpH It - ... Franc 

.■Bpi'Ciniw. C.F A. Fraou 

Rim.— l-fttnO 

.nlm I'uhsa Tfao 

VI— II- |S>-... Cviiru* i- 


75.00 

10.017 

7.5924 

fi.42 

145-BO 

n.H 

6.0807 

1.500 

1.6450 

28.05 

86.10 

1.BB00 

27.94\>a> 

0.751 

.145.60 

2.760 

(irmiBUB 

hrm)B2.ID 

5.7U 

431 

1.8800 

ULMOinri 

87.60 


Place and Local Unit 

Ecuador «... Sucre 

BaypttaaC __ 

KUii'ipMi KthloplAQ Birr 

Kq'l'I Guinea Feaeia 


Vahu of 
|£ Starling 

I 

i (tO) 46.S6 
I l»Fi <3.45 
i 14.010.7*4 

Jim 1.27 

tPjS.8980 

145.80 


Value of Value ol 

Place and Local Unit £ Starling Fla*® and L*** 1 Unit £ Bterllnf! 


Pagtlandlfc | 

Faro la l>anlah Khme 

Fiji I, ......... Fiji S' 

Finland Markka 

Km ore French Franc 

FrCiytnAf- L'J'.A. Franc 

Fr.Gutana I4eai Franc 

Kr. Far. Ia.... C JJ. Franc 

Baton ....... C.f!a Franc 

Nemhta (Si... Dalaai 


Germany 

Wait 
Ghana (Sj..... 
Giliialtar (K). 
Gilbert la..— 

Urnif.., 

Gremuuifl— 
(Imwli (Sl... 
Guarlainu[« — 
Uuam...— 
Giuumala.... 
tiumea Hep,. 
fiumuahlMjiu 

Guyana, idi — 

Haiti 

Uuniiuntifeb 
Huatikma \dl 
Hiumary 


i Deutschmark 
Cedi 

Gibraltar £ 
Atrtt. Dollar 
Drachma 
ihudah Kronor 
K. Uarrlhean $ 
Local Franc 

uss 

QuoLral 

SiJy 

Onynneae 8 
Giamle 
Lrmuim 
U.k. 5 


5niunork..-r 

l|iY»usli 

%.illllil--a 1^' 
J- <niin. lirF- 


Damah Knan# I 
Fr. _ I 

K. Carthwan 9 I 
11pi»<nimn Fe«>( 


86.10 

1.5867 

431 

421 

<Bk) 60.61 
5.23 SG 
(Fi 75.S7 
421 
43! 

16.168 
1.4157 
0.7075 
i uvni'IB.lO 
. ten 20.10 . 
t iTilt.M 
lO.EBlg ' 
310 
0.0807 
1,8800' 


Iceland (S)— 

India tr*> 

I mil niaut 

I ran ....... 

Iraq..—... 
Iritb kep (h>.- 
Iiner— ....... 

Itaiy 

Imrj CnuA -■ 
Jamaica (Kl- 

Ja*«n ..... 

Jtmun to) 

Kampuohea. 

Kenya 46) 

Korea (XUij... 
Korea <6ih|.~ 
Kurinli i.Hthi. 

Idtffl* 

Lebanon—. .... 

I«w4ho..— — 

Uherla,—— — 
Libya.........— 


I Krona 
Ind. Rupee 
Rupiah 
But 

Iraq Dinar 
Irish £ 

I arnel £ 

Lire 

U.F Jk. Freak 
Jamaica Dollar 
Yen 

Jordon Ptaar 
Biel 

Kenya Stuldnc 
Won 

Won _ 

KuwaiL Pinw 

Kip INK Fpi 

Letoow £ 
h. African Hand 
UbMdan 5 
Libyan Dinae 


8.8014 

2:60 lap 

I.UO 
1.6450 
68.W6S - 
10.581s 
5.0607 
6.42 
1.8800 
1.8600 
87.470 
85-690 

4- 704 
9.400 
5.76 

8.77'g • 
fatmi 72 BE 
(T)(ucl*6-53 

401.65 

16.2S<HNt3 

780-9 

(Allfi® 

0.5571 

1.00 

53.B5U 

1.687 

421 

S.914 

505 

‘ q.587i*RJ 
£256 
14.5867 
1. 7216117 
912-58 
0.515 ■ 

576-6 

5- 499 
1.04182 
1.6800 

(P)0.6WB 


LUscht’aaui„ 

Luxembourg. 

Macao— 

Madeira—... .. 
Malaiprey Kp. 
Malawi tffl..., 
-MolayrU |*J)_ 
Ualdiv* 1 0.(5) 

MaUiCp 

Malta (Sii 

Uaitinlqu« .. 
Mauri tan m ... 
Mnumtuo (S). 

M extea — 

Mtqueinn— — 
-Monaco—— 

UnnjtoUa;__ 
Mraucrrai 

Morocco 

Mozambique^ 


Sartre rranc 
Lux Franc 


nno 

one 

'■e Escudo 


Pataca 

Ponuc'aeEscud 
JIG Franc 
Kmcha 
btlOHUU 

Mai Kupee 

Man Franc 
Maltese £ 

LoloJ Franc 
Uusuiya f 

>1. Hup** 

Meaii-aii Peso 
l-J'.A. Kijuk- 
Frenrh Franc 

Tugrik i 

EL L'-omhean 3 
Dirham 
Uoz. Eacudc 


(0*.7555ili 

5.0607 

7.7Bi«:) 

62.B285 


JfanruZs- — 

5iO{Bi „ 

Keoherlanus^ 

-XedLAnL'les. 

Skv Hetiridea 
X.Zeaisnu (S) 
M H’ongnia 

NUjer Bp. 

Nigeria (Sj_„ 
.Sonny — 


Aunt. Dollar-..— 
>e]stleae Rupee 
Gut liter 

Antillian Guild. 
I Franc 

lAuitl. Dollar 
JJ1. Dollar 
Uonlnba 
D.F.A. Franc 
Xntra 

iVrwp. Krone 


1.6450 

23.56 

4.151a 

5.5652 

I 56.08 

1.E450 

1.8195 

15.26 

421 

1. 205608 
10. IS Is 


}^-o— ■-»' ■ 

Pakistan .—. Flret. Rupee !8.BKig) 

Fananut Balboa 1.5800 

Papna.V.G.(S) Kina 1.SSD7 

Huuuiy— .. Go&ranl 386.58 

rpr* d. Sp 

at Yemen (3) 6. Yemen Sinai (AjB-M262 
1 Pent— Sol uc(Ai291.1D 

Philippine*— Ph. p<ao 1 5.2377 




Pgao. Bacudo 
Tuner KaiiidS 
Fkbo. Bscudo 
Dji. S , 

Oarer Kya! 


1.819! 

1 1 <Cm 160.20 
j (TjEO^Q 


Koraarrta Leu 1 

Hnodi Rwanda Franc 

St- Chriato- 

phertSy...— K. Caribbean S 

St. Helena M. Helena £ 

Si. Lnre X. Canbheon S 

Su Pierre I'.P.A. t'ranr 

at. Vincent (M K. ranbheon 8 
Salvador R].,.fV>lon 
Samna iAm).. L'J*. S 
■*a Jlannn... luitan Lire 

San Tome Fjtre, Ereudo 

Saudi AmhuL Ryal l 

Sen sc* i L.K.AV Franc 

Seychelifc-..— ». Ruf«e 
SlerreLe’nefS) Leone 
SuiRppoie (dk sinigtpnre S 
itolomnn Hsf» Smnmoti ia. S 
Somali Kep.— Som Sbilllna 
sih, Afnoa(S) Rond 
S>- W, AJruaui 
I'emimier (Si S. A. Rand 

Spam. PBnu 

Span. Porte In 

North A Inca Peaeta 
Sri Lanka iS.)S. L Rupee 
Sudan Kp...'... Suilan £ 
Stinnam. ...... S. Gilder 

SvazflaniliS.) Lljuinral 

Sareden — J*. Krrm 

Suitrerland ..Swwa Franc 

Syria .....Syria £ 

Taiwan -Vpw Taiwan 

TniuiUtn iS.i. T an. Shilling 

Did Hand Baht 

nipi ftp t'.F-A- Franc 

r.inea I*. tSu fVanjja 
TridMa*1tS.)_Trln. A Tobago 

Tuuiiia — Tunieun Dinar 

Turkey — . Turkish Lin 

Turk* 4 Ca- U.S. s 

Turaiu — Auktraitan £ 

Uranda (S.i. L'g. SbiiiinK 
Liniteil SuieaL'j». Dollar 

Uruguay rmcnay Pees 

L’W.A'hKmla. U_A.fi. Dlrbam 

U.Sj.R Rouble 

Upper Trtt«. L'FA. Franc 

Vatican Italian Lire 

Venezuela— Bother 


1 (cmlE-43 
\ (UA-IT22.79 
170.16 

5.B807 

1.0 

5.D8D7 

i « l 

I 5.0607 
[ 4.73 
1.86 US 
1.567 
| 66.10 
0.46 
421 
MU 
2.0 
4.65 
1.6450 
(All 1.855 
1.64182 


Prime lending rates of the lead- ] 
uig Hong Kong banks have been t 
raised by 0.5 per cent to 6 per c 
cent, in a move probably intended I 
to help the Hong Kong dollar. ; 

Official policy towards the end i 
of Iasi year was to peg interest i 
rates to prevent speculative in- c 
flows into the Hong Kong dollar, c 
but the currency has not per- 
formed well in recent months. » 
losing more than Eve per cent 4 
this year against other currencies . 
on a trade-weighted basis, and t 
about 30 per cent in terms of v 
the Japanese yen. 

A general upward trend in . 
rates, including those in the UA, ‘ 
has led to pressure on Hong 1 
Kong interest rates. The last rise J 
m prime rates was by 0.75 per 1 
cent on May L and this further 1 
rise was widely expected. I 

Hong Kong’s new rates will I 
lead to a rise of 0£5 per cent in 1 
interest paid on savings and I 
three-month fixed deposits, to £5 

UK MONEY MARKET 


per cent. The same rate -will apply 
to seven-day money. The rate 
offered on six-month deposits by 
Hong Kong and Shanghai Bank 
and Chartered Bank has been 
raised 1 per cent to 3.25 per 
cent, while 12-month deposits 
carry an interest rate of 4.75 per 
cent. 

TOKYO — The call loan rate has 
been lowered by 0.12 per cent to 
4.25 per cent. The overnight loans 
rate has been cut to 4.25 per 
cent, and -the rate for uncon- 
ditional money to 4J> per cent 

PARIS — Day-to-day money was 
71 per cent, compared with-7J per 
cent on Thursday before the 
Bastille Day holiday. One-month 
funds were unchanged at 7g-7} per 
cent, and three-month at 7A-7ji 
per cent. Six-month money rose & 
per cent to S1-6J per cent, while 
12-month eased 4 per cent to Sf-Sfc 
per cent. 

BRUSSELS— Cal] money rose to 


4.G5 per cent from 4.45 per cent. 
One-month deposit rates for 
Belgian francs (commercial) were 
unchanged at 54-51 per cent, while 
three-month eased to 53-5j} per 
cent from 6-54 per cent. Six-month 
deposits were unchanged at 64-68 
per cent, and 12-month at 7j-7j 
per cent. The Belgian franc fell 
below its minimum permhted level 
against the D-mark within the 
European currency snake yester- 
day. 

AMSTERDAM — Call money rose 
to 4J-5 per cent from 4 1-45 per 
cent. .The one-month interbank 
rate was unchanged at 44-5 per 
cent, and the three-month was un- 
changed at 54-5} per cent. Six- 
month money rose to 61-62 per 
cent from 6-54 per cent. 

NEW YORK — Federal funds rose 
to 7?3-7| per cent from 7J per cent 
on Friday. The Federal Reserve 
made three-day and overnight re- 
purchase orders. Other early 
money rates .were steady. 


Weaker 

trend 


Gold lost 81} an ounce in the 
London bullion market yesterday 
to close at S184-1&4}. After opening 
at S185-1S5}, the metal was fixed 
at $185.05 in the morning, a level 
repealed at the afternoon fixing. 
The closing level was the low for 
the day and was mainly in reaction 
to a generally stronger per- 
formance by the dollar. 

in Paris the 12} kilo bar was 
Axed at FFr 2G.900 per kilo 


Severe shortage 


146-80 

29-2BIKU 

! IA 10.762 
6.5653 
1.64152 
8.5B 
3.4414 
LI 1 7.579 
IPIB7.6S 
144887S 

- 

1.5571 
4.5120 
0.772 mp) 
46.75 
1.8800 
1.6450 
14.20 
1.8800 
'(emill.58 
Him 11.29 
731 
US 
421 


Bank of England Minimum 
Lending Rate 30 per cent 
(since Jane 8; 1978) 

Fixed period interest rates were 
initially very firm -in the London 
money market yesterday, but 
eased on news that the authorities 
have deferred the recall of 
special deposits, due nexx Monday, 
■until September 3L The three 
month interbank rate opened at 
tOA-lOi’i P® 1- ce n L and rose to 
J 04-10 j per before falling lo 
J0I-104 per cent at the close. 

Day-to-day credit was in very 
short supply yesterday, and 
conditions are expected to remain 
difficult in the near future. The 
postponement of special deposit 
money was therefore seen as a 
move to moderate expected 

LONDON MONEY RATES 


shortages in the money market 
during the next few weeks, 
and to avoid unduly severe 
pressure on the reserve ’asset 
position of the banking system, 
which would otherwise cause' 
unnecessary fluctuations in 
short-term Interest rates. 

The Bank of England gave an 
exceptionally large amount of 
assistance, by lending an 
extremely large amount overnight, 
to six or seven discount houses, 
at Minimum Lending Rate of 10 
per cent, and by buying a very 
large number of bills. The bill 
purchases consisted nf moderate 
Treasury bills, small local 
authority bills, and moderate 
eligible bank bills. Some of these 
were bought for resale to the 


market at a fixed future date. 

The help was not enough, 
however, and rates for overnight 
and call money remained very 
firm to the close. Interbank 
overnight rates finished around 
25 -per cent, while discount houses 
took late balances at 95-10 per 
cent. 

Banks brought forward surplus 
balances yesterday, and the 
market was also helped by net 
maturing Treasury bills. These 
were heavily outweighed by a 
very substantial excess of revenue 
payments to the Exchequer over 
Government disbursements, a 
very sizeable increase in the note 
circulation, and repayment nf the 
exceptionally large ■ amount 
borrowed on Friday. 


Gold Bullion la flnp 
nunuet 

Cln-e 'SlM.laWj 

On»ninK SUB ISSSj 

Slnmmg Atine SIF&.f-S 

lire 7. 868) 

Afternfliiii' flaing. iSf- BAB 

l£6B.]44j 

GnM Cnlm............. 

<ir>DiE*tinMl.t- 

Kmuemni) SI95j : 15Bi 

i£ 155 104 i 

Sew SnveretRiiB.._. SaSrU-Bfi* 
<£3*4-S04i 

OM Sovereign* 654is-5B>: 

UHLo-aOi 

Gold Coin...... , 

internal tonally 

Krugerrand 51‘Qj IS2; 

iClllli-lDIf'i 

Xew Screreigna..— SMe-SS* 
'<£,Hl-2b4i 

Old Sovercignii 8544-56* 

<£*.-31 1> 

MO Kaglw SJ76-i7B* 

510 taglre- S 158- 145 

So KagW '59B-I05 


'SlB5i-T6Bi 
'51654-136 
'Sit 8.01 
;i£!8.550) 

| Slob-IW 
(£86.5851 ' 


5194-UG 
f£ III 5-104) 
5554-574 
l£2S*-5Dy 
S54i.5fci 
'i£*o-50i 


15191-193 

>:i£10lA-IOSA> 

•Ss-t-bB 

,- - £2rJ-2»il 

iSMi-56} 

ilFZS-BDi 
; 52776-290 
SMI-146 


(S1S6.04 per ounce) compared 
with FFr 26,937 (8187.32) in the 
morning and FFr 26.950 (S1SS.15) 
on Thursday. 

In Frankfurt the 124 kilo bar 
was fixed at DM12,280 per kilo 
(SiSSfil per ounce compared 
with DM 12,320 ($186.38) on 
Friday, 


Sterling l Loral [Local A nth. Finance 

Julv 17 , CeHifcostB Interbank J Authority • negntiahla Houle 

1578 tepodti depwlt* j hood* Deposit! 


| Ducouot | Eligible 

Company, market I Tiwstiry Bonk 
Deposit* f deposit | Bill* Bill* g, 


MONEY RATES 


Pod Timm ... 
Frindpe Ulft. 
Puerto Kira... 

Usur 
Heunkm 
IM da ta. IUU 


French Franc 
Hhoriwlan S 


VletnaralNth) Dong 

V'letdainfStQI Ptovtre 
Virgin) s. A D-S. Dollar 

Western , . 

Semes. (*•'- remain Tala 

Yemen——— krai 

Yugnabivnu— New T Dinar 
Zaire Bp .... Zaire 
Zambia .... — Ktrach* 


1 1 (Oj 4.4878 
) (Ti 4 J 167 iS) 

5 . 478 D 

lABDfl 


- realaced 0» CPA Oan* cal rues of oil and iron, azporu 1 •• Bute a the Transfer maiket (cod- 

t.„ .an -«■ ■"«>' 

Africa lortwrly part at T«ncn west Fr s One tout ol the D Based w enst rates against Sasdasl ihe donor. 

Africa or Frew* Bguatarial Africa. . rouble. J a Now om official rate. 

1 Rm>ee9 dot pound-' 


new currency j* 


Ovemlgb' — 

2 riaya nolle*-' . — 

7.daT* or — 

7 dev*- notice— ' — 

One month — , JOiiriQlfl' 

Two imuiti--. ■ JO'S-IO* 

Three month*-' lDlfl-10 

dix mnmli* IS , 1 *" 10 

Sum mnnih*-'j JJU-IO 
One .veer. i IOWO 

7*2^22^-- — 

Local imd fitlanee houses seven days' notice, olhers wren days' Used. * Loneer-term local authority monsace 

rale nomioi 1 " “V* ”*ra 111-tZl per ceni: four years HZ-lSf per cent: live years 12428 ner cent O Bank bill rales in isblr 
are bonne ra« '“ Prime paper. Buying rates for lour month bank hills DW 1 ** oer cwn; lour-nmnik trade bills uh n.. r c ctii. 
. APpro»l mja * rate* lor one- month Treasury bill! Us? per cent; itro-monts 9>i*Al »r com: 




^*ID KV* *y~ n -,. J|1 vu ti H to MMC-HIMULII liatin UIMP MV* 6VHl> 4UU I W U~lf H1KI| EJ $ H Mf‘'lJ CH fif; aRQ 

three -mo nib com. Ofle-momlr trade bills IN per cent: two-month mi ner rent; and also ihree-moqth 104 ner cent. 

Ftaai.ee Houreltae ica,. f published by the Finance Houses Assodariom: m per cent from July 1. 197R CtamdW Bank 
5?*" at tan m WI»1 h. 7 per cert, aurlns Bank Bom Rues for lendinR lOper own. 

Treasury Bills* tenda- rates at discmnjt p.5446 per cent. J 


10 14-36 1 

_ 

_ 

_ 

— 

10U-103S 

— 

“ 

10l4-l0lj 

I0U-10Je 

_ 

told 

1OU-10S 

10-1014 

lOJa-10 I 

107j 

1OA-10S* 

— 

10196* 

lots 

lOdrlON 

97b - 10 

95 4 -9>s 

loin 

^OrV 1 ^ 

ID-XOls 


.105, 

lovigig 

— 

lOle-S 1 * 

1078 

Uft-IOA 

lOU-lOSg 

IOI4-IO 

11 


1O70-1 1 lfl 

— 

— 



NEW YORK 

Prime Rate 

Fed Fnndfl 

Tjeasury Bills 1 13-week) 
T rL-aanry Bills 1 26-week 1 

GERMANY 

Discoum Rate 

OTcrnichr 

Onr month 

Three JKUtths 

S'” months 

FRANCE 

Discoum Rate 
OventiRhl .................. 

One month 

Three mnnths 

Six months 

JAPAN 

Discount Rale 

Can * Unconditional 1 ......... 

Bills Discount Rale 























































Financial Times Tuesday July IS ;197S 


WORLD STOCK I 



Profit-taking pares fresh Wall St. advance 


Indices 

NEW YORK-dow joirsa 


I.MTSTM 8 .VT DOLLAR 
PREMIUM 

S2.fi0 10 £1— IU 6 j®„ (I04°i,l 
Effective SUSOO— 491% (47?%) 
MOST Ob’ a fresh initial advance 


on Wall Street yesterday was losi lender, rose J to SIS; — there were 
late in the session when j>ro*U- u number of large block trades. 


Ukmq look ii* toll. "T’; *«"« ."J 1 Bccurred yesterday m anouier pared 35flm Frlt i a y. p- • 

The Dow Jones industrial ^Mppe ; l to $26— lari week there active trade, with the Toronto P some Electricals and Vehicles * ans 

r~ : j nil VII In I inn dhnnt Ilia rtirt- <■ .„i. _ i.j... ..ir.n.ir. o -r ureyuiMH » ,lw . ... 1 r. 


Roping, which rose sharply lasr E. C Ernst dropped. 32 to. 494 taking as investors moved to the depressed and lost UP 4° • . 

Friday after receiving a major —the - company expects a loss of sidelines to await the outcome of 45 pfennigs more. while tne ntssu- 
order for aircraft, came back j S3 a share for the fiscal year the Bonn summit. Regulating Authorities bought a 

to S5SJ in active trading. ended March Si. The Nikkei-Dow Jone*> Average nominal DM 153 Sra of paper Australia 

Canada StrEldijI g^TMSw: a ssas. * mtad 

u i l 0 C a k J^ deS h, , t Fresh J widespread gains vv - 3 g a modestffio'm shares, com- Uraniums, after last week's 


Canada 


niimoer of large block trades. Fresh widespread 
Texaco, remained active but occurred yesterday in 


another 


Average. 

r-tdvainec 


. after last Friday's was speculation about the out- Composite Index advancing S.3 m et early buying on a general After last Friday's holiday a widespread reaction, with Peko- 
• of 13 points, rose further cenie iM Texaco s drilling »cmu> further to a new 1978 high of belief that the Bonn suraniir will closure, the Bourse encountered \Valbend AS5.70. and Kathleen 

n W - r H . _ ... thn Ea Itlmmv rs.nvnn unci . *r?r “ w . ,n : r_ U i - r-i .o^anlnL' _ . ‘ ■ ora nn r 


w 1 335' 

Australia inwi «■». «-*j » ,J ® “■ 71 i “ Ji1 i gjf* j [8$ - .-. 

.“-us, ssss. a miMd wisa js ' 

Sran.ums. Mr M 0—^-i —I —!«• "“I' " W ! WHS,*!.' 

strength on potential future ■ i. i ] | - 1 ' I 

uranium sales: to France, sustained ”, a.iBU m.rb. 2S.eiff WA«; 27.4B& as,<m — _ — I — -• 

a »v!Hpj.-nrpad reaction, with Peko- ' ; • , 1 ' ; 1 


10 543.3$ before reading in close in the Baltimore Canyon. LHS6.4. end without producing serious fresh buying interest yesterday', investments. AS2.22. losing C cents 

a marginal rt.TS down nn i he day '‘'f' -' “s-V'ft MeiaU and Minerals moved new trade or- economic problems with investor confidence buoyed a piece, and Queensland Mines re- 
al 833 0.1 The NYSE All Common Inc U'lupsnv wants n reinai OL , ... au .„b .-f... Vliuitvla Kv iliiuDlnninenls 9 t 1 hl» Ron II Ji>« ■: IK AWSl 


1 . The NYbE All Common — Wicc wants » "Elf: ahead 21.4 more to »G9.8. while for Japan. Matsushita Elcetrle by development at the Bonn ceding 5 cents to AS2.50. 

i as finally a net l» cents the Pe Key Piioto >uu KerKey Bjmfe rose - 12 lp J84 10 p apecs added Y3 to Y733, TDK Elertronta. summit meeting, although trading CRA, however, rose 6 cents to 
at SSLM. after reaching vet- uncninged at ai«. Polaroid |>frJ |o an| j ^ ( ||j|j n oiq Y30 af Y2.820. Pioneer Y20 at was rather. quiet. AS2.T1 on fresh speculation about 

While sain* hold just a P™ ‘ “g * j? JJ 1 ". 1n r , n to 17-1.49. In marked contrast. Yl.SOo and Toyota Motor Y1 at The stability r.f the its Western Australia diamond 

lend over declines at the Pullman jumped ... 1 fl.So? r *« h0ll . e , Wi Golds retreated a YBML Vrehch frsnTvPsi^avw relation prospect. 

f nw a«Iri tn U 2«» t^m' shared rcronl* second -qua r 1 C r^f'rel^ h I ^car Jj mher 17 - ! 1<J 4-429.4 Oils -and Public Wotk-s issues. Machine^ to the ma j or European currencies Elsewhere in Minings. Comaleo 

ZZv- onaquarlcr 1re " ni rar Gas. after ter Fridays 24< up- Pharmaceuticals and some Foods d ite ^ dolJar - s BrniQes s wm were notably firmer at AS3.05, up 

in OriSi RuHiNUtOn Northern on report- sur?c * came back 2 7 Lo 1 * alS# ' clf ^ ed £« l, " p - . v-nn nn also cited by operators as heb>* in cento, while Metals Erplora- 

ix f whkh wmr huSd ro in- increased eanimto'ml raising Noranda “A" jumped l! to r-SSfl^llISSS ofaS ^les ll ing ^ tone of the msrkel ' hardened 2 cents to 32 cents. 

* TSSSli last The dividend added U a, MU. on renewed in ler^l in its gJSM S SumSo &M Portfolios. Constructions and 'SS 3 

aether with a continuing Time- Fob* Cascade r.nd Control t per ccnUtwned | n dustiS put Oh Y2 to YlOS on Textile were mostly easier, A&&0 1 Hamersley shed 3 

>f bullish second-quarter l>atn all ^ined a pointar more Hunter Explorations Alberta oil jls p j an ^ jjicrease the dividend but Foods, Motors. Rubbers, cento lo A$2-32. 


Ubi 4 * ot lTirfex cbMped fawn Austin 34 

I” .July 17 1 July 7 




Iq-J. At*. yieW % 


lion hardened 2 cents to 32 cents. I — 


week, together with a continuing Time- um*c uiseade r,na uiniroi < per ccnv»*wu 

spate of bullish second-f 4 uarter l>atn all gained a point or more Hunter Explorations Alberta oil 


corporate earnings reports, were after all three announced higher Mrt fi*s d *F°*£jv . Vrt for the current year. 
Factors spurring share pnees fur- seciind-quartcr results. Outada Permaneni Mortgage 

Iher ahead early yesteda*. Bankamerica eased ! to SB44 were up 1 to C81<i, Headwray 

UnuM-cr an'n Ivsts said lhat despite improved second -quarter “A" picked up 5 cents to CS4.50 (rfrmanv 


However, analysts said thot despite improved second-quarter “A’ picked up 3 cent* .to _CM30 . 
investors becan to show caution profits. and Caxiadian Qjrtlss-M' right 

l*ier in advance nf today’s Share prices on the American gained 3 cents to .0 cents, all 

Federal Reserve Open Market SE continued lo strengthen, the after higher earnings. 

•Jnmmitlee Meeting, and the stock Amcx index rising 0.93 more to Mines, which was halted 

market will be watching for hints 1 . 10 . 83 . Volume came to 3.96m briefly to disclose news of a 

or new policies. shares, little changed from last Texas oil discovery, advanced 

Thp Bonn summit meeting pro- Fridays lotal of S.liom. *2 to CS7. 

d need little incentive for investors. Houston Oil. ted the actives list Consolidated Bathurst A 
analysts added. and declined i to S23;. Total rose 11 to CS29|, Royal Bank 


Mechanicals. Hotels and Oils ail 
performed well. 

Higher were C1C. Pengeot- 


Rubbers! cento lo A$3L32. 


STATTDASP AHI> POORS ^ 

. i j i I | 1978 •Stnpn CrmipUil - 

: J "u 

nsssriiE^w*! «*; '»? : tS “ 

»•« ** «** SBF-S.ffl3ki.fiS. •• 


Sugar issue Bundaberg fell 10 “ 

cents to A S3. 10 on consideration 
of the results. / 

Industrial leader BHP came tnd.uiv. yields 


Jane 7t ]. Te»r bro 


Germany oSS," c^^dt SI — 

nSsz “tesls Bfi SsrL fel s 

the market regarding the results Machine Bull, Pernod-Ricard and SariLniSnSi 4 cento ^ ^ Gt,v ' Btm d ^ ! 

of the Bonn summit conference. ] m «aL However Eurafrance, L r * 4 

rv i r —n bi. mi fl ?n Siilit Polict. Tb 7 to M C^nls il“stwes Shed 4 CentS U.Y.S.E. ALLC0KK0N 


IBM- which reported higher Petroleum North America, in 
earnings on Friday and moved a* second pUco. dipped 1 to Nil. 
high as S2”n; yesterday, finished Niagara Frontier Systems, how- 
l\ down on the day at S2fifi. ever, iumped lOi fn S3l» — prt- 
Fonf and <7eneral .Vnlnm cjlcfy-held SportSjMwnn Corpora - 
showed fraciional losses dospite a tion ha* offered to acquire 


Texas oil discovery, advanced Anions stores, Kaufhof gamed Sahlt poliet. Tbomson-C&F, ™ stores 

12 to CS7. 8.50. Neekcnnann DAI 2.70 .Creusot- Loire. Sommer- At Libert to 50 ten,s in St0res - 

ConsoUdated Bathurst "A” and Karst ad t DM 3.50. Motor* had 3nt( Bail investissement sustained T l 

rose 11 to CS2»|, Royal Bank BMW D5I 350 higher and \ oiks- josses. JOfianiieSDUrg 

CSI 10 C-34J and Alberta Gas wagon up DM 4.20. while m There was a preponderance of 

Trunk “A" i lo C$155. Engineerings, KHD firmed DM 3.70. l^ nn<r small gains in the Gold shares 

In contrast, Chemicals provided 11U, *5 sector, which outnumbered losses 

T nlcvn weak spots in Hoecbst. down Markets were sharply lower by a two-to-one margin in mode- 

* DM 150, and Bayer. DM 1.10 after quiet trading on local profit- rate trading. 

Stocks were inclined to gain cheaper. taking, leaving the Hang Seng Mining Financials, influenced 


Siam and Falls 

, Jaiy 12| J my 14 - July 


Tokyo 


Johannesburg 

There was a preponderance of. 
small gains in the Gold shares 
sector, which outnumbered losses 


•ImIv . J nl v i July) Jnhs 
17 1 U 1 li ■ 12 


1n«w, tautod.—.i 1.915 j 1.079 j X.B7 


64.82| 54.82. 64.121 MJSi bb.» ' «.M 


Ki«. j 

Falla..— 

riii-hant-oi | 

Npir HJgbN 
New txwr- ..... 


Stocks were inclined to gain cheaper. 


forecast by Ford of record 197S Niacam for $79.5m or about $30 ground In the early stages, but On the Bond market. Public index 


rises were later trimmed by profit- Authority 


NEW YORK 


Inriwlrkal 

CrtBlhiO«d 


Aetna LtiwALai.- 
Air Pnr»tiH-T-. ... 


t -iee. . . 

Ailrchenr I'.jvit 

Ai.ie. 1 1 'lrcnmn,..' 

Ailie-t Slnrer 

K-.ir C ha i mer. ... 

A MAX 

Amw*1« Heal.... 


A mar. Airline 


Jl, V 1 
17 

July 

I* 

561# • 

361; 

23 

22V 

35 1* 

40 1” 

271, 

271;. 

28 / 1 

271-5 

421* 

43V 

17 • 

17 

181* 

18V 

36 J* 

361- 

2 AS# 

23 ij 

34.', 

34 

56** . 

37.*# 

29is 

29 x# 

13- ! 

15 >3 

497* 

50 

48.# 

49 


Ic.^nmu 


*P*. 491" 


I t race 

! ( ■n» , k en Nr l 

t ‘n.nn /eliarlmali 


I Jtfbna Mannile...' 29 q 

I .li4iuw'ii ,1.4im>ni' &2la 
JuLiinin L'.ialii'il.i 27 _Jb 
J»« v Mnimlailur—J 33^4 


Uet-lofl..... -j 


i 11>i 

lti* i 16n I Kaiaer liMiMrm 2 

I K<-sci Meet 24.3 

27 ; 27*) | Kty 131s 

45 1 -! , 45 Krancml 223 b 

' 521- Ken M.-t.ee «Mi a 

27« ? 26a s | k:.i.Ii- WaUei—.; 3S1« 

®’- i Wk Kinil«rlr •'■ark.., 454* 

24-a , 2315 KkiHvtk! I 2aij 

i»-4 I *5*3 I Mall ! 46: a 

2 1 1 37i) I Kti^er fn, I 34 a* 

'5 '4 1 151? j (.cnai-nay 1ntQB..i 34 1 « 

4o-i 47J« Lrn Mrquaa I 33ia 

41 4Hti LiM.vOw-F.vvi.. \ 2 b. V 


Ihtua 


! Ihirl lu- In-Inc-.. 45 l i 


iJ.4aHa.ln L.AI 11 M.I I' lB 

J, <y M nn nla. -turzj 33vt 

K. '.tlc i. ni|....r| 25 
kxwi AWimtui'nii 32i| 
Kaiaer liMiMrim 2 

Kn-w. Meet 24. j 

KV J 13a® 


llej Dcl.ia Molalr.j 30&® 
ttmukta K. J. ^ ! bsTj 


| UernoMK K. J. - 1 oo.$ 

1 Ulch'^jn lltnvii-j 26 q 

I l>>. knrl 1 I HI (>r 3ie4s 

! Unfa in A Hnnr— : S4'« 


\n»ei. Cau | 4 ii ; 

A mar. l\vauaiui>i' 29 
.(nut. Tii»i. lei..' 3jl« 
Aiuvr. Kin', I’m 23ss 
time. K.ii<ei>... ' 37 
A n irr.Home Pnvl ' 29 SB 
A mar. .Ucitical... 1 26 

A mer. 5*S 

A urer. Xai. Gar..: 41. a 
Amer. ^innilaH.. 441 j 
A nier. M«ra» 34 

\niar. Tel. A TVI.j 60J^ 
Ami.Hek ' 31 '3 


I Uactr 3X-'4 

I |)hi Mnme 27 ,, j 

I neit.ma 9'u 

j llminpn liner... 23- a 
I llctivii tulisnn.... lo"} 
1 l>iami.n.iMhaiiirk. 27 

! IlKUpImr 15 '4 

! MieUa Kuiiii - 1 46-'j 

lh»miv iWitlli.-.. 41 
IVwei-t«nlA 43 >« 


5X; 1 321- 


1 Kovnl Unlcfa ! 6 OI 4 

KTK I5rj 


28'b I Ih.w CliaratiAi. . ! 24'« 


** ) I Into iiO-f 

23 >4 j liKMer 44-V 

361s | L>m|pwii 1153, 

295s . DviUP lurtuMliar, 30*4 

Z4‘n ! ui-i- Fit-faer .... Zl-\ 


3J« I Kun A trillion. 


Lijyzel Ininup .. . 33 

LtHVlbl.v) 48i« 

Lit Ion IndtuK— 2i. a 
| LoeLhecil Ain.-r'n 23 U 
i, -ic Mar InHun. 2 L 1 < 
L/. 44 ; iilan.1 Lid. IBsa 


Uyitrr -y-tam 2 if»j 
aiieway nmrer... 42 
M. Joe .M inarwi- . 23 1 4 
J«t. Itoi- Paper...- 271* 

vnu Fe ln.tr 33“a 

~vui Inrerl .; 6 

-vxon I nil- ’ *>'4 

Brea ing-- 13ae 
X-hiumharuer «... 87 
-um : isi* 


I 3 btjdderl)ij.j. Ca^j 


601* 

60 

!5r ; 

lfil* 

1 )V 

ii7 a 

2't >, 


42 

4iq 

241* 

24J# 

271# 

261* 

337# 

545# 

6 

61* 


6 

13a# 

14 

87 

66 

161* 

19U 

lb’.v 

16 

203* 

2 uJ# 

73* 

7»* 


W,nS<»orLh.._ M ...i 19 

Wyiy 4- a 

X«mv..^... £41 

3apau Iom 

JScoith Ka.110. 14i ; . 

L.o.Trea- t9J Jt 

L‘- Tren>+;%73Af', r7*»-a 


tom pom Co 1168.4 i 1156. 1' M48.tf lUl.Bj 


237 J2 1 837.1 J 83&J 
992.4 1 25 1.2 , 250 


I G Ja. 90 day b|iM„ 6.98 a 1 7.05J 


Amsterdam 


Pra- j J97B , 

VK4Jr ■ Ultfll : 


CANADA 


Ai.iLiba Kvpei : 

Ajpuro Lagia, : 


A icanAiu minium! 3 H 3 


AJcnma 5leel._...! k2>j 

A-Le-lir 44 

lMDII IH Jlooirea - 2 2.'i 
HaDk Xora VMtiai 21 
Mru- Utaonree-J 4.60 
Ben Teiepboo* J 51 5 S 
How Valiev /od_J 32 


Am, Ark ' 51 -J . 32. a 

IMF i 18: 5 . 18 

AMP 54 1« ; 34V, 

Am pot ’ 14 i* : 14 ^ 

Anattnr Hocking.. 30 1 4 ' 30 » } 
Anbeuner Hum4> J 241 « 23-4 

Arnim Steel 29ia 1 29.', 

A.>.A 20ia ! 20 iq 


42 j Ltc'inuvo kcklalc..! 55"-a 

44 S 3 t«i 00 3Bli 

341, 

60', K.G.AG j 26 ij 

A2; e I Kl Paw* Nat. Qaa| IP's 

18 I Klim 30'.a 

34 v, I Eu.erwin Blectncj 56in 

14:, ; t inrrr A i r Fr'i jtfal ! 25an 

301 . 1 Koibnrt 39 >4 

23 -' 4 it-M.I 2ii 

29-', Knjialbarrt 22 

20 ia 1 Krinark ! 29 .v. 


; Louiiuuia land-. 21 


V« (.kmiaio^r. ... 

Seagram ..' 

->eail«<U 


16 j 8 < 16Se 


39W ! 39i; 

2 ,-j j 


563? Lu«tu>«. 

38 1 4 Lucky Stum 

f f.'fcC l^llplf WTT- 
»''i j .MacMillan _..._ 

l»'s I Mairj 1C H 

ff 'u Sltl*. tUn-re-.... 

365» Ms, 

44jj Unratluin Mil.... 
39U Marine Midland. 
Uamhali Fiel.l 


39iJ i “ear* Kl«l uck....! 22T 3 [ 22 Tg 


16fa j sKDOJ 


7* j *hd. rti 334 

1 1 Slieii Tran- port ... 423y 


41 14 j 40<a j signal -i 49>j 1 497g 


31U 1 41ns 
47 1 3 1 44 ’i 
lbs, ' 16Se 


sij.no.ie ti^v 56*1 

-■inip*b.-ilv Pat... | 13 
Mnscr....~. — 21 


BP Canada . 16 

bra -can.—... j id 3 

Bruxu t4.2u 

ca.aara Power —j 395 ; 
tanulnii- lUlnq._.j lbi- 
tanarta Lfezuenl-.! 10 ', 
CtnartahWUn.; 121 , 
Otu-loi,. Bk-Cooi' 28Vj 
Cnnatia Ibdokl ... I50q 

Can. toualii'... j 19is 

Man Pa. ifia In, I 20 


^ taking, leaving the Hang Seng Mining Financials, influenced M 01 TTXEAX. *»» • 

1 . Public index to.lfi down at 537.22. bv the trend in Golds, were gene- ^ ff li ' ii 

remained Turnover on the four exchanges riuy firmer Diamond issue ' 

aggregated HKS85.95m. against Oe Beers rose 7 cents to R7.12. lodiMirkai H 6 . 97 iitt. 88 : 1 

last Friday's total of HK$122.81m. Platinums were mostly at previous c.mihioad ! I96.0i> 194.6B; l 

Brokers said that inducing levels. while Coppers and =rrr==: comooMe it 68 . 4 ~; I 

investors to lake profits was the Asbestos issues were unchanged Toau«iu l_ 

decision by the leading banks in to higher. Coal shares were . mw a mn ksrttrG i ! I 

Hong Kong to raise their interest selectively firmer. g.>m I 2J7J i w 7 .i ; a 

rates. Hone Kong and Shanghai Leading Industrials made a imtuurwi I gaz.* 1 ”'•* » * 

Banking and Chartered Bank mixed showing. - ' 

announced on Friday that their t .,„!»• Pr*~ ■, l\/K , 1912 

prime lending rates will be Amsterdam 1 < ! vw* H*«i« : Uw, 

centner* ancum^ ’ a ' p0,Ilt l ° 6 per Shares were often in firmer Australia^' 60*.07 aoe.42 Wt.lB 

fettle • i : 1 17:0 j iliii 

Hong Kong Bank and Jardine Roya i Dutch put on 1.40 to Belgium m-. 9 S.S 9 . » J4 ' 10L16 1 
Matheson fell 40 cents apiece to sii^jon in nutch Internationals. -• „ ; i 

HKS1S.50 and BKSlMoW "SSI ^ cSSStira? IffiG ^ Benmarkr') — 96 . 64 - u! JJ 

lively, while Hong Kong Land 2 70 l0 F) ll 3 J 5 (, antl Slevin-Group Franco (It » 71.1 (-, j 71-2 j 47 ji 

declined SO cents to HKJin, ^.30 to FI 13350. wiifle in the (*» lift 

ana ffinSss asaaBfS « 

Wheclock 12 3 S aoUand ‘»‘! C,L2 ' •“.( ^ j’Ha 

cents to Hi\So.l 5 . Natiooale Nederlanden insur - Kong Song oo7.S2 667 . 53 1 $ 62 ^ 7 - 51 W .44 

Hong Kong Telephone retreated ance advanced 2.S0 lo FI 1Q&10 i < ff.'ii ; 

73 cents to HKI33.75. Hong Kong and Pakhoed 1.20 to FI 3750. but Italy 6 US 6 | 6 lJ» 64^»| t&M 

Electric 20 cents to HKS6.10 and Bijenkorf receded L20 to FI 94.30. . iSKosiasiss ««« 


I86.97i ltt .88 184. 13 lt»A-]3j 186 SI (17m 
IM.OA 194.69, 198 JW t-9.w} 189.00 fl7/f> 


Ib 2 jU flursi^r • 
170.62 i JOril',,.. 


jda' N . 

arin- 1 


U7.lll7m I 
252.4 (17/71 I 


193.0 13341 
194.9 tH/5i. 


Shares were often in firmer! An 5 traiia<".i at>».42 eoa.oi aoe.42 44l.iB Spain 
ttle. - - ■ ■ : itT.'ri i «U» _ . 


HKS1S.50 and HKS 15.30 respec- 
tively, while Hong Kong Land 
declined SO cents to HKSM, 


Danmarkf! 96-52 ' 
Fnuicfl (it» 71.1 


: KL'l) ' tea 
! 71-2 i 47jj' 



r Pro- 

1978 

I97« 

• 17 

; vk*n« 

H 1 -I 1 

lira 

Spain — 

i lOSLlo 

9 1 

1 lu.lc 

*14 

• 11.5 

Sweden i*i| 405.01 

IOMd.51, 


iio.t 


(4,=) 

,3.1> 

Swicrerrdd^ wi-* 

1291.3 

*>+.33 

iM.q 


.I**}/ 

.1*4 


(jd/ai 13,-2) f» Commerzbank tire.. 19» <«i Anwn* 

, M? 7 j 7M i dam. iMoauiai 1970. i M » Hans S**r . 
: jio,* 1 (L7.6) BdU 2 3l/tJ8*. «l| 2 ) Milan 3/1/73 ml T"k, 

* a?j3 ! 7o.O New SE 4/1/tt. IbVSrraim Tinwi 194 
I gMSt i4A) »c» C308ed. id) MaflnH SB 39/I2T 


,7.22 fiti? . 53 * ySZLOi ■ Sis 44 («*) SUKUiotS) ImPuirJal 1/I/3& UrSuf ■ 
I i <e*7l ‘ (toil) Bank Corp- m» Unavailable. 


MONDAY’S ACTIVE STOCKS 

04463 344 at ! ffifl Slocks ClostaB «« 

344 .o 3 ] 344 .h 7 |3aoJli2B2.0 ir.uli-d price d« 

. ■ (Mjn > 11/^1 Anwrtcgn „ 4S 13* -H 


Common ~su Texaco 


211 a j 214* 


>mii»i ii me ; 9l7j 


A^mem Oil J 161 S ; 16i, j tihyl j all. 


Asan-n 14 1 1 

34V, 

All. KtcUnei'l j 491; 

A*no OaIa 31 U 

A VC lOJs 

IiM' , 27. « 

Aii.ii 1'HAiucl-... 55^s 
Bai l 0<ir hJTI .. ' 231 , 
B*»ii» Anieriiii.... 24U 
MjnUrri I'i.X.Y 3b U 

Ber'fi "il ! 26s» 

Buier Inoemi'.i 45 ij 

BcaokY Kiwi • 24a, 

Be*-tt*Di>U'keii>on 37 'j 

Be.- A Howell 197,] 

Bendix 38 i, 

Hcncuet Von. - B" i. : t 


Lu-"D - I 451? I 4538 

14J> Isirt-liililCninrral 3SL 32i| 

34i 4 Knit. l»e|4. Mnm| 3»i; 3b4 

49t 8 Kimnnc Tli«. 14 JSkt 

31-% Fsi, .Nat. B>«|mu.' 29Sx i 291; 

104q Hen Van j 21Sp I 211; 

26 V a Klmil>* 4 «. ; Z ?>4 271; 

55 n„nd* I , n«rer....' 3 Ha ; 303, 

25** Kli*»_ 36 ■■ • a 6 l e 

IblS IK.M.C 24 ; 23 i b 


Kun Miller........' 4fcJ| | 46 


45yq j Knremx-i Mrk....' 211 # 


B,xck A Uec»er...' 

tWinp 

b..-*r I.JIMTH 1 "’.... 

H.iril*.n 

Kit*; Uarnn . . 

Kmniff lul 

b'NHim'V 

8 n»i«. M«er,.... 


Hulviu- Lnv I 18 

Biiiuia Malcli.. ; b=j 
hiiinii^li4i.\lhliJ 4tii 
hi,m«u;li- I /5 ! : 

* ■iiTi)4*e > - >*n»|... j 34 lj 
> uviiiixn KA. in.-j ITS# 
t aii«. Ilan.-**i|4i [ It 

i *riiAiH*i . 28^# 

l Aiii.-rA t'*i-m-ra.| 12 

I ah ci Han rj .. Ira# 

• aiv.ii..a» l.iu-i- 58 

IH? 54 lj 

i c aiu-m'I mi>n . 40-n 

i ini.a. A "'At. „i 1 o- s i 


37 1# 

361, 

197# 

19* 

38 i« 

384# 

3 ! * 

61* 

23 >* 

224* 

leu 

181* 

58S, 

591; 

291* 

28J# 

20 

2B7 a 

it- 

28-b 

145# 

14.*# 

14x 8 

3 7ir. 

33 i« 

16i s : 

161, 

33S, ; 

33h 

151* ] 

14 ; c 

18 1 

18 


KoxlWlv | 

Kraniiin .Mini.... I 
Kreepmi Minera l 

Krucfaaai j 

Kaque 1ml* ' 


Mai UefA. -lore? 245# 

MCA 51 U 

Mi-LiermoR 24sij 

Mi'LMm*H I** am: 35i 8 
Uvttniv Bill — 23 

.Vlem*.sn*x 42q 

Mcr*-k 60 1 j 

Memir l.ynrhl 16St 

Vlw P*firnieiiiB. 3 sa« 

MUM j 39 

ili on Mini* A Mus: b 9 i 2 
ilui'ii Curp...~—.i 63 

Mimsaotu SOU 

.U*«#«i» J.P. i 45Jg 

VlulutViia 483# 

ilurv-hy "ii> | 42 

.\aJjuco._._ 25 

Valin CbeDnva'.J 281? 
\auooal * j*«i i 17;# 


i >mtr<*i 

-* ml lull I wo. 


Can Ka ific lnv..J 
v^n. --ii per Oil.. 
C*riin» O' Keel e 
C'kwdu- Aa/m.ti>J 


-MuiHhemCa:.liii| XOl# 


-*<ulbem Co 16»| 

Mfan.XaL dec : 36i« 

>.ui hem KarilK’4 3 1 
boutbemKailwavl 511# 


si.alllliaiMl ....... I 271# 

Bail-hare-..' 26 
"lierrv Hutch— i 1**8 

Sperry Mann | 423* 

3<juii *...-.— _i 35 U 

-UihUnl Biamle.i 28 
->lj|.Ollv41iluniii" 397# 
, '•in. Oil ImlUj-aJ 49 <s 


481* < Sin. Oil Ohio. 


Wanfl OiienaieaL., 40-'i 


Mi lella m. 25 1; 261# 

L.i'inmci ..j 21 -n , 271# 

Hnthur*t... 29i# . 261* 

‘jcmi-uttiw (ia-... 181# i 18U 

taveka Ke-cxneer 6 - *» i 68 # 

Liquid li.33 J >124 

Uauu Oevel ... 9 Bi* 

U«.iwxi Aline.-! 78 | 77 

toiai Uine-...„.. 86 i# 87 

lA*me Ketnsie'im: 681# j 675# 
I A, aim ion Un.l}.|H 125 i 251# 

Unmtar._ 193# 18T# 

OupuDI 143# 143# 

Kaloan'aeNictei.- 24> 4 24 

Kant Motor Can , 73 \ f73>2 


I Mill) 1 !*llU) 

NOTES : Overseas price* shown bekn* and/or scrip issue, o Per share. I Francs, sinmnorn ^4.63 1 344.h7 ! 3tn J1 i g«*_n 
exclude « premium. Belgian dividends o Gross dis. I., h .Mnnned dlvktend aher J ' (F)j 7> i (1/?) . 

are after trirhlioldlns tax. scrip and -or rights issue, ft After local — — - American Airlines 

6 DM30 denom. unless otherwise staled, uxea. ra*. tax free, n Francs: incliminr Indices and base daws (aH base values SterttiK Drus 

Fields based od net dividends plus tax. Umlac dlv. V Nom. q Share spin, a Dir too except NYSE 40 Common ~ 50 Texaco 

« Plus joo denom. unless otherwise state*l. and -yield exclude special payment, t tndi- Standard# and Poor# — 19 and Toronto Control Data 

i* Kr.lOO denom. unless otherwise stated, cated dlv. n Unofficial trading, o Minority 3NM.0U0. the las named baaed on ItoSL Sears Roebuck .. 

6 Frs.500 denom. and Bearer shares holders only, n Mercer pcndtng. “ Ashed t Bxcludlni bondB. S 4M Industrials. Ltd. Technologies 

an le&s otherwise stated. Wen 50 denom. * Bid. c Traded. ? Seller, c Assumed. torts 40 Utilities. 4fl Finance and Buetns — 

unless Mbenrise staled. S Price at One xr Ex rights, sd Ex dividend. xcEx jn Transport. 18) Sydney AP Onl. IBM 

of suspension, a Fionas, b Schillings scrip Issue, xa Ex all. * Interim siofe , jj , Beltaan SE 51/12/ S3. i*”i Copentugni Eastman Kodak .. 


of suspension. 


d Dividend after pending rictus increased. 


i~i Copenbagea Easnnan Kodak 
Roars* i«41. Polaroid 


moon - 
239.190 r*i« 

313.300 Kl 

2*9.900 +U 
274.990 ■'M 

291.295 MU 
232.9TO 55i 

2.11.300 -Us 


GERMANY • 


TOKYO 1 


BRAZIL 


-•terime lire a—.! 
Mu. (Maker. 


iun (. 0 . — 43 


j (inn nett 46 j 4 

: lien. Amer. Ini.. 10 

j r,..v.T.A dil* 

. (ieu. I'aMe 174) 

j lien. Li.vii.nnta? .. 73 1: 

I lieu. Kkjciiw.... 5klg 

jlinn. 7(*.iU ] 32i# 

: lit-nerai Mill- | 311# 

[ lii-iii-ra- M<iiui> .J 61 

i lien. l'u»". U|ii...| lbij 


• ‘ieu. -ignai 29»# 295# 

i fieri. Tel. Fleet ..; 28-'i ' 287# 


| 13 it I 75 1 4 
! 34 U i 34 U 


fieii. l.vre i 8 feJ» 

UenoKd I 5‘ ; 3 

jlieirxM teillfc'j 27U 

[lieliyUil I 381# 


I t Hillleeil ; 

i i-i-im \iierwlt.. 

1 inn 'Jinliillin 

I , ii.iiinw: l»t. \\ 

9 l.i a M , i»i;li . 

■ Vmc ^iMrnv., 
i lucap*. Ifiioc*. 

' ll->-W 

1 inemmi. 

' i;i.-. ?lila>::.-n. . 

1 m-i-r 

• H li’^ NtI lit*.... 

*.iiv Invwimg ; 

i .«■ r.-ta 

'-..'igaie I’m hi... j 
(.■■Itllin AlkIPAII. ! 


11 j tiilletre 1 29 1 # 

28>« | IiiapiI I'.'li II, K.,..' 22a# 
XZ># I li.aaijem Tire..... 16*1 

1*3# ;ii.Kii.i 3oi" 

58 I lirace M. li ■ 26* c 

53^ | lit. Allan fac T«*[ bh 
401; Mill. >i*ilh lum, 25-# 

In'* ’ ii*i.yii*iini 127.1 

„ n . 1*1111 a Wemetn.- 14'* 

; f.ul! Mil 2*-.=: 

! IfahlMin.-ri 62 h 

* ; H"i.iui ,'lluliig.. ■ 3c'i 
S. 1 Hm ill ih.4i live, 16 
■ Hitn- l.iir(#.. .. 59'# 

, Mem. H.j;... 41 

jj! ' lletlUlcill 2 b i< 

4 ' ' lle« ic IV-kmrl... 85 
3U* ' Hniidav lnxi*..„. ' 171; 

231 ., - H-MiM-ilaUe 34." 

47 I U.>ni , .\T»i..|i. . 58-'* 

I (fooler • 115. 

41-3 | llu-|*-l -up. AinCI. 3a 


ia-.. Vat. LtlntUleii_- 21?# 

i ? ! tt : it 1 A " 1 service loo.' 15s# 

tr» • 4 o- -'aivnaj 3 uj# 

! ,?' 8 .Nal«»as • 

f }; 4 1 T-v - NOK SS4a 

i,T* I >e|.tune Imj- 18 

Zy,l , Z, - \ewr Eim^n .1 KIj 221 * 

5“ » I J* 4 * >e» Kngisn .1 lei; 331* 

All* Muhairk 14 V, 

fit I Al i Aiagara bhiue-,.-! llq 

ri- 1 1 V.L. lislustnee-..- 19 

mj* I -aos* | VorfiskAUrertero. 24a# 

uf'i’ Mhn.SinM* Pwr 231? 

*?** , - 4 * i .Nthweei Amine*. 28s# 

Prif ' -fi.' 1 -'fhwe-t Banrerj. 24a# 

?«!* NonefiMn# 177# 

3830 381* i in uli-nlai Pctroii 215, 

£9(# ’ 9 I« l •ctin- Mather.... 561* 

22a# ' 221; JU"” Ki,l,M,D 

Ifii. irtj. w, ib. i XSi« 


?un<(-tnui <1 ...- 

• ivniM 

lecbmcolor....~ 


lea iron ix ! 44 


rieosiar 30 | 30 1* 

til-mi Vcl'wkmie 125# 13 

liuir UilLana*ia.. 285#! 281* 
danker dkLfAin. 8 ’ B 

Hotilu#* 391# - 37 

Home Uil 425* 431# 



[MWi + mjDrir.,**. 


AWi. — 

llliana 1 
BMU..._ 
BA 6 P.„.. 
Haver...., 
Uaver-Hi 
Ba\ei-Vi 
Ubalnc .1 
Lemmon 
(JontUui 
Uairaier 
Degus^a. 
Uemag- 
ItruOi-b* 


ImUii LrUur 326 

Canon 466 

Casio ; 698 

Ublnon 4S'j 

Ubi Aippnn Pnni| 589 



589 . + 14 
541 |~3 


14 I 2.1 ALUIbfUacanti ...j 

12 i l.d A crow Australia; ; 

35 1 1.8 AHimI Mnc-TrrtB. Inila-W 

8 ° {• 2-2 Aoipnl Expiowtion J 


J0.6B ;-0J12 j Banco «t 


18 ; , 1.5 Ampol Petroleum 


Uanco I C«u 

1-HUM l Beigo MmaimOi' 
' ' “ 1 laijam Amer. OP., 

feeubn* PP. 


. 1-98 L--lJld0.17.»Al- 
L 2 B -ajI2|0.37.28>' ' 


1—3 |+0.03|0.0fc;4.1. 
3.30 -r0.04jUJSCfi.fJt_ 
3.34 ! + 9.03 0.13,3.61 


j leWriyiN* — . ..' 104q 


! leu**' i 


HirIwd hay Mug' 175# | 17?# 


Uialron Way 


I i eneeu. 


liislmiOii 41,"., 461# j 46s# 


Uycfcnhnff Zemi. 195 -f 15 j 9.3bj 2.6 
1 1. ■iieb-A nung — , 204.5'+1.5! 12 | 2.9 

Bajae Ciqvd I 125-0; -r 1.0 '14.0*1 6.7 

Uarpenra-, I 287 j-e 1 ;s 10.121 5.6 

KoM-hat ...—I 126 l— 1.2ilb.i3 7.4 

45.5' +0.4; 4 4.4 

Horten — 140 ! + 1.5, 9.36 3.3 

H»-l umi -al*_...: 145^' +0.5 [14JU^ 4.8 »•»«*“ 
Haratailr „...\ 320.6 +3.6 :23.*4 3.1 Vipprar 


I I ra-ru Pel roleuni 105# 

lexa*.* -- 28i# 

I texasBuli..... 20 

lexaa Lastcrn ..... 401# 

lexaa Insi'm 63 

I Texas Oil X Gas..' 28V# 


I.A.C. ■ 

Inixaco 


Imperial Oil - I 8 'i# 


I IK" 


26J* I lex*, unities... . 20 i; 


i ifenemi bhip.. 
i *w.*n» C'.iftuup .. 
"uen» IIIMHa— . 

Ill* in »*as 

IVitl- 1 .i fining . 


23 7# I 23i| 


limeeln*... • 427# 

Time* Mirror ' 30b# 

Timken. 47 

Trane - | 355# 

Trauamersa. - 151* 

fntiTt>.'..~. | 201* 

Tran* I. diou I 56 

frau-Kiiv lutr'u.. 261* 
Inin* Woeto Ail.' 207# 

Traveiery nSit 

fn C'Micincxilal 19 


ln>ial„— 
lufausl Xnt. Uas.: 
Int’p- e Pipeline 
Kaiser Itesoup-esl 
Laun Fin. Ourp..' 


....l 125-0: + 1.0 [14.0«| 6.7 
....I 287 + 1 !*10.ra 5.6 

— I 126 l— 1.2 | lb.i a 7.4 


Karata,ir 

Kaufbot 

K-o.kner OM10C-. 


303# | 295* ) Lt^iaiv 4.20 


II min'd UsoilJ 191+ | 19 


Ma-ae.v Fern ixboo 1 12 1 # 


Pun I'nr.S Ltd.. 217* 


[ I'au Vm IV., |,, Al- 
l*Bmer llancilin 
!Vhi«»ii Ini.i. 

, IVn. Pn. XL.. 

[ I'enny J. I . . .. 

: I'enii/T 

j IV'i'io, |, nix .. 

i J '*«* .... 
IVpskx. 


I.K.W 

Alb Century Fi* 

- l .V.L 

, C.MIC'l' 


L‘UI.._ I 20 


2li* ( i mere 39»j 

37u ui-exer M 1 341; 

273# ' L*mi Banenrp.. 1 Z5Aj 
lift, I 1 nim Carlu-le... , 38U 
35 1* i C usm ttujuuen.»j ■* i# 
SO U t.iMMil>i*lim... 47.* 

I L'at-m Far - lx- ... 44 an 


l*« -T*:n tin, or.... 
LVL 


'.'i-luniiTia •■»* .. 27 j, 

C*’iiiiui-ia 1'i*.|. . 22V 

• <in.ln4«u* Cni lb 1 ? 

• ..fnlinwian Ln^.- 41 1* 

'.•■bil’u-ix'n L*i ... 161 ; 

i(* Ivih.-h.. 27 

■ 'it' a 'til i'll l!*‘l 21; 

• rimn. MU.-IIII, 42 = * 

'■•nifiilfiviMin Ilia 

■ inn [.lie In*.. 381 t 

1 .-Tiia.- 19’"* 


; Hi.iiai-'ii Var.iiar, 
, II il Ilk r I'll. l>i lull' 

■ lliili.-n * E. V : 

I l.f. Indiiilrie*...' 

. I V A • 

liijp;r-aN. li'anii.. . 

; liiinihi s-Teei 

I Ii»iK"> - 


1 U.M 

Inn. Ki»*,»ir- 

Inti. Ihrretir., • 
Inr., Min A < hour 
1 Inti. Miiiiii.m.1'... 


I’lwil** UixU; 

I'PiUd* iplna l>. 

Pi'lltb Mi+ria 

j I’liillira IVtu/ni. 

• llldlirv 

j Pit nr j- Homes... 

I P>it-i**n 

1 I1«V«T L>«< Atilt- 


I'rlarnhi 

IV.|**oiai. Kl*.-. . 
I'lti lo4«^l>-ie*.. 


* -iti-i'I K,**T* 
i ..im-i Aai. l 


I • -nl mi nil 
C"niinri*ia 


• .’Hi r.. 1 ! Halt. 


,.V. 

23 V, 

23i, 

■ 

16'.: 

16:; 


ZBta . 

25'j 

• 1 , 11 .. 




38 

38 

! 


A5 


23i* 

23:# 

j In*. Ilratlbi'r ..... 


u- 


Z9’b • 

28:* 

, Ini. '!■-■. A le'-. 

31 

31 

•n.. 

26.'* - 

26S 

1 Invpul 


1 

lilt. 

16S* 

151* 

I l.'BK P«ll 

36. • 

36' , 


351; 

35 

! 1 L Internal ion»l 


11', 

.. • 

551? 1 

551* 

' lira Wnilrr....-./ 

29i’ 

291* 


21M ! l‘P«1erl,vii-.le . 


I’ll', ttne f.iix-t.i 2a i# 


I’llllfnnn . . ' _ 

! FuiP* 

>/nak*i l.Ml- . . 

Kajiuf Vniencaii. 

1 l.'ax-ttic.-u.. 

I!C\ 

ISe pi ii .|i.— *i*+l.. 

Kwret*. [nil 


(luip^rai 73# 

L oiied Hraiulo... 9=i 

j I '8 Uaia-cn- ' 29i# 

I Cc> U-rrsuni.. -- : 26 1 * 

ilsbli*.- • 24 

jLbbieei 2b3j 

1 18 1 crlm-jJcsric: . 46U 

| L'V luilueliirk..... 20 
. I irymui Eleet... 147# 

: Walgreen. 283# 

, VanicrAi-umihn 46' » 
Haruer-lamtivrT.j 2#^ 
IVn-ir-Maii'iaem' 23ir 
M\HI~P«I1K*.... ■ 27»- 
1 Ve»i*+o Han.v*; 57 ig 
'Vwii-m V. Am*i 29:, 

• LVn.it.rn 18,* 

. " r-lmafar* Li** 22 


JL lull re 24i* 24a# 

U**ur« CV*i*u ; 381# | 38 

Mouu laiu^tn I cK.-: 3.60 1 3.65 
A limn, in Mines.. . 297# i 28a# 
Aup-eu Knersi... Io5# I 16i» 

.*rtm. Teieixmi 327# J 32*» 
Vliirus Ull A. 1 m,. 36!#-! 361* 
His \i o*l I'eiri'iii 4.30 | 4.55 
PhciiicC'opMr 11 . 2.22,1 2.21 

IVilrlTlmiein- 40 * 40i* 

Pan. Cxi*. I'er'ii:.' a4i* 1 *4 

Matin** flsJi ' 16 

hwi*e Ihri* ».. 1 5.25 • 4.90 
Pes.+L'anA 1111 .. 1.02: 1.04 

l'U>*rlMvl(*iiiii 1 * 2 ;# 1 22 >* 

F*ner C'urpnrat 'in lfcj# I I6U 

I'rST- 14i# : 14 s# 

V?uel.+. - Miirsefiti' 1.56 J 1,36 

l^n*erOH ' 32Jj - 32S* 

Keel Man. . . . ]0l# I ]Qq 

Urn Alp,.m_ 541* j 33 

liiya* Ilk.** Cap.! 341* [ 33S* 

(e-jyn* 'li u»i 1 IB • 1 177* 

M>|4i>.|:+uiw. 6i# , .81* 

3tB^rauh . 26’* • 261# 

■blioi- Caniula 1 141* ; 14lfl 

^Uerntili. Mice-: 6.62 ( 5.62 
siehen- t>. ij_. ' 32U •; 321* 

j^initBon oi* , B»« 

: slew i*i caiuula. 251# ■ 251* 


Knapp. ■ 

Lm.1*. _j 

L*>nentmu 100 ..... 

I -11 Hi is n— i 

MAA kI ... 1 

M a/lnf- num n 

Hnallnea 

Muurfaeaer Hues 
xrebnmana..— ..I 
Ptvu»*»c Ull lCCl 
Khem Weal. KleeJ 


94.5 - I - 

263!s +3.8 SB I 4.7 
1.400,-15 25 1 8.9 

lQ3.u'+0.3 9-361 +.6 


Hiuv-hi 

250 

1-1 

12 

| 2-4 


! S74 


1 i« 

l.fi 

HoueeP.Mrt 

[1.220 

i+’io 

j 35 

l- 4 

l. lu>h 

244 

1-2 

1 12 

1 2.5 


[1.470 

l+io 

, 30 

1 lu 

Ibcou. 

I 682 

1+1 

1 15 

1 1.0 

J.A J*. 

'2,62u 

| — 2D 

1 


K Mnmi h'lecr Pw 

.1.230 

'-20 . 

IO 

4.1 

Ki.'inatsa 

1 345 

1 | 

\ 16 ' 

2.6 

Kiibou. 

281 

| | 

15 | 

I 8.7 

h. y.jU-L^ran, fi; — 

|4. 13 J 

i+30 | 

35 

1 0.4 

Matsushita foil... 

! 733 

[ + 3 ! 

20 , 

1 1.4 

Ultaulrtabi Hank.. 

1 27» 


10 

; i.b 

Mitsubishi Heavy 131 
MU»ut»i«b, L«rp.J 458 

‘ + Z 

U 

1 4.6 


13 ; 

1 1.4 

Mitsui 1 Co 

33a 


i4 j 

2.1 

ttitxtflcn*ili...__ 

601 

: -i ; 

20 

1.7 

Nippon Uenao — 

1.490 

> 1 

15 ! 

! O.b 

Nippon fiblnpan. 

| 710 

!+iu j 

12 j 

| O.B 

Niaeau tfi-tora^. 

1 787 

1+1 

lfi 1 

1 1.0 

Pioneer.. 

1.800 

1+20 | 

48 j 

i L3 

sanyo Kiectne-. 

1 Z 36 

!~a 

, la 

1 2.4 

•’ekimu Pretfib — 

: ass 

i+i 1 

30 , 

1.7 

>bisebir>. 

1.200 

:-10 ; 

20 1 

0.8 

-ony—_ 

1.670 

1 1 

40 ! 

■ 1.2 

La i« bo ilannt 

244 

'+1 • 

11 

2.3 

la Mao a Cbemim 

: 421 

+8 

15 

, 1-6 


Pirelli 1.48-i ».j0.16 lUlUAn 

aooza Cnu OP 2.82 : + 0.04;a.23|9.1!«nUU 


Assoc. Con. Industries.. 


boon Cnu OP — 2.82 : + 0.04;a.23|9.| 

tl.67 ’ fUmpPB . j 5.65 + 8.05-0.26! «.N . ... 

fl.08 t+0.01 y «‘e Bie Unce PPl 1.23 1~-n..jij0.18ji«.CT l 111 


A.N.I 

Aislimctv. 


+0.05 1 Turnover: OFTlW^m. vainme: fi§T6m. 


Uamboci Creek GoW 

Hme SfeUI (n*1... ' 


tl.48 140.05 
10.42 kOJtt 
10.56 | 

10.26 1+iun OSLO 


Scarce: Rio d# Janeiro SE* 


11.14 j 

il.38 r-0.02 


.11.71 i. 

t7.44 j-0.M 


: Price '^or' Iliv. YmC 
| Krone, j — I % ^ - 


13.0 0 +0.02 
11.35 


July 11 j Krone, j — I % 

i weqtee Ba*U_ j 92 i-1 i 9 

^''"‘iBrareBMnl _.| 63.2s'+OJ2fil - 

JSTw Urertlttamh Iu6.aj— 0.5 ' 11 

l!r«!Kts,mM 216 !: 120 


201.5 -0.5 i U ; 3.0 Sii 

163.3 +3.0 l/.IB) 3.3 ! Jut 9$Zh 

231.0-1.5! »0 , Ml* 1 *- ■ 


i2 I *4mtJoe tootiDte 1 

iS ’ Us.taio Australia 1 

H UuuJOfi Rubber (SI) 

SjJ I i'Z Khtnc-dnuth 1 

IS • h* 2 ’ Industrie... l 

40 . 1.2 (Jen. Property Truat. 1 

Hameraiey I ,...! 


sx -*5 : KroUtk — s e n 105 1+1 ! 11 

15 10 l-o a ^ H.v holo-jd 182.75— 3.25 1 12 
+2^35 • Horebrand 1 B5.0j— 2.5 1 7 


11 9.4 — 

20 ! 9* . 
11 16^ 


12.35 1 

12.72 ;+O.OE 


I 52 LJ 

iioi 


tl^J '- 0.10 
11.36 MI.02 


12.60 1-0.02 
11.57 1 . — 


JOHANNESBURG 

!-o!o2 • ‘ MINES 


565 8 I 

149.2 J-2.7 * 


leoiena 

■»•■ tucker. 

» hymen A.G 

tan*,., ... 


115.5-0.8 l/.18| I A 
173 —1 14; 4 .C 1 ! 


I UK. 

.2.320 



Teijin 

123 

-1 

', 10 ' 4.1 

iv.adu Marine. — 

, 498 

+ 8 

ll . l.i 

lokio Kiect Pow'i 

, 1.14j 


0 ’ 3.3 

Tokyo Many, 

325 


12 : I.B 

lokyo Xhiisur* . 

.1 142 

+ 1 

IO 3.3 

loray- 

1=6 

—1 

10 3.8 

t«>vi<H Mm, ir .... 

89o 

-1 

20 i.j 

Source NUcko Securities. Tokyo 


Inter-C*jppet 

Jenniue- lndir*tnea~.~.„. 


Leiinatrl Oil 

Metals KxpJ^aaon 

lini Uoidlnip, 


is«* ’ — — Jiflf 17 " 

1^-52 f-0^ Anslo American Conm. ._ 

!o'ok Charter Consolidated 

In’iu f 0 - 02 East Prieftaueln 

!?-S iLmar * — 

,*•*» 1 Harmony ' — 

11.16 ;-8.ci Kinross :. ™ 

10.23 Uo^l Kloof 

10.32 J+>. 2 Hmeoburs Platinum ..... 
1Z20 >0.1# SL Helena 


^ Um,i..,| 
Rq 4 ll. I . 
+0J9 fllJrpH n 
'. ri,n„,i 


vereinVi wWiiiki li 7A ' BRUSSELS /LUXEMBOURG 


Viekanaaen 1 238.6 + 4 J ■ 25 5^ i 


hew*. , 

-Sichoias JnwroitUnmt J 

X.jrtfa BrokenH'ilinca loDc,i 

Uakbrnlieo. .. ... j 

dii aearch. — ~ * 1 


I AMSTERDAM 


l*rice + or 7 

Pis. . - ! 


Hq : Brau£L::*l.iM -15 j 72 [ 4.7 ( 


>JV.;rf.'. ttonen ^Jr.. ....::: 1,975 !-&“ lib | 5.9 | 

% % C.B-K. Cement 1.180 ' 10O B.fi 


AIhiM (Pl.UJl.._. 
Ak*oiKi33)_ 


- I - I U.HJt. cWmenu...’ 1. 180 ' 9 M u K" 

— ——i — — • llXnmi 443 L_23 j j — I 1 


^ liS-5 h 28 ! 5 - 3 2.24u +!5|i77 ™ %%££ n % am **> e * nn \ 

aSf l S'|!oTJr= KwlnN>el -- 6.610 1-10 430 fe.n 


11.70 



10.86 



11.38 



11.85 



10.14 



10.40 

1 1 Free -Stale OeduW . 


11.55 



*5.05 

10.75 



10.36 

1+fLfli Welkom 


10.54 


39 -30 

11.92 

10.88 

r-0.04 western; Deep 

*15J» 


INDUSTRIALS 


3let*-KiiL Inw.J 2.71 
fexai-i Canwia...' 431* 
I lunKiU) Lsmi.Bk. 2C i? 
{ Iran- 1‘aul‘ii+Lu 139# 
i Iran- JlvuulUfs' 87# 


Crioto. ' ;15lg 


32U ! 321* 
ol* , B>« 

25 is, 1 251* 
2.71 ! 2.71 
431* 1 43i# 
2c i? I 20<* 
139# i ifis# 

81# ; 8 l# 


; + 30 1170 I 

ird ,16 u e.7 PARIS 


i Aagib-Amer. industrial w 10^0 


blaevierV ,K,JU.,. 274 -2 
hnuia,\.V.i5t«rerl I33.S - 1 
Kuro Cum ) ,i(Fir.! bd.2 — Q. 
Ui«tUro«aue»iK.*:.; 46 -D, 


174 — 2 27 j; 2.0 I 
33.5 - 1 . 37.fi 1 &.6 ! 

6d.2 -0.3 . 94^,1 5. 1 1 
36 -0.3 ! 20 6.6 i 


i\re,»eit*,nk_ 6.830 


I —I 66 6.6 

-75 1 170 | 7.1 
{+5 [142 . 8.1 

| |49U 1 4.3 


+ 01 • Uix-J 

- i Frr.: 


— fc’i Kente*f. ; 740.8—0.3 **ij| u.6 tejara Lrtnsouoaien mr.._ 

B ■’I'eSo ‘ Mi li 420.0; ! i i.i| 4.9 ! VOem , Siorea 

Fttrofira .3795 ! +5 Hl74 • 46 316.0 -3,o , 16J 5.2 [ Ever Ready KA — . 

rearoma. l „>?r .*? 1 .Agintajim. 1 5*7 _ fi 4 a 1 Federate VoUtSheteaBlttE« . 

SS& 1 R 0 t!o aSo ! li « 0 ffi+i tl i GreS.anSSr**: 

wi££52TSS +toi«Sta \ « 5-1 A48BraDCC 

Sstiis A . ! S5 35 i &-S== 


Barlow Rand 

J|X- 'Y,.| | CNA Ixtywaxueats 

fn. I » | Currie Finance - 

— , | Do Been industrial 

4i# I 0.6 I Elnara Consolidated lnv.._ 


FAu HuW 

Pet reft ha 


10-* M^yeihoeih+r.... 


50 Whirl],.a* 

37'* 1 11 hiieCim. Inn.. 

22»# ; IV niiam C.x .. 

86 IVlreimsin t'lex-i.. 


iDiualii*. 11 

L'lJ. 'ixxxj.M int- 71# 
Walker Hiram. ..! 33'; 
W cat OwlTniur.' 111? 
W eatnn liee*. 18 <* 


rielnekeniFi.a?...: 1Q3.8 -r0]7 ' 14 ' 34 ?*" L ien *??? 1 5 - ? 

h*mp •**,,- . puui. 33 , 0 . 3 , - ; 1 tXiZr fcleM,ud i-So 1+10 iffi : li 

“T v r t2? ,s + s ? 1 1 - 7 1 »«■» i:::::““:...,a:46o j +40 ajw| a.s 

k.l..y. (M.luji.,,, 153. L. *2.5j a I 5.2 I *■—»;— •/.— J > Mn \ Irin e*i 


r BKL s Awed 1 rreded 
INW WK* 


luk. Muller, li*)*... 
Naarrieo iPl.l 1 *.. .• 
■V»L.V eil 1 oa.i tllv. 

AedCraflKi'FlJC. 

.VedMidBLiFLeG. 


tl' 8 + r « 1 ,i 9 J 7 - 9 ' 9W +2 

lot i + S'l l ‘li. 6 : ' Uu.Mloal. 10, _....! 728 

103.1 *2.3 I 48 4.6; V, elite Slona/pie 1 L472 i>8 1 
32.fi +U.4i 21 l 7.9 1 ; — 


IU«MH_Sj, 156.5^.1 


198.6; * 1.4 ! 2«, 


BASE LENDING RATES 


EUROPEAN OPTIONS EXCHANGE 



fei ie* 

^ f>u 

My 

1 

V*'. 

ABN 

r340 





LK7. 

F27.M 

- • 

-- 


Ik/ 

150 


. . 

15 

\k3 

F32.50 



7 

FF 

S4C 

> 

lbU 


r.K 

x45 



6 

i:k 

S30 

to 

6S 

14 

KK 

S60 

45 

’6 

5 

F\».‘ 

‘25 




11«» 

F32.50 



-- 

Hrt 

135 ' 

— 


— 

H<* 

F37.50 

-• 

• • 

•- 

IBM 

3260 

9 

8 

10 

IBM 

S2B0 

3 


5 

kl.M 

1150 , 

. 


7 

KLM 

1 160 

46 

0.70 

10 

KT.'l 

F170 

- - 

a 1 

8 

Kl.M 

K180 

— 


1 

,KliM 

F190 

-- 

— • 

17 

*1x1.11 

*200 

ro-w 

- • 

25 

NN 

F98.90 

a 

4.30 


\\ 

F108.90 

3 

; 0.20 

11 

N\ 

» 118.90 

— 

-• 


PHf 

V22.5Q 

10 

3.S0 



P25 

- 


5 

PHI 

127, SO 



15 


Vl20 • 

10 

14 

40 


P130 

59 

3.80 

e 

i;p 

1140 

10 

0.10 

10 


*25 

- 

-» 


| 

S6D 

-- 


— 

TBT 

1-60 


A, >2. 

N. 

C*TX 

«JO 

- 


- 

»L0 

S .90 






29 1 364.50 

5.70 F29.50 
3.50 


4.20 F33 
260 


A.B.X. Bank 10 % ■ Hauibros Bank 10 

Allied Irish Banks Ltd, 10 % ■ Hill Samuel Sin ir 

Ainerican Express Bk. 10 % (J. Hoarc & Co tin «£ 

.Arnrn Bank 10 % Julian S. Hod«e 11 w 

A B ”« k i* J® J Hongkong ftThan^i }J % 

Henry Ansbacher 10 % industrial Bk. of Scot. 10 </; 

Banen dc Bilbao 10 'fe Keyser UlUnann ... ]n <r 

Bank of Credit &Cmcc. 10 % Knowsley & Co. Ltd*" 1° u^ 0 

Bank nf Cyprus 10 ^ Llovds Bank in % 

Bank of N.S.W 10 '7, London Mercanlife S S 

Banque Beige Lid. ... 10 «r 0 Edv.urd KoS & fio' 

Banque du Rhone 101% «id| a nd Bank *“ C iq-'J 

B“"e«Ch"deLii.;: u % J Samuel Hmo*, "Z 10 \ 

Breraar Holdings Ltd. li % "^org an Grenfell 10 % 

Brit. Bank of Mid. East 10 % x. 0 . 0 ^ Westminster 30 % 


Heniy Ansbacher 10 % 


Banco dc Bilbao 


SWITZERLAND • 


Bank of Credit &Cmce. io % 


Bank of Cyprus .... 

Bank of N.S.W 

Banque Beige Lid. 
Banque d u Rhone . 
Barclays Bank . .. 


Barnert Christie Ltd.... 11 «c, 


I Brown Shipley 10 % 

Canada Perm'! . Trust io i»; 
Capital C&C Fin. Ltd. 10 % 

Cayzer Ltd 10 v* 

Cedar Holdings 10i% 

i Charterhouse Japhet... io 

Choularlons 70 tr 

C. E. Coale? li oj, 

Consolidated Credits... 10 % 
Co-operative Bank ... L T0 % 
Corinthian Securities... 10 

Credit Lyonnais i(j % 

The Cyprus Popular Bk. 10 " 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Tran.-cont. ... It «r § 
First Xal. Fin. Corpn. 12 
First Nat. Secs. Ltd. ... 1*2 % 

I Antony Gibbs 10 % 

Creynound Guaranty... 10 

Grindlays Bank .tlO % 

l Cumnes? Mahnn 10 Pf, 


Norwich General Trust 10 
P. S. Rersoa & Co. ... 10 

Kossminster Ltd 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Liiniled ... 10 % 

E. s. Schwab Uj% 

Security Trust Co. Ltd. 11 % 

Shen ley Trust II <f, 

Standard Cbanored ... 10 ^ 

Trade Dev. B an k 10 % 

Trustee Savings Bank 10 % 
iwenlielh Centure Bk. 11 T, 
united Bank of Kuwait 10 % 
Whfteawaij Laidl^w ... 30i% 

Hill tains & Clyns 10 % 

^ orkshire Bank 10 

I M.jjib-r? ui 11 k- Atn.pt ids tloufiea 
• .oionu^vt* 


;-aay d iwiiiv r-.. -,-aioaih (Limit# 

* J.'DOSIT^ 0,1 iunis Of £10 DM 
and under <T- . U r. to £33.000 *5*. - 
-lUd over Si.oon ; 

* r^n drptMio m.?r 5i.«na j- 4 . 

* rVmjnrl rti.-ooxlis W. 


'w OmuiffMj. .., 14 u!7i^- 0.6 i — ] — SWITZERLAND 

rPi.2tf,.j 37J +L2 ’ — • - “55= 

HhUips tKI. 10i_... 25,g 1? | 6.5 r ul _ 17 r 

kjnfirhVcnFi.UOlj 7S.2 +0^ ! — • — Julv 17 j Fr ** 

Ko»«r, fPr^o, , 173.2 1.2 |A26t' 7.4 , 

<"--i i uco i FI. CU,...i 133.5 + 1 I — I — 1 toon 

ItorenO.iH. 60,.. ! 1JJ3.1 +U.8 ! s9.3 ! 3.7 1 

ityvaUJui^a, Kl JO- 144.fi; » 1.4 49.M 8.0 . ; J*?7s 

tenures -j 2400: + 1 j 80 | 7.9 j LVre a SO 

slevluGip <P| j£jl 143.3^+2.3' Hi*; 4.1 1 '■ ert l 

CakjoPfir. HIob.S| 132.5 +0.6 .M.fiO 1 o.5 • 2 170 

assL 1 "* “KF^s-5-ii ™ sarr-'tSo 


; e - 7 UCJC j 368.0' + 3.1 r 31.8, &!6 McCarthy JEtodiray — 

3 I fi o rf' t 1 * Alc “ tel 'l.OSu |— 11 7560 7.2 NedBanS — - 

■ 6 9 1 dwHutoue 1 338 |-3 I 12 3.6 OK BHxaara 

UuttVedHor | 433 1+4 {11.261 2.6 Premier Mllllilg 

ifrertrttWni Fi^mI 127 '—2 : 12 ! 9.5 Pretoria Cement — 

Uiw»x ijotre. i 72.3—1.6 — ' — Protea HohUuss 

Oumez _....| 769m + 11 l34J6i 4.4 Ra«i Mines Properties _ 

y- P««viex„_... l34.6jp._o ^ 1 1 *. 10 . ( 0.4 Rwnhranat Croup 

tjfld. Oen. Ou»ient*J*| 19L7-+0^j 43 R* 1110 ■■=■ ■= — — 

' * tmeuL. 58.90i+266J 5.7. 9.7 

Jatgues fior+i : 1 • « - 


Alinntntnm .1.260 — 5 


M aa=5 6 S3 !i “J5-S. 


10 ; 3.0 I LtarandVr • 

55 “ ° 1 ««Hm PhiiuL.I 

« , llubelin ••B" , 

■“ 5. r Ul — — ■ 


Lojlevw iFI jsS)i ’ 
V'llcin^Ue*. l<lt£I i. 
Wnttou'rtu.JaDk; 


32 a ,lS“V ir — , 1*3491+4 •iSL£6 l 2.4 
16 *7' Uoe * ^nawser.: 495 f— 5 12.tf 8.5 
IO I Uoulllaox laZ.a^O.3 3 '2.0 

*T ■*■- Kmlaa ! !W lift B il. j£i, .. 


BSdd -dSsSM *j a ro»«* - BraB « 
8.1 -r- 


«ut ". *»*.*; Y.u K.—imr™,, . .1.75a ^ is ' in , -uoumaox loM-o,S J : 2.0 

3900 + 3‘ 5 S 3l°i I? ! |ftasb » 680 -10 • 6 - 3.7 ^ ■ 

390.0 -3 33 4.1 1 H. ] emxaPl Lwu.l 71.000 +=CQ:S30 O.b ! ESSShSl"' ' flnSSta l j + S H - 


Securities Sund 11^50*69. 
(Discount of 40.0%) 


COPENHAGEN * 


-cbj * Ua Ifaat 2.240 

^ |MemkwB.,r.:ir 2.570 

— I Pirelli ^IP:t lOu, 288 

l Price | +or - Di*. YkL SbihIo* 'KrJsai,-.. 3.890 


I lotenotl H_. 3:975 ... “ ; ; m ■, jggj****^ 1 jjj-j+j-f i 17 ^ 4ji j spain 

| Jrinsnil fFr. !u*. 1.420 + 10 ' 21 i.a j jtaJio ' an ' c"* ' July 14 

N T£ e ,'T r ; MgO -‘BO 2A S5S | IS : l'.4 l BMW BilbM 


Ait* iw «i«hkw ■ 134 

Henn«*t +r • 434 - 

UaiuL«uxuli ; 1223,| 

K*»t.A»kt, l.'*,._ . .- 16212; 

Ptaumwnken ^ 1281 ;— I* 

‘‘ixnwier.... 1 570 

for. Hapir.. 781# 

Flaivleifcbaiik 125%* 

U.-Ath’nH.rlvnC*, 263 


134 ; 11 : 8.2 

434 15 J 3.6 

1225,| 1 12 | 9.8 


Lt>. Pwt Cero,..- 480 
Schindler Ct K 1 jD' 308 


percent 

an 

JM 

20T 

aw 

308 


•uuvC^fPr. 10 P*,! 558 r.::j i4lS:9U^W ‘ “m-SLSsJ 11 - J 7 - ! 

r * l«.I- , K.&0,. M ; 840 ' + a ; III : 4 . 2 ! , 2?5L-!r=r “. gg-4f-U.5 l — 1 - 


SE*;-.— 1 J? i.2-a ^««cite,F g 8sSL.4.eoo 


Z'? ' - 1 i i ?'e I STOCKHOLM 


I , viil" ri9V-T|WW iMiitMP 40 2.1 

ja i 1 ntc *> Bfi n fc L .., — .5.100 j 80 j 3^ 

12 : 5.2 : Zurich L„. _,ia900 ' + 75 44 ! 2.0 


AftiriKahei 194 


781# ! — ■ — I 

*83»4- > 1* 1 8.9 i 

263 , 13 j 4.1 1 


Banco lnd. Cat. tt jew 
B. lnd. Mcdiuiraoco .. 

Pn«~ j'+5?-,'5wTKr. i ganra *SS22^"ZS; : 


I Krone — 


>rlk 

I'nvariddk 

Pi’ .nn»h#ni> 

soph. Beremeti. 

mi perira- 


79i*;^l ■ - _ I 

129 i — 1 8.5 { 

136i*' 11 1 B.1 i 

414 . ■ 18 2.9! 

179 ‘-I* ! 12 ! 6.7 1 ■ 


12 [ 6.2 , 

— I — ; MILAN 


I Vlj,AAb(hrJOj_.; 233 |+2 
i Ilia Leroi8«KraO| 148 [+5 
AsKAfKrjO) 1 87.0-0.6 


I Prn» ;+orilitr. ;x . imm> J 116 i_i 

j Lire ' — 1 LitOj j; > 199 :+l 

-T— ! : L^lluhxfi- : 240 1+1 

95.0 — i — Klsci'liixdt'iKlw.J 147 +j 

444.0.-2JS: — I trie-* ■ts 1 iKrotl 145 r 

l«m-s 2 I iS ml I#*"-"' *51 !-* 

128 . j s ; _ r ’ rneeram..-.. 09 +4 


AUn UoprolKrSti 130 .+ 1 
bmernd... 1 &5.5nf+0.e 


VIENNA 


'ASIC — I 

| ih.*mi J 

Fwt 

1 ,1.. w.- , 


! lAx Pn+ 

I Pinsider . . 


kv I w Banco Santander (250) 

!_?_ Banco vrmttto cigoej 

8.8 r*4 Banco Viaeaya 

6xa Bai»6 Zaiawnano 

s |a Batf nn BC ft 

6 ■ Banua' An tetecla 

ii?-" ‘rip* * - -- 


-3 -- . ir - ' 

— 3 •' *; 

— 3 

-*2 • .’'-V 


95.0 : — i - 


7? ( inmobamr 


+ 3 I H l ? i I E. L Araamiefiaa 

+ J i 6 -f [ I E*p|. K(o TIMO. 

; Grow Velazquez^ (460) 

i *- 1 I 9.6 3.8 1 RMrola - — . 

*4 • 4.0 1 fhereoero 

I _ . _ «.nam 

!-4 .16 ,*# fawiOTS RamtOas ... 

8 • 7ji j Ptlrotiher 

-2 : — i _ PMroiew. 

:~3 : 3./o! 2,e!| i,mo ***i»lcra ...-**•. 
s-^uj4j» ; 6-i'S^L 

-2 ! - B — 


lixjcenifenii 11.210 1 800 5 , 4 ! OraJW«* inw*— 


Lre.jiiaui.i-;, . 342 ■ lu zb, JUoocerf Ssuo . 

IVroM.irer 300 -15 1 to ■ 3.0 O'lvmtt Pm 

614 - *3 '■ SB 7.8 . Pirelli 4 LW.. 

’MiinfrlU 91 ’ — ; Pirall, Spa- ■ 

-i+vr iMimier. . 220 • ; 8> ! 5.6 , ^nw Viacom 

V**ii Majne-lt... ^3 -3 . 10 . 4.5 


% . -j . luikirtvr. '236.25 -2.9S- — _ 

— ; Uurild*»n»a. 55 . jOU 1^00 4 t 

lu ZB, ItooMriJswn..^... 147.75 . . • — 

to ■ 3.0 j Olivetti Pnr ......’ 965 '—5 — 

SB 7.8 . Plrelh \ LW.. ‘1.605 1—5 I laO 8 1 


Ufin-liettwiiien.. ■ 550 

Muaihw 105. 

DumKU 82 

^aQilvik AJX..— i -265 
S.K.P. ■»' Krv. 74. 


SB U4 
550 1-4 





.-945.00 — 0.23. 80 g'g mtMH hNAWta..- 160 -2 ■ W SSESL 

. 731 ,_2 ■ _ S nrort«W»*Kr=C, . ,74.r^0_S S 8.0 

: ■ • IMdefarara 69.3-0.5 - ‘•tS5Sw ft 


V,4w>lKr; S0*_... ; 69.5-+0.5 » 


Rosteneb • .49 


« + 2 
ms. . 

£* Zi --*% 

Mi * . /**>-, v; 

115 ‘ —• 4 . '* •*-. 

2ft * x 


L®; 6 LUotoa 5459 -Mj*. 












^ jmes '^ ue sday July is 1978 


i ARMING AN D RAW MATERIA! S 


lay quality 
poor’ after 
ainy spell 

Our Commodities Staff 

'MAKING has siarted atrain 
iany parts ot Britain fol'low- 
• delays caused • by bad 
her. However, the quality 
he crop has suffered, the 
stry of Agriculture reports 
ns week s review of the state 
arming. 

Jany crops have suffered 
the rain and are of poor 
iry. it says. 

cond cuts of silage are being 
N 1 now and the cropped fields 
-ass are recovering well and 
mg on again after silage 
ng. s 

ie Ministry also reports that 
U.h. grain harvest should 
wtthm the next seven to 
a >' s - First crop to come in 
Id he winter barley which 
\<> w ripening in the most 
ard areas. 

recent Ministry survey 
-ed that rmai stocks nf grain 
■ held on British farms at the 
nf May were about 6 per 
—the same as in the two 
• -jotis vears. 

<e results-fnr England and 
•s showed about 2.75 per 
of the 1977 wheat crop 
lined unsold, together with 
t 5 per cent of the barley 
. and 6 per cent of the oat 
est. 

Emergency’ in 
lorida’s 
jgar industry 

NEW YORK, July 17. 
RIDA sugar producers have 
aled to the U.S. Department 
Agriculture for help in 
■"-iatfng an " emergency ” in 
storage of raw sugar, 
a letter to USDA the pro- 
ms said their inability to 
or sell raw sugar could 
9 a closedown of the indus- 

producers’ spokesman said 
r warehouses of four 
rate companies were full to 
city of 332,000 short tons. 

; added that the Florida 
stry was unable to sell at 
mt prices and had no space 
tore output from the new 
in’s crop. 

- ir correspondent In Kingston 
rts: Jamaica's current sugar 
is running 17.700 tons 
nd last year’s due mainly to 
olnnged -strike earlier this 
which closed down most of 
Aland's factnries. 
nductinn to date totals 
00 tons, and industry 
•es have said that the island 
ic able to meet all its export 
„mtroents including 120.000 
?s for the European Com- 
ty. 

err is some rnneem. hnw- 
abnut the sucrose content 
-e canc. Some faclories arc 
; as manv as 13 tons of cane | 
me ton of sugar. 


Rise in West African 
cocoa crops forecast 


BY RICHARD MOONEY 


ANOTHER 
surplus is 
according 


^iiwEd fo e 2 * ls expected tD yield at The 1977-78 total is believed 

“ Kei «, 10 ,ea i t as raucfa cocoa as in 1977 to have reached about 300.000 

merchant* ,22 and fte c0 ®P“»y estimates a tonnes including the “light" crop 

Ewart. ln ra ^e of 13.000 to 15.000 tonnes, and cocoa smuggled from else- 

review „ Good ear,y have helped where (particularly Ghana) 

comnanJ^rf^* 16 ? yesterday, the prospects for the 1978-7B main because of attractive producer 
company estimates that produc- crop, though exceptionally heavy prices. 

riurincr ^™ consumptl £ n - 0rms damaged good early The final 1977-78 outturn for 

ahoS 8 inn nnnVJ' 79 sea *rS?v b / f ow erings on some poorly shel- Nigeria is put at 210,000 to 

tonnes. Thj| is tered Ghanaian farms. 215,000 tonnes and further 

e* aESS 3P SSf 

recent helpful weather setting, while cool weather might Apart from good weather 
trends continue over the next encourage cherelle wilt. But the Faterson, Simons and Ewart 
ritical ” weeks, 1078-79 risk from -S2 ! 122 attributes the progress in the 


few 

crops 


critical ' weeks, lB/n-m risk from “black pod disease -. .- , , 

10 3,1 “ ai “ ^ h ?? been reduced & the favour- ‘S^i £**5 


Afr j«h producing countries able June weather a*nd efforts to “ work done by the Ministry of 
could be higher than this year’s, control the incidence of “swollen 


GWnllOn AfiiiLUUUiG anu uic VitA.ua 

Research Institute, together with 

there is no radical change Tn" the meeTing^th the th f P ay “ ent of remunerative 

outlook for thp i-miw in Hni*H .... ’ prices io [aimers. 


the review says. “And provided shoot disease are reported to be 


outlook for the crops in Brazil, review states „ . . . _ . 

there is everv likelihood that Reuter reports from Pans, 

1978-79 will beanotfaer season J)f ah ? e t V ® rtl ? eless ’ **** “swollen meanwhile: French second- 
surplus. bearing in mind the « ? ru ® poses a ““tan* quarter cocoa grindings are pro- 
effect on .consumption caused by ir adds - , _ visionally estimated at 10.000 

the excessive! v hieh nrices of the . e review also reports tonnes against 10.815 tonnes In 
imt tmvMN" prices or ine .anxiety over the continued the first quarter and a second 
_. ' deterioration in the condition of quarter 1977 figure of 10.450 

ine 1B77-7S main crop in Ghana's road system and of its tonnes. according to the 

Ghana is believed to have road freight fleets. Chocolate Makers’ Association. 

2f^°^ ted t0 belwe€n 308,000 and Following the 1977-78 season’s The provisional total of 20.815 
tonnes though up to record production conditions in tonnes in the first half of 1978 

45,000 tonnes of this disappeared the Ivory Coast appear good compares with 21.175 tonnes in 

through smuggling across the' with rainfall described as " ade- the corresponding period of 1977. 
Ivory Coast and Togo borders, quate" and genera! weather con- • On the London futures market 
The raid-crop season, which ditions norma! for the time of yesterday September delivery 
opened earlier than usual on year. closed £31.5 higher at £1,734.5 


Unctad copper meeting opens 


BY DAVID EGU 


GENEVA. July 17. 


A FOURTH preparatory meeting national copper trade. Cash wirebars lost £7.75 

on copper was convened here- Our Commodities Staff writes: tonne on the LME, closing at 
to-day tn continue efforts to set Reports that Angola and Zaire £707 a tonne. Three months 
up an inter-governmental copper had agreed to reopen the Ben- metal fell £7.5 to £727.75, and 
body as part of Unctad’s guela railway which runs through cash and three months cathodes 
integrated programme for -com- Angola to the Zaire border declined £8.75 and £825 to close 
moditles. helped depress copper prices on at £702.5 and £723.5 a tonne 

The group is to consider the the London Metal Exchange. respectively, 
terms of reference for such a The railway has been closed ,n the otber metals markets 
body as well as existing draft for three years because of the m0st of last week’s gains 
proposals on rules of procedure. Angolan civil war and it is evaporated in a day’s trading in 
organisation and financial re- understood that there are “very flueoced most strongly by 
quirements. substantial quantities’* of Zam- technical factors. Three months 

The draft charter to be dis- bian copper blocked on the standard tin, for example, lost 
cussed this week outlines the Taxara route. £10730 falling to £6,450 a tonne, 

principal tasks of an inter- In New York, Anaconda Co. 

governmental copper body, tm • announced that it. had increased 

These include attempts to rieasing its cathode copper price by 1.50 

agree on an international copper A spokesnian for Sozacom, the «■* 

arrangement to stabilise the - . •Toe board and committee of 

market, consultation and a con- Za . ,re metaIs marketing company, tbe London Metal Exchange said 
tinued monitoring of market sa,< * agreement to reopen the it decided that the high pro- 
trends with the aim of agreeing railway would be pleasing. But duetivity fire-refined copper 
on interim and immediate he did not believe it would have wirebars contract. HCFR, should 
actions to dampen- the impact any direct impact on Zaire’s be canceUed from October 17, 

bLn^^sto/klevels^Sd pr£ current 50 per cent free ma jeure 10 j&FR has not been quoted on 
ing practices. . declaration on cupper deliveries, LME since the end of 1968. 

Membership would be open to In any case, the track would However, traders said this 
all significant producers or .con*. probably have to be brought up grad® would remain deliverable 
sumer countries as well as many, to standard before it could be against, the wirebare .contract 
others involved in the inter- used for shipments. at a discount of £20 per long ton. 


New low 
for coffee 
price 

By Our Commodities Staff 
LONDON COFFEE futures 
prices sank to their lowest 
levels for over two years yes- 
terday as fears of frost damage 
to the Brazilian crop continued 

to recede- The September 
position slipped to £1,210 at 
one time but recovered to close 
£51 below Friday’s level at 
£1,235.5 a tonne— the lowest 
second position closing price 
since April H, 1976. 

‘With consumption levels still 
suffering from last year's un- 
precedented high prices the 
possibility of a damaging frost 
in Brazil *Ws year— which 
would affect next year's crop 
— has been the only Important 
factor supporting the market. 

Early scares in May and June 
forced London prires np to 
over £2,000 a tonne at one stage 
hut since then the weather in 
Brazil's coffee growing areas 
has been unusually mild and 
prices have subsided. 

The Brazilian Federal 

Government weather office 
yesterday ' forecast that the 
current fine weather would 
continue over the next few 

days and this was enough to 

spark off a new wave of 
speculative selling. 

However, some market obser- 
vers question the Justification 
for the .recent decline. The 
traditional Brazilian “ frost 
season” still has another 

mootb to run, they point out 

Pakistan’s 
wheat supply 
problems 

By Our Own Correspondent 
ISLAMABAD. July 17. 
PAKISTAN IS t* import 22m 
tonnes of wheat this year to 
make up for a poor winter crop. 
Aria oancing this at Sheikhupuxa 
in tiie agricultural Punjab Pro- 
vince over the weekend, the 
Federal Minister for Food and 
Agriculture gave assurances that 
there will be no shortage of 
food In trie country. 

Although some of the imports 
will be available under U-S. food 
aid programmes, most will have 
to be bought on the world 
market Australian and Canadian 
sources, doubt their countries 
abilities to meet the deficit 
However some will be avail- 
able from the U-S. under a new 
$58m line of credit signed in 
Washington last week. By this 
programme 450.000 tonnes are 
to be delivered, beginning in 
August But this, foreign ex- 
perts say, will put a strain on 
the port facilities at Karachi 
Pakistan needs a total of 3.2m 
tonnes to meet the demands of 
its urban rationing system- 


EEC beef stocks 
shrinking fast 


BY OUR COMMODITIES STAFF 


THE COMMON MARKET’S 
surplus of beef is shrinking 
rapidly. Sales of meat from the 
intervention cold stores are now 
running at almost double the 
rate of iatake, and France and 
Belgium now have only 
negligible quantities on ice. 

Although the mountain still 
stands at 293.000 tonnes, only in 
Britain are intervention 
purchases outstripping the rate 
of sales from the stockpile, 
according to figures published by 
the Meat and Livestock Commis- 
sion. 

So far tbis year 10,695 tonnes 
of beef have been sold into the 
official stores in Britain and 
almost 5,000 tonnes have been 
disposed of. 

In France, which in recent 
years has held massive tonnage 
of surplus beef, none has been 
taken in by the support baying 
agency FORMA while almost 
12,000 tonnes have been sold off. 

French stacks now total a 
mere 55 tonnes. Belgium has 
only 316,000 tonne, and most of 
that is in canned form. 

Even Ireland, which was 
recently granted permission to 
store part of its surplus in the 
UK and elsewhere in the 
Common Market, is beginning to 
cut its overbearing surplus. 

More than 37,000 tonnes of 
Irish intervention beef have 
been sold. since the start of the 
year, but remaining stocks still 
total 66,000 tonnes. 


West Germany, however, has 
much further to go. With almost 
120,000 tonne of beef in store 
it has cleared 20.000 tonnes in 
the first six months of the vear 
but took in a further 19,000 
tonnes. 

Since July 1973 the Common 
Market has bought up L6m 
tonnes of surplus beef. 

• Ireland has increased its 
exports of live cattle by 36 per 
cent in the first six months of 
the year, according tD the Irish 
Livestock and Meat Board. 

Between January and June 
Britain bought 62,000 head — 12 
per cent more than the com- 
parable period of 1977. There 
was a 10 per cent rise in ship- 
ments to Northern Ireland. 

The biegesf increase — 144 per 
cent — occurred in Trade to other 
parts of the EEC. Sales of stock 
have risen from 3SJ?00 in the 
first half of last year to 93.000 
bead. 

There has also been a 10 per 
cent rise in the number of cattle 
slaughtered in Ireland for ex- 
port. Heavier killings of cows 
have brought the total up 45.000 
to 479.000 head. 

The board expects an even 
more substantial increase in the 
number of fat cows going for 
slaughter in the second half of 
the year. The national cattle 
census taken in December put 
the Irish herd at 6.245m head. 
0.6 per cent higher than a year 
earlier. • 


Eggs expansion gathers 
momentum again 


BY OUR COMMODITIES STAFF 


THE NUMBER of chicks bought 
by UK farmers for egg produc- 
tion rose again in May. dashing 
hopes that producers had at last 
heeded repeated warnings that 
their unchecked expansion would 
lead only to a glut of eggs and 
uneconomic prices later in the 
year. 

And shoppers have been' 
admonished for being slow to 
take advantage of the current 
low prices. 

Latest figures from the 
Ministry of Agriculture show 
tbat the number of laying chicks 
placed on farms in May rose two 
per cent This followed a one 
per cent drop during April, a 
reduction which had raised hopes 
of an end to the rising trend 
which had continued unchecked 
since last August; 

The Eggs Authority, the 
industry’s main- advisory organi- 
sation.. reported: "Expectations 
of a progressive cut-back in UK 


pladngs have not as yet 
materialised." 

Latest Common Market figures 
— for April — show a. one per cent 
reduction in EEC placings com- 
pared with the same month last 
year. However, this masks a 
13 per cent rise in Holland and 
a similar increase in ^Belgium. 
Increased output from these 
countries, both major exporters 
of eggs, could put severe pres- 
sure on the UK market 

Heavy competition to sell eggs 
outside the EEC may restrict 
export opportunities for British 
traders, and increased Imports 
into the UK from the Continent 
may accentuate the countries 
own difficulties with over- 
production. 

Mr. Mike Weller, chairman of 
the National Farmers’ • Union 
eggs committee said at the week- 
end housewives were' “losing 
out” 


33 


How China J 
dug its way 
to victory 
over drought 

By a Special Correspondent 
PEKING. July 17. 
CHINA HAS beaten the 
drought which threatened 
summer grain crops. Despite 
conditions even 'drier than 
those of 1977, a critical drought 
year, the harvest is reported to 
be np by 5m tonnes. 

Millions of extra farm 
workers were mobilised to save 
the crops following an emer? 
gency meeting on drought 
defences called by the State 
Connell In April. They carried 
out Irrigation projects, sank 
new wells and physically 
carried water to the fields. 

The worst affected areas 
were 10 wheat-growing pro- 
vinces in the Yellow and Huai 
River basins where ' constant 
winds dried up surface water 
and affected the water table. 

Hantan and Hsingfai Prefec- 
tures in Hopei Province had 
their driest season for 10 years. 
Local people sank nearly 5,000 . 
new wells in a month. 

Hantan peasants used 
thousands of tractors and 
trucks to cart water, and 
300,000 people carried buckets 
to the fields on shoulder poles 
and bicycles. Factories reduced 
electricity consumption so that 
power could be diverted to new 
water pumping stations. 

More than 80 per cent of 
the wheatflelds In Hopei 
province were given supple- ' 
mentary water and the province 
now claims a record summer 
harvest. 20 per cent higher 
than last year's. 

Reuter added: Irrigation 
works for over 4m hectares 
were built. 

Summer harvesting and sow- 
ing has finished in most parts 
of China and most of the rice- < 
growing areas have started 
cutting early rice. 

Sl/druv Mortrtna Herald 


Record soya 

output 

forecast 

WORLD soyabean - supplies in 
1978-79 are expected to reach a 
record 9X.5m tonnes, up by 8 per 
cent or 7m tonnes from the 

1977- 78 total, the Hamburg-based 
weekly publication Oil World 
said. 

The publication puts world 

1978- 79 production at 80m to 
S6.4m tonnes. This year’s output 
was 76.3m tonnes. 

American production is esti- 
mated at 47m to 51m tonnes and 
Brazilian output at 13.5m to 
14.5m tonnes. 

Renter 


IMMODITY MARKET REPORTS AND PRICES 

iSE METALS 


HIIRRITD J “ ,!r ,7: OB— Cattle 73.10P per 'kEJ-w. ■ PRICE CHANGES 

AUDDCK I -«.»•>; UK— Sheep M3.4p per ___ 

EASIER opening an the London physical Xs.e5X.d.c.w. j-O JK ** 

arket. TJrtle interest thrancfioat the tt.I.w. i-OJi. Eon land and Wales— 


soil i ns all hi-lped to depress the forward Morning: Standard, cash 16.545. 65. 139-83 (139.631. Indicator prices July IT: 
price. Trading siarted at i735-£737. and three months 16. 490. 95. £1-506. £6.510. 15-day average 142.16 (141.15); 22-day 

the price touched a low of £735 before 16.565, £8.500. £6.488. Kerbs: Standard, average 139.70 (136.35). 

PER— Weaker on Hie Lnndon Moral closing on ihe Kerb at £726.73. Turnover: three months £6.560. 02, £5,500. Afternoon: market. Llrtle Interest throughout the „ 

nee in the absence or the short n-.e* , on oes. . Standard, three months £6.500, £6.495. 00, ffYFFFF day. closing Idle. Lewis and Peal c “ Ue „ u .2J-®? Gr ««■ ■*5 rw “ 

.iff fa* hit'll lu^ hiiMVMi ihi< market tm.ieimutAH lrofnT Trading rpnorfed 80. 70. 50. 00. 55. 50. Kerhar Standard. M. reported a Mfllarftin god own price of 72. top I "0-37)1 Sheep down 8-6 per 

... 239 i231i -cents a kUo buyer. eem * average 143 Jo t— LI); Pigs down 

-npucla Rail war rniprnlnc. a lower traded at £733.5. 33. 32.5, 32. 32.5. 33. 

: opening and chartist and stop-low caihodcs MS h £709. M.5. 09. ibree months 

(7T59.5. 30. Kerbs: Wirebars, three roonlhs 
rr.3. 33. Afternoon: Wirebars. three 


per tonne nrtieea otherwise 


■NR; 

1 



p.m. 

11+or 

tifll -)*i 


Unnfflrm- 

I "* 

1 

are 

s 

1 £ ! 

£ 

i * 

7123 

— fi.TGj 

706.5 7.5i-7.75 


73S-.5 

-5 ; 

727.B-8 

— 7.5 

t)‘nr 

dm-' 

713 

S.fij 

— 

! — B.7B 

709 .5 

-B 

702 3 


bars, three months £72 fi. 35. 25.5. 2B. 26.5. 
TIM — Lawcr although forward metal 


against physical sales around ffi-ao) 

I __ once this had dried up if» twice re.. .. K i 

,W- , I- 8 -™ £6.450 in acBve trading before fresh bur- v^i' 

- he... 729.5-30 --5 ' 723-4 -8.25 inn at ihe lower levels caused a rally id 

i*ni. 709.5 — 5 I — < ...... a close on the Kerb of £6.465. Turnover: 

in..' _ ! ■eb.5-6fl (.485 tonnes. 



it.ru. 


"u.m. 

+ tnr 

TIN 

Offlcix 


ITnntQeM 

— 

SSL 1 ? 

*d- r 
6960 80 

V 

-60 

C 

662430 

P 

-80 

Cex 

i 

r 

6500 10 

-874 6460-70 

1-1074 

Sounftn’t . 

6580 

— 60 



Standard 

CltdtL. ...... 

6555-65 

—65 

652D30 

-90 

A moo Un. 

5488-500 

-79 

1 445-55 

-107.5 

JietUMl't . 

6565 

-65 

— 


rirraitx K t . 

I a 17 18 

— 52 

— 


New York 



— 




ROBUST AS declined further and new 
contract lows were established in most 
positions, Drezel Burnham Lamb*R 
reported. Trade scale down buying and 
scattered profii-taklas gave a measure of 
support lo the market In the afternoon 
and at (he dose values were £50 lower 
on balance. 


one Quarter had 


Index Limited 01-351 3466. September coffee 1,729-1.742 

imont Road, London SW10 OHS 

Tax-free trading on commodity fntiuos. 

!. The commodity fntures market for the smaller investor. 


iOMPANY NOTICES 


NOTICE 

CITY OF OSLO 1972/1987 
»/o Lux. Fr. 800,000,000 EXTERNAL LOAN 

We advise that the Cicy of Oslo has satisfied the 
. Francs 25.000,000 Sinking Fund payment due September IS. 1978 
Full by credit taken for debentures purchased by the City. 
Amount outstanding: Lux Fr. 650,000,000. 

THE FISCAL AGENT 
KREDIETBANK 
SA. Luxembourgeoise 

embourg. July 18, 1978. 


INTERCOM 
Soc<6t4 »«wnvtn» 

Rcuistcrcd QBicc: 

ou TrPnc 1. Brunei*. BcWUm- 

CAPITAL INCREASE 1978 
N LXIRCISED SUBSCRIPTION 
RIGHTS 

srsrg 

. on tnc PtUtt M « 

*ub*crlPt'On opw«{ on 

VSWS 

STM? <5‘bfA.1».140. 

ttg&sRps 

rijrS^ar natmffit ol tn imw 

•• is 50 nd °® r mum « in* 
* BOSH ol IW> lolluwine banns. 

DLANO BANK .LIMITED, 

■mn Monal Division, 

. "'cS jcechurch Street. 

V DON, E.C-3. 

NOUE BELGEUM I TED, 

St. He»n * Place. 

NOON L.C.3. „ . 

Nt^UI DE PARIS (T DEC PAYS- 

Throumorion Street. 

NOON. E.C-3- 

RING BROTHERS AND CO- 

IITID. 

Leaden hall Street. 

NDON E C.3. .... 

.L, SAMUEL AND CO- LIMITED. 

3 wood Sped. 

NDON C-C.2. 


J. LYONS & COMPANY 
LIMITED (CDRs) 

The uhaerslanea announce* that a* 
tram July 17th. 1978 at K^AuoctaUa 
N.V., Spubtraat 172. AtMlerdam. 
ditr.cp. no. 11 of the CORi J- Lvont 
A Company LI ml tad 7% CONV4tEO. 

CUM.PKEF.SHS. each repr. SO «£j 
and 500 ah* will be-' payaMe with 
Oils. 5,10 rent. Dlls. Si.- ire pariod 
l.JS.TS-Z.lA.T 1 ®. , being 2 .«p wj 
share). Tax credit £-.631 — Dds. 2.62 
per CDR a 50 ms: Tax crash ! £6.31 
= DIB. 26.20 per CDR 4.500 SM. 
Non-British CDR- holders will not be 
entitled to raceme, the beoeftl ol this 
Imputed tax credit as long as the 
tax convention between their country 
and the U.K. baa not been brought 
Into accordance with the Finance Act 
1972 of the United Kingdom. 

AMSTERDAM. DEPOSITARY 
COMPANY N.V. 

Amsterdam. 

July nth, .1978. 


CHARTER CONSOLIDATES 

ZnttUUEt* AnOKm) 

- - ' that conics 


.urns ol Charter Cd««ll|J«ted Ow- 
u the year ended sin Marcn 
»* or otoinud wit*** ehwpe 

*r°Con»ondal*d Limited 

pl horn v>amxt 

tn ECIP 1AJ. 

.ad Ofteei 

He^tSl. Curaeao. 

Netherlands Antllie*. 

July 197*t- 


OLD COURT DOLLAR 
COMMODITY TRUST (CDRs) 

& "jsss? 1 ^ mrsrnSLA 

clatie N.V.. Spautnat 1 72 and Pierson, 
Heldring A Plar saa N.v.. Herengrieht 
214 in Amsterdam, dicpao. 1 ot toe 
CDRs Old Court Dollar Commodity 
Trust will be payable with Dfc. dAO 
per COR. rear, lo units and DJ»- 44.- 
per COR. rear. 100 units. iDlv. oer 
record-date 20.4.78: US, V .-jAO uor 
uniL) This dividend dWrih«l“" « 
not subject to tax^Hthboidlno at 
source. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam. 

Joh> 11. 1978> 


BRITISH GAS CORPORATION 

9 par BPDt GsanuM Notes 1M1 


HftWeri pi the above Mores »«Jt ^SSd 
that copmi ot the Annual -I™ 

Account* Of rite B ritish oas coroorellon 
h»r the year ended Slat March- 1976 

Available ^^- WA||BUftG A LTD 

QehPOB Boot.. 
sl Albans House. 

' Goldsmith Street. 

1 - London, EC2P 2DU 
10th jhrtr. 1870 


COPPER 

Xariemav*-, 

Ckw + or 

Bourne®- 

Done 


£ per tonne 

Jui.v 

-<e(«eiDbet .. 
Nrivemher... 

January.. — 

March 

1276 1280-76.0 
1235 1236—51.0 
1176-1178 -424 
1120 1128 — 54.0 
1080 1085 -57.0 
1035 1070 —594 
1026 1040— 65.0 

132 J- 1270 

1 27a 1210 
1193 IlfiO 
1144-1100 
1197 WE4 
1085- IDS 
1066-1025 

Jnlv^— — 



1.6 per cent, average S5 #d (-921. 

Scntlaad— Cattle numbers up 12.8 per 

ceiK. average VXlTp (-9.50): Sheep up 
LS per cent, average 1342p i-6n»: Pigs Mafia 
down 17.9 per cent, average ffi.Tp (-B.91. Aluminium £680 


HEAT COMMISSION. Merest tatsvock Free (eU) 


Auc ■ 58.90-54. 

dept .... B4.45-54. 


Prices al represenuUve nuikets on Mon- Copper reahW3aȣ707 


M. 45-54. 60 1 54.40-55.60 day/SaL w.'e July 15. GB Cattle TL25p 3 mooths da. do. 
6BJU-66.35 — per kg. l.w. l-f-OJOi; UK Sheep 143.4P Curb Cathode 


66.55-6b.60l 66.75-50.90; 60.56 per kg. esL d.c-w. 1— 9.11: GB Pin* 63 jp j mnn j,, ^ rt r' 

Jan- Mi. S8.55-5d.4oj 68^^68.00; 66^0-68.25 per kg. i.w. 1+0.9). England and Wales- Gold Tiwrn 

Apr- J nt tO. 25-00,401 60.7MB.80l 60. 40-60.20 Caile numbers no change, average price tv^iu- 
Jiy-Sepi 82.00-62. Efil *2J0-o2.70; — 72. Mp i-HIJOi; Sheep up 8L2 per cenu 5 mntiibi 

1276 1880 -76.0! 132 J- 1270 Oct-Uec t4.D5-v4.lKs4.4O04.56 E4.1D-ES.8B average price 144:6p (.+0.4): Plga down Siekei - 

-. . — oB.85-t5.80i B0.16.B6.5o. — 4.4 per cent, average price 68.8p i+l.W. fvm uin * 1 ei" nVi hii 

” “ “ “' Scotland— Cattle number* up 11 per cent, 


Sales; 77 'irni lou of 15 tonnes and «verage price 73.67P »+6.ll»: Sheep np 


July 17 

197a. 


S1.0&SMP 'S1OTM0 

-7.75l£718.75 


l£787.75t — 7.6 l£739.76 


E702L5 

£723.5 

5184.571 

£508.251 

£318.5 


182,686 

151.75 

-1^8 


forma nee of copper iris & deoresstiiB in- “"1 1080 1089 — 57.fli 1197- WM 4,7 1 hi Joes of 5 tonnes- 17-0 per cent, average price 133_3p C I-7U ■ , 

floence. .Uihough forward metal siarted 1 JS22 J2IS - S’S'JSf^'ISS _ Physical closing prices (buyers) were: cfaanae - lver ** E P™* M - 0p J 


morn lug rings id £317 and reached a low 

of £313 In the afternoon, when trading sales: 4,K>7 1 1.761) lou o l 5 tonnes, 

was particularly active, before dosing jCO indicator prices tor July 14 (UJ. 

nn the Kerb at £316. Turnover: 5.050 per pound «: Colombian Mild 

tonnes. Arabicas 175 JO • 175.00 1; unwashed 


K-5p i 36.0'. 


SOYABEAN MEAL 


LEAD -| 

ajn. 

Official 

+ « 

p.m. 

Gnofflciai | 

j+nr 


E 

£ 

c 

r 

Ltoh_.^... 

307-.5 

1— B 

308-.5 1 

-7.75 

i moiutr,_ 

316.5-7 

1-8 

518-8 1 

-8.125 

-Kl'im’nt 

407.5 

I- 9 

31-43 | 


l frpeij 

- 




A'exMipiUyi + or 
Clow — 


(154.00); other mUd 

Arabicas 134J3 (I4SJ3>: Robusus 129.01 . . , 

112B.5U. Dally average 1JL67 1 135.92). c-.wrronraJ 

ARABICAS All uoitwwd. Volume: nfl. ^T"CT-3.S5l 


Bu-nifw. 

Done 


SMITH FIELD (peace per pound)— Rerf: IJulcksllvw (7Slb.li 

S coulsh killed UdK 54.0 lo 58.0; Ulster Oliver Cray rm. 

hindquarters 672) to 71.8. forequaners 3T.0 3 month* 

to 40.0; Eire hindquarters 67 J to 70.9, Tin (J«ah. 

forequarters 37.0 to 3S.0. 4 months . — £6.460 

Vaal: Dutch hinds and ends 62.6 to Wollram 22J34Lbcil S131-56{ 

S8.fi. Zinc cash £803 

Lamb: English small 58.0 to 63.6, A nxmiht £313.5 

>668-600 


£129 

£12 B 
9186-81; 
278.3p 
885.4p 
(£0.525 


medium 56.0 to 60.0, heavy 56.0 to «-•: Producers „J 

... 11B. 00-18-50 Sen tush medium 56.0 to 66.0. imported 

O.ToOer_ 1 14.70-14.9 — -3.B5f 117.80- 14.68 Inizen: NZ PL 54.0 lo 55.0, PM 58.0 

te._-.MU-ul.uu » «i: ^ IM J, „ „ 

44.0. • 100-130 lb 37. B tp 4J.O, 120-160 lb L ™ ( W" 

35.0 -lo 41.6. 

COVERT GARDEN (Prices In sterling 
per package, except where staled): 

Imported produce; Drmru—S. African: 

Navels 4.00-5.00: Brazil Iso: 4JM.30. 

. Lean sns— Italian : 106/126* new crop 4J6- spyswan (UjS,j.„ 

LONDON DAILY 1 PRICE frew sugar) 4^6; spanla: trays L40-L60. large boxes 


+oc 



.75E714.2B 
l— 8.25£755 
1.5J5T66.12B 
—7.76, £A18 
|-«. 125, £3 2 1.6 

i£2.566 

. 5l.B7- 
1.97 


Ifil 

-LWEl 


133.0 
£136.85 

JS12U-25 

-1.851290. Ip 
—1.8 |2S8p 
-lSO.0 £6.657 
-187.fr £6. 7 17.6 

siaash 

—1I.5J £316.76 
-10.751 £827-25 
15660-600 


f* n ■ nic 

e.miBEt Pehniary jl 14.50- 14.6 — 4.10T14J8 

LONDON FUTURES IGAFTAV— The 1 116.00-28.0' —2 .B0 : — 

_ market opened op tower on wheat and j ns Dll v0 6 — s jui 1 — 

, BMW Cash £307, three months £330. unchanged on barter. In wen? thin iie'TSj— Son : 

»■».». ». 17. 18.5. 19. 18J. 18. 17.5. iradinx condlrluns. valuea eased 35-Mp i BS=rr - 

1L 16.3. 17. Kerhr Three months £617.5. on wheat and 20t> on barley on lack of 

Afternoon: Cash £308. 8.5, three months interest . In the afternoon buying support CTlfJ A R 

*1:11* 18, 17.5, 183. Kerb: Three rallied the market slightly 10 close fairly J uunn 

moatDE £317. 15. 16. steady 15-25 lower on wheat and un- LONDON DAI _ 

ZINC— Lost orsuMi, toaowlng the per- changed to 15p tower on barley, Adi £85.09 name', a tonne df for Joly-Ang. S. African: ASMAO. Grapefruit grains 

fornuiDce or lead. Although there was reported. shipment. While sugar July, Aug.. Sept. _g. African: 27/72 3.40-4.50: Jaffa: 4«s barley BBC 

some scattered buying It was noi enough ; “i? isamei. 4.46. Apples— French: Golden Delicious Home huarM.-. 

10 prevail against the force of stop-loss WHEAT j BARLEY ^ The market^ ««« ,«» » POtols 2S lb S4s 4JKL4J0. 72s 4.50; W. Australian: uaue 

wping. Forward metal signed ar £322- 
£813 and iTter bolding around £316-1317 
rea lo £313. Trading on the late Kerb 
was particularly erratic with the price 
moving between £311 and £315 before 


£344 

5590? 


8465p 

82674 


Z1SC 


Gash 


Mimnth-J 317-.5 


s’ mem 


i’rtn. Wat] — 


4.DI. 

OtHrloJ 


£ 

507-.5 


307.6 


■B.76 

-B 

—9 


p-rnj- 

Onotti-iai 


313.4 
29.51 I 


M'nth 

Texterday" 

cfaM 

1L“! v, 2Sr r 'l 

i + ov 

■wpL. 

Nor. 

83.80 

86.50 

89.25 

dll 
1— 0^6; 

78.95 1 

81.80 
84.60 

1—0.15 
— 0.10 


, 91.95 

[-0.17' 

:+o.ia; 

87.15 



B4.7J 

89.80 



below pre-weekend levels but there she Granny Smith 8.80: Tasmanian: Stunner Fren^lfixj Am 


Rad Sp 


r— -uvw . . DUUMU* WClIUWim tr.tPWm VUIUVU wi.urewu ilV. 6 HJUq ** IDUfT 

twos were arounon* lows of the diy, 9M-9.79. York imperjaiJ 9^0-10 50; Chilean: Hngliah Miliu ujt 


C. CzanuKow repofUi 


Comm. 

Nov. 8&558S.30, Jan. 99.4540.15. March Conl1 - 


91A5-0L80. Uay 94.79^4.66. Sain:' 81 tola. 



+47.6 
+ 51.6 


hW.76 Barley; SepL 18.68-78.90, Nov. 81.7IW1.50, £ P“ 

Jan. 84.50-84.30. March 88.09-B6JO. Uay An*. 86.4 -fc6.B0 186 JO-86 M 

Sales: S3 lots. u3!_J «7.2IH>7.25W7.Bt-«7.66 


Granny Smith 7.00-7.30; New- Zealand: Cm»* Shipment 

Stunner Pippins 163 6.30, 175 BJO. Granny Future depL 

Smith 9.80; Italian: Rome' Beauty per Coffee Future....... 

pound 0.15. Golden Dell don* 0.16. Jona- aesc... .._ 

thana 8J6. Pears— Victorian: *0 lb Conoo'A' Index... 

Josephines 1LM. Winter Nells 10.00; Buor«r kilo 

Spanish: per pound Umonera o-.2D-o.25. ougar (K*«ri ... 

.. r. ^ „ Peaches — Italian: 11 trays SJ0-S.58: Wnoitop* M* irikj.. 

88.60-05.49 French: L BO-2. 40. Nectarine*— Spanttta: = ;t= : 

Grap*»H»er pound Cypriot: -NominaL t New crop. * Dnqimted. 

®2-}p-8--00 cardinal 0-30-0.49. Sultana 0.4Q41.50; Jc AuausL - m June-August. n Juiy^ept, 

5B.I0-86.BE Spanish: Cardinal 0-S2. Ninns Danish: . p July- Aug. q Sept, v Angust-SeK. x Per 
98.75-s7.B0 5 kilos Cavlou 3.49-3.06, Santa Ron 1.SD um. 


+ 6.0 18660 
j—5.0 i£724 
— SL0 1^377 
15685 


L...M....S490 
[-8.5 :52B0 


£81.80 

eioa 

eai.By 

1 

£91.60 

>£1.BX5 

£1.754.5 


£1.256.6f— 5l.o{ 
70.6c 

Igtg-FS* 

audp L...""!| 


-O-l 

- 1.0 


£61.80 

£105.75 


£96.6 


£104.6 

£1,846 

£1750.5 


£1.568.6 
7Z.6c 
57 p 
£98 
285p 


Morning:' Three 'months £317, IS. 17. £ W1 £L No - 1 „“* £>«■— li.S+BS.iS Bd.W-B8.66 

18 j. 17. 17.75. 17A. Kerb: Cash £3M.S. 1 ”«■ JUbury. U^. March .] e6.30-.-B.4fi vK9M8.00 

throe months £317.5. 168. AfLeruoon: Dark Nonhera^ Soring No. 2 14 Percent, JUv I 87.80-96.00 9620-00.76 , _ 

Tltree months £3172, 17. 17.5. 19. 15.5, 15. Au^W.TlL SepL W26. ttamtoipmrat East A UR ..._|ini £fru1 SS 1U1.7B-B2.B^1U1.7M1.35 3.00. Burbanks 3.00-2.60: Italian: Florentlas 

14. U. Kttb: Three months 1313, 12, 11. 'SSS i10B.00-06.J5 1^50-06.78! 106.80-06 M » lb 3.00-3.20. Coklea per pound 9.15-9.20. 

™ Z a spasE 

siLVER ess ,^'yr “ ^ 

Js. , aijs , ,. u rus? je jsssl ffi^aaa^BaSja 

HCCA— Ea-farm spot prices. July 17. port). Prices for July ti: Dsdjy fljg iRJTi; ^» A 40 . Msltew 3JQ-3-30. 

™ . Yesterday at rre.ap. D-s- cem =__j wtieai— E. Suffolk 50L50 Feed ium amrese 6.74 (4,79). Cypriot: 4^0. Jersey. 1.59-3.00. Tommee* 

equivalents of the toons levels were: harier— e!sirtroa: ifflM ’ average o.i* -Dutch: 2.0MA9: Guernsey: 1.80-2.88; 

jig* 5 9 5JCi down Wc: JSftFX 0 ** UK monetary coefficient 

3A^aM^inMi^ije I1 d l aw?'Sic d Se July 24 “wned to 
3.4c. and -K-month 571 Je. down 2^c. The hGCA— R egtana] and UK average ar- 


INDICES 


and etosed at 2TB-ST7P (51M3MO. Fred wheat-S. East 97 JO. Eastern 99 «, WDOrt «| BlU fL 


and 


tJILTBR 

Irqyor. 



E. Midlands 9540. W. Midtonds M.68. 


(Peace per kOo> 


Li. tn- N. East 9740. N. West 96J50, UK BA30, Ausonllaa [Yemeni y^+ ar| 
— rhange +38. urnnage 2496. Other ml II In q Greaay Wooll Clow 
wheat — S. East 100.58. Eastern 88.40. 

E, Midlands 90.40, UK 89.38. change +10. 


278.3p , ... 
283.4p U| 


tannage Jfll. Feed barley— S. East 7940. July. 2M.S-58.8 

Ll.8w275.6n Ld.26 S- West 61,50, Eastern 80.40. E. Mldtonds Otober 240.0-42.0 
U |.8 282. 55p f-4.05 79 - 80 - December... 24«JM5.0 


i 294p (-Li! P Vi'!?. N. li'e« 81.40, Scotland 8U0, UK 80.4gJ March _>.'_T£48.6-4B-0 

IsioTap Pu3 - I — 1:1 “ 


N-ibI 


i 


bun nan 
Done 


. _ , Jersey: 2.86. 

L flN English prnduce: P v UU cj— per SB 1b 

. Ufr-148. Lattacre— per 13 848, Cos 0.98, 
reamndesa, Wpb bs 940. Rbahart— t*r pound, out- 
door 0.06. Cucumbers— per tray ll/24s 

1_ L3M.00. - NnhiMne- per pound 148-8.60. 

Apples— per pound Bramley’s B.134L23. 
Tomatoes — per 12 B> English 140-340. 
Greens— per crate. Kent 1.00. Cab bases— 
per crate LSO. Cakry— per 12/18* 248-10. 
Strawberrtap— per i lb 8.124.18. Canll- 
flmrcra— per 12 Lincoln 240-146. Bread 
beans— per pound 0.10. Peas— per pound 
0-11-0.12. Cherries— per pound Blade 1.60, 
White 0.40. CMseban-iap— per pound 046- 
043, Levellers 146-040. Caurpettas — per 
pound 0.15. B e s li -a eta per 28 fb LSO. 
Carreta— per 28 lb 140-140. Capriaima- 
uer pound 640. 


240.5 


change +80. tonnage 5,120. jtf.O-SM 

LME^-Tnninver- iiB nai "ini« nf id ODD IMPORT LEVIES: Premiums Juiy«__._ 

onSlSSSE Thr^mtolL^ e f ect T* t0r JjF tfin nrder oarem levy UMooer — 

54. 5A 54 144 4? ufr Kwh- Bhn Ar *" Oa. premiums fore- Dec. 146.945.0 

TJrro months 284.6, 44. 44. Afternoon! ~ Sales: 2 foil) !«* W.06B kx. 

^7 *sa' ^ ®’ 33 ' «w.«. m 043. h^e^salOS^-Ml^cwtrja- 

282-7. ", 3J- 043', Rya— B948, rest Dlls (8942. rest S? 0 ** 1 ^7» 0®-«32£. 19: 

ItilsL Barley— 8545. nils <8546. RUs). 0ct - 344.8. 344.3. ^ 4'. Dec. 3504. 

Oats— 7S47. nils 17BJ67. nils). Maize 35L5. asuKBLB. 0- «*«tii 8604. 3504. 
wu - a.. . i other than hybrid for seeding)— 8S.74. 3384-3S64, 2; May OwLO. M04. 3504-3604, 

.iifflf 88 held ste adily through tile day mb (35.74. nllsi. Buckwheat— all nils. 2*.' July 3064, **7-0-387.0. t On. 

de^Jte OOTthmed jreakness of the near Millet— M.7B. nils OB.tfl. uflsi. Crate SSILfl. 3704, 3784-3T8X ft Dee. 37LT. 373.0, 

■arsbuut— 8546. alls (8540, n3a>. Fleur umraded. Total ®- 

Icvias wteatt er roix*d wheat and rye BRADFORD WDO ~r f T lt * >l wtTt «► ■RTTRWA WITT. hAWin mnftfnir. 
near— 140.46 04046). Ryt 8*10—13740 changed again in contonlng guirter con- "UivJBA WILL Begin COnstruC- 
03746). ditions. Renter repoq gi. non early next year of a copper 

* ME ?1 ZEALAHn ffM saftED s-aore Jjmelter with an expected annual 

P"Kluctio; of M.d&0 tonnes of 


COCOA 


mouths. Gin and Duffus reported. 

SumnteB 


COCOA 


(Yesterday'*] 
j Close 


Burma plans 
copper smelter 

RANGOON, July 17. 


FINANCIAL TIMES 


July 17 

.July 1« 

Month age 

Year ago 

23Bc44 

238.85 

247.67 

260.26 


(Bums July L 1892=106) 
REUTER’S 


July 11 

July 14| Month ag 

Dj twr ago 

1440.7 

1443.1 j 1602.1 

1 1631.4 


(Ban: September 18. UBlaruJO) 

DOW JONES 


issr 

Janea 

July 

17 

July 

14 

Month 
top j 

Tear 
a go 

Fntnna 

352:18 

338.81 

360.32 

340.16 

363.16 

553.61 

582,78 

558.66 


MOODY'S 


Moody's | 

July- 

17 

Jo ly 
14 

rfple Gommty 

|fllL2 

813.7 



(IteMaber 31, usi=fn> 


+ «■ 


Done 


Ko4C^atrt 

July '1718.D.30.0 

9*^t— T754.0-S6.8 

Dec — „_.)17S8.B-57J1 
llarch..- — (171B.0-2D4 

May. ._|l7iuii.o 

Julv____.168B.9- 1700 


+«.»! 1720.0-1885 


GRIMSBY FISH— Supply gwd. damaad 


COTTON 

LIVERPOOL COTTON — Spot and 

Mtos anxmated to ms tames. The 


falr - rricre at ship's side liimpreeeesed) tTmiv im.»«7^. tel. nh: July uo4-' concentrates, according to freer dawind h wi X 
KSS Oct- iffiWirX informed so'urces here, reports 

;SSSS£Tf 23BX»«ar « StSUSKSt mM1 °- ToU1 ^ “ Reuter. - 

+35.8I1688.0-7B.0 pUlM Q4WS.60. medium £440-25.68. best 


H8WUM4.0 ; 4.594 I i 8 m,d-m.o ““"S'™”- ™ u ™°. DC5tt , _ , tr rri r»y-i The plant, which is expected to * 

~ s-aas?jrsii ssuw- meat/vegetables ^ completed j n lssi, wm uso 

L MEAT COMMISSION— nAvreage -fatnoek I«ge copper deposits Of the 

prices at reprrsentati»e nmrkau on Monywa area, m * dta “ 1X9 Dp 


Sales: 2406 (2.8891 los of 10 tonnes. _ 

iMerewtiMal Cam OrsaabatlM (U.S. Rockfflfa £L40-t346. 
eeoa per pound)— Sally price July Xfc Saiihe fl ima, 


Beds H40-EL90. 




U.S. Markets 


Coffee falls, 
precious 
metals ease 

NEW YORK. July 17t ’ 

COFFEE FINISHED llmlted-downi ' 
making new hfe of contract lows on ’ 
Commission House and chartist celling. 
Predous metals eased on mixed activity' 
in dull condition*. Cocoa dosed strong 1 
on ’Commisalou House buying; Bache- 
reports. 

Coco®— July. 14940 (143.70). SepL 144.78' 
f 138. 75), Dec. 1404S. March 138.00, May 
135.65. July 133.7V SepL 131.05, Dec. 
12945. Sales; I.13L 
Coffee— July 13540 (148.55), SepL 12345 
asked (12745). Dec. 115.09 asked. March 
199.58, May 197.90 asked, July 1M.75.' 
195.75, Sepia 103.60- I34.M, Dec. 143,00. 
104.90. 

Coon er— July 6145 (61.99). Aug. 61.53- 
IM-301. SepL 82.15. Dec. 68.95. Jan. 64.50. 
March 45.69. May 66.60. July 67.60. SepL 
68.69. Dec. 79.00, Jan. 79.50, March 7140, 
May 72.50. Sales: 4400. 

Cotton — No. 2: Ocl. 69.704i0.78 (59.00). 
Dec. €2.65-02.68 i«1.74», March fit. 15. May 
65.10-65.20. July 66.10-6645, Oct- 65J5A5.35, 
Dec. 6540-6540. Sales: 3450. , 

■Cold— July 184.30 (186.00 1. Aug. 1M40 
( 18640). Sept. 156.40. Ocl. 18746, Dec. 
195.40, Feb. 193.40, April 19649. June 
199.60. Auk. 202.60, Oct. 206.00. Dee. 209.20, 
Feb. 212.40. April 215.60. Sales: 730. 

tLard — Chicago loose unavailable. New 
York prime steam 23.75 traded (same). 

tMabC— July 2Z91-23(H i232H, Sept. 234+. 
2341 12381). Dec. 241+241], March 2504- ' 
250], Mar 255]. July 253. 

J Platinum — On. 244.59445.00 (2473), 

Jan. 247.50-247.79 (25040). April 251.30- 
25140. July 254-90-255. 10. Ocl 258.40-258.80, 
Jan. 28240-26240. Sales: 1413. 

■Stiver- July 520.40 (524.30), Aug. 521.70 
926-30 Sept. 525.79. Dec. 53748. Jan., 
MUD. March 549.19, May 557.89. July 
56649. Sept. - 574.90. DUc. SS8 "9. Jan. 
5H. W. March 601.60, May 810.70. Soles: 

15.000. 

Soyabeans — July 641-6(2 (651iu Aug. . 

635-637 1 648|i. Sept. 613-814. Nov. 586-597. 
Jan. 603-603], March fiOMlo. May 514, 
July 61+6141. ’ * 

Soyabean OB— July 24 45-7 4.60 (25.88), 
Aug. 23.65-22.60 >24.40), SepL 22.00-2285, 
Ocl 2245. Dec. 21.70-21. 65. Jan. 21.56, 
March 2 1.55-21 .45, May 21.48, July 2140. 

Soyabaan Meal — July 169.00-16940 
117149 J, Alls. 1H.50-1M.M ' '768:18 1, SepL 
16540-16540. Oct. I6340-164.00. Dec. 162.50- 

163.00. J a*. J63.99-1B3.50. ; March. 15548^- 
May ] 66.06-167.90, July 168.40. 

SttiMto-No. u: Sepi. 648 1642). OcL ! 
842 (6.461, Jan. B.7S bid, March 6.90-7.00, 
May 7.15-746., July 749-7.33. Sepi. 7.50- * 
746, OCL 745. Sales: 3,725. . ' 

Tin— 557-573 tunn. ■ 560-576 nom.1. " 

•■Wheafr-Julr 30H i312 1. SepL 312*311] 
(3154). Dec. 3US+317. March 320-31H. May 1 
3111-317]. July 309]. 

WINNIPEG. July IT. ti Rye— July M.00 - 
bid i9940 hldi, OCL 99.00 (9940 Wd). Nov. * 
8840 asked, Dec. 98-99 asked. May 99.80 1 
asked. 

ttOnte-’July 89.38 bid (7140 Wd). OCL “ 
70.00 ( 72.00 bid), Dec. 7040 asked, March - 
70.78 asked. May 71.50. 

jtHsrtey— July 72.70 bid frt-70 bid). On. 
72^0 ( 73.50 bid 1, Dec. 72.69 asked, March * 
72.50 asked. May 73.40 asked* • . 

UFteKsMd— July 231.00 hid 033.00 hldi, * 
OCL 432.00 bid (234.00). Nov. 233.00 Did, 4 
Dec. 23L40 hid. May 439*0 asked. * 

IJWboat— SCWRS 13.5 per real protein ■ 
content df Sl Lawrence 18140 (U2.37I. 

All cents per pound ex-warehouse ’ 
unless otherwise stated, 'te per troy. * 
ounce— 100 ounce tea. t Chicago loose 
98 per 100 Hm— D ept, of Ag. prices pre- [ 
vtouu day. Prime steam fob. NY bulk • 
tank can, t Gems per 56 lb bushel ex- * 
warehouse- 5400 bushel lots- ] 6s pta ; 
troy ounce tor 30 ox unto of 99.9 per * 
cent purity delivered NY. Ti Corns per * 
iroy ounce cx*warebouse. fl New •• B “ *. 

contract In *s a short ton for bulk ion . 
of 100 short tons delivered f.o.b cars • 
Chicago. Toledo. Sl Louis and Atom. * 
--Cents per 89 lb bushel- In store: * 
tt Cents per M lb busbeL rt Cents per • 
48 lb hutftel ex-warehoesr. y cents per 4 

56 lb bugbel ex-warehouse, i,om bushrf'"^ 
tots. SB SC per toane. 



34 


STOCK EXCHANGE REPORT 



Late boost imparted by deferral of special deposits 

Share index up for fifth successive day— Gilts also rise 


Option 

Account Dealing Dates 

•Fir.si Declara- Last Account 
Dealings lions Dealings Day 
Jun.26 July fi July 7 July « 
JulvIO July 30 July 21 Aug. 1 
July 24 Aug. 3 Aug. 4 Aug. 13 

• ■■ New Uric ” dealings may lake place 
Frem 9J0 aan. two business dan ewOcr. 

Lacking guidance still about 
dividend controls, equities seemed 
reluctant for a while yesterday to 
extend last week's upturn 
although week-end comment on 
Friday's trade returns, coupled 
with the measure of agreement 
reached at the Western economic 
summit in Bonn, underpinned a 
cutlinuntion of the firm trend- - 

Business was also inhibited .by 
a disposition to await develop- 
ments in today’s Government TUC 
talks. Just after noon, however, 
a small demand, thought to be at 
first professional short-covering, 
nudged values forward at each 
subsequent calculation of the FT 
industrial Ordinary share index 

A further injection of en- 
couragement came in the shape 
or the postponement until Sep- 
tember 11 of the payment of 
special deposits amounting to 1 
per cent of eliciUe liabilities 
which were due to have been paid 
next week. At the final count the 
index was 4.9 higher at 479 .3. its 
best closing level for over two 
months. The broad-based FT- 
Actuaries All-share index gained 
05 per cent Lo 219.11. 

Gilt-edged securities bad aiso 
made gradual progress with the 
emphasis on the longer maturities, 
the shorts being held m check by 
extremely tight money conditions 
in money markets. Little more 
was gained after hours on the 
special deposits announcement 
and late in the day quotations 
hc-gan to drift back from the 
highest. The longs finally recorded 
rises of i. after i. while the mc.ii 
active issues at the shorter end 
of the market were the two clean 
slocks. Treasury 3 per cent 1W*1 
and the identical coupon maturing 
m I9S2. 

A mode*: late demand tor in- 
vestment currency surprised the 
market and few sellers were 
operating, partly In view of the 
late easier rate for sterling. The 
premium thus rose fairly quickly 
to 197 per cent before settling a 
net 2} points up at 106J per cent. 
Yesterdays SE conversion factor 
was 0.6732 (0.6763). 

Business in Traded Options got 
off to a brisk start and yesterday's 
total of SS4 contracts 1464 by mid- 
day). is the best figure for a 
Monday since dealings began on 
April 21. Over 50 per eenf of the 
contracts were dealt in three 
stocks with IC1 leading the way 
with 193 followed by Grand Met 
379. and Marks and Spencer. 110. 


ment in the recall of special 
deposits. Barclays dosed 6 to the 
good at 332p and Midland ended 
5 better at 3B5p as did Nat West, at 
2S5p. Lloyds, scheduled to start 
the interim dividend season on 
Friday, edged forward 2 to 2S2p. 
Improvements of 5 and 6 respec- 
tively were seen in Bank of 
Scotland, 28Sp, and Allied Irish, 
20flp. Among Merchant Banks, 
Schraders moved forward 10 to 
4l0p and Antony Gibbs put on- 3 
to 44p. Hire Purchases made pro- 
gress with Lloyds and Scottish up 
2 at OSp and UDT a penny dearer 
at 43p- 

Insurances passed a quietly firm 
session. Royals added 9 to 376p' 
and General Accident S to 216p 
among Composites, while Sun 
Alliance put on 6 to 518p. Among 
Brokers. BrentnaJI Beard at 30p. 
picked up 2 of the recent fall 
which stemmed from news or the 
Lloyd'* of London inquiry into the 
company's involvement in events 
which led to a dispute between 
the Sasse syndicate and a 
Brazilian reinsurance group. 

A modest two-way business in 
Breweries left prices little 
changed. Guinness were notably 
firm at 162p, up 3, while marginal 
improvements were recorded by 
Scottish and Newcastle. 63 ip. and 
Whitbread A, 94p. Elsewhere. 
Press comment led to a slight 
rally In H. P. Bnlmer. 3 better at 
127p. 

The Building sector produced 
several noteworthy movements 
despite a continuing low level of 
business. A. Monk, up 5 at S9p. 
a tier 92p. reflected news that St 
Piran's n ear-30 per cent holding 
in the company hnd been acquired 
by Dary . International, which 
hardened a penny to -»53p. Late 
support left fbstock Johnson 7 
dearer at 173p. while favourable 
weekend Press mention prompted 
a rise of 9 to 72p in Morris and 
Blakey. Buyers showed Interest 
in Broom and Jackson. 4 better 
at 13Sp. and J. W. Henderson, 
5 to the good at 210p. Among 
Timbers. Montague L. Meyer 
eased to 7Sp on the lower annual 
profits, but recovered to close 2 
dearer on balance at Sip. Magnet 
and Southerns, preliminary re- 
sults due today, firmed 3 to 190p. 
Leading issues to make a little 
headway included J. Lalng “A." 
181 p. Taylor Woodrow. 364p. and 
Blue Circle. 245p. all around 2 
better. 


scrip Issue. Wallis improved. 7 
further to’ 150p, after 137p. while 
Press comment drew buyers' 
attention to Raybeck. S6Jp, and 
Lee Cooper. 125 p, which closed 
Si and 6 higher respectively. 
Alfred. Preedy edged forward a 
penny to S5p in response to the 
higher annual earnings and 
Forminster hardened 5 to loop 
following modest support in a 
thin market Status Discount, 
however, softened a penny to 
180p,. after ITSp. despite the 
sharply higher interim profits. 


a peny to 88p following a week- 
end Press mention. 


Electricals were often better 
with EMI outstanding at I44p. up 
S. on revived investment demand. 
Satisfactory’ interim figures left 
Dewhurst and ' Partner A a penny 
harder at J4.jp, while Press 
comment helped GEC and 


Pilkington good 

Miscellaneous industrial leaders 
ended "at 'the day's best with 
sentiment helped in the later 
stages by. the postponement of 
the repayment of special deposits. 
Pilkington were particularly good 
at' 5Sip, "Up - IS, with buyers 
anticipating -more marketability in 

the shares when they SO es the 
100 per cent scrip-issue nest 
month. 13 nil ever put on S to 540p 
and Metal- Box hardened 4 to 
326p. white -Beecfaaiu. fi7Gp„ and 
Glaxo. 3TSp. ' improved S apiece. 
Late, afternoon publication of the 
interim figures failed to inspire 
Rank Organisation which touched 
2aUp before closing 3 harder on 


245 

240 

235 


230 


220 


215 


210 


205 


200 



IBB 

i 

SB 

mi 

| 

m 

h A 

Zli 


■ 


■i 

H 



11 


1 

f 




111 

m 


1 

1 









1977 


1978 



r - : 



NOV DEC JAN FEB MAR APR MAY JUN JUL J 


also found suppnrt at 77p, up 
5. while J. Waddingt oo hardened 
2 to I92p, the latter following 
Press comment on the company’s 
move inlo television games by 
the acquisition of Videomasler. 

Leading Property shares showed 
a few more signs of life after the 
recent quiet spelL Land Securities 
in particular, attracted support 
and put on 6 to 218p. whueJMEPC 
sained 3 to 127p and English 
closed a penny dearer at 44p. 
Stock Conversion met witn 
occasional demand at » U R 
along with Property Security, 
which gained 7 to 160p. Rises of 
4 were recorded in Great 
Portland. 2S8p, Haslemere, 236p, 
and Berkeley, 120p. Capital and 
Conndefv hardened a penny to 
32Jp following news that the 
company has applied for 
to redevelop its land jjt Ferry 
Works and Lacy Road, Putney. 


a weekend Press mention. Roth- 
mans, however, gave up a . like 
amount at 58 Ap following recent 
firmness following the interim re- 
port. . 

Harrisons Malaysian Estates 
closed 4 better at U6p In sym- 
pathy with a rise of 13 to 523p 
in bidders Harrisons and. Gras- 
field: the latter now has accept- 
ances which, together with its 
existing bolding, gives it SO.Tfi 
per cent of HUE. 


Demand for Westfield 


Wallis up again 


Banks firm again 


Recording modest gains of a few 
pence at the 3.30 pm house close, 
tbp major clearing banks made 
fresh headway on the announce- 
ment of a two-month postpone- 


ICT traded firmly, particularly 
in the late dealings, and ended 
7 to the good at 302p. Elsewhere 
in Chemicals. Yorkshire encoun- 
tered occasional support and ,put 
on 5 to 109p while, in smaller- 
priced issues, EL Gory gained U 
to 24»p. Adverse Press mention, 
however, left Allied Colloids 3 
lower at 6Sp. 

Secondary issues provided the 
major movements in Stores. Still 
benefiting from the excellent 
results and proposed 300 per cent 


West Ingho use lu finish 4 better 
at 273p and 56p respectively. 
Thorn Electrical edged forward 2 
to 334p In front of today's pre- 
liminary figures, while small buy- 
ing in a Lhin markel lifted 
Wholesale Fittings 4 to 144 p. 

Already 10 higher on invest- 
ment demand. Staveley Industries 
improved furtber after hours to 
close (4 better at 296p on the 
announcement that the group has 
acquired Electroscale Corporation 
of California. Elsewhere in En- 
gineerings. Weston-Evans jumped 
15 to 125p to match the terms of 
Midland Counties Trust, while 
IHeggttt rose 2$ to 20p In response 
to the sharply higher first-half 
profits. Christy Bros, hardened a 
penny to 50p after Press comment 
and improvements of 4 and 5 
respectively were recorded in 
St art rite. Sip. and APV. 230p. The 
leaders moved forward late to 
clow at the day's best. GKN 
ended 6 to the good at 270p. as 
did Hawker, at 218p. and Tubes. 
376p. 

Hillards finned 7 to 230p in 
active trading prompted by recent 
comment on the prospect for Food 
retailers. Renewed speculative de- 
mand left Avana 3 harder at a 
1978 peak of 40ip. while modest 
gains were also seen in Taverner 
Rutledge, S4p. and Cullen's Stores 
A. 118p. J. Lyons edged forward 


balance at 246p;. A Kershaw, a 
subsidiary of Rank, cheapened a 
fraction to £10 despite higher 
bail-year earning* Elsewhere 
Vinten gained S to 129p, after 
134p.. on the good results and 
Campari advanced 6 to 124p after 
favourable Press comment 
Ropner hardened 2| to 394p In 
response to the chairman's 
encouraging annual statement 
and Durapipe put on 4 to lS4p 
ahead of Thursday's AGM. ICL 
gained 6' to 822p but Coral 
Leisure, 3 off at • 93p. remained 
overshadowed hy the RoyaJ Com- 
mission's report on gambling. 
Still reflecting tbe interim profils 
setback and gloomy statement 
about second-half prospects, 
Gestetner A reacted 4 more to 
172p. 

Rolls-Royce figured prominently 
in Motors and Distributors, dosing 
3} higher at 97)p as investment 
demand revived. Fodens were 
active and 4 better at a 1978 peak, 
of 67p on buying in anticipation 
of Thursday's preliminary figures. 
II. Perry were also back in favour 
at 109p. up 5, but adverse Press 
comment clipped 2 from Wilmot- 
Breeden at 60p. 

Renewed demand ahead of 
Thursday’s preliminary results 
pushed Gordon and Gotcb up an- 
other S to SSp. Brunning Group 


Shell improve 

Week-end Press comment 
suggesting that the recent 
euphoria over the possible 
Shetland oil find had been over- 
done tended to dampen sentiment 
in British Petroleum which traded 
quietly and closed unaltered at 
S66p. Shell, however, tinned 5 to 
57op, while Royal Dutch improved 
3 to £47i, the latter on overseas 
advices. Ultramar continued to 
attract occasional investment 
demand and edged up 3 more to 
273p. In contrast, liquidation of 
speculative positions took Oil 
Exploration down to 2I6p before 
settling at 222p for a Joss of 4 on 
balance, while Siebens (LUC.) 
closed a similar amount down at 
370n. after 36hp. 

Investment Trusts attracted a 
reasonable business and closed 
with widespread gains. Rothschild 
Investment became a good late 
feature at 209p. up 17, on the 
increased dividend and earnings. 
Investment Trust Corporation 
advanced 12 to 2S7p following the 
announcement that the 5 per cent 
convertible unsecured loan stock- 
holders had given the go-ahead 
for the proposed merger with 
Barclay's Bank, while London 
Trust Deferred moved up 3 to 
lOlp on revived bid speculation. 
Other firm spots included Cale- 
donia Investments, '4 up, a 197S 
peak of 242p. and Scottish 


National. 54 to the good at 156£p. 

itful 


Shippings spent an uneven 
session. P and. 0 Deferred 
hardened a penny to 85p. while 
British and Commonwealth. 280p, 
and Common Brothers. 115p, put 
on 2 and 3 respectively. 1 Lofa 
closed without alteration at 28p 
following the chairman’s state- 
ment at the annua? meeting. 

Mackinnon of Scotland moved 
Into the limelight in Textiles, 
rising 13 to a 1978 peak of Slip 
on small buying generated by 
Press comment. Other benefi- 
ciaries of Press comment included 
Dawson International. 2 harder at 
133p. and Nova (Jersey) Knit 3J 
higher at 45$p. . ’ 

Among Tobaccos. Imps finished 
a penny firmer at S2p following 


Westfield Minerals and North- 
gale Exploration from the Irisb- 
Canadian section were the 
features of otherwise listless 
mining markets. 

Demand in Canada overnight 
for Westfield, based on uranium 
hopes at the Johan Beetz prospect 
in QuObec, was followed through 
in London during the morning. 
Agressivc buying from Ireland in 
the face of a stock shortage 
caused a sharp jump in the price 
which closed at laOp , for- an 
advance of 42 p. North gate, West- 
field's joint venturer, rose 40. In 
sympathy to close at 445p. ■ 

Elsewhere, South African @olds 
set the tone for tbe rest- of the 
market. Trading was thin, 
inhibited by concern about -the 
meaning of tbe Bonn Summit for 
the bullion price. In dollar tends 
prices tended a few cents lower, 
but the rise in the investment 
dollar premium left London 
prices mixed. 

The Gold Mines Index was 0.7 
higher at 161JS. Price changes 
stayed .within a narrow range, 
with West Dries 4 easier at £20* 
and Randfontefn 1 harder at 
£33J . The bullion price was even- 
tually St. 50 lower at 8184375 an 
ounce. 

South African Financials were 
quiet, bur De Beers remained firm 
after favourable comment on the 
latest CSO sales figureSL Helped 
by the premium, .the closing price 
was 2 higher at 38Sp. 

The search for diamonds in 
Australia meanwhile continued to 
benefit Cenzinc Rwtinto of 
Australia which hardened 8 to 
242 p. Northern Mining, which has 
a small holding in ORA’S Ashton 
venture, gained 6 to 102p. 

Other Australians were quiet, 
lacking a definite lead from the 
overniehr Sydney market. Among 
uraniums. Pancontinental Fell i to 
£13i. , ™ 

Rhodesians. Coppers and Tins 
were generally untested, but Saint 
Piran stood out in Tins after the 
sale of its A. Monk bolding. The 
shares closed 5 higher at 54p. while 
South Crafty held steady at 53p. 

Trading in London Financials 
was drab and movements were 
confined to the odd penny. Rio 
Tinto-ZIne, 221 p, and Selection 
Trust. 41Sp. were 2 softer, while 
Charter and Consolidated Gold 
Fields were unchanged .at 142p 
and I77p respectively. 


financial times STOCK INDICES 

“ "" July 


Government Sec* 

Fl«J Interest 

Industrial Ordinal?....} 
Gold — 


70-96 
71.68! 

474.4} «7X.6j 
X6L2| 160.61 


Uni. Dir. Yield. 


ftmiiw^Y-idSlIuibri 

t*.<K folio (neuTt) 

Unlinit marked.—,. 
Hqalty turnover ... 


S.SSj 6.601 
16.se! 17.01 
7.9tt 7.85i 
4.3211 4.179- 4.061 

1 70.96 81.71} 81 





70JW a** • 

7L6B e74‘ 

lfloj -iis,'-. 
869 rfij 
19.87 id'- 
7.70 




Uqaltv tunwW — -1 -j -j- 

BquisrhiaiPvWitJ 1BJ871 lfl -^ 




Basis 
Mines 


Id am 476.1. 11 am 474.9. Noon 4TSJ. 1 pm 4785- 

2 Bin 476.9. S pm 477.1. 

unit mb opw aek 
• Based on as per «n* corpomUon rat tWu—JJR. 


- Based on as per cero mrpurauuu 
sis 100 Govt afcs. 1S/IW26. Ftori InL B3. Ini.OnL 1/f/st 
12/9/55. SE Acdrlty Jnly-Dec. W2. . \ . - -■ j 

HIGHS AND LOWS S.e ACTIVITY; 


Oort. 


1976 

Since Compilation 

Efah 

tirw 

.Hfak 

liow 

78.58 

m 

68.79 

tm 

127.4 

(9/1/36) 

49.18 

C3/L/7&) 

BUM 

flfll 

70.73 

(6(6) 

150.4 

(BflMD 

50.63 ■ 
(3(1/76) 

497.3 

A-li 

435.4 

(2/3) 

64».2 

(14/9/77) 

4B.4 

ftSA/4* 

168.6 

130.3 

pvti 

442.5 i 43.5 
t32*/76);(2B/I0,711 J 


j 

Jfjy- 


17 


TMly .' . 
OlK-UdsCd.. 
Industrie*— 

dppculative^ 

a^la.yA.T'rigH 


atlt-Edsfd- 
DttlL. 


Indaa 
rtperaiative.. 


159.3 

149.8 

88.1 

98.4 




:w. 

-M*4f : 

14SJJ 
. 87*' 
98* ... 


146.4 
148.7 i 
309 j 


tsu 

iiV 

UXU-- 


LONDON TRADED OPTIONS 


Ju»v 


Urtobor. 


January 




Optirwi 

Kx'rcfee! CMinji 
price | offer . 

Vnl. 

1 Clndng| 
j Mfer , 

Vofc, 

UkMlng 

offer 

1 TA 

[-'-Anrtty 

close. .4 


760 

118 

— 

•136 

I 

1 

165 


B64 p. !'• 


800 

68 

— 

! 92 


w ■ 

115 

- 



860 

18 

It 

1 60- 


a 

82 

2 

n — - 1 


900 

Us 

28 

f . 36 

1 

5 

60 




140 

13^ ! 

• — . 

. 18 

1. 

— • 

20 

- 

W»P .. . . 


160 

* ; 

— . 

1 Ji* 

! 

60' 

12 

46 



160 

18 • 

— 

1 ae 


— 

51 


178p- 


180 

Us 

10 

1 lilt 


G 

17 

6 

« I'f*" 


200 


' 

i' 6 


a 

8 




100 

24 

— 

! 27 



28 > 2 


12«p J 


110 

14 

-- 

J? 1 * 


6 

20 la' 



tVjiirtnuMr 

120 

-4 

93 

1] ■ 

1 


l i 

. ~ 

- irfr 


150 

*4 

— 

. 8 

1 

-. ' 

.9 

— 


OKU 

220 

55 , 

— 

f 69 ' 


— r-- 66 


273p;.. ‘ 

«KC 

240 

35 j 

— 

[ 42 


-. . 

SO 

— - 



260 

14 ! 

17 

26i E 



26 

— - • 



280 

Hi ; 



16l« 


21 

■2S 

— 

- t** ‘ 


100 

9Hi 

81 

IS 


1. 

184 

9 

109p 1 


110 

1*3 

88 

8>z 


- ' 

13 

— 



120 

>1 : 

7 . 

41s 



8 



- 

1C 1 

550 

62 ' 

14 

67 


5 

69. 

S 

390p 

id 

5b0 

32 j 

26 

58 


23 

V 

8 



590 

3>b ; 

77 

17 


34 

28 

1 


iii 

420 

>♦ 

16 

Big 



164 

1 

„ ‘ 


180 

39 i 

4 

44 


- ; 

48 

— 

219p 


200 

19 f 

— 

26 


15 j 

30 

— 

* 


220 

a 

17 - 

12i« 


15 

16 

10 

• ’ 7 

Jlorks A 6c. 

120 

39 > 

— 

4113 


24 > 

43 

7 

158p 


140 

19 i 

4 

22 


— j 

26 

— 

„' ■ 


160 

Ue 

22 

■ 9 . 


5 j 

14 

SO 


Slieli 

600 

77. 

.» 

- 87 


— * 

92 

— 

. 523p . ’ 1 ;•:* 

-illeil 

650 

27 ! 

11 

44 


[ 

66 

— 


Shell 

600 



1712 


10 

36 

10 


tirtAla 



602 


22 a j 


154 



NEW HIGHS AND LOWS FOR 1978 


Tnc following securities created in the 
Share Information Service . ve s tenflav 
attained new Hiflha and Lows for 1978. 


NEW HIGHS (137) 


BRITISH FUNDS m 
BANKS 12) ' 
BURS 11) 
BUILDINGS C3) 
CHEMICALS <2 ■ 
DRAPERY A STORES 
ELECTRICALS 
ENGINEERING (141 
FOODS (31 
INDUSTRIALS (21) 
INSURANCE (1) 
MOTORS (2> 

PAPER A PRINTING OH 
PROPERTY (3) 
SHOES cn 
TEXTILES 17) ■ 
TRUSTS (SSI 


FOODS (1) 

Lockwoods 1NDU5TR1ALS J2, 

Coral utaarc Letws rHarrls> _ 

SOUTH AFRICANS (11 ^ 

Huiect's . ui liij 

TRUSTS no 

Jardlne Japan Akrayd & SmttHet 


RISES ANI> FALLS 
YESTERDAY 1 


NEW LOWS (7) 


Bert Bros. 


BUILDINGS (II 


. <* 

Brttfrt Fund* . 
Corm, Dam. 
Ferefaa Bends 

. UpDmeSf- 

and. 

Ftnudal and Prop. - 200 
alia . . .. 14 

“o ? 


- 5 

S 11 


44 

25 - 

Recent Issues 


o : 

Totals 

; 790 

M3 Uf 


APPOINTMENTS 


Senior change at Telfers 


Mr. Raymond Monblot, manag- 
ing director of Telfers, is to 
become managing director of 
Associated Biscuits. His successor 
will be Mr. John Husband, now 
managing director of Total 
Refrigeration, another J. LYONS 
GROUP company, who takes up 
his new position on August 1. 

★ 


Air Commodore R. L. Topp has 
joined the Scottish Group of 
FERRANTI lo represent its 
aviation and defence interests in 
West Germany. His final tour 
be Tore retirement from the RAF 
was as deputy general manager of 
NAMMA in Munich. Ferranti 
interests in the Tornado pro- 
gramme will remain with Wing 
Commander J. C. Ellis, RAF (Rtd) 
in Munich. . 

★ 

Dr. Culin Gronnw. has been 
made marketing adviser to the 
ELECTRICITY COUNCIL in 
MieccsMon to Mr. Charles George. 
mIio retires on September 30. 
Dr. Grnnow is at present chief 
commercial officer of the South of 
Scotland Electricity Board. 

★ 

Lord Luke has been elected 
president. Mr. George Lockhart 
(George l^ickhart and Co.), 
chairman. Professor Clive Sehmit- 
tholf. vice-chairman, and Mr. 
Frank O. Dunphy (Midland Bank 
international division), treasurer, 
of the INSTITUTE OF EXPORT. 
* 

Mrs. Norah Tew has been 
appointed chairman of the 
WESTMINSTER CHAMBER OF 
COMMERCE building sector 
group. Mrs. Tew. the first woman 
to hold this position, heads her 
nun group of three companies in 
interior design and related 
Helds. 

★ 

BROWN SHIPLEY INSURANCE 
SERVICES announce the appoint- 
ment of Mr. Ronald J. Benwell as 
n director of Holmwoads and 
Crnwfurd (Marine and Inter- 
national). Mr. Beimel! replaces 
Mr. E. A. Rudlaud why, after 
more than 4S years' service. Is 
retiring as a rull-time executive 
■although remaining a consultant. 
★ 

br.vdstock. blunt and 

CRAWLEY, insurance brokers, 
has appointed Mr. M. H. Mori and 
a director or the company. 

* 

Mr. Malcolm Butcher has 
joined the Board of T. CQWTE us 
financial director, Mr. Frank T. 
Gillingham, the secretary, also 
joins the Board. 

* 

Mr. John Chiene has retired 
from the Board of BROWNLEE 
AND CO. 

* 

Mr. C H. D. Smith has been 
appointed secretary and legal 
adviser to MOLINS. 

* 

Mr. Tom Webb has been, 
appointed financial director of 
the newly-formed TRANS 
BORDER GROUP, incorporating 
the J. S. Wood Group and Chap- 
man and Ball. Mr. Webb was 
previously managing director or 
Bath* 1 , Taylor and Ogden, a 
Cuuriaulds company. 

Mr. David Murray has been 
madr esport marketing director 
nf PATERSON PRODUCTS. Mr. 
Murray joinrd Paterson s pur- 
rhKng divi-.nn In 196* W- 
femns » export two years later. 


Mr. John H. Bridcutt will re- 
join HESTA1R DENNIS on 
October l, an an associate direc- 
tor responsible for European 
sales and marketing. Mr. Bridcutt 
returns to Heslair Dennis after 
three years as marketing director 
of Crane Fruehauf. 

* 

Mr. Malcolm N. Ross has been 
appointed to tbe new position of 
director in charge of flight cater- 
ing. THF AIRPORT CATERING 
SERVICES. He was previously 
assistant to the chairman. 

* 

Mr. Michael McCredle has been 
appointed director and general 
manager of CONCENTRIC 
FABRICATIONS. Mr. McCredle 
joins the company from Grundy 
(Teddingtom, where be was 
marketing director. 

★ 

Mr. Alan Lloyd, chairman and 
chief executive. Allied Insulators, 
has been elected president of the 
BRITISH CERAMIC MANU- 
FACTURERS' FEDERATION in 
succession lo Mr. Kennedy Camp- 
bell, who becomes deputy 
president. Mr. G. A. J. Wade, 
chairman and managing director. 
Wade Potteries, has been made 
vice-president of the Federation. 
* 

Mr. David Morgan has been 
appointed general manager, 
BRITISH INDUSTRIAL GASES. 
He succeeds Mr. Alan Bean, who 
has been appointed project 
executive, overseas operations, 
engineering division, BOC. 

* 

Mr.J. D. Pollock and Mr. D. R. 
Hicklin have been made part-time 
FORESTRY COMMISSIONERS in 
succession tn Lord DonneY nf 
Balgay and Mr. C. G. A. Latham, 
who will bo retiring on expiry 
or their terms of office in 
.September. Mr. Pollock is general 
secretary nf the Educational In- 
stitute of Scotland and a member 

nf the General Council of the 

Scottish TUC. Sir. Hicklin, is re- 
tiring this month as chairman 
and managing director of St. 
Anne's Board Mill Company. 

Mr. B"b Barns, previously gen- 
eral manager, has been appointed 
mantging director of ENGLISH 
ROSE KITCHENS. Dnrt of the 
Harris and Sheldon Groun. follow, 
inn the retirement of Mr. Fred 
Marshall. 

★ 

Mr. Ian J. Hunter, who has for 
several years been the company's 
senior non-marine broker at 
Lloyd's, las been apnoin'ed a 
director of h. j. ' SYMONS 
f AGENCIES). Mr. Leslie J. Rain- 
bow. who for the past year has 
been in charge of the accounting 
denartment at (he Sutton in 
Ash field office, has become an 
assistant director. 


Bank, has been appointed to the 
Bo&rd of EUROPEAN ARAB 
HOLDING SA.. Luxembourg, as 
group managing director. 

* 

DANTEL DONCASTER GROUP 
has announced two appointments 
to the board of Doncasters Shef- 
field, a subsidiary. They are Mr. 
Peter Garratt, who becomes sales 
director, and Mr. George Dllkes. 
appointed manufacturing director. 
Mr. Dilkes was previously manu- 
facturing manager of tbe stamp 
and forged products divisions. Mr. 
Garratt has been sales manager, 
stamp Products division, since 
1973. 

* 


Mr. A. J. Mackenzie, recently 
chairman of Scottish Widows' 
Fund and Life Assurance Society, 
and Mr. d. A. C Douglas-Home, a 
director or Morgan Grenfell and 
Co., have been appointed non- 
executive directors or MORGAN 
GRENFELL i SCOTLAND I. Mr. 
J. S. Liddic has been made exe^u- 
tivedirectnc in succession to Mr. 
M. D MePhall. .who is taking up a 
senior appointment with Morgan 
Grenfell and Co in London. 

* • 

Mr, Robert B. Botcherby. man- 
aging director of European Arab 


Mr. John R. Webb has been 
appointed aromatics vice-president 
ESSOCHEM EUROPE INC, the 
company co-ordinating Exxon 
Corporation’s chemicals activities 
in Europe, .Africa and the Middle 
F.nst Previously with Exxon 
Chemical Company, New York, 
where he was product executive 
for adhesion products. Mr. Webb 
has succeeded Dr. Normon N. 
HochgTaf, who has been appointed 
corporate planning vice-president 
of Exxon Chemical Company. 

-4 

Mr. A. J. Bryant and Mr. H. 
Dob fan have joined the Board of 
SLUE DARBY LONDON. Mr. D. E. 
Dowlen has resigned from the 
Board. 

+ 

MATTHEW HALL AND CO. has 
reorganised its group manage- 
ment responsibilities following 
the appointment of Mr. A. H. J. 
Hoskins as eroup managing 
director. Mr. Hoskins will become 
chairman of 3I.it then- Hall 
Engineering. 31 r. 3L J. Holliday, 
a deputy managing director of 
I he group., will be chairman of 
Matthew Hall Group Services and 
responsible for the co-ordination 
nt croup corporate planning and 
development. Sir. B. E. Burns, a 
deputy managing director of the 
group, will be made chairman of 
Matthew Hall International 
Development. Mr. C. D. Watson 
\* ill become group director 

responsible for health, safety and 
security. Mr. P. L. Waite will take 
over group responsibilities for 

property, premises' and public 
relations. 31 r. A. R. Brawn will 
be responsible for group 

personnel policy and management 
development, and will be director 
in charge of purchasing 

co-ordination. 

♦ 

3lr. Hans Breitenbacb has been 
appointed assistant managing 
director of RHP BEARINGS. Mr. 
Breitenbacb was previously gen- 
eral manager o I the automotive 
bearings division. Now. as part of 
hi* new post, he becomes general 
managing director of ENGLISH 
WITS division. Mr, Henry Nelson. 
Formerly general manager of the 
transmission bearings division. 
Succeeds Mr. Breitenbaeh os 
general manager of the auto- 
motive bearings division. 

★ 

Mr, Gerry Flanagan has been 
appointed staff director, organis- 
ation an d personnel development, 
for SP INDUSTRIES (formerly 
Ley land Special Products). Air. 
Flanagan was previously per- 
sonnel m.inacer for Ley land 

International, having earlier held 
senior personnel positions with 
Roicr-Triumph. Ford of Britain 
and Ford of Europe. 


OPTIONS 


DEALING DATES 


First 
Deal- 
ings 
July 18 
Aug. 1 


Last Last 

Deal- Declara- 
ings tioo 

July 31 Oct. 12 
Aug. 14 Oct. 26 
Aug. 15 Aug. 29 Nov. 9 

For rate indications see end of 
Share Information Service 


For 
Settle- 
ment 
OcL 24 
Nov. 7 
Nov. 21 


Stocks favoured for the call 
were Bunnah Oil, Queen’s Moat 
Houses, Consolidated Plantation 
Warrants, Town and City Proper- 
ties. British Land, Tarmac and 
Pacific Copper. Puts were done 
in Wood and Sons and Booker 
Bros^ while doubles were 
arranged in Town and City Pro- 
perties and British Land. 


ACTIVE STOCKS 


Denomina- 

of 

Closing 

Change 

1978 

1978 

Stock 

tion 

marks price (p) 

on day 

high 

low 

Id 

£1 

18 

392 

+ 7 

396 

328 

Coral Leisure ... 

lOp 

9 

93 

- 3 

144 

93 

BP • 

£1 

S 

868 

— 

898 

720 

SheH Transport ... 

25p 

S 

573 

+ 3 

386 

484 

BATs Defd 

Sop 

7 

265 

__ 

296 

227 

Barclays Bank ... 

£1 

7 

332 

-4- Q 

338 

296 

GEC 

25p 

7 

273 

+ 4 .. 

278 

233 

Marks * Spencer 

SSp 

7 

158 

+ 1 

160 

135 

Iteed Inti 

£1 

7 

141 

+ 3 

143 

102 

RoyaJ Insurance... 

25p 

7 

376 

+ 9 

425. 

343 

Boots 

SSp 

6 

207 

+ 1 

231 

184 

Dunlop 

SUp 

6 

80 

— 

90 

71 

Guthrie 

Marcfiwiel 

£1 

6 

345 

- 5 

S75 

211 

OpcCum.Prf. 

£1 

fi 

S9 

— 

89 

87 

Midland Bank 

£1 

6 

365 

+ 5 

390 

330 


RECENT ISSUES 


EQUITIES 


Iwiie 

Price 

P 


— i .■ i 

i=S c. 2 a 2' 
K =JS; 

ee = — .55“! 


1718 


's — ; „ ' i 


Stuck 


j fllgti ■ Low 


■ £ > il+ or - 

» “ K< 


ill- 






u: 


75 ■ P.P . i 30/6. 92 ( 86 -Snuna )) iC.D.) — . 87i s i— 1- •• /4.5 ; 

100 ' F.P. S/7 . HB 142 [Buwtheroi ~;I65 : A2.64-, 

85 ; F.P. I 24/B 1 St I S& rHantjay Par. 86 '—a | 4.65. 

’■ K.P. ; — | M 1 33 fTbanie* Plywood 55 1 , “ onl 


(34 


3.1, 
3.0 
3J)' 

.. ; (t2.0; 2.3 


7.B 4.7 
2.4 IB.7 
8.3 6.0 
8.7 7.6 


FIXED INTEREST STOCKS 


197B 


Hijt Li | tint | 


Stock 


i « 

j -f 9 j+J< 


K.P. ,88*7 
F.P. 18/8 
:X2l9 


I 7;9 j 
■ 116-8 ! 


£98 X50 
£99.4. F.P 
S100: XU 

it i£10 

lOOi/i FJ*. 

£100! F-P. I • — 

ft£97.56 F^28ft 

|| £25 '&B/8 

• * | K.P. >21/7 
*r 1 P.P . . ^ 

• ■ I F.P. 12 1/7 

€» * F.P. I — 

’ I F.P. : 9.a 
flOB , F.P. 21.V 
09i.' F.P. • _ 
COSUXIO 120,10 
£99 £10 21/7 
£98i*J»0 . 1/9 
£98j|£25 15, A 


at'D : 
94>2I>', 
51 | 
dsi«- 
S97 i 2 ; 

lOTg 
Wp ■ 

83l;> 

28M; 

69 |j- 

S6 

«P 

C"! 

5ui 2 ; 

26 In 


Utp .VUicd Leather 9g Pref ; B8u 

32[. Allied KdailwnO; Prei '• S3r. 

46 'Bpnet liy K&L Wa7 • 50i9 ; 

Wlz'Birmlnchain Var I (etc EJ-E6 Mli> 

5971"' Hoots &,“S Coav. Uri^. Ia95 S 971 , 

liWilKawt Anglia Water TJ Hcl. Pref. Ug3._ ! lOa^, 

lOlplliL'cUgdant'al lDs.OH1cel<>kKcd2tul(.:imiPrel^ 103 .. 

99 ini Edinburgh Var. Kate SBSj ggin 

97»4'tfe«* Water 7^ ited. Pref. W3i gaij 

falo’lew bit*. Deb ■ 34 : 

97|.>JB Holding 10% Pref j 98p: 

£7p;3JairJiirief 8% Pref- j 89 p. 

lOI 4 p.MiJlcr.F 1 Hi Pref :iD2An 

BS ilooluye 12S& PartlyCooc. L'n*. Lo. ■E6-'i3B.> 86 I 

04p.- More •.•'Farmll JOJ Slid Cum. Pref .94140 

lQTp.JWjIntuo Bnw. 1W; Pref ' 109b 

lar-Kete lied. l%5 903a 

d *>uthco,Hii-5ea Hed. 13JI [ Bis' 

9 .Swuth. Tjueeule 12;% Ked. 1386._ filsi 

4(*4,^ne A Wear IK tteri. 1936 483 4 . 

24 :Wt*t Kent Mater 12% Del.. l9&b 8412; 


— 1 


>8 


—4 


44 RIGHTS” OFFERS 


j =£ ! Latest , 

Ismie, 5 , Kenutu;. 1 

Pn.«I Si i Date 

!•:!<£!. 9 HishiXoir 


U7S 


Stock 


at 

i Ml’ 


5A2.75 .Ml 
5 1 .Nil 


16:8> 

28(7> 


: An 
14(2' Nil 


26/7. 


36 

108 

29 
73 
35 
35 
95 
95 

95 

96 

30 


MU 
I F.P. 
, Ml 
I Ml 
■ Ml 
; Ml 

! p.p. 

> F.P. 

; f.p. 
: f.p. 

Aif 


26:7 


‘.5' 


13(Si 29pm! 2apm;.LX3....- 

. , lBiBAij pm.3 is mm Bridgend Pixw*a«nu..„.._ 

38 | F.P. I 18/7j 18(8 : » I JHsJBKWkeTfcd En«.> 

18.fi: ‘Spoil (pmUhttmuutli lat^i.. ....... ....... 

16 ■& arxnl 2|un:21sWiakJJupr<er». ,., 

l/9l IS fa '1 Head lam Sima A Cue^im,— 

4(8i 125 : UBIHmUvb. 

28(7| 4opm^8jpra Hyman (LA 

— , l&pei, 14 pm 1 L.C.P.....~..~....~~ 

11(8- 2A(-oj ^Spm'Leves- 


2 / 8 : 

14:7 

3/7j 

21(7! 

3(8j 

17/71 

17.-7; 

17/7 

17:7' 

287! 


l/9j 14pui 
36/8! 112 
26.-8: 117 


pm.Nwtua (W. K-l 

tlif SecurUM- 

Ill ’ Uo. A. N»V 

107 ioecurity oorv !cm 

107 ' Du, A, N#V 

8-9' Sb'i-m' !i6|,m auh'IUti* S|*al,imn. 


29 pm; ....„ 
4utni .... 
36 +1 
4pBii*ia 
3(im; 

12341 _.... 
43 pm,*! 
15 pm. 

2 put ...... 


14 pm. «- (j 


36,9| 120 
26.8! 119 


1 

112 
114 t+4 
112 -*2 
87p»n-i 


FT-ACTUAWES SHAKE INDICES 




These indices are the joint compilation of the Financial Times, the Institute of Actuaries ? , "" ,n 

'. and the Facility of Actuaries 


EQUITY GROUPS 

GROUPS: & SUB-SECTIONS 

Figures la parentheses show number of 
stocks per section 

Mon,, July 17, 1978 > . 

n 

m 

Wed. 

Ml: 

XS 

Toes. 

July 

11 

v«<-, 

MP-r 

Jndex 

No. 

Day’s 

Change 

% 

Est 

Earmngs 

Yield 1 * 

(Max.) 

Corp 

T»xr\ 

Gross 

Kv. 

Yield% 
l ACT 
at 34%) 

EsL 

P/E 

Ratio 

(Net! 

Corp. 

Taa» 

B 

Index 

Ko. 

’ 

Index 

No. 

Index 

No. 

'.'t" 

Indat^^ 

y 



'218.17 

+1.0 

1737 

5.60 

7.99' 

216.02 

21539 

21533 

21351 

183.71- 

2 

Building Materials i3B> 

194 M 

+15 

1755 

5.65 

7.92 

19227 

19251 

E23 

190.66 

152831 



342.44 


20.43 

458 

7.12 

34125 

34057 

339.93 

339.00 

2484- 



47455 

+13 

1451 

3.91 

9.74 

468.63 

46756 

46934 

46335 

E23I 

5 

Engineering Contractors (14) 

320.71 

+05 

18.71 

636 

7.12 

320.06 

320.60 

319.92 

32058 

26736H3 

6 


174.95 

+0.9 

18.43 

634 

736 

173.44 

17230 

17231 

170.98 

26420-; 

8 

Metals and Metal Forming(16) — 

16534 

+15 

1756 

8.51 

759 

16332 

16254 

16226 

16052 

149.94- 










*. • 





195.98 

+05 

17.43 

5.26 

8.05 

19853 

19939- 

■ 19858. 

156.98 

37336,, 



236.01 

+05 

15.91 

433 

8.88 

235.49 

23637 

23456 

234.70 

20222 



176.03 

+03 

16.76 

6.44 

853 

175.44 

17536 

17535 

17524 

160.43 

14 

Motors and Distributors 1 25) — 

124.92 

+05 

19.90 

6.41 

7.02 

12464 

12526 

12456 

122.64 

11032.’ 















20455 

+0.4 

15.79 

5.85 

8.57 

203.64 

203.44 

20235 

20156 

167.88’ 



224.01 

+05 

1553 

■m 

934 

52259 

22L71 



mss-: 



263.67 

+05 

1653 

5.49 

934- 

'26352 

-264.42' 

26052 

2GUB 

20133^ 



25Z20 

+0 8 

15.60 

6.89 

938 

25012 

249.43 

248.75 

251.96 


25 

Food Manufacturing (21) 

19802 


19.07 

5.62 

6.93 

19630- 

.19559 

19550 

19633 

17377" 



207.91 


14.06 

4.90 

952 

20754 

20820 

20727 

207.44 

17475 



395.49 

—fl.l 

1030 

337 

1433 

39656 

39752 

39805 

39925 

raj 



13556 

+0.7 

1937 

752 

6.82 

33457 

134.40 

134.48 

wnm 

120.02 



187.96 

+03 

n n 

4.71 

13.08 

187.41 

187.98 


183.92 

14675 





1835 

- 7.68 

7.06 

179.02 

U8.1& 


37550 

164.61 > 



9AA44 

+0 J 

2257 

753 

534 

24827 



24101 

20180 

37 


10854 

+05 

1859 

5.77 

650 

208.00 

18750. 

20755 

106.02 

99.9* 

41 

OTHER GROUPS (97)- .... 

200.63 

+03 

15.98 

. 5.71 

839 

199.08 

198.49 

197.40 

195.73 

18031 

42 

43 

CbemicalsdS) 

290.67 

26204 

+1.4 

+0.4 

17.04 

1153 

6.01 

3.91 

7.97 

UM 

286J4 

26115 

284.40 

25937 

260.45 

25759 

Ml 

44 


13057 

+0.4 

1835 

4.97 

6.45 

138.04 

13332 

33229 

13055 


45 


40554 

rrrm 

17.88 

756 

6.89 

40474 


40UT 

405.44 

489.79 

46 

Miscellaneous (55i 

20753 

+0.6 

1739 

635 

7.75 

20652 

206.45 

204.67 

20327 

17676_ 

49 

INDUSTRIAL GROUP (495) - 

IIO-I 


1^1 


wm i 


E5U71 

EEE1 

E3EJ 


51 

OilsiSi - .... 


■I'll 

HVil 


«EJ 

Kum 

Brtkl 

EHI3 

Eaa 

*-* f j 

59 

580 SHARE INDEX 




EH 

EMI 

Hkfr/A 

E ±33 


Ena 


61 

FINANCIAL CKOUFUW) 

166.68 



5.69 



163.96 

16249 

E23 

137.41 

62 

BankaO) 

193.51 

+1.6 

23.62 

550 

6.41 

19059 


185.47 

183.84 

256.09 

63 

64 

Discount I looses UD)^ 

203.10 

15455 

-OJ. 

+15 

12.62 

852 

530 

1173 

20334- 

15217 

15237 

14936 

14733 

13L05 




+15 


6.63 


13452 

13621 

133.95 

13331 

105.99 




+15 


6.68 

• 

12539 

12557 

124J7 

12234 

11029 

fi7 


33950 

+0.4 

1357 

452 

1033 

338J8 

34051 

33872 

33557 

38356. 



8058 

+15 


630 


; 79.46 

' 7952 

7839 

7771 

6659 

69 


23749 

+L6 

3.49 

333 

4954 

23455 

m«. 

234.83 

232.46 

10,45 

70 

Miscellaneous C7) 


+05 

24.05 

7.91 

5.41 

105.42 

m70 

10458 

10450 

r*B± 



221.C4 

+13 

334 

4.61 


238.74 

218,73 

MEM 

2M53 

17259- 



99.91 

-03 

17.66 

6.96 

Wft 1 

10039 

100.46 

10128. 

10052 

9120 

91 

Overseas Traders llfll 

317.88 


1652 

6.73 

EO 

316.47 


31625 

317.46 

ZT75L 

99 

AlLSHAHEINDEma 

21901 

+05 

— 

550 

- 


Li LA 





I l(r I 


ti-1 


1 * s. 


1 <»»,. 


fl 


' 


■ 




flj ■ ■ 


PrL 



rlAfc.II INTEREST PRICE INDICES 


,-auiy 

17 

July 

14 







I 


876- 

8.82 

7J6 

British Government 

Moil 

July 

Day’s 

change 

xd adj. 
TtwJay 

xd ad]. 

1S78 
to dote 

2 

S 

Conpons ■ IS years.... ...... 

25 years- 

10.91 

1160 

30.97 

1165 

1155 

12JB’. 







H48 

12.12 

Bp*? 1 

1051 

1 

Under 5 years 

10459 




9 


1252 

2 


11454 


B3 


6 

25 years. 

1238 

3225' 






2163 

1170 ; 

: 1155, 

4 

irredeemables 

12656 

+0.43 


724 

8 

_9 

Coupons • 15 years—. 

• 25 years...-...:.:; 

1251 
- 12.82 

1258 

1288 

3378 

1356* 

5 

AH stocks 

11281 

+037 

038 

625 

10 

Irredeemables 

1163 

1157 



R^uneiatioft dJie lovally Iasi day for dealing tree gi stamp duty, o 
l»wd on prospecnii esumate. 4 Assumed dividend and yield, a PUreon* dlwtenrt- 
cower bsiewi on previous year’s cartuiua. t Oivnl«-nd and yield Ikk*! on uroMa-vma 
or odwr offlaai estlmarci Cor I9W v Gross, r K mores a seamed • Cower afiwws 
lor convoniian o( sturcs not now mnkHU for dividend or ranktns only (Or renncicn 
drrtdeMis ! Ploarw price « public ps Pence unloss otherwise mdtcaied. 1 1wo-d 
by lender ], otferwn to bower* of Ordinary shares as a “ nshis." *' 
by was of capitalisation. ♦+ STTnirnmr tender once, jg ReUtRrWiKw]. US tawd 
tn comwcbmi wiUi reorganisation owner or raKe-over. ^ (mrodiicaon "1 tmoq 
in former Preb-rence Holders. gAUcrmear leners (or fully • Provudan: 
or poniy-paftt aUotment letters. * with warrants. 




Mon. July 17 

Frirtay 

July 

W 

Tbnitu 

July 

U . 

Wed. 
July 
12 ‘ 

Tubs. ) Sid a. 

■ J B'. p?_; 

Frkfay 

July 

Tliu ra. Ywu 

July , 

- s. : |UppHu4 

/ 

A*. 

YteM 

.% 

IS 

00-yr. Red. Deb & Loans (1SV 

56.94 

f 13.03 

58.88 J 66.00 

56.83 

66.78 ! 56.78 

56.78 

56.64 j .53.77 

18 

investment Trust Prefs. (15) 

S1.S1 

13.74 

51215 

51.69 

5U59 

61.59 , 51,59 

5164 

staf 5 1- 68 

17 

ComL and indl. Prefs. (20) 

70.04 

13.21 

70.02 1 70.04 

70.15 

70.13 7020 

70.14 

38.14 h'69J B ^ 


s 


V 


Redempdofl i rlaki. fflslts and Iowa record, beae'dasaa end raises and constttocnt chaaaoa. am aub8WlWf~.h» SB* "*** . 


Issue* A new Ifcu of the cona h w na it mralUMo from the PublWrcrs- Uw Ptoancial Tima, B ra c hM Hem, CttW . sw * 
Koodoo, EC4P 4BV, price 13fir by past 22*. m Corrected ffaurea for ftHkg. July J4. 




























































Times Taesday July lg r^TS 



INSURANCE, PROPERTY, 

BONDS 


35 . 


ry UJf Assurance C«. mj. 


.Paul'iChurcta n*d EC* 


BJ 


• j Fur.d 13S * J? 5 

y Ace OS' J2* 

-Rff6 IMS 
v*y '; r . - n»i7 JH9 
tiro FUnd._...|8t * NO 

trtlNe Fund .{151,1 in s 

■M-FuMl ...HI* 1271 

rroiwn.' 17* 7 in’s 

wo«»* ass 

Miurlli . .. |lS6 T lug 

Manured . ... 17S T use 

Equity IMS i u 

,TA«f.4....1273 l5S 
. Fd ic. 4. 132 « 1M4 

igrFd Per 4- >34 I 3* a 

v F.lSer.4.. . jlZ? H U70 
*yFdS<T.4..lOT4 1152) 
nitihu) 4 Yaluiiii^ r.nrm.1 

my Life Assurance Co. Llil. 

dHiirilncinnbi . w |. 


r- S=w' — SSSsassr-ia 


■ly Tmt»daj. 


i Jniltjank S«ev ... .1 53.9? 

Undbanh sc A C r.Ul*4 117 
G. 4S Super Ed. I v7.M4 


1U1 
Hi 
VS 7 
HI 
ZOS.l 


1465! -B.ei _ 


LiyKiLAcr.... 


p« »«*•*« . ...Rmi 


JHoimKd Ac 

A cm . 

p Fd.Acr . 

I-.Mler *«-c 

■ » FVn FU Aw 
ll.rrn acc. . 
don Pen Arc 
Jn.PnKdAec . 
P*n_VT . _ 

flo* Pnn.Acc. 


'1B28 


114 5 
104.5 
1HV 
lUk 
213 5 
175 5 

m* 

1U0 
1ZJ4 
209 0 


MS 4 

1*6 3 
1205 
112? 

114.4 
1721 
:»i 
184.7 
1562 
US 9 
129 8 

210.4 


PWUalioFund ! 7jj 0 . 

Portfolio (.'a piL.1 . 1*19 44.01 

Gresham Life Au. Soc. ud. 

2 (tinea of Wale* fw . B'owulh. 0X9 7Tfl!5 
Jil- LMi Fund — 196 0 101.91 ... I - 

Kf hauil) Fund . 107 0 113 ft . . . — 

f- hH'Faod 110 ■ 1UH . - 

'■ L Inti, f und 1373 12S.S ...... - 

G-LPpl> Fund... 196 7 . ioijj ...j ... 

Growth ft Sec. Life An. S*c. LU.F „ .. 

Weir Baatv.Bravon-Tlii.iniij Berks. (MC&343U 
Fleuble Finance . | £LM4 I . I _ Can iv p»s« Fd . ,|W 

J ( — Norwich Union Insurance Group* 

| "... i — PT'Rp\ 4 Vorwieh SRI asc. 0*03 22200 

Guardian Roy.] Enchant K,W?„ST ifiiS MUUKI ~ 

Rnynl Exchange. E.CJ 01 -SSSTl 07 Preperv Fund 71(1219 iSSi 1 1 _ 

1-iac.j lEtFund hua l*a 4j *oal _ 

nepo^jl Furd 00 7 1 IK 9 mS | Z 

ONnr. Unit Jut;- :3 | 2050 I -23] — 


_ — oucsstioa 

M»p«ed Fi:rn .1415 15471 • |- 

Pri,w •* 3 NaaX denims Au suit 1 

New Zealand Ins. Co. fl\K.i Lld.V 

Maitland !*cra»a. Southend SSI 2J> OTirjSaSM 

KreiKcylni.npa. 

Small t *•< yd. . 

1 er nruHo^j' VrL 
Extra In'. Fa. .. 

Far East Fd ... ,5 k3 
. 103 T 


956, 
1D0 7 
95 5 
107 7 
110.8 
1091 
101 « 


*0 2 

t0 4| 
-0.!j 


1.1 = 


SV l.ife Assn ranee IMM 
lKw,AliMRil.H«l()lt RelRiic 40101 


V Manage.] 
VMBd.-B 
,V Muncy Fd. ... 
?V Fruity I'd 


yKiw01nl._fil4 
97 2 




|« I' I " M Ull 

TV PTop Fd _ 

AMpd.Hen.Fd.l9bJ 


1343 
110 3 
USJ 
110 9 


.V Mud Pen '8 

iplan.. . 

ow Life Assurance 

fjhndfic Hoad. W.Z2 
Ql-dfc.Fd.i-l* Urn. .102 9 
’•'mi. Fd si Uni- 190 0 


01-437 W9S3 Property Baud* .' — ,]176 9 lM?t . ..( - 

Bambro Lifr Assnranre Limited * 

TOld Purl I am, London ft 1 Ol'IBOORtl 

Fixed Inc R»p. . 

Equity.... 

Property 

UuufcdCap.. ... 

Kunoeed Aic 

wtrwss 

Dill Edscd 

American Ate «7 1 

Pen F.Ef*ep.C'jp_ 

Pen F.I.DeoAcc— 

Pen Prop. Cap 

Pet*. IVop. Ace [zb 3 b 

Pen Man. cap - 

Pen. Mao. .bee 

Pen. (Jilt Ed*. Cap. .fl21 • 
Pra.GIJiEdjLAe?.. 1 " 5 

Pen. B-S Cap 

Pen P.S.Acr 

Pen DA.F. ijap. ... 

Pen. D jV.F Ait.... 


125 • 

132 1 



1771 

1H5 


__ 

1629 

1715 



1491 

1*7 A 



3731 

112.1 




121.6 

128.0 




123.6 

IJO 2 




471 

102J 




1288 

134.8 

*03- 



149 7 

1576 




204.2 

2 15.0 

*1.4 

__ 

263 6 

277J 

*1J 



2062 

217 J 


__ 

2M.8 

280 O 

-*-6.6 

-ra- 

1218 

128.3 


__ 

128 5 

U5J 

4-ID 

__ 

124] 

1414 

1387 

1489 


— 

102.0 

.. 


1035 


— 


01-T4091IJ 


ucd_Fd-_&i- i . .haa 9 124 


iSa 1 = 

124 W 

llb.7] . | _ 


Mtd Fd.-P.l.. 11152 lib, 
■clays Life Assur. Co. LUI. 

amnford Rrt. E.7 
Hayt'ond*' -.123 9 130 5 

Uy 1161 122 3 

«dncd 1098 115 b 

acriy - 3041 in 6 

aged 1091 114 9 

e>— 98 8 10* 1 

i.Pcns-becum... 97 S 103 0, 

Initial 95 5 100 P 

EdsTCuArr 
Initial . . . 

tty fen*. Arc 
Initial ..... 

•Current unit talje July 

■hire Life .Assur. Co. Ltd.V 


Beuts of Oik Benefit Society 

15-17. Tav lalor * PU--e. WC1H OS' 

Hearts or Oak |36 5 t, 

HIU Samuel Ule As«r. Ud.V 

JVLA Tut.. .Mlduu-oni^e Rd^ L>Or 0I-SM43S5 .Money Fund t A . 


9SM 01^7 5030 ln.osutientFd 
MA] . .1 — Equity Kurd 


Phoenix Assurance Co. Ltd. 

* 11 K:ec ttstliamAl FTCaP*HH Cl -K24 3K7S 

T-' 11 '* ..11119 1179' -ei-i - 

Fbi-Ki\v_..-.!741 ”% D i | : 

Prop. Equity & Life Ass. Ce.¥ 

It* i.rawford Mreet. W1H2AS n 1-4*4 0JC7 

R Silk Prop. Bd. ..I 113 4 ( 1 

P” Eauity Hd .. I 744 I -2*t — 
He* Money Bd. . 149 2 | 1 — 

Property Growth Assur. Co. Ltd.V 

Leon House, Crnj-don. CR9 1 1 .U— 0 1 #80 IW4 

Property Fund.... 

Propprtj Fund r.b- . 

Agnuuliursl Funs 
Aerie. Fund ■.Vi _ 

Abb*> N»L Fund - 
Abbey Nat. Fd -At. 

Iniesimeatfund 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tat- Mgr*. Ltd. fai 
72-80 GaifhoufeHn l;.iec3urt 0206 MW! 

Abbey Capitol 33 0 JS.lj *3 1! 4J1 

AbhcvltKmne . Vtk *2l! -B2( 618 

Abbei-lm Tu Id 17 3 197} -0?i 

Abbe]' Urn. T<n . .. !« 1 4S0cf — DzJ 


Gartmore Fand Managers 8 i*iigi Perpetual Unit Trait Mngmt.v <a> 


OFFSHORE AND 
OVERSEAS FUNDS 


4 27 
4 Zb 


Allied Hambro Groups iai ie* 
Hambroilse . Hutton Br*ctuood. E»w» 
01-388 2101 or Brer.tu.ood iOTTT' 2114W 

Balanced Fund* 

165 9 


63 0 
373 

tax 

104 5 
1201 


Allied If* 

Brtt lnd« Fund . 
liTth ft int . . 

Elect ft ind i*e* 
.'UltedCaptuI 

Hambmt'Und 
Hambro Are Fd .. 
Income Fund* 

High > idd Fd 
High Jntome .. 

AH.Eq. Inc 
laUTUttoaal Fuad* 

1 nlemaliotial . 

Pacific Fund 
nec» Of America 
USA. Exempt* 
Speciallat Fund* 

Smaller Co '* Fd . 
2nd5mir i.'n'tFd 
Ricnen- Sit*. 

Mm Min ftCdiy 
Oi enw KarmiUk 157 7 
Btrpl Smlr Co t M22Z2 


75 ft -0 21 
TOffl -D Si 
□ 7*4 -0 2 


I . {266 

nca ' |H B 

«*_.. t«.4 


l! 


*o 


}S3 -9 9 
40 M -0 3 
57 2 -D Of 
1M 4j -Q4j 

a ttt -0 2; 
47 6 - 0 7 
415 -0» 
44 0 - 0 2 
bl 7 it -0 3 
233 4 -0 7 


look; 

CT...W9 201 0] 

£3 


•Prapcny Unlit ... 
Property Series A . 

Managed Unlu 

......... Managed Sene* A.. 

Pl.55t.9544 Managed Serin C . 
Money Units . 
Mone] *nn A. _ 
Pixod Int. r>cr \... 
Ptu Managed Cap 
Pns. Matt aged ,\cc . 
Ptw. C-'ieeJ Cap . 
Pn» Cleed. Ace ._ 
Pont Equity lap . 


-0 8 | 
-01 


+0 6| 
♦0 


1541 

UI9 

IbJ 4 

961 

942 

120.7 

97.b 

92.1 

157.1 
14*4 
IMS 
U15 
45 5 


Pc ns Equity Aw. .WS.o 


Pn*.F xdtnlCap . 

Pna Fxd.lnt.Ace 

Pent Prop. Cap _ 
Pen* Prop.Aec 


9«3 

94.9 

994 

i960 


162 61 
1074 
172 6 
101.9 
992 
127J 
107 

n o 

144.4 

152.6 
U21 
1175 

100.6 
1011 

995 

99.9 

1005 

101.1 


Aituanal Fund. .. 
Gill-edged Fund .. 
«.m Edged Fd. i A*. 
« Retire Annuity. - 
ftlnrned Anu'ty _ . 


1025 
1009 
742 4 
756 4 
1541 
1539 
67 5 
47 D 
172J 
1713 
1406 
11*4 
1132 
1223 
1225 
1*31 
1435 


-i o; 

-0 7. 


•n Growth Pcsnotu * Annirilln Ltd. 

I W-ther Ac. Ws.-.JJI? 


- JJAH Meitner Cap’. 1 121.9 

— Ulr.' Fd 1 1- . I 1 


Imperial Life As*. Co. «( Canada 


Pentlon Fd Vlj 

Com. Ptni Fd 
Cm. pn, cap |.l 
M ap. Pen*. Fd 
Man Fen i Cap l'i 
Pmp Pen; I d . 
Prep.Pen-ii'iip t't» 
Pdgg soi. Fen. I ■' 
Blog bbc.Cap. l'\. 


1349 
1306 
1*7 7 
133.0 
1433 
131 7 
147J 
133 6 
1317 
120 V 


-instill 

13661 

1283!. 


ywnoard SI . EC3 . 

Done July II 127 67 | J _ 

lada Life Assurance Co. 

Huh St_ Potters Bar. Hen* P Ri- 51122 
f.CKh KdJulj 3.159 J -til ( _ 
mL Fed July 6.. I 175 [ . ... j - 

inon Assurance Lld.V 
•tuple Wy. Wembley HAB0.VB 


014231280 lotportal House, Guildford. 

Grt F.l July 14 (72.0 7911 

Peu*Fd.JuU-t4 - IVT* 7321 

i iut unked Portfolio 
M« paged Fund . .-195 4 100.0 

Flaed Ini. Fd W6.1 10tl 

Secure Cap. Fd 962 101 

Equity Fund ..|96 2 161 

Iriob Life Assurance Co. Ltd. 


Provincial Life Aosurancv Co. Ud. 

222.BI»bop(galc.Erj* 0I--J47(UC 

Prm. MatuiEed Fd.. 


ityUnita - - - 

jeny t'nlla 

ID Bbitd'Exee 
I Bond. Exec . 
Bd.'EMte. Cut 
(■fit Bond . . . 

ItyAcrvm 

Hot)' Aecum .. 
d. Acrutn.. 
Equity . ... 

Propwtj 

Managed 

gepoitl — 

Eq. Feu*-' Art” 
’ritPuib tee. 


1117 10 

no.i5 
If 11 45 
(£13 36 
XU 14 
1115 
176 
£1276 
1600 
)9I 5 

|8V 

bi 


HS d . Fcn«. AccjUO 0 


Dep.Peu* Act J 
Gilt PVbk Acc.09.9 

-»7 0 


1212 ] 
14 1U 
13 90| 
117 0 


UUM 

103d 

loir 
114 9 
105 ® 

SI 


Dl-acun 1 1. Finsbury Squire. ECS. 

BlueChp lutvlA. 174.: 
Mamgcd Fund [226.8 


t lilt Fund 30 ~ 

Property Fund . 


Prudential Pensions Limited^ 


11132 

1192 

IlM 9 

1195 

(117.1 

1233 

95 4 

101.0 

918 

1830 

942 

9?il 


*8IU| 

-fl.lW 


*0 Q2i — 


-ft? 


* 0 .] 


*01 


Ol-fcsaas Hr'l born Bar* ECIN2NH. 


Exempt. Man Fd. _|l03 7 
. Sind July l. . 


Prop Mnd JuK 1. .1180 0 
Prop Mud. Gth.. . .(197 7 

King 9c Shaxson Lid. 

52.Carututl.Fj3 



448 


Equit Fd. June SI _ >62459 

5 Mi Ini Junes] JflS.72 

Prop K June 21 IC29.71 


W9Z 22371 


14358 


JSIF. . 

, _ ^SJ F.2. _ 

r\ C p*;. Currenl valun July 14. 

“ilsl Life AssuraneeV 
umi Hmitc. Ctiapel A: hn'bm 
Invert Id. I INK [ 

-nafcrrliu Fd | 101 67 \ 

iterbmioe Magna tip.9 
twqueraFq l-AlindfcL'Bfi I NT 

hae Energy 37 h 54b 

fee Mum? . ... M * . 31.0 

• , h»C. Mlnagrd IS 6 40 6 

• • i. h*e Eq>tll% 341 366 

ib BIS Sit . | 133 6 

•. » Managed i 1586 

* of Westmi mtier Aosnr Co. I. id. 


Reliance Mutual 
' Tunbndje Wql]*. Kent. 

0JJB2M33 ***■ -I 198 9 | . | 

■"""■fiWriSB " R®lh»chlld Asset Management 
Govt See. Bd .. ;_|U940 126 40{ f — 51 Suita in* Lane. London. EC4 01-C 

Langham Ufe Assurance Co. Ltd. NC Prafk IU75 12541 1 

La ogham H«. Hoitabrook Dt.nwa 0LSB18211 Royal Insurance Group 

LangbBni>A;Fl>n.-|62 2 655] | - New Hull Place. LltorpooL 0S1S2744SS 

Setf&THte* -\ - R'»>»‘ShieidFd._flJ34 14U( ...4 - 

Legal & General ll^nit Assnr.l Ltd. *■« '* Pmper Group* 

Kingst rood House. Klnenrood. TadowtlL iS' , . St *l?!! en U !i— °V®* 

Surrey KT20BEU 

Cash Initial- 

Do. Acrutn. - _ 

Equity Initial .. . 


000238511 Do\fi-lini 

I- — Fixed Ini Ual ... . 

I — Do \ccnm . ... . 

Inti Initial 


3WIKN. im*unn ... ... — . 

gJgWU= 

DepOi.1l P«f»_. 


12101 

t _ 


I*n Acrum .. ._. [969 
Managed Initial.. 

Do. Acrun- .. _ . 

Property Initial . .... 

Do Actum {181.1 

Legal ft General iUnh Fenaloail 



Ctunp.Pens. Fd.» 

Equit* Fens, t il 

Frop Fen- Fd.*_, 
Hill Pena Fd.. 
Depoi.PeayFd t 


1205 

153.4 

0205 

ms 

2035 

.183 .0 

Vgi 

98 4 


135.11 -*051 - 

| *o.J Z 


‘Prtro no July 4. 
tWeaUy deallnaf 

Schroder Life GrotipV 
Ent*rpn»e House. PnrtimMiih. 


rtrod Hniine. 6 White twir*e Boaii 


dan CPU 21 A 
- Pnip FUitd . 
■ard Fund 

S Fund. 

ami Fund 
j Fund . . 

-Nmd 

A Fund . . 
.Mngd Cap . 

. MngH .Am 
i Money rap 
i. Money A<c . 
kFquttyi'ap . 
-7 Eqail7 Arc .. 
nd currently «.•' 
nrtn UmLi . _ 


Exempt i'«*h IniL . 
Dm .Acrum 
Exempt Eqiy. InlL. i 
Do Acrum ... ... .1 
F.ieorpt Fixed InlL : 


«i 5 t 


IN.tI . 
68^-0, 


0I-4MM44. g® Acttun.™... 


5I 4 

[75 9 77 7 

,1212 127 5 

|M4 47 7 

1*9 7 1730 

117 1 123 2 

8 V T HU 

J485 510 

(44 7 575 

56 8 59 7| 

lent w new inxertment, 
20] 0 I 


rOtf 


•01] 
-0 3: 


Exempt Mngd. TalL 

Do. Aecum 

Exempt Prop. InlL. 
Do. Aecum. 


Equity June 27 

Equity 2 July iu - 

Equity. 1 July 11 

Fixed I m July II - 
Fixed int^July II- 
Inl.lt. July 111 _ 
K ft S Gill July II _. 

K ft Sc. July II 

Mncd. Fix. Julyll 


'2191 
1196 
1375 
1475 
1310 
1425 
128.0 

iS :3 

1516 
1535 
12 LZ 
WQ 
2002 
3305 

i .At up um ta — 1487 10161 i _• g] 


Managed Julx 11 — 


Legal * General Prop. Fd. Mgrs. Ltd SlSSsjiv ii l" 
II. Queen Victoria St. EC4N4TP 01^480678 Property July ll .- 

LftGPTpFd. July 34965 10171 4| — rWlF?* 1 *!-*- 

NexiMb day Aucust 1. 

Life Assnr. Co. of Pennsylvania 

MM2 New Bond SL.W170RQ. OWHOBOOa 


BSPoCpB.luly 11- 
BSFnAecB JidyU- 
MurnCpB July I]_ 
MoPn.AceBJuJy II ,| 


. - x “It 


i - 


'r df Westmlnwtrr Assur. Soc. Ltd- 
pbone fliflM 9861 
ImD . ... 1123* 139 71 

em Units . l547 57 41 

tmercial 1‘nion Group 

•lent. 1. Unileiphaf i Em 
•Act'llul* IS j 55 0J J 

innultrl'u .1 17 57 i 

federaiion Lifr Insurance Co. 


Lloyds Bk. Cult Taf. Mngrs. Ud. Prop PenTuxpB. 
tl.l/tmtardSLECJ 0MC3 1288 

V.Mtnpt 1987 VCD 81 I 798 

Lloyds Life Assnrance 
20 Clifton St . BC3A 4MX 
BltOt h July & _ . .1 1. 29754 


,2»l9_ 


■ 96 J 
945 
916 
962 

98.1 


■vO 7i — 


«T«SJ7733 

• I - 
• I - 


Opt .A'VPrp Jly.n. 1245 
nt "wxxi Opt S'ADiiJIy.t: 1293 
nt J33.M0 „B ta . h vid.JIy 13 1551 
Opt 5-AMuoJlx 13. 147.5 
1 Upt.S A DpLJulyU. 121 J 


1311 

136.2 

1633 

1553 

1283 


IriPIVJrertM I-..I1B56 
lm Hy. Series 2_... 99 7 
Inv. Cash July 14— 9 13 
ExULAct Jply 5. — . 1347 
. .. „ . . ExUtlnr July 8. — 13L3 

London Indemnity ft GnL Ins. Co. Ltd. Mod. Pea July 12—13*5 * 


Oversea* t-- - 
Scottlib Widows* Group 
PUHoxOAS Edinburgh EH Id BBV ratJUSsmjO 
105 6f 
U»J 
1DW 

136M 


26S6( 


— TrnnrciyLane.HC2AIHE 01 2421CS3 tar«’ Tl.e For bury. Read mi%«35 11. 


illy Fanil 
paged Fund _ 

'Fund. 

I Pwn.Mned.. 
SdMnpiiFn . 
ipMncd. Fen. .. 

dim. Pen 

'ty Iboilni. „ 
rerty Pennon.. 


160 2(1 

18* a 


1152 b 
>177 7 
375 4 

72 6 76 * 

;72 6 762 

3041 

199 7 
224 8 
1394 


Money Manager .—CBJi 

M M Flexible §9.4 

Hxed Inli-resl P* * 


m r 


Mar Life Aunnuace Limited 
10/13 Ely PI ax London EC JN8TT, 012422003 


nhill Insurance Co. Ltd. 

Wahl II. EC A 
Fah June 13 1123 5 

fT. i. I - "‘w 

dh ft I'ommerrr Insnrancr 


JUnag^l _ 1275 

The London ft Mnnchrster Asa. Gp.f solar ajuJSs— H 1*3.9 
The Leas. Folkestone. Kept 0303 37338 IMA 

SolTlntL S — 9t2 

Solar Managed p„ 137.4 
Solar PTOpem-P— 1115 

Solar Equity P. 1655 

Solar FxdlnLP 1355 

Solar CaabP 919 

Kalarlnff P. . — . 1975 


Can. Growth Fund .. 
♦Flex. Exempt Fd 
♦gxcm^l Prop. Kd, 


lisv.TA.Fd. 
_ FlexlUeFund- . 
itijRB MI0 in*. Trust Fund— 

I . [ - Property Fund ...» . 


2Z72 


1329 

... 

19.6 


152.1 


. 1184 


139.3 

82J 

„ 


m?* 


1726 

121.5 
186.4 1 

184.4 
134.2 

117.4 
1722 

121.6 
3065 

103.4 




-ofl 


Three ijuays. Tower Hill EC3R 6BO 01 OK ■ 


Per*. Drnaiuti*** 


Recent St . Londnn 4 IR SKF 
Mufd Fd 1122 0 132 0) i 

on Life .'Insurance Co. IJd.tf 


-twmsi i ons. Depw.it-. -1118 2 


Equity Rond— . _ 
ramilv 7M0*' - - 
Kamil* 81 -B8-'. 


11389 

1620 

189.0 


■n lafe llwr WAang MSU i«X« mTm * 



Managed Bd 
Properly w 
F.x Yield Fd Pd ■ 
RecuvrryFd Bd". 
Ameriean Fd Bd - 
Japan Fd Bd * . 
fTtctt* rui "July 


2316 


104 4 

1300 145 

1591 167 

toa7 14 

U1 64 

'52 6 55 

[565 59 

12 "July 13 
Merchant Investors Assurance 
1» High Strrel l-roytton 


i - 


sader Inwrance Co. Ltd. 

ilallsuir. lnrrFL.F.n nidSdSMI 
Top Jul\4 170 9 0041 I - 

e Star InsurlMIdland Act. 

eodnerdlc m. t£‘- 
Mj<] fin* 52 9 


Property. 

Property Pans ... . 

Equity 

Equity Pena 

Voi Money Market 

Money Mia- Pen r - 

* f3 PopSuPieii».!l 

1” Managed 

Managed Pena 

InlL Equity - . 

Inti Managed • . . 

NEL Pension* Ltd. 
Milton Court. Dortang. Surrey. 

1781 
114 0 
61 1 


154.0 
ULC 
576 

165.0 
MM 
mo 

179 B 
140.3 
184.6 
1365 
105 5 
1036 


Stuo Alliance Fund Muxgmt. Ltd. 
Sun .AUiance House. Horsham. 040364141 

Etfp-FlUirt. July 12 Ifl52 9 159 41 | — 

m. Bn. July 11 | U3.91 1 . I - 

Snn Alliance Linked Life Ins. Ltd. 
Sun Alliance Roue. Horsham 04036414: 

Equity Kliad _ — 1120-0 126 41-1.3 - 

t-txedimerertFd -Q05 7 liul -0 S — 
Property Fund . ..h090 1140 I — 

I nternatlopal Fd ..I1M6 Uflil 

tie pomi Food H6.9 1020] 

Maoasad Pnnd..- |lM6 U4 

Sun Life of Canada rU.K.) Ud. 

2 3.4.Cock*purSt..SWlYSBH 01 830 5400 
2MJ 

Maple LI. 1.7) 129.0 

PermLPnTFd. | 201.9 

Target Life Assurance Co. Ltd. 

Target Bouse. Gateh o use Kd.. Aylesbury. 
Bucks. - Aylesbury HBSSiSOi) 


Dl-nOaPl.) Mlrplq U. Mangd _ 


a e 

Ud. 

01-830 5411 
^ = 


_ Velex Eq < ‘Xp 

lit .988 ID- Nelex Eq boruiit . 

54 9| <d:i 597 Nelex Money Cep -. . 

. c . , . _ Nelex Mi-n Arc 1*5 5 

its ft Law Life Ass. Soc. Lld.9 Nele* Gth in* Cap, ]47 6 
,h.TR.q<l HiCli Uscemlse «4M 38377 Nelex CVIhlBcAm 


Id 

tt 

lnierr-1 1 
Fd 


rt 


1114 0 
>10*5 
!l0V i 


!7 


120 04-09 

112 it 

1131 

104 a 

136 *1 *06! 


Ncl Mxd Fd Cap- 



95 0 U0.M 

1175 123.71 

1080 U4.*| 

139.0 

1080 


. 147 6 50 Ij 

No) Mxd. Fd- An— i486 51 M . 

\est sub day July 25 

Fm New Canrl Proven- «e« ander 
BoUsrhild Asaev Ksss|«mst 


FINANCIALTIMES 


JVERSEAS SUBSCRIPTION RATES 

address fhrnughout 

He world 


Pip ! 7 T x'oJj b** sent by post to any - 

Suhsrriber-s may liko lo rncfivo s daily cop*. 
l-xsuc.s each week, for any perind up in 


tunny 


ir otu* or 

,r "’ Smiuiien coats in sending a daily copy are us follows. 
ji hopk , LETTER RATE i ilWM rer annw» 

dIDULE EAST f All! MAIL! H5L47 per annum 

l- m ni li-.in. Saudi Ar ;ii»a. clt * 

' i2(ia.6I per annum 


\|; EAST i AIR MAIL* 
Vuntralia. Japan. vlc.J_ 


r,Vr OK WORLi* (AIR MAIL) £1S U& per annum 

Africa. India- Singaporf, etc.) 

o.na cn maU ihrouchoul tne-world_aLgO_p_&r antfum 

ORDER FORM 


.HdrocraHum ***eawr tj^mtaa 

nriik.n Kooro m. 0»nno:i h-rcei. i-f*" 


F.C4P 4BY. 


Br,l a k fb)w 'in^vtd u> KBdiac nolea to me at iBe 


ddrel* holow: 

Irate rtiur »7 wtHKnonoo 


«od0«* nor remtn*i« far 


d*Ur mu tor on* pear 


' (BLOCK LETT BBS PLSaSB) 

P".ta« biU i-www w J '*? f ^T.ri.?*5S?LT2S^ geo* «T 


OfBro. 


Braebr* Hao^ » Cmbbb &rw- 
Pt(nri*r*d ••otand No. wm 


R l 


13*9 
JJ04 
0142 
016 9 
|U41 

M.7 


1054 
1H.4 
796 
659 
1329 
122.0 
136.9 
128 8 


+0.71 
+0 7 


Man. Pmdtnc _1— . 

M«n. Fb*d Aee— 

Prop. Fd- Inc. . — „ 

Prop. Fd. Act 

Prop. RL Inv. 

Fixed Int. Fd Inc 
Den. F<L Aft lne__-._ 
BeTFlsinAc.Peii._73J 
BemmCapPen_ M 6 
HCCnanMU-bec... 12* J 
BeLPlanklanCan, 1159 
Gilt Pen. Acc .. .-_.029 3 
GUtPeq.C^p _ _ 

T nuts in terna do nal Life Ins. Co. Lid. 
2BrMmBldK..ZC41N'V 01-4056487 

Tulip Id vest Fd 
Tulip M«ngd-Fd._. 

Hen-BandlFd 

Man Pen. Fd. Cap. 

Man. Put. Fd. A*.c 
Managed Inr. Fd... 

Mn^d-latJdAcL. 



[Trident Life Aeruranee Co. Lid.* 
Runfede Bouse. Gloucester 043738541 

^ggg— 

Property --R4S4 


,, ^ j' Amen ran . 
GlltEdsed 


Money 


IM 

1875 

13*6 

E»7 


InlernxthMuil 

.Fiscal . - 

Growth Cap. 

Growth At* . 

Pmetoijd cop 
Pea* 3J&M A«r _ 
PpnrGULDep Cap 
Hens-UW Drp Acr. 
Font Pply.nap . 
£ea*Pty Arr 
Tuft Bond _ . . 

'Trdl til (Mind 


-.1123 0 


1213 

1553 

1571 

90.1 


301* 
..Q2*5 
(1221 
12*0 
,1114 
136* 
102 3 
I860 
3130 
017 7 

h 


-o.rt - 


1139 -1 <H 
14a* 

127.1 
129.6 
107 6 
13H 
1293 
133 4 
U85 

123 5 
1084 

112 ll 
J1 SS 

124 7 
379 


Ca«h value for 1100 nreimum 

Tyndall Assurance/ Pension*** 

18 Caxinfc Road Bn.tol rerjnsr- 

»'nJul}IJ. ..I 124 4 I. I . 

hqultj Jul> 13 .. 16* 1 . . - 

Bond July 13 1*60 — 

Proiwnj j u ij jj . 1054 _ 

DwulJph 13 . - 127 9 • ... 

3-way Pen July s 14*9 ... — 

O'Brai Inv. July 13 711 . - 

MnlPAUrjulva.... 1*9 2 ! .... - 

DQXquHyJubra J 357 0 > . > — 

Dp. Bond Juba. 377 0 . • — 

Do. Prop Juh 3 ... I U * | I — 

Tanbragh Life Assurance 

4M3 Maddox $L.Ldn WIRttLA. ' 0149S4933 


^WWedFd— — 

Eaaity Fd__ 

lolal- Firnd 

Fixed latent FA-. 


1751 
1494 
123 jj 


r-1.1 


ui-wyui 

m = 


1448 U*6] -fl.e, 

2334 2*5fl-xl^ 

1024 107 j| -l 5’ 

1665 

Property Pi 1419 

Cash Fund . 11184 

Vanbrugh Pensions Limited 
*l"43MxddO*Sl .Lda. WIROl-4 01-4094323 

«aa«Md.: mi 102 

Equity 1102 6 108 

Flxedlarereji „..|963 101 

rsooerty i472 102 

UuBtrimirod **>» -It**, Bate Rut** - table. 
Welfare insurance l>. Ud.9 
THcLpk. FeJlmexe, Kern WOT STXM 

MifBey-oakerFd.. ‘ 104 3 i 

W ether lamb please rrwr to Tne Louden ft 
Mxnrheylvr Croup 

Windsor Life Assur. Co. Lid. 
toll Albert Hk . She— t Sl.e'intwir 98! 44 

Utolci'.nxn* .- 1*9 2 7211 

FulurLAaMLCthiai l 11 « 
Putq.-eA3d.CUKb.. i , 41*0 
BXtArodlfesi .-.-I £2569 

narnhwaaioth Jmm 


7051 -D.4| $39 
*74,' ^0 4 5 55 
31 id *0 7 526 

35 H -01 494 

77 l! - 0 J[ 441 
211 4 -0 3) 518 
12151-0 81 aw 

807 
664 

733 

231 
205 
199 
149 

4 77 
500 
510 
520 
470 
513 

Anderson Unit Trust Manager* Ltd. 
:5a Fnchurrb NL EC3X1 fl.X.4 S3 R£3 1 

An do run f T. . . (Sfl.O 53 9| - 1 4| 4 28 
Anabacber Unit Mgsrt. Co- Iftd. 

1 Noblest- EC2V7JA 0I-flC3KrW 

lac Homhly Fobd |1U0 176 IN . .j 903 

Arbnihnot Securities LUL UHcl 
37 Queen Si London FC4R1BV 0I-23KU81 
Extra InronK Fd 
High Inc. Fund 

*■ Aecum. L mill 

■8>.’S WdrolUta! 

Piweretice Fund 
-Avrum. Units.. 

Capital Fund. _ 

CmmnpdJw Fund 
■Arcum l aits... 

H0%W dr»1.U .. 

FJn-ftTrop Fd . 

Giants Fund . - . 
iAcvum Units. .. 

Growth Fund.. 

'Accnm. Lnilai 
Smaller Co « Fd 

Exncm ft InU Fd. 

Wdrwl L'b ■ - 

Foreign Fd. 

N A men. ft Int Fd 

Archway Unit Tst. Mgs. Lld.9 (aHci 
317. Huh Hoi bom. KC1V TNI. 0I-B*1 B2U 
Arehuaj Fund <83 1 UN J 604 
Prices at July 13. Neil nib day July JO 

Barclays Unicorn Lid. UHgWct 
Lrucctn Ho 252 Homford Rd E7 015345544 
Unicom Amancx . 

Do Aust. Act- 
Do: Auct Inc.... 

Do Capital.- 
Do. Exempt Tst 
Do Extra Income 
Do Financial. 

Do 500 

Do General _ 

Do Growth Ace. _ 

Do Income Tn . . 

■Do. Prf A'ns TB^ 

Prices at June 30 
Do Rewery 
De Trustee Fund , 

DoWIdvndeTq _|. 

BtcLln. Fdlnc 
Do. Aecum 


i ji; Hu} 4xe.EC34.8ar 
> n American Tst : -||f § 
BrmsbTR. Arv ‘ - 
G'mmiodJt> Shore 
Kxtxv IncoitwTJ- 

ifl arEixt Tru* 

High Ini oowT*i * 
income Fund. 

In* ACencies . — 

Inti. £kcmp< Fd 
■ z.InU TB I ACC 1. 



n 1 383 553 1 48 Hart n . Henley in T hi met 


94012888"' 
150 I, 


P peiualCo.Gih - ..|39 1 42 0-.. . ArbuthtTOl Securihcx i C .t 1 Limited 

Piccadiilv Unit T. Mgrs. Lld.V iftHbl tr- 6oi23« HeliOr iariei Aywrr:" 
WnydgleHro Ma London Mall EC-' RSSOOOticap Tst .Jeri«i • . .3169 120 0- ; 4_17 


King ft* Shawn Mer* 

' Tfcurir.s Crt*«s Si Hel.er ..erter 8584" 7274 1 


1 29 l 

- 381 


92 V -Ox! cm rot Biti* ft An* 
55? -0 1 f-g Pri» ate Fund . 

1 * Ai-puitilfp Pimp 


* ■ (5i! .“ 5 i -0 31 »6« 

n- HJ *1 Inf *|fl 

4-..BS 5 27 4,-1 0) 050 

■liltP *T.IM b*U ^4 1 


a Frederick s Mace. Old Jc*e r 
ni-58B 4115 
-a. AG Income* 

.»■ 4 <» llrowlhrt 

ta-A >’■ Far Eaert’ _ - - 

Dcalixf Tjm t-Wed. 

Gwhi iJohnW 
77. 1 jic.don Wall. E r 3 
x htdr July I* - RSI 
Do Arcum Unit P M 4 I773| 

Next deal let «*v .' 14 

GrirtTSOh Management Co. Ltd. 
SBGrMhamSuBSPSftf 


Exa-a Imonip 
Small Co's Fd 
I'ap-ial Fund }42 * 
lot Ertix ft AwL' . 45 5 
,3*5 
60 2 
$54 
270 
:*2 9 


Ai-cund/r Fund 

Far Cart 
Amencar. Fund . 


975 j Next riealiiDt dale Jul. :a 

5 U .£«*! ft.ln'1 1--:.‘7I .‘1310 ' U5 0 
s 97 ; Next ll"* '111-. *1 

282 .Australian Selection Fond NV 
*■»! Mn.'xer ■.■nponuniTie* ’ « ln<' S- 
ms 1 -a < *J5 !’.'uiJrvi»l:r il* 7 hell Si. ■>ydnc' 
|{J;iS$IShare. , *1-152 i 

• iH* Net 4»<ei Value lulv •> 


312 . 
4<i« -5: 

*5« -o: 

48 7ej 
i7 r 
MS 
59 2i -0 2j 

!i o3 - :• 

25 7 af -a 4 


388 


S ft 


]Tbomat>T;eei Doueiai.IOM ' iD6» *BM 
■.7:11 Fund .»«*• ‘U9$ I99id 1204 

•'.■r.Trtirt'I o M ■ 104 l 10* 7 

• ■lit Fnit Giiern&ryl'lJ* 9 «Otffl 
InU. Mil ms. Tit 
Fir-rFTerlinc <fli » 18*6 : 

F:r»l Ititi . .. 11115 5* IS* HI 


11 0Q 

12 DO 


240 


IBank of America International S.A. 
Practical invest. Co. Lld.V (>hcI ftojleiard Koyai l me nibourc H 

44. Rlnomsburs flq W*“.%SR* a.*]: MAS ItlJirif I mkid- tflUT ! 7?S 

Ptariical July IS 1155 1 1*5 4) 4 26 

Au-iim Units :220 3 233 * t 

Ltd V 


o: rM5fsn Prorinciai Life Inv. Co. 

1*7 T , 107 SS2. BishnpsKMe £■': ft| NiTdXXl 

IJF Prolific L' mu . . 184: 08( 311 

Kich lurome 11116 119 ft *8 W 7 35 


Kleinworl Benson Limited 

SO.FencFi.rerM FC7 
Kunnie-t Lj a . 1080 

■ >uer n^r; Ini . . j*4 2 U O' 

no.Accuai . . -79 J 839- 

«V . Qqeep V:, I mra 4| . EU4 ! *»:« J3 13 KBlnll l‘uM ^ *$L\U 


i*rxe xr Juli :'J N 

4 26 IRnfc- of Lndn. ft- S. Amcrira Ltd. 


RimnflH July 12 


1282 3 

lz5 1 

176 4 
282 9 
2067 
Z14 8 
93 * 
970 
1*93 
728 


B'tntHVd . 
i Acrum Units*— - 
Endeai Ju]i It — 

LAccum. Units*. 

Grnrbrtr July 14 - 
■ Arcum liaiui. *- 
InftBnls July 12- 
i.Vrum Units' — 

Guardian Royal 

Kmal ExchanfiO. ET3P 

'ati iJuardhUITB 191.8 , 

Heoderwvu Admin rtrati on V (aKcHgi 


211 4.4 
2Kfl 
284 a 
2123! 
21b 1] 

223 7, 

9T7o( 

101 a 

72 4ul 
76 1| 


O'-MPaftXt PruiU - Portfolio .Mngrs. Lld.V tawTi gd 
463 Holbon Bars. Ef JNSN’H 4DSS22S 

Prudennnl . . !12b0 73a IK 0! 4 4* 

Qa ilier Management To Ltd O’ 

ThrSik F.xrbange. Ki7N IHP r*n«n(j4i77 

Quadr*mi.eii Fd 1104 7 101 li -*8; 5 20 
Qusdrsnl Inromp Jl24 5 128«n|-2 5; BZ2 

Reliance Unit Mgra. Ltd.V 


4 63 
791 
791 
160 
1.60 

3 00 
300 

4 25 
42! 


Ft I*n(i Reliance Hie . Tur. bridge Welti K: 000:22271 

KS-LnUMgraLld. n >d {U7 71 , 5 „ 

IP.PN. 0142X1*011 SeMmleT -Acc i. 43 4 **3-0*1 54* 

18 94 3! -D8| 4 30 SeUordcT Inr |cj *5 -eD.Bi 5 98 


Alexander I n r-d lD. s*7l ^ 

Banqoe Brnxcflex LAtnijerV 

: Rue Pr la Re-en, e N 11am 

Renta Fw™jU-' .. .it* 194$ -2: 7 76 

Barclays Uttirorn Int. iCh. K.i Ltd. 

1 i.'l.*nrj Cro-i. Si Metier Ir..- U334T3T4I 

urerxea- ln> nnc ;46 I 4B5<s- . I 12 02 

• niilullur Troi-l . h , >lB«l OW 4 19- 
LcibandTru-l lu'.^Uir :xt3 ' 0 00 
j.- I«i* jiirt unrriilrtirr Uxei 
Barclays Unicorn Int. il. O. Manl Ltd- 

! Tl-nnisi >t (uada;. I c.M |«24 4858 


KF Japan Fur,d- 
y. R I S tJutF Fd 
SioiiB Be— nadu 
•l mlonrls-nM- . 


Il'S» 90 
S'.'Slt 77 
, SUS4S0 , 
',1800 19 90 


"T-RSJWnB 
3 7* 

. . 4B0 

401 
1« 

, 281 
27’ 2-9 

' 9 76 
■ IH 
854 


Ridgefield Management Ltd. 


5 "*'«* M40. Kennedy Si «*nche»ler 


MT7Z1T2M 



3SU -oil 


RreBiwod. Essex. 

UJt Fends , 

Cap Growth Inc — p3 1 
Cop Growtii Arc [43 ■ 
locoineft Asset*.- 1338 
nigh In came P»M* 

HlAta Incomer IM s 
L'iBol Extra for ... \5b 0 
sector rmuh 

Financial ft ITU. -_|S 2 

■HI ft VaL Res |27S 

latcenerteenl „ 

Cabot - ■ -IJJ1 

lntrm.ll on *1 - ---|M0 

Wrtd. wide July M 17*6 
Ovcnon Fend* 

AurtroJian- — -■- -jgj 

"mzps 

North Amer PJ* 

n AmiirsJuly*- - U20 5 
CabotAsKrJSmCo >52 7 
Hill Samuel Unit Tut. Mgra.t (at 

45 Beech Si- EPSP 2LX 


9*1 2308521 

Ridcefieldlnl I T 198 8 304 (hd 1 2 72 

34g Ridcefield Inrome J41 0 97 M (10 71 

34* Rothschild Asset Management Igi 

6U TO-m.italr house Rd . Aylesbury IC0Q5MI 
N L' Equiij Fund .11693 108.1 -14,' 3 27 

NC timJtcTulm; IU2 -2 Di 256 
1504 — 0 7j 726 
IntL Fd rlnc J89 S 9S2x ■]“ 159 

427 SC lull Fd.,*cy.]90b 96 3 -1*1 159 

- ‘ - r j * — ’"i -oS 


M914-02} 095 s i- IneomeFund‘.!l481 

2b* -r 
29 31 


-SU 3 92 N PralJr Uo»* Fd'XSS'O 164 9f -0 b> 4 17 
9311 -J 11 2 70 RMhnehild Jb Lowndes Mg ml. la) 

36 5j -0 Si 173 M Swilhins Lame. Ldn . ti'4 ID-Stfl 

79Bt ... J 4 49 Nm> C 1 Fvempi 1025 0 132 0( 1 3! 

Price on June 15 Next dealing Juli 17. 

Rowan Unit Trust MngL LtdVfni 
CityGatoHse.Flurour Sq.EC: ni on* 10*4 
AmenruiJuliM 16*0 70 

SeruntlesJub II 
High Vld July 14 


SSI 
428 
82 7 
42 lu 
125 5 
555 


-01 
-0 4 
-Si 

-10 


259 

491 

399 

146 

241 

130 



ih. BrttisiiTnirt. - 

• ClutT Trust 

ici Dollar Trust _ . 
ih 1 Capital Thus 
lb' Financial Trust 
-bl Income Tnid - 
■ bi SecuntjpTrra . 


152 * 

#: 

299 

| S 2 

l§‘ 


163 ll -1 11 


■ Acrum. Unliv. 
A MBs mu Merlin JuJ> 13 


11 sol 
n! 
no 
995 
. 28$ 


-0J 
-2 <1 
* 01 , 
-1 » 
- 0 ? 


5*31 -0 4 
3lH-0li 


54] 

291 

Z7* 

470 

477 

7*9 

530 

809 


1166 0 

[74 5 
700 
9S 2 


175 0 
555 
701 
82.8 
1000 


097 

425 

803 

803 

398 

398 


h* High Yield Tat - 
InteLV <*Mg> 

Ll. Christopher Street. FC7 01-267 7343 

Ini el Inv. Fund 187 5 94 3a*-0 7| 680 

Key Fund Managers Ltd. (aHgl 

25. MilkSt- EC3VSJF 010067070 



Acrum. Units 
Royal Tst. Can. Fd Mgrs. Ltd. 

St JennynSirew.fr w 1 Ul -4I2P 8352 

inpiial Fd 168 5 72 3] I 360 

Income Fri ..*96 73 5*1 ,'766 

Prices st July 14 Next dealing July 31. 

Rave ft Prosper Group 

4 Ureal M Helen* London EC3P SKF 
88-73 (Jueen St. Edinburgh 012 «N.\ 
Dealing* lo 01554 8800 nr 031 226 735] 

Save ft Prosper Securities Ltd.V 
lutnurtloul Fuads 

Ml 137 0 


Baring Brothers ft Co. Lld-V laNxi 
8B.LMidenhallSt.EC3 0I-M6S8N 

Si ration To. 1166 5 17361 ..I *46 

Do. Aecum. [206 5 215 il .... I 446 

Next sub. day July 18 

Bishops gate Progressive Mgmi. Co. 8 
S>. Bi*hoj*satc- f;.! 2 015886280 

BgatePr.~lub4.IUX5 X93 3 k 3 I 3.90 
Agc.L'1a.-*JuN4_.H161 238 J... | HO 
B'gatolnt. Jup l!._|l740 XOSS 281 

l Aecum. j July H |l920 2843 . [ 2.81 

Nost mb day "July 25 *'Jub 4 


Kq Small Co's Fd. |97 6 10381-02) 60* 

Kieiowort Benson Unit MonagersV 
». Fencburob SI . E C 3 
K.B Unit Fd. Inc. , 

CK.B. U nltFcLAc... |X060 


m 

Univ Growth n8 5 

iMradiy Incoow Food 
H igh-VIdd 153 7 

_ High Income Fa ad* 

M-flZ36rao High Return _ 164 2 

92 Jl I 589 lwfM * • 1432 

115 21 . I 5 09 I'd Part 


57 7] -0 31 7 n 


L-fiA iH . I 15 
t. H I " 


K B. Fd Iuv.Tsta. 155 3 5961 I 4.62 UK Eqmr. -. . .(444 

EBSmfcCo'dFd. 1 - SO] | - irorS m FnUtoi 

L ft C Unit Trust Management LULV Europe |H0 

The Stock Eehange. EC2N 1HP 01 588 2800 ifP“ Uf 3 , 5 

LftCInc. Fd.~ IU77 142 ft . I 8.11 “ 1751 

LftCIntiftGtaFd.Imt 10X9) ,| 179 See***- Fonda 

Lawson Secs. Ltd. Vfalfci 

37. Qusen'aSL London EC4R1BV. 0!-228SS81 FuuacialSma* . 


|j 


Bridge Fund Husgmflillcl 
Kl ne William S'- EC4R0AB OME3 4»t 


American ft Gait t . 25 0 
Income*, . _ 498 

Capital Inc i ... 364 
Do Arc.t . .402 

Exemptt- . . 1378 

I went I tact, . _ J7 8 
Do. Acet ... . [187 

Dooltag *Tue* twed 


264 
542 
381 
42 ( 
1468 
111 
1991 


1.44 
660 
J 17 
3 17 
548 
341 
345 


ARaw. Materials 
AfAccum Units*. 

‘Cnyvtli Fund . 

'tAccnmUnltsi. . 62.0 
377 
232 
24 7 
44.6 

625 


r?: “Kf 

rial Secs ... . |72 s 




High- Mini mum Fond* 
Select Internal . 1258 4 
Select Income [S3J 


272^+211 2J22 
|-*05| 7.42 


ttCUt and Warrant 
lAmertean Fd — . 

JiAccmn Units; . . 

—High Yield-.. 

**?Aecom Units, . .. ... _. 

DenL AM on Turn nw«i iThurs **Fn 
Legal ft General Tyndall FundV 
IB Conyoge Road, Bristol 077333241 

ll4 - „ , Du. Juli 12 157.2 6061 .1 5 33 

Wed tThurs Price* July lArcmn. L Utol- - 718 76 Oi — 

1 1 12. 13 Next sub A,y Auk 18 

Leonine Administration Ltd. 

2. Duke St. Lnodr® W1M 0J P OI-tMSW 
Leo Dir 175 4 79J 7O.IJ 4.99 

Leo Ac cum. 1826 M^O.l! 486 KSZJSJ”' - 

Lloj-ds Bk. Unit Tst. Mngrs. Lld-V (ai Inc. ion Wdc»L- - 


SM 

Scetbit* Securities Ltd.V 

ScoUHlB... _.pBJ 41Jri -0 

Srotyield . - Bo* Sftfl -0. 

Sroubarc*. — ._ |568 AldjeO 

frrw.Ex.Ulh-* 

Scot Ex. VIA** 

Prices it Jul: 

Schlesioger Trust Mngn. Ltd. la) It) 


3.91 
749 
471 

12482 2594) .: ..(. .281 

1695 173 4|'- f 738 

l Next rah day July 28 


I'tiiinrn A, lit. Lit 
Do. Au*I Min 

tfti tirlr ratlin 
Dn lull Inroice . [34 7 
Ih» 1 01 ManT*l 
Du Mam Mutual 


152* 56 Art 

P>« 16 2| 

16J 0 »7 7 

b*7 42 ?j { 0 20 

BJ* 4|j* 910 

. .26 2 - 28 2: • 140 

Bishopsgair Commodity Ser. Ltd. 
fo Bov -12. Deugi«* I ■> 11 =i»i 1 

aR3lm *iu 1>3 ut-ain xi* * - 

i .anrho**juIv 3 a 037 1 iu- 

COl vr -■ lull 3 ,Ct 400 254*: . ’20* 

iViciuallv iwurd *• ”310 ,.-ic «*fT 60 
Bridge Management Ltd. 
n» Bov N« *.'>rand Cavma.-i i'pmh 7i 
N buhl J unc r*n YlS 5*1 . . 1 - 

iiP(* Ru- V*l llonf Ni*nc 
NipponFn Jul« 12 urSUJI ‘.*3a . t 917 

F.-Surk Spl.r 

Britannia Tat. MngxnL iff) UiL 
«* Rail. M-. -1 Helier Jersey IW34 VJ] ]« 

Merlmg Denomiutcd I'd*, 
i.ruuih Inveii .1533 

Iptr.l F«I >831 

Jerici EncrKvTrl .11352 
L niml »Tvi <ic . £2 1? 

HicMn silsT-r It P'47 
U.x Min Deni 
U nii-il IT'i 

90 


l■lvl|1ra'|l1|' 16BW nn: 4 

KB a«-r m Lnudoa parn; ajanl* cxl* 

Lloyds Bk. tC.I.i U/T Mgr*. 

PC* Bov I*'- v Helier Jene;: nsunm 

JJtpdi In iF-ea* IMS *14 , J }4 

Nett itealicg dale .lulv IT 

Lloyd* Iniernaiionai MginnL S.A. 

T Rue d j Hnwie re Roi \~9 IJ! ; Gear's ’1 
LInydt Ir.* >Jrn-iir |<raiN J*IJB J 10 

I 


Uoyrlilni Incoinr IflTWPS rjH! 


6M 


M ft G Group 

7-rrr O-.a-'. lout.- Hit. resit no m 

Atjaacr Jul» 1 1 ,;B'S2I4 3 it. 

vj*l Ex July L: BhCSe 2611 ' — 

•ioloEv .Hilv 12- SrY93 MJ2J - 

Irlbud.. . - .127.4 136.1 -e; *3*4 

■ *1-1.10 1 nil«- IlHI 142 4 as 

.Samuel Montagu Ldn. Agio. 

1 K.Old Broad st ti'i 
ApoUePd July 12 10 

-a Wen Jane W> .BHU1M 

1 l.r.rp July 12 Ijl’.'HSi 

M7.ta.-ye> June 26 If 5. 07 
117 .IrayO • Jutv 12 lilt 07 


54 PS 

its! 


3 74 
1 *4 

7*4 
0 75 


»* 0 .* . 

VO T 

1*6 21 -(!■! 

???i i 


I 01. 

Misled F4« 

Iff i* H iW 


3 M 
100 
1 54 
IM 
UN 


Adiropa. . . 
Adnerba 

Fonda If 

Fondly .. 

Emperor Fund 
Ills pa no. 


M*M-o:oi 

33p]-0 20 
501; 

1141-0 2*1 


51 

510 

511 

su 


1*0. Sooth Street. Dork ms 


Britannia Trad Management tai (g) 
3 London Wall Buildings. London Wall 


Am Exempt. 
Am Groin b . . 


01-88804711 0470 
518 
395 



Loudon EC2M50L 

Assets - 

Capital Arc. . - .... 

Comm ft Ind . 

Commodity 

Domestic 

Exompi- 

Extra income 

Financial Scea ,-T 
GoldftCeneral— ... 

r.rot>th._ 

locftCrtroth. .. 

Inti Growth—. 

Invest. T*L Share* - 

Vlnorals- — 

N'aL High Inc... - . 

Near Issue 

North American ~ 

Profession al — 

Propcrij- Share* . 

Shield 

Status Change. - . 

Unli- Energy 

The British Ufe Office Lld.V (a) 
Reliance Hue. Tunbndae Wells KL08G2222T; 
BL British LJe . 150 6 S35{ -0*( 5 75 

BL Balanced* . . . ,M6 4 50.2 . . 566 

BLDividend- ]42 4 45 4) . j 428 

'Prices July li Next deahng July IB 

Brown Shipley ft Cp. LULV 

Mngr*. Founder* Cl. ECS 
BS Units July 17 .... IZ17 0 
Do.iAcc.iJuv IT- 1262-9 
Oceanic Trust* rm> «i 

Financial. [349 

General — -MB 

Growth Aecum. — .«9 

Growth Income B4.5 

High Income .... B9.2 

l.T.U EL 6 

Index B4.7 , . 

Overseas — g94 20 M -^0 , 

Performance BB.l 62 7) -03| 

Rrtonriy . - In* 22, 3 -Oil 

ExmpL. July I. -. - !» 4 59j| 


Registrar's Pep:. Gonng-hy-Sea. 
Worthing. Wa»eSu.v»ex. 


IninL Growth 


121.4 

27J 

257 

258 
29.0 
383 
290 
988 


>0008)88441 


First (BalnmLj. 

Do. lAccunu)— ._ . 

Second tCap>j 

Do.iAccimo- — 
Third Otncomefr. — 

Do rAccomJ- 

FmmhOSxIncJ-- 
HatArcam.1.. - 


588 
69.4 
528 
665 
819 
U3.4 
. 59.1 
I67J 


01-823 usb sEi2)fv*iS!fc;— BK 


S4J 
74 6 
567 
718 
89.1 
1219 
633 
72-3 


- 0*1 

+djP 

-O.jj 

+0.7] 

+D3' 

-*03 

+o3 


447 

447 

286 

386 

*.14 

614 

tOB 


Market Leaders 

NilYtaW-. 

Prof, ft Gilt Trust .. 


Property Shares — 26.8 

SpecialSit. Th 28.8 

UX Grth Aecum. 22.0 


UXGtth DUt. — 


2311 -D8| 


i 


in 


272 

41^ 
31 Zorn 
52.5m 
283 

29T 
24.8m 
280 
3001 
23 T 
28 8 




40 7 
*D-Z 

*sl 

+0.a 

-10-3 

ni 


285 

162 

S.41 

437 

9.92 

Too 

4.38 

453 

1860 

225 

250 

589 

5.0V 


888 J, Henry Schrader Wagg & Co. JU«L¥ 


3*7 Lloyd's Life Unit Tot. Mngra. Lid. 120.chsapside.xc2. 

JJS jlWW Gmeheuke Rd.. Aylesbury. 02985941 Capital Jutf 11 [MJ-f 

JS ' Equity .weBm.: r&544 ' ' 1&U .... 1 =l«5^ 

1.36 M ft G GnrnpV (yKcHzl 

Three Quro To»er HU1, ECSR 88Q QIC8 4588 


See fixo Slocl]_Exch*nds^aFiiUnca. ^ ^ 


American- ... 49.4 92L61 — D 

•Aecum Units* — . 50.3 53 6J-*0.6| 

Australasian . .. 544 57V-4.r 


H - ** 


1-ftM 


57M+0J 

19.3 

483 -*0jJ 
387] +0.21 
31.1 

Z2«40^ 

26 &q ->0 3 
OJJ 


Canada Life Unit TsL Mngra- Lld.V 
2-SHigh St- Potters Bar. Hens 
Can Goa Dirt. ... 1384 *04 

Do. Gea. Acrum [47 4 *9 

Do. Inc Dirt . — B3 7 35. 

Do. Ine Accuun — !•* I *6 


A crura Units' S5J 

Cmnraodlni . _. 78.4 

1 Ar ruin Units'. . 8« 5 
Cofupiund Growth. WJ 2 
Conversion Gnrolb Hj 
Cocterxion Inc ... 65.0 
Dividend. - 1173 
>Arrum. UniUl. ... Z223 
European.. . — 49 r 

BSf.aS"-.-: Si 

< Acrum Units) 1125 

FarEaderti... — - 57.6 

* Aecum Units' 63.1 

Plmdcflpv.Trts — 62.5 

lAcetua U nils' 76.4 

General 1684 

(Aeema. Units, 261.9 

High IncamA 1889 

(Aecum. Units 169.8 

Japan Income QUA 

(Aecum. Units' 

Magnum .. — 

1. Aecum Units 
Midland. 

(Arcum Units 
Recovery . 

P. Bar 5 1 122 lAccum UniJs 
*05] 4J2 SccondCen. - 


*52 

452 

416 

3.91 
4.78 
4.78 
9.73 
3-85 
423 
3.19 
442 

5.91 
3.94 


58? -0j 

Si ^ 

115.1 -0.1 
69 4 *0.1 


69.2 

12* J* 

2380 
52J« 
534 
09.7 
U9J 
61 J 

67.2 
67.2 

. a2Ll 
182.7 b 
2M2 


-HIJ] 

-OJJ 
to y 

-Mia 

-0.0 

-0.0 

+oT 

43 


D639 

BMiO 

JB» 7 

g».9 

Xg7 

m 


mswi +oji 

ml +w 

1743 

^|+0 1 


w 

18740 
2846 
1787 
219 ft 


ioij 

log 

-o.a 


1.75 

1*3 

1.G3 
430 
438 
3 78 
2.66 


Income July 1 1 l 

1 Aecum Units) f 

General July 12. - 
(Aecum Units). . . 
Europe July ]3_ . 
(Arruni. Units*. . 
■Pm CcCh srFdJ n30 | 
•Sp«£i Islri... 
•Recoverj" July 4 - 


1073* ... 
' 1293 
193.0a 
2860 
864 b 
1071 

Si 

171.8 
2543 

186.9 


01-2403434 


124 
224 
6.98 
698 
362 
362 
2J6 
2.56 
• 44 
396 
5.28 


For tax exempt funds only 
Scottish Equitable FtuL Mgra. LULV 
838 38 St AnrtrewxSq- Edinburgh 031-5569101 
786 tac«ne Units- _|995 5271 i 521 

786 Accum. Units .- j-_ |565 60l] ....] 531 

3.19 Dealing day Wednesday. 

lis Srbag Unit Tot. Managers LULV (a) 
838 PO Box SI I, BrMbry Hoe. EC 4 01-2385000 

113 Bchag Capital Fd. . 133 6 35 21-031 338 

SeboglncomeFd. .&0.7 32l] -MU] 8J9 


2.13 

436 


426 

426 


Capel (James I MngL LIcLV 
100 Old Broad SI. ECSMBtf 01-5890010 
■-apitaL -IS 4 “75 i 50 * 

Income... . 1718 83SJ | in 

Prices on July 5 Next dealing July 19 


(MS 8 
Oslo 


155 y M! 1, 
300 7) -0 ij 


400 

•27 

827 


Carlioi I'ait Fd. Mgra. LULV (aKc) 
HUburo House, NewcoaUe-upon-Tyne 

Carlioi.. — (693 71 fl I 

Do. Accum. Unite -1810 ISA — 4 

Do. Rhd! Vtold WL5 44 01 — I 

Do. Accum. CnlU.-pL* 54.ll ....| 

Neat dealing dale dale July 26 
Charities Official Invest. Fd9 
77 London WaiLECSSN IDS. 01488X815 

Income June M 1132.4 - I 1 67S 

Accum June 20— -12533 — I .. . | — 

ftUnauth. Only available 10 Res. Charities. 

Charterhouse JapheCV 

. Paternoster Row. EC4 


1 Accum Vnlls — 

Special . 

1 Arcum Units* 

Npeclalimd Funds 
Tnunee 
• Arcum Lmli" 

Chari bond July II 
CharlM Jul; It . 
lAceinn Units -- 
Pena. Ei- July :7 . 

MamzLffe Management Ltd. Tara* Commodity 

21 :8a St. George s Way. Stevenage. 0438 MIDI Target Financial... 

488 Growth Units 1524 55 2] . I 435 Target Equit; - 

Mgyftower Mmwgemeot Co. LUL *g?^uX 
IK 18 Gresham frt. BC2V3AU-. 01^060098 Target Gilt Fund... 

Ineotneftmea— JMW . UJhj ....J 833 Target Growth — 


U83 
1453 1473] 

(180 0 XB27I 
3382 145 « 


‘*71 


436 Security Selection Ltd. 

*•£ 13-19. Lincoln's inn Fields. WC2 01-88180300 
Bax UnvlGthT«Aee_g4.l 23.7] .....1 2.30 

L42 Utrol Gth Tst Inc . ..{2L8 224^ J 238 

J-Ji Stewart Unit TaL Managers LUL fa) 
3.77 45. Cbariotte Sq., Edlnhargh. 031-8363271 
3.77 fStewwrt Amorim Find 

7 84 standard Urdu J6J.9 6811 ... .J L42 

J-5J Accum Units HU 73.S 

Withdrawal Uniu . 152.0 54S 

2-S -Stewart British Capital Fond 

5H Standard -.034 0 1453] J 434 

Acrum Unit* ...pS5 166 « .] 4J4 

Dealing tFn “W«d. 

Sun AJ 11 once Fund Mngt. Ltd. 

Aun Alliance Hm . Horsham 040304141 

Exp. Eg Tn Jly 13C2J4I 225 31 ( 423 
VTfie Fanil Lv Fd |97 4 104.ll -0 9* 3 52 


■d “ 


644 
844 
18 74 
791 
791 
5.78 


CamlJnw- 

Mercury Fu nd M anager* Ltd. 
80. Gresham 5 - - EC2P ZEB. 


531 Ti 


taU. 


CJ. Internal 1 [23 0 . 25 ft . . 1 97 

Acrum Uuu ... 27 2 29 4* ... X.97 

CJ Income 334 35U . . . 754 

CJ Euro Fin. - .. 266 Ztl ... 4J7 

Accum Units. 184 334j ... IP 

rJ.Fd.lm- Ts. . 286 31 U . 336 

Accum Uniu )330 55 7| 356 

Prices July 12. Next dealing July 18 

Chieftain Trust Managers Ltd.viaHg) 

11 New- SL EC3M 4 TP 01-283 2832 

American ...f:22 9 Z*fr ■‘dJJ 13* 

(UghlnL-ome- - - {ft 7 43 7^-0 2 444 

International TS — I|£j24 6 264^^0^ 321 
Baric Room. Trt.tZ7 2 29 2J *03 428 


014483900 Acon-Uu Jun«2A..: 


179.9 

1910 


234.4 

2*9.4 


*46 

M7ai 


697 

7411 


2141 

223.0 


12555 

366.1 



* 0.11 

*0.a 


Target Tut. .Mngra LULV (aHgl 
3L Gresham St . EC2 Dealing* 0S98MM1 
137 4 
603 
583 
299.1 
2*3.9 
1156 
283 

•reel tall 273 

Do. Rein* Unit*.— 29.7 
Target Inv. ... 32.9 


40 
65. 

39. 

216 

294-21 ... , 

2?a*o5 

313+03 

354 +0^ 

1657! 

3LM-*0.|j 
14 W -03 


3.66 
862 
67* 
638 
638 
388 
873 
LU 
1.60 
3.40 
831 
834 
U.94 
• n 


Sbefflidd. Si 3RD 
Ccutnnodity ft u« .[7L1 
Da Accum - - ■}.? 

Growth- .. ... 369 

Da Acrum - . *96 

£»plial »6 

Da Antis . ill 

Income. 52 9 

Do Accum 603 

Inifoailtmii — » 47 A 

Do. Accum - 58-8 

High Yield- gJJ 

Do Aeram, — Wft 

Cdoltv Excraifl" •« aWv 

SOChxncety Lace. WC2A IHE 014420382 So Accnm. 

Growth Fund |41 S 43 V . . ..( 432 

Cosmopolican Fund .Managers. 

3a Pool Street- London SW1X 9EJ ' OI 23585=5. 

CoMllopoln GUl Fd f!71 1931 -0 1| 4 73 


471 Tgl. Inc. Q9.4 

878 Tgt-Pref.—. Eil 

2.75 TgL Special S1U.—D97 

■•56 Target Tat. Mgra. (Scotland) I a Kb I 

456 19. Athol Crescent. Ertbi 3. R31^Z2P 8821*2 

Midland Bant Group Targ« AmerE*jl*i273 29 6rf| -*0.4| 143 

Unit Trust Manager* LfaLV in) Sllfrfliiil 

Cpuitwood Houw. Silver Street. Head. Em ,ncam * Fd ' 15,0 "?» 

Tel 0742TP842 Trades Union Unit Tst. ManagersV 


Confederation Funds Mgt Ud-V fa) 



g-32 100. Wood Street. E.C 2 01-B388PH 

||5 Tl.'UTJuly3 (a6 51 « | 534 

3 97 Tran sallon tic and Gen. Sees. CaV 
Xzi SI-BONen London RA 


70.1 

1063 

1063 


Crescent Unit TsL Mgrs. Ltd. (aKg> 
4 Mehille Cros . Edinbnrsh 3 
re*crnl Urowih . [27.1 
rem. Intern ail - 381 
res High. Din 431 

rrex Rncnn 40 4 

l'«» TotoD _...T43 


03122A4S01 
'^06 1 075 

4*3 


29] 

t 

26 li ' 


BJ] IM 

Discretionary Unit Fund Managers 
— Bl ami i rl d S- ECHI7AL. 01-08X4485 
Disc Im-oaie . HMD 170 7-.. 1 535 

E. F. Winchester Fund Mngt. Ltd. 
DldJeuT>.EC2 O1-(O02:K7 

■ireai Wmehesier ]17Z lS6af .[ 523 

Gl Wlnch er O *ea?|11 2 2091 . | 426 


. -U00.4 .. 

■Prices at June 39 Next dealing Ju: 
Minder Fund Managers Ltd. 

Minster Hie . A.-JiurSt., EC4ABBK. 

01-033 1050 

MjoaterJui* :» - JJ? • "--I 

Exempt Jiuae Tit IW* t3 4) j 

MLA Unit Trust MgemnL Ltd. 

Old Queen Fired SW]H BIG. nt.gWTSBi 

ULALniU W.l -45 2J 1 4 1* 

Mutual Unit Trust ManageraV (aHgl 

15.CoplbaU A- r GCaRTBt.:. 

MurnoJ sec Plu» K9.7 


602 

403 


Barbican July 13 
(Acrum Unite 1 . 
Barb GxptJuneSS 

Buckm. July 13.. 

I Accum Uniu 1 

Co)cim*Julyl4-.»- 

r Accum Units* 

CumblA July 13 .... 
1 Arcum. Liniu> ... 

Glen. July 11 

(Acrum units* 

Marlboro July 11 _ 
(Arcum. Unlui . 
Van Gwth July Jl., 
< Accum. Unlui. . . 
VanHyJulr 11 
Vang. 'reeJuhr IS 
■.Accum. Uwu 1 
Widfc>Ju^l3, . 

1 Accum I n ilsi - - 
WiekDt July 14 


Mutual Inc T« 


72 

4Cl 

UmtuU High VJ0 158 8 63 

National and Conraiescial 


Uuuul BloeCby 


534, 


0:4064803 Tin Accum. 
•01! 635 


ChchudotA 0345 5l«) 
530 
530 
507 
496 
• 96 
5.94 
5.94 
727 
727 
4 85 
4J5 
298 
218 
335 
355 
831 
660 
060 
517 
517 
151 
051 


|742 

789« 


US 1 

122 < 


Bl 

«8id 


795 

KJJnl 

.... 

Si?. 

1031 


127.3 

134.6] 

1|M „ 

1535 

1624 


505 

n a 


555 

, 587 


53.4 

561 


68.6 

729 


5U 

533 


586 

Ml 


49* 

52.1 


608 

640 


701 

717 


433 

45 j 


448 

47.2 


610 

m£ 


724 

764 


660 

69 B 


757 

793f 1 


>9 1 


r«2 Tyndall Managers Ltd.V 

6 74 18. Canyoge Rmtd. RridoJ 
*63 Income Jul, 12 
Arcum 1-iuLm 


31 St. Andrew Miuwe. Edinburgh 031. 5388151 

Income Jul:- 12 ■ 3-S5S I 6 24 vi’Sm.NdvlS 


-Accum Umta- 
ItapL Juh is 
Acrua '-mix' 


206 

U1 

16 


624 
364 
3 M 


Uvempt.luly 12 
■ Accum Unit*- 
Ini Earn July IT 
Accum. .. 


Hinson ft Dudley TsL MngznnL Ltd. Nations! Provident Inv. Mngra. LULV Pref julv 12 
2U..vrIingioe M S»'i 014887531 *0. Grarechun.b iL. FC3P3na 01423-4200 i** 

S2 ««.« ) 4 30 - 


Arlingioe 
Ekm DudlecTB 1665 


3H 


715J 

Equilas Secs. Ltd. (a) tgJ 
41 Bisbommc. ECS 0)-a8828S< 

Prorrexotre. 1675 71 2.' -661 400 

Equity ft Law Un. Tr. M.V (atibMclU) 
Amenhara RtL High "-vcombe 0494 33377 
Equity ft Law - 166 7 n**tH 4J1 

Framlington Unit Mgt Lid. (a] ~ 
37. Ireland VonL EC4B SDK. 02-3488071 

aaericaa .. . -tail 5181 -*04j ISO 


•.apitol T*i . . 
iKKaeToL .... 
lnLGtnwihFd 
Do Accum. 


i — 

* ... . — 

USlW __i - 


0 1282] ..! 
Friends' Pravdt. Unit Tr. Mgra.V 
PixhamEcd. Dorlotu. ' 

Fnoftdk Pl« U» 142 8 45.7! 

Do Accum .. .|$57 59-0j 

G-T. l-nil Manager* LuLV 
18. Finrbun Citcux EC3M TDD 


3 77 
694 
237 
217 


Sxxralnr . 
Financial.. ...- 
Growth Inv . 
income - 
Portfolio ln> Fd 
Univertol Fd-d- 


J8J -03 
J74« *0-5 
93 Bb ■‘U 
S92 *03 
nx -*03 
M4 -1.0 


42) 

774 

534 

510 

648 

533 

225 


GT. l ap Inc 

L*o Aee...i 

cJT.lfK Fd u-n.- 
GT t-.s ft Gen . 

,UT Japan ft Gea 
;«Ci Pens.Ex.Fd.- 
1 T. loti Fund . . 
i» T Four YdsFd . !U 1 

G. ft A. Trust (a) fg) 
(5. RoyleUh Bd, B rearoond 
UL6 


48.Grsrechun.-b 

NJP.LGthUa.Tri m „ ... 

Accum Uniiv- t 5I« . . | 438 

N PI O'seas. Trust (125.9.. 1383^ . 2.60 

lAcvum. tnJt-' 1 " -iJMJ MU) .. I 2U 

■"Prires nr Jur.r a. "Near dealing July 27. 

■Pr.cos on J jl: 12- heat dealing July 28- 
NatunuJ WesinuttslerViJi 
Iffl. Cbeap*i<ta El T?y,«EU W 00*0009 
Capita] (Accum . -Ig^ TIOJ -05| 

^3 

.|i 

inv 

NBL Trust Manager? Ltd. V inhg) 

Hilton Court. Dor<i "8-i*uiriy.- 5811 

Nclrtor. -0 71 4.2b 

nniwt NrirtarHIChlnc 52ft -41 B 027 

New CMrt ftrad Lid. 

...} 4 n Kotkcrlnld .ym M qiogrmrat 

Norwich Union Insnnnce Gronp fb) Lister BznhV (ai 

FU Box 4. Ni'irwiiK NR12NG 000322300 Won afl Street, BeUori 
3 40 *j-twpT* Prf 364 XI -23! 4 99 ,b'.UI»irer.roulh |S7 6 

IS Pearl Trust Managers Lid. (aUgHz) 

smt Uigb Holbnrn wCtVTEg 01-4058*41 

Pearl Growth Fd fB&t n<U| 5.42 

Accumlbi's— i/i 2921-01; 542 

PetritiM . • M-SUoal 727 

Jtaxrl Vru Trt »3 SB 4 99 
■ Accum. Vnilt TV. *9»-Ra» 499 

Pelican Units Adra!«. Ltd. (gH?i 
9077)227300 81 r«Bi='a.r.5: . Jlrii'-HeaUr 
M8| eU) 427 FaUjtaa Unit! i®' * 



Acrum l-oiui- 
Scot Inc July 12 
Leaden mu Gnop 
Capital Growth - 

Do. Accum. - 

Extra tar Growth. 

Do Accum . . . 

Financial Prtty . 

Do Aecum..... . .. (193 
High Inc. Priority.. (62.1 
International.-- - 
Special Slta 

TSB Unit Trusts ly) 

21. Uhaoiiy Way. .Andmer. Hants 

Dealings lo 0264 694333 
.•hTSB&eneraL. WS4 48.61 4-0X1 378 

ibi Do Accum .1573 U||»02| 378 

-h- T6B lucnnje 1594 
-h- Da Accum 1619 

TSBSconuh WO 

hi Da Aecum - .1889 


inLlfich Int Til -lilSlW ll), 1 

\h1-jp *nl> 14 NeAt il«Hinc tut 54 

Brown Shiptr) Tst. Co. ijerseyi Ltd. 

Bn* SKI M Kelicr .ier*n I»>34 74777 

Sterling Hail*! Fit ILlD 16 10 2H >0 03! 11 75 

Butterfield Management Co. Lid. 

PO Pro IBS lluiuitu'n 

Bunrer* Eqmii >2 30 1M| I 1 T6 

Eultrn-. Vnmmo ]X 97 204) ( 585 

Pnre« at Juli 17 *.e\t tub -ls> August til 
Capital Iniernaiionai S.A. 

37 rue Notre- rum*. Luxen-.b-n ,rg 
'kpilallal Fuiid . 51 517 6] f-« ISj — 

Charterhouse Japhet 

Paternotier Rto f* 

II4I3140 

SZ 

833 

Isuatc 

Clive in vest men Ik IJersev) Lid. 

I* t* Rov 331. St Heiier.Jer.<e> ft«4 J7A4 1 

Olive * lilt Fd t Li 110.13 10161 . 1 1108 

Clive Gilt Fd U*y i.IzO.O* 10131 . I UH 

Cornhill Ins. iGuernse)* Ud. 

PO Box 157 SI Peter Port '.ue.-a*** - 

lnlal Man Fd 1164.0 178.5] .. . | — 

Delta Group 

P.U Box 3012, ,No4!*au. Bahamas . 

Pelu lav. July 11. . Ill 73 1 821 .... I — 

Deulhcher In vestment -Trust 
Paclfach 2885 Bieberghroe 8-10 6000 Fnakfurr. 
Convener? .. ..IIDOOM JUIj-OliT -• 

I aL RonlunfoniL,. ]DUtl6l W|l| . | — 

Dreyfus Intercontinental fnv. Fd. . 

PO. Bov S3TUL Naoaou. Bahjmqa 
NAV July II. . . UUSM3J U2X V 1 - 
"Ellison ft Dudley TsLUgtJray.lid. 
Pli Box 73. St Heller.. lervov Qii*3fl^0I 
ED.ITT .11212 129JH .! 388 

Eurobond HoldingA N.V. 

HanttaUka-ta 34 Willenwlad Curacao 
London Axratv IntaL 15 rhrialopfcer ?t- ECt 
TeL 81-247 7243. Telex: 88X4408 

NAV per tbarc Jul> T Sl'ha* 25 
F.'ft C. MgmL Lid. Inv. Adviser* 
i-2. Lsurence POunmey Kill. EC4H OBA. 

01-023 4080 

CeiiLFd July 13 . I SUSS 51 1*0 W - 

Fidelity MpnL ft Key. (Bda.) Ud. 
PO. Box 870. KamtUnn. Bermuda. 

Fidelity Am Ajsi.-..| SUS251I 
Hfielltj- IM. Fund _ 5US2139 

FI dell 0' Pic. Fd 5V558JT 

Fidelity Wrld Fd. 


Murray. Jehu stone ilnv. Adviser' 

1 83 Hopes* i.Iaxkew.i 2 iut Jr: 1521 

■Hop*. Si F.l V' -Oti *9 I -7-*' — 

■ Murray Hilo ' 5t'S»l6 -JJr — 

■NAV | af. 

Necit S. V. 

ilia Bujleigrd Rovil I.-i\e<rreu'c 
NAV July 14 1. >UW -Jip* — 


Hatii.'er Praida. 


Negit Ltd. 

B*.M of Keroud* Bias* 

“.AX June. >9 ,>5 55 - ■ — 

Phoenix International 

In K«\ 7T <1 rupr Pnp - , Glivmivf 
J me?- Dollar Kua<i-j5> 31 ! — - 

Que*l Fund Mnionnt. (Jersey ■ L,*4. 

r f. (to. IM rt Hrtirr le.-xei OV34 21441 
On ml SilB.F.vd let i il I . . | . 

gu-»t InlT k— > l V-'M ‘ .. * 

•iluefl Inll. Rd SUS) 1 ; - 

Prices it Julv !Z Vest .uaIisb Juts 19. 

nig Richmond U(* Asa. Ud 

57wJ*02n) 5-10 48 Uhoisirvr: IVMlKlav IUM 0934 21814 
.xiTbe Stiver Truri 1105 1 1071’ - 1 1- 

Richmond Rond 87. 175 2 J*4 4,d -fl oi J4 08 

Do Platinum Bd 124 4 127 £ 

Do Gold Bd 105 2 110.7 -0 5j 

Do Rm 07 (Q Bd IX710 182 ]' * 1 IX to 

Rothschild Asset Management tC.I.i 
ro Bov M St Julian* **r Uuarnxev N8) 34X11 

7 94- 


* l C Inc Kd July j.. 
(*l. Inti. Fell... ._ 


•52 7 

553 

1526 

1623 

SI 23 

130 

1459 

1532 

1363 

144.4 

52588 

3744 


7 21 
138 ' 
329 
4 47 
073 . 


(i l Com modi ly" 

OU DlrConun>- ' ... 

-Prices on Jul'- 14 Nest dealing July Jl. 

J Price* on Juiu 7 Next dealing July 21. 

Royal Trust (CH Fd. Mgi. Ltd. 

TO. Bov 184. Royal T*t Hue.. Jersey 8334 3744} 
B T InlT Fd QUS932 9311 .. . I 580- 

HT.Infl <J».,Fd (91 451 .. ? 3 21- 

Prices at July 14 Neal dealing Augro* I. 

.Save ft Prosper Iniernaiionai 

Dealing to 

37 Brood fL.St Helier. Jersey 


5US15 09 [-MU) 


0^4-ann 

l’>. Dollar-denominated Fuads 
T»lr F\d Int — W17 4 79sd 

Internal tir-i... »21 7 8M 

For Eixlern’t ..4*18 *9 94} 

North American'S 3 67 S47 

frepro-L . . . (14 Jl 15 7JI 

Sterling-denomitiatMl Fund* 

<:banne| iTapiLalq.. (2294 2415! 

LH ? n Del Island*#. }|447 152 4^ 

Klret on "July in —July IS “•July 11 
SWeeJily Dea lines 

Schlcsinger International MngL Ud.' 

* L L« Matte St ,SL Helier. Jerxev 053473504. 

S-AJ.l— 

SAO.L. 


I 7«X 


2 60 
509. 


XI 78 


.“0-3'j HlliM 

! Fidelity MgmL Kraeareh (Jersey ) Ltd. f^RTiS-iS^r-tfe 

Waterloo Hae- Don SL-St. HolWr. Jersey. I ntol J'd. ljim brC- J iVIB.' 

J i: 


<3JU 

£9.90 

U7J8J0 


0634 27581 
SoricaA'Inuiit... .! 

Series BtPacidri-. | 

Serins D (AmAM-M 
First Viking Comtnadity Trust* 

8. SL Geurge'd SL. Douglas, to M. 

08B4 4E32 UJo Apu. Dunbar ft Co Ud.. ££quitv 
53. Pall Mali. UmdOtifrW17SJH 01-8307057 



J'd.Lxaibrc 

•Far East Fuad . 

-Next sab day July )! 

Schroder Ufe Gronp 
Eoierprirt House, Portsmouth. 
InbmalhwiX Fauds 


0ri» 27788 


2 40 


I - 


Frt.Vik.Cra.TM. ..(>5.2 37JI 
Frt VTr.Pbl.Op.TM ..(7S B BO OM 

Fleming Japan Fond S-A. 

37 rue Nwe-Dame. Uuembonrg 
Fleming Jult 5 . | 5US3502 I 

Free World Fund Ud. 

Bunerlield Bids. Hamlluw. Bermuda. 

NAV June 30 _ .. | SU5U3 76 |. I — 

G.T. Management Ltd. 

Park Hoe.. 18 Finofaury Circus. London Z C2. 
Tel: 01028 8131. TLX. 806100 
London Agents for. 


JLFlxed Interest — 
5 Fuird lmerert. . . 
C Managed - 
^Managed 


117.6 

1251! . . 

\ _ 

1286 

136.1 . 

_ 

137.2 

MSS . 


104.9 

mil . 

_ 

1298 

u*« 


116 6 

124 0! 

— 


Awbor'B‘Unns„ .BU6I-V5 
Anchor Gill Edge _ |£9A5 

Anrbor IriL FvT iSUSAU 49M 

AuchorlD.Jsy.Tsl.BaL0 r 29J| 
Berry Pac Fd. LHW 


XRrf . ...f 234 
4.7 i3*O0W 13.88 
124 

2.62 
0JI 


J. Henry Schroder Wagg ft Co. Ud. 
;39. Cheap* ide.CC 2. 01-0804000 

CheapS July 14 { 5UF1X66 J-006J 249 

Tiililur May 31 — I 5USI1441 J ^ _ 

Aslan Fd Julyio SL5tU4 19M .... I 2(5 

Dari inc Pod. Sax 87 1W.. I 5 JO 

Japan Kd. Jul]* IX.(SJ57J4 79M . i >JM> 

Sentry Assnrance International Ltd. 
PC*. Bo* 336, Hamilton 3 Bermuda 
Managed Fund- -ISttlMi 1AM8 .. I - 


09T Singer ft Fried lander Ldn. Agents • 

149 20. Cannon SL, CCA oiTanw 

J-g Drkafandy |»Q5K ..I *25 

5.73 Taisya T M July 3 - sL'537.88 | _ ! X 68 

8.7b 

1K Stronghold Management Limited 

0534-7*400 
95.90) | _ •• 


Beny Pac Strtg. — 296.08 389.93 
G.T. Asia Fd :- JHK951 U.») 

G.T. AoaSlerltaB- 05-87 lftltf - ... 

G.T. Bund Fund }UN12*»W 

G.T. Dollar Pd SUS720 , 

GTPsclDcFd SUS14.78 |-0«( 

Gartmore Invest. Ltd. Ldn. Agts- p.o. Box 315. sc. Helier. L 
2. St. Man - Aon. London. ECS at 2833531 ConunodHyTrurt... (9X.X0 
CtnjnBTT Fem4 Hffc fFir Etsti Lfd. _ _ 

1503 Hut chi pod H», 10 ffroouii Bd. HJtoni! &UTiU*tsZ (Jersey) Ltd. <X\ 
HKft%-U.Tat— M®» Vm ....I 238 Queens Hrt- Don Rd St Heller try 05842739* 
Japan Fd. --.----IBM -I American InUTrt. I 


Inn 


r Truri. 


.1032 « 291-0 H, - 

51103 11 29 -0iil _ 
|L12 17 12.421 -10i! - 


N .UnertcjnTrt—WgXiW lUMd . .. 1.50 
InU Bond Fund .. toSUOS liuS I 5.79 
tiarumrr invratMi Hagt. Ud. 

P O Bo* 33. Douclsv loM. 

Gsnraor* Inll. Inc 1212 22 6' 

Gartmore (nil. Crth|663 786*1 

Hambro Pacific Fund Mgml. Ltd. 

2110. GnniuugM Centre. Hcmg knai 
Far East July 13 — (flUXIJJ DR! . I - 

Japan Fund- 1SU1411 v *3 SI . i — 

Hambros (Guernsey) Ltd./ 

Hambro Fund Mgra. (CL) Ud. 
p a Bex 88. Guernsey o«i lsbh i Tokyo Pacific Hldgs. (Sea beard) N.T- 

lad ml* Management Ci» N V. Curses n 
NAV pc;. share July 10 SUS44.4P. 

Tyndall Gronp 

r.O. Bex 1258 ItamUlea S. Brtrmtdo. 14179a 


«K742SPii TSB Unit Tmvl Manager*. (C.l.i Ud- 
I Bsaalell-Rd, 51 Saviour. Jaw 0*34 734M 
.leracyKarrfl .. . .14*4 uta ; *42 

Guenuiey Fund .. 146.4 48ft . I 4 91 

Price* on July 13 Net* tub. dsy July 19 

Tokyo Pacific Holdings N.V. 
laumli Managetneni Co N.V, Curuse. 

NAV per share July 18 SUS01 IK 


CL Fund , 


140.A 


Imnl. Bond 

Ini. Equity SPSl 

int svts. ‘A 1 susuna.82 

InL frv**L 'S' $usr 




.18* 

ULH 

lU r 


BJ:..- IS ,WJ 

Br r” xv 


Oreneas July 12 . 

I Accum. Units*-. .-BL'SUS 
3- Way int. Ju no 22 - pUSilS 
s New Si -St- Belief- Jem? 

- ifyjo 


I 12 Nos} denllnx date July 19. TOFSL Jaty 4. 

H £ 9 !l 5®?£ „.^ tnnl , 'Arcum. Shares* -. 

Bona Fd inly Ij Il^lOQIL American JnlyS. . 


t Accum » barrel 181.6 


805 
'□2 00 12 85: 
U-0 865 


Jersey Fd July S _ 
i.Non-J. Acc.Uts' . 
Lilt FiinriJulyS. 

( Accum. Sharov- - 


6.88 


Husnu 
* oo 


1934 

2731 

1078 

1382 


I: 


_ .ft-09 U2[ .. . . 

Prices on July 12. Next dealing . : uly 18 
Benderaen- Baring Fand Mgrs Ud. 

PO. Box N47EL Nassau- Bahamas 
Japan Fd- __ .. .-.BUfllli 2U5J 
Pnees on July 12 
OnS. Gsnunon ~ 

Barinc Hand 

Exclusive or any prelim, charsa*. 

Uill-Samuel ft Go. (Guernsey) Ud. 

8 l-eFobt-rt. St . Peter Port Guerarev. Cl 
GuemreyTri.. (1524 163 u ■.].;( JJ7 

Hiii Samuel Overseas Fund S.A. 

*7. Rue Noire- Do me. U raentbourg 

Iniernaiionai iSc IniLMnpt. Lid. V ld ' 1 * t " 1 ; V 4 " 

« R=r. «- P-U SI. Sydney, Au“ * iM* 

Js*ra»nEquit*T.rt ISAX08 2J9>4 . .1 - iilswh mj* . . . t 

J.K.T. Managers Llerseyl Lid. U Ailed Slates Tsl. Inti. Adi’. Co 

1*0 Bm 104, Rpvgi TffC Hae.. Jmolk'v’H 27441 14- Pu* Aldnngcr. laxeinbourg. 


,k! . 

205 2 
290.* 

1093 
1488! 

Virion House. Douglas. Uletmin. KMZmL 
Managed June22-_,129 4 1364) . | - 


3 N 

786 

1899 


Jersey Exlrnl Trt_|174 0 183.8) . . 

Aj at June 30 Next sub day July 31 
Jardiue Fleming ft Col Ud. 

«h Floor. ConnauKh'. Centre. Hon? Konfi 


JordtoeEsln Trt . SHK293.94 | 250 

Jardlne J’pti Fd.*.. SHK333J8 . . J 1 00 

Jardme N.E.A SU516 79 . ; 180 

Jardlne Pleralnt. 5HICX655 I — 

InU Pacific Sock .. BffiHV . ! — 

NAV June to -Equirtlenl STS7S07 
Nest sub July 14 , 

Keygeies MngL. Jersey Ud. 

PC* Bnv 9ft, SI Heller Jerw>i-..fErig Oi 404 roro. OTT UiS JvntSZ.\tXZ77 


U5.Trt.Inv.Fud.. | 31065 H-OXSi 894 

Nfcl asset July 14 

S. G. Warburg ft Co. Ud. 

W. Gmhsm Street. EC2. 01^004^3- 

Cnr Bd July 14 _..J St:S9.66 1-90’., _ 

Enw. Int July 1*. . J 9U517 88I-0M - 

GrjfrLSFd June 30 Sl’6758 | .. - * 

MercEMFd JulyrairSUn 1UB . . (OHIO 

Warburg Invest. Mngt. Jrsy. Ltd. 

I Chortnj Crovo. a Heller. Jiv Cl CSMT3T41 
OIF LKL June 20. IHTJJ5 


Foaseln 
R&ndvelrv 
Beyselex lnt‘1 
ttayvelev Europe 
Japan Gth Fund. 
Ko: w*lex Ji«p.fn 
Lent .Kmeij-Cdp 


FrOJB 

FYvJHB 

ft. 

£13 56 


U54!) 

74*7 

M 


3.60 

I - 


as aw . - 

77 1310 — 

IT 22.47 . .. - 

ox a 57 .... ; - 

16 10JUI I — 


(134 60 |-(t put 


MeubTH-Jiinr 1&.02.L 
TMTJuIr M .... fruity) JO 

Tfrrr Ud. Jub 14_- l£20J6 

World Wide Growth Managemeaiih 

1(9 Kan I V. aril HinvL U*mWur£ 

worlawidr Gta Frt ; 1U$15.6I -D;ri _ 


NOTES 


Pn?es d» nut include 5 premium exrept where indlvated * and me in pence unless otherwiv 
indlcutqd Yielrt» •» (shown in Iasi reluan* alfo** alt hnjvng expenses * onered pcicet 
include all expenses, h Tn-day « ay,ec». r Vtald based on otler pnee. d Estimated g To-day i 
upqnir.j price, fa ' Distribution free of l K Laser P Perlodir premium Injure nee plans, t Strjle 
premuim nuuLrairc* ■» Oflered price includes expenses except a grid's ceuraiLmOA. 
v Otforcd pnne includes all expenaes il Mu;ht in roach nunagerg. t Previous day's pnro. 
v Net of Uj on reali.-ed .capital cams unless Icduw.etl by* 9 Guernsey gross » S’jyyrndmL 

♦ Aield before Jersey tax. * Ex- subdivision 


0261 82188 



41 ft 
109 7] 
173 4 
i5ia 
345 0 

xrrS 

138 Si 
Mtft 


014C8S131 
’ \ 

.. .. i 770 
- • MO 

. 1 090 

...J 4 20 
.. .’ 160 
-..1 7 J8 


D3333533I 
48 f' -0.41 523 

Unit Trust Account ft Mgm:. Ltd. 
KlngWiIttSmSt EC4R9AR 010234051 

Friars Hae Fund J1S30 161 B»S •» 0] 4 66 
Wider Grth Fnd. :29 7 31 3] . 4 31 

Do Actum .. .. 134 3 362j i'431 

Wider Growth Fund 
King £:. ZCAV. PAJt fl)423«6l 

tacciex I'mU .39 7 MX. J 4 Jl 

9UI vdM) 5JM Accum. Lulls (30 Jftfl ---1 OI 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave- Londcm ECSV 3LU - Tel; 0L283 1101 
Index Guide as at 4th Inly. 1978 (Base 100 at 14.1.771 

Clive Fixed Interest Capital 12S.A5 

Clive Fixed Imprest Income IU.14 


CORAL INDEX: Close 477-482 


insurance base rates 

Property Growth 10* 

Vsn&ruyh Cuaraniped Q3(i% 

■ Fidr»** (hov-u *!r.d»r : -«ur»*ef *M T-np*~<e T 1 - 17 V 5 T«Wlf 



FOR YOUR COMPANY- 

CASH FOR 
EXPANSION 

contact- B. D. Kay ' 

MM INTERNATIONAL FACTORS UD 

m Circus Hob as. Maw England Rand. 

Brighton BN1 4GX Til: (02731 60S700 

Bi r m i ngham, Cardiff, lands. 

London. Manchester. 


FT t SHARE f INFORMATI ON f SERVICE 

BONDS * RAffS-Cont. BANKS * HP-Continued CHEMICALS, TTASTICS— Cont ENGINEEBING-Contiimea 

.1 i aw, . i m, m s |citI™|fs! H i*!,,. i . um.bIc-ismjv «* -.ur-isuw 


Financial Times Tuesday ‘My 18.1878 

I FOOD. GROCEEIES— Coat. (* 


Haileudir J*p. 


_ Gross Yield 


97 I 94 ■HUrnamyTSi’pc 
- L'.S. S * D3f prices exclude Inv. J premium 

. AMERICANS 


UpdfiCUKi % 

SwtR&B-. 


Ele«nc+*pf '+-73 


rCtneJiPCTfrTU 


|4+ 




anil* llwr 


Fundine3>jic»<M 


ft 

t2 


1123 S3 
10.99. 48 


AnertcanEJWMg . 

Aster. Wethc inu. | 14^ 

Asaeolnc llh 

Bakerlntnl Con SI- 1 23*n 

17U 


i 


29 

20*8 

* 

K 

670p FTrestooeTSieU — 

1 W« InrslOricato 

203. 



& 









CIsKcrefYiOO. 
Credit Data lfo. 


AND SPIRITS 



i 



5 81 [ 3 01 ? S 9.2 


ifJlC 


14.7 
10.5 
1LB 

9.7 

« 

if, 
8.6 
8.4 

13.7 
9.0 73 
33103 

6.6 $3 
33 183 
3-2 9.8 
3.1 10.4 
2 2 23 1 
2.61 3.8 133 
♦ 5.8 * 
$ 8.1 <6 
2 6 4.123.9 
24 5311.7 
2.9 63 h2 
30 4.2121 
33 2B15J 


edPlanllOp. 



Pn jijpc fried 


if 


3 






95 
164 
17 
75>a 
231* 

34 31 

15 10 

50 44 

128 98 

Z7l 2 201 j |BeechW)odMp 

57 47 

69 60 

78 64 

272 220 
73 61 |B1 muted Perm- 

107 75 iBraeda Iime_ 

41 21 

138 24 

61h 48> 2 

58 36 

193 153 
190 170 
39i; 22 
26 20 
48 40 

58 40 

87 6812 

38 27 

>s [ n 
u s 


94 53 

97 69 

s s 




S.E. Lint Premium 48¥w (based an G-U5S per Z) 


BANES AND HIRE PURCHASE 

fflJTwrl Stock | Price 1-*1 St |cw|5»| W 





2g 

Goode DTJliy ip | ^ 

242 
171 

£ 
316 
56 

205 oi 
52 

B 
282 
45 

lUnJ 
365 


£BPi 

56 [Muster Asets . 


1? 

I 

41 

26 
52*2 
25 
38», 

48 
69 
30 

R 

210 138 
6a 49 
£310 £220 
130 64 

?! 2 

75 55 I DoiRetYtg.—. 
33 22 lltanudStmtlOp 

178 

197 ltt 
13 90 

134 79 

17 10 

45 31 

£3512 
181 



72 63 

62 48 

48 26 

70 35 

-50 36 

82 61 
94 81 

140 




Dixons PhofrlOp 
Elbji-UgWip . 




R 

!« 

58 m 

*.« 
113 1.97 




Helene Loo. 10p. 
Do.liipcCm-.Prt 



66 

» 
209 
34 | 18 

S f 

150 
114 
30 
15t» 






!-** 


FINANCIAL TIMES 

BRACKEN HOUSEf 19, CANNON STREET, LONDON EC4P 4BT 
Telex: Editorial 886341/3. 883897. Advertisements: 885033. Telegrams: Fmantimo, London PS4. 

Telephone: 01<248 8096. 

For Share Index and Business New* Summary In London, Birmingham, . 
Liverpool and Manchester. Tel: 348 89 28 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Ansrerdam P.0 Bh 1289 Amstrrdam-C 
Trie* 12171 Tel. 240 SU 

Brnnmshanv 'jepree Kmrw. Georxe Road. 

Tele* 338850 Tel. (BUM IKK 
Bonn: Pteaahaua II- IWM mmU* 5 * w - 
Tele* 6868542 Tel. 3MW39 
■ Brussels- 30 Hne Ducale 
Telex 23283 Tel 512*9037 
Calm: PO Box KMC. 

Tel B38SI0 

Dublin: 8 Fltrvdlllam Scjnsre. 

Telex WM Tel: 783321 

Edinburgh: 37 £*? r 5S, s irS*fi«, 

Telex: 72484 Tel: 031-238 4120 

Frankfurt: Im SachwolMer 13. 

Telex: 41*283 Tel: 335730 
Johannesburg P.O. 

Telex WEST Tel: 83B754S 

Lisbon: Praca da Alesria 5S-1D. Lisbon *■ 
Tele* 12533 Tel WE 508 
Madrid: &prone«f* 32. Madrid &- 
Tel: 441 BT7S 


advertisement offices 

Bltmlngham- J-Hwrxe [House RMd * 

Telex 33Sc>30 Tel- 021 +** 0K “ 

Edmburfth 87 George 5tg*ri 
Telex 72484 Tel 031-228 4I3» 

Frankfurt lm 13, 

Telex 18263 Tel JMM7 
Leeds Permanent House. Th ff ^ P1 
Tel 0332 4 34880 ' — 

SUBSCRIPTIONS 


Manchester. Queen's House. Qm*b Street 
Telex 868813 Tel CBI-834 836! 

Moscow: Sado'b-Sam'XechBaya 12-24. Apt. 13. 

Telex 7900 Td: 284 3748 
New York. 75 Rockefeller Plaaa. N Y. 10O1B. 

Telex 08390 Tel. «2l2i 841 4K5 
Paris 30 Rue do SeAticr. 73«C. " • 

Telex 220044 Tel 23037.43 
RiC de Janeiro: Avenida Pre* Varga* 418-10. 

Tel: 2 63 4848 

Rome: Via della Merced* 55. 

Tries 01032 Tri: 078 3314 
Stockholm: e-o SveMtaDajbfadri. Raalambavacei 
Telex 17603 Tel 50 00 ® 

Tehran: P.O. Bex 11-1878 
Telex 213834 Tri: SS28BB . 

Tskw 8tb Floor. Nihon Kei=ri Sfaimbua 
BuiVdtns. i-B-3 Otemachi. Chiioda-ku. 

Telex J 27104 Tel: 241 2920 


w- 

I 


2 


9J 
5.0 
75 

I* m 

• 123 
aiP. 114 

1 4 Or J75 

3-8 59 
6.3 % 
V- 1 27 

.II 60 

l6.6i 150 
* 117 


117 ^ 
MJ 500 
78 IB 

4*8 ^ 
« 32 

,2 ^j ntftt; 

9 1 478 

" A 

51 

Vi 296 

ki D3 
278 

7fc 90 
74 131 

5? ^ 

180 




P 


f 
^ § 
i 

76 W 2 
69 59 


VI 


\B 




i 


^ 5i H Di 


AiktelnUOp- 


MtCharWtelOp 


X'- 



10J) V 
122 4.1 




V-T 


791 

52 
33 

43 (Airftx.lnds.aDe. 





CibaGwTViLn 


Manchester Ooem s House Queen Street 
Tele* 666813 To! 061-834 6381 
Xr» 5‘ork 75 Rockefeller Plaxa. N.Y. 10019 
Telex 43022- Tel .212] 488 9300 
Pars 38 Rue d‘J acntier. 75O02. 

Telex 2200*4 Te! SW8S.01 
Te«io Kauhara Building. Vehikanda. 

Chiyoda-ku Telex J 2710* Tel 295 4050 


^,-,».hle trout »"d "enkstall* Korirfnride or on regular aubsenpeon from 

Copies qbtainaOie “ l " J j* llM cnptiOn OeMnujaet Finaaual Tunas. London 


410 
405 
ltd 

JP 

32 
20 
144 
£94 
478 
24 

□er. Rental* iOp) 123 

16Uii 


78 
126 
275 

1 
331 
107 

79 

MW 
182 
79 
374 
43 
£87 

224 

£54 
915 
88 
•84 
97 
89 
89 
251 
87si 
51 
265 
640 
42 
37 
36 
138 
354 

rpeP.V lOprJ M 
12s 
310 
84 
23 
56 
17 
144 
226 



! 1371* 1031, 
70 55 

£HPs 710 

24 17 

90 72 

396 336 

B1 60 

25 201, 

.« 2b- 

29 as, 
68 52 

199 160 
138 82 

no 82 

117 109 
128 110 
m 98 
T7h 55 
55 38 

40 27 , 

36 271J 

129 103 
51«a 42 
31U J8 
52 291; 

25 79 

66 
UJz 
22*2 
21 
52 
82 
176 
18 
35 
28 


65 
885 
22 
88 
376 
74 
24 
48 i 
27 
65 ! 

171 
138 

ns 

117 
125 
IS 

S' 

»*[ 

121 +1 

lg , 2+*J 
29 * 
341; 
125x3 
70 
17. 

89 
24 


54 

"L 
S 
» 
K 

ita — _ 98 

fat20p, 34 . 
53*2 
103 
77 
17 
38 
* 39 


■u 

7.4 56 
M 49 
73: 47, 
4 3 231. 

to 

Mi 
B.7 1 
73 
83 
si 






vr. 





1 



Dm er Corn 


5 


108 
230 
112 
85 
264 

.tlranAlmniiniun. I 148 
045 
48 Ul 
50' 
140 
69 
34 
124 
7 
32 
■gl 
93 
103 


3.38 
5.71 
228 
228 
F10.0 
9.90 2 

09% 25. 
4.33 4> 

HP I 5 

283 4 


BatteyxYoriflOp 


l 






3 

3< 

151 

112 87 

38 24 ’ 

46 25 

51 37 

461; 39 
60 48 

146 53 

a- t 

860 485" 
70 61 

£ & 

203 149 

85 53. 

190 160 
104 80 

66 46 

73 58 

610 515 
-42 . 40. 
241; 17 . 

86 65 

60 50- 

109 84 

54 37 

42 18 

34 19 

68 50 

29 17 

104 84. 

154 124 
£89 

61 
76. 

61 
761a 




112 

24 

.45 
39 
43 
56 
120 
170 

735 +25 

lb 4.' 

590 +10 718.99 5; 
172 -4. 73.95 7; 
85 ...... 2.53 5. 


El 































































































































































BenttflCb 




irrtlWwnSnn 


a. 

...Lj> 

luinduttriesM- 


260 

if 

95 
935 
90 

S” 

£10 
7(hri 
87n 

38 

ril-CIntlop ) 37 


JfsantoSpr 


IKathaaiRfcLi 




FUrbeslOp. 


!+ r} Ov YT4| , __ . 
I - I Piet Cw Q'*|P,’E I >0j0i 




Pmpjfldfi.4Imr. 


Metrop.SBp 


itrfc't 


3i 


Cardinal Dfd i m 


Do. iCap j lOp 


Japar.'t leader n • 
inta^r.i'ifysi *e:ur.‘:es. and 
ir.vexmen! banking 


1 


NOMURA! 

Thin iNomura Securities Co., Ltd* 

NPMURA EUROPE \ V LONDON! CF*tCE: 
BrW iiscffwi Sri 1 . W " Scu*:c. London Will, j 
London £C»Y* Bl P^cne: .0’: SOS-3* M f?M 


MINES— Continued 


CENTRAL AFRICAN , , 

I 5W* 1 Price 1-1 M iccrl™ 


3*1 


177 +1 4 65 4« 4.U 

260 1-5 I VU& \ 47| 2.71 8.7 


I 


Sfci: 


1*60— 
Group lOp. 


6.4 

8.7 
129 
52 
83 

52 4.4 
43 73 
6.5 93 
£4.4] ~ 




SHIPPING 


39 
145 
255 
2W 
m 85 
8.6 138 
15.6 US 
5.4 140 

13 iS 

4> 


:ih! 


19. 

9. 
f9. 

“I 7.4 


4 


146 
6 lid 
35 
132 

Ropwr Hides — 1 39'?d 
3S..1 

26 
152 

FkD , ?cU i A 1 10p..| 57 

144 


& 

56 

104 93 

§ s 

73 47 

42 36 

50l 2 38 
SO 40 
56 46*4 

40 
70 
64 
31 
64 
321* 


116 80 
610 420 
130 B3 
821* 28 
97 62 

145 95 

125 92 

450 288 


,13! 




IDMrfMH 


[nw 


4Gart.50p 


\m 


&Laum— I 84 
25 


UHLklmvon& 


r T| 


iitt! 


64 
20 
28 
28 

4*. 
10 

12 
57 39>j 
43*2 341* 
33 28 

84 67 

39 , 291* 
131 109 
£72 
31 


■i 

5.44 12 
QL40 1 " 
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hL29 i 
125 10. 
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13.5 6. 

13.5 6. 

dZ40 7. 
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Sa-.»racilicfiic| 149 

IP 

95rt 

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19 
121 
39 
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127 
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182 
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142 
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42 
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95 
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129 
72 
28 

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09 10.3 .lfft 
3.1 65 6.4 
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66 4.9 
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93 5 9 

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8.9 
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1.7112 
64 3 2 
6.9 10.4 
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sr. 120 

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L_ 107 
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120 81: 
186 151 
248 200 
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116 89 

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300 233 
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TRUSTS, FINANCE, LAND 

Investment Trusts 

49 [Aberdeen 50 l.- .A 235 ] 1 0| 72120 7 
Murfealhd. 142 J+I 45.05 111 


Hk 


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92 
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t?38 1 
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NOTES 


Uolrs* otbrrwtae fa»Ucal«d. prices ni net tOvUendi mm In 
pence and drawntaMtlmu are 25p. FittieM priafcnnlap 
ratios and nren are baaed on latest annul raparts and aecnnao 
and. vtieie pnuJMe. ore updated o« balf.^early flcmea- PIEs am 
gambled an the basis ad net dioribuHota: bracketed H|«M 
Indkaic 1® per cent, or more difference IT calculated as “aU“ 
dhtribnlloa. Cbvere are based an “nnodmam" dttMMka. 
Tld da are based an middle prices, are Cnra, adjusted t« ACT of 
X per cent and aJUaw lor mine of declared AdritaAm and 
rUhta. decnrUlei trilb denandnatioa Mher than ricrilm ns' 
quoted lari naive at the Imestmant dollar prendmo. 

A Sferflng denominated securities which inehtde h>vesbMmt 
. dollar premium. ' 

__ * "Tap" Stock. 

* Highs and Love marked thtu have been adjusted So allovr 
45 for rights issues for ca«h. 

13 f Iniertm since Increased or r esum e d - 
4 J ; Interim since reduced, passed or defatted. 
it Tax-free to non-residents on application, 
f FI Cures nr report awaited. 
r» Unlisted security, 
a Price at time of suspension. 

f Indicated rtWdend after pending scrip andtar rights lama: 

* cover relate* in previous dlridends or fosmita. 

* Merger bid or rcorjualsation in p rogess- 
I Not compRisble. 

t> Same interim; reduced final andfor reduced aimfn— 
indicated. 

f Forecast dividend: cover oa earnings updated br latest 
inieiim statemem 

; Cot er allow, lor conversion or shares not now ranking for 
dividend, or ranking only for restricted dMdaad- 
1 Cover does not allow for shares which may also rank for* 
dividend at a future dale. No PUT ratio usually provided. 
V Excluding a final dividend declaration. 
t Regional price. 

D N’o par value 

a Tax free, b Figure* based on prospectus or other official 
estimate c Cents, d Dividend rate paid or payable on pan 
of capital, wier based on dividend on foB cltpltnl. 
p Redemption jleltL f Flat yield g Assumed dividend and 
vleld- ■> Assumed dividend and yield .alter ecrfp'iasM. 
j Payment from capital sources k Kenya, tn Iniertm hlgber 
ihun previous tMal n Right* issue pending « Earalaga- 
bwed on preilmmary figures, s Dividend and yield exclude » 
special payment i Indicated dlndend. cover relate* to 
previous dividend. P.E ratio based an latest a nnua l 
earnings, n Forecast dividend: cover based on pmiaua.vwr'a 
earnings, v Tax free up to 30p in the E. w Yield illm tar 
currency rlausc. » Dividend and yield baaed on mersMarMrsns. 

.< Dividend sod yield include a special payment: Cover does doe 
apply tn iptclil payment A Net divide nd and ytald. B 
preforeocr dividend pasted or deferred. C Canadian. E Issue 
puce. F Dividend an d y ield based on prospectus or other 
(ifftriaf estimates for J9TR4S. C Assumed dividend and yield 
alter pending scrip a nd.or right* issue. H Dlcldead sod yield 
based on prospectus or other official estimate* fOr 
K Figures based on prospectus or other official 
RSiimates for 1978. M Dividend and yield based on pnwpectw. 
or other official estimates for 1P7B N Dividend and yield 
hated un prospectus or other off Irial' estimates for IflT&'P 
Figure* based on prospectus or other official estimates for 
I67S-79. Q UriKt. T Figures assumed. Z Dividend trial to 
dale, ff Yield based on assumption Treasury BUI Rate abwa 
unchanged until Daiunly of stock. 

AbbreriHltons' wes divide nd- me* scrip fawr, ir n rlgMK vox 
all: if es capital dlttnbulfon. 


*• Recent issues ” and “ Rights ” Page 34 


This service is available Is eve r y Company dealt la to 
Stock Exchange* throughout the United Kingdom tar ■ 
lee of £480 per annum for each sec u r i ty 


£ 


jXwrtrnitem RI 


BE 

prf 


St Helena Rf 


Up M12 


mt ] 52 
LA.| 103 


£91 
65 
340 
4S 
98 
130. 

40 
160 +12 

130 

62 

31 .... 

m. 

90 


OPTIONS 
3-month Call Katies 


Industrial* HM 20 Tube Invest.^. 38 

A. Bre»‘- 6|; “lmp»" 6 Unilever 35 

i p t Yrnio nt- 16 I.C.L ... 8) Ctd. Drapery- 7b 

R sr .. 9 FoveresY.-^— 8 VI the re If 

Babowi - - H 3 WooLworth*™! 5 

Baratov Bank S Ladbroke — 17 , 

35 l>epal & Gen. _ 14 Praperty 

Boufo Drug .._ 15 UraAmn.. 7 8m. Land — 3U 

tSPZrz ?4 ffiSf “j; f g-p-counow. 

British Oiygtn S DtltdOa Btick. 5 ' I n n — rm i inaw a 

Brom nfJ-.w - 20 Lonrho 5 UjndSoca.— -16 

Barton A' ... 12. Uicaslnds.-. Z5 ^X;.: 12 

gasssr . is sSmB a TfcBi ®u ^ 


Debenhamf 
DiytlUrrf 
Dunlop . - - 
Eerie siw . 

EM.L ... 


7 N £.1 - - _ 12 ofi, 

11 N*5 West Bank 22 l" . , , , 

1® Du. WarrMh 10 Edl PSrnleuiB- 45 ] 
17 P&niHd.... 8 HuraaahOil.-. 5 , 


E.M.L 1° liq. ttarrwtfc J.0 hh reiroieum- . j 

Gen. Accidetil 17 P&'UHd. ... 8 BuraahOil.- 5 , 

Gen EZwiric 18 Plesso 8 Charterhall 3 

Glaxo .. _. . 40 R.H.M —... 5 1 ■ — — «J JP 

Grand Met--- 9 BanfcOn! 'A*.. 18 Ultramar- 20 | 

aUS'.V — 20 Reedlntnl ... 12 

Gtu^lon — 18 SpiUors 3 

G.K.N.- S Tjaco 4 Charter Con*J 12 | 

Hawkor .sirtd.. 20 TJorn.--^-— .. 22 Cons!Gold_!j 14 

BouedPtHcr- 12 Trust House*- 15 RioT.Zine„Zl 15 1 

A selection ot Options traded is gtaen on Um 

Ikjodou Stock EaBhaasc Beport yp 

























































































































































































































Flights ban penalty 


for aiding hijackers 


FINANCIAL TIMES REPORTERS 


BONN, July 17. 


Retail sales 
nearing peak 
1973-4 levels 


COUNTRIES which refuse 'o 

extra due or prosecute terrorists 
and hijackers, or refuse to return 
hostages and aircraft, face a tola! 
suspension of air traffic connec- 
tions with the seven major 
Western industrial powers. 

. Tins was agreed here rdnighl 
b\ leaders of the countries — the 
F.S . Canada, West Germany. ihe 
UK. France. Italy and Japan — as 
a bv-product of iheir two days 
of talks i»n international econo- 
mic problems. 

The leiTorism question, which 
had not been scheduled to be a 
part nf the -uni nut's agenda, whs 
raised hy Mr. Taken Fukuda. 
Japanese Prime Minister, and 
w as immediately taken up by Mr. 
Pierre Trudeau of Canada. 

According to one source al the 
discussion oT the issue. " All the 
rest then jumped onto ihe harid- 
w azunn." 

In addition to blocking nights 
m art offending nation and 
Bights from it to airports in the 
seven States, the agreement 


undertakes to try to block all 
indirect contacts and to seek to 
have rhe offending country's 
national airline barred in as 
muni airports around the world 
■la possible. 

■ Chancellor Helmut Schmidt of 
West Germany said on television 
late tonight that there had been 
some anger among the assembled 
leaders at the lack of practical 
progress towards co-operation on 
anti-terrorist measures, in spite 
uf the many occasions on which 
it had been referred to at past 
international gatherings. 

The German Chancellor also 
indicated that the new anti- 
terrorist agreement is an npen- 
enue done and said he expected 
additional governments to asso- 
ciate them si eves with it. 

Source- close to the U,S. 
■President, asked why the agree- 
ment had not referred by name 
to countries known to have 
harboured air pirates such as 
Libya and Algeria, replied that 
the declaration had “been 


focused on a problem, not on 

individual cases.” 

The agreement on terrorism 
follows many vaguely worded 
statements of good intentions at 
past international, gatherings. 
Only in recent months have these 
been followed up hy closer 
practical co-operation — for 
example, between France and 
West Germany and between 
West Germany* and Italy. 

In reaching their agreement, 
ihe seven leaders were doubtless 
heavily influenced by the plague 
of terrorist incidents during.the 
12 months since they met in 
London — a period that has seen 
the kidnapping and murder of 
Sig Aldo Mnro in Italy. Dr. Hans 
5Tanin Schleyer in Germany as 
well as hijackings and terrorist 
atrocities in other countries. 

Should any of the participants 
in ihe Bonn meetings have 
arrived without -the terrorist 
theme on his mind, the massive 
securitv screen provided ‘by the 
West Gentian police must have 
been a grim reminder. I 


at Rank 


BY DAVID FREUD 


U.S. thinks again about 
Bremen scheme 


FINANCIAL TIMES REPORTERS 


BONN'. July 17. 


THE CARTER Administration is 
having serious second thoughts 
about the merits of the EEC's 
Bremen currency scheme. These 
have stopped the U.S. from 
making a public endorsement at 
the world economic summit 
meeting here. 

During ihe talks. President 
Carter questioned his European 
counterparts closely on ihe way 
in which the plan would work, 
and particularly on its likely 
effects on the value of the dollar. 
The main American reservations 
arc that ihe plan could artifl- 
i ially hold down the stronger 
European currencies against the 
dollar and that excessively 
deflationary policies might have 
in he adopted hy the weaker 
European participants 

President Carter is understood 
to have secured an EEC under- 
laking to keep Washington 
floselv informed as studies on 
ihe plan progress. Mr. Michael 
Blumenthal, the U.S. Treasury 
secretary, said that President 
Carter could not be expected 


to endorse the EEC programme 
before the details had been 
•worked out. He said the Admihis- 
.tration would ; want to know a 
great deal more' before- it would 
be prepared to comment. The 
Treasury Secretary stressed these 
views to fellow finance ministers 
at a private dinner last night- 


In contrast to the cautious! 
British approach towards the [ 

■.■knlA iccii* nf Mirronnn rf oktli. ' 


Japanese fears 

A somewhat wary altitude 
towards the Bremen scheme has 
also been taken by Japan. Mr. 
Takeo Fukuda. the Japanese 
Prime Minister, questioned his 
colleagues closely on whether the 
plan would be backed by suffi- 
cient resources to withstand 
exchange market strains, and 
whether the balance of payments 
and inflation differentials be- 
tween the participating countries 
could be reconciled successfully. 

Japan fears that, if the scheme 
is effective, it could renew pres- 
sure on the yen hy preventing 
speculative movements from 
dollars into the stronger Euro- 
pean currencies. 


whole issue of currency stabili- 
sation. France has been urging 
its EEC partners here to press 
ahead as rapidly as possible with 
the implementation of the 
Bremen proposals. (if. Rene 
Monory. the French Economics 
Minister, emphasised at last 
night’s dinner President Giscard 
d’Estaing’s personal commitment 
to the idea. 

While Chancellor Helmut 
Schmidt appeared to be the 
moving force behind the scheme 
up to the Bremen EEC summit 
10 days ago. President Giscard 
has made the running here. He 
argues that the Franco-German 
plan should be put into effect 
as soon as possible, even If all 
members are not ready to lake 
part. 

Herr Schmidt on the other I 
hand apparently attaches mere! 
importance to bringing in all the ! 
Nine from the start He has 1 
also taken greater pains to i 
reassure American sensibilities. 


RETAIL SALES continued to 
advance last month. and are now 
approaching the peak levels of 
1973 and L974. 

It is also beginning in look as 
if the worst fears of some fore- 
casters — that any increase in 
spending would suck in imports 
of finished consumer goods — are 
exaggerated. 

The increase, in retail sales 
over the first half of ihe .'•ear is 
paralleled by a similar gain in 
Industrial output while imports 
of finished, goods have risen by, 
much less thaii . imports by 
industry direct nf capital goods, 
semi-manufactured and raw 
materials. 

The index of the volume of 
retail sales 7 for June rose 0.6 per 
cent to 109 (1970=100. seasonally 
adjusted! according t ft pro- 
visional estimates by the Depart- 
ment of Trade. 

. The underlying trend on a 
three-monthly basis shows that 
retail sales in the second quarter 
were 1.5 per cent above the 
January-March period. 

This increase is io line with 
that Tor industrial production. 
Figures for this are available 
only up to May. but the March- 
May total was 15 per cent above 
the previous three months. 

A breakdown of imports into 
consumer and nan-consumer 
goods, completed up to May, 
shows that imports of consumer 
goods rose by 14- per cent from 
the base of the last quarter of 
1977 to May; capital goods im- 
ports were up 3 per cent: while 
other finished goods, imported 
by manufacturers, were up 27 
per cent 

Retail sales in the first half of 
the year were 4.2 per cent 
above the same period last year 


RETAIL SALB 



Value 



pereantaje 



<h*n|e 



compared 



with a year 


uti = 100 

•artier (not 


( ouonilly 

seasonally 


adjusted 1 

■diusted) 

1977 1st 

10X3 

-fl4 

2nd 

1023 

+13 

3rd 

104-3 

H-15 

4th 

T04.4 

-MJ 

1978 1st 

1063 

+ 13 

2nd 

108.1- 

+is- 

1978 Mar. 

107.0 

+ 15 

April 

106.7 

+ 15 

May 

108.4 

+ 1S 

June 

109.0* 

+ 15 r 

* provisional estimate 



Source; Department of Trade 


and 3.5 per cent above the aver- 
age for 1977 as a whole. 

Retailers are confident that 
this means the 1978 total will 
achieve the rise of 5 per cent 
over 1977 they have been pre- 
dicting. This will raise the index 
close to the peak level of 1973, 
when the average index 'for the 
year was 110.3. 

The retail sales index is 
likely to rise again in July due 
to the tax rebates stemming From 
the introduction of the new 25 
per cent tax rale. The rebates 
are expected to inject about 
£450m into the economy. 

Another boost to sales should 
come in November when about 
£300m will be paid in tax rebates 
arising from the main Tory 
Finance Bill amendments which 
cut the standard rate and raised 
the threshold for the higher 
rates. 


The reaction of ttfe foreign 
exchange market to yesterday's 
summit ■ communique will be 
crucial for the stock market; 
any show of strength by the 
dollar; in particular, would be 
unlikely to go down very well 
with gilt-edged. Much more 
important yesterday wa$' the 
purely, domestic move to ease 
the current money market 
squeeze by. delaying the^speoial;. 
deposits recall until September. 
So equities extended .their 
recent .rise nearly 5 points 
farther; while in gilts 'toe Hong 
tap may be within i or % nf the 
Government broker’s -jest price. 
The question now is whether 
sterling holds up well enough 
to encourage the authorities tin 
order the long encamped buke 
of .York .down the hill a hit by 
easing MLR. in the .hope of 
stimulating demand. 


Index rose 4.9 to 479.3 


CYCLICAL INDICATORS 

INDICES OF THE UK BUSINESS CYCLE 

115 r&I ” LONGER 

sn -n* LEADING 


COINCIDENT 


Rank Organisation 


Thatcher takes tough 
line on dissidents 


BY RICHARD EVANS. LOBBY EDITOR 


A firm ' underlying 1 trend iii- 
profits at the Rank- Organisation 
is being hidden by currency 
movements, and the group wifi 
be pressed to match, last'year’s: 
repbrted total of £lZ4.5m fi'tiririg 
1977-78. At the half-way stage, 
profits are down by £3.5m at 
£57.5m pre-tax. 

The key lies at the Rank 
Xerox associate, where the 
effect of currency swings has 
been to reduce the, figures so 
far by £13m compared with a 
year ago. The U.S.-style method 
of currency translation. FAS 8. 
inflated profits at KX by some 
£29m during 1976-77. but will 
have a broadly neutral impact 
this year. The upshot is that 
although Jt-s underlying profits 
are about 12 per cent up, the 
Rank Organisation’s share is 
down from £60.5m to! £53-6m so 
far. 

Meanwhile. non-Xerox profits 
are up from £612,000 to £3.9ra 
pre-tax. About half the im- 
provement stems from lower 


recover the higher sterling cost 
n/ its Japanese hi fi imports, 
and Australia where the colour 
TV going is even rougher than 
feared. But it may now have 
passed the worst — and anyway 
profits were already beginning 
to slide away during the second 
half of last year 

AH' this adds tip to relatively 
uninspiring short term pros- 
pects for the shares at 246p. 
where this year’s p/e could be 
about Tf and the historic yield 
is 4.9 per cent However RX 
should be capable of maintain- 
ing its underlying performance 
at least during 1978-79, with a 
rising proportion of direct sales 
and the 9200 series moving into 
profits. 


. Although both- tompajAV 1 
have roughly the same net vmj T ^ 
of around SBOm, CSWW iq 
at present the mere profits ■ 

.of the.rwn. In its last fman.^,/’ 5 
year its nei income of appnr&r- 
mately $i5m compares • w** 
First Boston’s S3.3m in ’ t ,, 
(and a first quarter loss,*.:" 1 
9685.0(10 in 1978). , . > " “ 

Standard Chartered^.! *>■' 

Standard Chartered's bald?"''" 
sheet will he exam ft ti- 1 '* 1 
especially carefully in the llg 
nf the plan to spend S372m . 
Union Bancorp. It ^merges t . 
SC's free equity ratio was 
more than maintained last ji 
at 2.4 per cent but the oyc. 
free capital ratio was boo.*- 
from 2.5 to 3.3 per cent - 
.deposits thanks to twn -issuei 
subordinated currency debt. 

With gearing still reiatiy' . 
modest it looks as though ; ' 
group hopes to finance a Ja 
part — perhaps half — of , 
purchase through loan capfll*”*’ 


and existing resources sh^i: t-.v; 
cope with most of. The rest. T* r " 


eope with most nf the rest. T 1 
still leaves a modest gap, ... 
if ts unlikely That SC wilpf 
io the equity market — 
alone, into a closer relations' 
with Midland. Bank — v\ . ’ 
there is time. for some ot 
solution to turn up. It must • 
remembered that . the deal . 
unlikely to be completed bei 
the beginning of next y. v 
while The Californian npem 
•will not be consolidated het- 
the end of 1979. 


First Boston/ CSWW 


Continued from Page 1 


Bonn summit pledges 


JAPAN: Mr. Fukuda has 
reiterated primuses to increase 
urgently impurls of enriched 
uranium, civil aircraft and crudf 
nil. There were unconfirmed 
report here tonight that al least 
some of l he oil might come from 
Alaskan production 

He also pledged “ unusual 
measures " m ensure that export 
% olumc in the current fiscal year 
was kepi al the 1077 level, but 
warned that this would only be 
possible if other indusinuhsed 
eon nines reduced their rales of 
inflation 

He_reaffirmed his commitment 
io a 7 per cent economic growth 
rale this year, mainly through 
ihe expansion of domestic 
demand He would decide in 
August nr September whether 
additional measures were needed 
in attain this aim. 

FRANCE : President Giscard 

d'Estaing agreed lu increase Ihe 
hudcel deficit this year in ihe 
fiui valent of 0 3 per cciii. of 
gross national produrt. while 
pursuing anti-inliatiunarv 

rnl i.; ics 

ITALY: Slg. Guilin Andrpntii 
undertook in rai-c growth r.»lr> 
next jear bv IS "percentage 
piiinN over till* vpar. This would 


be done by cutting public curtenl 
expenditure while stimulating 
investment. 

CANADA: M. Pierre Trudeau 
promised !•» increase output 
growth up to a rale of 5 per cent, 
annually 

BRITAIN: Mr Callaghan merely 
pledged to continue the fighi 
against inflaimn nhile referring 
io the fiscal stimulus supplied 
already under the spring Budget 
This amounts in more than 1 per 
cenl of gro^ national product . 

In an -effort to drive home the 
seriousness of their pledges, the 
leaders have agreed that a moni- 
toring mechanism should he sci 
up to review progress made in 
implementing them. 

The first* formal review will 
take place towards the end of 
this year and a further summit is 
due to be held some Lime next 
summer, probably in Tokyo. 

However, plans for a similar 
monitoring system were agreed 
at the London summit in May of 
last year, and the review the 
follow ing November merely took 
note of the seven countries' 
failure tn carry nut undertakings 
to achieve specific growth targets. 

In response to European con- 
cern about security of nuclear 


fuel supplies, the U.S. and ! 
Canada expressed their firm in- 
tention to continue as reliable j 
suppliers of fuel within the 1 
framework of effective safe-, 
guards. 

The leaders' lengthy discus- 
sions of protectionism concluded 
with a statement of their 
determination lo complete the 
current Tokyo round of mulu-j 
lateral trade negotiations byl 
December 13 this year, even! 
though “somp difficult and im- 
portant issues remain un- 
resolved." 

European pressures on the ! 
L'.S. to align its countervailing: 
duty laws with GATT rules were, 
alluded to in a general under - 1 
taking that countries would move; 
as quickly' as possible to conform 
with GATT. 

The leaders all laid particular 
importance in their closing 
Press conference on the need to 
improve relations between indus- 
trialised countries and the third 
world 

Japan repeated earlier pledges 
to double official development! 
aid within three years, but failed I 
to soscify whether this increase j 
w nu id be in terms of dollars nr 1 
of yen. j 


MRS. -MARGARET THATCHER, 
Conservative leader, called last 
night for a wide-ranging 
embargo against Russia, includ- 
ing severance of trade relations, 
unless there was a change of 
attitude towards dissidents in 
the Soviet Union and towards 
Communist infiltration in Africa. 

Her remarkably tough atti- 
tude. spelled out during an in- 
terview on the BBC-1 Panorama 
programme, went far" beyond 
her previous comments on the 
Russian danger, and the subject 
could become a live issue in a 
General Election campaign. 

Mrs. Thatcher's specific pro- 
posal was that the West should 
make far. greater use of the' very 
powerful weapons it possessed, 
particularly in the field of trade. 

She suggested that the export 
of food and technology and the 
supply of cheap credit should be 
banned if the Russians refused 
to honour their commitment to 
improve human rights, or did 
not end their political takeover 
via the Cubans in Africa. 

“We should jointly consider 
cutting some of these things off 
if Russia goes on behaving as 
she has done ... we arc not 
without cards to play and we 
must make, it clear to the 
Russians and Cubans that enough 
is enough," Mrs. Thatcher 
declared. 

It was ridiculous to see the 
Soviet Union building up arma- 
ments for attack and, at the same 
time, give the Russians food and 


technology. The atlernative to 
action was to do nothing and to 
act as a doormat. 

The West was a far wealthier 
group of nations than the Warsaw 
Pact countries, but at the moment 
it was tod frightened to do any- 
thing. What it lacked was leader- 
ship. 

In a 50-minute interview an 
aggressively confident Mrs. 
Thatcher, ranged over the whole 
field of politic* and made It dear 
she would' avoid a pact, with any 
other party aiter the General 
Election if she possibly could. 

The clear inference was that 
should the Tories be returned 
as the largest party but without 
an overall majority, . Mrs. 
Thatcher might press ahead alone 
for some motnhs until she could 
call another election, in the hope 
of securing a gerater grip on 
power. 

In particular, the Tory leader 
did not ibipk any arrangements 
with the Liberals would be 
necessary. While she could rule 
out nothing in politics she 
would he “ very unwilling ” to 
negotiate a Lib-Con pact. 

Asked if she could promise Mr. 
Edward Heath a place in her 
Cabinet. Mrs. Thatcher hedged by 
saying that the Cabinet would 
not be chosen until she had won 
the General Election' but she 
referred to Mr. Heath specifically 
in the context of the Foreign 
Secretaryship. 


finance costs following a faD in 
group borrowings, and other 


group borrowings, and outer 
positive factors include substan- 
tially higher revenues from the 
cinemas and lower losses at 
Rank Radio International This 
business is on budget with its 
recovery programme, jind is 
still discussing with the 
Japanese the future of its TV 
manufacturing operation. Trad- 
ing profits in the current half 
will get a further boost from 
the hotels and Butlin’s, where 
hookings are running ahead of 
target. 

The two weak spots are 
Audio Visual, -which is finding 
the competition too fierce to 


The news that First Boston 
and Credit Suisse White Weld 
are planning to take a stake of 
around one third in each others 
organisations makes a lot of 
sense. While First Boston prob- 
ably ranks on a par with Gold- 
man Sachs and Morgan Stanley 
in the U.S. market, its inter- 
national operations (which 
account for some 15 per cent 
of its revenues) have not been 
particularly successful to date. 

By contrast 'CSWW -has estab- 
lished itself in less than eight 
years as one of the leading 
houses in the Euromarkets. It 
is one of the top lead managers 
of Eurobond issues. However, 
the loss of its link with White 
Weld, following the latter's 
acquisition by Merrill Lynch 
earlier this year, has put it at 
a disadvantage in the U.S. 
market. Consequently, the two 
firms seem to complement each 
other and for First Boston there 
is the added bonus that it might 1 
get an injection of over $30m 
of extra capital. 


Montague L, Meyer 

E re-tax profits nf MontagplC Cii 
L. Meyer, the largest of . 

UK timher groups, have fa'iP u,} 
by nearly a tenth tn-fl3.fi-..-: 
on turnover increased hy £; 
tn £247m. This is still he- 
than the performances roana " "" 
by .International and Bam- " 
gers over the same 12 mo ’ 
period. So Meyer has heen h 
ing its own in softwn rffi . 
veries- and gained-.a fr; i 4“’ 
market share. . . £ 7.,, , . 

However, with timber^, £'^h s CC?~ 
well down because- of N . .. 
demand and currency fact- 
(Scandinavian devaluation 
not helped) the group has 
gained a significant amount- 
stock appreciation relief: he .- 
a - higher tax charge. T-' * - 
together, with the stock Ins; 
haye sliced .40- per - cent 7 

attributable profits. But un 
Hyde taxable profits are high"-'-- 
than the historic cost versi - ' 
due to a positive cost nf sa ^ ' ‘ 
adjustment. At 81p the sha.^ 1 / 
should settle at around pres- , . 

levels. , 


*dram 



i.'l ■ i • 
i". r • 1 


BISHOPSGATE 

London EC2 Facing Liverpool Street 


Brezhnev’s likely 
successor dies 


BY DAVID SATTER 


MOSCOW, July 17. 


UK TODAY 
MOSTLY dry. 

London. S.E.. SAY.. Cent. S. 
England. Channel Isles 


Mostly dry. sunny pennds Max. 

•:nc 168F1. 


E. Anglia. Midlands. E.. Cent. 
England 

Dry. sunny periods. Max 2JC 
fTOFi 

Wales, NAY, England. Isle of Man 
Perhaps some rain later. Max. 
1SC-I9C (64F-66FL 


N.E. England. Borders. Edin- 
burgh. Dundee, Aberdeen 

Mainly dry. sunny intervals 
developing. Max. 19C (6BFj. _ 

5AV. Scotland. Glasgow, 

N. Ireland 

Occasional rain, becoming dr> 
in most areas- Max. 15C |5PF). 
Central Highlands Moray Firth, 


Continued from Page 1 

I State pay 


business centres 


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London 


X'dajr 
midday I 
*C "K[ 

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V 29 S4 ' Madrid 

S *» IK MaiioJiMr. 

S ■*. SI Melbourne 
C i.'l Milan 

V -j t: ' Munin'fll 
t VO ss: Munich 

F- VO Bs .W-wuatth' 
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C IT "Hi: \rv York 
C V? T2 Oslo 
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s -i to RnkMt'i; 

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V 13 3ft SuiB^Puri- 
r 1.1 33 Sioukhnlin 
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Vilsy 
midday 
•C *F 
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XJBi NAY. Scotland. Argjll, 
Orkney. Shetland 

Occasional rain, beenming 
mainly dry* W»x. 12C-14C 154F- 

57F). 

Outlook: Mostly dry. Sunny 
period*. Occasional rain in N‘. 


HOUDAY RESORTS 


Ajaccio J> 
Algiers s 
Riarrli/ c 
RliisKpool r 
Bor'kau* ■- 
Pouluni- r 
Casbtora S 

(liitfi- Tn F 

nuOraMi:!.- S 
Faro t 

Ftati-nir S 

Functia! x 
■tibrsilsar s 
nm-rew t 
hUtlitnirl' F 
ini i>m»n F 
Is. nf Man r 

J-r.-. JT 

S— Sunn;- F 


La? Plm« 

Lhirnt 

Llikor 

Minorca 

MaUai 

Malta 

v.nroht 

N'aplyn 

Nict % 

Ni'iMia 

Opnr*n 

HI-.ih1.-5 

FaLibura 

Taost.‘P 

Tfflflnl* 

Tun« 

va;nn*-ia 

\ «iifi 


- - YUlay 
uiufiia; - 
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:• -. a m 
s -*7 >i 

f *; i.5. 
s Vh ;9 
5 v» 

-< VS M 
S :>• ‘VS> 
F SI 


S ‘1- flit 

s vi :a 
s 11 >< 


' :: q 

F H *4 
F ;7 4i 


—Fair, r— cioufy 


leave them nothing for intro- 
ducing flexibility. 

Private sector Indus triaiis is do 
not agree with this view. Some 

fear that by specifying ihe 1 
amount in be used to introduce - 
flexibility inin pay structures, the j 
: Government would be increasing 1 
the rigidity of negotiations. ; 
They would rather have bothj 
amounts added together to make 
a single figure which individual 
companies could then split. 

The confederation, therefore. 

1 Ls unlikely to back the 1 
nationalised industry chairmen j 
since its main concern is. that 1 
the new policy should he as! 
flexible as possible. The chair- 1 
•men’s ideas might- -also be' 
opposed by union leaders if it' 
meant that there would have in- 
be detailed vetting of pay deals, 
in ensure the specified amount 
v* as used for flexibility. 

On pay sanctions, the con- 
federation will be starting 
detailed negotiations on precise 
wording ir. as seems likely, the 
Government intends to continue 
with the present system. How- 
ever. it is not rlear whether the 
Government intends in spell nut 
in us White Paper precisely how 
the -ianctfons system works nr; 
whether jt wiil leave the issue 
i vague. 


SIR. FYODOR Kl/LAKOV, 

widely considered the must 
likely ei entual successor lo 

SIr._ Leonid Rrezlmei. as 
Soviet Union President, died 
today at the age or 60. the 
Tass news agency announced. 

No cause of death was given. 
Mr. Kulakov was not known, to 
have had health problems. 

Taw said he died suddently. 
HLs funeral is io be held in 
Red Square, an honour 

granted only to the Soviet's 
most prominent figures. 

Mr. Kulakov's death, besides 
creating the first Politburo 
vacancy since the removal of 
Nikolai Podgorny. the former 
Soviet President, in Slay- 1977, 
farther complicates the ques- 
tion of who will eventually 
sueceed Mr. Brezhnev. 

The official announcement 
of Mr. Kulakov’s death 
expressed ** deep sorrow ~ 
and described him as “» 
noted figure of the Communist 
Party and Soviet stale.” 

lie seems in have heroine a 
more public figure In recent 
years than either Mr. Vladimir 
ShcherhiLsky. Ukrainian party 
chief, or Mr. Grigory Romanov, 
Leningrad parly leader, the 
only two Polity ro members of 
comparable, age and strategic 
political position. 

A fall Poliburo member 
since 1971. Mr. Kulakov had 
overall responsibility For 
agricultural policy until 197S 
when bis duties appeared to 
widen. 


• TOV^i'-'iylv i.ravi-iOrf'^-VqpqV^/Y^ jf/y .(**""'* 






STO51 




Mr. Fyodor Kulakov 


He addressed the Moscow 
meeting commemorating the 
39th. anniversary of the 
October revolution in 1976, a 
singular honour for one of the 
younger Politburo members 
and^ recently received a Hero 
nf Socialist Labour award. In 
June, he was given the 
sensitive assignment of repre- 
senting the Kremlin., at the 
Yugoslav Communist Party 
congress.