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‘ • MERcaEK:'plaTi»;.between ii, c 

Anglia. Building Society and Uie 
Father Hugh Murphy, the Hastings and; Thanet are being 
Roman Catholickid- ° damX " m 

FiSS 1 h L the i J1St ” Freedom Th^S^^Jglald create the 
rigiHers, turned ap in his own country’s seventh.largest builti- 
padsh alive and well last night ing society, with issets of abou; 

He is thought to have been £1 - 2bn - Rack Page 
-kidnapped in revenge for the ' ■-- - 

abduction of RUC Constable • INDEX of mrage earning-: 
WiHiam rarhift for April; -pnWished today, jc 

• ; The priest was dragged from “Pfcted to giver, firm evidence 
his home by men who later ^ow the Governments Phase 
phoned a iocai radio station and £h r ?e pay policy-:^progressing, 
said they would return him “in 2^ ni,R J he *wt right months of 
the same condition' as the RUC p “ ase Three only 0fj’jjer cent of 
constable.'- workers have: reached agree* 


BY ROY HOOSON 

Tough new measures have been agreed between the European Commission 
and member governments of the Nine to protect the European steel industry. 
They include punitive fines to be levied on low-priced imports, and the 
impounding of suspect steel cargoes at EEC ports of entry by customs officials. 


workers nave reached agree¬ 
ment, compared-yith/SQ per cent 
in the previous, round. Back Page 


Sadat offers in the previous, round. rage 

compromise '• NATIONAL' SAVINGS invest- 

]>residf*nf Ssrfaf r,t raent declined substantially last 

fi««o s T“'eS g vSefsK 

^r a withj «* in adiu 

A protocol released last night 

of-a meeting between President ©JAPAN is plahoing emergency 
Sadat and" Mr. Shimon Peres, imports worth npoto $4bn to 
Israeli' opposition leader, says help reduce its .irate, surplus, 
that the Egyptian leader recog- i- 

nises different security considers- • LONDON MERCHANT banks 
tions for Sinai and the West hidden reservei cocld total as 
Bank. Back Page - much as 1117m.- a. leading firm 


Bank. Back Page - much as £117m. a. leading firm 

- of stockbrokers estmates. Among 

PM nutlinoc the largest holders 1 of inner 

rm vuumcb reserves, the brokers 'say, are 

election nnlir-v Sebroders. . Hambrdsr Morgan 

!T vT M ° ,Cy Grenfell and Kleinwbrt Benson. 

The Prime Minister has called Back Page and Lei#., 
on the Labour Patty to prepare 4- 

for a General Election campaign • 1NA Corporation-of the US 
on a programme of "national plans to launch a t#w. * r higblv 
harmony and economic pros- specialised universe *bank 
perity.” within the next 18 nfpnQis with 

; After defining what he saw as a capital - of some $508 l Page 29 
a Labour Government’s tasks for . 

the- I9S0s, he told a rally in- ■ 

Brecon, Wales: “ Yon can’t build CARS ' . . : l -< - 

for the 1980s oh the the theories I lf' 

Of the 1880s as Sir .Keith Joseph *VFJ-'r 

and other Tories are proposing.^ IN 6W OFuCfS ' 

BackPage 

Peruvian arrest for Chrysler 

General Leonidas Rodriguez..* UMKYSfrER UK has won 
leader of -Peru's Revolutionary importa nt/ new component 
Party, was arrested yesterday ° rders "W*. lran National, the 
after voting for the proposed con- State motor corporation of Iran, 
stituent assembly, adding weight ™ b,ch jr»I safeguard Chrysler 
to fears that the projected return Rj^ 5 - .Coventry engine 

to a democratically -- elected pIant - »• 
civilian government will prove - v 


The measures are being 
coupled with a new deal with 
the north Italiao independent 
steelmakers—the Bresciani—in 
an attempt to save the EEC 
Davignon Plan. 

introduced by Viscount 
EtieDne Da vignon, European 
Industrial Commissioner, the 
plan includes price stability and 
controlled production but daws 
have now appeared in the 
strategy. 

There is evidence of European 
steel companies breaking the 
Davignon rules by under-cutting 
recommended prices and increas¬ 
ing steel production beyond 
agreed limits. 

The new arrangements pro¬ 
posed by the EEC and backed by 
Eurofer, the club of European 
steelmakers, involve fines of up 
'o 25 per cent of the value of 
reel cargoes arriving at EEC 
ports which contravene the pric¬ 
ing rules. 

Customs officials have also 
been instructed to refer offen¬ 
ders to Brussels. 

Ships may be held for up to 
five days at ports of entry, while 
Brussels considers the validity 
oi steel cargoes. 

The EEC is undertaking to 
m,ike final decisions upon action 
against suspect steel cargoes 
within 15 days of notification. In 
the past, the Commission has 


taken up to 15 months to rule on 
doubtful cases. 

European steel makers believe 
that the Davignon Plan bas a 
fresh chance of succeeding fol¬ 
lowing deals arranged dusing the 
past week with the Si Italian 
steelmakers. 

The BresL'iani have agreed 
new limits on their trade in 
certain types of steel with 
Britain, West Germany. France 
and the Benelux countries. 

Effectively. Bresciani exports 
of bars and light sections to the 
other EEC countries will be cut 
by half. / 

A sales agency Is being set up 
by the Italian ’steemakers this 
week in Milan, to act as the 
monitoring authority for exports. 
An EEC official will be resident 
in the office. 


Sales curb 


British steel industry repre¬ 
sentatives have concluded an 
arrangement to limit tannages 
sold by the independent north 
Italian companies into the British 
market to roughly half former 
levels. 

Similar deals have been made 
by the other EEC national steel 
industries. 

If the new arrangements with 
the Bresciani stick, a major 
source of pressure upon the 


European sice! market will be 
removed. 

. .In the British market. 
Bresciani imports rose from 
virtually nothin:: in 1976 to an 
average of 6.090 tonnes a month 
jn .the soct-nd !u]f of last vear. 
They peaked ai 9.000 tonnes a 
month iwrtriii nearlv ££ra) in 
March this year. 

European steelmakers are 
optimistic that the next six 
months v. in see more business 
at prices v.hich will provide a 
more reasonable return. 

Price increa-es of 5 per cent 
from next month are being 
recommended by the EEC. 

The Britisn Steel Corporation 
and several other major pro¬ 
ducers are implementing that 
rise. 

Also, export markets for steel 
outside Eurooe are now improv¬ 
ing and stee! -hortases in certain 
product ranges are beginning to 
appear in the United States. 

Steelmakers are hopeful that 
the_Bresciani deal and improved 
export prospects will enable 
Vfscount Davignon to recom¬ 
mend a further rise in steel 
prices of up to 5 per cent in the 
autumn. 

European companies claim 
they need at least that rise if 
they are to return to profit in 
1979-80. 

Mini-mill challenge Page 27 


By Jurek Martin, 115. Editor 

WASHINGTON, June 18. 
MINISTERS representing most 
of the major industrialised 
countries began three days of 
talks here today which are 
likely lo he crucial in deter¬ 
mining whether an inter¬ 
national trade agreement can 
be reached by the Bonn econo¬ 
mic summit in a mouth's time. 

According to Mr. Robert 
Strauss, the UJS. Special Trade 
Representative, the chief aim 
of the negotiations is to nar¬ 
row the outstanding differences 
separating the parties. 

Both US. and European 
sources stress that it will not 
prove easy to resolve the most 
difficult slicking points—par¬ 
ticularly the questions of 
access for agricultural pro¬ 
ducts. subsidies paid lo domes¬ 
tic industries by national 
Governments, and ** safeguard " 
measures that might be applied 
selectively against the products 
of another country. 

The UJS. would still like to 
reach a final agreement by the 
July 15 deadline set by Mr. 
Strauss lo strengthen the 
deliberations of the seven 
Heads of Siale. plus the Euro¬ 
pean Community, who are due 
lo meet in Bonn three days 
later. 


■ !! , 


TUC seeks shorter week 
for manual workers 


Peruvian arrest 


abortive Page 2 • VAUXHALL MOTORS bas an¬ 

nounced a 3.7 per cent mid-year 
• increase, ftt prices from today. 
Belgian solution - T^4qcrease follows a 3.S per 
The Belgian political crisis w increase by Ford at the 
appeared to be near a solution beginning of the month. Page 4 
yesterday after, weekend talks *y' ‘ 

between members of tbe four#* CARS bas J°“- 

party coalition. Mr. Leo Tinde-- P^d its torn expansion of an 
mans, who threatened last week assembly track at its Acocks 
to resign as Prime Minister, said g reen P 1 ” 11 facilitate prodw* 
that the Government had now ^ on I 5P < *7? overs 
agreed on measures to .deal With S? ver 5 new ' ® eD £tP*- 

economic problems;, Page 2, * 

Editorial Comment, Page 14-'- „ TOP TEN UK motor con.: 

Wbrld Cup results SSK* S 5 T 8 

World Cup < Argentina'). Group sales in the last financial year. 
A: Italy i, Austria Op Holland 2. according to a recent survey. 
West ' Germany 2. Group B: Fage 4 
Poland 1, Peru 0-. 


BY CHRISTIAN TYLER, LABOUR EDITOR 

THE TUC is to tell the- Govern- The fact that an October 
iment that its best hope of General Election is on the cards 
restricting wage rises to less than will, according to some union 
10 per cent in the next bargain- leaders ensure that the onder- 
ing- round? is to permit a two- standing, and the wider union- 
hour cut V 1 the working week Labour alliance will be backed 
without loss of pay for manual by the annual Trades Union 
workers. Congress this September. 

. . . .> . . . . Most white-collar workers, who 

This is intended to be the haVe a 37 ^ 0UJ basic week com- 

wi tb manual workers’ 40 
Ministers and many senior union hours> will not benefit. It will be 

general secretaries oxDert to understood that people already 
reach next month before Phase working a standard 38 hours or 
Three of the incomes policy ex- | ess w m not be entitled to extra 
plies on July 31. money in lieu on top of the 

Although there will be no talk Government's/ norm.” 
of a formal Phase Four, another Although 35 hours will be the 
year of silent TUC acquiescence unions’ policy commitment, the 
in the Government’s earnings plan is to propose 38 as a first 
target is in prospect stage since that would add, on 


Government estimates, between 
25 and 3 per cent to labour 
costs compared with 8 per cent 
or more for a five-hour cut 
The TUC will argue that the 
extra cost of the concession on 
top of the Government's wage 
norm will be spread over a fairly 
long period became .shorter 
hours would not necessarily be 
taken up universally and would 
be introduced gradually. 

Ministers will be told that a 
shorter week is now a genuinely- 
felt demand among workers and 
that its granting would help curb 
expectations on the pay front. 

Furthermore, it would be h3rd 
evidencevof willingness to tackle 
unemployment in the most direct 
Continued on Back Page 


)Fenny salary 

i TBe tier. Tony 'Cleinents, direc¬ 
tor of a £100,000-3-year African 
L violets business, is to become 
I priest for his home village of 
Tiiney, Norfolk. He.will be paid 
I lp a i year.. In ^Oxford, trainee 
vicars* fjfrom Wycliffe Hall failed 
1 to-beat: the world conga- dancing 
^record: 

Briefly... 

.£ 50,000 weekly premium bond 
; prize who by bond 1PK 721350. 

The head of South AErica’s 
Bureau of State. Security has 
been refused a visa to visit the 
U.S; 

Andy North, .a 2S-year-ald Wtn- 
. cons in-born professional, is the 
new U.S. Open Champion. His 
one over par total of 285 gave 
him a one stroke advantage over 
Dave Stockton and J. C. Snead. 
-Page 12 

About 2,000 supporters of tiie 
'\ntl-Nazi League attended a 
rally in Brick Lane, East London, 
.resterdsy. 


Unions demand' 
more jobs ;f 

© TRADE UNION leaders frent 
western Europe and the ttS, 
have warned that workers witi 
stop’co-operating in. raising pr&r 
ductivity or. in rationalising 
industry unless governments art 
swiftly - to increase job opDor- 
Tunities. Page 7 / 

• SINGER, the U.S. multi¬ 
national manufacturing company, 
is to hold talks in London this 
week on the future of the com¬ 
pany’s Clydebank sewing machine, 
factory, and plans will be put 
to the 4^00 workforce on' 
Thursday. Page 4 

• VISITING foreign businessmen 
can expect to spend £53 a day In. 
London, a 15 per cent increase 
in. the past eight-months, accord¬ 
ing to a recent survey. For every. 
£100 spent in London, an raecu- 
rive - would spend £135 jq 
B russels, £117 in Zorich and £228 
in Kuwait- Page 5 


Pressure on Saudi Arabia and 
Iran to raise oil prices 


: : . Br RICHARD /OHNS 

SAUDI ARABIA and Iran are 
under heavy pressure from other 
petroleum producers to agree to 
some increase, if only a nominal 
one, in oil prices to compensate 
for "the depreciation of tbe dollar. 
: .■ This evening Sheikh Ahmed 
Zaki Yamani. Saudi Minister of 
OB, drove to the airport to meet 
Crown Prince Fahd and tonight 
he was understood to be bolding 
argent consultations with him. 

Any concession to tbe demand 
for compensation for producers’ 
losses because of the dollar’s 
decline would require the assent 
of -Grown Prince Fahd. who is 
ihe final arbiter of the kingdom’s 
petroleum policy. 

. His stop-over here, en route to 
West German, where be is pay¬ 
ing an official visit later this 
-week, was scheduled but bis 
meeting with his Oil Minister 
was more than a formal ex¬ 


change, according to Saudi 
sources. 

As the restricted meeting of 
beads of delegations broke up 
tonight Mr. AJi Jaidah. OPEC 
Secretary General, said: “We 
have discussed the dollar and 
inflation. So far we have not 
reached any conclusion. We meet 
again tomorrow." 

Tlius the conference, which 
many expected to last only until 
Saturday, will enter its third day 
with only qualified hopes of 
agreement being expressed by 
delegates. 

Before going into this after¬ 
noon's session. Dr. Mohammed 
Yeganeh, head of the Iranian 
delegation, gave the clearest 
indication of greater flexibility 
when be S3id somewhat ambi¬ 
valently that there would be no 
price rise “ relative to inflation," 


GENEVA, June 18. 

Tbe implication was that Iran 
does not rule out some upward 
adjustment to make up for the 
producers’ losses because of the 
depreciation of the dollar, the 
unit of account for oil prices. 

Earlier. Dr. Yeganeh had said 
that while there was no question 
of compensation over inflation. 
" we are ready to consider all 
proposals to protect OPEC 
revenues against the deprecia¬ 
tion of the dollar.” 

Various studies have been 
reviewed here by the Ministers, 
but the general consensus is 
that any alleviation of producers* 
losses would have to come from 
a straight percentage increase in 
oil prices rather than adjusting 
them in future according to the 
movement of a ■ basket of cur¬ 
rencies or Special Drawing 
Rights. 

Continued on Back Page 


CONTENTS OF TODAY’S ISSUE 


Overseas news '- 

World trade news ... 
Home nerts—general 
’ —labour 
Technical page.. 


Arts page . 

Leader page . 

UK companies ... 

International companies 
Foreign Exchanges . 


‘Executive’s world .11 Mining Notebook .. 

FEATURES 

Tokvo Round enmeshed in Week in the courts. 

toe prim... .14 ^ SVKVEYS 

27 “avu":::.-:::::::::" *«•. 


BPolRtncau- 

Hltdtag Noras 

Awiaemua's Diary 
ofttnetc & Tender* 
«»«rd 

/ntertatement Cnloe 
liWKiel Diary — 

mruee —-— 

*1ter* 

'.ex - 


Mes and Matters 
Parliament Diary ... 


14 ANNUAL statements 
Ifi FcraoW* Industrial « 


9 Parliament Diary ... w- 
10 anrj 3M* ^ . 


4 Spert ..-—- 

12 Today's Bwww —- 
IS TV and uadi® —* 

10 Uoji Trusts- 

» WMtfier.. .. 

2 7 World Econ- i«L ~ 


12 H»U Lloyd ... 

2T Marshalls Universal 23 

12 It hr Cmwers Assac. Z 

3 7 Hatyraod Rubber ... 5 

M INTERIM STATEMENT^ 
3 Artbar CuOwks -■ 28 

PROSPECTUS 

2 # Southend Bemnph^. M 


12 Base LcodJay Rates . 2# Sentbead B 
latest Share- Index’phone 01-246 8026 


Some Community stafiF overpaid 

BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT BRUSSELS, June IS. 

MANY of the 12.000 permanent tbeir basic salaries, they receive typical, case — a married 
staff emoloyed by the European generous marriage and family medium- level employee with 
Commission and other EEC benefits and a special allowance three children living outside his 
institutions have for the past to compensate them for work- own country — the difference is 
IS months received higher pay ing outside their own country, worth almost £85 per month- 
than they arc entitled to, because Roughly three-quarters of the The Commission has declined 
of a technical error. Commission’s 8,000 staff are ex- so far to publish complete infer- 

In some cases, the overpay- patriates. mation otr&e numbers of staff 

rnents are said to be £20 per The anomaly apparently stems an ^ 11 ? e n J2Jf “!? !vei J- ., t .. 
week from a derision, taken by the officials estimate that it 

- The error, estimated lo be Council of Ministers about 18 may amount to £5m over the 
costing the Community several months ago, to change the basis pa*t IS momhs. 
million pounds a year, became for computing salaries and allow- Because the overpayments 
known to Commission officials ances.. result from a formal decision 

and EEC governments more than The aim was to link future by the Council of Ministers, it-Is 
a year ago. but has not been rises in the net pay of EEC staff not considered possible to insist 
disclosed until now. more closely to the average that the money be refunded. 

: A nl&n to rectify It has been increase in the salaries of it has been proposed instead 
drawn up but it will probably national civil- servants of the that employees benefiting from 
be several months before this Nine. the error should forego further 

goes into effect. It became clear later, however, increases nptU the distortion is 

Officials in Brussels believe that the method chosen inflated eliminated by wage inflation, 
that it may be difficult to recoup the value of the family and ex- This compromise is due to be 
money already paid. patriation allowances paid to a formally presented to the EEC's 

Th* EEC’s permanent staff large proportion of the EEC's Staff Association this week. But 
are" among thebest-paid civil permanent staff. indications .are that it will en- 

servants in Europe. On top of In an extreme, hut not tin- counter resistance. 


Backing 


But ir that goal is not met, 
Mr. Strauss, who is acutely 
conscious of tbe fact that any 
trade pact must be acceptable 
to the U.S. Congress, may pass 
the matter to the Heads of 
Slate in Bonn for final 
resolution. 

AH the parties generally 
agree that the trade pad mass 
have political backing at the 
highest level to heighten its 
international acceptance and 
to act as a cohesive influence 
when officials bargain over the 
fine prim iaier in the year. 

Besides the three outstand¬ 
ing issues of agriculture, sub¬ 
sidies and safeguards, the 
Ministers this week will be 
discussing differences in 
customs valuations. 

They will also discuss the 
state or the steel industry- 
worldwide. including . the 
possible creation of an inter¬ 
national steel monitoring com¬ 
mittee. the use of trade 
measures for balance or pay¬ 
ments purposes and the 
demands of the developing 
countries. 

Mr. Strauss is heading the 
U.S. delegation. Mr. Wilhelm 
Haferkanipf. vice-president of 
the Commission, is represent¬ 
ing the EEC Mr. Nobuhiko 
Ushlha. Minister for External 
Economic Affairs, Japan and 
Mr. Jack Warren, Trade Co¬ 
ordinator. Canada. 

World trade talks. Page 14 


BY ADRIAN DICKS 

THE ENTIRE future of the 
European aerospace industry 
would be put at risk if Britain 
accepted tbe offer of co-operatioo 
made to it by Boeing, rather than 
joining in the loog-terra offer of 
partnership wnh Europe which 
would follow participation in the 
A 300 B10 version or the Euro¬ 
pean airbus. 

These are the considered views 
of senior West German officials 
responsible for aerospace policy, 
and they have been expressed 
emphatically by them to the 
British Government. Among the 
risks Britain would take would 
be that nf exclusion from future 
joint military aircraft pro¬ 
grammes. 

German officials are anxious 
not to make the reference to 
co-operatuin on military aircraft 
[sound like a threat to Britain. 
But they clearly feel that the 
UK cannot turn its back ou civil 
airliner co-operation and expect 
this to have no effect on the 
much larger military sphere 
where European governments 
are slowly feeling their way 
towards much more permanent 
aerospace collaboration. 

While the Germans have 
shown much understanding for 
Britain’s hi lemma over whether 
to “go Boeing” or to join the 
Europeans and have also shown 
restraint in their public com¬ 
ments. officials here leave no 
doubt of their deep concern. 

It is accepted that the Boeing 
offer nf partnership in the pro¬ 
posed 757 airliner would provide 
more jobs in Britain in the 
short term and would also give 
immediate prospects of work to 
Rolls-Royce. By contrast, there 
is now little chance that the B10 
version of the European A300 
(airbus could provide a role for 
i the British engine manufacturer. 

Equal terms 

What worries the • West 
German Government, however, is 
that too little weight is being 
given in Britain to the longer- 
term implications nf" a relation¬ 
ship with Boeinv that, it is felt 
here, would offer Britain no 
i inore than subcontractor status. 

Tbe Germans strongly contend 
that Europe has come to seem 
an attractive partner to US 
aerospace companies precisely 
because it has. with the present 
versions of the Airbus, begun 
to prove itself a successful com¬ 
petitor on the commercial as 
well as on the technical level. 

In the German view, only the 
maintenance by the European 
aerospace industry of a strong, 
independent technological base 
from which commercially viable 
projects can be launched, will 
both guarantee the future of 
what should be a growth sector 
and enable European govem- 


BONN, June IS. 

ments to deal with, the US on 
more equal terms. 

The German Government is at 
the same time anxious to avoid 
any suggestion of anti-Ameri¬ 
canism. Not only are several 
joint studies of future military 
aircraft coin:: on. but Bonn is 
encouraging the talks coing on 
between McDonnell Douglas and 
a group of European manufac¬ 
turers over co-operation in a 
proposed 190-seat medium-range 
airliner. 


Decision 


Not least, this is viewed as a 
way in which the European 
industry should be able to cir* 
cum vent the political difficulties 
of selling civil aircraft in the 
all-important U.S. market—m 
area where the German Govern¬ 
ment is especially anxious to 
stamp out protectionist tenden¬ 
cies on both sides of the Atlantic. 

British participation in the 
B10 project is the immediate 
issue. With the manufacturers 
pressing for definitive agreement 
on how work on this project is 
lo be shared, officials here speak 
of the need for a British decision 
within a few weeks. At the same 
time, the West German Govern¬ 
ment will not give a definitive 
so-abead until the manufac¬ 
turers’ consortium. Airbus Indus¬ 
trie. can provide solid proof that 
a sufficient number of indepen¬ 
dent major airline customers are 
definitely interested in buving 
tbe B10. 

Should Britain eventually de¬ 
cide not to join in the B!0 pro¬ 
ject. the West German Govern- 
mem sees little hope of going 
any further with studies for the 
two proposed joint European 
transport airliners. However, 
neither of these still largely 
hypothetical projects carries any¬ 
thing like the same industrial 
or political meaning here as the 
B10. 

Officials do not share the vi*w 
of Airbus Industrie that the 
three projects make up a single 
package, if only because it is 
realised that funds to build ail 
three will nor be available if 
Britain is not a member of tbe 
partnership. 


Shelton works 
land sale plea 

THE UNION action committee 
at Shelton Steelworks. Stoke-on- 
Trent, wants the right to sell 
the land when the plant closes 
next Friday. 

It fears that if the British 
Steel Corporation handles the 
sale, speculators will move in 
and delay the development of a 
proposed new industrial estate. 


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Financial Times 



NEWS’. 


EEC FINANCE MINISTERS MEETING 


ANOTHER GOOD YEAR FOR 
PRODUCERS 

PROGRESS TOWARDS AN 
INTERNATIONAL RUBBER 
PRICE STABILISATION SCHEME 

Mr. R. G. DAWSON ON THE 
RELATIONSHIP BETWEEN 
PRODUCERS AND CONSUMERS 


unlikely 


BRUSSELS, June IS. 


Major U.S. nickel 
Jnd chrome 
mining to go ahead 


The Annual General Meeting 
oF The Rubber Growers’ Associa¬ 
tion Limited was held on June 
16 in London. 

Mr. E. G. Dawson, O.B.E., the 
Chairman, presided and opened 
th“ proceedings by paying 
tribute to the Association's late 
Special Representative in Malay¬ 
sia Tan Sri Sir Claude Fenner, 
K.B.5.. C.M.G., Q.P.M., P.M.N.. 
D.P.M.E., and asking those 
present to stand in silence in 
his memory. 

In the course of his speech, 
Mr. Dawson said:— 

Commodity Prices and Prospects 

As a result of a combination 
of circumstances the price of 
rubber varied considerably less 
over the year under review than 
has often been the case. After 
a slow decline in a low point 
of 1S7J cents per kilo FOB at 
the end of .June 1977, there was 
a fairly rapid recovery to a high 
of "21 cents P*r kilo in Septem¬ 
ber: this peak was not, however, 
maintained and the latter pan 
of the year saw a return towards 
the June price level—giving an 
average price for the year of 
almost 203 cents per kilo which 
can be regarded as satisfactory. 
1 am happy to be able to add 
that the current year has seen 
another rise, culminating early 
this month in a figure of :NJu 
cents per kilo, the highest price 
reached since 1974. 

The decline in the price of 
Palm oil which was generally 
forecast did take place, and 
frum the high point of £386 per 
metric ton CIF reached in April 
3977, the price feJJ until it 
reached a low of only £2ii5 per 
ton in October. Nevertheless, 
the average for the year was stiii 
£301) per ton which, although 
nothing spectacular, is still con¬ 
siderably higher than was fore¬ 
cast and was not unreinunera- 
tive to efficient producers. 
During the present year, the 
price ha.- recovered somewhat 
with reconi quotations in the 
region of £330 per metric ton. 

Members of the Association 
do, oi course, grow a number of 
crons other than rubber and oil 
palm, and one which has in the 
Iasi few years come into con¬ 
siderable prominence is cocoa. 
This particular crop, although 
undoubtedly al the present lime 
more financially rewarding in 
terms of return per acre culti¬ 
vated lhan either rubber or oil 
palm, demonstrated during the 
past year the kind of volatility 
w market price which is an 
anathema to producers and con¬ 
sumers alike. In July 1977. the 
price reached an astronomical 
*3,400 per metric ton only lo 
decline by December to £1.825 
per ton—a decline which con¬ 
tinued in the early months of 
this year to reach a low point 
of £1.525 per ton. Since that 
date ihere was brief recovery 
tn almost £2.000 per ton. but 
recently the market has declined 
and latest prices arc in the region 
of £1.650 So much is history. 
Eut what of the future? I would 
not venture to express any 
opinion as to wbat might happen 
to cocoa prices. Fnr rubber, 
however, there appears to he 
ample reason lo expect that, as 
always, every pound produced 
will be sold and that the price 
at which it will be sold during 
the current year will remain at 
least at nr about its present 
level: indeed. I should not be 
surprised tn see prices move 
gradually higher. 

In respect of palm oil the out¬ 
look is less clear. There are a 
number of particular factors 
affecting this market, such as 
the considerable increase in 
refining capacity in Malaysia and 
a recrudescence of anti-palm oil 
propaganda in North America. 
However, the interchangeability 
between oils results in palm oil 
prices generally being largely- 
determined by how the total 
edible oil market behaves and 
this, in turn, depends on the 
production and crop develop¬ 
ments of very many crops in 
very many countries. With a very 
sharp rise in world edible oil 
production this year of 2.6 
million tons and prospects of a 
record U.S. soya bean crop later 
this year, we should perhaps be 
prepared to see some decline in 
palm oil prices in the fairly near 
future. In the longer terra, the 
most authoritative data available, 
i hat prepared for and by the 
FAD. suggests that there is likely 
lo be, in the next few years, a 
.surplus oF supply over demand 
in tin? world market for fats 
and oils. It seems quite certain 
that for palm oil there is no 
immediate prospect of any 
buffer stock or other inter¬ 
national agreement for control¬ 
ling world prices and I, there¬ 
fore, would expect to see natural 
market forces resulting in a 
decline in the price producers 
of oil palm products may expect 
to receive, 

international Price Stabilisation 
Schemes 

It may be appropriate, at this 
point, to L-orament in slightly 
more detail upon the develop¬ 
ments relating to International 
Price Stabilisation proposals, 
it is only in the case of natural 
rubber that discussions have 
actually reached the point of 
becoming negotiations. This satis¬ 
factory stare of affairs is due 
mainly to the fact that the 
producer nations offered a 
reasonable basis for an Agree¬ 
ment and the consumer nations 
have been prepared to build 
thereon: the Association can 
take a certain amount of credit 
also, in providing an Adviser 
to noth the UK Government 
ami to the EEC, who has 


been able io afford valuable 
liaison between the various— 
and sometimes opposing—points 
of view which have emerged. 
Nevertheless, it should be 
realised tint there is still a 
long way tu su, and a lot of 
work to be done before a viable 
Agreement js reached—and ft 
will noi bo before the end of 
the year lhat we can be sure 
that all the obstacles have been 
overcome. *'Q behalf of the 
Association l offer our good 
wishes for all those engaged in 
these delicate, but extremely 
important, negotiations. 

1 shall now comment on two 
or three issues which L believe 
to Jie of particular interest. 
Relationship between Producers 
and Consumers 

The first such issue is the 
whole question of the relation¬ 
ship between the producers and! 
the consumers of the com¬ 
modities in which we are | 
interested. Ale in hers of this Asso¬ 
ciation arc. inevitably, concerned 
with this problem as it develops 
in the conle::t of the emergence j 
of the Developing Nations and ■ 
their increased and Increasing I 
demand for wbat has been 
called a New Economic Order 
which is reflected in one sense i 
by Malaysia's own New 
Economic Policy and in another 
by ih? resrcitahle polarisation 
between the "have” and the 

have not " nations. On the one 
hand lies the entirely natural 
de-ire of producing countries to 
control completely their own 
economic resources, and on the 
other the equally natural desire 
of the co counting countries, 
which can also he the source 
of both capital and know-how. 
to make certain of obtaining the 
raw male rials they require, in 
the form (hey require, and at a 
price as low as possible. It is 
my belief that the answer must 
lie—as it so offpn does—some¬ 
where between the two extremes. 
No one. least of ail members of 
tiiis Association, would object ti> 
countries who rely on agricul¬ 
ture as the mainstay of their 
economy having control of their 
own resources: equally, it must. 

1 feel, be accepted that, in this 
market as in every other, the 
consumer and not the producer 
mast be the final arbiter as to 
ihe form and nature of the pro¬ 
duct heiny -old.- It is the task 
of the producer to be com¬ 
petitive. 

Malaysia 

This concept is extremely 
relevant to . developments to 
Malaysia, where, and quite 
rightly, the greatest emphasis 
is put upon maintenance of the 
quality of the product. The 
RRIM has earned itself a world 
wide reputation as the guardian: 
of natural rubber quality and 
the pioneer in advanced tech¬ 
niques of production and pack¬ 
aging. Malaysia is now on the 
verge of establishing a new Palm 
Oil Research Institute to do, wo 
sincerely hope, for the oil palm 
industry what the RRIM has! 
done For the rubber industry. I 
The new Institute has been set, 
up at the instigation of, and 
will be financed by, the pro¬ 
ducers: I trust that it will also 
appreciate, and be guided by. 
the basic requirement to meet: 
consumer needs. 

1 would like to take this 
opportunity of extending to 
Daluk Musa Hitain our thanks! 
for his courtesy and undersiand- j 
ins while he occupied the post 
of Minister of Primary Indus-1 
tries and our very best wishes i 
for success in his* new post as 
Minister of Education. 1 amj 
also happy to say that some 1 
members of the Council have 
already bad the pleasure of 
meeting, here in the UK, the 
new Minister of Primary Indus¬ 
tries. Datuk Taih. 1 am confi¬ 
dent that the Association's 
relationship with “ our ” Ministry 
will remain as close and as 
friendly a* it has been in the 
past—the more so as Datuk Taib 
is no newcomer but has already 
previously held the appointmenr 
as Minister and therefore is 
exceptionally well acquainted 
wilh the plantation industry's 
aspiration* and problems. 

Among those problems, shared 
by both the rubber and oil palm 
industries, is that of obtaining 
modifications to the tax struc¬ 
ture which are needed to reflect 
present-day conditions and re¬ 
move anomalies which discrimi¬ 
nate against producers. The last 
Budget did indeed provide a 
measure of relief, which it is 
hoped will he only a starting 
point for further improvements: 
in particular, the palm oil 
industry is hopeful that in the 
near future agreement can be 
reached upon how forward con¬ 
tracts for the sale of palm oil 
may be registered. 

Another major problem which 
has still to be resolved lies in 
the requirement to meet the 
Malaysian Government’s stan¬ 
dards, recently laid down, for 
limiting pollution of the environ¬ 
ment. This problem will require 
the full attention of the scien¬ 
tists of both industries if the 
very proper demands for anti¬ 
pollution measures are to be met 
without incurring expenditure 
which would make production 
unprofitable and therefore un- 
viable. 

The Chairman concluded by 
paying tribute to the work done 
by and The support he bad 
received from his colleagues on 
the Council, Committees and 
Panels of the Association and 
the Director and Staff of the 
Secretariat. 


BY GUY DE jONQUIERES, COMMON MARKET CORRESPONPENT \ strict --V - *__ 4 " 4 \ ITA ClflAQff 

FINANCE MINISTERS of the Ortoli. .the Commissioner for ^ ExchMW M? SSi?HeSev! lteiito m wage rises also seems jlBlUlll S lO §0 JWviitl 

nine Common Market countries Economic Affairs, will merely the Exchequer, Mr Denis uew , q dampen d ^ mand J “ ° 

bold their last meeting before report on the outcome of private is rep ^ t ^. to n be C ° t J efJa . Much of tomorrow’s discus- polSKY '■ - 

next month’s Bremen and Bonn talks which he has held JiLJ , " nC ^. 1 f nn 0f “Zib? sions are likely to focus on ANTHONY POiSKY . .. ... 

summits in Luxembourg to- EEC governments during * he S°P t a ^- a £‘S? IZJnmmA to technical proposals for possible - .. - ' . **,-„*. 

morrow, amid indications that past few weeks. The Ministers hSui P SJt Gemaw EECcmrencyarrangements.The ^ftT, development of Van- la World War II by the US. 

they are unlikely to reach any may then draw up a statement regain hopeful that Germany * t ftat Mr. Healey will c0U A» r virtually completed Government ... .. . 

major new decisions on the on the general desirability’ of J|U decide ^ Already to discuss the proposals £, a |f r J^uisitions of mining Documents of intent have been: 

shape of a possible EEC attaining hi&oer growth rates lo Simulative measures aier some detail bul W U wish to d ^e Oregon-Cali- gWed by Mr. Caster, and Mr. 

economic recovery package. be submitted to the Council of summer. governments hear the German Governments foi * a which will allow; Jac t .white,' the president of 

The European Commission has Foreign Ministers when ihe> “tod however to views before declaring Ins own immediate develop inter-American. . The- trahsac- 

already decided to drop earlier make the final preparations tor appeared poised, however io * m5t of hiree nickel, chrome and « ton involving .ta* transfer ■ nf 

plans to recommend specific the Bremen summit later 1D1S SE,?' decentintroduction * Before the ministers will be] ce Sg t • deposits, Mr. William 370,000 NiSal shares to Inter¬ 
national growth targets for each Month. rl S fiscal mea- a report by the EEC monetary Cafter. the president said American,- will be completed by 

of the Nine’s economies. This The continued reluctance o£ of more restrictive njcai 1 * suggesting options rhTflretmlc of JhlT. -. . 

Follows the failure by Ministers Germany and some other E EC sures in Britain, for currency arrangements. The f fievekmment could .signifi--. . .. ,» 

of the 24 member countries of governments to enter into any budget-cutting moves ] n Belgium urren ^ i0 the wake ^ tlv vJJdress U S dependence , Upgrading eariier Pr°^ti°ns, 

the Organisation for Economic firm commitments to stimulate and the Netherlands, point to * nf^he EEC “summit” last April, Q?^nortT of these minerals. Carter d ‘ 
lco-operation and Development to their economies is clearly dis- generally more deflationary of ^jSch Chancellor Helmut P??vear cost about Slbn. Pered to build possib^r&ree^iiot 

agree on any growth commit- appointing to Britain, which had stance. v, Shmidt argued strongly for an Slims of Inter- two, metallurgical plants, each of 

menu when they met in Paris previously hoped that a greater While Jrench Goveroment currency ^^^ N ickei a private cbm- which would be capable of pro-’ 

!last week. measure of consensus would be Is trying to boost business invest- EEC initiative m ^enean Nickel a 1 cessing 5,000 tons of ore a day.. 

I Instead, M. Franeois-Xavier reached on this score by now. ment by freeing price controls, fie . Saneial interests have almost. The cost of eacb plant would be 


Soviet Union sharply attacks 
Carter, Brzezinski statements 


BY ROGER BOYES 


Fukuda 
calls for 
promise on 
protection 


THE SOVIET UNION has issued was violating “what was ante detente with unconcealed attacks ; UrUlvvllUll - 
one of its sharpest and most called the code of detente.- on the Soviet Union. 

detailed attacks on President ramnaiEQ Wis ascribed as MR- TAKEO FUKUDA. the 

Jimmy Carter’s foreign policy, . obsessed with the Soviet “disastrous for mutual confi- Japanese Prime Minister, said 

hswrjs is “WSA* » AgJfts SSSSS/S 


ssrst^J 3 rtss." 3 i 5 ja- 

■SgSrWi-jr* 

ITr SI'S 

i^ Der «m^brom“ S of cobalt annually.,He «fcul«ed 
L'lS LT 4.0 lbs of cobalt that reserves are suffiaem to 
rou naav. .. three plants working profit- 

■Cal has claims in the same ably 
and Mr- Carter said bis Construction could start late 
Company had acquired essenti- not. year.:or in. IJ80 .a^a^ site 
r ally all the raining rights to one near Crescent City. Ni-Cal. has 
of the largest laterltic nickel already had negptlations with 
depbsits in the world. He added interested. Federal and State 
that the deposits had been mined: regulatory agencies,. 

Pay deal at Daily News 


BY STEWART FLEMING 


. NEW YORK, June 18. 


It came in ainSiRii! n- : twarij Africa, especially in would b s a successif it could| ^ threat of a citrwideTrf the News- when ; the strike 

5.500-word editorial published in ^ me ese 0 / e P i?“ slid. Zaire. Russia and Cuba have juke■» : n^pa^strike eased yesterday began. .-The agreement that has 

all cf the main Soviet newspapers .- Soviet m S . confrontation and repeatedly denied involvement Reuter rc^ ^/nfembers 0 f the Newspaper been readied Is expected to pro- 

at the weekend, including the etfen b e t(er , war-that ?i the in the Zaire fighting. f Fufcuda^rald a new J Guild of New York, representing ride for an ayeriee wage in- 

Loramunist Party organ Pravda. cherised drearo of Peking' Although uiuugned- iin Mn Fuknda told a craft worke r S as well as some crease of; 5 per cent a year 

I The attack had two principal Mr. Carter, said the editorial. London said the editonal bore cmftareoredut nosntanfjvtf office staff, reached^ new con- through the three^ear contract, 

targets: President Carter’s recent had confused rather than clan- the c * e ^ *|"P™ nln 0 r f « n JS: meetteS tract agreement with The New x.arger increases are Jikeiy to go 

academy 3 outlining policy by^aSSuvA^SaS- ^^°if d ° r t C Q n b^close^to "the tiS^larlS cAulatten in Sd 

tioVby'Mrirgomw Breezi'S fftly^dT^ta “iftfioSTS Sid' Soviet Pmtet. gjj , j £ a ewre? ^The^Sement ended a ^ e ^^^ G w U j continue at 

swharafffss SisSSr 1 “ 1 

last month, that the Soviet Union tioued asnrances of loyally to level ,be ^emUD. f ft u expected to net a pattern "Zy alSmsaSby ae union in 

Instructors for Zaire! 

CHINA HAS sent miliuiy New York Times and Mr'. Rup.ert Jffew^mpioyeei SImilariy any 
instructors to help train Zaitt$ Murdoch’s New York PosL concessions by the onion writ be 
navy. Renter reports fraM The Times and the Post had.:'ceded. .to the Daily News 
Kinshasa. Quoting diptoma&e' issued new work rules in^support 'management " 


Expenditure Compromise on Belgian S 5 E 3 B 3 - 
cut of 15 % Budget deficit measures SSsSaSf 1 

~ BY OUR OWN CORRESPONDENT BRUSSELS. June IS. {JiKa^th'* Zairean*'offidfc. 

lor Greece the: POLITICAL crisis set uff by that they would be submitted to driver 

jut Jttsrw: s ss e e^ »“** w «■ r 

^eM^toT^ KSU 1 *-, WR-pa Somali leaders tod ; 

IS? y S ,Z^ B * ^.at,lt Fr fn C ^S!uSn? SmC^ 


[tensive consultations m Barre of Somalia is abouf to. 

members, of the appear to have produced a com- western Europe and is 

four-party coalition proinise concernina demands hy d start with ^ n -„. 

iL - M. Tindemans and hts^ial ^ ^ 


By Our Own Correspondent Bririura^ast Thureday^pearpd posals for greater regional , j 

to S weiiTntt“^toT-p“ Snr t Kiemish and Somali leaders tod 

ATHENS. June IS. tion this evening after a week- French-speaking President Mohamed - 9ad 

A crpiFS nf measures to end of intensive consultations In addition, the: aiscussmns { Somalia is about to 

v S? Baht between members of the appear to have producedla com- vl5ll \ vestero Europe an A » 

stabilise the economy and fight country . s f our . par ty coalition promise eoncerains demands b expected to start with Ann 

inflation have been announced Governmen L - M Tindemans and his Socwl ,ravelling to London anff 

by the .Greek Government. Mr m. Tinderaans said this after Christian Parly that tbe Govent- R|)m( , Neuter .reports frqm 

Constantine Mitsotakis. Co- noon that he was .satisfied that ment b * * r e ari t 'f ,poisSte the Mogadishu. The visits are 

ordination Minister, said in- solutions bad been founcI to.special u J?et bv dec ee seen as part of his 

Hation now running at about differences 10 the Government i> cnc 1e ‘ , shift from Soviet influ.nce 

tz «aVw«° n L a »u ra h„ t tss; ~ ^—r° n 

t "u' cc 

last year’s level of 12.b per cenL ? be nallona i Budget morrow./ If they- are accepted. Rebuff For S. Ajhca’ 

Mr. Mitsotakis said the while he did not disclose the M. Tindenians is expectea to Genera| Hendrick vin den 

Government was setting the exact measures agreed, he said withdraw bis offer to resign. Bergh. the retiring head of 

example by reducing overall _,he South African Govern- 

Budget expenditure this year by . _ _ ment’s Bureau of State Security 

tbe public investments budget Sithole against Left-wing leader 


before travelling to Loudon an^ 
Rome. Reuter .reports frqnij. 
Mogadishu. The visits are 
seen as part of his toi»*r.v's. 
shift from Soviet infli/«nce 
towards an accommodation 
with the West. / 


Mr. wmsoiaiua me wnue ne oio noi uisuuse t 

Government was setting the exact measures agreed, he said withdraw his offer to resign, 
example by reducing overall ___ 


Budget expenditure this year by 
15 to 20 per cent and slashing 
the public investments budget 
by 10 per cent. 

The cost of public utilities, 
water, electricity, telecommuni¬ 
cations and urban transport, 
would be frozen until the end 
of the year. 

To help channel deposits back 
to banks, interest rales on 


Sithole against 
reopening 
political issues 


held during 
Peruvian voting 


lisa to visit the Quentin 
Peel reports from .Johannes¬ 
burg. Quoting Rapport, (he 
Afrikaans Sunday newspaper, 
he says that no reason has 
been given. 


By Our Own Correspondent 
SALISBURY. June IS. 


By Hugh 0*Shaughnessy neen 5i» en - 

LiMA. June IS 41 ,. ^ 

A SHADOW was cast over AllJ3flC£ COflllJlUeS 
national elections_ today when ^ F „_ npmocmt 


io oanK*. uneini . .— -- mauQnai eiecuons »uuay wueu| ^ F Democrat Party 

deposits are increased by be- RHODESIA’S Transitional C.ov- General Leonidas Rodriguez, an «FDPt in the «rtate of Hesse has 
iween 2.5 and 3 per cent Basic ernmem would nol exchange the important figure of the Peruvian favS SSflaS 

interest rates on simple savings inleroal sett ] ement for the Ic «, was arrested as he was Lltence with the SocSl Dem^ 
deposits with commercial banks Anglo-.American plan for all; leaving a polling station this “T , S pA, jon^San Care 
will go up to a maximumi of 10.5 part j. talks, the Rev. Xdabaningi morning after voting for the ‘ rt f" om ' Rnn n The vote is 
per cent., and fixed term deptwite si,h ole said in an interview planned constituent assembly. a P ^? t or? S? Herr Haw 
will go up to 11 and 12.5 per cent published here today. General Rodriguez, leader of mrfrirh Glensrher a*. TOP 

depending on the period for ^ Sithole, wbo is a member the Revolutionary Party (PSR'h ^airman and Foreign Minister, 
which they are deposited. 0 f ^ four-man Executive and formerly a close collaborator He y eare d tha t i j the TOP 

Interest on bank credits is in- Council, was commenting on the in the radical Government of the retrea t ed from dear support of 
creased by 1 per cent and rates suggestion by Dr. David Owen, late General Juan Velasco, has yj e aft e - xecent electoral 
on long-term loans thus go up ibe British Foreign Secretary, been in hiding sioce his deporta- f-ethiicks It could lose ail 
to 12 per cent per annum. In- ^ all-parly conference tion was ordered last month by -rpdihiiitv with the voters at 

terest on short-term lending for including the Patriotic Front the Government of General the state elections in October, 
working capital is increased to guerrilla alliance, could take Francisco Morales Bermudez. i - - — 

between 15.5 and JS per cent pj 3ce next month. The PSR says that the arrest 

Interest on export loans remains Mr Sithole said the council of General Rodriguez, who is 
unchanged at 9.5 per cent. was no t prepared to set aside expected to be deported soon. 

Bank of Greece rediscount the settlement to accommodate has demonstrated the defective 

rate is raised from 11 per cent to Mr. Josbua Nkomo and Mr. nature of today's poll. 

14 per cent. To encourage in- Robert Mugabe, tbe externally- General Morales has called the 
dividuais to invest in the capital based leaders of the Patriotic elections for a 100-man con- MMjHmmflfl 

market, the Government has in- Front. stituent assembly which would 

creased the tax-free limit on dtvl- “.As far as we are concerned, prepare a new constitution and HHHH 

dends received from company the political problems have been the hand-over of power to a 
shares from drachmas 60.000 resolved. We still cannot see civilian Government in general 
(SI 666) to drachmas 90.000 that any good purpose can be elections to be held in 1980. 

1 ($2*500; per recipient investor served by the talks, if these are With the Peruvian economy 
and from drachmas 15,000 (S41R) {"tended to reopen issues that passing through a severe crisis 
to drachmas 25.000 ($694) per have already been resolved by and the International Monetary 
navine-out company tb ® Sal!Rbur y agreement" Fund likely to demand very 

v y F . . . The Rhodesian military com- severe deflationary- policies in 

The measures also include a mand reported the death of negotiations due to start nest 
decrease in company tax rates nine black civilians, including a month, it is widely believed in 
by 2 to 6 per cent for those tribal chief, through guerrilla economic circles here that the 
companies which increase their action. Six guerrillas and one opening towards democratic 
share capital through the Stock ■•collaborator" were killed. An government will be difficult if 
iExchange. elderly white couple were killed not impossible. 

A free interbank money on their farm. 55 miles from It is widely expected that the jm m m 

market is to be created to adapt Bulawayo, by guerrillas wbo also programme for a return to 

the Greek banking system to killed a black employee and civilian rule bv 19S0 is unlikely ■■■I B H 99 

EEC conditions. burned buildings. to be fulfilled B a^BB flfl flfl 


IphiupsI Nfls. _t00.000.000,- • 

L#r\] 6 % bearer Notes of 1972 

C3? due 1976/1979 • • 

"• * Of . ’ ■ 

N.V. PHILIPS’ GLOEILAMPEN- 
FABRIEKEN 

Eindhoven - 

THIRD ANNUAL REDEMPTION 

INSTALMENT 

— 

. '. v • (Redemption Gtoup Nos. 2 and 3 . 

- having fallen-due before) 

•Notes belonging to Redemption Group No. 1, 

\ ’ 'will be redeemed on andafler 

•, AUGUST 1,1978 

■ in a6cordance with drawing effected 
'• ort June 5,1978 pursuant to die 

\ Tams and Conditioiis. ■.* 

v -V ; E»y&i'Agente:- •• 

Amsterdam-Rottodam Bank N.V. 

. Pierson, Heldring & Pierson N.V. 
Alg^neneBanftNederiairiN.Y.. 
ijank Mees & Hope NV 
1 .inAmsthdam 
\ . and\ 

Bantpie (^enerale da Ltotemboiir^ SA. 

\ in Luxembourg 

- Notes belonging to.Redemplion Group No. 4 . 
will be redeemed on and ait^r August 1,1979. 

June 19,1978 \ 


PH I UPS 

CITY OF 
I 




for the 


Franjieh ultimatum to Phalange 



BY IHSAN HIJAZI 

MR. SLnUEIiVLAN FRANJIEH, 
the former President of Lebanon, 
stiil mourning the death of his 
eldest son Tony at the hands of 
rival Christian militiad, has 
served an ultimatum on members 
of the Phalange Party in northern 
Lebanon to quit the party or 
leave the area altogether, and 
thereby increased the chances of 
further clashes. 

He set the end of this month 
as the final deadline for them 
to make up their minds, promis¬ 
ing that no barm would come 
to them before then. So Mr. 
Franjleh's warning was read out 
today at church services in vil¬ 
lages and towns in the north. 

Mr. Tony Franjieh, his wife 
and their baby daughter were 
killed along with 30 others In 
an attack by militias of the 
Phalange Party against the town 
of Ihden. about SO miles north¬ 
east of here last Wednesday. 

The former President served 
the ultimatum on Saturday when 


representatives and priests from 
54 villages in the north called on 
him at his hometown of Zghortit, 
not far from Ihden, to extend 
their condolences. 

In his angry remarks, which 
were on the fmnt page of most 
newspapers here today, Mr. Fran¬ 
jieh described the Phalange 
Party as “ evil " and a " microbe 
which is seeking to sow discord " 
among the people of tbe north. 

The ultimatum was interpreted 
by observers as indicating lhat 
the huut for the Phalangists in 
the north will begin when the 
deadline expires. 

As many as 50 people, all 
Christians, have been killed 
already in vendetta attacks in 
the wake of Tony Franjiehs 
murder. Several hundred people 
have fled their villages and have 
taken refuse at the mountain 
resort of Miryatah where Mr. 
Rnshid Karami. a former Prime 
Minister, who recently reached a 
reconciliation with the former 


BEIRUT, June 18. 

President, has bis summer resi¬ 
dence. 

They called on Mr. Karami, a 
prominent Moslem leader, to 
intercede with Mr. Franjieh on 
their behalf. 

The Franjiehs and the majority 
of the Phalange Party members 
belong to the Maronite com¬ 
munity, the largest Christian 
denomination in Lebanon. 

Reuter adds: About 700 men 
belong to mainly-christian 
militias in south Lebanon have 
said they will shoot any members 
of the UN force who attempt to 
take over positions evacuated by 
Israeli troops last week. 

A UN spokesman said he was 
confident that the UN force could 
overcome the problem without 
resorting tu arms. 


F>v»rm fmtrs. puntisfieii tin fit eicm sun- 
■luw anti hrrfiduii. U.S. suhwipl ion S JIM 111 I 
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Bonuses which wiJJ 

your original invesl 
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Tax Liability 
As with all 

important factor an 
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■ Ask your insur: 
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. Sentry House, 56 LeadenhaU 



















Fjiiandal Times Monday: Jose *19 1978 


WORLD TRADE NEWS 


Australia hopes to raise 
iron ore exports to China 



BY JOW* HOFFMANN 

THE LIKELIHOOD of significant 
new sales .of Australian iron ore 
to-China.is;very strong, accord¬ 
ing to Australian officials in 
Peking. - The forecast was made 
on the eve of the arrival of an 
Australian Government spon¬ 
sored iron and steel mission for 
a three-week; visit 

Members ,of the mission, due 
in Peking late tonight represent 
most of Australia's major iron 
ore miners and- steel producers. 

High hopes for further iron 
and steel sales to China emerged 
several, weeks ago during:a visit 
by the Australian Minister for 
Industry and Commerce, . Mr.- 
Lynch. 

He was assured in talks with 
metallurgical and'trade officials 
that China would need greater 
quantities of imported 1 iron, ore 


to support- its plan to increase 
annual- steel production from 
25m tonnes to 60m tonnes by 
1985. 

In the 1977 calendar -year 
Australia- sold to China about 
3m tonnes of ore worth more 
than S30m. ; r The Australian 
Minister. for Trade.and Resources 
-iold Parliament recently that 
this figure was expected to be 
4zn tonnes Jh- 3978. / 

In Peking .this weekend the 

Australian Amhassadbri Mr. C. G. 
Woodard, sold Chizresc impons 
of iron, steel - apd ; ore wen* 
already at' their highest levels. 

Australia will .he in a 
secure . position to. . press for 
further orders’.“for iron and 
finished Steel as well as iron ore. 
China is building ten new steel 
plants as part of Its modernisa- 


PEKLNG. June IB. 

tion and industrialisation pro¬ 
gramme, but its demand for 
finished and special steels will 
lag behind production for some 
years. 

Already Australia counts as 
one of China's most important 
sources of iron ore. China has 
vast resources of its own but of 
a low grade, but high-grade Aus¬ 
tralian ore, with its iron content 
Of about 60 per cent, has been 
mixed with local ore to upgrade 
it. 

The proportion of Australian 
ore going into the furnaces is 
believed to be betweeu 10 and 
20 per cent. These figures sug¬ 
gest a potential demand for at 
least 10m tonnes a year of high- 
grade imported ore when China 
reaches its annual production 
goal of 60m tonnes. 


Greece seeks Arab investment 


BY OUR OWN CORRESPONDENT 


MORE than 100 leading Arab 
bankers and investors, lawyers 
and economists are expected' to 
participate in the first Greek- 
Arab investment meeting 
fGAIM) to he-held in Athens 
next week. 

- The purpose of the meeting, 
which is under the auspices of 
Mr. Constantine Mitsotakis, the 
Greek. Minister of. Co-ordination, 
is to explain to Arab participants 
the opportunities that Greece 
offers to Arab investors in the 
various sectors of the Greek 
economy and also to point out 
the favourable investment con¬ 
ditions. and incentives .available. 

Prof, loannis Georgakis, Greek 
Ambassador at large for the 
Arab countries and chairman of 
the Hellenic Chamber . for 


Development and . Economic 
Co-opera lion with . the Arab 
Countries (CDC) - which is 
organising the meeting, said that 
economic profiles -of. about 70 
specific investment ^projects .in 
Greece will be presented to the 
Arab participants. 

These projects • represented 
investments totalling some $2bn. 
They include several, projects by 
Government-con trolled .agencies 
such as the SMOju.. petro¬ 
chemicals complex jrianned by 
the Hellenic Industrial and 
Miniog Investment Company. 

Professor Georgakis-sold the 
largest number of the projects 
were ip industry,'-including 
alumina and asbestos plants, but 
there were also some.interesting 
projects in tourism, agriculture 


ATHENS, June 18. 

(in the processing of fruits and 
"•egetabiesj as well as in 
snipping. 

Mr. Walter Buchhoiz, director 
general of the CDC, said the 
organisers' aim was to act us 
matchmaker between Greek com¬ 
panies socking Arab capital 
either through equity participa¬ 
tion or through loans and 
potential Arab investors partici¬ 
pating in the meeting. 

Mr. Buchbolz said the Arab 
participants who have confirmed 
th>.-y will attend the GAIM come 
frr>m ail of the major oil-produc¬ 
ing Arab countries and particu¬ 
larly from Saudi Arabia, Kuwait, 
Bahrain and Egypt There were 
a bo participants from the United 
Arab Emirates, Jordan, Syria, 
Lebanon, Oman and Libya. 


Fraser gets 
support in 
SE Asia 

By Wong Sulong 
KUALA LUMPUR, June 18. 
AUSTRALIA'S TRIKE Minis¬ 
ter, Mr. Malcolm Fraser, who 
has been vtsillng the U.S. and 
Europe for the past two weeks 
pressing for a belter deal for 
Australia in the current 
multinational Trade Negotia¬ 
tions in Geneva, today won the 
support or Malaysia and Singa¬ 
pore, 

Mr. Fraser and Singapore's 
Prime Minister Mr, Lee Kuan 
Yew flew into Kuala Lumpur 
today and held three hours 
of talks with their Malaysian 
counter-part. Datuk Hussein 
Onn. mainlv on the state of 
international economic nego¬ 
tiations 

The three premiers, at a 
joint news conference, said 
they had agreed to hold close 
consultations and adont a com¬ 
mon approach at the HITN 
talks. 


dutch contractors 



BY CHARLES BATCHELOR IN AMSTERDAM 


Contract s 


- DJB Engineering has received and managing consUmctitm of a 
an order worth S2.8m. for 12 110-km long highway .section 
D550 articulated dump trucks, between A1 Mafraq and Tarif, 
The order has been placed by in Saudi Arabia. Italconsult, a 
one of DJBV Texas dealers construction group subsidiary of 
Mustang Tractor and Equipment Montedison, said the project in- 
Company, Houston, which has volved the first section of a 
sold the trucks to Brown and longer highway reaching the in- 
Root in the U.S. The D550s dustrial area of RuwafS. 
which have a capacity of 55 tons ICI ^jj pro< j uce a niJ> market 
are for use on a major construe- systems for rig id an d; ; fl.exible 
J^ojeet .... ... polyurethanes in Yugoslavia 

of C ^E E “?s ^if 1 * Toronto ™ fiSAK 

£!? a major Yugoslavian/fiemical 


had ordered two aircraft flight ^^uTacWcr loraterinWia- 
s MitthW 1 MeSs Hercogovina. and Inter-Sports, 

revived ah S oS?rlor” v^bydrS 2£!' s agent in Yu»slav^ I tankers for storage, 

gen generate fJr the loyal gggg" ' JSF*' ^ ™°°' The ' move desigDed 

wiii^bc usL ysjpaasaf aS m 

to the British Army in .1977 arid has been won b/tbe chjThoist 
delivery should be completed division of Herbert Mortis, fror 
within 
borne 

ultra-p...v --- - — . „ 

the inflation of balloons used to 10 tons capacity. These are 
with artillery meteorological required far erection and mam- 
S ystems. . tenance duties on power lines 

Italconsult of Italy has and pow^r stations throughout 
received a contract for projecting the count 



SHIPPING REPORT 

Japan may 
soon use 
tankers for 
storage 


By Lynton McLain, Industrial Staff 

AGREEMENT WAS almost 
reached last week between the 
Japanese Congress and tanker 
owners on the use of super- 


World Economic Indicators 


TRADE STATI 


isyfcs 


UK £bn. 


US. $bn. 


Exports 

Imports 

Balance 


Exports 
Imports. 
Balance- 
Exports 
Imports 
Balance 
H. Germany Dmbn. Exports 
Imports 


'ranee Frsbn. 


taly Lire bn. 


(oiiand FlsJbru 


■pan $bn. 




Ighim BPrsiin. 


Balance. 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 


May 78 

April 78 

March 78 

2.877 

/ 3.000 

2.829 

3.046 

- 2.777 

3.108 

-0.169 

+0323 

-0379 

April 78 . March 78 

Feb. 78 

11.600 

10.900 

9.922 

14.500 

13.700 

14.439 

—2.900 

-2300 

-4317 

29.426 

31.133 

23311 

28.734 

29.941 

28347 

4-0.692 

+1.192 

+0.064 

23.9 

24.6 

21.4 

20.6 

20A 

1B.7 

+33 

+43 

+2.7 

3324 

3-502 

3.051 

r 3313 

3.702 

. 3.133 

+0311 

-0300 

-0.032 

March 78 

Feb. 78 

' Jan. 78 

9.423 

8362 

9317 

9358 

8.886 

9365 

-0.135 

-0324 

—0348 

Feb. 78 

Jan. *78 

Dec 77 

7360 

5380 

8.449 

4.930 

5305 

5.774 

+2330 

+0375 

+2.675 

Jan. 78 

Dec. 77 

Nov. 77 

11L545 

120.476 

107.778 

T 18.210 

117.995 

120357 

—6.665 

+2.481 

-12.479 


May 77 
2.616 
2.860 
—-0.244 
April 77 
9.970 
12.593 
-2.623 
26.596 
27.462 
- 0.866 

21.9 

18.9 
+3.0 
3.146 
3.646 

-0.500 
March 77 
9.610 
10.111 
— 0.501 

Feb. T7 
5.773 
4.738 
4- 1.035 
Jan. 77 
99.689 
111.738 
-12.099 


Under the 
provisions of the 
GmnmgActl968 
a licence has 
been granted for 

THERTTZ 
CASINO 
atTheRitzHotel, 
Piccadilly,. 
LondonWl 
opening 
28th June,1978. 

Members only. 


to 

•remove excess capacity from 
Japanese, oil tanker fleets in un 
attempt \o improve cargo rates 
for Qwne 

Tanker owners are to be asked 
to tender 'an the early part of 
July, with the first 10 very large 
crude carries lifting their car 
goes in September. The follow¬ 
ing 10 suggested in the proposals 
for storage \may then enter 
storage in October. Hire for 
storage would \be at a rate of 
Y4Q0 per deadweight ton. 

In the Gulf, 4?-5m dwt tons are 
now idle or expected to be dc 
commissioned. Brokers said last 
week the figure was now 
approaching a record high. 

The volume of tanker tonnage 
heading for the scrapyards 
slowed last week, as a result 
Of .the bottleneck in yards in 
Taiwan, where vessels w’ere 
queueing-up to enter harbour. 
Scrap' jprices have declined and 
brokers are not optimistic of an 
early solution to the bottleneck 

; Rates for oil tankers chartered 
from. the Gulf remained un¬ 
changed last week. Worldscale 
16.75 was the best that was 
reported for ultra large crude 
carriers and Worldscale 20 for 
VDCCs. The use of smaller ships 
has not materially altered with 
110,000-ton cargoes moving to 
Quebec at Worldscale 40. 

- Dubai has been the only 
market to hold up with cargoes 
covered for Eastern and Western 
destinations. A 110.000-tou vessel 
was fixed at Worldscale 42J for 
a" voyage to the West, and it 
52,000-ion cargo was moved to 
Japan at Worldscale 571 
..■Inquiries from the Mediter¬ 
ranean were slightly more abun¬ 
dant. Ships did not find it too 
difficult to obtain cargoes Iasi 
week. The main destination was. 
the“ U.S. Cargoes for West 
African loadings have been 
scarce,, with few fixtures 
reported 

Most of the U.S. bound cargu 
charters came from New York 
Galbraith Wrightson. London 
brokers, said that conditions on 
the London market picked-up on 
Friday, but there was no hope 
that-;-the conditions would con¬ 
tinue an upward recovery in 
chart er'rates. 

On the sale and purchase 
markets, prices for bulk carriers 
hardened towards the end of last 
week: The best example quoted 
by London brokers was the 
reported sale of the British flag 
bulk • carrier, “ Gunard Cham¬ 
pion” 24,646 dwt, built in 
1973. This was sold for 
US&L4m. compared with the 
price for a sister ship last month 
of $Llxn. 

On the dry cargo market, rates 
have eased, although not across 
all vessel sizes. In the Atlantic, 
a 60,000 cargo of grain was fixed 
fixed for a voyage from the Gulf 
to Europe at $6.75,75c down from 
peak levels. Rates were slightly 
better in the Far East. 


Cranes for Taiwan 

Contracts valued at $6m for 
manufacture and erection of four 
dockside container handling 
cranes have been won by Canron 
of. Montreal. Robert Glbbens re¬ 
ports. The cranes are destined 
for; Kaohsinng, Taiwan’s largest 
port,, and will replace others 
destroyed in a typhoon last year. 
The contracts are due for com¬ 
pletion this year. 


Morocco to 
cut imports 

By Our Own Correspondent 
RABAT. .Tune IS. 
THE DECISION by King Hassan 
of Morocco taken early this 
month to slash imports by 20 
per cent in the next three years, 
takes effect tomorrow when 
restrictions are imposed on ihe 
import of some 500 products half 
of which will be simply banned 
Prohibited impons now in 
elude u variety of Foodstuffs 
confectionery, household appli 
ances, clothing, papers, cars 
motorcycles and cycles. Many 
of these items arc made or 
assembled in Morocco. Others 
(notably foods! are considered 
luxuries. 

• The Export Credits Guarantee 
Department has agreed to 
guarantee the repayment and 
funding of a Slam line of credit 
to be made available by Samuel 
Montagu, acting on its own be¬ 
half and for Lloyds Bank Inter¬ 
national and Lazard Brothers, to 
Banque Marocaine du Com¬ 
merce Exterieur of Morocco 
(BMCE). 


DUTCH CONSTRUCTION com¬ 
panies have started to look 
beyond the Middle East for new 
market opportunities. Many 
major building contracts still 
have several years to run to 
completion and the largest one 
yet, worth about Kt Hibn tS4.5bn) 

for a umvcrsiiv complex at 
Riyadh in Saudi Arabia, has still 
to be awarded. But aft--'?- only a 
few years of hucric activity as the 
oil states spent their newly- 
acquired wealth, the Dutch have 
begun to search for new oppor¬ 
tunities. 

These He in ihc development 
of new geographical areas and 
equipment and techniques to 
handle new ta=ks. Deep sea min¬ 
ing and dredging win be one of 
the growth area* k( the next 10 
years if the investment activities 
of Holland's building companies 
are anyth ini; to *o by. 

The Mid'lie E.ist boom years 
were a period of strong growth 
fur companies such as Hol- 
lundsche Beron. whose turnover 
rose from FI 11.n tS450mT to 
FI 2.44bn i_Sl.l:<nt in the five 
years to 19n. while Srevin re¬ 
corded an increase from FI S91m 
to Ft I.79bn. By 1077 these two 
companies wer>: •;chirring about 
60 per cent of Ufnaver outside 
Holland, much of it in the 
countries around the Gulf. Bos 
Kalis Weslr.ilrsiivr made 70 per 
cent of its turnover abroad. 

The value of individual orders 
increased. A FI lbn ord:-r to 
dredge an ir. iucrLl harbour at 
•Tubail was non !.v Stevin. Bos 
Kalis and Zanvn Verstoer. This 
was topped if. .. FI 1.4hn order 
nlaccd with O-mm for 32 tower 
hlocks ai ' Dammam. Saudi 
Arabia, wh’.le Ballast-Nedam 
broke all records ’.'.sih a FI 4.7bn 
order for a number of townships 
in Saudi Arabia. 

Isolated largo orders rr.av still 
be won but th* boom period is 
clearly over and governments 
are seeking _n increasing share 
nf local participation. Witn the 
notable exvepimn of Saudi 
Arabia and th.;- United Arab 
Emirates many Middle East 
countries habeen forced to 
put a brake r.n spending. Com¬ 
petition from countries "such as 


South Korea. Taiwan, Greece, 
and Jugoslavia has reduced 
margins. Executives of the 
Dutch construction companies 
admit they cannot compete with 
the prices quoted by many of 
these countries whose workers 
are often prepared to accept 
st mi .military discipline in their 
work camps. Dutch employees 
have higher than average expec¬ 
tations When it comes to home 
leave and salaries. 

The Dutch contractors are. 
therefore, resigned to seeing the 
less complex projects go to the 
less sophisticated companies 
often from newly developing 
countries. Where managerial 
skills, technology and the logis¬ 
tics are more demanding, how¬ 
ever, the Dutch feel they still 


management of the. completed 
contract instead of simply being 
called in lo carry out the 
engineering work. 

Ogem sees projects like tbis as 
the export of management know¬ 
how. Part of the attractiveness 
of Dutch contractors to Middle 
East customers i s their ability to 
arrange the back-up services 
needed to carry out these pro¬ 
jects. Ogem has its own trans¬ 
port division but turned to the 
largest Dutch shipping line, 
Nedlloyd. to arrange the trans¬ 
port of many components to Rot¬ 
terdam by road and barge and 
then to Dammam by sea-going 
vessel. Shortly after signing its 
FI 4.7bn contract to construct 
townships m Saudi Arabia. 
Ballast-Nedain appointed the 


DUTCH CONSTRUCTION GROUPS IN 1977 (Guilders) 
Turnover K,- “- n ~ J 


Net profit Order book 


Holtandsche 

Bcton Group 

2-44 

48.6 

3.4 

Stevin Groep 

1.79 

31.3 

23 

Bos Kalis Westminster 

132 

44.9 

2.5 

Ballast-Nedam 

1.2! 

17.6 

53 

Adriaan Volker 

1.01 

40.1 

13 


have a big role to play. Ogem, 
which uni ike the other Dutch 
contractors is primarily a trading 
group, with only 14 per cent_ of 
iLj 1977 turnover of FI 3.5bn 
coming from its building activi¬ 
ties. cites the Dammam order as 
a case in point. Jo what the 
company describes as the largest 
ooeration of its kind since D-Day. 
it has arranged the shipment of 
640.000 tonnes of concrete 
elements from Europe to the 
Middle East. 

Seven specially modified bulk 
carriers are engaged in a con¬ 
stant shuttle over IS months to 
get the components to lha build¬ 
ing site to meet the tight con¬ 
struction schedule. Contracts like 
this not only require the ship¬ 
ment of bulk items—Ogem also 
has to watch over the details and 
ensure there are pencils in the 
desks. 

Stevin also wants to extend 
its role in projects of this kind 
and hones to ne involved from 
the design stage through to the 


shipping company PHS Van 
Ommeren ns forwarding agent to 
handle its transport problems. 

Adriaan Volker, a sizeable con¬ 
tractor v.-hich until recently was 
a non-quoted company, 
announced earlier this month 
that it is studying the possible 
integration of some of its activi¬ 
ties with another Dutch company, 
HVA. HVA has interests in con¬ 
sultancy, manacement. engineer¬ 
ing and contracting in the agro¬ 
industrial sector. 

Stevin hopes to find more work 
in North aod South America now 
rhat the Middle East boom is 
past its peak. Despite the poten¬ 
tial market in the U.S.. Dutch 
contractors fee) they have been 
unfairly excluded by restrictions 
placed on the activities of foreign 
companies. They have responded 
by going into joint ventures with 
U.S. companies. Bos Kaiis has 
taken 25 per cent stake, the 
maximum allowed by the U.S.. 
in a joint venture, called Zapata 
Westminster Dredging Inc. with 


Zapata Corporation. It hopes to 
build a fleet of dredging vessels 
it can use in U.S. waters Ballast- 
Nedam has a 25 per cent stake 
in the North American Trailing 
Company, Ballast is also build¬ 
ing up its operations in selected 
African countries such as Egypt 
and Nigeria and in South 
America. Adriaan Volker has also 
turned to the U.S. and has a 25 
per cent stake in Eagle Dredging. 
Together with the U.S. Dredging 
Company C. F. Bean. 

The development of new 
equipment opens up new markets 
for the contractors. Their favour¬ 
able level of profits mean financ¬ 
ing is not a major problem. 
Stevin recently placed an order 
for a semi-subinersible self- 
elevating eurter-dredger which 

will cost FIs 200m. It will be 

built at a Dutch yard and is due 
for delivery in September 1979. 
Stevin sees tbis as the first _ of 
a new generation of sea-going 
dredgers which can work in wave 
heights of 3 to 4 metres. 

The eight-leased dredger can 
reach to deaths of 32 metres and 
will be able to tackle hard soil 
conditions, its applications are 
in sea-mining, pipe-line trench 
makins and harbour excavation 
on inaccessible coasts. Adriaan 
Volker. too has high hones of 
a new technique which it has 
develnped for covering pipelines 
on the sea-hed. 

Bos Kalis is a partner in a 
combined venture with Lockheed 
Missiles and Space. Amoco 
Minerals and the Royal Dutch 
Shell subsidiary Billiton Inter¬ 
national Metals. To mine man¬ 
ganese nodules in the Pacific. 
Ocean Minerals expects to start 
deep-sea mining in an area 
between the Bay of California 
and Hawaii in the mid-1980s. 

Despite the fact that much of 
present day Holland owes its 
existence to the precursors nf 
these construction groups, oppor¬ 
tunities at home remain iuntied. 
The slow-down in ponulartion 
growth and increased concern for 
the environment have led to 
shelving of several amhitious 
land-reclamation plans so the 
Dutch will probablv remain a 
permanent feature on the inter¬ 
national contracting scene. 



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111 1-JrZW ') Wi I« 



Multi-Trust Fund S.A. 

SooeiC' Anonynie 
Lu\ifinhi«uri!.3". rue Nouc-Danic 
R.C. Luxembourg n* 


H-iiceis hereby given ihai ih»: 

Annual General Meeting 

ib,-. c. iinpanv will he held sil the offices of live Kredieitank S.A. luxcmboui^ 
■■L,ive. 4? Boule% Jt d b*il. LuKinbours-ViUu. or. TttWtiy 4 July W7S ai 
j.ijO p m. 


Agenda ■ t „ 

j. Receipt of the reports of the Board of Director, and of the Statutory 

* Approval ol the Balance Sheet and Profit and Loss siaiCOtiM 35 at March 
.Hm. J97S. 

3. Pavment .if a dividend. 

4 . T- ' tramfer to legal resen e the amount required . 

f-. Discharge of Directors and of xbc SttUircny ra 

n. Receipt of and action on nommauon lor election 01 Utrectois and LDl 
S tatutory Auditors. 

7. Any other business. , .._ 

A Member entitled to attend and vote at the above mavr appoint a 

pmxy to attend and vote 00 his behalf and such proxy need not be a Member of 
the Company. 

By order ol the Board of Director, 


Bank of Ireland 
Capital Stock 


Change from Inscribed 
to Deed Form 


OrbisaS.A. 


Sot title Anonyme 

Hcadoffice: Luxembourg. 37. rue Notrc-Dame 
Trade Register: Lu.xembi.vury a " B - n> 


Notice nf Meeting 

\kwi. Shareholders ore hereby eonseiied to an end the Malutory General 
Meeting » hich is going i» be held on June ?nih. H .X ji l?.I c ' ,;K:fc * die head- 
‘-ITicc. wiih the (■.•Hi.wing agenda: 

Agenda 

l. Submission >J the reports»-f the Board ol Direeu-rs and ol the Suiuinry 
Auditor. , ,, 

: Apprv* ilof ihc tuLmcc %lw<ri. ihv prulu and low »u>«. a m«m and alkuMKMi 

(he resul’v as .*1 AJar^h 3tM. I‘I7S. 

Discharge ■'! the Direel, t. and SlutUlTv Audu -r. 

a. Receipt of and aei ion. 11 iv-minaiion fur elect lon-'f the .Statutory Auditor 

for a n-« *ialuhuy lerni. 

5. Mi ^ellaiie. iuv 


At the Annual General Court 
of Proprietors held on 6th 
July, 1977, a resolution was 
passed amending the Bye- 
Laws oF the BaDk to permit 
the change in form o£ transfer 
and registration of Capital 
Stock from Inscribed to Deed 
Form and for the issue of 
Capital Stock Certificates. 


The Bank is now implement¬ 
ing this decision and as and 
from 26th June. 1978 Capital 
Stock of the Bank will be 
transferable by ordinary 
Stock Transfer Form. 


Certificates will be issued to 
all holders of Capital Stock 
whose* names appear on the 
Register at close of business 
on the 23rd June. 1978. These 
Certificates will be posted to 
Stockholders within four 
weeks of that date. 


fho Board of Directors 


Any enquiries about the new 
procedure may be directed to 
the Registration Manager, 
Bank of Ireland. 34 College 
Green, Dublin 2. 


UNIl.,Jl N.V. 

7»„ £.Nu •- HKc. tnENL't 
SUB-S'iAF.ci l. Jtt. i.< 
NEOcKLA KC. H . i • -.A , »E- 
EN IHj.l,. • .....I* 

Full hall VlJ... <;. •*., >Jf%. 

Ol 3.S-U ‘FI 0 4li »v —> N. 
and k.-.- -■ -■ ■ 

H.Hl.i. .If .,..1 k: .. 

3 Juiv :*/!,. ■ or.-, .. 

ncr.u; CLi.i.iuiIVa in*.-* «-■- ■ »•-— - * 

Ilhlm’J lutdil .AilidDlk (Jill - - v 
IhC lullO-'i*^ hdt..^ Hlu ■ * 'v 

an unt**»id> i"»S> %c ■«. 

CcrU.tCil L*. j Atlich ricCQ nOt Dr. iOOJ«.ii 

wi:rt :r.c toiin 

Micn-jud Bj. 11. Limited, New Issue 
□eiartineni. Manner House. 
P«?G*S Street. London EC IN 4 DA 

Norttic. n Sank Lii-nied. 2. Waring 
Sex cut deii.ivl £.1 ’ -Et 

Allura.-Irish Sant.. Limned. Srcun- 
t i. j Di-oariniL-nl. 3 4. Foil”- 
Place. Dumin 2 

Clvccsnei? bank LinuKo. ZO. 51 
Vincent Place. CIjiwv 

|rom which L<*nts lu'i^r d'.lailS o‘ 
the olnccnus ma, he oe,:airico on and 
alter jO Jure. lora. 

EJCCHA'iOES er Ncdamuu'l Cenih- 
coles or o, minai Shaies ..nee auo»c. 
able lor Cxr:,MJtji ol tur.-i'io cl J, 'ri 
Vice versa Jf'tl he SUE-PENDly F kuM 
-3 Jure 19?e. io 23 June. I97d 
both (j.vscn i.uijii, 

CertmcaKK «•>!' only i.u .vcci-o'.cd 
lei cchame alr-r 2^ . June. 197 5 
co'ided iliat an oivioer.oi oeclJiva 
pnor to 'hat ditr n,v». ; Bien clumcd. 
H V. NtOER' ANDSCH 
A DM I NIST RAT IE- EN 
TRUSTKANTOOR 

Lonricn T.-'-liln. OltlCO. 

Unlleve' House. 

Biacnuara. 

London EC4P a CO 

7-, PREFERENCE DUTCH 
CERTIFICATES OF FL 1.000 
AHD FL. 100 

The dividend mill be paid on and 
attar Z July. 1978. .rjjs/nit Surrender 
ol Coupon No be Coupon* mav be 
encashed through Midland Bank 
Limned at the above address or 
through one Ol the oaving agents in 
mu Netherlands. Coupon* encashed 
through Midland Banl L,m<ted iirom 
which (utter detail* ol the dividend 
mav he obtained, must he ii'-tcd on 
a special lorm obtainable horn the 
B*ni which comvlns a dccliratlon 
mat the certlhcates to which the 
esuaons relate do noi belong to a 
resident or *he NeUier-landS. 

16 June. 197B. 


Naticc to Hj'Jers ol European 
OcobSitjr* Receipts iEDR *i In 


MITSUI & CO. LTD* TOKYO 

Inc SENE'! Al MEETINti Ol share- 
raUer* c* MiCJi i Co. Ltd., will be 
►eld on JUNE 50 197B. 

AGENDA 

<i ApargsiH ol me Financial State- 
rre-,^ an; *v oroooscj aoDropria- 

.;(! S' O-Oh’. Ipr the 53th Business 

Term ir-am A sril 1. 1977 to March 

01 1570). 

J. LI'.-CJI' :i 15 Directors 

3i £:ert.on ui l Auditor 

j. F. "le’-i.Vion jf gracuides to retir. 

i’n Di"■•:;-* ?no Auditor. 

5-SiC»“d:a. ?•' ol conoorence monev 

1st , * Qiijirar*. 

Ful: :t<: a> N.st'ce i* available at 
Ci.'haii^ N a . London.i 

S i'c1«. v-i eho want to e*ercise 
• r r ng r 7>-» n»,i St pcDOf'l their 
enr'-'t* vs no: later than jure 26. 
I i ii an, 3- the 'oMbwing. 

Cl-"->: Bank ol Tokyo 

B-i' r- in: Branches m 

Am,:,, am bruSMis 

Frv-.'nr: S-issciror! 

M.i.sn Horq Kong 

Par.* icn-on 

Milan 
Paris 

Citliranl .B'"i -jn»i> A 
Citibank iii.iwnbo-jrgi S A. 
Kreoietbanir $.A. Luzern bout geo-sc 
—Luxembourg 

Logc'hor with instruction* indicating 
the war tne shares DC voted or allow¬ 
ing Citibank, n a. to give a rfistre. 
nonarv proxy to a oerson designated 
br ir.p Compsnr. 

CSSI O-nec. 

Citibank. N A.. 

London. 

jun- 15 i*tra 


REPUBLIC OF ECUADOR 
OUTSTANDING EXTERNAL DEBT 


EUROPEAN DEPOSITARY RECEIPTS 
REPRF s £hrnNG COMMON STOCK OF 
HONDA MOTOR CO. LTD. 

A eislr.bution ol *0.199 oCr oeoosltarv 
share less any applicable taxes will be 
oaraDlv on and alier June 12. >973 
uoan Dr«.sentat'0n ol coupon no. J at 
(he adieu* ol any ol the following 
depositaries: 


MORGAN GUAPANTY TRUST CY 
OF NEW YORK; 

—New Yor.. IS. Broan Slree: 

.ADR Sect.oni 

—Brussels, 35. avenue oca Arts 


GUAYAQUIL & QUITO RAILWAY jo., , 
I Formerly 5", & b-. M » DOlLAH BONDS 1 
REPUBLIC DF ECUADOR 2‘*«« 
.Formerly A%J CONDORES BONDS 
Oder* by the Government o: the Republic , 
3( Ecuador m reao«t ol :hc adove bands | 
were published on Uieir behalf by tne j 
Council o» Foreign Bondholders in the 
Financial Times of 7th June. 1978. 

Bondholders wishing to accept the olfers - 
ill respect ol ASSENTED c,r UN ASSENTED j 
BONOS should apply through an Authorised ' 
, Depositary who may obtain BOND LODG- I 
I ME NT lorms irom: 

; WILLIAMS & GLYN'S SANK LIMITED. | 
: international Banking Div.sion 

Customer Services Dept.. 

S-SO Groat Tower Street. 

London EC3R 5DH. 


PERSONAL 


—Loncon. 33. Lombard Street 

Amount payable alter deduction Ol 15% 
Japanese a* 3 1*9 


Amount Datable alter deduction ol 20°, 
Ub.i-.ese -a> o.i 


1 All coupons up to and inclusive of " No. 
50 ’ arc £0 he lodged m (he normal , 
manner on the appropriate form. Anyone 
ttolfaing " Certificates o' Deposit" Issued 
by the Council Qi Foreign Bondholders 
ould arrange for those certificates to . 
,e lorwardca so Williams & Glyn's Bank 
••n a Bond Lodgment form. 


MOTOR CARS 


w 


LEGAL NOTICES 


Nu ooit-ii r>i pra 

In Il,r IIH1H ntn'ICT I.IK JV.STJCE 
Gliaih.ci-y Ur. im'jiI Coniiianie* Court. In 
Ihc Mailer III XU-P-.K PACK.TGImG 
;.1.TTi:ilJ ",L.s CO. J.I.MJTED jnrl in U>c 
Mailer of The Comcuimcs An, 19LS. 

iii.iTICii IS HEREBY GIVEN, ihal a 
Keuiivw fnr Ujo WTndfiL; up nf llw sibuvc- 
iij nieii Cuinwiiv by the Hi^li Cnurl ol 
Jilmilv! was. l-ti the 9ili dav of June 18TS. 
jjiYsemed in ihe snid Court by Oli.VKER 
HATS LIMITED, lvhose rviusTered office 
i* at Southall tMiddc.i m Graaier 
London, a ..reditor. and that lh« said 
Hi-iuian Is duvt-ioU io be board hefor..- ilk 
kuun sin in-- ;■! uic Royal Couns ol 
JiNiw. Rirard UiaJud. WC2A 2LL. on the 
Jhfh d.iy nl July lirs>. aad any civdlior or 
conirrliuioi >■ n| ilie sanJ Company 
desiroie. lu suppori or oppose Uw itiaFlru: 
«J an Hraer nn Die said Peiitlou i»uv 
.-il'Pear ai uie Mine of heiirim;. in perv.n 
nr bv til* conn Sul. fur Thai puriiosc: 
anil a i*,jiv of Uie Pt-iiiion will lie ITir- 
msltc-d h> ihc undersigned io any creduor 
nr inntnhuiorv ol llie said Coiniuiny 
r..ouiruii such cop*- on pavnii-ni of the 
r.vuJjied Ouree i.vr the same. 

I. E. BARING &■ CO.. 

71. Chaiicen Lane. 

I.nndon. TVCTA JAA. 

Kef: JAIL 

Soheiiors for Hie l*elilii‘ners 
rjUTE—Vny person who Intends in 
anieur mi die l:eanne nl Uie said J-'etiumi 
ii)ii*i serve on. or send by post (u. rite 
:ibii*o-uained notice m vnunu of Ins 
imeniiun so io do The nonce mast Mate 
ilie uaiiie and addresx iif the person, ur. 
if a Jinn, the uaiue aiKf address of ihe 
ilnn and must be siuned bv the person 
ur linn, or Ins or ihelr solicitor fif anyi 
and »ru*i be serred. or. If posted, must 
be sent tfl.' post in sufficient lime In 
reach lire above-named not later I bun 
fii'ir o'clock In Uie afternoon ol. the 
Tih dav of July 1979. 


No. iJUir-W ul J9R5 

>11 Ihe H10H CU'JRT OF JUSTICE 
Chancery Division i>niipanies Court. In 
Uie Mailer of FERTH'SCA LIMITED and 
in ihe UaLier of Hie Ccunpames Act. 

I IS«. 

X'lTICE 15 HEREBY GIVEN, dial a 
Peiiimn for Uie Wmdiiia up of ilie above- 
named Company bv ilie Hiiih Court of 
.luslice was oil Ihe Isi rljy of June 107S. 
presenied to the ^ild Court by 
TRICOTAGE INDUSTRIE!, MODERNE. 
wlmse regtstered office «s sioiale ul 9. 
Rue do la Pals, iSOlC Paris. France, a 
Company incorporaied under the laws of 
Kranoe, Cl whim; Manufacturers, and tlui 
the ha Id Petition is directed U> be heard 
before the Court sunn? at ihe Roval 
I Courts of Justice, Strand, London- WCJA 
2LL, on the 3rd dny of .lul; 1979. and 
any creditor or roninbutory of ihe said 
Company desirous io suppurt or oppose 
Ihe making of an Order on the said 
Petition may appear at Ilie lime nf 
, hejrinc. in person or by his counsel, 
for ihai borpose. and a copy uf ihe 
PeiHlQii will iw lurrnJied hy the under- 
msiiM m any rreduor or comnbutnrv 
nf (lie said Cmnftany rtv|innn« *ucli copy 
no pwnieni ol 'he ref,mated charge for 

die .same. 

CAWPBEU HOnpER i 

AUSTIN WRIGHT. 

13. Jenm n Si reel. 

London. SIl'IV nLT. 

Kef: GSJ.PMH-. 

Tel: 01-774 7451. 

SoJicJInrs for the Foul inner. 

NOTE—^Anv |H>rsi*n who mie'uls in 
appear nn Ihe heorlm: ur the said Petition 
must serve on. nr send hv pn*i in. the 
abnyo-nanied notice in wriiioK nf his | 
intention so lo do The nonce must stale 
the name and address of tho person, or, 
if a Unit, the name and address of Ihe 
firm and must be turned In* the person 
or arm. or his or their solicitor ilf anyi 
and must he served, or. if posted, must 
be seut by post in sufficient time to; 
reach the above-named not taler than 1 
fntn- o'clock In Ci** afternoon of the 
30th dar of June 197S 


IJU MercfCY7-Eenz Dealer: 

OCLOVER LEAF CARS 
280E W123 1977. Med red. 
bamboo cloth, auto. tinted, 
radio <9,250 

230 1976. Topaz brown, 

bamboo we. xuto. pas. radio. 
25.000 miles £4,250 

Taecten&Cay-c! Ja:c-r. 
COrnAM:02S6Tli:W 4 


PORSCHE 3.3 TURBO 


MAY 1978 REG. 

Grand Prije white. White leather. 
Racaro's E.S.R. Air coni.. L.S.D. 
Left hand drive. Offers 

RING CHRIS HARRIS ON 
GERRARDS CROSS 88221 


ART GALLERIES 


HOME NEWS 


Top component groups 
earn 8% profit margin 


er to disclose 


• • 


plan for 


BY TtRRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 

s £S?1 irDUNH ,..■ ••• • ■. 

i- .« W «N 7 • 

2551“luirS traTSteh are to this rule, however, making a charges or sipho^ng off-profiW Br^ce Millan, Secretary'for Scot- Singer’s total amt sales. 

Ill public,' quoted concerns, margin of 11.6 per cent on sales through JJ* P™*? naren^eocJ lai » i - m future of the com- Last November Singer called 
earned better profits on average in the year to the end.of 1976. Imports f ™ m I .^ ie hp P a ffecte d bv Play's -Clydebank sewing' for i n the workforce of,a 
than the leading private compo- Jordans rates Michelms per- pany might.also - \ m^tiiDe factory in Scotland- _ fifth, -or more than. UjpO jabSilfl 

neat manufacturers These bad fonnance, which embraces a foreign exch^nge- proposals will be put to lie improve productivity- _ 
in average SSSffi-"^ per Jump .in profits front £3m to w ^ Sof^abcmt^^bshavebfeeu 

"&y ,110 cm far better than ft ““Ti 5S|'"l^f/spen. tbe « W ' 

'bSSSSJSJSSL. »• “Of i “bociatec 

them owned by u.S.-hased the leading foreign-owned com- Next 'jas ‘ en «ine 1 fSTurlnp requirements across Mlhl(ra ^ .. .. . 

groups. ponent company m the L»K. eenng. the Pr^JgJ 0 r fits 8 J i tie world, to combat the threat Mr. Gregor MeKMTie, Minister 

According to the Jordans Cummins, another foreign- parts producer, with profits oi. Japanese . at the Scottish CIBce,; »od.Mr. 

figures, the lop ten in this group based concern, manufacturing £3-m lareer orivaie! > “ Clydebank’s role in our plans Tmn McNally, represent ug-the 

earned a margin of only 0.7 per diesel engines, also has a sound Among - fle la T r P had'% now clear” said Mr. Larry Prime Minister, will also be,at 
cent, on sales. record. In 19(6 it earned profits f/' c,d f Jcer % ^,^ 0 ^. i I 1 nrofits of'Mihlon, a senior executive at the London meeung -with 

Tfic poor performances of the of £SJm at a margin on sales the best re^ta- with profits or £ New York .. '-..Singer. - - ' " 

foreign-based companies may be of 11.S per cent £I ?J5™ af oSl •« ' • ** 

partly explained by the pre- By contrast General Motors cen. on a Vunv\*r oi B*m.- ----:-:——— --* • - • 

ponderance of tire in an ufac- reported profits of only £3^m covering a l.-mooth trading ^ 

turers in the sample. Tyre and a margin of 2.7 per cent, period. j ^ 


J. F. M. Kudd. 

Secretory 


STANLEY ELECTRIC CO. LTD. 
NOTICE TO HOLDERS OF EUROPEAN 
DEPOSITARY RECEIPTS »*• EORs ' • 
EVIDENCING SHARES OF COMMON 
STOCK OF THE ABOVE-NAMED 
COMPANY. 

THE CHASE MANHATTAN BANK. 
N.A. as Dcaasitar* Micbv givwi nout*; 
fhac the 73rd OrMiurv General 
Meeting qi Shjrchaiacrs will be held at 
ID 00 a.m.. Tokvo lime OH Wednesday 
June 28th. 1978 at Meguro-iu 

Kdkaieo. 45-It. 2-Cltanfic. Nalama.I.i 
Meguro-ku. TokYO Japan. 

Detail* o' Ihc Agenda *>e as 
lanov/5:— . _ __ 


luiium.'— 

■It Approval pi Baunce as 

ol Marta 31. 1973 any ol the 
BuSkv^s Popott. ProTt aoj 
Loss Statement arid orooosed 
aooroorutlan ot orohl 'or the 
7 3rd Business Tern,. -Aurli 1. 
1977 ;o MjiCT 31 197*1. 

mi Elec:>on ot li»e 
• ml Revision ol r.neclori salaries 
and remuneration. 

Cao.cs ol the Balance Sheet and 
Ihc otnei' Reports and Statements arc 
j.a,ladle Irom the Depositary, at its 
oKIcc at Wooigate House. Coleman 
Street. London EC2P 2HD 

Anv EDR nolocr who wishes to 
instruct the Depositary as to tn* 
exercise Ol Its Voting Rights through 
the Depositary m respect ol Item ■ u> 
al the Agenda should comply with 
the instructions contained within 
Condition 12 ol tne EDRa br not 
later tnan June 23m. 1 ?7B In this 
case it w.ll not be necessary to lofgq 
ihe relative EDRs or any couoon 
octachco thercirom. 


THE CHASE MANHATTAN BANK. NA 

i_on>.0" as JeoosiLan, 


HELP SAVE OUR EX-SERVICEMEN 
FROM FURTHER SUFFERING 
Wars ntht up uoul Northern Ireland 
fodar mean mat hundreds ol thousands 
of war victims still exist. Es-service¬ 
men. trhtawi. orphans dcspcmely 
□ee.l homes. Jobs. loud, fuel and oilier 
essentials Ihe annual Puppy At'P'.-M 
alone cannot possibly pay for. Please 
send donaucits to. 

The Royal British Legion, 
Maidstone. Kent, ME20 7NX 


EXHIBITIONS 


PLANT AND MACHINERY 


I CLUBS 


under instructions tram 

ATKINSON - HOLLAND 

due to completion of contract, 

SEPTEMBER 12fii & 13tft 1973 

at Warburtan. Vic. Australia 


10 Baldwin 1 2 ton diesel locorpotives 

8 Baldwin S'> ion diesel locomotives 
5 40ft. rail cars. 3 fan line cars 

19 Flat cars. 4 rail cars 

47 Moore side tipping muck cars 1 cu. yd- 

9 Concrete agitator cars 8 cu. yd- 
2 eimco40H muckers 

All above to suit 30 inch rad guage 
Cat. genera ting equip, pump;-, cable 
4 Gardner Denver 900 mobile compressors 
19 Tunnel transformers 1 BOkV A — 1000kV A 
2 f avco double drum winches 
2 Daxo Mark If A Road Headers 
1 Robins tunnel boring machine 13' dia. 

1 Shaft sinking |umbo 28’ dia. 

Illustrated brochure will be mailed on request. 
F.R. STRANGE PTY. LTD.. 
Aucrroneers Sydney (02) 669 6055 
614 Botany Road. Alexandria. 2015 
N.S.W. Australia. 


VauxhaU increases 


VAUXHALL has become Ihe 
second of (he big four ILK. 
car manufacturers to announce 
a mid-year price increase, wiih 
a 3.7 per cent rise effective 
from today. 

It follows Ford, which 
raised its prices hy 3.S per 
cent at (he beginning of (he 
month, writes Terry Doris- 
worth. 

Both companies last put up 
their prices at the turn of (ho 
year anil are therefore (ail¬ 
ing inlo line with the declared 
policy of (he industry to try 


lo keep increases to twice- 
yearly Intervals. 

Their decision will clearly 
put pressure on Lcyiand and 
Chrysler lo announce simitar 
increases. 

The mamifaclurers have 
been responding to quiet politi¬ 
cal pressure, first exerted last 
autumn, (o moderate- prices. 

Until then, the car price 
index had been rising more 
rapidly than the general index 
for consumer goods, and there 
was a possibility of an investi¬ 
gation hy ihe Price Commission. 

The judgment of the manu- 


French hovercraft 
test postponed 


facturers is that the new round » IC3I UU3LUU1IVU 

of rises will be moderate, . i ; 

on ^IrSnt^g! FINANCIAL T.KES REPORTER . > 

rate of sales growth. Ford, in' 1 . VV ,• 

particular, has long waiting- THIS FREjXCH national railway was due to entersemce between 
lists in any case. y authority has called-off the first Dover and Calais/Boolngne,. In 

Examples of the New Vans- test passenger flight of . the March but was^-reported to be 
hall n rices are: Che veil e E ; Corinn* Mfinn bo«ert*raft Dianned _ 


hail prices are: Cbeyette B? S edam N500 hovercraft plained 5 ^- ^ ^ iiTAsril when its 

two-door saloon £2J>41 (old fnr todav. . 

price £2.232); CheveLte GL British Rail said yesterday on ^ ow was daxoaged .after hittins 

hatchback £2,758 (£2^52); Vit a behaIf of the SocdOt^ Nationaie waves lO fdet lpgh.-: _ " 

1300 GLS /our-door saloon j^ es Cbemins de Fer that It- has since: hefen-. 


iouv ujuj ivui-uuvi oAiwuH | CDenuns oc r er mat It- has since' btsen . repaired 
£3,123 (£2,975); Cavalier 160% - administrative difficulties” had and toe-craft was to enter ser- 
L ._ two-door saloon £3.154 ( d( ,i av -H commercial certification, vice , on Jo/y 5, .the day after 


i delayed commercial certification, vice .on JoJy .S, the iday after 
^ £o»0^2 nctil j une 21. • British Raid’s new puiposohuHt 

(£4.792). 1 - - • — 


New assembly track 
for Rover engine 


Datsun car 
prices rise 
5% today 


Sedam has suffered s .series West Terminal opensjat Dover, 
of mishaps with its N500 craft. Earlier,:-there bad- been dis- 
tbe first French hovercraft' raptiora Co,-'the--TW00 -training 
designed: for cross-Qiahnel. progrannne,. Ihe^^French pilots 
service- ' . - were 'reported J to>have been Jess 

In May last year the first of - than -oihfidsnt, about flying the 
two craft was destroyed In:. a'U^: craft', into the existing 
shipyard fire. The second- draft- .eastors-docks at Dover. .. : 


LEYLAND CARS has completed which will sive Rover a well- Rnanda j Times Reporter 

one of the key elements in its proven engine for both, its car . „ „. IM Iin 

plan to expand production <•! the and four-wheel drive ranges. DATSUN CAR pneeai will ,0 up 

Land-Rover and Ranee Rover in particular, this will allow an ,f' era | e p 

with the introduction of a new output of the Range Rover. da >- although stocks of vehicles 

1 . . ~ « « re. _..._j _« u.. . . a rPhdv in ricsnlArc* chnuTrmms 


Dock board to consider 
voluntary redundancies 


wun me tnirooucuon ot a new uuiput ur luc- naiise ivuver. --- ■ —, . ■ -r .1 m/v #1 n m vi ai AO 

assembly track for the Rover VS powered only by the V 8 ai al . r .® a J y *" VQi 11 llL jlFV/lTdlllTlClflOCICS 

engine, writes Terry Dodswurih. presenL to be expanded to meet vvl51 be sold at e sis tin prices. ▼ VllUlwttay. **. 

Capacity on the new line, built high rate of demand The increases come after: the LIVERPOOL’S ’ Dock. Labour Mersey Docks and Harbour Com- 

at the Acocks Green clam, head- Improvement in engine output hardening of the yen against a . , f - fnrtav 375 pany employees, 

quarters of the Rover engine and will now be followed by further sterling in recent months, which, D ^ara - , . The work force cut is due to 

transmission a roup, will he investment in the assembly lines has increased importers' prices, voluntary redunaanaes at the decline in world shipping 
about 110.000 units a year on .1 at Rover's Solihull plant. Examples of new prices! are: port, after approval of a National consequent over-manning at 

douhie shift basis. This is about Total output of Land-Rovers Cherry-Fll 100A two-door saloon Dock Labour Board, application the docks, 

twice the capability, of Ihv old and Range Rovers is now run- £2.190 *i«p £103); Sunny J20Y 0O Friday.'- - ” 1 - : Last year, the Mersey Docks 

lln T e - , J L , „„ ning at about 50.000 units a year, four-door saloon ^-5S4 Jap. Dock workers with 25 years’ aqd Harbour Company provided 

Ley land has injected E3m but the group intends to increase £102): Biuebird 180B estate ^^5 c (uild 'get. up to £7^50 £I.4m.-iqfalI-ha(^;ipfiyio men 

worth of new investment into this to more than 100.000 £3.497 (up £164); Laurel Six in severance- pay;. Most of' the sent home because of lack of, 

Aciirks flt'Fpn for the evoansinn vehicles in the nevt few cair.nn W34? fun V 94 R*. ; Jnluill Via • imnnfT mArlr 


Lcyiand has injected £3m but the group intends to inere: 
worth of new investment into this to more than 100.1 
Acucks Green for the expansion, vehicles in the next few vears. 


saloon £-L 347 (up £246 ).. | redundancies wiil be among work. 


HOME CONTRACTS 


t 


*. < 1 . 


jLive-span 

viaduct 

ordered 


\ 


\ V 


Williams & Glvn’s 


B 52. T i IC S rON - GALLERY — WATER¬ 
COLOUR SKETCHES BY CHAR LES 
ROWBOTHAM .<1858-19211. Until 30 “ 
June. Mcw.-Fn. 9.30-5.50. Weds. 7 
589' 684B ° 77 Wa,,0n Strcet S.W.S. 



THE SECRETARY of Sute for 
Wales has accepted a £4.*jm 
tender from BALFOUR BEATTY 
CONSTRUCTION to build the MA 
Oqmore Valley viaduct in Mid- 
Glamorjan. South Wales. The 
live-span viaduct is part of the 
Pencoed to Stormy Down (Bridg¬ 
end Northern By-pass > section or 
the motorway. Work is expected 
to start shortly and should be 
completed late in 1980. When 
work on the viaduct is in pro¬ 
gress, construction of the motor¬ 
way sections to the east and west 
will also start. Consulting 
engineers are Freeman Fox and 
Partners, who will supervise the 
work. 

★ 

BOC has a lb-year contract with 
British .Steel Corporation for 
the supply of nitrogen gas to 
BSCs Gartcosh works, near 
Glasgow. The contract, valued 
at about £2.5m. also involves con¬ 
struction by BOC of a £750,000 
production plunt at Gartcosh. It 
will be controlled from BOC’s 
production unit at CarGn. near 
Horhenwll. and nil) produce 
00 tonnes of nitrogen a day. 


knows that businesses 


need bank managers 


who understand 


iC UULJVO. 

Last year, the Mersey Docks ; cr=_. 


it 

«< IV v-tf 


business 


• b • -■:. .• • ■i<r ?? •- v?*a 




GROSVENOR HOUSE ANTIQUES FAIR. 
Park Lane. W1. Until 24 June 1 T.oo am 
to 7.30 om. Admission £1.50 including 
Illustrated handbook. 


.An d rier for more than £1 in-worth 
of protective clothing has been 
won by Ihe elothin" division of 
RF.MPLOY. The order comes from 
CMT Industrial Supplies, part of 
the Central Manufacturing and 
Trading Group. It is for donkey 
jacket;, waterproof and foul- 
weather clothing 




When inflation changed the rules of financial 
management, it also changed the relationship 
between companies and their banks. Today 
companies look to their banks as never before for 
co-operation and advice. - 


With four coniracls for the supply 
and installation of passenger and 
service elevators. the OTIS 
ELEVATOR COMPANY has won 
orders totalling more than 
toOn.OOh. Orders have been 
received front Debenhanis. Man¬ 
chester: The Wingate Centre at 
Aldgatc: Houndsdiich Ware¬ 

houses: and Waiinne of Soutlisea. ■ 


So Williams & Glyn’s encourages its managers 
to go out and visit customers on their home 
ground. In this way, the managers obtain afirst- 
hand understanding of the business that no 
balance sheet could ever give them. 


' Five ways to 
more profitable business 

1 \ Working Capital - 

' Williams & Glyn’s managers t^n advise -' ' " 

you on the most suitable ways of ■ 

: . providing working capital for yoiir , giU'ri 

particular business. ■■ 


CLASSIFIED 


ADVERTISEMENT 

RATES 

hr 

•Siv.ili' 
ruin ni ii 


line 

■'in. 


C 

L 

Commercial £ (DduMruu 



Pr*Kn»nj- 

■LM 

H«<I 

Ri-sldi-ntiai Prouvriv 

i.llfl 

v.fiO 

AppoinUnriiis 
{:u.*irK'$» & Inn-iuoutu 

U 

U Oil 

iipoonunlii^s. C-irpr.ratiun 
Imrans Produ..":on 
C.ipiully. Iuliiiji*^*, s 
l r or Sale. U'an'.-a 

i.i‘. 

I'.-UO 

Edm.arlun, Moiur.*. 



Cunirjiii, ft Tcuders. 
Pi-raonul. Uank-nins 

4 

r: uv 

Holds an< Trav v | 

; 

11.00 

Book Pnbii«ii>.Tb 


: uo 

Premlnm mcitians avnili>bir 
(Mialmum slia « column ms.) 

0-50 per single column 

cm. 

rxira 

Fur maker detnlli tenh- 

f" 

Classified AdverdKciiiL'iit 1 

Manager. 



Financial Times. 


10, Cannon Street. EC4P 4BY. 


EDUYSTONE RADIO, a Marconi 
CommunicatioTis Systems com¬ 
pany, is lu make and supply 200 
receivers for the Post Office Radio 
interference Service. The 
receivers, a portable single con¬ 
version su DOr-heterodyne type 
covering the freouenev range 
130 kHz to 32 MHz.‘can be 
operated from either mains or 
batteries. 

*■ 

The Ministry of Defence has 
ordered 2B forklift trucks for use 
bv the Royal Air Force: the cro.-;v 
nuinlrv forklift trucks are 
Tnsi-»nprl :ind built by CAMERON- 
»: * r *i)N £ vR and the basic p.ower 
"I.'" Massey Ferguson in- 
iiustr-d »rg r , ors fitted with 
47 h-» Perkins 3.152 diesel 

engines. 

•«AI.F«i*R KILPATRICK hat 
''ci'i a* : .rd*d a number of con- 
ifrets to ihc filial value of over 
o-n The largest is for the 
Ajpeiriral and mechanical in- 
■ or p new computer 

budding Tor SXEB. Colhcart. 
Glasgow, valued at £i2m. 


You’ll find Williams & Glyn’s is more alert in 
other respects too. We can give you a decision, 
even on a major proposition, more quickly 
because there is no elaborate hierarchy within the 
bank to delay it: the chain of command is short 
and direct. Wouldn’t you like a bank that 
understands the way we live now? 


2 Instalment Credit 
' Through a subsidiary company, ... 

... . St. Margaret’s Trust Ltd, 'WiUiain&'&. i£'&. 

: Glyn’s can proyidein^alrnent credit -' r , ; 'f. 



3 Quick Decisions - ”- • v-cv^s iSfri 

The shorter chain of commandat '• •$' A; 

Williams & Glyn’s ensures ybuofaquick" T? x C - - 

- -response.' \ ’ ' 'X-.'.-j&X; s - ! ‘- 

4 Cash Flow Control■'' -•'"V • j 


Call in at your local Williams & Glyn’s 
branch. Or write to: Marketing Development 
Office, Williams & Glyn’s Bank Ltd., New 
London Bridge House, 25 London Bridge Street, 
London SE19SX. 


5 , Medium-termLoans 

- / A more formal arrangement for ' - y~-: 

loans from 2-7 years for the purdias 
. - new plant and eauiriment-Mfr 




*T 




3SX. UW-; - V 

[ j ■ • ‘••'Ent 

9 h 

WILLIAMS & GIYN’SIMC HB 

The most flexible of thebig/five beuiks ?S 

A member of the National and Commercial Banking Crimp and one ofi(he inkr-Altfta '*4^ 

5 ■ -• ■ ■ ; ■: ■. 7 ryyy:mmmmi \ 

- . ;- J-. : _ . .y.'_ v y 




















































Financial Times Mondav June 19 1978 


losi 


Business 
trip to 


home news 



BY ERIC SHORT 


T l..i 


now £53 

“ V T? inonA, in ^ rf *e conUnued Savings Certificates amounted to 

popularity of. National Savings about £22in. 

a - rlo'tT' ProvSioaal figures issued by i-P** “¥? , 1 eU 1 ,n « f en,lire in 

If^j V the Department-for National l 0 U ? s decl ^ u 1 " xccerpts 

•7 Savings show net receipts of a fP f lrt)I !5 vnthdnivial of 

rpwftxir * £Sl.Sm last month, compared thc , Nallonal Sav_ 

IT NOW costs a visiting foreign with £137 4 m in April JnS! * ®‘ tn K investment account, 

business executive more than This brought total net savin is £°“ p5cd with smaller amounts 
£50 a day to stay In Britain l—excludicgaccrued interest—,n beins ,nv ested. 
according to a new survey. • the current financial year to Overall, there was a small net 

That does not include any £2i9J2m, as against £295.9m in outflow of £G.lm in May. follow- 

proviston for. expense-account-, the corresponding c period la^t * n G more than l- months of 

entertaining while he is here, year, . steady positive cash flowi into 

the magazine Business Travel- Net receipts for National Sav- the account, 
ler says. The cost of. a good in 55 Certificates amounted 1 .* 

hotel room and bath, “ decent" £47.6m. Although these an. Sluaaidi 

meals, taxi and underground lower than Aprifis figure 01 fefe 1311 


of National Iran orders save 

down £ 55 m SSST— 



telephone calls mounts up to still taking advantage of the represen J* actSn bv cnrtSin 
£o3 dally, it says. - continued availability the;14th investors in moving funds out 

nieanM- r\tv issue. yielding 7.55 per centnet of the National Savings Bank 

reaper City The recent increase(to £3,000 in investment account into other 

Although this represents a 4 the maximum individual holding sectors of the urnnev markel. 


probably 

certain 


craft 


Cheaper city 


Although this represents a 
15 per cent increase in the- 
past eight months, London is 
still one of Western Europe’s 
Jess expensive cities for foreign 
business visitors. 

For every £100 the executive 
spends in London, the survey 
finds that he would have to 
spend £135 in Brussels, £113 In 
Paris, £121 in Amsterdam and 
£lI7.io Zurich.- 
The cost in New York is 
actually 4 per cent less than 


the maximum indtadual holding sectors of the nmnev markel 
takes effect on.’JiiQrl. which, after the recent rise ii 

New moves on nollet 


interest rales, can now offer BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

belter return*. CHRYSLER LK has v:on im- orders for lyJ.HOO vehicles were 

The bank has always reacted portent new unJer.s from Iran received, 
sluggishly to jrnerest-rate ! t0 sa f e3 uard jobs at its stoke Chrysler UK. which supplies 
chan 3 es. When interest rates] „_7„e niaxii rov.4 engines, gear boxes and other 

fell, many investors, including j en » 1Q * • components for the Payfcaxi now 

sonic financial institutions. tuok| Iran National. the Slate-owned has a contract to supply 105,000 
ndvanlj^e *if this sluggishness ( motor eurpurutiun, requires units this year. 

;-nd invested in the Savings Bank vqqq more of components The ***' which holds about 
because its rales were one of for p a ykau car. jumbled in 70 per cent of the Iranian 
the highest then available in the j ra n. market, is to be given a facelift 

money market. ’ d . next year to produce a model 

This month is almost certain rere nt “open d -'hen lran lo ? ser ! ife - - 

tu sw an acceleration of funds Rj a iional offered' i“‘<eii the Chrysler js comraitiea to 

out of the Savings Bank invest- p av kan dixvi-t" 1 ., riistmmirs ? upp * * ran up t0 l ^ e ear £ 

me.it account. Stockbrokers of «-- nn|’ m, a,uut a in an agreement expected to 

Joseph Scbag and other i-om- g£4 market ,n "4 ia rs guarantee jobs at Coventry for 

111 enla tors have been making ,ne , iars - j many years. 

.strung roco mm on da lions to About la.uurt people queued A £_5in programme to 

itivesiiirs in switch to other and camped nul-ide ihe plant, modernise Iranian facilities and 

money-market sectors to the west of Terrun. fur up expand capacity to 150.000 units 

Cm-rail. National Savin;, 10 **’■ in :i dj - v “ seu is Dganns ^P 1 * 11011 - 

funds, -boosted by accrued 

interest in May amounting to fYl xj, pp J 

25“5 £•££?*"“ br ,hc Skye crotters ottered 
ionuroed land at 5p an acre 

Jtvy I CROFTERS Mi ih,< Isle of Skye the trouble of administering the 


Following the recommendation of the Building Societies 
Assouan :>n. Gateway Building Society will operate 
ihe following rates of interest from 1st July 1978. 


Investment Shares 
Gateway Bonds (3rd Issue) 
iT.vo-year term investment) 
(Three-year zerm investment) 
Monthly Income Shares 
Monthly Income Bonds 
(Two-year term investment) 
(Three-year term investment) 
Planned Savings 
Deposit Accounts (Persona/) 
Deposit Accounts 
(subject to ias'C rateta>:) 

SAYE Bonus- Interest as before 
Savings Accounts(issue closed) 
Gateway Bonds 
12 nd issue no-.v closed) 
(Two-year term investment) 
(Three-year term investment) 
(Four-year i-_rm investment) 


6.70% net = 10.00% gross 1 


7.20% net 
7.70% net 
6.70% net 

7.20% net 
7.70% net 
7.S556 net 
6.45% net 
5.70% net 


10.75% gross* 
11.49% gross 1 
10 . 00 % gross 1 

10.75% gross 1 
11 .49% gross 1 
11.87% gross 1 
9.63% gross 1 
S.51 ft gross 1 


7.20% net = 10.75% gross' 


7.45% net 
7.S5% net 
8.45% net 


FINANCIAL TIMS REPORTER 


Paris, £121 in Amsterdam and * CALL for initiatives on pollu- tnreatened where allegedly 
£117 in Zurich.- tion t° b. e left to_ trade unionists, expensive anti-pollution equip- 

The cost in New York is taking direct action at shop floor ment had to be installed, it 
actually 4 per cent less than level, has been made in a Labour claims. 

in London, while the cheapest Party report on the environment “The truth is not between jobs 
European city is Lisbon. £44. Pollution controls could be or health but between un- 
The most exepensjve in the hacked by using to the full facili- restrained profits or reasonable 

world is Kuwait at £226.' nes created by reeent employ, precautions." 

-— " ieot , legislation such as the The report also calls for public 

A 1 Employment Protection Act and awareness of new areas of noilu- 

ArmV ShriW 1)18 Health and Sar€tf * Work tiftn * such as car exhausts, to he 

vT Act. extended. “We suffer from 

I u The report by the party's environmental degradation, both 

nlllPfl environment study group, is due at the workplace and in the 

Milivu to be presented to the Labour home. Chemicals, dust gases, 

u • , Party conference in.October. It vapours, noise, vibrations, and 

OQ hlCTCrPCT accuses some employers of trying radiations are no respecters of 

Cliy to frighten workers IntoJceepmg the family fence." 

_ quiet about pollution hazards. Industrial pollution “was the 

Finanoa] Times Reporter Job losses have- been unacceptable biology of capi- 


ndaoiifi 


RNANCIAL TIMES REPORTER 


Financial Times Reporter Job losses have-' been unacceptable biology of capi- 

THE FIVE-DAY British Army _ '• • 

Equipment EJxhibition. which 

opens today in Aldershot, has fh # 1 l* ' _ 1 

Sfr e , n r.? l w , nV.v e „! ,r,,,t wn - Bmidmg research 

Representatives of more than £* • 1 1 m 

90 nations, including the Chinese rSAlFIGF gllr TlV 
on their first official defence Ull j 

visit will see over 10.000 exhibits. 

including Chieftain tanks. RNANCIAL TIMES 'REPORTER 

About 250 companies, as well . . 

as the UK Government-owned ■ CUTS IN public spending have mainly through early retirement. 
Royal Ordnance Factories, will ! severely affected Government says Dr. Roive in his 1B77 annual 
be at the private exhibition, now! research into the copStniction report. “ This is bound to have 
held every two years. j industry. Dr. Roy Roweydirector- an impact on the nature and 

The size of the show indicates j General of the Cement-ABd Con- quality or that research and 
the scale of Britain's arms sales ]cre»e Association, says. v, ’ development work for manv 
overseas. Sales have been run- Many senior ex perie nced years to come." 
ning at an estimated £lbn or ' researchers in Govomraent The significance of industry- 
more for the last two years. i laboratories have bewi lost, based research was bound to 

-i s: ; - , : " ... .. ... .„ ' l . —t increase as a result especially 

• — __l _j__z_ -■** since the high cost of working 

HGLYROOD RUBBER ; v 

^ t / the construction industry. 

- ' Mr. Mathews 5 Statement / • ■ Enei ?\ conservation require- 

/ / ments id pudding should be more 

The 65th annual general meeting of fefolyrocd' Rubber closely linked with the design 
Limited was held on 16th June in London. Mr. D. R. Maihews process \ 

(the Chairman) presiding: / Building > Regulations had 

The following Is an extract from his c/colated statement: Sta 

After serving the company for 41 years as a directerr. ^ isolation, rather than as part 

Including 34 years as Chairman. Mr Jrfck Addinscll retired of the total design process, 

on 31st March, 1978. Sir Finlay Gilchrist. OJLE., who joined ^rhe association is a.research 
the Board in 1954, also retired lost September. Mr. P. T. body finance by the industry. 


to I ism " jnii there should be a 
stronger rule fur Ihe Health and 
Safeiy Commission. 

"This central agency could 
be given a duty to use ihe con¬ 
siderable puwers which exist to 
regulate anil control many of the 
sourcf> of pollution." Rospunsi- 
bdily was now loo fragmented. 

Such a body could research 
into pollution and liaise with 
local anthoriMcs and other statu¬ 
tory undertaking*-. 

“It should ako have Ihe 
prver tu intervene where exist¬ 
ing auHiomics were unable or 
unwilling to provide effective 
action in specific circumstances 
— with this power possibly- 
being subject to authorisation by 
a Minister." 


CROFTEP.S i n ih..- Isle of Skye 
have been ufW’.-d the chance to 
buy their land fur only 5p an 
acre. The uH\.t mines from a 
Dutch landotincr who bought the 

;Watcrnish E^ate y n the islaDd 
(earlier this year. 

| Mr. Johanne, Hellinga plans 
to farm twu parcels of land on 
the estate- ,;nij din.-.s not want 


the trouble of administering the 
crofts—so he has offered them 
to his tenants at give-away 
prices. 

Already he has sold about 
2.000 acres for only £ 100 —or just 
5p an acre—to one of the small 
townships that make up the 
estate. A similar offer has been 
made to the remaining five town-, 
ships on the Waternish Estate. 


Aircraft sprinklers call 



11 . 12 % gross* 
11.87% gross 1 
12.61% gross 1 


bSib 

ret-. .r.j;..-ne tax it 23:i 


A CALL fur urge passenger 
aircraft to !«. fitted with 
sprinkler ti±lein* was made 
yesterday by Mr. Brian Powell, 
station oflicer in charge of the 
Carlisle fir- sunon. 

This would rive the aircraft 
protection at ali times, which 


was important as aircraft fires 
were hard to fight because of 
access restrictions. 

The system envisaged by Mr. 
Powell is a small-bore, high- 
pressure piping ring round all 
the main decks. It would be 
fuelled in flight by water from 
the aicraft's own supply. 


BUlLDtrye SOCIETY 

V-mhi'.' O' Ii p- fc i. V"'y So j- t.r j As'.Kioi’o i 
r.\ rr,i!lic-..-u’hon:?G !:r i.-.v»‘ir*r.i t-'Treitces 
Oir-tnct Olfices Aj-.xz throjd.iout ir.e U.l.. 

Fcr fur-.i ..;: jiV: call in si 1 ,-our Icoal Gati .vay Guilding Society Office or 

write tc: Head Office. Gate^av Euiidmg Scckw.P.O.Eqx IS.Vtforthing, 
5N13IGD. 


Mr. Mathews 5 Statement 




The 65th apnuai general meeting of Holyrocd Rubber 
Limited was held on 16th June in London. Mr. D. R. Maihews 
(the Chairman) presiding: / 

The following is an extract from his circulated statement: 

After serving the company for 41 years as a director. 
Including 34 years as Chairman. Mr. J/ck Addinsell retired 
on 31st March, 1978. Sir Finlay Gilchrist. OJ*.E., who joined 
the Board in 1954, also retired lost September. Mr. P. T. 
Gunton. and Mr. R. H. Payio/ have been appointed 

to fill the vacancies. Both gentlennm are well qualified by 
their extensive experience in' management of plantation 
companies, both having also served in the East for many 
years.' Stockholders will wish me to acknowledge the out¬ 
standing services which the company has received from Mr. 
Addinsell and Sir Finlay Gilchrist 

Good rubber crapping results during the first quarter of 
1977 were not maintained, mainly due to weather conditions, 
and the year’s harvest at 1,020.593 kg., was 33 per cent, down 
on the 1976 figure. The snrp'Ius on trading was £67.052 and 
after bringing in investment income the pre-tax profit was 
£84,660, against £100,722 for 1976. 

As the company has now been released from dividend 
limitation the Board is able to relate distributions more 
realistically to profits and we are recommending a fi n ^‘ 
dividend of 26 pence per £1 stock urit making, with the 
7 pence interim paid last February, a total of 33 pence per 
stock unit for the year. The dividends will cost £28,430 net 
We are pressing on with our policy of diversification into 
oil palms, the programme for this year being 88 acres. The 
visiting agent has reported satisfactory agricultural conditions 
and that our immature areas are growing well. 

Prospects for 1978 depend, as always, upon the prices 
obtainable for our products but current estimates suggest 
that results may not be materially different from those ot 
1977. 

The report was adopted. 

AGENTS & SECRET ABIES: 

HARRISONS & CROSFIELD, LIMITED 



Put houses 
on market 
says survey 

-*y Christopher Dunn 
HOME OWNERS are urged to 
put their houses on .the market 
as soon as they think of moving 
in a survey of the UK property 
market by the Royal Institution i 
of Chartered Surveyors. 

This would help to reduce the 
shortage of houses for sale and 
prevent bouse prices rising said 
Mr. John Thomas, president of 
the Institution. 

But prices were beginning to 
stabilise. New homes showed the 
biggest price increases. 

Many people were carrying 
oqt improvements rather than 
buying another house. 

** Ensure that the expenditure 
results in an increase in the 
property value of at least The 
cost of the work,” Mr. Thomas 
said. 


$'* 4^’ “ 


■ • ; !v‘ 

5841 ' BENATH GR " 

_ 25325 .,-BENLONI G 

. -y. -. . . 

■ ATHENS,ilMR ARGHYROU- - 

... . . . . . 

”URGENT BOOM IMMINENT — .BUY UlSflTEO i 

NNN ; . . .. ; • 

***••*’* * m • * . • . / • . 

f8ENBEL BRU’ B' : ' '' ' V ’ "" - ■ ’ ’ 

-.25323. ;• BENL.dk G*‘ ;; ■ 

•n>. ‘ • : - v.,; * ' \ 

: .BRUSSELS, ;mr ,leverne; : v /• 




“W.-VV-T 


“lv' f 








•V 

. 

i •• ’I 









j'--. J 


!?"■ C*.*5 S 




*3 .XS&* 




Higher Rates for 
Investors 

The following increased rates of interest to investors will apply from 
1st July.1978. _ . 


iy the time itgetstoNeslnl 
theyH be sold out. 


Ratep^. 

Share Accounts 6 ‘ 70 o/° 

Monthly Income Shares ®-70A 

Savings Plan Accounts 7.95% 

Deposit Accounts (Onfinaiy Personal) 6.45% 

InvWtment Certificates 2 year 7.20%! current 

n . 3 year 7.70%J issue * 

•The rate of interestonall other Certificates will be increased byL20% 


Grossequivalent 
with income 
tax at 33% 

10 . 00 % 

10 . 00 % 

11.87% 

9.63% 

10.75% 

1149% 


WOOLWICH EQUITABLE BUILDING SOCIETY 

The safe pta» with the niccfece 

Equitable House, Woolwich, London SEI8 GAB 


You might just do it in time-given a 
battery of telex machines or phones, some 
luck with the lines and lots of perseverance. 

No, far better to use a system specially 
designed for the job. The remarkable ITT 
6100 ABX message switching system. 

Type in a message: the ADX both stores 
it-on magnetic disc in a micro-eomputer- 
and rushes it automatically to all points in 
your network. 

Virtually simultaneously. 

And if any ones busy, it keeps trying 
regularly till it finally gets through. 

It will even sort- out your messages in 
order of urgency. 

With private lines, the ADX can transmit 


or receive across the globe in seconds.lt works 
almost as quickly with the public telex system 

Banks and brokers use it, of course. 

But so do car, paper and chemical companies, 
to keep track of their scatt ered networks. 

Finally recent technology has brought 
this sophisticated device within the means of 
a far wider market. 

All the same, it still doesn't come cheap. 

But without it, United Oil and the like 
will never come cheap either. 

Sales Information Dept.. Hollingbury 
Brighton BNi SAN. 0273-507111. 


ITT Business Sysle 



















































All these securities haring been sold, ibis wnouncement appears as a mailer oj record only >* 


NEW ISSUE 


May 26. 397S 


¥io,m,m.m 

eURDFIMR 

Societe europeenne pour le financement 
de materiel ferroviaire 

First Series Yen Bonds (1978) 

dne 1990 
Coupon rate: 63% 

Issue price: 99.50% 


The Nikko Securities Co.. Ltd. 

Daiwa Securities Co. Ltd. 

The Nomura Securities Co., Ltd. 

Yamaichi Securities Company, limited 

i 

The Nippon Katigyo Kakumaru Securities Co., Ltd. New Japan Securities Co., Ltd. 

Vvako Securities Co., Ltd. Sanyo Securities Co., Ltd. Merrill Lynch Securities Company 
Ofcasan Securities Co., Ltd. Osakaya Securities Co., Ltd. \amatane Securities Co., Ltd. 
Dai-ichi Securities Co., Ltd. Loeb Rhoades Securities Corporation. Koa Securities Co., Ltd. 

Tokyo Brandi 

Koyanagi Securities Co. ; Ltd. Marusan Securities Co., Ltd.. Tokyo Securities Co., Ltd. 
Toyo Securities Co., Ltd. Yuchiyo Securities Co., Ltd. The Chiyoda Securities Co., Ltd. 
Ichiyoshi Securities Co., Ltd. The Kaisei Securities Co., Ltd. Kosei Securities Co., Ltd. 
Marti man Securities Co., Ltd. Meiko Securities Co., Ltd. Mito Securities Co., Ltd. 
The National Securities Co., Ltd. Nichiei Securities Co., Ltd.. The Toko Securities Co., Ltd. 

Towa Securities Co., Ltd. 


Amsterdam-Rotterdam Bank NV 


Credit Suisse White Weld Limited 


Deutsche Bank Aktiengesellschaft Smith Barney, Harris Upham & Co. Incorporated 

Swiss Bank Corporation (Overseas) Limited Union Bank of Switzerland (Securities) Limited 


I 



Good results in 1977 


Badische Kommunale Landesbank, one of Southwest 
Germany's leading banks, registered good results in 
1977. The balance sheet total reached DM 16.4 billion, 
an increase of 8.6? a over 1976. 

Our international activities continued to gain momentum 
in 1977, the Bank’s 61st year in business. Badische 
Kommunale Landesbank International S.A,ourwholly- 
Gwned Luxembourg subsidiary, began operations in 
July and got off to an excellent start Its services are 
focused on short and medium-term Eurocredits and 
syndicated Euroloans, money market and foreign ex¬ 
change transactions, and Eurobond trading. 

Forfairierung und Finanz AG, our subsidiary in Zurich 


which concentrates on non-recourse financing (afonait), 
short and medium-term trade financing, as well as other 
specialized financial services, also reported good results 
for the year: 

Badische Kommunale Landesbank is a regional uni¬ 
versal bank headquartered in Mannheim. As central 
bank of 69 Sparkassen in Baden, we are linked to 
Germany's powerful network oi savings banks. 

For a copy of our1977 Annual Report, just contact: 

Badische Kommunale Landesbank - Girozentrais - 
Augusta Anlage 33 ■ 6800 Mannheiml (West Germany) 
Telephone: (0621) 458537 


BADISCHE 

KOMMUNALE LANDESBANK 
GIROZENTRALE 

Badische Kommunale Landesbank ■ D-6800 MANNHEIM 1 (West Germany) 



TELEFONAKTIfBOLAGET 
LM ERICSSON 

US $45,000,000 
Multicurrency Loan 

•*4 

Ja •- 

• manageefby 

Svenska Handeisbanken SHandinaviska Enskilda Banken 

proYidecfby 

Amro Bank Overseas N.V. |Svenska Handeisbanken ■ 

Compagnie Financiered©la I Swiss BankCojpofation 

Deutsche Bank AG f Union Bank of Switzerland 

Credit Lyonnais s S.G. Warburg & Cq. Ltd.. 

Skandinaviska Enskiida Banken |. WestLB International S.A. 

Agejit . 

Svenska Haideisbanken 


June 1876 


ihls amwmcertient appears as a matter of record on if 


US$25,000,000 

SandvikAktiebolag 

$ . . . ' 

2 + 7 year Multicurrency Credit Facility 

i"" ■ 

Arranged by 

.i* . 

Svenska Handeisbanken 

-Provided by 

Bank of America NafiondlTrust and Savings Association 7; 
Compagnie Luxembouitjeaise de fa DresdnerBankAG . 
-Dresdner Bank International- 

Credit Lyonnais : . • • . 

Credit Suissp White Weld Limited .. . • . 
Hambfos Bank Lim ited 
Svenska Handeisbanken 


June1873 


Thscnnoamsment appears of record 


AP 



INKING 


AND 



JULY 24 1978 


The Financial Times proposes to publish a Survey on Arab Banking and Finance. The 
provisional editorial synopsis is set out below. 


INTRODUCTION The Arab economic and 
financial scene nearly five years after the oil 
price rise. For some of the oil revenue surplus 
states, slower economic growth as a result of 
rising domestic spending, higher inflation, 
declining oil revenues and sagging oil output. 
The continuing dynamism of Saudi Arabia. 
Budget and balance of payments concerns of 
higher population OPEC countries. Economic 
situation of the non-OPEC Arab states, depen¬ 
dent more or agricultural exports and relying 
heavily on aid from the richer Arab countries. 
Effect of the declining value of the dollar on 
oil revenues and the OPEC surplus. Attempts 
to arrive at a new'OPEC pricing method. 
DISPOSAL OF STATE SURPLUSES Decline 
in the annual surpluses of most of the oil pro¬ 
ducing states since 1974. Need for most states 
to keep the bulk of their surpluses in liquid 
form. The chronic surplus states Saudi Arabia, 
UAE, Kuwait and Qatar. 

FINANCIAL CENTRES AND THE GROWTH 
OF CAPITAL MARKETS The increasing 
sophistication of Arab financial markets. 
Development of Kuwait, Bahrain and Dubai as 
financial centres.. 

THE INTERNATIONAL BOND MARKET 
Activity of Arab financial institutions on the 
Eurobond market in the management, under¬ 
writing and subscription of loan issues. Their 
importance in the international bond market 
as a whole. The position of Kuwaiti concerns 
in the management and placement of 
syndicated loans and convertible issues. 

CONSORTIUM BANKING The growth in the 
past few years in the number and size of 
financial institutions bringing together Arab 


and Western banks. The purpose , of such 
consortia. - 

INTRA-REGIONAL INVESTMENT Investment 
by the revenue surplus states in. the poorer 
Arab states, as well as within the Gulf States 
themselves. State, semi-official and private 
institutions investment. 

LONGER-TERM FINANCING The diVerslfir 
cation of banks in Arab countries from retail 
banking towards provision of non-concessionary 
longer term finance. The workings of sueh 
institutions. 

THE ARAB MONETARY FUND The develop¬ 
ment of this Abu Dhabi-based institution and 
its main purposes. Composition of its Member¬ 
ship and the relative size of capital stakes. 

ISLAMIC BANKING Recent rapid develop¬ 
ment of the concept and practice of banking 
according to the Islamic Sharia without 
charging interest. Rationale of Islamic h anking - : 


In addition the Survey, mil include articles on 
banking systems, financial developments and. 
economic prospects in the foil owing countries:. 

SAUDIARABIA 
K UWAIT • • 

UNITED ARAB EMIRATES 
BAHRAIN . 

QATAR 
IRAQ 
OMAN. . . 

ALGERIA 

EQY3PT '• 

JORDAN 

LEBANON 

SUDAN' •. . •:.* '■ 


For advertising rates for this survey please contact'Laurette L. Lecomte-Peacock 
Financial Times, Bracken House, 10 Cannon Street, London EC4P.4BT' ■ 

Tel: 01-248 8000 Ext 515. 

TINANCIALTUVEES 

EUROPE'S BUSINESS NEWSPAPER ' . • 

The content and publication dues of surveys la the Financial Times are subject to Anny aj tUnT^Hnq ^ r rf. 
























•Hen 




■ JW- 


- \ : 




Tfa&xisiTims Monday June 19 1978 


LABOUR : NEWS l 



faces 

new 




Make more jobs, 
governments 
told by unions 

BY CHRISTIAN TYLER, LABOUR EDITOR 


B/ Our Sheffield Correspondent 

SHEFFIELD, June 18 .' ~ 
LEFT-WING coalfields, led by 
Yorkshire miners president Mr 
Arthur Scargfll, will ..-block 
attempts to raise extra cash for 
the National Union of Aline- 
workers if its president Mr. Joe 
Gormley and. his moderate 
majority on the executive again 
reject calls for the "democrati- 
sation " of the executive. 

Mr. Scargill^ who has clashed 
bitterly with Mr. Gormley in 
recent weeks, yesterday spelt out 
his ultimatum '-for the .VUM 
annual conference in Torquay in 
three weeks. "■■■■■. 

“ If they support our resolu¬ 
tion for more democracy we will 
support their resolution for 
higher financial contributions to 
go to the national union," he 
said. 

But if moves to get a more 
democratic voting system on the 
NUM national executive were 
again defeated, Mr. Gormley, 
would have a better chance of I 
"frying snowballs" than getting} 
the extra cash the national union 
so badly needs. 

The Yorkshire call for more 
democracy will be discussed at 
the conference before the reso¬ 
lution seeking a 50 per cent 
increase in weekly contributions. 
As changes of rule, both will 
require a two-thirds majority to 
go through. 

Small areas 

Yorkshire has the support of 
South Wales and possibly Scot¬ 
land and other Left-wing coal¬ 
fields. so Mr. Scargill could be 
able to stop the necessary 
majority being achieved. 

Yorkshire's conference resolu¬ 
tion says that if a show of hands 
vote on the executive is chal¬ 
lenged. there should he a card 
vote, based on the size of the 
areas. 

Mr. Scargill, who has been 
backed on this issue by Mr. Mick 
McGahey, of the Scottish miners, 
objects to small areas such as 
North Wales or Cumberland 
having one vote oh the NEC, 
even if they have fewer than 
1,000 members, while Yorkshire 
with 66,000 members has only 
three votes. 

Such a rule . change -woirid-j 
immediately, guarantee a Left- 
wing majority oh* the executive, 


LEADERS of 1 trade union-; <j n 
Western Europe and the u.s. 
have .given warning that workers 

will stop cooperating in raising 

productivity - 4jf rationalising 
radustry-tufljess' governments act 
quickly and directly to Increase 
job. opportunities.-.; 

They say that unions will still 
demand increases, in real wu.-es 
for their members, and that, 
coupled with lack of output and 
productivity growth, , wi11 raise 
industrial, costs. . 

. The main revival of employ, 
meat should ! come through a 
joint commitment to faster 
economic growth, but wort - 
sharing ..will be. necessary it, 
combat the immediate Jobs prob¬ 
lem. the unioim say- 

These warnings,.together with 
a strategy for regaining full 
employment,, wfll- be relayed tr. 
next month’s Western economic 
summit meeting-in Bonn. 

The strategy is based on a 
document discussed ' by union 
leaders from -Britain, Denmark. 
Sweden and the U.S. with Mr. 
Emil van Lennep, OECD sec- 
re tary-generaL and officials from 
OECD member-countries early 
this month. 

It was submitted to last week* 
inconclusive meeting, of OEC.D 
Ministers in Paris.' and will he 
revived for the summit in the 
light of unions' disappointment 
at the failure of the .24 OECD 
Governments to: set specific 
growth targets. ;, 1 

The unions also say'tbat unless 
something is done urgently. 


there will he a “stampede 
towards protectionism with 
adverse results for all con¬ 
cerned." 

Governments were in danger 
of losing workers' confidence and 
could face political and social 
unrest, particularly from the 
large numbers of young un¬ 
employed—-now nearly half the 
jobless in the OECD countries. 

The unions demand Govern¬ 
ment job-creating and training 
programmes, and say that jobs 
must be adapted to workers as 
well as workers to jobs. 

. They also say that anti-infla¬ 
tion policies have had tittle 
success in creating stability, and 
Governments seem to ignore the 
fact that unemployment is itself 
inflationary. 

Increased purchasing power 
for workers, and thus increased 
demand, was the only efficient 
way of bringing new investment 
rnio a depressed economy. 
Raising profits "is not a suitable 
method." ihe document says. 

Investment plans should be 
negotiated between governments, 
unions and employers, and the 
role of workers in company 
decision-making increased. 

The document says that 
developing countries should be 
fielped to provide the basic needs 
■T their own people, "not to 
produce cheap goods with under- 
.‘■aid labour for foreign markets." 

The unions also criticise the 
\-stcm of " managed floating ex¬ 
change rates" and call for a 
i '.‘form that will bring more 
^bort-term stability. 


Health Service employees 
take tough line on pay 


A' TOUGH line tar pay was 
decided on yesterday by the 
executive of the Confeddration of 
! Health Service Employees, on the 
| eve of their annual.conference. 

Leaders or the : >$urees and 
health workers union are de¬ 
manding a return to “responsible 
collective bargaining ?_ and a 
minimum basic wage, for all 
health workers of £80 for a 
35-hour week. V 

The confederation .{aid that 
the basic pay of V:. ancillary 
workers, porters, amfedomestic 
staff was £42.42p for 40-hour 
week at present Otherfcides of 
ancillary workers anfL nurses 
received higher wages^hut all 
for a 40-hour week- -■ 

The union bad supported the 
Government 'during tlg^paSt 


t/irec years of pay policy, but 
nuw felt it was time to redress 
the i all in members' living 
sir-ndards. 

9 Seven operating theatres at 
on*- of London’s most modem 
hospitals are closed for all but 
emergency operations because of 
a walk-out by nurses. 

Talks are to be held today at 
Greenwich District Hospital— 
opened only three years ago— 
in a bid to settle the dispute. 

The nurses walked out on 
Thursday in protest at the dis¬ 
missal of the sister in charge of 
the hospital's theatre suite. 

She had refused to sign an 
undertaking that she would work 
with a newly introduced grade 
of theatre staff-—operating 
department assistants. 


Drivers 

demand 

ballot 

inquiry 

By Our Labour Correspondent 


THREE HUNDRED Midland 
lorry driver members of the 
Transport and General Workers’ 
Union yesterday called for an 
inquiry at national level iDto 
allegations of irregularities in 
union ballots involving Mr. Alan 
Law, the union's Midlands Trade 
Group secretary. 

The allegations are now the 
subject of a police investigation. 

The lorry drivers' 5/35 branch 
called for an inquiry into the 
organisation of three ballots last 
year, the subsequent division of 
the branch into four units and, 
specifically, the roles of Mr. 
Law and Mr. Brian Mathers, 
regional secretary. 

It is alleged that Mr. Law 
foiled lo send individual ballot 
farms lo members of 5/35 
branch in an election for a place 
on the union's regional commit¬ 
tee. 

Clear message 

The vote was not accepted, a 
re-run was ordered, and Air. Law 
resigned his powerful position 
as unpaid secretary of 5/35 
branch. The branch was then 
separated. giving it four 
secretaries. 

Mr- Dennis Mills. 5/35 co-ordi¬ 
nating committee chairman, an¬ 
nouncing the resolution, said; 
"I cannot say whether it was a 
censure of Alan Law. It was a 
clear message to have a full in¬ 
quiry so we know the full facts 
and can clear the air." 

Mr. Law was not at Che meet 
ing yesterday because he was 
attending a Yorkshire miners' 
gala. 

He has denied the ballet¬ 
rigging allegations, saying that 
pressure of work made it im 
possible for office staff to send 
out all the ballot papers on 
time. 

The resolution called for the 
proposed inquiry to be conducted 
by one national officer, one 
nationad committee member, and 
five lay members of 5/35 branch 
— their findings to be reported 
back to the branch and the 
union's national and regional 
committees. 



APPOINTMENTS 

9 " 


or for Bdrthwick 


Air. Julian 
appointed 
director 


Sturgis 


has been 
corporate planning 
of THOAIAS BORTH- 
WICK AND SONS. Mr. Michael 
- Cave has been appointed finance 
director, and is succeeded as com¬ 
pany secretary by Mr. Michael 
Timothy. 

. . ★ 

Air. Kenneth Ward has been 
appointed director of corporate 
relations for the RACIAL. 

ELECTRONICS GROUP. The new; 
post takes account of Mr. Ward's 
-increased corporate respon^ 

sibil)Lies, particularly in the UK 
and the U.S. In the UJ5. he is 
appointed vice-president, cor- 
' porale relations. He will con¬ 
tinue with his existing respon¬ 
sibilities for. publicity and public 
relations and he remains a 
director of Racal Group Services, 
-Wokingham. 

L Mr. P. W. Bryant has been 
elected .a director of BAKER 
PERKINS - - CHEMICAL 

MACHINERY. He retains respon- 
sibility for all manufacturing and 
engineering departments . as 
general manager of the Stoke- 
based company. 

’ ; 

" - PEAT, AlARWICK, MITCHELL 
AND COMPANY announce that 
from October 1 Mr. C. AI. Thomp¬ 
son ■will be admitted as a partner 
in the London office.. 


Mr. j/t. Griffiths has been 
appointed to the Board oE 
JELECTHONIC .MENTALS GROUP 
as-an Jon-executive director. He. 
is' chapman of Pye. 

Alrf Rodney E. JLaiubert has 
begfi appointed to t he Board of 
ARDEN SECURITIES. 

★ 

'Mr:- E. P. Maccoli has been 
appointed a director of G1LLETT. 
BROTHERS DISCOUNT, FUND 
MANAGEMENT. Air. A. J. Norris 
has been appointed manager of 
the company. 

Mr. J. B. Waterloo has been 
appointed to the Board of 
DAWSON INTERNATIONA!.. 

★ 

Air. Patrick Wrede has been 
appointed managing director of. 
LAMCO PAPER SALES from 
August 1 1979. Mr. Wrede suc¬ 
ceeds Mr. 3art KOhler who is 
leaving on that dale. 

■* 

Air. E. R. Cox, Mr. A. P. Baincsr 
and Mr. BL Gary way, executive 
directors of the company, have, 
been appointed full Board mem¬ 
bers of RADYNE. These appoint¬ 
ments follow the recent 
announcement of the acquisition 
by the Forward Technology In¬ 
dustries Group of the Radyne. 
shareholding from Scienta SA, 


the previous majority share¬ 
holders in the company. 

\ * 

The following appointments in 
HAWKER StDDELEY companies 
have been made: Mr. G. Auton 
joins the Board of Hawker 
Siddeley Electric Africa (Pty) as 
a director and the Board of 
Hawker Siddeley Africa (Switch- 
gear) (Ptyl as managing director. 
He succeeds Mr. H. Seabrooke. 
who has resigned from those com¬ 
panies. Mr. Auton ceases to be 
a director of Hawker Siddeley 
Switchgear and Falcon Short Cir¬ 
cuit Testing Laboratory. Lough¬ 
borough. Mr. R. S. R. Amos has 
been appointed m the Board of 
Petter Refrigeration as sales 
director. Air. A, W. A Bishop has 
become a member of the Board of 
Gloster Sara. 

* 

. Mr. J. Alan Thornton has been 
; appointed an executive director of 
SCANJNVESTMENT SERVICES 
SA (SISSA), Geneva. He was pre- 
■yiously an executive director 
responsible for the development 
of AmEx Bank's investment man¬ 
agement operations. SISSA Is an 
investment management company 
directly owned by Banque Scan- 
dinave en Suisse, Geneva, and 
Scandinavian Bank, London. 

★ 

"Air. C. H. Sporborg has been 
appointed chairman of STAL 
LAVAL, the London subsidiary of 


S'tai Laval Turbin AB, of Sweden. 
Mr. Sporborg, an executive direc¬ 
tor of Hambros Bank, succeeds 
Professor L Jung, who remains on 
the Board. 

Mr. Simon L. Keswick and Mr, 
Hugh Af. Priestley have been 
appointed directors of GREEN 
FRIAR INVESTMENT COMPANY 
a member of the Henderson Ad 
ministration management group! 

Mr. G. Y. Elliott and Air. J. D 
Floucb have been appointed the 
first two directors of CEPEC, a 
new counselling service for in¬ 
dustry set up by PA INTER 
NATIONAL. Sir Denis Barnes 
former chairman of the Afan 
power Sen-ices Commission, has 
been nominated chairman of 
CEPEC's advisory council. 

★ 

Mr. J. n. Srroxton has been 
elected president of the BMSTI 
TUTE OF QUANTITY SUR¬ 
VEYORS for 1978-79. Mr. AL A 
Wilkins is immediate past presl 
dent, Mr. E_ W. J. Ashford senior 
vice-president, and Air. C. F. J 
Webb and Air. P. E. T. Spencer 
vice-presidents. 

* 

Air. D. C. Small has been 
appointed deputy chairman of 
ROBERT WILSON AND SONS 
(1840) and has beep succeeded 
as managing director by Air. 
Douglas L Maeneili- 


\ I ‘ ■ - 


. , 5 

‘ V ' 


This advertisement appears as-a matter of record only. March 1978 

The Ministry of Finance 

of 

The Kingdom of Thailand 
US$7,500,000 

Medium Term Loan 

Managed by 

The Long-Term Credit Bank of Japan, Limited 

i 

Provided by 

The Long-Term Credit Bank of Japan, Limited 

. Chemical Bank 


H Isn’t always cheaper 
to do-it-yourself 



■. A 



Have you looked atthe economics of yourdelivery fleet 
lately? Things have changed fast-fuel, maintenance, 
replacemencand othercostsare not whatthey were, know 
costs a fortune to keep even a2-tonner on the road. 

And when you are down to the odd packages your costs 
go sky high. 

Make your fife easier 

Why not do your sums 3g3in. Have an other look at 
those figures that decided youtogo’do-it-yourself.Then 


call Fn Rail .Express Parcels and compare prices and services. s 

Rail Express Parcels can give you a nationwide, reliable 
and economical collection and delivery parcels service. 
We’li teke over the worries and may be able to help you 
make an impressive saving. 

For more information about Rail Express Parcels 
collection and delivery services please write to Rail Express 
Parcels, Room 4a, Mefbury House, Meibury Terrace, 
London NW16JU. 


A Rail Express Parcels Service 




It took taxi-fleet owner Stanley 
Perkins to discover yet another use 
for Dun & Bradstreet. 

True, we do a lot more than most people realise. _ 

But even we didn’t guess at a particular strength of 
theDun ScBtadstreet Register: 

Mr Stanley Peridns.Hampstead taxkvcoon.puc us 
right-He ordered the Dun^Sc Bradstreet Register- 
all five volumes plus Index-then stunned us by saving die 
contents didn’t interest him. ( Derails of200,000 companies 
plus credit ratings!) What he wanted was the sheer prestige 
and respectability that the books would lend to his offices; 
“My customers will be impressed no end." 

Nice to know we have yet another function,when 
many still dunk of us solely as the worlds largest 
credit reporting organisation. Fact is, we re larger dm that. 
Our list of activities is so varied, irs almost certain that 
at least one will answer your needs. 

Pick any, and ask us at Dun &. Bradstreet (call us 
D&B) for full facts. 


Ice u? help you in: 

Marketingand SeIling.Fia' Keepmgpurmonev 

pointing pro.spa.-ts, analysis of nurkets, ‘working: effective debt-collection. 


improving sales chart, merging 
turnover; selling ur promoting by mail, 
increasing tt-port-dticiency. 

Answering international 
questions ot wits, awfketini'. 
ivmpanv owneisl up, muniigt-inair, 
credit content -rliruugliDcrB's 
Busings Bool-shop.-I y publication^ 
roiliiuns ot wets wnd guidelines" 
wurldwide. 

Simplifying taxation tor 
professional advisers. 


tracking down disappearing debtors. 

Educating tomorrow’s credit 
management: Study Course for 
iuture credit controllers. 

Minimising risk instantlv: 

C 00.000 condensed credit reports in. 
die D&B RepHtcr. 

Tailoring credit reporting to 
->nur special needs: nine d/rterenc 
services, OK! and o verse js. PI us 
company balance sheet service, arid 
company search service. 


DUN& 

BRADSTREET 

More than credit to our reputation. 

?6/32 Cliuon Sa-wr, London EC!T 2ELPhon£j 01-247 4377- 















t Financial -Times 'Ho^ay gime Tg :, l?7g 


8 

MiG 



EDITED BY ARTHUR BENNETT AND TED SCHSETERS 


• COMMUNICATIONS 

Cuts cost of telex 


« HANDLING 

Better grip 
on loads 


■ llTO AACT tfYff EASIER servicing is claimed for 

vlfl IN L-flJll If A a redesigned range of hydraulic- 

a ||y operated rotating clamp 

SlfAinCWT TOST saving machin*-"* i**de is devoted 10 tape attachments for lift trucks. avail* 
equipment ‘for the “large teles preparation instead of sending able from Hercules Hydraulics 

user is available fro.m Tele- and receiving. and used to handle cylindrical 

printer Equipment. It is a With the Typereader. all the objects. 

niicronrnc«-sso r-controlled Type- operators time spent keyboard- Opening gaps run from 254 


microprocessor-controlled Type- operator3 time spent keyboard- Opening gaps runi from -54 
reader which reads original type- ing land toe machines so usedi mm (10 ini up to 1.650 nun (65 
wrt«*r source documents and pro- is eliminated. No errors can be in)—and wider to order—and 
duces- a punched paper tape that introduced ny the operator and T b e steel piping to carry the 
comoariblc with the telex not- time caused by messages hydraulic oil has been replaced 

work ' This saves time, money being queued disappear. with flexible rubber hose, which 

and errors since the only manual The machine code can be absorbs the high shock loading 


work " This saves time, money being queued disappear. w'ith flexible rubber hose, which 

and errors since Ute only manual The machine code can be absorbs the high shock loading 
operation is wjih the originator, changed for computer or word caused by poor floor or yard 


nrpii.m messuces are processing applications. cutiumuio. 

tvm^iii^ V nr.f'i hv -i secretarv The Typereader can be seen With handling capacities of 
and sent (o cimmunicatlon* at tnc U.S. Trade Center in from 750 kg 0.650 1M up to 
"nVFor b.vboSrtlna to paper London (roo- Jnno 19-23. .More 3,500 k S 17.700liDI .the djmj» 
irs.-,, ; D .„,iPo C tHH itii.n.4 1 information from TE division of will rotate through 180/360 


conditions. 

With handling capacities of 


rswmw 

mm 


$££1 


■^aea 


0 Materials 

Lightweight 


cbsfelNBiG two' well-established 

provides a r ji|htweiskti 

tjfv /: * Jm8B1 rS^SjDE^noMrtilw 

tSKSM titiin with Marine Mandohte25 


direct CftS-FIRED 

SPAGEHEATINfi 
AND ; 
PROCESS HEATING 


quarrying 




and sent to a communicalirms 
centre for keyboarding to paper 


mm 


tape ' This' requires 'additional information from TE division of will rotate through 180/360 
eouVoment and labour Usualti', GADC, 70-S2 Akeman Street, degrees fixed or sideshifted. and 
1 Ur'e pereem!,^ if the utat Tiing, Herti. 0442 82 4011. can be supplied with higher 

° capacities to order. 

Hercules Hydraulic. Giltway. 

A COMPUTING Giltbrook, Nottingham NG16 

. 9 .-g -n a 2GX. Kimberley 34321. 

ACC|tllT@S ill© 'LeiS-lSl 9 PROCESSES 






o computing 


Acquires the data 

PUT ON the market by Solar- Solartron will tailor each sys- 


tron-$chlumherger is the Sys- tern tu a known logging require- 
icm 35 data acquisition equip- ment and v/itn extra items such 
nient. controlled by a micro- as interfaces provide an arrange- 
processor and aimed at labora- menc to cieei tlie application, 
tory data gathering/processing. Such a -ystera will have a 


h Copes with 
sharp bends 


Instead of fireworks, marine and military 
pyrotechnic devices specially manu¬ 
factured to avoid production of too much 
noise and smoke, will be used to provide 
an aerial display at the Aldershot Tattoo 
which opens today. Some of the devices 
are seen here being loaded into their 


launchers at the Schermuly factory in 
Salisbury, Wilts, where they are made. 
In addition to these devices Schermuly 
handflares similar to those used by . 
mariners and armed forces will be used 
to provide a colourful background. 


monitoring, small scale automatic 
testing and quality control. 

Then? are two units of hard¬ 
ware apart from peripherals such 
as keyboard terminals, printers 
and paper or magnetic tape 
devices. First of these, the 3510. 
is known as the integrated 
measurement unil and has prin¬ 
cipal tasks of scanning the trans¬ 
ducer inputs measuring their 
values and digit isiny them. 
Normally, 84 channels can ue 
examined, but the addition of 


: Attacking 
■ the U.S. 


iCleaner» specuitaiij' mi _ ni HCTirc 

lines incorporating various pipe w ri.H3ilVD 
diameters, awkward bends and 

junctions, and other potentially T ?p^-T 7 i»/viniO 

troublesome geometry. JTU1Volyl CilV 

Particularly suitable for off- ** ** 

shore use. *• Spheripigs” are • m nn - r 
available for pipe diameters |f| gUgjfJ V 
from six inches upwards. The «/ 

»r i to date are 48 ins colours 

The unit consists oF two poly- 

urethane cups backed by faceted ^ ALTERNATIVE method Tor 


standard colours can be offered Three additional new machiiu 

_ pink, pule amber, violet, also for the plastics industry, a 

orange, deep blue, pale blue, deep available from the same man 
brown, yellow, red. grey, light /2eturer _ The first is a ho 
green and NATO green. Others .rtntrit 


fl^KflPrilbholes 

sfSrliR to a™ forblastmg 

^lat^hvdr^arbon^fire at OpCFStlOIlS 

ti* Warrington Research Centre. DESIGNED FOR use. in" quarry- 
jjHie Durasteel partition is^asy jpg and open; cast raining opera-- 
t# erect on site and is followed .tions is a crawler-mounted, 
bS the spray application of self-propelled rotary blast hole 
Dimne Mandolite. This combina- drilling rig which is being intro- 
tibn offers an important.saying-duced to the UK by Landay' 

I t weight compared with a steel Drilling Supplies, Unit IS, 
lilkhMd and possesses stability.- Central Trading^ Estate, Staines, 
itegritv and insulation, - Both. Middx. (81612211. .- - ' 

rmmets are asbestos-free and- The rig is known as &K-i5and 
resent no known environmental is manufactured brthe Reed Tool 
ealth hazard either during or Company. It pulldown 

ftpr anniication. capacity of 25,006-lps and drills. 

DunSel i* 0933 7U8S ’' holes from 54 in to Bi.m and up . 

[andoval on 0990 25011. to 23 feet. deep in a. angle pass 

[anaovai on .. Qt - ra multiple pass depths of 

. 50 feet to 75 feet but can ariH 
I ROADMAKlNG angle holes up to 25 j degrees off - 

vertied. "■ ■ ■. • 

rni'll . • The machine Is mounted on- 

f Will nlane ' Caterpaiar "225 crawler tracks, - 

l Tf 111 each equipped with its own 

r _ .-jm independent, variable and rever- 

f-PflllPrPiG anfl slble speed control for spot 
= Cviav-1 vlv AUU -turning or for mahoermng m 

i , |i • - confined locations: Drilllevelling. 

7 f]CTlh O If- j s . by hydraulic. jacks, one front 

and two at the rear. 


gA andoval on 0990 25011. 

L ROADMAKlNG 

jWiU plane 
4 concrete and 
|asphalt 


hydraulic extrude* a SELF-PROPELLED -planing- 


TRENCHING 


inc uiMcisuism a.■= --- -- ----- Fnpinpprin£ 01 iSarKDV ivuau. JL 

white and coloured moulded EPS S i Qn powers from 100 to 200 took JScester. 

is about 10 per cent A pulverising die plate machiw . .. . th suDornlane and C 

in 3 !SkSKi7here are pros ^ continuous prednrton .f ^ "* a £ e ~ {oc confined sites such J 


collapse 


wu AN ALTERNATIVE method tor **< ■ • Ti extruded sections of 

i a nnintirinv pvnnndefl nftivctvrcne that in led ceiling and wail Cilljueu , 
dy. SftSfaSBB bv be EPS tiles will appear on the- market setting materials can 
led T. HVJlinment Details from the EPS Association polled. _Ttari to. j 


Nor mall •• 84 channels' cm ue slec ^ P^ atf, s and mounted on a colouring expanded polystyrene pects that imli 

examined but ih" addition of U,TN T,IF: Nation of an reduced-diameter sleel body. has been announced by the EPS £les appe 

si a 1e units takes i his tin Vo 10°4 American subsidiary with offices The ba?kplates and the varied Association, the development Dcl ^s f ™™ ,£ 

tr nowsLarv K Trlnsducer ener^ ,n .Jersey and San elastomer thicknesses ensure a having been made by one of its on 0444 5.S-1. 

fixation is h’uih in Francisco, the British company, cuntrolli-d deformation of the nie mbers, the Otford Group. T'ne 

° Thr» f.ihpp linti \ho H a tn nrmii- wh'ch specialises in cup peripheries to meet changes mate rial wiU be avaUabie to all 


if necessary. Transducer ener¬ 
gisation is built in. 

The other unit, the data nenui- 


devices and also alarm indicu 
lions. 


process are not 
s Otford eom- 
Boume Poly- 
:s of Sevenoaks 


Presses and 
extruders 


As part of ns North American Soheripis' to negotiate bends of and Foley Packaging of Aber- SEMI-AUTOMATIC 

■ ...... - . *• 4• Awn 14 nw'isvhi* it id »i YinPr'Iii iflfl . • 


Solartron has developed its unve 


company 


own interpretative iocqing toft- .seminars and demonstrations in The umls 
ware called BASIC. IV. derived Montreal. Houston and San any piggin 
from DEC'S BASIC, which Francisco during this month. U prtiite brus 
permits measurement devices to 1*5 alsn , lakin? part in the being fitted 
hr opera led under uomnutt-r Katiucal Computing Cnniet euco General 


hold lj T> radius. c j* r "- However, it is understood automat i c presses of new detign 

The units can be supplied for that the colourant penetrates the f Qr ^ compression moulding of 
ty pigging duly, the appro- white stock beads deepl> «o thermosetting plastics are 


o CONFERENCES. 


computer 


control and the logging system to Los Angeles this week, 
h* completely automated. Further from 0438 .56122. 


Ullli. me - -- - - - — -- ■■ 1 piques aic T 

pi-i;ite brushes and other tools that when the steam expansion ann0ljnce d by Erfurt Machinery. * FlQ^ST' 

being fitted to the body. process is applied a good degree Sheffie | d {W E> Norton G roupL Vi'uC UdV UUr 

General Descaling is at °^. , M ?fi 0Ur bomogeneiij is f 0 ji 0W j ng jt s recent appointment • : ■ 


Retford Road. Worksop. Notts, achieved 
SSO 2PY. Worksop 324. In ad( 


as sole sales and 


extruded sections of therrai- pedestrian precincts, town A. HYDRAULIC tirench shoring 
setting materials can also tfe centres, playgrounds and cat?, -system which is .said to eumlnate 
supoiied. Thirdly, a roilwe, parks where such work- would many of the-efamgera mherent m 
machine is available for the normally be a labour intensive conventional screwjaek and tint- 
button manufacturing industry operation involving the.use of.-per.batten sliertng^methods nas 
which reduces plastic, paste info pneumatic or hydraulic hammers. -been brought to this country 
ribbons of different coiouis; Pn _ concrete, the Speed Shore, of HoiKton. 

thicknesses and widths. m ^ ne C i^fitiedWiS ? 

Orgreave Close. Sheffield. M depth of over 30mm (Hln).Fw-or 
9NP. Telephone : 0742 697341. asphalt, a different drum i S used ; -^® Wker^have been Kiuenw 

fitted with oa ti*®™- The 

O f*OMI7PI9FNr t PQ-- tungsten carbide tipped floatmg- ri ^ rirn<n<||m - equipment, called 

CONFERENCES.^,-.- heads used -on the- .iomprisi strong 

■ E version. " '"blit lightweight units which take 

S BfflP rliiV’ AIT- -■■ improve performance oa- less' than a minute eSch to instali 
V^JLiV' UH.J Ul» - asphalt, a hank of infrared and the maker says that in uddi- 
_ _ * : heaters can be -attached Che 'tidfi-to safety advantages,"the use 


In addition, a wide range of for Gatti SpA, 

J Designated. ' 


BHF-B ANK continues 
growth as one of Germany’s lending 
Merchant Banks in 1977. 


r • • • . 


-- - ■ 

! 0 ■ ' 


Robot" the presses have auto- ON JULY 13. at the CEGB fiead- 7' > - 

matic programme control, and in quarters in Newgate SlreK maximum enmog ■ ; WKrtn.varra r More from the British distribu, 
addition, the latter incorporates London- ECl.-a one-day seminar' depth are 86001^ <-3i4in) and;^or at Fulftlrd RDM;. 
a oatented automatic pellet load- * s "oeing organised by Mulfi- 50mm i‘2ini respectively..; v 34E5ff'' (0904 366211! •' ;. 

iag dev;ce. PG prosses are Science entitled “ Wind Power;fti—===-“————————-— 

rated up to 750 ton:, while the L nited Iyngdom. Jc 

the -Robot " models are avail- ^veral of the contrJbuuo&. 
able up to 250 tons. V" ** ^om the academic world 

_ . , , , including Imperial CpHege, 

From the control panel, housed Kingston Polytechnic soft the 
in a free-standing console, nine Universities of St. Andres and 
sequences for the upper piston Reading. There will <lso be 
and three for extraction can be paners front the Civendish 
prosram/ned. allowing accurate Laboratories, the C5<SB, Pye 
control /of the mould closing Telecommunications and the 
cycle, . immediate or delayed Department of Energy. ""Proceed- 
degassing. selection uf the poly- ings will be opened by the editor 
merisation lime, and extraction of ‘‘Wind Engineering." 
of the workpiece. Temperature .Seminar fee is ££ (including 
nr tiu> ni-vonc .ico 1 -, 'ATI and further details can be 

of the heated platens can also be ahlain(pd frofn Multi-Science at 

selected, and is accurate to The Old Mill, Dorset Place, 
within =2 degrees C. London E15 1DJ. (01-634 48S2». 



.The Master Builders 


Highfights 

from tfce Consolidated Balance Sheet 
as at December 31,1977 


Business volume-^ 

Totai deposits --:—. 

Volume oflnans-1 

Capital and Reseri f es-. 
Balance sheet total 


(in thousand DM) ' 

_ 17^755,643 ' 

_ ill 54,578 

__ 8,529,0B7. 

_330,401 

_ 16,040,804 


The complete Annual Report in. German 
and suntmuri/ed Annual Report in English and French are 
available- on request.' -. 

Maria gmg Purtncrs: ‘ - 
Or. Wolfgang Cfr^ebrier. Herbert H.Jacobi, 

Dr. Hanns Christian Schroeder-Hohenwartfi Klaus Subjetzki 
Riidiger.v. Tresckcm 


BKF-BANK had another 
successful year in 1977. All 
sectors achieved good results 
xvith international underwrit¬ 
ing and commercial foreign 
banking heading the list. 

Total assets grew to DM 
16.05 billion as compared with 
DM 14.80 billion the previous 
year. Business volume ad¬ 
vanced to DM 17.76 billion. 


These figures reflect the success of the Bank’s 
policy in recent years to broaden the geographical 
base of both domestic and international activities 
by establishing new facilities in major business and 
financial centers. 

EHF-BANK s Luxembourg subsidiary recorded 
another good year and after its first year of oper¬ 
ations, the New York branch also contributed to 
the overall results. 


B H AT\T Jd Merchant Bankers by Tradition. 

BERLINER HANDELS- UNO FRANKFURTER BANK Resourceful by Reputation. 


CONTRACTS AND TENDERS 


SUDAN RAILWAYS 

STORES DEPARTMENT 
CONTRACT NO. 5093 

SUPPLY OF AUTOMATIC ALLIANCE COUPLERS 
CONTRACT NO. 5114 * 

SUPPLY OF 4000 (FOUR THOUSAND) HOLLER BEARINGS 
CONTRACT NO. S137 

SUPPLY OF SIGNALLING MATERIALS FOR 25 NEW CROSSING 
STATIONS & RESIGN A LUNG OF 14 5TA TIONS 

“NOTICE” 

1. Controller of Store;. Sudan Railways, Atbara invite* tenders for supply 
of the above. 

2. Tenderers should quote for each render icpcrately and each offer should 
be pm in a separate envelope. 

3. Details, specification and drawings (or each contract can be obtained 
fro.-n the Office o( Controller or Sto-cs. P.O. Box 65. Atbara-Sudan. or 
Irom the Office of Stores reprcscntit-»e at Khartoum. Telephone 747dj 
on submitting a written application bearing 50m/ms scamp duty and pay- 
ment ol Li. I O.QQDm/ms for on* cop/ of details, specification and drawings 
tor Conract 50 s J. Ls. I5.000m/ms lor ono copy of details, specification and 
drawings For Contract No. 511-1. La.10.000m/ns for one copy of details. 
SPeciAcaci'On and drawings lor contract No. 5137. 

4. The closing dates fixed for acceptance of lenders in this office are as 
follows:— 

Contract No. 5093. Thursday 3rd August. 1978 a: 12.00 hours noon. 

Contract No. 5114. Thursday 3rd August. 1978 at 12.00 hours noon. 

Contract No. 5i37. Thursday 10th August. 1973 at )2.00 hours noon. 
Documents arc alia sold at:— 

SUDAN GOVERNMENT PURCHASING AGENCY, 

3/5 CLEVELAND ROW. 

ST. |AMES'S. LONDON. SWIA 1DD. 

Raw:— Ls.I.OQQ m/ms. --£1.60. 

OFFICE OF CONTROLLER OF STORES 


nemocraiic and Papular HepoMic ol Algeria 

M1NISTERE DES INDUSTRIES LEGERES 
SOCIETE NATIONALS DES INDUSTRIES 
DE LA CELLULOSE 

INTERNATIONAL INVITATION TO TENDER 
NOTICE OF EXTENSION OF TIME 
Societe Rationale des Industries de Ja Geiiufom (SONIC) 
informs international companies and firms interested in 
the International Invitation to Tender which was 
launched at tbe beginning of February 1978 for the 
setting-up of a fartory in Sedrata to produce cellulose 
and paper products that the date limit for sending 
tenders, formerly fixed for May 30. 1973, has been 
postponed Lo June 30. 1978. 

Injonruilmn from; 

SONIC, 64 Rampe A IS Haddad, EI-Mouradia, Algiers. 
Tel: 66.38.00-01.04 — Telex: 52J33 


Me»r> 0=RCti E;:-.-£::r»=iM=t| LAX2TP, 10. CMj'joa WK--=y«T 1, TEL: f06IP 7131 - KBV YORK *E3 PARK/VENUE, TEL: ttt2) 75S3300 ■ BHHJANK INTERNATIONAL, 

liRAjyQ-RUc. LU’/oVECiOfiu • flrtrflittlC A-j. MiTrtEi.OUA: ZE, Z'JRICh • OFFICES: JOrjyjI.’ciE-.'ru, U=M >0fiK. HOtvo KOMu 5AQ PAULO. £LNuAPOR£. TEhRAH, TOhta 


CONTRACTS AND TENDERS 

Rate £13,00 

per single column centimetre 
For further details contact: 

FRANCIS PHILLIPS on 01-248 8000 Ext. 450 


FIJI ELECTRICITY AUTHORITY 

Monasavu Hjfdro-Electric Scheme :.J 
Power Transmission Project 

i 

Substations 

. - .. • • •. > 

The'Fiji ElKtridcy Authority (FEA) ■ inirite*! tenders from -expemnoed 1 
toncrietors tor the design., manufacture. delWpry end erection on vior 
Levu. the principal bland of Fiji, of tiu following: 

Contract 02/00 . Substations 

Tho contract will cover I3ZKV outdoor switchgear arid assactawd «|uifNiiM? 
for the WaiJoa Switching Suwon to be constructed near, die centre «£ 
Vui Levu, ihe Vuda Term mil Subsution near Laucpka and the Cuiminghim: 
Terrainal. Substation near Suva, together with 33KV- outdoor switchgear 
tor the extent ion of an existing substation at Vutft and~33RV- -ir*W 
switchgear at Cunningham. » ^ . ■ 

Early completion is of the utmost Importance and the equipment is. required 
to be ready for commercial service by 30th.June. I98K ’» 

Tender documeifa' will be'available on -dr' after' ZIsc jane, 1978- from. 
Merc ft MtLellan and Partners', 122 Arthur Screes. North Sydney. ZOfitT. 
Australia", on payment of a deposit of_SA200 by cheque mwe- payable co 
the Fiji flectrieity Authority. Deposits for documents are .-rewniible on 
submission of a bona fide tender. Additional seta of the document are" 
available at a cost of 5A200 per set >vhich is not returnable. 'TeiMer: 
doeumeno may be inspected on or after the above date at the FEA’s 
LsnJtoka. at the offices of Men: & .J4cLellan. Araberly . 

Newcastle-upon-Tyne. England: Carrier Wquie.'WirWJet Iload.'Li»nifo*r S.W. 
Sir Alexander Gibb and" Partners Australia, Commerce Haase, Bircofl, A.C. 
or" at. the. above, offices. •. 

Tenders Will be officially opened at the office* of tffe' FEA: In Lautoka it 
1SOO hours on 20th September, 197ft.. . 

A tender deposit of SA5D.000 wilT be required to be submitted by each 
tenderer with Ms tender. 

Tbe FEA reserves the right to waive any informality in. tendering and at 
reject any or all of the tenders received. 1*. 

Th FEA has applied for a loan from the Asian Development. Bank-towam 
the foreign .currency cost of the project and procurement under the contract 
will therefore be limited to member countries of the. Asian -DpveldfniMIC, 
Bank". - - . - ' 

Further information regarding the above- contract may, be obtained -fro®!; 
Mere ft MeLellan and Partnersi North Sydrmy.-; Attttialla- 




■ Monasava.Hyd 
Power T 

Transfo 


TJte Fiji. .Electricity 
contractors', for .the 
principaljsbnd of Fiji, 

Concrict "01/00—Tr 

The cbna^cc will cover 2 
Power 5cation, to' be const 
J32/33" KV Transformers 
and 2 X 30 MVA 312/3 
near Lautoka. together 
Early .completion of the T 
and these ire required tc 
19fl0.' 

The i Wailoa" Power 
Tender documents 
Mere ami McLfcUan and 
Australia, on payment 
to rite’ Fiji Electricity t 
on ■ submission of-a Jboni 
are available at a cost of 
documents may be' ini 
office*,-Launira. at the 
Ncweastie-imw-Tyne, 
SWL-'Sir Alexander <SSbb 
A.CT., or at the above 
Tenders will be officiary 
fS.OO hours on 20th Sei 
A tender deposit of 
tenderer with his 
Th*-FEA-"reserves the ri 
to.reject any or all of 
The FEA hu applied for a 
towards- the foreign cum 
the contract -wltt" therefai 
Dcvetopmcnc. Bank. 

Further information 
MTerz ft.M^LoUan.ft 











































. . . ; • ., 1 . . I VViiHHHMMHnMnraHI 

Drainage and sewage treatment Rush and 


& 


THE CONTRACT for. the first 
stage of the main drainage and 
sewage works at A1 Ain io'the 
United ^rab-Emirates, has been 
awarded- to'-Keang Nam Enter¬ 
prises, of; Seoul. Korea. The 
tender figure is understood to 
be around £22m. 

This scheme, designed by D. 
Balfour and Sons, is for -a 
population of 105.000 and an 
average daily flow of :>7,D00 
cuhie metros. The final effluent 
■will be treated fo.'a standard 
suitable -for irrigation re-use.” 

Electrical arid mechanical 
plant for the project, is' to he 
supplied -by.. Ames -Crosta- 
Babcock of Iieywood, Lancs. 

Back in the UK. D. Balfour 
and Suns has been commissioned 
by the Norwich Sewage Division 
of the Anglian "Water. Authority 
to implement a' feasibility study 
into the sewage disposal facili¬ 


ties at Great Yarmouth and its 
environs.- 

An Interim . report recom¬ 
mends detailed consideration t,g 
be given to a Tong' submarine 
outfaU and a sewage.treatment 
works sited north of the luv.n. 
The -report recommends inveMi- 
galions to .prove the-feasibility 
or the marine discharge, which 
is complicated by the Middle 

Srroby sandbank 3 km offshore. 

The .existing sewage treatment 
works . at Caistew)n*Sea, which 
has- only a - limited - life, dealt 
with .30 per cent of the sewage 
from ' - the study 1 - -area, the 
.remainder discharges, mainly 
untreated, to the tidal region 
of the- River - Tare. The 
enormous amounts - of fresh 
.water flowing through the 
esinary from the inland lake, 
Breydon Water, raises the 
quality of the Vare Estuary 


water io a level which would 
not normally be expected with 
such large quantities of crude 
sewage being discharged, says 
Balfour. 

The study is being carried nut 
in co-operation with the Great 
Yarmouth Borough Council, 
which, acting as sewerage jigem 
to the Anglian Water Authority, 
is currently effecting major im¬ 
provements -to the sewerage 
system. * . ' 

D. Balfour and Sons will also 
work in liaison with Bcndul. 
Palmer and Tritton. who. ns con¬ 
sultants to the Norfolk and 
Suffolk River Division of ihe 
Anglian Water Authority, arc 
engaged in a flood control study 
of the Yare Basin. 

Balfour expects to submit m 
final report later this year. 


£7m Wimpey awards Kier gets 

ALUMINA CONTRACTORS has 2-7ra cubic metres■ of rock on 

awarded a site grading contract the site on Aughinish.Island. 1 UdU IUJU 

wnrlh fnm fn r.Dnrao WimMU - _ I-:-. v 


TRENCV 

ess ri 

i)\\m 


ALUMINA CONTRACTORS has 
awarded a site grading contract 
worth £om to George Wimpey 
who in turn has signed an agree¬ 
ment for a joint venture., opera¬ 
tion with P. 3. Hegarty and 
Sons of Cork, the-- partnership 
to be known* as . Wimpey- 
Hegarty. ' 

The contract is the first to be 
awarded for the £2S7m Aughi- 
nish Alumina's alumina extrac¬ 
tion plant on the Shannon 
Estuary. near Fbynre. ■ Co. 
Limerick. It includes site clear¬ 
ance, grading and the removal of 


I.7ra cubic metres ■ of rock on 
ihe site on A ughinish. Island. 

Two contracts ' whose joint 
value exceeds £ 22 m have been 
awarded to Wimpey‘by;the City 
of Manchester Corporation for 
the modernisation' of. 499 coun¬ 
cil.dwellings in, the city, under 
schemes called Clayton ZA and 
Newton Heath 2B. The refur¬ 
bishing involves extensive re¬ 
newal of fabric, installation of 
ccotral heating, plumbing! new 
kitchen, rewiring and renewal of 
services. 


£5im services contracts 


HADEN YOUNG is to instal 
heating, air conditioning and elec¬ 
trical services in -the building 
" which will house the Burrell 
I Collection on the Poilok Estate, 
Glasgow. 

Taylor Woodrow Construction 
.(Scotland) which is constructfng 
the £10.4m building has awarded 
: ihe £2m contract to the company 
whose expertise promises to main¬ 
tain precise humidity and tem¬ 
perature controls, together with 
necessary filtration * measures 


against pollution, etc., to pre¬ 
serve ihe £40m collection which 
was left to the nation by the iaie 
shipping magnate. Sir William 
Burrell. ■ 

The company has- also won a 
£3tm mechanical and Electrical 
services contract from the West 
Midlands Regional: Health 
Authority for installations: at the 
new Dudley District 1 General 
Hospital. Work on the £10.7m 
hospital is due to start in late 
summer. Main contractor is John 
Lalng. 



-i.- ' w f 


B 


u S 

mi 


v author 


■'KIW 


Description fi; ' - • .. . " ‘ t - . 

700 TON^APACfTYXOINJNSTRESS by ‘ - 
f Taylor '^d Challehr—virtually unusetk-^ftilly 
■ automatic—16s.p.m.x 24 roni reroke. - 
IN LINE MACNINETbr shpultanepus surface. ■ 

: milling botfr.sides of continuous and semi- a 

conrinuoiis : cast-non-ferronsstrip up to' I6 w .widey 

9 DIE, 1750 FT/MIN SUP TYPE ROD / 

. .DRAW1NG;-MACHINE equipped _,vrith- 3 speld 
200; hp drive. 20'' horizontal draw -blocks. J 
• 22' , ,vertial: collecrmg blodc arid 1000 lb / 
spooler.4Maxj.inlet 9 mm finishing down/ . 

•• xo 1.6-mm 'copper and aluminium.) - J ■' 
8BtOCK(400 mm) JN UNE, NONSUP VflRi 
DRAWING MAOfiNE m exceTenr. coercion 
- 0/2nOQfc/min. variable speed'Iff hp per/block 
l1968). * 

24" DIAMETER HORIZONTAL BULL jBLOCK 
By Farmer Norton (1972). . 

SLITTING UNE 500 mm x 3 mm x 3. ton capacity 
TWO VARIABLE SPEED FOUR HIGH ROLLING 
MILLS Ex 6.50" wide razor blade strip 
production. . 

MODERN USED ROLUNG MILLS, wire rod and 
tube drawing plant —r roll forming machines — 
slitting — flattening and cur-to-iength lines — 
cold saws — presses —■ guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

7970 CUT-TO-LENGTH : LINE max. capacity 
1000 mm 2 mm x 7 tonne coil fully 
overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
- MACHINE by Farmer Norton 27"—29"—31". 

diameter drawbacks.-- ___ , 

STRIP FLATTEN AND*CUT-TO-LENGTH UNE 
by A. R. M. Max capacity 750 mm x 3 mm. 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia x 25 hp Drawbacks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 
S.OOOft/Min. wirh spoolers by Marshal Richards 

3 CWT MASSEY. FORGING HAMMER 

—pneumatic single blow. 

9- ROLL FLATTENING MACHINE _ 

1.700 .mm wide. - • 

7 ROLL FLATTENING MACHINE . . 

965 mm wide. 

COLES MOBILE YARD-CRANE 

. 6-ton capacity lattice jib. _ 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLUNG UNE 10” x 8" roils x 75 hp 
per roll stand. Complete with" edging rolls.' 
turks head flaking and fixed recoiler. air 
gauging, etc. Variable line speed 0(750 fc/min.. 
and 0/150Q ft/min. . 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE (1973) by 
Thompson and Monroe. 

«£AR PEELER — 4 CENTRELESS. Reconditioned 

^SENDING ROLLS 8’ x j". Excellent. 

CONOMATIC 6 SPINDLE AUTOMATIC. Fully 
reconditioned, will turn and index to maker's 
limits. 

iCHULER 200 TON HIGH SPEED BLANKING 
PRESS. Bed 48" x 40" 200 spn. Double rolf 
feed stroke 35 mm. excellent condition 
TAYLOR & CHALLEN No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition as new. 
TICKERS 200 TON POWER PRE5S. Bed 40" x 
36". Stroke 8". NEW COND. 

MACHINE CENTRE. Capacity 5ft x 4ft x 
3ft 5 Axes continuous path 51 automatic tool 
changes, 5 tons main.table lead. Main motor 
27 hp. Had less than one year's use and in 
almost new condition. For sale ac one third 
. of new price. 

V1CKMAN 2i 6SP AUTOMATICS 1961 and 1963. 
EXCELLENT CONDITION. 

,000 TON HYDRAULIC PRESS- Upstroke 
between columns 92" x 52" daylight 51 . 

. stroke 30". 

' 'OLD HEADERS BY NATIONAL 
r and r D5SD EXCELLENT. 
tNKERWERK 400 TON INJECTION MOULDER. 

Reconditioned. 


WANTED 


tODERN USED ROLLING MILLS, wire rod _ 
and tube drawing plant—roll forming machines 

_slitting—flattening and cut-to-length lines— 

i, cold saws—-presses—guillotines, etc. 


p02 4254^2/3' 
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0902 42541/2/3 
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. Telex 261771 
0F-92S 3131 
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11 LAST SUSSEX County Council 
,a has awarded a contract worth 
ly AT 4m to Kier fRRW) for the 
>r construction of part uf the 
n- Fulkesione/Honiton trunk road 
>r ai Bexhiil. 

d Work comprises IJ kilometres 
r- ol dual carriageway, a single 17- 
e- mr-ire span precast concreie 
)f bridge over Chantry Lane, iwn 
iv concrete footbridges at Lychgote 
if Close and Hustings Road, a 
pedestrian subway under Hie 
main carriageway at Barrack 
Road, and about 1 kilometre nf 
retaining walls in concrete with 
Gateshead rock faced finish. 

'1 be contract will take appro.vi- 
maiely two years Io complete, 
e- 

: £lm store 
a i for Boots 

J HftiGS AND HILL Building has 
ben awarded a contract wnrrli 
,e nearly £lm to construct a store 
*1 fnr Boots at King Street. Ham- 
mersinith. London, 
e The Ihree-storey reinforced 
n concrete building Will be con¬ 
structed on piled foundations 
__and will be brick clad. Office 
accommodation will be included 
within the building. 

Architects for the project are 
Scott Brownrigg and Turner, 
with H. L. Waterman and Part¬ 
ners acting as consulting en¬ 
gineers. Quantity surveyors are 
Gardiner and Theobald. 

Airport 

work 

THE TOTAL nf recent contracts 
awarded io\WiiJment’s Building 
Division is ijver £900.000. which 
includes tw# contracts worth 
over £400.000\ from British Air¬ 
ways. \ 

Erection of offices and security 
cages in the ^cargn centre at 
Heathrow is scheduled for com¬ 
pletion by the end of this year 
and covers pan-of the British 
Airways deal. Other work at ihe 
airpon is primarily for altera¬ 
tions and additions in the 
agents' bond facility area of the 
import terminal. 

Other awards include work 
for Western Synagogue Trustees. 
Siemens, Department of ihe 
Environment the Home Office 
and Agfa-GevaerL 


IN BRIEF 

• Among contracls worth 
more than £t.8pi won by Wrekin 
Construction is a £617.000 town 
centre relief road for Condemn, 
placed by Cheshire County 
Council. 

• One of the most important i 
leisure developments in the 
Highlands since the completion 
of the Avieroore Centre, is bews 
constructed under a contract 
worth about £lm by William 
Tawse. 

•• John Howard and Co., has 
been awarded a contract valued 
at £295.000 by Harbour Develop 
raents for the evtension of No. 5 
berth at Harwich Docks. 

• Contracts worth about £22fi.00fl 
have been won by FPA Finnegan, 
the main building subsidiary nf 
Sheffield-based FPA Construction 
Group. 

• .Export contracts totalling over 
Sim .have been secured by the 
Hyifiojet Division of A. Long and 
Cb n .for the supply of purpose- 
built high pressure water jetting 
equipment to the Middle East. 

• "Wellerman: Brothers of 
Sheffield has received a £65.000 
sub-contract from Gateshead 
Metropolitan Bqrough Council tn 
supply steel sheet , and bearing 
pile*-Tor a project to drain 100 
acres of land to be subsequently 
developed as an industrial area. 

• Nuneaton District Council has 
awarded a contract valued at 
about £140.000 to Corral I Con¬ 
struction for ten nursery factory 
units under Phase. I of a new 
industrial development at Attle¬ 
borough Fields. 

• .Marking the end of the first 
stage in the Tyneside Sewerage 
Scheme is the Nnrthumbrian 
Water Authority's £383.000 con¬ 
tract awarded to Stepney Con¬ 
tractors for work involving the 
diversion • of ■ flow from sewers 
(currently pouring untreated 
sewage into the Tyne), to the 
oew South Bank and Snuih 
Shields Interceptor Sewers. The 
new. sewers have cost £7,5m and 
when operational will inlercepi 
some 10m gallons a day of 
untreated sewage and transfer it 
to. the newly completed treat¬ 
ment works at Jar row. 

•" Costain Renovations has been 
awarded a £400.000 contract by 
the London Borough of Camden 
for extensive renovations to 
Cecil Rhodes House and the 
Chenies in Goldlngtan Street, 
London, NWL. 


Tompkins 

busy 

AT BASS Chorrington's tv’cll- 
park Brewery, Glasgow, a ibree- 
storey oliice building is io be 
constructed under a £900.000 

cun try ft awarded 'tn Ruvh and 
Tompkins. 

Built on piled foundations, it 
will have a precast concrete 
rrame clad with precast concrete 
panels arid *>c fitted with acrylic 
enamelled aluminium windows. 
Interior finishes are tn he deco¬ 
rated dry-lining to external walls 
with plastered internal partitions 
and false ceilings throughout. 

The company's South West 
region hus eontracl-s valued at 
£1.5m. including a school at 
BradJurd-on-Avnn at £0.5m for 
the Wiltshire County Council; 
housing valued at £300.01X1 for 
the Ken net District Council at 
Pullerne. Wiltshire; general 
building work at LuggershaM fur 
the Deparunent or thr- Environ¬ 
ment valued at £ 20 * 1 . 000 ; and in¬ 
dustrial build mg in W<i ll shire for 
Wellwurrhy Engineering. 

Two housing contravis in ihe 
LumJun area with a luiul value 
nf £600.000. aie fur Lewi-.bam 
Borough Council and the Hard¬ 
ing Housing Association at 
Wimbledon. 

Offices in 
London 

DEMOLITION and rebuilding 
work at 88-90 Chancery Lane. 
London WCJ is In hi* undertaken 
by Wilishiers under a il.tim cun- 
tract. 

Apart from rebuilding part >»f 
the existing premises, a consider¬ 
able amount uf refurbishment 
is called for to provide o It ice 
accomniudalinn. The wi.rk is 
being carried oul Tor St. Marlin's 
Property Corporation. Archi¬ 
tects are The J. Seymour Harris 
Partnership. 


Over £9m for Douglas 

UNDER CONTRACTS totalling hoe. Northumberland fnr Kim- 
nvor £9ni awarded tu the Douglas berley-Ciark; and a factory at 
Group. K. M. Douglas Construe- Bridgend for Rockwool Company 
turn lias been awarded £6.Sm, of lUK}. 

which 15.8m is for industrial Other projects are a factory at 
projects. Additionally R. M. Newcastle-upon-Tyne for Glass 
Douglas Roofing has metal deck Tubes and Components and site 
roofing and wall cladding con- works at St. Mellons, Cardiff for 
tracts totalling £L1.3ni. the Property Services Agency. 

Work already commenced by Department of the Environment, 
ihe construct inn company . Part of the roofing company's 
includes foundations fur a steel contract includes metal deck 
mill conversion at Port Talbot roofing of the new engine plant 
for the British Steel Corporation; at Bridgend for the Ford Motor 
a warehouse extension at Prud- Company. 

Two shopping centres 

UNDER. CONSTRUCTION in The contract also Includes 
Warrington- and Kidderminster demolition of ovist ins properties 
arc two new shopping centres between \ icar Street and 
ccuns «m and i’Mm r e 5 p«- »“« 

lively. 


The -WarringUin Development 

Corporation's shopping complex. _ 

the 14m, Birch wood Centre, is TTiw-r-vd- 
situated on 163 acre site in Ihe I’ 11 ST Tirilf i l 
angle Of Ihe MR and the Man- A U,Jl V1 EXVA 
chester-Llverpool railway line, £ liU 

and will not only serve North- T||T % Til 11 
Ease Warrington's expanding ^ 

population but is expected to 

attract shops from a wider area STt^PI flB^fTil 
because of its easy accessibility x*-*****■' 

to the M6 and SI62 motorways. THE FLRST order for steel- 

Largest si ore—of uVor 106.000 rus h ^ijr.! n P J^ ed Z l }t^ L Z e : 
square feel—has been pre-let i.j I^ n ^, B " dl:e . ? nd Eugmeerinii 
Fine Fare who will also operate Middle East which has just begun 
a petrol filling siaiion. nperalions in Hie new industrial 

* , area of Jebel Alt on the Gulf 

A snufiping precinct between coast. 

Vicar Slrej.-r and Worcester This order for 4.500 tonoes for 
Street in i lie uurket town of |h e pja^a Development tn Cairo, 
Kidderminster, south west of j,as come much to the company’s 
Birmingham, has been designed delight, close to the official open- 
tn blend m with the character nf In{ ; Q f l | ie ractorv yeslerdav by 
the existing town centre. John The Ruler of Dubai. Sheikh 
Lainp. Midland Region, has won R ab hid Bin Said AI Maktoum. 

iSveloSn. ! ° T i,S *■> - vear - >h= aulomaled 

p steel fabrication plant will handle 

This complex comprises 21 shop about 12.000 ions nf steel. 

! ,n !?nnnS, n ; 7 ft- fnm r From the Jebel All base. 

- h °? r Q l lhc Cleveland Bridge is currently 
’ PS * .I I., on lo . ' ,|C3r engaged in ercciinn uf the steel- 
Mreet whilst 1 , face-a shopping 1V(irk fnr lhe cal.idan Dmiche 
way Icadm^ b- an open square pruject (the largest private enler- 
in WorcPfb-r s.reet.- Part of the prise scheme in the United Arab 
project incuid.-s an extension lo Emirates), the Dubai aluminium 
the exiting Marks and Spencer W , u .-Uers. the steelwork fur the 
store which •••.ill lace on to ihe roof nf the Intercontinental Hole! 
square. j n Sharjah and the steelwork for 

The struct ure will he nf the Sheraton Hold in Bahrain, 
reinforced in xnu concrete with Cleveland Bridge and Engineer- 
concrete slab floors ai ground inn Middle East I* a partnership 
level and hulluwpot Honrs with of Cleveland Bridge and Ahdul 
reinforced concrete column bases Wahab Galadari, the prominent 
at upper levels Middle East entrepreneur. 


Keeping all 

amenities 

instep 

PLANNING a new city of 250.000 
inhabitants where constraints un 
the type of dwellings, access 
systems, industries and other 
aspects allowed arc severe, is no 
mean task. Add to that the 
problems inherent in working uit 

land reclaimed from the sea as 
part of the Zuyder Zee project 
and the Iasi; lakes on fresh 
complexities. 

The Lake Jjssol Polder 
Development Authority is 
responsible fnr the physical plan¬ 
ning of the 25().OUO-inbabitant 
AI mere city and the 100,000- 
inbabitaDl Lelysiad. both close 
to Amsterdam and both barred 
io development as overspill or 
dormitory areas for Amsterdam. 

Though ihe two centres will 
not reach their projected popula¬ 
tion totals till the j ear 2000, the 
development lines have been 
fixed to provide work,-recreation 
facilities, nature reserves, ser¬ 
vices. schools and shopping 
centres, as well ns houses, keep¬ 
ing the whole in step so that 
there does not ar^e—as has been 
the case in too many instances 
in Britain—a situation where 
there is housing, but precious 
liule else. 

Co-ordination is an immense 
task to carry <mt manually and 
the authority for some time has 
been making use of fhe 
PROPLAN approach, available 
on the Cybernet services or 
Control Data. 

This a Hours planners to carry 
out time, resource and cost 
analyses of projects which 
encompass up to 8.000 activities 
and 12.000 relationships. Import¬ 
ant ;s that rhe program suite 
enahlps a planner to see very 
ouicklv ih<* relationships among 
den^ndrni .ir-ltvines so that, fnr 
inManc*. if a major road scheme 
has io he chanced, all ihe other 
work affected will be pinpointed 
at oner* and the extent to which 
it is bring influenced by the 

alterations. > 

Such work is difficult if not 
impossible lo do manually when 
such big projects are under 
way. 

From the master file manipu- 


CRENDON 

precast .dbncrctc'::;^ 
’ - '•" structures 


I CRfNDON CONCRETE CO’im 
: ThameRd,;ljDhg Crendoni C: 
-'■Ay l esBury.Bucks^-HPj v 

Tel; Long Crendon 2084151 A. 


lated by PROPLAN, a large 
variety of simple language 
reports can bu generated on 
demand and fit The planners* 
reuuiremenis very closely. Speed 
of reaction of lhe system is a 
most important factor and it 
cannot forget a detail. 

More information on the pro- 
ject and the program suite from 
Control Data. 353 East Barnet 
Road. East Barnet. Herts. 01- 
440 5161. 


Work in 
Ghana and 
Manchester 

FOUNDATIONS and super¬ 
structure nf the ermdinc null 
at the Ghana Cement Works, 
Tenia, are to be constructed by 
Tay&ec Construction, a Ghanaian 
company in the Taj sec Woodrow 
Group. Value of Lhe conn act is 
£630.000. 

Construction is scheduled io 
take 11 months and ruiisi-is 
partially of structural steel and 
partially reinforced concrete 
frames. Engineers for ihe pro¬ 
ject are CowicunsuU of Accra, 
and the oiuntity surveyors are 
(.!. A. Takyi and Partners of 
Accra. 

The new mill is ilie second 
contract for Triysec at the 
Ghana Cement Works. The first 
was for a clinker storage shed. 

At home, in .Manchester, 
Taylor Woodrow has won a 
£900.000 contract for a homing 
development from Ihe Northern 
Counties tCromford) Hoiom/id 
S ociety Construction of the Mj 
dwellings in six three-storey 
blocks will take 17 months. 

Architects are John Cajlten 
Associates, consulting engineer 
are E, .1. Griffin Associate? and 
quantity surveyors are Markham 
Millard and Partners. 




































































































































































































10 


^Financial Times Monday jjtne 19 ■ 


The Lut of Ap^lleadiK «nl mil at 19 un. on 21«t Jam, Wit, ind 


etew on lha same day. ^ 

Tftfc ia; w !.-■ niii'it' r« n.vnrrfan<*c trim a Gcm-'nil 571 rrn ™ Uic Treasury 

u.-vVr il.c fl.iniml «•( Hurruiniip Order JflSi . .. _ ' 

•iFolMtliC'/i ha* made lu (be Council ol Tbc W 0uk LJcninKe tor lip Slock 
b‘. in,: issued lo be £dnillt?d to the Official List 



SOTJTHEND-ON-SEA 
BOROUGH COUNCIL 

Issue of 

£7.000,000 Borough of Southend-on-Sea 
12 per cent Redeemable Stock 198" 

.4«/hr>rr.v»£ In U,c I'Mwctl ol Ihc Rorniaih of SoanicnJ-QB-Sro and fsnud m 
c-.-nrUmi, e mill the Lornl Coi’Cnuucai Act IS72 end the Loral Authority (Stocks and 
B-ntf:.. HciluGilj.’.t 1274. 

PRICE OF ISSUE £98i per cent. 

Payable as follows:— 

On Application . £t® P er cenL 

On 25tfi July. 197S . £3.1 Per cent 

On 12th October. 1978 . £53* per cent 


£93* per cent 


Interest (less Income taxi will be payable hal£-v&arly oq 15th May 
and 26lh November. A first interest payment of £2.7828 (less 
income lax I per £100 Slock will be made on 26th November, 1978. 

77i-- ."wW: it un un i-AiHitmi Ultimo within Part II n| (lie First ^''hcrliilo in the Trustee 
Jnrvxtnunu Ait JSiJI 


Barclays Bank (London and Intern at tonal) Limited. \>w IfMieS Oenanmenr. P.O. 
Bill lit. “ London Wall Buildings. London Wail. London. EC-P 2BU. are authorised 
by the Souihend-on-Svu Borough Cnunclt to reex-tve apnlicanonV for the above amount 
of Stock in JtLordJnce »jih Resolutions passed by tbc Cooncil on -tth November, 1977. 


1. SECURITY.—The Stock and interest thereon will he secured upon all the 
nronui . of th. Coum-il, Tin- Smck *Q1 rank equally with all securities Issued by 
the Council. 

2. PROVISION FOR REPAYMENT OP LOANS.—The- Councl is required by Acts 
of Fariianicni io iiuki- annual provision towards redemption of loans raised Tor 
capital i'Siu. ndrlire jnd to make such returns in eonneciiou therewith as may he 
rewnnsf th- •f'—rwlniY of State for the Environment. 

3. PURP05E OP ISSUE —The proceeds of the issue will he applied to replace 
ttiOii-?i s temporarily liorronri.-d 10 nicer authorised capital ctpendlturc. to replace 
njiurins raonca^. debt, in liiunce (uriher capital -sp.-ndimre. lo make loans to 
c-ihiT (neat authonin.-s permitted under Paragraph 1-1 of Sch- dub- IS of (b« Local 
fiovcrnmvnt Act 197.*. and in defray the costs, charges and expenses of and incidental 
to in-.- Issue- of ih-.- SlolL. 

4. REDEMPTION OF STOCK.—The Stock wiU be- redeemed at par on Min Mar. 
1WS7 unless previously cancelled by purchase in the open market or by agreement 
wiLh I he holders. 

5. REGISTRATION—Thi- Sio-.v when tally paid will be r-.-ciwered and transferable 
free 0 f ohara-.- in amounts and multiples of one penny by ins rumcm In w-ritinK In 
aivordomv with ibe Slock Transfer Aci 19«i. The Resister of the Slock will be kept 
at rnc offices of ihc Borough Treasurer, P.O. Box 2, Civic Centre. Victoria Avenue. 
Southend-on-Sea. 5S2 WEP. 

6. INTEREST.—Jmcresi <!•■&* income fan u-iJI be paid half-yearly on 2«>(J) May 
an-l ?5ih Nnvemrier hy warrant, a-hkta will he sent by post a' she Stockholder's risk. 
In ih' un.- o> j Joint j'-ynum. ih-.- team nr will be lor.i-urded lo the person drat 
named in ihc atci'iini unl-.-ss Instructions in the contrary nr-.- Riven in wriimu. 

Th- fi.Tt paym -nt of £• «S - lo ts income iax> per £100 Swell trOi be made on 
24th Novimh*-r. 157s h> uarranr In th- usual way. 

?. APPLICATIONS AND GENERAL ARRANGEMENTS.—Applications muFt be 
made nn ih- pn-M-nb-d form, aciompank-d by a dcnosii of T 10 pur cent, or the 
nominal amount applied for. and be received at Barclays Bank (London and 
International) Limited. New Issues Department. P.O. Box 123. 2, London Wall 
Buildings, London Wall. London. EC2P 2BU. 

Applications must be for a minimum «F £109 Stock or in multiples of £100 for 
applications up lo E2.DOO Slock. 

Larger applications must be made in accordance with the following scale :— 
Applications above £2.030 stock and not exceeding ES-Oao yack in multiples of £500. 
Applications above £5.000 Slock aad not exceeding £23.000 Slock in multiples of 0,080. 
Applications above £20.000 Stock In mnlriples of £5,000. 

A separate chtmtie drawn on a Bank Hi and payable In tbc United Kingdom 
must accompany each application Form. No application will be considered nnless 
this condition is fulfilled. 

In ih- i-.i-nr -H n.irnal allotment. I ho surplus from ilk amount paid as deposit 
will he r-.-lun-J-.--l lo th.- applicant hy cheque. ][ no allotment is made the deposit 
will be returned in foil. Vo allotment will bi- made for less than £100 or Stock. 

for.lavs rianf .London and Ini-rumional• Limited reserve* rhe risht to return 
surplus appl;.;ailun moneys hy means of a ch-qu- drawn on a country branch or 
Tar. lays Rank I.milled 14 any applicant whose application was not supported by a 
Banker" > Dreli or by a cheque drawn on a Town Cleanru: Hrjnrh of a Bank In the 
City or Lon-Juii 

It should be particularly noted that default in the payment of any instalment by 
Its due date will render all previous payments liable to forfeiture and the allotment 
to cancellation. 

Each applicant to uhom an allotment of Slock Is mad-.- will he sent a renounce- 
sihl- Ldi-r ol Allotment, which must be produced n-ben instalment payments are 
m.ilc. L-.-i.'t-r; or Allotment which may b- spill up iu 3 p m. nn V3lh October. 1978. 
wid -Mniiim forms of rentuicianon which wtH he araiiahi- HP (O 3 p.m. on 
2>nh o-.iob-.-r. liCA. On paym.-m ui 'he insialm..-m due on iiih July. 1978. tile Letter 
] it! h-.- approprui-lv marked and returned io the sender. When payment In full is 
made, ih- L> >ur .till be appropriately marked and returned in ihc sender, unless 
Ih- ration anplleaiion form has been eompfeted. in which ease pages 1 and 2 
only -if thv Leii-r will hi- return-.-d to the sender. 

Partly paid Letters of Allotment may be spill in multiples of £H» Stock, but 
fully paid Letters or Allotment will be split down to mull I pics of one penny of Stock. 
No Letters of Alio:mem will be split unless all instalments then due have been paid. 
There will be no charge for splitting Letters of Allotment. 

Th-.- Stuck r -.TillHM.- will be d.-spati'hcd hy ordinary post at the risk of The 
Flo. khold-r-o D-iihoiii inn her r-r-gutsi on or before 17lb .November. 1978. to tfie 
first nai!K-l r-msn-r.'il hold-r at his Vr rectstcrcd address. If betwien 70th October. 
197 5 2 nd .‘71 h iVinb- r. 197f the Alloimcn* Letter is lodped at the offices of the 
Borough Treasurer. P O. Box 2. Civic Centre. Victoria Avenue. Southend-on-Sea. 
SS2 6EP '.- ifft rh- fodcinq aaent’s t»on> and address inserted in the space prodded 
ai th- loot of niter 2. the Slock Cemflrau- will he despatched to th- lodclnc agent 
■ ■n or h. (ore »7th Nat ember. 1979. after which date Allotment Letters trill tease to 
be valid. 

A - urnmission nr u»p per £180 Stock will be allowed to recognised bankcre and 
STiu.bhrol.trs or alloiments mad- in respect of applications hearing their stamp: this 
rorvmtr.sion will not. hovri-vcr. b>- paid in respect of an application which arises out 
of an und-rA-n:>nc commiimem. 

8. STATISTICS.—Hclalim: to Ihc Rn-nush of Suuibend-on-Sea:— 

Populaiion mid-*977 tReaisirar-r.enoral's Estimatei ...». 

RuT-ablc value— 2 lut March. 197s . .... 

Preduci of role or ip in the £—1975 79 (estimated* . 

Rati- in the 1—1979.79- . . 

N-t linn debt—"1st March. 1979 ... 

pnisocriuecs -bud application forms can be obtained from:— 

BARCLAYS BANK (LONDON AND INTERNATIONAL) LIMITED. 

NV.v Irsucs Depart mem. P.O. Eos 123. 2. London Wall Buildings. London WaB. 
London Ei7.’P 2P.U. 

ami jhv mam hrjneh of Barclays Bank Limited la South East Essex. 
GRIEVESON. GRANT AND CO.. 

1 *i*i Ros I'M. 3D Cresbam Street London EC2P 2DS. 

BOROUGH TREASURER, P.O. Box 2, Civic Centre. Victoria Avenue. 
Southend-on-Sea. SS2 6EP. 

Py Order or the Council. 

F r,. LAWS. Chief Ejcrniiir nnii C.lcrh. 
BEHKAJtD LVCKBVBST. Boron oh Treasurer. 


155.280 

£25.782.903 

£2722150 

985p 

£59.350.080 


P r» Bn\ 2. 

Ci‘-ti* Centre. VKturta Avenue. 
South'. -nd-on-Fea. SS3 fiEP. 
lfiih J'ine. J97S. 


The LisL of Appllcaiions will open at 10 a.m. on Wednesday Bn June. 1978 and close 
on tbc same day. 

APPLICATION FORM 
Tor 

BOROUGH OF SOUTHEND-ON-SEA 
12 per cent. Redeemable Stock 1987 
Issue of £7.000.000 Slock at £9SJ per cenl. 

BARCLAYS SANK (LONDON AND INTERNATIONAL) LIMITED, 

New Issues Department, P.O. Box 123, 2. London Wall 8olldinas. London Wail, 
London, EC2P 2BU. 


TMs week in Parliament 


TODAY 


COMMONS—Debate on Roi’al BUI, committee stage. 

Navy. Domestic Proceedings and QmvrT rfluu „,_' £ 

Magistrates Courts Bill. Lords SELECT COfiMTTTEES — 
amendments. Cooperative De- E-Tpeiiditure. Trade aad In- 


guards and ^Electricity (Finance) management- of Scotland's oil.' 


velopment Agency BilL consid 
eration on return from Lords. 

LORDS—Debate on unemploy¬ 
ment. Short debate on Hare 
Coursing Bill. 

SELECT COMMITTEES — 
Expenditure. Education. Arts 


Debate on need for balanced 
economic order for Wales. 
General Practice Finance Corp¬ 
oration (increase of borrowing 
powers) order. 

LORDS—Adoption Bill, second 
reading. Wales BilL committee 
stage. Consumer Safety BiH 


dustry sub-committee. Subject: 

Measures tti prevent collisions of 
noxious cargo carriers. Witnes¬ 
ses: General- Council of British 
Shipping. British Ship -g, 

Association. 10.30 am. Room. 16- As .; f . taI , ce an{ j Housing Corpora- 

K £“2. STs— 

and Home Office subcommittee. 0 f electricity supply industry- COMMITTEES — 

Subject: Prison system. Wit- Witnesses: Mr. Anthony Wedg- E ^ r0De a n Legislation sub^om- 
nesses: Home Office. Scottisb wood Benn. Energy Secretary- itt< £ T siiblecP Sheepmeat 
Office. 4.15 p.m. Room 6. 10^ a.m. Room 8. Seting. Witnesses: National 

TOMORROW JESfif J!SSSsaSVSSL Farmers 


COMMON^-Northern Urtirt SSSfc ^*^2 S KeS 

orders, mrWdmg one* on educa- nesw , : Scottish Devwfaoment Race Ketacons ana-- 

tion. Dollution and planning Aeency. Scottish Economic 

planning Dept, Forestry Com¬ 
mission. At a time to be set, 
aft«*r 4 p.m. Room 16. 

Parliamentary Commissioner 
for Administration. Subject: 


LORDS — Electricity BilL 
second reading. National Health 
Service Bill, second reading. 
Scotland Bill, report staee. final 
dav. Protection of Children 
Bill. 

WEDNESDAY 

COMMONS—Debate on bous¬ 
ing. Parliamentary Pensions 
Bill, second reading. 

LORDS—Wales Bill, commit¬ 
tee stage. Theatres Trust BilL 
committee stage. Nuclear Safe- 


; llbUIUWUtf HAFM —:— 

tion. Subject: Effects of EEC 
membershin on race relations 
and immigration. Witness: Mr- 
D. Lane. 4.30 pan. Room 6. 


FRIDAY 
COMMONS—Homes Insulation 


July n _ fi Royal Show—Natl 

Consumers'| j u iy Motortrade* 78—1 

July 11—13. Great Yorkshire A] 

JuW 11-lV . BMA Annual Pbai 

July 12-29 . Royal T<mrnameut 

r n iy io_so . World Wine Fair 

Middle East Busim 

j„lv 24—29 . Brighton Antique? 

juiy 25—27 .Royal Welsh Show 


Ombudsman (review of access bul, remaining stares. Iron and 


and uirisdicHon). Wimessps: 
Pmf. R. G. Gregory. University 
of Reading. M*-. D. W„ WilUams. 
TTniverfity of Manchester. 5 p.m. 
Room 7. 

THURSDAY 

COMMONS—Debate on M mis- 


Steel (Arnnd.) Bill, reznarnine 
staces. EEC documents on Euro¬ 
pean foundation and cultural 
sector. 

LORDS—Wales BilL commit¬ 
tee stage (tinless completed the 
previous day). 


WEEK’S FINANCIAL DIARY 


The following is a record of the principal business and financial engagements during the week. 
The Board meetings are mainly for the purpose of considering dividends and official indications are 
not available whether dividends concerned are Interims or finals. The sub-divisions below are based 
mainly on last year’s timetable. 


COMPANY MEETING- 

TODAY 

Trust. 41 Blshossgate 


Congteton S^ocBtJ.Ra. 1-9112179 4* 


Kilsyth gVpcBd.Rd. 




Cumbwld. 

BlshoDsgxte Trust. 41 Blshossgate £5.03S3 

7.45 Birttard tO ftcBd.Rd. 15/12(82 SJ«OC 

Costa in iRi. Goldsmiths' Hall. Foster Lane Dervremalde 9i.DCBis.Rd. 2116(78 1S.03S3 
E.C.. 12 Dundee 7-’«pcSd.Rd. 3/1179 SUmpc 

Early (C) Marriott ri/Vltnert. Witney Mill. DuOOft 2.671 15 d 
W itney. Oxfordshire. 2.30 Durham 7^pc8d.Rd. 3,'1179 SD^pe 

Hammer son PbW. Int. Tret., 100 Far* East Devon Var. * 

Lane W. 12 

Marshall's Universal. 


541 p 


_ _ Fairfield Halls. Park 

Lane. CrovOon. 12 

BOARD MEETINGS— 

Finals: 

Allied Plant 
Chamberlain PhWPS 
Dawson International 
LlMeoholl 

London Sumatra Planta. 

Pettaow 

Snaw and Marvin 
Spear U- W.l 
Sterling IndS. 

Interims: 

Fenner (J. HJ 
Greit Northern Inv. Til. 

DIVIDEND A INTEREST PAYMENTS— 

Continental Union Trst. 2.Sp 

Halstead Ul.O-220 _ _ . 

Himnerwn Prop In*. Trst Ord. A A. S.46B 
Ml net 1.271 04P 
Nathan (BI). 2.So 
Plaalon's -Scarborough! 1.7Sp 
Sr TV K A O- .. 1.28H*> line. SUPP. 

dritbn. 04)1750 Ola vr. ended 19761 
Silhouette fl-ndn.) GnJ.&A.Ord. Z.S- 
Tehidv Minerals 0.66317o 
Utd. C.P- '*■ 

COMPANY a".h*llNGS— _ , 

Beralt Tin Wolfram. Connaught Rms.. Gl. scunthome 
Queen St. W.. 12 

Bodvcote until., Midland Hotel. Peter St.. 

Manchester. 12.30 

Brocks. Fleets Lane. Poole. DoracL 10.4S 
Estates Dut-es Inv. Trst.. 9f Waterloo Rtf.. 

RuncVman 'W>. 52 Leadenhall St.. 'Stn Flr.i 
E.C.. 12 

Vernon Fasti i on. Middlesex Room. GL 
Eastern Hotel. Liverpool St. E.C.. 12. 

B-mRO MEETINGS— 

Finals: 

Anderson StraHicWde 
Attwood Oarages 
Brad lord Prop. TsL 
Electric and General Invst. 

Evans of Leeds 
PO»MI Du Fry n 
Radiant Metal Finishing 
RiHSell Bros, iPaddington) 

Interims: > 

Allied Brews. 

Irish Diets. 

Plessey 

Dl"' IDE NO 8 INTEREST PAYMENTS— 

BrlL Inv. Trst.. 2.65P 

rr—q nrp M. 3'j V% 3 « 4i«*c 
Essex Wtr. Ob. li. 2 2>aPC U9S0-aii 
2UpC 11980-82 1 2i;pc iPero.) 2'rt>c 


Racal Electronics 
SheePbridoe Eng. 

Tunnel Hldgs. 

Interims: 

French (Thomas) 

Henlys 
Lee (Arttiur) 

_ _ Lonsdale Uni- 

Rt.Bd.1Sn2'92£3 87S <^^ S tona 

INTEREST PAYMENTS— 


Erewash 7HpcBd.Rd. 311179 S^mpc 
...HtfKBtf. 


Rtf. 15(12102 


Etterick Lauderdale 1C 
Hm 

Falkirk 9VpcBd.Rd. 21I6/7B £5.0353 
Fife 9JapcBd.Rd. 2116(78 £5.0353 
First Castle Secs. 1.4BS1p 
Forest Heath 7>spcB<ts.Red- »11.'79 Sjte 
Greater Manchester 7%pcBds.Red. 3M/79 
|U«K 

Greater Manchester Passenger Transport 
Execut*e 7HetBd5-R«l. VT!79 3"i-pc 
Greenwich 7Npcfids-Rctf. 31/79 S'Vpc 
Gwent 7MpcBds.Red. 3/1(79 3«*i*.oc 
Harborooah 9J.ocBdsJ»«1. 71 («(78 £5.0353 
House Proo. of Lordon 1.7*0 
Inverness 7s»pc!his.R«j. 3'179 3“i-oc 
Kennet 7fwicBds.Red. 3'1(79 3D, ft pc 
Klrkawy 9->jocSds.Red. 21(6^78 £S.03a3 
Lanark 9^‘apeads.Red. 21/6 78 £5.0353 
Lancashire 7NpcBds.Red. 311/79 3<‘>'OC 
LNw Valley 9lapcBds.Red. 21’BYR £5 0353 
Mid Lothian 7HpcBds.Red. 3179 3' --oc 
New Fame BJmcBds. Retf 21 (6/78 £5.0353 
North East Ftto gv.PCBds.Red. 21 6 78 
£5.0353 

North IM F) 0.662P 


DIVIDEND A 
American Association 3 p 
A shford 13ieocBds-Red. i»6 82 »J.«pe 
Bedfordshire 12 *PCBtls.Red. 16 6.50 6 'ispc 
B everiev 11 HpcBds.Red. 2D.B79 5««w0C 
British Printing Con. Lns. JM *J»pc 

Calde-daie 12>5tM:ScJS-Red. 18 .* 80 6>Mpr 
Cleveland 13lepcBds.Red. 166-62 6»i»AC 
Derby 12NpcBdi-Rrd. iWfB 6'lsPC 
Fashion and General Inv.Ord. 30 
Grtmsbv 11 SocBtfs.Red. 20 6-79 S"i*oc 
12'vueBtfS.Red. IB-*'ED 
Hammersmith 12J»pcBdS.Red. 

House of Fraser 3.0776P 

Huret -Charles' 3.30 __ 

loswlcn 12 /jpcSds.Retf. 7B*BO 6»«tpe 
Knowsiev IlHpcBtis-RecL 20 6 79 5*«i«0C 
Lamp iJohn) Ord. and A. 1.8687S0 
Lothian tINpcBdi.Red. 2*6,9 S|>iaOC 
Milton Kevnes t2*«xBds.Red. 18*60 

SCOtUsh Mort. and Trust Ord. 2.1 o 
Selected Risk In*. S.A. 25 cents 

12'vpcBdS-fted. 18 6 80 


166.-60 


9i»BcBdt.Red 17(12(80 AH^ac 
Salford 9 UacBdS.Red. 21(678 £5.0353 
Sandwefl TSocBds Red. 311/79 3 l-,.sc 
7Vxr8ds.Red. 3'1 79 


Runnyfnede '9’-icBds.Red. 21(6-78 £5 07S3 South Hams 

RushCfIff ajwWLRtd,. 1?.’12-79 4 isOC. 13 kpcB«.Red. 16 6 82 BW 

West Nortoik 11 >iocBds.Red. 20/6 79 
S>'|*PC 

FRIDAY, JUNE 23 

SedneAeid 9*,pc9dS.Red.'21* 78‘ £5.0353 COMPANY MEETINGS— 

South SfaBordshire 9t.pcBds.Red. 21 6 7B b uimer and Lumb. Victoria Hotel. Bradford 
£5.0153 12 

South Yorkshire CipcBdsJled. 19T2 79 coats pa tons. Merchants Han. 30 George 
4 r .6pc Souaie Gfasgcw. 12 

Stroud 7s«ocBds.Red. 3(1/79 3i>w«c Cory - Horace. Nathan Way S.E.. 12 

Suffolk 9 UpcBds-RetL 21(6(78 £5.0353 Helene ot London. Berners Hotel. Berners 

Tefgnbridge 8'-ocB<H.Retf. 19(12/79 4 -PC street. W.. 12. 

Tonbridge and Mailing Variable Rate House Ol LeroSC. Buckingham Suite. 

Bds. Red. 15 1Z 32 £3.875 Royal Garden Hotel W- 12 

Tweedale 7*McBds-Red. 3i1/7? 3Vi-oc BOARD MEETINGS— 

Urauijo mtl. N.V. Gtd. Flty. Rate -Notes Finals: 

due 19811 U5 F39.50 Austin (£ l (London) 

Wakelfeld PV.oc8tfs.Retf. 21/6 78 £5 0353 grown U J 
wansbeck 9>«peBds.R*d. 21.6.76 £5.0 JS3 Norcros 


7huKBds.Red. 3 1.79 


7h«cBds.Red. 3 179 


West Somerset 
3»I6PC 

West Wiltshire 

Siiioc 

woodsprlng 79*ocBds.Red. 3(1(79 s-’-ne 
Were Forest 9 > 4 ocBds.Red. 21 fi 78 
£6.0353. 


22 


11977-791 HIPC 119B6-91) 2/-. 30C_ 


THURSDAY. JUNE 
COMPANY MEETINGS— 

Booth IrrtL piccxdiHy Hotel. Piccadilly W.. 
12 

House of Fraser. Merchants HOuSi. 30 
George Souare Giawow. 12 
Lalng ijohm. Main Hall. Daconim District 


m 4i iki'iioifSii .7 bitJ ii Laing ijonm. Main Han, oacarum D-sinct 

ii t/’S-l" 6 ’ 8 ' 3 ‘1987-89) Councl , pjvfhon. Hem el Memos lead. 2.1 S 

Ettate Outfes‘ in*. Tret Sp Mam„son-Dennr. 130. Hadmey Rd.. E C. 

H-tmortfi U-) 0.72p 


12 


Peachey Prop. Con*. Ip 


Royal Dutch Petrim. treg.) 28.7 
Saiiti-Gobain-Pont-A~Momgert f 
Scot. Nat. Tret.l An. BpcPt. 2. 


Westward* TV*o’ 
Yarrow 1.7p 


6p 


,7 5 Pc 
FF 1455 
Inc 


Marks and Spencer. Hotel Inter-Coirtireotai 
1 Hamilton Place Hyde Farit Corner W„ 
12 

M-Her «F.1 Textiles. 13 Bath Street. 
Glasgow 12 

Morgan Crucible. Cater Royal. 6B. Resent 
Street W.. 11.30 / 

Mothercare. Winchester House. 100. OJd 
Broad Street. E.C../11 

BOARD MEETINGS— 

Finals: 


__ __ ana 

Lyons t T.1 


Liverpool Tst_ 


Tb: 


I IVL- IllTClni opj-li/ Jur 


'^T . . . Dounds 

hi BnrmiRh or Soiitiirnd-oQ-Sca i; p-r i-cnL Redeemable Stock l?$7. according ro the 
- -indiiirtN-. >.finiain-.',) in r|»- Proip- clus doled luih June. I97S. and unOt-nakr- (o accept 
Hi. same- -ir air. l.-ss amouni that may be allowed to me tis and io pay fur ibe 
'/nn- .n confonhifv n-lih th-.- k-rms of th>- 'aid Pronpcciun. I W.» request that any 
1 -ii-'r ur MioLmcin in respi-.i or Stock allntted to nic/us be sent io tue-hs by post 
a; ih- uniii-m uDdcrmc/iaoncd address. 


I iVe eneiusc ihc required -ii-po-.il or £.brine £10 per cenl 

on th-.- nun.lnal amount aonbod for. and warrant that flic cheque attaeik-d hereto will 
ft- huncurcJ un firsi nr-.-senraiion and aitree that any allotment of Stock la made 
stri'.-lk --n this im-I. ruandlnu. 

ti W-.- declare mat I am noi .-do one of us is resident oirisltie the Scheduled 
T-rei'Arks' wuhin th'- mianiiut of Iho Exchange Conirol Aci 1947. and that |/«e 
not U.- .-rrquirnia (he Slock on betuir of. or as oomince'Si of. any pcraonfsi 
resident outside ihosc Territories. 


June. 19TH. Slu.Y.ATURr_ 

PLEASE USE BLOCK LETTERS 


_£2 


first in lull . . 


5IIrunni.- nn-f pi-siaunti-ut 
■ Mr.. Mrs.. Miss or Tulin 


A.i-fress in full 


.FT 


• The spaces belou are for use in the case of JOlOl ajiplicaUtW) 

Sld.V. I Tli/IK... 

First .\nmeisi tn jnll . . . 


..t2> 


.‘.nriini-i.- (inif PesiuiuiUuii 
• Mr.. Mrs.. Mi'S or Title! 
Address m lull . .. 


SIGNATURE.. 




Firsf .Vamris' -n full . 


i'uruuuic. 1 (Tu.l n-TSIrmniion 
■.Mr.. Mr'.. Mrs ut Title) 
.■Uifrvu.s in fuff. 


*■ Appfiwlions mint be far a minimum of ELK Stock or In multiples of £100 far 
applications up to E 2 .H 0 Slock. 

Larger applications must be made in xccartfancQ with the rollewios scale:— 
Applications above £2,008 Slack and not exceeding ESJMO Snefe lx multiples of gpQ, 
Applications above £5,000 Suck and nol omdns B0JN0 Sleek in multiples of ELOOO 
Applications above £28,080 Suck in multiples of £5,080. 

• li Ibis Declaration cannot be made, it sbould he deleted and reference should be 
niad, io an .Vwhon.vd Dcposifan* or an .Approved Aueoi in die Republic of Ireland 
Ihrauch uhom Indsmcnt should b.; ..'fleeted. Autborucd DeposlUulcs are listed-in 
(In- Bank of England's Notice E.C.l. and include most banks and stockbrokers |n and 
solininrti nraciistm: u* (he United Kitutdom. tbc Channel Islands Or the hie of Man 
-terra*yd AlvKs iu (be Republic of Ireland are defined In the Bank of England's 
.idl'cv E.I1.1U 

- . Scl )edulcd Terrllonet ai prewnt comprise: tbc United Kingdom, the Channel 
islsnim. The Isle of Man the Republic of Ireland and GlbralJjr. 

ft S .l£ft RA J E CHEQUE drawn on a bank in and PAYABLE in the 
“J i'TFP- S"£5J M MUST ACCOMPANY EACH APPLICATION FORM 
NO APPLICATION WILL BE CQNSIDEP.ED UNLESS THIS CONDITION IS 

ThL 1 : 1 Jjirtn shnuhl hf L’ompb'tijd and seoc 19 :— 

meiSmShStS. B ftl K tLOHOOH *ND INTERNATIONAL) LIMITED. NEW ISSUES 

LONDON M |fcZP 2 b'u* f-,?h 1 L0HD °’* WA ^ L *UILDINCS, LONDON WALU 

hftmnvi. f.mi a ZBU * .!? t lhL ' auc pwahle la Barclays Bank iLondon and Inicr- 
^ n or 10 lhe shortened fuim “BALI" for the amouni of Ihc DcdosK 
i heques tuu.:t hy crossed "Sqmfaend-on-Sex Loan". wrosll. 


will h- ,0 L n31 ' n,t-n ' 11,15 aaplicalion buf an acknowlndncmenl 

Si OcmsO. 1 WM “• du ’- ««« «ur U-u-.-r or AUuunem and.or by reimn 


WEDNESDAY. JUNE 21 
COMPANY MEETINGS— 

Albany lit*. Trst.. Martin* Bldg.. Water St. 

Liverpool. 2.30 . 

Angto'^r/M^Cofmnunjry 0 'Crr. Hi^mon'di- ^ ( ^ <s p ^**^ IQn 

. rssSt i2 * is ISarSSSVsssBgs 

aty.rtO^ in*. TreL. 41 Bubopogate Trust 

Collins (GW). Mlllteld Lane. Haytfock St. grmt Nicholson 
Helens. Merseyside. 9 30 fdbro 

Hawker Slddefe*. Ballroom. Dorchester LOOOan 
Hotel. Park Lane W . 12 
Hie. Poty of Lndn.. Eagto Hse.. High Sl 
W imbledon S.W.. 12 

Le Bas 'E'. Savoy Hotel. Strand W.C. 12 
Lndn. & Lenno* Inv. Trst.. 2 St. Mary 
Axe. i4th fir.) E-C-. 11.30 
•“ /• a.. Atiercorn Am.. BAhopsgate. 

MarV-«'l and Campion. 7 Birch in 
Lane E.C.. 3.30 _ 

Waaham Stringer. Post Hse.. Northnev R8. 

Hayllng Island. Hants.. 12 
BiARO MEETINGS— 

Finals: 

Avana 

Brown and Tawse 
Bunnert and Hallamshire 
Ell ion re ) 

Lind list rief 
Lloyd rF. H.) 

Noriwro Secs. Tit. 

Rovdinson Construction 
Te^o «tar«* 
interims 

Estates and Apency 
Kenning Motor 
Scottish American Invst. 

Throgmorton Tsi. 

'iniled States Deb. Con. _ 

OI-'lD*YO « INTFnrST PAYMENTS — 

Albany In*. Trst. 0.77484P 
A-S T>,p, -o • i/78 £5.0353 

8 vocBd.Rd. 19(12179 4>,sp< 

Automotive Prods. I.04293p 
Barnet 7H D cBd Rd 3(1-79 3 Uiapc 
B ath 9'jDcfld.Rd 21/6178 £5.0353 
Bolton Var.Rt.8d.Rd. 16T2IS1 C3.87S 
Bristol 9 '.ncBif.Rd. 21/6/78 ES.03S3 
Chemrlng o.77p 

Chesterfield 7HocBa.Rd. 311.79 3>Ji*o« 

Chorfev 7SocBd Rtf 3flf79 I'*MC 
Colchester 9VocBd.Rd. 2116178 £.5.0353 


Rediffuslon 
Sea pa 

Interims: 

News International 

DIVIDEND & INTEREST PAYMENTS— 
Aberdeen Trust OnL 1.75b 
Romfords 0.44o 

CheseOoroogh-Ponds 23 >x cents 
East Surrey Water Drd.A.7paFmhr. 10pci 
Max. 3 .Sdc 

Max. 3.5 k. Onf.BA.9oCtFmly.7bC) Max. 
2.4S0C. Ord .C. XSociFbi hr 3 k) Max. 

1.7S0C. 3.5PC Ffniy.5KI Pf. I.TSpC. 

3.1 Spc'Fmly.4 »:pc iRed.Pt. 80-85 1S75pt 
4_Zoc<Fmlv.6pC'Red.Pf. 85-90 2.IK. 

4.5Soc>Fmly.6':PCiRefl.Pf. 81-83 2.275k 
5bKf mly.BptrfttOlh, 92-94 2.BPC 
Goodrich iB.F.i. 33 cents 
Haden Carrier 5.045s 
M. and G. Group 1.S12P 
MHIer fF.i Textiles 0.72S3p 
Peachev Proo. Con. Db. S'roc 
Miller 'F.i Textifes 0.7263P 
Phzet- inc.. 3D cents 
Son ere Inv. Trust I.ISpc 
Ynys Mon Isle of Anglesey 7’ancSds.Rea 

31-79 SATURDAY. JUNE 24 
DIVIDEND & INTEREST PAYMENTS— 
Agricultural Mori. l2JipcB.ds.Red. 27.6-80 
6Uec 

Johnson. Hrth Brown Lit. 4'jpc 
Manchester 2ocRed.Cons. 1928 l-Hpc 
Manche*ler SocRed.Cons. 1928 1 hoc. 4 k 
R cd.Cdns.lrred. 2PC 

MctroooHtan Water Board fKent W.W. 

3KD0.1 1'ipt 
wadham Stringer 1.21n 





U.K. TRADE F 4 IRS AJND EXHIBITIONS 


June 20—^23 Slral Hightod _Sho«C- 


nue 


argil: 


.* - 

SE S3 := 2&S -Ssa 

Jane 26—K Transducer 78 *; ? - - —- 

Jnne 27—2S ElA Engineering Esfcbithra 

June 27—23 " Leeds ESectronics ftSubitipn ■' _ ■; 

June -- «**on Exfan. and Conf. 

ent’Conf. and : Exfan.' 


jane 27—29 ...... Security and Prote 

June 28—29 ...... Solid Waste Manag 

June ^29 Boynl Norfolk Asnjgtanl fflw 


^ Agricultural Centre 
bn. fpr retail motor trade 
icultural Show 
laceutical Exhibition 


Metropole Centre, Brighton 
Leeds Uprrersdty 
Leicester 

Dome, Sheepcote VUy. Brgtod. 
New Costessey 
Kenilworth. ■ .t.. - - 
Bristol 
Harrogate 

Cardiff-' 1 ‘■ 4 .: ...1 - 

Earls Court - . . 

Bristol ' 

Grosvenor House Hotel,' wl. 
Corn' Exchange; Brighton 
Llanelwedd ' - 


OVERSEAS 


»E FAIRS AND EXHIBITIONS 


June 20—24 . International W 

June 24—30 . International Da 

June 27—30 . Public Transport 

and Conferee 

June 27—30 _ Offshore Brazil 

Julv 2—9 . International R 

Extra, and Co: 


SisMfaitioD , _ , 

Equipment Exbn. and ConL 

r stems in Urban Areas, Exbn. 


Basle 

Paris 


ibition . 

j Oita tion of the Handicapped, 


Getebbrg .. 

Rio de Janeiro 


Basle 


July *4—6 - 


July 10—14 


First Internal!' 
Education S. 

July 18—26 . Photographic 

July 25—Aug. 20. International F; 


Third InL Conf Jan d Eybn. on Marine Transport 
using Roll-on/So U-o ff Methods 

' a! South African Training and 
iposnun and Exhibition 
Audio Visual Exbn, 


Hamburg 


Johannesburg ’ 
Tokyo - 
Damascus ' 


BUSINESS AND/MANAGEMENT CONFERENCES 


June 20 
June 20 


of Management: Energy 2000 
Creating New Opportunities for 


June 20 . 

June 20—21 


June 20—22 


June 20 


British lost! 

CAM Founda 
Business £. 

Oyez: Selling to Consumers, and the Law. 
Maryland University: International Barter Trade 
Seminar &. 

National Engineering Laboratory: Int: Conference 
on Comparer Aided Manufacture 
Inst, of Cost -and Management Accountants; 
Financial land Management Accounting for 
Non-Finaaeial Managers 


Mount Royal-Hotel, W1 


Kent House, SE1 / 
Royal Garden Hotel, WS 


College Park,' Marytend, TIS. 


East Kilbride 


June 20—21 . Anthony Skinner Management: Practical Pricing 

Poticies • 


Manchester 


Cafe Royal W1 


June 21 


June 21 
June 21 


June 22 . 


KeppeT Street, WC1 


June 22 .*... 
June 22—23 

June 23 . 

June 23 . 

June 25—SO 


Parker Street, WC2 ~ -" 
Royal Lancaster Hotel, W2 
Kensington^ dose- Hotel, WS 


June 26 


June 26—27 
June 26—2S 


June 26—28 
June 26—29 


June 27 


Henley Centra:for Forecasting: Forecasts for the 

Common Market Carlton Tower Hotel,. SWi 

Agra Europe London): Potato Futures Conference Baltic Exchange,. EC3- r 
Royal Statistical Society; Paper on “Business 
Statisti(»f-A Decade of Central Collection n 
Centre for interfhrm Comparison: Management 
Ratios and Interfirm Comparison 
Oyez: Profit faring 

AMR International: Managing UjS. Operations 
Risk Research Group: Captive Insurance Companies Tower:Hoie^ El , 

Oyez: Executive Remuneration . InCph Press- Centre, EC4 

British Transport Staff College: • Industrial-‘I.'- 

Relation Course . '.Voicing.. --- 

European Study Conferences: Energy Conservation V- f; 

in Distribution Operations < - -Hilton^Hdtel, W1 • 

Financial Tfitnes: Scottish Finance and Industry VJ Efinburgh - - 
Canadian Socletir of Petroleum Geologists: Intent.'’ . 

national-,^Petroleum Geology Workshop .".'Calgary,-Alberta 
First Iatemational Frozen Food Industries Con^. R®yaL Lancaster Hotel, W2 . 
PE Manufacturing and Personnel: Marketing ,. J 

Management ' Egbam T Surrey 

Executant;-Weights and Measures Legislatioir ‘Hotel RUsselL'WCl 

June 27 . European Stiidy Conferences: How to Increase " ’ ;1 - 1 *- 

RoyaJty Payments • Kensington Palace Hotel, SWI 

Robert VincerOrg.: Lie Detector Seminar-on-Die - • . ■ 

Voice Stress Analyser . .. . - Inn on the Park, Wl; 

Oyez: Planning for Superstores '■ ->. -j Royal-Garden Hotel, WS.. 

Executant: Business and Politics. - ’' ~ "y‘~ Hotel Russell, WCl 

London Chamber of Commerce: .Ah appraisal : ‘ " r 7 ’ 1' 

seminar on the 1978 Budget rand its effects 

on commerce and industry ‘- Cannon Street Ed ' ’ ' 

June 28—30 . International'Centre for Continuing .Education-"-'-:-. " - *.■■■■'; ‘ * 

Mjmcomputers and distributed processing. .Sheraton^Copenhagen 

New Yorjc University: .Injection Moulding ; ... . ^LondonHUtoi^W1 . 

AGB Conference Services: 'Rie Law Relating to .-, • 

Disihissai - * ■ . - ' j- ' 

Oyez: pislrict Shoppihg Centre Development . 

Documentation and Finance v • 

Metropolitan Pensions Association: Penrions in 
Fbcus • \ \ 

June 29—30 . OjeaS European Investment in United .States Seal 

Estate ‘ ^ y ■■■ 

June 29—July 2. Retirement Counsellors: Plapning\for Retirement 

June 30 . Lloyd's of London Press: The P< 

implications for Insurers- 


June 27 


June 2S .... 
June 2S .... 
June 28—30 


June 29 
June 29 


June 29—30 


June 29—30 


Inti. Press.Centre, ECt" . 
Royal Garden Hotel. W8 
London Penta Hotel, «W7 


Trinity .College. Cambridge 
giTor nenremeui - Carlton Tower Hotel, SWI 
Pearson .Report— . Cornhlti Manor HtL, • 

.V. Tbwcester , 


Bonus for 
early 

retirement 


A TAX-FREE allowance of £35-a- 
week will shortly be given to 
people who, in their final year at 
work, give up their Jobs to the 
unemployed. Mr. John Golding. 
Parliamentary Under-Secretary 
for Employment said. 

The present job-swappers tax- 
free allowance is £26.50. 

“From July l. the allowance 
under the job release scheme for 
a married person with depend¬ 
ants goes up to £35 a week. That 
is quite a nice sum for putting 
your feet up that much earlier," 
Mr. Golding told staff at the 
careers service iu Leeds. 


On Yorkshire and Humberside 
5.580 people have already, taken 
advantage of the job-swap 
scheme, which has beeu in opera* 
tion for 18 months. The 
allowance was originally £23 a 
week and was later raised to 
£26.50. 


Companies 


expect 


higher turnover 


MORE THAN 60 per cent of 
North West companies taking part 
in an economic survey expect 
turnover to increase during the 
next three months. Fewer than 
half expect profits to increase 
and 24 per cent say their business 
will be less profitable. 

These figures come from the 
first quarterly economic survey 
by Manchester Chamber of 
Commerce and industry. Eighty- 
four companies took part in the 
survey. 




This acLis 


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: ‘ ■ -?~t- r'-’Vrtitf! 




.s,;; . T .4.1.-si/Ju 


As every ad.diouki be 


The Advertising Standards Auttiorify 

Write to: The Advertising Standards Authority LimifecL 
15/17 Ridgmount Street, LondonWCiE7AW ■■ 






:. ; 


■■ i '4 i ~ 






v—? — 


S, IJ ■ I 


/*• 

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•- w.-.: : .j.c,. 



f >3*su3dar Times MoTiday- June 19 1978 


11 


The Executive’s and Office World! 




are struggl i 
themselves hear 


EXECUTIVE HEALTH 


BY DR. DAVID CARRICK 


THAT MANAGERS and pro- 
fessional staff are now ihe 
biggest growth area for trade 
unions could he seen as evidence 
of what appears to be a widely 
held view-today's manager is a 
pretty disconsolate beast 

But managers have not just 
been throwing in their, lot with 
the established TUC unions— 
ASTMS is tiie obvious example 
—and TASS and APEX as welL 
There has also been a .swelling 
in the ranks. of non-affiliated 
unions such as the UK -Associa¬ 
tion of Professional Engineers 
(UKAPE). Perhaps ■ most 
interesting has heen the growth 
of managers' associations, often 
sneeriagly referred lo as “sweet¬ 
heart unions," or worse,, by their 
bigger TUC brothers. 

What is clear is that more and 
more managers are departing 
from their traditional indivi r 
dualist roles and are seeking 
the strength of collective repre¬ 
sentation. 


Dilemma 


The dilemma facing managers 
is complex, ft is not just a 

question of whether they should 
join a union or a managers’ 
association, but whether their 
interests are best represented 
■within the TUC orbit or else¬ 
where. The trouble is that the 
elsewhere is practically 

nowhere. 

There are some signs that 

alternative groupings are 

struggling to make their voices 
heard.. In January this year 
for instance, the British Medical 
Association formed the MPSLG 
(Management and Professional 
Staffs Liaison Group) when 
doctors making representations 
to the Government were told 
that they were not speaking on 
behalf of very many people. 
The MPSLG is a fairly loosely 
knit framework and includes 
the National Unilever Managers’ 
Association (NUMA). the 
British Dental Association, the 
Confederation of Employee 
Organisations, and the Associa¬ 
tion of Professional Scientists 
and Technologists. 

Another, and a darker horse 
altogether, is the British Insti¬ 
tute of -. . Management^ .. rOne 
thought which has - recently 
gained some favour within the 
corridors of the BIM’s Manage¬ 
ment House is for a link-up 
with the management associa¬ 
tions, with the BIM acting as 
an umbrella organisation. 

All negotiations and repre¬ 
sentations at a company level 
would continue to be conducted 
by the individual associations. 


but the - BIM. would make 
national representations on 
their behalf; -to ' government. 
The. appeal to the bevt i 5 
obviously enormous because- of 
the gains it could make in both 
membership ..and political 

authority. For the management 
associations, there would be the 
strength of-the BBI’s estab¬ 
lished reputation. 

But the BIM would have to 
overcome considerable resist¬ 
ance, both internal and external 
if it were to~underlake such a 
radical step. 

Many of these issues were 
very much in--evidence last 
month, when over'200 managers 
from industry ;gathered at a 
conference organised by th-? 
Institution of Works Managers 
to discuss their problems and t«. 
compare the relative' merits of 
trade unions and management 
associations. . 

There was broad agrecraen: 
as to why managers were seek¬ 
ing collective representation. As 
Chris Hayward Jones, general 
secretary of the.-Shipbuilding 
and Allied Industries Manage¬ 
ment Association (SA1MA) told 
the conference:-“Over a period 
of years, as a result <>f govern¬ 
ment incomes polities and shop- 
floor trade union pressures for 
single status, managers in ship¬ 
building. as elsewhere, have ex¬ 
perienced a / progressive 
erosion of differentials between 
themselves and . their sub¬ 
ordinates. . .; 

“The spread of collective 
bargaining and the increasing 
power o£ the trade unions bos 
brought about ; • steady 

diminution of the; status and 
authority of middle managers 
who, as an unorganised body, 
frequently found themselves by¬ 
passed in the negotiating and 
consultative process and having 
to implement decisions which 
they themselves have had no 
power to influence” 

Where the managers at the 
conference were not so unani¬ 
mous in their opinions was on 
the type of organisation which 
would be best for them to join 
in order to gain’ effective 
representation. . z\; 

Chris Hayward-Jones'explained 
why managers in the">hipbuild- 
ing industry had chosafto form 
their own managers’ association 
in .preference to joining .an 
established, and already recog¬ 
nised. union. / / ' *" 

By being in ihe sffme union 
as their sumirdinates. he said, 
managers gould face difficulties 
in their porting relationships 
especially if there were a con¬ 
flict between unions and the 
employer.! He pointed out that 
a manager held a dual role—as 
an employee and as an agent of 


the employer. In addition, many 
managers belonged to profes¬ 
sional bodies and had to comply 
with ethical rules; they feared 
they could be called upon by 
their union to lake part in 
action “ which they might con¬ 
sider lo be at variance wilh 
their managerial or professional 
obligation." 

, Frank Morley, vice-chairman 
of the National Unilever Man¬ 
agers Association, noted a simi¬ 
lar trend in the private sector 
and pointed out Lhat virtually 
all large companies had shown 
a tendency lo drift towards 
bureaucracy and standardisa¬ 
tion. "It is almost with reluc¬ 
tance that managers have recog¬ 
nised ibis, as the implications 
are frustrating to the individual¬ 
ism which must managers 
cherish." 

Another example at the con¬ 
ference uf managerial frustra¬ 
tion was the extent to which 
legislation supported trade 
unions and eroded the standing 
of individual managers. 

The shipbuilding managers 
thought that none of the 13 
CSEU unions in their industry 
were suitable to represent 
managers across the whole 
range of functions, as they 
Acre all largely craft unions. 

• We felt it to be vital 
ihat managers across the 
industry, irrespective of their 
individual function, should have 
mmmon interests which over¬ 
ride functional boundaries, and 
•hould be represented hv a 
single organisation which would 
coherently express their collec¬ 
tive point of view." 


Influence 


The managers were not 
attracted to a trade union which 
was affiliated to a political party 
— * or was run by extremists.” 
he said. 

Hayward-Jones also pointed 
out that managers would have 
little influence on any of the 
CSEU unions, if they joined. 
The unions would be predomi¬ 
nantly composed of non-mana¬ 
ger ial staffs, whose interests 
differ from those of managers 
—and since they were in the 
majority, they would prevail. 

5 A IMA was formed in, 1975 
and in December last year 
joined John Lyons’ Engineers’ 
and ■‘Managers' Association 
(EMA)Which is affiliated to the 
TUC. Although SAIMA boasts 
a 70 per cent membership 
among nianagers, it is strug¬ 
gling for Recognition by British 
Shipbuilders against stiff oppo- 
tion from the might of CSEU. 

The. shipbuilders' manage¬ 
ment association was organised 


along very similar lines to the 
Steel Industry Management 
Association, which represents 
over 12,000 middle and senior 
managers in the British Steel 
Corporation. It was the general 
secretary of SIMA. Robert Muir, 
who provided the conference 
with what to some was the un¬ 
palatable fact that single in¬ 
dustry management associations 
are faced with a credibility prob¬ 
lem. 

"We are quite clearly a trade 
union of managers," he 
emphasised, going on to say that 
a management association has 
to choose between being 
crusading and being compliant 
“We at SIMA have had to 
stand our ground and l'esorled 
to industrial action in 1974. 
Managers must be able to take 
action and must be seen as 
willing to take if.” 

A similar, although markedly 
less strident view, came from 
the private sector's National 
Unilever Managers* Association. 
“It has been suggested that 
sonic companies have pre¬ 
empted the genuine unionisa¬ 
tion of managers by establish¬ 
ing controlled managers’ associ¬ 
ations which masquerade as 
independent unions." said vice- 
chairman. Frank Morley. “No 
doubt there are examples of 
such marriages of convenience 
but they must be regarded as a 
temporary expedient which 
cannot survive in the long 
term." 

Morley said that a non- 
aggressive attitude between a 
company and its managers’ 
association should not be 
misinterpreted as a conspiracy 
between them, or the acceptance 
of domination by the company, 
a comment which might be 
viewed with some cynicism by 
seasoned trade unionists. 

“It would bo foolish in deny," 
added Morley. “lhat the threat 
nf sanctions is not an essential 
part nf the negotiating stance, 
but once managers have demon¬ 
strated an ability to act as a 
collective body and have the 
same protection as other 
unionised employees, it does 
not require the adoption of a 
truculent attitude or a 
cacophany of sabre-rattling to 
convince employers that 
managers can react effectively 
if provuked." 

There was a marked dif¬ 


ference of npini m a i the con¬ 
ference a bom .vhciher manage¬ 
ment association* >h»u!d gravi¬ 
tate towards tiv- TUC or away. 
The . shipbuilders tSAlA! A) 
have joined the TUC through 
their merger with the already 
affiliated Engineers and Mana¬ 
gers Association, formerly the 
Electrical Puv:er Engineers 
Association. 

The steel managers. SIMA, 
last month applied to the TUC 
for affiliation, a nrnve precipi¬ 
tated by their annoyance at 
being excluded from plans to 
introduce greater employee 
participation at the British Steel 
Corporation. 

At the conference representa¬ 
tives of both urged 

other manager.' “ in get into ilie 
TUC—that i- w?i..-ro tin; power is 
—and influence it from the in¬ 
side." 



the high fliers get 
right jab for the job 


Reluctant 


A number uf managers 
expressed ■-••a-i.lerable doubts 
about the eiiV.-uveness of this 
course. As i-n-.- pur in “■ I think 
it is a little naive and a little 
patronisin'.:. Even opposing 
half a mi 11 mi’, manager i joined 
the TUC, what influence would 
they have . . . we've already 
agreed op,- imeresis are 
different, i hut’s why we are 
reluctant to join traditional 
unions, for tiia; very reason.” 

The alter name, according to 
a number *•> speakers at the 
conference, was to group 
management associations 

together: ;h,.- most frequently 
mentioned example was the 
MPSLG i.Management anil Pro¬ 
fessional Stari- Liaison Groupi. 
which wa* initiated by the 
doctors, but include* other pro¬ 
fessions and managers' 
representative. 

The fuiur? unionisation cj[ 
nianagers is far tram certain, 
or settled. While the existing 
established organisations fight 
for the whip hand, there is an 
alternative: a new body repre¬ 
senting manager* collectively. 
There is far too much un¬ 
charted territory ahead for one 
to be able to predict, but it 
might be worth watching to see 
if BIM chimses to pick up such 
a hoi point**. Or indeed if its 
members or managers in 
general would wish it to. 


Jason Crisp 


AN* INCREASING number of 
executives, like migratory birds 
with faulty directional equip¬ 
ment. spend much of their time 
living from their own homes iu 
alien lands scattered through- 
uut the globe aud darting back 
again. This is In the name of 
business and is, doubtless, of 
the greatest benefit. 

Unlike holiday-makers, to 
whom flying abroad is a rarity, 
many of these executives em¬ 
bark upon their endless, inter¬ 
mittent Odysseys as casually rs 
lesser folk catch buses. They 
tend to develop a constietudinal 
attitude to the exercise which 
is line so long as they do not 
forget vital precaution?. Just 
because journeys from, say, 
Britain to Bolivia seem lar less 
daunting than trips lrnm Liver¬ 
pool Street to Llandudno, so 
speed and ease likewise have 
nut eliminated the dangers or 
certain diseases which, if not 
always lata!, are singularly 
unpleasant and debilitating. 

Immunisation against specific 
disease' is statutory and. with¬ 
out valid certificates. The 
debonair traveller (who can so 
easily forget lo checki may lie 
refused eniry tu other countries 
or. in certain places, may be 
admitted only after immunisa¬ 
tion has been performed by 
local officials. Not only may 
this prove outrageously expen¬ 
sive, the amateur vaccinator 
may have only a rudimentary 
knowledge and the results can 
be unpleasant. 

Apart from the compulsory 
immunisations. prophylactic 
methods should be adopted 
against other equally serious 
diseases. But only a fool, one 
might imagine, would ignore the 
chances of being smitten by 
diseases simply because no law 
exists to enforce protection 
against hostile organisms. 

Of the statutory immunisa¬ 
tions., there are but three: 
vaccination against smallpox*, 
and immunisation against 
cholera and yellow fever. 
Although smallpox is supposed 
(by WHOi to be virtually 
extinct, many countries, par¬ 
ticularly a majority of 
African republics, insist that 
visitors possess valid cer¬ 
tificates. Necessary or not, 
this is a fact, and ignoring 
advice may cause great incon- 


j—' f l- ink L-^j-uu T —* 



/ 0/7/ C UST 


the amateur vaccinator 


venienec. Immunity against 
smallpox lasts three years from 
vaccination. Reactions are un¬ 
common and vaccination is con¬ 
traindicated m very few 
circumstances. 

Inimumsalinn against cholera, 
which disease, in us Asiatic 
form, killed countless numbers 
during the l£nh century, is 
required by many countries. The 
El Tor variety, which is the 
usual one nowadays, is much 
less severe; but. unless proper 
remedies are applied to victims 
(as will always be instituted in 
sophisticated countries.!, this 
may cause death. Immunisation 
against the causative bacillus is 
by two injections four weeks 
apart. Immunity of up to 50 
per cent lasts for only six 
months. Reactions arc rare and 
usually take the form of tender- 
nev>. redne.-s and swelling of the 
target area. 

Protection against > elloxv 
fever, a most dangerous disease 
carried by the Aedeis aegypti 
mosquito, which thrives in much 
of Africa and in Central South 
America, is provided by one 
injection and immunity lasts 
for ten years. This immunisa¬ 
tion cannot be given con¬ 
currently with that involving 
another Jive virus ce.g.. small¬ 
pox or poliomyelitis) and should 
precede either .of the others by 
seven to 14 days. Immunisation 
can only be carried out at 


specially designated centres in 
the UK. 

But immunisation must also 
be considered by travellers 
aiming for countries where none 
of these diseases exist. It is 
very likely that, during their 
journey, there may be scheduled 
or unscheduled stops m 
countries where the infection 
exists, for the casual organisms 
do not discriminate between 
visitors and stop-overs. Even if 
the voyager is not attacked, 
there is still a likelihood that 
officials at the place of dis¬ 
embarkation may require valid 
certificates simply as a wise 
precaution. 

Illnesses against which pro¬ 
tection is advisable include 
malaria, poliomyelitis, typhoid, 
and tetanus, for which no certi¬ 
ficates arc required. These will 
be discussed in the next article. 
As to the others already 
described. H cannot be empha¬ 
sised too often lhat frequent 
travellers must, make sure that 
they keep up lo date with their 
immunisations so as to avoid 
angry frustration and dis¬ 
appointment. And, statutory or 
not. no journey to dangerous 
pans should be undertaken 
without protection. Setting 
business considerations above 
health is as stupid as it is 
forlorn, and a dead executive 
is profitable only to the under* 
taker. 




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LOMBARD 


I THE WEEK IN THE COURTS 


financial Times Monday June 19 1978 

WORLD CUP BY ANDftgf CLAIRE Buenos Air**, June 1ft. 


er 


BY SAMUEL BRITTAN 

THE UK is vnj'jyin? Hit* nearest 
ihin.j tn a liooin that it has ex¬ 
perienced since the puncturing 
of the Heath Hoorn by the oil 
i risk of late 1973. You can look 
at ahnn -,1 any statistical series 
you like and you will come to 
tiie fame conclusion. 

Industrial production in the 
s!:i months to last April has risen 
at an annual rate of nearly 5$ 
per cent. Retail sales volume 
v.as on the same basis nearly S 
per cent up. These indicators 
aie still well below their 1973 
peaks and there is no evidence 
nr any Inn .7 term growth; but the 
Loom’ is definitely there. 


country Progress towards more 
S open government 


Why the Argei 
their soccer so 


Vacancies 


Unfilled vacancies—probably 
still the best indicator of ihe 
general slate of demand—have 
recovered to their highest level 
51 nco the winter of 1974-75. Ex¬ 
port volume is expected to he 
well up in the second half of 
lPTfi. zecordinq to an official poll 
of larye companies. The DTl's 
si'rinp survey shows an expected 
upturn in manufacturing invest¬ 
ment nf 10 to IS per cent in 19TS 
—although still pot enough Jo 
regain the 1970 peak. Judging 
from anecdotal evidence among 
industrialists l would expect the 
next CBl survey to be markedly 
nfiL’misiic 

Indeed after so many years in 
which the Budget forecast has 
overstated real growth there is an 
excellent chance that the 1978 
forecast of 3 per cent will prove 
an underestimate of the actual 
rise on GDP: and given the low 
underlying rate of productivity 
growth, unemployment should be 
falling fast. 

What accounts for the change ? 
The critical but wrong answer 
would be “The imminence of a 
General Election.'' A more 
re afistic response would by (hat 
there is to he an election this 
autumn because the economy is 
booming. 

The proximate cause of the 
boom is the surge in real per¬ 
sonal incomes. According to the 
National Institute, average earn¬ 
ings in 1973 should be up by 
liver 13 per cent. With increases 
:n omp'oymeiit. social security 
payments xnd tax reliefs, the rise 
in personal disposable income 
should come to over 15 per cent. 
This compares with a retail price 
ri.se between 1977 and 1978 esti¬ 
mated at just over 9 per cent. 

But this still does not take us 


very far. Why have real incomes 
and spending risen so ? Since 
the mid-1970s most Government 
attempts to boost the economy- 
have become badly unstuck. A 
first clue is "iven by the chart 
OF the real money supply—that 
is. the money supply divided by 
the price index. This-indicator 
gave forewarning of the| 
depressed condition of the mid-! 
1970s but has been strongly : 
positive since the summer of 
1977. 

But this is still only half an! 
answer. For the authorities can 
only control ihe nominal money 
supply, not the real one. The 
dramatic element which hasi 
changed has been the fall in the 
inflation rate from 16 per cent! 
in 1976 and 1977 to its present, 
levels. 

This dramatic drop can hardly 
be due to pay policy—we have 
had very similar pay norms 
since 1975. The big change has 
been the turnaround in the 

effective sterling rate, which 
changed course from a sharp 
downward trend up to the last 
quarter of 1976 to a pronounced 
upward movement lasting until 
this February. (The moderate j 
relapse This spring has not yetj 
affected prices or wages). 


Sterling 


The improvement in sterling 
was itself due to the turn-round 
in confidence after the IMF 
agreement of December 1976 and 
the first main impact of North 
Sea oil on the current account 
Both these are once-for-all 
bonuses. From 1979 onwards 
inflation will bear a more normal 
relation both tn money supply 
and growth and the increase of 
money earninss. This means 
that real demand will 3lso slow 
down (if not by as much as the 
v atinnaJ Institute fears): and 
the Keynesian establishment is 
clearly beginning to clamour for 
further stimuli, whether from a 
world hnost at the July summit. 
UK import controls or anything 
else available. 

An alternative conclusion is 
that 1978 has been an excep¬ 
tional vear in which a demand 
stimulus—due basically to the 
foreign exchange markets rather 
than the Chancellor—has been 

possible. By 1979 the underline 
forces limiting output and 
enpioyment will once again he 
In control and clever “manage¬ 
ment ” will be of no avail. 


BT JUSTINIAN 

SEVEN YEARS ago the Franks 
Committee was set up to examine 
section 2 of the Official Secrets 
Act 1911 — that catch-all pru- 
j vision that makes the 
unauthorised disclosure of both 
serious and trivial information 
from government sources a 
criminal offence. In Parliament 
| last Thursday the Government 
repeated its promise to publish 
a White Paper during this par¬ 
liamentary session indicating its 
proposals for legislation. 

Simultaneously, the Foreign 
Secretary’ announced that in 
future he would make available 
1 working papers on which certain 
I foreign policy decisions had al- 
I ready been taken. Thus the two 
aspects of the “open govern¬ 
ment” debate — a much more 

narrowly defined restriction on 
penal sanctions - for revealing 
State “secrets” and the estab¬ 
lishment of a public right to 
j government information—were 
| placed in juxtaposition. It has 
not always been the case. 


INCREASE HM STERLING M 3 CORRECTED 
FOR INCREASE IN RETAIL ^ 

t PRICE INDEM fl 


6 MONTH 

MOVING 

AVERAGE 


1973 1974 1975 


The Franks Committee in its 
report in September 1972. 
emphasised that its examination 
of the situation in this country- 
suggested strongly that open- 
no in government depended on 
politiral and constitutional fac¬ 
tors rather than on ieeal pro¬ 
visions. It thus declined to con¬ 
sider legislation based on the 
lines of "the United States laws 
i*rj nubile a'-eev* tn official docu¬ 
ments. “because such a 
suggestion raided important con¬ 
stitutional questions going be¬ 
yond our terms of reference." 
The growing clamour for some¬ 
thing comparable to the U.S. 
Public Information Act 1967 has 
now elevated the discussion, 
about the place of the criminal 
law as a stick with which to 
hpat the leakers of confidential 
governmental information, into 
an issue of high constitutional 
importance. A Labour Party 
Committee is on the point of 
n w«> 4 iiriTi'- n Freedom of Infor¬ 
mation Bill : the Conservative 
Party is studying the subject 
with a similar aim in mind : and 
b"dv is knii- n tn be 
producing its solution. What are 
these propospals likely to he? 

The U.S. legislation requires 
only that identifiable docu¬ 
ments should be made available 
to the public for inspection and 


copying. There are nine excep¬ 
tions to the rule of availability. 
The nine are: defence and 
foreign policy secrets specified 
by Executive Order; internal 
personnel rules; inattets ex¬ 
pressly excepted by Statute: 
privileged or confidential trade 
or commercial information: 
privileged intra - governmental 
documents and correspondence: 
disclosure of personal and 
other files that would consti¬ 
tute an unwarranted invasion 

of privacy: law enforcement 
(mainly police) regulations; 
reports relating to supervision 
of financial institutions: and. 
quaintly, geological and other 
data concerning wells. 

The 'U.S., additionally, has 
penal Statutes dealing with 
espionage (equivalent to our 

Section 1 of the Official Secrets 

Act, 1911, providing for the 
offence of spying) and concern¬ 
ing Government information. 
Thus the ]giv generally prohibits 
disclosure by public servants of 
confidential information about 
private business affairs, by 
which is meant the unlawful 
disclosure of trade secrets and 
other business information. 
There are also a number of 
other provisions prohibiting the 
disclosure by persons other 
than public officials of certain 
narrowly defined types of in¬ 
formation. A typical example 
prohibits the disclosure of in¬ 
formation by bank examiners 
without authority from the bank 
or Federal Reserve officials. 

Attractive as the American 
solution appears to be. there 
are gTave doubts about how 
well' it has worked in practice. 
Mr. Leon Brittan, QC and 
Conservative MP. sounded a 
warning note about the desira¬ 
bility of going down the 
American path in this country. 
His prescription and that of 
others might find a happier 
parallel in Swedish law. 


Exceptions 


In Sweden there are detailed 
provisions in three infer-relared 
subjects. Every citizen (includ¬ 
ing public officials and members 
of the armed forces) has the 
right of free expression, which 
includes the publication of 
official documents. The only 
exceptions are for the protec¬ 
tion of individual rights and 
public security. Another part 
of this Swedish Freedom of the 
Press Act specificially gives 
every citizen the right of access 
to official documents. Excep¬ 


tions to this right are specified 
in a Secrecy Act. 

A general exception to the 
right of public access is made 
for working papers and other 
similar documents prepared by 
an authority as part of the pro¬ 
cess of reaching a decision. Such 
a document becomes publicly 
available only if, once that 
decision has been taken, it is 
placed on permanent record. 
This seems to-be the model for 
Dr. Owen's pronouncement last 
Thursday. 

Public access 

The exceptions to the right of 
public access contained in the 
Secrecy Act are not of this 
general character but related to 
categories of subject matter. 
The Act sets out in considerable 
detail the classes of document 
that are to be kept secret and 
the periods for which secrecy is" 
to apply. These classes include 
documents on certain defence 
matters, the publication of 
which would harm the defence 
or security of the state: docu¬ 
ments relating to Sweden’s 
foreign relations: Cabinet 
records: documents relating tn 
law enforcement agencies, but 
only if publications would be 
detrimental to the prevention or 
detection of crime or to the 
safety of the State or of an 
individual; certain Bank of 
Sweden documents: many kinds 
of documents containing per¬ 
sonal information about indivi¬ 
duals (censuses, registration of 
births, medical reports, social 
assistance, and criminal records, 
unless the individual concerned 
consents to disclosure or the 
authority holding the informa¬ 
tion is satisfied that it will not 
he used to his detriment or his 
family's): many kinds of docu¬ 
ments containing commercial 
and industrial information: and 
a variety of other documents, 
which include official inspection 
reports, patent applications, 
documents relating to industrial 
relations, wage negotiations and 
court proceedings heard in, 
camera. 

The switch in emphasis from 
the mere scrapping of the. 
theoretically indefensible pro¬ 
visions of the Official Secrets 
Act to the question of the wider, 
accessibility of governmental 
information reflects the quest 
for open government The days 
of government by secrecy are 
clearly numbered. 


.ON THE face of it. the fact 
that Holland’s RobKen sen brink 
scored a°ainst Scotland - The 
SSolh goal of the World Cup 
finals after 4S years and 11 
tournaments, is little more than. 
& curio* 

But referee Erich Lineinayr’s 
penalty award for a foul by 
Stuart Kennedy on Johnny Rep 
in Mendoza is being enshrined 
in- local legend. To the fans, 
journalists and officials here the 
1000 th goal - is a World Cup 
landmark - of the greatest 
magnitude. • '.*■ 

It matters not that It was one 
of only 60 goals in the 24 first- 
round games—only -three more 
than the record low of 5i in 
1 966 It matters not. that no 
individual is threatening To 
reach even double figures, let 
alone challenge Just Fontaine's 
total of 13 goals in the ZS5S 
finals. • 

These statistics are of no 
importance here — whatever 
greater significance they may 
hold in the overall World Cup 
.panorama. The figures that 
matter are those which improve 
the image of Argentina’s World 
Cup . - . such as the 1.000th 
goal. . 

Image is vital here and the 
newspapers are the first to admit 
it That is why it is easy to 
make shone calls to London, 
P 3 ric. Singapore. New York, yet 
desperatelv complicated to call 
Cordoba. Mar del Plata, Mendoza 
or Rosario. Foreign phone 
facilities are all lied up with 
a good presentation of Argentina 
abroad. 

But if technical communica¬ 
tions provide a less pleasing 
impression, personal contact 
provides the roost spontaneously 
exciting moments of the World 
Cup. 

Last Wednesdays 2—0 win by 
Argentina over Poland was- in 
Rosario. 130 miles from Buenos 
Aires, yet within minutes of the 
final whistle the centre of even 
the capital began rapidly filling 
with cars jammed full of young 
men and women all intent on 
bell-raisin; their way through 
the night. 

When Argentina win. you bad 
better walk home. There is no 
point taking a bus or. taxi, un¬ 
less you want to savour the 
mind-bending patriotic fervour/ 


from dose ranee: the blue mid-journalists all leaped to their 
white Haes strung across, car feet "and stood to attention as. 
bbnnet& Knners madly wavirfig .their anthem was played 130 
from Ve hic le windows; crowds nutes away. 

tJl - vaet central ; All this-serves only to echo 

tmnine chanting, words oE a Uruguayan, who. 
boulevards. once explained the South Ameri-•_ 

‘A.M-rfit -can' amn.de to soccer this 


prodffms. W’ AEgensiM editions.: your .fine ..old build- 

something to celebrate. - lugs" and your history.' We have - 

Oaf woman in curler^ oiir football.^ *= - • •' 

ing op. the pavement- watching ^ football is much more 
the Slsafeningcavalcade toll than a same'here. It is'part of - 
pasL^bld me: “We hear on me jifem^od of .the country, the ' 
BBC news about Argentina that equivalent 'of - the 'Englishman's 
is alt bad, bad. bad. BuLthere/f 0 ot balL cricket arid politics all 
is so. much here that Is. gout ..rolled' into one, with ail fire', 

too.*? - _ - - . . .. . ; .social* implications! ■ * 

ASd. with, something to- enjoy* For example: many of the 
the r Argentines- literally, gd* to major Buenos Aires clubs are • 
towq, even after their 1—0 heavily ; in debt, owing^ the. 
defeat' by Italy the tans were Government money in mck tax. 
theife - '- in their - thousands, and pension fund contributions- ' 
Admittedly they were a little Every now and .-again a welk/. 
slower to get out and about meaning official wields- ah**.-: 

*?he other night not only the stick and demands, mstant repay- , 
roafls but the pavements *wnlv- “Tn 

Wkebi and dearly snatched wb ^ '"TS^SSrV tiUt. If 

MS' 

around them from the high-rise and SOi in turn, will those 
fltts - minority Interest sports which ■' 

Jubilant chaos - - - ^ 

'in Britain the Sunday recep- No wonder / Argentina's' 
Son a city grants Its FA Cup- manager. Cesar' Menotti. \is a 
Winning team is held in high chain smoker. Yet Menotti has . 
regard, but there is no Feal com- remained remarkably- /- 'cqtsL 
parisao. Indeed, the only time’he became . 

In the British case it is a a uttle perturbed 7 was. when 
parochial affair, and it is one journalists attended a training 
club around which jubilant session and'he found so many.,' 
phaos reigns. But the World-Cup recorders and microphones... 
—-and this one in particular -— stuck under his nose, up to his 
b not about mere clubs. It is chin, and round bis ears, that he 
about patriotism. and the f oan d u_ difficult to light the 
Argentines, for all that they are inevitable cigarette, 
j comp-iotlvew new and mired- tos b een field mnnd 

tip people, take pride m their ^ - • Argentines. . TnbRtiting y 

SS"»S!lh"S3? S£ "SgrthSM 

SBMaASBA'fe 

sel^l fn me?v wnys. On?of the ! h *f 

most unusual. for British ba,* been . godsend to Menotti. 
visitors, is to hear the national Argentina s • military junta has 
anthems of both teams refrained from, boasting or the . 
apolauded, instead of whistled chances, of World Cup victory, 
and jeered, before a match. ■ But.tfie tranmrijity their show of 
In the Press Centre, where force provides Menotti, has given 
journalists gathered to watch, a--hiadih furh an ideal nnoortwnlty 
close-circuit relay of the Poland- 16: Tight, one Anal fuse under 
Argentina game, the Argentine Argentina's patriotic powder keg. 


CRICKET 


BY TREVOR BAILEY 


A new arid exciting breed 



t Indicates programme in 
black and while. 

BBC 1 

6.10-7.55 am Open University. 
11—5 Cricket. Second Test: The 
Lornhill Insurance Test Series: 
Eucland v. Pakistan. 1.30 Camber- 
wick Green. 1.45 News 2.10 
Cricket. Second Test: England v. 
Pakistan. 4.IS Regional News for 
Enuland lcx«vpt London*. 431 
P/ay School. 4.45 Clwnavrs Plays 
Pop slarrinu Keith Cheinn in. 5.10 
Blue Peter. 5..13 Roobarli. 

5.40 News. 


5.55 Nationwide (London and 
South-East only). 

63) Nationwide. 

6.50 World Cup Report. 

7.20 Angels. 

8.10 Panorama: Chile’s Water¬ 
gate (report on the recent 
scandal). 

9.00 News. 

9.25 The Monday Film: “ Lady 
In Cement " starring Prank 
Sinatra and Raquel Welch. 

10.55 Tonight. 

11.35 Weather/Regional News. 

All Regions as BBC 1 except at 
the following times:— 


F.T. CROSSWORD PUZZLE No. 3.696 



ACROSS 

1 Kept by the pruiid. avoided 
by the golfer (4. 2 1 
4 Expression of approval for 
stolen wares 1 4. 4i 

10 A young girl has the advan¬ 
tage, we hear, in a London 
district (5. 4> 

11 A house where the bad guy 
drops in c5i 

12 Dance For 23—you could run 
a film on it (4) 

13 Achieved by Lhe Vicar of 
Bray (lOi 


2 A shrewd measure for a 
know-all ( 1 . 8 ) 

3 Look in as you pass the tree 
(4) 

5 Stuffed, but not by a taxi¬ 
dermist (7) 

6 Out-of-the-way amusements 
( 10 ) 

7 He includes everything in the 
orchestra t5> 

8 Characteristics that upset the 
artist (fi> 

9 It’s grave to exclude rank ( 6 ) 


Wales—12)0-1.45 pm Pill Pala. 
5.55-63) Wales Today. 1135 News 
and Weather for Wales. 

Scotland— 5 . 55-631 pni Report¬ 
ing Scotland. 10.55 Public 
Account. 113) News and Weather 
for Scotland. 

Northern Ireland—4.18-43) pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 1125 News 
and Weather for Northern 
Ireland. 

England—5.55-63) pm Look 
East (Norwich): Look North 
(Leeds. Manchester, Newcastle): 
Midlands Today (Birmingham): 
Points West (Bristol): South 
Today (Southampton) - . Spotlight 
South West (Plymouth). 

SBC 2 

6.40-7.55 am Open University. 
11.00 Play School (as BBC 1 
4.20 pmi. 

4.30 Cricket, Second Test: 

England v. Pakistan. 

6-35 Open University. 

7.00 News on 2 headlines with 
sub-titles. 

7.05 Up the Organisation. 

”250 Newsday. 

8- 15 The Two Ronnies. 

9.00 Play of the Week: Kenneth 
More in “ An Englishman's 
Castle." part 8 . 

9.50 Face to the North. 

10.40 Sea Tales. 

11.JO Late News on 2. 

11.20 Cricket: Second Test thigh- 
lights). 

11.50-13.00 Closedown (readme) 
BBC 2 Wales only—7.05-73) pm 
Heddiw. U.SO-12.15 am Up the 
rtr.eanisation with Robert Town¬ 
send. 

LONDON 

9- 30 am School Programmes. 

12.00 Jamie and the Magic Torch. 
12.10 pm Rainbow. 123) News 
plus FT index. 12.55 Help! 1.00 
World Cup T 8 . 2.00 Afternoon. 

235 Monday Matinee: “ Crooks 
and Coronets” starring Telly 
Savalas and Edith Evans. 43) 


Clapperboard. 4.45 The Tomorrow 
People. 5.15 World Cup 78. 

5.45 News. 

6.00 Thames at 6 . 

6.40 Help! 

6.45 Whodunnit? 

7.30 Coronation Street. 

8.00 You're Only Young Twice. 

8 JO World In Action. 

9.00 The Strangers. 

10.00 News. 

10.30 The Savage West: “The 
Culpepper Cattle Co." 

12.15 am Close:- .A painting by 
Constable with music by 
Elgar. 

All IBA Regions as London 
except at the following times: 

AlVGI !A 

1155 p.m. Anglia News 2.00 Hwise- 
party 2-25 Mysierv Movie M'.-MiDan an*t 
Wife- 4J0 Cartonn ""Irue. 6.00 About Anglia. 
12J5 a.m. Reflection. 

A TV 

12.50 p.m. ATV Newsdeslr 2J5 Movie* 

..i . •i.‘.nt l -r i h*..> jijmnc 

Deborah Kerr. RJia Hayworth. David 
N' -i! ■*«mv Hiller and • l-iraw-r 

6J» ATV Today. J0.30 Loft. Right arwl 
Centre. U.Oo The Savage West: "The 
Culpepper Canto Co." 

BORDFR 

T122M P-ra. Border Xftrs. 2.00 Houso 
pany. t2-2S r.latinve: To TTk. Rnds of 
liiv Earth.” starring Pic*' Powell and 
SifilK* Hawo. 6.00 Looterruuno Monday. 
6-15 RKtf4: Damp. (12.15 a.m. Border 
Hewn Summary. 

CHANNEL 

12.08 p.m. Channel Luiicnnme News 
and What's on Where. t2.2S The Monday 
MJNaee • "Kinus tlo Forth " 6.00 Channel 
News. 6-U) The Amaztng Chan and Ihr: 
r* ... - j ie Curonn 10.28 Channel 

Laic News. 1032 Survival. 11XC The 
Savage Wesi : "The CtJlpeDoer CarUe Co." 
12^5 a-m. Seurs and WVafber in French, 
followed by Channel Gazelle. 

GRAMPIAN 

9.23 a-m- First Thine. Ii5a p.m. Gram¬ 
pian News Headlines. 225 Simply Sewtnc 
2-55 Monday Matinee; “GiwinUit My 
Love." Barring RJebarti Poone. h-M 
Grampian Today. 6J0 Onderella from lhe 
Sea. 12-15 a.m. Relteciions 122D Cram- 
piau Late Nwhi Headlines 

GRANADA 

12.50 p.m. Dodo. 2^5 Monday Matinee; 
■■A Cry in the wilderness." i-S0 Beryl’s 


Lot. 6.00 Granada Reports. 6-20 This w 1 
Your Right. 1020 Report Politics. 1LOO 
The Savage West : "Tie Col popper Cattle, 
Co." 

HTV | 

1220 P.m. Report West Headlines. 1Z5S 
Repon Wales Headlines- 2.00 Jobttne.| 
tZJo The Monday Matinee: “Hie End, 
of the Affair." starring Deborah Kerr ana. 
* - •» «. », » . :inrr W«st 6-22 Re- 

pon Wales. 1020 The Benson and Bodges 
Shov. jumping Championships. U.B0 The 
Savage West: "The Culpepper Cattle Co. - ’ 

HTV Cymru/Wales—As HTV General 
Service rxcepr : 1220-1225 p.m. Penawdau 
Veiry.JrlpMi » Dydd. 2.00-220 Hamddco. 
6.00420 V Dydd 8.3M.00 Vr Wythhos 

HTV West—As HTV General Service 
except: 1220-1410 p.m. Report West Head¬ 
lines o-22-B.ao Report .West. 

SCOTTISH 

1220 p.m. News and Road Report 225 
Monday Film Matinee: "Goodnight My 
Love." siarrtng Richard Boone. 320 
Beryl's Lot. 6.00 Scotland Today- 420 
Crime desk. 12J5 a.m. Late CalL 

SOUTHERN 

1220 p.m. Southern News 2.00 Rouse- 
party. 245 Monday Matinee: "Tell Me 
where it Hnrts." starring Maureen 
staple-ton. 3.50 Beryl's Lot 620 Day by 
Day. 12-15 a.m. Sonthem News Extra. 

TYNE TEES 

925 a.m. The Good Word, rollmved hy 
Nonh East News Headlines- 1220 p.m. 
Nonh East News and Lookaraund. 2-25 
Pnwvr Without Glory. 320 Generation 
So-ne. t3.3S The Little Rascals. 320 
Beryl’s Lot. 6.00 Northern Life. 6.00 
Police CalL 1225 a.ra. Epdocue. 

ULSTER 

1220 pjn. Lunch) ime. 2.25 Monday 
Manner-: "The Purple Plain." siarruig 
Gregury Peck. 0-18 Ulster News Headlines. 
6.00 Ulster Television News. 6.05 The 
Partners. 6-30 Repons. 1225 a.m. Bedtime. 

westward 

12.27 p.n». Gun Honoybwn'e B/rthdsvs 
122o Westward News Headlines. t22 5 
The Monday Matinee : "King's Go Porth." 
starring Prank Sinatra and Tony Curtis. 
6J)0 Westward Diary. 6.3 Sports Desk. 
10.28 Westward Late News. 1020 
Encounter CJaoer Fookesv. 11.08 The 
i’ 1, it;- w«i ■ The Cuinepper Cattle Co." 
12A5 a-m. Faith for Life. 

YORKSHIRE 

1220 p.m. Calendar New. 2-25 Love 
Story. 320 Stars on Tee. 320 Beryl's Lot 
6.00 Calendar iCmfey Moor and Belmont 
editions i. 


'THE MOST satisfactory feature 
of the innings played by Botham. 
Gooch and Gower in the Lord’s 
Test was nor so much the runs 
scored, but rather the manner 
in which they were acquired. 
These three young stroke-makers 
if they do not make the mis^'ke 
of changing their approach, have 
the opnortunity to bring i style 
and elegance to the Eittland 
hatting which has heen missing 
for such a long time. r 

Over the n?s* decaffp Enelish- 
born. colourful stroke-makers 
have become a rare, -almost 
extinct breed. In county cricket 
the entertainers and the match- 
winning batsmen almost exclu¬ 
sively came from overseas. At 
international level we were often 
short of runs. and. when we did 
put together a large total it was 
Invariably a utilitarian affair 
which took a very long time, with 
occasional bright flashes from 
Greig 3 nd D’Oliveira. who both 
came from Snuth Africa, and the 
inventiveness of the all-rounder 
Knott. 

Our two genuine international 
class batsmen of this period. 
Boycott and Edrich, were essen¬ 


tially reliable acquirers of runs, 
effective rather than attractive. 
.The most successful of our other 
players were grafters, such as 
Lnckhurst and Steele, while 
Fletcher, who bad been bursting 
with shots when he first entered 
county cricket, left them all be¬ 
hind at international' level and 
became another-accumulator. 

Various -reasons were put 
forward forv.this ncjite shortage, 
of good and exciting home-grown 
batsmen. These base included 
limited-overs crickef- and too 
many players from abroad, and 
there has been some .truth In 
both, but l. believe, ifar more 
important causes have;been the 
cut in the size of staffs before 
sponsorship came to the rescue, 
the alarming amounts of in¬ 
different coaching by indifferent 
coaches, and too many i pitches 
where the grafter was more 
likely to succeed thin the 
sttoke-maker, unless hi hap¬ 
pened to be a.genius. 

Botham, Gooch and Gower, in 
their very different ways will, if 
they continue to make .runs, 
bring supporters through- the. 
turnstiles and empty the beer- 


tents. not only, here, hut all over 
the world. It is beginning to 
look as if the days when a spec¬ 
tator went to a Test hoping that 
England would be in :fae field 
are over.' find:', to maJce matters 
even' better, there are a number 
of other promising- youngsters 
waiting in the wings,' such as 
Tavare, Attbey, Hignell and : 
Larkins. 

However, a word of warning 
as there is a . danger of being 
overcome by the joy of watching 
stroke-makers again in action for 
England—a ■ pleasure which has 
been missing siqee the days, of 
Dexter. Milbum, and Barber: It 
must be remembered that this j 
Pakistan attack, especially with¬ 
out Sarfraz is second, probably 
third rate. It is one thing to 
destroy this Pakistan bowling,- 
but it could prove an entirely 
different story against Roberts, 
Holding and Daniel! 

Every team needs balance and, 
some steady run-accumulators 
are essential. A Barrington or 
a Boycott may not be as exciting 
as a Dexter—but they are just as 
vHa! to winning a Test series, 
often more so. 


U.S. OPEN GOLF BY BEN WFSGHT, Denver, Colorado, June Tk ■ 


Andy North wins in close finish 


13 Present chance in India (7) 14 A 'periodic portion this month 
Hi A club for five in less damp mental disturbance 

surroundings tfi) ... . , 

19 On bolidav? Then take a new Confidentially lhe French 


look at self ( 6 ) 

21 Upper House member may be 
involved with treason (7) 

2:» One of the tup Scots (10) 

25 Sometimes sinister, but there 
is point in the plot (4) ■ 

27 Touch down at Eton puts 
colour on your cheeks (5) 

28 Cast for the birthdav boy ( 9 ) 

29 Surpasses public works (S) 

50 “ But. look, lhe morn in —_ 


come in with coramonsense 
(5. 4) 

IS The band-out about to dis¬ 
appear—that is not on the 
Ipvel ( 8 ) 

20 Yearn for the dance? It's I 

popular with batsmen (4-3) 

21 “Comes the blind Fury with 
the abhorred ——" (Milton) 


29 Surpasses public works (S) 

JO “ But. look, ihe morn in-22 One day comes to nothing in 

mantle clad'' (Hamlet) ( 6 ) Scotland ( 6 ) 

24 Measure of security about you 
1)011 N we bear (5) 

I Autonomy has rising allrac- 26 Impersonator seen in 
turn in the house (4. 4j Charlie's Aunt (4) 

TlK ‘ solution of lost Saturday's prize puzzle will be published 
Willi names of winners next Saturday. 


.-v * 


RADIO 1 247m 

5-00 a.m. As Radio 7.02 Davp Lf 
Travis. 0JM Simon Bates. 11.31 Paul Bur¬ 
net! iDcludma 12.30 p.m. Netrsbc-ai. 2 -°° 
Tony Blackburn 421 Kid Jensen, in¬ 
cluding 52o Xewsbeat. 720 Sports Desk 
'loins Radio 2i 10.02 John Peel (St 
12JW-2JJ2 a_m. As Radio 2 

VHP Radios l and 2—5-Q0a.ni. WIUi 
Radio i including 1125 pan. Good Llsti-u- 
inu. 10.00 With Radio 1. 1202-2.02 a_m. 
With Radio 2. 

| R A D s O 2 1.5Wm and VHF 

5.00 a-m. News Summary- 5.02 Ray 
Moore (Si with The Early Shov. in- 
I eluding 625 Pause tar TbouKht. 7-32 Terry 
Wqrbo (St Including 8.03 Golf ■ 1.1 S Open 
[ (final reporti 83 Raring Bulk-tin and 
lg.45 Pause lor “twmhl 10-02 John 
Timpson iSt. 1225 p.m. Wagantter's Walk 
1220 Pole Murray b Open House (S> In¬ 
cluding 1.45 S oorrs De-ik 220 David 
Hamilton tSi mrludlns 2AS and 3.45 Sunns 
,Di-Hk. 420 Wasuonc-rs' Walk 4j45 Sports 
D«Ic 420 John Dunn »-Si wrludlrp 5.45 
Siwns Desk 623 World Cup spans Desk 
7-M BBC N'orthnni Radio Orrhcsira iSi 
720 Snons Desk 723 Alan Doll 7.33 The 
Dance Band Days. 8.02 The Big Band 
Sound IS.. 4.02 Humphrey Lyitelion *1th 
The Bpsi of Jazz on rt-cords iSi. 425 
Spons Desk 1022 Town and Country 
Qni2 1020 Star sound U-02 Peter Clavtnn 
Inrradnocs Round \fidnicbt. meludlnR 
12DO News. 2.00-2.02 a.m. News Sum- 
TOUT. 

R * OfO 3 464m, Stereo & VHF 

625 a.m. Weather 7HO News 7.05 Over 
lure (Si 0-0 q News- 8-05 Morning Cor- 
ren tS. 4J)0 News 4.05 This Week's 
Composer' mint Hienihim >S> 425 

Talking About Music iSi. 10,25 Brahms 


plana reclml <S». 1U5 Cricket : Second 
Test : Ensland t. Pakistan comtnen- 
tj nos. cammeura. summanes. lndudliu; 
1-35 p.m. News. U0 Your Letters 
Answered and 2J» Lunvhtlmc score bo aril 
6-40 Lifelines; Rom- and Family 7.40 
CeMo and Plano rental >Si 82o EBU 
Coocsn from Austria pan l : Srtiubcr 
iS». 428 A Parilamenl fur i he 50s tgaOr 
bv John Madnmiwh. 420 EBU Concert 
pan 2' Schubert >S). 10.5e Ploinsomt 
and The Rise of European Music <S»- 
1145 Wews. 1128-1125 Toolcfir's Schubert 
Snno iSi. 

VHP 6.00 ajn. Opej] UDHeraty. 7.00 
W-'.i - -1 'W 11JS np.r ^vrTinhr.nv nrrhesira 
concert i S». 1-00 p.m. News UB BBC 
Lunchilme Concert iSi. 2.00 Matinee 
Musicale iSi 3JJ0 Music for Organ tS>. 
320 New Records 'Si 525 Randstand 
(Si. 545 Open University. 740 With 
M-'W. 

RADIO 4 

434m. 330m. 283m and VHF 

625 a.m. News. 6.17 Fannlne WeeSi 625 
Up to lhe Hoar. 7JX Neuv. 720 Today. 
725 Up to the Hour irontlnued' >40 
News 8-10 Today laetudinc. 025 News 
headlines weather, papers. «uort. 0.45 
Ray nostras with ihe BBC Sound 
Archives 4.00 News. 4J5 Start the We+ 
wirft Richard Hater U.OO Sew s- 1845 
W-Mllfe 1020 Dally service. 1045 Mnro- 
ms Story. U40 News 11.05 Pedal Power : 
a o-l'-h ratine ol the hi cycle 1.1. SB 
Anriuunc-mi-nis 124Q Hews. 12.02 p.m. 
You and Ynurs 1221 Bruin o» Brlialn 
19131 1 2 .B weather: p nsrurmae news. 
LB0 The Wntlrt ji fine. 1J0 Thp Arrherx 
145 Woman's Hour including 2.00-242 
News 245 Listen with Mother 3.00 News 
US 4flel7inon Theatre (Si. 425 Hie Rnof 
of Wales ■ From Llanhrynmair to Llann- 
lecbUyD. 5Jo PM Repo ha. 540 Down ihe 


Garden Path. 525 Weather: proKromroe 
nc-u-a. 640 News. 620 "Tie Sparafritt«ri 
Man iSi. 7.00 Nows. 7^ The Archers 
720 From Our Own CorrespondcnL 7.45 
The Monday Play <S». 4.00 From Apes 
to Warlords : First of two talks by 
Professor Lord Zockerman. 920 Kaleido¬ 
scope. 424 weaihur- 10.00 The World To- 
nlflhr. lD3o Profile 22.00 A Book jr Bed¬ 
time U-15 The Financial World Tonight. 
1120 Today In Parliament 1240 News. 

BBC Radio London 

206m and 94 9 VHF 

5-08 a.m. Ax Radio 2. 6-30 Rush Hour. 
4.00 London Live 1243 p.m. Call In. 2.03 
206 Showcase. 4.03 Home Run. 620 Look, 
stop, Listen. 738 Black Londoners. 820 
Breakthrough. 1843 Late Nlgftr London. 
1240 As Rediq 3. 1245 a.m- question Time 
from the House of Commons. LOS Close. 
As Radio 2. 

London Broadcasting 

281 m and 97Jt VHF 
540 a-m. Morning Music. 6.00 AM : 
nn-< Mi.i» ninmnuou travel, spnrr 

and review. 1W» Brian Hayes Show 140 
p.m, LBC Reports. 340 George Gale’s 
■i 't 1 ,-lni.I-- Call 040 LBC Rnportn icon 
mow-ci 8 80 I Pit Kltlll 9.08 Meftrltni- 
wrth Mnnry MndJyn. Up a.m. NlgJU Ex Ire 
with Adrian Scott. 

Capital Radio 

I94m and 98.8 VHF 
640 a.m. Graham Dene's Breakfast 
S&Oir * Si 940 affrhsef Asprt iSt. 1240 
Dave Cash" tSt. 3.00 p.m. Roger Scotr 
•St. 7.88 London Today (St 7.30 Adrian 
Love's Open Line (St. 940 Ni»*y Homo's 
Your Molher Wanldn'1 Like It iS> 1140 
Tony Myall's Late Show (St. 2.00 a-m. 
Fficr i owui's Nuca Plight iSi. 


ANDY NORTH, a 2S-year-old 
Winconsin bora professional is 
the new U.S. Open Champion 
and the tallest in history. His 
rounds of '70. 70, 71. and 74 for 
a one over par total of 285 gave 
him a one stroke advantage over 
Dave Stockton (71. 73; 70, 72) 
and J. C. Snead (70, 72. 72, 72). 

Next at 2S8 came Hale Irwin 
and Tom Weiskopf. and at 5 
over par Gary Player Andy 
Bean. Jack Nicklaus* Bill Krat- 
zert and Tom Watson. 

The lanky North who has won 
only one tournament in -nearly 
five years on tour here, was 
apparently coasting to victory 
and notably relaxed with five 
holes to play. At this stage he 
was four ahead of Stockton, his 
nearest rival, and five ahead of 
Snead. 

North holed an S ft putt for 
a birdie three at the short par 
four 13th of 382 yards to put 
himself in this comfortable posi¬ 
tion. But he missed the fairway 
at the long 14th to drop a stroke 
and as he missed his putt, 


Stockton was holding a huge one 
for a birdie two at the 15th to 
create a sudden two-stroke .swing. 

Then, North tried to get too 
clever with his recovery from 
the bunker to the right of the 
green al the 208 yards 15th, left 
the baH-in the sand, and came 
crashing down to earth with a 
two-over-par five that allowed 
Stockton to close within one shot 
of him; 

Meanwhile, the rest of the 
field bad dropped away out of 
contention, beaten senseless by 
this testing golf-course. Tom 
Weiskopf ’had a - last ;rotin£ of 68 , 
the equaj best round of the 
championship -to finish on 288. 

At 28? .came Tom Watson, who 
made a brief threat with an out¬ 
ward ;half of 32. only to falter 
thereafter Andy Bean, Jack 
Nicklaus and Bill Kratzert. '. 

Peter - Oosterhuis, the Jone 
Briton, finished with a 74, well 
down the iist at 296: > '■ 

Playing alongside Gary Player, 
North whose previous rounds of 
70, 70- and 71 have been a model. 


of consistency, immediately got 
away from his partner, whose • 
putter chose "to go sour on him.- 

North got in a six-foot puttfof. 
a-birdie at the 4th hole and hit 
the green with two splendid.shots^- .v 
at the 543 yard Stb fo? another.:, ; 
birdie that left the field Bounder: 
ing in, his wake at: least tiye. i -... 
shots behind- .. Vv-.'- 

The drama, of the final hole . 
was almost unbearable in.-its - 
suspense. First came Stockton: . • ' 
who like North after, him dj.bve 
into the right hand rough. awajc 
from, the water -that 
Jhe way down - the left - r : : > 

". Stockton came up's ^tort: knd ^ 
could not get’tip 1 and dowhlw^ 
/two shots to save his par:- 


RACING 


by dohinic wigan '. 


North-also mjss&F-'-tbe' green ty • 
: and flopped his pitch tametyrartO V 
.the buqker in ftonfiof hho. Hej3” 

> played a marveiloua’ buafc# -filter^ 
3 ft from the bole but hacked 
away -from his final pott ^ 

tiiao .. twice„ before ; nudging lit 
into the hole • foj fajnou F'^ 
.victory. 


Eddery a good bet at 5-1 





WITH WHAT appears to be a 
particularly tricky Royal Ascot 
in prospect for backers this 
week, I believe it could well pay 
punters to throw in their lot 
with champion jockey Pat 
Eddery, in a bet offered by the 
Tote. 

The young Irishman, who is 
riding with as much verve as 
ever this season is an offer at 
5 to 1 by that firm to finish 
leading jockey over the festival, 
which opens tomorrow. Lester 
Piggon. so often the top jockey 
at the four-day meeting (which 
doe? noi include Saturday's 
Heath card), and in need of 15 
lo achieve a century of .Royal 
Ascot victories, is the favourite 
at 2-1. Carson is with Eddery 
on 5 to 1. with Mercer just a 
point longer. Any other named 


rider is available at 20 to 1. ■ ;■ 
Although Piggott's-record 
there and his choice trf mounts 
may well; make . him a “ good 
thing" in many people’s eyes to 
continue where he left off a 
year ago. I believe that he win 
be hard-pnshed to head the tables 
with Vincent O'Brien’s stable so 
completely out of form. ■= ----- 
Eddery's principal. backer, 
Peter Wahuryn; has his string in 
fine fettle and. it will come as.a 
surprise” .ff Seven Barrows does 
not land; at least a couple of 
valuable'. prizes. At •. present? 

Eddery's-likely mounts for the 
Lam bourn - stable include For¬ 
midable (St James's Palace 
Stakes, Tuesday) Camden Town 
(Jersey Stakes., Wednesday); 
Buckskin (Ascot . Gold .* Cup,. 
ThursdayJand Dactyl ographer 




•fkib^'- Edward VII Stakes. 
Thursday). *V*. 

. lire champion’s:list of ontside- 

• rides .continues tq-. i gr®it 1 _ /wjJfc 
bbnkings already confirmed foV. 
Adrian Maxwell’s .Kirin (Queen • 
-Anne . Stakes, Tuesday), Mick 
O'Toole’s Btricholm.’ fWokingham 
Stakes. Friday), and the Liam ■ 

-Browne-trained' Lomond Shoe 
(Cork and Orrery Stakes,- 
Thursday); . •■'. ■ " . 

At Wmdsbr.-thisT evening'! 
Hikari should be good"' enough ‘ 
to defy .a 5 lb penalty In the' 

1 FifieW.. Handicap now that. M. 
has^struck form, 

•- - - WINDSOR 

. 6.45—Best of Marks 
. 7. Iff—Track Down v 
8.0S—-Hikari** J • 

• .1 Ji5~TnmWeT , v.,;v- «■ 

. UIHWh^i^ - JzL 
.r: -k:-H 










"'S 






£ 

” ■= , ^ *1;N '< 

r.;* -J?fr 

~ "' (:r - - VI: 

t - !i .*.■* 

“ 1 ; '■ ;:\.V 

•-•■• 7 „ ^ j O ,’ 


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id 


••;; Financial 

ESEzabeih Hall 


Monday Jqns 19 1978' 


13 




The Allegri Quartet Is a serial 
affair. As an institution it win 
reach its 25th anniversary next 
season,' but the players come and 
go; the senior member these days 
is the cellist Bruno Schrecker 
who joined the group in 1967* 
Since last year Peter Carter and 
Prunella Pacey have been respec¬ 
tively the leader and the violist. 
Yesterday afternoon the first 
page of Haydn’s G major Quartet 
- op. 7fi No,. 1 . where phrases are 
tossed from instrument to 
instrument, showed how closely 
matched-, the current team is. 
The Haydn got a cheerful, 
neatly articulated performance, 
strongest when most- -contra¬ 
puntal though Mr. Carter’s solo 
burst in the trio od the Menuetto 
was delightful,- -like someone 
negotiating a. high-wire at comic 
speed. Next came Ravel’s 
Quartet, not ideally suave; their 
refusal to . languish over its 
curves was commendable, but 
they proceeded rather severely 
through several pretty events 
in the first movement which 
deserve ah introductory nod or 
wink- More bloom on their'tone 
would have (helped realise 
Ravel’s - more luscious effects. 
His ingenious thematic connec¬ 
tions were made unusually clear, 
and the Finale—certainly the 
least convincing movement «— 
sounded foully purposeful, buzz- 
log along electrically. " 

The^ largest work was Beet¬ 
hoven's 2 nd “ Rasoumovsky " 
Quartet, Op. 59 No. 2 . Here one 
slightly missed a dominating 
hand, though all the plaring was 
intelligent; the scale of the piece 
seemed tinwontedly domestic, 
conversational and intricate 
rather than commanding. The 
breadth of the opening Allegro 
was compromised by the Allegri’s 
tendency to cHp rests, even the 
dramatic ones that punctuate the 
first subject. The Molto Adagio 
—“ con molto di sentimento 
sang mildly and sweetly: one 
tnteht have taken it for • an 
Andantino. There was enough 
crisp energy fn the Scherzo, and 
the final Presto was full of bujfo 
sparkle, almost Haydnesque. It 
made an effective performance, 
but perceptibly underweight. I 
think the specific gravity of 
the music calls for a grander 
manner. 

DAVID MURRAY 

Festival Hail . 

Lynn 

Harrell 

As their soloist for Friday’s 
visit to the Festival Hail, the 
Royal Liverpool Philharmonic 
brought . the American cellist 
Lynn Harrell to play the Dvorak 
Concerto. Mr. Harrell has be¬ 
come a welcome summer visitor 
in recent years, yet be can sel¬ 
dom have been heard to such 
advantage as on this occasion. 
His playing bad a simplicity and 
directness almost but not quite 
concealing complete mastery and 
a kind of natural nobility that 
had nothing to do with the semi¬ 
theatrical poses beloved of some 
major cellists. Only when the 
concerto was over did one sud¬ 
denly and gratefully recall -the 
absence of the moments of tech¬ 
nical strain to which most inter¬ 
preters of the solo part are 
subject. 

One factor contributing to the 
unusual degree of untroubled 
serenity was the discreet but not 
undervitalised accompaniment by 
the RLPO under their principal 
conductor, Walter Weller. The 
long opening tuTti was not so 
satisfactory. Here the tone was 
thinnish and the upper wood¬ 
wind squealy as they had been 
once or twice previously in. | 
Smetana’s V liar a. These are the 
kind of'thing the Festival Hall 
shows up. 

In the Second Symphony of 
Brahms there was again some 
sourish intonation and a certain 
smallness of effect in the first 
two 'movements, together with 
signs that Mr. Weller does not 
always succeed in unobtrusively 
keeping the pulse alive in the 



P«t«r McEnery, Peter Clough, and John Burgess 


JLounurtl Burl 


Warehouse 


The Jail Diary of Albie Sachs 

by MICHAEL COVENEY 


After Nicholas Wright's elegiac 
lament .for the fat« of white 
democrats in the Cape Town of 
1952 (Treetops ,'.at the Riverside 
Studios l, David.-Edgar’s RSC 
studio piece arrives as a harsh 
and unequivocal payoff. Thu 
first 90-Day taw has: been en¬ 
forced and Albie Sachs, a promi¬ 
nent white lawyer* is incarce¬ 
rated without trial.-* fit is Cape 
Town. 1963. 1 have not read 

Sachs’s diary (currently out of 
print) but much of the play, 
most of it in monologue form, 
has an authentic ring- It may 
not tell us as mneirabont South 
Africa as Treetops; but it Tells 
us enough, and it Conveys with 
extraordinary force the feeling 
of what it must 'Itfr like to 
measure-out your life against a 
self-imposed routine’Of exercise, 
ablutions, word games, and blank 
inactivity. 

At one point Sachs imagines 
himself converting ’ his experi¬ 
ence into material for a stage 
play. How could* he explain to 
an audience what it'means to 
stare at a ceil wall for-hours on 


end? He would let them just 
look at an actor for two whole 
minutes without a word uttered 
nr a gesture Formed. Peter 
McEnery. performing thorugh- 
>-ut with a graceful flexibility 
:.nd wry understatement that is 
I'ositivcly spell-binding, leaves 
no along for two interminable 
minutes hv doing nothing, lie 
does nothin? better than any 
actor I have ever seen doing 
nothing, which must take some 
doing. 

Around Mr. McEnery Hits a 
resourceful company playing 
jailers, policemen, lawyers and 
thugs. Particularly good are 
iVter Clough as a variety nf 
insensitive character*; and Edwin 
Richfield as a Bible-punehing 
sergeant whose response to in¬ 
justice has hecn dulled by bis 
experience us an Afrikaaner 
whipping boy. There is u beau¬ 
tiful speech for Mr. Richfield 
about Job that is as good as any¬ 
thing Mr. Edgar has written. 
The encounter leaves Sachs only 
more depressed: even his whist* 
fin? companion who joins in 
snatches of the . New World 
symphony along the corridor is 


revealed with a cruel thud to be 
a hard-nosed janitor. 

At the end of the 90 days 
Savhb is- "released" with sus¬ 
picious friendliness, but before 
h>.- can even have a word on the 
telephone with his mother he is 
“ ie-arrested.” Ai the end of 
that 90 days, in Jlie one lighting 
variation of the evening, he 
rushes down to the sea. like 
Roger Dnltry in Ken Russell's 
Tommy, joyously declaring his 
freedom and his name. But 
nobody knows him. nuhody cares. 
The experience helps him to put 
his useless pain (as he calls ill 
into some kind of mature per¬ 
spective and. as the play ends, 
we see him finally n teased and 
packing his bonks for England. 

If the play leaves me eager to 
learn more about Albie Sachs, 
that is net necessarily a fault of 
the playwright who has written 
an excellent prison play. Howard 
Davies directs it with decisive 
clarity and real care, well sup¬ 
ported by Chris Dyer’s white 
skeletal set that suggests both 
claustrophobic isolation and the 
labyrinthine corridors of a brutal 
bureaucracy beyond. 


St. George's, Hanover Square 

Alexander Balus 

by ANTHONY HICKS 


In past years ai about tiffs time 
Denys Dariow/and hi^Tilford 
Bach Festival/forces have enter¬ 
prisingly giyen a Josser-known 
Handel oratorio at St George’s. 
Hanover Square, where Darlow is 
organist /It is a church very 
much associated with the com¬ 
poser. h4 worshipped there for 
most of-flls life in London. The 
performances have been valuable 
adjuncts to !he QEH concerts of 
the Handel Opera Society, pro* 
viding a different interpretative 
approach and generally fuller 
texts. Now Darlow, with indus¬ 
trial .sponsorship, has launched a 
! London Handel Festival hased ; 
ion St. George’s. It opened nn 
Saturday with the oratorio 
Alexander Balus. and there are 
concerts every night this week¬ 
ending with the apparently in¬ 
evitable Messiah. Rarities in¬ 
clude the Cbandns anthem “ Have 
mercy" and a large Italian 
cantata, and a good admixture 
of works by Bach. Vivaldi and 
other contemporaries fills out the 
programmes. 

Alexander Balus is quite a 
rarity in itself, though there was 
a respectable performance by the 
HOS two-years ago and an In¬ 
adequate recording in German 
was once available. The story of 
an ill-fated marriage between a 
usurping Syria king and Cleo¬ 
patra. daughter of the King of 
Egypt is not an obvious choice 
for an oratorio; but Handel and 


moderate-io-slow tempos which j his librettist Thomas Morel! 


Brahms prefers. The.slow move¬ 
ment went torpid, but from then 
onwards the better points Df the 
orchestra's, style stood out more 
clearly—delicacy of shading, a 
general impression of intelli¬ 
gence and a brass section firmly 
under control. 


having scored a hit with Jitdns 
JVtaccobaeus in 1747. doubtless 
thought, a further episode from 
the Apocryphal First Book of 
Maccabees was worth a try. Un¬ 
fortunately Morell's text is clum-. 
silv constructed. 

The first rwo acts are almost 


ing the*, wedding of Alexander 
and Cleopatra, with vague hints 
of something dire to come; not 
unt s j the vniddlc of Act 2 does 
Cleopatra's, father Ptolemee 
suddenly rdyeal be has cynically 
set up the ^hnle thing to gain a 
foot-hold in Syria. In Act 3 the 
plot finally \gets moving and 
turns to tragedy. Ptolemee and 
Alexander, niw opposed, both 
die in battle leaving CleopatTa 
betrayed, widowed and father¬ 
less. 

Handel was somewhat fitfully 
inspired, but judicious pruning 
of. the dead-wood leaves enough 
engaging music to make a satis¬ 
fying evening. Gaily orchestrated 
choruses for the sun-worshipping 
Syrians are nicely contrasted 
with the more solid, contrapuntal 
interjections of the Israelites, 
and Cleopatra’s music touchingly 
conveys a full range of emotion 
from cautiously awakening love 
to the mounting despair of her 
last scene: grief gives way to 
calm, unearthly resignation in 
the best-known number in the 
work, “Convey me to some 
peaceful shore." 

. IDarlow directed a pleasant 
end- fair exposition of the 
oratorio. The amount Df cutting 
was about right, though it 
seemed a pity to lose Alexander’s 
airs “O Mlthra. with tby 
brightest beams ” and “ Pow’rful 
guardians ” in favour of the 
fairly dull scene for Cleopatra 
and her attendant in Act 2. 
At the start of each act and 
before the final scone narrations 
were spoken “ to help the 
audience to follow clearly the 
fey.enls of the story." Mercifully 

Festival Hall 


these proved to be brief and 
apt summaries of the retevant 
sections of Maccabees—but 
surely a synopsis in the other¬ 
wise excellent programme book 
would have been a better 
solution? 

The slower and more serious 
numbers found Darlow at his 
best—ebe intertwining violin 
phrases in "To God who made 
the radiant sun" were beauti¬ 
fully shaped—and so the 
Israelites fared better than the 
Syrians. The latter’s chorus 
"Ye happy onions round" was 
leaden and crisper phrasing 
would have helped elsewhere, 
notably in the intriguing rhythms 
of the duet “ Hail, wedded love." 
New-fangled ideas like non- 
delayed cadences in recitative 
are not yet in Darlow’s ken 
and quite a few appoggiaturas 
were missing, but on the whole 
music and drama were in 
harness and moved forward pur¬ 
posefully. 

Among the soloists Wendy 
Eathorne was outstanding as 
Cleopatra, even and expressive 
in tone: her sureness of line was 
fully tried in her final air and 
not found wanting. Counter¬ 
tenor Charles Brett (Alexander), 
slightly orerparied In a role 
written for the vivacious mezzo 
Caterina Guiii, nevertheless pro¬ 
duced some ringing heroics 
Elizabeth Gardner showed attrac¬ 
tive promise as the attendant 
Aspasia. The TiJford Bach Choir 
and Orchestra were responsive 
but. as usual on these occasions 
would have benefited from an 
extra rehearsal. 


Granada remembers Falla 


by RONALD CRICHTON 


For some IS years, until he 
left Spain for Argentina in 1939. 
Manuel de Falla and his sister 
lived in Granada in a tiny house 
or carmen on the southern slopes 
of the hill crowned by the 
Alhambra. There is a garden, 
small too. but laid out with such 
art on more than one level 
that it seems larger than it is. 
The view across the valley to 
the Sierra Nevada is still stupen¬ 
dous although the city has 
invaded the valley with a rash 
of high-rise blocks. The carmen 
remained in fortunatelv appreci¬ 
ative private hands until 1962. 
when the municipality bought it 
as a Falla museum: much of the 
original furniture and many of 
the composer's modest posses¬ 
sions (including an array of 
dusty hats) were re-assembled 
and displayed there. 

The result, touching and 
delightful though it is. cannot 
pretend to be a sufficient memo¬ 
rial for the outstanding Spanish 
composer of modern times— 
there is no room to show manu¬ 
scripts or documents of any size, 
let alone to store or examine 
archives. The city, backed by 
the Ministry of Culture in 
Madrid, decided to do more. 
Falla’s younger brother German 
was an architect. German’s 
daughter Maria Isabel married 
a younger architect. Jose Marfa 
Garcia de Paredes. He was 
appropriately chosen to design 
a “Centro Manuel de Falla” 
combining a concert hall, exhibi¬ 
tion rooms, study rooms and a 
home for the archives—in spite 
of the great and continuing popu¬ 
larity of some of his music Falla, 
through a scries of historical 
accidents, is anions the least 
well-documemed of leading 
modern composers. 

The object was not merely to 
set up a memorial but to make 
something useful. This in many 


respects old-fashioned man had 
firm ideas about the social use¬ 
fulness of music and the desir¬ 
ability of avoiding “ vanity and 
egoism.” To put things on the 
simplest plane, musicians inside 
and outside Spain need access 
to information about Falla. 
Granada needs a modern concert 
hall both for everyday use and 
for the annual festival—the 
Moorish and Renaissance Courts 
on the Alhambra make admirable 
sound-chambers but they are 
open to the skies and even in 
Andalusia it can ram. as those 
who attended the recent in¬ 
augural concerts will be aware. 

The Centro Is the first official 
building of any importance to 
have been erected on that archi¬ 
tecturally holy hill since 1527. 
when the Palace of Charles V 
was plumped down in the middle 
of the Alhambra. The task 
needed tact as well as courage. 
Garcia de Paredes has designed 
a long, low building witb an 
uneven silhouette which barely 
rises above the tree line. The 
site slopes steeply; even so. 
much of the building is under¬ 
ground. On the outside there 
is a minimum of concrete but a 
great deal of beautifully light 
and weathered-lookinc brick, 
roofed with even lighter and 
more weathered-looking tiles. 

One enters through a gateway 
down brick stairs then turns 
sharply left into a garden 
already laid out with gravel paths 
among box-edsed parterres of 
shrubs and small trees. The 
horizontal line*! of the enrrance 
to the building are sharply 
bisected by the trunks of a 
cluster of tall trees—a palm, 
cypresses and magnolia—rising 
from an octagon of cobbles with 
a trickling fountain on the rim. 
No important trees were 
displaced and The brickwork will 
soon be covered with creepers. 
To one side is a terrace with the 
same breath-taking view as the 


one from Falla's garden just 
below—the two gardens are in 
fact joined by a half-hidden 
stair. During the interval uf the 
first eseniDg’s concert a sickle 
moon bung high over the land¬ 
scape, full of promise for fine 
weather, dashed next afternoon 
by more torrential rain. 

The concert hail has seaw on 
either side ot a central space for 
performers. The seating is un¬ 
equally divided (the total 
capacity is 1 , 3 ] l) and the 
smaller, steeper part can be 

curtained off. The problem ef 
giving visual unity to the 
elongated, threefold space has 
been solved by suspending from 
the ceiling four long rows of 
huge, stylised Andalusian 
lanterns. The seats, by our poor 
standards, are luxurious, the 
orchestral area is slightly larger 
than that of the Festival Hall. 

The first sounds heard at the 
opening concert were the voices 
of Granada University’s Manuel 
de Falla Choir singing (twice) 
his tiny, polyphonic fnrocatio ad 
Indiriduam Trinilatem. Then 
the National Orchestra of Spain 
took over, under their new con¬ 
ductor Antoni Ros MarbS. the 
recent successor to FrCLhbeck de 
Burgos. They gave excerpts 
from La vida brave. Nights m 
the Gardena oj Spain (the soloist 
Rafael Arozco playing the work 
for the first time, not yet quite 
adept at placing the difficult 
obbligato piano part in the tex¬ 
ture). the orchestral version of 
the Homennje a Debussy and 
the two suites from The Three- 
cornered Hat. 

A slight feeling that the 
orchestra were, so to speak, still 
trying out the new hall, may well 
have helped to avoid the super¬ 
ficial brilliance plus solemnity 
one learns to expect on these 
official occasions. The architect 
worked in tandem with the Ger¬ 
man expert Lothar Cremer. res¬ 
ponsible for the acoustical side 
of the Philharmonic and the 


Deutsche Oper in Berlin. The 
first impression was good; a 
bright but not glaring immediacy 
with enough shine to flatter the 
string tone and nourish voices, 
rather like the Fairfield Hall at 
Croydon. 

For the chamber concert on 
the second night my seat was 
behind the orchestra area, from 
which position everything worked 
except songs with piano—fortu¬ 
nately. as well as Falla's sadly 
neglected Gautier settings and 

the Seven Spanish Folksongs, the 
soprano Mcnserrat Alavedra, 
now half-facing the instruments, 
sang the Sonefo a Cordoba with 
harp and Psyche, a ravishing 
miniature for voice, flute, harp 
and three strings. Pstjchi in par¬ 
ticular made a deeper impression 
than usual. Ros Marba. who 
conducted this, took infinite 
pains over balance, yet it was 
clear that tbe kernel of the work 
in spite of the seductive instru¬ 
mental colour lies in the strong 
vocal line. Both Psyche and the 
equally but differently elusive 
Son eta deserve a recording with 
these artists. 

In the Harpsichord Concerto 
Ros Marbfi, the soloist Rafael 
Puyana (in his most communi¬ 
cative form), and some excellent 
instrumentalists from Madrid 
succeeded in a work fiendishly 
difficult to bring off in any large 
hall. They did this not with 
clatter and brilliance hut with 
a remarkable inward intensity— 
everything kepr down to match 
the soft alow of the harpsichord 
wirhout loss of urgency. This 
rewarding concert also included 
two early but not worthless salon 
pieces for ’cello as well as the 
Four Piano Pieces and the 
formidable Fantasia Briefica. the 
piano works excellently done by 
Jacinto Mature from Cadiz. 
Falla’s birthplace. When the 
study and archive facilities are 
ready, the Cenrro F 3 lia should 
take a unique place among 
European Arts complexes. 


Vienna Festival 


by ARTHUR JACOBS 


Within the main Vienna 
Festival, a celebration of ISO 
years of Bdsendorfer pianos has 
been both a salute to past 
musical glories and the sign of 
a new commercial attack. In 
Vienna, where a street is called 
after the firm. Bosetidorfer is a 
name linked in history with 
those of Brahms and Liszt. But 
outside Au.-iria, the firm has 
achieved only a modest impact. 
Now. however, having come 
under the ownership of the 
American piano-makers. Kimball 
international, it sets itself as a 
David of the concert platform, 
determined io dent the domina¬ 
tion of the Gertnan-American 
Goliath. Stein way. 

Performances wore given by 
the . Austrian pianists Walter 
Klien, JSrg Detnus. Paul Budura- 
Sknda. ami Alexander Jeoner. 
nd by Gerhard Oppilz. the 2 a- 
. ear-old West German winner or 
last "year's Artur Rubenstetn 
compel ition in Israei. The 
international music critics who 
attended as the Aral's guests 


hardly needed to be convinced 
of the power and tonal delicacy 
of such models as ihe 9 ft 6 in 
Imperial with its nine extra bass 
keys. Potential performers, how¬ 
ever, will be swayed not only by 
purely musical considerations, 
but by the wider availability of 
instruments to rent in major 
musical centres. 

The year of Buseodorfer’s 
beginning. 1S2S, also saw the 
death of Schubert to whom 
Vienna pay? a noble tribute in 
a current exhbition at tbe Palais 
Harrach. organised by the city 
libraries. Here the music lover 
gazes with awe on such manu¬ 
scripts as that of the Ninth 
Symphony disclosing a hardly- 
believable change of mind in 
the fourth bar. It is an exhibi¬ 
tion which should be brought to 
Britain, even if facsimiles have 
to he substituted for some of the 
priceless original documents. 

The topical opportunity of ex¬ 
ploring Schuberts piano music 


organisers, who disappointed me 
equally by not commissioning 
any new music—indeed, not 
admitting a single modern work 
to the programme. A visitor 
from Britain could also scarcely 
restrain a gasp at being asked 
to pay 30p for a printed pro¬ 
gramme giving only the titles of 
works, with ~no "historical or 
analytical notes. 

Surprisingly, Demos' recital 
of Brahms. Beethoven. Debussy 
and Franck was. rather dull. 
Alexander Jenner- brought a 
livelier evening with some 
vigorously characterised Debussy 
preludes and a stormy but weil- 
structered performance of 
Liszt’s Funerai'IIe* and the 
Hungarian Rhapsody No. 6 . 
Among his encores, the grand 
style was sustained wirh Chopin's 
“Revolutionary" Study in C 
minor—which V'aimost heard in 
C sharp minor, since the 
Viennese use such n high pitch 
for their instruments. 

At a concert witb ihe Vienna 
Philharmonic Orchestra under 


Horst Stein. Gerhard 0 ppit 2 
somewhat belied his youth with 
a rather too restrained, not very 
individualised performance of 
Beethoven's Piano Concerto No. 
4. .it was left to Badura-Skoda 
to beguile and impress with a 
late Mozart concerto. K503 in C. 
He not only ornamented the 
slow movement grace fully, but 
risked and justified a tiny 
rhythmic alteration in the finale. 
Here was a model of sound and 
style. 

Gainsborough painting 

Lord Donaldson. Minister for 
the Arts, has accepted the 
recommendation of the Standing 
Commission on Museums and 
Galleries that the rainting. 
Greyhounds Coursing a Fox. by 
Gainsborough offered by Lord 
Rosebery and accepted by the 
Government in lieu of estate 
duty, should be allocated to the 
Iveagb Bequest. Kenwood House, 
London. 


RONALD CRICHTON (entirely given over to anticipat-- 



ef 


i-l 



One of London’s loveliest dining moms - 
flower filled and air-conditioned. A most attractive barana 
soft piano music as background for your 
luncheon and dinner. Open Monday (o Saturday- 
Junch Liooto 3.00 pm. dinner u^o ioloo am. 

Dine without hurrying after the theatre. 


THE ARLINGTON RESTAURANT 
Arlington House, Arlington Streep Piccadilly, London SWt 
(behind die Rhz Hotel) Table reservations 01-493 9° 3 S 


Previn’s decade 


Andre Previn has completed 
ten years as Principal Conductor 
ot..- the London Symphony 

Orchestra. thus beating all his 
|predeccssors, Hans Richter in¬ 
cluded. Last night a large 
audience came to the Festival 
Hall - to greet him. and to hear 
him conduct the orchestra and 
the London Symphony Chorus in 
[Britten’s Spring Symphony. They 
should also have been able to 
'admire their hero in the dual 
capacity of pianist and con¬ 
ductor; Previn was down to play 
Mendelssohn's G minor Concerto, 
but in a way that happens rather 
too often nowadays plans were 
changed and the concerto was 
metamorphosed into Ravel’s 

Second Suite from Daphnis and 
Chloe. . « , • 

'The playing of Daphnis was 
fresh and lusttous enough (mer¬ 
curial flutings from Peter Lloyd) 
to make it seem curmudgeonly 
to. regret the Meodetesuhn.— 
there is always someone hearing 
even Daphnis for the first time 
and they would not forget this 
occasion. Actually by, far the 
most startling music and some 
of the most electrifying playing 
tin-spite of an untidy opening) 
came in the BeTlioz Overture 
Les Francs-juges at the beginn¬ 
ing. In days when we are com¬ 
monly supposed not to know any¬ 
thing about Berlioz, one used in 
fact to hear, and be thrilled by, 
this overture more often' than 
now. 

The Spring Symphony was 
given a compact reading more 


notable than most for symphonic 
cohesion, with less feeling than 
usual that the work is a bumper 
English anthology-cantata. Eng. 
Mus. mating once again with 
Eng. Lit. The distinguished 
soloists. Sheila Armstrong, Janet 
Baker and Robert Tear, were all 
a little subdued. Miss Armstrong 
was sweet and small-scale where 
a touch oF ampleness would not 
be out of place. Dajue Janet was 
infinitely delicate in “ Out on the 
lawn " but it was the chorus, not 
the.alto. who brought home most 
sharply the feeling of thirties 
guilt and unease. Mr, • Tear 
excelled in “'When will ray May 
come" but not in the usually 
irresistible “Waters above." A 
small contingent of hoys from 
St. Clement Danes tried valiantly 
to he heard. What made the 
performance memorable was the 
singing oF the chorus- 7 -attaek. 
incisiveness, words, colour; every¬ 
thing. 

RONALD CRICHTON 

‘A Family’, at . 
the Haymarket 

A Family, a new play by 
Ronald Harwood, opens at the 
Haymarket Theatre on Thursday. 
July 6 , with previews on July 
4 and 5. 

The cast includes Paul Scofield, 
Harry Andrews, Eleanor Bron, 
Trevor Peacock and Irene Hand!. 
The play is directed by Casper 
Wrede, designed by Peter Ben- 
nion with fighting by Michael 
Williams. 


ENTERTAINMENT 

GUIDE 


CC—These theatres accept cc-:aln credit 
cards bv tulcpnone or at ih, cox omtc. 

OPERA & BALLET 

COLISEUM. Credit cards 01-2JO S2SS. 

Kcs-.-rvat'piu nl-dic 11 bl. 

LONUON »■ ESTIVAL BALLET 
Ton’t. Tomor. & Weo. 7.30 Conserirjloire. 
Gisclie. Inur. & Frl. 7.10. Sal. 3 A 7.10. 
sjnspinc Fan. La Challc -new pronn j. 
Eiuccs. 96 Balcony seals always avanamr 
Irom 70 am Piv or pert. 

MJREYEV FESTIVAL 
June 20 is July B nitn Lonoaa Festival 
Bahet. ail seats sold c«eoi mats. July 
SAB July- 10 :o IS Nurevey wnh 
Dutch National Ballet, seals available 


COVENT GARDEN. CC. 240 10BB 
iGaracncnarge credit curat. S36 6901> 

IHE ROYAL OPERA 

Tonigni. Wed. a Sat. ai 7.30: Luisa 
Miller. Thu?, at 7.30: Maeama Butterfly 
tri. ot r.JO: Falsiatt. r± Ament’ tent 
a rail. Ic-r all peris, from 10 a m. on 
dav oi pen. Note: PersanaiiTel Okas lor 
July Ballet opens July 1 and not June J. 


GLYNDEBQURNE FESTIVAL OPERA. Until 
Aua. 7 with the London Pniiharmomc 
Orcncstra. Tonight. Frl. A Sun. no,: at 
5.30 Die Zaubcrllote. Tomor at 5.70: 
Don G ovanni. Wed. & Sat. at 6.15 La 
Bohcmc Possible returns only B9». OiMce 
Clvnoet'ei'rne. Lewes. E. Susse, i0?73 
3124111 


SADLER'S WELLS THEATRE Rosebery 
Are. EC1. 337 1 673. Until July 1. Etps 
7.30. Mat Sat 2.10. First tune in London 
Manama & Rataei Aguiiers 

„ FIESTA OE ESPANA 
Spanish talk and Hamcnco 


THEATRES 


ADELPHi THEATRE. CC 01-fltS 761T 
Etti. 7.30. Mats. Thure. 10 Sals. 4.0. 
, IRENE 
IHE BES7 MUSICAL 
oi 1976. 1977 ana 1978. 

••LONDON’S BES1 NIGHT OUT ’■ 

. _ Sunday People. 

ALRtADV SEEN BY OVER ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARO BOOKI N G 01-3 3 5 76 11. 

ALBERT, bln 5378. Party Rates. Credit 
card bios- 336 1971-3 from B.30 a m- 
3 JO b m Mon., Tues.. Wed. and Frl. 
7.4S o.m Tl 0 /*; »"0 Sat. 4.30 and 8.0. 
"A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER 1 

MIRACULOUS MUSICAL.” Fin Times, 
with ROS HUDD and JOAN TURNER. 
••CONSIDER YOURSELF LUCKY TO BE 
ABLE TO StE IT AGAIN." Dally Mirror 


ALDWYCH. B3G 64M. Into. 836 5332. 
ROYAL SHAKESPEARE COMPANY in 
repertoire. Tonight 7.30. Strinobero's 
THE DANCE Of DEATH w.th Shake¬ 
speare S COINALANUS ■ neat perl. Tbur.}. 
RSC also a: THE WAREHOUSE isee under 
W1 and at the Piccadilly Tnoairc in Peter 
Nichols' PRIVATES ON PARADE. 


ALMOST FREE 48S 6224. Lunchtimes. 'One 
Otf' by Boo Wilson. TuM^-Sjti. 1 . 1 S p.m. 
Suns. 3.00 1 .ind 5.00 p.m. No show Mons 
ALMOST FREE 485 E224. Evenlnas. Kurt 
Vonnequt s 'PlaverPlano' by James Saun- 
tiers. Tucs-Surs B.OQ o.m. No show Mons. 


AMBASSADORS. Q1-B36 1711. 

Nightly at B.OQ. M#t Wca 2 . 45 . 

PATRICK CARGILL and TONY ANHOLT 
In SLEUTH 

jfSiH-'MMh* Tnruier 
BV ANTHONY SHAFFER 
’ Seel no l"« play again Is in lael dr. 
utter and ’“-J' lOV. Punch. Scar Prices; 
£2.00 to £4.40. Dinner and Ton-Price 
Seit £ 7 jo. 


APOLLO 2663. Evenings 8.00. 

Mats. T ’ ,urs 4 r 5s®°.-_ Sat. 5.00 and 8 00 
. F& N $ LD SINDEN 

AcWr rs suPERB.- E N n ' n ^ *•*»"> 
5HUT Y0UR EYES AND 
THINK OF ENGLAND 
" Wickedly MnnY^Times. __ 

ARTS THEATRE.^ 01-836 2?3z! 

T °M STOPPARD S 
DIRTY UNEN 

"Hilarious ...M* It - 5*,nda<r Times. 
Monaar to Tnurway -B.30. Friday and 
Saturday at 7.00 ana g.jg 

ASTORIA THtA-TW^ CWing Cross Road" 
01-734 AZ9I. MojLjTbtirs" S o.m. Fn. 
and SlLtOaB s-s 

" IniectioiJs aonealTip, looustompine and 

heart-thumping. Ofcswvgr. Circle buflet 
open Delore and alter show. Scats £2 09- 
£ 6 . 00 . w<Riftai ;««- 

6 bl D e .m ,M £r“oS?Y'. M «-Thvr,. and Fr,. 
BEST MUSICAL OF THE YEAR. 

EVENING STANDARD AWARD. 

Lunchtime Theatre din* at 1-15 „.m. 
June 12-23. _ A SLIGHT ACC IDENT.- 


CAMIWMQgfl w "%Ig056. Mon. tn Thurj. 
6,00. Friday t ffj ,u T l jjj»v [1| 5.4S and B.3D. 

Exctine Black African Musical. 

■■ Tm sms, 

thirdJsreat'v'ear 

pinner «"d tOP-price seat eh . 75 me._ 

CHICHESTER.__ 0243 SI312. 

Tonight a aaj4t..7 00 . j U ne 24 at 

2.00 a woman OF No IMPORTANCE. 
Junv 20. 71. 23 A 2* at 7.00 June 23 
at 2.00 ™ E 'NCONSTANT COUPLE. 


THEATRES 

-MEDY. 01-930 2576 

For a Ltd. Ms»owr , i' ... July 16 

ALEC MtCOWEN'S 
SI. MARK'S GOSPEL 
•• An unparalleled tour oe nr;e " 5. Tms 
Tues. to £*! at 3 □. Sun. ai 4.30. Hi 
P's. Mon. scats Et 25 £2.2 5 £2.53 

£100. Latecomers no- admitted. 


CRITERION. 930 3213 CC. BIS 1071-S 
Ergs. £.0. Sals S SO e.JTO. Tnurs. 3.0. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
o SIX OF ONE 

HALF-A DOZEN LAUGHS a MINUTE 
SECOND HILARIOUS YEAR. 

" VfiPV FUNNY ' S. Tel 


DRURY LANE. 01-036 £106 Ever/ 
nigh: E.OO. Marines Wca. Sar. 3.00. 
A CHORUS LINE 

" A rare ae.aitat.ng io-.aui. astamihina 

stunner.'" Sunday Tirr.es 


DUCHESS. 836 5243. Mon. to Tnurs 
Sterlings 8 00 F-l.. Sal 6.1 5 i 9.00. 

CH ■ CALCUTTA ’ 

■The Nudity >5 stunning.' Daily Tel. 
ftth Sensational Yea« 


DUKE OF YORK'S. 01-C36 5122. 

E.enTQS 6.00 Mat. . Sat. 3.00 
JOHN CiIElGuD 
m ju'ian Mittht’-a 

A NATIONAL THEATRE PRODUCTION 
HALF-LIFE 

" Brilliantly witty no one snouio 

miss It.' Harris Hobson iDrar.a, Instant 
credit caro ro5er,ations. Dinner and 
Too-price ScjI £7.00. 


FORTUNE. 816 2238. fc.S. 8.00. Thu.'S. 3. 
Sat. 5.30 and 3.03 
Mur .el Pa,lor/ js MISS MAKPLE ,n 
AGATHA CHRISTIE i 
MURDER AT THE VICARAGE 
Third Groat Yes' 


GARRICK THEATRE. CC 01-836 4601. 
E,l. 8 0. Mat. Wed. 3 0 Sat 5 30. B.30 
TIMOTHY WEST. GEMMA JONES 
MICHAEL TtlTCHE.J 
in HAROLD PINTER S 
THE HOMECOMING 

"BRILLIANT—A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D Tel 
• AN INEXHAUSTIBLE RICH WORK 
Gan " NOT TO EE MISSED.' Times. 


GLOBE THEATRE. 01-437 ’S97 

Ergs. U.1S. V/C3 3.0 s.*t. fc 0. 6.0. 

PAUL EDDINGTON JULIA MtKcNZIE 
BENJAMIN WHlTBOW , 1 . 

ALAN A 'ChBOURN S Viw Cocnvav 
TEN TIMES TABLE 
"Th's mus- be me naaorcst launhier- 
maVci in London D Tct 'Ar irresis¬ 
tibly emoyable csenino. Sunday Tunes 


GREENWICH THEATRE. dtS 775S. 

until Jure 24 

Erenlnos 7.33. Mat. ML 2.30. 

THE GOLDEN CRADLE 
Pia»s b* Yeais Synge and Laar Gregory. 
For 2 weeks onl*. 1 Tne lrisr. stase Jl its 
hest." F. Times. 


HAYMARKET. 930 9632. 

E*5. fc. Weo 210 Sai 4.30 8. 
INGRID BERGMAN 
WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 

WATERS Of THE MOON 
Must dehn.tely Clot* Ju.r 1. 


HAYMARKET. 910 9332 5o> OH.ce Now 
Ooen. Pre-.-s. July 4 s 5 a: 5.0. Opens 
July 8. 7.30. 

PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

• BRON PEACOCK 

and IRENE HANOL >n 
A FAMILY 

A new Play by RONALD HARWOOD. 
Directed bv CASPER WREDE 


H2R MAJESTY'S. CC. 01-930 6636. 
Evenings E 00 Mats Wed A Sat. 3 00 
BRUCE FORSYTH 
in LESLIE BRICUSSE and 
ANTHONY NEWLEY'S 
TRAVELLING MUSIC SHOW 
with Derek Gr.thins 
Directed by BURT SHEVELOVE. 

" It IS paced 10 bursting poult With fhn 
personality and sheer enerav ol Brute 
Foravin.' Sun tuorws. ■ Tne audience 
cheered." Sunday Telegraph. 


■ 'ITS ROAD THEATRE. 352 7488. 
Mon Ifl Thun. 9.0. Ff.. Sat 7.10 9.30. 
THE ROCKY HORROR SHOW 
NOW IN ITS Sih ROCKING YEAR 
The GREAT ROCK N' ROLL MUSICAL. 


LONDON PALLADIUM. CC 01-437 7373. 
NOW UNTIL AUGUST 19 
Mon.. Tun- Tnurs. and Frl. at 8. Wed. 
and Sate, a) 6.10 and E.50. 

THE TWO RONNIE'. 

In a Spectacular Comeav Revue 
Your best chance to see *' Tne Two 
Ronnies Revue ’ at t»e London P.ninc.iim 
IS 10 ooov now lor 'he performances this 
Snrioav ■ June 25 1 :t 5 anf S 
SPECIAL BOOKING HOTLINE 
01-437 2055 


lie THEATRE. CC 01-437 36BE 
Ev. 8.0. Mat- Thurs. 3 3. 5J1 5.D & 8.30. 
JOAN PLOWRIGHT 
COLIN BLAKELEY 
FILUMENA 


MAY FAIR. 629 1038- Reded, oritlt aren. 
26-28 June at 8. Coens 29 June at 7 
i£3 4 £1.S0i 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS 
UNDER MILK WOOD 


MERMAID. 248 765b. . Restaurant 248 
2B35 ®- lS - 

EVERY GOOD BOY 
DESERVES FAVOUR 

A aiay tor actors ane oreneura av TOM 
STOPPARD & ANDRE PREVIN. Sais. Ld 
£5 4 £2 "A trnw of true theitricti 
gennis," Sunday Times. 


THEATRES 

NATIONAL THEAIKC. 926 2252. 

OLIVIER lopen stafier to" t j. Tomor. 
7 30 THE CHERRY ORCHARD Ov CheF- 
hov frans ny Michael Frav.t 

LYTTELTON iprosccnium stagei: Taut 

7 45 PLENTY, a new play t» Da. -id Hare 
Tomor. 7.45 Pin Oder. 

CGTIESLOE 'Small auu:criun». Tbur. A 
Fri S iprevs.' AMERICAN BUFFALO 
p» Daiin Mamet. 

Manr ercenent cheap state ill 3 «h«tr« 
OLV PI perl. Car oarr. Restaurant 926 
2033. Credit card bkgs. 92i 3052. 

OLD VIC. S3? 7616 

PROSPECT AT THE OLD VfC 
jun«-Sear. Se.isa- 
TWELFTH NFGrlT 

” An ouutanptng revival. ' Th.: Times. 

Tocav Tucs.. Wrrd. 7.3Q. 

SAINT JOAN 

” A gical t'cisc-maniio. The Times. 

Thurs . Fri. 7.30. Sat. 2.J0 A -.30. 

THE LADY "5 NOT FOR,BURNING 
by Christopher F»« 

Prc. >cw5 June 20. 29. 30. J“>v 1 

First night luw 3 

OPEN AIR. Regent's Pari- T«i- j£o ,J43i 

A MIDSUMMER NIGHTS DREAM 
Evas. 7 45. Mat*. Wed.. Thur. * Sat. 2.jO 
with RULA LENSKA. IAN TALEOT. 
EUIABETH EST C r-SEN DivlD Jve.lO 
Sh.iw'J DARK LADY OF THE SONNETS 
Lutirhtimc5 taaav. lomo^jw Fri. 

PHOENIX. 01-936 2294. E.cningv 8-15. 
Fr.pi. j"3 Siiuroa* t Ou aM «4u 
"TIM BROOKE TAYLOR GPAEME 

GARDEN make us laugh •• D. Mail m 
THE UNVARNISHED TRUTH 

THE Hu Comedy bv R01C.E PYTON 
"LAUGH WHY | THOUGHT 1 WOULD 
HAVE DIED." Sunday T.m«. "SHEER 
DELIGHT " E. Standard "GiOPIOUS 

CONTINUOUS LAUGHTER. T,m«. 

PICCADILk V. 437 4506. Crei-: C.»rn N-ps 
636 1971-3 8 3D .an -S 30 o.m 

Evgj 7.30 Sat. 4.30 A 8. wed mats S.O. 

Rov.il Snake-pea re CcmDin, In 

THE OUTRAGEOUS ADULT COMEDY 
hv Peter Nicnoi'- 
PRIVATES ON PARADE 
■ Riproaring triumph." S c»ero*s. 

BEST COMEDY OF THE YEAR 

Ev. Sid. Award and SWET Award 
FULLY AlR-CGNDiTIGNED 

PRINCE EDWARD. CC iFormerl. Cwm©i 
01-4 37 697”. Red. orlty picviuwv T omir. 
at 8 0. Opening WMncidiv ai 7 0. 

oy Tlm Rice ann Andrew Lid.d 'N cbhrr 
Witn Dand Essex. Elaine Paine jnrt joss 
Acinjni*. Directed bv Harold Pr.ni-. 

PRINCE OF WALES. CC. 01-930 bb51 
Mandav to Fnaay ?t a o.m. Saturdays 

_5 30 and 6.4- 

LONDON AND BROADWAr S 
COMEDY MUSICAL HIT 

1 LOVE MY W!F B 

Starring ROBIN ASKWITH 
- ALL JUST GOOD CLEAN FUN 

CREDIT CARD ai BOOK D |NGS 930 0647 

QUEEN'S THEATRE. CC. 01-734 1166 
Engs. 3.00. Wed. 3.00. Sat 5 00. 4 30 
ANTHONY QUAYiE ___ 

FAITH BROOK. MICHAEL AtORIDuE 
and RACHEL KEMFSON 
in Alan Berne*. • 

If 1 ' OLD COUNTK.' 

Pla/ »ra Players London Criti:' Avrard. 
BEST PLAY OF THE YEAR , 
Directed by CLIFFORD WILLIAMS 

RAYMOND REVUEBAR. CC. 01-734 *593 
At 7 pm.. 9 o.m.. 11 o.m. -opci. Suns.t 
PAUL RAYMOND presents 

THE FESTIVAL 0> 

„ , EROTICA 

Fully air-tonoltioned 
•21st SENSATIONAL YEAP 

REGENT THEATRE. 537 98b3. 

E,as. B.30. Fri. and Sat. 7.0 and 90. 

•• Eiroant good-humoured eneaaihs-' 

THE CLUE 

A New Musical. 

■" Caustic and Comic. ■ Time? 

"Snow scores in songs." D. Tel. 

Linda Thorsen ... a revelation.* Times 
' WELCOME TO THE CLUB " ^ N 

ROYAL ALBERT HALL 599 0217 

Evgs 7.30. Sunday next until Jnrw SO. 
WORLDS GREATEST ACROBAT5 

THE CHINESE ACROBATIC 
THEATRE 

From Liaoning. Chmi 

ROYAL COURT. 730 1745. air Con. 
Prevs. Eves, at B. Opens Tues "e»l 

7. Subs eves. 8 Sate. 5 S 8 
FLYING BLIND 
by Bill Morrison. 

ROYALTY. Creali Caros. 01-405 9004. 
Mondav-Thursday Evenings fl.OO. Friday 
5.20 and 8.45. Saturdays 3.00 and S-00 
London critics vote 

BUBBLING BROWN SUGAR 

Best Musical oi ig?7 

Bookings accented. M.iior credit cards- 
Special reduced rates lor mntlnec* ”dr 
a limited oerlod onlvi 

SAVOY THEATRE. 01-836 BBSS. 

TOM CONTI t-i 

WH05E LIFE IS IT ANYWAY ’ 
with JANE ASHER 

•• A MOMENTOUS e PLAY 1 URGE YOU 
E*qi. at B 00. Frl. i Sat. 5.45 i B-4S- 

5HAFTE5BURY. CC. 836 6S96. 

5haltesburv Art WC2 ‘High Hoiborn end/ 
Evas Jl S O JOHN REARDON In 
KI5MET 

"This musical has everything." S MU’. 
Mas. now Tues. * s«t. 3 . 0 . am s-ate 
at 53 £2. £1. CrwLt Card bookings 
836 6597. 

SHAW THEATRE. 01-380 1394. 

Evenings 7.30. M*t$. Wed. 2.30. 

I’M TALKING ABOUT JERUSALEM 

by ARNOLD WESKER 

STRAND. 01-815 2660. Evenings fl.OO. 
Mat. Thurs. 1.0 Sate. S.SO and 8.30- 
WO 5BX PLEASE ■ 

WE’RE BRITISH 

WORLD'S GREATEST 
-LAUGHTER MAKER 

GOOD SLATS £4.00-£1.00. 


THEATRES 

ST. MARTIN'S. CC B3S 1443. Eri. 8.00. 

M4tinw T £^!fitf'^svin s antl 

WORLD S M lONGESt‘ P RUN 
26th YEAR 


1ALK OF IHE IOWN. CC 734 5051. 
9 00. Dminc Dan;,no tBars. ooen 7.15' 
9.30 Super Benue. 

RAZZLE dazzle 
and at 11 o.m. 

LOS REALES DEL PARAGUAY 


VAUDEVILLE. 836 99BC CC. E»». 8.00. 
Mat. Tues. 2 45. Sat. 5 3 0. 

Om»r SHF.-if--'.r: Du'ciy GRAY 
Eleanor SUMMERFIELO James GROUT 
A MURDER'S ANNOUNCED 
1 HE •»* ’EM Wilt-DUNNIT 
by AGATHA CHRI5TIE 
' Re-enter Aaarna with anotner who¬ 
dunit,] nit. Agatha Christie is s’allnnq the 
Wen End ver aflain with another 0 f her 
fiensisn. „,-»r -ut m-.-—nr m ,i:oNcs ■■ 
Fells Barker. Evening News 
AIR-CONDITIONED THEATRE. 


VICTORIA PALACE. 

Book Now 826 4735-6. 834 1317. 

STBATFOPD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evenings 7.30. Mats. Wed and Sat. 2.JS. 


WAREHOUSE. Donmnr Theatre. Covent 
Garden 336 S3i3. Rovai Shakespeare 
Compjnv. Ton ! f 00 ^LAYREAOING: 
LANDSCAPE OF EXILE bv D. Z. 
Mairowitr All seats SOn. 


WESTMINSTER. 01-036 0203. 

SENTENCED TO LIFE 
By MUGGEBIDGE and THORNHILL 
"TPENCHANT HUMOUR " D Teleqraon. 
"SHARPIY TOPICAL." Financial Times. 

"Trr?Tner.iQuJ impact " NoW 
P*s. 7 as. Mai. Weds. 1 00. sat 4.30. 


WHITEHALL. 01-910 6692-7765. 

Ens. fl.3Q. Fri. ano Sat. 6 45 and 9.00. 
Paul Raymond presents me Sensational 
5e» Revue 0* the Century 
DEEP THROAT 


WINDMILL THEATRE. CC. 01-437 6312. 
Twice Ninhtly SOD and 10.00. 
Sundays 6 00 and 3 00 
PAUL HAS MONO Presents 
RIP OFF 

THE EROTIC F VPE FIEMC E OF THE 
MODERN EPA 

"T.ikes to unprecedenred iim.rs wha: is 

permissible on our staoe" Eva. News. 
3rd GREAT YEAR 


WYNDHAM'S. 01-636 3026 Cred.t Card 
BLCfd “36 1071-3 Irom 3.30 Jm Mon.. 
Thurs 8. Fri and Sat. 5.15 and 8.30 
" EMOSMOUSLY RIC 
VERY FUNNY." E cni.ig News 
Mar» O'Malley's sm.Wi hit Comedy 
ONCE A CATHOI 17 

■■ Supreme er-merty on se- and religion." 
Daily leiegry-- 
•• MAKES YOU SHAVE WITH 
LAUGHTER." Guar 11 .™ 


YOUNG VIC. 925 6363. New Company— 
flew tenon. B -evs. Ton t Tomor s Wed. 
7 45. Doon* Thur. at SuW. Cves. 7.4S, 
BARTHOLOMEW FAIR. 


CINEMAS 

ABC 1 & 2. SHAFTESBURY AVE 836 
8SG1. Sep. Bern ALL SEATS BK8LE 
1: THE COMEBACK iXI Wl- 6 Sun.: 
2 . 00 . 5 10 8 . 10 . 

2: THE GOODSVE GIRL .AI Wk A Sun. 
2.00 5 10 8 10 Hast 3 navs' 


CAMDEN OLAZA .opp. Camden Town 
Tube'- 485 244 3 Tavlanl's ALLON- 

SANFAN 'AA1 4 4 5. 6 50 9.00 


CLASSIC 7. 2. 3. 4. Oilpra Street <Opo. 
Tottenham Court Rd. Tubei 636 0?10. 
7. Alan Bates. John Hurt THE SHOUT 
lAAi. Brans 2.30. 4.35. 6.40 8.45 
2. Rcl.vnon be Public Demand 1 THE GOD¬ 
FATHER M tXI. P9S. 3-00. 6.50 leature 
3.25 7 15. 

5. Jack Jones THE COMEBACK <X>. 
Prcns. 1.05. J JS. F.05, 8 35. 

4. Presentation ends Wen. 21 June. 
Bertolucci's 7900 Part 2 iX). Progs. 
2 30 5-20. B 15. 


CUI1ZON. Curton Street. V»1. 499 3737. 
I Fully Air Conditioned Comferti DER5U 
UZALA iUJ In 70 mm. linglish sub¬ 
titles! A Film bv AKIRA KUROSAWA 
ttlrertor ot " Rjshomon " and “ The Seven 
Samurai " Film dally at 2 00 5.00 and 
8 00 Seals Bookable at £2.50. 


LEICESTER SQUARE THEATRE <950 52521 
COMING HOME <Xl. Sen orogs Mon.- 
Sat. 1 30. 4.45. 8.10. Sun. 3-30- 7.45. 
Seats mav be booked in advance lor B.TO 
pron. Mon.-Fri. a all oroos. Sat. & Sun. 

DDEON HAYMARKET i930 2738/2771), 
jane Fonda. Vanessa Redqrave In a Fred 
Zlnnemnnn him JULIA ‘A). Sep- orogs. 
dlw. 2.30 5.45. 8.45. Feature dlv. 2.45. 
6 00. 9.00 All seats bkble. at theatre. 


DDEON LEICESTER SQUARE <930 6111). 
CLOSE ENCOUNTERS OF THE THIRD 
KIND <A). Sea- progs, dlv. Doors ooen 
1 OS 4.15. 7J5 Late 'how Frl. & Sat. 
Doors ooen 11.IS Dm. All seats mav be 
booked. 


CDEON MARBLE ARCH (723 2011121 
CLOSE ENCOUNTERS OF THE THIRD 

KIND (Ai. 5«-o orons. Mon-Fn Door* 
open 2.1 S. 7,30, All seats bkble in 
ad*ance. 


PRINCE CHARLES. LCIC. Sq. 437 8181. 
MEL BROOKS 
HIGH ANXIETY tA». 

Seo. peril, dlv. <tne. Snn.1 2.45. S.15. 
9.00 Lie. Show fri. £ Sat. I (.45. Scab 
bkble. Uc'd Bar. 



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14 


i Financial ** * }S - 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4RY 
Telegrams: Flnantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Monday June 19 1978 


THE TOKYO ROUND: BY MARGARET HUGHES 

World trade 




THE LATEST Belgium political 
crisis now looks as if it is on 
its way to resolution. A series 
of intensive meetings over the 
week-end between leaders of the 
four main parties of the govern¬ 
ing coalition seems to have suc¬ 
ceeded in hammering out a 
compromise on the combination 
of economic and political pro¬ 
blems that .prompted Mr. Leo 
Tindemans, the Prime Minister, 
to tender his resignation last 
week. The compromise still 
needs to be endorsed by the 
parties today, but the likelihood 
is that Mr. Tindemans will 
agree to carry on as Prime 
Minister arter a further meet¬ 
ing with long Baudouin. The 
outcome will confirm the view 
of most Belgian political obser¬ 
vers that the resignation offer 
was made primarily for tactical 
reasons, so as to bring pressure 
on the coalition partners to 
negotiate an end to their 
recent disputes. 

Budget 

There is no denying that 
differences of opinion inside 
tha coalition have run deep 
over the past few weeks. The 
immediate cause of last week's 
crisis was the attempt by Mr. 
Tindemans's Social Christians 
to force through economic 
austerity measures in the face 
of strong opposition from the 
Socialists of M. Henri Simonet, 
the Foreign Minister. The 
Socialists disliked both the con¬ 
tents uf the package and the 
way in which Mr. Tindemans 
appeared to be trying to hustle 
the 1979 budget through Par¬ 
liament. effectively by decree. 

The two parties are divided 
on predictable lines over the 
policies required to confront 
the country’s economic 
difficulties. The centre-right 
Social Christians want to prune 
public spending, particularly on 
social security and unemploy¬ 
ment benefits, in order to re¬ 
duce a budget deficit that 
threatens to run to well over 
£lbn this year. The Socialists 
would prefer to put the 
emphasis on combating tax 
evasion, a major national 
pastime in Belgium, and would 
like more money to be devoted 
to helping ailing industries. 

The situation is complicated 
by the Federalist pressures 
emanating from the two other 


in 


coalition members, the Flemish 
Volksunie 3nd the Brussols- 
based Front Democratique des 

Francophones (FDF). Earlier 

this year the four parties 
reached agreement on a wide- 
ranging plan aimed at tumin 
Belgium into a Federal State b. 
the 1980s. But there have been 
disagreements over how and 
when the plan should enter into 
operation, with both Flemings 
and Walloons suspicious that 
the others might manage 
gain advantages during Its im 
plementation. 

A further cause of friction 
has been provided by Belgium 
participation in last month 
Belgo-French operation 
Zaire's Shaba province. Mr. 
Tindemans has recently been 
taking a hantnosed line on 
Africa, urging"the creation of 
a Pan-African peace-keeping 
force, with European backing, 
and calling on his fellow Euro¬ 
peans to stick together to de¬ 
fend their African interests 
There has. however, been 
criticism of the Zaire operation 
in Belgium, on two contrasting 
grounds. Public feeling that 
the Belgians somehow did less 
well than the French in Shaba 
a traditional Belgian preserve 
has been added to the view of 
M. Simonet and his Socialists 
that it was unwise to launch the 
operation in the first place. 

Firm hand 

These differences may be 
more easily forgotten now that 
the four parties appear to be 
on their way to settling their 
disagreements over economic 
policy and devolution. There 
are many reasons why the pre¬ 
sent moment is particularly in¬ 
appropriate for a new political 
crisis—not least the threat of 
a general strike this week over 
union demands for shorter 
working hours. There is no 
obvious successor to Mr. Tinde¬ 
mans, yet a firm hand will be 
needed to guide the country to 
a lasting solution . of its 
perennial linguistic difficulties 
in the years ahead. The pre¬ 
sent broadly-based coalition is 
probably better placed to tackle 
the problem than most past 
Belgian Governments. With 
centrifugal forces at work all 
over Europe, it will be of the 
greatest interest to Belgium’s 
neighbours to watch the coun¬ 
try’s progress down the Federal 
road. 



oor record 
compensation 


THE LOW level of advance 
payments that have been made 
to the companies whose aero¬ 
space and shipbuilding interests 
were nationalised last year have 
been widely resented, and Lord 
Rubens was doubtless voicing 
views shared by many of the 
other company chairmen con¬ 
cerned when he sharply 
criticised the Government at 
Vickers' annual meeting last 
Friday. 

Because of the valuation 
methods that were chosen there 
is bound to be uncertainty at 
this stage — and probably for 
some considerable time to come 
— about the precise amounts 
that are due. But. on any 
reasonable test, the total of 
just under £27m which has so 
far been paid can be only a 
small fraction of the final 
figure. It in no way fulfils the 
promise the Industry Minister 
gave to MPs during the passage 
uf the nationalisation Bill that 
“ payments on account should 
be substantial and should be 
made at the earliest 
opportunity.” 

Handicap 

The derisory level and seem¬ 
ingly arbitrary nature of these 
payments have been a severe 
handicap to corporate planning 
for companies which had 
planned to use them to help 
finance the development of the 
rest of their business rather 
than distribute their compen¬ 
sation, or most of jt. to share¬ 
holders. Lord Robens said that 
Vickers had borrowed exten¬ 
sively from its bankers in the 
expectation of receiving sub¬ 
stantial payments on account 
and has accordingly had to 
reduce this year’s investment 
budget from £30m to £20m in 
order to avoid becoming over- 
borrowed. 

What is particularly galling 
is the fact that the £3m Vickers 
has so far received for its half- 
share in the British Aircraft 
Corporation and the £4m for 
its shipyards at Barrow are only 
a fraction of the profits these 
businesses have earned since 
they were Taken over in the 
spring and summer uf last year. 

The time the valuation pro¬ 
cess is taking is of course not 
a helpful factor but it cannot 


in itself be a cause for com¬ 
plaint. The delay arises from the 
decision to base the compensa¬ 
tion upon the market value the 
securities of the acquired sub¬ 
sidiaries could be assumed to 
have had if they had been 
quoted on the Stock Exchange. 
Share market values have been 
the traditional basis of national¬ 
isation compensation ever since 
the latter days of the Attlee 
Government and it has been 
used for unquoted as well as 
quoted companies. But the time 
involved—and the fact that the 
passage of the nationalisation 
Bill took much longer than ex¬ 
pected—strengthens the case 
for making adequate interim 
payments. 

Shabby 

All but two of the companies 
taken over last year had un¬ 
quoted shares, far more than 
ever before, aod the compensa¬ 
tion amounts for the two excep¬ 
tions (both relatively small 
companies) were settled last 
summer. Repayments are also 
being made more quickly, too, 
where the former subsidiaries 
were financed largely by inter¬ 
company loans ra tiier than by in¬ 
fusions of equity. 

Past Labour governments 
have an honourable record of 
resisting pressure from sup¬ 
porters wanting confiscatory 
rather than fair nationalisation 
terms. It is too soon to talk of 
confiscation this time but the 
record is looking more and more 
shabby. Unlike the Attlee Gov¬ 
ernment the present administra¬ 
tion did not give aircraft and 
shipbuilding companies the 
option of choosing between the 
pre-election and the pre-publi- 
cation-of-Bil! periods in which 
to assess market values, even 
though the six months’prior to 
the February 1974 election were 
a time of depressed share values. 
Provisions were made to claw 
back the financial assistance 
various companies had received. 
And now the Government is 
either not living up to its pro¬ 
mise to pay substantial amounts 
on account, or the payments so 
far made indicate that It is 
aiming to settle for figures 
which no fair-minded observer 
could regard as fair and reason¬ 
able. 


in the fine 


T HE TRADE negotiators 
jn the GATT at 
Geneva are racing 
against time to come up by 
July 15 with an agrement which 
will set the guidelines for 
world trade for the next decade 
at least This is the deadline, 
on the eve of the Bonn econo¬ 
mic summit, for the .conclusion 
of the so-called Tokyo Round of 
the multilateral trade negotia¬ 
tions. 

How successful a package w>ill 
emerge remains an open ques¬ 
tion. The most that can now be 
hoped for, given protectionist 
pressures, is a broad political 
consensus on all the main 
issues, but still leaving unde¬ 
fined the often crucial fine print. 
At this stage it is impossible to 
predict whether even so much 
v. Ill be achieved. 

With just four weeks to 
go there still are major issues 
to be resolved by the big three 
negotiators—the U.S.. the EEC 
and Japan. Concrete agree¬ 
ments on safeguard measures, 
on subsidies and countervailing- 
duties, and on agriculture are 
crucial if any success is to be 
claimed for the Tokyo Round. 
Whether or not these issues are 
resolved depends very much on 
the U.S. which has taken a 
leading role in the negotiations 
and is committed, perhaps more 
than any other country, to a 
successful outcome. The U.S. 
regards further liberalisation 
of trade as a prerequisite for 
restoring business and invest¬ 
ment confidence to get the 
world’s economy back on its 
feet. 

Then there is the onerous 
task — in GATT parlance — of 
“multilateralising" whatever 
agreements are reached. The 
developing countries may feel 
aggrieved that much of the nego¬ 
tiation has been conducted 
without their participation, but 
the leading negotiators are well 
aware that the approval of these 
nations, however reluctant, is 
essential. Too many dissident 
third world voices would 
detract from the package which 
the trade negotiators hope to 
present 

The proximity*of the deadline 
coupled with the realisation that 
the current negotiations may 
prove to be the last opportunity 
for a very long time to resolve 
world trade issues on a multi¬ 
lateral basis has at last injected 
a sense of urgency into the 
Tokyo Round which has 
laboured on languidly for almost 
five years. The Americans are 
now adopting a decidedly 
optimistic view not entirely 
shared by their fellow nego¬ 
tiators. “ Doomed to succeed,” 
the phrase used by one of the 
EEC delegation in Geneva, is 
perhaps a more apt description 
of the mood in Geneva as the 
negotiators persuade themselves 
that agreement will be reached 
in time. The will to achieve at 
least a political consensus has 
hardened markedly in the past 
few weeks and with it the 
apparent willingness to pay the 
necessary price. 


Mr. Alonzo McDonald, head 

of the U.S. delegation in Geneva, 
says he is confident that the 
mid-July deadline will- not only 
be met, but that the finer details 
will be finalised in time for him 
to present the full package to 
Congress at the beginning of next 
year. • Timing is crucial because 
the current U.S. Trade Act runs 
out next January. That is why 
Mr. Robert Strauss, the U.S. 
Special Trade Representative 
took the initiative last July in 
setting a firm timetable for the 
Tokyo Round. 

The final consensus has to be 
realistic enough to stand a good 
chance of being accepted by the 
various administrations at home. 
This is reflected, however be¬ 
latedly, both in the hard bar¬ 
gaining which is now taking 
place, and in a growing mutual 
understanding of the problems. 

While the U.S. delegation 
appears confident that it will be 
in a position to submit a com¬ 
plete package at home by the 
beginning of 1979, others are 
less optimistic. The Japanese, 
for instance, are convinced that 
it will take at least a year before 
the small print has been 
finalised and they foresee 
further tough bargaining. 

The negotiators In Geneva 
appear fairly confident of a 
satisfactory agreement on 
tariffs. Having . decided on 
harmonisation to eliminate wide 
disparities, with bigger reduc¬ 
tions of the higher tariffs and 
smaller cuts of lower tariffs, 
they are aiming for an average 
reduction of around 40 per cent 
which in tk • end is. likely to be 
nearer 35 per cenL ■ 

Resolving cuts 
in tariffs 

But some aspects have still to 
be resolved. There is disagree¬ 
ment. for instance; over whether 
Japan's offer amounts to 4U per 
cent as the Japanese claim, or 
18 per cent as the U.S. and EEC 
maintain. The Japanese say 
their offer amounts to a 40 1 er 
cent reduction below the tariffs 
agreed under the last multi¬ 
lateral negotiations, tile Ken¬ 
nedy Round, although they do 
concede that they have uni¬ 
laterally reduced tariffs on 
many products since. Hence 
the other negotiators assert that 
the Japanese offer amounts to 
a reduction of only 18 per cent 
below existing (post Kennedy 
Round) tariffs. The Japanese, 
while maintaining their stance 
as a matter of principle, have, 
however, indicated that they 
will go beyond their current 
offer. 

The Japanese are unhappy 
with the EEC proposal which 
began as an offer without ex¬ 
ceptions but has since been 
re-presented with a list of pos¬ 
sible withdrawals, or effectively 
exceptions. The list, though 
not published, has been sub¬ 
mitted to the other delegations 
and the Japanese claim that it 
is so wide ranging that if im- 



Ministerial meeting at Geneva during the Tokyo Round: fi 
Japanese Minis ter for External Economic Affairs; Mr. Strauss,..' 
live; and Mr. Wilhelm Haferkamp, European Conumssit 


left'to right Mr. Ushiba, 
Special Trade Representa- 
for External Affairs. 


plemented it would lead to total 
collapse of the tariff proposals. 

But the differences which 
remain about tariffs are much 
narrower than those which are 
still unresolved on non tariff 
measures (NTHs). While the 
importance of the tariff reduc¬ 
tions are not underestimated, it 
is recognised that eliminating 
NTMs which restrict trade is 
more crucial stilL 

Existing GATT rules ou the 
point are imprecise. The pur¬ 
pose of the current negotiations 
is both to reduce and regulate 
NTMs. Discussions on such 
topics as the harmonisation of 
industrial standards and the 
establishment of uniform cus¬ 
toms evaluation procedures are 
well advanced, though technical 
problems remain in the final 
drafting of new codes. 

Government procurement is 
proving more tricky. The aim 
is to establish equality of treat¬ 
ment for foreign and national 
suppliers for government and 
public sector contracts which 
now represent a large proportion 
of world trade The EEC. which 
has had little success in regulat¬ 
ing its own members in this 
area, is less than enthusiastic 
about the wide reforms proposed 
by the Americans to make the 
whole process more transparent 
and more/open to foreign par¬ 
ticipation* 

The nrain outstanding issues 
of the NTM talks are those 
which have proved the most 
difficult throughout the negotia¬ 
tions — safeguards, subsidies 
and countervailing duties, agri¬ 
culture—the latter now being 
partly dealt with outside the 
main* GATT talks through the 
International Wheat Council. 

There are signs of some pro¬ 
gress with safeguards. They con¬ 
cern Article 19 of GATT, the 
so-called safeguard clause, 
which allows members to take 
emergency measures to limit 
imports of particular products 


when they cause or threaten tofadamant that the clause, giving 
cause serious injury to domestic/the affected supplier the right 
industry. At present these mea-*to retaliate against abusive 
sures usually have to be applied^unilateral action, should be 
against all suppliers regardless^retained. There appears to be 
of which is held to be respond;some ambiguity in the EEC 
sible for the injury. But the: position—the British asserting 
EEC is insistent that safeguard;/that this right is included in 
measures should be applie$,tbe EEC proposal, whereas the 
selectively and has made thig/Community has previously 
a central issue in the Tokyo .argued otherwise. 

Round—a view which has all; r There is still greater conflict 
along been rejected by the otberibetween the U.S. and EEC 
negotiators and over which there:especially, over defining export 
has been disagreement within subsidies and establishing when 
the EE C itself. 7 it is justifiable to impose conn- 

_ . . . . tervailing duties equal to the 

But others are nowbeing wq* t of a subs idy. There 

round to the EEC view MBumgh - has been s0lue progress in that' 
with qualifications. This In-^ us seems now t0 have 
eludes the Japanese who have ^ pted the existing GATT 
been the main targets qualification. under which other 

existing selective actions winch operate, that counter- 

have been taken outside GATT- duties should only be 

It seems that they have been impfV . ed if rhere is material” 
persuaded that it may be-.in j n j Ury> or a threat of it, to the 
their interests if s uch action-is‘ importing country's industry as 
taken through GATT channels ^ resu j, nf an export subsidy 
under strict surveillance rather^ ^ Colintry of origin, 
than on an ad hoc unilateral - 
basis as at present But Mr.: 

Hidetoshi Ukawa, Minister.: at. 
the Japanese delegation -1%. 

Geneva, made clear to the Fin--’ 

ancial Times that it would bef. T TT «. ;__=„■ 

_ j;,- _ Hi return the U.S. insists that 

a condition for accepting the & -RFC submits to greater dis- 
selectmty principle feat all ex- 1u f diesf agrees-m 

brTgVp to U- 

IStK widen) the GATT list of what 
v °' u "' ai7 reStramtS ' qU f‘ S - ° constitutes so export subsidy, 
whatever. j and endorses the principle that. 

In spite of the Japanese ideally, all \ subsidies should 
concession, differences'are far cease. \ 

from being eliminated: Japan, Subsidies and countervailing 
along with the developing coun- duties are the most difficult issue 
tries. East European members of all. Mr. McDonald considers 
and the U.S.—which also seems that the U.S. hast made a 
tn have reluctantly accepted the " major concession ” jin accept- 
selective action principle in ing that subsidies ; may be 
"* extremely difficult ” circum- necessary at alL He emphasises 
stances—are adamant that such that the U.S. is now intent on 
action should only be tem- obtaining better definition, 
pnrary, and undertaken only disclosure and discipline, 
with the consent of the Unless this is achieved, Mr. 
exporters. Moreover, there McDonald says. Congress 
should be an independent sur- will not only preserve its 
veillance body. The Japanese present stance on counter-' 
and third world are equally vailing duties, but will wield 


Thorny issue 
of subsidies 


the weapon more heavily than 
before since the U.S. has “no 
intention of becoming a dump. 
ing 1 ground for the rest of the- 
world.” 

The U.S. takes a tougher line 
still against agricultural sub¬ 
sidies which the EEC refuses 
even to negotiate about The. 
Ame ricans have said that unless 
the GATT package substantially 
helps U.S. farm exports it will 
stand little chance of being 
accepted by Congress. Mr. 
McDonald is hopeful that some 
progress will be made on 
agriculture, but admits that any 
agreement reached. will be 
limited. Apart from its differ¬ 
ences with. Ihe- EEC, which-he 
plays down to the extent that 
he asserts that the U.S. is not 
intent on dismantling the Com- 
mon Agricultural Policy, Mr. 
McDonald and bis follow nego.. 
tiators say that the Japanese / 
too sbonld open up their market 
more to agricultural products 
beyond concessions Which they 
have already made Otf beef.and? 
citrus. '“-J:* 1 J 

Agricultural probfems are be¬ 
ing handled in two- ways. There- 
are attempts to' reach Inter¬ 
national agreement 'on- cereals,--, 
meat and dairy-prodbqts, wfule-' 
other items are being dealt'' 
with bilaterally tm n specific 
request and .offer 'basis. There., 
continues to be' a good deal of. 
w-eii-publicised acrimony on; sub¬ 
sides, but partfcnl&riyr between 
Australia and .Zealand on 

the one hand aijd.ttfe EfiC on '• 
the ‘other—and ho indication ' 
that the issu^wili be resolved 
amicably. ........ 

Prospects .ci£ ao agreement on 
cereals, the . \mpst \ important 
agricultural item, /are sdmewbat 
brighter now that the EEC has , 
dropped its insistence ori" 
setting fixed price limits... 
The International Wheat Coun- r 
dl is meeting in London to 
establish measures to be ta^ea 
internationally — stockpiling,'., 
production cutbacks and in*.', 
creased utilisation—to maintain 
prices within. “ nominal price - 
goals” and to agree on Tqore/ 
consultation between importers 
and exporters. But the EEC's 
wish-to include feed grains re¬ 
mains a problem. "" 

While the main negotiators 
concentrate their energies /oil-, 
these key issues, the: developing''' 
countries, which. will., in any/ 
case benefit if agreements are ‘ : 
reached, are becoming less • 
hopeful that much will be 
done to incorporate the prin¬ 
ciple of “special and differen¬ 
tial treatment for developing 
countries ” emphasised in the • 
original Tokyo Declaration. 
But v-htie they do not now ex- ; " 
pect much in the way of . 
benefits . applied specifically 
to them to be incorporated in 
the final Tokyo Round package 
they are none the less anxious 
to see a successful outcome. It 
would, they hope, result in 
fairer and more disciplined 
trading by the developed world. 
How likely this is to be achieved 
of course depends on what is in 
the final package, and how much _ 
is done to implement it. 


AND MATTERS 


Party for the 
future shock 

The Ecology Party of Britain 
was bolding a regional confer¬ 
ence in Bristol at the weekend. 
Doubtless I should not have 
known, but for having casually 
remarked last week that Peter 
Ustinov would doubtless be 
president of such a party if it 
were to be formed. Ustinov 
and I have been in the dark. 
The Ecology Party is. indeed, 
bracing itself to fight at least 
six seats in the forthcoming 
general election: it also prides 
itself on having come ahead of 
the National Front in seven 
district election contests last 
May. 

1 asked its spokesman, 
Douglas Whitehead, a business 
consultant, why the Ecology 
Party was so little known 
nationally. "We have not 
been talking to the Press.” 
he answered. '* We are waiting 
until we have otir manifesto 
ready in two months’ time.” 
But. he told me proudly that 
the party now has a county 
councillor in Cornwall, a district 
councillor in Rye. Sussex, and a 
parish councillor somewhere in 
Worcester. 

The chairman is Jonathan 
Tyler, a lecturer in transport 
studies at Birmingham Univer¬ 
sity. Aged 38. Tyler says he 
hopes to fight Selly Oak at the 
general election. •• We feel that 
we are becoming more and more 
relevant with every day that 
passes.” he said. “ Our 12-man 
national executive believes that 
people in industry, in particular, 
are starting to think very hard 
about resources, the type of 
society we shall have, the effects 
of automation on employment, 
and so on.” 

The British ecologists believe 
that successes of similar parties 
on the Continent are a portent. 
Do they see themselves as being 



“When yon come to think of 
it horses are always neck to 
neck BEFORE a race! ” 

on the left or the right of the 
spectrum? “With the type of 
problems to be faced, old poli¬ 
tical divisions will mean 
nothing.” 


Blithe spirits 

London hotels and tourist 
centres are only belatedly com¬ 
ing to realise that around one 
in ten of our summer visitors 
are Japanese. Signs are! notice¬ 
ably'more plentiful these days 
In the main European languages 
—and some shopping streets are 
heavily adorned with verbal 
enticements (so one assumes) 
in Arabic. Japanese is still a 
rarity. 

Interestingly, there is - an 
exception at Keats House, on 
the edge of Hampstead Heath. 
The house now has 10,000 leaf¬ 
lets in Japanese, to add to its 
stock of material in English, 
German and French. I learn 
that the leaflets are a gift from 
two academics: Professor Kojiro 
Ito, who teaches English litera¬ 
ture at Aoyama Gakuin Univer¬ 
sity. Tokyo, and Dr. 'Akira 


Minami, who lectures at Oka¬ 
yama University. 

Ito has been making regular 
pilgrimages to Keats House 
since 1965. It was the idea of 
Minami, a more recent devotee 
of the poet, to write and donate 
the leaflet. What “ Ode to a 
Nightingale" sounds like in 
Japanese is hard to imagine, but 
it seems that several thousand 
Oriental lovers of Keats’ gentle 
melancholy make their way to 
Hampstead every year. 


Trade troubles 

The Government's own weekly 
business magazine, Trade and 
Industry, is bri mm ing with news 
about exports, plus exhortations 
from Edmund Dell, Eric 
Varley et al. But the mood 
plummets when you come to the 
back cover, which is a full page 
advertisement for The Samari¬ 
tans. “Suicide? Despair? Talk 

to someone who cares.” 

After pausing to Invite anybody 
who feels capable to enrol as 
a Samaritan, the advertisement 
returns to the original theme: 
“And remember . . . you can 
talk to the Samaritans in com¬ 
plete confidence, any hour— 
day or night.” 

The last resort, perhaps, for 
all those Trade and Industry 
readers who feel outsold by the 
Japanese, hounded by the tax¬ 
man and appalled by their 
balance sheets. 


hopes of overwhelming Boney’s 
men. The bemused citizenry 
who were looking on did not 
seem too amused, either. 

The weekend war, organised 
by the Napoleonic Association, 
went well on Saturday. It was 
fought in the walled garden of 
Stratfield Saye House: the fury 
of Waterloo, tvitb shouts, 
groans, musketry and cannon- 
fire. was re-created by troops of 
young enthusiasts all dressed in 
1815 style. The French were 
allowed to win that one. But 
the association got more than 
it bargained for on Sunday 
when it allowed the big guns 
of television into the combat. 
For a start, the battle was 
moved three miles into a park 
and was broken down into a 
series of disjointed incidents 
lasting four hours. By the end. 
nobody appeared to have won, 
except the BBC’s lady commen¬ 
tator. all dressed up as a 
Prussian. Leaning sadly on 
their muskets, several of the 
British — who seem to have 
come all the way down from 
Durham for the fight — did not 
view the prospect of being on 
the box tonight as any com¬ 
pensation. Next year, I forecast, 
the association will be less keen 
to meet its TV Waterloo a 
second time. 


Battle weary 

Britain was denied a memorable 
victory on the field of battle 
yesterday. This discomfiture 
—at the hands of a TV crew 
from Nationwide—occurred, of 
al] places, at Stratfield Saye 
House, the stately home of the 
Duke of Wellington. I have to 
report that the massed ranks 
of British soldiery (well, all 50 
of them) were'far from pleased 
at being frustrated in their 


So that’s all right 

From Andorra, my colleague 
B. R. Ackenhouse reports that 
a worried-looking man rushed 
into a pub there last Saturday 
morning. “Was I in here yes¬ 
terday evening? " he asked the 
landlord. “ You were indeed ” 
said the landlord. “And did’i 
spend my entire week’s wages 
packet buying drinks For every- 
one in the house?” he asked. 
“ You did Indeed.” the landlord 
safd. “ Glory be! ” he said. ** 1 
thought I’d lost it!” 

Observer 



Y ears 'ago. Peterborough was a bustling 

town fadingtopughontQiropii' 
Today, Peterborough companies export £ hundreds of : . 
millions of goods and services every year." .. \ Y / 

Psfei^ongius also aKew wiabigadT^aftraiSo:- 

bnsmj? seek^xg new premises. Over 80&nsS“'- " 

A Soge building programme ensures ?. wide rangeef' ^ 

- Ring John Case - Y ; * : Y Y - 

~ - 

PO B^3° U i5 D * VG3opniQnt C<*pomtion 


Peterborough PEI. 1 UJ.. - 



Building on History? 


•i '' ‘if’.’# 






















o 


to 


Tranquil relations with the USSR—big brother next door— 

. mean that the Finns are able at the moment to concentrate on domestic problems. 
These are considerable, including high unemployment, cuts in real incomes 

and a higher than usual level of inflation. 


going 

By William Dullforce 
Nordic Correspondent 


THE FINNS are difficult to 
understand. Last winter some 
200,000 of them, around S per 
cent of tlie workforce, were 
unemployed and that figure may 
well be surpassed next winter. 
They have also suffered a cut in 
real incomes of about 4 per cent 
over the past two years. The 
man chiefly responsible for in¬ 
flicting this punishment is Dr. 
Mauno Koivisto, the Governor 
of the Bank of Finland, who 
has insisted that priority be 
given to restoring the foreign 
payments balance and to curb¬ 
ing inflation. Yet top of the 
latest popularity' polls (exclud¬ 
ing the President) is Mauno 
Koivisto. 

One could suspect the Finns 
of masochism or at least a dis¬ 
position to exaggerate their 
sisu, the national characteristic 
which, may be transited as guts: 
or tenacity'in the face of adver¬ 


sity. A slmpler esplanation is 
that Dr.-.Koivisto’s-.'popularity 
testifies to the Finns' funda¬ 
mental good sense;,, which is 
often obscured by tiierchaos of 
their politics^ When, the going 
gets toughs : theirV sense of 
realism reasserts itself and they 
gratefully follow a determined 
lead. This has been ..a typical 
and recurring pattern during 
their chequered (JCKyears as an 
independent nation- . . 

The Finns won that indepen¬ 
dence from Russia, when the 
Bolshevik revolution broke out. 
They have since twice fought 
the Russians to preserve it. 
They also survived in-the first 
years of independence a civil 
war, which has left "its scars. 
For half the period, since 194S, 
their independence - h?s- been 
balanced on .the..‘Treaty of 
Friendship, Co-operation and 
Mutual Assistance .With the 
S ovi et U n io n. • , 

This unique document serves 
la reconcile Finnish in¬ 
dependence and oeubbiUly with 
the security requirements of 
The Soviet Union. ’ r It gives 
Moscow considerable, "leverage 
in Helsinki and imposes on'the 
Finns a vigilance towards any 
develop ments in ..Northern 
Europe, which might affect the 
relationship. It is another 
peculiarity of the Finns that 
under this relationship.; they 
have succeeded .in: preserving 
a pluralistic democracy: and in 
bonding up their own version of 
the affluent, Scandinavian-type 
welfare state. j". 

For the time being relations 
with -their big neighbour 
appear to be running smgfl^bly. 
The Soviet Prime fiflnister 
Alexei Kosygin was in Finland 


twice last year, once fnr the 
independence celebrations in 
December, and the Soviet 
Foreign Minister Andrei 
Gromyko turned up in Helsinki 
Tor the anniversary of the 
Treaty. Finland has been 
siting more top level Soviet 
• i sits than most East Bloc 
'.ommunist slates. And they 
‘live been friendly visits nut 
brought about by any crises in 
the relationship. 

One reason for the Russians’ 
Mitisfacfion is undoubtedly “the 
re-election of Dr. Urho Kek- 
konen. At the age of 77 he 
sorted on another six-year term 
a.-. President in March after 
holding the office since 1956. 
H" has exercised a domineering 
power over Finnish politics and 
has been increasingly criticised 
for curbing the talents of other 
potential political leaders, but 
the personal trust he has built 
un in Moscow has been a funda¬ 
mental element nf Finland's 
independence during the last 
quarter of a century. At the 
moment, too. the tranquility in 
their relations with the Russians 
helps the Finns to concentrate 
on their domestic problems. 

Surplus 

For. despite the cure imposed 
by Dr. Koivisto, Finland is by 
no means out of economic 
trouble. The payments balance 
may show a surplus ibis year 
and inflation has been brought 
down from an annual rate of 
15 per cent to around 7 per 
tent but the level of economic 
activity remains low and un¬ 
employment is growing rather 
than receding. After three 
devaluations in the space of a 
year' Finnish exports, par¬ 


ticularly in the vital pulp and 
paper sector, are more com¬ 
petitive. The export perform¬ 
ance this year is considerably 
bvttter but companies are still 
having to sell a number of 
products at prices lower than 
lhfir manufacturing costs. 

By the end of last year the 
success of Dr. Koivisto's mone¬ 
tary policy had in fact shifted 
the weight of responsibility to 
the Government. His monetary 
cure had stabilised the economy 
but at a low level. It was up 
to the Government to find a 
way of restimulating without 
releasing the devil of inflation. 
This was easier said than done 
because if called for action not 
by one determined man backed 
by a competent staff but by a 
coalition working within the 
complications of Finnish poli¬ 
tics. 

The Cabinet headed by Mr. 
Halevi Sorsa. the Social-Demo- 
ernt Prime Minister, has so far 
thrashed out three " stimula¬ 
tion packages" of fiscal mea¬ 
sures. They have been politi¬ 
cally' remarkubie in that they 
have shown a Government 
dominated by Socialists and 
Communists pursuing an ortho¬ 
dox, non-Social 1st line, even, 
it could be said, one which 
appears at least iu the short 
term in be hostile to workers' 
interests. Mnreover. this policy 
has be-n accepted at ieasr for 
the time being by the union 
leaders. 

Communist participation in 
the Government is another 
enigma which does not lessen 
the difficulty of interpreting the 
Finnish political scene. Not all 
tbe Communists back the Gov¬ 
ernment The " majority ” wing, 
led by the party chairman, Mr. 


Aarne Saarinen, participate in 
the Cabinet but the “ minority ” 
headed by Mr. Tdisto Sinisalo, 
one of the vice-chairmen, re¬ 
ject participation and a dozen 
of them vote stolidly against 
the Government in Parliament. 
Mr. Saarinen is if not a Euro- 
Communist at ieast a nationa¬ 
list, while Mr. Sinisalo is re¬ 
garded as a Stalinist hewing 
to the Moscow line. 

Some Finnish politicians be¬ 
lieve, however. that Mr. 
Saarinen is out to prove to 
sceptical Western Europeans 
that Communists can work 
loyally within a Coalition Cabi¬ 
net. a dem. mstration which 
could benefit hi$ Italian and 
French colleagues. This suppo¬ 
sition does n^t take into 
account the singularity of Fin¬ 
land's foreign political situa¬ 
tion and of its internal poli¬ 
tics. Foreign policy and parti¬ 
cularly relation? with the Soviet 
Union are in the hands nf the 
President and nor the Cabinet 
in Finland. Moreover, all major 
Finnish parries support the 
current foreign doJ icy line to¬ 
wards the Soviet Union. For¬ 
eign policy i? not a subject of 
argument within the Cabinet. 

On The other hand, it can he 
argued that it has been the 
other parti*'*’ aclvanlase to have 
the Communists in the Cabinet, 
taking responsibility for tough. 
nnn-Sociali*i measures, at a 
time of economic crisis. Mr. 
Saarinen h*Moves that his 
“majority” Communists can 
exercise gresrer influence from 
within the Cabinet but he couTd 
very well have caused more 
trouble for *he other parties by 
staying in opposition. In effect, 
the Communists appear to have 
been able to amend Government 


policies only in very minor 
ways. 

Some Finnish political com¬ 
mentators have claimed that Mr. 
Sorsa and his Social Democrats 
have become prisoners of the 
Communists. Their thesis is 
based chiefly on the Social 
Democrats' supposed diffidence 
about taking any action which 
would weaken their capacity to 
hold the Communists at bay in 
the trade unions. The com¬ 
mentators may have put the boot 
on the wrong foot. Recently, 
the Communists have looked 
more like Social Democrat cap¬ 
tives; they have had to accept 
Dr. Knivisfo's strong deflationary 
line. Mr. Sorsa’s tax reliefs for 
private business and high unem¬ 
ployment. And so far there is 
no evidence that they have won 
ground from rhe Social Demo¬ 
crats within the union move¬ 
ment. 


Partnered 


The Social Democrats, who 
have 54 of the 200 members of 
Parliament, are partnered in 
the present Coalition by the 
People’s Democrats (the um¬ 
brella organisation for the 
Communists and Left Socialists 
who together have 40 members 
nf parliament, including the 
opposition "minority" faction), 
the Centre Party (40) and the 
Liberals (9 j. The Government 
♦•ail usually count on the back¬ 
ing of the Swedish Party (10), 
which formed part of the 
Coalition until the reshuffle in 
March. 

The Centre Party, chaired by 
Mr. Johannes Virolainen, the 
Minister of Agriculture, is a 
regular partner in Finnish 
governments. It is the Presi¬ 


dent's parti' and among its 
present leaders is Dr. Ahti 
Karjalainen. several times 
Prime Minister and Foreign 
Minister and still regarded as 
the most likely min to succeed 
Dr. Kekkonen despite his recent 
disagreements with the Presi¬ 
dent. The Centre Party’s in¬ 
fluence derive* in part from 
the fact that, despite the ap¬ 
parent dominance of the Left 
in the Cabinent. there is a non- 
Socialist majority in Parlia¬ 
ment. The “permanent” 
opposition is formed by the 
Conservatives (34 members) 
and three splinter partners, in¬ 
cluding the Christian League. 

At this point it is accessary 
to explain yet another pecu¬ 
liarity of the Finnish political 
system. Under the Constitu¬ 
tional Act financial measures 
have to be approved by a five- 
sixths majority in Parliament, 
if they are to be implemented 
immediately. Technically a two- 
thirds majority suffices, but the 
one-third voting against can 
veto application of the measures 
until they have been passed 
again by a newly-elected parlia¬ 
ment. The need to obtain a 
five-sixths majority for urgent 
fiscal measures clarifies to some 
extent both the vacillation and 
apparent ineptitude oE Finnish 
governments. It also helps to 
explain why a Left-dominated 
Cabinet has in recent months 
been pursuing a consistent non- 
Sorialist policy. 

Mr. Sorsa and his Social 
Democrats hope to have a bill 
amending the constitution 
agreed within the Cabinet by 
the end of this month. The 
original intention was to ex- 


BASIC STATISTICS 

Area 130,129 sq miles 


Popula tion _ 4.73m 

~GNP _ U976) F M 107h n~ 

Per capita FM 22,620 

JYade - (197~6 ) 

Imports FM 2S.6bn 

Exports FM 24.5bn 

Imports from UK £2~89m 

Exports to UK £562m 

Trade (1 977) _ _ 

Imports_F M30.7bn 

Exports FM 30.9bn 

Imports from UK £346m 

Exports to UK £594m 

Currency: Markka £ = FM 7.87 


elude fiscal measures from the 
provisions of the Constitutional 
Act and to allow them to be 
approved by a simple majority 
in Parliament. Because of the 
Centre Party’s belief that 
simple - majority legislation 
could pose a threat to private 
ownership, the likelihood is 
that the Cabinet will plump for 
a two-thirds majority require¬ 
ment. eliminating the present 
minority veto. The Intention is 
to have the amendment passed 
by the present Parliament and 
the next Parliament due for 
election in March. 

The timetable is critical be¬ 
cause it is by no means certain 
that the present coalition can 
survive until March. It faces 
an inevitable squabble in the 
autumn over the 1979 Budget: 
the Left and the Centre Party 


CONTINUED ON NEXT PAGE 


. -*3 






huJeH 


I. r«! ’ iijls 

..l 

- -v 

->C'« 





like selling 



;o th 



A US company has Just ordered 
a complete thermomeohanicai f 





is. 


from Finland. 


United Paper Mills Ltd of Finland knows what it is 
talking about. Especially about TMP, because it 
has got what it takes: the Kaipola TMP and 
newsprint mills to use the Jyfha machinery ana 
RnntaJo in production, and printing houses to test 
the qualities in use. 

Every detail of TMP know-how was acquired and 
tested in this unbroken chain of integration, 
including full .mill-scale test runs using Southern 
Pine as raw material, before entering into the iron- 
hard international competition of the machinery 
for the TMP mill of Boise Southern Company 
of DeRidder, La., USA. 


rifek 80 0/ ° groundwood . m .3 

20 % sulphate pulp O L {J/ITi 


Please send me more 
information about 


Thermomechanical pulp 40 fl/ffl 2 


| Name_ 

i- 

I Company. 


■ 

Their experts saw that United's people really knew By late 1979 the line will be producing 450 TPD « 
what they were talking about. Especially about IMP. of pulp. From Southern. Pine. ■ 


Position held 



YHTYNEET PAPERITEHTAAT OY ' 

(UNITED mPER MILLS LTD) ! 


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marketing SERVICE 

P.O. Box 40 

SF-37601 

VALKEAKOSKI 

FINLAND 
















■: i’twbw’I'v 


’ Financial Times Monday Jrnie 3S . J978T 



ftom pulp and;paperito plyw^^^d^^rds 

M^mgxHSMnS- R a u m a =• Re pote.'pr o d uce s ^ 

1.5O.GO 6 : tops~bf'tij g h grade 
. dissdtvtng-guip'and 60.000 
tS 5BWWBB* M tons of bwsM'pfiife.:puip a.'. 

vear..26 0 .660.td'iVs-;of••.' ■ ■• 

!it nf-ancfother 

mm^rM P f 'nling'gra'de^^; 

:?■ Rauma’-R'eppla^lsor. 

produces^^ 2p;,Q0Q cubic ; , 
-'OiJfflBtt B metres b;focfc.b’oards'itiirrv 

iltfiSSMa^ I - coaled sbutje'rjiwj.boards'.' 

iime 'plywood. 

'ana.cttier'gr^des-'used by 
.'the buildi'ng^d joinery' 


LokomdSlI^hfa miU$f 

Lo komo fs'ScaiKlinairi a ^.ai 
I a rg e st m a n u^G r pf3^3 
m o b i I cr c r a nds^lt 1 is also; ..'^J 
famous for.crifsttfog p 1 ar>t'^1 
excavatorsa rtd.toa tf2 ; 4U 


Rauma^^^fem^^hechailef^epf tli^^offshQre^ljgc^ 


In theJour,'y£ircsi^.fo~j^^ 

.^CVr-V- — -a> > - : •. c .~ f- 


I'mer-s i blaJeHshore' 

^.fct©HStelGB: 

..._&a^Jtp&ep|3f 


HAUMA 


FINNISH FOREIGN policy is 
the prerogative of the president. 
For the past 22 years it has, 
therefore, been directed by Dr. 
Urho Kekkonen and, in view of 
the fitness of this 77-yearold 
skier and former national high- 
jump champion, it is likely to 
be under hie firm control for the 
next six years. By any standards 
those 22 years have been a suc¬ 
cess story. 

The term "finlandisation” has 
been coined in the Weft to 
describe Finland's situation in 
the shadow of the Soviet Union. 
The implication is that the Finns 
survive within the Soviet sphere 
of influence by acceding to 
Moscow’s pressures and influ¬ 
ence. Looked at from Eastern 
Europe, say, from Prague or 
Budapest, “finlandisation*’ has a 
quite different connotation. For 
Finland is a flourishing western- 
style democracy operating a 
typical Scandinavian market 
economy. Like the Swedes and 
Norwegians it has its free-trade 
agreement with the EEC. 

President Kekkonen often 
refers to a speech he made dur¬ 
ing a visit to Finland in 1960 
by the then Soviet Prime Min¬ 
ister Nikita Khrushchev. He 
said. *T am convinced that, even 
if the whole of the rest of 
Europe became communist, Fin¬ 
land would stand firm on the 
time-honoured ground of Nordic 
democracy, if the majority of 
the Finnish people wanted it 
that way — and I believe they 
do.” 

The assumption in that state¬ 
ment is that the Soviet leaders 
respect and will continue to 
respect Finland’s independence. 
The assumption may not be 
shared by other Western states¬ 
men but President Kekkonen 
can fairly claim to have greater 
experience of the Russians than 
any of them and he can refer to 
the record. 


success 


First 


There is, of course, a price, a 
quid pro quo. It is embodied in 
the 1948 Treaty of Friendship, 
Co-operation and Mutual Assis¬ 
tance with the Soviet Union, 
which is the pivot for the rela¬ 
tionship between the two coun¬ 
tries. Put simply, the i>rice is 
that Finland undertakes so far 
as it can to safeguard the 
sec»“ity interests of the Soviet 
Union. This means in turn that 
the Finns have a vested interest 
in world peace, super-power 
detente and in the isolation of 
Northern Europe, as far as it is 
possible, from international 
crises. 

President Kekkonen .has 
chosen to promote this Finnish 
interest actively. It was no 
coincidence that the conference 
on European Security and Co¬ 
operation began in Helsinki, 
where its final act was also 
signed in 1975. Frequently Dr. 
Kekkonen’s initiatives have 
been regarded in Western 
capitals as serving Soviet 
interests. It is true that the 
Finns, taking advantage of the 
greater freedom of expression 
in the West, address Western 
politicians more sharply than 
they speak to the Russians, at 
least in public. But Finnish 
political demarches can usually 
be adequately explained as 
designed to promote national 
interests. 

There is no evidence, for 
instance. that President 
Kekkonen's latest initiative was 
in any way promoted from 
Moscow. In a speech to the 
Swedish Foreign Affairs Insti¬ 
tute in Stockholm last month, 
he revived the proposal for a 
nuclear-free Nordic area which 


Attuned 


will have to compromise over 
the farm incomes; at the turn 
or the year the cabinet will 
have to decide whether or not 
to extend the temporary com¬ 
pany tax relief measures; and 
finally at the end of February 
the national wages agreement 
expires just two weeks before 
the scheduled election date. 

Finland closes down for the 
summer. The Finns will return 
in the autumn from their cot¬ 
tages and lakes to a familiar 
programme, in ■ which the 
Government will lurch from one 
minor internal crisis to another, 
this time with an added ele¬ 
ment Df nervousness, as each 
party jockeys for position in 
the election stakes. This is the 
reverse side of the independ¬ 
ence medal, the price the Finns 
have to pay for their success in 
preserving that pluralistic 
democracy. Only a small 
minority think the price is too 
high. 

And if one looks back over 
the past 12 months, the politi¬ 
cians’ record is not ail that 
bad. Although industry may 
still grumble that not enough 
has been dune, the cuts in 
social security charges on em¬ 
ployers and the investment tax 


he, first launched in 1963. but 
this time he made some addi- 
tioins. 

He suggested that the Nordic 
countries — Denmark, Finland, 
Inland. Norway and Sweden— 
should get together to consider 
Ue effect on their security of 
recent advances in weapon 
technology. He referred speci¬ 
fically to the low-flying cruise 
missiles developed by the 
Americans and the possibility 
that their deployment against 
Soviet targets from within inter¬ 
national waters close to the 
Nordic bloc could lead to 
Infringement of the Nordic 
countries’ air space. 

President Kekkonen also pro¬ 
posed that in view of the delay 
in achieving world disarmament 
tile Nordic countries, should 
start negotiations among them¬ 
selves on disarmament control 
and invite the major powers/ 
whose security could be 
affected, to participate in.thd, 
talks. These proposals -were 
received coolly in Oslo and 
Copenhagen, while the reaction- 
in Stockholm can at best he des¬ 
cribed as guarded. 

On tile face. of It President 
Kekkonen’s latest proposals can 
be interpreted as' promoting 
Soviet interests, since any 
obstacles to the deployment of 
American cruise missiles in the 
Nordic area Would favour the 
Soviet Union. A. more pertient 
explanation for Or. Kekkonen’s 
rather premature proposal can 
be found in the Finnish-Soviet 
treaty, under which the Finns 
are bound to start consultations 
at the inflitary level should any 
threat arise to Soviet security 
involving Finland. . ' 

In other words, should the. 
•urrent SALT talks betweenthe 
U.S. and the Soviet Union, iir 
which the cruise missiles are 
concerned, fail, the Finns could 
foresee a request from Moscow 
for the establishment of advance 
warning posts against cruise 
missiles on Finnish territory. 
The American reaction has been 
that neither Finland nor the 
other Nordic countries have so 
far any reason for concern 
about-the possible invasion -of 
their air space by - cruise 
missiles. 

On this occasion President 
Kekkonen does seem to have 
beaten the gun by a consider¬ 
able margin. Bat his proposal 
illustrates the vigilant forecast¬ 
ing and anticipation of events 
which Finland has T . to practise. 
The President 'has. since 
declared his intention of con¬ 
tinuing to press for Nordic dis¬ 
armament talks, despite the 
lack of enthusiasm in the other 
Nordic capitals and the absence 
of any reaction from Moscow or 
Washington. His insistence is 
reinforced by the pessimism he 
appears to entertain about the 
international situation and 
about the prospects of any im¬ 
mediate progress in detente 
between the U.S. and the Soviet 
Union. 

An earlier, controversial 
demarche by President Kek¬ 
konen in the field of Nordic 
security bore better fruit this 
year. This concerned a pro¬ 
posal within NATO that West 
German combat troops should 
be involved in NATO exercises 
in Norway. At one time it 
appeared that the Norwegian 
Government would agree to 
their inclusion. 

During a visit to Oslo last 
year President Kekkonen 
expressed . Finnish reservations 
about -this development The- 
Finnisb-Soviet Treaty, con¬ 
cluded just after the last war, 
specifically mentions any threat 
from Germany a$ liable to bring 
into effect the clause calling for 
military consultation. Earlier 
this .'-.year the Norwegian 


Defence Minister announced 
that West German participation 
in NATO manoeuvres in Nor¬ 
way would be limited to medical 
and signals units- The 1 Nor¬ 
wegians gave consideration tor 
Finnish interests as one reason 
for their decision. 

This decision can also be 
seen as preserving the ‘‘Nordic 
balance," the theory that some 
kind of security is achieved in 
Northern Europe When Finland 
is-linked- to ‘the - Soviet Union . 
through their treaty; Norway 
and Denmark are members of 
NATO but with- reservations 
about the stationing of-foreign 
forces on -their - territories 
during peacetime,-and Sweden 
maintains an armed neutrality. 
Although Finland’s purpose: .is 
to.have the.whole Nordic area 
recogoised'as neutral. President 
Kekkonen - implicitly accepted 
the validity.of the balance.in- 
his Stockholm speech.’ Nordic 
disarmament could be . nego¬ 
tiated “within the framework of 
existing security arrangements^., 
he stated. ,2 • \ 

Agreements 

Unusually, the Finnish Presi¬ 
dent has not visited' Moscow 
since May last year, when he 
signed a 15-year 'economic co¬ 
operation agreement On the 
other hand Soviet * Premier 
Alexei Kosygin was in Helsinki 
in December for the second 
time withlii a year for’the cele¬ 
brations;' of ' Finland’s 60th 
independence 1 anniversary, and 
Foreign . Minister Andrei 
Grihhyko attended the 'cere- 
isbnles in Helsinki to mark the 
30th anniversary of the treaty 
between the two countries. The 
relationship is going through a 
mar kedly cordial phrase, what¬ 
ever apprehensions President 
Kekkonen may be entertaining 
about future international 
developments. 

The 15-year agreement has 
not yet produced the results 
for which the Finns were 
hoping. They were looking for 
bigger orders for; then; 
engineering and . construction 
companies, but..two difficulties 
remain to' be overcome. ’ in 
order to balance the trade, they- 
have to find products other than 
oil. which the Russians will not 
deliver in- large amounts, to 
import from the Soviet Union. 
It also appears that the Rus¬ 
sians have been having financ¬ 
ing difficulties which have de¬ 
layed the start of some tpaJor : 
projects, for which Finnish, 
companies expect to contract 

However, the Finns have won 
some extra orders for their; 
shipyards, a Soviet trade .team 
was in Helsinki earlier this 
month and the Finn-Stroi .cop- 
slruction consortium ffias bfeen 
asked to tender for the third 
phase of the giant paper and 
pulp complex being "built at 
Svetogorsk. A joint group Js 
also 'working oh the next ffive- 
year trade agreement for 1981- 
1985, which should see a f iirffiier 
boost in the trade volume. 

One of the most interesting 
developments of the 15 -yeir 
agreement has been the pro-- ; 
vision for joint Soviet- Finnish - 
bids for industrial projects-tit 
third countries. No orders have 
yet been realised bat about id 
Finnish companies* have in tfie 
past year concluded co^opera-' 
tion agreements with Soviit 
organisations. The brightest 
prospects for this, type of W-' 
operation are believed-to b&lB - 
Africa and the Far East, i#& P - 
construction projects in the 
forefront.. The Finnish-Soviet' 
agreements also cover , sbi^ 
building, the delivery.’of Wfip;- 
and paper mills and ■steelworks.' 

William DtiBlon* 


CONTINUED FROM PREVIOUS PAGE 


reduction, coupled with the 
devaluation, do offer companies 
the prospect of returning to 
profit, as demand picks up pn 
the export markets. The right 
result-was achieved,, even tf. it 
was arrived at by a long and 
circuitous political route. 

The .main -question now is 
whether the present coalition or 
any new one formed after the 
election can keep the Finnish 
economy on the right road. 
Party leaders could be tempted 
into expensive, vote-collecting 
measures during the run-up to 
election and the Social Demo¬ 
crats will have to consider 
whether and when to switch 
back to a more overtly Socialist 
policy!-This could be dangerous. 

25ie tax relief accorded to the 
companies ^has been temporary 
and raii§t be prolonged, if there 
is to- be_"a : foundation for-re- 
expansiOfl^Tbe demand for Fin¬ 
nish goods: abroad is not yet 
strong 7 enough, nor are prices 
high enough, to allow for 
any tampering with. company 
finances. ........ 

The-prospect for the jobless 
is poor indeed. There is little 
hope of^employment picking up 
next year add the Government 
has reyised its: target of getting 


the unemployment .rate down . 
from 2.5 per cent "to 3.5" P«. 
cent by 1982. The best hope of 
reaching that goal watjld .see* . 

to be for the Government ~to- 

continue its policy of first get 
ting industry going: -again- and - - 
forming a sound"baste*for more 
jobs. v 

To judge bv the popularity. 
of Governor Koivistc- and- th», v 
swing towards the right 
recent opinion polls, the 
tical atmosphere .-.in ' Finland-.- 
would' se?ni. to-favour just r 

a- policy. .If the present V*' 

to the right continues, to.. tbe^ 
election, the Conservatives cbtiWn^ 
well increase their strength 
Parliament by up -to -a 
possibly making them: tbei’-ij 
second largest party, to' 

Social Democrats. If that 
pened, their right to come;®, 
from the cold and- help fonn^7 -. 
government would have hee®H‘| 
proclaimed. It could even 
the Centre Party into dfecldltigjp ■. 
to form a nqn-Spciaflst governs 
ment, a move which couldaff^r^A.. 
attitudes in Moseow. Thfe j 

tations of Finnish. policies 
continue to fascinate;; Jt is W A 
be- hoped • that they: V. 

hinder the economic 
which appears.to be jiisfcgetp^-i - 
under way; 




f 


.A 


Ate 


- -V 


Wm 




























"Financial "Times T&onclay Tune 1 


FINLAND HI 


Economic recovery still 

lacks vigour 


OVER THE past year Finland panies with heavy debts in 
has harmonised its monetary foreign currencies, 
and fiscal policies. The Govern- The value of exports in the 
ment, falling into step with the fj rS t four months of this year 
Bank of Finland, has concen- roS e by 17 per cent compared 
trated on restoring the com- w ith the corresponding period 
petitiveness of Finnish industry. 0 f jast year, when, however. 
Last year the trade balance was trade was hampered by a strike 
in surplus, this year there will an d the exports of the pulp and 
probably he a surplus on the paper industry were at their 
current acouut as well. The nadir. Prices have scarcely 
rate of inflation has been halved improved, so that the increase 
and after three devaluations, j Q value represents a substan¬ 
tiating some 16 per cent. Fin- t j a i growth in volume. The 
nlsh exports are beginning to value of imports rose by 9 per 
recover their markets. cent, which is calculated to 

The price paid has been an reflect a 5 per cent fall in 
unemployment level which volume and the trade balance is 
averaged over 7 per cent last estimated to have been some 
year, peaked at 9 per cent last FM SSOm in surplus. It has 
winter and will almost eer- yet to be proved, however, that 
tainly reach a new peak of the growth in exports can he 
around 10 per cent in the com- sustained, 
ing winter. Investments have The forecasts so far published 
plummeted and consumption f 0 r the 1978 current account 
has declined. And the . Finns surplus vary from the Finance 
have taken a substantial cut in Ministry's cautious F1I 200m to 
real disposable incomes. the FM' 2.4bn of the Trade 

The economy, having hit bot- Union Federation economists, 
tom, is on the way up, but the The actual result will almost cer- 
recoveiy is so far fragile. The tainly fall somewhere in be- 
growth rates in the economies tween, but all forecasters agree 
of Finland's main trading that, while imports will con- 
partners are not yet high tinue to decline in volume this 
enough to ensure that the in- year, exports are estimated to 
crease in export volumes during S row by 4-5 per cent in volume, 
the first four months reflects a This would imply a definite, if 
firm trend. Industrial produc- modest, turn for the better, 
tion continues to stagnate and since so far the improvement 
capacity utilisation is still low. in Finland's external balance 
The coalition Government has has ^ een due more t0 the foU 
pumped some FM 4bn (£510m> in domestic economic activity 
into the economy in the past 12 and the consequent drop in ira- 
taonths in three “ stimulation P°r^ demand than to the growth 
packages,” which have included * n exports, 
temporary relief from social The net foreign debt, both 
security charges and taxation short and long term, at the end 
for industry and some demand- of 1977 was FM 46.3'on or 22.5 
stimulating measures. It is per cent of GNP. The Govera- 
approaching a pre-election ment is expected to borrow 
budget, in shaping which the about FM 3bn this year while 
party leaders will need to exer- amortisations should amount to 
rise considerable self- discipline roughly the same figure. The 
if they are to avoid blighting degree to which private busi- 
the tender growth buds they ness will need and be able to 
have been nurturing. borrow abroad is not yet clear, 

The improvement in the but. depending on the short- 
foreign exchange reserves—an term developments, there -is 
increase of some FM 2bn since likely to be only a small in- 
the February devaluation—and crease in Finland's net debt 
the gradual easing in monetary position in 1978. 
policy have started a passive Private consumption is ex¬ 
accumulation of liquidity, which pec ted to decline again this 
will have to be watched care- year. There may be a slight ira- 
fully. Finally, in February, provement in net household in- 
just before the scheduled elec- comes, but this is expected to 
tion date, the two-year collec- g0 more into savings than into 
tive wage agreement expires. If consumption. The Bank of Fin- 
the unions press for anything land estimates that domestic 
beyond the maintenance of demand as a whole will con¬ 
current real wage levels, the tinue to have a slight negative 

economic recovery would again effect on the total output. Pro¬ 
be endangered. duct ion is expected to show 

only a small increase and capa- 

Trimmed veU“° n wi " remain 

The current position is that as business operates 

the economy has been trimmed below capacity, it can 

and - rid of two debilitating hard «y be interested in Jnjest- 

cancers. the payments deficit rae " ts ; ^ investment fore- 

and the high inflation rate. ca .** s for , thls y , ear are n^S^ve. 
Unit labour costs have been *** ‘ndustiy s own research 
brought down and companies' L n 522 8, 1 F rLA * ^cipating a 
profitability has been improved. per , cen J* d ™P *" 

After a three-year decline in " d . us £ H al ^vestments. This, it 

growth, forecasts point to a rise V q °h^ ™ ETSSS? 
in GDP of 1-2 per cent thus *"A th n dd J2.* 
year, accelerating to 3 per cent Xv} w Jf en t w wer^tlradv 
“ norm tichmore than ”alf those 


in the long run, but it compli¬ 
cates the Government’s task in 
dealing with what, despite the 
patience of the Finns, will 
eventually become the prime 
political issue, unemployment 
Finland was the first of the 
Nordic countries to switch 
from an expansionist policy, 
when Governor Mauno Koivisto 
at the Bank of Finland headed 
for restoration of the payments 
balance at the end of 1975. The 
result has been by far the high¬ 
est unemployment level since 
the war, with some 200.000 
people out of work last winter. 
The forecasting institutes agree 
that the annual average of un¬ 
employment will be higher 
again this year and probably 
still higher in 1979. 

Through the 1960s Finland 
had one of the fastest growth 
rates within the OECD, but to 
restore the full employment 
situation required of a welfare 
state over the next five years, 
it would have to achieve an 
even higher growth level than 
that of the 1960s. Nobody be¬ 
lieves that to be possible. 

To some extent the dramatic 
increase in the number of job¬ 
less stems from the women wbo 
started working in the boom 
years of 1973 and 1974, but the 
most worrying factor at present, 
which Finland shares with 
other countries, is unemploy- 
meat among the young. This 
has a double edge, because in 
addition to those who cannot 
find a job at all are* the many 
who cannot get a job in line 
with their qualifications. 


The Government, with the have yet to be worked "out, but probably the most eager , to 
tacit consent of the unions, has the Centre Party has already ‘borrow on the Western capitalist' 
been concentrating on the rein- come up with a new economic market. 

forcemeat of industry, on re- programme based on a lower j f the cabinet can compromise- 
storing the engine of the growth rat^ conservation 0V er the budeet the next major 

economy. There is a widespread energy and fuller use of domes- hmdle wfll be^e 
understanding that this job tic eneip 'sources and a “XmS7 be^£n the 
cannot be left half done, but at decentralisation to benefit the fSJSSfSf 

, r StSOm ^^J 1 onVwLllJ f ave “ T ‘“ f h 

the general electioni it will have in the more.immediate future at the end of February. Last 
to be seen to be taking some t he Government has to deal December the unions agreed to 
real action on unemployment with the ticklish problem of SSSSm for T* rSd four 
The discussion has already The 1979 budget The issue' is moShl resoectiveiv wage 
started. One interesting idea hQW t0 meet a. potential deficit Sweats tike effertfn 

mooted is that, on the assump- of around FM 5bn. There are £53TSdOrtoberthLy2?(a“ 
don Of a lower three poaibilittac tether cute Ume ed}Sui“ to 

economic growth in the yews in Government spending, an farmers’ incomes were nost- 
to come, companies must be increase in sales tax and more a£l 

encouraged to take on em- state borrowing abroad. Both . irafwn 

ass b >- raakinB iabour e e »»■>«'4? 

cheaper. Mr. Virolaxnen wants another >* _ ___ ___ c 



OUTPUT EXPORTS AND CAPACITY 
UTILIZATION 


(index! 


Cheaper " ft another u to “pa7 L5 P^r 

™ «nt oftte postponed wage 

i- the Communists, who wish to increases in Mav 

Penalises « unemployment The position is, however, that 

rel t ] - ’ Tha rvf 11151 ®*p endlture the wage increases already in 
The theory is that labour cuts. The Communist* oppose pipeline are so large that 
must become cheaper in rela- any i°crease i E sales tax, a is flttlB morc employers 
tion to capital. The costs of *«P J*®” 1 ”***1 Social ^ offer crod ing the 

the welfare state have tradi- also doubtful. precarious improvement in 

tiunally been charged to com- more industry’s competitiveness 

pany payrolls with social abroad but there are limits to ac kj e y ed over the Dast vear If 
security, pension and general how much the state can expect 

taxation charges adding up to to raise. Twrtnrfnir inrin<rtrv*R 

half or more of labour costs. The Government will borrow !5? n JL ^ i!? g t Q S 
This penalises companies for about™ 3bn abroad this year, ° ust rertraS 

employing labour and puts the SefriSSfl. SmpeSS 

emphasis on an intensified use been taken up in the first half in f ^ increases One rav of 
of capital and energy. Switch fixed-rate bonds at favourable KJte£ft5?the te£ in 
the emphasis, it i s suggested, terms. The state debt is still ^ inflation rate which has 
tax capital, increase indirect relatively small, and there is b runnine at 5-6 ner cent 
taxes on consumption such as scope for further borrowing pas f five or JJ5L ^ 

VAT and get the unions to next year but by no means to ^ no t ^rted to r^ch m^h 
accept pay restraint in return the full extent required to ipeet 

for more jobs. The implications the budget deficit Here again „ whoto 1 ^ 

of this argument for a country we come across a typical Finnish J ___ _ 

dependent on foreign trade anomaly: the Communists are iT.IA 


Volume Indices, 1373=100 
ammmmm Manufacturing output 
■nmi Commocfity exports |' 


peri Capacity uttUzatiort ln lndustry 
cent ' as si whole . .i t v - 

100 -= .'i- ! -i ' - - \— fr 




**-•«S'* - 

Fi UfU V;Tt 






to be tempered with caution. f 

ha i ‘..Si™ 011 U The MKmtplon is that the 
successfifi devaJuations at compan i es will be using the ini- 
roughly tenryear intervals. The provemenC j n profitability deriv- 
February devaluation was ing from thp d P evaiution ' nd thB 

different in that it was the measures to reinEorce 

culmmabon of a series tnggered ^elr finances and perhaps to 
off by the devaluations of other renew their raw material stocks. 
Nordic countries, but the Most companies are now heavily 
circumstances seem to be pro- i nde hted and badly need a few 
pitious. The 8 per cent depreci- profitable years to get back on 
atmn in the Finnraark has been tj, ej - r f eeL They have been 
accompanied by a reduction of trimming their labour forces 
some i per cent in real wages 0Ter t^ e p ast vear. a move 
and cost-cutting measures in the which has hurt 'office staff as 
companies favour, which must well as the shop floor, and pro¬ 
add up to a genuine boast to duetivity has undoubtedly, in- 
the competitiveness of the creased despite the stagnation 
“Port industries. This should in total output- 
in the long run more than off- This trend towards rational!- 
set the losses of those com- sation of labour may be healthy 


•Wri 




EMPLOYMENT 

tooo I —z ----- 

persons seasonally adjusted quarterly figures 

2300 -1-1- 

Labour force a ^ 

2200 ^ I 1 - 

2100 -psy 

Employed ^ 


l ' ‘ 









> r'\ * •» - .* ? *>' 








Wartsila are world-famous Rnnish ship¬ 
builders. They know more about ice¬ 
breakers than anyone else, they also build 
luxury cruise liners and sophisticated 
special vessels for the oceans of the world. 
And now Wartsila have built the "Finnjet" 
the world's biggest and fastest car ferry.’ 
The Finnjet isn’t just another ship, she is 
the floating wonder of the Baltic. 




This gas-turbine propelled vesselis a 
sterling example of W§rtsil^s ability to . 
create something new and unprecedented 
in both technical design and shape.The 
WSrtsila philosophy consists of research, 
planning and execution - with Rnnish care 
and tenacity, plus Finnish feeling for design 
and technology. 


Wartsila make a tot more ships■ ■ 
on the same principle v v-” 

Innovative thinking and productS'that .. y.. 
function efficiently in addrtTori’to looking 
good are Wartsila’s rnottoes.To build"ships 
is an art in itself-To be able to make more • 
than that and channe! one's versa1ile : - : " 


an even greater talent It means flexibility, 
capacity and creativity. Did you know this 
about Wartsila: 



MSH&9S9IHKA 




■ 0 B * 

1 J T E- | 


Wartsila's glass and Wartsila save precious water 

porcelain are just as much in E*- enas Porcelain, ajso a Wari- 
demand as Its ships 5'l.i company, produce well de- 

Nuuiajarvi Glass *& Worl i(a signed sanitary porcelain pro¬ 
company that make* mom- Evicts, they have developed a 
dualistically designed arf and '.VC syslem (n v<hich the 
utility glassware. And A'aUia 's amounl of water used forllush- 
thenameoMhev/artsiiasuu,i- mg has been reduced by half, 
diary that manufacture.- what VoryimponanUnaworldolwa- 
is perhaps the most well Kno /.n ter shortages! 

Wartsila product, beauMu! 

Finnish stoneware. 

You get all this - and more: 

Ship repairs, preiabricaied pipe assemblies, pneumatically 
controlled valve systems for ships, hydraulics, conslruclion 
cranes, watertight sliding doors, remiorcina steels cold- 
warked sleel products, steel casitngs. anchor chains, various 
loundry products, agricultural machines, house laundry 
washing machines. Injection moulded and laminated elastic 
products, electro technical porcelain... Think about iL 


Wartsila also means security 
AWoy is the name of a unique 
security locking system desig¬ 
ned m Finland. Abloy locks are 
used' to guard the priceless 
treasures ol the National Mu¬ 
seum ol Thailand, and Ihe wea¬ 
pons of Sweden's ultra-mo¬ 
dem armed forces. Just to 
mention a couple of examples: 




Wartsila paper finishing, 
machines - right where the 
paper comes from 
Wansila know how to make 
paper coabng machines living 
literally in Ihe middle of Fin¬ 
land's green gold reserves The 
. Jarvenpaa Factory also manu- - 
lactures machinery tor the 
wood-processing industry, 
printing equipment, nuclear 
power plant components and 
various steel fabrications. 


88111 1 

La_ 




Wartstli know how to save 
energy 

WartsiIS's Vasa Factory spe¬ 
cializes Jn energy-generating’ 

• and saving diesel engines and 
power plants, these are enti¬ 
rely the result of the company’s 
own development programm¬ 
es and innovations. Sales show 
thal the world has recognized '. 

• this. 





WSrtsflS enamel conqtuMnft 

new territory . ' •. <’ 

Jazydrg^&^riariefTnalwriri^: 
re' lharvjti« beautify, darat>En : 
kitchenware; Waahbasljw'arw 
other sanitary «namea- pfo-rl 
ducta’WB.-bo.w-oa the (aaricaC-. 

Agalrhtfte rearttof^ctetf plan*.' 
ning and- design,-the.jsarha ; 
UUnWng-thatgoeshltb-’bulkhng- 
-famous sbftJk V. 




Somaisten rantatie 11,00530 Helsinki 53, Finland Phone 90-750671 Telex 12-623 wbkisf 








































LOOKING F0R A 


lipf 


'Founded 1886^ 


Complete banking service including 


Our customers: 

Almost every industrial and commercial 
company in Finland, in both me private 
and public sector, maintains an account 
with us. and every other private person 
has a savings or deposit account with 
Postipankki. 


• International Payments ® International Financing 

• Foreign Trade Finance • Eurobond Dealing 
® international Postal Giro • Foreign Exchange 


Financial Times Monday June 19 1978 • 

FINLAND IV ■ 


BANK IN FINLAND 


V Postipankki?' 
Uniomnkatti 20^: 
00007 Helsinki 
^ Tel. 1641 

• Telex:?? 

-General 121 698.'• 

Dealers 121701;/; 
• ;;Bonds 121079 ' 


Total assets US S 2500 million 
Branches 26 and Offices 3124 
Personnel 5339 
Accounts 3.3 million 


There s one certain way of making money out of trees. 

By using the highly specialised paper, paperboard and wood 
products manufactured and marketed Worldwide by the Enso-Gutzeit 
Group. Products that simplify manufacturing and finishing operations 
and provide cost-effective solutions. 

Backing our product range we have established a UK distribution 
and warehousing company, Einntransit Limited, to handle our all- 
important forwarding. 

Kcsult: products are delivered on lime and in keeping with our 
customers’ special requirements. 

We've also set up sales and service centres to provide nationwide 
coverage. Enso Sales ^Scotland; Limited is the latest addition to this 
neiwurk. 

It's thought and care like tills that makes us, and our customers 
successful. 


Kraftliner 
Sackkraft 
Absorbing Kraft 

Plastic \ 
coated and \ 
mineral ^ 
coated Kraft 
Woodfree paper 
Wood pulp boards 

Liquid y 
packaging boards \ 

Pasted & 

unpasted chipboarc^j 

Foil laminates 
Carbonising tissue 

Beer mat 
boards y ^ 

Chemical ^ 
derivatives 


Finland's largest exporter of forest products 
ENSO GUTZEET 

Enso Marketing Company Limited, 10 Grosvenor Gardens, 
London SW1W OOP. Tel: 01-730 8221. Telex: 918225, 

Enso Sales (Scotland) Limited, 27 Abercromby Place, 
Edinburgh EH3 6QE. Tel: (031) 557 2797. Telex: 72282. 
Finntransit Limited, No. 2-Gate, Felixstowe Dock, 

Suffolk mi SSW. Teh 03942 5601, Telex 98427. 


Forest i 
still stru 


swfc: ft 


mem 


THE FINNISH forestry in¬ 
dustry is still struggling to pull 
out of the recession Into which 
it plunged in 1975. Government 
concern about the country’s 
largest net export earner was 
finally awakened last year and 
resulted in a ^number of 
measures, including devalua¬ 
tion, to help the mills. The in¬ 
dustry has sold more abroad 
during the first four months of 
this year but prices are still 
law for many grades. Mills con¬ 
tinue to run well below capacity 
and must companies are again 
postponing hope of returning to 
profit until next year. 

The picture is not all black, 
however, and is definitely more 
encouraging than a year ago. On 
the positive side is the cumula¬ 
tive effect of the three Finn- 
mark devaluations between 
April 1977 and February this 
year, which have boosted the 
F inn m ark incomes Of the pulp 
and paper mills. Shipments are 
increasing in volume and tire 
cuts in social security charges 
and taxes have eased the com¬ 
panies' financial position. The 
industry itself has been trim¬ 
ming costs, shedding labour and 
raising efficiency. 

Against this must be ranged 
the fact that after making losses * 
yi just over FM 2bn t£356m) in 
1976 and FM 2.4bn last year the : ^ 7f . 

industry expects a third ; T ■, • 

annual loss which could A Valmet Pika-52 harvester at work .-; r : % \ 

approach FM 2bn. This means in /■ ’. ’ !*:•;’ .;■!.:£/ 

effect that no or very little A substantial part of the 1 per c«rt last year, a rneAgre tonnes The Finns 

depreciation provision will have recent increase in export .result after the hopes that had prf«JiLqed L3tn tonnes of market' 

been made for three years and vc> | umes bas been the result of been placed on a real boost in pulp - last -year and sold Just- 

the companies' indebtedness has ^Pi-min^ marketing efforts in demand in 1977. The pulp and underl-5ni-- - - 

soared. new areas but these will not paper mills are estimated _t°:.T'ffie-..cruciai "issue noW is : ■ 

Big investments were made at j ar g e enough to replace the have been looking at ?1' P eTi nilce. Despite the devaluation~ 
the beginning of the decade, British German and other Con-cent of capacity a- coutfejrf; because of the parallel fall • • 
giving the industry a modern r The EEC .points lower than in ; donar . rate the Fhmvhke 

production apparatus and so rountries ^ ^ t0 ^ per partly because of the destw^ ^ edeSj necd a ra brtairflai : : 

**. c t P fe H Jf, cent of Finnish forestry indufr- to _ which companies^resorted iacreasein pulp prices to restore 

utilised there is no• call for fur- i mpc> rts last vear. y ear aod partly because of earn ings. the first quarter re- ; ‘'- 

ther major investment. But if p ‘ . the increase in pulp capacity thi» North'American' 

the companies cannot start pull- These are general remarks new mills planned Arrthe rhat • fheir • > 1 ' 

ing in the profits again soon, an and the detailed picture shows early 1970s tfimeintofipera-. 511 beine 

essential Finnish industry will much greater variations in per- tion. Utilisation fir thfe paper - 

run into the ground. fonnance and profitability'. The mills increased slightly. ' S ,, h ?j _ • 

Other uncertain factors sawmills did appreciably better =- F inOdstr*'-' 'fcxnhrts 

include the performance of the last year. The newsprint and totalled jifSt over FM12bn .^February andlsot^ahFiitfandf-L_1 
dollar. The dollar exchange rate nearly all printing paper roanu- (£i.3bn) last .year, Jan Jlncre^:^. Sweden pulp inanufac-*. ' 
is vital for about a third of facturers were making money, of almost 17 -per. cent £n value turers have been toyingwiththe^' 
forestry industry exports, even if the newsprint mills are b ut only 5.4.per cent in volume! Q f raising the list price 
including pulp and kraftliner. stiU looking for more orders. The destocking that took place again ■ Thev W not get a 

and any weakening in the U.S. The weakest products continued i as t year is'most' vividly illus- Sofit'ahle price this year how- 

currency eats away the advan- to be chemical pulp, the kraft trated in 'the pulp statistics. £ wri . ■' 

tages gained by the Finnmark papers, fluting and boxboard. Total chemical, pulp output ^ 

devaluations. Then there is the Some companies have a more Finland felt fiy“6.4. per Cent j . "v - 

relatively sluggish improvement favourable product mix' than while the export' vrnumd rose -i Hl prfiVtflff. . .. ■ •»: / 

in demand from the Finnish others. by 9.6 per cent: However, the • • .- ■ • •" ■,.■■■ . ■■ v-. u-i 

mills’ traditional markets in Overall, production in the collapse in pulp prices meant ^ ^ e P a Pf r 
Western Europe. forest industry rose by just that the value, of. the piilp . a "° have httie to sham. 

■ ■■■"' ■ ■■■■ ■ ■ . . .. » — - ^ .. exports increased by po more abodt from the profit joint uf-. 

than 1.6 per cent in 1977. . view this yearfautthe 

Finnish market.pulp\exports, 4 slowly improving. AUowfiig^ -.' 

accounted for-only about 13 per for .their greater, variet y' • y-•*. 

cent of the .industry's .overall products their position is veiy.-/ . 
export .value last year biut the similar, to that of the. pulp - .r 
_ pulp looms large in.the calcula- makers. - The. total,.: 1 sales/.-. 7 ' •*' 

dons of . the European -paper volume of the paper mills in- 
makers. Capacity utilisation was creased by 3.6 per cent last year 
Ir^w r ^anlB only 64 per cent, with actual hut was still 15 per cent..below ^ 

deliveries coming up "to 73 per the .1974 level, whale , capacity ' 
cent of capacity as stocks were was about 10 per cent .greater s • 
run down to. just over 300,000 than in-1974. Capacity utilisa- /.>v, 
tonnes at the " end of the year! tion averaged 77 per cent, with 
In the autumn the Finns joined, full production being achieved. 7 ' . 
Sawn timber the Swedes in finally recognis- only in coated .wood-ointainpg 

J Plywood the market pressures.printing paper. • 

J Plvwnod floorinaS occasioned by .the cheap. .In many .grades! last, yew’^..;. 

^_nywooa North American pulp flowing increase- in sales derived Trom/ i/.' 

r Processed plywoods into Western Europe and cut. other areas than, the vital West - . 

their prices. The lead, price of European - rnarket. /^The; EEC 
chemical sulphate pulp tumbled countries, for iiKtance^took ^72 

Blockboard from a tonne to $320-$330/.pfir. cent oL. total Finnish piqjerjr >•/.. 

7 u-varri At those prices the mills are exports, rompared with 6 ^ 1 ^: tik'/Vf 

^LdLduuaiu making substantial losses.. " 'cent in 1976.-'. Pric&-finproy«L/::Vi,; 

/ Decorative boards „ /. ' ' enough however,-far a s 6 „*^/ 

/ J Lionspan chipboard Growth ■ 

f I . .. , However, Finnish... pulp has. inline: to FM 4.6bn for Fimi- 

& Lion harduOard experienced a growth, in overall papi. the. marketing.'.aBSociauo*v;7'. 

f Duofaced hardboard demand and the pulp salesmen responsftle far about. 90-^ per r " 

~ J Insulation board have been able to start re- cent of> Ffnnish paper sales. ... •. 

M Kitrhpn 1 init<;«^ rlnnrQ capturing lost markets. Finn- The newsprint mills.operate^ rs; . 

/ K cell, the sales organisation for at 72 per cent of capacity'last. 

m gquaon courts the Finnish pulp mills, has been year but a new 

g Sports flooring working overtime and with' come into use and the targfif or _ . 

8 .. , | rrjn ,q,, l^f~twnMi*iTrmrt considerable success, consider- SO per cent capacity utilisation- - 

B ^ YJ ing the poor market position. It this year may be too.optimistic.: J . v 

S has increased sales outside The mills, are still short - of 

Europe in almost all areas, orders and. demand from Cotjti:. 

Ef Jr including Japan and the Far hbntal -and--.British .bQyer^vhas. -'j - 

i ff East The total volume sold is not yrt retuifi'ed to hnrmal 

W J&r { S still less than in the late 1960s a price rise _1 wa^ po^fble ' last; y- 

1 JBSr a J or early' 1970s but the Finns . year anfi newsprint one ^ 

f w are selling to many ' is ore of.the' Icjss^akinggtades. - .. ••.••.LLL 

8 T countries than before. " - • - Om the other hantt the mills -^-i..: 

B ' Preliminary ifigures for the .are making heavy-'Iqssa? M . ■: c.. 

1 first four-‘months of this year 1 kraft papers,' .where; -there 

JS »j I'^>V'; 1 ]. .. also indicate that the-Finns are is considerahle- !oVer-cipact^^- ; 4.v t i 

much closer'than the- Scandi-. strdiig .competition- £roni . re ~ 

B . oavians," v the- Swedes' and cyclM fibres on .the EECJ market L i ? ^ 

n Norwegians, to regaining their ahd prices a,re controlled by th^- 

» share -of the. Western inarfet. XJJS. '.maubfartureis, LThe ^hn9 

The eombthed Nordic share-of-have!vrtIcap^fhfcmOve-.byJhfi,,. : ^v-. 
4 that marker in 1973' was 67 !;.E^C (^mini5sibn to establish a ' v'rfi 
" ' per cent, with the North^mmimum priCe! ! ’ .rfVL.. 

ff Americans." supplying the'- ire-' \Icl their "search' fbr. new L ^-- : ' ’ 

ff ^ mainder. -Last year rCabada marltiefs r the Finna scored' 

& B ^ B B supplied 32.6 per cent and the'Tnixibr successes' &i . the 

J B ff / I " U.s. i2il--'-i)e!r- cent-"of ’We8t" ; TBst , ym, : ':^-.;sii>ftUr:i6taU&Gi^:J^V 

^ m t M- j European chemical paper poip' ‘fbr t-Nortfi' lAmerieaii- 'eficroach^-.^ w’-.vv 

J ff £ 9 imports, leaving only . 54^ 4 >er -nrents on the" Europeii ptQp : ' 

ff ff g 9 cent for the Nordic mills. How- and. kraftliner^ markets.7 : "In * 

f / ff 1 ever, the: Finns .were already typical- American- grade,rUgfit^.. 

I / / V back to their 1974 sh are of what'weight coated Lprintihg-.paper; 

ff f *ff^ was stillavery sluggishmarkeL Flnppap raised^e^totiieU^.\.j;-s: 

ff 9 The Finns also have more: from 7QQ tonnes ih 197fi To L : ■ 

pulp to sell. Two new mills,- ;32,D^ tonnes.- last-;-year-- aud.:..;^ 1 

Metsa-Botnia and VeitsUdoto, ; 'v^pnientS'wereup again ifi"the_: .-Lj^v 


mills’ trarhtional markets 
Western Europe. 


trees 


Sawn timber 

/ ' Plywood 

Plywood floorings 
Processed plywoods 


Blockboard 

Zacaboard 

Decorative boards 

/ Lionspan chipboard 

Lion hardboard 
Duofaced hardboard 

/ Insulation board 

Kitchen units & doors 
Squash courts 
J Sports flooring 


outside customers) .is now 2.4m Sguhued . toL- 105,000 .tdrihes'Ta»:> = ,»*. 
tonnes a year with a practical year: and ttifr:target- has: been":-;.., 
capacity, allowing time for thej raiset again this ye*. 0 .- 
new mills'to xeach;full operat-" - Paperexporis during.tl£a_flrst^ 
ing effidency, of around 2m quarter bf '-. thts 
tonnes this year agqinst 'l.sih 652;ppp tonh^ 

CONtfNUEP ON 

' . - - ' v ^-.S 

‘ -.. V !-~i■ 

























CONTINUED) FROM PREVIOUS PAGE! 


12.4 per cent in volume end 
26.3 per cent in value over the 
corresponding period in 1977. 
But there are strong reserva¬ 
tions to be made, about these 
figures. Deliveries were- excep¬ 
tionally. low at the begimung of 
1977 and the average monthly- 
rate of shipments in the first 
quarter was no higher than the 
monthly average for 1977. as a. 
whole. Some prices have been 
mp roved but. in. the wood-free 
. grades, in which the Finns badly 
teed! priee increases, there .is 
ittle hope until the chemical 
lulp price has been stabilised. 

The sawmills did much better 
ast year, increasing exports by 
2.9 per cen£ : which brought 
he volume back to 83 per cent 
«f .the 1973 leveL The higher 
irices obtained at the start of 
he selling seasoh meant that 
he value of sawn goods exports 
ose by as much as.-39; per -cent, 
■’nit prices felt, again in the 
lutumn and prospects for this 
"ear are more: doubtful. The 
vood panel industry—plywood, 
'article board and wallboard— 
s still in the doldrums. Both 
production and exports declined 
- et again in 1977 and this 
'ranch has . been the most 
everely hit of all by the four- 
ear recession: 

: la general the Finnish forest 
hdustiy js on the way up again 
■ait the rate of„ progress ia 


tantatisingiy slow. There should 
be a further increase in es-1 
ports this year, probably larger j 
than the 5.4 per cent 'achieved , 
in 1977. and the combined 
effect of the devaluation and 
firmer prices in some grades 
shonld provide an even larger 
growth in' income. To judge 
by the first four months pros- 
.pects for the pulp mills are 
promising! 

But the cost structure of the 
industry as a whole continues 
to he a-fundamental weakness. 
In spite.of the successive de¬ 
valuations and the. labour shed¬ 
ding rationalisation- at the mills 
the cost/price balance has not 
yet been restored. Strenuous 
marketing was responsible for 
a large part of the increase 
iii export income last.year and 
the industry is still waiting— 
for the third year running— 
for a real improvement in de¬ 
mand from its main West 

European markets, its short¬ 
term prospects are also tied 
to another .outside factor, the 
performance of: the U.S: 
economy and the. movement of 
the dollar.. At home it has to 
rely on. the Government—and 
any new Government formed 
after the general election- 
persisting with the industrial 
cost-reducing measures it 
initiated last year. 

. wj>. 


. Financial 7 Times Monday Jane 19 1978 


FINLAND V 


fight for their share 


IN ORDER to pay reparations few years, iome 60-70 of them 
to the Soviet Union after-the - going to Brazil. Tbe Finns have 
war the Finns had to-bond up not been ius quick ’as . Voitb to 
an engineering industry almost spot-this marke^ but all three 
from scratch. Tt was naiural’-for. main. manufacturers 7*re now 
them to. : concentrate bn branches. moving into: Brazil - 
where they bad previo^ exper- on the product^ side, again 
lence. One^esultrwas the de- under the inspiration\of Jaako 
velopment-of-a:-pulp and paper pgyry’s research!- .the Finns 
^^factuiing'capacity, are developiDg a <Jnai\approacb. 
^ They -have traditionally con- 

anl <*ntrated ott'Se produetion of 

nn sophisticated high- 

'™ rth ^^ speed- units tfbsigpedT.to m eet 
*f&Efn** the reciuiremSs^fte pulp 
and paj>eT exporting.Countries. 
They will cdhtinne ;io^ try to 
. Tbe- Fiuns- estimate that .they -maintain their'lead-irtthis type 
?w aV ® tQ ^® at - of of equipment, but: are -simul- 

vJlif taneously design ingSmailer and 

^ Q ^!?5 ,e - r7 ai3d V*** are simpler, machines tor. use in 
7 ■* Ire?*? S?*?* \ la * ""2*1 ? nse ■ developing countries,.'!They are 

,4 7 maintain that share, also seeking to adajit to the 

. There is currently a consider- demands of the ; marp.advanceci 
17 jj over-capamtyon the-developing countries .by co- 

i. world market, as the economic operating with locafcWgineer- 
' c ^ rbe ^-, invest- ing : companies which 7 bave the 

' Snu pa ? er capacity to supply.'.'Qtf basic 

, mills, and the Finruslr maufac- constructional "and/ t rough 

‘ ^5 res i,-^ engineering equipmeht*for the 

' r - ■ • industry from pulp and paper mills!. .?-': 

' s. S?f C , C( Si!? S wWChham- ^ th e Finnish maaufiicturers 

• " ■'* Sricp TKfenmKi ^ C(Hn Pete in suffered from a lack-'tff. orders 

price. This problem, was vividly iq— *ithnunh the TVW 

■ * 2 

* - TOaPhfnp £ ap *f contracts in North America. The 

i £ m Bra ^ devaluation of the -Khrunark 

‘ t °T h ? W tt S L >1 St °r r -; has, however, improved; their 

m ? nufact “ r ® r ? competitiveness and order pros- 
TvSr^Sfn? 1 ? l UVPll T' P ects l00ks somewhat: brighter 
T "5* U * this year. Rauma-Repola and 

• - w L L^ tsUS an i pr0 ' Ahlstirom have won- contracts 

S UCes « ■ f paper machmes - for deliveries to the, big new 
' Rauma-Repola concentrates on sulphate pulp mill being built 

... .. pulp-maJong equipment, in by th e South Ko S and 

which^t has probably been the Ahlstrom's offers department is 
biggest in the worhT oyer the currently very busy with bids 
past decade. The Ahlstrjhn com- f or re-building and modernisa- 
■ — pany has a long-standing co- tion contracts. Many ptflp and 
1 ^p^^hn^greemeiit with KarL paper companies now appear to 
—stads Meknmska Verkstad. be- recognise the cash-flow., advant- 
.... longing to.Sweden’s Axel John- ages of mn d^rniMpg - Aristing 
®? n Sroup, and with* Myrens plant^ which often means^a-pro- 
Verksted, which forms .part of- duction stop of only. aVcouple 
the Norwegian Kvaerner group, of months, compared ,witli3)uild- 
■- These three market both pulp ihg a completely, new mifl.which 
and paper; machinery through would give'no production: for 
i _■ * the Kamyr company, in which 18 months or so. V;: 

- ? they have equal shares- Two recent strategic,moves 

c 17 4 - L j ' have been ^ TVW Swwp’s 

■ - -"v XiiSia nllS ilfifl decision to invest in a ihanu-. 

• ■ _ v;A i-i- i. • r- ">:•’£ facturing unit in. Brazil'aijd 

.-j Traditionally the Finnish Raiima-Repola’s ' Co-operation 

,, manufacturers have been well agreement with Beloit TvW. js 
-,: Established on the expanding contributing 47.5 7 per cent of the 
Soviet market, where, however, $i5m investmmt in ah engin- 
they are how meeting tongher eering workshop employing 
competition from the Russians’ about 600 people and capable 
own engineering plants and of producin^the whole range of 
\ '■ '•" from other -suppliers. They are TVW- paper-making equipment 
defending their positions partly Its partners are the Brazilian 
by co-operating with the Soviet Rlao group and the Brazilian 
- engineering plants (and this investment company Brazil! n- 
:• indudes the possibility of joint vest This will be TVW’s first 
tendering' for third country manufacturing venture outside 
.. . contracts) mid partly by ob- Finland but it is developing a 
taming a larger share of the global xales strategy with licens- 
bilateral trade. The Russians ing arrangements already con- 
are how " expected - to order clnded in West Germany, 
equipment worth some 300m France, Japan and Spain. 

- . roubles in the 1931-85 period . TVW’s three partners offer 
. from the Firnfsfa pulp and a'complete paper-making range 

; paper manufacturers compared'but are concentrating their 
•• with' lie something over. 200m. sales pitch on some technically 
. roubles agreed on in the five? advanced new products. There 
year agreement covering 1976- are the.Arcu former machines 
. 1980. ' • developed by Tampella and 

lie Finns' other main mar- Valmet's Sym-Former range of 
. ■ kets have been Scandinavia, twin-wire units, for which eight 
' North America - and Western orders have already been 
Europe and they estimate that received. Tbe latest delivery 
. the bulk: .nf their sales, will was to Nordland Papier GmbH 
continue to-be-made-in these-of West Germany. The former 

• area. At. the same time they equipment is complemented by 
are energetically looking for the coating machines developed 
new ■ markets., particularly in by W&rtsilS, for which .14 orders 
South -America and tbe Far have so far been obtained. 

East JaaKko PSyry, the Fin- Rauma - Repola’s agreement 
msb "group which has. become with Beloit joins the world's 
the leading world consultant^to largest paper machine manufac- 
the forest-based industries, turer with the world No. 1 in 

. . estimates that 75-80 new paper pulp .machinery and thus repre- 
machines will be needed in sents a natural marriage. The 
South America over the next agreement covers South and 


North America and provides for 
future joint marketing in the 
developing countries. In South 
America, Rauma-Repola and 
Beloit are trying to penetrate a 
market dominated by Voitli 
and the Japanese. They plan 
to set up a manufacturing base 
on a 30-acre site at Campinas. 
North of Sao Paulo, with a 
Brazilian partner, Montero 
Aranha, which will have a 51 
per cent share in the under¬ 
taking. A Government permit 
for this project is expected later 
this year. 


Licence 


The agreement also gives 
Beloit the right to manufacture 
Rauma-Repola pulp- machinery 
under licence in the U.S. and 
Canada and. exclusive sales 
rights in North America and 
Mexico. It therefore' organises 
the whole continent for the two 
companies and provides Rauma- 
Repola with a way past the U.S. 
and Canadian import duties on 
pulp and paper machinery, 
which have become a severe 
burden for the high-cost Finnish 
manufacturers. Rauma-Repola 
has averaged sales of pulp 
machinery of about $100m a 
year over the past decade,, but 
after the boom in puipmill 
investment at the beginning of 


the 1970s petered out, it is look¬ 
ing hard for new orders. 

Ahlstrdm has made an 
unheralded entry to the 
Brazilian market through the 
Kamyr group, which has had 
an engineering shop for cooking, 
washing and bleaching systems 
in operation there for the last 
eight months. Kamyr claims to 
be the world leader in the pro¬ 
duction of such systems. The 
group, which had rather dis¬ 
appointing sales of SKr 100m 
($2 1 . 8 m > last year, has concen¬ 
trated on producing pulp equip¬ 
ment designed to reduce energy’ 
consumption and to meet strin¬ 
gent environmental require¬ 
ments. 

Last month < Ablstrom) 
notched up orders for the re¬ 
building of three paper 
machines, two from domestic 
customers and one from West 
Germany. This was a welcome 
indication that prospects may 
be improving. Last year some 
70 per cent of the FM 668ra 
sales made by the company's 
engineering division came from 
pulp and paper machine deli¬ 
veries but the figure will be 
lower this year because of the 
decline in the order intake in 
1977. 

Ahlslroni has probably gone 
furthest of the Finnish manu¬ 
facturers in co-operating with 


the Russian producers. It has 
been involved in joint bids with 
the Russians in Czechoslovakia 
end Bulgaria but ii s experience 
so far has been that consider¬ 
ably more work needs to be 
done on solving the practical 
problems involved in such co¬ 
operation. 

The • Finns have for some 
time been convinced that the 
Continental paper-makers will 
be forced into modernisation 
programmes which would in 
turn open up opportunities for 
Finnish equipment. These hopes 
have not yet been realised but 
tbe Finnish pulp and paper 
machinery manufacturers have 
been preparing their positions 
in territory which has been pre¬ 
viously - dominated by other 
suppliers. 

In France TVW has made a 
licensing agreement with Ali- 
mand, and Ahlstrdm bought a 
68 per cent share in Pierre 
Hansen in 1976 with the idea of 
being ready for the restructur¬ 
ing and expansion of the 
French paper industry. The 
Finns also have an eye on 
recent investigations into the 
wood resources of West Ger¬ 
many, Austria and Switzerland, 
which _ indicate ihar potential 
supplies are much larger than 
previously estimated. 

W.D. 


The newspaper you're holding at this precise moment 
was probably printed on Finnish newsprint. 

This was supplied by Lamco Paper Sales Limited. 

Our papers are handled, warehoused and distributed 
throughout the UK by our sister company, Finnish Paper 
& Board Services Limited. 

And as many of the country s famous names would 
confirm, we make a most effective and efficient team. 

After all, we represent some 27 Finnish paper mills. 

Together we are supplying British Companies with 
an extensive range of papers —-newsprint, coated and 
uncoated mag azin e, book and commercial papers, kraft, 

- greaseproof and sulphite, not to mention a great many 
speciality papers. 

If youre experiencing any particular problems 
with the quality, consistency or service of your present 
arrangements, put pen to paper and write to 
Lamco Paper Sales Limited, Finland House, 

56 Haymarket, London SW1Y 4RS. f / 

Or telephone: 01-839 4360. 

You 11 find we talk the same language. 


n * ' . r■>*■■■ s -1 


s±, 

-x-, ^ 


dp 


OKOBANK 

Osuuspankkien Keskuspankki Oy 


Address: PI. 308 

- SF-00101 Helsinki 10 Finland 

-Telephone: 4041 Telex 12-714 


':'r - %.. 

All com men ia I banking serv ices llmnigh X - 

1200 offices all over Finland. 


Shareholder in London & Continental 

Member of UN1CO BANKING GROUP 















icial Times' Monday- June. 19 197$/ 


FINLAND! VI 


UNION BANKOF FINLAND 
lets you forget your money worries. 


ft*' ■" 


s' 


It's obvious that you can rely on a 
country's largest and most experi¬ 
enced international bank. In Finland 
thats Union Bank of Finland. 

With our international subsidiary 
and affiliate banks, our representa¬ 
tive offices abroad and our extensive 
correspondent ba nk network vve can 
guarantee you top-level banking 
service throughout the world. 

In addition to our comprehensive 
payment and finance services we 
can also give you up-to-date infor¬ 
mation on the Finnish market and 
ail aspects of Finnish foreign trade. 

Why not get in touch with us 
right away! v ^ 

UNION BANK OF FINLAND 3k, ; - 

H'-.-ti! Oiim-H<-l*inLi 1 • ■!. ]►>'■!. Cablw. L’\IT 
T. Jr. Cvhl-mI 12 :11- Ii. fcyn L.Jun^ 

Lur-.'b* uids IJJlol. • 




. ,v 1 














Britain was for long Finlamgs biggest trading 
partner, and the tie has sentimedai as weU as economic y 
strands. On this page Lance Keywoiii,Helsinki ^Corrtepondent, / 
and Jeffrey Brown interview the Britisbfand Finnish Ambassadors and 
leading Finnish businessmen and industrialists for their views. 


The 


f 





Sir James 
Cable 

British Ambassador to Finland 

Sir James Cable said: “It is 
rewarding to experience the 
Intense interest taken by the 
Finns in everything that is 
British: our language, our 
literature, our traditions, even 
our politics. Of all the many 
reasons, some of them stretch¬ 
ing back into the past, for this 
interest, I want to mention in 
this connection only one— 
trade. 

*• Everyone knows the import¬ 
ance to Finland of the British 
market. Britain was for long 
Finland's largest customer, 
slipping to third place only 
during the last three years. But 
Britain still provides a bonus 
unmatched by any other of 
Finland’s trading partners—a 
regular annual surplus on the 
balance of trade amounting to 
£250m. Britain also buys more 
from Finland's staple indus¬ 
tries—wood and paper—than 
any other country. 

‘■What is often forgotten is 
Finland's importance to Britain: 
eighteenth on the list of our 
overseas suppliers. As a 
customer it was only In 1976 
that Finland dropped out of the 
top 20 British export markets: 
only in 1977 that Finland did 
not buy more from Britain than 
did the Soviet Union, Even 
today Finland ranks twenty- 
second among overseas cus¬ 
tomers for British goods, 
higher than such traditionally 
British-oriented countries as 
India or New Zealand. 

“ In 1977, the 5m Finns 
bought twice as much from us 
as did oil-rich Libya: four times 
as much as the 120m people of 
Indonesia; more than five times 
as much as the 900m people of 
China.” 

Sir James concluded: “This 
trading relationship was once 
even more/ important to both 
countries. .In the early fifties 
the British share of Finnish 
imports was 20 per cent Today 
it is on# 9 per cent, itself a 
slight improvement on the ratio 
I found on my arrival in 1975. 
I want to see that share further 
increased. British exporters 
have an enormous advantage: 
English is now the second 
language of Finland. Sales 
require only the right price, 
quality and delivery date—and 
of course the simple pleasure of 
a visit to Finland. Today, when 
Finland is beginning to emerge 
from depression, is the day to 
start” 

L.K. 





B vyov'! 




Sir James Cable 

Richard 

Totterman 

Finnish Ambassador to Britain 

“The nam e of the game is 
diversification," says Finland's 
Ambassador in London, Richard 
Totterman, plucking at a word, 
to describe the way trade be¬ 
tween Britain and Finland is. 
presently proceeding. “We need 
to extend our trading base in 
the UK beyond the range oT 
pulp and paper products that" 
has tended to dominate the trad¬ 
ing exchanges between our two 
countries." 

Round at Chesham Place,. 
SWl, the embassy staff have not 
quite reached the stage where 
they feel they can safely un¬ 
cross their fingers, but it does 
look as though Finland’s policy r 
of creating new markets is 
beginning to pay dividends. ’ . 

Despite some erosion in re¬ 
cent years, Britain remains one 
of Finland’s most important trad-; 
ing partners, and in consequence : 
the Finnish Embassy takes an in¬ 
tense amount of care over Its 
commercial relations with the 
UK In. recent years this has 
meant the steady promotion of 
“ modern design products ** in 
the furniture, textiles .and 
electronics fields. “Our gbods 
are aimed at the middle to 
higher income earner. \V> can¬ 
not hope to compete puces* 
fullv in your mass. produced 
market” explains Mr. Totjermaa 
a 51 .year old professional diplo¬ 
mat whose Connections with 
this country go back to his days 
at Brasenose, Oxford. 

He seizes eagerly on Finland’s 
Tecent decision to purchase the 
Hawk ground attack trainer air¬ 
craft as a prime example of 
his country's keenness to expand 
markets here. Aimed specific¬ 
ally at widening trading ex¬ 
changes, this £lQ0m deal with 
Hawker Siddeley took several 
years to set up and involves the 
purchase of enough Finnish 
goods by Britain to offset. its 


Richard Totterman - 

total, cost. Already over -two- 
fifths of the reciprocal buying 
deals.have been agreed. 

//The Hawk deal is a “ tre¬ 
mendously important” step,/ 
•ays : Mr. Totterman, towards 
further cementing trading 
relationships. He is at obvious, 
-pains to emphasise the signi- - 
Seance of the trading spin-offs 
-that can be expected from the 
contract “At every level we are.. 
aiming at a diversified market”: 

J.B. 


Haavisto 

Managing Director Rautaraukki Oy . 

Mr. Helge Haavisto, managing 
director of the big steel-making 
company Rautaraukki Oy, looks 
for increasing diversification: in’.' 
Finnish-British trade. ; “ Econ-"' 
omic relations between'Finland 
and Britain have long tradi-- 
tions,” he said. Britain fs ah 
important supplier of machinery 
and equipment to-Fmlaha,; andr 
for Finnish timber and products 
of tile wood-processing industry 
the British market has always 
been important. 

“ The shaping of the main 
lines of the trade was fair from 
accidental: it was based on the . 
natural resources, and the tech-' 
nical skills of both countries. 
However, our trade is today a 


•/ Beige Haatksio .. % 

great deal more diversified than 
what I have just said would Sug¬ 
gest. _Yet I think that there are 
still many. opportunities for 
iifcreased trade between Finland 
and Britain. One ^possTbility of 
this-kind ..is increase co-opera¬ 
tion in the indusm'aTsector in 
both countries, either tir their: 
own markets or in third 1 coun¬ 
tries. ' 

We are very well aware of 
the technical and. physical poten¬ 
tial of the British metal indus¬ 
try to cany opt’Jaifge ^nd ekact- 
ing prejects,' Ifiifc we" are also con-' 
vinced that Finland today-could 
offer many advantages, that 
would be usefrrf to' the .British. 
X myself represent a steel rom- 
jpanyt:-hat for more than 20 
years, W maintained very dose 
wmhcctions r with the . British 
Steel Industry and the mechani¬ 
cal- engineering branch of the- 
seclor. We have acquired from. 
Britain, inter. alia, three .rolling 
mills with equipment-. ^ 

.; " From iny own practical 
experience over .many years ' ! 
can state that our cooperation 
.with • the ' British has been 
smooth and, what is more im¬ 
portant," the plants we have 
built have, proved to be tech¬ 
nically first-rate. Over all these 
years I have admired the' way 
the English have bandied affairs' 
and I iiroiald also say that’.the 
co-operation lias brought me 
good personal friends.” 

L.K. 



5 


most discriminating 
TV- audience 


Nils G. Grotenfelt 

Chairman of the finnishVritish Trade-Association - 

Oy Tampella AB is^ne.-ofthe mously . and account how not ' 
largest conglomerates ip Finland only for a large -part of- our : 
with interests in.- forest domestic consumption but aba 
industry, engineering and tex^ sell on the world market, not 
tiles. The president and chair- least in Britain. > 

■ mao of the board of inanage-. • “ Both'parties ’aim consciously 
ment is Mr. Nils G. Grbtenfelt. -in the spirit of,the times, to-' 
He is • also . chairman *of. the wards increasing volumes,..and/ 
Finnish-British Trade Associa^ no t even the wonderful time of-. 

- turn.. Here ate his views of the EFT A could continue; for: ever. ; 

. . , . : • It was soon followed by- the 

Finnish-British trade, rela- Common Market, whit® at least-, 
tions have .developed on natural fop ns was 'more troublesome- 
foundations. Who can fail to and'difficult This has often 
remember the butter ships of occurred at the. cost of prtffit- 
tbe first decade of our indepen- ability and price levels, - and 
deace, or forget to note the been ; followed by. more or" 
island kingdom’s great need of less serious / economic/ crises 
processed wood-based products, which have further complicated 
or our small county's desire for normal trade. V' 
the-excellent products of the -“Whatever problems may 
British machine, car, clothing- arise ^ Ebauish-British. trade,. 
and luxury goods industries?, .one- thing;is/, eertain. - - For us,- 
But if we are honest, we--over -the-years, one of-the big 
must say that the honeymoon is points fpr Finnish ixiduStiy and f 
over. Tbe decades, since trade -has been-. British fair play 
World War n have brought--atid; the open attitude,'.-often 
harder competition and more.‘tihgbflVith'humour, to all prob- 
ruthless methods. We are \ no' iems aiid situations. This"-makes 
longer the only ones to discover The trade both an educational 
Fleet Street - Batter -flows-and-positive field for those who- 
cheaper from Continental who-are. able to participate in..^ 
Europe and New Zealand. Our nf '. 

own engineering ;,and - clothing;; - •‘ ' . 

industries have grown enor- ..,r. 


Jarl Kohler 


Head of UK operatioiii of the Finnish Paper MIHs Association 


The most modern and highly-automated colour 
picture tube- factory in the world is now nearing 
completion in Finland. Production at the Valeo Oy 
plant will begin this summer. In the initial stage out¬ 
put will be 400.000 picture tubes annually, and will 
double as the plant enters the second stage in 1980. 

Valeo Oy has purchased 3 million pounds worth 
■pf machinery ana equipment for its plant from Bri¬ 
tain. Some key components for the colour picture 
tubes will also be purchased in Britain. 

Valeo will apply high-quality Finnish workman¬ 


ship to production of thin-neck picture tubes equip¬ 
ped with in-line electron guns. These tubes rep¬ 
resent the most advanced technology. They achieve 
a sharper picture and truer colours. The'self-con- 
veiging deflection yoke and the picture tube are 
integrated to offer improved convergence and re¬ 
duced power consumption, which in turn lengthens 
the life of the TV-set. 

Valeo is looking forward to cooperation with- 
British colour television manufacturers. We believe 
our high-quality product will satisfy the world’s most- 
discriminating television audience. 



VA 




OY 


P.O.Box 148 
SF-00251 HELSINKI 25 
Finland 
Td.410066 - 

Telex 122961 valcosf 


First through EFTA and theri! 
via agreements with the EEC, 
Fralaud’s timber-related trade 
with Britain has grown six-fold 
since i960. Today Britain pan/ 
sumes around-one third of total 
Finnish - exports of paper-based 
products and trading in this area- 
accounts • for something : like‘- 
threequarters of the ' total ex¬ 
changes between the two confix 
tries..:// ' . •:/. 

Mr. Jail Kohler, wiio heads the 
UK operations of the Finnish . 
Pap^ Mills. Association (the 
sales organisation for the /Fin¬ 
nish paper industry!, points to- 
these Statistics with Nordic 
gravity. . And as if to iUm* 
trate more graphically the im¬ 
portance of the trading links 
between' the .two countries, he 
adds: “. AH the problems -of fiie'. 
UK- are . the problems of the" 
Finniab paper, sector” - '■ 

- The 45-year-old Eintf feels; 
that the worst pf; the recession^ 
is .over,/however. “ We' e^ject, 
sales ■ to improve by up- to : 5 
per ceht itx 1978.” This is not 
to say thkt slack . demand is' 
suddenly a thing of the past' 
But a trading base does look .to 
have r been - found,; competitive 
pressures have .evened them¬ 
selves out andltfr. Kohler looks, 
forward to‘a .progressive loweiv' 


! ing" of -the. diities/that. Finland ///; 
.has 1 , to. pay 1 on its exports ^ to 
'the. EECj- // 

■: Im tins 7 ^etmntry Mr. Kohjerifi 
/XP biai struggle to beep his sales : 
: budgets, in firtin iaS been fiiun-i—^ 
pered almost as- much by Fleet i, 7. 

: Street' and fits ^trbuhles/as- byl/'g. 
: ecojiomic - rece^hit '-'Of - ihef.pi, 
750,000; or; so jtOnnes of "paper/^2. 
and paper-related'products ihat 
FinIand''hopfis: to 5eR 'here' thia 
year, 350,000 tonnes WUI be iit/.^i 
.tiiff form:' of new^irint, witii'//^. 
magazine .. types / of \ paper/ 

. accounting-for' a further 2Mf l OOO/.'T/j 
tonnes.;. •'x- ■. ' 

■ iFaUing-/clrc^^ strikes/y 
and a .general- tendency in rd*/ 
c^nt years for;tiie UJ&poWisteK 
ing houses to; cut back /news^ 
paper sixes • have Si been.' 
of ;thk procesa-;Qf. - regressroo./^' 
.that Kohler ' and /his... 

.<there are- sales /^utlets.. 
Manchester,;. /Edinbitigh ::>spid-r^ 

. Bristol-as wedl.-as; 

-had to 

However, Mr.Ko^Ier fetit&Jbat; 
.thifr year will 

ttiniing tile - 1 otna-‘^Ve:4ay®S 
to -.concentrate- yery^.tiard-t: hi 
order to maintaiitvPpr market 
share* 

there ;$hoitid;be r jplen^4^^i 

for. everyone" 

















M . 


h^fwvse 


: ^yfS^jir^ v ^r;' -'^v?; 


■■■r.^':>v 


Is also involved In producing LdPl 




iK&Nestehas a tanker Beet of-fhi 
^ecfesighBcl^far difficult winteri 

RUCTION AN0€NOiNEEPlNG:tl 

!ijt, power plant, harbour facifitiei 


ccmbfoi 




l&fS 


FINLAND VII 


FINNISH shipbuilders, while compared with FM 7.4bn 12 The committee has also given the yards to operate at full supply vessels for both liquid 
unable to escape the worldwide months earlier. its blessing to current trends capacity until the latter part of and solid provisions, 

recession in the industry have Again the order books are'within the industry, namely the year. • Rauma has also warned of 

« L Ir T I n dominated by-the Soviet Union further concentration on the This rather better position impending problems due to a 

ror a number or reasons man- which intends to buy 70 new Soviet market and continued Uian many European shipyards decline in orders, and it points 


aged to maintain a compara- ghj alrf .three drHIin^ iTtis production of special vessels in is due in large part to con- out that the level of the indus- 

totaJl "orders small duplicate series with a tinuing orders from the Soviet try's activity could drop to 80 


of. RikkQ^ppQyQu a* Uusikaupunki. 


lively high level of production (53 per cent of tWMU U4UCta --- - w M - 

in the past year but there are against a share of 3(j per -ent high input of advanced tech- Union, which has another bar^e per cent 0 f capacity this year, 
now fears of more difficult for European Free Trade oology. J™*' an ?, -]?“ which in the event m3 - v Prove to 

times ahead. and European Aiready a great deal of S^ST^tSS «*£ "Siting a 

f T 5h m h 0St b f M aUral>le faL '- t,,r difficulties have also been research and development lead- d™** d ^Soviet m ' jre period ah ® sd * 

for the shipbuilding companies. 7. also oeen JT . between Finland and the Soviet although the L-nmnanv madp » 

most of which are highly created fry the uneven spread of ™ w '* Union (on the basis of balanced JJJK STlSi ve.ron 

diversified, is "clearly ihe,V orders^among rho yards with * ad L e > guarantces Finnish yards 

specialisation on vessels which f on ! 5 facir ! s and hotels Thai STSsobeen work amounting to about 50per has 10 hi on ^ for its 

bw proved less susceptible ,o ^ ^ in offshore ^ ° f lts *»—* yard Helsinki rtTw.nl sod nine for 

peaks and troughs of demand. Aireaay , j WeeKS nmpn t sunolv and a «-apaLlt>. ... Turku. Tlie company, which 

Few yards have been dependent *** S llCed l and “* S“ m L £ g ri £ d hav J Vjdm ? t belie Y eS lhat / f f° has around 50 per cent of Fin- 

on large .tanker urders. natural wastage 15 takin S P 1 ™*- ?“ ™ "f E x£erti?e Arctic "? W ° rders ?” b V ecure ? f / nish shipbuilding capacity, is 

At the same time, under Fin- has “^ erthe : water vessel/hL already been ^e new^ut^ sora^^nish fa . cins increa f sins pr * ssure 

s?Jsrsr js k Mttjs? iD tbe s^^iisrASf 

shipbuilders have been virtually ^pbuSders.'^ WartslfaAccepted Valmet. a State-owned and invested' heavily in modernising 

assured of a steady flow of . py 70 h . . highly diversified company and moving the site of its j nains,la 3 a ° d 11 recently 

ftrriATR * rr ' m ,hBt source. Jj5 er ' frim a Finnish which had sales of FM503m by Helsinki yard, but claims to l^h'-hed its _40Ji vessel of this 


although these are not sufficient wdiich ^would* other 1 its shipbuilding group last year h aV e avoided the worst of the P pe ‘ By fai ' its best customer 

to create full emnlovmem. shipow _- , >-ouid_ other .inmnoroH with n VP rail pnmnanv Mro.oinn hr cniiivifilicinB ir» nar- been the Soviet Union, 


through its member companies seems likely 
-• to tlie engineering industry, and 

' '• its vessels are notable for the:r * ;j 

AFTER A period .of'.rapid and is con duettos’ conepderable adhesives was increased during Itigh quality and advanced tech- /\1U 
expansion the Finnish chemical research -into its feasibHrty in the year. But by the end of last oology. Specialist vessels built 


create full employment. ^ . abroad Further *-'°mpared with overall company recession by specialising in par- “ . V 1 ,’ 

The indtunryis closely linked StelS ^ IhirSuw “ w of ™ L7ta - is equally ticular vessels. The company's half this mb,r f,,!- 

rough its member companies ^emfiSeiy. worried about its order position, activities_ as Finland's largest f d t b > J - 1 


The last ships on the com- ship repairer has also been help- market ' seven ror Sweden and 


- - future, with . 

tion; plant utilisalion by .-the opportunities m otber- Nordic emerged. oceanographic research ships. eivil serv ice 

country's major producer, the . forest induetries. , VI It is clear that like other barge carriers. LPG tankers and Finiand, and shipbuildinj 


pony's order books are due for fuh 
delivery in 1980, but if no new . 

A Goveromenl-appnjjited com- or ^ e 5 s ™ received employ- ft emCS 

raent problems will begin to Rauma . Repub _ 


one for West Germany. 

Its other success has been 
cruise liners in the 1S.000 to 
21,000 ton range, of which it 
largest has delivered si.v to Norwegian 
owners, and with the continued 

of the second » uixx»i popularity of cruise holidays it 

" State-oumed . Kemira . fiTOup, : The advantage offertifealion Finnish in dustily hopes are icebreakers, a major success for m^nagerncm’"'"and unions^has t “ ker 
averaged 65. per cent last year. is that j t speeds up’fl»Bn>wih pinned on the export market by some years. __ warned that the industry will p ”i g MPrillP fho 

- 't« T a‘ !5 s r h a V ™^.!T S i^ U L^Stic ** ^ treM - h" 1 ******** ?** n mauy companies, and Remira's Considering the state of world require State aid during the Sj ie f Unfon botii nearin- takers, but is perhaps best W5rtsila believes there will 

Hemand^r SrtiLre vritt from? >resf , iast m » nlh . .* »»»>*«»■ deliveries by Fioisml next two to three years In Completion "known as the most successful be some demand in future for 

demand for. .fertilisers, wtn mvners on gjoupds that FMoOOm deal to sell phosphoric last year were satisfactory, with order to retain labour completion. builder of ro-ro ferries in h--ebreakin; tankers and gas 

S,“ m . h 1S77 T n. 16 ?!. ? et eanttaj Js til”. f&Sg fern »«id to the Soviet Union and . ^ <a 35 vessels valued at “ “ interin , “‘ . Valmet. like other companies. “ U “J" hiving sold 20 sinre strernnhened drilling 

- below those of the - pre\T.ous before th*> -tiws baVe" srown ^ u >‘ ammonia from it. Similarlv ipM 2 5bn handed over *0 of *^ s ? n intcrmi m asure State is pinning its hopes on 1 m- s ^ p „T_ r .., r , v .iu P iv ships and otlier applications; of 

• year. The,country> output of fSTJoueh to? the com>my is to build two “to-toO? S^-ietUm m pl f n . ls ?^ 5 ' “fh “ Proving price competitiveness its long experience in this field. 

■ both industrial and consumer . “ . “ u fr selfing. - in- f er «ii C o P 0 rorhi/*tinn niant» in - ^7* S* 10 “ e *** £ Administration of Posts and and hoping for Government intends to exploit this success 

'- .chemicals fell by around'5 per wamentaBsts havea^Q voiced "™- er Proclnction plants in eight to European countries ana Te iegraphy and the National measures for tlie support of and is now offering a variety of The industry as a whole is 


industry has now had'three con-- the longer term. Success in this year no major investment plans recently include shallow draft 0 n shinbuibimo an A irs ,ucul i» luuiclJ ‘ : » W1 “ uegm oanmn.Rpn.,!-. the ,-^-Mesi 

'. secutive years of.falling prodyc. field would . certify-"offer in the chemical industry had tankers, heavy Hit vessels. ^th membeJ^from tS a ? pe b a . r later ln -S 6 ,? 00 "'!. half private in, 

ice. UK. Bank of * ^^ 0 ^f ff^g li J MW «prtr. f ., ,, 

for the Norwegian shin- has a shipbuilding division with «*pecls considerably more busi- 
.mnanv A F KlTveness a wide range of vessels from ness in this sector. In the 
b™ carrier for the inland water tugs to 50.000 dwt , low temperature vessel mar- 


concern over the- 
other forest life. 


efiBCtS on 


If the Soviet Union can be nations. 


the remainder to developing Board 0 f Navigation, have been shipvards. Tliese, it says, will ro-ro types aimed at providing therefore expecting a period of 

... - K - ‘ J .austerity, and despite the sup- 


allowed to accelerate planned evidently be needed in Finland.-greater versatility. 


cent. 

\ largely a^SUltSthe deprewed- .Kemira's raw maieciil-im- J >U ? S5nce lhe erid of laft >' ear * vessej"purchases. For"iheT98bs as’has-been IheTase' in’* other “ Another in did anal area of ?“« L-LT’Imltr, l °ir 

state of manufacturing industry Potts are mainly sedptur and a , flrthpr^..!!!?* in !!»’ however ’ ^ position has the committee has recom-Western countries. expertise for Rauma is the con- 


in Finland, particularly;the pulp phosphates,, the latter-;c*mb« developing countries can “be ckterioraled considerably, mai> mended that the 


_ industry must New orders received by Val- struction uf specialist tankers e sc a P e at l^ a:5t S0l £ e “it 

'.and paper'sector. In addition, to from the Soviet. Untoft^and iciSvcd** the^fomre "oT the ^ u clear Uvat lhere wUl he adapted to suit international met last year cover only one- and is now building: a series of ®„5 C hi o 0 hl rMi n ^J,'e«mi P Th^ 
; the lower demand for chemicals North ^Africa, but neat year it indusrrv \vIII look rather better inevitably be a further reduc- demand, and it is assumed that third of existing shipyard ten 5.000 dwt supply tankers “J3“;"j"!f. ® ‘® 

' used in the making df pulp and- will -open its .-own phosphorus it does now tion in the workforce before tbe the present workforce of around capacity, although its books at for delivery up to 19S0 to the • , a ‘ . 

paper, fertiliser used by private -mine in FinlandApith.iniiiiU*tia:C'- T B ,. winter. Orders at the start of 17,000 people will have to be the start of this year showed Soviet Union's Ministry cf Fish- '* T b 

forest owners also decreased duptipn (after dnvestme^t of Lome tSariing this year amounted to FM 5.'»bn reduced to about 14,000. orders worth FM1.4bn, allowing mg. They will fill the role of ' L.o. 

' substantially. FM 160m) of 2m tonnes a:year,] ‘ 


However, the’ total gross value cnly half its total crapaclty.'^this 
of production by the member. 'V 1 ’ 11 , *hay fears that supjfties 
companies of.tbe ; Federation’ofV:Soviet Union may-fid 
"...the Finnish Cfimical lndustry"anutedm future. ;' >• : ' :i 

4 was FM 9.5bn, an increase of Supplier of ammonia ara^atsd 
"around 10’per cent'on the pre- boi^ht from the 1 SovievoJnio'n 
,, vious year. Industrial, chemicals and potassium, /from both the 
made up 25 per cent of-this Soviet Union, awi EaPt-dermany, 
.value, oil refining .18 per cent while suijvhu/ is bought from 
and consumer goods 17 per cent, the:Finnish/raining, -company 

Growth in the-industry's ekr Outokumpn/ Plans had been 
ports, which only really began 'made some/three years ago for 
to expand in 1976 continued last the ctrarp^bys Sa-terd division, 
year with value rising by about its fibre/, producing arm, to 
36 per cent This .was almost develop Jn’to the polyester area, 
totally based.on.art increase in but afti^r:discussions with Neste 
volume, however, as price rises .this iwas dropped, 
were very moderate at around-4 This is a good illustration of 
per cent. The value of petroleum - .^ ktod 0 f • co-operation 
product exports nearly doubled. , between t] je two companies, 
in 1977...Chemical- -unports^whose ..interests could overlap 
creased by 11 per. cent. .- / xm a number of important pro- 

Although Kemira's produc-i duction areas, but are in the “ 
tion of fertilisers -and agxicul--i.ihterests of both kept at a safe 
tural chemicals has been der "distance. Neste last year 
creasing in terms of its Overall acquired a 41.5 per cent share in 
output (front 67 per cent five Pekema"(in which Kemira has a 

- years ago to about 50 per cent small stake) and will use the 
last year) it. has plans to take company'as a means of develop- 
tip unused - capacity With ing its' downstream chemical 
increased exports, mainly to .the and plastics output 
developing . world.: The. com-. ■■ 

Pany opened :an;roffice in. Mexico K\jfK)rt 

- City last year! ” 

' “ Foreign, ibusiness will - play Last; yhar" Neste produced 
a more pfoihinent role in the 127,000 - tonnes of ethylene, 

- "work of the central adirmiistra- exactly the same as the previous 
tion and nearly all the profit year, and almost all for domestic * 
units; Activity over the past consumption. Sales of butadiene 

' few vears on technical know- amounted to 15,000 tonnes, an 
how ‘has shown that suitable increase of 15 per cent on 1976, 
markets can be found/' .the. almost .'entirely; for the export 

■ company ssys. - . market. About 3,300 tonnes of ^ 

In 4he industrial chemicals, .propylene were sold, again 

.' division a.9.'.'per cent'-rise’".In entirely for export , J 

sales last year W3S. recorded. The most important of Neste s 
.■ but deliveries of sodium sul- investment in'this sector last a 
phate fell by more than 25 per -year was its propylene unit, 

- cent as a result of weak World which' cam* on stream in Jate 

■ markets for chemical palp and September. It produces polymer- 

technical advances in the pulp quality propylene gas witi? a 
making- industry which -have purity rating of more than 99.5 
reduced the need - for the per cent' The capacity amounts 
chemical. - to around 90,000 tonnes of 

Industrial ■'. chemicals, how- prqpylenp a year, 
ever, only .amounted: to about :Two myestoent decisions 
8 per cent of "tlie company's . aim ®^ « further product up- 
’ turnover. • Titaniirat dioxide, grading^were also taken last 
used as a paint pigment is 7?^ JIhey concerned constiucj 
Kemira’s main export product ion of a benzene plant and of 

accounting for abo* lfi. per. two-visbreaker units, aimed at 

- cent of total world consump- economising.-on the more vatu- 
tion. Fibres and yariis : make able fractions used as cutter 

- up a further 18 .per cent of stocks of heavy, fuel oil W 

turnover, explosives, and amnni- its viscosity. , 

nitaon 5 per cent and other The benzene plant is designed 
items including safety equip- for a production capacity of 
meni Matter 4 per ceat ' r about 100.000 tenues and aroimd 

Given that Kemira Kill: cen- 70 rentof. investaent vdU 

•ST ±!^?SLZ2& 


tion with its .. .State-owned ^ 

. counterpartin • the petro- will ■ be . . responsiblei for au 

chenucal sector, Neste, it has ove^U D investment' 

Two 1 ave^S^th^tem^are ^ 

' f € S S in^ti? rtili “ rS ^ ^ y^. and most of 

forest indiMtry. _ . . investments which went 

During tiie early 19iOs it was were a&de t0 increase. 

proved th«. when^ -POlP cabaoty or to add new by- 
paper prices are reasonably products -. ^ very few cases was 
high, it as profitable, for. -orest new production started, 
owners to cany out tree fertHii- Notable investments included 
sation and fihis was done ^a, recovery plant for carbon 
op to 250.000 hectares a. year diox jde, a joint venture by 
during .that period. -However, Nfiltia and Aga. and Kymie 
isiace the -fail on prices tins ^vymmene’s eniargeinents of it-- 
^figure has faUen. to around chlorine factory. Pekema wa^ 
120,000 hectares. active in the ', petrochemical 

The company believes, never- sector, initiating production; « 
-'fiieless, that this could' be a low ^ viscosity PVC pastes, a d 
yffomcang-area for the' future capacity for glues,. resins and 


. '•>. . 












Financial Times Monday June 19 1978 


FINLAND Vin 






The Key to Anglb-Finnish Trade 

Nordic Bank London 
The International Bank for Finnish Industry 

Kansallis-Osake-Pankki 
The leading Commercial Bank in Finland 

A Powerful Combination 


fT 


Nordic Bank Limited 

Nordic Bank House 
41-43 Mincing Lane 
London EC3R 7SP 
Telephone-01-626 3661-9 
Telex 887654 
Cables Nordic bank London 

Nordic Bank Limited 
Singapore 

Nordic Asia Limited 
Hong Kong 

Nordic Leasing International BV 
Rotterdam 



Kansallis-Osake-Pankki 

Aleksamerinkaiu 42 
PO Bo* 10 

SF 00100 Helsinki 10 Finland 
Telephone: 1631 
Cables: kansallis 
Telex: 12412 

Kansallis International Bank 
Luxembourg 


Shareholders of Nordic Bank 

Kansallis-Osake-Pankki Helsinki 
Copenhagen Handelsbank Copenhagen 
Den norske Creditbank Oslo 
Svenska Handelsbanken Stockholm 


the fort 



SOME BARRIERS have been 
broket) down and . shibboleths 
discarded. i n the past few 
months in the Finnish banking 
world. There have been three 
mini-devaluations and . two 
reductions in the sacred basic 
interest rate. 

Although the economy seems 
to be improving slightly, the 
embattled Governor of the Bank 
of Finland, Mr. Mauno Koivisto, 
is still trying to hold the fort, 
which means in reality to pre¬ 
vent a new wave of inflation. 
What he is up against is exces¬ 
sive government spending and 
high unemployment, both of 
which require a considerable 
increase in foreign borrowing 
to keep the wheels turning. Mr. 
Koivisto is determined to keep 
the money market tight, if not 
quite as tight as for the past 
three years. 

In a statement issued at the 
end of May the Governor noted 
that the surplus in the trade 
balance and rise in the import 
of long-term capital have been 
reflected in a decrease in the 
debt of the commercial banks 
with the central bank. The in¬ 
terest rate on the call money 
market of the Bank of Finland 
was an average of 23 per cent 
in January this year, since 
when it has fallen to about nine 
per cent Obviously the money 
market was getting too easy too 
fast. Hence, as of June 1 the 
credit quotas of the commercial 
banks (that is, their borrowing 
rights at the basic interest rate) 
have been reduced by FM 500m 
to FM1.4bn ($180m at the 
current exchange rate). 

But at the same time the 
banks' right to use the call 
money market was raised from 
125 to 200 per cent of the quota 
for each bank. Ia addition, the 
liquidity margin at which the 
bank comes under direct 
control of the central bank was 
raised from 200 to 300 per cent 
of its quota. These measures 
have aroused no outburst from 
the banks. 

As Mr. Koivisto points out, 
the idea is not to tighten the 
money market so much as to 
prevent too strong an expansion 
of liquidity and to maintain a 
capability of controlling mone¬ 
tary policy. For companies that 
plan to make productive invest¬ 
ments. the new arrangements 
should present no obstacle. 

It is the reference point that 
matters of course, but in fiscal 
1977 the Finnish deposit banks 
did not do badly compared wi*h 
industrial companies. Listed 
according to balance sheet 
totals, only two of the top 50 
banks showed a loss. The top 
six — Kansallis-Osake-Pankki, 
Union Bank of Finland. 
Postipankki (the State-owned 
post office bank),. OKO Bank. 
SKOP Savings Bank and Bank 
of Helsinki—increased their 
profits by enough to keep them 


Doubled 


level with or ahead of the infla- "by bolster for the foreign 
tion rate of 13 per cent exchange reserve is back at 

This was partly thanks to $700m. - 

rationalisation, partly to the While-the banks haveacrep-" 
success of the fiercely compeli- ted the devaluations, they -have 
tive campaigns to attract new: reservations about . the two 
deposits and partly to the very reductions, each of one per cent, 
strict screening of loan appUca- in the basic- interest rate. ‘ 
lions. Taking all types' of These changes in the discount . 
deposits into account, bank rate, as it is called, are politic- 
deposits grew by 1L5 per cent ally motivated in'Finland and 
in 1977. This is less than tiie unrelated to monetary policy, 
rate a couple of years earlier. In. fact . they' were made to 
but respectable in view of the appease the unions. They cer- 
circuinstances. tainly help householders who 

Whether things will go as are in houses bought with 
I. « open ques- the help e£ tank Ioann. but they 
tion. There are two big com- do nothing to encourage the 
petitors for the public's money. ?«Wic to put, their spare cash 
One is the Treasury, which m a bank savings MMOL On 
hopes to take an estimated May 1 the basic interest rate 
FM I5bn of its loan require- was lowered by 1 per rent unit 

sgs- s 

share issue unemployment, and might be so 

-pv |_i _ j for the next few years. The 

iJOllOicQ rate is around 8 per cent, a 

level which would have been 

lSd unthinkable three years ago. 

Helsinki Stock Exchange . jj But a new reference point must 
doubled by the rad of April be accepted Unti i th & 

tills year compared wth h industries can 

first four months of lfl77\uie rea u v gear up again, unemploy- 
new issues may well succeed, men £ must j, e taken as a reality. 
The Treasury is offering five- Evgn n0Wi y,-h en the economy 
year bonds at 9.5 per cent and gettillg int0 its stride again, 
ten-year bonds at . there are notices. almost daily 

both interescajid principal tax- of layH) f^ redundancies, 

free. The best that the com- Tfae reS ult i s that the politi- 
merual banks can do is cians t0 spend more and 
per cent plus certain premiums more money on relieving 

for 36 -ino/ith deposit. unemployment, but at the same 

The foreign borrowng re- tiing pfiy Bp service t0 cutting 

qturemenr is put at FM 3bn public ge^or expenditure. 

year is out Tim is no panies has been increasing 

10 U a ? FH 2 S and some of the big banks 
d fbf; have found themselves having 

at to ball them out. In effect they d 

cent of the GDP, compared with " “ . . - , th 4 

21 per cent at the end. of 1978 l have had to fedee over ffie » 

t 19 ™?4ta debt “ r¥idnS m "Edition. J 

™ twonnni .nd two. sztah ^JLSr^S'-^S JSL f 

l'm’lrrt 0 ? 3 0fthe investment : has stagnated' and } 

1977 led to a Tim on the cur- d d tor investment credit is ! 

ten® in the fonn of holding ^ demand , or 0 perat-| 

back on Foreign daims imd pay- j ^ higher than ever! 

mg off foreign debts ahead of ^ heppen to thJ 

time. The resulrwas^a ^ram _ external.value of the t’lrimnarkj 
the foreign exchange reserves - ^ coming few iJ 

which finally end'd in the third to ataskeT 

devaluation of the markta by jg currencies which ha^ 

8 per accounted for at least one p? 

eJlLJ^sSve position, tta S3ter'ft. 

Bank of^FinlandI tor!fSOOm of 

ns sttad-hy eredite wifl. a tarn the first time in ? 

sorhum of North. American * mr rmnt *cmu£ 


•-ia : 

: 

m i 


r 

0 r 

i 

Lli ■ -:t 


f % i 

f § 


years. The current acre# 
hg* £ deficit has been - redutl 

tomatiodly. - It may be til 
restored tiie standby CTedlt the fixture depends on'-what t? 
position by wi ^agreempt JSuJ* ScandLiviani countii 

^ do ^about their . dnrrenrf 
of London for ^OOm, and rmvis]l - ^^ustry ^ still '} 

Sm 0t 5f abouriS internafio* 

Scandinavian Bank, Midland ^jn^tiveness. 

Bank.and Nordic Bank, all in T • - - j 

London. Thus the.'total stand- . . \Lance IVeyWOtTL^ 


THE METAL and engineering they bad gained some benefit in sight in this line, 
industry is taking a pessimistic The .. .engineering branch is The order position Is perhaps 
view of the immediate future, more, dependent on the home best illustrated by the index 
This is not . altogether un- than the foreign market (ratio developed by - the .association, 
expected, since even last year it about - 60:40). unlike the forest Taking 2974, the last boom year 
anticipated that order books industry. Because of the lack of for Finland, as 100, the situa- 
would thin out drastically, substantial new orders there has tion -in 1977 was as follows: 
Oddly enough, the other big been a [slump In demand and metal products 53, engineering 
earner of foreign currency, the the Incentive to invest is weak including transport equipment 
forest industry, is expecting a because of the idle capacity. In 62, electrical machinery 73. For 
slight improvement. the past foreign demand has .the whole group the index has 

But both these major sectors come to the rescue but now even fallen on average to 69. The 
of manufacturing are worried this source has failed. --.corresponding JL977 figures for 

about prices, international com- ' exports read 74, 69 and 125 

petitiveness, profitability and COfnDlGtGQ respectively, an average of 73. 

indebtedness. There is no ^In short tiie new orders coming 
immediate reflief in sight Mr. There are now nine paper in are filling the gaps only 
Erik Foreman, assistant director machines on order for foreign temporarily, 
of the Association of Finnish buyers but they amount to only For all - that the export 
Metal and Engineering Indus- one year’s production. What is performance of the metal and 
tries, warns: “ AU the big new worse, four of the deliveries will engineering sector in 1977 wa3 
orders are reported in the be completed this year. Three not bad. Sales rose to FM 11.3bn 
papers. But when you get down of the orders are for the U.S., <£i.48bn at the December 1977 
to details they only amount to another three for the Soviet rite of exchange). This was 
about 10-20 per cent of the Union. Sweden and Holland are thanks mainly to the comple- 
annual capacity for most taking one eat*. Inside Finland tion of major long-term 
branches.” most investment is being con- deliveries but also to deliveries 

Capacity utilisation in the fined to maintenance and mod- to some new market areas, 
metal sector was abnormUy low emisation projects, and from forecast for 1978 is an 

in 1877. ranging from 60 to the trade point of view these are increase in value to about 
SO per cent. Corporate profit- relatively small. FM I3bn and for 1979 a further 

ability declined, the debt ratio On top of this, . in the slight rise to somewhere around 
(internal to external capital) mechanical wood-processing in- FM 13.6bn. These improve- 
was alarmingly high in many dustiy there are three major meets will be at least in part 
companies, there was consider- deliveries in progress. The two the result of the three mini- 
able overmanning in some for the Soviet Union will be devaluations of the Finnmark 
branches and several companies delivered in 1979. and the third in the past 12 months 
ran at a loss in 1977. The three is a chipboard plant for East The . regional distribution hf 

devaluations of the^Fjnnroarfc Germany. New orders have re- exports’ is' not expected to 
5 luce February 19 n were at centiy been received from South, change essentially In the near 
first received with mixed feeling Korea and Norway. All this is future. In 1977 Conrecon (and 
in the metal sector because they encouraging but not enough, that means predominantly the' 
raised the price of imported Outside wood-processing maebin- Soviet Union) took 34.8 ner 
raw materials and semi-manu- ery, the major metallurgical cent of the total. EFTA 27.9 ner 
faetures, and the import input project for the copper-nickel cent, the Common Market 20 ft 
m this sector is relatively high, smelter complex in Norilsk, per cent. and other countries 
However the association now Siberia,, will be completed this 16.5 per cent, 
reports that on the whole com- year, and there is nothing new Exports seem to be one of th* 
panics and branches felt that CONTINUED ON NEXTPA6E *** 














V* 'v 






23 



FINLAND IX 



Oy Kaukas Ab’s super calendar paper mill. 



: v bright spots in the gloom 

• ’setting Hie trigineeHrigihdus- 
"■y but even as they-stand at 

• -.resent they cannot solve the- 
“ >:oMems in the-longer term. 
“■ -he industry has been wtirfeing 

ri a heart-searching analysis 
'-. - find the main requirements 

• -r a solution to the present 
-.itfcal conditions. - These cover 
.oth - the - domestic 'and 7 the 

:- : .rpofrt mmrket. f 

• ..Perhaps the'.toj) requirement, 
hich i£ within Finnish control 

:tax jreliefs. * The present turn¬ 
over tax raises the price of in- 
.sstmenf goods by 16 per cent 
- : -od weakens.. competitiveness 
--:cordingIy/ As part of .the so- 
. -died,' stabilisation-stimulation. 
■-- rograhrmes, this tax has .been 
-.-■mpairarily rescinded, iinUT the. 
-nd of .this year for. new 
. ~„*oductive Investments-^fiut the- 
-„,"ieasnre : .’!$ only temporary. • 
.“ Tlidustry has:been lobbying for 
~»are for a change to the VAT 
. './stem but the Left-wing parties 
. hear' OF it 

^ Another requirement is that 
..M'state improves , the ability 
; : i Finnish engineering, com- 
j-anies .to:, giraiit credit terms 
T -iat,. are -at last as; favourable 
■ '.»> those.'..offered hy^Himr com-.. 
' Jtitors. •' Within :*fce in4usttzy_ 
-Tself^Qa ere^s. a: need -for ■ Ofrthe r 


CONTINUEDFROM PREVIOUS PAGE 


rationalisation and divfflcsifica- Repola Oy will be co-operating 
tion of production but this- re- with Beloit in Brazil to build a 
quires capital winch is-still in plant to supply pulpmaking 
short supply and likely tb re- machinery in that market, 
main so for some time.. Rauma-Repoia also signed ' a 
New ideas are-t^'ieing contract recently to supply a 
developed — and in part have complete pulp mill to South 
already been implemented^ in Korea where, in co-operation 
tive export field. The thinking with Outokumpu Oy, it is 
is that there should become already building a copper 
re-orientation, a ..move ^feway smelting plant. In short, ex- 
from the old markets . which port sales are to be intensified 
have long had similar ecqhomlc by establishing sales, mainten- 
problems: to .those of Finland ante and manufacturing units 
towards new markets, Examples in the main and most promising 
are Brazil, the. oil-producing markets. 

countries and South Korea. '- Finally a few words about the 
' „ electrical engineering and elec- 

- nSHTIPrS Ironies branches, which account 

^ 7.' .for about 15 per cent of the 

Tbe TVW (Tampella^Valmet- total value added of the metai 
Wartsila) paper machine.^groiip and engineering sector. The 
recently announced that .it will electronics branch—radios, TV 
be opening a factory in: Brazil sets and tubes, and telecom- 
where; because of the-.-high municaiions equipment—seems 
tariff barriers, the market has to be fairly buoyant. But with 
hitherto been a relatively ^closed all the debate about energy 
one. It is going into partnership savings the heavy electrical 
■ in the new venture with'-rthe industry — electric motors, 
Bra zilia n: Pilao group and-generators and transformers— 
investment' company Brasil- cannot be too happy about the 
BranIian future. Orders are not coming 

will hold 5- per cent of^the ^ fast enough, especially as 
:“****• ' , , -V- most of the major conventional 

.- The TVW, already has -nuclear power plant pro- 
operation agreements ' JJ^^gects are nearing completion, 
.^manufacturers ■- ht Japan, -West^ . T IT 

:G'ermaily and France.- Raunik 7 - ■... L.n. 


«* FINLAND IS a beautiful and 
wonderful country, but hell's 
bells, just try living there.” So 
goes an old Finnish saying. 
Well, this writer has tried for 
close on 32 years, has survived, 
and has enjoyed it. Not all of 
it, but most of it It is a 
beautiful country of forests and 
lakes and clean air and water, 
good theatres and concert balls 
in the towns and good casts and 
orchestras playing in them, 
impressive architecture, good 
inter-urban communications, 
and so on. 

It is estimated that about half 
the Finns living in urban 
centres are only a generation 
removed from their homesteads 
in the country, which might 
explain their longing to get 
back to the grass roots when¬ 
ever the opportunity offers. 
They will fill the theatres and 
concert halls when they are in 
town, but equally will fill their 
country cottages during the 
summer (and even winter, for 
skiing). There is something of 
the poet and a peasant about 
this. 

It is a delightful, actually 
necessary, way to live. But it 
can be exasperating for the out¬ 
sider. Except for those who like 
cross-country skiing, and most 
Finns do, the winter is long, 
dark and rugged. But winter or 
summer, fresh air is the thing 
and half of Helsinki takes off for 
the wilds at Christmas, Easter 
and midsummer, much to the 
chagrin of visiting businessmen 
and journalists. 

It is even worse between Mid¬ 
summer's Day and some time in 
August when half of Helsinki 
is in a country cottage without a 
telephone, soaking up the sun if 


they are lucky enough to have 
any. Sunsbtae or not. the Finns 
want to get back close %o the 
earth, in the best sense of the 
term, to re-charge their batter¬ 
ies, so to speak, it seems to 
work. 

Of course things are changing, 
but not' much. In some families 
the youngsters, and even the 
parents, are spending their holi¬ 
days, or part of them, in the 
south of Europe, seeking the 
sun. It is almost a status symbol 
now to appear sun-tanned even 
in mid-winter. Some of the 
older generation have sold off 
their country cottages on the 
lakeside or seashore because the 
children no longer care to go 
there. 


Primitive 


Conditions there van be fairly 
primitive. All the water has to 
be pumped from a well or 
fetched" in buckets from a 
nearby lake. Why the house¬ 
wife, who in town has hut and 
cold running water, an electric- 
stove and a washing machine, 
chooses this hard work for a few- 
weeks in the summer is a 
mystery. 

But she is used to working 
hard. In town, even if she has 
a job, when she comes ho roe 
she puts on an apron and starts 
to cook. The man comes home 
from his day's work at the desk, 
takes off his coat and settles 
down in the armchair to await 
the call to dinner. 

Another old legend is that the 
Finns go off to the country in 
order to be alone, to get away 
from it all. Yet most of them 
are constantly entertaining 
guests. There is perhaps no 


longer the old desire for soli¬ 
tude. though there is oppor¬ 
tunity enough. Finland is the 
fifth biggest country in Europe, 
but has only 4.7m people. A 
few thousand tourists can be 
added to this number in the 
summer but few of them invade 
the privacy of the summer 
cottage. 

Country or town, if there are 
guests or it is a feast day, there 
wiil be burning candies on the 
table. That is almost de rigueur. 
There will also be colour— 
bright table mats, a sprinkling 
of colourful vegetables in the 
stew or the salad, and gleaming 
glasses of Finnish design. 
Colour and design have become 
very important in Finnish 
homes, at least to women.. The 
men do not always appreciate 
these refinements. 

In a way the temperature 
rules the Finnish way of life. 
The first thing Id do in the 
morning is to look at the 
thermometer banging outside 
the window. That tells you 
what to wear, long or short 
underpants, heavy overcoat or 
raincoat. It also tells whether 
you can go skiing (from your 
front door even in town) or 
jogging or play tennis, etc. 

The Finns are sport-mad. In 
the winter it is skiing, in the 
summer track and field. Soccer 
is a relative newcomer, but 
growing fast in popularity, 
though the season is for climatic 
reasons rather short. The 
winners of gold medals in the 
Olympics, both summer and 
winter, are greeted like visit¬ 
ing heads of state on their 
return home. They are an elite. 
But the ordinary Finn often 
skis 1,000 km (725 miles) cross¬ 


country' in the winter. The 
President of Finland, who is 
78, used to do it every year 
until recently. 

There are one or two other 
things the Finns do which could 
come under the heading of 
sport. One is to walk out on to 
the frozen sea or lake and spend 
a day dangling a hook through 
a hole in the ice in the hope of 
catching a tiddler. There are 
even national championships for 
this form of torture. Another 
is the totally frightening habit 
of sawing a large space in tbe 
ice-covered lake or sea and 
having a dip there. There are 
Finns who do this every day 
and say that it keeps them free 
from diseases the year round. 


Sauna 


Whatever is written about 
Finland, the sauna inevitably 
comes into the story somewhere 
or other. The sauna is not 

actually Finnish, though most 
Finns tend to think it is. This 
is understandable, because they 
have preserved it in its purest 
form. Essentially a sauna 
in Finland means that you 
strip off your medals and 
dignity' and go stark naked inio 
the steam room where you 
could boil or fry an egg in the 
heat. Unofficially, there is a 
Helsinki Club to which belong 
the beads of state and premiers 
who have bad a sauna with 
President Urho Kekkonen, and 
they include kings and princes. 

Some enthusiast estimated 
that there were nearly 700,000 
saunas in Finland in 1960. 
There must be many more by- 
now, for every new house built 
has its own sauna and, if it is 


a fairly luxurious house or 
block of flats, its own small 
swimming pool. Most of these 
have an electric stove. But tbe 
nicest are the country saunas, 
heated with dry birchwood 
which has a delightful aroma. 
The ritual is that you sit naked 
on tbe bench in the steam room, 
pour hot water from the stove 
on to the hot stones and sizzle 
in the steam for as long as you 
like. You then dive into the 
lake or roll in the snow or tak« 
a dip through a prepared hole 
in the ice, and go back for more 
if you feel like it. 

Tbere was an Englishman who 
became legendary in northern 
Finland because in all his 
modesty he went into the steam 
room in his underclothes. .After 
all, the whole Government 
(lady Ministers excepted) often 
take to the sauna to steam out 
their problems—though they do 
nut always succeed. However, 
visiting Brits should remember 
that in the sauna the Finns are 
playing on their home ground. 
It is no use making an 
endurance trial of the experi¬ 
ence just to defend the honour 
of the Empire. The sauna is 
meant to be enjoyed, not 
endured. 

When the winter is over and 
the first rays of sun with any 
heat appear, all the Finns in the 
streets appear to be looking 
skyward, us though watching an 
acrobatic display. From then 
on the preoccupation is to 
catch as much sun as possible. 
The lovely girls reappear, 
dressed in very little. Where 
they go in the winter is a 
mystery. 

L.K. 



. ■ ■ r..., - • - . • • 



of good products and services from 
Finland marked Nokia. All 
designed to meet the highest 
standards. And many of them 
well established on the British 
market. 




The Finnish Cable Works is the 
largest of NOKIA’s five divisions 
ana one of the most diversified 
cable makers in Europe. 

Other Finnish Cable pro¬ 
ducts of interest to 
British readers include 
cable-making machin¬ 
ery, power capacitors 
and extruded 
aluminium sections. 

Nokia Electronics 
is an established 
manufacturer of 
industrial auto¬ 
mation systems, 
telecommunication 
systems, microcom¬ 
puters, terminals and 
advanced analysers for 
scientific research. 

For more information ask one of our divisions: Pulp Paper & power (931J-408111 Telex 22264 
nopap sf. Finnish Rubber Works [931}-407111 Telex 22114-gummi sf. Finnish Cable Works 
(90J-171 721 Telex 12553 cabno sf. Electronics (90J-5671. (fnduslrial automation), (90)-59i31 
(telecommunications) Telex 12579 eleno sf, Plastics (9S1MQ9i.ii, Telex 22270. 


■ Another Nokia division, Pulp, 
Paper and Power, sells raw paper 
in rolls to British customers. Its paper 
mill specializes in different grades of 
soft tissue and is a major shareholder in 
British Tissues Ltd. 
The Finnish Rubber Works produce tyres, 
boots, leisure footwear, and technical rubber 

products for industry. 
Nokia Plastics stands for floor covers, extruded 
plastic profiles and glass fibre products. 

Look for the imprint of Nokia. 



PULP PAPER AND POWER 


FINNISH RUBBER WORKS 
ELECTRONICS PLASTICS 


OKI A 


FINNISH CABLE WORKS 



**-■ 
















•f Ptaancial Times Monday June 19. IS® 

FINLAND X - 


Bank Limited 

The London based Bank connected throughout Scandinavia 
with more than 1,300 branch offices of Parent Banks. 


Leasing. 

ECGD financing. 

Sterling and Currency Loans and Deposits. - 
Foreign Exchange and Euro Currency Dealing. 
Industrial, Import, Export and Shipping finance. 
Trust and Fund Management 
Euro Bond Operations. 


Scandinavian Bank Limited 

36 Leadenhall Street London EC3 A1BH. 
Tel:01-709 0565Telex:889093 SBL-BKG 

Registered Number949047London. 


International offices. 

Bahrain. Bermuda. Hong Kong, Madrid 
Mew York, Paris, Sao Paulo, Singapore, Tokyo. 

Parent Banks. 

Skandinaviska Enskilda Banken (Sweden) 

Bergen Bank (Norway) • Den Danske Bank (Denmark) 
Landsbanki Islands (Iceland) • Provinsbanken (Denmark) 
Skanska Banken (Sweden) * Union Bank of Finland (Finland) 



Investments in the pulp and paper industry Make use of th< 
require heavy capital outlays. Every piece of in engineering 
equipment should therefore facilitate the equipment and 
commissioning and have a very high availability paper industry, 
ensuring continuous production. 


Make use of the Strbmberg professionalism 
in engineering and manufacturing of electrical 
equipment and systems for the pulp and 





llsiw** 1 BP#' *«?*:>• -- , 


•• • ••»: -t • ’ • *' v - ••••■• • - . ■ ■< ~ '• • .• : 

rj| ,. m jgn 

;-.L 

- ■ , : 

!§te 




- «• 




Recent addition to our reference list: Nordland Papier GmbH. Dorpen. German Federal Republic 


■ In June 1977 the start up of the No. 3 
tine paper machine was concluded. 
The machine produces woodfree 
writing and printing paper with 
40-80 g/m 2 . The wire width is 
7000 mm and design speed 1000 
m/mini.The Strbmberg supply 
included: 




■ Sectional PM-drive with analogue Statement by the technical 

electronic speed control management: 

■ all AC-motors 
•20 kV switchgear 
■sheet fault detection system for 

holes, speeks and light spots 
-process parameter deviation and 

mechanical disturbance alarm 
system comprising appr. 80 ana- 
ioque and 200 digital channels as 
well as a sequential alarms recorder 
with clear text print out tech. Dir. 

- cabling and installation for PM-drive Jurgen Hoppe 

■ personnel training and commis¬ 
sioning *We had high expectations concerning the 

electrical equipment They have been mom 
than fulfilled" 



P.O. Box 118, SF-00101 Helsinki 10, Finland 
Tel. 90-550045. Telex.12405 sty sf 


FINLAND IS a country with These statistics come front the completed in seven taorifhx,_. 

climatic and natural conditions central organisation of the con- ....Some ^ 

ranging from one extreme to struetion industry. th ® 

another, harsh winters and hot .fioir. of General Conttwstors.of- oitera 

summers, granite bedrock and Finland (AGCF). Its 

swamp, lakes galore and long companies accounted forabqut 

distances between settled, areas. 50 per cent of the production ' 4 ®“?. 

When the country started its 4n the branch and the® mvou> jnA- iXlS?- 

secood 44 industrial revolution ” tog rose to FM 4bn (£525m at 

'after World War Two. the huge die December, 1977, exchasigfi 

construction projects involved rate) in 1977. . • 

put the planners, engineers. The association keeps- its 

architects and so on to a severe member companies informed-Of.ffSi2SS5^Tr3irSn5^ 
test They came through with new construction projects being 
flying colours and enriched with planned abroad. It often has j 

experience and know-how. . - representatives on’. 

But the country, though large trade delegations to foreign *2*®*“* 
in area has only 4.7m inhabi- countries and helps to assemble '**g*£r ,X £S- 

tants. Of course there is still a a consortium. The managing Saadi,:- 

need for new housing and the director, Mr. Lauri Reunala, ;■'-. y - 

infrastructure must be com. says: “Contracting, exports are, -.The-.sapmr-neai^*?**;-*■•'jjant ■ 
tinuously improved but by the now . recognised, they were noj venture with Yit^ a member-Of 
late sixties the construction earlier." - AGCF. The. delivery comprises 

industry had reached the situa- CamponentB-factoty- mid the 

tion where it had outgrown the FvnnrtS ■ : 

country. By the beginning of - E * X I ,U1 the techidcal taowhow for the; 
this decade it was accounting According to the AGCF con- Start of. the f actor y,to~serve the 
for 20 per cent of the Gross tracing exports . increased • by building industry. . •. • . 

Domestic ProducL There was S5 per cent to near $30ton in Jt is an example ;nf the way 
only one place it could go and 1977 . - The Soviet Union re- trade is goings . The ^contrat* 
that was abroad. As exports are mained the biggest individual was actually signed, wi^a-local 
vital for Finland it seemed to market, accounting for 45 per compa^s^ed.^*!?^ ! 

be well worth a try. cent, followed by the Middle Fartek, and . Yit hare -.a 

The first and most natural East (32 per cent), Africa j(d 2 :7 . jar JShualMi 

market was the Soviet Union, per cent), Comecon countries .coinpaciesyare qmte willing,to 
right on the Finnish eastern other than the USSR (7 per' migag&in.tins form-^jf ^interna- 
frontier. It was possible to use cent), and West Europe (4 per tionai co-operation. .Indeed they : 
Finnish equipment, Finnish cent). Up to now residential have 7 to GQ : so. Tliey can hardly 
materials and F inni sh labour for and industrial ' projects • have supply al*; : the labour,. ana the 
work a few miles into the Soviet been the most snccessfuL .shipment _of bulk building 
Union. Projects to hit the head- accounting for 25 : and 55 per m , 

lines included the Paajarvi cent respectively, with rCommer- ~ the : 5 faddle Eag t wouid put therr 
forestry centre (stages one and dal building and dviLengineeE- cun^troyeness to a severe test, 
two were valued at about 567m), tag taking the rest- : ' ■- - a ^ cpntrac^rt, ffars M* 

Svetogorsk (enlargement of the Mr. K. P. SaVelknsldi'.eqiefrt^^ fieunala; y* 1 * have the 

cable paper and pulp factory and engineer of the AGCF, says that 
related jobs, valued at $107m), a the services ottered by'the con- 
cellulose acetate factory also in struetion companies of Finland 
Svetogorsk costed at some cover the ^ 

S200m, and Kostamus mining hensive commnni.ties with afl : There ate problems Jn tri^, 
centre. There have been other facilities, wafer ' treatment ventures. In the Middle East, 
projects, for instance in Siberia, plants, water ' supply and insurance was a problem 
but these have been more of a sewage systems * 1 schools, fiospf- hut n«v the Ffnmsh Export 
metallurgical than construction tals, hotels; silos, cold'stores, Guarantee Board covers the on- 
nature. roads and tuidfies.' inlraiitruc- draoand etanse. Rnancmg is not 

As these projects progressed tnre, basic - r factories and perhaps the worst problenvfor 
successfully or were completed, systems. Indeed all of these 1116 °tiy r odunng 
Finnish construction groups services have been carried out H“^ Ily „ p ? y 
began to look further afield, or are under construction not head. But skilled^aff iot (he j 
especially to the. Middle East only in the Soviet Union but 8 v f^ c ^ re ^f ij ^ de v**??*™*^ 
and some parts of Africa, mainly in the Middle East 6 . 

Nigeria. But they are also In Saudi Arabia PlniusITcom- We estimate 1 ' that Fimnsh j 
making feasibility studies in panles are-involved in large contacting exports wiU rmeto ; 
South America. / projects related to water supply “** 5®^* «hd. 

Finnish contractort signed and residential areas. A resl- > 

contracts in 1977 for over 30 dential project vaiued at $150m Savelkoskl, "pus, means 

new projects worth about §l- 2 bn is under way iif Iran. A $150m that . foreign _ operations .will - 
This is more than the’total value contract has been signed with 

of all the export projects of the Iraq for fee buildinga net- -.tSS^V 

branch in the period 1960-1976. work of vocational schools, struetion investment -w - lSso, ^ 
Some $700m of this was the Most of fee the major projects 
Kostamus contract for the in Nigeria have been tor resi- 
planning and construction of a dential bousing, including whole' 

mining industry combine and a urban areas. Peru^hlyma, one - 

town for 10,000 inhabitants in of the biggest member ^ 

fee virgin, wiudemess of Kosta- panies of AGCF, has estaMished risfatl^e wfll need'anadfe^ ' 
nus. But $400m was for new a subsidiary in Nigeria. Its ffLorr(vm rn' tbl' ; 

contracts in fee Middle East first project was a small housing ^ 

Finnish contractors are now area of 100 residential umts on ~ - . ' . ... .t . 

working in 20 countries. Victoria Island, Lagos. It was 4 . 


. . r : ; 


ENERGY POLICY in Finland, a 
country with limited power 
resources, suffers from fee same 
lack of certainty about future- 
demand as in other industrial 
countries, but its future is Brmly 
based on fee need for flexibility 
in sources of supply.- 

Like other Nordic countries it 
has a high per capita use of 
power, due to the energy inten¬ 
sity of its industry 1 and fee cold 
northern climate, although it 
has a highly developed, system 
of energy saving through re¬ 
cycling of heat both in industry 
and for domestic use. 

More than half the country’s 
energy requirements are met by 
imported'oil, of which 67 per 
cent came from the Soviet Union 
last year under a bilateral trade 
agreement A further i2 per 
.cent of needs were met by im¬ 
ports of coal (mainly from 
Poland), l3.per cent came from 
hydroelectric power, and 15 per¬ 
cent from domestic fuels. 

Nuclear energy, which will 
soon become more important, 
made up only 3 per cent of the 
total, natural gas from fee Soviet 
Union , another 3 per emit and 
imports of electricity from 
Sweden and fee Soviet -Union, 
fee remaining l per cent. 

Clearly fee - country's high 
dependence on oil, particularly 
from one main source, is a cause 
of some concern although it 
provides fee.basis of Soviet 
exports to Finland under fee 
successful series of five year 
trade agreements, fee next of 
which will begin in fee 1980s.' 

Although electricity genera¬ 
tion is based mainly on conven¬ 
tional coal powered stations, 
fee majority of large industrial 
companies in Finland generate 
most of their electricity at their 
‘own power plants. Industry 


- ;Av 


actually produces nearly half the southwest. coast-: -at 7 Fhdandr. 
country’s electricity and con- Each has a capacity of 660. MW ** 
sumes about two-thirds of it ~ and should - start - supplying . 

It is therefore understandable power in 1980, wife fee.'finri^ 
that ‘ the ■ country's nuclear cost estimated at $Ibn. ; v ■ 
energy policy is being developed Electricity will be supplied^ 
along these lines, with two through the national gri d^E? :^ 
Soviet designed. • reactors arrangement . wife h 'lamctran'. 
Uxmisa 1 and 2) destined to Volma, which is likely, to > come.s, 
supply national needs through in as fee other State partner .tp;> 
the State electricity company raise public ownership. Hhw-'J- 
Imatran Voima and another two. eyes; tt'la clear that^'--unless, tbftj 
Swedish-designed reactors to cohhtty > s byerall denamd 
supply a_ consortium of indus- up considerably,-Imatran Vpim» -; ‘ 
trial companies. - . willr belifaced; wife.some ovtf'f? 

Loviisa 1 went critical eariy capacity when fee two' TVPj: 
lastVyear and the major' civil plants and Loviisa 1 and 
engineering work bn LmiMr ioUy- igadloaLi - - : 
has been completed for some . ~>Sinfliariy Tfee' "hrembef ' 
time, alfeough equipment delays panies wiHffiid 
have held up its completion, wife spare power ; fepaphy f P*V 
Last year Loviisa 1. generated .their : own, ..although this ^ 1 

at below full capacity of 4QQ MW easily be -^ utflisedr saaaS&h} 

but. nevertheless, contributed to .plant! * Jtmatcan Voima .. 

a reduction in purchases . oT^fasces.a. period -ot : ^ «»ssW^«iK^^ 
electricity t from fee two neigh- change, with rim four nodrfs^ 
bouring countries. • ■ plazds- expected to 

-j, T » around 21. per cent .of prodwb' 

JNUClear “ dectririty.by 1981. 

The company set „p to 

operate the so called “private”, 
nuclear stations, TVO (Teolli- 

suuden Voima Oy), is . owned ^_??J?'^' 
by- member companies (maMy "^ 1 ^ 1 ®^ : - 

engineering and forest industry gpnsum^ro n^ kQ ; ;..y>; 

concerns) in proportion, to-the'.^the - 
amount of energy they.will -uae;. .y 011 ^, ft*, y r - ™ 

State ..or pubtidy owned dcomr .^:country, vl^re. 

panies have a 42 per .cenl-sbaref. ^ as . been a way of We ^l c . 

of this equity at present, but ^^ acs * ■^ s ‘ 

this^ is likely to be raised to 50 ,‘Abwrt 20 per cent ef hou^M^. 

per cent-eventually. ' . .. m Finland are; now ^ervod_^; 

TVO was established as ;'a ’difitik^htotfe^ eheoftile^gg - 
nonprofit making ' company,, economical 
clearly aimed :at could -incre^e - to «t>uad4D..P ^ ..- 

the member companies’ tradl- cent. By.,' the^1990s, 
tional self sufficiency in power whhout <^>nsidetnble cost- '...--^. : 
and giving them fee benefit of / Altirough lnMdr^-. yobna .^ 
cheaper power from big units largely .nnable; . due-.-,tD • > 

The two ASEA-ATOM reactors, depebdenc^ on feymflugbp^ 
are now under constmetion'on oil ^vse,^ 

the island of Olkiluoto, off thd pasanff -feroagfc - 

•• ■ ■" --I .IS ^1. 


/ 















Fitfecial Times Moaday - Jime 19 1978 




FINLAND XI 



' 'Skqgbarilj es.the commit 
'^rei^QiraGf.e.baiikof alnf§) 
}.A300 barrk otfica s.'Ttrus SJ<u 
;:Qffe^s;you Fifjltirid’srno 
riutl-SGaf^i b'ankt ng sep/'ce-'jj 


'StreeT:Etddrfiss-;.Alek's£nte 
■jSF : CD: Oa’kjeTsinkT 10;->* 
-Pbstal'a'Q dress :'P.O". Bo xr4 
SF-OOlOt,Helsinki 1,Q - ' 
Pliofte J7Q363 -- ' ’ -•/$« 
•pableadd r^ss:, Sk&p^ 3 J 
.^ejeX-'" % 
t22283ii 

'.Foreign Ewstiange> and"£u; 

^skofef#:^ a-3- p 

'G'e'rie^ 1;63 slaI£ss'.122284* 

k^tfi a;rrcjtr^^ 


mv 


' Ste€l C ? m :- , S ° far 0x0 °2“^ y * iS rather net profit las * y ear of FM 6 - 7m wak last year included copper 

‘™’i,'?S UwW S: concerned aboat resmc and exports accounted for 77 smelters for the Soviet Union 

year hit- by .a-.substarHial .fall boas, orr.sales.in.the- EEC than per cent of turnover. Copper and South Korea (in a eon- 
;■ in-^domestic «teel consumption, with .the depressed "pig iron and copper alloy products made sortium including Daw Power- 
- bur. at present its main handi- ..market, which hit -production up 33 per cent, of sales, zinc IS gas). Order* for the division at 
; cap appears to: be Viscount ‘severely last year. :• Without per cent, nickel 10 per cent and the end of last year amounted 
Etienne Davignon- and: Euro- State hacking Ovaka is also con- stainless steel 6 per cent to FM 276m 

pe&b .Community steelIpolicy; cerned about its Uquidi^ posi- In all tbese metals Outu- It is anticipated that the tech- 
Despite ^ rhe. • fact • that'' tI " on . ' and had t-o .go ,to foreign Joraipu has been operating at nical export division will 
' RautaruukkT. made" a loss of- icapital markets " • Las ^ year t0 “anginal profit levels because of account for up to 20 per cent of 
' in ld773its,perform- ra ^ short ' t ™ loaa f r ; '. the wes&ness in world markets, total, turnover in five years’ 

ance/in terms of a 33 per icent.. - The company's continuing although the recent price move- time, mainly because mining 
Increase in ohlput.-(to about : Jhope is that, its product prices wents on copper, particularly activities cannot be expanded 
2.jm jtonnes) and- greatly im-' can be increased. substantially since the troubles in Zaire, have significantly without further ore 
proved- exports, " efid much -to- tins year ahdFihat it&-earnings been encouraging for the com- discoveries, 
justify .recent investment which - ^raarkets such as ; the^S. and pa " y ‘As with other industries in 
doubled, its steel capacity: .. . Britain can be improved after J pw ® v,?r ’ 15 Finland, the raining and metals 

However since the introduc considerable *?- 01080 Ll’f, ltS “ e , sector is increasingly dependem 

tion 1 of the : Davignon p lan C0U)3tries recently ' remain* th^ UlPUt ls exp ^ cteti tQ upon its skills developed over 

exports into EuSSSuiSrii Without great resources for the same for the next man years> but because of the 

hS^SwSr • «vSeK- ^5 investment. Ovaka plans to ^ht years and then decline lac k of demand in home markets 

^%^ C e^& te ne^ «>U ^def^ & 

* lav ' n ® to look abroad for future 

regarded as potential-'-areas for « *>. 

.with EFTA, of which Finland- ^ Wnd of development ha *- 
is a member, the company can _ . ...d■■ «i 

sell -‘at only 3 per cefit below . Urdlke Rautaraukki,:^ which panv 
comparable European prices, an ^ its own mines in. awe oppo: 
arrangement wtoich Rautaruukkr “ a '“S' Pr^wtlon of oSer 

claims tn be unaccept^>le In the (fo “‘ pel 

conditions now prevailing. . • “ concentrates anaivuw_ * 

Most steel buyers in Europe, - JJSLJJi 5 ?? nther^heavy dutt 
Rautaruuklti sa.Vs, do not think ‘ r^ba : Is^aiieh 

rpS£n^n^p„rSro f 3roJ 

gam - ® PflT- cent » ore from countries ='such as 
taking , rnto ^account the..con, Sweden , Norway and the Soviel 
vemence..of being able to place Union ^ co x e front Britain, 
orders .locally, .At : the same It is also the ma in buyer ol 
tune., various other .countries Finnish scrap. V-'i./; 
such as ; .Spain and Japan are ‘ . O " 

allowed' to sell at even lower rnmnotliimi " 
prices, 6 .per cent -.below. V^illlipCVIllvlI^. ^ 

domestic.EEC prices.: - In the Finnish market Ovaka 

Countries Jauch as Sweden f aces considerable competition 
and the: U.S:: have-proved to be pn its products, with aronnd lm 
gqpd-markets, but unless the tonnes a year of totifl' ..steel 
Daagpon- : .jplanfails, to. last, imports (compared with-total 


Rautoruuki’s new plate mill which was opened last year 


in sales last year. Major 


As the first company in Scandinavia. 
Rosenlew-Emballage lias started lo manu¬ 
facture 5UU kc - HJiH) kg one trip Minibulk 
sacks, commencing from plastic raw ma¬ 
terial. The Roscnlcw Minibulk container 
is an economical solution to packaging 
problems in the chemical industry, as well 
as in the animal t.-edstulls-, fertilizer- and 
building material industries. The Minibulk 
container is manulaclured in strong, cio.u- 
lar woven pOh propylene fabric. The safety 
factor' has been set at four. u< required 
internationally. If necessary, the safely 
factor can be raised. The contents of the 
Minibulk container are protected against 
moisture by a separate pulyethene inner 
liner. 

The Rosenlew Minibulk container will 
make the emiredistribuiion system more 
economical 

The Minibulk sacks make the mechani¬ 
cal handling of sack., po>ahle. Labuur costs 
can be cut down. Traimport and storage 
costs are reduced: 

Contact us! The experience nl one of the 
biiiuest sack manufacturer* in Europe is at 
uiur service 

In the complete selection of the Rosen- 
lew paper-, polyelhenc- and polypropylene 
vicks you will most certainly lind one that 
suit* your product 


Uy W. ROSENLEW Ab 
■R ose n I e v\-E m baHage 
Aittaluoio 
2S!tH) Pori 10 
Phone 358-3*^-11141 
Telex 26172 rlevvp sf 


CONTINUED FROM PREVIOUS PAGE 


designed to limit the building' companies its scope for diversl 

of new fossil fuel power stations Station, is I__- — - . 

bv?' private > industry’, thereby its sister state-companies which 

‘ . r - . __in ornnC Mini 3: 


~ *'■ - 'i limited, mainly by 

... thereby its sister state -companies which 

holding dowti ore consumption, specialise in areas such as 
' The State-owned oil company, cAenucate. nudear and electf - 
Neste,-prefers-to take the view city aiPPU- « doe ®L“f n L r fng 
that, while J oil use for - power tial. however in its engineermg 
generation will decrease, as it expertise and speci^ist activi* 
lid' last- vear. there ft no real ties such as its know-how in the 


mum - of 2 per cent and a 
maximum of 5 per cent a year 
by i99B and assuming a median 
figure of 3 per cent, demand 



e 

























Financial Times Monday Juae 19 1378 


FINLAND XII 



station 






1 i23^i 

acaf^tl^s ;n 


YTT CONSTRUCTS 

Operates in the whole field 
of construction, also on turn-key 
basis. Today one of Finland’s 
lading construction companies, 
especially in exports. The 
total invoicing last year 
over 100 million dollars. 

YIT employs today about 
3500 people. 


YTT EXPORTS 

Active especially in the 
Middle East (since 1958) 
and the USSR. YIT’s total 
commitment in 
exports approaches today 
300 million dollars. 


Tourist i 

looks for 





s ?$m 


YTT TRANSPORTS 

Modem multipurpose ro-ro 
vessels in reqular traffic from 
Europe to Jeddah and Hodeidah. 
Offices of YIT Ro-Ro Lines 
in Helsinki, Amsterdam 
and Jeddah. 






OYYLEINENINSINOORITOIMISTO 

HEAD OFFICE: _ ^ , , 

Raiamestarinkaiu 12. 00520 Helsinki 52, Finland 

Phone: (358-0-) 15 051, Telex: 12-1416 yit sf 

BRANCH OFFICES: 

P.O. Box 3423, Abu Dhabi. U.A.E. 

P.O.Box 2809, Riyadh. Saudi-Arabia 
c/o Embassy of Finland, 

P.O. Box 2508, Tripoli, Libya 



fcsf»K-'7 '• -• .’-X-.-'• ik 




IppSPiP 


**’■**■“'■ r CT \ 

~ \ 


. -- 



FINLAND’S MAIN attraction 
for tourists is its natural 
beauty, particularly the vast 
expanses of lakes and * ore ^j 
where visitors can be assured 
of a quiet holiday. But, regret¬ 
tably s umm er in F inl and Is 
short 

The country earned FM1.5bn 
last year from foreign visitors, 
about the same as the turnover 
of one of the country's larger 
industrial companies. About 3m 
people visited the country and 
stayed for an average of about 
three days. Understandably, the 
largest number of visitors came 
from nearbv countries, notably 
Sweden i2m last year), Norway 
(300.000), West Germany 
(300.000). Around 40,000 came 
from Britain. 

Helsinki, a city with a rich 
history end great charm, is 
nevertheless visited mainly by 
businessmen and tourists who 
are on their way to other pans 
of the country. Around 60 per 
cent of visitors last year were 
air passengers, but an increas¬ 
ing number of people are now 
arriving in Helsinki by cruise 
liner, many of them also going 
to other cities on the Gulf of 
Finland or the Gulf nf Bothnia. 

Although the appeal of fresh 
air and open country (including 
60 000 lakes) is attractive to 
other Nordic people, they have 
to be persuaded that it some¬ 
how has more to offer than their 
own countries. They are, how¬ 
ever, attracted by cheaper 
prices, probably the lowest 
among the Nordic nations. 

West Germany is regarded as 
the most promising tourist 
market and the Finnish 
authorities are planning to 
spend around FM75.000 on a 
promotional campaign there in 
the near future. In particular, 
it is hoped that more people will 
be attracted in the winter 
season there are signs that 
cross-country skiing is growing 
in popularity. The advantages 
of this it is pointed out are 
the lower costs when compared 
with conventional skiing in 
Swiss or Austrian resorts, the 
ease of learning cross-country 
skiing and its less hazardous 
nature. 

The U.S. with 300.000 mhabi- 


8$ 

...» 

: ijSS? ? V7 




.. : •' ■'iWte-"* a,•• •• v v . "■ SLA. ■<* ■■■ *: -.v* i 





mmm wzm 

-•-'Si'-' - V Mc : M '#7 -'S 


7•7-V7 




Lakes and forests comprise the bulk of inland J'intand. and are among the 
country's major tourist attractions- . ^ - 



tants of Finnish origin, has been 
a good source of tourists in the 
past but this traffic is declining 
as their links with the home 
country become more distant 
Canada and Spain have more 
recently been the source of 
rising number of tourists. 

Although no figures are avail¬ 
able. it is dear that by far the 
greatest number of visitors are 
businessmen. An increas in g 
proportion of them are so taken 
with the country that they are 
returning with their families 
for holidays. 

One of the major problems 
facing promoters of tourism 
remains a widespread lack of 
knowledge about Finland and 
what it has to offer. Research 
has shown that evetf .its geo¬ 
graphical position is* in doubt. 
Some people even /think, for 
example, that it may be part of 
the Eastern bloc. A Finnair 
representative in the U.S. was 
recently taken for an air 
conditioner, salesman. 

** Our first task is often educa¬ 
tional,” a tourist official said. 
“ we have to make people 
realise what Finland is like, 
then try to persuade them to 
visit us." 


Exotic 


„ _'Vv 

Ai -■ :r; ,m 

' 

m :V . i 

■ rvv 

-• "V ' 


: - •'i V • : :.;7 ■: ? : js 

w 




■-:£& r»a 7 ••• r- 

• ■■■.•••"• ; ; ;k 


mm 


" : : S 7; K : .7 •••,. 










■■■%#. i :.;v: 75 1 


t. . 


i(H 

T 


-•-'ir*'-. yu.w*i i r;r»-WJKK. 

iirfiiriliXf- 

I X. 


Is it by chance? Or by service rendered? 

We are a Finnish commercial bank with branch offices 
throughout the country. 

We stress individuality — which means everything you expect 
: from a bank: efficiency — dynamism — expertise — ail 
linked with a genuine desire to serve. 

That's why we're also known as the Service Bank. Through ■ ■ 
our affiliated banks Banque Transatlantiques.A., Paris 
and Hanse Bank S A, Luxembourg and our extensive • 

• network of correspondent banks, we also offer a complete 
range of international banking services. • • 

So, choosing us is dealing with a service bank in 
the fullest sense of the word. 




HELSINGIN OSAKEPANKKI HELSINGFORS AKTIEBANK 

Head Office Aleksanterinkatu 17, Helsinki. Finland 
Cables: Helsbahk — Telex: 12536 hbank sf ~ Swirt-address: HE15 FI HH 
Affiliated banks: Banque Transadabtique 5.A., Paris — Hanse Bank5.A., Luxemlxiurg 


An unusual and exotic area 
of the country which is attract¬ 
ing more visitors is Lapland, in 
the extreme north, where the 
midnight sun is only one of the 
attractions. For those who like 
something more adventurous it 
offers cruises on lakes in the 
wilderness, shooting the rapids 
by canoe and trips by reindeer 
sledge in the winter (when the 
sun is very much less in 
evidence). Kairankierto tours 
(as they are named in Finnish) 
offered by Finnair last five days 
and four nights and include 
these activities plus the ubiqui¬ 
tous sauna. 

Finland, a country with a 
strong emphasis on rural activi¬ 
ties, also provides a large 
range of festivals incorporating 
a wide range of traditional 
artistic activity. Perhaps the 
most famous of these is the 
Savonlinna Opera Festival, from 
July 9 to 30. Again, Finnair 
offers two to five-day tours from 
Helsinki to Savonlinna' with 
prices ranging from around 
FBI 400 tp FBI 1,000. 

The historic cities of Turku 
and Tampere have music and 
theatre festivals respectively, 
Proi has jazz, and the small 
viHage of Kuhmo chamber 
music. The summer season is 
rounded off with a major festi¬ 
val in Helsinki in late August 
and early September. 

In general, Finland’s prices 
are favourable by Scandinavian 
standards with food and enter¬ 
taining outstanding -in many 
respects. Speciality dishes in¬ 
clude a large range of fish, some 
quite unknown in other areas, 
which are served in a variety of 
ways, smoked, grilled and even 
raw in some cases, but always 
in a way which Is typically 
Finnish. 

The growth In the country’s 
tourism owes much to the ex¬ 
pansion of the national airline, 
Finnair, which offers' compara¬ 
tively low fares on internal 
flights, many of which are effec¬ 
tively subsidised by the airline’s 
externa] routes. However, in 
the year ended March 31 last 
the airline carried a total, of 
2.6m passengers, slightly less 
than In the previous year, 
largely because of a fall in 
domestic traffic following a 
pilots' strike in the early part 
of last year. 

The fleet, which is to .be ex- 


next five years, now comprises ^passenger kilometres was 11 per 
35 commercial aircraft, four of cent during the first quarter, 
which are leased. During the prospects for tourism in 
past winter the airline’s time- pini^d are now regarded with 
table included 30 destinations optimism,- although, the 

abroad and 20 within Finland, authorities are faced with a 
a high domestic density :fbr. an due^ because of the 

airline of Finnair’s . size, but long w i n ter and the difficulty 
necessitated by the long dis- in persuading the .- tourist 
tances and difficulty of - other industry to invest in new attrac- 
forros of travel at certain times ^ ons w hich may only be used 
of the year. . f or three months of the year. 

The airiine-intends to pur- . 

chase three replacement DC9-51 l?v$iminPn 
odels and in 1980 another ILAtfillilltU 

DC-10, the aircrat it operates on .. ^ number of new. oppor- 
its North Atlantic and other tuhities are also being examined.- 
long routes. It Is also planning su^ as attracting more visitors. 
to replace its eight Super .Cara- ; .from Japan, where Finnair has 
velles. An investment. Pf?" a service in the winter, and the 
gramme costing $400m is possibility of more tourists 
planned! from the Soviet Union. Finland's 

Growth In airline traffic over largest single trading partner. 
the next few years is also ex- About 30,000 Russians • visit 
pected to necessitate expansion Finland every year: mainly in 
of the comparatively new Hel- organised parties, tmt' as one 
sinki airport and Finnair has official said, with a potential 
requested routes to the west market of 200hr people. It is 
coast of the U.S. It currently worth exploring ^"possibilities, 
has five flights a week to the of attracting mere.-..- 

U S ' 1 the Discussions have taken place; 

comparatively smallpartofthe on ^ -feasibility of Finland', 
company’s overall activrty with promotl -^ :toull5ai on behalf bL 
a very high proportion of pas- * ^ -! Union, urging 

senger kilometres being taken westerners: already in FiSl- 
up with domestic and/or charter Northern Soviet citiey. 

“■ . *. . • * such:'as.Leningrad. This will) 

Although the number ^ ^^ be encauTagei by the - 
passengers on domestic routes introduction of a ®i0- 

declined by 6 per cent IttlW^ to there from Helsirdi: 
the total volume of cargo earned; Much obviously depend' 
increased by the same propoi^ 'the comoarative- costs':w.. 
tion. However, as a result of sights to Finland, and ffie, 
dearer fuel, higher* airport ^effectiveness of advertising in 
charges and the high rate of .-Europe and the -U.S. -But with; 
inflation in-Finland, fares-were a( j v ^atage of. comparatively 
increased by 10 per cent.at the jnteimal travel and wide; 

start of the year. open spaces to offer, Finland.s_- 

The rise in air’ fares caused' tourist industry could experience , 
a sharp fall in demand and Tor gome expansion in. the coming . 
; this reason traffic was curtailed years. . ... 

during the early part of. the T It* 

year.' The decline ih: revenue ' •" *' -.r*”'; 



S V E BEH 
































live* i 





Fmancial Time j Mbnday Jiuie 19 1978 

m-m 




1! 


challenge 


27 






A 


i y 

■< i 


BY ROY HODSON 






fHE LATEST problems- of 
British Steel's works at Llan- 
vern and the -corporation’s 
•ellanee on emergency imports 
igain raise, the . question 
vhether BSC's giant plants 
5 I vere worth building. The 
? ) iuestion is given added point 
^ ^ >y the cur rent success of a 
mall private mini-mill operat¬ 
ing across the fields from 
Janwerzu 

Once again BSCs 3m-tonnes- 
i-year works at Llanwern has 
jeen idle because a small num- 
jer of workers were In dis- 
nite. This time the blast- 
urnacemen : w.ere . responsible 
or the stoppage which ended 
•esterday. Little more than a 
rear ago the electricians halted’ 
he plant'for several weeks. . 

Each time British Steel loses 
he output of Llanwern,' its 
»iggest modem plant, it is com-, 
jelled to splutter along like a 
■" notor car running on three 
‘^^..■ylinders. . .. 

During the. current steel 
,.__Jump Iilahwerh has been' 
heavily loaded . with orders, at 
t -. .he expense of other works for 
;>the good reason that, when 

• Speratuig, it makes the cheapest 

- . steeL -It is more efficient than 
r .bther-. British . Steel, plants at 

- ..timing out. flat-rolled products 

• ' •‘or such , markets ’as tinplate 

'for. canning),' hot rolled coil 
.' for ; engineering, and. cold 
.reduced sheet, for motor car 
V- jodies.. ■ ■ ' • 

■ ■■ To* extract the, maximum 
^ - possibleadvantage from' 
r jlanwerri’s l ow-cost ste elmaki n g 
-" n these hard times British 
Steel has pushed the plant in 
■ *ecent weeks to a record rate of 
-jome 2.5m tonnes' a year actual 

- output The price of such a.con-. • 
:entration of effort has been 

* ^hat other older ahid less efficient 
steel plants have had to be 
starved of orders, and parts of 
them temporarily closed or run 
spasmodically. 


The sudden strike at Llanwern 
threw the iwhole British Steel 
strategy into cdhfuslon. It was 
not technically possible to 
“rev . up" .production at other 
works to fill the gap- Neither 
the quantity of steel nor the 
quality the customers demand 
could be . provided at short 
notice. •••«: 

British Steel's only-, solution 
to the problem was to satisfy its 
customers by importing prime 
stell from Europe. Orders had 
to be placed in Holland. British 
Steel, which ranks third.among 

the world’s top 20 steelmakers, 
must be the only major group 
: forced to spend up .'to £4m a 
week on emergency steel im¬ 
ports: and thu.lh the'.midst of 
a : grave international steel 
recession in a. which other pro¬ 
ducers- are scrambling for the 
few orders available,’' 


Ironic 


British Steel’s predicament 
has been ironjc,' i?yeri' absurd. 
But it is not novel-to-the cor¬ 
poration. During the. past five 
years British Steel has.pursued 
the biggest steel ■ investment 
programme in Europe;In .-order 
to build a series of .massive 
coastal works. Meanwhile, it 
has repeatedly .run ..into diffi¬ 
culties in supplying;^its cus¬ 
tomers. Soraetimes.thlBjproblem 
lias been' the nrisrsjding of 
surges in demand'^or'- steel. 
Sometimes technical TproWems 
at the new or still incomplete 
works have left the corporation 
short of steel. Sometimes—as 
at Llanwern—a small number 
of workers have been {able to 
bring a great plant, to-ur halt 
and rob the corporation;of up 
to 40.000 tonnes, a ttfeefc of 
prime steel. - . 

The big British steelmaking 
complexes at Llanwern- and 
Port Talbot, in South- Wales: 
Ravenscraig in Scotland* and 


Teesside and Scunthorpe in the 
North of England, are clearly 
vulnerable to disruption. And 
the effects of loss of output at 
any one of them are felt 
severely throughout the cor¬ 
poration. Is it possible then 
that in steelmaking small may 
be beautiful? 

The best place to study that 
question is at Llanwern itself. 
Recently Mr. Dick Eddy, one 
of the Llanwem steelworkers, 
wrote to Sir Charles Viliiers, 
chairman of British Steel. He 
was questioning the whole con¬ 
cept of industrial cathedrals 
devoted to steelmaking. His 
letter read: “Across the fields 
from Llanwem the future of 
strip steel already emerges— 
the Alpha private steel mill 
which will produce SOO.OOO 
tonnes per year on 500 men. 
Llanwem has problems doing 
that with 10,000 men. . . 

An embarrassing letter per¬ 
haps to the chairman of a cor¬ 
poration which has gone beyond 
tiie point of no return in its 
investment in big works. But 
the Alpha works is one of the 
new facts of life with which 
British Steel must contend. 
During the Llanwem stoppage 
Alpha was continuing to step 
up production as it runs in 
the new plant. 

The Alpha mill is the latest 
and biggest of a new breed of 
steel plant often called the mini- 
mill. From British Steels point 
of view it is certainly the most 
provocative. It has been built 
in the very shadow of Llanwern 
and is quickly Increasing pro¬ 
duction in an 'identical product. 

AlphasteeJ. the operating com¬ 
pany, is financed through Swit¬ 
zerland with technical expertise 
provided by an agreement with 
the Greek steel company. 
Halyvourgiki. That somewhat 
unlikely combination for a 
South Wales steel development 


has built and brought into pro¬ 
duction in under three years 
a complete miniature steel 
works at a cost of below flGOin. 
It is being manned mainly by 
ex-British Steel men. Some 
have taken BSC redundancy 
pay. Others have simply trans¬ 
ferred from other steel works 
in the area. 

This year AlphasteeJ will 
make an estimated 200,000 to 
250,000 tonnes of hot-rolled coil. 
It may be able to improve upon 


prise grouping new to the area. 

At that level it is hardly a 
major threat to British Steel. 
The story will not end there, 
however. AlphasteeJ intends to 
raise output until all four of its 
electric arc furnaces are being 
worked to a pattern which will 
give an output of up to lm 
tonnes of steel a year. The 
company estimates it will need 
between 800 and 1.000 men for 
that. Then, when the market 
looks right, the company plans 


difficulty in obtaining scrap 
supplies and, in any case, it 
will have the whole of the 
Common Market to draw upon 
under the European Coal and 
Steel Community rules for free 
trading in scrap between the 
Nine. 


If Alphasteel does raise pro¬ 
duction to lm tonnes a year— 
which seems to be well within 
its technical capacity—the basic 
concept of the mini-mill will 
become somewhat strained. 


6 With some 300 workers Alpha will be making about one-tenth 
as much steel as Llanwern with its 10,000 men . • • British 
Steel’s production strategy is wedded to the concept of import¬ 
ing bnlk supplies of ore and turning it into steel by large-scale 
production at lowest possible cost at big coastal works. It is 
now clear that such works are highly vulnerable. 9 


those targets <if the Llanwern 
strike has the effect uf leaving 
a gap in the market for any 
length of time. There is only 
one union at the Alpha works. 
The management recognises 
only the Iron and Steel Trades 
Confederation. the general 
secretary of which is Mr. Bill 
Sirs, the chairman of the TUC 
Steel Committee. 

At Llarvwern British Steel has 
to deal with five main union 
bodies of which one {the 
National Craftsmen's Co¬ 
ordinating Committee j repre¬ 
sents 12 unions. 

With some 300 workers 
Alpha will be making about one- 
tenth as much steel as Llanwern 
with its 10.000 men. That must 
be accounted a remarkable 
achievement by a private **nter- 


to instal a cold rolling mill 
which will convert the hot- 
rolied coil product into the cold- 
reduced form t»f steel needed 
by the motor industry. 

At that point the comparison 
between Llanwern and Alpha- 
steel will begin to look very 
interesting indeed. On the one 
hand 20.000 men to make 2.5m 
tonns a year. On ihe other hand 
just 1.000 men to make lm 
tonnes a year 

Unlike Llanwern. AJphasteel 
does not impun iron ore and 
process it in giant blast 
furnaces. Indiesd Alpha relies 
upon supplies of steel scrap 
which are melted down. But 
is that an inherent weakness, 
as some st**el experts have 
argued ? The Alpha manage¬ 
ment says it h?-. n<>t had any 


Originally the term mini-mill 
was coined to describe a cheap 
and cheerful system of steel- 
making suitable for mopping 
up steel scrap locally or for 
installing in developing 
countries. 

Usually a mini-mill consists 
of electric arc furnaces to melt 
steel scrap: a continuous cast¬ 
ing plant to produce strands of 
steel from the molten state 
rather like squeezing tooth¬ 
paste from a tube: and, finally, 
a rolling mill to turn the steel 
into bars, flat coils, rods, or 
whatever market the plant is 
designed to serve. 

Lately the mini-mill concept 
has become less easy to deter¬ 
mine. Various works have 
become bigger and more com¬ 
plex than the original concept 


A recent Metal Bulletin confer¬ 
ence of experts tried to define 
the modern mini-mill. At the 
end of a bard day they bad to 
admit that although the quarry 
had often been sighted, .the 
hunters could not actually 
agree upon what they had 
seen ... 

Credulity was first strained in 
Britain by the Sheemess Steel 
mini-mill. That plant was 
originally planned on the 
island of Sheppey .on the 
Thames on a modest scale to 
use scrap steel from the 
London area. But now, under 
brisk Canadian management, it 
is making 500,000 tonnes a year, 
mostly for export. 

Thus, two so-called mini- 
mills—Alpbasteei a^d Sheerness 
Steel may eventually account 
for some 1.5m tonnes of 
Britain’s steel output each year 
between them. They will by 
then be making about one-third 
of all the steel produced by 
the private steelmaking sector. 

Although the tonnages are 
still small when compared with 
British Steel's 17m tonnes a 
year they are nevertheless a 
significant proportion of total 
British output of steel: 

The British Steel Corporation 
production strategy is wedded 
to the concept of importing bulk 
supplies of cheap foreign iron 
ore and turning it into steel by 
large-scale production at lowest 
possible cost at big coastal 
works. It is now clear— 
Llanwem's problems have again 
made the point—that such 
works are highly vulnerable to 
technical problems, to long 
construction times, and to 
labour disruptions. It is also 
clear that those weaknesses 
were not taken into account 
sufficiently when the strategy 
was being developed in the 
early 1970s. 


Instead of watching the mini- 
mills steal its clothes is there 
anything British Steel can do? 
One interesting possibility is 
for the corporation to use its 
present period of retrenchment 
upon investment to consider 
the future of its own electric 
arc furnaces. The corporation 
has 33 of them. Perhaps future 
investment policy might be 
modified to use. some of those 
furnaces as the centre-pieces of 
some British Steel mini-mills. 
The argument against is a 
strong one. British Steel already 
has too much steelmaking 
capacity and as the big coastal 
works are finished it will have 
even more. The unions would 
have to be persuaded to accept 
new manning practices. 


Flexible 


Nevertheless there may be 
ways in which British Steel can 
turn the mini-mill concept to 
good use in time to catch the 
expected upturn in steel 
demand in the early 1980s. 
Control of some mini-mill-type 
production would enable the 
corporation to be more flexible 
and a lot less vulnerable to 
disruption at its big .works. 

British Steel could do worse 
than begin its studies at Shel¬ 
ton, Stoke-on-Trent, where con¬ 
ventional iron and steelmaking 
is to he closed at the end of 
this month. The employees still 
believe the works could be con¬ 
tinued as a complete unit if an 
electric arc furnace were to be 
installed to serve the modem 
steel rolling mill. Such spend¬ 
ing could not be justified at 
present. But British Steel 
might he glad to have some 
works of that size—whether 
they are known as mini-mills or 
by any other name—in time for 
the 19S0s steel boom. 


Letters to the Editor 


Effect of tax 
reduction 


From Mr. T. H. Russell 
‘ Sir,—For the 
cannot see 
Samuel Brittan 


but goes beyond the conventional the Department of Education and plies of energy figures p-ronii- fications other than secretarial 
sandwich content and "links.the Science with improving educa- nently in the Kremlin’s tutal you can imagine the salary level 
business teaching to the fiifai in- tion for engineers does appear to strategy, and in this regard the and consequent struggle to pay 
duatrial period). Today'W6 are ignore the very great benefits utilisation of nuclear enerey has all the bills. Rising mortgage 
publishing the results from the and improvements that have high priority. Over the next few interest rates, the extortionate 
fourth successive float examina- come from the introduction of years scores of ne*.v nuclear cost of gas and ►•lectrieity—to say 
f tion and it is notable how good the “thin” sandwich course power stations will oe ordered, nothing of tne cost of food 

*• ahhIaIimJ h^in<r nfTnrflrf in manu nf thfl hirinn mo/ iIi-ip unit.' j.f i “nn clothing Qfld !U*l ^|)0UI FY'tfl'V 

else needed in order to 
are problem enough with 


... . . - tion and it is notable how good the “thin” sandwich course power stations will oe ordered, nothin 

me »,„ the enriched stream perfoxingnee being offered in many of the featuring reactor units of 1.500, dothii 
, T . is in comparison with. r other, universities.. 2.000 and 2.400 MW of electrical thing 

i (June 15).should streams. I have been The Dowty Group has been a capacity. These ambitious plans exist, 


continue to advocate decrease in able to monitor closely the per- keen proponent of the thin sand- indicate clearly that although the the present incurve tax structure 

personal taxation as the key to fompjuice in industry ol- r 5wo wic b course since its inception Soviet Union is taking major but the abomiruuon of the rating 

domestic economic earl - er graduates from'' this aDt * vve Speak with first band steps to utilise its vast oil. g;-.s, system is just about the last 


improving 

w ^. ' .. . scheme 1^7“"tbey ^ excellence. of co3 ‘| hydro resources rhe straw. Then there is the delight 

Does he... not. realise- th a *- 0 bvToiis "'ability -to cross- boSln-* 1 ^ system. , use of nuclear power is seen as fully worded item “value added 

decreased _ personal taxation which (•nnetrain mnri*'/nn- ; The DES must he careful being vital in providing iow-cost tux." Just what does that mean? 

and.heat. 


results in increased personal dls- ven ti 0 nallv trained enei/eer£ they they do not (even by acci- electrickv 
. posable income that can be D erf^anc? S /X dent) handicap the excellent 


Of eoure all the facilities we 


overseas The,r WOrk Performance, 4n the ,“ a ” M n uniSrSti.!? u Ak on £ • im * s Xb ,' S c0UnL: '' led enjoy ha>.e to be pnid for. but 

"—K eyes of. the industrial managers v- ?? wliS?? t J he * rjrld in nuc l £,:jr p0 ' v * r pr0 " every working person should pay 

*i T h the resniMnt imnetuf°to has been outstanding, gdjj 11n S P Sun f £»i nr H,lDS ' ns * duction. and although we stil! one tax >n some form to cover 

wth the resultant impetus to 0ne can see Jiftle ar gu mem for K. W. Browning. - - - -- 

either home 0 r overseas capital a furUier yeais .- 0 f sturty except it Cheltenham. 


yn either home or 
manufactured consumer 


’goods^ manufacture and invest- be To^a “ Pl 

ment ' With resppet to design, it is 


Over the past few months 


with the increase in sterling ex- 

-change rate, imports have be- w'^itc^hnutThp’^hort 

come less expensive'In this coun- to 

try (both consumer and capital r l!fl s JJ 

goods) to the benefit of overseas des, « n own field of 

countries—competitors of UK in- pno!«^J« n f 'rp^in^prm‘ri h dTsi C ''n 

lustry. Snnfr institute of Directors. 

The Chancellor of the Ex- |LJ“ seriously Jt under- f Qn Uve IJfIsiU „ n internationally 

chequer would he much better * e ™L, at St one posed by Mr. Clifford Jackson continue to decline as other f . . , 

advised to decrease corporation ° i (June 5), the Institute of Dircc- Western and the Eastern-blo.- J- M. t.oi.^md. 

- ■ ■■ • - ‘ ’■—from cheaoer Metmotc r>.oct:. 


obvious that Prof. French 


Professional 

directors 


From the Director-General. 


enjoy “ first division " slau.s in their share of all these thinus. At 
terms of units genermed. during present «•« are taxed, taxed and 
the next decade we will face taxed again on what appear to be 
relegation unless there is a radi- the same items. I feel the one 
cal change in policy. No govern- tax should cover even*thins and 
men t can afford to p!ay down the hopeful I v. if the si stem was 
role of nuclear power. Id this worked bur properly in the first 
country we need a major coi > place {haven't we ariv geniuses in 
mitment to nuclear power in in this country?!, we should all 
order to sustain, let alone im- be able to keeo more of our 
prove, livlnz standards. Without ^larie* 

such commitment our comp'otj- A „ 1 ' m! , £is!lble dream . , don ., 


tax 


uaiiyiy LU at itmi * T 

fifth of the heads of chemical (June 


(particularly on industrial “ ™ L t s in the tors is actively considering pro- countries benefit fw 

latties) .wWe mmmammg a- aepariments i e ^ for q UalificatJon f or supplies of electrical 


Minpanies) while mjuntaining a u"?‘'D?of^ibna7'“desi’smers~. posais for a qualification for supplies of electrical energy, 
to t on ffividend payments so i^ ey “ 0 uld bHo good at dSlgn: directors. The present government 

that industry can either increase . ei ectr j c s h avers k u , first-rate Bu t there is an important believes it is on a “slow but sure 
Investment and or decrease re la-. S ol . te Dr ocess olants caveat which Mr. JacksoD path" in building-up our nuclear 

live prices while increasing em- Th ” p e g P od relationship appears to have overlooked. That power h^e. it ceiiamly j s d 

fioyment and. thsposable industries, is'that the effectiveness of a slow hut for from being sure, 

ncoraes . tiirougn increased . . pnoVr-pto,.,. romnuter soft- director in his two primary roles. The recent commitment to new 

ralume sales in home and ex- p providers and university that of corporate businessman nuclear power stations is paltry 

v . - ■ — A not as comoared to the.commitments 


>'enri Vair/i Rond. 
Ripley, Surrey..- 


wt markets. 


departments. We have had two and- corporate leader, is 


Decreased personal taxation is f .. pn n ferences on desi'm capable of academic examination. being made by the Soviet Union, 

ar too arbitrary in impact to be *$7) and there That is not to say that it is Czechoslovakia.^ Eas:, Germany 

< meaningful snlntnnn tn UK in- 1 ... . J ' r' . J “ ... 


meaningful solution to UK in 
lustres . Investment 
vhereas decreased 
ax has the benefit 



Who carries 
the can? 

From Mr. O. R. J. Lee. 


East 

E3it 'n'JcfeS Sir.—While I agree wiLh Mr. 

around (June 141 that our society 
Even a . s a u t,ole ls -' Ick *seems to me 


The Elms," Chapel Lane, 
'’ppersteme, Notts. 


i«eTof'p«Sn^™ of tie pro- „'" 3 :^ ts ,„, wort '^VlsSol w™ HI can ^ 3b< »" i( -" I Set aitnuOed 

■a MKtK ffW to match the Caech capact^. 

the materials forming and Tu *? *® considering a modular At the end of this century the or director who might have more 
assembly industries. Broadly this course in which candidates can Soviet camp will have a huge initiative." The buck must stoo 

is not unconnected with the stl ^y be _examined nuclear power generating capa- somewhere. and in non 

Vom tiic Director oj Public higher 
elotUms. the Post Office people employed 

Sir,—Your “Society’s Today” tion area. 

^eport (June 7) gave an illumi- My studies show that the 

irins ineioht in tn th*» natinnal 


Cost of a 
phone call 



leaden;. We shall be setting out advantage over us unless we 


\ 


ating insight into the national activity of design is less complex T ea ^, re t u at those who «ujc- 

oncem for consumer durables, that, the activity likely to be £ ™sj^e ““J eou^e we „ 

- is doubly unfortunate that faced in the production area, of able to ^ffer a S^nck Streeton. 

ou should have used the item a modern process plant For good thS- no«L« the M * 

i perpetuate the myth of ever- performance in production the ^fLiSferable skills Wesiclitf-onSca. Essex. 

icreasing telephone charges. demands on management and ' Simetmt director needs _ 

Our charges have not been in- technical people requires tech- J\ competirot Jin taor n* eos 

'eased since 1975 and we have nieal, economic and behavioural However. I neither expect nor 
ubticly pledged that there will knowledge-broader in scope than ws h to see the day arrive when 
s no increases at least until is required for design. We have ? n .- effective businessman is 
179. This is a record of price been able to develop methods of J-J^ed from prying on a 
ability which no major indus- following the performance of Board of directors for lackjw 
y can beat. In real terms the graduates in design within com- a . »onnal qualification. 


ff directors 


formal qualification. The 

WtaoTE better * ▼line’ to P ri “^y qualities of business From Mrs. J. M. Copeland 

oney rtan_it_h ? _s A ver_been:_a in g of graduates in production " . 


tajor factor behind the increase s tfH eludes us. 


demand which you reported, 
eter H. Young. 
i, Howland Street, W2. 


do not accept 
responsibility for changing 
things and making progress, then 
as a country we really have had 
it. To provide drive, leadership 
and make the painful economic 
adjustments required, must not 
be castigated as rocking the 
boat, hut regarded as the essen¬ 
tial function of directors. This 
is the main lesson that worker 
directors will have to learn be¬ 
fore they pan become effective. 

, . .. No lc?s an authority than 

Sir.—I have never written a p e t er prurker considers that 
letter to the editor" of any even part-time executive duties 


The rating 
abomination 


Tn the very welcome debate on be teSTed ** 016 publication, although tempted to disqualifies directors from dis- 


Education in 


engineering 

rom Mr. S. A. Gregory* 


UIC vcz y wciLUiut uv map v A4 , n i AA . 

engineering it woo Id be refresh- 
ing if people concentrated more "tiurefb- 
upon market needs, studies of U6, Pall Mall SW1 
professional engineering aetivi- - - 

ties, monitored performance in - 

industry, and the wishes of 
engineers themselves. 

S. A. Gregory, Reader, Business 
Aspects of Chemical Engineering. 

The University of Aston in 
Birmingham. 


Sir,—As a professional 
ineer with much experience in Gosta Green, ’Birmingham. 
idustry before entering uni- 
2 rsity teaching, and with a con- 


many times. Being a member of charging their responslbilitip>? 
the great mass of lethargic public relating to their monitoring of 
I have felt, like them, unable to companv performance because 
compete with those who seem they are being asked to judge 
well able to express themselves themselves. He goes on to sav 
and put forward their views in a that many top managers are con- 
telling manner. tent to see the board become a 

However, regarding Messrs lecal fiction and would he nuite 
Coker and Campion, who have willing to see the board disap- 
been speaking up on the vexed pear altogether. He then rnm- 
question of the rating system in ments that where, a hoard is 
this country. I feel I must do completed an “ inside" board. 
Sir r —The build-up of Soviet something even if it is only the board as such has dlsap- 
military 1 capability "lakes the anting to you.to say I am one peared. 


Nuclear power 
priorities 


From Mr. Derrick Streeton 


improvement 


nd the profession, I have had 
Jtne difficulty in making sense 
f various recent proposals and OCcQcU 
■atements. . _ . ... 

The newly spawned enthusiasm-From the Group 

,ir “enriched” schemes, which Director..Dowty Group 

*em to disregard market needs, Sir,—It inust. be unusual for PM „ rrv wum tuc jjiwmvmv 

ads to overlook prior work In industrialists to spring toi the th^^astern-bloc bS became a political i 

Hnnai field there vuonort nf academies, but I matters, tne tiastern-moc nas 

»i°nai neia tnere support ot aca emi^, embarked on a massive pro- I am a woman wl 


threat of equal significance. This Campion says (June 12 tetters) it 'stteke its neck mit. sn how does 
coricem Ser«y the key factor “ 15 there n ,° W- we can spla = h Mr. Cole deal with ideas which 
that will determine the outcome this general feeling across the are Sf > new that they hav^ noi 
Personnel S a .“peaSful" East-West he A dhne ^ an ^ e ^ DU . rage „ a . greal y?» been tn work? some- 


)y own professional 


conflict ' raany more P e °P ,e t0 sp ? ak U P- body ha.- to be first, but not me. 

While in this country we see Lo ° k w J at ha PP e ° ed in implies Mr. Cnle. Mr. Wehh- 

vvmie UJ inis TO uy wben ^ property tax problem Bowen will have to show me 

issue. that if works before I become 

who got herself receptive 


economic a mortgage to provide a home for q. r. j. Lee. 


is been‘a-truly enriched busi-thoroughly aidorse much of wigt e^b^ed on 

gs _and system-hMed says Superiority. The provision of her three children and widowed Crorfa, 5, West Side Common, 

. iterating for eight years (this Is ° c f u S p reOCC upation of secure, diverge and Yaeap sup- mother. Having no special quail- SW19. 


iterated on a sand wish format* 


GENERAL 

Liberian Board of Inquiry nn 
Amoco Cadiz disaster hears testi¬ 
mony of ihe \t*<!*r* musivr. 
Caotam Pasquale Bartlari. 

EE*:: Finance Ministers meet, 
Luxembourg. 

Three-d'jy Ministerial meeting 
of EEC Agriculture and Fisheries 
opens, Luxembourg. 

European fibre producers in 
talks with unions and Viscount 
Davignon. European Industry 
Commissioner, pending signing nf 
agreement to restrict increases in 
capacity to meet the sector's crisis. 

Second day cf talks in Wash¬ 
ington ben-.een treue negotiators 


Today’s Events 


for U.S., EEC, Japan and Canada 
ro discuss, outstanding issues in 
Tokyo Round of multilateral trade 
negotiations. 

Mr. Albert Booth, Employment 
Secretary. addre«ses International 
Labour Conference. Geneva. 

Confederation or Health Ser¬ 
vice Employees conference opens. 
Scv rbornt*"h. 

National Graphical Association 
conference opens, Isle of Man. 
PARLIAMENTARY BUSINESS 

House of Commons: Debate of 
Royal Navy. 


House of Lords: Debates on the 
need for enterprise and innova¬ 
tion to stimulate industrial growth 
and on report of Select Commit¬ 
tee on Hare Counting Bill. 
OFFICIAL STATISTICS 
B?*?lc rates of wages and normal 
weekly hours fMayl. Monthly 
index .if average earnings i April). 
Cyclical indicators for the UK 
economy (Mayi. 

COMPANY RESULT 
Dawson International (full 
yean. 

COMPANY MEETINGS 
See Page 10. 



Shortterm objectives of the Holt-Lloyd merger have been achieved. 
Over two years earnings have doubled from a sales increase of 73%. 


The long-term advantages from the creation of a strong international 
marketing organisation are ahead. 

Our aggressive expansion policy continues. Sales and profits in the first 
quarter are as anticipated. Although it would be unrealistic to count on the 
same rate of improvement as in the past two years, our targets are for 
above-average growth and we expect to achieve them. 

TOM HE'A VO OD, Chairman. 


SALES 73/74 

74/75 

75/76 

76/77 

77/78 

12.39m 

14.08m 

17.00m 

22.32m 

29.40m 

PRE-TAX PROFIT 

1.16m 

1.19m 

1.50m 

2.14m 

2.95m 

EARNINGS PER SHARE 

5.3 Ip 5.52p 

7.08p 

10.17p 

14.12p 


Copies of the Report and Accounts ore avaibbh From the Secretary. 

Hob Lloyd International Limited, Uoyds House. Alderiey Road' Wi/ms/ow. Cbes/ure SK9 JOT. 


HOLTS TURTLE DUPLI-COLOR REDEXi?r : MOtTStlP;?-fLEXY 


1 







28 



EMAP to enlarge magazine operations 


ADDITION to forecasting: a 
further Increase in profits in the 
current year Mr. Frank Rogers, 
chairman of East Midland Allied 
Press also announces plans *r.r 
the future expansion of the 
business. 

He reports that 197S-T9 has 
started well and advertising 
revenue is expected to be 
buoyant throughout the period. 
The group's national publications 
continue to lead the field >n 
motor cycling and gardening; the 
two evenings and many of the 
weeklies are also showing healthy 
circulation gains. 

A major marketing effort has 
been launched to seH additions! 
capacity at Kettering and 
Peterborough. The chairman ex¬ 
pects that the heavy expenditure 
on plant and advanced technology 
will begin tn pay off during the 
year and that the return on 
capital employed in the printing 
operations will progressively 
improve over the next two years. 

Mr. Rogers tells memobrs tint 
C«nridernhie attention has been 
given during recent months to 
pnssihle areas for future 
exnansion. In addition to filling 
the additional productive 
capacity at Kettering and 
Vooston it is planned to exoand 
the mnsarine and retail side of 
the business. 

The group is also seeking oppor¬ 
tunities to acquire further maga¬ 
zines and news agencies and the 
chairman hones to report further 
on this during the year. 

Earlv last month the croun 
acouirud Green Lane Travel (A»r 
and Shinning), a Leicester-based 
travel agent. 

In the .rear ended April !. T^TS. 
STi-ijo n^-Tax prnpis pvn-<nd»*d 
from * 1.07m to Jtl.flCm. Printing 
and niihliVMny rnnf-'buted £!.51m 
and reta'I'n** £11S,77!> 

The chairman explains that 
the greatly rmnroved result fine 

from the newspaper, mair^ne 
and retail divisions and frnm a 
lower interest charge on hnrrew- 
in' T s. The contract print division 
had to meet substantial planned 
non-recurring costs relating to 
the installation of the new press 
ar** rh’s Benito* in a sm**!! !o p s. 

Mr. Roger* points out that this 
jminr prn’pct on the contract 
printing side will result in a tem¬ 
porary downturn in ornfit levels 
until all work has been trans- 
fe*-red to the n**w press nnd the 
substantial csfm amount of 
cap**njtv available can bp [tiled. 

Although the new equipment 
has evperienced teething troubles 


BOARD MEETINGS 


The foilowing companies hate notlfled 
dales of Board meetings to tbe Stock 
E-vchaiuv. Such meetings are usually 
held for the purpose of considering 
dividends. Official indications are not 
available whether dividends concerned 
are Interims or finals and the sub¬ 
divisions shown below are based' mainly 
on last years timetable. 

TODAY 

Ipterims—J. B. Fenner, Great Northern 
limsuncnt Trust. 

Final*—Allied Plant,- Chamberlain 
Pbijws. Dawson Iniereatlonal, Ullesball. 
London Sumatra Plantations. Petbow. 
Show and Marvin, j. w. Spear. Sterling 
I'lriuslries. 


FUTURE DATES 

Interims— 

National iv• n* Bank .. 

-vs international- 

Vert Is stout . 

Final*— 

Austin (E.k i Loudoni .. 

Avans .— — —. 

Braby Leslie . 

Cawdaw Industrial 


. July 25 
.. Jane 23 
. June 22 


properties, Jess profit on sales of 
others daring the year. , 

The group manufactures and 
sells dross, ..furnishing ,ana 
upholstery fabrics and curtains. 


Continental and Industrial Trust 

Hnmhras ... . 

imperial Continental Gas Asscn.. 

London and Liverpool Trust . 

Mitchell Somers ...- 

Rrdlant Metal Finishing .. 

Somlc . 


. June23 
. June 21 
. June 39 
. Jane 29 
. Jane 22 
.. Jair 7 
. June 27 
. Jane 23 
. July 13 
. June 20 
. June 26 


Holt Lloyd 
plans more 
expansion 


the chairman is confident that 
the decision to expand the con¬ 
tract printing capacity with 
modern equipment was the right 
one and that the company will 
again contribute to group profit 
later this year. 

Looking at the provincial news¬ 
paper division the chairman 
reports that sales of the Ketter¬ 
ing Evening Standard increased by 
5 "per cent during the year. The 
groun is continuing to Increase 
utilisation of productive capacity 
and anticipate a positive contribu¬ 
tion to group profit from this 
company in the current year. 

Revenue from the relaunch of 
the Peterborough Advertiser as a 
free newspaper far exceeded 
expectations. Sales of the evening 
paper continue to increase and 
are currently showing a 4.4 per 
cent rise on Iasi year. 

As. reported the dividend fes 
increased from 2.86p to 3.63p for 
l!i77-73. Tn addition a scrip issue 
in "A” ordinary shares on a three- 
for-four basis is proposed. 

Year-end liquidity showed an 
increase nf £317,000—cash was up 
from I3.n!i3 to £204,333 and the 
£321.212 overdraft, Jast time, was 
eliminated. 


Sekers rises 
37% to peak 
£316,242 


FT Share 

Information 

Service 


The following securities have 
been added to the Sbare Informa¬ 
tion Service ‘ appearing in the 
Financial Times;— 

Bamboo Creek Gold Mines 
N.L. i Section; Overseas—Austra¬ 
lia». Central Pacific Minerals 
Ni. (Section: Mines Australian). 
Southern Pacific Petroleum N.L. 
iSection: Mines Australian). 


A 37 per cent rise in pre-tax 
profits from £230.647 to a record 
£316.242 is reported by Sekers 
International for the year to 
March 31. 1978. External sales 
were up 30 per cent at £5.42tn. 

At halfway, when announcing 
profits of £133.500 (£ 118,600 >. the 
directors forecast an increase in 
the full-year result 

All UK operations of the com¬ 
pany continued to achieve profit 
growth, but the New Zealand 
subsidiary made a small loss 
which was, in part, due to 
currency fluctuations, they now 
say. 

Targets for further profit 

improvement have been set for 
the current year and results for 
the first two months are in line 
with these targets, the directors 
add. 

Earnings are given as 3.S9p 

(adjusted 3.L8p) per 10p share, 

while a final dividend of 0.82lp 
lifts the total payment from l.tp 
to L514p net, costing £85,SS6 

(£60,726). 

In accordance with ED19. tax 
takes £101.277 (restated I49.SS3) 
and m line with this change of 
accounting policy. £130.322 has 
been released to reserves at 
March 31.1977 out nf the deferred 
tax account of £343.496. 

Attributable profits rose from 
£171.240 to £191.738. after a 
minority loss of £5.845 (£9.515 
profit) and on extraordinary debit 
this time of £29.072 representing 
the cost of reorganising London 
properties and comprising a pro¬ 
vision for the loss on the 
proposed sale of certain group 





Gmu® 


for 24 weeks to 11th March, 1978 

UNAUDITED 



Notes 

1978 

1977 



£m 

£m 

TURNOVER - - -.-. 


263.8 

225.6 

PROFITS 




TRADING PROFIT - ----- - 

1 



Browing..- ..---- 


103 

12.8 

Conlocikmcry ...... 


■— 0.2 

— 

General Trading -- 


2.5 

2.5 

Leisure . ... .- ... 


0.7 

0.5 

Plastic.; and Materials Handling.. 

1 

1.7 

0.7 

Property ..—.. 


U.l 

0.1 



15.1 

16.6 

Inlcnst charges —. . 


3.1 

2.7 



12.0 

13.9 

Investment income- —. 


0.4 

0.4 



J2.4 

14.3 

Share of profits of associated companies ... 


1.9 

2.8 

PROFIT BEFORE TAXATION.-._ 


14.3 

17.1 

Taxation ... . . _ 

■ 3 

6.5 

S.l 

PROFIT AFTER TAXATION. . ......... _ __ 


7.8 

9.0 

Minority interests . ... 


1.4 

1.1 



6.4 

7.9 

Extraordinary items. -- - 

4 

0.2 

-0.9 

PROFIT ATTRIBUTABLE TO STOCKHOLDERS __ 


6.6 

7.0 

INTERIM DIVIDEND - 


23 

2.1 

EA RNINGS PER 25p STOCK UNTJT- - ». 


7.4p 

9.3p 


INTERIM DIVIDEND FOR 1978 

An interim dividend of 2.6184p per 25p slock unit has been declared which together with the 
associated tax credit at 34% (34 %> is equivalent to 3.9673p (3.6067p) per 25p slock unit , 
an increase of 10% compared with last year. The interim dividend will be paid on Jlth 
August, 1978. 


NOTES 


1. (a) Trading profit is after charging depreciation or 
£5.Smf£4.h‘ni/. 

(b) The following tabic shows the trading profit of 
holding and subsidiary companies resident in 
each territory;— 


3. (a) Taxation includes full provision for deferred 
taxation -and is analysed in the following 
table:— 


1978 


1977 


1978 

£m 


1977 

£m 


United Kingdom 
(including exports) 
Republic of Ireland 
(including exports 
10 U.K. and 
overseas) 

Overseas 


£ra 

% 

£m 

% 

5.8 

38 

•:6.6 

40 

4.4 

29 

4.8 

29 

4.9 

33 

5.2 

31 

15.1 

100 

16.6 

100 


Holding and subsidiary companies 
Taxation arising In- 
United Kingdom 
Republic of Ireland 
Overseas 


2.1 
1-3 
- 2-Z 


3.1 

1.6 

2J 


Associated companies - share of 
taxation 


5.6 6.8 


0.9 13 


(c) The decrease of £0.3 m in overseas trading profit 
is after taking account of a loss of £0.4m which 
is attributable to the conversion of the 1973 
profit at exchange rates which were (css 
favourable than those used in converting the 
1977 profit. 

The Plastics and Materials Handling figure for 
1978 includes the trading profit of £0.ym of While 
Child and Bcney Limited, but the 1977 com¬ 
parative does not include that company’s trading 
profit of £0.Sm as it only became a. subsidiary on 
J4th February, 1977. 


<v5 S.l 


(b) U.K. Corporation tax has been provided at 
the rate of 52%(52%). 


4. The comparative figure for 1977 includes revenue 
expenditure of £0.7m arising in connection with 
the reorganisation of the Dublin Brewoy, the 
formal five year development plan of which was 
completed in that year. 


Although ihe profits of the first half of 1978 now reported arc down on those of the first half of our 1977 year 



companies. The improved expectations in our General Trading division will be partly due to our decision to 
change ihe year ends of a number of companies in this group front March 31st to dales much closer to the 
Holding Company's year end. This has been done to facilitate ihe control and management of the Group and 
also lo pros ide u more up-iu-daiu consolidation of the Group s-aoiivitics. 

Looking at the year as a whole we now expect that brewing profits will he lower ihan those of 1977. bui that 
this shoriiall will be more than made up by improvements in Ihe non-brewing companies. I therefore can repeal 
the beiier I expressed at the Annual General Meeting in February, that total Group profits Tor 1978 should be 
modestly m excess ol those for 1977. 


R. A. McNEILE 
Joint Chairman. 



ARTHUR GUINNESS SON AND COMPANY LIMITED 


AN AGGRESSIVE expansion 
policy, both ip the UK and over¬ 
seas. is being continued by Holt 
Lloyd International, says Hr. Tom 
Heywood. the chairman, in his 
annual statement 

A strong group balance sheet 
and the resources and facilities 
available -to' the company wm 
enable the directors to support 
this policy, in the future, he adds. 

Members are told that sales and 
profits in the first quarter of the 
current _ year are in line with 
expectations. 

As reported on May 12. pre-tax 
profits jumped 37.2 per cent, to 
a peak £2.95m for the year to 
February 25. 1978, on sales of 
£29.4ra (£22-3m). 

On a CCA basis, taxable profit 
is reduced to £2.48m. after I0.47ra 
cost of sales adjustment, £0.23m 
additional depreciation, less a 
£ 0 . 22 m gearing factor. 

Mr. Heywood points out that 
although it would be unrealistic 
to expect the same rate of growth 
as in the past two years, the 
business is .moving forward 
according to plan, and budgeting 
for above-average growth. 

On the UK automotive side, a 
substantial advance in profits was 
achieved resulting from the con¬ 
tinuing dominance of the group's 
established brands, with most 
products increasing their market 
share. 

The company has now reached 
the stage where mare emphasis 
can be given to new products, a 
vital area if it is to maintain 
growth, says the chairman. Tn 
April, this year, the company 
launched three new products, with 
tiro of these taking the company 
into a wider area of household 
do-it-yourself for the first time. 

The food division reported 
profits up 22 per cent, to £98.000 
on sales 38 per cent higher at 
£3 Jim. with both Kfivcrt and 
Duerr products continuing to sell 
well. 

Export and overseas business 
continued to grow steadily with 
it 29.4 per. cent advance in sales 



r Financial Times Monday 

UEI preparing 


D1978^f ‘ " 

;for ; ^ 



ADDED TO the positive cash flow tiations are in'fiand 'whicb it h ; 

facilities availably hoped wiffjnahte tte mp* . 
a nmnosed increase in authorised make further progress withth^ • 
capital 0 ^' Uititedl Engineering otter holdings -Ul Enropj* -yr V 
gdStries by Mm to £L5m will. A5 the group reduces tte tev* 
provide^ Ammunition for. further of its overseas holdings the fia* 
development of the bustoera by mail that it b . 

selective acquisitions, says Mr. <Lmar& effort on . UK. -actmtin. 
Board man. the chairman. . . Since -the- year-eml:-the 
In his annaual statement, he has acquired , for .some £Lm a 
Mints out that the year to large revenue producing freehold 
January 31. 1978, when *■*■&** property and. it e now actively 
•profit Jeapt 74 per cent to'£ 1 . 01 ™ seeking other - potentially profit- 
^and. ‘sales reached . : able situations. - 

- (£4.17m), showed that thft>cowh.... Meeting, 41, Bishopsgats, Er 
pany had been able to Increase July 7 at 11 am. . .. _ _ ; 

- turnover and "profits by develop- . '. . r j r ..■' „-V " 

• muni of its existing businesses-. 

The, directors believe jttat this , SPPrtH'rf''ll9ff' . 

process can continue and they are DCLUUU iiail 

-well placed to financesuch 
; growth, 

-• The balance sheet' reflects the 
addition of''£313,623 ; retained- 
r a earnings, - and a - -further £377,844 „• 

.'arising from Idle release of dfe> _ _ 

■ ferred tax • reserves* together pre-tax profits of Milbnry, a gnj 

: the ddiary of St : WrMi advamsd'. 

of the outstanamg. £7wjQ00 7 rer bom to £001^83. - S- 

S e ov ®* for the period. rose from. 

broadened the h*» of £4-4Sm to £5jB7m. ; • '= 7 , 

•f 311 ? At halfway profits remained 

ara§ab?e cash resources' enaMed' 

ye», for ®AfS tax of. ^43^464 (£ 28206 v 

asssto&ssJji- 

sasfssajBataw: 


acceleration 
at Milbury 


For .the year to March 31,197^ 


Mr. J. Palmer, chairman of J. H. Fenner and Co. 
1977-78 interim results are expected today- 


HIghams expects further 
profit growth this year 


•iSj5nJf nane ^- :w,! = ior a 4^p (2-322Tp) total A cn^ 

bTmS' 26,- 1978. 

overdrafts bad risen to. ; £1Q2.990,;P 0SM h:..: J- v_-.:_ * 
compared with the 1977-7S year , 
end total of £ 11362 ; and the 
previous year-end’s £80422. Work*' 
ing capital at Januaiy'SL'wairup : 

£388,300 f083431) -and .future ' 
capital expenditisre amounted- .to 
£113,159 (£28,037)-of-which" £23,500 
(£10^10) had - been jauthomed 
but not contracted- 


proyi§iQn[ 

bits Victorm 


After . dedu 


ro £8.am. Trading profits were 
up from £486.000 !*• £731,000 


despite the £180,000 costs of the 
American programme. 


Brunner Inv. 
earnings up 


With total gross revenue up 
from X496.S3G to £rt0t.499 and 
after tax of £170^03, against 
£173,260, Brunner Investment 
Trust improved earnings per 25p 
share for the sis months to May 
31. 1978, by 0124p to 1.07p. Net 
asset value ai half-time stood 
higher at 136p, compared with 
I17.5P. 

The net interim diridend is 
raised to t.S5p U.6p). Last lime, 
a final or l-USp was paid from 
record pre-tax revenue of £0.94m. 


PROVIDING textile imports are 
curbed as a result of a muiu- 
fibre agreement and consumer 
spending increases in the latter 
half of 1978. Highams will again 
do well and expand profits in the 
current year. Mr. William Higham, 
the chairman, forecasts. 

As pre-tax profit for the year 
to April I. 1978. was up 26.3 per¬ 
cent to £1.16m (£922.077) on sales 
up at £24.78m (£ 20 .54m). The net 
dividend is raised to 3.01ip 
(2.75p). 

Mr. High am says that in spite 
of increased stocks to sustain the 
higher turnover, and capital 
spending of more than £500,090, 
bank overdrafts had decreased at 
year-end by £261.000. 

The net inflow on trading rose 
from £483,000 to £625,000, the net 
outflow on financing dropped from 
£434.000 to £364,000. The decrease 
in net bank ovedraft rose from 
£49.000 to £261,000 and working 
capital stood at £365.000 at year- 
end compared with £655.000. 

On household textiles he 
reports improved profitability for 
the blanket division, continued 
improvement in furnishing, and 
a further increase in the sheet¬ 
ing division. 

In the spinning division, the 
Tcwnhead Mill at Rochdale suf¬ 
fered because of imports and has 
had a struggle to keep production 
going through lack of sales. New 
plant has been installed at the 
Grape Mill, Koyton. and, he says, 
early results are extremely 
encouraging. 

In ciothmc. Leslie Blass made 
a useful contribution to profits, 
and . the Skol Clothing Company 
has once again had a record year, 
but Kamel to had a bad year, and 
the directors are to terminate 
their business with small retail 
shops in September. Stannards 
operated success-iuliy and took 


over the Kamefla factories., in 
Bridlington, Yorkshire, .-- and 
Accrington. ; 

3 reeling. Accrington, July : 12, 
at 12 J 0 pm. 


>1 UVL I.V" “nuu . a specific 

Meeting. Manchester, ;on , July .provision for Bond. Wortt .Group 
7 at noon.' ' ; debt, taxable, profits.^of Victoria 

^rpets 'HeWings.- feflfrom 

' £247^77.tb Jtl2SAS8 in the year to 


ACE makes 
first half 
progress 


HPrkelftV Pmn. . Aprs V ms. At-tlte interim 

UClIatlC-J A stage k downtorn from a tnofit o£i f 

continue 


For the 2S weeks to April 15, 
197S. turnover of ' ) AX-E. 
Machinery (Holdings), construc¬ 
tion equipment manufacturer, 
improved from £L5m tb-.-fi.8m 
and nre-tax nrofits rose., from 
£97.000 to £103.000. ' : h-' 

The directors say the futian is 
exceedingly promising especially 
in the industrial field and: there 
is considerable interest- - being 
shown both home and .overseas. 

Orders on the construction side 
are running at anprorimafely 20 
per cent higher than tte'breviou 5 
year and on the chemical.en¬ 
gineering side at 35 'per cent 
hisher. . . 

After exceptional non-trading 
and non-recurring expenditure of 
£13,000 (nil) and tsx'.mOOO 
(£59.000) the attributabie^rofit 
is £43,000 (£17.000). * . 


U7.tr 

at 

2T7,?7 

-L* 


S4S.1 

ms„.. 
a.sf CJ 
xv 
d.j 


EVER READY 


. The offer on bebJf of Ever 
Ready Company (Hbldings) to 
acquire the preference capital of 
Ever Ready (I re bed) has closed. 

Acceptances have/been received 
in respect of 15.370 (76.SS per 
cent) of the shares 


to-, a. Joss, of ,v£13590-i»as' 
' reported 7 after that provision.' 

., ..... , .,As forecasr-at"mitfway the final 
Vrdryid^id. -iR held, at 05701 p w. 

. - j- . making ■aij-'niicliaiiEea total 
As non-reyenoe -prodnemg , 407 Bp. ■ -• ;■' 77 . ; 

assets are eliniinated-' and - -.: v • -. .. 15177.75 1975-77 

proceeds more profitably der ~ v 7 : £ f. 

ployed the recovery by •;Berkeley UJ82 - R 
Harabro Property -Com^Se'iS 
should continue, says Mr. J. O. Pro&.hefbra a*-.— usaw 

Hambro, the cb airman-; .. --; is ms 

Mainly reflecting •• reduced R^riuirttaari oeffit - «.»« 
interest on overseas b^owings-(^“ le dJv ;---v-;;^;^ -- 

and an increase --in;-. UK rental Final - ■ ■ • • ,.. v _: ■ ejes 

Income net taxed - profitsnn 

m £335 ’ 000 -Smm 

£840,000 In 2977. . 'Charge. . 

Considerable progress ,-. was - 1 

made during the year in reduc¬ 
ing the group's indebtednes& By 
the sale of properties .particu¬ 
larly those overseas. - v This -has 
enabled foreign currency borrow¬ 
ings to be greatly reduced.. At retiringchairman, Mr; : Harr, 
the year end total group- loans Roper-Caldbeck, “ reported tha 
were shown- to have heeh 7 - cut prosper were encouraging fo 
from £82^4m to ; £29;98m. • •' s . the eoming year, and that ai 
Since the year end two further .regions were maintaining pre 
important disposals have : been gress. - V. ■ - ’ 
made—the interest in Berfeefey At; the. following EGM htrfdler 
Hambro Incorporated • has - been g3ve"formal approval rto. the sa> 
sold to: Swire Properties 'for of Windsor (F.M.S.) RubBe 
US.JSita and : tfie - t^rtn^-'Estate,;to'Malakbff'Berhad: 
associate has sojd its large office ? Mr. Harry ■ RoperrCald beck-fia 
site In Stuttgart at a figure .above: now been -succeeded by Mr: Ala 
wfitten^down book yahae, . Negb- Charton. . - 



i.\T£R 


BOUSTEAD 

OUTLOOK 

At the- AGM of Bonstead th 



70 % 



V^ustsd 


-.A-W 


It is reasonable to expect that the results for 1978 
will again be satisfactory. Looking further ahead 
internal growth and recent acquisitions augur 
well for subsequent years. ^ 


CHAIRMAN 


Marshall's Universe 





Races paid for W [E 18-6.78 


Mon. 

Tubs. 

Wed. 

Thurs. 

Fri./Sun. 


Call 
% o.a. 

n.m 

12.059 

11J49 

12.031 

11.946 


7 day 3 month 
"< p.a. /<• pJ. 
8.352 — 

8.667 — 

8.851 
8.938 
9.873 


9.625 


-T- 


.»: 




LOCAL AUTHORITY BOND TABLE 


Audio rity 

(telephone number in 
parentheses)' ' 


Annual ( _ • 

gross Interest Minimum Life of> 
"interest payable - -sum bond"-' 


‘JiSHTS 


'i 


£-•■ Yeat.. 


Barking (0T-f>92 4500) ..J.... 

30J 

! iw 

3.000 

AS* 

Barking (01-592 4500) — 

3U 

i-year- 

. 5,000 

.4-6: > 

Barnsley Metro. (0226 203232) 

31 

• ■ i-.vear 

250 


Knowsley. (051 5486555) • 

119 • 

4-year 

Looo 

. 5-7 - 

Poole (02013 5151) ." 

301' 

: Fifear 

: 500. 

r? 

Poole (02013 5151) .. 

m 

fyear 

. 500 

0-7 M 

Redbridge (01478 3020) 

11 

,>year 

- 200 

5-7.N' 

Sefton Met. BC (051 322 4040) 

iif:. 

J i-year 

r 2,000 

5-r;w 

Thurrock (0375 5122) :.:... 

n~ 

i-year 

300 

. tt. y 

‘ Thurrock (0375 5122)_ 

UJ - 

. i-year; 


MA 

¥-v 



. . 

■\ rr-i 

KVKI - .ftdv 

• - 



•••-. 

-vv^- 



r ■ • -•" J ,"V . 


■-■■■ ;- J; . .... . ...' irnin; 

; v • .-’V 


John Foster & Soil liimitea 

Spinners and Manufacturers 


-f-r 

-, 

:~-4* 


M- 


Comments by the Chairman, Mr. G. F. B; Giant v. 

Group profits were more.than twice as much as in^ther 
previous year ■;si 


Distributors of motor vehicles and motor components; - 
distributors of paper and board products. 


If you require a copy of the Report and Accounts p/ease 
write to the Company Secretary ah— 
Marshall's Universal limited, Marshall House, 
468-472 Purley Way, Croydon, Surrey CR9 4BL 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Deposits of £i,000-£25.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rales for deposits 
received not later than 30.6.78, 


Terms (years) 34567S9 10 

Interest % 10 } 11 11$ 11$ UJ 12 12i 12V 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier, Finance for Industry 
Limited. 91 Waterloo Road, London SEl 8XP 101-928 7822. 
Ext 177). Cheques payable to “Bank of England, a/c FFI" 
FF1 is the holding company for ICFC and FCI. 


Direct and indirect,export salesaccountedior 66 per cejot ^ 
of U.K.turnover.;: 4 . • .'. ■ ' 

Policy of moderms|tion contiduesand further nev^ ‘; : ' 

completed. 


Black Dyke Mills Batfd continues to Win p/emier awards. 

The company is well placed fe ' 

timesfortextiles,;ofderbooksaresaSisfactory,arictactfvityS^: 
is likely to be maintained. 

: !-C ■ - -, L _./• f. J-' V . ' -•- ^ 


Extracts froih' 

. ; Vv-^r. 1 SS'weekscnded: 52 we^^nti^t-^ 

Turnover ^ s r .- 

Trading Profit 
Profit afterTax 

Total Dividend per StockUnit ; : . ; A ft* 

Earnings per Stock Unit^^ ■; f v r -yyr :; >; 


. ,> n . j . .. v 

;;rr • : 


... 


Copies of the 
Black Dyke 


y'V 






























Piiajicwl Times Monday Junfc 19 1978 


I mining notebook 


Western Mining — v 
to do with them now 


INA plans to launch new 
bank within 18 months 


BY NICHOLAS COLCHESTER 


ofjheniore important ijompany.dividend j *■. • .1 A 

*° do w,t h them now hank within 18 months 

dividends to be declared will not necessarily be at the Amounts or BY LODESTAR 

ates- per cent shown in the column headed “ Announcement last BY NICHOLAS COLCHESTER 

■ ’’ ear - Preliminary profit .figures usually accompany final dividend tht? 

■ • innouncementfi. . ' ‘*7“ REVIVAL in ttie Australian ing out that it has not got the Marketing agreements should be 

' . Anwram*. ■- ■■ ■■■■ itamuinc*. l!I”V n 6 , raark et has prompted a environmental and Aboriginal the next news coming along for NOTHING LESS than a “very ing Mr. Zombanakis in 1972 a net worth of S1.17bn. It is 

• »at* ment last Date ‘new i«a ?: a °£ queries. And there is problems that beset the opening these projects. Pacific Copper highly specialised universal before he left for the insurance led by an investment banker 

. ._ . ^ Jff -V-' " ««ur do, i bt " K,ul 1,16 share °l« the Panwntinental and shares are 40p compared with 35p bank” is planned by Mr. Minos company. and it already owns an invest- 

• - nfiu«B Ml lit/up E d1? hst ' 11 is Western ^£“ 1 ft^“ depositaln ^ ^ en ‘ BSt re erred 10 here on Zombanakis. who resigned last. The current chairman of Blyth ment bank. It is anxious to 

Alexander* / -LfnduBrta"^"*" SSsTaMs Northern Temtory. May 15. . week as chairman of First Eastman Dillon. Mr. A1 Shoe- diversify overseas, and already 

rw , Ante, jSSm- mim uoycu Bank ..Julya' tot.a.nS inquirer even recalled that Disagreement comes from the Boston International, and by his maker, was also a senibr cxecu- has a usefsM connection in its 

1.1 Hn l aihwiilo^oo-. ■ “* LRG inti: jniy ao .Fjttdj.m at the last annual New Year Minister for Trade and Resources * * * new employer, the mighty INA tive at First Boston Finally bolding in Suez. 

, * . Prop... July aa Filial -tune az \ Krai jjh investment dinner, the findings Mr. Doug Anthony In Canberra. Corporation of the US. Mr. Zombanakis is taking with Mr 7 nmhamioc aTnrt 

--.srardss^aaii*. A »*'«■ ^^iphia co^s. 


• . 1 Armoiinct- 

• *. ’ Date mem last 

. rear 

• AAH __... July 26 Final# 

- -AlrftK tods. -July. II Final L78SZ 

Alexanders 

j.„ Discount.July 4.1m. 4.S- 

, Allied Brews. ..Jane 20 r tot. I_23 . 
'V'lin L Aflaall London 

. “ it' Prop... July 22 Plbal 4S7»s 

■ 1 VAnalo-Ameilcan 

Cornu. Grp- July 20 Dlvs. due 
‘■SH<i. Anglo-Amcrlran 

f \t... ■ . . _S«S v .Jl , ln3 InLl 
l \ l -J; An*lo- Transvaal . 


. . Sues.. .July 13 Inti 

Ando-Transvaal . .... 


‘ s Uplu. Con, ‘ Grp... June .« Final due - 
' •• i'J . ArbutluKH • J 

. . Latham.. June 22 Filial 5.511 

‘Assoc. :■ 

'• Newspaper* •’ jnjy X Final 2.51* 

atv .-June 22 Final ai47 

RaHnr Pertinv. June 22 Final 2J338 
■ .Barclays Bank.. July 2* '. Hu. 5.5 

- -• Baascrt iGco.J.. June 28 Final 4A3M 

Bath and 

Portland ..July 5" Irit/i.5 
Blnnld 

0 Ml east.—.July 13 ML L» 

• BPS .tods.-June 28 Sec. tol. 3.4M 

Brown iJohni ..June 23 Sec Ini 5*8 

.June tS Final 2.2335 

" •- Paelan .July 14 Final L78T5 

Dally Mall and - 

Gen. Tst... Juty ? FinalT.512- 

. :Davy Tm.July 20 Final 6.6 

• Dawson tot.June IS Final 1.8893 

. Clsrillera July 14 Final 4.49389 

-.-.Dobson Park ..June 14 im. 0.S33 ' 

• - ■ ' nowiy Grp. ...July 21 FinalJ.2 
Elec. and 

nen.Tny. June 2 n Final 0 .* 

, Fltrb Lovell .July. 27 Final S.518 

s V ' General 

i >i. Pi? Electric..July 5 Pinal l 502 

ir.,,G«aeiniir . .July IS Ini; 1.925' • 

t.' ..•■■Granada •.June80 Jnr.1.0648 

i • • • v \ ' T.rlncllays . ...JnlJ 57 Int. 0.5 
l i : GL Universal 

f ■ '*■ Stores...Jnly II Tlnal 4,355 

i it-r , Bamhro -Tar.- . Jnly-23 .Finall.12 
’ Hambros -July 7 Final5.875 

- ' • ■ 1C Gas .June 37 Pinal 3.2785? 

. Illingworth 

Morris July 25 Final 0.47 
Imperial Grp. -July 14 Im. S.55 

• . Inehcape .July 2S Final 5.46 

JoTrarg 

•“ Cotwolldaicd June 9 Int.'due 

Johnton-Richards; 

Tiles.. July 19 Final 3.829 


Announce- 
Date 'mem last 
year 

■Ketmlng 

Motor-June si tot. Up 

“Llndusirlus .June 21 Wndl 3.045 

•Lloyds Bank -..July S3 tot. 8.7x5 

LRC inti: July 20 FtnaU.m 

•Lyons tj. j .June 33 . Fto*l SJJ3 

Magnet and 

Southerns-July M Phial 5 . 
Mercury Sea. .. July OT -Ftoil 3.3894 
Midland Bank -..Jnly 22. tot5.75 
rVTK Electric Juno 28 Final 2.59 
•NaiWnst Bank .. July 25 Ini. SJB3 

Neepsond .—July 25 Final 2.0937 

“News toL —June 25 tot. 4 

“Norrrds _June 23^ Thud 2.46 

•Flessey. .June 20 ..toL 0,48787 

-Powen Duffryn . JuneSO Final 6.13884 

Prestige ..July 98 Ini. 1.73 

■Prop. nidg. and 

tov. Tst-. June 27 Final 3.708 
•Racal - 

CIcetr6nlc_June22 Final l.J»l 

- Rank Ora. _Jujy 18 Inr,2J15 

•Redllfusion .—June 23 Final 3.415 

Redland - .-Inly ML Flnal 2.(M2 

Rothmans 

totcmatfonal-July 7 ranaJ L73i5 
Rothschild tov...July is' - Final 8J7 
•Scapa Crp. .—.June 23.' f1n4l3.4538 
Scot, and NwcstL 

Brew;—July 13 r Final 1.S3225 
Scot Slid Unlv.' ' . ' - “ 

tov;.. July 14 - Pinal 3.87 

5GB .June 28 InL 245 

■ She epb ridge 

£n*—June 22‘-Final 3.1756 

Siaflre tor.May 30 Flnil-LM 

. Siand.inJ 

Chanorcd...June2S Filial 10 J25 

•Srenhouse .July S( ' lot-1,85 ; 

Taylor Woodrow July 16 -UrtL USF 

•Tesco '..Jane 21 Final (tSS67 

Thorn Elec. -..July 8 Sec. im. 4-3582 
Trust Houses 

Forte..July 5 tot. 2.25 
•Tonne! Hldgs.. June 22 Final 6.755 

"Dnigntc " .July 21 Final LSST3 

•Union' Disco qdl..J uly 19 Int 8*5' 
■UnitedStates - ------ 

Deb. Corp—June 21 : lnL.LU 
Vaiix Brows. . June 24 Sec. toL8.03 


recorded here. I had a side-bet * 0r Yeelirrle by the time it has A fortnight agn I revealed that [,h» r new 
that these particular shares would 3<>t its environmental impact North KalgurJi_ had been offered 11^1 it 


the Boston International, and by his maker, was also a senior -execu- has a useful connection in its 

■ces * * * new employer, the mighty INA tive at First Boston. Finally holding in Suez. 

'[t Corporation of the US. Mr. Zombanakis is taking with Mr . Zorab anak-is suggests, and 

A f^'nierht T _ . . . If all goes according to plan him Mr. Richard Butler, an t^a in Philadelohia confirms 

act North Kalgurli '"had been*offered lh -T, new ba ° k * 35 helped develop ^ar the new banking entity wiii 

a loan of AS0.5m (£0.3m> bv the will emerge m around IS months Boston Internationals substantially expand the existing 

ing western. Australian Governmenl T 6 ^nge of services offered by the 


be standing higher at the end statements approved. a loan of ASO.Sm Uu.3rm by thi a caDital of some Middle East busings * substantially expand the existing 

of This year. ^The-price at the . I suppose it is at least something Western Australian Government gS* f k5h Mr lMV i n . ran § e of services offered by the 

time was 98p. Iris now I4?p m the sull confused Australian i 0 enable the company to switch f 5 ® 1 ?:, wtll be jointly held Mr Zombanakis is international arm of Blyth East¬ 
aftertouching I60p. uranium situation that Mr. Croesus plant back from the International Holdings. First Boston after becoming in- man Dnion It wiJ1 j nc i l!de non . 

But it is not the tentative Anthony does see Yeelirrie reach- , re aiment or nickel ore to its a subsidiary of the lnsui^ce creasingly convinred with- retaiJ commercial banking, 
revival L ihe markef fo?5tS3 ^SProducUon eventually original purpose of dealing with company of which Mr. Zorn- S* £SrSSli3ft ,l, *r ? ** money management, advice on 

that has nrn nw nwliiirL" «»I Altogether, while I am still con- gl>w ore s now that the plant is banakis is now chairman, and or less impossible for a wall merE e rs and Ccauisitioni as well 
on the way io /mS^ i? « the °J Dt no longer beins used by Selection by Blyth Eastman Dillon, a New Street investment bank's Inter- afi f S unc t1oL of an°Svestment 


EttiWK £35--^ .“ESS^ “Sa 3,0 hopes t o ir-vol.e - “Weo^s.oe^ tt e s,e n 
lead-silver prospect In Victoria hi promDt ihis^month J * custom mill that could be used Compagnie Financier de Suez, of First Boston’s capital and a development of the overseas 
which BP Minerals is the co- he™Se‘to-o In a»i n ^ tributors who are still at in which it has a 7 per cent he makes no secret of the fact operations of Blyth Eastman 

venturer with a 40 per cent stake, once the 1977-78 results are out " ork on che Gf),den Mile and stake, in this new venture. that he found the New York top P*Jlon International, aided by an 

Unfortunately the find is In the of the way. Then Western Minin- who at P resent have to use the Quite a lot of First Boston management too orientated infusion of capital. . Mr. 
Snowy Mountains area so at the would be going forward info ! ts !?tate u talent will have gone into the towards their domestic Invest- Zombanakis will be seeking to 

most no more than one further next financial year at least secure I* ***‘ tnoucrhi.. however, rhai creation of the new enterprise, ment banking business. recruit additional talent for this 

borehole is likely to be completed in the knowledge that with its the prime oojeeme of the change- The cbajnnaQ 0 f jna is Mr. On the other hand he feels operation and he will be in talks 

before the winter weather halts piled up stocks of the metal it is ov * r Ues ,n ... tr,e hope that the Raip^ Saul the former chair- that INA can provide the right with Suez in the hope that the 

operations. If this yields similar well placed to take full advantage S° ld pnee muVe hl ?h enough f P irst R 0Stc ,n j n New York hacking for his ambitious plans. French bank will become pan of 

values to those of the previous of any furtherance of the nickel to warrant the company restart- . resnnnsible for recruit- It is an insurance company with the grand design. 


RECENT ISSUES 

EQUITIES 


^il=3i5'r 


F.F. - 
F.F. bn 


"Srtnhouse ."July S( ’ im. l.BS; doubledfy have a further burst Medium-term there is nhvavs operations. 

TayiOTWoottrow July 16 '-Wbfr.. of strength. the chance that a call may be It is this P04.%ib>lity that is | 

Short-term Western Mining are made on shareholders to put up reckoned to give ihe shares at 

tySShou^s sec-thus an example of that age-old fresh equity funds. I4p some speculative attractions 

Fone..July 5 int.2.25 mining market risk a speculation for bulls of goid which on Friday] 

■Tunnel Hides. .June 22 FiraJ6.755 on ihe results from a single drill Papifip f'Vtnnpr night in New York broke out, 

TJniwi* - ..July 21 FinalLSST3 core, in any case a waning of * above its recent S1S0-5185 trading 

■Unl»dSmM! DL ■' J^1,19, interest is .likely subsequently Another query reaching me is range. 

Deb. Corp-.-Juoe 21 : in^LJ3 until work can be resumed in the whether there is any fresh news 

Vais Brows. . June 24 's«iint 5 .M down-under spring. about Pacific Copper. Share-_ 

, n „, . .'V- r pinhI , And the Victoria enrironmenta- holders on this side of the world 

«* rt * J,sl s have been quick off the mark seem disappointed that the shares 

• in rhe,r inevitable criticism have not been more responsive T(: | ai/jV 

iwue rineg made from reserves, especially as the find may be to the Australian markers * t*-* ^ 4 v 

wirhin an area that is being recovery. Pnc« Chanse 

, ' . recommended as a national park. I detailed the latest develop- cantata is on toe 

Z _v Meanwhile, Western Mining's ment* in the company's tungsten Banklng . insurance and 

nickel ooerations at Kambalda in ar, d coal projects lasr month. I Finance 

1 ..-■ ■ Western Australia are not vet sa 'd then that the management Bank Ll-itoi ie Israel r;4 + 3 

riES . indicating the kind of earnings headed by Mr. Peter Gibb could ginSSpBr. " S J +J 

.. recovery that would in itself Hl «cast not be faulted for lack ^" 01l Ba ^ 0 f rr. o:i + i 

I 1 i 5 I. 'tei I justify the current share price. of , activuy. Unn.-d wixrahi . .‘in + a 

1 {-■ H l§Sli^]v£ Lower earnings and a cut in an now hear thai the latest Hawieh inwra^ r- r joo + i 

‘ k !sI^‘ +or itii llf&Si ?lre«*cly meagre dividend (the exploration venture concerns aNu- +1D 

’S i — k< ■“ interim was haired at li cents) V a Jin-bearing deposils in New Bank Br. «3 -ll 

_—S_ 1 - l ~ for the year to June is likely £? u £h which arc also to LlIld b BWhpn . n , 


AMEV to hold payment 


BY CHARLES BATCHELOR 


AMSTERDAM, June 18. 


Rumasa in 
brandy dea! 


THE AMEV insurance group ex- expansion of its activities. B R _ hert Graham 

p#»ets to pay a dividend for 1978 Amev s acquisition of Time y 

equal to the Fi.5 cash plus FI 0.50 Holdings Inc. of Milwaukee be- MADRID, June IS. 

in shares paid in 1977. In the came effective in January It ptimaca criiiip th® 

prospectus for its planned Fl 38m plans a further expansion of its aROUP the 

(S17m i rights issue it maintained insurance activities in the U S. P r ‘ vate ^°^ ln ^ company 


Priors Change 
June is on toe 

WCL-k 


--— • Stock . rf#a+«j^| ilflfcSs ?lready meagre dividend (the exploration venture concerns aNu- 5W 

-as | FiiaK' ijw' 1 - - !”" *■< " interim was halved at li cents) V a Jm-bearing deposiis in New Bank Br.. «3 

|Bigh ;_U»__.__■ . 1 - I — for the year to June is likely South Wales which are also to LMd Dewtopnionl 

nz | t» Brmmaii tu.u.i..i eg ■.[ rA.a ! 3.1 7-7. to be coming along in August. de . Probed for gold and platinum Afriva tsraiJ j inv. si. m.i 1.443 

168 1 1*2 ‘Kumtherm_'1€6 1+2 BJ) 2.4^16.8 The big Roxby Downs copper mineralisation under a six-month israri Laud Develop t'-r. 2 % 

33 I 36 Ttoimte Piywri- 1 35 1 —1{ 13.012ii BAi^s find in South Australia has the option agreement Property and BuiWils .. 3S4 



FIXED INTEREST STOCKS 


s i High I Low 


li t° 
35 ■ 


1 100 I F.P. 1 
' 1UO r.r.I - 
•lOOpI F.l*. JU/5 
■ I F.P. — 
98 lOO ; 22ffl 
lOOpjr.K - 


1MV* lOOyfc Agne. MorL.Vtr. Bale Ms. 1983...... 

Ss«i 4 . SW«4 Amer. Exprem tot Fm. Variahlt 82..'SBpi 

UOp! 100p'.\jiini«-3 it. .1 -u l4jiu. rivi.jlOflpi 

sell I 94p;Auunnotive Fradr. 8% Pref. ... 94 


misfortune to have accompanying Pacific Copper is also still keen public unfit? 
uranium values, misfortune be- on further expansion into coal isr+ti Eitaric corp. in 
cause the State Government is with a 90 per ceni interest in investment companies 
strongly against the mining of a prospecting authority in south- 

uranium east Queensland. Evaluation work Ual 1STael 111 - s ' n ""- ** 7SI 

While on this subject there has is scheduled to start at an early f“™™ r ^L*. l d nd F ! J u s i; ia i , 
been a curious divergence of date. EiJo Br .". . “i.5 

opinion about the timing of So the management continues .\rcaman Textile Br. . -.«c 
Western Minina's Yeelirrie ura- to try hard despite its pre-occupa- - ata " Texflk- - B - nco 
niuzn deposit's development. tion with development of the Am-r.-israeii Papi.r MVis 
On his overseas tour Western Torrington tungsten mine and 


W ’.—■ lisiVii"’ I Australian Premier Sir Charles expanding the Slnxleton coal f«\-a Reis. 

u% 4 . " .. "7'“TV"!"TV. I r.mirf r.nt frtnvorrl o IOM nrnrl■ 1 f *nP 1*01 mn hrtfh in Wcni 1 ‘sAiith _ . «... 


M[* KOOp j Hi fit* 11 % Coni'. mm..Knl. Anti rmt . 


Court put forward a 1982 produc- operation, both in New South Flw , and ou 
tion date for this project point- Wales. ode* . 


>• F.p. I — 98p ■ 88p iCIivb Diwount 9i* Cum. Prof..™,..[3+..* Don date for this project point- Wales. 

.** F.p. J — 96J*P' yli> !Dewhir>4 (I J.) E|4 Cum. Prei--«... .SOp-wi - 

100 _ ! _ UMie 1 tabs Kdlnburoh. lUitv oh V*r- KhUj 18B3..._:._ 100«||«A : 

l£dl. 66 X10i2Bi7 II I lOU K^W. W*ier V* Mm. PhH. 1983.. XT-1+1 4 

II FJ. — 3Upm Uepm Fwrriew E«f. i3.K6% Deb..jPapm]—U 

•* F.P. j — 90i*p itty Oreenfleid MIliuK.- Cum. Pref.- 


The one-for-10 rights will be from Fl 15m in the same period The latter is best known for its 
t ? used to consolidate Amev’s recent last year while turnover rose 28 production of brandy of which it 

X 4 acquisitions in the U.S. it said, per cent to Fl 675m. produces some 1-m bottle s a 

+ 1 The company also considers it The rights issue of Fl 5.49m year. 

+ ? necessary to strengthen its share- nominal of shares is priced at Rumasa controlled by Sr. Jose 

+ id holders’ funds in line with the Fl 70 per share. Maria Ruiz Mateos is reported 

______ to have agreed a purchase price 

-,J of Pta 600m (S7.5mi of which 

Orders for New Zealand French bond issues pta isora isi.sm> wm he paid 

+is THE NEW ZEALAND Export- THREE bond issues totalling 0 ‘ 

+ "° Import Corporation has reported Fr 1.35bn are planned in the JJf " n 5 > S iaLfi 8 .™ 

. receipt of uiuiti-million dollar French market this week- The ? r J[ n . s '’ 0 " ni ?. t elin rJr 

+ 6 orders from China and Soulb local auihorities financing body brinks compdOjes in Spam Gar- 

+ 1 Korea. China is purchasing 15.642 —la Caisse d'Aide a l'Equipe- ' 0 rk -iJ^ r hl f, hU ipr 

+ 5 tons of New Zealand-made steel ment des Collectivites Locales— domestic market, but has 30 per 

bar. bringing the total sales since plans a Fr.SOilra issue over 15 n * sa / es abroad 

+w Aoril to'25,000 tons, and 55.000 years. Rumasa s mam drinks com- 

t ] p processed cuttle hides bringing Elsewhere, the City_ of Paris Pjjy ls „ er I?’ S 

tls the total sold since April to is planning a Fr 350m issue with Ruiz Mateos. The combined 

+ 57 ' 100,000. South Korea is buying the maturity nearly 16 years, turnover of Garvey and the 

0 000 tons of wire rod and a La Caisse Centraie de Credit latter wzJ? now challenge the 

lu trial order of 50 tons of bright Cooperatif is raising Fr 200m leaders in this sector. Pedro 

draw-Wire for use in manufac- througb-a 16 year issue, • Domecq, usbnrne. and Gonzalez 

+ 4 ruring nails. Reuter - Byass 


99 [£50 3Bi8 I 48lg 461, ‘iirtimi U iLun. ttu.fc .41 Ui^ Bet. 40 -1 ^ 

.4 • |F.K tl/8 lul - «*& Libmy * Co. iJA Prt.....100 _ 

»• F.P. rr- [ 9&P B*P. 3\>a.Ngw»ipiiU49S pinn. Prof.---Lj* z P, At • 

■Jujil - 29/6.riv»F oUj. intto*u3i*«.aiii. rn.,„.. 


Currency 



:•« F.Fi 50;e 10b J0» PrtMtflOsaCnm Pret..„--wl04 

!•* F.P. 7iT 10K US ltjiiickvH.*.a.. 10* Pri...-. 100 

• • FJ». — lOup Blk-ptsmbh Aobyn 9** Cun. Prof..97ia 

-Ifl £10 10ft IDA, cktuto Tynaaide 121^ kM. 1966 ..: W 

Iji' F.P. 46i6 101 B6 re*H«l Ioxl-dv. biu. Lu.U»5 .—.. 9 5 1 .. 

■»85 4 1<9 10l« 734 fyne * WW Kt . Ut*- Ji. . *0 + U 

- I F.P. 1&G lOltypj 99p w«le Pottene-10% Pivi- J. .J 99p'-l 


Yen eases from record level 


BY COUN MILLHAM .-vn.e, j 1 «■ —-e? ~ -- 

. l 51-44-»Bi .SMMM 

Publication of Japan's trade A heavy import of crude oil. tion rate of 7.7 per cent came as Oi^ninc...JJ YA '* 1 BY OUR INSURANCE CORRESPONDENT 

surplus for May on Friday was ahead of a consumption tax which no surprise. atomic i.*M, mmjo iwsukapil.c wuku 

probably the most keenly awaited started on June I. was behind the The Government's survival in Allerri( , in iutiu . s "n 4 6 r ! m - 2 i" MORE COMPANIES involved in the basic travel insurance most 
event as far as the foreign ex- sharp reduction however, while a vote of confidence in the ' "" ub-iad.B 47 i ;.i:ri. 4 rai international trading find it of us buv for holidays abroad. 

change market was concerned on the same day that the figures Commons on Wednesday helped Gold 1 . 0 m-. necessary to send emplovees Cost varies widelv and 

last week, but it was by no means were published the Japan Foreign to keep the pound steady, but abroad, for short trips or what depends on the number’of staff 

the ory ,t«n of .interest. Trade Louncif forecast an annual political events in Belgium and ..i.Ax.u." amounts to semi-permanent resi- and dependents insured, the 

Alight dday in the announce- current account surplus of SlObn, Italy had the reverse effect on .»5S|W > 5 i*-* 9 * Jence duration of the trips or the 

ment Of the figures only added to compared with Government pro- the Belgian franc and the lira. ..£994-60*. < 4 : 24 . 5 . 1 . nfl . n ,.._ h emn i ovf .pc T isk neriotis nf reridence the maxi- 

sgs &trss f as; .&a.» **£?•*££is s^XjrsriiiSh™. 

Y214 80 aeSmrt P Se firaer aeaLnst the ven at the ddiw pe **5 n J “.u?fi2i W ? e Ml '"i !rt * r «3oi.i tMn«. \ illness . because of change of payment and the sums insured. 

dinar fi wJmLdav. iSit in the in Tokvo. without anv cenS .^.^f, d climate and environment. and the foreign territories 


■ ' ■ -r - <■ -• At ; , 'j - I . 

“- ‘-n*" " ' . ", v . I 


GOLD MARK E T 

j .1 mi*-18 ! June to 
Gvi.l Bullion in Hue/ i 


INSURANCE 


Cover for employees 
working overseas 



BY OUR INSURANCE CORRESPONDENT 

MORE COMPANIES involved in the basic travel insurance most 
international trading find it of us buy for holidays abroad, 
necessary to send employees Cost varies widely and 


? Insurers now have to consider 
r political uncertainties in various 
- parts of the world and may 


Renunciation date usually last day foe dealing free of tamp fluty. b PIg w y jmelt Engiari 

4 d on prospectus estimate, o Assumed-dividend and yiekL 1 Forecast dividend. *4 index 

*er baaed on previous year’s earnings, f Dividend and yield baaed 00 prospectus . — 

,Otter official estmureir for WS q Gross. .1 Figures assumed. ! »*rUn« .— “ ” 

conversion of shares not now rankmg for dividend or ranking only for resirtcica u.S. dollar . —. S 8 .V, 

ideods. J Placing price 10 public, pi Pence unless otherwise 1 indicaiwL U issued Canadian doDar .— BSJa 
lender. || Offered 10 holders of Ordinary shares as a rtghia •* issued Austrian scMUng ... 

way of caplialteation. rt Mlntomm tender price. S3 Reintroduced. M Issued Belgian franc . 1M.K 

ronoecucm witorilorganlutlon merger or takMver. Jill Introduction, r|M gMttb hwjo .. U5.U 

fanner Preference holders. ■ Alkument letters tor fully,paldJ. • Provisional graMtaMai* — i«.K 
panly.pald aflotmem I mere. ★With warrants. nuilder . C . 928.11 

_ Franc* franc __ °S-49 

Lira "... 56J6 

_ « - ' -m Yffl ....... 137.74 


^ urn bo\er«uci».ftw-ViV he repatriated for medical treat- parts of the world and may 

sot Haul**.UkitVs'/i 627t4 £7Ei ment. During the period of this require the exclusion of war and 

. *10 Kagie*.M:4j i‘7* <i40-K6 ' disability, the employer may related risks. 

- B"-. 1 -m wm find it necessary to send out a Such risks can often be 

- substitute to carry 00 the work, covered by special policies 

s _ pn But it is not necessarily only written at Lloyds—and any 


Danger warnings wanted 


FINANCIAL TIMES REPORTER 
MPANIES. Storing dangerous operations for road, rail and sea ^ 
es and chemicals, will be hazard —~ 

- , ~ii" 8ed f ^ lture t0 n0 - y .® survey wll be needed for ware- ***16 
» m li^ Safety Executive, if homes storing dangerous sub- 
^ regulations pubUshfed by stances lea times higher than 
Health and Safety Commlfr the notifiable level. 

1 become law. The Health and Safety Execu- 

he proposed new rules also tive will be able to build up a 
sr for the transmission of complete picture of all the 
;s, chemicals . and . other potentially hazardous insfalla- 
gerous substances by. pipe- tions in the UK if the reguia- 
, as well as taking in handling tions become law. kSSS^ 


ing at Y216.00. compared with pressure on the lira, although .-')• rtw-Vu be repatriated for medical treat- parts of the world and may 

CURRENCY MOVEMENTS V21655 on Thursday. trading remained calm. sot .likm-si'* S27ti £7Ei ment. During the period of this require the exclusion of war and 

_UK trade figures were also Italy also produced new infla- stok*eie*.«i;4i 1 * 7 * <i«o-i!5 disability, the employer may related risks. 

;; *”* "T _ published during the week, but tion figures on Friday, the con- * r K "' . 11,3 1WH find it necessary to send out a Such risks can often be 

,25b* cmh '% thc y only confirmed the volatile sumer price intax for May in- substitute to carry on the work, covered by special policies 

=—T 7g- -—“=Tg— and unpredictable nature of these dicating an annual inflation rate But it is not necessarily only written at Lloyds—and any 

UAMhr.88:« -5.9 fiRures ai the momenL Last fairly stable at 12^ per cenL y »' , in US banks’ Prime the employee abroad who poses employer wanting war or poli- 

Canadim dollar— bsjb months deficit of£4Bm. foUow- French current account P**- Rates t0 S 5 oer”cent was not un- these problems for the employer tica I risks insurance for staff 

SS , fS? nng - USB SB ed a record surplus in April. The nients figures for the first quarter exSted * ^rUeu^ar \f after “ 1may be his or her fami,y abroad sh, ‘* uld seek tfa e advice 

S£“ :: E Ss sccustomecTTo & SSLSS SWlS % ~ fSSSS^ HUM empl01 , a „ ed t0 is worth 

sa,*r.= ss :sj g?ffi?«jsr ifnss sissm 'swzs ** s* ibat - »■*«• t 

Fracb franc - gm -■« at 51.8305-15315. compared with compared with FFrs 4 6067* atoS the dol]ar - ^ u : s - currency ^° 3 d ’ p h ris K hjwff 7 1 !? ,oye “ h * ve t undertak 11 

Yrn --—‘ mw S3.8263-J.873 on the previous Fri- close on the previous Friday. finished on a weak note, but the sam. risk as tutnseli. frequent short visits, annual 

rmm da i'- The continuing improve- The Swiss franc and Deutsche- showed little change from the « . . insurance can be arranged on a 

wSrtd&tffi VE W 7 I ment shown in Friday's retail mark were relatively quiet, with previous Friday against major cur- V. OUtTaCt declaration bar.s against pay- 

■Bank of Erudand index=iooi ' prices index, to an annual infla- most interest centred around the rencies, except the yen. if he leaves them at home he nient of a deposit premium, so 


Based on trade weighted I'hatuuw tram “' 
WuUoaiOD anreemeni December. 1971 n, “ n * 

■ Bank of Btudaod Indra=100i price: 


THE POUND SPOT 


FORWARD AGAINST £ 


THE DOLLAR SPOT 


One month j % po. (ThreernonibM % p*. Sme U 


Vpf pm LU 2.Tl-U6pf pm 


BASE LENDING RATES 

V.B.N. Bank . 10 % BHambros Back ......... 10 % 

-.. Lllied Irish Banks Ltd. 10 % BHill Samuel .510 % 

American Express Bk. 10 % C. Hoare & Co.t!0 % 



p.a. Three months p.a. i 


3.60 ZJ1-2.HC pm 
2.40 32^-21c pm 


4.32 2JO-2.45J pm 
6.79 3JT-3.Z3C pm 


vmro Bank .-‘ 10 % 

V P Bank Ltd. ..- 10 % 

. lenry Ansbacher . 10 % 

. .-lanco de Bilbao . 10 % 

t»nk of Credit & Crace. 10 % 

lank of Cyprus. 10 % 

lank of N.S.W. —...... 10 % 

.. ianque Beige Ltd.. 10 % 

lanque da Rhone. 10^% 

larclays Bank -. 10 % 

Barnett Christie Ltd.. 11 % 
iremar Holdings Ltd. 11 % 

' ;rit Bank of Mid. East 10 % 

rown Shipley . 10 % 

anada Perm't. Trust 10 % 
'apitol C & C Fin. Ltd. 10 % 

ayzer Ltd..^ 10 % 

edar Holdings .. 10i% 

harterhouse Japhet... 20 % 

yhoulartons . 10 % 

E. Coates ..11 % 

rmsolidated Credits ... 10 % 
o-operative Bank ...*10 % 
arintbian Securities _ 10 

redit Lyonnais . 10 % - 

te Cyprus Popular Bk. 10 % 
uncan Lawrie ......... JO % 

3gil Trust .j.-.- 10 % 


C. Hoare & Co.710 %. pvr*u, 

Julian S. Hodge.21 % 

Hongkong.& Shanghai 10 % 

InduBtrial Bk. of Scot. 9 % 

Keyser Ullmacua. 20 % 

Knowsley Be Co. Ltd.... 12 % 

Lloyds Bank .. 10 % I Deutsche XI «m 

London Mercantile ... 10 % JppsDMeYeoi .000 
Edward Man son & Co. 114% Z'TT'r; 

Midland Bank .. JO % JSMS 

l Samuel Montagu . 10 % 

Morgan Grenfell . 10 % 

National Westminster 20 % 

Norwich General Trust 10 % Lufutiao i 

P. S- Refson & Co. ... 10 % Beiarta.fti 

Rossmilister Accept 1 m 10 % 

Royal Bk. Canada Trust 10 % unuev 
Scblesinger Limited ... 10 % nURtf 

E. S. Schwab . 11*% MPw v# 

Security Trust Co. Ltd. 11 % ggj JJ 

Shenley Trust. li % Fed. fua 

Standard Chartered ... JO % 

Trade Dev. Bank . 10 % TreJ81n " 

Trustee Savings Bank 10 % GERMAf 

Twentieth Centun' Bk. J1 % D1seomr , 

United Bank of Kuwait 10 % overoicbi 

Whiteaway Laidlaw ... JOIJ £?! 

Williams & Gl.vn’s ...... JO % 

Yorkshire Bank . 10 % 

Member* ot the' Accepting Houses FRANCE 


EXCHANGE CROSS-RATES 



French Franc ID 
Sirin Prone 


UuttdiaB Dollar 
Belgian Pronr ICU 


MONEY RATES 

NEW YORK 

Prime Bate .. 1.75 

Fed. Funds —.- ...»_ 7J5 

Treasury' BDls ns-weeki . a75 

Treasury-BUIs (Mrwccki . 7J8 

GERMANY 

Discount Rale .-.-.. 3 

Overolghl .. %5 

One month . .. 335 

Three mwmis .. . ...... 3^5 

Sis months . 3.75 


| UJ5. Doftor 

UeutauheMark 

JniMneu? Yen 

rranch Franc 

1.831 

3.833 

395.5 

S.425 

1. 

2.093 

216.0 

4.601 

0.478 

4.630 

1. 

9.690 

103.2 

1000. 

mm 

2.173 

4.S49 

469.4 

10 . 

0.588 

1.106 

114.1 

2 431 

U.445 

0.932 

96.17" 

2.049 

1.181 

2.429 

250.7 

5.341 ' 

0.894 

1.872 

193.2 

4.116 

3.044 

6.372 

657.5 

14.01 



LONDON MONEY RATES 


I'ert'ficfcKfc I LnLertia.uk Audumiy 


JLiiOfi ■ AmU»-| Finance 


ng ! is r h - IS l ■ SSSB^ D^r 

irst London Secs........ ru % . 7 %. l^noaih deposits overuicbt 


Oremiuht. — 

S ilxi’k evil ut.. — 

7 itars nr — 

7 'tovs notice--- — 

One nitfutb.... 1014-10 
two niumltr.. 1 ig S^b 
Tint* munlh'. 9;>> 9;* 
Six nicmil'-.... -»aa 
^ine niomhr.' S-a Big 

One \ eai. 9"8-9-=4 

T*o vtnr. — 


- 103,-1 114 

10i ? -12 Krte-HU 

1 U 10ij lOia-ll 
tOie I0i z 

9.^ I0i 4 *U-10,'« 

9V d -10^- 10-101 q 

97*40,!, 

976-lO.k 10'*-10is 

lOk-lOH 


- 10i4-lll4 

97 a .ll 1 3;.11 

a 1 .. ic Jr 106a-loi, 
91< lOJe lOij-lOSg 

914 913 10 de 
914-9 '8 lJiB-lfllj 


Ohcourn ftufr-. U 


irst Nat Fin. Corpn. 11 % Ore nfon* 7FT5 

irst Nat Secs. Ltd.... 11 f dPPOTi , s 0 o nun* of OM» .— S^ 5 «ni 

itony Gibbs. 10 % ' SFJSTA. up to cs.ow n% su . mMtte .-... flJS75 ; 

'ey hound Guaranty... 10 «?i and o vet fW-oofl JAPAN »r 

rindlays Bank .t20 % * firti d'-oowio over n ooe m. Discount Raw 3J i 

lihness Mahon . 10 & l demand deposits 71%. ClUncwidiuwan. 


Local amiwrlir and Ann 
nommully liirw years 11M 
are huyms rares (or prune 


owed little change from the n insurance can be arranged on a 

evious Friday against major cur- V. OlliTBCt declaration har.s against pay- 

ncies. except the yen. if he leaves them at home, he ment of a deposit premium, so 

may have to return suddenly in I hat the cover is always iinme- 

FORWARD AGAINST $ ?ne oTthem.* lliMSS * . Employer then has- to 
- Much depends on the terms a statement of the trips under- 

• month .To Thmo months ot ot tfae contracL Bui even if the taken, and may have to pay 
.month M^ThrremmuiK— emp j oyer does not tacur a pClS i. premium beyond his deposit if 

:, m w 3.5 live legal duty for family ea- ^“«« JfP mor ' «*« he 

i im ztscuepm 2 . 0 . penses, he will probably feel he nus paid tor. 

— — has a considerable moral respon- Just as he can arrange cover 

-o/nptpm lu z.Ti- 2 -Uof pm 5JD0 s jjjjjjty_ for the health and life of his 

-3.4MiraoiE -4.73 i-io-oasiircdto - 4^8 Many of these risks can be in- employees and their families, so 

— — sured by the employer, whether the employer can arrange insur- 

1.09cdb —zm ZM-^wedts -zjo he to j nclir financial ex- ance for their possessions' and 

o.73y pm 4J2 zao- 2.45» pm lu pense as a strict contractual ohli- money, on the lines of baggage 

— - cation, or whether he just wishes and money cover provided in 

UKcpm 6.79 3J7-3.23c pm L65 provide his employees and holiday travel insurance policies. 

their families with wide welfare 
benefits. T iahilitv 

This kind of insurance started " j 

as an adaption of the group Jr should be cheaper and easier 

sick pay scheme so many cum- for the employer to arrange group 
panies arrange for their protec- cover for his staff, but for the 
^tion or for tile benefit of staff individual employee who has to 
employed at home—yet its pur- arrange his own protection 
chase for overseas staff is so abroad, Norwich Union has just 

— -—- - - T r y;" -— often overlooked. introduced its new “overseas per- 

— Lira tt»»*to Poltor Uolgm. Fran, j n add j tion t0 providing SOflal policy." 

78. n.c*? 60 .is weekly disablement benefit- This package provides home 

is l.m j az.as medical expenses and repatria- contents cover in terms similar 

rr—--— tion expenses, payment of capital to that available here, “all risks" 

89 . s!i 76 152.1 sums can be arranged for death, cover on clothing and personal 

--- loss of sight or limbs and other effects, disablement insurance for 

72 n'2|? i 7 'fl serious injury. the family against accident any- 

_ _ o.ovi >f-a5 The more cover that the par- where and sickness in certain 

5.6 u.498 14.63 ticular firm requires, the more countries, with medical expenses 

up. _ 1-29B _ 38.1 3 may the group policy resemble and personal liability cover. 

O.B 1. 39.38 -:------ 

=—=—— Start fighting Labour 

sr r». un ^isr* r™^,. threat, builders told 

—rr - j-—-BUILDERS should stop being itself against these proposals, we 

_ ' _ _ ^ apathetic in fighting Labour's might as well just wait for the 

— — — — proposals to nationalise the bureaucrats and their Left-wing 

*2? Q , - «, ,, - building industry, Mr. Frank political masters to take over. 

;;lu It's?- 10 So 04 lmj fiostling, president of the “The word ‘nationalisation* 

*.9ia 9ia-9U 9A-97i lose National Federation of Building appears nowhere in Labour's 

— - iojg Trades Employers, said at the policy statement or the support- 

“ ~ 3 - week-end. in a booklet. 

_ _ ~ tT .. . , . . . “Of course. Labour does not 

----— fpdfiration s j nten d \ 0 ‘nationalise* the con- 


riiwnce Di«d.->unt El Lfflhlo 

Horn* Compnnv market Trea-un llanli FineTrnrt. 
s's-130-iLw toll.# Hills 0 £»(■<{. 


97a 10 - - 

9! 2 -9J< 9*-9 f ; 10i a 10M 

Sie-Bij 9-3,-SrV 10 

Bi4-93a 9 , b-91« 


finance tiouspi seten daW °' , I* r l.“yen dass' fixetl. Lunc-iurm local anihnrlry ranrruaaa rale f^ n f® rence instruction industry, say the 

IMU per cent: fr iUr yean, lil-l-l P* ' ««• fivo year« U1-I1S rer cenr. 0 Bank hill rates in mble Scarborough on the dangerous au thnr«: Of these proposals Tbev 
me paiwr. Huvinc rales tor tour-monUi baulk tails 99u-K per com: four-mnnih trade bills 10a per apathy l detect among some of niereV intend to tak«- a ‘ public 


JAPAN 

Disrounr Raw —-- 3-5 

CrS lUncondiuonai) . 

81Us Discmun Rate ~~—— AITS 


per ran. Aopmxjnuie seiwns n.r nn«- ™ bit cent: nnd ruift-month 9i »r rein: arul ihree-mnmh •* u-nuld be a stalre all riaht 

9«u,-D.‘ per ceru. aih-manrh u-nde hlljs tfli per rent: i»ii-m rtnf " Ml per een»: and also ihree-mnnih 101 per cent. “If nm< ..... , • L* u Jl iu 

Finance Heines Base Rate fpiihUshed t» ihe Kmancu Huir-*s AsspclaUoni Sj aer from June 1 197 s Clearing Bank J! Ur industry, which Is -—right through the heart, and 

d cmcit Rales .tor ^mali wms ai mi daw- ClMrta* sank Base Rates for 'lending 10 per cent. und , er °! recl threat, cannot gal- the writing on the handle would 

Treasury Bills: Average lender rate* of discount 9.134S per cent- va0lJje mtQ ^ Qn ^ def ’ Q( , be fi* word • Nationalisation.' “ 



r 

























































































































. \ -F' V ' 




INTERNATIONAL BONDS 


BONDS BY FRANCIS GHlLiaS AND MARY CAMPBELL 

French banks fight and win 


1 . . c inst Tokyo' stock exchange;. , 

Tho lower level of margins .on de 1 rttS 3 * oM are Sm<* Yv?5bt?.2jj 


Tholowerlevelofmargins.cn de Telecommun attrac tions are »m law* a V?»m ^ 

FRNs also provides an interest- negotiated, tn Brazil a Y35ba loaa_nest moo& 

SLjrrv—**! ^assasassi 

EPUSi ■gfeg SSSj%' 


THE BOND markets lived 
tnroush another dull and rather 
depressing week culminating on 
Friday in the announcement 
that prime rates in the U.S. and 
interbank Eurodollar rates had 
moved to their highest levels 
since January 1975. Prices eased 
on Friday after having held up 
well in thin trading during ihe 
week: the increase of the S30m 
Baker convertible after strong 
demand was the only element of 
cheer. 

Matters did liven up however 
as the week wore an: ihe row 
which flared up in mid-week 
between the Trtfsor and the 
Direction des tmpots (the tax 
authorities! in Paris threatened 
to stop French borrowers from 
raisins funds in the inter¬ 
national bond markets. 

As it is the pricing of the 
Sotfetcs de Developpement 
Regional issue was delayed and 
the announcement of issues for 
the Credit National and the 
Banquet Internationale pour 
1'Afrinue Occidentals were held 
up. By late Friday evening how¬ 
ever. the argument had been 
solved in favour of the Trdsor 
and the banks. 

In a rather different area, the 
-SlOOm floating rate note for Off¬ 
shore Mining Company of New 
Zealand suggested that such a 
form of borrowing for sovereign 
credits may become more 
popular in a period of high 
interest rates. 

The problems where the 
French issues are concerned 
arise from an attempt by the 


tax authorities in Paris to re¬ 
interpret an existing law. They 
insisted that henceforth tax 
should be deducted before 
interest payments are made .on 
international bonds issued by 
French borrowers sad held by 
French residents. - Implemen¬ 
tation of such a regulation 
would be a very complicated 
affair. 

International bonds are 
bearer instruments and holders 
simply have to appear at one of 
the offices of a bank wbich is 
nominated as paying agent with 
the bond in their hands for the 
coupon to be (literally) cut 
off and payment of interest 
made. French bankers 
questioned whether it was legally 
possible for paying agents to be 
required to perform ibis task. If 
implemented French borrowers 
would have found it difficult to 
issue international honds since 
a large proportion of the invest¬ 
ment 'comes from within France. 

Ominous signs of the Direc¬ 
tion des Impots's new thinking 
appeared earlier this year when 
a number of- changes at the 
higher echelons of the Direction, 
according to French bankers. 


Some argue that recent events 
helped to bring the matter to a 
head. 

After the general elections 
last March, the Mimstfere des 
Finances was split in two: the 
Direction des Iinpofs went’ to 
the new Mmistdre du Budget 
while the Tr&or went to the 
Miuist&re de FEconotnie. The 
same hankers argue that the new 
interpretation of existing regula¬ 
tions which the Direction des 
Impots was seeking to impose 
was the result of ignorance, the 
Direction simply had no idea of 
the likely consequences of what 
they were pushing for. 

Before the argument was re¬ 
solved in its favour the Trosor 
would not be drawn further than 
to say that it was quite happy 
with matters as they had oper¬ 
ated up to now and saw no 
reason for change. It did battle 
with the Direction des Impots 
and won. 

It would have been most un¬ 
fortunate for French bnrrowors 
if it had not. For the first time 
since March French entities are 
back in the markets, and not only 
the bond ones, en force. The 
Tresor has just proved its 


Medium icrns 
Long term 


Eureclear 
Ceric I .. . 


BO NOTRADE INDEX AND YIELD 

Ml* 

June U June 9 High Low 

VtJS S.D1 99.36 7.99 99.84 0.9/4) 99.15 06/2) 

93.02 8.71 93-23 8-65 94.07 09/4) 92.99 (1/6) 

EUROBOND TURNOVER 
(nominal value la Sm) 

U-5. dollar bonds Other hands 

last week previous week last week previous week 

. Utn.2 U96J 315.8 335J 

. 249.6 1,055-4 519a 200-8 


mettle once again by helP in S 
the Caisse Nationals des T61&; 
communications g.ei a spread or 
§ per cent on a large credit, 
the finest terms itt the current 
cycle. 

The launching last Friday of 
a medium term loan (5350m for 
seven years) .and a floating rate 
note for -Offishore Mining ^ om ~ 
pany provides ‘ a - very § 0 °“ 

opportunity to compare the 
floating rate note market (FRN) 
with the syndicated lending one. 
This is partly because the FRN 

has no minimum pate attached 
to it. which allows for a more 
direct comparison than 15 
usually the case. This is all the 
more true as the same borrower 
seldom taps the two markets 
simultaneously. 

The spread On the medium 
term loan is t per cent over the 
London interbank offered rate 
(Libor) and is considerably 
higher than the i per cent point 
above the mid point between the 
London Interbank bid rate and 
the offered rate which is payable 
in the case of the FRN. Since 
the difference between bid and 
offered rates Is i of a point, 
the spread on the FRN will be 
j 't over Libor. 

The size of - the fees in the 
medium term loan are not 
known, but bankers said on 
Friday that J per cent would be 
standard for this borrower in 
today's market conditions. This 
compares with a total of 2 per 
cent on the FTLN (| management 
fee, i underwriting fee and 1 * 


per cent selling group discount). 
If one divides these fees by eight 
(ihe final maturity of the FRN) 
one reaches a spread In the case 
of the medium term. loan of 
some 0.70 per cent and in the 
case of the FRN, about 0.60- per 
cent. . . • 

-Because so much higher a 
proportion of-the yield in the 
case of the FRN is derived from 
front end fees, the comparison 
changes significantly if one 
applies discounted cash flow 
techniques (DCF)'to the sums. 
According to one of the banks 
involved the application of DCF 
techniques to the FRN pricing 
would bring down the spread on 
that to 0.44 per cent per annum 
while it would have much less 
effect on the spread on the 
medium term loan. 

Insofar as banks or corporate 
treasurers invest in these instru¬ 
ments,' they tend to do so through 
their money market departments, 
so that they are comparing the 
yields on FRNs with the yield 
on, say. certificates of deposit 
(lower than inter bank rate) or 
on inter bank deposits them¬ 
selves. 

However if during the prospec¬ 
tive period of relatively high 
interest rates—which is likely 
to cut back the volume of fixed 
rate offerings—the floating rate 
market proves receptive to signi¬ 
ficant numbers of floating rate 
issues by sovereign borrowers 
then banks will presumably have 
to start reviewing the relative 
advantages of the FRN against 
the syndicated loan. 


look generous by comparison market. be«“g 

which^the* FrencbjCahM^Na^ 

CURRW.iWTERi^-- 

. Amount A*. Co £P on * price 


Borrowers 


Amount 
rw : 


Lead manager 


Maturity 


05. DOLLARS <• 

tt§lto-Yokado ™ 

ftlto-Yokado 2° 

ttCCCE.fg'teed France) ’ 73 
§A5fCS Cor P* • 


-r 

; j«a * 

‘•MM . 13 

': m3 — 


J§Baker Int. Fin. NY 
Hydro Quebec __ 

■fLjubljanska Bank 


tTNorway 100 

TOffshore Mining Co. 

(g’teed N. Zealand) 100 
fCrtdit National 

(g'teed France) 73 

f Banque Internationale 

pour" FAfrique Occ. 20 


Goldman Sachs . 

Goldman Sadw 
Dillon Read 

Yamakhi IrtL, CSWW ' 
Blyth Eastman Difloc, 
Gohfmfti Sdchs,.. 
Warburg : - - ’ • : 5 

S. G. Warburg, CSWW 
Socifitf <54nSrale-'.*- 
Merrill Lynch White Weld 
Capital Markets Group 


1986 


S. GL Warburg 


SWISS FRANCS 


JOy Nokia 
JVoest Alpine 
Finland 


Banque Scamfeiav* . 

en Stihse ' • £0-.' 

Credit Suisse - ' > • d34T 
Swiss Bank. -Gorgr^ »V 


YEN 

JCtty of Stockholm 


Yamaichi 'Secl- 


5AUDI RYALS 
BNDE 

(g’teed Morocco) 




UNITS OF ACCOUNT 

Soe. de Dev. Regional v 1 ___ , * 

(g’teed France) 21 - - 1993 _7_-. 

* Not rot priced- J final tenm. *' Placement. 


Banque de v;->’ 


It Mnbaum. 4Goart r X SM *, ifTi■ 
f Pudnsa Fund...;*. 




Indices 


N.T.S.B. ALL COMMON 


Riasaand p aila 
(June 16' June 1^ 


NEW YORK-dow Jones 


. I pmceu.'.iinpiiRi'n 

• June : June June.June.June .June -— - ' -;- 

16 j Is 1 U ! 13 ! 13 ‘i Hiun j ianw Hlaii i Unc 


, ! . j, ( . 1975 Issues inuie/l.j 1.871 i 1.878 

June . June June June |-—— Rises.1 367 1 3S5 

W * IS | M ! 13 J Midi j b-n Full,.I 1,099 1. I'M 

--1- I’n.-hBii^ed........j 415 ! 379 

54.88 SS.ili 55.88 65.81: St.20 <B.a/ \ ew BivJie- 22 1 58 

, I I I (B.B) |6.-3j N.w Lobtb..J 30 I 32 


New Lows..„.l 


MONTREAL 


ln-luemai.. 5JB.37 844.15 854.55 B56.S8 556.77. 855.25 8S6.5I i /4S. 12 ! 1051.78' 41.22 

I ; ( 6 -m t&rii ‘ill/l.-W Ii?7;n2i 

H'me Bn'.Jc- 87.90 87.98 57.89 87.56 87.60 87.50; 5i).8f 97.50 . — I — 

• .4,-1. i iSl/bi ! I 

Tnn-r-Tt. . 222.29 225.46' 229.21 229.74 250.18 250.72; 251.55 ! 13a J1 j 279.8b . 15.23 

{ fj<li 1 i7.L/t»i teftASI 

L'niuie-^.... 105.16 108.51 105.16 106.02 106.56. 106.65: 1 10.9b 102.84 | 163.32 i 10 j# 

I ; ia.-li 122(2) ;i2u,-4»6ri. i2b;4(4Z) 

Tmrtinc w»l. ! | 1 

vrty . 7 .27.590 23.280 37.298 30.760 2S.440 52,470 — — ! — 1 — 


June June June June 
16 15 14 15 i 


JOHANNESBURG 

Guiil 
InrUml Hu i 


i 216.5 214.8 214.71 215.5 

! 257.2 I 264.0 1 260.5 227.9 


71 .1 il (21 
257.2 iI 6 |f) 


‘Ba-ix.i liMcv i-lisnue-i I rum Aiwuni '£* 

1 .luneS June. - 


'lev eh Venraici>eppi»s.i 


1 June | Pre- i 1978 i 1976 
16 I unu* * High ' Lev 


" I June I P n- I N7i I H7" 

16 j rioui i Hich < l»v 


!*••!. >tir. .r'e:*! - 


STANDARD AND POORS 


“ — • r.'ib i>iiu»i.'ninpiT*i T n 

1 J.me 1 June iJune:June June"; June -. ■ ■ j-:- 

' 14 : 15 i U • 13 * 12 9 : Hu-h I b.n Hi-jli I Un 

_— -1—---—:-!-!- 

! I nriuM rui i< 107.64 108.70 109.95 110.15- 110.07 U0.52llri.ad S5.62 i I54 .d4 3.52 

• ivtw i (H.i) |IlLlifr) (dfl/t.32) 

fDmi|-4iiei 97.42 96.54 99.48', SS.aT" 89-55, 99.94 100.52 9B.a0 I 125.65' 4.40 
71 ' , ; *41 | (Sri. i'i 11L73); ■ liH/ASh 


Auscralia'* ■ 
Belgium ffi; 
Deamrk i*"i! 
France ftt> : 

i 

Gennanyitt), 
H ol l and (§§)| 



J June 14 , 

June 7 

May ‘I 

| Tear ajfr. iB|iprKV.> 

Inri. riir. vlal.l ft 

j 4790 •" 

4.86 

| o.Ol 

• 4.39 

In.i. Hit Ratio 

9.44 

9.51 

| 9.29 

10.17 

i.,<ni!' l..»-t. tk.n.l } ivi'l 

8.44 

8.43 1 

8.61 

7.56 


Hong Romr 
rtfi, 
Italy »tl» 


Japan « 
Singapore 


43S.SS 500.27 501 JA , 
(li( 6 i ' 

95.64 : *>.68 1 jJ.Ip : 

i . (-(Si ' 

95.9196.30 yB.IJ ! 

i • .9(1) 

69.4 ; 69.9 71^ 

l : (30*1 

800.2 | 795/2 f S18.7 

: : ( 10.-0 ■ 

86.6 1 86.7 1 :7.0 ; 

! ; (9 r. ; 

544J26 646.54 1 546.64 ' 

• li5(rii, 

61.91 62.71 . i 

• raiia, ' 

412.76 • 412A5 ; «lb.ll 

1 -l-» . 

523.61 321.9015^.61 
' • (16 6) i 


Spain iki'10536 1 103.77 i II.-.i-■ m.v 
: ! i ij ot ilYrii 

Sweden ■») 368.38 [ 367.9* | arii.* • ia.7« 
1 . i4;i . i3.li 

SwiCrerl’df/ 1 294.6 1295.4 (6.0 

: .I*'., • .25 *> 


NEW YORK 


1978 

High j Loir 


H, C I. 

!*•« 

Sl..k 

1* 

351; 

25 

ll.Vili Iriil^ .• 

351* 

24j.- 

13T, 

\riill*fS*»|>l«1<ll.. 

241; 

4'.!* 

3Ha 

letlia (.lieA la**, 

411j 

50.* 

22 h 

lir Pra.liii't*. 

30 

50 

32ij 

lin*. 

50 

201* 

22 

llusn Mu mm Mtlil 

27 i* 

40 

38 3i 

Mi'*. 

43 Jft 

20 U 

17-a 

Mleir- Lliillnin... 

101, 

20 J* 

171* 

Mir client P. .uer 

173; 

44 it 

34i, 

Mlle.lLli-nnrel.. 

391, 

2 5 it 

18>: 

lllie-l si.ire-. 

23'* 

34'.ft 

22 V 

till- i lmlnief ... 

33S; 

38 * 


VMXX. 

33V < 

33i(i 

22., 

Imenuln Hes* ...! 

26i; 1 

13 *s 

9*j 

Inifr. All-line*... 

12V 

51 « 

39i* 

iiiiit. Hraiiri-.... 

49*i, 

62 -ft 

34 ij 

liner. Bi.*ri..-a-i 

4B*e 

41 

34i, 

\ luar. i.mi. 

414a 

3L\i 

23 V 

Vmer.Lvnim mi.l 

30 

34(2 

21i, 

\ mer. K>e«:. P.>»> 

22i| 

39 

31 x. 

Aniai. K»(nft-... 

571, 

321, 

26^ 

\ mer. H'.inePr. ■ i 

291; 

27-.* 

lb i. 

liner. Meril.*!' . 

27 

6I| 


Inicr. .M..|i.r-.„ 

6 

45*^ 

39), 

Imer. -Val. l.s*.. 

41V 

47ift 

324,, 

liner, sinii-lxi.l. 

47 

?3 

23i(i 

liner. s(..re-. 

331; 

63Ja 

571, 

\m-i. Tel. .1 le 

bOij 

35*, 

27(g 

Intel ek. 

341, 

20s e 

lor s 

\MF. 

18-ia 

34( 4 

24 lj 

HIP. 

33 

174ft 

10 


15l 8 

50 >> 

25*, 

ln--li..r H.*.-kinj. 

291, 

25i 3 

1712 

Inlieu-er 

2+i; 

31i| 

26 

Irini't Sleel. 

29T 3 

22i* 

19)ft 

.1.3. A. 

2uJ, 

14., 

Bis 

. Vamera lin. 

145ft 

20's 

13S 4 


151 ft 

311* 

271, 

IftlllMI.'l i *1. 

28 5s 

5i '* 

431; 

All. i.-l.l. 

51 'a 

337, 


Aiilo liftln Pi*..... 

33 

10.., 

6.a 

IV I'. 

9^4 

27 <4 

Idle 

A V Vi. 

24.ft 


-.CMiiunk: i.itnw. SB la 

CPL ImVliuiw-i bl 

CrwiK._.l 291* 

.Ci>*'!>er .j 275a 

Lmn ii Cei>en*vh 31>t 
(.iiiiiiniu- Ei us i ne 4103* 
;Cum- Writ-Ul...j 17 U 

l'*n». 2714 

J«n JD.lu'Lnw,- 

Deere. 32"a 

L>ei Mimic. 26 >8 

I 'eU'in*. 11 . 

,L»euib|>ly Inter... 82)« 
lirtruii Bli»<n... ISij 
Uinmon'lSbAnirk 27'l 

Uicini’liune. 15*4 

Niyilal I-ifiiif.. 473j 

Li i*i ley i"^ mI(). 42 

lli'lW L'ni pii. 44 

lion LUtmical.... 25ia 

l>mv. 26ia 

Dn-fcei. 437 S 

lin !*■ nit. 116 

iJ.ini" lu.tuhirie- 40U 

hiaie l*ii:hei. 241* 

h *»1 \irliue*. 11*5 

l-JiilmHn Ki.lak, 54 U 
Minn. SfllB 


Jnhua Mauviue... 
JubuatjD Job awn' 
Jotantnu L'unirol. 
•4o\ Msnulu'.lui k 

;K. M*n Uurp. 

jhainerA umml’ni 
KaIkj- InJiisInew 

Kmwer Steel.. 

| Lb.t. 

iKenncerwt. 

'Kerr McGee.. 


juevivu.! 

jllevnoiilb Meiair.) 

K. J-... 1 
.Itich’wm Memeli.; 
!K.«li«eli Inter...; 
jir-ihmJ: Haiu.i 


•kulile Wa ier..... 
;Ki(n)«nr c>crR.. 


■ K uppers'..J 

. 


Inrouer ijo,. 

! Lmeeirny Tran*.. 

Leri Sirius*__ 

1 Lhhr Oir.Kucbf... 


■ \%.in .. 

Kml tie* liio U... 
Hn.nK Aim:rl'H — 
lleuker* Tr. 31.V. 
Herlam' '.»il. 


46 

55 

riAvter I'raven.-I.. 

25-4 

22 

ilentri.** 

40. n 

31* 

ila-'tun I >i ■keii~i.ii 

2 H* 

14 

Lien .1 Hi.ueii. 

40 

35 

riejutix .. 

4’* 

2 li 

Uefi^uei LVm -B* 

251* 

2CH, 

detliieliem ll«-. 

21 

141; 

Hi«..-k A Ue-her.. 

63 

25 'a 

di.^iiii. 

30', 

22 * 

U»i»e t-iu-TKie_ 


iihirtlcu. 

dma B'nmer. 

, I'm nul I ill. 

dm* *11 -.V. 

rinsivi lUtn_ 

Urn. Pet. A Dll., 
dn. h Hn.v I i in* . 

I'-niii wi -k.; 

iiliicvru- Kn<?., 

|uiliii,'n Wnli.-li 

Horiinjjij'ii Alim' 

l)iirt*"i^li-. 1 

vmilplMli 5"'U|....j 
'.eiiiulisu Hiu.'ilii| 


K. It. A. La. 26 ] B 

fcl Haw.' \*t. lie* lr I* 

tun. 325 b 

;l»mr/vu E(e*.-fi«.- 37(2 

Kmeri Airpr'labi 24(» 

I mluin. 377i 

AM.I. 'Mt 

,>.iii:elbiini. 23 

b'niiurli. 315a 

Kilivi... 2£>i 

KxN.in. 45 la 

>nii«;lilM ijamein 32i* 
M. Dept. 6li'ief 377ft 
Kinffci..nie I no.... I4sa 
)*i. Am. Bnelim. 2W?8 

■ rlen Van. 205b 

I'lmlK'iie.. V.6 

PUiriila I’mrer....] 30 
iKIuiir.I a75g 

l-.M.t.I 25 

,Konl MoLm-..• 461 b 

.t'vreiil'i-l Mirk....' 213ft 

('oibnii..I 37*4 

KmnkiiD Mini...; 94 

Krvefmn Min«ni j 227ft 

Kniebaui. 1 31ig 

iKhuu* I nil-.—I III 4 

■Ir.AJ.I J3Jfl 

'.L.iumeix..[ 43(a- 

'Lieu. Amer. Iiil...[ lu>« 

Ili.A.T.A.! fcBTft 

■lien. UiMa.[ 171a 

llien. Llynenilir*... 76bft 
.Lien. bJecLnus.^-l 61>e 
Utnera* Fi.««i*.—I 32 . 

'ILeiienu Minn.I 33 

/ii-ncni' Melon... 60 
Dan. PuIa. Llii— 18Jft 

Uen. 6i;jiiai. 3Uft 

(licit. Le'. Eld... 291ft 

t ( Sen. Tyne.. 

ii.rvnewu. S's 

.Ueuisjia L'eirilii'... 28Sft 


Uuiici Ijhhij. 1 .' 

Ijlsv (Eli 1 . 

IJl 1 All 1 Dfill- 1 ..... 
L*!hbiAiAirii 'nl 
UilieSiLftr ln> I*...’ 
Lone luftmi Ija.; 
Uiulruna Lan.i..- 

Lul-riv.il. 

Uk ky ■Store*.■ 

L'lii Y'unip'rwn. 

Ma.M 1 . 1 an.| 

Macv K. H._.i 

JJuft. Haa>ii'er...| 

M -P' , 0. 1 

Mamhua Uli.—.l 
Marine MKliaOu.l 
Mar-ball )1eki...! 


Kura 1 Du ic&.| 

KTK.................. 

Hum L.(iii>. 

Ky ler SyKiem.... 
I’Taiever ^i«ee... 
|m. J-.*; Minerals. 

Ist. Uecis Pa(«r„ 
isama Fe lnri»_ 

h>*ii< liirm.^.I 

*on 11 iris.j 

{setain.- (frtttins.. 

iscbuniiK.-cer. 

|sUM. ; 

Soift 1 

j'cvi M’ •.: 

[ScuiiOer Lluorerll 


1 May Uepi. sioietl 

I MCA. 

! MtLiertDi-u.. 

. UvUiwiiei' Ui aiu.l 

ill liian- Hui. 

llriuvrci.! 

IMcn-k.i 

| Mem.. LtiHi.._ 1 

' Mesa Petruicuin.-l 

.MUM.| 

1 Miuu U 1114 I Mic< 

!Mvbi- L'aiT-.I 

'Mimsaiiti.'.I 

iMurynn J.I* . 

, jLKmvia. 

■ilun*jOli. 

:A iirivo. 

! Aanru C hem l- .. .1 
[.National Can.j 


: Tea Lmnain*r*....| 

seaumni ..• 

'rearr'.i.D.i_' 

?*ar K' -Him k.....i 

-EULii..j 

laueil On.. 

' .-ne' 'Iran-pnrl... 

jsiuna --- 

.Sipnolf i.Vtri_ 

;sunt>n >iy Pal.... 

jlwiKCr- 

‘snutliKune... 
[v'ltnin...I 

iTAiilna.wu.^.^.! 

;»ut!iein l>.. 

; soul hem c<>.. 

I sihu. \ai. Ke ....I 
, a nil hen 1 Pa"*ill .1 
1 >m Uiem Kail wnv| 


[siaiUuaiM.[ 

*’n’i Ban*iiarer.[ 
|r^rr\ Hutch....; 

rsimiry Karvi.J 

>juil>...| 

l-UD uni Uraiiil-.; 


sm.i >uCai iionua; 


['.■CUN ..I 155 

lOiiicue.-.. ? 9 i 2 


29-r 

13 ! 

24 1 ; ;i«rn.*ii>.ii.. 

lllft ’varrier A L.eiiett 

261; 

12*4 

20 ;s ; 

157ft i-Hiier Haw .ev...' 

185ft 

59 , 

45^4 .utltrftf.ler Trsc-l■ ■ 

56 rig 

581; . 



43** ; 

36 |".4?iaiiefte Lui-jhi 

40 is 

165ft 

15 loeiiual A --S.M ....j 

1612 

241? ; 

I 8 >e ;.**rtainieeit.! 

20 7a 

37;, 

291ft .%.e*-na.\»inafi...' 

361* 

334, j 

27&ft Ltivutllauliaiun, 

31J; 

44ir.. 

37*b .'*wnn Bkl.M j 

40Ifl 

Z7V ! 

20 )« 1 ^li« .uu'iili t’.Mi i ..1 

B4ii 

351; 1 

119,2 -.iweieSy-iem ... 1 

30l; 

58 | 

42 i^Iii Urtiiee...! 

5b ** 

iih 

105; jvlli v**vr.j 

11 

41; l 

1V ;JiuenjiiA.■ 

<1311 

301- 

IS 1 ; U'ni.-. Mi la. run...! 

as»,i 

26v 

ISla ..... 

24jft 

541* 

45'a |»it.iu- serviee.....! 

50 

17 

11 Jft .v'i.rlu«ntini:.... 

16*( 

441; 

35'* • riven lAm. 1 

41*4 

221 , 

19Vft ;~inKVle P«IIII. 

211 ? 

13 

10 1 ; j.tfllni* Aiknuui,.‘ 

12 ig 

28?d 

S 6 Js j-VInini.ialiiir. 

2612 

21 'i 

13jCi*lii iii'.ui Pn-i_ 

ZO's 

19l a 

14 13 l. 1 ii *1.'.... -i A in 

L«tt(* 

43', 

311* 'i.uiiibu»lii.ii Liu. 

41Ae, 

20 Is 

13^4 |--*1 riili||i*t|.jn 

171* 

28. 4 

26.ft 'til Kin.ni 

27aa 

2 '* 

21- I.•.»«■«'Hi Uil Hel! 

Kli 


39 '1 ; ... -»n iei.il I.-..I 

403, 

1 2 ?b 

8 -b • -..iniHit.■r^'uieiH.-e 1 

U7ft 

50 .‘s 

311* I., .inn. Gen. .. 


25)>ft 

187ft J. minii- . 

24 

25 Lft 

21 (r *.4iii. lirii-in ,W.i 

223* 

25.ia 

23'J l l..i|i'nl Kiaitv. 

2SJfl 

44 Jft 

34:« |iAinai.i .Nai.iiae.j 

39 Ig 

23-*; 

21 •; *UHi>iinier Pmeerr 

221 * 

33 .ft 

29ti 'CnniiiientH. (>fi..< 

31 

3U, 

E5*4 .LiiiitiiieiitHM.iil...' 

28 

IBsp 

14-in '< j.iiilnenia'T.-le.. 

ltoift 

3£,; 

23..in ri.i l.iata. 

327.4 


.Ci«i|«:r lu>lu «„.,4 

561* 


lliilliHle.-.. 29 12 

..x-lrt.1] H. V .—; 23J« 
Co>*l\« 9 ir Tire....; ) 6 ai 

LiOUHI .. I 29ta 

Unu-eW. IL_.j ls76ft 

|>L Allan LNirTea- 7ift 
ijn. North Iron-.j 23 

Urcyliuun.l.I 131ft 

(Sun 1 Wmichi.. 14*» 

UuilMi-.. 241ft 

Uailtmnoa.I 634 

Hauaa MiniuE~>.| 38^4 

HaroibihieL'er. ...1 J7ift 


Aal. DiBliliftn....: 

Aal. SwrVL.'C Inri.'j 
AalUMial sled....| 

Aaiuiuaa.. 

ACK—.' 

.Sepum* Ini).'.. 

Ae«v bnyiatkl El. 
.Veu- Enitiaiut Tell 
|.SUxam M< >hank' 
;.Vuurara Share. ...i 

i.N. L. Innuslrin ^ 

IA urluikiWe- UrJ nl 

Aifi-ui Sal. Ui-...' 
.nidd aialrs Pnrj 

LAlhwebt Airline*! 
|Aiti«*eaL Llaiu-ori'.' 
'Aurioii slui'jn. ...1 
jLi-n.iema- I'd ml j 
klgllri Matlier.. ■ 

' Jbm briiom_I 

[Oho.•._J 


■TW.IJI. lariiaaa.. 

! JIM. LIU i.»tau.'_ 

1 -laufl L'hecncn ■! 
[ -leriinu Urua....' 

‘ -lu ie'nkcr.-.! 

I sun (J>j..... _J 

isun-i-iranil...—... 

pvntea. 

I lecnn»r(.ior. 1 

■ I'eklmnuc 

lteiciu ne.—. 

I Tde* . —| 

[I'enen*.. 


ji.lrenwaaship*.... 

Corflinu.. 
lUnena llluhiir.... 

|PaciH '■«». 

[i^a -iric LJatai m 2 . 
'!*» . Pin. A Lj... 
I'anA m Wurfu A 11 
Huver HanniHu. 

Pttttjv.lv tnl. 

Pen. Hn. A. la.... 

Penny J. ..j 

Pennkitc. .......... 

People* Dru-j. 

| Peoples Ga*. 

;iVpeieu-«... 


Irtarris CuflSK. 56*4 


IHeiiDiem . I 27Jft 

iHeivietl Packard.! 80 *b' 
.Huuday 1 1111 -...».{ IB 


|Hume>‘iake. 35 

iHiiiieywen. 654 b 

(Hiarvei .. 18 ■ ft 

Hu.|i.Cvrp.Aniei. o^Sb 
itliiusion Aal.Da 25 jg 
: HuniiPh..\iCbni| 11 

'Hutton ih.P.i. 16 >a 

.I.C. Irhlu-Irlf...' 24‘a 

•lAA .j 41lft 

illtieln-iil tlan>l....| 5flift 
llaiuul 37*1 

JIn-l ■*».] 158ft 

' i men.* in 1 hnere^l 7 

IlliM .;. 266.25 

1 1 hi. Ki*«'niir«....| *414 
■nil, Hai ve*tei-,„| a7jft 
inti. Min a i.-bem| 38 
mu. MuiritAi>'ii...| 28*4 

till.*).| 167ft 

loti. Ps|«i. 403fl 

IPO.I 363ft 

Inc Keotifier.1 1234 

Mil. lei. * lei....I 3Hg 

{Invent.[ lift 

jlAwa Peel.• 355s 

:II.* Internalivnai. llSft 
[Inn Wallet.1 313ft 


[Te*i to Pel ttrieumj 

'l exaci. 

j I exaii:uiu....^...| 

Inn IlIHl.U). 

Lexa*Uil& Ira*... 
j Texas CUitriee.... 

.Tinit Inc..| 

l ini** Mirror. 1 

I L'milcen.1 

,lniie.... ' 

jlrajijniery.*..I 

1 r* iiscij.. 

!lmn>I niun. 

I Ivan-way Imp's! 

II rail* \l‘urk1 Aii.i 

Jiraveller*_i 

(in CoMnrotali!. ( 


jT.K-IV....: 

l^stli ^eniui V box 

l.a.l..;. 

b A Kli (.1. 

L ! LH . 

LOM .. 

Cuiiertr...-.I 

bill ever M ..J 

Ciur.n boiK*-rp...j 
|uniuti ld)iiK„.,j 
jk-nii-n Cuiumeitt [ 
|<.-(ium On Oaiii... 
iUnion Pacific.I 


■Pertun Elmer u .., 
{Pel.— 

[Ph;er„.. 

jPPeloUttiiic.— 
['biUkieiphia Elr 

I Philip Stoma_ 

1 l'talll ipt HetroT m 

!l‘iMjuiy ... 

j Plliiev IIawc*.... 

[Pleuey Lui AU1! 


jl'oianiiii.| 

iNjlouiae Kt»v....J 
PPli tUilU’Lrler. j 
I'u.a-tei Damtiie... 
Pub -erve hieci..| 

Pullman..! 

Pur«..._. 4 

■Juaket UnU—_ 

llaptn American 

Knytilevn.^. 

|«C A. 

lUepublle Bltaei— 


Ulurnyal—..I 

Jni[*l Hian. 1 i. ..I 

vs Uanorfp_ 1 

UStrV|*Uip~.I 

JS Shin?.I 

os Siee<_.; 

|v. lecniw'iicun-] 
‘mV luriu»lne*.,,,l 
| 1 irftjiiitH Elect.—! 

|lVaI K rvefi-. 

Warner- LV>inn»»., 
iA'amei-IriiiiiUjil. 

I»V irte-Mmi'ineni 
ill bus-Phiki 1 ..! 

•Vniern 

itVe-terti N. 4 run. 

Union.,. 
jiVrinngbee Eied! 


22 * 1*3 [Wnant'.'O. 

2034 SV'«ertiiieu»er—. 

ZOlft [ttT)iri|»v». 

20U [iVhilcVnn. Iiiil... 

I 6 S 4 M’l inio.O' .. [ 

213g [Wisconsin Elect-) 



?i' 7 " 


GERMANY * 


Trice ri- pt 'GIt. Yid. 
Dm. — 1 X • R { 


Industrial 

184-46 1B5.0& 

184.66! 183.81', 

1B5.08 1 15(6) 

Ib2-*U Ini2i 

(.'■Minbined 

183.22 193.80 

193.64 182.77 

Is4.uil iefy 

170.ES s-'.l' 

TORONTO Com pan ice 

1148.4 1143.01 

1148.4J 1142.5 

1148.0 il5f8) 

’-.s-'i- 


Indices and base dates -tail base values 
100 excepr NYSE AH Comninn - 5ii 
Standards and Poors —ID and Toronto 
300 - 1 . 000 . the last named basxd nn 10131 . 
t ExdudloE bonds, t «* Mdusinals 
1400 [nds.. 40 UiiUtws. 40 Finance and 
30 Transport iffi Sydney All Ord 
i'i' Belgian SE M'lS'K. (—> r ioeolias'-n 
SE 1/l'tlL iri-»Paris Bouro 1951 
itt> CcwamerzOanR Diec., 1BST (Jii Amsier- 
dam. IndustnaJ 19JtJ. ■'•■Han* Sm* 
Banh3T'7/64. Mill* Miland'l-n. mi Tokyo 
New SE 4/1/68. <5* S'rails Times iWfi 
inclosed. id 1 Madrid SE UO'IS'TT 
■ei SiortshoUn Indusinal i.*1 58. »/i Swiss 
Bank Coro, (ui Unavailable. 


AMi. 

A Ham I'enurh... 

UMIV_ 

HAS)- 

Buyer.—— 

Bayer. Hypo-- 

Javet.Veneinrtik. 

i.:il«lni.S»d.wn> 

C-rirnnerzhnuk. 

Com Uumrai..— 
Lhmnler lleni_.... 
Iieciista.. 

Uenmc. 

Lhsul-cbe Hank„. 
Lintwiner Hsnk._. 
Liyokcih-iH Zemi. 
liuielioffnunc— 

hni«L Uovri ...... 

H*rv«ner... 

Hue-.-n-i-- 

H'^ech—.... 

Horten.. 

Kali uu>i d*‘(. 

Karrtibtt...». 

(vaulho!. 

b.iij'-kner DJIUO.. 
KHU. 

•xnipi-- 

Lmiie——.. 
Uiweutwau lutL... 

Luilliania .. 

11A A.-. 

Munue nttnn..^,. 
Met Mine 

Munehencr Uuck. 

.\eck«rtn*uii„. 

Preu- au DM liL. 
ifncmWeri.K'rt.ri. 
?cJiei >ne. 


82.0.+ 0.1 ’ — 

. 479.50 +4.50 31.2 
,| 248.50+5.0 28.08 
I 139.70^-0^0 18.76 
140.0;—0-50:19-75 

279.50 ->-3.0 £8.12 
.i 316.0*—4.20: IB . 

. 165 * - , 

222.00 -0-50' 17 | 
73.0 -0.8; - * 

.1 309.50-+1.5 ■ £8.12 

. 261.9 m....-. 17 * 

156.0—1.0 14 : 

. 308.‘Jnr- 1.80 28.12 
m40«K •)-1.40 28.12, 

| 173 h3.5 9.38 
„ 205 1*5 • 12 ! 

1 120 i + 20 -14.04 
296 -2.5 *18.72 

., 1S0.7BB) —0.80 IU.76, 

.1 46.9.. 4 

. 155 i + 1.50 9.56 

138 -1.0.14.04 
.! 324 +3.0 20.44 
.1 226 >+4.0 18-72 
.1 92 -1.10 - 

.1 185.50+1.5018.76 

. 96 . - 

., 249.8. 25 

,1.445m +5.0 26 : 

.. 111.5. 9.36 

. 198 +2.0 * 12 
. 158.50+ .1017.18- 
317 -l.O. 10 
. 548 + 3.0 1 18 i 
. 130.50-0.50! — ! 

. 116 JO—1.0 j - 
.1 19050+3.50, 25 
372 +1 2B.1-4 

1 287.30 -0.80 16 ; 

243.50 +1.50 WA6 

117.10 tO.SD 17.18 
175 -1 14 ; ■ 


JOHANNESBURG 

MINES 

June 1 G Rand - 

Acaio .Mnenean Corpn. — S.B0 

Charter Consolidated _ 3.65 

, East Drietonteln ..._ lifiO 

Elsbnrs --—- 1-83 . 

Rarmaoy - 5.85 

Kinross -..£aJ» 

Kloof .—... S.B5 

Rnsrenburg Platinum-1 38 

St. Helena -- 14.06 

South vaal .—--8.0a 

Gold Fields SA - 22.00 

Union Corporauon — 4JS 

De Beers Deferred-G.30 

Blyvoonmztctai .....—— 5.70 

iasi Rand Piy. - t4JS . 

Free Stale Gednld_OSAO-a 

President Brand —— 13J0 

Presidenj Sleyn —-- U-40 . . 

Sitimmetn • --- . 4.ra 

welkom .——— 4JB - 

west DneFontein 37JS 

Western Holdings - 30.30 

Western Dees . 13.70 >, 

INDUSTRIALS' 

AECf ... 3-W , * 

Anglo-Amer. Industrial _ 9-70. - : 

Bartow Rand ---- 3^5 

CA*A Investments .- **-« ■ 

Cnrne Finance 

De Been Industrial .. 

Edcara Consol idated Inv. 

Edgars Stores —.—....... 

EverReads SA .. 

Ireatertnans Stores ..— . 

Guardian Assurance «SA> 

Huletts ----- 

■*n+n(c ___ 

OK Bazaars -- 

Premier Milling- 

Pretoria Cement... 

Prolea Uoldings .— 

Rand Mines ProDertles — 
Rembrandt Crouo .— 


! AUSTRALIA 


Smith Susar 
ewertes . 


Hreii : Low 


17ift jlVixiiviiirtli.j 19 

il |Wylv.... 4 

41 1 5S*a 

144* tdapua.i I 6 lj 

Ills jAenltli Kann<. 15 

93,; U.-.lrea 4= Wnl t94ia 
BOSS ;LS.Tn«i«41%-|6**l 1 80s* 


ikzo (FiJsQj - 39J5Qf—O.B8 


6.69ft, 6.O7*:u.&-.0O Davbill*.| 6.69ft 

CANADA 


\Dttibi Paper.1 

Aqnivo Katie . I 

ilcnnAiuoiiniuml 

\ucfiiimMee 1 ......! 

Vaherun—. I 

Han sol Momiea-i 
[Hank Krjva S-*Ji*[ 
■dasl- K«riiiP*S-..- 
!ueiiTeiephone.„.l 
|Bow Valierluil...; 


•UP Uuuli.. 

lUramu. 

I rfrimo.. 

|uai«ar\ Poweii.... 
jvJamUij** Aimes... 
ICanaila l/emenl.. 
Ica/M,ia NW fan. 
[uauknip bnki.nn- 
Canada Indust.... 
'.■-an Pad Hi;. 

I *.an. ttu ifie Jiiv, 
Can. Super On..., 
uarlmeU'Keeie.. 
.CaSMh Aiieabir... 


lOhieitain.I 

.. 

L«n» HacLum..... 
[■.tmsiinier Ijb>^. ■ 
[tiwelM Kewuret-^l 

j.-ustain KJt-h.] 

Lhiou Dev uni. 

I'eniBr-n limn .,. 1 

|tlom Mine*. 

■LAmie Peiroieum! 
ilonimi'in Bri.lut: 

JiAiniiar...^.j 

lUupnnU.I 

i i^'cun'ee Aickie.j 
Ir'urd Motor Can..) 


COPENHAGEN * 


LiuUtLai ...I 

uianl Tel'wkiiuej 
■juii trill Cana.la .! 
tfawkera(.i.Oui.! 

dm on^er..: 

Hume Ull «.V. 

riuiisnn Bay Mrui 

ilu ifexi lia'v.| 

ilisiaonOlf Abas 

I.A-U.I 

Imaaivi.• 

imperial Oil. 1 

Inoo...i 


\inei. i*iukcu 

durm'-er W«.' 

irian-ke Haul-.' 

fc*>l Asian Cw.... l 

Ifmaa i«uben. 1 

for. Bi'iiyener.-.J 
for. Papir...^..^.! 

Hand lenhaak. 

J.A'Ut'nU.<KrA.i, 

»w>l Katie..[ 

,ii i eiauriM 

frivatbank_... 

Pmvmdauik ....... 

sufdi. tteren.tfen. 
niperlo-_ 


STOCKHOLM 


| In. i«..—. 

■ ilTlaJUi Aat. Gas.. 
|lirt'i..vPijie Line. 

■ Kaiser Kt'nuljran. 
liaJurlFuiCoru,... 
i(juliin« Lom.-H*.. 
i >li-*niiil’ii uiiieiii. 
j lUsic.v Fftn-mnii 

jjl.nn: V>T|,n. 

! MuumalnstateHs 
■i »i*<i •» Miller... 
.virum hiufen^-... 
Attan. leieumi.... 
vunuui Uil A G»* 
.htkH nn] PM r*(n. 
■TWI He Dopper M. 


P lullicPel roteuni 
.-«u. ban. Pei’m 

i’Hllnu. 

i‘«*jpieit Ueptjs... 
/Wre Uan A Oil.. 
i‘ia«rUeveio|-ini 
PonerCurpnnuTi 

Pnre... 

Quebec pruruemi 

'll . . 

<{eed Sbrn-. 

IClu Aip in. 

i(i.yal Hk.ul Call. 
Trust. 


AM A AUhi^w)-. 
Aiial^vsi uikraL 
ArftA iKr.501..... 
Allas LopcofKrS: 

jilieru i„.. 

ixdon 1 ^..........— 

Jar. <n-—— 

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BRUSSELS/ 


sceptre tt'rouree* 

*ea^nim«. 

ibei> L'auaila. 

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loionui Dom.Bk. 
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fau kl—••"»■ 
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sue Iren 

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.. M, 








V 



F° r 30 years Yugoslavia has presented Europe and the world with an intriguing and 
successful exercise in non-aligned socialism. The popular mood is optimistic enough even 
• to.contemplate a future without the legendary Marshal Tito, now in his 87th year. 


'UGOSLAVIA HAS eome a long study the Yugoslav .system of 
/ay since the publication on self-management. Even Mrs. 

newspaper announced to the_ pressed by Yugoslav achieve- 
/orld that Yugoslavia had been me ‘ nts when she' ■ visited the 
spelled from the Comiuform. country earlier this year. • 
iince then it has travelled its A* home too President Tito 
:• v. iwn~ road,'' pursuing “the . sUH kee P s a close-eye on politi- 
Principles of national independ- 081 developments, aided by the 
. -.nee and non-alignment and Us smaU grou P 0jE fellow .partisans 
particular admixture of ^ o]d days-like Edvard 
uthoritariauism and democracy ? ardelj Vladimir Bakanc. 

Just how far Yugoslavia hac* 0761 years some ^ Tit ° ,S 

° f b. Y usos,avia only. o° e relatively young man. 
;“® to ™5 k « ton “ rr Wr Stane, Dolanc. the tough but 
'ith ^ ^SP* S affaMe ’ Pa^ secretary- from 
;■ ^ f^^ Slovenia who helped to sort out 

-*-’riant. saSthf/ «°-** nationalist problems in 
• ■ SSL past Croatia and Serbia in 1371,, has 

. .nernts and expressing the fa ] th m ° ve( j int 0 u le inner, circle 

- win costmue alongside General - Nikola 

> 2SSJS 5 h0 “ n v . pa I th the Ljubicic r head of the army, and 

leadership of the. League Com-. Gen e ra i Franjo Herljevic. the 
;• -ounists. . .. . - . Minister of the Interior Who' is 

■■■ cr«^ also in charge of the-secret 

Vitality • ponce.- - 

. inv..' 'l feut on an organisational 

• -Although 86, President TSto level the. top decision-making 
- tU „ ows ' extraordinary;machinery within the LCY is 
ntality. • He recently completed-being changed. The old execu- 
.'. m exhausting series of foreign tive committee of the central 
dstis. which took hint to' the committee is to be abolished 
capitals of all- three 'super-and'the; presidency of th^cen- 
; ;rlowers. His-visit to China must tral committee is to be cutddwn 
-• laye been particularly satisfy- in, 'sizefrom over 40 to 24 
."*£■ \ Mtsx years of vilifying members .'(three leaders ftom 
...Yugoslavia as arch^revisionist each of the six republics; 'tWo 
-• --the. new Chinese regime has from the two autonomous,!* 10 - 
_ ": ToaUy recogni’sed the virtues of vroces, one from the ariny ; and 
.' •-•non-alignment and .indepen-Presideot• Uto himself). Sfene^ 
—fence from the super powers— Dolanc,. secretary of the'.df^ 

_particularly j>ne of them^aittf--executive^ committee, is 

"" - .ias' senrseveraa. delegations to "peeted 'to be con6nned/as, 


secretary of the new-look presi¬ 
dency at the congress itself. 

As for the top organisation 
of the Yugoslav Federal State, 
this has already been reorgan¬ 
ised into an eight-man collective 
presidency (plus President Tito 
who is president for life). When 
Tito dies the mainly ceremonial 
functions of the President of 


authority which up to now has 
been backed up by the 
authority of Tito himself. It 
was, and still is, an authority 
stemming from what a British 
academic once described as “an 
extraordinary mixture of 
martial charisma and constitu¬ 
tional informality almost 
amounting to a political droit 


to Tito—by leading members of 
the LCY in these republics.) 

Tito decided to lake drastic 
action to stop what was clearly 
conceived as a threat to the 
unity of Yugoslavia and a 
thorough purge nf the Party, 
banks and intellectuals followed. 

Much- of what has happened 
in Yugoslavia since then has 


social and economic life. 

This vast and complex body 
of new laws and constitutional 
arrangements is as much the 
expression of the aims and ideals 
of Yugoslav society as a practical 
guide to how to achieve them. 
Yugoslav ideologists themselves 
■tend to underline the element 
of continuity rather than the 


in the Yugoslav system. Can the 
LCY be democratic and auth¬ 
oritarian, in favour of pluralism 
but opposed to a plurality of 


BASIC STATISTICS 


Unshaken faith in its 

chosen path 


social structure nf the country, 
but finally controlled by a small 
group of ageing men of the 
heroic partisan generation? 

The answer is certainly “yes" 
while Tito lives and probably 
for some time afterwards while 
the partisan generation, which 
is also ageing, remains. Then it 
will be the turn of the next 
generation which will have to 
come to terms with a Yugo¬ 
slavia totally different from that 
which emerged after the war. 


Area: 98,766 $q. miles 

Population: 

21.6m 

GDP (1975): 

YD 503bn 

Per capita: 

YD 22.820 

Trade (1976): 

Imports: 

YD 134b □ 

Exports: 

YD 83.8b □ 

Imports from UK: £128m 

Exports to UK: 

£33.5m 

Trade (1977): 

Imports: 

YD 176l>n 

Exports: 

YD 96.1bn 

Imports from UK 

: £ 17 5 in 

Exports to UK: 

£40.5m 

Currency = New Dinar: 


political continuity' and wo- £=YD 34.39 

nomic progress since the war 

has done much to consolidate lies and provinces themselves. 
Yugoslavia's " unity in diver- This is partly expressed in 
sity," Having cracked down on economic de - centralisation, 

a form of -nationalism which which revolves around the su- 
couid have developed into called basic organisations of 
separatism. Yugoslavia's political associated labour and their 
leaders have had the courage of voluntary associations into 
their convictions and tackled larger units, and partly in much 
the national question at its roots greater powers for local eom- 
by devolving many of the munities at a territorial level, 
former federal functions to the The idea is that production 
republics and autonomous decisions are best left to the 
provinces. producers, while local ennimu- 

A-t the same -time what rtity policies in the fields nf 
Edward Kardelj, the Party's health, education, culture and 
principal"ideologist, ihas defined welfare are also best looked 
as the concept of “ self-raanage- after by the consumers and pro- 
ment pluralism . . . or the dticers of such services locally, 
pluralism of self-managed com- What the system is trying to 
munities integrated in the sys- create is a means of direct par¬ 
tem of delegates” has also led ticipation by people as workers, 
to a similar process of devolu- consumers and just plain people 
lion of power within the repub- in the basic decisions affecting 
CONTINUED ON NEXT PAGE _ 


By Anthony Robinson, East Europe Correspondent 


Yugoslavia will be taken over 
by one of the eight members of 
the collective presidency on a 
strict rotation basis, similar to 
that operating in Switzerland. 

All this is a slightly round¬ 
about way of saying that the 
institutional arrangements for 
the post-Tito period are now 
known, agreed and ready to 
function when needed. 

They go a long way to answer 
the question of what happens 
after Tito goes. Great care has 
been taken to ensure that the 
maximum devolution of power 
and responsibility has been 
accompanied by the mainten¬ 
ance of a strong core of 
Ideological and political 


de seigneur” 

That right was exercised to 
great effect in 1971/72 to defuse 
what was then seen as the most 
serious challenge to Yugoslavia's 
unity since the revolution. This 
was the re-emergence of strong 
nationalist feelings, particularly 
in Croatia and Serbia, fuelled 
by a conviction that their econo¬ 
mic development was being held 
back by excessive centralisation 
in Belgrade and the siphoning 
off of foreign exchange and 
other income to the less-de¬ 
veloped republics. (Significantly, 
these views were expressed both 
by the then powerful Croatian 
and Serbian Banks and the uni¬ 
versities and—most worrying 


been concerned with exorcising 
the spectre of nationalism and 
seeking to satisfy the legitimate 
aspirations of all the six nations 
(Serbs, Croats. Muslims, Slo¬ 
venes, Macedonians and Monte¬ 
negrins) and IS different 
national minority and ethnic 
groups within a new constitu¬ 
tional framework. 

Hence the introduction of a 
new constitution in 1974 and a 
veritable- cascade of new laws 
aimed at implementing and in¬ 
stitutionalising the self-manage¬ 
ment principle in the organisa¬ 
tion of labour, planning, 
banking. and credit, foreign 
exchange,' prices and incomes 
policy and the whole gamut of 


nnvelty of the new arrange¬ 
ments. 

What has definitely not 
changed is insistence on the 
“leading role” of the LCY and 
the refusal to counter nance the 
creation of a multi-party system. 
There are those who believe that 
such a system might eventually 
evolve in Yugoslavia, but that 
day seems far off. The fear is 
that such a system would inevit¬ 
ably degenerate into party 
divisions on national and ethnic 
lines which would cany with it 
the seeds of disintegration, the 
loss of national unity and in¬ 
dependence. 

It is at this point that one 
detects the basic paradoses 




««re 


stofanska banka 

ZDRUZENA BANKA-SKOPJE 



ASSOCIATED BANK-SKOPJE: 

• 11 Oktomvri, 7 
: . / P.O. Box 582 
- 91000 Skopje 
_ ’ YUGOSLAVIA 

Cable: STOPBANKA 

Telex: 51140 and 51472 yu sbank. 

.-Telephone: (091) 235-111 

. ACTIVITIES: All kinds of banking services. 

BASIC BANKS: 

Skopje, Beravo, Bitola, Virrica, Gevgelija, Gostivar, Debar, 
. Delcevo, Kavadarci. Kicevo, Kocani, Krusevo, Kitmanovo, 
’ ’’'".'/Itegotino, Ohrid, Prilep,Radovis. Resen, Sveti Nikole, 
Strumica,-Struga, Tetovo, Titov Veles and Stip. 

. ’ : • • • ' j 

REPRESENTATIVE OFFICE IN THE COUNTRY: 

. . Belgrade. 

REPRESENTATIVE OFFICES: 

. London, Frankfurt/Main, New York, Toronto and Sydney. 

AGENCIES: 

Diisseldorf, Miinchen, Mahno, Gary, Detroit and 
.Melbourne. 

LONDON OFFICE: 

- . Stopanska Banka-Skopje 

Representative Office, 

Kingsway House, 2nd floor, 

103 Kingsway, _ 

London WC2B 6QX 

. r ,j e | ex: 299053 sbank g 
. .Telephone: 01405 6053/54 . . 


SYSTEMS FOR AUTOMATIC 


IT0MATIC DISPATCH CONTROL IN MODERN 
INDUSTRIAL INSTALLATIONS 


ENERGOfNVEST-Sarajevo, the large and complex indus¬ 
trial organisation of associated labour, is engaged in a 
wide range of.production activities. Some of them are 
projects on a ’* turn-key ” basis and are mostly carried 
out by building in the products from their own 
manufactures. 

Today, in Yugoslavia ^and elsewhere in the world, pro¬ 
duction of electrical power is of primary importance. 
This concerns not only the supply of urban areas but 
even more the supply to industry. ENERGOINVE5T has 
long-established experience in building complete projects 
of various types, which include also those for the pro¬ 
duction and distribution of electrical power. 

Such complexes must, of course, be equipped with the 
most up-to-date systems for automatic control. This 
was the reason that prompted ENERGOINVEST, nearly 
20 years ago, to supplement its factories producing elec¬ 
trical equipment and installations, with the Institute for 
research development and design in the field of auto¬ 
mation. ENERGOINVEST has specialised factories for 
the production of these automatic control and safety 
systems in industrial processes. The systems produced by 
ENERGOINVEST are built into many industries such as 
electrical power, chemical, oil and food processing indus¬ 
tries, coke and cement works, water supply etc. in 
Yugoslavia and throughout the world. An automatic 
dispatch centre for electrical power for a chemical com¬ 
plex in.Iraq is in the process of being completed. 

Systems for dispatch control 
Because of systematic planning over a number of years, 
ENERGOINVEST has created pre-conditions for its present 
successful activities in the building of information and 


telecommunication systems and the elaboration of 
mathematical models and methods of optimum control. 
For the requirements of electrical distribution in Banja 
Luka, which covers an area of 10.000 km> and includes 
32 transmission stations. ENERGOINVEST has built a 
dispatch centre for the control of the whole network 
of IDO. 35, and 10 Kv. Within the whole system there 
is a processing computer which gathers information From 
a telemetric system. It processes and memorises this 
information and reports and shows the state of the 
neework. A synoptic panel situated in the centre makes 
it possible for the dispatch controller to see the state 
of the power network and enables him to carry out all 
essential interventions for dealing with possible faults 
in the network. 

Optimum distribution of power media 
With the exception of the system for dispatch control 
of one medium — electrical power — ENERGQINVE5T 
produces also a control system for four power media: 
water, steam, gas and electrical power. ENERGOINVEST 
has built such a system for four media, wirhin the com¬ 
plex of the "Steelworks and Mines Combines Zenica." 
The joint task of dispatch centres of power media in 
this steelworks is to enable the production and distribu¬ 
tion of power media under the optimum conditions of 
safety and economy. A telemetric system for the 
exchange of information between the complexes and 
dispatch centres, as well as the computer for information 
processing, are used jointly by all four dispatch centres, 
whereas the peripherals, synoptic panel, screens and prints 
are used separately by each centre. These complexes 
were built by ENERGOINVEST on the ** curn-key ’* 
principle, including the training of personnel. 








• A ^ 


Control room in dispatch centre — Banjo Luka 

Further information, may be obtained from: Public Relations Office, Energoinvest, POBJS8, 
7/000Sarajevo, Yugoslavia and Energoinvest London Office, Imperial Buildings, 56 Kingsway, 

; London, WC2B 6DX. 













Financial Times Mon3ay June' 19. &97S 


YUGOSLAVIA n 


zagreba6ka banka 


from January 1st. 197S the legal successor of 
the merged Kreditna Banka Zagreb and 
Jugobanka-Main Branch Zagreb. 


Total Assets 


Own Funds 

(total Capital and 
Reserves I 


(in thousands) 

Din.57,838.458 

(l r S$3,213,247) 

Din. 4,138341 

(US$ 229,907) 


Economic growth may 

■ _■*» 

forced to slow dowi 


Besides 1,400 Members of the Bank, more 
than 15,000 business and industrial 
enterprises, trading companies and other 
organisations are its depositors and are using 
the services of ZAGREBACKA BANKA, 
which carries out all banking operations at 
home and abroad at its premises in Zagreb: 


Head Office 41000 Zagreb 

Paromlinska bb 
telephone: 519-522 
cable: ZAGREBACKA BANKA 

International Pay- 41000 Zagreb 
nj snt Transactions, Savska g 0 
Foreign Relations 

telephone: 510-411 

telex: 21-211, 21-7S7 YU ZABA 

cable: ZAGREBACKA BANKA 


Foreign Exchange, 41000 Zagreb 
Internationa/ Loans „ DiS 

and Guarantees Savska 66 

telephone: 510-500 

telex: 21-765,21-695 YU ZABA EX 

cable: ZAGREBACKA BANKA 


“Grad«ka 41000 Zagreb- • 

stedioniea- Trg Republike 10 

(City Savings Bank \ ° r 

Unit specialised in telephone: oL-341 

Savings cable: ZAGREBACKA BANKA 


AS THE Yugoslav economy 
moves into the second half of 
the current five-year plan 
period it faces the difficult task 
of meeting ambitious growth 
and investment targets while at 
the same time digesting some 
major constitutional and insti¬ 
tutional changes which directly 
affect the running of the econ¬ 
omy. 

The problem is not growth 
itself, as last year’s economic 
performance amply demon¬ 
strates. In spite of generally 
sluggish economic performance 
in both the Western and 
centrally planned economies 
last year. Yugoslavia managed 
to raise its GNP by 7 per cent 
and economic activity has con¬ 
tinued at a similarly high rate 
over the first quarter of this 
year. 

As usual, however, this high 
rate of activity, which signi¬ 
ficantly improved the produc¬ 
tivity of many enterprises, was 
accompanied both by a rise in 
price inflation to 14 per cent 
and a deterioration in the over¬ 
all balance of payments. 

These two factors are still 
causing concern. Last year's pay¬ 
ments deficit totalled Sl.Sbn, 
compared with a small surplus 
of Sl50m in 1976. This in itself 
is not unacceptable as the 
1976/SO five year plan budgets 
for a total deficit of $4.7bn over 
the plan period, a figure which 
is considered well within accept¬ 
able financing limits and con¬ 
sonant with the heavy invest¬ 
ment needs in plant and infra¬ 
structure. 

In order to keep this deficit 
on track, however, the 1978 
plan calls for a lower deficit of 
around $1.25bn, which requires 
a considerable improvement in 
the trade balance this year. Last 
year exports rose by only 8 per 
cent (FOB), while imports 
(CIF) rose by 30 per cent 
There is some evidence that a 
substantial part of last year’s 
rise in imports reflects stock- 


building by many companies in 
anticipation of possible import 
restrictions later this year. 
Some managers and bankers 

also believe , that, the external 
value of the dinar is a factor 
inhibiting exports. But officials 
deny that the dinar is over¬ 
valued and point out that it has 
in fact depreciated by 3 to 4 
per cent against the dollar this 
year. 

The rate of growth of both 
imports and exports appear to 
have slackened over the first 
quarter, but the trend is still 
unsatisfactory. Tourist and 
other invisibles like transit fees, 
emigrant remittances and over¬ 
seas construction receipts how¬ 
ever, are holding up well. 


Faster 


Part of the problem is that 
incomes are rising much faster 
than planned, while investment 
is also at a high level. This 
partly reflects the fact that 
many big investment projects 
are in varying stages of com¬ 
pletion and are sucking in 
imports without yet producing 
any compensating addition to 
output and exports. But 
restraining incomes in line with 
productivity is clearly as 
difficult under the self-manage¬ 
ment system as in more con¬ 
ventional systems. 

This situation was under¬ 
lined by federal premier 
Veselin Djuranovic who said 
recently’ “We behave as if our 
national income were twice 
what it actually is- Real per¬ 
sonal incomes are growing 
faster than labour productivity. 
Last year they increased by 6 
per cent—the highest rate for 
a decade. Investment is also too 
great.” 

This cri de coeur from the 
Premier was accompanied by an 
illuminating insight into the 
complex bargaining which is 
now built into the Yugoslav 
system. He stressed that the 






- 

With 280 Offices throughout Yugoslavia and a widespread 
network of Representative Offices abroad Ljubljanska banka 
is the right bank to contact when dealing with Yugoslavia 

International 

Division: 

Trg revolueije 2, P. O. Box 534,61001 Ljubljana 

Cable: L-Banka, Telex: 31256, 31539, Tel.: 23 751, 23 851 

. 

Consolidated total assets without contra accounts as at 

31st December 1977 are Din 120,822 million (US s 6,550 million) 


Ljubljanska banka is an Associated Bank formed by 20 Basic Banks comprising all 
the former branches of Ljubljanska banka as well as Kreditna banka Koper, 

Kreditna banka Maribor and Podravska banka Koprivnica. These Banks are 
located in 

Beograd, Celje, Domzale. Koper. Koprivnica. Kranj, Krsko, Ljubljana, Maribor. 
Murska Sobota. Nova Gorica, Novo mesto, Novi Sad, Sarajevo, Skopje, Slovenj 
Gradec.Trbovlje, Velenje, Zagreb 

Our Jinks with the worid are more than 900 correspondents in 120 countries and 
15 Representative Offices at: 

Abidjan, Beirut. Berlin (GDR). Budapest, Caracas, Frankfurt/Main, London, Milan, 
Moscow, Nairobi, New York, Paris, Prague, Rio de Janeiro, Warsaw 

London: 7 Birchin Lane, 6th Floor, London. E. C. 3 Telex: 888394, Tel.: 626 8848/9 


Federal Executive Council was 
powerless to take effective cor¬ 
rective action, which could only 
come after consultation with the 
Republics and Autonomous Pro¬ 
vinces and the approval of the 
self management interest com¬ 
munities for foreign relations. 

But, although the self¬ 
management principle en¬ 
shrined in the 1974 Constitution 
and the Associated Labour Act 
gives workers in the basic pro¬ 
duction units (Basic Organisa¬ 
tions of Associated Labour— 
BOAL) the right and duty to 
decide on the wage and salary 
levels within their unit, this 
right is in practice constrained 
by a complex series of checks 
and balances which have been 
h»iit into the system and which 
are evolving with it. 

One of the constraints in the 
system is the Federal Institute 
for prices, which, in agreement 
with the Republics, makes a 
solemn annual prices agreement 
to which the basic associations 
are supposed to adhere. This 
year the .BOALs agreed to try 
to keep producer price increases 
to an average of 8 per cent— 
although some priority sectors 
are to be allowed to raise prices 
higher in order to facilitate 
their self-financing capability or 
the cash flow from which to 
repay foreign loans. 

Such agreements clearly affect 
the economic performance of 
the individual companies at the 
base of the system, which are 
required to operate efficiently 
and profitably. Theoretically 
any BOAL which operates at a 
loss for three years can be 
closed, and persisting in paying 
higher salaries than warranted 
by productivity is clearly one 
way of sinking into a loss- 
making situation. 

This is far from being an 
automatic process, however, and 
last year 1,363 BOALs employ¬ 
ing 330.000 people worked at a 
loss totalling 14.7bn dinars. 
This, however, was a big 
improvement over 1976 when 
losses were 29 per cent higher 
and 50 per cent more firms were 
making Josses. 

Talking to managers of some 
of the largest industrial groups 
in the highly industrialised and 
Fast-growing areas of Slovenia 
and Croatia in particular, it is 
clear that there is a great sense 
of commitment to the self- 
management system which, 
although time consuming. * is 
recognised to have considerable 
advantages in raising the level 
of participation and commit- 


Faith 


CONTINUED FROM PREVIOUS PAGE 


ment to the enterprise and its 
performance. 

They also make clear that 
although management is 
essentially the executive body of 
the Workers Council (composed.- 
of delegates from the various- 
Basic Organisations) it t? 
expected to manage efficiently.^ 
The business management; 
board, which is composed-, 
entirely of business executives;; 
has to make technical amL 
financial decisions in much the- 
same way as the board dif- 
capitalist companies working 
for their shareholders. 

As prooE of the viability of 
the system planners and - 
managers point to the oyer 
170 joint venture agreements- 
between Yugoslav and foreign" 
enterprises through which 
Sl.obn has been jointly invested 
over the last 10 years, some: 
S325m of which by foreign 
partners. Fiat was the pioneer 
in this field with its original 
$10m investment in the Crvena 
Zastava car plant in Kragujevac; 
but the most important to date 
is the recent agreement between 
Dow Chemical and Lna to unrest 
jointly in a S750m petrochemical-' 
complex on the island of Krfc. A 
major foreign financing opera-: 
tion is now planned to help 
finance this venture, in Which" 
Dow has a 49 per cent stake. 

The willingness of foreign 
firms to engage in joint ventures 
is likely to he enhanced by new 
legislation which broadens the 
potential scope of such invest¬ 
ment away from the originaT- 
field of processing industry and 
into transport, energy, infra¬ 
structure and exploration and 
development of raw material- 
sources—with provision for 
repayment of profits in such 
raw materials if required. 


Enhanced 


Development of Yugoslavia's 
substantial non-ferrou^ and 
other mineral resources is 
clearly one large potential area 
for future foreign investment in 
joint ventures, whue Yugo¬ 
slavia’s strategic position as 
the principal land route from 
Western and central Europe 
through the Balkans to the 
Middle East also demands 
massive investment. Zagreb is 
one of the great-transit cities 
of Europe. A huge new railway 
marshalling yard has just been 
completed, but the Zagreb- 
Belgrade highway is a cavalry 


of heavy trucks and tourist 
traffic: Plans for a road tunnel 
under the Alps to Austria pe 
WeB advanced, and construction 
of a new 1,200 tan motorway 
south to the Bulgarian and 
;Greek borders is underway in 
five places at a cost of ¥257m* 
of which 580m is coming from 
the World Bank. But the 
;$2.5bn required to complete the 
project will require substantial 
foreign financing—possibly , in 
part from the OPEC countries . 
? . it is to he completed within 
the next decade. 

Until now the Central Bank 
has kept a very tight rein on 
borrowing and Yugoslav foreign 
debt position, and if anything 
the new Banking Act, which 
has, inter alia, reduced the 
financial autonomy of the 
banks, has reinforced this 
central controL 

It still has to be verified how 
the recently introduced law set¬ 
ting up the so-called self- Man¬ 
agement Communities of 
Interest for Foreign Economic 
Relations will work out in 
practice, but in theory it means 
that each of the six republics 
and two autonomous republics 
are now responsible for keeping 
their own balance of payments 
Within the federally agreed 
limits. 

The aim of this devolution of 
authority in the foreign- 
exchange field is to increase the 
sense of responsibility of the 
basic organisations who actually 
earn the foreign exchange and 
whose capacity to import their 
required components.- raw 
materials or plant will in future 
be closely linked to their own 
export performance. But, this 
does not mean that the BOALs 
have the right to retain all the 
foreign exchange they earn. A 
substantial proportion of foreign 
exchange has to- be sold: to, the 
Bank of Yugoslavia, which allo¬ 
cates it to those projects which 
are. earmarked as priorities 
under the national plan, taking 
great -care that the eventual 
allocations are.agreeable to the 
various republics in the pro¬ 
cess. '• v v : 

The main problem- at the 
moment is that unless there is 
a substantial and totally un¬ 
expected increase in exports 
over the second half of this year. 


the balance of payments deficit, 
and hence the foreign borrow-, 
ing requirement, is going to be 
considerably higher than the 
§L25bn budgeted for in this 
year's annual plan. The Central 
Bank and other authorities have 
no doubts that a larger deficit 
could be financed. The gross- 
foreign debt at the end of 2977. ; 
was around SlOba and the debt 
service ratio 16.7 per cent. But 
the net ratio was only 12.7 per 
Cent when ' feserves7 ' foreign 
credits and * other, assets are 
subtracted from the gross debt 

Japan has just Agreed a 
further $4Q0m credit line to 
finance .the purchase of Japan¬ 
ese goods, and the; country is : 
recognised as a good credit risk. 

Frustrated 

But the point is: that the 
authorities on all levels are not 
prepared ta-exceed thir foreign 
'borrowing target substantially 
and are deeply; frustrated by 
what they ^ee as the failure of 
the EEC-In particular to open 
up- their markets; to Yugoslav 
agricultural and industrial 
products, . and ~ so - help Yugo¬ 
slavia to. -pay for- its large im¬ 
ports^ of industrial, and other 
products from-- the- Community. 

:A£ founder members of the - 
non4ligned movement, Yugo¬ 
slavia. is also strongly critical of 
what it sees as the lack of poli- 
r tical. will , to press far radical ’ 
changes in .the. North-South - re-, 
iatiozmhzp. Snch changes would 
pennit Yugoslavia and other 
developing nations to sell the.- 
s6rt : of intermediate technology 
-products they make on their 
irapbrted- Westem machines to' 
the less developed countries and 
reduce, competition from the 
developed countries,' which 
should instead concentrate on 
high' technology- sectors, they 
believe. • 

Failing this opeaiiiig up of 
new markets in the developed 
and developing nations,. Yugo¬ 
slavia is noW'preparing-to cut" 
back investment and reduce' 
growth from the present 7. per 
cent in -Order, to cut. back 
imports, although this will have 
all the usual negative effects on 
employment-and the overall.- 
eflBciency of the system... 

Anthony ^Rebinsoii 


Jugolinij . Part of your export team. 

V/e knowwe could be, now we have to convinceyou. 

You have the goods and markets, we have the shipping 
knowhow It's taken a century to become the strong, efficient 
cargo fleet we are todau one of the worlds most experienced, 
in fact Our experience brings the worlds markets, however far 
away, dose to you. 

Fast modem ships equipped with the iatestfrejght handling 
equipment make lightwork of the heaviest cargoes. No cargo 
is too small or too large for us to care for. 

Recent reorganisation into three divisions, East Lines, 

West Lines and Tramp Services has given us added efficiency 
Advice and help is yours at any time from us or our 400 

agents worldwide. Yod R be told all about our service which 
includes an unrivalled knowledge of today's export scena 
The "Marine Marketeers^ isatitle weVe eamed-and proved 
-thousands of times. When you’re strivingfor increased 
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11 ^ 

JUGOUN 8 JA 

» 

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London agente: .^o-tografaY Shipping CcOSi£towH^flbh{^gat8iLondonE5t4JjScS732SI3eiS6SISSS390Q^^^ 



Uieir lives. It seeks to ensure 
that such decisions are co-ordi¬ 
nated through a system of dele¬ 
gates to the various higher in¬ 
stitutions and kept within the 
overall ideological parameters 
by the capilliary presence of 
the LCY. 

The theory is that the Party 
should be an integral part of 
society, not something above it 
issuing directives in the authori¬ 
tarian manner associated with 
what Yugoslavs call the "man¬ 
agement socialism ” operating 
on the Soviet system through¬ 
out Eastern Europe. 

The amnesty last November 
to 218 people convicted of 
political crimes and a further 
356 who were awaiting trial is 
an indicator of confidence that 
the political system is strong 
enough to democratise itself in 
the attempt to catch up with 
the social and economic pro¬ 
gress which has transformed 
Yugoslav society into' a much 
more sophisticated, better edu¬ 
cated and articulated body than 
the backward, divided, peasant 
nation o£ the past 


Grasped 


Yugoslavs have enthusiastic¬ 
ally grasped their freedom, in- 
eluding that to travel abroad. 
Over I9m Yugoslavs crossed the 
frontiers last year. For many 
these were just tourist or shop¬ 
ping trips—as witnessed by the 
smartly dressed crowds—for 
others educational trips to study 
foreign languages or techniques. 
For nearly a million Yugoslavs 
it means working abroad, learn¬ 
ing skills and sending much 
needed foreign currency back 
home. 

Economically the country is 
developing rapidly, with .major 
investment projects under way. 
Growth is marred however by 
inflation, a worrying balance of 
payments deficit and slow pro¬ 
gress in narrowing the huge 
income differentials between 
the industrialised North and the 
South. In spite of the creation 
of 830,000 new jobs over the 


past four years unemployment 
is still high and average pro¬ 
ductivity rather low. Over 30 
per cent, of the population still 
lives on the land, although 
agriculture is being modernised 
and Yugoslavia is approaching 
self-sufficiency jn basic foods. 

A major concern is that 
Yugoslavia will be pushed into 
a closer degree of economic 
integration with Comecon— 
meaning principally the Soviet 
Union —if the EEC does not 
give improved access to EEC 
markets and other assistance in 
the new five-year agreement 
now under negotiation. There 
are no illusions about the ex¬ 
pectation that the Soviet Union 
will continue to try and increase 
its influence in whatever way it 
can, particularly after Tito is 
no longer around. 

This is one of the reasons 
why Yugoslavia values its rela¬ 
tions with the US., China, the 
EEC and its other major trading 
partners and its role as a leader 
of the non-aligned movement. 
Moreover, behind' its active 
foreign policy stand well- 
equipped armed forces organ¬ 
ised for national defence 
throughout the territory. 

But this is ail essentially part 
of Yugoslavia’s insurance policy. 
The genera] mood is optimistic. 
Life has got better and, more 
important, people clearly expect 
it to get better stiJL Critics of 
the self-management system 
point to the enormous amount 
of time spent negotiating com¬ 
plex agreements at all levels. 
But one -of the results is a high 
level of social cohesion. 

All this enabled Party Secre¬ 
tary Stane Dolanc to declare 
recently that "Today Yugoslavia 
is one of the most stable coun¬ 
tries in the world." Keeping it 
so will require considerable 
skill. But as the Yugoslavs look 
round at their neighbours In 
both East and West one of them 
told me, they tend to echo 
Maurice Chevalier’s considered 
view on life in general: "Not 
bad—especially when one con¬ 
siders the alternative." 


PROGRAMME OF 

PRODUCTION 

ASYNCHRONOUS ROTATING MACHINES- 
SYNCHRONOUS ROTATING MACHINES ■ ' 
DIRECT-CURRENT ROTATING MACHINES 

GENERATING SETS ...... 

TRANSFORMERS. 

NUCLEAR EQUIPMENT : 
WELDING .EQUIPMENT ' , 

LOW VOLTAGE'.SWTTCHING DEVICES AND 
AND ACCESSORIES " 

HIGH VOLTAGE SWITCHING DEVICES AND 
- ACCESSORIES 

SWITCHGEAR \ 

El^CTRO^riBERMAL HEATING ' 
MARINE^EQUIPMENT, , 

PROJECTS AND PLANTS 1 - 
ELECTRIC EQIHPMENT FOR CRUDE r OIL' \ : 

• •. AND GAS EXPLOITATION ' 
EQUIPMENT FOR CRANES ~ 
ELECTRIC'TRACTION v.- : 

.. INTERNAL TRANSF^RTATlbN - 
‘ EQUIPMENT. F<jR tPfeUSTRlAL v : ' . 
COOLING CHAMBERS 
COMMERCIAL COOKING EQUIPMENT 

HOUSEHOLD APPLIANCES.: "4 
WATER SUPPLY " . 

GRAY AND NON-FERROUS METAL CASTS * 
PRODUCTION PROCESS EQUIPMENT 
INDUSTRIAL ELECTRONICS AND MEASURING ; 
‘. ;EQinPMENE : V x: ' V 


ELECTRICAL INDUSTRIES-AHO - 
. . ^GINEERIHG^ACREB YUGOSLAVIA . 

‘*u»l Zagreb," Failew?0' : tti£Ulc' ai/tdefti*.- 
tttex: 3-Iflt, 2-IH, 31-3M, : 21453. YU RK ZG _ - . . 













Knanet&'lffiies."Monaay. 1975 


YUGOSLAVIA IE 



trade 


needed 


STORY of Anglo-Yugoslav 9 lat 
rade in recent years is one of full 
widening Yugoslav trade mai 
' efirit which Tefiects not only is 
... ne international recession" hiit ava 
: he seeming inability on both a 
• ides to make the best of avail- jeaj 
; . ble opportunities* . yuj 

"... The actual problem of Anglo- leac 
f ugoslav trade spelt out in the mo^ 
.. .. mgua§e-of figures means that n 

- ;n 197? British' exports to 
-•^Jugoslavia were £176m against , snl | 

128 .4m In 1976. while imports y I1£ 
- . rom Yugoslavia were £40.5m AJJJ 
£33.5m). In the first three 
■ nonihs of. this year British 
exports were £34.Sra (£35.9m in rf 
■ he corresponding 1 period of cna 
’977) and imports £9.3m “ er 

. £ll.4m). This means a Yugo- “ ie 
lav trade deficit of£134-5m in ar<? 

' 977 against £04.9m in 1976 and dat * 
)f.£25.5m in the first quarter of 9 ua 
ilvhi.j his year against £24.5m in the the 
irst quarter of 1977. So the ada 
leficit is still rising.th®s 
Understandably, the Yugo- * n ** 

- ;lavs are far from happy, like 
hose British business partners }* 
vho see in Yugoslav deals more 'Se* 

• han a one-off chance. Some of sora 
. he impediments to mutual exP 1 

• - :rade are stubborn,; particularly non 

• " he Common Agricultural Policy cutl 

if the EEC which reduced tile* 
British imports of Yugoslav that 
meat and moat products to a to b 
minimal level. jt£ 

. There are also, the Yugoslavs p^c 
■argue, other hurtful, arrows in viev 

• : the quiver of the EEC They C0li ] 

feel that if only they succeed 
iu renegotiating their agree- C0Q ” 
ment with the EEC, trade with of a 
. the Nine, including Britain, will d 
. look up. But even if the nego-f.il 
; tiatiun* yield all they, want-the 
effect on trade with Britain rr 
could be. less significant than 
they expect. ■ "j 

- It is not just one single sp . 
factor which keeps Anglo- 
-Yugoslav trade within relatively “ on: 

—narrow limits. The April ses- trac . 
■;sion of the Anglo-Yugoslav £ r °t 
'■ Trade Council (AYTC) in Bel- Suc ‘ 
i'grade, an annual event, was a 
■ -.-.devoted., to. a- searching,debate sin c 
on the reasons for the inarie- tech 
. ... quate trade turnover and the 
. :Vquest for a cure... . . ; . , . i; , > 

. 7 "~ The two-day session arrived at... 
‘conclusions v an«t made, reeora- 
■ymendations which could help. 
..They may also be of practical 
‘ significance since AYTC. pre- . 

• sided over on the British aide 
- •. by Lord Ebbishara, ranks some- 

- where midway between a com¬ 
mittee of businessmen and 
: industrialists and a Govem- 

.. t- mental joint commission. This 

' ' ^ hybrid status means that AYTC ■ '■»•; 
■"linhs praclicality with a measure 
of authority. . 

Yugoslavia is. a major. __ ir 


Slavs failed to explore to the ing long-term contracts involves 
fullest extent . . the.'- British risks for both sides as they do 
market, British', business too not make allowance for process 
is _ often - ' .ignorant of or product changes, 
available' opportunities and as However, cooperation is a 
a consequence, is s .down the sector where Anelo-Yusoslav 
.league table amOBg e^wrters to economic relatlo^fhave fhoL 
Yugoslavs, whiie West Germany a modcme de „ ree of success 

7 s P dly There are altogether 637 co- 
movm„ up. . £- operation contracts in existence 

If is not' only...if^dfiquate _ many of 

minor. The 

market exploration — though British share in .industrial co¬ 
unlike the Comecqn .popntnes operation now in operation is 
Yugoslavia is not a closed book, seven 

there is no ■ foreign, trade British interest in joint 
monopoly, negotiations w*h end- venture enterprises has been 
users . are direct and not marked. These enterprises, 
channelled through:- govern- in whk . h foreign partner 
mental institutions—it is simply can hold half the equity and 
the old story of prices which contribute his share not only, 
are not competitive, deliver}' to quot e the new Act which 
dates which are disregarded and has been effective since April 
quality which is not always of 17. 1978. “in foregn currency 
the best. It is of course candidly of special interest for the 
admitted by Yugoslavs :tbat in foreign exchange and pav- 
these respects some of; their ments balance of Yugoslavia'” 
enterprises can vie with the but also in plant, equipment, 
British. *. parent rights and know-how, 

In Belgrade, at the AYTC have been relatively popular 
Session, the Yugoslavs;identified with foreign investors, 
some of the goods they wish to 
export. They include fibre glass, T Q rofpcf 
non-ferrous metals, furniture, 

cutlery, transformers ;and tex- 1IU >- . _- ; _, 

joinl ventur ® Act was passed, 
that it will be extremely MScult some 164 j 0int ventures ente r- 

to balance the bool^ bilaterally. prises or companies—an ot 
Hence co-operation ana co- them export-oriented or import- 
production arrangements with a substituting—have been estab- 
view to sales on third markets fished. The largest of them is 
could help to revitalise. Anglo- the STOOrn DINA project, a 
Yugoslav trade. LateIy,.eopmicts petrochemical complex set up 
concerned with the production jointly by the Zagreb-based 
of chemicals, textiles and metals petroleum corporation SOUR 
and with shipbuilding have INA and Dow Chemical. It is 
featured and there is also-a con- sad lo relate that Britain ?o 
siderable rise in technology far shares only in eight joint 
transfer at enterprise leveL ventures. 

But there is a snag;-ias a Yet joint ventures could 
spokesman of a leading-British become a source of earnings 
engineering company explained, preferable to counter-trade 
Long-term co-op era tlonV-con- deals which British business 

tracts enjoy certain taxation and quarters dislike and to their 
profit • repatriation privileges, credit Yugoslav enterprises do 
Such privileges do not but obghl not greatly welcome, although 
to apply to short-term contracts in certain instances they have 
since in view, of the foepthat concluded counter-trade con- 
technological progress in gather- tracts if with a marked lack 
.%%.• • 

.• • ■- ... r o'a- . . . 


of enthusiasm. Moreover, the 
joint venture Act permits 
foreign participation all along 
the line, even in the field of 
banking, and excludes only 
insurance, commerce and social 
services. Thus foreign part¬ 
ners can also share in raw 
materials exploration and 
exploitation. 

Whai the Yugoslavs would 
like to see in their dealings 
with Britain is a mixture uf 
conventional trade and such 
new approaches as co-opera¬ 
tion. co-production and above 
ail joint ventures. 

In either respect British ex¬ 
periences are limited. Eight 
instances are hardly enough to 
test the viability of joint ven¬ 
tures. but the West Germans, 
who are everywhere in Yugo¬ 
slavia, have gone into joint ven¬ 
tures and co-operation with both 
feet and are doing reasonably 
well. Nevertheless, if gudwill 
alone made trade prosper, pros¬ 
pects for Britain would be aus¬ 
picious. 

Alas, conventional as well as 
unconventional economic links 
are a quid pro quo. As the 
British market comes to provide 
more openings for Yugoslav pro¬ 
ducts, so the Yugoslav market 
will open for British plant and 
machinery. While there can be 
no guarantee, since the Yugo¬ 
slav economy is not centrally 
controlled and each enterprise 
deals on its own. Yugoslavs can 
only spend as much foreign cur¬ 
rency on conventional deals as I 
they earn abroad. Hence if j 
Britain wants to sell more, its * 
market must offer more access 
to imports of goods inhibited by 
EEC policies. 

It could be argued that trade 
with Yugoslavia is not worth a 
fight in Brussels, but the Yugo¬ 
slavs might then shift imports 
and exports to the U.S.. Russia 
and Japan. The situation is 
becoming acute and there is 
little time for procrastination. 

Kurt Weisskopf 


j , 

r * 


must be improved 


■YUGOSLAVIA FACES several 
economic problems: inflation, 
structural imbalances, unem- 


“ a r /I customer for British plant and "t- inflVtinn 

$! g (Uw »iRe... —■jssss-.'^ss 

rjo^ S 

I tv.* financial quarters are . not , . a nf t 


financial quarters 


balance of trade and uonse- 


F 


^r in S"-f actor to faster economic 
Jugoslav goods to cover their 0 j£ w »v. 

own import costs. ’ 8 Yet,' the ' Yugoslavs firmly 

n j» | believe that, with more good- 

J\6ul6tilSi . .. will on the part of their major 

W’estern partners, especially rite 
At the AYTC Sessioh in Bel- EEC-rin addition to their own 
grade each side recommended increased efforts—it could be of 
what remedial action the other more bearable proportions, 
ought to .take; and indeed Feeling-that such goodwill is 
matched criticism with self- lacking if not in words then 
criticism. The British argued, certainly in deeds, they are 
rightly that tiie Yugoslavs ought frustrated and bitter. What 
lo watch the British market exactly, can de done is another 
more closely. Organised visits matter. The solution is to 
to Britain by groups.of Yugo- change, trade patterns, sell and 
Slav business and industry buy more outside the Common 
representatives, participation in Market, but that is easier said 
British exhibitions, in short the than done. 

-vhole range of promotional Apart from Italy, where the 
activities ought to be subsidised ratio of exports to imports is 
>y the appropriate Yugoslav: comparatively favourable, trade 
authorities. . with EEC countries is extremely 

The activities—-or sometimes unbalanced. .Invisibles, such as 
ilso the inactivities' of the worker remittances and earn- 
■epreseiitations of Yugoslav Tings from tourism, in some cases 
mterprises in Britain—were compensate for part of the trade 
•ritically reviewed. It appears gap, but the Yugoslavs have 
'hat they are not always the Tjeen pointing out that those 
nstniments of market intelli- sources of foreign exchange are 
jeiit-e they ought to be. Mote* subject to sudden, changes, as 
>ver. Yugoslav exports of manu-, when Yugoslav workers have to 
actured goods might stand to return home. 

•am by less dissipation of effort Alternatives to the EEC trade 
: nd concentration on a few star include the U.S., EFT A and 
terns. Japan, the socialist countries of 

It is a fact of economic life Eastern Europe and developing 
hat a sustained campaign is-countries; 

(ceded to substitute manufac- _ Trade with the developing 
ured goods for the meat and countries is increasing and the 
neat products which until 1973 aim is io increase it to a quarter 
cenunted for over a third of of the total. Trade with socialist 
Jugoslav exports. Obviously countries has its limit at about 
"ugoslar enterprises, have not the present one .third of^ the 
«ound a complete alternative, total — beyond-which the \ugo- 
lilfiough in the'1973-77 period slavs .would be reluctant to go, 
jirinual growth of exports was no matter how bitter they feel 
6.5 per cent. This is not a bad about the EEC, 
ecord by any standard. Thus, as far as trade wnn tne 

But not only have the Yugo- West is concerned, the EEL can 




only be substituted for by either 
the U.S. or Japan, both of which 
are eager to sell more in Yugo¬ 
slavia, as shown by two recent 
developments. Earlier this month 
the president and chairman of 
the' Ex-Im Bank of the U.S. 
Mr. ; John L. Moore. Jr., signed 
in Belgrade two agreements 
under which in the future the 
bank, will not require Govern¬ 
ment guarantees for credits ex¬ 
tended to Yugoslav firms but 
will-deal primarily with Yugo¬ 
slav commercial banks. Two 
months ago his Japanese 
counterpart was in Belgrade for 
the signing of a S400m credit 
line which nine Japanese trad¬ 
ing firms have given Yugoslav 
industrial and other companies. 
Other developed countries with 
which. trade could be 
developed are Canada and 
Australia. 

Declaration 

As far as the EEC is con¬ 
cerned^ after a joint declaration 
sighed in Belgrade in December 
1976 expressing the political and 
economic interest of the Com¬ 
munity, iu Yugoslav independ¬ 
ence and prosperity, not much 
happened until February 1978. 
whennegotiations started on a 
new agreement to replace the 
current five year trade agree¬ 
ment which expires at the end 
of . August, flight from the 
outeet the Yugoslavs told the 
commission that the mandate it 
has. been given was unaccept¬ 
able They submitted their pro¬ 
posals; for a more comprehen¬ 
sive agreement. 

-Yugoslavia would like to 
include in the agreement, in 
addition to trade, co-operation 
in various other fields, such as 
financial, industrial and tech¬ 
nical co-operation, .transport, 
tourism, environmental protec¬ 
tion and social questions, mainly 
regaining Yugoslav guest 
workers. It would also like 
goods which will be manufac¬ 
tured in the free zone to be set 
up with Italy under the Osimo 
agreement to be considered as 
community products. 

Regarding trade, the Yugo¬ 
slavs'would like some tariff and 
othef' obstacles removed, a more 
liberal-’ application of the 
general, system of preferences 
the right to participate in public 
tenders, quotas for imports of 
some agricultural produce, free 
of variable duties. They insist 
that in a crisis no unilateral 
derisions by the EEC should be 
taken but rather that solutions 


should be found in mutual Con¬ 
sultations. 

The EEC Council of Ministers 
is scheduled to deliberate again 
on the new mandate to be given 
the commission an June 27, and 
negotiations will resume in mid 
July. The feeling in Belgrade is 
that negotiations should not 
drag on indefinitely but also 
that they should not be rushed. 
IF need be, the present agree 
ment could be extended for a 
few months. 

It would be wrong to infer 
from all this that the Yugoslavs 
expect others to solve their 
problems for them. They have 
been well aware of their short 
comings in foreign trade, and 
are openly discussing them 
Their first conclusion has been 
that they must organise better 
internally 2 nd abroad. Ir has 
been decided to establish joint 
representative offices abroad 
which would bring together all 
representatives of Yugoslav 
enterprises, banks, etc. This, it 
is hoped, will result in better 
co-ordination, elimination of 
mutual competition and also in 
better control. 

Much mare effort will have to 
be paid To market research and 
to fairs, exhibitions, promotion 
tours and other tools familiar tu 
more experienced traders. 
Fashions and tastes will have to 
be taken into account. Co-oper¬ 
ation with local businessmen 
will have to be improved. Much 
more attention has to be paid 
to co-operation with firms from 
tin? developed countries in third 
markets, especially in the LDCs. 

Another field which leaves 
much to be desired is. informing 
foreigners willing to invest, or 
sell or buy in "Yugoslavia of the 
regulations in various fields: the 
more so since new laws have 
been in effect this year about 
which not enough is known 
abroad. Examples are joint ven¬ 
tures, foreign firms’ representa¬ 
tive offices, counter-trade, bank¬ 
ing and credit systems and the 
foreign trade regime. 

Yugoslavs also admit that 
their products are often not 
competitive enough, be it 
because of their price (in that 
respect some local critics think 
that the currency is overvalued) 
or quality and delivery terms. 

The awareness of these short¬ 
comings is acute, and recogni¬ 
tion that higher exports are the 
prerequisite of growth and 
investment is now being im¬ 
pressed on everybody. 

AleUsandar LebI 

Belgrade Correspondent 


KRKA 

Pharmaceutical and Chemical Works 
KRKA Novo mesto 


There are not many factories 
that can pride themselves on 
such rapid development and 
expansion as KRKA. In 1954, a 
Pharmaceutical Laboratory was 
established at which only nine 
.people were employed but in 
197S the Pharmaceutical and. 
Chemical Works KRKA employ 
more than 2.800 people, among 
them 470 university graduates. 

To ensure more and more 
successful manufacture of 
finished products, in KRKA's 
programme much emphasis is 
placed on intensified production 
of basic pharmaceutical sub¬ 
stances. 

Biosynthesis 

There are promising feasibili¬ 
ties in the fermentation plant 
where antibiotics, vitamins and 
enzymes are produced. On the 
European scale, the present 
capacity of this plant is equal to 
that of medium-size enterprises, 
but it will be greatly enlarged 
by 1980. 

’Since 1975. KRKA has been 
the holder of the FDA product 
licence fur the antibiotics 
oxytetraevdine dihydrate, oxy- 
tetracyclihc- hydrochloride and 
bacitracin zinc, feed grade. In 
addition to these, oxytetracycline. 
feed grade is produced and the 
technological process for the 
synthesis of vitamin B rj , feed 
-grade has already been 
developed. 

Continuous operation of this 
as well as uf the other plants is 
ensured by KRKA's own energy 
supply equipment. 

Environment contamination 
and river pollution are pre¬ 
vented, or reduced to a mini¬ 
mum. by using a modern and 
highly ‘ efficient waste-water 
purifying system. 

Chemical synthesis 

In the plant for flexible 
chemical synthesis, various 
important pharmaceutical sub¬ 
stances are synthesized using 
KRKA’s own technological pro¬ 
cesses which were developed at 
the KRKA Institute of Research 
and Development. For all these 
inventions patents were either 
granted or applied for. 

The most important areas of 
production of pharmaceutical 
substances are as follows; 


tranquillizers, 1, 4-benzodia¬ 
zepines (diazepam, medazepam); 
semi-synthetic betalactam anti¬ 
biotics' f aznpicillin, flucloxacillin, 
cefalexin); 

iodinated contrast media 
(diatrizoie and aeetrizoie acid); 
others ^ (centrophenoxin, clofi- 
brinic acid, clofibrate. tetra- 
ethvltiuramidsulphide, nicamide, 
etc.) 

Final products 

The drugs are manufactured 
on the assembly line in a build¬ 
ing with a floor space of 16.000 
square metres. The capacity, 
sufficient at present, can be 
rapidly expanded in case of need. 
KRKA’s 176 pharmaceutical 
specialities cover every field of 
modern drug therapy. Many of 
them are manufactured ~ in 
co-operation with world-wide 
manufacturers of pharma¬ 
ceuticals. 

Institute of Research and 
Development 

At the KRKA Institute of 
Research and Development, 
fundamental and applied 
researches are carried out and 
innovatory processes as well as 
KRKA's development are 
studied. The research work 
has produced 74 inventions, 30S 
patent applications and 1S2 
patents granted not only in 
Yugoslavia but also in many 
European countries, U.S. A*, 
Canada, Japan, India, Australia 
and elsewhere. 

Medicinal herbs 

In addition to the modern 
pharmaceutical manufacture, 
KRKA appreciate and cultivate 
the traditional gathering, treat¬ 
ing and use of medicinal herbs. 
These herbs, their extracts and 
essential oils are exported to 
numerous countries all over the 
world. 

Cosmetics 

As body care contributes to 
human well-being, KRKA allo¬ 
cated a considerable part of their 
production capacity to the manu¬ 
facture of various cosmetics. 

Thermae 

Two thermal establishments 
in the neighbourhood of the. 


KRKA Works, one for the treat¬ 
ment of rheumatic diseases and 
the other for eardio-vaseular and 
diseases of the nervous system, 
joined the KRKA enterprise. 
They have grown into well- 
known recreation and protective, 
as well as therapeutic and 
restorative, centres. 

Export and activity abroad 

Since 1966, when the first 
noticeable results were obtained, 
the value of exports has been 
constantly increasing. In 1977, 
it reached US$22,869,000. 

KRKA export their products 
to West European and developed 
overseas countries, to the 
COMECON countries and. more 
and more, to the developing 
countries in Africa, Asia and 
South America. To West Euro¬ 
pean and developed overseas 
countries, pharmaceutical sub¬ 
stances. medicinal herbs and 
mushrooms are exported, and to 
the COMECON countries 
pharmaceutical substances and 
final drugs. With some of the 
COMECON countries there is 
also a successful co-operation in 
new drug research; knowledge as 
well as specialists are exchanged. 

There are only a few develop¬ 
ing countries in'Africa and Asia 
in whose markets KRKA’s pro¬ 
ducts are not to be found. Besides 
exporting activity, KRKA enter¬ 
tain technical relations with 
pharmacologists in numerous 
developing countries and render 
them not only professional but 
also technological assistance. So, 
in 1974, the joint enterprise 
Dawa Pharmaceuticals Ltd. was 
founded in Kenya. The KRKA 
founder's share amounted to 
one third of the required capital, 
the rest was shared by Kenyan 
investors. Both the construction 
and the equipment of the factory 
were entrusted to KRKA and the 
first modern pharmaceutical 
factory 7 in East Africa was ready 
for production in 1977. 

With such creative co-opera¬ 
tion KRKA assist the developing 
countries in their endeavours for 
a better life. 

KRKA Export-Import 
99 Titova, 61900 Ljubljana. 
Telephone (061) S14577. 

Telex 31 204 yu krka 


This announcement appears as a mailer of record only. 



|$2§- 

v ■ ■ 



Rudnik za Bakar 
BUCIM 


US $18,000,000 

Seven Year Project-Related Financing 


Guaranteed by 


Jugobanka 


Managed by 


Stopanska Banka 


BankAmerica International Group 

CoManaged by 

•Arnex Bank Limited 
Banque Intercontinentale Arabe 
First Pennsylvania Bank N.A. 

Provided by 


Bank of America NT & SA 
Banque Intercontinental Arabe 
First Pennsylvania Bank N.A. 

American Express International Banking Corporation 
Alahli Bank of Kuwait K.S.C, 

Amex Bank Limited 

Banque Beige Limited 

i member of the Society General? de Banque Group) 

Overseas Union Bank Limited 


Agent 

BANKofAMERICA 

INTERNATIONAL LIMITED 



.“l 












34 


7' Financial! Times Monday tftme 


r 


f PRINCIPAL FIELDS OF WORK ^ 

RESEARCH PROJECTS 
STUDIES 

PLANNING AND DESIGN 
CONSULTING 


ENGINEERING 

CONSTRUCTION 

OPERATION 

ELECTRONIC DATA PROCESSING 
FOREIGN TRADE 


^<7 


About 85 per cent of ENERGO- 
PROJECT'S total activities are 
carried out abroad and approxi¬ 
mately IS per cent in Yugoslavia. 
Today, it employs over 4000 
unifenity graduates, technicians 
and other highly skilled staff and 
a man-power of same 20000 
workers of other skills in 
Yugoslavia and ahroad. 
ENERGOPROjEKT has executed 
and is carrying out capital invest¬ 
ment and ocher projects in over 
40 countries in the World. 

Th- value of ENERGOPROJEKT'* 
present undertakings with foreign 
and Yugoslav employers, contrac¬ 
tors and sub-con cranors is esti¬ 
mated at about USS900 million. 
ENERGOPROJEKT owns seven 
tom Dames in five countries, 
participates in 12 ioint ventures 
in nine countries and has 13 
agencies in 12 countries. It slso 
has active technical co-operation 
with over 30 specialised organisa¬ 
tions in Yugoslavia and abroad, 
ft possesses constructional plant 
and other equipment, including 
scare unis and curb, valued it 
about USS100 million. 
ENERGOPROJEKT is registered 
with the United Nations in New 
York and its azencies in Rome, 
Geneva and Vienna. It is a 
co-founder of six Yugoslav banks 
and actively co-operates with 15 
of the Aorld's most reputed 
banks, and with 40 ocher foreign 
banks in 37 countries in Africa. 
Asia. North and South America 
and Europe. 


SOME KEY PROJECT 
TYPES: 

* Hydroelectric Power 
Plants 


Thermal Power Plants 


Electronic Networks, 
Transformer station and 
Switchyards 


Agriculture. Reclamation. 
Irrigation and Drainage 


Municipal and Industrial 
Water Supplies and Sewers 


Town Planning and 
Architecture 


Geology and Mining 

Technological and 
Metallurgical Ore 
Processing 


Industrial Plants and 
Projects 


Installation and Operation 
of Computers and 
information Systems 


NERGOPROJEKT 


Engineering, Contracting & 
Consulting Co. 

Head Office: Zeleni venae IS 
BELGRADE P.O. Box 712 
YUGOSLAVIA 
Te| ; 627522 

Telex: 11 181 YU ENERGO 
Telegram: ENERGO BEOGRAD 



udruzena 
beogradska banka 


2. Kuex Mihajluvu, 11001 Beograd, P.O. Box 935. Yugoslavia. 
Telephone: 011-024 455; Telex: 11712,12709 1 dealers) YU BGBANK 


Follouing ihe new Law on Basie Principles of Banking and 
Credit Operations in Yugoslavia. Udruzena Beogradska Banka 
was founded by 15 basic banks from the organisation of ihe 
former Beogradska Banka and Yuguslovenska Investiciona Banka. 
Be«j"ra{. uitn more than 20.000 basic nrzanisa lions uf 
as-socciled labour and olher organisations located both in 
Serbia and oiher republics in Yugoslavia. 

Ldruzena Beogradska Banka is a financial association through 
■which the associated labour curries out a part of its financial 
opera lions such as: 

—external financial relations 1 credit relations, foreign exchange 
transactions, payment transactions, issue and placement of 
bonds, organisation for collecting foreign exchange savings 
abroad, eie.): 

—pooline of resources for major projects in the country on 
the basis of self-management agreements made with the 
urbanisations of associated labour—members of basic banks. 
Udruzena Beogradska Banka appears abroad in iis own name 
and on behalf oT basic banks, and its members. All basic banks, 
members of Udruzena Beogradska Banka, are under unlimited 
and subsidiary liability with all their assets, for the obligations 
of Udruzena Beogradska Banka. 

Udruzena Beogradska Banka represents the largest banking 
organisation in the country, according to its total potential and 
holds a significant position in the Top 300 Banks Listing. 

Udruzena Beogradska Banka maintains correspondent rela¬ 
tions with more than 900 banks throughout the world. 

The initial consolidated balance sheet or Udruzena 
Beogradska Banka, as of January 1. 1978 amounted lo 187.9 
biJIio i dinars. 

The following basic banks are members of Udruzena Beo- 
grad.sk a Banka: Beogradska Osnovna Banka “ Beobanka,” 
Beograd: Osnovna Priv red no-In vestieiona Banka u Beogradu, 
“Invesibanka” (from the merger of Yugoslovenska In'-eshciona 
Banka. Beograd and Beogradska Banka—Main Branch Beograd 
Tt>: and basic banks at: Cacak, Loznica, Ljubljana. Xovi Pazar, 
Pinu, Pozarevac, Priboj, Prokuplje, Smederevo. Sabac, Titovo 
Uzicre. Trstenik and Vranje. 

Basic banks, members of Udruzena Beogradska Banka, have 
a widespread network of more than 300 operating units in 
Yugoslavia, through which they carry out their activities. 

The former representative offices of Beogradska Banka 
and Yugoslovenska Investiciona Banka.- Beograd will continue 
operations as representative offices of Udruzena Beogradska 
Banka. They are located in: London. Frankfurt, Paris. Milan, 
Washington, Moscow. Warsaw and Prague. 

Agencies and information bureaux of Udruzena Beogradska 
Banka are located in Vienna. Hanover, Mfinich. Diisseldorf, 
-Stullcart. West Berlin, Amsterdam. Brussels, Stockholm, Goteburg 
and Malmii. 

Udruzena Eeugradska Banka is a shareholder in the follow¬ 
ing joint banks and financial institutions abroad: 

—LHB Internalionale Handelsbank AG, Frankfurt/Main: 

—IICY—International Investment Corporation for Yugoslavia, 
London: 

—Development Bank or Zambia. Lusaka; 

—East African Development Bank. Kampala; 

—Banquc Franco-Yugoslave, Paris. 


VO J V OD JAN SKA BANKA 
UDRUZENA BANKA 
NOVI S A D-YUGOSLAVIA 


Incorporates all basic banks on the territory 
of the Autonomous Province of Vojvodina. 


It performs on behalf of its system all 
foreign banking operations, having large 
correspondent network all over the world. 


Address: 

21001 NOVI SAD, P.O. BOX 272 
BULEVAR MARSALA TITA 14 
Cable: Vojvobanka Novi Sad 
Telex: 14129 and 14172 Yn Vojba 
Telephone Exchange: 57-222 



YUGOSLAVIA IV 


Farm incomes rising 


LIKE MANY other developing 
countries which tended to over¬ 
look agriculture in the initial 
enthusiasm for rapid industri¬ 
alisation, Yugoslavia long ago 
came round to the view that a 
balanced development of the 
agricultural sector is vital to 
progress of -the economy as a 
whole. 

Formalisation of this re¬ 
thinking came with publication 
of the long-term Green Plan for 
agriculture in 1973: the current 
five-year plan aims at self- 
sufficiency in agriculture by 
1980 and the development of 
exportable surpluses beyond 
that 

A record harvest in 1976 
boosted agricultural output by 
a healthy 7.3 per cent from the 
rather depressed 1975 levels 
when the weather was unfavour¬ 
able. This performance was 
followed by a further 3.3 per 
cent increase last year which, 
it is hoped, will be matched 
again this year given reasonable 
weather. 

These figures show a consider¬ 
able improvement on the aver¬ 
age increase in agricultural pro¬ 
duction over the 1963-73 decade 
when agricultural output only 
improved on average by 2.5 per 
cent annually. 

They also show that Yugo¬ 
slavia is indeed on the path to 
agricultural self-sufficiency with 
aU that this entails both in 
reducing the burden ou the 
balance of payments and creat¬ 
ing the conditions both for a 
sustained demand for agricul¬ 
tural chemicals and equipment 
and a rational distribution of 
population. 

For all its rapid economic 
growth in recent years Yugo¬ 
slavia still has a chronic unem¬ 
ployment problem which has 
been exacerbated by the return 
of workers from West Germany 
and elsewhere. Modern capital- 
intensive industry is not able to 
create employment fast enough 
to absorb this excess labour. 
Incentives to modernise agricul¬ 
ture, while improving the 
attractiveness of rural life 


generally, make considerable 
sense under these circum¬ 
stances. 

Steadily rising farm income is 
one way of achieving this mid a 
system of guaranteed minimum 
prices and stockpile arrange¬ 
ments has seen agricultural pro¬ 
ducer prices rising by an 
average 14 per cent annually 
over the last five years. But 
major investment is also taking 
place to boost , output of 
fertilisers, tractors and farm 
equipment of all kinds together 
with major irrigation and 
re-afforestation schemes. 

The most ambitious irrigation 
and flood control project now 
under way is the giant Morava 
basin complex, a 20-year 
exercise due for completion in 
19S5 which will bring an end to 
destructive flooding in Serbia 
and create 280,000 hectares of 
highly fertile land on which two 
harvests annually will be 
possible. It will also generate 
952,000 kW hours of electricity 
and protect a further 156.000 
hectares from flooding and 
erosion. 

This year also sees the com¬ 
pletion of the 20-year 13bn dinar 
Danube - Tisa - Danube hydro 
system whose dams and canals 
have created the means to 
irrigate 500,000 hectares in the 
Vojvodina. the fertile plain 
which stretches north of 
Belgrade to the Hungarian 
frontier and beyond. 

The Vojvodiua plain is Yugo¬ 
slavia’s most important farming 
area in a country with a high 
proportion of mountains and 
steep valleys. It accounts for 
over half the total Yugoslav 
farming output and last year 
produced 3.4m tonnes of maize 
and 2.75m tonnes of wheat. This 
compares with last year's total 
Yugoslav crop of 5.6m tounes of 
wheat and a record 9.86m tonnes 
of maize, of which 9U0.00U 
tonnes were exported. 

Maize production is one of the 
big success stories of Yugoslav 
agriculture. Yields averaged 
out at 42.5 centners per hectare 
last year, a new record, and 


with the planting of improved 
hybrids and a greater area this 
year a maize harvest in excess 
of 10m tonnes is confidently 
expected. 

But the growth of maize out¬ 
put is only part of a compre¬ 
hensive transformation, of the 
crop pattern under the influence 
of a powerful drive to increase 
output of industrial crops like 
sunflower, soya and sugar beet 
Last year’s record sugar crop of 
5.3m tonnes gave Yugoslavia 
self-sufficiency in that conr- 
modity for the first time. Over 
480,000 tonnes of sunflower seed 
were also produced and a 25 per 
cent increase in planting has 
taken place this spring. 


Rapidly 


At the same time mechanisa¬ 
tion is proceeding rapidly, as is 
the supply of fertilisers from 
big new fertiliser plants now 
coming on stream or under con¬ 
struction—like the giant Kutina 
plant in Croatia, now being ex¬ 
panded through a $155m Euro¬ 
dollar term loan, and five other 
major complexes. 

This year the farm tractor 
population is officially estimated 
to be 50,000 units higher than 
last year, bringing the total to 
350.000, or one for every 25 
hectares. At the same time 
Yugoslavia has used its own 
agricultural modernisation pro¬ 
gramme to build up a useful ex¬ 
port trade. Last year exports of 
tractors and farm machinery 
totalled $60m, with a target of 
$100m annually by the end of 
the decade. 

What is perhaps most surpris¬ 
ing about Yugoslavia's agricul¬ 
tural performance is that it has 
taken place within the overall 
context of a highly fragmented 
and traditional peasant farming 
structure. Some SO per cenu 
of the farms and nearly 70 per 
cent o-f agricultural output 
comes from private farmers still 
farming on variations of the 
medieval strip system. This is 
immediately apparent when fly¬ 
ing over large areas of the 


country. 

Cheek by jowl, however, are 
to be found the large modem 
agricultural combines like: the 
Poljoprivredni Kombinat (PKP) 
a showcase agro-business com¬ 
bine of 100,000 hectares and 
20,000 workers some 50 miles 
north east of Belgrade. This 
combine boasts 1,400 tractors, 
a 50 combine harvesters, 50,000 
breeding cattle, 20,000 dairy 
cows and 120,000 fattened pigs. 

Organised into over 60 
Organisations of Associated 
Labour and run on impecc able 
self-management lines, PKB 
produces agricultural raw 
materials, processes 'them into a 
vast range of packaged food-, 
s tuffs, meat and dairy products 
and preserves in 16 factories 
and then markets them through 
its own network of 500 shops 
and self-service stores, hotels 
and tourist facilities all over 
Yugoslavia. It also carries on 
a significant export trade, 
coupled with technical assist¬ 
ance from its own scientists and 
food technologists, for farmers 
in developing countries. •; 

.Significan tly PKB also 
co-operates with some 50,000 
small private farmers who 
supply the combine and receive 
te chnical assistance arid 
guaranteed market in exchange. 
This is highly significant 
because Yugoslavia, having 
reassured its peasants that 
private farms have a sure 
future, believes that the best 
way to improve agriculture 
across the board is to step up 
mutually advantageous co¬ 
operation between the large 
socialised combines and private; 
farmers on a voluntary basis. 
Credit and other incentives are 
also provided for private 
farmers to develop their own 
producer co-operatives on- a- 
pattern similar to those in the 
Emilia Romagna region in 
neighbouring Italy. , , ; 

In the long run the soda! 
sector is expected to increase 
gradually in size as older far¬ 
mers retire and new lamAbe-1 


comes available through re¬ 
clamation and irrigation 
schemes. It is set to expand' 
by 250,000 hectares in the 
course of the current five-year 
plait: 

Productivity is also growing 
much faster, with average gains 
of around 8 per cent annually 
on: so ciali sed farms a gai n st; 3 
per cent-on private land. r The 
hope is that the evident profit¬ 
ability of modem farming 
methods will continue to act as 
a powerful pursuason to- 
modemlsation throughout the 
agricultural system.. 

..Further modernisation "of 
Yugoslav agriculture looks like 
.being one area for potential 


co-operation with British agri¬ 
cultural equipment-makers and 
suppliers of knowhow. But here 
again ihe future of co-operation 
is strongly linked to the estab¬ 
lishment of some kind of equit¬ 
able arrangement for the export 
of Yugoslav baby beef and other 
agricultural products to the 
EEC. The .way in which the 
Community eut . off. Yugoslav 
meat exports .deeply offended- 
Yugoslavia and has raised some; 
serious question' -marks, .about 
the. usefulness of further de¬ 
velopment if the end ^result is- 1 
the. production ‘ of- uisaleable. 
surpluses under present market¬ 
ing arrangements*: ; ' • .; 


AJfr 


Growing success in 


self management 


IF, AS is frequently the case, 
businessmen or others from 
capitalist countries start dis¬ 
cussing the Yugoslav system uf 
worker sen-management in 
terms of worker participation 
a la Bullock they are likely to 
be quickly, but politely, cor¬ 
rected. 

Worker participation implies 
participation in a system where 
somebody else more important 
holds the real initiative and 
real power, one is likely to hear. 
Under the Yugoslav system the 
enterprise is owned by the 
workers. managers are 
appointed by the workers, to 
whom they are responsible, and 
the workers themselves through 
their various self-management 
institutions decide on invest¬ 
ment and production plans and 
the final distribution of the 
income produced. 

This theory is codified into 
law at enormous length—the 
Associated Labour Act alone 
consists of over 200 pages and 
671 regulations — and is 
variously viewed as a blue¬ 
print for Utopia or a recipe for 
unmanageability. 

To find out how it can work 
out in practice I went to one 
of Yugoslavia’s most successful 
industrial concerns—the Iskra 

electrical and electronic 
engineering Kombinat in 
Ljubliana which has averaged 
a 20 per cent growth rate over 
the last decade, a 1977 turnover 
of over So00m and exports of 
§80 ra. 

Physically Ljubljana i$ still 
very much a Hapsburg city — 
one of a dozen or so central 
European cities whose funda¬ 
mental style and elegance 
derives from the elegant 
baroque public buildings and 
squares planned by the Empress 
Maria Theresa and Franz Josef 
CL It is the capital of the mainly 
catholic Republic of Slovenia, 
which is relatively poor in raw 
materials but has a long tradi- 
'tion of industrialisation and 
trade, mainly with neighbouring 
Italy and the former Hapsburg 
hinterland. 

The headquarters of Iskra 
itself is situated in an elegant 
skyscraper block, flanked, signi¬ 
ficantly. by the Ljubljanska 
Bank building, another sky¬ 
scraper designed to withstand 
shocks of all kind — this after 
all is a seismic area as the 
recent earthquake in neighbour¬ 
ing Friuli bears witness. 

At the heart of the Iskra 
Kombinat are the 72 Basic 
Organisations of Associated 
Labour (BOAL). The funda¬ 
mental characteristic of a BOAL 
throughout Yugoslavia is that it 
must be a dearly defined cos! 
and profit centre producing 
measureable goods or services. 
1 ji practical terms in the indus¬ 
trial sector this usually means a 
factory producing a product or 
products. Members of a BOAL 
have the right lo remain 


independent or to voluntarily 
join together with other Baal’s 
for purposes of joint marketing, 
research and development or 
other common services. 


The Yugoslav system rests on 
the belief that the production 
units are the best judges of how 
to produce efficiently. The final 
shape of the five-year plan is 
agreed after an infinitely com¬ 
plex series of discussions on a 
two way basis involving the 
BOALs, and the various co¬ 
ordinating bodies at a trade 
unionl Republican or Proviodal 
and Federal levels. 


of the banking structure. The 
bank reform was designed to 
reduce the autonomous power 
of the banks and their former 
de facto close relationship with 
the political power structure in 
in the Republics and Pro¬ 
vinces, and also to create a 
direct link between production 
and finance. 


The five-year plan worked out 
by and for each individual 
BOAL has to be approved by a 
qualified majority of the 
workers themselves and becomes 
in effect their plan, for which 
they are all collectively respon¬ 
sible. 


Under the new banking laws 
the banks themselves no longer 
have any capital of their own 
hut only their reserves plus the 
deposits made by the BOALs 
< and households >. Delegates 
from the BOALs are themselves 
physically represented as the 
de facto “ shareholders ” of the 
Banks. 


But the five year plans are 
broken down into annual plans 
which are much more detailed 
but provide a vital element of 
flexibility to changing market or 
other conditions. 


Technical 


This much more technical 
document does not have to be 
approved by the Workers 
Assembly—that is to say all 
workers—but by the Workers 
Council, which is a much 
smaller body consisting of dele¬ 
gates from the Workers Assem¬ 
bly. In practice it seems that 
one of the keys to the efficient 
working of the BOAL is the 
degree of competence, skill and 
dedication of the Workers 
Council. 

In Iskra's case the 72 BOALs 
and 47 production units are 
organised into seven so-called 
Work Organisations. These 
correspond roughly to divisions 
in western terms and are 
organised on functional lines. 
Iskra also has five Work 
Organisations of Common Ser¬ 
vices , which provide joint ser¬ 
vices like data processing, 
marketing and financial 
services. 

The Apex of the pyramid, or 
third level, is Iskra itself, which 
is called a Composite Organisa¬ 
tion of Associated Labour 
(COAL) or, more familiarly a 
Kombinat. This provides the 
link between the operating 
companies, the divisions and 
joint services. 

The Kombinat itself is not a 
holding company on the 
Western pattern because the 
capital of even the largest 
Kombinat is held individually 
by the BOALs, who make use 
of their own so-called “ Internal 
Banks " which operate in effect 
as the finance division to man¬ 
age their cash-flow. The BOALs 
also have a direct relationship 
with the commercial banks, a 
relationship which has been 
reinforced by the latest reform 


lo order to satisfy the financ¬ 
ing requirements of commerce 
and industry the banks are free 
to associate themselves with 
other banks, and borrow either 
domestically or abroad, but 
within limits set down by the 
National Bank of Yugoslavia in 
conformity with plan guide¬ 
lines and the state of the 
balance of payments. 

Because of the in-built ten¬ 
dency of the Yugoslav economy 
in its present developing state 
to suck in imports at a high 
rate, a major effort is now 
taking place to give much 
greater responsibility to BOALs 
by linking the availability of 
foreign exchange for imports to 
their own export generating 
capacity. Each republic and 
autonomous province also has 
the responsibility to ensure that 
its balance of payments position 
remains within the Federally 
agreed limits. 

It remains to be seen how 
this works out in practice as 
the new laws have just been 
introduced. But they do demon¬ 
strate the seriousness of 
artembts to render the self¬ 
management system both more 
responsible and more efficient. 

Efficiency however also 
depends on the level of tech¬ 
nical skill and competence of 
professional management Much 
suspicion a-' the Yugoslav 
system abroad stems from the 
image of an economy in the 
hands of an undobtedly com¬ 
mitted and enthusiastic but 
managerially and technolo¬ 
gically naive shop floor. 

Certainly efficient running 
of self-managed enterprises de¬ 
pends in large part on the level 
of industrial experience, 
sophistication and awareness of 
the workers themselves, and this 
varies considerably between 
the established industrial areas 
in Slovenia, Croatia and .parts 
of Serbia and the former agri¬ 
cultural areas in the first throes 
of industrialisation. But it also 
depends on the managerial 
skills of • the professional 
managers who are appointed, 
and dismissed, by the Workers 
Councils. 

One of the principal aims of 
the self-management system, ax 


it develops, is lo raiseAhe level 
of skill and awaren^s of the 
Workers Councils. Already in 
a big group like Iskra every 
effort is made to elect profes¬ 
sionally competent workers and 
technical staff both to the 
Workers Councils themselves 
and the various-executive com¬ 
mittees -which meet frequently 
to monitor management per¬ 
formance. 

At the same time, however, 
the business management board, 
which consists entirely of 
professional managers, hired 
by the Workers Council 
precisely for their competence, 
has full responsibility for the 
range of executive decisions in 
marketing, finance and produc¬ 
tion. 

Both the formal management 
and production workers are 
part of a self-management whole 
whose aim is to make their 
enterprise as efficient as pos¬ 
sible. Because the self-manage¬ 
ment institutions go beyond the 
sphere of production and also 
include people in their capacity 
as consumers or members of 
local communities there are 
several constraints both in the 
field of pricing policy aud in¬ 
come distribution. 

By and large, now ever, enter¬ 
prises are expected to operate 
profitably, and theoretically 
they can be closed down, and 
workers found other jobs, if they 
make losses for three consecu¬ 
tive yeans. 


Improvement 


Last year 1,363 BOALs em¬ 
ploying 330,000 workers made a 
loss totalling YD 14.7bn. This 
was an improvement on 1976 
when loss-making enterprises 
were 50 per cent greater and 
losses 29 per Cent higher. But 
the fact remains that many of 
them were perennial loss- 
makers and could not be closed 
for a variety of reasons. The 
railways for example run, at a 
loss and so do several large 
enterprises; often government 
fixed prices are blamed for this. 

Certainly there are weaknes¬ 
ses in the system, hut it is part 
of the nature of things in Yugo¬ 
slavia that people are prepared 
to admit them frankly and dis¬ 
cuss them with an eye to im¬ 
provement 

All sides recognise, for 
example, that the Yugoslav 
system entails the' expenditure 
of a great deal of time la com¬ 
plex bargaining and explana¬ 
tion at all levels. But it does 
result in a sense of participa¬ 
tion which goes far towards 
smoothing the implementation 
of policies once approved. It 
also produces both an enthusi¬ 
asm for high investment and a 
tendency to distribute higher 
incomes than justified by pro¬ 
ductivity alone. 

AJL 


B.S.E.- GENEX 430i LIB. 

United Kingdom Partners of 1 

GENEKALEXPORT 


The leading international trading company ■■ 
, t7i Yugoslavia^ , ' T : : ^ 


Established in 1948 B&E.-Genex Co. Ltd. has ,30 
years’ experience m trade between the . United 
Kingdom and Yugoslavia. ^ 


Specialised departments dealing: 
extensively in import and export*' 


Machinery—Engineering -*-■Electronics 
Copper—Aluminium-Non-Ferrous Metals 
Plastics -^-.Chemicals, j 


Leather—Textiles — $bpes ^Clothing 


Agriculture -—Products -^Commodities 


’ ■ • *-’ y. * • - *- • 

AU enquiries to UJK,. Head Office „ . 

Heddon House Telex 2813-5 

149/151 RegentStreet\ Y 

London W1R 8HIV- . ; ; TeL 734 7101-9 



ian<gEgBg&i 


INTERNATIONAL FREIGHT FORWARDERS 


51 GOO RIJEKA, Trscanska Obafa 8. POBox 290 

' Telephone (051)31—1 IV# Cable TRANSJUG RIJEKA 
Telex 24115 YU TNG RI. IATA Agents, 

. i -Sales‘Representative; of.JAT (Yugoslav Airlines) ■ .*. 


Line of Business 


Organization of regular import—export and transit carriage; 
groupage and re-export . carriage with all countries in the. world: 
international transport agency operations;.chartering;of liner and 
tram per - shipping . space; contractual .quality -land j quantity goods 
control; representation of foreign firms... . . . . 

Basic Organizations of Associated Labour: 

Bar, Belgrade, Export Rijeka, Koper, Ljubljana, Pula^ Saobra- 
cajna Agencija (Transport Agency) . Rijeka.' Sarajevo, "Servisne 
jeduiice (Service Units) Rijeka, SfcJadiste i Ambaiaza (Warehousing 
and Packing) Rijeka. Sibenik, Transit Rijeka. ••'Uvar:-( Imports) 
Rijeka, Zagreb. Zajednicko Racunoyodsrvo RO (John: Accountancy 
to Working Organizations), Zajednicke $luzbe RO'-(Jpioi Services 
to Working Organizations). 

VARIOUS'BRANCH-AND REPRESENTATIVE 
OFFICES IN YUGOSLAVIA : 


Aparin. Bakar, Batina,-Boo-Banja Luka, Beli ManasAvBosanski’ 
Novi, Brink, Oeje, Diowtrovgrad, Dubrovnik, Jeseiiice, Kariovac, 
Koprivnica, Kotoriba, Korina, Kragujevac, Kraijevo; Kranj, Maribor, .' 
Mursfca Sobota. Nis, Nova Gorica, Novi Sad, Novo Mesro, Osjek, 
Pleso. Ptoce, Prevalje, Pristina,.- Sezana, Sisak..Slavonski ^Brod;? 
Skoplje, Split, Subotica, Titograd, Tuzla, Yarazdm, Velenje, Velikp 
Gradjste, Vrsac, Vukovar, Zadar, Zeroes. 


REPRESENTATIVE OFFICES ABROAD: 


London, Milan, Munich; Nw. York-, .PragueiVTurinr,. Vienna/’"A 

CORRESPONDENTS: 


In every major port and important economic centre in the 
world. ’ 




SMEL T 


ENGINEERING CONTRACTORS 
FOR INDUSTRIAL PLANTS, . 


61001 Ljubljana 
Vojkova61,PG®465 



In Metallurgy, Metal.Casting and Finishing, Power 
Generation, Prodnetion of BnildMig Materials, ... 
Chemical Industry 'Material Handliflg , 
Environmental Proiection 


SMELT CAREEES-QXIT: 


Consulting,, p^e-ie^ibilityTa^l feasibility studies, 
market" surveysanda^iyses/seleetionof technology, 
tenders and technical specifications, project 
engineering, selection of equipment, construction 
of industrial plants -on " tarn-iey ” basis, inspection 
'during' construction and 'plant erection;' supervision 
during trial-run, professicmal staff training, import 
aid export services, ;as. weH as tttmplex engineering. 


% 


I 













■nmm, ..,-, 


' ■ \I5mes \KtaQday -; 3iirie 13 1978 


YUGOSLAVIA V 



retains 


-• IRONICALLY, THE interna-.' 
-: ti ratal pre-requisites for Yitgo-. 
- • aiavia’s determined: foreign 
. ■ policy of national independence 
•: and non-alignment were created 
by a (typical act of G reat Power 
‘. axrogazice. 'They stem from the' 
time wiien Winston ChnxcbdU 
discussing', <2ie past-war : shape 
. of Eunope, tossed oyer td'Stalin' 
piece of .paper on which was 
jotted " Yugoslavia 50-50? ” 
[ >. Stalin nodded agreement When 
M[]Ti4o heard, of this ihe was. 

reportedly livid at being treated 
'■■ as •“ the short change of inter¬ 
national politics.”. . 

He subsequently took advant¬ 
age of this tacit acceptance of a 
shared sphere of Influence to 
break free from Soviet hege¬ 
mony without either reneging 
.. on ihe Communist nature of the 
" - post-war Yugoslav State or join- 
■- kig ithe Western Alliance. 

Thirty years after the break 
with Comurform . Yugoslavia's 
influence in the world is infi- 
mteiy greater than -its size, 


population qr_ resources would 
-themselves vwarouiL' Much of 
the credit goes -to .Presideat Tito 
himself, lone, .survivor of a 
world of former political giants 
: and storing if dangerous times. 
... His own personal prestige, 
and toy reflection that of the 
Yugoslavia be V ; ‘represents, 
reached a tbevtrrheight with his 
recent official -visits--first to 
Moscow and -then oil: tta North 
Korea -to Peking and' then to 
Washington with a stop-off in 
London. r / 

Hut Yugoslavia’s'.: V foreign 
policy goes '.far "beyond the 
establishment of good relations 
with all three supeiTxnyers, vital 
though, this is to Yugoslavia's 
equilibrium. ' " 7 . L .y " 

President Tito’s ■'experience 
and prestigeas a ' 1 founder- 
member of the. non-aligned 
movement also/ makes. Yugo¬ 
slavia a voice to be listened to 
in discussions on the' North- 
South dialogue, the Middle East 
and in many of the conflicts 


New step towards 
the world of , 
international trade 

THE ZAGREB 


which have broken out between 
members of the movement. 

Behind the voice lies an active 
and qualified corp of diplomats, 
and a highly foreign affairs- 
orientated news agency, Tanjug. 
In the latest Government re¬ 
shuffle the former Foreign 
Minister, Milos Minic, was re¬ 
placed by Josip Vrhovec, a 50- 
year-old ex-journalist and for¬ 
mer LCY Presidency member 
from Croatia. 

It was largely a reflection of 
Yugoslavia's position between 
East and West that Belgrade 
was chosen for the follow-up 
meeting to the Helsinki Con¬ 
ference on European Security. 
There the Yugoslav hosts tried 
to steer the conference away 
from a sterile confrontation on 
tile human rights issue, seen & 
a propaganda contest between 
the two super powers, and on 
to a discussion of some of the 
other isuses dear to Yugoslavia's 
heart, such as measures to re¬ 
duce military tensions and 
greater co-operation in the eco¬ 
nomic field. 

It was a disappointment to 
Yugoslavia that tile Belgrade 
conference was not a great suc¬ 
cess, although they share the 
general feeling that with the 
decision to hold another follow¬ 
up meeting in Madrid at least 
the principle of continued moni¬ 
toring has been agreed. 

Now Belgrade is preparing 
for another important inter¬ 
national meeting — the Minis¬ 
terial meeting of the non- 
aligned countries which meets 
there in July to discuss the 
agenda for the forthcoming non- 
aligned summit due to be held 
in Havana next year. 


It promises to be a potentially Soviet Union in Yugoslav 
stormy affair. The Cuban role affairs. 

in Africa will be high up on It recognises, however, ■ftat 
the agenda, which will also re- not all- members of the non¬ 
view the recent UN special aligned, movement view Cuban 
session on disarmament, a major involvement in the same way. 
initiative of the non-aligned Several African and other 
movement, and the slow pro- states tend to view such 
gress in the development of a involvement as a useful means 
new world economic order. of bringing pressure on the 
But ue situation in Africa West to-step up its commitment 
Is likely to dominate discus- to end racist regimes in 
sions, with Yugoslavia in par- southern Africa, 
ticular making no bones about It is dear, none the less, that 
its own disquiet concerning the Cuba is likely to come under 
apparent conflict between considerable pressure at the 
Cuba's role in Africa and its conference to modify its role 
membership of the non-aligned in Africa as the price of agree- 
movement. Yugoslavia’s views ment to go forward with the 
do not differ markedly from su mmi t meeting in Havana. The 
those expressed by President conflict between non-aligned 
Carter and Chancellor Schmidt states in the Horn of Africa 
recently. Both described Cuba’s and the Vietnam-Cambodia con-, 
supposed non-aligned status as flict are also likely to be dis-| 
“a bad joke” in view of its cussed at some length, 
rale as an instrument of Soviet Closer to home, however,' 
foreign policy. Yugoslav foreign policy is cur- 

Onnnnont rently most concerned about 

l/PPUlltlll relations with the EEC. and 

The Yugoslav attitude particularly its growing trade 
appears to be against any moves deficit with the Community, 
to expel Cuba from the move- The Foreign Ministry points 
ment, as its own experience out that Yugoslavia's trade 
makes it an opponent of deficit with the Community 
anathema of any kind. Rather came to $2.4bn last year, 60 per 
can Yugoslavia be expected to cent of its total trade deficit: 
argue for the principle of Yugoslav exports now cover 
“Africa for the African's" and only 39 -per cent of its imports 
against super power inter- from the Community. It argues 
ference of any kind in the that a large part of this deficit 
affairs of the continent. is due to damaging protectionist 
This of course is partly a moves by the Community, 
question of general principles Critics of the Yugoslav bar- 
and partly the result of Yugo- gaining position, however, while 
slav preoccupation with the accepting that restrictions on 
principle of non-interference beef, textiles and other goods 
because of its own obsession have affected certain important 
with the thought of possible trade areas, argue that the 
future interference bv the Yugoslav position betrays its 
CONTINUED ON NEXT PAGE 


autumn fair a new status for 


15-24 September, 197§ 

—Traditional - commercial meeting of business 
people from .highly developed and the developing 
, countries from all continents. ■; 

—New opportunities for ' commercial activities 
with 40 developing countries in Asia, Africa and 
Latin America, f 

—Current information, on the technology level of 
the world and numerous professional gatherings. 

—Round table conference of the developing 
■■ countries dealing with “foreign trade co-opera¬ 
tion among the developing countries.” 

— 6,500 Exhibitors : 

-r60 Countries 

—500,000 sq. nv of Exhibition Area 

Information: .Zagrebacki Velesajan, 

.41020 Zagreb, Avenlja Boris Kidrica 2, 

. Phone 511-666. Telex 21385 YU ZV ZG. 

JTT|- - Cable: Velesajam Zagre. _ ! 

l»g ECL (Exhibition Agencies) limited, 

./Jr .11 Manchester. Square,.London WLM SAB. 

Telex: 24591. Phone: 01-486 1951 ! 




Reinsurance Company 

Treaty and Facultative 
Reinsurance 
All Branches 


Tel.: 513 211. ZAGREB 


small business 


ALTHOUGH THE new 1974 contribute in money, equipment been done in the four years 
constitution specifically pro- and other resources. and who since the 10th congress of the 
vided a new legal status for the will be the manager. Then LCY and the adoption of the 
formation- of small private they sign a contract with the new constitution, 
enterprises, progress in setting commune on the territory of The reasons for this seem to 
them up has been patchy so far. which they will have the seat of lie with local governments, who 
' The basic thinking behind the their organisation, after which distrust any private initiative in 
setting: up of the so-called Con- they hire workers and start the belief that it will inevitably 
tractual . Organisations of whatever activity they chose. strengthen the capitalist eie- 
Assoeiated Labour (COAL) was That person (or persons) has merits in society and endanger 
to mobilise, inter aha, the the right to be the executiv^of socialism. Therefore they 
capital of returning emigrant the contractual organisation and heavily tax private business, do 
workers and provide more to be paid for that on the basis'not provide for space, etc. 
employment without making of an agreement concluded Repeatedcriticism has not 
demands on the already between all those working in changed their opposition. The 
stretched socialised sector. The the organisation. He also has result is that there are regions, 
new COALs are to have a the right to receive part of the oven whole republics, with no 
strictly limited time span, how- income generated with the Contractual Organisation at all. 
everf before eventually being resources he brought into the On the other hand in some re 
transformed into the conven- organisation. These rights, how- publies Contractual Organisa 
tional. Basic Organisation ever, are for a limited number lions have been increasing in 
(BOAL) and becoming an of years. Each year he gets number and prospering. 

integral part of the self-manage-back part of his capital, until Macedonia, for example has 

ment socialised sector. after a Period of ttme it is ail no Contractual Organisations. 

■ Rit the COALs do represent P aid back. At that moment his its premier told foreign corre- 
a significant advance in several other rights cease, except the spondents a few months ago 
respects on the previous rules r 'S ht to continue working in that there has been a lack of 
pemittmg small-scale private ^ ie organisation, which then understanding on the part of 
enternrises mainly in the st °P s . ? Contractual local authorities. The first Con- 

ScTsector V Organisation and renames itself tractual Organisation in Serbia 

^Wh“e the traditional private Basic Organisation of Associated was founded late last year in a 
sectoremployer may employ a Lab our, as in the socialised village, Kobisnica. in the 
few workers only—the number sector - 8 P^ 0:E whmh has eastern part of the republic, 
Sg Srent y in various J" /°™ er employing initially 29 workers, 

republics and in various fields 25 of 1110111 women. It was 

-^tbere is no such limit for h ! s founded by two former guest 

contractual organisations. In jL" but J 1 f he ** workers. They receive a 30 per 

addition. they may be Q r ea n ^tion ^ f ^ cenL share ? f 1116 “ come and 

established in fields which are Basic Organisation. the labour force the rest, 

otherwise reserved for the Their contract with the 

socialised sector. Those wishing (.flOSCSl respective commune is for five 

to found a contractual organisa- years, after which the organisa 

tipn first make a mutual contract The form of Contractual tion wiH become a BOAL. 
as .to. what each of them will . Organisation has been chosen Belgrade has just one Con- 
— i because it serves several pur- tractual Organisation founded 
rT ~~ — poses. First, no social capital is recenl *>’* 

needed and privately owned As opposed to that, Slovenia 
. money is mobilised, which has has been supporting Contractual 

been relatively abundant, especl- Organisations for-years now and 
ally among returning guest has more than the rest of Yugo- 
v . workers. Second the organisa- slavia, 30 out of the total of 37. 

tions should satisfy the growing Some have been publicised by 
demand for goods and services the Press, like two organisations 

• •• in which the socialised sector is founded by a couple, Valerija 

• ' - either not interested, or is un- Fran jo Verdnik in the 

able to provide quickly enough, village of Grize pri Zalcu. 

• ••_In Yugoslavia there has been a which together had a total 

y/fj growing need for services of revenue of 13.5m dinars 

jr , all kinds, repair shops, and the (£400,000) last year and em- 

like. Third, new jobs can be ployed 12 people. ’Hie two 

created comparatively quickly owners earned some 800.000 

and with lower investment than dinars (£23.000) after tax, 

■; \ . in the public sector. This is which is approximately 12 times 

fV.'. _ very important in view of the more than the average for a 

high number of job seekers, in Yugoslav worker, 
spite of very impressive figures In view of the widespread 
* of new jobs created each year, suspicion of many local authori- 

AtLTvQ It has been estimated that ties it was a big surprise when 

several hundred thousand among the 16 winners of the 

people could find employment First of May awards of the 

in the small business sector Yugoslav Chamber of Economy 

within a short period of time, from all over the country there 
- „ . , was a Contractual Onranisation 

For all those reasons it has o£ Associated Labour, it was. 
been the proclaimed policy of 0 f course, from Slovenia: Taifun 
the League of Communists and ^ Plan j n a pri Sevnici. This 

• of Government to support been interpreted as signal- 

the small business sector, be it ^ interest which the 
In its classical form1 of private Yugosiav community has in 
handicraft the newly designed organisations. Whether 

T*W. 21210 Contractual Organisations or ^ message will be understood 

i.eiex. 41Z1U rte socialised organisations by f or whom it has been 

dealing in services and produc- meant remains to be seen, 
tion on a small scale. In spite Ai4>lrco«j«.« r ui 

... . — of that, however, very little has AieK&aimar LfibI 


What is ISKRA? 


ISKRA is the largest Electronic Company in Yugoslavia with a 
25 per cent total share of the Yugoslav electronic market. By 
the end of 1977 ISKRA employed 27,000 people: 1,800 with high 
diploma qualifications, 3,750 school-leavers with 4 ' O ” level 
exams, 6,350 qualified technicians; 3,900 people were granted 
scholarship grants. 

There are 61 factories in the ISKRA group, with productivity 
centred in seven major fields: Telecommunication, Automation. 
Electronic Components, Car Components, Consumer Products, 
Capacitors and Batteries. Production has increased by 22 per 
cent in 1977. 

Known for its products world-wide ISKRA has seven commercial 
companies abroad and eight representatives with a total turnover 
of US$150m in 1977. of which US$82m was for export. 

The domestic market is covered by 14 offices, 30 shops. 34 
servicing centres and also 300 servicing agents. 

A special emphasis is given to R arid D and invention. There are 
1.600 R and D engineers, with the institute for quality, to test the 
final products. 

ISKRA has received over 230 awards for the industrial and 
graphic design of its products. 

ISKRA also co-operates with scientists and Research Institutions 
on a large scale to improve its products. 

ISKRA invested 4 per cent of the total turnover in R and D 
in 1977, and within the next four years it will go up to 4.2 per 
cent in order to modernize the existing production programme, 
with most interest in developing the following markets: 

Microelectronics 

With all technological variations including Optoelectronics, 
Semiconductor materials and elements. • 

Business and Data Processing Computers: 

Business Computers systems and programming equipment for the 
needs of our economy. Development of Universal basic Micro¬ 
computers and development of own universal Micro-processing 
circuits. 

Optoelectronics: 

Development of elements of telecommunication relay by optical 
conductors. 

Holography, mainly for use in memory banks. 

Optoelectronics for measuring. 

Integrated Telecommunication Systems: 

On the basis of digital technology-gaining production of PCM 
Multiplex and PCM Commutation. 

Professionalisation of Electronic Components: based on 
miniaturisation and new range of components. 

Safety Signalling Systems: 

Equipment for better living conditions. 

Protecting environment and saving energy. 

Electronics for Consumer Goods: 

System and equipment for automation: 

In industry, power industry and traffic control, with use of 
microelectronics and business and data processing equipment. 

The special success which ISKRA has already achieved in some 
very important projects (Automation. Microelectronics and 
Optoelectronics) is a solid base for ISKRA success in the future. 

ISKRA LIMITED is the wholly owned British subsidiary and is 
responsible for marketing and selling the entire range of products 

of the Parent Group throughout the United Kingdom. It 
achieves this by maintaining warehouse stocks at the Coulsdon 
premises and making products available through a chain of 
selected distributors throughout the country. A full list of 
distributors is available on application. 

An impressive and comprehensive showroom is situated at 
Coulsdon where ISKRA products may be examined and 
discussed with technical selling staff. 





Redlands, Coulsdon, Surrey CR3 2HT 
Telephone 01-668 7141. Telex 946880 

























36 


Financfcd limes SfesSa y iS397? 




nt 


IF YOU AEE SEEKING NEW BUSINESS 
VENTURES COME TO 



FRHVREDNA OAINJIKA ZAU5FJEB 


S. F. U. Yugoslavia and S. R. Croatia have embarked on a new Five 
Year Plan which trill bring a sharp upsurge in industrial and 
agricultural production, foreign trade and investments. ' 


Yugoslavia is an area of major economic importance—a large consumer 
market based on an estimated growth of the economy in the years to 
come. 


Investments in all major fields—* from oil and gas exploration and 
production to petrochemicals and chemicals — from hydro to nuclear 
power stations — from agriculture, tourism, communications to 
electronics. 


All these provide many business opportunities, from trade to 
co-operation in industrial technology and joint ventures. Trading 
with Yugoslavia also provides excellent opportunities for trading with 
third world countries. 


Privredna Banka Zagreb is here to help you. As the leading medium 
and long-term credit bank we are the bank of the major Croatian 


companies and are involved in the largest and most refined projects. 
Consequently, if you wish to do business with Croatia, it will be to 


your advantage to consult us first We are the best people to tell you 
about business opportunities in the booming Croatian economy. 


PRIVREDNA 
BANKA 
ZAGREB 

THE BANK THAT KNUWS CROATIA BEST 

Head Office: 41000 Zagreb, Rackoga 6 
Cable: Privredbanka — Telex: YU 21-120 Pribz — Tel: 041/410-822 



THE 

LARGEST YUGOSLAV 
GROUP OF COMPANIES 


OFFERS FOR TRANSFER TECHNOLOGY OF INA’S PROCESSES 



CRUDE OIL AND NATURAL GAS EXPLORATION 
DEVELOPMENT OF OIL AND GAS FIELDS 
PRODUCTION OF CRUDE OIL AND NATURAL GAS 
CRUDE OIL DISTILLATION 
VACUUM DISTILLATION 
LPG FRACTIONATION 

NAPHTHA AND KEROSENE FRACTIONATION 

NAPHTHENIC BASE LUBE OIL PRODUCTION 

MOTOR GASOUNE IN-LINE BLENDING 

LUBE OIL BLENDING 

GAS OIL BLENDING 

FUEL OIL BLENDING 

FURFURAL REFINING 

MIXED LUBE OIL OE.WAXING AND PARAFFIN WAX DE-OIUNG 

PREMIUM PETROLEUM COKE PRODUCTION 

CONTINUOUS ASPHALT BLOWING 

BATCH ASPHALT BLOWING 

PARAFFIN-WAX PRODUCTION 

LUBRICATING GREASE PRODUCTION 

BLEACHING EARTH PRODUCTION 

BENTONITES PRODUCTION 

•'BENURAL” HIGH GRADE RUMINANTS FEED PRODUCTION 
CARBON BLACK WET PELLETtSATION 
UREA-FORMALDEHYDE RESINS AND FOAMS 
PHENOL.FORMALDEHYDE RESINS AND FOAMS 
MELAMINE-FORMALDEHYDE RESINS 

POLYMERISATION OF STYRENE-ACRYLONITRILE IN SUSPENSION 
SELF-EXTINGUISHING EXPANDABLE POLYSTYRENE 
EXPANDABLE POLYSTYRENE PROCESSING 

THERMOPLASTICS INJECTION MOULDING 
ROTO-MOULDING PROCESSING OF THBtMO-PLASTICS 
PRODUCTION A FINISHING OF TUBULAR FILM SHEERS OF LOW 
DENSITY POLYETHYLENE TUBE-FILM A BAGS PRODUCTION 
WASTE WATER TREATMENT 
STORAGE FACILITIES FOR LPG AND AMMONIA 


INA-INZENJERING activities: 

* Market studies 

* Location studies 

* Feasibility studies 
4* Technical studies 

* Preparation of Tender documents 

* Process design 


* Design of entire plants, crude, produce 
and gas pipelines, power plants, etc. 


Consulting services 
$ Erection supervision 

* Start-up and test-run supervision or performance 

* Training of clients' personnel on site or in Yugoslavia 

* Supply of separate material and equipment necessary 
for petroleum, chemical and petrochemical industry 

* Supply of entire plants and units on tum-key basis 

* Performance of relative civil works, etc. 


INA (NDUSTRIJA NAFTE. ZAGREB. Proletersklb brigada 78 
Telephone: 516-411, 516-466 —Telex: 21-235 YU INA 


INA-INZENJERING is a specialised engineering, consulting 
and contracting company acting In the field of refineries, 
petrochemical plants including fertilizer plants, oil and 
gas installations and pipelines with a staff of some 1,100 
engineers and specialists. 

Being a member of the INA group with over 24.000 
employees INA-INZENJERING can engage almost any 
engineer or specialist from the INA group. 



YUGOSLAVIA 


Tourism 




AFTER SEVERAL years of 
stagnation there seems to b® 
again a tourist boom in Yugo¬ 
slavia. Unless something 
unexpected happens 1978 could 
be a record year both in the 
number of foreign visitors and 
in foreign exchange earnings. 
The tourist season has started 
earlier than usual, and for the 
peak season most hotels and 
other facilities are fully booked. 
Britain is one of the countries 
from which a... spectacular 
increase in the number of visi¬ 
tors has been expected, after a 
33 per cent fall last year. 

Over the first quarter of this 
year 19 per cent more foreign 
visitors came to Yugoslavia. 
Tbe first quarter, ' however, 
accounts for only 8 per cent of 
the total annual turnover. April 
figures were not so good but 
May and June seem to be very 
promising. . 

Up to 15 per cent more 
visitors and a 20 per cent rise 
in foreign exchange earnings 
are now expected by some fore¬ 
casters. Last year 5.6m foreign 
tourists came to Yugoslavia, 
producing revenue of 8845m. 

The tourist organisations 
admit that the boom has not 
been entirely due to their own 
efforts. Outside factors, sucli 
as the economic recovery in 
some countries, including the 
UK, have helped, together with 
insecurity in some tourist 
countries and greater price 
increases in countries directly 
competing with Yugoslavia. 

The Yugoslav tourist industry 
has tried to keep prices as low 
as possible, with only minor 
increases for some categories 
of hotels, and hotels have 


become more flexible in selling 
their services. Thus one need 
not now order full board but 
only room and breakfast, or just 
one meal There is also a wider 
choice of excursions, sports 
facilities and entertainment, 
although here much more has 
to he done. One sore point is 
the price of drinks, especially 
imported ones like whisky or 
cognac. Here the tourist 
organisations are fighting with 
the Government to bring prices 
into line with those in neigh¬ 
bouring countries. 

This year the number of 
British tourists to Yugoslavia 
will rise to some 5 per cent of 
the British market. In the past 
couple of years it has fallen to 
about 3 per cent. Earlier this 
year a 12-member delegation 
from the British Tour Opera¬ 
tors study group discussed in 
Belgrade ways of increasing 
the number of British tourists. 
They said that demand had 
been building up and that the 
availability of seats in char¬ 
tered planes has been the main 
limiting factor. They also 
mentioned the pricing structure 
of Yugoslav hotels, the . wide 
differential between high and 
low season prices and the high 
prices for additional services as 
other obstacles. They insisted 
that the Yugoslav tourist indus¬ 
try should guarantee the quality 
of services offered, especially in 
view of the strict consumer pro¬ 
tection legislation in the UK. 

It has been agreed that 
future contracts between 
British tour operators and 
Yugoslav hotels will be made in 
sterling instead of U.S. dollars, 
and that prices will go up only 


IntamaGs^ frontier 

Rfpubficao bandar 

Provincial bndar 



in line with British inflation. 

One of the reasons behind 
the expansion of tourism has 
been the improved highway 
network, since a substa ntial 
number of visitors, especially 
from continental Europe, come 
by car. Some 40,000 tan have 
been constructed in the post¬ 
war period but tbe network is 
still far from adequate. 
Yugoslavia is now a motorised 


country itself with soiBe'-Ym 
passenger cars and dose to' 
300,000 buses and commercial > 
vehicles. Yugoslavia is. also ai 
transit country for millions of ' 
Greeks and Turks wnridngin 
Western Europe and: for 
tourists going to and" from 
Bulgaria, Turkey nr Greece ( _-ax 
well as for trucks in transit t*T 
tiie Middle East. • 

All this contributes to traffic. 


Industrial growth 


-J. 4.' ' 


INDUSTRY’S ROLE as most the 
dynamic factor in the Yugoslav 
economy was confirmed again 
last year with a 9.6 per cent rate 
of growth. This has slowed 
down to around 7.6 per cent 
over the first four months of 
this year. But this growth has 
not been without its difficulties. 

Growth of industry has been 
accompanied by significant 
structural changes. The electri¬ 
cal, oil extraction and process¬ 
ing, metal processing, chemical 
and energy industries have been 
growing at above average rates, 
but some older industries have 
been experiencing difficulties. 

The growth of processing in¬ 
dustries has outstripped the 
ability of the local raw material, 
energy and equipment indus¬ 
tries to supply it and to find 
export markets for its products. 
This means that development of 
the basis of a well-balanced 
economy has been too slow: and 
this is one of the roots of the 
balance of payments problem. 
Nearly two-thirds of Yugoslav 
imports have been raw and 
semi-manufactured materials 
and one quarter equipment, 
while consumer goods have 
played only a minor role. 

Thus the main task in the 
industrial sector has been to 
reduce dependence on imports 
and increase both exports and 
import substitution. This is 
being attempted by investing 


heavily in energy and basic raw 
materials and giving those in¬ 
dustries higher tariff protection, 
while requiring foreign sup¬ 
pliers of equipment to use 
Yugoslav firms as subcon¬ 
tractors or enter into buy-back 
arrangements. Some local pro¬ 
ducers now manufacture high 
quality equipment, and the 
share of imports in investment 
should decline from the current 
20 per cent figure. 


Production 


Under-utilisation of capacity 
in processing industries contri¬ 
butes towards their high 
production costs and, combined 
with general inflation, is 
threatening Yugoslav exports 
competitivity. There has also 
been tbe problem of duplicated 
investment The Yugoslav 
system rules out state inter¬ 
ference in investment decision 
making, but no substitute has 
been found in practice to avoid 
duplication while still allowing 
healthy competition. 

At the moment there are 
some 29,000 projects under con¬ 
struction in Yugoslavia, the bulk 
of them in industry. Most are 
comparatively small projects, for 
the modernisation and expan¬ 
sion of existing facilities. But 
186 are major projects worth 
over YD 500m (£14.5m) each. 


Here tbe problem has been' 
that the investment front has 
been too wide, that the construc¬ 
tion and gestation periods have 
been too long and that the tech¬ 
nology used has sometimes been, 
already obsolete. It has been, 
hard to find finance for all the 
projects- 

Another problem for Yugoslav 
industry is the heavy burden of 
various taxes and quasi-taxes. 
Industry has been the rnabr 
financier of social services, 
which in the words of Premier 
Djuranovic are more Appro¬ 
priate to a society with per 
capita national income (ft $4,000 
rather than Yugoslavia^ $1,800. 
The so-called free exchange of 
labour whereby producers of 
goods sit together with the sup¬ 
pliers of various serfNes 
(education, health protection, 
social security, etc;) -and decide 
how much moneythe latter will 
get for what' they perform has 
not eased the burden but has too 
often increased it 

Enumerating some of Yugo¬ 
slav industry’s problems is not 
saying that its future is bleak. 
On the contrary it seems that 
the infant industry period is 
approaching its end. In three 
decades industry has created 
strong foundations: machine 
-tools here are ** younger “ than 
in many other highly indus¬ 
trialised countries, skilled 


Foreign policy 


CONTINUED FROM PREVIOUS PAGE 


old habits of thinking in terras 
of centrally planned bi-lateral 
trading. Part of the problem 
is that Yugoslavia, like so many 
other developing countries, first 
does not produce goods which 
are needed on developed mar¬ 
kets and secondly lacks the 
marketing skills and aggressive¬ 
ness to sell what goods and 
services it does have to offer. 

This criticism is partly 
accepted by the Yugoslavs, but 
in arguing for a much wider 
negotiating mandate in the 
forthcoming EEC - Yugoslav 
negotiations, they tend to widen 
the argument. Assuming their 
role as spokesmen for tbe 
developing world, diplomats and 
trade experts argue that what 
is at stake are much larger 
issues of access to markets for 
developing countries in general. 
In Yugoslavia's case, they also 
argue that an ungenerous and 
narrow - minded economic 
approach to Yugoslavia’s prob¬ 
lems could force the country 
either to reduce its imports 
from the EEC, or step up 'its 
trade with the’Comecon coun¬ 
tries—or both. 

It is loth to increase the 
proportion of its trade with 
Comecon for both political and 
economic reasons. First, it does 
not want to be in a position 
where pressure for political or 
other concessions could be 
reinforced by economic 
arguments such as a reduction 
of oil or other strategic 
products. Secondly, it believes 
that the future of the self- 
management system must lie in 
increasing the general efficiency 
and the technical level of 
Yugoslav enterprises to a 
Western level. 

For this it requires access to 
Western technology, Western 


markets and Western marketing 
skills. This will never be 
achieved if an increasing 
proportion of Yugoslav trade is 
done with the centrally 
planned economies with 
their comfortable long-term 
purchasing arrangements and 
lack of stimulus for 
improvement. 

Significantly, Yugoslav officials 
believe that this point is much 
more sympathetically under¬ 
stood by American than by the 
Community, while other trading 
partners like Japan are also 
scouring Yugoslavia in search 
of products to buy in exchange 
for their increased exports. 


Security 


Looking around the 
diplomatic horizon as seen from 
Belgrade, however, Yugoslavia’s 
principal aim of preserving its 
security, independence and 
non-aligment appears to be 
assured. 

The Treaty of Osimo, which 
finally resolved the. frontier 
between Italy and Yugoslavia, 
means that Yugoslavia's 
principal border with the West 
is now one of the most relaxed 
anywhere in the world. 

Slovene unhappiness with the 
treatment of its minorities in 
Carinthia and Burgenland 
remains an issue in Austro- 
Yugoslav relations. But those 
with its direct Comecon neigh¬ 
bours are generally good, except 
in the case of Bulgaria, where 
the Macedonian question 
hubbies beneath the surface. 

For the average Yugoslav all 
this is translated in freedom to 
travel all over the world 
without a visa in most cases, if 
he has the money to do so. No 
visas are required for 
foreigners to enter Yugoslavia 


either, except in special cases. 
Visas are required to and from 
the Soviet Union, for example, 
because the Russians insist on 
putting Yugoslavia in the 
category of a Western country 
for these purposes. 

It all seems very relaxed. 
Once again, however, behind 
this genuine desire for 
maximum freedom and the 
minimum of bureaucratic inter¬ 
vention the Yugoslav authorities 
take the security question very 
seriously. The armed forces 
are reportedly well-equipped 
and a decentralised system of 
“ global defence ” means that 
millions of Yugoslav’s can be 
mobilised within hours. 

At the same time the secret 
police keep close tabs on the ex¬ 
tremist nationalist groups and 
suspected Stalinists, both in 
Yugoslavia and abroad. 

One of the leading Stalinists, 
Mlleta Perovic. was abducted 
outside Yugoslavia, according to 
his defence lawyer, and then 
arrested and brought to trial in 
Yugoslavia on charges of plot¬ 
ting against the State. For this 
be recently received a 20-year 
jail sentence. The Yugoslav 
authorities also responded to the 
recent West German request for 
the extradition of suspected 
West German terrorists from 
Yugoslavia with a quid pro quo 
demand for the extradition of 
Creation extremists from West 
Germany. 

It is quite dear that the Yugo¬ 
slavs have taken President 
Lincoln’s dictum that the “price 
of freedom is eternal vigilance” 
very closely to heart. This allows 
Yugoslavia to relax from a posi¬ 
tion of strength and that is 
clearly how they intend to keep 
it 

A.R. 


jams on the trunk higtoray frbm_; 
Austria to Greece^ which' is one 
of .-the,- least rsafe' -.xpads in 
Europe. Efforts .are: under way -> 
to accdeiare.the 'coriitructioii of-: 
a. modern fourJane inotorwaji " 
butmore.- resotmiesare needed. > 
Yugoslfivia hbpes feat those in- -, 
terested iuijtransit, wffl oontri-' 
latte.- T^'includes west- and 
central :;Ettropean countries as 
European Invest- 
jne£t\and..the. World: Bank!. - 
r : : : .-Tfi e 5 .air r fleet has. also- been 
. ^expandedand . modernised. ;■. 

. l Tfugosiav. .cities .!.and coastal ; 

.' r^v - ? '%eSb£rto- hkye;,good connections . 
thidrparts of the world. JAT, 
vthe national airline, will; sell , 

. _* -gome- 5m..seats /this year, its \- 

workers have acctHnulatedyex-- -planes nowflyto Australia and 
pertise in many fields And: :a - Narth America * and it -_hjm : ' ' 

large number of mfper^iand bought several DC-10s. X 
-specialists have been educated. Z* - • X. ,. ak - 

Yugoslavia still needs, foreign ’ *'• 

technology and know-how. bat ‘ 

it now has someto offer as well. Y ? S .- ■ 

It is a good'-partaer both tor ■£jJ& nl 2P r ■ - - 

joint venturesin Yugoslavia and 

in third countries.■ 

This is particularly trueof passenger trains. The Belgrade- ’-s* •; 

the construction, industry which Bar -Tailway. finished' three; -~J 
has-been very active. Last-year^ years ago, has also'Tbecome on*' : V 
it' biiik $L25bn worth of prt^ of thetadjor tourist atti^cuons.; . : ’ 
jects abroad and has capacity for Finally .another improvement 

even more. Its weakness is the hi communications should'also 
lack of finance - to credit more-' be mentioned. It is now possible' 
projects, and this is another to dial .directly to most . 
field where co-operation with European countries from many ■[ 
companies and financial institn- Yugoslav cities and resorts in ' 
tions in the developed countries a matter of seconds.. This is 
and in oil exporting countries important for business people, 
would be desirable and advan- but .Js also reassuring for the 
tageoas to both sides. . tourist • . ~ 

AJL. —: ** *. 

fV'- ~ * 


- 7k: 
■it* .... 


:*o- 


■■A*'. 


RIJECKA BANKA 
RIJEKA 








• * * 




HEAD 


v»\ .-*» /i^ \T 

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P. TOGLIATTI 
300, 51000 






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v: • 

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Ml 

L-SrV-r x 


Phone: 31-211—'Telex: 24143,24334,24126 
Cable: <p BANKOM RIJEKA 7 'v I 


Branch Offices: Buje, Bnzet, Crikvemca, Delnice^ 
Krk, Labln, Mali Losinj, Ogulin, Opatrja, dtecac,’ 
Pag, Pazin y Rab, Senj, Vrbovsko. 



; AIlBankingServices : ^ ^ 

: ■- World-wide network .df correspondents , 


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The 




offers every m<Seigrade ‘ ■ 

. HOTEL ^ 

Provides an imaginative, imnressfre T ,jmpe risible ; 


aewpoodite.iij ... • . 

For your next business, meet^. pJan..% r, smy4^ ;• 
in 'Hotel “ JugoslavijaLV-de. luxeiotel cnrthe/:•) 'i.'-'" 

• ; river Danube: 600 rooms,-fidly-afr'coadititjnedi' ■ : ~.z 

; ' Contact us for detailed GOOTTSENGE IHIO-V,-^^ 
CHORE and price quotation: > ^ . . $,:- j -~> 

• . HOTEL ~7UG0SLAYB&?- I:.i4 

U 131 BEOGRAD^>>;- 
. Hu»ue:;608222 
Tx U 777;YUHOT7p‘;:^, ; . 
iSftSStetngenberger : 
i r ~~ ■ Ileserodtion'Serbti^.z/: i.: ^:.. 

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London: , 


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HOTEL-liBBTROPOL-- ^ ^ 

. «' Teiex>ll964. 

i - -. Telex::&liS&& > . i** -V' • ? v --£ \ 4 :'i 

Restaurant VINOGRAJ^Bfti3C# 

V ..; ffeserpcutoiw? 




















Fmafictarrime? TVfofcdav" Jaae' 19* T97S 


37 




INSURANCE, PROPERTY, 
_ BONDS 



»mp 

+: v 4 -j. Miajn. 


Abbey Lift Assurance Co. u<i 

I -3 St Paul's Churchyard, EC*. 

Equity Fund. 

Equity Ace.___ 

Property Fd..\_~l 

Property Att__. 

Sel trims Fund_, 

Convertible Ktstd. 

VMoney Fund- 

Pern. Booperly._ 

Pear. Selective__ 

Perk. Security - 
Pen*. Mona Bed 
Pens. Equity __ 

6 Prop. m Sar. 4 „ 




A 


Pd.See.4 


TBquity Fd. 5er.4 _■ 
VCtonv. K«t Sar.«_. ' . 

vMooey Rt Ser. 4* fUHft 



General Portfolio Life Ins. C. Ud.v vpi „ ■' , ,,, 

01-243Bill WBarthdowwCLWaWiBnCross.' mami W^MSement Ltd. 

—J _ PortfolioFunct-.^..) J3U> 1 .. i _ «.«Mc&:tairehSt.Mr3P31lll 

~J — . Bortfolto Capita] ,._HX7 - —;.l _ MnUMcdPond—..|149.9 X 

-4 — __ ' __, 1 Prices June 1. Next riedi 


Maitland House,Southend SSI 2 JS (RUSS2955 IBafarao-d Funds 


Gresham life Ass. See. Ltd. __ . ___ 

2 Prince of.Wales Rd„ BTnwith. 0202 737355 Z f* lan ^ llw * Co. iU.K.) Ltd.V 

G.L. Cash Fund_[96J in. 1 '' Maitland M~,», ~~-™ 

CX- Eorlky FutKi_MS BgJ 

ILL. Gilt Fund!__ wi . 118 . 

G-L,ImLFund_124.7 13 

Gi. Ppiy Pund-^.fSs " I' 

Growth 8 b 6 ec.JUfeAss. Soc. Lt«LV --. 

Wch-Bank.Br*y-on-Ti»«>C*.Berks. 0CC&M284 cI&ISmS&u— ES? 

. Pferib^FTc^B'-t-j 1 kotL Deposit FVf. _|9b4 


Abbey Unit Tst, Mgrs. Ltd. <a> 

TS-AO.tiUenouseKd ,Ar]e*bury. H286&M1_ 

Abbey Ijpllul_[326 34 7| ’*01| <21 iilArocrirfli>T.=l .... 

AbbeyIncome .&) 2 4L7) +0.4 5.7B Brtti<#iT«t.i ; ' ,v ■ 

AbhcyInv.TsL Kii..p 6 4 38.71 +0 bj 4 22 commodlty.Miore 

01-CCS4300 I Abbey lien. T.d—fB.4 48J1+0 3 391 EsI rfl tnwjw^’ 

rtedhnc j'XiJs *" I Allied Hsunbro- Groups iaHe» • illcirinnuncT.^ 

1 llnmbro H-.e. llunon. preniimnd, Emec. 
fll-M 8 3891 or Brentwood i0277j 21MT3 


Gartaore Fund Managers v pur) perpetual Unit Trust Mngmt.V <ai 

S.H.M 1 UPAse-t»hi- 0|.a83SMl 48llertSi.Heiiin ••■■Thames (HPIZOK 


Kiwi Key Inv. Plan. 
Small Co's Fd 
TevhnoloEyKd— 

Extra Ine. Kd.-._. 

American Fd._ 
Far East Fd__ 


11423 

B9.6 

lUt 

1040 


LandbankSecs. 
Land bank Scj. 


Prices a! June ^. Valuation notnjaDy'TOosdBy. G. fc SL Super - £7-954 
Albany Life Assurance Co. Ltd. - Guardian Royal Exchange 
3 l.Old Burlington Sk.W.k ' 01-4373002 RoyalE*clmnjtc.E.CL3 


140.4 4-5.1 
98$ -O.tJ 


94 3 

m 

JOB 3 

ioi M 


-0-71 


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Allied »«t ... 

Unkind*. Fund_ 

•ith.fclnc._ 

Elect tc Tnd. Dei..[332 
Allied Capital..... .m 4 


II 


104.D 

118.7 


1 MJ ..". Z Norwich Union insurance Group 


V Tfi 

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1 v 


kEqulcy Fd.Acc___ 

SFFticed Ini. Acc_ 

SGliLMOBeeFikAc.. 
Vlntl Man PilAegi. 
OPropJF«LAce_^.i 

ysrplelov. Aec_ 

Equity PerUd-Ace. 

Fixed LPen_Arc_ 

G7dJ4anJVB_Acc~ 
,Inti_Mn_PnF l iAcc _ 


tnvJefuAcc.tlWn 209. 

ABIEV life Assurance LCd.f 



Allied itapllal._ 

llambrohuod _ 

Hambru Ace. Fd 

Drome Funds 

Filth Yield Fd._..170.1 

- "“rwich NR13NG. 000320001 AJpEnTn?.' ~ £b9 

Managed Fluid_Ml 7 2?ZJ(- •' ^ - 

342. B 

1128.0 _ ... 

full 15921 

2081 


70.2 -'-0.31 
' Use +ai 

39.0 4 0.4; 
35 S 40^ 
76 4 +0..', 
1213s -vOJ 
1270 *0J 


IncomeFnnd — 

In.*. Adoort#* • •— 
lflTl n«u»M - 
iz.|nU.T»-iA t,v - , “ 


30 
£sb 
157 8 

|34 V 

*8.7 
72 4 
13.94 
Sbfa 
34 9 


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bid -0J 
25 Oi 


37 2 

S3 1 

778 
14 BB 
946 
375 


-01 


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■vO.B 

+041 


1399 


42.81 - --I 341 


53 “0,4) 0.12 P'lJt-iualiip liui.^. 

2 7? Piccadilly Unit T. Mgrs. I^d.V ta«b) 

WarriKte I be.. ,'CM U-mlun Wall ECU B3808UI 


083 

847 

6.55 


Exiru Income 

Small C 03 K4_, 

l-iipiial Funit . -..|4S.4 

544 
121 


luu Erne & twii. 
Fnvslc Fund . 
■iciumltr Fund ... 


IS GibDs fAntony. Unit T*i. Mrs. Lid. T«hS.tori“u„d:' 
538 23.Bfomllrid St-F .-jm --, u 01JJ884111 K»rEa>lKd 


4.98 

434 

532 

433 


44 21 . 

41 «ul .... 


Equity Fund.. 

01-S8S7ifrr PriwrtyFund_ 

»0| . i _ ' ~ J 


Pro p e rty Bonds /_[174* 

Hamfaro life Asqnmce limited ¥ 

°'^ W31 PhOCn “ Assurance Co. Ltd. 


Fixed Ink Fund..’ .,__ 

Deposit Fund_hdSJ 

Nor. Onn June li.. 


+ 0.1 




in 


•XI A-i:. Income*.- ]ai j 
■ a> A.G.GroWthtT_ 6 

iaiA.G.Far&«-i-.. P3 1 , 4 a 

Pealim; -lues. TtWed, 
Govett iJdhntV 
77, London Wall. F. i'* 


291 

310 

-02 

37 3 

39 Sj 

„ „ 

«.«■ 

«5ftid 

lU|1 

44S 

47 ftrt 

—0 2 

349 

373 

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594 

63 4 

-01 

Hft 

58ft 

-Oft 

268 

2E3 

-Oft 

24 9 

26 74 



490 

? 29 
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2 97 
413 
3 46 
452 
130 
2-30 


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ricJ... 143 2 


_ - -Equity_ 

— v Pri^erty, 


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JX77£ .. mo 

-1203 

poo; 147.8 .... 

toZ .382.4-.. . 

Bti ‘.m3 


f Alma Hue 
\ -AMEV _ 

\ AMEVMBd-^'ZT 

A AIKEVMoneyFd__ 

“ AMEVEqutoFa.J 
i 1 AMEVFl*eftJt._ l 
; AifEX'Pnrp. Fd.__ . 

V -AMEVMrd, Pon-Fd. |97.7 
; AMEVltoCPeii.'BT9B3 
• Ftodplan._i_}W.9 


American Ace 
PeoJ'XXJep.CnpL-^.. _ 
PenJ.uS^kc£^H«3 


AlroBd. H eigato. ReignteHlOlOL^ 





Vi 


US 3] 

Arrow Life Asstzrance 
30. Uxbridge Road. W 12 . ■ - 

WSSSE^SJSL -iSi 

Pen. Ugd Fd.Eq._ll203' . 1S* 
PrcJfed.F±—KL_r^' 


PenProp. Aec_KOB' = 

• Pen. Man. Cup. _I ZD&3 Al l 

-P«L Gilt Edg/Cap.. Slf 32*2 
Pen. Gilt Eds. Act. 1283. 334.1 

Pen. RS. Cap.__ 12J.9 • 3383 

Pen. Bj&Ae£_—.30*7 .m3 

-Han-DA-E. Cap_ 30U 

Pen. DAF. Aec-~ 102.8 


K-Wz 


4-S. Kins William St. EC4P4UR. 

Wealth Asa.— .._(U35 119.61 .I _ 

»>T.Pti. Akj. __I Try 1 __I _ 

Rb'r. PtUSq.e.- [753 7*91 .! — 

Prop- Equity & Life Ass. Co.V 
lIB.Crawford Street,Will 2 AS. 014860857 

R. Silk Prop. Bd.... I 1882 

Do.Etaii^ld_ 73 4 

Flex Money Bd.._ 


laUndlml Fonda 

ImcraDiluiMl._ 

Pacific Fund.. - 
Sees. Of America 

S|H*ctallsl Funds 

Smaller Co'sFd . 
andSmlr Co'sFd... 
01-83008701 Roroveiy Slu 

Met. Min. & Cdty.... 

I L>vrrae3s Eanunss. 


4-» Practical Invest. Co. Lld-V (yitci 
OJO 44,Bloom»liUiy«T.WCI \ 2 KA lllJS23aB»Q 

T’raelleal June 14 ...11510 16031 I 421 

Aceum. Umts [2136 226 T] J 421 

saa-il *47 S'iidr.juoejs .. |1«o 1476d» P™w«lal Life luv. Co. Ltd.V 

10| «.W Ho.Accuai Va n |l68 2 17?3+6.M 1.97 22S,BishOp»i!»ic.l-i - 2. OI-247C533. 


240 


Nest d-alln-j ,T.|.- June an. 


145 Crieveson Management Co. I Ad. 


Prolllie I'mi.-i...._185 0 

HighInvorue ...._1111.0 


91.0J -0.1! 
na*H -o i| 


35ft 

380 


43ft 

46.9 


M 7 

906 

+0 1 

405 

433 


575 

615a 

♦ Oft 

218.7 

230ft 



236 soiiresbam S f - E‘--i , ai , v 
2050 
2221 
177 5 

204 1 

190 0 
196 7 
97 7 
111] 5 


460 

5A> 

5.96 

528 

455 

521 


Barrington June H| 
(Accnm.Unft 51 

B7neJI.YdJutvl5 

lAccum. Unit' 1 . . 
Endeav.JilW la •• 
(Arram. Onitt' 
firnchoir. Juo* 1 !« 

Accmn. UniUJ- 


| Anderson Unit Trust Managers Ltd. i-Ti.ABrsiOimen 
1158 Fenrhurch SI. EC3M 6AA 6239331 lAccum-LnllS'— 

| AadenonU.T._[48* 52 4[.| 


(70 9 
173 5 


2142] 

2321 
1859 
2138 
199 0 

2060 . . , 
1023s -3 4 
1062 -Z.W 
74 0 
76.7 


ui^(>64433 Prudi. Portfolio Mngrs. l.uLV (aKbKct 

01405 KS3 
133 Of -+1.0| 4.46 


453 Holhom Bars. FA'I N 2NII 
7 M Prudential —.. -.(1255 
7 ss Quilter Management Co. Ltd-V 

01-6004177 
11041 _...J 4 61 
-—..[ 8.00 


ThaStli. Exvhanpv. E< 22 N ]HP. 
Quad ran i'Jen Fd. .11070 1 

fan Quadraizlincome..(1262 1302| 


290 

|-92 Reliance Unit Mgrs. Ltd.V 


14*6 

Property Growth Agsur. Co. Lt<L¥ 

Lean House. Croydon, CSS JI C 


Reliance H«-,Tunbrld«c Well*. KL 0802=2271 

6.6 7121 I 528 

... ,'20 4441-0-21 5 72 

931f+03[ 432 i»eW«deT.Ine._|40.9 43.7] -02] 5,72 


4.40 Guardian Boyal Ex. Unit Mgrs. Ltd. SSSriTw-- 

RoyalExclianBe-EOf.'.b::. ni^saoil SekfordeT.i Acr i- 

lOCiGnardluUTirt .]899 


Propert y Fund—. 

Property Fund [AV¬ 
AR n cultural Fund 

Aerie. Fund i A)_ 

Abbey Nat. Fund. 
Abbey Nat Pd. tA). 
Ini estnwnt Fund.. 
In» _ ' 


01-748 mu 

=J = 

j - . 

_ i Barclays Life Awtnr. Co. Ltd. 

* , - 252 Romford Kd.,E 7 . 

•'.. *■ Barelaytwodr , .._ 

vil '. - 1 -fUtLz 


Hearts of Oak Benefit' Society _ 

UMT.Tavutoek Place.W&HflSM 01387MK0 
Hmutooraak^p* 4 . .. 3*3} — j - - 

Hill Samuel Life AiapOi Ltd-V ^ 

NIATwr,AddiaropibaRiL.lStW.; .01-8884355 AcVSWal^ind”' 


l\ 

• “C. 


JOo. Initial 943 

ssssxzsiB 

Money Pens. Act - MOl 

Do. Initial__(473 _, 

•Current unit value June 


104A 

ms 




99.8 

mo.i 

48 U 
185 3 


tJTdperty Unlla_B52.4 

Wporty Series A- 100.9 

01^*4 5544 -Matuced Series'^ 


da 


Managed Seri' 
Money Units.. 


C.'.I SSJ^ 


>v Beehive .Life Assnr. Co. Ltd-V 

7k LombardSL.EC3. 01-6231288 

Bli-Horse J une 1„ | 128 76 ]. 

Canada. .Life Assurance Ce. 

... 24i High St, Putters Bor. Herts, pjfcsr 51122 

Eqty.UtlLFdJunriLl 603 I | _ 

. RetmL FtaL June6.| ■ .1163.. f j — 

. Cannon Assurance Ltd-V 

. LOlynpIc Wy. W«nbley HABONB 01-9028878 



l Fiind..... 


GiltHCdeed 
Giiwsdsed Fd.'Al- 
• Retire Annuity.... 
•Inuued. Ann'ty... 


tow Senes A.i_ JTS 
Fixed Ink Ser. a __ H.4" 

Pcs. Managed Cup.. MOJ 
Pns. Mona Red Ace.. M83-. : Mb— 
Pns.Gtead.Cap_. 105 X ^ 330^ 

Pus. deed. Acc_DUB.B - :• 11*3|- 

Pens. Equity Capi. PJ. .:. |B2* ;« , 
Pons. Eqnlly Acc~ 9*0 3992} 1 

Pnr.FxdIfi.Cap„ «2 : 

PM^FttUnkAce_ffl.O 

Pens. Prop, Cap_953. 

Pens. Prop Arc._[95.4 


. 1813 
179 8 
757 7 
7515 

153.4 
1532 
*83 
*83 
1710 

170.4 
134.8 
1341 
1322 
1233 
1233 
1HL7 
M3J 


Proslas* ft Assoltles Ltd. 
All Wther Ac. UtsJDB.9 13551 

6411 Weather Cap. 1220 128.4 

▼lni-.Fd. 3 il*_ 137 0 

Pension Fd. L'ts_ 129 7 

Cunv.Pens. Fd- 1462 

Cnv. Pns. k*o. CL 1322 

Man Penn.FcL.. .. 143.4 

Man Peak Cap UL 1328 

PP'P PfTU.Ftf .... 145.8 

Pp.'pJ'eni. CapUts. 1J2.4 

Sdyg. hoc. Pen. Uk 1302 

Bldg. floe. Cap UL.. 1203 


Ansbacher Unit MgmL Co. Ltd. 

Inc.MmUiiyFund.[U 5.0 Henderson AdminisirationV laMcKg) Ridgefield Management Ltd. 

01-6800006] . Promier CTj**" 11 --&Rajleigh Enj.l. llutlop SMO.Kennedy Si..MamWicatvr 0012308621 

, _ [Aruuuuiot Securities Ltd. (*KC> • Brentwood. Essex. u27T-2t723tl Ridgefield Ink UT IIOLO 107.lhd __| ?.62 

37. QueenSk London EC4R1BV 0I-23S5281 U.K. Fnadc 


Extra IncomeKd_1104 4 112.91 +0J 

UdSh lac. Fluid._ 41.0 442 

*(Accum. UniUL . 551 593 

WdrwLUls-i 551 593 

+ 0.4 — Pr+Mrenec Fund... 25 i • 273 

+0.a — (AccunvllniUi_37.7 405 

+03 _ Capital Fund_194 30.6 

+03 — Commodity Fund» 58.5 U 6 

♦02 — (Arcum.l.mlts)_. 84 0 41.4 

+02] — <109k W’drwI.U.i.... 510 555 

FlaftProp-Fd_17 4 18 8 

Giants Fund_*02 433 - 0 . 2 I 

(Accmn. t’nlUi. _ *6.5 49 8 -0 31 

Growth Fund_ 332 35.B 

FAccim. UniU>_ 39 1 42 2 

SnaJlerCo'sFd __273 29 * -O.lj 

Eastern ft InU-Fd.. 247 263 

i®1» Wdrwl.UU.J_.. 19.« 20.1 

Foreign Fd- ..B43 912a 

N. Amer. ft Ink Fd. 32.7 252 


1131 Cap Growth Inc. _ |4J 7 
935 Cap Growth Arc.. W3 3 
Income ft As*eU . [32 7 
9.15 Wish Isnor Fuads 

12 27 High IncOBW.|59B 

1227 CabotEstnJnc. ■■ ■ p*2 
— Sector Fomb . 

Kioandsl lelTU—.p* 4 

on&NaLlfes-127.4 

lnleroUlOMl 

Cabot _..... |B6 8 

InternatloDal—- PJ2 
■ nc in.[75.6 


Ridgefield Income. [93.0 99 Ouf 


10.49 


4*l|toil 352 Eothschild Asset Management (jo 
34 .b{ +0J|’ 616 TSJW.GaiehouseRd..Ayleibiuv 02S6SSH1 


■oil 


537 
5.37 
537 
3.04 

2.79 [|||r|| | _ _ 

l-Z? WrldWdeJuncl 


64.N .. 
59 laj +0. 


2 29^ -Oil 


802 

854 


N. C. Equity Fund_ 

N.C. EnsyRenT+k 
N.C.JnromeFund .. 
U.C. lull. FA «ln<:.dW2 
iJ932 


1*8 2 
112.6 
1468 


11971 
1562ol 
4VV 
99i 


- 02 , 

+D.6] 

-1.71 

-1.7 


Z91 

246 

684 

370 

170 

4J55 


2.96 

2.96 

4.41 

1.47 

147 

180 

100 


OVHWU Fends 
AujdralUm —- 

European—- 

Far East- 

North Amer- 

NAm-GosJuneB 
CabotAmcrJ50L‘. o. 


1354 

390 

73 : 

414 
126 4 
53.5 


41.5 

7B3 

443 


-03] 

-0.*| 

-o.il 


4 42 N IntJ. Fd. lAcc 
in N.C. Smllr Co>-s Fd(l54 B 163 9] —0.1| 

Roibscbild & Lowndes Mgmt. lai 

i c> SkSwithineLanc.U1n.EC4. 01^284356 

435 NewCkEacmpi —IU22 0 129.01 _| 3.61 

Price on Nett dealing — 

JI2 Rowan Unit Trust MngL Ltd.V(*> 

3 46 Cltj'Cate Hse. Finshur>- Sq.,ETU. UI^OBJOSI 


Z jArcbwFy Unit Tat. Mgs. Ltd.V raMcl Hill Samuel Unit Tst. Mgrs.t (al 


Imperial Ufa a». Co.:'ef-i>iuida Provincial Life Assurance Co. Ltd. 
Jraperlal House, GuilAford^: 


Equity Units_ 1 


[0706 . — 


. • • Property Von*-D02K 

.. Equity Bond/ExffC_ 0144. 
- Prop.Bond/Exec_: 0339 
Knl. BdTExec/Unit. 03.08 

. . Deposit Bond_UD.S 

Broity Accinn. ___ 176 ‘ 
- . PropmtyAccum. .„ 0236 

: anted. Accnm._1391 

' Snrt Equit y. 933 

2nd Property_183.7 

2nd Managed_77 ,4 

- - 2ndDepoeA„__965 

- . 2nd Gil L-^_90.4 

• _ 2nd Eq. PensJACC.. 5S3 

- iudprp. Pens/Arc... 187U 

••2nd Med. Pena/Acc 995 
2nd DepPens/Aec. RZ . 

- . 2nd Gil: Pena/Acc. W.&- . 

. L4ES3F-38.0 

L&ESLF3t_i_27.0 


1231 -am — 
13.96 


9E.3 

109 . 7 J 

105^ 

183.9 

95.9 


-081] _ 




-0J 


-0-5) 


71253 222. Bishopagale. E.C2. 

Growth Fd.June ]«7i6 - v 3i#+0.11 - Fd..[U32 

Pena. Fd.Juneld_]66^6 ••‘.V723+oi| — rSVSS^* 1 --Rfi-5 

.. Unit Linked pDKMto. _ Ciimmd^O.-,-|lJ7.4 

Managed Fund..... 194.9 995]+0.91 — 

Flsecfliit. Pd._HS.7 ■ 100.7] _..J — 

Secure Cap. Fd. 195.9 UOM | — 

“ Prudential Pensions Limited* 

,. n *_ L“» Assurance Co.. Ud. Holhom Bars. ECUf 2NH. 01-405 0223 

**• Finsbury Square, EC2. 0J 4528 8253 Equit. FU. May 17 l£25(n M 

BlueChp, June 16.„(733 772} +0.61 4.40 Pad Int May 17 ._K1&74 la. 1 

— Prop F. May 17__.J£25 j45 


Property Vund __95.4 

Equity {■’and_97.9 

Fid Ink Fund_953 


UU .... 
11 S3 
12X7 
1005 
1032 
100.4| 


Unicorn America.. [352 

Ausr. Acc-7 Zj6 

01-2478333) do. Aust. Inc._S7.2 


Do. Capita I-66.6 

Do. Exempt Til_1WL5 

Do. Extra income _ 2B3 
Do. Financial —599 

Do. 500_73.0 

Do. General... -313 

Da Growth Acc— *0.9 

Do.InconaeTsk_848 

■DaPrt A’likTsl... 137.2 


Managed Fund -___ 

Prop. Mod. June 1 „ 1773 --, — . „ .. 

i+opLMod.Gth-„_.(1733 v — Reliance Mutual 

King & Sbaxsun Ltd.' .. .Tunbridge WeUl.Kent 0B8222271 

5a,Cornbm,ECa ••- DM235433 ReKProp Bds.-1 19X1 l..[ - 

~ tSMnonIB . _ ( 170 J 

OWL Sec. Bd._(3932 lS^__J — SI Swrl thins Lane. London, EC*. 014284358 dSaotibl _Jpiei 219 

Laugham Life Assurance Cpu Ltd. N c - ^ ™~l - I Next suETday Ju«, 2 J. 

xngham Ua. BolmbrookDc,NWi .06003 6211 


317. High Holborn, WC1V7NL. 01JS316S33. 45Beech SL.EC2P2L.'; 

Are[iway Fund-[83 5 88Jtof.I 583 <bj British Trust — [150 2 

Prices at June 15. Next sub. day June 22. uilnnTTwt_—.38 3 

Barclays Unicorn Ltd. langUKcl ‘iSic^pSSnTSi”” wS 
Untcorn Ha 262 Romford Rd. E7. 01-5G455+4 fbl financial Trust. 91.8 

37.Bid -D 31 106 ( 5»I nco ™®35“L-— Si 
783 -0 71 163 ibiSecurltyTrort— 522 
61 8rt -0 71 JM tbiHigh5’leIdTst_l29.3 
72.0 +02 
113.0 +0.7| 

30 4 .. . 

64JW +0 
7*9 +0_ 

33.8 +DJ 
44 2 +0J,_ 

937 +02 6.OB Key Energy hi Ed 

-- - - - MX2J . ..[ 5.02 Key Equity * <»D 

Pnces at May 30 Next sub. day June 30. Obey Iixcropt Fd 

Do. Recovery-(42 6 46J[ +03 555 Kevtacome Fund. 

DaTrumeeFund..1131 12231+D.6j 5 05 KeyFiMd InLFd._te0 h 

Do. Wldwide TruklSlJ 553 -0 4 1 52 Key Small Co’S Fd . Pi 5 

rtstJn.Fd.Inc.._TJtt7 65.5 + 0 . 2 ) 433 
Do. Accmb _ [71.7 74.71 +0. 


128 dtmcrlcau June 15-[71.0 
2 21 Secunties June 13.. 167 0 
325 HlghYld June IS.. 532 

tAecnm. Units'_- 75.1 

Merlin June 14_832 


0143880(1 (Accum. Unlm_ 


160 7d *031 432 


991 


74 G 
1760 .... 

55.9 ._ 

78.9 .... 
853 .... 

104.1 .... 


0.97 

430 

1.76 


106 
363 
363 

2-g Intcl-V iaHgl 

Sjl !5. Chrixtopher Street. n.C 2. 
533 Intel. Inv.Fund.!57 5 


430 
363 
32 0; 
98 2 
28 4 
55 9 
334d 


=?f 

*0 1] 

+o3 

+01 

HU] 


3 xf R«S«1 Tst. Can. Fd. Mgrs. Ltd. 

287 H.Jermynhlreel.5.W.l. 0I«SSZ52 

469 Capital Fd .(696 733 ... .i 3J55 

4.70 Income Fd._|7I 9 75 s] | 7.43 

7 73 Prices al May 15. Next dealing June 30. 

s .02 Save & Prosper Group 

4. Great Sl Uelens. London EC3P 3EP 


6.U ^ FaBd Managers Ltd. UHg> 


m "A- 7 -^a-> 88-73 Queen SI.. Edinburgh EH2 4NX 
«U ia Dealimis lo- 0145M 88U or 031231 7381 

^ Save. & Prosper Securities Ltd.* 


423 25.MilhSk.ECai 8JE 

~ rrs2 

68 5 
.1530 
78 4 


Inlemdoul Fond* 


U1 

72® 

162.7 

8X4 

*44 

1026 


capital-HI 395*1-0.1] 312 

335 i.Tfy__.. p6 27 H-Oil 4 03 

*-7| Univ.Growth_|680 7X1 -06^ 397 




-OJl 

^0.] 


6J3 

8 25 Inereasljig Joeome Fund 

1397 High-Yield_ 152.9 

^ High Income Fund* 


5681+02} 732 


C*ah Initial_M5.4 

Do. A rerun. __(97.0 

Equity Initial..._(119.7 


Current rolue Jmu li 

• .Capital life AssnnnceV . 

Coni*lonH 0 iue.ChapeJ Ash Wton 000228511 - 

-ReylmeatFcL: I 10321 I ._.J — F»Mdliutla]-|n63 

PocemflkrrlnvFd ,| 102.03 | 4 — 

5 Chartexitohse Magna Gp.V 


Tjn(W.w *' Ha. iqyff 673J „..,J — Royal Inanrance Group 

VProp. Bond -0413 M87J _._J — New Hall Place.LiverpooL 

Wlrp iSP) Man Fd(7X5 > KJ |4 — Royal Shield Fd._..|mi 
Legal & General (UnU Abbot.) Ltd. rrnm-i 

lOngawood Bouse. JOngawaod. Myorth, V t>S P er j G r0Ppy 

— SurreyXr206StT^ LkSkHehco s. Lndn- S3C5P 3 


ao Kletnwert Reason Unit Managers* High Return^—166.4 

_ . _ ,, . _ ...... 1 20. Fencfaurch St, E >.'3. 01-8338000 Jnc<ane -1 42 - 3 

Baring Brothers & Co. Ltd.V (aMx) kb UnK.Fd.iBi-.. B 49 9231 [ 509 t3K. Fonda 

BR Leaden hoi] SL. E.C3. 01^88 2830 6K.R UnliFd Ac._.|U6 0 115 3 5 09 UK Equity-[44 0 

177Jf.I 427 KJEkFd.lBV.T9ki ...|55 2 59.6] J 447 Ununu Fundsui 

—I 4*7 L & C Unit Trust Management Ltd.V - 0 

, ~ 3 ' The Stack Scbongc. ECSTJ 1HP 01 -538 2800 U S 

Bishopsgate Progressive Mgmt. Co.V La.cintFd ._-—-.11373 i4i.6j -om iu snmt Pimk 


' 733| +0 It 
45.4] +0.lf 


813 

8JB6 


473| +0.4[ 4.71 


92.4-0 6| 
RM.-R -03 
842]-0.8 


oi-s&ssaxi XACHaiaG^Fd-lw: 1023 } 

4.04 Lawson Secs. Lid. Vianet 


— r 4 


inU. ___ 

Da Accmn.. 


IX Cliaquan Sq., Uxbridge UB81NE 

— ChttfaseEnargy_[384 4X41 —J 

- . CWlEe. Money_29.4 S3 - 

Chrtlioe Managed- 3X4 - * 0 .*f 

: ChrUvnt. Equity-— K.6 . 37.4 

Magna Bid. Soc. 12X6 

-Magna Managed— 15X0 


9X0 
993 

__... Sli 

Property Initial __ 9X9 
Do. Accum. 1D0.7 


Managed Ini tla] 
82181 Do. Accum 


MU 
18X6 
3233 

& 

_ 1063 

legal ft General (iJate Pemdonril/iL 
Exempt Cash IniL-MJI 1D3M ' 

Do. Accum._ 173 10351 

Exempt Eqty. Ini t_ 13X5 1243j 

CUy of- Westminster Assnr, Co. Ltd. g^nar]^iSI 

Hjjffiriexd^Bm pe, 8 Wfatfiohone Rond, 


■. VcdTnn Fund [644 • 

- - ManoiSfFnnd_1735 

. -gqiiilyF nnrf: . , 47 4 . 

_ T»numulFinid_~. 73ft 

- -- Mono Fund_; 320.7 

. -GiltFund_643 

- - PULA Fund_16X2' 

'. IVns-MnfidA>p_1163 

•- — PmaTfagdrAcc. „ Efflft 
Money C»p._, 46ft 
, £cna. MoneyAoc .ju Hr . 

.: -f '(Feu. Equity Cap__ 563. '■ 

__jHi.wuitr6ce- 582 ■ _ 

■ ■ Fund currehHy closed to new 
. ...--FfcvfonnUtdls„__.r 2043 


Do. Accum. •„_lfl&l 

Ol^MflSBX Exempt Mngd. I nit U6ft 

Do. Accum.. . 1182 

Exempt Prop. ML. 960 
Do. Accum . 973 



F ^^ e^S3458 




■Hi.' 


BaLlnv. Fd_1127.9 135.41 -X 6 J — 

Property Fd.'_[1523 16L2 - — 

Gift I'd.-|ll9ft 125.9 -0.7 — 

Depoiil Fdt_>_[122.0 129 A . — 

Comp.P 0 n 3 .Fd.l_..[20X2 213.9 .. .. — 

EqmtyPcns.Pi._QE 2 B 193 0 - 0.2 — 

Prop.Tv ns, F'd."__ D18.B 2203 . _ 

Gill Fens. Fd._Wl 1 9X1 - 0.4 — 

Depoa^ens_Fd.t.— |9X3 1033] . — 

Prices on June 6 , 
tWeekly dealings. 

Schroder Life GroupV 

Enterprise House, Portsmouth. 

Equity June 13.__ 7777 

Equit}'-June 13._ 2193 

Equity 3 Juae 6 _1198 

Fixed JnL June 13- 137.1 
Fixed Ink 3 June 13 1472 

Ink UT June 13_139.1 

KftSGiit June 13™ 142.1 
EftS Sc June 13 — 1203 
Mngd. Fix Jane 13 .HJL 7 


I D. Biabapxgate. EC3. 

»’C«Sr«Jone6_IMIlS 
AcaUlSL **June X . CIS.:! 

W ::::i !iS msSOt^ 

EC3P 3EP. 01-554 BB» | Next sub. day -June 27. -June 20. ?i%,MhFvSd_.”"[558 

Bridge Fund ManagersV\*Uci ' 

King WiUUun SL_ EC4R9AR 014234851 tAmerican Fd... 


3J[ 


23 7 I 'onnuodlty__I 

Eneray. 


*55-83Georgesufidinbur-:hEH22IG 031 2263811 P'OTOcial 


[39 8 
44.7 


American ft G«l7_K6 6 

Income*___50.4 

Caplin] Ine.T-36ft 

Da Acc. t_WE* 


2X0 

54A4 .... 
3X9 ._. 
42.4 .... 

146.0 . 

173 

18.9 


135 9 Accum Units j— 


X53 

3.15 

335 

548 


-High Yield-:—M82 


**« Accum. Units 1 


[ 2*2 

253 


167.6 


43.3j +11] 
4X6 +13 
614 .. .. 
67ft .... 
413 .... 
26£ .... 
27.8 .._ 
518 
72ft 


Deal. A Moo. "Bin nWcd. ^Thurs. 


l« Higbftllnlmnm Funds 

6 25 Select Internal. 1260 5 

2.40 Select Income [52.9 

240 


Jg Scotbits Securities Ltd.V 

O.M Scolbits_|39ft 4Z4J 

050 Scotyield. . - 49.7 53 ft 

1100 SciMahareB_|57ft bljid 

| 11.W SwkExGtJl-*-_[244ft 2S6.(fad 

**Ffk Scot.ExYld.-*_ B673 175.M 



Legal & General Prop. Fd. aftrx Ltd 

11. Queen Victoria St,EC4N4TP 0X3689678 MoS^BJ^eJaZ 1173 

LftGErpiFd. Junes M5.9 ' 10171 ^ Deposit June 13_113ft 

• Nett sub. day July L -Hi Property Jane 13_154ft 


L9e Araixr. Ca ef Pomsylvama ■'SvBgSSSSSS® 


JBMJKSewDohd SL 7 WI 7 0 RQ.. ' ' 01^U3839£?lSPnAroBJuEel3ih31B 

LACOPUni U. -(986 1B35[ .[/_. =-MaPntoRJuneXS- 68 X 6 

. Lloyds Bk. Unit Tst. Mngrs. Ltd. g|° 

. 71 Lombard Sk.ECX '. tisss 1288 PsdJntJPnAcc,B._ 1 X 8 

City of Westminster Assnr. Soc. Ltd.' SSFtztt*** 4 

' .Telephone 01481 S 8 M . Lloyds Life Assnrince Mr«sy|>n. Cop-B.}95ft 

: FlrrtlTnit*-_._PZ2J 12X4 _ 1 .J — 20 . CUftoo Sk, EC 2 A,«X 

;PrnpertyUuiie._‘. [54ft . — •'BB-Gth JuneO 132458 

—-Cmmnercia] Union Group •..'■• OptftSpyjtSe 15 ] taoe 1377 

".’iSkHclcn'x lUnder*bafkEC3. 01^837500 Igi 

. m $SS3iBE2i ' -M . ra =.. SStS^saS:® M 


127 M 


Money F*bxAcc. 3_ [95ft 

Scottish Widows' Group 


zju 

11263 

344.4 
1549 
146ft 
145ft 

126.4 
33X7 
152ft 
112.8 
VOS 
119ft 
162ft 
160ft 
126.6 
137ft 
213 2 
250.6 

SK 

lttLol 

1013 

1003 

300.6]. 


Exemplt.i-— .[137 

tmernU. lnc.t_-06.2 

Dealing 'Tues7"tw«L iTbtnxTn-icca June pisTJuncW.-.157.3 

13/14/15. {Accum. Unite)-1724 .... 

o^aTvnlBritamifai Trost Mamgcmep^fa) ig) LemiM UA. ^ gSSffi::- 

ssstss?"-- M ars SESS^ 


329 

0.00 

1.19 

3.89 

1.75 

292 

224 

745 


3.80 

697 

433 

18* 

X93 


Legal A Genera] Tyn dall FondV Prices at June 14. Next mb day June 28. 

3fti iXCanyn*eRnad.Briaoi. IC72XS41 ScUesinger Trust Mngrs. Ltd. (adz/ 

.j ilncqrporaung Trident Trusts! 


526 140. South Street, Wtiang. 


I London EC2M 5QL 

Assets_plft 

Capital Acc. __SIR 

COmmXInd_567 

v,i 

1140 


Commodity.— 

Do mode-_ 

Exempt.—_ 

Extra income--[39.6 

Far Ea»t.— 20.9 

Financial Sets.—._ UJS 
Gold X General—, bsj 

Growth._79ft 

Inc.* Growth-733 

Inti Growth — 62.4 

InveskTskSfaxres- W.4 

Minerals-35.4 

Nat. High Ine-79 ft 

New Issue__ 35.4 

North American— 302 

PrufessionJil- 5043 

Property Sham „ 13.4 
Shield--*5,8 


I Sutm Change. 
Univ Energy— 


=» 


77.0) +03) 
55.7 +02 
61.0 +03 
82.8a +02 
40.7B -»3 
120.1 + 0 ft 
42ft +03 
• 22ft -03 
68.7a +0.b 
91.7a -7.* 
85.6a +0.4 
783 +03 
6T3 +0.* 
532 +03 
383 -ft.* 
85ft +0.4 
383 +02 
32fta -Oft 
519.9a +13 
14.4 +0.1 
49J +0.3 
33ft +0J 
34.9 -0.1 


522 

4.02 


LeoAccum- 


82 6 


Income Disk.-T— 

Lloyds Bk Unit Tst. Mngrs. Ltd.V <*/ i«w.i«)%wdrwl. 

Sj? Return's D^k. Gonng-by^ea. InieLGrowth.. 


tig Worthinf.WestSusse< 

927 First (Balncd.1-[50 0 

Do. (Accum.). 

Second (Capj 

Do. 1 A cornu __ 

Third flpcomei— |S2.0 

Do. 1 Accum 1 _ 

Fourth lExTut) 

Do. fAccum.) 


3JH 

4.49 

XU 

4.04 

7.00 

234 

332 

3.41 

am 

435 


.60 8 


m 


m mv inv. Tit. Units- 

01023138 jiarieetLeader*.__ 


‘Nil Yield'_ 


739 +0J 
562a -03 
70.7 -03 
8X1 +03 
1283 +0.4 
63.CM +03 
718 +0.* 


122ft 

237 

-03) 

loT» 

30ft 

-0 4 

LrTyfl 

273 


fcix* 

26 Ad 

4n.i 

29.1 

313 


388 

422a 

■Mi.i 

29.4 

32.0xw 

50.2 

54.0 

—0.7 

2S.B 

277.7b 

—0.1 

289 

311o 

+0.3 


30.1 

-0.2 

' fl 

2430 

-ID 


2ai 


275 

29.6 


216 

23.2n 

+6j 

19.0 

20.40 



Lloyd's Life t>ait Tst. Mngrs. Ltd. 

72r80. Gatehouse ltd., Aylesbury. _ _ 

3-81 Equity Accum-[1572 165ft[ 405 l n com e jG‘ncT£Z 

SI M & G GroupV .(ygcMz) J^S3jiS?iV“ 

4.41 Three Quays. Towr Hill EC3R qBQ. 01630 4588 lAccum. Unitsi.. 


* 46 ProL&Gilt Trust... 23.1 243 b -ID 1250 

306 Property Shares.... 263 28.1 . 240 

3.06 Special SikTst_ 27 5 29.6 ... 254 

6JJ OJt Grth. Accum. 216 232n +03 520 

639 UJKJCrth.Dnk.Z_]X9.0 2X4d|. 520 

sin J. Henry Schrader Wagg & Ce. Ltd.V 

01-2*03434 


(0300)06441 
258 
1.79 
837 
428 
953 
9.81 

L55 
436 
451 


__ lZO.Cheapside.ECX 


454 

253 


Sea also Stock Eaehaaae DeaU: 


The British Life Office LuLV <a) 


_ POBartOC,EdinburshEH165BU. 0310550000 RelianceHae..TnnbndceWell*.Kk068222271 tAccum. Unifi.— 


American.. -1513 

(Accum. UniUi^.—p2.B 
Auttnluho.. —1550 
156.0 


InvJJyJSerie* l._ 
liw.Pfy. Series 2_ 
Inv. Cash June 15, 


London Indemnity &GnL Ins. Co. Lid. 


105ft 

99.6 

977 

13X7 

3353 


MgiLPeuJuMilS_[266.0 


3055 +0.4 

104.9 +0.4 — 

1024 +03 — 
1446 ..... — 

340.9 . .. — 

266.0 +33 — 


'ifedemion life Insurance Co. . u—„ a, «««, 

30. Chancery lane, WC2A IRE.; 01^*2 0283 SSSSSRS/^ ^ J - „ _ . , „ 

iraKrii^' -- gf-T — • Seta!Idle Assurance Limited 


BL British LUi 

BL Balanced'- 

BL Dividend--, 


c ab Commodity _. „— TT.O 
53 a (Accum.Umtsi....... 829 

tjjQfa Compound Groinh.J107.D 


9M*nnged Fund _ 
rorroualPbn.Fd_ 



15X6 159ft 


177ft lf»A 


ns__ .»3 

mill 

2273 


398.4 . 

.to... 

v Ml* ’ V. 

— i 

-Si 


37V9 - 

—— 


Flxod lntereM- 1 


The Louden St Manchester Ass. Gp.V SojarMana^dg— 

smarprepeityS— 
aolir 


3CW2Ely PlaceLoodcm E.CJN 6TT. 012422905 (DaiA^LIweSll^TJ 


— ■ ■ Tho LeaukFblhestone, Kent 


Cap. Growth Fund.. 
♦Flex-Exempt Fd. 
♦F.imimt Prop. Fd. 
•ExpC lav. TM. FA 

FlemhieFund_ 

Inv. Truot Fund. 


080357333 


CeaWH In snran ce Co. Ltd. 

32, Commit. E.C3. OI4B85410 _ 

- — J “I “ . FrtiiertyFuwL-1 

> VL 4 “n-^EFdJiayacC^XO J77 jo| ‘-"Ij •— ‘ M .ifc G GronpV 
\ Mi.1 Credit* Commerce Insnrance ' ' 

6 “ 12«hHcEentSk.LondonW1R5FE *10307061. CoSv.Deposit-. 

CftCMnid. FI-[1220 1320! —4 ra- - B|idtyB«>iid-_._ 

Crown Life Assurance Co. Ltd-V v vS"m-" 


224ft 

+LM 

133* 

+L3 

89.9 

+Oft 

189.7 

+0.8 

132ft 

+0J> 

136.4 

+X7 

82.7 

+0^ 



Throe QnSVS, Tower mil KC3R SBQ 0IJD6 4688 
E2X8 - I +2J| 

1177 123 

1378 
15*5 
1B35 

»uwn Ltf e Hao. Woking. GU21JJCW 048825083'hatBond^*.1073 112.1 

Uon C UFqjn!.Acc..BU2 1W.0( ] — l n«W saisscss ■« 

_ _ property Hd-:_1543 

ExTYleuI FCL-Bd. 1 

4.74 


S<dm; Managed P^, 
Sol ar Property P_, 

Solar Kqnlty P_ 

Solar Fxd.Inr. P 

Solar Cash P- 

Sol or InU. P_ 


P27ft 

pi 

pL2 

□15.1 

ST7 

3K.4 


WTOfi-d Fd. Ineat _ 1017 1073 

Bang'd Fd. tnlk_BU.C .10X7 

SjntyFd. Aca- 10X0 1063 +L3) 

OwltyFVUncm— 1010 10X3+13] 

UMtyFXUUL._ 10X0 1063 +13| 

5roenyFd.Ao=.„ 95.5 1005 +03 

JOBerty Fd. Incro. 955 1005 +0J 

’rtWrity Fi Inrt— 952 1002 ....J 

av.Tld. PVL Aec__ 9X3 10X4 -0ft] 

nv.TokFd.Zaem. _ 983 103.4 -Oft] 

ov.TsLFa.Inlt_98.0 1033 - 0 . 6 ] 

^«JtntFdAce.. 97." 1023 

* p *XInkFd. lacm,. W.o 1023 

• ^ertl. Fd.Acc_.._ 107ft ' 113.1 

.' fieri. Fd, Incrn. „ 1D7.5.. 1133 

«®ey Fd. Act_ 95.7 1003 

- .953 - 1002 

MMl* - 1055 +02| 
. (159.6 — 


!CE: 


«mey*aAcc._ 

looey Fd. m , 

rMi.ii ■hak.Fd Incm._ 

.■v : , i.lV , ropnBi*.lBv. , A’_ 


'S3 - 


530 

1ZJM 

432 

s 


Recovery Fd. 673 

American Pd. Bd.«.B53 58 

JnpanFUEd.'—....E3.4 56 ... . 

Pncei on ’■June 14 —June lft. —June 18. 
Merchant Investors Assurance 
1« High -Street. Croydon. 01-0803171 

152-7 . +03 

3593 +03 

57ft +0-5 

IMA +L7 

140.6 - -03 

18X5 -03 

328.4' - +0.1 

339ft +03 

1043 +0.4 

135.7 +0.6 

305.6 -1ft 

10X7 -13 


1346 -0.3 

136 7 . ~ 

170.0 +0.6 — 

121ft -03 — 

1A63 _ _ 

100.6 -0.7 — 

1343 -03 - 

71*9 _ _ 

SS 3S = 

105.? ..... — 

loxn-oj] - 
Son. Alliance Fond Mangmt. Ltd. 
Sun AUtoaea House. Horsham. 0*03 64111 

gjaJ Ms tJimeM■ IE35O30 16QJMN .._..] - 
Ink Bo-June a _| £1434 J.{ — 

Sun, Alliance Linked Life Ins. Ltd. 

Son Alliance House, Horsham 04036U41 

' y-Fbad. 


Property Fund_ _ _ 

Inlenmuoaal Fd_UlOft 

Deposit Fund_.__|9X5 

Manapod Ftmd 


•Pnces June 14' Next dealing June 2L • Growth US 

Brawn Shipley * Co. Ltd-V lE&r 1 " 

Mngrw;FoundersCk.ECI 010008550 jaSSJJSiin™^..«2 

2i5! —■] «- 72 <Accum. Dolls i_._ *9ft 
2W^j—4.72 Extra Yield. . B4.4 

lAccum. Units' - 112ft 

36.9[ 4.34 Far Eastern-56.4 

+03T 

+0-4 


Oceanic TTOMa la) 

gimmeia]^-__T__. 

General 



Crowtfa Accum— 

Growth Income- 

Rich] 
l.Tlj.. 

Index 

Oven* ..._ 
Pe rforman ce.—— 

Recovery —» 

£xmpLJui> 012 . 


S,j 90 (Accum Units ■ — 6X9 
44Z Fund of Inv. T*tfi .. 623 

4.82\. (Accum. Units)_IU 

9 ft 7 V >GeneraJ __... 168ft 

345 frowum-L'ml*'- 2573 

4 J 5 High Income-..100ft 

307 (Accum Units'1692 
439 Japan I nnune. — 1535 
5 n lAccum Unuri-— ■■ 154.9 

4119 Magnum__ -— 2 oas 

(Accum. Units 1 — 26Q.D 


Canada Life Unit Tst Mngrs. IALV M«u-nd 

r^,,. . ,, . o n.-sinn lAccum.Units'—— 


20 High Sk, Potters Bar. Herts. 
Can. Gen Disk ——1384 40/ 

Do. Gen. Accum M6A 49.1 

Do. Inc. Disk — —.£533 35J 

Do. Int Accum [43 b 45.' 


11173 

123ft 

+0.6 


liO.O 

-Oft 


134J 
•qafi 9 
10X6 

—03 

SIAM 

115ft 

+0J 


352 


562 -08 
5SA +04 
59ft +0.4 
8X0 +02 
883 +02 
11X0 -03 
6X9 -0.4 
680 -02 
1253 k -0.7 
2372 -13 
5X4 -02 
53ft -02 
89.4 -0.4 
1203 -07 
603 +0.4 
65.9 +1.0 


Sun Life of Canada fUJS.) Ltd. 


ssbs,™::'. 

lAccum Units*.-... 828 
+0-3 Second Hen _ — 169ft 

+0ft| Z-2 lAccum Unibii-.2S62 

+021 7.73 Special__162.0 

as-«+ iMu lAccum.Uclis'.. -1203.7 

Cape] (JamesI Magt. Ltd-V SpeclaJiied Funds 

100 OU Broad SL.EC2NIBQ D1-388 CO ID nssu 

Capital---BS.0 90^ ] 436 ,a£SS. Umi" ‘- 

Income—..— ■J79.1 • 842]....( 725 Chari bond June 13 

Prices on June 7. Next dealing June 21. Charifd. J une 13 • ... 

Carliol Unit Fd. Mgrs. Ud.V (a)tc) SSSESLjSie'iSi: 


Europe June 15- 


-otft' L6| (^sciunTunibr. .ri!@4 4 

1.65 - ' 

1.76 
176 
431 
431 


1184.4. 
(274.0 
(84 4 
104.D 
1113 


107 lad 
129.M 
19X0in 
283 9j 
87« 

108 i] 

33 d 
36ft 
173i 
250[U 
1953[ 


232 

232 

699 

6.99 

355 

355 

221 

X17 

4.24 

3.73 

4.97 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbulhnot Securities (C.L) Limifed 

t* 11. Roe UH4 St ]{clicr..li-r.i-. 0534721“ 

Lap TnL <J_er^e> . Ills a m 0u4 .1 4 20 

Ni , \i 'JcjIiii.' »|j|,. ,i u nc 30 
East Xlnll.'fi.t.iCIi (UBO 12S0(1 3 00 
Xwl . 11 b June ; »+ 

Australian Selection Fund N%' 

Miirket L'ppirtuniuin !■••• !n»h ypung & 
Outtiwalie. I-JT. Kent SI. SidncT- 

USSI Shares-1 SI .ktSt^+OOH — 

Net Asael I-iImi. June 15 

Bank of America International S-A. 
35 Boulerurd Rmil. I^ieiribniire G.U. . 

V-’Irlinvest Income^ jS'_slu.H .U2*f+0ft3| 6.45 


King & Shaxson Algrc. 

t '.'liinnccrow. Sl. Helier. Jer ^r. iD534'7T74I 
Valley ll-e St IVicr FWUIrnn' (OM1»2470« 
1 Thoiiu.-. Sireer. 1 leucl-'i-. I 'J.M if«S!4ijafi6 
fl ■' it Fluid 1 Jersey 1 |4r? 4 3« .....[ 1200 

(.MTru-a il 0 M .1 «52 105 &nt I 123 

•.Bit Fnd '!uern><+|443 949| .| 1X00 

InU now. I«v Tsl. 

F'rsl Sterling . 118 32 
First I ml. __18434 


im SSI= 


Klein wort Benson Limited 
31 Fennhurrh St. ET3 
KuntiiCHt Lin. f-' 

'juenvis Ine_..._. 

i>i Mum_ 

KB Far EaW Fit_ 

_ __ KHInll Fund .. _ 

at BU-+M KB Japan Fund . 
qiwmn K> . i. s.rtwih Kd. 

Sienct Bermuda__ 

*l : ni(«jndiinMj... ._ 


Pnces at June l5‘ ftai uib. dry June 21 
Bnk. ef Lndn. & S. America Ltd. 

4006. Queen Virt«tu Sl L>; 4 . 

Alexander Fund III s7 1 * — I ...,_] — 

Net iihUL ihIul' .liutr'l'L 

Banque Bruxelles Lambert 

X Rue De Jj Kcgvuce B j(«o Rnuaela 

Renta Fund L.F_|1B55 i.« 2 | .. . j 786 

Barclays Unicorn Int. iCh. Is.) Ltd. 

l.Charinpl'ruiK. bt llelivr.Jr^y. 0034 73741 

Lhfivn fnmmc . .143 7 5 x 31 +0.31 

U n idol] ar Trust PTIIM aS . 1 

Uni band Trust . - .|H'slWI9 HUq . I 
'’.Subject la lev und uilbholdinc laxe» 

Barclays Unicorn Int. t.l. O. Maul Ltd. uStSiilr inr "V-iwis>tt 

i ThomaB Sk. Doufii.i!.. I c.U. «CH 4850 


1.066 

+2 

63 3 67 3 


78ft 33 0 


SL.SI155 


SUS11 71 


SUSSIM 


SI.M1 96 


IIS4JS - 

-6.06 

I8 60 19 60 

-0.10) 

son |Aayin*L J^cnl * u 


014E3 80fO 
328 
417 
417 
121 
1.96 
077 
0 75 
1.86 
8 67 


1105 
420- 
a 00 


Llo.vds Bk. fC.I.I V/T IKgrs. 

P.C. Ba>. 195. SI llcJicr jersey 0534 27501 
Uoj-dtTiI ii'v-ui |584 414| . ...| 124 

Null dealing dale June 17. 

Lleyds'International Mgrant. S-A. 

7 Rue du Rhone. PO. Eu>. 179.1211 Geae(ti U 

Uoyds I nt. 1 i'r'*wlh .J:-YMLB 26W J X50 

UftOOf ..._i 630 


Untcorn Auai. Ext.. 551 
DQ.Aua.Mm.. - 3*6 

Du.Grlr. parllu-_ 6X2 

Da InU. Income .. 39 0 

Do. I of ManTu_45.9 

Do. Manx Mutual.. 263 


1 -0 


150 

1.60 

Too 

B.90 

140 


M & (■ Group 

Three yua/>. Teuer llill ElUK 0BO 0t«S6 +783 


.Wlanlio June 13. 
Au-.t F\..lune 14 — 
(.K>IJ Ex June 14 — 

Island.. 

• Aceuin Vmlw._ 


y.'sj is 
w.'siza 
fii'59 06 
1276 
1B03 


Bishopsgate Commodity Ser- Ltd. 

P.O.Box42. Douitl.bi.J.oM 002+23011 1 

ARMA«-May3....BiW7M go ... i - Samuel Montagu Ldn. Agts. 

r.\NRHO*-June5..[ai55 1 25_. . 

COUNT-«Juneft . @312 Zft65] .J 1.97 Apollu Fd May31. 

Originally umco bi 'Sin ana ,- tl 00 . 

Bridge Management Ltd. 

P Cl Box 508. Grand I'aiuun. Cayman la 

N'basbJ June 2 | 7X5338 ]• J — 

fi.P.O. Box SCO. Hune Koni; 

NippoaFd June 14 H. 1 M 6 M 1724 .4 0.70 

Ex Sl'Jck Kplik 

Britannia Tst. Mngmt. tCf) Ltd. 

30 Bath Sk. St. I teller. Jeixey. 0534 73114 

Sterling Drnwilsncil Fits. 


3L?[ ... — 

2.55 .. .. - 

1011 .. . - 

1358 -0.3 9348 
19X9 -0.61 *3.48 


01-5*8 WfA 
. 3 61 
,+oftel x« 
Hit!.{ 2 01 

5*11 . 0.75 



114.Old Brood Sk. ECS 
A pal I u Fd May 31. 
jBplef.l Jurvr IS -. 

llTRrn Ma>31._ 

U7Jcrse>'Mavl7... 

1 IT Jrsy'i x May "4. 

Murray. Johnstone ilnv. Adviser) 

183. Hope SI .Glasgow. 1 — 041-3215521 

■HopeSi Fd_| SUS33 63 I^IW — 

•Sturray Fund_ SUS11.17 +029^ — ■ 

*NAV May 15. 


35.7 

86.7 
66 147.7 

_21 223 

l£D979 XU 
k'ftk Dollar Demnainaled td>. 

UnicsLJTsL. „ Bl‘£510 5*71 - - I — 

lnkHighlni T«. .|»<49n 1N|+0O1| 40 

Value June 18. Next deollnj: June 10. 




Negit S-L 

10a Bouleiard Ratal. Luxembourg 
NAVJuneO_[ SUS10 6Q | f — 

Negit Lid. 

Rank of Bermuda Bide*.. Hamilton, Rrmda. 
XAV Junes .11533 — J.[ — 

Phoenix International 


Brown Shipley Tst. Co. (Jersey) Ltd. W Bo* 77. Sk ivu?r Pon, Uucrrscy 

P.O. Box 683. Sk Helier. Jcnev. 033474777.“' ... 

SWriinK Bond Fd -JE10.15 10191 ......| 1X34 

Butterfield Management Co. Ltd. 

PO: Box 195. Hamilton, Bermuda. 

Buttress Equity [236 244I-0.UJ 1.94 

ButlrcMlucuine |x**7 XO4[+0Oq 5 85 

Prices at May IX Next ub. day July 10. 

Capital International SJL 

37 rue Notre-Dame, lau-emhourfk 

Capital Ink Fund_ | SUS17.61 | ..] — 

Charterhouse Japhel 
I. Paternoster Ron-, El‘ 4 
Adiropa..— 

Adi verba 


iGibiCin 

::::j = ' 


vil he Silver Trusi 
Richmond Rc-nd 97 
Do FlaiinumBd ... 

r«J.«k.ld Bd. 

01-248 3099 **-*- ^- nv 07 IE Bd. 
550 
5.15 
5.93 

5 63 in.-Eq.Fr May9) 
— , UCJnv.Fd June 1 
2.14 OC.lml.Fdt .. . 

SmCoFdU>3L 

P.O.Box320.Sk Helier Jersey. 0S34 3738L J)J ; .Db^mmis 7 

Clive Gilt Fd. (C 1 1 110 01 10.04).( 1100 

Clive Gilt Fd.lJty.i 19.99 10.02] .] 1X00 


Inter-Dollar Fund [5237 236] .... | — 

properly Growth Overseas Ltd. 

38 1 rish Tmtn.CiI.r+llar 
1 ■ S. Doll nr PUcd.. | SUS85.89 
Sterlinfi Fund.] C123.77 

Richmond Life Ass. Ltd. 

48. Aihul Street, Douyl+v I.O.M. UC4 23814 
1110 7 113 41 4-1 5[ 

174 a 134.0d-m| 10.73 
1127.0 133 71 +0.7 

106 2 111.8 +1.1, 

170 1 179.1 —X7 


RHU1H 

3270 


DJ449 8S 

52.48] 

-s-aftO 

010200 

317t 

+0X0 

DM22 09 

Blffl 

-0X0 

SVFX91 



VL'4076 

«J* 



Fondak_ 

Fondis... 

Emperor Fund_ 

Hlcjuno_ .. 

Clive Investments (Jersey) Ltd. 


11.39 

Rothschild Asset Management iC.i.t 

P.O.Box 53. St Julian- Cl.GuernacV. 0481 2633L 


1552 
1471 
5135 
346 3 
134.6 


1555^ 
1 43) 
155 6] 
14X61 


277 

751 

123 

3.3 

452 


Cornhili Ins. (Guernsey/ Ltd. 

P.O. Box 157. SL Frier Port, Guernsey 

Intnl.Man. Fd_|168ft 183.0( | 

Delta Group 

P.O. Box 3012, Nituu. Bahamas. 

Delta Inv. June 13_ [5X85 X94|i0J2| 

Deutscher Investment-Trust 


..JS25B5 27*as< . . . 

Price on June 14. Next deal inf; June 30. 
TPnces on Jur-c 7. Nut dealing June 22. . 


Royal Trust lC!i Fd. Mgt. Ltd. 

P.O Box ]94. Rival Tsl Hse,JeiM»'. 0S34 27441 

RT.Inl’tKd - ISUS 9 J 5 9 741 J 3.00 

RT Int , ?.iJs!MFd ..|94 98 J .....J 321 . 

Pnces ai June 15. Next dealing July 14 

Save & Prosper International 

Pealing to- 


Poctlacfa 2685Bicben;atied-100000Frankfurt. 37Broad SL.SL Helier. Jersey 


201 


l[+0-101 — 

j+oj« — 


Concentra.. .Juui4ft0 

InkRentenfandx ,.|I>mMJ> 

Dreyfus lntercontiuental Inv. Fd. 

P.O. Box N3712. Nassau. Bahamas. 

NAVJuneB_plSUtt 39M.| — 

Emson 8k Dudley Tst.MgtJrsy.LW. 

P.O. Bov 73. SL Helier. Jersey. 

EDXC.T.-[119.4 126.91 . I 3ft0 

F. & C. MgmL Lid. luv. Advisers 

-2 Laurence Fountney Hill. EC4H OBA. 

01433 4080 

CenkFd. June7—[ SUS5.46 |.[ _ . 

Fidelity Mgmt. 8t Res. iBda.) Ltd. • 

P.O. Box 070. Hamilton. Bermuda. 


K34-2691 


Fidelity Am. Aas—. 
Fidelity-Ink Fund.. 
Fidelity Pac. Fd __[ 
FldelityWrld Fd.... 


5US26.48 
SUS22.02 
SUS46 27 
fUSH.be 


I'ft. Dallar+leoMninaled Funds 
DlrFvdlni—June«.[928 9 74«J | 7.18 

lnlernaL Gr “_702 759) I — 

FarEasiernl_36ft9 4293.| — 

North American". 3.83 4201 1 — 

Sepro—t.. .1403 1533| | — . 

___ Stertlne+leaoininaied Funds 

myrnun Channel Capiudft. 1234.8 2472J+1J| 1.62- 

UM4ABOI Channel tslandso- 146 3 1541]-Oft 5 04 

fommod June 1. 1246 13121 -i5| — 

S*. Fixed June 1.. Ill29 119.4|+3 0| 11.64 
Prices on ‘June IX ■■June 14. —June 15. 
IWeehiy Dealings. 

Schlesinger Internationa] MngL Lid. 

41. La Motto SL. Si. H el ier.Jerwy 053433583.' 

EM 
496 
1X90 ■ 
323 


+0 

-ax 


Pcn&CharFdAp25g68.0 
-Spec Ex June 7H431 

•Recovery June 7 [189ft _ 

‘For lax exempt fundi, only 

372 Scottish Equitable Fad. Mgrs. Ltd-V 

272 38St AndrewsSq. Edinburgh 031-5309101 
5 S Income Units — 150.1 534]... i 5 21 

Z-H Accum Units -..[572 60.fl J 5.21 

/•“ lVilihn .-lav 


3.40 


Dealing day Wednesday. 


Etpnty 


Pena~~ 


Equity'PeiU- 
Moooy Market 
?. v Met Pent— 

Deposit-..-— 

Deposit Hena_ 

Vawd-- 

Mounted Fena 
InU. Equity 


|+0.4| _ 


8.8. ACUefcspiirSL.SWZY 5BU 

- Maple If Grth-1 199.4 

= Wn , 

“ FenmLBa.PcL_| 203ft 1+3.71 — 

— Taige* Life Assurance Co. Ltd. 

' — tE? - ®* 1 Gatehouse Rd_ Aylesbury. 


0i^80540ol MUb ? raia,>w,N *"2^ wp, ^" I ^ Be 21185 ManuLjfe Management Ltd. 


] Carliol 


» 




Do. Acctsm. Hells 

Do. Hi*h Yield-—ML7 4AS .I 

Do. Accum. Units._pL9 544} ..—4 

Next deal me dale June 2& 

Charities Official Invest. Fd«fr 


insider Insnrance Ca. Ltd. _ .. 

'iuculB House,TcroerPLECB. 01428MKU hat Mana«ed- 

. th. Prop June e„. (702 795[ J — NEL Pensions Ltd- 

■' J&t Star Insnr/aDdland Ass. „ 

ThroadneedltSL.ECL 01^881212 JfflSiaASSr: UX7 ll?ft -0.7 

BBHyHid. Units __J51B 5X7} +03} SftO Nelex Money Cap. _ (03 64ft 

^oity i Law Life Ass. Soc. Ltd-V J^Sg^ca^. S3 1 Mft 

mersham Road, Htxh Wycombe 048433377 NelcwGth Ine Cap- Wft . 52.4 

Unity Fd.-(114.0 120.0} +0.4] - Net Mad. Fd. Cap-. 47 8 5? ’ 

"OpertyFd_105.8 lixa . J — Net Mxd. Fd. Aec._|48ft 507 

ixedLiteralF._. 1877 -113a -03] — Next Sub. Day May 

dUeporitFa.— 98.8 . '• 104ft].—^ — For New Coort Property aee uader 


- ixed* 


1183 


_ Back*.' 

_ M*n.FundJnc_ 

Man. Fund Axt 
P rop. E^L Int- 

Prop. Fd-Inr. _ 

Mil Jhead-Iat Fid. Inc.|la&9 
_ Dep. Fd. Acc. Inc _.[9Bft 

— 842!SfcE? , --Rl 

_ Ret,PlanCap.ptn_to.a 


ReLHanMaikAcc.- 
ReLHwffi^Cap... 
GRtRetLAec. 
GlRBenjCap., 


AylMbtoyiOEBStiam (77 London Wall. EC2N IDB. 


3.40 Sebag Unit Tst. Managers Ltd.V fa) 

5 3 ? PO Box 511. Ucklbry. H»e.E.C.4. 01-2305000 
2ftl Sebag Capital Fd.. 133 1 34.7] - 0.11 383 

7 ?1 SebafiIncome Fd. .p 0 4 3X8]-0i[ 022 

6 BX 9 I Security Selection Ltd. 

182.9 —0 8 5 82 15-19, Lincoln's Inn Fields. WC '11-831 SBOS-fl 

279 Z -1J 5.82 Unrl Glh Tst Acc.. .|S41 25.71 | 2J0 

lD7JaJ -Oft 8.41 Unvl Gtb Tst ine... |2Zft 22.4n< J 2J0 

l^ftu + 0.4 x?4 Stewart Unit Tst. Managers Ltd. fai 

“5JJ + 0 ft XM 45 . Charlone Sq , Edinburgh. 031-22S3S7I 
gas -05 in tfluroart American Fund 

18X0 -03 6 70 Standard Unit*-167 8 724] .... J 133 

2997 +I)J> 6 70 Accum.Units. —[73 0 78.1} ....I — 

872 -03 432 Withdrawal Umui-p41 57.9| — 

88.2 -03 432 -Stewart British CapUai Fund 

3S3Aa -03 535 standard__ |1336 14511 .J 4J0 

778.5 - 0.4 535 Accum.Units --..1153X. 1M3| .4 430 

asi la? In Dealing IFn *Wed. 

* -0-21 ai S|I|1 AUlaiIce pund Mngt. Ltd. 

133.71 -081 646 Sun Alliance Use. Horsham. M03GII4I 

seraMr. 1 *?* w-i» 

7 c Target Tst. Mngrs. Ltd.V (ang) 

5.89 3], Gresham St. ECU. Dealings: (CSC 504] 

TBrRM Conmnidity.p5.9 

Sk George’s Way. Siwroase. 043850101 Targrt &Sty!*!":|»'l 

Growth Units-~PU 54ft^+0^ 421 Trcet Ex June !A_ 

Mayflower Management Co. Ltd. 

14/Z8 Gresham St. EC2V7AU. 01-0068099 Tarn«GrwUi_ 

IncomeJuneT. —11064 Uft0| .[ 820 Tarcet -- 


■1278ft 


inn 

1462 148.4| 

18X1 1S3.9] 

154ft 141ftJ 


1103.1 107.0) 

pA6 123.4 
P7ft U4ft 

^ UIL# 

[UK 


124.9 

115.1 

1302. 

1233 


113.D . 
104ft . . 

23 ^ol 

3327 . 
1211 . 
337ft . 
1302 . 


■nthacMld Aaack Managrarwi 


FINANCIAL TIMES STOCK INDICES 



iJ ;; 


hT^uiueut oeea .... 

Inlerext. 1 

nrtuiitnai Onliuaxy 

. iold Mines. 

(" 1 . Iht. Yield. .... 

4 ro ins*. Y* M%y'u‘lji*;j 
fc' KaiiG inetii'Ti-...-^ 

’'eaiiiifs marked..V....1: 

<i"irv firncver Jim... 1 

, 1 : 11 V u troju..; ” ( Ifr. 13S' 15.Z39JB;74fl[IMW 19.2P7) 10.647 

--H'amdtx U aro 489ft. Nobo 470'*. 1 pm 47X3. 

2 pni 47'.3. 3 ptu 471.3. 

- Latest Index 01-246 B026. 

■Based on 32 per cenr cwrponanon tax. + Nt!=S.iXJ. 

Basis lOd Govt. Secs. -15/1(1/20. i-‘laed IflL 1828. lad. Old. 1/7/36. 

-.lines 12.3.55. SE Activity Juty-Dec. 1942. 


Gold 


HIGHS AND LOWS 


S.E. ACTIVITY 


1975 


iainoe Compilation 


XUjtu 


Low 


ntt. bou&...l TB.SS ' 
ia‘li • 




IX©d luk— 


uL Uni . , 


oM HiBW.I 


SX.Z7 
iV.ll 
M7.d' 
16 /U ' 
168.6 


6ST79 t 127.4 j 49.18 

, itySI'-l (9/1/36J I O.’i VW 
70.73 | 15U.4 SO^d 
(6,6) ([£e/ll.-47) 16 . 1 ,7o> 

43ft.4 ’• S4S.2 09.4 

(3/3J | (l*rt<77 (2*>(b«40l 

130.J 1 442.3 43.5 



—Daily 

Cint-lidijed ~.l 152.5 
Liduetriefl....: 141.8 
Speculative..' 37.2 

Totals.j 96-5 

9+tny Av'io*:®) 
tim-hikal —1 177.9 
ladu*inala..i 157.0 
speculative... 50.0 
rout.! -109-6 


-<b/3, : . 22^/75} rfaadO/7 U 

FT—ACTUARIES INDICES 



nuutrlal Group.; 310-99! 

M Sharer.j 233.75; 

it. Yield pc.~-~~.] • 6.44 

it Ratio met!.j 0-04 

a Sham-..-! 215.94 


.855^7 

5.44: 

8.0?/.- 8.0B| 3.04 

216J39 


233.00} 234J5& 235.02 
S.43, '5.41 6.40 


• 0 . 021 - 

216.45) 210.061 817.01! 


231-631 201- V 
S.47j S.t 
7.09j 8.8 '■ 

B 13.571184.< 1 


Transinternatitmal Life 2ns. Co.- Ltd. 

■2 BrownBMffi.. EC4 INV. 

TnUp Inveak Fd. __ Mlft 

—- Ui4 

__U6.0 

=. Fd.Cep.. U93 
Man. Pen. Fd. Act. 126.4 


I Income May 16.-[335ft 

Accum. UaylG-[256ft — ( . .. I — 

OUnauth. Only available to Reg. Charities. 

Charterhouse JaphetV 

L Paternouer Rote. EC4. 

CJ. Internal ! —__-M.4 26 .Dj .... 

Accum Units- 28.4 30.4 .... 

CJ. Income-33.6 35ft __ 

CJ.EUTO.Fin—— 26.4 28ft ... 

Accum. Units —.— J0.6 32ft .... 

CJ.Fd.Inv.Tst_s 27ft 29ft 

Accum Units-[31.4 33ft 

Price June 14. Next dealing 


01-5881815 General June 1 


6.60 Mercury Fund Managers Ltd. 

3a Gresham SL. EC2P2EB. 

Merc. Gen June H-| 

Acc. UlaJune 14 . 

Merc. Ini. June 14 
01-2483999 Accm Uts June 1* 


74ft|_I jJ6 Do. Reinv. Units_ 


Taneet Inv.__ 

Tree Pr.June 14. .. 


1.86 

186 


MeroExL M av 25 - 
Accmn. Ula. Apr ST 


1776 

189.9 


23L4 

246.2 


652 

69.4 


70 0 



214ft 
2335 
■— —_ 

g3A 

II 


21X8 

ran .7 

tot* 
c9 ^ 
SQ9 
31ft 

W 

19.0 


38.61 +021 
65 7 +D.rf 
38ftn -021 
219ftn 
2W.1 
120.4 -01 
30ft +DU 
31 ft -□.« 
3*J -0.4f 
33.9 
1674 
31ft 
15ft 
20.4 


3 75 
428 
6.17 
5.78 
578 
3.00 

4 85 
158 
X58 
358 
427 

a .21 

1X54 

454 


3-|| Unit Trust Managers Ltd-V (a) 

365 Courtwuod Rou^e. Silver StroeL Head. 


June 2L 


3ft5 


Man. Pan. FH. Op.. 



Trident Life Assurance Co, Ltd.V 

RonfiMiQ Bouse. Gtoucesta- 0*5238541 

M w n a a d .—-_0242 13X4] — 

GuLlUd.-_1402. 156.9 

1482 -1561 

1005 lSl +8J! 

1292 


SbeQield.Sl 3RD 
Commodity & Gen.. 

O1-W50 497 1 Chieftain Trust Managers Ltd.V(aKg) Growth_.. 

11 Near Sk EC2M 4TP. 01-2833832 - 

American_i*i248 253]-Oft] 156 y pltal 

Hlflh Income_—Ml i 44.1] +DJ1 9J6 

International Tst—(<u24.7 26M-9Jj 315 
Banc Resrce. TsLP*ft 28ft] -02L 437 


[Uft 

75.6 

37.7 
40.5 
288 
310 
51.9 
592 


Do. .Acrum-■ ■ 

Income__ 

Do. Accum.-- 

International-E>-5 

Do. Accum__152 4 

Fl eh Yield._ 



12*7 

_ ... __1284 

Pens. Mnfid. C«p. _ I13ft 
ProaMwrtLAro-. U7.4 
PenaaODeaCop- 10X9 


109.7 -0.6J 
334.1 
1322 

136.0- 

119:7 . 

1243 —- 
107.9 .... 
1121 .... 
119.6 .... 
124ft — 
38ft 


PenaOhlDwtAcc.. DOS ft 

TrdkBond—__5*2 

TrA.GXBond_[97.8 

*Caah .value for 000 premium. 

TyndaUAssnxance/PenslonsV 

ia CanynCeBoad. Brirtol 
3-Way June 18_ 

assssafc:, 

fflSSJSRi fd 

3-wsyPen.Sfay 1SU. 

SSS^i KS: 

SS»i^!= 

Da Prop. Mays_: 

Vanbrugh L3e Assurance 

41-43 Uaddax Sk. Ldn. WIR SLA. 


1 Confederation Funds Mgt. Ltd-V W 

50 Chancery Lane. WC2A 1HE 0I4M2Q382 DoArcuiaT_!.. 

Growth Fund-—.[42.0 442] .._.j 431 Equity Exempt-— 

Ho.'AcctLxa.'.^. ... 

Cosmopolitan-Fund Managers. ‘Pnces at May j 


Tel: 074279042 


4 71 TgkPref- 

4.71 Coyne Growl h Fd... 

2 jc Target Tst. Mgrs. (Scotland) (aKb) 

4 42 IS, Albol Crescent, Eriin. 8 ' 031-229BCCI/2 

4 42 Tars« Ajm*rJEaftle|283 30.41 . .1 lft5 

Target Thistle_MO® 43ft +03 578 

Eiton Income Fd _|S91 63ft] +02| 1005 

Trades Union Unit Tst ManagersV 


103ft. 

10X6 


7oa 

^*13 .... 
404a -0.1 
43.4 -0.11 
30-8 -0 
33ft .... 
55ft« +0.1, 
632 +0.2] 
533 m -O.tf 
57.7 —0.M 
663 +0JU 
,703 +o3 
1093 
.1093 


TU IT June 1 _[50.1 

3.10 Transatlantic and Gen. Secs. Co.V 
£27 91-09 New London I 
327 Barbican June 15— 

6.46 lAccum. Unita' ... 

6.4b Barb F-cp L-Mjy 31- 

226 Buckm.June 15 - 

226 'Accum. Units)_, 

8ft7 Colemo June 18—.. 

127 lAccum. L'oils 1 _ 

5.49 CumJd. June 14_ 

3 49 1 Aceuin. Unil&i_ 


JOO. Wood Street. EjCA 


01-62880! I 
53.4[ .| 520 


Neat dealing June 30. 


Glen. June 13. 

3a Pont Street LondonSW1XBEJ. 01-2358525. Minster Fund Managers Ltd. stoStorojUSif 

OMmcqMlzLGlh.nL [17ft 192) ......[ 4.78 Minster Hue.. Arthur Sl,Elca. 0l«231050 (Accum GdiLh- “ 

Minster June 12— |»3 37^ 1 557 Van.GwlhJnel3_.. 

Exempt May 31 190 ~ 94.7] .....J 548 f Accum Units' 

aofti^TSjw MLA Unit Trost ”**““*■ Ltd- SKFtf ' 

Crescent Growth -Wfi 2?ft| .-I 424 0 ld Queen Street. SW1H0JG. 01.9307330. .jSS&T Uni.,.. 

SJB MLa Units-—M0ft 42ftf .1 427 Wick'rJinie IX 

050 VZZJST*"**"* WrilS-. iS.“ 


Cres-laternaCL 
Cuss. High. DIB. 
CreaBesmvci 

Cre*. Tokyo— 


I—Z7.0 29AI 

— 59ft 64.ll J 

— 43ft 46.g ....rl 

-W.l O3.ot -1 

— - 25.3 -...I 


-June 14. 


Discretionary Unit Fund Managers 

122, BlomQrid Sk, EC2M 7AL. 014384485 __ 

| Disc Income-|162ft 17324 .J 923 Mutual lUshYlifJ 1562 

Notional and Commercial 


35. Copthail Aro- EC2R7BU. 
Mutual Sec. Plus—tfg j M3* 

Mutual Inc T*t_ —(68-0 72.9 

Mutual Blue Ch^..|43-Z 47J 


01408*803 Do. Accum__ 

-fill 7 27 Tyndall Managers Ltd.V 
-02 621 IS. Cany nee Road. Brirtol. 

-02| 8.62 income June 14... 

lAccum Units'_ 


Chelmsford 0245 51051 
Sftl 
558 
433 
474 
4.74 
578 
578 
7.05 
705 
520 
5ft0 
2 74 
274 
348 
3.48 
8.69 
6.41 
6 41 
5.26 
526 
849 
849 


[76.1 

BOA 


114A 

1217 

■ ■■■ 

858 

88 4d 


80.7 

845d 


100 0 

104fc 


126 0 

1327 

+L2 

152.0 

160 X 

+L4 

5X1 

54.0 


560 

592 


533 

566 


685 

727 


523 

54ft 


597 

62.1 


50ft 

52ft 


6X6 

64ft 


71.9 

75.7 


453 

47 7 


•60 

48 S 


&S3 

644 


723 

764 


M6 

68.B 


74.0 

788 



1246 

_ 

168.1 

nH > 

3658 


105.1 


1Z73 


146.2 

..... 

77.4 


169.6 

...... 

263ft 

>l^.. 

37*8 


. #5.4 



(£7232241 jGroatWamh^-BM 


Income June 15—— 

(Accum. Uiuu>_ 

CapkJune 14-- 

Emson 8c Dudley TsL Mhgmnt. Ltd. (AecomUniisi.- 

20. Arlintton Sk. S.W. 1. ’ 

Emson Dudley Tsk. [67ft 


01-8002167 3LSk Andrew Squoro-Edlahtnyh O3I-S509151 tISSI?™ 


E. F. Winchester Fund Mngt. Ltd. 

Old Jowrjr.ECS 

19JJ_.[ 6ft4 

ZLftt .....J 450 

-_ SSSftj ”~|il_I.iremu-vniw 

01-4997551 National Provident Inv. Mngrs. IKLV p»S l Jui»i4 a, r 
72ft]_| SftQ 4S.OnicechurchSt- EC3P3MH . 014C3«3U0 (Accum Untlsi.— 


. f Accum.Units'—. - 
” J; Exempt June 14 ... 

6-J2 lAccum Units'_ 

2-JJ Ink Earn. June 14... 
-T-" 1 Accum UniL m- 


48. _ 

58.:. 

13X 1 

2« 


0x4 I 405 r; „ 1 

S«3 .1 JIS lAccum. ( 

Sa:~J 2.M Scotlnc. 
Iflii . 3 London 9 


Sc«. Cap June 14— 
Unitsi—... 
June >4 


Eqtzitas Secs. lid. (a) (g| JSSSffrSSwv.': K|. 

&^T ,sai *JA 71215STS , Moil :r:i £5 L-*- re... to 

PTOgresuve- *>7A TUI 02| 4*t -Pnres on Moy 25. 'feet dealing June 2 d. CapUai Growth L 

ass, j “” * ssssmI 

tn-400 49381Equity ft Law_J66.7 70ft] +0^ 424 Ml. Chearolde. , SBU -®»P- . „ Financial Prtrtj—' 


A mericas-—. 5X6 

Capital Tsk_104.B 

IncomeTB.__103.6 

Ink Grua-lh Fd.-1110 

Do. Accum _ _ ■—(114.4 


k 9I-4W+K 

mi 


Manajwdj™_-(1457 153.4 +02 — 

Equity Fit--- 230ft 242.4 +12 — 

imnLFund—___ 102,7 109.2 -D.7 — 

Fuad Intent Fd.. _ 165ft 1744 — 

Property Fd_ 140.4 147.0 .... — 

Cash Fund_[1182 124.6] +02] — 

Vanbrugh Pensions Limited 

41-43 Maddox SL. Ldn. W1R9LA OM304023 

Mana fled - .,J96ft 1DX 

Equity-000.70 106.0 

Fued J merest._(95 .0 100.1 

Propurty..-. 1T ___196ft 101.1 

Guaranteed see 'In*. Base Sates’ table. 

Wrffare Insurance Co. IM.V 

The I /r»T. FoTbejcone,ICenl- 030357333 Gj" Capline—— 

Monevmateri'U—I 1032 ‘_J+J.4| — _ Do.Acc-.—— 

For other lands, please refer lo^The London® G.T. Inc. Fd. Cn- 

Mancfcestor Croup. G.T. L’-S. ft cied— 

Windsor life Assnr. Co. Lid. S-ftjRftfSrVffiy? 

I High Street, Windsor. Windsor 68144 G.T. Inti. Fund-.-.*™ • 

LiTe Inv. Plans_]Uft 72.11.4 — 

FuiurrA*»d.Gthra).| 2920 [-[ — 

FatureAwi.GJhib'.j 4520 J .-] — 

ReLAssd-Pens._[ , t25JW J. — 

Flex. lav. Growth— ]l06ft Ulftj.—J — 


FramUngtoa Unit Mgt. Ltd. ial 

5-7. Ireland yard. EC4B5DU._ 01-3480971 orSSthlnvT””^.' 


Capital i Accum i_. 

Extra lcc_- 

Financliii.-_— 


12fc5 

UOftrt 

n&q 
121 M 


l-tS2 Income.. 


663 
65.B 
3&M 
89.4 


XB5 

702 

222 


:-&s-7 


70ft +0J 
2? -HU 
96J +02 
3S1 +0.2 
7*2* ..... 
662 -0.6 


M98 

104ft 


1*2.4 

191.6 


1280 

1343 


179 0 

1830 


n?fl 

117.6 


1580 

1660 


2*8.0 

260.4 


276.0 

289.1 


1008 

106.0 


1252 

13X6 

.. .. 

14X6 

148ft 


1686 

177.2 


0638 

1720 


[#22 

87 

+0X 

84.0 

89 8 

+01 

374 

482 

-0.1 

436 

46.8 

-0ft 

153 

163 


186 

19 9 

-0 1 

613 

65.9m 


3X9 

34ft 

-Oft 

3X2 

333 

-O.l] 


027232241 
8.19 


668 


868 

58* 


Fidelity Mgmt. Research (Jersey) Ltd. 

Waterloo Hse.. Don Sk. St Hoi ier. Jersey. 

0334 27561 

Series Aflnml i—_] £3.90 [+0 

Series B iPncl(lc)...] £7.64 

Senes D lAm-Vss K £U47ol [-0. 


S A.'.' L _... 
OfiltFd...... 

Iptl. Fd. Jer 


Schroder Life Group 

Enterprise House. Portsmouth. 


_ 

S3 

88 

-1 


22 9 

231a 



107 

lift 

-7 


510.74 

1133 

-0X7 


95 

100 

L 

sub. day June 2 


3.00 


070527703 


Inienuthmal Fonda 

EEquIty. .... 

SKquiiy.. 

£f ixed lnlcresk._ 

0024 40aft“Ldn Agls."banbar & Co. UcL SFi.vedInterest.— 
53.PBH Mali. LondonSWntVJH 01SB07657 LManaBod—. 


First Viking Commodity Trusts 

8. SL George's su Daujtlaa I.o.M. 


2ft0 

L70 


FskVHt.em.Trt. _|37 7 39' 

Fsk\ k-Ubl Op Tst-177.0 Bios 

Fleming Japan Fund S-\. 

37. rue Notre-Dame. Isncembour^ 

FI ms-June 14..—J SUS48.48 J.| — 

Free World Fund Ltd. 

Buderiield Bldg.. Hamilton, Rrrmuila. 

NAVMay 31. _[ SUSU9ft5 | .. .[ — 

G.T. Management Ltd. 

Part Hse.. IS Finsbury Circus. London EC2. 
Tel: 01-626 8131. TLX: 888100 


SManaaed. 


119ft 

127.1 


_ 

125.4 

1334 


_ - 

136.3 

145.5 


_ i 

105 0 

UX6 


_ 3 

1308 

115.0 

m 


z ’ 


J, Henry Schroder Wagg & Co. Ltd. 

JSO.CheapsIde. E.C3. 01^884000 

UhanSJune 15 — 

Tnuaipar May 31. _ 

.Mnan Kd. June 12 . 

DarlinR Fnrt 


,-ou! 


2.45 


London ARrnis for. 
Ancbor'B' Units.— 
Anchor Gilt Edge ... 

Anchor Ink Fd._ 

.Anchor In Jsy. Tsl. 

Berry Pnc Fd_ 

BeiryPacStrlg 

(XT. Asia Fd __EHK857 

G.T. Asia Sterling- 
G.T. Bond Fund — 

G.T. Dollar Kd_... 

G.T.ParificFd._ 


SUS1X35 
. SUS1Z9 41 

jvsiin i:jfl 

. . SAl 36 1.97 

Japan Fd. June 15 -|K£634 7JJi[ 

Sentry Assurance International Ltd. 
P.O. Bov 326. Hamilton S. Bermuda 
Managed Fund_|W5U4W IWfl .....[ — 


2 81 
5ft0 
014 


Singer & Fried]ander Ldn. Ageots . 

33. Cannon Sk. EC*. d-243B64B' 

Dokalqrhls,___|DM2SJ9 , J36 +O.XOJ 6 34 


Tokyo TsL June 2— | SUS35WJ | 


177 


UUSI81 0 75 . L73 

]£9ft9 9.95-0.05 12.7b 

BfSUJ A59 L76 

».l 27.9 -0& 280 

j SL'S43ftO +009 0.92 

(26400 27664 -Iiajj 1.1ft 
_ 90S 

03.49 14.46 +0NH 1.44 

SU 50252 +aiN 4 99 

SL'S7ftft *iM 0 69 

JUS13X1 +0J0| X1S 

Ganmore Invest. 'Ad. Ldn. Agts. 

X St- Mary A*e. London. EC3. 01-2833531 
Gartmore t-bnd IHnsk iFhr Basil Lid. . 

'are 

insftsv:r.^iS S • TSB Vail T™* 1 Managers iC.I.l LuL 

InU. Bond Fund_pUSBJM IIUMf .... f 5.70 BaeatelleRd .SkSanour.Jerwj 0534 734U4 

Ganmore Inrostmrnl H"i p. LW. Jersey Furid —..147.6 5011 ......I 479 

PO Bo*32, DouiUas.IoSk UH23011 ^ ■ J«« , »>l i 

■ isrunarelntl Inc. [21.4 22.8} .. I 10 90 Prices on June 14 N+xt sub. aay June .1. 

Garunore Inti Grth|fi6.1 69ft] .....J 40 

Hambro Pacific Fund MgmL Ltd. 


X7l Stronghold Management Limited 

PO Box315.SI Helier.Jersey. 0634-71460 
Commodity Trust —|92J2B 9734[-0.71| — 

Surim-est (Jersey Ltd. <xi 
Queens Hse Don Rd. Si. Helier. J*y. 053427349 
American lndTs. .[£852 8 69I-0.1C) — 

Copper Trurt [£1103 1X29]+0 Gts — 

' ‘ “ -[£1132 12 06]+0 Ob] — 


2110. ronnaucht Centre. Hodr Kobe 

Far East May 31 BHKUftt UM . ,.| — 

Japan Fund- ..Jil'S6B 7^... j — 

Hambros I Guernsey) Lid./ 

Hambro Fund Mgrs. (C.L) Ltd. 

P.O Box SG. Guernsey 0481-20521 

C 1 Fund-- 1417, 152.001 3.90 

Into!. Bond SI'S 1D4 7b lOBM . 8 50 

lot Equity SUS 10.87 llftfl . .. 2 Sa 

Ink Svfis. -.V SI'S 1.02 XOS .. . 353 

Ink Sits- -B' SUSjLlO LIM . X50 

Prices on June 14 Next dealing June 21. 

Henderson Baring Fund Kgrs. LuL luFSLJiinei'L.'...- - 

Na9 S ,u «7^ h3 Tri, , SSS&BBi*-. 

onJu« M"-S^UHLi*=1. iilSS?@j2Si 14?. 

Hill-Samuel & Co. (Gaernseyi Ltd. 

8 LeFebvre Sk, Peter Pun Guern.w-v. «'l 

Guernsey T*L-11502 16074+0 71 354 

Hill Samuel Overseas Fund S.A. 

37. Ruo Notre-Dame. Luxembourg 

191925 20JJ2HU8J - 

International Pacific In*. Mngt Ltd. 

PO Box R237. M. Pul Sk Sydney. Aurt. 
JarolinEqultyTsk.IS.A2.il 2J22]+OJ)2] — 

J-E-T. Managers (Jersey) Ltd. 


Tok>o Pacific Holdings N.V. 

I nil mis Management Co N.V., Curacao. 

NAV per sh.vc June 12. SUS53.7I. • 

Tokyo Pacific Hidgs. (Seaboard! N.V. 

Intimts Management Co. N t„ Curacao. 

NAV per share June 12 SUK39.13. 


Tyndall Group 

P.O. Boa 1236 Hamilton 5. Bermuda. ft-CTEO 
Overicns June I4_ . tiC'd IS 

tAcrum. Units'_[SL .'D.ll 

3-Wav Int May I8._[ll. , £2i8 


123) - | 6.0 

8$ = 


£765 

825 

£1190 

1275 

335 

390 

S35 

89 0 

194 2 

206 0 

273 2 

28 ?e 

107ft 

109ftrt 

135.6 

14li| 


0S34 3733173 
* 500 


765 


-Nor-J. Ace. l'ts.>._[:- -- -, 

Gill Fund June 14_Eo7ft 109^.. 1 10.99 

i.Wim. Shares i_| 

Victory House. Douglas. Isteo! BUn.8831341 IL 
Manugcd May Id ..(129.0 1358] . .] — . 

Utd. Into! Mngmnt. (C.L) Ltd. 

14. Mulcaater Street. Sl Holier. Jersey. 

L'J-B. Fund_ISCS99X 10X06] .[ S.16 

United States Tst. IntL Adv. Co. 

34 Bur Aldrtnper. Luaembourp. 


PC' Boi 194. Royal Tak Hae., Jeney0534 LT+41 U.STrt. Inv. Fnd....| SUSI0B5 I-0.10[ 0 92 


JerseyESrtrnLTgkJ163 0 173.8) ... . 

As at May 3L Next sub. day June 3u. 

Jardine Fleming & Co. Ltd. 

48th Floor. Connaught Centre. Hong Konc 

JardineErtn.Trt - 

Jardine J 
Jardine S 
Jardine F 
NAV 

Next sub. June 15. 

Keyseles Mngt., Jersey Ltd. 

K.' BC'Vsa. SL Helier. Jersey.. 'Eng. 01408TtTTTi 



Net. nsse! June IS 

S. G. Warburg & Co. Ltd. 
30. Graham Slreek EC2. 
i nv Bd FdJunelb 

e_v.ini June 13-., __ 

,s!L$Frf Aprftl_.[ SI.S709 


01-0004555 
SUb9 68 [^003 - 
5US17 Bl -001) — 


June 14..,..lSl'Sllu6 


u 


+0 01) — 


Foiwelex ... —.... 
Bnndselex . ..._ . 

Keysclexlnt'i_... 

Kejwefc-x En rope— 
Japan '3th. Fund..— 

Kej'selex Japan_ 

Cent Aiise-ts Cap._ 


IFUXJA 
FrJlS SO 

Itfiftl 
,£3 96 

£133.61 


UM .... 
aa . 
7ft9 . 
446 ... 
'*27 

1332 * 0 6i| 


190 


370 


Warburg Invest. Mngt. Jrsy. Ltd. 

t. Chan nc Crum. Sk Holier Jsj 1 '.1 U534 73741 

CMFLtd.May^5 _|SVS123S ttW - 

iHTLW Ma>2S ...{£12.58 U5M — 

MeWlsTtL June 16 \Z1Z17 12 47 +0 JO — 

TMTJuncB . {1102857 ISSjj .. .. — 

TMl' Ltd. June3.... |£10.68 10.961 .. — 1 . 

World Wide Growth Managements 

UXj, UMdeiariJ Rmil. LuAcmbuurr 
Worldwide •'■th Fd| 5USL518 ]-005[ — 


NOTES 


Price* do not include S premium. excepL where indlcntc-J +. and are in pence unlesr. dhennw 
indicated. Yields “o (Khowri in last column < Jllow t^r aH buy me expenses, a Offered pnre* 
include all ri-pcni.n b Tu-ditys prices c Yield ba»ed on rvllcr price d Ertimatcd a To-dav i 
openinc price, h Disln burton free of UK luxe- p Periodic premium insuran-t.- p|an» t blnsle 
premium insurance. * Offered price im-lud'n oil exp>.-nso ••xrept hbmI'i commiwcn. 
v Offered price loci'ides all expenses if b-iuahs ll.roueh munacer- j Preview* .lavs price. 
9 Net of lax on realised capital gam* unleu imlic-iied by * ? Guernsey Krasr* > Suspended. 
+ Yield before Jcth-'j in v r Evs-uMiwnm. 


7.92 

231 

4.97 


Portfolio Inv Fd.. 

Universal Fri idi- .|6L7 

£M NEL Trust Managers Ltd-V (aj(g> 

_ , _ Milton Court. DoricmuSuney. 

Friends Provdt. Unit Tr. Mgrs-V .Neisar _. .. 161ft 

Pithxm End.poridnf. 03063US5 Nolrtor Utah Inc I50;5 — -- 

FriendsProv. uis-WJ 45ftaf -Mill 425 • For New Court Fund managers Ltd, 
Do. Accum__ P*t 5sa] +oft) afts see Bi uhsg hild Asset Managemrat 


421 Do. Accum._ 

7.67 

506 

IS 

5 43 TSB Unit Trusts tyi 
IS ftl.Chanliy Waj-.Andmer. Hants. 028482188 
Dealinas lo 02S4 634^2 3 




rQ]i fblTSBUeneral-..- 
iht Do. Accum .... 


4 JO 
7.98 


'b' Do. Accum _ 

TSB ScotUah_... . 

tbiDo Accum. .. 


WS2 

572 

59ft 

617 

484] 
612 
63 Ob 
65.7 

+01 

+0J 

+0.2 

+0.2 

Is 

89.4 

95ft 

-0 2 
-0.2 


|G.T. Unit Managers Ltd.V Norwicn union uroup (b> Ulster BanhV fa> 

10. Finsbury Circus EC2M TDD 01-6288131 P.aBtej.Noroioh-^NRlKWL 0^22200 Warf tlfi Street, BelfaM. 


' 7 . 1 -fTI nr- -1 "“IllfinumillCUIS. 

53-2-3 315 GroupTrt.Fd^-p4«ft M8ft[ +0.7] sl» iWUlaerGwth ...137J 


[B3ft 

99ft I 

162ft 

147ft 


0238 


;0.T. Etour YtDfU-BJ.4 

G. & A. Trust (aHg) 
jS. Rayjtigh Bd, EmawnmI 
_]3£g 



379 

3.79 

735 

7.35 

2ft0 

280 


0232 35231 
39.91 +0.21 531 


M I issa, 




L30 

400 

200 

720 


Accum Uolti 
pearl Inc, 


. B1.7 

Pearl UnitTrt — 
(Accum. Unita*.—-145.6 


293 +0j 
3AJ +0ft 
3 Mb -MU 

493 +02 


4.94 
4.94 
6.70 
S.07 

.S-® 7 Wieler Growth Fund 


PriorsHw Fund-..[152 0 
WiflerGrth. Fnd._. 39^ 
Do. Accum —34.0 


01-6234951 
4ft4 
436 
4.36 


PeUcan.Units Admin. Ltd. (skx)' Kincwuiiamst ex+rhar 

1(1277'22T3IW 81 FoqnUroSk.Munriijtor ^.MI-2305665 loc^iwUpils. 


34ft*tf04] ISI Pelican Units- 


W4] 5jj8 Accum UnUS^l—L 


01-0234951 
31.U .1 431 

36.(3 ....4 4J3 


1-fa. Index Limlied 01-351 .T4t»5. September Coffee l(i6'J-16T6 

29 Lamont Road, London SWIM UKS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


CLIVE INVESTMENTS LIMITED 
I Royal Exchange Are., London EC3Y SLU. Tel.: 01--So IlUi. 
Index Guide as at 7ih Juno. !97S (Base lnu at 14.1,77) 

Clive Fixed Interest Camijl . 126.53 

Clive Fixed Interest Ineume . IV.’.Pl 


CORAL INDEX: Close 46S-473 


INSURANCE BASE RATES 

t Properly Growth . a 2“*» 

f Vanbrugh Guaranteed . '» 

’Address shown und>r Inaur.iun - Frnpi-ry heiiJ TuM.-. 



S 

























t>ui id ;wj® 



FT SHARE 


p^iandal Tiaries WoEcdscr 3=ime 19 1078 


information service 


ENGINEERING^Cbntiniied 


Henry Boot Construction Limited 
Sheffield Tel: 0246-4-10111 


**BRITISH FUNDS 

p-ri ( ( Price lUaij 

1C | - Stack I £ 1 4 I tot I 

“Shorts’-flives np to Five Years) . 

2f.S Each SpcTB-iBri- S^IStLSgl g 

8 M Treasure lli-pe 791* _ 31i|ll32 | ?. 

i". S Treacly 3pe TW- 

2SS HeciricU»pc74-7»_ 

IN Treasury K^apc TStt— 

33N Eleetnc 3^ 7B-79 — 

2 ?.* Treasury 9pc IflOTtt— 

14M TreasurrS'jpc TOtt— 

I Si Tre-nury 3 ! 5 x *77-fi0_ 

I Si FLaJug^pcTBWSL. 

2.1 N r> chequer J3pc IS&tJ 

IS *a Treasury lUs* 1981 ft. 

J 5T1 Treasure 3>2Pcl97BaL 

JA Treasury ftpc 1301K- 

321 Ercn-ff^pc 1981..- . . 

4* Ei.cU.9y>C 3901- 

2’.A|E*ch.3pc 1981- 

lTNITreas. Variable ‘81J4— 

23NEsc3.121tpc]9aiS- 

J5J3 Trea'-Si.pc'TO-ffitt- 

3SF Treasury 3pr'BIS- 

jtiU Treasury Mpe'Sitt— 

15 j nVeas. Variable'ffiw— 

2 J 'j 7 rear, my 8<«pc '82- 

223 Esch. S'*pc 1981- 

22S Ejc.N Sftipc 198! A- 

5J E-.th. Svpc 1963- 

21F Each ape R}- 

1711 [Treasure I2pc 1383**— 

Five to Fifteen Years 


Jan. Aug. 


Sept. Mar. 


Wells Fareo 5a 


Hire Purchase, etc. 


[cw!St| 

I 2JB 6.41 751 Dec. Jnl 


Ja_ApJy.O. 


HyAJLFb. 


'227 22A(£ich. IZizpC 1994. 

J7M 37N[Tn*asLiy9FC’9ii? 

25/u 2jJ a [Treasury 12 dc TO..... 

3-.' 1 K'llasSpe *90/D5- 

2 : Ja SUlEsch. lOltfc UB5- 

35M ISNfTreasury 12 toe 'flEfc*— 
;;S 15MI Treaj ary 9pe 'MiTHtt- 

3N ZMiTreasury latoc TOtt- 

= 5 rr iEMiEscbequerlStoc’SSt* 
In ! O'Redea jljon 2pc 1988S6_ 

22 J 221 a I Treasury 13to* W# _ 
21A ClFEscbcquerlDlipc 19S7. 
’T.I IS Treasury IH,nc 1B97J*.. 
1:: IM Treasure F*pc '95-88t?. 

10:1 3'25 T reas. 1%* '98tt- 

2-:: 20N £*ch. 12ric 1998- 


(Treasury HH-pc 1999 




m 


si 


21111.67 
2831100 
ZL2 33.0b 
- 12.59 

ai iim 
12.4 
n 


VET 



5 


OcL Mar. 



CINEMAS, THEATRES AND TV 

s? “ssfestmtl ™ I ^bSsl^lfl H 

93 
95 

6.9 

7.9 



BluaseDwuffp 


5.0 

3 , 8 ] Feb. Aug. 
3 fl!Aor. Ocl 
3.4 










FMyAllN. 


xtz 



Jan.AgJ.0. 


InLNatGasSI- 


OO 
45 
3J2 

j|3lApr. Oct 


an. July 



TTt 


3= 



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3*1 BAS 

|6J» 
1476 
5-00 
12J0 




025 3JJ1 §.0 
249 3 j 

<0.76 1! 

<0.76 1! 

23 2. 





Mn£2_ 



ffintmtA) 


December Mjwfc--- 


LnwfWnOaJp 


■ittir 



6. 

nal £J 22 

1231 52 
439 3.* 





Prods. Up. 1147nl 
86 




XT* 


financial, times 




Jan- July 




Filth (CM) I0p 



Qalll[e50p^2. 


May Oct 
Aug. Mar. 




•vrr&rxf* 





Oct Apr, 


Sec.' Jnl 





9.4 
7j6 

tftJufr No* 
571 


8 . 4 I 41 
r§3 59 
1051 ao 



Apr. Oct 
June~NQK 
May NOr. 




Oct. Ape. 
Ape ' Oct 


BRACKEN HOUSE, 10, CANNON STREET, IA)NDON EC4P 4BY 
Tdex; Editorial 885341/3, SSS887. Advertiaemeiite: 885933. Telegrams; pinantfams Loaikm 

Tdephone: 01-348 8000. 

' For Share Index and Badness News Summary in Imidoa, Birmingham , 
Liverpool and Mancheste r, Tel: 348 8838 
■ INTERNATIONAL AND BRITISH OFFICES 


' EDITORIAL OFFICES " t 

■^^ ssss ^ jsss ^ "*•’ “55sr£?5sfsssf^r* ^ 

wm sP”™ “3 N - Y ‘ loom - 

s 33g*SJi5i ? M«r p tw« 3 23S2» < ?J^S^.« 

Tel: 938510 _ ~~ 

““5 5™5SfSJf“ ■ 

rin™- KireHL Slockholm: <uo Svenska DMbladel, KaalambsyagGn 7. 

^SSS^rStJS^ LT^yfiS, 88 ' 

* rr T “,?^ 1 ^3 S S“»Sr “ Te te SSmM: ££* . 

7c.ex. 416263 T qvifcarfv itth Floor Nihon Kdz^i 

' < nSi MC w?S tS- ^ 754 f 8 B uilding , 1-Wi 'OtcmacW, Chiyoda-in. 

Telex ae=57Tel:a3ft-75« 271M Tel; 241 2820 

' Wubiagtta: 2nd Floor. 1MB B Street 

Telex 13533 TeU 302 508 ^ NwTVafibinston D.C 20004 

Madrid.' Espronceda 32. Madrid 3. Tin]ex 44022S Tel: (202) 347 8876 

Tel: 441 8772 


107 

P. Cement I 76 
160 



4* 

72 
9.0 
10.91 55 
4« 5l5 
5 « 93 
I 9.713.7 
9Rj 6.7 
8.4|l0.fl 
(JL9) 

* , 
10.4 


ADVERTISEMENT OFFICES 

Bin*ucgham: George House , Geo rge Road. 

Tulex 33883Q Tab OH-464 0922 
Rdiaborgb: 37 George Street 
Tele: 72484 Tel: 031-226 4139 
FmnfefuK: Im Sachscnloser 13. 

Tcl« ’-<263 Tel: 6X6C7 

Pc.-maneat House, The Eeadrotr. 
Tel: 0532 454868 


SUBSCRIPTIONS 


Manchester: Queen's House, Queen Street. 

Telex 066813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. MY. 10019- 
Telex 423039 Tel: CZ1Z) 468 8300 
Purls: 36 Rufe" dn Sea tier. 75002. 

Teles 230044 Tel: 23868.01 
Tokyo: Kasaham Building. 1-6-10 Uchikanda, 
CUiada-ku. Telex J 27104 Tel: 286 4050 


Dec. JuuelCibaG’gyTtKlA 
Mar. Sept 


Copies obtainable Cram newsagents and bookstalls worldwide or m tegular autecriptiOD Emm 
Subscriptio n Department, Financial-Tuzrtd, lasdfll * • 


eHwHWiSp, 


& 








% 




U2 75 
2.91 7S 5JL 

tm l 

W 



7X3 | Z72qN135 

ENGINEERING 


Feb. Sept 



BritVeaffg 


Cadbury Sch'ps. 

f^Vs Mining _ 






93. 

iS 

8J 
El 

aijA^ii Oct 

55 

I 




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*OCk / j ; 


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/39 


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Paid I 


Sock 


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I toil THt 
1 «tf t WK 


Apr. 

Nov. 


••- V*v - Jan- 

i = * jan. 


17.4 # 3 : 33 
25 tAB9 33 
»-103 43 

274 .i-B ur 
b3J 

1SJ *4.03 
126 ±00 
27.2 14.82 
153 M5.64 
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1212 «L7X 


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Dec. JuneHaj (Soreani 10 ; . 5s Il7.18l3t» 

• ^.* n - Say'sWbarf£j__ l37Wf 

June.Nov. BapwOTitCrmc.; 86 -1 J 7 fl* 33 ^ 
.- Doe. • June 5estar.,_i,i ■ 4 s •* -^* T — 
‘ , He*UtUJSp*_: :'2t 

:■» «i« 8 Sa&‘* 

- Nov; .-Apr. fflntllaf«nJBp_ ' 32-. 

Nov. An* 3oidea.CA.l-__ 63 

Fob. Sew. HclllsBros:- 64 

Dec. . July HciLLfcfd lot lto. Mini 

Apr. Sept. Hoover.A'_323. 

I May . Oct Hdrnoh5j>-.-Li. . 42. 

Dec. -July SoskbsfcSSDp. 168 
Feb. Oct H(nsanlTeo€jjg_ 291 
No?. JulyiHunttiM Ame._ 225* 

. May. Nov. HunSIfehiap-. 303 
December EforiiHimolilKL. iiv 
July BnmmiL&J.iSp 43fa 
, ApJy.OJa ilLi mfaqtr wfl £2CpT 

Jnly Fteb.lcxa.__ 302 

I April Sept Imp. Coot Gas a 378 
May Nov. InnUIadalDp— 2S 
Jan. A at Initial Services— 

Dec. - June intnr-Qty 2 to_ 

' Mar. Dee. James fJnSnX— 

June Jan. lMallL)fa)t.Sp- 
Nov. Jane JanSneBtSHEfi. 

Apr.' Dec. JptiKqna' ; - 
’ —. Wmsra&Banies. 

Oct Apr. 7oauBcmClais.M_ 

■Feb. Aug. Johnson Mthy.n 1433 1222113 
J ^i!f lmmtan(T)19p_ <*) 27.41 

May Dec. ulaauttllhL * _30x-> • 17 4 
J«u» Jan. KelseylS^: ■ m 
Apr. Dee: Kennedy Sm. I Dp 33 1 32 

4prUKarstow(ittSp_ QoSg 

Aug. HeenWfeHHgt. 

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;.'Dec. Aug. LFJnffLInra_ 

-Apr. Jan. LRClntiBp__ 

May June|Lwte*«L3^__ 

-.. Jour Nov. 

. Jan. - Aug 
OcL Kay LeBs»(Bt&_i_ 

■ NOv.. Mar. LflboflFobeMDp 
. April l*bnsfiarriB_i_ . .. 

■ Jan. - July LddrlNsJp_ 37D 

-• Jan. -Aw.LowreCar.IOp. .132 

Alar. Oct LepGnwpJOp™ 240 
Jan. -July liCsaeyProds.5p 74 

-Feb. SepLLetraaetJOp_.142 

— Liden 18p__i 20 

May Nov. Lindsay* Woe- «9 

Oct Mar. Lindiwtrioc -_ 137 

July -Feb. Uw.fcRUm.Gip- 26 
Jap. JuneLongfimblr.tOpL 37 
-Apr. Oct, Longtoa Trans — 63 

Ant Apr.jLonsdate UoimLj 9X 


•TO. 

CM )M| HE 


™ Tr^rJ^Noy^ Jupel 


■a 


126 295 

17.4 235 
155 Q20c 

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335 f7.42 5.4 
285 f&90L 2A 

3.4 fL88 U 

ttWlfl-W If 

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26 712 

■12 1175 

W 3.5] 3J9 [ 3.91 
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42 

54 

47 




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Dec. Janette**B<mar5tol 171 
- June Dec.ptV*. Dart Up. _| 59 
Jaa.. JolyUteanieLda-l^i 

- - pita*.: 9/ 

. _ . —__metip- - 70 

.May. Oct McBride RhtlQp 337 
Sept Apr. MeCleery L'A j__ 1<P 2 

Mar. Slaephersoo (DJ. 

Apr. JM'meTtai'dsBp. 

May .Sept IftawHaGronp- 
Jane Jan. KnantAgJtlto 
Oct Apr. JbB.SMpCm.fl 
Feb. Oct - J ■ " 

Dec. Jun. 

Jan. July 

Dec. May Kartm-BIack— 

Matbeson*71ip<L. £109 i — 
June Nov. Mayoanis25p— 132 “ 

Apr. Dec. ae*r,i imer lOp. 24 

Oet Feb. HentmnreSp_ IS 

Jan. JnneJtotalBoia___ 

Nov. June IfetalCtoares— [lfll 
■Dec. June iwtnc f ^ 

Apr. ; Nov. lain. Hrstre. 50p. 197 


... 272 
72 1Z12 3-82 
« 2SJ1 
305 

37 112 1223 

14 2.91 
25 737 
1413 4.09 
303 1 8 7 
2811 *L62 
132 3 27 
2&U 351 
1212 4.48 
31 f32 
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375 

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131 9.0 
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|5J 72 FDtSJi GHBbiDHl.\n.si 
iH^Nov. May Co am Union.. | 

1Jan. July Sa^eSte._I 

■It 122 _ EinkOccImlihJ 

Wf — June Dec. £aflliiCE&W, I 
bf^ft^-Jan. Jane Egui : i 

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■■96 5.H Jan. May GttardifinRtn-al. 
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sSkS-5 *■. July HEsUi<CEiaop_ 
■93 9.4 oct Mar BcffiBobtownJ 

4.7 26.3 Oct. Apr. BoabentAUte. 
8D Dec. June legalAGeaSp_ 
2.0 S3 Sept Jupe Les-AOdwiLlK 
3-5 -62 jtov;- May Lon tMan.5p,_ 
21 - Oet Ak Lopdral'nltemip 

6- 9 128 Mov. JtSy teOhewWr 20p. 

9.7 — Nov. June MifletHk>5s.aip. 
'll Mar. Aug WrnOiSmim 

|3D 15.0 Oct JUae r ’ 

11-4 7A Sec- Jnoe 
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7- J Z-f Dec ' May Da. u ff , ._,—__ 
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9.7 8:7 Nor.- .MaylDadelnitomb' 

5A A-3 ttdfiDeDefetesS!50u 
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t6 

Id J^WW-e^KS*. 1 

33 * * . May^lv^oEiS) 


-7.0 

9.7 

93 

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KcaraaBEtlOp— 
Morgan Grabble 

Oct . Apt HacreQ (Abell_ 

June U6n(Robt)lQp. 
(ifovtex 10p.__ 
SnJOp- 


63 


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Apr. Ang NStSp'nrerlOp 188 
Oct Apr. New Equip. 10 pf_ - 20 

Jam . Ang Nternu_ 89 

Oct AprjNorlbcniEng__ 188 


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Dec. Julv IWovlOp—,— % 
Jane Dec. AUMO.Ia.IKS £352 
Jan. June BetwcoalZ^iL. SB 
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•.Jan- :*ine FhrtKfLouj— 36 


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25 33 
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.. Jan. 'June Ptttriiaid5v*5p 
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:;Apr. Oct Pulhc*aHAJ.5p 
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'.Jan. Jnne BandaBc_ 

:-kov. 

.Jan. . __ 

JWy Feb. BedfeamGlank. 

.. . 'Jag -Jim BsedEceo.5p— 57 

. -\ Jan.Ang Reed IntLO._ 136*d 

Oct. JuneBeJywPBWS— 83 
: March SenownlotYSL 240 
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: Mat Sept Rcjbnor., 

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-Dec. -AngJ-Da'A’. 


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Snpt-Feb.SotbrtyPD.— 

M*y Nov. 5paiyowlG.W.EDp 
Jan. Aug %warU.%L—. 

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.Oct May Stag Runtime— 1M 

• Nor: Apr. Stoalar- 793 

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Apr. Ang StoneMH Uldes.. 93»d 
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July 
Dec.. 

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Jan. 

sat- 

July 

-Jan. 

Nov. 

Mbjr 


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Mar. 



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171 



Oct MayjScnliDhjSBvJ^j. 2fiJ 2 
,ug Sutcmte Speak— 59 


Feb. Aug SutcfiHe Speak- 
May &rofisbll*ieira)| 02 
November S«ireP8riflc6Del 140 



r. Sept&ttone. 
muary Talbexl 
TcbKtt 

Mar. Aqg. Thartnall. 

Jan. July Th.Hmes-VD.I$.| 
'Nor. May TUluicT.SOp. 
Jan. Ang ToMWil R.W. 

June Tbyo- 

June Feb. Ite&igsraap. 
MrJn S-D. &sm.5b:0SSL 
Nov. May TraagwriDev— 
Feb. July Tins wad Gp.6p 


July JaniTanifT 4 New I 
Feb. Septpb rw r Cnrx. 


in'* 

__ 12 

Feb. AdgUKOIqll,- l®*ri 

Dec. May CnjtrenfadiBf£_ 99 

Feb. Ang Caiflgxlflp.-_9M 

Dec. May Unilerer.- 534 

Dec. Kay Vn’rN.VJUZ-. £25^ 
Jan. JuneUtiLCarrfailOp 86 
Jan. Sept United Gas Iiidc- ' 53 
March D. Guarantee 5p_ 

Jan. July Uimrhrtm y. 

July Valor_3 

Jan. Vincn-lBp_;_ 

Ang Vintcn Grp. 20p- 
Dec.‘WRIbboajlOp_ 
MayJWade ftws. lfip- 


17.4 4.8 
132 LSI 
975 
02 1 
113 257 
326 6D = 
305 0.T8 
IS5 214 
31 t218 
115 Q1 
15 , 

132 dlO 
2811 tO 55 
574 

27.2 6.7 
W 126 d0.41 
120 14 4.32 

38 776 

52t 2 155 d226 
124 305 f5J6 

U 

113 119 
176 — 
VA 015 
?J 0.72 
126 8.8 
17.4 248 
326 d2.75 
D.4 1230 


d249 


7.02 


4.00 I - 


17| 7.81 


7.5 


2.4 


8.1 


Z29 

9.4 


35 Q34C 
675 — 

775 - 

y ggF*Fm !^1 «iui M m 

|j |J - : CSammercial Vehicles 

241 55 93 Febl= ABgaRF.®dgSj..- 
— — Aiignst Fodenst50p)— 

17 93 3D Jun®-F^b. Peaking Wp 

2D 10.0 7J May JnnPtatai?;- 

0 127 a July Oct YoriSaHerlOp. 

5.8 65 3.3 - . ^ t 

3.7 s.9 14 components 

" -4-iOp 

c 


Marj KaHnriBnn.-. 
MfbwroBrns. lOp. 



29] 55 SL3^r 

J/U *,!S j£ 
ts fj &Afflgr 

- 26 Oet June 1 
3 J 65 63 ¥ ar - fepj- 
* 78 d Apr. Sept 

£5 4 j ta Tan. July 
2 D 12.0 Jnnc 

2310.910.4 f? 0 - J ^he 

47? 8 . 4 TO ^ ?*■ 

351 69 52 O**- Ju ly 
- 10 j _ Joiy Feb. 

23 174 _ Jaa. July 

a a w Feb Ang 
25125 8.7 ““S' 

23 9.912D 

t * 73 4L8 

9 63 8.4 sept AprilUdBntiti&m-. 

*1 M — Atexaoflersjp— 

« M 2 l Nov - Ma y 

inn ^ Feb. Aug. - 
19.m f4J| — pan. July KG 


132 2.02 
27 j 272. 
17.4 738 
28B ODD 
305 DlM 
112 558 
126 249 
17.4 0.40 
272 H6D 
161 t243 
112 tQLO 
11 t!76 
!3LU Td4j 
303 7.96 
155 1051 
126F1534 
25 2.75 i 
126 
14 420 

875 
3W.. 

126 


52 43 &9 
4 BA 4 Jan. 
3.0 5.6 92 Nov. 
24 9.0 7.0 Mu 
* 55 * Fefc 




M 


tmsst 


213 

73 14 5.9fFeb. 
92 * 3DfJan. 

15 SJjApr. 
25103 SSOcL 

16 -4D t¥ 

33 33 A3) Oct 

HP 


^ 75f 




5D Dec. June] 
2.4 .9.4] 5.9 


4 ! 


il 


am 


16.75 


m 


fi 


Ml 


5.7] 


u 




. MaytCIsy (Richard)— 

2721923 11031 321 73 p“« Nov.KWlett 


ZL. 

if’ 

33 

12B 

7b 

-24 

13 

50 


May Walker Hmr.5p_ 

Nor. Waterford 5p_ 

Oct Watskamli- 223 

Ang Wstaxi E5. ICpv— 65 

Dec. Wedg*ood.__ 222nj 

“ '■-IWean.Boanllto -67 
. __L*t»yP 35J 2 

May Nov. WlncfcJtHJ&L 52 
May Oct fflutEHsRABSei. 240 
Oet Apr. BTuIfiCWIdi- 
Feb. Aug. Whitecroft9to— 212 
-Deg' July WbtetyB&ftW:.. 36 

•Oet May Wilted.)-- 59 

Da. June WjlrinsMUcbeO. £2 
Apr. Oct WUtmJPrehDl. 237 
June Dec. Do.iepeCw— £9g 
July Feb, waiiansd.)—— 47 
“. Nov. Willi (GeorgEt— 60 
June D«. WilmWsm® . 

-Jaa, Jane Wtsalnda Sip— 
tAbt. Oct Witter fflMmufc. 

Nov. _ 
fWood(AlQnn) 
g DeC em ber [Wofld gall 
..■Kovember JZeilcH 5P — ■ ■ — 


£3: 

32 P-5 3 

152 0.18 
155 (».48| 
ZfiU 214 
2321 0.95 
161 054 

VB3.I 

2Jd0.9 
25 Q1.75, 
132 f3.62| 


43 


HM32D] 


4.4 




INSURANCE 


PROPERTY—Continaed 


JSV. TRUSTS—Continued 


FINANCE, LAND—Continued 


Dmdfedi 

Prid 


Stock 


Price 




303 

38 

170 
053, 

isT 

143 

20 

£323 

158 
220 
224 
330 
262 
183 
163 

159 
101 
134 

171 
165 
196 
60 

240 

250 

126 

128 

149 

342 

370 

422 

99 

522 

ini 


Let 

4 


Mv 

.Nit 


Fid 
CV Gr's 


155|2.95 
’ '128 


- l 9-W , 

HSfl 

6.13 


305: 


155 

17.4 

155 


17.41 

■17.4 

305 

112 

133 

34 

•25 

305 

25 

305 

25 

30J 

305 

155 

25 

25 

174 

133 

,i 

133 

27.2 

155 

25 

253 

34 

25 

25 


09*4 

659 

810 

10.17 

20.3 

4.03 
t5.6 
t7.0 
5.77 
d4.47 
16.48 
h3.77 
9J.9 
3.33 
3.62 
1259 
1035 
8J7 
817 
6.65 
8J 
lb 45 
9.59 
4.05 
20.15 
13.42 


22 


431 6.6 


PIE 


SJi 


4.6U0.7 
B.9 


a 

6.7111.1 


7.3f - 


3.4 


a« 7.8 


98 


ffindends 

PSUd 


Sleek' 


rtrlrirtl p/e 


221 

66 


13 . 
76 


. Motors and Cycles 


48 

12 

97 

£ 111 , 


111 

56 

9 

Bl 

63 



6.4) 3.0 55 
5.7 8.S (23) 
2.9 t 62 
33 75 8.6 


5- 21 M |}is. e 8S| 


Hr nmftnHh M 

mnM&vt?-' 

„■ Lneaslnds.3— 
July SurnGroflplOp.1 
Fe5.lbmeMft.__- 
July WBnrt Breeden, 
tea WoodharittV- 
[Zsnii&‘A'5Dp„„l 


Ganges and Distribators 



13.0135 
I1D.7 4.91 
|3D 113 
3.6 47.7 
28 122 
40 8.8 

4.i mi 


g Ang BrlftConSOp. 1 
Dec QmmaBBns.5fcJ 

MaynsteCTi_—T 

May Furness WithyQ _ 
July] EmtiM Sim p_| 154 
35 


, , _ W Aug Marl 

2« 67 83 «ay Novj 

o S 7 A H Mar. Ju 
271 95| 5-4{jan.- Ji 



U 


0.9j 241(728) Jani JtilyjCo«(XJ5p-_ 

^0 M Ian. . Au^E^GbflSy— 

2710 A 53 jan. " 

Oi 45 435 Jut _ 

9-9 T« Au *0»t JfiaittIFaS)-— 

H March (OmfiddLawr- 
K M 2-5 Mar tra. IQpi 

7-1 7.4 7.7 Ian. JunelSte» (T.CJ— 

26 6D 66 Jan. Jut? 

3.1 8.4 5.7 Aug ABrJnadnDp 
2-2 »7 Oct Anrii 

9-! “97 Nov DaTJteCta.-. 

13l 93 121 Dec. June Hun* 

mSS. ig£s™jb._ 

, « u gg. 

233 May 

^ J, ? J Au *- Apr. 

- 5.4 ♦ —■; Nefeoa 

| ? S-J 52 September Pemineint . 

53 43 47 Dec. June ftsnyfHJMts-- 
33 73 54 May Oet QarffH: ‘ 

9 Qfl3 - Mar. B^okHWJ. 
li|l05« — RixfOliv 

37.7 May , late of_, 

f T-i JuneNov. WaibawStr. 

Y Deer -JoWSdemlltr. 

newspai^ss, publishers 



6.5 103 
105 8.6 

7.9 A 
62<X0> 

65 3.6 
5.0 53 
B.6 63 

W 

5.916.8 
15 5.0 
53 7.6 
10.2 4 

7.6 5.7 

3.6 13.6 

14.9 - 
120 « 

5.9 52 
83 5.0 
6.b 43, 

_ 5.6 3.7 fin 
1^117 bJO^ 


25 h269 
265 L65 
1.10 «0.62 
574 - 

i m 



Mar. Kept.jlmiyProperty.^ 
Apr. gear. (otrx-ttWpeJa lfip 

August Jemrn Invest 

July (k?l Laodlmwi_ 

Jan. July L.iKJ-*Jerv.fC 
Mar. Scpi S^pcCnv 
Mar. Sept Ha iVaCiar Hi. 
Mnr. SepL Dv.Jt^iCunr.^B 

July Nov. Lw Lsudaip .. 
Oct Mar. LendLcasvaUr.. 
Dec. June Inn Proi Slip Utal 
Apr. Dec. Lon. Shop row- 
Apr. Sent Lvnlontfdss-SOp 

Oet Juhe|4EiV_. __ 

MarierEsute— 

i 'letntnwy I 
McKav Secs 
Kidhi&g ff h Mp_ 
MountnewSp— 
Il&J.i 


102 (April Aug 


Jnn. 

lApr. 

May 

Jan. 

July 

[Jan. 

Jan. 

\Apr. 


JuijIUucklDfliA 
•CLNollon.. 

Nov. 

July fropUldp. blav. 
Oct Pry 1 di.6Fib.D_ 
Aug Prop-PaiVshict. 
July Prop. & Bel--. 1 A’.. 
Oct Prop S«.inr50p. 
Raglan Prop 5p. 

Recalisn_ 

.April Oct. Rppjwu] Prop.— 

'April Ort. Da*.V_... , 

Mag June flesh & Tutipkiasl 
December Samuel Props. _ 
iAu8- Jaa Sau.Metrop.aOp 
Mar. Oct. Second City 10p_ 

.Oct Mpy Slough Esti_ 

Uane Dec. r«.l(75iCcm' , .*90 
[Apr. Aug SlockOmversi- 
April Oct SmdevlBlInv-. 

Swire Properties 
December HwnCfertT. 

Apr. Oct Tmcn&GlyIOp_ 
Apr. Nor. TrahcrtiPark-... 
■_ — U.K. Property— 

[Nor. April Utd. Red Prop_ 
Mar. Sept Warner EStafc—, 

e Oct WannardhreSOpJ 
lSeot WehbaoslSp-T 1 
— WmiiElerP.aJp. 

O ct]Winston Eri£_!_ 



Stock 


DKidndi I 
Paid I 
Dec J u u elBtunnCT lnv_ 

&gS?KS^-. 

Dec AugCaledon-jlmi.. 
Feb. OrtCJednrcte-u.. 

[W D .. 

Jun. Dee.CSBbnan:a,i«-r 
MO y «it* l:alD-< lop. 
n« June - «r«re.rv.„ 
Apr. .... 

Sept”"Mar. ^ducl&dTl 
.Cue 4 or. Carlicd in-.-__ 

Sum Dw-^darl"-,- -~ 
>!?r ^mioc.,1 

®£SgS55Sf«r 

_ Do. i.ap.i£i,_ 

— Cjt>4Fr«r.|m.. 
May Dec.QCilmernri.. 
No> June CUyof Ocfr^d _ 
Mar. Sept2?'«ff“&.-5af. 

_ Qitlon im-s [ifp. 

Jan. May nydcaiah.- ] m / 

Au?r.May r-.i 

Feb. Aug ContinriVlllac 
Dec June CooLir.rr.; | i.- 

— Vi? ,| 

Mar. Aug Oos^nw- 
.lanuary Cuunilujlrv. .. 
Feb. Aug Dan.tciIn«_M5.> l 
_ Do i<7np • trip , 

Aug Mar. Deheniuro> nrj, 
Aug Feb. Derlr Tri Incil 

— Do. Cap Sip_ 

Dec. July DMKrJrei £ ijc r L 
Apr. OS Dnyirei to® cl.. 
May Dec -— 

Apr. Aug Dara." “stern 
Apr. Aug Pa Premia 
Nov Apr. Dnahcst Inc .9*, 
_ Do. Capital £1 _ 

Jan. July Dundee «: Lon. _ 
April Edn'rirpv 1 ' im Ti 
Apr. Nov. Edla. im- It £J.. 
iJan. JulyHectralrvTsL. 


SHIPBUILDERS, M!PATR1i!Rfi 


June Dec. 
Dec. June 


HatsthornT.top. 

79 

ms - - 

_ 

Swan Hunter £1.. 

134>rf 

125 636 li 

78 

Vesper.... 

172 

+ 4A65 45 

4.1 



J55] 1451 4.71 

2J> 


SHIPPING 


, Oct Jacobs 0. L)20p 
aly LoattSaK-fTtisJ 
L July Lyle Shipping _ 
le Oct Man. Liners 20p_ 
— Mosey I&. Units 
July KlHord 
Nov. MariCttanl 
Mar. Sept F.&Q.Defd.£l.- 
Apr. ' Oct BQffdonSmGOp 
AIK. Oct Do.‘A’~ 

Jan. Jtrlv 


156 

240 


26 

128 * 

220 

23 

72 

11712 

91 

77 

35 

85 


HL4 153 
305 807 
,3700 5.09 
14 dl55 
677 ■“ 
305 4.90 
155 5.10 


30|168 

I!?] 654 
SWilM 

aSso? 


93.71 5.01 * 

7.J 151 9.1 
4.0| 5.3 6.0 

12] 85 ~ 


5.6 

1051 

IQ.*? 


ul 


15.0 


56.7 

163 

10 

(4 2 1 

a 

39 

58 


SHOES AND LEATHER 


32] 8-8)J5.4jjnly Feb.lAnebcmeB^., 


Sept Feb.fBooth(ln(n 
April Dec. Footwear I ijts.— 
Oet June GarnarScolhlair 
. _ December Hcadtam. Sins jp_ 

6.1 Nov. May UVtmsSIp - 

June Dec. KShoes_ 

Apr. Oct Lambert HthSte- 
Apr. Oct NevWdfcBmt nj 
K>ct April Oin’jriijt'A*— 


lOct April OttvElUfA’- 

uaa May PittodCro.-._ 

[Feb. Aug SteadiSim’.V . 


NovJStrong A Fisbcr. 
0 Shoes_ 


(Mar. 

July Stylo .- _ 
(Sept Apr. rmuerWbEldpJ 
{Sept Mav Ward While—_ 
February [Weam ldp_ 


19 

53d 

57 

101 

44 

94 

71 

42 

50*2 

48 

56 

40 

60 

& 


3551 1.0 
126 439 


27-2) 


20] 8.M7.81 
, 3.4jll5 35 
td3.89 62 


25 450 
305 123 
374 4.90 
305 tlZ7 
34 3.17 
212 230 
133 187 
3.4 277 
16Jthl92 
133 t424 
228 172 
3.4 hilt, 
3.4 M3.96 
33131 


4.1 6.8 4.8 
7.9 4 2 35 
23 79 a4 
5.0 4.8 4.9 

25 11.4 5.4 
3.0 8.4 5.9 
27 5.9 95 

4.2 75 AB 
16 73135 
2410.7 6.0 
32 4.2114 
3.8 5.3 A9 
8.1 7.7 4.0 

26 7.6 75 


SOUTH AFRICANS 


-Apr. Sept 
Beet. Mar. 
[Feb. Aug 
May Nov. 


Abets® ROOtL,. 
AnsloAm.In.Rl 
AngTr’slndSOc 

Edvoria 10c!_ 

September Gold FMs. P.21x 
July Dcxl Cnms'A'50c— 
Hu]cflsCpn.RL 
Q11 Bazaars 50c _ 
PrinraselOas.- 
Be liBrfcra -A^c 
July SA Brews. 20t_ 


Feb. Aug 


AugMssue. We*S— 
: May AsR.BoukP.ato_ 
Dec. B1Q1 FOdsfA _ 
Sept Bern 


fS sSKl^L 


Sept Bristol Post- 

Mfly Mins WHTiani- 


s&sg- *** 


5a 




7.4125.81 


5-41 




1 


- 19 
6.9^133 


55 


m 


6.0, 

”OJ 


62! 


1105, 

12.6 


[343| 

9 


U.« 


5.0 2014.4 
3.7 6.6 6.2 
3 8 7.0 52 
0.7 10.6 iZ951 
27 35108 
S5i 25|l7.6|jii2y 


Z* 


Ifd215 24 5.0125 Apr. Ort. CWy ?^»T.1 
125 7.48 *_ 5.1 February rmyAPutll 
30.1td335 22 78 92 Mar. SeptDBejantHHiCS- 

974 — . e — —. - Daiw Estates I»P.-| 

17 J tQISc 18 3.4 m June Dec. Domngt*il0p- 

25 43)5 85 2.6 62 jan: Mw Eng Prop. 50p— 

132 d4.4 ■ 29 &2 5.7 May Sept, VoS^pcCm-— 

1212 gl32 24 9.4 55 April Oet DalSarCtar...- 

677 — — — ■- July Esto-*5e« 

3.4 3.75 19 98 85jibv. JtmeBtoftCen . 

-33 tdflJ — 0 j — Apr. N0v. Estf-PTOplnv— 

302 1837 22 75 7.9 jan. Aug Evans Leeds-— 

SU mw 1321112 —■ Apr. Dec. FaiiTK»Eds.lflP- 

135 a?5 35 8.9 62 - (Hg^.lOp--- 

1710155 $ « ♦ Apr. Dec. 

2811 1323 27 72 7.9 get Sept GtlWteDdSOp- 
_ • 25 280 26 98 =55 Jen. Apr. GreMlH-lWp— 

56 t«71 314 13 85135 Jan. July GreenccolSP¬ 
OT I 25 6086 « 18 9.9 ^une Hanm»|»n'A 

40' f 17:4 0.90 * 3.4 « November Hartley tad tdi»p 

«d «3 .m Jg sri 


10.9 


» J fT 

[AwDSept 


^ttaiiaw* 

4Gotch_ 

May Home 
Feh 

, ^ Apr LbodUM 

26|Nov. July sfcshallCavJ 
7.9fNov. June News tot 


Ju^parson Longman. 



265 

250 

52 

72 


95 


123 

145 

142 


S3 

72 

142 

733 

2S 

1% 

41. 

185 

193 


’S 

42 


2S.U 

t5^ 

43 

4.3 

25 

4 m 

75 

?A 

■V 

28/ 

24 

84 

27.i 

X2.15 

21 

45 

W 

d4.90 

3J 

/« 

12J2 

p3 

22 

7.J 

1 

it 

29 

29 

34 

4.«* 

50 

5.8 


3.61 

ft 

62 


uz r 

43 

23 

43 

95 


.65 

26 

6,5 


72b 

2.4 

L6i 

5.0 

03 
132 
5 3 


5.99 

4J 

46 

315 

+12.45 

23 

9.1 

30J 

+35/ 

3.1 

3.U 

30i 

(tB15 

55 

26 

U.‘ 

1.97 

26 

1.2 

2i 

13.98 

33 

59 

m 

134 

3.4 

45 

11 

+128 

3.4 

4* 


117 

63 

95 


7.7 jan. 
19.0 Dec- 


8.4 


K«. 


^ MayjCcrah 
7.7 War. SeptjCairt: 
73 [Mar. Sept “ ' 
1 Juhr 
Feb. Sept[ 

Felt Sept 
IFcb. OrLf 

[Jan. Juiy 
lApr. Nor, 

|Apr. Nov 
July 


7.1 

13.0 


82 


PAPER, WONTING 
ADVERTISING 


uan. Aug RiRbams._—. 
[Mar. Ocl ndCasGrpSp— 


lApr." July Assoc.Paper. 
Jan. July Do-SfepcCocv.. 
foee. June Ault ft Wibore— 


Dec. -MayiBetnrose 


{June JanJBntJ^inbae— 
Jan. JuldBnnraiDsGn 
, DaBestntv 
iBundPuI 1 


Jan. 

Nov. junelBand Pulp- 

Pec. JunejCsjsealKbp- 

— jCainJoniSo-J i— 
Jaa AugjOuimuoBaiakJ-; 


Sept — — 

.jCrilett Pson lOp 
ail 75 — (CutterGuard— 

3LD 73 priLjM?" 

77f-20 6.1 Sfipt 

19 43 93 lufe Nov.jBuralypina..— 

53 fi .7 32 Apr- Wov.jFem'JwklftJ.- 
18 U.0 6 J APf- Oct.lFnd« IWdlng- 
26103 5.7 ^ aa - JUBeKfeereGrcKlOp- 

29 65 feSt' 

20 lei “5 '^STBSSn^ 

H J Si ill MayNov.lMilbft Alien 50o 
_ 63 33 52 ^ 

2 fijy g!88 16.7 12 6-9 P yin»D 

135 t355 <S 38 6.4 fept Apr.[OItv«r,MUI 2 Up 

153Q^9MISW £3.6 - 
Hflj324] 03 i -29 

QC 7 A 29 F 6 D. __— 

49 51 47 Jan. July SmurfifUeffent 
11 IP S 85 J®*- Pfff " 

16 63147 ^b. Aug mrt 3 DtC!W_- 
43 49 a 4 Jart. July CsbwFzlierilhH 

# 98 I’ Jan. July Ware Croup 20p-' 

* RE *. Feb. Aug WaddingtonlJj- 
38 68 5 9 Nov. May. WKfflOc "' 

29 II 93 Jan. SeptWyattWi 

14 ’a Q 15 D ‘ - 

14|'2329.3 PROPEKTY 


68 

51 

60ri 

58ri 

8 

18 

78M 

74 

57 

22* 

17- 

115 

3 

76 

no 

47nt 

62- 

tzth 

75tj 
195 " 
rz67nl 
91 

1M... 

98: 

£«% 


40 
64 
167 
B6; 
195 
70' 
55 
64. 
50’ 
2 31- 
.84 
32 


3D5ft289 




im 


D.4 383 
17.4 338 
126 32 
126 32 
305 428 
,;3i4 5190 
127< - 
12fi 3.92 
V h253 
25 327 
<777 KB 
775 - 
155 720 
U 33 
H7 5.08 
27.1 Tb256, 
-112 b7.7 
326 K3.0 
, «tai 
[Mil tQSLSO 
•235 486 
25 4.7D 
m 11424 
‘55 29 
14 420 
.3515 (13.40, 
”95 tQJ40c^ 
133 225 1 
,155 248 
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, 15 734 
(2631 A94 
33 329 
155 3 21 
305 21 
'33 F310 
, 155 325 
1275 - 


4.41 731 


|143]f8.1| 


7.9 


33! 


* 


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20 

3.6 


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10.6 

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3.4 


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M 


6.S 


7.0 


4? 

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10 J 

10 . 3 ^ 

3 .? 

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II 


a a 


in 2 


Feb. Hondray,.... _ 
Mar. nrgBOrth3L20p. 

Mar. Da'A'an- 

Aug Ingram(HJlOp- 
May JensueiHldgs)_ 
July Leeds Dsers—. 

2 November LdgfaMilb- 

98 — Lerex5p. 

(42) [Apr. Dec. Lister.. 


lOct 

Uan. 
6.7 Nov. 
uan. 


4.4 _ 

7.4 Jan. July Martin (A)20p_ 

, 4.4 Nov. June MillerfiF*.) 10 p__ 

76( } Sept Apr. KmrJcst-- 

85 ju& Dee. Notts. Marrfg— 
4.0 Mar. Sept No\aJei5«30p_ 
ft Jan. June Parkland‘A’— 
626 Jan. July Pickles (Wj & Co 
93 Jan. July Da‘.VNV I0p_ 
5.8 Apr. SeftR.K-T.Jto_,— 
24 Apr. July Hartley Fashions 

83 Aug Dec. Refid iWm)- 

7.7 Mar. Oct Rehaare Rnil20p_ 
ft May Nor. Richards 10p. 
(60j Mar. Oct SFLE.T,35ji_ _ 
83 July DecJScoaRobertson. | 


4.01 6 2\- 4.4 

3.7( 4.4119.0 July DecJAD’dLondon 10p 
_ . J — Jan. Sept Attnartl.ffljdmi- 
211 88j(67j _ >nn<piic(wt S.-TO 

* I f-3 ft, Altf.' -Oct Apex. Props. lOp. 

32| 5.4) 6.6 Mar. Oet Aquts.SttsJjfc- 
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4 A 3M 27 ■ — Bank ft Com 10P- 

3-7J 63} 5.7 sept, Mar. Beaumont Pwfi- 
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— July Dec.Botetey.Haobro- 
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23 93 (5.4) Dec. Aug Br*2ordPrcji— 

ft 92 * _ Brit Anmu Sp— 

25 8.4 72 __ British land-—, 

♦ 10.7 ft Aar. Oct Do. ttpfQw 7ffSL.\ 
29 35 7.4 Nov.BnxlOTEsiae-' 

24 53 26 jan. ■ July Cep. ftitouubes 

53 3.8 65 _ ^ PS;Warrants- 

25] 10.4 73 Feb. Aug Cantos Groupsp- 

13 92 Jan. Sept Cgmetw IncSft 
58 75 ' _ Cntrovinaal 20p 
7.4 ft — Da" 

*.! 6-3J-ft_LAu£ Jan 



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222 

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164M 

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12 6.212.9 
0.6 J 95 
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ft 8.4 ft 
0.6 4 221 

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Price 


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253 

82 


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119 
124 

120 
107 
124 

65 

136 

543 

55 

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S ept I»- rwCncdr. . 
Mav Dec. Equit> lr.r 
Dec. June0s»trwf.- f -j 
October F.l-C Rur^riKi 
May Nov. Fsaul? la-, fa 
Sept Apr. FirvSf’.: ,-.m . 
'Nov. Apr FereiiMii ni 
Ijan. Jlllj' Fl.G 1T irw^;. 
Mav Nov. Fnndiiiiesiiu-. 
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Oct Mar. GT J.ipar. 

Nor. Apr. Gea .t Oea n. 1. 
Aug Apr. ueaioruiOinid . 
■*- ' Mar. General Fund,.. 

Do Cwr. 10p.. 
Oct Apr. GcB.Jwf»Ji«-_ 
.Dec. JuneGefttiwniih... 
Jan. Sept C«.snJd-, -:: ;P 
Mar. Au&OlisjmFl'l- 
Apr. Nov. Gtende-.oc In. 

_ Dn “C".. 

[June Feb. Gltnr-urri) Lt. 

nn-FOr.L-. 

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1 Ju!v Go»eilEiLi>'ie . 
Mar. Se^.Gn»>Trj-H._. 
Siept Mar. O. North a 
March Greening in-... 

Jan. June Gresnamlir_ 

Mar. SepL Grtopltikecrori. 
Dec. July CuanJun lr-. 7;tJ 
(July Dec. Hambros„_ .. 
Jan. June Harcros br.. i9p. 

‘July Dec Hill iPhiiipi_ 

Apr. Oct Kutnc Kids. ".V. 

- ’ Do. ‘‘IT—._ 

June ’ (refund [2 1 _ 

Jane Po.(£i_.- 

Dec. Judc IsdusbiEJ ti'/en. 
Sept Mm-talenot-IIr..-. 
Sept AprJfar.inSrerers 
|June NovJlnv&troTjr,. .1 
Dec. JuMbresatTstfip ] 
May uarrilae Japan .. 
War. SeptpsnliMSec HKSi. 

— ueneyE.vtPf.ip 
Nov. JuneUei»riter..£i._ 

May Octttos Holding_ 

M«y Nov. [Jove lm. tow lOp 

TVi r.-n "n 


DaC^p 2p__ 

[July Feb. Kejsoneiav 5to_J 

Apr. Ort.Kiag'ndeltn_ 

Nov. J an. fate View fcv.._ 
March Lane k Ion. Im. 
Apr. Oet Law Debenture- 
— fa^rdW^Reslp 
Aug Feb, Ledalre.lrwOOp 

_ Do.Cftp.5p. _ 

January LeValJoaatov... 
Mar. Sept icAk Abdn Pffip] 
Dec July fan Atlantic 


TEX TILES 


[Star. SeptfcxLAusc im 5AI 
‘ EnaftriartSOp. 


Sept Mar. 
Jan. Aug! 
Dec JuM 
May Nov 
June Dec. 


.\HtcdTettjte_ 

Aliens Bros._ 

y Beales (JJ20p— 
p. Beckmsii AlDp_ 
Bhctmodilort. 


pec. July 


uav 


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iBnL Enkalon—Z 

tent Mohair— 


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JuIyjCrin) iDundwj-1 


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(May NOT. Csrr'gtn Vhella. 

October Cawdawlnd_ 

'Dec. June Coats Pslons- 


|Earlr |C.j ft KL Itpj 


t | February nxnb 
OjFeb. JnWTootol 


8.2 
8.1 April 
05 Jan. 
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Mar. 
Oct 


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132)d6.49 
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1U 210 

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112 

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128 

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226 
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113 
206 
312 

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166 

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115 

204 

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180 

76 
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77 

137 
85 

273 

138 
137 
167 
240 

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Nov. July Loda & OoI)TOd_| 
|June Jan. Lau.iUntjus_ 

Fob. Oct, Url&LiV. lOp_ 

A pr. Oct loaftfaoiend_ 
Mar. Nor fan & Montrose, 
Nov. June lAm.ftPn»-_- 
Dec. Juli Lan-Ptudentiil. 
May I>ec. Lun.*Fd7de__ 
June Dec.Lon.Tstbtd.__ 
June Dec. Lcwiand Itrv _ .. 

[July Jan. f«2rd. tool toe, lflp 


[Jan. Juno Man. & Lon. sop. 

IMar. Sep. Mridnunlni 1 _ 

Apr. Sep tfereantilelnv- 
Sept May Merchants Tst_ 
Feb. July Monks Iirtst— 
May Mont Borifln 10p 
DaWntatl— 

Haoloyaim_ 

|Jan. Sep. Mnor^telw_ 

Aug. Mar. IfojrsideTrust- 
, March NeptSASna. 
Hwly.MNrjTggbe. 

IteNewWnts.- 
_\pnl >NV.AGartaore. 

, Aug Dec. ba31in*st_ 

May Dec.NthVlantlcSec 
(June Dec. Nthn. ha 

Dec. July Northern t _ 

Jan. Aug. Oil fcAssoe.b»_ 

(June Nov. Outwich tor_ 

Apr. Aug I'cnriandtae_ r 

Dec. Aug. Pro?. Scs. In*. Kpj 
Mar. Sepi Provincial dHtt 

Aug Feb. KaebunL.- 

Feb. Scpl. SeabrvxJjIhv. _ 
Apr. Oct flights ft Iss. Cap 

|Ocl Mar. Rircrftlfcrc._ 

Sept Mar. Ritcr PlateDeL. 
(Apr. Nov. Robert) (Br,iF150 
Apr. Nov. D3.SuhSb'£-FJ5 
RolincoNVlTEO. 
£<o Sub. SfsFB-, 
]Aug Mar. Rnanej 1 Trust— 
Apr. Nov. Rctedmuodlac 


(Sep. Dec-tSSltoaipJ 1B7 


_jpt Jan. Sekerstotllto_ 
73 Feb. Aug Sha* Carpets 10p_ 
55 June Dec. ShDohSpinners. 
75 Mar. Sept Sidiawlnds50p. 

82 Jaa May Sirdar-- 

9-6 July Dec. Small ftl^riinag. 
143 Apr. Aug S4 Viscnsi L1200_ 
98 Apr. Aug DaPm.LlSXl- 
2.7 r eh. Oct SpenrerrGeaj— 
U-7 Apr. Nov. Stoddard’A'--- 
; 6.9 Jaa July anrad Riley Drd _ 
105 Ian. May TeraConatoia, 
ft Mar. SepLTe*rni.JTSy-IOp. 
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ford Carpets 
JulytTricoriDe lOp— 
; IVita-TfcraOp— 
Oct-Po7b.FmEW.2Bp. 

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3.4 2.46 
133 tJ~ 

V&. 

25 2.72 , 
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27 2 
155 
152 3.25 
19.9 1.82 
199 2.05 


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58 43 51 
0.9 6,6 253 
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19 02 95 
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18 212 75 
62 43 52...... 

2-2 117 6.0 June Jan. 


ijfifl- ■ TOBACCOS 

, [Apr. SeptlHATtodt 
— Po.Ddd. 

I26.7{jaa June Du chill <AJ10p_ 

* (Nov. Slar-Hmerial- 

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^Jpan. JulyfeeraenHal<5_J 


132113.01 


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[Dec. JaneSjfcpardtod_ 
[Oct April SL AndrwTrt._L 
S -6 /July Afar.fSnt Ast 2n?.S)p_j 
December SrotfiLUmtlnv. 

Mar. Dec Scot Cibes'A 1 ,_ 

Apr. Oct Scot East Inv¬ 
itee. July Scot.European _ 

July Jaa Sretii-Ji tov_ 

June Dec. Scot Mott ftlklJ 
June Dec. Sfit Nattonal— 
May Doc. 5ca Northern— 

JJuJy IVc. ftoumtorfft_ 

Aug Mar. Scot JJtd. tov— 

Apr. Aug Wcalem_ 

, _ f.-)L Vesta 

lApr. r.tet'^.nlliteTdU 
|Jaa Sopt s>r.ureatNtte.. 

— IXl“B i -. 1 .^,^. 
Dec. June ScnintiesT.Sc-. 

June ywRritof.jcaJ 
Apr. SepL Slu res tov. 80 p__ 
November &jvwetl 10p — 1 
Dec. June Spherelov, 

Dec. JuneSPJJTtoc 
SPUTi . 

|Jaa AugKanhope 
Aug Apr. Stcrji 




TRUSTS, FINANCE, LAND. 

Isrestment Trusts 


[Dec. Junej.\badeenlijvs._ 
Dec. June Aberdeen Dust. 


aa 


'Nov. 
DINov. 
(Dec. 


SepL Aflsa Im-.- 

July AfflaiKelm-__ 


Mw[ABiaDee Trust-. 
Jum.Mttftiad Inc SOp. 


Oet 


July| Do. Capital 50p_ 
JulyUmtecluT-lK-J 

H5o.Cap_ ^ 


Way Amencan Trust. 
AnErieauTst *8' 
Aug Mar. Ando Am S«s_ 
Sept Apr. Anpio-lDLDrs... 


Do Asset Sh&._] 
IJone DeclAnrio-SeoLlac.J 
]29.9 Aug FebjAmmasdestoc. | 
43j| I — [Do 1 


Dec. June Arno tov. iSAli— 
Aug Mar. .^sfidowulw.. -. 


January AlIsstsBiIUOgl 
November Adanbc .Assets 
Dec June Ailaz Sect. 

October AusL&InL(5Dp).l 
S or. Jute Bankers'Inv—| 
[558| December [BerryDust. 

25.7IN0V, June]! . . 

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42Jf»i)]F^. AugteriL lei&GoC | 
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ft iOrt. Apr.j3rcadaonei20H ] 


113235 

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October Do O 
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Dec. June Trust linigb,— 
Feb. Aug TrosieesQsip-., 
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April dpamrotos- 

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March W.Cfi.iTereggte 
[June Dec ffenfssuiv.D_ 
Mar. Wlntertotioag. 
July Wi tan Ib*—_ 

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Krifeuds 
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Stock 


Price 


Last 

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Feb. Aug 


June 

Oct. Mar. 
Feb. SepL 
Feb. Sept 


GrimstaweSOp- 

HambroTrust - - 

I!ainr<caTsL5p. 

HawTar.&Sl— 

liitoi TtU* £j 
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fTraus SftLTstlpJ 
ft'sin Select2trp 
°land. 


September 

^iUfiUSt 

Jon. May] 
Jan. Nov. 
June Jan.| 
November 
Apr. OcL| 
hfrJn.S.D. 
October 


May Dec. 
June Nov, 
May 
Nov. 

Jnly 
Nev. May 


June 

April 

Apr. Aug, 
Mar. Oct! 


West nf Easton 


Apr. Aug [Yule cano 10p_ 


25 

23 

ID 

38 

177 

17 
105 

75 

23 

18 
30 
95 

125 Hi 
67lj 
51 

315 

14 

32 

224 

£64% 

101; 

102 

£50 

57 

56 

71 


Rir 

Net 


|VM 

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107} 

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301 

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43 

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15 

172 

228 

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3.02 

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174 

04.25 

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272 

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1.2 

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tL33 

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225 

54 

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11.4 


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7.7 


193 


211 
19 8 


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9.2 


OILS 


January 
May Dec. 
Nov. May] 
Jan July, 


Feb. Aug. 


!Anock20p_ 

writ Poroeo 10p. 
8nLParoTm.il 
. I« 8%PL£1_ 
tounuahJl 


Dec. Juneji 


July 


December 


, Do3l;Lc91«- 
{ttrcrNthSeatl-i 800 

iVmturj lOp_ 

- - Sp_ 
rirFY.FetnitesB.. 
ttOufiOUEl — 
t+Cljde Petrol £1 
Endeavour SOc— 

WA- 


Feb. Aug. 


May 


Oct. Apr. 


Nov. May 
Feb. Aug. 


Apr. 

Dec. 


Oct. 


[LASSfO_ 

L4SM0;4«.!S8W3l 

JSH0 JOpJ 
J4«rri>lHa!«loi 

OiiEspI Pip. 

Pmrivr Core. 5pj 
RiUffllil—. 
Remolds Dn lv. 
RrilmidiFIlS- 
\Scnpj*Hes .— 
SheUTnma R«. 

, DttT’iPf.ll_ 

flStebensil' 
TcnvoWiCm. 

JulyrTnrentrol_— 

□KratBar_ 

Jan. Julytpo.7pcCuv.tl.-. 
— Weeks Not lOcts., 

, Hu Pfi Cirri. 10c_] 
KoodsideASbc. 


% 

162 

862 

70 

67 

£62 


57 xt 
21*2 
£24 
400 
122 
20i z 
23 
150 
£103 
338 
23 
248 
16*; 
£26* 
1*4 
£46* 4 
600 
540 
61 
352 
£59 

184 
262 
148 

185 
185 

70 


1171 

1S5U.74 


34 22.10 
1212 56?c| 
HP4 - 


38 


2.63 


12.6 
367 
57 (JMJIr. 


2013*03 


1611 


17.4 


15M 


4 


Q8* 2 % 


1.00 


Q14?i 


2.11 




15.7 

4.9% 


.32 


7% 


Q1SV 


5U412.J 


ft 


3.« 7.4 




4> 


3.0! 


24^ 


sol 


245 


eI54j 


7.0 


05l 


e i*a| 


13' 


5.7' 


4.4' 

12+1 


1.1 


6.9 


155 

5J 


ft 

553 

105 


Ho 


352 


7.8 


55 


167 

67 


OVERSEAS TRADERS 


May 

June 

Apr. 

Jan. 

Jan. 


•>tl 


JuM5atonoi,'tey.i5Dp 


July 


Not. June! 
July Dec. 
Juhp 

Aug. Dec. 
Apr. S**pt- 
Sep. Apr. 1 
January 


Oct 

May 

Apr. 

Dec. 

Apr. 

Apr. 


.Apr 

Jan.! 

Nov 

Juiy, 

rvcl 

Dec. 


Jan. SepL 


May 

JSJL 

Jaa. 

Apr- 

Dee 


Nov 

iS9 

OcL 

Apr. 


Mar. Sept] 


African takes... 
Aurt. Aerie. £3c.. 
BensronJiS.ft'S 1 


Bi-iustcad'+i 
Finlay 1 Jas.iS)p.. 

GU slhdfus__ 

'H Nthciiu_ 

If+urtS Cm*. EL. 
EToffzrungtS. > _ 

Jlnchcancil- 

Uado win_, 

Jamaica Su&ar... 

Lucrto_ 

MRcMlCfltla— 
Nigerian Hcc - 
«wanWlsns.20p 


ItoWNYWo- 
SangeriJUilOp. 
Sena Su^raOp- 


Brus.__ 

Kents. 20p. 
Do.BpcC'nv.'Bl. 
C. City Merc lOp. 
Da.10pcLn.lap 


260 

1331 b352 

190 

105 

17.4 

Ql5r. 

11 

135 

132 

1h4.13 

4.7 

49 

305 

6.2 

1.1 

3 S 

Bl 

150 

655 

ft 

ft 

272 

23 

8.71 

32 

£64 

305 

g 12*6 

2.4 

475 

3130 

♦21.78 

ft 

90 

133 

436 

2.1 

413 

33 

+15.0 

5 2 

28 

1213 

22.66 

63 

15*2 

7+6 



62 

Zi 2 

655 

23 

41 

17.4 

3.4 

17 

250 

133 

13.2 

♦ 

90 

22 U 

283 

ft 

185 

3.4 

$ 7.7 

7.5 

180 

34 

477 

75 

30*2 


H43 

13 

6*4 

674 

B— 

_ 

84 

U.4 

h!75 

3.3 

208 

25 

6.5 

44 

58 

25 

330 

2.7 

£94 

$ 

OB% 

18.0 

65 

thfi.75 

U.0 

65 

27 ^ 

13.4 

312 


:.o 2.6 
11447 
47 45 
19.3 ii.D 


76 0]t31i 
1-6) (571 


ft 

ft 

«3 

22.4 

ft 

8.1 

10.1 

45 


A 55 


201 

7.0 

5-4) 


7.9 


RUBBERS AND SISALS 


2Kridemk 

pjid 


August 

Sept 


June 

Apr. Nov. 


Jan. Aug 
Apr. July 
April 
Nov. May 
Apr. Nov. 
Jan July 
October 
Dec. June 
November, 
May not 
M arch 


Stock 


Price 


jAngto-tadoncs'i 
|BertamCona. lltp— 
SirdlAIricag 
Brochrall 10p.__ 

. r . iCartlefield K+p__ 

Nov. J une] Chersonese lup.— 
Hay Dec.fConsL Plants ll*n_ 
Grand Central lOp. 
Guthrie £1 


Rir^iaffly Efl-lOpJ 
Highlands M50c„ 
Koala K^n^MJl. 


Sumatra 10p_ 

Maloifofl MSt_ 

Muar River lOp_ 

Plantatitm HldftL !0p 
SungeiKrianU^.. 


1O0 

95 

• 

50*2 

250 

41 




277vi 

96 

110 

67 

52 

46 

71 

57 


last 

d 


oin 

Net 


I'vr 


25.712.75 
228 3.5 
714 - 
25 1.7 
272 s2.3 
3.4 hl38 
14 bQ3.0 
1212 0.55 
126 15.0 
133 4t4.0 
3.4 D20£r 

13J2®: 
E3 *14.0 
155 QZOc 

3 & 4 I 

133105 


qL6 


5J 

L7 

5.1 
Ul 

85 

6*J 

4.1 
41 
4.8 

4.4 

4.5 
1.4 

< 1.6 

48 


Serving the world 
with 

financial expertise. 


SANWA 


3MS& 

Tokyo, Japan 


MENES—Omtiimed 


CENTRAL AFRICAN 


Plrifirak 

PaW 


Nor. MayjFalron Rb tor ^— 


May 


Dec. 

Jan. 

NOv. 


Stuck 


RfKri ni Vvp USip 

Roftnl Vjts. K4_ 


;. ‘ July Tbnfpiayika SOp — 

July Dti. Pm 80p. 

May WantaeOoL R!i 1 — 


Zam f pr5RDti31 . 



fast 

Div 


YU 

Price 

a 

Net 

Cvr 

Gr's 

185 

3.4 

g50c 

13j 

231 

17* 2 

17.4 

056 

7.1 

48 

70 

1214 

_ 

_ 

_ 

15S cd 

116 

gio.o 

ft 

6 3' 

90 «1 

12b 

09®* 

164 

3.0 

37 

174 

rQ7*S- 

1.4 

17.3 

14*: 

1174 


— 

— 


Nov. Apr. 


145 

97« 


Oct. May 


September 


Dec. Apr. 


MS 

6*67) 

2.71 


132 


June Nov 


June Nov. 


Apr. Oct' 


Oct May 


AUSTRALIAN 

\cmex2V. 

Bau;a-jiti1k'y)Tu*ra 
EH.Swjlljtoc. 

OsatralPbrinc. - 
Cbauncflit-liutaSOr. 
(iALKnlgoodieSL 
Hamptn Areas 5p„ 
petals F* SOe „ 

|MJJ1 Hides 50 l- _ 

Mount L’-ell 25c. _ 
ftevrawal lib.... 
iNwthB.Hili.i0r_ 

Mth. ftoljurii — 

[UakbridselM 
Paciric< - *>p«r— 

Pancon*-I25i 
rvninia+itEx to - 
Pcke-WallscDti toe. 

;4nuth»?m fViliL 
W>^in Mininctoc. 
iWhun Creek ttk _ 


14 
115 
113 
210 
240 
55 
129 
26 
2C6 
32 
4 
124 
14 
176 
40 

£14*; 

39 

520 

575 

147 

55 


1581 


14 


19 


34] 


<lBc 


QlOc 


1.45 


Q9c 


OBc 


tWUc 


Q15c 




Lfl 4.4 


2 2 


43] 


1.7 




4.0 




26 


1.7 


27 


ISi 4 0 


3.9 


1.8 


Nov. 

Apr. 

Apr. 

Jan. 

Feb. 


Apr 
t.VL 
r*et 
July 
■ id. 


TINS 


June Dec. 


May Nov 


‘■mal Nitcrii.... 

tew lii;am SMI_ 

BeratiTm_... 

BorjimiatSM!_ 

Gcu'.or. 

tic4dft&cel2<;p , 

Uopen s ViinsL- 

(fotighjnj- 

Uris Ita__ 

j.-.niar 12 'ji . _ 
Kwr.iin»ingSM050 

bi'lin.diali.._ 

J’rlji lindens5MJ 

ul’anam:. 

.kaler.luii „ 

. ling SMI. 

'Saint firm. 

eouthi'ftlt) top... 
soctoKipiitSvora 
StbD.VijtoycnSU. 
sfututciDriFJI .. 
— {Supreme 1 ‘orp SMI 

May Nov.rTa dying 15p- 

Sept Mar.jT'inrttn Krbr.SUl 
Apr. OctiiroaohSUl. 


Jan. July 
April 


June Jon. 


Mar. SepL 
June. Jan. 

Mar. Oct: 

February 

Jan. JulyJSouLh KipUi SV 


25 
355 
S3 
285 
135 
10 
290 
165 
33 
10 
68 
490 
400 
70 
60nf 
203*1 
51 
59 
205 
305 
220 
• 75 
■ 92 
96 
210 


1 

lfal 

1074 

17.4 

1167 

17.4 

467 


’S 


LLhl 

3J 1 




17.4] 


13^ 


1251 

S#4i6.7r 

375 

iOlifk 

h4.51 


150 


120 


iare 


ZQliir 

0125 

1095c, 

W 

1080 c 

gL99 
b413 

iinqnjc 1 

3.«mi)3l3c| 


fSS 






ZQ88c 


0.9] 




152 

f 


Hi 


5.1 


79 


2L8. 


4.9 

m 

t 


13 J 16.7 

L6] B.8 


5.9 

10.6 

82 


1.11 9.2 
ft 


29 

10.7 




COPPER 

June Dec.]3le^inaRUto... .] 89 


|12J2|+Q30cl 19] * 

MISCELLANEOUS 


Aug. Feb, 
November 
Jan. June! 


Nov. 


Utirmu Mines 
K+tv. Mnrrh. 10c.. 
N'j.rthLMeCSl ... 

|kTZ.. __ 

Sabrna inis C$1— 
j\ira c.pin .11 _ 

July^ehithUitMals lOp 


Uctober [Yukon Coni <351 _. 


15 

225 

455 

224 

84 

£ 11*2 

43 

180 


JQ30c 



26 


id 


2.91 


6.4 


7 } 

3.8 


NOTES 


fntm abnvtuF Sndicalrd. pices ad net eDvtdroda are hi 
pence and deiiniiBn^M ne S9p. btinaud pricehmuBfc 
ralkw and eavresare has^l on laest annual report*andnccoanCa 
ad. trttero pecxlblc. are updated on tall-yearly figures. P/Ex are 
calesbued u the basin of net duCiibutiOfr, hackeled Hjeureu 
Indicatr 10 per i-cal or more- difference if calculated On “all"* 
distribution. C«cn ore based on '-annsimtun*’ dtatrib nU —. 
yields are based on middle prices, are gross, adjusted to ACT of 
3U per cent- and allow for nine id declared distributions ami 
lights. Securities with denominations other than sterling are 
quoted inclusive «f Uie Investment dollar premtam. 


December, 

March 

September 


Mar Sept Entire Flams lOp. 


117? 

243 


131.9 
34 
24.S 

27.9 
30.7 
295 


1?.7 

30.0 


323 


5315.9 
5.D L9 


43: 


4i 283 
7.7183 
53 283 
4.1353 
23 45.7 
75183 

4.4 32.9 
63 220 
33 35.9 
43 35.6 
3.6 38.4 
5.0 303 
43334 
33 43.8 

5.4 47.4 


4.4(333 

3im4 


9.216.4 
f7.8 
9.612.9 
0.8 

4 j 31.4 
_. 284L0 
3tfl(J.7 1A2 


193 

20.9 


323 

13.1 


4.8 305 
3.6 
95 ft 
32 383 

4.5 313 

9.6 18.6 


4.0 26.7 

4.7 30.6 

3.7 483 
3.6 <03 
7.718.4 

224 23.0 


5.D285 
4.7 308 
5.2 265 
33 30.7 
43 31.7 
75 222) 
55 27.0 
4.9 273 
0.6 - 
L8 693 
L4 715 
5.4 253 
3.6 4L6 
3.9} ft 


73 


213 


219 


23.9 


Finance, Land, etc. 


Feb. 


KM - 


Ji 35 - 7 


bf 7fo 


.Ji-Ucritylirr.j., _ 

65ES& 

[Challea. 

■barter 1 , 
iberJCoruDOfiMktlp. 


[Oct Mar 
Mar. AugKbart 1 
Conn 


August 
October 
(Dec. July, 
loot July] 
. October | 
(Dec. Jutei 
July 


Da’ge&'fl__ 

PbwmtBB:—' 

UDolosoeUa.^., 
Bdir. Ifltfl. Djp. 
HOroaM n llS. 

JSskineHottse^. 
.ErfantislOp—. 
EroteraltmOO-ip. 

FiD3DCe41hd.U^, 


5.32161 - 


222 

15J 

20.0 

4.7 

1®2 

1274 



4p 2 

1275 


_ 

16 

475 

_ 

_ 


«71 

4 


142 

272] 

SSf 

3.0 

67 

1 U 

1.4 

32+j 

SJ 

025.6 

U 

283 

15i 

+1176 

20 

42*: 

3.4 

tLO 

3.7 

• 27 


— 


15 

677 

_ 

_ 

57 

228 

<10.99 

6.3 

42 

15 

an 

218 

1.72 

1.12 

21 

ft 

.27 

223 

d0.49 

63 


305 

4.94 

12 

lfi 

677 

L0 

19 

22» 4 

574 




13.71 


26 

6.4 
113 

25 

62 

3.4 


6.7 

122 

i 

f9.'4i 

83 


194 

38 

112 

ft 

8:7 

19.6 

8.8 


November 
January 
November! 
May Not 
J an. June] 
Apr. July] 


TEAS 

India and Bangladesh 

3110 J 


Assam DooacsEJ- 
A<5amFrwilier£l_ 
Assam 1 ms. £1 _ 


g £l_ 

tauraea—. 
od Russel ti¬ 
ll £1 


Siaglofn.l2s.IOp_. 
.JWairea Flams— 
September {WiHiaBBonD 


210 

3G5 

•123 

27*2 

330 

350 

233 

375 

25*a 

244 

170 


rdiStf 


'-51, 

_ 0 25 

afi 7.0 

173HftL98l 

14.llkl2.MH 


3Ufl- 


Ul!) tl35 
25 15.08 
28 U 6F1.72] 
132 14-67 
228 9.0 


5.91 6.9 


3^ 55 


♦10.00] 6« 43 
2.71 
4.9 

a7l 


10.9 


10.6 

95 


8.0 


Sri Lanka 

Apr. SeptlLnmvaQ-1. 175 | 133( 55 | 15] 43 

Africa 


May Nov.|BIantyre£i _ 
Feb. Oct EnoLsctes. 


580 

180 


IXI 


50JJ 

13.0 


13.1 

10.9 


MINES 

CENTRAL RAND 


— Durban oe^Rl— 

Aug. Feb.lEait Rand Prp. Rl - 
Aug Feb.jRamtfoDl'DEa.it:. 


Aug Feb-l'WestEandRl. 



6.9 


EASTERN SAND 


May ? 
Februi 


Nov. 

ary 


Aug. Feb. 
May Not, 


Aug. 


Aug. 

May Nov-I 


Bracteflgte .. 

79 

34 

+Q25c 

15] 

KastDacraM— 
ERG03W50_ 

26 

364 

31 


12 

Grcoh4ei30c_— 

112 

3J 

tgi9c 

ii 

Kinross Rl. 

340 

3.4 

1 

ii 

LerfleBc_— 

46 

jA 

103c 

1.2 

KanecaleRaSO— 

108 

n 

tC46c 

1C 

S..t£ncacLd.3Sc.. 

51 

676 



\TakfcoiEDitt 

54 

i.J 

W25C 

04 

rCmkelhaalcRO— 

643 

34 

tgatc 

1.7 

KtMidSk— 

54 

B7^ 




103 

60 


27.7 

8.0 


FAR WEST RAND 


Feb. Aug. 


Feb. Aut 
Aug. Fet 


Feb. Aug 
February 
Aug. Feb., 
Aug. Feb.i 
Feb, Aug. 1 
Feb. Aug.! 
Fub. Aug.I 
Feb. Aug. 
Feb. Aug. 



332 

£10 

tv 



Deeikraal R03)_ 

78 

174 

- 

DocmltmtejnRl _ 

315 

3.1 


East Due Hi- 

741 

3J 

TQ78c 

nifwinJ Glo. Sk _ 

197 



EIsbnreRl. 

106 

17.12 

KB 45c 

RxtebeesiRl — 

£14 

<J 

0250c 

Hoof Gold Rl- 

520 

\\ 


LibamrnRI_ 

578 

31 

ke3 

5anlbT0al 50c 

475 

3J 

U?lf» 

SilfonteraSOc_ 

236 

3J 


VaalReefsSOr_ 

Venterspost W — 
W.DrieRl..... 

£133, 

225 

£22 

3J 

-31 

31 

fee 

Q385c 

Wert eru Areas RU 

162 

1212 

+Q13C 

WtertemDeepB2» 

799 

3) 

0825c 

ZaodpanRl_ 

229 

33 

M 


ft 


12.4 

10.0 


103 


1-71 63 


OJFA 


Sept Feb. 
Jun. Dec. 


May Oct, 


Jon. 

Jun. 

May 


Dec 

Dec 

Nov. 1 


Jun. 

Jun. 


Dec, 

Dec. 


FYee Slate D?r.5Cc 
F5fiedntdS0c..-. 

80 

£15*8 

132 

r* 

Qllr 

10240c 

141 

27 

FSSaajpIrasRl- 

80 

973 



HantK»hT50c_ 

LorntwR],_ 

344 

67 

34 

971 

Q55e 

06c 

4.7 

05 

Pres. Brand 30c_ 

901 

25 

101 Vie 

?6 

Pres Steyn SOc_ 

688 

?5 

+§20c 

99 

SL Helena RI—_ 

829 

3J 

tVU5t 

25 

L-niFd... 

169 

_ 



Wclboratoc_- 

258 

25 

tt?35c 

19 

|iV3oldings 50c— 

£18 


KSSDc 

is] 


43 


FINANCE 


Apr. Sept J tag Am. Coal 50c.. 
Jan. June AngloAmer.Ufc.- 
Mar. Aug. Ang. Am. Gold Rl. 

Feb. Aug. Ang-Vaaltoc.- 

Jan. July Charter Cant 

Dec. Cons- Gold Fields- 
May EartRantU-on lOp 
Oct May Gen MiningR2._ 
Mar. Sept. G»iM fields $ A St.. 
Feb. Ort. Jelairg rims. B2._ 
\ug Feb. Middle mt 29c_ 


'.linenrp _ 

5BD1.40.. 


Mar. Ort, Mi do rrn 51 

Mar. Sept New ffii fjlr._ 

— Prim" W Fli5_ 

November Rand 1 teuton I5c_ 
Uan. July Selection 1riisi__ 

Aug. Feh. Srubnt 10c- 

May Oct Silvernun&Ciin 
July Jan. TS-aaLCfttaljisI.. 

Mar. Sept U.C Invert RL_ 

May Nov. GaionCorpn.a25c. 
Sept Mar. Vogels _ 


570 

328 

712 

122? 

at 

3.41 

ft 

£16+4 

a? 

rjlKcD 

13 

780 

31 

gii5o 

ft 

142xd 

176 

83 

ql4 

176 

J7< 

t9U6 

>6 


75 

105 

13 

£17*« 



21 

£13 

13.Z 

QUOc 

12 

£13^, 

3. 

Q170c 

2.2 


31 

W?5c 

ft 

30 


a?5 

19 

195 

71? 

012c 

+ 4 

113 

11? 

gi5c 

05 

rT 

r-H 

a 

U7? 

>CE0c 

ft 

53 

i/it 

t'gioc 

a(I 

428 

7S 

14.0 

1.9 

213 

53 

3212 

14 

ST 

ft 

17 

£14*4 

155 

tO%c 

34 

224 

7/7 

«30c 

17 

264 

li 

039e 

lb 

62 

liq 

Q7*>c 

10 


63 

68 

5.9 
92 

8.9 
73 
9.0 
73 
53 
7.4 
8.2 
63 
35 
7.0 
26 

113 

SO 

8.7 

7J 

4.0 

&9 

8.6 

72 


DIAMOND AND PLATINUM 


Nov. 

US 


ay 

[Jan. 


Mav 

Sept 

Nov. 

Aug.1 


An^o-Amlm'iOc.. 
Bun^stsPlilOc.. 
Ite Beets Df 5c...— 

Nov. May LTftentnra UW 1 .. 
Nov. 4IayRm.nat.iOEj_ 


£38 

82 

371 

£11* 

60 

81 


3o3flfjJc 

330525c 

utanc 

17.10lrtlZ.7c- 

477^24] 




Sterling denarninaled tecuritier which include investment 
dolicr prenuum. 1 

“Tap" Stuck. | 

* llighs and Lows marked thus have been adjusted to allow 

lor rights issues for cash. . . 

t Interim einre increnjrd or Tcanroed. 

I Interim since reduced, passed or deferred. 

St Tax-free to non-resident:- on application. 

O Figure* or reoorl awaited. 
tT Unlisted security. 

0 Price at lime of suspension. 

* Ind:<Mteri dividend after pending scrip aad/or rights issues , 

cm-er relates to previous diurtcnd or forecast. 1 

•* Free of Stomp Duij- I 

> Merger bid or reorganisation id progress- ] 

f. Sft cu-npanable 1 

a Sanie interipi: reduced final and.'or reduced earnings { 
indicated. 

f Forecast dividend; rover on earnings updated fay latest • 
interim sutemeot. 

J C»ner jIIowt- for ovr.’crjion of sham not now ranking for 
(tividenits -jt rankicc only for rcstrined dividend 
it Corer doca not .-illow for shores which may also rank for 
div.itend at u future dale. No PiE ratio usually provided. 

V Kxc]wllifg a final dividend drrlanrtion. 

* neBi r mal price. 

II No piu* value 

n T.e: tree, b Fipures based on prospectus or other official , 
estimate, c Cents, d Dr. idend rale paid or payable On part ! 
of capital, cover based on dividend rm fall capital. ( 
e Bedempiion yield, f FUt \leld g Assumed dividend and 
h Assume-] dividend .iod jleld after scrip issue. | 
j Payment from capital seun.es k Kenya m Interim higher t 
than ptevious lotnt. n tU^hf. issue pending 4 Earning! . 
1-jsed nn prclimmary' fi/rures r AiutraJian currency. I 
r. Piviriend and yield exclude a special payment 1 Indicated ■ 
■iividenrt: ewer irl.Hrs 10 previous din deed, PIE ratio based 
op I .tied anniUil enmuigr. u Kv> recast dividend, rover based 
on pres ions year's eaminjt.. v Tax tree up lo HOp In the C. 
w Yield allows for curreoiy clnitse. y Dividend and yield 
based on merger terms. 1 Dividend and yield include a 
T»ml payment- Oner d-te* n<4 apply to special payment. 

A Net dividend end yield. It Preference dividend passed or 
deferred «' Canadian. JJ l!oi er and P/E ratio exclude protili 
oi UJv. aerospare subsidianos E Issue prire. F Dividend 
ana y.old based on prospectus or other official estimates for 
J077-T11 G Assumed dividend and yield after pending scrip 
aori.T.r rights issue. D Dividend and yield based on 
proipecias or other official cGLuniUcs for 1FW-77. K Figures 
based on prospectus or other official estimates for 1878. 

M Diit lend and yield hated cm prospectus nr other official 
estimates for 1S7B. N Divideod anrl yield based on prospectus 
or other official odimatet for 10+9 P Dividend and yield 
howl on prospei-ro.. or other official enlimates for 1977. 

Q <Jro«s. T Figures anrutoed. li No significant Corporation 
Ta\ )>ayuble 2 Dividend i«al to dale ft Yield based on ■ 
re^umpciuii Treasury Bill Rctc stays unchanged until maturity 
of Stock. 


Abbrc-. latinns- ricx dividend: a e\ scrip issue; vex rights; a ex 
all. at e» capital distribution. 


Eecent Issues " and “ Rights " Page 29 


This service is available to every Company dealt in on 
Stoci Eachaages throusbout (he United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 


The fcllotvjnu Is a selection of London quotations of share* 

TMU. 


previous**" li'Uvd only in regional mortals. Prices of Irish 
UttUCs. most of which are not officially listed in London, 
are o-> quoted on the Irish exehnnee. . . 

faheff. rtelrshmt.l 


Alhonv Inv.Mp 
Ash Spinning 
Beruiti— .... 
Bdg'wtr. F.-L top 
Udwri'ail:-.. 
Craig A- Rose El 
Dv»jin iR Ai A 
Qli-4: McHdy. 

Evercl. 

FUe Mv.-s - • . 
FSnlav I'it.s ^t».. 
Graic‘-tiin *-• 
filer or. * Bren.. 
1.031 Stir £1. 
Holt iJCc- I»p 
N*thn. Golrismilii 

Wearcci 1 -'. H 1 • 
Peel Mills.. .. 
Sheffield Drnk 


23 


45 


22 


270 


lb 

t-2 

445td 


37 


62 


IB 


50 


73 

-i. 

154 


£0 


150 


265 


54 


165 


20 


45 



slnxUUtWnu....| 


52 

90 


IRISH 


Conv 9%'80/82 
Alliance Gas .. 

Amoti_ 

Carrol liPJ 1 — 

ctondalkin. 

Coticreie Prods.. 
rieiutn(Hld?R.i 

Itis. Corp.. 

inch Ropes. 

Jac-uh . —. 

Sutilieam____ 

T.to.G.. 

Unidarc_ 


£91>i 


73 


345a 


90m 


97 

+2 

130 

-1 

44 

+4 

148 


130 


65 


SO 

-3" 

170 

90 



OPTIONS 
S-saoRtfe Call Rates 


ImlD8lrial6 

A- Brew. 

AF. Cement - 

B5R. 

Babcock . 
Barelays P-mli 

Becehnm _ 

Boots! irug .. 

RowuLcrs. 

fc.A.T_. . 

British 0\y«n 

Brown 1 J .1 . 

Burton-.V. ... 
Cadbur?? ■ ... 
Coumuldi • - 
Debenhamr - 
DistiLlt-rs .. 

Dunlop.I 

Eaale Star . .1 
E.M.I_! 

'ten. Ar cl dent 

Gen. Electric 
Glaxo... , ....... 

Grand sie:. . 

•3 VS. -,V. 

Cuardian. 

G K.N. 

Hawker Si .1 > 


12 


House oi F+Tiiv: 112 


l.T I.-.. 

•■lmpB".. 

T.C.L. 

fci«rcitk.- . 

K'.’A ... - 

Lorihrota... _. 
Lur.-iI &Gen.. 
ta-.x Service — 
l.lovds Bank.. 

"Lt'fi".... 

London Brick 
Lonrho ... . 
Liicua lnils.... 
LyoruMj.i.—... 

Mums".»..„] 

Mrk>. & Spncr 
Midland Bant 
N.2.I. -. 

.’.-at. Wot Bank 

Do. Warrants 
FaODfd ..... 

_ lessee. 

40 JR.H3!. 

9 jKaftJrOri.'.'A'., 
R«jClIntrJ._. 

vipiDcrs - 

Iwop.. .... .. 

Thom.. 

Trust Houses 




’iH 


Tube InvesL.. 

Voile ver- 

Utd Drapery. 

Vickers..—.. 

tv 001 worths... 


Property 

Bnl Land. 

Ca^>. Counties. 

■nLrcuropcaji 
Lind Secs. 

MEI*C. 

Psat-fiey. 

Samuel Props.. 
Toum & City_| 


Oils 


3nL Petroleum. 

Bnrmah Oil_] 

Charterhal).... 

Shell- 

Ultramar__ 


20 


Mines 


Charter Cons 
Cons Gold . 
RioT.Zinc.... 




J 

























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*■ « 
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A vital part of the MotorTi'ade. j 
Automotive Products Limited j 


FINANOALTIMES 


Monday June 19 1978 




Aregearedforyout 

m ■ .tllni Ii'mrrit ~ •> 'i* 1 


PtentMachroery ,^; 


tamw«nmogi-8aeaa»r;- 

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NATIONAL HARMONY AND ECONOMIC PROSPERITY TO BE CAMPAIGN THEMES 



calls 



arms 


BY PHILIP RAW5TORNE AND ROBIN REEVES 


AIR. JAMES CALLAGHAN 
called on the Labour Party at 
tbe '.weekend to prepare the 
ground for a Genera! Election 
campaign on a programme of 
" national harmony and economic 
prosperity.*’ 

In a major speech to a Welsh 
Labour Party rally at Brecon, the 
Prime Minister set out five tar¬ 
gets for a Labour Government 
in the next decade. These were: 

1— To build oo the success 
achieved in the fight against 
inflation to create more jobs. 

2— To plan and assist the 
regeneration of industry, en¬ 
courage worker participation 
and protect those who suffer the 
effects of rapid economic change. 

3 — To build h more compas¬ 
sionate and caring society in 
which prosperity was more fairly 
shared. 

4— To enhance freedom and 
enlarge it with a social back¬ 
ground that gave every indivi¬ 
dual the opportunity to make the 
most of his or her talents. 

5— To continue the work for 
world peace and attack the 


poverty that underlay inter¬ 
national tensions. 

In electioneering-mood. air. 
Callaghan urged party workers to 
open an immediate campaign to 
put Labour's message to the 
electorate. 

“ Explain the choices and we 
can bring the nation with us.* 1 
he declared. 

The Tory approach was to 
deride every success, exploit 
every grievance, undermine 
every effort and rejoice at every 
setback, said Mr. Callaghan. 


Profligate party - 

They could never unite the 
country for the tasks ahead. 
Their appeal was based on tbe 
myth that income tax cuts would 
solve all problems. ” But iu 
office they are the most profligate 
party this country has ever 
seen.” 

The Prime Minister’s rallying 
call to the party reinforced the 
general view at Westminster 
that an October General Election 
is now virtually certain. 

The Prime Minister intends to 


test- the mood of the electorate 
□ext month with two by-election 
contests in tbe vacant Labour 
seats at Manchester Moss Side 
and Penistone. 

Labour candidates for the 
by-election 5 , which will be held 
on July 13, were selected at the 
weekend. 

Mr. Callaghan will look to 
them to secure confirmation of 
Labour’s traditional support in 
the northern inner city and 
mining areas. 

The Government's talks with 
tbe TITC on the next pay round, 
the results of the Bonn economic 
summit next month, and the 
course of the economy through 
the summer will be other crucial 
factors in the Prime Minister’s 
final decision on the election 
date. 

In the prolonged pre-election 
campaign, tbe Conservatives' 
first main target—apart from 
their general appeal to Liberal 
voters—appears to be Mr. Denis 
Healey. 

Attacks on the Chancellor 
came at the weekend from Sir 
Geoffrey Howe, ihe Tory econo¬ 


mics spokesman, and Mr. Peter 
Walker, Former Industry 
Secretary. 

Sir Geoffrey told a Tory meet¬ 
ing at Nelson and Colne that a 
further period of office for Mr. 
Healey could, only bring “ an 
increasingly sullen sick and 
seedy society.” 

Mr. Walker warned that the 
Chancellor was taking the 
country to “economic disaster” 
by dissipating its credit. The 
benefits of North. Sea oil were 
being lost in imports of manu¬ 
factured goods. 


Unionist links 


Mrs. Margaret Thatcher, the 
Conservative leader, left London 
yesterday for a two-dav visit to 
Northern Ireland. She is ex¬ 
pected to try to strengthen rela¬ 
tions between the Tory Party and 
tbe Ulster Unionists. 

Tbe possibility of a renewed 
alliance could be important if 
the General EJectf on results in 
another hung Parliament. 

Mrs. Thalcber is to address a 
meeting of the Unionist Council 
today to which representatives of 


business and commerce have also 
been invited. 

Accompanying her to the Pro¬ 
vince was Mr. Airey Neave, the 
Tory spokesman on Northern 
Ireland, who came under sharp 
attack from Labour MPs yester¬ 
day for comparing the Labour 
Party's course with that of 
Hitler’s Nazis. 

Mr. Neave's tactics showed 
that the Tory ejection campaign 
could become "dirty as well as 
desperate," said Mr. John Grant, 
Employment Undersecretary. 

The speech had “stooped . . . 
into the very drain of smear 
tactics ” and indicated the sort 
of distortions that could come. 

Mr. Ron Hayward, Labour 
Party general secretary, said the 
remarks showed that the Tories 
stood for “ the politics of preju¬ 
dice rather than the politics of 
reason.” 

■Rie Conservatives sought to 
divide and divert the country, 
hut their scaremongering would 
not work. “ The nation has more 
to fear from the prejudices of 
the Right than the principles of 
the Left.” he said. 


Last-minute bid to stop 

society merger 



BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


A LAST-MINUTE attempt to 
prevent the biggest-ever building 
society merger will be made this 
week ‘by a group of dissatisfied 
shareholders. 

Plans for the merging of the 
Anglia Building Society with the 
Hastings 3nd Thanet to create 
the country's seventh largest 
society with assets of about 
i'lJlbn are due to be Formally 
presented to the Chief Registrar 
of Friendly Societies on Wednes¬ 
day for bis approval. 

Tbe merger has already been 
overwhelmingly backed In ballots 
by members of both societies, but 
a group of shareholders, to¬ 
gether with local officials of the 
National Union of Bank Em¬ 
ployees. are attempting to get 
tbe proposals called off. 

The Anglia is at present the 
llth biggest society in the 
country, with about 120 branches. 
fiOO.QOO investors and 100.000 
borrowers. The Hastings and 
Thanet which is the 13th largest 
wjcteiv has just under 100 
branches. 100.000 investors and 
75.000 borrowers. 

When the merger plan was 


first announced last November, 
the two societies said they would 
achieve much better national 
coverage and improve efficiency 
with the elimination of “ waste¬ 
ful duplication ” of existing and 
proposed branches and agencies. 

Both societies also emphasised 
their conviction that the move¬ 
ment was likely to polarise into 
two specific sections, leaving a 
handful of very large societies 
and a larger number of small 
ones. The merger would enable 
them to stake a place among 
the very large operations, they 
said. 

But some members, drawn 
mostly from the Hastings and 
Thanet side, are strongly opposed 
to the plans and hope to con¬ 
vince the Registrar, Mr. Keith 
Brading, that they should not 
be allowed to continue. The 
merger date is set for July 1. 

Mr. Paul Twyraan. a Hastings 
and Thanet Investor who lives 
in Kent, claims the backing of 
large numbers of members in 
bis attempts to kill the proposals. 

At Wednesday's meeting in 


London. Mr. Twyman and his 
supporters will raise Legal objec¬ 
tions to the merger and claim 
that the societies have not put 
forward a convincing enough 
case to justify their commitment- 

“ We have made repeated 
requests for information on 
numerous aspects of the merger 
and remain totally unsatisfied 
with the answers." Mr. Twyman 
commented. 

If the Registrar did not with¬ 
hold his approvaL the objecturs' 
group would consider applying 
to the divisional court to have 
his decision quashed. It would 
also consider calling for 
Monopolies Commission interven¬ 
tion. 

The two societies employ 
about 1,600 staff and have given 
guarantees that there will be no 
redundancies for five years. 

NUBE officials will be arguing 
that with two head offices now 
operating in Northampton and 
Bexbill. large numbers oF staff 
will eventually be hit by any 
rationalisation programme which 
may take place. 


Merchant banks estimated 
to have £117m in reserves 


BY MICHAEL BLANDEN 


THE HIDDEN reserves of the 
London merchant hanks could 
total as much as £117m, it is 
estimated by a firm of stock¬ 
brokers in its latest analysis 
of the accepting bouses 
sector. 


Among the biggest banks, 


In ao effort to arrive at tbe 
hidden strength oF ihe top 
merchant banks Lalng and 
C.ruickshank find wide varia¬ 
tions in the amount of money 
which has been put away by 
the different banks. 


J&est 

they suggest that (he largest 
amounts of inner reserves are 
held by Schroders, with 
£33.8m and Hambros wltta 
£33.lm, while Morgan Gren¬ 
fell is estimated to have some 
£27m and Klcinwort Benson 
£ 16 m. Hill Samuel's hidden 
reserves are put at a modest 
£L3ni. while some of the 
smaller banks are estimated 
to have little or nothing put 
away. 

Tbe brokers' estimates are 
based on (be evidence to the 


Wilson Committee about the 
financial institutions. This 
indicated that, while the 
figures vary From bank to 
bank, the industry showed on 
average a multiple of total 
deposits to tbeir own re¬ 
sources of about 12 times. 


While the brokers see con¬ 
tinuing growth for Ihe bigger 
merchant banks, they are con¬ 
cerned that tbe smaller groups 
in the Industry, lacking a list 
of maior corporate clients, may 
gradually lose ground. 


Continued from Page 1 

Pressure on Saudi Arabia 


At the same time within OPEC 
ranks there Is some confusion 
as to whether a rise could be 
sustained in present market 
conditions without the produc¬ 
tion programme of the kind 
opposed by Saudi Arabia. 

No rise could be maintained 
under a two-tier system if Saudi 
Arabia and Iran, together 
accounting for some 45 per 
cent, of present OPEC output, 
continued to sell at present 
levels. 


One possible outcome of this 
conference could be an agree¬ 
ment that from 1979 onwards 
prices in absolute terms would 
be adjusted regularly to take 
into account tbe movement of 
the dollar against other major 
currencies, including those of 
Saudi Arabia and Iran. 

But tbe immediate and burn¬ 
ing issue is the recompense 
demanded by the majority of 
producers with varying degrees 
of intensity. 


For their part, Saudi Arabia 
and Iran are not only anxious 
to preserve OPEC solidarity, hut 
are also sensitive to charges 
levelled by the Arab price 
hawks — Iraq, Libya and 
Algeria — that their support for 
a continuation of freeze is 
dictated by a desire to please 
the U.S. 

Mr. Izzedin Mabrouk, Libyan 
Minister of Oil, has hinted to 
the effect that “some member 
countries are not really free hut 


MOSTLY dry and sunny. 

S.E„ E. Cent., S- and N., 
SAV. England, E. Anglia, 
Channel Isles, Midlands, 

S. Wales 

Dry and sunny. Max. 22C 
<72F). 


BUSINESS CENTRES 





Y'tfay , 



Vdaj 


QlMHUiy 1 


nud-diiy 



"C 

“K 



-u 

r 

Amstrdm. 

s 

IS 

Ii4 

Line more. 

r 

16 

t>t 

Ailitub 

s 

an 

06 

Madrid 

C 

13 

59 

Kjnrjin 

s 

nr 

MO 

MiHii-tk-slr. 

b 

19 

66 

KtrvuJoiia 

K 

■-■i 

JO 

McJlKiurnu 

K 

12 

53 

Uuirui 

s 

ur 

si 

Milan 

F 

21 

70 


s 

is 

w 

ilonireal 

C 

2 a 

77 

k^-turaOc 

K 

-4 

< j 

Mcacow 

C 

17 

Cl 

liL-rlin 

s 

M 

61 

‘.lumen 

K 

16 

61 

hirnighni. 

s 

14 

3"i 

Nuwcasfie 

S 

16 

61 

BridiDi 

s 

lit 

64 

| New York 

s 

24 

76 

Brussels 

s 

19 

W 

i#k1o 

s 

24 

75 

Budawai 

•J 

IS 

b'4 

1 Puns 

F 

IS 

« 

B. .‘Vina 

c 

13 

35 

Penh 

F 

IN 

64 

Cilro 

s 

43 10U 

Rryhjavitc 
Hin lie J’O 

C 

6 

4.2 

Cardiff 

s 

at 

6S 

S 

26 

79 

Chicago 

s 

23 

14 

Rome 

S 

23 

73 

Colosng 

p 

19 

m. 

Singapore 

s 

30 

86 

CoMhann. 

s 

19 

66 

-■'ocVholm 

s 

19 

66 

Dublin 

s 

2u 

fiS 

jlranbrfi. 

c 

14 

37 

EdiubrcJi. 


IB 

Mb 

Sydney 

5 

U 

60 

Franklun 

u 

19 

6<i 

Tehran 

S 

10 

S6 

UifOv-va 

c 

\t 

M 

Tel Aviv 

8 

28 

«2 

Ci1aj?viow 

s 


T2 

Tol^'O 

S 

■11 

S7 

Iltlsinhl 

s 


57 

Toronso 

c 

26 

78 

11. Kong 

s 

no 

S7 

Vienna 

c 

15 

59 

Jo'hure 

s 

21 

70 

U'anoir 

r 

12 

55 

•-lahon 

Loudon 

K 

s 

lfi 

17 

ttl 

83 

Zundi 

c 

13 

55 


N. Wales, N.W. and NJE. England, 
Lakes, Isle of Man, Edinburgh, 
Dundee, S.W. Scotland, Glasgow 
Cloudy with some rain. Max. 
21C (7OF). 

Aberdeen, Highlands, 
Moray Firth, N.E. and N.W. 

Scotland, Argyll 
Cloudy, occasional rain. Max. 
15C (59F). 

N. Ireland 

Cloudy, occasional rain. Max. 
ISC (64F). 

Outlook: Mostly dry and sunny. 


HOLIDAY RESORTS 



Ajaccio 

Y'Jay 
mid-dar 
“C >F 
F 21 70 


Y'day 
mid-day. 

■C “F 
S 16 81 

Aimers 

S 

2 ."i 

77 


C 

20 

«s 

Biamts 

c 

17 

O 


S 

19 

66 

HlackpMr] 

8 

IfJ 

M 


s 

46 115 

Bordeaux 

C 

18 

04 

Majorca 

F 

21 

70 

Boulogne 

8 

15 

59 

Malaga 

8 

24 

yj» 

Casnblnca. 

C 

IS 

64 

Malta 

8 

*b 

79 

Cant. Town R 

14 

ill 

Nairobi 

G 

17 

62 

Corfu 

s 

28 

82 

Naples 

K 

24 

75 

Dubrovnik 

s 

23 

73 

Nice 

S 

21 

70 

Faro 

r. 

18 

84 

Nicosia 

S 

28 

W 

FiOP-iJCr 

F 

20 

08 


C 

12 

SB 

Funchal 

R 

16 

M 

Rhodes 

8 

28 

■U 

Gibraltar 

8 

22 

72 

Salzburg 

F 

IV 

S3 

Gucrnwjr 

S 

M 

57 

Tangier 

S 

19 

m 

Innsbruck 

s 

21 

;« 

Tonertle 

V 

14 

57 

Inscmoss 

s 

14 

57 

r nnls 

V 

24 

75 

I. of Mao 

s 

20 

6 S 

Valencia 

F 

24 


Istanbul 

s 

24 

1 J 

Venice 

F 

*2 


S—■Suuuj-. 

F—Fatr. 

R—Rant C—Ctowly. 


Saudi Arabia's crude oil 
exports fell again in May, some 
L19m barrels/day below the 
levels of the month before, 
according to figures released 
by the Ministry of Petroleum 
and Mineral Resources writes 
Jamie Buchan in Jeddah. 
Average exports of Saudi crude 
dropped to 6.72m b/d in May. 
compared with 7,91 m b/d in 
April, and 6.81m b/d in March. 
This should be measured 
against an income from oil 
estimated in the recently- 
announced budget for 1978/ 
1979 of $33.4bn based oo a pro¬ 
duction ceiling of 8m b/d and 
stable oil prices for the rest of 
the year. 


are subjected to pressures.” 

But he acknowledged that the 
real problem as far as raising 
prices was concerned, was the 
oil glut, and he commented: “We 
have the means in our hands to 
end that.” 

Here again the price militant 
countries, none of which is pre¬ 
pared to cut production, point 
to Saudi Arabia, which is st-i-M 
producing at a rate well above 
its financial needs. 


Sadat would accept 
Israeli garrisons 


on West Bank 


BY L. DANIEL 


JERUSALEM. Jane IS. 


FOR THE first time tonight it 
was disclosed that President 
Sadat would agree to slight 
border modifications on the West 
Bank and the presence of Israeli 
garrisons after the conclusion of 
a peace treaty. 

This emerges from the protocol 
of a meeting between President 
Sadat and Mr. Shimon Peres, the 
Israeli opposition leader, which 
took place in Austria four 
months ago. The protocol was 
released only to-day following 
permission for publication from 
President Sadat this week. 

According lo this document the 
Egyptian President recognises 
the different security considera¬ 
tions pertaining to Sinai and to 
the West Bank respectively. 
Hence, he has agreed with 
Jordan’s consent, for only slight 
border modifications on the West 
Bank and a continued Israeli 
military presence. 

President Sadat also told Mr. 
Peres that he would be ready 
to complete the first stage of 
the peace negotiations and sign 
an agreement on Sinai provided 
that both parties agreed to all 
particulars and a Iso tbaf Israel 
made a declaration of principle 
to permit tbe participation of 
King Hussein of Jordan in the 
peace negotiations. 

In President Sadat's opinion. 
King HusseiD would be ready for 
talks in co-operation With mode¬ 
rate Palestinian representatives 
(bin not the PLO). The Egyptian 
President further depressed the 
opinion that tbe best solution 
to the problem of the West Bank 
would be a link with Jordan. 

Mr. Moshe Dayan, the Foreign 
Minister, said on Israeli 
television tomght that Israel con¬ 
tinued io recard Security Council 
resolution 242 as the basis for 
peace negotiations on all fronts. 
But. be added, that in his view 
Israel's proposal for administra¬ 
tive autonomy in the West Bank 
represented adequate implemen¬ 
tation of the resolution in that 
area. 

Anthony McDermott writes: 
Earlier the Israeli Government, 
after prolonged consultations 
which could have brought to an 
end the Premiership of Mr. 
Menahem Begin, issued a state¬ 
ment on the occupied West Bank 
and Gaza Strip whicb can be 
regarded as a bolding position, 
but also as a victory for Mr. 
Begin. 

The Cabinet was meeting to 
answer two questions from the 
United Stales, relating to Mr. 
Begin's offer of administrative 
self-autonomy For these two 
occupied regions. The first was 
to elicit what Israel believed 
would happen after the expiry 
of the proposed five years of self- 
rule. The second asked how 
thereafter the Palestinians them¬ 
selves would participate iu deter¬ 
mining their future. 

The Israeli Government state¬ 
ment was the product of three 
Cabinet meetings—the last yes¬ 
terday—and numerous consulta¬ 
tions between Mr. Begin and in- 



Mr. Menahem Begin 
Cabinet victory. 


dividual minister?. Even so. the 
Cabinet was not unanimous on 
the statement, for only 14 out of. 
the Cabinet members voted 
in favour. Those against were 
Mr. Ezer Weizman, the Defence 
Minister, and a member of Mr 
Begin's Likud Party, and the 
four ministers from the 
Democratic Movement for 
Change, part of the ruling 
coalition who hold more 
moderate views on the question 
of withdrawal from the occupied 
territories. 

The Government statement 
contained three points. The firs* 
asserted that Israel considered it 
vital to continue the peace¬ 
making process with its 
neighbours. The second said that 
after five years’ application “of 
administrative autonomy in 
Judea, Samaria (that is the West. 
Bank) and the Gaza district" 
the nature of future relations 
would be considered and agreed 
upon between “the parties." 

Third, it said that “for the 
purpose of reaching an agree¬ 
ment the parties will conduct 
negotiations . . . with the partici¬ 
pation of the representatives of 
the residents of Judea, Samaria, 
and tbe Gaza district elected in 
accordance witb the administra¬ 
tive autonomy.” 

The Government statement 
reaffirms Israel’s interest in 
wanting to continue tbe peace 
negotiations set in motion by the 
visit of President Sadat of 
Egypt to Jerusalem last Novem¬ 
ber and also leaves open the 
question of sovereignty over the 

iiM Kank and Gaza Strip at 
the end of the five-year period. 
But it offers nothing to encour¬ 
age King Hussein of Jordan to 
join Egypt in negotiations. 

Renter adds: Egypt regrets 
Israel's failure to respond fav¬ 
ourably to U.S. questions on the 
future of the occupied West 
Bank and the Gaza Strip, an offi¬ 
cial source in Cairo said 
tonight 


Earnings index to show 
Phase Three progress 


BY DAYID FREUD 


FIRM EVIDENCE on bow Phase 
Three of the Government's pay 
policy Is progressing is expected 
today when the index of average 
earnings for April Is released. 

In the first eight months of the 
wage round settlements have 
been running behind the time¬ 
table of earlier years—only 66 
per cent of workers reaching 
agreement compared with 80 per 
cent in the previous round. 

The May figure is likely to 
show some narrowing of the sap 
and allow fairly precise assess¬ 
ments of whether earnings in the 
total round will increase by the 
expected 14 per cent 

The unemployment figures— 


published tomorrow —will be 
watched closely to see how the 
school-leavers affect the adult 
total. 

Unemployment has been drop¬ 
ping steadily for the last eight 
months, but officials have been 
cautious in their interpretation 
of tbe figures. 

This is because the historically 
high level of unemployment 
could have changed the way in 
which school-leavers affect the 
labour market. 

Evidence of any such change 
wil] be available in the June 
figures, in whicb the summer 
school-leavers appear for the 
first time. 


THE LEX COLUMN 


i ' : . JsT-.% »J ia ?5 

• . • 1 ■ ... jffJtV, 

• •• • -.• -• : • h A 











Barclays Bank’s scheme, to. 
issue 2S-3m new shares for 
£85m cash, an end result to be. 
brought about by wholesaling; 
the Investment Trust Corpora^ 
tion, has been launched at ft 
time when the institutions have, 
already been becoming- con¬ 
cerned about the pressures' 
acting on the traditional rights , 
issue mechanism. Equity -Capital, 
for Industry has for some time, 
been trying to "persuade smaller 
companies to sell its" lines - of 
shares rather than call upon 
shareholders. Now Barclays 
has proposed to increase its 1 
issued share capital by 14 per, 
cent, effectively at 300p rather 
than the 335p ruling in the 
market when the deal was 
finalised. If the scheme proves 
successful a number of other 
similar proposals can be ex¬ 
pected as the big pension funds 
bite deeper into the beleaguered 
investment trust sector. 


140 

120 


Merchant- 
- j^ Banks ' 

100 

80 

60 

40 

n ir l 





W v 





i 





L 




n 

L ' 



: . % 
Relative to FT-Actnsri 
'^Jl-Shaxe Jiwftnr 

2 

L_J 


| -- -tawri ' W TZ *73 ’Var.'TB’W TO j 


S25p) and a cruditi aspect of-tiie 
arrangements Is thaf'the. shares 
have been underwritten 10-$ per 
cent below tbe then market 
level, whereas rights issues axe 
normally underwritten at v a 
minimum discount of 16 per 
cent 


review -of acceptiag-Tidttses 
which tries to estimate tbs ram 
of the .sejrret reswves, 'some 
accepting hbusesare .now-very • 
undervalued, v Schroders V-.ahd 
Hambros/ ia r vparticuJat£^re 
reckoned-to be selling: at .*. dis¬ 
count of around 60 per~cent.hr 
true net asset-• value..;- i 

-It is not only ^hareholdere 
that suffer, from -IhfiMeepdiSr 
count The' banks Themselves 
also coink o^ ; barfly;-stece. 'it 
effectively debars^ them from 
-having, rights^isspess. TO ‘strong.- 
then thelb; ettiJ^.ha^^wbjeh 
In, turn f. inhtoiteVtite^;^ 
growth. HdWevefiTt5i!f3w^:;ui> 

likely that the. :d^MteX w3i;. 
disappear : or -. - even^.snarrow 
noticeably unless 4Ke J&nk! of 
Efng’laibS Abends'rtis ■ xfiies -and 
makes it easier-fer outsiders to 
take over an. accepting -house. 
Then, at least; t^wffl be pos¬ 
sible to-see what *• merchant 
bank is really worth. 



The Stock Exchange ,■ has 
always been strict about the 
need for existing shareholders 
to have rights to purchase , any/ 
new issues, and permission]fbr’ 
direct placings is given only, 
when relatively small sums are- 
in valve d. Barclays' scheme is. 
technically a takeover rather 
than an issue for cash, hut 
nevertheless approval is to be 
sought from shareholders^ in 
general meeting. - - •> . -• 

One reason why companies 
like Barclays are reluctant to 
launch a full rights issue is that 
the amount raised is relatively 
inflexible. A one-far-four would 
generate around JE140m for 
Barclays, and to go for a 
smaller sum would — it Is sug¬ 
gested — carry the risk- that 
the option of a full scale issue 
would be eliminated for ' a 
period. Lonrho apart," com¬ 
panies are reluctant to-repeat 
a rights issue in less than, two 
years. But the decision’To go 
for this alternative scheme may 
also reflect a degree/ of in¬ 
decision within Barclays over 
whether a rights issue is really 
necessary. 

A second justification being 
put forward for the'investment 
trust fund raising route is that 
it avoids some of the market dis¬ 
tortions produced by a rights 
issue. Small shareholders are 
often unable to take up rights 
offers,-a mTsuffer from a technic¬ 
ally weak share price and from 
transaction costs when they 
sell their rights. The theoretical 
fairness of issues by way of 
rights is therefore not achieved 
iu practice. Barclays points to 
the initial steadiness of the 
share price < though by the end 
of last week it had eased lOp to 


. However, other factors have 
affected the share - price-r 
notably the 20 per cent-dividend 
increase, and the implication 
that a full-scale rights issue will 
not now bappeor-while the real 
test will not come until the new 
Barclays paper gets into the 
market. Although the dilution. 

involved in Barclays’, deal 
should not be exaggerated—the 
£9-8m effectively given away to 
ITC shareholders,, beings the, 
excess share value over: tire 
£S5m receivable, represents 
under 1$ per cent of the mar¬ 
ket capitalisation—thereis a 
principle at stake. The. institu¬ 
tions face the question of 
whether they can- afford to see 
others follow Barclays through' 
a widening' breach^/*'- - _ \ 


Deferred tax 


h L 




.-v 

i""- 


Continued from Page 1 


TUC 


way—although attempts to per¬ 
suade unions to cut overtime 
working could be part of the 
arrangement 

Depending on what assump¬ 
tions are made about the way 
in which output is made good 
by higher productivity and overt 
time working a two-hour cut 
could on the basis of- Employ¬ 
ment Department calculations, 
remove between 40,000 and 
200,000 from the'- official, dole 
queue. 

But tbe number of jobs created 
would be higher than that, and 
unions believe the Department 
has made the most pessimistic 
assumptions. 

The saving in Government 
expenditure would be between 
£250m and £350m. 

The unions’ mounting a cam¬ 
paign for a cut in hours was 
picked up at the week-end by 
Mr. Norman Atkinson, Labour 
Party treasurer and a leading 
Tribunite. who said that the 35- 
hour week must be included in 
tbe General Election manifesto. 

Speaking at the Yorkshire 
miners' gala, he said that it 
would create more jobs without 
inflation. 

As the TUC prepares its own 
policy document on the issue, the 
confederation of British Industry 
wil] tell the Chancellor tomorrow 
in talks on the next phase of pay 
policy that any reduction in the 
working week most be resisted 
because It would increase over 
rime working and damage 
Britain's competitiveness. 

So far. Mr. Healey appears-to 
prefer the employers* argument 

while "Mr. Albert Booth, Employ¬ 
ment Secretary, has also been 
warning of the cost consequences 
of a shorter week. 

But that stance could change if 
TUC leaders persuade the 
Government that this Is the only 
Trade-off really available to it 
this year. 

Yesterday, Lord Allen of the 
Shopworkere. and one of the 
senior Right-wingers in the TUC, 
warned that if workers saw free 
collective bargaining after July 
as a chance to use their indus¬ 
trial musde, there could. be 
disastrous economic conse¬ 
quences and the disappearance of 
urncm-Goverument co-operation. 


Merchant banks 

The--size of, &e discount tit 

the share prices-to underlying 

net 4isset value-haunts invest¬ 
ment, trust managers. But if 
they think- that titey have prob¬ 
lems they should spare' a 
thought tor the . City's presti¬ 
gious accepting houses. which 
are now' rated on a' .par with 
second rate. engineering com¬ 
panies. 

Virtually all of the quoted 
accepting houses are selling at 
a- significant discount to pub¬ 
lished net worth. Schroders, 
the third largest. Is currently 
capitalised, at £30m. compared 
with a published net worth of 
£45m while Hambros shares are 
also soiling at a third belowjxib- 
lished net asset value. The 'pic¬ 
ture is even worse if the batik's 
hidden reserves are;taken' into 
account Accorfjng tq. brokers 
Laing and Cruickshank’s anqoa£ 


There is*.had•news’ for the 
investment analysts of the City 
as they tftijjggge : t0i make sense , 
of earnings per share calcnla- 
tions in.^thq of the . 

aeetmpting^^expqiuTe- draft bn 
deferred lytaiC'ISp I& The 
accountants are likeiy to make 
a ~ fimtiuit " compromise ' before 
the full- -accounting'' standard- 
sees the ligfcrof day-'Companies 
wiir continue to have the option 
of drawing up' their figures on 
the- previous: .'basis, • whereby •: 
deferred tax - is: charged even 
when there is no likelihood of 
it ever being .paid; "This raises 
the'distinct possibility, that' in a 
significant numberof cases.com¬ 
panies will publishearningsper 
share whK^arenOfatallcom- 
parable to ED 1? figured - 
; .The -main reason 1 tor.tiie con- 
cb£sSonr by the Accounting Star. 1 - 
darits' COmmmee is-apparently . ^ 

thkt.certaln .UK subsidiaries of ;.c-. r > »•'•••' 11 
U.S; parent companies are con¬ 
cerned that different... figures 
would have to ,be filed -in the 
two countries if the ED 19 pro¬ 
posals were to -go through un¬ 
modified^ Most.-,- British' com¬ 
panies will, zn : £acC adopt. the 
ED 19 basis-for- repotting—as 
many have already done. But 
there will no doubt-beoonserva- ^ • •• ' ,T * 

tive companies' wffich plaee a . - 
high priority" On- prudence and 
will go oir'chargi n g tax at the : 
i^Il-hpmtoal 1 rate.-If so,-there 
wiE be no ;chahce of a general ■ 
jetirm -to : compariduEty' in 
reported company earnings—to 
.Hmftwt ''.iexterit r'that thil 


woidd. have:'anyway been -praic- v, _ , 

ticajile,given: .the inherent Uru 


c:« 


idbjpctivity Introduced, by 32) 

19. -‘v- '• 


• 


y'y 








BUUhinG SUPPLIES ' 
ENGINEERING SUPPLIES 
ENGINEERING 
PRINTING 



Preliminary resuMs-yean 


Sales 


1978 

£41,102^34 




Tradrngprofit 
Interest . 


- : 1,909,905 

' " ' ’ 1.487;SS3 • ' 

Employees"profitshar/ng'. : : 104,654 


1J38&179 


__i’. 

SftfireofprofitoFassoaW^. ; c j 234^956 v . ' 

Profit before tax . -: 1,618.135^ > ’ .'V 

Tax:Gro.up V1 • / . • V-: y : ' 


vldendspershare • ‘v ?yfr- ?-• ... - - . 

intenm2.i|),(i977zip)f; . 

Frohoserffinaf S.Qri .' " ■' ''-.v : . : .V -v.* A. r' k ' • 


--ASSOC..CO s.: 

PioRtaftertox 
Dhndentfeper share: 


Froposectfinai 3£p 
(t9773^328p) 

Profiiretarned 

Eam’mgsper share 







Sales up 30%. 

Pretax profit np- 57 %, r . 


For a copy ;of our lat^t accqurttS^^' - J", : 
pi earewritotoThe Sechkary^pe^trn 

Fergus onlntfustria! HoWrflg&lp;^ 
Appleby Castle, Cumbna.0^1 jSfexk^/' ^ 


cumBriacAJ ; :f:0 :V : 

- V-;.:; I>rir-:/ 

w-'- ■?-- 



JEUslBWgd- ar; flu 
hr the EiniacUl ■ rnmea u/L, ■ 

Or,