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P.D. far S. Sot (OJ.SBiini 1iwi.SH MO. 

• U. SMaitt-TMKWni ZKKI.faknjtKI 
A U-ta-rt to lnfto M Emm. 


No. 27,089 Tuesday June 20 1978 ** 15 p 

continental selling prices* Austria' Sdulfc ggw Pr.zs ; Denmark Krj.5: France Fr.j.o : germ ant omz-Bi italt l.sob; Netherlands Norway KrJit 


Average earnings Fl 


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NEWS SUMMARY 




i nrnr 


WtJ V. 


(I rSRTi 


IsiTi 


accelerate as 
economy expands 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Further 1 Think Tank 

cut in pay ,_._ 


rises rate *> probe new 

urged electronics 


[llllllllfltllll! 

IHUIIinsIgl? 


• Yen reached afurther post¬ 
war high._’:again^; ■ tfaje dollar, 
Tie Provisional. IRA said they and it dosed it a record Y213,40. 
tad." executed ” RUC Constable STERLING ;- closed- ^ 'points 
Viiiiam Turbitt, who was kid- " 

Tapped on Saturday, bat gave no 
^formation where, the body was. 
s “ Father Hugh Murphy; freed 
ifter being seized in retaliation 
or . the policeman's, abduction, 

:aid he was heartbroken at the 
iews. . . 

Mrs. Margaret - Thatcher, who 
■ is expected to work at improving 
relations between the Conserva¬ 
tive Party and the Ulster 

Unionists while in - Northern lrc- I | II FW j 

Jand, was accused by Mr. John 1 Ul"L/ . '•.T "i 

Pardoe, Liberal economic spokes- . tg0 -•■- U - j 

man, of making “the most des- ~ 1 f \ iJsM | 

picable visit by a British thI'^SSs- - 

politician since Chamberlain's r i 

last trip to Munich.” She visited ■ ■ ■ ■■: jj • ■ ■ I 

/ Janies Mackie. the Belfast 1977 - 1978 

textile engineers, one of the first . y . , 

• companies put on the Govern- better at SI.8350 and its trade 
: meat's blacklist for exceeding weighted index' remained un¬ 
pay guidelines. Page 11 changed at 61.3. The dollar 

£ !„ (.A.ii came under pressureand its 

fITI gemS naui depreciation widenefcto 6.1 per 

'. A six-man gang escaped with an cent (5.9). . - • ‘ 

* estimated £230,000 worth of cut . v; v 

- and uDcut diamonds from a • EQUITY ieadersjuriftea on 
- jewellers shop in an arcade scattered selling, and the FT 
. "beside the Savoy Hotel. London, ordinary share inder'elosed 3.ti 
The raiders, who brandished a down at 467.0. ■ . 

.sawiL-off .shot gun and an axe, " ^ 

' left trays of made-up jewellery • GILTS wer estitt affected by 
after ransacking the safe. the two large tapdssuos and 

b.i<vi>«n Aaof. losses were recorded at the 

Dcigilan pavl. longer end. Tht .Cwtrnnient 

Belgium's five-day Government Securities index eai^i;,0.50 to 
crisis ended when., the -four 69.94. 

. parties in. the--.ruling coalition . . " ••.■^‘re¬ 

negotiated &'compromise-on cuts # GOLD closed Si ut+,at 5185j 
• in public: spending and moves in London and in Nj|».vYork 
toward regional autonomy. King thcJuie Comes priee4tpsed 90 
Baudouin formally rejected points up at J186.60. «f,V 
Prhne Minister Leo Tindemans .gE:. 

offer to.resign-... - : • WALL STREET cl^.up 

' r Page 2- . . I.fw at 838.62. 

f ._ Captain’s cl aim - 9 national Westminster 

The master of the Amoco Cadiz Bank, is to raise the charges of. 
told an inquiry m London, that running accounts to tfereonal. 
just before the vessel's steering customers, following a similar 
gear failed he changed course -move by Lloyds Bank. Page 8 
towards the French coast to • -^ 

avoid a collision with another • JAPAN’S visible trade surplus 
tanker beading ~rtowards him.-in May .was reduced by nearly 
Back Page Slbn, the Finance Ministry has 

. announced. Reduction of the 

Threat to tennis trader surplus, which Japan I 

. ' ' . - '.regards as its biggest interna- 

Wimbledon tennis broadcasting jj 0 Qs'I responsibility, may lead 
next week may .be threatened-if to Emergency uranium imports 
Post. Office engineers refuse .to 3C yj oil stock-piling, the Japanese 
lay power lines, in support of a pri me Minister has said. Back 
claim for a-five-hour cut in the page ; 
working week. TV technicians,:- 

may support the engineers.-.^ ^ TRUST sales, though 
News Analysis, Page 5.- -r ': still buoyant, fell from -the 
e£70.3m recorded in April to 
524-day oraea.1 - £53.2m last month, bringing 

£ s !Sp 

™ . WC.VL AUTHORS fcave 
froea in Gela, Sicily, after his been allocated £100m b>- the 
lamilv was believed to have paid Government for land acquisition j 

, ng ni ransom over ^ Des:t lwo y ears - m.an ! 

a £.i.3m ransom. . .. attempt to stimulate tbe Com-. 

Ail at Kremlin . mumty Und Scheme. Page 6 . -I 

Snriet President Leonid Brezh- 9 HEALTH SERVICE employees' 
nev welcomed Muhammad Ali, showed their dissatisfaction oyer! 
the former world heavyweight pay when the 212,000 strong 
champion to the Kremlin, with a Confederation of Health Service 
^ iciss.an.both, cheeks.._ - . employees called for a minimum 

~ " '£80 a Week' wage. Page 8 

Briefly.*. •national graphical 

Hotel dishwasher from Italy was ASSOCIATION general secretary 
-jailed-for two years at Knights-'.fj as -emphasised fierce opposi- 
bridge Crown- Court for slashing Lj on 0 f some union leaders to 
a Poussin painting in the aj,y form of incomes policy ifter 
National Galley, causing damage Phase Three expires. Page 8^ ' 
which halved its Value. . 

Princess Caroline of Monaco is COMPANIES M 

to he given two. Siberian tiger _ ... 

cubs as a wedding present from • COURTAULDS auditors. Price 
a West German circus owner. . - Waterhouse, have said that the 

Sir D -™li >p.t, tbe rigji ^ 

£:tilor-£ntrai ™Z Ai i* 

Hong Kong. OWtrary, Page 11 ..^^d in regard to regional 
Earth tremor shook Salonica. develooment grants. Page 21:7" . 
Greece. One person died of shock 

and several were injured-, • PETBOW .'Holdings pretax 

West German .. diplomat, was profit rose 13 per cent to a re- 
wounded "by crossfire in an East cord £3.Z4m for the year 
Berlin gun battle between police ended .March 31. on turnover_23 
and an armed fugitive. per cent ahead at £-1.3Sm. 

Siamese twin girls, born in 1. • ge 21 

Oporto, Portugal, nine days, ago _ -REDUCTION in the amount 
and joined at the stomach and Qf „|f 0 j tat tj on companies have 
thorax, nave died. - t< j the pr^gs commission 

Lihel actiou brought . against before raising their prices-.is 
Times Newspapers.by Mr. Robert expected to. be made* by the 
Maxwell, the former,labour AfP, Government when the present 
is to begin early.next year and Price Code expires this summer, 
is expected to last six months. Back Page 


CHIEF PRICE CHARGES YESTERDAY 


The rate of increase in average earnings has 
accelerated in recent months, so the rise in pay 
during the current round to July may be slightly 
higher than recent more optimistic Government 
projections. 


PerccnM^c increases over 
I previous 12 months 


The increase is attributed 

partly to the upturn in the 
economy. 

This is suggested by yester¬ 
day's figures from the Depart¬ 
ment of Employment, showing a 
3.R per cent rise in the index of 
average earnings in April for a 
cumulative increase of 13.9 per 
cent seasonally adjusted in the 
first nine months of the Phase 
Three pay policy. 

This is equivalent to an annual 
rate of 1S.5 per cent and con- 
irast* with . recent unofficial— 
ihou?h fairly explicit—Whitehall 
hopes that the outcome might bo 
around 14 per cent for the full 
12 months. 

The result is that real earnings 
are now rising very sharply 
after adjusting for the slowdown 
in price inflation. 

Tliere was an unusual unani¬ 
mity yesterday in both industry 
and in Whitehall that the signifi¬ 
cance of the figures should not 
lie exaggerated. 

Sir John Methven. director- 
general of the Confederation of 
British Industry, said that "too 
much should not be read into 
one month's figure, which has 
been artificially boosted by hack 
payments, ll also reflects in¬ 


creased overtime working as the 
economy picks up.” 

“ Nevertheless, pay increases 
are continuing at too high a level 
and this reinforces the need for 
continued mi/deratinn if British 
gouds are to be competitive in 
world markets and if British 
workers arc not to price them¬ 
selves out of jobs.” 

Sir John will be part of a 
delegation of Confederation 
leaders seeing Mr. Denis‘Healey, 
the Chancellor, later today to 
discuss future pay policy. 

The index may exaggerate the 
underlying rate of growth of 
pay because it covers mainly 
production industries and only 
part of the service sector. 

Productivity agreements and 
rising overtime associated vvith 
the expansion of llie economy 
have moslly affected production 
rather than service industries. 

The Department of Employ, 
ment also publishes a new index 
covering lhe whole economy but 
it has not bec-n going long 
enough to be seasonally adjusted 
and so is not a reliable indicator 
of short-term trends. 

However, the underlying rate 
of increase in this index does 
appear somewhat slower than 


25 , Retail 

m/ Prices 

«•- I vln 

i 'HSg 

10 Earningsv 


1 1975 1976 1977 19781 

for the older and narrower 
index. 

This index n^i> ijy 9.4 per cent 
in the firM nine months of the 
pay policy and officials are 
hopeful that the- increase over 
the full ytvr v.ill he no more 
than tbeir recent projection of 
14 per cent. 

There is cor.:i(k*rable ambiguity 
here since officials have never 
made n clear whether the 
original 10 per cent guideline or 
thetr recent 14 per cent projec¬ 
tion referred to ihe new or the 
old index. 

Behind tin- statistical con. 
fusion, the firmest conclusion is 
that while the basic structure 
of the formal pay policy is more 
or less iniad. ihere are clear 
Continued on Back Page 


OPEC experts to 
depreciation of dc 


BY RICHARD JO^NS 

ok PRODUCERS ended their 
conference here today incon¬ 
el ikiv el y by referring the depre¬ 
ciation of the dollar to a “ high- 
1 lewl committee of experts” 
chaired by Sheikh Ali Khalifa 
al Sabah. Kuwaiti Minister of 
,011 

Saudi Arabia resisted strong 
pressures from other members 
of me Organisation of Petroleum 
Exrarting Countries to concede 
the l principle that producers 
should receive immediate com¬ 
pensation in the second half of 
1978|-for the dollar's decline by 
putting up oil prices. 

Tfa^ decision to set tip the 
■committee was reached with sur¬ 
prising speed this morning after 
Sbeikh Ahmed Zaki Yam an I. 
Saudi Minister of Oil. had con¬ 
ferred with Crown Prince Fahd, 
Saudi Arabia’s first deputy Prime 
Minister and chief decision¬ 
maker, who arrived yesterday 
evening, on his way to visit West 
■Germany. He is believed to have 
refused to make any compromise. 
•• Sheikh Yamani said other 
members had agreed to delay 


:%w.. 

ri-; 


action only after “painful argu¬ 
ment.” In the frankest state¬ 
ment yet on the subject by. a 
Saudi leader he acknowledged 
his country's concern with pre¬ 
serving the value of foreign 
assets worth an estimated 
$70-80bn, mostly in dollar finan¬ 
cial instruments. "We have a 
heavy investment in the dollar. 
We do not want to do anything 
to harm it.” 

Explaining that consumers 
should be prepared for an oil 
shortage in the mid-19SQs, he 
proposed gradual price increases 
and predicted “a small dose if 
any” next January. 

Sheikh Yamani took issue with 
Algeria and Libya (although he 
did noi name them) who claim 
the market can support a signifi¬ 
cant rise now. He added that 
Saudi Arabia bad received 
“ strong indications ” that those 
OPEC members selling light 
crude in competition with North 
Sea oil were giving discounts 
below official prices. 

An OPEC communique 
announcing the establishment 


■r* GENEVA, June 19. | 

of the new entity expressed; 
"deep concent” about the fluc-> 
tuation in international exchange | 
rates. \ \ 

li is understood that the com-' 
mitte.? of top economists from( 
member states will meet in • 
London on July 10 Ao start pre-; 
paring recommendations for sub¬ 
mission to the next, ordinary 
conference in Abu, Dhabi, 
scheduled for December 16. 

Most members regard some rise 
in the basic price to be inevitable j 
at that meeting. However. 
Sheikh AH KhaliFa OPEC presi¬ 
dent. is empowered to call an 
extarordinary conference earlier 
if he believes it necessary. 

His committee will be con-j 
ternt-d solely with currency! 
fluctuation and does not intend! 
to deal writh erosion of producers' 
purchasing power through infla¬ 
tion. 

At the lowest level, the new 
committee might be seen as a 
face-saving device for .members 
ivho ivere openly committed to 
obtaining an increase now and 
a method of buying time for the 
moderates. 


BY MICHAEL BLANDEN 

A FURTHER cut in the rate of 
wage increases is needed to press 
borne the success achieved in j 
bringins dow*n the rate of inlla- j 
cion, says the Bank of England ; 
in the latest issue of its quarterly I 
Bulletin. j 

For the rest of this year, infla-, 
tion could be kept at around 8 
per cem on a year-to-year com¬ 
parison. 

The rise in prices next year 
could be well below' S per cent, 
but only "if the rise in earnings 
also were below this 8 per cent 
figure." 

The Bank's assessment implies 
that wage rises in the next round ] 
would therefore have to be kept I 
at around 5 to 6 per cent to 
hold down inflation. I 

The Bulletin concentrates on 
the importance of inflation,! 
echoing points made by Mr. 

Editorial Comment Page 18 
Details Pages 9 and 25 

Gordon Richardson, the Governor 
of the Bank, in bis Berne speech . 
last week. 

Financial confidence needed to 
be maintained following the 
recent sharp swings associated 
with the changing mood in the 
markets. 

Maintaining competitiveness of 
British industry should be 
achieved ** not by further 
depreciation of the exchange 
rate, bul by keeping cost 
increases very moderate.” 

A new acceleration in wage 
inflation was not impossible, but 
neither was it inevitable. 

" There is need now for a very- 
general and widespread under¬ 
standing of the importance of 
reducing the rate of inflation 
further, and of what is required 
to do this, rather than allowing 
it to creep up again.'' 

The progress already made had 
brought the UK inflation rale 
almost into line with the avei-, 
age among competitors. 

"However, this is clearly only 
a relative success, and other 1 
countries arc now likely to give 
renewed priority to containing , 
inflation.' 

The increase in earnings this 
year was-still quite large. "There! 
seems need or much greater 
awareness that nothing like this: 
year's increase can safely be 1 
; repeated, and that a very marked 
and disunpt fall in the rate of : 
I increase in wages is needed if 
the success of efforts so far Is to , 
be pressed home.” 

Efforts to keep down inflation, 
and maintain confidence should I 
be supported by continued! 

Continued on Back Page 
! £ in New York 


BY MAX WILKINSON 

THE GOVERNMENT'S Think 
Tank—the Central Policy Review 
Staff—is to investigate the ways 
in which mk-ro-pjectronics will 
change industry and society in 
the 1980s. 

The investigation, to he carried 
out on the Prime Minister’s 
direct orders follows confirma¬ 
tion from ihe Government that 
the National Enterprise Board 
intends to spt-nd £50m to sot up 
a major semi-conductor company 
in the UK. 

The Think Tank's study will 
run in parallel with that of a 
working party of the Advisory 
Council for Applied Research 
and Development under Sir 
James Menter. 

Sir James's committee is look¬ 
ing at the social and other con¬ 
sequences of new technolney. 
The National Economic Develop¬ 
ment Office is also carrying out 
work on the subject. 

The Government's sudden in¬ 
terest in micro-electronics steins 
from the realisation that a very 
large investment indeed will ho 
necessary if the UK is to catch 
up with Japan and the U.S. in 
the production of standard semi¬ 
conductors including computer 
memories and microcomputers. 

Partly because of trade union 
pressure, the Government has 
also become aware that the new 
micro-electronics will promote a 
huge increase in industrial auto¬ 
mation. possibly at the expense 
of jobs. 

In the lost 15 years the num¬ 
ber of inter-connected transistors 
which can he etched on to the 
surfacp of a single chip of silicon 
has risen to 100.000. A complete 
computer can now be contained 
on a chip measuring less than 
inch square, at low cost. 

Micro-processors of this sort 
Increasingly will take over many 


repetitive tasks in offices and 
factories. They can be pro¬ 
grammed to carry out most of 
the routines which at present 
require machine operators. 

A statement from Downing 
Street yesterday said: “The 
Review Staff will be responsible 
for ensuring that all Government 
departments are aware of the 
nature of the problems." 

The Enlerprise Board's effort 
to break into the market for 
standard mass-produced circuits 

likely io be rivalled by a joint 
venture between the General 
Electric Company and Fairchild, 
the U S. semiconductor company. 
Discussions between the two 
companies have reached an ad¬ 
vanced stage, although no formal 
agreement "has been reached. 

In contrast, the Enterprise 
Board is not ini ending to link 
with a U .S. manufacturer, but 
rely on the expertise of a group 
of technologists tempted away 
from rival companies. 

The Board's plans- have been 
in.in'e independently of a Detri¬ 
ment of Induslr. scheme to give 
aid of £50m in £SPm to the com¬ 
panies already making semi¬ 
conductor* in the U.K.. including 

the multi-nationals. 

The Government and com¬ 
panies such is GEC are anxious 
because a- integrated circuits 
move towards the goal of lm 
coivnoneni.s per chip, the semi¬ 
conductor manufacturers may 
Plan veiling complete electronic 
system*—from computes to tel?, 
or mmnmention* equipment. 

However. Dr. Melvin Larkin, 
manager of the U.S. company 
Motorola'? '-i.-nii-vnnductnr su ' , ‘ 
Hdiary in the UK. warned yester¬ 
day that plans for now plants in 
Friiam could be hindered by an 
acme shortage of middle and 
senior glade engineers in this 

country. 


spui • st.ywr-ss* si.rst»esss 

l r.ioniii ti.SS-O.W-H- O.W-O.&inlis 

?ii»)iiilit l.Ni-VAi Oh 

IS inmalii S.JO-j.lOi'1-v Z-.lb ilk 


MPs to see Heal 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 

MR. DENIS HEALEY, ihe The hearing cmiies at a p»rti- 
Chancellor of the Exchequer, is rularly sensitive time for the 
likely to face critical question- Government in view of th° 
ing on the Government's proposal know □ Liberal desire to reduce 
to' increase the employers’ the rise in (he surcharge from 
National Insurance surcharce lit to 1> percent age points, 
when he make* an aimost im- Although other Cabinet 
precedonted appearance thi> ji, nis i ertf appear frequently 
morning • before an all-party before Commons Select Corn- 
committee of MFs. mittees. visits from the Chan- 

Tbe social services and eel lor of the Exchequer are 
employment sub-coinimttcc of very rare. Mr. Healey’s appear- 
the Commons Expenditure Com- a nee is seen js underlining the 
milefl has been undertaking an Government's determination in 
inquiry into the labour market maintain the campaign for the 
and unemployment trends. National Insurance proposal. 

The sub-committee requested The Chancellor is also likely 
a meeting with Mr. Healey after in be questioned on the un- 
a session last week ji tended hy employment prospects since the 
senior civil, servants where the figure^ for mid-June are due to 
rUe in the. Nati-.nal Insurance be announced hy ihe Department 
surcharge was the main topic. of Employment at noon today. 


hipyards link for N. Sea orders 


BY RAY DAFTER AND IAN HARGREAVES 


BRITISH SHIPYARDS are to 
work together in constructing 
North Sea emergency support 
vessels in order to combat strong 
competition from the Japanese 
shipbuilding industry. 

; -By combining their efforts 
UK yards hope to gain at least 
five contracts, worth a totai of 
£25Qm to £300m. over the nexi 
few years. The semi-submersible 
vessels will be used by oil com¬ 
panies for a variety of jobs, in¬ 
cluding repair and maintenance, 
diving, support operations, fire 
fighting and the provision of 
temporary offshore accommoda- 
tlpll. 

_-:Tbe state-owned British Ship¬ 
builders group put forward its 
plan for speeding its delivery 
schedule at a meeting yesterday 


with Dr. Dickson Mahon. Minister 
of State for Energy, and senior 
officials of the Department of 
Energy’s Offshore Supplies 
Office 

British Shipbuilders plans to 
share any orders among a 
number, of yards. Each yard 
would fabricate a part of the 
vessel which would then be 
assembled at a central point. It 
is thought that British Ship¬ 
builders could adopt this 
centralised marketing and design 
approach for other major con¬ 
tracts. 

One of the first UJC vessels 
■which ought be built under the 
new British Shipbuilders system 
could be an order expected to 
be announced shortly by British 
Petroleum. 

It is understood that two 
groups are in the running for 


the contract: Harland and JVolff 
in Belfast- and British .Ship¬ 
builders' Scott Lithgow yard. If 
the latter Is successful the 
vessel, which will be used in 
the Forties Field area, would 
be built by Scott Lithgow in 
conjunction with the nearbv 
Go van yard,- 

Shell UK Exploration and 
Production, as operator for the 
Shell/Esso partnership, is also 
seeking a multi-purpose vessel 
for siand-by work in its Brent 
Field area. 

Dr. Mahon emphasised that 
offshore opportunities for 
British shipbuilders also ex¬ 
tended to the construction of 
supply boats, where UK yards 
have already been successful, 
and the conversion of semi- 
submersible drilling rigs to 
floating production platforms. 


CONTENTS OF TODAY r S ISSUE 


(Prices in pence unless otherwise 
Indicated) 

RISES: 

ATV A .. 114 + 4 

HK Land .. 173 + 8 

Jarriine Matheson 288 + 10 

Jardine Secs. ..1411+ 4J 

Leslie & Godwin ... 104 + 3 

Matthews (B.) . 140 + 10 

Milbury .. HO + 

Nor west Holst . 9-3 + a 

Pilfcingtflh ..533 + 15 

Swire Pacific- 14SI+ 84 

Swire Prop. "1 + j* 

Wheelock Warden ... 5S + b 
Highlands . 116 + 


London Sumatra 
Baraoora Tea ... 
Noyaponr Tea ... 
Anglo-American 
Union Corp- 


155- +-5 
126 + 12 
24? t. 20 
336 + 8 

270 + fl . 


FALLS: 

Treasury 15j% 189Sft21$- ft 

ANZ . 285 - 10 - 

Anchor Chem. 6S — 4 

Barclays Bank . 316 — 7 

Bowater . I 98 — 4 

Hawker SirideJey ... 218 - 6 

lntereurope-an Prop. 32 2 

Jnv. Trust Corp.26-=> - S 

Pauls 4- Whites . 11? " * 

Siebens (UK) . 33b 14 

Anglo Utd. Devs- ... 1«‘ “ -S 
Central Pacific ...... -’*0 - « 

North gate Explrtion. 440 - la 
OakbrldKe - ; . “ % 

Sabina . ‘ 

Southern. Pacific • i» a 


—labour 


New York challenges 

London ... 18 

Colour and fashion: 

Shades of things to come 19 


2-3 

Technical page . 


Inti. Companies .. 

24-26 

4 

Management page .... 

. 15 

Euromarkets . 

24-25 

4 

Arts page . 

. 17 

Money and Exchanges .. 

.... 30 


Leader page. 

. 18 

World markets . 

.... 28 

8 

li.K. Companies . 

.... 20-2 2 

Farming, raw materials 

... 31 

11 

Mining . 

. 22 

U.K. stock market. 

.... 32 


FEATURES 

A bumpy ride for the 

driving licence centre . 10 

Indonesia's ageing regime: 
Struggle for harmony ... 3 


Appointments . 32 

Appointments Advts- 12-13 

Business OpptS. 39 

Crossword . 14 

Entertainment Guide li 

Eoro-opttons.. 30 

FT-Aciuwias indices 32 

Home Cowans . 6 

Join Column. 22 


Letters .. 

Lex .— ... 

Lombard 

Men and Matters 

Ratios. 

Salcnon . .. 
Share Information 
To-day’s events . 
TV and Radio .... 
Unft Tnsu . 


WraUicr . 

Wine .. ..... ... 
World Value at £ 


INTERIM STATEMENT 
J. H. FMfler .... 3 

ANNUAL STATEMENTS 

Ash Spinning . 25 

Brownlee and c®.... » 


The battle for Husky Oil 27 

Push button banking in the 
United States . 4 


Oerifapd Stamping ... 

... , M 

William Leech (Bds j 

Lriartall Co. . 

Milbury Ltd. 

Brown Shipley. 

Wlilibroscf . 

WCI . ..- 


Base Lending Rales 


For latest Share Inder ’phone 01-246 SO'26 


























































Financial Times- y 




Belgian crisis ends 



partners’ agreement 


BY OUR OWN CORRESPONDENT BRUSSELS. June 19. 


BELGIUM'S five-day long 
Government crisis was formally 
patched up today a s King 
Baudouin refused the resigna¬ 
tion which the Prime Minister, 
Mr. Leo Tindemaos, handed him 
last Thursday. The refusal came 
as no surprise after Mr. Tinde- 
mans’ agreement with his coali¬ 
tion partners earlier in the day- 
on a compromise package to end 
the political deadlock which 
began last week. 

Negotiations to end the dis¬ 
agreement within the Govern¬ 
ment had continued over the 
weekend and for four hours this 
morning before 3 compromise 
solution came. After that the 
King's refusal was a formality. 
A confident-looking Mr. Tinde- 
mans. cracking jokes with 
reporters, said: “We have found 
a solution to our differences." 

He denied accusations that he 
knew his resignation would be 
refused and that it was all a 
put-up job to force hUs partners 
to make concessions. “That was 
a judgment of the newspaper"." 
he said, adding: "The crisis was 
serious. After months of nego¬ 
tiations on our anti-crisis plan, 
tipre was no asre*>mont." 

It was the coalition Govern¬ 
ment's failure to agree on the 
sn-called anti-crisi® plan, which 
aims to cut Belgium's heavy- 


public cjfpendilure and impose 
structural reforms, which 
sparked off the crisis in the 
early hours of Thursday morning. 
One of the bugbears of lhe 
Belgian economy has been the 
towering budget deficit, esti¬ 
mated at a minimum of 
BFr fi5hn (S2bn) this year. As 
far as structural reform is con¬ 
cerned, attention has centred on 
a series of Government measures 
aimed at reviving Belgium’s ail¬ 
ing “tecl industry. 

This morning's meeting, which 
Mr. Tindemans chaired, brought 
together the presidents of the 
four coalition parties — Mr. 
Tindemans' own right-wing 
Social Christian party, the 
Socialists and two small regional 
parlies, the Flemish Volksunie 
and the Brussels-based French- 
speaking Democratic Front 
They agreed on a compromise 
involving moves to regional 
autonomy and special powers for 
the Government to curb public 
sp p ndinj. 

Having won this round of 
political manoeuvennq. Mr. 
Tindemans has gained new 
authcritv to push his “crisis" 
legislation through. But the 
storm in a teacup of the past few 
day® has served to underline the 
weaknesses of Belgian coalition 
politics. 


Lending 
is 




By Guy de Jonquieres 


Norway doubts on Volvo 


BY REGINALD DALE. EUROPEAN EDITOR 


STRONG RESERVATIONS over 
the Norwegian Government's 
cars-for-oii deal with Sweden's 
Volvo company were expressed 
in London yesterday by Mr. 
Erling Narvik, chairman of the 
Norwegian Conservative Party. If 
he bad to say ye® ur no to the 
deal in its present form, his 
answer would be no he told a 
new® conference. 

Conservative dissatisfaction U 
significant a- the party is ih-.- 
largest nnn-Soci3iis: group oppos¬ 
ing Norway'® minority Labour 
Government in tho Storting t Par¬ 
liament >. The Government will 
h-.- lOfifcin; For additional support 
from outside its own rank? when 
the Storting debate? the deal in 
the autumn, after its full details 
have been finalised. 

Mr. Norvik said there were 
three reasons why his party was 
"very sceptical” about the deal 
under which the Norwegian 
Government would take more 
than 40 per cent of Volvo and 
guarantee the company North Sea 
oil licence*. 


First, hv could not understand 
how it made sense to manufac¬ 
ture car- or component? in 
Norway, where production costs 
were higher than in Sweden. 

Secondly, he could not see what 
Norway \ rut id get in return for 
the massi'.e funds required lo 
helD Volvo develop ihe new- 
model planned under the agree¬ 
ment. Figures of 3.000 to 5.000 
new jobs had been mentioned, 
but there were no specific details 
>u far. 

Thirdly, he said, he did no; 
know “ hn\v much or what" the 
Norwegian Government 
promised with regard to 
licences. 

Mr. Norvik stressed that he 
was not against the deal regard- 
le?s of its terms. He hoped that 
some kind of agreement would 
ultimately go through— bin not 
necessarily on the has>< of what 
u::« presently known about the 
arrangement. 


had 

oil 


So far. he said, it was only a 
«'•''Scion agreement. 


LUXEMBOURG, June 19. - 

NEW LENDING by the Euro- 
pean Investment Bank (EIB) is 
expected to total about 2l>n 
European units of account 
tua) (£1.3bn) this year. That 
would be roughly 25 per cent 
above the 1.6hd ua lent in 1977, 
which in turn was 23.5 per cent 
above the previous year’s level. 

This was forecast today by 
Itt. Yves Leportz, the EIB chair¬ 
man, at a news conference 
following the bank's annual 
meeting at which the Board or 
governors formally approved a 
doubling of its subscribed 
capital to 7.1bu ua. The bank's 
paid-in capital will be raised In 
911m ua over a four-year 
period starting on April 30. 
1980. 

The capital increase was 
decided in response to a 
demand by EEC heads of 
government at their European 
Council meeting in Copenhagen 
last April that EIB activities 
should be speeded up to 
combat unemployment, weak 
investment and continuing 
divergences in national 
economic performance. 

The ElB's outstanding loans 
and guarantees are limited by 
statute to 2! times its sub¬ 
scribed capltai. or about 8.9bn 
ua before the new capital 
increase. At the end of last 
year, outstanding loans and 
guarantees had reached almost 
7bn ua. 

31. Leportz declined to say- 
how lie expected lending 
activities to develop beyond the 
end of this year. But he said 
that the bulk or new lending 
this year and next would 
probably be to finance energy 
and lufrestructure projects. 

The EIB. which is head¬ 
quartered in Luxembourg, is 
the Common Market's principal 
lending institution and was 
established by the Treaty of 
Rome. Its Board of Gcv'ruors 
is composed of the Finn nr-? 
Ministers of Ihe nine EEC 
member countries. Its la-it 
capital increase (75 per cent) 
was made in 1075. 

Loans for protects within the 
EEC or of dlreci interest to 'Is 
member countries accounted 
for 1.4hn ua la«t year, a 2!» 
per cent incrc-asr nicr the 
l.lbn ua lent in 1976. The 
rcsi. 170m ua. went to imest- 
meats outside the EEC. in 
Africa, the Caribbean. Form gal 
and the Pacific. 

For the second year running. 
Britain accounted for the 
single hugest national share of 
EIB lending, 499m ua (£321m), 
or 33 per cent of all new luans 
made inside the EEC. 


European assembly split over 


PARIS, June 19, 


by david white 


A HIGHLY controversial motion 
urging European governments to 
strengthen links with China has 
divided delegates at the Western 
European Union's spring 
assembly which started in P aTlS 
today. 

The WEU plenary session, 
attended by MPs from the UK 
and the six countries of the on 
Sinai Common Market, will dis¬ 
cuss the motion tomorrow, over¬ 
riding the objection? of the 
French Socialists and lialian 
Communists. 

* A key part of the morion pro¬ 
posed by Sir Frederic Bennett, 
I Conservative Mp for Torbay. 
' recommending a policy favour¬ 
able to arms sales to China- was 


deleted in order to gain pass¬ 
age through the WEU's general 
affairs committee. 

The deletion, believed to have 
heen made at the instance of the 
French and Italian Left, followed 
a formal protest by the Soviet 
Embassy to the Foreign Office in 
London. The Soviet protest-- 
against ** a demonstration of 
collective hostility to the Soviet 
Union which could cause 
irreparable damage to inter¬ 
national security"—is under¬ 
stood to have been repeated in 
Bonn and Rome. 

But Sir Frederic is proposing 
to reinstate a clause asking the 

WEU to “ consider objectively, in 
accord v.-ith already-declared 
British policy, any requests by 


China to purchase defence equip¬ 
ment." This is in addition to 
proposals for closer links in 
trade and technology. 

Replying to a question from 
Sir Frederic in today’s session, 
M Olivier Stirn. Minister of 
State at the French Foreign 
Ministry said that France en¬ 
visaged' co-operation with the 
Chinese “ in all domains.” 
Chinese missions have recently- 
been holding preliminary dis¬ 
cussions in both France and the 
U-K. 

A memorandum presented by 
Sir Frederic says that Europe 
‘ should respond favourably to 
the growing opportunities to co-' 
operate with China in increasing 
the latter's defence capacity," 


in, order to reinforce “ the over¬ 
all deterrent against any Soviet 

militar y opportunism. 

Quoting Metternicb — “the 
enemies of my enemies are my 
friends ’'—the report echoes the 
sound, of the hot potato dropped 
’last month in Peking by Sir 
Neil Cameron. Chief Of Defence 
Staff who referred to. the Soviet 
Union as a "common enemy. 

' China's Ambassador in Pans 
has heen invited as ^n observer 
to the debate, believed to be the 
first on the subject of Eurapean- 
Chinese defence links held in 
an international forum. 

Security in. the Mediter¬ 
ranean. the implications of 
:African conflicts for European 
defence and the problem of in¬ 



ternational terrorism and dis-' 
armanent also come up for dis¬ 
cussion in the next few days. 
Proposals include pressure oq V 
the U.S. to lift curbs on anus 
sales to Turkey, the limitation 
of arms sales to Africa and the 1,1 i. 
setting up of «n international .:W 
force against terrorists on the * 
lines of Interpol. 

Terrorism and Mediterranean 
security were the main concerns 
expressed, by -Sig.. Amaido 
Forlani, Italian Foreign Minis¬ 
ter, in‘ a speech to the opening 
session today. .He said that 
developments in the Red Sea 
and in Africa threatened to turn 
the Mediterranean into a theatre 
of conflict. 

. Technology plait, Page 5 


Paris taxes up 
in row about 


cost of police 


Spain 


concessions 


BY ROBERT GRAHAM 


MADRID. June 19. 


By Our Own Correspondent j 


transition 

approved. 


PARIS. June 19- 

THE CITIZENS of Pans have 
become the main victims of a 
bitter row between their Mayor, 
the Gauiiist leader. M. Jacques 
Chirac, and the Government over 
who should pay for the city’s 
little-loved police force. 

Following a decision by the 
City Council today, local taxes 
will go up by 17.5 per cent, in¬ 
stead of [be planned 10.5 per cent 
tn make up for the heavy con¬ 
tribution to the cost of the police 
which the state is askins the city 
to pay. 

The affair has taken on a politi¬ 
cal dimension because of the 
personality of the Mayor. 

President Giscard d'E?laing 
still appears to be smarting from 
the slap in the face which M. 
Chirac gave him when the latter 
ran for Mayor against the 
Government's official candidate 
last year, while M. Chirac is 
using his new office to snipe at 
the PresidenL 

Matters came to a head when 
M. Chirac persuaded the 
GaullUt-dominated City Council 
last month to make a out of 
FFr 142m (about £17mi in the 
FFr 2&'Jm contribution demanded 
i by the state towards running the 
Paris police. From u strictly 
: legal point of view, the stale is 
rlchi. as even M. Chirac admits, 
but he argues that the law is 
; applied only in the case of Pans 
j The Government reflated 
I last week by ordering '.iv «um 
which the City Council refused 
to authorise to be drawn directly 
Trom its treasury. 

© Renault, the French motor 
group, said today it is to lay off 
temporarily 9.000 of the 20,500 
workers at its plant at Flins, 
west of Paris, because of strike 
? action by heavy press oy.-^ators 


SPAIN is willing to make cuts Spain and the EEC, he main- Thus, even before 
in industrial tariffs before com- laics. „ , _ ' . arrangements are 

Dieting negotiations for entry Quietly but firmly, Sr. Calvo- specific measures cafl-ana i«“"*!** 
into the European Community. Sotelo also emphasises Spam’s be taken. This could^ ” se ’ 
However such concessions would concern over the general nature for instance with bpauisn laoour 
be on the condition that the EEC of EEC agricultural policy which inside the EEC. 
in the meantime adopt a more favours " northern " producers at -Although the; question of.fts*- 

sympathetic attitude to Spanish the expense of the Mediterranean, mg in Community watmj^sbe^ 

UtSX'jg'Tvi'Sg '“three ninths of 
tiations. Sr. Leopoldo . Calvo- tttts trith EECI officials ad text Sgun 

wvn un The lf20W>oat 

now finds itself 


Sote?o.%old the Financial TtaS preliminary soundings v*h hit by 

on the eve of his visit to London. Ministers of four member conn- 200-mile limit- The L20W>oat 


This is" one nf the points he tries, Sr. Calvo-Sotelo believes uorthern fleet . , „ __ 

will make to British Ministers that much value could he gained hjjjng l to ** 

when tomorrow he begins two from a meeting of existing mem- redirect more than 80 per cent 

Since bers plus the three sew. of its vessels. . . 

- - What the Spaniards seem to be 


Portugal 


hoping, without specifically say- 


days of talks in London. - 

his' appointment tn the specially applicants—Greece, 

created post in February, this and Spain. iSi »hat " nroblematK-al 

is the first time that Sr. Calvo- This could be either formal P ig7Q prefcr . 

Sotelo has visited London. Two or informal. But be feels that with the EEC 

weeks ago he was in Paris. a top-level meeting with ... all botherinterim 

Spain, anxious to display its represented would help the ^ ® u P r es tanored to the new 


European credentials, accepts negotiating process. .-Y ablation of Spain as an applicant. 


New interim measures before 


measures 

that some of its industrial tariffs "Our cards are on the table. 

are too high. But Sr. Cairo- This is an open negotiation, he - EEC wou!d also ^ ve 

Sotelo insists that Spanish says. ' the Spanish Government some- 

agricultural producers fee' that The most significant global thim? to demonstrate to the 


Portuguese 
.State sector 
loss attacked 


Catalan police protest 


BY DAVID GARDNER 


BARCELONA. June 19 


' ; : J : uk 




. , ....... 


’- 30 








Sar 






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they could be included in a more issue is Spain's status before lii^f Qra te 

preferential arrangement. membership and the nature and e ° London Sr Calvo-Sotelo 

This is especially so since the duration of transition to fab will b particularly interested to 
existing arrangements oetween membennip.. • hear British views’on enlarge- 

Nonh Afncan agricultural pro- As an applicant Sr. Calvo-Sotelo ment T h e Spanish are sti'U 
ducers and the EEC are more regards Spain's position as not pulled whether Britain views 
favourable than those between strictly that of a third country, enlargement as a dilution 

beneficial to the retention of 
Britain's sovereignly or a 
potential strengthening - of the 
Community. 

They are further puzzled by 
the British Government's seem¬ 
ingly ambiguous stand on direct 

POLICE OFFICIALS of the Interior Ministry refuses to meet election^ to the European 
Guarto General de Policia have rheir demands. . Parliament. The Spanish dislik'e 

been working lo rule in Catalonia Thereafter they would- be ihe id^a of their entry acting as 
since Saturday, claiming that calling for the resignation of a catalvst to dilute -the Coin- 

police reforms agreed at Friday's Sr. Mania Villa, the Interior munity's ideals and institutions. 

Cabinet meeting are inadequate. Minister, and would consider Spain believes it has a positive 
They have heen rigorously the possibility of a national role to play, creating a new 

checking passengers’ luggage and strike. The police are forbidden nicbe between the .larger sized-, 

documentation at frontiers and to strike by Jaw. • members and the smaller ones 

ports. They have delayed air- They are looking for pro- such as Belgium, Denmark, the 
craft end ferries, and caused fessional recognition for their Netherlands, and Luxembourg. .. 
queues nf up to two miles on job and its complete dissociation 
bnth rides of the French form the military. The Cuarto 
Frontier, seriously affecting lour- General, unlike the paramilitary 
ist traffic to the Costa Brava. Civil Guayd .or Policia Armada. 

The police officials, who mainly is a-civilian force but v sublect 
carry our plainclothes work, said by area to military command. 

They would !if» the w-ork-to-rute The action of the Catalan 
from midnight tonight. But they force has received strong b'ack- 
wouid propose at a Madrid con- ing from other regions, in. par- 
ference tomorrow thar the action ticular Madrid and the Canarv 
be relaunched nationally if the Islands. 


By jimmy Bums 

LISBON, June 19. 
PORTUGAL'S nationalised 
sector lost Es Ilbn last 
year, and its losses could 
become .much more so unless 
the Government introduces a 
tough prices', .and - incomes 
policy to complement the 
monetary restrictions already, 
introduced. 

.This warning was given by 
Dr. Silva Lopes, Governor of 
the Bank of Portugal and the 
President of Portugal's EEC 
negotiating Committee, at a 
weekend seminar organised fay 
the Association of Portuguese 
economists. 

Dr. Lopes said -that national¬ 
ised companies most become 
centres far genera ting invest¬ 
ment, not consuming savings. 

He criticfsed the rise in 
-labour "costs - in nationalised 
Industries. 

Dr. Lopesalso staunchly 
defended the tough monetary 
and -credit; .restrictions intro¬ 
duced ns a result of Portugal's 
negotiations 4 . with the Inter¬ 
national Monetary Fond. 

These however were criti¬ 
cised by many economists at 
the seminar and the Associa- 
flon’s concluding report noted 
that \ the . - - Government’s 
j* monetary policies “threaten to 
flare a detrimental effect on 
the financial * position uf 
nationalised companies.” 

Defenders of Portugal's 
nationalised sector believe that 
the hanks, although themselves 
nationalised, are .increasingly, 
using profitability. as the 
dominant criterion for lending, 
unjustifiably neglecting social 
considerations such as the need 
to create jobs. . 


* M 


OECD warns Yugoslavia 
over growth policy risks 


BY ROBERT MAUTHNER 


PARIS, June 18. 


THE OECD secretariat today 
warned the Yugoslav Govern¬ 
ment that its high economic 
growth policy could cause sub¬ 
stantial balance of payments and 
inflation problems unless it was 
modified. 

Though the warning was 
couched in the traditionally 
euphemistic language in which 
the international organisation 
likes to wrap up its reflections 
on national economies, its 
message was unmistakable. 

“ It is clear that the 
Yugoslav economy cannot sustain 
a rate of expansion much faster 
than in other countries, 
especially in Western Europe, 
bo waver desirable this migbt be, 
without increasing the current 
external deficit,” the latest OECD 
annual review of the Yugoslav 
economy states. 

In 1S77, the current account 
shortfall amounted tn about 
Sl.Sbn, some 4 per cent of the 
GNP. Though its financing did 
not raise any major problems, the 
OECD secretariat considers that 
some reduction is now desirable 
and that there must be some 
subordination of the growth 
objective to balance of payments 
constraints. 


Last year, the economy 
expanded by more than 7 per 
cent and the official target for 
197S is for another rise in GNP 
of 6-7 per cent 
The secretariat is of the 
opinion that the Yugoslav 
authorities should take measures 
to dampen private consumption 
which has an appreciable import 
content and which, contrary to 
medium-terra aims, grew as 
quickly as GNP in 1976 and 19 
Under the reduced growth 
strategy, investment should be 
given priority over consumption, 
making it ail the more important 
that investment is channelled lo 
areas where the real rate oi 
return is. the highest 
With increased decentralisa¬ 
tion of the decision-making 
process, the interest rate should 
be allowed to play an increasing 
role in the allocation of invest¬ 
ment funds. 

But the OECD secretariat 
emphasises that, even with a 
more moderate growth of demand 
and output, significant infla 
tionary pressures are likely to 
persist. The cost of living last 
year rose about 14 per cent and 
a similar increase is expected in 
1978. 


Belgrade congress opens 


BY ANTHONY ROBINSON 


BELGRADE, June 19. 




tf 3 


u* 



Co-creators of first Eurobond. 

In 1057 Petrofina had briefed us on a special 
problem. One with no standard solution. 

So together with a small group of international 
banks, we created a new solution: The world’s first 
Eurobond issue. 

Since then we've managed and eo-managed 
hundreds of Eurobond issues. Making us one of the 
worlds leading sponsors of this type of linancial 
project. And the one with the longest experience. 

Why new ventures appeal to us. 

Because all too often the old answers aren't 
the most precise .solution to new financial problems. 

Or maybe it‘> been use were snobs a ml we 
preferto custom-tailor solutions lo each customer. 
Rather than force him into off-the-rack answers. 

• But we don't innovale just for innovation's 
sake.When the standard solution still fits, we ofler it. 


All the expected services. 

We have the smu- ranjie ol financial services 
as other internal it •mil kmk«. And we kick them up 
with an international nciui u k nl sui>sidiaries, 
representatives.affiliates, assi.iciai'-s,(«»rr« , -[nnnjcni>.. 
and banking ominti m it ies like Sf E a ml Assmijier! 
Hanks'of Europe (ABLCURj. And with iijfp retail 
branches in llel^iuni. 

But w|iat mu ki* us diHorent from othpr intcr- 
nationul hanks is i.mr individual attention to each 
cl iom s individual problems; mu- reluctance tn stick. • 
to the traditional aiisun s; and ourwillin'^ness to 
stick our neck om in new ventures. ■ 

Like ihe day we stuck our njine«m ihe world s 
first Eurobond. 


Baiwjue Bruxelles Lambert 

banking, a matter of people 


We are the ABECOR bank in Belgium. MamixLan 24,1050Brussel. Tef. 02 SU.Si.St. Telex 26J92 BBUN 




THE SOVIET Politburo's decision 
to send one of its youngest mem¬ 
bers. the 60-year-old Mr. Feodor 
Kulakov, to lead the Soviet party 
delegation lo ihe 11th congress 
of the League of Communists of 
Yugoslavia C LCY). which opens 
tomorrow lias been received with 
considerable satisfaction in Yugo¬ 
slav party circles. 

At the last congress, four years 
ago. the Soviet delegation was led 
by Mr. Andrei Kirilenko and up 
to the last moment there was 
uncertainty here as to whether 
he would come again Mr. Kiri¬ 
lenko is tipped as a possible suc¬ 
cessor to the Soviet President. 
Mr. Leonid Brezhnev, although 
he is even older than the Russian 
leader. The decision to send 
Mr. Kulakov, who is currently in 
charge of agriculture and has not 
had a great deal of international 
experience will give him direct 
experience of the Yugoslav parly 
which has been the greatest 
ideological Thom in the side 'of 
the Soviet party since the break 
with Ihe Cominform in 1948. It 
will also give the Yugoslavs a 
chance to become better 
acquainted with a man who, 
because of his age, can be 
expected to be somewhere at the 
top of the Soviet hieraxcfav 
I throughout the next decade. 


This will also be the decade 
in which Yugoslavia will have to 
develop and defend its own 
system of socialist self- 
management without the charis¬ 
matic leadership of the SB-year- 
old President Tito, whose open¬ 
ing speech today is awaited with 
great interest. 

To judge' by the 1 news confer¬ 
ence given yesterday by Mr. 
Aleksandr Grlickov, the power¬ 
ful secretary of the LCY execu¬ 
tive in charge of relations with 
other Communist parties. Presi¬ 
dent Tito will emphasise the 
theme of continuity. 

The insistent hammering on 
the theme of continuity-reveaU. 
the fact that what is really 
under discussion here is how to 
ensure that the essence of 
Titoism survives after. Tito. In 
particular, it means how the LCY 
can maintain and strengthen Its 
“ leading role ” within a one- 
party system, while at the same 
time increasing internal parti- 
democracy and meriialing 
between what is called "the 
plurality of self-management 
interests." 




A ' 



TOWER BRIDGE 




t % 




’ll •«i , v .* ' j 

.*' 

Every dayat 2 JOpmP&OJet Femes’ 
Jetfoil departs from the heart of London and 
skims across the sea at 50mph to Zeebrugge. 

Itfs fast It’s smootL-It’s sensational. 
There’s simply nothing: 
dse like it at sea. 



DEPARTS 1430 DAilX RES^vmcWS: 014 SI 4033 . 


■JSMd 


FtNwciu. Times. mMIshed Jail- ncepi Sim. 

S: 1 , aa . a saw. on 

rslf (reuhm iqfr msili per intium. 

£e«ad class k»u«c rod x Sen lork. M.v. 



Gettmfi to a bdsiness 
appointment at the other end-' 
oi the couatvy or somewhere 
in Europe can be a tiring, - - ’ .■ 
frustretfng end irritating hassle. "■ 

Andaribe end of it allyou 
hava one or more top executives 
who have notjonly wasted 
valuable hours in transit.but are 
also jn:a far from ideal condition 
to negotiate and take decisions ! 
yitar to die company'^ future. 

. ‘ time is money- 

Thestternadve that more, 
and more companies are 
adopting isthe use of a corporate 
aircraft, and the choice of many 
is the Beechcrafc Super King ' 
Air 200 C (Convertible)- a fine 
twin turbo-prop, fully 
pressurised aircraft with the ‘ 
facijrty of either 1 2 sea ter . 
"comfortable commuter'.' or 1 ' - 
M seat "flyrng boardroom” 
configuration. This aircraft is 
well known for its ability to 
fly into small airfields as well 


as Internadori ai ierml niis. l t is 
econornfcal tOBcquire atid . . 
f operate,and probably tfefinest 

■.aircrafrin.ici class. : . " ' ' 

If ydu would like'td! get to 
- vourbiiinass'dastinadon in the, 
. shorteir : time^Jjfe - ^jie.to work 
whilst.^travelliijg, and to stap 
out of your airerrit Jtist a 
short car.jpbrney from your- . 
appdm.trtwnt-ydu^hpuld talk" •' 
to Neil Harrispff at Eagle about 
the economics end practicality' 
of npolylnoonedf .today’s most 

valuablebusin^sstopIsTq yotir 
■ enterprite, : :• •'; 


Vr 



Gagfa Ancnft Sqnricw tW - 
Loir.culsti Airpp/r Wstttpl Hen&WDl 3HY: 
Tfll (09273) 70611 TateaJfitSO^r \ V ' 



Yoocah sasesHeetbss 





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-; Kidliiagd; ^Elm^iTuesdai June 20 1978 


on 
Leone’s 
successor 

BY DOMINICK f. COYL£ 

• ROME, June. 19. 
OVER 1,000 deputies, senators 
and regional . • government 
representatives meet in special 
joint session, of the Italian' 
Parliament in. 10 days’- time - to 
elect a • new President of. the 
republic. . Since-: Slg. Giovanni 
Leone's, dramatic ..resignation 
last, week the parties have not 
agreed, on a candidate, but the 
position is expected to clarify 
soon. - 

Tomorrow Christian Democrat 
leaders meet. They will be 
looking for a candidate who can 
secure Communist Party backing. 
This-will b& followed by a long- 
arranged meeting of the leaders 
of the parties supporting Slg. 
Giulio Andreotti’s minority 
Christian Democrat Government, 
including Slg. Enrico Berlinguer, 
the Communist ". leader,.. which 
offers. an. opportunity for a 
political deal: - 

Suspicions over the weekend 
that a tentative dear bad already 
been done forced Sig. Berlinguer 
to issue a public denial, but the 
possibility of ail agreement being 
reached privately before the 
first Presidential ballot on June 
29 should not be ruled out. 
Without a . deal a successful 
outcome of the first round would 
be almost impossible. For the 
inconclusive general election 
two years ago gave the 
Communists a virtual veto on the 
candidate 

Daly’s unique Christian Demo¬ 
crat-Communist alliance will be 
on trial in the Presidential 
contest. Sig. Andreotti’s Gov- 


Cbrisban Democrat Presidential candidates: Amintore Fanfani (left) and Benigno Zaccagnini. 


eramen£needs<kimmunist parlia¬ 
mentary backing 'to survive and, 
with the prevailing economic, 
social. and public order difficul¬ 
ties, none-of the major parties 
want air early general election. 
But'Sig.-Berlingner’s su PPort for 
the Government-^ policy not 
universally endorsed by rank- 
and-file Communists^—can hardly 
continue‘if the-Christian Demo- 


elections. Craxi's 88 deputies 
and senators, and his share of 
the regional representatives, 
could be decisive in tbe special 
parliamentary session. 

As members of the governing 
majority, the Socialists’ could by 
withdrawal from the alliance, 
leave the Andreotti administra¬ 
tion a more simple Catholic/ 
Communist coalition than it 


The Turin court retired to 
consider, its Verdict yesterday 
in the trial of.46 alleged Red 
Brigades nrttiui. -guerrillas, 
which has become one of the 
toughest tests of Italian jus¬ 


tice, Reuter reports. The defen¬ 
dants said, in a statement they 
were allowed to read before 
the court, that the subversion 
charges against them were 
irrelevant. 


crats fail - to win:. Communist 
backing and instead try to put 
their candidate, in: office with the 
backing of the-snialler parties 
in a simple majority vote. 

Tbe largest of. these smaller 
factions is the- increasingly inde¬ 
pendent Socialist. Party. The 
party’s new Secretary-General, 
Sig. Bettino Cnud. now controls 
most of its warring .factions, and 
has been boosted by its im¬ 
proved showing ‘ in’recent local 


already is- Sig. Craxi is inclined 
to operate with a growing 
independence these days, keeping 
his distance from the Com¬ 
munists in tbe hope of winning 
back left-of-centre voters who 
crossed to the Communists in 
recent national elections and in 
1976. 

Craxi's position—he wants no 
private deals, and is arguing for 
open agreement on a “lay,” that 
is. non-Christian Democrat, can¬ 


didate—is supported generally 
by the other smaller parlies, but 
not by the Neo-Fascists, who 
already claim to know the final 
political deal. By their account, 
the Christian Democrats and 
Communists will settle on Sig. 
Benigno Zaccagnini. tbe reform¬ 
ist Secretary-General of the 
Christian Democrats. With a man 
of such impeccable democratic 
credentials lodged in the 
Quiriuale, they say. the way 
would be open for the Com¬ 
munists to advance from their 
present limbo into the Govern¬ 
ment. 

The immediate odds . still 
favour agreement on a Quirinale 
candidate before the voting 
starts. And if it is Sig. Amintore 
Fanfani. the former premier and 
now the acting president — as 
some suggest— his job as presi¬ 
dent on the Senate might go to 
a Socialist This would put a 
Christian Democrat in the 
Quirioale. let a Socialist lead the 
Senate, and allow.a Communist. 
Sig. Pietro Ingrao. to preside 
over the Chamber — a con¬ 
venient three-way split between 
the three big parties. 


• ; *• • 

Holland decides against ordering Nimrods 


BY CHARLES BATCHELOR 

HOLLAND has dropped the 
British Nimrod from Its short¬ 
list of possible replacements 
for' its obsolescent Beet of 
marine reconnaissance Neptunes. 
The Defence Ministry is con: 
tinumg studies of the French 
Breguet Atlantique and the U.S. 
Orion; with the French aircraft 
apparently the stronger con¬ 
tender. . 

British Aerospace’s Nimrod 
was dropped on the grounds cf 
purchase and operating costs, a 


Defence Ministry- spokesman 
said. The Nimrods were 
expected to cost around FI 73m 
(S33m) each compared with 
FI 40m for the-. Orion and 
FI 64m for the Atlantique. 

British Aerospace , called a 
Press conference in The Hague 
last month to ^eny figures 
published earlier by the Defence 
Ministry showing Nimrod would 
cost FI 88m. but Sithe British 
aircraft was still mort| expensive 
than either of the other two. 
The Cabinet no^ expects 


to decide finally on the 
Neptune's successor some time 
this year though it is unlikely 
a decision will be taken in the 
next few weeks as was earlier 
hoped. According to some 
political sources, it was thought 
wiser to postpone a decision on 
such a major programme at a 
time when spending cuts were 
being considered and following 
so quickly on the decision to 
increase defence spending in 
line with Nato targets. 

The Defence Ministry is still 


AMSTERDAM, June 19. 

weighing the merits of the two 
remaining aircraft but a large 
body of Dutch industry which 
might gain compensation orders 
is in favour of the Atlantique. 

The French have asked the 
Dutch aircraft maker Fokker- 
VFW to make an offer to deliver 
12 F-27 aircraft for use by ihe 
French navy as trainers and has 
also expressed an interest in 
Fokker’s F-28 jet passenger 
liner. The prospects for these 
orders are improved if Holland 
orders the Atlantique. 


Bundesbank 
warning on 
dangers 
of reflation 

By Adrian Dicks 

BONN, June 19. 

A FRESH warning of the 
limited scope available to the 
West German Government for 
fresh stimulatory measures 
came From the Bundesbank 
• today- 

la its monthly report For 
June, the West German central 
bank reproaches those abroad 
who are urging such measures 
on Bonn with Tailing to under¬ 
stand “hou closely the limits 
of deficit spending are being 
pressed.” 

Tbe Bundesbank’s argument 
is similar io that made by 
Chancellor Helmut Schmidt in 
an interview with Business 
Week, and echoes his concern 
that any ajtempi to Further 
increase public borrowing 
might force interest rates up. 

This, in turn, could reverse 
the outflow of speculative 
Taads from Germany which 
the present transatlantic in¬ 
terest rale differential has 
helped bring about, after Ibe 
foreign exchange market 
turhuleuce or the early spring. 

This year, predicts tbe 
Bundesbank, markets will he 
asked to fund deficits totalling 
some DM tiObu, Dill 20bn more 
than in 1977. In consequence 
of the stimulatory packages 
enacted Iasi year, however, it 
also foresees increased demand 
for credit from the private 
sector, ami in particular from 
the property and construction 
industries. 

Defending the refusal of the 
Bonn government of foreign 
advice to take fresh steps to 
stimulate demand. The Bundes¬ 
bank points out that “further 
public investment programmes 
would- presumably be mainly 
concerned with additional con¬ 
struction projects. 

"Tel the ability of the con¬ 
struction industry to cope with 
current demand appears to be 
largely taken up.” 

The Bundesbank concedes 
that there has been little 
difficulty in funding public 
deficits while interest rates 
have been low, but points to 
recent signs or a rise in longer- 
term rales and warns that this 
should he borne lu mind if any 
farther expansion in the 
federal deficit is contemplated. 

The bank attributes the low 
first quarter Increase in gross 
-national product of L5 per cent 
at an annual rate, to had 
weather and industrial unrest, 
rather than to factors which 
would suggest a new stimulus 
i was needed. 


OVERSEAS NEWS 


INDONESIA’S AGEING REGIME 


Struggle for harmony 


BY DAVID HOUSEGO. RECENTLY IN JAKARTA 


THE DECLINING DAYS of a 
regime are always the most 
difficult. After 12 years in power. 
President Suharto of Indonesia is 
faced with a country’ in which dis¬ 
content is fermenting beneath the 
surface and over which he no 
longer has the same easy control. 

There is no immediate threat 
to his regime. But Indonesian 
leaders, like the heroes of the 
folk plays of central Java, are 
expected to express a sense of 
national harmony that rranscends 
the differences of a country so 
vast and spread across so many 
islands. This elusive quality— 
which tbe former President. 
Sukarno, had wben his authority 
was at its height and which 
President Suharto recaptured by 
the realism of his economic 
policies—is now slipping from 
him. 

An equally difficult problem is 
posed by the uncertainty that 
comes with tbe expectation of 
major political changes. The 
leaders, both within tbe army and 
without, among them President 
Suharto, who led the country to 
independence after the war—the 
so called ’45 generation who have 
been closely involved in running 
it—are ail nearing retiring age. 
There is no sign as yet on whom 
their mantle will fall and no 
mechanism for making the 
delicate transition. But as a 
result of the uncertainly tbe 
ratification of President Suharto 
in March for his third term in 
office was in some ways a com¬ 
promise. refiectiog. indecisiveness 
in choosing a new generation of 
leaders. 

It was this apprehension of 
the many unknowns in the years 
ahead that enabled President 
Suharto to crack down so heavily 
on the unrest that surged up at 
the turn of the year, and to do 
so with the full support of the 
army. The well organised 
student protests drew on a 
familiar catalogue of grievances 
from the corruption of the 
regime to its disregard for The 
constitution. What was new was 
the force with which it was per¬ 
sonally directed against Presi¬ 
dent Suharto and the wealth 
amassed by his family. It also 
found an echo among the army 
commanders many of whom have 
children at university whom they 
expect to run the country one 
day. A further important novelty 
was the number of retired senior 
officers, like General A. H. 
Nasuiion. a former Minister of 
Defence, and General Dharsono. 
the Secretary General of ASEAN, 
who came to the fore to support 
the students’ complaints. 

The agitation was at the same 
lime taken up by the militant 
Moslem parties who did surpris¬ 
ingly well in the 1977 general 
election. They have gained in 


strength largely because of the 
complaints of the numerous 
Moslem trading community that 
it is the Chinese merchants who 
have benefited mosr from tbe 
business boom of tbe past 10 
years. 

As the protests grew in 
volume in the early months of 
the year, so the army became 
increasingly alarmed by the 
threat to internal afcurily. This 
gave President Suharto a free 
hand, ir was a pork of the 
seriousness with which he 
viewed the situation that he 
personally directed tbe 

President Suharto, 12 
years in power in 
Indonesia, is facing 
problems governing a 
vast country whose 
leaders are approaching 
retiring age. Suharto 
himself is as strong as 
ever. But so is the 
demand for results. 

subsequent arrests and the 
closure of papers. 

The result, paradoxically, is 
that he is now as strong as at 
any time in his career—and 
certainly stronger than Sukarno 
who had tn play off the army 
against the political factions. He 
has the army and tbe security 
apparatus fully in his grip and 
all the levers of Presidential 
power are at his disposal. The 
Press is on a Tight rein and 
student activity battened down. 
The Moslem parties have been 
stripped of the key posts they 
held in the cabinet and in tbe 
Assemble. Dissidents like Mr. 
W. S. Flendra, the playwright, 
have been removed to jail. Those 
in the military who are unhappy 
with the turn of events feel 
powerless to do anything. 

Tbe danger in taking so much 
power is that the onus is now 
on President Suharto to produi.-e 
results. He is doing many of the 
things for which bJs erjtics have 
pressed. In reshaping his Cabinet 
he has shown signs of a willing 
ness to delegate more authority. 
The philosophy behind the new- 
five-year plan. Pelita 111. is 
“equity with growth”—a popular 
shorthand in Indonesia for say 
ing that the pribumi or 
indigenous Indonesians can ex¬ 
pect the Government to favour 
them at the expense of the 
Chinese. The President is mak¬ 
ing the right promises about 
more jobs. 3 shift of emphasis 
towards the rural areas and small 
industries, and increased rice 
output after the shock of the 


drought in Java last year which 
left some close to starvation. 

The well publicised campaign 
under Admiral Sudomo. tbe bead 
of the security rorce Kopkaratib, 
to root out corruption .also indi¬ 
cates an awareness of how sensi¬ 
tive public opinion is on this 
issue. The tactic towards the 
students and the Moslem groups 
is 10 try to isolate the 
"extremists” while re-educating 
the others through state run 
youth councils* and Moslem 
organisations to their responsi- 
bill ties to tbe nation—an exercise 
referred to as “regeneration 

A telling pointer to the urgency 
attached to . reconciling dif¬ 
ferences is the resurrection of 
the Sukarno myth as.a symbol 
of national unity. After attempt¬ 
ing for years, virtually to erase 
his memory, the Government is 
dow having his grave elaborately 

restored and is considering 
investing him with the ponderous 
title of’ "The Great Proclama- 
tor” for leading the country to 
independence. 

As yet none of this car ires 
much credibility or seems much 
more than an expedient way of 
covering up a return to a more 
repressive regime. Economists in 
the Government see no prospect 
in the next two or three critical 
years of any significant redistri¬ 
bution of wealth or improvement 
of living standards. The cam¬ 
paign against corruption is ham¬ 
pered by the glaring exception 
of the President's family and the 
political difficulty in buttonhol¬ 
ing senior officials. "Corruption 
is like a devil." says General Ali 
Murtopo. the Minister of Infor¬ 
mation. who believes that the 
scale of it has been grossly exag¬ 
gerated. “Everybody talks about 
it but nobody can catch it." 

The policy towards the students 
and the Moslem groups reflects 
the confusion of hath wanting to 
accommodate them in tbe 
interests of a national consensus 
and of feeling they are a threat. 
In addition the Government has 
the problem over the next two 
years of settling nearly 30.000 
alleged Communists interned 
since 1965 and of holding down 
a variety of regional groups pres¬ 
sing for autonomy. 

The chances are that President 
Suharto is going to he faced with 
another bout of unrest in the no« 
too distant future. On how hr 
handies H will depend whether 
he survives his full five-year 
term. The army has no wish to 
have what it sees ns its mission 
tn interpret the national consen¬ 
sus damaged by a leader who is 
popularly regarded as a liability. 
On the other hand it is at a lo«s 
to find 3 successor. In the wings 
as a possible compromise figure 
is Adam Malik, newly elected 
vice-president. 


erun 


STUDENT FARES. 


SPECIAL FACILITiE 
fi: FOR 

t THE DISABLED. I 


For all its size, BritishRaii isn’t 
as remote as you might imagine. 

Atleastnotif you considerthe 
attention we pay to different 
passengers’ needs. 

Tomakethegoingeasierfor 
disabled travellers, we provide all 
kinds of facilities. 

Evervthingfrom sloping 
handr ails and extra wide doors on 
the latest Inter-City coaches to 
Mobyle folding chairs at stations. 

We take care of old-age 
pensioners too. Cheap rail travel 
means they can visit their families 
and friends more often. And that 
applies to students as well. 

Last year480,000 pensioners 
■ 1 '7 . and!90,000 students bought 

f «'«■ "Railcards. 

Children don’t get overlooked, 
ifcfft either. There are special low prices 
■f '=&)■ forthemduring summer holidays. 

Finally, in1977more cyclists 
took to tiie rails. Which wasn’t 
surprising, because now their 
bicycles travel free. 

It’s personaltouches like these 
thatmake BritishRaii far from 
impersonal. 


CHEAPT.RAVELF0R 
SENIOR CITIZENS. 


CHILDREN’S H0LIDAYFARES. 


British Rail 

The backbone of the nation. 



... ti . 




















■; . Financial Times Tuesday June ^ 


OVERSEAS NEWS 



AMERICAN 


SUMfL 

- XM aibgm 

Agordat* *^gg=ts 
_ <• TTv . 

TfcSSend „ A ^A3mara-^-7^=a 
j^.Mandefera—_ 

•'• H«mra '^TIGJtE’S&^SS, 

J Jowtar *" 

f ** BJfflODTl< 

V* ETHIOPIA ^ 


ADDIS ABABA 

®, j 


Dayan says Israel West I ®™“j, talks 
Bank plan permanent one London 

-T -MT . TALKS OPENED at the Foreign 


Strong showing by left in 


BY DAVID LENNON 

ISRAEL'S OFFER of limi 
I rule for the Palestinians 
West Bar* and the Gaz 
is not a temporary arrac 
! but is the solution for th« 


. TALKS OPENED at the Foreign 
'office yesterday with the Sultan 
of Brunei on the British Govern- 


Peruvian 


occupied territories. 

-9-1 j| • * He dashed American hopes 

’ ' IH n that the autonomy plan was only 

an interim arrangement by 
• ■* • stressinz that even after fi 1 * 

TlftfjCfhfl "BTI years of se ' f rale - Israel would 

- vA 111 not be prepared to take any 

-rp^ . derisions about the sovereignty 

■'■ JH PlTPIiQ or permanent status of the West 

- JL'l MS.M. %*4jL Bank and Gaza. 

8y James Buxton All that Israel would he pre- 

, pared to decide five years after 

.GUERRILLAS fighting for the ! implementing self nde would be 

independence oF Eritrea arc ujp nature of the relations 

coming under increasing pres-! between I«r*el. The Palestinians 
r sute From the Ethiopian armed 1 living under occupation and 
forces in probably the fiercest [ Jordan. 





sustained fighting currently rag- j “i hope that the autonomy as 
ing in Africa. But Ethiopia has it i6 , «ill he liked by the people, 
yet to launch a concerted ouen- an( j ^ra question of sovereignty 
-give to regain control of the W jjj nf3 t he brought up.” Mr. 
province. . Dayan told a Press conference in 

. An Ethiopian attempt to break j erusa i em today. 


talks OPENED at the Foreign LIMA. June 19 

TEL AVIV June 19 I Office yesterday with the Sultan a.<ijaih:hj«5SY 

• ' n - Jun of Brunei on the British Govern- BY HUGH OSHAUGHNE55Y aCT-ement with the-fund, aimed 

Dayan met this mnrninc: ment's decision to .jjj d .“f the LEFT showed unexpected Sr. Hugo Blanco, a form P- J* relieving the country's acute 
with the American Amba^fdor. reamonsibilities .for the defence rth . yesterday’s elections sant leader a 1115 head * fareim exchange cnsll The 

Mr Samuel Lewis, to explain th. : Da^dHouse*?* 1 to select tii/lOO-nran constituent guerrilla group wWcb JJ* 1 *®} CentrS Reserve Bank's foreign 

!nnr e l d :Hr n *, Afte : ,he h T r f I Ssembfy which is to prepve EMhe-«Ju»orai«MUi.m.L.J e xc hange position has dipped to 

.hi. 81 !!!? : Sultan who is anxiousto retain Peru for a return from military ^ was deported to n , ilW s$i.3bn. • 

said th3t tod j y he understood hc baltahon of Gurkhas under to civilian government m IffiO. Argp ^ . Drastic a^eri^ -mMuures et 

better the phrases used by the | British officers which he sees as The Popular Christian Party, £**?*“■ Socialist peeled to be demanded by the 

Cabinet. He would not comment; an .important safeguard against a right-of-centre grouping led.by ITie Reynlutiona^ fund w4W doubtless be strongly 

on whether or not. the decision i instability. the middle class and headed-by Party (PSRi. 0 °iljraez was resisted by the Left, and by poll, 

would help to revive the s-tale-. The Sultan, together with his s r Luis Bedoya, a former Mayor General Leonidas « oar ‘^, - s tical figures of the centre, who 

mated Middle East peace negutw*} father Sir Omar' All Saifuddin. of Lima, was topping the pollthis arrested yesterday Senorted point to the fact that real wages 

tions. ; who is also the most influential morning with 33 per cent of the reported to have Dee " 7 Mr fast year fell to only 74.1 per 

Mr. Dayan was due to deliver; politician in the state, arrived in votes after half the county's to. Argentina. <«* the cent of the level of 1975. ,. 

sn official Governraem statement [ Lo ^?r*n hone^tiint the talks will **«“■ had ported jeot, of the £^£1 Com- Meanwhile, the Government of 

to the Knesset this afternoon. The j make^ubstantiaLprogress towards JSoid" ntaee came APRA mmSTvartv had 5 per cent. Gen. Morales faces a ditemma 
! S trad'd t„ OPP'-OVS SS SS^TSTildwtn- th I" „ S 'Xt n,£ of fee Sp together a60 i, tie fahtre of fen. Left- 

the Cabinet decision after a [clencei This is a **1 strongly ^ -Sg a third of the candidates to the .con- 

stormy debate I supiKirted by Brunei’s neighbours, old veteran Sr. Victor Saul Haya Look like '^ n 'p* stLtu ent assem--s^ent assembly, who have been 

Mr. Excr Weizman, ‘he | Malaysia and Indonesia, which de la Torre, with 29 per cent *eats m . .iL.f as ra any again deported or who are in hiding 
Defence Minister, who v«n»d have recently tried to reassure But the Popular Front of a „L P voected to win. inside the country, evading 

against the Cabinet decision, was < the Sultan that they will not allow Workers. Peasants and Students 85 tney were -h orders for ihelr arrest or de- 

expected in absent himself from iheir countries to be used as bases (FOCEP). a radical Marxist-. The strength sh "." n the oortation. 

the debate. - for guerrillla operauons against Leninist group critical of what it Left will undoubtedly ^ . are allowed to take 

Mr. Weizman has denied that, h*^ country. sees ag Sf)viel revisionism, was Government’s JJJ pe fJL tcI 5 a tlon*l their seats, the Morales Govern- 

he intends to resign from the ] in third vith 11 per cent nations wtin »ne a ment will suffer loss of face, but 

Government because of his dis-| M i • k QT1 c of the poLL In some parts of Monetary 1-uno u " difficu it, if they are not .allowed to take 
agreement with the Canine*| MalaYSia DaliS tlie slums of Lima, it registered.Hie military' their seat?, entidsm of the 
policy. His aides have let ir bp over a.u ihe month r _ npra i Fran- Governments attitude" to the 

known that from now <»n Hie qI] r^IllPS substantial. victories o er all the government of t£ r mudez will constituent assembly will-benme 

Minister who won such popularity) dl1 other parties. ' ^...v dico Morales Bermudez van ronsunje^a ^ ^ . 

with Egypt’s President Sadai will i MALAYSIA yesterday banned all The leaders of FOCEP Include start negotiation* 


Malaysia bans 


laiHkixK'- ■ &. Government because of his dis-| i * L n _, 0 

agreement with the Cabmen MilwYSia DEDS 
policy. His aides have let <> h c n 
known that from now *»n ilie all TfllllPSt 
MR. EZER WEIZMAN Minister who won such popularity) ai1 

.No miention of reripninp with Egypts President Sadai will j MALAYSIA yesterday banned all 

concentrate on mllirarv affairs, political rallies as part of a 
Nablus, said that it will not and will refrain from pnrtict- ■ security clajnpdown In the run-up 


-cot of Asmara, the capital, about “ if ther so desire then they bring peace any closer. pation in the diplomatic j to a July 8 general election. 

-» ™? n . r . h a *° *'« a ° d will bring* it up. But we want to The Mayor of Tulkarem. Mr. negotiations. j Reuter reports. ' 

partially turned back by the base our att itudes on the assump- Hilmi Hanoun. said that it Mr. Weizman is reported as D *V r ' 5r t “ k . Hussein Onn. the 

1100 lhat 1116 a “t°°°niy is not ignores the Palestinians living having told his Cabinet colleagues ™JT l e 1 £ 1 H , *L e ^. 


ox meir sirongnoms ana ai one Fnrpi g n Minister said 
■point the other mam group, the * ore, 3 n Minister saw 

•Eritrean Liberation Front “ 

<ELF» said it had had to TT - Jj * 

evacuate the strategic town of 

Mandefera, though it was re- 

occupied. The Eritreans have 

also come under pressure at 

Bnrentu in the west, the third 1 i A __ 

remaining Ethiopian stronghold f|P|Tpp 
r in the main part of Eritrea. 

' Ethiopia is reported to have 

four army brigades siting by K- K. SHARMA 

across the border to the south 


Jews there, be said. 


Editorial comment, page IS 


Indian growth in 1977-78 
better than expected 


IJUilULdl IdlliCh <L3 F«*i V* — -- - - - - — , 

security clampdown In the run-up ^ # • j TR*1¥ 

s-trisw 1 New bid to ; f Carter's foreign aid Bill 

end labour threatened by more cuts 

outlawed Communist Party or X>;il «lSK«c4w llUCdlvUVU WJ mv»v 

Malaya planed to disrupt public KlU IlllDUSier __ w.cmur-mitf i *-'\a 

order on iLs 30lh anmversary ^ Martin BY OUR OWN CORRESPONDENT WASHINGTON,. Jane 19- 

THE "e 4 

™. C n5o l;,S Bri,is 2 h ye ^d wl another votc i'or tomorrow 'o t^ jltt is efforu ° »a«nw has already 

— [ - hl — 1 thera 1 i°„r u d P U, P “l fee H& »»SSSLTSS S5^-SSW r 

Law Reform Bill. tty the f oor of the Mouse later much ^ poss ible of the Bill, but 

A rah hsink^t The Bill, which has the strong this week- p i pmpn t which the prevailing view of congregr 

/\rai> UailAZ support of both organised labour. The new element wmen ^^ ers .after the 


troops fought against them. 


Arab banks 
meeting 


NEW DELHI, June 19. 


^ „ _ i - . ^ uiuca uiiiuu uicacuvt i/j « - 7 innnpr aeeu vuu. 

^ralbanktoveSorfof alfA^b of delwl-e »&•****■ ^ 3* ^ S°Sff&S£»SS- »■ John GBltgan,.head, of the 


in.Tlgre province for a possible THE INDIAN economy per- down in Industrial production last year since there has heen ««ates started yesterday, indirating 0 f coisenfative Republi- ^expenditure. menL to^t^S^DK’s^Sn^ 

offensive in Eritrea. According formed better in 1977-78 than is the poor performance of such an increase in the area under • the continued interest of the^ Arabs P" sea ™ ut hern Democrats, This has sharply swung con- went, told ttosraornings wiemig 
to the Tigre People’s Liberation thought when Mr. H. M. Patel, sectors as steel, coal, cement and irrigation and farmers are u.-ing! to for " e then - capital markets. Into cans a d ner gresslonal sentiment in favour of J.L 

FrnnttTFLFK which operates the Finance Minister, presented power generation.’ This has more inputs. If the monsooS :» ^Khouri SteSfSS aITS ISGS^f eSZSE tatSWI SS 5 spending at every 

>uh the two main groups in his budget m February. The been aggravated by all-round turns out to be good, production I he™ffi has conducted a Successful and, as history has repeatedly Part .of Ameren roiwore ana 

*S lB ^ u . r __ Muld be « hi « h « tonne, I Scared fiti buster for well over * month, m own. foreign aid Is frweg, ^^to^BB^nSent 


had become a 
folklore and 


be engulfed in the rains which in 1973-76 and is far more than If this is not achieved, growth the eeonomv for the past lew Arab region, and strengthening ”7 ' ^no'the'filibuster ’ . necessary for tne u.a. w.meet At tj, e same time, there Is 
should begin before the end of the 111m tonnes produced in during the year will be nominal years now seem to be lining the capabilities of Arab companies 0 division ' is Its international obligations. He ykely t0 t, e a number ofamend- 

tfae monta and continue until 1976-77. since agricultural production is This is indicated by sudden * nd • h i ?Jf^ lu i i ‘7 s . that carry oul thought to be criticaL Although expresed particular concern that ments intended to prevent the 


. necessary for the U-S._to.meet the same time,' there Is 


September. 


«sih.uhumi pruauL-uon u> lms is ionicaiea Dy sudden 7 • ..rw '--- — thounht tn bp criticaL AltnQiiRnie*preseu piiutuiai wuwn. menis imenueu w uie 

But industrial production in not expected to increase by any shortages that have arisen of fea5,b, uty studies. hnth sides are confident of win-[Congress should authorise the u.S. representatives at the inter- 

n-iS increased by a meagre significant amount, especially if steel and cement. Items which the dav the feeling is that!82.6bn allotted for the inter- national Institutions from voting 

ride nont entnn'ieoA fn thn +kn mnMeAA« S«. L:_ j mu _ v. J i _ « .. _ _ _ - KKUIK LUC u “* * _ ‘I ^I J#. HA |*.«nAA» knvilrc ■ r ■ .t tn 


’An Ethiopian offensive against I977-7S increased by a meagre significant amount, especially if steel and cement. Items which nine* the dav the feeling is thatl *zeon anonea »ur me uiwr- national insonmons rrom voung 

the guerrillas is not likely to be 4 per cent compared to the the monsoon is unkind. The had to be exported for the last C„: T Qn U * The closure vote does not national development hanks. in favour of assistance to 

impressive 10.4 per cent in the Ministry of Agriculture says three years because of lack of bri V1Slt Succeed toeT momenSm S5 : The House of Appropriations assorted countries if .they 

tne campaign jn February and previous year and is thus a that e^-en if there is an average demaod. This also suggests there CUBA'S credentials as a non- have Da«=sed decisively to the Committee has already provision- infringe either human rights or 
t?Mrien a8 whnie t fi^i^ >, nnih hJpri ^ rag 0n 0v ® ral, 8 T0 ^' th - monsoon tin's year, production has been a spurt in constxu-.tiyn aligned nation and its moral right opn ofiiMnn. ally shaved S900ra off these other ideological standards. 

nni de r' F^S, os ®. p fv* The main reason for the slow Will he around the same level as activity. - to lake over as conference chair- p If that pr0Tes to be the case. UlocnSions, and even the floor Mr, Bergsten said again today 

mnuntadnnua aid - - - - -- " "ext year , from Sri Lanka , wi)1 construed as manager oi-.the foreign Aid.BUL-that such amendments might well 

n_ i ___■! > s^^ 1 sr i ^te , WipS b hffi« m«» wyt;fr«wgp^.srtssgL«»«■“ 


only a few weeks. Eritrea is 
largely mountainous and the 
guerrillas are well-dug in. and 
they are not. as the Somali 
guerrillas were, backed by a 
regular force w-hich can with¬ 
draw. 

The Ethiopian array, though 


Peace plan urged on Mobutu 


KINSHASA. June 19. 


r-ife ""\ss 

.Tayawardens according to diplo- movem ent. _ 

matic sources here. Menryn De , , J.'.- J 

Silva writes from Colombo. Oil SU»t dlSlTllSSea 

Vii.a.premier Keng Piao arrives „ . 

NEW YORK. June 19. 


iemocrat from ' Maryland,' has development batiks. 


House arrest for rights official 


BUENOS. AIRES, June 19. 


its morale was restored by the FIVE WESTERN powers will nations involved met in Paris to month support package Chat will here rrum Islamabad for a five- NEW YORK, June 19. - e7 - 

uitimate success of the Ogaden « r Be President Mobutu Sese discuss support measures for bring in goods including $37.5m day visit on Wednesday. A FEDERAL Judge has dis- BY ROBERT UNDLEY ■ BUENOS. AIRES, June 19. 

campaign, is reported to suffer Seko to make peace with local Prendent Mubutu. of food and medicine and S24m missed a suit by New England . __ _ 

from a shortage of trained and tribesmen in Zaire's wat-torn The sources said the move was of fuel to help resurrect Shaba, m« * Petroleum to recover $1.6bn PROFESSOR ALFREDO BRAVO, a school foe adults in Buenos 

experienced officers at the Shaba province in return for Intended to remove political In addition, the International IVIOSCOW Warning from Libya and its national oil secretary-general of the Argeh- Ajibs. Hr is a leading, member 

middle level of command, and is badly-needed western economic obstacles in the West—such as Monetary Fund (IMF) Is The Soviet Union vesterdav Issued corporation for alleged breach tiniarn teachers' union who has ® f Government-recogiused 

anyway still learning to handle aid, diplomatic sources said concern about human rights — expected to send a team soon to a fresh warning to Japan about of several agreements to supply h held for gir-w.* Permanent Assembly for Human 

its big stocks of newly acquired today. to supporting the autocratic discuss a major suTnilisation slpnine a friendship treaty with the-company with olL months in pSon in La Plata, 35 ***5?*®- *« '-v-i-- 

Soviet equipment after more Envoj-s of the U.S.. France, President Mobutu, generally plan with Zairean officials. China. Tass news aeency reported. Judge Kevin Thomas Duffy P , h \ ’St; Bravo is., being held 

than two decades of using West Germany. Belgium and regarded as intolerant of internal centred on the so-called according to Reuter in Moscow. based his dismissal on lack of "J' 1 **. riii-th p a PP are ntiy wfthoat charges, at 

American equipment. Britain, in a series of separate dissent. “Mobutu Plan” fur economic In a statement addressed to the jurisdiction because the defen- „ j the disposition of the executive 

Eut the indications are that meetings, will also press bim to The French ambassador in revival. Japanese Government, Moscow d an ts “are protected by w<>e ' Kena - branch, a procedure permitted 

Cuba, which helped Ethiopia to consider wide-ranging domestic Kinshasa was believed to have Reuter said ii would have to make sovereign immunity." Professor Bravo was arrested under the country's stale of 

victory in the Ogaden. is relue-1 reforms and to seek better rela- had the first of the five meetings ---"certain correctives" in its policy aP-DJ September while teaching at siege. . 

tant to become involved in; tions with neighbouring An cola, this morninn. tho .source* «a.id. i i- • . towards Tokyo if the concluded - 


Soviet equipment, after more Envoys of the U.S.. France, President Mobutu, generally plan with Zairean officials. China. Tass news agency n 

than two decades of using West Germany. Belgium and regarded as intolerant of internal centred on the ao-called according to Reuter in M( 

American equipment. Britain, in a series of separate dissent. “Mobutu Plan" fur economic In a statement addressei 

Eut the indications are that meetings, will also press him to The French ambassador in revival. Japanese Government, 

Cuba, which helped Ethiopia to consider wide-ranging domestic Kinshasa was believed to have Reuter said ii would have tc 

victory in the Ogaden. is relue-1 reforms and to seek better rela- had the first of the five meetings ---"certain correctives " in it 

tant to become involved in ;fions with neighbouring Angola, this morning, the sources said- xt- i j- ■ , . towards Tokyo If the co 

Eritrea. Cuba is well aware that the sources added. The four othfrr envoys were NCp3« GlGSCl contract ireai.v contained provisions 

the war in Eritrea would be long The initiative is pan of awaiting appointments with NEPAL has signed an agree- “ ,rec,ecl acainst this country. | 

snrt bloody, and has no doubt western efforts to support Presi- General Mobutu. ment with the Soviet Union fori 

reflected »nat the longer it con- dent Mobutu’*; anti-Bnrlet Cov- Belgium, the former colonial 120.000 metric tunnvr *.f diesel r avn * Hpnnnnrpd 

iinu^s the greater public I ernment following la«- month’s ruler'of Zaire, wanted a joint worth approximmelr *i&rSin. the r ucquuiiubu 


Moscow accused over Vietnam 


PEKING, June 19. 


.nr Jinre inan a accaap) tn nacir-jambassadors would present three separate meetings that would Nepal boughl almost al! its petro- 

r>g the Addis Ababa regime. I areas for reform: allow each ambassador tn put the leum products from In.lia on a 

rn<'re are neiicved to he Cuhanj® Reconciliation between the case for reform in the light of quota allotment i»a*i* and. when 

null .ary personnel in Asmara \ northern -dominaieri Kinshasa his own government’s policy, the India was unable tu till ?!ic quota 


\ EUiropra ; tensions between Zaire and response from President Mobutu, much-needed siabiliv.- , 

should lnnk for a peace, ii I settle-; neighbouring, Marxist Angola The Zairean leader has said reliable diesei Min;.i- : fo 
rnenv in trstren—an idea thattwhich President Mobutu accuses publicly he will.not accept any next two fiscal Years. ’ 

f* ., ir hp . en ana ti jema to j of-sponsoring the reb pl invasion preconditions for western aid -I-_ 

!h. FVhir.Van^o-rf^r dc p«^I»r , 'i alcing wilh ^ SoV|el Union and to his economically weak and * 

ihi Ethinp.an leader. Retentij. [ Cuba. politically uncertain nation. AbU Dhabi Oil rig 

' .uhn trior til Iin4nr*vs<riillv M t-_k— _ r«_. • r>,m... c_• £ . : _ r-i . “ 


powers. But largest dicsci pureh^-*- it haS| EG^PIIAN Ambassador 3 n d ny ioum HOFFMANN — PICKING ■ Jnnp 19 - 

by other ever made. Sue Luckwnri.1 reports former Armed Forties Chief BY] J5 June 

■oup' wanted from Katmandu Prior io 1974. . Saad p J? h .“ 1 ’. THE "sinister role” played by distinguished from the other- for. decades and fostered pro- 

that would Nepal boughi almost al! ,« petro- the Soviet Union in South-east “One cannot help asking found friendship," it-said. ‘The 

lor m put the products from In.lia on a j? taitTrshili SSr VeoorS from Asia has become the chief target whether these similar, and Klemlin has spared. no pains to 

the light of quota allotment l»a*t« and. when , jsbon p ’ ’ of China’s bitter reaction to the mutually supporting tunes and bind independent: Vietnam to its 

's policy, the India was unable tu fill ihc quota General Shazli now ambassador expulsion of Chinese nationals arguments were mere colnci- chariot for global expansion.’* 

, .. 4 . 10 „ f p r r s 5 l,orla8 “; in Porrugal. said President Sadat from Vietnam. • dencc or formulations based on • Kfeanwhlle Mr Takeo Fiikuda. 

ts said they many of Nepal* more crucial WM driving all his political In the strongest attack yet pub- consultations." the JaDanesISne Mtoirter has 

• which was development nrojeci* were opponents tn prison and his lished. the official newspaper, the The newspaper says "the 

oeen kept seriously restricted. This new autocratic regime was hiding Peoples Daily this weekend international background of the t.7i„ g 

r an angry contract guarantees Nepal the hehind a face of powerless named Moscow as the instigator K.sue is the sinister role played 77 a TT.7 u n mtH.l ^ 

Jent Mobutu, much-needed siabiluv of a demog.atjc institutions. of a persecution campaign which by the Sonet Instigator. It ^ ™ 

ler has said reliable diesei Minply for the has driven more than 120AP0 is the Soviet hegemonists he ^idyvas impart^nt ior 

t accept any next two fiscal years. _ « , Chinese from Vietnam back into and no-one else who want to ;ana the worKL. ; •/.r-'-.-rf;.=■- : 

western aid-_ Iran S Oil exports HSe China- strain Slno-Vietnamese relattoos K ® uter / 

y weak and *hi» DhoKi nil avnnr)e n r .-„ri P n n a „d A long article in the news- «o as to fish in troubled wafers _ ■ ■ - 

i natum Jr ^, a . - P, r1 -^^ in nrodX^ros^bv abSut19 pc? Paper compared Vietnamese and achieve hegemony io Asia." _ 

■ation initia- Hitachi Sliipnui Id mj: and En- {£ ^trlnlan uumth to »nd -Soviet statements on In shifting the blame for the VS. COMPANY NEWS 


of a democratic institutions, 
for the 


Iran's oil exports rise 

Iran's exports of crude oil and 


W “ poli lica lly uncertain Abu Dhabi Oil rig '"vi^nJSf and"^ -!---^’ 

p'Smini*. a resrjre,"n.-c ''of ^the:? RkJJoIwhw between Presi- Despite the five-nation initia- Hitachi Sliipnuiiflmg ;*nd En- T ^ihe 5 ! asil ran I a^moithm and Soviet statements on In shifting the - blame for the US. COMPANY NEWS 

nniifical "rniin Mei-nn in Addis. dcnt . .fohutu and clandestine me Zaire can stilt count on a cmeenng ha«i won .< '. l.ifin con- -p Reuter reports The the refugee issue and said " whal Si no-Vietnamese rift squarely on p..!.,,,,, - • ' . 

\h , n 'Lrtlv occaL * opposition mmcment.-: inside and multi-million dollar emergency tract to bmld three on drilling satWal IroSiS on^ Corporation particularly striking U the to the Kremlin, the Peoples daily optfpng. ^markets 

annSred tJ believe f- vn,iw!° uls, ? e hJ5 vart and turbulenl i ,d bac f a « d « wn in n&.hr Abu Dhams national ‘tNIOG?^iw S?poS« during the fact that the Soviet Union and adopted a tone almost lyrnpa- merger plan;. New Middle 

iHFr T jp« indt'pnnd^nt Imp than co ii" tr >'- .. Brussels last week. drilling company for d^ircry by month averaged 5 3m barrels a Vietnam are so Identical in tune theric to Vietnam. China and East route - for Braniff; 

r.-,i Mrncisin M«isnn is knnwn ! The w * sW , rn wcre drawn This provides for ten nations April. 19B0. Reuter re?, .ns from day. against 4.f,m barrels in the and pace in the anti-Chinese Vietnam were good neighbours Investigation Into Husky Oil 
fnr ha v m* be<-n prepared in enn-' 11 * 1 two wee * ss when the five to contribute towards a three- Tokyo. previous month. . propaganda that one cannot be who had supported each other share dealings,'page 24 


for having Ve'in’prepared m"nn. : llp <w ° week * w ' hen the five to contribute towards a three- Tokyo, _ j previous month. 

aider thp secession of Eritrea. > 

South Yemen, v-hich w;,.s alsn! THE MONE\ machines. TV pygu BUTTON BANKING IN THE U.S. 

reportedly involved in rhel screens and mner electronic *■ 

:<l»brtive move m undermine Col.' gadgets which have appeared out- _ a .0 -« . g 

Mengiatu. is said tu have been! side banks and in shops all the ' W-M^>vr/v I11T1 

rehictmt tu commit its -force*' wa - v across the L.S. in recent jL& m, >1 11 I B ■ fl ■ I I Ifll 

usainsr . the Eritreans, and years have all alerted the public JL Jflk 1JL ilUJi. W ▼ C-B.VI 

Ethiopian envoys who recenriy 1 t° the fact that electronic bank- 

visited such left wing Arab ! in? ’ s on ™ 3 - > n - In RV n . v(n , A c/-f 

enuntries as Syria. I ra* |. Lilr. a ■ c,l ies now. people can »et money m uatib uwtt 

and Algeria apparently came : °, r nay it in, settle bills or check Broadly, the move towards to keen comnanv liniurtnv at a this mnnev. elt 


A cautious revolution behind the counter 


BY DAVID LA5CELLES IN NEW YORK 


grouped , in the stNiatied Elec¬ 
tronic . Money Councti - are in 
the process of drawing up a 
consumers’ -bill of ti^ita which 
they hope, will cope>with most 
situations. But as a couple of 
recent • cases. show, th<? role of 
the courts Is Ukely to- be large 
too. V . 


remain inside Ethiopia andi lt? l] er - .. 

.iccppr no more autnnomv than' According in recent estimates, 
Kih-npia is proposing lo ui-.c i * em ? “LWMJ electronic terminal;- 


1’ihinpia is propemg io »i“e; seme 21.000 ^.;trun,c ierminals ^“paper^a praS which can 
mher regions of the country. | * n labe da 5' s — they transfer it 

Syria and Iraq, long standing '-'.p 0 fu di < L •' ull,ma,ed jnsiantlv by computer. In addi- 
supporters of the Eritreans, made j ‘ n “ a ® ^ h !f . h _. Ci P tlon. customers get inslam access 

dear they had nn intention to their accounts via TV screens 

chanv.ns .heir position. {ESSSSU te5i«£ « nd n,one * v machines, enabling 

The Eritrean issue hwlJJJJ ^inc finaSS^JSSSi lhein t0 kee P an up-to-the-minulo 

hocomo sn pressing that n ^£53 check on their assets. ■ 

SS'anr.^.3IS' »”»*»" WlS. »«W *»•» h,« developed 

,,'thop Arab state--, and couidi However, this gadgetry is only their own refinements. Some 

_ . . . ' .C. ..lAiainerV i.nd _!Li _ t. rl TVO hnflL - nf1 tlliiTn Oft m rtutna.i im 


ihea up wiui a wall streei wut unaer tri. iuna '^ns'ier M oi? ui mwrei »n meir customers to shirt their money before travel Hitt abroad ’ When 
cunties firm toerca re a system is instantaneous. Were EFT to money in savings accounts as into interest bearing savings he came b'ack?be found 'that his 

rare a customer can -.-et con- become universal, therefore, the long as possible. But as EFT accounts would greatly increase cheques had bounced "because 

m*r credit asamst the float would disappear, and with grows in sophistication, they are the banks' operating costs.' If the money was hevfer credited to 
cuntieb (hat arc h-.-id f u r him. It the float industry. The busi- likely to have other courses open EFT then , developed a stage Ms account ■ Citibank told State 

-—-— ... — -. —■ further and .-gave depositors^-Investigators that ; when they 

Banks in tho L'.s. a tv «*iaduall.v clianging over to what is known as electronic funds transfer jnstant access to unit'trusts, the opened his deposit envelope, it 
(EFT). Bui the M.-al/nf the’ehange Is so enormous and the consequences so difficult to , ^ would be in danger of was found to be empty.- The 
predict that progress \ s being made with extreme caution. Few banks have more than dipped JJJ2* f^ether e | k ai ° ied t&g 

their toe* into th«- water and some have announced their intention of steering well dear. offer a higher’58$'thn^nn from the 

-----—-:- accounts. ' V- In the end. citibank agreed to 

it ail seems to make sense > n ness world would also lose that to them too. The Ohio bank’s in the end, banks could And ®00; '^But in another 

electronic ace whvn .jneed is useful niarein for manoeuvre arrangement with the Wall themselves merely acting as ™ay who'clalms 

tat. Bui apart from the huge which the time lag in mechanical Street Ann suggests that in the 9 ha nnels for money without en- “ e 2* ted - (P r a »»«» 

si pf EFT. and ail complex fund transfer now gives it. The not too distant future, bank Joying any-.-br. the advantages * a ™r sum than she withdrew 

chmcai prooiems -.«hich have fact that the banks themselves customers will be able to p.ut all that they 'currently derives from 2S2.-512i !22SS“5 ha « n ° r ? et 


guerrillas who qavc themselves; iranrier or EFT. But the scale oul ‘ 
up. Now he is holding a ten day i of iho change is potentially so Banks 


VI ill',- '.'iggo<5. |C wniU tiiiuiijm-iii — - - —- - -- - ..•■mica. HUMS P .uuiauutljr IS f _ 

happens tr. tlu- is opposition to such cltanEes is to its .simplest, they could sell thought to‘be doubtful at the v 0 u that 0Be may wel • 

corporate the enormou* amo-in: nr money also likely u» be formidable from shares to buy bread. fOn the be.si Q f times. - Sr S banka are going.in for 

iir-n tnr-urc i ivnc n( hilliim. ..r rf.u ., ^nu itm re« nf iho final industry, other hand, point of sales outipts tv- .v>_j _ ' ... . “ all 


7i"F i:u,m uii-u -v,. ■.nm*’ nil*p pdii» am infirm- mnn^y 

of autonomy and has not ruled i announred th°ir intention to tions to buy or pejj ,««curiTies skill, an »n;ir 
out an offensive. Isieof well clear. and commercial paper in order grown up of the 


Tions tp miy » r .ren .reennne? skill, an «»n;ir^ ind.| 4!r v has tii^m. 1 «*«i «-h»u-«> *»iven ahu^ qnd'misrakes could hanl ce, 3 a, f l SQV ^ ld ^ r ^ 

and commercial paper in order grown op of the float io exploit For a ?i«*rt, they are unlikely that banks at present hold a pen The large EFT institutions hillhep t t ? em • right-tt P a ? 


fr.nichT with dangers 


" .v,n ,Sr.i£E rt a& x £n T° "K 

> P^ TbV i^, EPT iSSSttoS; ™ghS - rl01 ■: ■?, PW 










5 


1978 


WORLD TRADE NEWS 




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get J apan technology 


BY CHARLES SMITH 


NEGOTIATIONS between fffiin a 
and Japan ' on the supply of a 
colour television- tube plant 
have been complicated by 
Chinese insistence that the plant 
should .form, part of a package 
which would- -also include an in¬ 
tegrated circuit plant . The prob¬ 
lem created by this is-that inte¬ 
grated circuit plants are included 
in the-Cocom list of strategically 
sensitive items which are not 
-normally exportable - to Ctuh- 
•mupist countries. 

China appears to be taking the 
line that it.will not buy-a TV 
tube plant from Japan unless an 
IC plant is supplied as .well. It 
is believed to. be demanding a 
highly sophisticated plant, not a 
medium-level plant of lesser 
strategic sensitivity: The Chinese 
have - been in negotiation with 
two Japanese companies as 
suppliers of . one or both of the 
plants—Hitachi (’which had . a 
team of executives in Peking last 
week) and Toshiba. Matsushita 
Electric, earlier regarded, as a 
potential supplier of the TV tube 
plant has apparently - dropped 
out of the running. 

Rumours that the Japanese 
Government .had “tipped off" 
either Hitachi or Toshiba that 
Cocom approval for an IC plant 
export would be forthcoming 
were denied here by the com¬ 
panies concerned.. It is felt that 
China must first nominate rite 
evompany with which it plans to 


place 'jf ..contract, after which 
approval will bei sought for the 
delivery‘Of the plant. China is 

understood' to be pressing the 

potential suppliers hard on pric¬ 
ing tepns, possibly using the 
prospect.! of additional heavy 

electrical-contracts as 3 lever. 
Hitachi -. and. . Toshiba are 


Hitachi and Toshiba for reacting 
“ flexibly M to Chinese demands 
t'is-a-u» the tube plant. 

The potential value of the tube 
plant is estimated by one of the 
companies concerned at “ rather 
less" than Y20bn (a downgrad¬ 
ing from the earlier, estimate of 
around Y30bn>. The integrated 


JAPANESE '. MANUFAC¬ 
TURERS of pillow block- 
mounted unit- bearings used 
widely- in agricultural equip¬ 
ment -and. conveyor system— 
have '-•given ■ the Common 
Market- Commission an under¬ 
taking 7 , that they will raise 
' pricestby between . 10 and 15 
per cent,*’’ writes Kenneth 
Gooding.'-. 

. As * resold allegations of 
damping brought against the 
Japanese by . ihe European 
bearings companies have been 
dropped; • 


The EEC manufacturers 
claimed they had. evidence 
which suggested that in some 
rases there was a 30 per cent 
difference in the prices the 
Japanese were charging in 
their home and export 
markets. 

The undertaking now given 
by the Japanese industry will 
not have tbe same effect 
throughout the Common 
Market . because individual 
exporters have given varying 
assurances about the way 
their prices will change. 


believed'to be interested in the 
chance.. - of supplying heavy 
generating equipment for the 
projected^Chinese-steel complex 
near Shanghai: With this in view 
the two companies are said to be 
negotiating. “ flexibly ” on the 
tube and. iC'plants,-- Matsushita, 
originally a' competitor for the 
tube plant; is not a manufacturer 
of heavy, electrical generators 
and therefore may have lacked 
-one of the-motives-.possessed by 


circuit plant, it is believed, 
might be slightly more cosily 
than the tube plant. 

Opinions differ as tn whether 
one company is likely to get 
both contracts or whether the 
contracts will be shared between 
Hitachi and Toshiba. Hitachi was 
the winner, of the first contract 
to supply a large-sized computer 
to China (approved by Cocoui 
after minor modifications to tbe 
original specifications) early this 


TOKYO. June 19. 

year. China does not recognise 
Cocom and has thus habitually 
refused to place a conditional 
contract with an external sup¬ 
plier pending approval by 
Cocom. This appears to be one 
of tbe problems involved in 
current negotiations over the 
integrated circuit plant. 

• Meanwhile. Reuters reports 
that Asa hi Glass says it will sign 
a contract in Peking this month 
to export a colour television bulb 
glass plant worth about Y13bo 
to China. 

The plant, capable of manufac¬ 
turing lm bulbs a year, will start 
operations In the second half ol 
1985. 

• The French Petroleum Insti¬ 
tute will train Chinese tech¬ 
nicians under a scientific and 
technical cooperation agreement 
signed with its Chinese counter¬ 
part, AP-DJ reports from Paris 

The accord was signed in 
Peking during a visit by M. Jean- 
Pierre Capron. director of 
enrburants at the French Indus¬ 
try Ministry- 

M. Capron went to China to 
prepare a French exhibition on 
oil. gas and petrochemical tech¬ 
niques to be held from Novem¬ 
ber 29 to December S. About 60 
French companies will be 
present at the exhibition, with 
special emphasis on offshore 
exploration. 


Signs that West German 
inflation is declining 


BY GUY HAWTIN 

WEST GERMAN import prices 
remained stable .between March 
and April, this year, but were a 
full 7.6 percent below.price level 
a year earlier. The figures give 
a clear. Indication of tbe 
importance of declining import 
prices in slowing the West 
German.rate of inflation. 

The. statistics^ produced by tbe 
Federal Statistical Office and 
published by the Economies 
Ministry, show the index for 
import prices 11970=100) stand¬ 
ing at 146.5 during both' months. 
The two months percentage 
decline, compared with a year 
earlier, was even steeper than 
the 6.4 per cent fall reported for 
Fe'oruary-March. 

• German industry is expected 
to increase investment outlays 
by a real 5 per cent this year, 
according to the results, of the 
latest IFO institute survey of 
companies’ investment plans. 

This follows stagnation in 
investment . spending in real 
. terms in 1977, but all the same 
does not mark a strong revival 
of expenditure, reports Reuter 
from Munich. 


FRANKFURT, June 19. 

This year’s- investments partly 
represent spending on projects 
which were delayed in 1977 
because of pessimistic sales 
expectations, the IFO said-’ 

Most companies’, spending 
plane are centred on. rationalisa¬ 
tion rather than capacity expan¬ 
sion, the IFO said: pointing out 
that companies can . hardly be 
expected to make' significant 
capacity extensions aver the rest 
of the year when.;existing plant 
is only about SO petuasnt utilised. 

Technological innovation and 
new production' .methods are 
proving- an ‘ increasingly im¬ 
portant impulse for investment, 
it said. ' :\v 

Increased spending will be 
concentrated on.. The capital 
goods industry and in some con¬ 
sumer sectors, withiitbe upturn 
in the building industry also 
encouraging more expenditure 
in related areas, it raid. 

However, replacement invest¬ 
ment rather than capacity exten¬ 
sion . spending will continue to 
play tbe ■ dominant xofe in com¬ 
panies’ expenditure ptjpis. 


Trend towards Europe in 
Latin America car sales 

BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 


THE Latin American car market 
should grow at an average of a 
little more than five per cent a 
year, according to a new study 
by Euroeconomics, the Paris- 
based research institute. 

in a 240-page analysis of tbe 
region, one of the most rapidly 
growing vehicle production areas 
in the Iasi decade. Euroeconomics 
concludes that the stock of 
private cars, estimated at 11m in 
1975, should double by 1985. 

The commercial vehicle stock, 
reckoned to be about 4m units 
at present, should go up in a 
similar fashion to cars. 

The report argues that 
European-type cars will gradually 

increase their popularity in the --——— - 

area at the expense of American _ « _ , 

designs, mainly because of the LICXIOII yatar Order 
demands for economy. 


chances of Renault and Peugeot/ 
Cirrnen achieving a similar 
improvement depends on their 
ability to rationalise their 
resources in the area. 

General Motors and Chrysler 
at present have 11 per cent and 
9.5 per cent respectively id tbe 
area, in which the three leading 
countries—Argentina. Brazil ana 
Mexico—provide over three- 
quarters of the total, and four- 
fifths of the passenger car stock 

The Japanese manufacturers 
are not expected to improve their 
position substantially. 

The Latin American Auto - 
mobile Industry; Prospects to 
J985. Euro economics, 9 Avenue 
Hocfte, Paris. Frs 3,000. 


Volkswagen, it says, will 
retain market leadership in the 
area with about 33 per cent of 
sales. followed by Ford on 15 per 
cent. 

Fiat should expand to about 
10 per cent of the marker within 
the next seven years, while the 


Dexion has won a £lra order 
from the Qatar Government for 
the total equipping of four ware¬ 
houses in the Doha area includ¬ 
ing Dexlon speedlock pallet 
racking: Impex two-tier small 
parts storage; Simplan offices, 
office furniture; air-conditioning 
units: and forklift trucks. 


UK groups 
join in the 
bidding for 
Hijaz line 

By Rami G. Khouri 

AMMAN. June 19. 
BRITISH consulting companies 
are included in three of the 
eight consortia of companies that 
have been chosen by a tri¬ 
partite Jordan ian-Syrian-Saudi 
Arabian committee to present 
bids on conducting a feasibility 
study to reconstruct the entire 
Hijaz railway line. 

The eight short-listed consortia 
were picked this week from a 
group of 21 and now have until 
September 23 to submit their 
offers for the giant project. It 
would involve rebuilding the 
entire 1,300 kilometres of the 
historic railway in standard 
gauge track instead of the exist¬ 
ing narrow gauge track. 

The British companies arc 
Traosmark. Rendci Palmer and 
Tritlon with Mott Hay and 
Anderson in ime group: the 
Economic Intelligence Unit with 
Sotecni of Italy !n another; and 
Freeman Fox International. Hen¬ 
derson Hughes and Busby, with 
Pracs of Pakistan, in the third. 

Tbe tripartite committee will 
meet in Riyadh in the second half 
of October to select the com¬ 
panies for tbe feasibility study. 
They will sign the contract be¬ 
fore the end of this year and will 
be expected to produce their final 
study within 13 months, accord¬ 
ing to Jordanian Transport 
Ministry under secretary Hasbem 
Taber, who adds that “all sides 
are now serious" about going 
ahead with the project. 


Brazil-Taiwan 
rocket deal 

By Diana Smith 
RIO DE JAN1ERO, June 10. 
BRAZIL IS to sell its nationally 
developed Sonda Three rocket to 
Taiwan. In return, Taiwan will 
supply advanced electronic know¬ 
ledge that will fill a gap in 
Brazil's space technology, that of 
missile tracking. 

Brazil s space rocket develop¬ 
ments. which neean with the rudi¬ 
mentary Sonda One and last year, 
led to the more sophisticated 
Sondas Two and Three, have not 
pleased the V S. in particular. 

When successful testing of 
Sonda Two and Three were 
announced in 1977, the U.S. and 
France cut off supplies of tbe 
special synthetic rubber polvbu- 
tadiene. which in its hydroxidised 
and carhonated form, is the basis 
of Sonda fuels. 

Brazil has skirted the resist¬ 
ance of crumtries like the U.S.. 
France and the UK to its space 
programme bv drawing on West 
German technology, and now. at 
the Acesila Steel Works, pro¬ 
duces it<? own special steel plates 
for rockets. 


TEXTILES 


. . f 1 

India goes back to 
using the handloom 

BY RHYS DAVID, TEXTILES CORRESPONDENT 


IN A MOVE which at first sight 
might appear to step backwards 
industrially, India has decided 
that no future expansion of weav¬ 
ing in the country’s textiles mills 
or through tbe use of power 
looms will be permitted, but that 
instead additional cloth produc¬ 
tion , to meet home and export 
market requirements, will have 
to come from handlooms. 

It is a decision which reflects 
on the one hand the Indian Gov¬ 
ernment’s desire te take advan¬ 
tage of the employment 
opportunities, particularly in 
country areas, . which cottage 
industry can offer, but it has a 
commercial logic as well. 

Against a background of 
depression for several years In 
textiles worldwide, the Indian 
hand loom sector has been 
buoyant While in die 1960s the 
markets for hand-loom products 
were other parts of the Far East 
and Africa, today, as a result of 
strong fashion demand, 90 per 
cent of India’s handloom exports 
are going to Europe, the U.S. aod 
other developed countries. 

The restriction on the growth 
of mills will help to stem the 
drift from the villages to the 
towns but it will also help to 
avoid competition for yarn and 
other raw materials needed for 
an anticipated increase in output 
from handlooms to around 3.6m 
metres a year over the next flve 
years, from the present 2.3m 
metres. 

Tbe encouragement which the 
Indians are now gtving to I bis 
sector is also recognition that to 
hold one’s place in world textile 
markets against strong com¬ 
petition from other low cost 
sources and from developed 
countries, it is essential to have 
a distinctive product. 

Hand loom products, of which 
India is by far the biggest manu¬ 
facturer, are also free in some, 
though by no means all, 
countries, from quota restric¬ 
tions—an important advantage at 
a time when developed countries. 
through the recent Multi Fibre 
Arrangement, have increased 
substantially the restrictions on 
low cost imports. 

The move remains, however, 
only part of a wider strategy 
which India seems likely to adopt 
in a bid to increase its share of 
world markets, currently still 
very low, but excessively con¬ 
centrated in a small number of 
product areas. At a recent con¬ 
ference in London, Mr. K. 
Sreenivasan. chairman of the 
National Textile Corporation of 
India, pointed out that India’s 
share of world trade id textiles 
increased between 1973 and 1976 
only from 0 64 per cent to 167 


per cent, with the EEC the 
biggest buyer, taking about 60 
per cent, of total exports, 
followed by North America with 
25 per cent. 

India's low share is accounted 
for partly by the Limitations 
imposed by ~ quotas in the 
developed markets but there are 
also other problems, including 
the very large Indian domestic 
market which has to be satisfied 
first India remains, too. an 
overwhelmingly cotton-based ex¬ 
porter and has not therefore 
been able to share in expanding 
world "trade in synthetic fabrics. 

A further difficulty faced by 
Tndia over recent vears has been 
a shortfall in its cotton crop, 
forcing it to import cotton and 
viscose, fincluding large quanti¬ 
ties from Britain) to keep its 
mills running even for home 
demand. 

Thus, although exports have 
increased they remain relatively 
small in total. In the mill sector, 
they rose from £210m in 1974 to 
£307m in the first 11 months of 
1977 (compared with UK textile 
and clothing exports last year of 
£2hn). Most of the increase 
has come in the apparel sector, 
uo From £59m to £132m. with 
yarn exports affected by the need 
to supply domestic mills and 
fabric hv the spread of quota* 
and generally depressed world 
conditions. 

In the hand loom sector, a 
threefold increase took place 
between 1972-73 and 1975-76 in 
carmen/ evnorfs from £25m to 
£75m. with fieures for the period 
since also likelv to show a 
further verv substantial .rise. 

As well as devoting more 
resources to the. hand loom spc- 
tnr. however. India is likely. Mr 
Sreenivasan sueeested. to try to 
add value to its mill exnnrts. 
enabline it to earn more within 
the mjota limitations imtmspd on 
it. This is likpiv to mean export¬ 
ing a greater pronnrtinn of 
finished fabrics as aeainst erev 
state cloth, and a move into a 
fin«*r ranee of fabrics. 

The need to increase the 
sophistication of hand-loom pro¬ 
ducts is also seen, in particu¬ 
lar the importance of providing 
the sector with finishing equip¬ 
ment which will make if possible 
to offer garments with easy-care 
properties. 

Moves such as these, if carried 
through, could help India in¬ 
crease its total textile and cloth¬ 
ing exports to around £6fl0m by 
19550, clearly providing a welcome 
addition to the country’s over¬ 
seas earnings They also indicate 
tbe continuing challenge which 
the textile industry in developed 
enuntries faces 


Yugoslavia 
gets $ 18 m 
credit line 

THE Export Credits Guarantee 
Department has guaranteed the 
repayment and funding for a 
818.4m loan which Barclays Bank 
International has made available 
to Prva lskra of Baric, Belgrade. 
Yugoslavia. 

The loan will help to finance a 
contract awarded by Prva lskra to 
lngeco Laing for the design, 
engineering, supply of compon¬ 
ents and commissioning of' a 
linear aikyl benzene plant to be 
installed in an existing plant at 
Baric. 

This is the first contract to-be 
won by . lngeco Laing, the 
specialist engineering contractor 
combining the resources of the 
Swiss-Italian contracting group 
AJtech and the UK based John 
Laing Group. 

The speed with which lngeco 
Laing was able to set up the 
financial package was a key 
factor jn winning the contract. 

The new plant, which is due to 
be commissioned in autumn 19S0 
will have the capacity for an out¬ 
put of 50.000 tonoes of linear 
alky] benzene a year for use in 
the production of detergents. 

French-Swiss contract 

Cit-Alcatel. the telecommunica¬ 
tions subsidiary of the French 
Cie Generale d'Electricite (CGE) 
electrical group, says it has 
received an order from the Swiss 
Post Office to supply equipment, 
notably laser diodes, for an 
experimental optic fibre tele¬ 
communications network. 

The optic fibre is to be manu¬ 
factured by a Swiss company. 
When completed, the link wiH 
be able to carry S megabits and 
will be set up in the Berne 
region. Cit-Alcatel says it is the 
first export order it has received 
for such equipment. 

New aluminium plant 

Brazil's state mining company 
Cia. Vale do Rio Doce (CVRDi 
will formally ser up the 
aluminium producing company 
Albras 5A in Rio de Janiero 
today with its Japanese partners 
in the project, Nippon Amazon 
Aluminium- 

Albras. in which CVRD will 
hold a 51 per cent share and 
NALCO the rest, is expected to 
produce 40.000 tonnes of primary 
aluminium near Belem. Para 
State, in its first year, rising tn 
320.000 tonnes a year later. 
Total investment in Albras is 
estimated at more than $955m. 

Ford-India negotiation 

Ford Motor Company says it 
has been selected by the Indian 
Government to negotiate a con¬ 
tract for a domestic television 
and communications satellite. 

Company officials say specific 
contract language has not been 
approved by either side, and 
decline to indicate the size of 
the potential contract. 



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6 


. Ffiianclal'' 


HOME NEWS 




its given £100m 



for land buying 


BY MICHAEL CASSELL* BUILDING CORRESPONDENT 


THE Government yesterday 
launched a major initiative to 
stimulate the struggling com¬ 
munity land scheme. 

It has allocated flOOm. to be 
used by local authorities for land 
acquisition over the next two 
years—between two and three 
times the resources available in 
the first two years of the scheme 
—and has also announced 
changes to speed the rate at 
which land is made available for 
development 

Authorities Kill no longer have 
to seek departmental approval 
for individual deals and will 
keep a larger share of any sur¬ 
plus arising from land dealings. 

The building industry has been 

severely critical of the scheme, 
which comprises the Community 
Land Act and Development Land 


Tax, claiming that local-authori¬ 
ties are ill-equipped for their 
new role and that the supply of 
land has been drying up because 
of penal tax rates faced by land¬ 
owners who sell. 

Mr. Reg Freeson,. Minister for 
Housing and Construction, said 
yesterday that the Government 
was not. however, anticipa ting 
any land shortages. 

"We arc simply asking the 
local authorities to make up the 
ground lost in the economic 
blizzard through, which we* have 
passed.” 

He said that the authorities 
now bad a vital role to play in 
ensuring that enough land was 
made available for development. 

He admitted that the high rate 
of development land tax—tem¬ 
porarily at 663 but to rise to 


80 per cent in April—was likely 
to discourage some landowners 
from selling. Authorities would 
have to “ fill the gap." 

Mr. Frecson continued: “Local 
authorities will need to have 
an entrepreneurial approach to 
land dealings on behalf of the 
community and maintain a close 
and continuing dialogue with 
builders and developers. 

'* It is new and uncharted 
territory for many local authori¬ 
ties but they have a big oppor¬ 
tunity tn plan the future shape 
of our towns and cities.” 

Mr. Freesun said that house 
builders would. . under tbe 
scheme, be able to carry lighter 
land banks and purchase from 
local authorities when they 
required it 

The system would stabilise the 


market and help moderate fluc¬ 
tuations in house -prices. Tbe 
Government, he said, was look¬ 
ing to the local authorities for 
“ a new start.” 

The scheme was launched in 
April 1976. In its first year of 
operation, nearly l.wo acres of 
development land-were acquired 
in England, but this figure 
dropped sharply to less than SOO 
acres in the next year. 

The rate of disposal to builders 
and developers was also very 
low, with only ioo acres being 
sold in the second year. 

Mr. Freeson, who said the 
scheme had got off to “ a sound 
start" blamed low demand for 
building land, high interest rates 
and cuts in public expenditure. 
The way was now dear, however, 
for "vigorous progress." 


Electricity 

Board’s 


profit falls 


THE SOUTH of Scotland Elec¬ 
tricity Board made a £5.6m profit 
last year—considerably lower 
than the previous year’s despite 
record turnover of £400m. 

Tbe Board's annual report, 
published yesterday, shows that 
it paid interest charges of 
£fi.9iu last year. It therefore 
achieved Us overall financial 
objective for IS77-7S, which was 
to break even with something to 
spare. 

Last year, the Board's elec¬ 
tricity sales rose by 2.4 per cent 
The most sicnificanr growth in 
demand came from'industrial and 
commercial customers. 

Reserves at the end of the 
financial year stood at £60.1m. 

More nuclear generating, 
capacity would be required 
towards tbe end of the century 
to supplement ^coal-fire plant as 
indigenous reserves of oiL and 
gas become depleted, according 
to the Board. 

Mr. Roy Berridge, Board chair¬ 
man. said in Glasgow that be did 
not expect any- further increase 
in electricity prices before next 
April. 

But he admitted that if there 
was a big increase in coal prices, 
the Board would have to review 
the situation. 

Prices for domestic electricity 
in the South of Scotland area 
were about 10 per cent lower 
than in England and Wales, 
mainly because tbe Board had a 
higher proportion of nuclear 
power stations and more modem 
plant. 


Crown Agents official 
‘bribed to make loans’ 


A SENIOR OFFICIAL of tbe 
Crown Agents, the public body 
which needed a Government 
financial rescue in 1974, was con¬ 
cerned in corruption- involving 
£1.75m, it was alleged-at the Old 
Bailey yesterday. 

Mr. Bernard Wheatley, who 
died last year aged 48 and was 
manager of the Crown Agents 
sterling money market activities, 
was bribed to authorise loans 
totalling £1,730.000 to companies 
owned by financier .Sidney 
Finley, 5S. of Nightingale Lane, 
Clapham, South London, said Mr. 
Roy Amlou prosecuting.. 

Payments, in the form of loans, 
totalling more than £320.000 were 
'made to Mr. Wheatley, said Mr. 
Amlot, and at the'eod of the day 
none of the £1.75m loaned by the 
Crown Agents to Finley’s com : 
panics had been repaid./ 

. Finley has denied eight 
charges of. corruption which 
allege he made eifts or considera¬ 
tions to Mr. Wheatley in the form 
of loans totalling £321,000 as in¬ 
ducement or reward to him to 
authorise loans from the Crown 
Agents to either of two com¬ 
panies — SIS London or Big City 
Finance — which were in Finley’s 
Tanwec Group. 

Mr. Aralot said : “Mr. Wheatley 
died last year after his commits] 
for trial to this court and before 
he was actually tried. It it was 
not for that unfortunate fac he 
would certainly be sitting in the' 
dock with this defendant.’.’ - 


He told the jury Mr. Wheatley, 
as manager of the Crown Agents 
sterling money market, had 
authority to lend very large sums 
of money to almost any concern 
he thought fit 

Between 1969 and 1974 Mr. 
Wheatley had loaned £1.75ni to 
companies owned by Finley. The 
money was never repaid because 
in 1974 Finley's companies were 
going bust. Thev were, in fact 
wound up in 1975. 

Mr. Amlot said: “The allega¬ 
tion is that over the same period 
Finley was bribing Mr. Wheatley 
by lending him personally large 
sums of money through another 
one of his own companies and 
unknown to Mr. "Wheatley's 
superiors in the Crown Agents." 

Over the same period, Mr. 
Wheatlev had been loaned a total 
of £322.000 in various amounts 
at different times. More than half 
of the money loaned to Mr. 
Wheatley was never repaid be¬ 
cause be was not in a financial 
position to do so. At the end 
of the day Mr. Wheatley owed 
£182.000 to Finley. 

In the’ case of the largest loan 
made to Mr. Wheatley — 
£168.000 in 1974 — toe Crown 
was saying that money was in 
realty tbe Crown Agents’ own 
money. 

“Such, says the Crown, was the. 
state of corruption by February, 
1974," said Mr. AraloL He told 
tbe jury they may have read 
that the Crown Agents lost a 


great deal of money In 1974 and 
had been balled out by the Gov¬ 
ernment at the end of that year. 

Mr. Amlot said the main func¬ 
tion of - the Crown. 1 Agents 
sterling money market was the 
receipt of sterling deposits from 
principals in Britain or abroad 
and borrowing and lending 
sterling on -the money market 
in this country. '■ 

“ As the manager of their 
sterling ] money market. Mr. 
Wheatley had complete authority 
to make any Itjan of the Crown 
Agents' money he considered 
appropriate," said Mr. Amlot. 

“ It seems that, the unwritten 
law was. that he could lend 
amounts of money up to 70 per 
cent of the security offered, 
without referring to anybody 
else in tbe Crown Agedts.” 

Mr. Wheatley and Finley got 
to know each other in the late 
1960s and their relationship 
rapidly developed into a corrupt 
one. By September. 1969, one nf 
Finley's companies had loaned 
Mr. Wheatley £1.000 interest 
free. At the same time, Mr. 
Wheatley was authorising a loan 
of lareg sums of Crown Agenrs* 
money to another one of Finley's 
companies. 

Referring the jury to some of 
tbe documents in the case, Mr. 
Amlot said the book-keeping, 
especialy in the money markets 
sections, of the Crown Agents, 
left “a certain amount to he 
desired.” 




■ / 


Brent C 


oil 


platform 
in place 


By Ray Dafter, 

Energy Correspondent 


SHELL and Esso are prepar¬ 
ing to boost production from 
iheir Brent oil and gas field 
in the North Sea, the biggest 
commercial reservoir in the 
UK sector. 

The two are spending over 
£2.85bn on the field’s develop¬ 
ment, according to industry 
reports. 

Shell UK Exploration and 
Production, as operator for the 
partnership, announced yester¬ 
day that the Brent C produc¬ 
tion platform—the fourth and 
final production unit — had 
been successfully located on 
the field. It was towed from 
"Norway In five days. 

The concrete structure was 
built by McAlpine/Seatank at 
Ardyne Point, Scotland, and 
towed to a deep-water site In 
Norway for completion last 
July. 

Besides producing ou ana 
gas, the platform will act as 
tiie pump station for the Brent 
pipeline system, which links 
lhe field to Sallom Voe, in the 
Shetland Islands, some 95 
miles away. Brent oil is 
expected' be carried through 
this-pipeline early next year. 


Programme 

Initial supplies of Brent 
crude are being loaded Into 
tankers for trans-shipment to 
refineries. 

Oil from the field is being 
produced only through the 
Brent A platform, brought on 
stream on June 8. 

Tbe Brent B platform, which 
produced the first oil from the 
field lo November, 1976, has 
been shut down while Shell. 
carries out tbe second phase of 
its construction programme. 

Tbe Brent D production plat¬ 
form also began a three-week 
sbntdown on June 10 so that 
gas compression facilities 
could be commissioned. 

Oil produced through the. 
Brent C platform should be 
added to the total output by 
the second half of next year. 

Brent, thought to contain 
some 2bn barrels of recover¬ 
able reserves (including about 
6C9m barrels of condensate and 
natural gas liquids) is expected 
to reach peak production inj 
the early 1959s. 

Shell said, that tbe field- 
should yield up lo an average 
of 560.000 barrels a day. Includ¬ 
ing 100,000 barrels a day of gas 
liquids. 


Garden Peas 


Frozen Peas 


— Dried Peas 
Petit Fois 


.Processed Peas 


Mushy Peas 
Pea Soup 




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Stronger 

sterling 

predicted 


fly David Freud • 

STERLING is likely to 
strengthen, reflecting the altered 
prospects for monetary growth 
after the •. recent economic 
package. City brokers Laing and 
Cruickshank predict. 

They say domestic credit ex¬ 
pansion would have grown £3.5bn 
in tbe first half of 1978-79 but. 
after tbe package, it will grow 
by £lbo—or nil from now on. 
That will tend to reduce interest 
rates and the Minimum Lending 
Rate is expected to fall slowly, 
probably reaching 8 per cent 
by September. 

The rise in sterling will be 
supported by improving expecta¬ 
tions for the current account 
payments position next year, 
which might register a £l.5bn 
surplus compared with a pre¬ 
dicted £250m surplus this 
financial year. 

The most effective part of the 
package was the imposition of 
the corset, the firm says. The 
required 3 per cent reduction in 
banks' interest bearing eligible 
deposits means that the money 
supply cannot grow more than 
2 per cent in tbe first half of 
I97S-79. tbe equivalent of no 
growth • between • now and 
August-October. 

The introduction of the corset 
meant that private-sector lend- 
inc could only he allowed to rise 
£5O0m in the first half, against 
the nre-corset prospective growth 
of £3bn. 


Plan for Wales 
knitwear 


industry studied 


By Our Welsh Correspondent 

THE DEVELOPMENT Board for 
Rural Wales has engaged man¬ 
agement consultants Inbuccm/ 
AIC to study the possibility of 
establishing a new style “ cot- 
lage" knitwear industry in west 
Wales. 

The Board sees the industry 
providing jobs and an Incentive 
to slay in rural areas, without 
large capital outlay on plant and 

machinery. 

It believes that the use of 
Welsh wool in quality controlled, 
well-styled garments, marketed 
at home and overseas, could be 
successful if carefully planned. 

Inbucon has already carried 
out similar studies in to the use 
and marketing of natural linens 
in Britain, future markets for tbe 
clothing industry, and into 
reviving the West Indian sea 
island cotton industry. 

The knitwear industry is 
already the subject of a Govern¬ 
ment inquiry and has been 
selected ns one of the key Indus¬ 
tries in the National Industrial 
Strategy. 

The Department of Industry 
and National Economic Develop¬ 
ment Office -have agreed to 
co-operate in the study. 


Unit 



in still-buoyant market 


BY ERIC SHORT 


MAY unit trust sales continued 
buoyant but were considerably 
lower than April’s record level, 
according to figures released yes¬ 
terday by the Unit Trust Associa¬ 
tion. 

Sales fell from £70.3m to 
£53-2m. but this figure was the 
second highest on record. 

Ih the first five months of this 
year, total value of sales amounts 
to £244m, compared with £141ttt 
in the corresponding period last 
year and £168m in 1976. ; - 

Tbese sales are well ahead'- of 
those for tbe corresponding 
periods in 1972 and 1973, 
reckoned the boom years for unit 
trust business. 

Repurchases, however, were 
also up on the month at £25.7m, 
compared with £21.4 in Ap ril, 
resulting in net new Investment 

in May of £27.6m. compared, with 
the record £4&9m of April. 


Net' iiew investment in the 
first five months of this year now 
stands at. £141m, compared -with 
£31m in 1977 and £90m in 19m 
Again, this is a record for the 
period;" 

The surge in investment arises 
primarily from the popularity of 
U-S.-based funds which have 
beetti'.:: advertised heavily.; by 
various unit trust groups, both 

large 1 ": and medium-sized. ^ The 
UK-orientated income funds have 
also contributed to the growth 
by providing a steady sales base. 
The : groups still regard^ these 
funds .as providing their bread 
and butter” business. >- • 

Sales last month resulted in 
toe' vidueof funds under manage¬ 
ment; increasing to £3.73bnat the 
end or the month from £3-59bn at 
the beginning. At the end..of 
May-last year the value of funds 
stood at £3.03bn. - - • * • ■ ' 

However, the number of unit- 


“BST 


IMT 
L TRUSTS 



holder accounts ■" continues Its 
slow decline, shedding more than 
-2,000 to 159m in May. compared 
-with-2J0?m a year ago., 


Economy picking up 
but slower rate is likely 



BY'DAVID FREUD 


BRITAIN'S ECONOMY is pick¬ 
ing up sharply, according to offi¬ 
cial figures; published yesterday,, 
designed to itentify changes, in. 
the level of activity. However,, 
the indicators. suggest that the 
pace is likely to slacken later 
this year. 

Tbe Central Statistical Office's- 
two short-term indices of move¬ 
ments—of shorter-leading and 
coincident indicators—have been 
rising for the six months , to 
ApriL' 

Tbe index of coincident indi-. 
cators, which reflects current' 
developments in the economy, & 
now 6.6 per cent above October’s: 


level;" The shorter-leading indi- 
' cators, which have an . average 
lead‘time of about six months, 
.ire 7.2 per cent up. 

-However, the index- of longer- 
leading indicators,- which have 
an: average lead at - turning 
■points of about 12 months, fell 
frrMay for tbe seventh consecu¬ 
tive month. It stands 7.1 below 
the 'October figure. ■ _■ 

' The main reason for the May 
fall was a further rise in interest 
rates,' 1 ' used in inverted form 
jwhen compiling .the composite 
Index, which offset the-rise--in 
-the FT-Aqtuaries 500 index;' v 
' Indicators affecting the shorter- 


leading index included the sharp 
rise in hire purchase new credit, 
which offset a fall in new car 
registrations. 

The composite index, of coinci¬ 
dent indicators rose in April 
because of the farther expansion 
of the'smoothed series: of retail 
sales -and an increase in the 
index of manufacturing products. 

Tbe office urges: caution in 
interpreting'. " monto-to-month 
movements and the figures are 
subject-to revision. Nevertheless, 
the dear warring, bf a' decline 
in..activity .r delivered by the 
Jonger-feading;'.indicators accords 
withgeneral expectations. 


Fafnir rationalises 


UK production 


BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT ~ 


THE LATEST victim of the 
severe recession in the bearings' 
industry is Fafnir, a subsidiary 
of Textron; the U.S. conglo-. 
merate. It is to rationalise UR- 
production at the cost -of 400; 
jobs. . 

The scheme will involve con¬ 
centration of all standard bear¬ 
ing manufacture at- Fafnir’s 
Hednesford, Staffs., factory wb% 
the high-technology and “aero ’ 
space bearings—lhe group mike 
bearings for the Rolls-Royce 
RB-211 engines—will be /made 
at Wolverhampton. ■ . I 
At one stage it seemed likely 
that the Hednesford plant would 
be closed even though it received 
the lion’s share of/- Fa fair's 
£2.5m expenditure programme in 
1974-75. 

A major addition to the plant, 
which makes wide inner ring 
bearings and transmission cart¬ 
ridge units, was opened In 
spring 1975. 

Discussions with anions and 
employees about redundancy 
terms are still going on. They 
have been told that about 300 
jobs will go at Wolverhampton 
when some work is. transferred 
to Hednesford and another 100 
will be lost at Hednesford too. 


The cut will go ahead “ as 
quickly as possible.” At present 


"fiie company employs .about 
M00- 

' Cut-throat pricing in the 
.hearings market has also led to 
-farther redundancies at SKF 
-.<Ujej, part of the Swedish 
'group which last year reported a 
;£ff.5m loss and that 75 jobs would 
Tie cut at Sundon.near Luton, 
and 125 at Irvine in Scotland.. 

I Tbe 9&ly wholly British-owned 
bearing^. gfouBj-^ansom^-a^ff- 
aim ■. sad -• .ftolWtrd, recently 
_ ported that" '^freijt' ftom%its 
bearings d i vision -had f all eh from 
£L825m to £909400 : Wr. ttfe 
months to, Marto3X„«ri,tuincrver 
only marginally ahead ftbhr£37m 
to.£38.9m.. ' ' 

It is estimated that ;tW ILK- 
bearings industry has lost about 
5 per cent of its. employe^ia 
the past IS months -and-The total 
is now down to about 18,700. . 

Although the main problem' 
is simply one of demand and 
over-capacity throughout Europe, 
the UJC manufacturers have also 
accused the Japanese of adding 
to their problems by dumping 
bearings. 

Japanese makers gave an un¬ 
dertaking to the EEC Commis¬ 
sion to put up prices by 20 per 
rent from the beginning of 1978, 
hut the European manufacturers 
still insist that the increase did 
not make up for toe dumping 
margins. 


A CALL for toe Government to 
focus attention on small com¬ 
panies to achieve a dramatic fall 
in unemployment comes today 
from the : West Midlands Eco¬ 
nomic Planning Council- 
* The council says in a study of 
small'concerns that- capital in¬ 
vestment -in large companies 
reduces jobs- through rationalisa¬ 
tion. By contrast the develop- 

_sgiitr^^Eerprises 

tea&Sto- ges^cate^^w^employ- 
UKirffC-V - -r-i;r. - > r . 

, .‘The Government ii/argefi: to 
fjzwdify ’ policies oni’toESEfiqn, 
employment and finaneHn-'^iSis- 
tance to provide “ possfive.lSelp 

for-growth-minded / 


Australia flights 


6 will be cheaper’ 


CHEAPER air fares to Australia 
by the end of the year were 
predicted yesterday by Sir Lenox 
Hewitt, chairman of toe Austra¬ 
lian airline Qantas. 

“ I am sure there will be lower 
fares on the route this year. And 
1 am sure they will provide for 
financially-viable services,” he 
said in London. 

U is almost certain that the 
Europe-Australia routes will be 
drawn into the growing number 
of cheap fare packages now 
being offered around the world. 

Until recently, because of its 
vulnerable position at tbe other 
side of toe world, Qantas has 
been wary of making too much 
noise about cutting fares. 

But talks between British and 
Australian Government officials 
today entered a second week in 
London. One major aim of toe 
discussions is to allow Qantas 
and British Airways to bring 
down the cost of the 12,000-mile 
journey to Australia 

Last autumn British Airways 
— in the face of an application 


by Laker Airways, to introduce 
cheap charter air services on the 
route—applied’ for a low season 
return fare to Australia of £395. 

Lake, whose application with 
that of BA is still “on the table” 
at the Civil' Aviation Authority, 
wanted to charge £340 return. 
This compares with today's 
cheapest off-season fare of £450. 

One reason for the hold-up is 
a review by the Australian civil 
aviation body of the entire air 
travel industry in and outside 
the country*; This-is -now with, 
the Australian cabinet, and a 
decision is expected within a few 
days. L -Tbe - CAA was obliged to 
shelve the'application until Can¬ 
berra made a move. 

Qantas, however,' is not keen 
on allowing any type, of charter 
operation, Tearing - : toat this 
would • dilute toe scheduled 
carrying. .' . .". 

Sir - Lenox claimed. that 
charters would put a substantial 
strain ,on_ -scheduledservices 
from ’ points 'other. than Sydney 
and MCelbqjinie. .. : _ . 




£ Boost jobs 




in 


companies 


By Our Midlands Correspondent 


Victorian 


paintings 
set records 


THE DRAMATIC increase in 
demand for Victorian painting 
resulted in Phillips yesterday 
achieving a record total for a 
picture -Sale of £222^40 (6 per 
cent unsold).. ; 

The sale of 19to add 20th- 
century English 'and Continental 
pictures • 'reflected.' the. interest 
Continental, buyers are'now show¬ 
ing. in. the period.. 

\ Edgar Hunt’s A farmyard 
scene with a donfcey, ipowf m and 
goats outside a bam (-1921), 
fetched ttLOOD; a record price 
for. the artist- - The estimate had 
been in line with the previous 
highest>of £5 600-. . 

Rubens Santoro's' The Canal 
San Travosn, Vendee, was sold 
for.' £9,500 .. to - Parascbos, a 
Coral. Venice, by the same artist 
German dealer; and The Apostoli 
went for ; £8300' (estimate 
£4,000) to' the '.London dealers 
Williams and Son.' 

Sotheby’s sale' of Spanish 
books yesterday totalled £34^19. 
The top price of £700 was paid 


SALEROOM 


HOME CONTRACTS 


£5m gun tractors ordered 


FODENS has won a £5m contract 

to provide toe British army with 
medium mobility gun tractors 
and limbers. The order calls for 
50 tractors and 66 limbers, and 
uill take about 16- months to 
complete. The tractors are de¬ 
signed to pull the new 155 mm 
gun. The equipment will be built 
at Fodens’ Sandbach assembly 
plant in Cheshire. 


Orders totalling around* £5m 
has already been received . tor 
INTERNATIONAL COMPUTERS’ 
new machine, too 2972. Three of 
the orders are from local 
authorities, which will be using 
the computers for both financial 
and non-financial applications. 
The largest system is for Mid 
Glamorgan County Council-* 


costing -SU9 Uk . it will have 
characters of main- memory and 
14 disc - -drives, . each - with a 
capacity of- 200m ; characters. It 
win be installed.at County Hafi, 
Cardiff-to. June 1979^ A similar 
system,'with with-10 disc drives, 
will be installed at City ;HaU, 
Cardiff,: foi- tbe City: Council, in 
March 1879. A smaller system, has 
been - Ordered, by Oxfordshire 
County Council,-which'wiB bb in-: 
stalled in July 1979. . 


Building contracts totalling over. 
£600,000 have been secured by 
MANSTON.- The largest is for a 
warehouse costing £297,000 for 
the Leigh MU s Company, at Low- 
fields Road Industrial. Estate, 
Leeds, 


by- London dealer Quazitch for 
.Espinosa ....(Pedro) Prhnero 
porte De Los Fiores de poetos 
Illustres .dev Espofla (first 
.edition). . • 

The. sale of Russian works of 
art by .Sotheby’s realised £92,115. 
A 7-inch wide enamelled casket, 
by Marik Semenova, Moscow, 
selling for £5.600. ; . 

A Faberge- gold cigarette case 
with, an enamelled lid depicting 
three'nymphs on a'rock went 
fori £2,000.'- 

A sale Of English and Welsh, 
porcelain, at Christies yesterday • 
made £37.8151 The top tot,' at' 
£11150. >- was;; paid by Studio 
Antiques,, the-Gloucester dealer, . 
tor- a,' pair Chamberlain's 
'Worcester-quart ' mugs,. painted 
with dead'game-birds. 

TSre-'HSny .iRbss' coUeetion, ■ 
which-went under the hammer 
at .Christies, , realised £35.543. 
Mr.^Ross, .who ^ives in Wimble¬ 
don; bought his first'bottle for 
£25.:;i ■ • :-r ■■■■'. 

The top price in yesterday’s 
IBUot'sri^ wAs- '£2.600 ' paid by 
Sung, the C-Sf dealer, tor a 
Peking-, enamel b'bttlfe-; -the base 
with'Ch'icn; Lung four-character 
mark, painted withjsbaped panels 
df European ladies and children 
seated in wooded-landscapes. 

9. Today sees toe- start of 
' Sotheby's, sate'qf .the^von Hlrsch 
art coUeetien—one of -toe most 
important arteries held. The750 
works of art kre expMlea to fetch 
at least £Sm, and a total to excess 
of £lQmseemslik^,"^ 












iflfe 











KnancM‘'Times "PGesday ^ne 20'. 1978 


Volvo244DL 


Renault 20TS 


AudilOOLS 


BMW 320 


Ford Granada 2 


£4769 


£4960 


£5145 


£5349 


£5734 


£6350 


ft. Mercedes 200 


(Prices are for manual versions including car tax and VAT atthe current rate. Correct at time of going to press.) 

NOW YOU'VE 

HOW MUCH 


\ 



cedes Benz 


ault 


DKW/Audi 


u 

5 °7 years 

1 

4*8 years 

1 

2*7 years 

12*3 years 

1 

1*9 years 

1 

1*6 years 


The figures do not constitute a warranty. 


VOLVO 















HOMi: NEWS 


Nat West personal 

charges up 



BY MICHAEL BLANDEN 

PERSONAL CUSTOMERS of its five personal cub-. NatWest is also changing its 

National Westminster Bank will turners at £50. basis of charging customers, 

face higher charges for running Mr. Jeff Benson, the group which at present varies between 
their accounts for the second half chief executive, said that more quarterly and half-yearly at 
of this vear. than three-quarters of personal different branches. All charges 

The bank yesterday became customers who keep in credit will will now be made quarterly, 
the second of the big four to continue to jay no charges This wi ,. be introduced at the 

announce higher charges follow- .Fordo not keep beginning of next year and has 

ing the Price Commission report the a certain advantages for customers 

which cleared the way by accept- {® r JKJI t € 0 S“ in reducing the period for which 

ing that their present scales 10 a compares ^ balance has to be 

were “not excessive." at Floyds. 11 where iTlawer charge ™ al P tairted t0 for free 

The move followed the of 71 p was also introduced for 1,anIaD S- 
changes already announced by cashpoint automated with- Mr. Benson pointed out that 
Lloyds Bank for the next half- drawals. the £50 minimum had been set 

year. Barclays and Midland are NatWest Is also Introducing. at 1116 becinning of 1974. and in 
not expected to introduce any j n n ne with the Commission's rea * terms had been reduced 
increases before the beginning suggestion, an allowance against since then to little more than 
of next year. charges for the value of money half its original value. 

The NatWest package shows left on the account which will Commenting on the Price 
some significant differences from be more closely related to the Commission's alternative sug- 
the Lloyds move. It includes a general level of interest rates. gestion that the banks should 
substantial rise of 50 per cent The allowance will .be at \ pay interest direct on current 
In the charge made for debit per cent below the bank's normal accounts. Mr. Benson _ said: “ 1 
entries on the account—cheques seven-day deposit rate,' rather am by no means convinced that 
and standing orders—for those than the fixed 5 per cent which many of our customers would 
customers who do not qualify for has applied until now. welcome such a move, bearing 

free hanking. At present, this would give an in mind that as matters stand 

NatWest is. however, keeping allowance of 6 per cent. Lloyds there would be a t*t ifability nn 
the minimum balance required fixed the offset allowance at 1 the interest earned, but we will 
to qualify for free banking for per cent below deposit rate. keep the matter under review." 


Footwear 

outlook 
bright ; 


BY ARTHUR SMITH 

THE OUTLOOK for the foot¬ 
wear industry this year seems 
reasonably bright, according to 
the British Footwear Manu¬ 
facturers Federation's quarterly 
review, published today. 

Higher consumer spending is 
expected, to benefit the domestic 
retail trade, while the recent 
deprecation of the pound should 
give some help to exports. 

The review presents a mixed 
picture of the industry, which is 
reported to be 44 cttll ’reasonably 
busy." Exceptions are in the 
men's leather sector and some 
parts of the children's trade 
where a swing to more casual 
styles has hit demand. 

Most companies have more 
than a month’s work in hand, but 
there is still widespread spare 

capacity. “The implication 
seems to be that, though firms 
are busier, few are as yet suf¬ 
ficiently confident to. gear them¬ 
selves up to higher rates of pro¬ 
duction." the federation says. 


may rise 


INDEPENDENT television’s 
advertising revenue may in¬ 
crease this year by CO per cent, 
boosted by higher consumer 
spending after last year's jump 
of 30 per cent to £300ra. accord¬ 
ing to a survey by Glasgow 
'stockbrokers Eason Watson and 
Smith. 

"The advertising mix is 
broadening all the time," Mr. 


Aldershot arms exhibition 
interests Chinese mission 

BY LYNTON MeLAIN AND COUNA MacDOUGAL 


BRITISH PLANS to convert sidiary of' Fairey Holdings, two weeks and will be visiting 
container ships to carry the showed a model of a 300 ft British manufacturers after 
Harrier vertical take-off flehter container-ship, redesigned as a touring of the arms exhibition. 

L t r AwS *poor man's" aircraft carrier. The.Chinese are expected to call 
were unveiled at the Aldershot ^ {nil4ca j e version of the run- at the EMI standUtthe exhibi- 
Army Equipment Exhibition way system will be on show at tion to see the Cynibelene light- 
yesterday "4 hours before this year's Farnborough Air Show weight radar for mortar fire 
Chinese defence manufacturers in September. location in which they are very 

plan to tour UJt company The runway is a series of interested, 
stands The exhibition is the modified medium girder bridges. They are also understood to 
David Robb, an Easton research I, * . _ ri _ t . nn , n „ h . ntimi now used as standard equipment be visiting Plessey radar in the 

analyst, said yesterday. largest and most comprehensive , n NAT0 Fairey woa orders for Isle of wight.and will want to 

array of military equipment £2im of bridges last year and said see Marconi's field artillery com- 
ever exhibited in one place, the yesterday the scheme would be puter equipment On Thursday 
Ministry of Defence said yester- based on the new “ski jump" they are expected to attend the 
day. ramp used to ease take-off for firepower demonstration at 

Over 10.000 items of equipment heavily laden Harriers. The Bovington, Dorset, which will 
are on show in this shop window “ski jump” is still under test at include a demonstration by the 
of UK defence equipment fndus- Royal Aircraft Establishment, Hawker Harrier.vertical take-off 
tries. They sold £700m of Bedford. fighter in which the Chinese 

military equipment iast year. - The six-man Chinese military have, already--shown great 
Fairey Engineering, a sub- mission is esweted to stay about interest. ■ 


1 High prestige companies like 
banks and building societies are 
now bidding for prime time." 

The industry had recovered 
from the 1973 setback, when an 
increase in broadcasting time 
boosted production costs, as 
consumer spending declined. 

•Vt" Granada and London Weekend 
'•Television were prime invest- 
'inents in the sector. Both had 
--minimised the risk of losing 
^ffceir franchises under the 
.Review in 19S1 by selling produc- 
-•tions for network distribution. 
Si Such a move tended to insulate 
Ifc company against the charge 
;«f poor quality TV productions. 
'C. The companies had avoided 
..some of the worst effects of the 
“special levy, which could cream 
:..off up -to 60 per cent of a con- 
-tractor's pre-tax profits, by 
selling TV productions overseas. 


Lloyd’s syndicate sues Oceanus 

BY JOHN MOORE 

OCEANUS MUTUAL Under- The writ was issued towards believed to be a dozen in all. 
writing Association, a Bermuda- the end of last week by Mr. In addition to damages there is 
based insurance concern is being James William Bragg, who is a claim for a declaration that 
sued by a Lloyd's marine “ suing on his own behalf and Oceanus is liable to indimnify the 
syndicate, number 65 (the H. G. • behalf of al! other members of Chester syndicate and the other 
Chester syndicate), for alleged syndicate 65 at Lloyd's and plaintiffs " in respect of further 
breach of contract. certain other Lloyd's syndicates ” sums." 


INTERNATIONAL SUMMER SCHOOL 1978 



for the 

Non-Financial Executive 

LONDON JULY 10-211978 


The increasing amount of accounting and financial management needed to 
run a modem successful business is placing great strains on middle and senior 
management not trained in accountancy. To meet this problem, the Financial 
Times and The City University Business School, of London, have arranged a 
tivo-week course entitled ‘Financial Management for the Non-Financial 
Executive' to be held in London on July 10-21,197S. 

This course was first held in 1977 and attracted substantial support from 
Britain and abroad. The suggestions of tutors and course participants in 1977 
have been taken fully into account in preparing this year’s programme and the 
sponsors believe its value will have been increased still further. 

The course will be headed by a former finance director of a major 
industrial company and a merchant banker, and the panel of 22 distinguished 
lecturers are drawn from universities, commerce, accountancy and banking. The 
participants will be divided into study groups of fifteen people headed by a group 
leader. The ten days of instruction are broken down into lectures, case studies 
and various group exercises so that the srudents take an active part in the 
programme. 

Apart from being a thorough two-week programme of studies the Summer 
School also offers an authentic insight into the workings of the Gty of London and 
provides opportunities for making useful contacts with people and institutions. 

7 he list of distinguished speakers includes: 

Mr N. Goodison Chairman, The Stock Exchange Council 

Mr A. W. John formerly Finance Director, Unigate Limited 

Mr S. R. Harding Director, Hill-Samuel & Co Limited 

Mr R. T. Fox Director, Klein wort, Benson Limited 

Mr R. T. Esam Head of Group Taxation and Corporate Structure 
Royal Dutch Shell Group of Companies 

Mr D. C. Hobson Senior Partner, Coopers & Lybrand 

Air R. S. Napier Group Treasurer, Fisons Limited 

Mr R. C. Westmacott Assistant Director, Barclays Merchant Bank Limited 


To The Financial Times Limited, Conference Organisation, Bracken House. 

10 Cannon Street, London EC4P4BY. Tel: 01-236 43S2.Telex:27347FTCOXFG. 
Please send nu further details of INTERNATIONAL SUMMER SCHOOL 1978 


NAME- 


TITLE 


BLOCK CAPITALS PLEASE 

COMPANY_ 

ADDRESS_ 


The dispute arises 7 from a 
reinsurance package. tffij'eh C. E. 
Heath. Lloyd's brokers, arranged 
with Oceanus for the syndicates 
after they had insured con¬ 
tainers for CTI, a New York 
container group. 

Meanwhile, Oceanus is involved 
in a separate action with CTI. 
CTI i« suing Oceanus for $300,000 
alleged to be due under the 
terms of an insurance policy 
dated April 4, 1977. Oceanus is 
resisting that claim on the 
grounds that an unrepresentative 
claims experience was presented 
to it when the insurance was 
originally placed. 

And on yet another front, 
broker C. E. Heath is involved in 
a dispute, which has gone to 
arbitration, with a Lloyd's syndi¬ 
cate over other insurances 
arranged for CTI. 


LABOUR NIAVS 


Print leader 


against Phase 



Transport 

workers 

backpay 


BY ALAN PIKE, LABOUR CORRESPONDENT /' 

1SH2S.T STfiTS GSZ* •E? (SSS-STS 

S yesteSay bj Mr Joe Wade, I said that the TUC was giving Re calling for an Wjsave 
general secretary of the National a nod and a wink towards campaign, including ““Jj. * 

Graphical Association. Government pay pohey and tjat mefelings ^ working hours, non 

Decisions on pay * » WJRWS 

^"“ o" S taportanM’Mo we want “ mpre 01 rate and a shorter working week. 

future of the trade union move- Earlier yesterday, *£• VfJ 

ment, Mr. Wade told delegates ____ _ JBixoa, NGA president, expressed 

to the union's conference in TUC 03CKI11E his concern that , . recent 

Douglas, Isle of Man. ' The time had come, said Mr. '“^/SedTarapJ 

It was not the movements Wade for the tra de union move- “Jgg ' r ® the anion. P 
function to “sacrifice on a per- raent t0 demand that when the tb t h ^ lfio t Siem arose 
manent basis our hard-earned T uc said there had been a This promem . 

right freely to negotiate our own return to free collective bargain-^ recently ini an no ftTbe 
agreements, or to hand over these iTJg _ w hich was what its leaders to warnigs 

agreements either to the Govern- w ,f re M yinE at last year’s Con- observer, and led to warn g 
ment or the TUC.” . “*"Ly meanWt. they that the newspaper could dose 

Most trade union leaders say and will give support to no i? iai w 8 : 

accept that there can be no affilUted unions who seek to resume- nothing n 

formal Phase Four agreement, rectify their rights freely to . There is «« ± 

hut some, like Mr. David Rasnett. negotiate their own agree- damaging to a traoe muon man 
general secretary of the Genera! ments.” Je undermining of ite consmu 

and Municipal Workers’ Union. There was not a single union J.™ and management that! 
have suggested the possibility Df which had not learned 5ie lesson a ? y h E f ven instruc- 

the TUC agreeing bargaining of 1974r75. Pay claims would although we have 
priorities. be moderate, reasonable and bo ns for normal w oriring to be 

Mr. Wade, in unambiguous con- negotiated within the capacity resumed, our raenjwers i are 
trast to such views, said that the*of different sections of industry ip 0 ™ 16 11131 instrucaon r sawl - 
tinie had come for the TUC to to pay. Mr. Dixon. - 

“stop playing the role of police- But there must be freedom^ London region oeiegates 
man. either overtly or tacitly, and flexibility. yesterday faded m an attempt 

over its affiliated unions in The message from the con- to have motion included on cae 
respect of pay policy.” ference must be that “ we will order paper which would have 

For some time, he said, there not tolerate any further Govern- given regional secretan e ®LEaniiu2S 

had been straws in the wind ment interference in wages- authority to call industrial I ®. 

about Phase Four and alle- bargaining and we will not action. 


UK chemical 
industry saving 
more energy 

Financial Times Reporter 

THE UK chemical industry has 
cut its total energy use per unit 
of ^output by 18 per cent since 
1970, according to a report on 
energy statistics by the Euro¬ 
pean Council of Chemical Manu¬ 
facturers Federations which was 
published yesterday. 

It shows that energy savings 
by the UK chemical industry, 
which generates 33 per cent of 
its own electricity’ from waste 
gases and other sources, were 
rather better than the EEC's 
average savings. 

The report also shows that the 
chemical industry accounted for 
18.8 per cent of total EEC energy 
consumption in 1976 compared 
with only 15.9 per cent in 1970. 

It is suggested that ihe main 
reason for this is that chemicals 
output grew faster than total 
industrial production during the 
years 1970 to 1976. The UK's 
output has increased by 28 per 
cent over this period. 


Pay rows 

inNHS 

growing 

By Pauline Clark, Labour Staff 

UNION DISSATISFACTION 
over pay in the Health Service 
was underlined yesterday as the 
211.000-strong Confederation of 
Health Service Employees 
(COHSE) called for a minimum 
basic wage of £80 a week and 
Britain's 5,000 hospital elec¬ 
tricians began a work-to-rule in 
spite of a new productivity offer. 

The hospital electricians, re¬ 
presented by the Electrical and* 
Plumbing Trades Union, called 
off their plans for selective 
strike action last Friday after, 
accepting new pay proposals as 
a “basis for negotiation." They 
are seeking a £70 wage. 

However, the union's execu¬ 
tive council has yet to decide 
whether to call off the overtime 
bans and other Industrial action 
which hit hospitals throughout 
the country yesterday. The 
executive is expected to make a 
statement today afer receiving 
derails of the new productivity 
proposals. 

At the COHSE annual confer¬ 
ence in Scarborough, delegates 
voted overwhelmingly in favour 
of a national executive motion 
which "deplores the continuing 
low rates of pay of staff in the 
health and social services.” 

. It called for a minimum basic 
wage of £80 a week to be sought 
during the 1978-79 pay round. 

Q Meanwhile, a walkout by 
electricians over pay parity with 
private industry disrupted ser¬ 
vices at the Charing Cross Hos¬ 
pital, in London yesterday. 

^ A bid to xesnjve a dispute at 
Greenwich District Hospital, over 
ihe sacking of a sister, failed 
after talks between ■ staff and 
hospital management reached 
stalemate. 


ICI starts to close 
ethylene cracker 


BY OUR LABOUR STAFF 
Imperial Chemical Industries 
yesterday began to shut down 
the smaller of its two ethylene 
plants at Wilton, Teesside. 

It said that it had been 
forced into closing the Olefine 
4 cracker and possibly other 
plants because of a'shortage of 
instrument artificers- 
It has been in dispute with 


manna! unions over. the. train? 
ing-of fitters and eiecbrichuts-to 
be artificers. 

ICI, in close -touch with thee 
Department of: .Employment-' 
last week over Its Intentions, 
said that the shutdown, would 
; take about two days. 
'...Between 290 and. 369 jobs• 
.. are expected to' be in jeoparcijr'v 
over the next six weeks. r ' 


Engineering; employers 
attack cut in hours 

BY PHILIP BASSETT 

THE. TRADE UNION target of a rise in unemployment, 
a shorter working week was .. The “ simple argument" which 
attacked yesterday by the-; saw the reduction ,in the work- 
Engineering Employers' Federating week as a way to alleviate 
tion. The Federation is a major {unemployment overlooked funda- 
member of the CBJ, which will ‘mental facte, it was argued'.that 
tell the Chancellor today tbit a 35-hbizr week -would mean jobs 
any reduction in the working, *for one-eighth, more people; .but 
week is unacceptable. 7 the engineering -industry was 

Mr. Anthony Frodsbant already unable to find all the 
director-general of the Feder*. skilled workers -it.needed. • 
tion, said that a shorter working A “hasty and Ill-considered” 
week would add to costs, reduce reduction in the working week 
Britain's competitiveness, and so would be likely ttt- be-, very 
lower demand for British pro- damaging, particularly at a time 
ducts. The result of a reduction when British industry was: still 
would be a loss in business and not competitive, enough. . 


Co-op plan abandoned 

WELSH trade unionists have ployment is running at 16.5 per 
effectively abandoned a plan to cenL Redpath is to close the 
take over British Steel's Redpath works, which makes structural 

steel m September, because of 


Dorman Long subsidiary in 


the depressed state of the con- 


South WaJes as a workers co- struction industry, 
operative. But after discussions with the 

The formation of a co-opera- management, the utiions at the 
tive was suggested by the Wales plant have- accepted that their 
TUC as a last-ditch scheme to resistance to closure has been 
save the jobs of 300 men at Red- seriously inhibiting efforts to 
path's Treorchy plant in the find alternative jobs for those 
Rhondda Valley, where unem- affected. 


to builders 

By Nick Garnett, Labour Staff 


THE Transport and General 
Workers' . Union extricated itself 
from itsdifficulties. over, .this 
year's pay and conditions offer 
for the construction . industry 
when lay delegates voted'yester- 
day to ancept the deaL. ... .. V 

. The same lay delegates on the 
union's : joint construction" and 
craft committees last month re¬ 
jected tiie offer, hi defiance; of 
their negotiators’ advice, and in 
opposition to the Union of Con¬ 
struction "Allied Trades and 
Technicians, the largest-covered 
by the agreement, which had 
voted for the deal. ' ; . 

The Transport Workers sub¬ 
sequently found that few regions 
were willing to take industrial 
action, p lann ed for this mouth, 
and UGATTs annual conference 
later stood firm'on accepting the 
deal . 

The joint union-side of the 
construction industry ts '.to dis¬ 
cuss the situation today before 
meeting employers :.oh the 
National Joint" "Council for the 
Building Industry- " 


Although the two smaller unions 
covered by the national -agree¬ 
ment. the General and Municipal 
Workers , and . the Furniture, 
Timber and Allied'.Trades,- .have 
also been unwilling to accept the 
offer,the. Transport: Workers’ 
vote yesterday will ensure that 
the deal is concluded. 

The settlement, which will rim 
from June 26, will-raise crafts¬ 
men's- total-minimum earnings 
from £54.60- to £60.20 and 
labourers' from £47.70 to £52. It 
^ei^s/dftraC^DJDpO workers. 

' The ^ftaii^iort^- Workers said 
the. lay delegates, who. voted 
feRictemtly JS to 5 for the deal, 
had‘done:iio in the light of exist- 
ihg'eirctaEStances and “in order 
to avoid"dlminity resulting from 
decisions taken by. other unions 
which T could . result In confron¬ 
tation on the picket tines." 


Shop stewards 
threaten _ 
to quit union 

By . Arthur Smith, - 
Midlands Correspondent 

SHOP STEWARDS representing 
Midlands oil industry workers 
have, threatened to: pull out of 
tire ; .Transport ^. and , General 
Workers’ ■ • Union" .unless -a 
“ witch-hunt”’ against’ Mrl Alan 
Ldw.-regional secretary _o£ the 
commercial transport drivers. Is 
halted.": - 

They are protesting .at the call 
by drivers in another -branch lor 
a national inquiry into allega¬ 
tions d£ irregularitiea/in a ballot 
involving Mr. Law. 

The drivers axe organising a 
petition of support'for Mr. Law. 


Higher TUC 
fees sought 

PROPOSALS -for a 25 -per cent 
increase in TUC affiliation feOs 
are to be. considered by the 
General Council soon. 

The plan, if approved, will go 
before Congress for endorsement 
in September. It would add about 
£550,000 by 1980 to the present 
affiliation income of £2.3m. 


Crossed lines at Post Office 


THE POSSIBILITY that Britain's 
armchair sportsmen will be 
deprived of their television 
coverage of Wimbledon tennis, 
golf and cricket matches in com¬ 
ing weeks will draw attention to 
a dispute that has had littie-of 
that so far. 

Others who have however 
already been made aware of in¬ 
dustrial action by the Post Office 
Engineering Union include 
thousands of telephone sub¬ 
scribers, many in the City, who 
have been waiting for their lines 
to he hooked up. 

The dispute, which goes back 
seven years but which has grown 
rapidly in recent months, is 
about the union's dairn for a 
35-hour week. 

It has several unusual 
features. First, the POBU is 
about as moderate a union as 
can be found. Yet its leaders 
are witnessing an explosion of 



ADDRESS 


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OK care about meg 

It's Mental Handicap Week this week, H 
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We do all we can to help the ™ 
one child in every hundred who am 
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on voluntary contributions. BH 
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MENTAL HANDICAP WEEK-JUNE 18-24 


militancy, and threats of seces¬ 
sion. such as none of them has 
seen before. 

So great is the feeling that Mr. 
Bryan Stanley, the general secre¬ 
tary, has decided not to stand 
for re-clectian this year to the 
national executive of the Labour 
Party so as to coocentrate on 
union business. 

Secondly, the issue, though 
now a main plank of trade union 
policy, is not the kind that nor¬ 
mally triggers industrial action 
though that may change. 

Also unusual is the extent to 
which the 'union's conference 
delegates have pushed the execu¬ 
tive into action and overturned 
some of their suggestions for a 
solution. 

The threat to outside television 
broadcasts—but to many other 
less visible services 1 as well—Is 
the direct result of a recent con¬ 
ference decision. 

A holding operation, and 
possibly a path to settlement has 
been devised by the Department 
of Indusrrv. 

Lord McCarthy, the industrial 
relations expert from Nuffield 
College. Oxford, is to hear the 
union’s and Post Office’s case 
next Monday, after which he will 
presumably suggest the baste of 
a negotiated settlement. None of 
the parties is bound by his 
report 

There is no evidence that the 
POEU dispute, which has meant 
industrial action since" last 
October, has shaped the demands 
that the TUC will put to the 
Government in the talks that are 
now beginning in earnest about 
pay after Stage Three. 

But the TUC’s and POEU’s 
coincidence of view could 
materially help the union secure 
the forward commitment to a 
reduction in hours that it is 
seeking. 

The dispute has brought 
together, in the view of Mr. 
Stanley, a whole range of worries 
and grievances. He fears that 
years of close consultation with 
the Post Office and dedication to 


the customer’s demands could go 
up in smoke. This is quite apart 
from the pbsslble disruption of 
the Post Office's rapid and exten¬ 
sive introduction of new tech¬ 
nology in an expanding market 

Why have the 125,000 Post 
Office engineers turned so angry? 
The dispute has a long history, 
and rests on the fact that the 
engineers have always had longer 
standard hours than typists, 
cleaners^-indeed an other grades. 
The latter are paid during their 
meal breaks and have, in effect, 


NEWS ANALYSIS 

■ e 

POEU DISPUTE 

BY CHRISTIAN TYLER 


a 37-hoor .week. The engineers 
do not.wantthe meal break paid, 
they want the same working 
hours at leasts 

Secondly, they feel they should 
be rewarded for past co-operation 
in substantial productivity gains 
to extract some benefit from the 
improvement. Pay policy has, of 
course, .also, contributed, to the 
grievances of craftsmen for whom 
differentials are sacrosanct 

Thirdly, Mr. Stanley believes, 
the Post Office has stmply failed 
to address itself to the industrial 
relations problems associated 
with rapid change in the nature 
of jobs, and failed to assure his 
members that jobs will not be 
lost as .automation, increases. 
POEU leaders believe that the 
expanding market.will help main¬ 
tain jobs. 'The. members, how¬ 
ever, are not convinced;. 

. This lasr point is. unusually 
important itr an industry where 
men are trained in skills' that 
only on e employer — the Post 
Office — can use. They go in 


expecting to be there-for life. 
More than that, they expect-their 
sons to follow them in the'busi¬ 
ness. Mr. Sanley himself js = the 
third generation Post ..Office 
engineer, and he has a son fork¬ 
ing at the Post- Office.-tower'in 
London. :. . 

Pressed as they are trom’below, 
the union's leaders say that the 
department and" the Post -.Offiris 
itself- have, and are- still, under¬ 
estimating the strength of. feel¬ 
ing. 

H the Post office, carries odt its 
threat to send. men home, the 
reaction will be enormdus, they, 
believe. 

They also accuse .the Post 
Office of turning down a' union 
guarantee that shorter hours 
will lead to. no loss of . output and 
no increase in overtime .working 
—a fundamental objection . to. 
any shorter, hours claim. ^ V 

Since. Iasi- autiuhn, the -engin¬ 
eers have been refusing to 
operate new-telephone switching, 
equipment where that .enlarger 
capacity —. hence the,"backlog 
of subscribers connections. Now. 
that is to be tightened to include, 
military telecommunications and 
marketing projects, and .all fields 
In which • new equipment is 
introduced. - ; t> 

Secondly, branches/faave been - 
asked to put up for further 
industrial .-action: ; If ■ members. 
are sent home, there will be 
local overtime bans or stoppages 
or work and the. national execu: 
trve will consider national stopr 
pases for fixed periods. 

Meanwhile, the executive may 
authorise :act!an at. the- -national 
Giro and other -places'"tehere. 
money .is distributed. 

Where action could be a matter 
of life or death, the executive, 
would ask engineers to 
work, but not seek- payment for 
-it-Lastly, from the.b^feriihg’ af . 
"ext month ■— by which time. 4 be 
McCarthy Report, could";be -com-" 
plele — the engineers will.refuse 
to stand in for enghreeixog--nian~ 
agemeot grades- an^. refuse 
promotion to that-grad 

















9 





C V-v.H 


: fcqan r c^l '^tt^es^igsday June : 20' 1978 




S' 

Ke rs 
{ h 

T ' 


.-V -••' * >, 


BY PETER RIDDELL, MICHAEL BLANDEN, DAVID FREUD 


Pajt TCStMuit vital ‘to curb inflation’ Net external liabilities 


BY PETER RIDDEu; ECONOMICS CORRESPONDENT 


A "VERY marked and-distinct 
. fall ” in the rate of increase in 
wages in the;, coming' year is 
needed if the improvement in 
the rate, of-price inflation is Jo 
he maintained, says the latest 
quarterly bulletin from .the Bank 
of EngZand. . 

The bulletin. published this 
summer, payis' particular atten¬ 
tion to inflation, as did Mr. 
Gordon . Richardson, the 
Governor T of the Bank, in his 
Berne speech last week: 

The- Bank, says that the 12- 
xnontfr rise in retail* prices may 
stand.at about 8 per cent for the 
rest of this year; with smalffluc¬ 
tuations. - 

This is in line with the recent 
statement by Mr: Roy Hartersley. 
the Prices Secretary, about in¬ 
flation prospects, though the 
Bank puts it more tentatively. 

The bulletin notes' that fears 
of a new. acceleration in wage 
inflation have caused market un¬ 
certainties. 

"Such'-a development is not 
impossible and the’fear of its 
occurring cannot- be demon¬ 
strated -to be unreasonable. 

"But in tiie summer before 
each of the. previous three pay 
rounds, the continuance of wage 
moderation appeared uncertain. 
In fact, there is no reason to 
regard a renewed acceleration as 
inevitable." 

Moderate claims 

The Bank notes that “very 
considerable progress” has been 
made. “The rate of inflation in 
this country is now almost in line 
with the average among the 
UK's competitors. 

"However, this is clearly only 
a relative success and other 
countries are now likely to give 
renewed priority to containing 
-inflation. This year's increase in 
earnings, though in some 
respects moderate, is still quite 
large^—and is resulting in a 
clearly abnormal increase, in real 
-Incomes. ” 

It is estimated that real 
average earnings rose by 5{ per 
cent during the first eight months 
of the present pay round, with a 
further rise likely during the 
remaining months. 

.Real __ average employment 
incomes moved more or less in 


line with productivity j n the 

early . ltfos; $he . relationship 
broke down during the rapid 
inflation between 1973 and tuid- 
1976, but; was almost restored 
after Phase.'Two. 

During.;,, the present wage 
round, thejpro vrth.pt real wages 
appeared tp be moving ahead of 
productivity .once again. 

“A continuation of anything 
like this yparVrate of increase 
in (nominal); earnings would be 
quite incomparable with holding 
the rate of-inflation next year or 
reducing It below . this year’s 
figures. 

: “This may hot .be-.Tally appre¬ 
ciated; there seems:need of much 
greater awareness , that nothing 
like tiffs- year’s increase can 
safely be^ repeated..and that a 
very marked and distinct fall in 
the rate of. increase in wages is 
needed if the success of efforts 
so far is to he pressed'home. 

“The rise in prices next year 
could he well below .S per cent 
if the rise .irr earnings also were 
below this 8 per cent figure. To 

Bank of England:-Quarterlu 
Bulletin; Vpluink IS. No. 2; 
June 1978'. ‘ Available from 
Economic InteUffleitte Depart¬ 
ment, Bank . &/.’■ England. 
London EG2B SAIL - 

achieve this, the rise in wage 
rates would have to. he some¬ 
what lower stilt. 

"There will'have been a large 
increase in personal real income 
in the present pay round, with 
earnings going up fa* faster than 
prices; if the next rise in wage 
rates were kept-to moderate 
dimensions, this would not be 
incompatible with a continued 
rise In real incomes next year. 

“If inflation could be reduced 
next year, there would be a good 
chance of continued moderate 
economic expansion over the 
next few years - ..'. How fast a 
rate can be sustained will depend 
in part on how fast expansion 
proceeds in the rest of the world. 

" Consumer spending rather 
than Government expenditure is 
the main influence behind the 
expansion in demand taking 
place this year. / 

“ Consumption lias been grow¬ 
ing strongly since -the middle of 


last year, under the influence of 
tax cuts and earnings increases 
well above the growth in prices. 
The signs are that consumption 
■will continue to rise fairly 
strongly" 

The savings ratio was likely 
to have fallen only slightly in 
the first quarter from the 
earlier record level of 165 per 
cent. 

“Any reduction in the savings 
ratio from its present very high 
level would add to the growth 
of consumption; however, it 
seems quite likely that indivi- 
duals will take the opportunity 
to rebuild their slocks or liquid 
assets which, in real terms, have 
been depleted during the past 
five years. 

“ Taking all these factors into 
account, there is the prosnect of 
a rise in 'consumer spending of 
perhaps 5 to 6 per cent during 
1978. 

''Whether the present recovery 
of demand can be sustained 
depends in large part of whether 
there is a response of domestic 
output to the undoubtedly rapid 
growth in consumer spending that 
is occurring this year. 

In the past, such an expansion 
has tended to be frustrated by 
the tendency for most of the 
increase in demand to be met 
from imports, and for domestic 
production to respond only 
slowly. 

If expansion was to proceed 
successfully, financial confidence 
needed to be maintained. 

There Is a lengthy discussion 
of the reasons for the change of 
mood in financial markets tihis 
year. 

"The Bank identifies the poor 
trade figures for the first quarter, 
the periods of pressure on the 
exchange rate associated with the 
strengthening of the dollar, 
some aspects of the budget pro¬ 
posals, the growth of sterling M3 
towards the end of the last 
financial year and underlying 
douhts about the future course 
of inflation.” 

The pace of monetary expan¬ 
sion must, in general, affect the 
exchange rate. 

“But, in spite of research 
efforts in the Bank and else¬ 
where, it is hard to establish a 
close-knit relationship between 


DCE AND THE MONEY STOCK M< 
£ millions: seasonally adjusted; mid month_ 


increase to £2.4 bn 


Central government 
borrowing requirement -f 4,603 

Net purchases ( —) of central 
government debt by 
non-hank private sector —£,765 

Other public sector* +1,297 

Bank lending to: 

UK private sectorf -1-4,087 

Overseas- + 7,226 

Domestic credit expansion H-4,448 

External foreign currency 
finance (increase—) +2,7® 

Other - 592 


Apr. 77- Apr. 77-July 77- Oct. 77- jan.78> 
Apr. 78 July 77 Oct. 77 jan. 78 Apr-78 

+4,603 +LM* + *« +1.577 -±-1,869 


-6,765 -L694 T 2^04 
+1,297 + 247 -r £76 


969 -1,259 
1S8 — 208 

749 - 73 

820 + 1.523 
549 - 126 


-1,719 -1,048 

- 35 + 409 

726 +1,133 

- 225 + 635 

- 774 +2.998 

693 - 296 
278 - 195 


Sterling m +6,596 +1,020 +UZ4 -*-1,745 +2,507 

Percentage change in - - . 

sterling m +.16.4 + 225 • 3.Z -- 4.1 + 5.7 

m +4J533 + 882 +1.470 -1,175 +1,006 

Percentage change in m _ + 23.6 + 4.6 + 73 + 5 J -±- 4.4 

* Other public sector borrowing requirement, lest purchases of other 
public sector debt by the private sector (other than banks), 
f Including commercial bills held by the Issue Department of the Bank of 
England* 

ESTIMATED DEPLOYMENT OF OIL EXPORTERS* SURPLUSES 
The total surplus in the first quarter was significantly lower than in the 
fourth quarter of 1977. 

S billions 


+ .16.4 + LS + 3.2 -- 4.1 + 5.7 

+4J533 + 882 +1.470 -1,175 +1,006 
+ 23.6 + 4.6 + 73 - 5 - 5 S + 4.4 


Change in seasonal 
money forecasts 


the exchange rate and the rela¬ 
tive rate of monetary expansion 
here and abroad, of a sort which 
could explain recent changes in 
the exchange rate in these terms." 

This view has been put forward 
by the London Business School, 
among others. 

** The pace of monetary expan¬ 
sion this year did not become 
fully apparent until May and only 
then gave rise to widespread 
concern. 

It thus seems unlikely to have 
played a major role in the 
weakening of confidence in 
sterling in March. 

“ Nevertheless, over the longer 
term, the evidence suggests that 
it can only be helpful for 
exchange rale stability that 
monetary expansion should be 
kept within the target range.” 

The commentary section of the 
bulletin discusses the degree of 
spare capacity in The economy. 
It concludes that capacity con¬ 
straints on manufacturing 
activity are unlikely to emerge, 
at least in the short term. 

Evidence of serious shortages 
of some key craftsmen was grow¬ 
ing, and these could inhibit 


growth in some parts of the 
engineering industry over the 
next year. 

The Bank aiso includes an 
attempt to calculate what the 
Budget balance would have been 
if the effects of changes in the 
level of economic activity and 
unemployment were removed. 

Considerable Ueflnitial and 
estimation problems are involved 
which complicate comparisons 
with similar research carried 
out by the Treasury, the 
National institute and the 
Department (J f Applied 
Economics at Cambridge. 

The broad pattern had been 
similar, showing the “ consider¬ 
able extent by which discretion¬ 
ary fiscal policy has tightened 
since 1974." 

The Bank estimate implies 
that the fail in the level of 
economic activity over the 
period has offset the con¬ 
tractionary impact of dis¬ 
cretionary fiscal policy. 

It has increased the public 
sector financial deficit by 6.1 
per cent of Gross Domestic 
Product- This has worked via the 
operation of automatic revenue 
and spending stabilisers. 


LARGE INFLOWS of funds from 
abroad last year and the rise in 
the value of sterling, made a sub¬ 
stantial Impact on Britain's exter¬ 
nal “balance sheet.” a special 
article in tbe Bulletin shows. 

At the end of last year the 
total value of the country's net 
external liabilities — the balance 
sheet deficit — bad risen to 
£2.4bn. This compared with 
£1.5bn at the end of the previous 
year, revised downwards from 
the earlier estimate of £2bn. 

Within last year's total, a fall 
in the net external assets of tbe 
private sector of nearly £6bn out¬ 
weighed a decline of £5bn in the 
net liabilities of the public 
sector. 

The Bank points out that, in 
same senses, tbe picture of a 
larger deficit at the end of last 
year is misleading because of the 
effect of exchange rate changes. 

The effective 16 per cent depre¬ 
ciation of sterling during 1976 
is estimated to have added 
around fl.Sbn to total assets 
rather than to liabilities in 
sterling, terms. 

In contrast, the effective 7 per 
cent appreciation last year cut 
assets by £lbn more than 
liabilities. 

The Bank attempts to 
eliminate the effects of exchange 
rate changes on the UK’s net 
external position in the last few 
years. 

The figures are rough esti¬ 
mates but they show that, after 
the-large increase in net liabili¬ 
ties of £2.Sbn in 1975 and the 
smaller rise of £1.4bn in 1976, 
there was hardly any change last 
year. 

In the private sector, total net 
assets dropped by £5.9bn last 
year, with assets falling and 
liabilities rising. This was in 
sharp contrast with the net rise 
of £4_2hn in tbe previous year. 

The book value of U.K. com¬ 
panies' direct investment abroad 
is estimated to have risen by only 
£300m. after jumping by about 
£3bn Lite previous year. 

Against this, overseas direct 
investment in the UK rose by 
£S50m, largely the result of un- 
reiuitted profits. 

UK oil companies' net assets 
abroad rose by some £150m. 
while continuing large capital 
spending on the North Sea was 


reflected in a £1.15bn increase 
in the net UK assets held by 
overseas oil companies. 

The stock of UK portfolio 
investment abroad fell, by 
£1.35bn, but overseas residents 
invested £225ai in UK company 
sterling securities. UK companies 
also raised a larger amount by 
borrowing abroad. 

Net banking and commercial 
liabilities rose by some £1.45bn, 
with a particularly steep increase 
of £1.6bn in the sterling deposit 
liabilities of UK banks. 

This was almost entirely due 
to private overseas holders from 
a wide spectrum of countries and 
was concentrated in the second 
half of the year when the pound 
was expected to ris*. 

The inflow or foreign funds 
into gilt-edeed securities was a 
major influence on the public 
sector's position. The net public 
sector external liabilities, apart 
from official financing items, rose 


by aver £2bn to £S.9hn after 
declining by £200m in 1976. 

Over £1.6bn c<f iho increase 
was due to a rise in foreign 
holdings of gilt-edged stocks. 
Private overseas residents in¬ 
vested nearly £jbn in this way, 
a record figure nearly ten times 
larger than in 1976. tbe previous 
record year, and roughly double 
tbe total net purchases over tbe 
previous decade. 

Tbe rise clearly reflected the 
combination of attractive yields, 
falling interest rates and the 
expectations of an appreciation* 
of sterling. 

The recovery of confidence led 
to a massive inflow into the UK, 
much of it going into the 
reserves. 

Tne exceptional increase in 
reserves left a net official asset 
position of over fl.lbn at the 
end of last year, in spite of rises 
in financing liabilities through 
the borrowings from the IMF 
and other sources. 


‘Wage bill best key 
to export chances 


THE BEST measure of the 
United Kingdom’s export com¬ 
petitiveness is the International 
Monetary Fund's normalised unit 
labour cost index, a special 
article in the bulletin said. 

However, no single index was 
best able to explain changes in 
the volume of imports- The bank 
found that a combination giving 
equal weights to tbe smoothed 
unit labour cost index and the 
ratio of import prices to whole 
sale prices was able better to 
explain the volume of finished 
manufactured imports than any 
single index. 

As for other factors, the tests 
showed that in exports, tbe 
growth of world trade was highly 
significant. 

In imports, the domestic busi¬ 
ness cycle was always significant, 
confirming that the higher the 
pressure of home demand the 
higher its proportion that will 
be satisfied from imports. 

The bank said that on unit 


labour costs, although not on 
most other measures, the UK 
was probably still much more 
competitive at the end of last 
year than in 1970 and 1975. 

The reason the unit labour 
index worked best on empirical 
grounds was probably that it was 
applicable to a variety of market 
conditions. 

The significance of world trade 
in the export equation, and the 
fact that relative export prices 
significantly added to the 
explanatory power of the export 
equation, provided evidence for 
the existence of demand con¬ 
straints on the level of U.K. 
exports. 

Tbe correspondingly low 
weighting given to normalised 
unit labour costs in the export 
equation suggested that a large 
improvement in competitiveness 
thus defined (whether by depre¬ 
ciation or by incomes policy) 
would be necessary to achieve 
any sizeable increase in export 
volumes. 



THE Bank of England is to pub- changes in the pattern of public 
lish its forecasts of the seasonal sector operations." ■ '; - 
adjustments for the money important problem, has 

^ , , , ,. *r r arisen in attempting to forecast 

the public sector borrowing re- 
month ahertd of tiie appearance qu i rem ent, which has' .proved 
Of the figures themselves. difficult not only for tbe\year as 

The new move follows the a-whole but particularly in 
■large changes which were made relation to the month to^nonth 
to the seasonal adjustments last pattern of changes. 
year. In describing the plan the The Bank no*: “ Latei?;-infor- 
"hapk's. latest bulletin, .says that motion on - tbe outturn fahi the* 
•the forecast adjustments for the financial year • ‘accounted .lor. a 
■next month will be released at large part of the revisions which 
the time of publication of the were announced in May: the 
monthly figures. remainder reflected modifica- 

Howcver, because these fore- SSgJj^-Srt^iJSSt 
cast adjustments may have to be jgggyj by Uniting months 
revised at times, any revised Calendar months! 

when the bank publishes its nL } i ah f e *» 
figures of eligible liabilities for a 8 9* 
the banking system. This is T m innf 
normally just over a week before * u *P a *' 1 
the appearance of the full money ' Tite first problem, the article 
supply statistics. comments, arises from the 

This is not expected to happen abrupt alterations U' the 
more than two or three times a .seasonal pattern of tne nows or 
vear, and revisions are raosp' Government receipts and pay- 
iifeely to he needed in January ments which can result from 
and February* when there axe yh- administrative changes. 

certainties associated with -the 1° ^ year u°nJ'2' 0 it 
flow of Corporation Tax. such a sudden change, Jt is 

* ^ .. ■ . necessary to estimate the often 

A £750m underestimate of substantia! impact on the 
likely Corporation Tax receipts. monthly pattern of bank 

which only became apparent late deposits and advances, 
in the year, was one of the The Bank emphasises that it 
reasons for the sharp upward is n0t lbe purpose of seasonal 
revisions in earlier estimates of adjustment to correct for ail 
the money supply announced in fluctuations in Government re- 
May. according to a special cC i p ts and payments, but only 


article in the Bulletin. 


those of 


recurring nature. 


result, the Bank says, arrange- Even aft er seasonal adjustment; 
ments are being made to shorten erratic items will always remain, 
the time lag between initial in the mon thiy banking figures, 
revision and analysis of tax T1 j e difficulty arises 

receipts and the consequential from different dates on which 
recalculation of the seasonal tbe banking figures are taken— 
adjustments. the third Wednesday of each 

The Bank points out that month except December, when 
there are greater difficulties it is the second Wednesday, 
-in measuring the seasonal This is important mainly because 
influences affecting the money of the influence ol Government 
series than for many other transaction which dn not flow 
official statistics. The past “ may evenly throughout the month. .. 
not be a reliable guide 10 Therefore, the money arid 
-present . .seasonal patterns, banking figures arc adjusted 
largely because of abrupt by “an estimated correction 


for recurrent patterns asso¬ 
ciated with the varying 
reporting dates, as well as for 
the more * normal ’ seasonal 
factors which cancel out within 
the year." 

Distinctive characteristics of 
the adjustments lead to some 
unusual features. "First, the 
adjustments to be applied to 
individual months in any year 
qften differ substantially from 
Ufose for the same month Jn the 
year before. 

f Second, the seasonal adjust¬ 
ments do not necessarily pre- 
cialy cancel out over a period 
Of months." 

the Bank then turns to the 
question of the year on which 
tha adjustments are based. At 
present, this is th* calendar year 
ratljer than the financial year nr 
lhe|hankiTig year to. mid-April. 
There are some reasons for 
Thinking that the adhjsunents to 
the f monthlv monev suonlv 
figuips would he- herre»- based 
on llje financial or banking vear. 

However, other considerations 
point the other way. the Bank 
says.'A particular problem has 
arisen with forecasting of cor¬ 
poration tax receipts and though 
the problem of revisions has 
previously not been so important 
“ this year the original corpora¬ 
tion tax forecast was £750m. too 
low and the full extent of this 
underestimate did not become 
clear until very late in the 
financial year." 

A related point, the Bank com¬ 
ments, is that the target period 
for monetary aggregates may not 
always be mid-April to mid- 
April. The rolling targets 
adopted for the current year 
could mean, for example, that 
they might on occasion run to 
October. 

r The arguments, the Bank con¬ 
cludes, are finely balanced and 
"an eventual change 10 centring 
on financial years is by no means 
ruled out." However, “whatever , 
year is chosen, the total adjust- ! 
ments will not cancel out i 
exactly.” 




Below is a brief guide to the investment incentives Before you do anything, it could pay you to get 

available in the'Areas.They apply to companies moving into, in touch first with your nearest Industrial Expansion Team, 

or already injthe Areas for Expansion. Or; tick the box(es) below for the information you want 

Are you planningyour company’s future now? and send in the complete coupon. 

Greater benefits are available in Northern Ireland. 


•nr r 

r. 


Capital grants 



Rent-free factories 


£70,000 teeth Oil revenue of exporting 

care campaign countries falls slightly 

V EDUCATIONAL campaign J 


AN EDUCATIONAL campaign 
was launched yesterday to try to 
improve Britain's dental health 
— 3 problem' which costs tiie 
coun-try more than £200m a year. 
The £70.000 campai^ni. with the 
slogan Remember your. Teeth. 
js aimed ai three mani groups— 
expectant and nursing mothers. 
ado)e. e cont>- and school children. 

initially, u will involve about 
100,000 people in the Bristol area 
over tie next year — could 
dedeiop into Europe's biggest 
denial health education pro¬ 
gramme The project is being 
run by the' British Dental Asso¬ 
ciation and Avon urea health 
authority with, financial support 
from dental product manufac¬ 
turers. 

Plea to oppose 
Lakeland plan 

MR. ROLAND WADE, acting 
chairman of the Council for the 
Protection of Rural England, 
urged the Lake District.National; 
Park Board yesterday to oppose 
a Cumbria County Council plan; 
to raise the level of Ennerdale 
Lake, in the Lake District by> 
four feet. 

He said that would submerge | 
the shoreline ,i 

He told the annual meeting on 
the conservation body's Lao-j 
cashire branch that the scheme: 
wu widely opposed. 


TOTAL oil revenues or oil- 
exporting countries fell very 
slightly in the first quarter of 
this year, according to estimates 
by the Bank. With ibis decline, 
and a further increase ;iu 
imparls, the surplus funds avail¬ 
able dropped lo $5.4bn compared 
with $6.4bn in the final quarter 
of 1977. J 

With revenues likely to decline 
further, the Bank expects a 
further fall in the cash surplus. 

In the first quarter the amount 
invested in sterling holdings was 
again .little changed. However, 
foreign currency deposits with 
UK hanks rose by $lba after 


declining in the fourth quarter 
of 1977. 

Investment in the U.S. was 
higher than in the previous 
Quarter and accounted for a third 
of the total cash surplus, a higher 
proportion than in most of 3977. 

Bank deposits in other coun¬ 
tries continued to rise, though 
less strongly than in the previous 
quarter. The diversification into 
currencies other than the dollar, 
which had been significant in the 
third quarter, was lew noticeable 
in the fourth 3nd it seems likely 
that little further diversification 
took place in the first quarter of 
this year. 


Rent-free offices 



London td: 01-2116486 

24-hour answer-service for booklet 
enquiries only:01-8342026 


NET EXTERNAL ASSETS 
ANDLIABILITIES 


Investment 

Banking and commercial 

Net external assets of the 
private sector 
Public sector (other than reserve* 
and other official financing) 
Reserves and other official financing 

Net external liablities of 

the public sector 
Total net external assets/fiabJHties 
of the UnHed Kingdom 


Scotland. 

Glasgow, 

181:041-2482955 

Wales. 

Tel:Card iff 62131 
fSTD code 0222) 
Northern Region. 
TeJ; Newcastle 
uponTyne24722 
(STD code 0632) 
North Wen. 
Manchester, 

tel: 061-236 2171 

Liverpool, 

tel: 051-236 5756 

Yorkshire* 

Humberside. 

Tel; Leeds 443171 

(STD code 0532) 

East Midlands. 

Tel: Nottingham 

S6131 (STD code 0602) 


West Midlands. 
Birmingham, 
tel: 021-632 4111 
South West. 

Tel: Ply mou th 
21891 (STD code 
07521 or 
Bristol 291071 
(STD code 0272) 
London & South 

East. 

London, 
tel: 01-603 2060 
Ext 221 

Eastern Region. 
London, 
trf: 01-603 2070 
E*c. 359/360 
Northern Ireland. 
Tel: Belfast 34463 

tSTD code 0232) 
orLondon 
01-493 QSW 



Manufacturers can obtain capital 
grants of 20% or 22% for new buildings; 
also for new plant and machinery in 
many Areas. 


Interest-reliefgrants, or 
favourabie-term loans. 
Fixed-interest loans from European 
Community funds. 


Up to 2 years rent-free (exceptionally, 
5 years). 

Options to purchase on long lease. 
Wide range of new factories available. 


G rants for office rents for up to 7 years. 
Grants for new jobs created within 
5 years. 

Grants for staffmoved. 


To: The industrial Expansion Team, Department of Industry, 
Millbank Tower, London SW1P 4QU. 

Please send me full details of the benefits available 
in the Areas for Expcnson, as I have indicated above. 


POSITION IN COMPANY. 

COMPANY_ 

ADDRESS_ 




Tick here 



Tick here 



Tick hens 



Tick here 


¥T 19160 


ion 



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TOM 




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If it’s impossible, 
get Bovis to build it. 





Bovis Construction Limited, 1 

bovis H*iusc« Northolt Road, Harrow, Middx, HA2 QBE 9 

l cl: iI I -422 14SK Telex: 4238111 | 

Please send me derails . t/wnr sendees p 


Company 


Address 


Bovis 


Fifty years of 
professional budding: 

1928-1978 


To meet an ‘impossible programme on one of our 
contracts we built floors upwards and basements 
downwards ar the same time. 

For a new department store we used a few large piles in 
the foundations instead of several dozen small ones and 
opened it in time for Christmas instead of the following 
February. 

We are doing this sort of thing all the time. Ifs partly 
technical ability; but mainly it comes down to being 
professional. We are not easily taken by surprise, and nor do 
we allow our clients to be: with us you will always know 
where you stand on costs, completion date and quality. 

To prove it, we have an impressive array of awards, and 
the fact that 75% of our business comes from people we’ve 
worked for over and'over again. 

If you would like to take us up on any of this, ring 
Harvey Davis on 01-422 3488; he’ll be glad to go into 
details. Or send the coupon. 


•' ■'••V - -;V; 


ltwon 

2. General Motors 

3. Kin] Motor 

4 . WC0 

5. Mobil 

6. Standard Oil ol Catifcma 
7 Gulf Oil 

fitnlemafionaf 9 j»mss Madu 
9. General Elect rn 

10 Chester 

11 Intemitnyul >1 4 Tel 
12. Standard Oil llndiana} 

13 Snell Oil 

If US Sled 
15 Ailantc RichMJ 

3r- £ I du Font d« Nemours 

1; Continental o«i 
Id Western Eiernr 
1. Fixler& Gamble 
2u Tenneco 
21.Union CarSde 


Dow Dhen.pl 
2 *> iDc?der>!jl Ptfrolejm 
27 hiematrxul Hjr-.er.er 
25 Eaitman Kodak 
15. Son 

30 Unon 01 of California 
3!. RCA 
32Eo-narlr 
35 aeihlehem Steel 

34 iMernjtoral 
35c United feJri.Vo.-iei 
3o Caterpillar Tixigi 

2.. Kraft 

35 Beatrice Feeds 
-35 LTV 

*0 Zero* 

41 R J. Reynolds Industrie 

42 Monsama 
'43.AsMar.il Oil 
*J.GewJl Fwds 
*5 Cit w Sewe 

4* Fnesiore liie&R’jfcber 

4.. EK-ins 

4?. Rme'a'la Hess 
4'3 ijrvviinjrd 

50 vi?. Gra:e 

51. McDonnell Dclf^S 

51 Inicmat.o.v: Pa:-;:.. . 

53 Mmn»:;la Mir fiijiSWi 
W. C,:-*n.>:e-FaiTLj^e 

55 Marathon 0.1 
M f.: r -:.-i*n , al Gnu? 

57.Gud 5 Wr.vn i.-.ausWes 

55 Pjrrm 

55.5i.iii.ien 

60 Lit*-;r. Iniiiritfles 

6 1 Lcc^tiflel 4ir.;ralt 

e: StW-* fad 
tO -'.T.'O S'«l 
64 An-e.-ta 1 Can 
f 5 Philip Kerrs 

66 C«y.-re 
6? Oes’r OH 

f ? GcOrM CjcHs 

67 iij;< .Jola 
1 0 Sentfrt 
71 rphi 

£«•' Alg.tiir.ursi C? 0? iruria 
/a Suolir.: 0.1 K’-rl 

74 its.jmc.'n I.Herniiiorial 

75 V.fttrhie-jS' 

76 Njtcml Steel 
7? For 

7? ConscutaSJ FcnJs 

7*^ , c ^ l.i:«e-rAH" ■ ■ 



101. Dresser Industries 

102. CSS . 

102 Carnation 

104. Crown Zeiiertadi 

105 Sanger 

106 Celanese 
10’.A.T«rK3h Cyaumn 

103 RevnoWs Metals 

109 f.7»j Bed Processors 

110 Nabaco - 

111 General Tired Rubber 

112 0 F Gc«in:h 

113 BnsloFWjers 
1! 4 Ken-Mcljea 

115 Teledyne 

116 Bcuse Cascade 

117 iirsero-jB-Rand 
ilSPtTrer 

119 HJ. Heme 
110 Burryjghs 
12! Borg-V5rner 

122 Kaner Aluminum £ Chemical 

123 Farnfertd Industries 
124. Central Sova 

125 CombuSl'Cn Engmeemg 

126 StamSard Brands 

127 Eaton 

12 s No» 1 h Amen'ron Pfiitips 
llC iitrock 5 Wiico* 

1;0 lC bduUnes 
13’. Uarton Simon 
132 Mirrk 

132 Teias Instruments 

124 Amensan Standard 
135 5*. Reg'S Faper 

12A ‘.ampteJ &up 

127 AssKuled Mi!» Producers 

1 :i. A-he'DaniJl-MidW'd 
122 Whin pool 

140 L.kes 

141 r«isi 

142 Hercules 
143.i*.ir7itAiir-OaH( 

144 Mcnh«es; industries 

143 0rd?n 

146 APo Chalmers 
1-. Eircrwn Elearic 
14® G»u*niTijn 
14:i M'.-tirela 
150Giiwte 
lFl.Ar.accnda . . 

152. t 1 ?'! Industries 
153 rruehaut 
154.0-j.^ei dais 
1&3 Dana 

1*6 Ar.heuoer Buodi 

157 A»(.n FroduCB 
15s Oei Monte 

159. Piii;5ijnr 

160. JP Stevens 
161 Prtiiton 
1=0 A.-way . 

I-.- ce<fc«;- 
1*4 Ofin 

To5 in'F.y) 

166 Scut Paper . 

16 ' Diam.?r>d SbamrtxK 
163 Wide M-Vor 
169 U 5 Induiines 
1*9 A~.er 1 .- 3 n Sroadcaibrig 
17! Eli Ldt/ 

172 £ CM 
37? CMfrolDail 
1:4 Joh.".Marule 
175 VL lhd-.Ur«S 
l'v Heijhlr n 
17’ Jn. IValtO' _ 

1 To Cj't Industries 

l’J ri;r|hroo 

150 'j,jik Eo-Jipment >_ 


201 .AMF 

gOIEmhart 

204 Suffer Cherrwal 

205 Sterling Drug 
205 Geo. A HmtoI 

207.United Merdunts&Mfrs. 

M Crane 

2Ci9 Abbott Laboratories 
210 Cmens-Coming Fibertlas 
2J i.Unmonweaitn Oa Kebnhg 
212 American Retiol.na 
2'i.Kuro Pefmtwm 
214 Feeler Whee« 

2;s.Budd ■ 

216 GAF 

21 - .Time fnc 

2! Z Cummins Ergin® 

219 Comag Glass Wsrks 

220 Uts^hn 

221 neomJ 

222 Kaeai Industries 

223 c 'et 

*24 Miijrjw-Edison 
*.5 Unon Camp 
226 Williams Companies 

22 7. Paccar 

223 Joi. Sohtif; Srening 
2.9 Murphy Oil 
2:1 Armstrong Cork 
23!._«iah RoJ-j 
222. Times tv-ror 

23: UG G'rtiijm 
*ii Krmsii Copper 

235 F'evlc-n 

236 Eurbcam 

237 i;ntjir«r Ccm of America 
23: ahenM-tflMhaOB 

239 F^jroid 
24ij.Ph|tjl t>3dE- 

241 Joseph t SagramiSons 
*4- ChorraMy Arif real 

242 \r<h«.iir.;.Pit'eSurgh Steel 
244 Allegheny Ludlum Industries 
*-5 Via nva-ro 

24q Nalonal 'lart 
247 Brunswick 
241 Crown 'lerk S Seal 
24j Cert-Manmi 
250 lCjs 3?4 Cocke 
251. Gold Kct 
2510ammd Intern jlicral 
253 Timken 
£54 ScfwrmR-Ploirch . 
2o5.Littoy-i>«n>rord 
256. Brawn Group 
£i7.Peot»3y Coal 

Srtsa 

259. Great Northern fJekrosa 
KO.Airco 

26!. Warner Corrmijnfcaiions 
CiiCt^or 

261A £ Sfalw f-Nnufacfurtrtg 
264 Ajr PrcfluccsiChaitaLi 
165 £3*13 _ 

266MEDXL 
267 MCA 

26 ;: fnrero'ixal HufUbafs 

269 hjfie+f.iHr 
270. Evans Pi»lucts 
271 SL Jm Minerals 
271 Fennrva't 

572GO. Sheri? 

274. finder-on. CSavtoa 

275 Liw E/s'.trrs 

276 3ie-:> i'Or-er Manubdunng 
5< ■.Crw'sl'* 0 -: 1 ' 1 -For.ds 

2”oJiaiK Ur.cn 
2’? P.;5 no'<.rvMj»rfD 


3B1.ACF hdiistries 

302 Joy Manufacturing 

303 Morion 

204 Anchor Hocking 

205 Am 
SCfcMohasco . 

307 ScovJi Manufacturing 
m FWfa’xh 
309 Ayr<t 
310*0 EnSh 
311 Sc-mjs Milts . 

312'jenral S^nai 
313 Ca’ir?dr.is-.m 
214iNat«Mi Gjisimi 
21? 0?m.s 

216St»P.-4HglchnS3n 
217 Nwmc.i'. Mrn; 

31a Mr tcn-Njnwcn rrcd'JCtS 
319 Plats* S-?».rg 
3 JO Eu-hditranS 
j»-i "dderr. ujsrs 
oj 2 Harco 

323 K-sG-aw-HiB 

324 N arm 

225 Rer^Soid ChemialS 

326 Con* M:f-5 

327 fi>. OM-tfwiSons 
i2i Here‘*y Foe :; 

3:9 Outtna-s Mm-t 
2:3 CiKtt. Fsa&:s. 
33!.Chogi Er^eilrcn 
322 2,s--;n 

3*3 7r.--m:eh Pr:iu-s. . 

234 isi-es^giaph H.lt gnph 
3:5 Hrs.ver 
|*i’A'K3 Cterfal 
2:-7 CyS^p 

3:3 Lc=iara=?oTc ■'£ 
33? SianScy Vis»s 
34j.C L'.djSries 
3J1. GAT < 

3413:-?- |n'rrj!«rijJ 
34: Cent: kinA’jr'num 
244 Ssuihwest = :«rt Ir.d^ries 
345 V. a~e::2 Industries 
246. Cc-4.-, 

347.F:r?\E-:«S 
24-F?:eral 1? 

34?Ha.' 

5 _ ] l-l- Ct! 

351 M. Uaerstan&Ssns 

251Alom a y 

352 Souarc D . 

254 Cr llttsstres 

255 tnd in head && 
356.AM 0 

357 MO 

3-T Fiur-rnf Foods, 

36.- Great tKe’/in united 
26}.Sre-.» F^ss 
361.Haros 

362'>^m Dior. Sra-k Rug 
3rljx*uJ Kbn 

365.Crcro W'a' PdiJeum 
j=-> Hc?rner V. ? i-cri 
3-7.recii.->. 2-> nua 
3v2 U/ InGuT'-TS 
2i > ?«#?: 

3:?.Fw»:te 
371.1**4 KefWiUUw 
372 Di- F.,-r 
c7i.A-c*es frj'^irs 
2^4 Pavers Co^&Srass. 
2 .?.L l e,'^> 

276 te-pr.T-jn 
- /.■licna AroraSt 
3'VHri F:?ds 
2-TSoO>-.-.E'«. 
i?:c«s i-j.-:**! 

2s’ ivjtrr.y 


« 1 -S«Kta 

402 NW 

4Q3 GudnepDemef ^ 
J04.F«in:rifld Camera & Irate 
405. Superior Gil 
406 Ouestur 
407.Hamischfegar 
40£«tetmor«larid Cad 
409. Traw 

4J0. Interstate Fahds 

411 Ke«nee iidustnes 

412 Federal Mogul 

413 Guaker Stare Oil ffefineng 

414 Enxhvay Qlaas 

415 Hattfrt 

41 £ tarns Industries 
417 HP Hood 

ataw 

429.MJ30O 

4Ji.Rc-r IndusfrriS, 

422Carrerei txn Works 

433 ErCellO 

434 Enwrotech 
425.Midiani&as 
426Ganh*tt 

427 Vulcan Materials 
4r£ Airer<an Hc-itiCerrWt 
429.Par*«rPjn.-Jiin 
420. Blsetrr J 

43!. Eagle Picher Industries 
4; 2. final Inoustnes 
4i? Bal 

434 VfteetabraforFrye 
4:5. Inland Ccntamer 
436 Natorras 
4? T r«j»rai Paper Board 
433 ’.Vjma.ro 
43V Fleetwood Eric-prise 
44ij. CoH'hid. A'* ~ an 
44!.Path Pack-r.g 
442 Congrieuin 

44? '5er<eral Instrument 

4iS Irsilrj 

415 Mjnlnrt ot Colorado 

446 Mason ile 
447.NalroCrrfrrial 
44.3. Hughes 6:1 

449 Jonathan Lsgan 

450 Faysrland Industries 

45- Ferro 
452lteshincfon 
453.ij?rt)er Produots 

454. Hyier 

455. Hanes 
4£6Wm.V/r5j(eyJk 

45>.T?Vtoni« 

453 'insral Oneme 
459.Th>OroI 

46i'.Diavtej Cooperative 
461. Hanna Mining 
452 Pr.ei 

46- 3 A«rr Interne trOhal 
4->4 Pqter 

465 US FPer 
466. RK. Parts’ 

467 vieJiua . 

■46? 6cfco FefnrVtrm 
46? rrederKkiHemid 

470 *':ef.rmg 
4 71. Dow Corning 
472.T3en:^!h Centory^B Fta 
47j Fcrijo £It <z 
47J General CabJ? 

47j Bairrchi Lsrr.b 
4T5.Han* A HaTan 
477.Bu«!l f -sdt 
475 wiSey Iria'r'ries 
47? Louriona L?nd&Ei«6r3l«n 
4»r.?ikK'.t M45 


92.Bu'i.n;;^ i-J-.vtres 
L'n.lK e-aivs 
lCJO-FFG L'.Ju’^nrt 


5rt Levi Siny-s 

1ST £.• -jdebikjyVtfr'tlun.Hjn 


193 *Jah:njl Dis'iltorsiEbew.ifflr 


|'>5 Ainsrar 
i£'n Cjrrier 
ZC-O.Hewiell'r^d’P'd 


■ o’-^oWin wi~p 


t>irt 
:*aj 'iwii Hsa 
iiVLRMUrd 



i-*-aa Esi*>a 
4CiUCc:«.--Haoi.Td7 


. . K-'bc-e. . __ 

4:9 r::.n BaC&Beanog 
ECO Fo*tt;:o 


When you consider that more than half of the 
“biggest U.S. industrials do business with Marine 
Midland, you get a good picture of how big we are. 

In fact, our deposits total $10.2 billion, with S23 
“billion in personal savings. Weve got StiJS million in 
capital and reserves, and assets totaling SI21 billion. 

As much as these numbers tell you. they don't 
say weVe been a major money center bank for many 
years. Which means we’ve got enough experience in 
foreign exchange and foreign currency management to 
generate major money transactions. To provide direct 


loans. And manage major international credits. We can 
also assist in generating funds in other capital markets, 
through our associates. 

Of course. Marine Midland has the facilities to 
carry this out. With our base of international operations 
in New York Citvs financial district, we have 300 
branches throughout the state, and key people in 22 of 
the world s major financial centers. 

■Some people may not expect all this from us.' 

But after all. Marine Midland is the 12th largest bank in 
the United States. 


A bumpy 
to effi< 


Financial 


A MOTORIST went to prison 
recently rather than pay a small 
Sue for failing to produce his 
driving licence to the police. 
Be told the Court that his 
application to renew his licence 
had been “lost" within the 
Driver and Vehicle Licensing 
Centre in Swansea. 

However, subsequent Investi¬ 
gation at the 16-storey purpose- 
bmit licensing complex in 
South Wales revealed that the 
motorist had not made his 
application for a licence until 
after he was picked up by the 
police. 

The motorist had tried to use 
the fast-growing weapon against 
driving violations: the so-called 
“Swansea Defence.” This tries 
to put the blame for any offence 
involving oar registration or 
driver licensing firmly in the 
bp of the Swansea computer. 
Although in this particular 
case the Court was not 
impressed with the “Swansea 
Defence,” Che motorist's 
allegations received widespread 
publicity. 

Since it was opened just over 
five years ago, the Swansea 
Centre has been the subject of 
many such stories. They range 
from a child of six being sent 
a licence reminder to a man 
whose driving licence number 
turned out to be the post code 
of his address. In more serious 
vein, bus drivers and others 
who rely on a driving licence 
for their work have allegedly 
been suspended from their jobs 
because their licences have 
been held up at Swansea. In 
one such case, a judge went so 
far as to brand the computer 
a “ monster." 

It is no surprise that such 
apparent bureaucratic bungling 
has been latched onto with glee 
by Conservative MPs. Mrs. 
Sally Oppenheim, MP, a Tory 
front-bench spokesman, is cur¬ 
rently compiling a dossier of 
alleged delays. Other MPs—tbe 
latest is Mr. Patrick Connack. 
Tory MP for Staffordshire 
South-West—are also putting 
pressure on the Department of 
Transport to hold a full-scale 
inquiry into the Centre. 

They axe little mollified by 
Mr. William Rodgers, Transport 
Secretary, recently giving the 
Centre a clean bill of health 
after visiting the complex. 

Yet critics of the Centre have 
an unlikely ally in their demand 
for an independent inquiry. The 
union which represents most 
managerial grades at the 
Centre, the Society of Civil and 
Public Servants (SCPS), has 


‘ • . .. f ■ < ■ 


strongly attacked the Centre’s commercial and private drivers of tape. ^ 

£T3d2rfor poor manage- and 19m cars at present in the The compute^utonmtic^y pr^ 

Sent 0 ™ .0 Ten rp **P 

m -“Tbe must shattering aspect,” number <rf cars being iic^sed Is thi^hhigi 
the union says, “is that much growing at the rate of 1-5 P*r machines. Vp to to toms of 
S the responsibility for the centa'year. mil^ntout.eachmpnlii by 

Centre's failings lies at our As part of Government re- the Centre. 
own doorstep, and in partlcu- location policy, Swansea' was ■ With *.daily computer check 
lar at the senior level where chosen.as the home for the. new- on a u r the Centre’s records^-to 
de cis ions are finally made." computerised records andijjy to.ein^e;.that-.iw^i»newal 
The union lists a whole cat’a- administration of ■driver and reminder,; for ' example, . f$ 
logue of bad decisions by vehicle- licensing. The complex, missed—some 45m driver ; and 
senior management and says with.1ts 5.500 staff, spans t>o me vehicle records are ; .processed 
that its members have nothing 25 acres on a site about each It is not surprising 

to fear from an outside inquiry, miles from the town centre..Rut therefore that i.some *. errors 
These latest allegations of even:;this mammoth accommo- QCdur. ; : : .V “ 

lengthy delays and costly errors datioh' i$ not enough; - the 33 ^^^most frustrating : .type.- of 
are not the only problems the Centre "has been forced to spiu ^ whichleads to 

Centre has faced in its short oyer into other o ffices in tae lengthy delays in tibe system. 

■ - ». " •• Some 93 per cent of applications 

DAVID CHURCHILL'on the Swansea Driver afe dealt with inside 10 -wariting 

and Vehicle Licensing Centre ; 

■ •• when weekends and .public boli- 

history. It started off on the middle of Swansea. days -are added ^to .this, - and 

wrong foot by costing more'and . While the Swansea tttmputer a iio\ring for postal ddiys.- the 
takiDg longer to become opera- novr holds all records of average response'is three weeks 
tional than expected—problems - vehicles*and drivers in; the UK, often four. ;* / . - - 

that received a sharp rebuke. the: renewal of vehicle-licences - The •Centre’s operating’target 
from the powerful Gomx&ohs is; carried out either at Post jg around a 95 per cent response 
Public Accounts Committee. Offices, or at 81 special vehicle within ten working days—«o its 
Then in 1976, the Government licensing offices throughout Ole -present level of 93”per cent:is 
was on the verge of shutting country. These offices .also ha^ly bad enough'.'fa "warrant 
down that part of the centre licence new vehicles, and issue the abuse heaped upoii tt/Ahd 
responsible for motor taxation registration numbers. it. is estimated that""only one 

in order to reduce Civil Service ■...But "all the work on driving really" serious mistake leading 
manpower. licences is carried out at Swan- to long-delays is rpade In about 

Eventually it decided against sea. Tbe Centre gets about;im every^100,000 cases.V--- 
this—but last year the Centre items of mail every day—more . UotQ ^ hav^ d" -*m- 
was again in the news when dab twice the rest of Swansea s U Iwnt oTwant some information 
staff refused to handle the so-private and business mail put clarified are ahle ito ring ; ‘ or 
called “cherished transfers together. write to the Centre. About7,000 

of personal number plates. - licence applications are a day are received— 

And the centre is currently checked for obvious errors— about four Qat gf every ten are 
repaying up to flm to almost abmit 5 per cent are .im- coim^ints-^aiid-th^e a^dealt 
100,000 motorists who may have mediately returned: for correc: ^th^y oyer 40& speda^^tati. 
been misled last year over the^iiou. All documents are then 1 - 

terms of the rise in vebide-.mfcrbftimed—it would be im- on ^ q £ *£. mo^^cce^S 
exci^Iicences.IhisfoUowed an.possible to store recorded 
Ombudsman's deosion that ihe microfilm retneval area is 

wre " dacd a * «”> .b ? b 0! os,of 11.kM1 taEurop^ gy gf %S5Sfi!gdgSS 
0r D e - . .. , As something like 100m trans- managers tthe "SCPS) 

In one sense, however, the actions are made a year—the . ^ 

Swansea Centre was a victim of Centre deals with 25m applica- ^agei^t'it the'rentr? hS 
circumstances. It was con-tions from individual drivers been ^lesu -imnresjnve - ’ 

ceived during the 396 Os when and issues more than 45m driv- . n 7 T?^ . . 

the “big is better” philosophy i ng licences—staff carry out .; One of -,tiie."unipn criticisms 
was rampant The -1965 Wallet-comprehensive checks to .tty to fP 0115 ^ pnr;the: running of .the 
Report recommended that reduce the number of errors. ^ entT ^- ' 7 lf is . the gencaral 
driver and vehicle licensing Data is often keyed twice into"-problem hf Jnding and keeping 
should have “ a central office, of rnfni-computers to ' check for the- right. Calibre of computer 
considerable size, with a large' discrepancies. . staff.Civil Service salaries for 

automatic data processingRoutine data processing, stidi PO^titing" staff are about fl.OTO 
system." This was to replace the as licence renewal raihlp aers ^clow 'the carrent "market rgt.e 
previous system under which -te be sent out, do not have to -V 1 ^ th. e d eman d for. qualified 
driver and vehicle licensing was.-be laboriously keyed into the.private sector far 
carried out by 183 local offices-computers. Instead the data’ is .r **®®? 8 tile supply: " It i s even 
run by local authorities. They "fed into a special ' machine morie difficult ; to attract* t<^) 
were fast becoming . un- which " reads" the printed -Computer P.&rsdnnel Cp move to 
able to cope with the explosive diameters and converts : them Swansea. •• •. .... -. . .., 

growth of motoring. During the directly on to magnetic Tape. " Such problems areIcaown 
1960s there was a 50 per dent The new information op tape to-the Centre'slop management 
increase In the number, -of is then fed into the tiezitre’S-and a .rheem: Civil Service 

drivers and a fiO ner rent.'fn- fhrep main cnmnntp.rs' in nndnte retMrrt^ sitrreed that, -there"rwere 


drivers and a 60 per cent L in- three main computers to update report agreed that there'were 
crease in the number j. of existing records. A new master personnel difficoltiefl' hr the 
vehicles. There are about 225m record, consisting of 25G reels computer field,. 


MARINE MIDLAND BANK 


AD figures as of December £0,1974 



End 197.7 v. r : '‘' 

70 

•; T .000 

28,60^ : . 
442B29. .- 

234,577- •' r'vjf 
181.445 - ■ ' : f . 
653,582- 
251S'. L 


figures In thousands of KniraW Dinara)- i.. 

KDj52fib'US.Send19S8-1 KD.=i-tis.$e«H972. ^Z*l'- 


•■•..--A' -.i^v 


‘ ; ■ “ic ". “,«* 
' ; -S’. Jit" 


ALAHU BANK OF KUWAIT 


■p.O. BOX 1387 KnwaU-Tricx'2067AlflJBANK-Crtlcs 

- ■ • • • •"•■■■■ •• 


- ■«.* A % ri4 -- 




















BY JPHN HUNT, PARLIAMENTARY CORRESPONDENT 

ABOUT the high report trad waned''that the im- 
levej -of Jajwnese exports to the port o?'{foreign machine tools 
UK,- ctraplei with demands ~for was Inc reasing rapidly. He was 
protectionist measures.to defendalso worried aboutthe assembly 

- 5585 EV2KSS ZSggf macitoe *" u “ ^ 

cSmS^JSSSS^- m • Mr tail told Wthat Britain 
. * ««jr. . .. -. had -informed ifre-Japanese that 

■- *oc issue .was raised on £be. their' trade surplus with this 
.eve of trade talks-between- Japan country and* the .world ought to 
ana the EEC Commission which.be/ brought^ doling-~ They bad 
are due tomorrow and-on Thirrs- shown a recognition of this in 
day. The-matter will -also be 'the statements they'bad made, 
discussed at the Boon summit and we Were' new.“waiting for 
meeting in July. • / evidence : feat they, intended to 

Mr. Dell’ told MPs that our translate ffris Into action, 
bilateral trade balance - with Mr. Roger Sims (C, Chisle- 
Japan and the size of Japan's hurst) said that->the Japanese 
balance of .payments surplus with Government ;'.had . announced its 
the world were, hot satisfactory, intention rjo -increase imports 
Mr. Michael ; Marshall - (C. from this country!and other parts 
Arundel) wanted to know what of the world, 
the Government proposed to do The Trade Secretary replied 
to encourage Japanese invest- that he had seen ;tbe statement 
ment in Britain, particularly in about the Japanese emergency 
view of recent suggestions from import programme, 
the- Japanese -Government that But he added: u . t don’t think 
they would be eager to ,do so. it -will do= very much for the 
Mr. Dell agreed that if the working of the world economy if 


for action 
surplus 



Tory peer wants Chi ! e air 

17 engines 

‘more money in verdict 
workers’ pockets’ 

stewards and Left-wing MPs were 
frightening the Government into 


ion New finance Tory peer wants Chi ! e air 

plan for L . engines 

g Navy yards more HlOIiey 111 verdict 

dropped WOrkfifS 5 DOCkpfS 9 

Tv U1 VJ IJvl wk-F Commons yesterday that shop 

■* that it would result in a higher By l»or Owen. Parliamentary Staff stewards and Left-wing MPs were 

OPEC surplus. This could not PROPOSALS FOR imr«wW«„r» frightening the Government into 

benefit world trade. Trade was , w financial ro^L fn. !^ MORE MONEY must be put into Lord Thomas <C> said: “The not returning to Chile four 

not purely multilateral because. »„«! uockvani< ® the hands of working people and differential between the amount Rolls-Royce aero-engines sent 

unfortunately, there were many no er3lions cnndirfifrt L ihe their families. Lord Gowrie, for of money to be earned by work- here for overhaul in 1973. 

restrictions on its free move- basis as other Stale the Tories - saJd in the Lords yes- ing and the allowances to be Mr. Robert Adley (C.. Christ- 

m 6nt. trading organisations have te *day. .. . . _ obtained by not working is far church and Lymington) pointed 

Mr. Max Madden (Lab. dropped hv the Govern- He. was speaking in a debate too narrow.” out tbat the engines belonged to 

Sowerby) stated that m vtrtually wv - me tovem on the need l0 ei?courage enter- another Government. A court 

every sector of industry, there _ prise and mnovanon in order to Lord beebohm ilnd) saia tflai order sa j d ^g. Britain should 

bad been an increase in im- 9*r. Fat Duffy. Under- stimulate industriai growth. while the General Council of the ret!irn .hem as soon as Dossible 

portant penetration. Sooner. Secretary Tor thr Royal Navy. Lord Gowrie said that the TUC was screaming for more „ ‘ 

rather than later, we needed to told ,he Commons last night Government, in its efforts to beat investment, investment “ lower The world knows that the 

introduce selective import con- feat the idea of placing the inflation through wage control down" was not allowed unless shop stewaras at Last Jvuonae, 

trols if we were to defend jobs four home yards—Portsmouth, and its special relationship with manning levels remained con- plus the tribune '->roiip. are con- 

Jn Brifish industry. Devenporl, Chat ham and rraeie uninn leaders, had no stnni. tinulns their vendetta against 


Mr. Pat Duffy. Under¬ 
secretary Tor thr Royal Navy, 
told the Commons last night 


In British industry. 

Mr. Michael Meacher. Under¬ 
secretary for Trade, told the 
House that in fbc year ended 
June. 1977, ihe latest figures 


Rosyth — under a Government coherent programme to stimulate . nrd h <T sh , -aid there Chi, $ ai } d frightening the Goyern- 

trading Tuiui would not be growth. “tP"SlSSS *»•£.. " ol sending them 

n , nn a«r was a neeu »ur a permanent u ac t i, e sa ,d_ 


proceeded with. 

June. 1977, ihe latest figures The proposals have been must ^ P ut in . tQ the ^ and ^ of \hV“m£e' unions lV xnd "for" an Mr. Edmund Dell. Trade Secre- 

ava liable, import penetration for under cons idem lion ror some working WPle and their Jncrease in wod ’ ily> There promised a decision on 

all manufactured goods into the time and would have meant families and It must be made ^ . “rave d-<n“pr of wasting whether tu grant an export 

U K. rose by 25 per cent dockyard" produefng substantially more worthwhile to Jgf Seaoti licence for the return of the 

But m many individual sec- acc0 u n is on a profii and loss tncreaso preductmtf and the ^ gL on a continS imports engines “ in due course.” 

tors of industry, there had been ^ with iheir finance com- international competitiveness of “ on conlinumB p nftn firmerf that an anniiea. 


h.S« n X incomes policy, complied with by . 


Mr. Dell . . . waiting for 
evidence. 


oo increase in import penetra- ingfrom a iradlng fundinsiead 

. -- -— —— -■ “*>““6 ----•■ •• . industrial Strateg) would reduce . , Uiis «.UUIU Iiui uc vn» ** <l wum UU frflTTI ,u, Hecicinn 

Japanese wanted to step up their it. takes the form of a large that in the last resort, world import penetration. Substantial M is belicied that the pro- stroke, he said. tax structure, but for many years Ir 171 me couri aecision. 

investment to Europe, .then there increase in oil imports. What trade was multilateral. So, if areas were already covered by posals have been strongly Opening the debate Lord Baker governments had failed to face Mr. Eric Heffer (Lab., Walton 1 

wasi considerable advantage in we wish to see is-larger imports the Japanese were importing selective import cootrols and the resisted by professional naval r j nd , said more and better- up to this problem said that most Labour MPs would 

their, cash coming to this of manufactured goods by the more oil, jt would eventually Government was prepared to opinion an.l al- 0 at trade union tra j n cd engineers were needed ’ argue that because of the un¬ 
country. Japanese.” benefit the world trading com- extend these where British in- level on the grounds that the if Britain’s industrial problems Lord Hewlett (C) said tbat as democratic nature of the Pino- 

Mr. Tom Lltteriek (Lab. SelTy But Mr. John l^btt, Tory munity. indudiog Britain. dustrv was boiog distorted by operation;,- ».f ibe dockyards— were to be solved He called for an industrialist he was gening - a diet regime in Chile, which was 

Oak) pointed out that.a recent spokesman on trikde, maintained Mr. Dell disagreed and said imports. abore all. ihe prime need to improvements in engineering fat lot ” of encouragement to risk basically Fascist because it 

1 • have Spare capacity available to trainine and’in engineers’ pay any more capital. The present overthrew a democratic Gnvern- 

. • • . . • . • meet unscheduled demands anrf conditions. ra,es of taxation were a ment. "we are perfectly happy 

-w-w • . ■■ -m ■ . . -a from the licet—do not easily An one i Dee r himself aod a ridiculous disioceotive. with the action of the workers." 

- • ImiVlAllACI I rn/\l«/%/\ lend themselves to normal com- Fe!low of t he Roval Society. Mr.Dellreplied:"TheGovem- 

rfJll#* I H 8 mcrciai arcounDng procedures. Lord Baber said ^ en oj ne er ment. as well as the workers. 

•♦JL WVf V IfiUlUVllVkJ ilvi . Mr. Duffy told MPs that in was the least mercenary member r nAf J P vr/vkS/vl/x have to..ohey the law in this 

Ihe Govemmenfs view the of our society. VTUUU5 VClllLIv country. 

: - W TTI . • m . advantages or establishing a We could not be confident of Mr. Norman Tebbltt 1C.. Ching- 

Am ’ ’ ■ ' y-JJ: ' r . u I Bs-s-4- -W Government trading fund for our economic well-beinc until a TACT TAPC llfl . f -. ord, wr, ndered whether it was 

- I11r I ■■5b Cv.'.' . I I I Ca ■ B the dockyards were ai best high proportion r>f the brightest IwTM itrea ” Jr t.ovemraent policy to refuse 

-•"Vll • --JL llCCCV^UV^JL -■ V> JL|i3 ll/l fJL^JLl/ indiscernible, while, on the children from all families aimed _ . f'Port'icences for aeroengines 

- .V ' other band, there were readily for a career in engineering. MR ^\ILL1AM RODGERS. Tran?- to anti-deraocrauc regimes which 

- wmruADft . nBB Y cmrnD 1 v ‘ discernible disadvantages. It For the Liberals. Baroness P?rt J>ec r etar.v aid before had achieved power through 

BY RICHARD EVANS, LOBBY EDITOR y bad been decided that the idea Seear warned that to deal with iSRffrtS fp?c fl?r re «?J u iI on V ... . . . 

should not he further pursued, short term nroblems we con- s o. there wtU be an awful 

MRS. THATCHER’S three-day the local government structure in sources in the company said ordered that export credit Bm he a ^„red the Bouse tinued to take measures which rff* ^ a ^ in A t J2£ JJ"S aer °" 

visit to Northern Ireland sparked Ulster. there was no direct mention of guarantees be withheld from th f t , h is deTisio,? did not in tnake long term recovery more “Jf » ni * r !: te#tS na “L "Sj* nS stry ,:„,i h ^ M tv- 

off a slanging match yesterday Addressing Ulster Unionists ^ Government’s sanctions or Mackie’s because it refused to anV wav S detract from the Gov- difficult. "Nothing is more th ™vR e i? art IS5Hi^ r ^? r ‘ „ e 1 ,e ^ I hat j !l? e 

with the Liberals over the d«rin» ?5ii» indicated tbeir effects on Mackie’s overseas renegotiate a pay deal which pr ^m P nV’c .i P t. ^nin#i«on im- inflationary- than hacking failure. ° ds W testmg GovernmentJiad "^J^f u f.® d 


basis with iheir finance com- »‘ spree. He confirmed that an applica- 

Ing from a trading fund instead ,!Lr loa r . i ihp nntpm. lion for an export licence had 

n r hf»jrin nmt irifirf pn r i!« ill0 instniTTiciit of such 3 Loro ^oerbela ssid to? uOvG»n u mi _ p-n" , nv»*r« 

s? “ pari or ,he rsssrtas ■»£ SSRJ? 

1 , ,h, p™. te at a 

1 Meals have been strongly Opening the debate Lord Baker governments had Failed to face Mr. Eric Heffer (Lab. Waltonl 
resisted by professional naval f i nd , said more and better- up to this problem. said that most Labour MPs would 

opinion and also at trade union tra j n cd engineers were needed argue that because of the un- 

level on the grounds that the if Britain’s industrial problems Lord Hewlett (C) said tbat as democratic nature of the Pino- 
operations of the dockyards— were to be solved He calied for an industrialisi he was gening’’a chet regime in Chile, which was 
above all. ihe prime need to improvements in engineering fat lot ** of encouragement to risk basically Fascist because it 
have spare capacity available to tra i n i n g and in engineers’ pay any more capital. The present overthrew a democratic Gnvern- 
meet unscheduled demands ^ epnditions rates of taxation were a ment. “we are perfectly happy 

from the ilcei—do not easily An one i Dee r himself and a ridiculous disincentive. with the action of the workers." 

lend themselves to normal com- Fe!low 0 f C he Roval Society. 


mcrciai accounting procedures. 
. Mr. Duffy told MPs that iu 
the Governments view the 
advantages of establishing a 


Lord Baker said the engineer 
was the least mercenary member 
of our society. 

We could not be confident of 


Government trading fund for our economic well-being until a 
the dockyards were a( best high proportion r>f the brightest 
indiscernible, while, on the children from all families aimed 
other band, there were readily for a career in engineering, 
discernible disadvantages. It For the Liberals. Baroness 
bad been decided that the idea Seear warned that to deal with 
should not he further pursued, short term mroblems we con- 


ridiculous disincentive. with the action of the workers." 

Mr. Dell replied: “The Govern¬ 
ment, as well as the workers. 

Goods vehicle country-” 

Mr. Norman Tebbltt (C.. Ching- 
(■Acf fpoc lin ford) wondered whether it was 

Ivol iCC3 lip Government policy to refuse 

export licences for aero-engines 
MR. WILLIAM RODGERS, Tran?- to anti-deraocratic regimes which 
port Secretary., laid before had achieved power through 


Fnr Ihe J ihe rale Rarnnexx -acticvai y, i»q naa aciuevea power mrougn 

vrVreed that to d*af whh Parliament regulations to in- revolution, 
short term nroblems we con- crease from Jul - V 1 fees for “j/ so, there will be an awful 

SSL tl first examinations, periodical shortage of jobs in the aero- 


Bm he assured the House «nued to ’tests and re-tests’ of goods engine industry." he said. 


vehicles 


Departraen i's 


replied that the 


with the Liberals over the during her visit,- she indicated 
political purpose of .the tour. that Tory thinking .favoured one sa j es - 
Mr. . John Pardoe, Liberal or more directly elected to Lat 
economic spokesman called it regional councils - with a wide 
“the most despicable visit by a range of powers. 

British politician since “There will be scope for all 1 1 
Chamberlain's ~ last trip to political parties to-participate in JU 
Munich,” and accused the Tory these new institutions," she said, 
leader of deliberately seeking But the Conservative Party 
. Unionist votes in order to obtain would not consider airy, plans for tJJ 
a majority at the next general Ulster’s political future which 
election. . could result in the weakening of BT 

From Westminster, one of the the union with Britain, 
main purposes.of her tour is seen w LI TTI 


Late last year, the Government up to 23 per cent. 

Davis offers little hope 
on unit trust charges 

BY JOHN HUNT 


gave its 4,000 workers rises of prQYe u , e performance of the pouring monev intn enterpri^s 


application for an export licence. 


main Durooses of her tour is seen The Conservative. . leaders LITTLE HOPE of an increase in fixed 26 years ago. . , , , 

as cementing the imoroviDK rela- prnmise was welcomed by the the maximum permitted level of “Charges are now so low that light gun as a single load. At 

tions between the Conservative Official Unionist Party, which has unit trust management charges it is becoming increasingly present. I his weapon has to 

Pariv and the TTIster Unionist* been strongly urging .the intro- was held out yesterday by Mr. uneconomic for unit trusts to be split in two when earned 

In Wf 1 annfhe? hunt ducti on of an tipper tier,of local Stanley Clinton Davis, Under- look after small shareholdings." by the helicopters now in 

Parltement thL“relSoS government. ■ ^ _ Secretary for Trade. he declared. "As a result, some service. 

' 'could nrnve eruciaL *• • P Mrs. Thatcher said fte Con- Answering questions in the unit trusts are ceasing to cater Mr. Patrick Wall, a Conserva- 
M^ P ThatXr has-little in ??*** Commons.' he recalled that in for the small saver." tive spokesman on naval 

rn^rnon mrh or ^nX fnr' 00 ^^ ^J° 0T1 March he had told the Unit Mr. Davis replied that evidence affairs, suggested that the 

pilr thT’f Tbp5li P nr the ■ ^ h !^ Ual ^ Treats Association tbat he was in his possession did not confirm Government should arqnlre 

bartio?TlJo Ulster ‘ t0 T U1 !? r i 1 ^f , iS?i—unable to accept its case for an these allegations but suggested deep sea trawlers laid up as 
Nationalist parties. l.ne Ulster Jjj thp ]35t two years, however, inrrpacp in Rinon thpn thi> that rfasnnahlp nrnfitQ wpre •> nt tim Achnrioc >iicnnto 


dockyards. 

'• Consideration was being 
given lo a suggestion that, like 
other nationalised industries, 
they should be given perform¬ 
ance Indicators. 

Mr. Duffy disclosed that the 
Minisiry of Defence is con¬ 
sidering the possibility of 
purchasing a new helicopter 
capable of lifting the 103 mm 


in which there is no value 
addAd." 

5 New Minister for immigration 

Iheir succ®?s. But we had a tax 

svstem whteh mpHe it almost DR. SHIRLEY SUMMERSKiLL merskill had not shown the 
im-wwiM® tn do this. has been relieved of her duties "compassionate consideration " 

Viwounf Caidecote fC) said as junior Home Office Minister on immigration cases of her pre- 
industry- had been criticised for responsible for immigration fol- decessor. Mr. Alex Lyon, 
lack of investment in new plant lowing a protest by MPs. MPs learnt of the change when 

but it was now seen not to be the Although she claimed last they phoned Dr. Suramerskill 
primary cause of our difficulties, night that it was just a “reallo- and were told that immigration 
At least as important was invest- cation of duties.” Mr. Sidney problems were now being 
ment in product design and Bidwell. Labour MP for handled by Mr. Brynmnr John, 
development in innovation. Southall, said that the move Minister of State, in charge of 
Engineer and industrialist followed comlaints that Dr. Sum- race relations. 


New Minister for immigration 


unable to accept its case for an these allegations but suggested 


sing to cater Mr. Patrick Wall, a Conserva¬ 
tive spokesman on naval 
that evidence affairs, suggested that the 
d not confirm Government should argnire 
ut suggested deep sea trawlers laid up as 


SSS-iEth* nnlv other - ? 55? J?? two years, however j 0crea se in fees. Since then, the that reasonable profits were B result of the fisheries dispute 
rotafn i® dust £ aIzsts , at -bome and abroad association had made further made between 1970 and 1976. * within the EEC for use as 

have been demoustratiog^theu 1 representations to him. M I don’t see that the decision auxiliary minesweepers. 



some seats after the election. confidence in/the future of th& 

Her emphasis- tm- the “over- local economy and Investment in Jtn 
riding common purpose" shared new enterprises bad started to a X 
by the Tpries and the Ulster revive, shy said. r |L 

Unionists^—the maintenance of “ If wejare to halt and then to j 
the union—and her scornful reverse ?he years of our eco- J 
references to fashionable talk of nomic / decline, fundamental t 
a federal Ireland, are both aimed' changes of policy and of attitude. 1 
at attracting the approval of the are yequired -at almost every ft 
Unionists. Ieve£ This is as true of Northern j 

But. Mr. Pardoe claimed , that Irejand as it is Df the UK as .a M0 
the Tory leader was in Ulster whole.” aep 


Mr. David Knox (C. Leek) I have made is in any way unfair, 
fenplained that unit trust man- But I will consider carefully the 
*ment fees had effectively further representations that have ( |T«Pnillhp 7 flpaSc 
gained at a level which was been made,” he declared. Vatzatascl*- u 

on productivity 

ewsagents talks urged &s 

. „„„ ... , ^ ... Department of Employment have 

THAN 1.000 retail news- solve fee problem which was turned out to be genuine. Mr. 
bad been forced out of having “disastrous copse- Harold Walker. Ministeri.of State 






Announce the following increased interest rates 
will apply from 1st July 1978. 


“to forffh an electoral alliance She was concerned particu- ““ he ? 1 D J wreed out or navtng oisastrous copse- Harold Walker. Minister.of State. 

with the reSSSSftlvSr ' S lxrW to sL fSStffJfil'itt busfcess by "wild cat” industrial quepces ” in terms of loss of jobs for Employment told the Com- 

iS uiSr -“ ^optage* in the newspaper and small businesses mons last nleht. 

H?«fd^ihaSra Thatcher had-’ ^rs. b ThatehS a"sorisited the ind 4 tr y durin - ^ past year. Mr. Michael Meacher. Trade in a written reply, Mr. Walker 
wJfiiffheid the Reifair textile enclneers James Mr.louatban A liken (C.. Thanet Under Secretary, questioned the sa id: ” My Department carries 

vofS^of ufe UUtCT U^ni^ Mackie inf Soto?- one offee E > ‘corned in the Commons extent to which Fleet Street 0 ut inquiries into the operation 

roVthMSfo, ig&S***" co«™. wg.jfts" r «.EfiLnassHjfflsa 


interests for the last .50 years meat’s black list for exceeding: 


‘sterday. disputes were responsible for of firms’ productivity schemes , 

He.-said that the disputes had bankruptcies among newsagents- Sn far. these have not established, 


caused the loss of more than 90m 


haiF brousht Northern Irdand nav guidelines. ' ■ -caused the loss of more than 90m Ultimately, it was for the any cases of Failure to satisfy 

to a state of civU wa? in order P After touring the plant in West copies of national newspapers. managements and unions con- the self-financing criteria but the 

°L n £.Z tffl to workers Mr. Aitken called on the ceroed to solve any prohlems. monitoring programme will 

aSfi 1 a maJOnty ' at the neXt the^^ry^aderhad briefs Government to arrange a meet- But the Government would he commue." 

Oto Belfast Correspondent stos wife fee company’s ^ with the newsagents and the happy to have a meeting with 
writes: Mns. Thatcher yesterday directors. -f ^ leet Street unions to try vO newsagents. TT'TT'f^i 

pledged that fee Conservatives, if ’ Although these centred on the- HiitLv-' uauu 

returned to power, would reform firm’s export achievements, 

_ _ ; TBiomc’ hand trials to start mark plans 


OBITUARY 


Sir Dingle Foot 


FIRST TRIAL fittings of a new were assessing children for the THE EEC Commission does not 
i / type of "bionic” hand for young tiials. • es 'P e< : Tto P ut proposals -for trie 

on ..j t . These would involve children creation of a European Corn- 

next month 6 Alfred t Mo S rris[ “whose level of limb deficiency muniiy trade-mark office to fee 
■ lister for fee Disabted. said in is in the middle-third of the fore- Council of Ministers before 
fe^CmUo^fveSS^v arra - aod wbo are be »ween the spring. 19S0, Mr. Clinton Davis, 

. tne commons >esteroay. ag es 0 f 3i and 4t." When Trade under-secretary, told the 

Each will cost £1.000. increased experience had been gained, it Commons in a written reply. 

• . feather by fitting 'and main- might be possible to extend fee He said a second draft regula- 
."temnee and will be supplied free trial to other children. lion on a Community trade-mark 

.under fee National Health Ser- jf th e trial established worth- was now in preparation and 
./Vice.' while long-term benefits for would be. considered by a work- 

Mr. Morris told Mr. Jack Ashfev children, the hand would be ing group established by the 
.(Lab., Stoke) that medical staff made generally available. commission. 



Net 

Gross Equivalent 
at 33% rate 
income tax 

Share Accounts 
(Fully Paid Shares) 

6.70% 

10.00% 

Savings Share Units 
(Third Issue) 

7.95% 

11.87% 

Deposit Accounts 

6.45% 

9.63% 

1 J : Year Term Share Units 
(1st Issue) 

7.20% 

10.75% 

3 Year Term Share Units 
(3rd Issue) 

7.70% 

1L49% 

One-Eighteen Share Units 

6.70% 

Plus progressive 
bonus 


BY PHILIP RAWSTORNfi . ages of 3? and 4i." Wh« 

. Each will cost £1.000. increased experience had been gained, 

y A i pfl iaii Kt* fitfinn *nnH wain. — s _«_* v_ __ :li _ A . ____ « «i. 

SIR DINGLE FOOT, former 
Labour Solicitor-General, who 
established an international repu-.' 
tation as a civil rights lawyer, has 
died during a visit lo Hong Kong. 

Sir Dingle. 73, was the elder 
brother of .Mr. - Michael Foot, s 
Load n r of the Commdns, of Lord ... 

Caradon, former Governor of 
Cvprus and Ambassador to fee 
UN and of.Lord Foot, fee Liberal 
peer and chairman ■ of ‘ fee UK . 

Immigrants Advisory Service, . 

The son of Liberal politician, w 
Isaac Foot, he was educated at • 

Balliol College,-Oxford, where ’fee -• 
became President of fee Union, 

He took np law and was 
admitted to fee. Bar in 3930, 
becoming a"QC in 1954.' By 1970, 

' he had become a member of fee 
Bar or roll of legal practitioners 
in 11 countries. 

Sir Dingle fought many major 
legal battles in the Common^ 

wealth countries of Africa and_ 

the Far East and was engaged g^. Dingle, a former Labour- 
In a court case in Hong Kong Solieitor-Geueral .• 

at the time of his death, 

Li?enj“u e n succ«'°roliT JL£- be’rettad Mrs Castle’s new state pension scheme goes so 

far - butis thatfar eaougli? 

«»«!:. S' r ? 3 le ^ s tt6 GeneT ‘ ° For most directors andhigherpaid employees,_ 


The rates of interest on all other investment accounts (including closed issues) 
and accounts subject to basic rate tax will be increased by 1.20% p.a. from 1st July I97S. 

Maximum individual holding with the Society is now 
£15,000 (£30,000 in a joint account) yfl LX 

Hostings mid Thonef .BuHig Society u$JLm 

.Wturicml £575^00,000 

Member uTThc Building Societies Association. Administrative Ccntre:Tliriri Houir. Be^hlll-on-Sea. 












in 1931. 


defeated in fee General Election 
wartime by .13 votes. mei 


During Churchill’s wartime oy w v»» whpn --.-• 

Government he .was appointed; knightedta 1964 when] ftg anSWe riS no. 


Estate 

. PENSIOM. 


uovernmeni, ue .ywj. ayn™'™, , j wnenr. anoomtpfl uulw ouohwi u 

hlL sSiitor^Gen,™! m -th. Because the state scheme does not currently 

“d pfeyed an important part Labom' Government, a post he prov jde tax-free Cash ill hand at retirement, 

to taSS” Mr“p«ertete.o* p™ant nor full security for your family if you should 

He a member of toe sgteitn-CMm 1 .. die before retirement-important points when 

f“a"d s ea) of :ihj>u you look at the escalating costof living. 
to^Amtoonweelto entries Jhe so l ution t0 y 0U I problems COUld be 

S e« r to‘toe 1 W 6 eiecto>b mi He eoricM toe b™* o^aii mgMs ‘Design for Retirement'. 
S!»SJftoiS Ale of ; political, buto^ MGM’s plan enables you to build on the 

• — “feBTSSyfa™■ up foundations of theestate«da»«]nn« 


COSTGF 

LIVING 


to^veWr«»• ^Tof tofmoTdi^^e“d 
C0 &™S G -woa Ipswich for'legal'reputations to politics. 


‘Design for Retirement’ is simple to run- 


because-MGM does all the paperwork-and is so 
flexible it can be tailored to suityour own specific 
circumstances. 

Why not find out more-youli be giad you did. 


For further information contact your financial 
adviser or ring Malcolm Powell on 01-623 8211. 
Altemativelv, return the coupon at our expense. 

MGM ASSURANCE 

Established 1852 

Marine and General Mu tual Life Assurance Society 

To: MGM Assurance. FresposL Worthing. WcsiSussex.BNll 3BR. 

I No stamp is needed) 

Please send mejiinhcr details of\ urn ‘Design for Retirement’Pension Plan. 

Name______ 

Position - 

Company Name____ 

i Company Address____ j 





















T 




... /vXS-'-. 

‘..V-; T f *;•;.?%:'? V;•-> .r p“ _ ■•' 

financial' Times?3?u<^^ ~*Ti 


n 


THE JOBS COLUMM 


How electronics pose two-way test 



BY MICHAEL DIXON 


IT COMES in a spruce pigskin 
case measuring about three feet 
by two feet by nine inches, and 
■' weighing some 25 lb. You 
couid buy it for around £4.000. 

It is evidently the latest word 
in lie detectors. And Communi¬ 
cation Control Systems of the 
U.S., which is to introduce the 
, Voice Stress Analyzer to the 
British market at a London 
seminar next Tuesday, expects 

• it to find growing use not only 
in criminal investigations, but 

. also in more normal inquiries 
including job interviews. 

• The new machine does not 
have to be wired to the person 
being tested, as do the earlier 
devices which rely on physiolo¬ 
gical factors such as skin 
reaction to measure a human 
being's relative agitation when 
^answering particular questions. 

All you do is record the per¬ 
son’s replies, either directly on 
the VSA or on a standard cas- 
" sette tape recorder for anaiyisis 
’■ later. 

. Nnr do you need a trained 
specialist to interpret the 
machine's judgments. A nor¬ 
mally intelligent person can 
. apparently learn in a single day 
to operate the VSA. which 
throws up a running com¬ 
mentary of its findings on a 
built-in display and at the touch 
oF a button prints any required 
reading on a paper tape for 
subsequent study. 

When I went to see the device 


the other day, I was looking 
forward to taking it on. My 
only doubt was-whether, if I 
managed to deceive it, I would 
be wise to tell anybody. 

But Communication Control 
Systems declined to give me a 
personal trial. The reason, they 
said, was that “this is not a 
toy." 

Correct use should ideally 
start with a pre-test interview 
designed to assuage any . inci¬ 
dental causes of stress which 
might affect the subject’s 
answers to the interviewees 
inquiries. Then the subject 
should be handed a written list 
of the questions to be asked, 
for study before they are posed 
verbally and recorded along 
with the verbal replies for the 
analysis. 


Stress 


The idea is that the subject 
will see beforehand when there 
are questions which he or she 
will be anxious about answering. 
By the time these are put 
verbally, the person will have 
built up considerable stress 
abnut them. 

This stress will be reflected, 
the theory goes, by a change in 
the subject's voice at the 
extreme range of tone which, 
like normal breathing, is 
governed by the part of the 
nervous system over which a 
person has no voluntary control. 


The change, although inaudible 
to human beings, is detected and 
measured by-the electronic VSA. 

It makes the measurement 
against a standard which is set 
for each subject by first asking 
control questions—like “ is your 
name Nathan Leatherbarrow? ” 
—and adjusting the device so 
that -it measures the necessarily 
truthful answers within a low 
range of scores, say 15 to 35, 
on the digital display. Then 
when the questioning, becomes 
investigatory, the stress which 
Communication Control Systems 
believes is associated with 
lying will be shown by a 
markedly higher reading of, 
say, 45 upwards. 

Given that the list of ques¬ 
tions will test the same point 
in several ways, the company 
says that consistently high read¬ 
ings for answers on that point 
may be taken as at least prime 
/acte evidence that the subject 
is lying about it. 

Now, I have shown .the . fore-, 
going description of the 5A to 
three other people. - In every 
case their initial reaction was 
much the same as my own. 
They felt it would be wrong to 
use such a device in everyday 
procedures such as job inter¬ 
views. But they were unable, 
immediately to say why. 

After all, one can hardly 
object on simple moral grounds 
to people's having an elec¬ 
tronically sharpened judgment 


of whether or not they are 
being told the truth. 

Unlike my three colleagues, 
however, I have had a day or 
two to think about the matter, 
and feel that I can now justify 
my misgivings. •’ 

Let -it be clear right away 
that I have no doubt that the 
machine has been researched, 
developed,- manufactured and 
marketed in ail good faith by 
the expert staff of Communica¬ 
tion Control Systems. But there 
is a crucial difference between 
the experts who produce such a 
device, and the lay men ana 
women who in ay use it in prac¬ 
tice. 


Theories 


When decisions’ are to be 
made about other-human beings, 
I think that, nobody should rely 
on the judgments, of a machine 
without first knowing beyond 
reasonable doubt why the 
machine isreliable. -That 
implies understanding of the 
pros ' and - cons of the' electronic 
and behavioural theories on 
which the VSA is based. 

The fact that irrefutably 
qualified experts believe in 
these theories is surely not 
enough to justify a layperson 
in relying on the device. For 
example, common sense indi¬ 
cates that one can often find it 
more stressful to admit some 
discomfiting truth than to tell 


a lie. Unless the user can pen- 
sonally understand how the 
machine is able to distinguish 
between possibly different 
causes of the vocal stress 
measured on the digital display, 
its use can hardly be justified. 

To my mind, the only substi¬ 
tute for this detailed under¬ 
standing as a basis for using 
the device, is for the potential 
user• to undergo a personal test 
and see for himself whether the 
machine can ddtect the lies 
sprinkled among his answers. 

The fact that the machine 
had worked with adequate 
accuracy in one's own case 
would, I think, be sufficient 
practical grounds for taking 
into account its judgment of 

others. But there is a problem. 

As the company said, the VSA 
is not a toy. Even the experts 
would not rely on it, l was told, 
unless the test questions were 
inquiring into matters which 
the subject might, really be 
anxious to. keep.secret So a 
personal test Is certainly not 
something that chutcl be carried 
out in public at next week’s 
seminar in the Inn on the Park. 

Indeed, seeing the sort of 
Issues that had to be inquired 
about, even a keen potential 
buyer might have qualms about 
being tested in private. But 
without undergoing a personal 
examination, nobody who lacks 
detailed understanding of the 
device and its theoretical basis 


would in my view be justified 
in using it oil anyone else.. 

But satisfaction of either the 
personal-test or the detailed- 
knowledge criteria would'not be 
enough'by itself to put an end 
to the moral issue. The reason 
is that the device could be used 
to analyse people’s voices 
recorded without their know¬ 
ledge, perhaps-, over the 
telephone. 


Immoral 


To use the VSA in that way 
would not only increase the risk 
of unreliable findings—from 
what the company told me, its 
claims of accuracy are. based on 
the frank and open use of the 
machine as outlined earlier. 
Clandestine application would 
also be morally reprehensible. 

It seems to me an absolutely 
necessary condition of honest 
reliance'on such a machine that 
the user would be willing to 
change roles with the subject 
and submit to a similar test 
vice versa. ' Integrity begins at 
home. _ ,, 

The best fate that I would 
wish anvone who used this or 
any similar machine under¬ 
cover, is that it would show 
every subject to be lying about 
everything. Clandestine users 
could not then avoid looking in 
their own character for the 
reasons why they were not. 
being told the truth. 



i 


Because of continued growth, MSL, one of the world’s leading 
management consultancies, operating in twenty countries, 
wish to appoint additional experienced consultants to their 
Executive Search Company in the U.K. 


Salary and benefits will match the best practice in the 
profession. 


Please write - in confidence - with brief details to T. E. Platt 
reference B.45142. 


These appointments are open to men and women. 


Management Consultants 


Management Selection Limited 
17 Stratton Street London W1X 6DB 


BANK SADERAT IRAN, 
LONDON 


SENIOR DEPOSIT 
DEALER 


An experienced dealer is required to join an 
expanding trading room, who will be responsible 
for heading up the money market section which 
maintains active books in the major currencies 
including sterling. The successful candidate is 
unlikely to have less than five years 1 experience 
and must have a good knowledge of all related 
markets including C/Ds and arbitrage. 

The successful applicant will be offered a 
comprehensive remunerative package in 
keeping with this important position. 


Applications, which will be treated in the 
strictest confidence, should be forwarded to: 

Air. I. Bahmaie, 

Bank Saderat Iran, 

5 Lothburv, 

London EC2R 7HD. 



CLOVER LEAF GROUP 

FINANCIAL DIRECTOR 


Please write with full career details to 
Chief Executive. 

.Clover Leaf Group, 

Cheney Manor, 

Swindon. Wilts. SN2 2PN. 


Clover Leaf, a rapidly expanding group of privately 
owned companies, market leaders in the Giftware 
Industry, manufacturing a wide range of quality 
table mats and kitchen accessories, sold inter¬ 
nationally, wish to appoint a Financial Director to 
their group board. 

Reporting to the Chief Executive, the Financial 
Director will have responsibility for development 
and implementing policies relating to the financial, 
accounting and computer activities of the group, 11 
including profit planning, cash management, tax 
problems, short and long-term financial activities, 
acquisitions and banking relationships. 

The successful candidate will have outstanding 
leadership skills and be capable of operating as part 
of a small tightly knit team. A Chartered Accountant 
with experience in manufacturing, preferably a 
graduate, and a thorough background in accounting 
and finance are essential—age probably late thirties 
or early forties. 

Remuneration, which will reflect the importance of 
the position will be by negotiation, but will be in 
five figures, plus bonus and normal fringe benefits, 
including a company car. The appointment is open 
to both men and women. 


TEXTILE COMPANY 


Due to expansion we are 
looking for 

Works Manager—with extensive experience of textile printing, to 
be responsible for production and labour. Must have proven ability 
m management, industrial relations, production budgets. Able to 
maintain high standards of work. 

Administrative Manager— to be responsible for the total adminis- 
(ration of the company. Must have wide management experience 
[ involving financial control of company resources. Formation and 
implementation of budgetry control systems. 

These appointments are open to both men and women. 
■Applications and curriculum vitae to Box A.639I. Finoncfal Times. 
10, Cannon Street, EC4P 4BY. 


BANK APPOINTMENTS 


CREDIT ANALYST 
£4,00*47.000 

International syndication loans. U.5. Banking exp. and advantage. 
Age 28-32. 

LOANS ADMINISTRATION 
£5,500 nog. 

All aspects of this work — Euro Dollar exp. A^c 25-30 

EARLY RETIRED BANK MANAGER 
£5.000 Age. 50. 

INTERNAL AUDIT PERSON 
£5.000 

Previous bank audit exp. or P,*Q> A.C.C.A. 

FOR THESE AND MANY OTHERS CALL 
DELLA FRANKLIN or 5HEUA ANKETELL-JONES 
01-248 6071 or 236 0691 
ALANGATE EMPLOYMENT AGENCY 



Lancashire 



County Council 

The County Council is strengthening its role in • 
promotional industrial development in 

Lancashire and is seeking an 

INDUSTRIAL PROMOTION ;, 

and_ • ■. **4 

LIAISON OFFICER . 

Salary £7,54S-£8,172 pins supplements of £312 and £208 p'-a*-' * 

to be responsible for the operation and development of thisy^ 
important aspect of the Authority’s work aimed at prompt- 
ing a realistic and modern image of Lancashire, in A'-:}? 
cohesive and concerted way and projecting that Image both". 
at home and abroad, with the object of “selling" Lancashire:'.; 
to industrialists as a County with outstanding. advantages: v t 
for industrial and commercial expansion. ■' j?'• *: 

This is a challenging post .for someone who can bring 
right degree of flair and. enterprise .to -this .work.. Tb^. : s’ 
successful candidate'should have experience in the sphew V-h 
of business finance or industrial promotion and marketing,£.r 
in at Jeast one of the relevant fields of industry; commerce ;-j 
local or central government. •' 

Further particulars and application form, returnable Hx.*; 
3rd July 1978, from the Chief Executive/Cleik, XancasUi^:'rH„ 
County Council, County Hall Preston' PR1' SXJ 1 quoting : T] 
reference 72/355. TeL 0772 5486S. .Ext. 547. 


0°^ 




: : VD° 

o 
o 
: o 
o 

o: 

o 


o 


? CL 

■ ' ,o 






o 
i • o 
o 

b 

o 


O Tl Chesterfietd, a Highly successful company.within the 

Q - progressive .Tl Group, manufacture and.market a^wide rfinge Q 
; df garcyirnders, tubes, eKtruded’productsarKi industrial 1 "> _ 
O Silencers. Theates.kChestBri1&d^dW£^n^njp1oy-a L : Q 
w Total ofZQOOpeopte arid the aRHuaLtiinu^lsJn.excswflf. 

O £30tn. l -' O 


O - Reporting to the-RHanciafDirectori the dutsaroftha; ; Q 
in re resting and veryresponsibleposT win be the- : X 
O _ timmtenanceandtievriopment ofan efffictiye . fTOqagamant .i Q 
. V accounting service to tfwGeneral Managers; the r ?-• •-* w , _ 

Q management of the Cost Depart man r r tiieprovislorrof ar \J 

X comprehensive-management accouqtlhgrerv^ . - 

O short termforecasting and mcriiTOringto.thefhm divis?l«nw-- 
^ within the’Company; j •^ . \ * .; r _X " fN 

X The tact and practiratabimy work of j ’X 

Q : senior staff iranessential v 


f~Y This po^rrequirra a>quatifie<f Afanagement-Accountant of - Q) 
X considerable profe^^leKpef^caiand expertisevifhohai. 

Q a compl^ undeRtahdlng pf pwdut^OT. ^inHerihg^d Q 


f-y. development anti marketing profitably obtainKf iri a heavy \ . 
\j) enginBering environment." V \J 


_ : career foie a self motivatedprofession af. - 

O ' .cGaaffey /Ulen, Pa no nn el Manager, 

• Tf GtWterfMd limited. 



- JJerhyRosd, ChesterfiAJ/ 
-’ i DMrfayshira S40 2EA. 






, ... .. ■■■s- 

. A wholly-owned subsidiary of~ira 
* ' . Dutch-^ enttan GrOi^ ^ ' r ^ 

. ESLtiL ■ • •• * 

:. • . • ' . ' :LV''’A .-v ' ; * 

LJVLsh to appoint a Company -Secn^ai^;witoyrfll be responsible 



. __Management Team. t . . 

.Applications are invited-frW-'tii^^aTjfe^efonaUy.qiialifi^ . 
or possessing a suitable degree^ baelced by actual experience ^ 
" 'in company matters; ■ •-i.V.•"'•. " '; 

The age range preferred is,43p35: L • -‘-l.V : V'-L’ '-r- • * • 

The starting salary will not heiess.tiian JtTJSOQ ‘and a coippany 
car will be provided. *" ' .; i : * 

-Good company pension scheme,and BUPA'coyer v Iiesettieinent* 
allowance payable if.-necessaiyj.;-^ k-’ 
ihe Baxter Fell 'Gromf lKts inCeresb .ln/S^V'S^^ 

YtTaaMAliniiAlviiv ' aiMil t) aOvm V 1 ‘ ib vm J 


GRIEVESON, GRANT & CO. 
have a vacancy for a - 

MINING ANALYST 


to contribute to their expanding research and 
dealing service in Australian, African -and 
American mining stocks. 

Previous, experience of this sector is desirable. 

Enthusiasm and curiosity are essential.. 

Excellent prospects for the right person and: 
salary will be negotiable. 


Please apply, in confidence, to the Staff Partner, 
Grieveson, Grant & Co., P.O. Box 191, 

59 Gresham Street, London EC2P 2DS. 




HARTWELLS GROUP 1 LIMTEEX | 

FINANCIAL CONTROL£e® " 


OXFORD 


-£> ' 


-m 


, SAE^X«ver^#(W + 

, ■- * ' . • ■ ' . : . 1 .> • 

Hartwells Group Limited; a public 'company- ' wltidL- ls- J 
engaged in the distribution of Motor. Vehicles’and.^Bidk-g 
Fuel . OU with a turnover .currently running 
£84 million, seek a highly competent.Accbubtaj^^;'^^^ 
above ■ position with A ■ view.- -fer- proioOtum TtOi ; -;Cpmpdpy:v 
Secretary within two years. 

Candidates, male or female, should be-quilifi^laertiuntents : 
in their-mid-thirties with careers mcludipg -air appototroentr-^ 
of comparable senipritjr - with substantial* experience of f 
financial planning.and control.' Experience in the:prepare- 
fjon of Statutory Accounts, Pension . Fund afimiaistrstlthi.i* 
Computer based systems and budgeting ami -forecasting^ 
techniques is also highly desirable. As a member o£-a small't 
executive team candidates, must be self , motivating-and 
able to demonstrate their abUIly to play.an effective jeflb y 
in a job demanding wide flexibility. • ’ '* 


Applications, in writing, should, give fuLl detaQs of - . ./' ! 
. y:> qualifications and experience and be addressed, > ■ -'V ^ 
• ' under confidential cover, to:;. 


P. C. Barrett Secretary '.- . 

HARTWELLS GROUP LIMITED.'.^ 
Seacourt Tower . 

West Way, Oxford OX2 0JP 


FINANCIAL CONTROLLER 

COMMODITY TRADING 


British subsidiary of American international trading group 
is looking for a Chartered or Certified Accountant to act 
as financial controller and administrator. The Company is 
a ring-dealing member of the L.M.E. and also has a Urge 
physical business. 


Applicants should preferably be between 35 and 55, must 
have considerable experience in international commodity 
trading, and be familiar with futures markets operations 
and related accounting procedures and computer control. 

Additionally, a. detailed knowledge of British tax law and 
sound administrative experience will ensure that the chosen 
applicant will be able to take an early place in the senior 
management of the company. 

An attractive salary will be paid, which will be supplemented 
by an annua 1 bonus. The company operates a contributory 
pension scheme. 


Applicants should mark xhe envelope *' Private and Confi¬ 
dential " and write to: 


The Managing Director 
LONCONEX LIMITED 
29, Mincing Lane, London EC3R 7EU 


CIVIL ENGINEER 

-£14,000 


MECH./ELECT. ENGINEER 

—£14,000 


Immediate contract/career opportunity for quali¬ 
fied individuals with minimum seven years’ field 
experience in building construction. Must be 
registered engineers. Immediate posting to 
Kuwait for two years on prestige project. Married 
status possible. ; 

Qualified appticants should, contact Mr. John 
Loyd at 01499 8260, 


PUBLIC COMPANY 


P* : 


A<XOUNTAKT;-;.-^ 

Salary negotiable Vgar X .■*& ;> 

•:. " V (STAFFORDSHIRE* Xv^v J 

• r. : V, . (MAIN BOARD POTENTlALi ^ ; V. v. { 

A medium sized public group of compariies requires^ 
a qualified accountant- ACA, : ACGA^ ACMA; 
above ^position based af the. Head Office : in Staffordr i 
shire.’-** - •'£ '■:. 

Duties: will include the: preparaticHf“and superyisioti?* 
of Group -accounts and forecasts - and -an abihty tp": 
maikea positive contribution to. the "general fflanage?v 
mentofffie Grbup. ; “ •.1:1-* W, ’ v:i liy j; iv 
The succesrful applicant wdll.bejas^ifcafdufel '5Q^ith s r 
exceUeht'industrial experietR^ ;and : m^ -be ^seli 
starter: with Board . potential^. 1 wMeli:.^duId?''^e 


Salaty^willnot be an;mhibitive-fa<^Qr 

meat >and the general : conditions- of ren^oyinem ; 



Please .reply with, full ’ details/ inCiiiifi^^present' 
salary.to:. .. ;: : ;V' *'V*'■ 
THE GROUP F3®ANCTAL^DI^)EeT0R:^ 

Box A6390, Financial Tunes. 10 Caimoa Street,;E(KP4BY' ? ^ 




THE ISLE OF JM^N 
CIVIL SERVICE 







Applications are Invited -ftrbni^rerijnT: htmoura' gradiiatfeS in' 
economics for- the ^posrt. of; E«m®a{st tmrthcr.St^ 'ctf^E- 
economic section of Twsauy.: 

The port is pei"' ‘ ^ ^' v "- : — 

basis (save for 

has a salary . . .. ... . ... 

The succertful applfcantr.wtil^e concen^'Wkh the,;coUeCtiohi-7; 
colJatibn- anti evolustioa- of-.; utfqrmatien-alm^-tbfc^w 
forms of economic artlvltyJn the. Island- atid ihe maSuentoCe r 
of an Index or.Retail Prices., 

Applications statin# UtiLnaikdi 
educational vu&fiattUm^nd-ea^^ sftouW" 
together with the tutnteo.and ndrirvhu&x r»f Whn'.vrfaMoi' -i 


T ■ >- •- •_ • ■ • • '.“-v JC#- rwy. .VTOT ^ . 

' THE SECRETARY, CIVIL 

r '.-• bOVERKUENT^ ^ 


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Finmidal Controller 

e£lSjOOO+cur 


North East 
28,000 and car 


Our client, apublic group of companies, is involved 
in anti-corrosion coSBdrs and treatments throushout 
the UJC. andMiddIaT2ast.- . 

Due to internaliffomotioh they seek a Managin'* 
Director Designate capable of controlling and directing 
their.contracting group of companies and responsible 
to the main Board. ; f 

The successful candidat&will be anaJyticaJIy 
inclined.tongh minded-but rnature in understanding, 
a mechanical or civil;enginher^probabiy from the 
contracting industry,;. ‘ 

. The overall remuneratibiipackage will include s 
basicsalary of around £16,-OOOplus profit share and 
usual benefits including good prospects of 
advancement to the holdtngboard. 

Applications are invites from.men and women 
preferred age 35 / 45 .adroinpanied by a curriculum vitae 
quoting reference 3217 Ft ; l: . 

BiianS.R.Saltzer 
Managirig Director 


Recruitment selection consultants 

Cables; Wosei London mietex23824 Licence No SE(A)829 
24/25 Dryden Chambers, U9 Oxford street,London wir IPS,ot-439 2336 


A specialised light manufacttiring company seeks a Financial 
/f Controller for tbeir operations in Southern England which are 
^cjLmamly over 50 miles from London. The new man or woman is 
expected to take up the position before 1979 after a f”milianfi-***ion visit to 


Responsibility is to be direct to the Controller in USA for all financial and 
data processing aspects of UK operations with a turnover at present in 
excess of $25M. There ^ghc reporting deadlines and the job has the 
scope to demonstrate ability m UK. and US terms. Future prospects 
depend upon performance. 

This appointment will, suit qualified accountants with practical 
experience in the electrical, electronic or light engineering sectors of 
industry at some stage of their career. Chartered Accountants aged 
around 35 to 45 with recant appropriate industrial experience may have 
an advantage. 

Initial salary is negotiable oround £15,000. A car is provided in addition 
to normal fringe benefits. The successful applicant must be prepared to 
move near the main plant in a very pleasant part of England and 
appropriate relocation expenses are to be paid. 

Candidates, male or female, should 

write in confidence for a personal 1 

history form quoting reference 

MCS/369S to Roland Orr. Executive 11 JLC.C _ 

Selection Division. Southwark Towers, % \ /^tprhni 1SP 
32 Loudon Bridge Street, London \/V dlClllUU&C 
SE19SY. T T Associates 


nee , 

/aterhouse 

r Associates 


ing 


*ector 


Outstanding, opportunity exists within a leading international engineering group 
for a Business Manager of above average ability to be responsible for the 

profitable development of large World-Wide turnkey projects Company. The 
appointed/person-dynamic and thoroughly professional—will be expected 
to maximise growth opportunities and’ will be given all necessary support 
and authority to produce required results. 

Essential qualifications %oill be - 

• — .degree or equivalent in engineering • ‘ 

— strong market orientated business sense and good negotiating ability 

— good track record of achievements xzi a contracting based industry 

— ability to deploy human and financial resources effectively and to grasp 
and synthesise economic and technical concepts with ease 

This is a hey appointment based in London offering salary and benefits which 
will'be negotiable -with the right person* \ 

Write or telephone in strictest confidence quoting reference 1466 

Business Executive Technical Appointments 

- . • . 10 St James’s Place, London, SVV1 - Telephone: 01-629 6074 


Jonathan Wren • Banking Appointments 

jj5?S| The personnel consultancy dealingexcluslvely yith the banking profession 


NORTH AFRICA 


£15,000 
AFTER TAX 


m 


BUSINESS DEVELOPMENT — MONEY MARKET 


---r—~r fkn & cd trSdi rte7S)uJff“." « ,•& -r./rr 

Our' client, a London international miyefunt bank wholly-owned by a major 
, American bank, is searching for an Experienced Trader/Salfcperson to fill a 
.' challenging new position. ^ . \ 

. Applications are invited from candidates with four to five yeirs experience of 
.. trading in CDs & r FRNs, ewipfeef &ricli extensive and proven 1 contacts in the 
■ ~ • commercial world: •' - ■ .. j 

• The successful candidate must bevcapabje of developing his/her fwn market, and 
will'find that the considerable (Jemand and challenge of this appointment wilt be 
amply matched by the rewards.^ 1 

" To discuss this opsition In confidence, please telephone 
MIK&POPE or KEN ANDERSON ■ \ 


l7dBis$ippsgate London EC2M.4LX 01*6231266/7/8/9 



U.S. Equity Dealer 

We require a Dealer with thorough knowledge 
of the U.S. equity market to head our Trading 
Department (two assistants). You would have 
primary responsibility for supervising all 
transactions. In addition, you would be 
required tofamiliariseyours^lfwith the firm’s 
extensive research product and maintains 
current contact with your counterparts at 
institutions throughout the U.K. and 
continental Europe. You would ^Iso be active 
in developing new areas of activity forthe firm. 
The job would command a competitive 
remuneration package with su bstantial 
incentives for performance. Applications in 
confidence to N. KiSiegel, Managing Director. 

Oppenheimen & Co-Ltd. 

Portland House, 7273 Basingball Street, London EC2 V5DP 


PROJECT FINANCIAL 
CONTROLLER 

An international construction and civil engineering company now 
working on projects in the Middle East and" North Africa wishes to 
appoint a Financial Controller for a large project started- in Libya. 
The project will last several years. 

The Financial Controller will be responsible to the Project Manager 
for all.financial and management accounting activities, for establishing 
controls of costs and cash flows and for the development of systems. 
The successful applicant will have a professional qualification, probably 
be not less than 36 years of age, with at least eight years’ industrial 
experience, preferably including three in civil or heavy engineering 
contracting. He must understand the attitudes of people of different 
nationalities and be able to deal with them patiently but firmly. Fluent 
English essential. Some knowledge of Arabic or another Mediterranean 
language would be useful. 

The company provides furnished married or bachelor accommodation 
and transport. Recreational facilities are available and the climate is 
good. 

Please reply, in strictest confidence, to A, B. MaeColI. 35 Wellington Square. 
London. SW3 4NR and state how your experience and ability would match the 
requirements stated above. 


International Banking 

Amongst a comprehensive portfolio of career 
opportunities, the following are particularly urgent:— 

Foreign Securities to £4,500 

Medium sized Consortium; demands all-round experi¬ 
ence but with accent on valuations. 

Credit Analysis * \c. £4,250 

Small U.S. Bank; chance to build on introduction to 
analysis or extensive Loans admin, experience. 

Foreign Exchange. (2) c.\63.500 

Both with small American Banks who offer genuine 
prospects in return for approx. 1 year's experience. 

Please telephone either John Chfverton, AX& or 
Trevor Williams.on 405 771L \ 

David White Associates Ltd: 

Hampden House, 84, Rings way. London, W.C.2. 


Export Finance 

the City 


A major international bank invites applications 
for the position of Head of Export Finance in 
its London Branch located in the City. Major 
responsible es include the development and 
implementation of Government-backed 
export finance programmes for the United 
Kingdom, and the solicitation and structuring 
of ECGD backed loans. 

Qualified candidates, in their mid to late 
30s, will have experience with ECGD buyer 
and supplier credit programmes, a 
knowtecige erf international credit and 
business development procedures and 
preferably some knowledge of project finance 
techniques. 


Salary will reflect the senior nature of this 
appointment. Other benefits are in line with 
best banking practice and include a company 
car, favourable loan facilities and a 
non-contributory pension scheme. 

- fief: S3701-FT 
REPLIES will be forwarded direct. 
unopened and in confidence to the client 
unless addressed to our Security Manager 
listing companies to which they may not 
be sent. They should include 
comprehensive career details (including 
salary progression to date J, not refer to 
previous correspondence with PA and 
quote the reference on the envelope. 


SUPER LUXURY MOTOR YACHTS 

in the Sc. Katharine's Yacht Marina in the 

CITY of LONDON 21st - 23rd JUNE 

JCL Marine oF Norfolk are pleased to present a selection of their : 
high performance, super luxury motor yachts priced from £59,000 . 
to £140.000 in St. Katharine's Yacht Marina. 52, St. Katharine's •; 
Way. LONDON. E.l. from Thursday 22nd June until Friday 23rd 
June inclusive 10 p.m. daily. Demonstrations by arrange- L 

merit. Five Year Yacht"Mortgages available. All visitors welcome 
or send for information to :— 

JCL. MARINE, Brundal! Gardens. Norwich, Norfolk. 

Tel: 0403 7T4141 Telex 97286 


LEGAL NOTICES 


N«. ”4 nf J97S 

in The HICK CviURT ..OF JUSTICE 
Chancery Division Liverpool Disirlci 1 
Registry Group “ v in ihe Manor 
or R. A.ND S. RF.FT.EX LIMITED and 
m the Mailer of The com panics Act ] 
L9tS. 

NOTICE IS HEREBY GIVES, dial a 
Petition for the Hinninv op o* 'he above- 
named Company by the Jf UrJi Court ol 
Justice was un the «ih dar or June 

lBTS. nres^nu-d to ih<- said Court_hr 

ALEX LAWRIE FACTORS LIMITED 
whose Rejisten.il Offlco I* humic* at 
Bcaunon! House. Beaumont Road. Ban¬ 
bury. OX16 7RX m th,- counts 1 of nsford. 
and lbai ibr said PejJlipn Is directed 
to be heard before the Court SIiLine ai 
ihi* Courts of Justice. Su Geortco's Hall. 
William Brawn Street. Liverpool 1 in 
Ihe Mciropoluan County of_ MslWlWt: i 


COMPANY 

NOTICES 


on the Stub day of June JRTS. and any I or A(l er August31. 1978 the enima- 
i-rpdtior or i-onTtbu'ory 0* in'- saifl > tent o! the LDRs wbicn nave not been- 
Comp.tnr d>.-5lrau« ;o support or odposc : ctaimeo or tne hoinert o’ ancpi.ro. 6 
■hi* niakmc or an Order on the a.iid ; «mi t>c soio The orocecas. alter. 
Pe,l,.on may avp-ar a , ^.trnc o, heann= j wm h“SdSS? 

in pi rson or by his Counsel ror ihai j Fiirtnor me undersigned announces 
ptrrp<J5c: and a cony of tie Petition will } t h 3 t js trom jure 26. 1978 at «as- 


■TO-rOKAOO CO.. LTD. 
iCDRs'i 

Ret erring to tnc a avert is cine m- at. 
14tn Fearaary 1978 the unoersigneo 
announces mat tne new snares trom. 
tfl”, bonus have been, received. As 
tram July 3. 1978 the new CDRs 
iro-YoSjdo Co., Ltd. cumolv.co.no. 8. 
and talon will be dratunousiv obtain¬ 
able at Has-Associate M.V,. SpuiSlraat- 
172. a,msieroam. against delivery or 
the required alv.cps.no 6. As to tne- 
Ducsianojng CDRs t>) rasp. 5. 50 and 
100 D«p sirs ol 10 shs each, a Holder; 
ol 10 C.DKS Ol the same denomination | 
is entitled to receive one new CDR ot' i 
mat aenommacion. , ! 

Combination ol denominations iS I 
passioie. 

In LucernDouro dlv.cDS.no. o can be 1 
delivered ai Banquc Generate du. . 
Luiemoourg S.A.. to. Rue Aiormgcn. I 
lor inis purpose. 

Alter August 31. 1978 the equiva¬ 
lent cl me CDRs wnicn nave not been- 
claimed or tne balder# or air cpi.no. 6 i 
Mill be sola The orocecds. alter. 


ptrrp<J5e: and a tuny of Uie petition win i t h 3 t as irom jure 26. 1978 at nas¬ 
ty- furnish- d hy ilso (indorslKlli.1 to any 1 Associatie N V. in Amsteraam and at 
•.-rediior or eonmbu-.ory of thi sajd Cnn,. . 

pan f r.-ctuiriac: sm.-.y copy on pajmibi at j DJfll «i QY an ■* Aihdawn "i oi me 


Ihe Aiiulal-d i.harpt* for ibe same. 

BERMANS. 

Trident □nils?. 

31 '33 Dale Street. 

Liverpool 1.2 2NS. 

NOTE.—Any person who intends to 
appear on the hearing of ihv s®"d Pcutton 
must serve on or send by post to the 
above-named ntlNv lo wrtlu»« ol Ms 
tnientlons so io do. The notice must sale 
the name and address oi the person or. 
if a Him. the name and address ol the 
Ann. and must be signed by Ibe person, 
or Arm. or his or their Solicitors uf any 
and must br served, or if posted, must 
be sent by post tr. sufficient time io 
reach Lh<? abuve-named not later Uian 
lour o'clock iu the, afternoon of ibe ■ 
«9th Car or June- 197 I 


CDP.S Itd-VOKado Co.. Ltd. will be 
parable witn US 89 per CDR. re pr. 
s Dep.&ns ol io siu eacn; V2B.90 t«r 
CDR. r«r. 50 Deo.Slw ol 10 s«s each 
and SS7.BD Per CDR. repr. 1D0 Dco.Shs 
ol tO sns each. 

iDiv. per record-date 29 2.78: grass 
Yen 15.- p-sh.} alter deduction ol !£■« 
Japanese :a# = Yen 112.50 = S-.50 per 
CDR icpr. 5 Dep.Shs o' 10 shs each. 
Yen 1125.- = >6.- per CDR reo r. 5D 
Dep.Shs dt 10 sbs each. Yen 2250.-=» 
MO.- per CDR rear. 100 Dcd-SM ol 
10 shs eacn. 

Without an Aitidavit 20 n a Jao.tra 
. = Ycn 150c=S-.67 per CDR. repr. 5 
Dep.Shs ol 10 shs eacn: Yen 1500.-» 
56.70 per CDR. roar. 50 Deo-Shs of 
10 shs each; Yen 3000 - = 513.40 per 
CDR. repr. 100 Dep.Shs ol 10 IM 
each' will be deducted. 

Alter 28-9.78 the dlv. will only be- 
paid under deduction ol 20°i Jap.tax 
with resp. 52.72: 527.20 and V5-t.no 
per CDR repr. reap. 5. 50 ana f 00. 
Dep.Shs. it accordance with the 

Japanese la« regulations. . 

Amsterdam 13th June. 1978_ • 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 


EXPORT 

SALES 

MANAGER 


W.B.B. & Co. Ltd., producers 
of china clays and ball clays for 
the world's ceramic and other 
industries, invite detailed 
written applications for this 
post directly responsible to the 
marketing director. 

Commercrai training and experi¬ 
ence. ceramic or scientific know¬ 
ledge. and languages are 
prefered qualities. Extensive 
European travel after acclimati¬ 
sation. 

WATTS, BLAKE. BEARNE 
& CO. LTD., 

Newton Abbot, Devon 
TQ12 4PS 


ASSISTANT 

ACCOUNTANT 

City Commodity Brokers re¬ 
quire a Qualified Assistant 
Accouncant to work in their 
computerised accountants 

department. Previous experience 


I No. OOUKlS Ol 1973 i AMSTERDAM DEPOSITARY 

I. the HIGH COimt OF JUSTICE \ COM-anv N.V. ; 

srss, ” ,v n. sfSmcPfeE-: 

NATIONAL LIMITED and »« the Matter _.. . - - - 

of "The Companies Act. iWci. j 

NOTICE IS HEREBY GIVEN. tlMI a J IV? TF* 

Peu I ion fw tite Winduus up of Hie ibwe- | I S'a I L a«WA»/BwI 

named Company by Uie Hlah C f J ur ' 1,1 i soclcte Intereommnnaic Udge oc Gas 
Justice way on the 13th day nl June ri d'Etccirtcite 

19TK presented «« Ute sard Court by Sooere anonvme 

R.S. COMPONENTS - LIMITED, whose Registered Othce Place due Trfme 1. 

refiisiered office is situoie at ID-1 T. Brussels 

Epwortti Street. Loudon. £tr*P VHA. capital increase i97B 

suppliers ol Eleriromc Components- and | RESULTS 0 y the offer for PUBLIC) 
that tho said PetiUon is directed '0 be, subscription t 

heard before th* Conn sin ins at »fw The oBer lor PuBIK subscription « 

Royal Couns of Justice, Strand. London. t(ie s 422.400 new shares ot no P* 

WCSA 71.1- on the ITih day ol July 19TS. ' value ireserved m the proportion of 

andU^ito^or SAw «*» k«SfS 

5alo Comwm' desirous to support or I 0! thc . iljB a , :CO rding to the docisiom 
[oppose the nialiop of an Order on the, pi t n e ovtra-ortnnarY^senerai meetin® 
said Petition may appear ai Ibe nine of 1 £t sharetio^oers ol 2nd JMay ! 978* has 


hearins- In person or bv h:s counsel, 
for that purpose: and a copv of the 
Petition will be furnished by tbe- under- 
sittned to any creoitor or contribinory 
of the said Company requiring such copy 
on payment of the resulted charce for 
the same 

DEVONSHIRE & CO.. 

Salisbury House. 

London Wall. 

London. EC2M 5QY. 

Ref; WAR 

Tel: 01-08 7578. 

Solldtan for the Petitioner. 

NOTE^^ny .person who intends to 
appear on the bearing of tlie -said Peutmn 
must serve an. or send h 1 . 1 post to. the 
ahnve-auned police in wriflns of hts 
imemion so to da. The notice must stale 
the name and address of the person, or. 
tr a firm, the name and address nr the 
firm and must be .ricned he the person 
nr Rrm. or his Or their solicitor uf anvi 
and must be served, or. »f nested, must 
be sent by Pom. in sufficient time to 
reach the above-named nor rarer than 
fnor o'clock In the afternoon of the 
' 11U1 day of July ibts. 


No 001S?7 of l°7S 


ot sharetioiCers oi 2nd Mav 19781 hai 
been dosed on 7th June WB. i 

Thc 36.Q00 shares reserved to Me 
members oi the staff have been fully 

iu (JrftneVaae.aoO sharas reserved 15: 
old sharcnolders! 3.229.412 shares Itavk 
been subscribed without deitvenr *4 
tractlonal shares, l.e. 95.36%. ? 

Thc 784.940 prelerence rights nod 
exercised which would have enabled td. 
subscribe thc 156.908 complementary 
ne- inarea, wilt be sold under tn* 
form ol scrip certlhcates. on Wednes,. 
oar 21 si June 1970 in tnc proportion 
ot 649.940 on the Brussels Stand 
Exchange and Ol 114.000 on the 
Antwerp Stock Exchange, and 09 
Thursday 22nd June 1970 m the pro¬ 
portion of 21.000 on the Luxembourg 
Stock Exchange. 7 

These scrip certificates will allow to 
subscribe at thc price Ot BF 1300 per. 
snare luHr payable at the moment w. 
tnr subscription, one new snare lor hue 
'.utwcrlptlon rights. They ought to be 
presented lor me complementary sub; 
scripttons nor later than 29ut June 
197B at the pav-oihces ol the Soclete . 
Generate tie Banquc. Banquc Bruxelles 
Lambert. Bannue oe Parts et des Pavs^: 
Bas Belgiaue. Baiwue Beige pour 
L'Industrie. Banquc Degroot. Kredlcts 
bank and Banaue Naeelmackers. where 
prospectus and lorms ot subscription 
mav be obtained. 

The scrip certificates will lose any 
value and power alter the ZBth June-. 
i97a. • f 


• In the KfrtH COURT OF .it.'STTCE j . 

1 1 riiivuvry Division Conintnl-i Ovirt In * CHAVES LIMITED , ; 

1 ; l y;,v-?rn r - n , n 0 tice n ? s ti “erYby «« 

j.I.iMITETi .ina In t*i ..lot .-r of TJifc. 'Annual General Meeting or Garn & Chaws' 
rcmiPWlES ACT IB49. I L.miicd will be held at 23 Fenchurc 


NOT1CF. IS HF.RF.RV -HVEN that 4 . Street. Lcndo" ECSP JED on_Fr,cay 1 
1 Pt-ininn rnr the wirnl.n^ op of ih : ' above- "* 5 °- m - ,cr - h * ,ollow 'yf 

i mniwl Company by ihe H;ch Court ol 1 receive me accounts ror the vear ended 
I Justice was on the 14th dm Jnftv 10T5 I ji« August. 1977. with tut relatra* 

I prrpenlert in rhe said t'nur: hi i’aLI.ING- I rcccrts o: ihc Directors and Auditors--£ 

i?m s m,r C v R s^ra 4 ,^' Andersen & Co. 

[UnsOHry Snnaro. London F'7?t IPT. and | Auc.tcrs. j! 

That lhr said PeUli'nn 1* .liri cud in he j to authorise tr.c Directors to h» th* 


councartc to work in their j h ^-*rd b.>lure Hr- Court orr:3 at :h.-] rrrrune.a5.on ot me Auditors lor :h« 

mpucerised accountants wtbA ora ' ni,ry 

aartment. Previous experience 1 and any creditor or contributor'' nr tru- >. Bv order ol the Board 

CO^C^C, de.ir.bl. b« no, 


PA Advertising 

Hyde Park House, 60a Knighlsbridge. London SWTX “LE. Tel: 01-235 6060 Telex: 27874 


essential. Salary £7.000 pa. plus 
annual bonus. 

Write Box A.6393. 
Financial limes. 

10. Cannon Street. EC4P 4BY 


ART GALLERIES 


' and any creditor or contributor' - nf tru- j- Bv order ol the Board 

Uaid Company desirous in support or f M. R C- LOMAX 

orpos: the makmc 01 an Order on Un : e olllcc 5 ' St^,! ' ,, V- 

1 said Prill ion may app.-ar 1: the time nr 12s Foncuurth Street. 

} hvanns in person or he h« Owinsel for London ECJP 3ED. 
that piiroosu; and a copv oi ih- P.-iiticn ,97 8- 

I will be rurrUsHerf. by tin- nnd-rs’ctivd :n 1 0 „ arer 0 , a snare vrarrart l? not 

.any .Ti-nitor or cobtributerv of ::tc said 1 entitled to attend or vote at tne abo»* 

! Hompany requiring such n:ir «■» oavntem I moniihneri meeting unless he deposits 

of thc r'-snlamij chans? r..i- -h- tiitu?. I the warrant relating to the sharas id 

[ Rl'RlYervi'i ir 1 I- ruiM respect o. which he proposes to vote 

1 t o,™ j p CALL' -CHAM. tne Rcgisiercd Otlicc o' the Com 5 

{ h Rfl.rtn,jnd EaUdifloi. I pany. 33 fenehurch Street. Londoa 

, firay'6 Inn. EC3P 3ED. not later than two elepr 

London. WC1R vR - ’ I bavs before meeting. ' f 

I SullcilCiEs tor ih.. p.i'-.wr -- Tn ^ Company will deliver 10 any bearaf 

ViTTTT inv r rH - I deoosittng hi* snare warrant as men- 

J .note—A ny person whu inirnds .n | tinned In Note i above a receipt statinn 

. appear nn ihc hear Inc of the said Pvtiti'ri i t>U name, address and tne number of 
imusr serve on or send pr this: 10 ih-- shares reoreMnico by suen share war- 
, aborr-named. noilee in «r.:.n« of b,J ^a4Snd S ?«flTot^m or'K 

[ MiluziHon. so do. T>1 l none** minf j pro>v> at tnc above mcnilrneii 



slate ihe name and addrest M the person, j _ meeting. 


rwstiid. mast be scat by pn>i in safllcien: 
limn to reach the above-u.itni-d noi later 


JARDINE. MATHE50N AND CO. LTD.' 


A rrAmbet of P4 i'Vzrrmionil 


A tS1 EW 01*629 R 6176. 3 ' OLD ^ASUR *<*«* | n '•>« •' ^ Notice ,0 Ho.dc^.^fnd.m, 

PAlNTfhiGsf^ 9 Until 20 July- Mon.-Fn. Wlh dap 01 Ju ' y u st-bscrlbe lor nock iiolts.oi WKD6 Oft 

9 30-5.30. Thurs. until 7. ___■ F«h ol Jardlne Mar r.espr, a n daLimM 


Accountant 

We are a light engineering company in N.W. London and 
require a Chartered Accountant, preferably aged 30 -^d- 
Rsporting to the Adminisvatton Director, the success!u 
applicant wi« be responsible for the overall co-ordina¬ 
tion of budgets and forecasts, preparation of annual ana 
periodic interim accounts..and the control of a support 
team of about 50 staff. 

The most suitable man or woman w HI have at least 3 
years' experience in a manufacturing » l "P a 2 i SjL w ' { 
have a comprehensive knowledge of all elements 
general accounting, with particular regard xo bu^i 9^ 
costing and computer based accounting. An attractive 
JSFom be offered arid.-there is a S°.Od comnbutotv 
pension scheme, BUPA benefits and subs.d.sed staff 
restaurant. 

Applic an on«ta»Wb«e D .t»^ onneiMan9ger _ 

/“ " Undis&Gyr Limited, Elgee 

r|-ll|{|K.JL GYR I Works.Victoria Road. North 
j Iflwmo « Pin j A t n London W3 6BB- 


EIReed Executive 

The Specialists in Executive and Management Selection 


y Oiler of th“ Board. : ! 
K. W. YOUNG, -fc 
Comnanv Secretary. J , 


Financial Director 


?’ Yorkshire 


c £10,000 + car + benefits 


Our client is an expanding autonomous subsidiary of an American parent operating 
In the Machine Tool and Foundry industries. The person appointed to this key 
position win report to the Managing Director and be responsible for all accounting, 
data processing, secretarial and purchasing functions in addition to playing an 
important rote in the management of the Company. Applicants should be qualified 
accountants who have previous relevant Industrial experience at a senior level. 
Longer term career progression could move more towards general management. 
Conditions of employment are good and relocation expenses are available. 

Telephone 0532 459787 (24 hr. service} quoting Ref: 3 27 5 :FT. Reed Executive 
Selection Limited, 24-26 Lands Lane, Leeds LS1 6LB. 

The above vacancy is open to both mate and female ca«d |dat * s - 


^n^^BtnTTirtQhan^WancTiester Le&ds 


■a JU a.jM. ------; issued bv tne Bant! o: Bermub* is 

nunijvc, a. n.RBY iq Cor* W 1 .. I Q-uositarv on 15llt November 1971 _ 

B £?cain* mm Jrt 18 00-5 30 sit. NO. 0M76D of M7i Notice Is Herat* D'*en tnar as trom 

fOKAIN. __ Mon.-prr. io.uua.au. aai. _ v. f ?a t h /.prll 1978 and until liirther notiCCt 

10.00- *2-30-_ , * ,e KlCiU COURT >.tF JUSTICE -he mbseripMon orice that will be aooll^p 

jrrr __ii MIT cn tq D „ b , m Chaiicery Division Cnmpmie. Cnun. la tin cai'uiat.nq the number at stoctt timg, 

“ EXPORT Tl«ITED At;B ? S T ;S . h T: '\n; RT - 

y'WrgWK 10 HKD7 - a °- 8* order of the Board. :I 

i°- s NOTICE TS HEREBY rtlYEX. that j ! - -F 

r.Lnrnr Vahr GALLERY 2B5 KlnTs Fy - uttQ , D for Winduie up i.f tn- .ib-ive- j __ Comoo "vBec mtws , 

»o"d ChcltM S WS NORAH CLOvIr M mcJ Coittpane by ihe HvM ^viirr.if | TnTERN ATIONAL PAriFIC SECURITIES ■ 

—RECENT PAINTINGS. Until June 24. JflMIO- V43 on the 2nd day ol JlltH- IS' 1 ' t TRUST i' 

Open Tum-'Sjl. 9.3D-530 nresemc-d iu 'he sum r mm SiOTT ) iJB . . T" 

_ T -- — — -- UApc , fj\cc itAivc. ,, mTr n ...hne. T he M^iviaorf of itie rmst announce 

W M l O« SffNTlW and pT!^ 

THE tlon IO SrolS SLL* “ii Hefew r»r«Wt’t">« «T%" MmSawiS 

modqls.* 1 W,nt& an<l Ba " ,l,n91 and * hlps desirous to suppori nroppu^tlie mafcine ASSOCIATED BRITISH FO ODS UMrrETF^ 

----*— ®f an Order on iho said petiti'iit may natice is hereby GIVEN that the 

J F-h F 1 "*! ARTS. « ^v'es «reeL W.I. Wnr Ji the time of beanup. in prfww r.wSS m Members will be'clwed tram. 

hrn ^ IS hMy lR 6 > b * his CVIRS.'l. for lllat purpow: and roih June 1978 to 14tti JuW 1978. both 

vjatertolours. June i-juiv 6. a copy of tliu PetiUon wii furnished dues inclusive. 

M-jii-fri. to-a. _. by Uk- undeMpned to noy «v»d»:or nr Bv Order of the.Board. : 

BLOND FINE ART LTD.. 33 Sackyllle c fn>rianiory of the said Company reotnr- Sctretary. ! 

Street. W.l 01-437 1230. Bernard uw such i-opy on payment of ihc^ retsulaled wesran centre. • 


Meninikv—-P b 
1 5ih July. I 
10-1 p.m. 


timings. Gouachas. Until) charge ror tb- same. 
Weekday* > 0-6 p.m. Sau. I oirn id once 


4 0 Berweiev Square. 

i i“l j"' r - nm«Mr» two p.m. wis PRTLIP RftCS London W1X EOR. » 

10-1 p.m. PHILIP ROSS. 20ttl j une 197e j 

77. V.impole Street. ? 

J London. WlA 3RQ. . :■ 

i- PU3LIC notices.; ■ 

J AI ■ |n£ Solicitors for Ihe Pc.'il;0n<'r ' 

. vLUB9 NOTE—Any p^rwin who n>i*-w:« Jo greater lcndon bills 

appv-ar on tit-ht-anits nf the «9>-1 . __ _ _ --—*7—_ . . 

I n ?>«' Sl rtr on or Send tty p,.il ie lb. J , aE ! li” TpuV ‘ 

i Ommnani*. Iniwrlinp- 01 hn | iftVsm.' bun puBMi.sTft“UoqL"• 

1 EVE. 159, Reqent Street. 734 0557. A la inlunuon s ° 1° ,l0 ' The n.mcL ) • • 

‘ Carte pr All-In Menu. Ttirce Spectacular Stale tile name und address (if tile pcTSOB. ! ' 

{ Floor Shows 10.45. J2-JS and 1.45 a"d or, tf a Am. the name anrl .Tfifrvsi n< -—~—- - 

mus, c cm Jonnny Hawtceswonh & Frie nds. lhc firm. aM nm« be Slt:n ,d hy thc R-VMBDITIftMG ; 

THE GREAT BRITISH STRIP | wVrt? BNW.S* J ^Mal^ ^ 'WSSFlJF&n fl F 0*SS‘ 

| S455 . | S S'lfw * j iUrl?Adte MPB £, - 5 ° “j 


< CLUBS 


j 



PUBLIC NOTECES 


GREATE R LCNDO N BILLS 

t:Sm. Eiiri issued 1S6.T9 maturing- 
J4.9 7J at Total applfcacioiT 

£116.5m. BUIS outstanding £60m. 


EXHBBSTICMS 
























































Could replace the 
liquid crystal 


• DEVELOPED to the prototype 
I stage at Laboratoire d'Elec- 

tronique et tfe Technologie de 
O'lnformatiqiie (LETT) is an 

- alpha-numeric display system 
^ that could compere with liquid 
‘ crystals for use in measuring 
; instruments, clocks and watches. 

. Although details have not been 
: released about probable cost— 
: it is described as “low"—the 
display, which works on electro- 
. lytic principles, suffers from very 

• little loss of contrast with in- 
1 creased viewing angle from the 
: normal, can operate over a 

• temperature range of -25 to 
. +60 deg C. and requires only 

• one volt for operation. 

It consists of a sandwich of 
-two thin sheets of glass separated 
by a few hundred microns of 
electrolyte consisting of silver 
and sodium iodides' in organic 

- solvents. The underside of the 
. top sheet is the active electrode 

and consists of a thin film of 
conducting oxide laid down in 
the shape of seven segment 
character bars. The other elec¬ 
trode is a thin layer of silver. 

An interesting characteristic of 


• PROCESSES 


the cell is that wttlrin 200 milli¬ 
seconds of the application of a 
negative voltage to any of the 
defined areas on the top elec¬ 
trode sufficient silver is de¬ 
posited by electrolytic action to 
give a 50 per cent light transmis¬ 
sion reduction: the character 
appears as a deep reddish brown 
on a light background. After 
this, tbe voltage can be removed 
and the character remains. 
Application of a positive voltage 
results in erasure in about the 
same time. 

A drawback is that there is no 
threshold effect (silver starts to 
be laid down as soon as the vol¬ 
tage Is applied) so that the device 
cannot be multiplexed. The 
memory* effect is also of limited 
duration so that driving circuits 
must be able to erase and re¬ 
enter the data, if necessary, at 
the end of this period. Power 
consumption for ten minutes 
character life is in the hundreds 
of microwatts region and devices 
have been successfully cycled 
ten million times. 

More from the company at 
CEN-G 85X. 38041 Grenoble 
Cedes, France. 


: .■.,£$#& if-:- ••• v 


So fair fixe largest aircraft eomponentjnxgt 

from composite materials is the wfng.-w tae u •. . i 

Advanced Harrier «howii here as it is bemg f ...-- ... J>; u •• ■ 1 

mounted on the fuselage -of. the airatfti now .4gx* l ~i- : • '! «-v . 

taking dxape at McDetmeU Poxiglas Corpora IW . v . 

turn, St Louis, Missouri- The supercritic^ 

wing has all spars and upper and lower suj> /_ COflwIf llGUWl • 
faces made from epoxy resin reinforced with ~ v -. 

graphite fibre, a material in whidi ^a. grwit . 01^995l3lS ' ; * - 

deal of the pioneering work, was d pue_iH . 

Britain. The wing weighs 1,374 Iti, or as&ring 

oT dose on 2d per cent compared with «*b-1 . ■ ■ —— 1 » 

ventlonal metallic structures. MeDoimell^s ' 

building two prototypesof the jlamer for fixe . fcLtL I NV"»iy w 

U.S. Marine Corps under a licensing agree- ^ . y. .- - *.' 

meat with British Aerospace. TheseJiave T»|fA(fTfri fad 
twice the range, et twice the payload, of-tbe- l^flL CSJL dtvu 
original HawketHarrier. "UK.companies ■»•-;. ".V-'v- v ; 

participating in prototype tariffing-agd MPM? oAftHyify •/ 

50 per ceut of the work on production aircraft: . 

is expected to be carried out in Britain.-' 1 ■•Earn- ;.y■ - C; i__. : ~~ -ir = -- 

ings for British companies are spelled out by CUNT&m&pr . of a 

the fact that requirements for the AKtt.al* number of .-security»d ;epm- 

££&«• expre^ 

interest. '• -■ -Vided Guard sysfem. • 


• TRANSPORT 


Link-up at Leyland 


Pictures will stay sharp 


ALTHOUGH intended primarily 
for use with its new series of 
Lltex matched films and process- 
. ing solutions. Agfa-Gevaert's 
Resox system which is intended 
to keep lith processing absolutely 
stable, is applicable to other lith 
films and is thus " open/’ 

The 11th process, which is an 
"'essential part of the work in 
plate-making, particularly For 
high-quality magazines, is highly 
sensitive to exhaustion as the 
films pass through the chemical 
bath, and to oxidation, simply 
through the exposure of the bath 
liquids to the air. 

- ■ Resox has been designed to 
provide two separate streams of 
replenlsher—one to counteract 
exhaustion and one to offset 
oxidation. 

Thus, one replenlsher operates 
at a rate dictated by the area 


of film passing through the hath 
in a given time while the other 
operates by adding small doses 
every 20 minutes. This means 
a lith system can be left for 
considerable periofc unattended 
and the solution's strength will 
be accurately maintained ready 
for further work, without fuss 
or bother. 

Dally check routines are simple 
and adjustment to controls 
immediate and the company 
claims that dot sharpness will 
remain the same months afte- 
pouring fresh solution into the 
machine. These claims are 
backed by some IS months of 
practical trials. 

Further data on the process 
and the Litex film series from 
Agfa-Gevaert, 27 Great West 
Road. Brentford, Middlesex. 
01-560 2131. 


CLOSER INTEGRATION of 
British Leyland Cars' operations 
at its 35 UK plants is being 
brought about by a new £1.4m 
computer data centre at Redditch, 
Worcestershire. 

This is already saving £1.5m 
a year on expenditure at three 
original centres, despite tbe 
£3.9m annual operating costs in¬ 
cluding leasing computer time in 
Washington and Toronto. 

In addition to more ordinary 
functions, the system, among the 
most advanced in Europe, js 
being used for monitoring 
warranty claims and customers' 
service documentation, preparing 
engineering manuals, and super¬ 
vising quality. 

Linked to the GPO Viewdata, 
system, as is proposed, it could be 
used in factories to provide 
"electronic’* notice boards. 

At the Swindon body pressing 
plant, an in-factory installation 
produces a record of strain 
values which determine the 
quality of pressings and in¬ 
dicates malfunction when they 
fall outside parameters. It 
enables a foreman, who may be 
attending a worker participation 
or management meeting to be 
“ bleeped " to warn him a repair 
is necessary. 

Redditch is linked to this 
system and can, if necessary, 
“bleep*’ the foreman direct, if 
Its monitoring arrangement 
provides the necessary informa¬ 
tion. But its main function is 
to produce work schedules for 
Swindon. In due course, the 
system will be extended to other 
body plants like Castle 


Bromwich in Birmingham. At 
present, Redditch is linked to 
22 factories and by the end of 
the year will be operating at all 
35. 

The system is also being used 
to build up the engineering 
details of the new LC-8 Mini to 
be made at Birmingham. About 
5,500 different parts, tools and 
equipment are required for this 
£250m project and the correct 
sequencing of supplies is being 
computerised so that the com¬ 
plex business of bringing them 
all together in the right place at 
the right time can be simplified. 

By tbe end of this year, the 
full complement of large com¬ 
puter equipment installed at the 
centre will be one IBM 3033. two 
IBM 370/15Ss and two IBM 
370/145s with itwo and one 
megabytes respectively. 

An ICL installation is also 
scheduled for the parts operation 
at Cowley, Orford. 

PETER CARTWRIGHT 

o COMPUTING 

Long arm 
of the 
machine 

MAGISTRATE'S courts in Stock- 
port and in Gwent are among the 
first to use ICL's new computer 
package specifically designed to 
ease the administrative work 
load involved. 


At Gwent the system will run 
on a newly ordered 2903 com¬ 
puter backed by five 7502 tei^ 
minal processors and a pair of 
7181 visual display terminals. 
Stockport magistrate's court will 
make use of a 1904A operated by 
the Stockport Metropolitan Dis- 
, trict Council and the court staff 
will g ain access via three 7561 
VDUs installed at the court and 
linked through a terminal pro¬ 
cessor to tbe main computer by 
phone lines. Gwent will have 
similar links between magis¬ 
trate's clerks offices in Newport 
and elsewhere to tbe 2903. 

Using tbe terminals police 
officers will send information 
about defendants and cases to 
the court’s data bank held on 
the 2903. Summonses will then 
be produced and also supple¬ 
mentary documents such as a 
reminder to bring a driving 
licence or other document to 
court 

As the date of the hearing 
approaches the system is pro¬ 
grammed to produce two ver¬ 
sions of the court list for the 
day: a short one for the magis¬ 
trates, court usher and publie 
and a full version which will 
form the court register. 

Aftcr the hearing the sentence 
passed, if any, will be entered 
into the data bank via a terminal 
and the. com pater will then print 
notifications of fines, court orders 
and licence disqualifications or 
endorsement notifications. Statis¬ 
tical reports are also provided 
covering numbers and types of 
cases. 

If money has to he paid the 
system will handle the account¬ 
ing functions and take automatic 
follow-up action on unpaid sums 
or on court orders by producing 
reminder letters, summonses and 
warrants. 

ICL is on 01-788 7272. 


• agriculture 

Determines 
moisture 
...pin grains 


interest. ;. ..* , -Videa-(3uard sysfem.. • 

Using a tope agiutf bus .com- 
A , /» • ; nmnications .line; .tietween the 

Aid tfir • AGRICULTURE - .. parts of the system: aome 16 

/jJLII Awl - • aftnb. sensors* (infra-xua, micro- 

_ r^ht-Ai^niTioci wavfe, dbo’r contacts, .ultrasonic 

l AfTn l JJClCnijlIICS -derives e{c.)' (an be connected 

til6 1C23I xyvi-vtauaa together with eight camera 

® • inputs: Alarm sehsorr and 

p •_ mnisi nr c ... .camera3'c&n be;inter-relatea; for 

nrntPCKinTi ; - exampte. an activated sensor can 

VlviJiytvii - j n i - : 'Cause a fcearby camera- to point 

^AL eluting tak^ a step 1H 

formation of Oyez Computers A'GRAIN molsturA^tae^riag 
bv the Solicitors’ Law Stationery system' whldr Hises■ ..“ireafer 

Society group. This brings rings instead of.the:^conveptibn^howeyej, the 

together the computer division pointer moving•.ac^6si,a^scale-;^era&w^^^I^^plly 

of Oyez Services, which offers plate, has-been. 

bureau services for solicitors, Protlmeter, Meter House, Field-; 

accountants and commercial house Lane, -Marlow.^Bucte.,-^ 

operations, with Solicitors’ Law’s SL7 1LX (06284.72722)^.: 

“”ggg systems 

operation. and. accurately «»Hbrated .to* cameras or,- mbaftbw .*retain 

Pioneer work in the legal register the moisture .levels of orfo^^s W be/ pro^efethe 
profession by SLSS over the last the various crops grown;-are 'also- ^tal area'ftbuid ie ibhked 

13 years has brought widespread designed to take into account the fl t first; 
acceptance of the benefits oE the effect of different standard-oven- An audio. ebmnmnications net- 
computer. •--‘drying methods on crops..- .. ;work rati ateqWebnQxme^ from 

The company is developing ^.-Be'cause official methods^■■of"fixe pailek '.sdr'ihtt-jgtilriF person- 
in-house system products and. the British feeding industry and nel can/:commnnic«iB wrih key 
further bureau services for both.intervention '.(EEC standard) -positions,io'thfc.,building, - . 

data and text processing, based can give differing moisture con-- The status - df all j tft e devices 
upon tbe latest microprocessor stents for a particular sample- of Used/ln^-the;vsysf£m_are shown 
and mini-computer tedmology. ...grain by up to 1 per cent the with light emitting-diode lamps. 

SLSS introduced computing to company says that (his poten- ' The. Diahisti" kpmpahy claims 
solicitors’ offices- with a bateth tialiy complex and Mnrusing that, the- baMjrienfed conrtroc- 
processed legal accounting ser- :eituation can ’ now be eliminated ti pn ; :: : ind ■-’the ; modularity of. the 
vice. Time-costmg and payroll;-by the use of the Grain Biioi eqmiw^ stakes it possible to 
packages followed. BiireauuMk. n System, andlt should tie .tailor^ a :-to suit inost 
services were also then extended^ impossible to confuse scales for Customers/-,. J;;•:* - 
to accountants and commercial. ^<fc w. n r grains as only one Can '’M^re.'iWra ISA; Bridge Street, 
users. ■: ‘be used on the instnlment at:&j'Gav&sfstom,--Readings RG4- 8AA, 

Culmination of the company's time. . Berkshire .(0734 475936). .. 

work In the legal sphere^tilL'-—--:— .■ —'--v —"r— 

^'“SSS.du^oV^S ■■ When a carelessBO minutes . . 
X5SKS - could meana cosriy flmonths : 

over the same equipment,... as - GlGCCll€jtVuW*yiHI QGGI1- ' ' 

Xr c„TpuS 237 Loog Ferranti Maximum Dmnand Monitor. 

Lane, London SE1 4PU. ; 0)W ; |fyouareonarnaximumiifer^t^'ffandyw^ 

OvWO- ' T ' J______ a . .FJ- 


WELDING 


could meanacostif i2months 
■ electridtyl ll,jwi need - ■ 


If you arson afnaximuniaOTi^t^ and ybuexw^yotirtaiE^^ 


12 months. 



Update: 


Balance Sheetlolal reaches 
DM 58.2 billion 

International Resence and Service 
Facilities further extended 

Highlights from the Balance Sheet as at December 31st, 1977 


Portable 1 
machine 

DESIGNED FOB professional 
and semi-professional use is if 
tough yet portable electric arf 
welding unit from Camping Gaz 
International, 126 St Leonards 
Road, Windsor, Berkshire 
(Windsor 55011). 

Called the Ektra 320, it has a 
three-phase output, SO' 75 and 
105 amps, and will use electrodes 
from 1.6 to 31mm. It measures 
7f inches by 12$ inches by S$ 
Inches. 

The face mask and scaling 
hammer are supplied complete 
with the unit and the eieetrodes 
sold separately. 


• By agreement between the 
Financial Times and the BBC. 
information from The Technical 
Page is awn Lab Eg for use by the 
Corporation's External Services 
as source material for its over¬ 
seas broadcasts. 


each Yz hour. Automated control facitftleSc^ 
^applications.-';.-;• ' 7 V: 


formwedetails.taFaTantiymrted, InstrumaTt 
Department,-Moston, Manchester M10 0BE. • -.jj—, 

Tel: 061-6812071-Telex:667857; ; 


Maximum Demand 




imm nor '■■■■• 

■ - •'' TT335lft 


•nominiihh 

ORDER 




TbousarKJsrftyp^andsl^nstDddicxkmiediateEyivery-'. 

LONDON 01-561SH8 ABBWEEN(l&4323S5i& 

MANCHESTER 061-872-4915 ' 

TRANSFERCALLCHAFKaESGLADtyACCEPTED: • 

24Hr. EKCRGENCYNUXuffiOT 01 £37-3567 ExtflOS -- 


d personal 

than ever before, an informed awareness of the standards that must be 
achieved and the best methods for achieving them are vital, tordate’ f 


Assets _I 

Cash_ 

Bills_—.. 

Due from banks_ 

Treasury bills 

end other securities_ 

Due from customers_ 

Loans on a trust basis 

at third-party risk_ 

Trade investments_ 

Land and buildings_ 

Other assets _ _ 

Assets of Landesbausparkasse_ 

(Building and Loan Association! 


rtal—_58,207.6 


(in DM 000) Liabilities 


(in DM 000) 


— 837.7 Due to banks-13,606.9 

— 364.8 Other creditors-5,961.7 

. 11,125.1 Outstanding debentures —22,970.1 

Loans on a trust basis 

_ 4,744.0 at third-party risk-6,734.3 

.26,769.9 Provisions-262.5 

Nominal capital-1-550.0 

_6,734.3 Declared reserves_1,077.0 

_389.8 Profit_,_ 473 

_240.4 Other liabilities-1,145,0 

_959.3 Liabilities of 

_ 6,0423 Landesbausparkasse__ 5,8528 


I 


* 

1 




(Building and Loan Association) 


58,207.6 


Bayerische 

Landesbank 

Girozentrale 




JSi' 


1 4 

Ve: 

• 

$ 

■ 


will give early voice to specialist-views dn 
nature and extent of all hew and existing 
hazards, together with practical guidance 
on the techniques, methods, procedures 
detection and control devices 3 by,which 
they can be successfully controlled. \ - 


Whether yflu are a Director, Safety Officer or fine manager, this new monthly journal vriB Wvvidc yda 
information necessary to tackle ti&> many health, safety aod associated ^bbtens in liKfUiay ioday.r. ! 




theaatbantaBvr 


Tiip wa 



Igtegnataonal Ban kin g with Bavariaa Drive and 


Boyerisdhe landesboailc Gireznitfrole 
800C Mundhen 2, Brienner Strasso 20, TeL: 21711, 
Tefex: Foreign Depl. 5 24324, Cables: Bayern bank Munich 
S.WXF.7. Address: BYLA DE MM 



Subs'darys Bayensdi? lanaesoanl InJema+iono) S^. Luxembourg 
Aftiiiafes: Deutsch-Skandinavische Bonk AG, Frankfurt' ■ 
Asien-Pasifik-Bank AG,Hamburg. Singapore and Hongkong IAPMF1 
Represeniarive Offices: London, Johannesburg, Toronlo, Vienna 


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rieasraate aU riieqaes 








































EARLY IN 1977, senior manage¬ 
ment at Courtaulds, one of 
Britain's biggest textiles and 
fibre -groups, became-aware that 
the company could not continue 
on 'its "existing course indefi- 
nitelcy. Its liquidity .was being 
** crucified ” by the impact of 
inflation, on a - high-volume 
business^ suffering from cyclic- 
ally : low profit margins. 

Hpwever, the group’s report 
aDd'accounts published today 
highlight a remarkable turn- 
round in liquidity in the 1977- 
1978 financial year. Despite a 
marked fall in profits from 
£80.9m to £53.7m pre-tax. group 
net- cash resources rose during 
the year by over £30m. That 
such , an improvement could. be 
achieved seemed -unlikely even 
12 months ago. 

Early in 1977 . the group's 
annual turnover was running at 
£l}bn a year, .and its inventories 
exceeded -£400m -—the equiva¬ 
lent of nearly 28 per cent of 
sales. Assuming inflation at 
12 per cent, Courtaulds needed 
a pre-tax margin of 3.3 per 
cent on sales merely to finance 
higher . stock values. In fact, 
profit margins in the year just 
ended were to work out at only 
3.4 per cent. 

To make matters, worse, the 
volume ' of stocks - had been 
rising as demand for" textiles 
fell, in classic counter-cyclical 
fashion, Courtaulds bad not cui 
back its production in line with 
demand, on the-assumption that 
—as in the past—there would 
be major cost advantages in 
carrying high stock ievels at the 
beginning of a recovery. In 
1974, when' the previous- boom 
peaked, stocks were down to 
about 11 weeks of sales whereas 
by .1976 they were up to the 
equivalent of 14 weeks. 

OBut 1977 was the. year that 
something went wrong with the 
textile cycle. On previous form 
it should have marked the 
second and probably the 
strongest leg of an upturn. 


{. Richard Lambert on the measures taken by one of Britain's 
:• largest fibres groups to avoid a liquidity crisis 

How Courtaulds kept the 
inflationary wolf at bay 


Instead the recovery, which had 
started to emerge in 1976. 
petered but-and demand around 
the world -slid-"away through 
most of the. year. 

Whereas profits were, running 
at about , half their previous 
peak levels, the group's stocks 
had risen'by rottgbly £20um in 
value since 1974 and net cash 
resources—rwhiefe. had reached 
a high point of.nearly f 15um— 

were almost disappearing. 

Management .deckled on three 
main courses 1 -of . action. The 
first was to establish a two-tier 
system of .-interest charges on 
the working capital held by rhe 
operating companies. A luwish 
rale was levied, on. each com¬ 
pany on that proportion of it.-, 
working capital., which was 
equivalent to the 7 amount it 
held a few years earlier. A 
different and ty Substantially 
higher rate was charged on the 
rest 

Obviously this" meant that 
companies were being judged in 
an arbitrary and, in some cases, 
unfair manner 6y\ head office. 
But it concentrated attention on 
the cost of inflation and the 
urgent need to reduce slocks. 

Next, Courtaulds devised a 
formula to penalise spending 
proposals which had a high 
working capital element. Effec¬ 


tively it concluded that the 
larger the proportion of work¬ 
ing capital in any given project, 
the higher the apparent return 
that would be required in order 
to achieve the same real 
results. 

Finally, and much more 
radically, the group launched 
an exercise whereby all its UK 
units—and the products within 
those units—were put to the tc>t 
to measure their financial self- 
sufficiency. 

The idea was that in order 
to be viabjc, a product needed 
to generate enough cash to 
cover the effect of inflation on 
working capital tied up in it. 
together with the minimum 
capital spending required to 
keep it in operation, and its 
share of group financing 
charges. 

These separate criteria were 
then defined in terms of a single 
cash margin. For instance, if 
a product’s working capital was 
turned over four times a year 
and inflation was ruuning at 
12 pet cent, then that part of 
the margin ne.eded to cover 
inflation would be 3 per cent. 
The required cash margin was 
then compared with the actual 
return generated by each 
product and unit. 

After a trial run in June. 


the system was applied aerossdecisi 0115 1,1 take in the greyer 
the UK in the autumn. It areas, where a business might 
caused, recalls deputy chairman, have a very serious problem but 
Mr. Norman Smith, "quite a still be worth supporting over 
Turmoil." tlie long-term, in a group com- 

If a manager failed to pass ppse* a large number of in- 
thu lest in any area, he was dividual managements, it would 
required to show what steps have been faial Tor Courtaulds 
he could take to retrieve the to give the impression that it 
position within a given period was prepared to cut off people's 
of time. Typically these would legs just i.i make them fit 
include destocking, different neatly iniu the picture. Mr. 
pricing, or a change in the Smith K careful n> point out 
sales emphasis. If he was tin- {hat some products are still 
able to show how this could he being produced which have not 
done, then the next step would V ef met their required mar°in. 
be for central management 10 ’ There were other risks. It 
consider shutting down the wa5 important f..r middle man- 
product. the unit, or even an agetnent ti"l in concentrate too 
entire operation. much on short-term cash as 

against long-term profitability. 
A number nf eager beaver 

Grey areas finance directors among Che 

* * operating ■•ompanies started to 

Clearly the results had tn Ho incorporate the formula into 
interpreted very carefully. The reporting systems. They 
extreme no-hupe cases were one were told firmly‘that Mils was 
thing. According to finance a one-off project; once coin- 
director Mr. Graham Hearne, p i e ted. that was it. 
who joined Courtaulds front - The achievement of the cash 
Rothschilds the merchant bank, se ]f sufficiency exercise, says 
just as the exercise was getting s', mi It "is that it eneour- 

under way; “In these instances aged management to be. pre- 
the formula did no more than r« Sacrifice profit in 

confirm in a very vivid way conventional accounting terms 
what we already knew.’ for thi.v year, in exchange fur a 

But there were much harder real cash improvement. They 


would be loth to do this under 
the normal system of reporting, 
whereby they are assessed on 
profit performance." 

In financial terms, the results 
were dramatic. In a year when 
the group's costs were still 
running at a double figure rate 
of inflation, working capital fell 
hv £9Jim. In 1976-77. it had 
jumped bv £85.1 nt. In some 
product areas the contraction 
was even sharper. The volume 
nf fabric Stocks, for instance, 
was cut back by about 30 per 
cent, which translated into a 
fall of about a fifth in cash 
terms. 

In the first half of the finan¬ 
cial year. Courtaulds had a net 
cash outflow of £l7m. In the 
second six months, by contrast, 
it generated a net cash surplus 
or nearly £30m. 

This turn-round was not 
simply the result of tighter 
controls cm working capital. 
In addition. the group’s 
spending on fixed assets had 
been falling back sharply front 
the peak levels of the mid-1970s 
when a number of very big 
projects had come together to 
take the annual figure up to 
over £100m. The Lancashire- 
type spinning operations had 
been substantially re-equipped 
by 1976. and elsewhere the 
group had a number of very 
large new installations which 
as a result of the recession had 
never reached anything like 
their rated capacity. These in¬ 
clude the Letterkenny polyester 
filament plant in the Republic 
of Ireland, the Campsie sheet 
and work wear factory in 
Northern Ireland, and the 
Belmont weaving shed in the 
North-East of England. 

As a result, the capital spend¬ 
ing screws could be tightened 
considerably without causing 
lasting damage to the group. In 
the preceding five years, invest¬ 
ment in fixed assets amounted 
to £444m. far in excess of depre¬ 
ciation provisions totalling 




NET CUSH FLOW 

, IRelraii0ns+®2 |,Be * a, '*I 


IvestHT 

INFIXED 

^ assets! 


CHANGES IN 
WORKING CAPITAL 

JUr, 

NET CASH 
RESOURCES 


1974 1975 1976 1977 1978 [I 1974 1975 1976 1977 1978 


£24 7m. In 1977-78, spending 
fell to £5fim and was comfort¬ 
ably covered by an historic cost 
depreciation provision of £68m. 

Courtaulds has come through 
the recession so far in much 
better shape than most o£ its 
competitors. Whereas the Euro¬ 
pean lihre industry as a whole 
probably lost more than £400m 
in 1977, fibres and yarns 
accounted for well over half the 
group's profits of £38in from 
fibres, textiles and related 
activities in 1977-7S. One ex¬ 
planation is its commitment to 
the more buoyant eellulosic 
fibres as opposed to the heavily 
depressed polyester, nylon, and 
acryllic fibres. In addition its 


balance sheet remains firmly 
based, despite the heavy cost 
of mismatched foreign exchange 
loans, and there is a comfort¬ 
able margin of liquidity. 

However for three years now 
the group has earned an inade¬ 
quate return on its capita] em¬ 
ployed of over £S00m. The 
trading outlook remains uncer¬ 
tain. and although there are 
indications u£ firmer demand 
coming from the retail end of 
the trade. Courtaulds has no in¬ 
tention of rebuilding its stocks 
in anticipation uf market per¬ 
formance. Despite the big cash 
turnround in 1977-78. manage¬ 
ment still has quite a few 
hurdles left to overcome. ' 


THE INCREASING enthusiasm 
of governments and inter¬ 
national bodies for all aspects 
of safety is soon likely to force 
managers and householders to 
take another look at that much 
neglected piece of equipment; 
the main.fuse box. 

There in a dark basement or 
underneath the stairs, will be 
found an' array of. rewirable 
fuses which most people never 
see except by the light of a 
flickering candle. Now .after 
many decades of service these 
fuses are probably nearing the 
end of their days. 

Indeed the UK is one of the 
few developed countries where 


Circuit breakers: the short cut to fuse box safety 


the rewirable fuse is still widely 
tolerated. In France, Germany 
and the U.S. the more expensive 
circuit breaker, has long ago 
taken over on grounds of con¬ 
venience and safety. ’ -. 

In the last few years; it has 
been ’ realised that' circuit 
breakers can offer not merely 
convenience, but -^important 
safety factors which, it is 
essential for companies—and 
desirable for householders—to 
understand. • ' 

- Apart from the commonsense 


llie war that never ends 

j - jgt ; ;>, * We British a re a peaceful people. When a war is 
L-^K- over we like to consign it to thehistory books - and 

forget it. J 

5111 f° r some the wars livgpn. The disabled from 
’ 170111 World Wars and fromtesser campaigns. now all 
^ too easily forgotten; the widows, the orphans and the 
children -focThcm their* ar lives on, every day and 
H' . all day. / 

. Tn many cases, of coarse, there is help from a 

"t’SrwBW' 1 pension, Bui thereb qrHmit to what any Government 
laWpfi . ! Department can do. • 

.-■ ■ky , 1 This is where Army Benevolence steps in. With 

understanding. With a sense of urgency... and with 
Practical financial help. /. 

To us it is a privilege io help these brave men -and 
women,' too. Pl&sc u ill you help us lo do more? We ; 
must not let qjjir soldiers down. 

The Army Benevolent Fund 

-for soldiers,'ex-soldiers and their families in distress 

Dept. FT. Duke of .York's HQ, London SW3 4SP 


need to make factories and 
offices as safe as possible, 
employers will have to consider 
the liability that could arise in 
the case of an accident. Even 
an accident caused by a faulty 
appliance or the incorrect 
wiring of a plug could rebound 
upon a company if its electrical 
installation were shown to he 
inadequate. 

In the past it was generally 
considered that The ordinary 
fusing systems were all that 
was needed. 

Now. however, there are two 
types of circuit breaker avail¬ 
able which i^-their different 
ways offer additional protection. 
Perhaps the most important 
is the earth leakage circuit 
breaker lELCB) which is fitted 
n«r the main fuse box and 
protects people throughout the 
hoise or office from the danger 
of plectric shock. The second 
type, called a miniature circuit 
breaker (MOB) is a direct 
substitute Tor the ordinary re- 
winjble fuse, and is plugged into 
The ijjajn fuse box. one for each 
circuit. 

Bdjh types of circuit-breaker 
will cut off the supply as soon 
as they detect a surge in the 
current caused by the short- 
circuiting of a live wire to earth. 

An MCB can also delect a 
slow overheating of the wires 
which could be caused by a 
fault not serious enough to blow 



1 _ _ 



y 


r 

DO 


rd< 


Unlike most "businesses, inflation andrising costs don’t . 
eat. away at the profit margins of a charity Simply because 
there is no profit. ■ 

Instead, they effect us in another way that has more 
serious consequences both in the short an£ long term. 

Since the Red Cross has no profit as : a cushion against 
inflation, this has to-be covered with money from reserve 
funds. Fluids that would normally be held back for 
emergencies or special international projects. 

• ' ’ In just two Years, the cost of equipment and relief 
-supplies have risen dramatically. For instance, the cost of an 
Ambulance 1 has increased by 40%. A wheelchair by 55%. 

■ Unless something is done now, our future could be in 

jeopardy. T . _ ... . 

This is why we are asking your board members or their. 

charitable trust to consider whether they can help the 

Red .Cross. 

The Red Cross + 

If you would like further information about the Red Cross, please don’t hesitate 
to get in touch with Derek Bareon, Director General, The British Red Cross 
Society, 9 Grosvenor Crescent, London SWIX 7 EJ 


a fuse. More important from 
the safety pnjnt nf vr-w is the 
ELCB. which will cut off the 
supply as soon as a person 
touches a live wire or a part 
of an appliance which has 
become accidentally electrified. 

The ELCB can delect the fact 
that a small amount of current 
is Scaping tv earth and can 
therefore give protection, which 
is impossible with an ordinary 
fuse. 

The extra safely which it 
gives to a whole circuit has 
already been recognised by 
breweries, for example, who 
generally insist that sockets in 
damp places like pub cellars 
should be protected by an 
ELCB. Although the cost, ai 
around £20. is much higher than 
that for an ordinary fuse it can 
only be a mailer of time before 
trade unions and safety boilic*;-. 
insist that all electrical installa¬ 
tions are protected in this way 

Although use of the ELCB 
cannot absolutely guarantee 
that people touching live wires 
will escape electrocution, it 
reduces the risk to minimal pro¬ 
portions. For this reason, it is 
likely that most international 
specifications will soon include 
a requirement for ELCB protec¬ 
tion. In the UK local authori¬ 
ties are already insisting nn 
their use in such places as old 
peoples’ homes and student 
hostels. 


Business Books 

Corporate Development in the 
Middle East, by Robert Nelson. 
Oyez Publishing. Price: £15. 
This is directed at the senior 
executive whose company is 
either planning or undertaking 
business operations in the 
Middle East, and provides guid¬ 
ance on commercial law and 
practice. 

The Challenge of Manage¬ 
ment, by Alan M. Classman. 
Wiley/HamUion. Price: £4.20. 
This is a textbook designed to 
supplement rhe learning experi¬ 
ence in the introductory man¬ 
agement and/or organisational 
behaviour course. 

Success in Law, by Richard 
Bruce. John Murray. Price: 
£2.50. The general principles 
of English law are set out in 
This book ia a way rii3t relates 
theory to action and which 
shows its relevance not just to 
the individual but also tn society 
as a whole. 


The pr-vpoct nf a major 
changeover io circuit breakers 
in domestic and commercial in¬ 
stallations has presented an in¬ 
teresting challenge to manufac¬ 
turers of fuvegear and related 
equipment. 

George H. Scholes which 
makes the U'ylex fuse box and 
consumer unit which is almost 
standard through Britain has 
bought in technology from 
abroad. It now makes a range 
nf ELCBs under licence from 
Felten and Guillen me of 
Austria. Although Scholes has 
hern the dominant supplier of 
fmebnxes with 75 to 80 per cent 
•if the ciomestii- market, it now 


faces .stiff competition for the 
potentially more lucrative cir¬ 
cuit breaker market from MEM 
and from MK. which is moving 
in from its strong position as a 
supplier of plugs and sockets. 

Recently miniature circuit 
breakers costing a few pounds 
which plug directly into a 30 
amp. 15 a nip, or 5 amp fuse 
socket have become available 
trnm electrical retailers. About 
10m are made in the UK each 
year, mainly for new buildings 
in the public sector. 

However. Mr. Roy McDowell, 
chairman and managing director 
of Scholes is not planning 
advertising aimed at the con¬ 


sumer. Instead, his firm will 
be directing its efforts towards 
the contractors and large 
customers like local authorities 
and to enlisting the support of 
electricity boards. Mr. McDowell 
says: " One of our problems is 
that 80 per cent of electrical 
contractors do not know how 
a circuit breaker works, so 
they are reluctant to advise 
customers to fit them, especially 
as they are anxious to tendtr 
at the lowest possible price." 

In the longer term Scholes is 
hoping a greater public aware¬ 
ness of safety «ill enable it to 
develop intruder alarms and 
other devices. Linked to the 


main fuse box, they could 
deter burglars, for example, By 
switching lights on and off; in 
sequence. 

More immediately, it is mov¬ 
ing into the industrial and 
commercial market for distribu¬ 
tion systems with a new circuit- 
board in which the MCBs are 
pre-wired for the contractor. In 
this way the company hopes to 
increase acceptance of MCBs 
because contractors will not be 
concerned with any of the box’s 
internal wiring. 

This policy is an insurance 
measure against the inevitable 
decline of the domestic fuse box 
—the company's staple product 
at present. 

Max Wilkinson 




Promotional and technical 
literature for export 
sales to die 

Arabic-rspcaking countries 
of the Middle East and frail 
must be translated and typeset 
in the idiom and style 
die market demands, 
by specialists 

BRAD BURY WILK 1 N SON 
(GKAZ'IJICMLTD 
NEW MALDEN, 
SURREYKT34NH 
TELEPHONE: 01-947 3 - 7 * 






an 







If you are in industry or commerce and haven t 
taken a good look at Tyne and Wear recently, 
chances are you’re way out of date. 

If you have never even set foot in our Region, 
you don’t know what you're missing. 

. Tyne and Wear County is a Special Develop 
nient Area, offering to enterprising industry and 
commerce the highest Government incentives in 
Britain. We can now add our own financial 
assistance with the 'Tyne and Wear Act] 
which makes us extra special. 

But we’ve more than monej' 
to offer. Learn how rich we are in sites, 
premises, labour, communications, j 
housing, recreation. Learn how 
easily we can help cure your present 
development headaches. Learn that 
Tyne and Wear has the ingredients 

for successful relocation and ex- Name _ 

pansion. It’s all in our new booklet. Company 

Post the coupon without delay. - 

And why not follow up with a ifcsgrf '1(35?/." 

visit ? Have a word with our Pe ter 
Waring about it on 0632 S16144, ^ 

or write to him at Archbold fly j[jj| 

House, Archbold Terrace, g VAT - 

Newcastle upon Tyne 2. 



I would like to learn more 


about Tyne and Wear County 
Please send me your booklet 


by return. 


Address 


To: Peter Wati n 9 . Industrial Officer, 

Tyne and Wear County Council, Sandyford House, 
Archbold Terrace. Newcastle upon Tyne 2. 
Telephone: 0632 816144 


County Council 
























t 


..2.” T'V-. 


~.'_. V :i .; 


16 

LOMBARD 


Self-doubts in 


the U.S. 


BY DAVID LASCELLES IN NEW YORK 


ONLY IN the U.S., one imagines, 
would they have got the business 
of measuring consumer confid¬ 
ence down to such a fine art that 


of labour productivity. To most 
Americans, hard work is both 
an ethic and the demonstrated 
basis of their great economic 
strength. That productivity 
it can be recorded on an index should now be weakening strikes 
that goes up -and down. But such a lot of them as a sign that sotne- 
. is >the case, and when the New thing is gnawing away at three 
York conference board updated foundations. 

*** in jJ ex j his silowe , d Another worry is the loss of 

a further drop to SS.5 on a scale creative edge which, like labour 
where 1969-70 — 100. productivity, has made America 

But the board was only record- wbat it is. Although the U.S. 
ing in figures something that is abounds in gadgets which ordi- 
obvious -to most people who nary Europeans have not even 
obat listen end reed the papers heard of let alone had a chance 
liere. Even though traumas like to buy. the situation is suffioi- 
Vietnam and Watergate are ently serious for the President's 
things of the past, there seems chief domestic policy adviser to 
to be a .sense of gloom about, draft a memo earlier this spring 
which is most striking to new- stating: “There has recently 
comers like myself. There is a been a perceptible decline in 
feeling that for some reason or the kinds of industrial inoova- 
other things are not working tion needed to ensure both 
out. Some people even refer economic expansion of our indus- 
darkly to historic turning points trial sector and continued U.S. 

• and wonder whether things win technological superiority." _ 

ever work out at all. 

It comes as something of a IJ 

surprise to discover that io the YV Ollu Sia26 
places that matter, like New ° 

York and Washington, people What seems to have added to 
can be so anxious about what the th ese worries is the growing 
Future holds, and for Britons. Feeling of ineffectiveness on the 
the stream of self-critical and world stage. Is it because the 
muraJe-sapping items in the Press u s. has a President who finds 
and on TV look depressingly j t difficult to handle international 
Familiar, especially when other relations’.' Or is the country as 
countries are held up as a whole losing its grip, like 
exemplary. other great nations in the past? 

It is easy, of course, to get the The failure to get anywhere 
wrong impression from what with the biggest competitor of 
happens on the east coast. After all. the Soviet Union, either over 
all. Detroit is churning out Africa or disarmament, appears 
thousands of cars a day. oil is to have revived old fears about 
gurgling out of Texan wells, and Communism. But because of the 
the harvest is ripening in the way attitudes are moving there 
mid-west. But as the conference is the extra chilling thought 
board’s index showed, something plat the Russians could soon be 


Franconian produce for 


..... - ■ . -. V,-.- ■ 

^’ ■Financial Tiines -Tues^ 


-v-i JS ' 




The Slate Domaine has 120 further J ha They^ pride > so "only abpat 4 -Gennans; tte’WlMs.-taw !* good 

y round nere are HKeiy to oe m Wurzburg alone there are hectares under vines in produc- selves g q per-cent of Franconian wme is ,aa«il£nfJJJJsometimes, 

local to attract alteotion 20 wnitistuben where the copious M 00, , and Si e ». ot ^ e I tW ° Which are the best Fran- made from this grape, although. ft murt be adnrftted,-to tbe point 

or uncompetitive with 20 el and 25cl roemer classes ti?n have 80 hectares apiecf, ah • wines? Of course the the proportion is very. much of dullness; - 
y established names. But are frequently replenished. weI1 35 othcr lands in course c higher, among the big mstitu- ’ However v . thatdoes.not pi 

innHin.i win,, ... ..._ * . * . ,_ ■__' »_ qi' m. naryt in - f ho i , _ 1 ■ _ r ■ 


IN SPITE 
this country 

rivalled choice —-- 

over the world, and any not com- bottles, 
monly found here are likely to be in Wurzburg alone there are 

too “ * i__ — 

here 

firmly .._ * ^.. 

there are a few leading wines , Market research in "depth has 
very thinly represented on wine showp that in the weinstub* of 
lists, and perhaps the most dis - ih e Burgersnital the average 
tinguished or these are the wines con5 urtiption is 2 f glasses!). 

of Francoma So, altogether it is doubtful 

Certainly they arc on the ex- whether more than half Frail- 

pensive side, like most German con j an w i ne fi n j s W ay into 
wines of quality; and the Hagon- regll | ar W j ne lrade channels and 
shaped boefabeutei is not their customers. 

most convenient type of bottle ^ __ 

Cor transport or for trading. The One reason, perhaps, w y p Q £ ^ Franconia, as elsewhere large 100 -hectare 
main reason, however, why Fran- these wines, are not faeier known ---■ 


pre- 


WINE 

BY EDMUND PENNING ROW5EUJ 


dons," up to 24 per cent, in; the (judg, the win'es.-of/ SpSUese, 
Burgerspital vineyards. . .. 'Anslesw and even Beerenauslese 
The traditional-" Franconian qualities. Yet the dryer types do 
grape is the Silvaner, formerly provide, an answer to those who 
predominant, but now accounting find nearly all German.wines too 
for only about 35 per cent, having sweet for savoury' food.: - i Thera 
been overtaken.by the Mtiller-.are also -the newly-fashionabla, 
Thurgau. The Silvaner generally bone-dry, ;, trocken .wines com- 

__ .>fVinw nTAt/ili? fra yn >o t» 4arT - " ■ aiiF 


. , — ii Ihe vprv produces a rattier dall.'iadecisve- pletely: 'fermented^; put: and 

_ .. _ _ „ . „ ^.hw re-planting or reorganisation: best-known sue oiauis ““ fl a yoiired. so rt of wine,"b.ut not reckoned ^to- reduce ‘theever- 

for transport or for trading. The One reason, perhaps- why „_■* .irawhaM larpc 100 -hectare Stem vineyard ^_ nan . tin 



main reason, nowever. wny »ran- in Germany, a pH programme booking the « Wto U^mUU wien £^ 

SS Bavaria^e^alone^outsWe %£&£%£ nSnefll, ffi Sfc, %*£ ^ 

Germany, is tha, . ? e>-aceoumjer leas‘™S Rffl. WSB1 ,tLS2? ’St 5 m 

samp- 
_ both 

that 15 per cent is consumed in lists over 100 Franconian wine- the Randersacker Maraberg, a Randersacker, Iphofen. Eschern- problems of northern viticulture, boeksbeutelIf. found lo be ex- 
Franconia. 70 per cent in the producing villages, each entitled splendid great sweep of hillside d orf. Sommerach and Thungers- . ^—, 3 ^ ^ inveterate pensive the -Sterlipg-Drp ex- 

rest of Bavaria, leaving only 15 to its name on the label even if vineyards that cost 180.TOU although this list would h « recent vears ch^iige.: rate; must partly '-be 

percent For the rest of Germany often using a district or ffrosx- H50.000) per ha to re-form. hardly be likely to be accepted * V a r i e ties bave^had gained, as in popiitar wine-bars 

and for export, which takes not tape one; while the Repperndorf Then there is the interesting by the other villages. It might ■ JS , ^.eppoj- ncvtablv Bac- the -mark-up is not exceasiye. 

more than 5 per cenL union or co-operatives o' ' 1 - - - — <v, “ - -— 1 ,^,^ »h- v commercial success, cwao.y sac . _ .r- 

Moreover, something like a f rom carries 

nuarter to a third of the average hearing f±u ainerent site 

Sroduction of about M.miUjop u ™< SSSSSi* ""p™^Vineyafdk; As SWi;fe -tecludlag 


is up. or rather down. 


Inflation 


to do 
worse. 


Economics have much 
with it. Inflation is getting 
and people are wondering 
whether there will ever be an 
end to it ail. Then there is the 


in a position to overtake the U.S. 

Absurd though it sounds, this 
idea crops up frequently in con¬ 
versations among ordinary 
Americans. I have even heard 
well-educated young New 
Englanders express the view 
that the U.S. “ peaked" in the 
early 1970s. and that the only 
way from now on is down. Mean- 


energy problem, w'hich has ail while, the Russians are getting 
sorts of ramifications. It has stronger, and spreading their 
driven home to Americans the influence to new parts of the 
fact that resources which were globe. 

once considered infinite will one i say absurd because, although 
day run out — a traumatic pros- Americans obviously have things 
pect w'hich takes on almost to worry about, even the pitted 
metaphysical dimensions here, streets and decaying buildings of 
Also. Congress’ failure to come impoverished New York can't 
up with an energy Bill after more conceal from European eyes that 
than a year's intense squabbling this is a powerhouse of a 
has raised questions about the country where opportunity is 
country's ability to govern itself wr j t large. Perhaps what Ameri- 
— again an awesome thought. cans ought to be worrying about 
But then people start mutter- most is the fact that they are 
ing about grave underlying losing sight of their own wealth 
trends, like the declining rate and strength. 



litres 
cellar 
huge 
dorf. 
country 

direct 2 
million 
hair 
operatives. 


Then there is the stitutions: the Hof-Kellerei (the sion of vineyards nearl. 


Epsom backers should give 
Formidable another chance 


BRITAIN'S annual racing show- O'Brien's former’ assisiant punters who knew their fate with 


Ascot—whrcb for trainer. Michael Kauntze has the Forli colt two furlongs from 



class flat racina—gets under way Curragh's Marble Hill Stakes last 
again today with the ground time out. 

Sent into the lead a quarter 


RACING 

BY DOMINIC WIGAN 


of a mile out. 


chance in the one-mile 
James' Palace Stakes. 

But for the presence of 
Coalminer, Persian Bold, a confirmed top- 


a cheaply bought’Welsh Saint of-the-ground performer in out- 
colt out of that speedy mare standing trim at present. 


Pianissimo, made his 7.400 w-ould probably pay backers to 
purchase-lag opt * Dr Formidable with 


guineas yearling r __ 

appear one of the scoops of last confidence 


^reV^.S d er f0reraS,S S “"" y KK™ * W Ml..d 


This afternoon's opening day. 
which a year ago threw up on'y 


victory over Park Romeo. 
If. as reports suggest. 


one surprising winner in minerals some way in froni of superiority c-ver his Epsom-based 


As it is. he can he only a tenta¬ 
tive choice to confirm William 
Hill Middle Park Stakes 


Nanticious. the'heroine of the Cap Ferrat^ and the remainder ° P g°"^ n ^* re jjk e iy to overshadow 
Ribblevlale. could again see g**455’ Ti* ^eir seven opponents who in- 

out on 3 ^ d elude the Irish 2.000 Guineas 

top. 


selective backers comin e —. 

of beating today. 

Two on whom I will he relying I take him to justify his 
this afternoon are Coalminer, illustrious reputation with a 
among the runners for the clear-cut success over Lake City 
Group II Coventry Stakes, and and Nocturnal Boy. both r,f 
one.of the first representatives whom may need more lime 
of -a 44-strong Irish raiding before showing their true worth, 
party, and Formidable, who goes Peter Walwvn has made no 
for * the SL James' Palace secret of the fact that he still 
Slakes believes Formidable to he a "’•d- 

CoaVminer. for whom Vincent class performer and those 


dude the Irish 
winner Jaazeiro. both in 
paddock and in the race. 


the 


ROYAL ASCOT 

2.30— Uncle Pokey 
3.05—Gunner B 
3.45—Palmerston 
4.20—Coalminer" 

4.55—Cherry Hinton" 

5.30— Formidable*’*" 



t Indicates programme in 
black and white. 


BBC I 

Open 


9.00 News. 

9.25 How To Be Your Own Boss. 
10.15 Cabaret Showtime with 
Lulu. 

11.00 Tonight. 

11.40 Play Golf. 

12.05 am Weather/Regional Nows 


for Northern 


11.30 West side Medical .. ... „ - n _ d6 

1225 am Close: A painting by towi^ Y onw*' 
Constable with music by 
Elgar. 

London 


All IBA Regions as 


fi.4fl-7.55 am Open University. 

120 pm Ragtime. 1.45 News. 

2.00 Royal Ascot. 4.18 Regional 

News for England (except the following times:— 
London). 420 Play School. 4-45 
Goober and the Ghost Chasers. 

5.05 Wild track. 5-35 Roobarb. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

620 Nationwide. 

6.50 World Cup Report. 

720 The Feather and Father 
Gang. 

8.10 The Standard. 


and Weather 
Ireland. 

England — 5 . 55 - 6.20 pm Look 
East tNomichi; Look North 
(Leeds. Manchester, Newcastlei; 

Midlands Today (Birmingham); except at the following limes: 
Points West (Bristol): South 
All Regions as BBC. I except at Today (Southampton): Spotlight 

South West (Plymouth). 

Wa'es BBC 2 


Sir-ice cvccpr: 12-50-12.55 pm Pcnawdau 
4004.45 MimLith. 
UJII Bywyd—Cu-m 
Rheido! U05 World in Aciioa. U-45- 
12. 0 am Celebrity Squares. 

HTV Wert —as HIV General Service 
except: 1230-1.00 pm Wcpnrt West Head¬ 
lines. 605-630 Report West. 


Wales — 5.55-6.20 pm 
Today. 10.15-11.00 Wales Down 
Under: Rugby Union Tour. 12.05 
am News and Weather for Wales. 

Scotland— 5 . 55 - 6.20 pm Report¬ 
ing Scotland. 12.05 am News and 
Weather For Scodand. 

Northern Ireland—1.18-4.20 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 12.05 am News 


F.T. CROSSWORD PUZZLE No. 3.697 



ACROSS 
1 Understand the 


issue and 

have a win in court (4, 3, 5) 

10 Standard author in Derby (7) 

11 Object to piece in paper (7) 

12 Driving Peg la New York 
when small (5) 

13 Parent returns to commend 
estimate (Si 

15 Part of London in the Lords 
area (5. 5) 

16 Employer taking part of 
house reporter (4) 

18 Beastly nonsense (4) 

20 Arrived in Street bundled 
like a carpet ( 8 . 2 ) 

22 Month to desert at home with 
cheese ( 2 , 6 ) 

24 Egghead to block bar (5) 

26 Sounds like pay for working 
in dark with chemical (7) 

27 Coin's got class (7) 

28 Force spectators 
reporters' seats (5, 7) 


Strategy of saying the right 
thing to Civil Service in 
India (7) 

8 Spread intelligence among 
fools (13) 

9 Pole reads two papers (9, 4) 
14 Wine (’51) on point of 

causing obesity ( 10 ) 

17 Bloomer depressed lovely 
girl they say (Si 
19 Begin to smoke to get 
switched on (5. 2 ) 

21 More stupid point to row (7) 
23 Stone a crowd at football 
match 15) 

25 Part of world where first- 
class sex-appeal turns up ( 4 ) 
SOLUTION TO PUZZLE 
No. 3,696 


Open 


6.40-7.55 am Open University. 
10.30 Work Talk. 

11.00 Play School (as BBC 
4.20 pm). 

4.00 pm Royal Ascot- 

6.10 Open University. 

7.00 News on 2 headlines. 

7.05 A Woman's Place? 

7.30 Newsday. 

8.10 The United States 
Golf Championship. 

9.00 Rhoda. 

9.25 Our Mutual Friend. 

10.15 Living on the Land. 

10.40 Late News on 2. 

10.50 “ Simon Simon," starring 
Graham Stark. 

11.20 The Old Grey Whistle To>,t. 
12.00 Closedown (reading). 

BBC 2 Wales only—7.05-7.30 pm 
Heddiw. 12.00-1225 pm A Womans 
Place? 


ANGLIA SCOTTISH 

9.30 am Manfred. 0 V Tin- Ho/oril 10.00 am Feature Klim: "How To 
Makers. 10JS Fvaiurv Film " Th« Snco-'>.-d In Bueuic^s Without KuaUy 

MiihoiMiross." stimuli Sophia Lon-n ' starring Robert Mom.*. 12-JO pm 

P>.-ior Si.-IIiti unit Alastair X.m. 1235 ptn x-u-s and road report. 2.00 Red Letter 
Amelia .'vc'i's. 2.00 tlmincparijr 6.00 Day. 235 Once In a Lifetime 3.00 The 
Abviui \n<dia. 7.00 Siiri'l'.a: 11 JO Four Royal Hmhland Show. 5.15 Canoon. 5JO 
Das Wonder. 12J0 Am Ambolb^y. Crossroad',. 6.00 Scotland Today. 630 

. t, , Whafs Your Prohlem? 7.00 Emraerdale 

A IV Farm. UJO Late Call. J1.35 Police 

ejO am irs Ability Thai Counts tlO.li Woman. 

Morning Cinema' ''Jiiaa'. - siarruiu cai iTUnDW 

JarX Wam-.-r. 1230 pm A TV Newsdesk. 3CIU 1 nilKI’i 

0.05 Prufi-ssw Beithurar. 5J5 Larcnto 933 am Hand A'lwn'e World. 9.B Rise 
and Shirley. 6 00 A TV Today. 7J0 of Mammal*. 10.15 "Untamed” siarrinp 
EmnKTdnlr- Farm. UJO British Canoe Tyrone Power. 12-M pm Southern News. 


2.00 Houseparry. 535 Belly Boon. 530 
Crossr'iaUs. 6.00 Dav by Day Includuifi 
... Soulh'pon 7.03 Knimerdale Karra 11J0 

Souih.-rii News Extra. ■ UJO Police 

SurEGuu. 


Championsnips. 

BORDER 

9.30 am Skippy 

tio as •• 7h' Smallest Show up EarUi 
RtarrlnK V'lrpliiu MrKenna and BUI 
Travers. 1 12.50 pm Bord-r 'leiii 2 00 
Ri d Letter Par 2J5 Mnee in .i Lifeunu 11 . M 

m nn ! .„n I 10 -?Notih k'iv Netis'"”lleadl*lnes aiid weather 
.Mr. and ..Irs. 6 00 Lookar-.iinl Tuesday r.m hi,,, Marble. tlD.09 Movl* 


ENTERTAINMENT GilDE 


CC—These theatres accept certain credit 
cards bv telephone or at the box office. 


OPERA & BALLET 


COLISEUM. Credit cards. 01-240 S2S8. 
Reservations 01-B36 3161. 

LONDON FESTIVAL BALLET 
Ton't & Tamar 7.30 Conservatoire. 
Giselle- Thurs * Frl. 7.30. Sat 3 A 7.30 
Sanguine Fan, La ChatM new prodn.. 
Etudes. 96 balcony seats always avail¬ 
able from 10 am day oi peri. 

NURETEV FESTIVAL 

4 une 26 to July 8 with London Festival 
a I let atl seats sold (except mats. July 
3 A 8 ). July 10 to 15 Nureycv. wi 
" ~ '• allai 


Dutch National Ballet, seats available. 


COVENT GARDEN. CC 240 1066 

■Gardencharge credit cards 336 6903J 
THE ROYAL OPERA 
Tom or. & Sat. at 7.30: Luisa Miller 
Thur. at 7.30: Madam? Butterfly. Frl 
at 7.30: Falrtad. 6 S Amphl' seals avail 
tar all perfs from 10 am on day of pert 
Note: PersonallTel. bktn. for July Ballet 
opens July 1 ft Not June 1. 


HAYMARKET. 930 9A32- Box OttC* Man. 
(tarn. Prevs. July 4 sod 5 at 6 . 0 .. Opens 
July 6 . 7-30. 

?■ pAOL SCOFIELD 

HARRY ANDREWS V.- - 
EL A NOR • TREVOR: : 

- IRON PEACOCK 

■ and IRENE HANOI la . . 

A FAMILY . ■ • 

A new Plev dv RONALD HARWOOD 
Directed by CASPER WREDE._ 


HER MAJESTY'S. CC. 01-030 MM. 
Evenings 8.00. Mats. Wed. ft .Sat. 3.00. 

BRUCE FORSYTH 
. In LESLIE BR1SCU5SE amT 
• ANTHONY NEWLEY'S - • 

TRAVELLING-MUSIC SHOW 
with Derei, Griffiths 
-’ Directed by BURT 3 MEV 6 LOVE 
" It paced to blirstiaa point with the 
personality and sheer energy of Bruce 
Forsyth,” Sun. Express. . "The audience 
cheered." Sunday Telegraph. 


GLYNOEBOURNE FESTIVAL OPERA. Until 
Aug. 7 with the London Philharmonic, 
Orchestra. Tonight at 5.30. Don GlorannfJ 
Tom or. and Sat. at 6.15. La Boheme. Frl. 
and Sun. at S.30. Die Za u brflote 
Possible returns onli. Box office Glynde= 
bourne. Lewes. E. Sussex t0273 B1241H. 


SADLER'S WELLS THEATRE. Roseberv 
Am. EC1. B37 1672. Until July 1 . Evg*. 

7.30. Mar. Sat 2.30. First time in London 

Manollta ft Ralaef Aguiler's 
FIESTA DE ESP ANA 
Spanish lobe and flamenco, . . 


THEATRES 

ADELPHI THEATRE. CC, 01-836 7611. 
■vgs. 7.30. Mels. Thurs. 3.0. Sits, 44). 
IRENE 

THE BEST MUSICAL 
Of 1976. 1977 and 1978. ' 

IRENE 

“LONDON'S BEST NIGHT OUT.". 
Sunday People. 

ALREADY SEEN BY OVER ONE 

MILLION HAPPY THEATREGOER5. 
CREDIT CARD BOOKING 01-836 -7611.. 
ALBCRY. 636 3876. Party Rau». Credit 
card blrgs. 836 1971-3 from 8.30 Lm.. 
6.30 p.m. Mon.. Tues.. Wed. and? PrL 
7.4S p.m. Thurs. ana Sat. 4.30 and. 8 . 0 . 
"A THOUSAND ^M^WELCOME IS- 

OUVERI 

MIRACULOUS MUSICAL/* Fin, Tlmea. 


with ROY HUDD and JOAN tUHNER, 


EfrrE 


ALDWYCH. 636*16404. Info.-B36 S332 
ROYAL SHAKESPEARE -COMPANY ir x 
repertoire. Tonight 7J0 Strindberg's? 
THE DANCE OF DEATH “ emerges a*tf 
a wonderful niece o* work ■■ nm«.(| 
With: Shakespeare's CORIOLANUS fnart 
perl. Thurs ). RSC also at THE 'WARE¬ 
HOUSE ?sce under Wl mm ai Tn» Prca- 
dUlv Theatre in Peter Nichols' PRIVATES 


KING'S ROAD THEATRE. ' 352 74B8. 

■ Mon. to-Thurs. 9.0. Frl.. Sat. 7.30. 930. 
THE ROCKY HORROR SHOW 
-NOW IN ITS 5th ROCKING YEAR 
The GREAT ROCK N' ROLL MUSICAL. 


LONDON PALLADIUM. CC 01-437 7373: 

NOW UNTIL AUGUST. 19 „ .. 

Mon.. Tims.. Thurs. and -Fri. at fl- Wed. 

. and Sals, at 6.10 and fl30. 

THE TWO RONNIES 
In a Spectacular Comedy Revue - 
Your best chance to see "The Two- 

a onnles Revue" al the London. PaladlumJ 
to book row for the performances 

Sunday ijune 2SI at S and * 177 . . 
SPECIAL BOOKING HOTLINE 437 2065 


RIC 1... 

Ev. 8.0. Mat. Thurs. fl.O- Sat, 


JOAN PLOWRIGHT ?' 0 
COLIN BLAKfLEY ■ 


ft 0-20. 


FILUMENA. 


May FAIR. 629 3036. Reded, price pjrevt 


26-28 June at 8 . Ooens 29 June; 
ft3 and ST.SOr 1 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS' . , . 

UNDER MILKWOOO 


MERMAID. 248 7456. Restaurant-248 
7-30. ai - 


DESERVES . FAVOUR . 

AL play for actors and tmdieStra by TOM 
STOPPARD & ANDRE PJBEVIN. Sats. £4. 
£3 and 12. ■■ A work of True theatrical 
-genius. Sunday Times. • • • 


NATIONAL THEATRE. . - 926 2252. 

^OLIVIER loperi rtage^. | Ttat iV 7.30 Tomor. 


ALMOST-FREE 485 622C Lunchtimes. 
■One Off by Bob Wilson. Tues -Sat. 
1.1 S om. Suns. 3.00 and 5.00 pir. No 
show Mans. 


ALMOST FREE 485 6224. Evenings. Kurt 
Vonnequl's 'Player Plano' by James Saun¬ 
ders. Turs-Suns a. 00 pm. No show Mons. 


AMBASSADORS. 01-836 1711. 

Nightly at S.OO. Mat. Wed. 2.45. 
PATRICK CARGILL and TONY ANHOLT 
m SLEUTH 

The World-famous Thriller 
bv ANTHONY SHAFFER 
"Seeing the plav again la In fact an 

utter and total lov," Punch. Seat oricei: 

£2.00 to £4.40, Dinner and Top-Price 
Seat £7.90 


TYNE TEES 

4.30 am The G'lod Word followed by 


U.30 Th.' Odd 
Summary. 


LONDON 


9.30 am A Diary or Civilisations. 
I0J20 “Small Miracle" starring 
Vitiorio Oe Sica. 11.40 Dynomutt. 
I2.0« Issi Nnho. 12.10 pm Rain¬ 
bow. I2J10 Ken's plus FT index. 
12.55 Help! 1.00 Parent's Dav. 
1.30 Crown Court. 2.00 After 
Moon. 2.25 Red Letter Day. 3J20 
Once In A Lifetime. 4.0.» Canoon 
Time. 4.20 Paul. 4.45 Extra- 


T.DO Emni'Ti.yli? I-arm 

r:.iuplc ilJ.DO L'onJr-r V.'r 

CHANNEL 

l.U pm i.Tunn- l lumhnmi 
tl'hal'S Oil V.'h'T.; 6.DO R-rorl ai Sis 

7 00 U'alkmc WuMward. 10.28 r'.bannrl 
I ..in- UJO Spair 1M4 12-2S am 

Vis-a^.-s J. Krant". 

GRAMPIAN 

h.50 am First Thine. 9J5 Ti'chnodash 
10 JO Tj-jh an.l rj-impaiiF 11.10 Conqursi 
n| ih«> S..a. 12-50 pm Grampian >rws 


9JS Big Blue Marble. no.03 Movl.' 
Cljmii'S. "l.adr Hamilron" sinrrraa 
Vivii-n L>ich arid Laurence Olislrr 
12J0 pm North Cast Neu-s and Look 
amund. 5.15 In ik'dri'li of . . . llw 
Nows and |r,isi,?r Island Massacre. MO Northern 
Lit:. 7.00 Emoicrdale Farm. UJO Land 
jfdPv. 12JU Epilogue. 


ULSTER 

11.00 am Sean Ihi? LopKvh.lun. UJO 
Th'7 in>l;rvi Ad vr mures ul Captain 
Ni-nio. U05 Anini.iicd Special. 12.58 pm 
Lunehilnii- 4J8 Ulster News Headlines 
6 JK) Reports. LU 


nj in^ s..a. iaou pm (..raniniau .««> _^ ... 

Headline*. ZM Red Loiter Day. 2-55 fo n Lv Vfaudierk??' 
i.n.-e in a l ifetime 3.40 Royal HinMaud V« U 


Shi.-.. 4.10 Cart.>vn Time. 6.00 Grampian 

Today. 640 Tile Elwine Thuarn- Show. 
U.IO Refl, : enan*. U.35 Cekhrils Caii.t rt 
• Anne Murray’. 12J0 am Grampian Laio 
Nichl Hen dimes. 

GRANADA 

h.JJ am Sesame Street. 10.25 The Udl 


7.00 Enmu-rdali 
Karra. 10 JO Mils and Balls nf the 
Keouomv UJO Old House, New Home. 
11J5 Bed I Imp. 


westward 

9,45 am lien* Comes llie Future. 10.10 
fiincr Space. 10.3S Kcaiure Film: '" The 
Girl M«»i l.lkcly To . . .'' siarrlna 


Islands 10JO Davy Cro-'l'en <jn the sioekard Channlna.. 11.50 Look and See 


nrriinarv t It FmmnrAala Jll”iwippi. 13.35 Elephant Boy. 12J» pm i £27 Qm nils HonefUun's Birthdays. 12-50 

orainary. a.lo tmmcrdale Farm. Thls lS your R.tiu. 5J0 Whals Ne-V. Vvitwart New* Ueadlines. 6 J» Westward 


5.45 News. 

6-00 Thames al 6 . 

6J15 Crossroads. 

7.00 Oh No. Its Sehiyn Froggitt. 

7JS0 Charlie's. Angels. 

8JJ0 Life Begins at Forty. 

9.00 Will Shakespeare. 

10.00 News. 

10-10 Nuts and Bolts of the 
Economy. - 


5.15 rrossronrl». 6.00 (Jran.vl.i Report^, oiarr. 7JD0 Walking Westward 10.28 
6.30 Fmmerdale Karm. 11JQ Police Westward Laii News. 11.10 Spate 1909. 


Woman. 

HTV 

1010 am Beloved lnrid-1" warring 
Grt-taiT p.-cfc nnd Deborah K'-rr. 12-50 Pin 
H.oon West Headlines. 12.55 Report 
Wales Headlines. 2.60 Hulic.-partT SJS 
Pope ye. SM Crossroad'. O.DO Report 
wm. 6.15 Report Wale?. 6.30 Emmcr- 
dale Farm. 11-30 Tht *)m*iders. 

HTV Cymru 'Wales—AS HTV General 


12.25 am Kalih for Life 

YORKSHIRE 

4.30 am Choirs of the World. 4.55 
Parents In PlayRroups. 10.20 The Qui 
wtiers. 11.15 Phantom Pilot. 12.50 pm 
'Iril'-nUar News. 4.05 Listing Beamy 
5.15 Mr and Mrs. 6.00 Calendar I’Emley 
llonr and Belmnni editions- 7.00 Emmcr 
dale farm. 11-30 Tb« Protectors. 


into 


DOWN 

2 Sportsman is not paid tn take 
a friend io ancient city (7) 

•1 Try one way to become a 

writer (8» 

4 Wine lo take to uncle's (4) 

5 Part of Derbyshire comes to 
full stop ai husiest time |4. fi) 

6 Part of train terminal in Burv 
to) 


EaHHHH HBSraSEBfi 

0 -cEBDDnra 
HQQHnanBs bdhbg 
QBBQQQQD 
QEH0 BC3BQEDEHaB 

B 





DADID 1 247m Locke, pan 2 . 1Z15 pm Midlin' Concert. 

^U'U 1 p arJ ] Brithovi.n. Glatunuv .Si. ’ ■* 

<S) Stereophonic broadcast News. 1215 The Arts Wari-I<v-Jt<; 

5.00 am As Radio 2. 7.02 Harr la*e Midday (Jutiivrl. oart 2: llraiinii ,Si. 2-20 
Tra«.«. 4.00 Smion Bares. UJl Paul jr.or- an Music -S< 325 A I u-l- l.iMhi 

Burnelt iiK-ludinif 12.38 pni Nvu;sb-a( JJUS!C , s ,_ 4^5 .s^huh.ri rrgm Brislul 

2.10 Tnny BlacPhum. a.31 Kid J>-nsi>n , s ,_ j j a „ Today 15). 

■nduiling 3JPI NvwUh-ai ’■» Swn' tjnmwy. 6 JO lil. Inn * Worn and 
Desk. 10.02 John Pie. iS-. 12 .C 0 - 2.02 am Trainilli: 7J0 Eluar -5-. 8.80 aidchurch 
As Ra.lrn J. t-esHval l?7S Dan I M-ran Cliau>snn 

VHP Radios 1 ■"<! 2: 5.08 am With 'S' 0.4(1 Sylvia To-..•«. ml Warner 

Radio 2 . including 1.33 pm Good Listen- -a memory and Some Purmsi. 5.9B 

irai. 10.00 With Radio l. 12 .BO- 2.02 am AM-biirLh Kesiival pan Tinsel I __ _ _ .. _ . 

WHh Radio 2. S-mvlnsky 1 S 1 . 10.05 'The Third BBC RadlU London 

_ , :fln _ __j .-..-I .'idjni'' hjr James Ro<r*'»K;.ms S;ory 

RADIO 2 1.400m and M(F „[ ^ heretical Mariam.- sect In 

5,00 gift News Summary. 5.02 Ray Poland -5«. 1L10 A Pnun i-r Ecstasy: 

benahii' un reeord* -S. 11.35 .Mews. 

U.48-11.(5 ToniEbt's Schubert Song. 


Xi-wa. 6.00 Neva. 6J0 Many A Slip 
l.M 7.00 News. 7.05 The Archers. 7.20 Time 
1.25 l-r Vi-we. 7JO unre Vidal. American 
novelist, rssayni and wit in conrcrsailtm 
ahnui his Hie and work. EJW Aldvbureb 
► .■siiijI I97S. pari 1 us Kadlo 1» 1 S 1 
S.a upen 3.45 H-sior.vl 10 tar<-. Pltiure n sioration 
- 4 30 K.i|.-ldie-'ipe. 4-54 Weather. U.OO 
The World Tmiub:. 10.' 0 The Nevus Uuiz 
■ S'. U.OO A Root, JT Budmu-J. 11.1S Th. 
hm.im-ral llorl'l Tnnislii. 11.30 Today In 
I'arllenient. 12.88 News. 


Moore with The Early Show 1 S 1 Including 
B.13 PattSe for Thoughi. 7J2 Terry 
Wogan <S) including V2T Racine Bulletin 
and S.43 Pause tar Thought. 18.02 John 
Tlmpsan iSt. 12J5 pm Waasoncrs' Walk. RADIO 4 
17 « Prlc Murray's Upon nousc 1 Si 
mcludins 143 Sports Desk. 2J0 David 
Ramiltan 'Si indudms 2.43 Suons Dud: 


ZOOm and 94.9 

5.09 am .V* Radio 2. 6J0 Kush Hour 
4.00 Lniuinn Live. 12.03 pm Call In 
2.03 2t)i Show case. 4.03 Home Run 6J.0 
I.onh. Slop. Ujirn. 7 JO Black Lorn Inner s 
8J8 All Thai Jazr. 10.83 Laie Night 
London. 12.00 .\-s Radio 2. 12.0S am 
Qucition Time from (he House of 


434m, 330m, 285m and VHF commons. I.os-Close: As Radio L 


am Nvws. 6J7 Fanning: Todav. 


and Racing from Royal Asco:. 4jo 6 J 5 I'p taTbc Hour. 7.00 Ncw s .' 740 
Wanomm vvatt. «•« Spwu Desk. Today. 7.J5 L’P to ihc lluur ...omlnurdi 
4J0 John Dunn <S> InLiudlnE j.4j Sports jncZudiUe Thought for thv Da^. Ltt v.-h'S 
»«?■_«» v?«“iay ,n PaSam^; 

Folk 73 iS«. 7J0 Sparta D«h. 743 On g.m Xt-wi, 4.85 Tiii-sdns Call. 10-90 
ihe Third Beat is- 8JI2 Nordrlns News. 18« Sine a Song of . . , rs>. 
Rendezvous 'S'- 4-DZ Among jour 10.30 Dally Service. 10-45 Morning Story. 
Souvenirs (Si. 8 JS Sports Desk. 10.82 UJM Newo. U.05 Thirty-Mmuiv Theatre- 
Three m a Row. 18J0 The Stepioe Saga ujs Prntile. 12.W Kw- 4 . H03 pm You 
«'i?i r-- 9 ? >,on alld Yours. 1248 DMeri Island Dlacs. 

MidnlKht. including L ..00 ..-aws. 2.08- iijs Weal her; ara^raram-: ik-ws USD 

ZJ 2 am News summary. The World ai '‘'tie ijo Tli.- .irrhcrs. 

RADIO 3 464m. Stereo &. VHF !.■** w «"'* ns , « aar meiudius 

News. 2.45 Listen with Mother. 3 M 
bJS am Weather. 7.08 Sews. 7.05 News. 3.10 Qu<s'ioii‘ iu th- Prime 
Ovi-nure j S*. 1.00 News 8.05 Morning Mintmcr "live" from th*.- House of 
Canrvrt. 'S'. 9.00 News. 9.85 Tlu* Week's Commons . 3JS Money Fun. b.oo Neus. 
Composer. Cherubini 'S». 955 Music for 4.05 fi.inli-nrrs' 0'i> wmn T.m.' ajs Ttv 
Fluie amf Plan" <S>. 10JS Marrh-w r<.,.if ol Wal-s. i r-m t.l.mu-..hllrii t-. 
Locke and his Comempnrar''* pan l <5. rVnt-yr Afnn-il-m. 5.00 I'M R. niirti 5.« 


London Broadcasting 

261 m and 97.3 VHF 

5M am Monunic Music. 6.00 AM: non¬ 
stop newt, mfiirmntlon. travel, sport and 
revluw. 10.00 Brian Kayes Show. LOO pm 
LB 1 ’ Heports. 3JH Grnrgc Calc's 
H 'J clock OIL 4.00 LBC Reports icon- 
Iinnv4i. 8.00 Alter F-ichi wiih Ian 
Uilchrist. 9.08 Nuhfiine with Brin Jones 
LM am ,\i«h( Ealra with Adrian Scoil 

Cupital Radio 

194m and 95.8 VHF 
fi.oo am Hraham new's Breakfast Show 
’S-. 4.M Michael Asu"l 1 S 1 . 12.00 Dav,- 
Cash <5* 3.00 pm Rnger Scon is>. 7.00 
Lor.ilmi Tnd.iy iS■ 7J0 Ailrun Law's 

Dpi n Lm. *s> n.oo Nukv Hum is Your 
Mrtlhcr Wouldn't t.iki- tt ijji. u.oo, Tony 
M'Mil's i.hu Sh.m 'Si. 2.00 am Mik>- 


1U8 imerral Keadina, JUS WatLIww Serendipity. 5J5 Weather; gra&Caauae SwiDi S Hi&hl Flmht iSl. 


APOLLO. 01-437 2663. Evening* 8.09. 
Man. Thurs. 3.00. SaL 5 OO and B.OO. 
DONALD StNDEN 

" Actor of the Year." Evening Standard. 
" IS SUPERB." N.o-W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
•' Wickedly funny." Times. 


ARTS THEATRE. 01-036 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

Hilarious ._ . ww it." Sunday Times j 


3 45 and-7.30 THE CHERRY ORCHARD 
tb y Ch tWrov-ffana^ t>f Michael Frayn. . 
'LYTTELTON TprOscenium stage). TOOT 
.and-'TOmor. .*7.«4 blunder .ay Sen 
, T ravws. ■ . t ••>.. - <■ - 

COTTESLOE fsmalr'atidttorlumi. Thiir. ami 

Fri- 8 toreru AMERICAN BUFFALO by 

□avid Mamet- 

Many excellent cheap seats all 3 theatre* 

day of pert. Car par*. Restaurant 928 

2033. Credit c a rd bo bfcfngs 92 a 30S2. . 

928 7618,. 


ROYAL COURT. _73{J . JWS..- AlrT>. 
Ooeds Ton't ai 7 . Suijs, ; eve*-- 9. Sat 
5 ft 8.30 .t - 

FLYING BUND.' 

sJ. .r. tW-Bm.MOrHson' , - 


SAVOY THEATRE.'-- ^,01-836.888®. 
' TOM JCONTI & ’ - 

' WHOSE LIFE IS IT ANYW&Y.7 
' JttUt JANf ASHER '•••-•- ' 

"A. MOMENTOUS PtAY. l URGE YOU 
TO -SE£ i V -Gdh. ' 

Eygs: at 8.00. Fri. ft sar. S.45 ft 8^5. 


SHAFTESBURY." ... QC ;i ' -836 6596. 
.Sbafteshtirv As* d)C2 tHIgh .Hotaorn end) 
JEvgs.. at .8.0. JOHN REARDON in 
l KISMffT 

•‘.TM» mostcil (norythico.!'. S. Mir, 
Mata.-NOW, TU5S- 4r £AT: -3.0.- 


- “All Si 


Credit' 


Seat».*T--£J. 

Card’Boonl 


«... 


PQS 436- 6597. 


SHAW.' .THEATRE- 


1 M ABOUY nu&l iii 

tor. ARNOLD 1WESKER 


01-388 1394. 

3D- 
LEM 


STRAND., 01-833.2B60- Evenings .8.00. 
Mat. Tftflrt. -tf.D.'Satt- 5JO -HOC B.30. 
: SEX PLEASE— 

^PRE BRITISH.. 

THE WORLD'S GREATEST 
GHTER maker 


GOOD SEATS £0.00- 


»4H6- 


St; MARTIN'S. CC 835 1443. Ew. B.OO. 

-MoeUiee Tues- 2.4S. Saturdays 3. and 8. 
: AGATHA CHRIST)F5 

- • - . -.THE MOUSETRAP • 

WORLD'S LONGEST RUN 
' , 26th YEAR 
TALE OE THE TOWN. .CC.- 734 5051. 




-800, Dining. Oandng (Bars:-i 
3-30 Super Revue. 
RA2SLE DAZZLE 


7.15) 


and at 11 p.m. 


-..-LOS RE ALES DEL 


£arag 


U AY. 


CC En. S.OO. 


Sat: 5 and 8’. 
-■Jlulcta GRAY. 


aniea GROUT 
NCED 


VAUDEVILLE. .826 

-Mat, .Tues, 2A_, 

Dinah SHERIOAN.__ 

Eleanor SUMMtRFiELD. -Janwa 

A MURDER’S AN NOUNCI 
• THE'NEWEST'WHODUNNIT 
: - toy AGATHA CHRISTIE 

“ Re-enter Agatha v*Mh Another 
dunnlt rvit. Agatha Chruna h (talk' 
West End yet again with Another _ 

•endIshly Ingenious murder mvstarl 

Felix Bartfei. Evening News. 
AIR-CONDITlONCO THEATRE 


ra 15 

start ns, “ 


OLD VIC. 

PROSPECT AT THE OLD YlC 
Juno-Sentaniber Season. 

TWELFTH NIGHT 

"An ouUtanding. reviral," The .Time*. 
Today. Wed- 7.30. 

SAINT JOAN 

" A great performance." Tl*e Times. 
Thurs.. Frl. 7.30. Sat. 2.30 and 7-30. 
THE LADY'S NOT FOR BURNING 
by Christopher Fry. Previews June 28.' 
29. 30. July 1. First nlghi July 3. 


OPEN AIR. Regent's Park. Tel: *86.2431 

A MIDSUMMER ' NIGHT’S' DREAM . 
Evgs. 7-4S. Mats. Wed.. Thur. ft Sat. 2 JO 
W'lh RULA, LENSKA. IAN TALBOT. 
ELIZABETH ESTENSEN. DAVID WESTON 

Shaw's DARK. LADY OF THE SONNETS 

Lunchtimes Today ft Friday 1.15.- 


PHOENIX. 01-836 2294. EyerHngs 8.1S- 
Fridav and Saturday 6.00 and 8.40. 
"TIM BROOKE- TAYLOR, GRAEME 
GARDEN make us laugh." □. Mall in 


THE UNVARNISHED TRUTH 
The Hit Comedy ty HOYCE RYTUN. 

"LAUGH. WHY I THOUGHT I'WOULC 


..... . ■ WOULD 

«* V .E DIED." Sunday Times "SHEER 
DELIGHT." E. Standard. '* GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


Monday to Thursday 8 30. Friday and 
Saturday ai 7.00 and 9.15. 


ASTORIA THEATRE, Charing X Rd. 

01-734 4291. Mon-Thurs. B p.m.. Frl. 
and Sat. 6.0 and fl.45 i Buffet (nod 
available) 

ELVIS ,__ __ _ 

Infectious, appealing, foot-stomping and, prince EDttraRD cr iFnm,»riv ruinni 
heart-Ihumolng. Observer. Seats £2 OO-1 0 |37 6877 Red nnrr^ S SSJ P 
E6 00 Hall-hour before show best avail- I °at B.o.'ot^iiS' fSSorKS* n* L 


PICCADILLY. 437 4506. Credrt Card bkgs. 

B36 1971-3. 8-30 a m.-8-XO p.ra. 
E»»s. 7.30. Sar. 4.30 ft 8. wod. mats. 30. 

Royal Shakespeare Com nan* in 
THE OUTRAGEOUS ADULT COMEDY 
bv Peter Nichols 
PRIVATES ON PARADE 
" Ri proa ling triumph." 5 . Evpreso. 
BEST COMEDY OF THE YEAR 
Ev. -Std. Award and 5WET Award 
FULLY AIR-CONDITIONED 


able seats £3 00. Mon-Thurs. and Frl. 
6 p.m. pert. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
Lunchtime Theatre dally at 1.15 p.m 
June 12-23. "A SLIGHT ACCIDENT. 1 


CAMBRIDGE. 836 6056. Mon. to Thurs. 

8.00 Friday. Saturday 5.45 and 8.30. 
IPI TOMBI 

Eat ding Black African Musical. 

"The gins are bcautnul bare and 
bouncing." 5 , Mirror. 

THIRD GREAT > EAR 
Dinner and rao-price seat £8.75 Inc. 


CHICHESTER. 0243 81312. 

Tonight. June 21. 23 ft 24 at 7.00. 
June 22 at 2 00 
THE INCONSTANT COUPLE 
June 22 at 7.00. June 24 at 2.00 
A WOMAN OF NO IMPORTANCE 


C ?„ ME ? Y- i. 01-930 257B 

For a Ltd. engagement until July T6 
ALEC McCOWEN'S ' 

ST. MARK'S GOSPEL 
An unoaralleled tour de farce.” S. Tms. 
Tues. to Sat. at 8-0. Sun. at 4.30 No 
pfs. Mon. Seats £1.23. £2.25. £2.50. 
£3 00. Latecomers not admitted. 


Sub. evgs. 8.0. Mat. Thur. 3.0. Sat. 

, . S.SO^ft^ 0.30. 

5? PE Andrew Lloyd Webber. 

With David Essex. Eialne Paige and joss 

Ackiand.. Directed bv Harold Prince. 


VICTORIA PALACE. . 

(look Now. 828 4735-6. -8*4 1810. 

.. ANNIE . . .. 

Evenings 7.30. Mars. Wed.aradSM. tM. 


WAR2HOUSX. Ooomar, Theatre; Covent 
Garden. - Mfr- 6 oOB ; - Royal -Shatespwre 
Company. Ton't. 8.00. David Edgar's 
- -THE JAIL -DIARY OF ' ALKIE SACHS. 
VThrfUtng- Wece of .Theatre/'. Guard fan. 
All seats £1 ao. Adyance bfcg.. Atawych,. 


Student standby 


0283. 


WESTMINSTER. . DT-836 

■ SENTENCED TO LIFE 
"MUGGE RIDGE’S ;Uefl<hi«flt'. hsmoiir 
THORNHILL'S • dramatic- art" D. T«L 
"lirtarady hnman,.caring drama'*. Y; Post. 
"Tremendous Impact 1 " NOW."-. rt'wu 
sharply moved". J. C. Trewta- . 
..... Sara,- 4.1 


Evas. 7.as. Mats. Wed, 3.00. 


.30. 


WHITEHALL. 01-930 6892-7765. 

Evgs. 8.30. Frt. ind .50f. 6.45ai>dS^W. 

Paul Raymond presents the Sensational 

Sex Pevge of the Cedtury.' 


DEEP THROAT.. 


WINDMILL THEATRE: .CC,. 01-4S7 JUUL 

Twice ..Nigtmv B.oo and- a (too. 

_ Sundays. -6.00 and 8:00.,-: -' 
PAUL. RAYMOND preMNta; 

- • RIP OFF - • 

THE EROTIC EXPERIENCE ! OF^ THE 
- -MODERN -ERA.' S.-t 
"Takes to unprece d ented UmWvWnat Hr 
permlssHRe on our stage/’ E»9. News. 


3rd GREAT YEAR. 


VVYNDHAM'S. 01-836 3028. Credit Card 

Bkgs. 838 1071-3 from SJO an Mon.- 

Thurs. 8. fri. and Sat. 5-15 and B.30,. 

” ENORMOUSLY RICH.' 

' w VER X.. F J u S ,NY, "' 1 l * Bnin o^ Mem. 

Mary O’MefleY's. smash hit'comedy .- 
ONCE A CATHOLIC -7' 
Soorema comgdy on sox and rehgtdn." 
. . ' , Daily f*-- 

' "YjShtSs-- 


Tetagraoh.. ... . 

30. SHAKE WITH . .... 


Guardihn.. 


YOUNG VIC, 928 8363. New company— 
New Season. Preys. Ton't ft Tomor. 74B. 
Opens Thur at 7 . Subs. eves. 745 
BARTHOLOMEW FAIR. 


CINEMAS 


1 AND 2 SHAFTESBURY AVE. 838 
■861. ScD nerfs- a ll SEATS -BKBLE, 
fx *- — ** ■ 

2- THE COODBYE GIRL (A). Wlc, and 
Sun. 2.00. 5.10. 8JO 1 last .2 daysr. 


™INCE OF WALES. CC. 01-930 8681. 
Monday to-Friday at 8 o.m. Saturdays 
at 5.30 and- 8.4S. 

LONDON AND BROADWAY'S 
COMEDY. MUSICAL HIT f 
I LOVE MY WIFE 
Starring ROBIN A5KWITH 
"ALL JUST GOOD CLEAN FUN." * 

D,ll «cfc“' 


CREDIT CARD 


)KINGS 930 0847. 


QUEEN^S THEATRE. CC. 01-734 1166. 

E»gi. 8.00 Wed. 3 . 00 . Sat. SdO. 8-30. 

Anthony quayle - 
FAITH BROOK. MICHAEL ALDRIDGE 
and, RACHEL KEMPSON 

In Alan Bennett's 
THE OLD COUNTRY 
Piavs and Haven London Critics Award 
BEST PLAY Of THE YEAR 
— Directed by CLIFFORD WILLIAMS 


CRITERION 930 3215. CC. B35 1071-3. 
Evgs. 80. Sals S.30. 0.30. 1 hurs. 3.0. 
NOW IN ITS SECOND YEAR 

LESLIE PHILLIPS 
hi SIX OF ONE 

HALE ^,, LA t 1S * MINUTE. 

SECOND HILARIOUS- YEAR 
_" VERY FUNNY" 5. Tel 


n «U R Y LANE. 01-836 Rl 08. Every 

nlghi 8.00. Matfnee Wed. ft Sat. 3.00. 
A CHORUS LINE 

A rare devastating. Ipvous. astonishing 


stunner." Sunday Times. 


DUCHESS. 835 8243. Mon. to Thurs. 
Evenings 8.00 Frl. Sat. 6.1 S ft 9.00 
OHI CALCUTTA! 

The Nudltv is stunning" Daily Tel 
_8th Sensational Year. 


DUKE OF YORK'S. 01-835 5122. 

E*cnmgi B.OO. Mat. Wed.. Sat. 3.00 
JOHN GIELGUD 
in Julian MPcheJl'i 

A NATIONAL THEATRE PRODUCTION 
.. „ HALF-LIFE 

' Brilliantly wlflv ... no on* should 
Harold Hobson (Drama 1 . instant 
” r c ri „. 1 e /r; , ' ,ons ' Dinner and 
Tob-pnce Seat £7 00. 


FORTUNE. 836 2238. Evs. 8 00. Thurs. 3. 
Sat. 5.00 and B.OO. 

Muriel Pflrtow as MISS MARPLE In 
AGATHA CHRISTIE'S ' 
MURDER AT THE VICARAGE 
Third Great Year 


GARRICK THEATRE. CC 01-838 4601. 
Evs 8.0. Mat. Wed. 3.0. Sal 520 bTsO. 
TIMOTHY WEST GEMMA 3 JONES 
MICHAEL KITCHEN 
(n HAROLD PINTER'S 
THE HOMECOMING 
"BRILLIANT—A TAUT AND EXCEL¬ 
LENTLY ACTED PRODUCTION." D.TTel. 
‘ * N INEXHAUSTIBLY RICH WORK." 
Gdn. "NOT TO BE MISSED." Times. 


GLOBE THEATRE. 01-437 1592. 

Evgs- B. 15. WM. 3.0. Sat. GO. 8.0. 
PAUL EDCHNGTON. JULIA McKENZIT, 
BENJAMIN WHITROW In 
ALAN AYCKBOURN'S New Comedy 
. _ TEN TIMES TABLE 
■Tills must be the haomect faughter- 
"RROr In London." D> Tel. "An Irreon- 
tlbty enlovabie evhnlno." sunoav Times. 


RAYMOND lUrtfUBAR. CC..01-734 1S93. 
At 7 SonsJ 
THE FESTIVAL OF 

_ -erotic* 

Mh 1 1 r-conditioned 
_21 *t SENSATIONAL YEAR . 


REGENT THEATRE. “ 837 9863 

Evos. a.30. FrL and sat 74 *MftS 

ElegantjioM-humoured engaging.” Gdn 

■ m CLUB 

A New Musical 

«, CiuiW and comic." Times. 

" LIndV¥h™2S2T“ »"9Sj M D - Trt ' 

Linda TnQrjw ■ g ■ a rwljttofi." Timpc 

_ "WELCOME TO the q .ua? ; E/n!^ 
RJ*YAL ALBERT HALL.' 


THECM, ?Si^ ROBA “ c 

From Ltoonlng. CfHno- 1 


Crrt,t Cartfs. .01-405 ,8004. 
Evenlngf 6,90. .«Wdar. 
5.30 and 8AS. Saturdays. 3.00-and #-Qo 
Landon enhes vtMe.- A ". 
BUBBLING BROWN SUGAR. -'. 

_ . .. Best Musical Of 197T..— . 
Bookings *«eoied. Major' ctcf Itiaarrft 
Special reduced fates for matinees, (for 
a limited perrad gidyf.-.' • . 


CAMDEN '-’PLAZA <OPO. CsmBUrt Town 
*8S t 443. Tartaw's -ALLON- 

5ANFAN - IAA1. 4 45, 6 50, 900. 


T. *■ *■ * Oxford struct <0pp. 
Tottenham Court Rd. TubeJ. • SZ5"03ni. . 
• "an . Bates. John Hurt' THE -SHOUT: 
P/OO*;. *-30. 4.35.- 8.40, 8ASt 
h .Demandf THC GOB-- 
FATHER_n nc*. Pgi. 3.00. 6,50 fpMiire 


-3.2S. T.19. 

J : Jpnw -THE -COMEBACK «L 
1-OS.' 3.3*: 6X35. 8.3S, • 

4. Preaentad gn and* Wed. 21- 


- -Juiie 

PrOfl* 


Se?S? B, iL. C . l i. r20 !l u . StrM *' W »- 499 3737 j- - 
.f-KlTT oodlvonea Corotortl DCRSU 

-UJAIA. (UK in XO -mm_ .(EnfiUih-'.Uile. ■ 
^*Y_L A KIRA KUROSAWA 
’ .THe Times- •"MASTER- 
WORK" The Observer. . "SPECTACtAAR' - 
*pVENTU«E;* smu TlmS^ey^raY; 
BEAUTIFUL" :T)M--Gimrrtlag: / -HAUNT--; 

-^VENTUR E". Sun, • ExprtM. - 
■MASTERPIECE- -Sv. . New, - POm- daily- ' 
at'Z-OOS.oa 8, 8.00; '.Seats- Bookawa-:' 
at E2 jo,. 


LEICESTER SQU^RE^THHATKE *9®0.SSS2} 


ODEOhL HAYMARKET* I9SO ,2738-2771L 

■ dly-.a-JO.^SASpa-AS,.Fealure 


.8.00. 9.00. 


ODEON LEICESTER SOU A R£~f9 SO SHU 

CtTOB -JNCOUNT£RS <OF. THtrTKJRO 

kind. Sen. , progs-' -tfly.. Doors 
. 1-05. 4.1S. ;7^«lS. to«o:WsW--' 
Dowg^ apwr-TT .~|g, pm 
p .. 


Ai 


U 


fianbun 



v- r 


• • - 


■ «:> - • 
;1 i >?■> - ..- 

■ ay - 

A • .... 
<■ 

-hi 

; *t:i ' V. „ 


T ;; w 

‘Jt'i* r ... 

'^■v. ■ 

IV -_ ' ! 

- . ' •‘‘a; 1 . 


lz. .. 

■fe. -y! 


V. 


^ ir. 

'll , <v '^ 

V " 


- ‘ 

V r .." 

, 3^7, : -' 




•-rr 

■ r-c. 




'•I- • 

• i 

'™ ‘^4-1..-" ■ 


COMING HOME m~S8pV‘ proOSi 'MOh^ 

sat. T.3a A45„ . 8.10. *Siul ^W> T,A5-7., 

I- Sena may.ce.booked In stNance .‘or. 8.10.: • 
L'prog, hton r Fii- ft aft progv. Sat.^.ft-Sro- i - 


i? p 

'•Ip*,; 




coats-: bkbie-. at-,-tfMBtrg.. 


.-’ Tr. 

- - r, ■' 




J 1 ; 


515 i" : ? 


s oo« 

_ ; Frt,.*-5«i-.-.- 

Bm/jAfl'^patp. (W bn . 


ODEON.MARBUS ARCH, _ 1723-2011-21. 
CLOSE; £NCOU WTERS OF -n?B - THWI> - 

IFLW Jajs onm/•Ifnr.-Frl.- :«W 

2.XS. 77 30.IAII,. stag ■MBt ;fit -atfraac e. 


; 'S:e : :!y 
■ H". '• n: 

\ ; , :h 
AS-a. v ." ,; 


457" ««1. 


PRINCE CWARLCg. tele, sa 
r v. -'-, MIL BROOK! 

-HIGH , ANXIETY 

■ ««. SunJT 2JL5.. 6 : 1 5v" 7 


.; &- ■ 01 r 

‘ ^^'.'6' r-^ 

• rt ^5 i J 

■ Li* 

; ’Hi-. •• 

: V 
f./'lin 

I'. 'Yu. ' T'.n. 


CLASSIFIED ADVERTISEMENT RATES 

* ••• '■ ' ■' . 7 ■ 

• .■ • per-". -coiuaimZ -; 

. •”ltne- ••••• *. 

v - . £ . 


A; ' V 


BSo 7755. 


GREENWICH THEATRE. 

unlll June 24 
Evenings 7.30. Mat. Sat. 2-30. 

THE GOLDEN CRADLE 
Plav 1 ! bv Yeats. Svnge am) tadv Cressrr. 
For 2 weeks only.- •* Tne IrHfr Mage at Its 
best " Fin. Times. 


1AYMARKGT, 930 9 832. 

Evs. fl Wed. 2.30. Sat. 4.S0. 8. 

INGRID BERGMAN 
WENDY HILLER 

DEREK 00*15 FRANC'S 

GODFREY „ MORE CUKA 

WATER* OF THE MOON 
Mutt deOnitefy dose July I- 


Commercial -and Industrial Property 
ResidentiaT Pr^erty • . - r/ ; 

Appointmefits ; 

Business &=Jntesttnent Opportxtatttesr' 
CorporatiQDXoans, Production Capacity, 
Businesses fqr-Sale/Wanted . 
Educatiom Motora, Contracts & TeBders,: 

Personal^ Gardening , 

Hotels and-Traeel . . 

Book Publistiere 




4M': : 

■ 430 

5.2* 

.425 ••• ^ " 




/ • V- Preniiiinl ;pqsitidqg* avaflable : . 

-<Whnimaras«e.40:rolumn coK.v: 

■ ’iw -. Per. shagle coftima- cm. extra v 

’ For further details irnie lo; - < r- • y 

• • Advertiseittent 

Financial Times, 1 0, Cannon. Streep 



■<. 




- ■ V- vi'v':: 

••• ’’. '.r;.-*V7 

■ :,•••■ 7 ." .^ir‘..¥fy 





















































































































































































































































































































































17 





r$I V lf 


.FiiiaiKnal- Times ,Tuesday/June 20 1978 

Paris Theatre 2 4 


and 


by ? G A R R Y O ? C O N N O R 


The ; “ tucernaire," in Monf- 
paniasse;. U -a ■ cultural - pheao- 
me non which may be the pattern 
for the. future in a city of 
diminishing theatre attendance. 
Concentrated in One building 
are two theatres, two cinemas, 
an art gallery, and a-concert hall, 
and. from 6.30 in the evening to 
midnight . are mounted - some 
dozen or more shows of one kind 
or another. The economical use 
of staff in such an enterprise is 
at once evident ta statistical 
study of employment in the 
Theatre would . no- doubt show 
that while the' number of . actors 
has remained steady or possibly 
declined; the number of Theatre 
staff has increased manifold); 
But the advantages to the public 
are also great ,. in so far that 
during the playing hours there 
is an almost permanent sense of 
event and expectation. 

At the moment there are three 
separate performances worth 
seeing: a new ArrabaJ. unusually 
.farcical for. this author; aa old 
Marguerite Duras, Les Eaux et 
les JoTdts, in which Claire Deluca 
.plays; an early play by the 
.Italian poet d’Annunzio. one of 
those pieces bf textual resuscita¬ 
tion by a director flagrantly in 
abuse'of an author's intention, 
which happily on this, occasion 
Vdrks quite well. 

To celebrate his -Oth anni¬ 
versary as a playwright Arrabal 
has taken a leaf perhaps out of 
his fellow absurdist. Tom Stop- 
pard's, book, and produced a 
high spirited skit on politics. 
The welcome element in Punk, 
P nnk et Cotoman is the speed at 
which the typical Arrabalesque 
fantasy unfolds. • Two secret 
agents, one a Chilean, the other 
a Russian sleep in adjoining 
rooms In a hotel, both apparently 
telephoned by the same head¬ 
quarters. They are also trans¬ 
vestites, one as a Red Indian, 
the other as a Wagnerian prima 
donna, while in addition the 
Russian operates a flea circus, 
and they are soon joined by a 
widening circle of vaudeville 
grntesrmes: n former S.S. agent, 
a Klu-Klux-Klan figure induced 
by a dose of opium.-and so on. 

ArrabaPs idea is that what 

Hamburg 


corruptsTmati is his appetite fori - . _— 

power, (nothing mew here), and ■ ■ . „ *”■_ 

that what-he. ought to do is to *: • 

accept Jove (even if, in his case. 1 : a*. Bn 

it is tob-i'often."offered hy a man | ■ 

in knickers, and.suspender belt).; $£ 4 m ‘ 

In Georges Vitaly’s athletic pro- 

duction, . and ..with suitably' - Jer-Y ' y 

buriesqiie and dead-pan perform-! 9rjt 

ances frim Jean-Pierre Leroux i 9 ^ 

as-■ the "^Chilean.; and Gerard j " 

Hernandez as the Russian, the 1 
well-disciplined.- Jfrolic hardly! 

Sags a jnomenV.and is all the - --- _ . .-. 

better ' £ot being free from! '• - 

Arrabal's usual purple passages.! 

Although; one papers headline, i > 

.when this play L opened several! 
weeks ago, proclaimed that; 

“Arrabal vitrioie toujours." this; 
striking phrase':.seemed largely' 

-without foundation. 1 

At the opposite end of Arrabal** 

power-abusing anarchy, and at a j' -.-—% — -•—. 

later hour'of the evening. Gabriel [ 

d'Annunzio's curious piece. Loj , 

Gincondo., Is - also enjoying 3' 

successful Tun here, with some, Wach jngton D.C. 
outstanding performances from i & 

Etconore Hirt : and Genevieve I 

Brunet. The '.director. Jean! A ^-r- 

Rouserie’s.'approach to 1 his piece; A \ T J 

of what now seems decadent' /\ QTI/j 

romanticism, is to inject it with; I V I ^1 CL LI vJ 

delicate irony, .a tactic which; 

seems to go.-.' down well, j 

d'Annunzio's elegant.phrases are] 

even pronounced.ip mock Italian 

tones, while the' actors behave | 

with exaggerated' gestures, to' 

match the precious sentiments.! All National Galleries a 



Tournament armour from Wittenberg and Dresden, mid 16th century 


A National Gallery’s new extension 


hy WILLIAM PACKER 


match the precious sentiments.! All National Galleries are Avenue straight at ibe Capitol, on three ‘cvcls. linked where or the . 3ad £- thegt'ld and silver | ami0 suherie Suite on English mec’’i and the jollity o£ 
The sculptor whose mistress; worth travelling some way to see, Jhc -architecL !. M. Pei. has possible wjihin the curtain wall, from the I Folk Tunes was the first' and best countryside ("And young 

sg oarates him from his wife )>v,h»r hi- th«!r designed what looks from the providing an exhibition area in- Green Vaults, the paintings 'p-pisch r.humhcr nid rnn »#» Fnrth m \>l* v/f 


separates him from his wife by.but not always for their arebitee- 
feedinc his notion .of creating a. lure - an( j so when a great codec- 

si sniB( .-a nl ly .«■«.« 
character whose lofty extremes; *“ e accession of bricks and 
seem worthy only, of condescend-, mortar, we can only epplaud. 
ine pity. ;The new East Building of the 


jAldeburgh Festival 

Ahappymedium? 

by NICHOLAS-KENYON . 

As spring turns into summer, a brass ensemble, it provided 
a perfect Suffolk weekend; the some lively antiphony and lovely 

>ind violent aod invigorating, the freely' b^safd^M be 'In 

I sun brilliantly penetratms. { m pnrtant work. The rest of the 

j sea a ferment of constant renewal, programmes seemed to cultivate 

! Snape Maltinys retains its un- miniatures, as if the strain of 
eartihv. isolated beauty, with only great music would be too much: 

. a busy far-off tractor to disturb a fragment or Jan^cek. a Poulenc 
our cocnon-like world of artistic SwjmileH^ a Holst Lirrrc More- 
mdulgence There are John mem . . . The only exception was 
'Piper pictures in the barn. Beethoven's Fourth Piano Con- 
Suffolk Churches photographed certo. an odd irruption into the 
in the fover. and engravings by ECOs light programme which 
Reynolds Stone in the bar. misfired completely: Dunlin 

The hero of this year's event Alexeev pounded the keyboard 
is undoubtedly Mstislav Rostro- wildly, and distorted ail the 
povich. Aldeburab has given works meticulous balance and 
I him a home and taken him to its rhythmic precision. 

I heart—a capacity audience Sunday afternoon brought an 
! stamped with enthusiasm after interesting revival, however 
his recital on Saturday night— Handel's L'Allegro, il Penseroso, 
and he. for his part, responded ed il Moderate, given by the 
with playing overflowing with Festival Singers and the 
I generous emotion. His bulging Northern Sinfonia under Peter 
! Bach, in which huge waves of Aston in a discreetly cut version 
impetuous expresiveness quite including all three sections. II 
remove any feeling for the Moderazo was often dropped by 
I dance rhythms, is not to my Handel, for Charles Jennens' 
: taste. Hi's account of Britten’s feeble vision of a middle way 
Third Cello Suite was magis- between Milton’s two strongly- 
lenai. though: a perfect match- profiled characters makes a poor 
ing of technique with content, conclusion to the piece. But 
creating a fantastically varied Aston (who had a bad pre-concert 
texture of sounds, by turns fall, which may have accounted 
yearning, bold, flamboyant and for some sluggish tempi through- 
lyrical. ' out The afternoon) showed that 

Besides his playing, -what will this third pan is worth doing 
: Rostropovich have to offer tbe if only for its languorous duet 
iFestival now that he has become and solid final chorus. There 
[one of its Artistic Directors'.' Not is much more to revel in. how- 
much on the evidence of this ever, in the earlier sections; the 
year's programmes. Inevitable. I large choir characterised well 
!suppose, that Britten's works oolta the hurly-burly of the town 
i should siill provide the highlights <-■ Populous cities please me 
'of most concerts: his lovely. late. iben/And the busy hum of 
i atmospheric Suite on English men") and the jollity of the 
I Folk Tunes was the first' and best countryside ("And young and 


His ’*reat work' fs almost National Gallery of Art in hues. its sheer and unmistake- rentiy run. unu! September 4. sman groups oi mneieenm «„* X P - \« 

deSroverihv hi.mistress hur Washington il is true hassle stylishness, make it far of “The Splendor of Dresden.” twentieth century paintings and | But *h«e is 
saC'ed°" V bv his share of con- from daunting a cultural block- The Museum naturally Rosters for "«« «««.| 

loses her hands in execution of \troversy: modem architecture ^use. n . s ,. >5 SS!L*“S5J55 "WaJS. ”25 " 


JStf'Eri u n i fl* 1 Sept ember “d! and jo^Satu^™. B«rjw« ' 

fsi °u? e s ,e. nd - ° £ d «^:: =' of xK ir 1 tfr a££S 


eno ih. would Xh to brin- in their range too narrow in such Festival must find a new voice, has fallen min Jenneos trap. 
Sis new era in it* affaire as 3 grand company. Friedrich, for .and it surely could not be con- however: the festival would do 
might wishlo coitinue an “all example, interesting though be tent with this weekends new well to fo low Handel, and1 throw 
, ' u F.r. n . i, f.i«v and work, the Euronean premiere oF aside moderation fur a while — 


nvmph. it left me' feeling that public buildings, we can hardly 
while 1 was hanpy to have heeomtv blame the natives fur being at 
acquainted with-d’Annunzio as a times just a trifle nervous, as 


ii[. triangles, which between them ing the Dresden show, though it crue l Proximity to the exquisite , for u wind ins 
*. take care of the twin functions goes on io New York and San Durcrs and Cranachs Rubens ■ gritty, nu.ely-put-i 
. of the building, the smaller, Francisco, was a great coup; and and Rembrandts from the Prints; pitting a wood win 


intrinsic fascination. 


mean-spirited placed in sueh'Peter Racine Frickers Sin Jen m a little more passionate joy or 
t cruel proximity to the exquisite , for 17 wind instruments. A melancholy is what Aldeburgh 
I Durcrs and Cranachs. Rubens. gritty, ni«.eIy-pu(-together piece, needs, not the present uneasy 
l and Rembrandts from the Prints ^pitting a woodwind band against happy medium. 

. and Drawings Cabinet. ; 

j As for the old master paint-, — - - 

.. ings. there is little to do but list; Festival Hall 
t a few of the major treats, the j 


Don Carlos 

by ELIZABETH FORBES 


-^Previn’s Heeade 

Js^srm\sss. iTr *w sfsv; i revm s uetaae 

I >uld an ordmarj buildin„. b> visitor moves into a large, stunning in its splendid whole: museum that is new io us. and n f) \T A T D rDTPUTHM 

•n!m>rk>hi» cover,?d <-'O urt . ringed by wide which is not to complain, for all every exhibition passinglour wa>. bv RONALD CRICHTON 

Sr S 6 ' Deed 001 rankle balconies, that would seem to that one risks severe spraining m, 5 ht vol J ^ onl .^ n a u .^u 0ur |£ 

PJL Buildin- is indeed ffSSXSSl K Si in^Sl'JXA* K "o’ SftfJl'Jlt 

is ■aspics. on & ‘s ^ * h ssi,“c.wZ? s& ^ o .f ssffi.s s \ S " 1 r sir 

marks a ievei of private laaiiy over the central concourse: mueb. like trying to take in tbe realitv—fancy that being here , Orchestra, thus beating all his facE ® t(i bt . ar and c vj rl j.j ec f b ,. 
i generosity that, even on the a large Caro perches oddly on a V and A in one go: but not And so it is that from Dresden j predecessors, Hans Richter in- overture more often than 
[scale of American benefaction. h i 3h shelf, rather losing its quite. come a great Poussin. Thet cluded . 0 n Sunday a large °' erlure m0re ottenthan 

ct-^nrlc nvfpomolir Viiorh I net n c _i_ m * r\t Flora Sam^fin ! i- ^ _ ... M LIU»v. 


There are almost as many 
varieties of Verdi's Don Carlos 
as there are of a well-known 
brand of tinned soup. The Ham¬ 
burg Stale Opera's recent produc¬ 
tion uses the revised critical edi¬ 
tion prepared bjrUrsula'Gunther 
and Luciano Petazzoni. This Is 
a five-act version (sung in Italian 
at Hamburg), with . the first 
Fontainebleau, act in the form it 
had at the Paris premiere in 1867 
and the remaining four adhering 
basically to-the familiar version 
revised by the composer and first 
performed at La Scala in I8S4. 
but with one or two additions 
and variations deriving from tbe 
earlier texL There is no masquer¬ 
ade in Act 4 — and no ballet 
either—but part of the confronta¬ 
tion between Carlos and hisi 
father after the death of Posa 
has been reinstated, while the 
finale to the last scene of all- is 
expanded. 

All the extra material involves 
the title role, and Jean-Pierre 
Ponnelle places Don' Carlos 
firmly in the centre of his pro¬ 
duction. Almost equal import¬ 
ance is accorded to the-Emperor 
Charles V. whose tomb forms a 
constant feature of . Mr. Ppn- 
neite’s majestic sets. At currain- 
rise Oarlos is discovered praying 
before his grandfather's monu¬ 
ment; the forest of Fontaine¬ 
bleau seen through his imagina¬ 
tion with starving peasants and 
snow-covered trees glimpsed be¬ 
hind a. scrim, evokes his first 
meeting with Elisabeth, and the. 
second act, in the monastery oF 
St. Juste, follows without a pause. 
The stage is dominated by an 
Immense crucifix, v/hile equally 
• olossal figures, richly clothed 
skeletons with skulls instead of 
faces, line the wings. 

These figures occasionally 
comment, as it were, on the 
action by gyrating away from 
or towards the. characters: one 
such movement in the duet 
between Posa and Philip is quite 
breathtakingly effective. The 
auto-da-fe. with only two victims 
bul a multitudinous crowd filling 
the stage in Pet Halinen’s sombre' 
costumes, is impressively .man¬ 
aged. while the- final scene, as 
King and Inquisitor arc disclosed 
sitting in judgment high above 
the kneelitfR figures of Don Car¬ 
los and Elisabeth, causes a 
genuine stab of terror. No 
attempt is made to-identify the 
Monk with Charles V; Carlos 
hears a voice that seems to 
emanate from the Emperor's 
inmb, and falls, dead before it. 
His epileptic tendencies have 
been established from the open¬ 
ing scene. .- - 

Vasile Moldoveanu. who sings 
Carlos, brings a handsome, 
youthful appearance and a 
sturdy voice to tbe role. He 
can fulfill the considerable dra- 


Fioretfa Cossotto, subduing the spectacular site, pointing the And we come upon them once monetarv dalliance with other Poussin besides, 
flamboyance of her usual per- b|mt arrow made between we penetrate the towers, which things. But for nie just as for Tn the fac ^ 
fonpance of Eboii to a more Madison Drive and Pennsylvania each contain suites of galleries others it might be’the Meissen, competition the 
subtle conception of tbe charac- V \ seem a shade lig 

ter! makes heavy weather of'tbe'{_.L , ,, * a ii. ai< f„ a _, n aM _ a \ and admirably s 

Veil Song, but predictably raises EnZSbctfl Hfili L©Tl©F jTOITI faOlTlG •, we might call tl 

the roof in “0 don fatale." T \ hut not stretchin 

NicoJai Ghiaurov makes a i i n • tt r h -f • -4 r\ \ appointing in tb 

i Allegri Wedekind & Wagner S“£S 

ruler. His sincere and moving promotional ove 

SatfS Quartet by william weaver 

Vicente Cardinern presents an 

idealist of uncomplicated honesty .. Among the numerous pro- But it is wrong to talk nf tne P dris in ‘ il jjj 

and loyalty. He sings his.fare- The Allegn Quartet is a serial ij ui . ers of the Italian unde- bravura. Perlini's troupe — a 
well to Carlos with serenity, affair. As an institution it wl11 ground theatre. Merat Perlini is dozen perFormers in all — is 
happy to die for his friend, reach its 25th anniversary next; w jdeiv—and ri^htlv—considered very mnch a leam - The >' ai '' 

Harald Stamm's hiack-voiced - season , b ut the players come and . A in a fairlv a UDJt ' bravura is no! 

Grand Inquisitor is chilling O0 - t he senior member these davs IeaU . .L r l h *. il aun - They create a spell 

hut impersonal in absolute ? *. ... t R q,’hrepker l ine wor ^' li! Dota ^ le f° r It lasts for about two hours, and 

authority. Olive Fredricks makes ,s in ® ceiusi »ruuu ^ ■ ' imposing discipline on invention, rhey seem, at the end. too short. 

a sprightly Tehaidn. while Carl who joined the group in iab/. fof av . 0 j d j Dg t ^ e casy ego-trip in The world that Perlini conjures 

Schultz intones resonantly as the Since last year Peter Carter and :f aV Q Ur of dramatic commu'nica- up frani Wedekind's play is un- 

mysteridus Monk. The large Prunella Pacey have been respcc- | Ta ' 0U h “ " Lw S?in S, P leasa P*' a horror, but - finally 

chorus is well-drilled and pro- til , eW tbe i ea der and the violist, j Jf,® ® w V “ ’ " ° . — 11 15 « real and fascinating 

duces a mighty flood nf sound. 0n Sunday a f le rnoon the first ! hls Ronia ° base for wider ex- that you are reluctant to leave ^ 


netaniorphosed 


Ravel’s 


1 Allegri 
Quartet 


V_X Lldl LC/L - ” 1 L L 1 IVI W E A V L K t h e Curate's Egg. and in another;of the most elerirlfying playing singing of the chorus—attack, 

^V_ article 1 shall trv to distinguish! tin cpile of an untidy opening) incisivenes?. words, colour; every- 

. Among the numerous pro- But it is wrong to talk nf the parts that are excel lent'. !c*une in the Berlin ^Overture thins. _ 

The Allegri Quartet is a serial»dueors of the Italian unde- bravura. Perlini's troupe — a, 



Miguel Gomez Martinez con- . . c ma { nr ousrtet i'*'-*—-- **““*» »■•-»•»« >-u 

ducts, shaping the score in long ° a> . nhrases „ '; invited him ro rhe Montepulciano The other significant theatrical 
spans that weld The individual op. <6 i o. 1. r f 3 ! Festival (where he created a event at the moment in Rome is 

sections of the work into an tossed from ,nsUumcnt {°j brief scandal by paring a room Production of Wagner's 
absorbing drama. instrument, showed how closely) do7f!n , rif n i™i- ar n l' in ° Dutchman at the Teatro 

* matched the current team IS -Ip.il-ST«.-•«„ hi dcl1 '° pera ' U is ^erestinq. and 

« a- of The Haydn got a cheerful.i Fl0r n ^ e s Maegm rausitale he heartening, also because it offers 

A Family at - . articulated performance, presented a k,nd of °P era - Wllh a" »"dex of the house's conunu- 

tt t ' neatI> * L! the composer Marcello Panni. ing climb from the depths of 

the Havmarket strongest when most contra- But he - s M his hest when he dreariness into which it had 
^ Family, a new play bv P untal though Mr garters solely Dn fais hQme sr0UQd and he f -unk during the old rnanage- 
Ronald Harwood, opens at the burst in the tno of the Menuetto. hM recentlv been enjoying an ™ nl : ch * 5tr ?’. flrst of 

Haymarket Theatre on Thursday, was delightful like someone. irameQSe SUl . cess here witb a ^ dTiraSlUn^^wo 
witfa P re ' ltVkh y negotiating a higb-wire at _ com ‘ c j version of Wedekind’s Springs Yon Matacic. who is conducting 

The cast includes Paul Scofield, i peed ' Nex \ ,f ame .*T e . Awafeetiao, in the Teatro La these Wagner performances, is 
Harrv Andrews. Eleanor Bron, QuarteL not ideally suave, their [ pi r!tul ide. To understand the n . £l superetar, but a solid techni- 

Trevor Peacock and Irene Handl. refusal to languish over its! performance, you have first to f 66015 t0 b j v * ba ! 

^ lly bi ssrz&St « Sir-; a* 


Hans Werner Henze iu 



Williams. 


deserve an imToductotr nod or [of a huge block of flats in a risky ^«1 Passages of the 
__ thxir mna'Tiew. anonvmous Quarter nnt far SLI - re \ (“OOdwioa and bra&s. 


Mnre hlnnm on their tone;new. anonymous quarter not far . i»ooawana ana orass. 

Gainsborough painting wouJd have helped realise from the tomb of Caius Cestius ^’l^rijoras^is 

Lord Donaldson. Minister for Ravel’s more luscious effects, nbe Pyramid in question! and pr ux-ing, thn a2 h some Lteadv 
the Arts, has aC £ e PL®“ ,P' e His ingenious thematic connec- English Cemetery. The play sopranos would help 
recommendation of the Standing tions were made up usually clear ra „ges through this broad, deep The production is' essentially 



duty, should be aliocaiea io me |rs uarte V op. 59 No. 2. Here one .Antonello Agiioti (sets »nd #n 0 i d htnS th/ws* 

Iveagh Bequest. Kenwood Honse.'Q mlsse d a dominating costumes J use Wedekinds text laQd ^ bolds up 

London- _hand, though all the playing was to their own ends, but they weM . lee work noios up 

‘ intelligent; the scale of the. piece j understand and respect its spirit. t e ,r R naT . „ . w ^ 

seemed unwontedly domestic. Oppressive authority (Wendias . f . * s the Dutchman, 

conversational 0 and intricate mother, the: Schonlmastcrl is set Svcrpow?rto 0aS ,oic, H, hJ, S IV im 
rather than commanding. The against turbulent, yearning, con- p ° d h f 

Swdth of the opening Allegro fused youth. And tiie oppression auc !‘® nc ® ? a P ks - 


UEtlEZUEtn 


Continuing action in culture, 
independence and democracy 

VENEZUfcLAN CULTURAL EVENTS 3.IULY-29 JULY 1978 


dramatic ones that punctuate tne mg, menacing worm ww 1 ■ ■ . 

first subject. The Molto Adagio armoured car appears, and the 7*" *?***• SenLa - b ? ^f 0 , 3 . 1n £ 
conmoito di sentimento tormented boy Melchior help- •“*«;»«L?!? shr ! n ^ 

mildiv and -sweetly: one lessly throws stones at it. SD engaging that 

2,“5 SnTi.r u. Melchior is interpreted by •" tt™. Peter Moven 

Andantino. There was enough Vittorio Vitolo, who manages ?hp ro« hy 'r 1 v eab e D J a - , I n - d 
crisp energv io the Scherzo, and miraculously to be both chubby *"J J ® 1 ™5* J f ca J. dld ,ls 
the final Presto was full of bufo and intense. Tbe other bravura J0 _. n10r i tilan adequately, 
sparkle almost Havdnesque. It performance comes from Lidia wwdwnan was. on the 

ntade an effective performance. Montanari (Wendla). comical whole, a sound and enjoyable 
hut perceptibly underweight. I and charmingly silly at tbe start, production, the sort Of thing one 
think the specific gravity Of then gradually more and more goes to the opera bouse most of 
the music calls for a grander moving and disturbing until the the time to hear, and in Rome— 
manner ' harrowing finale of prolonged, until recently-very seldom 

DAVID MURRAY unbearable, meaningful screams, heard. 


Alteration to the Barclaycard interest rate. 

Last Novembei; Barclaycard passed on the benefit 
of low money costs to its cardholders by reducing its 
monthly interest charge to .£1.50%. 

We have maintained tills rate for7 months but 
money costs have now risen to such an extent that, 
regrettably, our terms must now be. revised as follows. 

The rate of interest charged by Bardaycard is to be 
increased to £1.75% per month. The new rate will be 
charged on amounts left outstanding on the due date for 
payment shown on cardholder statements dated 
20th June,1978 and thereafter until further notice. 
Clause 5 of the Bardaycard Conditions of Use is amended 
accordingly. 

The new 7- equivalent annual rates of interest are 
illustrated by the following examples which assume a 
free credit period of one month, but which can vary 
from 25 to 56 days. j 

If a purchase was made costing say, £200 and - 
repayment made by six equal monthly amounts, the first 
of which became due one month latei; the rate would 
be 15.9%. Similarly but with, repayment made by three 
equal monthly amounts, the rate would be 10.9%. 

If no allowance were made for the free credit 
period, the annual rate would be 23.1%. In practice, 
however as can be seen above, it is 
extremely unlikely that any cardholder 
would be charged interest at this rate. 


BARCIAYCARD * 



j generosity that, even on the ^ Caro P^chei oddiy on a V and A in one goT bu And it is that from Dresden | predecessor5i Hans Riwhter in . - l ^^e mo T e of en than 

matic demands made on him hy j scale of American benefaction. hi g h she if, rather losing its quite. come a great Poussin. The i clu ded. On Sunday a large °' erlure mc,re ouen than 

the producer, and is ;especially i stands extremely nigh. Just as true scale—and. apart from one • The Electors of Saxonv were at of ^ F1 *L ra '.. _ ‘ i audience came to the Festival TJ 1 cr, ri no c,. mn h M1 r -un¬ 

successful in conveying the j fats father, Andrew Mellon, built or two other commemorative various times, in the 'sixteenth R,d ijle and the Ganjmede Hall to greet him, and to hear ■ * - 
depths of Carlos's despair in the and gave the National Gallery commissions, a Miro tapestry, a and eighteenth centuries particu- b - v Rt'nibrandt. a most lovely and pondu^t the orchestra and nnt^w/th^mnet 
second of the three ducts with; itself to the nation, some 40 new Motherwell, a dominating larly, prodigious collectors- and P if l uaT,t Watteau picnic, an ex- the London Symphony Chorus in ^.*1.- h 1 ^J a flpi 

Elizabeth. Mara Zamoiliri. who years ago. and his collection to Mnnre outside the door, there is th tfoocn ror tfinitnli nrmr #lir auisite Vermeer. “The Girl at a ;RrittenV Snrinw Svmnhnov Thev cohesion, with- less feeling than 


but not stretching and rather dis- ^em eurmud°eonly 8ui!t and unease. Mr. Tear 
appointing in themselves. Alone, -J® 1 i*e Uendelsibn — excelled in “Wn will my May 

or in other circumstances, thev re ? ret . cfIe CO mc but not in tbe usually 

might have done better, each a • !?" e IL&J fir-t' time irresist,b)e "Waters above.” A 
sound museum exercise; but I e '® n Daphnts for th>e first time mM contingent of hoys from 
promotional overt if! suggested ; and they would not toiget this s t . Clement Danes tried valiantly 
thev were something more than! occasion. Actually b> far the tn he heard. What made the 
that But we must remember moSt startling music ana some n erformance memorable was the 


Bardaycard, Northampton NN11SG, 













1 




jSSfi 






18 


-Financial : Times :2ft 1^75 


FINANCIAL TIMES 


BKACKEN HOUSE, CANNON STREET, LONDON EU4P 4BY 
Telegrams: Fluantimo, London PS4. Tel**- M6341/2, 883897 
Telephone: 01-248 800fl 


Tuesday June 20 1978 




THE 'LATEST earnings survey The Bulletin, however, 
shows tliat in the economy as appears to turn this proposition 


a whole earnings are now 12J on its head. It argues that 
per cent higher than a year because financial confidence is 
ago. while in the production weak, funding is a problem, 
industries which used to be the Wage restraint thus becomes 
basis of the survey the increase important to underpin mone- 
is 15 per cent. This diver- tary control, rather than the 
gence is a sharp reminder of other way round, 
what almost invariably happens The Bank would naturally 
during a period of relatively no-t wish to defend a system of 
rapid growth. monetary control which will 

This is a slightly disappoint- function only when other cir- 
ing.. result, nf. a 10 per cent cuinstances are favourable, but 
norm, but hardly an unexpected the passive tone of the Bulle- 
one: the outcome for earnings tin’s remarks on monetary deve¬ 
in the whole economy could iopnients comes dangerously 
still be in line with forecast at near to arguing that this is in 
14 per cent ur 15 per ceirt for fact how our own system works, 
tiie whole year, with pro due- There is also a strange lack of 
tion earnings perhaps a point conviction about the relation 
higher. Ii is clear, though, between domestic monetary 
that only a very sharp slow- developments and the exchange 
down in earnings will keep rate, when the Bank remarks 
costs on I-ine with current infla- that the excessive credit crea¬ 
tion rates, let alone a further lion in the first quarter of the 
reduction in inflation: but it year can hardly have had any- 
cannot be taken for granted. thing to do with the weakness 

nf sterling, since nobody knew 
Lnnfiaence about it until seasonal 

This conjuncture, which has adjustments were revised, so 
been seen during the prepara- that confidence cannot have 
tory talking about the next been affected. The Bank 
wage round in each of the last appears obsessed with the 
two summers, is naturally bad effect which expectation and 
for'financial confidence: tnves- confidence have on monetary 
tors understandably want to flows, but reluctant to admit 
wait and sec. The point is made that monetary flows affect 
with some force in the latest markets and expectations. This 
quarterly bulletin from the snunds more like the analysis 
Bank of England: and when the of bond saIesnian ^ &f a 
Bank armies that prospects for monetary aulh ority. 
growth and real incomes as well 
as for inflation will be greatly Independent 

improved if there is a moderate f 

outcome, few will be inclined Unfortunately this strange 
to grgue. analysis does reflect two 

However, there is one point realities. British monetary con- 
inii-sing from the Bank's trnl, which rests so heavily on 
analysis. It might be expected sales of Government bonds, is 
that the national monetary excessively vulnerable to uncer- 
aulhnrity, responsible Tor see- tainty: and any system of mone- 
ing that monetarv growth is Tary control can be undermined 
kept within the official S-12 per *>y politicians who think that 
cent range, would offer a further they can proclaim a monetary 
and powerful warning: a sharp target, and a target for domes- 
rise in costs would immediately tic credit expansion, and then 
put a strain on the available withhold stock for fear of a 
sources of credit, with a sharp rise in interest rates and spend 
rise in interest rates and an the reserves to resist a fail in 
equallv sharp fall in investment, the exchange rate. A more 

This admittedly harsh and forcefully independent mnne- 
destrucllve mechanism is the tary authority, with more 
means by which monetary re- flexible means at its command, 
strain! ensures that inflationary would be less vulnerable to 
demands in the economy are speculation and interference, 
ranidly self-defeating: and it is The outcome the Bank so wishes 
the general understanding of to see—wage moderation and 
these consequences which -jives continued real- growth—would 
trade union leaders a strong he much more likely if its own 
and positive inlesv>t in a operations were not so depen- 
rationai level of settlements. dent on it. 


New York 



London 




.£$m.Gea» 

XT EWY0RKhafi just sent { t ? r c ° mpani ®f tD . handle any- ance Jj[£ insurancea’^JoS?* Floyds going 

l\ "PPles through the thing but routine insurance, and ’ “itai would Schange is best summed up by chancesof success may be, it a possible’daye^on h£-business 

announcement of a move to set = «Jj« S?, 


McLennan, one of the that-Jare afoot. Along with the It is ‘ a coin^en<sT' that : the 
country’s principal broking Lloyds Bill in the State Lioyda. and_ %ade Zone 


. „ , , Althoueh initial business for reinsurance and for idea -is to find some way out their, origins are . 

it with the threat of competition. n « s » n . surplus, line ’ market. “ on w h at exceptional and difficult-to-place of the choking tangle of legula- But ..their simultariepus.ai^Baj.;- 

A Bill backed by Governor which is unregulated, but also -__ ilable ln ^ -surulus line” risks. No comparable market tionS, particularly for Insurance aace has given « bp^ ^d- tbe: 

Hugh Carey proposing amend- unprotected by state guarantees. * current]* w0 j!th ^ out ln fljj country even not‘directly affecting the con- momentum for refotm^guite^ 

ments to New York insurance The rules in New York are g2bn ^ year< ^ longer-term though more than 50 per cent of sumer. ‘ ' - apart from fanning heated-OTgu- - 


law is currently before the State particularly severe, which has “ would depend on the worldwide insurance premiums - created-rand raents ^ insurance- 

Assembly, and all the signs are *■«£ iMtfm com- ^mouTreLurance market are produced in the U.S. com-^“ Si 

that it will be passed before the paru 5 s '. inc,u<Mn S reinsuranLe e TK;c . nolfmt i a ii v the nared vWth less than 5 per cent T???. „♦-to .proceed. ..' ffr 

summer is out. enahlins 


, comptnie*. out into neighbour- * '■jrtSL* ”uoyte t *S^*' , E2L5 ,ei» ; Jr*,; 

Lluyds of New York to open in states, creating’ fears that ® d w hicti relies on US. re- »reatest growth and over half of JSSSf? 1 fSlOOOOO The -®^i^^AnoU.a 

the industry in New York could h 0 ".™-’.™fill ™ income emanates regulate large ™ <V™S .direrf reaction to .Lloy^of . 

premium and London’s. .refuel io-.Miy. to- . 

specialised or hard-to-place af wrw h and- ‘Mclennan ' 

The New York reinsurance Eislc ®. in New Yoric - : insur ’ aiid another large brpkef, Prank . 

an auce market. . 3 HaU, to buy^ majority 

writing the Department got together with “ndustry analystsTn New” York alternative to Lloyds that would Mr. Hank GreCnberg, long a interests In two Uoyds brrtcers. 

ety, Lloyds 3 New York insurance consult- __ n a situation where Lloyds help satisfy the need for addi- 


about a year From now. IT rorK C T° insurance for a large part of its Tts premium income emanates 

The real Lloyds has reacted ln run becora e under- business The New York from this country, 

cautiously, preferring to with- cap)ranseo. exchange would have none of 

hold any assessment of what it Towards the end of last year. L i oy d S deeply rooted expertise 

ail means until the Bill emerges the New York State Commerce or reputation, but insurance exchange would provide 

from the committees writing the Department got together with industry analysts in New York alternate ...__ _. .... .. 

fine print. Privately, Lloyds 3 New York insurance consult- can ,T ee a situation where Lloyds help satisfy the need for addi- supporter of this scheme, argues Although developments, here 

underwriters have pooh-poohed 3nt - Mr. Donald Kramer, to see m i E ht be forced to undercut the tional capacity for reinsurance that it would bring benefits look suspiciously Iflce Tetalift- 

any suggestion of a threat to what could be done. Mr. ^ g market in order to make it and special risks. It would also similar to those for which the tion, they hath. back t»;earlfer ; 

their unquestioned dominance of Kramer, himself a name at roo re attractive to U.S. insurers contribute to the repatriation of Lloyds idea is being promoted: times,, and are nurtiired-.rby 

the world insurance field. Their Lloyds, came up with a proposal t0 do bus j n ess on the other side insurance business that is cur- it would give a much needed general feelings ..about ’ the 
view is to some extent shared to create a New York insurance of the Atlantic instead of doing rentiy leaving New York and the spur to the insurance industry, world insurance market; rafbeT 

by New York insurance people exchange closely modelted on j t on their own doorsteps. U.S.” and therefore to the city too, than specific grievances.! ; v 

who have calculated that the Lloyds with the express idea 

volume of business handled by attracting more capital into the, ^ A TIME when the Reserve Board in Washington should be of major concern to can be deployied^^ih cpmpeti^ttt 


a Lloyds of New York would be business and restraining the 


A 


U.S." regulatory authorl- whose towering responsi bill ties.the Fed. All that the proposal wtfh. -the many :foreigi^ : banks.. 


**",*« *..*?* 


•Political backing because its Bill and introduced inte the|up the reg.,laUons of U.S. restoring . City's »^ea.. % t he rep.tri.tlm, .t 
sponsors claim it will bring State Assembly last spring. j banks’ overseas operations, a fortunes. ^ 

mnre husinev. and therefore Mr Kramer's bluenrint draws (proposal for bringing a major indications are that Uie Fed fn^S y h v>£ t^ 11 i? F ^^J&^J**^** 

jobs and capital, to New York, on all the main features of|slice of their business back to behevM it wUi have wme bprt, aw .b Mateg* *0“ 1 4o^,^ ; fot;^ee™ : 

Moreover, 
comes up 
autumn, 
helps. However. 

one part of a broaa move nere uie exenange s own ciidsuiuliuii. i ions wn« u«»a vonuuaiy uwu -- —-— : tbp o t ^ n . \ 

to reform American insurance It differs in only two respects: described as a “banking free York. , - iiiey a /^ ue c inai _ . • J*.".interest’- wflifidi reserve system 

isltrade zone” a “foreign banking It has not yet received a. & n *?“SL banks'w-P«y on deposits *t 


law, which 



considered un- whereas Lloyds insurance 


INSURANCE 

BY DAVID LASCELLES 



ovement on 
est Bank 


THE ISRAELI response to recent opinion polls indicate 
American questions about the tha l on, y *2 per cent of the 


future in five years time nf the CDl ' ntI >- is "« ? he 

_ . government s handling of affairs. 

L est Bank and Lara Strip has ;. ompared with ^ , hal per . 


compared with twice that per 
n-r been as forthcoininu and ( - e ntage back in November when 
precise as it might have been. President Sadat oE Egypt 
to »ne imfnruinate sense this visited Jerusalem, 
i.- on surprise because Mr. The Americans, the second 
Mena item Begin. Israel's Prime group which needs to be satis- 
Mimstcr. is known to have fled, can hardly he content with 
lining view.- i-n these occupied a sialement which admittedly 
area* and their Palestinian in- emphasises that Israel is 
hahirams. At the same time, anxious to continue the peace- 
tiw statement was bound to be making processes, but talks only 
vague because nr divisions in vaguely of consultations, nego- 
tho cabinet. fiations and “the parties" in 

. , . response to two questions. The 

It was not unexpected thai the first was l0 find llllt w hat Israel 
r-iiir nt>?inb«?rs nf the Demo- bought would happen after the 
.■rail.' Movement for Change, alYip o S ed five years of admini- 
"l , i‘-h ^ ias ., ' n general been ^traiive self-autonomy: the 
opouhcd t-i Mr. Besin s policy on second was to establish how the 
soiil.'inenis in the occupied Palestinians themselves would 
Arab icrriiurics. would not vote participate in settling their 
m favour of :hc statement. It f uturc thereafter. 
v.; !s Far more venous, however. The American reaction is 
turn Mr. E/«?r Wei/man. the c j ose j y finked to that of the 
Defence Minister. a key man in th ; rd gr0 up—the Arabs. Egypt’s 
preserving sump semblance of a r p ac iinn has been low-key. 
dialogue with Egypt, and nne expressing regret that Israel 
tipped as a possible successor was not more forthcoming and 
in Mr. Benin, should not be deiermined' to carry on 
aiilc to support the announce- W |» b ( b e search for peace. Presi- 
ment Thus Mr. Begin got his denT gadat calculates that public 
majority—but nnly 14 out of opinion both in Israel and the 
19 ministers—-and avoided The y w iH eventually bring pres- 
inrficnity »»f defeat on a key Slire t0 beaT 0 n Mr. Begin to 
i»uo. change his policies. But such 

n /. , are Mr. Sadat's dnmestie prob- 

\Jilt OJ WllCn■ lems that he might well nnt 

.Mr. Begin comes across at; have sufficient time for this 
being out of touch with three long-haul approach to succeed, 
groups of people in particular No mention is made of King 
with a deep interest in peace in Hussein of Jordan, and this 
the Middle East. This stems in opportunity to tempt him 
part from the historical pecul- into joining Mr. Sadat in oego- 
iarity of Mr. Begins position, tiatiuns has slipped by. This 
After nearly three decades in will strengthen the hands of 
opposition, and a troubled and those Arab states which have 
painful past first in Europe and been arguing that the whole 
then in Palestine. Mr. Begin process of negotiations started 
is acutely aware of the oppor- by -the Sadat visit has been a 
I'.mity thrust on him of being misadventure. Lastly, by offer- 
the leader who could bring final ing to negotiate only with resi- 
pcaee to Israel. But as strong is dents of the West Bank and the 
h:s immersion in Jewish history £aza strip the Israeli statement 
\\hich makes him reluctant to takes no account of the many 
be the noiltieian who signs away Palestinians who live outside 
tiK- historical homeland* of wba t was once mandated Pales- 
.bidea and .amaria i ihe West tine and have a deep interest in 
UI,nK ' what happens eventually to 

Apart from members nf his those areas. It can only be 
mvn cabinet, the first group Mr. hoped that the Israeli position 
ftogin see nr* nm nf touch virh as outlined by the cabinet on 
the Israeli public. The most Sunday is not its final word. 


banking free York. 

window” or “domestic Inter- formal pro p 0 sal (this will be^".jj* ^ J*"} ftelrcddbade branches. In .v 

national banking facilities, delivered after Governor Carey QinSaSnre ■ the New York banks' •• 

signs the New York BUI in the >«uW r W-‘ the: prohibition 


- * --— — Olgun Ulb ilWIT J. U1 A mm LUO „ . q m I - 

would be a New York branch next few weeks) and will admit payineot of interest oii, 


necessarily restrictive. One nf conducted by Individuals with 
the big arguments marshalled unlimited liability, the proposed 
by the reformers is that Lloyds New York exchange admits the 

enjoys a share of the world possibility of corporate member-, „ 

insurance market out of all pro- ship, with members having [Siderable ^enthiwias^ Jor the 
portion to Britain's own role limited liability but backed by 
m in They also say that the way a guarantee fund financed from 
things work at the moment, in- a percentage of premiums 
surance is a drain on the U.S. earned. This was a sop to the 
balance of payments because so regulatory authorities, 
much business goes to Lloyds. The Bill mentions - three 


of a U.S. bank which could bor- on , y ^ is m«Mag i , P™~ : deposits with- maturities 

row or accept deposits only preliminary investigation. But ipg $l05.9bn m dollar asi^athan 30 days.. - 

from non-U.S. residents and tbe few public comments made foreign brandies more / ‘ The-N pw Yoet Stato leeisla 

which could make loans only bv individual governors of the than f3 per cent of this, moneyvv "J Netv/iotk State IegKla- 

to non-residents for use out- federal reserve system, notably being in London, the Baharaa .tp^ StogliSa"' 

side the U-S. Mr . Henry WaUich and Mr. And the Cayman Islands. By Store 

Not surprisingly there is con- Paul Cold weU, have laid heavy, the end of last year total ysets SffiF op^S^^ate an^ 

« : city taxes. Implementation of 

plan among New York banks BANKING h the legislation Is..conditional.dn 

which would be able to reduce BY 1^ ^^ the Fed paving thfr way for set? 

the operating costs of their _ • •. ting up the banking-free trade 

foreign branches and control ^zohe in New Yorie^ lhe result, 

on the problems which *;i loreigb- Ursnchc. wars jrauM h. iM rlbwctfcws 
!£S!!5 1; !!is.?iL DIBF could create. Most ?Ifl3.2bru ' ' den on Nevf York banks from 


UUIJ uuaureaa sues lu xjiu.>us. * nr djii ujriniviis mice _ ’ L/iav CUUIU wcaic. «uai ... th n n „ r , n „, t a r,n„ Vnn« 

The clinching argument is specific areas of business for ^ vLi? «Ih! particularly they are worried' Two other constraints 

that Lloyds operates a restric- the exchange: reinsurance of all New Yorks former glory as the about be j ng ab i e t0 prevent pushed UB. banking business 

tive membership policy that kinds, direct insurance of all * or *f s . p n r 1 , “ a ^ r „ c ,abuses which might complicate Abroad and which wiH strongly . ' 

makes it difficult for outside foreign risks, and surplus Line “"7®’!'* P Jh2- UnJi £ l!n control and management of the influence the future for DIBF -ijjj ^prS? 

brokers to get a fair share of or hard-to-place risks. 1 money supply. They appear 4re federal reserve regulations Island, and 20,per cent. . 

the business. The Fact that two Were the exchange to get the fjl* ? 1 unconvinced that dollars which •*!)'• and “Q”. Regulation “D"- A 

major U.S. brokers were re- go-ahead for next year, Mr.! 10 supposedly are circulating out- requires U.S. banks to maintain t No one caa say erith-certainty - 

cently harred from acquiring a Kramer has proposed a mini- 7'”““ ! h *?!SJJ side the U.S. would not “leak” spec ifi c levels of reserves lon S it- i*iir be-before the. - - 

inaior interest in Lloyds mum initial capitalisation of 1®.* K back into the domestic economy against all domestic deposits. Fed pronounces on the issue, but-^ 

brokerage has demonstrated S60m, made up of 20 syndicates!° .f; Ip u through the New York banking ^ ese rese rves must be lodged notluag **£’2* expected /-” - 

... worth 33m each, or some such window. Bankers generally S" Federa! Reserve District a^-not leas^^ 


Inside 
because the v - L 


The U.S. property-casualty permutation. On an average agree that there is some is at preseht grapplbag with 


insurance industry has historic- underwriting to capital ratio of 
ally been tightly controlled at three to one, that would enable 
state level. Only licensed or the exchange to underwrite 
“ admitted ” insurers may con- some 3180m. worth of insurance 
duct business, and the State straight away, 
insurance superintendent must Critics of the scheme point out 
approve all their premiums and that this is a mere drop in the 
policies. That makes it difficult bucket of the 860bn a year insur- 


with a Federal Reserve District 

Mon"h« i,e'en recenii/p^eTd ufJ'Sroulh «£ 

Tf^the Governor. 18 S 4S5 

But support of local politi- fea^ tbat this might happen / nd , on K , shou - ld b % 

ians and bank regulators has „ n a much larger scale. ^ “SSS2'' - 


cians ww .wui i«au»Luij »iu on a uiutu lugsa ««»“■ __ : ■■ - , w • 

never really been in doubL requir^ient . or J eppslt ^ sleep about a possible- rtoiift.-. 

Real concern, however, focuses Supporters of DIBF say they international banktag-’.,’ 

on the attitude of the Federal do not understand why c * T 


this foreign branches. These funds in New York. 



AND MAHERS 


Robins over 
the water 


tances, 1 was told, and are rare rhododendrons and dinner. The bureaucrats said 
liable to roast rather than roost azaleas. nothing. When I spoke to 

because of the 50-foot gas Passengers arriving at Dieppe Quinn yesterday he was still 

flares — “particularly when by ferry 1 from England can see fuming. “ When you are talking 

With not a leaf or twig to boast *-’Un , ds cover the stars and the the rhododendrons, making a about horses, you should at least 

about, the oil platforms far out birds celestial navigation is out vast colourful sweep down to look at the stables occasionally, 

in the North Sea hardly appear of synchronisation. the sea just south of the town, he remarked. 

a bird's natural haven. Yet The- R5PB says 2m seabird6 In the gardens is a house - 

over 60 separate species, rang- breed around the North Sea and designed by Lutyens, and the 

ing from the Barred Tailed disperse to as far away as South French Government has classi- Talkiflfi blS 

Godwit to the Short Eared Owl. America. “ It would have been fied the place as an historic 


have been spotted from the four 3 wildlife disaster if the Ekoflsk monument. Mallet inherited the As Yugoslavia awaits a valedic- 

platforms in BP’s Forties Field, blowout in April 1977 had gardens from his grandfather, tory speech from S6-year-old 

Amateur bird watchers work- occured in late summer, when who founded the merchant President Tito at the 11th Con¬ 
ing on them for BP had been all the birds were about.*’ banking firm of Neuflitz, gress of the ruling League of 

expecting to see a wide range . Schtumberger, Mallet The ex- Communists opening today in 

of seabirds such as gulls and _ director hopes to open his new- Belgrade, the cafes are alive 

auks, petrels and ducks. But Earthy life venture in a few weeks, with with political jokes. Perhaps 

they have also been sTartled To a garden centre and craft shop, the best concerns Mirko. an 

spot ten types of waders, includ- r; ast wcek *■ reported how the -• i can *t S3y that I ever liked old-line Stalinist, who decides 

ing golden plovers, snipe and Fren ch are becoming a nation banking,” he says. “ But I hope that instead of going west, he 

woodcock. Five separate birds l 2j S^tdeners and avidly buying j shall sell enough plants to will go fo the Soviet Union in 

of prey have also hovered B r Ulsh lawn-mowers and hedge- show I still have some of the search of work. The first letter 

around the helicopter pads. But clippers. (The news is. inci- family financial acumen.” comes back to his friends. “This 

the most surprising cuests have den,a H- T - that 10 order-book _ pi are awful.'* he writes. “ I 

been 28 different species more Terms the gardening exhibition ——— eani jqq roub ] es a W eek. but a 
usually associated with hedge- ,n °. ur Paris, embassy was “a PJIm fane fried chicken alone costs eight 

rows and woodlands. These ® rea * success. ) As if to under- roubles.*' 

Include that rarity of rarities. ” ne th e trend, a well-known Bureaucrats and partiamenta- Mirko is soon afterwards 

the Richards Pipit, and Britain's __ an __ I j nans from all over Europe visited by the KGB, which 


smallest bird, the Goldcrest— Ma,,et - j\ as announced gathered in Lisbon last week warns him of the possible con- 

as well as the more common That he is quitting his office for a symposium on the relation- sequences of slandering the 
robins and blackbirds. des . 10 become a commercial s hj ps between film industries Socialist motherland. So in his 


The Royal Society for the f, ar ,‘J cner - t hc a ae of 34, 
Protection of Birds tells me that Mallet is leaving Paris for 
the platforms; 110 miles east- . iepp ?. tn .. n,n „ Le pan - fl° ra l 


north-east of Aberdeen, are on 
the “Byways” of the waders as 
they migrate hetweeii Arctic 
Russia and Scandinavia and 
Britain’s East Coast. As for thc 
birds of prey, such as owls and 
sparrow-hawks, these. I learn, 
have periodic “ eruptions ’’— 
that is when “ good lemming 
years” or good breeding sea¬ 
sons are followed by shortages 
of food which drive them to 
hunt elsewhere. 

When I asked what birds we 
regard as essentially stay-at- 
homes were doing around (he 
platforms, the RSPB said: “More 
migrate than you think.” BP’s 
tales of weary earner pigeons 
landing for rest on thc plat¬ 
forms led me to ask whether 
the birds benefited from such 
man-made islands but its answer 
was a rather curt negative. Birds 
know how to handle long dis- 


dcs Mnulins "—stocked with 



and governments. Taxpayers next letter Mirko • writes: 
will be glad to know that the “ Everything is wonderFul here, 
talking was of a suitably earnest 1 earn 100 roubles a week and 
and high-minded nature. The I can buy a whole fried elephant 
one - element that seemed to be ^°r a mere six roubles. If you 
missing was an actual film, so don ' r happen to like fried ele- 
the Portuguese hosts provided pha " te L 
that, by inviting the 150 dele- S g 

gates to see a new prize-winning mea cniCKeD - 
work about their country called 


zmif.m 


*' Tras-os-Montes Three dele- Get plugged in 
gates turned up — two British 
and one Turk — plus the film’s Readers may care to keep 
director, who stared at the vast abreast of rive new terminology 
emptiness of the cinema in of work. Yesterday I telephoned 
Lisbon's national library in deep a Southern Electricity Board 
dismay. office to ask why a mail had 

One of the two British dele- f«led to appear to jom up some 
gates who did sec The film was ^ res ,ast Fnda y- m “St 

James Quinn, chairman of the have bee ?, over-programmed for 
National Panel for Film Festi- That day.’’ said a female voice, 
vals. Ai ihe next morning's ” You mean he was T<» ^y?” 
assembly Quinn stood up and 1 asked. “Yes. We shall re¬ 
blasted the delegates for dis- pr °§ ram ™e the work for 
courtesy. The parliamentarians Tuesday.” 
excused themselves by saying 
they had been invited to a 


Observer 



if you're looking for a 
place to re-locate or 
expand your business, 
the New Town of Corby 
has got so much going 
foryou. 

It's ideally placed in 
the industrial centre o.f 



Britain. Within easy reach of the East Coast ports*: - > IV. . 
London and Birmingbam. And neady sltuated on the 
major road and rail networks/ , j- : ' - . / 

What’s more;Corbyris'ybuhgenougtrto-be ;-^^ 
vigorous and exciting-with modem facto lies readyTor/V/ 




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well-established housing,schools,shop&.ptiblic :■■£^ a ... 

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I 


POKECASTING COLOURS for 
the fashion- indnstzy'.la * high 
risk multi-million-pound busi¬ 
ness—'ther only certainly i S that 
the Norwegians . and the 
Japanese never wear pijrple- 

The';. Japanese eschew the 
shade.because it is an imperial 
colour: .the hard line attitude of 
the Norwegians is more difficult 
to explain hut presumably, they 
find that purple does not suit 
them. 

Such ■ well documented 
national _ idiosyncrasies provide 
cold comfort for the UK textile 
and fashion industries;. The 
chief danger to their profits lies 
not in producing, too much fab: 
ric of the wrong-colour—though 
that is a risk—but in failing-to- 
stockpile enough material of the 
right colour.'.. .. 

Marks -and Spencer, for 
example, does not have racks of 
unsold dresses, skirts'and shirts 
in its stores.- Yet the company 
says that if it can meet demand 
for a newly fashionable colour 
it can increase turnover by as 
much as 15 per cent. That could 
mean an extra £3m worth of 
sales in a single section of the 
company. By the same token, 
a mistake in colour forecasting 
can lead to a huge loss of 
potential sales. 

It is estimated that about 60 
per cent of aE textiles manu¬ 
factured in the UK are made up 
into clothes with roughly 15 per 
cent of the clothing industry's 
total output alined at the. high 
fashion end of the market 
where ~ sales are heavily 
influenced- by colour. This 
means that In any given year 
sales of approximately 200m 
square metres of fabric—worth 
in excess 'of £300m—would be 
at risk if the forecasts of colour 
experts proved to be wildly out 

In practice .colour forecasts 
for women’s' clothes are largely 
based on - the shades that sold 
well in the preceding year and 


this introduces.some measure of 
certainty into the colour busi¬ 
ness. Ihe entire industry, from 
yarn spinners, to retailers, also 
does its best to achieve a broad 
consensus an fashion colours for 
the corns ag'seasons and this is 
done on an international as well 
as a national, basis.. In some 
ways colour.. forecasting is a 
decidedlycautious i and evolu¬ 
tionary process. 

Today the public, expects to 
be able to choose from a wide 
variety of shades/and designs. 
On the other band, people can- 
"not. afford tp bay" themselves 
completely new Wardrobes every 
year .so they also-/demand a 
degree of continuity. The fore¬ 
casters therefore have to come 
up with colours that will com¬ 
plement those worn. 12 months 
previously . while still being 
different enough, ftrtempt cus¬ 
tomers into buying. And colour 
can tempt them .— Marks and 
Spencer says.-:it'is the single 
most important selling point for 
clothes. 

Initial cards 

Work on colours and . fabrics 
for a spring-summer, or autumn- 
winter season of womens wear 
begins two years beforehand. 
Colour consultants,. -whether 
■they work for big textile manu¬ 
facturing concerns; or. for free¬ 
lance organisations, have to take 
into account a wide range of 
factors when designing their 
initial colour cards. '••• 

Their first task is to look back 
over the two preceding seasons 
to see which colpure sold well 
and to try -to identify coming 
trends. It is thought most high 
fashion colours have a,sales life 
of about three years, beginning 
often in a small wajj-reaching 
a peak in year two and then 
tailing off. The job of-the fore¬ 
casters is to assess-bow much 
vitality is left in the shades that 


are already popular and to de¬ 
cide which of the new, up and 

coming colours is ripe for 
Further exploitation. 

Two important factors they 
have to consider are fabric 
trends and the shape of clothes 
to come. Softer outlines may 
call for light, delicate materials 
and pastel colours while a more 
tailored look is likely to require 
heavier fabrics and deeper 
shades. Judgments in this area 
are considerably complicated by 
the fact that textiles are con¬ 
stantly changing in response to 
the whim of fashion and the 
advance of technology. 

For example. A. H. Beckman, 
a highly successful converter 
company—converters are the 
middle men who buy in grey 
cloth, have it dyed and printed 
and then sell it to the garment 
makers—reckons that about one- 
third of the fabrics in its range 
change completely every two 
years as some materials are 
phased out and others replace 
them. Beckman normally has 
a range of 30 to 35 cloths: so 
between ten and a dozen of 
them are involved in the bien¬ 
nial cycle at any one time. 

This year the company's 
range Includes TOO per cent 
cotton muslin which has sold 
well although from Beckman's 
viewpoint this particular 
material “ didn't exist a year 
ago.” At the same time the 
organisation reports that 100 
per cent, viscose moss crepe, 
once extremely popular, has 
now “fallen by the wayside.” 

The reason changing textile 
trends are so important for 
forecasters is that they have a 
strong influence on clothes 
design and therefore on colour. 
Some materials also look much 
better in certain coIouts than in 
others. For example, velvet has 
far more appeal when it comes 
in rich, dark colours than when 


it has been dyed mauve or 
yellow. 

Tn addition to fabric trends 
and overall dress design there 
are often a number of maverick 
influences which can have a 
considerable impact on final 
sales figures and which colour 
forecasters have to take Into 
account. For example, punk 
rock, with its vivid kitsch 
colours is now filtering through 
to the general public in a modi¬ 
fied form—last month the 
National Association of Scottish 
Woollen Manufacturers said its 
fabric collection for next year's 
spring-summer season would 
include "flashes of neon colour 
such as fuchsia pink and elec¬ 
tric blue." 


Experts 


Once individual colour 
experts have completed work 
on their initial shade ranges, 
those working for the larger 
manufacturers and for the 
better established consultancies 
lake their ideas to the British 
Textile Colour Group. This is 
where suggestions are discussed 
and hardened up or rejected. 
It is also where a British 
colour card, showing agreed 
shades for the coming season, 
is produced. 

The British Textile Colour 
Group was formed in 1976 at 
the instigation of Deryck 
Healey International, a colour 
consultancy. It is the successor 
of the British Colour Council 
which lasted from 1931 to 1974 
when it proved too unwieldy a 
body to be any longer viable. 

Among the organisations that 
send representatives to the 
British Textile Colour Group are 
ICL Monsanto. Courtaulds. the 
International Wool Secretariat, 
the International Institute for 
Cotton, Tootal, Klopman and the 
Clothing Export Council. Many 
other countries have similar 
national groups that produce 


npfirtino Qiirllf done carefully over 5-7 years it illustrate this contention. As 
A-'C'UUIllg fillUIL should be possible to do it with- early as 1963. when public spend- 
/Viinlifi/Vnfi/VYV out causin S undue increase in ins in real terms was little more 

uUdUiilallUU - unemployment. than half its current level, these 

Vmm Mr 71 ft r#ri_c But do we live In the best of surveys were suggesting that the 

Sir—It would appear from a11 Political worlds? Despite public would prefer a much 

■ Michael Firth's article lJune 15) ritual P rotests * oni y a minority of lower State element and a much 
that the stock market under- P ubiic officials and few-politicians higher private element in educa- 
stands better than he what is (of an 7 P art >) are interested in tion. health, and welfare. But 

' and what is not an audit qualifi- doin S anything to gain value for what has happened? 

cation .. money (indeed many do. not So much for representatives. 

The two types of “quallfica- understand the concept, add some Mr. Riddell would next have us 

• tion" ("subsidiary audit” and abhor it). This is not surprising believe that voters don't know 

“SSAP concurs”) which eave because they are neither re- what they're about; they only 

’ rise to the smallest movement in warded nor constrained ■ by consider half the question. Yet 

PbZeVriL^e meS°/SSf^f- efficiency, nor do they: get surely Mr. Riddell is guilty of 
. snare price are merely expiana pieasure oui of ^ conftict this very error in teiUll g U5 ^ 

The departure bv a company involved. Most politicians^seek public spending cuts will lead, 
wi thitsAuditors’ concurrence election “to do things ". -and in the long term, to inadequate 
■ from an account^ standard is doing things costs money, tore services. The other half of this 
r n Sdi?ationTa?te^p1^ elected they find, that public question is that public sector 
thp Sanfiarrt wmrid have been expenditure provides power, losses are private sector gains. 
' SfsleSf Consequently” toe patronage, and publicity, gifts Individuals are quite capable of 
accounts stili sho^ without which few relinquish voluntarily. :mo.(indeed they do) 

‘ qualification a true and fair- Much of the political calculus is on private education, pm ate 
“ - the balance >’between buying charities, and even private pro- 

The reference to subsidiaries critical floating votes at the ? n l2St jn ( Si' JE 

. - being audited bv other firms margin at the expense of cither to protection than driving about 
7 doS ff nothing to 7 - absolve the a large levy on the majority, ookmi for criminals.) Private 
holding company’s auditors from while avoiding directly confront- mstituitims in these areas are 
the dutv to report oi lgroup' 5n S raa i^ vested interests. Con- Quite Japable of expanding to 

- accounts, nor does it imply any sideralioii of efficiency and equity match and will not take long to 
nart of the accounts are in anv is almost accidental. Over time <f<> s °* And what on earth makes 

; sense unsatisfactory. The state'- the little levys mount and major bfrepraemi 

■ ment is therefore meaningless to interests consolidate. *f re * msnea °ut ny represents 

"• the users of accounts and it is We have recently reached the « o£ net nenetlt to the 

- • time auditors stooped using it. expenditure stops, and cut back poor- _ . ._. 

One of the objectives of the a few per cent (mainly borne by 1S not at all surprising that 
- recently published draft -audit- the private sector). This is easy voters aye beginning to take 
;: ing standards was to encourage. compared with a significant-$£ r do °*7te?hel£ 

- auditors to make their reports reduction in public expenditure. J£g« watSn? the fnexorable 

clearer to the users of the The Government appear reluct- ^of fhe Governmem 

accounts. This is a campaign I ant to provide even the basic ?4. r after velr' TEad 

«-* would support wholeheartedly., tools — freedom of information “““SftjJSi V ea!Tllf Riddell s 
Nevertheless. Michael Firth’s and powerful investigative com- comment is 

, f conclusions seem to impry that, mittees. Surely the odds on -2S5'1?rertninkTstrong 

oifhlr case for limiting the growth of 


Letters to the Editor 


■wuy, 


that we thoroughly agree with 
your correspondent we have been 
told by one of the leading motor 
insurance companies in this 
country that if we continue to 
handle motor claims in this way 
(which they argue is profession¬ 
ally against the spirit of the 
agreement!) then such company 
will not accept any further busi¬ 
ness from us. 

1 thought I would bring this 
point to your attention as a 
reader who took your correspon¬ 
dent’s advice should be aware 
that in some circumstances he 
could prejudice his future insur¬ 
ance position. 1 am quite sure 
your correspondent will cry out 
that 1 am totally wrong, but if 1 
he cares to speak to me on the 
telephone can give him full 
details. 

Allan M. Covey, director. 

Covey & Somerset (London) Ltd. 
141. Crickleicood Broadtcay, 

M Y2. 

Time to deliver 


shade cards and act as a forum 
for the discussion of colour 
trends. France. f 0r example, has 
the Comite do Co-ordination 
des Industries de la Mode, which 
is subsidised by the French 
Federation of Textiles and 
Clothing Industries. 

Once national colour cards 
have been produced they are 
taken forward to one or other 
or the various international 
colour organisations. The 

British card goes to Inlercolor 
which is attended by represent¬ 
atives from Austria. Belgium, 
Bulgaria. Canada. Czecho¬ 

slovakia, East Germany. West 
Germany, France. Holland, 

Hungary, Japan. Poland, 

Romania. Spain. Switzerland 
and the U.S. 

The Intercoin r meeting is 
brief and decisions on the 
international colour card seem 
to depend largely on who can 
shout loudest. Certainly, far 
less thought j$ put into the 
international shade card than 
into individual national ones, 
but the exercise is none the less 
valuable. 

Modifications are usually 
made to initial colour ranges. 
For example, the colours of any 
doth destined (or the mail order 
market, have to be given special 
consideration. Roughly 17 per 
cent of all wumenswear is sold 
through mail order in the L^K 
In 1976 total mail order sales 
of women's clothing were esti¬ 
mated at £360m. It is therefore 
essential that all the colours 
used should look good not only 
on the finished garments but 
also on the printed pages of 
the catalogues. And it is 
important to ensure that only 
colours which can be accurately- 
reproduced in print are included 
in a mail order range. 

The deadlines to which colour 
forecasters have to work vary 
considerably. When yarn is 
dyed before being woven or 


| GENERAL 

Unemployment figures and un¬ 
filled vacanies iJune provisional). 

Mr. Denis Healey. Chancellor of 
the Exchequer, meets CBI in dis¬ 
cussions on moves for shorter 
working week 

Second day of Ministerial meet¬ 
ing of EEC Agriculture and 
Fisheries, Luxembourg. 

Meeting continues in Washing- 
ton between trade negotiators for 
U.S., EEC, Japan and Canada in 
talks, to narrow outstanding dif¬ 
ferences. 

British Institute of Management 
conference “Energy 2000'— 
speakers and panellists include 
leaders of UK's energy industry 
and those responsible for formu¬ 
lating a national energy policy. 
Mount Royal Hotel. Wl. 

Second of six planned monthly 



- . • .... 
:?r*Pr*\V- 


Floral prints such as this in blue or pink are in fashion for this summer season. 


knitted into fabric, information 
on colour is required early. 
Spinners need information 
about 18 months before a season 
to market to weavers and 
knitters who will want to start 
production at least 15 months 
ahead of a given retail season. 
Some time will then be spent 
making up fabrics which have 
to be ready for the garment 
makers between nine and 12 
months before the season 
begins. But woven or knitted 
fabric can also be dyed in the 
piece and this gives manufac¬ 
turers and converters more 
leeway on tinting. 

The dyeing process itself 
presents comparatively few 
problems though occasionally 
there are not sufficient stocks of 
a particular dye to meet demand 
—this happened a few years ago 
when there was a sudden call 
for a crushed bilberry shade. 
Dye manufacturing lead times 
are fairly- long —between three 


and 12 months—so if stocks do 
run out the potential sales of a 
certain colour for that season 
are lost. 

As soon as converters and big 
textile manufacturers have 
decided on their colour ranges 
they start sending out samples 
—usually only to a small num¬ 
ber of their bigger customers. 

Tootal reckons to ' spend 
between £150,000 and £200,000 
on the initial sampling of just 
eight of its new, piece dyed 
cloths, each of them in 12 
colours. This would represent 
only a tiny proportion of the 
company’s complete plain dye 
range and it would exclude 
Tootal's colour wovens and 
prints. 

One way of reducing risks 
with piece dyeing is to order 
quantities of grey cloth well in 
advance while at the same time 
reserving dyeing capacity. To 
some extent at least, final deci¬ 
sions on colours can then be left 


Today’s Events 


gold sales by U.S. (each of 
300.000 ozs) to re-establish 
stability of the dollar in foreign 
exchange markets. 

Yugoslavian Communist Party 
Congress opens. Belgrade (ends 
June 23). 

Second in series of Department 
of Industry international con¬ 
ferences on Computer Aided 
Manufacture. National Energy 
Laboratory. East Kilbride, Glas¬ 
gow (until June 22). 

Liberian Board of Inquiry into 
Amoco Cadiz disaster continues 
in London. 

Union of Independent Com¬ 
panies' statement on industrial 
strategy. 

Robert Von Hirsch collection 


sale begins. Sotheby’s. New Bond 
Street London (until June 27). 

Confederation of Health Service 
Employees' conference continues. 
Scarborough. 

British Army Equipment Exhibi¬ 
tion continues, Aldershot. 

National Graphical Association 
conference continues. Isle of Man. 

Lord Mayor of London attends 
piano recital given by Professor 
Irene Kohler in aid of the Mal¬ 
colm Sargeant Cancer Fund for 
children. Mansion House. EC, 7.30 
pm. 

PARLIAMENTARY BUSINESS 

House or Commons: Northern 
Ireland orders, including ones on 
education, pollution and planning. 

House of Lords: Electricity Bill, 


until after sampling has bees 
completed and analysed. 

But despite sampling exer¬ 
cises and the efforts of colour 
forecasters to predict trends and 
capture the imagination of the 
public, things can still go wrong. 
Marks and Spencer says there is 
alw-ays a chance that a colour 
will '• come from nowhere ” and 
take off. But once the season 
has started it may prove 
impossible to meet demand. 

The outlook for women's 
clothes for the coming winter 
and for spring-summer 1979 is 
— literally — brighter. The 
winter will see brighter 
colours appearing in the shops 
albeit mixed with some grey 
neutral tones. And the British 
Textile Colour Group card for 
next summer features a range 
of what it calls “lollipop” 
shades. This, at any rate, is 
what is planned. Ultimate sales 
will depend on the feminine 
whim. 


second reading. National Health 
Sen-ice Bill, second reading. Scot¬ 
land Bill, report stage, final day. 
Protection of Children Bill. 

OFFICIAL STATISTICS 
New construction orders 
(April). Gross domestic product 
(1st qtr.provisional). 

COMPANY RESULTS 
Allied Breweries (half-year). 
Plcssey Company (full year), 
Powell Duffryn (full year). 
COMPANY MEETINGS 
Beralt Tin Wolfram. Connaught 
Rooms. Great Queen Street. W, 
12. Badycote International, Man¬ 
chester. 12.30. Brocks, Poole, 
10.45. Estates Duties Investment 
Trust, 91, Waterloo Road. SE, 
10.45. W. Runci man. 52, Leaden- 
hall Street, EC. 12. Vernon 
Fashion, Great Eastern Hotel, 
EC. 12. 


a letter 


D. H. Cairns. 

12. Fernley Court, 


haps we need a more gentle 
British form of Proposition 13. i- 


is. rerntey cowrr, onuaa iww w *». 3 yateleu Road 

Harr^ Lane, Maidanhtad. Berto. “’J*” u e n 'f s EWastan, Birmingha m. 

Anri ill A pffppt statutorily binding referendum « 

A d Jilt 00 

on share P nces f a o ft r ema p rd e E meI1 in ati0 ?his 18 SiSS b^uk holidays 

- From Mr. Ion Wittet individual politicians would not From Mr. Harry Verney 

Sir.—Any attempt to quantify have to earn' the opprobrium of Sir.—Mr. Buzby urges us to 
the impact of audit qualifications-unpleasant decisions if the elec- telephone more, have extra tele- 
* on share prices in the way torate called for cuts. pbone6, etc., but be could in- 

described by Dr. Michael Finh A. Henney. crease my usage of the telephone 

(June 14) must-be welcomed in 38, .Swains Lane, Ao. by extending the cheap rate to 

such an otherwise imprecise ——all day on a bank boliday. when 
field. ‘ WhO Simula I.am sitting in my borne branch 

The study examined the move- ** rattier than in my business tree 1 

ment of share prices around the Pllf .' "' The cheap rate happens at 

time of the release of the audit UCLlUv lUf lui . Christmas and the New Year, 

qualifications for 247 companies. p rom jif r . t. G. Arthur .but please will the.Post Office 

If. as was implied..the date in c ir __ T was sa ddened to see ««end this to other bank 

.. question was that of the pub- SiM was saaaeneu io ftoIidays? 

' lication of the Annual Report J th J. I' appreciate that telephone 

and Accounts it would appear . . \ su ^ rou s nd j ne public^ : operators may need the day off. 

as ~ iSrfrl 

■ : 5?ep^'VW^e A |S aSe " l ° ^ ^ WCnd4 

. price was the audit report There m California s J-rop si Harry Ven|By 

may have been some way of . He arzues that the referendum Edgehill Camden Park. 

. ssssaas, e sr £ .r as SEr ™ t * ge v ^ nl - 

iSSTSSS 1 Claiming on 

SSSS 3^M&.«^'knock for knock 

^ were using the audit qualification r decisions on wur article “Defeating Knock 

~ :o alter the values of these ^g^ issies whlch directly for Knock” on page 6 of your 
? ecu $£ a ; cSnSfro them, their decisions in last Saturday edition. . 1 fully 

.lan Wittet choosine representatives must be agree with your correspondent 

*!, Teciotdule Place, Edinburgh, worthless. The ihat should the other parti* in 

or.,-7* ■ --7“ . c chain via which a voters wishes a-motor accident be 100 per cent 

|r 'TTYmilPatlfkTtC OT on specific issues, are reflected te blame then he should be pur- 

1/1 In policy, when all he can do is sued for 300 per cent Df your 

Prnnncifinn to put a cross by the name of losses — but to comply with your 

‘ J>1, / JL lUpUSUlUU XnJ a candidate, is so weak that no own insurance policy conditions 
i-'-X . j[j r _ a. Henney incentive whatsoever is given to. and to maintain utmost goodfaith 

“T - sir.—Lombard's piece “The the sensible casting of votes. the incident should be reported 

_ Jangers of Proposition IS” oa Second: representatives ao not on /the appropriate form to your 

"/fune 15 is too sanguine in its normally know what the wisnes own infers. This company 

1 hope for rational tax reductions, of the population are. Ana even approximately 1.500 

■ It is of course in principle if representatives did £“ 'motor accidents per annum and 

\ f possible to reduce public is highly doubtful whether J wherever possible we pursue 100 

1 Ispenditurc by 20 or even 30 would act accorhmgi. ■ . per cent claims against the third 

| per cent and still maintain as trouble with represents - - party on behalf of our clients. 

S I :ood services by a combination of that they nave ineir The '• knock for knock" agree- 

f | rcater productivity reallocation "KS merits are, of course, agreements 

| ■( resources from declining to these invests ■• t _ * between insurers only, and 

I ncreasmg social needs, curtail- point B t ^r e if are » policyholders and indeed their 

/ lent of unproductive political The Choice in * ' f jnsur^ce brokers are not party 

y " •aaSf5 : S were S/ .. Hevia* said 


From Mr. Ian Wittet 


phones, etc., but he could in¬ 
crease my usage of the telephone 
by extending the cheap rate to 
all day on a bank boliday. when 
1 am sitting in my borne branch 
rattier than in my business tree! 
-. The cheap rate happens at 
Christmas. and the New Year, 
blit please will the.Post Office 
extend this to other bank 


From Mr. J. H. Hurst 

Sir,—Anent Mr. Riley's letteT 
(June 16), may I underline his 
comments re the Post Office. 

In my business life 1 find, 
generally, that letters carrying 
both first class stamp and the 
relevant postcode, do tend to 
arrive at their destinations 
within ao average of 24 hours, 
across the country. 

In particular, may 1 add a word 
of praise, and thanks, for the 
postmen of Maidstone for their 
efforts this week. 

My grand-daughter wrote from 
South-West London to thank my 
wife for ber birthday present. 
She is six and ber covering 
envelope was addressed as 
follows: 

Mrs. Hurst. Willerheath Rd.. 

Coxblirst, Maids tin. 

That letter was posted on the 
afternoon of June 13 and 
delivered on the morning of 
June 15. Full marks to the Kent 
Post Office. 

J. H. Hurst. 

“ JasTnarda.” 

20 Wilberforce Road. 

Coxheath, Maidstone. Kent. 


Transport 

strategy 


m Implications of 
Proposition 13 



From the President, The British 
Transport Officers' Guild 

Sir.—Yon report and leader 
(June 14) on the Greater London 
Council’s 15-year plan ' for 
London's roads highlight the 
reason why so many similar 
schemes receive a “luke-warm 
welcome" and/or “ generate 
major rows ” between the 
political parties. 

While your leader writer wel¬ 
comes the GLC “ fulfilling its 
role as a strategic planning 
authority." the question that 
must be asked is how logical and 
practicable are the proposals 
from a total transport strategy 
point of view ? 

For example, your leader 
despairs of “road freight from 
the Channel ports " clawing “ its 
way through London's inade¬ 
quate road systems for many 
years yet.” Don't we all ? But 
do we really need new roads to 
correct this situation ? 

We have no doubt that the 
GLC has views on the total 
transport situation and where 
and how investment In the 
various transport modes would 
be most effective, ft is to be 
hoped that the absence of refer¬ 
ence to Them in the report is 
not due to the complete omission 
of such a a important matter 
from the report itself! To pro¬ 
duce prODOsals in a renort of 
this kind without taking the 
opportunity to indicate total 
strategic thinking would only 
fuel sterile arguments. 

Henry Havdori. 

Room ,7/77. West Side Offices 
Kings Cross Station, Mi. 


Some facts and figures for people 
who still think protection’s a racket. 

Last year in the U.K., some 3,000 of these, w on static and 

• ft - 

beat patrols locked and closed 222,543 of thesejfff f and 3$Pf 

r TtBir 

closed 363,212 of these/ gt found 3,356 -Ijopen, 
took charge of 60,157 lost, discovered 7033 criminal 
offences, arrested 685,^^found 22,924 people in places 
where they shouldn’t have beenTi^ searched 479,870, 
fjyilsg1 and 199,501, t |l switched off(££Bafl) 
846,149 of these, ., " ‘ turned off 1,777 of these, 

@ v4*r. 

& 10,403 of these.iSCv discovered 438 of these, 

and extinguished another 430, rendered J7f| to 
2,657 people.... and, ail in all, literally saved our clients 
and the country a fortune. 

Giving the work) a sense of security 

Member of Securitas International Member ol BS1A 

Omp4 Total Security Ltd., TCartos Place, London W.l. Tel: 01 -629 8765 or your local office through Yellow Pages, 














NEWS+eOMMENT 


Dawson Inti, expands to peak £15im 


DIVIDENDS ANNOONCED, 

paymvni p a ymer,[ 5P °dl^ 


Turfed® 


•r Financial. Times Tueso^-^ 

Fenner finishes 


A RECORD pre-tax profit _of 
£13.53m compared vi*h £li).37m 
previously is reported by Dawson 
Internationa! for the March 31. 
1517S. year. Turnover of the textile 
group climbed from KT-Stim to 
£S2.ftm. 

At halfway when prolit_ was 
ahead from £3.94m to £565m 
directors predicted that the 
second hall result would exceed 
the first six months profit. 

They now say that the group 
advanced strongly in the year but 
that the unusually favourable con¬ 
ditions which applied are unlikely 
to be exactly repeated this year. 

Although sales volumes and 
margins are therefore likely to 
be lower the group is well ab'e 
and better equipped to' meet this, 
they say. Current order books 
are satisfactory against budget. 

During the year the investment 
in the associate company Amicale 
Industries of the US. was dis¬ 
posed of Tor £1.21 m. and the dif¬ 
ference between this figure and 
the group’s share of consolidated 
nnt assets nf Amicale has been 
charged against I ratling profit. 

Associate contributions are 
shown as ml against £0.G2m pre¬ 
viously. 

Earnings per 25p share are 
shown at 39.1 n and the 

final dividend oT 1.9i*24p lifts the 
total from MEfiSip to 3.721'ip If 
the rale of ACT is reduced a 
further n.fttp will be paid, and 
dividends will be substantially 
increased if dividend restraint is 

lifted. 

In ihc year net liquid resources 
increased from £."».7!tm to £13 44m. 
making un a large portion of 
£2t>.97m iriiUWnu current assets 
figure. Total net assets employed 
stood at C$1. Im (£23.H9m> at 
balance date. 

Directors say that coupled with 
ihe siren-gill of the balance sheet 
the potential or rhe group will 
be further developed in the 
current year. They are looking 
st ways or broadening its ba^c 
by both internal development and 
acquisition. 


Company 


INDEX TO COMPANY HIGHLIGHTS 

Page Col. Company 


Allied Plant 

20 

3 

Baraoora Tea 

21 

A 

Bell and Sime 

20 

7 

Blyth Green 

20 

A 

Brown Shipley 

21 

A 

Chamberlain Phipps 

20 

5 

Courlauldi 

21 

3 


Mclnerney 

21 

5 

Noyapara Tea 

20 

5 

Petbow Holdings 

21 

1 

Propy. Partnership 

20 

2 

Shaw and Marvin 

20 

8 

Spear (J. W.) 

20 

2 


CL Northern Inv. ......Int. 159 

Mclnerney Props. ..int. 2 

Pctbow .. &6W 

Dawson Int. 

Allied Plant .. . 0A1 

Earaoora Tea.-2nd int. 10 

J. W. Spear. I- 23 

develop existing activities. ? ^."jtroST.. ”!!!IV".Vnt. 2.15 

C \U thl J ^. S ? 0Uld a > have Chamberlain Phipps . 154 

All the groups compani( ,s have p enner .int. 3 

r«i cscecded their- proms for Uie fjlteilull .- 1-25 

Paje—Col. comparable period last year and “Jj™* 1 L"’^ ./" 4 

jo _books area pp™«hm 8 tat , 0 . 

21 5 already forecast the final Property Partnerships ... 0.96 

_»_ 5 . ?£«SfA!®,SSS sSw^Mm. i« 

“M-f SIS® ° l 2 - 26 ' , (2 - 9pl PBr 10l> “'''^Equivalent 1 US "Kmi 


Aug. 16 l-w 
July 28 Nil 
July 21 4-95 

Aug. 29 1.9S 
July 28 058* 

July 27 Nil 
July 28 1.11 

July 21 359 

July 7 1-79 

Aug. 15 1.49 
Sept. 4 2-75 

— 0.5 

Aug. 10 2 
July 27 - 



n 




35S ..mmr turnover up 10 per certt £6Wl 
™f § to £3S.6Sm and 


■ ? l i' ^ii'^’^V 
jStr-r - 


the six months to Marcn^ 
says Mr. Joseph Palmer, chairman. 

However, comparative results 
have been uneven as between the 
separate parts of the group and 
between different geographic^ 

ar OveraU the group ®adc_pr^ 


Cjl-5 oui'lllo rh* croup 
PimprcUMO" 
rrodiflc profit . . 

tm«*rosi . 

Wo*.- . 

Prom before tax .. . 

T.11 . . .. 

Sa-i prvlu . 

RMr^ordm^rj debus 

\rrnliUI dh|..'. 

r»iv Id. nd« 

R»inui..| . .. 

• r rcdii* 


197* II 1 "” 

ini'ii Eiino 

SJ.M7 ii7.‘Jii.‘ 
T 445 I 1011 
I5.5S-: 9.97? 

— rtiL' 

15J3S 10JM 

7 nap (.‘•.-j 
?. tr: 5.4.M 

>1 -si# 

* 4> 3.H4 


Dawson Inti. 20 1 

FmnerJ]• H.)_ 20~~ 7~ 

Hammc rson Propy. Tst. 21 3 

Imaico_ 20 1 

Lilleshall ~ 20 5 

J. Spear 
fails in 
final half 

ALTHOUGH SECOND half profils 
dipped front f 1.55m to f 1.36m. 
J. IV. Spear and Sons, toy and 
games manufacturer, ended 1977 
with profit marginally ahead from 
£2.27m to £2.34m. Sales rose from 
£3.85m 10 £6.96m. 

At half-way profit was up from 
£U.72m 10 £0.99m and directors 
said that although sales in the 
M-comJ half were expected to be 
higher, material and wage costs 
had risen, making it impossible 
to predict profits. 

They now say that Uie value 
of home market orders received 
to dale is similar to that of last 
year, bur the demand for its pro¬ 
ducts overseas is lower. In vif w 
of the world economic conditions 
it is difficult to see an improve¬ 
ment in coming months, they say. 

The profit includes a £27.362 
i£70.418j contribution from an 
.■ 3 'Mniatn partnership, and is sub¬ 
ject to tax of £0.96m if].13mi. 

Earnings per 25p per share are 
>.hown at 3:i.3p against 26p last 
tim»\ before an exchange loss of 
£1.528 compared with a £121.422 
gain previously. 

The final dividend of 1.2:l44p net 
takes the total from I.K0.*l27p 10 
the maximum permitted l.S724p. 
If ACT i.- reduced a suppleinen- 
tarv pavnient will be made. 

1977 197S 


20 1 Sterling Inds._ 

20 7 Swan (John! _ 

2! 3~ USMC 

20 l" Walker (Charles) " 

20 S’ Whitbread Inv. Tst. 


__ c «* AHWIUrigUlU i B3UIU — 

_r. the first five months of 1978. says 

20 5 Mr. Michael Heathcote, chairman. 

- - - He adds that although trading 

*'_£_ conditions in the building indus- 

20 6 try continue to be difficult the 

t -- current year should be a record. 


Property P^Tnerships'^. *056 * IU — 052 L76 J.57 jjjjjjj* Afferent** 10 geographical v. Sumatra^! 

BHSsML jzi A-g. S ' 

01 iEquivalenr after 'allowing, for scrip TOn rapitel ? overseas, and fc , U J 

. ‘ ^nrovement in overseas’ Sumatra PlaxrtatioaS in lSJ^rWfth 

' 2SS . Wl^cond- half, the iai ; taking' £59S^ '?,agaiDst 

Chamberlain Phipps 52% ,sg 
higher at record £3.2m . 


The net final dividend is 
0.957p raising the lota! payment 
for the year from 1.573p to 
i.757p. 

Tax for the 12 months took 
£181543 (£138.972) and there 
was an extraordinary credit of 
£3,359 (£124.793 debit). In 

addition there was .i transfer to 
capital reserve of £1,004 
l£124.79S from reserves). 

Tbe group's properties were in- 
dependenllv revalued at March 
31. 1978. arid the aggregate open 
market value amounted to 
£6.724.750. This resulted in a 
gross surplus over book value of 
£2.523.235. which has been 
credited lo special capital re¬ 
serve. 


Upturn 
at Blyth 
Greene 


_ „ _ m/irs-i m-imh) in the second nan, uie jax . uuvui& Mmra* .-.osmuh 

Chamberlain Phipps 52% .gag 
higher at record £3.2m . 

4 PTFR rislNG at halfway from profits up by over 50 per cent. gjJJgTSp to 3p net Ust years McCl.eod-Sipefr^antatioM.^ 
iVsSf to £lSm taxable profit There is an element of recovery ,™J pfLent was 6.7p. from At the pn^tucJeVel ; the :: 1atg«t 
£ 9??P! {JLi™U 32 from the moulding division S 41 m. ■ advance, was. Seen --.frwo2:tte 


of Chamberlain Phipps jumped 52 from th * s ™ h 0 e „ 
per cent from B.lm »| <■ P»‘ e ‘*”-1S - 


Malaysian estate. . where;.; profit 


■ -'I 1 -- . 


•<-- .. 

K ;ii’ : ... - 

'^:.V 
<1 : • 
f* ' . .i V 
' j J 4 ' - , .,i ■ " 

i ■ 

yv/ ’ • 


Allied 
Plant 
picks up 


Imasco sales 
growth set 
to continue 

Sale* of fmasco. the largest divi¬ 
sion or imperial Tobacco, are ex¬ 
pected to continue on an upward 
trend in the current year, say the 
directors in the annual report. 
Last '-ear. sales rose S per cent 
to Sfi.i.'m. 

The tobacco division has started 
a S23m five-year programme to up¬ 
grade production facilities at ail 
its plants, while earning* in the 
fond division should increasp in 
In79—-ales last year were down 
11 per cent at -sTloim due m 
Ihe snip of two U.S. West Coast 
operations. 

The director* add that all the 
company’s retail operation* are 
expanding and the outlook for 
the current year is for increased 
profitability. 


*u« < 

'.WlrMN-4 

Profit before Lax 

.*.-i ornfii 
T.i minonn-4 
KschjiiKc loss 
Aurlhninbl, 
Dividonris . . 

Rviain.d 


[ £ 
0.01* 697 JiM 
57.W 711.4 IS 

Z. 34^.780 2.268.113 
937.HO 1 149.H4.T 
1,38.3.(U* l.llS.ttfN 
42.77:; 5M9 

1.K> '121.44. 
l.Ml.:U7 1.171.061 
75.H1-1 iS.>l 
1.2115.732 1.107.W-O 


PRE-TAX PROFIT of Allied Plant 
Group showed an increase in 19 n 
to £242.000 against £220.000 in the 
previous 13 months, m spile of 
the exclusion nf any prnfil from 
Reynards (Excavationj. which con¬ 
tributed £42,000 in 197H before 
it was sold. 

The directors’ mid-way forecast 
that second-half profits would 
show an improvement proved to 
be well founded, for :ii half-way 
a decline from IlTD.tiiMi u> £92.000 
was reported. 


V. ir l.l innnth- 
l‘>77 197.'-7h 

£ t 

3.536 Ji: 4.n7 , l ■■r-' 
•VM St9 435 h-in 


• Inuludcx X104.HW i os..130 > iMi-m-d 
* Gjin. 


Property 
Partnerships 
makes headway 

For tbe year lu March 31.197S 
Properly Partnerships reports an 
advance in pre-tax profits from 
£219.764 to £313.867. 

At midway the rise was from 
£95.484 to £153.084 and the direc¬ 
tors said they were confident 
that accounts for the full year 
would display strength, potential 
and the increasing profitability 
of the business. 


306.034 )13 3Wrt 

- 4" 34* 


Turium-r .3.42 1 * -’43 4.n. I '-4‘- 

Tradii^. Dfoflis 435 Min 

Ki-yiurdS «Exivains.i — 43.1^1 

Vardolk- Prop fuss In.iUH 179.334 

Hfllillns Cc. nXpL'DSi^S «1.*54" n 444 

Pram befire I3« 211.W1 226.015 

T»!t 5H.:i!S 3ft 4Sll 

XVj , profil . 20.5 SW 21*5.5*3 

Flxiraordiiiarv debu . ‘ftH fts:i «S':.24« 

Available . 019--41 n»U« 

Dividends .. 7«5«0 3* ?>:> 

Capiultsation issue .. 306.034 113 59ft 

Pre-acqnislilon profits — 

Retained . 243 117 .OIK-of* 

-A rise in connection v.ith Reynards 
«(excavations*, those in ton b.-ine nwsily 
on aevouni of Pel a*seu no innR.r con¬ 
solidated following the sale o( th» com- 
iany. * Credn arisms from rt liase of 
a provision no looser n tni r.vi jrul from 
or**if on disposal of a propeny. 

They now say that with the 
sound base established in 19m— a 
year of consolidation—and the 
upward trend in trading result*, 
the group i* pressing ahead with 
expansion of the must profitable 
areas of its operations—^structural 
encineerint and hire or fork-lift 
trucks. In addition the directors 
continue to look at possible 
acquisitions that will complement 


WITH ITS industrial division 
turning round Trom a £ 360.000 
loss to a £153,000 profit, the P re ‘ 
Lax profit of fflyLh Greene Jour- 
dain and Company jumped from 
£0.94m to a record I!Jim in 19' 

The result is after loan stock- 
interest of -£132,900 t same) 
central expenses of £ 2 ii 0.000 

(£161.000) and unallocated in¬ 
terest of £127.000 I£89,000i. After 
tax of £704,000 (£874.000) and 
extraordinary profits nf ISO.OOO 
(£27.000 loss) attributable profit 
came out at £681,090 (£43.9011). 

The unquoted company, which 
has close status and is 29.9 per 
cent owned by John .Swire and 
Company, has paid dividends of 
£95.000 I £4.000). 

Directors say that although .the 
42 per cent owned Sharikat 
Harper Gilfillan Berhad achieved 
only a modest increase in trading 
profits, a greatly reduced tax 
charge and the surplus arising 
from sale of part of the goodwill 
in W. R. Loxlcy and Company to 
Swire Pacific in Hone Kong 
helped to bring about a significant 
increase in the attributable profit. 

Trade in Malaysia and Singa¬ 
pore is recovering gradually. The 
joint company formed with the 
Armed Services Co-operative 
Society in Malaysia had an excel¬ 
lent year; as did the Australian 
subsidiary. 

The new joint company with 
the Swire Group in Hong Kong 
specialising in the marketing and 
disiribulion of consumer goods 
has strong growth prospects as 
does Associated Liquor Distribu¬ 
tors. the new joint venture with 
Marlell and Company of France. 

The overall advance in results 
achieved by the Harper Gillillan 
Group to date in the current year 
is in line with budget. 

Arrangements have been 
finalised to increase the groups 
holding of ordinary shares in 
SHGB from 42 per cent to 49.9 
per cent. It is hoped that the 
group will benefit furlhei from 
the economic growth of South 
East Asia, which is protected at 
the highest rate in the world over 
the next five years. 

Ireland Blyth had another good 
year despite the adverse effect of 
lower world sugar prices on the 
economy of Mauritius. 

Blvth Greene Jnurriam 
<Canada) had a successful year's 
trading, however, in London, two 
of the commodity trading depart¬ 
ments suffered a setback. 


Half-year .Year Mr. F. W. Harper, 1 'the chairman, 
2?. S 7 1 r states that the grodp' te jjaking 

Za S .ojm satisfactory progress -^towayds 


3X5S 

3.745 

9.3S4 

444 

543 

r.en 

UK 

S3 

143 

3.MI' 

U85-' 

XAB7 

2.050 

j:sse 

AMO 

1.381 

1.435 

. 345T 

' ISt 

too 

.300 


_ 

: im 

U17 

. 1^43 - 

3^31 

10 

10 

20 

771 

538 

1.433 

630 

.038 

■ i.ns 


back' - . agreements' . wtivf -.rtKe 
Indonesian ' GoVerefteftL'-i the 




the best 


— Y, jiraMnrc were RUtOmOLlVe U lui 3 -IIU euguie "Iiwt - 7 OUHW . awo-iwi. .-WUK, 

At halftime t ‘ ,r *^|° rs i _ thp n _ rts wallcoverings, adhesives to Fenner bustnei>s m ihe beltnig in^jme. from IbdonHsian^. opera- 

shoeSponents and Phipps-Faire “ nd Ja P“J s ? SfS? ww5i She eas ^|g , 5 0 P n r ^ 'shki,^ '. 

8 A satisfactory result is exiiected end. The UK footwear market .. 38.873 w.im n.ooo s ? u ^ ac *'“ r £- A S . 

for ihe current year despite the offers a ^ajor tmnt.S, pr b fl , ...„ SJ33 S.M 5 ^ 

continuing difficult worldwide supplier such as CP very little interest . ^ X -7K- ttnder. -tw. rnrowmem 

trad in" conditions chance for growth but the cooir snare Of a»K. ... iffl. _* • >g plans. ■ » . Majw^sphsrthaiy 

11 OT Ihe turnover figure. UK pany .is Improving its mar^. 5 - *«;■■ fg Jff 'Vm ' 

customers accounted for £36.34m. though its real drive must come ™ . un i.«s - 3^7 a™^ negOtMrif* 

overseas customers £7.8om and from exports and its oversew M1no Siy profi' . 1 “ 180 ^ 

bJ overse ’ s companie5 “■ wTJSLWlB -SSSaSTL- US «5 q 

The result is subject to tax or area of 15 to 20 per cent growth di« ... m - ua' 

£1.23m (£0.65m). After minority tn profits, though ihe. hefp ^SS .‘ . 656 635 back' LSJni ''S 

interest* of £172 000 (£112.000) and capital expenditure which as- . 

extraordinary profits or £60.000 Planned-p.7ni has already been ^comment SS^S^ccmxmitSS^Sfe'to?! 

(£26.0001. attributable profit was authorised with a lot of expan- ooe «Uons bolstered Fenner's 

£lS5m.f£1.37m,. "*««’ ^ ^ engi- -aS 

Earnings per lOp Share are a “) d . , . he . neerin" industry background of mndertiisation- ,of-.^stales, 

shown at i.9#p (a.06p) and the result in added impetus Jn the . demand and ■falling' Thls^ incluileG -" 1 Teplantibg '■ the 

final dividend, although down latter months of the year and ^ to main- i H r^ which 

from 1.49p to 1^39p. takes the L * SS^olume a“d i5<^U dotn^- ^|£S^SmS55^SS ’ 

total from 1.938p to a maximum plans to move into the U.S. foot- . t was greatly assisted ptantins T»-biir v^luahle' reserve 

permitted 2.139p. wear component market from its £ l^esT- S 

The group makes components n bl l se ’f'Stf-re™ At men tin new plant and equipment There y>TO beacontlriiSipraStal 

and maleriats for the footwear, v^iri of which has been growing foUowmg. ron idift(Ttp£rt't 6 jn’avfde-Tna^lnery 

clothing and automotive industries. aboutS toJ its changed view on likely-coal and *qu§m« n f arid also: housing 

, h- foSpar industrv bS production levels. Overseas per- for the labour ferae. r :. - 

• comment iSL™, 001 ", 8 .mSSSU tm -77 

Chamberlain Phipps has had a which could give it a better s^ong b “ l ,® e ^^L en * Iu _ Stt2W 1 

very good year with pre-tax rating. - U.S. coalminers stnkc p us tte • Jllflff .--. 

manaeement work done tn turn ; -i . - , , 

the U.8. operations around shoulq {vtSirViri fnalrPC 

c J. • _ T Ji ■ assist results from this sector fa XTldA,yill IUHA.C9 . 

Sterling IndS. imnroves - the remaining months of the year;.: 

k/tvtmigi AUUJ* 1A1II/11/ T VO Earlier this year the company cnnia FP^V^rV 

acquired the conveyor belt group,. .• yTt?. -.J-i- 

EXCLUDING £11.1.000 against Earnings per share are shown James Dawson. Five monthsYpf Hav-ing fSJlen from a pre-tax 
£111.000 from Crevvkerne Invest- at lOO.ip iBT.lp). Dawson earnings, about of £12 568 Into«112.784 loss, 

ments. pre-tax profit of Sterling The company has received the will be added to Fenner’s tuU.year half-time,>as forecast; a second 
Industries. engineer. moved remitlance of profit from, the result which should reach:;'^;3nj. .'hnjfRecovery- ‘enabled Shaw' kod 
ahead Trom £606.000 to £931.000 in operating company In Bangladesh The shares at 132p yesterday eive; Marvjn> mercenser dyer'and knit- 
the year to March 31, 1978. in respect of 1978 but the com- a fully taxed p/e of 9.5. wear maker.'tb'finlsh the full-year 

At midway when reporting an pany's plans for a capital reduc- ■ .v ‘. to -March 3L 1378. with a reduced 

advance from £201.000 to £474.000 tjon have met with preliminary _ „ . n , < ’ V-- ’deffeit-at £7,555 compared with 

the directors said that the second refusal from the Inland Revenue. Roll Xt S 1 ITIP ' the pTevioos year's profit of 
half proht would not be signi- The company is to - make Otil t* k3I|^IC. . , £4&iV9l ’i 

hcanily different than that of the further representations but in ./■ Tlie:: results-- Iwere : adversely 

nr 5t- . the meantime is paying,a 20p t/YIM' *. .'--affected by "an exceptional-pro- 

second interim dividend is net per 50p share interim divi- 7 . vision of £1S,6B5 against a bad 

0.919-p net for a 1^692p Cl.lop) dend which will cost £15,000. with turnover . doWn from debtYthe directors.point.out. Saks 

m 1 o s *ated e ar ni n gs of 2.*Ip ■ . £ 3 . 74 ^ to £3.6Irt) taxable profit'of were hetter.at £I.82m (£1.59m). 

(l.Rlip) per 2jp share If the . Bel t vn( | sime. timber importer After a. ta* credit of £2,193 

w«n*hlf «fa nee , d a i fi , nal 5 n 7' Chas Walker ■ 1 and sawmiller. fcH <r.om £J90M6 to .{charge £23^28? jlhe loss per 10 p 

dend will be paid at a later dale Villas* tt alAU .., £j 2 | 142 in the'April 29. ISTSyear. shaTfe came out at Q.364p (earn- 

l0tal ,S up 10 fonc rirtO OHO *' The result was after depreciation ings l^Mlp). No. dividend is to 

xt.K tf ri ?i U S*' tops i-ZUU,UUU f of £28^72 (£28,717) and interest of be paid.* Last year payments 

acquired JSES P?« 1 M. *1U» After tax of : ....... 

Sr^iss^j'ss^sfasssars*«cBrs*imT! :. ... 

reuse or uroducu. “ l,Md at £:! ■ 61m, “i 3 '" 51 INSTITUTE OF PURCHASING AND SUPPLY- 

i '< Considerable effort continues .. ., . • ' *. — 

Tur»»t»cr .4.?;.-. mo 4.I7S.0O0 to be put into diversifying the nOHlTD PTIDTH A CflViri__ ' ..V 

• .map (radine profit* ... 03.1 000 aw.ooo group from dependence on tbe VJJVv/IT Jt d. ~* 

.** • 4Sjooo 3)4.090 tAvtiip industrv. These efforts ___ ’- • •__ * * 

?s; r “-r 1 sis iiir. *•» "ndd .0 • FOR PROFIT 

Kxiraordti.an debits ... ’27.0U0 able promise and. if the current 1 v “ *• * 

Aviiubio . 554.000 403.900 momentum cao be maintaioed. r-./MkTrfr'ttriwTom • ” 1 

p , r ' ,vr \« c ' aiv -‘ . i9«w J978 should again produce a A ONE-DAY CONFERENCE 

sift'd *,Mcr,m.I&S reasonable result, the directors BEING HELD AT ’ • *: 7 ’ v 

R'-tami-d . 373.(40 218 400 sa>‘- . . .. __ ______- „„„ 


• 4*V 

'iti ■- 


m ' ; 

.3 *:. 




Sterling Inds. improves 


Shaw & 

Marvin makes. 
some recovery 

Having ',’iSJlen from a .pre-tax 


icommen? 


ja.;-'-.;- • . 

ijX- 

< T * *■' ’• 
a: 


Industries. 


Chas. Walker .* 
tops £200,000 { 

Pre-tax profit of Chartes Walker 



9 




Eagle Star’s new 







xecutive 






Making . 301.000 403 000 “V? “J «■»“*«' 

Exiranrdman- dtbus ... -»27.ooo — able promise and, if tbe current 

Available . 354.000 403.000 momentum can be maintained. 

Pnjiwvncc <iiv.: . ib.rdo io.wio jg 78 should again produce a 

s^io'rt^S.mm. iSmS I&SS reasonable result, the directors 

Rciaini-d . 273.(40 218.500 W- 

fcAvlndiiw Cn-ii-k->rnc tnvs. iCompniw: Aftr tax of £112,643 (£103.100) 

Kstv.!. of i:asi ui iharos m Milton Hparh net profit came out at £92.535 

Eiit'iii.'i'nns over laluc of nef lannible (£ 53097 ) There W3S an estra- 

acquired IUU. 0 M 0 . -.urplu* on JL „r mxaa thlq time 

diyonsHl ur miF,-sinieni in The \ru-Jil Ordinary loss of £14,084 tins time 

Mfti.-nnii- Compjfty iaO.QAO and taxarion on and dividends COSl -lS.UOo 
.apiiai ajin f 14.000. <Inc(Udias pjjTiii-nl (£16.384). 
on a'.conni ot arreas. 

T..-;.v. : yvF.W } , 

Lilleshall 
recovers 

A recovery in pre-tax profit 
from £27,846 tn £130-305 is 
reported by Lilleshall Company 7 
Tor 1977 from turnover slightly 
louer at £ 0 . 86 m compared with 
£H.!i7m previously. 

The result is after depreciation 
or £152.005 (£117.602) and interest .' 
nf £126^42 (£124^26) and before 
a tax credit of £19.381 (£20.083). ■. 

Mr. Allan Pike, the chairman, 
says that in the steel stockholding 
division the profit contribution 
was only a third or the previous 
year aTter it was being adversely 

affected by the general recession . ^ *-.v. 

in the steel industry. • J.' . 

With engineering, total turnover • ’•*;*v.-- l |■:.» 

was increased and trading losses . •'< if- 

were reduced considerably. -u'". ^- 

^Tbe ^ company w ill prosper in 
trading conditions. .Mr. Pike says. . ■ 

Earnings per lOp share are . • -• '^<, 

given at «.>|» (I !»p» and Ihc final • •* r 

dividend of 1.2-ip net takes the " -..V '• 

total from 15p to 1.73p. - ^ 


. .vision of XJS.6B5' against.a bad 
With turnover . down- frcfin dHOn directors.point.out. Saks 
£3.74m to £3.6lrt taxable profit'of were hetter.at £1.82m (£1.59m). 
Bell «nd Shne. timber importer After a. tax credit of £2,103 
and sawmiller, &>H fr.om £J90?6 to .(charge £23,328? ithe loss per lOp 
£121,142 in the 'April 29-1978 year, share came oul at 0.364p (earn- 
The result was after depreciation Ings lJWtp). No dlvkientt 15 to 
of E2&272 (£28,717) and interest of be paid. * Last year payments 
£71,118 f£105,984T.. After tax of totaHed 0.7p. 

INSTITUTE. OF PURCHASING AND SUPPLY; 

GROUP PURCHASING- 
TOR PROFIT 

| A ONE-DAY CONFERENCE 

BEING HELD AT ; - 7 

THE KENSINGTON CLOSE HOTEL ’ -; >..V 
ON WEDNESDAY. 5th JULY, 1978 

Please contact Conference Office: LP.S. Tel: Aacot-fOMoV^w. 




^tb? r 2faT 3: < 

tflvJerd 


i—.a’ 








...big where it counts. The first major consprtmnif ^ 
bank; its members have aggregate ass?e& of over 
£54.800 million. .. ; - 

...small where it matler^-Your l^iri^twillrbel-'^ 
handled al senior leveL byexperts whopiTde them*; 
selves on providing a. fas^ emeient aria, above.allj t 
personal service. - 


-rfd 





John Swan 


pplilipiafe 

P '.v,'^•:*••• •' • ■ w-•• 


k-t ' SV' 

ttiiilpai 




Full details also available from 
any Eagle Star branch office, or contact: 

Eagle Star Insurance Company Ltd., 
Life Dept., Head Office, Eagle Star House, 
9 # Aldgate High Street, London EC3N 1LD. 
Telephone: 01 -377-8000. 


or pensions. 


makes headway 

On lumovcr up from £545.117 lo 
fiiSJUns. John Swan and Sons, 
livestock auctioneer and estate 
agem. reports pre-lax profiLs for 
ihc year lo April no. 1!»7S. ahead 
from Xlfii.fiHi to £lS7,o8fi. At half¬ 
way ihe advance was from 
1136.000 lo £141,800. 

Yearly earnings per £1 share 
are shown lo have risen from 
41.9p lo ?I.9p and the dividend 
is lifted from 19.505P to 21.7S6P 
neL 

Profits lust year included a 
£3.915 surplus on sale of property. 
Tax for the year under review 
took ri00,428 (£S5J35) learinq 
the net balance at £87,158 
f £76,384). 

Novapara Tea 
at £179,627 

On turnover of £343,300 com¬ 
pared with £241.899 pre-tax profit 
of Noyapara Tea Holdings 
increased from £111.326 to £179.627 
in 1977. 

After UK tax of £7.727 mill 
and overseas tax of £100.000 
(£61.000) lcs? a £0,053 over- 
provision from prior years, net 
profit was £81,855 (£50,326). 


.. .wide: ranging and finable.; Whatev?f' 
particular heed. -MAiBL will" tajldtvfa :finariciia}i^ 
package -to meet 

working capital, .project' fuianciitg^JeasngvDF^ 
rcstr licluriHg debt - ■ ■ ^ ~.V:: j^riV. : £ 

... truly international. The scope of pur- &rvice$ 7! 
spreads throughout the world-;*©. that : ^e'c#'kssfst 
j'ou whereveryou heed our help: 'iatrihgipg'yot£r4 ^ 
plans to successful fruitioh. . V: v --‘ 


Clf ‘6rr 

®rof;j 

Edrr.p, 


V i {J 

iPn 

«Po 

©Ea 








Telephone;- 01-588 0271.Teie>e ; 885435. 

Representative Office in Melbourne. Australia.. «i.'; •. : i 
Subsidiary Company. MAIBL JBennudaiFar East) Umited r Kon^i-.v^ -- ^ 

Member Banks: Midland Bank Limited;fhc Toronto-Domini on BanlqThcSlandvd 

TlieOmmercalBankotAusrralwUmiied.:v . -.'y: 


®D a 


"0v eral 

Yeai 




-■-nrz 








21 



“ ' a *^**~ X 1^-1 _ • ; . .<■ _j, M ^ ^ _r__ w 


Ijp : 

^ Petbow higher 


• i* ^ 
’■■■'■ Ov 




*•-- :ii, : ,\ 


1! W‘~ 


and sees nrore 


Courtaulds profit £4 

overstated—auditors 


'"lot 

"H 

er iti 


ON, A-23 per cent, increase, m. 
-safes to £2L38m,• pre-tax profit of 
Petbow .- Hold loss, ,. generating 
equipment and' welding plant 
riiamifaeturere, rose IS per com 
from £2-79m to: .a record £3.14m 
for the year to.March 31, 3978. 

With a satisfactory*, order book 
and a higher .rate 1 . of production 
the group.is ijow budgeting for 
further improved’sales and profits 
In the current year, says Mr. 
James Bird,-'the chairman. 

.Earnings -'per. 10p share are 
shown -up-' from 31.42p to 33.84p 
before. extaj-ord iijary. items. The 
final dividend—proposed on a 
gross basis': because of the 
possible reduction in the rate of 
ACT-—is raised from 7.61p to 
S.SOSp lifting the total for the' 
year from 11.846p to I3.05p, the' 
maximum ■ permitted. 

This represents a net final on 
the_ current tax basis : up from 
4.93p to 5.63 Sp and a total for 
the year of &613p (7.77Bp). . 

A one-Tor-one scrip. issue is 
proposed as well as an issue of 
one 10 - per . cent cumulative 
preference share of £1 each for 
every six existing ordinary shares. 

Mr. Bird says the group has 
held its sKare of world markets, 
and at the same time continued 
"iis exercise of strengthening the 
'financial and - management 
resources of. the group. Stock 
turnover increased In the year and 
borrowings Were Tetlueed. 

Exports led the expansion in 
sales, increasing to £16.3fim, 
representing 77 per cent of total 
output. UK sales also rose 
despite a .relatively depressed 
Horae market, and the company 
has continued its penetration into 
the EEC. he says. 

The closure of the Australian 
subsidiaries has been concluded, 
with the exception of one final 
■contract w hich' will be completed 
..during 1978-79. The anticipated 
losses incurred in' the shutdown 
. are as originally forecast, and the 
low state of the Australian market 
has justified the decision to close 
' the manufacturing facilities there. 

• • *• 1BTT-TS ’ 197A-77 

£000 £000 

Turnover .. _. ...-.'• 21 3TS IT.433 

Profit beforo'lax . . 3,142 2.784 

Tax ..' - tgs 

-Ndt profit ... fS.240 . 2.040 

.Exiraofdinars flrbtts . 2S fiS9 

AtirlbutabTe . 2.21S 1.421 

HtvMendB .. 41* . -'WS 

Betalncd . 1.901 . 1.038 

:>• AfljnsJi'd for EP19. The rffeci of Ule 
reduced rax rturee has been to Increase" 
■ rairihifs prr share front 22 .Wp- on a 
d-fr-rred ux basis u».M.£4ji on the new 
basis; 


BOARD-MEETINGS 

The following j com dames " ha, - t ' nm,fi c d 
dates of Board'' aiMtnn to the Stock 
Kxchange. Such nreellDSS arc . usually 
held for (he TinrposcS'" of itinsid.-rirc 
d(«atciM>. Official . ifflUrtMons an* noi 
avallabh: wtwihcr dividends cone, rn.-d 
are interims or • flnaJv .and ihi- »uh- 
divisions shown below *nw based mainly 
on last. year's Uim-iabtff.. 

; todaT 

taterlm»i Alhcd ..Breweries. Irish 
Dunlins: • 

Finals; Anderson 'Strathclyde. - Airwood 
Gomes, Bradford Property T njsi. E| *-c- 
tric and General Invesunont. Evans of 
t-veds. PVsscr. -PowaU Daflrvo Radiant 
Metal Fmiohlnff. RosttU Brothers tPad- 
diogton), SutcWfe SoeaKmao. 

FUTURE OATES 

Interim*: 

BAT Industries- S. ...I -. June Z' 

Cardiff Waiting: - -- Jwit 23 

Glasgow Stockholders' Trust. Joiw 23 

Uncroft KUgour.. * 

SC.B ... . . .. Juo.-27 

Tndcot Television-.......... Join- -c 


Finals: 

Gre^nt- Kins 

L CP . 

Urnoid 


... Tilly ft 
... Jhm v? 
- Jun... .*o 


• comment 

Petbow has joined the increasing 
number- of family- controlled com¬ 
panies to make a scrip issue in 
preference shares: a way of in¬ 
creasing income, and of releasing 
capital from the business without 
losing control: The news helped 


push the company’s share price 
up 9p to 220p. .Pre-tax profits axe 
up 13 per ccni and with almost 
bO per cent'of ; sales heading over¬ 
seas earnings look.set to continue 
their upward: growth- ' Margins 
have been clipped /by- more than 
one point due to stiff ,competition 
from the U.S. and-Germany, and 
sterling’s strength kr the first six 
months. According..to, Jhe com¬ 
pany its products nbwrecount for 
more’than 50 : 'per 'cent of UK 
generator exports in tbe. 60 to 
600 kilowatt range. Meanwhile 
Petbow Is trying to cuTdown its 
dependence on potentially un¬ 
stable Middle East countries and 
Europe, which now. takes in IP 
per cent of sales, was-the fastest 
growing overseas -market last 
year. At 220p the shares stand 
on a p/e of 6.3 and a yield - of just 
over 6 per cent rises by a point 
if the preference is taken into 
account. • •: 'r; • 

More growth by 
USMC Inti. 

The Leicester-based subsidiary 
of USM Corporation/USMC Inter¬ 
national, reports after-tax. profits 
up £837,000 to £5,789,000 for 1977. 
Sales increased by • £S,67m to 
£I22.47m, including expert sales 
£2.96m higher at £30.79m. 

The group, which'- includes 
British United Shoe /Machinery 
Company, Bosrik and. Tucker 
Fasteners of Birmingham, has 
other companies in the UK which 
are engaged in the manufacture 
of ma-diinery for the rubber and 
tanning industries. " 


TAXABLE PROFIT of Courtaulds 
for 1977-78 was overstated by 
£4m wy the auditors Price Water- 
house and Company. This resulted 
from the group's failure to apply 
{he relevant accounting standard 
m regard to regional development 
crants and I he auditors qualify 
their report in this respect. 

. In producing the published 
profit of £53.7m USU.&ml for the 
year to March 31, 1978. the com¬ 
pany credited these grants over 
a period during which the match¬ 
ing start-up costs and running 
losses are expected to. be incurred. 
Under SSAP 4 grants should be 
credited over the expected useful 
life of the asset concerned. The 
effect on the previous year’s 
figures was an overstatement of 
£700.000. 

On a current cost basis profit 
for 19 1 /-78 would have been cut 
to £10m t£40m) after extra de¬ 
preciation or £S3m cJtonmi and 
£ 16 m t£45m) for the replacement 
cost of stocks, less a gearing 
adjustment of £25m (I50ra). 

Capital spending last year at 
£56m was at a lower level than 
for some time the directors say. 
This was because in recent years 
sums have been invested in new 
plant and equipment particularly 
on the fibre and textile side, 
which must now be expected to 
earn a proper return. 

The emphasis has thus been on 
improving the quality and com¬ 
pel itiveness of the group's pro¬ 
ducts in international markets for 
1 he capacit ies already created 
rather than enlarging them 
further. 

Substantial spending has been 
committed to the modernising of 
the UK paint factories by Inter¬ 


national Paint, which increased 
profits last year, and to the con¬ 
tinued expansion by British 
Cellophane of its polypropylene 
film plant as well as to the im¬ 
provement of their film conven¬ 
ing facilities. At the hecinning 
of the current year capital ex¬ 
penditure authorised and out¬ 
standing amounted to £27.9ni 
l£44m). 

Capital spending last year was 
furnished from the company's 
current cash earnings. New bor¬ 
rowings net or repayments during 
the period amounted to £ 12 .fim 
including the raising of a £20m 
91 per cent sterling foreign cur¬ 
rency guaranteed Joan 1989 in 
December and early repayment of 
the DM 92m 6? per cent bonds 
lu84. 

As reported on May 26 in a 
depressed market at home and 
abroad external sales rose 4 per 
cent to £1.5Sbn i£1.51bnj. The 
net dividend is raised to 2 2u3p 
(2.(M12opi per 25p share. 

To avoid distorting the year's 
results exchange adjustments 
relating to non-trading items 
amounting to a deficit of flflfim 
t£3m) was dealt with in reserves. 

Working capital was down £9.2m 
(up £A5.1m) but balances at bunk 
and on deposit were up £30 3m. 
With bought-in materials and 
.services ai £972m /IflfHiJSmt Ihe 
value added during the year v.as 
maintained at 1693 7m (£603 8m 1 . 

In the UK domestic market the 
general lack of confidence during 
1977.7S led to stock reductions in 
the textile chain. Other adverse 
factors were an increase in fibre 
imports and a fall m fabric 
exports, the effects of which were 
only portly offset by. a marked 


improvement in exports nf cloth¬ 
ing. Th e r,v vraH effect was a 
sharp reduction m demand on UK 
man-made fibre producers. 

Of the ne " .mulli-fibre arrange¬ 
ment which is intended to regulate 
low-cost imporis, tin* directors say 
Ijruvided moniinrinv- 1 * effective, 
there is hope that ihe increase in 
low-cost imports will be more 
closely in kne with ihe growth in 
the EEC market than in the past. 
However, the new arrangement 
lasts only four years and gives 
little Time for the necessary 
restructuring to take place. 

Man-made fibre production in 
the UK declined by 11 per cent 
from the previous year’s level 
which itself represented a signi¬ 
ficant decline from the record 
level of 1973. Profit margins in 
domestic and export markets were 
reduced significantly. This was 
due in p;u-l lu the financial and 
general markei conditions. In 
addition fibre capacities, especially 
for the synthetics, everywhere 
remain far in excess of any likely 
demand for some- years to come. 

With slightly boner trading for 
UK clothing Mipphers to the 
home marker ihe group made pro¬ 
gress on many Trout* m its con¬ 
sumer product activities with 
some advance in prutii.s overall. 

Against a,background of excess, 
world capacity in packaging 
British Cellophane had a diffi¬ 
cult trading year Manufacturing 
units in both the UK and over¬ 
seas operated below capacity for 
much of the time Margins were 
squeezed by higher costs and 
lower export prices and profit 
here fell from £!i-'«in i'IJ5.6mj. 

Meeting. Wigmore Hall, \V. 
July 19, at noon. 


Whitbread aims to lift return 


WHITBREAD AND CO. is aiming 
to increase the return on its UK 
assets and to more than double 
the share of profits earned over¬ 
seas. 

Mr. C. H. Tidbury, the chairman, 
says in his annual statement that 
its first aim is to increase the com¬ 
paratively low return on capital 
in the UK—a problem which he 
says is not peculiar to Whitbread 
and 15 now acknowledged by the 
Price Commission. 

The second is to increase the 
share of profit earned overseas 
from the current level of some 
8 per cent to 20 per cent within 
the next five years. 

On the trading side, the 
improved trend seen in the second 
half of the February 25.1978. year 
has continued into the current 


year and he is confldenl the group 
will make further progress at 
home and abroad. 

He says the regained momentum 
of its lager brands is particularly 
encouraging. Another year of 
growth for its lagers and special 
beers is expected. 

Export beers have also done 
well although a promising start in 
Nigeria was hampered by import 
restrictions. Alternative arrange¬ 
ments to brew locally have been 
sought. 

With brewing under licence, 
directors are still optimistic over 
the New’ Zealand market while 
Mackeson continues to establish 
itself as an international brand. 
Arrangements have bcc-n con¬ 
cluded to brew at the Windward 
and Leeward Brewery at St. Lucia 


in the Caribbean, and progress is 
.also being Blade in Trinidad and 
Jamaica. 

Wine and spirit retailing in the 
UK is seen a* :« potential growth 
area for Whitbread. 

A current 1 : 0*1 statement with 
accounts shows ihe £43.5ni 
historical pre-tax profit cu; to 
£31.7m by addilmrui depreciation 
of £fl.6m and ;■ 15.6m cost of 
sales, offset by j £3.4m gearing 
adjustment. 

Accounts »hnw fixed assets 
ahead from £38:; 43m 10 1403.73m 
and net current assets up from 
£61.63m to £69 2m. There was u 
£0.U5m decrease (£31 72m increase) 
in liquid funds in the year. 

Meeting. Chiswell Street, EC. 
July 18 at noon. 


Hammerson staying oat of UK market 



Milbury Limited / 

• *. • ■ <” 

^ 

Highlights for the year to 31st Margfi, 1978 


Turnover £5,66B,722' an increase of 27-47% 

Profit before tax-£601,593 aivin crease of 24-14% 
Dividend 4-8p. \ _ an increase of 106-66% 

Earnings per share 25-32p .ran increase of 21 -32% 


Copies of the Annual* accounts^ may ; &e obtained from the Secretary, 
Milbury Limited, 178 Old Wellington Road, Eccles, Manchester M3Q 9QP. 


F 


The Hammerson Property and 
Investment Trust is unlikely to 
undertake any new developments 
in the UK in the Foreseeable 
future, Mr. Sydney M.ison. the 
chairman, confirmed at yester¬ 
day's annual meeting. Longer 
term, however, ’ Mr. Mason 
believes that opportunities may 
arise for a modest degree of 
central. London, office- develop¬ 
ments and for the * lfiffited pro¬ 
vision of shopping facilities. 

The current portfolio contains 
five development sit^s: two in 
Australia, two in Vancouver and 
one |p Reading. * In. reply to 
questioning Mr. Mason said that 
the grkup aimed at a return of 
3:. perl cent t2 per cem at 
minirmfcn) over and above the 
cost of money on any new 
.development. 

So fai as the existing portfolio 
was Concerned Mr. Mason 
declined - to quantify the current 
net asset value per share. How¬ 
ever. he said that VVoolgafe 
House, which is valued in the 
books at its £25m original cost, 
was presently worth between 
£40m and £30m. 

. Summing upL the current 
financial position of the company 


Mr. Mason said that any problems 
were now largely over. He 
intended to reduce short-term 
borrowings further by way of 
sales of properties but these 
would not be on a large scale. 

In fast he was relatively happy 
about the level of short-term 
borrowings and also about the 
group's accounting practices, 
where no changes—particularly 
with' regard to the capitalisation 
of interest—are planned. 

Baraoora Tea 
pays 20p 

Following the recovery from a 
loss In 1976, pre-tax profits of 
Baraoora Tea Holdings moved up 
from £776.966 to £837,378 in 1977. 

A second interim dividend of 
lOp is declared taking the total up 
-to 20p net—the last dividend 
totalled 5p gross in respect of 
1970. 

Turnover amounted to £1,681,856 
(£l.o72..3S4j. After tax of £506,691 


Brown Shipley expects 
insurance recovery 


Interim Announcement 


MARKET POSITION 


: ■ ■ . ' 

Half Year Ended' 

Half Year Ended 


4th March 1978 26th February 1977 

• 

(unaudited)’ 

(unaudited) 


£000's \ 

£000's 

. External.turnover. 

38.675 

35,126 

Profit before taxation 

3,641. - 

3,285 

Profit after taxation 

1,591 

1,435 

Earned for ordinary shareholders 

1,427 

1.235 

Dividends to ordinary shareholders 771 

596 

Retained profit 

bbb - 

639 

Earnings per share • .» 

6.58p 

5.69p 


The period of political and 
economic uncertainty which faces 
the UK makes prospects for the 
banking group of Brown Shipley 
Holdings particularly dlfflculi to 
forecast, but directors are confi¬ 
dent that the insurance group's 
overseas earnings will provide the 
basis for good recovery in that 
side of the business, Lord 
Farnham. the chairman, says in 
his annual statement. 

In the March 31. 1978 year the 
insurance side had difficulties, 
with growth of earnings 
restrained by the generally low- 
level of economic activity and rhe 
depressed state of world trade. 
The contribution was down from 
£0^9m to £0.Sm. 

Lord Farnham says that 
although the overall level oT 
underlying business overseas whs 
maintained the increase in the 
value of the pound, particularly 
in the second half, was the main 
factor influencing the result. 

On the banking side, where 
profits rose 23 per cent to £l.Slm. 
the movements in interest rates 
and in the value of the pound 
made it possible to earn good 


0 Turnover increased by 10% . 

# Pre-tax profit increased by 11% 

0 Post-tax profit increased by 11% 

9 Earnings per share up from 5.69p to 6.58p 
9 Dividend increased 
© Dawson acquisition concluded 

Extract from Chairman's statement 

"Overall, the Group has made progress during the first half 
year despite adverse trading conditions overseas. 

J H FENNER & CO (HOLDINGS) LTD 

The Fenner Group is principally concerned with the manufacture 
J{ power transmission equipment, mduswa conveyer belongs, 
materials handling systems and fluid seals. 


JV NatWest 

Cw Registrars Department 

National Westminster Bank Limited has 
been appointed Registrar of 

GNOME PHOTOGRAPHIC 
PRODUCTS LIMITED 

All documents for registration and 
correspondence should in future be sent to: 

National Westminster Bank Limited 
Registrar's Department 
PO Box No 82 

National Westminster Court 
37 Broad Street 
Bristol BS997NH. 

Telephone Bristol (STD Code 0272) . 

Register enquiries 290711 
Other matters 297144 




When you fly with Group 4, you enjoy ^ 
all the benefits private aviation has to otter. 

Plus a few others that the others can t p 
provide. H 

Because wherever you’re going in I, 
Europe, we're probably already there. *- 

Not simply with airport facilities, but ^ 
with an international network of offices in n 
major and minor cities all over. ip. 

Ready to provide you with cars, si 

communications, security services, local 
knowledge—whatever you need. Whenever - 
you need it. 

WbYe. better in the air because we're 
bigger on the ground. 

And when you consider that the name /j 
Group 4 stands for the biggest security 
organisation in Europe, there's only one /f 
sensible thing to do. /j 

Put it all behind you. // 


Group 4 Aviation Limited, 

Head Office; Staverton Airport, 

Nr. Cheltenham, Gloucestershiie : 
England. 

Tel: Chutchdo'.vn (STD 0 J 52'l 
855S77 

Telex 43607 __ 



(£282,5201. earnings per 25p share 
came through at 4a.5p (68.2p). 

Mclnerney 
reaches £0.9m 
-to pay interim 

An advance in taxable earnings 
from £440,621 id, £360.977 in the 
.second half of 3977 by Mclnerney 
Properties lifted lull-time profit 
from a depressed £632,621 to 
£902.977. Sales by tlie Irish-based 
construction group, \which has 
interests in the Middle East and 
the UK, slipped £0.36m to £2S.97m. 

Again no dividend is to be paid 
for The year—the last payment 
being tip fur 1973 from profit of 
£].ijm. However, the company is 
to return to the dividend list with 
an interim for 1978 of 2p per tup 
share. 

After lax of £302,700 t£365,705 1 
e?rnines per share emerged more- 
than doubled at 5.17p (2.47p). 


profits from foreign exchange 
dealings, investment trading and 
money market operations. 

Although overall demand for 
cretin remained low the leasing 
business was. buoyant, and assets 
held for teasing increased from 
£7.7Sni ir* £] 1.47m, 

The Make in Trinity Bank of 
Dublin was increased to 6S per 
cent in the year and directors 
are confident that in due course 
it will make a valuable profit 
contribution. 

The group plans to spend £lm 
on modernising its freehold 
premises at Haywards Heath and 
installing a computer centre 
there. 

Accounts show current, deposit 
and other accounts—including 
inner reserves and tax—up from 
£I5C.2:Jm to £179.54tn. and loans, 
advances and other accounts vir¬ 
tually static at £ijl.7Sm f£60.1mi. 
At the same time holdings of 
Treasury Bills, , bills discounted 
and certificates' of deposit rose 
from Ufi.NGm to £20m, and British 
Government and local authority 
securities holdings doubled from 
£7.78m to £14J29m. 

Meeting, Founders Court, EC. 
July 12 a\ 12.3D pm. 




Preliminary Announcement 

Group Results -for the period ended 31 st December 1977 



1977 

1976 


£ 

£ 

Turnover *?#§*’■ 

9,863.015 

9,965,610 

Profit beforeTax 

130.305 

27,846 

Profit after Tax 

149.685 

48.829 

(before extraordinary items) 
Extraordinary Profit/(Loss) 

35.908 

(267,941) 

Net Profit; (Loss) 

185.594 

(219.112) 

Retained Surplus (Deficit) 

139.779 

(259.431) 

Ordinary Dividends Interim 

5% 

10% 

Final 

12.5% 

5% 

Earnings perl Op ordinary share 

6.5p 

1.9p 


Subject to the confirmation of the shareholders at the Annual General Meeting to 
be held on 12th July 197S. the final dividend will he payable on 13lhJuly 1378 10 
holders of ordinary stock registered on 29th June 1978. 

Steel stockholding has been adversely affected by the general recession in the 
steel industry but turnover has been maintained under highly competitive 
conditions. 

In engineering the year has been one of consolidation and reorganisation. 

Total turnover has been increased and trading losses considerably reduced. 

The improvements made in the steel rolling plant have helped the 
contribution that this division has made to group profit during the worst period of 
recession since the early 1930*s. 

Under extraordinary items there is a profit of £34,077 on the realisation of our 
investment in Nigeria. 

Our activities are now centred on sfee! and engineering which will provide a 
firm working base rot the future.The recession in the steel industry continues and # 
does not look like improving for some time to come. Given reasonable trading 
conditions however the company will prosper and the profit oi the Group so far 
this year is in excess of the profit for the same period last year. 

Allan R. Pike, Chairman 

THE ULLESHALL COMPANY LIMITED 

ST. GEORGE'S, TELFORD, SALOPTF2 9BQ 



• -V., 


WILLIAM LEECH 
(BULDERS)LTD 


YEAR ENDED 28.2.78. 


TURNOVER 

1978 

£'000 

30,820 

1977 

£000 

25,943 

PROFIT AFTER TAXATION 

1.790 

2,409 

EARNINGS PER SHARE 

14.9p 

2i.0p 

DIVIDEND: Interim already paid 

2.5p 

2.5p 

Final proposed 

3.5p 

2.5p 

6.0p 

5.0p 


SUMMARY OF CHAIRMAN'S REMARKS 

1 Whilst a reduction in profit is never welcome. I firmly believe that In the 
context of the building industry last year these results are a particularly 
sound achievement 

2. The group has decided to adopt the proposals outlined 5n die exposure 
draft 'Accounting for Deferred Taxation'iEDh 1 '. As your Hoard t'eels it is 
unlikely any tax will be payable in the foreseeable future, the deferred 
taxation liability' shown in the 1977 accounts has been credited to 
reserves. This, together with the profit for tin - v«ir. has The effect of 
increasing the shareholders' funds from £K.9uf l„-,i var m £11£>7 jii, thus 
giving ail underlying value at cost of almost fl pn share. 

3. It is proposed to pay a final dividend of 3iip per share, making 6.0p (5.0p) 


for the war. 


J. ADAMSON 

City House, City Road. Nt-w t-astie upon Tyne. 
















1 




*>*> 



Extracts from the Annual Statement by Lord 
Famkatn, Chairman of Brown Shipley Holdings 
Limited\ for the year ended 31st March; 1978. 


With world trade sluggish and economic 
activity remaining at a low level, movements in 
financial markets were once again the domi¬ 
nating feature of the year for both banking and 
insurance broking. 

Sterling interest rates declined steeply during 
most of 1 977, only to be reversed during the 
last quarter, with rates today very similar to 
those ruling in March 1977. Similarly the 
value of the pound fluctuated sharply, the rate 
against the dollar moving from $1.72 in March 
1977 to a peak of almost $2.00 in January and 
ending at $1.86 in March 1978. 

The Banking Group was able to take advantage 
of the opportunities these sharp movements 
offered but the Insurance Group, with approxi¬ 
mately half its brokerage income earned over¬ 
seas, was adversely affected by the change in 
the value of the pound. 


lesylf the Tear 


Group profit, after taxation and transfer to 
inner reserve, amounted to £1,693,000 
(£1,482,000). A final dividend of 5.264p is 
recommended, bringing the total for the year 
to 9.264p, and represents the maximum 
increase permitted. 

Group disclosed reserves increased by 
£2,675,000, which includes retained profit of 
£1,180,000, realised capital proflts of the 
investment trusts of £882,000 and £732,000 
from the sale of No. 4 Moorgate. 


In a year of considerable activity banking profit 
increased by 23 per cent from £1,058,000 to 
£1,310,000. Although overall demand for 
credit remained low, good profits were earned 
from foreign exchange dealing, investment 
trading and money market operations and 
business with customers in raw material fields 
was again active. Leasing business was very 
buoyant and assets held increased from 
£7,784,000 to £11,472,000. 


Our Insurance Group had a difficult year, with 
growth of earnings still being restrained by the 
low level of economic activity and the depressed 
state of world trade. The result was 
disappointing and pre tax profit declined from 
£890,000 to £796,000. Although the overall 
level of our underlying business overseas was 
well maintained, the increased relative value of 
the pound was the main single influence. 


Fluctuations in financial markets bring diffi¬ 
culties not only to our own business but also to 
many of our customers. It is disappointing that 
their adverse effect on confidence is still with 
us. We hope that achievement of more stable 
conditions will be given a high priority. Your 
company stands to gain far more from a 
healthy resurgence of industrial activity based 
on stability and confidence than from alertness 
in identifying opportunities in uncertain times. 
The period of political and economic 
uncertainty facing us makes prospects for our 
Banking Group particularly difficult to forecast 
but we are confident that the Insurance 
Group’s overseas earnings will provide the 
basis for a good recovery in that side of our 
business. 


Year ended 31st March 


1978 

£000 


1977 

£000 


Profit of the Banking Group 
after tax and transfer to 
inner reserve 


1,310 1,058 


Profit of Parent Company and 
Insurance Group after tax 


Net profit of the Group 

Dividends 

Retained profit 

Other net increases in reserves 

Total gross assets 

Shareholders funds 


383 

1,693 

513 

1,180 

1,495 


424 

1,482 

456 

1,026 

(129) 


221,845 192,470 
15,798 13,123 


The full Annual Report and Accounts and Chairman’s 
Statement may be obtained from The Secretary. 



Founders Court, Lothbury, 
London EC2R THE 





TinSnei^vTunes 


— rm _ 



i « 


. ** ‘A'A'X-- 



More Australian 
coal deals 


BY KENNETH MARSTON, MINING EDITOR 

WHILE Australia's potential pro- countenance a large dearee of 
ducers or uranium continue to ownership resting with CRA as a 
wan for permission to start mine subsidiary of anoverseas ■’roup, 
development, the country'> coal pj> A i, ... , e ’,_ 

producers continue to play their honing behoved 

nar * «-«»» theworld* Mycan be ,S nd 

lo permit the group to take 


with further tnv! 

• .a ntf equipmentwouhfcs 
r. improve ..Superiors’:! 



Crescent Growth 
N. American expansion 


.-. -land wth gubstahTfel rflMwB Sl 

net tangible assets- at J3eeem£ 

- «, Jl977-wer»,«L2nt 


..Mr- NeetHec'added ttart.tn.a* 
.- opinion of-the- Board themarfceh 
■ value of; Superior's-" reserve* -of 
aggregates ; is substantially - £ 
excess 1 of- -their: cost Atfftich sfww 
at over $im ai fhe balance 
...dale- - ‘ -- - •. - .; \ 



BY ERIC SHORT 


part in meetin 
energy demands. 


Of the Australian coal * CA1L_™!!!* 


Hoveringbam 

for S6,5m f£3.Bm)-U^Mflontb. fn' 
line- with the groupVlppftcjr. 

Crescent Unit Trust Managers £726,000 with 83S unitholders, fib-ordination \ of 

jssKt-BtiSss 


export contracts to be announced buSSSS iJW*? 
new deals north more than ASSOm BKrESi i he Israei. contrac 


ueais Bonn more man ahudi 

t£31m» have been written by the ™ ^ ,'lK, 

big Utah Development group, 

Australia’s leading profit-earner to RTZ whieh^v? ^^Rtoffnex 
which is 89.2 per cent owned by exploration am hi? i nnm 
America’s Utah International and contractirith h £udi Habra’s 

SSta CCnt * Ut8h MiUin8 r iSt 7o 0f Peuol'eunr^d 

Th? importance of the latest M,nefal Res0Qrct *- 
Utah conlracLs is that they pro¬ 
vide justification for the AS250m T *•» _ • 

Norwich ParJr coal deveJopmenl udDaDGSG Sl&H 
in Queensland and give the com- c* C • , 

pany diversification from its sales S Atripan tfAfl 

tn the Jannnr-se -ileel inriiislrv the L ItUU 


to the Japanese steel industry; the 
new contracts are with British 
Steel. Romania, South Korea and 
Brazil. 


ore contract 


c . ASSOCIATED MANGANESE. 

SI earning coal export contracts which the Anglovaal Croup is _ 
with Israel, which could be worth major shareholder is in supply 
some A$13Um are reported to 420.000 tonnes of 'iron ore to 


have hewn secured by Coal and group of Japanese steel mills over 


Allied Industries (CAIL) and the the year to nest April with ship- 
Oakbridee group. The coni i* m «"«"»«« 


is lo merits .starting in October. reports 
he supplied to the Israeli Electric Richard Rolfc from Johannesburg. 
Corporation for its new plant at rr-u_ , . „„ 

Hadera which is due to start up in «JESL£T V 1 p i od '! c T?,»^ 
19SG y Sumitomo. Nippon Steel. Nippon 

State and Federal Government Kokan - Kobe *** Kawasaki, 
approval is needed for the CAIL No new capacity will be needed 
and Oak bridge deals. An import- to meet the order, according lo 
ant consideration for the CALL Anglovaal. Reflecting the recc.s 
group is that the Israeli deal will sion in the steel industry. Asso 
provide an cutlet for the new dated Manganese’s iron ore out 
Warkworth coal mine in the put was down from 754.000 tonnes 
Hunter Valley of NSW. in 1976 to 556,000 tonnes in 1977. 

Last month the Howard Smith Manganese exports over the same 
group and Rio Tinto-Zinc's 72.6 period fell - from 1.7m lo I.6m 
per rent-owned Conzfnc Rlotinio tonnes, 
of Australia dropped a joint Associated Manganese is also 
A887m take-over bid for CAIL. engaged nn an expansion pro 
but Howard Smith has since ject of 3m tonnes of iron ore 
increased its holding in the coaJ annually in association with U.S 
concern to 50 per cent. Steel. The last annual report 

T>e basic reason for the said this project was proceeding 
abandonment of the long-standing slower than originally intended 
joint take-over of CAIL was NSW because of the depressed steel 
Government reluctance to market. 


Dickenson absorbs 
Robin Red Lake 


D1CICENSON MINES and Robin thrown up suggestions that Dome 
Red Lake Mines, two Ontario gold is about to bid for Denison but 
producers, are to amalgamate, this is rejected by top manage- 
reports John Soganich from merit in both companies as hav- 
Toronto. ins no basis in fact. For Dome 

__. the stake is a simple investment 

« 1 and it is understood they are not 
closely hnked. o ^ seeking representation on the 

»i.4 per cent of Robin, white*. Denison board . 

Robins ore is milled in the 


Dickenson plant on a fee basis. 

Dickenson shareholders will 
receive one share in the amalga¬ 
mated company Tor one Dickenson 
share. Robin shareholders will 
receive one amalgamated com¬ 
pany share for every two and a 
half Robin shares. 


COPPER STRIKE 
EV INDIA 


Rich deposits of tin and copper 
have been located in the tribal 
district of Bastar in Madhya 
Pradesh, the states chief 


of *;• .i^Lnv MV Vi rend ra Kumar 

l ?c , C n °S J . Saklecha. announced. The copper 
meetings on June 30. is to create deposits were discovered during 
a stronger corporation with an excava tions aimed at assessing the 
enhanced capab hty to secure pilSj ,i bility of commercial tin 
substannai financing. Jnininp in the riislrlct . nTilcs r. K. 

Both companies have seen earn- Sharnia from New Delhi, 
mgs recover on the back of the Mr Sak(e ,. ha said it is now 
W e :* ul J ,on ^ nc . e ' Dickenson established that tin deposits can 
*978 first Quarter net profits be commercially exploited. This 
°r 9,.L . ®* 1 1 compared t0 j,e done by the State 

with C$160,000 jn the first three Government’s mining agencies, 
months of l«ii. while the com- assessment of ihe copper 

rarabie figures _for Robin 'vere deposits in Bastar is being made 
C$Ifli,000 (152.27-ij and CS14.000. an .-j t he Chief Minister expects a 
The higher hullion _ price has favourable report since the 
also helped Nortliulr Mines, whose mineral is present in adjacent 
Brandywine Falls gold-silver-iead* areas. A copper mine is already 
zinc mine. 73 miles north of Van- bf., n g operated in Balagliat 
eouver has recently completed its district of the Stale, 
first full year of production. 

“ With the currenl stabilised 
and 


ROUND-UP 


«old and silver prices. 

anticipated price increases in the .... _ „ .. 

near and longer term, it is .. V^ney. Pacific Copper said 
management's opinion ihat all 11 acquired a 10 per cent 

debt wHl be re-paid prior to the contributing stake in a uranium 
end of the current fiscal year." Mr^PCCllOOkmea.M of Yellow 
Mr. Donald McLeod, ihe presi- ►"«*? «n ihe Norlhwesi Territories 
dent said Linada. Tlte Canadian parent 

At the' end or la^r month, CjPP" Mines holds SO per 

Xorthair's debt to the Royal Bank ccnt ' t ’ n “ ors . 

uf Canada stood at CS1.3m pr^Pcel own the remaining 10 
l£73iS(J0i. having been reduced I ,er cent, 
by more than 053m since March . * . * * 

1977 In order to take un its 2.i per 

Meanwhile Coehcnour Wilkins cent entitlement in the Dcelkraal 
Gold Mines, a former Ontario rights issue arid avoid 

producer which last paid divi- investing fresh funds in South 
dens in J»*j6 and stiil controls Africa. London's Cnnsoljdaled 
properties in the Red Lake area. Gold Fields has .-nld 500.000 
is hoping lo reach an arrange- shares in Gold Fields of Smith 
ment with Campbell Red Lake Africa. This reduces the parent's 
Mines. holding in the latier from 49 per 

The idea is For Campbell Red cent to 45.0 per cent. 

Lake to undertake underground ■* * + 

exploration al Consolidated Arnico Steel, is building an 
Marcus Gold Mines, a Oxhrnour exr>erimental deep mine in 
subsidiary. Oklahoma and could later exploit 

Campbell Red Lake is 57 per 12m tons of metallurgical coal in 
cent, owned bv Dome Mines and lwn exploratory scams. Most 
recently receiv'd a parcel of deep mining operations in the 
shares in Denison >l : ttcs. when state have been abandoned 
Dome purchased a 10.1 per cent because of methane gas, thin 
Denison stake. seams and questionable roof 

Market talk in Toronto has conditions. 


P. Hill sees 

dividend 

increase 


expire on May 31. 1982 and is 
unsecured, interest being fixed 
bv reference lo the London 
Euro-currency inter-bank rate. 
Sir Keith explains. 

Following an. in vex* ment of 
£lm during the year, the company 

rix^S ^'u^V-K^and fhe Ac^ie^furaTun^ Im* 

. r ! s ’ n - Jv 11 ,! in lhc U , K , l !l provemcnl Holdings and the 

l .s and there is continuing un- ( j ]rcc j urs ret . art i Hi is investment 
certainly over the sterling as |, e j n „ n f a long-term naiure. 

The chairman repnrj, that ! 

Philip Dili In\esiment ^Tnusl wmpail »y long standing invest- 


exjicci lo recommend a 


ment policy has been broadly 


increase in the dividend for the nia i nla ined and is designed to 
current year, say? Sir Kenneth TOnt j mic lo 

improve income and 

Keith, the chairman, in his annual , hcri! rorc dividends and. at the 
lalement. 


same time, prnvide lone term 
Members are told that the in- growth of capital. Geographical 
creased .dividend already an- emphasis continues iu he concen- 
nounced by Beech am Group will t rated in the* I’K and the US. 
benefit earnings by 0.45p per However. Ihe company is seok- 
share. ing to increase its direct exposure 

As reported on May 26. pre-tax in the U.S. in such a way not to 
revenue for the year to March 31. prejudice ils dividend record and 
197S rose from f5.45m to £i»m and therefore the increase in us U.S. 
earnings per 25p share were 7.9p portfolio mu;<l be a gradual 
l7.0opl. _The dividend total is process. Sir Keith adds, 
lifted to T.flp (fi.fipi net. Tl le direotnrs helieve that the 

At the year end. the company's company should fully maintain 
25 largest holdings amounted tn indirect investment abroad 
ER1 09m and accounted for 51 1 5 Thrnuch its holdings ill British 
per cent of the market value of companies trading overseas: for 
its listed investments this indirect foreign content has 

Throughout the year, the Hiwavs represented a high per- 
valuation of the investments renlage of its purtF'ilm. ihe chair- 

acnuireii from the company’s , 

dollar borrowings, which amount The directors intend to_propose 


to i.'SSnm. exceeded the borrow- ?*£•?•■!, . al I he Af * M 


ins*, and so far this excess ha< 


lo amend ilie ariicles of associa- 


amounted tn sssm lion in nrder Rivv ,hc B,,ard 

Ci , “! , r ,J _ power to fix the rale of fee pay- 

Since the end o. the year, the aide to non-executive directors 
company na> arranged a furlher up to a maximum of £3.000 per 
multi-currency loan Facility Tor annum. Ii ls ihe Board'? intention 
s.im nominal f->r the pumn-ic of in increase I ho proent fee of 
financing portfolio in-.e<dnienu £ 2 ,oou by 10 per cent with effect 
in the U.S. This facility will from ApnJ 1. 1878. 


0( a new m* deed. holders end is vaioed ai 


The managers want to change The^ managers are anxJou? shaTes Tepresenting . 

the name to Crescent American launch an American fund: such ^ ? c | nt 0 f the ordinary to, se^ . ■ 

Fund and while the investment funds proving this year's capital of Danish Baconl "' • 8?,Airdrie, . 

objective will still remain long sellers. It would join the two ^ directors say :they. look di^Iosed ^ sum^- • 

term capital appreciaUon, coexisting overseas luMS-tM forward to the dose co-operation. grifaslr ' j* 

achieve that aim by directing the Crescent International Fund and with Ess .Foods that this direct Daigety.- I. 

investment either exclusively or the newly !g l unc ,^„-S^"I.Jlnanrial Hnk will faeflitate. and.; Thc a ? rWment; fe'^bfe ifl^^'; 
to a very high percentage in North Tokyo Fund. The proposcd move Mr Sven d Bemscn-of : Ess-Fo.od completing n nd sfenin'g^fermS 

.\niericar companies with above winds up a small fund and at the (uj() was apnointed to the Board documents. -‘ The sale'does not 

average growth prospects. same time launches a new fund. ot D an i s h Bacon Company on .include Publtckeria 

The Crescent Growth Fund „ ^ Jane 16. opeijations located.^-'In-' iSeottud/ 8 

was established tn November. fc^-FOOD STAKE ' - ' ’ ■ -l'-rc 

25 22 »wSS IN DANISH BACON. HOVER 1NOH AM j. A .' BEVgNigf^- 

/.hotel purchase 

of growth funds were launched by bacon faclories in Denmark have yesterday said ui a. circular to J: A.^ Deveoisp. and h* ■ ^ .- 

various unit trust sroups. The each agreed to sell 20 per cent, of shareholders on its recent acqatsi- 'agreed teriJK upon will ' id-*" 

“ B ” ordinary tion of Superior Sand and Gravel,make an offelt of -£3^000 . caah "' 

n.J _ _ . n___ Tovoi 'Vial «Vb _I_1. ‘ 





various .. . . .. 

fund has not been popular with their holdings or _ -—^ -- —. - _ . . .... • —— —- — 

investors compared with the shares of £1 each in Danish Bacon of Houston, . Texas. JaJ tor the GroeiUm^Hotel pimpany 

Others in thp Crescent stable, its to Ess-Food, the Copenhagen- introduction, of HOvcri nghwni ? (FalmouthL ^a- priyate^company 
vainl ii Mav 1 1978 being based ventral organisation for the skills and experience • together which owns the thcee-sfar hotel 4 

value ai .. . that name in Fataloothl-GomwaiL 

The offer, is supported ^ By. the 
Board bf GreqnWink.'.* * o- -. 

After. the JtCqui^tlon, Devemsh 
intends' <to continue.- to; operate 
, and . develop the hotel "under its 

.... .. ' existing.staff ahdT .management. 

The Guinness Peat Group stands Guinness Mahon and Co., the with the balance satisfied by tho :- '. 4 “ 

to cam substantial benefits as a London-based merchant banking issue of 6J per cent unsecured >riwii? ' " 

result of the bey role played by a subsidiary, has arranged much of debentures redeemable in 1981.. , *•' UUVVil . > .. 




GPG in £25m Sudan project 


r l> • 


-i: f 


SCf ■ 1 e “ u ‘ 

• . 1 • 
jr - ' 

i- ■ 


for all 


meat processing 

Hrt u KnV'*rr h s aasy-asp -2 

Pefrieeration^ and cold * storage export marketing agreement with 
plus related facilities including ^eleit to orgamse and aduuntoer 
animal quaranUne for receiving the npor' of meat and certain 
raiila nnrl chopn niirrhased from bj-products, 


Executor anq irusiec ^ 

has been appointed to act as- stores have been .fully integrated £T70;000: - It B not .^Ltttieipated 
.. . — j- vl- i_._ .. n o»irt«nn ... . . that any T^undaJKneajysiffTtrise. 


the. into its organisation. 


Vt*> " ‘ • 

VG'- : 


cattle and sheep purchased from 
Sudanese livestock producers. 

The U.S.£45m will be channelled . __ xrivn-uci 

through a specially created HOWARD TENENS 
company. Seleit Food Production. Howard Tenens Services and 
which is jointly owned by Paktrans. the transport and distri- 
Guinness Peat (10 per cent!, the bution division of the Pakbo^d 
International Finance Corpora- Group, have reached agreement 
lion (a subsidiary of the World for Paktrans to acquire the Air 
Bank), the Sudan Development Wingate division, the UK . air 
Corp., the Abu Dhabi Investment freight forwarding subsidiary- bf 
Authority, and the Sudanese Tenens. The sale is subject ".to- 
Animal and Agricultural Produc- contract and formal approval-by 
Uon Company. the Bank of England. 

Many of the Guinness Peat 
Group subsidiaries are involved 
in the project. CPI has overall OWEN OWEN 
responsibility for the project and ©wen Owen, the Liverpool stores 
has signed an elght-yMr nianaee- has completed its 

acquisition nf Suters which oner- 


includes detailed project ate ' s lwo department stores-at 
supervision of construction and 
day-to-day commercial manage¬ 
ment of the company. 


Slough and Uxbridge. 

The group paid £1.75m. : in cash 


Customagic Board split 
widens over Mooloya 


LAST NIGHT it appeared that ordinary shares purchased imme- 
ihere was a Browing rift between diately after the announcement, 

Ss SSSSSs wwiiffi. ■ass 

directors of Cus^omagte a f ler t h e capitalisation. issue)— 


faciuring over oaoiioya invest- etjua) to a boul 96.97 per cent of. 
ment s £lm bid for tlie company. ^ cap i la i 
The independent directors said 
in a statement last night that 
Mooloya’s bid of 20p cash a GEO. EWER 
share was inadequate and that An associate of Dee Computer 
they did not intend to accept in Services which holds 4m shares 
respect of their 23 per cent in George Ewer and Co ' has 
holdings ’ bought 400.000 shares. Combtned 

However the Tprry family shareholding of Dee Computer 
interests CX con troll ing **3 20 pe*r ■*!»«■-*«* no ' v 


cent plus interest have already 
indicated that they intend lo 
accept the offer. 

The offer document sent to 


2958 per cent. 


CAPLAN PROFILE. 

Caplan Profile of the UK has 


Customagic shareholders yesler- been given the go-ahead by the 
day reveals a series of material Foreign Investment Review 
contracts involving among other Agency of Canada to purchase 
Mr. Remard Terry, who has Expanded Plastics, an Ontario 
agreed to serve as a director of manufacturer of polystyrene 
Customagic in charge of the mail frames. 




_v 


i-rt 1 


TIES ~V.: ■ 


, J v:; 


m GROUP ACT1VITLES 
=i-~ Manufacturers of hot drop forgingsat^-pressii\ga m 
=4 ferrous and non-ferrous rrietafs^ j t t wg tr n erft casfeiflB • • - ==z 
= and special purpose machines. Efectdcal-fastallaBon' , = 
and repairs and efsctrical surface heating^ 1 •:>: •‘^’r v . v^ 


1 RESULTS- 'v 


= Year ended 28tl» February 


E£ ■ ’. ‘ 


^ Salas T . - . ‘ 

27,235.008 ' 23^ 888 4 

= Profit before Taxation; 

-LTOW38 V-. 4 

= ' Profit afterTaxotfoi 


= Ocd. Oiviifemfs per . ' 

• --r. T - ;; v .■". ■ • ■A.t.fi 

~ share (Actual):''' • *. : > • 


| Eamiugs per share . 1 




• • " 
rj.: 

-. -5r diw -n 

. s-.E ' ' 

CSTf!*-*- • ' : - 

au'ir.rt!: - .-' r- ’ 

' -i: iui : '" ; *' 

. jaiii jr.; 
ifKcre:;. her: ' 


:-.j; 


jcti-K 

ixzr. b ?.!.! Jsn-‘ H 

}3KtBrr.cacur 


H MR. C.W. PERRY REPQRT^ ;!^Jvr . - ^ m 
3 Sales up 17% and prbfi^ up 47% an : -"s 
m thehighest yet jn thehistqrycf the-, ' 

company- .■ : ~ - : ^ 

' -*!f - The Farging-Dhrisioawas iTotabrfrto - ' 

' ^ maintain the gratifyliig profit T ^"'9 " 
HI performance level of the prevraxteyear ~ 

=5 and the indications are that thrs ;M 

s division will remainjn a depressed ; . " = 
p . state for 1378-9. . ;• .- /. ■ = 

p The resultsfor the Manufacturing • -g 

~ ss Dhnsioii are Very encouraging. Therels. •=.. 
- m no reason why this division cannot : S' 
p look forward to further achievements 
p during the current financial yean : " §:• 

HI Improved trading in the Electrical • “ w'Sf 
p Division resulted In a satisfactory . js.: 
^ return in profits and if this .. . : ' 

£ -5 improvement In trade Is sustainedtfrQi ■ '• B- 
=1 upward trend should continue 
p throughout the current financial year. ,. 

s Copies of the faff Statement and Accounts - 

S obtainedfrdmtheSecretary. 


The Be 


orcv i - 
t-xi 1:« 

. (cr:r.i i- 

.an—; i-.c ii 

'-tTJf .. 

ilba. '. 

t,. 




,1... a.~U ..J- 4 ; 

h-ij. 



THE DERJTEND STAMPING COMPANY ttp. 

St. Richard’s House, Victofia . Square, Droitwfcft - J==. 
WorcestershireWR9 80S-'.• 1: •; 


Ihe Re 


order division. 

Among other material con 
tracts outlined in the document 
is a foe to Gras d'Eau Consul¬ 
tants “ in the event that certain 
shareholders of Customagic 
accept an offer by Moeleya for 
their shares." 

Mr. Terry's appointment as 
di reel or in charge of mall order 
is subject to the offer going un¬ 
conditional. ... 

Mooloya wilh the Terry family 
ini crest has received acceptance 
representing around 47 per cent 
of Customagic. 

Custnmagic's chairman, Sir 
Cecil Burney, who is also 
Mouloya director and has taken 
no part in Mooloya bid. is under¬ 
stood to be one of the Customagic 
directors rejecting the offer. 

Mooloya also said the company 
is holding talks with "a highly 
experienced and successful tex¬ 
tile group wilh a view lo their 
being involved in the manage 
merit of the trading activities of 
Cuslomagic." 

It is confident that this asso¬ 
ciation. together with Mr. 
Bernard Terry's assistance. \vi 
‘rapidly restore the trading 

activities nf Customagic to 

profitability." 

Custrimush- suffered a pre-tax 
loss of EI5.S06 for the six months 

In October 31. Iftn. compared 
with a pre-tax profit of £13.000 
in the comparable perind of 1976 


BRIDGEWATER 1NV. 

Shares of Bridgewater Invest¬ 
ment Trust have not been 
requoted <>n the London Stock 
Exchange as reported In Satur¬ 
day’s paper. A relisting is 
expected once an offer document 
rrom Sagest SA, is posted to 
harcholdera. 


NEWS/HEWITT 

The offer by News Holdings for 
F. Hewitt and Son (1927) has hen 
accented in respect of 120 035 
preference shares iR7SR per cent* 
anil I0H.S02 preferred ordinary 
•.hares (04.26 per cenii. Both 
offers unconditional and remain 
open. 


AURORA/OSBORN 
Aurora Holdings has received 
acceptances nf the offer fnr 
Samuel Osborn |n resnect of 5.22m 
ordinary shares (prior In capita¬ 
lisation issue). Together with tlie 
.31m Osborn ordinary owned 
before the offer and the 2.39m 






i 

‘ • fc'flUli; i 




t..- . 

M . “ 11 .4 ■ "A 


UMITED 



Ptn.pvn 


-■Vi,. 

;: *^ltnn 


P-irirc 

l 

■Li • ri'-i 


■ . • ... M.y\ 

Points from the Annual Report and Statemehtby the CfiamWl^: 

l\Ar/-PSStamm 0 rc:fnrthciWCiaranr/inri Q1 AJfarr>h "JQjQ ..'v-,-.-i ; v-7..ifc. ' v ‘ : ‘ 


------.:.,-V' r "’i 5^*^' Ho: 

■ The turnover at £24 million (1977: .. ■ During th& yearC^& WrightPptMj* *2^’^ : 
£21.7m) is the highest for the group to acquired Air Tools & CompressQrsJjff 

date and the profit before tax of £1.19m . add to.its existing subsidiary, Cox &\A^ightu r - ■ ** ---f, 


h.-.j 


(1977: £0.76m} is slightly better'ffian we 
have ever achieved before. • 


■ The board recommend a final dividend 
of 3.8p net per share (1977:3.7p).‘ 

OurCivil Engineering Division achieved 


• a-r - 


bution networft" Boft bbrripahres^ ijclw.- -.. 
now been merged : en^in f^i^.Mrira^ ; :'V! 
as ATC PneumaticsL[rrfjtS. i f: 

'■ We announcedih'Jahuaryth^wB'h^c^-.'.-* 

profit - reflecting great credit on the ■ reahsmg -aHprqfrt S, 1 ; 

announcedthis^year was the disoosalby^ - s .s 


management concerned. 


H The Refractories Division produced 
yet another record. This is particularly 
impressive when its main customer; toa 
steel industry, was running at only 60% ■ 
capacity. : - 


■ The Process Engineering Division and 
the Mechanical and Structural Engineer* 
ing Division,both managed good profits. 
The latter division includes 
eering which, in its Golden 
achieved excellent results. 

















Competition and 


"Voii war know thai this-Industry has again beea thS subject of 
Gwxmmeni invesiigatioiT, this time by the Price Cbm/nission in 
regard to beer pricesrand inargihs. The subsequent report made it 
quite dear that beer.prices had risen less than prices generally. and 
that margins'were not excessive^ However, theiiPrice. Commission 
went on to comment^n *he structure of the Industry, although it had 
made no attemptio obtain, recent evidence on this-matter*. ■. 
i Th e .l n dustry ihen_issued a reasoned response.,,!© the f rice Com- 
• ™’- s ' 0n Report, answering,the points of criiicismiandreminding the 
Government that the. Monopolies Commission Had already, come to 
the conclusion that there were no practical alternative arfangemen is 
which.would berriore Advantageous to the customer than the present 
. system. . . y_.. 

The Price Commission has since completed a further investigation, 
this time, into an individual company, namely Allied :Breweries. The 
report published covered the same ground as that op the Industry, 
and, once again, confirmed that profit margins arc not excessive, and 
acknowledged that the method of valuing brewers’, .public houses 
i ;>hows a low return to the Industry.on the capital involved.__' 
k The' Brewing Industry has been in discussion with the Governmeni 
•Tor some months past on these subjects. I am pleased to-report that 
.Secretary of State at the Department of Prices and;Consumer 
.Protection, in a statement made on the 2nd May; welcomed 
assurances given by the major brewers on area? covered-in these 
dtscussjons. The main, points concerned prices, where, the major 
brewers, have undertaken' to - endeavour to hold prices, fbra period of 
£rum six to twelve;months, and that efforts win be continued to 
deduce con central ion of ownership'of pubs in certain areas, and to 
explure the possibility of exchange of beers where there is a com¬ 
mercial demand. • 

Wc look forward to a better atmosphere between the Government and 
the Brewing- Industry in future. We are proud of our Industry, with 
its eighty brewing companies, its pubs and the pint of draught beer 
which are unique to this country. Competition, is ip tense” between 
brand and brand, and pubs and clubs. Choice in the outlet^from my 
experience; is wider.in Great Britain than in any other connin’ in the 
world, and this has also been acknowledged by GovenunewjdWany of 
our competitors find it profitable to sell your Company's.hrands, and 
we shall continue to offer our customers a wide range indraught, 
bottled and canned beers, in addition to wines, spirits and soft drinks. 

L sincerely hope that both Ministers and the Price Commission will 
now leave this Industry in peace, so that we can bend all onr efforts to 
the task of increasing the real wealth of your Company and of the 
country by. budding up our trade and. earpings abroad, and ijnproving 
the return on onr assets athome. .. .. .'.Jr.- : 


The Board 


1 would like to pay tribute to my predecessor, Mr. Alex Bennen^who 
retired K .Q^?[rao'.on the.31?t December* 4977 Sc after 43 years 
semcc. Gke ColonS NSTiitbread, he has given a lifetime's work to the 
Company and, with, a very-human touch, has guided Whitbread's 
development through the diJfficult inflationan- times of the last seven 
years. We att wisbifrim a happy retirement, and/re most grateful for 
the time he has agreed tospend in continuing® help Whitbread and 
the Breuing IndastfyC.Hc remains on the Boa/3 of the Company, and 
continues as' Qiarrman.of.ihe Whitbread Javestmehl Company. In 
addition, he. is staying: on as Chairman /l the Brewing Research 
Foundation and has also' undertaken thcXjeputy Chairmanship ol the 
Food and Drink industries Council, two wry important tasks both for 
Whitbread and the-Brewing Industry. : 

We also wish a happy retirement to Mr. J. E. Martineau, who retired 
in July after more than fifty years wjfli Whitbread, forty-th e ot them 
on the Board, and we are grateful .to him lor all he has done for the. 
Company over ali these years.. 


The Retail Trade 

■ . ■ • \ 

- -Whitbread has some-8,0Q0 retailers and their-wives, as well as some 
5U.000 Free Trade customers. I try to meet as many of them 
personally as I can, and 1 would, like to pay tribute to them tor the-, 
uniqu.e service they provide for-their customers, the public, and io 
thank.ijierii for’their continued support. Good delations with retailers .- 
must be the corners tone, of any successful business in this Industry,; 
jAnd wo inthe Company will continue to work to maintain a happy - 
>and prosperous pannejship on an individual basis. 

* Recently, the National "Ciii bn of Licensed Victuallers, the tenants’, 
association, has publicised a list of points of review with the brewersv 
and these arc.being discussed by our.local Companies with the local 
N-U.L-V. representatives. Wc are confident of a satisfactory outcome; 
to these discussions. - ’ 

Our tenants have had a difficult time over the last eighteen months;.; 
squeezed by continuing inflation and a depressed trade. However, I. 
am sure that .this- phase will pass and. as such, it is worth reminding 
ourselves .that the Brewing Industry offers a unique opportunity for- 
' the licensee-and his wife to build up their own business with a relar.-. 

lively small capital put lav. There is the opportunity for ambitious and; 
•'energetic people to set up on their own. Inis requires great effort bill 
-also offers a tairrefurn for enterprise and bard .work. It has to be re- - 
--cognised that there is an dement of ri*k to both sides ol this panner- 
.'shipT and-being a licensee.these days is.no sinecure, a fact oltcn for¬ 
gotten b>' some critics of our Trade, . 

I would also like to thank bur 2,000 managers and iheir wives for the. 

. immense amount of hard work they have put in over the past year.- 
Vic maintain an extremely good relationship with the National 
Association of Licensed House Managers, and are proud that the 
Vresident, Mr. Bill Scenting, is one of our managers, as is the.im¬ 
mediate P as t 1’resident, Air; John Lewis. 


Social Problems 

.We all remain concerned with the problems that abuse of alcohol can 
produce in society. The extent of such , problems can be exaggerated- 
but ihey are none the less real, and the Brewing Industry actively 
supports mam - of those organisations concerned with them the., 
-main areas being under-age drinking,, drinking and driving, and 
violence. 

The increase of violence in our society is something iha> worries, 
cvervbodv, and, as manv of you will bare seen, the Company ran a 
■questionnaire advertisement as pan of our corporate advertunng 
campaign'during last year, on pub violence. The response wassig- 
inlicam, and it .was apparent that both the public and membe J- 
Trade supported the need for increasing efforts to try to understand 

and combat the growth of violence. , 

\Ye have now set up a TO thread Research Foundation at Uxtarj: 
I'mversitv’s Department. ofT.xperimemal Psychology ^ look inore 
deeplv into the subject. The Research Team will 
•composed of members of the Company and eminent P«bhc fibres of 
experience in this area. I am pleased to report that Lord Carr =nd Sir 
Arthur Peterson, a former Permanent Secretary at the Home Office, 
have agreed to join us in this endeavour as Trustees. 


The Chairman 9 s Statement 

Mr. Charles Tidbury’s Report for the 
year ending 25th February, 1978 

May I sian rfF by saying how honoured I am to be writing this Company Siaiemem for the first rime, and not 
without some-trepidation. 

1977/78 was a difficult year after the record vear of 1976 / 77 . The summer weather was not good, the economic 
climate was dull but, most important .of all to Whitbread, the quality of our service to our customers in 
certain areas was affected bv 


unofficial industrial relations 
problems, and, as a result, our 
trade suffered. Trading profits 
before ihe adjustment for 
foreign exchange, were 10.6 f < 
down at ihe half-year, although 
I am pleased to be able to 
report that, after a concerted 
effort by everyone in the Com¬ 
pany, the second half showed a 
10.5*7 improvement. At the 
final outcome, trading profits 
for the year were down by only 
3 r »\ and profits before tax up 
by nearly 4'i. 

Trade 

— Beer 

Our trade performance for beer 


VITiat is particularly encourag¬ 
ing is the regained momentum 
of our lager brands, Heineken 
and Stella Artois, despite the 
very poor spring weather. We 
expect another year of growth 
for our lagers, and our. 
speciality beers, notably Gold 
Label and English Ale, which 
continue to make good 
progress. 

Our exports of beer have also 


centrated at Hatfield, which 
enabled us to sell the Chelsea 
premises. Not long ago, many 
people thought that shops such 
as ours would bow out before 
the weight of the supermarket 
chains. Thanks to the local 
service and trading ability of 
our staff and managers, this 
has not proved to be the case. 
We are pleased with the results, 
and we regard this area as one 


by nearly 4 i. hampered by import restric- 

lions, and alternative arrange- 
1 menis have been sought to 

*“■ w brew (ocallv. As far as brewing 

— Beer under licence is concerned, we 

_ , _ , are stiff optimistic over the New 

Our trade performance for beer Zealand allhough lhe 

last year divides itselt into two broadening of distribution in 


done well, allhough a promis- ' ot P° ienl ‘ a * growth for the 
ing start in Nigeria was future. 


Stow ells of Chelsea celebrates 
its centenary this year; having 
started from a single shop in 
Ealing, it is now one of the 


largest wine and spirit whole¬ 
salers in the U.K. Langenbach, 
our German wine business, 
founded 125 years ago, has 
now doubled in value since our 
purchase of it four years ago. 
During the year Stowells 
acquired Hawker's Pedlars Sloe 
Gin, a brand which we believe 
has potential both at home and 
overseas. 

Long John whisky had a good 
year overseas, and sales at 
home have surpassed. the 
expectations of even the most 
optimistic among us. With 
Black Bottle, Islay Mist and 
malt whiskies Laphroaig and 



Mr. Charles Tidbury 

Tormore, we have the neces¬ 
sary brands for an important 
market sector. This year, 
Plymouth Gin has made 
encouraging gains. 


distinct periods—from March 
until September, and then 
October through to Lhc present 
time. 

The first period’s wlcs were 
disappointing. Apart from the 
general slowing down of lhe 
market, our situation was 


that country continues to be a 
problem. Mackeson is continu¬ 
ing to establish its position as 
an international brand, and in 
the Caribbean arrangements 
were concluded to brew at the 
Windward and Leeward 
Brewerv in St. Lucia. We are 


further exacerbated by indus- a jso making considerable pro¬ 
trial relations problems. This gress in Trinidad and Jamaica. 


caused us io lose share to 
our competitors. However, 
during this period of poor 
trading, Whitbread Trophy 
Bitter continued to make good 
progress, as did some of our 
local ales such as Marlow Bitter 
and Fompev Royal. Sales of 
canned beer through the Take 
Home Division' continued to 
out perform the market, and 
our new organisation in 
Whitbread Scotland resulted in 
a substantial increase in trade 
qt that area: \\ 

From October onwards, our 
sBes began to improve, and 
.siace then we have continued to 
retain lost ground. Our 
supdards of supply and 
customer service during the 
Chlstmas trading period were 
mu* improved, resulting in 
our\second half-year's trade 
bein| significantly ahead of the 
previous year. This improved 
trend continues through to the 
present time. 


— Soft Drinks 

Our Soft Drinks Company had 
a difficult year. The adverse 
summer weather depressed the 
total soft drinks market, and R. 
White’s lemonade suffered 
from this along with the rest. 
One sector where we managed 
to do better than the market 
generally was in mixers and 
fruit juices, with our Rawlings 
brand, which continued to 
increase its market share. 

— Wines and 
Spirits 

Trading in wines and spirits at 
home last year was not easy 
but, at the retail end of the 
business, our Threshers’ and 
Mackie's shops made good pro¬ 
gress. During the year, twenty- 
six shops trading as Agnews 
were added to the chain,, and 
the headquarters for the total 
operation was successfully con- 


OUR RESULTS 

YEAR TO 25th FEBRUARY, 1978 

1978 

1977 

£000 

£000 

Turnover 

573-369 

51S.473 

Profit before Tax 

43,518 

41,897 

Tax 

6,786 

30,421 

Profit after Tax 

36.732 

31.476 

Dividends 

9.363 

8.341 

Retained in the Business 

28,921 

22,134 

Earnings per Share (pence)—-basic 

16.13p 

13.78p 

—frilly diluted 

14.76p 

12.67p 


5 Year Summary 


Turnover 




fcii 

mmMtd 





l : -T; \ .• 

• ... ? 

' 

• r 

- >. vj. T ■ ' 


I 

r\ .. 



- 5 : :• -v. • 

■ -v... . w. 1 : ■' 

^ - Tj - jV-- ?y T v 

• . . • 4 . ■ - 

- , ^ . * • »* 
A ' ‘ 


Whitbread tankers ready for loading at Samlcsbury brewery, Lancashire, where the company has invested more than 4 30m. 


INVESTMENT 


-Last year, a total of nearly 
£50m was invested in the busi¬ 
ness, with production of lager 
and distribution requiring the 
lion’s share. Some people have 
said that it is the brewers who 
: force lager on a defenceless 
public. To that I would say, it 
is public demand that creates a 
market, and the sum of nearly 
£120m that your Company will 
have invested in lager will 
enable us to meet that demand. 
The same applies to the grow¬ 
ing take home trade, where our 
Take Home Division continues 
to make encouraging progress. 
Sufficient canning lines are a 
prerequisite to support this sec¬ 
tor of the trade, and we are 
making the necessary invesf- 
. meats. 

We intend to increase pro¬ 
gressively our level of invest¬ 
ment into new pubs, the 
improvement of our existing 


estate, and the Free Trade. In 
April 1978, we successfully 
issued £I5m of Sterling Foreign 
Currency Bonds at par with a 
coupon of IOJ'vj fixed for 
twelve years. Annual redemp¬ 
tion from 1981 gives ari 
average life of approximately 
94 years. This money, which 
was, raised through a con¬ 
sortium of international banks 
led by our merchant bankers, 
Kleinwon Benson, will be used 
io finance our investments in 
U.K.. trading assets. 

Production and 
Quality 

Unfortunately, changes in the 
market place lead to changes in 
our production requirements, 
and during the year the 
closures of Rhymney and 
Blackburn breweries were 
announced, to take place 


during 1978. We have tried to 
soften the blow by careful plan¬ 
ning, and are keeping a 
distribution depot in both 
places. 

As well as completing the 
Strathclyde Distillery for Long 
John whisky, we have con¬ 
tinued our construction of the 
new plant at Magor, which 
should be in production in 
1979. Magor is in Wales, iust 
across the Severn Bridge. This 
brewery, on a sixty-acre land¬ 
scaped site, will represent a 
major development for the 
Company. 

The continued high quality of 
our products has been ensured 
by a strengthening and re¬ 
organisation ..of our Quality 
Control during the year, which 
is now yielding benefits in the 
quality of our products at point 
of <ale. This year wc are 
extending oar control to the 
manufacturers, of our raw 
materials arid packaging by the 


appointment of a Quality 
Control Inspector. 

I have noticed that, in assessing 
the value for money the public 
are witting to pay for a product, 
a little extra is always available 
for the one in perfect condition 
and whose reliability can be 
depended upon. 

Chisweli Street 
Development 

As l write, we have just con¬ 
cluded partnership arrange¬ 
ments with Trafalgar House to 
develop two blocks, totalling 
• 400,000 sq. ft., of offices on our 
site. The construction contract 
will be lei ro Trollope dc Colls, 
and wc believe that there will 
be a demand for good office 
space in the City in two years 
time—a large investment de¬ 
cision which shows our con¬ 
fidence in the future ol the City 
and this countrv. 


The Overlord 
Embroidery 

’lhe Company were very 
honoured when Her Majesty 
Queen Elizabeth 'lhe Queen 
Mother consented to open the 
Overlord Embroidery Room at 
Chisweli Street on the bth June 
this year, the 34th anniversary 
of Operation Overlord, the 
Allied D-Day landings in Nor¬ 
mandy. 

The Embroidery was com¬ 
missioned by Lord Dulverton, 
and donated to the nation by 
him in 1973. It was designed by 
Miss Sandra Lawrence, and 
took the Royal School of 
Needlework five years to com¬ 
plete. It is now on loan to the 
Company from the Overlord 
Embroidery Trust, and is on 
view to the public throughout 
the year. 

1 hope that our shareholders 
will find an opportunity to visit 
the Brewery to -see ihe 
Embroidery, and to see the 
work that has been done on our 
retained buildings on the site. 


Sponsorship 

Your Company has always 
been in the forefront of 
innovating sponsorship of 
sporting events, and ive were 
very pleased this year to 
organise once again, in 
partnership with the Royal 
Naval Sailing Association, the 
Whitbread Round the World 
Race. In addition to such old 
favourites as the Whitbread 
Gold Cup at Sundown Park 
and the Badminton Horse 
Trials, we now include awards 
for literature and the arts, to 
say nothing of golf, cricket, 
tennis, speed-boating, darts anJ 
many others. 

W'e are confident that sponsor¬ 
ship of this naiure helps to keep 
our name and our products in 
the public eve, and in addition 
encourages sports that are 
ol interest to manv of our 
customers. 


Philosophy of 
Whitbread 

As you know, we are still a 
truly family brewing company, 
of whose independence I believe 
we can all be proud—but we 
have to keep the business suc¬ 
cessful. Success means making 
reasonable profits to allow us to 
invest in good research and 
development and modern plant 
to enable us to compete with 
the changes in the market 
place. It also means good cus¬ 
tomer service, a fair return to 
our shareholders, and a decent 
livelihood for those who work 
in the business. 

You will find Whitbread & Co. 
all over the country buL, 
although we are national, we 
trade through nine local com¬ 
panies. It is interesting that 
when we did this in 1^69 many 
said it would not work—now 
others are copying us. We 
believe our system gives the 
greatest sense of achievement 
and belonging in a large 
organisation but it works only 
as long as we can find able and 
enterprising people to run these 
companies with high standards 
of trading, management and 
leadership. To see that these 
standards are maintained and 
developed is one of the most 
important tasks which your 
Board is tackling at the present 
time. 

Aims and 


Two principal current object¬ 
ives have been set for the Com¬ 
pany: first, to increase the com¬ 
paratively low return on our 
capital in the U.K.—a problem, 
which is not peculiar to this 
Company and, I am glad to say, 
is now acknowledged by the 
Price Commission; secondly, to 
increase the share of profit 
earned from overseas, from the 
present level of approximately 
8'r to nearer 20'i within the 
next five years. 

Taxation 

We are disappointed at the ap¬ 
parent unwillingness of the 
Government to ease the tax 
burden on senior and middle 
management. If this country is 
to raise its productivity to the 
level of that of our major com¬ 
petitors in the world, surely we 
must have the same, if not 
better, incentives for people to 
work harder. 

I believe there is no lack of w ill¬ 
ingness in work but the frust¬ 
ration of rewards which leave 
those concerned, and their 
families materially worse off 
must be to the detriment of this 
country's objective of keeping, 
and improving, its place in 
world trade. 


Ovmerslup and 
Profit- Sharing 

Wc would welcome any scheme 
which we could be reasonably 
sure would help to increase the 
i feeling of involvement of all 
. those working in the business, 
and thus benefit members of 
the Company, our customers 
and shareholders. We are 
currently studying all the im¬ 
plications for profit-sharing, 
with or without linked share 
ownership, before coming to a 
conclusion on any future 
policy. It is hoped that the ideas 
mooted by the Government in 
the Finance Bill will encourage 
industry in this area. .As you 
know, since 1975 we have 
operated a successful own-as- 
vou-eam scheme which gives 
people who work in the Com¬ 
pany a chance to save and 
eventually own Whitbread 
shares. 

THE FUTURE 

As I write this at the end of 
May, the current year has 
started well, despite the appal¬ 
ling weazher of the Easier 
holiday and even worse May 
Day—truly an international 
distress signal for a national 
holiday! We hope for better 
during the summer. I remain 
an optimist for our Trade, and 
I am confident that, with the 
help of all who work in the 
Company team, and less atten¬ 
tion from Government to 
distract our senior manage¬ 
ment, we shall, this year, make 
further progress both at home 
and overseas. 

I Annual General Meeting; j 
Brewery, Chisweli Street, j 
London EC IV 45D. I 

12 noon ISth July 197S. I 


i. 















24 


Financial 


ci^i 4 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


AMERICAN NEWS 


Capital 

increase 

from 


Petrobras 


Chicago options markets 
agree on merger plan 


Exchanges 


BY STEWART FLEMING 


NEW. YORK, June 19. 


‘ RIO DE JANEIRO, June 19. 
FOR THE first time ever, Petro¬ 
bras, the Brazilian national oil 
conglomerate, has announced an 
increase in capital before the 
board formally ratifies the de¬ 
cision. This has been done to 
.avoid stock market speculation 
. through inside information. 

Petrobras was submitted to an 
official Stock Exchange Commis- 
< sion investigation when its shares 
moved sharply earlier this year 
after rumours and counter- 
rumours that BP had discovered 
-oil In the Santos basin, drilling 
under a risk contract with 
. Petrobras, 

One June 21. the Petrobras 
board will ratify the decision to 
increase the company's capital 
from SI.41 bn to S2.12bn through 
a bonus issue of one new share 
for every two held (ordinary or 
■ preference). 

The new bonds Issue means 
that since 1974, Petrobras will 
have increased its capital by 
□early 200 per cent (that year, 
it was worth $580m). The state- 
run conglomerates are no longer 
allowed to increase their capital 
bv subscription, and must con¬ 
fine themselves to bonus issues, 
in order to leave the market 
more open to shares of smaller 
companies. 

This war Petrobras will invest 
over SI ho in oil prospecting and 
exploration. 


THE CHICAGO Board Options 
Exchange, the biggest of the U.S. 
share options markets, has 
reached agreement on a merger 
with another Chicago-based 
options market run. by the Mid¬ 
west Stock Exchange. 

The announcement comes at 
a time when the Securities and 
Exchange Commission Is calling 
for further information about 
options markets and has put into 
effect a moratorium on the 
expansion of the markets already 
operating. 

The SECTs move was an indi¬ 
cation of its concern about 
illicit trading activities on some 
exchanges, but it reflected too its 
desire to carry out a through 
review of other rapidly growing 
options markets before making 
decisions about their future 


regulation and development 

The SEC has now called for 
further public comment on 
specific areas It is looking at, 
including the issue of whether 
the New York Stock Exchange, 
the dominant U.S. stock market 
should be permitted to start an 
options market At present, this 
development, for which the 
NYSE has been pressing, has 
been delayed because of con¬ 
cern about the problems of regu¬ 
lating such a market. 

Other questions at which the 
SEC is looking are whether and 
in what circumstances trading 
of options and their underlying 
securities should be integrated 
on an exchance floor. At pre¬ 
sent they must be traded on 
separate floors. It is also 


examining whether options 
should be traded on the over 
the counter market 

The announcement of a pro¬ 
posed merger between the 
CBOE and the options market 
of the Midwest Stock Exchange 
is already upsetting other 
options markets, who fear that 
it will strengthen the CBOE'S 
already entrenched position. The 
American ' Stock Exchange, 
which also operates a sbare 
options market, has setn a tele¬ 
gram to the --SEC protesting 
against the move on the grounds 
that it represents just the sort 
of expansion which is supposed 
tn be held in abeyance during 
the SEC inquiry. 

The CBOE is arguing that the 
merger does not involve expan¬ 
sion, merely . consolidation. 


setup 
probe into 
Husky Oil 



Bram 
on new 



i".. 




.<09* 




FTC may block Tropicana deal 


BY OUR OWN CORRESPONDENT 


NEW YORK, June 19. 


BEATRICE FOODS. America’s 
largest food producer, bas 
warned that is $490m acquisition 
of Tropicana Products may be 
blocked by the Federal Trade 
Commission. 


Toft nroposa! refected 


The company announced that 
the FTC bad asked for a post¬ 
ponement of the shareholders’ 
vote on the proposed acquisition, 
the largest agreed this year, until 


some time after September 1. 
The Government agency says it 
wants more time to complete its 
previously disclosed anti-trust 
investigation. 

However. Beatrice appears 
unlikely to comply. In a filing 
with the Securities and 
Exchange Commission, the food 
company said it had declined the 
FTC's request and that it 
expected the acquisition to be 


completed by the end of this 
month. But it also acknow¬ 
ledged that the FTC' could take 
any action it thought appropriate 
under the anti-trust laws “ before 
or after the proposed acquisition 

is consummated.” 

This action could, include an 
attempt to force Beatrice to 
divest itself of Tropicana, the 
Florida-based producer of fruit 
juices. 


BRAZIL'S Industrial Develop¬ 
ment Council has rejected a 
proposal made by Toft (Jardine- 
Matheson Company of Hong 
Kong) to produce sugar cane 
harvesters in Brazil, writes 
Diana Smith from Rio de 
Janeiro. Had the proposal been 
accepted. Toft would have re¬ 
ceived local loans at subsidised 
interest rates, and export incen¬ 
tives. 

The proposal was turned down 
essentially because of gloomy 
prospects for the sugar cane 
industry, with lower world 
prices, and because of heavy 
idle capacity in Brazilian cane 
harvester manufacturing plants. 
In 1977 the Brazilian manufac¬ 
turers Santa! sold 91 machines 
for a total of $10.7tn—this year 
they do not expect to sell more 
than 45. 


Damages cut in Kodak anti-trust case 


BY OUR OWN CORRESPONDENT 


NEW YORK, June 19. 


THE S37.6ra damages which a 
jury awarded Berkey Photo in 
a protracted anti-trust suit 
against the world's leading 
photographic products producer, 
Eastman Kodak. has been 
reduced to S27.1m by the judge 
in the case. 

Kodak bas indicated that it 
intends to appeal against the 
damages award, which would be 
tripled under Federal laws 
designed to punish and dis¬ 
courage anti-trust violations. 

In reducing the award. Judge 
Marvin E. Frankel of the 
Federal District Court in Man¬ 
hattan rejected a request by 
Berkey tbat Koday be forced to 


divest itself of some of its main 
operations. But he ordered 
Kodak to treat all photo- 
finlsbers alike, including its own 
colour print and processing divi¬ 
sion. 

Berkey expressed satisfaction 
that the Judge upheld the jury's 
verdict against Kodak. The 
Judge 9aid that in his opinion 
the evidence showed a carefully 
orchestrated programme by 
(Kodak) to use its film mono¬ 
poly in order to obstruct and 
frustrate competition on merit 
in the camera market 

He upheld the jury finding 
that Kodak should pay interest 
on the damages award and legal 


costs related to the trial. 

The judge said he could not 
justify the “devastating remedy 
of divestiture, which would in 
ail circumstances be punitive 
rather than curative.” 

In Rochester. New York, a 
spokesman for Kodak said tbat 
while the company was aware 
of the judge’s ruling, it had not 
seen it and therefore could not 
comment. 


The suit is one of a series 
which bas been brought against 
the giant company, and the 
findings, unless overturned on 
appeal, could influence cases 
still outstanding. 


All these Bonds hare been sold. This announcement appears as a matter of record only. 



AGA Aktiebolag 

(Incorporated with limited liability in the Kingdom of Sweden) 

U.S. $25,000,000 9{ per cent. Bonds 1988 

Issue Price 100 per cent. 

Interest payable annually on 15th June 


Hambros Bank Limited Svenska Handelsbanken 

Bank of America International Limited Commerzbank AktiengeselJschaft 

Credit Suisse White Weld Limited 


Alahli Bank of Kuwait (K.S.C.) 
Arastcrdam-Rotterdam Bank N.Y. 
Banca Commcrcialc Italians 


A. E.' Ames & Co. 

LimileU 


Algemene Bank Nederland N.V. 

Andresens Bank A.S Ambold and S. Bleichroedcr, Inc. 
Banca del Goltardo Banca Nazjonale del Lavcro 


Arrrex Bank 

Limited 

Bnche Halsey Stuart Shields 
I ncoipor.il id 

Banca delta Svizzera Italiana 


Bank Julius Baer International 

Limited 


Bank Mees & Hope N.Y. 

Banquc Bruxelles Lambert S.A. 

Banque Generate du Luxembourg S.A. 
Banquc Natioaalc de Pans 


Bank GutzwiUcr. Kurz. Bongeocr 

(Dienes) Limited 

Bankers Trust International 

Limited 


Bank of Helsinki 
Limited 


Bank Leu International 

Limited 


Banque Arabe ct Internationale d’Jnveslissemcm (B.AJ.L) 
Banque Francaise du Commerce Exterreur Banque Fnint^iisc dc Depots et do litres 

Banque de lTndochioe ct dc Sues Banquc Internationale a Luxembourg S.A. 

Banquc dc Neuflize. Schlumbergcr, Mallet Banque de Paris ct dc Pavs-Bas 


Banquc de Paris ct des Pays-Bas (Suisse) S.A. 


Barclays Bank International 

Limited 


Baring Brothers & Co., 

Limited 


Banquc Worms 
Bergen Bank 


CD3C 

Limited 


Banque Populaire Suisse S.A. Luxembourg Banque Rothschild 

Baycrische Vercinsbank Joh. Bcrcnberc, Gosslcr & Co. 

umura 

Berliner Handels- und Frankfurter Bank Chase Manhattan Christiania Bank og Kreditkasse 

Limited 

Citicorp International Group Compagnie de Banque et dTnvcslissements (Underwriters) SA. Compagnie Monegasque dc Banque 
Crediumstait-Bankvcrein Credit Commercial dc France Credit Lyonnais Daiwa Europe N.V. 

Den norske Crcditbank 

Dillon, Read Overseas Corporation 
Euromobitiarc S.p.A. 


County Bank 

Limited 


Den Danske Bank 
af 1871 Aktieaelakab 


Dominion Securities 

Limited 


Deutsche Grrozen(rale 

—-Deutsche Kommunalbank— 
Dresdncr Bank 

First Boston i Europe) 

limned 


Deutsche Bank 
ALtfcq&sclhchai't 

DG Bank 

Deutsche Ge nowenschaftsbanlc 

Drexei Burnham Lambert Euromobiliarc S.p.A. European Banking Company 

bwrporJled Limited 

First Chicago Robert Fleming & Co. Gcfina International Girozcntralc nnd Bank dcr oslcrrcichischcn Sparkasscn 

Limited Limited Limited Aklicnse^lLichJlt 

Goldman Sachs International Corp. Gbtabanken Groupement des Banquiers Prives Genevois The Gulf Bank K.S.C. 

Hambro Pacific Hessische Landesbank Hill Samuel & Co. 

Limited -Ciixcuamk- Limited 

Kansallis-Osake-Pankki Kidder, Peabody International 

Limited 

Krediclbank N.V. Kredieibank S.A. Luxem bourgeoisc 


IBJ International 

Limited 


The Industrial Bank of Kuwait JCS.C 
Kjobenhavns Handclsbank 


KJeimvnrt. Benson 

Limited 

Kuhn Loeb Lehman Brothers International 


Manufacturers Hanover 

Limited 


Kuwait Foreign Trading, Contracting & Investment Co. (S.A.K.) 

Merrill Lynch International & Co. 
National Bank of Abu Dhabi 
Nordfinanz-Bank Zucrich 

PKbankcn Postipankki 


Hazard Frcres cl Cic. 


Mitsui Finance Europe 
Limited 


Morgan Grenfell & Co. 

Limited 


Nomura Europe N.V'. 

Pierson, Hcldring & Pierson N.V. 
Rowe & Pitman, Horst-Brown 


Nesbitt, Thomson 

Limited. 

Nordic Bank Orion Bank 

Limited Limited 

Privaibanken Rothschild Bank A.G. 
Afctia c fc k ab 

Salomon Brothers International Sal. Oppcnbcim jr. & Cie. 


Lloyds Bank International 

L mulct! 

Samuel Montagu & Co. 

Limited 

The Nikko Securities Co., \ Europe) Lid. 


Ostcrrcichischc L’inderbank 

Akiicngmllrcbait 

N. M. Rothschild & Sons 

Limited 


J. Henry Schroder Wagg &. Co. 
Limited 


Limited 

Skandinaviska Enskiida Ban ken 


Societc Generale de Banquc S.A. 


Solid* S.p.A. 


Smith Barney. Harris Upham & Co. 

In.urror-Jlcd 

Sparbankcrnas Bunk Strauss. Turnbull & Co. 


Scandinavian Bank 

Limited 

Soul-ic Generate 


Sumisvallsbanken 


Swiss Bank Corporation (Overseas) 

Limited 


Trade Development Bank, Union Bunk of Finland 

London Ifoiiwii Limited 

Union dc Banque* Arabes Cl Francises— U.B.A.F, Vcrcin>rUftd Ucsibank J. VontobcI&Cu. 

Aktlcn g i t l Uibj 11 

Ward Icy WcsideuLsche Landesbank Dean Wilier Reynolds International Wood Gudov 
G irozemrale Limited 


Union Bank of Norway 
Limited 


S. G. Warburg & Co. Ltd. 


Limited 


YamaichiTntemational (Europe) 

Limited 


June, 1978 


By Robert Gibbero 

MONTREAL, June 19. 
THE Toronto and Montreal stock 
exchanges have begun an investi¬ 
gation into trading of HnsRyOd 
shares over the past week. Trad¬ 
ing in the stock was halted on 
Thursday June 8 and the last 
trade was at C$35i- 
. The halt was due to rumours 
that a bid would be - coming, for 
the company. ' ' 

Last Monday, Petro-Canada 
revealed it was planning a C$45- 
a-sbare cash bid, ' which was 
quickly countered by Occidental 
Petroleum of the U-S. with a 
share-exchange offer worth about 
U-S.S44.70. 

Trading reopened in Canada 
between C347 and C$48 a share. 
Later in the week, Petro-Canada 
upped its bid to C$52 a sbare. to 
which Occidental replied with a 
revised share-exchange offer 
worth around U.S.S4S. 

Trading was baited again, and 
when reopened on Friday, Husky 
stock was holding around the 
C$50 level in Ganada. 

The American stock exchange, 
where Husky sbares are also 
traded, confirmed that it will also 
investigate trading. Officials of 
all three exchanges said the 
main issue was whether inside 
information on the coming bids 
for Husky was leaked in con¬ 
travention of exchange rules. 

In the House of Commons in 
Ottawa, Mr. T. C. Douglas, a 
spokesman for the New Demo¬ 
cratic Party, said there had been 
“a game of badminton ” between 
Husky's head office in Cody. 
Wyoming, and Occidental 
Petroleum in Los Angeles. There 
may have been collusion to drive 
up the value of Husky stock by 
C$200m. 

The Energy Minister, Mr. 
Alastair Gilliespie, said he would 
refer the charge to the Justice 
Department for legal advice. 

Later, Occidental put out 
denial from Los Angeles that it 
has been engaged in- collusion 
with Husky to drive up the price 
of Husky stock lu- the market. 

“ Occidental wants Husky at 
the best possible price,” Occiden 
tal said. Its discussions with 
Husky bad been going on “for 
several years.” The “ investiga¬ 
tion Mr. Gillespie has requested 
will prove conclusively . . . tbat 
a suggestion, we would be trying 
to drive up the price of Husky 
stock is without any foundation. 

“Once we are given the oppor¬ 
tunity actually to make our bid, 
our purchases will prove the 
good faith of our intentions. 
We will co-operate with the 
investigation fully.” 

The battle for Husky Oil, Page 27 


BY JOHN WYtES ... ■ 

BRANIFF INTERNATIONAL, 
one of the fastest growing UR. 
regional airlines,' is seeking 
Government approval-to. start a 
new “oilman's special” special 
service which would provide a 
direct air link between Texas and 
the Middle East 


Braniff has asked.the Civil- 
Aeronautics Board for expedited 
hearings on its application and' 
hopes to start the new scheduled, 
service within a year. On the 
surface, it seems the airline 
would have good reason to be 
optimistic, because its proposal' 
fits neatly with tbt CAB’S twin 
aims of encouraging regional 
carriers to expand their inter¬ 
national operations, .while at the 
saexn time developing ..a cheaper 
fare structure. - ’ y 

Braniff 1 s plan is to start a- 
scheduled service linking- 


... _ , ; v ' 

DaHas-Fort Worth and Fdnstoo |- 

SS the Iranian capital. would *t 1 . go 

Teheran, and with Dhahran^ three hours. , , . C-r ;jr^- 
Saudi Arabia. It* scheduled ,. ' 

return coach fare Jong-- range; 

$1,592, the current . or season whieb tt hasPrderedlf 
fare,.which would apply .“® next year. ■_.ThjsredBiipi^R 

year round. In today* 

planning an mdicated --fiiap?tj 






fare of $ 880 , -half. the- 

--Coach return fare, and a . year-ofthe tiw ^erv^e^r^ 

<<»«. nnH recreation”-: rouod-f-^w- 


addrrs 51 
lift, WupP* - 

fie 



‘rest and recreation _ ^una. ^ bass. of.^ 
fare of $800. Bran^.says th)S fllghtsaweekj.woni 
would be aimed : factn 

number of Americans- from -io-- . T • - . ■ . tTl .> 

service area who are workup on. 
oil rigs in the Middle East, and 
typjc^ly receive one . month’s -Vfest. 

leave at least twice ay ear: .---grown geomeWcailyl^iv——^. T - 
FTying time to Teheran hrom 

T>ail^-Fort Worth' would be 250 Dalla&Fort Wdr^ .. 

13 f hours compared vrith•:the 
shortest time corrently-available, Jiiddie-^g 
via Londoo and travelling with Houston. compamfeT: _ 

Iwo a irlloes, of 21 -hours. :Theoffices or bramaies' ^. - 

sees lower 


ip****: 


■fyt* Tx?" 


Burlington Industries expects 7 a' 
“ mediocre ” year ending Septeni-' 
ber 30 with qoarter-by^quarter 
improvement, Mr.. William..-’ 
Klopman, the chairman and chtef 
executive officer, told -a group pf 
securities analysts. . . 


He tended to agree with -Wall: 
Street earnings estimates that are 
generally in the S2.60 to S2.80 a' 
share range. s For fiscal. 1977,'. 
Burlington earned S89Am or $3,11 
a share fully dilated on sales of 
□early S2.4bn. 


Esselte holds 
90% of Dymo 


Esselte AB and Oxford PendaP®* 
Corporation said that about.l.75m 
sbares of Dymo Industries 
common stock or about 90.5 per 
cent of Dymo's outstanding stock 
was tendered under of offer at 
S30 a share, and that the offer 
has been extended to June 30, 
reports Reuter from New York. 
Oxford Pendaflex, a division of 
Esselte, said that June 30 will 
be the final extension. Dymo has 
1.93m shares outstanding. 


Westinghouse settles 

Westinghouse Electric Corpora¬ 
tion has reached an out of court 
settlement with Union Electric of 
St. Louis over a AS28m lawsuit 
involving two sleam turbine 
generators, reports Reuter from 
Pittsburgh. The suit, filed in 
1973 in U.S. District Court for 
the Eastern District of Missouri, 
arose from outrages of two Union 
Electric generating units. Lahadie 
one and two during the years 
1971 to 1973. 

Under the settlement. Westing- 
house said It agreed to make a 
cash agreement in an unspecified 
amount aDd to provide credit to 
be applied to the purchase of 
three turbine rotors that will be 
used as spares for botb Labadie 
units and for two Rush Island 
generating units. 


r The nation’s largest tactile 
jriaker had “ underestimated the 
cost and time required : to re¬ 
structure ” certain businesses. : 
-Specifically, French >nd German 
operations were not showing the 
kinds of improvement that ;hhd 
been anticipated as-& result : of 
restructuring activities tbere. The- 
worsted fabric operation ::.in 
Germany is still in the red and 
that situation, is expected to 
.continue through 1979, 

. On Imports. Mr. Klopman said 
that Burlington - was iooking: tn 



.. -s -NEW-I 

indttcer-lts.i 
ing. and. 

About 65 -per cent ofi s&Carstesi 
from*.these bosinessdsj-^f.C^f... - 
• During -the- toft JpunVmbntfe 
:of!978imports oa'a^Strtfcyard-- 
ngd has£s/ri)Se 33'-per' if : ‘— 
the.yea^eirliw o "* 
aren’t -gwntf.-to: 
thby . rinwang ^ 
motbsj&tg Sfr.'Klopffi 
-; Hoiiie-ftHqcEWihjj ' =: 
record 's^esaml- 

year;Eves-' . _____ 

APDJ:--;;2-i 


-- —--- • r- 

; - • • ••.'•■ f • V V. >;*?■£**?&**¥ ■■KV’vVf 

AIR HANDLING AIR PDLTLlltlON CONTROL INDUSTRIAL AND CO«FORT VaYTttATipN 
INDUSTRIAL DRYERS GENERAL CONTRACT SERVKjESrV 

; ‘ ‘ OTHER SYSTEMS AND PRODUCTS. : > : f r-*"V ; *'vV 



EUROBONDS 

Yen issue 
expected for 
Sears Roebuck 


By Francis. Ghil4s 

THE dollar sector of the bond 
market was easier yesterday in 
fairly thin Monday trading. Many 
dealers felt that prices would 
Call further in the next few 
days. Convertibles remain the 
only really buoyant sector, at 
least where new issues are 
involved. 

The S15m convertible' for 
ASICS, whose coupon has already 
been *cut once by a quarter of 
a point lo 6 per cent, looks as if 
it may see its coupon cut again 
before pricing, which is expected 
today. It was oversubscribed 12 
times. 

In the Dcutsche-Mark sector of 
the market, prices remained 
steady yesterday. A DM15Qm 
issue for Sanyo, to be arranged 
by Nomura and Deutsche Bank, 
was announced. Terms far this 
issue, the largest DM convertible 
ever, include a 10-year maturity 
and an indicated coupon of 33 
per cent. Average life of these 
bonds will be eight years, and 
tin? conversion price is expected 
to be about 10 per cent. 

The Unit of Account 20m issue 
for Socictcs dc Developnement 
Recionj] was priced at 99J. 

The first ycn-denomlnated bond 
for a foreign private company 
I* expected shortly for the U.S. 
stores company Sears Roebuck. 
This development comes as no 
surprise. as the Japanese 
authorities are liberalising 
access by foreign borrowers to 
the yen market in an attempt to 
reduce their trade surplus. 


• 'V~.To- Vsws; V'j-■ '5-c-?v, 1 #.■*. , . , - s art 

. . .; • •-£ ■ ■■ v. 

v . . ,i . • . ,i i.. ..-.i' • -.■..-.. -"v.ij 

1977 sales and Older {lookings rbsie ' 
Group income held ctose ’ 

Continuing growth seen in t978 

1 OnmrfA ■mnilrniirrAf ‘ir> ifin ' 1~n~nnn>i n WMwnt» : 


:.*v 




I 




Annual Report^High lights 

• n f 

. (E mil)ions, except per share data) 


Income Data 

1977 

1976 

Sales .. 

311 ; 

253 

Earnings before special 

' - 


adjustments and taxes 

15 

15 

Depreciation. 

4 

3 

Special adjustments.... 

6'-‘ 

7 

Taxes. 

Reported net earnings 

6 • 

5 

Per share .i. 

Adjusted net earnings 

1.09 ’ 

0.73 

Per share ... 

2.32 

1.79 

Other Data 

Order bookings. . 

343 

274 

Order backlog (yesr-end) 

335 

267 

Investments in property, j 

plant and equipment .. 

8.3 

7.5 

Employees (year-end) . . 

11,182 11.243 

Dividend per share .... 

0.65 

0.65 

£ amounts translated from Swedish kronor: 

Skr 8.89 = E1.00. 




Despite, weaknesses iruthe Japaritee economy', ! 
( ;,vyhtch causedl losses In one secipr. the Fiac^ ;- 
Group continued to mBke-t»nsistem progr^_ ^ 
, in its rhuitinatiphal operatiorrs during 
; Calculated in avedidi lqpnpc. «- "y 
rates, sales increased 7Z pe'rcariT and ciders^ 
booked', were 25 percent' higher. .Group earful- 
ings were only rnwgirvally below 1976^ fignrev l 


Fiakt’s riirrent strategy for «>mirailng_growtir^>} 
is based cm: three approaches^ (IJ Expanswi^ l^ 
of its already, widesprewf^ralesii^anizatidjF;:,. 
throughput the World, (2) ImxeaWd empfesis 
on sales of complett 

air poHutibn 'control, industrial and cotnfbrt-. ' 
ventilation, industrial drying, and waste4wridfing", 
and resource recovery, (3) HigWy^ffldnrit fw> ‘ y - 
duct ion of standard prodimts. . 


Flakt is soundly equifved' td ^rip^wftiirt|)B- 
economic conditfons foreseen dudng^ i97^ : - 
Although callings are'expected io ^ded.mVS 
slightly, sales and 6rder"E»okishould 
contm’ue to rise. prpvUfhgr/a goocf base foT-V 
future growth. '' ■ ■ ; ' . '''t'' : 


To learn more about* F la fa's/jiro^es * 1 

prospects, why not write today 
our Annual Report in English?' 


-v. ; ^Vr.: 



i' v. j 






ABSvmskaFlSkt&teiken 

Head Office: Fack, S-T04 60 Stockholm, Sweden, -j--; ' 

40 Group companies-in 26 coo ntrfes'- •- ' ■.. r ' “ •_ >. ' 

■ lathe U.K., Flakt Ltd.;’; 

Staines House, 158. High Street, Staines, Midd.lKBjc.TVVJ84AF$„ 






v .r.ei?, 




store vo 

:,,0U«F1N* N£;,A 

•«e ^* ! . rt : 

I'yaBtrt w ■ 

bef! 

4& 22“ - u:n 

sun 

hS§* a,ia - lhl 

e i£G director.- i?c 
i;lalfera :o:_?hefl 
<3? fjniro.'^ F3-‘J 
^•yuesMa. 

schemes 
by soccum 

irrsre chanztn^ r:ir' 
[ fray the first weri 
•?l£fi5jsro rr::c- ; 
-% eeaL 

--ua equity ,::urkct 
anwat;- - t-:.* :s St 
Its sxclii'S.iT r;.-. 
m». bourse 


C 

IT OUR OWN COR 


? RTCK-BA 

•3 iii pui: cut j 
as centre :r 
3Ak?aseufi Bjjc 
thus ae?j 
^ r >< .Vse 
(ARC .* : n 
Acsferia: 

deie.-.p." 
' coapaaer, 
^ trear h- Vl 
Ail 

•5'ribe el-'c'r, 
In 

. :* 5 , Jttat v, 

£?■? “ssrcie 
-2 S'-nir-rs - - 


THE 


CO 

t (Pmduccr? Oj 
3ih Mdrc 




“re Ti X 








: v 


iVir 1 ’ 


—»:x ---■ - 


ft-. : X3?- 


r- 


has acquired Janies G. Biddle Cd^ - y^'X^ ■ 


Our Financial Services Depqr^ent: - s 
acted as financialjodvi&or to Thoiyu):A^ : . 


...it, 1 . . -X. 


v; 




Morgan Guaranty Trust Company ; < 

of ksv toxk .. . ... ‘ ’ v .• 






..- j; *. 1 



r’A"? f 




“ *1*. - 
*7-;r • 




•V- r ' 


“? 1-r “ •■'1. ■ -■ 


^'yad 


; r tr. . 


--•* .» 1^-4 . 


































v 1978 



5 C^ 

< 


remain 


BY- OUR. FINANCIAL STAFF 


* '-' BNKA, .the chemical fibres sub* 
." l.. iicDary of Akkp of Holland, may 
’ -., •' return to tbe profit 2one 1 this 
. ?pear. 1 but’.any improvement -will 
'• some from further cuts In costs 

• . rather than higher sales. 

-: . Chairman- Dr. Hans Guenther 
• Zempelio, addressing share- 
•* r holders in Wuppertal, West 
‘ Germany, where the company is 
■- u.' based, hoped that the expected 
Brussels agreement between West 

• European producers would lead 
to p.nce levels allowing the most 

- efficient synthetic fibre ,, manu- 
*“‘t' facturera.a modest jevei'of profit- 
‘ • ability-; 

~ y .." vBut lie warned that no miracles 
' should be expected from the 

- jalks, due to restart m two weeks 
_ to. diecuss the .possible seiting-up 

;J of crisis cartels in" this sector, 
''v year, .the Alczo.parent saw 

.a its deficit widen to PI t66m 
Ahi ($75m) from Pi.153m’, though the 


T<4 


against an Flfim profit. . 

.At the. start of .tjus year. the 
Enk'a management was: pessimis¬ 
tic about a", possible return to 
profiL . Since jtbeh.the company 
has. experienced. !a. 3 - per cent 
fall in. consolidated turnover to 
.Fl l.Tbn, in'tbe first five months 
although. European rcrpoyer rose 
by. 4 per cent ltd Fi lSbn, with 
operating profits also Increasing. 

Dr ZempelintoltL\2J)"e annual 
meeting that >EnfoL should at: 
least be ablets reduce its losses! 
further this year, possibly event 
emerging from-the red.: - : 

So far in 197S, group capacity 1 
utilisation in .: Germany and. 1 
Holland was running'at around: 
SO per cenL Sales of nylon fiia-1 
meat-yam had/ibeeni/especiallv 
disappointing. ij. though,:- with 
viscose 'filament’ - and, -polyester!. 
fibre business ' also - w.ajc. ! 

In the - ■ Doutsyotbetic - fibre , 
sector, however; .he'reported as 
generally satisfactory-trend. 1 


EOE 
signing 
up UK 
players 

By Charles Batchelor 


FOREIGN LOANS ANALYSIS 


New data reveals high unused credit level 


BY MARY CAMPBELL, EUROMARKETS EDITOR 


v - . _ ■« hi • Lii^ ■ - xt iuvml a* u. 

V exclusion of extraordinary items 1 sector, however; .he'reported 
■0 reduced thistaa net FJ 55m-loss generally satisfactory-trend. 

AEG meeting to propose 
share voting controls 


BY OUR RNANCfAL STAFF 


_ tTHE proposal .by AEG- 
?T6lefunkeri to limit shareholders’ 
' -voting rights to a maxim cm" of 
• .;.10 per centimes before today's 
-. annual general meeting in Berlin. 
-—\-7Th meeting takes place against 
' —-^s'a background of heavy stock 
^^inarket -turnover in the. AEG 
fefiares and rumours of substan- 
foal stakes being built up in the 
~ teoPEany.^ the 1 , second largest 
Electrical' group in' Germany 
after Siemens and number three 
$q Europe. - - 

t In the -agenda for the meeting, 

t lhe AEG directors spell out the 
basic platform for their views on 
Voting controls. They maintain 
(that “ potential partners- in- new 
co-operation schemes” are' dis¬ 
couraged by speculation.t.tftat 
major shareholdings in the com¬ 
pany are changing hands. • 

* During the first week of June, 
ihe AEG share price rose Some 
9 per cent - Although the West 
German equity market has been 
firm recently this is still a rela¬ 
tively spectacular movement by 
German bourse standards. 
fu-tp **,. According to agencies based in 
1 1^0 fQj* Frankfurt*:jnajor -German banks 


have written . to- shareholders i 
whose stock they represent by 
proxy, requesting them, either to 
attend the meeting pr make 
known their voting intentions. 
Dresdner Bank has -told share¬ 
holders that their interests are 
directly affected by the .proposal, 
but has hot made a " recoinmen¬ 
tation, while Commerzbank has] 
Invited shareholders'^ vote 
against the motion. .Deutsche! 
Bank has recommended a vote; 
in favour, a bank, spokesman 
said. 

From Munich it ;is. : reported 
that Dresdner Bank /sees no 
danger of a foreign infiltration 
of AEG. Wolfgang^ Boeller. 
management .Boardjmember told 
journalists here that : ?ruinours 
that foreign interests were' boost¬ 
ing their shareholdings 1 .were 
“ ungrounded. and v Incompre¬ 
hensible.” Hans. : -FSidericbs, 
management Board speaker, saw 
the measure as preventative. He 
said already under West- German 
agreements with a "series of 
countries, foreign holders of 
more than five per cent of a com¬ 
pany’s shares must notify the 
Government... 


* | Philips computer move 

j i BY OUR OWN CORRESPONDENT . V. 

AMSTERDAM, June Ifc 

^HE DUTCH-BASED inter- of France, Unidata, was ended 
national electrical group Philips in 1975 after less than two years, 
plans to pull out of a computer . Will comipue to operate 

_ services , centre at jointly owns.J°iSt^ en SLri5J 
v c °?*PUter -serviAs market.. It 


... Centrum. (ABC) in Amstelveen,. has for soiye time offered com- 

^ south of Amsterdam. - . . ..puter.' seances to its clients 

- : Recent developments in theincluding^standard programmes 

.r fields' of computers -within the for salary, business and stock 

Philips groups have made. the administration :and computer 
. shareholding ini ARC less inter- communications systems. 

_eating. to the electrical company, Philips is currently negotiating 

_ ABN . said. - in ■ a statement., the gale of the isotopes manufac- 
■" Philips’s joint venture into tuiyig division - of its Philips- 
large-scale computers with. the Duphar pharmaceuticals snb- 
German Siemens group and CII sidiary. _- 


AMSTERDAM. June 10 
THE EUROPEAN Options 
Exchange (EOE) has made a 
significant breakthrough into 
the UK market by signing up 
three British stockbrokers as 
nblic order members. It is 
also considering applications 
from a farther three UK firms, 
Mr. Lubbertus Scholten, 
managing director of the EOE 
said. 

It also today announced a 
major extension to the range 
or unoted options. The Dnicli- 
German chemicals group Akzo, 
Boeing Company. Occidental 
PeLroleam Corporation and 
Schlumberger will be quoted 
from Monday,-June 26. 

Hoogovcns. the Dutch arm 
of tiic Dutch-German steel 
group Estel, Polaroid and 
Xerox Corporation will" be 
traded from Monday. July 3. 

W. I. Carr and Sons, which 
was prevlonsty a member 
through its Hong Kong sub¬ 
sidiary, is now a direct member 
of the exchange, as Is Joseph 
Scbag which was previously 
represented through its Ber 
muda office. The third UK 
member is Phillips and Drew. 
W. K. Carr is expected to clear 
through First Options of 
Amsterdam, In wbicb it has a 
one-third slake together with 
First Options or Chicago and 
Barclays Kol. Sebag is ex¬ 
pected to clear through Merrill 
Lynch and Phillips and Drew 
has yet to establish links with 
a clearing member. 

Direct British involvement 
in ihe EOE was delayed 
initially by fears that pay¬ 
ments for option deals on UK 
stocks in Amsterdam would 
incur the dollar premium. It 
was later (bought that British 
firms would need special 
dealers' licences to join the 
Amsterdam exchange under 
the the Prevention of Fraud 
(Investments) Act. Neither 
was found to be the case. 

Direct UK involvement is 
expected to increase interest 
in the three UK slocks listed 
on the exchange. These stocks 
—BP, GEC and ICI—have been 
practically neglected due to 
the parallel operations or the 
London options market 

Traders welcomed the fist¬ 
ing of'seven new storks which 
takes - the total up to 24. 
Companies like Boeing, 
Polaroid and Xerox are 
expected to create active 
interest while Schlumberger 
will stimulate French Interest 

. Hpogovens and Akzo are also 
IKitdntially active stocks which 
coiilfi be expected to attract 
Gcrnkn as well as Dutch 
interest. Both have been 
: excluled until now since both 
have jrun into difficulties in 
recent, years and have sus¬ 
pended dividend payments 
several times. However, the 
recent Misting of KLM gave 
the market the biggest boost 
since ft opened on April 4. 
KLM has only just returned 
to dividend in 1577-78 after a 
seven-year gap. 


IF DATA reported by banks in 
the UK is anything to go by. 
(ess-developed and semi-indus¬ 
trial countries maintain unused 
credit facilities approaching a 
third of the loans they have 
already drawn down. Banks ■ 
would not necessarily have to 
increase their lending by this 
very large proportion simply on 
request since the new data in¬ 
clude facilities which are revoc- 
| able and informal as well as 
those which arc irrevocable and 
legally binding. 

However, although the system 
would, to say the least, be 
strained if all the facilities were 
Called on at once, the figures 
are an indication of the extra 
foreign exchange which indivi¬ 
dual countries could raise should 
they need it. 

The figures appear in. a new 
analysis jn the Bank of England 
Bulletin which will henceforth 
be published twice a year in¬ 
stead of quarterly. It gives a 
! break-down of Joans by hanks in 
the UK to entities in each indi¬ 
vidual country according to their 
maturities as well as showing the 
size of undrawn credit facilities 
available to entitles in c-ach 
country. 

It js part of a wider move being 
co-ordinated by the Bank for 
International Settlements (BIS) 
to gather and publish informa¬ 
tion on the maturities of all 


major banks lending to each 
country thus giving an indication 
of the exposure of the interna¬ 
tional banking system as a whole 
xo horrowers in each country. 

No distinction is made between 
. public. a°d private sector 
borrowers. 

The information is being 
gathered through central banks 
in each country housing major 
banks. -Lending to entities in 
these countries uhe Group of 
Ten, Austria. Denmark, Ireland 
and Switzerland/ is excluded 


from the Bank of England's new 
statistics. • 

A pilot exercise was carried 
out at the end of 1976. From 
now on. it will he done every 
six months. The consolidated 
figures being prepared by the 
BIS have not yet been published. 

The Bank of England's _ new 
data on banks in the UK for 
the first time gives an indication 
of the proportion of banks' out¬ 
standing international loans 
which is for very long maturities 
Figures on lending for periods 


of three years or more have 
been published for some years. 
The new data .shows that 58-lbn 
or 14 per cent of all loans to 
the less developed or semi- 
industrial countries which banks 
in the UK have on-their books 
is not due to be repaid for at 
least five years. 

The new data is not compar¬ 
able to data collected by the 
Bank previously for feeding into 
the BIS statistics. The "figure is 
some S7bn higher than it would 
have been on the previous basis 


BANKS IN U.K.; Foreign Business 

Lendingt 


Unused credit 
facilities 


Deposits 

‘W. Europe — 9 ~ sj 2A 2.1 2-0 OS 2.7 32 

E. Europe 1.9 9.9 S.l 2.4 1A 0^9 1.0 2A 3-1 

~Aufc. NZ. 5. Africa 0A 4.6 2*0 1 2 0.7 Q-S 0.7 1 3 2.0 

OPEC Countries 34.0 11J fiA 1.6 1-2 1.4 0.9 12 3.T 

Non-oil LDCs 19.1 18.4 6.4 4.6 3.4 33 23 3.7■ 6.0 

Sub-total _ ASA 56J 25.6 12.2 0.9 8.1 , .5.4 12.0 17.4 

Offshore Banking 

centres 22.0 30.2 2S.S 1.7 1.1 1A 0 3 1.6 1-9 

Grand total _ 87.6 86.7 SU 14A 10.0 9.6 _ 5A 115 19-3 

* In order of importance. Spain, Norway, Finland, Greece. Yugoslavia, Turkey, Portugal, Iceland and 
Cyprus. Group of ten countries, Austria, Denmark, Republic of Ireland and Switzerland are completely 
excluded from the analysis. 

t Sub-totals do not add up both because of rounding and because individual accounts of less than 
$500,000 arc excluded from sub-totals. 


due to tbe addition, of commer¬ 
cial bills and acceptances, many 
of them under ECGD guarantee, 
tn the figures for banks' lend¬ 
ing. • . 

When it comes to reporting 
figures to the BIS. it is. unties 
stood that the extent to' which 
guaranteed export credits 'are 
included varies from country to 
country. 

Another point of interest about 
the new figures is the high pro¬ 
portion of the unused credit 
facilities which are denominated 
in sterling rather than ■ other 
currencies. At 30 percent of total 
facilities, this is roughly three 
times the proportion of banks' 
loans which are sterling de¬ 
nominated. 

It is thought that this big 
discrepancy is partly due to a 
higher sterling proportion among 
export credit facilities which 
have not yet been drawn and 
partly to the fact that standby 
facilities by banks in .the UK for 
banks abroad would be -sub¬ 
stantially denominated- in ster¬ 
ling. Such standby facilities 
usually take the form of agree¬ 
ments to swap tbe home currency 
of one bank for another currency 
should the bank activating the 
agreement fall short. 

Thus arrangements for dollar 
standbys would be made with 
banks in the United States, and 
arrangements for sterling stand¬ 
bys with banks in the UK. 



Recovery at Printemps 


BY OUR FINANCIAL STAFF 


Sales downturn BfG advances up sharply 

at Preussag BY GUY HAWTIN ■ • FRANKFURT. June J9. 


FRANKFURT. June J9. 


BY OUR FINANCIAL STAFF 


FRENCH STORES group Au totalled FFr 64.5m compared to I HANOVER, June 19. BANK FUER GEMEINWTRT- gramme, it is to open a repre- 

Printemps aims to move out of FFr 49.4m. Capital spending! pRElJSS * G h w t (; ennan SCHAFT reports a substantial sentative office m Hong Kong at 

the red this year with an operat- during the year totalled: P .. SS j tn We . , ma I improvement in its credit the stun of next year, 

ing profit of around FFr 35m. FFr 46.7m after FFr 75m injnn niD e ra * materials con- b US i n ess during the past two * . * + , 

Judging by the results for the 1976. But the empany expects 1 cey 0 - said its first quarter con- months. Business was slow in Brown Boven plans to take over 
first five months, the directors to start ploughing back greater [soh da ted first quarter, but by the end Ceag Llght-Und Stromversogung- 

see no reason why this objective amounts in the current V. Per cent to DM 65..6m (S313m) 0 f May advances to customers steebmk of Soest.- as soon as the 

should not be achieved. Much months. It has earmarked from DM jlS.im m the same we re up 26 per cent on the posi- application passes through tbe 

depends on the turn of events in FFr 65m for investment, mostly period of the previous year. t ion a year earlier—a-rise of Federal Cartel Office without 

the second half, but up to May in shop renovations and building. in a company newsletter, DM 600ra to DM 14J2bn (Sb./Sbni. objection. Leag has a base capi- 

sales at the Printemps shops were The company is apparently preussag said the turnover Earnings were also satisfac- tal of DM dm and increased turn- 

running some 10 per cent ahead, looking for “new outlets and decline was primarily due to the tory. A 16 per cent increase in over by <-a per cent to uai-.s-in 

Group net losses in 1977 possible ways of diversifying.” continuing weakness in its metals business volume, together with a mi97i. 

- sector Turnover in that secror small rise in Interest margins + ■* + 

_ was off °S per cent to DM ‘’l* 8m and improved management earn- Volkswagen is not involved in 

IBM France increases profits auarteP^ 1 “ 065m ia * 9< ‘ Lent increase in administration purchase vt a big stake in 

rr.tr q r ' . „ . . costs' and pushed, operating Gutehoffnungs-Huette Aktien- 

BY OUR FINANCIAL STAFF Losses have been particularls profits up bv 12.4 per cenL wrein (GHH>, the company said 

SHARP increases in profit and the company had been raised to 2l ^ C f^uHof^the u For the 197S business year the after a report in the magazine 

sales are reported for 1977 by Frsl.l7bn frn, 2 , Frs7l6m in S Snc deSInd Preussag has bank-which is owned by West Der Spiegel. . 

IBM France the offshoot of December 1977. bv the incorpo- * . 3Mnc J, ei ^ w?' German trade unions as well as T his said that VW was 

International’ Business Machines ration of existing'reserves. jj? C 4f a t S Lnt ^nd puhUc bodies and co-operative^- interested in buying into the 

nf the U S oua,UC!,1, * * * by .50 per cent and ai us is a favourable profits West German engineering group 

'profits 'at the net level are French building firm, Fougerolle Rammelsberg ore mine by 40 per performance . Providing Bundea- as part of a long-term diversifi- 
24 per cent higher at Frs7$8m. will mat,- -. FFr 79.9h con- cenf ' l f „ , bank money policy remains: un- cation policy. 

The result has been achieved on vertible bond issues on June 22. Most other sectors of Preussag's changed, it hones to at least W said it was holding talks 
a rise in sales of 12.3 per cent The bonds, priced at FFr 135 business—transportation, oil and equal those of 1977. in various industna sectors 

to Frs9S6m so margins over the each with a life of 12 year s, will chemicals, coal, and construction it i s also planning to build up within the framework of its 

year have widened noticeably be offered to shareholders on a —registered small rises in turn- its overseas business and has set investment policy, but these 

The company points out that one bond for one share basis, over against the level a year itself the target of generating have so far produced no concrete 

industrial investments moved up Each ^bond is convertible into earlier. some 30 per cent of earnings results, 

sharply in 1977 to Frsl.59tm, a ooe share at any time. AP-DJ overseas. As part of this pro- Reuter 

rise^of 30 per cen j* ]d p - - _!_ ■ ■= 

1 These Debentures having been sold, this announcement appears as a matter of record only. 

Public offer NewW \ Junel978 

by Enel 

Italian state electricity utility 
Enel ‘plans to go ahead next 

month with its first public offer- . T T O 

a ^ L509bn seven-year / bond, U.o. $25,000,000 

Reuter reports from Rome. Price v ' ? 

of the issue has not yet been 

| fixed: coupon will be 12 per cent. * * ' # X * " 1 

Dominion Bridge Company, Limited 


These Debentures having been sold, this announcement appears as a matter of record only. 


New Issue \ 


June 1978 


THE ASH SPINNING 
CO. LIMITED 

• 1 {Producers of Cotton and Texturised Yams) 

Year ended 25th March ■ 197S . 1977 

... • £ £ 
Turnover : 5,146,301 5,071,471 

Profit before Tax 86,026 90.075 

Taxation L 45,605 45.6o9 

Exceptional Credit 113,450 

. Available for Dispose! 153,873 141.644 

Dividends . (17.6%) 35,562 (15.75%) 31,500 

Mr. J. B. Brierley, Chairman, reports: 

Trading pattern during the year was again mixed. . 

Without the support of the Temporary Employment Subsidy 
it would have been difficult bn economic grounds to escape 
the necessity for redundancies. 

The Subsidy; besides, maintaining our workforce in employ¬ 
ment, was a major influence in our decision to invest in new 
plant. This replaces same of our' older machines and allows 
us to enter into additional markets with a somewhat different 
product. - 

The healthy balance- sheet and the increase in the amount 
available for disposal enables the' directors to continue tno 
progressive dividend policy. by recommending the maximum 
-increase-allowed-uniter-present ■ legislation;' making a total 
-Pjiyment for-the year of 17*8% i. . - . . ' - 


This advertisement is issued in compfiance with the require¬ 
ments of the Council af The Stock Exchange, it does not constitute 
. on invitation to any person to subscribe for or purchase ony share 
capitaf-of the Company. 


v«v 


Crellon 

Holdings 

Limited 


The Council of The Stock Exchange has admitted the 12 per 
tent Convertible Cumulative Participating Preferred Redeemable 
■Shares of lOp each to the Official List. Particulars of the rights 
’attaching to them are available in the Extel Statistical Service and 
copies of the statistical card may be obtained during usual business 
hours on any weekday (Saturdays excepted) for the next fourteen 
days from;— 

Singer & Friedlander Limited, 

20 Cannon Street. London EC4M 6XE. 

Energy, Finance & General Trust Ltd, 
Dauntsey House, Frederick's Place, 

Old Jewry, London EC2R 8HN. 

Rowe Rudd & Co. Limited, 

63 London Wall. London EC2M 5UQ. 

: 20th Juw 197S 



Alt these notes have been sokt. This announcementappears as a matter of record only. 



U.S. $25,000,000 

Dominion Bridge Company, Limited 

9% Debentures due 1986 

Orion Baulk Limited 

Credit Suisse White Weld Limited Dominion Securities Limited 

Salomon Brothers International Limi ted S. G. Warburg & Co. Ltd. 

Westdeutsche Landesbank Girozentrale 


SR 50,000,000 
1 %% Notes due May 15,1983 

■ The National Commercial Bank 
Riyad Bank Ltd. The Saudi Investment.Banking Corporation 

Bank AfJazira Gulf International Bank 

BanqueduCaire ' AlbahkAlsaudiAlhollandi 


Algernon? Bank N derlandN.V. 

A. E. Ames & Co. L' niird 

Amex Bank Limited 
Aimterdam-Ronrnlam Bank N.V. 
Andresens Bank A/S 

.VSI.ICr-Asian International .Acceptances & 
Capital Limited 

Cache Halsey Stuart Shields Incorporated 

B. ik Julius Baer International Limited 
Banca Co tamer ciaie 1 raHana 

Eanca del Gottardo 

Banca Delia Svizzera Italians 

Banco Urquijo His pan o Americano Limited 

BankoTAmerica International Limited 

The Bank of Bermuda Ltd. 

BankGutzwillcr, Kura, Bun gene r (Overseas) 

Limited 

Bank Heusser & Cie AG 
Bank Leu International Ltd. 

Bank Mees & Hope NV 
Bank Morgan Labouch ere X.V. 

Bankers Trust International Limited 
Banque Bruxelles Lambert S-A. 

Banque Fran^aise du Commerce Ettiiricur 
Banque Generale du Luxembourg S.A. 
Banque de I’lndochinc et de Suez 
Banque biicruaiionaJc a Luxembourg S.A. 
Banque ljouivDn.-y>'us 
Banque-Naiionalede Paris 
Banque dc XeufiiKe, Schlumberger, Mallet 
Banque de Paris et dcs. Pays-Bas 
Banque Popuiaire Su'tsse SA. Luxembourg 
Banque Prh’ee S.A. 

Kanque Rothschild 

Banque dc 1'Union Europeenne 

Banque Worms 

Baring Brothers & Co., Limited 

L'.a\ ertsche Hypothekcn-uud Wedisel-Bank 

B. tyerische Vcreirubank 
Bergen B ank 

Herliner HandeL-und Frankfurter Bank 
Bl' ih Eastman Dillon & Co. 

International Limited 
Burns Fty Limited 
Ca/enove Si Co. 

O’litrale Rabobank 

C. lia»e -Manhaiiau Limited 
C.licinit’ai Bank liiieni.uioii.tf Limited 
Biiitwp lnternaijuiiai Oionp 

(. jji 1 iinerabauk Akt lciigetH.-llschali 
Cumpaignie de Banque cl d'iiivBusseiucnts 
• Underwriters; S.A. 
f'ompagnie Monegasqur de Banque 
C-r-HtineaLal Illinois i.tmiied 


Copenh^en Handelsbank 

County Bank Limited 

Crrdir Chimique 

Credit Commerdal de France 

Credir Iodustriel d‘Alsace er de Lorraine 

Credii Industrie!« Commercial 

Credit Lyiinnais 

Credit du Nord 

Cred i 1 ansial t-Bankverei n 

Crtxlito IcaJwno 

Richard Da us & Co. Bankiers vormals 
Hans VV. Petersen 
Daiwa Europe N.V. 

Den Dans fee Bank af 1871 Akdesclskab 
Den uorske Credit bank 
The Development Bank of Singapore Limited 
DO BANK Deutsche Gcxios3cnschaibbank 
Deuisdie Giroxentrale 

—Deutsche Kommunalbank— 

Dewaay & .Associns International S.C.S. 
Dillon, Read Oveneas Corporation 
Dresdner Bank Akoeagtsellschaft 
Effccicn bank-Warburg Akriengesellschaft 
Euromobtliarr S.p-A. 
liurvipean Banking Company Limited 
Kunjgrsr S.p.A. 

First Boston (Europe) 

Limited 

Firii Chicago Limited 
Robert Fleming & Co..Limited 
Antony Gibbs Holdings Ltd. 
t.jelina JntemaiionaJ Limited 

laltJid icvieni raJban k A G -Vicn na 
Gin.izemrale und Bank der uscerreichiachen 
-Sparkasscn Akut-ngrsellsclialt 
Goldman Sadis Iniernaiional Corp. 
GreenshiekL Ificotporaied 
Hambros Bank Limited 
Handelsbajik N.W. tOverscast Limited 
Hcnisch and C«>. International 
Hessisdie Landesbarrk-Girciitefitrale- 
1-1 ill Samuel £: Co. Limited 
Fl. F‘. Huuon & CL*. 

1 merunion-Banqiie 
Jardine Fleming & Company Limited 
Kaiiaall i j-Osake-Pankki 
Kidder, Prabv'dy Iniemauonal Limited 
Kit inwon. Benson Limited 
Kr»*dwrbanfc N.V. 

K r^tl tevba nk Js. A. I .useinbniirgeol-e 
Kuhn Loeb Lehman Brothers Imemational 
Ucuud Frcresct Cic, 

Laeard Brolhers & Cks.. Linu'led . 

Levesque Beaubicn Iric- 
Llovds Hank huemaiiDoal Limited 



Manufarturm; Hanover Limited 
McLeod .Young, Weir International Limited 
Merrill Lynch imemational & Co. 
Mitsubishi Bank ^Europe? S.A. 

Samuel Montagu & Co.Limited 
Morgan Grenfell & Co. Limited 
Morgan Stanley International Limited 
Nedtiriandsche Middenstandsbank N.V. 
Nedcrlandse Crediecbank N.V. 

Nesbitt Thomson Limited 

The Nikko Securities Co., (Europe) Ltd. 

Nomura Europe N.V. 

Norddeutsebe Landes bank GirozcntraJe 
Nordic Bank Limited 
. OsierTeidiische Landerbank 
Sal. Oppenhcira jr. tk Cic. 

Orion Pacific Limited 
OvrivTas Chinese Bauiing Corporarioa. 
Lin:iuxl 

Peicrl.«ro«k. Van Campenhout, 

Kcmpen S.A. 

Pierson, Heldring & Pierson N.V. 

W. C. Pitiield S: Co. (London) Limited 

PKbanken 

Postipantki 

Privathanken .MniKcLkah 

Richardson Securities of Canada (U.K.) Ltd. 

. Rothschild Bank.A.G. 

N. ,\L Rothschild &. Sons Limited 
Scandinarian Bank Limited 
J. Henrv Schroder W’agy St Co. Linmed 
Skandin.tvisfca Enskilda Bauken 
N.V. StavcnburgS Bank 
Smith Barney. Harris Cpham & Co. 
!ncoq*orated 

Sociric Bancaire Barclays (Suisse) S.A. 
Socieic Generale 

Socieie Gem-rale Alsacicnnede Banque 
Socicte Generale dc Banque S-A. 

Sofias .S.p.A. 

Sparbank'-rnas Bank 
SintibS. Turnbull & C o. 

Sumitumo Finance Imernational 
Suu Horn? Kai JmcrnaxionaJ Limited . ' 
Sven»fca Handetbankcn 
SMTSi Bank Corporation (Overseaj 
Limiu'd 

FJninn Bank of Fin'anti Ltd. 

\ «.'rbai|.J Scli'veieeri'Ciier Kanton.dhanken 
A'crvin^und W*>ibank Akuengt&ellscliaJt 
j. VontC'heUfe Co. 

Dean Winer Kevnold* International 
Wood Guildv Limited' 

Yaniaicbt ImcrnauanJ < Europe) Limited 





4 


















26 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Rights issue from ANZ 
to raise A$31m 


Tongaat Israeli government cash 

confident of . . « T11 

maintained U1J GCtlOIl for El m 


BY JAMES FORTH 

THE ANZ banking group plans 
to raise about $A31m (U.S.535m) 
by way of a rights issue to 
shareholders. The directors said 
that the proceeds of the issue 
would finance continued growth 
in the operations of the group. 
The rights issue follows a 22 per 
cent increase in profit recently 
reported for the March half* 
year, to $A26.3m. 

The issue is on the basis of 
one new share for every eight 
held at an issue price of SA2.75. 
Based on today's closing price in 
the market of SA3.05 the rights 
have a theoretical value of 
4 cents a share. 

The dew share will not rank 
for the interim dividend of 
9 cents a share which will be 


paid on July 9, but they will 
receive the final dividend The 
directors expect to set an annual 
rate of at least 18 cents, which 
will mean a final payment of not 
less than 9 cents. 

[ n 1976-77 the ANZ paid a final 
dividend of 12 cents, making an 
annual payment of 20 cents, or 
2 cents above the minimum fore¬ 
cast by the Board. 

The latest issue will increase 
paid-up capital by SA11.3m to 
SA101.4m. It is the first casta 
issue since January, 1977. when 
a one-for-five issue was raised at 
SA2.75 share. Earlier this year 
ihe bank made a one-foi-four 
scrip is!=ue. 

+ + * 


SYDNEY, June 19. 

reports that Repco and Ampol 
Petroleum have agreed on Repco 
acquiring a 50 per cent stake in 
Ampol Finance, a wholly-owned 
Ampol unit. The news emanated 
from both parties. 

.After the acquisition is com¬ 
pleted and the company’s name 
changed to Ampol Repco Fin¬ 
ance, probably on July 3, each 
companv will take up a further 
2m shares in the finance com¬ 
pany. making its issued capital 
12m shares of 50 per cent par 
value. 

'The statement said that Ampol 
Finance is mainly engaged in 
commercial lending and leasing. 
At end-September. 19n. it bad 

gross outstandings of $A42m, 


earnings 

By Richard Rolfe 

JOHANNESBURG. June 19. 
THE DIVERSIFIED sugar group 
Toogaat. which recently acquired 
control of 4he brick manufac¬ 
turer, Primrose industrial, ex¬ 
pects current earnings per share 
this year siratkr to the level of 
65.2 cents achieved in the year 
to March 31. 1978, with benefits 
from Primrose offsetting the ex 
pected decline 4n sugar-sourced 
profits. Primrose and Tongaat's 
existing brick manufacturer, 
wholly-owned Coronation Indus¬ 
trials, are at present investigat 
lug rationalisation moves. 

Sugar produced rose from 
192,000 tonnes to 211,000 tonnes 


BY H. F. LEE 

Sm?apore A ho°tei ^£!Tv wiiThe said SiWteS'are betaTmidi tlTdeci^e a dividend* of n7len « nt - contributed “tbe'"bGik "of POLGAT—ISRAEL'S outstaud- increased by only 42 per cent to Bank 

makine a oubl c offer of 2ro of to operate a chain of food estab- than 7} per cent for the current Tongaat s investment oncome. ing textile producer and 3.700. . j t 

on Hshments in Singapore and year-i^first since its incorpora- per cent of group ^rter-^eports a net profit for 

The shares “hlchVlU bc°fssued Th’e%onipany has been operaf- Net tangible assets per share But after last year's excellent o/fia ° Der cent 1 on thenracBdinK Bagir ' one °L the “ EiSf TpI^A-viT’ 

at the Dar value of SSI per share ine profitably since it was after the issue are .estimated at performance, the chairman, Mr. of 88 p ® r ce . nt on the Preceding in t he concern, which exports Tri Avil. Con^di^^ 

will raise ti!^ conan^ fssSed fnfmed in 1972 to acquire the 16S- SS1.39. C. J. Saunders, describes thd out- E"; Earnings per share rose finished fash on apperel. has pro*t rose 


FROM MELBOURNE. Reuter gross outstandings of tABm. 19 ^ JSTSVm ides 

- -—-- last season and directly con- 

. _ - -jr T , | 9 II 9 tribuied 40 per cent of group 

Ambassador Hotel going public gSSaS a S S 

civrAPnRF ||. n _ -.q which accounts for over a third of 
SINGAPORE. June 19- South African sugar production, 

into related fields. Ambassador the current year. It also expects I a ’S a 'j 0S ' 1 Tongaafs direct 10 per 


BY L DANIEL . 

EL AL ISRAEL Airlines is to 
receive the equivalent of $5m 
from the ministries of Transport 
and . Finance to cover the losses 
it has sustained as a result of 
the three-week strike in April 
and the' subsequent reduction 
in bookings. 

El A1 is In need of-additional 
operating capital as It is taking 
delivery of its sixth Boeing 
Jumbo this week—a dual con¬ 
figuration one capable of carry¬ 
ing either over 400 passengers 
or 100 tonnes of cargo. The air¬ 
line is due to receive another 
Jumbo later this year and has 
an option on yet another two. 
Part of the payment is being 
defined as participation by the 


government in the payments 
which El A1 lias to make-to its 
security personnel 

* * * 

ELECTROCHE3HCAL Industries 
(Frutarom) . of Acre—Israel’s 
only producer of pve which 
also makes chlorine, caustic soda 
aromatic products, and fire¬ 
extinguishing powders, and 
recently extended its activities 
into spices under an agreement 
with the Baltimore Spice Com¬ 
pany-—reports that its pre-tax 
earnings rose by 12 per cent in 
1977 to IflSm ($860,000). L. 
Daniel writes from Tel Aviv. 
Despite increased taxation 


XEL AVIV, June 19. 

(If6.4m) its net aftertax income 
is reported as I£8.6ta, -.against 
KSilm in 1976 before prior-year 
adjustments of IfQBm. 
proposed to pay only/a ..s|tfck 
dividend—of 15 percent (187* 
stock dividend of 7 percent).' 

' The company' requires liquid 
funds as it is currently -increase 
■ in* its capacity with a new 
100,000 tonne PA- vinyl, chlorite 
plant to go on stream , by., end-' 
1978. This summer* the new 
65.000 tonnes a year s^ve plant 
should become operational, and 
It is also hoped that Hie ^cojnr 
pany’s potassium /. carbonate 
capacity wilt be raised to about 
5,000 tonnes pa. 


Productivity boost for 


TTmTusuP 


^ 111 {j ijji; >F: 












BY OUR OWN CORRESPONDENT 


TEL AVTV. V June 19. 


I companv will be said thal plans are being made to declare a dividend of not leM I S ^ b 

ic offer of "ni of to operate a chain of food eslab- than 7) per cent for the current Jongaats investment i. 
Ltino ra Not inn on lishments in Singapore and yeai^its first since its incorpora- a"®*®* 17 P er cent of 


tion in 1972. 

Net tangible assets per share, 


icome. i n g textile producer and. 3,700. 
E rou P exporter—reports a net profit for 
1977 of I£44m (S2-5nO—a rise 


will raise copany's issued formed in 1972 to acquire the 168- SS1.39. 


Earnings per share rose finished fashion apparel, has profit rose by"',54 pefr ceifctoj 


roi^ hotel Pretax prbfit for The' Ambassador Hotel issue look forsugar JS^Sat He 1*0.50 per 1X1 share to ^ady reported DvVraeas sales I£24.4m is preyed 


capital to SSfl.23ra. room hotel. Pre-tax protit ror The Ambassador notei issue|look for sugar as "bleak." He 

The purpose of the issue is to 1977 amounted to SS540.286 comes with the spate of new:notes depressed world prices, 
raise funds to repav part nf its IUSS230.000). while the post-tax issues which have appeared in record production and heavy 


iong-terra loans and lo provide figure was SS315.286. 
sufficient working capital (or the Ambussador has foi 


1X0.74. f or the first five months of this to pay 20 per cent in. bonus 

Total sales of the combine vear worth S5.8m (a 52 per cent shares to holders of ordinary ap3 
came to I£677m (838.7ml—an rise on Jan uarv-April. 1977. and.. ordinary "A” staareir.(15 per cent 


Public Bank Jimc J^aiUJ UUII modest return on capital which is 

nrnfif Iin permitted by the Government" + - ' . 

J w.. J! c Z:Z~::L. « B„ ng Union Bank of Israel funding operation 

KUALA LUMPUR. June 19. the Sinie Darby subsidiary has not already own. R96ra three years a»o P is now nw'' 

PUBLIC BANK BERHAD after- announced a fall in attributable Mr. Robert P. Williamson, down to KBBm^nd wili hi com! BY P 0 * OWN CORRESPONDENT TEL AVTV, June 19- 

tax profits rose by 6.5 per cent to p ro fit for the nine months to senior vice-president and admini- D i ete iv used ud in the current • i 

2.48m ringgits (U.S.5lm) last March 31 of 13.4 per cent to strator for Asia of Security year. So the call is for a rise In UNION BANK of Israel — a option and 1X2 nominal capital for the Issue of its 25m nondnal. 
year, though profits from the 28.81m ringgits, from 33.25m Pacific, and Mr. P. T. Huo, chair- ; h To __i nr fnp failing an untum «ib«iiKarv nf ■Bant Tatnmi which note. The once of I£7 per unit (81.4m) registered 'ordinary 


lure was ssiia.^ao. tne bingapnrc stocK marKet to stocks held by exporting nse ou •*-'Vt7 ■.Ei^v'rT 

Ambassador has forecast a pre- take advantage' of the current nationals as the the main factors [° crea se of 45 percent on 1976. expects a 40 per cent rise to bonos m respect of .297t»f-.-4a 
diversification of the company tax profit of around S8S00.000 for bullish conditions. in South Africa, export revenue D,r ? ct exports totalJed $20m as Sl4m for the whole of this year, addition toi unchanged cash,divh 

- ^S' 1 turnover 0 ^ 

Sime Darby unit setback thr ,— „ 0£ g 


BY OUR FINANCIAL STAFF 


By Wong Sulong 
KUALA LUMPUR. June 19. 


Union Bank of Israel funding operation 


^^ e ra_ yearS . j s D0W I BY OUR OWN CORRESPONDENT 


TEL AVTV, June-19- 



tLKx 



f i»T FrT.t. 


>77ie chairman. 'Datuk Teh ringgits, from 56.1m ringgits. 

Hong Plow, described the per- w j th tas at 23.1m ringgits, against 
forma nee as satis'actory in view -- r j na ra irs already 

u™. ^ au- 

lending constraints’ imposed by p r0 ^ s 3.000 ringgits, whereas 
the central bank. same^ period of the pre- 


outstanding new ordinary shares. 


comprising two shares and 
1X300 nominal capital \ notes. 


>n high liquidity ratios, and „ J ference shares. 7.S per cent of the chairman says that Tongaat adjustment) against an additional cent of tn e paid-up capital nfmadein SOO.OOOjmlte, .eac* uuit 

nding constraints imposed by P r0 ^ s b > 3000 n . n 5 8Jt 5' '^ hereas t h e 6 per cent second preference “has the structural and Snancial pajTnant of I£3 at the tune th | T ^“ k - ., . - y ; S2^S ris,n8 ■ ^ 

c central bank. :n lhe P r . p - shares and bq cw» Sr ihi potential to averaee a comoarable ° f conversion, and IE43ra of 18 Union Banks total assets^ at 1X300 nominal capital \ notes. 

The bank opened its eleventh viousjear. they produced a g ain ne? ordlSft/shSr", to*. Ba’Sk gro^’me^roiShmtTe^n V" cent drferrdd °f tie rapit^not^ Kl^ «|=» 1 

anch in Kota Bam recently. of — rin 3 =.its. of Canton. of its planning horizon to 1982." capital notes 1982-91, series 5. (more than double the J£6.34>bn he offered tp employees,,■■.^TOe,. 

id has plans for more in the The banks were awaiting the This apparently means that convertible mto ordinary shares at end-1978)^ 7/ : Issue price baa not/yirt been ^ 

irrent year. appointment of independent growth will be achieved in part at a rate of 550 per cent, subject * * announced. '• i 


branch in K 
and has plac 
current year. 


CU It7 n 24^orey headquarters in Security Pacific . S?£“rs 

Kuala Lumpur is due to be com- SECURITY PACIFIC BANK, of thousands 


appointment of inde 
advisers to represent 
thousands of minority 


some by acquisitions “ and expansion 10 adjustments 


* ■A- *1 .. announced. 

First International Bank ' /of *• 


ouiuc i uj avHiuaiuuiia <tuu -— - . j, . - ■■ 4 

stock- into new areas of activity." For The shares, .options and con- Israel Holdings, and its.” folly- ® E LAND^Eorporepou*Nalj 


E leted later this year, and the I Los Angeles has .begun discus- holders before continuing the the five years up to March 31. vertible bonds are to be offered owned subsidiary, the First Jnter- 
anfe sees another source of [sions aimed at acquiring all the discussions. Tongaat’s earnings growth was a in a unit consisting of one national Bank of Israel, have sub¬ 


revenue in rentals. 


I shares of the Bank of Canton. AP-DJ 


■Jlv*'• r^?<!r ^ ^ 


ft/ ' . • A»»< ‘ M 1 '!.' 

,V>jlrV,.-i /■ 

..,ti ' 

. :-vt- j/ 


vs ♦’ 



MID-DAY INDICATIONS 


W Saudi Research and Development 
/ Corporation Limited xjA 

(REBEC) % 

(Incorporated with limited liability in the Kingdom of Saadi Arabia) \: 

Saudi Riyals 300,000,000 
Five-Year Loan 

Managed by 

Banque A Lra.be et Internationale d’Investissement (BJI.IJ.) 

Arab African Bank - Cairo Arab-Malaysian Development Bank 

. ... Bexhad 

Bank of America International Limited Bank of Credit and Commerce International 
Banque de l’lndocbine et de Suez Banque Nationale de Paris 

Basque de i’Union Europeenne Citicorp International Group 

Credit Commercial de France The First National Bank of Chicago 

Manufacturers Hanover Trust Company Marine Midland Bank A1UBAF Group 


the five years up to March 31. vertible bonds are to be offered owned subsidiary, the First Inter- ^^diary of _ Jgrael _ Discount j 
Tonpaat’s earnings growth was a in a unit consisting of one national Bank of Israel, have sub- Bank Holding UorporanoD, plans i 
compound 22 per cent annually, ordinary share, one I£1 nominal mitted a joint draft prospectus to raise I£39mffi2.2mX gross, or *] 

-1. --- -—~~ — — — . • an estimated EE36.4m netf through a 

SELECTED EURODOLLAR BOND PRICES ’ 

MID-DAY INDICATIONS [ SSff of ?gtt£. L or SS , 


writes from Tol Aviv. • £ 

irns J** 1 issue ^ to be in ; 500,000 ,o 
a am unitk <of which.’9,406 are to he o 
wi offered to: employees), each_unir 
^ consisting of 50 'I£l shares and: 
ioa three 1X5. at the pricevof I£195 i 
(300 per cent of par) per unit. V 
"gj The proceeds are to be. used F 
ioo to finance the purchase of addi- S 
n»* tioo al real estate and the -con- ii 
stniction of further industrial c 
and commercial premises; 




E2 


as 


El 

5353 




STRAIGHTS 

Alcan Anstralla Woe 1889 9fiJ 

AMEV 8pc 1087 .. 95} 

Australia 8h»c 1992 . 92} 

AinrraJtin M. & S. 9H>c S2 9flJ 
Barclays Bask 8)pc 1992^ 99} 

Bnwatcr 9|pc 1992 . 97} 

Can. N. Railway Slpc 19W S34 

CredU Natlnnal S*oc U®6 . IBl 

Denmark Wpc UIM- 97} 

ECS 9pc 1903 _ 081 

ECS 9Jpc 1007 _ 931 

EfB Slpc 1992 . 97i 

EMI 9}pc 1989 .- 98* 

Ericsson OJpe 1099 . 95} 

Esso Stk 198A Nov. 993 

GL Lakes Paper SJpc 1084 07} 

Hamcrsley 9$pc 1992 . 991 

Hydro Quebec Opc 1092 ... 94} 

ICf 8}pc 1987 .. .. 9« 

1SE Canada OJpc 1088 .. . 10J* 
Macmillan Blocdel Opc 1091 94} 

Massey Fcrsason 9}pc VI »S 

Mlchelln Otpc 19S8 . ]«H 

MicHan-1 Ini. Fin. Slpc "82 041 

Xatlonal Coal Bd. Opc 1087 *31 

VaUanal Wslmnstr. Opc "56 091 

Natl. Wsrmnsrr. Ope -w -B’ 99} 

Newfoundland Opc 1089 .. BSi 
NonJie Inv Bank Slpc I9S8 0SI 
Norses Keen. Bk. 8}pc 1982 9Si 

Norpipe 83pc 1989 . 05} 

■Norsk Hydro 8!pc 1993 ... 93 

Oslo 9 pc 1988 . B81 

Ports Antooomes 9pc 1991 07} 

Prov. Quebec Opc 1003 . .. 931 

Prov. Saskafcbwn. Slpc ’SC 98 

Reed International Opc 1087 92} 

RHM Opc 1992 .. 93 

Selection Trust Slpc 1989... 90} 

Skaud Enskllda 9pc I99L.. 97} 

SKF 8pc 1087 . 92 

S^reden iK’doml 8}pc 1987 94} 

United Biscuits One 1989 ... 97S 

Volvo 8pc 1087 March- 92} 



Creditanstalt 1984 8 }pr . 

991 

97i 

DC Bank 1982 Bpc_ 

100} . J 

m 

GZB 1981 8116PC .. 

9H .. 

m 

Iml. Westminster 1934 3PC 

set 

97} 

XJoyds 1983 8 IS 16 PC .- 

ira« 

96 

LTCB 1983 Spc .....-- 

m 

98} 

Midland 1987 <9upc .. 

m 

96} 

■ N-* W«miJ»wTer ■90 BStisuc 

90i 

98} 

OKB ms 7»pc - — 

901 

98} 

SNCF MBS Stpc - 

VSi 

99} 

Stand, and Cbtrd. ’S* 8 Jpe 

99} 

94} 

Wan. and Gin's W 8 t»pc 

99* 

98 

99 

96} 

Source: WMte Weld Sccnrttlea. 

CONVERTIBLES 


Arab African Bank - Cairo Arab International Bank The Arab Investment Company S.AJL 

(Biradli) 

Arab-Malaysian Development Bank 'Ranir of America NT & SA 

Bexhad Bahrain Branch. 

Bazik of Credit and Commerce International Bankers Trust Company 

Banque Arabe et Internationale dTuvestissement (BAJJ.) 

Banque de I’In do chine et de Suez Banque Nationale de Paris 

Off-Shoto Banking Unit—Bohcafas Maamm (Bahraini Bsaach 

Banque de 1'Union Europeenne The Chartered OJ3.U. 

Citibank, NA. Credit Commercial de France 

Credit Commercial de France The First National Bank of Chicago 

(Moyen Orient) S A Ji. »*»* 

Kredietbank S A. Luxembouigeoise Manufacturers Hanover Trust Company 

Marme Mid l a nd Bank Merrill Lynch International Bank Limited 

National Bank of Bahrain PKbanken International (Luxembourg) SA. 

The Royal Bank of Canada (Fiance) Societe G&u&rale de Banque S.A. 

Union Bazik of Finland Inte rn a ti onal S.A Union de Banques Arabes et Fzan^aises U.BA.F. 

Bahrain Bmck 

UBAF Arab American Bank UBAF Bank Limited Uban-Arab Tananese Finanp'o. T.i'mJto/i 


Provided by 

Arab International Bank 


Arab-Malaysian Development Bank 

Bexhad 

Bazik of Credit and Commerce International 


UBAF Bank Limited 


Bahrain Branch 

Uban-Arab Japanese Finance Limited 


The National Commercial Bank 

(SawUAnbia) 


Bull Canada Tjpc 1987 .. 95} 

Br. Colombia Hyd. 7Jp c T3 921 
Can. Pac. Slpc 1984 .... 971 

Dow Chemical 8pc 19S8 ... 9S1 

ECS 7.4jc 1881! . 94] 

ECS ?lpc 1989 . 9U 

PRC 7}pc IW2 . flr.1 

EEC 74pc 1W4 . JMi 

F.nna Outw:M Ripe 19i4 ... O^S 

iTO'av-rki-n 7: pc 19S2 . 05: 

Kockutm 9 du 1»<c.. 0(11 

ITichelm S’.pc 1983 . 981 

.ilonircal Urban S3 pc 1951 98J 

yew Bnmnnck ?pc 1984 98J 

Xcw Bruns. Ptot. SJpr -fl3 00} 
M-n' Zealand Sltw 199R ... 9>i 

Nfirdic Tnv. Bk. 71pc 1984 941 

Korek Hj'dro 7«pc 1992 .. .. 05) 

Norway 7lpe 1982 . W! 

t'mrario TTrdro Spc 1937 ._ 9n; 

SInccr 8'DC 1982 . 99J 

S. Of Scot. Elec. 6iPC 1981 98} 

S'rcdcP iK'doml TlOC 19?2 95} 

Swedish Slate Co. "pc '82 9S) 

Tel men 91 pc 1984 98} 

Trnncco 7!pc '937 May .. 91} 

Volkswagen TJpc 1937 . S34 

STERLING BONDS , 

Allied Erwcrli't lOjpc ■SO S7J 

Citicorp IOdl- 1993 91 

Oumanlda 9 .'dc 1989 . 30 

RCS 9:pe 19WI .. 04} 

EfR Pipe 1WS .. {Ml 

RIB 9Ipc 1992 . 92} 

Finance for Ind. 9ipc 1997 94 

Finance for Ind. lOpe 1989 91} 

Klwme lfltpc 1957 95} 

:emcmcr Upc 19SS_ 911 

TNA 10pc 1WS . 9«J 

R0h-n»"i' I (Hoc 1988 . 8S 

S-ars I91DC 1988 . S9| 

Total Oil 9,pc 1984 . 90} 

DM BONDS 

Asian Dev. Bank 5}pc im 911} 

PXDE «PC 19S4 . 9A| 

Canada 41pc 1983 . 98 

Den Norekc Id. Bk. Gnc ‘M 99! 
Deutsche Bank 4|pc 1982 ... 971 

ECS Slpc JMO .. 95} 

EIB jjpc 1990 . 911 

Elf Aquitaine dine 1988 ... 93 

Eli mom 3] pc 19S7 ......... 98} 

Pml.tOri Slpc 1988 . 97] 

Korsrflarfcs Sine 19W . 97} 

Sleairi) i;pe its.-, . 04 

Voterm S'pr 11K9 . IDO 

Norway 4inn in«i. 995 

?:nn--as 43nc IP82 . 97 

p h' Banften sine 19*8 . jo 

i’iw Quehee Spc lion 97 

Hnunnintfci S?pt* 1WS. 93 

'pain spe iwi . n„ 

TniPidhrtltn l-p t - t«W8 ... fl„; 

nvi Power ro. iip* 19^ . «)7 

\''»ni-»lte|a Kpr IDS' . 97 

World Hill it 5: pc 199(1 93 

FLOATING RATfc IOTE5 

Rank nr Ttflno 19M S^or Ml 

RFCE- 19S4 54p.; . .. 9ft| 

RVP lisa Sl|„pr . 1P04 

BOB worms i»5 9 bc . . mi 

CCF IW.i j»Jrc . 99} 

CGMF 1B£4 S11 upc . gj} 


m 

100* 

American Express 4*pc B7 

84 - 

85} 

97} 

98 

Ashland 5pc 1988 . 

92 

93} 

99J 

1004 

Babcock £ WUcox 82pc -97 

105* 

IDS* 

94* 

95} 

Beatrice Foods 4}pc 1992 .. 

97} 

98 

064 

97} 

Beatrice Foods 44pc 1992— 

109 

110} 

103} 

104} 

Beertram Slpc 1992 ............ 

96* 

07} 

94} 

051 

Barden 3pc 1902 ___ 

102 

103} 

S* 

99 

Broadwaj- Hale *loc 1987... 

77} 

79 

1*9} 

101 

Carnation 4pc IM7 

77 

78} 

94* 

05} 

Cberron 5PC 1388 - 

Uii 

136 

9T.1 

94} 

Dart 4 JpC 1987 ... 

79} 

81 

99* 

100} 

Eastman Kodak 4}pc 1998 

S3 

54} 

99} 

100 

Kcotmmlc Labn. 4*pc 1997 

78 

701 

DS» 

9M 

Firestone Sor 1938 ... 

81 

82} 

Wl 

97 

Ford Bpc 1988 . 

S3 

86} 

9» 

90} 

General Electric 4inc 1987 

SB 

83} 

95} 

Wi 

Ometre 4fpc 1997 _ 

85 

86} 

95 

»* 

Conld 5DC 1987 ____ 

114 

115} 

98* 

90} 

Golf and Western 5pc 1938 

87} 

88 

974 

9S4 

Harris 5pc 7992 __ 

180 

182 

93* 

94} 

Honeywell «oe 1988 . 

83 

Mi 

98 

98! 

TCT filpc 1992 .. 

90 

91 

92} 

94} 

TNA Bpc 1997 .. . 

0G 

97} 

93 

931 

Jprheape Sine 1092 ........ 

112} 

U3i 

90} 

911 

ITT 4 l oc 19*7 __ 

79 

80} 

97} 

98 

Jnsco Spc 1992 

114 

115 

92 

921 

Komatsu 7}pc 1980 ......... . 

m 

133 

94} 

95 

3. Bay McDermott 4»pc W 

153} 

157} 

974 

984 

Matsushita fllnc 1900 . 

168 

170 

92} 

83} 

Mitsui 74uc 1900 . 

121 

122 



J. P. Korean 4*nc 1987 ... 

W 

99} 



Nabisco 5tpc tr« . 

104} 

100 

93* 

94} 

OweiJS Hllnols 4 l DC 1087 ... 

111 

113} 

BS4 


J. C. Penney 4*nc 1987 .. 

76 

77} 

971 

srr} 

Rerlnn 1037 . 

1IS 

119} 

97} 

98 

Remolds Meta’« Bpc 1938 

34 

85} 

95} 

99 

Carufefk 44P.' lfN8 . 

107} 

im 

84! 

95} 

Sperry Rand 4)pc 1987. 

91 

92} 

944 

95} 

Fmtihh 4 »dc I**"* 7 . 

«} 

83 

nr.} 

96 

Texaco 4}pc 19« .. 

TS} 

8ft 

«} 

03 

Toshiba fijpc 1992 . 

128* 

120} 

9115 

97 

Ty Co. 5 pc 1984 .. 

77 

ra» 

951 

am 

Union Carbide 4Ipc 198? ... 

94 

954 


97} 

Warner Lambert 4*pc 1987 

S3 

64} 

981 

P94 

Warner Lambert 4}pc 1988 

76} 

79 


99) 

Xerox Spc 13S8 . 

7S 

70} 

W4 

971 

Source: Kidder. Peabody Securities. 


\i -J 


URQUIJ0 INTERNATIONAL 
N.V. : ///H 


U.S. $25,000,000 Guaranteed ' ^ 

v-‘ T - 

Floating Kate Notes Due 1081 /.<: 

. - -' J*' • 

For the six months - ' '/:’ ’ 

21st June, 1978 to 21st December, 1978 
The Notes will carry an inferes&rate • 
per cent per anunm.-j: ' V ; ..' v . 

The Notes are listed on The London ‘^Siock’.&ccfr^pge 
• By: Credit _ Sufase;; Liwadbn^J.y.jV''.^^ 
Agent Bank . . -- ‘ 


This announcemenl appears as a matter of record only. The securities referredto: v ; u . 

In this announcement are nor available to residents of the United 

280 , 000,000 ' Mexican.pesos ^ 




Pfl Ralston Purina 

through a subsidiary has made a public sale in 

28,000,000 Series A Shares 



representing a 51% interest In 


•• •• • .. n . -L^>. 


Industrial Purina, S.A. de C.V. 


v;/ 

/Vfi 
'■ SH 


We acted as advisor to Ralston Purina Company in 

Comermex, Casa deBolsa. SA 1 V - l "-y v 

■■ ;' >/ ;• .; : /•;^4 


Goldman, Sachs & Co. 

New York floslon Chicago Dallas 
Detroit Houstorf Los Angeles' 1 - Memphis 
Philadelphia Si. Louis San Francisco 

Iniernalional subsidiaries: 

London Tokyo Zurich 





-'-VJ-. Ti 














































. • -i'J. 


J* % : June ; ^0 1978 


IML. FINANCIAL AND COMPANY NEWS 


27 










for Husky Oil 


BY ROBERT GIBBENS 


**fc 




,n * plat 

“ Chisel 


lidlidfc 

••ran'k 


NEVER BEFORE have the 
heavy oil resources of 4he Lloyd¬ 
minster' " area of “ south-west 
Saskatchewan—they also extend 
into south-east Alberta, —- 
received, so • much atten¬ 
tion. But. these compara- 
. tively large potential reserves, 
t from-• which ‘production has 
' . r .r\ been “obtained in small quan- 
Tr.^-tides for, - many years, have 
emerged as the plain issue in the 
> ;*■• current tussle for control of 
.A-'Hniky Oil of Calgary, a com- 
pany spanning the Canada-tLS. 

1border, in production, refitting 
• ■**' and marketing, .with assets of 
.well over^C600in. 

“. The problems since the energy 
•. crisis of 1973-74, have been the 
timing of large-scale production 
of heavy oil, the technology re- 
' quired and the meshing together 
— ‘ of a large’ number of interests 
. ; which hold .leases in the area, 

.; in relation to the Canadian long¬ 
term oil supply. 

: . ‘ 1. From the-point of view of the 
r y Federal Government, the timing 
could be crucial to the balance 
of payments and to security of 
‘-‘-supply. The prospects are good 
*•= 'for getting new domestic capa- 
*■ city of perhaps 100,000 barrels 
daily of crude oil at half the 
. _ . cost of a third Alberta tar sands 
. *. plant—if technical problems 
. can be overcome. In the sands, 
bitumen occurs, close to the 
" surface, mixed with sand, and 
; V at present, is strip mined and 
then upgraded;’ -heavy oil- 
oe^irs deep below the surface. 

The. second tar sands mining 
a’lid processing operation. Syn¬ 
crude, will be starting up shortly 
r " and wilt ultimately have a capa¬ 
city of 125,000 barrels a day of 
^synthetic crude. This will bring 
jotaL tar sands production from 
.j'v ?- ^the two plants to around 175.000 
--..barrels daily -compared with 
i-i ' total Canadiamneeds of around 
: • r- 2m barrels a day. .... 

■> syncriide will come on stream 

- at a .capital. cost of around. 
i’L’CSSbn.--Hbwever,-the third tar 
; V- sands mining operation now 
l. J planned -by 'Spell Canada with 
7^ ; - ^.• -partners ■ cannot reach -start-up 
_ ..- ;much before the mid 1980s. 

V." *:■ a mil cost'-around C$4bn in 
current - dollars -for the same 
capacity as Syncrude.. 1 ' ’. . 

The technology to extract oil 
from ■ 4he deeip-tyqng tar sands 
through various methods of 
heating up-'the',deposits under¬ 
ground, and using, less water 
/than Syncrude with . less 
s environmental scarring;, is many 
^ •'■years away. The most advanced 
project is that of Imperial Oil, 
’which has . a pilot plant using 



Peace 
River 



>*:• COW 

ALBERTA •: 

EDMONTON /. . 

Lloydminster 

Heavy oil 
deposits 

.• 

CALGARY_■ 


steam to heat np the.heavy oils 
2.000 ft down in the Cold Lake 
area of south-west ' Alberta, so 
releasing the crude oil into 
producing wells for pupping to 
the surface and treatment in a 
Syncrude-type processing plant. 
But it will re quire more time to 
prove the process,-" besides 
having a price tag of several 
billion dollars. The-huge invest¬ 
ment "and timing problems that 
go with further tar-sands plants 
turned the attention-of govern¬ 
ments and parts .Of'.the . oil 
.industry towards'.. : ;the-7 Lloyd- 
minster heavy oils,- _ These 
reserves lie deeper-thin those 
of Imperial at Cold-Lake and 
are more viscous. - They can be 
lifted to a minor extent using 
conventional - production-well 
•technology. However^.generally 
a production well;- afte'r using 

■ secondary recovery-’techniques. 

wllFonly pump up about 10 per 
.'cent of the avaiiable'.oil in a 
reservoir." The objective is to 
develop the-fields further, using 
new tertiary technology^ard to 
recover a .gr eater proportion of 


the reservoirs, putting the oil 
through an upgrading plant 
which would produce crude 
capable of being pipelined to 
any conventional refinery. 

The Husky Oil group has for 
many years controlled much of 
the land in the Lloydminster 
area required to support suffi¬ 
cient production to justify the 
upgrading plant, itself involving 
an investment of well over 
CSSOOm. While Husky last year 
proposed a majtor development 
programme ' with upgrading 
plant, continuous wrangling over 
how to pull the project together 
has meant long delays. The 
Saskatchewan, Alberta and 
federal governments have been 
involved in this wrangling 
besides many interests owning 
freehold leases in the area. 
However, the federal govern¬ 
ment, and the national oil 
company Petro-Canada. have 
been getting impatient. 

It is quite possible that the 
real purpose of the Petro-. 
Canada bid for Husky Oil was 


to force the issue. And federal 
Energy Minister Alastair Gille¬ 
spie now says that the Occiden¬ 
tal Petroleum takeover of Husky 
could be acceptable to Canada if 
there were cast-iron guarantees 
that this would mean fast 
development of the Lloyd- 
minster heavy oils. 

Occidental is one of the 
leaders in oil-shale technology 
in the U.S. but whether it can 
contribute extra know-how to 
the extraction of the Lloyd¬ 
minster heavy oils-is not clear. 

Husky is a very well known 
name in western Canada, and it 
would be hard for Canadian 
nationalists to make a case 
against it It was founded in 
1938 by American oilman Glenn 
Nielsen at Cody, Wyoming, with 
a 900 barrels daily refinery, 19 
employees and one producing 
lease. Mr. Nielsen is chairman 
and his son is president The 
company moved into Canada in 
the late 1940s with the first 

discoveries of major oil reserves 
in Alberta. Today it has pro¬ 
duction, refining and marketing 
operations on both sides of 
the border with exploration 
interests in the North Sea, 
Alaska and other parts of the 
Western hemisphere. It holds 
leases in the Alberta tar sands, 
and in other heavy oil areas of 
Canada and the U.S. Last year 
it earned ?42.Sm on volume of 
S62f!m, against S30ra on sales nf 
$522m in 197G. The parent com¬ 
pany is based.in Canada, though 
its headquarters are in Cody. Its 
1977 production from the Lloyd¬ 
minster area was 27.500 bar¬ 
rels daily, sold mainly in the 
U.S. Husky says it has identi¬ 
fied 16bn barrels of hea\*y oil 
in place in the Lloydminster 
area. 

It has formed a special tech¬ 
nical group to develop methods 
of tertiary recovery to lift a 
greater percentage of the oil 
in the reservoirs. Its proposed 
upgrading plant would have 
100,000 barrels daily rating and 
be operated by a new Canadian 
corporation owned by investors, 
producers, refiners and govern¬ 
ments. 

Husky would provide 25 per 
cent of the equity required. 

It now seems that compro¬ 
mises are possible in the fight 
for control, of Husky in the in¬ 
terest of getting the heavy oil 
reserves to market, especially 
as both countries are finding it 
increasingly necessary to co¬ 
operate on.energy matters. 


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over the world. The location and details of each ship and each^^iner ai r ® instan y 
displayed on the central computer screen. The latest word in c ^°™ er t 

Second 360 ships and 40,000 containers at your service. The most complete, most 

adap ? h “dS 

warehouses, container yards, air agencies, trucking services , and port facilities 
□editing the onloading. offloading and forwarding of container cargo. h .„ pontars 

Or maybe you need a specially designed container. From horses to helicoptera, 
wines to wire, NYK's 90 years’ experience culminates in our containerization know-how. 
The nyk container svstem. Lets vou move faster and more efficiently when your 

me 1 - 1 markets shift or new trade patterns emerge. 

NYK. You can't beat 
the system. 




_ ,une 

NIPPON YOSEN KAISHA * "' 5> 


ts.-.r.; 








.r.1' ••■ 



A source of energy 
that will last for 300 years. 


At the present rate of production, Britain 
has proved coal reserves which will last at least 
300 years. 

This puts Britain’s Coal Industry in a 
strong position alongside striedy limited oil 
and gas supplies, and the continuing develop- 
ment of nuclear power. With this assured 
energy supply,based on coal,British Industry 
can plan ahead with confidence. 

The benefits of being the EEC's .. 
biggest coal producer. 

Britain already has the biggest mining 
industry in the Community, producing as 
much coal as the rest of the EEC put together. 
To replace Britain’s present coal output with 
imported oil would worsen Britain’s balance of 
payments by £5,000m a year. This makes coal 
good for Britain as a whole. 

Vast modernisation programme. 

To ensure that these huge reserves are 
available when needed the NCB, under its 
“Plan for CbaT is already investing heavily in 
developing new collieries and in expanding 
existing pits. 

We are still proving coal reserves m 
Britain four times as fast as we are using them- 
Selby, the biggest new coal project, will pro- 
- duce 10 million tons of coal a yean This and 
other new mines are keeping British coal¬ 
mining in the forefront of mining technology. 

Ever heard ofa fluidised bed? 

Britain is also taking a lead in the tech¬ 
nology of using coal Fluidised bed combustion 
is a new method of burning coal in industrial 
plant These boilers should cost less than 
conventional plant and need less space. This 

method, in which coal is burnt in a bed of ash 


or sand and which is ’fluidised by passing air 
through it, offers substantial advantages to 
those considering new industrial boiler plant. 

New ways to keep coal on the move. 

There have also been spectacular ad¬ 
vances in coal and ash handling techniques. 
For example, compressed air is now being 
used to push coal through a pipeline from 
bunker to boiler and ash from boiler to storage 
silo. The system is completely enclosed and 
dust free, silent running, needs little mainten¬ 
ance and is cheap and simple to install. 

Problem- solving is our business. 

Coal benefits all sorts of customers. With 
District Heating, coal fired plant supplies 
heating and'hot water to whole communities. 
Individual users, from the biggest power 
station to quite small industrial plants and 
individual homes, can benefit from the new 
knowledge and equipment on coal burning. 

There’s an enormous amount of know¬ 
how . concentrated in the NCB Technical 
Service, covering all aspects of the efficient use 
of steam and hot water heating. If you need 
advice on malting the best use of your existing 
plant, information on new equipment and 
techniques, how much new equipment costs 
and what savings it can give, ask the NCB 
or your Industrial Fuel Distributor Expert 

help is available. tin 

The NCB has a new brochure which teUs 

what- coal has to offer you now and in the 
future. There are also new technical booklets 
dealing in more detail with all designs of 
industrial coal-fired boiler houses. 

If you would like copies, or would like a 
technical expert to talk over your heating 
needs, write to National Coal Board, Market¬ 
ing Dept, Hobart House, Grosvenor Place, 
London SW1X 7AE, or ring 01-235 2020. 


Doing Britain and British Industry apower of good. 














This announcement appears as a matter of record only. May 1978. 


□Ill 


Companhia 
Vale do Rio Doce 


Companhia 
Vale do Rio Doce 
Brazil 

$100,00Q000 
Ten'fear Loan 


Managed by 


BankAmerica International Group 


Provided by 


Bank of America NT & SA 
The Bank of Tokyo, Ltd, f 
Bankers Trust Company ' 

Banque Nationale de Paris 
Chemical Bank 

Compagnie Financiere de la Deutsche Bank AG 

European Brazilian Bank Limited—EUROBRAZ 

The Industrial Bank of Japan, Limited 

The Long-Term Credit Bank of Japan, Limited 

Security Pacific National Bank 

Swiss Bank Corporation (International) Ltd. 


Agent 

BANKof AMERICA' 





OLL 



Edited by Denys Simon 


THE WORLD’S LEADING 
MAGAZINE OF ARTS AND ANTIQUES 


Published monthly price £2.00 Annual Subscription £2500 (inland) 

Overseas subscription £28.00 USA & Canada Air Assisted SS6 

Apollo Magazine. Bracken House. 10, Cannon Street. London, EC4P 4BY. Tel: 01-248 3GGQ 


World Value of the Pound 


Th? labip below itives the 
laU'al available rail's of exchange 

fur the ;juund ajainot various 
currencies on -lime 19. 197S. In 
.’iumr ca.-es ra»e:s are nominal. 
Market rate.- aiv the average or 
buyiny and bell in j rales c.vcepl 
"here ilie> are shown to be 
niherw t-r. in sumo cases market 
raic-) have been valvulalcn from 


those nr foreign currencies to 
which they are tied. 

Excban-jc in (he UK and most 
of the countries listed is officially 
controlled and lho rales shown 
should not he taken as hem:; 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviation-: »St member of 


the sterling area other than 
Scheduled Territories: (ki 

Scheduled Territmy; mi officu! 
rale: (K» free rate: <Ti lourist 
rate: (n.c. > nun-commercial rale: 
(n.a.) not available: iAi approxi¬ 
mate rate no direct quota nun 
available; Iaui soiling rale: ibi:> 
buying rate: (ncun.i nominal; 
cexC) exchange certificate rale; 


(Pi based on U.S. dollar parities 
and yimi-j; >ter!m-j dollar rate 
(Kk) bankers' rate; <Bjs) basic 
rale; Icon cnmmercinl rite, 
ten! convert i ole rale; tfni 
financial rale. 

Sharp Hueiuatiunc have been 
seen lately in ihe foreign 
cxrhanue market. Hales in tin¬ 
ts hie below arc not in all case* 
vlosins rales un the dales shown. 


Place and Local Unit 


Value of 
£ Sterling 


Place and Local Unit 


Valueof £ 
Sterling 1 


Place and Local Unit 


Value of I 
£ Sterling [ 


Place and Local Uni: 


Vaineof 
, £ sterling 


Af^lianistan VijImik 


Ecuador. 

h:! (■!.layNuii jc 


l.iii-lil.. |ruin.' 

(.MMrli.t.-ftii K . bu Fran.- 


K'U>I"| , 1ji .km l. •( .i.i □ Hut 

i l iimn>ti IV•■•in 


FaUtlandls. h , ;l>l , n . l ki . 


Bahamas <si i-.,. n-n 

I oi ii _-ln-n • Ir- ^i I f 
I*11II->■«I | Hllrt* 

I - 1 i-ll I I --p*| IV" 

f «4 I i*"... | *rt r l 'H* !■ ■ 


, Ur-I la. ltMIII-.ll ht'-fll- 

Fin I-.! 

• L' Lull. II. I. 

Knuur.. . . I'l'-it.-n Filin'- 

• l li 'l \in \l* F.I'.V. Fraiif 
Fl .1.1 Ili.UA .... !. -■«. 1‘lNII-- 

i .. 1 ■>■•■. I-.... • .IM 1 . Fm.u 


.. P. e-mu' 


Mill M. IV 
-ttiiibfl.SO 


: Gabon.I'.f. \ Frai 

■ > nnil.M ■>■... 

< in iimii, I ,... 

fr'i. , ‘ 


Macao 
'Iii-Li.-ii* . . 

l.*|. 

. Mnla-ti (>-. 

;• Maini-in --i. 
i llalilive I-.-.- 
Mhii Itii. . . . 
I llnlla tSi . . 
! ilnnmli(iir- 
Mhiit-iisiuh . 

I Llniantiii- i-. 

I 'l«-\l, i-. 

i Mi,in>-l*,,i... „ 
i M■•llni-i■. 


. I*Hla,-n 

,. I'.-nue'-pl'-.-ii. 
i. \H. F.arn- 
Kwr.-Jih <ljfc 

.. I.'IIU-SII 
■■ \Ui'Unif«-e 
.'Ijtil Flam - 
lUllift- U 
b>*i Km Ur 
U'i“inja ’ 

-. .1. I.'lll-M.- 
.. Mm n-HIl I Vi,i 
.. I >'..l. 1 Hill,- 
. Kr,-liiij K m lII- 


| -iiui inn .. . 

[ I!>i nri.lii .. 

’ St- Chriato- 
I pherlSl . E. s 

J" 4 !. H,,«-nn.. . > 1 . c 

-I. 1.1 - III ... K. > MrilJ.,.| £ 

j SI. I’liri»r. 1 (h'i. 

ffl. Vun-H'iifi K. *. inl-l ..-in, S 
i '■iliniii-r HI .. (.'.-I,mi 
; -aiii.« t lin... l’->. S 
• -mi IFann-- .. linin', Lire 
' >j,-i 1 ■-nK--.i>l» 

| -an.li Arnl.m. I.’jul 

i . .. •- .1'. \. Kuo.; 


Ia-I1 

l.'r.sn-lA 1 mn.- 


i.-I M.8.43 
■ U.-.-.T52.79 
169.17 


j —--y. lii-l. —. I*n|^■■ 

j —ii-m-1af'in .? ! l la*.u>- 


II. 1. _ 

. » .“ 

5.610 

, lii rnmny 

Il-.'lllll.. 

. 1 '.F.A. Kiai'i- 

<21- 

‘We- 

III ■ 1.ill-En 

. Itl.i. S 

1.3350 

jtitlHIIS l>l.. 

Ili.iil 11 , 

1 ■■■'..m. lti,|-w— 

i&.;8o<-c 

j 1 ■ 11 ,i>i 1 let 1 I 1 

Ik.lill* 

C-'lit 1.111 IV-i« 

5b.<0 

i-IIIm-H 1- . . 

l-il.U1IIH>.-',. 

. I'.lle 

1.5191 

_ 1. mu In Ini... 

1.11 II... . 

.... 

52.5-1 

1 ■■iciin.lM l>‘ 

r.i \ .i-jii.i'i -1 

1 ... . 

l..?55J 

" I.,in-lrt(-.'l|-.' 

il iiii--i .. 

I'I>|||, 1 s 


‘(•■1111,1 . 

111 . 

le * 

1.M« 1 

. ■■ikiiiiniiflii. 
1 ,miner l.‘r|. 


| 'l-.iiy.-iin . . ruuiili 

j M-n-errei.K. •.'urnt.iean S 

IIi-ii. Ilirliam 

' MA.mul.|-|iie.. >1.... K-n'l" 


H >-3.8444.: 

4.959 
7.72'^e- 
6 1.409 


I . I niiiU ftii > 
l--.il Fmn-- 

I 'ft f 

Vi!" H I 
“'ll. 


bur inn. I,,nl 

hi.rinn11 .Ilu-1in-ii I’niii"- 


• i m I mu Ui -•in 

■ niM.i.-i . . 

Haiti. 

Hi.lii.iint- IJH. 


l.iimna-r i 

’■Hi Mi- 


Camoro nRp < .F. \ 1 isn«- 

< «iii.I t. . . . i imiinii S 

< m.nrt I-In -i-ain-ti I’l-MS* 


1Ii.iim|i<ii|m i-. H.h. n 
.F»ii n( 


SJIS'-Ki 

1.00 

1.60975 

mi. 

10 .it 
4.JS9 
B.4S-A 
1.9650 

I.blSO 
37.487 
83.7 127 
4.679 

5.175 
3.54 
8.53 ip 

•■•■mi' 72.65 
■Ti.ii" ■ 36.53 


I Nauru la.... 

j >■•1*1. 

1 \i-ilu-ilaiiil-. 
| \hIIi. .Lui'Ims 

Hflni.li- 

' /i-aUiii-l .S 

i .. 

] . 

i Mai in i?.... 

! X-iin«v .. . . 


Aii-i. lV Unr . ... 

l.'U|afa 

'■ii.l.Lf-r 

AiiUliiaiiipiiiM. 

• Fuiiii' 

lii-.fi. Ih-ltar 
I'.'llm 

c.-r.li-'a, 

l.F.\. t rmi"- 
Nurj 

Nmj. Ki"iw 


-■n-»|».ir S 

7*»|. Hill III l-.-i S.I..IIIIHI J-. 5 

■?nliuili .. r-iiiit sliiihny 
■Slh. Ainin’-i Ihui.I 
S.AJrKUn 
IV|i11-.,n- >i-lA. Itnu-i 

.-(Mill. 1 V-.I-1 n 

S|«ll. Curl-III 
>■■ 1-111 AI run I’l-a^a 
>ri I.inlii ‘t. ; -. I, Ihii-re 


4.359 

l.n 

4.953 
421 . 
4.855 
4.54 
1.6350 
I.577--1 
84.10 
*L5I 
421; *• 
15.44 
2.0 

4.271a 
1.50975 
i.V 11.55 
1.59851 


' -ihIi.it I!;. . . —in. mi, C 

! Sun im ill.N GiliW 

I »o i/iLnn-li-.i l.i.mi^i-iii 

■ •—Ii;l» .... -. hi I-. lift 

[ -II II,|-|IRII>I .. i— 1 (All 


I OlllAII SulllUI- 
nlr nl i>. 


Taiwau. . . 

1 l.»ii .Ainu ii.i 
! riiBiinii.j.. 

: i.w i.’n... 


.'n I Ain in 
Ihii. -lulling 
Halil 

• .F.A. Finn.- 


b}h- \>|.li I, i njn- lin-it'1.. 
ai nuin I-..--i'h\. I. > 

■:ni. \i .It]... i .F.A. Frm.- 
ti«'t. 1 ‘.F Fmtii' 


fm. 1 .. . . 
lilli- . 


< . I’m. 

It, mn infii 1 turn 


■ •inupr li^ .i. .F. \. Krsiir 

■ 'ilo >rU' I In. • .K. 1. Knui.; 

•“IH llllli. i .ill-n 

.i r«« 

, pru- in-..,. I V | rup 4 : 

/Ml 11 all-ml hi.rilUA 


Denmark. 1 •sni-li h*"*n* 

Im’-.uli . . , Fi-. 

I'..ii.iiii.-h i.>. F:. i.'anl.'HAU S 
II.'in'll. IiViv. !•" -Il'III.i.ll I'm 


1.38151 
0.7U30 
, .«'.iiiii to. 10 

■ill .20.20 

f.f'Jf.Sj 
10.56 is 
5G3 
4.F59 
145 SO 


I Iceland 

1 llhll'l .. 

lllilullL-IU,. 

• I.. 

!rai|. 

[ lll-ll t{A|, ikl. 

; I -iiifi. 

IlHlV. 

1 Ivi.rv (.UA.-I . 
1 Jamaica 'S' 1 . 

i -lp|iHII . 

J 4'ir.iAii iSi.. 

1 Kampuchea 
! K'i’iiv) r-ir.... 

' hi 1 ini, i>llii . 

I hurini f.nr'ii . 
K11 on 11 mill, 

Laos 

la'l«ll'i;i. 

U-..|li(i. 

• l.lli.'IHH. 

I l.ll'tl, . 


{Paidstan -.. 

| I’MIMIIM... 


l’k-l. lini^r 

l«a|l-K 


19.0925,--. 

I.eijJ 


1 Kihiih 
Iim. Uuiipe 
I'li i>m li : 

r.-iai 1 

Iran Piruir 
In-li 1 : 

I *1 ivl i 
IlHH 

1 .F.A. Frank 
-Inn 1 a un Ui'llAr 
ten 

•l,H-‘4n liuinr 

Kiel 

h>n%A »li 1 111:, R 

Vi mi 

'"•i'll 

KilbaH Iilnar 
k i|i iv.i r„i 
Iji'MIIi-v r 
-. Ain.mi l'ajlil. 
t.i'inriHn *i 
I.i'-, hi lHn.ii- 


494.5 
]5.2Mi-K' 
181.52 
■ A 129 
0.5404 

I .Liu 

51.6503 

I.577p, 

421 

2.4442 

580 

0.560 c> 
i.202,0 
14.4185 

684.69 
0.505 
567.0 
5.3239 
1.55351 
1.8560 
I’ 0.5432 


I'a|.iiaN Ai.i.n. 


' I'.'II^H 1%. .S'. I*"ii^h 

1 1 rnii'ln-l "11111 , a I'lmu.. 

1 IMII-|I|. 1'11.1-.All O’UBI 

1 urkvy.1 111 hull l,n> 

I'llf hr A I'r... I .1. > 

I 'il niu.lu-liniinii C 

Uganda .-.i. 1 c. -lulling 
l nil 111 I-HUI-. 1 ,n Ihllil, 


; Hun^iur. 1 

' IV, IL U|/ 

! -h 1 fiiieii -Si 


LruciiHV . .. I'maiiD, IV-n 


•rt It'hieii -si 9. Venitrn Din«: 

I I’eiii. 

| i'hilippLiifs.., I’n. rw 
i Pil.airnL.iM 


. A ,0.82065 
cm 'Ai774.«7 
13.515 


. t'l.L, a'IiKiiii*. I .A.K. I in hani 
L .-S.9.B. . . I(..iil..i- 

J t eiA-r 'i'iln. I'nui. 


145.45 

98.8870 

iAifl.7240 

3.236 

I. 59351 
6.461- 

J. 47Ij 
7.1024 

.l>iE9.r3 
14.415 
ST i-iji 
42U- 
1.3 >bS 

4,404 

Q.7q3i:{:i 

45.75 

1.6350 
1.60975 
14.16 
1.8850 
■11-111110.74 
■ un> 10.08 
7.10 
l.Sr» 
421- 


F-.'Iad.I.. 


1.7350 
1 .Vnn6l.00 


Vatican- . •• ],ii« 

VvllVMKlA. IF ill. At 


j Vh'iiiKiiii\ili. lli-ne 


iU >4.3301 
■il4.Intiij. 


! Port heal.Hii**. LV-inb. 

[ f'-Tt Tiiiii-r... Tti»i-'r h..-ii.IrS 
I’liMi-l/t- I elf. Parr. Kviciv 

! t’lll.-rt-l ltll. 1 i... r..n. y 

! 'Tnlnr ... l!v«l 

' Heimli'ii 

;. I'v w.Fivwli I'm in: 

• UI>--.v‘.Aii ^ 


j Virintm‘Stli- t'ut'lre 
j ' ii-jinl-. L‘..S. 1.9. UnllAr 

Weeiern 

I Samoa -«rmaii ia;a 


1 Yemen.Kim 

. \ Uj-I- NVIS. .. >f,i V I 

Zaire Rp- /mn- 

• ZaiiiIum . . h »A( llA 


Currencv, Money and Gold Maikets 



a- sa? 


Yen improves on 


THE POUND SPOT XroRwfe ftSa 




(Bant 
19. raw 
-- . * 


■ Dvr; • li . • ^ L. 4;.os* 

Spread " Ctose | 


trade figures 


rf«s B . 7 1 1 . 84 20-1.8565 1^846-1.8565 -■ 3^7. ]L8WATi 

BlaiWM-Z-OBM 2JB4MJ566 Q.37-0J7upm -S.B9 UW48i 
" S 4.1M.B • 5-2e-p.ni ;• ; -T.2S 

5is< 59.05-40.25 80.19-80J22 &25e.pm-.' tStllOtfM 

H 110.328-10-374.1BJ%-10J7; 1-5 ore in* . 

3 5-Wi-a.Mi Mpfpm j-.TJj-M 

18 6S.60-34.M 98.8544.56 15-1B + m -M-W 

8 145-146 145.55-146^6 PaMOO (tdhr-tftTfeMtt 

IMS, 1,674-1^82 1.577v-1i5791 Hirepm-2d&;-(W> t,JW “ 


Guilder j 4 
Belgian Fr.j 5 
Danlab Kr_. 9 
D-ilack 3 
Port. Bsc. 18 
Span. Eta. 8 
Lira II 

tO Tiiugu. Kr- 7 


9.B83+-3J2. 3^0rS.Blfl itfrepmljdi 
-4(li-a.443a B.48fr8.«4j (U9JQe.pm 


•0 WdS is gUUU i jpILdi v* ujv ■ -_ __—■ — - • 

renims for the sterling traded a: $1.8320-L^53 8Btelaa .„, e « for coowdW® francs, ssr-moah forwa oauar 
centres tor uw ^ the do jt ar for .tlw entire wSSS iraocs £0-30-60-40. . iMnpntn 5JW-i3c rom - 


AtwnUon in yesterday’s foreign *^'^15 3 JgauS P ^DMS p?' 31: 

market was focused on the ™ 2 ^ 7 8 . 44 ^ ^ 

Japanese yen. which reached a ^ level 0 f activity in most A Sftj»sdi wsi 27.M-27.70 27.50-S7.Ki 

further post-war high against the ceJ itres remained extremely dulL swtoPrT 1 1 8-46-8.W . 8.45i-5.4^ 

U.S. dollar. There was a good Topical ojtheve*? --- 1 — J— - ' ■ 

“. >" ^L c TrlZ 2 

yen which tended to reflect wte f j av ^jj e opening leveL was . 
continuing trade surplus in Japan jlS33o.i.S 340 and at the close, - ■ 

and the genera] feeling that this the pound showed anlmprave- SPOT 

must lead .. a notable appreciation THE D OLLAR SPOT 

m the yen. It finished at a record trade-weigh ted index i J Q BeM , q-^ 

close of Y213.M having been as uas unchanged at 6U having --2J=r- 

high as Y213.15 at one point before shown a slightly"easier tendency ^J' n * 
the dollar made a slight recovery- at noon to 6L-. . Bcfcaa Fr 

Although the dollar came under FRANKFURT—The dollar was S.^Sfc Kr zowmjk 

considerable pressure, Jt moved mgg* 

Friday. The_ Bundesbank did not, 


I Ijorepm-idfsl: 0.71 
2.80-2.€0y.f;;.: 8.46 
T7-7 era pm .6.80 
3l z -3l2 ejptn 10-55 


-0.50, 

1.42' 
fl.71- 

a * 46 - 
.6.80- M#t, 
10^ 'tes-ii 



FORWARD- ASAINSTS 


Day's 

spread 

Z2377-2JC0 
yuvb S2-715 

Z066W-N15 


859.75-550-20 

5J975-5.4S38 

4J90MJ9TO 


124Uk2JC0 
32.77-32-7t5 
5.U95-SA5X0 
Z09BSiBM5 
45^8-45.70- 

mwasooa 

3L482O5.4S30 
4JW04JW7# , 


Owaawtth 
0.ai-«JJ3c dls -032 «!ar ; ‘ 
0.7MJfcpm_ 3.72-- 


intervene. News that OPEC has] swaSb kt u.6U04.fiMS UUH06' — 


agreed to keep oil prices Yen 2XMMDkw 

unchanged gave an initial boast Austria Sen — „ ‘ 

to the dollar, bat It fell, back ****** 

r _»u_ k nhflci liM.ulc- In lota • • U- a - ***** - * 4 *e“- 


94c pn -2M: 

OXMMpf pm 
Z9MJ5C dfc ta 3.« 
•JMkffC ids -i02 

uujzcfB.-: M2 


SWISS 

FRANC 


(ram the hichest levels. In late ■ “ - 

trading the U.S. currency ' • ■■ 1 ; ' - j ":y. 

improved again however ttr ' - - 

around DM2.0925. compared with . CURRENCY RATES ' CURRENCY MOVER 

DM2.087S in early business: __:- >. —— — - 

The Bundesbank trade-weighted . - * 

revalualion index of the D-mark. ■•«« » . " v- - “ - ■ **&!*£ 

against 22 currencies was - aSSS " 75 5: ———— ' 

i^ohe?- 0 ' 7 pcr ““ trom *• □““S.u.; is 

end or jOi*. • - ume- U7«s t.-ianian doii«r_■ ■>»*- -: 


.CURRENCY RATES [CURflEtlOV 


Special EarivOa 
Droving Unit at 


-Judex;<i 


Le*mr m fa* m Iran _ 
[SeMkwMi cennl ms 
ejMKl 1 S«lko- esneanej 


ASONDJFMAMJ 


above it^ lowest level against some 
currencies. Some comfort may 


of 1077 - • 'endian foliar'*:::::: ^ 

PARIS—The dollar closed Awirteii scftminr - - ££££ 

weaker on the day against the 1 Krone ""i-- i 

French franc in very quiet trad: Eteotsche Mark .— JJ«47 

ing, at FFr 4-5955, .against Ouiid'.-r .-. 

FFr 4.5920_at the start, but com- f?*"* franc . 

pared with FFr 4.6050 on Friday; ^ awjn 

the franc was steady against most vorweiiian krone ... 

other major currencies, but lost Peseta- ..-. 

ground in terms of the yen. - |^ 5h fta k n ™ na . 

Sterling closed at FFr 8.4250, j ; — .... 


Caafflm aoUar 
AiuttrUui JuMUna 
Belgian banc -mar ;: 

Danisli-. krono V 

Dctnsc&e Mark 

Swiss' franc. •——:^tN_57* 

GnlMet • r.:L~ 

Krancb franc- 

Ura _.Stitt.v 

Pen __ 

, Based t» Trade wcUMcd cbm 
Washh«»n agreeoMat Cvcvin 

(Bank of England HnJ«t=;M8L 


have been gained from OPEC’s unchanged from early levels, hut _ 

decision not 10 iucrease oil prices ■ easier compared 'with OTHER MARKETS 


‘ I," Fridays rate of FFr S.4300. The 

this year. On Morgan Guaranty D . ma 7 k gnjshed at FFr 2.19S0, 


ligures at noon in New York, the again st FFr 2J9575 on Friday. ... • 1 ' . 

dollar's irade-weigh ted average ... _ „ v/ --!-- ——t - L- - ' -- i -— ' 

Wpnreriition tvirii-ned to 6 1 Dtr ^AN-Tbe dollar lost ground A „ entili a V*o ' 1.4411,443 786.30-768.38 
aepreciauon Widened 10 O.l per a g 3mst tbe Lira. falling - to Australia I>ilar....;i.6017 1.617fl 1 0.«504)4K40 bnlgiuni^.. 
cent, its worst level since mid- l 3*59.73 j n terms of the lira at Finland 7 .bs-7.bs i4^830-4^88t) D«sn»ru„..._ 

April and compared with 5.9 per yesterday’s fixing, compared with c ,?'^? ro —i 11 

cent on Friday. The yen's apprecia- LS6L65 on Friday. Tcadtng in 6 8^2k^66 (4.666^4.6580 




CAR F 

LjHt ?' , -' r - fr Suff "‘ 


S7l«4HLa. 

.2035:10,40 ^ 

,2-.: . 

_1560-1575 


cent on Friday. The yen's apprecia- LS6L6a on Friday. Trading -in D..ll^^ 8.6Sia-4»^S (4.6P6 j-4.t*80' '11560-1S75 

lion on a similar basis improved the Japanese yen was very active,' inui m»i.— -iSJVI?’- I.. -• *80*400 ; S 

--- n^r with the Japanese currency rising Kuw»ie Dinar 1 kd 1 0.500-0310 p^sshJtTSO^efberiaod^.^i:;. 4334.w — 

to J( ./ per cent against ob.3 per lQ M 024 fr ^ m L3J75. LuxeaiUon^ rnxx 60.12-80^2 

cent previously. Uiiii-iuMhr..... 4^384.39iff I2.£870-a^950 li’uru«*l.....— <tS-h2 . . 

pi hn ft , h «. . . European currencies were New/.«.[*tuHMbu L7900-i.ucoo|o.9'/72^3 ajbvo ^pasd 

Llsewhcre the Swiss franc «0rteraHv stronger acainst the Swn!l Arabia liiyai 6.26-6.36 i 3.41-3.46 \$witttc\Knd\:\ ~Z&Q35Jwr 

sained at the dollar's expense to fS.TiSi thTSwiss fSriiS 4i 8.3300^0315 Uwfroi; 

SwFr 1.8920 from SwFr 1.8925 frnmTgg^?^ SoatoAMwM I i 8^ 80e«:o.85ia-.O B7W_^ 

while the West German mark also D-mark to L411.50 from L410.46. Kate dra nr lArmmhia la tree rifirf;T-. f ?:i f 7*'V 1 ,-.v ' 


WhiM 2'= si . 
K«i - 

phone Q? 


help - 
jgU tflsftnicaf a 


EURO-CURRENCY INTEREST RATES* 




CiDoiliut 

l'..l|>r 


If. (ivnuo 
Marta 


French Franc lv Hnlais Lira 


:s!i"iv Ivrn,. 

i dny* iinUcv.' 

M.-nlh . 

I'lmni ni-Ailh»...i 

>V. m-inlliS . ... 

I »u** \XWt.‘ 


12U-13ia 

10',-m, 

niirt.Vh.::.; liia iali a.i-s^ I esi-eij - T • ihE-Mb i - io^-io9e f: I . Til-7ii‘> ; |. :3*r5f*.: ► 

n-inilit.... ] 12121a Bl s -8T a 83,-9 5>4-6J ? I ‘ 17 8 .2 ai a -3S» X07 B -U-ll . ! 10^-141* •" I’ 

'•cat.» 121 R 12Sg 83,-9i 8 I 9-91, _ Sip-gy }■ 2^0^ ■ *V*Jl*% I ■ 14-15 I ■ ■ Q-r4^{t. 

The rollowinE nominal rates were Quoted for London dollar cerrt flea teaordeposll: One manth 9.00^.10 per cem^’tbree montbs 825023 per cam KtinahUa 9.90-SiBTxa> 

: one year 8.S.V«.93 per cent. | • *- r- 


-S R 

:-&% 
■ 11*168 
' - 778-2 
' Orlr** 


3A*-dt* 

33«-3ia 

338-31* 

338-31* 

iig-ii* 

37jr3W 


IMUl-' 
101*-103, 

1030-10*8 
lOTa-lili 
111,-111* I 


. 8-13 
"11-13 
-322*-131* 
12At-133, 


Aiba 4' -“■ -litjan •^Ten. -. 
■ .-.-Y r 3s*-fis* c 


. 7i;.7f« - . :3*:a^,: *• 


; #js4 
v liic:>' "U.-V-V. 
-fii.V -• ■ ■ • • - 

.-TIT. - -- - 

.* „_ _ c;*;c' 

■St!-* , 

it-? 

Y-iPsi' - .* • -- - ■ ■ 

r - :: 

**;=.■" 

j,W3rj *" fr 

i- • 

•few--; 

’ “?-3-!- r ; 

enote iTjaD^^'S- 
• afia tr 

■W« 3 !'aL=T ; J »• 

:-':s 

-. SPi siv- -T : 


Luns-u-rra Enrodollar deposiis: Two years BlM- Baw nor cent: three pears »Wt per ccm: four years W-M >«r cenn five .yean 95-91 per cent. •Kaire are rwmtorf 
-,'jDslns ralt-s. > -- - r • • 

ShorMerm rates are call for sterling. U.S. dollars and Canadian dollars;-two'days' notice for .guilders sw Swiss trace*- . \ .. • - > .- . ' 

Aslan raius are dosing rales in Singapore. T'• V r 


EXCHANGE CROSS-RATES 

June 1» p.uio'1 ■Swtlii'jt' L'A tWIar 'IJeutseheMarkt Japanese Ten i 


CASH FLC 
PROBLEM 


I'.wti'l Me;lit 
1 Killer 


[■ML Franc i Swua Franc- (Dutch Guilder 

8.439 i 3.473.. f -4.115 -• J 
4.599 i 1.892 - r ,. -. 2.243^ i 


Italian Lira .;UamdaDp1tsrf Belgian Franc. 


. 1578. . •-- 2.055. .; ', 60.17 . 
. •: 859.8 , 'J 1.120 4 , v .32.79. 


linuouciv Mark 

0.261 

0.478 

- 1. | 

leiwnereV en l.t*X> ‘ 

2.564 

4.705 

9.840 | 

Kn.-iii.-li Fmik lu 

1.185 

2.174 

4.547 j 

S«i*» Kran,* | 

0.268 

0.528- 

1.105 j 


101.6 - 
1000 . - : 


0-905’• I'-"'. 1.072 . 
8.904- 10.65 


4li:i I . 0.535;- ;t-'. 15j6S . 
1 4046.. * -..r -1543. 


4-876 • 'j- 
"‘-1585'- \ 


- 1870. ;-.2*35.’ A -- Cl -71^30 T i 

454.4 ' 0,592 T'- .17^3 


lie lieu f-ini I .CSV 


LllUi-lmii (Killar 
ik-lvieii Ki am- IdU 




385.4.-' < - • 0.469 I -■ ^ 6 BL -; 
:• lOOO.- 1.30* -1 --Y 38.M-.T 


EEA2 YOUR OWI 
. 8Y DISCOUNTS 

yourinvc;.;! 

Ki- paid b» rcti 
m ap?rc*5c! accoi 
- rbsie delta-, . 

T*;* tin* 

MRS. EeNNETl 

Finance i.U. 






INTERNATIONAL MONEY MARKET 


GOLD 


German monetary move 


# .. . * T * —.'i-'-b ' r ■ 

:•. j j -c . 


The West German Bundesbank 
has lifted its 10-dwy special 
rediscount facility, or so-called 
pension facility. This was 
in.slalled bv the central bunk at a 
rate of 3.25 per cent oil March 13. 

l : ndur the pension facility, the 
Bundesbank offers to buy Irade 
bill" from banks to sell them back 
at the end of a 10-day period. 

The move came as something of 
a surprise, in the light of the 
tichl and rather uncertain 
conditions in the money market 
recently. 

The German authorities aten 
announced that the S per com 
money supply growth target for 
1l>78 is likely lo be exceeded, 
largely as a result of the inflow 
nf >pecuialhe foreign money, 
hopinu to capitalise on an 
appreciation of the D-mark, earlier 
this year. 

The widely defined money 
supply had risen at an annual 
rate of 10.1 per cent at the end of 
April, but has slowed in recent 
monihs. In the period from 


February to May growth was down 
to a seasonally adjusted annual 
rate of 81 per cent - from a rale nr 
H per cent from October to 
January. 

Athens; The Bank of Greece 
rediscount rate has been raised 
to 14 per cent from II per cent 
in a series of measures to curb 
inflation. 


money market were tight, with 
call and overnight'money com¬ 
manding 5* per cent. 


Firmer S 


New York: Treasury bill rates ''.*/ V'*Ji%*■ 
were mixed,, with 15-week bill - •' ^ ' 

rales quoted at 6.73 per cent, com- • 

pared with 6.72 per cent on Fri- Trading in the London bumon- 


COAL 


Paris: Shon-term money market 
rales showed little change, 
although day-to-day money was 
easier at per cent. Longer-term 
rates were firmer, with six-month 
rising by J per cent to 8. s » per 
cent, and 12-ntonlh by Vs per cent 
to U per cent. 

Amsterdam: Money market 

rates were generally easier, with 
call at 4; per cent compared with 
4J per cent previously: one-mnnth 
unchanged at 4V per cent; three- 
month at 41 per cent, compared 
wiih 4; per cent: and six-month 
at 51 per cent, compared with 5! 
per cenL 

Hong Kong: Conditions, in the 


day, while 26-week bills were 7.24 market remained faJrfyJt^v6. : 

per cent, against 7.26 per cent. J^th little in the 

One-year .bills, were unchanged at factors to influence tfe'iroatfwu 


7.55 per cent. i rte metal ope: 

Federal funds were steady, at anc * easec * s *!^. 

7J per cent. Certificates of de- -; - - _ 

posit were unchanged at 7.70 per 

cent for one-month: 7-SO per cent —'-—- 1 -- 

for two-month and 7.97 percent &«*•» Buibww 
for Uiree-monUi. 


The merai opened- 

and eased slightly to a'-rowaiffle 


Juue »-] ’ Jiiw-W 


•nine ttxfna 


qunei 

Bankers acceptance rates were: ‘ 0 
7.70 per cent fnr 30 days: 7.75 per 
cent for fiO days; ".SO per cent > 
for 90 days: 7.S5 per cent for 120 i AaerTWtr, '*^ lltr 
days: :7 j 90- per cent for 150 days; l ww«Wiw 
and 755 per cent for ISO days.' 


>rMI4^;ir5. 

• *L*Ki-aLft. 

tvKBO ‘ ' 


High-grade commercial paper] 
was: 7J»5 .per cent For SO days; 
7.70 per cent for 60 days:, and 
7.75 per cent for 90 days 


pkt-Soysrejgiif 


UK MONEY MARKET 


Further exceptional help 


51 ELEC 

sL e ^rit 


s, *•>. u„ 


••5; ?r •* 


Bank nf England Minimum 
Lending Rate'10 per cent 
(since June 8, I97S) 

Despite the release of some 
f«J3m of special deposit* into Ihe 
sysiem. ihe supply of day to day 
credit in the London money 
market yesterday, was again in 
extremely short supply. Interbank 
rales fur overnight loons were 
pushed up from 111 1-101 per cent 
at ihe siurl lo 102-11 per cent on 
Ihe official forecast of a shortage. 


However, rates eased slightly to 
see a lot of the day's business at 
101-101 per cent through to 9J-10 
per cent before falling away at the 

close, after excessive official inter¬ 
vention. to around 4 per cent. 

The authorities alleviated the 
shnrtaee by buying a very large 
a mount of Treasury bills nil direct 
from the discount houses and 
small numbers of local authority 
bills. In addition they lent an 
exceptionally large amount to five 
or six houses at MLR, for repay¬ 
ment today. Apart from the 


release of sped al deposits, Ihe;J 
market was also helped by banks 
bringing forward balances ^ siatis-.;. 

target : On -Ihe other ■--* 

was a very submnmtai net.take-up.l^J^“iUnTS^VoZ 
or Treasury Wills and an 
in the note circulation; This' wa* 
in addition- to ihe repayment 
the houses of Friday s exception- 

Discount bouses paid up 4 , to lol 
per cent for secured call loans at 
the staffft blit -closing balances ® genei^ily 

were ■ taken between 5 per cent f' UiKlerIQ,ie ' 
and 7 per. cent- 










LONDON MONEY RATES 


-iwMtiii ; ■ Local Antli.I Fliwnw 

Jnnv 13 Cvn inralr j lntvr<«nk , Aull^unU , ] neantunu- J Hoii>« IComrwnr 
t 'Tr ..I tii-i.-n- • .i«pKiu '--ivi" ; i il- 


■ W'ClllHjIll ... _ 1 4-11 

. wv- IIMlI. t.. -. • — 

i ii8\- ,.r — ; — 

■ -«V‘ iiniive.. — 'lOU-IQ^ 

' ‘lii; in,mill. 10-;.-10,1; ! lOjJ.-iOs* 

iw>M>ii.nili . f 10,^-tO “ i toi^-lOU 
llnifi*tii'.iiii)-. 9;j.9j- | fl;,';-lOia 


lOig-lOSg I . — 


; lOU IOJ4 i 101*-I0i* 
! 10 ; *-I0aa I 9-,(-10 


■ In-*-,- 111011111-. 9 ;J- 9 J- 

1.1 III.nilli . 

v.iic 111 ,iiiili-.-; 9;;J-9.i 
t'lii. 1 .. : 9,“-9;j 

lu.i v,„f- -- 


Oi.'.-lOlfl 

QTd-Z0i« 

9Ja-l0i.l 

9; 8 io>b 


10l*.l0i* - 1 10-11 

9->-io I 1010 k: ioss-ioj, 
;. 10 -iois lois-ioi* 
9^-10 ; 9>2-io ! loie-ioi* 

9.0-IOIb : Blz-io ; IOI 4 .IOD 8 

i fl»B-l 0 loas 

10 10S8 : lOSs-lOfis 10J8-101* 
lQli-lOJj - - 




f " .flrS 


_ ■ — r. r ^'— ■'3 1 d4«niot'lQir ; 

- ,__ l li- J UvarnlahtV-T.. 


■ Iiui u#.r« hi in- hrrii>n iii'i.iihiiiiiv in .: in.- .4.1^1111^ 0rtS r*ui4<•-*( mr i;i-a ; 
*'"*•'■* , " rni ’ r,: V-*r' nl l-r 0 n.n wm , Ironc III. "irlun^. u-.i 11 , 4 , ft’, H j 

, ft™."' '[Z* buua:nr ‘-'‘ *'"«■ I r«- T lo vn, UIIt , n| Uic j 

f Rupee* Per pound. I netv currin-zr. • 


."»—rji i«'-« *11 .nl .,*iri 1 run ,.-imiri.- , -- Hr. - - ii ij>r liftii,;..i nirfrr.ui h.hii- 
ii.OiW U'lll. rti 

h— 1 1 "n erni, «... wnn ?.,««« j " ^.^7' “ n : 

"•“HI*- I " NQU flne dfliu*! rain. 


0,, * , B IOnr B*12“ J"-' Wr <Tn,: n *° m " l0 ” ! ' i ni'itt wDi^anTalM ^hrwSrtmd| D lH 
n F u a 1» c , Mobim? Base Baiw fpuhti*het 1 ftp the Finance Hnuv«; ,\sBoc|Bt«ini p-r reni from June 1, TV 7 S C 
Dr^'l R^ 'lor . ma ll ™ « -oven n.n.c. «I 7 per cent Cloorthi ^ 


m .JRmfc Oispninr Bara ?■» £ 


Treasury Bill*: Average lender rties ot discount 9 IJ 4 S per cent. 


w ASMClBtwjni 1-1 p-r reni from June 1. 1OTS.. Ocsrliw ^taiitkl nLacoiiBt Haia'J-2 
per cent. OeaHnt Bank Buo Rales for lend Inc IQ.pcr am. j 









































INVESTMENT OPPORTUNITIES 

R£ADEftS;A«£ ^HCOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


. If you areashareholderln an established ail'd 
growing company and you, or your company^ 


pnipos^ ring David Wills, Charterhouse Eteydopmcnt. 
- Investmginn^diiTOsi2eoompamesas 
. ininoii fy shareholders hasjxenour exclusive-. 


invest in bothcpoted andunquoted companies 
currenrly making over ^50,000per annum • . 
: ■ pretax profits. V 


£ 



L= 

2 


_ A 


Charterhouse Development, I Paternoster Row, St Pauls, - 
, London EC4M7DH. Telephone 01-248 3999. . 


FOR SALE 

^ PRESSED STEEL FOLDED DOMESTIC RADIATORS J- ; 
If", IS "', 24'- and; 30" various length single and double radiators. 
Total quantity in excess of 10,000 radiators giving approximately 
275,000 sq. ft. of heating surface. 

For -further details apply: \ 

A. C. Rota tr ead Co., Provincial Howl, ' ■ 

37, New Walk. Lcicerter LEI 6TU. 

■ Totophonei (0533) 549818 


CAR REFINISH PAINTS3 

Cellulose Primer Surfacer £30.00 per drum, approx. ISO Its. per drum. 
Assorted various cellulose colours £30.00 per drum. 

Hot carriage. Materia] In perfect condition. ■ ' - 

Brilliant White Gloss £350 per 5 Its. Brilliant White Vinyl Silk 
£3-00 per 5 Its. Brilliant White Masonry Paint £34)0 per 5 -lts. 

. ffw c arrtage, Direct from manufacturer, discount for large ordear .,. •• - 

Phone 051.523 4022 Telex £27608 


. Financial help for 
small teebnical- company 

A client is interested in Invest- 
, ing £50,000-05.000 m a small, 

' private company concerned with'- 
the technical aspect of com¬ 
puters, or related equipment. 

The company should be prefer¬ 
ably operating in, or bordering 
on. Surrey. -• 

'' “Both the client and his wife 
are experts'In this field of com- 
. puters, particularly the provision 
of software. \ ■ 

Client-would require a non¬ 
executive directorship; 

Replies to: 

CLARK PIXLEY (JJ.,) 

Chartered Accountants 
: 6/10 Ekfon Sc. London EdH 7LU 


GASH FLOW 


RELEASE YOUR OWN CASH 


BYDISCOUNTING 
YOUR INVOICES 
95% paid by-mum ... . 
on approved.accounts 

•.Phone Bolton. (.0204)‘693321 
Telex. 63415 
MftS.BENNETT 
Siverbum Finance. (U.K.) Ltd. 


CLIENTS ARE SEEKING 
: U-S.?8.5 MILLION 

lor medium term to explore' 
Gold Mine in Canada against 
mortgage on said mineJPlease 
write to Box F.1026, Financial 
Times, 10, Cannon- Street, 
EC4P 43Y. • :.... 


... COAL 

Thorough engineering completed. 4.000 
icm. ioin tone recoverable. Medium 
» low sulphur. Strip and Deep Mine 
teams. Additional acreage being nego¬ 
tiated. R. Vrice; Beet. 1017, Oak H.UL 
Wert Virginia 2590V U.5.A. T«L 
304 .469-2214. 


MANUFACTURING CD. 
SURREY AREA 

QUIRES ADDITIONAL CAPACITY 
FOR EXPANSION 
present sub-contracting £100.000 
pressworic per annum.- Surrey- 
»d . firm preferred. . £!**»• 

tils of capacity available, t* 
presses, etc. 

Vrlta Sox. G.2121. Financial Times. 
10. Connou Street. EC4P 4BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory recondloohed and guaranteed 
by JBM.- Buy, »*e up to, 40 P x. 
Lease 3 years from. £3.70 weekly. 

Rent from £29-. Per month. . 

‘ : Phone* 01-641 2365 ■ 


CONTENTS OF. 

; FRINGE BANK 
('and from other sources) 
Exceptional quality office. furniture, 
teak, desks, hide chair*, swivel chairs 
in twetd. filing cabinets and tiling 
cupboard*.. Adler-jnd Olympia-type¬ 
writers. 100s of ocher bargains. 

Phone for details: - 
Brian North V Bill. Raynor at . 
** Commercial," 329. Gray’s Inn Road, 
' London WCl. 01-837 9663. , 


NIGERIA & WEST AFRICA 
FOR EXPORT 

General purpose mild steel wilding 
electronics. Importers fdistelbaton .'re¬ 
quired Nigeria/West Africa. Minimum 
order 10 tons per month. 

For details and C A F_ qu otatlont: 
D. 1. COTTERIU. Import/Expora 
■■143 Spcakman Road. St- Helen* 


J43 Spcakman Read. St. Helen* 
Merseyside. England • 

TeJ: Sc. Helen* 23189 


OVERLOADED ? 

'e undertake that “ one off " talk 
lich you lieed to do” urgently • but 
lieb you may not have the resources 
tackle . from within your own 
ganlsadon. We f»*« many year* 
perience In start-up. relief operation 
special pr©ie« work, for com me ice 
and industry, 
rfio assrgnnwnt* 

HNS* #SMS& 


COMMODITY PROFITS 
CAN BE .BIG'.Vi;! 
WITH DUNN & HAR61TT 

You could realize substantial 
Investment return through our 
/milcf-milJion dollars cominodtries 
group with a proven record of 
success. Minimum investmeot: 

520,000 - 

Call or write :,'• 

. Dunn & Hargitt Researchia. 

Depc. 22a-Bre 6 ". 

18 rue J. Jordaeni- -.';. 

1050 Brussels, Belgium 
Telephone Brussels: 64032.80. 

- -Available only to residents-of- 
countries where not restricted. 
(Restricted in Belgium & UiA.) 


PERSONAL LOAF 
FACILITIES WANTE0 

for clients of busy home tmproremtnt 
company. Approx. £200.000 p.fe 

-Loans-«M-£l70efl~pr- 

ers invited from firms idle 
to give speedy decisions. Mainly 
London and Home fteuntie* cowed. 
. Principals only. 

Write-Box G.2127, Financial Times. 

10. Caanon Street. FC4P d&Y. 


ARE -YOU INHIBITED? 

. Substantial group involved in a wide 
field, of'activities and established in 
_.tuperbJpresrigioui offices in North 
• London have surplus office accom¬ 
modation. staff, funds and com¬ 
mercial . expertise which could be 
available to those unable to exploit 
their pocential/buslnest or sound 
Ideas in the absence of such facilities. 

Write In strictest confidence 
Managing Director. U.H., 

' Britannia House, 958-964 High Rd- 
Finch!or. Loudon N.12 


ATTENTION EUROPEAN 
EQUIPMENT 

Manufacturers 

FasTexc Systems specialising in . the 
sales and servicing of environmental 
_and computerised test equipment is 
seeking European .companies wanting 
UK representation on similar products. 
Write with full company details and 
product* to Bex G.2ff6. Financial 
Times. 10, Cannon Street, EC4P 4B Y. 


DICTATE-A-LETTER 

Two ftnt-clsw ex-secretaries will 
-undertake to collect and deliver all 
your correspondence within 24 hour* 
anywhere' In the London area, /ust 
dial 724 3354/5 and dictate a letter 
over the telephone. 

OMNISERVICE 

32 Ivor Place. Baker Street. N.W.l 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR 08 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 

30, City Koad. ECl 
- 01-628 S434/S/7361. 9936 


LIMITED COMPANIES 
; FROM £69 

.Formation in Britain and all 
countries and off-shore areas ,r JJ*J*r | , P 8 
' ISLE OF MAN, PANAMA. LIBERIA 
and DELAWARE. 

L .Efficient personal service. Contaet- 
CCM Ltd.. 3. . Prospect Nil/. 

Isle of Man.- Tel: Douglas 106«) 
23733.' Telex: 627900 BALK>M G- 


PLANT AND 
MACHINERY 



£250,000 CASH AVAILABLE 

for the purchase of an established company with 
sound profit, record in S.E. England. Management 
retained. All replies treated in strictest confidence. 
Principals only. •' 

Write Box G.2123, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


PRIVATE COMPANY 

SEEKS EFFECTIVE CONTROL OF 
BUSINESS OPERATING IN 
CONSUMER OR ALLIED FIELDS 
Preferably with branded products 
Up to £1 million available 
Reply in confidence: 

Box G.2100, Financial Times. 

10. Cannon Street. EC4P 4BY. 


EUROPEAN-MANAGED COMPANY 

WITH BRANCH OFFICES IN MALAYSIA 
offers comprehensive admin, service including secretarial, postal 
and telex. Full agency sales and service also available. Specialists 
in all sections of textile trade. Replies by 30/6/78. M.D. will 
be visiting UK July. 

Write Box G.2112, Financial Times. 10. Cannon Street. EC4P 4BY. 


FiNAHClAL PARTNER 

A proven concept in the move¬ 
ment of goods between ports is 
about to be inaugurated in the 
U.K. Some £5m of freight traffic 
will be generated on the firsr 
12 months of operation. Sub¬ 
stantial profits are available to 
a forward thinking financial 
supporter quickly able to com¬ 
mit between £300.000-£500.000 
which will be recovered within 
9 months of operation. 

Write Bar £.2119. Financial Times, 
ID. Cannon Street, EC4P 4&Y. 


M 


AMBITIOUS COMPANIES 
REQUIRED 

AS SOLE.DISTRIBUTORS 
IN DEFINED AREAS 
for specialised product rapidly estab¬ 
lishing itself as s brand leader in 
floor and general cleaning maintenance. 
Approved at all levels. Established 
account* ertihble for servicing in 
certain areas. Successful applicants 
will receive full training and sales 
assistance. 

Write for full details, literature and 
samples to 

Bor G.2114. Financial Time*. 

10. Cannon Street. E CAP 467. 


BUSINESSES FOR SALE 


I.O.M. PROPERTY 
COMPANY FOR SALE 

Good opportunity to purchase excellent 
investment in the beautiful and peace¬ 
ful I.O.M. with all the tax advantages 
of NO Capital Cairn Tax. NO Escare 
Duty and ONLY 21°/ Income Tax. 
Very easily managed with good pros¬ 
pects of further profitable expansion. 

Present Income ... £15.800 pji. 

PRICE . £120,000 pa. 

Further details: 

Win-Stone Property Co. Ltd., 
145, High Street, Blackpool 
Tcli (0253) 20087 


SMALL SUCCESSFUL 
SKATEBOARDING COMPANY 
Sales of approx. £750.000 per annum. 
Urge proportion exportod into Europe 
at realistic prices. Brand leader in 
Its price range. Would suit either 
aluminium die-casting company or 
plastic moulding company. Ac present 
all work' sub-contracted therefore 
profits never being maximised. 

P/ease reply to: 

- --^JACKSON- VAYRO-fcCO.. 

9 Afata Square, Scafoareugh. Yarfcv. 

T F.TA.O. Mr. B. Leering 


WIRE PRODUCTS 
COMPANY 

For Sale. T.o. approx. £160,000 
with spare capacity. Good pro¬ 
duct lines await exploitation. 
Good labour force. High growth 
potential. Located North West. 

Write Box G-2I09. 
Financial Times, 

10, Cannon Street, EC4P 4BY. 


ENGINEERING COMPANY 

Near Southampton 

Long established mould makers/en- 
gincers. Superb long leasehold modern 
factory of 2.400 sq. ft. Extensive 
inventory of plane/machinery. 

GENUINE RETIREMENT SALE 
£50,000 

Bentley Smith Engineering Sales, 

5ton# Cross, Undfleld. Sussex 
Tel: Lind field 29D0 


SCLLINGBUYIMG AN ENGINStKING 
BUSINESS ? Consult Bentley Smith 
- Engineering Sales. Sion# Cross. Llndfield. 
Sussex, lei.: Llndfield 2900. 


GENERATORS 

Over 400 sets r»ek 
1kVA-700kVA 

Buy wisely from *#, manufacturers 
^ with fall after «lw 

CLARKE GROUP 
01-986 8231 

Telex 897784_ 


FOAK LIFTSAUl Stockof -Mr "0™* 


Lrtho Printing Company 

An uqtanding specialist printing company wants to acquire a lrtho 
printing company to help meet increasing demand for Its services. 
Ideally the company should have turnover of up to £500.000, 
spare-Capacity and be located in the North of England or Midlands. 
_ Replies are invited, in strictest confidence, to: 

. CHARTERHOUSE JAPHET LIMITED* 

(Reference CFD/THB) 

.- 1 Paternoster Row. St. Pauls, 

London EC4M 7DH. 


LEISURE 

Small quoted public company in the leisure 
sector (capitalisation £650,000) seeks to pur¬ 
chase and/or merge with other companies with 
a view to developing a broadly based leisure 
group. Please respond in confidence to The 
Chairman, Box G21I5, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


A . well known company wishes 
.to purchase an upholstery com¬ 
pany with a t/o of approximately 
£lm. THe preferred location is 
within a 40 mile radius of Leeds. 
Principals only please write to: 

Box G2122, Financial Times, 
Mir. Cannon Street. EC4P 4BY. 


■ FURNITURE COMPANY 
' WANTED 

'Investment/purchase of small to 
medium- size progressive com¬ 
pany manufacturing tubular 

'framed.'' upholstered furniture 
for the contract market. Loca¬ 
tion London area, Middx., 

Herts., Berks. 

1 Alt replies wiH be treated in Strict 

confidante. 

- Write Box G Mil. Financial Timet. 

' 10, Caanon Street. 6C4P 4Bf. 


GROUP OF 
PRIVATE COMPANIES 

interested in acquiring active companies 
In construction, property development 
and possibly engineering field. Com. 
peniei must have average annual profits 

of £100,000 to £200,000 before tax. 

Would consider lower figures it there 
are adequate unrealised profits or 
potential. 

Principals only write Bor G.2T26, 
Fina ncial Times. 

10. Cannon Street. EC4P 437. 


ESTABLISHED 

PRIVATE 




Iv 


has funds available to purchase 
for cash a profitable business 
making up to £250.000 P.A. 
Details will be treated in strict 
confidence by principals only. 

Write Box G2i2Q. Financial 
Times, 10. Cannon 5creec. 

EC4P 4BY. 


Financial Group has capital 
available for the acquisition 
of small/medium sized 
businesses which are preferably 

EXPERT GRfERTATEB 

Management available if 
required 

Write Box G.2112, Financial Times, 
10, Cannon Street. EC4P 48Y. 


STEEL STOCKHOLDING 
COMPANY REQUIRED 

in rile Greater London Or Home 
Counties area. Business with reason¬ 
able prem.;« not necessarily profitable 
In which management wifi remain or 
stay for a handover period. Please 
supply full Information fallowing which 
an immediate meecing wilt be arranged. 
Write Box G.2118. Financial Times. 
10. Cannon Street, EC4P 4SY. 


SMALL SHIPPING AND 
FORWARDING FIRM OR 
COMPANY REQUIRED IN 
CENTRAL LONDON 
Depot or warehouse might 
be an advantage 

Write flax G.212S. Financial 7T««, 
10, Cannon Street. EC4P 4BY. 


All of these securities having been sold.lhis announcement appears as a matter of record only. 


New Issue / June. 1978 



$ 100 , 000,000 

Republic of Finland 

8 %% External Loan Notes Due 1983 

Interest payable June 15 and December 15 


The Notes are direct, unconditional and general obligations of 
Finland for the payment and performance of which the 
full faith and credit of Finland fs pledged. 


Salomon Brothers 

Goldman, Sachs & Co. 


Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fanner & SmJUi Incorporated 

Smith Barney, Harris Upham & Co. 

incorporated 


The First Boston Corporation 

ABD Securities Corporation Atl 

Carp 

Blyth Eastman Dillon & Co. Dilloi 

Incorporated 

E. F. Hutton & Company Inc. Ki 

Inn 

Loeb Rhoades, Hornblower & Co. 
SoGen-Swiss Internationa! Corporation 


Warburg Paribas Becker 

Incorporated 

Bear, Stearns & Co. 
Shearson Hayden Stone Inc. 


Lehman Brothers Kuhn Loeb 

Incorporated 

Atlantic Capita! Bache Halsey Stuart Shields 

Corporation incorporated 

Dillon, Read & Co. Inc. Drexel Burnham Lambert 

incorporated 

Kidder, Peabody & Co. ' Lazard Freres & Co. 

Incorporated 

Paine, Webber, Jackson & Curtis 

Incorporated 

ration Union Bank of Switzerland (Securities) 

Limited 

Wertheim & Co., Inc. Dean Witter Reynolds Inc. 


L. F. Rothschild, Unterberg, Towbin 
Yamaichi International (America), Inc. 
Daiwa Securities America Inc. Robert Fleming 


Citicorp international Bank Daiwa Securities America Inc. Robert Fleming 

Limited Incorporated 

Hill Samuel & Co. Kleinwcrt, Benson New Court Securities Corporation 

Limited Incorporated 

The Nikko Securities Co. Nomura Securities International, Inc. Orion Bank 

International, Inc. Limited 

Scandinavian Securities Corporation Caisse des Depots et Consignations 

New Japan Securities International Inc. 


Orion Bank 

Limited ' 


Bank of Helsinki Kansailis-Osake-Pankki Postipankki Union Bank of Finland Ltd. 

Limited 




All of these securities having been sold, this announcement appears as a matter of record only. 


New Issue /June, 1978 

1,500,000 Shares 


Common Stock 

(S5 Par Value) 


Salomon Brothers 


Keefe, Bruyette & Woods, Inc. 


Kidder, Peabody & Co. 

Incorporated 


Morgan Stanley & Co. The First Boston Corporation Bache Halsey Stuart Shields 

Incorporated # Incorporated 

Blyth Eastman Dillon & Co. Dillon, Read & Co. Inc. Donaldson, Lufkin & Jenrette 

Incorporated Securities Corporation 

Drexel Burnham Lambert Goldman, Sachs & Co. E. F. Hutton & Company Inc. 

Incorporated 

Lazard Freres & Co. Lehman Brothers Kuhn Loeb Loeb Rhoades, Hornblower & Co. 

Incorporated 

Merrill Lynch White Weld Capital Markets Group Paine, Webber, Jackson & Curtis 

Merrill Lynch, Pierce, Farmer & Smith Incorporated Incorporated 


Bache Halsey Stuart Shields 

incorporated 

Donaldson, Lufkin & Jenrette 

Securities Corporation 

E. F. Hutton & Company Inc. 


Merrill Lynch White Weld Capital Markets Group Paine, Webber, Jackson & Curtis 

Merrill Lynch, Pierce, Farmer & Smith Incorporated Incorporated 

M. A. Schapiro & Co., Ir.c. Smith Barney, Harris Upham & Co. Warburg Paribas Becker 

Incorporated Incorporated 

Wertheim & Co., Inc. Dean Witter Reynolds Inc. Bear, Stearns & Co. 

Foster & Marshall Inc. L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. 
Alex. Brown & Sons Oppenheimer & Co., Inc. 

Thomson McKinnon Securities Inc. Weeden & Co. 

Incorporated 

ABD Securities Corporation „ Atlantic Capital Basle Securities Corporation 

Corporation 

Daiwa Securities America Inc. EuroPartners Securities Corporation 


Daiwa Securities America Inc. EuroPartners Securities Corporation 

Robert Fleming New Court Securities Corporation 

Incorporated 

The Nikko Securities Co. Nomura Securities International, Inc. 

International, Ibc. 

Scandinavian Securities Corporation Yamaichi Internationa! (America), Inc. 

Banque Nationale de Paris Caisse des Depots et Consignations Kleinwcrt Benson 

Limited 

Vereins-und Westbank Westdeutsche Landesbank 

AktienHHoitechrit Gjrozenfrale 


Vereins-und Westbank 

AkUensMllscJuft 


- V. 
































































































Financial. 




a in-hunting moderates Wall St. 


ind 

NEW YORK-oow j<a»M 


INVESTMENT DOLLAR 
PREMIUM 

S2.C0 to £—1145% to (1131%) 

Effective 31.8330 51J% (30]%) 
CONCERN THAT tighter mone¬ 
tary’ policy and its effects on 
interest rates and the economy 
pushed stocks lower on Mall 
StreeL yesterday. 

By the dose, however, bargain- 
huntint; bad trimmed some or the 
loses and left other stocks with 
small gains. 

The Dow -Tones Industrial 
Average—down more than Tour 
points In the morning—finished 
with a stain of 1.65 at 83X.K2. 

The NYSE All Common Stocks 
index ended 4 cents off at 3*4.7<i. 

Volume, at 25.50m shares, was 
down 2.13m on Friday, while 
declining shares outnumbered 
advancing ones 1,016 to 304. with 
306 issues unchanged. 

Investors were expecting the 
Federal Reserve's Open Market 
Committee to decide at its 

regular monthly meeting today to 
check the recent rapid expansion 
of the money supply. 

But with the economy already 
showing signs of slowing down 
after a rebound from the harsh 
winter, the Fed runs the risk of 
a recession if the measures 
adopted are too vigorous. 

Among signs of economic slow¬ 
ing. investors last week learned 
that the rise in personal income 
slowed in May, from April, and 
that housmc starts and building 
permits turned lower in May. 

On the positive side, the 
Organisation of Petroleum Export¬ 
ing Countries held the price of 
crude oil unchanged at least, until 


its December meeting. 

JBM was strong, rising $31 to 
$2i»;. Burningh* gained Slj; to 
S74j. Teledyne $2J to 11131. and 
Texas Instruments fiij to $ 795 . 

Ford Motor, which has been 
weak recently, picked up $j to 
* 47 . H received a ¥ 12 opi eon- 
iraet to supply two satellites to 
India for that country's proposed 

satellite system. 

Carter Hawley Hale was 
unchanged at S 18 ^. it agreed to 
acquit Thalhimer Brolheny^up 
$il to SIB bid, in over-the-counter 
iradin-—-for stock. 

(ii-ncntl American Oil elected 
William P. Barnes chairman lo 
(ill the spot vacated on the death 
nf .\!gur H. Meadows a week 
earlier. The stock picked up SI 
to .■Wit. 

Honeywell gained $ 1 ' to S3". 
It plans to acquire Spectronics 
for Stock. Spec Ironies jumped 
$ 3 ; to $211 bid, in over-the- 
counter trading. 

American Broadcasting signed 

a final pact to .sell its movie 
theaire-s for $50. It added $' to 
149!. 

Ramada Inns headed the actives 
list again, rising $5 to S7t. Last 
week’ll denied it had plans for 
casinos. Gaming storks generally 
niuvcd up. Caesars World added 
S2; to S29. Del EL Webb S2£ to 
S20r and Playboy $11 to $1$. 

Golden Nugget on the Pacific 
exchange efimbed *.*!! lo $15?f. 

Tnipicana eased Si to $47! and 
Beatrice Foods SI to S25J. The 
Federal Trade Commission asked 
Bear rice to delay its planned 
purchase of Tropicana, but 


Beatrice refused. ®° v Valley C$1 to *291 

On the AMERICAN SE prices Hudson’s Bay C$5 to SSK- 
declined in moderate trading. The T _ 
index slipped 0.39 to 149.57. with JtlODS IVOHH 

ft? J™™' ,,rice per Share fa “- Kluns moved sharply hill 
ing 6 cents. tnrii nn Mane 


suS- ““ 10 MSfffSg J ri , ri , ’S e # 

itws' wire raised with This was shown by the feCtfljt - -;-r^TT 



J™™ price per Share faU " Shares moved sharply higher in s ,Sly wcaker. where changed, to 73 Pf ba^kfwflfSn «-»®j “ 

mg 6 cents hectic trading, the Hang Seng wilh losses of up to 23 pfennigs, rates a| commercial bank&wm^i 1 

Stock volume eased Mn.Offli ]nde * putti ng 0 n IS.03 points to The Bundesbank bought paper from the present 9.3 per cent Tnu^rx... ib.ubsm.vmk 
shares tn. 3.4.m. with losing c | ose at gag^ . highest level W orth DM7.2rn, against DMlaam before the end of the month. ■ , Q4 _ l?i mi6 josji 

issues outnumbering rising ones sincc Novemhcf £i i:i7:;. on Friday. Most sectors were generally . . 


TOrtmTcauL 


440 to 229. • Prices opened well UP t» n d _ 1 " 

Resorts International led uu* advanced further in the morning. TOKYO 

£S? oTi? *co n ‘d° pfc: S-jC* »?? * fflst 

dreplied SI* to $441. Both Husky most ffiing rtwks^elusJd at their trading on lack ofJresh fectore. 
and Occidental Petroleum denied best 0 f the dav after late liquidation had pared 

any collusion to bid _up Husky's ^ ^ „„„„ Kong early gams. ’ _ 


easier while stores were ir regular, 
Carrcfour lost FFr 12 to FFr L548. - ooovt 


2S.H0 27,690 1 


and Occidental Petroleum denied best of Se°day afler late bt l u,datlon had Mostly lower in quiet rraumg,i- L 

any collusion lo bid up Husky's K one earl > R airts - following Wall Slxeet. with SWro, ind. div. yb* % I 

shares as was charged J BanRsp MSTitfHKShSf The Nikkei-Dow Jones Average fclectrafina, Cbckenn, Cfebecq-—-— 

Canadian MP. Occidental, which ' iiKSo b 5 fell 1419 to 5,477.32, while a nd Solvay advancing, but bofina,- ■ 

cased Si to S23! in New; York 5S5loeF*“!n HKfisil volume totalled 160m shares Cobepa. VielUe. Mo&tagm,; STAlfDAKD AST P00S6 
Stock Exchange trading, is bid- ”*L 1 " i30 ; ( 3 0Om>. . , Hoboken. FN. . Gometra and ' - T — 

dinp against Pctro-Canada f °r Swire Pacific - 4 ■* iu Vi HKS8J5 Export - orientated Electricals Tabaeofina declining. - 


Brassels ; 

Mostly lower in quiet trading, ■ 
following Wall Street, with SIdro, 


•Bui* «f lari ex ■-battled ftom Aogu«.24 


Ind. dlv-yteW* 


ding against Pctro-Canada for 

HU r 5Ky ' «■ rf ( Tp ( i mi «in and Hong’Kong’Electric 20 cents and Vehicles f ®” K on n ^J^ Petrofina dropped BFrs SO to [’'iTfw 

Jeannette added S 2 t to S19. t0 ukso ■«) uncertainties. TDK Electronics ^ B40 in lower Oils. -L-■,— r 

Coea-Cola Bottling of New York wi,„ mn n a moved Jost Y20 to Y2.010. N»PP?n BFrs 3tB4U “ 10Wer UUS * 

offered to buy Us shares at 820 ah !S 5^ nf _y[!l B !5KS-intone Colnmbla Y10 to Y 66 S. Matsnshita . i T 1 1 

each. Coke-New York eased S Electric Yfi to 734 and Toyota Amsterdam -«; *Coa.p».te 87.43] 97 . 

tu $si in NYSE trading. dJn ^ ^ x „ hkSS.QO. B e ° r Y1 10 „ 00 a vi 7 tn Mostly weaker in continued 1 

r i Property Share New World 3Ii “{SKT'S.lna * l ' n nd quiet trading. KLM finished FI 

S" 3 p d rL Cosed in 10^^ ^ -WSS ^ ^ — ^- 

down at L143.5. while the Germany ?hat there ml^hTbe nl Sig oil Internaboflals. . 

Montreal composite index lost 0i!9 After an uncertain start . prices deposit on the continental shelf Van Ommeren, iUnro, Natkmate. S.T.S.e. **l*mmm 

.u. «*5 cd hitler in lively trading on between Japan and Korea Neterixndenjiul Eonia were ? aD - ■ “ 


Whrelock “4" 25 to HKS3.20 volume totalled I60m snares Cobepa. vifiue, 

Jartiw Matheson so to HKlfi-So! (300m). w , . . Hoboken. FN.. . Gometra and 

Swire Pacific “A " in in HKS8J5 Export - orientated Electricals Tabaeofina declining. 

*■ * _.i ti_ l!_i 11 nn mivrannil . ^ 


Electricals Tabaeofina declining. 

ElSScs Petrofina dropped BFrs 80 to 
f^ppon BFrs 3,640 in lower Oils. 

Matsushita . , , _ 

id Toyota Amsterdam 

. „, n Mostly weaker in continued 


to 102.93. 


Nedertanden and Eonia were aD 


+ lndumruii»i 107.. 
(ConipmiH j 97-' 


IwJ. div. yields 


June ! June j Jiuie’Jnnq 



97.42 - 9L34 98. 


AXL COMM OS 


over bids by Occidental Petroleum led higher by Deutsche, up Dlili increased beer sales, with Kirin Turnover on the European ' I 1 

and Petro-Canada, fell C$1] to at DM304 xd. rising Y7 to Y488 and Sapporo Options Exchange rose to 910-can- 

C$ 49 { on 68.333 shares. Canadian Engineerings also improved by Y4 to Y2S7. tracts from G0I on Friday. " BCOKTkeal 

Occidental dropped II to 22]. up to DM2, Jed by Deniag. up DM2 

Home oh “.V ios c$t j to c$4oj at DM158. Australia Milan 


NEW YORK 


June . June 
H IS 


June i June 


Attn41 Ul.t* .- 

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Aetna UleK'N'i 

Air I*r>"Uii:«t. 

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A l.-*n A1 11 mi u i ii n i 1 
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A l-lulilllll... 

AHeeheny Pawvi 

Alli>-i ihemiial.. 

Allini fiorr*. 

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AM\X. 

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BethllX .. 

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Betliieheni Steel. 
Black A Decker.. 

Bmcidu. 

ft mo lisinue..... 

B. 'pten. 

K.TO Warner. 

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Uinscan ■ V’. 

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Bruatntck. 

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I Fnrpiilinl licK.... 20'3 

I hV.\)a>m. 36 

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! Knacpi-rt Mineral 22»t 

Prupfaauf. 31 

h'aqila I ihI*... 1130 

II.A.F..' 13U 

|(hmncn_.j 43 U 

1 Hen. Aiuer.lnr..., lOs^ 
i •I.A.T.A.' 2Elt 

• tieii. Cable.. 16»s 

Hwi. Ii.uinmlt—... 75 

• Hru.Hli.i-tni.-i. Bla^ 

I Ueucni Fnmta.... 31?j 

/ tielleml .Mills. ' 311m 

. Iieueml Mi/tore... 60ig 
j Hen. PuU. I. tn.... IBSe 

I ••t-il. Slyual. 30 -a 

Hen. l «*l. fcl«- 1 ... 2M i» 

. (ii-n.Tyn-. 26 

Cieintaxi. 6 J* 

-■•vrKM PhcUm-... 26U 
;'.telly Oil. 154i* 

i*i 11 let i c.■ 29 Tg 

• ‘ir«,lri,-l, H. y.. .. 22 »e 

kiont.imr Tine. . IB'e 
1 tinuM.• 29 1 R 

It.nee W. It. 

j HI. Allan Puelea 7<2 
I lilt. Vi..rtll Inui. ZD, 

i liivylinilll.i. 131J 

jiiuiiA Wt-^eni. I4s* 

»*uit *>ii . 23 It 

Miililuri'.ii.• C 4 

• Hhiuih Miiiiiiu—• • 33*i 

Hki iiiv lilierr.... 171j 

Hurl Is Curt’n • •• ’ 55 if 

H..-IU/H..I.' 3811 

l llvUh|el|i. 28 

llenlelt I'ltruanl. 80S; 

Hi>hii«.v Inn-. 181;; 

Hoiue-bikc. 34 

Htinf-t'icli. 57 

i llamter..... 12 i.i 

1 H'»i..Ciir|i..\i:ict. 53 

1 Hi.ii-Ji'n N-il.'m-' 24ii 

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. Hiitlmi iKK.l. 17 

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j hiMi.-rroil Itan.l.... 59b 
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i Intel •.'•uf knciijy' 7 

hum ..7. 269.75 

' lull. I-Ini■■nr*... 24 

lull. Hurve-ler... ifi'i 
1 lull. Mlu A< lieiu 3d 
lull. .MullII. 21 '; 

I in.. 16:., 

lull. I Vi uei. 40’n 

I IN.i. 36 ' . 

! Ini. Il.i-lilit-l. 12 _ 

i lilt. I'm. 4 lei...' 30*1 
. lutein. I ,r 

• l.u*a li.-e' .! 35'h 

III lulernifl'.iiHi I 114- 
•luii Waiter. : 3D'.* 


24 !* t 25 
47 i 46l 3 


EUROPEAN OPTIONS EXCHANGE 


• *t■l^•|| 

I'rii-" 

( li’-ft- 

ii 

'..ti 

Ui-I. 

• ft-|.«o v»l. 

Jan. 

»'l.-ta V„l. 

. K.,uur 

l-lllxft" 

\i r 

; S55 

6 >i 

__ 

61, 

— 

7.00 


<60Ta 

\n 

>■60 

Hi 

— 

Us 

12 

2 'r 

20 


\rr 

365 

■s 

— 

Is 

— 

‘■A 

— 


■ illi nrj. 

?30 


— 

5 1 * 

— 

5:-, 


■<24i i 

1 ilimirp 

fas 

j; 

— 

1 >* 

25 

2 

26 


K. k’.ijiiL 

540 

15 

— 

. 151; 

- ■ 

I 2 ' , ‘ 

— 

: 954Jr 

E. Knitjit: 

S4S 

I 0 'i 

— 

• 1 U 1 S 

6 

12 . 

— 


K. k'lilak 

s50 

S ; 3 

— 

' 6 Sj 

5 

S': - 



K. Kxlak 

. i 5 60 

-'i 

5 

27, 

1 

3>, : 

10 


K-.miii 

'*40 

Sic 

_ 

: 6.00 

~- 

6 ln 

_ 

! <45 13 

fix'd 41 

. '45 

X*s 


2ii 

20 

s»! 

20 


P» xi in 

S50 

i : 

— 

‘3 

— 

Ha 

— 


•i M 

. 1*50 

IOS 4 

— 

' 10 il 

1 

111 3 


860 >s 

i: M 

>60 

1 -n 

-- 

; 3 

1 

4U ‘ 

— 


i;\i 

i S70 

I ri 

— 

?a 

— 

IU 

— 


IPM 

1 5240 

29‘ft 

— 

31 

4 

57.00 

_ 

*•267 ift 

IHM 

' 5260 

111 ; 

1 

; 181ft 


. 21 m . 

— 


inn 

S280 

3i« 

11 

0 ->B 

— 

12 

4 

.. 


520 

4 

— 

41; 


, 51, 

. . 

j 523 Js 

Sfliix 

S26 

I? 

— 

lie 

— 

2 * 

— 


5M11-!. 

530 

la 


le 

— 

1 

- - 


Aliftiiitinie 

F330 

30.00 


30.50 

— 

31.00 

w- 

P3S9.50 

Al^i.-nivne 

P340 

19.00 

2 

22.00 

— 

24.00 i 

— 


Attx-im-n,! 

F3?0 

10.50 

- - 

11.50 

- - 

14.50 



Al'Cini-iie 

F330 

4.00 

. - 

5.00 

- - 

6.00 

I 


A HU. ■ 

. P70 

6 .SU 

_ 

, 7.00 


8.20 

— 

F 74.90 

AlillXi 

F7S 

2.50 

■ — 

3.20 

— 

4.BO 



\jiipi 

KBO 

0.80 

— 

1.40 

- • 

2.10 



KI.U 

K160 

9.00 

' 15 

: 13.50 

11 

16.00 

2 

FI 61 

KI.U 

PI 70 

5 in 

■ 17 

9.00 

7 

13.00 

16 


K till 

+ 180 

2.00 

81 

6.60 

14 

11.00 

11 


U till 

F190 

1.00 

12 

5.00 

10 

7.50 

a 


lx I.M 

. P200 

0.90 

27 

• 3.80 

6 

6.00 

6 


KI.U 

; P220 

- 

— 

• 1.60 

28 

. 3.00 

b 

„ 

Aar- Vi«l 

FIDO 

8.50 

. . 

10.50 


11.70 

ft.. 

1106.70 

Nat Ni-.l 

FI 10 

3.00 

3 

4.00 

3 

. 6.50 1 



Am Six! 

FI SO 

U.5J 


i 1.00 

— 

; 3.oo . 

* . 


Pliilii** 

F22.50 

4.50 


: 5.00 


5.50 


FZ6.40 

H.llli- 

1*25.00 

a.iO 

5 

0.40 

40 

3.40 

5 


1*11 lli !•*- 

P27X0 

0.50 


1.10 

33 

1.90 • 

54 


IJ. 1 Miull 

FI SO 

10.50 

— 

12.00 

21 

13.00 . 


r 129.20 

11 . I>. Sin'll 

PI 30 

4.00 

52 

1 5.1-0 

65 

7.00 

11 


1,-. II. ’Mu ll 

' P140 

0.20 


' 1.70 

ISO 

3.00 



1 iilbni'p 

KUO 

ll.SQ 


' 12.00 

5 

12.50 , 


F 120.80 

I 'iiili-\ pr 

PI20 

2.50 

_ 

5X0 

_ 

6.00 . 



1 lillft i-r 

F130 

0.20 

10 

1.50 

- 

2.80 





Prices eased in fairly quiet 
trading. 

BHP rose 2 cents to A87.14 and 


Milan , 

Firmer in thin trading, -with- . t 

leading operators rather cautious. -- 

Iri group companies were '.all TORONTO 


June 1 Jana} 


fn'lunf*"' 
Comhii 


MBmiltt...- 
Jnlrnwni JijlinKai. 
J i'Ii run mi I ontTt'l. 
■In.V lidUlita.-t.ir'i; 

K. MartC.H-p. 

IvaiM-i A In ni ini'ne 
Kniwr InriUtti ne:, 

K«is>er3iij«l. 

hiay. 

kennevou. 

Kerr Metier.. 

Kiddy Wuityr. 

Kimberly l'km„ 

Kiipl^r*.' 

Kmft.__ , 

Kroner C». 

Ue-eny Tmoi., 

Usvi Sirau^.■ 

Cabby Ow. Fund...' 

Li^s«t Mroup. 

Liil> i kill. 

LiLtori ltiiliiht....i 

UekhedlAin-r’ll' 

Lone Smr ltnls...i 
Lnoy l-mn-i l.t.t. 
Unititaut Len.l,. 
LdilMn.ii. .. 

Uniky *»|..rw.. 

. L'ke Y'limr-I'an' 

( Mn>-Mil lull . 

, Mmy It. H. 

; Mtr*. Haibivvr.. 

I M= t .i.. 

j MariI In.'ii l^it.... 

Meriue .Mi-lUibi*.- 
I Mu>bnll h'iei.t...‘ 

I 

I .Mev Dei It. Mure* 

! MCA. 

Mutlemmil. 

MvUi.uDeii Umia.' 

Mi.-tinm Hill. 

Vleiuurvx. 

Hei.-k.. 

II Will 1.1 UL'Il. 

Hi*** Pvimleuni.. 
urj il. 

.MiuulliDjp Util 

Ujlul Lj.r[i.. 

Minmit.i,_ 

Alontmi J.P.. 

Motorola. 

Murphy Oil. 

-VabiiKw. 

Aalvil.TiLHik.-al.... 

Aatiuoat IVui. 

■Vat. I»idLjiiers....j 
Sat. Senii« Jli.l. 
AailotMi sreel.... 

. A MI* ID IMS.. 

: xci:. 

' .\«|4uue Imp— 

I .V-u Biwlau.l hi. 

• New Hnjtuuid 'iei, 
! Ntmiani MuhauL' 
; Nih^mul ^bare.... 

; X. L IniiuttripM. 

• Xitat.ilkAWiaitBnj 
j Xortb ,\>i. Ga.i.. 

1 Xlhn SUIOS Put 
; Ml.tfM Airliner 
X Lb went Itanvon ' 

• Norton Sine Ml... 

i ii j.-Meulai PetTiJl 
i iijfilri- Matbor...' 

Oliiu Kdibvn. 

uiiu... 

Oi-omeaisliipe.... 
i.iwem CuiniD-j.. 
ilnt-n# iJlmoih.... 

L'acilie Hae. 

j I’o-ilic l.l^ht inc . 
j Pa.-. Pu i. * hi... 
j PknAniW.M-l.iAli. 
j PHi-ftvt Haiinlhu ‘ 
! IVnUMlt lilt. . .. 

j Pell. I’m. i: |J.... 

I'eim v J. C. 

! Pcuii.miI. 

. Po-tMc* llnui.... 

I , i,.|t<". fine. 

Pcfaki*... 

I'.-rkm Wnier. 

IW... 

i I'n.-er. 

•' Plid|-. U.Ixl...... 

> KiiilnileiplilM Kle 
1 nnli|.M.«n*. 

r).llll|nPi-lr.<riii 

j Piiibiu.v .. 

I Pit no v B..II 11 _ 

; ni n i. n. 

j ITvwoy I.MADK. 

i I'nlBlvi-l. 

i ll.liMIWL- felti-.... 

! k’l'I. IlHliirtrlC-.. 
I*r»--lcr l*ninl.ii- ii 
I'ul.-en., hiivi. 

| I’uliman.. 

[ I’m I—..... 

j 1 ,'ilHkei I 'al-.. 

I llapi-i Amen.-an 
[ Itavlhevai.• 

I"* - '-:.‘ 

lii-|^itilli- *'inpl. li , 


31 >a ; Itevion. 48 

81h I Keyiojida Metalr.' Z9I; 

291 1 ; Kvvnoi.li> K. J_ SSig 

35i] j l.loh’M mi Metre]I. 24k; 

24 mi | I.V-knH) Intel... 31 >4 

32's > Knbtn A HM*a.....| 34 

341a Ko.val lhiu-u. 57 j, 

123« KTK. 161 * 

22fg Nut! Lock . 127g 

4 5 *a liyilcr !iyMeni_.. 23 

33 ^aienny Htons*... 413* 

47 <t. J.v iUincmt-.. 23i; 

23 lg St, I.'e^is Paper... 28ig 

48 nuiia Fr lads.... i 35 

345g j Saul lunula. 6'4 

32*3 Easton ln.lv. 6 I 4 

33 I SdiliLr Hrcviiu:.. 13Sa 

271^ f wbbirnhereer. 7 9is 

iM.’ll. IBljj 

I M.41 Paper. 17.3 

47,‘2 'le.ll'M.-. 207a 

22 Z ; bcteliier llimv' 81# 

lfl? ! ■'OMt-unlmuen... 28la 

pvajiwm. 24 

un,. -«ur'rtti.U.i. 14>4 

41iu ! 3w»r* KivNbi.. 231; 

ii,? ShDCO... 36i« 

LI 15beU Oil. 325g 

ll4 I ^•Ol'TlT.I'rfWl... 391? 

40 ' , 3ien«.. 45'« 

37 J Stan.»l(-C»n . 47*3 

33 t* Si'iil'lvuv Pal... 13*4 

25 4 fitter. 21 N 

lsv | Si!ilrhKno«*. 74 i 4 

Jo,, j aulitoMi. 31* 

“ j THMiiii.ii »i\ 11 . 32 

j dnutbeni Cm. h.' 2 574 

24*2 I Sniitheru (.1 . If'-, 

51 ;a * sriin. .Vat. Itio.... 36N 
26: j | >jut tier n Haviik-. 32 
31-B ; SoulJbernKallwm ! 

24 l a 

cil 4 suuiwimi.' 28^4 

“ 8 *a .s'w’t Henahaivj. 27Aa 
52?* 'fperrv Hutvb.... 17>. 
f 4 .‘ a i 5|«ftry Hand . 41. a 

ff!« Manrbuii Biand -4 261 9 
1 sM.OuUalitorntM 42^ 
52? 4 I M.t.On In'tlauM..; 4814 
J|’= sul. I til Ultta_...i fc3 
itaiin Cfiemioi-.i 40 
nenina l)rui>.—' tOle 

fnil 5unC<c.. 42.'® 

18 =« 3umii.tniDtt........ 1 46 

„„ StntoK . I 3aii 

22 a I’wjumcr.lor. .1 12 

5® « Tektronw. 43 

5J 1 , 2 ! t«ia.Um-. 11313 

; 1'eiwo.i. 305 b 


Wool worth__ 19 

Wvly-- a 

Xcini... 53 

i£*patA...__ lr« 

Zenith Kailio.: 14 $ 

U.-> .Troar «* I£fci 1 94 
US.TremAiWb/ft *80 0.1 
UJS. 90 Daytuil.., 6.71 b 


HI CANADA 

28 ia Abilibi Paper. i 12 j* 

34>2 .V^nuk-u Bne'e..' 5 87 

bSg ' IraoAlunl l'nin m' o4l; 

6 ifl \i»oflia Steei. 21 

13ia .Wjeatne...; 45:': 

foil Bankof Itontrea 21 <> 
163ft Bank Nova Sioria. 20 >5 
175g 8 a.«i‘ liMxmrs. 1 s 

21 den T«Jefi bone-..• 57 

8 Uow ValleyInrt.... 29't 

vau BP Uinarla_• 14 u 

4 Uiuw-an... 16s. 

231 . druui-....^... $4.6J 

361 a I Power_ 38 

32 jj | Canutow lliaea... 15 
59 in Ciunula Lament.. 11 
45 ,: : L JitnilM.WV L*n. 11 >J 

381 • I *^afi I mp BakUorr 28* ■ 

13ti I'-'xnaiiii IthiUMl.... 201*. 

on! I tWi I’kt-ilK-. 19Jr 

-ig;.. j *.iii. Pw-iHc Inv.. 201; 

3 ,' Can. super Oil... 59I-: 
32 i’ |‘-•artlnuf.i'Keele.. 4 55 
2 t i 4 l CdB»ur Al«at.-w_. IHi 

IS 1 * IChletuiln........ 18 .r 

2 ? iComioeu. 17 <. 

4R 6 « lh,lrw -...• 27'-_ 

i C-LHimiiiier i&.*j 

! CLueka Uetoutw 

S ?! 4 LVoiaiu Uicb.• 12'« 

41 Ja I Lfcu.n Devmit. 9 

17»4 ! UvnioHi Mtnea...! 75 

411; Uoin Mine»_., 88 

3479 Uome Pettoteumi 64.'.; 

B 6 Dominion Hrtdw 245; 

fa u. Ilnur...• Id 

49 Uupr.nL. Icia 

b4i« I Pukron'ae Nl^•Jtlt>.• 23ij 


the Bank nf NSW 2 cents to firmer as were Banks, but 'Stria , na . caonRft I j T’ 
AS6.06. while the ANZ Bank fell Viscosa lost L17 to L7I6 among JOHADin 
10 to A33.0) and the National 2 firmer industrials. • loditatria' 1238.71 237-3 

to AS2.4S. -— 1 r ■ .'• 

Rcnison rose 40 cents to AS 10 .Tnhflnnpfinnnr ' .•*__„ 

and ConsoUdated Goldfields I P**- * Z 976 

3 cents to A$3.30. BH South fell „ Gold i hares 19 { vW j m«b W 

7 cents to A$1.16 and Uraniums a ^® r an uutial marking isajj4 r «88^8lfi0lJ4l*«Lia 

closed steadv or lower. “P «» !*ne with weekend New Australia^ "f xm* .*i l* 

ia put on 2 cents to AS2.28. York P rices and afternoon Belgium fi»i 95-25 un.iv 90.43 

CSR 1 cent to AS3.03. Coraako European bunion indications. ** w ' „ __ *, 

3 cents to AS2.70 and Newraex Gold market sentiment was Drnnnrk ^ flb^i 

2 cents to 20 cents. reflected m the firmer Mining . wz e ».4 7 Li I ns 

Southern Pacific lost 15 cents Finances, where De Beers *> unca I ' (3/2.. 

to AS2.05. Central Pacific 10 cents & ained 10 cents t( > K. 6 - 40 foUowng ^unumyiW 802.6 BOCtf l 9W.T-. W 

to A(8.00, and Ansett and TNT local Press speculation on higher ■ atfl 

1 cent each to A(1.59 and Afil.ll mtenm profits and dividend? Holland <*M. 88.1 86J» t.jj 

respectively. Industrials were also qtuefly gMia . seaii W .26 [6601 *3.44 

firm, extending last week’s higher ^ t«*j I hw/uj *il3,l> 
p„ ’c trend. OK Bazaars gained-30 Italy (I! 61.87 I 61.911-^w«tfc.46' 

» dlla nontc tn R7 Rfl FnllnuHntr ita nhaliL I I flijSj) r'liUfll 


trCrttl 

lariiisuiai 


, 2IBJ t i SWA 1 214.7/ ' SJ •./ 

J ’ 1 * 234.9 I 230-5'“ 237.2 


Put- . 1978 t 1378 
vtou* tflcfa Luw 


ii43.5j '.h.48.0 



Holland ($?>. 88.1 


Industrials were also ' quiefly „ seoi fsiriB [flaaii sLm 

nn DT-tonrllnor act wnaPo hlahar I “““6 ^Sr.' i • Fiiai.., bit Ii 


firm, extending last week’s higher ^ 
p QP j c trend. OK Bazaars gained - 30 Italy 

* <JI * 3 cents to R7.B0 following its.chaii> 

P.YRIS—Easier in calm trading, man's statement .' hipai 


w —r: -nwi w>. 

Italy (I! 61.87 I 61.911 • bfc.46 

T • j i oajM.r-tio,ii 
Jama <“I *12.« *12.76 j 416.11; 36«XI* 
^ I | cN.«v! t»,iOi 

Singapore 336.29 J 383.61 326^9 iOKJO-. 

tw; l a ll9*> I I 1 A 


NOTES t Overseas prices shown below aod-or scrip issue, e Per share. 1 Francs tin. . I a 1 li« 

ejedude s premium. Belgian dividends J Gross, div. la. h Assumed dividend After Bnrt a arps [a n base uato 

arc after withhold ins tax scrip amtior rtjrtirs Issue, k After local SrreE CmSbb^ 

♦ DM50 denom unless orherwlse stared, taxes. n°. tax Tree, n Francs: laclndtOK —ia TnUTormua 

yields based on net dividend, plus lax. l/nllac div. P Nom. u Share ipUL .Div IB MO To^ro 

* Pi as. odd denoro. unless olherulse stated, and yield exchttlc special naytnenL «lntU- la» _ named baaed oniBrei. 

£ Kr.ioo denotn. unless othertriso btated. caked div. u Unofficial trading, v Minority m ad 

O FrsiKW den om. and Bearer shares hiddurn only, a Uenter pending. • Ashed JW !nd^« UttWm ^ PUW. 

unless otherwise stated. 5 Yen SO deuom. 1 Bid- ? Traded, t Seller, t Assumed. 20 Transport; _ Cjljrdney AIT ^ Onti 

unless otb'Twise stated, s Price at lime xr Ex rlglus. xd Ex dividend. xcEx 1 U J krigian SB f*ri Cdpta riiagMi 

of susneuskm. u Florins, b SettJ’lings. scrip tsme. xa Ex all. * Interim since SE in/73. mrParhi Boa«e 
l- Cents. J Dividend arter pendins ngtus increased. ' (It) Commerzbank Dec-1851. iff) Amsses^ 


tit) Commerzbank Dec-. 1939. t RJ Amsrer- 


GERMANY ♦ 


I TOKYO II 


|+ or .Div. 
“ i S 


AEU... ei.Bl- 0 . 2 i — : — VMUII kiiw**-... : 

A.iiatu Vervtch...' 485 1-6.5181-2 3.2 ciimn—;- 1 

BMW_i 249.91+1.3 ;28.08 5.6 Cub- Jl 


1 »Pri..-es i +« 
Yew I — ; 

338 j+1 
488 |+8. 


AUSTRALIA Jy ...' 

_ Jflne 19 t j A net. fi | — 

acMIL.( 2 a ceot) 10 . 68 ; j-W 
Ai-mor Aiintnlk_I-_I. 10.64 !4-0.0 


reoom Poirotemn 10 lj> I lOVs 

fr’ B IVxac.’...: 247 S 24ij 

,nr. I Tfsaaigull.• 19ir. ; 19i 4 

.gs 4 I Texas Uistim.i 79ia 78w 

oe;, 1 leswyil.\U»t„ al’t 32ia 

39 ii : fexae I’rilUie*.. , 20 i« 20 !^ 

l'mwloc.. 417 a 42 i 8 

| Tunes Stirrer..... 29i* Z9ie 

Si 5 * Timken... 50ls 50i C 

fS,. fin no....: 36 36 


4Us Koed Motor IDun... 76; 
151* 

66 tietniiar.■ 29 

42Lt '• uuu 1‘elVkDtt. UiTj 

46ii i.Tuit Oil LaiMuta . 27 
3048 Uxn-kerM.t.Uati 8 

12's du>.to^er.. 34 

431* diime Oil W.... 40 

II rlu.1^41 Huy Mm 171 * 

till. im i|| Bay. 215ft 

305ft i Hu-lmw On S'.oi' 43 

! LA.C. 1»>4 

IOS* ! . 33ij 

24 •» ■ imitatin' IJll. 16?/, 

194ft lrn-j.‘ 1810 

I 1 trial . 12 i 0 

nniT ; tuinn.l Xnl.tiR-... lib 


235ft , Z4 


HASP-.-.I 139 . 61 - 0 . 1 :18.76 6.7 Cbinoti. 370 

Haver.....i 139.7. 1 —0.3 1B.7B. 6.7 Usi .Nippon Prim 532 

Bayer. Hype_ 1 280.5!+ 1.0 1 28.12. 5.0 Pull .. 568 

Sw.t'MuMft.i 517 j +1 ( 18(2.8 Hiita-hi. 254 

Cibalnt.Xed.nrtr! 165 ;. 1 — — riw»« 

Cnmmeretiank-...' 224.3' +1.4 17 ! 7.6 fi.aire P.k*. ul, 130 


Cnounerzbank-... 224.3' +1. 

tioatlaiiuimt ...-. 1 73.0|., — ’ — --li"h..1 220 .. 

Uaimlw Benz..• 309.8, + 0.3 28.12 4.5 li<*-Y.*iv<i..1,330 - 

tJeeita-a.' 260.1-1.8, L7 3.0 la.-.*... 665 +2 

liemaK . .' 158 1+2 ' 14 . A* IA.L - 2.640 -10 

UeutM-he Bank.... 304>dj + 2 ' 28.1S 4.6 a«n«ai W»+. Pw. 1.140 +10 

UnjMini+ Bunk__ 289.40;. 28.12; S.7 K..amUu--I 349 !+2 


rioiMu* 576 

; rt.aire F.a*.JX,13U 

L.h.*.•_J 220 

Hi!-Voliai<i..1.330 


568 '. 

254 +8 


-1 • \ 

+ 10. 35 


14 2.1 ACM Iti ( 2 a ceot) 

12 1.2 Acrew Austzmils....—fc— 
.85. 2.0 Allied Mnp.Tntc. Ida-BI 
. 20 ;> 2.T Ampal.KxfMocatlaiiJ.^.^-. 
.18 *1.7 A mpol Petrofeum^__ 

15 1-3 NtaftmJHNMBlrrft^........ 

12 pA A-aoe. Pulp l^yer — 
« J I’f- iSwtttion! Iri^twine*.^.. 
fa fi 7 ' ii^tl-ponndataxi'lnvasl^ 

1^1 In Vtati m oo - ; - ^- 

*5! r _ ,:H •* __-_ 


lyp- I ll " lH .. 

pi v i fnuiMoerrM...... 

11 ,^ Tmnwo. 

lBiI i lr*" 1 . Vhkw. 

! (nui-wer InirY 
13 4 I Iren- U.irMAn 

‘ Irai ul lei*. 

i iriCnrinenuin. 
30U 1 

g'« U-l«-»-. 

i AHi".enii»r» 

•I..N.U. 

|«. MMiO. 

* !flu-:::: :; :::r 
Ii!? . '.«*«'+'+' . 

Sc." » nile\ r i N\ .. . 
|2 ! L «;.«l »«•!•■• rj. . 
I?-? : tll'l'+l '.art- hi. .. 
ii J! 1 L in, vi 1 ■•ninien.-. 
" ,fl i.-lil.Mi t»n lain. 
3U I In iuli Pavilii!,... 

24 J« llnireval. 

50 . I. iiilc.1 I'laieb. . 

32 ij j 1 .» tin 11 . 1 +;•. 

22 ■ L at; ireiiiii. 

171- i!'>-»b—. 

67 i; lew... 

33'ft I'e biii a ^iiv„ 

394j I. V lihiu,: ... 
23.i Vuniiiia Khvl... 

20 'j "'Hk.-r.-eu. 

17.'s ' llanmr. 1 V>miv a n. 
, "'arner.l^iuhrn 
• WftM.-.’.lHJi'nteni 

fu- ’ Weli-l-Bis... 

nn 1 hail-"i | 

-i-ieiri a. a.. 1.1 
“®, R .' v ”Mhii 1 nion. 
jj 1 ? ** “** K: '- ’ 

17'ft Ui-.rn.it. 

!15?i il'iuliiciit.*.., 

11 1 U)in-i{«*.:. 

47'« [ Wiiir*l'mi. Ind.. 

28in ! lV.i.Mnii-r. 

24 ta : W lMiinr-ui Kin-l.. 


g0 ,- inian.i .iai.ua-,.. in* 
42ta ' Ini’ir.vPiitaLuu . 14ig 
29 li j Kalfc-r licaourvo. 15's 
KQi- ■ IjiurtPluL.rtii,... 9 
ig E j i/Jk«« I'-.iffi.-H'. 4.05 

is;, W..■'mill'll Uit»Ml. lSIft 
lHbi Massey l-erun.- 1 . 12l; 

ftgc, Mclatyrr. . iz3 7 >, 

27ir 'l.airi* C"-ri*n. 37)f 

191 , M.iuiilaiiiMatei:. 3.73 
36ift S..IHH-.M Mill--.. 261? 
ig,; Nuuin KnenjA- la 
Mliu.Teivo.ui.... 31*i 
.s.inise i.m A Hi. 
-taku.^i p,.i.->. u.za 
PRi : •V-ilk-t ..|.|i-i M 1.80 


^ ' I * i»‘i n«.-l 'ti 11 ilf'ri n* 
20 ' r I ,'mu. t. an. I 1 *! -..., 

21 1 i 'hi in-. 

38'f , 

64 1 -. I'lan-Laii.» Oil. 

; t J lM.i*i-l| i-.i 

3BJi. Pom-, LV« 7 kiial'. 

*'t - I'm.** . 

'Jiii+mv Miiripi-n. 

4i *4 I 1 ,'aiinvi Hi'.. 

I Ke*>i Sjiao. 

| I IB'. Al» -in. 

8 <c I lu.VKl Chi..; 

“1 • iioval Truet.' 

26Ja . ' ... 

261 « sw|4te I* ... 

27>a ! Sewgmini. 

44'4 . Shell CanHil*..... 
20 in ! sberrlil 1 ..11 him 

ISA »wben*o .'1 . 

2 a 4* '^nip-iii......... 

4 X 1 , • steel .staiwla... 

30 ti ;-reep K.» k lu>:i. 
ZJif ' I'W' Chiui-Ih . 
27 L'oinlil" I N-i.i.llh 

35 I'lHU,'. Blli'.fl. I.! 

2BJb I'UI'r M'.'IUll Ml 

Ito'ft , •'. 

SEJta 11 iil'ftft 1 .a* . 

UtiL null,Mint. 
26% ; U'RlMri Uiiniu... 
23't , ffp.| li*>i I'm-. 
22 S 0 ; Weston ii***.... . 


HjckerhiifTZeinl.' 180 j-*7 

tiiitehirfTnnns.i 207 i + 2 

H*|*a UnH. 1 124.5;+4 

Kjn>*n>fr.... n .1 894.5— 1 

U-ieub-i._.I 130.70. 

H.taecb.i 46.81-0 

Horten.j 134.5—0 

knh un-1 rial?.1 136.5 —1 

hjirera.l!...; 324.5 +0 

Kinckni-rDUIOOJ 91.1—0 


K,,u "*- J 1 880 I + 1 

i* ' \>ni.t-k. , enimic ...j4,090 J +81 
14.04| 5.7 UHiMiitliiiM I 11 . 1 ..J 734 f —6 


■ta«a- i- 4 wa 

10.54 (+8.01 
. f2.16 _-+o.in 
fl.84 H+ajfil 
to.78_ 

tl-16 rtr05( 

tl-28 j- 

, .rtew‘- , w or 
■ tL05-' -s.nr 

fl.53 - 

tO.45 1+0.05 
10.50 [-0-0* 
+CL 88 — 



184.5;+ 4.SJ 14.041 5.7 vUt.ii.lilia III,'... 734 
294.5—1.5,*10.72, 5.5 vlit«iihi«ni hank..I 278 
130.70'.Id.75 7.2 Uiuuttst.i Hrevil 127 
46.8)—0.1 ; 4 | 4-3 Mitsubishi i-..r]i.j 487 


Kill). 185^0.; 18.76j 5.0 Bianca....j 1,800 


3 .,-lier . 11 *. 

■lemvn*. 

»i«i /.ncker..—... 


46.8)—0-1' 4 43 Mitmbiahi tiuni.j 
134.fi'-0.5 I 9.36 3.5 vIIimii A Civ.......] 

136.5—1.5 14.04 5.L liiuukoebi.j 

324.5+0.5:24.44 3.6 Niikwii Uainn..... 1.410 |+I0 

226 ‘.118-73 4.2 .Mp|.ion Bhtatiui.J 745 . 

91.1—0.9 l — — .\i-NUi ilnUT*.„.; 810 -I 


878 -1 
127 +1 
487 +3 


1 am 1 ll|it , M j ___1 10.50 r-0.91 

•n Uft Bamboo Creek ; -|0i85- 

J2 I an miov Meta- lu-l.——J tl.18 - 

: B Bvrtifpaiiivlll+.C<ip)«r__4 fl.36 , +0J1I 

I 15 I 2.7 Biukea HUi Prapriebur)'. J. 17.14+0.02 

33 0.4 UU South_JJ... 41-16 -0JJ7 

20 1.4 Carina Unlred Brewery:..:tl.B0 - 8 JS 
10 j UB U.J. Uol^__^_I 48.00 - 

12 ; 4.7 VSX’lfU._1SJ» +8J11 

13 1.5 Cons. GaktriekW Aurt_.{ 13.30 ; +0.05 


1.04 L+U. 


Kru|ii..1 95 j—1 ' — ( — 

Lmne. 248.5 -1.3 I 25 1 5.0 

Unri-nbiBU ICU.„> 1,440—5 I 25 8,7 

tiutihanwi. 1 111.5'. 9.36. 4JI 

MAX. iy9 +1 I 12 3.0 

Uiiine uiuD. 158.50.lT:ia| 5.4 

Men. Hue-. 215.5-1.5 10 2.3 

Miiiictieiipi-ltuvk, 545 —3 18 1 1.7 

.Npikcj-iruiiiii,.j 129.8—0.7. — — 

Pren—I'M Ivti.! 115.5 —O.B | 

1 1 1 ir 111 ti'e.I.K 1 ev-t190 .—0.3 , 25 6.6 

3.:li*r.ii U .! 271-3-U.7 j2s.lk b.2 

■»eiitvn-.• 288 +u.2 16 2 . 61 

»i»l /.ncker.......; 2n3.5D .25.56 3.4 

i'n\--f.ilA.Ii.; 117.3 +0.2 ;I7-IB 7.3 

Vans.. 175 .■ 14 ! 4.0 

M-.UA.I 116.20., 12 . 5.2 

V-ta-iiirAU'cM Hk 290 .- 18 3.1 


— : — anyo Kitune... 861 j+1 

25 1 5.0 aekUit Pretah_’ 845 —15 

25 , 8,7 ttiieido._. 3.090 >+10 

9.36 4J nail.-1,710 I. 

12 3.0 lanboMailne ..—j 235 I. 

mill 6.4 inktaln OietnR-a<.' 377 _. 

10 2.3 - L'K..._._.;2.010 '-20 


14 j 22 Container rSl>__ j 

20 • 1.7 uwainellkiUato-i— 

Uastata AualnUla - 

11 | lo 
g j-j 

B.4. Indtutries- 

|n 1 no ‘j® 0 - *’ tr 'P«ty Tnat.- 

SX i ?■? - 


Source: Rib de Janeiro SEi 


... 40 I 1.8 
... 11 2 ^ 
-.15 2.0 


Hooker.. -1 

ICI Australia__[ 

LaterJAipper - 1 


.. 120 . 1 10 

..kui Umiui.-. 492 ‘+1 ; 11 

.4nb.Kl iWr;1.020 .—10 1 8 

■iktfti shrv" .j 308 ■ ._.j 12 

i.kynihitmiini-. 144 ■. 10 

■ W.! 144 .’-10 

'■■■! ... 991 -1 1 ao 

Source Nikko Securities. Tokyo 


175 .• 14 ! 4.0 Source Nikko securities. 7 

116.20. 1 12 . 5.2 

2® , 1:8 BRUSSELS/LUXEMBOURG 


; I •' div.. 

1 Pricv ■+ or Prv.|YW. 
i Kia. ! — Net 1 % 


30 : 0.7 

10 4.2 JftiacM lUai'id)...1 

21 1.1 l^nuaiii Mil.__| 

8 3.9 Mc4an> Bi|iioral urn-. 

12 1.9 ! MIM. Hnlrtinea.. 

10 ; 3.51 Mw Emporium... 

10.3.5' ....— 

' 1-0 Xlldtofau. IntvriMtkvial.] 

kyo XiMth Hmken HMirisa (SOr 

dtiUindR-...] 

Uii searvii.... 

litter Kxphmumu„......... 

--Pioneer Concrete._ 

Oiv.. Iteckht ft (Admail.-.—. 

^rs.lYW. H. C. aleieb...... 

Xrt ( X mutbhunt Minlne-..........i 


7 3.80 1 2.82 


Vou.'.niia.ftl. 


AMSTERDAM 


Aliobi (Pi-KOi.; 106. 81 + 0 .5 , «31; 3.4 wkeni..J 429 ‘+7 I— —-- 

\kftoiKl.4lh.;• 3O.l; + 0.B. — BBBa..2.2551(1—5 177 7.9 

Attem Uuh<KUiA> 359.5 + 1.5 > 28.5| 7.9 hia tiotwi.6.420 1.430 6.7 PARIS 

AMhV IF 1 JO 1 ...... 84.7a). 50 ; 5.9 Katruiue Nat.'2.725 [—45 1170 6.2 _ 

A inn .tunic tKijjCv 74.9—0.6 B3.Si 6.0 li. 8 . Imin-Hm_2.060 +15 160 1 7.3 

iiiA-ukrirl.. —. 90,5—0.3' 2b 1 5.8 lievaeri.. 1,282s) (— 2 ! 86 I 6.6 Junl 

Ik An M'mi 'in (PlUfj 124.2—0.3 ) SO I 6.4 Httoken.2,215 [—135:170 7 7 - 

UurlninTeiMr«)+. 74 ,. 26 i 7.1 liiienmii.1.750 + 5 142 I s'l Beale**,, 

UiwvierVtPi.BLFl. 285 .' 27.5! 1.9 BKtn . , ___ , " Xtriqnetl 

hnniaX'.l .lA-an-i 137.0-1.1 37.5 5.5 ^ .+4° 290 ; 4.4 1 „ Ltqui 

r.in.A'..niT(+ Pi.I", 67 +1.6 94.6 5.2 l l 1 'k» , e LH?iu*--5.600 . *325. 5.8 VnmtHlru 

. e -lBr,.*t* a ,pl. 35.6-U.4 23 16.21 '' ^ " 1 *^ 5'i _ 

lleniekeniKl.abi.. 103.9 +0.4 14 3.4' 1 rt ".-'S , S52 J 74 1 4 - 8 1 bonyane- 

... mk-.s _ ■ I ’"Viren Uaimi'e"|2.?7g !.806 ! 6.91 .1 


.13/16 40X1 
fSXO • +0J6 
(2.40;' 1-0.02 

. (2-60';. rftUOT 

U-50 }- 

tl.37 1_ 

tojso'i 

(2J2 V0X1 

»2.3| HUM JOHANNESBURG 

11.00 . , 

(2.42 Hfl.92 
10.71 J ..!._ 

*223 40X8 

T0.28 -- 

11.22 HUB 

ti^3 •. 

tJJe6 rtXfll 
t'J.97 -0X1 

12.23 '1-0.03 t --- 

11.75 . Rumeabm^e. pjatinnnl. 

12.30 tun §1- neteM i- 

10.86 r 0 . 0 l Sptnhva^ 

*1.30 -0X2 f^eWs SA^.^:^. 
ll.bO . '-0.04 Uftloas COTW»atioti — 
tO.ia 'Dp Bem Pt^etdetl 

S:SS US! 

!Ki J3SSSSS'2fe 

10 I 26 IcAji soifcmeto . 

IntS. rrS WeBtom -.-u 


If tod. (Traded. 
N-H stock. 


BASE LENDING RATES 


A.B.N. Bunk . 10 * Hanibros Bunk . 10 °Ti 

Allied Irish Banks Ltd. 10 % ■ Hill Samuel .510 "Vi 

American Express Bk. 10 % C. Iloare & Co.?10 % 

Amro Bank . 10 % Julian S. Hodge. 11 ^ 

A P Bank Ltd. . 10 % Hongkong & Shanahai 10 % 

Henry Anshachcr . 10 industrial Bk. of Scot. 3 

Banco <ic Bilbao . 10 % Keyser Ullmann. 10 % 

Bank of Credit & Cince, JO % Knowsley & Co. Ltd.... 12 % 

Bank of Cyprus. 10 % Lloyds Bank . 30 % 

Bank of N.s.W. 10 % London Mercantile ... 10 % 

Banque Beige Ltd. 10 % Edward Munson Sr Co. 111% 

Banquo du Rhone . 101% Midland Bank. 10 % 

Barclays Bank . 10 % ■Samuel Montagu . in % 

Barnett Christie Ltd.... 11 % ■ Morgan Grenfell . 10 % 

Bremar Holdings Ltd. 11 % National Westminster 10 % 

Brit. Bank of Mid. East 10 % Norwich General Trust 10 % 

l Brown Shipley . 10 % p. s. Rersoc & Co. ... 10 % 

Canada Perm t. Trust 10 % Rossininsler Accent'cs in % 

Capitol C & Cl m. Ltd. 10 % Royal Bk. Canada Trust in % 

C.-^xer Lid ... . 10 ,, schlesineer Limited ... 10 % 

Cedar Holdings ......... 10!% - F.. S. Schwab ...:. lll% 

Charterhouse Japbet... 10 % Security Trust Co. Ltd. lt‘% 

Choulartons . 30 Sheniey Trust. 11 % 

rnnsnlid-ItPrtVr^HiiT" in 5 SlaTldur d Chartered 10 % 

Consolidated CrLdits.-. 10 ,, Trade Dev Bank 10 % 

Co-operative Bank ...MO % Trusu-e Savin-s Bank 10 % 

Cfrinthian Securities... 10 % Twentieth Centurv Bk- 11 % 

Th?.1 ? 'v^V,c SJmiiLr'ni.' \n 5 Un,,ed ^nk of Kuwait 10 % 

The Cyprus Popular BK. 10 V, Whjieaway Laidlaw ... J0 J % 

Fm"|| Tnr 7 n " . m re' Williams l GfynV. 

IS...;; .■.■■■ “ * 

First London See*. 10 % ■ 8 £ZL.* ,n,nC * 

First Nat. Fin. Corpn. 11 % * ;-d.iy tiv-Donts i.month ii'-posit» 

Firsl Xai. Secs. Ltd. ... 11 % «•••. 

i AniOIiy Gibb'. 10 tr * •■ 4 J| - dcpiwus on Minis ot till QM 

I'rjiiii.iin j i-..'-'-.'.Vi'."" m ,r i""i muter i.; - nr> in Cj.tK'P «;'> 
greyhound i.uarumy... 10 % jniJ cill . r ig.no r; . 

(■nndlays Bank .£10 % • can iioposits nvrr ii «uu 

f*ilinnets Mahon .. in % * pi-niiiiiii di-pmiti 7!‘. 


iip in Ci.W'P 


A.MKV (FiJOl_. B4.7al. 

.VinmtniiK (KijjCv 74.9—0.6 

iiijculiiiri-—. 90.5—0.3 

IhAfi Wftsl'in tPIUtj 124.2-0.5 

UurliMiil'eitenal+i 74 ,. 

Kiwvier VjKi.jji. 285 . 

him mV. I .IVsn'i 137.0—1,1 
hiiiiA'nniT^i Kt.|t, b7 +1.6 

■ n.-l Un.wlia'Pli 35.6—U.4 

IlftiiivkeniKl.iibi.. 105.9+0.4 

• t.mi*.n'Opr iKi.iu. 33.ti—o.5 

■ luiili-r ll.iPi.ltAv 24.7 —0,3 

p.UM. it..luoi.. 161.5-10— 
l hi. M niter 1 1 at-... 47.9—0.4, 

\hhmIcii cKI.IOi.... 36.6J. 

Inn.iPil. 106.7 —1.7 

AiHtfred ilbipijft. 53.5 . 

,\.-l Mi4 BL-Pl.n., 184.6-0.9! 

'.HwiPi.au..j 157.5—1.1; 

'mi ». , miiii;neu.... 142.^—4.0 i 
rnkli-sil iP.. jL..j 39.4 + 1.1 • 
I*l.itft|*~ (Pi. lOi....- is6 4 —u.4' 


26 j 7.1 iiiien*nn.-1.750 +5 142 I 8 1 - 748 .!'+! 7l : 4H 0.0 

87.5i 1.9 . c cum XtilqiwtltajI lV r 383J5 \-=LR laUSUSJS 

57.5 S.S . +<K) | Z - 9 °12 !»' LiquW.__ 234 1-7 . 16j5j:5J 

J4.& 6.2 I. i 3 . 2 t 5i f■? 490 i + 3 • -iaiS, S.4- i 

25 I 6.2 I — . 2.600 ; .,S2-2a! 3.1 ; mTi • 602 — 7L- "rlMfii 2L8 \ 

14 3.4 i 1 ^3.640 .-^0 (174 i 4.8 ■' ass pt : i-aa- 4 .o ] 

-tK- tiea Uftui|iiii.. | 2.B70 }.80S ! 6.9 ilS-N.G ervi.-.-. 825 >+4‘->40X 7.6 ! 

H 4 Q '“Hi'".;5- 100 i“43 -815 6.9 CXJ!....• - .356 1—2: f 31_5i 8.8 

26 1 7 9 ?“**■'■.2.550 1 + 25 lAZtO 8.3 C.l.l^l.»t«l 1-tlU |+3fi (70^8 6JI 

l * IS X™ i + 16 1170 ; 6.6 ile C“:. U “ 

4*J 4.5 J J:*,"". S32‘S :— S I 7n ' r„ uinh Memeer.-,.. 394- •!—XO-U1.25 2.8 

21 ' 7 9 ” .Z2S* dl + l» I 50 , 6 - 8 OrwtU Uoni Pr'ce 120 1—LlOiO 


157.5-1.1 ; 36 i 4.6 

“sU'Tl:? ! - U i *: 6 ; SWITZERLAND • 
5s6 4 -u! 4 1 17 • 6.4 f -- 


UunuazAu—736 J—10 i38.7Ei 4.G i 
Pr.- Parotfc.—-j I35.r—O.I M.IQ-lOA 
Gtao-.O^-Wftntt+I 188. |.„.'....|8Ja(-4JS 

t metal —_Liij -63.9>—OX , ifi,7| 8.9 * 

-JmntiM -Bore!_ 114^+0J5i — ’-^ 


'lAiDt-IW/ntsi i 

| tVtM-lin'iIu.)bulk 


4I.2,—0.4i 20 
405 •.. 33 


».+ ■_ Ifttalll _a.E+U —«u » , « t»*y.hirKW 1 on^_fl9 l 


{Mseoimt of \ 


3.9 | Pl+J« (Lreoreei.: 660 - -30 . 5 = 3.8 aei 8 Inn irSS Tn . 

_ J riCew-J 74.3001-7601680 I 0.7 S'® I§ SPAftt*" 

«mitiij„.j7.500 J—SO 55 0.7 JfediaTerimique, 424 —1 j 

intertoot u-;3.850 -35 21 2.7 'Mmw r SSfi .C*' 27 j 4S- 

■toimuJl <Fr. lOUl .jl.486 +20 21 1X1 tUtuae Poulenc— 97,1 —1.8''1'- tf'l i 

.1406.5] ia2.of7u.6>14X5j1i J , 

Un. Kei:——'2,205 405,7 9.9 aktaUndmuil L520 . fc-0 /• S9V.2:8 { 

UenlkanliJP.iibOt 2,520id -23 16 IX 25L2H2 3128Xiai ’ 

rireni81 KiP-iall 289 +4 15 5.4 IWemacnnkine™ ^72SH+S 

"2° 5? ibomspn wamtt. 1ST 8.1 

Un. PHrin Uaifi 486 —8 36 2.7 UHiwv ,,, , _ OP'O^_0.61- ' T 


COPENHAGEN * 

i Pi ifv l + nr ! 
■iiinr 59 ; Kreuw ! — i 

__ i 

AIUU.-I'-UU i k ct i....' 134J| — Sft 

Uiinn’itT W.. 470 1 + 2 

Itan-kc Hank_ 1 1221 * 1 — t* 

Ivbt, iVilnu Uu. — 165lftSf —11« 


Jaimull (Fr. 100) .11.426 +2 

A retie (Fr. ICB) -13,420 

_ On. Ken——{2,205 . 

+ nr ! Dir. iYM. WenIkcnKJP.abOt 2.520 id ~a 
— i * , 2 Ftreiiidll’tF.iail 289 +4 
— ... ■ —' .I — van leu (Fr. 2blJ)..‘3.828- —6 
-s» II j B.2 Mr*, niiutfenm 486 —8 

+ 2 15 i 3.Z iiuntiieri.ttaP100| J895al—B 

—is 13 9.8 hulzer ( tn (P. 100)! 354 +4 
—He 12 I 7.3 iwlswiir tFr. JbOij 856 . 

1 A : in 9 Sirlu Hank IP IlYI' -017 _9 


Pinauntnukai,..,'1281ft xrl. 13 j)0.2 j airtM Hank (P. 100 

.-•v. lij tgjener....' 360 l+ij ; 12 ! 3.3 j mpIm (Kt. P.'i8U).4, 


Pur. I'ripir.I 78121—Ilf ■ 

Hmiilitnibaiik_—i 12 3 in;— in . 

•J.X’rii'nELlKnjUij 2691;:+ lg , 
Aiint KbUoi...—.. 190iam]—3 

■ ilirtalmk-1 75 '.j 

Knvarbuit| 1283ft I—i z , 
I'rariDHimk136 i—Ig 
*ijih. KcrenHueu., 403 | + 6ij | 
Miporhta..• 182ift;—llfi 1 


— — | tinkn Bank.13,130 UlO 

12 | B.9 i /.iirich las.;iO,7ZSxrl + 2S 

12 . 4.0 j I f 

12 j 6.3 ---- 


15 IX Suet____ 

1® S-4 iMemflaiUque^. 
26 1.6 L hum son fttmiMt. 

.26 2.7 Ll« l«*l*r , - 

12 4.0-“ 

14 4.0 

10 4.1 STOCKHOLM 

10 2.6 ____— 

40 2.1 ' . • 

20 3.3 June 19 •• { 


Fiw +or [DlsjYid 
Krtme — j.Kr,i<g 


MILAN 


rrice | + or jniv. ;ym. 
Lire- I Lire, « 


AliA Atithr JUI„. 
Altatiaval u(K]9>' 
A.vbA (Kr.30}—. 
Allan (3open(KrZr 

ulHenal... 

Hofcnx.,—*_ 

C*nl 6 .——— 


i-. Z07i— 1-' 

w 13B 

• • ; 82. r M>4 
*r . 12 $ ih.ii., 
- 68. -2.6 


6A 2v6 i 

5 5J> \ 

6 \ 


IMC.....1.93.5+0.6, — I — 


•M+iei.453 


|_ | ttncwod ‘F’flvrSt] 


ami muter i.; - iip in 
utiii «hit HS.nmi r; . 
Call ilvptKits nvrr 1) UUU 
Pi-tniinil rii-pa^iiK T!"-. 


VIENNA 


. n-l.iiiruJh..l . 

iVniirntaV 

«■« >4. 

't'pf+ril. 

'U»t Ik'iim.... 

' •■Il Il4U*l+^I1. 




I "l II.U — Ul 

'i + 

342 

262 . 

597 -2 
90 . I 
188 ,-8 
239 ..—3 


Puu.il.7B9w] + 24 j 150; 8.3 h-p+'te “il".—Vi 

Un. I'rtv.,1.508 m-' + 30 16OM0.0 racemla 

-! oX, 7 . 


« , r mvmu ..I |T-r I -- .- mull 

—lleitiuiBuin . 3o.4O0 +39« 1.200 3.6 M»CttttNMV>4 

a" ?■? Mi in la 1 iv .n . 140.26 T 1 ; _ - minlvik A.ti,;.-,.' 

®-7 MVuUiFnv. B79tf . . .1 — i — i.K.K»B'Kr-._ 1 

38 j 8.1 pirei.;Xi:A... 2,016 i + 35 I 130; 6.5 *kami ttv-kiWt..!) 


I Vniwi (Kr. sOl...;.; 


116 
- Wl' 

J-4 

1 + 4. 

fo 

ISA 
i 6.2 

227xu —2 • 

10 

4A» 

134 

:+i ■ 

-6.S 

^ 4.7 

132 

.■-x • 

'.a 

, 4^ 

275 

{+2'': 

8 

: fiio 

92. 

+ 2 

.. 4 

'4.4 

SI 

|+f 



ZS3 

|+X 

16 

|4R 

100 


8 

1 8.0 

61 

-Fl" 


• 

256 

.+ 4 . 

5.75 3JS 

62 

J:. 

4Xi 

b'7 a.j 

162 


R 

1 S-3 

71 

'■_ 

6 

'7J) 

.53 ‘-U5. 
E6.S!........ 

n 

^,1 

— 



9.1 j 


arrfe Papofiwi '1;.ustiVr.-4K0.' •.•tfW 


































































UK SUGAR PRODUCTION 


eet prospects transformed 


BY DAVID RICHARDSON 


Squeeze fear 
lifts cocoa 


N BY MARGARET VAN HATTEM 

^FRANCS TODAY .rejected as 
disastrous the EEC Commission’s 
\proposals . for .a sheepmeat 
marketing regime and said- that 
if third-country obligations were 
\to be honoured then the French 
. and British markets could co¬ 
exist 'only by-.' maintaining 
■ separate price levels. 

M. ' Pierre Mehaignerie, the 
Feench . Agriculture Minister, 
proposed that national market¬ 
ing measures be-corordinated but 
in such a way as to: maintain the 
differential between the British 
and the higher-priced- French 
markets.. V. ‘- . 

But he received'no support— 
'.Mr. Finn Guhdelach. the EEC 
Agriculture Commissioner, 

opposed the plan and said there 
' were doubts as to its legality. 

• Mr. John Silkin, the U.K. 
Agriculture Minister, questioned 
the need for a regime hut said 
the Commission’s proposals for 
3 relatively “light" organisation 
provided a good starting point. 

However Britain would insist 
on a long transition- period—at 
least five years, be said. 

The introduction of a free 
market in sheen meat Would profi- 
ablv boost British -retail prices 
and this would have to be done 
gradually. 

, Britain wonld also insist bn 
coptinued unrestricted access to 
the EEC market for New 
Zealand lamb despite opposition 
from other member states. 


LUXEMBOURG, June 19. 

' Mr. Gundelach said -there 
could be no question, of curbing 
New Zealand access The Com¬ 
munity was bound by treaty and 
this.eould be-renegotiated only 
with the country's- .consent. 
..This might In any case prove 
pointless as the. Community had 
little to offer by way of an 
alternative;—it had already acted 
to curb imports of the onTy other 
products New Zealand, wished 
to export, namely'butter and 
rtieese. .- _ • 

The Oither main; topic of 
debate at today's meeting of the 
Council of Agriculture Ministers 
concerned the Commission’s pro¬ 
posals for a potato-regime. 

Discussions, .had . not yet 
resolved the question of Italian 
demands for special!help' for its 
producers of new. potatoes who 
feel threatened by imports of 
earhes into the UK from Cyprus. 

Britain is sympathetic-to the 
Italian demand; but; wants 
guarantees of cost-effectiveness 
on any aids that-might ‘be de¬ 
cided. and refuser to' settle this 
point outside the context of an 
overall agreement on potatoes. 

• Imports of new-potatoes from 
Belgium are to be allowed into 
Britain for the first, time ini 
10 years, the Ministry-of'Agri¬ 
culture announced yesterday. 

.. Permission was . granted— I 
subject to strict controls over 
health—following a request from ; 
the Belgian Government. . 


GOOD GROWING weather 
during the first half of June has 
transformed the UK sugar-beet 
crop. Prospects, as far as they 
can be judged at this stage, indi¬ 
cate at least an average yield. 

Before the warm spell many 
growers had begun to resign 
themselves to the probability of 
yet another poor crop. The early 
spring was cold, and although 
most seeds were planted by mid- 
April, the critical time after 
which eventual yield suffers, 
growth was extremely slow. 

Plant stands, however, have 
i been good from the start because 
| of adequate rain at the end of 
I planting, and most farmers were 
pleased with germination. Some 
i herbicide damage has been 
I reported but little that Is serious 
or lasting and certainly less in 
total than in some past years. 

In short, the national crop has 
now caught up with the stage of 
growth ii is expected to reach by 
late June and is now in good 
condition to produce about five 
tonnes of sugat per acre over the 
208.440 hectares that have been 
planted. 

The two most critical factors 
which could affect that potential 
are lack of rain through the 


summer and aphids. Crops over 
most of the beet-growing areas 
had a much needed soak late 
last week following a long period 
without significant rainfall. Bui 
few were in any case showing 
visible signs of drought and the 
dry' spell i$ unlikely to have 
caused any reduction in ultimate 
yield. 

. Aphids, which are vectors of 
virus yellows and are thereby 
capable of causing severe reduc¬ 
tion in root and suger yield, have 
been little trouble this year so 
far. It may well be that lower- 
than-average temperatures last 
winter allowed fewer of them to 
survive until spring and That this 
has slowed their build-up to 
normal numbers. 

In any event reports Trorn 
Brooms Bam, the sugarbeet 
experimental farm in Suffolk 
where these are monitored, 
suggest rhar there are so far 
Insufficient around to warrant 
spraying. That is not to say 
that insecticides will not be 
needed later in the season, but 
the longer beet plants are free 
of the insects the better they are 
able to withstand attack and the 
smaller the risk of significant 
reduction of yields. 

Generally speaking therefore 
growers are moderately happy 


with their sugar beet and 
reasonably hopeful for a profit¬ 
able crop. The British Sugar 
Corporation, on the other hand, 
must be disappointed that once 
again it has failed to persuade 
farmers to grow the target of 
220,000 hectares. Neither does 

it seem. likely that the 1979 
target of 240.000 hectares will 

be achieved- 

Having committed well over 
£100m to factory expansion and 
modernisation over a four-year 
period, -British Sugar dearly 
needs more raw materials to 
process fhroueh their plants to 
justify the outlay. j n addition 
it is particularly vital that this 
rear's* cron is a good one as it 
is the last before European 
snear quotas are re-necotiamd in 
3P70 to take effect from 1980. 

The negotiations will take 
place aeainst the background of 
a growing European suear 
surplus on the one hand and 
continuing pressure to accept 
imports from African. Carribean 
and Pacific fA .CPi countries on 
the other. Meanwhile demands 
have alreadv hecn made bv the 
French that A CP susar should 
he haoneri when the Lome agree¬ 
ment comes up for review in 
1982. 

It is also well known that 


Castro predicts big sugar crop 


NZ to open butter 
packing factory 

BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


THE NEW ZEALAND Dairy 
Board yesterday announced the 
construction of ah £8im butter 
2tnd cheese packing plant at 
Swindon, Wilts. 

Mr. A. L. Friis, chairman, said 
that although New Zealand butter 
sales to Britain had been cut 
from. 180,00ft tonnes to 115,000 
tonnes this year. New Zealand 
-batter was still the most popular 
on the market The New Zealand 
dairy industry could not survive 
without this sale. 

He was particularly concerned 
about the exclusion of New 
Zealand cheese from the British 
market, and Claimed that when 
.EEC governments’ heads met in 
Dublin in 1975. they promised a 


review of New Zealand's case for 
continuing to export cheese to 
the U.K. This had still-"hot. been 
concluded. 

Making a plea for the present 
New Zealand annual quota of 
115,000 tonnes of butter,..to be 
extended beyond 1980, Mr. Friis 
said that the New Zealand dairy 
industry felt it had made a; major j 
contribution already towards < 
meeting EEC requirements b.v 
the reductions already.-imposed. 

Board officials were anxious j 
about the present situation. 
There were now 180,000 tonnes 
of butter in store- in Britain, 
just under half-a year’s’.,con¬ 
sumption. Home production was 
already up on average and still 
rising. • • ■- 


CUBA WILL produce more than 
7.3m tonnes of sugar this year, 
the second highest production in 
its history and 800.000 tonnes 
more than last year. President 
Fidel Castro said at the week¬ 
end. reports Reuter. 

The country is already close 
to its planned target, and should 
pass is in the next few days, he 
said in a broadcast interview. 

The harvest, which began in 
Novem her. has been extended 
heyond the normal finishing date 
of early June because of heavy 
rains earlier in the year. 

An official report just pub¬ 
lished says 35 grinding mills are 
still functioning, out of a total 
of 143 which operated in the 
harvest. 

From December to April rain¬ 
fall appears to have been two 
or three times greater than 
average. However, the prolong¬ 
ing of the season and some 
favourable warm and dry 
weather in May were major fac¬ 
tors in the success of the harvest 

No announcement has been 
made about Cuba’s arrangements 
for selling its sugar tbis year, but 
in February the official news¬ 
paper. Granma said planned pro¬ 
duction was - already fully 
committed. 

Cuba's quota for sales to non- 
Cr.mmunist countries under the 


terms of the International Sugar 
Agreement is 2.04m tonnes. 

For many years, Cuba has 
Given very little information 
about its sugar harvest However, 
Castro said in the interview: “We 
have taken the decision to 
abandon the policy of discretion 
over sugar and from now on we 
will announce our production 
each year.” 

Efforts are now under way to 
prepare for the next harvest 
with thousands of volunteers 


HAVANA. June 19. 
moving to the fields to help with 
fertilising, weeding and cultiva¬ 
tion. 

Cuba achieved its highest-ever 
sugar production in 1970 when 
it turned out s.5m tonnes 
against a target of 10m. Pro¬ 
duction in the following two 
years was only 5.9m and 4.2m 
tonnes. 

A production goal of Sm 
tonnes a year has been set for 
the end of the present five-year 
plan in 1980. 


Forecast hits prices 


BY OUR COMMODITIES STAFF 

PRESIDENT CASTRO’S forecast 
was enough to cut up to £1.70 
a tonne off sugar futures prices 
on the London market yesterday 
morning. Since there were no , 
other factors to be taken into 
account prices stayed down 
around the day’s lows through 
the afternoon. 

Earlier, the London daily price 1 
for raws had been fixed £1 a 
tonne higher at £9S. The whites : 
price was unchanged at £110. 

In Washington. Mr. Bob ; 
Bergland, U.S. Agriculture Sec- 1 


retary. announced that be 
would recommend to President 
Carter that the import fee sys¬ 
tem should be continued and 
existing import charges should 
be increased, reports Reuter. 

He also favours a formal pro¬ 
cedure for adjusting the fees 
on every three months to begin 
on October 1 this year. 

Mr. Bergland has asked for 
public - comment on raising 
sugar import fees and how 
adjustments on the fees should 
be made. 


Holland, Belgium and France 
will do ail they can to increase 
their tonnage entitlement to grow 
high priced “A” quota sugar. 
Lower priced **B’’ quota sugar 
has already been reduced from 
35 per cent to 27} per eem of 
the baste area as a result of an 
earlier EEC decision. 

Competition for quota acreage 
will therefore be intense and con¬ 
tinued failure to prove that the 
UK is capable of producing our 
present 1.04m tonne “A" quota 
let alone any “B“ would leave, 
our negotiators In a very' weak I 
position. Last year British Sugar 
produced B50.000 tonnes of sugar, | 
the highest for four years follow-i 
ing disastrously low yields in the 
previous three seasons because of I 
drought. I 

Assuming that the weather 
continues to favour the sugar I 
beet crop through the summer it! 
is reasonable to expect that the, 
UKs A quota of 1.04m tonnes I 
will be achieved. 

Given exceptional growing con-| 
ditions which, in the oast have' 
occurred about every five years, 
it is conceivable that total sugar! 
yield could reach 1.14m tonnes. 
But the eventual aim of British 
Sugar to produce 1.25ra tonnes! 
seems likely to elude them this 
year at least. i 


Coffee down 
£134 in 
sales rush 


By Our Commodities Staff 

LONDON COFFEE futures 
priees fell by more than £100 
a tonne yesterday, as specula¬ 
tors scrambled to sell contracts 
purchased after the recent 
Brazilian frost scare. 

The September position, 
which climbed to £2,090 a 
tonne earlier this month, fell 
to £1.526 a tonne at one stage, 
before closing £134 down on 
the day at £1.533.5 a tonne. 

London prices had been 
expected to open substantially 
lower, in line with the weak¬ 
ness of the New York market 
on Friday night 

In the event, futures values 
began trading £50 to £70 below 
Friday’s close and a “snowball” 
effect pushed prices lower. 

Warmer weather in Brazil’s 
coffee growing areas has en¬ 
couraged prices to slip over 
the past week, hat some Lon¬ 
don traders questioned the 
jnstifieation for yesterday’s 
sharp falls as the Brazilian 
frost season will not be over 
for another six weeks at least 


BY RICHARD MOONEY 

AFTER BEING depressed f° r 
most of the day because of an 
increased Ivory Coast crop esti¬ 
mate. Loudon cocoa futures 
prices moved up strongly near 
the close yesterday. 

News that Ivory Coast Ministry 
of Agriculture officials had fore¬ 
cast that this year’s crop could 
reach 300.000 tonnes, compared 
with initial estimates of between 
230,000 and 260.000 and a recent 
London trade estimate of 200,000. 
pushed the September futures 
quotation down to £1.650 a tonne 
at one stage. 

But fears of a shortage, of 
supplies to be delivered against 
the New York July contract 
brought a strong upsurge in the 
last hour of trading and Sep¬ 
tember cocoa ended the day 
£68.75 above Friday’s close at 
£1.730.5 a tonne. 

•The Ivory Coast estimate 
appeared to take London traders 
by surprise as the authorities 
there have been consistently 
underestimating production 
throughout this season. 

This latest projection, however, 
exceeds the Lend on market’s 
own assessment of the crop. 

The Ivory Coast sources said 
there was no indication that 


recent rainfall would affect the 
crop adversely. On the contrary, 
good levels of rainfall through¬ 
out the country are likely to 
benefit the 12.500 hectares of 
new plantings, they added. 

The Ministry of Agriculture 
is understood, meanwhile, to be 
considering a new pricing struc¬ 
ture aimed at improving the 
quality of its cocoa. 

Up to now only one price has 
applied to all purchases, irres¬ 
pective of quality. But this 
system is thought tn have been 
partly responsible for the lack 
of care in harvesting and 
handling cocoa which has led to 
many complaints from buyers in 
recent years. 

To combat this the Ministry 
may introduce a two-tier pricing 
system giving a premium for 
biph qualify beans. 

Planters are to be instructed 
in more efficient ways of drying 
and fermenting the beans. 

Other measures being studied 
include the possibility of buying 
fresh beans to be dried and 
fermented in state-owned fac¬ 
tories. which would be built 
throughout the producing areas., 
This system is already applied to 
Ivory Coast coffee purchasing. 


British tin smelter 
stops buying ©re 


BY OUR COMMODITIES STAFF 

CAPPER PASS, Britain's only ' 
tin smelter, has stopped buying < 
tin concentrates for its Yorkshire J 
plant. ■ 

The company, which last week - 
said it would not be able to 
meet supply contracts for refined ■ 
tin because of industrial l 
troubles, used the same force < 
majeure plea yesterday when 1 
announcing the immediate stop- i 
page of concentrate purchases. 

When deliveries were stopped 
on June 12, the company, which 
produces around 1,000 tonnes of 
primary and secondary tin a 
month, said that because of the 
nature of its processes it would 
be unable to start regular de¬ 
liveries again for at least four 
weeks. 

Dealers on the London Metal 
Exchange said the market 
appeared slow to absorb the i 
significance of the move, 
announced by the Rio Tinto 
Zinc subsidiary fairly late in 
the afternoon. 

Stocks in London Metal 
Exchange warehouses were 115 
tonnes down on the week—more 
than expected—at 2.105 tonnes. 1 


Three months standard tin 
closed £45 a tonne up at 
£6.717.50. Spot metal gained 
£74 50 on the day, closing at 
£6,837.50 a tonne. 

Copper stocks, too. had fallen 
more than expected, by 4,725 
tonnes to 51R875. But traders 
commented that stock levels 
have had little impact on the 
market for several weeks. 

Any activity in the market was 
prompted mainly by fresh 
nervousness over renewed 
problems on the Zaire border. A 
steady opening in the New York 
market also helped steady prices. 

Cash wirebars gained £6.50 to 
£71S.75 a tonne. Three months 
metal closed at £739.75—up £6.50. 
Cash and three months cathodes 
were both up £6.75 a tonne at 
£714.25 and £735. 

• Chief Consolidated Mining 
Company said the Burgin Mine 
on land under lease to Kennecott 
Copper will be returned to Chief 
on July 15 because Kennecott 
will no longer mine there. 

Kennecott has been operating 
two mines on the land in the 
Tintic mining district of Utah. 


COMMODITY MARKET REPORTS AND PRICES 

H ACT? METAT C was some Influential buying and Cora ex i«.GP>.- .trbe cloae on the Kerb was U 

_ iJAJkEr flUi J. -was steady Id the afternoon. The price Tnro-wei 1.H0 tonnes._.. 


.COPPER—Gained ground on the London 
Yetal Exchange, helped by muons off 
■forces gathering on the Zairean herder; 
and in. a technical reaction to recent falls. 
Forward metal moved, np to CM and 
ibes slipped to £799 before raflylns. There 


£ £ £ 

716^7 +6^6 718.5 9 
i month*.. 737.5-8 |+ B 739.5^0 
hetil’m - nt! 717 ' :+5‘ . — 

Cathodes. I 

Cub.:711.5-2.5+4116 713.5-15 

AoKinthu^; 733-.5 f+5 734.5-5-5 
betirm'ntt 712.5 1+4-6 — 

L'jL Smt_i — l ...S3 *86.5-58 


was some Influential baying and Coraex 
was steady In the afternoon. The price 
tonched £740 and closed on the Kerb at 
£739.76. Turnover- 22.200 ionites. 

. Amalgamated MAIQI Trading reported 
that In the moraine cash wirebars traded 
at £717. 16.5. tbr»e months £738. 7. g. 7.5. 
7, 73. g. Cathodes, cash £712. three 
months £7315. 3; Kerb: Wirebars. three 
months £738,3/8, 7.5. 8. 7.5. f. Afternoon: 
Wirebars. cash £719. three months £740. 
40:5. 41. 38. 38.5. 40. 39.5. Kerb: Wirebars. 
three months £739.5. 40, 39.5. 

TIN—Steady at first as forward metal 
moved up from £6.700 to £8.745 on fresh 
buying,- despite the nnchanged price in 
the East over the weekend. Tire back- 
-vrardaUon widened and stocks were down 
more than expected- The Capper Pass 
forca / malcure on purchases was initially 
Interpreted . bearlshly, and that factor, 
coupled with slight US selling, pushed the 
price down thrao&h a stop at £6.740 to 

September Coffee 1526-1541 


l.C. index Limited 01-351.3466. September Coffee Ia2b-15 

29 Lament Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


I6.GF0.- ,tTbe cloae on the Kerb was £8.690. 

Turn-war 1 .H 0 tonnes.__ 

'Si a. 01 . |+ -.-r puni. f+*w 

TIM jJ oniri*- | — Unofflci*' — 

7Tf.ro dXriS~e r t~ f He 

.feB80 9O +115 6835-50 -+67.6 

i raonth«lp760-70 + 8b;6730^0 1+45 
Setrlem’t. 4 6890 +115 — j — 

Standard 5 I ! 

.Jf5875-60 +11216835-50 U-77,» 

4 month*. 8735-40 + 75 \ 6715-20 |+43 

Setticm't. -'£880 +!IDj — I . 

Straits E.. JR1750 — 1 — 

Ji'bw Y t«ifc— . ..I_ _]. 

Morning: -.Standard, cash ifi.S73. three 
mnntha £8.735. 15. 35. SO. 35. 4D._ SO. 45. 
Kerb: Standard, cash £9380. 85. three 
months £6,733, 30. 25- Afternoon: 

Standard, three months £6-730. 25, ZU. 25. 
IS, 10,-15. Kerb: Standard, three months 
£6.720. 10. «,683, SO. 90. 

LEAD—Moved narrowly but held steady. 
Influenced by the performance of copper. 

I Forward metal started at £319 and 
reached a Ugh of £321.5 for the day 
I hefbte dosing on the Kerb at £321-25 after 
a. Quiet day's trading. Turnover 2.725 

tames.____ ___ . 

• -r- J Ajn. "{+'< P- m - ,+ ** 
- LHAD Official — Co"fflcu»l! — 


£901. and £7.64: Aug.-Sept- 13.01 and STBl. 

B" Twills: £27.10. £27.83 and £27.99 
for the respective shipment periods. Yam 
and doth very quiet. 


RUBBER 


COFFEE 


Robustas eased once more as dealer 
sbortselUng provoked large scale long 
liquidation from lobbere and Commission 
Houses. Drexel Burnham Lambert 
renons. New York "C" Contract was 
locked at limit-down for the whole after¬ 
noon session and this was enough to 
ensure that London closed at the day's 
Jows-^fl4® lower on balance. Dealers 
said that physical offerings ar lower 
levels conpled with warm weather in 
Brazil were factors Influencing market 
behaviour. 


UNCHANGED opening on the London 
physical market Quiet throughout the 
day. closing oo. a slightly easier note. 
Lewis and Peat reported a Malaysian 
godown price of 226 (234i cents a kilo 
fbuyer, June)._•_ 

Xml Previous Ywt’nlav's Bu»ioe« 

K.S.S cloae Cloae done 


l‘Mnh>''k| 

COFFRB Cl °^ I + ^ 

BusinesH 

Dane 

C r*r 1 »noe 1 



Julr„... 
Ai«. — 
Jly-ViiU 
Dot- L'tv 
Jan-.Mr. 
A^r-Jne, 
Jiy-depb 
Out* IVaj 
Jtti-M/w 


58.19-58.2S 
WJ0-58Jtr 
53.55-68.75! 

50.65- 60.75! 
62.26-6 
55.60-85.6& 
£5.00-65.06. 
6b.40-68Aa 

57.65- S7.Zfl 


68.48-60.60; 
66.90-59.20 
58.95-59.20; 
61.15-61.20 
62^0-62.55 
85.75- 64.00; 
65.05-65.20: 
66.55-66.60; 
6SJ1L5S.06 1 


81.50-60.60 
02.75-32 J5 
84.00-6S.60 
66:20-65.00 
66.40 

S7.86-67.70 


i LONDON COMMODITY CHARTS 

^ Dally High/low/Close Charts with (Surcharge *«■ non-U.K. postage) 

[ S-, 10- and 20-day Moving Averages NAME —-.. 

J updated to Friday's dose. ADDRESS ..-. 

I Please send me details □ ... 


-| I enclose cheque for £85 Q 


28 Pantos St, Cambridge. Tel: 56751 


II V0I ARK \\ 
ACTIVE COMMODITY 
TRADER 

Y0E SHOULD BEAD OCR 
MARKET LETTER 

A." ■ 

„ . .. 

. r 

We believe that our letter is one of the best 
in the business. In order to acquaint you with 
our research services we. will send you a free 
copy of this month’s bulletin. 

: : We are sure that you will agree that our ideas 
: and recommendations are worthwhile. 

. Grosvenor Commodity Investments Ltd. 

. ^ 4 Grosvenor Place, London, SWX - 

SIH Hr • Tel: 01-235 079L 


1 ' X . £ x I £ 

. Calh...:.... 309.5-10+4 i31l.5 2.5+6 
* 5months.. 319.5-20+4.5 521-22 +5.75 

I .fett'im’ptj 5XO j+4 — i- 

J ty. rfpu-j__(_..| 3 £-33 J .. 

■ . Morning: Three months £319. 20. 20.S. 
| 20. Afternoon: Three- months £320. 20.5, 
. 21,223. Kerb: Three months £321. 

I -ZINC—Steady as forward metal starred 

■ at Q26 and traded up to £323 before 

■ easing slightly. Like lead, the market 
I vis influenced by the firmer trend in 

j copper. The dose on the Kerb was £326. 

Turnover 1R 75 tonnes.__ 

—J • . a.ra. rh 0| 1 p-m. ,f+or 

ZIKU Offii-ial — Gnoflk-ialj — 

£ x r~~ 

Caafa._:._. 316-.5 +5.75 316.5-7 +4 
ituoniiu_ 526.5-7 1 + 4 327-J5 +4.5 

S’meBt.... 316.5 1+3.6 — 

Prm.We«( _ — I . 29-3X —... 

Morning: Cash £316. three months £326. 
6l5, 7, 8.5, Kerb: Three month® £327. 
Afternoon: Three months £327. 27.5. CS, 
275. 27. Kerb: Three mouths £327. 26. 

■ .‘Cents per pound, ton prevtoos 
■tflfcui dose. :tad per pleat 


July. £638-40 

'e^remr-er.-r 1532 35 
November... 1440-45 

Januaij. 1370-75 

Mare-h. 13J3-15 

May. 1270-85 

July_ 1220-65 


.-134.0; 1625-1626 
:-146.0l 1540-1440 
-149.011460-1570 
146.011390-1320 
161.5! 1350-1500 
-167.5! 1330-1320 


Name .. 


.Address . . 


Sales: 4.380 t2.8lCi lots Of 5 tonnes. 

ARABtCAS eased, bui volume was once 
more too Inw to interest n-aders. DEL 
reports. Close (In order buyer, seller, 
business*: June 190.00-91.00. 190.00-88.00: 
Aits- irr.00-rs.00. rest ffrt traded; Oct. 
162.00-70 00. Dec. 132.00-80.00, Feb. 148 00- 
57.00. April 144.0W6.00. June 142.00-52.0fl. 
Sales 3 'll lots of 17.230 kilos. 

ICO Indicator pnee* for Jane 16 iti.S. 
cent9 - per pound ■: Colombian Mild 
Arab leas 19X00 i samel: unwashed 
Arab teas 179.00 isomer, outer mild 
Arabicas 166.00 1170.50 ■; Robustas 153.00 
(same). Daily average: 150.50 ti6L7S>. 


GRAINS 


LONDON FUTURES (GAFTA'i —The 
market opened lOp higher on wheat but 
eased dunne the day on spoculatlvc sell¬ 
ing to dose 3W0p lower. Barley owned 
unchanged, but aggressive professional 
selling eased the marbei to dose 2580p 
lower, Adi reports. 


SILVER 


Ball ion 
fixing 
pricing 

■J* or L.M.B. 
— cloe« 

290. tp 

B98p 

30S.8p 

321.8p 

-1.25l 29L7p 
-I.lfi 299.35p 
— 1.55, — 

-1.7| — 


- Silver was fixed l.lSp an ounce Iowot 
for' spot delivery in the London bullion 
market yesterday at J290.L O.S, cent 
.equivalents of the flaring levels were: spot 
531.8c. down L2c; three-month Ml.sc. down 
Oct six-month 5S2.Dc. down 1.3c; and 12- 
mooth 573.Sc. dawn 1.3c. The m«al 
opened at 290+28lip <533-534fc:) and dosed 


S1LVKB 

per 

troy rat. 


'U4 E—Turnover t«S (L7ii lots at l0.m 
oa. Morning: Cash 290.5: three months 
296.3. S3. B.6. Afternoon: Tnree months 
298-fi. 9.7. 9.8. 9.9. 9.8. 9-5. 9.4. Kerb: 
Three months 299.5. 

COCOA 

’ As producers withdrew. Commission 
House, buying pushed prices sharply 

higher, reports GUI and TJuffus- _ 

~ 1 Yesterday's! + or j Burineaa 

COCOA Clow | — | 

.-1792.11-98.9 |+68.So!iaM.O-17M 

•ttat.. _-1730.0-31.0 (+68.7511740.0-1660 

LuJT....:ifl86.O-«6.0 | + 54-0; IfiOT-fl-W.B 

Hareh_,1665.0-55.6 i+41.76 1 1666.0-16M 

_'T633.D-43.fl ■ +57.60';1620.0-1530 

Jn>V-_.160D.D-36.B ;+27.50 1585.0-1680 

<fcpr„.1600.0-25.0 + 56.0: — 

- Sales: 1916 12.3721 lotfl or 10 tonnes. 

InematiMal Cocoa Organisation (U.S. 
reals per poundl—Dally price June 10: 
130.30 (129-87). Indicator prices June 19: 
15-day gverace 132.10 1 13155), =-day 
average 153.92 tISL43i. 


Ye*ter>tay' 

:+ot 

Yesterdij 

’*( -J- nr 

oli+e 

1 - - 1 

c(c+c 

— 

83.40 

+ 1.40; 

76.60 

+ 0.50 

07.05 

+O.30| 

B1.20 

+ 0.25 

89.70 

+ 0.«| 

83.90 

+ 0.30 

92.3S 

+ 0.4b| 

B6.S0 

+ 0.25 

95.00 

+ O.M| 

. 8^95 

1+0.70 


Sales: 193 (260)' lots of IS tonnes and 
5 <13i lots Of 5 tonnes. 

Physical closing pnees fburers> were: 
Spot 5T.7T.P (664)): Jnly 57.25p (same); 
August 57.75p (same). 

SOYABEAN MEAL 

The mirfcet opened 20p up Tallowing 
Chicago ciari:eu Values remained within 
a narrow range in very thin trading, 
closing on a steady tone, repons SNW 

Commodities. ______ 

Vwnetfiay, + or Biiriuees 
; CUwe j — Dr.ne 

£pert»nne| 

June-IU4.00.24J1+1.00 - 

A ucu* t.! ns. 70-20.11 + 0.101120.00- f 9.80 

UeU*«r_. 1 121.20-21.6—0.201 121.60 - 

Dcvml«r....(l20.00-2D.S—0-25i 121.00 

Pebruen- .121.00-22.0 -O.Bsl — 

Apni.123.00-24.6 + 0JO: — 

June. 124.00-26.6 -0.25 1 ._—_ 

Sales: 15 '1271 lots of 100 tonnes. 

SUGAR 

LONDON DAILY PRICE fr*w sW*r» 

£35.00 (£97.00' ■ tonne df for Jnne-July- 
Aug. shipment. White sugar dally price 
was fixed al £ 110.00 fsame’. 

Scattered sell-at-marltel orders at tho 
opening win Prices some 100 points below 
kerb levels fallowing, higher crop forecasts 
from Cuba. Prices' conrindert to drift 
later and final prices were around the 
lew points of the day. reports 


JUTE 


TeL No. 


DUNDEE JUTE—Q»tat- Prices c Mjd f 
UK- tor Sept.-Nov. shipment: BW8 264; 
BWC £2S2: BWD £2*9. Tessa: STB 2W: 
BTC 253; BTD £346- Calcutta goods hit. 
Quaunons c add f UK for June sup- 
menu 73-os f&W P or 100 yards: July 


Business done—Wheat: ScpL 84.70-64.30. 
Nov. 67^3-87.10. Jan. March 

92.S082.53. May 95.0585.00. Barley: Sept. 
75.9+73.60, Nov. 71.4541^0, JUL 84-00- 
88.90, March 86 6086.35, May OIL Total 
sales: Wheal 145. barley 95. 

MARK LANE—The marfcet was very 
quiet as usual far ibis time of year with 
mainly tidying up the order or the day. 
Nominal values Milling delivered London 
area: June £104.50. July £105.50. Sept. 
£32.00. Qct--Nov..Dee. £96.S0. Wheat 
delivered E. Ahglla: June 138 50. July 
noo.oo. Sept. £84.50. Oct.-Ncv.-Dcc. £883 5. 
Barley delivered E. Anglia; June £62.75, 
July £33.73. Sept. I79.BD, OcL-Nov.-Dec. 
£82.75. 

HCCA—Location os-farm spot prices: 
Other milling wheat: E. Suffolk £96.90. 
Feed wheat; E. Suflolk £05.00. Feed 
baric?: £. Suffolk £33.40, NJE. ScutJaDd 
£8Ll)0. __ 

The UK monetary coefficient for the 
week beginning June 26 is expected to 
remain unchanged. 

IMPORTED—Wheat: CWRS No. 1. 13* 
per cent. June £95.50 Tilbury; U.S. Dark 
Northern Spring No. 2, 14 per cent, June 
£84.50. July £84.75. Aug. £SS transhipment 
East Coast sellers. 

Maize: U-S./Preach June £103.70, July 
fuu Aos. IlOO transhipment East Coast: 
South African White Jnne-Ang. £73.50 
Glasgow: Sonin African Yellow June-Aug. 
£73 Glasgow, 

EEC DAILY IMPORT LEVIES and 
premiums effective far June 20 In order 
current le*y plus July, auuusi and Sepu 
premiums, with previous In brackets, a B 
hi units of aceounl dot >onno:' Common 
wheat—H7.85. rest nil 'S9JH. rest nil •: 
Durum whetu—133.79. rest nil 1 133.79, rest 
ml i: Rye—M 9s. rea nil 187.64, rest niH: 
Barley—ftl .66. rest nil 181 . 66 . rest ml»; 
Oats—79.63. rest nil (76.63. rest rail: Maize 
(other man hybrid for seeding 1—77.83, 
rest nil 177.99. rest nil). Buckwheat—AU 
nil (all nlD: Millet—8L94. rest nil «82-94, 
rest nil); Grain soraham— 63.93, rest nil 
(£3-93, rest nlll. Flour levies: Wheat or 
mixed wheat and rye—135.21 (139.00): Rye 
—133.98 134X1). 


Su«ar] 

l't+rerrlay's 

PrerJoa* 

Business 

Comm. | 

Close 

Clow 

Dune 

Conn. 1 

1 


V 


£ per tunne 


Ao«. 69.05 99.1511ML20-00.30I100.BO-99.M 
Oct..... IDO-44-00.4Bj 101.6981.B! 102.1080.26 
Dec-.-i1D2.S0-03.0ffil04.6084.7a (06.ZS-fl2.Sd 
3]mb . 110.50-1D.6Q 11180-11.66}! 12.26-10.60 

May_!l 13.56-16.60 114.S5-14.BD 116.00-13.50 

Aui..-. 116.90 17 j*117J5-I7.&0 117JB-17.O0 

Chit.|l£0.75'il.26ll2L56-22.00jl21.«»-21.M 

Sales: 1.626 12.613) lots of 50 tonnes. 
'Taie ana Lyle ex-refinery pure far 
grajitfiaied basis white susar whs £242.40 
i same * a lonne for home trade and 
£138.00 f£l57.00) f&r export. 

International Sugar Agreement—Prices 
for June 16 U.S. cents per lb f-o.b. and 
stowed Caribbean port:-Dally 786 t7J8i: 
15-day average 78! i7.44). 

EEC IMPORT LEVIES for denatured 
and non-denaiured sugar, effective today, 
la anils or account per 100 bins (previous 
in brackets'.' WJihe 2881 (tmchangedi; 
Raw 22.12 (22-24). 

WOOL FUTURES 

LONDON—The market was dun and 
featureless. 

(pence per kilo) 

Australian - YestenS’ys-}- ©r| Buriner* 
Greaay Wool More — Door 

J„lv.2S2-W4.Q _ 

t>.|..c«.-r.240.0-42.3 _ 

Uroenvier.. ;240-0-43.0 _ 

.Via ret).- - 

.He*-... 216-0-40.0 - — 

j„,V.S4: .D-4A.0 . _ 

Ue>-ei.i>wi -24,.0-548 I . - 

Sales: Nil (same) lots of 1.500 
SYDNEY GREASY I in order buyer, 
seller, business, salts;—Micron Contract: 
July 34 J. 2 -£».a. 350JU48.7, 13; Oct. 351.2- 
352.0. 32.0-331-5; 4; Dec. 356.5457.0. 
357.0-357 0. 7: March StfJJSO.?. 3M.7- 
960.7, 4; Mjy 3*3.1-385.3. ml. nil; July 
36SJ-SM-5. till. nfl^Oct. 371.0-37LS. 370.7- 
370.0. S: Dvc. 372JM78.3. 873.0-37iS. 4 
Total sales: 36- 


MEAT/VEGETABLES 

MEAT COMMISSION—Average fa 1ST Of* 
prices at representative markets on week 
ending June 17: CB cattle T2.54p per 
kn.I.w. i +2.70): UK sheep 157.7p per 
kg.est.d.c.w. i+9J»: GB piss flO.Op per 
kg.l.w. t+3.7). 

England and Wales: Cattle numbers 
down 2.4 per cent, average price 7L69p 
i +2 93); sheep up 15A per cent, average 
157. Dp i+10.1 1 : piss down 0.4 per cent, 
average 59.9p /+S.6). 

Scotland: Cattle numbers up 3.7 per 
cent, average price 73.13P (+Z.lQi; sheep 
up D.4 per cent, average 154.7P 1 + 4.fi>; 
pigs up 12.5 p*?r cent, average 64-Op 
i-ti.6>. 

SMtTHFIELD fpence per pound): 
Beef: Scotch killed sides 56.0 to 59.0. 
Ulster hindquarters 73.0 to 70.0, fore¬ 
quarters 34.0 to 37.0: Eire hindquarters 
73.0 to 76.0. forequarters 34.0 to 37.0. 
Veal: Englt?D fats 66.0 to 74.0, Dutch 
binds and ends 84.0 to 90.0. Lamb: 
English small 64.0 to 72.0. medium 66.0 
to 72.0: !mt»rted frozen: NZ PL 52.5 to 
53.0. PM 51.5 to 52.0. Pork: English, 
under 100 lb 37.0 10 44 0 100-120 lb 30.0 
to 42.0. 120-160 D) 35 ft to 40.0. 

MEAT COMMISSION—Average fatstock 
prices at representative markets on 
June 19: GB—Cauie 7i73l> per RgJ.W. 
f+1.07). UK—Sheep 154.9p per 

kg.est d.c.w. 1 +I.O 1 . GB—Pigs 60.9p per 
-kg.l.w. 1+1.9). 

England and Wales: Caule up 15.3 per 
cent, average 72.79p t+0.94i: Sheep np 
43.8 per cent. Average 1543 d t+2.0)1 
Pigs up 24.0 per cent, average 60.8p 
t + l.flt. 

Scotland: Cattle Up 13.7 per cent, 
average 72.S£*p i+LS£i; Sheep Up 20.4 per 
cent, average 155.0P > +2.3>: Pig* up 
4.2 per cent, average 67.5p (+1— 1 . 

COVENT GARDEN <PnceS lit sterling 
per package except where otherwise 
stated): Imparted produce: Oranges— 
Onrus: Valencia Lates 15 tuloa 4.90-5.20; 
Californian: S.W5JI; S. African: Navels 
4.00-4.60. Lemous—liallan: 106/120S new 
crop 4 00-L20; Spanla: Trays 1-20-L50. 
large boxes a.DO-4.00. Grape! re It—Cyprus: 
20 taros 2.20-4.00: S. Aincam: 27.T2 3.40- 
4.50: Jaffa: 20 kilos 4.00-4.30. Apples— 
French: Golden Delicious 201b Ms 3.50- 
3.s0. 72s 3.60-SAi. jumble boxes, per 
pound 0.15-0.17; W. Australian: Granny 
smith 9J2O-9.30: Tasmanian: Granny Suuih 
9.01+9.30; S. African: Granny Smith 9.B0- 
9.70. Whitt Winter Pearmain r.50-6.00. 
Starldnc DeRdous S.208.40. Golden Deli¬ 
cious D.OOR^O; Chilean: Cranny .Smith 
S.0P8.50. Starring d.lfW.30; New Zealand: 
Stunner Pippins IBS 9.20, 175 9.20, Granny 
Smith 9.60; Italian: Rome Beauty per 
pound 0.17. GoMcn Delicious 0.15-0J7, 
Jonathans 401b 6.00: Danish: Per pound, 
Spartans 0.138.15. Pears—S. African: 
Cartons. Packham'a Triumph 9.00. Winter 
Nells *.00. Peaches—Spanish: Standard 
trays 2-20-3.30; Italian: Standard 3.00-4.00. 
Grapes—Israeli: Feriette 6.00. Plnms— 
Spanish: 5 Id]os Japs LZO-L50. Meibley 
2.30. Santa Bosa 3.00400. Apricots— 
Spanish: 5 kilos 2.308.20. Bananas— 
Jamaican: Per pound 0.15. Avocados— 
Kenya: Puerte 14S243 4.5O-LS0: S. Afncan: 
Fnerte 440-LS0. Strawberries—Califor¬ 
nian: 0.90; I tall ah: }Jb 0.35. lib 0.658.70. 
dien-les—Prench: Per pound 0.45: Cyprus: 
0.65: Italian: (LS5. Ooinn»—Chilean: 
Cases 2.60-3.00: Canary: 2 j»: Dutch 1.50: 
Israeli: 3.00: Texas: 4.9P: Egyptian: 2.50: 
Spanish: 2.60. Potatoes—Cyprus: 5.60; 
Brittany: 3.6O-4J0: Jersey: 0.0948.10. 
Tomatoes—Dutch: 2.60-2.80: Guernsey: 
3.008^0; Jersey: 250-3.00. Carrots— 
French: Names 261b boxes 3.90: flaJUn: 
3.40. Asporapop—Californian: Per pound 
1JO-L.40. Beetroot—Cyprus: 281b 4.40. 

English produce; Potatoes—Per 56fb, 
Whlie/Red 2.S0-3.S0. Lettuce— Per 12 8.50. 
Cos 1.90, Webbs 0.S0. Carrots—Per pound 
1.30-lffO.’ Onions—Per 561b 1.50-2.00. 

Rtmharb—Per pound. outdoor 0.05. 
Cacumbars—Per tray 12/24s 1-20-1.40. 
Mushrooms—Per pound 0.308.40. Apples— 
Per pound Bramley’s 0J08J0. Tomatoes 
—Per 121b English 2.60-2.88. Grecos—Per 
crate. Kent LOO. Cabbage 1.00. Celery— 
Per 12/18 1.80-2.58. Asparagus—Per 

bundle approx. 2jb 1.60-1 B0. Strawberries 
—Per lib 0.168.20. Caullllowere—Per 12 
Lincoln 3.30, Kent 5.00-5.40. Bread Beans 
—Per pound 0 95. Peas—Per pound OffO. 


PRICE CHANGES 


Prices per tome unless otherwise 
stated. 


June 19 + or { Month 
197S - I ago 


U.S. Markets 


Metals [ 

Aluminium.-.l£680 I 

Free market iete)lSI.O2fl(50 
Copper ,.*ih WBara|£7ia.75| 
S nnmtli* do. do. *759.75' 

Cash CithoJe.^714.25; 

5 months do. do. |±:735 

Gold-.-Troy or.,5186.125| 

Lead Cash-£312 

5 numths.. £321.5 I 

Nickel.*2.566 I 

Free Mantel fail) ltaj 31.67 I 
-1.97 , 


I.£680 

.'.SI WO-10 

1+6.5 £732 
+ 6.5 £752.25 
+ 6 .75 L'725.5 
+ 6.(51:745.5 
+ 0.25 S17.9575 
1 + 6 .O £500.75 
+ S.75£310£6 

I.Isl.95 

;_ 2 . 0 s 


Platinum tmy m.. £133.0 I.'£120.6 

Free Market-M136.B6.+0.3 (£134.15 

Qukfcsilvor aetb.) S120-26'.lS125-£0 

Silver rmy ox..290.Ip I— 1.25'288.1p 

i months.298p J— l.!5jS95f> 

Tin Cash-£6.637.5 + 72.5^:6.470 

3 months.— £6,717.5!+45.0'£6.405 

W.iUnrn 22.041bcfflS130;35! + 1.0 |5133-o8 

Zinr cash.—.£316.75 + 4.0 £318.5 

3 months-1£327.25!+4.5 l£3E9.25 

Producers-13550-600 |.;S550-6DD 


Urunnt (Phil).5660m +5.0 IS625 

Gmnndnut..£724 — 1 1.0 £744 

Linseed Crude tv). £377 —3.0 ;£365 

Palm Malayan-S585fc +6.0 5608 


.‘S417.5 

S300.5 


Seeds 

Copra Phillip84SQ; 
buyshean (U.S.)—J$280L- 


Grains 

Bar ley F.BC .. f . ; 

Home Futures.-.t£ 8 1.20 —0.25£79.56 

fllaize... i 

French No. 3 Am £105_7b —0.25,£106.5 
Wheat 1 

So. i ked Spring £95.5 + 1.5 : £9S.5 

No. £ Hard Winter 3 1 .| i 

English All (ling- £104.3 —0.6 £102 
Cocoa Shipment,,— £1,848 ]+75.041.841-5 

Future 6ei<-£1.730.5 +6B.75'£ 1.766-2 

Coffee Future........ I 

field.-.(£1.555.5 -124.fll£ 1.549 

CoHon *A‘ Index..,. 72.&e 71.45c* 

UuMwr kilo.|57p . .'5S|. 

Sugar ((tea I.-.[£08 +1.0 [ClOO 

Wool cope 64s kilo...] 2B3p .l260p 


* Nomio&L t Unquoted. fc .august, 
m Jnoe-August. w July. z Junc-July. 
9- Per ton. 


FINANCIAL TIMES 

June 19 June lb jBcotE ago) Year sp:- 

347.57 | 247.34j 246.10 j 253.28 
( Base: July 1 , 1B52=100) 

REUTER’S 

June Ls |June 16 llonllTagg "Year at" 

1602. l! 1498.5 1482.0 1605 1 

LBase: September 18, i«Sl=100i 

DOW JONES 

Dow I June 1 June I Jloothi Yc«r 


tune I June Jloothi Yea 
13 • 16 ago agv 


COTTON 


LIVERPOOL COTTON—Spot and ship* 
rU'-nl sali-s amoumed to 11 ioudob. reports 
F. W Tauereall. Users were reluct.ini 
M anticipate their requirements: only 
occasional business was reported in 
Middle Eastern and African styles. 


LONDON PALM Oil—June 300-00*320. 00 , 
July 3M.00-330.00. Angus' 300.00-330 00, 
St-pt 2SB.0D-338.fl. Ocl 280.O0-S3O OO, Nov. 
280.08-315.00. Dec. 280.OOfilO.OO. Jan 
unquoted, Feb. unquoted. Saks; NIL 


fip* .... 363.18 361.34 358.85 393.29 
Future4353.61l36D.61 352.321367 .S B 
(Average lflS4-Z5-2s=ioo) 

MOODY’S 


June Jiine siontb Y-wr 
Ui<ndye 12 16 ago sg" 

Sple Commtyj930.7iB29^|Bfel.6iSra.1 
(December Si. i83l=itoi 


GRIMSBY FISH—Supply gt,cd. demand 
good. Prices al ship's side tunproo-wd' 
per stone: Shelf cod I4.U0.I4JO, codlings 
£2.80-£3.30. large haddock r4.uo-£4.6U. 
medium £3.00-£4.Ofl. small E.O0-f2.fO: lave 
plaice E4.SA-14.80. medium E4.30-ES.00. best 
small E3.80-r4.30. medium: stunned dog¬ 
fish IS. DO: large lemon solos £7 00. 
medium £6.00: rockfla £2.70-E2.60: reds 
£2.00-£2£0; sal the i2-20-£3.00. 


Metals rally 
oa buying, 
sugar down 

NEW YORK. June 19. 

COPPER RALLIED on light Commission 
House buying and u-adv arbitrage buying. 
Precious metals rallied once again on 
aggressive spcculavive buying fallowing 
renewed weakness In the dollar. Sugar 
established new life on contract tows on 
fresh Commission Bouse Belling following 
reports of another large Cuban crop, 

Baehc reports. 

Cocoa—July 141.00 <135.«0>. 5cpl. 135.55 
1 130.0D 1 . Dot. 131.73. March 139.00, May 
1J0.90. July 115.CO. SePL 122-3S. Sales: 
2.0SU. 

Coffee—■’ C ” Contract—July JSSJJD 
1 tfij.loj. Sept. 152.94 asked ' 156-94 1 . Pec. 
144.00 asked. March VJ3.73 asked. May 

130.50 asked. July 1C3.45 asked. Sept. 

l'J2.53 asked. Sales: 140. 

Copper—June SO-SO >8ft.00». July ED. 70 
1 tJJ ttO». August Cl Sept. 6190, Dec. 
64.80. Jan. 64.'J0. March K5.20, May 66.20, 
July 67£0, Sept. Dec. 63.70. Jan. 

70.20. March 71J10. Sales: 2.100. 

Cotton—No. 2: Julv 60.7080.72 »6I.X3t. 
Ocl i 3.0083.05 f«i.47i. Pec. 04.20-64.31, 
March 9j.3S-65.4S. May 66.20. July 66 . 75 - 
67.00. Oct. 66.2a bid, Dec. 85.25 bid. Sales: 
4.230 hales. 

’Gold—June 186.H0 tlSS 70/. ■July 197.00 
<1S6.50>. August 169.30. del. 191.30, Dec. 

104.30. Feb. 107.30. April 200.30. June 

203.30. August 206.40. OcL 209.50. Dec. 
212.60, Feb. 215.70, April 2IS.W. Sales: 
72"0. 

fLard—Chicago loose 22.50 nom. (samel 1 
NY pnrtic- ace am 74.00 nom. isamci. 

tMaize—July 257-257 ‘ '25SJ i, ScpL 

2573-256 <2M»|, Dec. 2SSJ-2S9. March 2631- 
266. May 2«i;. July Jit-Si. 

hPiatlnum—,July 253JO-25L20 1252JO 1 , 

Oct. 2572.’0-25S.20 (256 -Ol Jan. 250.00, 
April 262.14262.30. July 2« 70-2W.90. OcL 
rsi.OO-VST^O, Jan. 270.80-270.20. Sales: 
1.143. 

(■■Silver—Spot 633.00 >531.50). June 

537.30 (532.40 1 . JuD 539.00 (534.10). August 
542.70. Sept. 546.50. Dec. oas.RI. Jan. 
562.40, March 570.50. May 579.60. July 
598.50. Sept. 597.C0. Dec. " 11 -ii. Jan. 
615 90. March 625.50. Sak-s: 11.000. 

Soyabeans—JuLv 6S0i-*$2 1 677’ i. August 
6C7J-667 .66s:>. Sc-PL 04+. Nov. OlSfilri, 
Jan. 620. March 625. May 631. July <J3L 
Soyabean Oil—July 25.70-23.80 < 25.521, 
August 24.90-24.95 «24.77i. Sept. 242^-24£0. 
Ocl. 23.30-23.40. Dec. 22.65-22.55. Jan. 

22.30. .March 22.10. May 21.96, July 21.70. 
HSqyabcan Meal—July 172.50 ) 172.301, 

Augusi 173.SO M73.10I, Sept. 173210-173.50. 
Ocl. 170.00-170.10. Pec. 16750-167.30. Jan. 
lfi'50. March 170.00. May 171.00. July 
172.00-172.50. 

Sugar— So. 71: July 6.51-6.92 
Sept. 7.65-7.07 '7.19>. Oct. 7.16. Jan. 7.6S- 
7.7C. March 7 03-7.94. May S.14. July 6.32- 
8.10. Sept. 8.51-3.515. Oct 6.63-8.67. Sales: 
3 - ino 

Tin—561.00-572.00 asked 1 560.00-567.00 
asked). 

—Wheat—July 374-494} «32Ji). SepL 
r*;-52S! -2221 1 . Dec. 3344-334*. March 336. 
Mar 134: 334. July 333 asked. 

WINNIPEG. June 19. ttRvc—July 
110 00 bid 1106.10 bM). Oct. 100.6ft <10530 
bid'. Nov. 103.90 notn.. Dec. 104.70 asked. 

ttOais—July 78.50 (77.40OcL 73.50 

asked '73 20 asked), Dec. T3.M asked, 
'larch 72.50 askud. 

ttBnriqy—July 74 00 )7S.40i. Ocl. 74.00 
bid <74.70 btdi. Dec. 74.00 bid, March 

®Flaxseed—July 245 00 bid >249.50 bid), 
net. 24'l.SO 3 ski-d (251.00 *. Nov. 244 JO 
asked. Dec. 241.30. 

siwbeai—SC w'RS 13.5 per cent protein 
content c<f St. Lawrence 164.20 (162.06). 

All cents per pound ex-warehouse 
unless otherwise staled. '9s per troy 
ounces—100 cm nee lots, t Chicago loose 
Ss ixr 100 lbs—Dept, of As. prices pre¬ 
vents day. Prime steam fob. NY bulk 
lank cars. : C- nis per 55 lbs bushel ex- 
•van-house. 5.000 bushel lots. 1 *s per 
troy ounce for 5fl oa units of 99.0 per 
cent twiriiy d«-Mvwd NY. :) Cents per 
irnr ounce t-x-warehouo. II New ■■ R " 
contraci id Ss a shon ion for bulk 1ms 
of 100 shnn tons delivered fob cars. 
Chicago. Toledo. St. Louis and Alum, 
r. Ci-nis DiT 24 lbs bushel. U Cenis per 
r Cenis per 13 lb bushel, it Cents per 
44 jb bushel cx-warehotif*. St Cc-nta per 
ja lb bushel ex-wsrehonse. 1,000 bushel 
lots. I." *C per tonne. 


i 











Financial Times Tuesday June 20 1978 



Political uncer tain ties overshadow stock market 

Industrial leaders drift lower—Falls to f in Gilts 


FINANCIAL TIMES STOCK INDICES 


Jlinn [ Jnofi i Jnno «' Jnao ] Jam I Jitofl i A year 
19 < 16 ! ib i u I 13 12 ! ««" 


Account Dealing Dates cent of the business, was to 272p. while improvements of Friday's exeeltent resul 

Option trance led in Shell with 113 con- 2 were seen in A- Goldberg. 70p. posed 100 per cent scrip-iis , 

•First Declare- Last Account tracts done is.the July 6W series. Owen Own SOP. and J. HfPJrt on 


Dealings t ions "oeaHnes ^ Dav* 1 5S- Me *’ Ww* Wh.'wE 83p“ On U,e oiher tad.'Home ^before dosing 15 h^er on 
MavSO Jun R Jim q «o of 73 fo,lowe ^ by ia with 65. Charm lost 3 to 174p and John the day at mp. fora two-day nse 
, y ?“ Jun. X Jun. 9 Jh".- 0 Menzies declined a like amount 0 f o2. Apart from a I*""* 

ISM Barclays dull <« >»L“ a ’•'“Sri-PTSE -i“ p 


i , , , _ Menzies declined a like amount 0 f o2. Apart from a 

1 is F C ,?■ _ , , y Barclays dull to 160p. Of the leaders. Barton improvement to l» 2 p l I n . Bo ®* s ; 

Jun.-6 July 6 July t July 18 . . A, softened 2 to 114p but UDS other miscellaneous Industrial 

New time - dealings may taiie place criticism of the proposed share ^ d forward a penny to 87p. leaders drifted slight I v lower in 
Imm 9.30 am two business days earlier, purchase of the Investment ed ~ ed * orwa ™ \ penny ,T ISI, tratUneGtaxn declined 5 to 
Dull and letharnic conditions Trust 5*®r po ™ t ' on _ cum cash Petbow ,moved hho VV L570p. after^568p. Bowatcr shed 4 
prevailed in stock markets as the t0 P*'’* 10 ** 'jj'-f't ’? .?lectneals and ro* . v to 198p and Tomer and Newall 

second and last leu of the Accouni Fund unsettled Barclays Bank 220p follovrinR the prel Fver core up 3 at ITSp Elsewhere, 
oqi underw-v vesierdav Week- which came back to close 7 lower figures and capital proposal. Ever “P " *‘®P- .. d . 

end PrerSculaV.an^/hou, The *1 , **■._ Elsewhere ANZ Ready Hardened 3to 159p -Jd>d 

limins or the next General Elec- dechnedlO to 2^ r ° Uo *' ,n R EML howeve^cUwed that amount shed a similar amount to 63p. still 

aiSr u as«&* ot'hS srawtfi «*»*. »««• »***•««»**«**■•""• 

obscure economic outlook tended friendless market since the _ , .. 


to drag on market sentiment. chairmans recent bjd deni<*L 
British Funds remained in the %“**“*»■ 

Throes of digesting the two large V.^-ned «°tn «L 

al^Jnek* r ih. a ten«i Merchant “ BantZ PravM.nt 

end of rhe market SJST li3d" ££* “» *„£ '“{U? 

2" SSSTJSS^SUSSS: ao'/tened^a 1 pemiy to J? "" 




«.tndi^ nt 'tn ri ? eS 'mH 0 t?ei l0 «fll Favourable weekend Press 

teSn n « 5 il° -A - comment drew buyers’ attention 

tenant-, easier in the late dealing. . „ (i . ...us-i.__ 


F.L-Actuaries Index 


in 0.0 portv maiuritie* ™ LpK,ie aDd Go *win. which rose 

* 3*i5 ^ ln6 C3TIJ nWUJnilCs „ . IfVlD nnmni* irrap'if ip 

LS.« LE" 8 SI 


here was only light. the reaction li 0 s “den %ai>wd 5 to lfiSo hut 
mainly reflecting the virtual ,„ c 

■!>*■"“ «' SS? S!SJS tSeoTuppor" 

irt r.fr .'pPs and drifted lower. Guardian 

Exchesiuer, lu per <-ont, 13S3 t£l^ g nva | tv change dipped 4 to 220p 
which opened at par and an j Rova | s cheapened 3 to 367n. 
closed at H,. The l^irst n.-e Breweries drifted easier in light 
rn e ^n nh3d * tradin':. A. Guinness lost 2 more 

to lfiSp for a two-day fall of 12 


245p and Dally Mail “A” 3 -to 
300p. United shed 2 to 35 Sp and 
Associated 3 to lS2p, while News 
iDternaUoaal. awaiting Friday's 
interim statement, finished a 
couple of pence easier at 253p. 
Elsewhere, speculative-favourite 
Mills and Allen eased 5 to 175p. 

Properties retained a firm 
undertone and staged the occa¬ 
sional small improvement. English 
Property lost a penny initially 
before reverting to the overnight 
jevel of 42p: discussions concern¬ 
ing a passible offer are con¬ 
tinuing, but an announcement 
cannot now be expected until' the 
first week in July. Property 
Partnerships gained 3 to I28p, 
after lMp. following the results 
and property revaluation, while 
Mdncraey improved 2 to 44p. 
also in response to annual figures. 
In contrast. Control Securities, 
preliminary statement due to¬ 
morrow, eased a penny to 37p 
and. on Ihe lack of support. 
Interenropean. drifted back 2 to 
32n. Elsewhere, domestic market 
influences lifted Hongkong Land 
8 to 173p and Swire Properties 5 
to Tip. 


Abercom a couple of pence to 
107p. 

Rubbers contributed their share 
of firm spots. 


69M ! 70 <M i 7Q - 57 ; TO «* 

Hud lei***. 72 - 29 ; 7a - 52 ! 7Z - 35 ; 7a -«; 

foAntriel Oidlouy—• 467.0 l 470.^ 469.8, 471.9, 

Gold Mine*- 1601 ( 1S7 - 9 j «7.0j 156.3, 

oIt. Viald_ B.8d 0.62| 5.6& S.Btt 




minor effect on sentiment. 10 jssp for a two-day falf of 12 

The Industrial leaders dnfted the disappointing interim 
lower on scattered public selling fi , urey . white >maU selling in 
‘ he ,i7 n 30 -? r,re ; ndey e . ased front of todays half-yearly report 
3.6 to 4b7 0 . Recent occasional c jj p p e{ j a penny from Allied, at 


OCT NOV DEC JAN FEB MAR APR MAY JUN 


institutional demand, which has S -£ P Elsewhere. Irish Distillers Ptessey remained at 9Sp awaiting ^at the I ^ uJ ^, hav h e ^!|5 
tended to underpin the market. held at i 32 p awaiting today’s today’s preliminary figures. delayed. J. W. Spear cheapeneo 

was not forthcomins yesterday. KSLJ ^tatemenl ^ Encineerine leaders Plotted an 2 to 22Sp in reaction to-the dis- 


as not rorthcomms yesterday. intf > rilT , statement. Engineering leaders plotted an 2 to »P , “™*cuon iouwu»- 

Sccondary issues Followed in the Building passed a lack-lustre irregular course in thin trading. ~ _ . 


wake or the lenders and there , e ^ion. Btee Clrde ea*d a Comment ahead of Fridays Uln ritejdoM a Penny off at 
wav little in the way or features r0llp [ e 0 f pence to 240p. while preliminary figures helped John 4bp. after 49p. despite the nuner 
l; 1 enliven ihc days proceeding-. BPB s hnd 4 to 218p. News items Brown improve 2 to 356p, after annual earnings. Syltone. row 


- — ■— —. -. ji huk vV...I 1 .U.-U ik-.iMMii.ic iw *»■■ it.ii reported - -— -- - r ri 

markings of 4.430 compared with T >ic results. Allied Plant. I last week, moved up 3 afresh to advices prompted gams ol 
4.241 last Friday and 4.96“ a week hisherat I5ip. were helped by the 2S5p. while Christy Bros, hardened between 5 and 10 in Slwu*. 4<P. 


ago. improved profits and chairman’s 2 to 46p with the help of invest- Swire Pacific. 148p. WheeJock 

Following the main funds lower, confident remarks. Still reflect- ment comment Mining Supplies Warden. 58p and Jardine illathe- 

Corporaliohs closed with losses j n g recent trading announce- added 4 at 7Sp. C. and W. Walker son. 288p. Elsewhere, small buy- 

extending to I. Falls of a similar merits. international Timber and Baker Perkins both gained 3 ing on recovery hopes helped 

size also occurred in recently- firmed 2 m I26p and William to 121p and l05p respectively, Hawtin harden lj to 11 Ip. 


issued scrips where Barney 121 Leech a penny to S4p. Occasional while Drake and SculJ met with Motors and Distributors had an 
per cent 1987. at 11{. and South c D eculativc interest lifted Norwcst buying interest at 23ip. up 2. INI. eas i er bias Dowty Fell 4 (o 207p. 
Tyneside 12i per cent 1986. at 101. Holst 5 to 95p. while a Press however, reacted 3$ to 62p and u hile more modest losses occurred 
both lost that amount in £10-pa id mention promoted a gain of 2 Porter Chadburn lost a similar in i uais industries •« 1 m« and 
form. West Kent Water 12 per to 07p in Wettern Brothers, amount to llOp. nunloo 73 d Still reflectin'- dis¬ 

cern 1986 ended first-time dealings Notably lower were Orme Bernard Matthews stood out in _ nnnm .' nt with lait Frlriav’s 


Weekend Press comment on 
British Petroleum’s proposed over¬ 
seas acquisitions failed to in¬ 
fluence buyers aod the close was 
6 lower at S56p, after 852p. In 
sympathy, Shell eased 6 to 534p 
and Ultramar shed 4 to 258p. 
Burmah drifted 2 lower at Gap, 
while profit-taking clipped 14 
more from Slebens (UR), at 338p. 
and 6 from Attock. at 90p. Re¬ 
cently firm on the chairman's 
statement. British Borneo 
cheapened 4 to 158p. 

Overseas Traders were notable 
for fresh interest in Slme Darbv. 
which hardened 3 further to "a 
I97S peak of 87p. 

Mounting controversy over the 
deal whereby Barclays Bank plans 
re buy Investment Trust Corpora¬ 
tion on behalf of the Post Office 
Superannuation Fund unsettled 
1TC which declined 8 to 265p. 

Reflecting firmer South African 
advices. OK Bazaars put rn 20 to 
430p. Greatertnans A 3 to 135 p and 


Anglo Utd. fall 

The recent hectic activity in 
Irish/Canadians and Australians 
faded as profit-raking and a 
general lack of buying interest 
saw both sections lose ground 
across a broad front. 

Among Irish/Canadians Anglo 
United Development dropped 28 
to 197p, Northgate Exploration 15 
to 440p and Sabina 7 to 77p. 

A lower trend in overnight 
Sydney and Melbourne markets 
prompted an initial downturn in 
Australians and prices lost 
further ground throughout the 
day owing to modest profit-taking 
despite an improvement In the 
investment dollar premium. 

The Rundle oil shale partners 
encountered persistent selling. 

Central Pacific [ell 25 to 570p 
while Southern Pacific gave up 
23 to 195p. 

Uraniums were particularly 
weak in overnight domestic mar¬ 
kets. In subdued trading here 
Pancontinenlal were I lower at 
£14* while PckoAVaUsend fell 10 
to 510p and EZ Industries 5 to 
225p. 

Base-metal producers to lose 
ground included Western Muting, 
3 off at 144p and BH South a 
similar amouht cheaper at liOp. 
On the other hand. MTM Hold¬ 
ings, which fell heavily last week, 
recouped 2 to 20Sp. 

A combination of a firmer in¬ 
vestment premium and a higher 
bullion price—the latter closed 
25 cents better at SI85.125 per 
ounce—enabled South African 
Golds to make modest headway. 

Business, however, remained at 
a low level. The Gold Mines index 
added 22 more at 160.1. 

The rise in the premium was 
the main influence in the firm¬ 
ness or South African Financials. 
.De Beers were the subject of 
widespread buying and rose 4 to 
a new high of 375p. Others to 
attain new hlgbs were Anglo 
American, finally 8 better at 3S6p, 
and General Mining, i to the 
good at £17j. 


Gold - AOW - 

Ori DIt. Vleld- B.8I 

Kmar.T'fl'killri ,u 

P/B Ratio Utttirn- AA 

Doll!BE* marked—-4.481 

Kquity turnover X™ — — 

Equity tMgVS m** 1 -- ~ 


70.78 70.79 
72.36] 73J6 
474.6) 473.2 
160^j 153.2 


5.62 5.651 S.BCT 

16.39 16.43 i6.aai 
8.161 8.X4j &20! 

4JL4lj 4.862 4.8451 


6^ . 6.18; 


Equity turnover Cm — — 64^8, 64.711 75^2) 

bultcbmointuuL — 13.904' 15.1831 15.2391 

—— - to am Ifain *57.0. flbtm 4668. 

Z pm 4862. 3 pm 407.1. 
Latest l«tea 01-244 882b. 
•Based on 52 per cear corporation rax. 
Basis 100 GovL Sees. 15^16^6. Fixed lu. 1938. 
Mines 12/ 9,55 ■ SB Acilvirv Jtdy-Dec. 194!. 


5.163 4J067 1 
7B.06J 68.70J 
15.745) 14. 4661 
1 pm 466A 


t.va=«.M. 

Ind. Old. 1/7/36. 


HIGHS AND LOWS 


S.E. ACTIVITY 


| 1078 

-vinca CompiiKtk-D j 

High 

Lon 

HlRt. 

Low 


June | June 
19 16 


'j ti,l) tStft.1 I (8/1/36) j (Jil,75j 

Fixed lac ..—1 HI-* 3 70.73 1 1SU.4 ! 50-65 

(thi> tiling 

. .. J I 401 * dXKA J MO Q . 


(•LUti— 497 ' 3 * 49 - a 1 

I .fell «2tf) [ 1 14/M,77 I C2fefe40) • 


Gold 1 Lines. 1 168.6 130.3 1 442.3 I 43.5 | 
i iwii «,ij ; S2d>.7a, i; a,. 10,71); 


—Daily 

Crllt-Ed«l...l 152.2 152.5 

Induatries.._< 157.3 141.8 

SpecubUjre.. ■ 40.9 37^ 

Tut&Lt._1 102,0 96.5 

Ddar Ar'TS-i;- 

Uin'-K lined...', 164.0 177.9 
India trixin..J I5B.8 1&7.8 

3pccuiBtire„.. 49,0 50.9 


r.itata_107,4 : 109.6 


N£W HIGHS AND LOWS FOR 1978 


Th. tallowing seewrtetos quoted In the 

Share information Sarrlee wXMty 

,97fc 

AMERICANS tlj 
Gillette CANADIANS HI 

Hudson's Bay chemicaL5 (j> 

Halste«dpj») ApERY * STORES til 
Wados "A" ^ectriCALS 14) 
Electrocomoonenw Fa rr el! £lecL 
Energy SM»l£« 


Ailta inn. 

Altifund Cap.' 

Caledonian TM.- B 

Camellia ims. 
Charter Trust 


TRUSTS (»li , 

investing In Success 
jardine Jauan 
” B " Jardine S«5. 

Northern American 
River a Mercantile 


Clydesdale Inv. “ B *■ Scot. A Com, In*. 
Crescent Japan Scot. European 

Dundee & London Tribune Invest. 

First Scottish Amer. Tyneside Inv. 

G.T- Japan Witan inv. ■■ B " 


ENGINEERING <41 . 
ACE Machinery Capper-Nelli 

BairerPerXim _£o«e» U'He 


Baker Perkins 'J- ' Hetn NV 

FOODS <21 

Cli Herd's ^' rlpS H07t ^^ ,G FJ 
City Hotel* 1NOOSTRIAL5 120 , 


BTR 

Barlow Rand 
R ddle Hld9* 
Black iF I „ 

Brammer 


Lonsdale Unmnil' 
Metal Closures 
PHVingtgr 
Stetux Maul 
Swire Pact Be 


OVERSEAS TRADERS 121. 
Bedstead Slme Darby 

RUBBERS (5) 

Highlands Malakoff 

Xuwa Kesong London Sumatra 

Kill Ml 

TEAS IS) 

Assam Dooars . Sinaia 

Jdkai 

MINES (71 

Buffets Anglo Am. Coal 

Vaal Reef General Mining 

Wns'em Dnee De Beers Defd. 

Anglo-American 


Chamberlain Phipps Svi-one 

Chubb WhetMoefc Marden 


Halma wim,ns4 

Hutch whamp WilteMT 

Hyman it A J-> . Wend (A 

INSURANCE (1> 
Leslie A Godwin 


Wilkins & Mitchell 
Witter (T.l 
Wend <A > • 


MOTORS (1» 

Flight Re’uOll'Ptt , 


NEWSPAPERS IB 

Indaoerdent News i 've-egel Daily Past 

PAPER 12) 

Usher Walker ->r»ce Grotqj' 

PROPERTY (51 

Berkel-v Hambro Svrc Props. 

HK Land Trifford Park 

Preeertv Partnershins _ 


Mersey Dorks 


SHIPPING m 


«OUTH AFRICANS (21 
n» gvraars U»lsee 


NEW LOWS (17) 

-BRITISH FUNDS (B> 

Treaty Vanabie'El Treasury 12oc'95 
Treasury 9 'jDC '33 Evch. 10'dK '95 
Tieasv. 7Luc -SS-8S Trgasy T'toc'IZ-IS 
Treasury 12'tec'92 Even 1 Zuc'13-17 
CORPORATION LOANS (1) 
LCC6NPC 83-90 __ 

BUILDINGS HI 

Ornte Devs. 

ORAPERV & STORES HI 

House »» Lercse _ 

ELECTRICALS (1> 

EMI 

ENGINEERING 12) 

Howdea Group Oenrld 

FOODS ID 

Lockwoods 

INDUSTRIALS II) 

RandaHs 

NEWSPAPERS (11 
rv—don A Catch 


ACTIVE STOCKS 

No. 


1 .. a wan luiuinc ui uunna.-, uy meruioii. a ruled dliu u. r. l.uv«-ii o IP ttfi. hpttpr at 190n in hplalpri 

Ihe investment currency premium Tar PrndtWs were quoted pt J. Lyons eased a penny to I06p in ° . r. 

made upward progress to close at rights at 5Sp with the new nil- front of Thursday’s preliminary **"2 

the day’s highest at 114; per cenl paid shares at 13p premium. Small figures, while further considera- if r0 J f° S Ti„ „ pp .5; ar 7„ act 

for a net rise of 11 points. Part selling left .Anchor 4 down at 68p lion of recent acquisitions clipped ^ , c * easin - yb? 

of the demand represented late and Stewart Plastics 2 lower at 2 from Associated Biscuit, at 80p. cj05ln g * ^nny beJer on 

covering but there also trade I46p. but James Halstead firmed In Supermarkets. Tesco closed a “Y., al p ?. . 

connected with arbitrage opera- a penny more to 24$p after shade better at 45p following w ' ent ex . at . ,00p ' 

lions relating to Hong Kong renewed country demand. Press comment ahead of while the new nil-paid shares 

securities. Yesterday's SE con- In Televisions. Associated put tomorrow’s preliminary results, opened at J»P premium and 

version factor was 0.662S (0-66S5I. on 4 to 114p in anticipation of Ciiy Hotels. 3 better at 141 p. closed al premium after a fair 

Nearly 600 contracts were Thursday’s preliminary results. provided ihe nnlv nn'ewonhv trade 

effected in Traded Options yester- Narrowly mixed movements movement in Hotels after week- Leading Newspaper.- oncoun- 
day. the highest total since the were the order of the day in end Pro** mention. tercel small selling which was 

beginning of June. Some 35 per Stores. Allied Retailers firmed 3 Still drawing strength from laat sufficient to lower Thomson -i to 


Denomioa- 

of 

Closing 

Change 

1978 

1978 

Slock 

tion 

marks price tp) 

on day 

high 

low 

1CI . 

£1 

11 

3S4 

- 4 

398 

328 

Shell Transport ... 

2->p 

9 

534 

- 6 

586 

484 

Barclays Bank ... 

£1 

S 

318 

— 7 

358 

298 

Pilkinufon . 

£1 

8 

535 

+15 

545 

422 

RAT Irds. 

25p 

7 

330 

— 5 

346 

267 

BP . 

£1 

7 

856 

- 6 

802 

720 

Distiller'.- . 

50 p 

7 

178 

- 3 

187 

163 

Grand Met. 

50p 

7 

107 

- 2 

117) 

87 

Reefl Inti. 

£1 

6 

134 

- 2 

143 

102 

Tst. Houses Forte 

2Sp 

fi 

215 

— 

220 - 

166 

Bmvater . 

£1 

5 

198 

- 4 

205 

163 

De Beers Dfd. ... 

R0.05 

a 

375 

+ 4 

375 

285 

Lucas Inds. 

£1 

5 

308 

- 2 

318 

240 

RTZ . 

25p 

5 

223 

- 1 

234 

: 164 

Westland Aircraft 

23p 

5 

35 

— 

52 

30. 


OPTIONS 

DEALING DATES were a 

First Last Last For solldate 

Deal- Deal- Declare- Settle- latte In 

ings ings tion ment _ 

Jan. 20 July 3 Sep. 14 Sep. 26 
Julv 4 July 17 Sep.28 Oct. 10 ‘ nic 
July 18 July 31 Oct 12 Oct24 Kid 
For rcte indications see end of t 

Share Injormation Service 
Stocks favoured for the call in- R 
eluded London and Northern, comm. 
Premier Consolidated Oil. Hong- w*n 
kong and Shanghai Bank. J. 

Brown. New Throgmorton Capi- on* 
tai. EittL Tebbitt Bros^ Norwest 
Hoist; Audiotrurde, Western u 

Mining and UDT, while doubles Toots 


were arranged in Premier Con¬ 
solidated OH and Mount Char¬ 
lotte Investments. 


RISES AND FALLS 
YESTERDAY 


British Foods . . 

Corpos. Dam. and 


Up Doom Sum 

— 76 1 


Fareisn Bondi .... . 

t 

IS 

06 

Imtuttriats . 

m 

354 

983 

Financial and Prop. ... 

m 

88 

352 

Oils . 

7. ■ 

19 

13 

Plantation ........... 

15 

3 

14 

Mines -.. 

58 

29 

« 

Remit Imre* .. 

2 

10 

a 

Totals . 

33ft 

572 



APPOINTMENTS 


LONDON TRADED OPTIONS 


FF-ACTUARIES SHAKE INDICES 


Senior Rnberoid executive 


Mr. K. V. A. Holmes has been 
appointed managing director of 
RUBEROID PAPER, a subsidiary 
of Ruberoid. 

★ 

Mr. John Dodds, an assistant 
manager. London chief office of 
BANK OF SCOTLAND, has been 
appointed resources manager 
(London). 

"k 

Mr. R. J. M. Luchford and Mr. 
K. M. MacDonald have joined the 
Board of C. BRYANT CIVIL 
ENGINEERING, a subsidiary of 
Bryant Holdings. 

★ 

Mr. C. M. Leveson-Gower and 
Mr. M. Samueison have been 
appointed to the Board of 
SPOONER INDUSTRIES. 

•ir 

Mr. S. E. Blacks tone and Mr. 
E. J. P. C. Lombard Knight have 
resigned from the Board of 
DUTTON-FORSH AW GROUP. 

★ 

The chairman of the INTER¬ 
NATIONAL PAINT COMPANY. 
Mr. C. A. Hogg, will retire ar the 
annual meeting on July 17 to 
devote more lime to other com- 
mitments. He was recently 
appointed a deputy chairman of 
Cnurtaulds. the parent company 
of International Paint. Mr. R- M. 
Woodhousc. currently group man¬ 
aging direcror of International 
Painl. will succeed Mr. Hogg as 
chairman. Mr. 0. E. Morris will 
succeed Mr. Wood house as group 
managing director. Mr. £. B. 
Marmiand is lo retire in August. 
Mr. I>. N. Fogg will be leaving the 
board at the conclusion of the 
annual meeting at his own re¬ 
quest for personal reasons. He 
will enniinue as chairman and 
managing directnr of ihe drum¬ 
maging operations of the Inter¬ 
national Paint Group. Mr. R. A. 
Krdlrr. Mr. R. D. I led ley. .Mr. T. B. 
Lemmon. Mr. A. M. O'Malley and 
Mr. H, A. L'plilt-Brnwn have been 
appointed directors of the com¬ 
pany. 


CENTRALE RABOBANK on 

January l, 1979. He will also 
become a member of the 

Presidium of the executive Board. 
Prior to these appointments, from 
August of this year. Dr. 

Duisenberg will be .m ad riser to 
the executive Board of the bank, 
•k 


Mr. Philip R. Jones, managing 
director of the East Lancashire 
Paper Merchants, joins the Board 
of the EAST LANCASHIRE 
PAPER GROUP from July 1. Mr. 
Edwin Brewer, a director of the 
East Lancashire Paper Mill Com¬ 
pany. has also been appointed to 
the main Group Board from that 
dale. 

* 

Mr. AL G. Johnson, until 
recently managing director of an 
overseas subsidiary of the MSL 
Group, has joined the Board of 
BULL HOLMES I MANAGE¬ 
MENT). 

* 

Mr. A. Maycock, former 
executive administration director 
has become chairman of 
KJVETON P.VRK STEEL AND 
AVI RE WORKS. Mr. G. Blatherwick. 
previously executive works 
director, is now deputy chairman. 
Both are also joint managing 
directors. Mr. A. T. Wood, who 
was deputy chairman and 
managing director, has been made 
first president and will act as 
consultant. 

Mr. David Sekers. at present 
direcror of ihe Gladstone Pottery 
Museum. Stoke, takes up the 
appointment of project director 
for QUARRY BANK MILL. Slyal, 
on October 1. 

At 

Mr. Colin .Ash has been 


appointed managing director of 
POWER DISPLAY EQUIPMENT. 
He was formerly sales director. 

* 

Mr. E. Barry has been appointed 
director of sales for the CAM 
GEARS GROUP and Mr. Bernard 
Gray has become director of j 
product development and; 
marketing. 

★ 

Mr. B. J. Ingram has been 
appointed director and Mr. fi. R. 
Snalfh. an export manager, of 
AGPRO (Agricultural Projects 
Overseas). 

★ 

Mr. N. M. Hudson, group 
adjuster of marine claims. 
Commercial Union Assurance 
Group, has been elected chairman 
of the SALVAGE ASSOCIATION 
and Mr. J. A R. Moller, Lloyd's 
underwriter, has been elected 
deputy chairman. 

■k 

Mr. Jack Reynolds has been 
appointed manager of COUTTS 
AND CO’S new representative 
office in Norwich Mr. John 
Masters becomes his deputy. 

* 

Mr. J. Parry Williams and 
Mr. Peter Thomas have been 
appointed directors of RLIKSEM 
GEOPHYSICAL SERVICES. Air. 
Ivan Brown has resigned as 
finance director. 


i.'r-i N>n 

i.\ ll“*k 
|Vi- 

1. III: 

• C-r 

vm. 

; 'ftri 

Voi 

l|li»lll. 

••(Ter 

i 

fejllllt 

I-Uik* 

UP 

/SO 

112 

6 

1 122 

• _ 

145 

— 

853 k . 

HP 

BOO 

61 

12 

' 81 


104 

_ 


HP 

8S0 

23 

— 

' 50 

5 

76 

I - 


UP 

90d 

3 

3 

■ 25 

! 4 

, 54 

j 11 


Li-m. 1 aim 

140 

151? 

— 

2 Ha 

( — 

1 251? 


: 150p 

V»m. lflii.it 

160 

2i* 


' 10 

— 

• 14U 

1 - 

1.1-ni. tii.'il 

160 

J5r 

6 

£6 

) 1 

29 

2 

j «.*P 

(.nn*. I«*M 

, tao 

SI, 

3 

: 141- 

, 10 

i 19 

15 

L.iurtauKl* 

too 

23i B 

— 

261, 

— 

. 28 

1 — 

122^ 

(.■•urtMild- 

no 

13 

— 

18 


, ZOic 

i - 

1 - 

Lnunau iln 

120 

6 

10 

111? 

25 

• 14i a 

j — 

! .. 

(. iHJrUU'df 

13U 

2 

35 

e 

— 

i It 

10 


iihC 

220 

4-tlj 

2 

52 

2 

68l 2 

- 

261p 

i.Kl 

240 

24 

3 

35 

— 

44 

1 ~ 

tiff.' 

260 

lOlj 

7 

2212 

: — 

alls 



GEL' 

280 

21- ■ 

— 

121* 

— 

: 22 

| - 

( 

M«i. 

1U.J 

9 

— 

' 13 

i - 

17 

10 

107). 

i«rsm1 MiH. 

110 

3ij 

— 

; 7 

8 

11 



i.i rand'Met. 

120 

1 ■ 

53 

4 

_ 

71; 

* 


HI 

330 

59 

10 

66 

3 

69 


384). 

IC( 

36j 

29 

— 

36 

8 

44 

6 

u.r 

390 

7I Z 

22 

. 18 

— 

291 3 

- 


u.r 

420 . 


16 

9 

-- 

1712 



1^1 rlil 

JaO 

56 

— 

| 371? 

3 

40 

6 

Slip 

Uni i<{ 

200 

13 

13 

i 20 

_ 

26 

_ 

Iwfinl 'l-iv 

220 

H, 

5 

i 91* 

— 

14l a 

— 


\lnrKk 3t S|i. 

120 : 

22 : 

2 

! 27 

5 

30 

6 

141p 

Hit-- * rji. 

J4U 


12 

1 12 


161| 

■- 

Mark* 1 *(.. 

J6t) 

I >4 1 

10 

) 5 

3 

91= 

5 


-hen 

500 

41 1 

— 

} 58 

6 

67 

6 

535p 

.-iiril 

55u 

7 i 

4 

f 21 

13 

39 

42 

r.-vaU 

600 

D» ' 

113 

351 

1 * 

10 

108 

18 

17 

138 



These indices are the joint compilation of the Financial Times, the Institute of Actuaries 


and the Faculty of Actuaries- 


EQUITY GROUPS 


GROUPS & SUB-SECTIONS 


stocks per section 


RECENT ISSUES 

EQUITIES 


Mr. John Steele, chief executive 
of SWAN H UNTER SHIP¬ 
BUILDERS. has been made chair¬ 
man. He joined the company a.< 
an apprentice draughtsman in 
1931 and in 1971 was appointed to 
the main Board of Swan Hunter 
Group. In anticipation of 
nationalisation last year. Mr. 
Steele became chief executive. 


ttv* 

Pn«-H 

p: 

= 5*Z 

5 


- St nek 

UlT 

75 

K.P. 

50.6 

f 

?Jin Uraniall iL.P.).... 


K.P. 

5 7 


Kiioxherni. 

34 

F.P. 

— 


ab Thame* Pl\-iw»1. 


.... 871»;—Hz, (4.0 ! 3.l! 7.7: 4.8 

.... 166 .-A2.64 3.0i 2.4TB.8 

—< 36 + I ilfS.O I 8.3' 8.4 7.9 


FIXED INTEREST STOCKS 


HOME CONTRACTS 


Knur additinnnl dircciors have 
hern appointed In ihe Board of 
MODERN ALUMINIUM. They are 
Mr. Tony Tidy, deputy managing 
director; .Mr. John Hale, enniracti 
director; Mr. Martin Unrwnnil. 
financial director: and Mr. Jim 
Naftali. 


Fifty - lour traditionally - styled 
houses and Acts are being built 
for Ihe Aldwyek Housing 
Association, by JOHN W1LLMOTT 
HOUSING. Work on the two- and 
three - bedroom dwellings — 30 
tnjuscs and g4 (lars—at French 
Horn Lane. Hatfield, has starred 
i’.omplction or the £612,000 
contract is clue in July 1979. 


shopping centre development at 
Pollok Town Centre. Glasgow. The 
contract, worth about £250.800 
has been awarded by Crude ns. 
main contractors to .Score 
Property Developments. 




ttlZil! 

100 

r.p. 

l'\. ' 

• • 

V.P. 21 7 

9-|. 

i-sa 

i:io aa9 


• i 

F.P. 14.7 

^iii 

• • 

K.P. 7 7 


*100 


'lir'l: 


. 

£ f. iw 


25 8 

25 8 >)!;,. 


The Boards of COM PAG ME 
FINANCIERE DE PARIS ET DES 
PAYS-BAS and BANQUE DE 
PARIS ET DES PAYS-BAS have 
appointed M. Pierre Mnus^u as 
chairman and chief executive and 
II. Gustave Ram baud as vice 
chairman. M. Jacques de 
Fnuchier. having reached retire¬ 
ment age. has resigned as chair¬ 
man and has been appointed 
honorary chairman of both com¬ 
panies. M. Gerard Eskenazy and 
M. Francois Morin have become 
managing directors of Cnmpjigrtic 
Financiero dc Paris ct des Pays- 
Bas while M. Pierre Decker and 
M. Jean-Plere Fontaine have been 
named as managing director, and 
deputy managing director, respec¬ 
tively. of Banque de Paris et des 
Pays-Ea s. Paribas International 
has elected M. Pierre Haas and 
M. Hervc Pinet as managing 

directors. 

4 

l)r. Wim F. Duisenberg, the 
former Dutch Minister of Finance, 
is W join the executive Board of 


PNEliLEC. Smethwick, a Brrmid 
Oualcast company, is to supply 
foundry equipment to produce 
tractor castings at the Doncaster 
works of International Harvester 
Company of Great Britain. 
Consisting of an automatic 
Mold master high pressure squeeze 
moulding plant with mould 
handling equipment and full sand 
plant facilities, the equipment 
costs over £f.4m. 


HOIVTY FUEL SYSTEMS. 
Cheltenham. Gloucestershire, is 
supplying carbon dioxide com¬ 
pressors for installation at 
Trawsfynnyd nuclear power 
station in Wales. The units are 
worth nearly £150.000. The 
compressors are used in the burst 
can detection circuit on Maenox 
nuclear reactors. They draw off 
a continuous sample of the 
reactor cooling gas for monitoring 
to ensure that, its level of radio¬ 
active contamination is within 
prescribed limits. 


21 7 fe j 

21 7 I. 

;o.b l-i 
I S 7..I 
16 -6 !-.•! -' 


-Vzru'. M.irt. Var. Kate B>J>. 13So. 

9 (u.\utwlit« Fn.<J». Prvf.. 

al,,BanicV ISat..._ 

Y -- iCtn^ Dlwsnint 9;^; Cum. Kref.. 

J 7p Dewhim ilJ.i^Cum. Purl. 

touts Ediuhtiruli iOly —fi Var. Uatir 1383.. 
ijl 4 K-.ijX Water 1% Kul. Prel. IStfa....... 

Iriui Pftimew K»r». L5.e5% Deb.. 

GreeuflvM Milieu IC^ L'Uru. Prvf... 
-Mrl a ljrwii« i bib'll. B> m. <.| i llii lien. 

•rf Ubcrlv A Vf. «}. I'n.. 

■i 2\i '.VSS >ewviBrot!i Pj Cum. Prel. 

.i.'KUtMT- i«.i.uiii. in.. 

tor Pns<n»i- IOi % Oim Prel. 

j* ljui':k 'H. .( J.- lib Hri..... 

V.'SpH'A'tn^'o Bn." 11% Ctrl. 

jil-u SniilU -l. AUt'VH Liinl. Krel. 

U^-SmUiU T.taesl'le Igi'i Ifed. 1986. 

< -rei-'-u Isxvnv. Lo«. Ln.luw . 

47J* I'vriei: VVmu 12* Uei. b**-. 

I'.jtrr** D) PrW.. 

g^lgJlVear Kent Water 12% I#eL<. 1956. 


ir.: "Sli 

. OBpJ 

. 100«b 

.-• 11 I 

. 1 Ipm'- 

..99isp 

1FM-.. 48IJ 

. 1UU ■ 

-. 1 92 p: 

.97lai- 

.1104 | 

..>00 | 

.I 109ti 


.. \ . 

-;97t sr ..... 

-! iou;—' a 


1 CAPITAL GOODSit 71)- 

2 Building Materials (28»- 

3 Contracting, Construction (26)- 

4 Electricals <151...- 

5 Engineering Contractors 1 14 1 - 

6 Mechanical 6ngineeringt72i_ 

8 Metals and Metal Pormin© 16)- 

CONSIWEB GOODS 
It (DURABLE) (5X>- 

12 LL Electronics. Radio TV 115)_ 

13 Household Goods f!2l- 

14 Motors and Distributors (25;- 

CONSUMER GOODS 

2) fNON-DllRABLE) 1175)_ 

22 Breweries (14)- 

23 Wines and Spirits (6)_ 

24 Entertainment, Catering il7i_ 

25 Food Manufacturing (22)_ 

26 Food Retailing (15)_ 

32 Newspapers. Publishing (!3i_ 

33 Packaging and PapenISi- 

34 Stores (39)--- 

35 Textiles(25)_ 

36 Tobaccos (3.)_ 

37 T oys an d Games (6)... 

41 OTHER GROUPS (971... 

42 Chemicals i J 9)..... 

43 Pharmaceutical Products 1 T 1 _ 

44 Office Equipment (8)__...... 

45 ShippingilQl_ 

46 Miscellaneous <55)___.... _ 

4 9 INDUSTRIAL GROiT (495)__ 

51 Oils (5)..... 

59 SCO SHARE INDEX.__ 

61 FINANCIAL GROlTneOI... 

62 Banks6i- 

63 Discount Bouses (10)._ 

64 Hire Purchase (5)_ 

65 Insurance (Life) i IOi__ 

66 lnsnrance(Compositej(7i_ 

67 Insurance Brokers HO)_ 

68 Merchant Bank? - 14 l__ 

69 Property i31 1 _ 

70__ Miscellaneous (7)----- 

71 Imestment Trusts (50i__ 

81 Mining Finance (4i___ 

91__ Ov erseas Traders \ 19)__ 

99 .\LLSHARE rVDEX(673K.... 


Mon., J 

nne 19, 1978 

Frl. 

June 

16 

Thuc. 

June 

15 

Wed. 

June 

14 

Tnefl. 

June 

13 



EsL 

Grass 
Dh ' 

Est. 

PE 






Day's 

Yields 

Yields, 

Ratio 

Index 

Index 

Index 

Index 

No. « 

Change 

(Slax.i 

Carp- 

Tax 5T. 

(ACT 
at Mtbi 

(NCLI 

core 

T«ar. 

No. 

No. 

No. 

No. 

214.05 

-05 

1750 

5.63 

7.92 

21517 

213.99 

21523 

21557 

191.11 

+03 

18.00 

5.70 

7.94 

19052 

187.65 

188.48 

18939 

344.07 

-0.4 

20.12 

3.99 

722 

34557 

345.60 

34822 

347.47 

452.03 

-0.7 

1522 

3.96 

931 

45501 

45319 

45625 

45936 

319.49 

-0.4 

18.79 

639 

789 

32051 

31856 

32127 

31953 

173.61 

-03 

1837 

636 

7.41 

174.96 

17459 

17609 

17629 

16333 

-0.9 

1753 

8.60 

728 

165.06 

16335 

26312 

163 m 

199.14 

-0.4 

lfi.75 

4-81 

838 

19955 

13855 

19952 

19950 

23454 

-0 2 

14.87 

3.68 

9.47 

23520 

23357 

23413 

23322 

178.67 

-03 

16.05 

631 

854 

17921 

17951 

130.00 

180.09 

125.71 

-03 

19.77 

639 

■ 731 

32656 

325:46 

12622 

127.42 

200.64 

-o.fi 

16.06 

5.84 

8-46 

201.83 

200.77 

20213 

203.84 

225.69 

—0.8 

1531 

6.00 

951 

22753 

228.69 

22829 

23018 

254 M 

-L« 

15.92 

567 

953 

257.66 

25651 

256.91 

25825 

252.04 

-ID 

1550 

6.77 

935 

25453 

253.66 

25458 

25856 

197A2 

-0.4 

19.72 

5.66 

6.72 

197.91 

mu 

199.41 

19856 

202.46 


14.43 

4.% 

<954 

20237 

202.48 

20328 

20330 

370.01 

-15 

10.80 

335 

1322 

375.47 

376.42 

376.70 

38127 

135J1 

-LO 

19.62 

. 7.81 

6.72 

136.84 

135.04 

136.26 

135.92 

179 M 

+0.1 

1L62 

456 

12.72 

178.83 

17715 

17914 

18015 

179.47 

-0.7 

1737 

7.71 

758 

iaoj» 

18034 

18136 

18178 

248JB3 

-1.4 

2222 

7.52 

535 

25239 

24623 

25033 

25239 

106.73 

-05 

19.05 

5.85 

6.41 

Z0731 

106.79 

107.13 

108.81 

19726 

-05 

16.40 

561 

8.00 

19827 

197.74 

199.44 

199 70 

282.40 

-0.8 

17.66 

6.18 

7.69 

284.79 

204.81 

286.75 

287.77 

25658 

-05 

1154 

3.99 

10.82 

-557.76 

25716 

258-98 

258.16 

133.00 

-05 

18.01 

488 

657 

133.74 

132.77 

33421 

13438 

421.92 

+05. 

38.77 

753 

hA5 

419.92 

419.95 

43052 

43272 

203.82 

-0.4 

1734 

6.42 

7.76 

20456 

203.41 

20500 

20517 

20956 

-05 

1657 

5.71 

820 

210.99 

209.99 

211.44 

21202 

47956 

-0.9 

1538 

4.22 

7.05 

48420 

487.04 

49018 

48859 

23235 

-0.6 

1639 

5.47 

800 

533.73 

233.00 

234.58 

235.02 

163.94 

-05 

_ 

5.77 

_ 

164.71 

16456 

165.12 

16551 

18432 

-0.8 

25.61 

6.07 

5.91 

18624 

18733 

188.B5 

19136 

214.10 

:-D.r 


.8.08 

•—' ■ 

215.60 

216.07 

21628 

213.92 

147.66 

+03 

1323 

556 

1139 

14756 

143.78 

14519 

144.45 

335.76 

-0.9 

— 

’6.71 

— 

136.95 

136.08 

137.49 

137.02 

126.70 

—0.B 

— 

6.73 

— 

127.73 

127.42 

127.76 

127.49 

335.98 

+02 

1452 

4.66 

1021 

335IB 

33538 

33429 

33246 

8031 

+0.5 

— 

6.15 

_ 

8010 

79.88 

8019 

81.06 

23537 

+02 

3.06 

3.15 

5939 

23527 

233.96 

234.05 

23335 

109.54 

-0.6 

2420 

737 

5.72 

11022 

110.70 

10927 

110.78 

21454 

-oi 

3.16 

4.63 

3L69 

21515 

21511 

213.99 

21258 

99.98 

-0.7 

1729 

6.96 

6.99 ’ 

100.73 

10L24 

10256 

10213 

31137 

+0.1 

16.67 

6.76 

7.35 

310.82 

313.20 

31334 

31436 

214.76 

-05 

— 

553 

— 

215.94 

22^45 

216.66 

217.01 


t: ;■ 


*S r 

! a 1.5 | 

i h n 


-j 95 ■ 

.. —I 49l S r- 

..! 99 t J 

.XZStal 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
- YIELDS 
Br. Govt. Av. Gross.Red. 


FrL Year 

June buo 

16 (approx.) 


ik RIGHTS” OFFERS 


„ . . . „ Mon. 

British tiovernineDt i June 


S “ I.«it-' 

i-u* *z 

I’ri'-if =-j U,|. 


,l'h«lnj;4- or! 
I Price ■ — 1 


U. 4 U . l+>' r 


The Ministry of Defence h:)« 
placed an order with HALMATIC 
for.two Atlantic 21 twin outboard 
powered rigid in fl a tables 10 
full self-rirrhring specifications 
complete with launching and 
recovery trolleys. The two boats 
are For the Royal Air Force. 
Similar rigid inflatable-; have been 
ordered by Crazier Lucas. 
Haliriatic’t distributor in Canada, 
and by the RNLl. 


Coutts opens 
Norwich office 


HUMPHREYS AND GLASGOW 
SERVICES has been awarded a 
contract For the installation of 
mechanical services lor a new 


COUTTS bus npened iLs first 
n-nroscntai ive nfficc-, in Nnrviich. 

Mr. Julian Rnbarls. deputy 
managing director of Court*, 
said yesterday that this was in 
response to the increasingly 
heavy dentand>. in the area for 
rhe kind of personal service the 
hank provided. ** We like tn 
make the facilities nf Ihe bank 
fil the needs of the customer, 
rather than persuade the custo¬ 
mer 10 use methods convenient 
id the bank,” he said. 


li 6 7 7 lii 17^ Hl.IIIVIirriil.nl>. 

lijini Ili’tirJr T*r I’t-rluvl* . 

9 6 7 7 t 1 jj '.riili-4 'la.. 

16 6 217 ‘.*5 l*.t>iV (ti't-. 

Ktm Kiaii.> mn» i.-il.l Jlmm-j 
30 6 25 8 M.! Iti Ka-ix-a .. 

lii|Hii ll»riurl|... 


27 6 Id 7 <..,,n, Ui-iii .. 

16 b 7 ],.v Iji line tri. < V.r Mii.ir- 1 -.... 

3 1 23 7 i- |.|ii It* in-rii l.vi'.i . . . .. 

j-.'liul gt'J.m ■■'Irt.-lilr 1 . 

3 6 177 jl|.. •£. *' . 


■ 191 • .... 

15pm 1 . 

S9 -I 
99 .—la 

16i«ii. 

. 115 . _ 

. 22pm . 

lo . 

. 162 +2 
IJicrin 

20 )>u> . 

—lj 


UoderSi-eatx- . — WAR 

5-15 years.-313.48 

Overt- 1 )years-119.59 

Irredeemables- 12522 

Alt stocks.__ . .. 112.04 


Day's 

cl ian ye 

xd adj. 
Today 

xd odj. 

1978 
to date 

-028 

—'. 

L • 4.5i 

-058 

029 

5.95 

-052 

032 

7.02 

-076 

. _ 

630 

-0.48 

025 

5.72 


- 5 years.. 
15 years., 
25 years.. 


A Medium 5 years.., 

4.51 5 Coupons 15 years.. 

5.95 ®_ S years.. 

7.02 7 tilgh 5 years.. 

8 Coupons 15 years... 

_9 __ 25 years. „ 

5.72 10 Irredeemables_ 


7 High 

8 Coupons 


*>iulay. June ! 


Mn [ View 
No. I ■ % 


Friday Tkora. Wed. Tue*. ilondny FridSOT Tbiuw. Tear 

.iU e t *41!* Juu » "June June June June 

16 ' 16 «.O’. »2 a "8 (approi) 




B, nur.i 1 iij.rj .. ia»i na' for u-.aima ir--e ol Miainp duly. (■ Kbuires 

W’S'i op nrurtw. m. .. u Assumed dindvrol aiui vivid, u Korreasl dtvtarnd' 

nu-r .-,jS'-rt wv.'iuii» lij'r's earmnus. r Dlvnknri and yield based on prospecius 
* ,r M*i *: "di,. 1 ji lor 19f9 «tire-;? 1 *•'iuur.>» a--suinei3 J Uim n.-iwr-. 

(or conversion -..i/f..;, nA| Q0U . rautuu: lor dividend or rantuna an)y lor restricted 
dtvuk-nJ. ; PLem. r , r „_.„ ln n U h]ic- p: Pence ualen, uLBenvisu indicated. 5 Issued 
hy ti-xrf.-r. 1 off-re : u bold<.rs ol Ordinary shares as j nshrs -- luu-rt 
by war- ■)( vaniiaiL-almu. « Minimun) terwler price-. J! Relmrodaced- K Iwtod 
>n CMifn-' i.oi, v nh r..*f,r*aniutlon mercer or taffoover Til IntmioiaJon. “I Issued 
•o ferm r Pr ;.r» Pv . nv ■ AlWnew liners iat (uUs-uaidt. •Provisional 
or por-jy-pa:j aLouneci letters. * WILD warrants. 


is 20-yr. Red. Deb & Loans (15) e7.a4.ina.96 

16 investment Trust Prefs. (15) 52.7a j 13.41 

17 Coral, and Indl Prefs. (201 71 36 12^5 


57^6 07.87 -57:36 57.29 97.11 66.94 j 58.72' 85.06 
62.79 52.75 5234 $284 62.94 52.51 52.52 5L.78 


7I.SB 71.62 j 71.74 71.72 71.37 71.34 71:34 69.67 


t Rademptloii yield. High* and I Dm nonL ban da 
**•**- 4 "* *f Mk nnsthuesta is hj HiM . badi'tM 
l-OBdoa. EOF flBY. price 13a, fay m 22a 




Jr' ■■■ i- 

( Sarre-'e 


- r 


■iCJ^.'ocN 










197s 


'^■■tl^tJKANCE, PROPERTY, 

BONDS 


■■SSZ^ZSZSl'* w r™*™. Ltd. 

: = :& b «¥£zzz 

.'• PrvjreftyAcc.--. _ 

■^Mnr 
-aourerunioFma- 

.Fuod- 


■-Pcnfl. Selective. 

■ v Pen*. Security. 
Pens- 

• .’WrnpT^d."_ 

- 9ilan. Fd- Ser. 4_ 
*EquireT<L Scr.4_ 
•Conr/I-ti Ser. 4 
.OWeneyFeLSer. 



III:::- =- z 


R 

5na 

(109.1 


3S| 

pi 

ijijj 

m 

un!s) 


Cpesbam life /Vss. Soc.Jt.tdL N . c , , .. „ 

fcwawdHonw.soomttdssias oSSsa 

GJ_ Equiry Fund.,. 


Pricesat June E3. Valuation normallyTuesday, 
Albany life Aasurance Co. Ltd. 


aasKRTr.-te 1 

American Fd.104.9 

FargMiFtf..._IU4.B 



GJL. Utit Fund_ 

GJL. (nCLFund .7 —__ _ _. 

C.L. Pptjr.Fund.(963 MX«T—| — 

Growth & Sec. Ufe Aw. Soc. LtiL? _ 

Wolr Bank. Brar-on-llime*. bertu- 06SS-34284 Col 

Guardian Royal EwetabMps 


m 2 

m.c 


W*» _ 

w.a + 0 . 4 J — 
M3 I 

$3 -’ o| 

ffiS 


Norwich Union Insurance Group 

PO Box 4. Norulch KRI3NG. 060322 


01-<175802 RQTBlEkPhuBevfLca.: 


9Gtd3tDMSFlXAje.. 
WfltUKaaJdAcni. UU 

.♦PrortfUAcg -. iosj. 

nr^M Iov.Acc.j_ iM.o 
EceoSPttiJldLAct 214J 
risedXPen-Afe.-.. 1755 
GTd MwrPwiJVrc.. M6 
JotUiaPDFUAcc- 11X8- 

PropJen-Acc.-122.1 

M>e lnvJ»«uArc.. 195.0 


Sli 

135J . 

UM 

1365_ 

209.4(_ 

A9EBV life Assurance Ltd.V 

■; Alma Rd, Rot gale. Hrijotn 4DI0L 

SCte-BB* m ■-■ 

-AME\;^erFd>_ 1MB So* 

'SKfiSSififeW. TK 

tfHBHw . ins sd 


Propwty Bowls l_p7»* 'j»»l -.- I — 

fiatnbro Ufe Awannee limited V 
7 Old Park Lone. London, VI. 

Find fnUDep _(125.1 

Equity:_ ~ , n771 

Property—---hii.9 


Manaeod Fund .... 

Equity Fund _. 

OT-8M 73(77 tefc 


21*6 
340.5 
1211 

____ _____ 1583 

Deposit Fund-Ro*5 

Nor. Unit Juno IS— 



SBSbeszx- 


■ nut 

117.0 .... 

iJ?j r::: 

.1m ““ 

BS -=■ 

z:: 

21*4 . 

:z. 

Si r 

■U49 — 
UU — 
MW - 


OI-MB0031 Phoenix Assurance Co. 


Arrow Life Assurance 1 - 
30, Uxbridge Ro*d.W_iX. 

•• Set Mk.Fd.Cp.tTnt .182.0 • «7.‘ 

. SnlJtkJ-dLStUnt^.WJ • IM.i 
. Pm. Mjtd. Fd. Eq. jl20.1 ‘ 123.' 

F«n.Mtd.W.^-Fa..hl2* 116., 


01.7480113 

:.:J z 

zzi - 

Barclays Life Assur. Co. Lid.;. ■ 


252 Romford RcL. E.7. 

U2S5 


■ Bare lay bondsr. 
Gilt^jdgrd 



Do. Initial_:.„ 


331.1 

115.7 ; 1214 „o.d 
ttlBO 1155 —0.2 
(103.6 1093 -. ... 

s 1 -. as±i 

m: ^ :::: 

100 i 

9BJ __ 

105.4 ..... 
S73 1023 _ 


Pons. Prop. Cap_|95ll 


Pens. Prop. acc. _.. 


•Outwit unit value June l£ 

Beehive Life Assnr. Co. LtiLV 

7L Lomb&rd SL.EC3. 01-8331288 

BJk. Horse June l...f 12B75 f | — 

Canada Ufe Assurance Co. 

20 Hlcb St. Potters Bar. Herts. P-Bar 51122 ManaeedBwdL!' 

EqtyGihJdJunea.1 M3 | J — 

ReOU.Fed. JuneB | 3193 | —J — 

Cannon Assurance Ltd.if 
I.Olympic Wy„ WembleyHAflONB 01.0028878 

Bqnrity Units..—1Q7.M 

Property Vuits __ E3C.S2 

Equity Bond/Etoc- ELL*3 
Prop. Bond/Ekec ~ £1339 
BaLBd.'Exec/Unit. 03.07 
Deposit Bond__^IllOJ! 


Managed cap.__ 140k 

Managed .ACC.__ 17L2 

Overseas-_ -j.. HU • 

Gilt Edited__ 124.1 

■American Acc.— MIS' 

PteaJ'JJJep.Cap_3275 

PenJ-LLDepAcc_; IMj 

PetuProp.Cnp. _, 202:7- 

Pen. Prop. Acc.__ 2MB 

Pen.Uan.Oip.> __ ZM3- 

Pen. Man: Acc..2653 

Pen. Gilt Edo. Cap . wn 
Ben. Gilt Sds. am., w«i 

Fm.BLS.Cap.-123.9 

Pen. Bis. Acc__ I4<L7 _ 

rcn.ILAJ'.Cap_ :iaiA 

Fen.D-Ajr.Ace— > ’ -■^BKU 

Hearts of Oak Benefit Society .. . — 

35-17.TavlauxkPlace.'WCIRPSMv; 01^87 5020 
Hearts of Oak. — |36 * ' MS ■ • -1 — Kqulfy Fund [A‘~ 

Hill Samuel LUe Assur..UA-«F M££MrA> 7“ 

NLA Tut. AddiiroinbcRd.CTOJ- 01*868 4355 Actuarial Fund _'I 

wr m£i - 

♦Retire Annuity__ 

drained- Ann'ty._ 

— ^!^^rAr. r uwj 

— ¥Alt Weather Cap . 

— ilm-.Fd.ut5_ 

— Pen lion Fd. Uta. 

— tmiv. Pena. Fd..- .. 

— Cn». Pra. cap. ft 
— Sfon.Fena.Ptf__ 

Man. Pens. Cap. Ul_ 

— Prop. Pens. Fd. _ 

Prop Pena.Cap.ftB. 
— Bd«. Soc. PWt l* 
— Bldg. S«. Cap. VL. 


— 6-9. King William SL, EC4P4HH. 01-8285878 

Wealth Au__ \1122 11121 - 

_ EVr.Ph.Aaa_.,__I 77.7 

_ Kb*r. Ph Eq-EL-J75.1 71 

Z Prop- Equity & Ufe As*. 4 

— lit, Crevford Street, W1BZAS. 57 

— R. Silk Prop. Bd._.1 UU 

— De. Equity Bd._ 745 

— Flex Money Bd_J 149.6 

— Property Growth Assur. Co. Lid.9 

Z Leon House. Croydon, CR01LU oi-eaowos 

_ Properly Fond-1 

_ Prooetty fund i A i, I 

_ Agrtculnu-si Fund. 

_ Aenc. FUndtAl_ 

_ Abbey Nat Fund. . 

Anbey Nat. Fd fAi. 
investment Fund... 




_ 1 Series C_ 

Money Units —__ 

Money Series A_ 

FbiedlnLSer. A__ 

Pns Managed Cap. 


Pns. Managed Axe., 11403 
Pn* Cteed. Cap. -.. 1MJ 


Pns. Cteed. Acc_ 

Pens. Equity Cap., 


uityAre...Mt.O 
IntCap —.(94 T 


— Pns. Fid. Im_Acc. 


365.9’ 174.7 -03^ — 

B-*18341 " 

923 
148.7 


110 8 
SL7 


05.0 


95 4 


mj 


179.8 


7S7.7 

i>ifl 

75XS 

.an. 

15*8 


15*2 - 


- 6SA 


UJ 


370.0 

“XO 

U9.C 

-10 

139* 


3391 


112.2 

, , 

122.2 

-0.9 

• 3S3 

-0.9 

143* 

. 

wu * An null 

ea Li 

12*9 13*6 


122. B 12*4 

I... 

137.0 


129.7 


- 1462 


1322 


243.9 


332* 


145* 


132.9 


IMS 

„„ 

1281 



Imperial Ufe Asa. Co. of Canada Proriatyial Life Assonutc* Co. Ltd. 


Imperial House, Guildford. 
Growth Fd. June 18)710 
Pens. Fd. June 16. J66 4 

Unit Linked Pq._._ 
“.9 .'99L! 

308.' 
388, 


_ 71255 322-Birimpsgate. EC 2 


7« a—I - 


Prw 

Pro*-__ 

Hi 1L Fund 20 .. 


'■■ AUuueed Ftf .OIU 
•.Cash Fi-SI 43 


EquityAoetint . ... 176 
Property Acc urn ..> 02356 
Mngd. Accnra. . „ .,. L590 
2ndEis u Ity — . 933 

2nd Property _110JJ. 

I Mnn»g»-d- 


SndUaaage 

2nd Deposit__ 963 

2ndGnEZ_-- 90.4 

-2ntfEq. Fens i'Acc.. 951 
2ndPrp.Bcns/ACC. > 107.0 
2nd KCd. Pens/Acc 99.4 
2nd Depjens/Acc. M3 
2nd GiltPeos/Acc. 903 
DAE5XF- 


L*ESiF.2ZZZ[nl 

.., Current value lane Id. 


LUO 

1X96 

1333 

1173 


m 


987 
109.7 
103.0 
30X1 
95.7 
1006 
1133 
105 2 
1035 
955 
485 
29.0 


-0 021 
-ttou 
-£oi 


-Oil 

-tfj 

■■ ’"i 

- 0.1 

■^o'i 

+005 


[V .. » _ Pro pert t Fn n d ... 

Fbred IntFd .—;.|95.7 lOdfl - 

Secure Cap. Fd._»J* 188,91-( — F*d. Jnl. Fund. 

EqutfyFund._.-> |96.0 “ Prudential Pensions Li ml ted 4 , 

Irish Ufe Assurance Co, U«L. Holbom Bare. EC1N2NB. ot-MSKEl 

11,FliufauiySquare, EC2. - 01*8288253 EqmLFd. May]7.._f£2S07 25. 

Blue Clip. June 16 >1735 77^ - J »« F*d InL May }7.. . JaX74 38.' 

Managed Fbnd—..UZfij &IM \— - Prop. F. May 17-£25.45 26. 

Prop. Mod.June 1 _ 11771 Ukl..... — _ , 

Fmp.ifod.Gth. _1193.1 z«xq - Reliance Mutual 

King & Shazsen LttL .<■ '■*’• Tunbridge Wells.KooL 080322271 

52, CornhiU. EC3. 01^135433 KeLFrnp B*-,/ 298.1 } • . I - 

^ ” WtecMH Asset Management 


115.5 

95.4 

97.9 


01-247 B333 

119.3) 

USJ ^ 
mi - 20 I 
1003 
1033 

1M4 


st Swi thin* Lane, London, ECA 
N.C.Prop Mar 31 .,D143 17L 

Next Sub. Day Irene 


Kinpmood House, 
Surrey ETS08E l'. 

Cash Initial_{95.4 

. „ Do. Acciun...97.1 

-Capital Life Assurance? Equity initial....... 119.3 

CoaWxmHmtM.ChapelAririRPtoa '0W528511 - Jg-{ 

Do Acctun...1179 


Next dealing date Juno 27. 

Govt Sec. Bd.-..pBl.W 125.91h^...l - 

- Langham Life Assurance Of Ltd. 

xSSEiSfJSESff.^'fflfcST™’ 1 iMnrMce Group 

Legal Sc General (Unit Amur,). Ltd. 

KnmnsA: 


01628*356 

-J - 


0512274422. 
1418) .....J - 


, .Keylivwwt.Fd.__- 
. ntnUMdsiFd.. 


10121 

102413 


wr 


Charterhouse Magna Gp-¥ 


- { Id Chequers Sq^VxteidgoDBBlNE 52161 




. Ciothm Energy - 
dtrthse. Moneys 


hrihse. Equity. 
Magnn BldTSoc.- . 

jaagnaMnnaged- 


13*4 40.41 

-a... 







32A6 


1. -1502. VI 

to... 


Int/. initial_[993 

Do. A crum -_-1993 

Managed Initial.....017.2 

Do. Accum._1119-5 

Property Initial-—198.* 

Do. Accum....__(20IL7 

lxnl.6 General (u 
Exempt Cash Inlt, _ [96.8 
Do. Aocum._—__|973 


Exempt Eqty.IniL- 116.5 

DO. Accum._ 170.1 

Exempt Fixed Inlt. 106.6 

Pa. Ajeeum. - 1883 


Ofy of Westminster Assur- Co. Ltd. 

; BbUriead House, 8 WUtehonn Road.. „ - -— —— 

; CrSIdooCBOilA. 01-8848864.- • Exempt Mngd. laU.til66 

- - Do. Aman.--_piB2 

Exempt Prop. IniL .f96.fi 

|HI3( 


■Wsst Prop. Fund—(66.4 
lanacetfF 


Man he ed Fuad—, 1733 

Equity Fund--57.4 

Farm! and Fttud-733 

Money Fund- 120.7" 

rmi Pn»vt -■■:■- Y*? 
^VtFtant-_- 


_ Do. Accum.———J9T3 


'ait Fens! 



Royal Shield Fd. __ R34J 
Save A Prosper Groups 
4 Gt SLHeleo-s. Lndu. EC3P3EP. 01-564 8899 


Bsl Ir.v. Fd._(127.9 135.4 

Property Fd *_11523 M 12 

Gill Fd_[ll9.ll 125.3 -0 6) 

Deposit Fdt_(122.9 129.4 

Ctrnip. Pen aFd.t..__B9XZ 21 x 9 

EquityPens.Fd_MX3 193.5 *0 5) 

Prep.Peiw.Fd.*_mao 230J .. .[ 

Gib Pens Fd_hjj, 98.8 -0^ 

DeposFen* Fctt—|98J J03ij 

Prices 00 June 6. 
TWcakly dealings. 

Schrader Ufe Group* 

Enterprise House, Parumouth. 

Equity June IS_ 22X2 

Equity 2 June I3_ aX5 23 
Equity 3 Junud..— H9JC 
Fixed1m. June 16. 1373 
Fixed Int.3 Jane 13 1473 

InLUT June 13_— 139.1 

KIcSGIU June 13„ 142X 
K&SSc. June 13.._ 1283 
MnEd.F1x.Jtme 13.13X7 
" 1*4.9 


Mngd. Cap. _ 
pens. Mnttd. A*C. __~ 

Pens. Money Cap. _W6i 
Peas. MtmCT Acc _W3 
Proa EquiivCsp-L-pAX 

Pro*. Equity Acc._.]583 _ 

Fund currently dosed to new investment. 
Perform Units——.] 204,8 1 | ....] — 

City flf Westminster Assur. Soc. Ltd. 

Telephone 01-654 9864. . 

First Units-0223 1»«—J — 

Property UniIS.-p4J 57.2J ^....| — 

Comroerrial linlou Group 
SL Helen’s, 1. Undershaft. ECX 01-3837500 
VrAnAcUtJune 17.| 5496 1 - 

.Du. AnntrftyUu—{ 18.M ).I — 

CoiifederatJoa life Insurance Co. 

saChut^Luniri^AlHE 01-2420282 

9Equity Fond-_UBl6 15931 .._.[ 

9NSnSStd Fund P771 1B6« . 

f7i 2273 ^ 

i&S 

130J6 
3748 


Legal Sc General Prop. Fd. Mg *CUd gSSggj|^»Z u 7J 

In al _ : 11, Queen VictoriaSL.EC4N«TP Q14M8M7B Moneys June 13 l__ 1173 

L&GRcuFd. Jotw 5JB.9 IflUj J-.— Deposit June 13— 11X5 

Next sab. day July l! . , Property June 13 154 6 

. Life Assur. Co. of Pennsylnmla )t bs’^b w ii'. mi 
3042 New Bond St,wl70BQr 0l*4M8» B5Pa*\ccB JuneU. m.0 

' XACOP Units—.—{386 ; .303#-J ^ 

• Lloyds Bk. Unit Tst. Mngrs. LtA * §* 

71. Lombard St, EC3. ' 01-6231288 FuUntpmArc B.- « * 

Exempt™_|9B If 10331 —-1 739 5*r?apB.._ 95.8 


Fermoai Pen. Fd_ 
Equity Pro. FUpd_ 
Fixed InL Pro. Fd 
Managed Pan. Fd.. 


Lloyds Ufe Assurance 

ao. cuftoD st, EOA./MX 

BILGUt Juun8-|y 132458 

OpU ProjxJnue 15. EX7 -Lgj.M 
OpUEqirJujielsJmB 137.7] 

OpLHjy. June 15—rtX55.0 163.2 

OpLSMan. Juncl5c.|l47.7 Jgj 
OpLS Dept Junel6,|l2X* 1276 
London Indemnity St GnL Ins. Co. Ltd. 

18-20. The FDrtJury, Readfog 8895111.' Mgd-Fen " 

SSI t?' z Solar UfojAssnrauce Limited 
Fixed In latest..H43 Jfc.2[.| - J (VIXEly Plw T^ondm K.CJN 8TT. 01.242 280S 



■|.i 

mi 

1444 

154.9 

1463 

1456 

126.4 

138.7 
1525 

112.8 

1233 

319.6 
162.1 
3603 

126.6 
1375 
21X3 

250.6 

100.7 
10X0 
1010 
39X3 
1003 
100 . bl 


P7052TCT 


Idows* Group 
Edfnborch EH1G5BU. 031-8650000 
10531 . 

104.4 . 

102.4 . 

144 6 . 

140 9 . 

2M..6 . 



The London & Manchester Ass. Gp.* Scjar Managed 5 _.f 
_ The LetU-FPlkaaoiie, Kent. 0803 57333 

_ Cap. Growth Fend..’ " 


Cted In. PqX| 

Cornhill losurance Co. Ltd. 

32; CorahUL ZX3. .1 

:*J=j r 


22*1 


233.8 

aNlla 

■99 


m 


mi 


82.7 



Cnp. Gzvnui reno.. 

♦Flex-Exempt Fd.. | 

'.♦Exempt Prop. Pd. 

♦ExpLuri*. TSL Fd. 
n, neiMin FleUblnFund 
01-8265410 mv.TruK Fluid—„ 

Property Fund- j 

H AG Group* 

Credit Sc Commerce Insurance 

120: Bagrat St, London K1K5FE 01-4397061 coire. DepndfZZ U7.7 - 12X7[ 
COtCBfogd. FtL——112217 132-8) .....) - Equity .1376 

Crown Ufe Assurance Co. Ltd.* ' mxl 

Crown lire «se, Woking. GT.m 1XW 04882 5033 : Gilt BondrT--- • -W 7 4 112-^ 



134.11-0.51 — 
117.1 —0.4l — 



1443) 


_ Jd Fund Acc.. 10X4 106 .71 -4131 

Mang'd Fd. Incnv — 1014 1 D£l7 -O3} 

Mantfd. Fd. tail-W10 MS.] -0.4) 

Equiij Fd. Arc L01.0 1063 

Equity Pd. Inetn.— HU-0 .10^3 

Equity Fd- Inlt-- 10X0 1863 

PrqpottyFd. Acc._, g3 3803 ..... 

Property Fd lncm.- 955 1005 

Property Fd. Init. _ 95-2 1003 . 

fotf.^CFd. Acr..„ W3 - 103 4 

Inv.TH.Fd. Incm. „ 983 M34 

iBV.TstFU.Iait.^ 98.0 1033 

Flwd Int Fd- .Acc.. 966 J&2 “S'2| 

Fx4 tat. Fd. Incm,. 96 0 10X8 -0 3) 

Inlet* L Fd. Acc-.__ 107 5 113.1 . . 

Inter!. Fd. In tan._I W7 5 1333 . 

Mow Fd. ACC-954 lOftf +03 

Hrtotg Fd. Incm. __ J6 8 1W * +0.1' 

Dut-FtLIucno-1005 205.7 -‘-0 2) 

Crown Bit Ir.w A’_. 159 6 — 


700 


*78 


5.10 

lTl4 

432 

791 


UuenumL Band* 
Managed Bd.***.— 
Property ^ 

Ex.YieTdFd.B 4 -.. 8X9 
HrcpveryFd M.*.. 63.8 
American Fd. Bd.*. 
Japan Fd-BtL*-- 


inn 

i«a 

J S£y 

671 

II 


J^re* pn Mow iT^June JST^Wuno 18. 
Merchant Investors Assurance 
125. High Street, Croydon. 

Property 


Property Pens. 

Equity 


Equity Pens...... - 

Money Market,.,-.. 
Money Mkt Pmw. -. 
Deposit 


Crusader Insurance Co. Wd. 

Vincula Bouse. Tower PI, EC3. 01-826 8031 

Gib. Prop. June 0—1701 793) | — 

Eagle Star Insor/Midland Ass; 

1. Throadhredla St-ECX 
EtCtoMd. Units - .#513 
Equity Sc Lave Life Ass. Soc. Lld-¥ 
Amersham Hosd. High Wyeonibe ; 04M 33377 
EqultyFd-... .,_-IU5u4 ' 1193-0-7 

Proiwfrty Fd..—_— 105.8 1 1 1-3) , , 

Pixid fotiroatF. - 1068 -0.4 

Gtd.Dro«KFd— 980 184« 

Mixed FU_..[109-B 1153) -06) — 


152.7 
1593 
' 576 
364 6 
.140.6 
38X5 
128 4 
3396 
300 
335 7 

305.6 

203.7 


Solar Pad. Int S— 

Solar Cash S 

SoInrluU. S —j-£- 

Solar Manaj«iaP— 127.1 
Solar Property P..„ UB.9 

Solar Equity?-_160 9 

• Solar PnLInCP-1145 

SoI«C«rtP,—... 99.7 
Solar IntLP__-10X6 

Sun Alliance Fund Mangmt. Ltd. 
SuaAUianceHtwae. Horrtam. 040384141 

ExpyttlnUunel*.105038 160IKK.J — 

InL Bn. June IS-[ U454 ( ( - 

Sun Alliance Linked Life Ins. UL 

Sun Alliance Houae. Horsham 0403 84141 

Equity Fond -flJ7.? mjj -0.3 

FixrdlnlerexlFd. -.1043 109.H -0 Z 

FuntU.... 108.4 1242[ ... 

onal Fd-_ 189.5 YXSJI -XJ 

_Jtrnd-- 965 1QXH . . J 

Managed Fund__009.0 114^-0.4) _ 

■ Sms Ufe of Canada IU.K.J Ltd. 

01-930 5400 


01.8808171 2, X 4, Gockspur St- SW1Y 5BH 
HdPjuXI.Grtb.-_-l 1994 

1281 
203 2 


+ 0 .. 

♦L 


01-5881212- SSfflEfce&S 
-532) -0J1‘ SJfi 


Dopoiit Pena.—— 

Managed -- 

Managed Pens. 

led. Equity-- 

lull. Managed.^..-,-. 

NEL Pensions .Ltd.. 

Mi l loo Court. Dorking. Surrey. 

KeiexEq Cap-M3'! ,>*-5 

Nelex Eq Accum... 113.7, 119 7 *0 1 

Nel« Money Cap.- 6X3 *43 

Nele* Mon- Act 64J 693 

NcIqxGlh Inc Acc..' 49.1. 5X6 

Nolei Gib Inc Cap.. 4JB 52.4 

Nvl Msd. Ftf Cap„ 47.8 * 5JL3 
Nelilxd. Fd. Acc^feZ 50 7 
Next Sub. Day May 25 
For Nrw Court Pnaeaty aee auder 
KathschlM Axel Managomeai 


Target life Assurance Co. Lid. 
l Hmuc, Gatehouse Bd, AylMburr. 

Avlesbury iQ20Q< 5041 


-MamFuad Inc- 

- Man . Ftfnd A«__ 


Rrop.Fd. Inc.. 
Prop. Fd. Age.. 


m 


..(107.8 


1381 


2-Bream Bldgs., EC61NV.' 

Tulip fovost-Fd-1142 | 

AFd—PlSB 

Fd-11166 



7 The Building and Civil Enginermg page 
is published in-the Financial 'rimes every 
Monday and carries news items relating to 
contracts and important developments in 
the Construction Industry. . . 

For details of the advertising space 
available on the page each week, and costs, 
you are invited to telephpne - 

... 01-2488000,EM.360 
or write to The Advertisement Director 
Financial Times 
10 ,-Cannon Street, London 
EC4P4BY. 




PTop-Fd-Inv._169 

SSI!-Fixed !nu Fd. Inc. 106.9 

r BtStfXLSi r.:IU 
r gSISSESSr.-: 

_ firtJtanMan.Cap_. 135.1 
Z GiHPer. Acc.__Z 130 2 

Z -wtJPao-Cap._PM3 

”. TransinteruarioDal life Ins. Co. Ltd. 

01-4DS8487 
14951-4131 — 

11 # a *o. 6 | — 

MBat&W 1131 = 

Trident LUe Assurance Ce. Ltd-9 
Hauitade House, Gloucester 0452KS41 

iwSfiSzzzz:iw2 “ 

illfll 15 c. Is _ , 

9X4 -071 
112.0 -0.Q 
1473 

m. , 

1B9.2 -0^ 

1343 .... 

1323 . 

Ufcfi . 

319.7 — 

1243 
US7 9 .... 

3123 . 

1396 ...- 
1243 ...... 

382 .... 


1226 
1033 
126.6 

iGrowUiCap-_124.7 

^aowthAccZZIZ 129.4 
Pans. Mhgd. Cap. _ 1 UB 
Peaa Mngd. Act _ 117.4 
PcnKGldbBpCiip.. 10X9 
P*raȣtd3>ep^\rc.. 105.8 

fenxPpty. Cap_HZ.4 

rtmsTWAeZL.-.. 1173 

Trdt-Bond_ ».2 

TlldtGX Bond ,--1973 

.-Cash value for £100 premium. 

Tnufslj Araoraucc/PessionsV 

___ MT232241 

M*by June 15 
Equity J<mc IS-— 

BondJuno 15- 

Property Jane 15 ,. 

Deposit Juno IS — 

:5y>?fon. May IB, 
tTKaualnv. junelS 
Mn-PnJ-W Judo 1 , 

'June].,, 


1246 


1681 


165.8 


285 2 


1273 


1462 


713 


164A 

.. 

263* 


374 8 


IS* 



Do. Prop. May 2 — 

Vanbrugh Life Asniranee 

4143Maddox Sl.Ldn WlJtBXA. 0MM4923 

Managed Fd_11453 Xg.Ol 

i|l-SI 

Fixed Inters Pd. _|lM.9 173•*[ -03] 
Property] 

Cub Font 


ZZ&31 


147.1 


Fond 

Vanbrugh Pensions Limited 
«-« Maddox St. Ldn.wiHBLA 01-4P94B&3 
Manascd .. - —.196.4 103JH-01I — 

Equlfr^_-.3006 10 |.W“jjij — 

SVedInterest- ,. 94.9 , 99.jl -Oil — 

•Properly—.]9*5 10X6]. 1 — 

Guaranteed Mt 'lua. Base Rates' table. 

Welfare Insurance Co- LilL¥ 

The Leas. FolluaUmc Kuuu - 030357333 

^SElupdf'.pleaw r^toTho London h 
Manchester Group 

Windsor Life Assnr. Co. Wi 

imih Street, Windsor ttiadap.rSSl** 

' tf« inf. Hinj.-—|W S 72.1! 

. cforeAsad-Gthta'i 2060 

Fit fore Aasd Gtl-.ibl. 1 «00 

.Bet. Amd- Pear . I , £334 . 

Ffoic-lnr. tot u th - |1B60 1AL51J — 


AUTHORISED UNIT TRUSTS 


AhhfF Unit Tst,, Mgrs. Ltd. fal 

T3«.nal*hmiMiRd .AjlMburj- 0206 9041 
Abbey Capital.. .132.4 M51-0JI 424 

Abbey Incunw byo «ljJ -03 5 01 

Abbey Ini.Tst Fd .[lb* 381].. 1 432 

Abbey Gen. Tsi .. JaSl 4B0|-03l 3.94 

Allied ffuubro GroupV (aHgi 

Dumbed H<w.. Hutioh, Brennmod. Essex. 
01488 3851 or BreutwoOd (0S77) £11450 
Italaiwul Funds 

Allied 1st-1653 . 69.91 -OJI 

Bril train Fund- K20 - 663d -Oil 

Crtb. Aloe.. 065 39.01 . ..J 

Elect. St UxL Dev.[330 35.3)-D3) 


Gartmvrt Fund Managers V (angt 

2. St Mart-' Asa. E03A 8BP. 013613531 


\z 

1 % 


..lAmertcenT*- 

BririsbTrttArc ». 
Swano dig^ jg -. 
Extra lmwaeTrt-K » 
id For E«>t Tnyt- W.l 
mgblucmacTs- wb 
I ncome Fund.- ■ 

[BISS?*:: gs 

fra Bli Tft. (Aec.'—175 0 


M.3 

Us 5 : 


Ua<2 


ST 6 d - 5.21 
59 7 - 0J 
179 -05 

J7 7 -9 5I 
M2 -0.1 
779 ■‘■OX 
2481 -OUT) 
933 - 11 , 
37 b -0 1 


0.12 
334 
2 70 
925 
082 
845 
654 
3» 
600 
1.20 



Allied Canjial- .(713 762)-0.3) A36 

TUmbroFtind. ...[ioi.2 Uo.«-0 9) 5.16 

RnbreAec Fd.-..hl7.9 126^-08] 4.56 

Tncsw hudt 
High Yield Fd_1782 

aMTBr=ft 

bkiwhad FmdB 

International.,_ 

Pacific PVtid . ...- (43 M 
Sec*. Of Amcrtcs_55.2 

C&A. Exempt#—( 95 .Q 

SpnCtftlUl Funds 

Small or Co.'s Fd.—(35-6 
2nd 5nlr. Ob's Ftf- OS 

Recovery Slu.. M.6 

Mct-Min-iCctty. .- 4U 
Oversea* Earnings. 573 
Expt. Smlr. Crf»—*|Z193 

Anderson Unit Trust Managers Ltd. 
1M Fen church St. EC3M8AA. (038231 

AndersonU.T._|493 5321 -0.71 435 

Ansbaeher Unit XgmL Co. Ltd. 

X Noble SI.EC3V7JA. 0I4&3037S. 

lue. Monthly Fund.1165.0 173 j0) .| 8.90 

Arbnthsot Securities Ltd. (iKe) 

37. Queen ST. LafidOt>EC4RlBY 01-3385281 
Extra Income DOM 11331+0011X50 
Rich Inc. Fund—09 44J ....J 

ifAram.Unlt*j._. 552 5A4 +02^ 

WdnaLtiia.) 552 59.4 +03 

frafertiiM Fund_23.5 27J ... 

I Accum. tjnltaj-. - 37.7 40J , , 

Capital FUnd_19.7 ZXfl +0.4) 

Commodity Knud.- M3 63.6 

(Acemn. Unttal-MB 9X4 

<Km«9hwl.U.)— 51.B 553 

FtuAPropLFd.-17.4 UU 

GUntoFund_ 402 4S3 

[Accum. Units)-463 49J .. 

Growth Fund__ »2 553 +03 

(Accum. Unit!)_V7.2 4Z2 +4L2 

Smaller Co'J FA— Z7.4 293 +0.1 

EasternfclntXFt. VS 293+2.6 

(fi*£Wdn»l Ut3.\..- a 2 225 +21 

Foreign Pd._M2 91.1a 

N. Amer. k. ltdFdp2.4 549) -0.4| 

Archway Unit Tst. Mgs. LtiLV UKc) 
317, nigh Hoi born, WC1V7NL. OI4UE32 

Archway Fund.—RM SUM).4 8.B3 

Prices at June 15b Nest sub. day June 22. 

Barclays Unicorn Lid. laKfNKc) 

Unicorn Ho 392Romford Bd. ET7. 01-5345544 
Unicom America .04.7 37Jrf -OJI 107 

Do. Aust. Acc_7X8 78.7 +aj 1.63 

EW.Anst.Inc.__ 37J 61 9e +0.lj 163 

Do. Capital._682 7X6 -O.ij 4.30 

Do. Exempt Tit.. _ 107.8 1123 -D.7) 844 

Do.Extralacome .. 182 304 J 831 

Do.FinaaclBl_ 19.9 64J8a . 5.13 

Do.500. ns 78 7 -o.d 5.93 

Do. General_513 333 .... ( 621 

Do. Growth Are.-* 18 7 441 -0.rf 425 

Do. IncomeTK.—, 84.7 916 -0J h.ffs 

•Do. Prf. A'ns-Tst._P3T2 M4^ .. J 5.02 

Prtres at lliy• 30 Next sub. day .Tuna 3a 

Da. Recovery_K2.0 ika -031 5.66 

Do.Trust** Pund- 112.9 J22.S ~B3 5.06 

Do. tt-ldwido Trust 512 55.9-03 X53 

BtsrJnJdJne_62.4 65C -S3 A 4.86 

DO. Accum._(7X4 74S-Bj| 436 

Baring BroUten Sc Co. LId.V UK*) 
88.LeadenhaHSt,£.C3. 01^882830 

StrattonTtt._J1783 1772) ..-..I 427 

_&83 219* ..,.4 427 

Neat sub. dsy June 21 . 

Bishopsgate Ptogresrive Hjpnt. Co.V 
B.Blahopagnle.E.Ci. 01^880380 

B'gatePr.** June 0-0805 M2Jal-1 434 

Acc-Uts. —Juneft.-j215.0 Z29 lh .—.{ 404 

B'fBlcXnt June U-&M2 29X7]. X24 

(AccuhliJ une 13_P983 m % .j 124 

Nod sub. day ‘June 37, "June 20. 

Bridge Fund M*n*get*V(*)lc> 

King Willi am St-EC4RSAR OIJ034BU 


Gibbs (Aatonyi I'nit Tst. Mes. Lid. 
2 JtBlamiwdSt-Ei^i 7 Xl- ni-S884lt! 

!Sm \ M ’ 1 T J» 

G ovett OohnlF 

7r.LWtidonWan.EC2. 0 i SG 8 KSO 

S-hUU June 140 0 MJjrf .1 1 ,? 

GrievesoB Management Co. Ltd. 

SOCreshS*®^® 7 ^^-' <113044433 

Warrlnoun June I4g05 0 

B775 



BnrrtnSVOU fof* 
lAirnU- DnltJ'-r 
atU8H.YdJunel5.g- - - 
CAccutn. OdWj —@4 J 
Eudeav.JUnel*.- (1900 
lAocuta. Unltsi •- .11967 
Gruchsor- June lo - 
(Accum. TJldW—• - 
Ln3t Brels. June 14 
lAcv-um 


977 

mis 

10.4 

73.5 


21421 
2321 ... 
185.4 .... 

213.8 .. .. 

199 8 . .. 

,»6.C . 

102.3a 

1062 . 

74 0 
76 7 


453 

a 53 
789 
785 
1.91 
X9I 
220 
2B0 
392 
192 


GaardiaUr Bxiyal Ex. Unit Mgrs. Ltd. 

Royal ExCh«nKr.EC3P 3DS. oioasaoil 

(agDGuardhDITd- -1*9* 9261-0.5)' 435 

Heuderaen Administration 1 ? faKcMg) 
Premier U T_Adnu a, a Raylmah Rood. Hutton. 
Brentwood.'®**®*- 0277-217 238 

££&*£— 1«6 4541 -0JI 333 

Cap. Growth Acc- K32 46 H-0.1 

Income A Assets- .D25 34^-02^ 


RelianceRvr .Tunbridge Wells, KL 0882 
OpportunibrFd——166.6 722 .....J 

SoHordeT.CAcci ..NX9 44* -OJ[ 

SekfordeT. Inc. _ .[*0.9 43.7| ..Zl 


4.60 

7.91 


tedE 


BSfefiS2E=:©B 

lateroaHrart 

Cabot--.— -M-7 

Iniwnmfonal —W J 

VlTId Wide June 16-175.6 
Ownre 9»* 

Australian—-- 

fggStzzz: 

CabotAwerAmCo. | 




m 


37 M —03) 

Tt.2) .. 


269 

153 

455 

XM 

5.04 

3.46 

130 

221 

X2S 


Bill Satzmel Unit Tst. Mgre.t fa) 
46B<j*cliSr,EC2P3UX 014288011 

“ 539 

337 
291 

4.72 

4.73 
778 
535 
8.02 


fflfflsscriB* “«a=aa 
sssS# 

(bi Financial TnrsL 

lb) income Tn»t— 

-— Trust _ 




Do. Accum. 


85J -It 
3xi -o; 

97.6 -0.6 
202 -03 
556 -03 
31.44 - 

lnteLf 00(g) 

15 . Christopher Street, KC 2 . PI-&47T243 

Intel. In*-Pond —{86 6 93.6) -0.7) 635 

Key Fund Managers Ltd. laMgl 

®. Mia st, sea van: ot 400707 a. 

Key Energy InFd- (778 82 71 -0.41 3 M 

Key Equity * Gen—A8J 726 -0 2 4.79 

*Sy5eiptPd....M3.0 162.7 6.13 

Key IncomePtmd- pTl 1 BJ3u +B.I 8^7 

Bey Fixed Jut Fd._fe& 64.4 . . 11.97 

Small Co's Fd. (965 1026)... 3 87 

Klein wort Benson Unit Managers? 
20. Fendbnrch 9L, E.C.3 01-8238000 

KJt Unit FcL lac-»*.? 92 31 J 3J9 

*KB.UDltFtfAC-_ 106.0 ll53 . ...1 5.09 
RJXFd.Ia».Tat4.-l55 2 59S -.. [ 447 

L & C Unit Trust Management Ltd.? 
The Stuck JBduage. EC 2 N HIP. D1-3B8 2800 
LAC Inc. Fd.. 


Perpetna] UoiL Trust Mngmt.V la) 

*8 Hart Srf-. rienlcT on Thame* O40I268C8 
Pr-rtusl-lu^Lh - 139 9 43 B| . ■■ I 341 

Piccadilly I'nit T. Mgrs. Ltd.? taiihi 
Wardg7eH'c.58al^indunWaIIEC2 #3808<ll 
Extrw Income .. . 

Small Co's Fd__ - 

CnitJl Funu M2J 

tul.Enu- -- 

Private Fkuvi _ _ 

Accumlir. Fund_ 

Technology Fund... 

Far Eav Fd_ 

American FUnd - . 

Practical Invest. Co. Ltd.? (vile) 

44. Bloom* bury* Sq. WCl A 2R-\ OiafiSJHtfC 

Practical June 14 il51 0 160 31.. .{ 421 

Accum. I'lMh ... (2U 6 226 71 J 4J1 

Provincial Life lov. Co. Lid.? 

2Z2. BL.hOI»KaLe. F.CIL 01-247 853^ 

Prolific Units_<84 A ^0 3 S« 

High In cotv? . . . (UL6 119S+0 6) 739 

PrudJ. Portfolio ntngrs. Ltd.? <aj(bMcl 

HOIbnrn Bars, EC1N BFIM 01-4058222 

Prudential. __ [3245 132 0J-1D1 4.49 

Qailter Hu»genmt Co. Ltd.? 

The SUc. Exchange. EC2N 1HP. 01-60041 

as itezm 

Reliance Unit Mgrs. Ltd.? 

Reliance Hge .TunbridgeWells, KL 080222271 

.. .. 528 

573 
372 

Ridgefield Management ltd. 

38-40. Kennedy St,Manchester 0612388321 
RIdgelieldlnt.UT.ran.0 107 Did — I X62 
RtdselleldIneau>e.|9ao 99.<M .I 30.49 

Rothschild Asset Management <gl 
72-00. Gatehouse Rd.. Aylesbury. Q20630U 

N. C. Equity Fund—11681 171* -0J X91 

N.C. EngyJtes.Ti(JUX7 Has -0.9 248 

N.C. IncomeFuiuOl46.4 15S.7C -0.4 6^ 

N.C. InO. Ftfc tTae.lW.fc 9*5 -0.6 in 
N.C. IntL Fd. {ACC.H92.6 ,9*5 -0.6 171 

N.C. SmJlr Coys FdJ15* 1 1*4 0| -0.1) 435 

Rothschild & Lowndes MgmL <a) 

Sl. Swi tWtwLane.Ldn.EC4. 01403-43W 

New CL Erempc, .1029 0 132 0|+SDl 354 

Price on June la. Next dealing July 37. 

Rowan Unit Trust Mngt. LtdJKa) 
City Gate Hae, Finsbury Sq, EC2 03-009 30« 

AmencauJuue15-|7lD 74.0). 

SecunttefiJunelS- 167JI 376.1 . 

High lid. June 15.. 5X2 - g.9 . 

I Aeeura. Unltsi_151 78.9 - 

MerUnJnnel* -8X2 «J - 

(Accum. Units 1 _[991 304.1). 

Royal Tst. Can. Fd. Mgrs. Ltd. 

54. jenuyn Street. S.W.1. 01-6388332 

gSSa-:-R.‘ 

Prices at May 15. Next dealing June 30. 
Save Sc Prosper Group 
4, Great St. Selena. London EC3P 3EP 
88-73 Queen St. Edinburgh EH2 6'jX 
Dealings to: 01-534 8830 or 031-228 7351 
S*ve St Prosper Securities Ltd.? 

International Fonda 

aatr=.in 

Vnlc. Growth_(67.9 

tnaewduK Income Fund 
High-yield — .1526 
High Income Ponds 

High Return-(663 

Income--—1422 


0.97 

430 

7.68 

768 

3.76 

3.76 


5631-03/ 7.36 


45J 


\1 


a 


814 

895 


r*P SH=1 


7.61 

217 


American k. Gcrai, 126.6 

Incraac'__58.4 

Capital lnc.t_*63 

DO, Arc. t_<83 

Exemrtt__137 

IWerntl. lnc.t_1*2 

Do. acc. T_ 1.72 


28.0 
54 Da 
38.1 
421 
JAM 
17 3 
U.1 


135 

633 

335 

335 

5.48. 

331 

331 


TTOUtand . 
^Americnn Fd— -.042 

if Acc um ITWIs)-1252 

-Hljh Yield-p2 

—(Accnm-UnKri 


Dealing *Tues. fwed. SThnn. Pnees June 
I1T4/I5. 

Britannia Trust Management (a) (g) 


3 London Wall BoUdiugs, London Wall, 


London EC2H SQL 
* M>t> - 171* 

Capital Ace - |5L7 

Comm A Ind_g63 

373 


grernnt.. „ - 
Extra Income. 


Far East_2X2 

Financial See*—, 633 

Gold A General-853 

Growth_792 

Int& Growth__ 721 

Inri Growth_[62* 

lnvcst-TjLShorei. 

lrtw+rak . . 

Nat High Inc. 


*94 
S5u6 
793 

New Issue—-— 3X2 

North American._293 

Professional. —. 5042 
Property Shares... 33.4 

Shield-!-C3 

Status Change—-— 3XA 
Unit Energy— S32.3 



The British Ufe Office Ltd.? fa> 
Reliance Hre, Tunbridge Wells. EE088222372 

BLBrlttsh LUe-K93 525j +0.1[ 534 

BLBalanred'-—_ (463 583) I 554 

BL Dividend*-H26 453) ... - I 936 

•Pried* June 19 Neat dealing Junn 2L 

Brown Shipley * Co. Ltd.? 

Mngrsf Found era Ct-ECS 813008920 

Rn»uux 

Onok Trusts (a] <gi 


LAClnHfcGenFd 

Lawson Secs. Ltd. VlaKci 

tnGeorWBSt.EdinburghEH 22 JG. 031.2283811 
Raw. Materials—139. B 43J) 625 

Aceam. Units)—(44 7 485 625 

•GrowthFttnd_55.5 M5 -0.9 325 

rt Accum Unftai— »X2 667 -03 325 

IWarrant |j77 4X3 . idz 

261 . 03n 

27.1 . 0l5O 

, 518 .— 1 x 00 

_ . 167.6 726| ... U.@S 

Deal. Triton. •Tijct. riWed jThore. **Fn. 

Legal Sc General Tyndall Fund? 

1 * Canytige Koad. Bristfl. 0272 322*1 

SteaaSVnlWirZ^A 76^ 526 

Next sub d*7 July IS 

Leonine Adminiiitration Ltd. 

2 . Duke St, London VT 1 M 6 JP. 01-4885801 

LeoDW-__(74.9 78.* -021 533 

Leo Accum_ |b2« 86.7} -02) 457 

Lloyds Bk. Unit Tst. Mngrs. Ltd.? (a> 

BntUtm*a Dept, Goring-by-Sea, 

Worthing. WestSussex. 013231288 

First tRalnedJ- fff.7 3J.*-03j 4A9 

“ .1683 73.4 -05 4.49 

B23 562s 306 

E 5 .S 70.7 306 

AX5 87 6 -05 623 

ITX* 1201 ~0J 623 

1583 629c -82 *02 

Wu& 7X6J -03 832 

Lloyd's Life Unit TsL Mngrs. Ltd. 
73301 Gaudroa*eIid,AyJcsbwy. 08883061 
Eqqity Accum. —[1572 l*5fl 435 

M i G Group? (yXeKa) 

Three Quays; Tower HBL BC3R flBQ. 0U2O 45BB 
Sen also Slock Exchange Dealings. 

American. - -..|5X3 545) -On) 

(Accum. UultS)—_ 52.2 
Austrnlasian 543 

f Accum. Units)-552 

Commodity.-75-7 

rAccum-Unit*).,.- C6 
Compound Growth-186.9 
Conversion Growth 63.6 
Conversion lac.... 63.9 

Dividend._— U6.7 

< Accum. Units!-22X1 

European...--(49.4 


UJL Funds 

UK Equity_|4X7 46.91-0.4) 4 75 

OversMi Fnndsm 
Europe-[86.4 

D.S_J77.6 

Sector Fuads 
Commodity-.——-(752 

Energy—__ —(70 2 

FtaanclnUSecs— .,(733 
ttl ^ Mtl nlwum Ftutds 
sdect loternaL . [260 o 
Select Income _ - (5X8 

Scotbtts Securities Ltd.? 

Scotbits_(39.4 « 

Scotyieid_W93 5; 

Scotshare»._—— |572 61J 

Scot Ex. «Jth-4.~ -0445 256. 

Sent.Ex.Yld.**—0672 17S._^ ... , ... 

Prices at June li. Next sob. day June 2d 

ScUesinger Trust Mngrs. Ltd. (*Kz) 
nncorporatinfi Trident Tnutsi 
140, South Street. Doridng. (C008)80441 



DaCAforeL). 

Second (CapJ. 

Do.(Accumj-, 

Third CfoMnM)-[-, 

DafAccuaU-(m3 

Fourth OKxInc.)—. 
Do-tAccamJ—.-- 


Am Exempt._222 

A* Growth ..2*1 

Exempt High lid- 26.0 
Exempt Ukt-LdTS- 25.4 

Extra lne.TaL_2S3 

lnDorae Dta_— 38.7 

Inc. 10% Wdrwl-293 

Jntnl. Growth—— *93 

Inv.TsL Units. - 253 

Marfcot Leaders— 2*7 

•NO Ylefd*__ 273 

preLJc Gilt Trust-.. 231 
Propert y Shares.-,. 262 

Special Sit. Tst_Z73 

TLK. Grth- Accum. 2X5 
U.K.GKA. Dtst.-ZB«3 


23.4 -0J 
302 -0J 

27.4 ... 
2*7 n “OX 

3X3 .... 
4X3C -0.6 
3X6xw -DA 
533 -0J 

27.7a . 

30.9a —02 
29.9 -0-3 

243U . 

2*2 +02 
293 -02 
232a -01 
20.4a , .. 


37J +0.3| 
19.7 -OJI 
483 -0J 
3*4 -02 
322 . 

• 22.4 . 
2*7 -02i 

T1 IWi — 0 7) 
621 . 
230a +0J, 
603a . 


424 

3.90 

432 

432 

937 

335 
426 

336 
439 
5.88 

-4.89 


Growth Accum.. 

Growth income . 

‘ ‘. Income 

LT.U__ 

Index ___ 

Orerxeas--- 

Periotnnance -__CTX 

Hcrowry--P+i 

ExmpC June 12-157.9 

Canada Ufe Unit Tst. Mngrs. Ltd.? 
24$ HlgbSX Potters Bar. Herts. P. Bar 31123 

Can. Uen Disc.-(5*2 «J( 434 

Do. Gea. Accam—H63 **» —02 434 

Do. Inc. Dirt.-P32 3S.% -0-3 7.77 

Do. Inc. Aecm*.—rO.4 45.71-4)^ 7.77 

Capel (James! MngL Ltd.? 

100 Old Broad Si, ECSN IRQ 01-6886010 

gfe.z::::z^f . S3 ?3§ 

Prices on Jane i. Nest dealing June 21. 

Carliol Unit FtL Mgr* Ltd.? (aMcl 

Milburn House. Newcmstle-upon-Tyne 21185 

fcrf .as =d» 

Do High Yield-W.7 4431-1 133 

Do. Accum Units _ [519 54i4( .J 833 

Next dealing due June 2* 
Charities Official Invest Fd? 

77 London Walt EC2N1DB. 01-5881813 

5ESK8SS—J£I = I ( -* 

4Unmnh. Only available to He* Chanties. 

Charterhouse Japhet? 

LPaternoster Row.EOt. 013463009 

CJ-lmornari——M.4 26.6 

Accum. Units284 304 

CJ. Income--— 336 III 

CJ.Earo.F1n- 26.4 2 M 2 

Accnjn. Unito——. » Hi 

CJ. FtL lav. Tst-Z7.6 29.4 

Accum. Units-fSX* 3X* 

price June 14. Next dealing June 2L 

Chieftain Trust Managers Ud.?UKg) 

UNewSLECSXtrrP. 01-2833S32 

Amcftcsn..|<or»-7 -° 3f 

Hlxh Jnconre_(4X0 44.1] ... . J 936 

SS&UdiouUT 524 

Basie Rearce. TsLftti 28.6) +02] 425 

Confederation' Funds Mgt. Ltd.? (a) 
SO Charted? Lane. WC2A1HE Ol-aeoaaa 

Growth Fund- V»S 442) .1 431 

Cosmopolitan Fund Manager* 

3a Pont Street, London SW1XPE7. 01-2358525. 
Coanp0biJM.Hd. (172 192)-1 4.78 

Crescent Unit Tst. Mgr* Lid. UKgl 
♦MaWDeCrea, Edinburgh 3. O31-22S40B1 


Accum. Units)-5*0 

Extra Yield _ MS 

LAccnm,Unitsi-U32 

Far Eastern-- 5*4 

t accum. Umui-1X9 

Fundoflnv Trts— U1 
■ Accuiu. UnlUi—. 7*3 

General-(169.8 

t Accum. Units).. 

Wch Income10*8 

lAreum. Units i-1*95 

Japan Income-151.7 

1 Ac cum Units)-135.1 

Magnum—-.. ~— Mil 

(Accum. Cnltri- 2595 

Midland... UU 

(Accvm. Units) 28X7 
Recovery-|C2 


54-* . 

55.6 -05 
57 3 -OF 
5*1 —0.8 
8X7 -03 
8 SX -0J 

11*9 “0.1 
6*7 -02 

AS-8 . 

125.44 +03 

237.7 -0J 

52.6 +02 
5X2 +02 
«0 - 0.1 

120-5 +03 

601 . 

65.1 

*70x .... 

82.0 +02 
1X3 4 +05 
2».4 +05 
103.7a +02 
1805 +03 
163.7a +02 
165.2 +02 

222.7 -0.4 
277 7 -05 
18X2 +02 
300.0 +0J 

875 +03 
8*4 +0.1 . 437 
183 JM +0.4 531 


B57^ 279.1! +051 
ESil 17XW +03 


X67 

X67 

X81 

xn 

*33 

433 

373 

*46 

*56 

7.91 

7.9X 

332 

332 

*35 

*35 

234 

214 

448 

4.48 

5.81 

5.ai 

*43 

*43 

XVI 

X14 

3.BS 

335 

*71 

*71 

437 



Z172 +03) 


153 91 +0 


2971 


+03 


(Atom. Units)—.183.0 

Second Gen--11694 

(Accum. Units)-057.2 

(Accum. Unit si-{203.9 

specialised Funds 

Tiwtoe r -. -■—D5J-5 

(Accum. iJniir.-7790 _ 

rhortbond June IX 11X8 
Charild. June 13— 14*2 14l< 

r Accum I nilSI — UXl 183.9) .. 
PensJhcJunc 10—5353 1433) +1.7 

ManuLife Management Ltd. 
SLGeonte'y Way, Stevenage. 0438 Ed! 01 

Growth Units-(5X1 545) | 4 21. 

Mayflower Ma nag e m ent Co. Ltd. 
]-V18GrnstromSt,EC2V1AU. OiroOBOTO 
Income June 7—...11 0 *4. 11X0) I *20 

General June 7-J705 740 - —j 

Mercury Fund Managers Ltd. 


531 

420 

428 


ASA 

*46 

1*84 

782 

7JB2 

587 


161 
181 
840 
«30 
953 
9.95 

238 
456 
454 

1230 

239 
235 
550 
520 

J. Henry Schroder Wagg & Co. Ltd? 

120.Cbeap3lde.RC! 

Capital June 13- 

(Accum.)...—_— 

Income June 18- 

(Accum. Units)- 

General June 14. 

(Accum Unitsi- 

EuroreJuneJO * 3J^ 

(Accum. Uni ti>_344 

*Pen&CharFdAji23 16*0 
•Spec Ex. June 1. - 243.1 
•RecmetyJi»ne7.,pj!9.5 , ■ 

■Fur Lax exempt I undo only 

Scottish Equitable Fnd. Mgrs. Ltd? 
2SSt. Andre** 5q. Edinburgh 0313580101 

income Units_BO 2 53.41.1 521 

Accum Units-.J57J M.tf -..J 5.21 

Dealing day Wednesday. 

Sebag Unit Tst. Managers Ltd.? la) 

PO Box 5l L Beklbry. Hse, RC4. 01-2385000 
SebxRCapitalFd-.KJ-l 3*71 ... J 3S3 

SetagfoMweFd..jS3 3X9) +0.1) 

Security Selection Ltd. 

15-1B. Lincoln's Inn Fields, WC* 01-831003*9 
Vnrl Glh Th Are —B*1 257} .... j 230 

UnriGthTstlnc . : .PX0 22 44 .4 *30 

Stewart Unit Tit. Managers Ltd. (a) 
45.CharlotteSq .Edinburgh. 031^283371 

tS^wett Amertean Fund 
Standard UntU- . (W.8 

Accum. Units-(73.0 

Withdrawal Units .1543 57. 

•Stewart nrtttah Capital Pond 

ssa*=:.wH ga-ja 

Dealing tFri. -Wed. 

Son Alliance Fund Mngt. Ltd. 

San Alliance Hse. Horsham. 04OSM14I 

ttesgEaer w^i a 

Target Tst. Mngrs. Ltd.? (aKg) 

- ~ Dealings: 012005041 


*20 


5.16 


186 

•23 

3.93 

391 

*65 

3*5 


30. Gresham Sr, EC2P2ES. 

Mere. Gen June14.[177.6 1899) 

Acc. Uts June 14... Z3l4 2462 .— 

Mere. Int June M,.. BJ 694 . 

Accm Uts. June 14. 703 743 . 

MenrRxtJla>-2S 041 22*0 . 

Ac cum. Uts. APTJJ7 (255 5 266.1 - 

Midland Bank Group 
Unit Trust Mnugett Ltd? (a) 
Conrtvood House. Stiver Street, Head. 
Sheffield. KI3RD. Tel 074: 


Commodity A Gen..145.9 
Do Accum —1763 


7B.W+844 

Do Accum-—-0*0 8X1 +03) 

Growth— --J72 40.4X ...... 

Do. Accum.-- J*4 433 -O.l] 

Capital —- - **9 a? +0X 

Do. Accmn - - 3X1 » 33J +0J( 

Income-g-J 553» 

Do. Accum ....— 63.1 

International493 53Jo 

Do. Accum.-523 563 -0J| 

High Yield-- 122 662 -0.1 

Do. Accum...653 7*2 -0.1! 

F-qvrityEsempU- - 10X6 169J 

Do.Accum.*.-.—■- !•** .WLIf 


31. Gresham St, EC2. 

Target Conunoditj-. BS3 
Target Financial'..- 6*4 

Tarsel Equity-16.1 

TrceCExJune 14. . riXB 
ODo-ACe. Units -.2877 
Target GUt Fund — 11A3 

Target Growth_2*1 

Target Inti.-. ... 2*5 
Du. Reinv. Units . . 3X1 

Target Zov.- J2J 

TreePr. June 14... 1592 

Tjrt. Inc.--293 

TKtPref.-13.7 

Coyne Grnwtb Fd . 119.1 

Target Tst Mgrs. (Scotland! ta«h» 

10 . Athol Crescent. Edin. 1 031^2208821/2 

Tnrret Anwr.Eacie^i 2J3 “03 XM 

Target ThtsUe—TW.7 -o*[ 

ExtraIncooieFd...(592 635).. .J lflflS 

Trades Union Unit Tst. Managers? 
074270842 ioo. Wood Street.E.C2. 0142B80U 


Dl-0004555 
471 
471 
230 
2 J 0 
4.42 
4.42 



531 

551 

5.10 

3X0 

3.16 
336 
6.46 
*46 
226 

2.16 
* 2 ? 
S- 2 * 
5.49 
*99 


TUUTJunai. ......150.1 51A| 530 

Transatlantic and Gen. Sec* Co.? 

9l-BO New London Rd Chelmsford 0245 5((Bl 
Bartriren Jnne 13. 

(Aecnm. Unll&i. .. 

BBrb.XxpLMay 3).. 

Buckm June 15.-. ^ 

(Accum. Units). 

CofomoJiue 1* — 

(Accam Units)-_ 

Cumld.June 14 ... 


CresdomGrowth-. 272 

Crex_ ZMcrjLitT- — CT* 
Gres-High-DlsL— 04 

Cre*. Rcneruot-403 

Cre*. Tokyo-— 


421 

*75 

8*7 

434 

030 


Discretionary Unit FUnd Managers 
22. BlomOdd SU ECZM 7A1, 01-038 448S 

Disc Income-1733d|.[ 523 

E- F. Winchester Fund Mngt. Ltd. 

Old Jewry. EC2 02-3062)97 

Great Winchester,. nU.O 19*j-1 *24 

Gt-Winch'cr Oar+ipoe 2L8) -.-.J 430 

Emson & Dudley TbL MngmnX Ltd. 

20. Arlington St, S. W.t 01-4»73fH 

EmsbnDudleyT«..|b73 726) \ 3*0 

Eqnitas Secs. Ltd. (a) (g) 

41 Buhopggale. ECa 013882*51 

Progresses.—- W* ' 7B«(-03f 402 

Rqnity Sc Law Tin. Tr. M.? (aKb WQ 
AmersbamRtL High Wycombe 04M33377 
Equity A Law-(69* 6*4(-0.4) 4.14 

Frarolingtira Unit Mgt. Ltd. (a) 

5-7.Ireland Yard. EC4B5DH. 01-2488071 

American-13*4 53.61 -X2) XOO 



capital Tst.-gun 

IncomeTrt -j .., ,—Pgas 
Int. Growth Fd. __ [111D 
Do. Accum-—1114 4 

Friends' Pwwd*. Unit Tr. Mgrs.? 
Ptxhjiai End. Dorfcln?- 0300 MS 

Friends Prev.UU...WZ3 4*2rt . .. I 4^ 
Do. Aecnm. — |54.7 514) ..) 4JS 

G.T. Unit Managers Ltd.? 

1A Rnjbnry ‘-irens SC2M TDD 014088131 

G.T. Cap. Inc-|JjM 

EMSS.™-55L^ffif 

G.TD5 kO«-. M72 
CT. Japwt* Gen— M9.9 
*Gi. Pen*Es-Fd — 134.1 
G.T.iml. Fund...— 12X* ' 

G.T. Four IfdsFtl—. p3A 

G. U A. Trust (a))g> 

* Hayleieh Rd.. Brentwood 
G. It a. . ...p22 



(0277)227300 

34.4*1 -0J) 482 


-Prices at May 3L New deallne Juno 30. 

Minster Fund Managers Ltd. 

Minster Hse. ArtharSt, EL C.4 OI-8B31D50 

gSS«fz:K 5U:::;j 1 % 

MLA Unit Trust MgemnL Lid. 

Old Qoeen Street, SW1HBJG. 01-830738* 

MXAUnits.,..|401 4021,...) 427 

Mutual Unit Trust Managers? i*Kg> 
3S.CopUi*lJ Ave..EG2R7BU. 01-0084803 

WutMlSoe.PI us—BX0 54.6d+03| 6.40 

Mutuallnc.Tst.. _U*1 730j -0.1 726 

MUCmI Blue Chlp...M* 47.® +03/ *27 

Mutual High Yin —p62 602] -(Uj *63 

National and Commercial 
31. SL Andrew Square. Edinburgh On 350 0151 

Income June H—B£f ULM .J 6.12 

(Accum. Umts). -1200.6 . 20*®.J 6.12 

Capt.Jane 14.. —UU 13X4) .J 3.64 

f Accum l^nilsi. —P59* 160*| ... | 3 64 
National Provident Inv. Mngrs. Ltd.? 
4&GracechEirrfa SL. ECSP3KH - 01-0234200 
N.P 1. Gth Un Trt M2 4*3* 

■ Accum Unitsi* -■ BJ 58J 
NP1 Crre+s. Trust... g*6 Ul.i 

tAccum.Unib>f“ - DM 140.'... — 

“Prices on May m Neat dcoJinc June 79 
“Prices on June 14. Nut dealtng June 28. 
National WesUniniteriKa) 

181. CJjespride. BC3J’ «EU. 01-006 0000 . 
Capital iAccubli— 6S.9 70*d-0.41 «.22 

Ertralnc.-70J -04/ 779 

Financial—-»* . 38.4 -0i 520 

Growth Inv.-- H* 95 4 -07] 5.02 

lomie——383 —OJI 6.64 
Portfolio fovra. > M2 72*a -O.y 340 

Universal Fd 'di—|6X5 • 66lJ -02j ZJ9 

NEL Trust Manager* Ltd.? i»)(g> 

Milton Court. Dorldna. Surrey. 9011 

Nelauur,— ■ —• KM *431 -04] 436 

Nelstar High Inc.-15*4 53 jJ .. j 7 .to 

Far New GngjIJiad Managers UtL 
gee Rothschild Afoet Bianagement 
Norwich Union insurance. Group fb) 

P.O.B0*9, Norwich. NRIJMG. 080323360 
GnuptitW. ■■■■■P*SS 36321-Z^i SS& 

Pearl Trust Manage** Ltd. (ajfgxw 

2S2H!qh Holbom. WC1V7ES 0140BB441 

pMB-lGtwrthFd.g* 34.61 -1 

Af«unUntU- ....■•B72 29.3— 

Pearl Inc. - ....-fix* 33 

Pearl UmtTrt..W.O 57 

(ACCOTVUnitsi...—I* 2 .- 4— ( _ , 

Pelican Units Admin. Ltd. (gift) 

SlPountaiaSt.MMWbfoUr 0*1-238 ETOS 

Pelican Units—|8JA MJj -flj) |j» 


(7*1 

BOH 


114 8 

12X? 


BS* 

8*44 


807 

843b 


100.0 

1*4.6 


12*0 

132.7 


152.0 

160.1 


5X1 

5*fl 


56* 

533 

m 


68.5 

72.7 


523 

545 


59.7 

62.1 


503 

52* 


6X6 

64-3 


7X9 

75.7 


453 

47.7 


46* 

-585 


68.9 

64.4 

ammmm 

72.3 

7*4 


64* 

6*1 


74 0 

7BS 

.... 


ir»vvisMi. v- ••• 

aUrlboroJnne 13 .. 
(Accum. Unltaj..— 
Van.GwtbJt» IX— 

(Accum. Units)- 

VaifHJr,June 13— 
Vang. Teo Jum J4 


Wick DL June 18... 


Tyndall Managers Ltd.? 

I* Caaynge Road. EnstoL 
Income June 14 __.(99* 

(Accum. Uniui. -.. Ik.« 

Capital Jnne M...12B.0 

1 Accum. Uniui—__ 179.0 

BKomptJunel4_... U2* 

(Accum Units!...— 15*0 
Jit. Earn June 14, gfo.0 

1 Accum. UnIMI-06* 

Pref. June 14— — 100* 

(Accum. Units}-I25J 

Scot. Cap June 14_ 14X6 
(Accum. Units) - , 168.6 
Scot Inc. June 14—D63.B 
Leaden Wall Group 
Capital Growth.. CJ 
Do. Accum..B42 

Extra Inc.Growth.. 375 
Do Accum , .— — 43.7 
Financial Pr'rtj-—„ 153 

De. Aecnm.-- 1*6 

JWctt lnc. Priority.. H.4 

International-*16 

Special Sits-.... pU 

TSB Unit Trusts ty\ 

31. Chanuy Way. Andover, Kants. 


558 

558 

433 

474 

474 

578 

5.78 

7.03 

705 

i3 



10*2 

19X6 

134.4 
18&C 
317.6 
1660 

260.4 
2899 
10*0 
13X6 
149* 
1773 
172 0 


.33 


Dealings 


Hi (TSB General— (45 J 
lb) DO A ccum- 572 
1 hi TSB Income -. 59 0 
foi Do. Accum.-6X5 

TSB Scottish- B7 

(hi Do. Accum.189.7 


tq TOM C3432-3 


0204021881 


- 0 . 1 ) 


3.80 

B - 0 ^ » 
-o3 737 
"fl3 2 -Bl 


0232 35231 

J96{ -ftJI 333 


Ulster Sank? (»» 

Waring Street. Beltaet- 
tblUIgterGrowth. (36.9 

Unit Trust Account 4k MgmX 14d. 

Kins William St- EC4R9AR 01-8234051 

Fri art Hs* Fund—053.0 162.0) +2.0 

Wider Grth Fnd. - 09 3 30 

D^.Aecinn....1348 35 

Wieler Growth Fuad 

Kin! Williaip St. EC4R 0AR 0I«34»1 

Income Unit*——g9S 311].J 

Accum. U nils_P4-Z 36.0) 


-OAlWfil] 

!.0I .4.19 
• J 4 34 
...| 436 


4J3 

4JJ 


OFFSHORE 
OVERSEAS FUNDS 


Arbuthnoi ?eCurijjps tr.I.j Limited 
I*ft Rovjet.M Hi-lier.j-r-.cv (15347217? 

-a|- T- Jewt-i. IDS ( 1148d «JO 

- . J>«« dealine rtalc 1 uijc JO . „ __ 

LAS! Xlntl Tm 11 I- ]1U 0 12501 .[ 3.00 

Nett £<ib June 17 

Australian Selection Fund NV 
Marki-t OpportuMifn.-* c c. )n--i Ywac * 
Oiuhn-aUe 127. Kent St. J-.iinpi 
t'SSj Share-. 1 51 ;si 54 1 ....) — 

Nci Avccl Value June 15 . 

Bank of America International S.A. 

35 Beulci-.irn Rural. L'l-cru-oui^ G D. 
nldmw-i Inroini- Ji'S!]14 lUai . I 6 45 
Prices a-. Jjnc 15 V«i\r bub. jay June 21 

Rnk. of Lndn. A S. America Ltd. 
4U-S6. Queer. Vi- fon a M . ft. 4 . oi-W® 2J13 

Alexander Fund .. lSt.‘S7 IB — t —~ 

Net ajfc: «jtlutr .tunc 14. 

Banquc Bruxelles Lamhr-rt 
X Hut- L'e In Rfccn'.r B J 0 W 1 Hriissela 
Renta Fund l.F - il BM 7 4221 -101 7 92 
Barclays Unicorn Int. (C’h. Is.! Ltd. 
J.irharingCrmt.St Heller,Jrjr. 0534T374I 
O^cTsraAIncome . 148 7 5131 ....11105 

UtiIdoliar Truri . r.'<D-19 I] 3 .. \ 4*H1 

UnibondTru't . ...l!U-!nit 1UM ... ■ 800 
■Snbiect tty If- an.I vithfioldinc taxes 
Barclay Unicorn Jnt. tl. O. Man! Ltd. 
I Thomai. St. Dnuqlnf, I.O.M. • 0824 *856 


King & Shasson Mtfrs. 

1 Ch»nncCro*.;,St tiet-o - .Jerser. iH 534’7TT41 
Vaiiev II.m- St. Peter Port. Grnsv. i0«; 3l IS5 
I_Thutua -SJ n-et, JjouStiiS. I.O- 3j UtC 

205.8.1 Z'.'.] 1225 

4 491 — I 12-00 


Gili'Fund ■ JoKevT 
GiJtTnt-ijiIoJJ 1 .. (10JJ 
Gill Fed. Guerni*ey!9 4J 
Inti Gnn Spc). T-.I 
t-'ifal qpflliic . 118 32- 

h'ir?timl .... , 1184 J4 


‘IB 561 

185. B? 


Kleinwnrt Benson Limited 

20. Fenchurcn S,. E03 
Eurin-.est. Luc. F 

itiii'ranvis._ 

IX. I .Tun) . ... 

KB Far F,t«: id_ 

KRIr.ll Fund 
KB Jaf^nJ-'ur.d ._ 


K.B I S Gulh. Fd- 

Slfnct B^inud 
•(Jni(r.nJ«iOjr 


1.066 
61 4 67 d -3 '. 

7B2 82.3? -£U 

S1/51155 
SI/S1X71 
SUSSI 92 
. Sl-Sll 9b 
51.'S4 85 - , 

28.65 29 60 


.v..BT>aar» 

3 28 

4 09 
409 
121 
196 
0 79 
0.75 
1 as 
£.67 


Unicorn aus^Exi .155X 
rv. A tut Min- . 346 


59 3 . 

372a ..... 

62.2 66 4 . 

39 0 03 0 

454 ago 

26 J 21 3 . 


150 

360 


890 

890 

2.40 


X97 


IVi Gnr Paci/ir .. 

Hu TnU iDOjtnu . 

Do. L«*f Man T‘i . - 
Do Manx Mutual . 

Bishopsgate Commodity Ser. Ltd. 

PO Bo-( 42. Douclv I «• M 0K^23BU 

ARMAC'Mai 3 . jilvDH HI 
CANRHO**Junc 5 ai55 122 
COUNT" "JiineS |E2 512 2 66_ 

Onpmllf t-.»u.>d at »y/n ana r *£l OP. 
Bridge Management Ltd. 

PO Bov Sfw. Grand favman. Cayman I* 
?7'h»hi June 2 I VI 5.339 | .--,1 — 

GPO Bex fflu. Hone Kr»n£ 

NlpponFd. June!4 [H <34« 172«f_I 0-70 

Ex-stock split 

Britannia Tst. Mngir.t. (.Cl) Ltd. 

30 Bath 51 . St Hrlier. Jer'cy. 055673114 


KB u;l as London paving agents on!;-. 

LIoeds Bk. iC.I.l VIT 31grs. 

PO Rr\ ]BS.Si Hi-tler. Jen-e-- OKUSTSSl 
UO'ds Tst.O sens .159 4 6X4) ....{ X24 

Next dualiTiR date Juiv 17. 

Lloyds International MgmnL S.A. 

7 Rue du Rhone. PO Box 17P. 1211 Gene-.a 11 • 
1 Joydsint.Growth.| er Mi« war. .... 1 iso 
Lloyds Int. Income jSPKBH 3Ua| .[ 650 

If & G Group 

Three <fci*>5. Tetter Hill EC3J1 BSD PJ-SM X r 58 
Atlnmir June 13 . ..lSt'£28S 
Aujl Kx. June 14.„BUSZ28 
■told E-l June ' ■ ~ 

■ Accum I'ntisi - . -|160 2 191. Bi -6.11 


SCE2SS 

113 

1VS22B 

255 

5CS9 06 

1610 

127 5 

U5.7 

180 2 

191.8 


13 48 


Samuel Montagu Ldn. Agts. 


_ I It. Old Broad St. E C 2 


Apollo Fd June 14 
Japfest JuneJS- . 
11 ■ Grp Ms? 31 
117 K-rse* Sliri-m . 
117 Jr*'CsJune7 


52 551 


SF4840 _ 

WflJD I1D! . 
Sl’Stt® 11 V 

£5 06 6 £5 

U255 13 20 


n:-538ewi 


“0791 


356 

. t- w 

+0211 198 
~0 0c 0 76 
-0 381 — 


Murray, Johnstone (Inv. Adviser 1 
163. HopeSL.Claipan.C2. 041-7213521 

“Hfipe St Fd , . 

* 21 un-a/Fund.. 


_. I Si.'S3J 61 
1..... SL'SU.17 
*NAV May 15. 


4 DO 
1 OO 
X50 
TOO 
12.00 


Sterling Denominated Fits. 

1 Jrgwt.l 1 Invest - ..33 0 25 71 ...... 

Jntnl Fd .. (B0 2 8* j — 

JerseyEnert'TM. iI366 147 71,— . 
UnjvnLSTsLft* ...l£22l 2 3 S -0 04) 

Hinh ItuJSila.Tst.. ICO 97 101) 

l‘A Dollar Denominated Fdt. , 

L'mval STsl -5l.'i520 5*7) -—| 

IqLKishlntTd . 16VSI97 lfli| 1 4 0 

Value June IK \ext dealing Jnne 20 
Broun Shipley Tst. Co. (Jersey) Lt«i. 
P O. Bex HCJ. St Heller. Jx-rtev. 0534 74777. 
-Sterlins Bond Fri. IOO 07 1012)“D07) 12 00 

Butterfield Management Co. Lid. 

P u. Box 185. Hamilton, Berettuda- 
Bu(trc*\Equi(v .. 1256 7 441.... I 194 

Buttress Income 1147 2.04) ... I 58S 

Prices at M»- 12. Next son. day July 10. 
Capital International S.A. 

37 rue Noire-Dame. Ijj v>inibn<irc. 

Capital InL Fund.. I Jl.:sj7M |-03i) - 
Charterhouse Japhet 

1.PntpmcuerRow. EC4 01-248 3900 



I'MJllB 

32ti 

_ , 

PVJ30 00 

52M 

„ . 

1.11210 

33M 


D1-22DS 

23 M 


IU5291 

311 


KSKS! 

4UJ 


-aid 2*0 


Pandit.. 

Emperor 
Hispano . 

Clive Investments (Jersey) Ltd. 

P.0 Bo* 320.5L Heller. Jersey. 0534 37381. 


+ 0.101 

:Sl 


5.48 
523 
5 91 

5 63 


Negit S..A. 

Ida Bnulerard Ro-i'&X Luxemhourt! 

NAV June 111_| . Jl'SID.M 1+DD^f — 

Negit Ltd. 

Bank n! Berrauda Bide*., Hamilfon, Brmda. 
NAVJunvS.(£523 — I .! — 

Phoenix International 

Fil B-'t 77. sl Peter Per:, Guemrev. 

Inter-Duller Fund IKL37 2 50)-f — 

Property Growth Overseas Ltd. 

31 in-b Town. Gibraltar iGibiffIM 

I .S Dollar Fund \ SCS85 89 I .... I - 

Sicrlins Fund . ] 023 77 | .[ —- 

Richmond Life A&5. Ltd. 

4E. Athol Streni. Lmugltt* LO.M 
tViThu Silver Tru*L’ 

Ri chmond Bond 07 
Do Pimirum Rd .. 

IVi Gold B<t .... 

Iw. Em. OT.CC Bd .. 

Rothschild Asset Management (C.I.) 
r.OFWt 58, SL Julian/ CL Guernsey. WBl 26331 
OC-Eq Ft :,(av30 '5S.2 58.71 .... / 277 





•.'C.IncFd.Juncl. 
OC.fntLFrlt.. 


Ci.C.Smi:oFdM»3L.ns6J 


ID JM 
U *2 


..... 11 » 

11*0 


give Gilt fh. .c i . .rjooi 

Clive Gilt Fd 1 .19.99 
Corn hiU Jos. (Guernsey) Ltd. 

PO. Box 157, St. Peter Port, Guern*ev 

ir.fol Man. Fd .—(168 0 183.0) .[ — 

Della Group 

PO Box 3012. Nnnvjiu. Bahama* 

Della Inv. June |3 16185 194) — 

Deulscher Investment-Trust 
PotrfJrh 2885 BicbcryarveO-iO 6000Frankfurt. 
Conccntra. - -1r>tfl970 20 90) | — 

tnL Hentenfonds .|liHif38 7158) ... | — 
Dreyfus Intercontinental Inv. FdL 
P.0 Box N3712. Navuii. Bahama;. 

NAVJunv-6 (5181* U B55| | — 

Emson St Dudley Tst.8tgXjrsy.Ltd. 

P O. Box73, SL Heller. J<>rw!v. 053420T^I 

EDJ.C.T.(1194 126 ?.I 3.00 

F. & C. MgmL Ltd. Inv. Advisers 

1-2. laiuroncc Pountney Hill. EC4R OB A. 

01-823 4680 

Cc«t-Fd.Juncl4—] SMS5.08 (+0021 — 

Fidelity MgmL & Res. (Bda.) Ltd. 
PO. Bax Bit). Hamilton. Bermuda. 

SUS26, . 

SIS2202 
5U54627 
SUS1450 

Fidelity Mgmt. Research fjerseyl Ltd. 
Waterloo IIh- , Don SL, SL Helier, Jersey. 

0634 27881 

Senes A ■ Inin Li —I O 90 

Series B (Pacific... [ E7.M 
Senes D 'Affi.AsslI £U47id 
First Viking Commodity Trusts 
B.Si «i-or|!c'*St.Douglas.InM 
IIOLM IOC I jin. Agts. Puniiir * O'. Ud. 

» Pall Mall, lundqn SW175JH 01-B3078K7 
F-j V,k Cm. Tst —137.7 ^Tj . | ft 

Fleming Japan Fund S..4. 

:«7 rue Notre Dame. LuxembcwrC 

rimy-.June 14 - ..1 SCS4848 )..) — 

Free World Food Ltd. 

Butterfield EfUc, If atm (ton. Bermuda 
NAVMay31-1 SUS17925 ).,) 

G. T. Management Ltd. 

Park H-+. 18 Finsbury Circa.*. London EC2. 
Tel- OUSTS 81SX TLX: 888100 
ents for 


OC Ci3tzunodlty*._ 
O.r Dlr.Comdiy r._ 


147.1 

X1.35 


WEteM:' 


1 . Bermuda. 

US26 48 |.I — 

I S2202 .... [ — 

US4627 .j - 

U 51450 j-o.ial — 


,134.6 l42.bj 

.. __152585 Z7wd ■■ J 

'Prire on Jane 14. Next dealing Jnne 30. 
IPnccs un June 7. Next dialing June 22. 

Ro)*aI Trust <CU Fd. Mgt. Ltd. 

P.O. flue 134. Rural Tst Use., Jersey. 0534 274*1 

H.T lnt'1. Fd. .|5l'S9J5 4?3 . . I 3 00 

R T. In t'L ■ Jay 1 Fd . [91 W .J 3 21 

Prices at June la. Nest dealing July 14 

Save & Prosper International 

Destine In. 

37 p road 5i_ SL H olier. Jer*c - 0536 20S01 

L'JL Dollar-drnomlnaied Fund* 

DirF'dlnt ™.lu»c S J9 IB 974a»... I 72* 

interna:. i|r *7. . .[7 04 7 62|*0.P3| — 

For RaMetn'S - 41 49 44*H+1 W 

Nnrth Amcncan't 15 70 4.1B1-020 

Scpro-t. __ |l4.03 15 33 

Steritnd-tlcnomlnaicd Fund s 
rhannul C.-iptiaJS. 1235 4 247S +C-U 161 

iTiannei blondi.f-.|l46.9 154.7 +0 bi 5.82 
Commnd. June 1[12*5 13X2—71 — 

SL Kix-.-dJunel - ._|112 9 119 U.M 

Pnecu oa M line la —Jane it "’June 35. 
JWeckly Dealing.'. 

Schtestiiger International Mngt. Ltd. 

41. Ld HolLe SL.SLHeller, Jersec. US3473538L 
86) “2j 845 
O.W-OUl 5 00 

W Ioo 


SAJ.I*-.-(BI 

S A.O.1-{Q.2S 


«7iltFd--1 - 

IntL Fd. Jersey—..[106 , 

Intnl.Fd Lxmbrfi—|K10i& 

’For East Firnd - (95 . - 

■Next sub. day Jnne 21. 

Schroder Life Group 

Enterprise House. Portsmouth. 0705 27723 

International Fanils 

1 Equity... 119.5 

SSqmt'.- 125 4 

frixed Intcrol.... 1368 
SFKvd Interest. ... 3050 

CXI an aged --130 8 

SManaged_ U5.0 


3271 

iss 

31X6 

1391 

122JI 


J, Henry Schroder Wagg & Co. Ltd. 
JM.Chrapstde.ECIL 01-588 HUM 


Chap5.1 nnu Id . I SI FI169 
Trafalear 11a-.-31 . 


Asian Fd Junel—.ilT-Ti 19 

. Itorirnemd.-S4J.S6 

_ Japan Pd. June 15. |si : Si54 


SU5U9 41 


-026) 


2.43 

281 

520 

0J4 


London Aeet 
■DrVl 


HK« Par I* Tst . 

Japan Fd__ ^.JSI'SDHI 

N .\mericanTst. ..UCgllJSS 
Inti Bond Fund ..-jlldlUl 


Anchor■B r L'nlUi.._|Sl«*9 0 95). X73 

Anchor Gill Edge... E9.90 9 96j*0 01 1275 

Anchor 1m. Fd . ., St'54i3 *W... ,. 1.76 

Aachorla.Jsy.Ta. M.1 2791 ... X 8 

Berry P«c Fd ...- 5US43 60 ... 8-92 

Berr+Pac StrlB— 264.00 276*4 .... l.» 

6 T.AM. 1 Fd_. -..5103 57 9 0? . X71 

C T. Asia Sierllnc.. 03.49 14 4H . , 1 44 

GT. Hard Fluid..., 5US1262 4.99 

G.T. Dollar Fd... . SUS726 .... 0 69 

G.T PacidcFd_ SUS13I1 |. 118 

GarUnorc Znrest Ltd. Ldn. Agls. 

2 . Sl. More Axe. Lundon.EC3. 01 283 AMI 
Gartmorr Fuad MogL CFor East' Ltd. 

1503 Hutchison Hi^^^arcourt Hd H Kou^t 

15000 
5.70 

Ganmore lavrftcaent Mngt, Ltd. 

P.O. Box 32. DouqlajL loM. „ 0624 M0I1 
Ganmore Inti Inc.. 0.4 27 8 ) .. IO 7 O 

GxrtRiotv Inlt. GrthlbS 1 69 31 I 4.0 

Hnmhro Pacific Fund MgmL Ltd. 

2110 . ■ .'cmnaught Centre. Hoag Kong 
FarE&M May 31.... [SHKU 28 -1LX!| | — 

JapanFund - .. ..|lU57S 7S3|+9Jl| — 

Hombros (Guernsey) XML/ 

Hambro Fund Mgrs. (C.I.l Ltd. 

p O. Bov 88 . Guernjeu &4fl]-203:i 

390 
8 50 
250 
8.50 
250 


C.I. Fund - 1142.7 1 X52Xhi 

Ir.tnl. Bnnd III.‘'[KM. 76 108 04 
InL Equity suaiojp 1X21) 

Ini Sit*. 'A' SUS102 X05 1 . 

Uil Svq* -B' SCSlXlO • U3( _. 

Pnce* an June 14. Nest dealing June 21 
Henderson Baring Fund Mgrs. Lid. 

P O. Bo\ N4723. Nassau, Babomas 

Japan Fd.BCS17A 113^ . . 1 — , 

Price? on June 14. Next dealing dale June 21. 

HI! (-Samuel & Co. (Guernscvi Lid. 

8 LeFcfore St_ Peter Pori Gaornrer. C.L 
Guernsey Tsi-1149.4 159.84 -0.'91 3 56 

Hill Samuel Overseas Fund S.A. 

JT. Rue None Damo. Lirxemboarg 

15X9.08 19841-r-iai - 

International Pacific Inv. Mnu>. Ltd. 
PO R237. 56, Piu SL Sydney, Auit. 
Jorelln Equity Tir. [S.12X1 222] ... 1 — 

J.E.T. Managers (Jersey) Ltd. 

PO box UK. Royal Tst. Hie.. Jeraeroc^i 27441 
J row Ex trni Tst _ (163.8 173*1" .. 1 - 

Aj bl May 31. Nest sab. day Juac 1'J. 
Jardine Fleming Sc Co. Ltd. 

4dth Flnnr. Cnnnanght Centre. Hcmc Knnq 
JartUiHsEMiLTrt.,.) 5HK254J6 ) ... ; 2.B0 
9.04 f.. fOW 

... _ 122 [I . 2*0 

Jardinc Ftem-lnl ...( SHR9.70 1 . ) — 

NAV May 2H -EquH-alenc SCIS68 ■»- 
Nest kuh. June js. 

KeyseTcx Mngt.. Jersey Lid. 

PO Bov 9R SL Holier. Jersey.. rEng. 01 506 7-779 1 


ivr..-k». vjui.idi 

06Sl~C0ri — 
J137+0id — 
12 05 -S Olt - 


■ 1 :-, 

OEll . . 


Sentry Assurance International Ltd. 
PO Hoc 32* Hamilton 5. Bermuda 
Managed Fund , _|srsi74D 5««( .. .) — 

Singer & Friedlander Ldn. Agents 
20.Canr.on SL FC« 01-248 0648 

Pekjtfi’nds .—iD9B5J0 71SW ,. ..) 6.3* 

TohToTs*.Juac2...) 5LJS35.00 | .... I 1.77 

Stronghold Management Limited 

V O Box015,Sl. Helicr. Jeriey. 0NJ4-71460 

Commodity TVu.-t.. [92.28 9T W(.( — 

Surinvest IJentey) Ltd- ix> 

Queens Use. Don. Rd Sl Hdicr,.'sy. 0534 27349 
Amorltin Ind TsL ,|£B 48 
Copper Tnirt- . 101.11 

Jap.Indcv isl. ...IOX8I 

TSB Unit Trust Managers (C.I.) Ltd. 
BjuatoHi- P.d .SI Saviour, Jer*<*» >"t5M 734M 

Jcrsev Pqnri .. _ 147 6 i-11] . . J 4.79 

GutrniC--Fni»d — |47 6 50.1 ,1 4 79. 

Pnccs un June 14. Next sub. day June 2L 

Tokyo Pacific Holdings N.V. 

Inlimis Management Co N V.. Cor-vao. 

NAV per share Junt- !2 Si'SKi 71. 

Tokyo Pacific Hldgs. (Seaboard) N.V. 
InUmis Management i> N.v . Curacao. 

NAV per share June 12 5L'S39 IX 

Tv-nd.ilI Group 

ro Box J2SS Hamilton 5, BrnoQ4a. 2 27HJ 
<‘racr«<W4 JodpN ..jiVSllS 
i.'.ccum C'mtfi .]5F5I81 
3 War Ini.May !« ID.52H 
S.N'forSt.St Heller Jersey 
Tl-FSL June 14 - t7 65 
■ ArciUi. Snarw 01.90 
American June 14 . 83X 
1 Accum shares 1 — Bl 5 
Jer.e- Fd. June I-L 1942 
• Not-/ Arc l'l»;.. 273J 
CillFund tune 14 107 2 
:%cciim.Sharef.-, . 138.6 


1251 .... | 6 OD 
191 ..i - 

Zfil . 1 - 
05134 37331 fJ 

E 25 
32 75 


OT Of 
n°.o 
206 0 
239 fl 
109.2a 
141.7 


600 

200 

7*65 

iF?9 


Victory House. Daue1».l»le of Mao. 0824 MllLf 
Managed Mur IB....{129 0 135 H 

UHL Jntnl. Mngnuit. (CJ.) Lid. 

MuIcaMer Stree: SL Heller. Jtne.. 

I I 8 Fund . I5V5n:i 101W . I 516 

United Slates Tst. Inti. Adv. Co. 

14 Rue AHrtnq-.T l^ixvmhonrc 
US.Tst Inv.Fnii. .) 3L'S10 63 {—OZ^l 0.94 
Nel oft et June 15 

S. G. Warburg & Co. Ltd. 

XK Gresham S Lre* l EL'S n 1JWO 4 55S 

Cm JM Fd.JunelG..) SUS9 65 I+0.0?) — 

Engy.lnUunel_S.-l SVS1772 Uwl ~ 

1*36 ICtff V 1 Z 


Enev-.uiUuneiB.. 
GrStJFd Apr.31.... 
Mr.Eur June 14 . IgSUfc 


Warburg Invest. Mngt. Jrsj-. LttL 
1 Chantis Cro«. St Heller. J«y. Cl (1534 73741 


Fonseli-x -— 

Rond»ele« - _. 

Kc+self.^ Inti 
Kayselex Europe .. 
Japan Gth. Fund _ 
KeiWlcy Japan 
CenL AiseU Cap ... 


Fhin 15U 
FnlUtt IBM 
.86.61 7J? . , 

£3.96 4 46 . . ! 

si'sae an .. 
0218 1332 

033 72 “DCs! 


X99 


3.73 


7-1F Ltd. May 25 __ 
CUT Ltd May 23 . 
Metals Tsl June IS 
T\fTJiinf8 _ 
TllTUd Jnne S . . 


151*51231 
02.58 

!s;:si05> JOBS 
□ 0.68 109b 


12 !^ z 

12 4T. . — 


World Wide Growth Management^ 

lua. Buulci.ard Itm-al, Ijixembourg. 
Worldwide Glh Fdi SI'S1507 ! - 31’! — 


NOTES 


Priies rlo not include S premium. e»f«-pt -rtiere indi- ated r and ore m pence unjew qthcrwi «■* 
indicated Vields •• ishovro In la«i rr.i-jo-n- ad"' for all btrrtng e«peri)jes a 'Jlftrntd pntw 
include all expenses b To-dav’spri- r* c Yield 5n«d nn offer pnee. d Estimated. 5 Tfrda:-a 
open in c pnee. h Dmnbution free of i' K tnye, p Prn-jdic premium insurance plop*, s Single 
premium insurance x Offered nriri iiu-md*-* .ill e-rpenses ereepi ac.cnta epmmlc.iPp. 
* Offered once includes dll e«p».n>iv if iT'jgtn -Jirough manMi-rs t Previous dai^ Pn r e- 
9 Net pi Lav on realised eaniraf cam- unlc*•: r.n.ijcafed ft” *■ f Guernsey ;rors. P >uspended. 

* Yield ooferc ; e”' ls' * Ex-subdinttc-n._ 



CORAL INDEX: Close 465470 


INSURANCE BASE RATES 

t Properly Growth . 

t Vanbrugh Guaranteed.'•. ^ 

t Addrpjs shnuro unt)*r Inniran-:^ iM PP’i^ny R-md TvM- 


V, 

























































81\ 81* **Do 7i>pc 83-86- 

95i; 91 Sth. Africa Pipe 7MI.. 
70 52 Sth Rhodope Wi- 

% 81 DaepcTfral._ 



641, 58« : 
«>j 8 (P»' 
3.V, 281j 
1:9 107 I 
95>; 88 | 

1071*102 ' 
110 10Z I 
114»; 1021 ; 
85 7<H : 

8 H; 73)* 
99 8 <JI; 

991* 901; 
1011; 901; 
711; b2^ 
7H; 62 
841; 735* 
8 II 4 701; 


Public Board and Ind. 

Aerie ML 5pc 5W9_ bOnl 

.\lun10i3>r'»‘-W_8H;<d 

••MelWlT Jpc B'_ 3ft -U 

rSMi'.^-lSS:_ 135d —1 

Pc. mlhtwi Warrant* . 89 u!_ 


Financial 


H Fni3pc8l_ 

Do 11 pc T9_ 

Do 14m; 83 . _ 

ICPTSan. Deh 
Do®*pcDb.'8l4l 
Pa l(V.p- L a- Ln. Si -. 
Do. 1 [pc l'ra Ln. 86 — 
Do. 1 Pipe Un« l n.90... 
Do Tijp-ADch W92_ 
Do.D*pc4Db DJ-W— 

to ft*.-A 91-94_ 

Do8fpcLn. ‘JE-9T_ 


102 : 4 -h 
IN ..... 

105 nl . 

83 - 1 * 

771; . 

92 .... 

9H; ..... 
. 93-4 .... 
Mi;ri ->-3. 
64l; 

751; 

73i; ..... 


FOREIGN BONDS & RAILS 


Price + or | 

Hich Low Stock £ — J 

2 IH; 17 AtftfacsM RJ> _ _ 201 ; ...... 

341; 35 Du ! '[X FTcf- 341;»S .... 

°6 q B iTiifain Mi\ed... 9fl ... 

415 350 Herman Yns.Ji.'pc. 405d ..... 

54 46 i;reeA7pr.\as._ 54 .... 

-51 4b IifSpcSKab A; : _. 51 _ 

44 40 Pc 4pc Mi>e4 An _ 43 _ 

55 42 Him* T4 Ms . .. £5 ..... 

77 65 teljndG^peTE-Sa 65ri ..... 


54 .— 

51 .... 

43 _ 

£5 . 

65ri . 


500 412 
327 203 
64 52 

190 160 


114 92 

107 242 
50i; 42 

134 106 

*390 330 
292 £781; 

£95i* £821; 
64i; 56 


i.'aier Fader £1. 308 
aKeDisnt20p.. 78ic 
Con'lAus.iSAH 222 
Cam'zhkDMlW. £17i 4 
I'hanHbkKrlM £18 
Corinthian lOp. 20 
Cred. France F75 £21 ^ 
Eiawes'ij R.i„ . 41 
tod* b* tail DXQ £1171; 

F C Finance._ 63 

First Nai. JOp. .. 2 5 * 

to Writs TWG. *; 
Fraser Ant 10p_ 11 
CenardNatni.™ 183 

Gibbs i.A .1 _ 45i; 

HilletlBros n._ 225 
Goode D1Miy.5p 24 

Griruflvs_106 

Gimme's Feat_ 240 

Hambros-188 

UiU Samuel_ 88 

Dp.W arrant'—. 412 
UencShncSLoO. 327 
lessel Toynbee-. 63«c 
Jowphileoi£l_ 190 
KcjserLUnanr.. 52 
Kiwi Sha\ 20 p. 62 
KieiTwrtBl... 100 

Urnristl-268 

Mawon Fin.20p. 45 

Mercury Secs_ 110 

Midland £i_358 

IV.T1;%8*®_. £83d 
toJOfo 93-38- £85-4 
Mimler Assets— 56 


FINANCIAL TIMES 


BRACKEN HOUSE. 10, CANNON STREET. LONDON EC4P 4BT 
Teles: Editorial 886241/2, 883897. Advertisements: 885023. Telegrams: Finantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8036 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 
Amsterdam: P.O. Box 1296. Amsterdam-11 

Telex 11171 Tel: 240 555 

Birmingham: George House. George Road. 

Telex 338650 Tel; 011-454 0922 
Bonn: Press ha us 1 ! 1D4 Hcusialiea 2-ia 
Telex 8860542 Tel: 210039 
'Brussels' 39 Rue thicale. 

Telex 23283 Tel: 512-M37 
Cairo; P.o. Box 3H0. 

Tel: 938510 

Dublin: 8 Fitzwflliam Square. 

Telex 5114 Tel: 7BS321 
Edinburgh: 37 George Street 
Telex: 72491 Tel: 031-23? 4120 
Frankfurt Im Sachsenlaeer 13. 

Telex: 416263 Tel: 555730 
Johannesburg: PQ. Box 2128 
Telex 8-6257 Tel: B33-7W5 
Lisbon: Praca da Alegria 58-ID. Lisbon X 
Telex 12533 Tel: 362 508 
Madrid: Esprohceda 32. Madrid Si 
Tel: 441 6 TT 2 

ADVERTISEMENT OFFICES 

Birmingham: George House. George KaadL 
Telox 336650 Tel: 021-434 0022 
Edinhursh: 27 George Street 
Telex 724W4 Tel: 031-226 4139 
Frankfurt: Im tsctecnlacer 13. 

Tele;. 16263 Tel: 554687 
Leeds: Permanent House, The Headrow. 
Tel: 0532 454069 


Manchester: Queens House. Queens Street 

Teles 66*9913 Tel: CHS14CM WJ51 
Moscow; 5adcn.-o.5a motechim-a 12-24, Apt 15. 

Telex 79110 Tel: 294 3748 
New York: 75 Rockefeller Plaza. JJ.Y. 10018. 

Telex 65390 Tel. i 212 > 541 4825 
Pari«- m r U c du Sernier. 75002. 

Teles 221044 Tel: 22657.43 

PDo ae Janeiro: Avcnida Pres. Vargas 418-10. 

Tel: 253 4S4S 

Rome: Via della Merced e 55. 

Telex 61032 Tel- 678 3314 

Stockholm: c.-o Sven ska Dagbladet Raalambavagen' 
Telex 17603 Tel: ffl 60 08 
Tehran; P.O. Box 11-1879, 

Telex 212624 Tel: 682698 
Tokyo: 8 th Floor Nihon Keizai Sbimbun 
Bui Id Inc. 1-M CtemachL fhiyodl-ku. 

Telex J 27104 Tel: B41 2920 
Warhington: 2 nd Floor. 1325 E. Street 
N.W., Washington D C. 20004 
Telex 440225 Tel. OTCi 347 8676 


77i 2 - 
I 28 24 

[177 155 
39 33 


4b 4a 
45 28 


84 j A3 


Wari>RI;.kc 
Werflchk Freds 
WfltcmBrn* _ 
Whailinf^p— 
Mhii;h'nil2''p._ 
WlJCllM 'in.ifp 

T. iborvCiwlIj 
Wimp-}'.'.few—. 


CHEMICALS, PLASTICS 

CllLlbOD AR fl _£11M. — — -I 

172 36 .UhndftVibU. 169 -1 44 61 33 4.1 

296 253 AkiiulsitKt-,™ 268 dl3% 2.1 7.°l 

97 84 Ain.1 T'.itii llip^. 87m . t 32 it 11.0' 

W 61 AIM''Hln:dHlp. 75 .Mhl 54 4 4 j.! 1 

79 60 .VikIpt 1 . hem >. 68 -4 iI4 36 2.4 9 3 ' 

[67 £ J 0'; tU'cr.Yi DM.i) £55 . _017"c 14 2 8 

2J& 122 Klasdcn'kOBV^. 238 -2 1?0 1.9 S.O' 


Manchester Queens House. Queens Street 
Telex 666813 Tel: MH-884 P381 
New York: 75 Rockefeller Plata. X.Y. 10019 
Telex 423025 Tel; -212i 4M KMJO 
P«in>; 38 Ruo du Senucr. 7X4X1. 

Telex 220044 Tel: 256 86.01 
Tokyo: Ka^ahara Building. 1-6-10 Uchikmda, 
Chiyoda-ku. Telex J 27104 Tel: 256 4050 


.. 2.36 3.9 9 6 

.. QP* 4> 18.1 
_ QB 0 * * 18.9 
.. O&V. 4> 19.1 


SUBSCRIPTIONS 

Copies obtainable tram newsagent: 

Subscription 


and bookstalls worldwide or on regular subscription from 
Jejmrtmeol, Financial Times. London 


*191134 EraiMwm.I«p 190 .MJ12 60 2 5 

25 19 Pm. Fec/'i| Wp. 21 .;1 2 5 6 i 

45 Rrir Trt^rd.lup 58>r i2 08 ♦ sjl 

1 J1 * 101; Burrell ip_ 10-* . 0.92 0 9 13 0 

41 27 ‘irlei-'.ipdlOp. 30 id. 0 92 4 > 4 71 

49 44 i.'jialiii ___ 45 . 2 36 3.9 9 6 

[95 £89 1 ilia'll7i* e tLn £93 . 'uri* « (8.B 

'99 £901; lH.g 4 ™i'n , ?l 'H. £92 ijB% 6 rB.^ 

C*®; £91 tohjV.'n.aiSa £92 .g&:,% ip |9.1 

79 64 toll.. 67m_ 2 75 4 > 8 3 

75 59 i'imioj Ht»N__ 68 _23Z 3 8 5.2^ 

74 57 1 in." X M 67 . 2 32 3 8 5.3 

3 191; i.YtryiH.*r.'«'ei?p. 22 -1 0.67 53 4 6 

60*; 43'; i'r.«!:iliii !up_ 471; -1; 219 31 7.0 

}1-a 16 i"r>>!.'ldiL'5p, 27%i . 1066 6 2 3 faj 

57 46 EiuIonPLuiie— 46iil 4J1 1.914.8 

44 36 fM Bfri , - 38m.0.66 * 2fd 

394 325 FteunsSl_ 360 . 1285 3 0 5 4 

24J* Is?* iJibtsad 'J.'TOp, 24A*+1 1032 3.7 20 

223 156 Uk:u,Fe>chiBp. 198 -1 +h3 a 6 8,7 27 

534 57b Hoechil P’B..-, 515 x 6 Q1 d°d ^ 4 0 

f.l |f^l?r | apDoJla^aSiKlEk4£^Wral+ J a ttLQfcj- ffloj 










































































































































































































































































































































































































































































































































































































































































































































































































































































































































' “:':• v ;..;> 'p.---i':.. : -':' - Vi ' - ■■■'- • ’-. - v '“ 

k CK . ‘ -iftiie20 1ST* 


_35 


^USTRI^^ 


• ; !M f. 


! Prtce S icrrjcrtii¥E I High .Lei 


INSURANCE 


PROPERTY—Continued 


INV. TRUSTS—Continued FINANCE, LANO-Continued 


• w 721 
•«.• *73 


24% 

49 
351 

l‘ l 

64 
92 
178 

70, 54 
22 - 18 
103 90 

70 60 

145 105 

'*-11^ * 63 55 

95 73 

79 70 

225 196 
24 17 

49 33 

368 
59 
£111 

» 

* 104 77 

64- 36 
204 140 
83 49 

£132 £10 
•- 13% 73, 
132 106 
35 34 

36- 32 

14 12 

73 55 

230 62 



m 




m 



Kid&E. 3Tp. 



Forbes 10p. 


37% 

190^ |Lairf Yjq 


MarkrE<.ute» 
McIirhv*. Mp 


Prup Set I tv Mp 
Raglan Prop. 5p 


fiiona] Prop. 



tup & City lup 
raflordPark . 


1 I T tllv ! IVM! 
rnce | — 1 Net Ctar Grt IR 


Do. Lapi'al £: 
Dundee!: Lon 


| 64 (H. 
Il25 & 

[Mo |y! 


Hawthorn L. ftp. 
Swan Hunter fJ- 
Vesper 
Yarrow 50p 


125 
91 
70 
27 

£23% 

211 152 
90 72 

144 % 

11 BU 
55 44% 
318 
*59 


mt 


Ulu# 

115 8.7 m 
9.612-5 
12. 4.8 
6.1 3.7 95 
52 4.4 21 i 

4.4 73 98 

6.4 9.7 *134 
43 


SHIPPING 


SHOES AND LEATHER 




Soil c. Law 20p 
28 lSomic-——. 
.99 ISoibebyP-B. 
00 


m 


22 161 2 
65 57 

67 57 

104 93 

44 29 

93 64 

73 47 

42 36 

50% 38 
50 40 

5b 46% 
40 33 

70 56 

64 41 

30% 18% 
78J/ 66% 
32% 24 


lAlkiwne ]0pt 
'Booth (tan'll. 
Footwear In vs. 
antarSctAhlair 
Head! am. Sum 
Hiltons 2Dp 
KSbc«s__ 
LamhenHULVp—' 
Nenhold k BnrtnJ 
Oliver iGi "A" 
KttardCrp 
Stead 4 Sim A 
Strong 4 Fisher 

hoes__ 

ft&EIOp 

'srd White_ 

WeamlOp 


97 | J». Coir, hip 
88 
72% 

72% 

84 
71 
68 
60% 

56 
97 

55 
65 
90 

67 

56 
48 
b9% 

78 

26 IHarcivsins lOp 
160 [HiDiFhil-p... 
69 I Hume Midi *.V 

68 


GtfmfiaveZQp- 
HambroTnui— 
iiamr'km7. ; t.5p. 

J law Par. a SI_ 

1st 7,'J 
me«in*T.tCto 
fafcut: im- 

•r: i Tejiorl'.'T' 

Karf-.u l«Jp — 

„ . 1 Uri' , iIM#.:iW 

13 *L<a. Eur 1 . - Grp.- 

I or, Merchant_ 

M.ii'i Kld-a-ip 
38 JWc.<d:el”i •!>?- 
48 l*-la.i>n >FLF .. : p 

Maj.-Mrt.6AU 
‘.ICir.’i* Jii; 
;t*r Fd j:r .Op] 
iMramhe irip — 1 
Park Place In. 
Piir-Jr. s iso 
I'l-fah l-> 'T^i 
S. •jt’iJt 1 Op 
Sco! 6 Merc.-.-.. 
4 ££4%]KAnii_ 

SnihEro*. 

SUm Pm HKftc 
£27%(SueaFJn..kTt«r. 
900 Tnrs.MU.'Csl. ip.. 
24 Wtta Select 3rp 
36% ft>jtofEn2hr<o. 
68 Yule Cjlto top.... 


4- or Div I I’M 
Priee - Set f*vr(Gr's P/E 

25 . .. 

28 TIM 45 8.9 4.0 

10 . _____ 

38 . ------ 

177 W.Q W 23 22 5 

18 +1 W.*4 3.1 7 0 5.7 

105 .:«iiMc 3.0 7.7 55 

75 . 1.0 190 2.0 33 

23 ...... 1 o5 13 10.4 10.9 

18 . 03 * 26 * 

29 -1 05 47 2.6 110 

95 tl 25 4 2 15 UB 

125id . 3 46 3.7 4.2 0.9 

67%.068 24 15 39.4 

50 -1 i5.98 1.1 7 7.6 

£11% - a QS1 lo — 6 5- 
18 . 13 0.710.9 19 3 


Jjwn'i feeder jn 
internet.onal securities and 
ireesiment banning 


125 id . 

8* -r 

' ; ie“ ± 

315 ...... 

14 . 

32 . 

224 _ 

£64% . 

10% . 

101 -1 

£50 __ 

57 

Ag:::::: 

V 

56 . 

71 . 


3.6 4.7 7.1 
3.5 4 6 94 

— 45 - 
10 6.9 211 
U 4 519b 

— 8.5 - 
2.113.1 60 

— — 4.1 

— 62 — 
16 i * 
12127103 

3.7 3 7 10.9 

3.8 3.0 92 


Tfis Nomura Securities Co./ Ltd. 

NOMURA EUROPE N.V. LONDON OFFICE? 
Barber Surgeons Hall, MonLwe'l Square. London Wall, 
. London EC, Y» BL Phone; (Ot / 606-3411.6253 


MINES—Continued 


[>BLS 


CENTRAL AFRICAN 

MS + or! Die. TM 

High iiiw Stock Price — Net Cm 6rt 

210 D55 FblawJUiATc_ 230 -5 (?5Pc 13 23.7 

24 15" RhcxTuCnro IF®. 16 -1% 056 73 53 

In 52 Roan Cons. K4__ 68-2 - - - 

175 122 TaneanvikaXtp, 156rd -J Q10.0 * 0.4 

90 78 Do.Pr?f 80p ___ 90id . Wi 16.4 8.0 

41 32 K'anfcleCo/. KhJ _ 36 -1 fQ7%C M17.B 

16% 10 Zao.Cpr5BD024._ 15% -1 — — — 



SOUTH AFRICANS 


116 80 lAberaunROJO... 107 |+2 It 

580 420 .Anglo Am In. RI 570 
128 83 Ane.Tr-slnd.50e 128 

32% 28 EtfworfcsWc_ 80 

97 62 Gold Fids. P.2%c 

145 95 GrininsW 50c 

125 100 Huletl'sCpn Rl- 
430 286 OKBaiaanSOc 
102 35 Prannwe lOcts. 

160 130 Bn Tmdann A 
81 58 S A Brew*. 20c. 

580 445 nger OalsRJ _] 580 +5 
68 55 Unisec a_1 68 +% 


0 Allied Textile_1144 

48 .Atkins Bros. 

53 Beales rJ.USto 
64 Beckman A flip 
20 Blackwood Mon. 

30 Bond St . Fab. ltlp 
29% Bright!John!-— 

-ft Brif?ay(j!jpSp__ 

IQ BriLEhtalon.,— 

Erie. Mona ir. 


6.9103 
191 63 12.6 
35j 5.7 7.4 
3 0| 5.7 8.8 


m 


114 1176 
46. I 35 
S9. 45 
‘ 35 
63 
£89 
36 
.64 • 47 
81 64 

47| 2 ^> 2 
57 34 

57 19 

43 24 

:«! 83 

M 44% 






18 
46 
44% 

S’ 

48 
41 

. 34 
59 131 


Da-.V 
idteridi 
IC-6M.1 
Foster(Jobni_ 
Haep3stJ.lI0p_ 
HiriangPsL50p. 
HieldBros.5p 
Hutan&—_ 
Hollas Grp 5p 

Homfrar- 

TlpsorthM.2Dp. 
DaA'IOp— 
ngramiH.ilOp 
(enmeiHUgLi. 
Leeds Dyers— 
Leigh Mills 
Levei Sp 
Lister- 
Wens 
Maricay 
31ackinn(W 
Martin 1 Aiilp 
ITdJeriFilOp. 
Mundijn— 
Notts Mufe 
Nova Jersey 20p 
Parkland-.V — 
Pickles W.t 4'3o 
Da - A'NV Kip. 

RKT.lto.- 

Rodk-vFashions 
ReediVini 
ReSanceKmt 
Richards lOp 
SXZT 20?- 
ScfittHiibertson. 
SekerxlnT.lO 
SfcnrtarpetsJ 
Shdoh Spi oners 
SidlawlndsJOp 

Sirdar_ 

Small £T]dma5 
Sn Yi£osiL12GQ 
Do. Priv L12D0 
Spencer iG«u 
«ddard'A'_ 
timid RileyUr'd. 
em-Consulate.. 
est Yd Jrsr. 10p 
rnnkinsons 
ToMal — 

S .‘Y50 
ard Carpets 
TncoviJIelOp 
Vua-Tnaip- 
ViUtLFirctf.aip. 
[Yoqghal 


13 
506 178 
19 321 

£26v £14 
1% 1 
£49 £35 
155 
IB4 


130 
294 194 
161 120 
190 86 
190 86 
77 57 


♦iClide-Frirnitl | 

noeavtiur.W: 


m 


IA5M' 1 ... 

i..i5MO‘'J?> '.fp 
Vtrw:V«il* luc 
t/il E2xp/ Mp_ 
Pn-mi'r I'nns op 

Ranker Oil_ 

Reynulds Die. !c. 
Kvi Dutch F120- 
SremrcEes .... 
Shell Trans. Rea 
Do. • oPf.il ... 

fS'etirEi IJL;: 
Traacn4*%Ch 
Tnc*nli«l 
llL’a.Tjr. 
t*o TpcCm.D- J 
Weeks N<ff. Wcts.J 
Bo Pfdrid.Ulc-] 
iV.oodside.AaJi.-l 


-4 6.74 1.5 6 5 15.2 

-6 22.10 4 2 3.9 9J 

5U>°= MD412 1 - 

T . QB%*o — elTi — ' 

♦1 2.63 * b"? V 

-- 55.3 

.. oyi.T 29 ? 4 zo.jj 

; 100 06 r? 176 

-1‘ fO.l ♦ 0 6 $ ! 

' !. Q14^ ~ 


-1 I - 
-2 1211 


3.0 1 5 54.9 


15 W 

132 M 
125 63 

820 150 
245 248 

72 48 

138 31 

40 10 

9 fo 

Si 74 

16 8% 
178 11? 

48 30 

£lft 710 
40 12 

53B 310 
300 50 

160 |4 

70 35 


AUSTRALIAN 

[AemuSe-1 14 {.I 

IBaifainn.lleSOToei.l U6 +1 


lEH South ?0c. 
(Central Pacific 


110 -3 

570 -25 


ICenrirf Rio!ibi-j50c. I 235 1-5 


M Kal^njrlte SL. 55 — — — 

Hanpln.Vea;.5p_ 123 -1 1.45 4.1 
MnalsEx.iVle 25-1 — — 


M.1M Hides. Eric 
Mount Lyell 35e 
N'ewmetal 10c.. 
KmthB.HillSOc 
Nth Kalgur); . 
OakbridceSAI 
Fticlhc Copper 
PancOTH’lix... 
Parin£aM£EiJvp 


208 -2 
52 .. 

4% *% 
123 -1 

14 . 

270 '6 

33 -2 
£14% ~% 

_ 38 -1 

Peko-VallsendSOt. 510 -10 

(SwithemPacilK - -. 195 -23 

rw«nL Mining EOc_ 144 —3 

IRTuinCretUcajc _ 55 __ 


@5751 2.4 5.6 7.9 

-20 --- 

-6 15.7 4.1 45 55 

. 4.9?» 1102 12 4 - 

-14 — _ — _ 

-1%Q4%'' 5 — 18.5 - 
-2 L32 5.8 1.116.6 

-4 - - - 8.6 

-2 7°. 245 6.9 _ 

-5 Qlftc — 50 Z 


OVERSEAS TRADERS 


260 1224 
5 60 


m 




\’ei3iSASUSl 



ii « 
|o 2 L s 

17 51 
*140 
67 

6.4 
8.6 
5 2 
71 

6.5 


Cncroimnaiaip 


TOBACCOS 


6.ffll88 
11 5| 9.2 



7 IBATIr*. 

DaDcfd..._ 

DunhilliAilQp- 358 .— 8.72 4» 

Imperial-- 76 -1 5.66 Z 

Rothmans U«). 54% -% c2.04 9' 

;afiSrfEHn.lup_ 61- -1 2.79 ♦ 

TRUSTS, FINANCE, LAND 


Investment Tmsts 


J 49 [AberdeenInis 
118 I Aberdeen Trust 
951; |All sa Inr— 

ABUneelnv 
.AJ.'iiCiceTYtW 
.AlUfundlmiErip 
Do Capiial Mip 
.Lmcjoieln" Inr. 

Do. Cap.— 

American Trust 
. American TsC’B' 

0 Am Secs- 
Ar.glftlnl Dn. 

R ■ A<sef tihs. 

Arudo-ScoL Ipv 
Archimedes Inc. 

In C3p.S0p_ 

Ar^olm- iR4l) 

.Ashdown lm - .. 

Atlanta BoIl IOp 
AUactl'. , A‘<et 
Atlas Elect. 

Aust & Inf tSnji 
Banker^ lm 
4 3? 1 'BerriTr-it 

6 Btijr^pfSiUrPr . 

HD T?i 

47% Borderifiir "l*p. „ . 

5ft Brazil FuaKrtl S9’< 
|Braurim.'->5] . S134 

ftmffTst-24 

BnduewatcrlOp. 7tf 
BiitAnL&Gen- 40tj 
British Assets— 76% 
BriLEcp.aecs.5p, _10% 
BnLlmiGen.. 102 

.40 IBnLlnvest—-- 170 1 .14.ua 

122 .iBnaSanaeC^j 149 |-2 |5i5 


q b 
208 
60 

W (£87 
73 41 

72 41 


l.Alncar. La'nrt _ 
UiifLAaric S'ia_ 
BendordiS Iff 1 
B6lhiuirTl£#-jup 
Pnuaead‘t0pi_ 
FirJayi.iw.iMp- 

jUI 'oHuttLS 

ji Nthn.£]0_, 

H'ni'n.A!.T«.il.| 
[Io5nun;-S 1 
fnchcap‘.'£i 
ackswm. 
Jamaica Suga 
Lnnrho-. ... 
Mr!che/l'.'ofK.__ 
?;icenanElec.£l 
■Tcean Wlsifr 2i^i 
Pi‘. H-n ZkH '.Op.. 
Dii WNYlOp- 
SancenJ E<10p 
Sena Sugar 50p 
iSime Darky i 

Sieel Eros_ 

or er Kerns. 20p. 

Do flpckV.'Ol. 

V City Merc. Kin 
| Do. IQpcLn.l8p 


260 

105 ...-, 
136 +1 I 

50 +1 
43 +% ' 

390al. 

270 -Z I 

£64 . 

4 SO 4-5 ' 

90 . 

413 __ 

28 _ 1 

15%. 

62 . 

41 ., 

250 . 

90 . 

185 . 1 

139 . 

31 +% I 

6 % +»« | 

B7 +3 
205 -3 
58 ...... 

£94 ...... 

66 +1 
66 +1 


190 10 2 6 
LI 2.144.7 
4.7 4 7 45 

I. 11S.9 16 9) 

4 53 ip 

4- 2.5 4> 

32 4.9 8 3 
14 19 224 
<b 7.1 4 

21 7.2 8.1 

32 5510.1 
6J - 45 

23 1^0 ,33i 
17 12.6 >5.7j 
4> 8 j 4> 

* 4.9 « 
75 b3 32 
75 6.5 3.1 
13 i 5.6 

33 M 208 
4.4 4.8 69 
27 8.115.4) 

18.0 tB.7 — 

II. 0 1.7 8.0 
312 ELS - 


30 24 

360 240 

60 45 
290 200 
145 111 

10 81; 
290 22fi 
165 130 
93 78 

11 10 
73 68 

490 450 
400 2BO 
70 40 

62 50 

210 365 

61 49 

61 47 

205 140 
305 230 
220 134 
75 55 

100 85 

100 74 

220 148 


TINS 


Amal Nigeria — 
AyerUiiamSMl-- 
BeraiiTin- . 

BcrjuntaiSMl_ 

Gecwr..- 

Gold fc Base IZ%p_ 

(•npengCons..- 

Hongkong_ 

bins SOp- 

Janmr LTip_ 

KamuntincSMO.50. 

KiHingtaH._ 

MilailrredmnsSMI- 

APanang— - 

Pengkalen lOp_ 

Petal in c SMI__ 

SaimPiran_. 

Souih Crtifti lup_ 

Suuih KuiLaSMUaO 
Sum Malayan SMI. 
sunxiBesiSMI _ 
Supreme i.'orp. SMI 
ramona iSp ... _ 
TmfkahHrbr.SMl 
IroachSlU_ 


25 

3 II ::: 

285 

135 .... 

9% -l : 
290 


tZJl L615.2 
Sftltl: 0.9 t 
5.75 4.4112 

tfUOc « t 

\ilSl 3.4 5.1 


165 ..... 

B8 . 

10 

68 . 

■490 . 

400 . 

70 _... 

60 rd . 

203x1) .... 
51 .... 

59 .... 

205 .... 
305 .... 

220 ..... 
75 ..... 
92 ..... 
% .... 
210 ..... 


15.0 0.9 7.9 


12.0 re^a.B 


COPPER 

100 I 70 UfesjoaHOSJ_1 87 |-2 !iQ30cl L9J J 

MISCELLANEOUS 


17 9 jBurmaSlineslDip. 

300 220 Cons-Murth. 10c— 

465 245 NotbgaioCSl_ 

234 164 R.T2._ 

90 30 Sabina tads. <31_ 

£32 750 TaraErptn.S[- 

45 43 TehidyALneralsIOp- 

180 120 VukuQConsCSlJl 


15 ...... - 

225 W30c 

440 -151 - 
223 -1 l 9.5 
77 -7 - 

£ 11 % -% { - 

43 _L33 

180 Q7c 


RUBBERS AND SISALS 


|+ trrl Mr. J Tld 
| — | Net |Ctt Gris I 



Ando-Indonesn- 
Bertara Cons 1C®... 

Bird-Africa.__ 

Bn«t«aH 10p- 

CajtleTield fOt>_ 

Chersonese lfe _.. 
Cons. Kants 10p_ 
Grand Central 10p_ 

Guihnc£l.- 

Hlt'-Hhj Iflr L4 Wp. 
Highlands M5Qr-_ 
Kuala KepwigliSl. 
TtKnlim M50c. 

Idn Sumatra lOp 

XalakafiXSl __ 

Must River Wp 
Mjn!i;iT Hid?* ! 0 p 
37 liuogeiRnan lOp... 


100 _ 

93 

16 . 

50 -% 
255 +5 
43 +2 
3 8 % +1 

10 . 

27Sa! -2 

TO ...mwm 

21a +6 

71 +« 
52% -u, 

155' +f 
97 -?2 
46% *1, 

72 -*-l 
60 +3 



TEAS 


India and Bangladesh 


225 \17y .Assam IVKiirrU .. 
385 1280 A'-sara Premier £L 

123 |104 .Assam Ims.£t.. 

20% Empire Kants Wp. 

12 JokaiCl. 

Lringboumcil — 
McLeod Ru.'s'i£l. 

Moran £I_. 

SincloHldgs. lOp.. 

244 [181 |A\arren Piants__ 

172 138 'AiUiamsonll 


225 fl5 *451 

305 .hl625 

123 ...... 7.0 

27% 41.98 

335 +5 412.00 


26 +■% 4FL72 

243 -T 14.67 
171 Ul 9.0 


Sri Lanka 

Z10 1123 |Lunura£]_1 175 |-1 5 5 1151 4.8 

Africa 

-1 580 J.150.0 I « 113.1 

-| 180 j.113.0 J 4 |l0.9 

LINES 

CENTRAL RAND ./ 

3B5 140 Durban DeepRl— 230 -3 — — — 

416 244 East Hind Frp F,1. 296 -3 M5c 16.4 i 

£36% £291. RaiDhifltiiEAR2. £35 +% tQjSOc'25 6.1 

178 78ij West Rand HI- 115 .tQ13c 6.716.9 

EASTERN SAND 


93 I 57t 2 1 Bracken Ste- 

33 10 Ea«Icg?aRl — 

s-m l-nc If. Rij.M.RO 50__ 

ij'rootilei.YJc_ 

Kuirosi Rl 

L*licfi5c- 

\lnrie\aIeR05O . 
5 .African Id S5c.. 

Vlarfonitun Rl_ 

537 ltVintrIh3.ikF.f-_ 
63 I 51 l\riLNigd25c 


-2 KJ25c 1519.4 

.WZOc 12 —' 

+6 N25c ~ 4.0 
+3 tO]9c 18 9.9 
+10 t^34c 18 5a 
.... tv|3c 12 3.9 
+3 tQ46c 10 24.8 

. .: 025c 04 277 
+24 17 7.7 


NOTES 

Unless otherwise Indicated, prices and net dividends are in 
pnee and denominations are £5p. Estimated prlcertamings 
ratios and coons are baKcd on latest annual reports and accounts 
and, where possible, are updated on half-year J.v lignres. P/Es are 
eslnlslesl on the basis or net dWiibolloni bracketed figure* 
indicate 10 per cent- or non difference U calculated an “nil" 
distribution. Covers are based on -maximum** distribution. 
Yields are based on middle prices, are gross, adjusted to ACT of 
M per erst and allow for tahse o t declared dlsflfWlm and 
rights. Securities with denamuutiona other Ihaa sletltns are 
quoted inclusive of the Imesimrn* dollar prenrinm. 

A Wtwllpg dcnn minaied sggm-i ti euwhich indnde in wis f nieilit 
dollar pr-mium. 

• “Tap" Slock. 

- Highs and Low* marked thus have been mJlmted to dUotr 
£ct rights isrucs for cash, 
f Interim sinew increased or resumed, 
t Interim since reduced, paved or deferred. 
tt. Tan-lroo to non-residents on app lic a ti on. 

« Figures or report awaited. 

TT Unlisted security. 
r- Fricu at time of anspeusiou. 

1 Indicated dfridend alter pending (RripacdlorrlShtslscx: 

cover relates to previous dividend or lorecasL 
-* Free of Stamp Duty 

♦ Merger hid or reorganisation I a progress. 

4 , Not comparable. 

♦ Saror Inierun: reduced final andi'or reduced ■ ear-tog* 
indicated. 

$ Forecast dividend: cover on earnings updated by l a t est 
interim statement. 

; Cover allows for conversion of shares not now ranking f or 
dividends or ranking only for restricted dividend. 

* Cuier does not allow for shares which may also rant for 
dividend at a iururo dale. No PIE ratio usually provided. 

¥ Excluding a final dividend d ec laration. 

+ Regional price. 
i| No par value. 

a Tax free, b Figures based on prospectus or other ofHclat 
ererraate. a Cents. A Zttnrfead rote paid or poyafcJo on p.irt 
ol capital:' cover tutted on dividend on full capital, 
e Redemption yield, f Flat yield, ft Assumed dividend and 
yield, b -Aumnvyd dividend and yield alter r-crlp issue, 
i Payment Irom capital sources, k Kenya, m Internn hipher 
than previous total, n Bights issue- pending q Earnings 
based ud preliminary licurov. r Austral von eurrenev. 

s Dividend and iield cxclud*; a special payment. I Indicated 
dividend: cover relates to previous dividend. P'E ratio based 
-in laid -annual eamiajiv. u Forerast dmdend: cover hosed 
on previous sear's earning.-, v Tax free up to 3flp ja the L. 
« Yield allr-ws for currency clause, y Xurideud and yield 
bused on merger terms. 1 Dividend and yield include a 
special payment- Cover does not Hpply 10 Fpcvial p.iyip«n- 
.4 Vet dividend end yield. B Preference lifcidend passed or 
deferred. C Canadian. I> Cover and PE ratio exclude profUa 
of U.K. aerospace subsidiaries. F. Jw.ue price, F Dividend 
and yield based on pmpe“iuu or olhnr -.iflicial oslimnies fur 
TflTT.TfL r, Afiiimcl dividend and yield .lfier pending scrip 
and.-ur rights issue. U Dividend and jield based on 
pri-iypectur. or other official estimates lor 11178-77. K Figures 
based on prospectus or olher official ertlRKUci for 1978. 
M Dividend and yield based on prospectus or other official 
estimate! lor J&7R, .V Dividend and vieJd based on prospectus 
nr other atficiai estimates for 1 T!R. P Dl* iderd and yield 
bused on prospectus or other official estimates for lffTT 
Q Grosa. T Figures ussumed. U No algal fleam Corporation 
Tax payable. Z Dividend total fo date, ff Yield based on 
awimptioo Treasury Bill Bate stays unchanged unlH maturity 
of slock. 

A hbreviatlonsralev dfrldmd: «c ex scrip Issue; rr ex rights: n ex 
all: il ex capital distribution. 

“ Recent Issues ’’ and “ Rights ” Page 32 


FAS WEST RAND 

..j Iff*KJ86 


Ea.1 iitwPi . i 
Eland card' jU -’'f ) 
n ; :tor^KL.. 1 
ilirtehwf Rl 
Klonf Gold Rl 
Libar.or.Dl. 
Salhraal Mr 
slill'jnitm 54c 

A'aal RcefiHOc_ 

VerihirswcgRl — 

n DnvftJ- 

Wewcm .Areas Rl. 
KerternDeepR2_ 
ZjndpanRl-— 


337 +2 , 
745 +4 ! 

202 -5 . 
109 +3 I 
041* 

527 +7 
576 -2 
482 +7 ; 
239 +3 

£133.4 +V 1 
226 +1 
£22 . .., 
165 +3 
815 -16 
230 +1 ! 


O.F.S. 


This service is available to every Company dealt in on 
Stock Excbanftes throughout the Vcited Kingdom for a 
$ (12.4 fee of £400 per annum for each security 
♦ 9.B 


REGIONAL MARKETS 

The following Is a relection or London quotation* nf <haree 
previously li/ied only in regional markets. Price'' of Inch 
issues. njn«t of which are not ufficially listed in London, 
are .u quoied on the Insh evchanau . ._. 

. __ Shell Refrehnw.l 52 1.1 

Albany Tny.SDp 23 . SindaJl lYTm.i.—| 90 |.I 

Ash Spinninc ... 45 . 

Beit am....- 22 . 

Bdc’mr E<k5dp 270 Hirerr 

Clover t-niR — 26 ihish 

CraigA Riwctl 445nl . Conv £91 |-% } 

Dystm-Fk .A i.A. 37 ^JUanccGas.—j 73 [_t 


75 iFree^aleDer.50c I 
illljjFNl^duJdjiOi .... 
F 5 Sa.urJaasRI -I 
liarm<r.< civ 1 
Li •-.line Rl 
m-; fcarnlav 
Vti- Sii.-.n**- 

N 1 Irion.. H) 
nisei 


Craig A- Rose £1 
Dyson. FL A i.A. 
Ellis £ Molldy. 
Evered .. — 
Fife Force 
Finlay Tkg op.. 
Grain Ship - 1 , 
Riggins Brew.-! 
ICl.M.Mtn £1 .. 
Holti.l— >2hp , 
-N7bn ir Jd. mjin 
Pearce' 1 ’ 11 : 
Peel Mill' 
Sheffield Knelt; 


~i . Arm.it__ 344id -1 

J® . Carroll iPA.i. ^ H2rt *Z 

5® . ClonUnlkm. 98- -vl 

T S 2 . Concrete Froth.. 330 - 

. HeltoniHides i 44 . ... 

,1® . In< C»rp . 143 . ... 

. Irish Rope*_ 130 ... . 

z “ ,• Jacob ..... 65 ... 

, Sunbeum ... 30 

. T M.i.i .. .170 

•9 l.'nidnre_..._ 90 


FINANCE 


10 7.5 20.9 


Finance, Land, etc 


580 |424 Aae.Am L’oal.VJc-. 
Z46 AnJo Arari It*. 
£14>« An-: .-\n> '3nIdJfl-| 
Ang-Yaal.iOc 
Charter Ot.' 
fens Gold Fields. 
East Rand Aun. 10p 
£34 iJen.'lin:»c:R2.. 
£10-1: f.aldI'ieM:>.A ric_ 

£10 Jo’burri.'vns E2_ 

138 Middle ft il25t_ 

22 MiDCorpUSjp __ 

26 M m> nvn 5RDL4U — 
New Wil .V* .... 


20.0 i 4.7113.7! 2.41ml, BbO i'glmoNVJliA—. 

5B | 50 Rand London Lx - 
43b (375 bclcc»wnTru«l~._ 
220 fits! Stfdtrtctl'A 
59 29 Silvermn^'J-.ri 

flft £11 !dill. 

232 182 Jl ClmwtBi 
*‘"2 278 ni'j'ri -irpri-ti-Sr 

bJ 40 


580 +10 fMOc 3.4 6.2 
336 +8 Q3ti 2e A 66 
£17% +% tOlbic il 5.9 

780 .Qll5c 4> 9^ 

139Of -3 83 qI4 9.01 

176 . 19.05 Zb 7.81 

17’* . . L05 13 9.0 1 

£171; q:25 c n 77. 


176 . 19.05 

17’* . . L05 

£171; Q225, 

£U .QllOi 

£141b Q17Di 

190 -2 025c 
30 ... LL25 
196 +1 Q12c 
115 +2 (ilx 
£11% .... CfC50i 
54 -1 iOlO< 

420 -8 140 
218 -5 Q30c 
33 ... 2.5 

U4'* . tW( 

228 -4 q>0c 

270 +6 038c 
62 .Q7% c 


.0110c 12 5J 

-j One 22 7.2, 
-2 W25c « 8J 
. .. 0.25 1 9 6J 
+1 Q12e 14 3.4 
+2 Qlsc 0 6 7.81 
. ... QC50c 4. 2.6' 
-1 !O10c 3.011.1' 
-| 140 19 5.0 

-5 Q3!k * 8.5 
- 17 7.1 

. • ti795c 34 4.0 
-4 QJOc 12 7 9 
+6 03Bc 16 8.4 


OPTIONS 
3-month Call Rates 

Jadaririals TCI_ 20 TubeJmesA.: 30 

A.Brew- 6ij 6 Unilever.. 35 

A.P. Cement... 18 I.C.l. - --20 U'd. Drapeir- 7% 

B-SJt_ 9 lmereak- 8 Vickers.-- 15 

Babcock .... 11 KCA -. - 3 Wool wort ha— 5 

Barclavv Balk 25 Ladorojce-.— 27 

Beech am---- 35 Local & <.kn... M Property 

Roots Drug..- If H?* 1 SS’STi.l"- 2, Bril. Land_] 3i*| 


gouijtors- 16 Bank " I 2 Cup.Counties; 4% 

B.A.T..- 24 “lx.fs . 4 E p .. 5 ' 

British Ovygcn 6 London Bnefc. s intreuropean 4 

Brown 1 J.1. JO Lonriio -5 Land Secs. 16 

Burton ‘A - — 12 Lucas lnds— 25 mEPC™ ..12 

Cadburys 5 LjonsiJ.i-10 T4aehey iaaHaa ^ B 

CoyrrauU^ .. W I'JvS™#. ±~ ■ 4 n Samuel Prop*. 9 

behenhnm? B MrVs.ASpner 10 Town U Cily-. 1»* 

DijUUers 15 *i«u»an<i Bank 25 

Dunlop - 7 % F.J . • - — 12 Oils 

EocleStar. H Nil hanV 22 - 

E.aj.L_ . M Do.Warrants 10 5*] 1 ^*wSi 


DIAMOND AND PLATINUM 


£30 l.lnglo-Amlnv 50c... 
61 IEi*'Vps;a*.*P!L:of_ 

De Beers Df.5t_ 

re.40pcPf RS_ 

Rui.PlAl.lOv- 


£39% +iyQ600e 1.1 9J. 

<g +i m* io si 

375. +« QS2jc 33 8.4 

£Uu ..... qafc.i«iio2 
w *Sk- ,c ^0 i 

83 +2 JQZ%c 14j . i 


DrullJer* . 15 MiiliBnd Bank 25 ■ 

Dunlop - 7 % F.J . • - — 12 Oils 

M 'Ym. Warrants 10 ? s 

C^;A«ider.t 17 P40 0M..- B 5 

Gen.Eleelne. 18 Plcsecv-- 8 unarterhal!.-. 3 

CJavo. « R-H M- 5 Shell- 28 

Grand Met_9 RankOiy .'.V. 18 Lllramar-20 

g .US.'A'—_20 Reed fninJ.— 12 

uardian^l— W filler,- 3 • 

GJOi._— 22 Tesco-— 4 Charter Cons.. 12 

HavrkerSidd- 20 Thorn T 22 Con.vGo!d__ 34 
HcsseofFfcwe-' W TrustHfnlses_ 35 RioT.Zinc —} J6 

A selector of Options traded is Riven on She 
London Stock Exchange Report page 


V 






















































































































































































































































































































































































































































































































































































































































































Redifon R-range 


Puts the computers 


where the people are 


REDIFON COMPUTERS LIMITED 
KELVIN WAY,CRAWLEY. SUSSEX 


Tuesday June 20 1978 




Trade surplus cut is Japan’s 


main responsibility—Fukuda 


Tanker 

‘forced 

off 



BY CHARLES SMITH 


TOKYO. June 19 


JAPAN REGARDS the reduction would also be the reduction of $6.27bn. showed a rise of 16 per terms, exports were up only 3 per 
of its trade surplus as its biggest exports, and the Government cent over the level of one year cent in May, compared with one 
international responsibility at had persuaded industry to keep ago. Oil imports according to year earlier, having fallen by 


course 


present, and is contemplating the volume of exports during the the Finance Ministry, totalled 8.2 per cent in the previous! 
emergency uranium imports and fiscal year 1978 at the .same level 29m kilolitres during the month, month. j 

nil stockpiling as short-term as in 1977. But the government or between 6m and 7m kilolitres Io volume terras there was a I 


By Paul Taylor, Industrial Staff 


Japan's visible trade surplus in 0 jL^erl whether he would coin- fPP rox ‘ ul ® te . , y $6Q0m. The high Finance interpret these figures 

May was reduced by nearly SI bn m i i J a na n at tile Bonnsum mU L eveI oil imports in May could as indicating that Japan's 

compared with April. An blueing J a nan's curren 1 fol! ? we T d b - v a ‘^t.onary exports are now levelling off in 
acceleration of shipments in Leeounr ^glus tS Sebn duJini decl,ne ,n Tutie r . eal terms., in line with the 

advance nf a new import tariff t ^ e current fiscal year. Mr. Exports in May showed a Governments promise 
imposed on June 1 is a niajrn Fukuda said this was a " hvpm dollar-denoroinated increase of The freak rise in oil imports 
factor bef/nd the>change. and thr/ical figure." which bad been 27 per cent from the same month in May helped to give Japan a 

the smaller surplus is not being Llse( i dunria the compiling of the lasI > ear U° S7.62bn>. This $110m deficit in its overall 

taken as an indicator of dramatic j 97 s Budget. He implied that compares with a more moderate balance of payments—the first 
results in Japan's attempts to th e fieure did not represent a rise of 13.9 per cent in the April since last January. Other items 

cut its surplus. target, and that Japan was in no export figure. making up the overall balance 

Mr. Fukuda said cutting down way committed to achieving it Dollar figures for Japan's M ,c ! u . d * a 8600m deficit on 
the surplus depended ultimately The doliar-denominated trade exports, however, have become invisibles and a Sl.-45'm deficit 
on increasing imports, which in surplus for May amounted to increasingly misleading in view on long-term capital account, 

turn meant reviving domestic Sl.John. compared with the April of the revaluation of the yen Minister looks for action on 

demand. A decisive factor figure of *G.27bn. Imports, at during the last year. In yen Japan surplus. Page II 


real terms,, in line with the 
Government's promise 
The freak rise in oil imports 
in May helped to give Japan a. 


Minister looks for action on 
Japan surplus. Page 12 


rise 


rule 


Germans resist pressure 
for faster srowth 


The master of the Amoco 
Cadiz claimed yesterday that. 
In the vital minutes before the 
vessel's steering gear failed, he 
was forced to change course 
and steer closer lo the French 
coast lo avoid a collision with 
another tanker in the wrong 
shipping lane. 

Captain Pasquale Bardari 
was giving his first evidence 
to the Liberian Board of 
Inquiry in London after being 
released by the French authori¬ 
ties. He told the Board that 
at about 9.45 a.m. on March 16 
when the vessel’s steering gear 
failed the tanker was off coarse 
and about 1.1 miles closer to 
the French coast than it would 
have been bad he not had to 
change course to avoid a 
“ rogue " tanker which was 
“in violation of the traffic 
separation scheme.” 

Captain Bardiri said that at 
9 a.m. following a night of 


difficult- conditions 
• portant!^U“i£ }* : War 
takes, -about:i-t 
.productions 

How.dver:'; ; ,vjiae 
_ grow thibtffis' : .iwj 
ctiai mem!s r AatitiMt& 
kate 


Oil 

iiist laxity 


.1, Ji'jii t! 

« jllcW- ; _ 7 .. 


The Bank of England has ^P lu ®e rose. 

learned at least one lesson from- Jndcx fell 3.6 to 467.0 
the recent mini-crisis. The - . dJffiralt- condition* 

latest Quarterly Bulletin argues . . . 

that the authorities should keep ■ takes. jLbpnt:-a-*t : 

monetary growth weU within far-sbn -— — ■■ ■■ ■ ^ t| P r0 ^ uc ^ Qr ^ 

the target range, rather than cnuroiiurur Cfil eo • 
trv to live dangerously near the W* tiuwicn 1 . .. - - - . 

upper limit. It wes the faitart 3 - OF GILT-EDGED. : - 

to react during February arid ' : • ing for-a 

March, when sterling M3• . • retail prices;o£^iSi!hh? ; ^de- 1 ^'Ttcn': 

Rowing at near the 13 percent 2- B I" .from. ca^traeij^/-aiw£t'iDaer'.. ® fllF . r . r 

limit, that exposed the aufho- 1 I ■ I Ihxuiy ; Jrt - Ir 

rities to such a serious breach | I I I where contim 

of the targets when the unek- 1- 1 I y ■ • If -.Will..Be- 

pected late-surge in monetary + I llll- I. II by. -Also, .wrtfc * *''' r 

growth arrived. The overshoot- H | a ||||||| || || «uch a large pri 

ing of tihe target range wa^ the 0 * **» wear. .'. 

Bank confesses, "as much of a M sv; ;third.of 'eragj£4UH| 

disappointment to the author . • ■ *- V!- i the buralng Questt^i 

rities as to the markets." : r By 1 '«« im Britain’s foretell? *' 

implication the official reaptiou _ Izll — 1 -— J*J- continue to arnya' 

to monetary oversdwofimg wiH - n u m beri 'Aboyb:aL^m v , D18U , c 

be much more immediate . Eh British and Commonwealth nagging .^etfiti^Sbfe^BaWspjSa [ } fIi 

future. Shipping — appear to have ex- past ^ooras;fbav6X-ftti^stCjjfly '’n** 73 

Having tightened monetary peeled when they originally set been > foIlo^edJjl^;T^ty ^s6t* iriirflbSF’ 

policy the Bank is dearly con- it up back in 1969. As a result backs! -At lfl2pYJus# 




'1977 T8l 


! luxury , 

“wiJl. be moxe 
by. Also, 

Tsuch a large - -kijlt 

wear. 

;third. of. group 
-.the burning;au^®j 
Britain’s forefgiL- ' 

' Continue td rarnyh; 
n u m bers-'Aboyfeaili^fiere'jg the 


* «r. v 

f. 

■ T.-C3T; 


1V#*-.. 

r. J.Jr- • 


' .. -v r 


BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT 


LUXEMBOURG. June 19. 


ly set been - followed;jbjf/ ^Sty\s<& irlirabe?' 
result backs! -At I32p; 

nused S 3, and 1 ifl ~ ‘ 

»i*wu fa hapte ff A .Kv '• j . ■ — " 


r-. IN SPITE of renewed pressure targets for the Nine to today's rion on participating countries to sou,l, acr “” l “ e 

Flail V | from its EEC partners. West talks. M. Ortoli will be free, intervene to keep their curren- lanes toward the AmiucoCa 

1IIMJ j German . today stood firmly by however, to submit a paper along cies within specified margins, as 5? u JJ e to ih^Pasi to avml 

I its refusal to commit itself to ^ ese llDPS t0 the summit meet- members of the currency . “J ine easi 10 a ' 01 

1 1 am- specific target for Taster ing of EEC heads of government “ snake ” do at present. Specific- co l! ,s, °"' . ... nni 

ieconomic growth in advance of Bremen early next month. ally, he displayed interest in two |a n JJ? £ h , he d l,me "f 
next month's summit meetings Mr. Denis Healey. UK Chan- proposals along these lines «?irh fm 

^ in Bremen and Bonn. cetior. said after the meeting drawn up by the EEC monetary th t imSJ off JL 0 J 

v — src "—- SSSSE S?rgrfe’gig Sil-Sfli 

THE GOVERNMENT is expected I of an average growth rale of for ll ' currency^ 

to publish shortly proposals for 4.5 per cent by the middle of He contended that the Gentian 'satisfi/ri tot ir mPt ■ Otfipr chine 
reducing the amount of infor-lnext year. This was adopted. Government was reluctant to “ at ^ J 1 * 1 J filler Snips 

mation companies have to give 1 albeit amid German reservations, commit itself to faster growth Jv. “ th “ ine ° „ Captain Bardari said that 

the Price Commission before I by heads of governments of the while it remained unsure how ■ war suen an arrange- Amoi . 0 hail ^ Jeave 

raising their prices. The change Nine when they met in Copen- far other EEC members would rt vl BM r ‘ l shipping lane to avoid 


storms with \»lnds rcerned that the message should it could well run out of unused 3-3. and tor4^; 
was 6 hMdlne th north ^get through to wage earners. It capital allowances within is backed . 

middle" of the Ushant ship- is worried that there will not be another year or two. This would ten .tiiQ^i4viy 

ping separation scheme— the actual deceleration ui earn- mean that H would have to pay 

which was designed to avoid ings growth required, to keejpjn- mainstream corporation tax TLn ’ 

vessels colUding. flation down. Yesterday’s earo^ because its shareholders would ■ 

A smaU tanker was spotted ings figures for April, though be prevented by existing tax law T 136 sharp dtdp.^kt''Japan’s 

further out to sea but heading still just about consistent with a from getting off some-of their current account aaapktt.did, not 

south across the shipping 14 per cent outturn for the cuTr l<w«« abatnet stop - Japan 

hnp< fho 4mitm Cado. ____i own UOUSeO t»X losses agaUlSt . r \_ t 


1 ‘ . . 
. r.l 

V \ 

, •_ jgtti ■" •• • ■ ■ 

i»r’- - J " * 


Record P rs 


By Elinor Goodman, 


lo obtain the name of the 
“small tanker" which forced 
the Amoco Cadiz off course, 
hut said small ships ofleu 
broke international agree- 


: pvnpmpri i nf an av*rsap prnwth i-alp nf Ior w Haruvipaie m an;- new | - — l r 

posals for 4.5 per cent "’by the middle of He contended that the German ^Sat r”"met a Other ShlDS 

of infor-lnext year. This was adopted. Government was reluctant to J.J®J/ J 1 ** J Utner Snips 
e to give 1 albeit amid German reservations, commit itself to faster growth .i r “ e „„:. lf1e _ rs i 0[ Cautaln Bardari 


eroded during 1978 ' by not ^wowards to an.asaoaatfi. badc j n April -iftAtfaj >ben 
accelerating costs. ’ - OCL hopes this will‘ be yen/dpllar'tafe fp^'haeS 

This does not add up to a changed to tbe Finance . Bill 218 tb 23Q, the Japahefie 

situation of peace of mind for committee if a Dew clause currency haxperformed strqiiglj 

the financial markets. Tester- allowing losses to be .surren- | n rccent wceks.^td-bKikpsettp 

day, moreover, the recent bout dered both ways is approved, breach che' ^lB- |evet; : aitd ■po^ 1 , 

of indigestion in gilt-edged'took 1 bough there is some dou bt- si Wjr tbe ^saieyeX_ hoW thatffir 
a turn for the worse as stags of whether the proposed ,aniend- Japane^i" ■, authdrifi« -’ . 


•■jer 1 
■ HU*’ • - 

*? . - :r ’ ‘ . 
Rsw •• ’■ 


Captain Bardari said that the j ' ast v 'f ee ^ 


is one of a number which will hacen less than three months go to meet its demands for JW preventing 

probably be made this summer ago. arrangements tc stabilise cur- P™* changes when they^ were 


* EEC Finance Miniaiec, w „, jffi ffiSS ° f 


ihe Price Cede. . J™ •« *» «» ^ 

As a first step, the Depart- hammering out a joint pre- import bill. The second condition was that 

menl of Prices yesterday pub- summit statement of their posi- The implication of bis analysis it must be clearly recognised 
lished proposals for stopping tions. But the most that the is that he does not expect that surplus countries haa an 

food and drink retailers re- German delegation would accept Germany to announce any firm obligation to adjust their policies 

pricing goods already on Iheiwas a vague reference to the new refiationary plans at least in the light of their economic 

shelves. This will replace the fact that unemployment could until the seven nations western performance, and not just those 

clause in Ihe Price Code which not be reduced without an addi- summit in Bonn in mid-July, countries running a deficit. He 

bans re-pricing on all goods with tional 1.5 to 2 per cent growth since the US will not be repre- said that the key 10 any future 

a stock turnover or more than I in the averaac a mss domestic sented at the EEC summit meet- arrangement must be that il 

10 times a year. The new ordei product of the Nine. ing in Bremen ten days earlier, provided for an equitable 

will enver only food and drink Vn rfalp w h ,«, n fvpd how- Mr. Healey displayed con- sharing out of rights and obtiga- 
..«h „„i, a — ..— r— No date nas- oten cvea. ^ s „ a t j ons among participants. 


prospect ; not' at 


or other ships In the area. Tbe future of Oversea^ Con- a prospect''not : at “'all 

He said that he intended to tainers (OCL) as a .corned W OGL'i directors 

steer the vessel back on course liability company bangs >in e -baHens 

"« *“?**?"“^ Stance this week: for cnramerci^Tifeimderthe 


and make no allowance for ~hlevin" this" level siderable interest today in a tions among participants, 

stockturn. nf'Uwwth M Frani'ois-Xavier series uf proposals for linking It was also essential that the 

The Price Code, which em- nrtnli the European Com mis- sterling with other EEC curren- EEC's credit facilities be in- 
hodies the present controls on ,' fnner * f 0 r Economic Affairs, told cies inside a new form of creased to permit it to defend 
companies' profit margins, has ; hl > council that on the basis of monetary arrangement. But in any new currency plan against 
been running alongside the new , hp ; r Drf.st.nt Dulicie-i the Nine spite of bis apparent optimism the threat of speculative attacks, 
more flexible set of price con- W3S nnlikelv to attain a GDP he doubted whether the Nine But beyond this, there must be 
trols for the last year, it ex- Er n W ih of much more than 2.5 were going to be able to work moves to bring about an effective 
pires at the end of July and the f) er cent i n real term*" this veai out arrangements in principle transfer of resources from the 


Government apparently want* to „ n( j 1979 
make some changes to the re- German 


insistence. 


by the Bremen or Bonn summits, richer to the poorer regions of 
He said that he favoured a the Community, especially if the 


main ing controls at the same Commission dropped plans to relatively strict arrangement, creation or an eventual monetary 
liine. recommend individual growth which would impose an obliga- union was envisaged. 

As well as possibly a/ering -—-------- 


BY JUREK MARTIN 


WASHINGTON. .June 19. 


The EEC is suggesting that 


the profit safeguards in the con -1 

trols. the Government h;»s de- 1 « T T • A. "P 

SaS«SS;EEC hope on U.S. import curbs 

mission. 

These changes, which will BY JUREK MARTIN WASHINGTON. June 19. 

Wa consultativedoernnem EUROPEAN NEGOTIATORS at problems could be created next The EEC i s suggesting that 
later this month, could mean the trade talks here appear more year when certain key statutory some forni of consultative 

that some smaller companies confident that the U.S. will m powers of the 19 f 4 Trade Act mechanism be established cover- 
would no longer have lo notify the end agree lo adopt the so- expired. ing both subsidies and what are 

the commission of proposed in- called “injury test" before ini- He was referring to the known as selective safeguards 
creases and that those com- posing restriv-lions on imports countereading duties authority tnat is. tde right m individual 
panies still having to nutifv which adversely affect domestic which runs out on January 3 next countries to move speedily 
would not have to submit so industries. year. The U.S. spokesman agreed agamst. the imports of another 

inuch information nhoui smaller a spokesman at the U.S. that expiration of this authority country should the clear need 


hoard. 

This was the first occasion 
that Captain Bardari realised 
the steering gear had failed. 
Tiic Amoco Cadiz was, by this 
time, 71 miles north of Ushant. 

When the steering gear 
failed. Captain Bardari ordered 
the engines stopped and sent 
messages out to other ships on 
two frequencies telling them to 
“ keep clear." 

By 10.05 a.m. the vessel had 
turned to port but had stopped 
moving forwards uud al- 11-10 
a.m. Captain Bardari phoned 
Radio Brest and was told that 
the salvage lug Pacific was in 
tile area. 

Ten minutes later, he was 
told by the chief engineer that 
the vessel’s hydraulic steering 
system had failed and that 
efforts to repair it bad been 
** abandoned." 

He then radioed for 
“ immediate assistance " and at 


is added to the Finance- BHJ Dawson International. ' has -y® ar *^-the authoritiesjufe talkmg.. . 

today or tomorrow extending forged ahead in sturdy fashion, about reducing' the surpliB,.to: .. 

group tax relief - for the with pre-tax profits for tfte year $ 6 bn ■ hut unofficfal r esonadtesf. 
members of consortia. Other? showing a 50 per cent rise tb suggest- it could ^weli mra^se ,< 

wise there is a distinct, possi- £T5.5m. Given its cotrcentra- to over $15bn. Bence.tiifl.-prefc 'csSv-.; ... v,.- 

bility that OCL may actually tfon. at the quality end of the sure on the yen. There aj^,-hov^ h>wr .-. i.-. t 
have to pay mainstream UK textile market Dawson-is little ever, signs at last of. a;^tWdg. ^ 
corporation tax—a rare event affected by the general textile,, outflow of capital, partly.duetto Rnnrf— 
indeed for shipping companies cycle in the UK. and these’ foreigners uhwindingtoSr^dsi'. .WCcriSSS; 

—within the next two- years, results reflect the influx of tions in the bond Ife r ? -, 

The trouble is that OCL has tourists (boosted by the these flows cbntim^ylj cofreht - 5 "^' 
heen far more profitable than Jubilee) and a big push on rates they shouldsthrt^YeheVB-...; *• / n . 

its shareholders—P & O, Ocean exports, which jumped by the upward presisarerOtt-tfe-TCn- ^ t .-! 

Transport. Furness Withy and more than a quarter. Overall, over the longer torn, ”- 7 .^ 

_ — ~ -- r -_— ■- j - vsi -L-. . 

I ----T •s-''':'- iy : 

. .-■ ■-.TOT:---'“High* r c - 


tiy diie'to * . 

ther^ter. wcdriess! 


.m ~ r-> -. 




... V..-.- .. M: 


UK TODAY j 

RAIN over N. Ireland and! 
W. Scotland will spread South-! 
East later. 


12220 (he tug Pacific arrived. London, S.E. England, E. Anglia! 


much information about smaller 


increases as they dn at present, special trade representative's was “a source of great concern anse - 


Investigation 


I office acknow ledged'thts morning to us all." in the EEC view Sir Roy said. 

lhat the U.S was " prepared to Under current practice, the •“'JhnH^S'^MeSw'have 
negotiate" ihe incorporation of u.S. is exccpimnai in that il is 1 i n f ffiv 


joint proposal for reducing 
infurmaiion requirements 


out and Ih3i ihc U.S.. in any merely sufficient to prove that 


Sir Roy said it was ** possible " I 
for Board agreement lo be 1 


coiiinanies J "i™"broke on the ^ X ch^ on th^ma or areas of . 

■ • - - 1 —pro quo of European foreign governments — ■ -- ■- - 


down at the last moment and 


new multinational trade 


the two sides have out Forward acceptance of greater discipline However, the President is em- ment by the July 15 deadline set 

i! a- . p Arar tHa aa h f rA\: Arc i o 1 rimiont nr_....... j < r. . ■__L.. 31- Dnhnrt Ctmirec thn I I 


different proposals to the 
Departmenv of Prices. 

At present all manufacturers 


Uj e over the controversial subject of powered to waive the imposition by_ Mr. Robert Strauss, the U.S, 


Captain Bardari told the Board: 
“I thought the tug would be 
capable of getting us under 
low." 

Twenty minutes after arriv¬ 
ing, the lug captain asked for 
(he Lloyds Open Form — a 
standard form of salvage con¬ 
tract. Instead. Captain Bardari 
offered him a “straight towing 
contract" which was accepted 
and at t.14 the first line was 
pul on board the stranded 
supertanker. 

Captain Bardari will con¬ 
tinue giving evidence today on 
Lhc events which lead up to 
the grounding of the Amoco 
Cadiz. 


Mainly dry. Max. 21C (70F). 
Central S. England, 

E. and S.W. England. N. England, 
the Midlands 

Sunny intervals, rain later. 
Channel Is. 

Cloudy, rain at times. 

Wales, N.W. and N.E. England, 
Lakes, Isle of Man. Borders, 
SAV. Scotland 
Cloudy, rain later. 

The Highlands, N. Ireland 
Rain at first. Max. 15C (59F). 
Outlook: Showers and sun 



r.P. A. Bams- Graham, for the year ended 25th 


BU5JNE55 CENTRES 


subsidy payments. 


Sir Roy Denman, tbe EEC’s fit. 


of additional levies if be thinks chief negotiator. 


turnover of more than director-general of external rela- 


So far. the Washington talks ^ . _ 

Sir ? o, acxnow.^ed u.a, it J? ^‘TSiiaS'. c <™e d from Page 1 


£9m a year have to give the tions. maintained in an inter- would be difficult to find the right meetings between the four £„ 

commission 2S days’ advance view here this morning-on the language on subsidies that could p^j-ties. This evening. Mr. Robert rnrnmmci Bcirast 

notice of any price increase of second day of a scheduled three reassure the U.S. and simul- gtrauss. U.S. special trade repre- r,/| 1 EcUrade 

over 2 per cent. The CBI is ! days of taI5f s between the U.S.. taneously not circumscribe to an sedative, is giving a dinner for © pf rll "n 

Helieved to have wanted all | lh« EEC. Japan and Canada—that excessive degree the right of the delegation heads at which the j ., mvar j pressures linked in the irurei 

increases of under 5 per cem j if the U.S. did not enact some national government to take first attempt al co-ordinated! riso IT1 ouiput Brussels 

to be exempted from the pre- 1 form of injury law then major action. progress "ill be made. [ ^ H Bimaposi 

_.:e .! _ . 1 _ _ —. . 1 lln thia Rprl nnint ih. D tint. 


Vday Y’day 

Mid-day Mid-day 

’C ’F »C -F 

Amsrrdm. S 2U SR Manchsir. 3 IS M 

AiUcns S 33 90 Melbourne C IS 53 

Bahrain 5 37 99 Mexico C. C 21 70 

Belfast C lil m Milan S 22 72 

Eclarade c IB 66 Montreal C IS K 

Berlin 


v-- .-:ScCl 

>;1SL042 - 


sales':. .. is:o42-L- 

PROFIT BEFORE-TAX .. vpTBl'r: 

PROFIT AFTER TAX AND ' r = •! : ! 7 


PROFIT AFTER TAX.AND ' 7 - J, -‘''T . ■.!>: 

EXTRAORDINARY .ITEMS" : y?z$5ZW' : :\ 

EARNINGS PER ORO. SHARE “55b- _ 


notification requirements to-!- , ■ - r , - _ n 

gether with those which yielded; ment of Employment said yester- | 2J ”iwS*e P M 

less than £250.000 a year in Continued from Pacrp 1 da - v ! ha ’ b *“ tb ? middle of this rMcaso s 5a 7S Rwkiarik f o 

additional revenue. ouuuuucu iium rcige i month some 70 per cent, of Coionnc S 22 w TUo de J’d s 25 

The commission, however, is -m . workers covered by major settle- SSSJin 3 * 11 ' r il « E u 

understood to have argued that E<nnl7 lll^DT AC 1 OUT nienLs had agreed, and AS per Edinbur£h c 13 sa srnckhohn f ;i 

it ought to continue to be kept ill l v || | cent nf these deals were within Frankfun f zi to Strasbrg. F 30 

informed of these smaller -*-^**■***■»■ WAfeVU the official guidelines. t u s Sydney h h 

juprpicpc hut tkqi if,' ■-! ulasBov c io 01 Tonrjui s m 

favour or greatly reducing thj attention to the monetary evidence suggested that keeping as the economy picked up. tion "q? n ro^ Sfwl s £ » c a 

amount of information com- tar B eU - monetary growth within the Mary Campbell adds: The . P S!hEEi J0 ' bunr s 20 404 ToroDto 8 u 

S«7| d *•«« ro provide ™°w.n 3 the excessive ^ere there^w^l failures l 5 S VSL I S 

"u n s al iho"™m^ S!ion , pro . ssii ssffl-jr-TWS ffisresus ^ -«— -» 


progress "ill be made. 


Berlin S 22 72 Mdscow B 11 32 

Blrmstira. S ’i n Munich S 19 ra 

Brlsiol S ■il 73 Npwcistlo F TB 66 

Brussels S 21 70 New Yorlc F 3 S3 

Budapest S 30 N Oslo C 14 ST 


On the first point, the Depart- B r - * «|pans 


S 3S 8? Purth 


S 21 70 1 pragi*e 


F 20 B 
R 1.2 55 
F 20 69 


S 23 IS I Reykjavik F 0 48 


5 22 79 RJo de J’O S 25 


. EARNINGS PER ORfl. SHARE “5-2p- ■- r /S!8tf>.. 

, .'DIVIDENDS PER; ORDr-.P'' 

.... . SHARE 2^8^ip' 

The final-dividend pf l:7^981p pet 


T lj SJ Sydney 
C 16 61 TohrAJT 


H 14 S7 
S 31 ffii 


■ current restrictions.-; 

* D^^ibhfn:^sti(^'c6bnfo^^*^liQuedpj 

resulting irt o'yera i t red defioaiflib vel of.deniaaidB^ 
However, demand fo r h'omcim p'roVeifierits an cP~ 

• modernisationcohtmnedto increase."'^ 


C 17 Cl Tel Aviv S 28 7» 


5 30 n Tokyo 
S 20 eft Toronto 
F 20 as Vienna 
S 23 73 Warsaw 


with small increases. growth recorded last year the exchange rale stability, ins! interest payments due. on observe self-financiion require. S*** c Tt o 1 ™ 

Under the commission's pro- control should aim at keeping The “discretionary' element public sector foreign borrowings „„ nle s * “ nB req 
posals, the information require- the growth around the middle of of fiscal policy—the specific over tbe next ten years. * . """' " 

ments would be reduced for die target range — set at S -12 changes introduced by Govern- The table shows that at $1.7Un. T P e older index increased hy HOLIDAY RESORTS 

about a third of ihe increase now j per cent for Ihe current year— ment—has considerably reduced these could next year amount to 15 per cent in the 12 months to . . . 

being notified. The idea would rather than accepting a figure activity over the period from aD appreciable sum by compari- April to 326.1 (January 1970- Y'dax 

be to devise some formula under I around the top of the range. 1974 to 1977. wiih the S2.2bn due in repay- 1001. compared with a 7J} per M ii d S! 

which companies proposing! Discussing the effect of mone- But ihis has been offset by the n * ents of principal. But whereas c £ nt increase in retail prices in ^. acclo - c . b . 

smaller increases would not have tary growth on the sterling automatic stabilising impact of the repayments of principal in- ihe period. Aisiors c 21 ' m jon-w 

tn do much mure than tell the exchange rate earlier tbis year, changes io tax payments and crease m subsequent years to a The newer index for the whole Biarriw s is 64 Las pir 

commission when, and by bow the Bank reports that its own benefits. These have increased . u ' ®®.2bn in 1981, payments economy rose by 12.5 per cent Sl'lSp™ 1 £ 

much, they wanted to raise their research bos Tailed lo find a tbe public sector financial deficit ‘^lerest fell to Sl.5bn in 19S0. in the year to April to 127.2 bquioctip s 15 59 niliof 

prices. The commK<ion would be close-knit relationship of the by 6.1 per cent nf Gross Domestic In aDd w ‘ jI1 under (Januarv 1976 = 100). The index omhinca. f cd ah Nairobi 

free to ask for mnre information kind suggested hy ihe inter- Product. *>lbn « year subsequently. was 125.0. not seasonally 5‘’pr TH Cl? 57 N ! ,p,ps 

if it needed lo decide whether to national monetarist school. In spite of the receut rise in TbQ ° ver ? w figure of interest adjusted, in March. nlk | S!5!j, 

carry out a full three month in- The-pace of monetary expan- activity, many firms still had ^ l ” enls due on the del>t is Basic weeklv waee rates rose Fa ™ F 1 9 m Opono 
vcrtigation sion did not become fully appar- “ample spare, if sometimes out- »* 3bn ;. , . . by 03 p^r cent Tn Mav to ‘>57 7 PVT* s 2n 7:1 RI,ort - s 

Such a formula would repre- ent until May. and “seems dated, capacitv" , f or th , e Purposes of estimating ®J ”■/ ^ S lbr *' Mr s *= g sawwra 

ksmrn^ usi mmm m\m. 


C 29 84 
3 19 86 
S 19 66 
F 19 W 
F 20 63 


Paul (Joinery) Ltd. at Hami 1 1on to 1 rnproyg^qi^ 1 !> ^ 


Y'dar Y'day 

Mid-day t Mid-day 

•C *F *C «F 

C 21 70 Istanbul' S 28 82 
'C 21 1 m jcrhi?y ■ "S“iB gs 
S IS 84 Las Pima. C 21 Tn 

C M 57 Locarno R 16 61 

C 2i TO Malaga s 23 n 

S 15 591 MaJlh S 29 S4 


>1*1*1 UH Ill-Ill %'A iU J f J nii XM ilTiwSTti f* 


* In view otpossible Iegisjatipn fegardingfitpefe 
' yaluation refief,past’polfey ofprovidio^'" '■* 
infuJIfordeferredtax continued. 


(Januarv 1976 = 100). The index Camhlnca. F 26 ns Nairobi 

"j'*.,seasonally gK,™- J J* ” 5’" 1 ” 


. B n ,5 , ic .r?-!?. «?» ™‘ es ™ s ! 


Huhrornlk S 2" 81 Nicosia 
Faro F 19 an Opono 


S 25 72 Rliodfs 
S 22 72 Satebura 
S 17 63 TanaJcr 


S 22 72 
S 29 M 
C 18 81 
S SO W 
S 21 76 
3 2S S2 
¥ IS 64 
S 29 M 
S 22 72 
S 20 66 
C 13 33 
S M 79 
S 22 73 


Annualflsnna) MseriBg: 12ft Joly;iS78. - - =-V" : ’I 
Copies oF the Anneal Report and Ch'aJrraatt's Stvtpnuht 
canfce obtained from iheSecratary^tY Saw MWJs.rjrl 
Port Dumlas, Glasgow G4 3TP. ; •'.•7: '■! UlirA 



( r r Z 7hi ns ( ,T1 > cer ain sectors oi industry, which the interest rale levels ruling last only nationally negotiated basic «rlL„ c 1 » ,a 

j But in the longer term, could create supply bottlenecks March, of 7? per cem. rales for manual torkera. S “* mfl5r - F ~r-TbiS5S° udy ' H “ Raln - 





v;