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CONTINafTAL SELLING PR 1 


AUSTRIA Sdi 15; BELGIUM It 7S; DENMARK Kr 3.5; FRANCE Fr 3.0 1 GERMANY DM 2.0; ITALY L MO; NETMBtLANDS Fl 2.B; NORWAY K r 3.5; PORTUGAL Esc 20; 5 FAIN Pa <0; SWEDEN K> 3JJ; SWITZERLAND Fr 2.0; EIRE 15p 



llffiWS SIMMARY 


EDERAL 


^Secrets 


BUSINESS 


ingers 


Pound 
gains; 
Equities 
down 4.7 


Cabinet considers 

i 

today 5% norm 
for next pay policy 

BY (JOHN ELLIOTT AND CHRISTIAN TYLER 


Ftertxntage increases onr 
I previous 12 months 


Retail 

/Prices 


Carter stops 
computer sale 
to Russians 


1977 .1978 


BY DAVID BUCHAN 


WASHINGTON, July 19, 


le Government was given a 
ride la the Commons 
ten it announced plans to 
place the controversial Section 
i-o of the Official Secrets Act 
th a less restrictive Official 
formation Aet. 

Mr. Merlyn Sees, Home Secre- 
ry. introduced the proposals in 
White Paper but was fiercely 
lacked by Labour MPs who are 
§ry at Government delays in 
traducing a Fredom of Iuforma- 
jn Act. 

The Government appears to 
ice a dim view- of any legislation 
cich would guarantee rights of 
cess to official information, 
ick and rage 11; Leader co Bl- 
ent, Page 22 

ipSomatic row 
ver disaster 
t camp site 

snri Si mo net, Belgian Foreign 
nisier, has attacked his own 
plomats in Spain over the 


• sterling improved, with a A recommendation to put a 5 per cent norm for earnings into the Govern- 
sharp rise, near thedosk when ment’s White Paper on pay policy for the next 12 months will be put to the ClOSif* 
the pound gained. i.i5c . to Cabinet this morning. 

31.8950, its best dosing level Unless there are serious dis- This threat was made because of around 14 per cent for Phase gm 

' -■ agreements among senior Minis- some confederation leaders Three. TAl*flAOCT 

ters, the White Paper is expected believe the Government may be Some Cabinet Ministers may J.UPJ. 


£ ABABKT 
THEDOLUUt. 


lUaDmet this morning. 

| Unless there are serious dis- This threat was made because of around 14 per cent for Phase 
agreements among senior Minis- some confederation leaders Three. 

ters, the White Paper is expected believe the Government may be Some Cabinet Ministers may 
to be published tomorrow. prepared to abandon the con- argue today that the specified 

STLSrsuaf me? srirs 

Soblem^S * d id 2^r P;miei breachi ”S its ^ c S 0 S^ i ” g aCCeptea 011 1116 

Jtcllar fiji hK^Jrtv 1 woui^not Mr - Dei ^ Healey, Chancellor The White Paper will talk in 

ifrnS.1^ toparty would not of the Exchequer, has decided quite specific terms about flexi- 
support any legislation. t0 recommend to the Cabinet bility and the problem of resolv- 

The Cabinet must now decide ing anomalies and compressed 

whether to risk introducing a The Liberals win refuse to differ* rtials. 
short Bill which, because of the enter form of Par . But, if the Cabinet agrees, it 

Liberal opposition, might not be mo Ionn ot rar --*■ >- - * 

passed this session. 


IMi-mVoNI* 

SwdmlB^anin 


™ , — , of the major parties after the 

This emerged after leaders of GejMfral Election unless there 


.hr., will not contain a second figure 
at which all trade union nego- 


the Confederation of British - 
Industry told Mr. James “ * 

Callaghan, at a meeting y ester- * ora * reform, Mr. David Steel, 
day morning that they opposed *h e PRrty leader, made clear 
statutory dividend controls. yesterday. 


since Mareh. Its trade-vrcigWed am ip working boors be set 

index improved to '62J . (62.0) voluntary limits and that the only one pay figure, and to argue frfl n e° F d^t hat 

while the dollar’s depreciation Government had better -take its that the White Paper should not 

widened to 7.8 per cent (7.5). S-SSS £5 ^ be 


EQUITIES fluctuated |n p»: restrained. 


to refuse industrial and export per cent to give it a better DAVID FREUD 

aid to companies breaching its chance af-Ueing accepted on the . 

guidelines. shop flow."- ™“. ' INCREASE m average 

Mr. Denis Healey, Chancellor The White Paper will talk in in Phase Three of the 

of the Exchequer, has decided quite specific terms about flexi- Gorerament * Pf>' P°‘ ic >' looks 
to recommend to the Cabinet bility and the problem of resolv- ll * e Jl’, to be close to recent 
__ __ ___ ___ __ ing anomalies and compressed official expectations. 

The Liberals vO refuse to differ* rtials. Figures released yesterday by 

enter Into any form of Par- But * tf'tfo* Cabinet agrees, it the Department of Employment 
S"?!, “JJ f SJi, will not contain a second figure show that average earnings for 

liamenlary pact with either t wbich a n trade union nego- *>*« whole economy rose by 
of the major parties after the tia tors might try to aim. 1L* per cent in the first 10 

General Election unless there a single figure also avoids the months of Phase Three, up to 
is a firm commitment to elec- problem of deciding during the &tay ; This seems in line with 
toral reform, Mr. David Steel, pay round which groups of official expectations that the 
the party leader, made dear workers genuinely qualify for the wage round as a 

vpctprrinv the higher of two norms. whole will be about 14 per cent. 

Back Pa £ - Mr. Healey insist ^at T . h « ° Ider JHE 

±>acK rage cu tg ^ working hours be set sentative seasonally-adjusted 

. _ ■ , , aeainst the norm, unless they are iudex shows a rise of 14J per 

and to ygue gJSVnSiE. aid that product cent in the first 10 months, 
that the White Paper should not ^fy SSa which the Govern- equivalent to an annual rate 
sp e H out the margin of about wimtsto encourage, will be of 165 per cent. Official feeling 
- P®f “f 1 . ttat estates jjjjyffl, monitored^ is that this over-emphaslses the 

rr' d J*,£ e ^ L2J "laSSSS The ejected decision not to 


the party leader, made dear 
yesterday. 


tia tors might try to aim. 

A single figure also avoids the 
problem of deciding during the 
pay round which groups of 
workers genuinely qualify for 
the higher of two norms. 

Mr. Healey will insist that 
cuts in working hours be set 


believed that dividends should 2 per cent that he estimates ™ n«i rnrprt 

hP rpcti- 9 ;n«i h* toko,, carefally- monitored. 


■hieh the Gove rn- 
encourage. will be 


Agwse sflsr ““ SSS 


s disaster in which at least 150 market abont dividend control, secretary' to announce at this As foreshadowed bv Mr. Healey amerramu auu omcr ur» oiem» 
ople died. Down 5.6 at noon, the FT index morning’s Cabinet meeting that and the Prime Minister, the tar- disappoint some nationalised 


Sinionet 


bad rallied a little and then closed [tlie confederation's continued get will be to cut the earnings 


industry chairmen. 

Yesterday, Sir Peter Parker, 


colled tbe consul-general m 4.7 down at 467.7, for a two day acquiescence in pay restraint rise by half of the Phase Three 

ircelona and wanted to know nf 11fi depended on the Government level. This aim was repeated at Rail Chairman, told Mr. 

iy no centre was set up for the 13 01 abandoning its present policy of yesterday’s talks. Heolry on behalf of the Nationa- 


Q 1IN f4VUV/ VI jGO|w* UM V S U4UVD. . - y J . v -n . , 

_ . . anail including clauses in public con- This implies' an overall earn- Industries Chairmens 

ffi GILTS hardened In anticipa- requiring compliance with ings increase of about 7 per cent Gr0 ^P- ttat a separate figure for 


Belgian tourists killed or ^ niT hardened in anfieina- in cludin S 1 
trned in the ^plosion. He also ^ , S th tracte ret ^ 

tacked the Belgian 14011 of news of growth mmone^ pay limits, 
-ibassador’s failure to go to the stock and the Government 


compared with the expectation Continued on Back Page 


- - PRESIDENT CARTER has vetoed Making all oil equipment sales 

a S7m Sperry Univac computer to tbe Russians subject to a 
r Jfm B 1 1 Jf 1 sale to tbe Soviet Union and Government review and a speci- 

placed all oil-related equipment fie export licence would “give the 
exports to Russia under review. President a greater degree of 
“1 a the White House said today. flexibility" on how to react In tbe 

PIOQP The moves go some way to future. Mr. Powell said. The 

l/IJr meet public and Congressional oil category had been chosen 

pressure for retaliation over the because the U.S. had a virtual 
gm heavy sentences passed last week monopoly in that area. 

TAl*AAn ci 4- on Soviet dissidents Anatoly He hoped that the situation in 
■ 111 Sbcharansky and Alexander the Soviet Union would so 

Ginzburg. improve that the new controls 

Mr. Jody Powell, White would not be necessary’ and said 
BY DAVID FREUD House Press Secretary, said that that the U.S. would not “cut off 

thf nerevser in President had yet to decide its nose la spite iis face." 

Jw?' e /?P whether to allow the sale to the Not all Adniinislraiton officials 
“I? 6 01 *" e Soviet IJnion of a S144ra oil drill are unanimous in their view of 
I»J polky looks bit plant by Dresser Industries, the usefulness of trade sanctions 
1 « , i 10 ,0 r 01001 Dresser, however, still believes against the Russians. While Jlr. 

expectations. that the sale will go through. Zbigniew Brzozinski. Mr. Carter's 

ri^iresreleisea yesterday by i n taking these limited trade National Security Adviser, 
toe department or Employment sanctions, the Administration favours limited action in areas 
snow that average earnings for clearly hopes to head off calls in where Ihe Soviet Union is tech- 
the whole economy rose by apd outside Congress for arms nologically weak, Mrs. Juanita 
li— per cent in the first 10 limitation talks to be broken off Kreps, Secretary of the Com- 
monthsof Phase Three, up to until Moscow reverses its hard- merce Department. which 
B ~ y ; T “*s secins une wnn lme policy towards its dissidents, administers export controls, is 
mm The Presid ^t and his officials said to have grave reservations 
35 ? have repeatedly made clear that about the leverage lhat o*ra be 
whole will be about 14 per cent, these negotiations with the everted on Moscow by adding 
The older and l&is npre- Russians such K those on new categories to the list of sen- 
rentafave seasonally-adjusted strategic arms held in Geneva sitive exports. 

mnnihif last week and on conventional The bulk of U.S. sales to the 
MnLiiL.? «» m JE? £*1 anns hegun this week in Soviet Union are agricultural 
Sr Helsinki, are too important to and come under a 1975 agree- 

b0 interrupted. ment by which the US. guaran- 

Mr. Powell said that the scope teed to sell Moscow 6m to Sm 
SI&S2I, 25325“ gams of the computer that Sperry tonnes of grain a year. 
by rwrKH -w Univac was to have sold to Tass. Industrial exports to Russia 

SfiSmiiVZ ' Soviet news agency, was amounted to S586ra out of total 
generally regarded as excessive U^. sales of Sl.flbn last year, 
rLan jyrir-pc 5l£h r raw? for tl,e news as°ncy purpose and in the first five months of 
nXWi.^5 Rh? In fff Stated — to speed up its trans- this year amounted to 8228m 

oamVis^Anth^ mission of sports results during out of u total of SlJ6bn. Before 

toZSE? ^E?bE J£S? of toe 19S0 Moscow Olmpics. There the President’s latest action, the 

has been sorae suspicion that the Commerce Department estimated 
ti Ktfb moS ! spare capacitj . could be used to that total sales might reach 

yjFSn* monitor foreigners and dissl- S2bn this year, with non, 

unpi-oN! dents. agricultural sales at S400m. 


Securities index closed 0.67 up 
at 70.57. 

•cezhnev absent 

... c • * -J * • G0LI) rosc 51 to 8S5I in 
i*. Brezhnev, Soviet President, \ 

id Mr. Kosygin, Prime Minister. Lonilon ’ t. . 

•lied tn appear at the funeral ^ ujatt vi - bicf t unc mm n n 
Moscow of Mr. Fyodor Kula- • ™ rf 2 Bp 

•V. oroniinent Politburo at 837.92 Just before tlie close. 


c.nbes’ '>nce regarded as a t 

kcly successor to Mr. Brezhnev, • JAPAN registered a current 
2 account surplus in June, of 

S2.38bn, its second largest this 

1 Bin ejarre over - eax ' brin 5ine total surplus 
oiegc U¥CI so f ar to SSBbn. mote than 

jc gun .sici;e at an Oxfordshire double the figure for the first 
rinliouse ended peacefully half of 1977. 
jeii Mr. Du\id Brain walked 


Vance plans Middle East 
visit as talks end 


indices earnings are increasing 
at a much faster rate than 
retail prices, which rose 7.7 per 
cent in the year to Hay. In the 
same 12 mouths real disposable 
Incomes, the best measure of 
living standards, are estimated 
to have risen by more than 
6 per cent. 

About two-thirds of workers 
in major groups had settled by 
May, compared with 80 per 
cent at the same stage in the 
previous wage round. 

The main settlements out- 
standing were in the construc- 
tion industry and for Post 
Office engineers. 

By mid-July nearly 90 per 


Britain expects second 
Polish ships contract 


MIPS . . ~ Department said 99 per cent of 

aewunt 111 J 000 ' .°f , these were within the Govern- 

!«.flSbn, its seeond largwt this BY |y CHARD JOHNS, MIDDLE EAST EDITOR * ment’s guidelines, 

year bringing the total surplus The confederation of British 

mI tha firct THE- FATE of the Middle East the Leeds Castle meeting. common elements were. Asked Industry tried to qualify the 

dauoie ine ngure a u e peace negotiations between Mr. Mo she Dayan, the Israeli what progress had been made Government’s optimism yester- 
nuir or tan. Egypt and Israel was unresolved Foreign Minister, ‘is understood Mr. Vance replied: “I think the day. 

i._. tn.- last nisht after two days of ex- to have said that Israel, which mere holding of a meeting here Mr. Richard Dixon, ils social 


•common elements were. Asked 


By mid-July nearly 90 per BY LYNTON McLAIN 

BRITISH SHIPBUILDERS is ex- Polish deal would he received 
S^vSre*iritwrih| tovera- P°cted to win a second shipbuild- very criticaUy by British mer- 
nfSf’c «.5rflunJ? t-overn ing order from Polani - cha nt fleet owners. 

The OmrcSSation of British A formal contract worth up to The last Polish order involved 
Indust^Se? to StSl S S- £30^ « expected -to bo signed ^ “5 S ° a S te WO v2E? 
Government’s optimism yester- wltWn about tivo weete for the S ^ cr ‘ et an- said^tife 

dav. construction of six 16.000 dead- / ° ec \S? i«i 0 i . 

Air. Richard Dixon, ils social weight tonne, bulk cargo vessels, ^/^ed Brit sh rard^and 
affairs director, said: -I, is couldnofhavebreS won.rithout 


/It 


. » . r> u„ *1,0 rnn r-n. iu xvem. jur a muuuuauuu ui me a- iu wn»> mi ucusiuus, uicu iiim- 

i.i taken 10 m the Mr - Cyrus Vance. U.S. Secre- exchanges. But Mr. Mohammed gress has been made. But it was 

alioii and mil appi.ir in couit ing to £26.9m exports to tnry of State, who convened- the Ibrahim Kamel, tbe Egyptian still too early to gauge tbe result 
u; ‘- - UK al rage 0 talks, said: “1 anticipate that Foreign Minister, was not able until the two protagonists had 

m unnernv n r Tiefen™ tins there will be further meetings to commit Egypt. Both of them reflected on what they heard 

letnam talks „nrtPTHnint its budeet in each of wben I go to the Middle East in will report to their respective about each other’s publicised 

• lUiucrspviii iw l. mu cdiiU jbout iwo Vccks- W sovcmiD 6Q ts ppscc pilsriSa 

jin:- has proposed Ministerial tbe-years since 19ra73 by a cumu But Mr. Vance could not At central isue is the future The U.S. Administration had 

Iks with Vietnam in a bid to Jauve Elbn, accoraiDg to guarantee a resumption of tbe of the occupied West Bank and hoped the Leeds Castle talks 
■oak iho deadlock over the latest Commons Expend rare exchanges. In the mean- Gaza Strip. The Egyptian and would provide the basis for . 

pall iation from V ietnam of Committee report, m spue or a ji r . Vance is despatching Israeli peace plans detailed here launching a full-scale resumption 

unese nationals. But China spending _ spree this year ’on ^iiems ^ Alfred Atherton, Assistant still seem fundamentally within as little as a week of tbe 
ill says Uiat Vietnam has ranging from missiles to vacuum secretary of State, to Cairo and opposed. peace negotiations broken off 


affairs director, said; " fl is 
wrong to say that 99 per cenl 
have settled with 10 per cent. 

“Broadly SO to 90 per cent 
have settled within or at the 10 
per cent level." 

Editorial comment. Page 22 


Shipbuilders on the River Wear. 


The terms of the contract are JenTrarnecotfaiSS 011 “ 1 

t*he Poles than^f iti^fnrt'order Bri,ish Shipbuilders had 
h Thi? arrjn § ed a 100 P er cen * credit 

— re 2, ec . t - package for the first contract. 


•libera tely obstructed reptria- cleaners. Back Page Jerusalem immediately in an In a prepared statement issued by Mr. Sadat last January. I 

>n. Page 4 ¥ « attempt to maintain some kind at the close of the talks Mr. Extracting what joy he could 

rtln Peking, the Peoples Daily U|Qh enpPff |Or momentum towards the hold- Vance said: “Major differences from the proceedings Mr. Vance 

Iis given a clear endorsement ^ ujganingftfl negotiations, remain between the positions of characterised discussions as be- 

V the principle of bonus pay- 1>««34-2 C ,1 1 png Tbe critical factor now will be the two sides. There is a lot of ing “very thorough and in great 

?nts to improve productivity-- DlillMl RJTA3 the reaction of President Anwar hard work ahead- Common ele- depth.” As a result, they had 

uiish spiriiu.il rewards are still _____ _. c . ho ._ , Sadat, of Egypt, who said in ments in their approaches have created a greater measure of 
garded us the main force • in Khartoum on 'Tuesday that he been identified.” understanding 

hind good work. bring ^ Mtural gas ashi^fram its ex P^ rte ^ concrete results from He refused to say what* these Other Middle East news Page 4 

, . , newly discovered Morcambe 

ttscsent attaCK Field in the Irish Sea, to supply 

':« 3 SsSjg[ ~TJLirjr Barclays buys American Credit 

oiii' of whiles using pick avc *.j™ rs increased th'eir share of . 

"*?■ S ket S?ce ,r s5d P ' °fl« STartST Market in the first . BY MICHAEL BLANDEN 

• jiii-s were involved but the ® ve J,. h.iiv BARCLAYS Bank International in consumer finance in the UK, shareholders of the U.S. com- 

i dents said the number was imports dropped substantially, has agreed to pay $19Lm ( about through Mercantile Credit, and pany and of the U.S. and UK 

Fefie - £100m) for a further major in Australia. authorities, Barclays is to pay 

• TOSHIBA, one of Japan’s expansion hi the U.S. by acquir- The acquisition fits into the S50 tn cash for each share of 

A TO deadlock largest electrical appliance man* “f American Credit recent pattern of expansion in -American Credit Corporation. 

8 . facturers suffered a 34 per cent COTporation. the U.S. by foreign banks, with This compares with a previous 

•\TO believes Communist pro- jj n j ■ ^ ntf year Qe t income . The d^al announced yesterday National Westminster and market price of $22. _ 

■<als pur to the Vienna troop- f r0 in y3 g7b n i 0 Y2.36bn. Page 30 will give Barclays its first Standard Chartered both recently The U.S. company is the 29tb 

•iui-tion conference nave substantial investment in the announcing major purchases. largest consumer finance group 

lions flaws and could harm ^ jjp has decided to close its U.S1 in a leading consumer Mr. Deryk Yander Weyer, a in tbe U.S. Besides consumer 

t-sti-rn security. The 19-nation p jj ot industrial protein plant at finance company. vice-chairman of Barclays, said lending, which accounts for 

nfvrence has broken up for Grangemouth in . Scotland. The American Credit, based in that the purchase fitted in with about 65 per. cent of its business, 

. r summer without making any mQve f 0 ]j 0WS its recent decision Charlotte, North Carolina, oper- the bank’s strategic and tactical it is engaged in sales financing. 

j! progress. Page 2 t0 its. Italian protein venture, ates 354 offices in 21 States in objectives. factoring, commercial financing, 

Back-Page the 'south-east and south-west of It followed the bank's move leasing and insurance. 

-Satiiv . iiinn . the U.S. and is expanding into earlier this year in which it en- At the end of June, it had 

U E0YuJr ■ » ■ .... • WESTLAND AIRCRAFT roan- the Mid-West. gaged Goldman Sachs to advise total assets of $755m and share- 

io Government was defeated ual workers at tbe helicopter Barclays is already widely on capital raising and acquisi- holders’ funds of $113m. The 


l A** 


nis to improve productivity-- British Gas 


understanding 

say what- these Other Middle East news Page 4 


Barclays buys American ^Credit 


X In New York 

: - 

July 15 

^ r ^ c 
rrovlnm ]■ 

E 

6|.,t 

si-PSSfrsate 

SI.S83O4540 

1 RH-ntlt 

0.94-0.48 ills 

O.sS-0.49 .lia J 0 

2 in--uth« 

1.25-L17 dli 

L27-1.21 -Iis S 

22 iin-iiI Im 

4j?c^.&5 dl* 

4.SO4.S0 «li* i r 


Intervention 


elitive edge. tional Export Credits Guarantee 

Mr. Ronnie Swayne. president Department seven-year loan and 
f the General Council of British 30 per cent through a British 
hipping, said yesterday that a Shipbuilders’ Eurobond issue 


Is your Share Register 
eating up your profits? 


•Igi-tion conference have 
rious flaws and could harm 
ustern security. The 19-nation 




in the factory at Yeovil have voted t0 1 represented in the U.S., parti- lions in the U.S. 


pre-tax profit for the year to 


minions when a Lords amend- e nd piecework, which the com- cularty through its subsidiaries Finance for the deal is expec- end-june was S26.8m. The price 

.-nt disqualifying Westminster pany has blamed for jeopard is- j n jj ew . York and California as ted to be found from existing being paid by Barclay's repre- 
ss from ihe Welsh Assembly ing the future of helicopter ag 0 fl- lCes ^ other leading and new dollar borrowings. sents a premium over net asset 

U ..1 j K,- t mninntv nf 3S. if tlu nlnnt Pase 9 TT > **7 . - . n t AS ... . 


.r- 


57 )^-. 


surir 

if ViiA- 


4 S 


$* : ' 


is upheld b>' a majority of 33. manufacturer at the plant. Page 9 

V v>m "till* flSaSBft* iinSS • ANGLO AMERICAN Carp^jn^ 
, ihe summer football pools. tion is to tags: 1 h “«g 1 c ^ 1 b0 ‘^f 
tlito in South Africa are run- in BL s Sotuh African uuck 
. short of leg irons /or subsidiary through Anglo s sub- 
■tinners and have advertised for sidiary Sigma Motor. Th^ com- 

u iriiri pany wUl be kn0WTl as Slgma " 

-null's used boats to ferrj' to Leyland. Baek Page 

f t -rv thousands of villagers 

im i idi/d by floods in Northern COMPANIES 

:l!|- Vnoit-mniin nf the Nether- LRC INTERNATIONAL 
m.'s'won the ISth stage of the sccrad-half profits fell 
, ‘ , i,. Franc* evele race- to £2. 54m, bringing the figure for 
:;wich man has invented a the year to March 31. 

t > ms 0 f p Saving snooker on per cent to £5.67m (£7-lm). 

mid a staiii. ‘ rags 2 d 


KIEF PRICE CHANCES YESTERDAY 


jntres. Under the agreement, which value of 68 per cent. 

It also has extensive interests is subject to the approval of Lex, Back Page 


CONTENTS OF TODAY’S ISSUE 


Prices in pence unless otherwise WaDis 
indicated) 


RISES „ , n 

i2pc ’ss noui + ?ts 

rniiniham Mint ... 74 + 4 

‘ustrsd 5* + * 

jpe Fimnwear ... WJ + 4 

msnn IntnI. 137 + 4 

I'jkc and Scull 

vs i Wimbledon) ... lSi + 10 

irmiTister j" , 

arsinn Thompson ,71+4 
mien ^37 + 8 


71+4 
137 + 8 


WaDLs 1M + £5 

Sicbens (UK) S9S + 22 

UC Invs. 244 + 13 

Union Crpn. 292 + 12 

FALLS ^ . 

Roots ®. 

Eastwood (J. B.) ... ral — s 

GL Portland Estates 232 - 4 

Rank Org. S 

Reardon Smith ~ ? n 

Union Discount ??? 

Shell Transport ^ *~ a ._ 


European news 2 

American news I 3 

Overseas news 4 

World trade news 6 

Home news— general 7-8 

— labour 9 

—Parliament ... II 


Challenge to soyabeans and 

fishmeal 22 

Economic Viewpoint: On 

. tbe-SummJt 23 

The hidden side oE public 
expenditure 9 


Technical page 12 

Marketing Seene 18-19 

Arts page 21 

Leader page 22 

UK Companies 24-27 

Mining ; 27 


FEATURES 

Advertising reaches £L5bn 18 
Business and the Courts: 

Chance to clarify EEC 
law 20 


Inll. Companies and Euro- 
markets 2330 

Money and Exchanges 30 

World Markets 36 

Farming, raw materials ... 39 

UK stock market 38 


The crisis In Lebanon: 
Awaiting the next war ... 

FT SURVEY 

Vans and light trucks ... 31- 


Imnnatc ... 11 

ASMMmms Ad YU. 2/UT 

Book? 10 

Businas Opals. U 

Cnmnrt — — 20 

Ecaeorah: Indicstets fc 

Uatutaibueut CuMc 2# 

EWMptieiM 36 

PT-Aansries indices 31 

Jabs column 34-14 


Letters ........ 23 

Le* - — . « 

Lombard 2D 

Men and Matters ... 22 

Racing — 2D 

Saleroom S 

Share lofarmaitan ... 80-41 

Today's Events 23 

TV and Radio 2B 

Unit Trusts » 


interim statements 
A we Carp. 4 

UpIm Disc. London 30 

annual statements 

Attwaad Cannes — 6 

J. BUI am 27 

Btmcrti cid Harvey ... 24 


Cards .Eos. 

caintatdds 

Crosby SpHns Ibis. 
invcrportoo Dteillc. 
N. Securities T*_ 

HAS 

Saint Cabala 

Jebs UBUdlasMM 

Base LHdios Rates 




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.Financial Times Thursday Jfuly20 1978^ 


EUROPEAN NEWS 





Basque 
threat on 
changes to 
constitution 


By Jimmy Bums 


MADRID. July 19. 
MEMBERS OF the Partido 
National Vasco *fPNV), the 
principal Basque parliamentary 
parly, today threatened to 
abandon the Cortes, the Spanish 
Parliament, unless the Govern- 
ment acceded to their demands 
concerning the final text of the 
constitution. 

An attempt by the Govern- 
ment and the Socialists, the main 
opposition party, to swing the 
PNV behind support for the con- 
stitution. ended in deadlock last 
night. 

The growing concern in politi- 
cal circles here as to the effect 
that a total breakdown of 
negotiations with the PNV 
would have on the Basque 
country was made clear this 
afternoon with the revelation 
that the topic had been raised 
at a meeting between Sr. Adolfo 
Suarez, the Prime Minister, and 
military loaders on Monday. 

The crucial debate on the con- 
stitutional articles relevant to 
the question of autonomy for the 
Basque and other Spanish regions 
almost ground lo a halt today. 
Parliamentarians nn all sides 
played for time in the hope that 
talks with the PNV would be 
resumed and a positive com- 
promise could he reached. 

The PNV until now has re- 
mained adamant that tbe present 
text of the constitution is not 
insufficiently clear on the autono- 
mous state of the Basque region. 
The party wants formal recagni- 
tio nof a series of specific rights 
and customs for the region, in-1 
eluding greater economic powers. 1 
particularly on taxation. 

Both the Government and the 
main opposition parties, however, 
feel that a carefully elaborated 
strategy for the regions has 
already gone far enough on the 
question of autonomy. In their 
view, granting further privileges! 
to the Basque country’ could j 
bring with it the danger of! 
creating a "state within a state." j 

It is with this in mind that; 
the Government side, led by Sr. 
Abril Martorell, tbe deputy Prime 
Minister, has insisted throughout 
the negotiations that the PNV 
should clearly pledge its loyalty 
to “ the unity of Spain " as speci- 
fied in the present text of the 
constitution. In return the 
Government is prepared to accept 
certain amendments suggested by 
the PNV. These would include 
a more specific reference to the 
transfer of local administrative 
power lo the semi-autonomous! 
Basque General Council. 

Talks between the PNV and 
the Government are taking place 
amid indications from the Basque 
country that ETA. the Basque 
terrorist organisation, may be 
preparing a new campaign of 
violence with the aim of upset- 1 
ting any eventual compromise on 
the constitution. 


Bonn finds financial scope 



boost to economy 


BY JONATHAN CARR 


BONN, 19- 


THE WEST GERMAN Cabinet 
will have more financial room 
for manoeuvre than expected 
when it tikes its decisions nest 
week on further steps to try t0 
boost economic growth. 

Latest Information indicates 
that the public sector credit 
requirement this year will be 
smaller than feared. Thus the 
danger of driving up interest 
rate? and of causing constitu- 
tional problems through further 
large-cale borrowing will be 
reduced*. 

Finance - Ministry figures 
released today show tax revenue 
increased in the first half by 
8.2 per cent against the same 
period of 1977 to DM134.5bn — 
thanks not least to sharp rises 
In takings from turnover and 
corporation tax. 

This result makes it likely that 


the .figure of DM311.7bn forecast 
for tax revenue for the year as 
a whole will be surpassed. Mean- 
while expenditure — notably by 
the Governments of the provin- 
cial states— is less than expected. 
The result will be less borrow- 
ing. 

Tbe point is important in view 
of the conditional commitment 
for growth which Bonn gave its 
partners this week at the 
Western economic summit con- 
ference here. 

The West Germans pledged to 
take additional measures of “ up 
to 1 per cent of CNF" but said 
the exact amount would depend, 
among other things, on the capa- 
city of the. capital market to 
absorb extra borrowing. 

Bonn has tbus formally. set an 
upper limit for its action (around 
DMl3bn) but not a lower one. 
Chancellor Helmut Schmidt bas 
feared that a greatly increased 


credit need by the Government 
would force up interest rates, 
discourage private sector borrow- 
ing for investment and thus work 
against an economic upswing. 

The latest news shows that 
there is less likelihood of this. 
It also suggests that the Govern- 
ment may be able to avoid 
charges that it is offending 
against Article 115 of the consti- 
tution. This, in general, limits 
Government borrowing in any 
one year to the sum assigned 
in the budget to investment 

The Cabinet will meet from 
next Wednesday to Friday with 
representatives of the Bundes- 
bank to decide of details of the 
new growth measures. Tbe meet 
ing will be preceded by talks 
between the coalition partners. 
The most likely result is a pack- 
age of tax and investment-promo- 
tion measures as well as an 
increase in family allowances. 


Five-year 
delay in 
Dutch 
nuclear plan 


By Charles Batchelor 


Terrorist complaints rejected 


BY ADRIAN DICKS 


BONN. July 19. 


THE EUROPEAN Human Rights 
Commission in Strasbourg has 
rejected as groundless a series 
of complaints originally brought 
bv Andreas Baader. Gudrun 
Ensslin and Jan-Carl Raspe, and 
followed up by their relatives 
after the three terrorists' suicide 
last October. 


The West German Government 
has been disturbed by some, of 
the past criticism of its treat- 
ment of jailed terrorists, and will 
see the judgment as gratifying 
support. 

The Commission notes that no 
evidence has even been produced 
to justify the claim — since raised 
almost to an article or faitb by 
the extreme Left in several 
countries — that the three were 
in fact murdered. Nor. says the 
Commission, is there any reason 


to believe that ill-treatment in 
any way contributed towards 
their deaths. 

The Commission's judgment is. 
in fact, that tbe terrorist 
prisoners in Stammheim Prison, 
near Stuttgart, were pampered 
rather than treated harshly. It 
notes that they had cells sup- 
plied with books, radios. TV sets, 
record players and other 
luxuries and were segregated 
from ordinary prisoners at their 
own insistence. 

The controversial Isolation of 
the terrorists, at the time of the 
killing of Herr Hanns Marlin 
Schleyer. in tbe Commission's 
view, was amply justified by their 
past record of violence and by 
the likelihood that attempts 
would be made to free them. At 
other times they were allowed 
almost unlimited contact with 


one another, with their families 
and with their lawyers tsome of 
whom are thought by tbe German 
police to have smuggled in tbe 
arsenal of weapons found in 
searches of Stammheim i. The 
Commission, also rejected, after 
inspecting the prison, tbe charge 
that the terrorists were bugged 
or watched by hidden cameras. 
Allegations that the terrorists 
were denied due process at their 
trials were also dismissed. 

Herr Hans-Jocben Vogel, the 
Minister of Jutice. welcomed the 
Commission's finding as “ a 
further important step towards 
correcting the picture that has 
been drawn abroad of the 
Federal Republic of Germany, 
sometimes through lack of infor- 
mation but sometimes also 
through deliberately misleading 
criticism.'* 


East German economy on target 


BY LESLIE COUTT 


BERLIN, July 19. 


EAST GERMANY'S economic 
performance in *the first half of 
this year appears to have met 
expectations although the results 
are more difficult than ever to 
evaluate because of the almost 
total absence of actual produc- 
tion and trade figures. 

The central Statistical Office 
has released only percentage 


figures showing inereases_over 


Police 

reform 

talks 


By David Gardner 


first half of last year. These 
reveal that the East German 
national product grew bv 5 per 
cent over the same period last 
> ear - J h e target figure for 
growth for all of 197S is 5.2 per 
cent. • ' 

Significantly, however, actual 
growth figures are given for East 
German birth so far this year 
although they are not regarded 
as part of the plan. According 
to these figures. 1IS.SOO East 
Germans were horn in the first 
half of this year. 5,900 more than 
in the first six months of 1977. 
This is being hailed by the 


official East German Press as 
“ an expression of the social 
security *' in East German 
society. 

Industrial production in East 
Germany is said to have risen by 
521 per cent and growth in the 
Industrial Ministry's sector is 
said to have been 5.4 per cent. 
The target figure for- this entire 
year is 6J2 per cent. . 

East German investments in- 
creased more rapidly than 
planned, by 3.5 per cent com- 
pared with the 2.1 per cent rate 
for the entire year. A few 
months ago. East .Germanv’s 
Prime Minister. Herr Willi 
Stoph, complained about “un- 
planned" investments of about 
Ibn marks. Frequently these 
reflect factory investments in 
amenities for workers— summer 
camps, for instance — aimed at 
keeping them from changing 
their jobs. Labour turnover has 
been ‘a consistent problem In the' 
East German economy. 


The net income of East Ger- 
mans is said to have gone up by 
3.5 per cent, while 4 per cent 
is beiDg aimed for in the entire 
year. 


AMSTERDAM. July 19- 
HOLLAND WILL not be able to 
start using nuclear energy on a 
large scale until 1990 at the 
earliest, five years later than 
planned. 

A public debate on nuclear 
policy is expected to take two 
years and it will take a further 
eight years to obtain planning 
permission and construct nuclear 
power stations, Mr. Gijs van 
Aardenne, the Economics 
Minister, has said in a letter to 
ParliamenL - 

Where to store radioactive 
waste and where to site the three 
nuclear power stations which 
were approved in principle by 

the previous Government, will 
also have to be decided. While 
the decision is being taken on 
nuclear energy, new coal-fired 
power stations will have to be 
built. Holland is reducing the 
role of natural gas m power 
stations and sees coal as the 
main alternative. 

The Minister said that a quick 
decision was needed in view of 
the transport and environmental 
problems which would be caused 
by the growth in tbe use of coal. 

Almost all Holland's electricity 
production capacity of 14.500 MW 
wilt have to be renewed from the 
late 19SOs. If all the present 
capacity were to be replaced by 
coal-fired power stations 14m tons 
of coal would be needed each, 
year by 1995 compared with lm 
tons now. This would rise to 23m 
tons by the year 2000. 

The Government is calling for 
rapid investigation of under- 
ground storage sites for nuclear 
waste. 


Portuguese 
foreign debt 
may double 


By Our Own Correspondent 


East Germany's increasing 
birthrate, from a low of 10.6 
births per LOOO population in 
1973 and 1974 to 13.5 binhs last 
year is regarded as one of -the 
success stories In' this country of 
lS.8m inhabitants. .>ManY,pf the 
country's inhabitants are, fiftderly 
and there have been fears that 
an earlier stowdjfv/i in -the birth 
rate could affeef- future, growth. 

The inewas^ in births has 
taken many East .German 
planners — a^'the country's Presi- 
dent, Herr Ericb Honnecker, 
admitted last year — by surprise. 
It even follows the legalisation 
of abortion on demand. 

East Germany's foreign trade 
-Statistics are the scantiest to 
date, showing only that exports 
rose by 10 per cent overall 


LISBON, July 19. 
PORTUGUESE Finance Minister 
Vitor Constancy says the need 
for econmic growth and tbe fight 
against unemployment will mean 
the country's foreign debt is 
likely to double in five or six 
years. 

Speaking during the signing of 
an agreement for a S150m loan 
mainly provided by West German 
banka, the Finance Minister 
emphasised that the loan repre- 
sented Portgual's first foray onto 
the financial markets since the 
revolution. 

Dr. Constancio said Portugal’s 
total external debt at the end of 
1977 had been S4.4bo while 
exports- had reached $2.75bn. 
This, he said, represented a 
quotient of 1.6 compared with 
the level 2, which was considered 
■the limit for .a country’s In- 
debtedness. 

He said projections for 1981 
showed the total debt would be 
S8.5bn while a 13 per cent 
increase in exports would mean 
the deficit ratio stabilised at 
about 1.81. ■ 

• President Valery Giscard 
d'Estaing arrived in Lisbon to- 
day for a three-day official visit 
to Portugal, the first by a 
French head of state since 1905. 
Reuter . 


IMF accord 


on three-year 



BY DOMINICK J. COYLE 


ROMEiTtfuiy la. 


A REVIEW TEAM from the 
International Monetary Fund 
(IMF) has now concluded its 
mission in Rome after reaching 
broad agreement with the 
Government on an outline three- 
year ( 1997-19S1) economic -pro- 
gramme. But it is still apparently 
reluctant to support formally a 
new standby facility for .Italy 
until the programme takes - on 
concrete shape and gains pallia-, 
mentary approval. 

The IMF team, led by Mr. 
Alan Whlttome, the Fund's 
European director, is under- 
stood to have told Sig. ; Filippo 
Maria Pandolfi, the new 
Treasury Minister, that, his pro- 
gramme is generally appropriate 
to Italy's medium-term economic 
needs, including its provisions 
for an element of recovery in 
order to cut back on mounting 
unemployment. 

The IMF is thought to have 
been impresed by the Ministers- 
persanal determination to try and. 
get to grips witb the rapidly' 
escalating enlarged public sec- 


tor deficit which, this year, ts 
expected to come out at little 
less than double the upper limit 
of L14,450bn (more than £9bni 
set for 1978 and recorded in the 
Italian 'letter of.:-intent to the 
IMF In the spring of last year. 


not be '-subject.. fit 

debate at a later time." — J 


However, Mr, Whittome is well 
aware of the complexities of 
political decision-making in 
Italy, and he has" noted that the 
Minister's programme will now 
have to be discussed in detail 
with the political parties sup- 
porting tbe present minority 
Christian -Democrat (DC) 
Government of Sig. Giulio 
Andreotti. with the trade- unions 
and, finally, by Parliament. 


This was a clcah reference : 
difficulties, experienced, at j 
time of the last agreco* 
between Italy and the-j* 
including provisions for'-' s» 
relatively minor alterations'; 
the present pattern -T 
inflationaxy wage indexation.: 
that occasion, the formal '■]«» 
of intent had to be revised, afi 
the trade unions -refused 
accept changes ’to which t 
Government had committed ittf 
lo the IMF. . - : 


At his. final working lunch 
yesterday with Sig. Pandolfi, 
Mr. Whittome is known to have. 
Indicated that a further visit 
to Home by tbe IMF would only 
be of. value when there were 
clear indications that pledges 
undertaken by the ■ Italian 
Government in a new letter of 
intent, could be relied upon, and 


The present expectation. & 

assuming that the political a 
social forces can" be periniad 
to accept Sig. Pandolfi’* so 1 
unpublished three-year pj 
gramme, and certainly at let - , 
his ”1979 budget package, is tfc 
.Mr. Whittome and Wa coYleagu . 
will return to, Italy in la ' 
September or early October «i 
finalise a new letter- -.of -m tent 
exchange for a -further. <-Jtali; 
standby from the. Fund of Sib 


Troop cut 


warning 
by NATO 


VIENNA, July 19. 
NATO NEGOTIATORS stated 
today that communist proposals 
for a European troop-reduction 
agreement had serious flaws and 
could harm Western security. 

Tbe Western Alliance said no 
real progress in the deadlocked 
East-West conference on man- 
power reductions was possible 
until tbe two sides resolve . a 
five-year dispute over communist 
force levels. 

The 19-pation conference 
broke up for a two-month 
summer ' recess, closer ..to agree- 
ment than ever .before “on Hyp ad 
principles of an eventual, troop- 
cutting agreement ' in central 
Europe. 

But the complex issue of man- 
power statistics — with NATO 
insisting the Warsaw Pact has 
a 150,000-man advantage — will 
remain the No. l problem when 
delegates reassemble on Stept- 
ember 2S. 

The conference’s 15th round 
since 1973 ended with an appeal 
by Polish chief delegate Tadeusi 
Strulak to start drafting a reduc- 
tion agreement 

The seven Warsaw. Pact 
nations have accepted Western 
demands for a collective 700,000- 
man ground force cejltpg on 
each side, and have offered an 
initial 30.000-man and i, 000-tank 
cutback by the Soviet Union in 
Central Europe against- a U.S. 
withdrawal of 14.000 men and 
1,000 nuclear warheads. 

But the plan has been- made 
conditional on acceptance of the 
Warsaw Pact's own statistics, 
which show the Communist alli- 
ance had 805,000 ground troops 
in Central Europe. NATO says 
it has hard information that the 
figure is closer to 950,000. 

Reuter 


Brezhnev avoids funeral 
of Politburo member 


BY DAVID SATTER 


MOSCOW. July 19, 


TOP SOVIET -leaders,, including 
Mr. Leonid Brezhnev, the 
Soviet President, today failed to 
attend tbe funeral in Red Square 
of Mr. Fyodor Kulakov, the pro- 
minent Politburo member once 
regarded as Mr. Brezhnev's most 
likely successor. 

Mr. Alexei Kosygin,' .the Soviet 
Premier, and Mr. Mikhail Suslov, 
another member of the ruling 
Politburo's inner circle and the 
chief ideologist, were also absent 
from the funeral' which was 
addressed by Mr. . Andrei 
Kirilenko, who normally 
deputises for Mr. Brezhnev. 

•The absence, of three of the 
Soviet Union's .. -four most 
important political figures at a 
funeral where their attendance 
would have been thought 
obligatory has led some 
observers to conclude that Mr. 
Kulakov, who once showed every 
sign of being the Kremlin's 
rising star, was on the way out 
of favour at the time of his 
death 

The . Central -Committee 
plenum last month was devoted 
exclusively to agriculture. This 
may have apportioned same 
blame for last year's agricultural 
setbacks to Mr.. Kulakov who had 


aratus. 

known v | 
ame as jAfl | 
Mealy otfl w 


overall responsibility. Mr agrici- 
ture. He had not. however, btrf, 
hindered hy past agricnltur 
disasters as he moved u 
through the party apparatus. 

Mr ; Kulakov was not 
be ill and' his death came 
surprise. He died, suddenly 
Monday of cardiac arrest. Tb 
letters of condolence in tfa N 
Communist - Party uewspape'- 
Pravda today, however, look u... 
considerably ; less : than ■ tw 
columns. When Marshall Amiri" ' 
Grechko, -the former Defend.. 
Minister, died >n -1978, the letter. 
of condolence took up an entir / 
page....” . 

: :JMr. Kulakov's obituary signer. . 
by “Mr. Brezhnev and Mr. Kosj 
gin, nevertheless praised him Id 
his “conscientiousness and prit' ]. 
•cipled attitude” and underline! 
his standing in the party. 

Mr. Kirilenko; echoing the offi 
ciai obituary, said in his funera 
address that Mr. Kulakov shower 
“versatile abilities as a partj 
figure" but his speech was de 
void of extravagant praise. 


frvjMCTM. Timm, swblwhctl dally except Sun - 
do» and holiday*- - U.S. nriM.-rinion j:oo<* 


fair -treistil* S JWI.00 mr main per annum, 
Stcond clan pottage paid 31 New York. N.Y.. 


PA.MLONA. July 19. 
FOR THE first Uuie since Parlia- 
mentary elections put Spain on 
the road towards democracy, the 
Spanish Government is showing 
a positive sign Inal it is prepared 
lo tackle what is perhaps the 
most delicate problem in 
democrausauon: Hie reform of 
tbe police force. 

The conversations held in 
Madrid this week between Sr. 
Rodolfo Martin Villa, the 
Minister lor the Interior, and 
Sr. Ramon Rubiul. the President 
of the JBasij-ue General Council, 
centred «□ where the problem of 
ihe police in Spain is most press- 
ing: the Basque country. 

Sr. Villa and Sr. Kubial agreed 
that the question oi an nutono-i 
toouj Basque police force sbould 
receive very serious consider;!-* 
tion. The bad relations between I 
the existing police force — totally 1 
recruited outside the region — j 
and the local mhibitanls were ! 
hmblightcd when riot police Iasi! 
week went on the rampage in the! 
town of Renteria. j 

Following the Remcna inci-| 
dent, and Lhc clashes between f 
police and demonstrators in 1 
Pamplona, three senior police 1 
officers were removed from their [ 
posts. These incidents have had r 
many precedents. In September! 
1976. m Ondarroa. Lequeitio and ! 
Guernica: Iasi April in Zaraiiz. ; 
and mosi recently last week in 
lhc Epuia district ' of San ' 
Sebastian, police went un similar 1 
or worse rani pages. 

The Basque country has had 
more than its share of police. 
In the last ton years, the Spanish 
police forces have almost 
doubled to over 100.000 men. or 
approximately one for every 340 
inhabitants. 

In the Basque country the 
ratio is now roughly one police- 
man for every 100 people. 
Recently, also the Government 
has started to send in specially 
trained riot troops, stationed 
within easy reach of the Basque 
country. 

This development has coin- 
cided with the plethora of mass 
demonstrations and general 
strikes in the Basque country. 
As a result of the escalation of 
deaths among demonstrators, the 
long-standing Basque hatred of 
the police has reached a new 
pitch. Few demonstrators now 
fail to call for the dissolution of 
the “ repressive forces." 

Nor are the police themselves 
happy. Most plainclothes police 
stationed in Bilbao want a trans- 
fer, according to a spokesman, 
who added that it was made 
abundantly clear to them in their 
daily work that they were not 
wanted. There are signs that 
Spanish police are growing tired 
of putting down demonstrations. 

Apart from the riot police 
brought In briefly and then with- 
drawn. many of the Basque- 
stationed polite are new recruits 
ja their first posting, 


TURKISH CYPRIOTS 


A growing sense of resentment 


#■■■? 
i‘4 


BY METIN MUNIR 


OF Scotch Whisky into constitution, severed his ties with 
the Turkish Federated State of his party to rise above parly 
Cyprus rose by 55 per cent last politics. 

year and the drink is apparently j n practice, however, his ties 
catching on in the Turkish com- with the National Unitv Party 
m unity. The reasons for this remained strong as ever. and be 
are not clear but one possible has continued to exercise great 
explanation is that the Turkish power>. This, in fact, is one of 


Cypriots are try in 
away their sorrows. 

There certain! v seems to be 
grounds enough' fur turning lo 
the bottle. The economy in 


to drown the biggest problems and failures 
of the Turkish-Cypriot adminis- 
tration. Because Mr. Denktash 
in practice carries uut the func- 
tions of President. Prime Minis- 


? ver Ministers who. in turn. 


displaced from the south of the 
island and Turks transplanted 
From the mainland. The 
administration remains primitive 
and the Government largely 
ineffectual. 

Last week President Rauf 


have little authority over their 
staff. 

Admittedly. Mr. Denktash’s 
role is the continuation of a tra- 
dition established during the 
civil war years when, by neces- 
sity. he played the role- of a 


Minister 13 Osma^o-ek”"!* despot. But the civil 

Ankara walk the Turkish Pnme h b™?V B “ 

cash* to*' Da v SSTKSSP’ r S ^ cKE? His cu^ SS 
cnfwirUs,* P ; ho ' -L ‘l ' ' an ; d however, is effectively preventing 
nnt^nri -w J-hwh ***nom}e hl< sma „ statr - s executive Insti- 
° hea '’ 1 y ,n tutions from taking root. 

* ou i? announce- - My door is open t0 all," Mr. 

J v? Si? “ r0 ? c i u ' Denktash is proud of saying. It 
^ r ' 11 orie 'day talks j s one minute lie may be con- 

L l J , 7 pe ? M thnt ter ring with the Turkish Axnbas- 

?roat j; elucla , nre ' b * s sador and th next receiving a 
once more agreed to foot tbe peasant who wants him to do 

something about his lost donkey. 


BY DAVID TONGE 


The Turkish Prime Minister. He handles 
who sent the Turkish army to adroitness. 
Cyprus four years ago today, 
appears to have no other alter- 
native. althongh there have been 
suggestions recently that • he 
should cut off the aid and “let 
the Turkish Cypriots fry in their 
Oil." His dilemma is a difficult 
one. ir he stops the cash con- 
tributions the north may go 
bankrupt in a Few months. If he 
does not. he will continue Drop- 
ping up an inefficient administra- 
tion which will go on needing 
fresh cash contributions. For 
the rime being, at least, he has 
apparently elected to pursue the 
latter course. 

The Government which is in 
power in northern Cyprus is 
made up of Mr. Denktash's old 
guard, with some young recruits. 

It has been holding the reins of 
power since the 19503 when the 
intercommunal strife on the 
island started. 

Mr. Denktash's Right-wing 
National Unity Party won the 
General Election by a landslide 
in the first poll following the 
declaration of the "Turkish 
Federated State of Cyprus" in 
February 1975. Mr. Dentkash 
himself was seperately elected 
President — almost unanimously 
— and in theory, under the new 


both with equal 


Meanwhile tbe Cabinet and 
the civil service is thrown into 
disarray. - 

The situation is further aggra- 
vated by the widespread inter- 
ference of tbe mainland Turkish 
authorities. These must be con- 
sulted on almost every point 
Tbe Turkish ambassadors in 
Cyprus wield as much power as 
Mr. Denktash. The Turkish aid 
mission and the. Turkish army 
on the island also-poss.esse£large 
powers. 

In this there is something of 
the paternal, "leading the child 
by the hand." as a Turkish 
diplomat put it But some 
Turkish Cypriots fear that with 
so many hands leading it the 
child may never grow up. 

The representatives pf the 
Turkish Ministry of Finance and 
Commerce have more powers 
than the Cabinet Ministers, one 
holding the purse strings and 
the other controlling the foreign 
trade regime. 

But unless this muddle at the 
top ceases it will be difficult, not 
to say impossible, for the Turkish 
Cypriots to have either an effec- 
tive government or an 'efficient 
bureaucracy. And without that 
there Is little chance of the 
current problems being solved. 

“ If .Ankara does not take us 
seriously why should anybody 


else?" asked -a Turkish Cypriot 


opposition deputy, 
ft is ' 


_ unclear to what extent 
this interference is done with 
the knowledge or concurrence of 
Ankara. It is quite possible that 
Mr. Ecevit, himself beset with 
grave problems, is not aware of 
what is going on in the north, 
and probably has not got. the 
time to find out. 

Turkish newspapermen based 
oh the island as well as most of 
their local colleagues have pre- 
ferred to maintain a tactful 
silence on these and other semi- 
taboo matters. Consequently the 
Turkish taxpayer too is largely 
unaware of the extent of the 
confusion and inefficiency which 
is going on partly at his expense. 

There is growing awareness and 
resentment of these and other 
grievances — inflation, social In- 
justice. unemployment — among 
the Turkish community. The 
three opposition parties, which 
are all Left of centre, are using 
the assembly floor with Increasing 
aggressiveness. Dr. Faril Kucuk, 
the former Turkish Cypriot 
leader and one-time close friend 
of Mr. Denktash, is dally sniping 
away at the Government in the 
columns of his newspaper. 

Even inside' the National Unity 
Party discontent appears to be 
building up. Several deputies. 



Mr. Rauf Denktash - . . “my 
door Is open to all." 


Ecevit ban on police groups fails 


AS POLITICAL violence In 
Turkey continues to H alm an 
average of two lives a day, Mr. 
Bulent Ecevit’s government is 
running into fresh problems 
with the police. Two weeks 
ago it ordered the dosing of 
two police associations, but 
that order has now been 
quashed by the Council of 
State. 


Police impartiality has long 
been questioned, not least by 
Mr. Ecevit who earlier tins 
year accused armed security 
police of posing as students to 
cause trouble. 


The insplrer of the extreme 
Right, Mr. Alparslan Turkes, 
was Deputy Prime Minister In 
the previous Government and 
supporters of Mr. Ecevit 
claimed that the police had 
been infiltrated by following 
of Mr. Turkes 's Nationalist 


Action Party (NAP). They are 
believed to have been parti- 
cularly active in the 
intelligence services. 

The recent appointment of 
General Adnan Ersoz to head 
MIT, Turkey’s central intelli- 
gence agency, reassured many 
of Hr. Ecevlt's supporters. The 
general has a reputation as a 
liberal figure who would' not 
tolerate excesses. 

But policemen, worried at 
the growing strength of the 
extreme Right, set up the 
organisation, Pol-Der. This 
rapidly grew to ' several 
thousand members. Though on 
the Left. It was less an ideo- 
logical body than a broad 
alliance worried by Increasing 
violence by the Right To 
counter It some right-wing 
officers set np the much 
smaller Fol-Bir. The two 
occasionally clashed openly. 


Though Pol-Der Initially 
supported the Ecevit Govern- 
ment, its Istanbul president, 
Mr. Karim Bilir, now 
complains that the Government 
has taken “No measures 
against fascist attacks and 
watches these like a spectator.” 
Be also says that his members 
are searched without warrant 
and sent to serve in the 
provinces. 


including the former Prime 
Minister. Mr. Nejat Konuk.~have 
quit tbe party, and some 
observers say other resignations 
will follow. These observers 
believe that the ruling party 
may even lose its majority in the 
40-seat assembly and a coalition 
be formed, possibly under Mr. 
KonuJk. 

The failure of the Turkish 
corner of the island is not a 
private problem of the Turks 
since the Cyprus problem itself is 
far from being a private one. 
Cyprus constitutes the mast 
crucial knot in a web of problems 
involving Turkey. Greece, and 
the UB. and through tbese NATO 
and the EEC 

The Turkish Cypriots cannot 
afford to lift the armed frontier 
dividing them from the Greeks 
as this wonld result in their 
economic ruin. Mr. Denktash, 
who has spent his entire adult 
life struggling for the survival 
of his community, will never con- 
sent to this. The Turkish Cypriot 
view is that Is Is necessary 
they be given some access to the 
foreign aid pouring into the 
south so that their development 
can approach those of the Greeks. 
So far they have received little 
or nothing from anyone except 





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The Right has complained of 
politicisation of the police 
Mr, Ecevit insists that he will 
not drive one group of 
militants from the state 
machinery so that another may 
take these over. 

Ihe dispute over the police 
Is symptomatic of the deep 
divisions over how violence 
should be curbed, its outcome 
is crucial to hopes of some 
ebb in the tide Of death. 


Turkey. Arguably,' the Greek 
would be wise to lift 


Cypriots wouL_ 

what the Turkish Cypriots see as 
a crippling economic blockade 


of the north, permitting this to 
i to countries other 


open its doors 

than Turkey, in the last evalua- 
tion. the Turkish side insists, this 
blockade is bound to be counter- 
productive, crippling as it does 
the development of the north- In 
the Turks’ book, gloating over 
their failures, which appears to be 
the dominant reaction -in the 
south, is a shortsighted policy. 


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AMERICAN NEWS 



r ogr a ^ arter Wd to curb hospital 
"'costs killed by lobbyists 


BY JUREK MARTIN, U.S. EDITOR 


RESIDENT CARTER'S year- 
i plan to control the spiralling 
sts of hospital care expired in 
ingress last night. The saga 
d ultimate death of this piece 
legislation, important for its 
ciai and anti-inflationary impli- 
tions, demonstrates the extent 
which special interest groups 
e i ; n . untrammelled sway 
Washington, and the general 
ability of the Carter Admiais- 
ition to combat them. 

Most public opinion polls in 
cent years have shown that the 
erase American is more con- 
rned about the price of medical 
re than about anything else. 
ncia.1 figures have shown why. 
ist year hospital costs to fhe 
nsumer rose by nearly 16 per 
nt. This year, die medical com- 
ment of the cost of *.i»mjg index 
■s been going up at an annual 
tc of 10 per cent. 

In his campaign. Mr. Carter 
id. pledged to take action^ on 
is and, three months after his 
augiiration. unveiled his 
ispital Costs Containment Bill, 
ardly a radical proposal, and 
* « • -signed to fill the gap until a 

' • : = V T|i„ 'tional health insurance 
‘ 5 |j kheme was fully effective in the 

'u80s, it would have imposed 
^ era * controls if costs rose by 
liniE-fore than 9 per cent a year but 
""m ft the onus on the - medical pro- 
ssion to find its own savings 
id thereby avoid bureaucratic 
lerferencc. 

As the pace of inAatiom has 
lickened in the last six months, 
ie President and members of 
s Government have regularly 
•ferred to the Hospital Bill as 


the sprt of legislation which 
could ease the price spirals. 

But the extremely powerful 
a °d politically astute medical 
lobby, loth to subject itself to 
federal interference and arguing 
simultaneously that the Quality 
of medical care could suffer in 
consequence, threw its weight 
behind an entirely voluntary 
approach. 

Although the Garter approach 
enjoyed some initial legislative 
success last year at committee 
ievei in the Senate, the Bouse 
Commerce Committee bowed to 
a key compromise in February. 
This accepted the medical pro- 
fession's proposal to institute a 
voluntary programme designed 
to cut hospital costs -by 2 per 
cent a year, blit retained the 
threat of mandatory 'Federal 
curbs if that goal were not 
achieved. 

But. last night, the Committee 
finally reported out a Bill which 
simply endorsed the profession’s 
voluntary approach. Mr. Joe 
Califano. Secretary of Health, 
Education and Welfare, con- 
demned the action as “ a defeat 
for the public interest and a vic- 
tory for the special hospital in- 
terests," while a spokesman for 
the jubilant American Medical 
Association said that voluntary 
efforts constituted “the' odly 
responsible approach.” 

In practice, the medical, lobby, 
which exerts much -influence 
over Congressmen's constituency 
affairs, did its work weH, but 
the administration failed to put 
together a countervailing lobby. 
Even organised labour, which 


WASHINGTON, July 19. 

might have been expected to 
help, was lukewarm because it 
insisted that hospital workers 
should be free tp win whatever 
wage increases they felt were 
justified to combat inflation. 

The Committee's action also 
demonstrated the strength of the 
current sensibility which feels 
that business and the professions 
should enjoy less bureaucratic 
interference. As the California 
vote on the tax-cutting 
Proposition 13 'showed, govern- 
ment is an unpopular beast 
these days. 

This is proving a tough nut 
for the Administration to crack. 
A baikinised Congress, suscej£ 
tible to special interest appeals 
from its constituents. Is not 
enthusiastic about getting to 
grips with national problems — 
even when - they are as 
apparently all-consuming as infla- 
tion. Successive pieces of legis- 
lation concerning national issues 
and ranging from the Energy Bill 
to hospital costs containment, 
have been bottled up or deci- 
mated on Capitol Hill by those 
who find it easier to answer to 
particular masters. 

At the same time, the Adminis- 
tration's lobbying record has 
been Inconsistent and insufficient, 
to overcome the gut Congres- 
sional feeling that it is possible, 
and in some cases easy and 
profitable, to defy the President 
of the U.S. The popular wisdom 
in Congress, with the mid-term- 
elections less than four months | 
away, is that more votes may be 
won by running against Jimmy 
Carter than with him. 


Ford breaks ranks on pricing 


BY JOHN WYLES 

HE FORD Motor Company has 
dicated that Detroit's co-op era - 
an with -the Carter Atiministra- 
an's price restraint policy may 
)t extend to prices planned for 
.e 1979 truck model range. 

Both Ford and General Motors 
tve undertaken not to raise 
“ices on cars any higher than 
ie 6 per cent increases they 
iplemeated last year. This was 
■en in Washington as a signi- 
:ant boost for the Government's 
ili-inflation programme, but 
•mat j vc price proposals which 
ord has sent to its truck dealers 
ay somewhat tarnish this view. 
Ford, the country’s second 
.rqesl car maker, has proposed 
~ 7 per cent increase on light 
■ucks such as pick-ups and vans 
nd a 6.S per cent increase on 
icdium and heavy-duty trucks. 
— *n the surface. Ford can claim 
-iis is in line with the letter of 
resident Carter's policy of not 
itroducing higher price in- 
cases this year than last But 


it departs somewhat from the 
spirit of the policy because Ford 
has brought in interim increases 
in truck prices which means that 
by year end they coaid, with 
the 7 per cent increase, be cost- 
ing between 8.9 per cent and 9.3 
per cent more than when they 
were introduced last autumn, at 
a price of 7 per cent higher than 
the year before. 

Moreover, the popularity of 
light trucks as ordinary, passen- 
ger vehicles means that their 
prices are more directly .related 
to the consumer. However, 
complying with -the President's 
policy on car prices will squeeze 
Detroit's profit margins and 
larger increases in trucfcprices 
will enable car producers to 
recoup some of the sacriijee. - 

Neither General Motors nor 
Chrysler has yet disclosed fhxck 
pricing plans but such is the 
way. of the motor industry that 


NEW YORK, July 19. 

it would be surprising if they 
did not follow Ford’s lead. 

• The National Highway 
Traffic Safety Administration has 
recommended that Rolls-Royce 
be exempted this year from 
meeting the Government's regu- 
lation on minimum car fuel con- 
sumption. All 197S model cars 
have to achieve a fleet average 
consumption of IS miles to the 
gallon and any company that 
fails will be fined. 

Rolls-Royce argued forcibly 
that its models, which, average 
10.7 miles to the gallon, could 
not be modified to meet the 
regulation without incurring pro- 
hibitive costs. The Administra- 
tion has accepted this argument 
for 1978 but has not ruled on the 
company's plea for exemption 
for 1979 and 1980. The agency 
noted that exempting Rolls-Royce 
'.would add only 30.4 barrels of oil 
a day to US consumption when 
ail passenger cars were consum- 
ing 5m barrels of oil a day. 


Bolivian 
ex-president 
on hunger 
strike 

A FORMER Bolivian president has 
gone on hunger strike in the 
Vatican embassy in La Paz in 
protest against alleged fraud by 
the ruling armed forces In the 
general election last week, Reuter 
reports. Sr. Hernfin Riles Zuazo. 
67, said he intended to hold an 
indefinite hunger strike in the 
embassy. 

He was the presidential candi- 
date for a left-wing coalition in 
the elections and was runner-up to 
the candidate of the military 
government. Geo. Juan Fereda. 
International observers accused 
the military rulers of widespread 
fraud and intimidation in the first 
national Bolivian election for 12 
years. Sr. Siles was president from 
1956-60 and, after a long period in 
exile, returned home in March. 

London flight request ' 

Western Airlines has asked tbe| 
U.S. Civil Aeronautics board to ; 
allow it to become the first U-S. 
airline to provide non-stop flights 
from Anchorage to London, 
Reuter reports from Anchorage. 1 
Several foreign airlines, including, 
British Airways, fly between the 
two cities. 

LA Olympics plan 

The International Olympic Com- 
mittee IIOC) thinks Los Angeles 
can host the 1984 Olympic Games 
by “sub-letting” them to a private 
corporation which would cover 
any financial Josses. IOC sources 
said yesterday, Reuter reports 
from Lausanne. IOC president 
Lord Killanin hopes to discuss this 
and other possible compromise 
solutions with Los Angeles 
authorities. Meanwhile, in Munich, 
Mayor Erich Kies! said yesterday 
that Munich was ready to take 
over the games if Los Angeles 
pulled out. The city, which was 
the venue for the 1972 Olympics, 
would, however, need financial 
support from the West German 
and Bavarian governments. 

UA COMPANY NEWS 

Chemical groups’ earnings 
disappoint : Honeywell opti- 
mistic after profits advance; 
Bendix registers improve- 
ment — Page 28. 


lOPPOSITION IN NICARAGUA 


Disturbance of a dynasty 


BY JOSEPH MANN, IN MANAGUA 


THE GOVERNMENT of 
Nicaragua was shaken again last 
week by a wave of street 
violence directed against the 
regime of General Anastasio 
Soraoza. At last count the death 
toll had risen to 14, including two 
soldiers, scores of injured and an 
unknown number of people 
jailed. 

The week of disturbances was 
set off by an incident last July 9 
in the city of Jinotepe where 

four students were killed during 
a clash with . national guardsmen 
and unidentified civilian gunmen, 
said by the opposition lo be 
supporters of the Somoza regime. 
As a result of the student deaths, 
violence flared up for several 
days in San Marcos, Masaya, 
Jinotepe and other places. 

Anti-government protestors, 
mainly students, fought armed 
soldiers with guns, rocks and 
bome-znade bombs. In a dozen 
I towns and cities, students ignited 
hundreds of home-made explosive 
devices that caused some damage 
j hut no apparent casualties. Gun- 
men robbed a bank in the city 
of Leon, a stronghold of Somoza’s 
j Liberal Party, and another bank 
was attacked in Matagalpa. 

The bank attacks were pre- 
sumably carried out by the left- 
wing Sandinista Liberation 
Front an anti-government 
organisation that has robbed 
banks in the past in order to 
[fund Its activities. 

This latest burst of violence, 
coming on the heels of a general 
strike and other serious distur- 
bances earlier this year, did 
little to reassure anyone about 
the future of this country of 
2.3ra. Confidence in the Somoza 
government and the • ailing 
economy Is at u low ebb. 

More private capital left the 
country last year than is normal, 
foreign reserves fell and the 
government continued to log a 
budgetary deficit and an increas- 
ing external debt. Although the 
GNP grew by 5.5 per cent in 
real tenns last year, observers 
are predicting minimal or zero 
growth for 1978. There is a lack 
of liquidity in the banking 
system and bankers are bolding 
back on any new major invest- 
ment credits. 

Since last January, Nicaraguans 


have been in the grip of violence 
and political tension on a scale 

unparalleled in recent decades. A 

major outburst of anti-govern- 
ment feeling was sparked 
six months ago after gunmen 
killed Sr. Pedro Joaquin 
Chamorro, editor of the Managua 
daily La Prensa and the 
country's most visible opponent 
of the Somoza regime. Although 
the government denied any in- 
volvement in the Chamorro kill- 
ing and pledged to bring his 


A LEADER of the Nicaraguan 
guerrilla movement has been 
killed id fighting in the north 
of the country, the movement's 
office in Havana said yesterday. 
Renter reports. Sr. Jose Benito 
Escobar Perez, a founder 
member of the San din ist 
National Liberation Front 
(FSLN), was killed during a 
battle on June 15. A coin- 


murderers to justice, opponents 
of the genera] held his admini- 
stration responsible. 

Following Sr. Chamorro's 
funeral, anti-government riots 
broke out in the capital and a 
general strike was called on 
January 24. The two-week strike 
was supported by unions, 
employers, private sector groups, 
the Church and represented a 
serious challenge to the Somoza 
govern meat. 

Since then some people have 
been killed or Injured in con- 
frontations between the National 
Guard (Nicaragua's only military 
force 1, students and armed 
civilians. 

Opposition to the Somoza 
government now can count on 
varying degrees of support from 
a variety of fronts: traditional 
opposition politicians. the 
Sandinista guerrillas, students, 
members of the business com- 
munity (including some on the 
president's Right), and the 
church. The professed goal of 
these assorted opposition forces 
is an end to the Somoza family’s 
long-standing control of the 
Nicaraguan government. 

Under current legislation, a 
new chief executive for 
Nicaragua is to be elected in 


1980. and President Somoza’s 
term of office expires the follow- 
ing year. The president is pro- 
hibited by law from succeeding 
himself. 

The question now, however, is 
whether the general will be able 
to maintain his grip on the 
presidency in the face of wide- 
spread opposition, hostility and 
frequent acts of violence caused 
by students and guerrillas. 

In a recent interview with the 
Financial Times, President 


munique from the FSLN office 
said the fighting had taken 
place at Esteli, 90 miles north 
of Managua, the capital. In 
Managua, troops were on 
patrol yesterday, an anti- 
government general strike 
having been called by a broad 
opposition front to which the 
guerrillas offer qualified 
support. 


Soraoza indicated that he would 
remain in office despite opposi- 
tion and would work for the 
victory of his party's presidential 
candidate in the forthcoming 
elections. He said that any 
democratically -minded parties 
would be allowed to participate 
in the campaign. 

Up to now, the two principal 
parties in Nicaragua have been 
the Liberals, dominated by Gen. 
Somoza, and the conservatives 
in the opposition. For the 1980 
ejections, however, it is expected 
that Socialists, Social Christians, 
Communist and other parties will 
join the campaign to oppose the 
liberal candidme. 

The President shrugged off Ihc 
recent episodes or violence by 
asserting that political violence 
exists all over the world. He said 
the last wave of rioting was 
primarily the work of "irrespon- 
sible youth,” some of whom are 
below high school age. 

Far from being part of an over- 
all opposition strategy to unseat 
the president, last week's series 
of riots were the result of con- 
frontations between anti-govern- 
ment protestors, police and agents 
provocateurs. The dilemma of the 
Nicaraguan opposition is that 
apart from its desire to remove 


General Soraoza. it has no dear 
government programme and no 

strong leaders. 

The Conservative Party, the 
best organised opposition force, 
is split into four wings. The 
Socialists and Social Christians 

also have competing factions 
within their parties. Even the 
Sandinistas. whn have, concen- 
trated their activities on attack- 
ing military buildings and attack- 
ing banks, are fragmented into 
Ihree groups. Other opposition 
groups exist but so far none has 
been capable of producing a com- 
pelling leader or pulling together 
a unified opposition front. 

But despite their varying 
degrees of political sophistica- 
tion, the opposition in Nicaragua 
sliil has far lo go. First, they 
must recognise the reality that 
the National Guard, an essential 
force to ho reckoned with by any 
would-be government, stands 
firmly behind President Soraoza. 
Jr has shown no signs of dissent 
and no inclination in follow any- 
one other than General Somoza. 

Secondly, except for groups 
advocating an immediate, violent 
overthrow of the Government, no 
olher opposition _ forces have 
developed a clear plan of attack. 
One political commentator in 
Nicaragua said: “The opposition 
no falter whom we're talking 
about lias no alternative leader 
to challenge Suvno/u and no one 
to re;jt»ce him if lie were gone. 
If for some reason Somoza were 
to disappear tomorrow the oppo- 
sition here wouldn’t know where 
lo begin. We'd have the classic 
example of a vacuum of power” 

President Somoza bus 
repeatedly stated that he will 
remain in office until his terra 
ends in 1981. Barring natural 
death nr assassination, the most 
likely possibility at this time is 
that hu will '* tough it out ” and 
support a Liberal presidential 
candidate loyal to him. 

Although many questions were 
raised about General Somoza 's 
health after p heart attack last 
year. he has apparently 
recovered well. He is carrying 
out his nonnal presidential 
duties and during a recent cbn* 
versa t ion appeared slim, healthy 
and relaxed. 





-vv. 




SEC calls for fuller disclosures 





BY OUR OWN CORRESPONDENT 


UHi 


. . > ~ r 


- . i l ' 


ur.su ING iLs goal of greater 
i sc l o sure of management con- 
net. the Securities and Exchange 
jummission has proposed Uwt 
jirporations should release more 
4 formation to shareholders about 
*jcir directors. 

.. The Commission is seeking 
; lie comment on its sugges-- 
uns which stem from a review 
is making of “ corporate 
avernance.” This has been 
rompicd by the string of dis- 
osures made by U.S. corpora- 
nns over the past two years 
' questionable and illegal pay- 
•ents. 


Among Other things the Com- 
mission’s proposals would require 
companies to declare the degree 
of independence which their 
nominated directors have from 
management. Each nominee 
would have to be either a 
management- director, an affili- 
ated' ' non-management director, 
such os an investment banker, or 
an independent director having 
no ties with the company. 

Corporations would be asked 
to reveal whether they have 
directors' committees which 
review the work of outside 
auditors and approve executive 


NEW YORK, July 19. 

arid director compensation. 

Shareholders would be in- 
formed by statements of how 
often a board meets and of the 
names of directors who miss 75 
per cent of the board's meetings 
They would also be told of 
resignations caused by a dis- 
agreement between directors and 
management and of the nature oi 
the dispute. 

The proposals would require 
publicly held institutional inves- 
tors to disclose in their annual 
reports to shareholders how they 
vote., the shares they hold or 
control. 






5*3 


€“4 



«v 

• 

& it- 








Hopes rise on postal pay 

BY OUR OWN CORRESPONDENT NEW YORK, July 19. 




EGOTIATIONS TO avert pos- 
uli: stoppages by U.S. postal 
■jrkers were said to be making 
•ogress this morning against a 
•adline of midnight tomorrow. 
Jl is expected that if no new 
-n tract is agreed by then 
v* Hubers of the U.S. Postal 
-"■rviccs 500,000 workers will 
nnre a legal prohibition and 
ilk off the job. The last time 
is happened was in 1970, and 
. *w. as then plans are being 
, -/awn up to use troops to ensure 
•livery of the mails. 

However. Government depart- 
irnls were reluctant to discuss 
vh a contingency ihis morning 
-«*r! officially there is confidence 
tT.ai an agrcroenl will be reached 
? tomorrow night. However, 
> e negotiations, which started 
vend" weeks ago. have been 
rough several sticky patches 
•cr the last few days and a 
.eakdovvn was reputedly averted 


yesterday only by the persistence 
of Federal mediators. 

The Postal Service, which is 
an independent agency, is under 
considerable White House pres- 
sure not to concede wage rises 
greater than the 5.5 per cent 
ceiling imposed on Government 
employees. Any significant 
breach of this limit would 
severely tarnish the Administra- 
tion's anti-inflation strategy and 
make the achievement of modest 
settlements with other large 
groups of workers extremely, 
difficult. 

In the past few days the outline 
of a possible compromise has 
started to emerge in which the 
unions -might trade their 
demands for 14 per cent rises 
in return for the Postal Service 
dropping its aim of scrapping 
a “ no redundancy " clause in 
existing agreements. 



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Caricomagrees 
regulations on 
internal trade _ 

- Canute James — ■ • 

. KINGSTON. July 19. 
THE TROUBLED Caribbean 
Community and Common Mar- 
ket (Carl com) was last night 
given a new lease of life by 
ministers representing its 13 
members. The ministers ended a 
two-day meeting with agreements 
which appear to solve major 
problems which have bedevilled 
trade within the group over the 
past five years. 

This claim for a successful 
conference is supported by the 
fact that there has been agree- 
ment on rules of origin affecting 
goods which are manufactured 
and sold within the region, and 
which attract duty-free access to 
markets. 

There . have been previous 
attempts to use Lhe criterion of 
a 50 per cent local added-value 
for regionally - manufactured 
goods to qualify them for duty- 
free preferential treatment 
Some members have, however, 
accused others of flouting these 
rules, white other accusations 
have' been that finished goods 
j from third countries have been 
passed off. as regionally manufac- 
tured materials. 

The criteria agreed by the 
Foreign and Trade Ministers 
tast night have not yet been 
made public, but conference 
sources reported that a special 
subcommittee of technical and 
economic officials representing 
member countries will meet soon 
ip refine the formula. - - . 

- The new rules of origin will, 
however, come into effect on 
January L as will a new common 
external, tariff. The figures for 
this have also not yet been 
released; but ' conference 
sources indicated that the tech- 
nical difficulties which stood in 
the way of agreement have all 
been resolved. 

The possibilities of agreement 
on major issues were increased 
on Monday night when the 
Jamaican Government announced 
that it bad set aside an 
additional $J20m (£6.S7m) for 
imports -from Carjopm ; countries 
for 'the second half of tht^ year. 




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Financial Times Thursday July 20 19 /S 


overseas news 


Rhodesians 
face tough 
budget 

By Tony Hawkins 

SALISBURY, July 19. 
RHODESIA'S JOINT Finance 
Ministers, Mr. Ernest Bulle and 
Mr. David Smith are expected to 
present a tough budget in the 
Rhodesian House of Assembly 
tomorrow'. 

The Ministers will share the 
budget speech, with Mr. Bulle 
delivering the first half which 
usually encompasses the review 
of the economic situation and 
what has happened in the past 
year, while Mr. Smith will be 
left with the less popular task 
of announcing the expected tax 
changes. 

A year ago the Treasury was 
forecasting a budget deficit for 



China proposes talks with 



over 



BY JOHN HOFFMANN 


PEKING. July 19. 


The union leader of Pakistan’s 
journalists was arrested yesterday 
within hours of launching a 

____ . . - . - r hunger Tstrike. qtct the- military 

CHINESE Government has Vietnam has held 17 meetings Tbe main discord in the talks so regime’s moves agaunst. the press, 
PiyPysed Ministerial talks with with the department concerned far has been semantic: a failure Reuter' reports from Karachi. 
Vietnam in an attempt to break of the Vietnamese Foreign to agree on whether those leav- Three other newsmen and 

• - s - 5 -* printer taking. part in the planned 


in Karachi 


—•,5- "V""- "v* "! 



TEL AVIV, July 19- 


the stalemate over the .repat ri a- "Ministry, but no progress has ing Vietnam are Chinese citizens 
JJP n Chinese nationals from been made so far.” the note said. or. Vietnamese of Chinese origin. 
Vieman. * “The two ships China has sent The ‘rank of the negotiators is 

The proposal was made in a to Haiphong port and Ho Chi not likely to affect that quarrel. 

Taiwan will never negotiate 

The ■“ 

not 


(IP** delivered today to the Minb port for shipping Chinese 

Vietnamese Foreign Ministry, nationals, have been compelled - Srt , ... _„ c<t , nn 

The note suggested that Vice to stay on the sea outside the 

Foreign Ministers of both Vietnamese ports and it has been Foreis _ 

counlTies should meet in Hanoi impossible for the work of a ® £? 

or Peking next month to “ hold shipping the Chinese nationals ministry spokesman said, 

negotiations on the question of lo start reports Taipei, 

r Chinese nationals residing in “ Meanwhile, tbe Vietnamese _ , e spokesman, quoted py tne 

le’natn.” side has continued its persecu- C*°lj;al News-.Agency. was com- 

However, the note was far tlon and massive expulsion of men ting on statements by. tte 

, Q _„ . . ., Fr *. m conciliatory. It repeated Chinese nationals so that the leader- of a recent U.5. Con- 

1977-1 S of Rh.SSlni but china s accusations that Vietnam number of victimised nationals gressional mission to China. Mr. 

It now appears likely that the I has deliberately placed obstacles driven back to China has Lester Wolff, who said, in ^Hong 


lake Chinese refugees 
Vietnamese ports by ship. 

" The Chinese embassy 


OAU SUMMIT MEETING 


actual deficit for the year to 'in rhe way of China’s plan to approached 180,000. 
June 30, 197S was nearer ' ‘ “ ' 

Rb.$150m (£ll5m>. 

With State spending expected 
to rise sharply again m the 197S- 
1979 fiscal year, due to ihe rising 
cost of the war, the need to 
counter economic sanctions and 
the recent pay award to civil 
servants, the Treasury faces a 
significantly larger deficit in the 
current year-especial ly since 
revenue appears to be falling. 

Tax receipts for 197S are likely 
to be well below estimate — 
especially in the case of sales 
and company taxes — and unless 
there is some increase in taxa- 
tion. the deficit is likely -to reach 
unmanageably high levels. 

The Ministers are in a tough 
situation with little room for 
manoeuvre. There is no pos- 
sibility of increasing sales tax 
from its present 15 per rent. 


rota hungqrstrike were also held 
with Mlnhaj Barra, wbo is presi 
dent -of.- both tbe Federated Union 
of: Journalists and the Newspaper 
Employees’ Federation. They 
were demanding . tbe reopening of 
the Karachi edition of Musawat, 
organ of the People’s Party of 
condemned ex-premier Zulfikar 
All Bhutto. 

Two cla.sc associates of Mr. 
Bhutto, who have been in jail 
aince . September, have failed 
an attempt to have their detention 
declared illegal. A . coart ruled 
yesterday that the detention 
under- martial law of Mr.. Abdul 


from Whether today’s offer by the may be willing to hold talks with 
Chinese will affect the impasse Taiwan at sotae stage on settling 
in in negotiations is questionable, their differences. 


Kong that Tie believed that China -Hafeez Pirzada, a former Finance 


Enter the hopeful peacemaker 


BY JOHN WORRALL 


KHARTOUM. July 19. 


PERHAPS the best thing that needed. President N'iraairi could brought them peace after years 
could happen to the divided and certainly fit the bill. His great of war. poverty and depression, 
impotent Organisation of African reoutation in Africa was built on - iv}1 

Unity (OAU) is the passing of his remarkable feat in bringing hp IJ* '"“‘“S «uth ii now 
llie chairmanship into the hands ihe Arab north nf Sudan and the vf-*]* reen , n ?. rt 5 ,f n< * ^--.nriliatinn 
of (lie Sudan President. Jaafar black south together after a being matched by a reconciliation 

disastrous 17 years civil war. 


The South was persuaded to 
settle for regional autonomy 
instead of the independence it 


between Niraairi and the right- 
wing groups which tried to over- 
throw him in coup attempts in 
1975 and 1978 

Observers hero ’JOlieve that 


: Mohammed -Yimairi. at this 
week's summit in Khartoum. 

All observers believe rhai he 

leaving only income and'cotnpany ! h*"* l,l<? ability, the will and ihe 
laves or taxes on drink and 1 diplomatic skill to breathe new 

raH*! n" 0 extra 'revenue** ^ ! ent.ciuime Vr‘ AfnS. *xJS Sudan united The leader of .Vimairi’s OAU pudency. fc 

The" »tat*> of the economy and 1 ver - v successfully hidden divi- Ihe Anya-Nya guerrilla group, has already sworn '«.■ visii all the 

of white morale InSZL mM™ ^PPe^rin? ,, itlarin-; .Io*-pli La*". «-sj lake, ,nlo lh e s t»lo 4 . .... . 

rule mil I,™? inerwlis .« t u? > cracks in the Facade and foreign Sudanese armed forces along itself j s a formidable task for a 
on these itpms the "overnmem i intervention by East and West with many of his men General man who may well have problems 


was fighting for. thus keeping reconciliation ’ will 


on these items so the government . .. ^ 

will have to accept a combination ,11 gating bitter dissension, 
of small rises in taxes, with \V' er . e 15 ° ne fienera t on-old seces 


a higher domestic 
requirement. 

Meanwhile. Bishop Abel 
Muzorewa's United African 
National Council today sharply* 
attacked Mr. Smith for “ pointing 
a finger" at the black members 


borrowing smuggle On 

& • which desperately needs to be 
resolved. Two states. Somalia 
and Ethiopia, have just emerged 
from a 
erupt again. 


Lagu is now President of the to solve at home. He wants to 

high executive council of the achieve personal confrontations 

Eritrea), South, having taken over from — and hopefully thus conciliation 

Abel Alier after ,w * - - - 

southern elections. 


the recent between : leaders of warring 
groups and warring nations. 

- - . , - It was a remarkable exercise prpslflpnt Mimain'« nhairman- 

wr-whicl. could easily u, e tribal, racial .ud persooal ahf/Ts fikclv™ b, s'Sl 

The need for ,ou 3 her action tested if’^oo? 

of the transitional government's ; 3 ? ain f l lhc white south is the the years. I was present at one hosti'litv, between Arabs and 
failure to defuse the guerrilla : only issue that unites the states of his visits to the south. It was Africans'. He is the first Arab 
war. The UNAC said white | of flAU. a . n ? even this Issue j triumphant journey by an Arab chairman of the OAU. thus pro- 
“ intransigence” over the repeal ; receivo* diminishing attention among his African people, with vidinq a bridge betw -m the two 
of racial discrimination had con-j the farther north one travels. ilowors and cheers and embraces cultures, for" which he had 
tributed toward* the transitional However, at a time when » all the way. The Southerners already laid the 'fnr-.nda:ions in 
government’s difficulties. 'conciliator in Africa is badly were acknowledging that ho had his own country. 



Earnings from continuing operations increase 33% 
over the second quarter of last year. 


Minister, and Mr. Mumtaz All 
Bhutto, a former Communications 
Minister, was not without Lawful 
authority. 

Krakatoa eruption 

The island volcano Krakatoa, 
which has -been billowing smoke 
for oxer a week, is now spewing 
put rocks and ash and is so hot 
it burns shoes, Reuter reports 
from Jakarta. The volcano near 
Java, Indonesia's main island, 
caused history's biggest recorded 
explosion when it erupted 95 
years ago. Nearly 40,000 people 
died, including one woman as far 
away as Sri Lanka, and the explo- 
sion was heard 3,000 miles away. 

Indonesians released 

The Indonesian Government will 
release more than 700 Communist 
prisoners next week, said Gen 
Yoga Sugama, national security 
chief, yesterday. Reuter reports 
markt from Jakarta. The move is part 
He ° r the plan to free 10.000 Com- 
munist prisoners this year. A total 
of 715 prisoners will be released 
on July 28 in Bandung. West Java, 
3,200 next month. 2.000 in October 
and 4.000 in December. Some 
10.000 Communist prisoners were 
freed last year and S.000 will be 
released next year. The prisoners, 
classified as hardcore Communists, 
were rounded up shortly after an 
abortive Communist coup in 1965. 

Pretoria grassing 

Pretoria’s first multi-racial 
theatre audience was thrown into 
disarray by tear gas on Tuesday 
night during a performance of a 
sex comedy. Tbe audience of 350 
—including only 10 blacks— fled 
much ing and spluttering from the 
Piet van der Walt theatre, reports 
Reuter from Pretoria. The newly 
formed extreme Right-wing 
National Front -of South Africa 
said today its members were prob- 
ably responsible Tor the tear 
gassing. 

Narita protest 

Left-wing radicals, opposed to 
Tokyo's new Narita international 
| airport, disrupted rail services to 
the airport yesterday by placing 
[ concrete blocks across tracks and 
hanging car tyres from power 
cables. Reuter reports from Narita. 
Two empty passenger trains were 
stopped by the obstacles which 
were later removed, police said. 

$I5m to fight locusts' 

The Arab Bank for Economic De- 
velopment in Africa agreed to 
make an emergency agricultural 
aid gram of S15m to 11 African 
countries suffering from locust 
plagues and other natural 
disasters. AP-DJ reports from 
Rome. The Food and Agriculture 
Organisation is to manage tbe 
grant for the Arab bank— the 
first time it has allowed a UN 
agency to control such a pro- 
gramme. • 


BY DAVID LENNON 

ISRAEL MAY soon cdnsKfer a gainst this vituperation that the ongj^. .. 
request by President - Anwar Cabinet postponed discussion on fOMgfc — v 
Sadat to give Egypt civil adinlnis- ■♦histrnd other proposals made i tar thaLMjy-^ Hg gs ^.n pp 

* — “ - *- "'"’sr . Iru nnx B&tttBng 1 


leader to 


Mr. the- paper . _ . . 

Knesset.^ (ParIKffienl3riWnto 
_ reported here that upnttjL*. - ^ 
e Egyptian President Sadat said that if El Mr. PjStefci.-. Just baOgf&nn iV|g: 


tration of El Arish, the - main the Egyptian 
town in Israeli occupied --Sinai, Wetzm&n. 
tbe Foreign -Ministry said' today. It was 

It appears .that the Egyptian. President. . . . ..... 

president suggested this as, a.- suit- Arish was returned to Egyptian toavels.Mat took_h«ni^^str# 
able gesture to help advancd't&e' civil administration, - jtiwo^d- be for. -r» -^meeting 
peace talks when he meC Jfr. called the “ city of peace.’ He SadaVbad-^earL^t .duadhei Ml 
Ezer Weizmau. the Israeli also said that leaders of other Begin>-.-reflwaK;tU cjHtotqjr 
Defence Minister in Austria last Arab states would go there' to West Ego* ttrritonat' r cii«prr 
week discuss a peace settlement with xmse. He labelled the Beg is 

The possibility of auch a IsraeL „ Policy “a receipe for isolation.” 

transfer has not yet been discus- During an angry Parliamentary -Mr, Begin however, did le 
sed in Cabinet but it is likely to debate Mr. Begin tore up a sheet thp Knesset thathe: was prepares- 
be debated -at one of the forth-" of paper, in 'a., gesture of coh- to-eontinue.wifq fae. peace negc-.. 
coming meetings. tempt for the . idea nf Israeli tiations, despit^ jthe attacks oi s. 

The recent personal attack on withdrawal from the Jordan West him; : He said rhe; would be wUlj 
Mr. Menahem Begin, the pome Bank. Waving the. paper at Mr. inff torlnviie. Ppe*'d«art Sadat 
Minister, bv President Sadat and Shimon Peres, - -the opposition Jerusalem ‘ asain, provided 
other Egyptian officials, /angered leader, Mr. Begin- declared: *Nqw was ’asairedr-that v itat ior- ^ 

the Government. It .was in protest this 'is a territorial- compromise, would be ^ ^ 

--Jl : — ^-»- ; ; - . 

ay- 

'■§ 
V 

iu . 

e«r 


THE CRISIS IN LEBANON 


Awaiting the next war 

BY ROGER MATTHEWS, RECENTLY IN BEIRUT 



s 

AFTER EACH successive explo- Phalangists and liberals axe on top, any more than they werffl£' 
sion of violence in Lebanon — fighting against Lebanon by initially prepared to allow the' ^ 
such as the fighting earlier this attacking it from within. They Palestinians, when they aadg 
month between tbe Syrian Army have decided to raise the black their leftwing Lebanese allies;^ 
and the Christian militias in ffag of hatred and to unleash a appeared to be gaining the upperg^. 
East Beirut — the warring river of blood.” The Syrians band during the civil war. Butr. e 
factions of ohe moment follow a then insisted that the Christian while extra Syrian troops sudf'^. 
predictable course TJ J! " ” ** ’ *" 

back from the 

demands, negotiate aT'ftmited interes,b * and rach a starting Mr. Assad appears" also to be ’.- 

form of disengagement and set — engaged in longer-term poIit:- aB 

about resupplying themselves _ . _ _ _ cal . m a noe uvn n S_ thart is aimeri^y 

with weapons and ammunition Events IH Lebanon H13K6. st lseUtmg the Phalangists and^ e 

Liberals tram other forces 
within the country. . 

^ w ^ ^ ^ A slight change in focus migh’liir 

it*s probably a matter of days may eventually Settle for SS 
and weeks, rather than roontias. P 0 ^ 031 activity is designed m 

Views differ as to wither the a Separate mim-State. to create s proSynan Chnsuan- 

next round of hostilities will ': MoaI «» g° at that would for a. rt 

oravide tbe definitive Lebanese variety,, of reasons be prepared s- 

SESdSt^g 3K?3 ikhTSS Point cannot but yield unity and taxhaUenge the ambitions of the « 

irter will IStb “". victory.-- - _ - » 

tendency to believe . that And that is at the nub of 
Lebanon’s final solution, -may Syrian 


for tbe next outbreak of fighting, suspicions that 

Just when this wall happen is 

a minor matter of dispute. But Lebanon S CuFlStianS 


Former President Suleiman 
nniicvUh* Franjieh, himself a Maronite 

idruduva d uudi &muLiUH « 'may poilL>-nae •-icaT' liuil. lnrM . „ i,. n ,l ■. 

have to await the outcome S Lebanon’s instability W^^^Hd^o^deleeation of ^ ‘ 

the next Middle East war. ; "gfg lefM^°h^X ^ ^ 

Such are the crude realities and Sad is determined' as be has ^ alid Ju^blat of the Progres- : 
Mlmly expressed assumptions t o ra orevent any one sive Socialist Party. Mr. Jumblat 

that lie behind the af least Sbanon from blcoS succeeded to the leadership of . 

T PrSct •SSSTlJrt fnf domi^Sr 0 r ?chSS5 ^ ^er his father. Kamah 

thl rt JS!J Sfi? 5 sufficient strength to force a de was «a«Bioated in March last a - 
resign, the cniTent spate of fact0 Mrtition & the- country. Y ear : * ft' was the first time that 
acciwatJons. toe momentary dJsJSS regular denials from be had agreed to sit down with .. : 
!*?! „i°S s “ SSL** toeariSuS^SnSTubanon ^ FnrSJleh. It must^ further . 


Three months ending 
May 31, 


AVCO CORPORATION 

1978 

1977 

% Change 


[Thousands of dollars. 



except per share amounts) 


REVENUES Financial services 

$232£43 

$198,552 


Products and research 

190,615 

161,986 


Motion pictures and land development 

28.503 

25.737 



$451,461 

$386,275 

+17% 1 

EARNINGS FROM CONTINUING OPERATIONS 

$ 32,557 

$ 24,525 

+33% : •; 

DISCONTINUED OPERATIONS 


< 400) 

- ' - ■>-» «. - 

EXTRAORDINARY TAX CREDITS 

1.126 

5,303 


NET EARNINGS 

$ 33.683 

$ 29.428 

+14% 

PER COMMON SHARE 




Continuing operations, primary 

$2.49 

SI .85 

+35% 

Continuing operations, fully diluted 

$1.34 

$1.06 

+26% 

Net earnings, primary 

$2.58 

$2-28 

+13% 

Net earnings, fully diluted 

$1.38 

SI. 26 

+10% 


AVCO DIVISIONS AND SUBSIDIARIES: 


I Saudi power order 

The Mitsubishi Electric Corpora- 
tion has received a Y6.4bn order 
from Saudi Arabia to help 
modernise electric power trans- 
mission and transformer facilities 
in Riyadh. Reuter reports from 
Tokyo. The order, placed by the 
Riyadh Electric Company, was in 
addition to a Y43gbn contract 
won by Mitsubishi from the same 
firm in June last year. 


ever-present political chicanery fciwS Smlw lnSS2-> remembered that on the night 

with which the leaderships svri/n of Jnhe 13 Mr - Franjieh's eldest . . 

of the Lebanon’s different pEJSSs “ son. Tony, together with his wife/ : 
factions occupy themselves in ”*■' child and 30 supporters weref'.- 
between tbe fighting, i "W V. when Pbalangish 

Tbe five-day battering <bf SS& their home in-' : •, 

Beirut’s eastern Chrlstiai in ^ d £L!,f e ^^!f 0 ^ 1 S’'*he‘viHa»e- of Ehden. The Fran-*r«: . 

suburbs by the Syrian army this a “I ^ ® Jieh famtiy have for many years*n- 

— — — been close friends of the Assau ta : 

sequent imndoyeripf-iairi^ry H familv ia^yria. and Tony Fran- >e 

President Hafez al-Assad in “TJ^ Hra^^truck up a close friend- 

Damascus. With more than 35,000 ™* Umt ^ fK®? ^ r °^ ps *hiP:*ritR~the powerful Rifat al- 
men on the ground in Lebanon. one fact ? r - . ™ oai ®T. Aw^^ie President’s brother. ;e. . - 

Mr. Assad is accused -by the two Sarkis meanwhile t* 

main Christian factions, the y e ^ contioueshis lonely and probably 

Phalangists of Mr. Pierre cohere Lebandm impossifile task of trying to find J e 

Geraayel and the National Liberal .,®. ™rd is the demonstrated tfa e basis whereby the legitimate ’°V 
Party of Mr. Camille Chamoun; Of willingness of Israel to ^ threatea . authority: of - Lebanon can *? 1 ■ 
changing the Syrian army’s role renewed military ] -Intervention UL reassert itself through negotia- ? 
from that of the backbone of the Lebanon. It m-igttt be a bluff, tion. He talks bravely about the 1 
Arab Deterrent Force into that but ft is not one the Syrians .formation- of a Lebanese army ’ 
of an occupation force. Mr. really wish to call. President and even the resumption of con- 

Basbir GemaycL son of Pierre Assad's military options are serfption. ‘He tries to defuse 

and overall commander of the therefore limited, as the Israelis the most immediate areas of ten- 
Christian militias, described the intend them to be. sion; negotiates with the Syrians, ' 

Syrian bombardment of eastern , The Syriaia: are taking gmall and. -as his resignation threat 
Beirut as “attempted- genocide^. but -regular casualties in the showed, has a hand almost totally 
and insisted on “the immediate outbreaks of fighting and senior bereft of playable cards. “ We 

withdrawal of . all occupation commanders .had to suffer this will, continue to be faced with ' 

forces from our regions.” month the boastings of the the danger of chaos.” the Presi- 

He added: "The objective of Christian- mititias who claimed .a dent warned at tbe weekend, “if ? 
the Syrians was to bring Beirut moral victory when hostilities the nation does not rally round f 
to its knees. By doing that they ceased soon after Israeli- jets the state in its efforts to estab- 
hoped to bring all of Christian made their alarming appearance lrih .security and unity.” The \ 
Lebanon to its knees. This was over Beirut The Israelis say rejoinder that could be heard . 
wbat they were after, but they they will not stand idly by and was .^simple and probably ■ 
failed.” see the Christian population accurate. -.'’How can the nation s 

The official Syrian media was “ massacred.” The Syrians cannot rally round' 1 tbe state when the . 
hardly less emphatic. “The allow the Christians to come out state as such no longer exists?" - 


s 




FINANC1AL SERVICES ' 

Avco Financial Services, Inc. • Carte Blanche Corporation - Cartan Travel Bureau, Inc. 
•The Paul Revere Companies 

PRODUCTS AND RESEARCH 

AvcoAerostructures Division • Avco Electronics Division - Avco Everett 
Research Laboratory, Inc. • Avco international Services Division • Avco Lycoming 
Stratford Division • Avco Lycoming Williamsport Division ■ Avco Medical Products 
Division • Avco New Idea Farm Equipment Division • Avco of Canada, Lid. 

•Avco Specialty Materials Division « Avco Systems Division • Ben-Mont Corporation 

MOTION PICTURES AND LAND DEVELOPMENT 

Avco Community Developers, Inc. • Avco Embassy Pictures Coip. 


Wrfie today for a copy of our second quarter report. 


CORPORATION 

1275 King Street, Greenwich, CT, USA 06330 


AMBAC Industries, 


has merged with, 
a wholly-owned subsidiary of 





United Technologies Corporation 


The undersigned acted as financial advisor to . 
AMBAC Industries j Incorporated 
and assisted in the negotiations leading to this transaction . . 


■ ■• « , J*. B 


INCORPORATED 


July IS, 1978 



V-- : 

I •- 









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►■'W: 




According to a recently published 
survey, most advertisers don't know. 

Fifty clients, responsible for 103 
advertising accounts, put 'creativity' as 
an agency's most important quality. 

They also ranked JWT as the lead- 
ing "main creative agency.” CDP was a 
close second and Saatchi & Saatchi 
Garland-Compton third. 

HI IT* nobody seemed to know 
DU I ■ what creativity was. The 
most agreed description was ‘An ability 
to produce memorable advertising? 

And since nobody in the world has 
ever yet demonstrated any direct 
relationship between memorability and 
effectiveness, that definition seems, to 
say the least of it, rum. 

The same resporidentsalso voted 
JWT “top agency,” defined as a mixture 
of size, creativity and overall capability. 

nj IT* 78 per cent of these res- 

DU I ■ pondents “thought that 

advertising's key function was to accom- 
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first conclusion of the author of the 
report was "Advertising is not primarily 
expected to sell? 

So, in Berkeley Square, we're 
baffled. 

We came top, according to this 
^articular survey, on what advertisers 
relieve to be most' important in an 



most of those advertisers' views about 


advertisinj 


fi: Of the fifty clients interviewed, 
just one defined creativity as advertising 
that works. 


Whoever you are: thank you. 

If you'd like to talk to people who agree 
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We've got more information than 
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But if you really are totally con- 
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We wouldn’t get on at all. 


_ Our thanks to Wood. Bqgdale and Company Ltd., Advertising, for their permission to quote from 
thesun’eyccaiduct^d on their behalfby Davis Ives Associates Ltd. ■ 

Farther copies of the report can be obtained from: John W. Wood, Wood, Brigdale and Company Ltd., 
KentHouse, Marketplace, London WIN 7AJ:Tek 01-6363152.' 


IT 


I was the one advertiser in fifty who defined creativity as 
advertising that worked. I would like you to tell me why I 
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5 Please pin this coupon to your letter head and 

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Financial Times Thursday Jv3y^20^7|- ; .-t 



TRADE NEWS 


arley leaves for talks 
i airliner development 


Brewing of Guinness U- s - st ,°P 

Eximbank 

in Japan planned loan to 


I BY ROBERT WOOD - TOKYO. July 19- 

• JAPAN’S Sapporo Breweries' Kirin Japan's leading brewer 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


PFriSIONS on possible col- Airways to buy Boeing 737s and as to which aircraft it wa; 
'./haul ion nn future aircraft have a snare of the B-lQ venture the future. 

between the UK and —has puzzled Whitehall, become The biggest problem 


loan to 
Argentina 


Further decline mt 
British-GDR trade 


BY LESLIE COU.IT BERLIN. July 10. 

THE TRADE GAP between East apparently poor prospects thed 


i-ri^sr-mime- between the UN ana —nan wnuenai,. oecnme me prumciu — . “ * . 

■\\>-i European aerospace in- the two aircraft arc so widely facing the UK in settling which: brewed in Japan, j 
f 1 ii'Snc.i nrc still some wav off. different in type and time scale, way it goes in future aircraft : omciai saia toaay. 


•p-id Mr. Eric Varley. Secretary The 73T is an existing short- development is the future of 
for Industry, is not expected to haul 130-seat twin-jet. bought by Rolls-Royce, 
i-i inch anv deaN during his visit British Airways for the imme- While it is claimed by Airbus 
if. ?ans and Bonn which starts diate replacement of ageing Industrie that the Rolls-Royce 
iijn.jv. Trident Ones and Twos up to RB-211 could be offered in the 

Thi- primary aim of his mission 1980. That deal has no direct B-lQ. there is no future for the 
■ •■m jins exploratory, to discover influence whatever on British UK engine company in the 
pt'i'ci wlta: the attitudes of Airway.-' longer-term choice for present designs for the Joint; 
p ; r> Trench and West German a bigger 160-200 sealer lo replace European Transport and Rolls' 


ewed In Japan, a Sapporo stout market than Guinness. turbines and 
ruial said today. Guinness stout is the top , for a major hy 

cuim.0* .1. I.j»n rp "one Xott j AdffiisinS 

eclacu ar v in 19 > 6 .ind - u v Sfoontinn h-i« 


fm^ma in? It vdroe leclric 'power I 5&8m * and UlT imports amount- was a warded -a contact, jwti ‘ 
1 Iwl b^urof a carter : ing to £43m. Total trade with GKN worth £l»m to build 
fi decisirm that I East Germany, at £69.9m. repre- plant In EasT Germany to «p» 


decision 


front-whvd-drtvc 


011 e ‘ after Guinness-drinkers return! 

A Sapporo official said that the them. i 


ju, .ionn .iiuuic, i mck mi . . . . . 

Ex im hank notified Alils- j German orders which could boost is said to ;^3 ut .. be ^ au V: 


t designs for the Joint- a aapporu omciai saia mem. .... Chalmers that the U.S. Export I mutual trade and they are of 

»n Transport and ^lajexpon Pjfe of §-V n £??V*nt . Guinness sa lea Credit Agency had decided j reported to be Increasingly nils 

is pinning its hopes for !(«•»* ™"?.' *®V but des P' ,e ™ pi ? f sIPESS 1 against issuing a "letter-of- i reluctant to even bid on East huj 


trade and they are of the large number, of trans-, • 
to be Increasingly missions Citroen guaranteed tn 
to even -bid on East buy back from the.GDR in pay- 


..r<t rjiJCinL- « nccisiun in me oubuis m/s. ana oiner 11 •• ---Iaj .V . f h»r P ru l ni ' , " r *“"“"** •-•■-• .. • - 

I Iho rival iwm-jet 767 po^ii.le candidates such as some roie in Europe, for example -j same period. than 99 per cent u. Japanese neer bclween Argentina and southern . - -• 1 . 

:ii reran. McDonnell Douglas Advanced on the B-10. and In the airframe , increases in the ex pml price sates. .'Paraguay. TlilfnVl faf»hAOTQTlh ^ . 

In n.irticular. the UK would Tr.rbnnlngy Medium Range side of the JET programme. thc 0 f Guinness have also removed A Sapporo official said stout is i I HJ1.U1 %¥ >-. 

' 1 I.. h:-v.- snme clarification of jATMRi transports, as well as Government will srtll ha"e toi an .. incentive that the yen's rise just 0.01 per cent of the beer 1 T) ra _!1 0 nr onc _ . 4 - • 

:h>. ■.■cel:'* surem^m by the proposed new versions of the consider financing the Dash 535 'might have created lo continue market and **U will be a long. Jjl agl vC9 gy OUR OWN CORRESPONDENT .. AMSTERDAM, July IP. 

r .-noh Tr.m-iH.ri Minister that Lockheed TrlStar. togeiher with engine for the 757 aircraft, if ! importing Guinness rather than time before it reaches 1 per; ,, ___ tup T&rwrir,R\PH officially other irregularities in the pay- 

:hc r .- vi ii in- n<> rul«- fur l he UK wha lever may emerge from the Rolls-Royce is not to ntiss »hc : brewing It locally. cent." OIl“Cai Sir 3D , yv . n .,.r.h lorries from menr or wages: 

.-i.-ieior-m.-nt .md production nroDO-ed Joint Euronean Trans- chance of big markets tn the ; c han tone, olanned to The main problem delaying; . _ 4 - . introduced m uuten ior • ■ ,.,L,._ h 

Bin v.thnn, an order fori «JFT', programme. future. b eg?n P fo°cal SSriSRrlSdESniS local brewing P 0 f Guinness now : ^ger a April this year after Race initurt 

f-.’iv P-i'ish Airways. The airline- does not expect to Tilts, however 'logical it mish • SJhed 150.000 cases a year, is lack of space In Sapporo >; ■. ; resistance from both emplojers “ a ,^ se h v «i! d« med in 

T»i-- iv:i- cnunier to the basis he ready to make a decision On *o th e L h. would still ^ oniP 57000 cases were imported breweries. That will be resolved j Volkswagen s Brazilian SQb_ am j drivers, is still causing ivjahir» the inanv other Idrr'y 

,.f n-v.ei.s tl,-:„<pions. which is a b-scer aircraft Tor at lea*t appear to the Europeans to ,ix mont h. of this with the opening of a new sidiary. Volkswagen do Br^ih|.^ ^achoS 

1 be European industries antf , her year or so. It does not trying to ride borh horeea 1 at \ J" d VmMd Ss reached the Sapporo brewery, the enmpanys has obtained an order for 24 000 problems. ^adhered 

!• -rtiialu I'K participation n ecd to. because most or its once- and would no: be 1,kp ^ ; fevel 11th. in Shizuoka in 19S0. vehicles from the Algerian state The Government's Commission are 

1.. h.-ip I.. defray develop. n eed^ for «me time to come to satisfy them. They would lar *>« ,e ' eK agency Sonacome. a VYT spokes- ans port Licences fCW) in - 


Brazilian snh- 


8Y OUR OWN CORRESPONDENT^ .. AMSTERDAM, July IP.' 

THE TACHOGRAPH, officially other irregiUarltles in the pay- 

j introduced in Dutch lorries rroin menr or wages: 

Aoril this year after fierce initial The move, which is regarded 

resistance from both employers as a very severe one, is thought 
1 resistance rrum u la have - been designed to 


snn- . , . „,5I1 ....Hint, 1U IliVK uevii ucsiwicu tu 

Brasil. and dnveTS * JS st,1 ‘ cjU&mg frighten the inany other lorry 


i. uut- -- - - - :vear s0 aemana nas reacaeu me ^i.puiu ‘ - ■ . ,oca^ ' 

se most or its once - and would no: be u bel> • - 1 . nth. in Shizuoka in 19b0. 

• timp to comp to satisfy them. They would ,e e, ‘ 

net hv Tridpnt -Tgue that thp JET is l*kely to, 

le Lockheed Tri- competitive with the 757 1 

Minister's ■'‘ate- The entire situation on future j df* 1 £S ri Q ffl SI tS’P'VtilS IflCllIStrV 
seprn.*- to While- collaboration, therefore, remain* | IvAlia^ aiauiAain j 

if an ulrimvtuTn highly uncertain. Mr. Varley is 1 

s not lifcplv 10 as concerned as anyone else to 1 ■■ . J 

!UpH »ha» the I'K try to clarify these issues hpfnre rPSBlflV 
su’i-*antial cash ihe I'K Government can commit I C«LUj IV? 


1. .-ii in h.’ip i>> defray develop- needs for some timp to comp to satisfy them. They would, 

; : nnd form a united v; . n -till he met hv Trid"nt argue that the .TET is I'kely to, 

■.v,.n .-pc: 1 •.<; penetration of Threes or hv the Lockheed Tri- b * competitive with the 75 j | 

T-|i-..i-e..ii markets. Star* m its fleet. anvway. : 

\ i.. ,,-der from P-rir^h The French Minister# state- The entire situation on future] 

Jus aiuajs been con- ment. therefore, seems :o tvhiie- collaboration, therefore, reina in 4 j 
. j. bonus stemming hall to smack of an ultimatum highly uncertain. Mr. Varley is 

f-..],; i'i*. pa: 1 in pa turn in Euro- that the UK is not lifcplv to ns concerned as anyone else to] 

n p--.gr.Mti me i. and nol hs a aecent. Ii is argued ’hat the 1 : K try to clarify these issues hefnre 

p: ro.id.imn fur agreeing to would bring a substantial cash ihe IK Government can commit 

t.-h rnbaboi .11 mn. dmvr> i*> Aarhus Industrie if it itself irrevocably tn either W.v.t 

Tm<- i-*" , "i B o. h tt msier's slate- joined in the B-10 programme. European or U.S. aerospace. 


BY VICTOR MACKIE 


OTTAWA. July 18. 


I'-.m, h Mni<ier »t state- inmed in the B-lij programme, turopean or u.c. jerospa.-e . >•> • — , 

• Is .T 1 in- UK. eannni h:i*e and that British Airways must rollaboratlon for the rest of ' p. j^^-yiLE and elothms in- tost in human terms of a| 

• n — aifuuing Br.tish he left lo make up its own mind this century. •rtustries of Queher. under attack cradiial nhasing out of the, 

•for their vulnerability to foreign needle trades as some earlier | 


man Lid ' * Transport Licences icvyi in - p|oyed ovcr a hundred peeple. ’ 

In return. Algeria will provide | The Hague has banned four inter- mostly drivers. . . ' 

crude oil worth S6*Jm to The national lorry companies u is understood that the '.CX^'- 

Brazilian Government, which driving for the last two weeks of Commission, which is linked to 
will then pay Volkswagen do August. the Dutch Transport .Ministry, 

Brasil cash, reports Reuter from • has been told that the tachograph 

Frankfurt. " ere , f0UI ? d - gl ‘ ,liy ' rules are not adhered to in over 

j improperly using the tacnograpn. lorry-operating companies 
nrnnflCPQ j Which measures driving hours to all international firms. .There' 
j make sure they do not exceed are no problems with companies 
Tonnnoco napt ! the legal maximum, and of some operatihs natiunally.- ; 


Frankfurt. 


iks with China could develop 


USSR proposes 
Japanese pact . 

Soviet Vice Foreign Trade 


: for their vulnerability to .nreian neea'e r.aae * d Minister Mr. Yuri Leonidovich 

, competition, have come back ' whr ,!c; r wnrkei? ' Brezhnev has proposed that' 

th A i- f, n eunniv unest'On‘’u wncmer worKers, . 


r.Y COLINA MacDOUGALL 


Links with China could developiH%S£« -^i?ST“f££Sw 

* ] the mid-lWOs. ‘ ,tllPr mdu stnes. Iraent to strengthen their econo- 

r.Y COLINA MacDOUGALL i The industrjps currently “I am tired of hearing about m j c relations, according to Japa- 

A ^ a , . . 1 emplov about 200.000 directly high technology johs for which nesc officials. 

X uf about .0 from the annual deficit on trade, perhaps On the financing of trade, tne l and a ^ out 350.000 fri rented in- the textile and apparel workers Mr Brezhnev, tbe son of the 

4s «;rnup. an association of for as long as ten years. _ Vice-Minister i n .dic* te “ * na ^ °® w j dustries according to Mr. J. I. will be retrained.' 1 study group Communist Party leader. Mr. 
f,i -, ;hii ir'd'-r* who deal with The most UKely deveiopment arrangements witn foreign banks jArmstronB. president uf tbe member Daniel Ta ran. said at Leonid Brezhnev, made the pro- 

N -, f ; Ppkinc and tru tbe formation of consortia wer « era 45 n .U . Canadian Textile Institute. 3: press conference. “If they do p0 sal when be paid a coursey call 

Lain , is t« mk Peking and bv g coml>inatlon of European, reaffirmed that China would not] nil( , h ^ lar _ f m - nll . exist, and they can be created, S D Mr . Toshio Koraoto the Japa- 

0 ,: 'r r hinr*e Hne> in March 0anadian and perhaps Japanese accept foreign investment or ; GTIis ^^f' ar - esr J? ia r' r >reate them first." said Mr. ne se Minister of International 

R ^' J or , business discus- b;fnks prn virilng substantial bank government leans- However, it 1 factarin'r emplojer — per whQ is President of con- Trade and Industry, reports 


ATTWOOD 6ARA6ES LIMITED 


m no -in i, roup > imponcrt ve . ir , ]|( addition, certain Euro- huy.back airangements and • jwre ip w Ht > lir „ ed thc Government not to • MITI sources '»id the Soviet 

...1:11m 1*. . hs» announced. pran hanks would be designated Sensing, leasing and consultancy • f non l^ost imoortod -oon< nv dfls , roy nn emp]o>7Iien t oppor- * Union might want r 0 conclude 

It propo-ird that the minion 10 pruvidv cash payments to agreements. ,0: rnmcoi quotas a j •• t unity before creating new ones, “an economic co-oneratirm apree- 

sl-rrild uu'iudo service soeiur> suppliers on behalf of the • ”jt c m TnHt and Banking Economists say they are [ment" with -l3nan like that 

1 : • lianktng shipping and dork Chinese authorities, who arc President Mr. benkicni Snono destined to he wined out by nn- | which it concluded with West 


n-iTVcnied on t! 

n; «ion 

• •ii 1 -Ic ilcMdopment generali 


Peking 


thC told' a press conference on HTL'shao, 'leader of the "group. | K en t YA'S CENTRAL Bank fiffs . I ] LT FFONOM1C 1 

. rrank discussions were held. The his return from a visit to China ; | j - . d ba-riere The group, which has visited announced new credit restric- U R t.V-V? T V?l"l IV. 


| which it concluded with West 
mission I Germany last May. 

' Japan-Soviet two-way trade 
? mission now. totalled about S3 3m last year., 
as concluded . 

Tom says Mr. i Kenva credit rules . 


The Annual General' Meeting of Attwood Garages Limited was held 
on July 19th at Wolverhampton, Mr. H. R. Attwood (Chairman and 
Managing Director) presiding. 

Group profit before taxation for the year ended 31st January. 1978. _ ^ 
was £89*358 compared with £67.028 for the previous year. 'j 

The directors recommend a final dividend of 0fl37Sp per share which ' 
is the same as last year. : 

Business for the year under review produced an encouraging im-\ 
provemem. and so far trading for the current year has been main- 
tained at a similar level. However, difficulties in obtaining certain 
vehicles have prevented us from taking full advantage of present 
demand. 

The report and accounts were adopted. 


ft 


INDICATORS 

f indusirial production, many-, 





*4 



UIVIJCV in Vll VUIaLtUU, WllltU i U3>v q.j ... 

by 37 per cent last year, because SLj 

Kenya faced heavy import bills 

this year. .q 7S ‘ 

The country will have lo im- 
port 60,000 tons of sugar to * 

supplement local production. c-l h ' 
and 30.000 tons of -wheat, because M ‘ h 
the local wheat crop has largely 
failed this year. 

Mr. Ndegwa said banks had ' T ,,‘ 
been instnicted to restrict their j“i\. 

lending outside the priority ill: 

sectors of- agriculture, manufac- OUTP1 

turing and tourism. interm' 


105.3 

109 

103.3. 

.216.4 

1.330 

na . 

103.0 

106 

102-5 

222.0 

1.330 

163 

103-8 

106 

. 104-3 

234^ 

1,418 

. 151 

103.3 

107 

104.4 

239.4- 

1,431 

. 15-« 

104.2 

109 

\ 106.3 

246.0 

1,409 • 

188 

103.6 . 

106 

\ 104-9 

241.0 

1,419 

180 - 

104.1 

US 

406.8 

216.5 

1.409 

187 

104.5 

103 

107.0 

249.8 

1.400 

196 - 

108.6 


11)8.7 

250.3 

LSS7 ' 

• 204 i 

104.5 


10S.4 

255.2 

1-366 

210 



109.0. 


1,365 

217 





1,371 - 

211 


£3 »ti order for Davy 


GEC Electrical Projects has 
received from Davy Powergas 1977 
an order valued at over £3ra for i st q . r 
the design, engineering, supply 9 n dntr 
and delivery’ of electrical equip- ^rdntr 
meat for use in- two methanol 4th qtr 


OUTPUT — By market sector consumer ynods investment gaud*, 
intermediate eoods (materials and fuels ir.cnsineerlnH' -.output. • 
meta' manufacrurv. textiles, lealher and .clothing (1970 = 100): 
bousing starts fOOOs. monthly averase). - 

Consumer lnvst. Intind Eng. Metal Textile House. 

mnFg. elc. star is* 


goods output 


Salient points in thc 1977 Annual Re- 
port and Accounts adopted at thc An- 
nual Genera! Meeting of Riunionc A- 
driatic.i di Sicurta. held on 12th July 
io - S were: 

• A considerable improvement in un- 
derwriting results in virtually all 
branches: 

• An asset base which fully reflects thc 
t. E.C. requirements tor solvency 
margins in insurance companies: 

- An increase in technical reserves held 
as security for commitments to po- 
licyholders: 

- Premium income in the. Company 
amounted to Lit. 331.7 bn. (£ 200 m.), 
represented as to 42% by business 
written in Italy and as to 58 ° 0 by 
foreign insurance business and rein- 
surance; 

- Premium income in thc entire RAS 
Group, consisting of nine insurance 
companies in Italy and twenty-two 
in other countries, rose by 16.5% to 
thc equivalent of Lit. J,l $2 bn. (£ 
712.6 111.). 

The Annual General Meeting approv- 
ed a proposal ro declare a dividend of 
Lit. T.000 per share (ip 7 f ’- Lit. Soo) 
payable as from I9ch July 19 “ 8 . 

As Extraordinary Business, a proposal 
to increase the Company s share capital 
from Lie. 9.6 bn. to Lit- J 9 -J bu. (£ 
11.573.5S6) was also approved on a 
scrip basis by increasing the par value 
of thc 1,920,000 shares in circulation 
from Lit. 5»ooo to Lit- ic.oco. 


HIGHLIGHTS OF ACCOUNTS (£>' 

RAS ONLY, DOMESTIC AND FOREIGN BRANCH OFFICES" 


plants to be constructed in the nee 
USSR. Ue , c g 78 

The sites Tor the twin plants. i s j qtr 
each of which will be capable of j an 
producing 2.500 tonnes per day. j>b 
are at Gubaha in the foothills of March 
the Ural Mountains, and al anril 
Tomsk in Siberia. . 


Premium Income 


199-967,655 


The plants will be the largest 
of their kind in the world, and 
between them will make avail- 
able to USSR 20 per cent of the 
world's total production of 
methanol. Half of the output is 
expected to be used for making 


EXTERNAI TRADE— Indices of export and import volume 
(1975 = 100): visihle balance: current balance: Oil balance; terms . 
of trade (1975= KM)): exchanae reserves; 

Export Import Visible Current. Oil . Terms .Resv.. 
volume volume balance balance balance trade USShn"* 


Investment Income 


20.506,022 


Claims. Maturities and other Benefits paid 


104.40s.663 


fibres, anti-freeze, explosives, 
herbicides. Insecticides and pro- 
tein manufacture. 


Insurance Reserves, Non-Life Branch 


123.01S.072 


Insurance Reserves, Life Branch 


239.20,-430 


equipment. 


1st qlr. 

115.7 

109.1 

-947 

-493 

— 800 

B9.0 

10 5 

2nd qtr. 

118.0 

109.8 “ 

-794 

-365 

— 745 

100 3 

'14.9 

3rd qtr. 

124.1 

106.4 

+ 54 

+ 357 

-602 

101 .0 

13.4 

4th qtr. 
1978 

117.9 

102.6 

+ 45 

+4R6 

—657 

102.4 

^O.SO 

1st qlr. 

120.3 

114.3 

-574 

-305. 

-646 

105.1 

-20.63 

Jan. 

112^ 

114^6 

-338 

-248 

-234 

105.5 

20.87 

7"eb. 

127.4 

111-3 

+ -43 

+ 132 

• -203 

104.8 

20.7 

March 

Anril 

121.4 

1 V»J9 

-279 

-189 

—209 

104.8 

40.32 

126.1 

104.3 

+ 13R 

+ 308 

. -151. 

HJ4.0 

17.04 

"May 

120.1 

11 4.3 

-21S 

- 98 

' —156 

105.1 

lfi.fifi 

June 

122.1 

112.0 

-106 

' + 14 

-117 

101.1 

16.54 


Life Sums assured 


1.028.4^4,567 


W. German rail loaii 


Share Capital 


5 . 7 SW .793 


General Reserves 


4 f '.« 19-405 


Proflr for the rear 


M93.9-7 


West Germany and Kenya have 
sigrmd an agreement under 
which West Germany will finance 
the purchase of eight new diesel 

locomotives for Kenya Railways! 
with a DM 13.7m soft loan. i 
Tbe West German Government ! 
is offering^ to finance new equip- 1 


FINANCIAL — Mnnev supply. Ml and sleriine M3, hank advances 
in sterlinc ,0 the private sector (three roon ,, h«' growth .u annual 
rate): domestic credit evpansmn (Emu buiMina societies' not 
inflow: HP. new credit: all seasonally adjusted. Minimum 
lending rate (end period). 

Bank 


PREMIUM INCOME OF THE RAS 
GROUP (ITALY AND ABROAD] 

£ 


(millions) 



SALES OF THE RAS GROUP 
Premium income breakdown in vjjj 
( ,n £) 

RAS and 

L'ASSICURATRICE ITALIAN A 


rolling slock are expected soon. . J® 
The new loan is payable over 1 st ^ 
thirty years, wiih a ten year 
•^race period, bearing interest at 
two per cent. Man 


Yugoslav Burma loan 


(in Italy and abroad) 


j60.447.376 


Other Italian Group 
Companies 


V uposiavja has 2 greed to provide 
a 370m loan to help build 
Burma's first copper smelting 



Ml 

% 

M3 

% 

advances DGE 
% £m 

PS 

inflow 

HP * 
lending . 

1977 







1st qtr. 

1.3 

- 8.8 

' 5.3 

- 74 

492 

1.008 

2nd qtr. 

24.8 

14.9 

5.5 

+ 769 

14290 

1.047 

3rd qtr. 

28.0 

10.4 

20.3 

+ 365 

1.084 

1.149 

4tb qtr. 

25.1 

J2.6 

8.3 

+698 

1,365 

1,189 

1978 







1st qtr. 

25.1 

24.2 

17.5 

+ 1.819 

1.049 

um : 

Jan. 

23.2 

17.3 

13.4 

258 

' 388 

429 

Feb. 

26.8 

. 23.5 

18.0 

963 

353 

4IS 

March 

• 25.1 

24.2 

17.3 

598 

3 NX 

413 

April 

19.1 

24.7 

13.1 

1.437 

.335 

463 

May 

13-2 

15.6 

18.8 

1.096 

212 


June 





147 


IMFLATION— 

Indices 

of earninqs (Jan. 1976 

~ inni, ha 


materials and fuels, wholesale prices of jn^rijrf arm red pmrlnrt* 
1 1970= B10); reiail prices and fond "b'r ices (197-1 = lOrti: , FT 


plant, reports Reuter from Ran- 1 commodity index (July 1953= 100); * trade 'weighted value, of 


Foreign Group Companies . 

Total premiums 


48,416,135 

303.781.053 

712,644-564 


goon. 

The funds will be repayable at 
four per cent over 15 years after 
a four year grace period. The 


Sterling (Dec. 1971 = 100) 


RAS Group 
life Business, 

Total Sums assured 


* ugoslav co-operation. 

Daimler-Benz order 


£ 3.- 2 9j:5-9i05£ 


Daimler-Benz has won a DM 19ra 
order lo supply 100 buses to 


mechanics and equipping work- 
shops to maintain Ihe huscs, 
reports AP-DJ from Stuttgart. 




Ea rn- 
ings* 

Basie 

Whssle. 

ronfg.® 

RPI® 

FT" 

Foods^ enmdiy. 

Srrle 

1977 

1st qtr. 

112.5 

341.5 

248.0 

174.1 

184.7; 

276.4 

61 8 

2nd Qtr. 

114.5 

34/./ 

259.2 

18L9 

191.1 

250.0 

61.6 

3rd qtr. 

116.1 

340-5 

267.7 

J84.7 

192.1 

239.9 

61-8 

4tb qtr. 

119.9 

330.6 

272.1 

187.4 

193J 

23+20 • 

63.3 

1978 

1st qtr. 

123.1 

326.7 

- 279.0 

190.6 

1973 

238.61 

64.6 

Jan. 

121.5 

324.9 

277.1 

1893 

MSff.l 

228.41 

.66.0 

Feb. 

122.7 

324.2 

279.2 

190.6 * 

,19 7.3 

'-22U8 

66.0 

March 

125.0 

331.0 

280.6 

191 Jt • 

198.4 

i238fir 

B4.I 

April 

j27_2 

337.4 

282.7 

194.6 

201.6 

238.94 

61.8 

May 

129J 

241.5 

284.6 

195.7 

2032 

250.67 

■61J 

June 


342.9 

286.2 

197.2 

200.7 

242,27- 

GI.5 



* iN r ut seasonally adjusted. 

‘ _d( 

• -4 











There’s more than one way of checkingdata accuracy 


In conventional accounting systems, important 
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by the time taken in man hours, particularly when we tell 
you there's a way of obviating the whole tiresome, trouble 
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A Systime small business computer system. It won’t 
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. It’ll handle the entire accounting system on a central 
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“What do I know about computers? 

"We’ll advise you on the best system, train ydur own 
staff to use it and prepare all the programs for you. So you 
need to know very little. 

Information centres throughout the office ' 

Visual display .units can be placed where needed 


throughoutthe office, so information access is fast with 
less running about 

Reduces paperwork, increases efficiency 

Because so much information can be permanently 
recorded, much of your paperwork can be a thing of the 
past. Being totally versatile, your Systime computer .will 
handle anything from general business. accounting - 
procedures to the running of a manufacturing company’s 
stock control/warehouse distribution requirements. 

A sy stem that will grow with you, economically 
As your company grows with the help of a Systime 
computer, you can easily and economically increase it's 
capacity without expensive new programs being 
produced. Not many systems offer this facility. 

If you ve problems, we'll be with you in hours, not 
days^Deliyery? We fike to talk in weeks, not months. 

oouple-alllbis with one of the most competitive prices 
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senomg.fpr our brochure. 


Buy the flag 

Systime Is a wholly owned British concern, whose 
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For the full story on the Family of Systime Small 
Business Computer Systems, please send for full 
details. 


THE RIGHT WAY 


SYSTIME LIMITED, 

Head OfficffConcourse Compuler Centre. •432 Dewsbury Roac 
Leeds,. LC1-17DF Tel: (0532>7Q7.<JH;/07261 Tefc?x:.5'5S283 


Women’s 

Employment 

Opportunities? 

As pari o£ an EEC survey, the 
Manpower Services Commission is 
undertaking a review of programmes in 
the UK which offer Jong term 
improvements in. women s employment 
opportunities. 

They would tike to hear from 
anvone," whether an employer or not, 
wlio knows of a local programme or , 
scheme which currently' helps women to 

enter jobs or careers traditionally the 

priwince of men. or 

obtain more demanding, more 

responsible, belter paid employment, 
or 

enter, or re-enter employment more 

easily. 

Any such programme must include 
an element of training. 

If you know of any such programme, wiU 
you please, contact: 

Mrs. M.CR- Alexander, Survey Unit 
Manpower Service; Commission 
(Training Services Division) 

95 Wfemore Street, London W1B 9AA 
Telephone; 01-486 6688 


Training 

Services Division 
Manpower 

Services Commission 


HO 05 


Financial Times Thursday July 20 1978 


" British-made 
TVs increase 
market share 


BT JOHN LLOYD 

BRITISH television manufac- 
turers substantially increased 
their share of the UK market, 
while imports dropped over the 
first five months of this year. 

Deliveries to UK distributors 
of colour television sets in this 
PfdocI totalled 635.000. or which 
515.000 — SI per cent — were 
British made. 

This compares with a total of 

550.000 in the same period last 
year, of which 446,000 were 
British made. 

l! Imports of colour televisions 
dropped from 134.000 in the 
January to May period oE 1977 
to 119.000 now. 

The picture is similarly buoy- 
ant for black and white sets. 
Deliveries in the first five 
months totalled 433.000, of which 

263.000 sets were manufactured 
in the UK. This compares with 

424.000 last year, of which 170,000 
were domestically made. 

Monochrome TV imports 
dropped from IT 1.000 in the 
January .to May period last year 
to 170,000 now. 

Major factors behind the much- 
improved performance of British 
TV manufacturers are quotas on 
monochrome sets from Taiwan 
and South Korea, and the fact 
that imports were unusually 
high in both categories in the 
first half of last year. 


The operation of the quotas 
meant that some 60,000 fewer 
black and white sets were 
imported from the Far East in 
the first five months of this year, 
while 15.000 fewer colour sets 
came from the Far East -in the 
same period. 

However, imports from the 
major supplier in the area, 
Japan, rose again in May. 

In other areas, fortunes were 
more mixed. Domestic audio 
equipment incorporating radios 
were up from 978.000 over the 
first five months of last year to 
1,050,000 in the same period this 
year, and domestically-made 
'equipment increased from 
136-000 to 161,000 in that period. 

However, portable radios 
declined from 2.1m to 1.6m in 
that period, with UK-made port- 
ables down from 174JW0 to 91,000. 

Record players and record 
decks deliveries also declined 
sharply, from 210,000 last year 
to 136,000 in the first five months 
of 1978, while the UK share 
dropped from 91,000 to 81,000. 

By far the sharpest drop has 
been in the tape recorder and 
tape deck market, where imported j 
deliveries — there are no domestic 
deliveries — dropped from 839,000 
in the first five months last year I 
to 350,000 over the same period I 
this year. 


for coal 


Growth of controls 
criticised by 
drug companies 

BY KEVIN DONE, CHEMICALS CORRESPONDENT 


'-l.t* 


HOME CONTRACTS 


Diesel engine test cells 


Financial Times Reporter 

THE . DISPUTE between the 
National Coal Board and the 
Central Electricity Generating 
Board now shows signs of affect- 
ing the Coal Board's expansion 
plans. 

Earlier Hi is month, the gener- 
ating board's corporate plan 
showed that it assumed a level 
of coal burn of around 70m tons 
annually by 1985 compared with 
the Coal Board's estimate of 
80m. 

During an inquiry yesterday 
into an application by the Coal 
Board to extract 238,000 tons of 
power station coal from a 175- 
acre open-cast site at Amerswood 
near Wigan, Mr. Denis McBride, 
a planning officer with the 
Greater Manchester County 
Council, said that the two 
authorities’ plans appeared to 
conflict. 

“It would seem that the CEGB 
would not be unduly concerned 
if the NCB target is not achieved 
and, quite apart from this, they 
are likely to burn substantially 
less coal than anticipated by the 
NCB because of tbe relative pric- 
ing of coal and oil," he declared. 

Coal at present shows about 
a 10 per cent price advantage 
aver oil, and the Generating 
Board thinks that advantage — 
which barely compensates for 
the greater' ease of use of oil — 
will not change ■ substantially 
over the next decade. 


THE PHARMACEUTICAL in- 
dustry has renewed its attack on 
the Government over the in- 
crease of legislation controlling 
its affairs. 

The association of the British 
'Pharmaceutical Industry says in 
its annual, report, published to- 
day. that concern is increasing 
over the continuing stream of 
subsidiary legislation being 
introduced under the 1968 
Medicines Act 

Compliance with the regula- 
tions was taking up a “ consider- 
able amount of time and money 
which could well be put to 
better use without in any way 
prejudicing public safety." 

Mr. Frank Goulding, president 
of the association and managing 
director of Pfizer, says in the 
report that unnecessary barriers 
to research and the development 
of new medicines must not be 
created. 

Legislation was necessary in 
many areas of health care, but 
there was a danger “that legis- 
lation and regulations, wbetber 
national or intern ational. 
become self-perpetuating and 
the pendulum can swing too far 


so that instead of protecting 
and assisting patients and con- 
sumers, the opposite effect is 
achieved. Legislation then 
becomes detrimental rather than 
beneficial." 

Total expediture on research 
and development by the drug 
industry in the UK amounted to 
about £150m last year. This was 
expected to rise to about £190m 
in the next two years. 

Output from tbe drug industry 
bad increased by 57 per cent 
since 1970, compared with 28 per 
cent for tbe general chemical 
indusD? and 3 per cent for 
manufacturing industry as a 
whole. 

The association estimated that 
drug companies were now spend- 
ing about £70m a year on capital 
investment projects in the UK. 

Overseas, Imperial Chemical 
Industries was spending $25m to 
expand its pharmaceutical 
research facilities at Wilmington 
in the UJ>. ICI was seeking 
entry into U.S. scientific and 
medical research circles to 
strengthen its ability to develop 
new drugs. 


Industry 

attracting 


Fewer war pensions paid 


MORE THAN 396,000 people 
were receiving payments under 
the War Pensions Scheme.: at the 
end of last year, and payments 
during the year totalled £2S3m, 
says the Department of Health 
and Social Security's report on 
war pensioners. 

The number of pensions, paid 
fell during the year. By the end 


of 1977, there were fewer than 
57,000 pensioners from the 
19l4-.Hr* war, and, from the last 
world- war and later, nearly 
298,000. War pensions and 
allowances were increased lost 
autumn in line with higher social 
security, benefits. 

Report on War Pensioners,” 
1977. SO. £1 j50. 


graduates 

By Michael Dixon, 

Education Correspondent 

A RISE in the proportion of new 
university graduates going into 
manufacturing industry is shown 
by statistics published by the 
Association of Grad a ate Careers 
Advisory Services. 

Of a record total of 60.0U8 men 
and women gaining bachelor- 
level degrees at UK universities 
last year, nearly 12 per cent 
entered manufacturing, com- 
pared with just over 10 per cent 
of the 1976 total of 57,246. 

However, manufacturing in- 
dustry recruited only 4.7 per cent 
of the 31,004 who took arts and 
social studies degrees, whereas 
5.6 per cent of them went lmo 
chartered, accountancy. 

On the science side. 19.4 per 
cent of the 29,042 total entered 
manufacturing, while only 1.9 
per cent chose chartered 
accountancy. 

University Graduates 2977. 
Central Services Unit. Precinct 
House. Oxford Road. Manchester 
M13 9EP; S5p. 

Occidental Oil 
finances wing 

THE OCCIDENTAL Oil Consor- 
tium is to finance a new £100,000 
wing for the Balfour Hospital in 
Kirkwall. Orkney. 

Occidental operates tbe termi- 
nal at Flotta, which serves the 
Piper and Claymore oilfields in 
the North Sea. 


to fly cargoes 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


MR. HAROLD BAMBERG, who 
owned the former British Eagle 
passenger and cargo airline, is 
now seeking to start a new all- 
cargo airline, Bamberg Inter- 
national Sky Karriers (BISK). 

The Civil Aviation Authority 
began a public hearing in London 
yesterday into Mr. Bamberg's 
application for rights to fiy all- 
cargo services, against strong 
opposition from British Cale- 
donian Airways. 

Mr. V. Slight. British Cale- 
donian's legal representative, 
told the hearing that two other 
cargo airlines had recently been 
licensed. Air Faisal and Scimitar 
Airlines. If the authority licensed 
a third it would be “ demonstrat- 
ing a total disregard for the 
future well-being of the cargo 
sector of the British air transport 
industry," he said. 

“They would also be risking 


an excess in capacity which 
could bring about price cutting, 
aircraft under-utilisation and the 
forced withdrawal of some air- 
lines, while investments of 
considerable sums in both the 
public and private sectors would 
be seriously jeopardised. 

" Such a situation would betray 
much of the trust placed in the 
CAA by the users and providers 
of current air cargo services." 
said Mr. Slight. 

British Caledonian's represen- 
tative contended that the recent 
rush to apply for air cargo 
licences appeared to be a ploy to 
beat the Government-imposed 
ban on the registration of non- 
noise certificated aircraft after 
September 30 this year. 

British Airways and Trans- 
meridian Air Cargo have also 
objected to the Bamberg applica- 
tion. 


Naval officer wins £25,000 


A CHEQUE Tor £25,000 will bo 
presented to a Royal Navy 
husband-and-wife team for their 
invention of the “ Ski-Jump " — 
a take-off ramp to be fitted tn 
Navy ships carrying Harrier air- 
craft This is one of the largest 
ever made in Britain for a mili- 
tary invention, and will be pre- 
sented by Dr. John Gilbert, 
Minirter of State for Defence, 
tomorrow to Lt. Commander 
Doug Taylor. 

Lt. Commander Taylor, 49, 
conceived and developed the 
“ Ski-Jump " launching device 
for use initially with Sea Harrier 
VSTOL aircraft. It is essentially 
an upward-curving runway which 


at take nlT Imparts an upwards 
semi-b3lli5lic trajectory to tbe 
aircralt. lt enables a larger 
weapon or fuel load to be carried, 
with a shorter deck run for take 
off. As an added bonus, the 
device introduces a significant 
safety margin. 

The invention has been com- 
pared with other great British 
naval aviation advances, such as 
the angled deck, steam catapult 
and mirror landing sight. It 
will be fitted initially in ships of 
the Invincible class. But its use 
may be extended to land based or 
even commercial operations. The 
award of £25,000 is an interim 
one, in view of the as-yet 
un assessed benefits. 


AUTOSENSE EQUIPMENT BMC, 
Bicester, Oxon, has won a 11.2m 
contract from Perkins Engines to 
provide 2 B automated computer- 
controlled test cells for the pro- 
duction testing of the full range 
of Perkins diesel engines. 
Autosense Equipment, a sub- 
sidiary of United Technologies 
Corporation of the UJS-, will act 
as project manager for engine 
test cells with responsibility for 
the supply, installation and com- 
missioning of all the equipment 
involved in testing except the 
engine conveyor system and civil 
engineering. Work has already 
started on the test systems; all 
26 test cells should be opera- 
tional by mid-1979. Individual 
“engine testing will be controlled 
from a remote console, with the 
sequence programmed by digital 
computer. The computer will 
provide a printed read-out 
describing the performance of 
each engine. ^ 

A contract valued at £359.581 has 
been awarded to ALEXANDER 
HALL AND SON (BUILDERS), a 
member company of Aberdeen 
Construction Group, for the 
construction of three warehouses, 
along with associated site works, 
for the Teesland Development 
Company at Woodside Road, 
Bridge of Don, Aberdeen. 

* 

A contract for £250,000 worth 
of transformers and swithboards 
for British Rail (Southern 
Region) has been received by 
BRENTPORD ELECTRIC, Crawley, 
Sussex (a member of the Low and 
Bonar Group). The equipment 
will be used as power supply for 
re-signalling the Victoria area. 

ROVIS CONSTRUCTION is carry- 
ing out structural n Herat ions at 
164-182 Oxford Street, London, 
W'.l. formerly the. site of the 
Waring and Glllow store, under 
1 £220,000 contract awarded by 
he United Kingdom Provident 
Jistitution. It culls for the com- 
iletion of the work in ten weeks 
:o form four shop units within 
he recently reconstructed bufld- 
ng behind the familiar Waring 
md Glllow facade. 

5UNTER BROTHERS. North ailer- 
on. main transportation con- 
ractor. and I.TJK. (OFFSHORE), 
ifiddlesbrougb. have joined forces 
o secure a £lm order for the 
ra importation of 46 piperacks and 
heir associated support equip- 
nent and pipework from the 
abrication yards to Sullom Voe. 
•York has started and will con- 
inue throughout the year. The 
-on tract was awarded by Con- 


tractors John Brown, - main 
contractor to BP. Petroleum 
Developments, for the . processing 
facilities of the Sullotn, Voe 
Terminal in the Shetland*. 

* 

A paint contract for the Murchison 
Field production platfonh which 
is to be sited 120 miles north east 
of the Shetiands has been 
awarded to MEBON, Satton-in- 
Asbfield, Notts. It was placed by 
Conoco North Sea Inc, operator 
of the field for the Conoco/BNOC/ 
Gulf Group, and could exceed 
£250,000. 

-ft- 

ACALOR INTERNATIONAL. 
Crawley, Sussex, has a contract 
worth over £250.000 from the 
Directorate of Navy Contracts 
(Supplies) Procurement -Execu- 
tive, Ministry of Defence, Bath, for 
an electroplating and process 
plant for a new plating^hop at 
R.N. Aircraft Yard. Ffctlands, 
Gosport. ? :• 

* » ■ 
FERRANTI INDUSTRLAL COM- 
PONENTS GROUP, Dalkeith; has 
won a contract worth around 
£73.000 to supply complete 
encoding systems to Slmon- 
Carvcs. The encoders are destined 
for tyre manufacturing plants 
situated in the USSR at Belaya 
Tserkov and Voronezh. The 
systems will be incorporated in 
production weighhead equipment 
supplied by Simon-Carves (a sub- 
sidiary of Simon Engineering) the 
main plant contractor, on behalf 
of TechmashimporL 

★ 

ELECTRONIC CALCULUS has 
been awarded the consultancy 
contract for computerised analyses 
using specifically designed pro- 
grams, for all the structural and 
design work done by Global 
Technical Services for the steel 
platform to be erected in the 
shallow waters of the Gorm Field 
of the Danish North Sea. The 
preliminary analyses arc spedfi 
cally designed to check the plat- 
form (planned life of 25 years) 
for environmental loads of wind, 
wave, current, scour, tides, ice 
loading, piling, marine growth 
and Gre rating, etc. Global 
Technical Services, the British 
arm of Global Engineering Inter- 
national, arc under contract to 
Danber which is the operating 
section of the Danish consortium 
consisting of Marex. Texaco, Shell 
and Chevron. 

* 

VITAYOX has the contract to 
renew the public address system 
at Wembley Stadium, which will 
need over 230 loudspeakers of 
different varieties. 














HOME NEWS 


- Financial fiines Thursday My : 20-i 

_• - r 



Attack on subsidies 



BY OUR INDUSTRIAL STAFF 
THERE WOULD be swift and The regime for shipping had 


Silver Line owners 
wary of buying 


lore 



FIN AN Q AL TIMES REPORTER 


_ . . . . n S had British shipowners did not 7^ VLASOV Cmuo which took Shipping Industrial Holdings. [ 

vehement reaction from British changed over the past decade. any government to Sive< 0V e r the BriS Silver Line Tltis was acquired in 1974 by: 

shipowners if the Government There was now the threat from ^ un ^ s f° r ships Tor which there j shipping company v-esterday is to Navcot Shipping (Holdings) on 

subsidised the building of more - un dercutUna of freieht rates was no commercial need. in order I f Vigenv.Opnun and i 
ships for foreign countries such , r 10 save shipyard jobs. Market 

as Poland which would be in b > the countries. Ship- forces should be allowed to have 

direct competition with British ping policy in the U.S. was their effect on merchant fleets. . 

ships. Mr. Ronnie Swayne. presi- getting more and more incom- Mr David R 0pner v i ce . 

dent of the General Council of patible with - that of the rest of president of the council said the 

British Shipping, said yesterday. { he free world and many coun- average British bulk carrier of 

A second Polish order for six tries were now resorting to pro- -ifiOQO deadweight tonnes was 

bulk earners was understood to teettomsm as freight rates now barely covering its operating 

he a possibility to provide work stumped. costs because the level of freight 

for under-utilised j-a«is °i Britisn 0ne Qf a)1 the w0r ] d - s dry rates was so low. There was no 
sb id builders, .nr. bwajne saja earg0 s h!ps were now surplus to money left from income to cover 

market requirements and a depreciation or to pay interest on j 
^ entical 11 this went f , uar ter of the world tanker fleet loans outstanding. 

wVVaiiert for an end to the was “ ll ^, Forei sn governments . The British merchant fleet 
vuhsidfo that wuld cripple the hy subsidies and rate cutting had carr i ed twice as much cargo 
merchant fleets ?f f?eeintcn>risl i "“r if Jf ned >« the affaire of the between third countries as to 
nanSif British British merchant fleet, he said. aod from Britain the president 

now at the crossroads and Tree “ It is high time the British said. Governments should bear 
and fair competition was a thing Government began intervening this in mind when subsidising 
of the past he said, launching with new powers and the will to British shipbuilding which 
the British Shipping Review for implement them in concert with accounted for only three to four 
1975. other nations." per cent of world capacity." 

COMMONS EXPENDITURE COMMITTEE 

Regional aid programmes 
‘help boost industry’ 

BY MICHAEL CASSELL i The committee, studying a Bill theme in the hearings oF the 

I modelled on the U.S. legislation, committee under the ebairman- 

PROCRAM.NIES of regional and from Sir Peter Carey, permanent expenditure forecasts, to antici-jwill have to prepare this central S hip of Lord Redcliffe-Maud, 


Housing 
prices 
rise more 
slowly 

By Michael Cassell. 

Building Correspondent 


look “very closely" before order- behalf of the Vlasov Group and 
ing any more ships in Britain. Capitalfiu. another holding. com- • ... ^ ow rtsit , e 

carriers from Cammell Laird’s Silver Line’s British \ B The Nationwide says that the 

Birkenhead yard in May. 1973, Vlasov already owns a dlverai-t h s . n market has stabilised 
for ahnost iSGm. The last fied fleet of ^ or f i after the average 9 per cent rise 

vessel, the Ai venus. was launched including product tankers, cfaenu-, . recorded durin* the 
yesterday. cal tanker* cargo vessels, \ery ; flr ,/ sij _ months of this year; Last 

Each ship was delivered up to Large Crude Carriers and three ^ avera g e prices increased 
18 months late, "it would have cruise ships. ‘ _ 4 . 1 by about 8 per cent, 

been quicker and cheaper to buy The total fleet oE 2m dwt isj Mr Leonard Williams, chief 
them off the peg in the Far Eastr Britain's second largest, exclua-, g enera i manager of the society, 
he said. * ing the fleets owned by ou [ sa id that an average rise oMess 

The announcement of the companies. ; than 1 per cent a month was 

acquisition of the Silver Line The group is managed by Mr.‘ possible during the remainder 
coincided with the launch. Silver Boris Vlasov, son of the Russian ( 0 f this year, although much 
Line was formed in London in exile who founded the company \ depended on the future 1 course 


192S and in 1971 became pan Of in 1937. 


U.S. bars Arab data 
for Lords inquiry 

BY MAURICE SAMUELSON 

THE (J.S. Government has tary .in the U.S. Commerce! 
refused to supply key evidence to Department, whose responsi- 
a House of Lords Select Com- bilities include -Arab boycott 
mittee about the economic effects affairs. 

of recent U.S. legislation aimed Effects of the American 
at curtailing the Arab boycott legislation have been a central 
The committee, studying a Bill theme 


selective assistance to industry Secretary. Department of Indus- pate events. The forecasts were 
are “a useful contribution" to try, of the “formidable problem based on schemes “in existence 
modernisation and regeneration of regenerating manufacturing or in mind.” 
of industry, says the latest re- industry" which Government According to the committee, 
port from the House of Com- a id was designed to assist. Ihe result was that what a White 
mons Expenditure Committee. The committee said it found it Papei presented as a decline in 
The committee emphasises hard to accept the prospect of a projected expenditure could be 
that the schemes cannot hope to diminishing level of selective an increase, 
rival in scale and importance assistance 'after 1979-80, as pro- “If a White Paper purporting 
proper timing and extent of jected. when the importance of to’ forecast total Government 
macro - economic measures, this type of aid was generally expenditure is to have any 
national and international, to accepted. meaning, trying to anticipate 

reflate the economy. The explanation of such a dis- events of the years in question — 

Nor. it adds, do they diminish ere panev 'appeared to lie in the or at least trying to make the 
the efforts which industry itself basis o’n which the relevant best possible estimate of the 
must make to improve its per- figures were calculated and expenditure that Is going to be 
formance to a point where its presented. needed in each field— is precisely 

productivity matches that of its Attempt' were not made, dur- what each contributing Depart- 
competitors. foe compilation of White Paper ment ought to be doing.” 

The committee says that Par- 
liament needs lo be put in a 

position to assess the effective- rr • • A j • _ ^ 

JccuraUly, h and r calKrre3 r is XJ.0IISII12 lOIOFlU 3x100 

nf studies of Iheir operation to 

be provided as they become # -- 

calls rejected 


part of Its report lamely on the Opponents of a Bill in Britain 
basis of evidence from other have nearly all claimed that it 
sources. was premature to draw conchi- 

Supporters of the Foreign Boy- 5 fon s from continued growth of 
catts Bill, sponsored by Lord u.S. business with the Arab 
J^e Liberal peer, believe world, in spite hf predictions 
* '.j evi( * e P ce ma Y have °* en that it would suffer drastically 

withheld out of consideration for ^ legislation were enacted.' 
tiie Government, which opposes _ s upp0 rtersji the BiU .claimed 

Mr John Hem,.* Economic £* EiS^feS 

StaMWjW pressed uT. n abollf tie 

effects on trade with the Arab 

i%S?SS, 2SL,™* SSni world if it became Taw. 
itself in this question. The U.S. T ax a- rianioi 

Administration had not complied . r . J“f; 

with the request because it had SS*™’ 
not yet “got a fix" on the legis- 

ration’s full aftereffects. ♦w VLf 

In America it was-not common J? er *- delighted to find Jhat the 
, for. foreign Government officials Saudi Arabians took a very 
|to testify before Congressional reasonable approach to the new 

’ committees, he said. But ihe U.S. regulations.’’ 

had supplied “basic documentary He added ^ that Mr Marcuss. 1 approving 


information ” on the legislation, whom he had met in Washington | month. 

The committee had asked in a few days earlier, would he 
April for both written and ora! happy to supply evidence to this 
evidence. from U.S,:officials into effect if invited to do so. 
the repercussions of ‘the Export After publication of Mr. 


of earnings, which were ai 
present rising "at ahbut"14 "per 
cent a year. ■* . 

It would never be clear 
whether -the Government- 
inspired liuiiiation on building 
society lending in the second 
quarter had any braking -effect 
on prices, nor to what extent the 
successive decreases in the mort- 
gage rate last year were respon-. 
sible for the price rises. 

Societies were intending . to 
limit overall iendiog again in the 
third quarter— at higher levels 
than ■ in - the. previous ■ three 
months — but such restrictions 
would 1 hopefully soon- ’- be 
removed. 

*■ They operate very crudely 
in terms of their effect on the 
housing market. 

“ Societies have to support the 
whole housing market and we 
cannot concentrate reductions in 
lending on any particular part 
of it without detriment tp other 
worthy applicants. 

Mr. Williams said he expected 
societies to lend over £SbR to 
home buyers this year, involving 
around • three-quarters - -•••. a 

million purchasers.- ' 

By. the. mid 1980s societies 
would be providing lm . loans 
annually. . 

Nationwide assets have jufw 
exceeded £3bn and grew by 8^ 
per cent in the first six months 
of this year, against 10 per cent 
during the same period' in. 1977 
and 23.1 per cent during the 
whole .of last year. . 

From January to JUhe- 197S. 
the society approved over 38,000 
loans totalling £4 12m. It waanow 
£70m of loans ’ a 


Gas 
urged to 





clear the size of the . problem 
involved in getting the ga 
ashore.. 

Though, .the gas is in relative!; 
shallow water and less of a bar 
weather problem exists... 0 


jfj :: 

Cliry 


Thatcher offers 



wStoUtmi AiSantiAnc-^nd tion ° n hta * ln * expenditure have offered to provide information 

SJJfiS 1 ' and fUlUr been largely rejected by the concerning new accommodation 

uidu. trial suppor . Government according to the arising out of previous and pro- 

It stressed that the items Expenditure Committee. jected expenditure, and says that 

selected, costing £8S4m in the previous recommendations by a Housing White Paper is not 
current year, were an important the committee led to improve- desirable, 
element in efforts to get the ments in the presentation and Ministers have held out the 
economy moving from a long- scope of housing expenditure prospect of a special unit within 
term growth of 2J per cent in information. the Environment Department to 

cross domestic product to the The committee re-examined accumulate and provide inforraa- 
3* per cent required to achieve three areas where previous tion on bousing expenditure and 
even a gradual reduction in recommendations “met with Its results. But they have given ; 
unemployment. cloudy or negative answers ” — the no indication of how regularly, to' 

A major cause of concern for amount of accommodation pro- what extent or in what form add/- 
the committee involved Ihe way vtded or improved as a result tional information would be 
in which future expenditure of expenditure in previous years, made available, 
forecasts for regional and selec- the likely product of planned The committee says that rainy 
tive industrial assistance were expenditure and the publication of its earlier recommendations 
compiled and presented in public of an annual Housing White concerning the flow of inforraa- 
exponditure White Papers. Paper. tion on bousing expenditure had 

It said it had been struck by The annual While Paper would been accosted and bad resulted 
the contrast between an apparent gather information, much of in an improvement in the presen- 
tapering-off of overall assistance which is already available but tation of housing information in 
forecast up to 19SI-S2. and the dispersed among a variety of the Public Expenditure White 
description provided in evidence official publications, and would Paper. 


Reformed arbitration By_pass opens 

. i next month 

law is promised 


boycott. , - ___ — 

Th e conimmee indicated evidence from him. The com- 
informally that it would like to mittee has been told that Mr. 
hear from Mr. Stanley Marcuss. Halperin overstated Mr. Marcuss's 
senior Deputy Assistant .Secre- assessment. 


Call for management 
pay policy body 


BY JASON CRISP 


THE British Institute of Man- Through the B1M, managers 
agement wants to see an official should be represented on the 
body set up to help determine National Economic Development 
“ pay moderation policy,” accord- Council. And the institute calls 
ing to the Managers Manifesto for greater consultation on 
1978, which it published yester- economic policy, so that it is seen 
day. on a par with the CBI and the 

Sir Derek Ezra, chairman of TUC. 

the institute, called for an The manifesto wants a reduc- «,, a i l UC » »,,, 

urgent public debate and a tion in the overall burden of promo ts the arts" be said 
Government Green Paper onation including reducing the* pr ? mors ? ne arIS ' saifl ' 
ways of determining pay policy, basic rate of income tax to below 
The manifesto says that there 30 per cent and top marginal 
should be machinery which rate to 60 per cent or less, 
could help adjust relativities It calls on the Government to 
and differentials. *' without rais- encourage greater contact 


By Our Arts Editor- 
STRONG support for the arts 
came yesterday from Mrs. 
Margaret. Thatcher when she 
! addressed a one-day London con- 
ference on the arts organised 
by the Tory Party; 

She concentrated on- the. con- 
tribution of the arts to the 
quality of British life rather 
than on any proposals (or in- 
creasing government aid. 

Mr., St John Stevas. the 
shadow- ..arts' ispokesinan, was 
more specific. “ 1. do not want 
the arts to be a party political 
issue but 1 do want them to be a 
political issue. People all over 
the country should have the 
opportunity of insisting to their 
candidates that the arts should 
have a higher priority than they 
have bad in the past and should 
put the political parties on their 
mettle as to what they will do to 


BY RHYS DAVID, NORTHERN CORRESPONDENT , 

■ • • " ’• -'i ' 

THE BRITISH Gas Corporation stands at 12.6 per cent or near, 
is beirtjz urged to speed its pro- 100.000 people, 
gramme for bringing gas ashore The corporation has' not di 
from the new Moreeam be field closed its timetable .but 
in the Irish Sea to give supply thought to be considering 19803 
industries in the North West far construction of the produ 
and Merseyside, in particular, a tion platforms and pipelines. \ 

Chance to win orders quickly. The total development, . Lnchy 
- The corporation disclosed this ing the. terminal .for treating fh • 
week that its discovery 20 miles gas. is , likely to ..be ...ready \ 

Off Morecambe, first made in supply the national grid frw 
1974, contained' a commercially the mld-lSSOs,. and is. expected t • 
viable two to three trillion cu. cost several hundred millio 
ft. of gas. A study of how and pounds, 
where -the gas can he brought Pressure for swifter action i 
ashore is about -to begin. certain to be regarded, by th 

Sites have-already been pin- corporation ■ as premature, sihe 
poiitS ™ ^possible - landing «. own inquiry ha.- yet to mak 
points — Connah’s Quay in 
Clwyd. near Southport, Lan- 
cashire. and two locations in 
the Lune Estuary, also in Lan : 
cash ire. 

But the total number of per- 
manent ' jobs likely • to be Britain’s West Coast than.- in th 
created "will probably be limited North Sea. shifting sandbank 
and the spin-off for rbe local in the Irish Sea could creati 
economy will not be great. major pipeline route problems 
A much greater impact could Another problem- is -the greatei 

be made if the region succeeds concentration of." ^pppnlatior' 
in winning a significant share of ^jong the western seaboard..: . A '* 
the orders for equipment and w htch limits the possible loca ’* 
services required to bring the tlons for the 300-acre terminal •• 
gas- ashore. . • site. 

In one of the earliest • in deciding how .or wben-tc' 
responses. Sfr Kenneth -Thomp- use the gas from the' Irish Sea 
son, Merseyside County Council the corporation has' some' extn; 
chairman, has called for early room for manoeuvre -as sole 
development oT the reserves. owner of the~ field through ift 

exploration subsidiary. Hydro 

Equipment ^rbonsGB... ■ 

^ r The Merseyside authorities are 

Among ideas likely; to. be put a i s0 putting forward Liverpool's 
to the corporation are for the off- case as the shore base for servic- 
take from North Se.a fields to be lngtheproduerionplatforms dur- 
slowed. so that Irish Sea; supplies ing and' after construction hut 
can be phased in earlier. there is -certain to be enmpeii- 

Such a move, it is suggested, tion from other poris in the area. * 
could create orders which local Fleetwood has been the. main 
suppliers of offshore equipment base rf or exp 1 are U on activities in. 
on Merseyside-^a number of the area. It is likely to see 
which are grouped 'in a con- sterviriug or offshore- gas installa- 
sortium — could bid for, -helping tions as an important new 
to create new job opportunities, activity to- help cushion the 
Unemployment in the area decline in it& fishing trade. • 

Payments for councils 
hit by steel closures 

BY ROBIN REEVES. WELSH CORRESPONDENT \ 

LOCAL AUTHORITIES • hit by was taking the place of British 
the British Steel Corporation's Steel as a significant source of,. \ 
steel plant closures are jto ' be rates income. lilt!* 

compensated for the -loss of. rates. Mr/ Morris said he -hoped that 1 V 1 * 
income by the Government. - this tangible form of support » 

; Mr. John Morn?. Secretwy of- Wo{Jrd . spive = tfce problems ;1 f* 
State tor Wales.- winonnced yep- traused -by -ihe. riOShres and uive L li * " 

terday that Cardiff city and, the. councils stability of income. 

Blaenau Gwent councils Would . 77.. .. ^ ■. 

receive special payments of Besides this aid. which relates 
SSOQ.WW and " -£300,000 respec- to- the East- Moors and Ebbw vale 
lively: - closures, compensation is also • 

A special ’ scheme had been being .paid. in-, respect of -the - 
devised whereby the Govemment -Hartlepool closure. 


British paintings 
fetch £im \ 


BY A. H. HERMANN. LEGAL CORRESPONDENT 


without rais- encourage _ 

_ , Ing general expectations in a between industry and schools 

i BTSHOP S STORTFORD by-pass j current pay round." It ‘goes on and it 1 wants priority given _lo 
jis to be opened on August 24 by; to say that managers and other providing educational and irain- 
Major Arthur Hughes, chairman ' professional people should be ing . needs which meet the 

of Hertfordshire Counts- Council, j -“MS? “ be consl<teretI ^'Sl^lJ'de^Kecu.ive 
Work on . the viaduct section it j S the first time the institute demand . published yesterday 


A REFORM of arhrtretion law court— must submit the case to-° r ,he b W“ 18 ^ v *rtually . has put together all its policies Jows a .fall of 4 Per«m ( iunng 
to reduce the possibility of delay, the High Court for decision on a completed, but the project has ! one document since it adopted toe second tuarter this yea: r.The 
ing tactics and to make London point oflaw. taken longer than expected, i ^representative role at the end index which is based on con- 

arbitration proceedings, more This so-called “special case" ; mainly bccausi 
attractive for foreign parties lo procedure is unique to English problems with a concrete span 
commercial contracts, has been law and has been criticised on the viaduct, 
promised by the Government. because it makes it easy for 
In Parliamentary answers yes- defeated panics to secure fur- 


Lord Annan warned against 
excessive spending on new build- 
ings. He said that the majority 
of public cash support should go 
to the artists themselves. 


Exchange floor 
open-days 


■qom 



Scop 


Hyde Park Corner— an engravingthatf etched £4(KOOO. 


The by-pass runs from the A120 

terday the Lord Chancellor 'and ther delay by transforming arbi- : SL.JJ& Stortford nonlTof th? 
Trade Secretary welcomed the tration into litigation. : E to join tiie All at th? 

publisbed repori on arbitrauon The report recommend* replac-I girchanger roundabout. leading 
h> Jie Commercial Court com- ing t i,j s procedure by a judicial; to the Mil. 
mittee and promised legislation re vj e w, confined to points of i 

as ™t oon as PT^ctjcablc jaw, of "reasoned awards.” ■ 

The committees main rocom- .. 

raendations concern the present Tb,s # H <, i s i 0U 3 3 5 l fif ! 
rule that an arbitrator may— and present pracuce of English arot-, 
if directed by the commercial tratort ofiiot glvina reasons for: 

awards. This rractice makes itj 
more difficult for parties to con-' 
sider an appeal, and also makes! 
the enforcement of such awards 4 
difficult in countries where the ; 
statement oi reasons is required 
bv law. 


_ _ which 

case” - mamlv because contractors had ' of 1&7B - The "manTfesto makes tinuous monitoring oF advertise- 

ma n, > because contractors ■ #onie 37 recommendations within ments for senior executive, pro- 

10 areas of economic and fessional and technical staff I days each year and this vear Ihe 

industrial policy ranging from, still shows a slightly higher (days have been arranged to 

.North Sea oil to education and demand for senior management ■ coincide with the City of London 
training. over a 12 month period. 1 1 

.» Among its °l a ^ n ^° ra t^ e h a d ve' ' 

tions arc for managers to have pubiicou>n». a'lRagnnL-nt i/nwsc. Parker 
much greater representation in street. London ve as <pt ~sr. 
industrial and economic policy. Jobs column. Page 14 


Festival. 

Some brokers and jobbers 
remain on the floor on these 
occasions to answer visitor's 
questions. 


A SALE of British paintings did ments,_ '■ clocks, . ^ watches and 
well at Sotheby's yesterday, barometers. .Made by Marcus 
bringing in £507,070 with only Furman and dated 1608, it was 
one important lot bought in — a bought by Mannheftner. a Swiss 
Stubb's racing portrait- which, aL. dealer, .-in a. sale which' realised 
£30.000, fell £10,000 short of its £150,638. ' ' " ‘ 

. ' The" dial V* previously un- 
the £40,000, recorded and must be added to 
has ' i lwQ J 'onen! pa ? d fo . r The Ye0 V rum C/ ?^ a } r y 0/ the small core of chalice dials 
■ • -- 1 tiie Richmottdshire Militia on by- Purman . variously dated 

Manoeuvres by John Herring between 1590 and 1602. 
s nr, and for Hyde Park. Corner. Purman was one of the small 
an 1838 view by Jam es_ Pollard -group of early scientific instru- 

showing then as now,, the usual ment n]akerjj ce nlre <i 0 n the 

SSht Bavarian ducal court. in Munich. 

^ A sale of antique. arms and 

& .faMh h,, armour, also at Christie’s, saw 

t Continental buyers both private 


THE LONDON Stock Exchange 
floor was opened to the public 
yesterday between 5 pm and 7 . - - . 

pm and will be opened at thei* 10 ?® 111 es P maw - 
same time next Wednesday. "I TPP. Pr.* ce was 
The exchange ' 


What are you 
driving today 
darling? 
The Rolls? 
Mercedes? 
0h,theXJ6. 

Xlfa's Jt £ 2 '- adiy, 25p a 

mile (plus VAT). 

Dnve yourself in 
outrsgeous luxury; 

OA\\cS^ 

> 


1 





Guernsey insurance scheme protest 


BY OUR OWN CORRESPONDENT 


The Triumph of Death, fetched 
a record price of £38400. The 
previous best was £36,000 in 
1970. Baskett and Day paid 
£34,000 for a wooded landscape 
by George Lambert which was 
sold for 84 guineas at Christie's 
in 1951. 

The Ascension by Ban jam In 
West made £20.000— double its 


SALEROOM 

BY ANTONY THORN CROFT 


and trade out in force. ' Many 
of the sale's top lots went to 


Transitional 


TRADE UNIONISTS, small trad- same principle as one introduced £2.52, and £4.S4 respectively at Association has- protested that 
ers, noteliers and the self-em- in Jersey in 1 9 1 o — that of using present , employers will now be 


The proposed judicial renew 
procedure would apply to con- 
tracts governed by foreign law 
only if expressly it creed by th;* 
parties. 

In the va.?e of international 
contracts governed by English 
law, the Parties should be able 


ployed will be making common a Slates grant to subsidise the ‘ The rates of benefit, are being fiv£ninths of‘* tbT^weekl v^on- 

Il'Tfi'i CPH in rvira n m *1 « -1 L..i : ■ • .# • . * 


estimate-and. there were three A SS a ?.i nd t S e uS n J5 «!f **?:■ 
more artist record, prices — . sale totalled £91.929. A 
•ittin'nnd pnvate. -overseas coMertor paid 


caUM. 1 in Guernsey tonight at a coniributions of the lower-paid, increased 


give 


married irlhution 


meeting called to protest against including the self-employed, couple an old-age pension of haif'as'nreviouslv 

ha Kfl? tor.no i H Afl a ...aaU f n<-i CO" in .1 * 


artist 

£17.000 for figures of cattle and ca=nn r— . i, t „ i^v, 

■shpep hy William Ashford rpre* LSIoOu ftjr a pnir" of iotc IcUJ 
instead of just under -vioas best £11.000 in 1975); . cent MT v Hintjock holster pistol? 


•• C14.000 from Colnachi 


Claudio Bcretta ' of Brescia. 


an earnings-related social incur- while requiring the belter-paid £32.00 a week (against £27.50 
:ince scheme due to be intro- 10 meet the full cost themselves, 
d need in the island on January 1. Guernsey's Insurance Authority 
The legislation passed through explained that the 

its find! stage in June. Voices l '*?? 0D 1 he change is that, me unions' mam grievance lQ 35 Der eem—-, I nr Mr inhn«nn - 

raised on all sides under the existing scheme, the that their members will now {?. £® r c ^„ d *“f r ® e l JJ5 c 5 l l ° f was also . active buvinn a pair 

and local n^-rete comribuUon needed to have to pay eamings-related con- . 1 of flint-lock- holster -pistol by- 


are being 
against the 


dealer, gave 
century 
sporting 

Bodnarczrii 


-- - . . .. - UnBLLl.-l .uw scheme. HUU lumi j - - ' “'"CU vu »■« EMM.I16XISMICM mil- u'hi.h ' 

to coniraci out of this procedure ; jjpg are und er growing pressure fund adequate benefits is begin- tnbutions on their gross earn- „ „ s t a>:, tnat ine , two actors- 
at au>’ t 1 " 10 - But in the case of - 0 bring the whole issue back to n,D * t0 P re *'s- ■ too heavily ings, including overtime and “gJ? 1111 * unconnected. _ ' 

domestic contracts, parties could; ujaad Parliament. on l .ke lower-paid. bonuses, so that in anany cases ! “ e sr u a u traders and the self- 

agree on dispensing with the pos- > cnmmm mintfi - T ^ e contribution rate has been they wil] have to find nearly £2 ec JP“>yed nave said that the new 

ability of judicial review only l _ F“ d « ** P«r cent of earnings, more a week. rates of contribution .will, force 

after the dispute has arisen. t hIJ d com/ out stron^v° Gainst |? cludin R 13 per cent to cover The authority has said that t0 lay-off staff or' even 
say* that there ! SJ scheme olrone, - v gainst tne , island's United health the maximum contribution rate close. 

sa>s tnat there . tne scheme. service. is the unsubsidised “commer- A factory worker earning £80 


The report says that 

fSr^iU^nc.^^suranre^^d'aad^ea^MV'orkm? Unfonffi a- 0f thi5, em Ployer will pay cial " prernium' for the insurance » week will pay £3.04.“ they" ad"(L 

London commoditv contracts II per cent and employee obtained. whereas rhe small grower. 

For Vo to °three C veais C there i organise united retistTn^^hv 2 3 u per , cent - T | ]e ra te for the ' But the unions also want to or milk retailer will pay 

comets. cent era P l0yed WlU be 83 per u “ e i “fir 

would be subject to ihe same • other opponents include grow- Based on 

-nf- ° r pfi>!f!mflS- e and 4 l i ie ^ u ,^ n1 ' eantingg limit or £ i 1*7 a week, according to their salary. 

*ej. risnermens Association, this means that 


rule ^ domestic 

Parlies coaid contract out of the 
judicial review only after the 
dispute h«s arisen • and not 
before 

Report on Arbitrauon. Cmnd. 
72S4 SU oOp, 


abolished "and those earning Mr. Eric Bodman, president of j 
an initial upper more .than £117 a week levied the Insurance authority, has 

. replied that this principle has 

at the eeslins The resultins “surnhis." thpv hum cin»a 



£14.000 paid for- 'John Crome's * 

A Woodland. Scene with Sheep 

near Norwich. LeggatC 'bidding HegenSMrgwhleh^ had- been pre- 
oh .behalf of.-. the Naiibnai - j 
P ortrait Gallery, gave £3,200 for 
a portrait of Charles Jenkiuson, ♦ n T?i£22'« d 2hS[ 1 
the first Lord Hawkesbury; by 

George Romney. Allurices carry third quarter of 

a 10 per cent buyer^^ Sub W P*™ f0 I 

At Christie’s, South Kensing- pfstolif - Snaphauce 

ton, radio equipment and An auction of English draw- 
mechamcat .music- totaUed ings and watercolours - at 
£33.097. A rare musical praxino- Christie’s totalled IHI.042. with 
scope sold for £22500 while a key a top price of £4.800 for a watftT? 
wind overture, musical box by colour by Archibald Thwburni 
Nicole Freres. not in working In a sale at PblTlipji.ar Orfental 


chalice 
Germany made 
sale at 
instru- 


III 


and Japanese cefanfiCsrtbfaJHri? 

^70.01 5. a large Persian rnVarkrt . » 

Canton “ famtile-roseC-TKiwf a«w_' 
stand. sold'for £4,000 tu .& pfivalp . 
collector. . ' .... . 






financial Times Thursday July 20 1978 


LABOUR' - NEWS 


Westland manual workersl Post o® ice 
vote to end piecework 


■J \ 


c t • 

' i 

i : * 


BY PHUJP BASSETT, LABOUR STAFF 

k R , K£RS at West ‘ whicb overtime and . shift pay- 
tjj 9„ t !j , 'Wrcraft s helicopter factory nients will be hased. 
v Yeovil yesterday voted to ' A. * ur the r 5 per cent will be 


money will be taken from over- j 
nnie earnings for consistent ! 
lateness. i 


threat 
to revised 
guidelines 

By Our Labour Editor 


bich the company^ had* trianpld SjSSSSA,' tte^Serl’bit'™ i THE GOVERNMENTS White 


r jeopardising G. c future „£ STK SSJtrE” «l» dtafflS'toJS 

ilicopter manufacture at the *** pJZZnJ 


anL 

g Ef ° nIy “ 

iSSL °' tte 2000 manu **l labour costs. 

rce last month. 1 after^attempts some* feZcticTln' 0 a?SS boIlus »« iifbSiiK 

negotiate a new agreement earnines on m average , n on October 3. an overtime 

S» ftC P ‘“ S -' St ™ reSSer^Iie^X-r “U M!BSd to, 

recommSSS s,e "' a , rds would havf Sven a aimed - he wstem had 

,'ncnd acceptance of the worker in the middle ranee 

as P qear«l to^the °abnmi' VllJ " C r £8 ‘ L ¥’ wou]d have meant a wage 
e Piecework wi? b » 011 0f cut for some skilled workers of 
Mtln» of ?hni VZbn A mas ? u ? t0 £l2 - 50 anfl as much as £23 
arkere v manual when a £10 sliding supplement 

acSn u . ves twday by 4-1- in the offer was fully eroded. 

The neu-‘ nffor .. . Better provisions for sick pay. 

ficials belie ve ls a 'considerable ScheE ? e 5 anno ™ced it was forgoing an 

iprovement on the compos £££$£ di the offer accepted interim dividend and that profits 
■evious position, involves a J n ? he Present year were likely 


become too costly to operate in 
terms of earnings and by eroding 
^■fferentials had serious affected 
the morale of white-collor staff. 

The rising wage bill was not 
matched by increased 
productivity. 

Last month, the company 


, w fl al '*? “ Lateness will not automatically 

-w nat rate of £SS a week on mean a dock in pay, though 


to be disappointing because or 
the pay problems at Yeovii. 


Key bid to resolve 
Chrysler dispute 

BY OUR OWN CORRESPONDENT 

iR. MOSS EVANS, general same lines at the conference in 
•cretary of the Transport and London last November which 
eneral Workers' Union, and finally resolved a previous Three- 
r. Hugh Scanlon, president of week strike at Linwood. 
ie Amalgamated Union of gut it is cenerallv reeoemsed 

KSySR« SSHS 

faSflMd L d factor y entrenched attitudes at Linwood, 
Effort? to arranne talks where Industrial relations are at 

etween the two leaders arc part re^iPd^rhrv^r 

f moves going on in London to 

ittle the strike of 550 paint-shop c ®^ apse years ago, 
orkers before the factory rc- The latest dtspute, which pre- 
pens on August 7 after its v ented production of more than 
.limner holidays. 5.000 Sunbeams and Avengers 

The TGWU whose members worth some £10m at showroom 
re on strike, is also likely to prices, has aroused deep concern 
take informal contact with among Chrysler dealers, many of 
hrysler executives to see if whom are already running snort 
iere is any room for manoeuvre of stocks. 

. ot already covered by the local Earlier this week Mr. Tony 
nd unsuccessful negotiations Wilks, chairman of the Chrysler j 
' ./.eld in Glasgow between the Dealers’ Association, warned that 
uinpanv and ils shop stewards. ‘ some customers who have 
Mr. Grenville Hawley, the ordered and paid for “T " regis- 
* -ansport union's national officer trail on cars will not get delivery 
jr I he vehicle industry', is trying on August 1 as promised because 
i convene talks with the com- the vehicles are Still inside the 
any and (he AUEW along the Linwood factory. 


Workers at Ford urged 
to aid good relations [ : . 

BY OUR LABOUR CORRESPONDENT 

EMPLOYEES AT Ford's Dagcn- the plant on Sunday, in which 
an. plan, were yesterday urged an Asian «£>"»*«• 
d remain calm and help preserve by police, 

ood relations between different “ j^ r . j 0 ynes said that he did 
thnic groups at the works. not know this man’s assailants 
Mr. Ivor Joynes. assembly and no employee had been identi- 
laut manager, made the appeal fled by police as having been 
n Tuesday when an inspector involved. 

•as escorted from work after It was Ford policy to apply 
einq jostled by a group of Asian all employment practices witb- 
/orkers. out discrimination on racial or 

Another incident away from ethnic grounds. 


Dieppe ferry hit again 


JEWHAVEN-DIEPPE car-ferry understood to be annoyed at 
ailinqs were hit again yester- certain aspects of a service 
av 


between 


were hit again * — . . „ . ^ . 

,he French seamen's gf"*, jj'g*"'' 1 
trike. The Sealink service was vessels were leaving 

alted by the strikers, who are entering Dieppe. 


or 


Opera goes 
ahead as 
chorus 
stays out 

By Our Labour Correspondent; 

THE ENGLISH National Opera 
is preparing to open the new 
season at the London Coliseum 
next week without its chorus 
because of a pay dispute. 

Performances of The Magic 
Flute and La Boheme will go 
ahead wftfaont the chorus, 
which has not started 
rehearsals because of the dis- 
pute. 

However, scheduled per- 
formances of Carmen have 
been withdrawn and will be 
replaced by a new production 
of Menottl's The Consul, 
which will have its first night 
on August 12. 

Tbe English National Opera 
said yesterday that negotiations 
on rates of pay for the new 
season had been in progress 
for several weeks and agree- 
ment had been reached with 
most groups by the start of 
the rehearsal period. 

Members of tbe chorus, 
however, had not accepted a 
10 per cent pay offer made 
“ more attractive by the 
addition of a productivity 
deal which had been 
approved by the Department 
of Employment. 

It was a matter ot “great 
regret” that the executive of 
Equity, the aetors’ union,, bad 
now announced * that an 
Industrial dispute existed and 
that no member of the .union 
could accept a job as a chori- 
ster with tbe opera company. 


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Seal Sands 
plants shut 

by 

Monsanto 

fiy Sue Cameron 

MONSANTO, the U.S.-basefi 
chemicals group.- has shut its 
acrylonitrile and. nylon inter- 
mediates plants at Seal Sands in 
Teesside because of an industrial 
dispute with production workers. 

The dispute, involving mem- 
bers of the Transport and 
General Workers’ Union, is over 
the payment of extra money dur- 
ing shift chsingeovers. The men 
banned all overtime working at 
the plant last Friday and at the 
weekend. Monsanto shut . it com- 
pletely in the interests of ** safety 
and efficiency.” A total of 45 
workers were affected. 

The resulting shortage of 
acrylonitrile forced the company 
to shut its nylon intermediates 
plant at Seal Sands on Tuesday 
night. This has led to a further 
50 men being put out of work 
although they are not in dispute 
with Monsanto. 

After the closure of the acry- 
lonitrile plant, members of tbe 
TGWU picketed the construction 
site at Seal Sands and all 1,400 
construction workers walked out. 
But. yesterday Monsanto said it 
was expecting the construction 
workers to return to work to- 
morrow 


Engineers will 
fight universal 
pay limi t 

By Our Labour Staff 

REPRESENTATIVES OF profes- 
sional engineers in the power 
Industry have told the Govern- 
ment that they will fight any 
attempt to impose a universal 
pay limit on its next round of 
wage negotiations. 

Mr. John Lyons, general sec- 
retary of the Engineers’ and 
Managers’ Association, has given 
an llth-hour warning to the 
Government ahead of the 
expected publication of the 
White Paper on pay at the end 
of this week. 

Mr. Lyons has told the Prime 
■Minister that the union will treat 
the restoration of differentials in 
the industry as a priority. 

In a letter to Mr. James Cal- 
lagban, Mr. Lyons has also 
warned the Government that the 
Electrical Power Engineers' 
Association, a constituent group 
of the. Engineers’ and Managers' 
Association, would “oppose 
totally” any suggestion of special 
provision * for the reduction df 
industrial workers’ hours from 
which white-collar workers could 
derive no compensating benefit. 


Paper Phase Four guidelines, due 
Out tomorrow, could face a chal- 
lenge almost immediately from 
the Post Office engineers in their 
10-month-old battle for a 35-hour 
week. 

Lord McCarthy, the industrial 
relations expert from Nuffield 
College, Oxford, appointed by the 
Government to look into the 
dispute, meets the Post Office 
Engineering Union and the Post 
Office this evening. 

The White Paper wording on 
conditions under which a shorter 
week can be negotiated in tbe 
□ext 12 months will be crucial. 

Lord McCarthy's recommenda- 
tion will go to Mr. Eric Varley, 
Industry Secretary, and other 
Ministers, for consideration in 
tbe light of the new policy, which 
is expected to stress that there 
should be no increase in unit 
costs as a result of shorter hours. 

CBI officials have been con- 
cerned that a weak statement on 
hours would lead to reductions 
that the economy cannot afford. 
Tbe POEU argues that ils claim 
would merely give parity with 
other telecommunications grades 
and need not spread outside the 
Post Office. 

In the Post Office itself, the 
Civil and Public Services Asso- 
ciation also said to be looking 
for shorter hours for its staff 
members, and the Union of Post 
Office Workers has warned that 
concessions to the engineers will 
be sought by them. 

Meanwhile, the effect of the 
engineers' industrial action con- 
tinues to mount. Hie Post Office 
said yesterday that 120,000 people 
are now waiting for telephone 
connections and 900 exchanges 
are affected. At the end of last 
month, tbe figures were 90,000 
and 800- 



hidden side of public 
expenditure 

BY P. J. W. HARDWICK 

L\' VIEW of tbo recent debate allowances tend 1o become re- public expenditure in appraising believes that the diversion nf 
over public spending it is sur- garded in the public mind as the total impact of government effort involved in the construe- 
prising that so little is heard integral parts of tbe tax system, policies in conjunction with non of such u budget would 
of tbe iadirert public expend i- and to feature in expectations bousing subsidies, family allow- more than outweigh the benefits 
Hire which arises as a result of as people and companies plan ances, and investment grants, obtained, 
the various reliefs and allow- their budgets.” Yet why not go further'.’ Why . 

ances in the tax system and tbe . __ not a tax expenditure budget? Beneficial 

gaps in the charge. In income T KtSSr Wherever possible the revenue 

tax alone, these deductions and JSJJ Sj? 1 !°i er ft C departments provide estimates of These arguments carry some 

omissions account for around 50 revenue foregone in respect of weight, but tbe Treasury aver- 

per cent of total personal in- particular tax reliefs and allow- stales the case. Explicit Public 

come in tbe UK- resulting in , *£ rt h ®[. ances in reply 10 Parliamentary expenditure is not easy lo define 

very large losses of potential f nf questions and other requests; but Mtialadoriiy Us the bic deb- 

tax revenue and hence higher Jf®. [fj.* /nrnnSSiwJtiJeSS? nowhere are such estimates h'l“>nal changes m recent Public 
tax rates than would otherwise in rf brought together in a compre- Expenditure White Papira lndi- 

hfl nwcttarv to raise anv nivon lurei ,h 171,6 “ at P e °P le hensivc list Cate), but this IS nu argument 

revenue. Such losses of revenue wHi^enmiSu lo U S ‘ lht? Corwressional \?r not producing figures of puh- 

are the equivalent of a subsidy JinvrimM Budget Office is required to pre- he expendUurc. nor is all explicit 

to those granted the relief or obtain tax relief on mortgage t flve-year projections of lax expenditure readilj allocatablc 

allowance^ interest during the life of the I_ en ditures resultin'’ from tax ,0 particular proqnumncs. More- 

Some allowances, such as the p!!?!? 8 ? 6 ’ ^ BC J 1 provisions which grant special over there are other points to lie 

single and married persons’ ?5? er on ^ ous ? n ^ (Cmd. re n e f certain taxpayers. In considered. An informed P“ bin- 

allowances, can be regarded as comparing the general 1975 total tax expenditures were debate on Y rh6 ‘ hc J‘ 

part of the essential structure bousing ^ assistance^ to different estimated to amount to about 25 

per " " ’ ‘ 


of income tax, hut there are of hotweholds (mortgage ^T'cent of explicit Federal 

many which have been intro- lnt6I ! 6 f Jt rel, ^f: option mortgage Government expenditure. In {If** 1 * ? “V/d 
duced into the tax code for subsidy, public sector bousing west Germany tho r;ovemment * . , r ,? u ' \ r , J Pf , n 
extraneous reasons of govern- s “ bs, ^ es ' , an ? reDt rebares l. ,- s required to present a Report 
me nt economic and social policy sh owed that the average annual on subsidies tr. the Bundestag 

or as a rdsult of pressure group s “ bs T 1 ?y , on ,2le I H a8ed bouses in every two years listing tax reliefs in lhe .-t rut lure, 

activity. Tbe revenue foregone *b e DK in 1 I9«6r« f was £205. com- and subsidies categorised by pur- For such a debate information 
as a result of such non-struc- Pared with a subsidy of £210 for pose, to encourage regular on the order iff magnitude of 
tural reliefs and allowances may 1o ca ' authority tenants. reviews of this assistance. tax expenditures is needed. As 

be regarded as “tax expendi- But averages can mislead. It estimates arc readily provided 

tures” (a term coined in the is unlikely that the electorate AnnimentS m I T s,1on . so to Parliamentary 

U.S.). Tax expenditures cover would knowingly accept a benefit ® . .. quejilinns 11 would seem logical 

not only specific exemptions, but programme which subsidised ^ hc Treasury presents three to bring tlu-m together rather 
but also gaps in the charge such those with higher incomes to a arguments against ihe construe- than leaving them scattered 
as the revenue foregone by not greater extent than those on t*on of a tax expenditure budget through the various editions ot 
taxing. unemployment pay or im- lower incomes. Yet this is ^ or the LK. rirsL the difficulty Huiward. Further, the effort 
pating a rent to owner occupiers, exactly the case with mortgage deciding what constitutes a involved in setting up a system 
It is possible to list 69 items interest relief and most other ? ax expenditure and allocating «»r presenting regular consoli- 
from income tax and capital items of tax expenditure— a 3 particular .support pro- dated estimates may well be lo* 

gains tax which might be rc- mortgage Interest payment of sramme. Second, the problem than that expended in providing 

garded-as tax expenditures. £1.000 per annum is subsidised ° r measurement: measuring ihc the estimates piecemeal, r 

nun fnr ^ C05 t of each relict separately in ditures which annually a 

by £330 for a man pa>in n the terms D f revenue foregone to about one-third of the total tax 

Jf the revenue from individuals should 
,,r .. relief were to be withdrawn and nut be approved by default, but 

auu aUUWcUiUCTb aJIUlUU UL a BMin^whoM^marainal rat » T f f v extra revenue channelled should be regularly reviewed in 
regarded as constituting part of £ S3 perron ^30 ° 1 back inlu thc 6conoinv 0,6 dls ‘ the vjy dir ‘* cr l ,ubl,c 


Allowances 


Expen- 

amount 


standard rate of lax of 33 pur 7”.. . 

It U debatable vhieh reliefs ™': S' 'f', S, a.! n . lhL ' ®™-- # - P E' !™’i. 
and allowances should be 


the income tax structure and w K ‘ r * v '"“’ w tribution of income would be expenditures, 

which are those giving rise to The Treasury has accepted the altered. Also the cost uf a j /i lt , figure:: and estimates on- 
tax expenditures. In evidence proposal of the Expenditure number nf tax reliefs taken dratai from J. R. M Will fat and 
to the general sub-committee of Committee that White Papers on together is not the same as the p. j. tv. Hnrdu'tcfe. Tax E-rjicndi 
the Expenditure Committee public expenditure should in- sum of each of the tax expendi- tures in the L'nited Kingdom pub 
Minutes of Evidence. Memor- elude estimates of the cost of tures taken separately, both lixlwd this iccek bu the Instil aft 
anda on the Control of Public mortgage interest relief (esti- because of the effects on income for Fiscal Studies nnd Heine 
Expenditure Session 1977-7S (196 mated for 1976-77 as £l.050m) distribution and also changes in nmnu Educafimml Rooks, jnrici, 
(Memoranda)). Memorandum 2], and that there is a good case for individuals’ marginal lax rales £r/.5f/. Mr. Hardwick is a L ec- 
the Treasury argues that looking at the appropriate tax resulting from thc withdrawal of rarer in Economics at the t meer- 
“ various measures of relief and reliefs together with related the reliefs. Third, the Treasury- situ of Rath. 


This 


man is a 

1 



ifTrW il'-;- * 

Award winning house developer, David 
Mabbott, is hardly a ‘Che Guevara* style 
revolutionary — though, like many of his 
more publicised counterparts — he is deeply 
concerned about our future environment, 
and is dedicated to bringing about radical 
changes to the ’conventional wisdom*. . 

We believe you will agree with his aims 
and lend your support. 

D avid Mabbott was presented with his award 
for a development now mider construction by his 
company, Mabbott Development, at Bracknell, 
Berks. 

His housing scheme was voted first because 
the planning that preceded the construction off- 
ered occupiers more than they could expect from 
conventional designs and building techniques. 

A subsequent design factor was the selection 
of pre-cast concrete in place of timber not only for 
the ground floor but intermediate floors also. By 
so doing David Mabbott has provided house pur- 
chasers with an outstanding innovation that gives 
both immediate benefits and tremendous advan- 
tages in years to come. 


CONSIDER THESE ADVANTAGES 
‘Living in Peace’. Now that central heating is an 
integral part of new housing, families are no longer 
forded to congregate in a single room huddled 
round an open fixe. Each, member of the family 
can comfortably pursue his own interests. How- 
ever, these are rarely compatible, which can. cause 
friction. Stereos and T.V.’s for example can dis- 
tract those wishing to study or read — or even' 
worse, sleep. Pre-cast concrete floors reduce noise 
transmission considerably. In the same way, 
ground floor thermal efficiency is increased, mak- 
ing for wanner, more comfortable, homes at less 
cost. 

Flexibllify. Pre-cast concrete floors can span the 
entire length and breadth of the house. Internal 
walls do not, therefore, need to be load bearing. 
The ulterior plan of the house can be altered-to 
suit any circumstance. Walls can be added or 
knocked down virtoally at wifl. In fact it is poss- 
ible to create a totally new-home out of your ex-, 
istmg house, if constructed with pre-cast floors. . 

Structural Defects. Although the house owner is 
today Insured against the devastating effects of 
•subsidence or shifting due to settlement, the in- 
convenience and psychological stress can be great 
indeed. The use of pre-cast concrete can 
eliminate the problem of ground floor fail- 
ures for ever. 


Wood Pests and Diseases. Woodworm, wet 
and dry rot are extremely common. Often 
they are present but unnoticed until the 
house is surveyed prior to sale. The ero- 
sion of capital appreciation through 
having to repair defective areas can be crippling. 
Again, pre-cast concrete floors eliminate these - 
problems. 

Safety. House fires arc a common hazard. Effects, 
are tragic and horrendous. Wood floors allow 
smoke and fumes to penetrate upstairs rooms. 
Wood bums — like blazes. Pre-cast concrete is imp- 
ervious and does not bum. 

Cost. Today, pre-cast concrete offers calculable 
cost advantages. 

Initially, because of dramatic increases in 
world timber prices in recent years, the cost diff- 
erential between timber floors and prc-cast con- 
crete flooring systems has narrowed to be almost 
insignificant; especially when the many user- 
advantages are taken into consideration. 

Contractors working with pre-cast concrete • 
have found it faster to lay. Thc benefit of having a 
complete working platform aided overall efficiency 
and saved time. Further, scaffolding costs are re- 
duced. 

- Eventually, with the savings from economies 
of scale, it can confidently be predicted that pre- 
cast concrete will be less expensive than building 
timber -on a direct comparison basis. 

-However, the real value will be seen in the 
years to come. Owners of homes containing pre- 
cast concrete floors will have no main tain an ce pro 


\\ ■ • « • 


blcms so often concerned with timber floors. No 
woodworm: no wet or dry rot. Most importantly, 
no erosion of capital appreciation due to having to 
rectify these faults prior to selling tfieir home. 

These are some of the occupant benefits that 
are enabling enlightened developers, like David 
Mabbott, literally to build a better and safer future 
for us all. 

The revolution is just beginning. Forward 
thinking house builders are already adopting these 
new techniques on many of their most recent dev- 
elopments. But. as with most things, it is event- 
ually going to be public awareness and demand 
that transforms innovations, such as pre-cast con- 
crete floors, from being outstanding possibilities, 
into common-place realities. 

Your interest and action is a vital part of en* 
suring you, and more important your children, live 
in a home which is safe as possible both financially 
and environmentally. Such a future depends on 
your action today. 

The first step is to be fully prepared about 
the facts and advantages of pre-cast concrete in - 
homes, which are in our free booklet. Please write 
for it today. 



Federation of Concrete Specialists 

Please 
sendme ^ 

■ " ■ ■ . ■■■ ■ further details about 

FOR. FURTHER INFORMATION pre " ^ “ ncrete floors ' . ^ 

PLEASE CONTACT: W .in homes 

■ Name ■ 

Secretary. , “ ■ 

Federation of Concrete Specialists, B Address gj 

60 Charles Street. B B 

LEICESTER. LEI 1FB. B B 

— m mmmm. m mwm 




j 


10 


Financial Times Thursday July 20 297$ 



Just 

published! 



The Blackheath Poisonings 

Bizarre relationships and convenient 
deaths in a novel of character set in Victorian 
Blackheath. A new departure for the 
'elder statesman of crime fiction' Scotsman 
£4.25 


ROBERT BARNARD 

Unruly Son 

'Swingeing, manly, caricaturingsatire . . . Sharp 
puncturing phrases pepper all/ 

H.R.F. Keating. The Times 

JOAN FLEMING 

The Day of the Donkey Derby 

Thera is. I think. no crime writer as versatile as 
Mrs Fleming. 

Edmund Crispin, Sunday Times 
S3. 75 

ANDREW GARVE 

Counterstroke 

'Indisputably tense, with plenty of (wisls/ 
Maurice Richardson, Observer 
£3.75 


Coming August 14 

PAULINE GLEN WINSLOW 

Coppergold 

Capricorn faces the hardest challenge of 
his career: to prove his assistant 'Flash' 
Copper innocent of corruption — and murder. 

Among 'the ten current and compelling 
exemplars' of the crime novel. Time Magazine 
£4.25 


COLLBNS CRIME CLUB 


BOOKS OF THE MONTH 


Announcement* belotc are paid-for adrertisements. If you 
require entry in the fortliconung panels, application should 
bt. made to the Adrertiscmem Department. Bracken House. 
10 Cannon Street. EQtP 4BY. Telephone 01-248 5009. Ext. 7064. 


MURDER INK: 

The Mystery Reader's 
Companion 
Perpetrated by 
Dilys Winn 

Here is an act nf passion, an 
irreverent guide to the world 
of mystery. . . . Hundreds of 
illustrations and 150 articles 
by writers and experts. . . . 
They're all in on the kill. 
David & Charles £7.50 

t September) p/b£4.95 


Head of the Force 
James Barnett 


** Fantastically exciting and 
incredibly credible thriller by 
former CID commander." 
Maurice Richardson. Observer: 
“ Barnett is a find. Top cop 
authenticity, fascinating 
detail, real narrative drive.” 
Duncan Kyle. 

Seeker & Warburg £4.50 



BOOKS 


CRIME FICTION 




Old bloods 


BY C. P. SNOW 


novels published . between the 


The Cask by Freeman Wills, two ware — in particular novels 

Crofts. £3.35. 337 pages once popular which haven't had 

The Hollow Moo by .John Dickson recognition— has to 


Carr. £3.00. 304 pages 


Who Didn't Fly hy 
Bennett. £3.00. 101 


show American pertinacity m 
order to get hold of his material. 

To an extent the problem is 
being coped with by reprint 

houses (Cora bridge. Chivers, 

The Old Man in the Comer bv Portway amj others l who pro- 
Baroness Orczy. £3.50, 340 duee wallah editions which 
pages “ presumably mainly to fill the 

gaps in libraries. In an unobtra- 


Tbe Man 
Margot 
pages 



Latecomer in LA Havering 


i BY ANTHONY QUINTON 


Chinaman’s Chance 
Thomas. Hamish 
£4.95. 383 pages 


by Ross 
Hamilton, 


One gets Off to a pretty quick 
start in Chinaman’s Cftanci*, 


It was possible to carp and 
sav that her legs were a trifle 
thin and her bosom a bit too 
full, but the effect was slender, 
sexual and good. 

N'o harm in that, of course, but 
rather a lot of this book is out of 


who Is Chandlers Steel 


The Bride Wore Black by Cornell sive fashion, that is a public ser- 
Woolrlch. £3.20. 190 pages vice. One hopes that it is 
Crime at Orcival by Emile profitable enough to be con- 
Gaborlau £3.20. 234 pages tinued. Now Remploy arc making 

their effort with detective stories. 


“The Cask* (1920), by Freeman 
Wills Crofts; the Irish writer 
whose first profession was railway 

engineer 


the appropriate one. __ This 

quite a to0 1 f. b0 "Si $5? J£ The apparatu»."ln other words, is 

ris 


everyone who 


bonk. 3S3 pages, travelled first on the Mayflower. 


T GabSa.20?250 oLef™'* They ca " il a ^stalker series. propc! one a , reasonable speed. 

One suggestion. These books 


are not the main allurement. The 


Th r e *> 5 L, ?r»e b> Phillp Macdanald - are going to be reah fur enjoy- people, the scenes, the steady 
1.1.50. JPa pages _ ... .. * — »! — 


Trial by Fury b£ 

£3 20 228 pages 


ment. and only , the silliest will 
Craig Rice, sneer at that. Who in our time 
has given more pleasure, and 
incidentally, to some of the best 


The Middle-Temple Murder by , . - . , , . 

.1 S. Fk’iche r. £350. 256 pages deepest minds of the cen- 

r — — — ; • tury. than Agatha Christie? It is 

Martin Hewitt, Investigator by on |y stupid intellectuals (a 
Arthur Morrison. £4.00. 3L4 special category) who can’t 


pages 


Here is an interesting enter- 
prise. All the above books have 
been published, or more exactly 
republished, by the Manchester- 
based firm of Remploy. They 
have been chosen, from detective 
stories originally, issued from 
about I860 down to 1930. by 
Melvyn Barnes, who is Borough 
Librarian of Kensington and 
Chelsea, and who has written a 
survey called Best Detecline 
Fiction. All the present books 
have been nut of print for many 
years. They are to be followed 
by another set. which will 
include A E. W. Mason's The 
House of the Arrow, one of the 
most* distinguished 
stories ever written. 

Cheers for Remploy, and 
Melvyn Barnes. People outside 
the enclave of contemporary 
publishing may be baffled that 
some of these works have been 
allowed to go out of print. The 
hard truth is. the economics of 
publishing are changing rapidly. 
Most or the modern publisher's 
hacklisr is a liability, not as it 
was a generation ago a source of 
modest profit. Unless a book, is 
selling regularly and at a con- 
siderable rate (not just a 
hundred copies a year) Its pub- 
lisher is losing money on it. 
Thus, m3 tty good hooks are 
becoming unobtainable, except in 
libraries And even library 
copies wear out. Here’s where 
Remploy come in. 

AH this adds to the ephemeral 
flibberty-gibbei 


understand the real stars, as a 
wise man used to say. But as 
well as being read for enjoyment, 
some of these Remploy books are 
going to be valuable to the his- 
torians of crime literature. 

It isn't clear by what process, 
or on what principle, they have 


realistic concentration, mean 
much more, and are an extra- 
ordinary contrast by the side of 
Ganoriau’s English successors. 

Some of these books, which .1 
have already read. I didn’t 
specially want to read again. 
John Dickson Carr was a culti- 
vated anglophile. and wrote 
eloquently, but those locked 
rooms don't wear well Philip 
Macdonald's The Rasp was the 
first Gethrvn story, and Mac- 
donald became much better 
afterwards. 

T strongly recommend The 
Bride Wore Black, by Cornell 


been reprinted. Or from what Woo Inch, a thriller, artificial if 
text. Tt looks as though *ome. as you like (classical thrillers are 
for instance 'the two Gaboriau usually as artificial as classical 


Return Ol B.J ™-» Hio' r T deeply 'ChindlnUh than 

Invest Tile S^ngCoSe. .he scene aEd people is the way 

the SSL IE STSSTLS 

SU 1 have been ° wriVten^'by - ■> nln.e of The Little Mr. On 

of°modenf California 6 who*i™ con- -some lively action: a good scene 
SncThl niusL-ular dvstrophy to in a mobile home where evil is 
a back roim in Leighton Buz- punished by dexterous use of a 

® rrt Consider this passage: gas cylinder.- in particular, is 

/ard Consider w Armi _ ca , cu , ated t0 shift the attentive 

hodv was stiff almost reader to the edge of the sofa, 

perfect at least in her hits- With Chandler dead, and Ross 
hand's opinion, although there Macdonald silent since 1973 Los 
were some who carped about Angeles is. it might seem, up i for 
, he hi"h breasts being a bit grabs, from a literary point of 

ton large and even argued that view. CHtnat»on.s Charter does 

the long legs- were a touch not make it. /Those who require 
th?n S ' fairly skilful handling rf they 

where have wc tasted that bit of are to be coaxed into fantasy 
literary monosodiura glutamate would be better advised io try a 
hefore" Consult The Philanderer new area, the Detroit of Elmore 
Kauffmann (Penguin Leonard, for example, or the 


by Stanley 


ed. p. 19»: 


Boston of George V Higgins. 


volumes, have been reproduced detective stories, a notion which 
from the last extant Enelisb can be left to Symons and Bar- 
edition. It would he useful to" ion to argue about). Wool rich'* 


know. Even a note slipped inside book is” sharply perceived and 
the book would be better than brilliantly written. Also, I corn- 
nothing. mend - very warmly. Thu Middle 

Incidentally. Gaboriau was a Temple Murder by .1. S. Fletcher, 
real pioneer, who died in his mid- Fletcher was writing detective 
Lpl,!™ 30s, much too young. He prob- stories just before and just after 
ably had some impact on Conan the first world war. That is. he 
Doyle, though he hadn't Doyle's was much more at his case, not 
magnifying and mythopoeic playing an unnecessarily 

genius. One would guess that elaborate game. This nook is 
Gaboriau had more impact on sensible, pleasantly smooth, with 
Simenon. As with Simenon. the nice sketches of the London of 
stories, though good enough to 1912. and an ingenious story. 


Yellow Naples 


The Payoff by Attilio Veraldi. 
translated by Isabel Quigley. 
Hamish Hamilton, £4.95. 234 
pages 


The Italians are enormous 
consumers of thrillers. In every 
Italian train' compartment, you 
are sure to find at least one tra- 
veller immersed in one of Mon- 
- . dadori's detective novels, with n .. rsu „ a 

FtJUSSES. " v 'r regionally done. 


So the success, in 1976. of 
Veraldi’s La mazzetta ( The Pay- 
off > came as a pleasanr surprise. 
The author skilfully turns 
Naples into a Mediterranean ver- 
sion of Chandler's Bay City, and 
there is a suitably seedy lawyer- 
protagonist. perfectly in charac- 
ter. Most of the hook is a zig- 
zag chase, in which the prota- 
gonist is both pursuing and 
being pursued. All very pro- 
The book has 


Ritzi’s bar again 


BY ELIZABETH FORBES 


of the 


the Moroccan premiere 

Casahlack by Christopher Leo- film is being shown. 

pold. Hamish Hamilton, £4-95. The Buckingham Palace Lon 
310 pages nection takes the relationship 

- — — — between King George V and 

The Buckingham Palace Con- Tsar Nicholas II — they were 
nection hv Ted Willis. Mac- first cousins — as starting point, 
niillan. £4.95. 2SS pages Viscount Tremaync. an elderly 

peer whom Ted Willis meets in 


literature. Books are tending to (hence, in Italian, piollo ( yellow) . wlth Nino 

*«•»• sszns -Qual, Bm. ? :lou>|y SrTdl Jnd" *lSw TowmE 


objects like automobiles and enough. Italy 
electric light bulbs. A student thrillers of its own. Nearly all 
trying to do scholarly work on those gialli are in translation. 


*51 currently packing audiences. 

WILLIAM WEAVER 


These two novels, one set In the House of Lords. waS involved 
North Africa during the Second in an attempt to rescue the 
World War. fhe other in Russia Tsar and his family from the 
during the Revolution, are ex- loatiev House in Ekaterinburg, 
amples of a tvpe «>f thriller now The three leaders of the expedi 
very-, tpopular: events of the lion. Tremayne. the ' polished 
recent— or fairly . recent-rfsajt young British diplomat: Kazakov, 
are relnlerpreied in the light of the fanatical Russian officer; and 
later knowledge, or are seen Story, the taciturn Texan engl 
Through the eyes of a present-day neer. are effectively contrasted, 
narrator. Real personages ’mix hut real hero — or heroine — of 
with rhe fictional characters — the book is the Royal Flush, an 
Lord Willis, for instance, plays armoured train that transports 
an important role in his own partv more than 4,000 miles 
hook, while there ore three levels along t he Trans-Siberian rail- 
of rpality in' Casabiacfe: the Wa y from Vladivostock to 
historical background of the Ekaterinburg. 

AI1M lamdftnn in Africa R 0J - a j Flush's journey is inter 

in 1 94-: the purely leaved with the adventures of 

adventures Mi* 5 Meg. the English governess 

American hoodlum^ a conrnP Mn c ^. of a Eussian 

Brazzaville ann men . han ,. s ^ children, ' who 


Agatha CHRISTIE... Alistair MACLEAN... Alfred HTTCHCOCK 
Jack HIGGINS ... Antonia FRASER... Dick FRANCIS... 





as your introduction to the Mystery Guild 


The Mystery Guild is a marvellous deal for 
crime fans. First choose any five of the 
thrillers and whodunits featured here for 
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at publishers' prices I) 

Then every month we’ll send you a 
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information on forthcoming books. 

Over the last year members have been 
offered the latest books by Dick Francis, 
Simenon. John le Carre, Ed McBain. 

Len Deighton and many other top authors. 
All of them full-length, hardcover books. 
And all of them at 25% or more OFF the 
publishers' prices. 


(piusp.&p?) 


But you don't have to take a book 
every month. Just choose four new crime 
bestsellers from over 1 50 books you are 
offered during your first year. From then 
on you're free to choose as many or as 
few as you wish. Still at the same great . 
savings ! Choose your first five now, all 
for El . And post the coupon today. 


milUDL 


P-O. Box 19, Swindon SN1 5AX. 


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Ploaxe *:copt *nv application and enrol mo a-, a member of 
tno Mystery Guild and send mo the 5 Introductory Books whose 
number? I hava primed in the boxes provided, lor which you 
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Address. 


BLOCK LETTERS 


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OUer hmned io one per household. Overseas send lor datails. 

SEND NO MONEY WITH THIS COUPON • 


J! 


French cop in 

Casahlanca: and what might be , . 

termed the legendary dimension. ™ 

■that of the Warner Bros, film of h rw? *? 

r:n«ibianot. which links the other y°> d t0 Lpnln m ^ e 

> wo • • their expected -appearances. The 

dwhbranm ends with RtcV and expedition is. doomed by history 
I.nuis at the airport, on their to failure — but Lord Willis 
way to inin the Free French at still has a surprise up his sleeve 
Brazzaville. Cfwnbtacft picks up for the- final pages, when he. as 
the tale a year later, when Steve a character in the hook, visits 
and Auguste, the “real” proto- the Treraaynes In their remote 
tyoes of the Bogart and Rains Cornish home, 
characters, return to Casa 


*5 


_ --j a 


S~K 

■> 


BY PETER RIDDELL 




Stained Glass by .William 
Buckley Jr. Double d&y/W. 
Smith. £4.95. 232 jnges 


Relations between East and, ’ 

West since 1945— from cold war 
to detente and back (?)-— have 
produced an ' increasing ambi- 
guity in the spy novel in the 
past decade. The moral position 
of. ibe protagonists has become 
confused- 3nd identification with 
an ideology or leadership has 
been blurred, often leaving omy 
loyalty to friends. H.that. Mr. 
Buckley recognises these ambi- 
guities in his novel, but seeks to 
transcend them. _ : . - 

His hero, Blackford Oakes, a 
deep-caver CIA agent is faced 
with the dilemma of assassinak . 

Ing a man whom he admires,, 
enormously for reasons which he 
considers to be false. The hero’s: 
target is in many respects a 
European version of- himself—* 
Teutonic superman, running for 
Chancellor of West Germany in 
1952 on a reunification platform : " 
and thereby apparently risking a 
Third World War. 

Mr. Buckley attempts nv 
resolve this dilemma when Oakes 
Ls told at tbe end that it is wrong ' 
not to act merely because, in 
acting, we may prove to be 
wrong: complexity must , not of 
itself ensure the triumph or 
ambiguity. 

The moral vision of- the novel 
is that those engaged In the cold 
war were right to believe in The 
fundamental ethical differences 
between East and West, The* 
author clearly thinks that~ 
reunification could have been, 
achieved without Rnssiap inter- 
vention. 

Mr: Buckley has, of course, 
been arguing this view for nearly 
three decades now. and the novel 
was about the only new medium 
left to him, apart from perhaps 
the symphony. He appears In a . j_ 
walk-on part in the novel as “old 
Razzifr/'-a writer “whose map- jr':- A 
nerisms were widely known and 'b 
widely caricatured, because of 
his depressing ubiquity: he was 
a syndicated columnist a tele- 
vision host an author, editor pf 
his dwn magazine, and -had now [ 
announced be would ‘also - write 
novels! " 

The author's first novel. .Sotinp 
the Queen, had left doubts about 
whether this further extension 
of the Buckley talents was justi- 
fied. The plot was never really 
convincing and the flow was 
hampered hy over-long references 
to' the author's own training as a 
deep-cover agent fin the CIA f nr 
nine- months) and to the earlier 
experiences of his hero. 

Stained Glass removes many of 
these doubts. The plot is less 
cluttered, the characters have > 
more substance and the flow is 
only occasionally marred by Mr.* 
Buckley's tendency towards an . 
over-elaborate style. And, perhaps : 
fundamentally, the theme ha* : 
more depth. The seriousness of . 
the ideas under consideration is 
the key, even if many readers . ; 
may • not share the authors . • 
certainty in the resolution of tbe 
cold war ambiguities. 




blanoa on a mission. American 
Troops have already embarked 
for the landings in Morocco: 
dirty deals are being arranged 
between the Allied High Com 
mand and tbe Vichy French who 
control the ports of Rahat and 
Casablanca — not fir nothing has 
Christopher Leopold changed 
white to black in the title of hi* 
book — and there is a German 
General to be assassinated. So 
Steve revisits Ritzi's bar where 
Rohbl rhe pianist still pounds out 
favourite soncs and Helda. 
Scandinavian i-all-girl with 
phony French title, entertains the 
ton brass. 

Tbe interweaving of the 
various strands is skilfully done. 
When The American troops, who 
have already seen the movie 
back home, finally reach Casa- 
blanca. they take over Ritzi's. 
renaming it Rick's Caf£ Amdri- 
cain. The climax or the novel 
takes place m the cinema where 


In short 


BY WILLIAM WEAVER 


Treasure Up In Smoke by David 
Williams. Collins, £3.75. 196 
pages 


With his third novel. David 
Williams ventures abroad, and 
Hie undertaking is more ambit- 
ious than the earlier books, but 
every bit as enjoyable and suc- 
cessful. King Charles Island is 
delightful, complete invention: 
the author even supplies us with 
wry capsule history, setting a 
fanciful background for his 
story. The clever banker Mark 
Treasure is on hand again, with 
his elegant actrcss-wife. In addi- 
tion to a varied cast of local 
characters, there are also ah 
ajuiably feckless junior member 
or Treasure's bank and a 
thoroughly unlikely, hut enter- 
taining American couple. The 
solution is absurd, but then so is 
everything else [n this irresis- 
tible book. 


Unruly Sou by Robert Barnard. 
Coil in*. £3.75. 192 pages 


For his earlier books. Robert 
Barnard chose siranee environ- 
ments: an Australian University, 
a touring opera company, ah 
Anglican community. Now he 
treads more traditional ground, 
with a body in the library. This 
a characteristic Unhappy 
Family story: a tyrant father 
(author of what sound like 
ghastly murder stories), two 
scapegrace sons: and a daughter 
not much more likeable, a vague 
wife, nasty servants. But to this 
material the author brings an 
admirable freshness of view, 
along with his now familiar wit. 
The writing is generally up to 
Mr. Barnard's high standard 
(though one regrets The unfor* 
nmaig use of " hopeful " op page 
25 ». 


Edwin Leather 

The Vienna Elephant 


'Former Bermuda Governor joins crime writing 
ranks . . has delicious high romantic tone and 
lots of art gallery expertise' Matthew Coarfv. 
Guardian > £4.50 


Sara Woods 

Exit Murderer 


'Back with barrister-detective ^. Maitland and a 
hunt for a Mr Big Fair whack of splendid to-and- 
fro court clashes' H.R.F. Keating, The Times £3.50 


fc 1 ! 


John Wainwright 

Thief of .time 


'Wainwright has brought fresh insight into every 
one of the traditional types of detective • 
story ... he leaves even' competitor standing 1 
Patrick Cosgraxe. Spectator £3 75 . 


'■or 

till 



Worthwhile Classic novels 
of Crime and Detection 
from the Deerstalker series. 


MARGOT BENNETT The Man Who Didn’t Flv . 
BARONESS ORCZY The Old Man in the Comer 

EMILE GABORIAU • The Le rouge Case 

CORNELL WOOLRICH The Bride Wore Black 




fil 


^ ti 


EMILE GABORIAU 
FHIUP MACDONALD 
CRAIG RICE 
IS. FLETCHER 
ARTHUR MORRISON 


Crime at Orcival 
The Rasp 
T rial by Fury 

The Middle- Temple Murder 
Martin Hewitt. Investigator 




Remploy 

Rrmplov Limitai Leestone Rcad\\\-thenshjuc Manchester M22 4RF 









Financial Times Thursday July 20 1978 


11 


I* . 


PARLIAMENT and politics 


^ screts Act proposals anger Labour MPs 

remark on support 

fuels fury 




Y IVOR OWEN, PARLIAMENTARY STAFF 
UGGESTION by Hr. Merlyn 


Minority parties 
back call for PR 
voting in Wales 

BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


h Home SccreLarv "ninth!! L ® w l , » (lab- Bui the Government had eon- promised that the Government THE PROPOSAL from ihe House additional member system would 

paign for the introduetion nF - NWl . ^eued that hints eluded that the test for criminal would listen to other 'lews. or Lords that proportional repru- result in two classes of 

reedom of Information Arr ® act,on at BOme £uWre sanctions in these fields should t0 M Labour critics who station should be used for assembleymen being reiurned. 

little support in the eountrv t0 encoura 8 e more open — as the Franks Committee had D res«ed for a firmer commitment elections to the Welsh Assembly He felt, therefore, that the sub- 

nsed Labour ha kh 0 U h r> Government would make little i— preasea lor a nrmer commitment h „ j JlhniI1 . m «r.» 


Dsed Labour backbenchers - Would little recomratrided— be the tost of to more open Government that was opposed by Labour and Con- ject needed much more dl* 

he Commons last night and four years of broken causing serious injury' rather doubted whether Britain servative spokesmen in the cussion before the House could 

ight a demand for 1 his T hll S- j? r - than being merely prejudicial to ch Du ld Droceed in the same way Commons last nfghi but warmly accept it 

gnat ion. " Js English (Lab. Nottingham W.) the nation. £' ° t U h ‘? supported by the Liberal* and _ Mr. Emlyn Hooson. for the 



ert Kilrov-Silb iiah n™. . Bul me Government's second 

Mhal he was unlikPiv fn Noughts on a Freedom of In- We propose not 311 st to protect discussions confidential, 
e than two y “ Three of hte Ration Act were welcomed by - U w e are to take harsh 

dituents showing any interest \y! l^ lc haei Havers. 


would have two' voles, one for 


;hV rtn „ Ihe fiovermncnl. but tu pnrtm ‘7,.. Vi. ““ a rany- 





The number of .vote, fur the ^ ef S“ m S ai<I a powerful 

argument against the assembly 
was that it would be dominated 
Labour. 

He recalled that at the last 


This meant that the two 


Jens as they struggled with * or replacing the “catch-all" on,v 3 much-needed Improve- “ r movement Brifahi memberaS? Wales b? the fi?sL Conservatives bad 233 per cent 
problems of living in a Section Two of the official ™ent of the criminal law but a Lahour mpvement 13 an Bm, merafiers m o y he h rsi wi(h seatSl the Liberals 

plex society. Secrets Act envisaged that there necessary preliminary -to greater JJJuS adoo ted bv SmmunS PR additional memheV 15-5 P er cent with only two seats 

You are neither filled to hold should be no criminal sanctions openness regime in eitera^urope. Jstem™ He recalled that the and . Cymru 10 ' 7 per cent 

o aspire to such leadership," for the disclosure of information Reiterating the Prime , hourp hnd alreadv reieotPd a with three Seats, 

told the Home Secretarv. in the economic sphere or for Minister's recent claim that much The Home Secretary vigorously _ jrnj . «£. system w hinh thA 

wo members of Labour's Cabinet and Cabinet Committee more information is now being denied - ■'••'»*«***« *»« 
onal executive. Mrs. Barbara documents irrespectiv 
tie (Lab. Blackburn) and Mr. content and sccurity 

! Heffer (Lab. Waltoni tion. wnucnau uiai once uuiusu:rs rrceuum u« aiuuruMuuii .u hAqs^. however and was 

*d in the attack on the Gov- In addition to creating a had reached their conclusion on amounted to a tacit admission aI t owine ^ \ « The thing is demonstrably 

mentis refusal to bring in the separate protected category for a particular major policy study, that the Government had been r * uo s absurd." he declared. “It « 

mised legislation which, information relating to' security associated factual and amuyncal beaten by the Whitehall machine. p Qje Tories. Mr. Francis unfair, unjust ... and the people 

irdmg to Mr. Heffer. had and intelligence, it was also pro- materi al would be published. No blame could be attached to Pym saw considerable merit in of Wales realise this. You could 

ady been drafted and worked posed to ciiver more defence and Mr. Rees admitted that he had the mandarins in Whitehall. Mr. the principle of PR for Wales, have an assembly totally 

by the machinery of govern- international relations informa- found classification ODe of the Rees insisted.- “ If there is any as he thought it might help to dominated by the Labour Party 

most difficult questions to resolve fault in that respect, it is mine offset the larjje Labour majority °njj minority vote.' 



committee at Transport tion than had been recommended 


(SC. 


by the Franks Committee 


in preparing the White Paper. He and mine alone.' 


Section Two reform ‘a necessary 
precursor of further change’ 


JY RUPERT CORNWELL 


neces- 


there .was likely to be ih the T*» e “S™*™*"* W3 f 

asseinbly. - rejected by 227 ( 389-162). though 

But he was personally doubtful support was greater than the 
about the particular method 114 w ^° v °ted f°r >t “? e 
proposed l«r the Lords, aitfaough r J®* ^. as£ . 10 

the Conservatives, like Labour, relation to Wales m March, 
would allow a free vote. 

He argued that the Welsh T 
Executive would not be slmUar LlDeral CD01C6 
to. the' Westminster Parliament „ ^ vrv 
So some of the arguments in $|f V I fnrCPi 
favour of the traditional system 
for Westminster did not apply to A SOLICITOR who resigned from 
the Welsh Assembly. the Conservative Party earlier 

The theory of the first-past-tbe- this year, has been chosen as 
post system was that it Liberal candidate to fight the 


’ey 


E GOVERNMENT yesterday brought forward this session, ments to be specially protected to prosecution, without uav o oM-ai 

dished tis proposals for and. 'in practice, not until after would be marked DEFENCE- sarily someone else having pro- produc^^trong - Government! Torr'-hel dseatoT South DoTselat 
laeinu the notorious "catch- a general election has been held CONFIDENTIAL, in line with vided.him with the information But> in of ^ Welsh the next election. 

• Section Two of the Official (in every probability .:.this the Franks recommendations illegally in the first place. Assembly, we were not content- Mr. Peter St. John Howe was 

rets Act of 1911 with a autumn). that such a classification should Before proceedings can so plating the need for a strong chosen after a special meeting of 

•amiined Official Information The new Bill would exonerate be applied where disclosure ahead, courts will require a cer- Government. the party's association at Wi 

. nuking only disclosure of from legal sanctions receipts of, would do “ serious injury ” in the tificate from the Minister in Mr. Pym emphasised that the mouth, 

tain types of information a and unauthorised disclosure of, field of defence and interna- question that the leaked informa- 

mna! offence. much official information. The tkmal relations. tion was classified as protected. 

]»c long-awaited White Paper very scope of the present Act has '■ DEFENCE - CONFIDENTIAL His decisioa in turn, will have 

dees, to pursue the “open meant that it has been workable nol be extended to Infor- to be endorsed by the Attorney 

/eminent " policy enunciated only because of the flexibility nation concerned with interna- General (or the Advocate 

the Prime Minister. But it permitted the Attorney-General, UO ijal relations outside the General in Scotland), 

es the most lukewarm of who has to approve -any defence arena, nor to defence in- The White Paper acknowledges 

i be no th- -**- ~ 1 ~ is — 

prejudicial 

Information Act. along three areas recommended ny interests if divuleed. 'ims tan um,<iart umi -mmiTiiTR m . „ . . .. . , .* ,v. nv 

A CALL for a special conference rise in the Test of the UK 
on .-Scottish unemployment was Mr. Norman Buchan fLab. 
rejected by Mr. ; Gregor Renfrew W.) said that Conserve 
Liberals not a few proceedings. These are: M Mackenzie. Scottish Minister of Mve policy chief. Sir Keith 

■“ >— “**”"■ SSBSS-W-SSJfffi 

grants and sub 

hp!go*iRfoiuu!ion. ««„ .» n„=, notes the " ^^t — ^TOST ST^ "T Conservattves were ^ 

Scotland could attend.* It critical about unemployment 


ws 


— "7 i „ - - - ■ i • - ., • a. cub. mu w j oe n-nue raper aciuiowieusn 

s over the > possibility of cuiion. . . - . , formation which would be no the Government's obligation to 

nging in a full-scale Freedom L The White Paper Tirst tists the .m ort: uian “ prejudicial ” to our pabtish more in formation, and 


----- : •tom «»» ^ JSSSSTml ™ -coa.mu. ,o 

J 3S"-.K S 5SXrr C a ^^^ t,e p r a p 0 ;r JUdSm{nU " » ^ ^ 

f. S52rtSS»%iS1i£* Bnu «««>*'» 


‘Glasgow Green’ jobless 
cpflierence refused 


ny. the 
iscrvaiivi-N 


nitv groups, this would place ably covering monetary, sterling belned a crime to lin committed alnn 1 * the lines of legislation in „ Jnr * George younger, tor tne conterence to e. 

onus firmly upon Whitehall and fiscal policy. The Govern- 31( £d an escape from custody or some countries, notably the V.S. shTlTbJ hefd^n ^sgo w GrS rid1es t0 “ 

■ -'ivuipc information, except in nient • notes the important any 0 ii Br breach of Dnson anri Sweden" should be h' el ® ®^Ji lasgow tirot-n sitnes. 

i’w specially exempted cate- changes since 1971-72. when the se^ntv. or interfered P wuh To do so. comments the ?° ye .^ 



concluded 
as it stood, 


that to rely on MPMla! dUcritoaalan ciovgnjQjgpj from w b ere ver it the Official Secrets Act would ^ 
was Drocedures. the sanctions of *■ m . i 


has come. 


was procedures, the sanctions 

Civil Service discipline, and on 
Ministers' judgment.” * ^ , 

3 — The use by Crown Servants rTftlPPtPn 
< n r Am ,ofiATi rnr fhplr A * t/lCLICU 


of official information for their 
I declares lhat Section Two. "™ ™ s . is d “? 1° I'.'W* 


apnlv.’' 

The AVhite Paper raises the 
problem of cost- and the different 
nature of the U.S- constitution, 
whereby Ministers are not 
All security and intelligence dirertly answerable to ParJia- 


-Vorkuble 

heur e t 'caVl ca n° punish wil * 1 un ^ er p J* nn * ,s matters wfll be given the highest mem as in the ILK. 

one who either discloses or corruption in Pubhc life, protection, whether or not they “This is a mattei 

anv iiiHciul information Areas to be covered by san^ are classified. Franks originally the Government ha 

ii*aevei- "with no in two vears' ti<Mls wiU t ^ ose Tecommended hatf BUBgeste( i t h al such informa- mind, but we regard , ri _ 

Imnniiipni ha /inhibited civil h >' F r . anl ^ : defence aod mternal lioQ should only qualify if It had Section Two as a necessary pre- vesterdav gave 
Snu ind Mintelcw.” Storm s’-uriry.. international relations, been classified SECRET. cursor of further change :\™ day ,. 8 ” e 


Welcome for modified 
price control proposals 


matter on which 
has an open 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


if oever with up (n two years' J 0 ™ wi ^ sufig^ted that such informa- mind, but we regard reform of the ACCOUNTANCY profession abolition of profit margin control 

a qualified and the proposal to reduce the 

Government's a™ 011 ™ of , P a Per work when 
uovernmeni s nol , fy|ng the P]ice Commission 


much-needed im- law and order, and private infor- As far. as the public is con- "Before deciding to go welcome „, v . 

ni 'w the criminal law. mation given confidentially by cerned, it will no longer be an further, we shall initiate a more proposals for modifying certain of p^pe increases. But it argued 
ecessarv preliminary to’ citizens or companies to depart- offence to receive protected in- detailed study of overseas 'administrative 1 " aspects of price that the changes did noi go-far 


„ ... to the 

not only 
VC nit' 

1 1 '- 1 - " e no e nnes> PrC i n" 1 ' Govern^ ments. The Government also formation, but only 'to connnunr- experience, and its relevance to contj^lsai the end of this month, enough' 

11 " mvs the White Paper. wants tu add another category, cate it. and only then when the our own constitutional system in In a memorandum to the The committee suggested that 

„ ; legislation that does dealing with intelligence and accused knew that it was pro- order to see what further action Department of Prices, the Con- very small price increases should 

■r-'i* will broad I v he based on security. tected. The new formulation will may be desirable. We shall sultative Committeeof Account- be exempted from the 

Franks recommendations. On defence, interna] security ensure that someone who has announce our conclusions from an C y Bodies, welcomed the notification requirement, 
obviousb, it cannot be and i-ntemationaJ relations, docu- stolen information will be liable this study in due course." 


pre 


lory peer attacks retrospective 
clause in Finance Bill 


in guidelines Grants for gypsy sites 



E LORDS gave a second read- 
to the Finance Bill last 
hi after a short debate in 
eh there were protests from 

Conservative'- over the 
isc which retrospectively 
s ih«* use of commodity 
ire schemes as a means nf 
avoidance. 

,’or the Conservatives. . Lord 
tiinsoii of Ewct) said it was 


acting against the very concept 
oF justice. The Government was 
combating a very objectionable 
device with a very objectionable 
remedy. 

It was repulsive for a sovereign 
Parliament to make a matter a 
crime which was no crime when 
it took place. To use such an 
" arbitrary and authoritarian, 
method " was setting a dangerous 


precedent. 

Lord McCluskey, from tfie 
Government front bench, said 
that the clause was retrospective 
lo April 6, 1976. The tax avoiders 
had entered into a scheme in 
order to claim an accounting loss. 
The schemes were quite artifici- 
ally and arbitrarily created. 

. TTie Bill was read a second 
time without a vote. 


THE GOVERNMENT is satisfied 
that the productivity element in 
the pay settlement reached iii 
the electricity supply industry, 
earlier this year is self-financing 
and falls within -Phase Three 
guidelines. Mr. Alex Eadie. 
Energy Under Secretary, told 
the Commons last night. 

He was replying to Sir. 
Norman Tebbit (C. Chingford) 
who asked whether the Govern- 
ment had investigated a claim by 
the general secretary of the 
Electrical and Plumbing Trades 
Union 


LOCAL AUTHORITIES are to 
be provided by the Government 
with 100 per eent grants' towards 
the capital cost of sites- for 
gypsy caravans. Mr. Ken Marks, 
Under - Secretary, Environment.' 
said in a Commons written reply 
yesterday. 

In. the Government's response 
!0 recommendations made by Sir 
John Cripps In a report on 
accommodation for gypsies. Mr. 
Marks said there were probably 
6,000 gypsy families who could 
find no place to camp legally. 

The Government would intro- 


duce a specific Exchequer gram 
for local authorities to. cover the 
capital cost of providing ^ites at 
the exceptional level of 100 per 
cent, the money ' to be found 
within the agreed bousing pro- 
gramme year by year. 

'Mr. . Marks said the Govern- 
ment agreed that in inner 
London local authorities should 
not have to provide for more 
than.' 15 .caravans, but in outer 
London' and the Metropolitan 
areas it was proposed to remove 
the limitation. 


apOlNTMENTS 

Three new main Board members at General Electric 


It. j. ciayiun- 51 r - 
and Mr. David Powell have 
ippointed to 

fi.NEIt.-VL ELECTRIC C-OM- 
Mr. Clayton is GE*-* 
■at direclnr and Mr. Powell 
nasins direcior of titai 
iy s diesel group. 

* 

IV. Field house, chairman 
iipf executive of Letraset 
lliona). and Mr. C- A; 
■am, co-ordinator of Shell 
:als, h:ivo been appointed 
L'rtitivc directors of CAR- 
ON VIYELLA from August 

* 

A. l>. GcmmilJ has been 
ti-ii a director of LAZAR D 
I KBS AND CO. Larard has 
v i”,t,ibh.%hcd an office in 
< A im anri Mr Gcmmill will 
cd (here a*- represonta- 
ihc Far E«si. 

* 

T. K lioness ha s been 
letl a director of BLTIER- 
HARVEY. Mr. lioness is 


a non-executive director of Guest 
Keen and Nettlefolds and was 
formerly chairman and chief 
executive of GKN San key, 

* ' 

.Mr. D. P. Dpoetil has resign ed 
as a director of H. CLARKSON 
(HOLDINGS) and its subsidiaries. 
Ho was formerly deputy chairman 
and " managing director of 
H. Clarkson (Insurance Holdings). 
* 

Mr. C. M. Cavaye has been 
appointed general manager and 
actuary of SCOTTISH WIDOWS’ 
FUND AND LIFE ASSURANCE 
SOCIETY from October 1 in suc- 
cession to Mr. G. A. Khigsnorth, 
who will retire on September 30. 
At the same time Mr. J. Elder 
will become deputy general 
manager and secretary: Mr. u. A. 
Park, investment secretary: ana 
Mr. D. C Ritchie, investment 
manager. 

DALGETY has . appointed Mr. 
David Jones as group comptroller 
and 31r. J. G. Itart as group 


treasurer from October 1. Mr. 
Jopes wifi continue as chief 
accountant to the group and Mr. 
Hart will remain on the board 
of Dalgety UK as its finance 
director. Mr. R. N. Harris, the 
present group secretary of 
Dafeety. has been unpointed croup 
executive— corporate investment. 
Mr. J. G, hurting will become 
secretary of Dalgety, retaining 
his position as secretary of 
Dalgety UK--- • 

On . September 30 Mr. SL J. 
Dowdy, at present finance direc- 
tor of Dalgety. will resign from 
the group to join SIME DARBY 
HOLDINGS in Kuala Lunrpur as 
finance director (designate^ and, 
in due course; to become a direc- 
tor of that company. 

* 

Mr. Alan Ponte, managing direc- 
tor and group chief executive of 
London American Internationa) 
Corporation, has been elected 
chairman of the BRITISH EX- 
PORT HOUSES ASSOCIATION. 
Mr. Ponte has been on the BBHA 


Council with particular respon- 
sibility for the interests of the 
export-finance house members 
since he joined London American 
five years ago as its managing 
director. Prior to that he had 
been a general manager of Lloyds 
Bank International (from its 
BOLSA component). 

• * 

Mr. J. K. Pearce, haring 
reached retirement age. has re- 
tired from the Board of Durapipe 
tired from the Board of DURA- 
PIPE INTERNATIONAL and is 
succeeded as chairman by Mr. 
F. A. Powell, who continues as 
group managing director. Mr. 
A. D. Canning-Jones. formerly 
with Hill . Samue) and Co. and 
previously a non-executive direc- 
tor has been appointed group 
deputy managing director. Mr. 
M L- Evans has resigned from 
the Board of Durapipe. Inter- 
national and is succeeded as man- 
aging director of the subsidiary 
company. Durapipe Limited, by 
Mr. B. L. A. Walker, who retains 


the position of group -finance 
director o« Durapipe Inter- 
national. 

* 

Sir John Lidbury, vice chair- 
man and deputy managing direc- 
tor of Hawker Siddeley Group, 
has been appointed a director of 
INVERGORDON DISTILLERS 
I HOLDINGS). 

*r 

Mr. W. P- Coe has been made 
a managing.,, {“lector of ALEX- 
ANDER HOWDEN INSURANCE 
BROKERS. Mr. J.- L. Hill, Dott. 
A. Monneret de Vfllard' and Mr. 
A. C. Tanner nave been appointed 
directors. 

■*r 

RUBEROID has made the fol- 
lowing three appointments from 
August 1: Mr - R- Newman, direc- 
tor and cewysl manager of 
Buberoid Contracts, to managing 
director: « r - N - H. M. Hog£ 
di rector and genera l manager of 
Corruplast. becomes - managing 
director: and Mr. A. J. Bourke 
has been made .-a director of 


Ruberoid Building Products from 
rhe position of chief accountant. 
He is also the company secretary 
of that subsidiary. Mr, J. G. Bass, 
at present sales director of Corru- 
piast, is to be marketin'* director 
of Ruberoid Paper from Septem- 
her 1. 

* 

Mr. Roy Dan trie, Mr. Michael 
J. Cassidy, Mr. G- Dennis, Mr. 
BrakeO and Mr. B. M. Walker {, 
have been appointed directors of 
the INVESTMENT TRUST COR- 
PORATION. Mr. D. 31L C Donald, 
Mr. IV. M, Cun ^ngfaam, Air. 
J. L- E. Smith, Mr. L. H. Jones 
and Mr. C K, R. Nnnneley have 
resigned from the Board. 

■* 

Mr. Edgar C Davis, assistant 
treasurer of LNGERSOLL-RAND 
COMPANy. ha.i been elected to 
the additional position of secre- 
tary from August I. He succeeds 
Mr. Richard W. Kanfmann who is 
retiring as secretary and company 
counsel. 


COMPANY NOTICES 


OTZAR HITYASHYUTH HAYEHUDIM BJri. 

NOTICE IS HEREBY GIVEN that tilt ANNUAL GENERAL MEETING Mim, the 
TmcntY-third Ordinary General M ret WO ol mis Compan,, null be held -i: the 
Registered QHicc. 26-38 Yehuda Halevv Street. I el Akiv. on Tuesday, 15th Audusi. 
■978 at 11.30 a.m,.f«r me tails -mo purposes 

1 . To reteivo and consider the Mceunb tor -no- tear ended S is: December. 
1977 and the Renom or the- Directors and Auditors liter cun. 

!• To declare a dividend; 

3 T» elect Directors 

4. To aOROllU Auditors ana hr fhCtr rennlnerallan, 

5. To transact any other buiincM dt ihe Comoany required to b- dealt with 
aL su:h Meeting. 

Br prder ol the Board 
A Sultan, 

5 ccrctar« 

Td Any. 20th July. 1978 

NOTICE IS HEftfBY GIVEN fhar an Extraordi/vry Ccnpryl the- 

above-named eempanv will be held *t me Rcalttercd Office. 36-28 Yeniiea Hai,-.v 
Street. Tel Aviv, on lunda, 15 th Airoust. 197B at 11.10 am lor th<? pu. mw 
ol considering and. if ihougn: nt. passing the toilowina Rrsoiulioni a Spcti.H 
Resolutions VIS- 

RESOLUTIONS 

1. THAT » sum Ol !(. 1 D a J 6.820 DC appropriated from Capita* Rncms 
■Di-t ol tho Coninanv's r.hare >n me Capital Reserves ol Hank L,-uni< le-isra.-i 

B M. and Hi vuos.d.ir c. . to a Reserve lor Inc orooo.Fd d.sii-outiar- ol 
L. aaiUliaation Shjrc-. 

2 . THAT titc sum or IL io.B4d.B20 thereafter stan^in^ to tnr- crt-oil of the 
Reserve lor the proposed distribution o' C jDilansition Jn,,n bn an, 

i he same hercbv is UDiidiucd and treed tor antrimi'an awanas: hoiorrs 
o' Ordinary Bearer Stork and those members *ros" names .lopea- jn 
tne Register ct Members gl the Compan. as hoiuers o - Qrdi.«r* sio.;, 
on 30th August. 1 9re and THAT the Directors br .III.I tne. ne>..b, 
a ur honied and dlrccied to ioeroorlatc the saw sum ol IL >0 JJO i.O 
to such holders ot Oramarv Stock at tne rate ol 33i- u .mu to .mpi, 
the said sum ot tL.iO SJ6.820 on their brhalt m tne djvIwj tip in lull 
Df 10.B46.820 unissued Ordinary Shares o' IL 1 c.ith m me :aoit.n 
O* the Company lor allotment and distribution as tuiiv naifl no to ,ina 
amongst such homers o- ordinary Stock oi tne Company in rhe D'opcn.o .1 
alorrsald. 

3. THAT whon issued as above such snares shall be (onvurti-rt into Ord.u.ir* 
Stock, such IL. 10.646 820 worth ol Ordinary 5loclr rani mg oan passu 
with all The issued Ora, nary Stock ot tne Company. 

Bv order ol the Eoanu 
A. Sin lam 
Secret.) i v 

Tel Atlv. 20th July. 1978 

NOTES: A member entitled to attend and vote is nntiiiet* lo .idpoii! a pro., .-r 
proxies to attend inn vote in till plate Such pro.v must nowi-.i-r tie 
a member or (he Company. 

Tne trans'er oi tne Comoany will bt closed (• tin SIM August 

until 4in September. 1978. Dolh oavs incivu.o 

Capitalization Shar,-, arii-ng from fractions will De -eld ana :n.. orOv-'-ds 
will be remitted to tie oersons entitled thereto 

OTZAR HITYA5HVUTH HAYEHUDIM. JEWISH COLONIAL 
TRUST LIMITED 

NOTICE IS HEREBY GIVEN that the Annual General M-lmn. nr.nn !!,.• 
Sevenly-ninth Ordinary General Mcetlno ol this Company, will be hci-i at :np 
Offices Df Bank Lcuml Ic-lsrael B.M.. Tel Aviv on Tucsda,. 1 S:h August. 197S 
at 11-30 a.m. to receive and consider ihe Directors' Report and Accounts 'or 
the year ended 31st December. 1977. to elect Directors, to «■ the «rmun.jr. 

Ol The Auditors, and to transact any other business o' the Comoanv required 
to be dealt with at such Meeting. 

A member entitled to attend and vote is entitled :o .iono.ul i maw to n-ten- 
and vote in bis place. Such proxy need not be a member o' me Comojn. 

Bv Order of the Braid 
A. DO RON 
A. 1. FREEDMAN 

join. Secretaries 

4.7 Woodstock Street. 

London WI A 2 AF. 

July 20. 197B. 


ARROW CAPITAL N.V. 

Shareholders ol Arrow Cipm> N.V. 
are offered the possibility to present 
up w 154s el their shareholding in 
the Company at a price per share 
of SU.5.23. This represents approxi- 
mately B5'-- of the net asset value 
per share (U.S. S27.09] on June 30. 
1978. 

Holders of registered shares can 
tender for repurchase up to t5 p £ of 
the number of shares registered in 
their name in the register of share- 
holder! of the Company as per July 12. 
1978. Requests to make use -of thn 
offering can be lodged di reedy with 
the Company or with any of tht 
agent bantu. 

Holders of certificates to bearer can 
tender lor repurchase up to t5 shares 
for 100 shares held. Requests to make 
use of this offering accompanied fay 
certificates, with talon and dividend 
coupons No. 1 to IB attached, repre- 
senting >00 shares lo- each 15 shares 
to be repurchased are to be lodged 
wirh one of rhe agent banks. 

This offe-ing l- effective at from 
Ju»y 24. 1978 and applies only to 
requests for repurchase lodged Prior 
to -he close of business on August 7. 
1978 with- 

Arrow Capital N.V,. 
iohn B. Go-siraweg 6. 

PO Box *B9. Willemstad. 
Curacao. Netherlands Antilles. 

Banner Rothvchlfd 5.A.. 

21 rue Laffitte, Pan* 9e 

N. M. Rothschild A Sam Limited, 
New Cpiit. St. Swithin's Lane. 
London EC4P 4DU. 

Pierson. He Id ring & Pierson N.V.. 
214 Herengracht. Amsterdam. 

Banque Bruxelles Lambert S.A . 

24 avenue Mamix, Brussels. 

Banque Privie S.A., 

18 rue de Hesse. Geneva 

Rorfuchild Bank A.G.'i 
Zollikentrasse 181. Zurich. 

Banque Internationale i Luxembourg, 
2 Boulevard Royal, Luxembourg 


BANQUE INI ERNATIONALL A 
LUXEMBOURG 
SoCiete Anonym c 


COMMONWEALTH OF AUSTRALIA 
d" u Lfi^n Eurcnean Units el Account 
'EUAi IS 000 .100 1971-TIMlG 
Sivin Dr., i* 6th July 1978 


Bond holders are inlormed thnl E U A. 

800.000 oi the lean mas neocemcil on 
the 1st Auousi 1178 njrtly bv tne 
buichase of E.U.a. 45.000 m tne 
Market and partly hy drawing 

Taking into account the Bongs 'j 
repurchased, flic Bonds ol E.U A 

1.000 remain i no In circulation and 
comprised between number 1958 Inclu- 
sive and number 2753 inclusive will 
be redeemable Jt par on nnd alter 
1st August 1970 at the offices of the 
tallowing financial institutions. 

BANQUE GRUXELLE5 LAMBERT 
S.A.. Bruxelles. Belgium 
BANQUE INTERNATIONALE A 
LUXEMBOURG S.A . Luxembourg. 
Lueemnourg 

ALGEMENE BANK NEDERLAND 
N.V., Amsterdam. Ni-ttu.-il.inds 
BANCA NAZIONALE DEL LAVORO. 
Rome. Italy. 

CREDIT COMMERC'AL DE FRANCE 


_ Paris France 
DEN NORSK E CREDITBANK 
Norway 


Oslo. 


KRIE DIE IBANK S.A LIJK E.snF.DuaG- 
COISE. Luxembourg. Lmcmbourg. 
PRIVA1 BANK EN I KJOBENHAVN. 
Copenhagen. Denmaru. 

SCHOELLER A CO Vienna. Ausirm. 
CREDIT SUISSE WHITE WELD 
LIMITED. London. Great Britain 
WESTDEUTSCHE LANDESBANK 
GIROZENTRALE, Dusseldart. West 
Germany. 

The Coupon tailing due on 1st AuquM 
1978 will be payable at these same 
Securities Departments. 

Tne amount ol the 'oan renaming in 
circulation .liter 1st August 1978 will 
be E.U-A. 11.400.000 

II Is also drawn to the attention o' 
boitf holders that ihere are a number 
Ol Bonds between the numbers 367 
and 1019. which bar- born redeem- 
able since 1st August 1977. si.il 
outstanding. 

BANQUE INTERNATIONALE A 
LUXEMBOURG 
foe Idle 'Ano-n-tl'-' 
Trustee 

Luxembourg. 

2D1h lulv IR78 


HOECH5T AKTIENGE5ELL5CHAFT 
Ccpfes ol the Annual Rcoom ana 
Accounts for me fiscal year mams 3isi 
December 1977 arc now *vaii*me from 
S. G. WARBURG & CO HD. 
Coupon Department. 

St Albans House. 

Gresham airecL 
London ECzP 2DL 
S. G Wamurg A Co. Ltd. 
as depositary. 

20 m July. 1978 . 


PLANT AND 
MACHINERY 


ART GALLERIES 

OMEkk CMLLR1U. (4n«, aniih anu 
French MODERN DRAWINGS end 

Modern British MARITIME PICTURES 
«2. Albemarle Street, t-ictjoili, W.1 

RICHARD GREEN GALLERY. 4 New Bond 
Street. London. W.l. 01-499 5487 

BRITISH MARITIME ART. Paintings, 

watercolours and prints. Dally 10 . 0 - 6 . 0 . 
Sats. 10.0-12.30. Ends July 21 

ACHIM MOELLER GALLERY, 6 GrbS- 
venor Street oh Sand Street. W.l Tel 
493 7611 Selection ol 16 oalntings by 
KADINSKY and 2 Oth CENTURY 

MASTERS. Modigliani. Leger. Braque, 
Mon.ir.an Ernst, Miro. Klee. Picasso a.O- 
through Jtfy. 

BROWSE fi DARBY, 19. Cork Slwl. W.l 
Robin Phiflipsan. Women Observed- 
Mo-L-Fri lOflO-SOB. SaL TO.DO-12.3D 

CHANDRE GALLERV. S-6 Curl S' W 1 
01.734 4626 EshiDITing pami'nqi by 

GREGORY FINK. Mon.-Frl. 10-5.30 

Sals. 10-1. 

CSVENT GARDEN GALLERY FAR AWAY 
Decorative watercolour*. From ano ol 

'fcft. «!•■»' iSiS 1 - 20 Russc,,s ' 

FIGLDBORNE GALLERIES. 63. Queens 
Grove 51 John a Wn.-j. 3603 

LANDSCAPES bv Royal Aran -mirijns 
MARBLE Carvings YOMA SASBURGH 

avBs 

EVE. 109 Peoent Viees. 7 ja 0557 4 ia 

Carte or Alt-In Menu. Three op-jclacul-r 
Floor Shows 10 45. 12.46 and 1.46 and 
miMK ot Johnny Hawk es worth & Fnenas 

GARGOYLE. 69 Dean Street, London W.l 
ST R 1 PTEASE FLDOR5HClW 

,TH6 GtoEAT BRITISH STRIP 
MldnlBlK mg 1 in. 
Mon.-Frl. Closed Saturdays. 01-437 8496 

PUBLIC NOTICES 


GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 

Buy wisely Iron, the manufacturi-rs 
with Tull alter sales service 

CLARKE GROUP 
01-936 8231 
• Telex 897784 


CLASSIFIED 

ADVERTISEMENT 

RATES 


rropnrn ’ 

Rt-sidi'iiHal Frorvrii 


r.-r 

I'll,- 


a :m 
J PM 

4 


elttnle 
< >• fulfill 


iion<irtnniti.'K uimoraiinn 
I flans, Prurllh-llnn 
Coparity. BusiD'-SSi l 
Kor Salt- -U'ialib-U 
FlfliiraiiQn. Jiumr* 

Conirai-is (r Ti-ndi r*. 
Pemonal. Fi.ird'-niiu 


l . im 
In «n 
;.w 


Premium positions available 
(Minimum sin 40 column cm) 
fOJfl per simile column cm exu-a) 
Fi»r tnrVicr ifcfniLs irmr |<- 

Classified Advertisement 
Manager. 

Financial Times 
10. Cannon Street. EIMP 4BY. 


WEST YORKSHIRE METROPOLITAN I 
COUNTY COUNCIL. £g.5 m g | „„ D HsI 
Issued 19th July 1978. due IS'n Ot- ' 
tober 1978 at ADDllratienv 

totalled £76.1 Efim. No other bills out- 
standing. 


PERSONAL 


LOCAL AUTHORITY' BILLS. £JS0.000 at I 
Bath Cltv Council issued on 19 . 7 . 7 S 
maturino TB.10 7R at 9''ijn,. Apnllca- 
lions totalled £3. 375.000 and there are 
£575.000 north el biHs ouutandino- 


HANDBAGS ol leather, canvas lute and 
handicrafts from India Samoies *cr 
inspection, contact Banpyipo. Room 35. 
Hotel Allas. 01-373 7B73. 


Conference? Seminar? 
Company Meeting? Reception? 
Film Preview? 
Advertising Presentation? 


There’s no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 504- people. Full 16mm film 
projection facilities. National Panasonic 1 /:" colour] 
■video tape and Philips 1501M video cassette 
I viewing. Electrosonic 3601 slide presentation 
! system. And luxurious private dining rooms with 
i extensive catering facilities. 


FINANCIAL TIMES CINEMA 

All enquiries lo: E. J- Dorrer, Cinema Manager. 

The Financial Times, Bracken House. 1 0 Cannon Street. 
London EC4P 4BY. Tel: 01-248 8000 (ert. 670). 


% 



12 


Financial Times Thursday July 20 1978 


tahiiEsIPn 

EDITED BY ARTHUR BENNETT AND TED SCHOETBB I 


HEATING 

i-role 


0 ELECTRONICS 


gas and oil 

ITT attack on liquid burners 



Pl’TTIXt* BRITAIN' squarely on 
the map in iho liquid crystal 
display market. ITT has Invested 
about ’Em in (he establishment 
of a .unit in Leeds. Yorks., for 
The produciion of displays of 
12 mm character size and 
upwards. 

The ITT plan is to avoid the 
sniailer elec ironic watch displays, 
an area in which K is difficult 
to compete with high volume 
prnduoiinn from the Far East, 
concentratin'.: instead nn the less 
volatile instrumentation and 

clock market. 

Production al the Leeds unit 
is currently atootu 1.<XK) displays 
per week: the figure is expected 
t*i approach 3.300 per week by 
i he and of ncxi year, climbing 
tn tn.nOfJ per week by the end 
of 1979. 

The company'* own research 
indicates thru the wnrld market 
fnr clock displays will rise from 
U.S.SS 1.1 next year to U.S.$75m 
in J0S2. The predicted instru- 
ment demand is U.S.$5in risin" 
tn l r .S..^25m over thp same 
period. Of the total “greater than 
12 mm " market. ITT aims in 
capture 25 per cent of European 
viilumi' and 10 per cent of the 
world r.iarkol within five years. 

Emphasis is being placed on a 
qualm* product based upon a 
fused id. ns seal round the edge 
of the glass sandwich containing 
the liquid crystal material. The 
Leeds engineers see this as vital 
fur a reliable display with long 
life, having rejected plastic seals 


due to -their tendency to intro- 
duce contaminants into the liquid 
crystals. 

The precautions taken in the 
Leeds clean rooms are consider- 
ably more stringent than those 
applied in semi-conductor manu- 
facture and airborne particles 
have been virtually eliminated. 

Starting point is a one foot 
square pane of thin glass selec- 
ted for flatness. After coating 
with transparent conducting 
man- rial the glass is cut to size 
and screen printed with the dis- 
play segments. Subsequent eich- 
ing leaves the required trans- 
parent. conductive alphanumeric 
pal tern*. 

A narrow strip of glass frit 
paste is laid down around the 
edge of one plate to a precise 
thickness and is tired on. The 
second plate is sandwiched 
under precise pressure in an 
oven and the result is a plate 
separation that can he held to 
12 microns, plus or minus three 
microns — an astonishing 
achievement but one that is 
crucial to obtaining a consistent 
turn-on time for the product. A 

small metallised hole is left at 

one end fnr filling purposes. 

Liquid crystal fluid is forced 
inio the tiny gap by evacuating 
an enclosure, immersing the 
edge viih the hole into the fluid 
and then allowing atmnsnheric 
pressure to push the fluid in. 
The hole is finally sealed with 
solder. 

GEOFFREY CHARUSH 


A SERIES or go s/oil burners for 
such tube firing applications as 
dye vats, asphalt kettles, deep 
fat cookers, pickling tanks, 
rendering vats, quench tanks and 
large salt baths is now on .the 
market front combustion and 
chemical engineers. John 
Tnucley, Ripon Road, Harrogate 
HG1 2BU, North Yorkshire 
f Harrogate 61511). 

The burners are called Series 
J ‘7S" Tube-Q-Flame and are avail- 
able in six sizes within the S in 
to 12 in range with maximum 


heat releases from 340.000 Bcu/ 
hr up to 2,800^000 Btu/hr. They 
are supplied as complete dual 
fuel burner package* and no 
refractory is used- 

Included in each package is 
the burner itself which requires 
only low pressure gas or oil at 
100 psig. a motor driven com- 
bustion air blower, air-fuel pro- 
portioning and mixing system, 
oil solenoid valve fur on-off con- 
trol. oil pressure gauge, pilot 
solenoid valve" pilot adjustable 
orifice eoe£ spark igniter and 
provision- for a W flame 
detector. 

Basic design is for use with 
natural, diluted propane, un- 
diluted vaporised propane gases 
or No. 2 and lighter distillate 
oils. Other gases may be con- 
sidered and applications also 
include cleaning-soiution tanks, 
spray washers, indirect bake 
ovens and indirect air heaters. 


• PROCESSES 

Improved finish for leather 

5s . ; sms S 

used in the UK for tanning and achieved. On the « 0 wr hand, ago resisian^ ^ & 

dressing leather- Many of them the company says that, in • . . tf0Untry> and In the 
are recent developments, used the development of tic increasingly stringent lecis- 

to replace the natural enzymes, chemicals, it has made a ^n^blSl inSured con- 
waxes. etc- used in the industry stgnifUrant advance. «ming the use of hazardous and 

for hundreds of years. For surface coating- toxic materials. In some 

About 10.000 tonnes are used of instances, this has already ruled 

each year for surface coating tonnes of solvents annua U-ot ^ the use of low flasM , olnt 

and finishing— worth around whl . ch ,®?_ .Pfij c ?? The low solvents— a restriction which 



Tecalemit 

MabJenhead. Basics, 

FI aid transfer, Control 

arid Filtration 

Lubrication Sysfjiis 
Garage EqnipmBfit : 
Combustion Engibraring 


• MATERIALS 

Withstands the heat 


A HIGH temperature insulation 
material composed or continuous- 

filament fibres of amorphous 
silica, said to be suitable for 
continuous operation at tem- 
peratures of up to 1000 degrees C 
— and withstanding much higher 
temperatures for short periods 
since it does not melt or 
vaporise below 1700 degrees C 
is being manufactured by The 
Chemical and Insulating Com- 
pany. West Auckland Road. 
Darlington. Co. Durham 
DL3 OUR (0325 53S81). 

Known as Refrasil. it is avail- 
able in various forms, including 
bulk fibre, batt, yarn. rope, cloth, 
tape and sleeving. For the 
molten metal industry, the 
material is said to provide a new 
and often superior alternative to 
materials currently in use. 

A fourfold increase In service 
life has been recorded at a steel- 
works in the U.S.. says ihe com- 
pany. where the opeo-bearth 


Custom-built at high speed 


GEC SEMICONDUCTORS made 
it clear at its Wembley. Middx, 
plant yesterday that whatever 
the imiconn; of the negotiations 
with Fairchild «r any other U.S. 
integral eel circuit company, jt 
will continue to puOi ahead wiih 
till* design and production nf 
circuits Urn are exclusive to the 
customer. 

Business at Wembley has been 
growing at 40 pel cent per 
annum over the last three years 
and • employment has about 
doubled in that tune. Research 
and development expenditure 
has K-en running at about Tim 
per annum and in the last year 
over flm has been spent on 
npit.il equipment, including 
main frame computers for 
d»-*mn. f • t pati-rn generators 
and automatic !e«r<?r.« 

The work has lu*en about 


equally spread over the military, 
telecoms and industrial markets, 
although by 1979 consumer 
circuits — Teletext. Viewdata and 
telephone push button circuits in 
the main — are expected to 
amount to about 15 per cent. 

tiEG Semiconductors is also 
tending to do less work fnr in- 
house purposes— the percentage 
will have dropped from 55 per 
cent to 41) per cent by 1979. It 
claims u growing ability in 
volume production! having sup- 
plied 250.000 push button 
circuits to the Post Office. 

But of particular interest is 
the announcement of Ceilmos. a 
new service in which the 
customer can design a circuit in 
symbolic logic diagram form 
from standard losic cells, or 
circuits from a GEC library. The 
'computer does the rest — apart 
from some customer approval 
and checking — reducing the 


whole design process from 
several weeks to several 
minutes. 

With the design cost thus 
reduced. LSI is opened up to 
manufacturers of quite short 
runs uf instruments. for 
example. 

The computer optimises the 
cell placements and inter-connec- 
tions and prints not only a com- 
plete chip lay-out but also the 
corresponding logic diagram for 
checking against the original 
design, together with a magnetic 
tape. 

Masks arc made from the tape 
on a newly acquired U.S. 
machine at only 10 times full 
size. Replacing all the old 
stripping and peeling processes 
using Rubylith on a drawing 
board, the tape is left to play 
overnight and the masks arc 
ready the next morning for the 
step and repeat cameras. 


door hoses — which are often 
engulfed in flumes, splashed with 
hot metal, and subjected to 
waves of heat reaching 
1600 degrees C— are now sleeved 
with the silica insulation pro- 
tected by thin stainless steel 
mesh. 

At another American steel- 
works, tuyere hoses protected 
with the silica insulation pro- 
vided an alternative to the use 
of solid carbon-steel pipe, and 
despite splashing with molten 
slag, the hoses now last more 
than six months and. being 
flexible, can be replaced in 15 
minutes with one man's labour. 

Thermal conductivity of the 
'material, even in cloth form at a 
temperature of 500 degrees C. is 
only 0.120 watts/m* C and it may 
be quenched from 1000 degrees 
C into cold water without appre- 
ciable effect. A chemically- 
stabilised form, permits con- 
tinuous service at temperatures 
up to 1400 degrees C. 


• MARKETING 

Agreement 
to market 
terminals 

IN A MOVE to expand the 
customer base in the numerical 
control market for its terminals. 
Transdata, the UK-based hard 
copy terminal manufacturer, has 
signed an agreement with 
Ultronic Data Systems (Dowty 
Group), whereby Ultronic wf|I 
exclusively sell Trunsdat'a 
lenninal equipment into the 
numerical control market place; 

UDS is a specialist in n/c 
applications with 14 years 
experience. In the first year of 
its operations, the agreement 
could result in £250.000 of sales 
for Transdata. 

Transdata on IS: 

Ultronic on QMTO9T. " 


and finishing— worth around j vi The loss solvents— a restriction which 

£5m. Over 90 per cent of the c° st of around ifj would not. affect water-borne 

grain or nappa leather (used for h-nm ^larmier coat- eoalin 5S- 

footwear uppers and clothiDg) evaporanon fro i lacq Another problem, which par- 

has some form of surface coat- (55 per cent ] K ticularly affects garments and 

ing. usually based on aqueous on . £? P mShS «_’» * 1 ™ shoes made of white leather, is 

emulsion polymers (acrylic*), SSSSnJE ? ts ner Mnt) migration of the plasticiser from 

cellulosic lacquers and poly- 1 °" es h _ vinyl trim and plastic soles, 

urethanes. Small quantities of Major advantage clauiiea by causes staining and dis- 

proteins and waxes are also Rohm and tor its latest colouration of the leather. The 

used. Handbag manufacture product is that ite new aery hc water-based coatings are said to 
takes about 10 per cent of the top-caat is water-borne instead ^ much more resistant to this 
coated leather produced. of being solvent based. . than containing organic 

in^SppltS? o^hlmirai^^ top^coat £>tenfled to replace ®°uS£ the water-borne coatings 
fieTdhasbeeS thereSctSnif »hc traditional nitrocellulose can ^ ^duce costs, as lacquer 
fhc Slvent content of rhe lacquers and lacquer emulsions emulsion applications can. be 

— h *»■ ^;r me6iatc and final ^ a** 

gone into yus. In both garment and shoe to 25 per cent) solids as convert 

Other factors which na\e manufacture heat plays a part tional coatings. . 

stimulated this work, apart from in lhe processing, and this can Rohm and Haas says that intro- 
rising costs and supply rcstrie- cause disintegration of the top dnetion of the coatings is lead- 
tions, have been the increasing r03t A typical example is ing lo the development of colours 
emphasis on health and safety - W rinkle chasing" on shoes, not previously available. The 
at work, and similar environ- w ben a gas flame is used to pull leathers in these colours have a 
mental considerations. out the wrinkles created at the softer and more natural 

Much of the initial research welt when the upper is attached appearance and they are 
has been concentrated on the to the sole. Ironing is also used expected to make an impact on 
tannery end of the business, and in “finishing'* garments, with the fashion scene later this year, 
according to Rohm and Haas, temperatures reaching 100 deg More from the coranany on at 
one of the leading specialists in C. 6S6 SS44. TONY FRANCE 




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combination which is virtually impossible to match for speed or for cost. 

You can use your own containers and road vehicles in and out of 
terminals, or ours. In either case, legislation restricting drivers' hours and 
mileages causes no problems. 

It could pay you to call us. We offer you a partnership that is unique.” 

Freightiiner - today’s answer to tomorrow’s regulations. 

Freightlme^ Limited. 43 Cardington Stree;. London ,VU 7 3LR. 



Telephone: 01-388 1?60. 




Freightiiner 

ike best of road and rail put together 



O MONEY 

Counting 

banknotes 

A BANKNOTE counting 
machine incorporating micro- 
processor control has been intro- 
duced by De La Rue Crosfield. 

Loose banknotes are loaded 
into the machine at the top in 
quantities of up to 200, and they 
are delivered at the base of the 
machine in the quantity 
requested. 

It will count into pre-set quan- 
ties of 10. 100 and one other 
quantity between 0 and 99 — 
this third quantity can be pre- 
set to suit the customer's par- 
ticular requirement. The LED 
display indicates the Individual 
batch count and a cumulative 
count is retained in the memory 
of the machine, recallable at the 
touch of a button. 

Most significant advantage of 
the machine over other systems, 
says the maker, is its accuracy, 
while maintaining high speed 
counting. The *’ intelligent " 
micro-processor control enables 
the machine to accurately count 
varying conditions of notes. Con- 
stant width and thickness com- 
parisons are made between 
notes: as e result, the machine 
can analyse the notes, including 
those in poor condition (e.g. 
repaired with tape, folded, etc.), 
and determine the actual num- 


ber present so that counting can 
continue Without interruption. 
However, if any note is suspect 
an fcrror code will be displayed 
to warn the operator and the 
machine will stop, enforcing a 
recount. 

More from the company at 
Instruments Division. Walton 
Road, Portsmouth P06 1TJ 
107018 83161). 

• RESEARCH 

Virtues of 
catamarans 

STUDY NOTES of catamarans by 
lbe British Ship Research 
Association. and originally 
confidential to its member com- 
panies. are now available for 
general sale. 

Tbe memorandum summarises 
current international design 
knowledge on catamarans as well 
as information regarding service 
performance, and discusses tbe 
feasibility of building lane, 
high-speed, oceangoing vessels. 
One of the conclusions is that 
catamarans may be superior to 
single-hulled vessels for certain 
applications by virtue of their 
relatively large deck areas and 
good transverse stability, : 
manoeuvrability and ‘ course- 
keeping qualities ahead and 
astern. 

Wallsend Research Station. 
Wallsend. Tyne and Wear'NE28 
6UY. 0632 625242. 


• SAFETY 

Explosions 
less likely 

STORAGE OF inflammable fluids 
in drums is a constant danger, 
and a solution is offered by Beak- 
ha ne of Stourport Road, Kidder- 
minster. with the introduction of 
the Centry Vent III automatic 
safety valve, which is re-usablo 
from drum to drum, reduces air 
pollution and ‘fluid loss apd 
prevents explosion . even when 
the drum is surrounded by fire. 

The all-brass unit cannot be 
dismantled— it is totally taraper- 
proof-4-and is said to be easy to 
instal, with a two-inch thread 
which fits the bung-hole of stan- 
dard drams and con be positioned 
in either the side or end of the 
drum. 

Explosion prevention, smooth 
flow and liquid conservation are 
safd to be tbe three main benefits 
and 'should the drum be sur- 
rounded by fire the gases are 
vented outside automatically. A 
control plunger lifts once the 
pressure reaches 5psi. allowing 
gas to escape through fire 
screens. When fluid is with- 
drawn from drums, atmospheric 
pressure against a disc at the 
base of the .inner chamber of the 
valve compresses a light spring 
and Opens the internal parts to 
break the vacuum automatically, 
offsetting vacuum build-up. thus 
assuring smooth flow. 


« CONFERENCES 

Reaping: 
the wind 

BHRA FLUID Engineering 
hold its sfecdnd intefnati 
symposium do wind, ene 
systems fn Amsterdam -fr 
October 3-6, in conjunction w 
the Netherlands Energy 
Foundation. 

As renewable sources 
energy arc attracting w 
interest ft is considered, at 
stage in the development 
wind, wave and solar energy, t 
amount of power generated a 
tbe cost of its production is Ir 
important than the heed f- 
develop as. many forms of £: 
newable energy as possible. 
a stage which would enable 1- 
reasonable choice 16 be made. >. 

If wind energy is to cootribu 
significantly to energy requiv 
men ts. large aerogenerators w 
have to be used, and . details 
the design, construction and te 
ing of a 17. metre, vertical a>- 
machine will be given in a pap 
from -Sandia Laboratories. V 

Representatives from Japs 
the Netherlands. Sweden and t 
U.S. will describe national wii 
energy programmes. 'and Cecil 
caj sessions will cover siting 
interaction: design and cons 
tion of both horizontal and v 
lical aids turbines; and sped 
applications. 

Registration forms arc ava 
able from the organising sec 
tary, 2 1SWES. BHRA Flu; 
Engineering, Cranfield, Bedfo 
MK43 OAJ (0234 750422). 

• METALWORKING 

Non-ferrous" 
rolling mill 

THE FIRST new rolling mill t- 
be installed in the UK designe 
primarily for rolling continuou 
cast non-ferrous base material 
will be commissioned next Jam^ 
ary at B. Mason and Sons cv 
Birmingham, 

The four-high reversin 
precision mill is to be supplie. 
by Sack Engineering Com pan v';', 
of Wolverhampton and f'!„ 
designed for inclusion in 
streamlined production plan at 
Mason's new Warley factory. 

The mill will reduce niche' v 
silver, phosphor bronze, brus 
and other copper alloy strip,, 
from 12 mm to 2 mm thicknes 
with extremely close thicknes. 
tolerance throughout the lengt '/ 
of the heavyweight continuous 
cast coils. *" 

More from Sack Engineerin,-' ; 
Company, Wolverhampton (0902 
771031).- 


SepuMic National Bank of N6w¥nk 

Consolidated Statement of Condition 

4UNE3M97B 

ASSETS 

Cash and demand accounts $ 174,297,785 

Interest bearing deposits with banks 320,685,269 \ 

Precious metals 58,948,742 . 

investment securities 522,222,094 

Federal funds sold and securities purchased 

under agreements to resell 274,875,000 

Loans, net of unearned income 1,427,055,746 

Allowance tor possible loan losses ■ (26,704,925) 

Loans (net) 1,400,350,821 

Customers' liability under acceptances 105,192,693 

Bank premises and equipment 17,576,335 

Accrued interest receivable 46,080,677 

Other assets 114,457.361 ■ 

S3.034.686.75 7 

LIABILITIES 1 . 

Deposits 52^07,012,379 

Federal funds purchased and Securities sold 

under agreements to repurchase - 254,933,972 

Other liabilities tor borrowed money 2,490,171 

Acceptances outstanding 105,631 ,546 . 

Accrued interest payable 111,533,045 

Other liabilities 82,411,504 

STOCKHOLDER’S EQUITY 

Common stock * 100,000,000 

Surplus 79,346,591 

Surplus representing convertible notes obligation 

assumed by parent corporation 11 ,290,000 

Undivided profits . J 80.037,549 

total stockholder's equity 270.674.140 

S3.034.686.757 

Letters of credit outstanding $ 125,561.144 

The total investment in precious metals and the precious metal content of silver coins ware substantially hedged by forward 
sales. The unhedged portion of this investment was S2.7 mil Ron at June 30, 1978. 

A subsidiary ol REPUBLIC NEW YORK CORPORATION 


REPUBLIC NEW YORK CORPORATION 

SUMMARY OF RESULTS 


‘Fgrthg Sbc Months Ended June 30, 


Net income 

Net income applicable to common stock . . 
Earnings per share of common stock: 

Net income: 

Primary 

Fully diluted 

Dividends declared 


1978 

1977 

312,143,745 

£9,196,120 

10,018,745 

9,196.120 

53.20 

S2S4 

2.96 

2.70 

.76 

.50 




Fifth Avenue at owt street, New Ybdt, NewYbrklOOW 

N4enTbf?r Factors! Becerva System/Metrtoflr Federal Deposft Insurance Cotpcvation 
New IftwX • London • Nassau ■ Ccyiran Islands 
(18 offices in Manhattan, Brooklyn, Queens, & Sgflbk County) 

An affiUaM ol TRADE DEVELOPMENT BANK M0LDM6 SJL Luxembourg 



Helnit. Bogota, Bums Aires, Caracas. &ias». FrarWurVM*n 1 Geneva, Luxembourg, Ma4ou Cfy, MontaMoo, Panama Cily, Paris, Fto de Jmrtra. Sao Paula, Tokyo 





The Financial Times 



jSi? 


One of the world's 

most powerful families 



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Behind everything that BMW does lies 
the basic aim to develop and improve. Even 
if the ‘best’ has already been achieved it can 
always be bettered. For BMW this goes back 
a long way. There were the altitude record 
breaking aero engines of sixty years ago, 
then came the shaft driven motorcycles. And 
today, after a long and continuing career 
of successful motor racing, there is BMW’s 
exclusive range of high performance 


luxury cars. BMW is both unique and highly 
individual. We alone produce a range of 
exceptional cars along with what are 
almost certainly the best supeibikes in the 
world. 

This progression, and the use of power 
and imagination to improve the way and the 
style in which we live, is essential to BMW’s 
philosophy It is something we believe we 
share with those who own a BMW. 


Car prices : 

316 - £4,399. 320 - £5,549. 320A - £5,944. 323i - £6,499. 

518 - £5,799. 518A - £6,194. 520 - £6,749. 520A - £7444. 

525 - £7,779. 525A - £8474. 528i - £8,899. 528iA - £9,294. 
633CSi (A) - £15,379. 728 - £9,849. 728A - £10,284. 

730 - £11,649. 730A - £12,084. 7331 - £12,699. 733iA - £13434. 
Motorcycle prices: R60/7 - £1,699. R80/7 - £1,899. 

R100/7 - £2,099. R100/S - £2,499. R100/RS - £2,999. 

AD car prices include front and rear seat belts, 
car tax and VAT. Number plates and delivery extra. 

Prices correct at time of going to press. 


Leasing. In today’s financial conditions leasing a BMW can create substantial advantages. Your BMW Centre will be happy 
to put you in touch with expert advisors on leasing who can describe the schemes in detail. 


For the joyof motoring. 

BMW Concessionaires (GB) Ltd., 991 Great West Road, Brentford, Middlesex. 01-568 9155. Export, NATO and Diplomatic: 56 Park Lane, London Wl. 01-629 9277. 


i 




14 


THE JOBS COLUMN 


Practical policy for invisible in-betweens 


BY MICHAEL DIXON 


WELL DONE, .the British 
Institute of Management With 
every pointer available t.q me 
now indication an October 
general election, ' the BIM 
emitted yesterday what, to my 
knowledge, is the first manifesto 
of the campaign. 

If the institute has got there 
the fastest with its Managers' 
Manifesto, however, it certainly 
cannot fulfil the .essential 
second condition of the old 
prescription for military success 
by getting there also with the 
nKi West- 

Even if the BBI represented 
all the un -numbered managers 
in the country, they would still 
be a minority (although the 
differential fertility- rates 
between chiefs and Indians in 
the public services, particularly, 
may be working to change this). 

But the institute’s 60.000 
members constitute only a small 
proportion of the managerial 
minority. So there is little 
muscle behind the manifesto's 
demands that the institute 
should have formal representa- 
tion. along with the Confedera- 
tion of British Industry and the 
Trades Union Congress, in the 
extra-parliamentary processes 
which nowadays forge the 
Government’s industrial stra- 
tegy and Budgets. 

These processes, such as the 
National Economic Develop- 
ment Council, while all too 


practical in their effects are 
essentially theoretical processes. 
Their theory is that there, are 
only “two sides” in industry. 
So they are constitutionally in- 
capable of seeing that the 
British Institute of Management 
has anyone to represent. 

The theory of only two sides 
to industry, notionally repre- 
sented on the one hand by the 
CBI and on the other by the 
TUC. is nonsense of course. 
Every day one meets workers 
who are clearly neither capita- 
lists or their lackeys, nor pro- 
letarians. or their vanguard. 


It .is the difficulty — which 
bedevils almost , the whole of 
what", is." .misleadingly tailed 
social' science— of reaching 
watertight definitions of particur 
lag groups of people. 


The institute cannot define 
those whom it thinks it should 
represent by the term “ middle 
managers ” unless it is prepared 
to answer the challenge also to 
define with theoretical precision 
whom- they are between. 


which would, enable ... them 
accurately to ' differentiate , be- 
tween people according to -their 
social class. : So far, .to- my 
knowledge, they have not suc- 
ceeded,. But someone such as 
the head waiter of a good 
restaurant can tell which social 
class -people belong to. and do 
so within extremely fine toler- 
ances, almost as soon as they 
come in through the door. 


Bread ration 


But the practical fact is that 
these in-between people's accus- 
tomed shares of bread and but- 
ter depend not so much on the 
in-betweens' practical existence 
as on their theoretical 
existence. And they currently 
do not have any. 

The institute is no doubt 
right to want to have the pre- 
vailing .theory amended to take 
account of the observable 
reality. But in wishing to 
represent the in-betweens’ 
interests, it is hampered by a 
difficulty which perhaps ex- 
plains why the BIM’s policies 
so often bear a suspicious 
resemblance to those of the 
Confederation of British 
Industry. 


To attempt to do that would 
probably defeat its own purpose. 
Many real managers are likely 
to be too. ambitious to identify 
themselves with the “ middle.'.’ 
And being commonly, pre- 
occupied with pressing problems 
such as how to dissuade the 
ladies on the assembly line from 
all trooping, off .to the washroom 
together, practical managers 
could well not be bothered even 
to read a definition long and 
complex enough to state what 
the “ middle " meant 

Fortunately, there is a 
potential solution.: It lies in the 
fact— rwhieb -constantly irritates 
social -scientists— that human 
distinctions which defy defini- 
tion by the intellect, are often 
easily recognised by the senses. 

Take for example the notion 
of soc:al class, which is 
clearly not quite the. same thing 
as ** socio-economic grouping.” 
Sociologists have for long been 
trying to reach a definition 


Employed 


And in the case of the theoreti- 
cally 'rtoivexment in-betweens, 
the- people who- can be relied 
upon to identify them most 
accurately- &re' s'urely the in- 
betweens themselves. .1 am 
one of them- and so no doubt 
are most of the readers, of 

this column -^—managers and 
specialists who are interested 
in working - primarily. . not as 
employers, -but as people 
employed In or seeking jobs 
whose duties. fttay or 4nay not 
include the reeraitmehf of- staff ' 
on. their employer's behalf. 

' Ironically, one thing we in- 
betweens tend to have in 
common is' a distinct lack of the 
group spirit. Perhaps it is 
because most of us still, having 
done National Service, took the 
serviceman’s traditional solemn 
vow never to join anything else 
ever afterwards, -"not- even 


tSuastmaS dub. - Ski I suspect 
■that few of. .us would. leap to 
join the ‘British iistitarte of 
Management, even in order & 
get some official notice taken of 
us again. 

But the least we can do in 
our own interests -is surely to 
send to the BIM for a copy, price 
75p, of the Managers' Manifesto 
like address is Management 
House, Parker Street London, 
WC2 — telephone 01405 3456). 
Then, if we find .ourselves 
broadly in agreement with it. we 
can write to the institute- saying 
win we are and which partia.? 
meatary constituency we live in, 
roughly what we do and how 
much we are paid, and where 
we disagree with the manifesto's 
statements. 

As a result, "although the BIM 
might not be able to claim the 
in-betweens as members, it 
might have enough data before 
th<? next, election -to wrap some 
statistics around them and so 
give the-’ in-betweens a theo- 
retical existence,” even' if only as 
wobable' voters in marginal 
constituencies. 

The key. question, of course, is 
whether the response to the in- 
stitute’s 'initiative -will be suffi- 
cient to substantiate its case. 
While doubtless joining the BIM 
in hoping so. I cannot feel cer- 
tain one way or ‘.the other. 

. .What. I do .know, however, is 


that unless we d.n-betweens are 
prepared to go to the trouble 
of ma king our presence known 
politically^ we can have, no 
excuse if what G. Wright Mills 
said of the American white- 
collar class eveatuaBy becomes 
true of us. He said: 


“ Whatever common Interests 
they have do not lead to unity; 
whatever future -they have will 
not be of their own making.” 


Gang of Four 


LAST WEEK I wrote that Pete*-, 
Wfenn, formerly of the “Gang 
of Four" economics department 
at the London branch of the 
VS. investment bank White, 
Weld which was acquired in 
April by Merrill Lynch, has 
since moved “ with colleagues ” 
to the other TIB. investment 
bank, Paine Webber. 


This has caused -concern 
among those who have re- 1 
mained with Merrill Lynch, lest 
it should have been 'taken to 
mean .that the whole White. | 
Weld economics department has 
moved elsewhere. 


It has not Although former 
colleagues from other depart- 
ments have also gone to Paine 
Webber, Mr. Wann is the only 
member of the Gang of Four 
to have, done so. • 


MANAGER (DESIGNATE) 
FINANCE AND ADMINISTRATION 


Saudi Arabia 


c£15,000+bonus 

+car+accomodation 


The Manager Initially will fake responsibility for all aspecis of. 

accounting and financial control, leading a small department, establishing 
systems and developing a high standard of management and financial - 
reporting. Providing the local General Manager with a range of financial 
advice and expertise, the Manager will be expected to assume full 
responsibilities in approximately six months. 

Our. client is a US subsidiary providing a range of Industrial inspection 
services in the Middle East. The recently established Saudi Arabian .. 
activities have a current turnover of $4 million which is growing rapidly. 
Applicants should be qualified accountants, under 30, with Industrial 


experience. Please telephone or write to Stephen Blaney B.Corrm, ACA 
717. 


quoting reference 1/1 711 


EMA Management Personnel Ltd. 

Bume House, 88/89 High Holborn. London. WC1V6LR 
- Telephone: 01-242 7773 



UNITED 

INTERNATIONAL 
BANK LIMITED 



UNITED INTERNATIONAL BANK LIMITED is expanding its coverage of 
foreign, exchange markets. Itseeks applications from experienced Foreign 
Exchange Dealers preferably with ^knowledge of Scandinavian currencies- 


Foreign Exchange 
Dealer 


The likely candidates unit be in the age range of 25 to 35 years, with a 
minimum of four years’ dealing experience. Salary and conditions will 
be attractive and commensurate with the responsibilities of the position. 


Applicants should write in confidence, enclosing a copy of their curriculum 
ri tae, to" W. E. Davis Senior Manager — Operations, 
TJNITEDl?*JTE9NATlbNAL BANK IJOVIIFED 
30 Finsbitty^^nare, London EC2 A 1SN, ... ? 

: -'* ' "V‘ ‘ : - 


Director of Administration 
and Finance 


London Area 

Salary negotiable in excess of £17,000. 


i 


i 


This is ah unusual and challenging 
position for a high calibre executive . 
with a proven record. Since it is a 
completely new post it offers the 
opportunity of helping to implement 
systems within the team framework 
of a subsidiary* of a major public 
quoted group. . 

You will probably be around fifty 
years of age with an accountancy 
qualification and administrative 
experience at director level. Previous 
experience with one or more large, 
multi-department companies, computer 


user’s techniques and Company 
Secretarial work is essential. _ 


i Birmingham; 


You must certainly cniuy the 
responsibility of a fast moving and 
demanding environment and a motor 
industry background would be . 
especially relevant 


The generous salary company car 
and pension arrangements available 
are each negotiable in detail in order 
to proride a total rew ard package 
tailor-made to. lit the circumstances 
of the executive appointed/ 


Applicants, male or female, please telephone Peter Wragg on 01-903 9477 
or write to' the Recruirraem Manager, quoting ret. A1 156$, Aplin Phillimorc Associates, 
Circle House North,. 69-71 Wembley Hill Road, Wembley, Middlesex, HA9 t-BL. 


.. About £10,000 initially • 

.plus car... 

A substantial non-ferrous semis profit centre, part of a major 
group, needs a commercially-orientated Finance Director. The unit 
(£27m turnover) is a significant contributor to group profits. 

The major business priorities to which the Finance Director will be 
expected to make a real contribution are the maximisation of profit 
levels and the development of future business strategy. He/sha will 
join an existing team of able fellow directors, median age 44. He/sha 
should be able to think ahead and develop beyond the financial disci- 
pline since opportunities exist for profession within both the unit and 
parent group. 

The minimum enters are considered to be:- 
I'X age, 30 to 45 years 

ra a qualified accountant, ideally with a graduate or MBA background 

management experience, as head of an accounting function in a medium 
sized company, or as deputy in a larger unit, preferably operating in a. 
1 ^./rjpta.ls environment. . 

^★■broad. based commercial knowledge; -outside the normally accepted 
' *•’ • ' '■ financiaf accounting territory. 

This is a restructured position and will include responsibility for the 
- - ' • metals buying function. 

A realistic, results geared salary package is on offer. Generous 
relocation expenses are available if necessary. 


^vlB>ir lflMIWUnilHI IIBMIOlBlI? £& 

EXECUTIVE SEARCH &. RECRUITMENT SPECIALISTS 


FINANCIAL C0NTR0LLEI 


c.£12,000+car 


Dubai 


Our client, established for 25 
years, imports a variety of 
consumer durables including 
motor vehicles, builders’ 
hardware and electrical 
equipment. The company has 
branches in five United Arab 
Emirates and Oman and is 
expanding. 


In wholesaling and 
distribution. He will be . 
responsible to the General 
Manager for the organisation, 
control and administration of 
the finance function. 


Please write; setting out your busine 
■ experienca-against the above 
criteria. 

R.C.B. Darvall, 

; Expcuthre Resources Ltd* 

'■ •City "Centre House, 

Union Street. 
Birmingham B2 4SR. 

Tel: 021-6436070. 


Wo am looking for a qualified 
accountant about 30 years of 
age preferably with experience 


The 2 year contract terms 
include salary, motor car, 
furnished accommodation, 
free medical services and 
passage paid. 


at. 

Accountant 


Interview* will be held in Birmingham, Edinburgh or London. 


Applicants should apply for a Personal History Form quoting 
IQi AC162 to 


A turnover of around £70 miffioo 

_. - per year and a sophisticated 

np> mm marketing operation for leading hi-fi. photographic and 
jL&mB *3 V t * iearre equipment puts Rank Audio Visual with die 

” front-runners in a highly competitive business. An efficient 

accounting service is, of course, an important Ingredient In our continuing 
success bur. In addition to providing this service, the qualified Accountant we 
need at our Brentford headquarters should be interested in improving the 
existing systems within the central financial function. 


Roy Jones, 

Thornton Baker Personnel Services Ltd., 

Kennedy Tower, St. Chad’s Queensway, Birmingham- B4 BEL. 

A member of the Management Consultants Association. 


_ The ideal man or woman should have had at least two years’ post-qualification 
experience, preferably in industry; and a knowledge of computerised systems. 

Agleasant diplomatic manner is essentiaias youtl be dealing with management 

at all levels within the Rank Organisation and up-to-date knowledge ofwages 
procedures .udff prove Useful-''-" ' 


PersqhrieFdnd-. Industrial' Rctationi- Consult* 


FINANCIAL PR EXECUTIVE 


Leading international public relations organisation seeks qualified 
individual lor its London office to assist managng director, interact 
between clients and members of financial community in the U.K. 
and on the Continent. Excellent career opportunity. Compensation 
£5,000 per annum. Please send resume to 

Box F.1038, Financial Times, 10. Cannon Street. EC-4P 4BY. 


AGGOUNTANT £8,000! 


Lloyds insurance and short term 
money market investment- ex- 
perience essential, required by 
City brokers. 

Personnel Appointments 
01-588 7921 



Salary for this position is negotiable around the figure above and ffiehoiefits 
package is exactly as you’d expect from tins successful organisation. 

Please telephoned- write with foil career details to 
Valerie Hutchings, Pasoan el and Training Offices; Bank Audio 
Visual. PO Boot 70. The Greet West Road. B re n t f ord. Middlesex, 
\. Tel: (OIJ 568 9222 ext 640. 



RANK AUDIO VISUAL 


Financial times Thursday My . 2$, jgjrs 


TAXATION 
CONSULTANT 11 


for a; city firm eff 


x - — \ t 


Chartered 

Accountants 


r 4 

-v 


His or her main functions \vill be tojiv# 
advice on taxation to the corporate 
clients, to undertake tax planning and to corij 
duct research into the effects of recent an 
likely future legislation. He/sbe iyilUea 
for the firm in all important tax negotiations. 



Expertise in financial legislation and 
powers of articulate presentation are the key 
requirements. Youth will be no bat to this 
appointment which is genuinely intended to 
lead to partnership. 

Salary negotiable and will extend into: five 
figures; ■ ■ 



Replies to Box A.64I5, Financial Times, 
10, Cannon Street, EC4P 4BY. 




V L- 


Administration Officer, 
Pension Fund 
Investments 


VICTORIA 

Our Client is the Pension Fund of a 
major nationalised industry, with, assets 
exceeding £800 millions. 

The present appointment involves 


thaFund'sUK and foreign investments . 

In addition to the maintenance of all 
investment records, the post will cover all; 
settlements, supervision of bank balances, 
preparation of regular analyses of 
transactions, and some responsibility in 
respect of short-term cash deposits. 

The successful candidate will be 
expected to contribute to efficiency through 
both the development of existing systems and 
by future innovation. There shouIdalsoLje • 
die ability both to work with minimum 
direction and to supervise an assistant. 

• Experience of Stock Exchange practices 
and accounting procedures is essential. 
Please write in the first instance, 
enclosing details, to the address below. 
(Reference 784 must be quoted on your 
envelope. Enclose separately a note of any 
companies to which your applicaffon should 
>HQtheseht)_-'._ • 

. . Ronald Fairbaim, Everetts Recruitment 

10 Greycoat P]a<^, London SW IP IS£ - 


.. EVERETTS recruitoi 





Accountant 


IV •' . 


Our client, one of the Middle East’s leading 
building contractors, has an opening for a 
young qualified .or part-quafified manage-,.-, 
ment accountant to be based at the' centre ' 
of their overseas operations in the UAE. ■ 
Prime functions will be : — 

★ Control of company bank account 

★ Quarterly Accounts/lnteirial Audit 

★ Ensuring proper insurance coverings 

★ Involvement in non-cont ractural 
legal matters . . ' 

Ideally for this position applicants will be im- 
aged between 27-32 and wlll have been' - 
directly involved for the past three years- ^ ' 
in a civil engineenhg/building 'envirbnment' . 
or alternatively closely affiliated.' 

An attractive tax free overseas rsalary.aiirf - • 
'package will be offered, plus the.cho^ce of . 
married or single status accommodation. 
Please write enclosing detaite.of career v ,-t 
and qualifications to Refi-MA 149, . ■ 

Robert M aishall Advertising Limited, 

30 Well ington Street, London WC2E 7BD. 


Robert Marshall 
Advertising Limited 


PA/ 


Management Careers 
in Oil Finance 


ACA, mid 20*s — Salary range £6,500-£7,500 


An accelerated progra mm e of personal development In | 


Financial Management has been designed to strengthen and 

consolidate worldwide integrated petroleum operations 


— ; worldwide integrated ^,-UVIVIUU 

which cover exploration and development of cruder oil and 
natural gas resources. . •* . - 


In your first year, you will be -based, at the. I^qdon',Head 
.Office, assignments, are varied, and' include negotiations 
with contractors in the U1K. and Europe. You Will. nave 
the opportunity in your second year to transfer to the Group 
Bead Office la California- to complete your introduction to 
die international perwork of . operations.: _ 

-Your career options- are many -and varied, . - you -, may 
remain Head Office based, take up .'a line appointment 
within the U.K. operating subsidiaries, move into. Financial 
Management of an overseas, operation or ftirthen'our 
investigational exposure through worldwide'assignments. 
This career challenge Is open- to jtiung Accountanbf' with 
the confidence to develop .quickly into Financial Managers, 
For an initial exchange of information .contact Robert Miles 
on 01-248 6321. 


k :, ‘ 


1 PERSONNEL RESOURCES LIMITEm"^ 
.4 member of the Financial 'tebkniqtiej: Gyv p 

Hill gate House, Old Bailey, London EC4M.THS. 



L.qpy-^1 







E 

Mi; 


if,: Untc. 


Hi 

~v 


Management Consultant _ 

Computers 

West Yorkshire, to £8,000 

Chartered Accountantc Sta ^ l ' 5 ^ ed and r ,? Spe ? e . d firm of inteTTO S*tion and data capture technlques for large client 
both nationaJiv ^ n n8 -2? a broad C,,ent base ' nstai,atl 'ons. Candidates aged 28 to 40 will have a decree or 

a professional 1,002 y> T 1 ?® requirement is for professional qualification with up to date knowledge of the ' 

Advisorv S^rviroc iy Management market place and sound computer, experience either in a 

Executive nir«-t rt r^L!l IV,SI0 u 0 .- Reporting to the consultancy capacity or senior management position, 

feasibility «LS 0nS!b, i lty j'V be ‘ n tN Y° Additionally they will be self-starters with the imagination 

* . . ^ selection and advice on the installation of and confidence necessary to operate at senior executive level 
-c mputers for clients, together with program in all aspects of industry, commerce and local government 
implementation; file The benefits package and prospects are first class. 

P.Adderfey, Ref; 17110/ FT 

\ A *^5 or female candidates should telephone in con fldence for a Personal Hisiorv Form to: 

^ Jb. - LEEDS: 0532-448661 1 Minerva House. 29 East Parade, LSI 5RX. ‘ > 


h\ecuti\L* Selection Coiisulumts 

BIRMINGHAM, CARDIFF, GLASGOW. LEEDS, LONDON'. MANCHESTER, NEWCASTLE, wd SHEFFIELD. 


GROUP FINANCIAL 
ACCOUNTANT 

West -Midlands 
from £7,500 -r Car 

An expanding Engineering Group 
requires a financial Accountant. 

Reporting tq the Group Financial 
Controller, the Financial 
Accountant will be responsible 
for the financial and management 
accounting function. 

Candidates, should be between 
30 and 35 years of age and must 
have a recognised accountancy 
qualification, together with con- 
siderable experience in industry. 

The Initial salary is negotiable 
from £7,500, and a company car 
will be provided. There is an 
excellent pension scheme and 
assistance will be given with 
relocation expenses, if necessary. 

Write Box A .6422, 
.Financial Times. 

10 ,. Cannon Street. EC4P 4 BY. 


CONTROLLER AND 
COMPANY SECRETARY 


Berkshire 


c. £8,000 + Car 


Our client the UK subsidiary of a US based corporation, imports 
and markets brand leading consumer products to retailers in an 
established but competitive environment 

Prompt and meaningful reporting of trading trends and results, 
combined with tight controls over inventories, receivables and 
cash flow, are essential to the company's future prosperity. A 
male or female qualified Accountant, with appropriate com- 
mercial experience is therefore sought who will report to, and 
work closely with, the UK Managing Direcfor: 

Initiatrve in accounting and financial matters and an ambitious 
concern for overall business development are qualities which 
will be recognised and suitably rewarded. 

Please send brief personal and career details, in confidence, and 
quoting reference AB9 to : 


DouglasG. Mizon, 
Whinney Murray & Co., 
57 Chiswell Street 
London EC1Y4SY 


w 

M 


Executive 



'TAXATION 
MANAGER 

International Operations 

c. £10,000 & car 

The Quarry Products Division is a highly successful 
member of the Tarmac Group. We are leaders in the 
aggregates industry with diverse operations on an 
international scale. To meet the increasingly 
complex problems of taxation in a £170m+ 
turnover business, we are making af new. appointment 
of Divisional Taxation Manager. The effective 
management of our corporate taxation affairs is 
crucial and the requirements of this post are 
correspondingly demanding. The-Taxation Manager 
will operate in a multi company context including 
overseas companies, providing comprehensive advice 
and direct involvement in a very wide range of 
taxation affairs. 

Applicants must be professionally qualified, 
preferably in Accountancy, and havg at least 5 years' 
in depth experience of corporate taxation and 
related areas, gained in industry, the- profession or the 
Inland Revenue. Senior management experience is 
essential, coupled with the ability to.deai effectively 
with directors, colleagues and outside-agencies. 

We offer a challenging new appointment with 
excellent career possibilities in an international group. 
The salary and benefits package will be in line with 
large company practice, and includes a first class 
contributory pension and life assurance scheme. 

Candidates, male/female, should write with full c.v. 
to:- . . “ 

R.D. Symons, 

Tarmac Roadstone Hoidings Ltd., 

Roadstone House, P.O. Box 44, 

50 Waterloo Road, j 

L - Wolverhampton -WV1 4RU. * 


C.IJS$35,000 4- AccommodatioiifCary bonus 


The Gulf 



One oFiiie largest craiimerciaT banks^i 
The Gulf, now - inaphase of dynamic expan- 
sion, requires a loan executive in its invest- 
ment and corporate finance department to 
assist an established team in developing 
its international lending operations. 

Candidates in their early thirties, should, 
have a sound background of putting 
together syndicated loans and/or perfor- 


mance guarantees and all aspects of 
international trade financing, together in 
each case with a detailed, knowledge of 
documentation. This appointment offers 
excellent scope for career development and 
capital accumulation. 

Benefits include free medical facilities 
and 45 days holiday each yean Renewable 
contracts are for 2 years. 


Lij 


81 

iSS 


Applications in confidence/uuoting’ ref: 6264 to B. G. Luxton, Mervyn Hughes 
Group, 2/3 Cursitf.r Street, London EC4A INE.Tfet 03.-104 580L 


rap, 2/3 Canritfo: Street, London EC4A lNE.TteL 01-404 58QL 

Mervyn Hughes Group 

... Management Recruitment Consultants 


Regional 

Financial Director 


A Fortune 100 U.S. based multi-national in health 
care consumer products seeks a Regional 
Financial Director for Bendux'Scandinavia. Based 
in Amsterdam and reporting to the Regional 
Director, responsbfflties indude the roles of Chief 
Financial Officer. Netherlands, and Senior financial 
Staff Officer in the region for treasuiy, accounting, 
EDP and legal functions. 

The position requires a CPA or equivalent 

accounting quafification. or an MBA, 10-1 5 years in 


controller and-or treasury functions wiffi; 
manufacturing multi-nationals, now in a senior 
capacity. Some auditing of banking experience is 
desirable. The post offers excetenl rerriiFTeration 
and opportunity for a performance oriented, 
creative yet pragmatic financial man. 

The identity of candidates will not be revealed to 
our client without prior-permission. 
Applications, quoting Ref. AI927IFT. should 
include details ol age, experience and current 
salary and besentto: 


PA Management Consultants BV 

1 84 Keterogracht, 101 6 DW Amsterdam, Holland. Tel: Amsterdam 25 66 82 



A member of FA troemaftirat 


Pensions Administrator 

Central London to £8000 

Consumers' Association, (T/O £6m) pufaUshersof Which? magazine, have 
created the post of Pensions AdminfetratocThey havsintnindsomeane 
# Mirth wide experience of oensions and related financial 


matters aT88ITOrpercKJitiioi auuo poiiwiaiinw* kwmo 

Head of Finance, the Administrator will boresponsible'fiDrtheinanagernent 
and routine operation of the pension scheme (including maintenance of 
records) counselling staff, liaising with the major insurance company 
f undina the scheme and acting as Secretary to theTrusteesof the Pension . 
SS Apply toRP.CARPHNTER FCA, FCMA.ACIS/-3 DeW&den 
Court, 85 New Cavendish Street, London W1M 7RA. Teh 01-636 0761- 


Wimm 


SENIOR INTERNAL 
AUDITOR— BANKING 

Age 2845 £ negotiable 

Intemation al. 'Merchant JBank til toe City requires able 
and decisive person to assume responsibility for its 
Audit function. 

The successful Candidate will have au in-depth know- 
ledge of Internal Audit -work, and be fully conversant 
■with the accounting required for foreign Exchange and 
Eurobond Trading. 

This is a key appointment, and toe appointee will report 
directly to toe Chief Executive. 

To discuss this position, in complete confidence, please 
telephone Rod Jordan (General Manager) 


BANKING PERSONNEL 

■a 1/42 London Wan - London ECS-Totephono: D1-5SS 0781 


Opportunities 
in Man^Broking 

Xve re looking for ambitions- people to join our 
expanding organisation. We are M.W. Marshall & 

Co. Ltd, one of the world’s leading international 
Money Brokers, and we have vacancies lor dialers in a, 
number of departments in our Loudon office. - 
The job calls tbreaeigy and in id ari ve with the 
ability to work as a member oU small close-knit Beam, 

These qoaJides are more impo oan t chan 

. experience. although a iinancul background^ would 

be an advantage. 

IVeofferacompetitivessLtrywhicfLafitera ’ • 
period of training, will be related to initiariveand 
performance. There are also excellent opportunities 
to work in one ofour 1 2 overseas offices. 

If you are interested in pining ns. please write, 
with full detai Is oi y our career ro M.J.Vanen, 

Managing Director. M.Vi. Man>ha5! & Co. Ltd., 

M Cm non Street, London, EGiN 6LU. 

Marshalls . 


MAYFAIR ESTATE AGENTS 

ACCOUNTANT 

PROPERTY MANAGEMENT DIVISION 

An opportunity exists for an ambitious -. ‘accountant 
capable of controlling a mechanised system: in property 
management and able to present information required 
by manag»,mp!nt and clients. The role vnll be. demanding 
and interesting ' and full responsibility win be' given In 
this expanding division. A good salary will he offered 
with scope for advancement... 

Please ring Christopher Blyth TeL OWN 9863 


Corporate Finance 

Leading International Merchant Bank 
seeks an MBA. 

Our Cfient is a prominent arid well established Merchant Bank with an active 
and diversified Corporate Finance department 

Expansion of toe department's activity necessitates toe recruitment of an 
additional team member to assist in the development of the bank's fee-earning 
and specialist financing activities which include cross border leasing and 
taxation consultancy. 

Idea! candidates for this position will be numerate business graduates, probably 
in their late 20's, with a background in corporate-finance and/or leasing with an 
international or merchant bank. Personal qualities of initiative, maturity and 
seif-motivation are regarded as essential, particularly since a high degree of 
customer contact and some international travel will be involved. 

This is a most attractive and challenging role with a compensation package to 
match. 

Contact A J .Tucker M A., A.l .B. in confidence on 
01-248 3812 


NPA Recruitment Services Ltd 

60 Cheapsidt? ■ London EC2 • Telephone: 0 T 248 38 1 2/ 3/4/5 


N. M. Rothschild & Sons Limited 

Latin America 


N. M. Rothschild ErSons seek an additional executive far their Latin American 
team.The work Involved would have a bias towards corporatefinance. 

The ideal candidate would probably be aged 25-30 and would have 
3-4 years' experience in merchant banking or other financial activity, such 
as accountancy, law or other financial aspects of industry or commerce. 

Knowledge of Portuguese or Spanish or, alternatively, a proven ability to learn 
languages, would be essential. 

After some months in London to become thoroughly conversant with the 
business of the firm, the person chosen would be expected during his career 
to work for periods in our Latin American offices as well as in London. 

Please writein strict confidence with full details of career to date to> 


Personnel Director, 

N.M. Rothschild & Sons Limited, 
New Court, St. Swith in's Lane, 
London EC4P4DU. 



CREDIT ANALYST 

North American bank wishes to appoint an experienced analyst with international 
banking background to provide back-up to lending officers. The post entails credit 
analysis as well as client contact and could lead to lending officer status. Ideally 
aged between 25/35 with possibly a degree or professional qualification. Salary 
Up to £7,000. 


ACCOUNTS MANAGER 

A North American bank seeks to 
appoint a person in . their mid .20's 
who has either recently qualified in 
toe accounting profession or, alterna- 
tively had 3/4 years* experience of 
computerised accounting systems. Bank 
of England and VAT returns, 'and' 
internal management reporting. Ex- 
cellent future prospects. Salary up to 
£7,000. 


LOANS 

ADMINISTRATION 

We~ presently seek - two"*people with 
, experience in Eurodollar syndication 
loans, documentation, agreements, rate 
-taxings.. *«L--Saiary '.will he. -untmd*-i y £ 
£6.000 and toe position could lead to 6 
credit analysis or corporate finance 
for toe right candidates. 


These positions are open to male or female applicants. 

BSB BankingAppointments 

115-117 GmimStrvet, Lo/kiouEC4N 5 AX Tehpbone 01-623 73178:01-6239161 
Recruitment Consultants 


ASTLEY & PEARCE 
LIMITED 

Vacancies exist for Foreign Exchange personnel with two 
or more years experience. 

Please reply, in confidence, to The Director, Foreign 
Exchange, 20 St. Swi thin's Lane, London EC4N SEN. 



Jonathan Wren * Banking Appointments 

The personnel consultancy dealing exclusively with the banking profession 


BANKING HALL MANAGER c. £9,000 

A leading Accepting House requires an experienced banker to manage 
its West End office Banking Hall. The ideal candidate will be working 
for a clearing bank branch in the West End, probably as an assistant 
manager. The position will involve considerable customer contact, 
developing new business and maintaining existing relationships. 

Contact: Mike Pope 

PENSIONS/BENEFITS ADMINISTRATION £ Negotiable 

This vacancy occurs within the Personnel Department of a leading 
merchantbank (Member of the Accepting Houses Committee). The bank 
wishes to engage a person who has substantial experience to offer in the 
field of Fringe Benefit Administration, and who, in particular, can show a 
creative approach to the tailoring of individual pensions while working 
in conjunction with professional advisers. The successful candidate will 
work within a professional personnel team and will receive a generous 
salary commensurate with experience. 

Contact: David Grove 

GRADUATE CLEARING BANKER c. £5,000 

We have been requested by a number of banks to seek young people, 
23/28, who upon graduating from university within the past few years, 
joined 'a Joint Stock Bank but now find thai advancement is blocked. The 
positions include Trainee Credit Analyst, Corp°r ate Finance Trainee and 
an entry into the International Lending field is offered. A business 
oriented degree and knowledge of another European language would 
be an added advantage. 

Contact* Richard Meredith 


170 Bishopsgate London EC2M4LX 01-623 1266/7/8/9 








J 


Young Financial Controller 

Hertfordshire, from £10,000 + car 

Our client is the UK subsidiary, turnover, company, managing a department of 55, 

£100 million, of the largest US pharmaceutical - including 4 qualified staff. The ideal candidate ' 
-corporation. Internal promotion in the UK ‘will be aged 28-32, qualified,; experienced in 
compauy-has created this, new .position:-; US- oriented operations, and able to demonstrate 
report ing to .the Director T Ahe function - particular strengths in man - management 

will, have .full responsibility for. and EDP. The prospects for ajgood .. . . - - 
■' financial control' vvithiji the ; performer are. exceNent. A *;• .. "t-V • 

. Mrs. Indira Brown,- Ref : 19 1 09 1 FT- - 

. . > Male or female candidates should telephone in confidence fora Personal Hjstory Form to: 

• A ■- LONDON : 01-734 6852, Sutherland House,- 5/6 Argyll- Street, M HE 6EZ . 


Executive Selection Consultants . * 

BIRMINGHAM. CARDIFF, GLASGOW; L£ED5, LONDON. MANCHESTER. NEWCASTLE and SHEFFIELD. 


Financial Times .Thursday Jady^ 20 1978 


RECRUITMENT ADVERTISING fISI 

35 Mew Broad Street, London EC2IV1 1MH ■HR'I 
Tel: 01-5BS 3588 or 01-5SS 3576 RfM 

Telex Wo.337374 XUM 


THE 15 A UNIQUE OPPORTUNITY FOR A UNIQUE PERSON —HENCE SALARY NEGOTIABLE. . 

FINANCIAL CONTROLLER AGED 35-50 

Db*;/; : * •■*: - ‘ ‘ ;«■ ' *\ ' NEGOTIABLE SALARY 

food Manufacturers' With turnover in excess, of £150 million 

The successful candid we will be responsible direct to the Board of this major subsidiary of an international food group for 
the complete accounting function of over 20 operating units In the United Kingdom. Having proved his/her worth as a member 
of a sma || and energetic management team, a Board appoincment could be anticipated. He/she must have M itfmc experience 
In a substantial manufacturing company: This is a uniqud opportunity for a unique person — hence salary, negotiable. 

Please- write in confidence so: *• 

L Gi HARPER, HOWARD, TILLY & CO- COMMONWEALTH HOUSE, 1 NEW OXFORD STREET. LONDON WQA 1PF 


A-Jeading: international financial institution of the 

highest reputation is anxious to attract a - • 


Major International Company 
Central London: c £12,000 and car 

Following a'pfomotionandrecentre-organisation, an • 
experienced Company Secretary is required for the principal 
operating subsidiary of. a leading bfue-chip group. In addition 
:o the full range of secretarial functions which are supported 
by specialists, the appointment involves an additional role of 
. w adyisory.an'd commi&icatians nature at various levels 
hroughout the group within a small team in Central London . . 

Candidates should be university graduates, probably aged 30 
' v 35, and shoUld be chartered secretaries or legally qualified. 
Relevant experience in a sophisticated group would be 
preferred. 

Exceptional prospects of advancement are planned leading tc 
oromotion. . * 

Rlease telephone (01-623 1844 at any time ) or write for 
; n formation^ quoting ret BS 180, toB. G. Woodrow, 

MSL, 17 Stratton Street, Condon W7X 6D8. 

This appointment is open to nien.and women.- 


Manager 

who will be engaged in identifying, analysing, 

-. . structuring and salting financial services.in the 
- * ■ Middle and Far East. 

It is considered essential that candidates should 
have had experience in developing countries and in 
the marketing and selling of financial services in 
addition to previous service in investment or ,~ 

-. c ; commercial banking} or ajtefnatqgdy »r£q- . . 
t : -multinational compcbijr- | 

The requirement is for sofaeone with 
t- entrepreneurial instincts and an excellent 
- : educational background, which could indude an . 
"• or d .legal degree. In view of the emphasis 

which Is placed upon the quality and attainments of 
the successful candidate, the salary and other fringe 
benefits offered are particularly attractive. 

Comprehensive details of career should be sent ' 
in confidence to: 


Box 2 T4TTOou(d& Porfmads Limited, ; _ 
Caroiinejfouse, $5/57 High Holbom, tondonWCl 




SPECIALIST 
• RECRUITMENT 


Sj af»7 i $ ffVii 3 AL 

•jLyikU 


hLiLiL^lii l 




n 


■ 

n 

n 

n 

r • 

1 1 

Ri 



lI 

u 

i 

L 

1 1 


1 i 

L 1 




Supply 

Difiwe FjiuipmentCmttw^() r cetmis 

for International Military Services limited who are contractors and 
ict as the commercial arm of the M.O.D. In ten years the Company 
-las built u p turnover of £2 50m . a, year : it is still growing steadily . 

This is a new appointment with accountability to a Main Board - 
Director for the general management of a division with a staff of 50 
ind with a contract turnover of £ 185m. a year. The task is to follow 
ip sales initiatives, to negotiate and ensure the procurement 
jf equipment and the fulfilment of contracts for the supply of defence 
jquipment and systems. Close co-operation with British 
manufacturers and the M.O.D. is essential. 

Candidates, not over 55, must be able to demonstrate, from their 
background and experience of export business in capital industry . 
an ability to handle defence sales to overseas governments. 

Commencing salary not less than £10,000 p.a., London based. 

Please telephone (01-629 1844 at any time) or write - in 
confidence - for more information and application form. 

G. V. Barker-Benfield ref. B.8187. 


I in- .if/Vi itWuii >■ Id wtn jjui ru •mfi 


United Kingdom Australia Belgian, Canaia 
France .Germarv HoHanc kei^ma. Isa;> 

.New Zealand South Afrl,^ South Amerira 
Swederv-Switrerianu u S A. 


International Management Consultants 
17 Stratton Street London W1X 6DB 


Due to rapid growth, a well established firm of solicitors, 
nidi offices in the Qty and Guildford, specialising in 
sju'pping, insurance and transportation work. wishes to 
• appoint a young Accounum based in Guildford, to 
assist the firm's Partnership Secretary in a wide range of 
activities. 

The candidate appointed to -this new position will be ‘ 
responsible for die preparation of the firm's financial and 
management accounts and the administration of the 
Accounts Department. Additional duties will include ;■ 
aspects of office and personnel administration as wefl as , 
the transfer of managemen t information from its present 
mechanised form to a computerised system. 

Suitable applicants will be qualified accountants in tbeir 
carly twenties.- A 'salary of £7j000 including bonus wifl 
be offered, together with other fringe benefits. 

Please ’phone for application form, or write with 
adequate particulars to Diana Ashman, Personnel-. '■ 
Services Division of:- 


Spicer and Feeler 
■Management Consultants, 
3 Bevis Marks, 

London EC3A7HL. 

Tel: 01-283 26S3 


BANK APPOINTMENTS 

FX DEALERS '■ V': '’’ * ' - * £7,500-68.000 

2 vacancies. Agt 25-K’up to 5 years’ deiling experience. • 

STERLING ‘DEALER’": . £7JK»-£8 f 0Q0 

Age 254-. with good- previous banking experience. - 

HEAD OF IMPORT /EXPORT SECTION £5.000^7300 

,Age 35-45. Fully experienced ECGD with working, knowledge of 
European finance availability. 

’ INTERNAL AUDIT - ... £S,Q00-£6,000 

2 vacancies. Age 30'ish. International or Merchant Bank background. 

CREDIT CONTROL/LOANS ADMIN, age 25-30. £55QQr£6 I SQ0 

EUROBOND SETTLEMENTS PEOPLE ■' £3500 

• 2 vacancies. Age 20+.- 


For these and many others call. Delhi Franklin • • 
248 6071 or 236 0691 
ALANGATE EMPLOYMENT AGENCY ' ' 


COMMERCIAL MANAGER 

Age 28 40 c£,,500 

A well-known Gty Bank seeks to appoint a mature, and capable Banker with extensive knowledge 
of import/export .finance gained from within an IntemattonRi Banking Houv. Full exposure 
to* E.C.G.Oi negotiations and agreements is essential, as is the ability to represent 'the. Bank. 
-European languages would be an additional, advantage, and the- successful candidate wiU exhibit 
personal qualities of leadership- and self-motivation. " 

-. ,in the first instance, please telephone, in confide nce . Mark Stevens 

ACC0UHTS MANAGER 1 TRAINEE Cmn ANALYST 

Ape 25-30 c£6,750 ^Agre 23^26 ; £5,250 

Expanding Bank in Gty requires- person with Major U.S. Bank seeks 3 young Bankers with 

minimum 4- -years’,. experience in all aspects sound Charged Secu pries experience and min. 

~ of currency* accounts, to control department " Part- 1 AJ.B. to join tending teams.- ideal 
of 6 staff. Fringe benefits include bonus. opportunity for ambitious Clearing Banker. 
Please telephone Rod Iordan Please telephone Brian Durham 


- . Jf you ore seeking to ’further your coreer in Booking, our Consultants Would be oniy.too 

pleased to discuss your requirements ' 

'■J.- — _ 

^BANKING PERSONNEL B 

■41/42 London Wall -London EC2- Telephone: OT-.58S 0781 j 1 


FINANCIAL CONTROLLER g 

■ ^ lAUDI ARABIA | 

- : *;"'c. £16,000 p^u .Tax: free--*. g 

Our diehts, a rnajor adminiscrauaii.and support -services company, who are expand- ||| 
ing their operations in the Middle East, are currently seeking a Financial Controller n 
to be based at fiiedr Headquarters in Dammanu. Applicants should be professionally W 
qualified, have strong financial management experience', coupled with an entrepren- H 
eurial flare, and be able to cope with a rapid expansion programme: H 

The post will involve considerable travel within' dtV Kingdom and will beinidally on jg 
an unaccompanied basis although inazried status will -be considered after a three- M 
month period. Fringe benefits commensurate ynifr the importance of the post will be ■ 
provided with a g&nerous leave allowance. ' . .. -j j r , . g| 

Applicants should write with career res^d quophgjeferdice 12FC/I6I m:— ' fl| 





: Accounting find Administration 

~ ''Trarisport "International PooL world leader in Trailer rentals, and part of an 
international transport management group whose sales revenue in 1977 
exceeded $200 million, seeks a General Manager, Accounting . and Ad- 
: . mi nisi ration, to be based in its Amsterdam Off ice. \ . 

If you are aged between 30 and 40, are a qualified accourtant, and^re used-to 
• contributing significantly to the efficiency and. prof itabilitirof companies with 
which .you have been involved, then you could be the person |ve areseekihg.- 
If ; in addition, you have at least five years' management exparience" are fluent in 
English and. German, and preferably also in French and butch, and would 
welcome the chance to be part of the management- teanl'pf*'a-fast-growing 
company, in a new and exciting field. - ; J ] 

. Please write in confidence, io A. Cleary, Transplr^la^ernfitionel 
• > PooIrLtdV Star House, 69-71 Clarerfdort Road, Watfo rd^Herts. , giving a 
day-time'telephone number. 

Salary wiif not be a limiting factor for the right person of either sex. 

Tr a ns po rt Jntiemati oh a I Po o I 


DIVIDENDS 

CLERK 

c. £5.000 inc. bonus. Age 20+ 
Ring .Mr. Robson , 

C.B. PERSONNEL ' 
01-493 5641. 


INDUSTRIAL RELATIONS 
MANAGER— EUROPE 

FROM: £10,000 




(ho independent oil exploration company based in 5:. Jimes's has' an 
immediate vacancy few a young, experienced arid imaginative -. 

CHIEF ACCOUNTANT 

to exercise v» a small manual ' accounts department.” integrated 
fiscal control of a diverse group of companies. 

The successful- applicant, who must be qualified. -wifi .be directly 
responsible to the Financial Director. He/she rou« "however have 
not only the ability. function .iuranoinously. but also- the wish to 
quickly become' part .of .tfie. management ceam of a progressive 
Company. 

Salary and ben ofi:«‘ wilt be” highly -cbWbetlcive' fbr "flfe " right 
person, and commensurate with the challenging and responsible 
position offered. 

P(e<ase send n brief bu! comprehensive CV with fujl details of your 
profess '0110/ erDe nonce ond the type onrf level of- your previous 
responsibihtioj ro ' . 

Anthony L H. JankcL ACA. 

CLUFF OIL LIMITED, 

58 Sc. James’s Street, London. SW1A 1LD. 


BANK MANAGER 

An expanding international Merchant Bank, 
based in London, requires a General Manager 
to take charge - of U.K. commercial banking 
activities. 

the successful candidate will be expected to 
strengthen the organisation of the domestic 
banking department as well as developing its 
business, and should therefore have suitable 
administrative 'experience at managerial level 
together with a thorough knowledge ef com- 
mercial and merchant banking. - 

The -salary- iwiH '-be j -commensurate . . with 
experience, and a comprehensive range of 
benefits is offered. 

Please write Box A.6423, 

Financial Times, 

10, Cannon Street EC4P 4BY. 


An international Jnve*rmant Group wich prominent Middle Eastern 
shareholders .is. seeking . dynamic young people -for its London-based 
subsidiary. The Group's main activities are in Project Development, 
Corpora*® Finance and Advisory Sendees. -• 

* CORPORATE FINANCE OFFICER . 

25-30. .years did.' with an MBA degree and some experience 
in international- investment banking, preferably with Middle - 
East orientation. The successful candidate will, report to the 
Director of. Corporate Finance and will be requited to travel . 
extensively. Knowledge of Arabic though not essential, is a 
definite advantage. Safary will be commensurate with qualifica- 
tion and experience. 

- ACCOUNTANT/ADMIN. 

The 'position requires ability to’ prepare accounts to Trial" 
Balance Stage as well as the motivation .to handle various 
administrative matters within a small office. Responsibilities 

- win include preparing Management Accounts, maintaining all - 
prime books of record as well as Nominal Ledgers; liaising, 
with the external Auditors, preparing PAYE- -and- efficient' 
management of office facilities-.- Experience -with ^ foreign-.' 
currencies essential. Professional qualifications would be 

_. definite., adyaotage. but. not .necessarily, required!-' Salary- In- the 

■■ range of j£6 l 000-£7000 depending on. qualifications. .. . _ . - 

RESEARCH ASSISTANT /TRANSLATOR 
The candidate would be 25-30 years old with University degree 
preferably in Economics or related subjects, with good command 
of bath English and Arabic. Experience in banking, investment 
or development institutions would be highly relevant. Duties 
include preparation .of background papers on country or vector, 
economics, statistics - and market review as wen as translation 
from .Arabic to English and vice versa. Salary will be ’in the 
range of £5.000 depending on qualifications and experience. 
Reply in strict confidence enclosing detailed C.V- to Box A6419. 

Financial Times. 10. Cannon Street. EC4P 4BY. ' 


U.S. electronic company is seeking an individual ta 
assume responsibility for its~ European- industrial 
relations activities. This assignment win include 
recruiting, record maintenance, training, contract 
‘ negotiation and the “development, implementation 
and" -administration of personnel policies and pro- 
cedures for subsidiaries, located throughout Europe. 

This position will "be sited in north-west London and 
will . require extensive travel throughout Europe as 
well as periodic visits to the Corporation's head- 
quarters in the U.S. The successful candidate will 
have had extensive experience in industrial relations 
in a multinational environment. The preferred fields 
of experience include: works council/union nego- 
tiations, compensation and benefit programme 
development, management development and training 
programmes, -developmeht and_ atoiin Lrti’atiqn of ; 
marketing incentive programmes -and expatriate 
^administration. Fluency in other languages besides;-; 
English would be beneficial but not essential. 

The successful candidate, male or female, will 
receive the benefits of a large corporation including 
relocation to the extent necessary. , '. . j 

Please write, briefly, enclosing career details to 
Box A.6420, Financial Times 

. IG r Cannon Street,- EC4P 4BY: 


! ' _ 




1 


a 

* 










PANMURE GORDON & CO. 
GILT-EDGED DEPARTMENT 




We wish to recruit an Economist to analyse all information related 
to the Gilt-edged market. 

Applicants must have a degree in economics or possibly a post- 
graduate qualification. Experience of financial markets is desirable but 
not essential, though a particular interest in worldwide monetary- trends 
would be appreciated. 

This position within the Gilt-edged Department offers an outstanding 
opportunity for self-expression, both verbally and in written form to a 
wide audience. 

Replies to Roger Parsons 
9 Moorfields Highwalk, London. E.C.2 
01-938 4010 


1 ‘ :L ' 

■ ■ : '* *®C 




8 s p* . ’ 

uo:., 


5? ? ft 
S5S *■? 


The FFI Group is owned by the major clearing 
banks and Bank of England and provides 
development finance and related services to 
British Industry. 

Finance For Industry limited 

s seek an 

EXPERIENCED 

CHARTERED 

ACCOUNTANT 

* to be responsible to-the Deputy Group Chief 

*■ Accountant for managing the" Group Accounts Unit 
based at Solihull, West Midlands, and for:— 

* The preparation of periodical consolidated 
k financial and management accounts of the 
B Groupanditsprincipalsubsidiaries 
® $ The provision of management information 
h & The maintenance of the supporting accounting 
3 records' 

* ^ The control of accounting information, 

* submitted by other subsidiaries 

. The successful candidate will have 

Several years first class professional experience ; 

. * A thorough understanding and practical 
V . experience of consolidated accounts, 
ri.* Previous involvement with computerised 
:• systems 

^ * The ability to work under pressure to tight 
h deadlines 

% A proven track record of managing and 
R- motivating staff. 

i The preferred age is over 30. Remuneration will be 
of interest to those at present earning around 
- £7.000 p.a . Benefits include an advantageous house - 
loan scheme, and non-contributory pension. Any 
necessary relocation expenses will be reimbursed. 

. Kul I details of qualifications, relevant experience, 

• and career to date: 

MISS JEAN DAVIDSON, 

ASSISTANT PERSONNEL MANAGER, 
FINANCE FOR INDUSTRY LIMITED; 

- 91 WATERLOO ROAD, LONDON SE1 SXP. 


fORTH AMERICAN BANK 

is seeking an 


OFFICER 


■k .“■"I *7 


• Vi". -'J+ ■ 

.-*• J 


S" .hs Development Business Department, with a possible 
gSIDENCE PERIOD IN LONDON. 4 

^fidldsie should be : / 

is " ’ 

^.—thoroughly bilingual ( English an«T French). A- knowledge of 
E" ' Scandinavian languages wo'uld be appreciated 

—graduated in Law, or in .-Economics, or Political Sciences, with 
an MBA, or equivalent ' 

—ha*e a minimum of 2 years' experience in an International 
Bank 

— Ready to travel 

— Age: 27 years minimum 
Salary negotiable- 

jIi'cj cions in writing only, including curriculum vitae and phoro- 
}h to n 1 E 12.9 io, CONTESSE & Cle 20. Avenue de I'Opera 
40 PARIS. Cedex 01 who will forward. 


ANCE 


t : f VRUUTHNOT LATHAM requires young.executives to 
1 * ‘ expanding Export Finance team : Appli cants 

/ouJd be aged over 23 and should have a firm grounding 
i export procedures, a good working knowledge of 
• C. G . D . Supplier Credits and experience of negotiating 
• i ,’usiness abroad. Salary according to age and experience 
dth certain merchant bank fringe benefits. 

%pp!y in writing with full curriculum vitae to: 
ir. D. L Cad man. 

iroup Staff Mana ger, ' , 

i R8UTHN0T LATHAM HOLDINGS LIMITED, 

7 Queen Street, London, EC4R 1BY. 


REPRESENTATION WANTED 

■ell established American Financial Corporation desires repre- 
ition in Europe. Applicants must have extensive knowledge or 
■national banking and finance, with experience in arranging 
cing on multi-million dollar projects. Excellent profit potential, 
details conucc: 

FINANCIAL PRESENTATIONS INTERNATIONAL 

5952 Royal Lane — Suites 214-216 

Dallas. Texas 75230 — USA 

Teli (214) 750-0281 

Cable: Fin-Pros. Dallas, Texas — USA 

najor and active participant in the Eurobond 
-ket is interested in training a young person, of 
-.jlent character with good educational back- 
ground, in the business of 

EUROBOND TRADING 

•enuisite sound knowledge. Written and spoken, of 
nan French and EnRlish. Approximate salary level or 
£5,000 p.a. 

nations, enclosing a detailed curriculum vita% should 
e sent confidence to Bar A.6418, Financial Times, 

10. Caiman Stret^ECfP 4BY. ... 


FINANCIAL MANAGER 

GENEVA BASED 
CHARTERED ACCOUNTANT 
12 yun’ experience throughout 
Europe, evafaBte bn part-time . bute to 
PvTictpite in ntaiug«nHrnt of Con- 
tinenezJ lubxicCariet of UK -cojnpinies. - 
Write Bax A 4413; ffcwncW Tima. ■ 
IQ. Comton- Street. EC4P 4 BY. 


I 

1 [ ; 

[ 1 





Til 31 

it; 


■ »F 


A weif-esfablished international fincmaalinstifufion 
neks an experienced! and ambitious Gredfi and 
Lending Officer, with first-hand knowledge of Latin 
America, Southern Europe and/or Asia,to join its - 
rapidly expanding team in London. 

Candidates must have had several years of solid 

banking experience in the structuring and 
implementation of syndicated loans, underwritings, 
and private placements. They should be 
knowledgeable in the areas of medium term credits, 
and documentation processing, have established 
business contacts in me required areas, and be able 
to develop dient relationships and negotiate with 
financial officials at every level. Appropriate 
language ability is. a distinct advantage- 

Ah attractive base salary and other fringe 
benefits are offered and the opportunities for 
advancement are implicit in this appointment. 

Ft/R career details, which w3I be treated in strict 
confidence to: 


Box 2t31 , Gould & Partmans limited; 

Caroline House, 55/57 High Holbonv London WCl 


a 

Director 

Audio and DataCommunication 


+Car 


Ourclient is a rapidly growingorganisatTon 
manufacturing high fidelity and professional 
sound recording equipment and data com- 
munication products. Products developed 
and launched to date enjoy a high reputation 
at the top end of their respective market 
segments and the potential for both these 
and plan ned new products is considerable. 
The group is currently exporting over 80% of 
its production. 

The Group Financial Director, which is a new 
appointment, will be responsible to the 
Group Chairman for the following aspects of . 
the organisation's financial management: 

■ Cost Accounting 

■ Management Accounting 

■ Financial Accounting 

■ Budgeting and Financial Planning 


■ Development of Accounting Systems 
throughout the Group and conversion 
to Electronic Data Processing 
The location is London, the organisation 
demandrng.fast moving and offering real 
scope for achievement. 

Candidates (malebrfemale) should bo 
qualified.and industrial experience is 
essential together with the ability to app I y 
a high staridanS of professionalism to small 
compa ny environm ents. 

The task is crucial to the success of the 
Group -and will be reflected in the 
- remuneration which is negotiable and 
includes S company car. 

Applications gMng details of career to date, 
age and present salary should be sent to the 
a ddress shown belo w quoting reference 
G/ H1J F on both envelope an d letter. 


wm 

pstofiL 


R. J. SIL VER & ASSOC! A TES LIMITED 

, Management and Recruitment Consultants, 

Ik 23324 Great James Street, London WC1N3ES. Teh Qt-242 9J72 


Equity Sales 


The opportunity to join one of London’s 
foremost stockbroking firms is now available. 
The firm is looking for an ambitious, thrusting 
personality in the mid-twenties, to join its 
Institutional Department 

Applicants, who may be graduates, will 
have some experience in the securities industry 
and must beable to promote the firm’s well-, 
established Economicahdlndusirial Research. 

The initial salary package will reflect 
market value and success will be swiftly 
rewarded 

If you are inhibitedfrom showing your 
true worth in your present position, please 
apply, in confidence, quoting reference DR20, 
careof; , ■ 

DeweRogerson Limited, 

4 Broad Street Place, London EC2M 7HE 


If there are any firms to which you do not wish your application io besait, . 
.pfcpselistthemiriacouering/eltec L ■">. 


Financial 

Controller 

ZAMBIA 

Minimum K1 5,000 (£10,000 pa). + 25% Graluily 

A Rnanad Coniroller is required by the farming division 
ofanexpandhginfemafioixU group of companies. This 
will be in a senior group position in Lusaka and the 
controller will be responsible for dl aspects of financial 
■ management of a group ■ of farms- including raising 
finance (maybe on an international basis), preparation 
of five year plahs and supervision of accounting and 
admirilsfrafive matters. 

The cancfidafesmustbequqiified accountants "and have 
had experience either overseas or in a ILK. agricultural 
environment It is unfikety that those- aged under 30 
would have gained sufficient expertise. Prospects exist 
for movement info general management wrihin the ' 
group either in' Africa or Europe; ahemaSv^y group 
expansion in the agricultural sector is planned, offering 
further advancement to a highly qualified candidate. 
Zambia offere d superb efimate ideally suited to outdoor 
sportand leisure activities. 

The contracts are for .two years, renewable, and the 
benefits include attractive accommodation, can gener- 
ous leave, educational allowance, medical aid, family 
travel sdiemes and other expatriate benefits. 

Please write with fijlf career and personal details to: 

W- E Hany, P.H. Recruitment UtL* 

■ 42, Upper Berkley Street, London WTH7PL 


MARKETING MANAGER 

EXPORT FINANCE 

■Tennant Guaranty Ltd. which- is part of the Consolidated 
Gold Fields Group, Is a leading Export Finance House in 
the .City. We wish to recruit a Marketing . Manager 
responsible for developing our business is Africa. 

. Applicants- muit have had export finance or export trading 
experience preferably in Africa and must-be thoroughly 
flunjJIar .'with E.C.GJ3. policies. Experience of. negotiating 
in French is' desirable. 

We are prepared to offer a very attractive - salary and a good 
fringe benefit package to the successful applicant. 

. If irn- ore interested, please apply in. writing m strict 
eonjidence to: 

N. P. Butt; Secretary, 

TENNANT .GUARANTY. LTD., 
lSeething Lane, London EC3N 4BP. 


•PRIVATE INVESTMENT COMPANY. ‘ 

: requires 

TRADERS 

Applicants .should have experience in U^., UJK. 
and foreign markets, -or in' Eurobonds and Euro- 
currencies. 

~ Please write Box A 6421, Financial Times, 

lOi’Gamion Street, EC4P'4BY. 




GROUP TAXATION 


• * 
n 

H 

4 * 


mmii 


, A Haler Financial Institution in the City is seeking 
ro appoint a Group Taxation Manager, who reports 
to tbe Group Chief Accountant, and whose responsi- 
bilities include: — 

★ Submission of UK tax computations. 

' ★ . Tax advice to operating divisions. 

. ★ International corporate tax planning. 

The'successful candidate, who may be in Commerce, 
Professional practice or the Inland Revenue, will 
have at least 7 years’ experience of dealing with the 
tax affairs of farge companies. Expertise in financial 
legislation and skill in articulate presentations are 
key requirements. It is unlikely that an. applicant 
under 35 years old would have the necessary experi- 
ence. 

Salary is negotiable but will reflect the responsi- 
bilities of this senior tax position. Excellent benefits 
include a non-contributory pension scheme, free life 
assurances, and house purchase scheme. 


iUl 

fJttf 


1 — m Menagament and Executive 

,¥ ¥ Recruitment Consultants 

nudson&ptnrs 

29/31 Mitre St London EC3. Tel: 01-283 1 954 (5 Knee) 




James Capel & Co. 

EIJECmCAL/EIJECTRONICS 

ANALYST 

We require an Electrical /Electronics Investment 
Analyst to join our team covering this sector on an 
international basis. 

Applicants should have at least one year’s relevant 
experience either in stockbroking, in a financial 
institution or in the industry itself. Long-term 
career prospects are excellent for the right can- 
didate who will be joining -one of the specialist 
research- teams in a diversified international firm . 
of stockbrokers. 

Remuneration will reflect experience and ability 
and could be up to £ 10,000 in the first year. 

Application with full details of career to date 
should be sent to: 

The Personnel Manager 
JAMES CAPEL & CO. 

Winchester House 
100 Old Broad Street 
London EC2N 1BQ 

■ v- .- rv-> s’V- ■■ - -• -■ 


A HNANCIALTIMES SURVEY 

AUSTRALIA 

SEPTEMBER 18 1978 

The Financial Times plans to publish a major Survey of Australia. The provisional 
editorial synopsis is set out below. 


INTRODUCTION The jolt given to the country’s 
self-confidence by. a period of economic reces- 
sion and political controversy; renewal of 
Mr Malcolm' Fraser’s mandate as Prime Minister 
after a well-timed general election; risking 
higher. -unemployment to keep inflation in 
check; • closer relations with Asian states; 
disputes with the EEC. over trade barriers. 

POLITICS The Fraser Government’s expecta- 
tion of a- long period in power; change in 
leadership of the Labour Party with Mr. Gough 


FOREIGN RELATIONS Despite his criticism of 
the previous Government, Prime Minis ter 
Fraser has increasingly turned his attention to 
the Third World. 

BUSINESS REGULATION With an agreement 
now between the Federal and State Govern- 
ments, a nationwide system of regulations for 
the stock " exchanges and companies will be 
operating in Australia next year. . 

POPULATION. Despite high unemployment 


down and beLc § replaced by there are still many influential advocates of a 
Mr. BUI Hayden. resumption of a high-level immigration 

THE ECONOMV Thp finvornmAnt’e- ctippocq programme. 


Mr. Bill Hayden. 

THE ECONOMY The Government’s- success in 
holding prices in check; record unemployment; 
manufacturing badly hit by the recession. 

THE 1978 BUDGET The August Budget as a 
key to the Government's intentions and likely 
success in holding down inflation, m aintain ing 
the exchange' rate and strengthening the base 
for future recovery. 


FEDERAL RELATIONS The federal system has 
had another- testing year, marked by serious 
Federal-State disputes over policies towards tbe 
aborigines, development projects and taxation. 

LIFESTYLES Whatever the general economic 
problems, many- Australians ■ can afford 
expensive recreation activities, creating boom 


URANIUM The importance of the controvert conditions in some of the leisure industries, 
over mining and exploitation in a country with - ■ 


over mining and exploitation in a country with 

more than 20 per cent of the Western world’s FARMING With pockets of severe depression, 
uranium reserves. as in the beef industry, the rural community 

MINING A vital factor in Australia’s balance has become increasingly politicised-and vocal 
of payments; cutbacks in iron ore and coal ««,_ - 4 - 

demand from Japan’s depressed steel industry, 

MANUFACTURING The Sector of the economy survivors see brighter days ahead- in the form 
hardest; hit by recession; long-term trend of renewed signs o£. foreign interest in the 
towards -a smaller contribution to Australian markets. 


hardest; hit by recession; long-term trend of renewed signs o£. foreign interest in the 
towards'- a smaller contribution to Australian markets. 

GDP.“ 

trnuFrrv- n ^ BANKING AND INSURANCE The Financial 

k S 5 »l° institutions; a nervous year in some respects, 
* h 5' rocre ^ e nun ! ber especially with the Gm.emmenfs determtoedly 
of new 1 ventures; incentives again under review, feferventiomst attitude on interest rates and in 

MOTOR' INDUSTRY Two of the worst years on view of the extremely tight money conditions. 

record' for 16 car makers despite a Government -1^; Tt *trA mo' , , . .. 

policy guaranteeing from 20 per cent of the UNIONS Facing as many problems as the 
domestic market: looking to foreign partners business sector, the unions have been 
for help. increasingly looking to mergers and reorganisa- 

« _ tion as they contend with high unemployment 

TRADE Pressures on the Government from the and. falling membership. 

ASEAN couiiqies for greater access to the 

Australian, market Strains with the EEC and NORTH-WEST SHELF A progress report on 
in the all-important relationship with Japan. Australia's biggest development project 

For further details on advertising rates In this. Survey and other advertising requirements please 
contact:'. 

John Hayman 

Financial Times, Bracken Honse 
10 Canfion Street, London EC4P 4BY 
Tel: 01-248 8000 Ext: 263 

HNANCIALTIMES 

^ . . . EUROPE'S BUSINESS NEWSPAPER 

Th?;coitttni- 1*5 Saw* Cff Stirvws In Sue Flmrada! Thnei ra snblekt to dnun it «m «nendoa of tte Effltcr. 



: Financial 'Times Thursday 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 



PRESTIGE CARS WANTED. 
TO ALL COMPANY: DIRGCKMS 
TXANSFOAT MANAfCCB AMD .. 
PRIVATE CAIUOWHfis V 

Arc you obtaining ttii bw 'price hr'' 
your law-mitaCY* pmtig* axtfor-cwf 
W* vrgtnOr retire (Mbhra. 
Marotd**- Oclmlcr. {■goor, Vudn 
plas BMW. Pondw. Fwwr.XmnM 
UmboUfBh'mi. ]«nan CMnnlMe, 
Rover. Triumph Md Volvo can. 

Ojwi 7 iqii^KAr - 




r f 


IK NUT)-; 
E 


Colleccfan a nywhe r e lo UXCath.Of 
Bankers' draft available. Tahphescf m 
hr a firm price or our bayarwBl eaB. 

ROMANS OF WOKING LTD. 
Braokwoodf (04847) 4SE7 ■ 


UL* 


at Kraft 


THE 

FACTS 


Our client is a profitable, well capitalised member 
firm of The Stock Exchange with substantial over- 
seas business and its own advanced computerised 
systems. 

It believes that only firms with adequate capital will 
emerge strongly from the slowly evolving reorganisa- 
tion in the international securities industry. 

The firm wishes to expand in the UK in all business 
areas including Gilts, Institutional Equities and 
Private Clients. 

Any well capitalised firm, whether in or out of 
London or any well capitalised individual or group of 
individuals, interested in discussing this further 
should please write to or telephone, in strict confi- 
dence: 


During 1977, in excess of 3 MILLION squire 
metres of replacement window framing was 
installed within the British Home Improvements 
market. 


NEW PRODUCT 


MARKETING 


Independent,' authorative forecasts indicate that 
demand will have doubled by 1980. 


.Softwood and aluminium have dominated 90% 
the market to date. Now is the time for change. 


THE 

PRODUCT 


The only exclusively AH British, maintenance free, 
steel reinforced, nPYC Window System, designed 
specifically for the British market. 


Successful expert marketing ui distri- 
bution Company arjoyint tXcdlant 
negotiations with National. IMdpta. 
Papirtment Stores. Whplanierc mi 
major Mail Order Houses, is leaking 
for suitable lines to market and distri- 
bute on behalf of other ctrtpanta. 
This advertisement should paittaJisty 
appeal to inventors or mMWjhstsrsrs 
who lock marketing expertise. AH 
enquiries created in uricuKtanMonn. 

Ring 0934/84/2801 1‘ 
Write Sox G2243. FfBondoi Xtote- 
10 Cannon Street. jiWf.-Wc.' ... 


THE 

COMPANY 


We are a subsidiary of a major public company. 
This is the first time we have advertised in this 
way and we mean business '■ 


THE 

PROPOSITION 


We provide the technical know-how. the window 
profiles, assembly plant (on franchise lease) and 
support publicity. 


CASH FLOW 
PROBLEMS 


You provide the business acumen, determination to 
succeed, assembly space, direct selling and instal- 
lation service. 


THE ' 
INVITATION 


D. F. Robinson of Spicer and Pegler, 
Chartered Accountants, 

56-60 St Mary Axe, London EC3A 8B J 
(01-283 2683) 


If you " can 'demonstrate that you are already 
reputably and profitably established within the 
construction industry (preferably with .some 
involvement in the HJ. sector) and are seeking, 
and can handle, substantial expansion through 
d '(versification, then we Invite you to contact us 
immediately. Submissions (PRINCIPALS ONLY 
PLEASE) should include an indicative C.V. related 
to your existing business. Confidence guaranteed. 


RELEASE YOUR OWN '-CASH 
BY DISCOUNTING'.". 
YOUR INVOICES : ^ 
95% P«d by return ': 

' M approved accounts 

Phone Bolton (0204) .693321 
-Telex "63415’ -• ' 

MRS- BENNETT 
Siiverbum Finance (UJC.) Ltd. 


I ISLE OF MAN : - 

I OFFSHORE TAX SAFEGUARD 

' Grasp the opportunities In a-low bn 


Reply Box G2224, Financial Times, 
10, Cannon Street, EC4P 4BY 


of ' coiRoanles Hicfcitttno vtDmhwe 
appointment. socro tartql _tery*m- 

aeneral •flcncv work, total and p*nro l 
coniultancv In clud es HMiUMrclii 
placements. 

Full details from ft. A. Brown. O WOWM 
BROTHERS LIMITED. Victory Jtowm. 
— gjiii rvitin K. Uhl fil Mian 


STRANGE TO relate, but Kraft 
Food? UK operation, now tom- 
ins over £i00m a rear. Has made 
losses recently. As a result the 
company says it has now con- 
siderably toughened np its 
marketing approach, ana will 
boost its advertising this year 
from 197Ts £2m to a tMal of 
£ 3 im in the process It is switch- 
ing £300,000 worth of margirme 
business from J. waiter 
Thompson to Foote, Coone and 
Beldinc- FCB will now handle 
£7SO.OOO worth of Kraft business- 
jWT which retains all Kraft s 
cheese brand, grocery product 

and food service advertising. 

accounts for the other £2^50,000. 

In the first quarter of this 
rear Kraft Tnc.’s worldwide 

Lies were a record 91.39bn, a 
gain of eieht per cent on the 
same period last year. After-tax 
earnings reached- S47.9m, up 24 
per cent. and earnings per dollar 
of sales were 3.4 cents against 

th Rraft's UK operation, however, 
has had to weather a very sticky 
period, with the result that In 
February the U.S. parent sent 
over James Scull to take up the 
UK chairmanship and launch a 
renewed fight for profits. . 

Todav. Kraft Is announcing a 
major 'restructuring of Its ^ 
operation. Humko its Man- 
chester-based specialist industrial 
products and chemicals company. 


IB to be fully integrated into 
mainstream Kraft, -opeta- 
More' important, a new f 
division has been formed w 
former' marketing director 
Foley, embracing^ afl marlu 
and sales of all Kraft j. 
brands. A new . national -t 
manager, John Robin soer - 
Mars, has been appointed.-’ ' 
Another new division, ;u 
BUd Dimmick. will handle Kt •’ 
more aggressive POsb inht-;' 
private label' sector.- ■-The- • 
division as sueh. will now^c - 
to exist though a new disti- 
tion division has been create ' 
Mr ' Scull, who - has = ‘jJ 
through the Kraft hierarchy 
a knife through butter,.:., 
reorganisation was neoessar, 

iron out management acorn;, 
and duplications which--., 
arisen over the years and . : 
essential to Kraft's expansion . 
product range development p . . 

Contrary . to., convent . 
wisdom, he' maintains that ; 1 
pccts for greater groMhiii, . 
food manufacturing . cerh 
exist “We hope the resmt . 
ing of Kraft .will have a;-t 
sharper effect at the- store I 
We’ve slimmed the ; n 1 
organisation down tp- size; 
introduced specialised- so 
teams. However, _ we -nayq , 
reduced numbers:': we 


reuuvcu • ■■ ^ 

simply allocated resources. V 
effectively.” . . ; 


Prosooci Hill Ooaolas. ID) •( Mm 
TeL 0624 25661. We* 62*41. 


EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 


FOREIGN RANKS 


seeking QUALIFIED 


BUSINESS 

BORROWERS 


Brokers protected. Local representatives 
'^wanted. Write Swiss-American Combine, 
P.O. Box 680 Panama I. Panama. 


NAMAC 

TO SELL OK MERGE 


THE SMALLER 
COMPANY 


For further information contact: 

K. Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings. 

E. Sussex. 

Tel: 0424-430824 


MARKETING FORCE 


REQUIRED FOR U.K. 

To handle or accessory which 
at present is sold export only 
by internationally-known com- 
panies. U.K. turnover conserva- 
tively estimated in region of be- 
tween £500.000 to £1,000.000 p.a. 

Lj -j.-i.-i in 4g ..moil J.id iv 

ler.icci by negotiation. Principals only 
Writs Boa G32B7. Financial Tlmei 
10 Cannon Street, E C4P 4BV 


your company to your »ery adyaa- 
tage, you need the profeuionai axper- 
tiso of the National Association of 
Merger S Acquisition Consultants with 
40 member firms in the USA and in 
Europe. NAMAC lus hid particular 
success with firms having a NAT of 
£100,000 or more. For a member firm 
near you who can arrange a discreet, 
confidential contact with a qualified 
buyer, write: 

NAMAC. 4255 LBJ Freewoy 
Suite 2B2Y. Dallas. Texas 75234 USA 


TURN YOUR 
SURPLUS STOCKS 
INTO CASH ! 

D. Rubin Lib., a <4igc organisation 
dealing m HI types of domestic con- 
sumer products i,c- Hardwire. Toys, 
Cosmeocs, Textiles, Electrical goods 
em.i etc., offen immediate cash for 
quantities of surplus stocks of thit 
nature. For a quick decision contact: 
Denis Rubin 
D. RUBIN LTD. 

39 Macdonald Street 
Birmingham B5 6TN 
Tel: 021-423. 2222 


MIDDLE EAST— CYPRUS 


II vou arc about lo cm are already 
rintrllng goods o- services IO the 
Middle Last. >our company and .ts »ey 
e-ttoloyecs ^an obtain substantial "nan- 
■.-■a! and tanarlon advantages By having 
a ornen.e .n C.orus. We will be 
nlcs-.cd ij advise *ou on how to obtain 
iheve benehis and wilt it required 
iTiiM ir eb'aining any neiOSMfv con- 
sents required by the Dans ol England 
and or the U.X Tretiur, Set un costs 
are k»w and we can provide inenpen- 
-tte Iscal ao ministration staff In 

L»Cruc 


FOUNDER A MANAGING DIRECTOR 
ol succeisrut plastics group with 
unusuaiiy high profits retard (now 
part el a larger group) with experi- 
ence extending over 25 years, particu- 
larly m rotational and injection 
moulding, will ha*e tome time at die 
conclusion of his contract In December 
1978 to i:t as consultant or part 
tima Director. 

Write Bor CUB 3. Financial Times 
10 Cannon Street. EC4P 4BV 


Details trom- CltriStOS Marhou. 
Primmer vices Limited. U K. Office. 
110-11T Strand. London wCiE 0AA. 


DESIGN 

LICENSING 


CAPITAL OPPORTUNITY 


Northern based private limited com- 
pany is looking for business in which 
to invest surplus funds. Controlling 
interest not neccuary But good growth 
opportunity is. We are open to discuss 
a limited number of proiecti with 
companies of individuals. 


Architect seeks partner (or firm) in 
socially desirable.. low risk but poten- 
tially multi-national business venture. 
CAPITAL REQUIRED £20.000 


Write Bor G2230, Financial Times 
fO Cannon Street. ECfP 4BY 


Principals onlv should apply in 
strict confidence to: 

Ba* C2273. Financial Times 
to Cannon Street. EC4P SAT 


MANUFACTURING CO. 
SURREY AREA 


FREELANCE JOURNALIST 
Wanted, capable of writing 
authoritative and lucid articles 
on personal taxation. Regular 
work, good fees. 


REQUIRES ADDITIONAL CAPACITY 
FOR EXPANSION 

Ac present tub-conc.-accng £180.000 
of prenwork per annum. Surrey-based 
firm preferred. Pfdtft tend douils of 
capacity available, e.g. presses, eat. 
Write Bos GZI2J, Flmndof Times 
fO Cannon Street. EC«P 4BY 


Write Box G.2279. 
rjrwno'af Timer, 

10. Cannon Street, EC4P 4B Y 


INTERNATIONAL 

MANAGEMENT 

CONSULTANTS 

a— »Bi* to Offer services in 
FINANCIAL CONTROL 
DEVELOPMENT PRODUCTION 
EXPANSION. MARKETING AND 
FINANCING OF NEW PRODUCT5 
PrfnclDofs only 

01-785 9647 


SAWMILL OPERATION— NIGERIA 
Participating or Sleeping Financial 
Partite.- required for lucrative Sawmill 
Project on newly acquired freehold 
land. Planning and preliminary project 
eostiBg avgiilbic for invasion seeking 
above posiron widt indcgenCrai Brieith 
trained technically and management. 
Only serious enquiries from Principal* 
will be replied. . _ 

Write Bo/ G22BS. Fineoeini ^m-t 
F0 Cannon Street. EC*P ABT 


LIMITED COMPANIES 


FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE' £83 
COMPANY SEARCHES 


CAR REFINISH 
PAINT 


EXPRE5S CO. REGISTRATIONS LTD. 
30 Gty Road, EC I 
01-478 54J4/5/736F , 9926 


Leading UR esr refinish paint I hour 
lyntheoc foe sale. Perfect condition. 
Wide variety of car manofacture.s 
colours. Export oniy. £1.25 P*r I l>*ro 
u.f. for bulk orders only. 


PHONE 051-373 a072 - TELEX 47’6(ID 


IBM ELECTRIC 
TYPEWRITERS 


OPrtHmiMITY TO ffUHCMASE. e«aO- 

iwtietl buiinm m Hants . >nai<u»se!urli »3 
unittur range of x|tcffcnw*'t- a no a:tis 
tor home j«q stenw tnatseB Great 
perentiai (w emensran. 5 . 000 . IrrOu- 
atvn. Riisb vtevhiii i 56 I. attar 6 P m. 


Facta " * reconditioned and saa'anteed 
hr IBM Buy, save up to *0 p.c. 
liasr 3 ynan from £3.70 weekly 
P.f-r from £19 per mo->th 


Phono: 01-441 2345 



An invitation to 


Hygiene Companies 


PROPERTY AND SECURITY 
DEALING COMPANIES 


We’re a highly Successful service organisation- in the U.K. 

And we’re still growing. Fast. 

Which is why we’d like to talk to principals of established hygiene 
companies who wish to dispose of their interests or sell thetr 
contract portfolio. 

To initiate formal discussions, principals only please should write to: 

Box GJ280, Financial Times, 10. Cannon Street, EC4P 4BY 
Ail replies will be dealt with in the strictest confidence. 


with unrealised profits 
in excess of 
£250,000 required. 


Write Box G2286. Financial times, 10, Cannon Street, EC4P 4BT. 



Small is bcautifuL 


We’ve fanned more 
companies than 


INVESTORS WITH HIGH TAX RATES 

up to 9 . 27 % NET of tax 


So neict time 
you need one. 
pnone Patricia Parry 
on 01-253 c030 


ftobestofannpKiifes 


GUARANTEED 

FROM MAJOR FINANCIAL INSTITUTION ' 
£5,000-£10fl,000. 3*10 year terms available 
This offer is strictly limited. Full details from appointed agents. 
-Please- write for precise quotation stating-sum- available - 
(We regret that no telephone enquiries can be accepted) 
Managing Director 

Aebrill, Carr & Partners Limited 

Tricorn House. Hagley Road. Birmingham B16 STP 


■ 70*0 a.-: wjwE.MmOTnrK nrxx. 
OOXDONNTdl 

TUCmOttEtbl ^iXXTOEtsSiMO 
J 


'START AN I MPORTIEXTORT AGENCY, r OVM 
; No capital required. Established I 

. 30 years- Clients in 62 countries. Send ov 

la roe S.A.E-— -Wade. Dept. F.. P O- Bo* «W 
• 9. MariborouBh. Wills. i 


BUSINESSES FOR SALE 


YOU WOULD have thought by 
now that the arguments In favour 
of or against small, independent 
media-buying and creative ad 
shops vs their big brothers in 
full service had been rehearsed 
and absorbed ad nauseam. Not a 
bit. TSGH, a small (£150.000), 
nushv consultancy In Covent 
Garden has this weeTt dispatched 
800 copies of a red-bound sales 
document beaded: “ JWT -ys 
TSGH. A. Progress Report m 
which it invites clients to com- 
pare its wares against those 
offered bv J. Walter Thompson 
or D’Arcy-MacManus and Masius 
or Young and Rubicam. 

“Quite simply, we feel that 
while business has changed and 
developed over the past two 
decades, agencies haven’t^ says 


TSGH, informing tbe wcwl<frn>' 
instead of “ overpopulating v • 
selves with account execute-' 
we’ve built a team of-cre-tf • 
thinkers: writers, art direct • 
marketing and research m&v - 

Another sheet in the oocurii 
this time in off-mauve,; x. 

“ What does a .£15,000 a ,v . 1 
London copywriter ■ know- m r 
tbe problems of a housewr,^' .. 
Hartlepool?" before la uptoril 

Into "a de scrip thru uHiow-i 

three months. TSGH s ere 
men are dispatched to 
like Hartlepool. Wigan 
and Dundee to “listen to . 

For the record. TSGH cu» 
eight people; the com! 
MEAL billings or its three 
service targets, JWT. Masiiu 
Y and R are at present £214 
. How small is beautiful? 


R& 


• • 



PLANT HIRE COMPANY 
FOR SALE 


BY. PETER KRAUSHAR 


2W1-ACKE COASTAL HOLIDAY PAKK 
TO LET ON 7-YEAR LEASE 
BY TENDER IN SEPTEMBER 

U300 Units South Devon including Modern Chalets and 
Caravans. Full range of entertainment and amenity buildings. 

Leeses ingoing approx. £220,000. 
ILLUSTRATED BROCHURE FROM THE AGENTS AS ABOVE 
22 Cathedral Yard, Exeter. 

Tel: (0392 ) 51571 


Established plant hire company operating from well equipped 
modem freehold premises — Midland. Existing management and 
trained staff. Well maintained plant. Present t/o £Jni pal Offering 
considerable potential. Principals only apply to: 

Box G2264, Financial Times, 10, Cannon Street, EC4P 4BY 


THE RE HAS been much ckunpany has managed so 
criticism about the fall in R and s\cb"im app^ch may be cm 
D expenditures in Britain, follow- m\tbe case oT high techno 
ing the recent papers by the indikstnes; in the . : 

.Science Policy Research Unit at and >gttver d d | v ° e ^Jl 0 

Sussex University. This long- pbasiSyon apphed devempn 
term decline in.R and D expen di- 3S almost, certainly tne 


tures In most UK industries is answer. 


have Li; 


FAMILY ROAD TRANSPORT 
COMPANY 


FREEHOLD INLAND 


MARINA FOR SALE 


FOR SALE AS GOING CONCERN 

London based. Sale due to retirement. 13 vehicles 
(srtics. -and four-wheelers). Premises not available. 
-'■* TURNOVER APPROX. £225,000 


reSnSr and Y is ob- Even \to^. m^ emnpa f - . 

viously important to reverse the da ^ “■ V 

trend if British companies are to development pol^covi snog / 

hold their own in future. I 

Yet it is amazing how much thraojdiou^tM company. - H0lwi.ll 
companies have continued to ^Is obvlbui-Jy necessary to I f 

spend on R and D even during. ^ra htl srfc-i p criteria, so • § 

the recent depression. A manag^iantA. marketing ; f 


of 24 large and medium-sized " R 


, jitivgji..know v 


Mooring faciiiries for up to 80 boau. Excellent slipway, workshop, 
chandlery store, good boat sales potential. East Anglia. Serioin 
buyers only prepared to pay £1 10.000 for the freehold plus stock 


Write Box G.2256, Financial Times, 
10, Cannon Street, EC4P 4BY. 


market where R and D : expend*— p an y cap." ccrac ^flite its 
Hires are traditionally v«3t sources. : • - \ 
in relation to turnover.. Perhaps the rank, distal fac 

Sixteen of the 24 compames ^ owev e r , are oigm -^tion 
have 4 iver. ten R and.D attention to 1 imjHeme*v8Wao’ 

wtrafe- one baa over 140. IO. lo caorms essential that ^ Hut ’ 


and plant at cost. , DV 

Write Box G2269, Financial Times. 10 Cannon Street. EC4P-4BT 


BUSINESS FOR SALE N.W. LONDON 


I have 4iver- ten » o atteuuon iiu|nciiic~™udi 

lives: one has over 140. in seems essential 
companies their average expen- chief executive 3 — 

ance in^R and D is «t ; least seven involved' in his c. — 

... 7 i. it it over ten 


FOR SALE 

As a Going Concern 

RETAIL 

WINE & SPIRITS 
OUTLET 


Central London. T/o £40.000 pa. 
Lease of- Flat. Equipment. Sa.v. 

• Write Box G.2284. 
Financial Times, 

10, Cannon Street, EC4P 4BT. 


SUPERMARKET 

GROUP 
trading in 
EAST ANGLIA 
Turnover £l-7m. 
Easily run by family unit 
Reply Box G 2282, 

Financial- Times;. 

10. Cannon Street, EC4P 4BY 


Windscreen Replacement Business, well established, self 
running with present management. No director participation 
necessary. Turnover in excess of £150,000: Trading Profits 
in excess or £40.000. Freehold Premises available or option 
to rent. Price required £150,000 excluding freehold premises. 
Principals only. Write Box G.2281, Financial Times, 10- Cannon- 
Street, London EC4P 4BY. 


Mic e UJ an . _ (UIJ 

years and in -six it is ovar development and that th«. 
years. .. Twenty-three of the m jgaHon 0 f it be in the hi - t 
companies have pilot plant facm- one or more very senior . 1 
ties and eight of the 21 replying t j ves (^th no other respom f 
to -this- question .each -spent in. ttes)-wiib the power as weJ k 
1077 over -£900.000 on new pro- «. e experience to motivate ' * 



to - UUP ■ tuu yvnw «*• ■■ 

1977 over -£900.000 on new pro- t^ e experience to motivate ' 
duct development, K and D; mar- total: company.- towards chan 


BUSINESSES WANTED 


nanies spent over £1 2m. Finally, ' this is ' more important than lh j.. 

14 of the 24 eonroariies launched usual debate- as to_ the efficient ' U| T' 


I ai least three new products into of ' a . new produet developmen ;„ f 

k.'M, msrtut last War. Hariu rtm on! - be airalncT nPw VBI " "I ■ 


teat market last year. depaftmeni .as against new ver ■ M •. 

/niese figures certainly do not ture groups-,, etc.. The right p« Tlfj) . 
suggest that the companies con- SO n in the -company -iuliy backei - 1 ' 


JEWELLERS 


________ — AM <kJOOamUIPA II SQtKK-'i Ui« me sun iu iuc miu^mij -*u«J 

PRIVATE GROUP OF COMPANIES 


WELL ESTABLISHED 

- transport business 

with bun in Wm* Midiaodi and 
North-West for disposal owihz to 
naenalisatian of Internes- Freehold/ 
tMiehald properties. 67 v eh is In and 
trailsn.. .Turnaire’ (750.000 Some 
Duniccmefu to remain. 

Further fetalis wnte Bor G2265 
rinonciol lifiies 
JO Ca»qon Street. SC4P *BY 


PROMINENT HIGH STREET POSITION 
SUSSEX COAST. 


M-jrnr (sue. Profit after Ik year 
£8,000. Ideal Owner /Manager. Lease, 
Fixture* S Fittings £20.000 plus stock 
at cost, 

Tel: Easthonrne 20651 2 p^n.-7 p.m. 


Engaged in building construction and the national 'distribution of 
pvc and clay pipes, sanitaryware and building matenals -seafcs- 
further growth by. acquisition of compatible busin to based rn 
Lancashire, Cheshire or Greater Manchester area, with pre-tax 
profits of up to £50^)00 per annum. 

Please write in confidence with full particulars to: 

~ Mr I 6 Davidson, Chairman ■ 

JOHN DAVIDSON (HOUSINGS) LTD- 
AU'nons Bank, Gretna, Carlisle CA* SEP . 


By Order of R«civ*r and Manger 

TELFORD SCRAP 
FRAGMENTATION BUSINESS 
FOR SALE 


Long I ms oho Id. 2 acre operational site 
with offite block. 8 J.D. <66 fr,»- 


ELECTRICAL WHOLESALE 
BUSINESS FOR SALE 

Net prone year ended 3 lit July. 1977. 
£23.265 liter deducting Di ret tort 1 
ratine ration and Conultants' Fees of 
£16.000. Offen around £200.000 will 
be considered. 

Writ* Bo* G2275, Financial Time* 
HJ Cannon Street, EC4P 487 


PRIVATE COMPAMY 


Currently dleersilying into new trading 
activities has-£i million available » 
invest in well wtabHshed currently 


profitable enterprises located in South . 
Eastern EngUnd. ConeraUIng inter** | 
required but present panWpan« *\*r | 
renin tharn by agreement. Continnrty ; 
of management is regarded o eiaen- | 
rial- P r op os t da will be roceind in 
strictest confidence from principals . 
only hy; I 


Birmbgtsan B3 2QQ. 021-236 8236, 


p. Freehold prenrtsd. 
it* to 29. Park 5ouaro. 


Lews LSI 2PQ. 


LETTERPRESS PRINTING 

Icrterpresi but in-es. with sow* oft jet' . 

**d di»t'»ifisa’ion. with profits 
apo-co:h-nj £100.000. near London, 
for ule. Sound management *nd 
elficien: niant. 

Printr noft only should apply to 
Bo* G7374, Financial Times 
10 Cannon Street, EC4P 4BT 


BUSINESSES FOR SALE 
AND WANTED 


FRYER WHfTEHILL ft CO, 
Buriness Development Section, 
Buchanan House, 24/30 Hotbom, 
London EC1N 2PX. 


AUTO CLEANING- 
CHEMICALS COMPANY 
As manufacturers and distri- 
butors of car caro 'ahd cleaning : 
chemicals to 'the trade we wish 
to acquire a -small facility and. 
staff In the Midlands to extend-" 
our existing operation. 

Heme write, prindpaff orrfy, to: 

- Sex C 226 7. mnmdal Timex 
10-Connoa Strcoe, EC4P 4B7 


APPEAR EVERY 
TUESDAY AND THURSDAY 
FOR DETAILS 

Tel. F. PHILLIPS 01-248 4782 


UP TO £100,000 available to aeonlrc , 
small prohtaMe eompanv tor indivwmai. : 
All type* Of bu$ine«t cemaidereo. Write ' 
Boa G^2G!, Financial Times. 10.: 
Camon Srroet. EC*P SBT. ■ 


Private company seeks to acquire 
HOUSE BUILDING COMPANY 
.. with re a so nab le land bank, 
LOCATION EAST ft SOUTH 
MIDLANDS 


A. E Smith A.CJU 
17 OntMsrdi Avoau, 
Soutbwall. Notts. NC2S 0AE. 


earned are neglecting innovation, by the chief executive will wq 
even if one has the feeling that through whatever the details * 
the cost-effecrtvenes of such organisation. ■■ 
eroenditnres often - leaves much The area which te'snrprislngl: . 

to be desired and that companies neglected io moat companies l 
are fitill very much afraid nF the that ; of implementation in thi ji ; 
ripks inherent in real innovation, market place. Everyone is keel 4!^, 
To reality it is wrong to con- 0 n finding a good . Idea. ■ foucj 
sider the levels nf R and D effort is spent an evaluating V 
pcnetid f tiire in Janlation frem the and. if it continues to look gw™ . 
other factors whirb affect new that seems to be. the, end of tW 'hi 
uroduct success. Despite all that matter. ... . Ai,. 

has been wri««i nn the finhipcr. However, it is -in -implementa 
«»mnanie« still find it evtrrmrlv tj 0n jijst tbe main difference lifc ., 
to know hnw to annroach between the more successful afl* '’-i 
! innovation: this is not surprising the less successful -companies’: r 
because they are obviously set may be - a terrible; thing to saJ 
up .to handle today's business bat there may be -306 to 400 coib pj*^ 
rather than tomorrow's. ' p antes In . food ' and otb* 1 ! u , 

Fundamental research in areas packed' goods Who arc. M 
such as food 6aS diTth'e wboie.'capabie.df . fiSfdlng a* good , 
po.t been very cost-effective. This product Jdca; but oniy lS to 3 Jli\ 
may weG be the fault of inade- are really adept at launching ^ 
quate direction by the commer- and capitalising on its worth, ^ 
cial executives. But whatever the fact, a' bad idea launched by oh 4 
reason, attention to applied de- of the few latter companies maJ 
velopment rather than reaseareb well perform better in the markcj 
has tended to pay off far better, place than a really good idefl 
This is, of course, tbe approach launched by one of the of he* 
that tbe Far Eastern countries companies ! Without doubt conv 
have found so effective and. If panies should pay much mora 
it Is argued that the UK com- attention to implementation anfl 
pastes must seek more fundamen- this Is. of course, closely related 
tal innovation, then it will be to organisation. Only if that_w 
unquestionably necessary to find done will high R and D eapenu 1 ; 
ways of integrating fundamental tures reap their due reward. j 
research and marketing- far Peter Krotwhar ix ciminuon 
more successfully than any UK Knuufcar Andrews and £ass»fi;. 







ffioancial . Times . Thursday July 20 1978 


19 




in 

and white 


BY MICHAEL THOMPSON-NOEL 

r^U^f^discnisThP^t 0 J3& in F b!Uin Ss at an extraordinary 
: 4he Teehmcni^™™£^ te . n ^ -rate: some are rediscovering 
• ca W it s n hi!M.J ,r ? c 5 ss zerogrowth; some are ; visibly 
m Marly un tii nnltk t° d white, shaking. No matter how far you 
of Senii H« , C6 ? Uy .V a P enetrat e down the Top 100- list. 

. erasing budhS. U ‘j..f Uern 15 obs f" re - 

■ th embarrassment and averted ,J ls ® veT * Puzzling year, so 
jit eyes if the word boom was lel us for 1116 moment make do 
kployed an any conversation to W »S we havB h* blaclt and 
with advertising esnenditure h,te ' The tables on the right 
els in 1977 E expenditure cover the broad picture. Manu- 

*“ gutllMfo' _J _4l„l — 

Well. 


Year 

TOTAL ADVERTISING 

1970 prices" 

. (£ra) 

EXPENDITURE 

Current As % of ^ 

prices consumers’ 

(£m) expenditure 

As % 
ofGNP 

k 1968 


520 

503 

1.84 

1.33 

' 2969 


563 

544 - 

. 

1.36 

1970 


554 

554 

i.76 

1.26 

1971 


544 

591 

L68 

1.19 

1972 


608 

708 

1.7S 

127 

1973 


716 

S74 

1.94 

12o 

1974 


667 

900 

1.74 

1^0 

1975 


565 

967 

1^3 

1.03 

1976 


566 

1,188 

1.62 

1.08 

1977 


609 

1.499 

l^O 

\2,2 


Obtained by deflating current price figures by combined index of media rates. 


EXPENDITURE BY MEDIA 


now they have 
ores, and “ boom ” was 


the specifically, showed a fairly good 
not improvement to £613m. At 1970 


do with the 


■ed and absorbed. 


•enditure, published today, 
total ad spend last year, 
c urrent prices, reached 


A 


metaphor with which 'to describe 
the political, industrial and com- 
mercial decline they perceive 
around them. 

In terms of the media, the 
jjnfna. a ze per cent gain on national Press, magazines and 
G. in other words, in real periodicals, trade and technical 
ns, advertising expenditure TV and outdoor sectors' alt 
- year rose by approximately enjoyed increased expenditure of 
'.per cent. In 1970 prices, ex- between 25 and 30 per cent, 

■ j* 16 . reacbe d £609m — -way though only TV showed a, signifl- 
md the ; aberrant £71 6m cant improvement in terms of 
. leved in 1973 and still a good share of the cake, accounting for 
lower than the figure for 26.6 per cent of the AAV total 

l, but the third best per- for 1977, which- brought it almost 

-nance; nonetheless, of the exactly into line with, the 

t eight years. As a percen- regional Press. However, Mike 

of consumers’ expenditure, "Waterson of the AA points out 
• spend recovered last year that periods of growth for these jogg 
.8 per cent compared with as two media appear to alternate ’~ 
e as 1.53 in 1975; as a per- pronounced cyclical manner. 

!a ?ack° £ ,„ G S per C, S e , d itS « $■. AA V edited m , 

„ .. .. v expenditure figures are examj 

1 as the boom petered out? by product group. fairly 

I A anwrHeavc i - . _ 


.'V/ 


ors, at last 


consumer up. Drink and tobacco advertis- 
fully re- inc, for example, imnroved from 


J n . f? r - those who average for all sectors. Toiletries 
•* ’ilfict their brands and market and medical also fell behind the 
btions? Ahead of an election, pace (moving from £60m to 
given current economic un- £77m) as did ‘tourism, entertain- 
thoso are partial- ment and foreign- (£31m to 
XaOi ?« 1 . difficult questions. The £36m). 


Media 

£m 

1974 

1975 

1976 

1977 

Percentage or Total 
1974 1975 1976 

1977 

National Newspapers 

161 

162 

197 

251 

I7J8 

16.8 

16.6 

16.7 

Regional Newspapers 

273 

283 

331 

396 

30.4 

.29.3 

27.9 

26.4 

Magazines and Periodicals 

71 

79 

92 

116 

7.9 

8.2 

7.7 

7.7 

Trade and Technical 

80 

86 

103 

133 

8.9 

8.9 

8.7 

8.9 

Directories’* 

16 

20 

31 

43 

1.8 

2.1 

2.6 

2.9 

Press Production Costs 

48 

49 

58 

73 

52 

5.1 

4J9 

4.9 

TOTAL. PRESS 

649 

679 

812 

1,012 

72.1 

70-2 

68.4 

67.5 

Television 

203 

236 

307 

398 

22.6 

24.4 

25.8 

26.6 

Poster and Transport: 

34 

35 

43 

54 

3.8- 

3.K 

3.6 

3.6 

Cinema 

8 

7 

S 

9 

0.9 

0.7 

0.7 

0.6 

Radio 

6 

10 

18 

26 

0.7 

1.0 

1.5 

1.7 

TOTAL 

900 

967 

1,188 

1,499 

100 

100 

100 

100 


* Including Yellow Pages. 




- 

MANUFACTURERS 1 

CONSUMER ADVERTISING 






Current 

As % of 



Year 

1970 prices 

prices 

consumers’ 

As % 


<£m) 


(£m) 

expenditure 

ofGNP 

1968 

247 


239 


0.87 


0.63 

1969 

261 


252 


0.88 


0.63 

1970 

250 


250 


n.79. 


0.57 

1971 

249 


271 


0.7V T 


0.54 

1972 - 

267 


' 311 


■ - 0.7 8 


0.56 

1973 

297 


362 


020 


0.56 

1974 

25S 


348 


0.67 


0.46 

1975 

226 


387 


0.61 


0.41. ! 

1976 

234 


493 


0.67 


0.45 

1977 

249 


613 


0.74 


0.50 


Source: AA. 







Five minutes from the City 
is an island of peace. 



TheTowerHoteiis only five ■■■■ ^ ■ | ■ ■ 

minutes' walkfromtiie bustling City of I HA lAUIIQB 0 wJ^TAl 
LondoruYeitheatmosphereisasrich ■ 11^ BvVTVb B lV Ivll 
and tranquil as an island paradise. bathroom, shower and direct-dial telephone. 

■We're surrounded by water on three • Practically all of them look out over water, 
sidesrthe Thames, and SL Katharine's The Princes Room Restaurant one 

Yacht Haven. of th/ee. will satisfy the most demanding 

The luxurious decor, the superb. palate.TherearepJeasantbars, 24-hour 
attentive service, and the peaceful atmosphere room service, full conferencefacilities and a 
are enough to relax you after the most very friendly welcome waiting for vou, too. 

gruelling business day Everyone of our And something very few London 

rooms is double-glazed r air-conditioned, with hotels can offer. Peace and quiet. 


rpTJ SLKatharinesVfeM London El 9LD.Tetephon« 014312575. Telex: 8S5934. 

.1 11 . I. 1 .— OHwrfcotefcin iheEM GmupareTheSeUridg^ HdeJ, TlicRo; jl Wfestmntter HoK 


111, 1 
Hi 


Ii. 



fciuLl 



HOTELS 
We put you first. 


The 2Bth biggest agency is 






, . , uu ..u.i hu»uuui>. iUB fugmi advertising put on 2SJ5 per cent and in a search for a broader 

$ fore ca sters remain reason- to reach £327 m. picture lower down, I spoke this Norman Craig and Kummel, 

»e - i? ^confident that total adver- oc ,9 11 1116 other band, food' (plus How about the current year? week to the ninth, 19th, 29th ( whose chairman. Michael Laming, 
£ rg expenditure this year wiQ 28 ' 6 peT cent at £144m), automo- Masius is the apple of MEAL'S 39th and 59th agencies in the expects media billings this year 
Tr by- another 19 to 20 per (P 1 ^ 30.2 per cent at £56m), eye at present, topping the current Top 100 list tthe 49Lh to move from £S.9m to virtually 
' % • Lbuta lot depends on what household and leisure fplys 32.7 latest MEAL list with billings of was immured in “meetings”). £10.5rb, A gain of 18 per cent 

V"'*-* • i Jpens. to TV advertising. ITCA P er cent at^lSOml and publish- £51.5m. Joint managing director The ninth is Wasey Campbell- compared with Roe Downton’s 
Ji “-^revenue over the first quar- - in S ® n d books (plus 3L3 per gent Mike Johnson says that at the Ewald, which on the basis of expected 12.9 per cent. 

of 1978 added on 28.9 per at Jp 1 ™? aU Performed snbstan- start of the year Masius was projections which' were not No. 39 is Royds Manchester, 

to reach £83 .2m. But the tiaily better than the MCA expecting a 10 to 11 per cent, immediately clear, is expecting a where managing director Keith 

' rentage gains For the first average. gain from existing clients — it billings gain this year of “around Wride says that in the year to 

months described this dole- In non-MCA ‘product’ groups has 53— but that target may not 30 per cent." The 19th is Roe March 31 it billed £Sm. "The 

pattern; 35, 31, 23, 11, 9. the only major variant frpm the be met “There , are numerous Downton. Chairman Graeme current year, our 10th, should be 
sorts of special factors are average growth path - -was factors at work, including the Rowe says that despite the late- our hest by a mile. We’ll 
work, and the contractors Government advertising which squeeze on manufacturers’ ness of the much-heralded boom certainly ’ make £10m and will 
tselves are by no means put on only 18^ per cent at£26m margins as a result of the price in consumer durables, 1978 still probably break Him." The 59th 
ed on prospects for the compared with a 28 per cent war in the High Street. But the ought to be a very good year, is Vernons, which reckons that 
mu. average. Retail advermlilg, as makers of consumer durables are “Advertisers are taking a slightly the real growth in total spending 

ivertising agencies are even defined and estimated by the AA, not necessarily spending any longer-term view than IS to 24 of the past two years has pro- 
sin the dark. Some of them, boomed from £206m to £260xn, faster than the makers, of fast months ago. Our billings bably dropped away. It hilled 
Saatchi’s and McCann’s of industrial advertising grew from moving packaged goods.” should improve from £12.4m to £4.1m last year, and may be a 

world, are still accumulat- £130ra~ to £16Sm, and - classified In addition to the top agencies, not far short of £14m." little down in the current year. • 


WHAT THE HEM, 

IS ADVERTISING FOR? 

Tumtopage 5 



■■■ V 






i 

Beverley FowlerMaslin Odade & Starkey 
■ have gone into partnership with one of America's 
fastest growing advertising agencies. 

/ And adopted a much shorter name, you'll 
no doubt be glad to hear. 

Bozell Jacobs. 

Yes, it may well bevirtuaDy unknown to . 

youtc 
; rorlong. 




With existing clients like 
Allied Bakeries, Anglia Hastings 
& Thanet Building Society, 
Family Circle, L’Oreal and 
Trust Houses Forte, London 
provides the ideal launching 
pad for America^ fourth 
fastest growing agency 



Adding 4 more directors to your board seems as good a time as any. to 
shorten your name. Don't you agree? 

In the States, Bozell Jacobs clients include 
Quaker Oats, British Leyland, Greyhound, Lee 
Jeans and Minolta. The complete list is as long as 
your arm. And the fact is that America alone can 
no longer contain the agency’s truly dynamic 

growth. ■!- 

Lastyear, for instance, B&J^s new business 

amounted to almost $50 million. J ust think of 

thatin sterling. 

We believe it’s no accident either that 
9 out of the top 10 UK agencies are either 
Americam-or have strong American 
connections. , 

B&J London standsfor total 
professionalism. Relevantcreativity. And 
real commitment. If yoa-knowMoe Jenns, ; 
you’ll knowwhatwemean. . . 

Moecomes inasManagingDirector. 

Moe L Jenns, Managing Wrector. 

When so many purchasing decisions are made 
or influenced by women. It could help 
your sales to have thislady on your side- 


And she comes on pretty strong. With all five 
founder partners of Beverley Fowler 
Maslin Oxlade & Starkey solidly 
.... v behindher. 

_ In turn, the London office 

is backed by apowerful US 
' network. With its impressive 

Marketing Division. And its own 
Market Research centre. Not to 
mention 16 successful offices spread 
right across the American continent, 
including Canada. 

It's an intelligence system, and 
talent bank, that London can draw 
on any time now. 

We’ve also exchanged quite 




/•/ [ . s* : 

Joe Caggiano, Chuck Peebler, 

Niefeld, 3 top B&J executives 
S° 011 the London board. Their 
disciplines are Finance, Planning, 
,/l^yy Marketing, and Market Research. 

afewthousand dollars to 
buy in strong support people in 
. the Creative, Media and Account 
Services departments. Which is 
another reason why; from now on,you 
y had better believe, the competition have 

really got some competition. 

P Bozell Jacobs & Partners Ltd. 

SLAnns House. Diadem Court.Dean 5tr«t.Londpn W1V 3AP.Tel-0l-734 0511. 


3 















20 

LOMBARD 


Financial Times Thursday July 20 


Business needs 
certainty 


BY A. H. HERMANN 


THE EEC COMMISSION has exempt because “they, possess cer. 
been much criticised recently, tain redeeming features, or pro- 
partieulariy in Germany, for hibit them. The Commission 
abandoning ibe principle of free takes up to five years to make up 
competition for the sake of regu- its mind and in the meantime 
latorv ‘■'recession” cartels for the notified agreement is in a 
oil. ni un-modi' ' fibres and ship- !*S al junbo. having a status oF 
building. But there are signs “provisional invalidity” so that 
that the Competition Department ma y .not be enforceable in 
of the Commission intends to courts. But notification confers 
balance these developments by at ieast immunity from fines, 
enforcing ihe anti-trust rules of unless the Commission withdraws 
the ' EEC Treatv with even this immunity by taking, after a 
greater vigour in other fields of "preliminary investigation," a 
industry provisional decision that the 

One can be in favour of- com- agreement is prohibited under the 
petition; or regulation, and competition rule* of the EEC 
indeed it is possible to argue treaty. and that Its exemption is 
that both these approaches can not justified. Curiously, this 
he justified for different Indus- provisional decision is not 
tries or. at different limes for hstt-d .among those which the 
one and the same industry. But Commission b [obliged to- publish 
everyone will aeree that 2 nti- and yet Uuslettre de carnet (by- 
trust enforcement, ao less than which French kmgs used to con- 
regulaiion. must be to a large ? 1 “ n dissidents to the Bastille) 
if manaue- ls more pernicious than a final 
be disc our- Averse decision. 


extent predictable 
menus, are not to 
aged from taking other than 
routine sborl-lenn decisions. 


Such enforcement practices, 
heavily loaded against enter- 
prises. are al| the more objection- 
n it _ able because, in selecting its 

JrOUCV vi ci inis out of .the unmanageable 

* stockpile of notified agreements. 

. .l*nforUmaiely.- -a leading -nffi- the Commission is unavoidably 
rial of ihe Commission's Com- guided by : political considera- 
piMition Department who visited tions. Moreover, what hope is 
London recently in order to there that a preliminary investi- 
cxplain the Commission’s compe- gallon will do justice to the 
tition policy to English and problems involved when even 
Scottish lawyers, created the the full investigations of the 
impression Jhat the Commission Commission are often unbeliev- 
underralos the importance of ably superficial and uncomplete, 
predictability and legal certainty as evident from several judg- 
for business. Instead of com pen- ments of the European Court, 
satins for the shortage of i rs _ 

manpower — it has onlv a staff A pOPlltil’nlP 
of 30 to deal each year with 

some 1.600 ntiijfic.il ions of re- Preliminary investigations 
strictive agreements— by -letting w0llld i, e more acceptable if all 
everyone see what it is doing, notified agreements would bene- 
ihe Commission in 19i i pub- nnt on jy from immunity from 
lished only 17 decisions but fl n es — which can be enormous- 
sen led 2»!3 competition cases in b „ t 3 i SP enjoyed the status of 
a manner only occasionally dis- provisional validity and remained 
cl.i<ed by a brier Press release. M f ort . e3 bJe between parties— as 
It stresses further that its deci- 3S lhey used to be until the 
si-ins «linnld not he regarded European Court withdrew it by 
as precedents and seems to hope a ruling in Brasserie de Hoecht 
tn.il industry can be made to j j. a* things are now. the new 
give up even remotely suspect policy of the Commission is only 
agreements by an unquannfied nicoly 10 convince companies 
threat of large fines. tear th'-v run far. greater risks 

The new deterrent which, the hy. notiMhg' an agreement than 
Commission intends- to use. in by riot doing so. "■ * 

the future i and already has ‘The impact of these develon- 
applicd to a market sharing ments on t. f K law and business 
agreement concluded between does nut seem to be sufficiently 
Leafields Engineering, a Wiltshire appre*-iated- An inter-depart- 
based maker of sophisticated pro- mental committee — .the Hans 
ducts for use in offshore suh- LUsner Mark II Committee — is 
marine ventures, with the French now "reviewing the UK’s restric- 
Soeieie National des Poudres et tive practices legislation. Yet 
ExpiOsifsi is based on an what is modestly called “the 
obscure provision tucked away overlap of EEC and UK competi- 
in the sixth paragraph of Article tion rules.” meaoing that 
15 of Council Regulation 17/1962. Brussels can do in this area 
According to this regulation, sus- everything that the Fair Trading 
peel agreements must be noli- Office can do and. much more, 
fied to the Commission which can is bound to pre-empt any recom- 
eitber declare them to be mendations which the Liesner 
innocent.’ or restrictive- but' Committee will make. 



Roche appeal: a chance to clarify EEC 

s * -g£SilS! £2S m S w S Ed T HC“if°i S2EK 

>wri HB while Roche asserts the EEC rules of competition enter the. market should prices aide offer. * 
pean wnmuission iu impose a R 0cne was kept in ignorance, the correct figures range were infringed intentjonal^r or rise s to: a level i offexmg . extta- The Commission s. 
fine of some £250,000 on the Roche argued this was contrary between 30 and 70 per cent. negligently. There is no ordinary Profits. All large an inducement fOT th- 
Swiss medicine giant. to the eeneEaiiv accepted rules It is quite possible that the come - without law & - a. chemical enterprises, Epche to cover his entire ret 

The Commission had earlier of fairness and to the principles Court will come to the con- fundamental - ■ principle of - argued, could- start making Yita- with Roche. Accordm; 
fid that Roche contracts of the^r^ Convintion on clnsionteatmarket shares of European , law ; - ancT R«he.;miM and many mu-ajwtier-flu. dauie was ther 
- - ropeau 30.70 per cent are quite suffi- claimed- ■ that- .the concepts of position •. than Roche -because customers benefit Tin 

■ ■ ' ci ent to justify the conclusion “ dotnriaant — ■ .position " ■ and the? produced the-raw materials ms no t even obliged 
teat " T friim -which vitafnin* wefh made. *thp camnetitor who wi 


held that Roche contracts D f the European 
obliged— or induced by means Human Rijdrts, 

<££ The Connect. denies 
pii-her all or at least a sub- ** ffla ^ any inquiries on Swiss 
Serial pin of. their ritamin territory to ohteio the Protocols 
requirements with the purchase and documents from 1 tee 
of Roche products. Mr. Advo- Roche employee The 
cate General Reischl will de- 5I °” a,so »»sted that it was 
liver his Opinion as soon as Ihe under no obligation to show the 


BUSINESS AND THE COURTS 

BY A- H. HERMANN, Legal Correspondent, 


from which vitainins were. made. * tbe competitor who 
Fpr this reason., Rbcbe^ so.-' it the vitamins at a Joi 

argued, had to quote competi- and if Roche did not’; 
tive prices and, characteristic- gvvn price accordir 
ally, its-contruts had only “faU" customer was free to 
and no “rise” price .clauses. ' where without losing h 

>n« - — . . - .. . . . Roche : denied that its long- meat to loyalty .din 

Court reassembles on Septem- XL the* that Roche is' in a dominant “ abuse “have not beep-definedterm contracts, with Unilever respect of purenases m 

ber 19 . The judges will there- limmissioa market position or, on the con- by the Commission or the Court fell into the category of loyalty Roche, 

fore have at least another wnrrapj tee ^ even 47 _g 5 ^ cent in a way which would have contracts as Unilever was in no As eafl be seen, the api 

month to ponder the impiica- argued, it was obu,ed 1 gu ra is not itself sufficient enaBled Roche to foresee tiiar way obliged to buy vitamins the CoUrt wjlh 
tions of this unique case, which he «md ^ B^ftHroiUd its vitamin contracts woidd be' :^iy°S Roch^ Also, the ^ 

started with criminal proceed- n such evidence, 0 % n ^ question of viewed as an infring«uent : of diswunts granted _ to Merck tumtj .to cianfj. 


a nu. 


a? ssrs^i SsSHS !»« 

Baajrissrg gsssSffi SF^Srss 

S^“*"“ es « meet ' MS£SW5i£ £ SS before! UrecMjJ ““ 

Roche certaiidy did not pull sion, which implied that only Britain. If normal standards .. d fro “ ^ r^ntracis" with apply to Commissions p 

Es^EEcirveri^w^oS ssu 

arasHsans isSSiSS S wSL r asztiKis 

DrinciDles of a f air tri al because In this particular • casc/thc Yvhat they knew in his presence, . . . , . ho forthcoming in ihi. - 

Sie Commission decided to open Commission Based its cateula- . The appeal hearing moved ^ iaant it ^! lon °° 31 Of- particular importance for future, the European Cr 

them on ihe basis of documents tions . af Roche's market -shsre mto wen deeper w e te rs when P«*J. coSmKion th?out^e of th™wpe.l is the the ool, hope for thee, 

obtained iUggally. Roche also on i undisclosed . inform atien ol> tee ar^nent^ . . wroLr in going by market Interpretation of the so called realise that without a < 

alleged that the Commission tamed from its competitors. Tbe procedure . y ._ nr JL «F n 3 isfi dause ,, in Roche’s minimum of clarity ant 

infringed the roJeeof interne, difference between the market ieeuee. ^edtd notconteh ®ros ^o “end^pSf SL" AtSorST to ttinty in the lew. doinc 

X£>-*S£S« SaSSBTJSMSS? ^of^Z^ J3 tSE^ETa* om/ did S**~*;Z2S?!2 , Z ^ f bound 10 bc '-' om ' 

fitoSSmar Roche - complained substantial. The Commission vague provisions of the EEC competition exist on the Euro- ing a loyalty discouut_had t difficul 


RACING 

BY DARE WIGAN 


Just Married has the edge 

SCHWEPPESHIRE LAD, sue- Dynamic Mistreqs in exchange perhaps tee- most . prominent 
cessfui in five out of six races for tbe neck that separated. them owner- of- racehorses in- Europe, 
including the Norfolk Stakes at at Salisbury at J the end .of last and Britain’s leading trainer. Mr. 
Royal Ascot, attempts to con- month. . Pater -Walwyn, are to part com- 

cede weight to all his opponents The hounds at Newrn arket had P*n?-- Mr. Wfldenstein cancelled 
in the Group Three National been barking the name Buck land Walwyns authority to act for 
Stakes (3.40) at Sandown today, for weeks before this colt by him in Britain arid the 
He will have the fast ground that Busted ran for the first time, at Lambourn trainer asked him to 

Sandown. 12 days ago. * In the take away his horses, 
event. Buckiand got into 'all 
manner of trouble, and. when 
extricated, interfered badly with 
another horse with the result 
that he- was demoted from- third 
- — — - to fourth place. Provided he 

ut«_ iiiriocH ‘on the Srts a clear run,- it is unlikely 

rJt rpppfng: he TutiS be* * « *», b « *“•*?.«« 

in? of Piggott’s mount. Tribal Steward Stakes (^.15). 

Warrior. An interesting- runner. at'.Yfir^ 

However, a more serious mouth is Early -Mom,; -a half- 
threat may be Coalminer, whom sister, bv Sassafras, to the good : r 2.45— Saintly Princess 
the Irish had thought certain to race mare. Moonlight Night. • 3.45— Hot. Shot 

win the Coventry Stakes at Ascot ® Mr. Daniel - Wildenstein, 4.45— Fair Louise - ■ 

but who was never going well on ! ■ 

course. Since' then. Michael More tube stations to have T.V. 

Kauntze’s colt has failed nar- - 

rowly to give nine pounds to a MORE UNDERGROUND stations Charing Cross. Baker Stn 
smart filly, Phil’s Fancy, at the in Central London will get Piccadilly Circus, Tottenh 
Curragh. But Schweppeshire closed-circuit TV- • with public Court Road and Waterloo. T 
Lad is tbe selection. address facilities, as part of cost will be £450,000. 

Another competitive race for London Transport's programme -When the latest stage is o 


here is Just Married, who has services. . . involved, 

a three pounds advantage with’ The stations are Bond Street,; London. 


he 


SANDOWN 
2.30 — -Just Married ‘ 

3.05 — General Carl 
.3,40 — Schweppeshire Lad 
’ 4.10— School Road 
■ . YARMOUTH 
‘ 2-lS— Buekland*** 

3 J 5 — Sideshow** • 

' 4^5 — Early Mom* . 

; .-.HAMILTON . 




t prranuiimc In 

biu-'l- :uul white. 

me l 

5.40 am Open University. 1.20 
pm On !h'.* Move. 1.30 Mister 
.Men. 1.45 News. 4.IS Regional 
News for England (except 
London 1. 4.20 Play School. 4.45 
C-arinnn. 5.03 We’re Going Places. 
5.55 The Wombles. 


6J0 pm Reporting Scotland. 11.55 
News and Weather for Scotland. 


12.00 What, the Papers Say. *■» Report WesL 
12J5 am Gerard Manley Hopkins SomvaL U.BS Tto Law Ciarre. 
poems read by Michael 
Burrell. 


Sendee except: Ul-ia PenawC 
» a Ncwrtdion Y Drtd. IL20445 Adar 
AH IBA Regions as London Tmjdra. &D 0 - 6 J 2 V Drdd. 


8.05 Wildlife on One. 

8J0 Citizen Smith. 

o 2? oik W c Northern Ireland— 4 JS-120 pm 

Is ^!' sw ’y ite [ s - .. . Northern Ireland News. 545-620 

10.15 The Royal International s cene Around Six. 11.55 News and 

W«th« for Horib.ro irobad. 

K 1,0rm “ ' BeEi0nal 

AJj Regions’ as BBC 1 except at (Leeds. Manchester, Newcastle): Awl* 1 * P*rtr ujo loot wio 1 * TaWn*i. 

thrfo”oT°o?.S5f- p ! Mpk„^.(«n W : g ’zr&rtk’zxis' °a - jsi 


except at the following times: — 

ANGLIA 

UL20 am Cartoons. HJjU) Afloat. U.05 


Wales— 5.55-620 pm Wales Points West (Bristol); Soitfh 

*— ’- “ight 


5.55 Nationwide Hendon and Today. 7.00-7 J5 HeddiW. HAS Jodw (Southampton); Spotlig 

South-East only). Ar Glawr. 11.55 News and South-West (Plymouth) 

6.20 Nationwide. Weather for Wales. nn -, _ 

Hoi id -iy Report. Scotland— 10.00 am Paddington. DDL Z 

7.00 Dr Who. 10.05 Jackanory. 1020 Help! 10.40- 

7-'.7 Top of Mu* Pops. 11.00 Big John. Little John. 5.55- 


F.T, CROSSWORD PUZZLE No. 3,723 



ACROSS 

1 What is left is unfair (3. 5) 
5 Reviled us when found in a 
plot i6t 

9 “ — . to seek. Ip find, and not 

to yield (Tcnny.^inl ci, ill 

10 To nearly everyone Lily 
causes panic (til 

11 Farewells to preserve 
inuMey! compositions (Si 


6 Delay in the dance at the 
royal residence (S) 

7 Cloth worker becomes an 
NCO (Si 

8 Rare mead to act as a 
sweetener (8) 

13 Made a quiet exit like an 
unfortunate remark (7, 3) 
in 13 Insulted when the cricket 
side finished (S) 


12 Didiniicly not expressing 16 A new series like a spring 
confidence «U. 4i salmon (5. 3) 

14 Thf prut* breadwinner ahout 17 One of those addressed^ by 


tifiv v.mi’t pass his driving 
:es: CL 7 1 

IS Inf.tniile heuinnins (5. 5) 

22 Went i»n rn start proccedinss 
in the finish 161 

22 Write about dictator includ- 
inc one in prayer ($j 

24 doom that is evident in one 
of the old folks at. home ffi). 

25 Girl goes to prison in 
Yugoslavia (Si 

26 Having an evening meal in. 
France? This is the place for 
it (61 

27 Surprised, but went ahead 
from the beginning (S’). 

DOWN . . 

1 Cash down suqgesred by 
broken watch? (2, 4> 

2 It turns up with a sensible 
brew < it i 

3 New Durian invasion (fil 

4 For a political supporter to 
cvk’bruic ia essential \i, l, 5> 


Paul on the Areopagus (81 

19 Edge up about the Greek 
mountain between earth and 
sky (3-3) 

20 It’s over the entrance to allow 
nothin.' to come up (6) 

21 The girl in the network (6) 

Solution to Puzzle No. 3,722 


: HEaagQ snsage 

'••‘G : K 0 S 

sanaasea gga 330 n 
n -n s n m n- u 

SESEfBHBnHE fflOHB 

^ -ra n s b e 
. ennsn ;QsnBanBE 

5'" ’US' Ci B3‘ 
.QEISEIS - ■ 
fS - -13 E -: 

ffinE 3 B^--! 5 nn 9 BSf 3 HC;B 
-.72 ••'TO — 
Bil 

s n 


6.40 am Open University. 

11.00 Play School. 

4.55 pm Open University. 

7.00 News Headlines. 

7.05 The British Connection? 

7.30 News. 

7.40 Gardeners’ World. 

84)5 Top Gear. 

8.30 BC: Hie Archaeology of 
the Bible Lands. 


6^3445 Sport West 

SCOTTISH 

1030 am v«Hcy of the Dbxn 
11.05 Andy's Party. 

IOUT Awuia. OJ 3 Arena, wtip-a Talktns. XJ 5 pa News 
•me Wlut About, Report. 2.00 women Only. • 
of Advenntrc. 505 Cartoon, 
toads. 6.00 Scotland Today 
Way. 6.45 Garnock Way. UJt 
U -05 Emergency. 

SOUTHERN 


JOJO Ufestrlo 
Workers U.M 
The Living Word. ._ . 

ATV'V-. 

10-28 am Music at Firewood. 10 .C 5 
Half. Half Three Quarters pull. M.S 0 
Let's Pretend ... the makc-brilmro l-erld 
of Daphne du Manrtcr UJO Stars on Ice. 


10 JO am Arthur. 1040 Afloat. 


L29 Dynomutt. 


A TV Nowsrtosk. 3 J 0 Quick on the Draw. 2 .O 0 Women Only. 

SJB Solo One. 135 Tlir.'e for the Road. The Lost Islands. 

6.00 A TV Today U.oa Gardening Today s^O rtrowroads. fcflO Day by Day. 
IXJO Dan August. Oh No. IrXMwn Fnnartn. XLOO 

DODTICD Rule! ll. Hi Somhern News Extra. 

BUKUrK What the Papers Sajr. 12 . ts am ' 

1020 am SKtoov. 10^0 Afloat n .05 days Tears. 

9.00 Midweek Cinema: “Splen- “SflE TYNE TEES 

dour In The Grass, 51 S Solo nil... 6 no Lonv .1 mnnd Tharsday. sjs am The Good Word. 10 J 
Starring Natalie Wood, u - 00 C| hbsvine. HXS Border News. Secret Lives of Waldo ratty. IOjbo 

WarrenBeatty. cti A tv;xrr-» ?-®. Andy's Party. 

11.00 Multi-racial Britain. 

11.25 Late News. „ 

11-35 Closedown reading. m-mre 1 New*. 6JU A -bailee W Meet . 6X0 Northern Life. in» Dooble 

w A»rr./A»i C-rtnontlmc. 10.32 The Open Air. TL*9 leprge Ramlltm IV. i?m 

IONIjON The Ard%- WUlLni.-is . Show. 11.30 Enllooue- 

SfLorfn Ladles end Oratlemen. I 2 -Z 5 
9^50 am A Place in History. 9.55 Actuanties « projections 


CHANNEL. 

LIS pm Oiumrl neu-s. «J 0 Little Houre Women Only, a JO ." The Purple Mask 


Paint Along with Nancy. 
Oscar. 10.30 Splderman. 


10^0 

10.55 


GRAMPIAN 


ULSTER 

M JO am Cartoon Tmc. 

U-05 And v’s Party. 


Cree Hunters of MKtaaiini. 11.45 g*F**MeT 'STS S 1 


13.10 pm Hickory House. 1 2.30 n-m-s. 4JC The r.riif>. 

Doctor! 1.00 News plus FT index. WlW .", r S r . „ 

1-20 Help! 1.30 Crown Court. 2X0 ^"Vi’air. iza’ ^ rTT,mfr Nws 


« me **> Utster ASrZ- 

Theatre. 6410 Ctyponfe- t30 Reports. MB Wa 


After Noon. 

Sandown Park <2.30. 


___ r . — ■ . ..... am Reflections. 

2Xo Racing from Grampian Headlines. 


3.05, 3.40 

4.20 


races 1 . 3.50 The Sullivans. 

Children's Film Matinee. 

5.45 News. 

6.00 Thames at 6. 

6.55 Cartoon Time. 

6-50 Crossroads. 

7.15 Leave It To Charlie 

7.45 The Salzburg Connection. 

3.30 This Week. 

20.00 News. 

10.20 What About The Workers. 

1 LOO Time for Business Special: ius amv* pnrrr' 
Where Have All 
Skilled Men Gone? 

11.45 Night Gallery. 


n w Today. 1130 Bedtime 

WESTWARD 

GRANADA • - am Ontamed world. 10 J 

10 JO am Return in the Planet of the A ndVi Party. 11-30 Loo 

Apes. 10.00 The r.nsr ishmdB 11 . Pi '' ~ 

Beullrs. U.S Shipov. 1 LC KalhV': 


days.. 


Neur. 5JS rmsproads 6J» Granada 
S e 2? rt ^A. bJ0 0n s,,c - “■» Whar-s nn. 

1105 What the Panurt Say. 1130 The iw*. S 01 
Law Centre. 1230 am A Little Night ’ or Llfe - 
Music. 


H -00 The Andy WTOJams Shew. 


10 . 2 B. am 


flTV YORKSHIRE 

11 1 v 10 JD am Power Without Glory. 

FouS‘. , Dart>". 10 AO Afloat. Star Maidens. 1135 Hie Woody 
1 X 30 Look Who's pecker Straw. UB pm Calendar 


L 2 S Remrn Wales headlines. 2JJ0 Women MO Calet 
Only. 330 Reirrs Lol us Ctae Club, editions). 
6 J 5 The 


Fllntsrones. 530 Crossroads. 1L40 The Entertainers. 


RADIO 1 247 m Beethoven. 1130 Words 

( 5 ) Stcnrapfaoolc broadcast * 

t Medina Wave oaly if’ J : . Mewfctael 

SlOB an AS Radio 2 . 7 JO Dave Leo 


Golden Hour. 


Moan. Roussel. L» De Sarsm Trio (Si Is . . . 

xijo'“T«nmarthu , m SE? 40 ""- Brahms. 2 JO Poimto (Si at Bed Hi 
ruon -rgny Blackbuni. Opera. Musk- by DonJaetrt Act I. 3-25 Tontght. 


1130 Today In 


■y m . ,, juuiu am ranuto isi act 2 . wows, am ua 

bJJrir™ swv 1 .!., 5*2. Jonson iKerval Rc-adln*. 430 Poitato. ■ Aa 3. ca«. 

i ndn d u« _ j-? . KeysbcaL 7Jo Sports 5JE Franck and Faure «S). »J5 Home- T , 

HUB John Peel >5'. 12.0W.02 am ward Bound. 36JE News. 16-10 Home- BBC KadlO LondOD 

A**”®* -■ , trard Bound. X5J0 LtfellMs: The Wider 

VHP Radios 1 -and 2—5.00 am With World. 730 Sibelius »Si Pan 1. LOS 
Radio X utriudiiu 135 ora Goad Listening. The Arts worldwide. 835 Sibelius (S> 

10.00 With Ra-liq 1 . 12303.62 am With Pan 2. 905 The Thorns or Summer iSi 

-■ Portrait or John Hcnrv Newman. lB3fl 

n i run I 1 TDAm. v-vm Pflar L « r e«Kar (Si Recital. 1030 The 

KAUIU Z i-aWm and VHF Bach Family is». luc New*, n.ao.n.55 

5.06 am- News. 5,02 Richard Vanahsn Toidsht-g Sctroherr Sonc on record. 

S''V.th The Eariy Show. irxhJES " adta ^ VHP jmljr-MMJO am. 535- ^ ^dio T- 
Patav for Thmista. 732 Terrs Woean <S> 7J0 ,ra, 0pen Utlh ' ereity - 
lociudms 837 Rating Bullcim. 8AS Pause D A nifi A 

for Thoitdn. IJn Cncti'l. lOJU Jimmy ^ . ....... 

Vbisie *5*'. 1205 pm Want oners' walk. 434m. 330m. 285m and VHF 

1230 Pete Murniv's Oaen House (Si Sews - *40 Farming Today. 

Including l-d5 Sporty Desk. 

Kami! 

Sports 


530 am As Radio 2. 


2. 12.05 am Question lime. 


London Broadcasting 



Sports —■ — - — ~ ,wu , 0 .. _ 

Sports Dest 732 Country CIu 6 (Si. 93 Z Kr0m onr 

Folkmave (S.. da Spcrts Desk. 2032 ,, „ nmra ,, _ 

Wit's End. UL* Star Sound Extra. H .02 


Sports Desk. 113 S Brian Matthew Intro- and YOmT SSS’ 'J “SL* 

$2 ™ 


iiarmxh*. i 2 Jo n«« 1232 am Capital; Radio 


130 


The^chers. 1.45 Woman's Four Includ- 430 wn Graham Dene'S 


76-55 am Weather. 730 News. 7.05 Minister, 435 Wildlife. 4.00 News. 035 730 .Lord Ge 
Orarorr iSl. 8.00 Keu-g. S S3 if ui nine Jack d(* Maitio Prcctejly. 435 Siory mentary fSi. 


730 London Today (Si. 


ENTERTAINMENT < . I I l>K 


CC — These theatres accept certain credit 
carta bv telephone or at the box Ottce. 

OPERA & BALLET 

COLISEUM- Credit cards 240 5258 . 

Reservations 01-836 31 « 1 . 
ENGLISH NATIONAL OPERA 
1978-79 season from July 29 . Bkg. open. 


an T™,, Co “P° scr: Rotten (Si. 535 weather. 639 News. 630 Brain of More Horne's Ynur MoUier Wouldn't 

« ArtHan Stfrag Quanct (Si Pan l: Rntam 1P7S. 730 New*. 73S The Like It 1 S 1 . XLOD Tony Myatt'S Lair 

Hasdn. Woll. llafdn. ULK In sJjort. Arch.-rs. 730 la-i's Gu This Sclik-d. Show rS>. 230 am -Don can Job 

1-35 Aeolian Sinus Quartet (8) Part 2: 735 Would You Go To A Healer? 830 Miatt- Flight <S). 


COVENT GARDEN CC 240 1066 

tGaroencharge credit cards d 36 69031 
THE ROYAL BALLET 

Tonight and Wrt. next at 7 . 30 : Anastasia. 
Sat at 2.00 and 7 . 00 : Four Schumann 
pieces. Dyertlsecmenu. Ehte 5 yn Loca- 
tions Tue. next at 7.30 : The Slneplno 
Beauty. ■ 

• • THE ROYAL OPERA - 

Tomor .and Mon -next at 7 JM: Norma, 
■| 21 -Junr. Bumbry -replaces Caoalle. veasey 
reel aces Burn&ry LaWrgen renlacn. Cralg. 
24 July: Sum ary replaces Cabarle. Un>lr. 
gen replaces CrafgJ Seat prices for July 
rt and 24 reduced to schedule SI- — 
rebates avail after earl. 65 Am pH’ seats 
avail for all ports from 10 am an oar of 
pert. 

GLTNDEBOURNe FESTIVAL OPERA until 
Aug. 7 with the London Philharmonic 
Orchestra. Tonight and Sat at 6 . 15 : La 
a Boheme. Tomor. Mon and Wed next at 

S JO : Com fan tutte. Sun. and Tue. next 
m at 6 . 30 : The Rake's Progress. Possible 
returns only. Box Office GJvndebourne. 
ie tSres. E. Sussex f 0273 812 A 11 ). N.B. 
The canal os for Can wHI rise at - 5.30 
sharp: There Is no nossfbllity o(_ admlt- 
U- tance for late comers. 

le ROYAL FESTIVAL HALL. ^ 92 B 3191 . 
U- July 23 to AuOott^y^The Sensational 

>6 Dance Company- with GALINA and 

al VALERY PANOV - - 

Dancing at every performance. 

SADLER -5 WELLS THEATRE Rosebery Ave. 
■ E 01.-837 1672 . Last PerfS. Eves 7 , 30 . 

Sat Mats 2-30 ■ ■ ■ 
NIKOLAIS DANCE THEATRE . . 

' Ttmloht: GiKgnol Stkk Figures. Suite from 

Sanctum.' Tomor: Triple Duet from. Grotto. 

Styx. Triad. Sat mat Triple fluet from 
- Grotte, Gallery. Styx. Sat ever Teimrtes. 

Gulgnol. Triad "Sheer .waardiY . . . an 

•eKPertonce nrn to be misled E. Novra- 
ag "Utterly, utterly beautiful - ■ ." 'Triad) 
Guardian. July 31 -Aug 26 MARCEL 
j. MARQAU. 

^ THEATRES' 

Y A DELPHI THEATRE. CC. 01-836 76 * 11 . 

UW-iES- 40 * 

<» THE BEST MUSICAL 

3 . al 1976 . 1977 and 1978 ! 

IRENE IRENE IRENE _ 

-LONDON -5 BEST NIGHT OUT. 

Sunday People. _ . 

_ CREDIT CARD BOOKINGS 836 7611 . 

Ik ALBERY. 836 3878 . Credit card bkgs. 
Ill 836 197 . 1-3 from 8 -SO am Party Rates. 
,H Mon.. Tues-. wed. and Frf. 7.45 pm. 
“ Thora, and SaL a -30 and 8 . 00 . 

y -A .THOUSAND TIMES WELCOhtR- JS 
*» LIONEL BARTS 

U. OLIVER! ■ 

--MIRACULOUS MUSICAL," Fin. Tlnurt. 
with ROY HUOD an* JOAN -TURNER; 

■ CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." DW. Mirror. 




AMBASSADORS. ’ _ 01-836 1171 . 

Ntobthr at 8 . 00 . Maditee* Tao. 2 . 45 . 

L Saturdays at 5 and 8 . 

T PATRICK CARGILL and TONY AN HOLT 

T In SLEUTH 

re The World- Famous Thriller. 

Z. by ANTHONY SHAFFER. 

2 "Seekra the piav again Is tn fact an 

5 otter end tstaf lev. Punch. Sear prices 

A C 2.00 to & 4 . 00 . Dinner an* Top-once 


. ARTS THEATRE. .„®,i * 8 36 2132 . 

• : TOM STOPPARD -5 

2 . DIRTY LINEN • ^ 

■ " Hilarious . . see il." Sunday Times. 

Monday to Thursday 130 Friday and 
Saturdays at 7.00 and 9 . IS. 

ASTORIA THEATRE. Charing Cross -Road. 
01*754 4291 . Mon.-TMirt. 8 p.m. Frl. 
and Sat. 6.00 and B. 45 . tBuitet too* 
available.) 

ELVIS 

"Infectious, appealing, tootstomping and 
heart-thumping."" Observer. Seats £ 2 . 0 Q- 
« £ 6.00 Half-hour before show Best avall- 

able seats -£ 3 . 00 . Mon..Thurs. and Frl. 

_ 6 am pert. only. 

BEST MUSICAL OF THE YEAR. 

_ EVENING STANDARD AWARD. 

CAMBRIDGE. 836 B 0 S 6 . Mon. to Thors. 
B.OO. Friday. Saturdays S 4 S and B -30 
_ _ IPI TOMSf 

Exciting Blade African Musical. 

'"Picked with variety." Dlv. Mirror. 

• Seat prices £ 2 . 00 »£ 5 . 00 . 

THIRD GREAT YEAR 

Dinner and ton-price seat £ 8.75 Inc. 

CHICHESTER 0243 81312 

Today «t 2 - 00 . July 22 at 7.00 

THE INCONSTANT COUPLE 

Tonlcht and July 21 at 7 .C 0 . July 22 

7 at 2, 00 . 

THE ASPERN PAPERS 

CRITERION. 930 3216 . CC. 83 S 10713 . 
Evgs. 8 . SMS. 5 . 30 . 8 SO. Thurs. 3 .D 0 
NOW IN ITS SECOND YEAR 

LESLIE PHILLIPS 

In SIX OF ONE - 

A HALF A -DOZEN LAUGHS A MINUTE 
- SECOND HILARIOUS YEAR. 

"VERY FUNNY." Sun. Tel. 

DRURY LANE, 01-836 8108 . Mon. to C 
Sat, B - 00 - Marine* wed. and Sat. 3 oo - 
A GiORUS LINE 

“A rare. --devastating, lovoui avtonjoana 

DUCHESS.- 836 8243 . Mon. to Thurs 
Evenings 8 . 00 . Frl.. Sat. fl .15 4 nd 3 D 0 , 

_■ OUT CALCUTTA! 

The nudity fc stunning." Daily Tol. 

• ( • • 9 th-CwMtional Year. - 

DUKE OF YORK'S. 01-856 5122 . K 

Evenings 8 . 00 , Mat. Wed,. Sat 3 . do 
L imited Season, must end August 26 
JOHN GIELGUD “ 
fn JdIuu Mitchell's 

HALF-LIFE — 

A NATIONAL THEATRE production R 

;s " &sst 

cramt “t'Sp — 

FORTUNE. 836 2238 . Evs. 3 . 00 . Thun. 5 . R 
Sat. 5.00 and 8 . 0 a 

Muriel Pavlaw at MISS Marple ,n 
. AGATHA CHRISTIE'S 

MURDER AT THE VICARAGE 

Third Great Year 


THEATRES 

GARRICK THEATRE. CC. 01 - 83 E 4001 . 
E»s. B.O. Mat. Wed. 3 . 0 . Sat. 530 . 8 - 30 . 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL -KITCHEN 
In H AHOLD- PINTER'S 
THE HOMECOMING 
"BRILLIANT — A TAW AND EXCEL. 
LENTLY ACTED PRODUCTION. " O. Tel. 
"AN INEXHAUSTIBLY RICH WORK.' 
Gdn. NOT TO BE MISSED." Tlinca . 

GLOBE THEATRE. 01-437 1592 . 

Eves. 0 . 15 . Wed. 3 . 0 . Sat- 63 . 6 - 40 . 
PAUL EDDINGTON. JULIA. McKENZIE 
BENJAMIN WHIT ROW M 
ALAN AYCKBOURN'S New Comedy 
TEN TIMEX TABLE 

.*• Tnis most be the happiest Uughter- 
makcr In London.** D. Tel; " An IrresIK- 
Ifalv enjoyable- e»«i(na . w Sun oav _ 

GREENWICH THEATRE. 8 SB 7755 . 
Evenings 730 . Mat. Sat. 2 . 30 . “ Sanlev 
Houghton's Masterpiece," Times. H 1 NDLE 
WA XES. "A real ft no." Gu ardi an. ■ 


HAMPSTEAD- 722 9301 

Evgs 8 . Sat 2 and B 
BEYOND A JOKE 

a new revue 


HAYMARKET. 930 9832 . Evgs. B.OO. 
Wednesday 2 . 30 - Saturday A 30 and 8 . 00 . 
■ -PAUL SCOFIELD 

MARRY ANDREWS 

ELANOR . ' 1 J 1 V 0 R 

BRON PEACOCK 

and IRENE HANDL In 
* A FAMILY 

A new piaV bv RONALD HARWOOD 
Directed by CASPER WREDE 
"An aoaireble Play -honest, well con- 
ceived. . pr o p erly worked out. freshly and 
fittingly - written— richly sattrtyfng-— Paul 
Scofield at his bosL" B. Leuln. S.. Time*. 


HER MAJESTY'S. 4X. 
Prey. Jul» 26 . , 8 . 0 . 

7 JO. Sub. evgs, 8.0. _ I 


. 3 . 0 . 

AJbw Play bv 



MSS 


king's road Theatre: 332 74 M. 

Moo. to Thurr-B-O. "Fn.. Sat. 7 . 30 ^. 930 . 
THE ROCKY HORROR SHOW . . 
B 9 NX 1 QSCAM. 'T gE_iTi 


LONDON PALLADIUM. CC- 31-437 7373 . 

NOW UNTIL AUGUST 19 
Mon.-Taes., Thun, and Prl. at B. 
Wed. and 5 ats. at 6.10 and 830 . . 

' THE TWO .RONNIES 
_ . In a Sooctacular Comedy Revue. 

Book now on hot line 01-437 20 S 


LYRIC. THEATRE. • 01-437 3686 . Evs. 

Mat. Thnr. 3 J». Sat, S.O and 8 . 30 . 
FILUMENA 
with ERzabetti Archer A Trevor Grittths 
by Eduardo de Flltapo 
. OVracted by FRANCO ZEFFIRELLI. 

- . . TOTAL TRIUMPH," Ev. News. 

“ AH EVENT TO TREASURE." D. Mirror. 

"MAY IT FILL THE 

HUND RE D YEARS." 

MAYFAIR. -629 3036 . Ere. 8 . Sat. 5 JO 
. and 8 JO. Wed. Mat. at 3 . 0 . 
WELSH NATIONAL THEATRE CO. 

. -DYLAN THOMAS'S 
UNDER MILK WOOD 


THEATRES 

ROYALTY. Credit cards. 0 . 
Mondav-Thureday evenings t 
5-30 and 8 as. Saturdays 3 0 - 
London emits vote BILLY CAN It 
BUBBLING BROVIN SUGAR", 
Best Musical' in (977 ► 

Booking acccoten. Malor credit 
Soeti.il reduced rales lor matinee 
limit ed period only. . 

SAVOY THEATRE. 01-836 

TOM CONTI in 

WHOSE LIFE IS IT ANYWAY 

With JANE ASHER . 

"A MOMENTOUS PLAY. I URGE 
TO SEE IT." Gdn. 

Erg. at S.O. fn. and sat. 5 45 and 


SHAFTESBURY. CC. x 01-036 
Shaftesbury Ave. WC 2 iths" Helnor 
Per -a Special Summer -Season 
A New Production of 
GOD SPELL 

Seats from' £ 1 - 65 . 

Best available teats at £-!.a 0 1 
before show from the Bc« Offic 
Mon.-Thur 7 fl. 15 . Frl, & Sat. 5 ->Q_ 4 


STRAND. 01-636 2660 . Even mgs 
Mat. Thin. 3 . 00 . Sal. 5.30 and 
NO SEX PLEASE — 
WE'RE BRITISH _ 
TOT WORLDS GREATEST 
-■ -LAUGHTER MAKER 
GOOD SEATS JM.aO-Ll.OO. 


ST. MARTIN'S. CC. 635 1447 . Eras. • 
Matinees Tues. 2 . 45 . Saturdays 5 a - 
.AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S -LONGEST -EVER RlfJ 
-■■■■— 26 Hi YE AR • 


TALK OF THE TOWN. CC. 734 
• 8 . 00 . - Olnloo. Dancin'! {Bars open 
9.30 Sooer Rreue 

RAZZLE DAZZLE 


ATRE URSTAOtS-.- .!. '_ ?»* C 

*.-0: 


THEATRE . 

ETvenlrtfis - 7 - 3 o j.m, 

HttSH EYES AND ENGLISH 7 =aJ . . 


ay NraeT Baldwin. 


VAUDEVILLE. 8 M 9938 . CC. EvS- t&r**- 
MM. Tues. 2 . 45 . sat- -s 
Dinah SHE RIO AN. 

• A MURDER IS ANNOUNCED RH it-?'- 
The newest whOdunnH bv- A?adu US&y- R-'r; 
“Re-enter AgaUta with another 
. don nit Me Agatha Chrttsic n itanaNy-r^-.- 
Wcst End vet again with anothor o. 

flencKshiv Kigcnious nuirdrr 

Fell* Barker. Erwins News. I. 
AIR-CONDITIONED THEATREV 


[■VICTORIA PALACE. ’ - 
■•Book Now. 828 4736 -E. „834 


LYRIC" 
lunday T)i 


FOR A 


MERMAJD. 248 7656 . Restaurant 248 

- 

DESERVES FAVOUR 
A otav for actors and Orchestra by TOM 
STOPPARD i a ^DRE PREVIN. Scats £ 4 . 
£3 _ and £ 2 . NO One WHO LOVES 

RGE AND THE 

GAN POSSIBLY 
Times. 


MERMAID. 01-248 7656 . (Rest. 2*8 
Wft. LDNCHTtMES July 17-28 tl.OS. 
PjO -55 pm> TODAY. MY SHAKESPEARE 
with JOHN WESTBROOK. 

Bernard Miles Illustrated 

tPJJF'L „ Eltabethan London and Its 
Theatres. Price S Oo far a ach a vont. 

NATIONAL THEATRE. 928 2252 . 

9 ^MAaSmi. suoe,: Tont A Tovpor 
*; 1 11 ELTON iproscenium stageR • Toot 

aA 0 ^ 7 ^. 

7br Mayor °* ZblTO 

SSr-'oTSar S3? 311 2 thgrtres 

OLD VIC. 


PROSP ECT AT THE OLD VIC 751 * 

XiCKS‘v , “ 

- t.mll- NOT for BURNING 

fresh and begraM ■ Oa„y TrtZ&ph. 

. ... TWELFTH NIGHT 

eJ? revival^ The Tim— 

Frl. 7 JO. Sit. Z - 30 B. 7 m e Times. 


A MIDSLUMMER NIGHT'S DREAM vll 

SSS. 


l^oor 

iafi Oflt 7 . 3 d. Maw. Wed- awtf.m,-, _ $t 
WAR&OUSS. DoiMnar. . TKBatre.,';C#A i . - 

Gart-TL. 836 6808 . Royal Sba&SfKfrsy- 
Compito. Tonrt. Tomor. Sat. , Jp •; 
jSSn&M RudWn;* THE SON OFU.f' -■ 
"QnltfrtiBtandlhg" F. Times. All Id 
£ 1 . 80 . .^Adv. bless. AldwyelL 
standby Cv ■ * '•’ - 

WESTMINS^- 

SENTENCED TO LIFE .. CR, 
"MUGGERIDQ 8'5 .trenchaw^ 
THORNHILL'Sa; dramatic vtg O. « 
"Intensely hunaan, caring drama, y. m 
■Tremendous' ''•^aet.'' f 3 

sharply meed. J. C.Trewin. J 
- Eros. 7 . 45 . -«atlneo Srt.- 4 -so-r; 

LAST WEEK/MUST END SAT.;/g 

WHITEHALL. ' 01 -930 -SWl'IlS / 

•KSraTmTFrt. and’ sat 
Paul Raymond tr-Wh 

- Sex Revue at. jbe ^Century- . < 

DEEP -IWoAT - ' 

6 ttv GRE ATlMqtCT- 


WINDMIU. T H»TRE r_CC Of -437 63 '; 
■Twice Nigbrtv B OO_and; 1 0 - 00 - 4 
Sundays 6.00 B.OP- 
. PAUL JlAYMO^SKWenB __ 

. THE • EROTIC ? xPFlrtWCE. pf TMEg 

- MODERN BRA - S 
•*^TakeS"to unpeecedcnied. • lloij 



WYNDHAM’S. 01-836 20 38 —-- 
Bkos. 836 1071-3 from 6.30 H".Mc_n 
ThUf- 8 . 00 . Prl. and Sat. 5.15 
" ENORMOUSLY RICH 
VERY FUNNY." Evening N> 

Mary O'Mallev'S smash-hit com 
- ■ ONCE A CATHOLIC 

" Supreme comedy on m and rellg, 

Dally Telegraph. 

"MAKES YOU SHAKE WITH 
LAUGHTER. Guardia n. j; 

YOUNG VIC. 9286 S#'- 

TodJv 2 ori HELEN COME. HOME . 
Achilles the -Heel— vlslllne I a=z music " 1 '. 
Eves 7.45 Bartholomew Fair. YoyiV-.' 
vie Festival Inis 3 days. Phone 
Office for leanet: 


The mr , rmn ri ! , T IH !° truth 
■mTaugh $i„«OYCE ny ton. 

HAVEDKD" 1 WOULD 

DrtJGIW “ Ev S " 2 flS. Tim O- “ SHEER 

■ ^ ■t Jnuqu; & ug^R^j£21° U5 


THE °^ r 1C G D2 US ^COMEDY 

BEST COMEDY ' OF THE YEJhIK' 
_E*._« d. Award and ^Sg^lSjpi 


MW . rin ... ~ HHIMICTIT ^BpiHWh 

. 8877 . Porformaneei Thl* Week. 
Eves. fl: 0 . Mat. Thor. 3 . 0 . SaL S.OD. 8-40 
NOTE CHANGE OF SAT. PUTS. 
From. JULY 12 sat*. S.O and 8 AO. 
Franjr AUG. 5 . Sets. 3.0 and 8 . 40 . 
end .from SEPT. 2 . 5 ats. 3.0 and fl.o 

/ EVITA 

-b»„Thli .Rlra and. Andrew Uovd Wehhw 


— CC. 01.930 8631 . 
Evenings 8 . 0 . Saturday 5. 30 and 8 . 45 . 
THE HILARIOUS 

BROADWAY COMEOV MUSICAL 
I LOVE MY W 1 R 
Karting ROBIN ASK. WITH 

Directed by GENE SAKS 


troi B.obvwB.o^lSSrV.SS: 

- ANTHONY QUAYLE 

faith -brook, michael aldhioge 

and RACHEL -K BMPSON ■ - 
- ' Bwmett's 

„ .-.-THE OLD COUNTRY 

^ a J 5 U p, 23^1 LiMidon crtt*c* -Award 
BEST PLAY OF THE YEAR. 
DIRECTED BY CLIFFO RD WILLIAMS 


VYMOND RE 
kt 7 pm. 


REVUEBAR. CC. 01.734 1S93- 
3 p?"- 11 wn. Ooens Sons. 

THE fnnVjtL OP EROTICA 
«_* > 5ENSAT1C>N A t |. 0tl ?EAP 
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7 M GREAT AMERICAN 
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CINEMAS 

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iC 


Knancial Times Thursday July 20 1978 



Book Review 


[Guildhall 


A l ull Life 


by C. P. SNOW 


tr Vardi, Neban Fam»,d,=, D.„ k Hart and Thomas Yan, in “for th«t who dfalTStd? 5 

und House 


Embrace Tiger 


te Rambert company looked 
cularly strong and well- 
sed on Tuesday in the 
id programme of its current 
id House season. 

Glen Tetley's Embrace 
r, which has made a wel- 
i return to the repertory, the 
and mysterious posing 
sb begins the piece melts and 
s into duets both erotic and 
jssive. and culminates, for 
vith a quintet ihat is among 
Desl things Tetley has ever 
<?ived All this is very well 
. with Sally Owen. Michael 
Yair Vardi. Thomas Yang 
Mark Wraith exceptional in 
quintet. Miss Owen flung be- 
lli the men or walking ~deli- 
y ' among them on their 
-S. Odd; beautiful. 


irchfll, Bromley 


by -CLEMENT CRISP 


In the two works by Christo- 
pher Bruce in the programme— 
for these who die as cattle 
and Black Angels — the men were 
again excellent. Bruce's medita- 
tion upon the soldier's', com- 
panion. Death, in cattle is so 
sincere and convincing In utter- 
ance that little needs to be said, 
save that Bruce himself makes 
an extraordinary impression as 
Death, an immobile and watchful 
figure whose most chilling 
moment is in turning over a 
corpse with a □ incurious foot. 

Black Angels received its cus- 
tomary intense interpretation, 
led by Zoltan Imre and Yair 
Vardi. both tremendous, - and 
with Michael- Ho very positive as 
the third man, and Sally Owen 


fine as the Madonna-figure. It is 
not a work that I can see too 
often, for its searing effects do 
not diminish In power, nor do 
the dedicated performances' from 
its cast. 

For light relief in the eveoiag 
we had Leigh Warren’s Nuthouse 
Stomp, a piece 1 enjoy— despite 
its excessive Jengtb-^for its 
inconsequence, and the quite 
irrational ways dances explode 
and then subside, and for the 
total illogicality of the whole 
exercise. It is zany, and with 
enough dynamic variety and wit 
about popular movement to make 
it worth seeing, not least for the 
way Lucy Burge' manages -to 
look bored and yet dance 
frenetically. 


he PM’s Husband 


by B 


Y O UN G 


* Prime Minister is a lady, 
; the Leader of the Opposi- 
Iwho is also General Secre- 
5f the TUC) and the Chan- 
' and the Bishop of London, 
ions runs at a steady 9S per 
Unemployment verges on 
The date is vaguely in the 
1980s, and Helen Tyler, the 
: Minister — given a familiar 
by Maggie Fitzgibbon— has 
i a soap election to avert 


(Joan Newell), Is a Clydeside 
virago. The Prime Minister's 
husband— and he does hang 
about in the background, played 
by Gerald Flood, with his usual 
style, extinguished by housework 
— decides to leave his dominating 
wife, and it is Angel wha- fixes 
the terms of the separation, 
having enlisted him in a. new 
trade union, NUHAT, -the 
National Union of Husbands and 


b., y t- 

■ .,•* I 

4 ’.■¥* - V t 

♦ ■ „* i* .« . ■ 1 



Jones: her Press secretary ' is 
Anna Ripoff; her rooms at No. 10 
consist of an open-plan ' sitting- 
room where her husband cooks 
and cleans. The basic rule of 
farce, that you should be able 
temporarily to believe what you 
see. is mostly neglected, an error 
which might be more easily for- 
given if the streams of absurdity 


Book Reviews appear 
on Page 10 


designed to keep us laughing did 
so more whole-heartedly. 

Well, never mind, it's a play 
with no more ambition than to 
keep the mind off . the world for 
a couple of hours, and It .does 
that. But ; it is 'a pity that' Mr. 
P'aice should have missed an 
opportunity to say something 
rather more scarifying about our 
governors, when there is so much 
to say. It seemed for a- moment, 
when near, the end he began a 
scene with the same situation as 
be ha’d used, at the start, only 
with the Emir in the Prime 
Minister’s place and the Prime 
Minister in her husband's, as if 
he were about to say something 
to os. perhaps to offer us a moraL 
But the moment passed. 

I Southwark Cathedral 


Double Harness: Memoirs by 

Lord Drogheda. Weidenfeld 

and Nicolson, £10.00. 385 pages 

Lord Drogheda- has had an 
unusually complicated, and inter 
resting life. Himself, he. calls 

it schizophrenic which; untypic- 
ally for. him. is clinically incor- 
rect. Schizophrenic : does not 
mean split down the middle. But 
he really has. for many years, 
fulfilled, with indisputable suc- 
cess, two entirely different func- 
tions. as business boss and as 
aesthete, more precisely as 
aesthetic impresario. ' The first 
has been as overlord of the group 
of papers and journals brought 
together by Brendan Bracken, 
with the one in .which 1 am 
writing as the centrepiece, from 
which Drogheda retired as 
chairman and chief executive in 
1977. The second, in his aesthetic 
domain, was . as chairman of 
Covent Garden, where he had a 
long and .illustrious reign.' 

So, since be was a youngish 
man. Drogheda has played a 
significant, if somewhat offbeat 
part, in the national life. ■ . At 
the -end of this book of memoirs, 
he wishes, a little wistfully, that 
he could have done more, in a 
direct political sense. He has 
no need to repine. He has done 
a lot. 

Curiously enough, he says that 
he has always lacked self-confi- 
dence. which has been a major 
handicap. This sounds surpris- 
ing. but be is very candid about 
himself, and it may be true. If 
It is, he has more than. compen- 
sated for it by other qualities, 
conscientious and obsessive 
industry (without which his 
career- would be inexplicable), 
an oblique, talent which, in cer- 
tain Cambridge circles used to 
be known as '‘‘spin,” meaning a 
detached and seml-lronic skill in 
personal relations and judgment, 
and, above all, utter involvement 
in his double life; 

As in nearly all complicated 
careers, a good deal occurred 
by chance. He started with some 
practical advantages. There 
doesn't seem to have been much 
money in- the family, but for 
two or three hundred years they 
had been ascendancy aristocrats. 
The Irish connection was 
tenuous by his father's time, but 
the- title was an Irish one. 
Drogheda sits in the Lords 
under the UK style -of Baron 
Moore, which was conferred as 
recently as 1954. As a young 
man, be may have been diffident, 
but he bad easy and immediate 
access to the beau raonde, or 
what was left of It He had to 
earn a living, and worked with 
his usual application at a very 
dull job in the City. In the 
evenings he went into the smart 
world of the 1930s. He was liked, 
as he has usually been in most 
societies. After suffering in love, 
he married a pretty and gifted 
girl and they were a popular 
pair, though their aesthetic taste 
must have made them faintly 
unfamiliar in- some stately 
homes. His real piece of luck, 
however, didn't come from the 
smart world at git It came 
through being taken up by 
Brendan Bracken. 

Bracken was one of the 
strangest of fish, but be. had 
remarkable qualities. Drogheda 
writes of him with much under- 
standing and affection, and. with 
characteristic honesty, says that 
there were parts of his tempera- 
ment and life which he still 
doesn't begin to understand. 

Anyway, Bracken got 
Drogheda into operation, in 
charge of a small paper in 
Bracken’s control, the Financial 


News— At the time Drogheda 
knew next to nothing of financial 
affairs, but- was prepared to 
learo. He. mane, a modest 
reputation, quite quickly. Hence, 
after" the war, more Bracken 
activities. The Financial Times 
was -up for offer, and promptly 
acquired.. -The old Financial 
News was absorbed, and 
Drogheda was -well on his way. 
With some acute talent spotting, 
especially _mi choice of 

editors, where Gordon Newton 
became , one of the most success- 


or aspire to create anything. He 
was one of those satisfied to be 
a servant or promoter of the 
arts. He writes with passionate 
feeling and delight of bis time, 
nearly 20 years, at Covent 
Garden. Throughout these 
memoirs be shows something 
like total recall, occasionally 
with comic effect In the Covent 
Garden chapters, an opera 
experienced years ago moves 
him. as though it was last night 
In his amiable detached 
fashion, he was prepared to cope 


Monteverdi Choir 

by RONALD CRICHTON 












I The first big concert of the 
{Festival of the City of London 
i brought John Eliot Gardiner 
and the Monteverdi Choir and 
Orchestra to Guildhall on Tues- 
day with a programme of Handel, 
Purcell and Rameau that de- 
served to draw a better audience. 
(Handel's Psalm Dixit Domino* 
must now be In the repertory 
I of every small choir able to 
master the brilliant writing and 
• bold ideas that poured from tbe 
i young Saxon's pen as if he were 
j intoxicated with Italian music. 

I The Monteverdi Choir sang the 
■ rapid scales and octave leaps 
I with lightness and sureness, en- 
jsuring that almost every note 
; could be seized by the listener 
before spiralling up to tbe Guild- 
hall roof— quite a feat. 

There was good solo work, as 
well. In the quiet, throbbing 
“de torrente in via" the two 
sopranos, Jennifer Smith and 
Sally Bradshaw, blended sen- 
sitively (Miss Smith bad already 
distinguished herself in “Tecum 
priucipium ", fated to remind 

irreverent ballet-goers of the 
Widow Simone's clog dance in 
La Fille mol gard.ee. The 

counter-tenor Charles Brett has 
a fine sense of style as well as 
remarkable breath control. The 
others. Jess conspicuously but 
usefully engaged, were Paul 
Elliot and Stephen Varcoe. 

The same singers, with a 


second baritone • (Charles 
Stewart) were heard again in 
Purcell’s Birthday Ode. Welcome, 
welcome, glorious mom, which 
has enough striking music to 
make it well worth hearing even 
if it is not exactly tbe work to 
follow the fireworks of Dixit 
Dominos. The good things 
include a stirring trumpet piece 
and two arias, for baritone (Mr. 
Varcoe) and soprano respec- 
tively, each with attendant 
chorus. Miss Smith sailed through 
her difficult solo— in which Pur- 
cell concentrates on a part of 
the range wbere many sopranos 
tend to go unsteady, not only 
with composure but with full, 
glowing tone. 

After the Purcell the choir left 
tbe stage to the orchestra for a 
Ballet Suite from -Rameau's Les 
Bordades . his la9t opera, of which 
this conductor and orchestra 
three years ago gave tbe first 
complete performance, more 
than 200 years a Tier it was writ- 
ten. Tbe Suite gives an idea oF 
the wealth of unexpectedness of 
which Rameau was stilt capable 
at the age of 80. Not only in 
quick dances, lively and colour- 
ful as ever, but in a warmly 
sensuous Entree for Polyhymnia, 
with a quality of long-breathed 
melody for which this composer 
is not often given credit. A good 
appetiser for the complete Prom 
performance to come. 


Festival Hall 


Chieftains 

ARTHUR SANDLES 


Lord Drogheda 


fid of oar time, the Financial 
Times developed into the shape 
we now know it. 

Drogheda proceeded simul-. 
taneousiy. to take charge of 
Covenr Garden. It was by 
another Duke that be was invited 
there. Hie dedicated himself, at 
least ad much to music as to 
journalism and finance and 
making the Bracken papers good 
and • profitable. Part of his 
nature, a large part, had always 
been given to aesthetic things — 
not' specially literary (literature 
may not be purely aesthetic 
enough for his natural taste) but 
musical . and visuaL He was a 
born connoisseur. He didn't want 


with the infighting of the 
operatic and ballet worlds, no 
different from the infighting he 
had coped with elsewhere. It 
is due to him; at least as much 
to any single person, that the 
highest class of those performing 
arts has still survived in London. 
Minority arts? Of course. So 
are all the other arts subsidised 
by the Arts CounciL The only 
majority arts in this country are 
shown on television or the foot- 
ball field. 

Drogheda says that he has had 
a happy life. He has certainly 
helped to make a good many 
others happy as becomes clear 
in this enjoyable book. 


There are certain atmospheric 
difficulties in hearing an Irish 
folk group in London's Festival 
Hall. The bars only sell Englisb- 
Brewed Guinness in half pint 
botties; the hall itself is plastered 
with large no-smoking signs; and 
its central heating system does 
not. as far as I am aware, 
operate on peat. To see such a 
group without the combined 
hazes of tobacco smoke and 
alcohol and missing the added 
dimension of smouldering turf 
in the fireplace potentially 
reduces the experience. 

The Chieftains, however, seem 
to carry their own little package 
of atmosphere with them. 
Dressed in assorted working 
clothes they ambled on to the 
podinm as if suddenly called 
from manning the village post 
office counter or teaching in some 
nearby classroom. Such blatant 
cosiness exposes musical talents 
much more testinglv than any 
oroduction razzmatazz bnt the 
Chieftians are old hands at this 
game. Within minutes heels are 
tapping the Festival Hall's 
polished wood strio flooring and 
{reels being danced on Its thick 
! ca meted aisles. 

The Chieftians rely on music. 


not words, for their performance. 
Two fiddles, Irish pipes, a penny 
whistle, a flute, Irish harp and 
a collection of those hauntingly 
basic one-sided Gaelic folk drums 
are the tools of their trade: in- 
struments {even the small harp) 
which can be carried quickly and 
easily from village to village 
along roads which were never 
really good enough to be worthy 
of the name. 

If a critic's job is to remain 
above the emotion of an occasion 
then let me confess to failure. 
As the Chieftians played so my 
mind would wander off to the 
wild and de-populated lands of 
the Irish west where musicians 
like this, and yet never like this, 
are still a major form of Satur- 
day night entertainment. The 
group's ability to create a mood 
has been recognised often before. 
The film Barry Lyndon looked to 
superb photography and the 
music of tbe Chieftians for its 

effect. 

The Festival Hall brought this 
skill, and their musical ability 
into sharp focus. It is a rare folk 
group which can survive such 
close examination, but survive 
they did with Irish and English 
alike yelling for more at the end- 


The Prodigal Son 


As Newark’s oldest bank, 
we financed the trade 
of our young nation. 


Haggle Fitzgibbon and Gerald Flood. 


Leonard Hurl 


nic caused by four mern- 
f her Cabinet resigning 
cibs to an and work at 
and Spencer. 

Paice's farce is set in a 
d background, but its 
are not really political 
Th'\v are good old farcical 
Vanessa, the Prime 
r's daughter (Karen 
is in love with the Emir 
in, and the Emir (Arthur 
likes to be called Jock 
ays the bagpipes. Angel 
. the Opposition Leader 


Allied Trades. Angel also fixes 
the terms oE Vanessa’s marriage, 
which Include, a. dowry of FT 00m. 

The comedy is not worked out 
with the trim detail of Feydeau 
or Ayckbourn. If it were the 
kind of play where such things 
matter, one might detect loose 
ends flapping in the wind all 
over, but Mr. Paice and his 
director, _ Alexander Dorfe are 
content to tickle ns with cartoon- 
style jokes that !we laugh at and 
forget. The Prime Minister’s 
Political Secretary is called Dow- 




At the Aldeburgh Festival, 
where each wai first presented 
in a different year, Benjamin 
Britten’s three “parables for 
church performance ”, fell, into 
place as part of a larger experi- 
ence. Their short length — about 
an hour apiece — was acceptable 
in that context and was turned 
to ^positive advantage in the 
subsequent single-disc recording. 
As. self-contained performances 
offered amid London's .crowded 
concert calendar, however. Such 
works offer short measure and 
(being all-male) a certain lack 
of variety. It is not much 
wonder- that The Prodigal’ Son — 
presented by tbe City of London 
FestivaJ-^left most seats empty 
at Southwark Cathedral on Tues- 
day.- Those , who came' suffered 
the Jack of -a cast-list, with a 
spoken announcement coming 
not entirely to the rescue. 

Fascination with- Britten’s 
resourcefulness carried me 
through, tbe performance, rather 
than any fascination, with, the 
biblical -drama it) this form. The 
four principal singers, the 
[suoporting chorus, and the eight- 
piece' orchestra are deployed 

Glynde bourne 


with virtuosity in a quasi-oriental 
musical language of a kind which 
Britten actually invented for 
these “ parables.” It is a language 
which 'dovetails marvellously 
into the traditional' plainsong 
with which the performers 
(instrumentalists as well) enter 
and leave our presence. The 
Aldeburgh staging. ' with its 
rostrum and special gestures 
(the creation of Colin Graham) 
W3S re-used here. 

The performers, members of 
tbe English Music Theatre Com- 
pany which' succeeded Britten’s 
own - English Opera - Group, 
showed themselves in a real 
sense Britten's heirs.' Bryan 
Drake, the Elder Son of the 
original Aldeburgh .production 
in .1971, now sang with splendid 
authority as the Father. Bernard 
Dickerson, also known from 
Britten’s days, was the clears 
voiced Younger Son; and Donald 
Stephenson, less familiar, as the 
Elder Son was even more remark- 
able -jn finding a personal expres- 
sion behind the imposed rihihj 
gestures of tbe production.. His 
voice revealed a nnhle. imorpa. 
sive quality. . ARTHUR JACOBS 


Now; almost 200 years later, 
we are financiers to 
the wide world. 


Harness 

Memoirs by 

LORD 

DROGHEDA 

With candour, humour and affection, 
Lord Drogheda recalls his life arid ki 
particular his years as Managing 
Director of the Financial Times and- 
Chairman of The Royal Opera 
House, Covent Garden. ■ £10.00 


La Boheme 



With four . performances of 
Puccini's- La Boft&me still to go 

at Giyndeboume, the. role of the 
artist Marcello . has passed to 
John ' Rawnsley. He makes an 
excellent .contrast with Alberto 
Cupido’s glamorous Rodolfo:- this 
Marcello is o -hairy -Northern art 
student; full of bluff comic 
energy, given to fuming expostu- 
lations, his -shirt-tail and trousdr- 
tops on uneasy nodding terns. 
Unlike Mr- Cupldo r he develops: 
his. .6plid "baritone (with very 
decent Italian, too) conveys the 
acquisition of .a baffled maturity 
as the action progresses. As 
Ronald CrlpMpo wrote here after 
the premtere, Cupfdo'8 very light 
tenor, places the words, marvel- 
lously in. quick conversation: but 
in bis big ; pmnbers the voice 
takes on tbe unmistakable ring 
of- modern Italian pop, wlth'.the 
consequent- generalised feelings. 

-Linda Zogbby’s Mlmi -remains 
a figure of 'sterling modesty, 'at 
once ' childlike • and prematurely 
grown-up; -. she finds . herself 
expiring as if she had never 
expected anything else. Tbe 
spirited .Mnsetta of Ashley. 
Putnam matches Mr. Rawnsley 


in their Aet Three wrangling, bpt 
h^r torn' in . Act Two is executed 
in Broadway show style, and the 
character takes some time to 
recover. .Alan Charles scores a 
good beta-plus with, his 
Schaunard:- Willard White, with 
the best voice on stage, makes 
a splendidly louche Colliner- 
greateoated, bearded and coffee- 
coloured — and • bides- his time 
until the final scene to weigh in 
with tbe philosophical gravity.’ of 
Debussy's King Arkel. 

That makes a surprise; but it 
throws the small-scale charms 
and regrets of 'the operatic story 
into a neat perspective, wbudt the 
yputhfulness of the -east, makes 
nnosnaUy- effective;.' • Perhaps 
standard blg-bouse performances 
Of La BohtoAe coarsen. its fragile 
virtues by inflation. Tbe brisk, 
unlingering reading of the. score 
by Nicholas Braithwraite. who 
conducts now, is so doubt in- 
herited from Nicola -Resdgno. 
The big tunes are struck up -with 
more .fervour- than subtlety, and 
near the end of :the. season the 
London Philharmonic * sounded 
once or twiceuucomfortably .like 
a pit band. DAVID MURRAY 


Ourintemational involvement began early. 
Soon after our nation's indepen- $- 

dence. The Bank of New York was | 
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We can boast a uniquely.com- Tf*' 
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And weserve the diverse 
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London Pride. 

Our London Branch at 


147 Leadenhall Street provides the full range of com- 
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THE BANK OF NEW YORK 

• London Office: 147 Leadenhall Street. London EC3V 4PN 
Main Office; 48 Wall Street, New York, N.Y. 30015 
Incorporatcdwiih limited liability in the State of New York, U.S.A. 


Merely the Very Best 

The Bank of New York has 
never sought to become the Very 
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In fact, we take pride in our 
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.And this new 


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©araTHE BANK OF NEW YORK 











22 


FINANCIALTIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnantimo, London ES4. Telex: 8S63U/2, 883897 
Telephone: Ot-248 8100 


Thursday July 20 197S 



THE LABOUR PARTY Mani- 
festo of October 1974 said that 
the Party “believes that the pro- 
cess of Government should be 
more open to the public.” In 
particular, it promised that a 
Labour Government would “re- 
place the Official Secrets Act 
by a measure to put the buTden 
on the public authorities to 
justify withholding informa- 
tion." 

There need be no great 
shame, and indeed there might 
be some virtue, in a political 
party abandoning when it comes 
to office a commitment made in 
opposition. Yet the commitment 
to more open government was 
modest even by the standards of 
the time. The Fulton Report on 
on the Civil Service, for ex- 
ample. proposed in 196S that 
there should be an official en- 
quiry to make recommenda- 
tions “for getting rid of un- 
necessary secrecy in this coun- 
try." The point was taken up 
in the Tory Manifesto of 1970 
and two years later the Franks 
Committee had produced pro- 
posals for change. It is there- 
fore distinctly odd that it should 
have taken a Labour Govern- 
ment Tour years in power to 
come out with a White Paper 
That, at best, goes only a little 
beyond Franks and, at worse 
begs the whole question of 
access to information. 

Absurd 

The trouble with Section 2 
of the Official Secrets Art 1911. 
as Franks remarked, is its 
“ catch-all " nature. Virtually 
anyone is liable to criminal pro- 
secution not only for passing 
on official information without 
authorisation, but also for re- 
ceiving it: at the same time, 
there is no definition of what 
sort of information might 
reasonably be made available, 
and how. And yet. by now, the 
Section has acquired a certain 
negative merit: it is so mani- 
festly absurd that it is rarely 
used. 

It follows from that that one 
of the potential pitfalls for re- 
formers is that new legislation 
might be actually more restric- 
tive rather than less. If we 
were to have an Act that is 
specific about the type of infor- 
mation that may or may not be 
disclosed, the temptation would 
be to use it. 

The Franks Committee was 
able to do very little about this 


problem because its tenns of 
reference were so narrow. 

It was obliged to accept not 
only the assumption that 
criminal prosecutions could and 
should continue, but also the 
principle that the disclosure of 
information was at the dis- 
cretion of the Government 
There was nothing at all about 
the public's right to know. 

The present Government has 
no such excuse. After all. it 
was the Labour Party's own 
manifesto which talked about 
putting the burden on the pub- 
lic authorities to justify with- 
holding information. The shift 
proposed there goes to the 
heart of the matter— it means 
abandoning the principle of 
release by discretion or govern- 
ment judgment, and accepting 
that official information should 
be made available to the public 
unless there are good reasons 
to the contrary. It is that shift 
of the onus that is the issue. 

The White Paper published 
yesterday has none of this. Its 
one major change from Franks 
is that the disclosure of econ- 
omic information of any kind 
should no longer be liable to 
criminal prosecution. (Franks — 
in the days of fixed exchange 
rates — had wanted to maintain 
sanctions relating to the cur- 
rency and the reserves. Other- 
wise the rules of the game re- 
main the same: the Government 
has the right to prosecute and 
disclosure is made by discretion. 

Scrutiny 

It is said in justification that 
more information is now avail- 
able than before and that Bri- 
tain differs from Sweden and 
the U.S. — where access to in- 
formation is the rule rather 
than the exception — in that “the 
policies and decisions of the ex- 
ecutive are under constant and 
vigilant scrutiny by Parlia 
ment.” All thtf needs to be said 
about the firet proposition is 
that information puhiished after 
decisions have been taken will 
do precious little to improve 
the decision-making process. As 
for the second, does the Gov- 
ernment really believe that it is 
so harried hy backbench MPs 
that it is obliged to disclose all 
that it knows? The fact is that 
under present conditions gov- 
ernments can get away with 
almost anything— not to speak 
of the local authorities. 


INDUSTRIAL proteins 



Financial Times Thursday July 20 197S 

BY KEVIN DONE. Chemicals Correspondei 


Bugs in the 
soyabeans 



Ten months at 
10 per cent 


RITISH PETROLEUM was 
one of the first companies 
in the world to solve the 
problem of producing protein 
on an industrial scale. Its own 
technology, developed in France 
and the UK. could justifiably be 
said to have led the field in the 
search for ways of bridging the 
world’s growing protein gap. 
That lead has since been 
whittled away by its rivals, 
chief among them Imperial 
Chemical Industries, Hoechst 
and Kanegafuchi Chemical of 
Japan. But now BP appears 
suddenly to be out of the race, 
beaten by problems not of tech- 
nology but of politics — after 
becoming trapped in a web of 
Intrigue in Italy that has proved 
impossible to unravel. 

Many food, oil and chem i ca l 
companies around the world en- 
thusiastically picked up BP's 
lead in the 1960s and early 
1970s, by few have stayed the 
course. Meanwhile, BP realised 
its own goal of building a full- 
scale commercial plant, located 
in Sardinia. But that plant, built 
at a cost of £40m in a joint ven- 
ture with Anic, the Italian state- 
owned petrochemical company, 
is not on stream because of 
the authorities' refusal, on medi- 
cal grounds, to let it operate. 
BP has also decided to close its 
pilot protein plant at Grange- 
mouth, Scotland. Thus, with its 
demonstration plant at Lavera, 
France, already in mothballs, it 
no longer has any active projects 
in hand. 

Possibilities for licensing still 
exist, most promisingly in the 
USSR. But for all practical pur- 
poses BP is now out of the game 
as a producer in its own right — 
a chastening experience for the 
company that pioneered the 
fipld. Its process technology has 
been shown to work, but it has 
been overcome by a combination 
nf political and economic forces. 

The world population is ex- 
pected to grow to more than 6bn 
by the year 2000, despite the 
fact that two-thirds of the pre- 
sent population of some 4bn is 
forced to live on a diet that is 
seriously deficient in proteins. 
The major sources of protein in 
the world at present are soya- 
bean meal and fishmeal, the 
main protein ingredients used 
in compound animal feedstuffs. 
Fishmeal, especially, is a pro- 
duct that is limited by supply 
as fishstocks in the world’s 
oceans become seriously de- 
pleted. 

Many companies, therefore, 
are convinced that a major mar- 
ket for industrial protein exists. 

When the companies 
launched their research and de- 
velopment progrananes, many 
explained their work in terms 
of wishing to help civilisation 
with one of its most pressing 
problems, namely how best to 
feed the rapidly increasing 
world population. That may 
be so. but many were soon de- 
terred by less idealistic reasons, 
namely that their projects were 


in find inn the viability of industrial proti 
simply not economically viable, parallel research project at tte finding bur ijgSMJg -SSitiS? toat it was the production. For ICL Prate. 

However. BP was able to Grengemouth, where itssmen- m rt?ta'53U of the lobby of soya the trade, name for its sing 

build its plants before the up- tub used medicraaUy pure nor- gsoutM g ** won the day. ceU protein( represents a re 

ward spiral of inflation took its mal paraffins as the feedstock. Italy h^fraces or n panmma « they would stand to 

full tolL And it maintains that This feedstock was readily avail- 1,400 parts per nuluon. In toe wri ^ ^ f valu . 

it , nnnrhu bp u.S_ even the Food' and Drug lose a srow“s , . 


chance to build a new busim 


full tolL And it maintains that TOis feedstock was readily avail- i.4Ui> parts per growing share of a valu- 

Its iSa^l^r^ed m able from the nearby BP £?-. e«n the Food and Drag > m ^ n | la) caught up in sector that c ndd grow Into 

1978, could still be a viable refinery. toe controversy in Italy is a major operation mils own rig 

operation, despite the fact that By 1965, pilot plants in both toughest .regulatory authorities ' built i,y Liquids if the first plant is successf 

- * were produces m TtoS SS at Saline, in Calabria, JCI to follow it quid 

r extensive inde- fins level of l,ooo PP m m oread n-earaffins-based ... . . , ■ • * , 

city and nutritional and 950 ppm in meat BP has l 2 ®** 5 . * Kanegafuchi of - Wlt ? Progiws* ve jy larger plan 

‘ ‘ _ ' . tests in Holland. Further argued consistently that there' technology of Kanegai It IS a i rea dy talking of selli 

The BP processes use era development units were built is no scientific basis fof the Japan. . im tonnes a year in the 19JF 

OPEr increase! one with a capacity of 4,000 tonnes Italians’ complaint But for BP. the which would put Pruteen on t 

toe IGXH kT tonn^a^yMT^at Lavera! oplrete P f or the^mrnissiomng going to g^bii^ed fertora^Ch^^ 

B- th. BP made whathas -U-i S’ *2 - „ 


it too, was hard hit by the oil locations were 
crisis of 1973, when crude oil proteins for extensive 
prices quadrupled overnight 


INDUSTRIAL PROTEINS' COMPETITORS 

SOYA AND FISHMEAL— PRICES * 


ar*5w» ASMffSKTsSSrss - *. _ 

SS S&TSJTiM operating, an, the anthoriUea 

Watts, managing director of 


BP Nutrition, himself argues 
that there must be doubts 
about the viability of any pro- 
tein plants being built today 
under present economic condi- 
tions. They have been hit be 
says, by the rapid inflation of 
capital costs, the sharp increase 
in oil prices and the relative 
fall in prices for soyabean 
meal, toe market in which 
industrial protein would be 
competing. 

Companies such as ICI and 
Hoescht certainly disagree with 
this view, but they have both 
developed processes which use 
methanol rather than crude oil 
fractions as the feedstock, and 
these offer some cost advant- 
ages. But Mr. Watts maintains: 

Under present conditions in 
a free market economy, if you 


Fishmeal (ex-store New York) 
Peruvian fishmeal (Hamburg) 
Soya meal (Chicago) 

Soya meal (Rotterdam) 


Estimated average prices — $ per tonne 
19A5 1970 1973 

1975 

1976 

1977 

159.7 

185.8 

4683 

242.4 

3313 

396.0 

1900 

197.0 

5423 

245.0 

37 62 

4520 

75.9 

843 

2453 ' 

1323 

162.7 

1900 

94.0 

103.0 

3Q2J> 

155.0 

1983 

23 LO 



PRODUCTION OF SOYABEANS 



thousand tonnes 



China 

U3. 

Brazil 

1965 

9,500 

19,076 

523 

1970 

9,700 

30,839 

1,509 

1973 

9,600 

34,581 

5,000 

1975 

10,000 

33,062 

9,892 


1965 

1970 

1973 

1975 


PRODUCTION OF FISHMEAL 
thousand tonnes 
S.&S.W. Western 

Europe Japan 

800 ' 338 

85? 650 

945 778 

994 800 


Africa 

274 

303 

241 

245 


Peru 
1,350 
2^57 
423 
712 

5ource: BP Nutrition 


tics and fertilisers. 

Id’s production will be sc 
in northern Europe as. calf a 
poultry feedstuff. The coropa 
estimates that in the 1980s. t 
European feed industry will u 
over 20m tonnes of prate 
supplements, a year. As mu 
as 2m tons of this total cou 
be accounted for by high-quali 
concentrated products such 
industrially-produced singles 
proteins. 

ICI is happy with the toxic"' 
and market trials that Prate . 
has gone through to date a;, 
has already gained clearance f 
the product in several countric 
Its position is strengthened 1 
its allied knowledge of methan 
technology and it is confide 
that the project is viable, evi 
with world-priced feedstock. 

Hoechst of West Germany, tl 
world's largest chemical coi 
pany, started protein researi- 


a free market economy, if you ' _ . _ „„„ that npver even later than ICI. in 197 

cost the feedstock at toe com- ital of building a com- In fact, says BP, the haooens. Earlier this year it opened 

meraal world market price, J ^ plarit with t he was one-fortieth of that allowed happens. 1,000 tonnes a year demonstr 

industrial proteins are not com- ‘ MMciw of 10O.OOO for other plants such as cefcent Several other companies, in- H based on methane 


merciai scaie uioul mu, — , , ^ . i.uuu tonnes a year ubwuuju 

muC h bigger capacity of 100.000 for other plants such as cehient Several other companies, in- tioxi pi^ based on methane 

petitive with soya." tonnes a rear, it found Anic, the works in Italy. eluding such names as She U, But unlike ICI it is doubtf , 

BP started out on toe costly p ^ prnira1s 0 f eNL the Apart from passing the US. have abandoned mdustiial Aether ft ^11 ever build larg 

pat 5 °» SF otei £ Italian state hydrocarbons cor- a n<3 United Nations sped- protein research-But at least scale commercial plants on ir. 

1959. A French BP research . JShobi, BP has had Toprina two othere m Western Europe, own accoimt 1;. 

Th i ItaU “ EH5? f6r Dse ra p*-™* 


aui uuuw — mi.- Italian company seemeo na «wi for use m every r — rrho woct Cormnn interp<!t h- 

£»‘M 1, 'SS. b0 S Sf TV sST p« r d pr“% 


THE LATEST monthly survey 
of earnings shows that by May 
earnings in the economy as a 
whole were 12 5 per cent higher 
than a year earlier while in the 
production industries which 
used to be the basis nf the sur- 
vey the increase was 141 per 
cent. This is a slightly more 
encouraging trend than was 
apparent from the previous 
month’s figures. But it is still 

disappointing, albeit not unex- 
pected, outcome of a 10 per cent 
target. It points in a final out- 
turn Tor the present wage bar- 
gaining year broadly in line 
with the 14 per cent which has 
been the most popular guess for 
gome time pasL 

This is assuming that the 
newer series for the economy as 
a whole, which shows a 111 per 
cent increase during the first 
ten months of the wage bargain- 
ing year as against one of 14 per 
cent in the production indus- 
tries. is a more reliable indica- 
tor of the general trend. The 
latter series not only covers 
fewer workers — some 11m as 
against 21m — but is also season- 
ally adjusted 

Completion 

Although toe Department of 
Employment believes that about 
90 per cent of the total of major 
settlements have now been 
made, many unions had pre- 
viously been deliberately delay- 
ing completion in the hope that 
the guidelines would be less 
strictly observed as time went 
by and that their own bargain- 
ing position would be improved. 
As a result, only about two- 
thirds of major settlements had 
been made by the time of the 
May survey, which was signifi- 
cantly below normal. Even so, 
the difference between the two 
seres is not wholly the result 
of difficulties in applyins 
seasonal adjustments. Tbe 
higher rate of increase in earn- 
ings in the production indus- 
tries will to some extent reflect 
the effect of productivity deals 
as well as overtime payments 
and otoer ronns of wages drift 
whicb are to be expected during 
a period of recovery in output. 

Whatever the final outcome, 
it is clear that the ycar-on-year 
nse in average earnings is now 
pulUns well ahead of that m 
the index of retail prices. In 


May retail prices were 7.7 per 
cent up on the year, while in 
June the increase was 7.4 per 
cent. The improvement in real 
gross earnings is being carried 
further by tax cuts and con- 
sumer spending is likely to con- 
tinue to grow for some time to 
come; so, ton. are imports of 
finished manufacturers. 

It is equally clear, however, 
that the prospect for maintain- 
ing an improvement in real 
incomes as well as the prospects 
for growth and inflation now 
depend upon a substantial 
moderation in the going rate 
of wage settlements. Annual 
increases nf around 14 per cent 
arc plainly inconsistent with 
the hopes of continuing to 
rnntain inflation within sinsle 
figures. It is possible tha f the 
present improvement in living 
standards, the recenr slackening 
in the rate of inflation, and 
memories of the wages and 
prices explosion of 1974-75 may 
so affect expectations as to 
encourage unions to press for 
smaller ^increases in the next 
round. 'But it is not a risk 
that the Government seems pre- 
pared to take. By the same 
token, with earninss exceeding 
the current 10 per cent target 
by a margin of around 4 per 
cent it !•>! dear that if the 
Government is aiming at an 
earnings increase of below 10 
per cent in the next round it 
cannot set a wages target 
higher than the one of 5 per 
cent already mentioned 

Such a figure must be ex- 
pressed as a cuideline. and not 
be turned into a norm as hap- 
pened during the present round. 
For there is now an urgent need 
for flexibility so as to permit a 
progressive easing of all the 
anomalies that have been built 
up during three years of fairly 
rigid pay' restraint. This means 
In particular that Ministers 
should not be tempted into 
using their dealings with the 
private sector, such as procure- 
ment contracts or aid schemes, 
as a means of imposing sanc- 
tions. And greater flexibility 
must also mean toe end of divi- 
dend controls. For to persist in 
preventing the proper operation 
of the labour and capital mar- 
kets can only do serious harm 
to toe economy. 


no comcmence umi u. a . . . . 

asfisssi ^ ssssssa- 

with veast bacteria, when it ^ady operaun„ a 7 in h is condemnation of the leadins ^ field. And both P r °Sramme over toe ten year 

discovered by accident that the ’ land m rea dily avail- actions of the Italian authorities. h hit n ^ same feedstock, to 

waste it was throwing away f er h a ns most « an absolute scandal that methanoL provided for the Hoechst prater 

from nrnn>« contained a Bu :* pernaps mow should be brought to nothing „ , .. programme, on which the coir 

hieh nercentage of crude pro- important for such an untried reasons that do not have ICI s P rocess involves the p itself has spent DM 60m ir . 
togh percentage of c p venturei S^ch was in an area scie ntific justification continuous fermentation of from 1971.79. 

tern. that qualified for the maximum au? scienunc j methanol by a selected micro- * . , _ „ „ 

Yeasts have bee " us ^ development grants and low-cost whatsoever. ' organism, which is toen har- T *}e commercial exploxtatta 

the earliest times to_ ,_„ e th0 TtftHan aut hori- Three weeks ago, toe Italian * .. . ^ eld 0 f Hoechsfs process wiH proh 


since the earliest Ume> to ,^7romtoe Italian authori- Three weeks ago, toe Italian dried -to yield of Hoechsfs process wiH proh 

produce alcoholic ^ jointIyKJWI1 ed Ital- Higher Heaith Coundl finsffiy or-pwder cStatoing ably be left to its process plan 

re®® ^ ni-nfairiA rnmonmr was born. ruled ag a ins t the full- produce toan 70 per cent brotein. buidiiig subsidiary, Uhde. Th 

But by ,T,n- «ii -orAiii German chemical giant itself i~ 


batch fermentation processes pratome cmnpany wm ^orn. ^ of hioproteihs. Bur by ' ( bp^ s ^rade ^oiTpr^fflS yield German chemical giant itself i: 
based on yeasts ^an d carbohyd- The Plant was toxhed m ^ Bp faad ^ady deeded at jTp| r C «nt VrotetoT ' more Mediately interested i«. 

rate wastes such as molasses, 19/6, but it , jrt ; nn could wait no longer. Tbe bold- J® .. . .. the Insights the developmen 

have been used to produce ani* allowed to enter full p uct ^ nrT up was costing Italproteine ICI searched the world for the programme wiH offer in other 

mal fodder proteins. The reasons are ooscure ana £10|B # year to keep ^ plant right bug, or bacterium, tor its areas of its research, particu. 

But the BP breakthrough was “ea. m ‘ 0 . . T ] . on a care and maintenance process, before eventually find- larly in antibiotics for ill 

to launch this form of protein memcai mmgu basis, and toe parent companies jng it in a field iu Durham.’ ft pharmaceutical division, 

production on a big scale with ““jjf 1 " ___ the decided to put Italproteine into first started work on protein UnusuaUy in this instance, 

a continuous process based on a The "ZTLX “« oU * Uon - IW^sSStain^BS looking fen 

Eeedstock available m really P 197g that day BP The Italian objections have that it decided to go ahead on a a route to improved cash- 

laree ^2 u . tlt } es .L cru ? has never been told specifically not been accepted by any of commercial scale. It is budding g 0W VV ith the usual criterion 'of . 

In 1963 it built ahalf-a-toune wereneeded to the other EEC countries. BP «k firat Truteen" plant on a return on investment within^ 

per day fflcpcrimental plant al c:jt j sfv the anthorities. has perhaps fallen foul of 'en- Teesside at a cost of some^40m. g ve ye irS- As Mr. Wolfgang 

Sittig, manager of Hoechst’s 
are very 
chemists 


on gas oil. But this process had The Italians said they had tougfaness ^ 70,000 tonnes a year, it should p!ant e xp]S: “Bugs are 

toe major disadvantage ofneed- found a residue of ^ n-paraffias ^ of ^ dlsast6is as be to production late next year, toe b Atchei . 

ing a very severe punflcatiori m toe back t at of P»8» ^ “ Seveso. Publicly, ia shares none of in the world, and we want to 

^barelLd^'BrseTSj a pe?mmion. BP dols dilute Other theories for the Italians’ BP’s doubts about toe current know bow to deal with them.” i 



Dispute flares 
over race film 

With race relations in Britain 
in a disturbing state, any con- 
tribution to understanding the 
causes of the present tension 
can only be welcomed. The 
BBC's series this week on a 
multi-racial Britain is one small 
attempt in this direction, even 
if broadcast at the late hour of 
11. Viewers of this may, for 
instance, have been surprised 
the other night to hear that a 
royal proclamation for the 
deportation of "Negroes and 
blackamnores” was signed In 
1601 by Queen Elizabeth. 

But even though the argu- 
ments put forward in these talks 
have occasionally been strongly 
phrased — for instance that 
racism is inherent in the history 
of Britain's treatment of its 
empire and is now only different 
in being “ at home ” and of a 
“declining social formation 
far stronger is the anger por- 
trayed in the film Blacks 
Britannica. 

Showing at London s Scala 
cinema since the weekend, this 
hour-long documentary was 
made for the U.S. Public Broad- 
cast Station. WGBH. but has 
caused a double controversy 
over censorship and copywrlghL 

Its producers gave it in an 
agreed final form to WGBH in 
mid-June but were appalled 
when toe station altered the 
structure of the film, David 
KofF, who directed the film, told 
me from Boston that he con- 
sidered it had been "mutilated” 
and that the thrust of what he 
considered “ a coherent 
organism” had been weakened. 

He says he is now mobilising 
community relations groups to 
protest over this. His assis- 
tant. Musindo Mwinyipende, a 
Tanzanian who was educated In 
a Sussex convent, says that 
American blacks who have seen 
the film told her they thought 
that they had not heard such 
eloquence since Malcolm X. 

The film had been due to be 


MATTERS 

showm nation-wide in the U.S. 
on July 13. Its revised version 
will now go out on August 10, 
accordingt o Lou Wiley of 
WGBH, who says that only 
three minutes of toe original 
film has been dropped and that 
it had merely been reordered to 
make it more comprehensible 
for an American audience. He 
told me that the original version 
wouldb e offered ito British tele- 
vision stations. 

He thought it was a valuable 
film in that it showed toe degree 
of anger felt by Britain's blacks 
and toeir “ rejection of normal 
political processes"; he admitted 
it did not pretend to save the 
white perspective. But he 
warned that WGBH was pre- 
pared to go to court to establish 
its copyright to the film and said 
that showings so fax had been 
without its authority. 


Unexpected 

merger 

When BP dropped four Con- 
necticut garages from its dis- 
tribution network last year, it 
sparked off a bigger row than 
it bargained for. With those 
familiar shields pulled down 
from his garages. Mr. Dufresne 
had to find a new way to lure 
motorists into his forecourts. 

His solution was to rename 
his garages Exxaco and to 
order $6,000 worth of new signs 
with the name in red on a white 
background, and blue bands at 
toe top and bottom. It worked 
wonders. Business picked up 
again and everyone was happy, 
except a couple of other oil 
companies who go by toe names 
of Exxon and Texaco. 

Exxon, whicb employed a 
computer and SlOOm to change 
its name in 1972, went to court 
and demanded that Mr. 
Dufresne take his signs down. 
Next, Texaco also filed a com- 
plaint, “ nine yards long,” 
according to Mr. Dufresne. The 
court hearing is due shortly, 
but Mr. Dufresne is defiant. 



miles per gallon from 1978- 
model cars. 

Tbe proposal was made under 
a provision which allows the 
agency to make exemption for 
car firms making small num- 
bers, The agency says that by 
permitting Rolls-Royce to con- 
tinue doing only 10.7 miles per 
gallon it would increase U.S. 
petrol consumption — by 30.4 
barrels per day. For what it is 
worth, U.S. passenger cars con- 
sume a daily total of 5m barrels. 


H . . . and toe Third Amoured 
Division will advance on 
Harrods with their shopping 
lists.” 


"My lawyers give me just 
under 50 per cent chance of 
success,” he told me. " But 
l*m more optimistic than that 
The oil majors can't monopolise 
the Alphabet Besides, I think 
opinion these days favours toe 
underdog, and I'm just sick of 
being dumped on by the 
majors.” Mr. Dufresne’s only 
fear is that toe court case will 
drag on. His company grossed 
$5m last year, hut Exxon and 
Texaco combined hauled in 
nearly $90bn. “ They could 

have toe edge on me there,” 
he concedes. 


Concessionary 

The days have gone when 
travellers to .Europe in the 
1930s could expect some air- 
lines to convey them to toe air- 
port in a Rolls-Royce, but still 
toe name has its magic, even 
to toe U.S. National Highways 
Traffic Safety Administration. 
This has just proposed exempt- 
ing Rolls-Royces from toe 
Government's fuel economy rule 
that requires a minimum of 18 


Cold comfort 

As Britons fume at toe time it 
takes to have one's tax coding 
altered or for the North Thames 
Gas Board to visit, it is slightly 
comforting to know that in 
Brazil you have to wait an aver- 
age of seven months to obtain 
an identity card: There the 
bureaucracy is such that our 
correspondent tells us the only 
way to avoid it is to be a 100- 
yearold hermit living off berries 
in the depths of toe jungle 
along toe Amazon. But even 
then she is not sure that you 
would escape and cites how for 
oue transaction, Usiraas, a 
major state-run steelworks had 
to obtain no less than 7,000 sig- 
natures on documents in quad- 
ruplicate and quintuplicate. 

The transaction had been toe 
import of some expensive new 
equipment, needed for an 
urgent expansion programme. 
To make matters worse, 238 of. 
the signatures were of cabinet 
ministers, many of whom had to 
be visited at several different 
stages. 


Cash flow 


A colleague reports that while 
he was in his bank yesterday a 
small boy entered and pushed 
a 50p piece across to toe 
cashier, “I found this on the 
step outside,” he said. y Your 
bank is leaking.” 


, 1 Observer 



gate we Wi N farws, 

* < . 11 . . _ . ^ t 'CJ* 



When one has known a certain way of life, and rising 
costs look like taking it all away, who is there for people 
like us to turn to ? 

There is the Distressed Gentlefolks Aid Association. , 
The DGAA is run by people who understand. They 1 
know that we want to stay in our own homes, surrounded j 
by our possessions, and close to the friends of a lifetime. 
So, they help us with allowances and with clothing parcels. ] 
Only when we can no longer cope do the DGAA see if I 
they can offer us a place in one of their 15 Residential and j 
Nursing Homes. - j ’j 

The more.you can help the. DGAA, the more the; j 
DGAA can do to "help others. Donations are needed \ 
urgently. And please, do remember toe DGAA when ; 
making out your Will. ; j. 


DISTRESSED GENTLEFOU 
AID ASSOCIATION 

VICARAGE GATE HOUSE • VICARAGE GATE . .. 
KENSINGTON LONDON WS 4AQ . 


.1 


: ; s'B ' 




r u*>. 


Financial Times Thursday July 20 1978 



ECONOMIC VIEWPOINT 


jj 


WHAT 



a 


THE 


real point of 

annual sirnmms that the leaders 
of the Dun-Communist world 
have been staging for four years 
nmmng ? To those who suppose 
that world statesmen have iT 




m practice the limited power deficit alreadv achieved; the 
of government gadgetry to pro- Italians promise something 
once a return to the p re-1973 rather complicated and the U.S. 
trend lines, the verbiage is Administration reaffirms a 
amtutaous. The language is still tougher Budget than originally 


their power to provide ftui eS and Planned and a tougher one still 

ployment. growth and ^wth mans tup. This does not for 1979-80. 

wm iH £ pob?tlcal 3S U combined E® 0 bud ^et- 

J i* ■ r by IQtr °ducing some actual loosening exceeds the U.S. 

th^° Ilew f ' ,n:mc * a ^ scheme, attempt to bridge the Kao thev bud Set-tightening, it cannot be 
the results must be intensely if ga p by much; and the net demand 

disapporatinE. 7 a^ “cSaSf- £ »«<««<” *-e to the summit. 

tb^Krr^Toei a 

ments carrvins «nt e 


pro d of an inflationary package 
■to bring it about? And df they 
do not, will not any expan- 
sionary effect wear away very 
quickly indeed? - 
Unfortunately the whole ques- 
tion of “ administering a 
stimulus ” is complicated and 
controversial in a way unsus- 
pected by international officials 
told to negotiate for “ growth.” 


intensely subjective and politi- 
cal exercise. 

The most honest procedure in 
the current state of world econ- 
omic ignorance would be to 
leave out growth figures alto- 
gether and simply state the 
fiscal and monetary measures 
proposed by different countries. 
Then statesmen would not have 
to pretend to take sides in the 


productivity growth is the pre- 
sence of equipment and 
methods adapted to cheap oil: 
and the price rise will be a 
modest incentive to production 
techniques in line with real re- 
source costs. All this has very 
little to do with the decline of 
the dollar, which reflects a mix- 
ture of over-expansionary 
monetary policy and an out- 


are. 


in the 
be if tile 
is financed 


sures. 

In addition, the folly of an 
international scheme to “ save 
the dollar" has at least been 
rtaved off. Whatever ill-fated 


even if budget deficits once 

_ r— - ... boosted output and employment. 

actively detrimental to world , DJSn political myths have the evidence that they do so to- 
wel l-being, the results have not ? life: and eventually day is pretty thin— in the Bri- 

been too bad. The policies an- xt wlJ1 daWn on parliamen- tish case even the direction of 
noiuieed at the Bonn summit tarians ’ unionists and the effect is in dispute, 

are neither a disaster nor the otber ^“Ps at whom these 
salvq^ion of the worldeconomv «““*W are aimed that 
Their most important effect is the g^wthmanship they pro- jjj™* 11 
that they have provided eovem mise is largely fiction. When 
ments— especially the British 11115 ha PP ens t&eir Power to . a rise J™ 

Government, but also others in feod off Protectionist pressures ^ther nnterest intes or the 
the EEC — with a pretext*.? wUI be at “ end. The refer- money supply. Tuscan (happen 
staring off protectionist niv«u ences to monitoring machinery « there ns a good deal of spare 
^ and the synchronistic noises cash, in «be economy relative to 
from the British delegation business activity. (A very few 
have only advanced the day of readers may find it helpful to 
disillusion. At the very most think of tire Germans as being 
one more summit of the recent on the fiat section of an LM 
experiments of a mini-Bretton type may be P° ssiWe - curve.) There are . limits 

Woods type the EEC partners If governments cannot produce both time andratent to this 
set up to, the dollar, the mark growth, what in specific terms Process. The German monetary 
md the yen will continue to did they actually promise to do? a uthor ities disagree among 
loat — if not cleanly — against The most specific promise was ihemselves about the exact 
?ach other. A world-wide dollar that of the French Government scope. If they have to raise 
rescue would have been an to increase the Budget deficit interest rates, or even suck in 
expensive and inflationary folly by 0.5 per cent of the GNP, overseas financ e at existing 
—ultimately as disastrous for “while pursuing its policy of re- interest rates, the Deutsche 
.he dollar as an international duction of the rate of inflat ion” Mark will rise and the 
uirrency as similar “ rescues ” The German Government talks effect of the package will 
vere for sterling. But, dislike about “strengthening demand be undone. An above-target 
if market exchange rate move- and a higher rate of growth"; increase in the German money 
nents by so-called practical but its specific commitment ap- supply would keep the Deutsche 
nen being what it is, the issue pears to be to cut taxes or raise Mark down, but any gain in em- 
touid well arise again and public spending by “up to” l ployment would then be at the 
igain and again in coming years, per cent of GNP. The - British expense of real wages. But if 
The danger of the Bonn sum- Government congratulates itself this as what German unions 
nit is that although it accepts on the increase in the Budget want, do they reaHy need the 



“To travel hopefully is better than to arrive, unless some protectionist hijacks us." 


My best guess is that the 
German move may amount to 
a minor bit of temporary 
pump priming, which will have 
exhausted any usefulness by 
early next year and will not be 
easily repeatable. 

The Japanese promise to 
'“strive" for a rate of real 
growth in 197S “ 1.5 per 

cent higher than the 
previous year" illustrates the 
element of make-believe in 
the whole exercise. The setting 
of national growth targets was 
discredited by the complete 
failure of the attempt at the 
last summit The emphasis has 
now switched to changes in 
growth rates compared with 
what they otherwise would be. 
This makes the whole proce- 
dure unverifiable, and the pro- 
posed monitoring wil be an 


battle royal among economists 
about the effects of these 
measures and would not' leave 
their credibility at the mercy 
of their advisers' theories. 

It is characteristic of current 
fashion that the second section 
of the communique after 
“Growth” is entitled “Energy.” 
The one concrete undertaking 
is that by President Garter to 
raise US. domestic energy 
prices to world levels by 1980. 
Gharaderistically this would 
simply undo the distorting 
effects of price controls imposed 
incidentally by the previous 
Republican Administration. 

If these hardies are overcome 
— which I think they will be — 
the UB. will have taken a use- 
ful step forwards improving in- 
ternal economic efficiency. One 
cause of the slowdown in U.S. 


break of the “British disease” 
in American industry. 

The U.S. undertaking is use- 
ful mainly because official inter- 
national opinion — and Herr 
Helmut Schmidt in particular — 
believes the American energy 
deficit to be at the root of the 
dollar’s difficulty. A U.S. ges- 
ture here may therefore make 
it easier for the Germans to 
accept the continuing shift in 
the dollar-mark rate which 
alone will make international 
equilibrium possible. 

The section of the com- 
munique on trade is valuable in 
the sense that East-West dec- 
larations on the peaceful settle- 
ment of disputes are valuable. 
This is not meant cynically. An 
imperfectly observed interna- 
tional code as a standard of 
reference is better than no code 


at all. In the imaginary inter- 
rogation of Maehiavelli shown 
on BBC Television the other 
day. Maehiavelli ’s interlocutor 
made the good point that when 
he was sinning he knew he was 
sinning, whereas Machiavelli’s 
frank avowal of realpolitik left 
no hope for improvement. Or as 
the old English saying goes: 
“Hypocrisy is the tribute that 
vice pays to virtue." 

The practical results must be 
judged by the effect on the 
GATT trade talks continuing for 
the rest of the year in Geneva. 
Meanwhile it is useful to have 
a summit text which not only 
disavows protection, but which 
declares a readiness to accept 
structural chances “ and to help 
sectors in difficulties without 
interfering with international 
competition and trade flows.” 
It is a pity that the German 
desire to have government 
industrial assistance quantified 
with a view to establishing rules 
of good behaviour with agreed 
limits was blocked by the 
British and their allies. A move 
along these lines would have 
been a concession not merely to 
the Germans but also to British 
consumers and taxpayers. 

The worst part of the summit 
communique was the promise, 
wrung out of the Japanese Gov- 
ernment. to try to keep the 
volume of exports in fiscal 297S 
down to 1977 levels. It is tell- 
ing consumers all over the world 
that if they find that Japanese 
goods give them best value for 
money they must switch to 
dearer sources. Cheap Japanese 
and other Asian products have 
probably done more to raise 
living standards in developing 
countries than all the develop- 
ment aid ever given and all the 
conferences of bishops on world 
poverty. If the balance of 


political forces in Europe and 
North America is such that the 
Governments there really want 
to tax their own consumers, 
then there might have been a 
crude power political case for 
a limit on Japanese exports to 
these countries: but a world- 
wide limit is diabolical — and. 
one may hope, unenforceable. 

Much more constructive than 
anything mentioned in ihc 
siunnuit communique 1 is Mr. 
Fukuda's .plan, announced :n 
Brussels., lo open ihu Japanese 
capital markets to foreign bor- 
rowers and to encourace over- 
seas investment by Japanese 
industry. It will m*! be either 
quick or easy .t» divert Japanese 
industry from an expert to a 
home market hiu-.s. In The 
meanwhile an nut flow if funds 
from Japan would prevent that 
country's export surplus fr»ni 
putting pressure on the ex- 
change rates or ha -if payments 
balances of ether cuun tries 
Indeed tin* surplus, if property 
financed, is a net a deli Turn to 
consumption in tin* rcrt i»f ;lu* 
world rather -liirui a threat to 
other exporting countries. 

Sooner or Inter Minim!: 
leaders will have •:»: Ji#cu?s the 
roor causes of the present eco- 
nomic malaise, such as -the shift 
m comparative cr.yts which 
makes it more profitable in buy 
many traditional manufactured 
goods in the develops- coun- 
tries rather than in tho older 
industrial centres rif Europe and 
North America. Mutual discu— 
skms of minor budgetary adjust- 
ments may bo a politically us.- 
ful pal Mative until tile bigger 
issues can be faced: hut th? 
lime limit for such tinkering is 
dearly running out. 

Samuel Britfan 


Letters to the Editor 


-A 


Transport 


«•- year involving the years of bard ani loyal; service .*£5^=0 5 T SEVbSK 

fluifpon of hazardous materials it is better to have a choice-than .—^novation is, by definition, Commission? 15 

•bicb are potentially dangerous D0 choice at all! •- SSriskv for mnSTSSESl SEKtSFL* 


choice 

C. M. Watchman. 

2, King Street. SWf. 


A choice of 
freedoms 


blocked, most would want to capital, but his suggestion for had a General Election, and their 

leave to pursue alternative ambi- Angel Bonds is not really hew, already substantial salaries can 

£ . tions as they would still be and he seems to be surprisingly be justified by others who could 

SaletV young. That does not, however, influenced by conventional think- use their position to greater 

* answer the point that for most ing — I would have expected much practical effect and relevant use. 

’rum fhc Oiatrman CEl/CSTI people there is no long-term better from the master of lateral Major A. B. de S. Sutton. 
dint Technical Committee career structure. thinking. St Margaret's Priory. Rattlesden, 

Sir. — Understandably, there Applicants for jobs in the Mv local Liberal Association Bur V St - Edmunds, Suffolk 

•ave been expressions of deep accountancy profession- would be has for some time been discuss- 

uncero regarding the chances well advised to inquire -deeply ing this very problem and is « . v . 

f the horrific disaster which into the policies, with particular preparing proposals for what we rlillllC ^PPifir 

ecenlly occurred at a Spanish regard to the availability of a believe is a truly novel and yet uuu 

ioliday camp being repeated in career for those not selected for essentially practical solution elite 

ne United Kingdom. To arouse partnership, of each potential which has become surprisingly dUUJlb 

uhlic panic would be irrespon- employer. Most young people topical in the tight of the From the director 

ible. as it would be not to take may feel they would want to Gambling Commission’s recent JJefflSSS Institute of 
realistic view. Already there leave if “ passed over - tut they .report. MHeFtanS <md 

rc hi the L.K some 300 ma- should reflect that aftenseveral pur initial reasoning is_basie- Accountancy, 

-from the Price 

, report on the 

risky; too risky for most conven- south of Scotland Electricity 
tional sources of capital. And it Board, Mr. Cripps (July 14) 
often requires too little capital once more makes a general 
to be of interest to the few attack on accounting methods in 
venturesome souls still around, public bodies and on the 
Rather than trying to turn in- Chartered Institute of Public 
novation funding into something Finance and Accountancy. As 
safe by risk spreading and try- Mr. Cripps must know, the Price 
ing to make the investment Commission's report dealt with 
attractive by some rather difficult matters of inflation 

__ „ _ dubious tax concessions, our idea accounting with which the 

"sir, — Mr Brady (July 18) must is to aim at gambling money accountancy profession as a 

distinguish between description with a National Enterprize whole i s still struggling. Infla- 

andprescription. I was not Sweepstake All or part of the tionarooun^g standards were 

“contradicting myself in half a pnzes would be m the form of notignored by the South of Scot- 

dozen words” when I referred shares in specific innovations Electricity Board. Neither 
In par- to Mrs. Thatcher’s “monetarist, and “investors" would either dPFA nor any _ other account 
,uiur .u C , called for stricter free market, immigration control- make a fortune or lose their 
■nutations for the construction u ng conservatism.” In so far as money according to the success _ PjJr* rH 

id labelling of tankere; tiie one® can make an accurate or otherwise of that particular rec?fve toJ 

■finilion of routes reliable for description of Mrs. Thatcher’s venture. a£n rnvaT of a rcana tod firm of 

i* transport of hazardous brand of Conservatism. I Apart from providing much “PjrPJl 1 of a res B ea d 

'“'atcrials analasous to those al- thought that those words pretty needed money for high risk inno- i u “ ^ 

ndy defined for extra large or well come up to scratch. Of vation, this would have a number Encwooo. ^ o „„„ 

■uvy loads; the further develop- course T should have added “law of added advantages. It would .Piece, awl. 

c-nt oi codes of practice and of an( j order” to the formula— at channel gambling money into 

iver training: the improved tlje 0l courS e p of offending useful activities, and this must /-x|j 

■w- of readily understood the anarchist section of your be good in itself. It would also Vjlfl GOSS SuOUiG 

cany tax advantages as gambling ■ ° 


ut. happily, none has yet 
-suited in a tragedy such as 
lat m Spain or even as that 
hicb occurred only a few days 
iter in Mexico. 

The Joint Technical Committee 
' the Council of Engineering 
istiiuiions (CE!) and the 
auncii of Science and Tech- ■ Ftxwi the Cbnssmriipe 
ology tCSTI) sponsored as Prospective Parliamentary 
■ccnUv as last December a high- Candidate /or Walthamstow 
vel symposium on the transport 
' hazardous materials at which 
ninent authorities in the field 
)iccd their export opinions and 
tiled for Government action in 
variety of directions. 

:ular ihey 


a lion in the authorities and the readership. 
icrcency services as weti as to Stephen Eyres- 
rtustr?- and the public. 2 LorfeshaUitoad. 

It i« t-ncouraging to note that ui^iams Park, E4. 
c- Secreiarv of State for Trans- v 


capital gains. (Incident- Kovp tHpir H/1V 
n’t it odd that gambling UdYC 1I1C11 udj 


rt, in reply to a Parliamentary . «1 

eslb n on July 17, expressed to J^UndlllS Small 

e House of Commons lus •*" uuu *“b 

companies 


•rave anxiety " regarding the 
lav which there has been in 


■and as 
ally, isn' 

income should be treated more From Mr. R. Crosland. 
advantageously than earned sir,— With regard to the prob-| 

income!) lem raised in Men and. Matters 

This stiH leaves an appreciable (July 11)- about increasing? dog 
problem of selecting innovations licence fees, surely a simple and 
for support .Fully vetting them equitable solution would be for 



<iild like to be assured that the tions 


undertake the cameers 


tier implications of the in- necessary marketing research and ^ really begs a number of acquiring a dog and, with luck, 

- 1 a _r imvnwlnTie • . •> ° i . fx a. nitdfif inno tint lonor fir hnw v 


using movement of hazardous appraisal”- as a pre-requisite to questions, not least of how we might then see a decrease in) 
: Y iterials by road or rail are funding of small companies. 9 n © selects these individuals tbe numbers of strays, 
mg treated as being matters ^ a they tend to take the (measuring their success after r. r. Crosland. 

v- utmost urgency. line of least resistance and seek selection is- also not as simple jia, Cheddmgton Closet 

, rhe United Kingdom is fortu- oat -going concerns," whereas as he suggests as it may be years Ttiehurst, Reading. 

- £ te in the unique strorture of ^ profitability of viable "start- before true results show, by 

A ,*$ professional engineering and up situations could be many which time they could have done 

G * r rntific institutions . having, HTn4 ^ a great deal of harm). 


Unpolished 
shoes 


rntific institutions having, tj^es-greatte. ' a great 

^.",'iitain their memberships un- i believe that the “ accepted " I would suggest a vetting 
quailed expertise in tneir new . prtx i uc t failure rate of 80 based on assessment of Indi- 

ff v.*inus disciplines. This Know- cen + which is so often vidual innovator for integrity 

* 4T'"c and experience is reaouy « bandied-about ” that it has and nothing else, except, I sup- Wrnm , , r _ » 

^ A*niuble to Government m the become a -law" has much to do pose, vetting the project for From Mt - r - Clear. 

v> ^ ;d cif the transport oi ^ attitude as it is a con- legality. 

tardous tnatenajs re it is in Ten f en t axiom for the faint- Richard E. Lustig. 
other technological ana j, earte fi to clutch at in order to Richmond House, 

eschew every possible oppor- Whtsxendine. 
tunity. There is no doubt that- Nr, Oakham, Rutland!, 
this ,f Iaw " may be fairly accurate 

in regard to sophisticated pro- ■ 

ducts Involving heavy, long-term TT 
expenditure but it certainly does HP9nl{inilK fill 
not apply to the consumer- AAcauiaiupa uu 

product area which accounts for 


V, entiilo fields. 

1 * G. West. 

tincil of Ensineenng 
.* .umtions, 

Jr Little Smith Street. 

‘ .'.ttmiNsiev, SW1. 


\ccountancy as 
Career 

*m»n/ Pi c. Watchman 

- < ’ ,1 AMicUavl 


proanci area wmen areoBuu 

over half our -Gross National nifttflfWHYS 

nnf) Iupp tVlun 2 TlAT* ■ 


Sir. — I refer to your “ Briefly” 
column- on Page 1 of the July 10 
edition, in which appeared a 
small item about Tory MP Mr. 
Nicholas Fairbaim. 

He bad arrived at quite an 
astounding conclusion that all ) 
people who wear unpolished ; 
shoes were, to quote, “ dim wits," 
and, if I may translate slubbo 
degullions, “worthless slovens.” 
It would be extremely interest-! 
ing to discover how he arrived i 
at such a deduction. 

In my ignorance. I have always I 


Product and for less than 2 per 

cent of all UK patents granted from Major A. Sutton. 

in 1977. Sir, — What unbelievable non- - . 

w . — - ,, . If only the holders of purse- sense is talked by Mr. Walter “gp p nder tbat 

- s,1 \MicUavl Dixon's excellent strings could get such things into Johnson, MP, abont the head- . ^ re . ®lectea in order to 
iiidftThe Jobs Columu — July perspective, they might find that lamp flashing on motorways as assist tneir constituents, not to 
Si onreeruibnent and career new .ventiires can be no more printed in your paper on page 36 insult them. Surely to goodness 
■inspect for accountants hign- painful than other conventional on July 14. tney nave more important things 

i”hted \ interesting feature of wa yg 0 f mqkmp money (for Anyone who has cause to com- to 110 wit “ than to 

he cmpliment policies of most example property) without having plain of headlamp flashing is make such allegations as this, 
f the U professional firms t0 emulate the only true venture* himself standing m the wrong ana if tney navent they do not 
•hicb I be B ve is often not pro- capitalists — the founders of on one of several accounts. deserve to hold such a position, 
erlv untystftod by their smau businesses and the first- - Either. he has failed to see a May I point out one such per- 
oiithful \cruits. whether Elizabethans! car that wishes to overtake him son who weara unpolished shoes, 

rnduale traiC. s or newly quati* a. S L. Owensmith. (never mind what he thinks bis This person is my father, and, 

ed people. % R tiny number Merchant Investors International speedometer says): or he has “ founder of a flourishing ship- 

-lll be selectetfcpr rapid promo* » Bvrah Heath Road. moved over in front of a car Pibfi agency, and an ex-Customs 

on to the top the remainder Epsom Surrey. which he either did not see was Officer, I would think that be is 

ill be expectedVj jeave after ‘ ' about to overtake him, or whose fhr from a dim wit. So, Mr. 

few years’ serw , . • speed he misjudged; or he deli- Fairbairu, please, in future, take 

There can he\*»ery few rjU TfilTIT'IZC herately stays in the outside lane a little more time and thought 

n ployers who do ijot provide a ” ^ because he considers that no one over your stupid statements, if 

hnliauing career Itrupure for cwPPnctfllfP bas a t0 P® 58 if his you intend to make any more 

te majority of thar employees vvpauuv^ speedometer says 70— try it with such marvellous discoveries. 

>t this is the ca® w^e big From Mr. ft Lustig a police car! R. Clear, 

.■counting firms. No douDW$ s sir,— Edward de Bono raises a Wheo Members of Parliament “ Shape,” 3$, Templar Road, 
rnis would argue that Vpjj number of interesting P“°ts in are reduced to this kind of rub- Temple Ewell. ~ 
nployees fi od thdr career ^ letter (July 13) 011 venture oisb, it Is time indeed that we Nr. Dover, Kent 


I f.VNHIUI. 

Cabinet discusses impending 
| White Paper on pay policy. 

White Paper expected on com- 
pany law reform. 

President Giscard dEstaing of 
France on official visit to Portugal. 

Mr. John Fraser, Minister of 
State, Prices and Consumer Pro- 
tection. Is among speakers at one- 
day conference on the Consumer 
Safety Bill /Act 1978, Cavendish 
Conference Centre, WJL 

Meeting of Northampton North 
constituency Labour Party con- 
siders Mrs. Maureen Colquhoun's 
future as its MP. 

Sir Peter Vanheck, Lord Mayor 


Today’s Events 


Common Council, Guildhall, E-d2, 
at 1 pm. Open to public. 

PARLIAMENTARY BUSINESS 

House of Commons: Wales Bill, 
consideration of Lords amend- 
ments. Education (Northern Ire- 
land) Order. 

House of Lords: Third readings 
of Statute Law Repeals Bill. House 
of Commons Administration Bill, 
and Community Service by 
Offenders (Scotland) Bill. Scot- 
land BUI. consideration of Com- 
mons reasons on amendments. 
Northern Ireland Orders. Debate 
on Government policy on overseas 
students. 

Select Committee: Race Rela- 
tions and Immigration, Subject: 


Effect of EEC membership on race 
relations and immigration. Wit- 
nesses: UK Immigrants’ Advisory 
Service (4 pm. Room 6). 

OFFICIAL STATISTICS 
Consumers’ expenditure (2nd 
quarter, 1st preliminary estimate). 
Sector financial accounts: Net 
acquisition of financial assets: and 
industrial and commercial com- 
panies and personal sector finan- 
cial accounts (1st quarter). UK 
banks’ assets and liabilities and 
the money stock; and London 
dollar and sterling certificates of 
deposit (mid-June). Construction 
new orders (May). 

COMPANY RESULTS 
Final dividends: Fodens; Gordon 
and Gotch Holdings; Unigate. 
Interim dividends: AC Cars: Allied 


Textile Companies: Associated 
Fisheries; Berisfords: BuUough; 
Stenhouse Holdings. 

COMPANY MEETINGS 
Alpine Soft Drinks. Birming- 
ham, 12. Boots, 20, Aldormanbury, 
E.C^ 11. Century Oils, Stoke on 
Trent, 12. Country and New 

Town Properties. G-ll. Agar 
Street. W.C.. !2. Harrisons and 
Crosfield. 14-20. St. Mary .Vxe, 
E.C.. 11.15. Jermyn Investment. 
6-11, Aaer Street. W.C.. 3. London 
•and Holy rood Trust. S3. Cannon 
.Street E.C., 3. London Provin- 
cial Trust, S3. Cannon Street. 
E.C., 2.15, Metal Box. Dorchester 
Hotel. \V„ 12.30. Pauls and Whites. 
Ipswich, 12 J5. xicadicut Inter- 
national, Great Eastern Hotel. 
E.C., 12.30. Stonehill, Churchill 

Hotel. W.. 11.30. 


iiiyll 




$ ft 


§ j 

ms 6:4 
'jsi(ss 

... 

mm 


0 ft 

’UfttA 

trim 

€ l 


flfewofourcontrfljutors. 


They’re just some of the famous 
Banes who advertise in Weekend 
■Magazine and reach nearly 35 million 
people a third of them in the 15-34 Cj 
C 2 group. 

•' Weekend reaches more ABQs 
-“than The Times* or The Guardian. 

Yet it costs only 95p per thousand 


to advertise in colour and 63p per 
thousand in mono. 

And every advertisement is 
either facing or amongst our editorial 
content 

If you’d like to join the list; call 
Taurie Large on 01-353 6000 for all 
the details. 




254 


COM PANY N EWS + COMMENT 


Rationalisation hits Birmid Oualcast 


DIVIDENDS ANNOUNCED 


AFTER PROVIDING £L.54m for 
rationalisation cost; and £404,000 
share of associate's losses, pre-tax 
protits of Birmid Qualcast fell 
sharply from £ti.3Bm to £3.Sm in 
the half-year ended April 20, 1978. 

The directors are pessimistic 
about the rest of the year and 
expect trading profits TO be lower 
than last year s £ 12.9 m. 

However the board does not con- 
sider the current trading condi- 
tions to be indicative of Ion? term 
trends and lias declared an in- 
terim dividend of l.5n. some IQ 
per cent higher than the previous 
1.35p. The final dividend in 1978- 
1977 was 3.107p, 

The group continues to improve 
its facilities and the recent level 
of capital spending is being main- 
tained. the directors say. The 
£l..Vtm rationalisation costs repre- 
sents nnc-half or the estimated 
cost for the year. 

The combined capital and 
revenue spending. although 
separated for accounting purposes, 
represents part of the investment 
nacfcace to improve profit earning 
potential. 

WCfkS 
IPT* |S7T 
jmw court 

■nimnvrr ... m« iw.* 

TSadmc profit . ■ S2S-’ 

mure ft . 6"* 

Profit .. 5 ”4“ 6 ^ 

Paunn.ili* ri.-n o«sr . t.'VJ M* 

As-nrt.irr lo«* . JUJ , ~ 

Front before la> J.S01 fcjaa 

vat- 

*..'t profit .. 1 !•’ u.Oifi 

Minoru,.'' K>«5 . . 47 M 

AtTih. profit . ■ 1-2J2 r.flia 

• of «"*rlHln nviTsr.ls SMbfKilarira 

and a' «ncn >•.-<! cnmpanr quabfr for tar 
r.-livf aulnrl fuinr-> oroliiv Credit has 
noi tern i.iJ-rn for Urn rrlief. * Profit. 

Sales of law nmnwer** improved 
in i he first half of this year result- 
ing in increased profits in the 
home and garden equipment 
division. Heatinc also attained a 
small increase in trading proflls 
arising from a slight upturn in 
sales. 

The dramatic fall in demand 
in the trader industry has re- 
sulted in short-time working in 
some of the more profitable and 
volume sensitive foundries, and 
the overall trading performance 
of the foundries division in the 
first hair is similar to last year. 
The predicted Tall in demand in 
the irrigation products market 
has been much worse, the direc- 
tors «ay. 

In the wrought and engineer- 
ing products division turnover and 
trsdmg profits for the first six 
months have substantially de- 
clined. 

Unpredictable climatic condi- 
tions will influence the second- 
half results in the lawnmower 
and irrigation companies. Else- 
where. there is no sign of signifi- 
cant and sustained upwards move- 
ments in demand to offset the 
depressed tractor market situa- 
tion which will reduce profits in 
the foundries division in Lhe 
remainder of the year. 

• comment 

Demand for industrial products 
is" still relatively weak and 
Birmid's profits continued to slide 
in the first half. But the big 
factor in the performance was 
the problems at Alassey-Ferguson. 


HIGHLIGHTS 


Dowty has turned in excellent figures for the year, 
reflecting strong overseas demand for coal-mining equipment. 
Higher interest rates left Union Discount incurring losses in 
the first half. Barclays Bank has made a $191 m bid for 
American Credit Corporation, while Lex also takes a look at 
the Takeover Panel's criticism of Mooloya over its handling 
of the bid for Customable. Elsewhere, Airfix, in line with 
other toy companies, has been hit by destocking- and poor 
demand in the important Christmas period while LRC is still 
troubled by the digesting of a number of acquisitions made 
to offset the growing threat of the “pill.” Birmid Qualcast 
has been hit by the problems at one of its main customers 
and there seems little chance of a revival in the second half, 
while Invcresk reported a substantial drop in half-time profits. 


In the first half of last year a 
seven week strike disrupted Bir- 
mid's production and in the latest 
period Massey’s production cut- 
back in the face or a prolonged 
downturn in tractor demand 
forced a drop in tbe throughput 
on Birmid's most profitable 
foundry production lines. Sales of 
lawn mowers helped the home 
and garden equipment division 
but this was 'partially oiTset by 
poor results from ladders and 
kitchen ware: the second half has 
not been so favourable. The pro- 
vision for rationalisation costs 
plus the indication that ao equal 
amount will be provided in the 
second half for re-structuring 
operations of the group was 
higher than anticipated. But it 
includes not only changes in the 
heating division but also the ter- 
mination of the French sub- 
sidiary and other closures. The 
interim dividend has been in- 
creased but a probably yield of 
12.7 per cent at 60p reflects tbe 
current trading setbacks. 

Plantation 
Hldgs. pays 
0.67p special 

A special dividend of 0.67p net 
has been announced by Plantation 
Holdings. In the last annual state- 
ment a payment of 0.66p was fore- 
cast and the difference is due to 
the change in ACT. 

The directors say that in the 
absence of any (statutory limita- 
tion.' this dividend will be in 
addition to the payments made in 
respect of 1978. 

They stare that much of the 
work necessary for the previously 
announced reorganisation has been 
completed but it has not yet been 
possible to obtain clearance in 
respect of certain important tax 
aspects. Shareholders will be 
informed of any further progress 
at the time of the interim report 
in September. 

The directors report that an 
approach has been made by a 
Selangor state agency to acquire 
the Brooklands Estate, but it is by 
no means certain that it wDl be 
possible to agree terms which they 
would consider as being favour- 
able enough to holders. 



n 

If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-6234111 or 

01-623 6744 for up-to-the-minute competitive 

interest rates, interest is paid without 
deduction of tax at source. 


1 Lombard 

f North Central 


/ Limited 


Treasury Dept., 31 Lombard St., London EC3V 9BD. Telex: 864935. 


Drake & 
Scull peak 
at midway 

DESPITE a reduction in the value 
of completed contracts. and highly 
competitive market conditions, 
Drake and Scull Holdings more 
than doubled its pre-tax profits 
from " £303,000 to fl.llm in the 
first half-year ended April 30, 
1978. 

■ In view of this successful per- 
formance and expectations for 
the remoider of the year, the 
directors are declaring an interim 
dividend of Ip per 25p share— 
the first payment for six years. 

Basic earnings per share are 
given at 4.5p (0.9p) and 3.4p 
i0.7p) fully diluted. 

Profits for the first half exclude 
Drake and Scull Africa (Pty) sold 
in January this year. Its. contri- 
bution in the corresponding 
period last year was £24,000. 

Group pre-tax profits in 1976-r, 
totalled JE2.63ra. 

The group’s cash position con- 
tinued to improve and current 
liquidity remains strong, Mr. 
Michael Abbott, chairman, tells 

shareholders. 

The group has now eliminated 
its liability in respect of the 
Munich property and although 
currency losses have been 
incurred, this transaction effec- 
tively marks the termination of 
property interests with no 

material erosion of net assets. 

The group trades as electrical, 
mechanical and construction 
engineers. 

Six months 
Ifti* 197? 
moo £009 

Group Turnover IS. 180 21 .294 

Drake and Scull Africa ... — 3.38 

Group profll .. . .... 1.106 563 

Drake and Semi 'Africa ... . — 24 

Profit before tax 1.106 529 

Taxation— lUv JM 51 

Overseas 227 ias 

Sei profll 77a S» 

M non lies 58 72 

Balance . '723 S17 

Currency adjustments 278 B5 

Oiher Hems 12 — 

Attributable «2 m 

Preference dividends *5 os 

Isle rim ordinary 188 — 

To revenue reserves 188 • 37 

Sheffield 

Refreshment 

increase 

For the year ended March 31, 
J97S, profit of. Sheffield Refresh- 
ment Houses rose from £148,479 
to £180,263, on turnover £130,272 
ahead at £1,130,068. 

After tax £73,295 (£66.580), net 
profit was up from £81,899 to 
£i06.968 for stated earnings of 
5J9p (4.5Sp) per 25p share. The 
dividend is lifted to L826p net 
(equivalent 1.635p). 

RIGHTS RESULTS 

Securicor Group announces that 
acceptances have been received in 
respect of approximately 94 per 
cent of the 365,359 new ordinary 
shares and 93 per cent of the 
393 ,359 new "A" ordinary shares 
offered by way of rights at 95p 
per share. 

Ne wshares not taken up have 
been sold at a net premium over 
the issue price of approximately 
15p per share. This will be 
distributed among the holders of 
ordinary stock units, "A" ordinary 
shares and cumulative partici- 
pating preference shares to whom 


BUTTERFIELD-HAR VEY 

% 

A Successful Year 



197778 

1976/77 

Sales 

£48. 9m. 

£40.7m. 

Profits before tax 

£2.77m. 

£1 .75m. 

Profits after tax* 

£1.95m. 

£1 .32m. 

Earnings per share 

13.4p 

9.2p 

Dividends per share 

3.25p 

2.1-P 

Dividend cover 

4.1 times 

4.4 times 


(Tax calculated under ED 19 .) 

"Trading results for the first quarter of the 
current year are encouraging and the Board 
is confident of a further advance in profit in 
1978 / 79 " 

S. A. Roberts, C.6.E. 
Chairman 

Copies of the Annual Report and Accounts are available from the 
28th July. 1978 from the Secretary. 

BUTTERFIELD-HAR VEY LIMITED 

Villiers House, 41 -47 Strand, London WC2N 5JJ 


such shares were provisionally 
allotted.- No paymenorill be made 
for less than £L 

-Security Services announce that 
acceptances have been received in 
respect of approximately 554 per 
cent of the 2,549.941 new Ordinary 
and 2,549,941 “A” ordinary shares 
offered by way of rights at 93p per 
share. 

. New shares not taken up have 

been sold at a net premium over 
the issue price of approximately 
15p per ordinary share. This will 
be distributed among the holders 
of ordinary stock units and "-V’ 
ordinary shares to whom such 
shares were provisionally allocated. 
No payment will be made for less 
than £l. 

Henlys announce that 99-5 per 
cent of the 2,741.110 ordinary 
shares issued by way of rights, 
have been taken up. 

Tbe shares not taken up have 
been sold in the market and the 
excess over tbe subscription price 
of I4.86p per share will be dis- 
tributed among the original 
allottees in accordance with their 
respective entitlements. 

Inveresk 
well down 
at halfway 

DIFFICULT TRADING conditions 
for the Inveresk Group pushed 
profits down .from £l.52m to 
£701,000 in the 24 weeks to June 
17. 1978.' 

However most of the group’s 
activities. have good order books 
at present and it trends continue, 
the outcome, for the second half 
should show an improvement, the 
directors say. Pre-tax profits last 
year totalled £2 Jim. 

External sales for . the first half 
amounted to £34£6m against 
£32_92m. The directors anticipate 
that a material tax charge will 
arise on the profits. 

' The profit figure Is after de- 
preciation of £0.56ra (£0.47m>, 
rental income. I0.17m (10.15m). 
interest of £0.3lm (£0.42m) with 
interest relief grant, JE0JL9m and 
rationalisation, £98.000 (£97.000). 

The interim dividend is 1.417p 
against l.S75p— the previous final 
was 3.4S92p. 

Sales of commercial stationery 
and office supplies maintained a 
steady improvement throughout 
the first half year, the .directors 
say. Demand for most other pro- 
ducts showed -a slight improve- 
ment over the second half of 19/ 1 , 
but the pattern was generally 
erratic compared with the first 
half of 1977. 

In the paper, making activity 
the decline in the exchange value 
of the pound against the dollar 
since March has increased the 
sterling cost of woodpulp. 

In view of the increasing scale 
and complexity of the group's 
operations and for administrative 
reasons. It is intended that from 
1979 onwards, the results for the 
first half year should be 
announced In' mid-September. The 
-date of payment of any interim 
dividend currently payable in late 
September -will be altered to mid- 
October. 

• comment 

Inveresk’s profits collapse wHl not 
please the market, the figures 
were released well after hours. 
Market .expectations had been 
pitched around a maintained 
result and it appears that die 
double pressure of rising pulp 
prices and falling demand hit 
InWesk very hard. The weakness 
of sterling has increased the 
imported price of pulp and the 
company has not been able to 
pass this on because demand has 
been falling (industry production 
was 4.8 per cent lower in the first 
four months) and there has been 
Increased competition from 
Scandinavia and Europe. The 
position has been aggravated by 
a small amount of industrial 
unrest. The only bright spot in 
the performance is stationery 
supplies, but this only accounts 
for II per cent of turnover. 
Inveresk is looking for better 
things In the second half, and 
admittedly this is an industry 
which sees violent swings in 
fortunes. However, pulp prices arc 
going even higher which could 
put further pressure on margins 
until (and this is the hope) paper 
prices start rising. Overall it is 
not an encouraging picture and 
th* shares could come under 
pressure at 73p, where the yield 
is 10.3 per cent. 

Elbief improves 
to £328,800 

Elbief. Uie ieathergoods acces- 
sories and picture frames group, 
reports an increase in pre-tax 
profits from £300.500 to JB2&300 
for the year ended April 30. 1978. 
following a rise from £117.000 to 

£121.000 at halftime. 

The directors state that the year 
saw a significant Increase in sales 
in home and exports markets, the 
total of £2. 45m. against 11.98m, 
reflecting expansion in all pro- 
ducts. 

They point out that trading 
overseas has not been without its 
problems but contraction in some 
areas has been more than made 
up by successful entry into other 
areas. 

Earnings per op share, before 
charging covenanted donations of 
£9,790 (£8,900) but after tax, are 
stated at 2.32p. against 1.79p. 

The dividend is raised ■ from 
LQiofip to 1.13p net with a final 
of 0.784p. 

Some directors and their asso- 
ciates intend to waive their rights 
to the final on 4,726.250 shares 
(7.84 L250): ' similar waivers ap- 
plied to the interim on 4A3L230 
shares (7.841,250) and lota) divi- 
dends lor the year, after allowing 
for these waivers, will absorb 
£91.900. 

Corporation Tax will require 
£45.000, leaving £191,900 retained. 

RACAL FORMS 
NEW COMPANY 

Raeal Electronics has formed a 
new company, specialising in 
safety products for industry- It 
will be called Racal Safety and is 
based at Wembley, Middlesex. 

The new company has been 
formed from the safety products 
division of .Racal-AmpHvax. For 
many years this division has been 
a supplier of hearing protectors 
and in 1977 introduced a new pro- 
duct the Airstream Anti-Dust 
Helmet 


Current 
payment 

Airfix lads. 199 

AGB Research ...2nd iut 2.37 

Astra Industrial 0.77 

Berinutat .Tin 60** 

Birmid Qualcast Jht 1.3 

Black Arrow 1 

Butterfield -Harvey 2.13§ 

Drake and Seal] Jjil 1 

Dowty 236 

Elbief 0.78 

Foreign Colonial int 1.255 

Hampson Inds. 0.49 

Hirst M aIIins on int “ 1 

Inveresk Paper int. 1.42 

LRC 1.53ft 

Harston Thompson 1.11 

Plantation Hldgs. 0.67;i 

Sheffield Refreshment ... 1.83 

Stanhope Invest 2 

Union Discount LndL int. 6 .38 
Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue- fOn capital 
increased by rights and/or acquisition issues, t At 33 per cent tax rate. 
$ Legislation permitting. ITo reduce disparity. |j Special payment 
** Malaysian cents throughout 

Toy market slump takes 
toll oil Airfix profits 


Date 

Corre- 

Total 

of spon ding 

for 

payment 

div. 

year 



1.78 

3.22 

Aug. 31 

0.76 

3.4 

Sept 16 

0.68 

1.13 

Sept. 2 

60 

110 

Sept. 13 

1.35 

— 

Oct 2 

0.5 

1.6 

AUE- 31 

1J 

325 

Sept 4 

Nil 

— 

Oct. 12 

23 

4,47 

OcL13 - 

0.67 

1.13 

: OcL 2 

1 

— 

— 

0.43* 

0.76 

Oct. 2 

0.9 

_ 

Sept 22 

IPS 

— 

Oct. 2 

LOS 

2.23 

— 

0.99 

188 

Aug. 30 

— 

— 

— 

3.64* 

1.S3 

Aug. 16 

1.84 

3.06 

Sept'4 

6.38* 

— 


Total 
last 
year 
288 
2.06 
I ■ 
110 
4.46 
0.8 
2.1 
Nil 
4J8 
1.02 
3.77 
Q-GS* 
18 
486 
1.71 
1.68 
2.18 
1.64* 
2.74 ■ 
1581+ 


Financial Times Thursday July 20 197S 

ButterjBeld-Harvey 
shows 58% lift 


S ■! 
% 1 
■- .* 


ji 


na ? 


REFLECTING a period of reduced 
trading attributable to tbe world- 
wide recession in tbe toy markets, 
pre-tax profits of Airfix Industries 
for the year to March 31, ■ 1978 
slumped from £4:03m to £2.69m. 
at the midway stage, the decline 
was from £I.79ra to 11.55m. 

Earnings for the 12 months are 
slated at 4.6p (78p) per 20p 
share and the final dividend is 
1.8935p net for a 38221 p (28S25p) 
total. 

Mr. Ralph Ehrmann, chairman 
says non-toy interests continue to 
make . encouraging progress. The 
extra-ordinary expenditure of 
£513.000 reflects the non-recurring 
costs of reorganising screral fac- 
tories although the bulk of the 
cost is attributable to Meccano. 

The fourth quarter bore the 
brunt of redundancy costs which, 
coupled with restricted produc- 
tion at Meccano, were contribu- 
tory factors in the downturn in 
earnings of that period. 

In view of order books and cur- 
rent trading the directors antici- 
pate a substantial recovery in the 
current year, the chairman states. 

1977-78 1975-77 

£doo moo 

3SSU 39.899 

5.545 5.7S3 

2.081 1A73 

877 874 

2488 4JB4 

3DI 1.712 

259 419 

Extraordinary deWtt 513 *191 

Available 2,217 5.518 

Dividends S37 750 

• Credit. 

* Credit. * Extraordinary items 1977.000 
mill. attributable tax £450.000 mill. 

Profll redemption of loan stock i£14,O0Di 
i £191.000). 

• comment 

Airfix, in line with the other toy 
majors, reports poor trading in the 
second half, which includes the 
important Christmas period. In 
Airfix’s case, the downturn in con- 
sumer spending and retailers' de- 
stocking policy was coupled with 
efforts to rationalise the loss- 

making Meccano factory in Central 
Liverpool, and profits in the final 
six months dropped by 50 per cent. 
The outcome was at least £300,000 
less than the market expected and 
the- shares fell 3p to 49p. While 
the recession , hit all the toy pro- 
ducts, the aircraft range of plastic 


construction kits has been losmg 
market share to overseas com- 
petition and Lesney's Matchbox 
series. This reduced the con- 
tribution by toys to group profits 
from around 8S per cent to 70 per 
cent. Elsewhere, however, the non- 
toy interests— rgenerai plastics ana 
footwear — ail showed an improve- 
ment. While an upturn is forecast, 
for the Current year, the extent of 
the recovery will depend on the 
level of consumer spending, and 
profits may only reach around 
£3.5m. In the meantime, Airfix is 
well placed to benefit from tbe 
current interest in “space” toys 
through its Mieronaut series and 
Meccano should have a better 
chance of breaking even following 
the rationalisation and a new range 
of Dinky toys. On reported earn- 
ings the p/e is OP and fully-taxed 
118, while the yield is a solid 08 
per cent. 


WITH A sharp rise from £0.S7tn 
to £L.6ira in the second half, pre- . 
tax profits of - Butterfield-Harvey 
were up by 58 per cent at a 
record JE2.77m for the year to 
April 1, 1978, compared with 
£L75nr last time. Turnover was 
better at ttSJn, against £40.69m. 

In January, the directors said 
they were confident that second- 
half profits would materially 
exceed the £Li4m (£0.8Sm) then 
reported for the first sis months. 

They now report that trading 
results for the first quarter of 
the current year are encouraging 
and they are confident o£a further 
profit advance in 1978-79. 

Most companies in the group 
reported improved results, say the 
directors, but as indicated at the 
interim stage, losses , t in the Green- 
wich division continued longer 
than had been expected. 

The 1977-78 result was struck 
after interest of £464,000 
(£397,000), but was before tax or 
£820,000 (£427,000) with ED19 

applied. Comparative figures have 
been restated accordingly. 

Stated earnings per 25p Stare 
after tax as charged are I3.4p 
(98p) and after notional tax at 
52 per cent as 9p l58p>. The 
dividend totafl is stepped up from 
2.i00Sp to 385p net, legislation 
permitting, with a final of 2.125 p. 

Extraordinary debits of £421,000 
(£8,000j include the costs of the 
Greenwich re-organisation and the 
groups share of the closure costs 
of the associated company's 
Belgium subsidiary. 

After minorities of £19,000 this 
time, dividends costing £478,000 
(£310,000) and extraordinary 
.debits, an amount of £ 1.04m 
iJELOlmi was transferred to 
reserves. 

The group's business is as. a 
holding company with subsidiaries 
engaged in the manufacture and 
sale or municipal and special 
purpose vehicles, engineering com- 


ponents, building, marine leisure 
and plastic products, and house- 
wares and office furniture. 

• comment 

ButterfleW-Harvey’s pre-tax 
profils continue to be affected by 
losses from its Greenwich office 
furniture activities. Despite con- 
solidating manufacturing on one 
site, the recovery has taken longer 
than expected. But other sectors 
of the group have apparently 
recorded improved results, 
although three of the main Jndu>- 
tries. where the company is 
involved, motor, building and 
engineering components, have 
been relatively Hat throughou.t 
the period. That leaves the, 
marine leisure and plastics pro- 
ducts division plus the house- 
wares activities as the probablo 
strong runners. The shares closed 
unchanged at G5p giving a p/e 
ol 4.7 and a yield of 78 per cent. 


Burroughs 
machines 
midway fall 

AFTER crediting exchange gains 
of Il.lm, compared with £1.03m. 
pre-tax profits of Burro ughs 
Machines for the half year ended 
May 31, 1978, fell from £3.fim rn 
£2.l8m. For the last full year 
profit was £13.I4m. 

First half turnover was hicher 
at £47. 6m (£40.5m) and tax 
absorbed £0.9Sm (£1.62m). 

The company is a subsidiary of 
Burroughs Corporation of the U.S. 
and its main activities arc con- 
cerned with design, engineerinc. 
manufacture and marketing of 
products for recording, storing, 
computing, processing and com- 
municating data. 


Group turnover 
Trading profit .. 
Depredation .. 

Interest 

Profit Irefon tax 
Tar credit 
Minority profits 


Marston 

Thompson 

advances 

AFTER A rise of £0.4 m to £2 18m 
at midway, pre-tax profits of 
Marston. Thompson and Evershed, 
brewer and wine and spirit mer- 
chant, ended the year to March 
31, 1978 ahead from £3.45m to 
£4.1 6m. 

The result was struck after 
depreciation or £593876 (£486,464). 
Tax took £2.12ra (£I.70m) and 
after extraordinary credits of 
£89,618 (£44807) and a transfer 
of £9.000 (same) to debenture re- 
demption reserve, available 
profits advanced from £1.69m to 
£2.13m. 

A final dividend of lJ.131p 
(0.9967p) raises the total for the 
year from 1.6342p to l.S81p per 
25p share, costing. £481433 
(£430804) and leaving £L65m 
(£L26m) to be transferred to 
reserves. 

A professional revaluation of 
properties since the year-end has 
disclosed a surplus of £17 m over 
book values. 


Waddington confident 


CURRENT expectations at John 
Waddington are for much better 
results for tbe year ending March 
1979, Mr. Victor Watsoo, chair- 
man. says in his annual report. 

Profits before tax in 1976-77 were 
down from 13.27m to £2.56 m from 
sales of £4188m against £3581m. 
A CCA statement shows profits 
reduced to £181m after deprecia- 
tion of £673.000. cost nf sales, 
£416,000 and gearing, £339,000. 

The group had an unfortunate 
and unusual year when two major 
markets languished, says the 
chairman. 

However, in plastics, greeting 
cards, business forms and special- 
ised priming the group did well 
and continues to do so. Folding 
cartons and label businesses are 
now enjoying increased activity 
and many production improve- 
ments have been implemented. It 
is too early to predict seasonal 
business for the games division, 
but slocks and 1 posts are under 
better control. The develnpment 
programme Is more far reaching 
than it has ever been and 
several competitors have ceased 
to trade. 

Games and .puzzles companies 
in the U.K.. Canada and the U.S. 
all fared badly last year." due 
mainly to reduced demand, cost 


increases and fierce competition. 
However, Siibbuteo experienced 
such a strong demand (which still 
continues) that it had difficulty 
meeting deliveries. 

■ Two new subsidiaries have been 
formed. Waddingtons Inter- 
national Ltd. now handles the 
export and licensing activities of 
the publishing group, while Wad- 
drngtons of Gateshead comprises 
the label printing business and 
has bren set up with its own 
management team. . 

This year it is Intended to start 
up a new factory on Tees-side for 
plastic containers to meet the in- 
creased demand for. products, 
especially those which are 1 coming 
out of the development stage. 

The other major growth area is 
greeting cards and directors are 
taking advantage of the oppor- 
tunity to acquire a long lease on 
a large Scottish Development 
Agency factory in Dundee. 

The secured loan was repaid in 
March and April. 1978 and re- 
placed with an unsecured loan 
for five years from merchant 
bankers, Kleinwort, Benson. In 
view of expansion plans directors 
have almost completed arrange- 
ments for a further unsecured 
loan of £2m. 

Meeting. Leeds. August 11 at 
noon. 


SUNCEI BESI MINES MALAYSIA— 
B-siilw to Munch M isr». reportMl July 12. 
Fixed assort MClSnt iM93.Slm>. net 
current assert MJII S3m >MS6Unii 
Tronoh Mines wtis 23.7 por cent or 
stians. Meeting. Kuala Lumpur. July 21 

VALOR COMPANY ~ Results to 
Man.-h 31. 197S. prctiousfr reported. FLscd 
ansctsi £fi.54m <I4.43mi, current assets 
£iii. 19m iXM.S3m i, current liabilities 
£ 11 . 99m c£H.13m‘. increase In working 
capital rO.Mm <EQ.4Smi. Meetlnn. 4. 
DOTP.iti? Hill. EC. AUEUSt 3. at 12.15 pm. 

GENERAL SCOTTISH TRUST— At 
June 30. 1978. not «sset value was 114 3p. 

WEMYS5 INVESTMENT COMPANY- 
Nnt IWI value 382. Sp at June ». 1978. 

PICCADILLY THEATRE — Tornov.'r 
£123.719 ICS5.M41 for 1977 pre-tax profit 
£68.303 (£38.741 >. Tax £33.157 I £3.4221. 

Routined OT.12S (0.694). Eanunis per 
25p share 3.7p iLSpi. Dividend l.Tp Brass 
(l.G0038p>. 

CQMBEN CROUP— Directors intend to 
chaase year-end from March 31 to 
December 31. and to Issue interim results 
'o 30. Tte** dates are to conform 
wim dates of tnuntau htridltm company, 
Hawker SWdnley Group 

CHADDeSLEY INVESTMENTS - For 
war to March 31. 197* pre-tax profit 
□3.997 i £3.0441. Add tax adjustment In 
respect of previous years £8.277 mil, 
attributable profit £20.274 I loss £219.347 
Including extraordinary debit £ 21 . 59 n. 
pcr 10 D ®haie 0.53o t&.fcjpi do 

dividend. 

WILKINSON MATCH— Results (or year 
to March Si, iots reported July is. m 
Statenu:ni with prospects, 
croup fiyed assets if« 9 flmi. 

wt currem asaeLg LH. 38 m inia^Sm). 

capital Increased Ill.Oam 
rTn^! 1 ’ Zf?' 131 Dnofit ndlnsted to 

1 l£ ' ,3n,) _ 1 *» CCA basis, after 
aunaoti&i depredation £lUUn iCJCmi. 
cost of saks 0.73 tn i£S.Umt less near- 
ing factor fl.Sim tC.iimi. Allegheny 
LiHUum Industries puna 44.43 per cent 
^ Dorchester. W. 
August % at n.30 gnt. 

, Results far March 31. 

19J8 year reported July hr full pre- 
liminary statement with prospects. Croup 
naed aseera £4Jhn tES.ghal. net current 
aasets s;. 86 nr tfrWfllh Working capital 
increased £D.54m lit.49m). Meeting. 100. 
Old Broad Street, EC. aSu^IO at 
12.L» pm. 

CHUBB AND SDN taecurtty systems, 
MO— Results (or March si. 1073 year 
already known. Croup total net assets 
£*7.67m 1 r74Xin 1 . current assets EtM^em 
(£90. 19ml. current liabilities £36. 04m 
'HB-Snii. Net liauid funds decreased 
H.ftSm 112.36ml. At June 22. Kuwait In- 
vestment Ofilce held 12 per cent of 
eouJiy. Meeting. Abereom Rooms. EC. 
August 9. at noon. 

CHAMBERLAIN PHIPPS Uootwror. 
ciolltins and automotive Industries.— 
Results for March 31 . ists rear reported 
on June 2d in fun preliminary statement 
with prospects. Croup toed assets if.Wm 


net current awts ri Ilm 
Lp pm. Net liquid hinds decreased 
Ipl-m <£n.i 2 m'. Mcoitnr Hicham 
Ferrers. Northamptonshire. August 9. at 
2 ..W pm. 

COMMERCIAL PROPERTIES— tnromM 
from rents rruwrtv ad' p isory servicvs 
, ‘HIST * 51 rrr clv3Me Ft ,31m tfl.lSm. 
f '■ Rfodt before tax Bi B7m 
iroSTmi. Ti«s 10 . dm iBi.tmi. Eitra- 
ordmary credlrt £307.015 . 028.7911 .. To 
"XrE? 3.10 912 inn.SOll. Dividend 
IlYt?tlO iti.-rf.400i. 

MELDRUM INVESTMENT TRUST— 

inn-rim dividend 0.73p (0-£23t»l for 1979. 
incrcd.se | S t0 reduce disparity wtib 
. Pamir* unforeseen rtrcnmsfaares 

liiiri.drd at least to maintain anal divi- 
dend at previous year's rate of l-325p. 

WOLVERHAMPTON STEAM LAIIN- 
DRY— Results for year to March 31. 
1 PT 8 already reported. Group fired assets 
T ®? 5 Net current Habilltira 

£4.877 f£4.76f,. Meeting. Wolverhampton. 
August 9 at nig a.m. 

BRITISH TAR PRODUCTS— Results for 
the year to March Si. IS78. reported June 
M. Group axed assets £4.1m (JEtffimi. 
Net current assets £2 59m ns.ssmi. State- 
ment of Source and Application of Funds 
shows a £573.519 11615,189' movement tn 
net liquid funds. Meeting. The Cafe Royal. 
W- on August S at noon 

BROWN AND TAWSE iBtcd and tube 
Stockholders and engineers!— Results for 
vear ended March 31. 1978. reported June 
£2. Group fixed assets. D5.»m iJLWrai. 
Net current assets. £10. 15m (£&72m!. 
Chairman anticipates good results In 
current y c ar. Efrons being made to 
Increase volume of sales but difficult 
to foresee upturn 10 demand for steel 
or revival In construction industry. Meet. 
Ing. Dundee. August 9 at noon. 

PREMIER CONSOLIDATED OIL- 
FIELDS— Results for year to March 31. 
1978. . reported June SO. - Group fixed 
assets £l29m U 2 m«, Investments n24m 
i£L43mi, net current assets £Um 
i £0 £Un>. Ket iUtota funds taeroased by 
£441.982 1 £333.372 decrease,. Meeting. 
Winchester House. EC. August 9. noon, 

THE BARBICAN INVESTMENT FUND 
—Final distribution on Income units for 
tho year » July 5 , 1978, will be 24p net 
per unit 12-Dl3p>, payable on August 31, 
1»7S. 

The total distribution for Ute year 
amounts to 3Jp compared with 2.G83 p. 

Ou the latest Subscription Day. Jane fl. 
1978, the offered price of income units 
was - 7 S .20 id and the estimated grass 
yield calculated in Accordance with the 
terms of tbe D«d Of Trust was 3.75 per 
cent. 

JE««W». CE0BC1E,S LAUNDRY 
(Worcester; — Turttonr 
<Ei.8M.85li for year to February as. 
1»T8. Profit £23.182 < £3.838 1 after an 
diarees Including tax of £17.703 ifi.oisi. 
Earnings dct lOp share l.tsn <0.37pi. 
Final OJSp (0-14p» making total 0.56p 
10.42PI. 


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S-.i 



Extracts from Chairmans Statements 

§B Profits before tax for the year ended 
31st March 1978 Increased by 52 per cent to 
£2,805,000, thus continuing the trend of over 
20 per cent compound growth for the previous 
five years. 

B Findlaters Finest and Glendrostan the 
Company's two main brands, substantially in- 
creased their overseas safes. U.K. sales of 
Tamnavulm-Glenlivel single malt .whisky again 
Increased dramatically. 

■ The industry has begun to rectify the anomaly 
whereby matured Scotch whisky is being sold at 
below current replacement cost of new fillings. 
This improvement should continue and will 
accelerate from 1979 onwards, when a shortage 
of mature whisky available is likely. 

Current Trading ' 

■ The unaudited results for the three months to 
30th June 1978 show a profit before taxation of 
£757;0Q0 on a turnover of £4,203,000. These 
figures compare with the profit before taxation 
for the six months to 30th September 1977 of 
£1,227,000 on a turnover of £6,929,000. 

■ As a result of Hawker Siddeley acquiring a 
controlling interest in Carlton Industries, owners 
of 76.2 per cent of the issued share capital of 
Invergorden, the Company's accounting year end 
will be changed to 31st December. An Interim 
dividend" of 0.7p per share has been declared 
payable on 4th October 1978 to shareholders on 
the register on 6th September 1978 and it is 
expected that a final dividend will be paid in May 
1979. It is not intended to issue a further interim 
statement in respect of the current accounting, 
period, which Is expected to show a furthr 

increase . in turnover aA 
improved margins over 
same period last year. 


Copies of ^accounts 
are available f rom) ife ^®? r ®i a, Y 
I nvergoyGn Distillers 
{B^rig^UmKed 
Vs fifty House; 
181-195 W*. l ® eor & Street, 
<3fesgoWG22NL 



V- 





l , 

! **i iyfv.' 
: .. “Hi' 


Financial Times Thursday July 20 1978 


Mining and industrial lift 
boost Dowty by 40% 


Squeeze in second half 

knocks 7.5% offLRC 


MAINLY REFLECTING a recov- 

ety m margins in ihe minim. ^ ■— * (£111,000). 

division and a good increase on BOARD MEETINGS took 1321.000 (£405.000) and 

tbe industrial side, proats. before mi. .7 *. ***** earnings improved from 

tax. of the Dowty Group advanrwl him have Mtfficd 3.32P to 355p per lOp share. A 

by *W per cent to S £ !8 b!L S naJ «Wta*d of Q.76534Sj> net 

year ended March 3l7l3?s“ “ waff ^5nsK£ lifts i the i total payment to l.UBM8p 

Reporting at the interim d! 'ltjcM8- Official indication* 'am not tip) — the maximum permitted.. 

(When profits ahead frnm w ^ arausw* whether dividends -conrmrt Extraordinary credits Of 

,0 fli&m «i™ a ? e f P 2S , ed? 5 ^ SKTS SS';™ J^ 0 , 0 ■«*•> «"« 

directors said that orosnprt* year's umotahk “tor taking into account some 

t£e rest of the ye£ were most ■ today ■ £30,000 cost to move the engineer- 

encouraging— in the event the img*n*:-A. c. care. Allied Tenit*. 1D £ activity to its new premises 
pcctind half contribution Agwri aioe Fhiwrtea. Bertsftrfls. BnUouXh. which have been fully operational 

ahead from IWm to mL W e*« Da “ a l£“* ia *£**• since April M - M7S - 

Prnnn ■ * 18 -™tn. U»don and Lomond investment Trust. Dividends ahsnrh £240.1810 

o roup turnover in the year in- Romney Trust, st Andrew Trust, so mb rtunniMi ■ aD ^ or ~, Om,Kio 
creased by 3S per cent to £I88m African Land and Exploration. sooutviai. leaving retflined profiis 

with the new Ultra electronics Sienb0ttse Rowings. Vaai Reets Explore- **£?* ^ PJ £2ol.000 to £640.000. 

division (consolidatPH S Umrana Uinlnjt Western Deep Levels. Shareholders’ funds are shown 

tamAnriiio^? ed Wi, “ eff ? Ct . ftaaJsi-AUcatt London Properties, at 2L3p (16^p) -per share 
trorn apru l tor?) accounting for Atlantic Assets Trust. Burt. Bouboa. p ^ 

£lR.am Of 14 per cent of the in- ER>( c f - FMC. Fornu aster, Croat Unfve-rtaJ 

crease. Profits of this new division s, ® re *i - B »>«*wre Estates. Hollis Bros. _ 

totalled £hS2m a 151011 and E.S.A.. Fodens. Gordon end Goich. T)1 _ * 1 

While rtn^o‘ D »i j Nora Knit. Provinetal Chics K 1 51 PIT 

. m . estlc and overseas Trust. Alexander Russell. F. H. TOmfcin*, “iwk/lv 

saies m total rose at a similar Corporation, Unignte. vita-Tex. . 

rate, direct exports from the UK -future dates A MM ATrr 

weni up by 57 per cenl . The direc . _ M . . AITOW 


tor, report that group orders are KSK A .^ e “ — * 

f ■ ’ . i . .i 0 ”iucn higher level and Rotadex (Great Briiaio) jniy is 

* jw.. tne current year should see -a Transport Development Auk. 17 

Si)' continuation of growth. Vantage Securities Job as 


Black 

Arrow 

doubles 


fully diluted. ££3* earnings climbing’ to a record 

1 he total dividend for the year stifles imwnati«iaj " July 28 £365.000 more than double the 
ts being raised by the maximum ^ £175,000 reported for the previous 


. is being raised by the maximum -- - - • 

permitted— from 4.18p to 4.465p 12 months.' 

net. with a final of 2.255p. In the ____ . Turnover on continuing oper- 

event that dividend restriction is Tl Anmyil ations advanced 29 per cent to 

lirted or amended so that some f\vLl)l (1 £5.S9m <£A32m> with leasing 

greater level of distribution is • reaching £L5m (£L01m) and office 

allowed, a further announcement O'* AA - furniture distribution sales up 

will be made. • T I .1 1 /|T| v • £0.69m at £228m. The contribu- 

«1-*VA<III _ • tion from discontinued operations. 

Turnover ; 188 441 136 3 m "■ A j relating to closed ■ branches deal- 

R«nr- 123.787 9L48S BbV ACtTQ - *ng mainly in electrical appliance 

orrrseas & export u.«54 -4UBS ** J noli ft. - distribution, dipped to f253^)00 

tr.m s,,,, ALTHOUGH TUBNOVER was ?^ 7m > group Jog) Mm- 

■Mir.itre 7(90 56391 lower at £7.67m against £9.47m, compared with 

iodninai - 23.S33 213M pre-tax profits of Astra Industrial £5 - 39m Ias t time. 

”flf i? S5f .0 Group advanced from £811.000 to . At halfway, when profit was 

AcXoc? iM“Mn 10^ l:?w a peak £1.020.000 for the year to ahead from £72^)0 to £140,000. 

Minuis 7.532 (.578 April 30. 1978. At halfway, the Mr. Arnold Edward, the chairman, 

iruiusiriai a.297 i.sra surplus was un by ' £42,000 to expected improved fading to con- 

Electrooin i;S22 — £431:000. • tinue in the second half. 

prop., etc. i.<» ub A divisioiml breakdown of turn- UKt-ts ists-tt 

_ profit bcisro iax 25.038 is, errs over and operating profit of toot taoo 

_ u.sn 9.224 £1.022.000 (£853.000V for the year Tanwror 5B<7 i5M 

M: — -JSidSS' 13E i& tv?SS? S^««5i7-=: iS 15 

••W f«" - “SU, - ‘ » « 

.r, ,, V - The directors state that constant £2.540 (£2,363) and £330 (£104) Electrical 

■\li vigilance on finance, coupled with respectively. ni«rtmtawiM — mr 

" continuing tax deferment for stock ™.< directors mcpliin ttarturn- 5s m 

# inflation and accelerated deprecia- over ™s 0*®° affected by the de- Tax 54 ss 

‘ f: \. , , . tion acain produced a positive crease in the sale price of ferrous Net proet ni 147 

• V V -> ^ Encash flow. This improved rhe scrap material although tonnages ^ — - ™ 3 

m ^ iv = - si 

^Srd SrnwhU St the vear eSd no1 indicative of a- change in the He now states that the higher 
^ level of activities. profit and turnover levels have. 

' -Other ■ divisioxis- - . showed been sustained into the first six 
nr iUr increased turnover whiai, with in. months of the. current year and 

*5*"? ^"^2*52 creased" efficiency, resulted in an the directors are confident 

overall ' Improvement m profit, further growth will be achieved. 

••• „ Hinsiderable increase m invest- ^ey add: Tax for the year took £54,000 

'■ •••* ;• . ? N i' nerit . j. 0 .-- P* an t and facilities The . directors are confident of (£2S.0 r ri) with deferred tax being 

s' ■*', . . Required in coming years to meet mamtaibing progress. ■ ■ treated along the lines of ED 19. 

■ expansion and to maintain the The 1977-78 taxable result and - earnings per 50p share 
*’ 5 - V -TOUPS competitive position in included investment -h&bme of emerged 2.5j» higher ?t 4.7p. A net 

:*t ’ i'fvorld markets, -£101f)00 (£09,000), but -was. struck, final dividend of lp takes the 

See Lex after bank interest 'dfrflOSjOOO total for the year to 1.0p (0-8p). 


Record 
£1.02m 
by Astra 


Elncirunlre J9.S65 

Trading profit 25.245 19.044 

Acrontaco and defence 10.939 8.790 

Hlnul? 7.532 4.578 

Iruiusiriai 3.297 i.s« 

Efeeiromrs l;»22 — 

Croup services prop., etc. 1.655 1.80.1 

Jnteren . . 207 t3i 

Profit bcloro iax 25.038 12,075 

I2.sn. 9,234 

Not OtoDl 12.367 8.851 

*Divld.jnds 2JJ01 2.387 

Rcl3'.n.ni " : 9.466 6.484 

t Crr -.11 1 


v:- 


Office furnifnre 
Electronic 

components _ 
Electrical 

appliances .... 


916 an 

398, ian 

365 IIS 

54 38 

811 147 

106 38 

285 191 

489- 385 


INCREASED COSTS, squeezed cent The group is still digesting 
margins and the intense compe- some of the problems from its 
tition created by the strength of acquisitions! Policy as it dosed 
sterling depressed second-half growth in the late sixties when 
taxable profit at LJRC International u the pul bit demand for its 
by 10.9m to £2. 54m, cutting the . principal earner. Losses in Depex 
full-time total for the year to the French subsidiary of 
March 31,. 1978. by 7.48 per cent Haffenden' '■ Richboro ntrh, 
to £6.67m, compared .with 17.21m accounted for around £200.000 of 
last Lime. -• » the -downturn there. Overall 

Other factors contributing to Haffenden slumped from £882.000 
the slowdown included the Prices to just over £400,000, due mainly' 
Commission inquiry into pro- to the decline of the swim cap 
prietaiy medicines which meant market And losses in the Medical 
that health care product prices Supply Association, although 
were held down, and in the last reduced, ran at £240,000, mainly 
quarter a 10 per cent pay. award reflecting closure costs. Mean- 
as from January 1 this year had while tighter financial controls 
a disproportionate effect on the have been undermined to some 
company’s margins and its per- extent by the 10 per cent pay 
fonnances against imports, par- award, together with the impact 
ticularly from the Far East, the of currency movements, and the 
directors say. usual hold up in obtaining 

Turnover for the year was 6.85 approval for prices rises. These 
per cent better at £93 .34m factors, , together with keener 
(187.28m) and the directors say competition In the high street, 
that for the first quarter of the lopped off over 2 points from 
current year the turnover of margins in the second half, 
retained companies is ahead fol- Although a sharp profit upturn is 
lowing the sale, in May, of Phar- expected in the current year the 
max, to a- subsidiary of Forest group's rather erratic record 
Laboratories Inc. of New York, the leaves the yield of 10 per cent, 
removal of a loss-making sub- over one and a half times covered 
sidiary and the change of London o n t he shares at 35p, the main 
Rubber Company (India) and attraction- 
Sanitas (Nigeria) to associate com- 
panies. The board expects the 
results for the full year to demon- T 
strate a reasonable increase.. I ) j 1 f q | Q 

Including a. deferred tax pro- 
vision maintained . at . £L79rn ®. . . 

(£1.78m) the tax charge was I llC/'*nilTlT > 

£3 .04m (£3 4m) for earnings per lyluVUlUjl- 
lOp share lower at 3 J)52p (4 J5p) • 

on capital increased by the. 1 „ . , a • 

December rights issue. A net fllYVV FI Til 1TI 
final dividend on the basis of a UUTt UilUU 
S3 per cent tax rate, of L53p. in THEIR interim report, the 
with Treasury consent lifts the directors of the Union Discount 
total to 2228p (l_714p) as forecast. Company of London say difficult 
There were extraordinary trading conditions were ex peri- 
credits this time of £924.000, com- enced in the six months to June 
pared with a debit of £36,000. 30, 1978, and the first half com- 

Profit before- tax for 1976-77 w,th **« same_ 

has been restated to take account P f riod.iaBt. year. ■ 

of a change in accounting policies Riierest' rates were relatively 
with regard- to foreign currencies, stabl e m t he first quarter but MLR 
Adjustments relating to reserves Increased by 3J per cent in .the 
of overseas subsidiaries which second quarter— and as a con- 
w ere previously ’ included have sequence, provisions for deprecia- 
been taken directly to reserves tion . m the value of the portfolio 

1977-78 1976-77 trading profits. 

£ooo £000 The Board is declaring an effec- 

Tnnww wjmo 87^99 tively maintained Interim dividend 

Net mterrot 1^07 i.mb of' 6J75p per £1 stock unit Last 

Prom Nfnro tu 4,671 7 jot total was equivalent to 

NM prollt 3.B3S 3.710 15BlZi5p. . 

To mlrwrufes 104 159 - Su T 

Extra ort. tavdlis K4 136 . • 

Attributable 4.435 3.515 - 

Dividends 1.869 U43 - - „ . 

Retained 2.467 2.173 lVi4 V fi KK O *0 11 


full-year results shonld show an 
improvement over the 'previous 
year’s £330,000. 

First-half turnover improved 
from £6.64m-to £frftm ^ split as to: 
distribution £4.6Sm (£4m) sod. 
textiles £2£5m (£2.63m). 

Mr. Crompton says the expected 
improvement in results would 
come from the projected increase 
in export sales- 4n -the second half 
and the benefits from develop- 
ments in thS home market which 
the group has -carried out in the 
past 12 months. ' 

The chairman reports that the 
first half has been a difficult 
period with trading conditions 
r emain ing tough and with no 
significant improvements in either 
the group's home or overseas 
markets. 

Competition 'is increasing in 
many areas, be adds. Imports of 
subsidised garments and cloth are 
affecting adversely the -sales of 
the group’s textile products, while 
at the same time the removals 
market remains quiet and silver- 
ware sales are seeing little benefit 
from the increase in consumer 
spending. 

The half-year result was struck 
after interest of £4S.40fr (£55.000). 
There is no tax charge and earn- 
ings per 2 Op share are shown as 
3.lp (5.4p), while the interim 
dividend is stepped up to lp (0.9p) 
net— last year’s final was 0.9p. 


Summary of Results 


Year to 3 1 st March . . 

1978 

1977 

Turnover £000 

9,007 

7,849 

l*rofit before tax £000 

977 

946 

£amings per 25 p Ordinary share 
Actual 

Fully taxed 

13.2p 

123p 

13.9p 

ii.: P 

Dividend per Ordinary share 
of25p(net) 

3. Op 

2.7p 

Dividend cover (times) 

4.4 

5.1 

Ordraaiy shareholders’ funds 
per share of 25p 

88p 

7Sp 


Copies of the Report and Accounts may he obtained from 
the Secretary, Carclo Engineering Group Limited, 
Highiown Road , Cleckhcaton. M'est Yorkshire 
BD19 5JU . Telephone 0274 S7S70Q. 


vV" 


i? > . 'V ^ 

.^'vv ■ • ’ 

- "3 


Tnrnow 93J46 87JS9 

Net interest 1^07 1.935 

Proft hafora tax * 4,671 7 JOT 

Tax 3036 3.499 

NM profit 3.B3S 3.710 

To mfnortdre ....... .104 15S 

Extra orfl. credlu ... 934 136 

Auribstable 4.455 3.515 

“,'sxi ,<t7 ™ Midway fall 

• comment ffif Hirst 

LRCs shares are languishing V1 . 

near their low point for the year, Xr- ^lallincriTl -• 
which on historic earnings is iTiauui ^ u 

justified. In fact if the group had Announcing a fail in taxable 
not changed its currency account- profits from £216,700 to £125400 
ing, taxable profits would have for the 26 weeks to April 29. 197S, 
been down 15 per cent instead of Mr. M. D. Compton, the chairman 
the more modestly stated 7.5 per of Hirst and Mai Anson, says that 


THE NORTHERN SECURITIES TRUST 

(A member of the Association of Investment Trust Companies) 

Highlights from the statement by the chairman 
The Hon . R. Hanning Phiiipps 

★ The asset value has improved during the period by 20.6%. 

★ Dividend increased by 1 5%. 

* Your board still considers that a wide degree of geographical 
spread should be maintained. 

* The breakdown of the portfolio shows that the total UK content 
has fallen to 66%. Japan and the Far East represent 21 % arid 
the United States 1 5%. 


Managers : GT Management Ltd., Park House, 

16 Finsbury Circus, London EC2M 7DJ 




■: p t4 - 




From the Statemen 

65thAnnu 





l Sir Arthur Knight at the 
on 19 July 1978. 



Objectives ■■ ■ J 

One of the maiof objectives in the past year has been to improve 
the Group's cash position, even artiracs to the ’prejudice of making 
profits. But this was no more than a short-term corrective action 
and to increase profitability must remain the primary objective, 
both as the test of management performance and in the long run 
as the only source of cash for new mvestment. 

A succession of inadequate profits jn the past three yean has 
given heightened emphasis to the searching and continuing review 
of plans and prospects. 

The textile chain is a complex one-aad since many of the textile, 
activities are closely interrelated, it is difficult to give a precise 
breakdown of the profits which make up the total for our fibre, 
textile and related interests. But profits from fibres and yarns 
accounted for well over half of the trading profits of £58 miffioti 
attributable to these interests. This, contrasts, vividly with the 
enormous losses announced by our fibre competitors in Europe. 
Fabrics accounted for 3 significant portion of the Group’s tdxtik 
turnover, but consumer products, mainly garments and household - 
textiles, were the more profitable part of textile and related 
activities other than fibres. 

Trading Environment 

The three dominating factors which influence trading are excess 
fibre rapacities, imports from low-wage countries and the riao- 
tinued absence of any substantial growth in world trade. 

Some progress has been made in Europe in dealing with excess 
fibre capacities and the major European -producers have signed an 
agreement relating to capacity and production levels for the syn- 
thetic fibres. If effective, this should create more stable conditions. 
In the last three years European producers have made losses of 
jCi.coo million. Courtaulds' own modest fibre profits have derived 
mainly from their cellu losc-based viscose and acetate fibres. But the 
new situation should benefit their nylon and polyester fibres which - 
have made losses as well as their Counelle (acrylic) fibres which 
have been badly hit by absurdly low competitive prices and by a 
costly, prolonged strike at Grimsby in xhe past year but for which 
there* would have been a small profit. 

The new arrangements about low cpst imports are a great im- 
provement and rhe strong support which UK government mini- 
sters and officials gave to the .EEC negotiations' is acknowledged 
and appreciated. New problems arise from the proposed entry of 
Greece Spain and Portugal - all low-wage countries - into ijie 
EEC but the Company feels encouraged to get on with the re- ■ 
structuring that is still needed. If only it were possible to be 
equally sanguine about the general world textile prospect: Textiles. _ 
share in the malaise which results from the lack of any real. 

prospect of general economic growth in the' near future. 

Cellulosics and Synthetics 

In celluloric and acrylic fibres the existing assets and cost structures 
which are the consequence of good management in the past give 
marker opportunities world-wide and are seen as continuing 
profitable businesses. In the synthetics, polyester yam production 
will craduallv expand at the Letter kenny plant which represents an 
investment of £-7 million. Nylon yam production has been closely 
Beared to supply internal Group requirements; some reductions 
have been ncccssarv because of cutbacks in downstream activities 
but other nott-G*»up markets, including exports, continue to.be 
developed. 

Fibre Innovations ’■ 

The fibre activities art closely integrated with those of me research 
teams and two innovations which, have resulted from this concern . 
Viiuft the Company’s new hollow filament viscose staple fibre, and - 
their new octalobal Lirelle polyester yam. Viloft is blended with . 
polyester for fashion fabrics and velours, and with cotton for terry • 


towelling. The reception in this country and in world markets has- 
been most .encouraging and production is being pushed up. In- 
polyester Courtaulds believe they are the only producer to manu- 
facture in Europe polyester yarns with the octalobal cross-section 
which is needed to make fabrics free from the glimr normally 
associated with textured polyester yams. 

Carbon Fibres 

Carbon fibres arc another example of the Group’s successful 
exploitation of someone else’s invention. Starting from small 
beginnings, Courtaulds Grafil carbon fibres now cover the widest 
range of fibre types and applications of any producer in the world. 
Courtaulds are the largest European manufacturer and against 
severe competition have captured 15% to 20% of the Japanese 
. market. Work has already begun on a further new. expansion to 
increase capacity in the UK from too tonnes to 250 tonnes a year. 
Research and Innovation 

Future. profits from fibres depend very much on the continued 
technology cabirmovan on which comes from a lively research effort..- 
The- recruitment of graduates into tbe research teams' also con- 
tinues to be an important route for the development of senior 
managers. But a dose relationship between' fibre managements and 
theic customers is also vital if the customers are in their ruin going 
to be ahead of their competitors in product innovation. 

Fabrics 

As fabric suppliers, Courtaulds base their strategy in tbe main on 
the new ana re-eq nipped weaving mills. The latest of these at 
Belmont in County Durham represems.au investment in new fixed 
assets of £12 million and should soon be coming into production. 

These mills are seen. as concentrating on fabrics which are 
differentiated from those available from the low wage-cost countries ' 
but they require a scale of production which tbe UK market alone 
cannot support: The rest of Europe is therefore a necessary part of 
the domestic 'market. 

Exceptional Variety 

Iff view of the exceptionally wide .variety, of fabrics based cm 
combinations of yarn blends, weaving constructions, finishing 
techniques, colours and print designs, no UK supplier could 
expect to offer the entire range. The UK is bound therefore to be 
a large importer of woven fashion fabrics from other developed 
countries. Compared with the rest of the EEC the UK still cakes 
t relatively small part of its fabric needs from its EEC parmerx 
'and likewise supplies a relatively small part of their needs and it is 
the lamer wifich Courtaulds are interested in fostering. 

Corduroy is an example of xhe kind of fabric the new ™liv are 
concentrating on. Apart from Courtaulds installation operated by 
Dundee Fabrics there are no finishing units' of major scale in the 
UK. Courtaulds took over the installation three years ago from a 
US company who had been unable to establish it’ on a satisfactory 
basis. Since then the plant has more than' trebled production, is 
-making higher grades of fabric and h as gained The Queen’s Award 

for Export Achievement. 

. .Group fabric strategy- is also based on other 'activities - for 
example, warpknits, weftknits, stretch fabrics, prints for furnish- 
ings - where economies of scale axe less overwhelming but where 
innovation, style and design are crucial to survival There are also 
non -conventional fabrics. For example, Courtaulds -were instru- 
mental in introducing to The British textile industry the new 
stitchbonding techniques for making fabrics. They. were among 
.the first to. install a pr oducti o n plant and now offer the widest- 
range of products. A major expansion has been completed to keep 
up with market growth.'.;' . , . ' ; 

Consumer Products - r -' 

The strategy for the consumer products group reflects the need in . 
ihe garment trade to encourage highly in n o va ti ve, market sensitive 


managements, each of which has the skills to handle a range of 
products, each' with a comparatively modest investment, in fixed 
assets but with heavy seasonal woridne canital needs and-emnlovinir 


workers with highly developed manipulative skills. -This part of the 
business employs about 7% of the workers in the UK garment 
industry, whilst the industry as a whole represents 50% of the 
domestic market for Courtaulds fibres and fabrics. With good 
management this can be a profitable area of business and the recent 
improvement encourages this belief. 

Retail Co-operation 

Sales of clothi ng to the public in this country are now heavily 
conce ntr ated in the hands of a relatively small number of retail and 
mail order companies. 1116X6 is no doubt that a positive attitude 
from all these companies towards the UK industry wo old enonnons- 
ly help it at least to -maintain its emp l oyment and to ■ improve - still 
further on iti already good export performance. This must be in." 
.the- interests-, of .all in tbe end. There arc examples - all too few 
unfortunately - of what can.be done to .the benefit of both Industry " 
and retailer if both sides really co-operate on a large scale and with 
deter m i n ation to give the consumer value for money. 

Vertical PEant*. 

The consumer products group also includes the modem Campsie 
plant in Northern Ireland, representing an investment in fixed 
assets of £38 million and embracing spinning, weaving and 
finishing- In terms of scale, integration of all the processes on one 
site and concentration upon a limited range of products, this is 
indeed innovation. 

Although Courtaulds span all phases of the textile industry, they 
are "vertical? -only to » limited extent, with Campsie as the out- \ 
standing einunple. Indeed a m e asure of independence is encouraged, 
to ensure that nobody can take an in-house customer too much loir 
granted and-thus iose the stimulus of competition. _ 

British Cellophane' . 

The main product. Cellophane, is increasingly under attack from 
the newer plastic films, especially polypropylene, but the.Company 
has been developing its own profitable plastic films business. For 
example, it has been responsible for the development and commer- 
cial introduction in Europe of a polypropylene film made by a new 
and innovatonr process and for the development of a new poly- 
ethylene film for pallet ov e r-wrapp i ng. At the same time the Com- 
pany has continued to strengthen its Cellophane interests. 

International Paint 

This company continues to develop is business successfully.- 
SPC (sdf‘polidHng copolymer) anti-fouling, their new marine 
paint, is on example of innovation to enable an established product 
to perform an entirely new and additional function. This new 
product not only protects and inhibits the attachment of marine • 
life to the underwater surfaces of ships but also polishes to a 
smooth sumce as the vessel moves, through the water. Speed -and 
general performance arc unproved, fuel is saved and maintenance 

a*ts2re reduced. 

International Paint arc also among the pioneers in the manu- 
facture and application in the UK of dry powder coatings - that is 
non-liquid paints. By using their technological, manufacturing and 
marketing skills, they are providing the vital link between invention 
and general nse. _ 

Common Themes 

All activities are export-orientated; some world-wide, others more 
^concentrated towards the ret of Europe as part, of the UK’s 
domes tic market. ... 

. The conti nuing search for improved productivity is' another 
: common theme. There Is no other source from which to pay for 
increased wages and salaries. In the last year the added. value- foe 


each person employed was only £4,500 and wages, salaries, social 
.- security contributions and related benefits todk 76®.' of this leaving 
far too little for investment. Some productivity changes do not 
depend on changes in working methods; they can improve as a 
result of increased vohnne. Improved performance is also being 
sought through better design and styling and the continued 
improvement in Group garment exports reflects this. 

Employee Involvement 

Another continuing theme is the effort to communicate more 
effectively with all who work in the Company and to seek their 
more active involvement in what is going on at the places where 
their knowledge and interest have their greatest application. It is 
hoped that these' efforts will not be impeded bv legislation which 
bears no relation to the real issues. ' 

‘ Closures 

Closures are part of the necessary process of adjusting the business 
to the market situation. They are not proposed until there is 
convincing evidence that they are inevitable. The employees 
concerned know well in advance where there are loss-making 
situations through tbe normal internal arrangements for com- 
munication. The record shows that the Company has been 
flexible in the consultation process. 

Dependence on People 

The one re m a ini ng common theme in Group strategy is the 
dependence on the managers who have to cany -it through. - The 
tremendous support, at home and overseas, which they and other 
. employees have given jo coping with the business of the past year 
- is acknowledged and appreciated. 

Worthwhile Prospects 

..Tor the immediate fiiture -the- strategy is- to exploit the activities 
which are established. Sufficient worthwhile prospects are there 
for this to be* done. The key is innovation in all of its forms — 
technological, exploiting other people’s new technologs-, new 
approaches to marketing, innovation in style and design. 'innova- 
tion depends not only on innovatory managements but also on 
having the resources to finance it, which masting well-established 
activities can provide. Courtaulds continues to aim to. have a lot of 
both. 

Current Trading Position 

So far this year - seasonally the less buoyant period - trading 
experience has been mixed. The modest improvement in condi- 
tions, referred to in the pr eliminar y announcement, has continued 
to benefit those areas of the business which respond early to an 
improvement in consumer demand - notably consumer products 
and packaging. The paint business has also started the year quite 
well, particularly in the UK. However, in the fibre and fabric 
areas of the business conditions remain difficult; activity has 
recovered somewhat from the low level experienced in the second 
half of 1377-78 but it still remains below the comparable level of 
a year ago and it has not so far been possible to increase prices in 
all markers, particularly overseas, sufficiently to recover increased 
costs, quire apart from -securing adequate profit margins. The 
immediate outlook depends primarily upon improved results from, 

. the fibre activities. ’ 

The Resolutions for zhe adoption of the Directors * Report and the 
Accounu and A* payment of the jiital dividend on -H July . , for the 
re-ekauni of Directors and for the re-appointment of the Auditors 
trere earned at the Annual General Meeting held on IQ July igjS. 

Copies t£ rfejfttff Statement and of the Report and' Accounts can be 
cfotamed from The Secretary. Courtaulds Limited, 18 Hanover 
Square, London W1A2BB. 



RRriTSH CELLOPHANE BWtlSH CSjVWtSE 

■ Ufcui eO iJMrrrn 

COOWTfcUtOS VISCOSE SSVtSSON 


m <$* # 

U’fl - 1JJ7 75 71 

COURTAULDS ^“aWNECOATlNGS DUNDEE FABRICS 

UWTEn , LIMITED 

INT&tfwnONALRUNTeo, LTD. 







Coral sells off 


Financial Times Thursday July20 1978 

Panel criticises 


Imps spends £7m for 
foothold in Eastwood 


Leisure shares and its advisers 



1 1 3 


■ A confident start has been made 
by the Imperial Group in its cam* 
paign to gain control of J. B. 
Eastwood— for which it bidding 
£38.2m — having bought 4.4m 
shares at a cost of £7m in the past 
two days. 

This gives it a substantial 23} 
per cent foothold in Eastwood, 
the eggs and poultry group. Imps 
bought its holding at IGOp a share 
— the price at which it is bidding 
for the remainder of Eastwood. 

Imps' rival for Eastwood is 
Cargill, the privately owned U.S. 
agricultural merchants, which bid 
£Sl}m for the group just three 
weeks ago. 

. The Eastwood family and direc- 
. tors have accepted the Cargill 
offer in respect of their 34.7 per 
cent holdings, but this was before 
the higher bid: The Eastwood 
directors met yesterday to con- 
sider the Imps offer, but said that 
they had as yet reached no deci- 
sion. 

Mr. William Eastwood joint man- 
aging director of the group said: 
“We have contacted Cargill ask- 
ing them to make a decision on 
their position as soon as possible. 
We are also seeking an early 
meeting with TmoeriaT to seek fur- 
ther clarification on their terms.* 1 


SHARE STAKES 

Sungei Bahru Rubber Estates: 
Harrisons and Crosfleld acquired 
further 14,500 shares and now 
Interested in 261.400 (10.07 per 
cent). 

City of London Brewery and 


Investment Trust? London and 
Manchester Assurance Company 
now holds 193 per cent of 6 per 
cent cumulative first preference 
stock. 

A. and C- Black: At at July 12 
Park Place Investments held total 
of 85,300 shares. 

Wintrust: Mr. R D. Szpiro 
acquired 10300 ordinary shares 
and Mr. G. Szpiro acquired 10.000. 

Greenbank Industrial Holdings: 
Mr. H. W. Loveday. director, dis- 
posed of 21300 to a trust, of which 
he is one of trustees, the sole 
beneficiaries of which are mem- 
bers of his family. This trans- 
action reduces his beneficial hold- 
ing to 2.036,53* shares (10.10 per 
cent) and increases his holding 
as trustee to L251.T44 (&21 per 
cent). 

Robert itlcBtfdge (Middleton): 
Abingworth acquired 50.000 
ordinary shares bringing holding 
to 500,000. 

Leisure Caravan Parks: 7. W. 
Harris, director, sold 100,000 
shares and D. C. Alien, director, 
sold 100.000. 

March wiel: Mr. R. J. McAIpLne 
sold 123432 preference shares, 
Mr. O. P. Edge sold 16432 
preference and Sir Robert Clark 
(non-beneficiai interest) sold 
1.694.723 preference. AD are 
directors. 

Gordon and Gotch Holdings — On 
July 6 Mr. F. C. Goodall, director, 
sold 37.500 shares leaving 
beneficial holding of 19,608 (0.4 
per cent). On July 6, Mrs. V. 
Good all (wife Of Mr. F. . C. 
Good all) sold 37,300 shares leaving 
beneficial holding of 19,608 (0.4 


per cent). Mr. J, fierril? on July 
6 sold 25.000 shares (0.6 per cent) 
from non-beneficial interest as 
executor of relative’s estate — 
balance of this holding is now 
53,768 (L2 per cent) shares. 


HANSON DISPOSES 
OF HEYWOOD 
WILLIAMS STAKE 

Hanson Trust has sold its 576,240 
sbares (2L8 per cent) in Heywood 
Williams, the aluminium and glass 
company, for about £740,000. 

The disposal was at the request 
of Mr. Douglas Olipbant, executive 
chairman of Heywood Williams “in 
order to increase Heywood 
Williams* institutional sharehold- 
ing.” The price was near to the 
recent market price of 12Sp per 
share. 

In April this year, Heywood 
Williams bought a hotel and 
restaurant business from Hanson's 
77 per cent owned subsidiary. 
Interstate United Corporation. 

Hanson will show an extra- 
ordinary profit on the sale since 
its investment in Heywood has 
been written down in previous 
accounts- This year the shares 
have doubled to reach their 
current level 

Mr. Olipbant yesterday expressed 
his thanks to Hanson for the 
support it had given in the past, 
particularly through the cash 
crisis 15 months ago. 

A spokesman for Hanson said 
yesterday that it was looking for 
a suitable company or companies 
in the UK- 


Coral Leisure' Group has sold 
154m shares, about half of its 

shareholding, of amusement 
machines company Associated 
Leisure for j - i 

Mr. Nicholas Coral, chairman of 
Coral said yesterday: ** We felt it 
was a good opportunity on their 
excellent results to take advant- 
age of a very good investment 
profit" At the same time Coral 
would he holding on to ‘'a size- 
able stake in ad excellent com- 
pany." he added. 

Coral has had a stake in Associ- 
ated Leisure for about 5 years, 
when It bought it for ihe pur- 
pose of a bid. The sale of shares 
—at around 60p each— leaves it 
with some 7 per cent of the 
company. 

It is believed the shares sold 
went to insitutlona. 

The proceeds of the disposal 
will be absorbed. into the business 
geneually, said Coral's finance 
director Mr. David Spencer 
yesterday. The group is in a 
period of consolidation after 
acquiring Centre Hotels and 
Pont: ns. 


Wallis, which specialises in tarmac 
surfacing in the Lincolnshire 
area, made profits before tax of 
£1,000 on sales of approximately 
£214,000. Net assets at that date 
totalled £70,000. 


BY ANDREW TAYLOR 


BAT BUYS INTO 

GERMAN 

FLOORCOVERER 


NO PROBE 

Mr.- Roy Hattersley. Secretary 
of State for Prices and Consumer 
Protection, has decided not to 
refer the proposed merger 
between Cement — Roads tone Hold- 
ings and J. & W- Henderson 
(Holdings) to the Monopolies and 
Mergers Commission. 


EPICURE 

Epicure Holdings has acquired 
Trevor Wallis for £106,250 
satisfied by £75,000 cash and the 
issue of 250,000 ordinary shares. 
In the year to July 31. 1977, 


BAT Industries, the tobacco, 
retailing and paper group, has 
bought 54 per cent of the 
ordinary shares of Pegulan- 
Werke, the second biggest floor- 
covering manufacturer in 
Germany, for DM 4am (£115m). 

The acquisition has been made 
through BATs wholly owned 
subsidiary. Interversa, which 
intends to expand Pegulan- 
Werke's home furnishing sales 
mainly through product diversifi- 
cation. The synthetic materials 
and textile sides will be developed 
said Mr. Horst Stuetzer, chairman 
of Interversa yesterday. 

The purchase is a continuation 
of Interversa's policy of diversi- 
fication. Its other interests 
include department stores and 
restaurants. 

Interversa says it has no 
immediate plans to buy the rest 
of the ordinary shares of Fegutan 
but it does intend to buy a 
majority of the preferred shares. 
Like the ordinary shares, these 
have become available as a result 
of the death of Pegulan’s founder, 
Mr. Fritz Reis. 

Pegulan made pre-tax profits 
of DM l&9m on sales of DM 44Sm 
in the year ended September 30. 
1977. Mr. Stuetzer said that he 
expected sales to exceed DM 500m 
in the current year. 


Mooloya Investments and its 
merchant bank advisers Charter- 
house Japhet have been seriously 
criticised by the City Take-over 
Panel over their handling .of a 
takeover bid for Customagic. 

In an eight page statement 
published last night the Panel 
said that the conduct of Mooloya 
—and in particular its chairman 
Mr. M. •• S. GampeH— merited 
serious criticism. It added that 
it considered that Charterhouse 
had made a serious error of 
judgment. 

Montoyas bid which . values 
Customable — manufacturers of 
chair and car seat covers— at 
around £lm went unconditional 
last week after the group received 
acceptances for its 2lp share offer 
representing almost 56 per cent 
of Customagic. 

The Panel's complaints centre 
around a series of contracts- 
entered into between Mooloya, Mr. 
Maurice Prax, a Jersey-based con- 
sultant; and Gras d'Eau. a con- 
sultancy also based in. Jersey 
owned by a trust of which Mr. 
Praxes family are beneficiaries. 

Charterhouse Japhet comes in 
for criticism because, the Panel 
states, it should have informed the 
Panel of the contracts involving 
Mr. Prax. 

Last month the Panel ruled that 
one of the contracts involving a 
£38,625 fee for Gras d'Eau consti- 
tuted a serious breach of rule 36 
of the City Take-over code. 

This is designed to prevent a 
company from offering better 
terms to some shareholders than 
others. The Panel ruled that the 
fee to Gras d’Eau— for proemring 
the titmsfer of Custom agic shares 
to Mooloya — should not be paid. 

In its latest statement, the 


to a handwritten 
dated April 80 by 

am pell told the Panel that 
this fee was primarily to pay for 
S? services in inducing 

El— family to sell their 
L^,43(TThares m Customagic at 
■Mooloya’s bid price of -Op a sh^- 

-In our view," says the Panel, 
“this presentation ignores- the 
fact that Mr. Prax owned or con- 
troUed « substantial number of 
The sequence Of events 
SSSsts that he was unwilling 
flfco^operate in furthering the 
bid unlSs he reeefyed a substan- 
tial procurement, fee. 

The Panel says that the bid 
has caused “ considerable con- 
cern on a number oL ground* It 
also expresses some doubt about 
the nature oE a £7,500 a year con- 
sultancy agreement between Mr. 
Prax and Mooloya. But on 
balance" it rules that this was 
“not in itself offensive' under 
Rule 36." 

The statement says that prune 
responsibility for the., breach 
under Rule 36 roust he with 
Mooloya and it singles out Mr. 
Gampell — ■** a practising solicitor 
with experience in the field of 
takeovers" — for criticism. 

The Panel finds it “ extra- 
ordinary" that it should have 
been informed about another con- 
sultancy agreement involving Mr. 
Bernard Terry but that Mr. Gam- 
pell had “found it possible to 
avoid mentionin g th e far more 
sensitive Prax arrangements. 

“Even after it became evident 


that the Panel was pursuing an 
investigation .- * • * so • complete 
disclosure to Panel of all tf* 
various arrangements -with Pra* 
was forthcoming from-fhe Mooloya 
side." 

The Panel notes that the 
Charterhouse director in- charge 
of the Mooloya bid, .Mr- p. p 
Ralph, had expressed : 
about these arrangements - but 
having initiated enquiries had con- 
eluded that the arrangements 
were commercially justified. 

The Panel says it considers this 
a serious error of judgment In 
view of the fact that Charterhouse 
had taken part in discussions with 
the Panel about the more “‘defea- 
sible arrangements with the 
Terrys." .... 

In its conclusion the Panel says: 
“ The (Takeover) Code is sot a 
legal document and if is no am. 
wer to a failure to trorisalt -the 
Panel executive that' a legal 
opinion has been obtained on the 
interpretation of a Suit** : 

A spokesman for Chartutoouse 
said last night: “ We accept we 
should have sought :the Panel's 
views after finding out about the 

arrangements." 


X’f 0 !' 
£ i 


.o 


iV'A, 

A ^ 


ASSOCIATES DEALS 

On July 18 Mcanally; Mont- 
gomery sold 500 Wettera Brothers 
at lOOp for an investment client 
who is an associate of the directors 
of Wettern. 

Cazenove bought 2.4m J. B. Cast, 
wood at 160p on behalf of Imperial 
Group. 

Hedderwick Stirling Grumbar, 
brokers to Newman .Industries. 
boUght 40.SOO Wood and. Scats 
(Holdings) at 55p non assented for 
cash ou behalf of Newman. 





BCIFFELSFONTEIN 

GOLD MIMING COMPANY LIMITED 


Issued Capital— 1 1,000, OOOstiarasoi R1 each. 


Operating results 
Gold 

Oremilled (f) 

Ore milled by StRfontein (() 

Ore milled— Total (O 

Gold produced (kg) 

Gold produced by StiHontein. . ... (Ay) 

Gold produced— Total (kg) 

Yield (p/O 

Yield by Stilfbniefti (git) 

Yield— Total (g/t) 

Working revenue perton milled ., (/?) 

Working cost per ton milled (R) 

Income per ion milled .......... (R) 

Uranium 

Pulp treated (0 

Oxtde produced ((eg) 

Yield perton (legit) 

Financial (R'000) 

Working revenue...... (gold) 

Working costs (grid) 


12 months 
Quarterended ended 

30 Juno 31 March 30 June 

1978 1878 1978 


788.000 
32.000 

801.000 
0.870-291 

251-814 

7,122-105 

8-33 


750.000 

48,000 

7S8A0O 


3,048400 

97,000 

3,145.000 


& 893-443 27.863-538 
3604121 741-834 

7453-484 24611-372 


3-19 


9-14 


Tribute agreement— 
Vaal Reef (Net) .. 


Income .................. (gold) 

Income (uranium) 

Tribute agreement — 

Vaal Reef (Net) 

Income on sale of pyrho 

Income on sale ol acid 


Income at mine 

Net additional revenue .......... 

Lessinconesr 


Income before taxation and State's 

share ot income 

Taxation and Slate's share of income .. 


Income after taxation and State's share 
of income 


Capital expenditure : Gold 

Uranium and add 

Trado investments ................ 

Dividends: declared 

cents per share .......... 

Loan repayments 

Loan balance outstanding 

Loan levies 

Capital mtpcndfnira commitments .... 
Capital expenditure for remainder of year 


Development 

Advanced (m) 

Sampling results -.Sampled ...... (/») 

Channel width (cm) 

Average value: Gold ....... (cm.g.'t) 

Uranium . . . (cm.kgit) 

Payable: 

Metres (m) 

Percentage 

Channel width (cm) 

Value: Gold (g/t) 

(erngit) 

Uranium ........... (kg/t) 

........ (e mJeg/t) 


Development Summary 
Three months ended 30 June 1978 

Per- Channel 

Payable 

Area metros 

PioneerSecondary 18 
Lucas Block 141 
Southern Shaft 261 


Orangla Shaft 
South Vaal 


153 

150 


ceniape 
payable 
15-0 
65 <3 
40-5 
37-3 
45-5 


width 

cm. 

123 

56 

90 

111 

90 


74TT 

7-50 

7-65 

8-89 

9-09 

9-10 

48-78 

43-72 

43-01 

31-45 

30-20 

30-14 

17-33 

13-53 

12-B7 

769300 

750.000 

3,048,000 

149300 

156.400 

630600 

0-195 

0-209 

0-207 

39371 

34386 

135358 

25.188 

24.099 

94.797 

13.883 

10,787 

40,461 

(393) 

(234) 

(388) 

13.490 

10.553 

40.073 

3.172 

3.971 

12,574 

<68) 

(3) 

(3) 

64 

71 

364 

- 21 

21 

87 

16.679 

14,613 

53.095 

381 

365 

2,149 

3 

4 

13 

17367 

14374 

55^31 

6,772 

6.250 

20,528 

10385 

8,724 

34,703 

4379 

4.546 

14.978 

85 

55 

296 

12,100 


18.700 

110 


170 

1 



1 

27 

28 

27 

832 

536 

2.534 

“ 

— 

8.S39 

16.682 

15.560 

63.386 

1378 

1302 

6.694 

108 

103 

106 

1.415 

1.426 

1.605 

52-55 

45-05 

81 '77 

723 

624 

3.066 

45-8 

47-9 

53-8 

94 

88 

97 

21-88 

23-04 

23-05 

2.060 

2,019 

2.230 

0-673 

0-588 

0-647 

£3-41 

51-49 

62-54 

Ge/J 

Uranium 


g.'t cm.g.'t 
13-87 1.706 


22-43 1.301 

24-18 2,177 


kg’t onJeg/t 
0-590 72-63 


20-13 2236 

20-79 1,870 


1-020 66-14 
0-616 55-44. 


0-568 62-98 

0-614 55-26 


Eastern Shaft — 

— 

— — 

— 

— — 

Totals 723 

45-8 

94 21-88 

2.060 0-673 6341 

Or* Resarvos a i 30 June 1978 

Available 

Unavailable Inaccessible 

7 ota! Mine 

Tons (000s) 

4,189 

979 

1.580 

6.748 

Slope width— on 

141 

■ 142 

145 

142 

Value: Gold— g/t 

11-71 

13-33 

14-03 

12-49 

cm.g,'t 

1,646 

1.890 

1042 

1,772 

Uranium— 

kgvt 

0-397 

0-381 

0-360 

0-386 

cm. kg. 't 

55-90 

54-09 

52-35 

54-53 


The above are reserve was computed oft a joint gold-uranium pay limit based 
on an estimated Gold Revenue of R 531 2 per kg (4190 per ounce) and on an 
estimated reafisabfo value o! Uranium Oxide. 


REMARKS 

During the quarter a sefemfe event occurred which claimed the Irmas of a 
number of employees end had a disruptive effect upon the production of era 
from underground sources. In addition to Ota necessity for the reorganisation of 
working places and the increased [edging Of raises to make slopes available, the 
stock-pile which had been built up in the past was utilised to maintain the 
tonnage milled. 

The increase fn total costs o* FT! ,089.000 was duo mainly :□ the stores 
consumption because of the reorganisation or working places and for refriger- 
ation piping. 

The dmetopownthas increased by7jSto 16,682 metres fortfw quarar. 


On behalf of the board. 
J.C. Fritz Directors 
D.J.Theron 



TJUVYT ^ ** ** ** ^ 1 



GOLD MINING COMPANIES' REPORTS FOR THE QUARTER ENDED 30 JUNE 1978 

AU companies mentioned are-incorporated in the Republic of South Africa 


SOUTH ROODEPOORT 

MA1N REEF AREAS LIMITED 


Issued Capital—'] ,420,6 63 shores of 56 cents each 


Operating rasidts 


Ore mlB (f) 

Gold produced (kg) 

Yield < 

Working revenue per tan milled. . . . 
Working cost per ton milled. .. . 

Loss per ton milted 


Financial (R'000) 
Working revenue . . . 
Working costs 


Logs.. 

State aid........ 

Net additional expenditure.. 


Income before taxation. 
Taxation ............ 


Income aftertaxation 


Capita] expenditure 

Dividends : declared 

cen is per share 

Capital expenditure commitments 

Capital expenditure lor remainder of year 


Development 

Advanced (m) 

Sampling results : Sampled,. (m) 

Channel width (cm) 

Average value (cm. git) 

Payable: 

Metres ........ -,,.(tn) 

Percentage..... 

Channel width (cm) 

Value (git) 

(oas/O 




12 months 

Quarterended 

ended 

30Juo« 

31 Mar. 

30Juna 

1978 

1978 

1978 

54,700 

55,850 

218550 

235-037 

234-746 

1,013-895 

4-30 

4-20 

4-64 

24-88 

20-47 

22-24 

25-23 

24-12 

24-28 

0-35 

3-65 

2-04 

1J61 

1,143 

4JS50 

1.380 

1.347 

5^308 

19 

204 

448 

99 

232 

656 

10 

' 20 

71 

70 

8 

139 

70 

8 

139 


1 1 1 1 1 

— 

212 

1.127 

• 3,321 

138 

593 

1,450 

219 

193 

• 185 

680 

511 

' 620 

■ 8 

80 

280 

5-5 

13-3 

19-3 

201 

156 

163 

6-B8 

7-37 

8-07 

1.406 

1.247 

1.312 


Development Summary 
Three months ended 30 June 1378 
Total Development 


Reef 

Vemersdorp Contact Reef 
Kimberley ReeT.. . . . 


Totals 


Payable Development 


Reef 

Ventorsdorp Contact Reef 
Kimberley Reef.. . . 


Totals. 


Metres Metres 
advanced sampled 
f 23 — 

189 136 

Channel 

width 

cm 

219 

s.'t 

2-65 

Value 

cmgft 

580 

212 

136 

219 

2-65 

580 

Payable 

metres 

Per- 

centage 

payable 

Channel 

width 

cm 

alt 

Value 

errugft 

1 — 



__ 


8 

5-5 

201 

6-98 

1406 

8 

6-5 

201 

6-98 

1406 


Ore Reserves at 30 June 1978 



Ventorsdorp 
Contact Reef 

Ktmberfyy 

Reef 

' Total 
Mine 



55,300 

169 

73400 

150 

Slope width— cm ....... 


cm. g/t 


14M0 

1,179 


Not included in the above, are 93,700 tons at a value of 1 0*81 g;t classified 
as unmineabla. This Tonnage comprises 65,300 tons at a value ot 10-29 g,t 
situated in the flooded area&of the mine ; and 21 ,1 00 tons at a value of 1 3-30 g/t 
- classified as unroineabte haulage pillars together with 7,300 tons at a value of 
8-28 a t which are rock- mechanic safety pillars. 


The ore reserve pay limit is related to a gold price of $180 /q*. (R5,032/fcg). 


On behalfof the board 

AW. SCHUMANN Directors 

J.C.FRITZ 


WEST RAND 

CONSOLIDATED MINES LIMITED 


ZsBretfC*pfia#_4,250.0005h3resof R1 each 

25,000 deferred shares of 32 each 


Operating Results 
Gold Section 


Total ore mated. 

Total gold produced . 
Yield 



Gtmterended 

6 months 
ended 


30 June 

31 Mw. 

30 Jtma 


1978 

1978 

1978 


141400 

122.000 

263.400 

.(kg) 

832-820 

756-473 

1,589-298 

(all) 

5-89 

6-20 

6-03 


Quarter ended 
30 Juno 31 Mar. 
T978 1978 


6 months 
ended 
30 June 
1978 


Uranium Seetion 
Gold 

Total ora milled. ... 
Gold produced.... 


Yield. 


...» 

.(kg) 

-( 8/0 


Uranium 

Tons treated (0 

Uranium produced... ....... ...(Ay) 

Yield.... OvJt) 


Financial (R'000) 

Working revenue.. . .......... (gold) 

Netrevenue (uranium) 

Net revenue. ...... . . (arid and pyrita) 


Tata I revenue.. 

•Total working costs. . 
Total per ton milted .. . 


■ Iff) 


Income ................. 

State aid 

(State Aid adjustment 1977). 
Net additional revenue 


Income before taxation. 

Taxation 


Income after taxation 


238,100 

232500 

470,600 

146-180 

148-522 

294-702 

0-61 

0*84 

0-63 

237.050 

230600 

467.650 

72.899 

71493 

144.397 

0-308 

D-3I0 

0-309 

6454 

4.459 

10513 

4450 

4.087 

8417 

4 

5 

. 9 

10408 

■8431 

18.939 

9450 

9485 

18.735 

24-90 

2649. 

25-52 

958 

(754) 

204 

135 

1.148 

• 1,283 

7 

_ 

7 

57 

116 

173 

1.167 

510 

1,867 

26 

40 

66 

1.131 

470 

1401 


• Exdudes uranium investment costs 
Copter expenditure . ............... 

Unlisted investments 

Dividends declared; 

Ordinary; amount 

cants pershare 

Deferred: amount 

Rand pershare 

Capital expenditure commitments 

Capital expenditure for remainder of year 


48 


93 


T4T 


319 

7-5 

106 

4-25 


319 

7-5 

106 

4-25 

2 

565 


Development 

Advanced •>(/») 

Gold Section 

Advanced ....(m) 

Sampling results : Sampled.. ...... (m) 

Channel width (on) 

Average value .......... ...(cmg/t) 

Payable: 

Metres (m) 

Percentage 

Channel width ...(cm) 

Value (g/0 

(cmg/t) 

Uranium Section 

Advanced ..Cm) 

Sampling results : Sampled ....... (m) 

Channel width ...............(era) 

Average value: 

Uranium (cm. kg It) 

Gold (cm.g/t) 

Payable: 

Metres. (m) 

Percentage 

Channel width (cm) 

Value : Uranium (kg/t) 

.......... (cmJrg/t) 

Gold (g/t) 

....{ cm.g/t ) 


5.549 


4.410 9,959 


545 

252 

96 

1.128 


610 

ZQt 

113 

1.052 


1.155 

453 

104 

1.094 


72 

28-6 

78 

27-06 

2,720 


18 

90 

78 

24-43 

2385 


90 

19-9 

78 

28-63 

2233 


5.004 

2.118 

54 


3.800 

1.270 

58 


84104 

3,383 

65 


69-88 

144 


61-19 

149 


60-37 

146 


1.041 

43-2 

58 

1-439 

83-22 

3-49 

202 


610 

48-1 

62 

1-506 

92-67 

3-81 

234 


1.651 

48-7 

59 

1-458 

86-71 

3-60 

Z14 


Development Summary 
Three months ended 30 June 1978 
Gold Section 


Reef 

Main Reef............ 

South Reef 

Livingstone Reef 

Kimberley Reef. 

Vemersdorp Contact Reef 

Totals ......... 


Payable 

I? 

Channel 

Width 

Value 

metres 

payable 

cm 

git 

cmg/t 

57-0 

37-3 

70 

29-43 

2,057 


“ — ■ 

— 

— 





— 

— 

^ - — 

15-0 

15-2 

110 

21-35 

2^57 


— 

— 

— 

— ■ 

72-0 

28-6 

78 

27-08 

2.120 


Uranium Section 


Per- Charnel Uranium 


Gold 


f 

Reef 

IMliwRwf 

’ayabh carriage 
metres payable 

Width 

cm 

kg{t c mJeg/t 

g/t 

cm.g/t 

Monarch Reef 

Upper Monarch Reef 

216-0 

55-8 

29 

2-875 

83-29 

6-37 

185 

Zone 2..., 

Upper Monarch Reel 

286*5 

43*2 

54 

1-480 

79-35 

1-65 

83 

Zone 4 

536-5 

50-5 

71 

1-190 

84-93 

3-77 

269 

Other Reefs 

— 

— • 

— 






Totals. 1,0410 49-2 . 58 1439 83-22 349 


202 


REMARKS 

ra™ has bean increased to 5.004 metres 
wnifift IS 32% better than m the previous quarter. This rate of development win 
bemaintained reorder to be able to ctwwsinping fuses so th« afteabla mining 


policy can be implemented. 


“ nW ™ d 81 “ «™- 


The volume of water being pumped is gradually returning to normal. 


On behalf cf the board, 

A. W. SCHUMANN Ofractcrs 
J.C.FRRZ 


STIUFONTEIN 

GOLD MINING COMPANYLIMITED 


issued Capital-^ I3.062£2D&hare5 of 50 cents each 


Operating results 


Quarter ended 
30 Jane 31 Mar. 
1978 1978 


Smooths 
ended 
30 June 
1978 


Stilfontoinoremilleil..... (4 

Gold pnxlui.eii QtlHonleln ora... (ftp) 

Yield— Stiffonteoi ora .‘..(?/0 

Working reuenuoparfon milled.,... (R) 
Working cast painn milled. ...... (R) 

Incoma perton mBted (ft) 


804MO 474,000 97ftOOO 

4.180463 3^33-000 8,113-663 

8-29 8-30 8-30 

44-65 40-97 _ 42-81 

• 35-69 37-75 36-64 

8-96 3-22 6-17 


> 


Financial (R'000) 
Working revenue... 
Working costs. . ...... ■ 


(gold) 

...... tflOW) 


22X51 

17339 


19,413 

17,892 


41^70 

36331 


fncome..^--....... 

State aid... ...... 

income on sals of acid. 


.(gold) 


. 4312 1327 

( 265 ) 251 

8 ‘ 18 


6339 

(145 

28 


Income at mine 

Netadditionaliewanue. 
Less interest 


Income before taxation and State's 

share of Income 

Taxation and State’s share of Income. . • 


Income after taxation and State’s share 
of income. 


Capital expenditure. . 

Trade investments. ................. 

Dividends: ded ared..., 

cents pershare 

Loan repayments 

Loan balance outstanding .......... . 

Loan levies. 

Capital expendituracomflutments.. . . - . 
Capital expenditure fortamainder of year 


Development 

Advanced. (or) 

Sampling results: Sampled... (m) 

Channel width (cm) 

Average value :Gold (cm.g/t) 

Uranium i,,.(cmJ.g/t) 

Payable: 

Metres.......... ....... ......fra) 

Percentage 

Channel widths.......;.... 

Value: Gold ....(git) 

(cm.g/n 

Uranium ....{A g/t) 

( emJeg/t ) 


Development Summary 
Three months ended 30 June 1978 
Total Develop merit : 


4»25S 

L73S 

■e/osi 

477 

143 

62S 

35 

38 

71 

'■4,697 

L9t» 

&60G 

-580 

51 

631 


1,858 

5375 

800 

*: 709 

1.509 

384 


336 

2.090 

— 

%080 

15 


16 

91 

-u. 

91 

831 

1.022 

331 

• 29 

7 

€93: 

— 

, _ . 

. 243 



4,659 

7.228 

7553 

14,779 

7.068 

\Jb\7 

2.085 

28 

23 

24 

1^98 

1B07 

.1.700 

25-33 

21^87 

23-64 

603 

720 

L323 

56-5 

70-8 

63*5 

31 

28 

28. 

79-0 

- 83-0 

. B4ri) 

2425 

2322 

2^70 

1*190 

1-012 

1-101 

88*54 

■ 26-42 

31*03 


/ • 

•» * r “ 


Gold 


Uranium 


Value. ■ Value 
gft cuLoft kgft coLtgft 


Channel ■ 

. Metres Metres width 

Reef advanced sampled cm _ _ 

Vaal .1378 1388 26 62-4 1398 0-989 26S33 

Ventandorp Contact - — — - — — - — — — 

Commonage...... — • — — — — — — 

Livingstone. — — — — — — — 


Totals 

.... 1276 

1,068 

28 

62*4 

1^98 

0-989 

25-33 

Payable Development 











Gold 




Per- Channel • 






Payable carnage 

width 

Value 


Reef 

Metres payable 

cm 


cmg/t 


Vaal... . ..... 

603 

56-6 

31 

79*0 

2425 

1-190 

38-54 

Vanteredorp Contact — 

— 

— 

— 





Commonage.. 

.... . — 

— 

— 

— 

_ 



Livingstons... 

.... — 

— 

— 

— 

— 

. — 

: — 

AH Resfe 

.... 603 

58-5 

31 

79-0 

2425 

1-190 

36-54 




Si??; 

i 


i .. 


’>?n 


REMARKS 

Due to the exceptionally high ratumpf trained Black labour the mine has boon 
able to increase the tonnage mined by 30300 tons during th B current qua** 
The total working costs were contained at virtually the same level as In the 
previous quarter. 


Notwithstanding the accidantfri the Margaret shaft, as reported in Thsorartous 
quarter, the development has been maintained at a high level ahhotwh tire 
percentage payable has declined. 


ahead of^Sduie? 8 cons * nJClion ot *•" new Uranium plant isaa&faelaQBMd 


On behalf of the board. 

J. C. fritz Directors 

D.J.THER0N 


NOTES: 


(a) Development values quoted above represent actual results: of snp&tig {no .• - 
“""B be . en 'pads for any adjustments wpfch may tre-or 
necessary) whan estimating ore reserves atthe and of thsfuahctelyaari. .V . 

w Sill Ap ril1 ? 7a * p , ay ™ nt J or 8°ld production at the official prk» plus'., ’ 
d «n*»«tod monthly was replaced br-parm«ft« " . . 
(Km ' Tecurrin Q, balancing payments, resulting frohttb*/ - - 
f0T lhe eurrent Quarter which is therefore act 
comparable with past or future quarters. ■ . — 

(c) AH financial figures are subject to audit. 

Min?ns and Fman “ Cor P° ratiw1 Utnit«l.-6'MoHnrd^3W>Bt: > 




London Office: 

Princes House, 95 Gresham Street. EC2V7EN. 


l9Ju!y1978- 










Union Corpn. launches a 
R200m uranium mine 

BY KENNETH MARSTON. MINING EDITOR 

So^^Q w R 1 controlled 11 by^Se mteL** overlooked by the has a law suit Peoding agalt 


Courtaulds warns of fibres Good start to current j 

, .. ,.«! year at Greene King 

rMAMlM/r /liTTlAH lri/\n Sir Hugh Creene, chairman of . on the eating site for the 

I i tin III (J fll III |i"| I I I |f"*W Greene Kins and Sons, the Bury extra fermenier:.. 

il Hlf 1 1 Ija U- im VimilViJ St. Edmunds brewing group, re- nie chairman says that this 

C7 ports that a good start has been major development results in the 

BUSINESS FOR fibres and fabrics Though the second Quarter of Cope Sportswear, said turaover ^rcteVh? w^£n P from ™chto? U mc? U £4m l 

has remained difficult at showed an improvement on the snd profitability for the first six j be extra personal jarchaitog \r the vear end capital ex Den di- 

Co artanJds and the immediate first. profits for the first six months were on target and po^r wSch i/'^nticiiS tJre conScied ior Sunled to 

outlook depends primarily on months would still he below those showed a considerable increase. P°xrer ant icipatco^ jure conned lor amounted to 

improved results from the fibres achieved inthe first half last year It- is confidently expected that this . T *?e. fi ™ up , l 1 T a 2 e ^ £2<MSni (£i 43 m» was authorised 

operations Sir Arthur Knight, the he said; The strike at the main- trend will continue in the second ••«»,«» !» .ended April SO: 19*8. .gfj" e d ™ 

chairman. u'arn«i i l th«» annual plant pf AJU Maeoethermle is half vear. and the etduo is well With turnover rising by -A! P® r 


meeting. 


continuing. 

however. One • shareholder 


nas a law suit pending against | Activity natt, however, B«*.c«uKicr compwmxr 

. General Minincormia" ai ^ 5 5 L .• United Gas Pipeline for alleged I recovered from the low level seen that the performance of Guthrie 

. tbe go-ahead far its S 3!tfJ sn» Q P was .,J n ^ m 5 an failure to meet the provisions of in the second half of 1977/78 but in industry, as opposed to planta- 

uranium-Kold mine In theOnnm a Iong term gas “PP 1 * contract, was still below the comparable tions, was very poor. 

Free State about n m ii„ S2 l *™» w . * J- 0 *^ shareholders. level of a year ago, and the group At other meetings yesterday, 

of the St. IWena cold Sfnf Uth r^S hing . „ . has not yet beta able to raise Sir Arthur Bryan, chairman of 

mi. ... mine. Canada .are not. tfiu* one is, he TJirrl-t fnv luf-o orices suffirientiv in afi markets. Wedgwood, said that auier condi- 


placed to continue its growth. 

complained 


S ll ?f 0ran “* P«t»sh, he told dunboMers! “ ‘ uus " 

the *» mJEH* 1j ,? lIe » ®° uth “Everything the potash mines of 

R*if; Ml* fi0ld mwe * Canada are not. this one is.” he TJIfJ, f„ v U:* c 

Betsa Mines, the operating com- said as he chronicled the by now llicll taX HI IS 

HV □If) MS an fiNiol ... n ll i — I... O 


fonnnn 1 ?^ ar l i,lltial Operation of well-known list of trouble*— Y% * j. • 

first "HP 1 17®" “■“* insolubility OCriUHlHI llfl semiring adequate margins, he tiriuea into me first two months U/lUtOJl a se arwougn Keg oeers hidwh T7' n 

22LE, ti°n acheduLcd for the of the ore and poor roof condi- * commented. of the current year. However, in „ . strong growth too. The groups r 0161211 «V 

second half of 1982. Capital cost turns. MALAYSIA S loading tin pro- _ the second half of June, business A BETTER than forecast pre-tax traditional biller and Abbott ale "*■ L l & il 

bul Pl the at iri r0U i n fl ^ 200 ? 1 t 2122 ™). Now there is what Mr. Hofmeyr ? uce '\ Tin Dredging, C ondttlons already Reported bad * n Lonc * on picked up quite profitprofit of were the leaders but sales of 

, b n l V,* 1 ?- 1 ‘Clnalflaura is expected called a “people problem” at J* 8 boosted hs pre-tax Promts in gjjg™ tobISefi t tSSTSe as of strongly and rhe prospects here, acbwved by Bawpson > Industries bottIed and canned beers also V^OlOllldl 

to bo increased by inflation. Cleveland-CTrerter hod not been ftf.W &5 "m5i Se bSi wbichTSdS and in the rest of thecoumry, tor the year to *g**}J*£ improved. After paying .merest of £1.31 m. 

frt‘r^K qU rii e available able to create a situation where '?Ll" r} ^l e early to a rise in consumer over *^ e next few months seem -f 6o > , ‘* 9 for 1116 The chairman feels that the against b.Wrn. Foreign andiColo- 

St, if , IJ 2 ^; i , 0 t li,e pn >i«« ^'VM.suaalned commiBn.nt ^ m ctoSe St Mffl9 TsS InSlad - noUb” eVnium bnghttr. ^t he lS'lerim «... irten BnmP'« P“b. did well to raise dial tnvesin.ent Trust expanded 

;rH a ® sssvs® ™ S3a SKm 8 satsMsuta 2S».“S»ft 

' mcress <M . , ^*steiSSa"g ffaar ruaaau,r * st-j; sss-jr ^J-SS.' s Js revonuc 
Ki^;^- ^ from — — *p “liSSSs .At tfw ssss& ssSTftjfesrt: ^"Sf'ss.rr.^s? 

Johannesburg ltla i 3 ij nanc |„ g Ihe w?.l S dirideSS Sta rte cha^rmSS, ToiS ™SlrTirr5fa t of P™sr«r tie whole on p "' ,l> “ s “ which was IP per cent np on the a "value per share up from a«5p 


Iei-el of a year ago, and the group At other meetings yesterday, 
has not yet been able to raise Sir Arthur Bryan, chairman of 
prices sufficiently in an markets, Wedgwood, said that quiet condi- 
particuiarly overseas, to recoup tions in the home market,, and 
higher costs quite apart from particularly In London, bad con- 
seouing adequate margins, he tinued into the first two months 
commented. of tbe current year. However, in 


Hampson 
Inds. tops 
forecast 


second half of 1982. Capital cost turns. MALAYSIA’S loading tin pro- _ „ ^ . . lhe second half of June, business A BETTER than forecast pre-tax traditional bitter aod Abbott ale 

bul Pl the at iri r0U i n fl ^ 200 ? 1 i 2122 " 1 ). Now there is what Mr. Hofmeyr Berjuntal Tin Dredging, condttJons aj ready Reported bad * n Lonc ^ on picked up quite profitprofit of were the leaders but sales of 

in J ¥ ,r ? I s called a “people problem” at boosted hs pre-tax Promts in SStoiSd t® bSeflt SSTSiiif strongly and rhe prospects here, achwved by Hampson todns»l« bottIed and d beers also 

to ho increased by inflation. Cleveland-Chartor had not boon ^^ year to Apnl SO to M$4».92m “I and in the rest of rhe onunTrr for the year to March 3L 19*8. iDipr0 ved. 

ith £o&>,749 for the . 


cent. ia £3S.56m and profits fioing At the year end there was a 
ahead by 18 per cent to £4.25ni. net increase in liquid fund* of 
Despite difficult w f” thpr condi- £ClS4to ’ i£2J22m>; bank and" cash 
lions last summer, all the main balances stood at £L02m-‘ and 
operations contributed to the short term loans at £l-iom. 
Improved performance. -The directors consider tliat the 

"The chairman cava that sales Present value or the group's 

proiHrrties is not less than- £Um 

Of Ca^R-COndllioned Dccr finiYinirprl with t hnnk valiit- of 

especially good and accounted boofc ' - 1 

for 44 per cent of group barrel- ilu uom - 
age although keg beers showed - n 

strong growth too. The group's §4 |Y 


' increasea by mflaUon. Cleveland— Charter bod nc 

Adequate funds are available able to create a situation 


prooiein at ^rr ^,4130 m MS4S9'>m continued to benefit those areas of strons^ana me prospects nere. 

had not been Trf, the business which responded and IT t lhe rest oi the eotimir. for Ul LJ re ?.s 

tuation where frdm MW3.77ta in the ^ a rise in MnW over the next few months seem compared wi 

j i. orevious rear. But an .rsceDtion- “ ri J' 10 * m consumer tact full vear 


■ ' • Jre i£j e L de 2 d ?* ' Charter's shares were 

•' , "'chard Rolfe reports from yesterday. ' 

Johannesburg that a financing . . . 

operation along the lines of Anglo 
American’s Ergo project appears IV/tnro nnnA 
to be contemplated for Beisa. It IvlOrC gOOQ 

will be the first new primary 11 , 

uranium producer in South 201(1 OrOlItS 
• Africa and the decision to go ^ , 


WOP now deciaringaSnil dWtlnh a 7 the AGM of Guthrie Cor- 2mnL&, t 3S?S B»« I« Wan' «ourisht ?e and amounted to 42 At 

sri sp-isssa" « MnSs. fas satt sse on * e “ “ xjzax ass Mr sws 

W The i SWSST5 aiSiMy or b S 

latent occasion stems from the In- other . organisation regarding » 2 -33p and the dnldend total is slar t? d ,n November and this is -phe net interim dividend is 

elusion of some.MS0.5m relating possible takeover bid. aj ^' n ° tTl ‘~ r „ pother record lifted from O.SS2p to proving successful. ■ stepped up tn i.23p dpt to iodine 

to tin profits tax for the previous The share register discloses £®*v ' J?®! 0 ?. “ 0.762p with a final of 0.4S7p net Investment in brewing capacity disparity. Last time a fipp! of 

year. It is also pointed out that other material Eastern share hold- ,n?o irs * three months ^ one-for-ten scrip issue* is also and plant processing has con- 2.»iP was paid from record 

the previous year’s tax charge, was ings, many acquired in recent t 78> we sr f.^ iargul * proposed. tinued. Among the major, items revenue or £4-27m. 

softened by initial tax allowances, months, he said, but there was no aJ| 3' ane f a . OI our Utr *et. = ■ Turnover for the year advanced were additional cbpical fer- lnvrsrmcnrs at valuation 
Berjuntai were 295n yesterday. evidence to - link these to a The chairman of Dnrapipe Fn- to £li.73m.f£10^Sm) and tax took weniera at Bury Sr Edmunds and amounted to £lS2.1m (£l3&7in> 
- Another mine in the Malaysia potential bidder.. teroatiotuu said the group* was £234.001 .f£215.6Pin. There was plRRlestraae and ...'.more - . cold and tbc trust's portfolio at half- 


TTi preceding year. To meet extra 10 23Bp. including, investment »-ur- 


•- Africa and ihn Hcp-icinG „o. r * *0 l UI prouLS laa. lor Uie previous » lie Lvgioicr uisv-iuaca : — . j. -r. - U.lttiD WIUI a JirWI OI U.-iOip net. • in uirn'ut 

ahead also marks rh*. t0 fi4? THE LATEST batches of June year. It is also pointed out that other material Eastern share hold- 5?xf£ e F i^ A one-for-ten scrip issue" is also and plant processing has con- 2.,,p was paid 

uranium-sold minfni? fiuart^ reports from the South Previous year’s ax charge w-as ings. many acquired in recent J, 9 ™'*? *'!£***'*’ proposed. . unued. Anjimq the ^ior .Item revenue or £4^1. m 

-.- other th^n those^adiMnim^Mi^ African gold mine™ continue the softened by initial tax allowances, months, he said, but there was no ally ahead of ourtareet . H Turnover for the year advanced w;ere additional c bm cal fer- Investments 
ingmitSsince^he OMHi^ story ofprofits boosted by the Berjuntai were 2»5j> yesterday. evidence to' link these to a The chairman of Dnrapipe Fn- to £11.73mf£10^8ml and tax took menters at Bury Sr Edmunds and amounted to £ 1 S 

the Sandlr Stld in lh^T^K f omD?fo«fi «tra pSSente ^aris- Another mine in the Malaysia potential bidder. . tematiorud said the group- was £>34.001 f£21 5.6991. There was BiRRiestyade and /more- cold and c fa e rrusl's p< 

*-»uuuci ubiu m me lauaus. , - rvf, Hmr», r nnu .»i;>. 1 ! >nu.- .j . u- n, mnrsp tn anhi*vi-» »ha 11-.^ ...ju »v.:» 4 in»- onnipi> i.inkc inr hnit pri bis?r 


’ " J!.*..™ Tni”*?' «« "'“•psreole gj na j mines from ^ “bonus" Profits for the period comp out at accounts, said Sir Eric, but he way stage this time similar figures (£270,090) was retained. group is to stun building soon a per com. South America ppr 

- - irrnfii - iv'-Rtn- w mine Lke , De€ ‘‘ payments which equate to a rise m SSj» 4>77 against MS22L585 for resisted a shareholder’s request were produced, the directors The company’s activities are in new department at. Bury which cent. South Africa 1.3 per cent, 

fa-hilt, ■ *; U0 1 *^5 . annual ton ^ ^ EO j d price the previous year. A final dividend for a revaluation of assets, saying would be well satisfied he com- engineering and manufacturing, is due to be commissioned in the and Australia 1. 1 per cent. 

wrnen ,in turn Ls twice the level . r * .. ... „ of 25 cents brings tbe past year's this could be difficult in certain mented. industrial cleaning, maintenance autumn of 1979. doubling cask Foreign currency loans stood at 

' "f --SJ 1 ..®9tabushed mine. . .This in the union Corporation 1 group, tota j t0 40 cents against -15 cents, countries where Guthrie operates. Mr- Sydney Cope, the chairman and alHed services . beer capacity and- making room- 121.96m (£17 85 ml. 

■testifies to the- continual Increase Manevale has been additionally — — — - — — — — 

in capital costs and to the addi- helped by a fall in the tax and 

• tinnal cost of a mine away from f ease charge. Leslie has done not- ^ ■■ 1 — 

existing infrastructure, even a ^ly well, but Grootvlei earnings - ; II 

though Beisa will be fairly shallow have been checked by a lower A / _ \ . » II 

. at about 5.000 ft. gold grade coupled with higher ; mm hm 

Beisa will be centred on the costs. Useful profit gains are re- J(B|> KB , 

farm Palmietkull where the bulk ported by SL Helena and Winkel- . fjjlK * KmAm ^Bi^. HUB 

or Union Corporation's drilling bank, as the accompanying tabic xPIkM WM .y flj' jMBBB ^KI^K 

has been carried out. It is wholly shows. BOhJII ■ 

owned by Union Corporation and In the General Mining group. ' 4LJ ' WH H wBI KKM , MAK 1 . '1" 

there is no involvement by Anglo sttifontein’s higher profit is after Blj' ■! BiBI ^B^^ ■■ ■» ^KP Hi 

American which has also drilled the repayment of State aid and jtl ^H “ II 

.in the area nor by any of the production has risen thanks to a 4 7 . * I i II 

olher companies ; owning mineral plentiful supply of trained black * mm “ II 

rights nearby, which include JFVee labour. West Rand Consolidated ... BH ■HH - I 

fitate Developments and New Wits, states that development of the - ^H ■ flH^H || 

Because of, the provisions of uranium reserves has been, ia- (I 

South Africa x Atomic Energy Act creased by 32 per cent and that |H ^ W ^B^^r ]| 

no details of uranium or even the higher rate will be main- " — ■ ■ ' *- I 

•rrold grade are being released at tained in order to allow a flexible HH ... _ * | 

this stage. goW-uraniUm mining policy to be .. *’ 1 ’ _ _ _ ' ^ ^ : .*_■ • ." il 

■^"Mn toS'an.r ■ Vlirffii^fnrc' Rannrfc nf nnlri liininn Pninnonioe ? I 


n 




: .* sy \ L*“i!S ,97S h, s ti ' of soo p ; 


CHARTER IN THE 
CONFESSIONAL 

The, annual meeting' in London 


SULPHUR MINE 
CLOSED BY 
TEXASGULF 

Texasgulf, the diversified U.S. 


Directors' Reports of Gold Mining Companies 
for the quarter ended 30th June, 1978. 


vestvrday Of Charter Consolidated mining group, has decided to 
turned into a corporate confes- close its Bully Camp sulphur 
sional when, in -answer .to mine near Larose in Louisiana. A 
questions; Mr. Murray Hofmeyr, company statement said the 
lhe chairman.' admitted past operation had beemne " unecon- 
ernirs and argued that the group omic because of low production 
h.i'i not really done as .badly as rales and increases in the costs of 
l he stock market sometimes natural gas which Is u£ed In large 
thnitgui. quantities. - . . . 

. a shareholder about The group has in any case had 

'£ P ,r - d %f > n u twf Jr double with- the reguBWts ot Ras 
^njrv ihj^finrtuaikms in -t he for - sup piies since 1970 and this has 
nines nf -Mie-erouT*. and* tne ttqntvd disrupted the original, .saining 
nil investments it held. Mr. Hof- p£ n . 

•■neyr " readily, conceded the 

mijrtakr* of involvement, in The reserves at Bully Camp are 
Ma'irefaiUan iron are and Zairean no t co nsidered large enough to 
.cm 1 per. warrant the capital expenditure 

Retrospectively, Charter should npressao* to re-open the mine 
never have gone. into Mauretania. I ? ,er ’ 1 ®JJ d they are heing 
but it had been the victim of cir- abandoned, 
rumstances in Zaire, he said. If Last year Bully Camp produced 
these two ventures were excluded 129.000 long tons of sulphur, a 
ihcn the- performance of Charter mere 6 per cent of tbe group's 
had steadily improved and this total sulphur output. Texasgulf 


BANCO DE LA NACION ARGENTINA 

U.S.$30,OOO,O0O Floating Rate Notes 1983 
Notice is hereby given pursuant to the Term6 and Conditions 
of Die above-mentioned Notes that the Rate of interest fas 
. therein defined) for the Interest Period .(as therein defined) 
' from 21st July, 1978 to 22nd January. 1979 is at the annual 
rate of RJ per cent. The U.S. Dollar amount to which the 
holders of Coupon No. 1 will b« entitled on duly presenting 
the same for payment will be U-S.S4S.1S subject to appropriate 
adjustment thereto (or the making uf other appropriate 
arrangements of whatever nature) which may be made m 
accordance with the Terms and Conditions, without further 
notice in the event of an extension or shortening of the above- 
mentioned interest Period. 

EUROPEAN BANKING COMPANY LIMITED 

(Agent Bank) 

20th July, 1R7S. 


WINKELHAAK MINES LIMITED 

Issued Capital R12J3OO.OO0 in shares of R1 each. 


: ST. HELENA GOLD MINES LIMITED 

Issued Capital 89.625,000 in shares of R1 sack. 


OPERATING RESULTS: 


Quarter 
ended 
30th June 
1978 

Ore Milled (t) 520.000 51 6.000 

GoJd produced -kg. 3.900 3.922 

.. Yiald— (g/i) - 7-50 . . . .7-60 . 

■ Jtevenue perlgn milled - R41-24 R37 05- 

Ctm par ton milted . Rlfi'64 R15-93-. 

I Profit ncr 'mn m JIad _. R25-60 R21-12 

WorMn«rav*rejft ; R 21 . 443 . 000 R19.11B.OOO E 

4.' Working cosis- R8.130.000 . RB. 21 9.000 R 

C Working profit R13.31 3.000 R1 0.899.000 R 

Net sundry revemue R 774,000 R 546,000 

PR OFJT belors taxation end lesss 

consideraiion R14.087,000 H1 1 444.000 R 

Taxation and lease consideration R8.774.000 H 7.026.000 R 

PROFIT alter taxation and lease 

consideration R 5 31 3.000 R4.&1 8.000 R 

Capital expenditure RIB. 060 

Dividend declared — Ra380.000 

Loan lavy (recoverable) . R 966.000 ■ R773.000 

DEVELOPMENT: 

Advanced (m) 2,855 2/36 

Sempl?r*a results •- 

Sampled (m) 579 567 

Channel width (cm) 45 41 

Av. value: g/t 31-9 ' 32-2 

Cm-B/t - 1,436 1.320 

- Pan(abie: — 

: . Paicenla 0 » 76 64 - 

■ Channel width (cm) -SO 4 g 

Av. value: g/t 33-2 ' 34-8 

Cm-g/t -_ • 1^60 1.B7J 

Dividend 

Dividend of 53 cams persham was paid on 1 2th May, 1 973. 

Capital Expenditure 

Commitment in respect oF contracts placed R 1,000 

Amounts approved in addition to eomraitmaots R165£)00 

Onbehalfofth«J»art,^l^ l W3n ' lan Bosch }DiractOTa 


Quarter Nine months 


• ended 
31st Mar. 
1978 
516.000 
3.922 
. .7-60 
' R37 05- 
R15-93- 
R21-12 


ended 
30th June 
197B 
1.552.000 
11.647 
7-63 
• -833-58 
R154S 


OPERATING RESULTS: 


R 21.443.000 R1 9.1 18.000 £15^983,090 « '(Working iwiwi 
R8.1 30,000 R8.21 9.000 R2A031.000- Working costs 

R13.31 3.000 R1 0.899.000 R35.3KL000 Working profit 
R 774.000 R 545,000 R1.740.0QO j Net sundry n>v< 


814.087,000 H1 1.444.000 R37.592JXJO 
R8.774.000 R 7.026.000 R23.J 67J0O 


R5r313,000 


R 966.000 


R4.41 8,000 R14.426JM0 
R1 B.060 R38.000 


Ra380.000 

R773XX10 


R 6^60.000 
R2^50,000 


CROSBY 
SPRING 
INTERIORS 
LIMITED 

1978 

Sales £7,496,999 

Pre Tax Profit £712,890 

Capital & Reserve £2,004,197 

Earnings per 

lOpshare..-. - 3^22p 

Final Dividend per 

share 0.4358p 

making a total for 

the year of . 0.6536P 1 



1978 1977 

£7,496,999 £7,221,394 


£589,482' 

£1,617,991 

2.63p 


Q.6536pl Q.5852p 


The Company has announced a Scrip l»ue of one 
£[. 10 per cent Cumulative Preference Share for 
every 20 Ordinary Shares held as ac 7th July, 1978. 


J. BILL AM LIMITED 

{Prinviptil activities include the manufacture uf cutlery and precision 
sheet metal enuincerinu for aircraft end motor industries . ) 

Extracts from lhe rirrttiaied Statement of the Chairman 
Mr. Gordon BHlaxu: "' 

Freflax 1 - profit of the group for the year 1977 fs £191,661. ' 
Tho" comparative profit for 1976 was £15!L8&9. ■ The group 
net profit after taxation and after payment of the interim 
dividend of £11.798 leaves this year’s profit available for - 
appropriation . at £77.5M- 

A final dividend of 2-3562 pence per share is recommended 
(1976 2 21) which with the related tax credit amounts to 
3.57 pence (1976 3.4) making 4.762 pence per share (1876 
4.5 » for the year 

Group profile for tbe full year showed a significant increase 
over ihe previous year. Trading conditions for the cutlery 
. indent ry will b«r difficult during 197S hut r anticipate that 
flic group will experience another successful year. 


THE GROOTVLEI PROPRIETARY 
MINES LIMITED 

Issued Capital R2A59.704 stock in urihs of 25 cems eaph. 


I "OPERATING RESULTS t - 30th Jun® 31st Mar. 30th Jon* 

1978 1978 1878 

Ora Milled (t) 380.000 360.000 72OJI0O 

Gold produced— kg. 1,440 1 ,584 3.024 

YiaW-(gA) 4-00 4-40 4-20 

Revanua perron milled R21-SO R 21-22 R21-55 

Costpar ton milled R15-16 R14-69 R14-92 

Profit per ton milled R6-74 R6-53 R6-83 

Working ravenuo R7, 882.000 R7 ,638,000 R 15,520.000 

WorkhtgcoKs R5, 456.000 R5JS9.000 Rt 0,745^00 

Working profit R2, 428,000 R2J»49,000 R4, 775^00 

Nat sundry re v an OB R8.000 R36.000 R45JH50 

PROFIT before uxatkxivndJeaso 

-consrderatron R2.435.000 R2.3S5 000 R 4, 820,000 

Taxation arid lease c o n si deration Rl.273,000 Rl^l 7,000 R2.490.000 

PROFIT after taxation and teas® 

consrderalfpn R1 ,162.000 R1.16SJOO RZ330«J0 

Capful recoupment R 3.000 R3.000 

Dividend declared R1^3O^>00 R1A30.000 

Loan levy (recoverable) R1 78,000 R1 70.000 R 34 8^00 

DEVELOPMENT (kinierfey Reel) : 

Advanced (m) 524 482 1.0CK3 

Sampling results : 

Sampled (m) 335 420 758 

Chennai wtdtfi (an) 17 29 24 

. Av. value: g/t 68*4 37 3 45-7 

Cm.g/t - 1.112 1,083 1/J96 

Payable: 

Percentage 63 B4- 62 

Charmei width (cm) 19 38 28 

• Av.valuetg/t 79-0 42-2 53-1 

Cm-g/t 1^01 T^03 1,488 

Dividend 

_ . On 9th June. 197A Dividend Nol 79 of 16 cams jMrunk of stock waadadared 
payebte ro members registered at 30th June. 1978. Dividend warrants win be 
poked on or about 3rd August, 1 978. 

. On behalf of*hsbo*d.L^;^^^ BQ ^}Dtrectore 

BRACKEN MINES LIMITED 

Issued Capital R 1 2.600 .000 »n shares of 90 cents each. 


552.000 ■ Ore Mihed ill 

11-847 Gold produced— ^g. 

7-63 Yield -(g/t) 

R33 58 Revenue per ton m illed 

RTS 48 cor per ton mined 

R23-10 Profit per ton milled 

183,090 1 ;-AVorV.ing tyvenue 


Quarter 

ended ended ended 

30th June 31 « Mar. 30th June 

1978 1978 1978 

480,000 480.000 1,450000 

4.176 4 272 13.006 

8-70 890 897 

R48-61 R43-1 1 R45-37 

R22-11 • • R2V70 • «2T-38 

R26-50 R21-41.. .. R 23-99 

R23.333.000 B20.693JXX) R65.793.000 
R1 0.61 2,000' RIO 41 g,000 R31.010.000 
HI 2.721.000 R 10.275.000 R3J. 7 83,000 

R244.000 R287.000 R727.000 


Quarter Nine-months 


MARIEVALE CONSOLIDATED 
MINES LIMITED 


VVoriing profit - 

Net sundry revenue 

PROFIT before taxation and lease 

consideration 

Tax* lion end lease consideraiion 

PROFIT sftertaaaiion and teas* 
consideration 
Capital expaheifttrnt 
Dividend declared 
Loan levy (recoverabtel 


ended 
30th June 
1978 
1.450JM0 
13.006 
897 
R45-37 


Issued CapHaFRI .1 25.000 in shares of 25 cents each. 


OPERATING RESULTS: 


*21-38 l Yield- ip ; o 
R 23*99 l .jtevonueJMx 


Ore Milled (J1 

Gold produced - kg. 's'- . • 


R244.000 


R 727 .000 


R 12.965,000 R10.562.000 R 35 5 10.000 
R 7 .858,000 R6.1 68.000 R21.011JXX) 


R5.107.000 
R 223.000 

R 938,000 


R4J94000 RT4.499.000 
R170JJ00 R793.000 


R7.700.000 
R 738,000 


2,855 

2A36 

7,576 

DEVELOPMENT (Basal Raef)i 



Advanced (m) 

Sampling results: 

2.342 

2,109 

579 

567 

1.098 

Sampled (m) 

263 

363 

45 

41 

51 

ChannalwWth (cm) 

96 

105 

31-9 

■ 32-2 

284 

Av. value: g/t 

9-6 

11-3 

1,438 

1.320 

1.446 

Cm.g/t 

Payable.: 

919 

1,169 

76 

64 - • 

77 

• Percentag* 

22 

25 

. SO 

• •• 4R 

55 

: .Channal width (on) 

102 

• 128 

33 2 ' 

• 34-8 

"• 29-7 

Av. vulire:g/t 

16-2 

157 

1,660 

1,671 

• 1,661 

Cm.g/t - 

Dividsnd 

1.657 

2A13 


R7.700 000 
Ri51 0.000 


Quarter 

Quarter 

Sivtrcnth* 

ended 

ended 

endefi 

: 30th June 

31st Mar. 

30 th Jurat 

.1978 

- . 1978 

- - 1978 

-... 250.000 

■ 270 OCO 

- 520 000 

ui650 

.753 

' * • 1 43i 

'* . 2 : B0 

’• 2 90 

. . . - 

‘ ■' -R15-01- 

-- ht4M 

Rt«-5> 

R767 

RS-24 

H7-?7_ 

R7-34 

R5 65 ■ 

- r -- F6-56' 

R3.753.000 

R3.605.000.: 

K7.S58.00a 

R1.91B.Q00 

H2.225.0M1 

■ ,K4. 143,000 

• Rl. 335.000 

R 1.560.000 

RS'415 000- 

R 75. 000 

P 63.000 

R138j»tt 

Rl .91 0.000 

Rl 643 000 

P? 553 OWV 

fll .096.000 

B15Q1JW0- 

R2 597.000 

R 81 a 000 

Rl 42.000 

R 956.00ft' 

R8.000 

R 1.151,000 

RU 59.000 

Rl .440,000 

- 

Rl. 440,000. 

R151.000 

R12S 000 

R270 000 


Revnnoe*»«ton milled- . » v - R 15*01- -- Rl4 09 - Ria-5> 

Cost per ton milled R7-67 RS-C* R7-97 

Profit par ton milted R7-34 R5S5- - r - - R6-S6 

Working revenue i • R 3.753.000 R3.805.000.: R?.S58.00a 

Working costs • R1 .918.000 R2.225.000 ■ .K4.1 43,000 

Working profit • • • R1.335.000 R1. 580.000 RS'415000- 

Net sundry revenue R 75. 000 R 63.000 R 138,00(1 

PROFIT before imttlon and tea^e 

consideration R1.910.000 R1 643000 P2 553 00<?L 

Taxation and lease considwanori R1 .096.000 RI.5ai.OQO- R2 597.000 

PROFIT afiwtwilion and l«tae 1 

consideration R81A.000 R1 42.000 R 956,000 

Capiialrecoupmems R8.000 R 1.151,000 R 1,7 59.000 

Dnnd end declared R1 .440,000 R1 .440,000 

Loan levy (recoverable') R1 51.000 R12S0Q0 R270000- 

Dividend 

On 9th June. 1 978, Dh-idand No. 76 of 32 cents per share was declared payable 
to members registered at 30th June, 1 979. Dit idend warrams vt ill be posted on ot 
about 3rd August 1978. 

Reduction of Capital 

The reduction of capital or 25 cents per share auihorfeed bv members on 25th. 
May.- 1 97<L QasjpcaiveriXaun approval. This amount will be paid on or abour 
3rd August. 1078. - - 

; • On behalf of the board. JjjJ'JS den Bosch} Directors j 


Dividend of 80 cents per share was paid on 12th May, 1 973. 

No- 2 Shaft 

Following the ecddtrit to lhe shaft on 12th March. 1978, hoisting operations 
-were resumed on 3rd April, 1978 end underground production Is now back lo the 
level prtorto the accident. . 

The tnaurance claim relating to the a ccide nt has not yet been finalised. During tho 
quarter an interim payment of R100JJQ0 was received. 

Capital Expenditure 

Commitments m respect of contracts placed R 1,358.000 

Amounts approved In addition to commitment s RL225JXXJ 

On behalf of the board, p'^^ a p AmR ^ rh ^Diroctpr3 


KINROSS MINES LIMITED 

. Issued Capital R l8JJt»J)0D stock in unto of R1 each. 


OPERATING RESULTS: 

Ore Milted (f).. • 

Gold produced— kg. 

Yield -XB/tJ 

Revenue per ton rralted 
Cost perron milled 
Profit perron milled 
WoAing revenue - 
Woricing coats = 

Wording pro frr 

Net sundry revenue 

PROFIT before taxation and lease 

consideration 

Taxation ehd lease eonsideraitea 

PRO FIT after taxation end tease ■ 

considwatien 

Capiial wpenditure 

Dividend declared 

Loan levy fneovarabM .. ■ 

DEVELOPMENT: 


Quarter 

ended 

S: 30th June 

1973 

386.000 

' X873 

„• .7:37 


Quarter Nine months 


ended ended . . ended 

30thJune 31st Mar. - 30th June 
T978 1978 1878 

390000 390,000 1.170JXJ0 

' X873 2^64 ■ a 801 

, • 7;37 7 60 7-52 

R40-5Z R 37-29 R3S-09 

RIB-28 . R18-53 . RIB-07 

R22-26 - -R1 8*76 " R20KJ2 

315^03.000 R1434UJ00 R44369JW0 
R7.121JKJ0 R7JZ27XXX) R21 .7 40.000 

38.682.000 R7JI4JXK) R23A29J>00 

R412JW0 R 1912X30 R821.000 

R9JJ94.000 . R7^05XKX> R24250.000 
R5^50JX» R4J361 J)00 R14J358JXX) 

33.844.000 R3.144JJ00 R1 0.1 92.000 

R 247,000 R230JX)0 R780JW) 

R 602.000 


B4.1 40.000 
R500XXJ0 


34 J 40.000 

R1.61Z00D 


Quarter 

Quarter 

ended 

ended 

30th June 

31a Mar. 

1978 

1378 

195.000 

203.000 

1.325 

1380 

6 -SO 

*30 

R39-21 

R 34-40 

fll 7:7.6 

fll 7-26 

R 21-45 

.:R17-U 


Advnnced(mJ 

2Jr98 

Z394 

Semplie'B raeuhsz 


. 

Samoted (ml 

545 

406 

Channel width (cm) 

77 

44 

Av. vaiur:a/t 

5-8 

7-Sf . 

Cm-g/t 

■460 . 

3<8 

Pave birr 



Pare enrage 

17 

10 

Channel width (can) 

62 

29 

Av. value ; g/t 

18-8 

31-2 

Cm.g-'t 

— 1it63 - 

- 1-.294 — 

Dividend 




OPERATING RESULTS: 30th June 31st 

1978 

Ore MHted ft) 195.000 20! 

GoW produced -kg. 1-326 

Yield— (g/O . 8-80 

Revenue per ion milled R39-21 Ri 

. Cost perten nulled - MW5 fll 

ProfnoBroh-riiiyed • • R21-45 .:B1 

. Woxkjne^evsmitt- . * • -. -.37^45,000 • R6JJ8: 

. Working coats - -R3.483.000. R3ia 

Woricfng profit R4.1B3.000 R3.48( 

- N« sundry revenue R 450,000 R251 

PROFIT before taxation and lease 

consideration R4.B33JJ00 R3.74! 

Taxation and lease consideration R2.775JXX) R2^J0l 

PROFIT after taxation and tease 

consideration R1 ,958,000 MAX 

C^piial recoupment 

Dmdand declared R2BQC 

Loan lew (recoverable) R 305.000 R25r 

Dividend 

Dividend of 20 cents per share was paid on 1 2ih May. 1 978. 


ended ended 

3 1st Mar. 30th Jims 
1978 1fl?8 

203.000 603.000 

1380 4.100 

&3Q . . 6-80 

R34-40 " R35-43 

fll 7*26 . .- RJ7-41 

.:R17-14 R10O2 

R8^83jao R23362JK30 
R33Q3.000 R1 0500 ,000 
R3.480.0M B10.362JXJ0 
R267JM0 R861JXX) 

R3.747JKJ0 fill .713,000 
R2^08JX30 R7.070JJ0O 


Dividend of 23 cents per unit of stock was paid on 12 th May. 1978. 
Capital Expenditure 

Cummiommrsjn respect of contracts placed' . . MfSJMO 
A/pouma spproved in addition roconrainmentc Rl.778.000 


LESLIE GOLD MINES LIMITED 

Issued Capital El 0.400,0 00 in shares of 85 cents each. 


OPERATING RESULTS: 30th June 31 si Mar. 30ihJum£ 

1978 1978 1976 

Ore Milled (t) 240,000 230:000 685,000*; 

Gold produced- kg. _ 1.104 1.012 ■ 3.148 

Y1rjW-lgZl> 4-60 4 40 . 4-60' 

Revenue bpt ton mifted ' R 26 .- 21 ; ..-R22-50 R24 02 * 

Coal perron mined R17-70 fll8<8 .- -R18-49L* 

Profit potion mirled R9-51 R4-02 R5-53*. 

Working revenue R 6. 291.000 R 5,1 75,000 R 16,451 .000. 

Working oosis 84.248.000 R4.251.0Q0 R12.683.000*’ 

Working profit ^ R 2.043,000 ^9^.000 R3.788.00D- 

Nei sundry revenue - R 244,000 537.000 R380.000” 

PROFIT before taxation and tease 

consideraiion. R2487.0D6 Rljm.000 R4.168.00GL 

Taxation and lease consideration 1 * R 1,075,000 R41 4.000 K 1.831,000; 

PROFIT aheriaxaiaon and lease v 

consideration R1^12J)0O R597.000 R 2 ,3 3 7,000. 

•Includes mining tax at formula applicable to Sure assisted mined. - » 

Capital expenditure - — .... — ; 

Dividend declared R1 ,120.000 F 1 1 30.000 - 

Loan levy frecove»a«e) R1 25,1)00 R47.000 E210jOOO. 

DEVELOPMENT: 

Advencod (m) 318 2S4 945". 

Sampling results: • . . " 

Sampled (m) - : 1 94 ' .. T33 433'- 

Channelwdthfcm) . 10 22 15C 

Av. value ;gjt ; ' * - 100-2 24 7 46-5* 1 

Cm.grt 1.002 543 . 698* 

Payable : • *• 

Percentage 52. - ’.-* 14 35 » 

Channel width (cm) .11 1 2 12^, 

Av. value gt ___ ■ -.132-9 . 31-7 95-3* 

Cm.g'T ' . . ... 1.482 1.100 1.1441 

Dividend - . . : . » 

Dividend of 7 centsper share was paid on 1 2th May^l 978. ■ t 

On ballfllf crfUw 1 ioard.^^ |v F ’‘, wa ^ den Bo0Ch ^ Directors Z 

UNlSEt GOLa MINES LIMITED ? 

Stated Capfialil^JjOQp oljio pary^ire. . * 

Sha« « 

The shaft eauipping has been completed and thethsff has been comreissionerf. • 
Development haBCommcnred on Nos. 4 and. 10 Lcvfafc and consUucuon wort * 
i$ proceeding onthe other levels. = 

Genera! ’ j 

The followinffplanthasbccn ccnvruesionnd : ‘ • \ 

Both main ventilation Tans; ' ■ 

lhe service, man and rock winders. *■ 

Thewaidorackbinmiheheadgearh.-isbMncompleied. » 

The ccnsiarciion of (ha refrigeration' plant has been completod and Is being £ 
commissioned at present.-: ... 

Expenditure . • ■ 

Expenditure on Shafts. Plant and Equipment and Genera) Expenditure amounted Z 
to R3J51 8.000 (ro dale R44.1 48.0001 . ' 

Commitments inmaoeetofconlracw placed RM83000 .T 

Amounia approved in addition ro commnments R26^55.000 » 

QntwhaUoJttaSofld^^^^ ■ » 


R1^68.000 R 1/439:000 

RZ BOO. 000 

R 305, 000 R254.000 


R4343.000 
. RT.OOO 
R2^COOOO 
fl778«0 


• Onbeheirofthebbari^^"^^^^ 


Notes. 1 . From ilth April, 1978, payment for gold production at tha off fqiaf price pluspretnlxiro on marltet : : j 

safes distributed monthly was replaced by payment at the market : price.. The. non-recurring. - {' 

balancing payments resulting from the changeover -distorted revenue - for the ourrenl quarter L 

■ which is therefore not comparable vyrth past or future quarters. { , 

2. Adjustments have been made to the payable development 'metras and values to conform with j ’ 

those applied In the estimation 61 ore reserves and are based on R3.500 per Kilogram or approx- j’ 

imavely S125.19 per ounce for the quarter ended 31st March. 1978 and R 4,200 per Kilogram or ji 
approximately $150^3 per ounce forthe quarter ended 30th June. 1978. 1 

All the above companies are incorporated in the Republic of Sou ih Africa. j 

.- Lcui don-Sec rotaries; Princes House, 95 Gresham Street,- London EC2V 7BSs-“ ' t9lh July,- ] 975 . 

— 1 — — — 


j * 



f 


Financial Times ‘.Thursday JuI^ aQ ^^ 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


Chemical earnings disappoint 


.. . BY DAVID LASCELUS . NEW YORK, July 19- 

TWO U.S. chemical’ majors Sl6m (or:33 cents a share), due per ceni to $L87bn, .with agri- This came on. a 12 per cent 
-. today reported small to moderate to the discontinuation' of certain chemicals, finishes and electronic increase in sales to S1.75bn, 
' increases in earnings for - the products. . . . • products strong. pointing to further erosion of 

second quarter — usually the Mr. Irving Shapiro. Dup.ort’s Mr. Shapiro said the outlook profit margins, 
chemical industry's strongest— chairman, said the performance depended on the strength ol key M G , w . ... financial 
'mentioning unfavourable price reflected the continuing strength customer industries, cars,, hous- t 

trends. of specialty products, and a ing and textiles, as well as the ^ urinfSe 

Dupont, the largest U.S. significant improvement in some international business climate. JSL? but <- Iwrral 

chemical company, made a net areas of its textile fibres business. Prospects For the rest of the year the 

profit of S191m (or 3.92 a share), partly offset by some deteriora- were “ reasonably good.” he said- sharp 

compared with $l61m for 3.28). tion in commodity chemicals Dow Chemical, the third largest ® “pj our, cost* 

.'in the same period last year, profitability, and the non- chemical company, reported ■ s ^ 

Sales rose to $2.73 bn from recurring charge. virtually unchanged income of Dow's latest figures bring ils 

$2.47 bn. The company said that The chemicals, plastics and S154m (or 0.S4 a share* compared six-month net income for the 
net profit during the quarter was specialty products business with $154.5m (or 0.83 a share) year down to 8283.5m against 
after a non-recurring charge of recorded a sales increase of 13 in the same quarter last year. S306^m last year. 


Bendix 

registers 

sound 


progress 

SOUTHFIELD, July 19- 


sharp advance in 


BY OUR FINANCIAL STAFF 


Honeywell'* **■». *■ rSrfSP. 


Royal Trust American Airlines sees new peak 

increase i NEW YORK, July 19. 


quarter earnings to Ute result 
of strong performances by its 
aerospace - electronics and 

shelter businesses. 

The company earlier re- 
ported earnings for the quarter 

ended June 30 of $1.74 a share to si.au awn aU gains, aaaea yeswreay were 

on sales of $984m compared revenues totalled 5853m against ^ B out iook at present con- cents a share 

with net of Sl-52 and sales of $706m. a gain of 22 per cent tinues to be bright." months and 31 cents fpr the 

SS 75m a year earlier. Total over die whole. of the first half, Computer revenues were con- MH- Honeywell liftetf lts 

net was S39.8m. against $34m- proflts showed a 40 per cent tinuing to improve, while orders WJJ JJJJJ* f* «>c 

The chairman, Mr. William advance from S54.1ra to 5755m, for computers had tammi 3143™ ^rith share eantinS 

M. Agee, said the aerospace- ^ rCTenues U p 30 per cent to substantially along with hack- with tSoiaS 

electronics business reported si 65bn. Earnings per share were logs. a ^ Iinf as mi 

excellent results with signifi- $3,^ up from S2.57. The net profit figures for the level of 5550. 


rise to sales ana eannws* me contributed IS cents for the six mourns, 

first part of this year with a near pany*s bigness imacomri It takes j n foreign .currency 

54 per cent surge in second to the strong perform g Jogses Qf J8 for the. quarter 


quarter net proflts to 941.8m from the first half- a few ana 31 cents for the half-year. 

$27 .2m.- ^ ?flno ,.«..u Ka M»t inptiMfofl in the . -TOrF 


v months ago that 1975 would be Not included m the^ cores- 

Earnings per share moved up S^ronc" with moderate over- ponding figures for last . year 
to 31.96 from SL29, while ali sSos. added yesterday that wore extraordinary .cNgitrof 12 


cents a share in the second three . 
months and 31 cents for - the ■ 

hi Last year, Honeywell lifted its’ 


By Robert Gdjbens _ higher 1978 ea.mlngs than the share of S1.43 compared with' $1 the company’s ’ fifteen aU-ti me 

nvani'c 1 i^nrcr ‘ mist record $70.7m or $2.15 per share previously. Total net Increased high traffic days have occurred 

comoanv the Royal Trust il e:irr,ed in 1977 ' t0 ^ 3 - 9m from S31 - 5m operating in the past three weeks. 

25S? nSSSinc T2lB company said traffic expenses oF ?644.4m compare _ . 

in£ nf %' n 4m P eouaP to 96 erowth has been outstanding in with S544.3m in the comparable TJcy also atWbuted the ex- 

Sms i f shaJ kl '5iinrt A 3m or the first two weeks of- July, as it quarter. Sales of S6SS 2m moved P«ted record 1978 performance 

^ was throughout the first six up from S581.1m last time. to a programme of capacity con- 

hnmS ' eXC,udmS extraordin,ry months of the year. For the first half of the vear. t™l that has pushed up load fae- 

Yif -mxvhilP \irn industries. ' “ We are experiencing a net per share earnings of $1.08 ln t^ e ,oad fae£or (ar .“f 

mate? ; phenomenally good summer and are up front 93 cents. Total net quarter ■ was up 6.1 percentage 

Sdusfriaf irefabSed huSta- expect sUon S year-over-year of S36.flm has increased from P™** ^0“ last year’s period 


AMERICAN AIRLINES expects line turned in net earnings per 
higher 1978 ea.mlngs than the share of S1.43 compared with $1 


NEW YORK, July 19. 

Mr. Casey noted that eight of 
the company’s fifteen all-time 


with S544.3m in the comparable They 3180 attributed the ex- 
quarter. Sales of $6SS5m moved Pected record 1878 performance 


to a programme of capacity con- 
trol that has pushed up load fac- 
tors — the load factor for the 


cantly higher profits earned on 
increased revenues. 

For the nine months to date, 
Bendix has earned 54.45 a 
share, compared with $4.06 last 
year. Total net of $l00m com- 
pares with S90.7m and sales of 
$2.7fan with $2.5 bn. 

Reuter . 


Bank of America rationalisation 


A&-w> v 1 UI VMV.OLU IMP JUUCdOCU LftVIU * _ __ . _ V. 

September- $29.9m last time. Operating ex- per cent. .The load factor 


FTC loses 
Beatrice case 


BY MICHAEL BLANDEN .1 

IN A further step to rationalise Commerce to h tero ^ 0 “ a ]L n ^ ith so3St^hauSirt V Sum£ran? 
its international merchant bank- which it also has connections. bS£ 

ing activities. Bank of America World Banking Corporation , ® -roua The deal, Bank of 
yesterday announced the sale by shortly adopt a new name ^-SnT said, cobcliided the 

the Wobaco Holding group in wtil continue its merchant ^onsHsation nrocramme affcci- 

Luxembourg of the World Bank- banking activities, particularly programme attcci 

ing Corporation subsidiary. Euromarket syndications and in- 
World Banking Corporation, vestment advisory services. The - expected, the - gnrap 
also Luxembourg-based, is being day-to^iay management will, con- iniends. to keep the trust corn- 
sold to a group of Midge East t^e under the present manag- acquired with Wobaco. 

investors with whom Bank of director. Mr. Ger hardt Jn<j said Sat a further announce- 
Amenca maintains cordial pnester. ment concerning, the trust com- 

re Ba3c S o? 1 ' Amerira^^oufd^^ot The move foUows the acqulsl- panies within the Wobaco hoid- 
diMlose the priM of the deal or tion of control of Wobaco by ing company which- remain 
tfe identity Tf the buyere. Bank of America and the sale wholly owned by Bank of 
though it s2d that they were not of two other banks previously America would be made at a 
linked with Bank of Credit and owned by the Wobaco holding later date. • 


By Our Own Correspondent 
NEW YORK, July 19. 
THE Federal Trade Commis- 
sion (FTC) lost a round in its 
fight to halt the proposed 
merger between Beatrice 
Foods and Tropicana today 
when a district court judge 
in Washington ruled that the 
two companies were not com* 
pel i tors ' in the ready-to-serve 
orange juice market The FTC 
had argued -that the merger 
— one of the largest among 
U.S. companies this year — 
should be barred on antitrust 
grounds. 

However, the FTC immedi- 
ately annonneed that it would 
appeal against the decision. As 
a result it seems likely that a 
temporary injunction issued 
earlier bv the appeals court 
when the FTC was trying 
everv possible means to bait 
the 'merger, will remain in 
force until the appeal is heard. 

The agreed merger is worth 
$4 88m and would transform 
Tropicana. by far the largest 
purveyor of orange Juice in 
the country, into a wholly- 
owned subsidiary of Beatrice 
Foods, the largest TJ.S. food 
company. 

Meanwhile. in Chicago. 
Beatrice Foods said it has 
filed a motion with the U.S. 
Court of Appeals to vacate 
an order of July 8 staying 
the proposed acquisition. 


Th _ enmninv cited slower 1 “the outlook is for the best earn- includes accruals and payments crease in fuel expenses resulting 

Ifr?mp«ir anri Pinortmarkets ! ings by far that American has of $9.8m pre-tax under mutual from the termination, last August 

: ° Thi Lr/Saf St2ee Sni- • ever achieved,” he added. aid pact due to Northwest Air- of a favourable supply contract. 

Pany. (SnaSS Pemanent £rt- For thc second quarter, the air- lines strike. Agencies 

.’Rigc earned C$ 9.7m or C$ 1.11 

Abitibi Paper trebles first half results 

TS ^ 1 - J Fu , U -. yc ? rs J ea / n , l il3. S BY OUR OWN CORRESPONDENT MONTREAL, July 19. 

were •‘modestly" ahead of 1977. 

’Canadian National Railways ABITIBI PAPER, which with on an equity basis, exchange paper market was improving and 

and Hail Corporation, a major j associate Price Co. is now the gains of C$15.6m against CS5.5m there were strong gains on 


MONTREAL, July 19. 


'and Hail Corporation, 


Croat Lakes shipping company i world's largest newsprint m&nu- a year earlier. 


controlled by American interests. 1 facturer. 


second quarter 


' are playing a role in Nova Scotia i operating net profit of CS 17.1m, Fraser Companies. 


5.5m there were strong gains on 
exchange. 

* + ■+ 

New CROWN Zellerbach Canada, the 


•Government plans to revive the equal to $6 cents a share, agai ns t Brunswick and Maine pulp and big western pulp, paper and 
Halifax Shipyards division of 1 O'G.Sru ur 32 cents, both paper producer owned by the lumber producer, earned CS9.6m 


Hawker Siddeley Canada. A j periods excluding extraordinary Noranda Mine Group, earned in the first quarter or CS1.17 a 

Netherlands company RSV may > items. Reveaues were C$32$m C$10ra or CS4.2S a share in the share, against $6.9m or 85 cents, 

also participate- | tCS255m>. . first half against a -restated restated on volume of C5I30m 

The three companies would j First half earnings were C$5. 3m or C$2.28 on sales of (CS113m). 

provide working capital and j £$31. 9m. • or CS1.6Q a share C$12om (CSlOlnri writes Robert First half eaminas toi 

... ■ " or C$2.03 'a ’ 


■ management if the provincial 1 .; a-cii insi C$l0.3ril' or 45 cents on Gibbons front Montreal. Demand C$16.6m 


snvernment goes ahead with pur- , revenues of CSfi22n? (C$4$9nii. 


Ground wood against GSllJJm or CSI.4$ on 


chase of the Halifax yard's/- ' Th’(T results 'include Price Co. papers and lumber, the fine volume of CS243ra (C$210m). 


BRIEFLY 


Metromedia moves ahead in second quarter 


‘ SECOND QUARTER net income 


NEW YORK, July 19. 

The largest manufacturer of utility New England Electric largest U.S. bank, net income 


of “Metromedia Incorporated, mining machinery in the U.S., System adi vanced from 50 cents soared 57 per cent to Sl9.9m 
which has interests in broadcast- Bucyrus-Erie Company, had net a share to 63 cents. from S12.7ra in the second 


ing. increased from S9.44m or earnings of 6S cents a share for The glass tableware and con- quarter. Earnings per share 
.91.39 a share to S9.94m or 82.0R the second quarter, compared tainer manufacturer Anchor were 81.55 against $1.03. 
a share. Sales revenues were with 64 cents last time, while Hocking experienced a setback First balf net earnings before 
ariead from S73.42m to SS5.13m. Clark Equipment Company. i n net earnings per share for securities transactions moved up 
Also today, the aerospace part v-which manufactures trucks and the second quarter, and slipped by more than 46 per-cent to 
and machinery company Stmd- con<i ruction machinery, moved from $1.55 to $1.51. For the S3S.5m, 

'•irand Corporation reported ahead for the same period from third quarter, earnu 


EUROBONDS 


for 10 years (bullet) via Com- cent in order not to offer more floating rate notes still fragile 
merzbank, a DM 75m placement than domestic bonds. This is the and fixed rate issues holding up 
for Oesterreichische Kontroli- reason why Deutsche Bank has welL * 


U.S. QUARTERLIES 


ALLIS-CHALMERS 


ANHEUSER-BUSCH 


DENNISON MFG. 


[POLAROID 


quarter, earnings of Ibc A sharp advance was produced socwis quarter 


quarter net earnings $Ul t» 81.64 a share, and Dover computer services concern Com- by Weils Fargo, which reported 


Second Quarter 


Second Quarter 


more lhan doubled from 64 conus Corporation, the elevators and puter Sciences 
to $1.52 a share, and a farther valves maker, advanced from moved up from 
l«rge increase in earning* for the $1.09 to S1.32 a share. cents a share, wh 


Corporation an operating net for the quarter Revenue 464.3m 409.3m ! Revenue 531.8m 493.2m Revenue 106.3m: 

22 cents to 29 of S2S.3m. a gain of 38 per cent Net profits 27.07m 25.54m • Net profits 3321m 27.0ra Net profits 5.1m 


period was announced by the 
medicines manufacturer Smith- Stauffer Chemical had net turer Amsted Industries 
kline Corporation, with net earn- earnings a share of $1.07 in the creased from Sl.22 to $1.43 
mgs per share ahead from 61 second quarter, against 92 cents share. 


cents to SI 21. 


cents a share, while tor the first on the $20.4 m in the same period Net per share... 2.27 

quarter the diversified maoufac- of 1977, Per share earnings of six Months 

turer Amsted Industries in- S126 compared with 93 cents. Revenue 

creased from $1.22 to $1.43 a Over the whole of the first half. Jet profits 

share. the rise was a steeper 45. per Net per snare... J.o- 


Net per share... 2.27 

Six Hnnttas 

Revenue S60.2m 


220 1 Net per share... 0.74 

Six M Births 

7S9.1ra Revenue l.Q6bn 

42.60m Net profits 53-6ra 

3.51 Net per share... 1.19 


0.60 Net per share... 
Six Months 

S84.6in Revenue 

44.7m Net profits 

0.99 Net per share.:. 


200.7m 

9.1m: 

2.05 


• Quarter 191 8 

86.fe Revenue 3IB S 7m 

Vs Net profits 26.2m 

Net per share... 0.80 

, „ ■ ■ Sbc Month* 

1 Revenue 560.4m 

profits 40.6m 

i - <0 Net per share... 1^4 


electric At Bankers Trust, the seventh cent. 


AMERICAN EXPRESS 


BRANIFF 1NT. 


DUN & BRADSTREET 




1978 News Bulletin No7 

Saving energy is our business 


Second Q oarter vm 

s 

Revenue 1.02bn 

Net profits 79.1ra 

Net per share... 1.11 

Six Months 

Revenue 1.94bn 

Net proflts 141.3m 

Net per share... 1.9S 


Second Quarter 


838.4m Revenue 236.0m 

67.0m Net profits 11.2m 

0.94 I Net per share... 0.56 

} Six Months 


1977 Second Quarter 197* 

S I S 

— Revenue 190,5m 

9.8m Net profits 18.62m 

. 0.49 Net per share... 0.67 

| Six Months 


1977 

5 

187.9m 


Net per share.. . 

I SPERRY RAND 


Pint Quarter 


15.52m Revenue 972.5m 

0.56 Net profits, 45.2m 


1.60bn I Revenue 454.1m 373.9m Revenue 360.0m 


.AMERICANHOME PRODS. 


117.0m Net profits 20.1m . 

1.63 Net per shar e: ■■ 1.00 

1 CHESEBROUGH-POND’S 


16.4m Net profits 3-L26m 

0B2 Net per share..-. • 1:23- 


ELECTRON1C MEMORIES 


Net per share... 1.29 l.GS 

330.5m Tear 

28.60m Revenue r... 3.8bn 3.3bn 

■■ 1.03' Ner profits lS4.3m 1595m 
- 7 " — Net 'per-shaie'.. 5.29. -'I- 4.59 


Second Quarter 


Second Quarter 3.978 1977 Second Quarter » 7* 

S S • t 

Revenue 764.6m 669.4m Revenue 209Jm 

Net profits 7S.S4m 69.Wm Net proflts 14.3m 

Net per share... 0.50 0.44 Net per share... 0.44 

I Six Mouths Six Month* 


Second Quarter 


TEXAS GULF 


Six Months 51* Month* - 1 Mx Months 

Revenue 1.57bn 1.40bn Revenue 423.4m 3/ 4.1m Revenue .. 

Net profits 167.43m 148.97m Net profits 30.7m 27j8m 1 Net profits 

Net per share... 1.06 0.94 Net per share... 0.95 0B6 J Net per sbi 


Saint-Goba/n~Pont-a-Mousson is one 
of the 50 largest manufacturing 
groups in the world, with consolidated 
sales of F3T7829 miNion in 1 97-7-. We 
have grown thanks to the essential 
products and services we provide in 
many fields, of which energy 
conservation is one. . 

We are, in fact, the largest 
producer of insulating materials in the 
world : world leaders in the field of 
technology for manufacturing fibre 
glass insulating materials; and one of 
the largest manufacturers of flat glass, 
including insulating glass for the 
building and motor industries. 

We make insulated pipes for 
carrying steam, superheated water and 
other hot fluids for industrial or heating 
purposes ; and valves, fittings and 
meters, as well as integrated heat 
regulation systems to ensure the 
efficient use of energy. 

We produce glass fibre to reinforce 
plastics and other materials to reduce 
the weight of cars, and so improve fuer 
economy; and to replace traditional 
materials whose production is energy 
intensive. 

We have even built recycling 
equipment for our own plants and for 
public utilities — incineration plants for 
processing industrial or urban waste, 
for example. 


And of course, we are contributing 
to the development of solar energy. 

The 1 6-storey building that houses our 
offices in Madrid is heated and air- 
conditioned by solar energy, using our 
own techniques. We are already 
producing. glass for solar cells, and we 
are now- developing soJar systems for 
use in houses and commercial 
buildings. Finally, we are part of the 
Cethel consortium for the design and 
construction of solar power plants. 

Saving energy is our business. But 
we do much more besides, in Europe, 
the Americas and in Asia. If you would 
like to know more about Saint- 
Gobain-Pont-a-Mousson, we- would 
be happy to send you our 1 978 annual 
report. Simply complete and mail the 
coupon below. 

i To: J. R. Archer. Esq., j 


Net per share... 
A METER 


183.7m Revenue 32.0m 

12.6m Net profits 1.3m 

0.39 Net per share... 050 

Stx Months 

374.1m Revenue 62.9m 

27j8m Net profits 2.4m 

0.86 J Net per share... ‘ 0.34 


26.9m Second Qtrartcr X978 

Revenue 146.7m 

u ‘ 10 Net proSts 21.73m. 

53.3m Net per share... 0.31 
o l m Six Months . - V 

non Revenue 274.1m 

Net proflts ...... 2227m 

Net per share...’ 0.5S 


CROWN ZELLERBACH 


PFIZER 


1977 

S 

119.8m 

12.55m 

0.33 


239.3m 

27.60nt 

0.75 


Second Quarter 


Second Quarter 


Second Quarter 


UTD~ BANKS COLORADO 


Net per share... 

Stx Months 

Revenue 


Net per share... 


82.0m 

75.8m Revenue 

650.5m 

592.6n) 

Revenue 

585.3m 

487.3m 

5.3 m 

4.0m Net profits 

39m 

32.8m 

Net profits 

45.9m 

3S.9m 

1.01 

0.88 Net per-share--. 

Sbc Months 

L53 

- 1.29 

Net per share... 

Six Months 

0.66 

0.55 

154 .Sm 

146 -2m Revenue 

134bn 

I.15bn 

Revenue 

l.lSbn 

969^ra 

9.Sra 

. S.6in Net proflts 

59.3m 

535m 

Net profits 

96.0m 

79^m 

1.87 

1.66 Net per share... 

2.32 

2.11 

Net per share... 

1.37 

i.13 


Stecomt QMXtw - 

■ iT’ 


_ Net per share... 0.93 

169:9 ra su mom's: 

79.3m Net profits 7.5m 

1.13 N.et per share..'. L9l 


STRAIGHTS 

Alcan Australia Sipc I9S» 97) 

AMEV SBC 1987 93* 

Australia S*pc 19K. 92k 

Australian M. It S. Sine ’92 97 1 
Barclays Bank Muc 1993 .. 95 

Bownter 9Ioc 1W2 974 

Can. X. Railway 8{pe l»M 98 

Credit National Sipc I9S8 .. 94} 

Denmark Hoc.lftM 972 

ECS 9 pc 1993 M3 

ECS Sipc 1997 931 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Trondheim SJpc 19&3 ft&j 

TVD Power Co. Bpc 19» ... 961 

Venezuela Spc 1998 93 

WMd Bank Mpc 19H Mi 


Telnwx 9lpc 19 S4 982 

T^nneco 7*pc 1987 May ... 91} 

VcDcswasm 7Ipc <687 91) 


Charles Barker Lyons Limited, 
Freepost, 

London EC4B 4AU. 


Please send me a copy of the 1 978 Annual 
Report. 


Do not stamp tfie envelope 


EIB SIPC 19B2 T ....... 96 

Eiir «pc 1999 934 

Eri«Boa SSpc iM9 86) 

EfiM Spc lffM Nor 982 

Cc. Lakes Pa Her Sine 19SI 972 

Kamorelw 9 ‘dc 1992 IMi 

RjrdrO QlKtK-C Ope 1992 ... Ki 

Id Sine 19S7 96 

ise Canada 8»pr ;9S6 itc; 

Macmillan Bloedcl 9oc 1992 931 

Massey Feraiiseti 9)pc '91 944 

Mlcholln 9lpc 199S 196i 

Midland Iol Fin. SJpc 'S’ 95 

National Coal Bd. 8po 1867 9T 

National K'stmnstr. 9 pc '.56 ipo; 
Natl. Watainatr. 9 pc '96 -B 1 99t 

Newfoundland Rue I9S9 . 03 

Nordic lev. Bank Sipc 1933 9s 

Norses Korn. ftk. Sjpc 1992 

Norpipe Sine 19S9 94.’ 

Norsk Hrdro 1M2 .. sj5 

Oslo 9|»? 1BSS jgv 

Pons Auiotiomes 9nc 1991 971 

r»rov. Quebec 9 pc 1995 ...... 94 

Pror. SastaMmn. Sipc 'S6 97* 

Reed International Bn? 19S7 B2S 

BRAI 9oc 1992 gji 

Selection Trust s.’pc 10S9... fli 

Shell IntL Kin. gjpc i960,.. 931 

SkamT. Enskilda Pp.; J991... 97" 

SKF Spc IBS# 944 

Sweden iK'domi Sipc 1987 9-ii 

United Biscuits Bpc 1999 ... 97) 


STERLING BONDS 

Allied Breweries 10{pc 'W 89c 

Citicorp lflpc 1993 92 

Counanlds 9Jpc 1989 89! 

ECS 9JP-: 1BS9 9U 

EIB 9Ipc 1988 964 

ELB 9-2pc 1962 93 

rinancc lor Ind. Sipc 1387 965 

Finance for Ind. 19pc US9 934 

F irons Iflipc 1SS7 Ml 

easterner llpc I99S MJ 

1NA lOpc 1938 62 

Rawniree -.OJpc 1988 89) 

Sears !0|pc 1988 « 

ToiEl Oil Bjpc 1934 - S&i 


9K DM BONDS 

(C4 Asian Dev. Basic Sipc 1BSS 

954 BNDE 6IPC lSS« 

Canada 42 pc I9S3 

Don Norake Id. Bk. 6 dc SD , 

Deutsche Bank 4toc 1983 „ . 

ECS" 54 pc I960 

SJ EIB 54 pc 1990 

Elf Avaridne Sipc IMS 
95i . Euralora SHk U®7 — ~- 

W* Finland 3toc 19S« J.: 

"■* Forwnarks SIpc 1990 

ft; Mexico SPC T9S3 • 

Norcenr 5Jpc 1399 — 

£•1 Norway 45pc 1983 

Ws t Norway <fpc 1583 ............ 

93 PK Banlten Sipc 1989 

90S Pro*. Quebec Spc ISM - 

92 RautaraiiHd 3fc>c “3S 

90J Spain Spc 1988 — 


FLOATING RATE NOTES 

Bank of Tokyo igs4 Sipc ... dp 

■Ml BFCB19S4«pc Mi 

19M 31 “P' — - i«>; 

m BQE Wormfc IWi Spc .. .. ns 

« cc? 1985 sipc . ».-» 

w Chase Manhanan 19M 931 

oT. creditarunait I9S4 Sipc 09 

-ffl ®uc tol 

C.EB 1981- GLkpc 

' m ' i T J , *L. Wc 5 mlas,p r IW4 Spc St 

*“ Linyds I9SJ SUikdc inns 

96 LTCB 1683 8pc Ml 

97i Midland Inr. FS '57 S6|fipc 075 
|7. llWUmd HU. FS 'ttl 97, 6 pc &i* 
?-T B’e'ttm/rrstr. VO 9S u, pc 09 

ORB 29S3 7 -Spc 

■97 sncp UBS XI 

Mi stand and CbM. ’U sjpc M 


Source: White Weld Securities. 


TMs avmmcementj^ of record. 


$13,000,000 


Voiro Spc 19S7 March 93i 

NOTES 


rttTTrr. 

SAINT- COBAIN - PONT-A- MOUSSON 


Tor further information, write to : The Director oF External Relations, 

Compaanie de Sarnt-Gobain-Pont-a-Mous30n.54 Avenue Hoche, 75365 Paris. Cedex 08. 




f' 


Australia 7Spe 19S4 93{ 

BeD Canada Ti’pe I9S7 . ... 96 

Br. Columbia Hyd. Tipc "S5 93i 

Can. Part. Six 1984 67* 

Dow Chemical Spc 1986 — 99* 

ECS 7> pe 3982 94* 

ECS SlPC 19SS 933 

EEC 74 PC 1957 954 

EEC 7Jpe 1984 _.. 94 

Ease Gucartt Sipc 16S4 ...— 96 

Coiaverkcc TJpc 1982 944 

Kocknnis Spc 1*0 .. - 99} 

lllehclin S*pc 1983 98> 

HonircaJ Crban 8!pC 1991 99 

Xe-.r Brunswick Spc 19S4 . 991 

New Brum. Pro*. 8h»c 'M 994 
Xcw Zealand 9tpc i98« ... 95* 

Nordic lnu. Bk. Tipc 1984 93* 

Norsk Hydro 7»pe 19S2 9ii 

Norway 7inc 1982 941 

! Omario Hydro Spc 1987 ... 131 

i Singer 81 PC 19S2 B» 

S. ot acot. Sec. 8lpc 1991 9 91 
\ Sweden iK'dwm 7*« 19S2 941 

, Swedltth State Co. 7ti>c "82 954 


CGR Medical Corporation 

A’ldtojlFowneflAuhaidUrar of 

Compagme Generate de Radiologic 
Senior Notes due 1934-1993 


The frltiienUeoffba above Netea \yiu aegotJatoi 
by the ndenigbed. 


Dillon, Read & Co. Inc. 


July 20, 1978 




tlH- s 
„ f u ** 


Three new D-Mark denominated issues 


BY MARY CAHPBEa 

THE D-MARK sector has been bank, offering 5) per cent for had to resort to indtetiing an 
falling significantly for the past seven years (bullet) via offering price as low as 9S on the 
couple of lays, with foreigners Bayerische Vereinsbank, add two lO^year World Bank i®ue. 
reDorted as heavy setiers, tranches of DM 200m each for The German Bundesbank was 
particularly of domestic German the World Bank, offering 5J- per in the .market to buy same 
bonds for the first time. The cent at 99i for six years . (bullet) DM. 250m worth of domestic 
dollar sector by contrast is hold- and 6 per cent for 10 years paper, both bn. .Tuesday, and 
ins up well. (bullet) at 9S. Deutsche Bank is yesterday. 

Three new issues have been lead manager. " ... Jlhe. issue.. for-Tokyu. Cars. was 

launched in the D-Mark sector. The terms of the ETB place- yesterday priced at par. The 
all three for multinational ment were agreed early, last final terms include- a conversion 
institutions which are not «-eek, and this accounts for the price for the shares of Y460 and 
officially part of the calendar of big yield disparity between it a premium of 9.52 per cent over 
foreign bond issues. and the World Bank’s issue. Tuesday closing pncc.ot r-E-0 

They are a DM 75m placement Issue managers of foreign bonds for the shares in Tokyo, 
for the European Investment are more or less restricted to In- the dollar sector, trends are 

Bank offering 6 per cent at 99} coupons of not more than 6 per more or less unchanged, with 


1977 

s 

249.3fh 

20.6m 

0.62 


,441.1m 
34.5 m 
1.05 


1977 

827.9m 

37.5m 

2.0S 








Financial Times Thursday July 20 197S 



financial and company news 


'Stic 


Belgian airline goes 
deeper into the red 


Investment 
curtailed 
at Norsk 
Hydro 


Commissioner for Italian industry 


»r giues Merritt • ■ # TJ l7 J« A 

••• BRUSSELS. July 19. XjLYOrO 

SABENA Bel " • •- J •» 

airline, has released^rovtrioJlS of x. I £ rtin * consultants McKinsey in a special J By Fay Gjester 

1977 figures showioV ftiSS re P°«- has been championed as OSLO, July 19 

serious losses. Together with its 1977 being the only feasible way in j NORSK HYDRO, Norway's 

per cent government - owtiph £*; .airline bas an- which Sabena's heavy operating; largest industrial concern, is 

carrier ha* f5l*d^£^7S2 ^ ? “£**■■• up a e °K C0l ! Id be reduced - • | 10 stop hiring stuff during the 

profit since 107,,-, i! *2* ? ve :>* ar P'an tor further restnic- The plan , faces a number of coming 12 months and to post- 

balance-fhcet hart ««««£ fc 1976 S 1111 ^? ^ streamlining. Precise practical difficulties, but the i poue a number of planned 

imnroveinpm <.»!!< r *u 0r ^ e ^ 30010 details of the plan .which could chief stumbling block has been, investments, as part of an 

. . . iDU -Ule company ’involve pxrli- r»ft nnrlin/>ir.>- OCDOsitinn amnnp ’Rploinm’c 1 Intorn.l Antnamv ririra' 


(o stop hiring staff during the 
coming 12 months and to posl- 


u ™ “ e company -involve earW 
th?t hPPlPfi to consolidate among Sabena's 
that trend during 1977. eider* workforce 


Sabena s deficit for last year 10.000. are to be revealed in J 1 ? 00 } 1 


redundancies opposition among Belgium's I 
increasinglv French-speaking Walloon popu- [ 
of almost latit >n to a merger in which the 


totals BFr2.2bii ($67m) and thus September. ■ • ’ ’ "" would dominate. . I. steeply rising costs, both within 

marks a return to the level of Thar rh*> a iriin» i* ■ A ' though 1977 saw. an increase Norway and in Its North Sea 

losses it had la 1975 wbrnTthe for^rSf.^t.n^^ohi^c m . Sabena's passenger traffic, engagements. ' and difficult 

-deficit was Fr * 4hr. ' rn *2 P ro “^ blll ty as wnich rose 4.8 per cent in con- market conditions. 

-.4bn. - stand, however, is trast to the previous year, when la addition, anticipated eam- 

m iS? 6 amounted J ,1^® ■ the con ' 11 dropped. by 3.4 per. cent, it Jngs from u* stakes in North 

to Fr 1.4hn. the.Sabena manage- J s l Ue of v a n ? erger wa& not able to mount an effec- Sea oil and gas fields are 

menr -ui. *>-- *»-•-- , ^ ab fS- a ,-, toe larger five attack on operating costs.! coming through later than 

h^M'» alrIin ® K f^n* aDd Luacem- Total revenues in 1977 were foreseen, due to development 
Lu'xafr HOU-IATA earner BFrs lS-99bn. but costs reached hold-ups- Norsk Hydro has 
\\*r, Fr 20b7bn - 10 197B - ^ com - shares in both of Norway’s 

TT,^TrtLrt “ erser Plan. recoru- parable figures were Fr 17.Sbn pvodnrtnx fields. Frigg and 

mended two years ago by the and 19.2 bn. Eknfi^T * 

: ; : - _ A Hydro spokesman, Jon 

MEDIUM-TERM CREDITS 

--- T m m employees were being asked to 

Uruguay raising $100m 

■ w. . cd ~r expected for the operating year 

BY FRANCIS GHIL££ 197930, but In the meantime 

mmrnAu.o . ** belt-tightening " was needed. 

URUGUAY S Central Bank is The state Portuguese elec- On two occasions earlier this 
raising $100m for 10 years, with tricity company is raising SlOm year. Hydro has announced 
four years grace on h spread for six years with three and a ! that It was shelving plans for 
throughout of 11 per cent. Lead half years grace on a spread; major industrial projects 


internal economy drive: 

Id a statement issued today 
Ibe company explained that it 
was being squeezed between 
steeply rising costs, both within 


difficult 


tionafe 


menr. together with the Belgian toe larger tive attack on operating costs. 

Government, hoped that the air- and Luacem- Total revenues in 1977 were 

line would be able to return to i S noa-IATA earner BFrs lS-99bn. but costs reached 
nrnfit iqto 4 10 LUXair. - Fr rtThn In 1 Q 7 R tha 


profit by 1979. 
It is now 


- i-uxair. - - Fr 20.67bn. In 1976. the com- 

apparent that m !fL “ er * er p,an - F c0 £- P arab <e figures were Fr lTfibn 
apparent mat mended two years ago by the and 19J3bn. 


EOE starting 
new series 


B Y pOMINICK J. COYLE ' 

A SALVAGE plan 'for Italy’s 
ailing chemicals industry, 
promised repeatedly • by 
Mlnisters over the past year or 
more, is once again bogged 
down, this time because the 
minority Christian Democrat 
(DC) Government of Sig. GiuJio 
Andreotti, has failed so far to 
win support for its proposals 
from- the main political parties 

supporting it in parliament 
Definitive decisions were 

promised finally for last night 
but the Cabinet merely settled 
on principles and, in effect, told 
I Mr. Carlo Donat Cattio. the 
] Industry Minister, to go and sell 
i his proposals to the political 
: forces,' including the Com- 
munists, and also to the trade 
unions. 

Meanwhile, the losses of the 
main chemicals groups continue 
to mount notably at Montedison. 
Liquichimlca. which reported a 
1977 loss of S22.5m, ANIC and 
SIR.' Moreover the sudden 


arrest on alleged corruption 
charges of some executives of 
Liquigas, the Liquichimiea 
parent has complicated further 
an already complex situation. 

The arrests, including that of 
Sig. Raffaele Ursini. on the 
initiative of the regional authori- 
ties is Calabria, at a time when 
the Industry Minister was press- 
ing for speedy Government 

action to save jobs in the 
chemicals sector, prompted an 
obviously frustrated Mr. Donat 
Cattin to declare that there 
appeared to be two governments 
running Italy. Clearly the 
arrests on allegations of tbe 
illegal use of public funds, which 
have been denied by the 
accused, came as a surprise to 
the Cabinet. 

Clarification of the situation 
will almost certainly cause 
the country's major banks 
and special credit institutions to 
hold off their cooperation in 
restructuring plans. However. 


the Government now appears to 
have reached a measure of broad 
agreement on the best method 
for dealing with major groups 
facing possible bankruptcy, and 
Dot necessarily limited to the 
particular and currently pressing 
difficulties of the chemicals 
sector. 

The concept involves the crea- 
tion of a special commissioner 
(indeed presumably a number of 
such Overlords) who would, in 
effect take independent control 
•of financially troubled companies 
and evaluate thsir long term 
prospects. Such a commissioner 
would co-ordinate some, at least, 
of the operative functions of a 
number of Ministries assisting 
Industry, including the -Treasury, 
tbe Budget Office and Industry. 

His appointment, as envisaged 
by the outline programme dis- 
cussed by Ministers last night 
with particular reference to the 
chemicals sector, would follow 
only after a company had made a 


MEDIUM-TERM CREDITS 


ne 'LSiS ,,, „ Uruguay raising $ 100 m 

THE European Options BY FRANCIS GHIL£S 

Exchange s July options series • i 

witi expire after trading on URUGUAY'S Central Bank is The state Portuguese elec- 
Friday. A new April series for SlOOm for 10 years, with tricity company is raising SlOm 

17 of the 24 stocks traded will tour years grace on h spread for six years with three and a 
start on July 24. • throughout of H per cent.. Lead half years grace on a spread 


Norway calls meeting on Volvo! 


BY OUR OWN CORRESPONDENT 


mi ?■%»*?/,,? * 


The April series for KLM will manager is Citibank and other throughout of 14 per cent Tbe becan 
not be introduced until July 28 banks included In the manage- loan is being arranged by world 
and exercise prices for KLM ment group are Eulabank,. Lloyds Kre diet bank Luxembourgeoise, One 
series will be announced next Bank International and Bank of and the borrower has not pro- magm 
week. At the same time the three Tokyo. This loan will -be syndi- vided any specific guarantee. weste 
UK ' options — BP, General cated among a small group of - United Arab Really Company, has la 
Electric and ICI — and three of banks (about 12), in. contrast to in Egypt- is -raising -$12m- for trial 
tbe US options, Boeing, the orivntely placed $45m loan- five -years bn a spread of 1} per was 
Occidental Petroleum and for tbe Uruguayan state oil com- cent throughout This loan.' which sraelh 
Schlumberger, have. . August/ pany, AN CAP arranged a few is guaranteed by the parent com- .north 
November/February series and' months ago. pany ' in Kuwait is being ' an a 

are not affected by the July The proceeds of the latest loan arranged •• bv • • three - joint j plant 
expiry and April introduction. sm» Mrmark-Prt r nr the-- financing managers: Arab African Inter- 1 
Reuter l 


because of high costs and poor 
world demand. 

One concerned a projected 
magnesium plant at Mongstad. 
western Norway, where Hydro 
has land car-marked for indus- 
trial development; .The other 
was for a new aluminium 
smelter at Glomfjord. in 
northern Norway: where it has 
an ammonia and fertiliser 


Olivetti sales rise 


are earmarked Cor the -financing .managers: Arab African inter- j — 

of the El Palmar hydroelectric national Bank, Banque d’lndosliez . p • rac k —,11c 
project and Arab International Bank. i r f*ns C3Sn cans 

The ANCAP loan, which was Fort Quaslm ' Authority,' in DEMANDS for loans of more 
co-led by Bank of America and Pakistan., is raising S6m on aj than FFrs lbn ($215m) will 


NORWAY'S MINISTRY of 
Industry bas Invited some 30 to 
! 50 industrialists. financial 
I experts and economists to an 
“ Informative meeting - on 
August 6 about the Norwegian 
Government’s cars-for-oil deal 
with Volvo, of Sweden. Invfta- 
j tions were marked “ Confiden- 
tial.'-, but news of tbe planned 
I gathering leaked to the Press 
[ and Ministry of Industry spokes- 
,nwn ,hp*c now confirmed the 

| spokesmen said that the 

; Industry Minister, Mr. Olav 
j Haukvik, would be tbe first 
speaker at the meeting, which 
would probably also be attended 


by Finance Minister Per Kleppe 
and Oil and Energy Minister 
Bjartmar Gjerde— possibly other 
Ministers as well. No politicians 
other than Government Ministers 
would attend. This means that 
opposition politicians who have 
criticised the deal win not be 
present. 

The spokesmen were unwilling 
to give further details about the 
arrangements and admitted that 
it had been intended to keep 
the meeting confidential. 

Meanwhile, a recent poll by 
an Oslo business magazine indi- 
cates little interest among 
investors for tbe planned sale of 
shares in the new Norwegian- 


l NCR EASES IN sales for the Manufacturers Hanover Trust, spread believed to be ovgr 2 per ! be made on the Paris bond 
first half of -this year are an- was for seven years and carried a cent Other conditions attached market over the next week or 
nounced by Olivetti, the Italian spread of lj per cent over Libor, to this loan, which carries a state ! so. writes our financial staff, 
business machines group,- reports ^t the end of last year, guarantee and which- Is being j Sle Generate will raise 
AP-DJ. Uruguay’s total hard currency arranged by Amex Bank, are not FFrs 500m through a 15-year 

p sales debt. Including : '.'non-state Vc' known. '■ ' • ■ issue at par. Coupon .will be 


Little change at Voith 


OSLO.. July 19. 

Swedish Volvo company. The 
magazine. Hkonomisk Rapport, 
said it had asked a sample group 
of 100 “ business leaders " 

whether they would consider 
buying the shares. Only four 
said yes. and comments made by 
tbe others indicated that it 
would not be possible to 
“sugar" tbe issue enough to 
sell many. 

The magazine also asked the 
group whether the huge amounts 
of money involved could have 
been better spent within Nor- 
way. Eighty per cent replied 
that it would have been more 
sensible to use the money to 
provide direct support to viable 
Norwegian industry, for in- 
stance by offering incentives for 
the establishment of new 
activities. 


ROME, July 19. 

formal application for bank- 
ruptcy. but his appointment 
would then u freeze " the applica- 
tion for as long as one year. 

The task of both co-ordinating 
the commissioner's activities and 
monitoring performance would 
be subject to both ministerial 
and legal controls, with pro- 
; visions for special represents- 
, tions by creditors. 

Some of the opposition parties, 
and also the trade unions and 
many of the companies facing 
financial difficulties, are inclined 
- to see the government's proposals 
as being more structural than 
financial. 

They argue that adequate 
mechanisms for assisting ailing 
companies, including the 
chemicals sector, already exist, 
and that what is lacking is a con- 
certed reconstruction and re- 
newal programme, together with 
the commitment of government 
funds to implement ir 

Bank Leu in . 

! New York 

By John Wicks 

ZURICH. July 19. 
THE Zurich-based Bank Leu AG. 
smallest of Switzerland's “Big 
Five '* commercial banks, has 
opened a representative office in 
New York. Bank Leu, which 
already bas a holding in Euro- 
partners Securities Corporation 
of New York, took this step to 
improve and strengthen its busi- 
ness links with the U.S. and 
Canada. 

Meanwhile, it is reported that 
turnover on the Zurich Stock 
Exchange fell by 12.1 per cent 
over the first half of this year 
j compared with the correspond- 
ing six months of 1977 to 
iSw.Frs. 50.9b n. In June alone, 
turnover was lower by almost 
! 20 per cent, at Svv.Frs. 7.75hn. 
| The number of bargains regis- 
tered in the first half was down 
to 123,253, as against 141,130' in 
January-June 1977. 


For the half-year group 


including" . non-state . 


were 14-8 per cent higher at lire guaranteed , loans amounted to Farther east, ' Thailand’s 10.8 per cent and redemption 
MS.Sbn, while orders rose by SI 3bn, up by SlS5m. on' December Ministry of Finance is raising will.be in equal annual series 

• A A - - ” *'■ - CaRm Ja. .-.Ink* 4 IkAn r «ko fthniTr 111 a 


19.S per cen-t. 


1 1976' figures. 


The Nippon Credit Bank, Ltd. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit : ; . 

Maturity date: 23 October; 1979 


SSOra for eight years with thrte 
years grace and a spread* of 1 per! 
cent throughout. Morgan 
Guaranty Trust is arranging this 
loan. 


throughout the bond’s life. 

Other borrowers Include the 
property tearing firm Loeahail 
and Ste des Autoroutes Paris- 
Rhin-Rhone. 





U.S. $125,000,000 
Midland International Financial 
Services B.V. 

f Incorporated with limited fobitity in the Netherlands ) 

Guaranteed Floating Rate Notes 1993 

Guaranteed on a subordinated basis as to payment of principal 
and interest b* - 


Midland Bank Limited 

For the six months from 
20th J uly, 1 978 to 22nd January. 1 979 
the notes will carry an interest rate of 9^% par annum. 
The interest payable on the relevant interest payment'date, 

- 22nd January, '1 979, against coupon No. 1 
will be U.S. $48-76 per U.S. &1 .000 note. 

Principal Paying Agent 
'European -American Bank 8c Trust Company, 

1 0 Hanover Square. New York, N.Y. 1 0005 U.SA. 

•Agent Saak: Morgan guaranty Trust Company ol New York, London 


This advertisement is issued in compliance with the requirements of the Council of The Stock Exchange. 
It doe s not constitute an Invitation to the public to subscribe for or purchase any securities. 


BY OUR FINANCIAL STAFF 

THE WEST GERMAN private 
company Voith Group, which 
manufactures machinery for the 
paper, transmissions and asso- 
ciated industries, made after-tax 
trading surplus of - DM 19m 
i (S9-2m) tor 1976-77, compared 
with DM 18.7m the previous year. 
! Domestic turnover rose to 
[DM 667m. and worldwide tum- 
. over to DM lbn ($4S5m). Some 
66 per cent of production was 
for, markets outside German}- — 
6 per cent more than in the pre- 
vious- year.- 

Competition in tbe paper 
machinery construction field was 
particularly keen, and price dif- 
ferentials were emphasised by 
the fact that Voith’s main Euro- 
pean competitors are in coun- 


tries such as Finland, Italy and 
the UK. where lower wages -are 
paid and where government sup- 
port is available. 

Group activities in the water 
turbine sector have received a 
recent boost through its partner- 
ship in the European-Brazilian 
Consortium, which has received 
a letter of Intent for 18 units for 
the largest hydro-electric power 
station in the world— ltaipu in 
Brazil. 

Among other sectors, demand 
for transmissions has increased, 
particularly from foreign rail 
companies, and the relatively 
new plastics processing 
machinery section has reached 
its initial turnover target of 
DM 40m. 


Adela Investment Company S.A. 

$25,000,000 Floating Rate Notes 1983 

Notice is given pursuant to Condition 4 (e) of the Terms and 
Conditions of the above-mentioned Notes that the Rate of 
interest fas therein defined) for the Interest Period from 
July 11. 1978 to January 11. 1979 is at the annual rate of 
10 7 i»%. The UJ>. Dollar amount to which the holders of 
Coupon No. 6 will be entitled on duly presenting the same 
for payment will be S53.3472 subject to .such amendments 
thereto (or appropriate alternative arrangements by of adjust^ 
ment) which we may make without further notice, in tbe 
event of an extension or shortening the above-mentioned 
Interest Period (f). 

BANK OF AMERICA 
New York 

July; 197S ( Principal Paying Agent ) 


In accordance with' the provisions of the Certificates 
of Deposit notice is hereby itiven that for the three 
month interest period from 20’July 197S to 
20 October 1 97 S the Certificates will carry an 
Interest Rate of per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 
London 








DJrUl (S* 




Sociedade de Investimento 
Decreto-Aei No. 1401 

fa Company Incorporated with limited liability underjfta laws of the Federative Republic of Brazil) 


The Saudi British Bank 


Established 1978 


Placing of 25,400 Depositary Shares 
(Second Series) at an issue price of US$106 each 


The Depositary Shares (Second Series) are represented by International Depositary Receipts Issued by 
Morgan Guaranty Trust Company of New York, Avenue des Arts 35. Brussels r B-1040, Belgium. 

The Shares of CrSI each of the Company issued pursuant to the Placing and the Depositary Shares (Sec- 
ond Series) relating thereto have been admitted to the Official List by the Council'of The Stock Exchange 
in London. Following agreement with the Council of The' Stock- Exchange in connection with this Issue, no 
pre-emptive rights now exist and Issues for cash of equity capital, or securities convertible into, equity 
capital, other than to existing holders pro-rata to their holdings, will not be made on terms likely signifi- 
cantly to detract from the value of the interest of such holders. 

Particulars relating to the Company and the Depositary Shares (Second Series) are available in the Extel 
Statistical Service and may be obtained during normal business hours on any weekday (Saturdays ex- 
cepted) up to and including 3rd’ August 1978 from:— ■- 


4,1 


James Capel & Co. 

Winchester House, 

• 100 Qkt Broatf Street,. 
London EG2N 1 BQ. 


20th July. 1978' . 


Jeddah-Riyadh-Alkhd^ar-Dammam 

FOBwxHN PO Box 2907 POBm 35. DtahrmAirron 

A commercial bank owned 60% by the Saudi public 
and 40% by The British Bank of the Middle East, 
a member ofThe Hongkong Bank Group. 

Head Office: PO Box 109; Jeddah, telex 401051 SJ. 


. 




30 


FinandsJ' Times Thursday My 20 1978 


INTL. FINANCIAL AND COMPANY NEWS 


Profits up 
at New 
Zealand 
Insurance 


Toshiba suffers 34% fall 
in half-year net income 


TOSHIBA, the major Japanese 
electric appliance and machinery 
concern, suffered a fall of 34 
per cent in net consolidated pro- 
fit for the fiscal year to March 
3L Net income declined to 
Y&SSbo (SI 1.6m). from Y3.57bn 
■ in the previous year. 

Consolidated sales, however, 
rose by 9 per cent to YL50 tril- 
lion (million million), equiva- 
lent to ;7.4bn, from Y1.38 trillion. 

For the current year, Toshiba 
expects consolidated sales to in- 
crease about 10 per cent. But 
it makes no firm prediction on 
net profit— though it stresses 
that its efforts are aimed at im- 
proving- on the Y236bn of 1977- 
197S. 


Sales of home elcetrical 
apparatus last year were 
unchanged, at Y575L52bn. bat 
those of heavy electricals were 
up 31 ocr cent to Y410.09bn, 
from Y3l3.26bn. 

Sales of telecommunications 
and electronics products gained 
3 per cent, to Y326.6bn, from 
Y317.9bn. 

Exports on the consolidated 
basis were Y3ll.52l>a— up 24 per 
cent from the 25l.l0bn a year 
earlier. There are 34 consoli- 
dated subsidiaries. 

Mr. Yoshifumi Kumagai. the 
president of Sumitomo Metal 
Industries said in Tokyo that 


TOKYO, July 19 

the company is considering 
Increasing its dividend to some 
extent for the current business 
year ending next March from Y3 
per share of the preceding year. 

Mr. kumagai did not disclose 
a specific figure, but said the 
plan followed a recovery of the 
steel market. 

He said production cuts and 
higher orders from government 
and municipal agencies helped 
the company complete inven- 
tory adjustment and bring about 
an upturn in earnings. Higher 
export prices caused by the yen’s 
appreciation also contributed to 
the recovery. 

Agencies 


Positive indications for CSR 


BY JAMES FORTH 

THE PROFIT potential of CSR's 
considerable investments in 
recent years would not be fully 
reflected until reasonable and 
sustained economic growth rates 
returned and commodity prices 
improved, Sir James Vernon, tbe 
'chairman, told shareholders at 
the annual meeting here today. 

Sir James said that as a pro- 
ducer of raw materials for in- 
dustry, of rural products and of 
building and construction 
-materials, the group's fortunes 
would be much influenced by 
tbe pace 3nd tbe extent of 
recovery in Australian and world 
economic activity and in inter- 
national trade. The outlook for 
a- slower growth rale in tbe 
Japanese steel industry made the 
development of markets In other 
countries increasingly important 
for CSR’s iron ore and coal in- 
terests, and some progress had 
been made in this regard. 

Despite tbe disappointing 
trend of building activity, there 
were a few signs that domestic 


demand and economic growth 
might be picking up. Neverthe- 
less, both internationally and in 
Australia, economic conditions 
were still far short of buoyant. 
Sir James added that there were 
a number of positive indications 
in respect of the current year: 
the domestic price of refined 
sugar had been increased: there 
would be a full year’s profit con- 
tribution from the coal and 
natural gas group, AAR; iron ore 
sales tonnages were expected to 
be at least as high as in tbe 
previous year; and there was 
evidence of reductions in the 
rate of cost increases in some 
areas of the company’s activi- 
ties. 

Prospects for the production of 
wool, meat and grain had 
improved and cattle prices had 
strengthened substantially fol- 
lowing tbe announcement of 
improved opportunities to sell 
beef to the U.S. 

A surplus of sugar on world 
markets was exerting downward 
pressure on prices, which 


SYDNEY, July 19. 

remained at about 7 U.S. cents 
a pound compared with tbe 
objective of the new Inter- 
national Sngar Agreement (ISA) 
that prices be brougbt within a 
range of 11 to 21 U.S. cents a 
pound- Delay in ratification of 
the ISA by the U.S. had also 
tended to dampen market 
expectations. 

Sir James also announced a 
letter of intent for CSR’s sub- 
sidiary. Buchanan Borehole 
Collieries to supply Kyushu 
Electric Power Company, of 
Japan, with 7.5m tonnes of steam- 
ing coal over 25 years, starting 
In early 19S3. At present prices 
for steaming coal, the contract 
would have a value of about 
A$190m. 

It is the fourth letter of intent 
announced with Kyushu recently. 
Oak bridge has agreed to supply 
1.8m tonnes over nine years. 
Coal and Allied Industries 2m 
tonnes over 10 years, and White 
Industries 4m tonnes over 30 
years. All the contracts are 
due to start in 19S3. 


Terms reported for Sime S$475m loan 


BY OUR FINANCIAL STAFF 

THE eight-year SS475m syndica- 
ted loan for Sime Derby Hold- 
ings' wholly owned subsidiary 
Malaysian Oriental Holdings is 
divided into 250m ringgits and 
SS225m. according to banking 
sources in Kuala Lumpar. 

Tbe $l50m floating rate, part 
of the Singapore dollar portion 
is said to have been over- 
subscribed and to carry interest 
at i per cent above the Singa- 
pore prime rate, currently 7 per 
cent, for the first three years and 
ai J per cent above for the 
remaining five. 

Interest on tbe S.S75m fixed 
rate tranche is put at S.375 per 
cent, as is that on the 75m 
ringgits Malaysian portion. 

The remaining 175m rinsgits 
portion carries interest at 2 per 


cent above Malaysian prime, 
currently 7§ per cent, for the 
first six years and at i per cent 
above for the remaining two. 

The proceeds, it is understood, 
will enable Malaysian Oriental to 
purchase 277.4m Consolidated 
Plantation shares and 25m 
Kempas Bhd shares from Sime 
and its subsidiary Seafield 
Amalgamated Rubber. 

Sime earlier said S$75m of 
loan proceeds will be used to 
repay its 10 per cent unsecured 
loan slock maturing this year. 

The share purchase will enable 
the Sime group to rationalise its 
cross-holdings, and may also be 
based on tax considerations, the 
banking sources suggest. 

But they point out there is still 
no full indication as to what end 




Weekly net asset value 
on July 17, 1978 

Tokyo Pacific Holdings N.V. 

U.S. $61.22 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $44.60 

Listed on the Amsterdam Stock Exchange 

InfonTMiion: Pionon. Heidnng A Pierson N.V. Harengracht 214, Amsterdam 



VONTOBEL EUROBOND INDICES 



PRICE INDEX 

II 7.78 

14J.7S 
IB 7.7B 

= 100% 

AVERAGE YIELD 

11.7.78 

IB. 7. 78 

DM Bond» 

106.01 

105.44 

DM Borah 

6.491 

6.582 

HFL Bon0$ 5 Noccs 103.76 

103.81 

HFL Bonds A Nowj 

7.559 

7.592 

U.S. S Sere. Bondt 

99.77 

*8.73 

U.S. $ Srrt Somh 

8+57 

8.96) 

On. *Do<Ur Bondi 

9 a 90 

100.00 

Can. -Dollar Bonds 

9.318 

9.291 


purpose the loan proceeds will 
be put. There has been persistent 
stock market speculation that 
Sime is planning a major cor- 
porate acquisition. though 
sources closet o Sime have dis- 
counted rumours of a bid for 
Guthrie or Harrisons and Cros- 
field. These two companies and 
Dunlop Holdings have denied 
receiving any approach from 
Sime. 

Sime said last week that the 
redemption of 75m ringgits of 
loan stock apart, one specific 
area in which the funds would 
be employed was property 
development. It has said that 
there is no announcement of 
importance pending. 

Rights issue by 
Faber Merlin 

By Wong Sulong 
KUALA LUMPUR. July 19. 
FABER MERLIN Malaysia, the 
hotel and property group, is 
making a one-for-10 rigths issue, 
to raise cash to reduce tbe 
burden of loan charges. 

If the rights issue is fully 
taken up, it will raise &53m 
ringgits (USS2Rm). to bring the 
issued capital to 71.79m ringgits. 
Part of the money raised would 
be used to repay sbort-tenu 
loans, and part for working 
capital. 

Id the financial year, ending 
Juno. 1977. interest charges on 
loans amounted to 537m ringgits, 
and this largely contributed to 
tbe group's operating loss of 
1.27m ringgits. 


By Our Own Correspondent 

SYDNEY, July 19. 
THE New Zealand Insurance 
Company plans a scrip issue for 
the second successive year, 
following a 19 per cent rise in 
profit, from NZ$7-Sm to NZS9.3m 
(U.S-SlO-Sm) in the year to May 
31. 

The' dividend is maintained at 
20 cents a share, but the final 
payment of 11 cents will be paid 
on capita] increased by last year’s 
one-for-six scrip issue. The new 
scrip issue is to be on a one-for- 
te n basis and the directors expect 
that the dividend will be main- 
tained on the higher capital, pro- 
vided that the underwriting 
results are not seriously affected 
by adverse conditions In any of 
the company’s major territories. 

Tbe directors said that tbe im- 
proving trend of tbe previous 
two years continued, although 
conditions in some territories still 
gave cause For concern. The life 
assurance premiums written rose 
by 13.4 per cent and nor-l:fe pre- 
miums by 6.3 per cent. Tbe 
modest increases in the net non- 
life premiums were associated 
with deliberately restricted 
growth in Australia and certain 
other territories. 

A short-term underwriting sur- 
plus of NZS 1.89m compared with 
NZ$1.4m in 1976:77, repre- 
sented 1.4 per cent of premiums 
written, compared with 1.1 per 
cent in the previous year. Invest- 
ment income rose 17.5 per cent 
to NZS8.79m. 

First half 
earnings rise 
for Amatil 

By Our Own Correspondent 

SYDNEY. July 19. 
AMATIL. the tobacco, food and 
packaging group, raised group 
earnings by 5.3 per cent from 
A $12. 7m to A$13.3m (U.S.$15.3m) 
in the six months to April 30. The 
earnings gain compares with a 
sales increase of 13.4 per cent to 
A$495m (U.S.S568m), The 

directors pointed our that if the 
results for the first half of 
1978-77 had been adjusted to re- 
flect increased company tax rates 
the group earnings would have 
been up by 115 per cent 
The directors said that the 
printing and packaging, snack 
foods and poultry divisions 
showed useful increases in earn- 
ings. They added that a large 
part of the profit increase was 
due to an improved result in the 
meat division. 

Profits of the other major 
major operating divisions — 
tobacco products and soft drinks 
—were slightly lower, in contrast 
with the first half of the previous 
year, when these activities were 
largely responsible for. a 74 per 
cent increase in earnings. 

The interim dividend is held at 
S cents a share. British- 
American Tobacco of the UK has 
a large shareholding in Amatil. 

IDB Bankbolding 

IDB Bankbolding Corporation, 


some l£650m (equivalent to some 
S37m) of new capital in Israel 
next month, AP-DJ reports from 
New York. A combined public 
offering of ordinary “A** shares 
and subordinated convertible 
capital notes of the bank and 
subordinated convertible capital 
notes of IDB Bankhoiding Is 
planned. 

The offering win include Israel 
Discount Bank ordinary “A" 
shares and 5 per cent subordi- 
nated convertible capital notes 
and IDB Bankbolding sub- 
ordinated convertible capital 
notes, series 6. 

AP-DJ 


This advancement «-r.pT.#s With the r^j'etior.s cf i*3 Council of Tho Stock Exchange. 
It decs not cc.'sa:-j;c an in-. rtaSon to &ubsmss for c t purchase any Notes. 



US$50,000,000 

Hapoalim International N.V. 

(Incorporated with limited liability in the Netherlands Antilles) 

Guaranteed Floating Rate Notes 1983 

Unconditionally and irrevocably guaranteed as to payment of principal and interest by 

Bank Hapoalim B.M. 

( Incorporated with limited liability in Israel) 

ISSUE PRICE 100 PER CENT. 

The following are the Managing Underwriters of the above Issue: 

N. .11. Rothschild & Sons limited 

Bank Hapoalim B.M. Hank iiir Gemeinivirfschaft 

AktiengeseUschalt 

Sample Rothschild Rothschild Bank AG 

The 5,000 Notes of $10,000 each constituting the above Issue have been admitted to the 
Official List of The Stock Exchange In London. 

Particulars of the Issuer, of the Guarantor and of the Notes are available in the Extsl Statistical Service and 
may be obtained during normal business hours on any weekday (Saturdays and public holidays excepted) 
up to and inCii-riing 3rd August, 1973 from tne Brokers to the Issue; 


Joseph Sebag & Co., * 
3 Queen Victoria Street, 
London, EC4N 8DX. 

20th July. 1 97S. 


Astaire & Co., 

117 Bishopsgate, 
London, EC2WI 3TD. 


Currency, Money and Gold Markets 


Pound firmer in 
thin trading 


Activity in yesterday’s foreign 
exchange market remained sub- 
dued in the wake of the Bonn 
summit Sterling improved in 
generally thin trading and was 
boosted farther in late London 
trading with good demand for 
sterling developing in New York. 
The pound opened at $1.8890-1 .8900 
and eased slightly during the 
morning to S2.SS60-1.8S70. This was 
still firmer than Tuesday's dosing 
level and its sharp rise came very 




Saara- Mnpgfiwmn 


FRENCH i-U 



ASOHOJ FMAMJJ 


near to the close of business 
where it finally finished at SL8045- 
L8955, a rise of 1.15c and its best 
dosing level since late March. 
Using Bank of England figures, 
its trade weighted index unproved 
to 62.2 from 62.0 having stood at 
62A at noon and 622 in the morn- 
ing. 

Despite some selling reported) 
out of Germany, sterling’s under- 
tone remained steady ahead of 
today’s money supply figures 
which are expected to show a 
downturn in monetary growth. 

Activity in the New York mar- 
ket pushed the dollar weaker, 
notably against the stronger cur- 
rencies. However, in thin and 
erratic trading, the pound gave up 
some cf its earlier gains to SLEOIO* 
1.8920. In the absence of any 
concrete short-term implications 
after the seven nation conference, 
the dollar lacked any real confi- 
dence and was further depressed 
by Japan's S2376bn June trade 
surplus. 

Tbe West German mark poshed 
further ahead to DM2.0595 from 
DM2 0670. white the Swiss fr-nc 
unproved in . dollar terms to 


SWFrL8120 against SwFrLS2875 
on Tuesday. The Japanese yen 
also gained at the dollar's expense 
to Y201.70 from Y2KL50. 

Using Morgan Guaranty figures 
at noon in New York, the dollars 
trade weighted average deprecia- 
tion widened to 7.8-per cent from 
7.5 per cent previously. 

FRANKFURT— The dollar was 
fixed at DM 2.0615 compared with 
DM 2.0651 at the previous fixing. 
Trading was extremely quiet with 
little. In the way of fresh factors 
to influence the market. Near the 
close of trading, the U.S. cur- 
rency stood at DM 2.0607 showing 
very little change. Against 22 
other currencies, the Bundesbank, 
trade-weighted mark revaluation 
index was unchanged at Z453. ' 

PARIS— In generally quiet trad- 
ing the dollar lost ground against 
most major currencies. A t th e 
dose it had slipped to FFr 4.58751 
From FFr 4.4637} in the morning 
and FFr 4.4690 late on Tuesday. 
Trading seemed to be influenced 
by market realisations that the 
implications of the Bonn summit 
were unlikely to have any short 
term effect. The Franc remained 
static while sterling eased from 
FFr S.4S on Tuesday to FFr S.4265. 

ZURICH — In very subdued trad- 
ing the doDar improved slightly. 
Tbe market seemed to be in some 
doubt as to exactly what should 
happen in tbe wake of the Bonn 
summit and most people were un- 
willing to commit themselves. At 
mid-morning the dollar was quoted 
at SwFr I-S215. 

MILAN — Following on the 
dollar's weak performance in 
Japan, the U.S. currency opened 
sharply lower against the lira. 
From Tuesday’s fixing of L848.7D. 
it fell to LS47 compared with 
LS49 in late trading on Tuesday. 

AMSTERDAM— The ■ dollar was 
quoted at F122265, slightly weaker 
than the previous fixing of 
F13L227D. In later trading it fell 
further to Fl2J22aa. 

TOKYO — The dollar finished 
above its worst levels but sun 
down from Tuesday at Y20L95 
from Y202.175 previously. At one 
point during the early part o[ 
the day it had touched Y202-M. 
The dollar’s weakness was mainly 
attributable . to Japan's sizeable 
June trade surplus and conditions 
remained generally unsettled. The 
volume oF business was moderate 
at S452m in spot turnover while 
combined forward anci_ swap 
trading accounted for $io3m. . 



Day's 


Job 19 

Spread 

Ctase 


THE POUND- SPOT 


July 19 


s 

% 


17,6.8 

Canadian jty 
Guilder 
Belgian Pr, 
Danish Hr, 
D-ltanc 

Port. Bat 
Sjiao. PTa.’ 

JSrwget, KrJ 
French Pi. 
Sired lab £r. 

im . , 

AtutwaSeb) 
tiwiaB Pr. 


74 

8 

4 

Bis! 


1I4| 

7 

' »4| 
7 

We! 

44 

1 


Day's . 

Spread j Ctaw 


j.iiBfl jjj 3 a 
[&7fShLH9S 

4.W4-U2* 

BIJtt-el.M 

n.a-ia.Ui 

f.88i-d.b7J 

.GJU-a&Zu 

146-50- 1400 
IA.7A 1.W6 
)lil-1Uf 
&4u-a.4fti 
oja-a-Bii 
-07B4t>8 . 
ttjKWMS 
fl. 42-5. 46 


J. MB-U9K 

4.2M52 
Gl.40-al.60 
10.Bl-lb.82 
ft.bft-a.B1 
6-5 C.d6.7Q 
146. 0-I4&&0 
1,80^.1.804* 
Iil 3<+ Iu26£ 
M4- jfa 

Ml- -62 
. SK-A4 
28.10-28 JO 
S.4J-4.44 


flAifraa rate la tor ctuwtrtflile francs. 
Ffaranda! mac 52.40JC-SD. . 


FORWARD AGAINST £ 


One mouth f Xp*.tairv» mooli* 


0-82-0-M<^ppi 

Oj’B-tLttc.pnj 
Ua-ISBbpa 
3MB u. pm 
Arep-Taoredli! 
5-5 om 
55-lffic-dle 
par- TOO c. di» 
par-2 lire dto 
H-iMdl) 
1*3 e. pm 
2JL-tarepm 
5&D-27H y.pm 

17-7 gm pm 
3-?c.pm 



U4fl Uft-.pmf 


BS-75c.pai 
orodif. 
ita-bir. i * 

1O»4f0C. 

50-160 i/.dK- 
g-b urn dir 
Ijeropm-idii 
»s*-r** v-pm 
■ ft* ore pm 

ka.n Htopm 
b« 3 -7ia c.p» 


Sv-«. 


8.86 
U1 
L6B 
bJffl 
- IJSS 

Hut 

Y-tn 

HUB 

'-1M 

t« 

U9 

n-2S 

9.31 


Six-mouth forward dollar Ufl£40c pm, 
12 -month UMJDc ma. 


THE DOLLAR-SPOT 


Canad'nS 4 
Guilder . 
7kdslafl.Fr 
Danish Kr 
D-Marfc 
Pb it.Es 
Ura 

Mrwsn- Kr 
French Ft ' 
Swedish Kr 
Yen 

Austria Scb 
Swiss Ft 

•UA 


22B0-2J2TO uao-uzro 

32JG32JD 3MW2S& 
540544335 54WSSA TW 
ZOStMMS 2JUDJLIU0 

— . < 16 VMS 4Q 

MU3-MU5 8464MAUS 
540544150 54U5*qn5 

4459544045 44OT5 44B0 

4547S4J530 0JS«54J4« 

2m.tfr4U.90 2014WUL75 

— 4JMB.14JM3S 
14X2544229 I BM VOi 
oms per Canadian S. 


forward against $ 


qw month 


?f - % 

iLa. Ttiros Btootk# iuk. 


flJBeroww -W3 

0J574J52C pm 

ft-7e I"" *« 

e,754.1flpf pm W? 

-S3* 

045445c pm — UR 

uMMa m : 
0.91447c pm ' 535 


PflHUBcjm 006 
145440c PA '2.42 
Z21-ZU J*m . 2-Mi 

44S 

yjOVUBMb /-MS 

135445c pm -149 
l*«4Cy P« Uft 
3JU-2.97cpm GuB 


CURRENCY RATES i CURRENCY MOVEMENTS 


My u 




U^. dollar 

Canadian dollar — 

Austrian s chdUa g — 

franc 

Danish kroner — — 

DeauKhp Mark 

Guilder- 

French franc 

Lira . 

Yen 


Special 

Drawing 

Rights^ 

"0460175" 

1345W 

140734 

U3237 


Nonregiaxi kroner 

Peseta 

Swedish kroner - 
Swiss franc 


741914 

237121 

2J7Z79 

536520 

-U5S.7G 

291.755 

G-TStBSK 

963062 

542072 

24MM 


E 

Unit of 
Account 

(L6fi*77 
145178 
140128 
184222 
487268 
f. 


2.7M2S 

531500' 

iy>* 


6.78667 

B.0OSO 


24em 


My 29 


BaakaP Keenan 

England Canraoty 

Index changes*; 


Stertins 


U.S. dollar 



Austrian schilling 13942 

Belgian franc — 

Danish krone 
Deutsche Mark - 
Swiss franc 

GuJMer 

French fratK 
Ura 


6240 -404 

•635 - T4 

-134 
4183 
10947 +223 

1X627 + S3 

14034 +354 

US44 +193. 
UM» +174 
U04Q - M 
.1 


Yen 34636 +4M 

Based on trade weighted chances from 
Washington agreement DKem&ar. 7PS7 
(Bank or England mdexssuni. 


OTHER MARKETS 


July 18 


Argentina Peso ' 

A usoaUa Dollar — 

n aland 3tas8fc*_~j 

dtazli Cruielro. — 

Cireecr Drachma.... 
Hone Kane DotlarJ 
Iran Rial — 

Kuwait DinarlKDV 

Lturamtioarg Prsnc! 
Ualayaia Oil tor — 
NewZailand Dollari 
^aiKl> Arabia Kfyai. 

-tkngarore Dollar... 
jOrthA f riCM RftnH 


1.908 1,912 

1.6463 1.65 1S| 

7-&S 7.97 
33.49 34-49 

6b 381 70.0091 

a780O-c^050 
I30-IA6 
0.6 11 0.081 
6} 40-61.60 

4 4600 4.47281 

141206 LBK5S1 

b.H J 6.95 
4 39 4.3650 

2-6350-1.6620 


796.78 797- 89* A uriria.. 


0.8719 0.8730 lleJgl inn .. 

4 -S0B5-4^ lOSlLkmnsark , 

17.67 lb. 20 I Prance 

36 OS * 6.94 Harmony 
4.6b 95 -t.6979 Italy.. 

68 60-/1.77 UnpMJ.-- , 

0.3697 ^474aMeihehajwC. — wj 
3 ..4a 32 47 Norms'. 

-.3640 <..3t6Qlt'nrCoftoi 

0.963 4-0.96571 ■si para. 

3 30 a.46 wWud. Zf 

ft.3i.45 ft.309^UntM tiutes. 

0.8628-0.87 iqYugtwlavla- - 


Xotw Rate 1 


2714-38+ 
61+ -65 
10.99- J0-70 
8.35-U.tO 
ABj-3.95 
158 J- 2610 
380390 
4.104.28 
10.16 10.30 
81-87 

1,439-1,466 
3.39-3:60 
1.88-89^ 
5436 : 


Rale slven dor Argentina la free rate. 


EXCHANGE CROSS-RATES 


July 19 


PmiDd Sterlinal C>. Dollar IDcutwheMartl Japanese Yrai 


found aterilnv 
L'.d. Dollar 


DeubcheMarfe 
Japanese Yen l JJCO 


Krenefa Franc 10 
dwto# Franc 


Dutch Guilder 
Italian Ura 1.0CX 


•.tonmitan Doilar 
•el-dan Pnne ICC- 


1. 

0.628 


1.895 

1. 


3.906 

2.1.61 


0-256 
2.61 1 


1.183 

0-292 


0.485 

4.948 


1. 

10.20 


0.237 

0.623 


0.470 

1.687 


3.243 

0.552 


4.621 
L J57 


0.450 

1.181 


0,9£6 

2.436 


0.890 
3.* 84 


1.834 

6.SS5 


583 JO 
2 u 2.1 


98.08 

iooa 


463.3 

111.5 


90 87 
238,8 


179 9 
6r3.3 


French Franc I 3wis» Fran . I Dutch Gulbtdi 


8.450 

4.459 


3.435 

L.813 


4.215 

2.224 


a. 164 
22.06 


ICL 

2.460 


2.006 

6J268 


0,880 

8.B69 


4.069 

. L, 


0.813 

2.142 


3.969 

13.75 


L613 

5.590 


I. 079 

II . 01 


4^88 

1.227 


1. 

2.628 


1.980 

6.bS9 


Italian Ura 


1604. 

846.4 


410.8 

4188 


1898 

467.0 


380-5 

10U0. 


753.4 

2610. 


Canada Dollar 


2.129 

1.1*3 


a 64 5 
5.650 


8.D20 

0.620 


0.505 

1.327 


3.485 


BeJgtau Fra na 


61.49 

32.43' 


13.74 

160.4 


72.72 

17.89 


14.58 

38.31 


28.86 

ltXJ. 


EUROCURRENCY INTEREST RATES^ 


; , LannduiD 

July 19 i Sterling 1 D-.-llar 

U.S. Dollar Dutch GnUder 

. Swisa Franc 

W. German 
Mark 

French Franc 

Italian Lira. 

Asian ft . 

JapanewYoa 

(Shim term : X.A. i 7i|-8q 

. 7 4a.ni nouee ^ X.A. j 7U-8t* 

\lmitb..,.- 11-11 >2 78a-8 

Three mouth.... IH 9 -IH 3 j 8 ie- 8*2 

Sts months ' Ills - 12 8aa-9 

Onwyrar- ! 18-lZSa J 

7»s-6 

7T 3 -ei 8 

71 S -7S 4 

WrW 

4VJ-45, 

458-4 7 B ' 

SIb-SJb 

57e61fr. 

61s 61* 

24-212 

24-24 

2-2 4 

84-24 

*6-3* ■ 

«■» 

34-368 

358-33* 

37®-4 

41^ U 

77,-8 
• 648^38 
Bra-9-rfs 
938-»5 s 

10G 104 
10JJ-114 

21-17 

114-184 . 
11-12 
111**84 
124-133-1 
134-144 

7fr*ris 

75*-74 

84-64 

9-94 

9i»-94 

249-34 
. 84-8Sa 
84-34 
34-34 
3r*-4rk 


The fnlltnrtng nominal rates were tjnoted tor London dollar certificates of denosit: One month *45*15 per cent: threa montbs &W-8L9B per cent; six months' 8MOJ80 
per cent; one year 9.00-9.10 par cent. , .... • • 

Lona-terra Eurodollar deposits: two years frSjs-9 7 M per cent; three years frfjs-frOjfi per cent; four years 9+92 per cent; five sears B9]6-fru M per cent. * Rates are 

nominal closing rates. - • . 

Short-term rates are caU for sterling, 05. dollars and Canadian dollars; two-da ys* notice far guilders and Swiss francs. Aslan rates are dosing rates in Singapore* 


INTERNATIONAL MONEY MARKET 

No Fed tightening yet 


There was no sign of further 
moves to tighten U.S. credit policy 
followinE the monthly meeting of 
the Federal open market com- 
mittee this week. Fears that the 
committee would indicate an 
increase in the target rate on 
federal funds were not realised, 
when the Federal Reserve 
announced late on Tuesday that it 
would make overnight repurchase 
agreements yesterday- In this way 
the Fed injects temporary 
liquidity into the banking system 
by buying securities from dealers 
for resale at a later date.' 

At the time of the anoun cement 
federal funds were trading at 
7 t 5 per cent, compared with the 
Fed target rate of 7| per cent. 

Although this may reflect 
official concern that higher 
interest rates could damage tbe 
economy, it may also simply 
indicate 'technical factors this 
week, and not point to any policy 
decision. ' 

Federal . funds rose sharply 
yesterday to around 9-9i per cent. 


but this was of little significance, 
since it was the weekly make-up 
day for banks, when rates tend to 
be rather volatile. The publication 
of money supply figures today will 
he watched with great interest, 
but following this week's action 
by the Fed, Treasury bill rates 
were easier. Rates for 13-week 
bills fell to 7.06 per cent from 
7.12 per cent yesterday, with 26- 
week bills reduced to 7:46 per cent 
from 7.49 per cent, and one-year 
bills to 7-77 per cent from 7M per 
cent 

BRUSSELS— Central bank dis- 
count and Lombard rates were 
unchanged at 5j per cent follow- 
ing yesterday's board meeting, 
while call funds in tbe money 
market rose slightly to 3.10 per 
cent from 3 per cent. The Belgian 
franc fell below its minirnmn 
permitted level against the 
Deutsche Mark within the Euro- 
pean currency snake again. 

Deposit rates for the Belgian 
franc (commercial) were 5f-52 
par cent against 54-5} per cent 


for one-month; 6-64 per cent un- 
changed for three-month; 65-6 j 
per cent unchanged for six-month; 
and 7}-7i per cent unchanged for 
12-month. 

PARISr-Day-to-day money con- 
tinued to:ease, -falling i per cent 
to 7) per cent. One-month was 
unchanged at 71-7J per cent, and 
three-month at 7^-7 J4 oer cent 
Six-month funds were quoted at 
Si per-cent, compared with Si'S} 
per cent previously, white 12- 
month money was unchanged- at 
83-8} per cent 


UK MONEY MARKET 


Unexpected assistance 


Bank of England Minimum. 
Lending Bate 20 per cent 
(since June 8, 1978) 
Day-to-day funds were expected 
I0.be in surplus in the London 
money market yesterday, and 
although conditions were geneo 
ally comfortable the authorities 
were called upon to give a small 
amount of assistance by lending 
money overnight at Minimum 
Lending Bate of ID per cent to 
one or two discount houses. 
Yesterday wax published figure 


LONDON MONEY RATES 


day for London- banks, and as 
such the banks were anxious to 
ensure that their -reserve asset 
positions were correct. This led 
to the comfortable situation, with 
money freely, offered ro the 
houses,, generally well in excess 
of their requirements. Interbank 
rates may bave touched 30 per 
cent in places, although houses 
paid only 7-8 per cent' for call 
money, which counts as a reserve 
assets. 

Banks brought forward surplus 
balances from Tuesday, and this 


AMSTERDAM — Call money was 
unchanged at 4HS per cent, 
while one-month funds eased to 
45-5 per cent from 5-5J per cent 
Three-month money rose .to Sf-6 
per cent from 5S-55 per cent and 
sis-month was unchanged at 6i-6jfr 
per cenV 

FRANKFURT— CaU money eased 
to 35 per cent .from 3J53 per cent, 
while period rates between one- 
month and six-month were un- 
changed. 


S185+I8B4 

SHS4-IU6 

ST8B.7G 

(£86-574) 

SI G .78 
ihoi) 

Opening 

MOrUtng frrhuig ■ 

Afurni»n fixing^.. 

Gold Colne — 
dmneottoaUy 

H 

<£1«!4-Wft6> 
SbGJt-GBfti 
Ifit +ft6«i 
SU4674 

*e 

New Soverelafr] — 

Old Sovereign*.. — 

520 BMrifi*.-. ..... 
310 ^sLe*. 

wim-wa) 

SH+6fti ’ 

(&U-38D 

SM+W6 

uaw-aaj, 

#**5-4774 

8138+ Hft* 

outweighed a small net take-up 

& Beftlee- — 

S984-M5* 


of revenue payments, to the 
Exchequer brer Government, dis- 
bursements, and a slight rise - in 
the note circulation. - 

Fixed- period Interest rates were 
generally -firmer yesterday, and 
some houses marked up buying 
rates for Treasury bills; very 
sharply, indicating their present 
dissatisfaction at the present yield 
on bills when compared with the 
cost of money. 


J Si«riu» 

July Iff i CerUfloue, 
1979 j-ef itepoftai 


Overnight- i 

2 day* notice.. 
7.«ta l yti op 
7 days notlec. 

One month 

moors..... 
Three months-! 
s't* monrbu .— 
Nine month*.. 

One year...,. •• 

Tvo yarn-.,. — j 


lOJs-ioie 

lOJj-lOZg 

10I«-10LQ 

IUM-10& 

IDVlOrt 

104-10« 


Interbank 


Local 

Authority 

drpatfta 


10-30 


11-1.1>4 

iOAlOij 
wat-tosa 
, 10-vlOrtf . 

| lUAB-ICll* j 

! iotj-ioa ; 

I lOrc-lOag 


10X3-11 . 

IO's-IOtj 
10 39- IO53 


970-10 

ia-iou 


Mfitrtiabb 

Donrffr 


10 li-lQ 
:ois-9sa 
9: 8 9l4 
979-913 
. 10lt-9i4 
lOtp.iOJel 10i4-9>8 
11-1H9’ ■— 


Fiaanco 

8oue« 

Depwita 

Cennuiy. 

Deposit* 

Dheonnt 
■ narluit 
-rieposft 

Treeran 
■ Bills « 

HWW» 

' Rant 
BilH 4 

- 

FhuTrade 

Bnisfll 

• 

iria 

Ilia 

11 

107e 

10*8 

11 

1U« 

B 

741 - 

SWPa 

9la 

9ia 


101 B 

10 

97 b -9|5 

10t a 

10l 2 

10j„ 

10^ 


Local anthems and finance houses «cen dare* notice, others amn days' fixed. ' Longer-term local uthorttv n »rt» n . 
nro nominally three sears 1JMJJ per c«nt; lour yeara l«-» per cent; five rail’s WnroiaL anfcWSeTffESte 
iro buyina rate for prune w par. Eqyina rales for ‘our-nvontb bank bills 9+9^ oer cent; lonr-tnwJTh trorip bffla Mi oer Snf 
Approximate soiling Tates for one-month Ircaswr bill* 91(6-81 per C«0t: two^Sth Mt; »d“ ttnH&i 

Mis iwr tent. Approximate a&lUng rale for one^jonUl bwk bins Hi-10 per <*otTand tro-mott* hSum 

th sec cent. One-month trade hills ira »» cent, and 


three-moath S»»-8u ra ^ cent. One-month trade bills 10J per cent; twtMKoath pkrxraU i^aSo thsSSSraih 
rtpp Bwc tutu f published by the PttottCe Houses 
DepeA Rants ffor small aoma al a*sv notJoa) 6+7 p « c«2t- CTonrUtegVnV 

Tnumiry Bill« ATorage tetojer rates of dlscouat per mt. uaaK w Iff per cent. 


GOLD 


Stronger 

trend 


Gold improved 81 an ounce in tf 
London bullion market . yesterds 
to S 1851-1861. Trading was'vei 
subdued and the metal opened.; 
$lS5i-186$ before - being fixed ; 
8185.75 in tbe morning and $185.^ 
in the afternoon. Yesterday’s thh 
JJS. gold auction seemed- to hat 


July 19 j July Id 


swa+TSSi 

91BG+1W 

SUG.40 

!(E88.2EZ| 

SH4JSG 

(£88.1471 


S1S4-WS 

1+185-104) 



little effect Jon.' the market and the 
average price per ounce at the 
auction was 8185J6. 

In Paris the I2j kilo bar "was 
fixed at Ft26£d0 per kilo C$187.10 
r ounce) compared with 
26^95 (¥137.40) in the morning 
and Fr28®0 ($18855) on Tues- 
day afternoon. 

In Frankfurt the 12} kilo bar 
was fixed at DRfiZ^OO per kilo 
S 185.58 per ounce) compared with 
DM12.300 ($185.34) - previously. 

HONEY RATES 

HEW YORK 

Prime Rate 
Reft FanU 


Treasury Bins 
Trcasory Bins (CG-itccU 

GERMANY 

Disco mi Rate 

Or+rolsbi 

One month ......... 


-■% 

74S 

r7JD6 

TAG- 


Three montbs 

Sts mouths 

FRANCE 

Discount Rate 

0 vc crush t 

One month 

Tkrw months 

Six months 

JAPAN 

Discount Rate 
Can ' U u condiaonaiy , 
BUis Discount Rats 


S'..- 

33 

*4 : 

Hi 


9S . 

w» 



















































































• Financial Times Thursday- -July 20 1978 






Thursday July 20 1978 




wider 



I 



V 


B 


Li 


W\ 


t True 





■ ; By Terry Dodsworth 

DURING THE last two years, 
there has been an extensive 
. effort to remodel the light cora- 
* iH erc, f vehides marketed by 
the leading European com- 
' morcjal vehicle manufacturers, 

y Tnij- product activity "is partly 

„■ -resnlt oE the normal replace- 
ment cycle. But there is also 
a dee per commercial reason for 
the change. The new vehicles 

- are;— to - a large- degree, a. 
response by European com- 
panies to the development of 
an international market in this 
rangfe of products. . They have 
beetv aiming to design vans 
which appeal throughout the 
EEC and die rest of Western 

.. Europe and which can meet 
' i' common needs rather than 
N particular local requirements. 

- ---This approach ismotTemrreljr 
new. There have been signs of 
it for about a decade. But 

“ it remains true that the trend 
in product development has 
accelerated rapidly within the 
last two years, leading to 
vehicles which have a great 
deal of similarity in styling 
and design characteristics. . In 
the past, European van markets 
have been extremely idio- 
syncratic, with vehicles designed 
and sold mainly within national 
boundaries— to some degree,- 
the French position remains 
like this to this day. But the. 
economics of production are 
pushing producers towards the 
" • larger volumes ' and the more 
widespread markets which are 

- already a common characteristic 
-of the car sector. 

. In addition, vans are- being 
treated increasingly as signi- 
ficant parts in a manufacturers 
range. They give the dealer 

- networks a wider spread of 
activity, and. in Britain, at least. 

- help h» appeal to fleer buyers 
who are interested in products 

.. for a wide range of needs. In 
inis respect they ran give a 
boost to. a franchise, .helping to.-: 
increaw unit throuehput in the 


With the European market for vans and light trucks approaching 
500,000 vehicles each year most manufacturers are now working on designs 
which can meet common needs rather than particular local requirements. 


dealer outlets, which is such an 
-important clement in the 
business today. 

For the producers, r the profit 
benefits from the van sector are 
not always 50 clear.. Because 
of the smaller volumes involved, 
and the fact that "the vehicles 
are utility products with little 
leeway for manoeuvre jm.prices. 
if is easy to lose money. * At the 
same, time, van production can 
cut into much-needed Capacity 
and time "on the car Hues: even 
if the- vehicle has' a unique 
shape, it is likely to use some 
components which go into a car. 
and which will, .in many cases 
be first used to" keep the car 
lines going if there is any 
.problem in production. 

But although ran manufactur- 
ing can .cause clear problems to- 
the producers, most of them 
minimise ■ the risks by making 
as much of .the .vehicle as 
possible common to cars and 
other products. All of the car- 
derived cars fall- into this 
category— even . the Vauxhall 
HA van, which is now quite 
distinctive in its range, derives 
its shape from the original, 
now-discontinued, HA Viva. 
Higher up the range, the small 


REGISTRATIONS OF NEW COMMERCIAL VEHICLES IN THE UNITED KINGDOM BY MANUFACTURER 


Car-derived vans and pickups 


Other vans 


Light 4x4 vehicles 





Six months 



Six months 



Six months 

Mannfarturer 

Jane 

ended June 

June 

ended June 

June 

ended June 


1978 

1977 

1978 

1977 

1978 

1977 

1978 

1977 

1978 

1977 

1978 1977 

BRITISH 












Bedford 

1.500 

1,349- 

--9*34 

-8,862 

1*230 

1.168 

6.338 

' 7.854 




■ British Leyland 

2.387 

1.708 ' 

13,886 

11.095 

1*463' 

1.U82 

8,807 

6.719 

573 

543 

3,082 3.999 

ChrjT»ler 



• 


689 

379 

3,491 

2.827 




Ford 

1,376 

1,429 

8,114 

9.361 

. 3,855 

2.971 

20,296 

19:305 - 




Others 

16 

21 

95 

100 

2 

9 

24 

26 




Total British 

5.275 

4,507 

31.129 

29,418 

7239 

5,609 

38,956 

36.731 

575 

543 

3,082 3,999 

IMPORTED 












Chrysler (France) 

340 

289 

2.188 

UTS 








Citroen (France) 

i 

I 

16 

42 



i 





Peugeot (France) 

61 

— • 

310 

— 

... 22 

7 

101 

70 




Renault (France) 

Mercedes-Benz (Germantf-.. 

130 

.124 

.963 

. 876 - 

125 

135 

S57 

797 




Volkswagen (Germany) ... 





707 

440 

4.378 

2,733 




Fiat (Italy) 

Daihatsu (Japan) 





199 

195 

1.278 

961 

55 

_ 

201 — 

Bat sun (Japan) 

244 

151 

1.917 

785 

420 

204 

2.349. 

1,010 




Honda (Japan) 

131 

215 

1.465 

1,284 

56 

— 

56 

— 




Mazda (Japan) 





207 

118 

1,297 

753 




Toyota (Japan) 

29 

79 

260 

. 273 

366 

181 

2.913 

1*016 

— 

4 

1 49 

Ford (Spain) - 

Jeep (L\S.) 

514 

— 

1,283 

— 





10 



61 — 

Others 

11 

4 

24 

58 

9 

— 

34 

47 

6 

— 

IS 29 

Total imported 

1,461 

863 

8.426 

5.593 

2.111 

1.280 

13.263 

7.387 # 

71 

4 

282 * ' 78 

GRAND TOTAL 

6,736 

5,370 - 

39.555 

35.011- ; 

..9,350 

6.889 

52.219 

44.118 

646 

547 

3.364 4.077 


But theygenerally have engines u ™TAL 6,736 5,370 - 39.555 3S.011; ; „ 9.350 6.889 52.219 44.118 646 547 3.364 4.077 

and some other drive-train 

poinl operators must have a LT range which has made a towards making the vehicles special purpose-built vehicles 

wnc e in a com panys range, heai-y goods licence) designs ate considerable impact in West drive as much as possible like HN 360 van. 

This commonality of parts more closely related to trucks Germany already and is a car. and towards giving cus- Higher up the range, in the 

declines the - further that the proper. ' gradually making an impression tomers the choice of either a area covering vehicles of 

products move away from. motor The main product activity on overseas markets. diesel or petrol engine. between 3.5 and 7.5 tonnes, 

cars, in the very kmalKweight recently has been in the middle With a' European "market The other sectors of the light manufacturers have again found 

vehicles, there ; are very few arew of specially-designed vans approaching 500,000 In this commercial market are by no it difficult to fix on a precise 

purpose-designed vans. They of around 3.5 tonnes. This sector sector, there are clear oppor- meads so easily defined. In the market need and method of 

are taken from ears modified, has. within Europe, embraced (unities for the vehicle com- very light vans area the vehicles approach. The trouble in this 

In the smaller panel' van range a completely new. vehicle from panies to exploit The products tend to be hybrid, owing a great sector i.< that customers can 

of up to 3.5 tonnes gross vehicle Mercedes to replace its long- they are offering are taking en deal to the cars on which they quite often answer their needs 

weight (the weight above wihch running Bremen model, a a fairly standard look, and as are based. They therefore offer for carrying loads of these 

owners must have an operators' vehicle from Iveco. the Fiat product development goes on, a guite wide variety of load- weights by running a truck 

licence)- more parts have to be subsidiary, and- a remodelting all the manufacturers are pay- carrying capacity in either pick- designed basically for some- 

rlcsisiied solely, for tfie vehicle, of the Ford Transit In addi- ins much more attention- lo ufLor van farm. But atthe same thing a- little' heavier. -or by 

Anri, above -this. secto»;--in--tl»-4ion/-this series- of -produets ‘was driver's eab conditions.- In addi- jime£ the sector embraces' scaling up a .smaller vehicle 

rango up to 7.5 tonnes (at which preceded hy the Volkswagen tion. there has been a move, .inch: : as '.the small Honda with. 'a different shaped body. 


.Part nf this growth is tjjie to 
- •. ■ the -natural expansion which 

lias cone on m the imported 
vehicle franchises during the 
la*) year. This arowth. on the 
car side, has provided the^Haie 
in move into light cuinm^rclkl 
vehicles which the networks 
arc now large enough io. sup- 
port. 

But it also owes a greatMeil 
tn the furore over .Japanese, fiSr 
imports, which has virtually 
forced the -Japanese importers 
lei look for new fields nf growth 
away from cars. Real expansion 
• hy the Japanese began in. the 

SIS3*15 van sector about two years agn. 

and it has grown rapidly pirtre 
„ then as the pressure to reduce 

lUo* . car sales increased. 

. . The Japanese producers:-5(JJn 

Ford, for example.. with the A have a .highly suitable range of 
Series, designed to fall into this products for this sector, with a 
niche, has never quite found the number of vehicles derived 
level of demand to justify a from cars, but a substantial 
separate vehicle. proportion of speciaily-desfkned 

Because of these difficulties, pick-ups and vans winch. have 
a number of manufacturers now been aimed in increasing 
seem to he moving towards numbers during the last deqade 
design concepts which' will at their export markets in.-lhe, 
allow them to cover this weight l".S. and Middle East. These 
range, with cither smaller prodiun have now been hfdft.lfer 
vehicles -graded up, or larger into Europe, where liie pick -tip 
vehicles graded down. The new market had gone into decline, 
Volkswagen LT. ."for example, and immediately shown That 
has a cab clearly designed to fit there remains a substantia) 
into vehicles of more than 3.5 latent demand for them. 
tonnes in due course: indeed. In the UK. this Japanese 
the company is expected to grouth looks like being brought 1 
announce developments in this to a hah h.v the new agreement 
arear in collaboration with on limiting shipments *fr«tn 
MAN, the German manufacturer Japan. This deal has -been , 
of heavy • trucks, in the near arranged to cover light, rnrii- 
future. Ford is also expected mercial vehicles as well as. ;srs 
to' move in this direction eventu- for the rest of this- -year. -and 
ally, and the new IVECO *’S" there is a clear possibility. that 
van. not yet available in the it will be extended into _,nex: 
UK. is expected to have a wide year as well. 
span of weight ranges. The Japanese interest uf-thls ' 

During the last year, the doctor in Europe, turn ever] Is I 
European market as a whole has unlikely to wane. As thJ.'ncw 
not been particularly buoyant products from European' 3fro- 1 
in any of the commercial ducers have demonstrated', _the I 
vehicle secturs. including the market for light vchTdus. 
lighter products. UK producers, reckoned to account for around 
however: have-been-abtoTO make inn-thirds of total commercial ■ 
a considerable impact with vehicle sales, remains an - im- j 
their diesel-driven vehicles portant one. It is also one 
which 'have made a particularly ‘which may well grow if Europe , 
strong impression Dn the cheap follows the example of the U.S. 
diestd markets of Italy and where light commercial vehicles 
France. At the same time, the have been the most buoyant 
home market has besun to rise sector of the tola! vehicle .- 
rapidly again this year, going market in the last few years'/ 
up by about 14 per cent in tins i n the U.S.. this has involved * 
lighter-weight area. a great deal of development. W 

A great deal of this growth the product into leisure vehicles { 
in Britain ha; heen captured which arc a.- easy and' ?s 
in the last six months by the comfortable to drive as.wqss. 
importers, who have been much European manufacturers have 
more vigorous in this sector in been going the same way -with 
the last two years. In the car- their latest developments.-'ai'id * 
derived sector , the importers' arc clearly manoeuvring them- , 
share this year has risen to 21 selves into a position. wbe?e . 
per cent, white in the .medium they can- take advantage .of 'a » 
van .calepury-.ii -is up to a repetition or Hus market tread : 
.quarter of. th£ market. on this side of the Atlantic. 



sire® 


trend 



Consider for a moment how much that effectiveness — 1 
depends on you. 

Put him in. the wrong truck and chances are his real 
productivity will plummet. 

His truck will break down, gulp fuel and maybe spend 1 
four hours on what should be a three hour journey. ; 

Any of which will meanyou’re not getting your money’s 
worth. : 

Put him in a Mercedes-Benz truck on the other hand j 
and you’ll find he’s driving, a truck that’s reliable, economical : 
and durable. A truck that can be really hammered and ; 

hammered hard. . I 

j A truck that will spend less time off the road and more ; 

| time making deliveries; - j 

You may well find that as a result of investing in a \ 

Mercedes-Benz fleet you’ll end up paying your drivers morej 
That’s no bad thing. ; 

Because your driver’s pay packet can be a direct l 

reflectionofyourprofitability. ] 

Speak to your transport manager now. Check out your ] 
operating costs for yourself? ? 

Ana in the' meantime, ask your i 

ad to your letterhead yC.-' . . HHU ■ 

and: send it to us. 


When you t^e on a driver you’re not buying his time. Ifou’re 
buying the biowledge that yourtruck and its load is in safe hands. 
You’re buying what’s hopefully-going to be part of an efficient 
distribution service. In short you’re buying this man’s effectiveness in 
delivering your goods. ■■ y ':S ; V 




the Viability of Mercedes-B ‘ ^ /^T^\ 

trucks all the relevant information willbe on your desk ( JL ) 

Mercedes-Benz. The way every truck should be built. 

. Me rcedes-Benz (UK) Led, P.O. Box 753, Londo n S£i 5JZ. 


\ • 










g For your first FREE 
g copy write to me:— 

| lain Sherriff. Editor 

■ Commercial Motor. 

E Room 62. Dorset House, 
5. Stamford Street. 

■ London. SEl 9LM. 


rump 




probably the 

cheapest f oirm of 


VANS AND LIGHT TRUCKS II 


Financial Times Thursday July 20 1978 




Battle for the medium range 

m van Hi-Lus vehicle, Which was 

THE BIGGEST encroachment 7.S54 units to 6.^ dur^g the MMjn ^^SSL liSW™ S/^rced'cf 'r.at 

during the tart year h« was j mpn jving during June- fonn which was recently intro- sS^in either a months. Mercedes, selling its ^ ^ been sold 

" n Hmm 0 van y sector In this Bedford's decline has ?'™ n dllc ed. some 12 years after the van Qr ^assts-cab ran- range of Bre . m ^ d ( ^ sse idnrf with a high standard of equip- 

Trea raverin- vehicles which BL the opportunity to climb into original was produced figuration, but in the meantime to 3.5 tonnes) and ^ us ^ ld fi 5 rtC ni which has made it ideal 

™nn?der£d from cars, but second place in this market, and BL's Sherpa vaiu madc by sUU sclling its Walk-Thru vehicles <3-5 Jfalcs ft»» for caravan ctiDvaMH. And 

which weigh under 3.5 tonnes, in the first six months it the Austin-Moms di rii sion f TaQ rated at between 3-4 and tonne.) ■ Fi . have Datsun has also piftsued 1 

r 1 S Z- rented tSiMe SVe T& “1 Z »» S3 

months of h ^ni JbstanuaUmpmvement load of * TyeLte in S T^el^anel van (up to 2.5 SwSS 

gn per cent. By contrast, m the same period of I9n. 3 .o-tonne mare. due certain cient T0 , ume t0 ma ];e them pay. f°"° V 733 units a year ago tn In the second naiim inis 
British sales, at 39.936 vehicles, indicating the growing popu- delircry work This is why. in the nest genera- g® yen * he 

went up by only 6 per cent larlty of the Sherpa. And a?d action of European vehicle^ * Japanes e expansion has 

The surprising feature of this Chrysler also managed an fQr coqversion5 . presumably maniUacturere are hke y to more on tack im S sopors t j| ev djd m ^ first six months, 

change is that the UK man* encouraging 23 per cent rm- because 0 f its ease of tnm their ranges 0 f the market neglected by the becaa se supply should 

faciurers themselves are stron, proveraentj with sales up from manoeuvre. bc stretched or British nr Continental pro- hav{l mvrovt ± But they arc 

competitors in this «« r. vehicles a year ago to B L is also well represented which can ^ is * also ducers. Mazda, for example, has , j going tn face stiff com- 

in the area between 3.5 tonnes reduced m har ° carved out a ntehe I pptl|Ion . cveQ though the 

and 7.5 tonnes having inherited jhj * V. h p bP exported ton payload pickup which is a Japanpse Wl!l b e operating 

two vehicles in this category- d ®J^ s hi * b therefore help completely separate design der a pohcy n f restraint. The 
the FG and EA vans-from the ^ tSe ext^a volume. from anythin? m its car range Ume whPn national manu- 

old BMC plant at Bathgate, to pro^de the _ w and comes with a chassis on f cturprs could sit comfortably 

-■ lea^3iM BriS wt,ich a v.no.y of body work „„ dojoostic ™te. 


competitors in this sector. vehicles a year ago 

Indeed, in many ways they have renicies a year 

had a more significant influence 3,491. 
on the way European producers 
design their vans than any other f^ VAr ^pgc 

manufacturers in the region. U»n3Cd3 BMt; pi anT at naios* u*- 

Thc Ford Transit van. launched T n overseas markets the UK -n,!, factory is now run by mis expun ^iowh^ ■ 

R* dford" CF d ChiysleV PB aSd companies have made no a lot 5T e Leyland Vehicles division bee" deariy vtsiWe m Britain ~ an be huilt . muimto hVn 'disappeared. 

Sheika sct y f r ircnd in of the leeway lost in Britain, which is m the proce s of dunn^last year.or ^ Toyota hM ,l S o pursued the. j DodsWOrth 

styling and general design Bedford, for example, following rationalising and mode ° of foreign manufacturers have pickup market with its own J 


:nn in 01 me leeway iw>i in ; — ~ . — 

design Bedford, for example, following rationalising 
*hich' is now being copied up its new drive into the its range, 
throughout the industry. Conti nent has raised shipmems 

this year by more than -■» per 

T5,is f a *nn 9 b ?e cent. In Italy, its sales have 

Ford and Bedford among the ^ ne up ^ 6i300 nn j ts m the 

British manufacturers have six months of this year, an 
suffered more than usual from increase of M per KnL an d in 
the now familiar product on GennaT1?> one of ^ m0 ?t 
■shortages which plague the lHn ^ markets t0 crack . they have 
industry. Fnrd s Transit was anded bv a i most 30 per cent 
hit hard early in the year by rcach 2 777 units ^ ^ same 
the long-running strike at Hale- iod 

wood. Liverpool, which deprived * ' 

its production lines in South- 
ampton of the floor pans on 
which the vehicles are huilt. 


Smaller vehicles 


IS: 


<+ K ’ ' 

\ Tow a trailer.... for business or leisure, it makes 
sound economic sense.Nc need to run two 
vehicles. Save the cost of the van ; 

I vsr-v.w?' 


4lff» ISB'fMttOOMyWS: 

: •-■Packe WtfvitJe3s and itirofmahop; f 
-Chapters on ; ' GOODS' WOE-BOAT 
^ MOTOR GYBtE^HORS EBOXESitt; ; 




DULL * K v * 

» ««« was a somewhat con- lighter 1100 vans, 
t aeaier neiwums. troversinl decision, which has This range o d ,, r i nP 

Z W Tk Sc' burden of ShTuK HneiT for the van. and ^r^m'anV "users have .Since « -J nevertheless tajjjj-- ^ yeaTor so. 

competing with the growing .HmUd help- ly-gMJ "rs and si^ many St sales, althoi^h sales are MMfMn 

competition with importers has J forced to buv new equip- these organisations have been At tbc .^mc time, however, it thisryear at ntb£ nf 

thu -5 fallen on BL and Chrysler. marKets ‘ . „®“ t °S e this u*end has un- adding them to their model bas als0 meant increasing 22io in the finrt six rm^ntns 

neither of which has been 4 Jord. snmUrl^ has-been %«'<>«** by ^ th^Jas^bee^an m- import, . since mimber of 1977^ f 

and has 

the most 


m N ame 
| Address 


S Mechanical Services Limited B 

" f gfc KJM f The National Company. 130 Stockists throughout theUK. - 

■ Q BEUMNT t10Aa SOUX>N Tet0204-S8W(2*hr ans*phonc) * 

m Dnpots at'NQTTINGHAMa60384. GLASGOW 956^3055 A 

aammmmwmmamissmmmm W 




BUY THE 


The heart of any good delivery 
vehicle is agood engine. 

So take a look at some very, very 
good engines indeed. 

The Leyland 98 series. 

Very tough engines. They have to 
be, just to survive a test programme that 
includes things like running an engine at 
full speed for 200 hours, while alternately 
pumping in hot and cold water. 

Once a 98 series engine leaves the 
factory, it’s ready for anything. 

And you’ll find them working in 
the toughest jobs all over the world. 
And with a range from 69bhp to 
the powerful turbocharged 137bhp 
engine, they can handle any job you 
have. Our work on the turbo engine 
also produced many design 


improvements (like extra strong blocks 
and nitrided crankshafts on die turbo) 
that make the latest range better, tougher 
and more reliable. 

You’ll find 98 series engines in some 
of the finest delivery vehicles on die road. 

The unique and hardworking FG, 
for example. And die Terrier, the biggest 
truck you can drive on a car licence. 

As well as the Boxer, fitted (like the 
Terrier) with our new Super f G’ cab. 

Go and see your nearest Leyland 
distributor and get him to give you the 
facts on the 98 series engines. 

They make the finest delivery 
vehicles on the road. 



Leyland Vehicles. 



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Financial Tunes Thursday- 20 1978 


an 


es 


1 1 


VANS AND LIGHT TRUCKS HI 


Caps rKirSw 1 " w) us J JaI technically strong and 

the iu litre f nP Wa £ ha l st J ,n S* T *sttng--is muted by -volun* 
drive" off^hlrn J ««* Unite tien on exports. 

S^ed b thn 7S2? was fortunately the gap in the 
gramme to double*^? J- 10, upper Land-Rover range is 
S Land R«v»Jl We P -. rod » CtJtm * lwtin * 10 be filled by a British 
Rover? at^r?niih ai !f .““f* " M5r perhaps one ^ould say 
die Midl . v 1 pl “* in Scotlish ~ newcomer from 

settinek hlo«d f**?* 1 ., for Cumnock in Ayrshire. Stonefield 

gemng a blood} nose in Africa Vehicles 

C ^j Ser in ^e Stonefield vehicles 
IbSe^tnrv 1 ftf 08, has *f CD one are an effective combination of 

SSdSlSr SLnC ? the s[ra P Iic »ly and sophistication. 

Wen in ^ D, ? Ce ^ The body structure to waist 

2 19 R 8 r'^r d advice hei 6 ht Is of welded rectangular 

evnarfd r,n^T nt t0 and st » uare tu be that prorides 
capacity to meet exceptional strength, while the 

JJJJS? fu ly , ^Sines have automatic boxes 

reSUlt “if 1 ailled 10 a Ferguson Formula 
tvhat «h!f ar Jf!- Was J -L eal y four-wheel -drive system which 
deride^?-. Sives two-thirds of the power 

l hr ralease to ft * ^ to the rear wheels and one 
Inf 20 Pei : third ^ toe front the Stone- 

2E.I? 2‘SSiMS a ? nuaI ffe,d designed suspension 
RmEJl Tnrf J-®nd- employs leaf springs. The engine 

Timers and some 10,000 Range options are a Ford three-lure 

Hovers. six-cylinder iwith Ford auto- 


NGA 


T? w ‘ Viu UUWIU c 

■ , , ,, six-cylinder iwith Ford auto- 

Tn^ in n 3 e ^ r consmously fully matic gearbox) of 138 bhp or 
meeting demand Rover was able (from October) a Chrysler 5.2- 
to pursue a strong pricing litre va lw«h Chiystev auto- 
policy, and the two vehicles have matic box) of J50 bhp. Both 
been. appreciably better profit are petrol engines. The 4x4 has 
earners than their cousins, com- * payload of up to 2 tonnes and 
memal Vehicles. Since Mr. the 6x4 a payload of up to 34 
Michael Edwardes took over the tonnes, and prices are around 
British Leyland reins they have fi 1,500 for the Ford engined 
assumed a new identity under version and £15,000 far the 
the autonomous Land-Rover larger Chrysler-engine model, 
company, and been given new Production is just s tar ting at 
aims. As ip the overall strategy, the rate of two a we^k- and is 
the emphasis is now on unit " planned to rise to 50 in due 
profitability. Plans for increased -course, with exports " taking 
output have been cut back ta some 1,700 out of a full 2,500. 
75 per cent, and while there Early models are already in the 
will obviously be substantial hands of Humberside Fire Ser- 
improvements' and extensions to vices, Thames TV and Marconi, 
assembly lines, most of the which illustrates the kind of 
expenditure will be on support specialist applications Stope- 
facilities — the satellite factories field fs looking for. They also 
making engines, axles and other include the Post Office, Central 
major components. One of the Electricity Generating • Board, 
aims of this still ambitious pro- construction companies, and 
gramme will be to provide mobile crane hirers and users, 
greater flexibility to deal with Military uses for the Chrysler- 
the vagaries of markets and engined version are also being 
respond quickly to political or assessed by the Army, 
other changes in fuel pricing. 

There is also the need to f'nmnptftnrC 
freshen . ‘.the range. Although’ V-'v/lUjJClII.UI , 

every single item in the Land- Among Stonefleld’s nearest 
Rover, down to the smallest nut competitors is Volvo’s range of 
and bolt.. has been changed, the 4x4 and up to 6x6 vehicles with 
vehicles still look very much llp to four tonnes payload. But 
the same. There are strong while these cross-country 
hints - that the V-8 engine will vehicles have been available for 
replace the six-cylinder engined many years, the UK has not 
Land-Rover in a long wheelbase been a market for them, 
chassis, and that chassis and although Volvo International 
mechanicals will be updated in Development Corporation now 
19S1-82 and will combine the has a London office. This is 
best features of the Land aqd aimed at expanding sales in the 
Range Rovers. Middle East. Africa, Asia and 

These changes are coming America, but It would obriousiv 
none too soon, for the company’s b e a simple matter to turn its 
95. per . cent share .otl.Ilie. attention to- -the — UK?-*«nd— rt- 
domestic market is coming may feel impelled to do so to 
under increasing attack ‘from counter . thrusting competitors 
Japanese, American and Euro- like Steyr- Daimler -Puch's 
pean producers of four-wheel- Prinzgaoer. which has recently 
drive and leisure-time vehicles made Us appearance here. At 
which, though not true nft-the- present heavily oriented towards 
t road performers, resemble them military and para-military uses, 
j.nd make a strong appeal to its civilian potential has been 
:hnse with sporting Instincts, studied. 

While there is no doubt that Steyr-Daimler-Pucb is also in 
Land-rover can defend its home partnership with Mercedes-Benz 


FOUR WHEEL DRIV.E PRODUCTION-. 

1977 1A76 

U.S. (Jeep. Blazer, Brents, 'frailbnster, etc.) ... 736,000 568.006 
Japan (Toyota, Nissan, Daihatsu, Sahara, Mitsu- 
bishi, ete.) 190,000 65,000 

UK (Including government orders) Land-Rover 
42,700 (48.870 In 1976), Range Rover 9,300 
(9,880 in 1976) .. 52,000 . 58,750 

Italy (Fiat Campagnola) 10,000 9,000 

Sweden (Volvo C300 and C200 series) 2,500 2,500 

Austria (Steyr Daimler-Puch, Ilaflinger and 
Prinzgaaer) 2,500 . 2.500 

East Europe (U«VT. USSR 40,000; ARO. Romania 

12.000: Lada Niva 10,000) 62,000 52.000 

Spain (MSA in which BL has 25 per cent 
Interest, and Jeep) 131000 12.000 

Germany (Mercedes-Benz, Unimog) 2.000 2.000 

AH figures of overseas production subject to estimates. Rover 
output includes military vehicles: figures for other countries arc. 
as far as known, civilian vehicle production. 


will he a full range of options 
including air-conditioning, with 
either petrol or diesel engines 
of various powers to suit 
customer requirements. Mer- 
cedes-Benz is also pushing ahead’ 
with its current range of Urrt- 
mogs. which over here are rated 
as f.wd trucks. The most 
popular Is the 421 with a one- 
tonne payload jeapacity. The 
range. 1 ikp that of Volvo, 


extends tu trucks with a capacity, 
six-tonne payload. 

But the latest, and as usual 
strong, challenge Is coming from 
Japan with the Land-Rover-like 
Daihatsu and the Subaru. TKAf 
Vehicle Services lUK) has 
added the petrol-engined l.587cc 
70 mph Daihatsu to the Ameri- 
can Jeep it already distributes. 
Some 500 Daihatsus have arrived 
in this country and are being 


retailed by 46 dealers at around 
£4.000 for the soft-top and 
£4.179 for ; lhe hard-top version. 

The Subaru comes from Fuji 
Heavy Industries, Japan’s 
newest vehicle producer, and 
was introduced in December last. 
Again it has a l.SOOcc petrol 
engine and four-wheel drive is 
engaged by moving a lever while 
on the move. It follows the trend 
towards well-appointed and 
rugged estate cars that will 
double equally as personal trans- 
port and for boat-hauljng. farm 
work or taking the vet on his 
rounds. About 300 are expected 
to be sold in the UK this year 
at a basic price of just under 
£4.000. In this same price 
hracket is the Niva, another 
estate-type car. the first original 
desien w emanate from the 
Togliatti factory in Russia built 
by Fiat. 

It is hoped u> begin selling 
it. in only left-hand drive ver- 
sion. in the U.K. in the autumn. 
If it completes the Government 
type-testing programme, which 
all new 'vehicle? have to under- 
take, the public should have a 
chance to see it at the Motor 
Show in October. It is already 
un sale in selected European 
countries where, of course, 
left-hand drive presents no 
problem. 


Thus the competition to Land 
Rover and -Range Rover :s 
building up markedly, and in 
price terms as well as volume. 
Not in the four-wheel-drive 
category, but nevertheless pro- 
claiming the demand in this 
sector of the expanding leisure 
time market is Chrysler’s 
Rancho. This is basically a 
glassfibre estate or shooting 
brake type on a Simca van 
platform with an Alpine engine 
and gearbox. It is being shipped 
from France at the rate of 
200 a month ” and we shall 
have no difficulty in selling 
them " a spokesman declared. 

It seems fairly obvious that 
♦he U.K. market, which has 
been hovering around 10.000- 
12,000. mainly Land-Rovers and 
Range Rovers, is expanding and 
that before long the competi- 
tion will become as kern as it 
is in other model areas. Bui 
It is expected tu be m Europe, 
where sales arc not greatly 
different from those in the 
UK. that the greater expansion 
will take place. Marketeers are 
predicting around 30.000 sales 
within two years. The increas- 
ing choice and volume of pro- 
duction also make it certain 
that exports arc soing to be 
harder to win. 

Peter Cartwright 


p Hire or lease. 
« ANY 

S ERE. 

leyard and you just 
-choice. Any make, 
epairand servicing 
.and's End to John- , 
\ppleyard financial 
elp you make more 
mr money, with low i 
Dosits.iax benefits, I 
ixed budgeting and 

no capital outlay. 
Contract Hire or 
Leasing has never 
made better 
business sense. 
From one car or 
van to a complete 
Meet write, phone ot call lor a tailor-made quotation. 


CONTRACT HIRE and LEASING R 

LEEDS: 1 I ” 1 I GLASGOW: I BP 


LEEDS: LONDON: 

Uiour Sum 1J2 Grun Ln*x. 

Td nssrirnt Ftkwen G,tn K ' 3 5UN 

III. Hi: [01) M5-SI51 

PL CASE SUBMIT FJRTHER INFORMATION TO. 


GLASGOW: 

77 Shmbitds Aicidc C4I 
Id: 1 0(1) &32-6UU 

f rCO'7 


COMPANY. 

ADDRESS. 


Darker .supremacy successful ly. 
.he tag ” within the range ” has 
o be added, for newcomers are 
widening the market and Invit- 
nc consideration a? to whether 
hr*y might not better meet 


[nd'Yidual requirements,. Land* w,.h the Range Rover in com* 
River may come to regret the fort amftrim. There will be two- 
bmdonment of the l*-ton pav- and four-wheel drive versions, 
nart vehicle 2nd be thankful including a 100-inch wheelbase 
list the Japanese challenge — as eight-seatcr. it is said. There 


Smaller 


:ONTINUED FROM PREVIOUS PAGE 


tares. BL‘ fias' bepefite’d from 
ic Improvement in supply this 
par which has come from 
etter production of its weli- 
•ied Mini and Marina van 
mge to raise sales from 11,095 
1 13,886: while Bedford has 
idened its appeal in this area 
» adding the Cheveite-derived 
in to its long-running HA 
odel 10 push registrations up 
oru 8362 to 9,034. . 

These two manufacturers, - 
jwever. have been able to 
akc only a partial- response 
the rising demand this year, 
t the* same time, they are 
early finding it difficult to 
•lend the British position with 
ilv a limited range . of pro- 
icts. Importers have-brought 
the market a variety of 
oice which is now lacking 
**m the UK producers alone, 
imparing the position today. 
. r example, with four years 
o. in a period when BL’s sales 
.. -r : ve declined by about 30 per 

n \. the tmmber-of importers 
" : i-f s doubled from four to eight. 

* The main newcomers are. 

course, the Japanese, who 
ve three companies — Datsutl, 
mda and Toyoala— competing 

this categor>’ of the msrfcet. 
st year, they had . a spfic- 
uilar success in . Britain, 
tsun's sales rose from 1,354 
< its to 2.132, Honda’s from 
■ ' - 49 to 2.957. and Toyota s 

.m 73 to 563. the increases 
1 riving from the switch in 
) c.« policy tow’ards commercial 

t ncles because of the volnn- 
y restraint, being exercised 
jr par sales. 

J, fhis y&n. the same story -oj 
„ W ‘armenon has been repeated. 

Sis months of the 
-IS* . Datstm's sales, « wont up 

up its to 1 .917, Hoftda 6 

jjiKtt 1,465. and. Toyota® 
ed virtually level- What 
rjajuu??-sc hart? done, is to 

yliich was clearly not 

-jinf properly ’ ddalfr .with by 
pestle mahu factor ers; who. in 


recent years have seemed less 
and less interested in this 
utilitarian sector of the small 
vehicle market: the Datsun 
Sunny van has proved a stylish 
competitor, and the Honda 
TN306 panel van, which is an 
extremely tiny version of the 
standard European product, 
have appealed to a limited, but 
still neglected part of the 
market which needed suitable 
urban run-abouts. - 

The success of the Japanese 
in this category has brought 
trouble with . it in the longer, 
term. Vans have now been taken 
unequivocally ' into .the agree- 
ment between the Japanese, and 
British Governments which trill 
limit shipments' of vehicles to 
the UK this year to the same 
number as in 1977. Thus- the- 
growth which the Japanese im- 
porters had been experiencing 
is set to come to a shuddering 
halt But the' Japanese have 
clearly proved that they can 
sell products In this area i£ they, 
are given the opportunity and 
they have now. established the 
dealer networks which are ready 
to start selling once again as 
Soon as the present agreement 

expires. 

Other foreign manufacturers 
which have moved into this 
field compared with four years 
ago are the two French com- 
panies. Renault and Peugeot. 
Renault has improved its sales 
from S76. last year to 973 
in the first six months -of this 
year, while Peugeot has just 
introduced its 304 van, qf which 
it has sold 310 so far. ' 

Another competitor is due. to 
appear .shortly in. this area from 
Polski Flat, which Is . jntro-- 
during a pick-up based on the 
125P car model which has been 
selling in the UK for the past 
five years. The Polski product 
is being imported by the same 
parent company as Mazda, the 
Japanese, manufacturer. 

■ : TJJ. 


J - *r- • *’ .i‘ 







7^1 

[iTg 


ck a lot into 



Van. 




The Instrument Pack. Practical layout with clearly marked 
instruments and switches. Clock. Voltmeter. Hand brake 
warning light. Face-level air vents. Variable speed heater. 


developing the Explorer. 
*cted to be launched at the 
this year or early in 1979. 
range will cover the baile 
I Rover and Range Rover.' 
■!s and be .fully competitive 


The Comfort Pack. A 11 independent suspension, 
plus anti-roll bars front and rear. Comfortable, * 
individual Teppluxe upholstered seats. Padded 

door and arm rests. . . • 

• . * • •. »-. . • -■ • 

• • . . :Ti' -:i . - ' . • • 

I*. i£fi. • .-‘v, • - 

• t, •. v . 




The Features Pack. Electro 
magnetic cooling fan. Heated 
• rear window. Large; load 
adjustable headlights. Inertia. 

- reel seat belts. Automatic 
load area light. Dual-arcuit 
servo assisted brake system 
with fronrdiscs and brake' 

~ pressure regulator to the 
rear wheels: 



— WV5«- 






WftW&aA ' '/'V 




sf -Wy, . rl. , I-'r---- - ■■ ■> ■ ■- 3 


load volume. 9 5 cwt.^ payload. 

‘ Large lift-up tail gate. Bulkhead behind the scats for 
passenger protection. Side slats giving facility for shelf 
mounting or lashing of loads for maximum security. 











Peugeot Pack. Peugeot build strength 
and reliability into die 304 Van so give you the tough and durable 
answer to your load carrying problems. Ever)’ engine and gearbox 
is bench tested, and before leaving the factory each and ever)’ 
vehideisthorotighlytracktestedandchecked. : : 

The well proven 1290 cc. transverse mountecjfrbnt wheel 
drive engine with aluminium block and head, and overhead ‘ 
camshaft ensure long life power. And for added confidence there 
is a comprehensive 12 month unlimited mileage guarantee with 
major service intervals every 10,000 miles. 

Peugeot 304 Van . It packs style, space and strength. 

504 Van £Z$ 50 plus VAT ^ 18 S. Recommended retail price including seai belts, excluding 
delivery charges and number plates. Price conectaithetimeofgoing repress^ 



World famous for strength 


Please send me details about the 304 Van 
Send to: Customer Relations, Peugeot Automobiles L- -K. Ltd.. 
P.O. Box 137, 294-304 St-James’s Road, London SEl 5JZ. 

Tel:01-953 2331 (Head Office). 

Name ; 

Address - — ■ ■ ■ 


L- — 1 






t 


34 


Financial Tiroes Thursday July 20 1978 


toropart 


ON MOVE 



AND EXPANDING 
AGAIN 


LARGEST STOCKHOLDER AND EXPORTER OF 



WE NOW INTRODUCE FREE WHEELING HUBS AND 
OVERDRIVE UNITS 


OUR UNIQUE SERVICE THROUGHOUT THE WORLD 
IS THE REASON FOR OUR FAST GROWTH 



UNIT P. TRECENYDD INDUSTRIAL ESTATE, CAERPHILLY 

MID GLAM. CF8 2RZ 


BEAR MACH*— THE NAME TO REMEMBER 
PHONE: 0222 868416-7 TELEX: 497580 


VANS AND LIGHT TRUCKS IV 


Japanese assault 


IT HAS BEEN clear for the last 
two years that the Japanese 
assault on the European car 
market wag being followed by 
an equally strong drive into 
the light commercial vehicle 
sector. Sales of the Japanese 
product have expanded rapidly 
in this period, not only in the 
UK, where there has been 
vociferous political opposition 
to the' trend, but als» in the 
other European markets where 
the Japanese car producers have 
established themselves. This is 
particularly the case in the 
European countries. where there 
is no domestic manufacturing 
operation. 

The best markets for the 
Japanese have been unquestion- 
ably in these peripheral geo- 
graphical areas. These include 
Belgium. where Japanese 
vehicles have almost fl per cent 
of the medium ran market. "Den- 
mark (12.5 per cent!. Finland 
(almost 21 per cent). Ireland 
(about 6 per cent), the Nether- 
lands t'5.5 per cent). Norway 
(25.5 per cent). Sweden (about 
15 per cent) and Switzerland 
(12 per cent). * 

The Japanese strength 
derives frnm three basic factors. 
First they have by now estab- 
lished very strong dealei net- 
works in all of these countries, 
which provide the haft* for 
light commercial distribution as 
well. The dealers do not need 


a great deal of extra investment 
in order to tackle this sector, 
unlike in the heavier commer- 
cial vehicles area, and many of 
them want the additional pro- 
duct in order to maintain their 
rate of expansion as car sales 
reach a natural plateau. 

Second, the Japanese eommer- 
mereial vehicle products, as 
their cars, proved to be reliable, 
well-finished, in good supply and 
reasonably priced. In many 
cases, the Japanese have 
followed the policy which 
helped them to break into the 
car market, providing plenty of 
extras, such as radios in the 
basic vehicles, which give an 
additional value to products 
which were already reasonably 
priced. 

Third, the Japanese producers 
have provided a very wide range 
of vehicles which have given 
Europeans a much greater area 
of choice than was available a 
few years ago. Indeed, they 
have demonstrated that there 
was a great deal of latent 
demand which was not being 
satisfied by locally manufac- 
tured vehicles, which have 
undergone a process of fairly 
radical rationalisation in recent 
years. 

In the last decade it is prob- 
ably true to say that the 
Japanese have become the 
strongest manufacturers of light 
commercial vehicles in the 


world. They make more 
purpose-built vans and pickups 
than are produced in Europe, 
and benefit from, widespread 
export sales to create the" 
volume to make this a practical 
and profitable area. At the 
same time, their wide range of 
utilitarian cars adapt, well to 
commercial uses. 

In the pickup sector in parti- 
cular. - the Japanese have 
delivered a strong push in 
Europe. Their position in this 
sector is based on a strong 
product range. This . was 
developed partly for export 
sales in the U.S.. where pickups 
have enioyed a period of great 
popularity in recent years,, 
along with other overseas 
markets such as the Middle 
East where the climate is ideal 
for open vehicles. 

Mazda. Toyota and Da t sun all 
sell pickups of this kind in 
Europe, aiming their sales par- 
ticularly at the small business- 
man — the vehicles are wen 
adapted in the needs of people' 
in the building trade. 

Lower down the weight. scales, 
Honda has found, a similar.; 
equally untapped market de- 
mand. for its small TN 306 panel 
van. This vehicle is small 
enough to compete more or less 
directly with other car-derived 
vans, although it is purpose 
built and offers a higher roof 
space than anything that is con- 


ventionally adapted from a car. 

Both Nissan, the Dalsun 
manufacturer, and Toyota, the 

largest of the Japanese pro- 
ducers, also produce vehicles 
based on their cars. For 
Datsun. this is a version of 
the Sunny, its medium-sized 
family saloon, which adapts into 
quite an elegant van. Toyota 
bases its own on the similar- 
sized Corolla model, which is 
reckoned to be the best-selling 
car in the world. The van has 
a payload of 0.5 ewts. 

Higher up the weight range, 
for loads of about 1 tonne. 
Toyota has also done well with 
its* HiAce vehicle, -which was 
remodelled in the middle of last 
year. This has the cab-over- 
engine design which European 
manufacturers tend to to’ to 
avoid these days in favour of a 
short bonnet for access to the 
engine. • But it has. neverthe- 
less. won steady acclaim, and 
is popular for motor caravan 
modifications. 


products the Japanese, industry 
has ac its fingertips. 


There have been -increasing \ 
indications in the- past few 
months that some Japanese 
manufacturers -would like .-\q ' 
expand beyond thesu lighter* ' 
weight ranges inu> other areas 
of the commercial-, -vehicle--: 
market. Hino. for .example. . 
already markets some large i; / 
vehicles in Europe. And . in- 
Britain. Mitsubishi* importers,,; 
Colt Cars, has -talked of setting „ 
the Canter range— light trucks/ 
which start at the 5.5 tonnes.." 
mark. 


Setback 


Colt is now looking at possible 
sites to assemble these vehicles 
in Britain. Feelers have been 
put out to both local authnriiie* 
and the Government, and lho 
company has suggested quite 
high level?, of local British 
content i.n the vehicles a*.a bait 
to win approval. But whether 
the scheme'-, can get off the 
ground in the current etimare 
of distrust about the Japanese 
intentions is another matter. 


£• 


Give your goods 



Most people associate front-wheel drive 
and all-round independent suspension with 
performance cars having superior roadholding. 
Quite rightly. 

But on a van? 

Isn’t such refinement rather 
unnecessary for Dodge half- ton vans and 
pick-ups? 

Better roadholding means few thrills and 
spills for goods in the back. Because at low or high 
speed (the Dodge is no slouch) loads are more 
stable, less inclined to be thrown about, less likely 
to suffer damage. 

The driver benefits 
too. The car-style 


comfort up front 
makes the business 
ofpickingupand 
delivering more of a 



loadspace than any other popular 10 cwt van), and 
the pick-up. Each model has Dodge rugged 
reliability, a two-line braking system and runs 
happily on economical two-star petrol. 

Dodge half- ton vans are backed by one of 
the top U.K. sales and service networks. 

See the range at your Dodge truck or 
Chrysler car dealer now. And check on The 
Protector; Chrysler’s unique warranty. It gives 12 
month’s unlimited mileage cover. Plus, under the 
Extra Care Policy free replacement of certain major 
parts should they wear out during the warranty, and 
free recovery should the vehicle breakdown due to 

manufacturing defect during 
the warranty* 


£2,307.96 

pleasure than a chore. Dodge hali'-ton Hi-Top van 

The Dodge half-ton range comprises the 
standard van, the Hi-Top van (which has more 



*UK mainland only: 

The Extra Care Policy 
excludes vehicles used for 
police or taxi work, or in competitive 
events. Neither will it apply to vehicles 
which have not been serviced as 
recommended. See your dealer for full details. 

Prices include VAT and inertia reel seat belts. 


£2.226.96 

Dodge half-ton pick-up 


Dodge 

half-ton 

range. 







Badge 

TrucHs 



CHRYSLER 

UNITED KINGDOM 



r 


-VfiJ 


O 




J=& 


The Japanese are also begin- 
ning to more into the European 
four-wheel-drive market, a 
sector of the industry which 
could grow rapidly if Europe 
follows the pattern of the U-S. 
In the UK. they have suffered 
a serious setback in this area 
with the failure OF the Toyota 
Land cruiser to catch on. Else- 
where in the world, the Land- 
cruiser has proved a serious 
commercial (if not technical) 
competitor to the Land-Rover 
range because of its cheaper 
price, but in the home of the 
Land-Rover it failed dramatic- 
ally to make any impact. But 
now a new challenge is 
emerging from Daihatsu. 

Daihatsu, one of the smaller 
Japanese motor companies 
<though it is loosely connected 
with Toyota), makes a small, 
utilitarian four - wheel - drive 
vehicle which is being imported 
and marketed in Britain along- 
side the American Motors Jeep 
range by a company established 
by TKM. The initial response 
to the vehicle seems to have 
been favourable — it has cap- 
tured 2fli sales in the last three 
months — and it has serred. : tq 
emphasise what a rich range of 


In any case, in Britain at 
least if not in the. rest or 
Europe, the expansion of the 
Japanese van manufacturers us 
now being brought to a sharp 
halt by Government pressure*. 
Vans were included in the 
agreement made in March this 
year in which the .fapane.-u 
Ministry of International Trade 
and Industry undertook n> 
regulate shipments oF vehicles, 
to the UK To the same level as- 
last year. This will inevitably 
have its effect, in due course, on 
sales, though whether the 
importers will be-hit by a more 
prolonged limitation again next 
year is by no means clear. 

What is clear, however, is 
that the . Japanese have . now 
become a force" to be reckoned 
with in . the European light 
commercial market and can 
never be treated lightly again. 
These kind of vehicles ' have 
taken their share of the total 
West European van and truck 
market from about 2.0 per cent : 
in 1975 to well oyer 3.0 per cent 
last year. That makes, them, a* 
a group, one or the more 
significant forces in the Euro- 
pean industry. 

T.D. 


ir 


.•« ■* 


Growth in 


conversions 


ALTHOUGH THE market for 
motor caravans has yet to 
recover fully from the recession, 
demand has improved consider- 
ably this year and most manu- 
facturers are optimistic that this 
trend trill continue. 


An indication of this improve- 
ment is the recently announced 
decision by Volkswagen to 
appoint three other converters 
for its vehicles in addition to 
Devon Converters, which has 
been the sole company fulfilling 
this role since 1973. Devon is, 
however, expected to remain the 
largest converter. - 

Volkswagen, which now aims 
to reverse the decline in its 
share of the total British 
market, believes that by offer- 
ing a wider range of conversions 
it can become more competitive. 
Its new converters are Bari ban 
of Devon, Danbury of Essex, 
and Viking Motorhorues of 
Bedfordshire. 

The company's UK repre- 
sentatives estimate that Volks- 
wagen now holds around 22 per 
cent of the market, compared 
with between 50 and 60 per cent 
before 1973. Of a total of 6,000 
units which it estimates will be 
sold in the UK next year, its 
target is 3,500. which would cap- 
ture around 40 per cent of sales. 

In the first five months of this 
year sales of motor caravans 
reached about 2.300, an Increase 
nf around 20 per cent on last 
year and it is reckoned that the 
total for the year will be 
between 4.000 and 4.500. 

But the overall change in the 
market is well illustrated by the 
fact that Volkswagen alone sold 
9.300 units in 1972 and 8.000 in 
1973. The oil crisis and 
recession in Britain hit this 
.sector of the vehicle market very 
severely, due to the. fall in 
discrentionary income and- con- 
cern over fuel pnees. 

At the same time the cheaper, 
less spacious and more 
economical Fiat Amigo started 
to capture an increasing share 
nf demand and at one time held 
a dominant position in the 
market, although this success 
(thought to be mainly with first 
time buyers) now appears to be 
on the wane. - 

This vehicle, based on the 
BOOT, now retails at about 
£3.800, which is some way 
below most of the others avail- 
able and has the advantage of 
beinsrmore versatile than larger 
models, in that it can he used 
comfortably as a second car. 
The conversions are carried out 
by Motor Carvan Conversions of 
Bedford. 

Volkswagen believes that the 
success of the Amigo was good 
for ihp market in general, per- 
suading new buyers to go for a 
motor caravan in rhe first place, 
but it believes many people will 


graduate to larger, more 
specialised vehicles such as 
their own. 

Devon Conversions, which is 
undismayed by the appointment 
of new. Volkswagen converters; 
indeed \ welcomes the .oppor- 
tunity -for the company to. con- . 
vert other makes, and it is at 
present considering doing such - 
work on as yet unnamed UK 
made and imported models. 

“Demand has outstripped our 
rapacity . these; past . months 
although we have increased pro- 
duction by 25 per cent and we 
still have" a full order book.” 
the company said. “We welt 
understand VW (GB)'s wish to 
give the customer a wider 
choice. Indeed, we approve of 
it.” 

Ai present Devon Conversions, 
builds three caravan models on 
the Volkswagen chassis. These ' 
are the Modnraker and Sun- 
downer on the one-ton ".VtV 
Komhl-and van. and the Royal ty 
on the yw “ new generation *’ 
30 cwt' LT (ruck. They also' 
build buses on the VW van and 
the LT -chassis. 

Another consideration from 
Devon's point of view has been 
the price of the VW range, ; 
which it believes to ho too near 
the top end of the market and 
it sees the chance to diversify 
into cheaper products. 

The motor caravan market as • 
a whole remains difficult in 
judge in that figures provided 
by the Society of Motor Manu- 
facturers.. and Traders arc 
dependent upon the industry 
providing up-to-dnte informa- 
tion and it is thought that many 
conversions po unregistered. 

However, SMMT figures for ’ 
last year showed that Ford held 
the top position in the market- - 
with 22 per cent (900 units) . 
Bedford IS per cent (734 units). 
Fiat 17 per cent (679 units). _ 
Volkswagen 15 per cent (625 
units and BL 12‘per cent with 
476 units. '. 

The more optimistic. . pnP 
ducers believe that by igfh the 
market could, rise, tn around. 
8.000 units a year, but giytrri" 
that "demand is highly sensitive" 
to fuel prices, (which a re 'Tar 
from predictable),, do ‘one is 
bettfng - heavily on such an out : . 
come. . '* 

Some converters such. 
Devon are continuing to dp .good 
export business, particularly to; 
other European countries in the." 
belief that the quality of British' 
conversion work is a favourable 
factor. . - "VV-!.. . 

At present the • t-ih phasic 
seems to, be ‘in the middle rams* 
with somr "manufacturers '.in- . 
tent nn hedging their" bets; hr . 
offerinc as - ' wide a tahj» ; ‘af . 


“• rt, • i * 

, •»#«*% * 
- Is l. 1 , • 




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diesel 

TONS G 


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possible. 


Ltfrne i %Huig- 


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Financial Tiroes Thursday July 20 197 S 


VANS AND LIGHT TRUCKS V 


35 


European collaboration 


?HE EUROPEAN market for 
•ans and light trucks amounts 
©well over 1m units a year, it 
s therefore a significant sector 
rtuch no manufacturer of either 
are or _t nicks can afford to 
gnore if he wants a complete 
■ange. But at the same time, the 
ipread of demand varies enor- 
mously from country to country, 
50 that it is only recently that 
iroducers have been able to 
>egjn designing vehicles which 
■eflect a common demand 
hroughout the region. 

Even today, there are some 


ducts accounted for virtually 
half the market, notching up 
135,000 sales against 111.000 in 
the medium sector and 50,000 in 


odd anomalies in the situation. 

In Germany, for example, there 
?ot a significant light car- 
derived van market at present, 

SwS appare , ntIy Preferring heavies. To” some degree, the 

oroduct? ? e ?S pu ? ,0S H ,u ; lt UK follows France's pattern: 
products. In 1977 sales in the - 

light class amounted to only 
about 6,000 units, against 
virtually 107,000 in the medium 
range, and 70,000 for heavy- 
weight vehicles- 
Conversely, France has tra- 
ditionally had very large-scale 
sales of car-derived vehicles. 

Last year, three types of pro- 


EUROPEAN LIGHT COMMERCIAL VEHICLE 


these two countries represent 
the two largest commercial 
vehicle markets in Europe, and 
Britain too has large sales of 

lighter weight vehicles. Italy is UK 

more analagous to Germany: nut France 
of sales of about 120,000 com- German v 
mercial vehicles last year, vir- . ‘ 
lually 70 per cent of the Italian "" 

total was in the medium van 

seel nr. 


MARKET, 

1977 

Total market. 


Medium- 

including 

Light-tveigbts 

weights 

heavy-weights 

(units) 

(units) 

(units) 

72,430 

84.416 

225.222 

136.0011 

ULOOO 

238,000 

5,900 

106,800 

183,200 

8,100 

73,600 

119.500 


Expansion 
in diesels 


*>■ • ^ 

s ■ * ^ 


i : 


Si 






DIESEL PENETRATION into 
the gvw commercial vehicle sec- 
tor, Including car-derived vans 
of up to 4 tons, has been making 
substantial progress throughout 
Europe. In the reaction to the 
fuel crisis of the autumn of 
1973 and stimulated by other 
factors, like the growing 
severity of environmental legis- 
lation, installation of diesel 
engines about doubled between 
1975 and 1976 in the four major 
?oun tries of Italy, West Germany 
the UK and France. Progress 
has been particularly noticeable 
in Italy recently. 

The use of diesel engines in 
commercial vehicles extends 
from zero, or near it in the 
lightest car-derived vans, to 100 
per cent in heavy trucks. One 
of the reasons for installing 
them at the bottom end of the 
scale is that they are around 
25 per cent more efficient than 
equivalent petrol engines, and 
up to 40 per cent more so in 
urban driving because diesels 
are so much more efficient 
under part-load. There are 
other factors, like mileage, type 
of application (perhaps between 
‘construction work and town de* 
livery), reliability and whether 
they fit into a fleet. 

One of the most crucial fac- 
tors is the price differential 
between diesel and petrol fuels, 
because quite obviously it 
vitallv affect .the economics of 
switching to diesel. An inter- 
national comparison, carried out 
last summer, discloses wide 
variations, even between neigh- 
bouring countries. In calcu- 
lating the advantages (or 
otherwise) in fuel cost savings, 
one has also to be aware that 
in some countries a lowish diesel 
tax is compensated by for an 
additional tax on the engine. 
Tl\f> studv. for instance, revealed 
that commercial vehicles in 
Scandinavia and passenger cars 


UK car/truck maker has been 
by Ford in the York . engines 
which, among other applica- 
tions, powers the Transit series 
and the Dorset for the •-■D” 
series. The company is half-way 
through an £18m programme oft 
the Dorset and is spending 
another £2.8m on the York. 
Both 'programmes are resulting 
in appreciably increased produc- 
tion. The York was intended to 
power the Granada saloon as an 
option but was too heavy and 
Ford has turned to Peugeot 
instead. This invites speculation 
about a more formal “tie-up in 
the future or the alternative of 
a smaller Ford diesel. Perkins 
Engines at Peterborough, the 
world's largest diesel "engine 
manufacturer, has seen- penetra- 
tion in the light vehicle' market 
almost double from 17 per cent 
to 32 per cent since 1973 and 
while the slack state of the 
economy — and especially the 
steep fall In tractor demand — 
has caused it to modify forecasts 
of world demand for diesels 
downwards, it still stands high 
at around 8 per cent per. annum 
growth. 

While strong progress is being 
made in dieselising vans and 
light trucks, it needs strong 
nerves and a huge investment to 
bring a new plant to the starting 
line. Whether diesels can com- 
pete effectively with petrol 
engines depends quite crucially 
on volume and to achieve this 
the European motor industry is 
thinking more and more in 
terms of partnership projects, 
such as that which brought the 
Fiat/Alfa/Sarie® plant into 
being earlier in the year. This 
has a designed capacity for 
240.000 units a year, with 
perhaps 20.000-30.000 going into 
Fiat 131 and J32s as an option 
and the new Fiat contender in 
the Transit market Others may 


As these figures show, the field in the last few months, 
one common feature of all these The new « 5 - series van. called 
markets is the strong position the Fiat Daily and 0 M 
of the medium weight vans. In Grinta. were launched in April 
Italy, the smallest market, they a production rale of about 
account for more than iQ.OOiJ 40.(100 ■units a year. Like most 
units a year, and in all the Q^pr European vehicles in the 
other leading cnuntries they c j asSi they }j ave both petrol 

regularly sell at a rate of more ant j diesel engines, and be 

than 100,000 vehicles a year. aimed at the international 
The steadiness of sales in this mar ^ et 
sector is clearly a significant 
factor behind the product -p ■ ■ 

development programmes which H/JURUSSIS 
have been directed at it during 

the last few years. Only the Competitors believe that the 
French producers at present Fiat vehicle, styled with the 

stand outside the mainstream of squared-off lines which are 
developments in this area, and, typical of the industry today, 
following the amalgamation of will prove a tough competitor. 
Saviera and Berliet. along with A great deal of emphasis has 
SaviemV link-up with Fiat in been placed on drive conditions 
the new Sofim diesel engine and cab comfort, both factors 
plant in South Italy, it is un- which are playing an increas- 
likely that the French industry ingly important part in the 
will stay on the sidelines for industry. The other significant 
much longer. characteristic of the Fiat 

The main protagonists remain vehicle lies in the weight range 
the British and German pro- which it covers, starting at 
ducers, but Fiat, through around 2.5 tonnes gross vehicle 
IVECO, the pan-European com- weight, and extending up to 4.5 
pany which owns Unic in tonnes. This means that it 
France and Magirus Deutz in extends on both sides of the all 
Germany, has also entered the important 3.5 tonnes point 


which m bolh the UK and 
Germany market marks a signi- 
ficant position in taxation 
ratings. 

The IVECO approach is 
similar to that recently followed 
by Volkswagen, which designed 
the LT truck, launched about 
two years a?o. to span a wide 
weight range. VW has already 
announced that it is having 
talks with MAN. another Ger- 
man commercial vehicle 
manufacturer, on a collabora- 
tive venture in a new light 
truck, and the outcome is likely 
to be a vehicle moving up from 
the 3.5 tonnes point, but using 
the current LT cab and MAN 
mechanicals. In this way other 
manufacturers will be able to 
tackle the light truck area at a 
reduced cost- 

By contrast. Mercedes, the 
only other significant West 
German manufacturer oE light 
commercials, has approached 
the maricet in a more traditional 
manner. Us new small van, 
made at the Bremen plant, is 
rated at between 2.5 and 3.5 
tonnes gvw, while the company 
relies on its older Dusseldorf 


• range, facelifted about a year 
ago, to cover the 3.5 to 6.5 
lonnes sector. 

The new Bremen vehicle 
marks Mercedes* first fully 
co-ordinated attempt to tackle 
the light market. Its previous 
van. inherited from Hanoxnag- 
Henschell, which it took over 
io the mid-1960's, had front- 
wheel drive and was not 
reckoned to be ideal from a 
driver's point of view. Now 
Mercedes has returned to a 
more traditional lay-out. with 
a front engine driving the rear 
wheels, and an all-out attempt 
to make the vehicle more 
appealing to drivers. It intends 
to make about 40.000 of the 
Bremen vans a year. 

With both the Bremen and 
the Dusseldorf ranges, Mercedes 
makes considerable use of car 
components, illustrating one of 
the ways in which European 
producers minimise their costs 
in this light commercial area. 
Mercedes has an additional 
strength because of its wide 
range of diesel engines already 
used extensively in its cars. 
These provide the power units 
for all of the Bremen range and 
the lighter Dusseldorf products. 

In the longer term, Mercedes 
will probably introduce petrol 
engines as well to give a wider 
choice to its customers. At 
present only about a third of 
ihe market in European light 
trucks is reckoned to be diesel, 
so there is scope for petrol 
engine variations. Nevertheless, 
the diesel represents a strong 
and growing sector which other 
manufacturers, being without 
Mercedes' resources in this 
area, are having to make special 
efforts to tackle. 


The growth in diesel sales led 
Volkswagen to negotiate a 
special deal with Perkins, the 
UK-based company owned by 
Massey- Ferguson of Canada, to 
establish an assembly plant in 
Germany specially to supply 
units for the LT range* 

Similarly. IVECO has 
launched its new S range with 
diesel options made available 
following the completion of its 
new diesel-engine plant in 
South Italy. And all the British 
companies in this field— Ford. 
Bedford and BL — have found 
that their diesel variants have 
given them added strength in 
tackling Continental markets, 
particularly Italy and France 
where there is such a favour- 
able differential for diesel fuel. 

Another significant trend in 
the European market in the last 
few years has been towards 
joint manufacturing enterprises 
in this sector. One example is 
the joint Fiat Alfa Romeo 
Savicm diesel engine plant, 
another the VW/MAN collabor- 
ation. But this pattern is now 
being repeated »n the more 
specialised field of cross-country 
vehicles. 

One good example of this is 
the new Matra-Simca Rancho 
vehicle, produced by fitting a 
fibre glass body designed hy 
Matra, the French aerospace 
company, onto Simca 
mechanicals. -Another is the 
link between Mercedes and 
Steyr-Daimler-Puch of Austria 
to build a Land-Rover type 
vehicle at the Steyr plants; and 
another is the negotiations 
between Renault and American 
Motors which are expected to 
lead to the French company 


establishing rights to sell the 
Jeep range made by AM in 
certain parts of the world. All 
of these deals mean sharing 
costs and expertise to enable 
producers to tackle important 
sectors of the market without 
too much additional cost. 

Lower down the market, the! 
bare bones of an even more 
intriguing collaboration has 
recently been announced by 
Fiat and Peugeot/Citroen, the 
French group. The two com- 
panies are coming together to 
build a plant in a 50/50 partner- 
ship in southern Italy which- 
will make a light van right at- 
the bottom weight range in this 
sector. An output of about 
S0.000 units a year has been 
suggested, so this will be a: 
major veniurc. But there has 
been very little additional; 
information. 

Development 

In essence, this development 
seems to represent an extension 
of the former and ill-fated; 
collaboration between Fiat and 
Citroen in both the car and' 
commercial vehicle sectors. Now 
the two companies are coming 
together to make a vehicle rn 
compete not only throughout 
Europe, but also in one of the 
most idiosyncratic sectors of the 
French market This in itself 
indicates how far integration 
has now gone in Europe. In ihe 
light commercial vehicle sector 
at least, all the forecasts of the 
value of cross-frontier collabora- 
tions, which has been so long 
in coming about, at last seem 
to be coming to fruition. 

T.D. 


DIESEL PENETRATION IN VEHICLES UP TO 
A TONS GVW (INC- CAR DERIVED VANS) IN OOOs 



1975 

Diesel Total 

1976 

Diesel Total 

1977 

Diesel Total 

3B 

48.2 231.5 

60.3 257.7 

67.9 

269.3 

West Germany 

. . 21.8 167.3 

4L» 240.9 

41.1 

195.0 

France 

49.4 255.7 

63.6 357.5 

64.1 

355.7 

Italy 

16.5 55.1 

16.7 67.5 

25.5 

84.1 

Total 

135 J9 709.6 

181.6 887.6 

198.6 

904.1 


n Italy are subject to a higher 
.ehide tax. 

In the UK there is the 
tnomaly that while the Liberals 
’orced the Government to take 
iff the proposed lax increase on 
wirol. it has remained on 
lieseJ. which is now several 
>enve more a gallon. Diesel fuel 
u the UK is now third dearest 
n Europe, though UK petrol 
v ihe cheapest. 

The differential is widest in 
lalv. where diesel is only a 
hir'd of the cost of petrol and 
vherc the advantages ol switch- 
ng to diesel look most attrac- 
Other countries in a 
.imilar situation are Greece 
Portugal. Korea, Norway, and 
Brazil. 

Diesel engines also have 
-omcthing of a fashion appeal 
ihout them, perhaps strongest 
n German.''* where Mercedes- 
Jenz makes a high proportion 
if diesel vehicles and where 
%'olkswagen has had® DJS 
-access with the LT van, 
•urrenlly powered by a Perkins 
•mcines diesel, and VWs own 
licsellsed version of the 1600 “ 
;«lf petrol engine. In the UK 
British Leyland has had 
iifficulty in keeping up with 
lemand Tor llie Sherpa van, one 
u five of which are powered 
n- a 50 h.p. 1798 cc engine 
liadc at Coventry, and which is 
he diesel version of the petrol 
msine- It also makes, w 
appreciably larger volume the 
...5W r TO h.p. diesel which 
powers the Austin taxi and has 
heen taken over by the bus ana 
truck division for use in trucks 
and van derivatives. 

The biggest investment by a 


go into a new light ' van 
Peugeot/Citroen is said to be 
contemplating. This consortium, 
known as the Society of French 
and Italian Manufacturers 
(SOFIM) is not the first, though 
it is the most significant. 

While the diesel engine is 
making promising progress, 
petrol engine technology is not 
exactly standing still, and it is 
not going to be easy for diesel 
engine makers to cling to their 
advantages. To bring the price 
into a more competitive rela- 
tionship diesels need to be made 
in very high volume, which 
in turn means a 

competitively-designed engine 

with comparable performance. 
Perkins Engines is* putting a lot 
of emphasis into studying ways 
of designing a low-cost engine 
in smallish volumes (its output 
at Peterborough of 200,000 or 
so a vear compares with around 
lra by Ford U.S.). The company 
anticipates that for the future 
tand exemplified by the Golf 
diesel) the dieselised petrol 
engine will have a sharp impact 
at the bottom of the range. The 
research and development 
department is convinced that 
direct injection high-speed 
diesels turning at up to 5,000: 
rpm and which would give 
around a 25 per cent improve- 
ment in economy, are a strong 
possibility, though a lot of work 
still remains to be done on 
combustion. 

Significantly, direct injection 
is also being taken up bj’ Fiat 
at Turin with finance from the 
Government and specialist help 
from various Italian research 
institutions. 

Peter Cartwright 



The Bedford ‘ 

TK is the best-selling 
British truck of all 
time. Half a million 
have been driven 
off ihe production line andinfo 
adive service. The explanations for 
this success stpry are dear: 

1 . TKs are a pleasure to drive. 

2. There is a choice of 12 basic, 
types covering a range of 36 models. 

3. Six TKs can be driven on an 
ordinary car driving licence. 


4. All TKs have 
high body and 
payload capacities. 

5. They are 
renowned for 

their economy and reliability. 

6. TKs can be fitted with almost 
any kind of bodywork. 

7. They are backed up by Britain’s 
most efficient dealer and after- 
sales service network. 

Ask the specialists. 

At almost every Bedford dealer 


there’s a Bedford Transport 
Specialist who will be happy to call 
and answer any questions you 
might want to ask. Not just about 
the TK range, but about the more 
general problems faring truck 
operators too. 

Contact a Bedford Transport 
Specialist today. Find out for your- 
self that when you go Bedford TK, 
you can’t go Wrong. 



BEDFORD 



There’s no easier truck to drive 


RAHfArd Bedford's 24 hour 
breakdownand 
recovery service is 
now available for 
yourTK. FREE 

for its first year 

ROadCOl! inservice.; 














Financial Times Thnxsday July 20 1973 


36 


WORLD STOCK 


Dow recovers 3.8 in active early trading 



jf SSSs** 1 ! 3££S££ shs-iSiM 

d issues, such as con- CS48J and Atco “A” lost 5 to CSUi. j*j* Banks and Retailers. 

ion shares, were bought Partly Mppmg - 0 f vsmt Neirfo ,mdIand J# *■ Frances, 

reports that the Govern. on Tue^ CS16L and Noranda A, CS884, 

v form a larger eupplfi- l . nret _ , . _ . inu-rinwn m each declined i. frni 


INVESTMENT DOLLAR 
PREMIUM 
$2.60 to SI— !07S«o 
Effective 51.8950—311^ (81%) 

A BETTER trend developed on 
Wall Street yesterday morning in 
increased activity, with 


\\ io $31}— a tender for 2m readied 340m shares 
■ share? by Time Incorporated at Brokers said gov 
$35 a share has expired. . - programme-related __ . 

the AMERICAN SE Market Construction shares. were_bought 
Value Index recouped 0.43 to on Press 


■ 

' 

July 

IS 



J£y j Jgr j J 1 U 2 * j J if 1 ‘m^TlwTI High 


k n J • ■ 

' o 1 * 

since c+mpiiafi, 1 ; j L ' 
* , 1 * , . 

: . * ? i 1 


130.62 at 1 pjn. Volume came to nient may form a larger supple- jnree indicating a slowdown in each’declined 5 

2.12m shares, slightly above the mentary budget in order to achieve ay, ^ of industrial 


however, were Ann, 
ttii xu ui _ r . some coodearnlngs 
reports from the industry. 


lodnaRfel — 
a , nuFmb > | 

hiatpnL.i< 


,23.00] «B*sj ,s< - 76 ’ >-*- si,a:; '- : >j ! r S,« P"‘W r 1 

l'-07.,,< o7joff «.«: «■»; ,7 - k ! »■» s? I SB ! ' ,71 ■ 

*£ I wjsj " 


JOgEL in uiuvi , 1,0 vntulh 

sharply' increased activay. wun -" vi0Ils day's l pjh. figure of the 7 per cent national economic JJ^dSon in ‘the ‘second half of 
the market recouping part ol growth target In the current fiscal 


and 


Hong Kong 

Profit-taking abated 


yesterday 


Johannesburg 


Utilities.. 


firmer- 



m J ub.ib; idutf 106 .k| wmb! ios-HI"*** 4 ! ’JJJ j Sis? 

*gSR , *| SMKl] !3.lK( **** **•] 


Tb^ho* index ebamced from Aup®* 24 
July 14 

IntLdiv.rWdS 


6.71 


Tuesday's setback. 

The 

Average, 

to S3251* at T pmTThe NYSE All Airilnes and Alaska Airlines. affected by the yen's rise on the 7.56 to 556.07. _ . producer results. , j 

Common Index regained 30 cents Tokyo foreign exchange market significantly lower at the end swtre Pacific rose 2a cents to diamond issue- De Beers. ended 

to S 34.75, while advances held a (jemUiny yesterday. , . 0 f the session were hkS 8.75. Hutchison Whampoa 1® a net 3 cents up at RTJj, after 

- lfrthar vrtdecnrMH coins Maeda Construction gained VJJ Bouygues. BoreL Haehejtj. CBM, Muts t0 hK$ 6.25 and Wheclock initlal reaction to R7J.Q. 

Closing prices and market ESS'S* Sde to and ^SSS^JS 2 *EL“ 1 ! SlSfer'^S?. 2 ■? «“J 5 AMD POORS ^ , 

mixed. I ' j Jrtv 1 W i *gr j j^t 


July 7 t I ffewgpippiwv.) 



4.87 


Closing Diices and mansei „_,. rr( , r i «, another lively trade 10 *«*» xr . IT-. — cniers ana run. ^ 7.3 cents 10 7 — ---- copper mw® »»»*#«.«-- 

«hS_« 2« 2—- Sfejt-flfcs ssa^, ®ri2sz% s® ssu— t 


157E Slow Cmnplbl’i 


for this edition. 


5“f SrSeTniS n TOR Electronics YM to Y2J60 were bright spots, 

day^ b^t. Truck Manufacturers gained 


^Outside the leaders, Hong Kong Antimony 


Consolidated 


share 

Wharf advanced 60 cents to Murchison shed. 30 cents to. . 1*1.9* v 

HKS23JB0, Hong Kbog Telephone R4i&5 following the quarteriy|tijMta»irt«i».ii«.saj 11 

■ivfaaji rtkltin V itfht 11 


t/nv 1 Ht}{h I I/iu 


5S Cm&* JSSTll j“HK^sio."CWna Uglit Results. 

r^^rsvss 1 Tu ^-; sLsst ^ JagSarf ssas £J 3 LagKJ|gia Switzerland 

mss: -5-yss" si =ss? sm a? ^ sWiSar 

“ 1nd noishfi a net DM 1.50 easier. ^ ™ ' jSsanWi TO to acthe trading. 

ic h Among Engineerings. MaMW- vRas 1 ^ Nlchirekl Chenlol Y42 tn The Toronto Composite Index Australia 
5? mann advanced DM S^o.and Linde ^ ‘Sm Chemical Y10 to was 0.9 harder at Uf.l at noon 


Ucompotitej 9SJ7| 87.78 97.l» 


107.B0l 10A3* 


\ 110.39 I KM j 154.M t SSI- 
1 rtwa j is.'fi {(ihi/fsijjw.ii 
u« 94 86.9a: 190.52 I 86,80 ia.n I 4.40 
w L i |- W5> loi/UBSi! (lifcscr 


stocks OI lUiuuniiivs — - vintim 

proved earnings for the second rirtUhp 
quarter of the year. 

Airlines, responding to bultLsn 
corporate earnincs statements 

attracted special interest Amen- “TA “krunn DM 350r while Kar- 


Prlces were narrowly mixed, 
with losses slightly in the majorty. a , r . y, oW j 

In Chemicals. Ciba-Geiey Bearer — — 

receded 15 to SwFr 1.103 and the jod. v/B touo 

to SwFr 460. . . — tQ K.Y.S.E. ALL COMMON 


4utvl2 J 3iUy6 ! Junf K 


6.07 


6.18 


6.11 j 


Tear ago <*ppmx .1 

4.43 1 


9.12 


8.93 


9j04 


10.12 


8.69 


8.62 


B.B7 


7.59 



Sub and EoHi 

■ July 18 r dnty i". Jniv 1* 


I « .u 
I >13) 


Cheminhar Y40 - 

Food Products Y30 to Y1.19j» 


^Ea^mon 1 Kodak/v^hich is ex- Foreign Loans were also lower, 
peered to report quarterly results T , 
later In the day. added Ii at S5fii. TokjO 

finna!°Min" d ^ Stocks closed firmer Tor choice 

Avco -n"ncd n to $28 g and Ash- follow [np an active business. The 
t Nikkei-Dow Jones Average edged — - 

h SJl , ci£ 1 however fell up -US to 5.M0.63. while volume thm trading as 


Kanto Bank also Y30 to Yi,*00. 

Paris 

Market 


Industries rose I to CS21. while coal contracts. _ 

d Nwm WeUSwviw. CS43. and Hamsereley retreated I j cents Milan 
Northern Telecom, CS33i, gamed to A$2-20 mid Otter ExploraUon 
i aoieee 3 cents to 37 cents, but Comal co 

Travelways, which reported put on 3 cents t° AW-12 and 

voo mainly easier in sharply Usher 3 CB “ ! “ 

the Bourse entered were up j at C$11}. ^SR were a *bade easier at «i,'a> 


ltfues tnd«iU«- 

1,898 1 
483 

1.915 

901 

1.879 

1,067 


982 

601 

427 

Unrhan^r' 1 

431 

413 

84 

385 

64 

New Ian...— ■■ 

_ 

10 

IB 


NEW YORK 


Stock 


JlilV 

19 




Al'toiti Uh» ! 

A i Wnr»"*«ai*l'h ■■-. 

A einn LitC'kOu..' 

Air l l |tallini> 1 

A U-nn Aluminium'. 

AIb* 

A I ’tv. LiHiuki ...' 
AHi-)ihcii\- I’pner* 
Ailic-i L'liemmi.. 1 

Ailift store* | 

A"i" I ’ha i mere ...j 

All ax. 

Alio -ni. la He».—i 
Auii-r. Airline-... | 
Amrr. Bmnlr j 

A run-- ilflMtlCttif -| 

Atiiit. LTko 

A mrr. i'yanwiiiaij 
Amor. UlM. 'lei..| 
Amor. Kiev. I’owi 
Anu-r. E*prv-“....! 
Anin-.Hi.irue Prwl! 
Anror. jlc>itml — | 

Anwt. Mm.iP- j 

Amor. Nil. lit>..| 
A liter, aim* tent. 


a 


AnuT. Mure- 

Airier, tel. 1 Id 

Amel ek ! 

ASH'. ! 

AMP -j 

AUi'lmr UiyJinu;., 
Auhrueer UiiM-h— 
Amici’ otiwi 1 

A. o.A 

Awiratn Uil_ | 

Aram’ ’ 

Aabisrhi Oil ; 

All. KkHitield ! 

Autn Daui Pm....! 

Aw -— j 

Awn Product 
Hart G»e Klert ... ; 
U*n* Amencn—.l 
Urulkers lr. .N.Y.| 
tinnier Oil 
taster Tmvonoi.; 

Beatrice PeoU 

BectonlHcKMUon; 
Belli Howell ..— 1 

JBendlx 

Bennu« Owa* - B I 
bciinebem Suei. 

Brack * Pecker.. .| 

B. «inR «...., 

ik-lae IkmiuIc 1 

H”Tilen -.1 

Bun; Warner.. — ' 
BraniR lut. 

brman'A'-.- 

Un-toi Alycr- 

Uni. Pel. ADK...| 
Bn •. -k n ay U law_| 

Brnnwick — — 

UiM.-yrui* Erie 

Bnli’va WalL-li.-.l 
UnriinctwiSihn^ 

iiummsh.- 

(.ani|4N-ll niHi|x.. 

Laiiarlian t^-rlh' 
l kiwi MKii'lulvh.. 
I amalioit .......... 

I arncr k I traemi 
CKtter Hawley ... 
kiienilllarTnKi* 

Cite 

I. eianmeC- 
tmirKi A a, 

IVrtainlMtl • 

Cc-tMiK Ainrrall ...j 
Chaw MauhKitanl 
l hen i icnl Uk. NY. 
l IlC’w’llgll I'lHl’I.) 
t 1 i»wil- ST«em..J 

Cl in HR” Hn-lfii'.. : 

t iiryxli-r : 

l int nnn.... J 

C ilk-. MiIkouui.... 

( rll.-’rp 

i ii ic** M-mco.....] 
I n v Inve*niiR... 

i ,«-n C”la ] 

C.’lcnt’- 111 

t .’I II no- Aikllinil.., 


35>2 j 

22 -‘i i 

39 t 
nBJj, ; 
28 
417, 
16*d 

la 

36 I 
23 I 
34 
36»t 
29ie ! 
14 In ; 
497$ ! 
48 I 
4i»e I 
29i0 t 
34^3 I 
231- ; 
36>s • 
£8i4 : 
2d- , 
Ss« • 
417$ 

44 I 
345s 
60 - 
321 a i 
161} 1 
345,a i 
14U | 
301; ' 
24 l D : 
29 &S 
21 i a 
157$ 

I4is 
343, 
483, 
30sa 
10is 
27U 
545s 
26 
24 lg 
36U 
2 bl« 
443, 
24Ss 
37 
193, 
3611 
31* 
23 3fl 
183s 
687fl i 
296s ' 
29'8 I 
27i* ; 
131; 
141* 
36>« ! 


363a 

23 

393, 

274 

28 l S 

424 

17 

184 

363, 

23,8 

344 

365a 

295a 

13: S 

49t 8 

487a 

411- 

294 

33i* 

235a 

37 

2938 

26 

358 

417a 

444 

34S S 

60 &g 
al7a 
I 8 i- 
344 
145a 
304 
244 
295$ 
205* 
164 

141- 
344 
494 
314 
105a 
277a 
65Jq 
Baa, 
244 
i 334 
264 
, 454 
! 245* 

| 374 
197a 
38A, 
3i, 
25M 
184 
684 
295, 
29 
284 
14 
145a 
3?5e 


Stuck 


5’ilJ 

16 


•lurv 

17 


Cnrainc (iiam-....i 

CPC Int'n'OonKl: 

Crane 

CnrUD 1st 

Cmnm Tellcrtrarb] 
Cummin- Unetne, 
Curtish Wrifihi 


Lkuta. 

Dart lihiii-l(ier.. , : 

Ueere - ! 

Dei Unme. ; 

Del loom — - ; 

Dr-niefiv lnler_.i 
DM rrrll fedl«on_..l 
DlainanitShanirk' 

Dictaphone 1 

UirIU Kqulp.— -: 
Dtimey iWalti — , 

Dover C'-orpa 

I low Cbemkml_.‘ 

Draco .....I 

Dieraer- 1 

Du}’C*nt~. , 

Liymo InilUDtrte-j 
B*u*re Pictacr ..—i 

Bart Airlines \ 

Butman Kohak-j 
Baton 1 

K.G.SG I 

LI Paro Nat- Gk»I 

Lltm 

Ltnemm Klevirli* 


554a 

494 

275a 

264 

3178 

36t& 

164 

275s 

45 
324 
2778 
97s 
234 

137j i 
£ 6 J« j 
lull 

46 

404 1 
44 1 

23: 4 ; 
255, ! 
4358 
114 
304 : 
214 1 

12*A 

6551 I 
3B 1 

£64 [ 
Id, 
31 
3558 


LnieryAIrKr’lchil 23 5s 




C.’iiinii-in 
t ..luinma Pici-..^ 
i. . ’in. i n<<w’l_A ni_ 

Kiir.i 

i .-mi him inn Bo,...; 
I "iii’h " l li Brlir-on. 

l' , ni'»1lil , ll Kei;. 
l. *mni. MUelliie.; 
« .mu 4ii oKsclooce 
t '•>■■■■ IJte tun.... , 

t’-IIWi- 

C«n.l>lii-’R N.Y. 
I **m*”l K*uls......' 

I '.<n*->l .Vat. liaa.' 

I --n-im-cr lli*m 

t -nilin-Jiiai '■T' 
i - 4ilinem«l Dll.. 
i ■•nlirieni,l Tvl’-i 
i -an ml lkl*.....: 
i. -*i*per In-In*- 


15Ta 

334 

154 

17T B 

W, 

405* 

73lg 

331, 

174 

114 

285s 

117$ 

174 

574 

534 

404 

164* 

194 ■ 
a9 i 
324 | 
39 4 \ 
241$ I 
3X j 
52lj 
11 ' 
4fio 
30bfl ; 
241- ' 
47J, ; 
13Je ! 

4 1 1 

204 i 
114 i 
27Jn , 
21 >5 I 
185a ' 
405b 
164 i 
264 I 
21* I 

42 

115| I 
37 7r | 

195„ ; 
235n | 
254 I 
37Tf j 

22ii : 

28--n ; 
261; ' 
155a 
364 , 
5 4 so , 


164 
335* 
15 ia 
18 
W, 
413, 
735, 
344 
173b 
11 
285s 
12 
17Sfl 
58 
041s 
40-fl 
163, 

194 

391- 

324 

394 

244 

311, 

S3 

114 

44 

315, 

244 

481;, 

154 

415, 
205q 
114 
275a 
2Z5e 
IB 4 
414 
164 
27 
24 
425, 
ll’B 
384 
194 
235n 
2558 
38 
231, 
291.1 
267 a 

: 155a 

, 3578 
, 351; 


394 
2a8 
2258 
2978 
215B 
44Sa 
a04 
334 
135, 

29 3« 

20 >8 
274 
3158 
355e 

234 ; 

4578 
£05, 
37»* 
95$ I 
263, : 
297a I 
10 S 8 I 

135s 
46 
10 
271 S 
175a 
7358 
62 
315, 

31 
604 
lOSfl 
295« 
265c 
2618 
65. 
2758 
375, 

286a ' 

224 [ 
164 
30 * 

2B5, 
6*5 : 
26 

12 T a r 
137s i 
235e ! 
604 • 
324 . 
157a .. 
58 
40Tj 
264 ; 
8359 : 
174 . 
343, 
681; ■ 
llfrrf - 
34 j .-, i 
244 : 
114 1 
154 ; 
26 
424 
674 
364 
14*5 

[Bit 364.5 

loti. Piavoun-^. ..* 2S5a 
lull. Harvester...; »S|i 
Inti. Min Xl'faeuii 36ia 
Intl.MulUfnalf.-i 21 

Ineo — ..... *64 

Inn. fairer 1 t,95i 

lit! — | *?•« 

InU llecliher | 115* 

lot. Tol.AiTel-... 3070 

Invent ; 1 

I-nm Beer : 36 

IC tiitemancma-! H 5 , 

Jim Waiter ' 39 


hintuul ... — — 

K.M.I j 

Knjteihani - ! 

Uemark 

Ethyl 

Las on ——I 

KatrehlUlCajnerAl 
P»L.Ue|it. Stored 

P’iratuooTire 

Fm. Nat. UMUfl.| 
Flrai Van—...—' 

Flinikote — .. 

Florida Pouer.—! 
Fluor. 1 

F. M.C. : 

Fonl Motnr 

Korcmuft Met 

l-o*; boro. , 

Franklin Mint....; 

Freepost Mmerar, 

Fruetuuif 

Faque Inds , 

Q-V.F. 

Dannett 1 

Gen. Anicr. lot..! 

G. A.T..V. 

Gen. time. 

G«n. Dynamic*. 
Gen. E«ctric»— 
Gen. Foal* — — 
General llili-.^J 
Genenu Moton-. 
Gen. Pul*. Util... 
(ten. a lunar 
Gan. Tel. Elect — 
Gen. Tvre....~..- 
G-ut«co....— - 
UeurKW Pacitic. 
G«t>- OH 

GilMte. 


655a 

494 

274 

267 B 

515b 

37*e 

164 

27 

454 

925* 

274 

978 

237 b 

157a 

27 

! 155* 
46J, 
41 

i 434 

i 244 
25lg 

: 444 

1 1165, 
304 
215, 
125s 

654 

384 

26$a 

lbi B 

304 

0650 

235$ 

394 

£4 

225* 

297, 

214 

454 

324 

3o4 

14 

299s 

21*8 

274 

314 


Stork 


Jr > 

12 


17 


Johne Manniie... 
Jotauwm Johnwt>u 
Jotanupa Cmtiol., 
Joy Manufacture 
K. Mar Corp...-- 

Kruner Aliunlui'm 
Kaiser I nrliurrM 

Kaiser Sleel 

Kay ; 

Kemwant,...— ... 

Ken McGee ■ 

Kklrie Waller 

Kimlrerly Clerk.. 

toppers 

Kiall — . 

Kroner Co....— — 
Leave pray Iran*.. 

Leri Strauss 

Li bby Ow . Fov*1.. . 


294 > 
817f. | 
374 
33 03 
247a 

324 

£4 

244 

134 

224 

434 

335, 

465* 

215, 

464 

345, 

3378 

3V, 

2b4 


y \ 

■l: 


block 


Jii’% 

IS 


295, Bevlon * 

B2la I Keynnlris Metals.. 
27 4 • Kej-noWs K. J. ... r 
535* iKlrt 'son Merre'i. 
Ito-'kwelr Inter—: 
Kohm k Haas— i 


Liuct Group.....! 331* 
Lilly lElyi. — . — I 484 
Utton lndust — \ 
Lockheed Atrcrtr 


Lone btar Indusj 
Lons Island Lid-I 
Lualnana UodJ 

Lmmsoi 1 

Lucky Stores 

L'ke FiuirsJ’wiiJ 

MacMillan 

Macy K. H.. 

iltta. Hanover.... 

. -—-—I 

‘ Unnrtbi-n Ull— , 
Marine MMtand- 
Marnhaii Fwl>< ... 

May Dept. 'tore*; 

MCA 

McDermott ] 

McDunnex Douc: 

Me G raw HilL 

Memorex.... — 

Merck - 

Memii Lynch....' 
Mena Petroleum. | 
iMGSL 


224 1 
225, 

21 ■ 
1B4 - 
214 : 
394 ' 
164 : 
74 ; 
107$ ■ 
4070 : 
a6 ; 
319, . 
467s ; 

iaia 

214 

244 ’ 
614 
244 I 
354 • 
23 ) 
394 
60 ! 
175a ‘ 
334 1 
39 


1 nn ai ““ 

364 j Mum Ming JtUt£i 086s 

[ MohH Corp • 624 

I Monsanto 

Moriten J.P. 

Motorola. ...! 


Goodrich li F— 1 
Uualyvar Hie....] 
Gnikl.... ........ -..j 

Grace W. U 1 

Gt. Allan Pac Tee { 
Grt. Sorth l»on.| 

liroybonil— I 

Gult * Western.] 

Gull OIL 1 

Haliburtun —] 

Hanna Minins...] 
Hanuschleser-- , 

Harris Cairinl.-... 

Heins H. J 

HeuMctn 

Hewic P8rkanl...l 

lliillitar Inin* 1 

tlonir-takc : 

Honej’wcH • 

Hiin'cr 

Ho*|fCoiji. Amei ] 
H<ni 9 ionAat. fins' 
UimttPti.MChnii 
But, on (B.P.I.....; 
I.C. Industries. 

IN.V ; 

to^rraii ifend...! 

Inland Blcei ! 

Inallro i 


24 

465, 

214 

38 

94 

261- 

30 

105, 

131$ 

469, 

10 

Zi’-i 

175, 

734 

524 

324 

314 

61 

1658 

295, 

285, 

265, 

37* 

274 

384 

294 
224 
165, 
304 
26 ; e 
64 
257j 
127 b 
141* 
234 
624 
321, 
16 V* 
594 

41 

26 1, 
85 
174 
344 
5853 
11*1 
33 
24 
11 
135, 
2610 

42 4 
69 

36 U 

144 

2E6 

234 

37 
371, 

a 14 

: 164 
' 4U9, 

: 34J, 

: 114 
31 
1 

364 

1 U, 

; 291* 


Murphy OH . 

.Nabisco..— | 

Aaico Cheiuka* .. 
National Can..— 1 

Nat. Distillers ' 

>ai oemce lnu.< 
.Natlooai Steel—.. 

N stoma* - j 

NCR . 

Neiituno Imp..—; 
New England El.* 
New England Tel: 
Niagara Mohawk' 
Niagara Share— .: 
NJj. Indmtrtiw...- 
Nr>rtumJtWe*te»n: 
North Nat. Uaa...- 
Mtm. Stater Pwr] 
Nthwest Atrltnea 
Ntbwenl Bancorp 
Norton Simon.. — 
DccidcniAi Petroi- 
fjgl ivy Mather — 1 
Ohio Udison-— . . 
uun 

Urerseas Ships — ! 
Owens Coming .: 
Uvretis lliooia— ... 

J Psi-lru- Gas. 

I Parti U: Unhtiau . 
pan Pwr. C Ud.J 

| Pan Am Word At 

! Parker Uanzritln . 1 
! Heatady luta... . 
IVn. Pw. 9i L — 

Penny J. f. 

Pemuotl— ; 

Peoples Drua — ' 

Peoples Gas 

Pepetcd ~ • 

: Perkin Elmer— 

i p« 

. Itioir — 

Piarlps Dolge.... 

■ PHikwielphla Lie. 

) l*hiltp Mijrrls 

Phillips Petro'm. 

{ Pllrt-iry 

I Plrney Bowes — 

1 pm si on — 

Pie* eey Ltd ADK 

, Polaroid 

-. I'ounnae Llec. .. 
PPG lo-lustnes.. 

■ Procter Garr.blr .] 

■ Pun serve Elects 

; Pullman 

i Hurl. 

i Quaker Dal* : 

, Kaptu American. 

i l!»rtbr*‘ii. 

j Kt-A 

I FfepuMicSi’el.... 
Ilebirrs loll 


30 

454 ! 

4730 1 
414 ' 

as ! 

£84 l 

ia ; 


26 
327a 
2 

247 8 

134 

224 

434 

334 

465, 

224 

467 B 

345, 

341, 

334 

264 

33 

485, 

227$ 

234 

214 

184 

214 

395* 

16 

74 

105, 

411, 

36 

314 

474 

135, 

214 

244 

614 

244 

364 

23 

424 

601* 

lb4 

339* 

39 

694 

63 

604 

454 

484 

42 

26 

284 

1778 


Kavai Dutch 1 

KTK -j 

Kuw Lag*. — : 

Uyder **y*i«n-..j 
sale way Storer— 
aL Joe Mineral*.] 

SL Eetfi* Paper-i 
-rants re l nil- — J 
Sau' Invert— ..-I 
raxon I ndr Oja 


"ao ! 

297a | 

637 a j 

367b 
32U 
337s 1 

694 ; 
Ids > 
111* j 

224 
413, | 
224 ' 
27*8 
34), 

6 1 


2 H S • 

2158 

lh ‘2 i 

155a 

301, : 

3UJ0 

4356 

44 

547* , 

5558 

1810 . 

18 

221 * : 

22 Li 

3a Is | 

3ai, 

141, 

14U 

11 • 

III* 

183, ] 

19 

2410 1 

2430 

37 

3950 


achiltz brewing-, 
achiuinberger — J 

sCM- H 

aooi t Paper 

icovll Mrg— j 

sieudderDno. Cap 

sea Container. ...j 

beaoiam — 

SearlefG JJj— 
>°an Knrt*uck— 

SKDCO 

6 bcli Oh— ...... ; 

Shell Itaivport...! 

Sicnal.. — ... j 

Sienode Corp , 

simplicity VVt...i 

1 Singer... ' 

Smith K’iae. | 

rfoiilrou..— 1 

southdown —1 

MuuUiemCniJwi 
southern Co— .1 
Btha.Nac He, —..I 
xanbeni Pacinr.; 
doatheraUal I way i 

Southland .. _.....! 
a’w'l Han* barer-i 

speny Huieh : 

sperry Hand.......; 

oquih. — — 

standard Brand,. 
Shi. OHCal itomla 
9tit. UH Indiana-! 

Sul. UH Ohio 1 

I Siaufl Chemical*. | 
ISterline Drug— ..I 

■ Stwlecnkex — — ! 

■ sun L'O I 

■ snmtfUMid .—1 

[ayntex 

technicolor—...; 

1 irtironm 

] leteu.vne — i 

leta 1 

! leneoo — — ..—I 

resoroPetrcteoni] 

Tcxaio 1 

lexaagulf. 


134 I 
837 S | 
195, I 
157b j 
2 b 4 
7 J a I 

294 | 
234 ! 
165, 
225, 
37 
325, 
4170 
48t b 
3670 
125* 
205, 
884 
34 
324 
234 
134 
363, 
31 
62 


265, - 
265, ! 
174 I 
415, ; 
354 I 
28 ' 
394 ; 

4B3, t 
294 
4ZU ! 
174 I 
644 
425, 
484 
305* 
134 ; 
434 1 
1035a ; 

64 1 
3073 | 


July- 

17 

~50 
304 
667b 
264 
324 
34 U 

60 U 
154 
114 
223, 
42 
23U 
274 
337b- 
6 

61* 

134 

87 

194 

164 

205* 

74* 

304 

231, 

164 

227a 

377a 

334 

425, 

495, 

367b 

13 

21 

9170 

34 

304 

254 

164 

365, 

31 

614 

274 

26 

174 

425, 

354 

28 

397a 

494 

314 

405* 

174 

654 

43 
475, 

314 

13 

44 
1044 

34 

31 


Wool worth 

yy* 

farm- . 

Zapata 

Zenith Hadto.— 
I’.S.T 


-took 


Ju>V 

IF 


J u-V 
17 


184 

4 

64 

ib'« 

145-2 

7944 


19 
44 
644 
164 
144 
794 4 


L'S Trean*I*7&6t! t7®4 I 
UJS. 90 day hill*.! 7.09 %. I 6^82 

CANADA 


AMUbi Paper. 
Agnieo Bogie. 

A lean A lum tntnm 

AJgrma Steel 

Alberta, 

Sank of Mon Una 
bank Nova rxrtis 1 
Hsuto HmaitwJ 
Bed) Telephone 
Bow Valley Ind — 


Market took a decisive turn tor 
the better in fairly active dealings 

at the surtofthe new Account. 
Fiat recovered 7® . tD ( .y’ 

Finsider added S.ia at 

AS2.99 despite news that iis 1,735.75. Montedison ® u54 ' 
Buchanan Borehole Collieries sub- sm-g, Viscosa 20 at L73o. 
sidiazy has obtained a contract 
with Kyushu, of Japan. 

BHP eased afresh initially to 
AS7.38, but was rescued in the 

closing minutes by a round of ^ trading. ; 

brisk buying, probably, on Over- levels m s cockeriH lost S 


Brussels 

Shares displayed, a bias to flower j 
•vels In slow tra 
Among Steels. 
j BFr 442, whue 
Metals, Asturicnne shed 



July 

14 

JntT' 

13 


IMiwtrW 

(jmitohicA 

vw 

■■ High 

[XMT 

187.82] 
] iaa.K 

l86J7j 

T9BJ0q 

in 


187.62 (18/1) ! 

lttJaOBtT) j 

162.80 (14.-U1 
170.62 wO/1". 

t I (i),! t'Bf^3S2 


{C 32 

css 

j lMS.l| 

1168.4 (17/7) j 

| S86J(30rl) ;; 




1 

297.1 

fi&U 

! i 

256.6 

250.0 

267.2 <1TF7> 

! 262.4(17/7) ■ 

! mi {>}At 
! 194.B i\ilh • 


Jo 1 




Pre- 


W18 

High 


seas account, and finished a net A SS** s 44a , wh i] e Non-Ferrous I *„^,n.<«vi act 1 601 . 74 ! 60 W 1 

AS7.43 — the w .Mr ^ed 10 ( .... 

r,r 


lterpreted in sane ^tereom slipped 10 to Belgium at 

an indication that BFr a»e. , ntiiitles. Chemicals • . _J 

s r^tering _ the BFr lwrfintitmue 6 at Derrmi^rn 


BP 
Brancah 


13T0 | 

1370 

6 1 

6T0 

313, 

314 

221s 

22i 2 

433, 

44 

Z £3, 

227a 

21 

21 

4.65 

4.60 

671s 

67fi0 

31G0 

32 

164 

16 

16 ^ 



3 cents harder at 
rally was interpreted 
quarters as 

August budget, stocks like Philip in Holdings issues. 


96.18 




ari^iMHd (M)| 

Hong 


TO* 

&122 


845 

666.97 


U])i 61 *£2 


Brlooo I | 

Uiuiv Power I 391; | 39 fig 

CaiuHcnv Mines— I 164 i lg4 
ChnaBfl Cement— i 107g 105* 

Canada N'V LuiV 124 \ 124 
Uan.lmpJBk.Coai! 285a i 28&g 
Cana* la lndust— 1 t204 1 t204 

Can. Partite ] 194 ! 194 

Can Mb-ttic Inv.J 
Can. Super Oil— ] 

Carling O'Kccte.. 

Casrtar AetnaUM 


Italy 

Japan wt *26.61 
Singapore 


3«&97 


9&37 
96.72 
TL2 
SOO.fi 
84.4 
64931 
6L13 
42B3S 
343 .«? 


aim 

loua 

111! 

.82 

0 

(10/2) 

B7.0 

am 

&62JB7 

(6/Tl 

MUM 

119/71 

4 E &81 

(19/71 


1912 

Low 


Jutv 

19 


Pre*. 

non? 


1973 

High 


lBId 

Lcpr 


441.19 

(U3) 

90.40 

(83/61 

fla.00 

(6/8) 

47.2 

( 3 / 2 ) 

7159-4 

.7/ 


tn*) 
SBSM 
(li/17 
bh.4o 
( 10 / 1 ) 
364.04 
, % (4/101 

; /10/7) I (l/ft 


204 

b55, 

4.6S 

105* 


Cmettam—— i 
Com me©.— 

Cour. BathuTvt— i 
Coarumer Gan— 
Co*eka Ueroorar 

Covtain 

Dttoo Devei 


24u ; 
274 i 
29 i 

1H7 8 1 

6U - 
125, . 
9 ! 
78 | 
664 

61 i 

264 I 
104 | 


£p5a . 
28 
24>a 
177fl 
2078 l 
564 
184 ; 
164 i 

244 i 

307a / 

214 I 
234 1 
194 
22 
7 , 

235, j 
Ml* I 
214 , 
36Si I 
365.1 i 
1 IU ’ 
341i 
304 . 

24?, 
544 . 
534 
214 1 
17 4 ‘ 
68 « 1 
3 Ur • 
42/-, . 
24 i, . 
324 . 
174 • 

404 • 
151 > 
36i; 
89 » 
22 J; ‘ 
36 a ; 
16"; • 
24.^ . 
lOJ; 1 

491, • 
264 ' 
23-'; • 
824 1 


204 

284 

2H5a 

177b 

214 

664 

1U4 

164 

245* 

314 

214 

237a 

191* 

2170 

71* 

234 

247* 

214 
371 j 
274 
111 , 
344 

304 

245* 

644 

335, 

214 

I‘i4 

68 i* 

3159 

43 

245, 

22 

17ii 

411, 
151, 
274 
904 
224 
374 
164 
, 241, 
103, 
50 

257* 

234 

854 


luw Baotem — 

Fexaa lOBl’m 1 

Tasaa Uil * Ga»_| 

Texas Utilities— . j 
Times Ins. ....j 
Times Minor.— \ 
Timken..— —I 

Trane [ 

TranimerinL— i 

Lruonco 1 

Trans Union | 

Tran-way Inir’n. 

Trans Work* Alr.j 2k 4 , 

lraveiers — ; 364 ; 

Trt ConUnenuu -■ 187a - 


105b : 
86*b 
20 | 
3970 : 

025, ; 
2B4 
21/38 
427j 
304 ! 
464 ; 
304 l 

1570 ! 

194 : 

3d5] i 
29»e l 


tjj.w ; 

3btU CcniuivFpx 
ti^AX— _....' 

■ CAKCO — 

uGi— ; 

i tnlie’tt — ... 

! Lni’Fver M' 

i Id Lon Hs net *t-f.... 

! Lnkin CarW« le.... 

; union Cimnuencv 
; l nu*n i in Lain .. 
j L-uion Paciho 

; i alien ■ 

! Unite*! BrniMr... ; 

I l’S» nan* vi |- ; 

| to tiTpum ' 

■ , O OL*.« i 

i l‘» siw ' 

I I J» 'Jevbii’.'i’.p^HT.l 
, C\ lu'lustne**.— i 
; V in* in Is Elect... -■ 

Walureen 

• Wanier-Connun- 
1 Uajmer-Lamnerl.l 
. W'asiw-M au' itteaij 
: Weil— Fsreo..— | 
; Western Baiwij j 
i Ufrttni >. Amerl 
■Webern L'nlca...| 

* WefiinAhne Bkci 

: Wes* sea J 

I Weyerhaeuser—.] 
! Whirlpools 


39 

374 ; 

35 

24 

19J, ; 
384 | 
544 
245, ' 
38 
73j . 
474 , 

434 : 

74 

10 

istiSfc 

254 

847 E 

2t>5e 

464 

20 

145, 

264 

46 

264 

2358 

275* 

3818 

294 

171, 

214 

27fia 

26 wi 

2158 


105b 
26 1* 
20 
404 
B3 

2670 

204 

42T 8 

304 

47 

354 

153, 

204 

36 

£64 

204 

3BJ+ 

19 

384 

384 

314 

233, 

20 
39&s 
044 
2S5a 
384 

7*8 
477* 
44 ag 

74 

93, 

29i* 

264 

24 

2658 

46'., 

£0 

147a 

285e 

464 

2b i*8 

235a 


UentBoa Mines— I 
Com Miner— 

Dome PetroHwm 
Doannioa BrM«e 

Domiw . 

Dupont — — ! tl*}« 

Faicon'ee Nicke*.; g44 
Fort Motor Can J 72 

Geosur ' 30 

Giant Vel'wknlfe* tiasa 
Gulf Oil Canada..] 284 
Hawker tsld.Csn 


nuA^u. 

Hoiiinger — - — I 
Home Oil ‘A — 
Hudson Bay Ungj 

Hudson Bay i 

UudsonOil 4 Gas 

1 JLU. J 

l 


Imperial Oil...— I 

Incu -i 

Intlal— ..— — { 
lulam Nat, Gas -I 
LuV vHpe Line) 
Kaiser Kesonp-esl 
Laun Fin. Corp— | 
UUsv Com. ■B'J 
M nniii'n BioentJ 
Manaey Fentuscmj 

M.-Jntyre — 

Uoore Corpn 1 

MoupuvtnstatelW 
Nonmila Mines— | 
NoTL-en Lnergy— 
Mbn. Telecom ... 

I Xiirna Ull A Gas 
i Uakwoort Petri'm 
{ Pach 1c Copper M. 

! Pao il<-- Petrol cum] 

■ pan. Can. Prt'm 
Patino.. — 
Poopi«> Dept a- 
P lace Can -t Oil- 

PtarerDevetoiisni 
Power Corporal’ll 
1*1*0..- — — — - 
Ijuele aturmxm 

Hans* s**"— 

Hert atenhouse. 


8 

41 

4268 

177a 

225a 

463* 

194 

33 

19 

184 


20 
644 
4.7u 
1070 

254 
271* 
295g 
184 
64 
124 
9 
78 
86Ss 
684 
125 
194 
1436 
243, 
73 

30 
1250 
285a 
8 
394 
424 

174 

23 

464 

194 

3370 

187 a 

1850 

13 

1130 

154 

1460 

B4 

4.20 
194 
124 
244 
384 
3.60 
297 8 
1690 
327 g 

364 

4J0 

2L22 


I iR> Batman SB 8102/63. (“» Cmwtnagai 
~ (tn Paris Bon™ INI. 


Spain 88 *>«|I"| i ari l f|Jf 

fiwtearl’dtf'ffll-fi 1291.7 

indices ana basu datea tafl base vainro 

1M exoeo* NTSB AD common - M 

Standards and won-» and Twoot o 
SOO-LOOO. the last named tHOMd on 1973). 
T ExdudWB bonds. <400 Indastrlate- 
8400 imu- 40 UUDttes. 40 Flnanee amt 
30 TraiMJorr. (1> ah ftm. 

TUESDAY’S ACTIVE STOCKS 

Ctuuuso 

Stocks Closlns on 
traded price day 

Bona - «8.100 “ 

UAL — 8H63W 

Soattom ^tkOOfl 


BOTES : Ov« «a» °*£SlS 8 dlvl^S ^Groa'd?? 5fh‘/U^eddWMm?S£ 
exdnde * prenUnm - Btfgbn dWIdonda 'J Wrt8 k ATier local 

afjMtwSas 3Sk.ss !# — e 

*5 , oivtiJeKl sfTBr oawltna rfnfmi Inanasod 


■+U 

-i 

41 


-11 
-I 
— » 


nadk Caro. («) Unavannbta. 


196.700 

issjw 



AJ4G. 

Allianz VeraiCfc.-l 
BMW... 

BASF. 

Bayer. 




80 +0.7 
478^+3.5 
263 i+3.0 
132.51+03! 
1:4 .s!+ 1.0 
£90.&>iL5 
3B4.0>+1 

232.6^ + 1.9i 
77.71+0.5 

".1 


Bayer* VwrtittWt.1 
Ofhalnt.Sed.wTU] 
Commerzbank— .j 
CoatGummi— ..L__ _ . , 
Daimler Benz— J313.0 «/+ 
Uenissa..— — ' 255-01— 

1 I ftnutcr . ! 160J>— 

DeuLcho Bank—! 306 1+1.1 
Dresdser Bank— .1 842^+OM 
Uyckerhoff ZomtJ 201 ■— 1 
Uutebattnumt— ‘ 

Uapaft Lloyd— 

Harpener— 

Hoerbn— — 

Hoesch 


Horten 

Kail und salt— - 
Kaisttdt— — — 
KanfboL— — 
Kio+mer DM100. 

KHD 

Krapp- * — 


Linde, 


Lowenbrau 100— j 
I Lufthsm 
ALAS 


ll0J6l 4-9 


MetaDgea 


M nnefaen ar took 
Aeckermann 
Prenssac DM tOG 
Kbdn West-Biec^ 
jchvbig. 


umtA’moui — — — : 
Koval Bk-oi CanJ 
Uoyai Trust - 

sceptreK'snwT+s' 
Magrara*. 

sfaeii Camute.—..; 
aliemUG. Mlnmi 
netjeoa D. G ■ 

dunpBOD— — .. — • 

Stee* *J» Canada-.; 

dteepHock Iron- 

l exaoo Canada— i 


404 : 

35 

16 | 
6.00 I 
0.98 ! 
224 1 
16 

144 I 
1.33 
324 
104 i 
337a ! 
3358 ! 
184 ' 

»4 
264 
145e 
5.62 
34 ; 

05| i 
25i* ; 
2.71 i 
434 1 


40 
344 
tl&*4 
6.25 
1.02 
12268 
164 
• 146a 
136 

a a», 

104 

341* 

345, 

18 

Bl a 

264 

144 

6.62 

324 

05, 

264 

2.71 

434 


lemens— 
im Zoeker.... 
I ihyssen A.G - 

| Vena 

VKbA 


206.61+ L3 
130 1+4 
298 J+4 
128.7] + U J5 
47 +U^J 

146 J+l 

147 +0^ 

827^1 + 1.7 
239.5] 

95.8; +2-1 
190.0,— 

9BA+3JI 
27B-J( + 3 
X.880— 15 

v*jy.+oA 

2L6JI+0.5 
169^+3^ 
23&«+3J 

566 j 

l&O.Ql — 0.3 

126.01 

1B0.6! — ^ 
279.W+2.5 [26. IS) o 0 


Chlrwn — - . 

Uu Nippon Print 

ruS Pbo4©— j 
18 j 2-8 Hitachi. 

I — Honda Mntoca— J 
ill 1,6 HouseFnod.— 

C. lto h— — .. . — 
Ito-Xotado— J1A40 
Jaccs- 

■t A T- 

KansdmcctPw 11*220 
Komatsu— — I 340 

Kubota ' I 280 

KyouvCeramle — 14,120 
Matmfaita Ind— 
MUsubiahi Bank- 
Mitsubishi Heavy 
MiteuWahl Corp.. 

Mitsui A Co 

Milan koshi 
Nippon Denso— J 
Nippon tibinpan-J 
Ntasao Motor* — J 
Pioneer. 


t.“ 

1-1 


aenyo Electric— 
dektani Prefab-—] 
ataneMo— . 


easy— 

BaMmUartne — J 
Laketa Cbemica 
IDK 


735 

279 

132 

458 

528 

600 

L490 

705 

789 

1,790 

266 

905 

1.180 

1660 


a 
+ 12 
-io 


243 

430 

[2.260 


26 I 69 


350^ + 1-5 

2858 


119.6, + 1.1 

l/.lfa 

it 

178 1+4 

14 

3.9 i 

128.6—1 

12 

4.6 

296 |+6 

18 

3.0 

230 1—1.5 

26 

5.4 


leqin J 121 

Tokio Marine— .1 501 
Tokio Kieet Plow’ll 1.120 
Tokyo tjanyo...— i 328 

<»"V 165 

K 8 i Toshiba Corp—...; 141 
tut* Mill* r .....; 910 


m 

m 

14- 

8.1 A 

12 

1JS 

25 

1.8 

20 

2.4 

18 

IA 

16 

1.4 , 

12 

2.4 

18. 

1.6 


1.5 

12 : 

2.6 

30 

1.0 

u 

1.0 

10 

4.1 

18 

2.8 

16 

2.7 

36 

0.4 

20 

1.4 

10 

LH 

12 

4.5 

13 

1.4 

14 

2.1 

20 

1.7 

lb 

0.5 

12 

0.9] 

16 

1-0 | 

48 

1.3) 

12 

2.3 

30 

1.7 

20 

0.8 

40 

1.2 

11 

2.3 

15 

1.7 

30 

0.7 

10 

4.1 

11 

1.1 

_ 8 

3.6 

12 

1.8 

1U 

3.2 

10 

3.6 

80 

1.1 



AMSTERDAM 


Souree NUcko SoearlOes. Tokyo 


BRUSSELS /LUXEMBOURG 


1LZ. Industries 
lien. Pr up ei vy Trust——] 

riamet>ley 

Hooker—. — — 

1UI Australia—— 
IntwCopper— — . , 

J ining* IndnatrieB — . 

Jones (H-vi d) 

uenoani OH. 


Metals Ibiploratlog — 

HIM HokUnsa 

Myw Emporium—., 
News, 


Ntebolas inteznstfcmal.— . 
North Broken H’dIu*a.ftOo}J 
Oafcbrtdice 


July 13 


Pnce 

Fra. 


I DtvJ 

4- or ; Fra. IVlii. 
— I Ne* | t 


July 19 


27^ j 1 -orenioUo.n.Bk.: ZOia j 204 


WtuteCoo. ind— : 214 , 

Wullam Co. 1 184 i 181? 

WiKMiMtu Elect— i 284 *87 a 


374 

£97* 

184 

Vi 

2773 

£6 

215, 

£14 

181? 


iran-CanPipeLn 

Tran* MfuntOp- 

Inzec. — — ■ 

L'moo Gar— 

L'UCai»ocwMiurt 
Walker Hiram — 
lYeaiCcw-tTmn.. 
IV'niualim— ■ 


161b 

87 fl 

1164 

107* 

74 

34 

114 

184 


1550 

84 

tl&4 

11 

74 

334 

114 

184 


IBM < Amen » Tradeo 
« Nw omen 


EUROPEAN OPTIONS EXCHANGE 


_ -19 



Oct. 

Yol. Urt 


V.-1. 


•4c. 

: Lest 


Stodc 


2 

7 

18 

I 

6 


g <P563 
3.50 :F29*£° 

2.10 i 

_ ,S565. 

4JS0 !FJ5-30 
2.70 : 


0.40 

0.40 


13.70 

3.70 


11.60 


I 

1. 10 

— 

. . 

'$266;, 

4 

26 

3T S 

13 

27 

18 

F 154.50 

56 

8 

7 

! 12.50 


o 

4.50 • 

9 

10 


16 

. 2.50 . 

4 

8 


20 

10 

1.60 r 

l 

4 

3.50 




5 

1.70 

F 102.70 

nn 

£. 1 BO ! 

20 

: 2.90 

F26.20 

10 

3 

o.fio ; 

— 

■ 

S42 

b 


— 

: — 

FI 33.60 

36 

sTso ; 

— 

• 


25 

, 1.20 , 

7 

; 2.70 



1 

2 

: 13 

F121 -60 

11 

i 4 T 30 

-- 

— 

- 

3 

1 0.70 ■ 

— 

— 

- 


base lending rates 

AJ5.N. Bank 10 % BHarabros Bank 


Allied Irish Banks Lid. 10 % 
American Express Bk. 10 «o 

Amro Bank 10 % 

A P Bank Lid 10 °i> 

Henry Ansbacher 10 % 

Banco de Bilbao 10 °o 

Bank of Credit & Cmcc. 10 

Bank of Cyprus 10 °f, 

Bank of N’.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 101% 

Barclays Bank 10 % 

Barnett Christie Ltd. . 11 % I 
Bremar Holdings Ltd. 11 °b 
Brit. Bank of Mid. East 10 °n 

I Brown Shipley 10 °S 

Canada Perm't. Trust 10 % 
Capitol C & C Fin. Ltd. 10 

Cayzer Ltd 10 % 

Cedar Holdings 10i°T» 

I Charterhouse Japhet . 10 °q 

Choulartons 10 % 

C. E. Coates 11% 

Consolidated Credits . 10 
Co-operative Bank ... u 10 % 
Corinthian Securities . 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawne 10 % 

Eagil Trust 10 

F.nglish TransconL ... 11 
First Nat. Fin. Corpn. 12 
First Nat. Secs. Ltd. ... 12 

i Antony Gibb* 1° 

Greyhound Guaranty . 1 0 °^i 

Grind lays Bank iio ^ 

■ Guinness Mahon 10 °n 


.... 10 % 

Hill Samuel 510 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser UHmann 10 % 

Knowsley & Co. Ltd. . 12 % 

Lloyds Bank 30 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11 j% 

Midland Bank 10 % 

Samuel Montagu 10 % 

Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 °fi 
P. $. Refson & Co. ... 10 % 

Rossmlnster Ltd 10 °u 

Royal Bk. Canada Trust 10 % 
Schlesinser Limited ... 10 % 

E. S. Schwab 1U% 

Security Trust Co. Ltd, 11 % 

Shenley Tnist 11 

Standard Chartered ... 10 % 
Trade Dev. Bank ...... 10 ^ 

Tru«ree Sav'mas Bank 10 % 
Twentieth Centurj’ Bk. 11 % 
United Bank oF Kuwait 10 % 
Whiteaway Laidlaw ... lOi^i 
Williams & Glam's 10 % 

Yorkshire Bank 10 % 

iMrttih-’ra of the Aeevptlnc Houses 
nammirer. 
r^ti? deposits ? •.. /-month d"pMu 

'•A-iy d^posiii- on bum* of (19 (W 
unit uniter up io — 5.0M 

nrel n*’-r 7i’ .. 

i'jII .i-'imwi’t over fi.QM ■*'- 
hrmanit drpo'Ps «*■' 


Abort (Fi.UDi i 

Akao fFl JCn ; 

Aiftorn BokCFI.K/OI 
A31KV I FI JO)— .; 
Amrobank iFl.Ui) 

tbjenkori • 

tfokaWe»t’m(FlCl|. 
Uutartu Tettorode] 

KlwnerV (Fi JJOl.l 
KnniaN.V. Hearer; 
Gum UomTstt PtiG; 

■i islBroonlfe^FlCr), 

Heineken (FiJ*S)..i 
HooKOvens ( FL2CT, ' 
Hunter D.(Fl.liM i j 
KJL.M. (FLlOOi.— 1 
Idl MaU*nDSJ)._i 
Naarteu (KLIP)— ^ 
>auNe.lInsjFUOJ 
NMCiwlHWFLaQJ 
N edJI id to (FLfiO.! 
Ooein.zO) 

■ Van UmmoMi — \ 
Pbkhoed tFl. 30w 
Philip* (FL 10)— 
KjuitefaVer(FLKU)] 
Kobeco iFijAJi.™ 
UoHnco (FL fcO)_ 
KorenUi (FL 60)- 
UojraLDuwWFU* 
alarcoburg. .. .— ! 
stevlnUxp (Fusil 
rbkyoPae. HUb.9 
| Unilever tF|j«r 

viWntHftfcMtC , 
I tVeMl.Utr.Hspbk] 


103.5 -2.6 ; ,28 6.4 

‘ 23.fi: 7.8 

SO ! b.l 
23 -hi 6.5 
26 I 5.5 
82+ 6.5 
26 [ 7.3 


— iArtai 2.400 — 

; Price | + M - Div.rVrt. j tfefcen ~ H - ‘2,000 ] —1116 

: F4. ! — )%>£ ,UJi.K.Uei«en,.- ; 1.164 U-16 100 
’ Cockenli— . —....! 442 (—8 ~ 

KBh=> - 2,250 - 177 

KioctroLei 6,600 ^-60 430 

Fatciquo N« 2.800 ]+5 170 

G.H.Icno- Um 2,1(45 1+16 150 

.iewrt..- ; 1.308 h-2 Of 

GrpoBntxXaml*^ 1.540 [—10 

ihm.- ^w.12,465 r 20 

i ntereom . L750 
UMicUtak — 6,8 SO 


O/ltiaar ch ^ — 

1 ' Otter Kxplonrion. 
Pteueer COocrete^ 
UeetctU & Col man. 

: H. u. dletefa. 

} oowbhuKl. Uming. 


363 —1 
82.8 —0^ I 
Ve.l iO.1 
92.7— 08 ) 

119.3+0.1 
70.6: -0.1 I 

279 • 1 273] 2-u i 

^ »«H3 ; 22S 

Od.2... -. WJi| 5.1 rtu, Ho idl tut— Tj 2.650 
0 ■ , * , Pecrohibi ^.760 


35.7 —0.3 
103.1.-U.1 

33. 3 1 

25.9- 

134JS + U 
48.1 : -pu.a 
3 0.5' 4-0^ 

102 . 6 ] + u^ 

Sa.2) 

196.5,-1.7 
156.3.+ 1.1 
WI.o'+ilB 
37.0—0.6 
26.3j+0.4 
78.31—0.7 
173.0-0.6 
U8.5.— 06 

133J+-OJS 
247 i+5 
134.0] — 

Ia3.& + 1.0 
IZUSi— U.l . . , 

4L2 'M-20i 1.2 

391 (—4 i 33 i 4.1 


I— 10 

1 + 10 


5.8 

8.7 

7l9 

6.D 

b.l 

6.7 
5 


T I ! Soc G«o Beiaique 1*920 


12 

V 

19 . 
12.61 
46 
21 
42 
36 


17 

A2Hij 

fiM 

|30.8>| 

20 

27* 

SO-30] 

42.r 


4.6 
5.2 
7.9 

3.6 

4.7 
8.1 

3.6 

4.6 


6.6 

7 "A 

■8* 

U.u 

8.0 

4.1 

-.6 

7.U 


W|li> 

arfna .-P-196 

3u.wy JsUoO 

rracdon bibt — ^560 

UUH ; 9ZO 

UnMiUJLIO, 726 
Virtue Momagnel ,482 +2_ 


1644*10.7 
l«. j t-Z 
149 I 8.1 
,9il I 4.2 
Hhj 6.7 


apareoe ifxploratloa- — .. 
FlHU 1$) 


Walfiah.. ... 


Wectem Minins iSO cento/ 
tVnnhrorl (l« — — . I 


10.64 

10*6 

12.13 

11.33 

1084 

tWO 

11.24 
-11.65 

*1.07 

:L8i 

tO-44 

1056 

10.25 
11.15 
tU4 
tl.72 
t7.43 
HAO 
t&.70 
t2.03 
t2.99 
tl.23 
t3.15 
12. S 2 
12.70 
11.50 

11.35 
10.98 

12.35 
ra.60 
1UBS 
12J» 
107 3 
12-25 
30.2? 
11.15 
1£16 
30.85 
TO * 9 

tfl.ao 

.11.69 

t2u»a 

1082 

tl33 

11.80 

10.14 

10.37 

11.34 

12.75 

10.78 

10.33 

10.34 
tl-85 
10J>7 
tl.54 
11.68 


-OJtt 

-jiilai. 

♦OJt! 

1-0.01 1 


AceriuOp. j 

Itnncn *1n Hi*' 1 ’., 
Benao ttou PX- 
imkmi* Slnw*,«<»F 
Loja» Amer. OP.. 
Prtrthra* PP. — 1 

Pirelli 

i 3aart Crus OP , 
Uai|. PB 

Va*e K*o Doceppl 


+0.l»llo.llrtl.bS 

—mJVO. 17,9.67 

+ O.B1'0.37:9»« 
-a.07,O.Ot: 4 iO 
-ffAl*u.M.Ogg 
-0.04,0.13-a-® 6 " 

-aj»i;0.ie:ioii 

2.80 ;-M5Q.2AajU, 


! OSLO 


6.60 [-«.• 5-0 J85. 4.48 

M! S \ 


Source: Rio do Janeiro SE. 




July 19 


] Uerxeo H a ns — - 
I.UorreKsart ....— 

n-«.M 1 Uredltbant 

]+4J)2; Kc*mu» ; — 

I — 8.01 1 farolittauaen 

Norak RprtiokrACJ 
~itorotmind _ 


"i or "Div.jiKU 

J Kroner | - J % ; S 


— 0-B1 

+0.08 


h-8.15 

rOJH 


- 0.81 

-run 

- 0.02 

-u.u£ 


i-oji 
■ — 0.0 1 


1-0.08 


93.5 +CL5 , 
63.75]— 0^1 

106.61 1 11 

212.5 -2JS I 20 
104 -1 111 
182.00 m—m. 13 
85.5] ' 7 


9 ‘9.6 
| 9.4 


9.4 
1 IU .6 
i &3 
| 10.6 


JOHANNBBURG 

. MINES 

Jtir U ' 

Antfo American. Corpn. 
Charter ConsoUdaled 
East Driefcmteln — — 

BBbnrs 

Harmony ......... 

Kinross — ...... 

Kloof : 

Rsstcnturg Platmam 
SL He I ona 
South Vaal 


Gold fields SA — StflO 

Union Corporation — — 54ft 
De . Beers Deferred — .... V.I5 . 

Blyvoamitflctu - »• .'3.70 

East Rand RtV; — 5J0 

Free State Gednld 32.00 

Preside m -Brand 

President .Store 

\ . | Stflfam«jn- • 

1 1 WeBronr . 

V— 4.01 1 West Drlefonteln . — 

■+0JJJ I Westenr RoltUnss — 

Western -Deep 



>-0.00 

(*■1.01 

-tun 

i+o-oi 


PARIS 


July 13 


Pnce 

Fra. 


Kent* 4* j 

Alnqnei OosatVel 
Air Dquif e......] 


+ I 2 £'ei htrnitaine- { 

1 — 45 174 4.6 [ b ic„ 

— ..J^Os 1 G.9 1 nooj-OTd I 

14o ! 7.3] u. .N^GeAa«...i 
6.7 


1-25 
+ 15 
+ 6 
+ 25 
1—2 


Jla 
Jus Uil 8.4 


17u 

SO 


L+rreToor 
C.G. K. 


74X :-2 
428JK+0JI 

a30 

649 1+7 
490al-4 
vl8 l— 11 
636 -14 
L600 !— 0 
362.4 +0.4 


or] Div.iIj.i. 
- i Pi*. * * 
4- 


SWITZERLAMD • 

Price l + or : Dlv-'YIJ 
Fra. ! — ! % , % 


July 1ft 


r 


COPENHAGEN + 


Alummlnm —— >1.255 

BBC- A' [1.650 

(hba (hnityfFrJCO 1.105 
Do. Part. Crtrt- 820 

Do. toff. J 587 

Credit wiHse ;2,i65 

Blecenmatt i 1.800 

Fmcber (Ueora.eS- 676 


i-16 

a° 

■—6 

i-10 

l-IO 


6-7 ] Cal.T. A ica to* — 1.036 [—16 

— Ctetaneaue.— J 340 1+ 1 

6.9 1 Club Mori iter [ 448.9J + UJ) 

— I Urtrtn Com Priori i»9-0 +2.8 

j Urei wet Loire ] 70.0 j — 1.6 

l Du met— —I 766»4— 2 

; Kr. PHrows— .|130.0 '— L6 
l Ueo. LUddentalei IwS^ + aB 

Imetal— .....; 

Jacques Hotel — \ 
tMACffB — . 1 

L'Oreai— — | 

Lestand.. — 

Maironi Phenix- 
Michrtln “B"— 

Moot Hwmavwy .] 

Mooliraex { 

ParibM I 


INDUSTRIALS 

AECI ...'.. 

AngU+ABMr. -Industrial — 

Barlow Rand — - 

CNA Invesunema .... 

Currie Finance — —a 

De Beers Indnstrlal 

Edsars Consold. Invest. ... 

Edgars Stone* — 

Ever Ready SA 

Foderaic Viriksbelesglnss < 
nreatermans Stores 


3.3 


a 

XU 1 o.u 
22 I 2,0 
22 1 a.1 

ii a.v 
10 ; 3.7 
10 &8 
5 I 3.6 


HoBmnnPt Den*. >70.750 ;+2oG1100! 1.6 


July 39 

Price j+cr 
Kroner t — 

W 

% 

m 

w 

aO 


134 | 

11 

tUi 


436 r+1 

16 

SA 


1324,' 

12 

9Jt 

KaftAotati Co_— 

165 j+11. 

12 

7.4 



13- 

(0.0 


37bia' ... 

12 

4.2 





Handeibhuia 

1233, 

12 

3 * 

lim 

264 ]+4 

12 

4.1 

Nonl Kabrt 

194 ta 1+1, . 

12 

8.2 


79 1—3* 





t*Htfary«ik , w ir . 

129 i 

— 

8-3 

!’r-9v!n»L*nk 

1381* 

11 

8.1 

Scpfa.Derenresr^- 

408 — S 

12 

3.0 

’UpBUl.._wmH 

17913' + Is 

12 

6.7 

VIENNA 



ri+x | + « 

J UaVJt- - 

July W 

0 ; " ■ 

1 ff 

a 


442 

; 10 

2.9 


290 .—16 

a* 

4.1 


6.7 !+l 

I 48 

7.7 

junitiuiil 





2icl |fl 

& 

3.6 

j v e it Mmh^h. • 

' 223 't JS 

10 

4.5 


Do. (ooBUl, ——'7.0&0 
I uteri 001 u— ,— 3.935 
Jeimolt fPr. UU). 'l.qlS 
Nestle (Fr. hUi_..3.400 

Da. Be« 2Je40 

Oenlion B. (P.^DJ|2,abS 
Ptrtlll 5lP(P WOjl 2b8 
aandoe (FrJSiOi — 3.870 
Da. HutCart'k- 460 
ddiiadier Ct FlOCi 312 

ur*erL1(Fr. Wfr Oo5 
wtsralr fF-tatfi- 840 
b*1bs Milk. F.LAi.l 370 


>+25 !110 
i-7B 30 
j— 6 ! at 

1 1 *K».6| 

1— 10 U16.I 

! 15 

15 


i-B 

16 

'+4 


3 


1.6 
2.5 
• .a 
2.5 

J-tS 

us 

5^ 

1.7 

3.8 

3.9 
3.9 
4.2 
2.7 


.wtw (Ke-.FriS0_-4.8CX) 

+ 25 

40 

2.1 

Union Bante— — — 

4.085 


20 

3.3 

Zurich Lf» 

11.550 

+ 150 

44 

l.B 

MILAN 


. 

Price 

+ or ;Div, 

r. 

Joly U 

Lire 

— 

Urei % 

AN lC.__.____ 

90 

-2 



dastusri __ 

445 

+ 9 




L741! + aO 

ltSO 1 8-6 

Do. Priv 

1.464 

+ 24 


Finsider ... 

1SB.751-8.76 


_ 

lt*4crmenii 

11.120 

-90 

600 

S.4 

ItaisKler.. 

356.75,+M.tt-!; 



Mert/oronca.— . 

33 2901 + 290 r^oo* s. b 

Mqnt«1l«on ___. 

154 

-9 




Oilvetd Priv 

991 

-22 

— 



Pirelli S Col 

1.614 ■ 

+ 24 

MOs 8.1 

Ajia VImoh 

735 

+20 




57^1-0.9 

139.li— 6.9 1 — 1 — 
2u2.1i + l.l llb.171 8.3 


4Igl J.6. 

Jl.ltt 4.9 

16A 1 o^i 

16.2®] ' Guardian. Assurance tSAi 

U. b| W 1 Hole ns 

4 OJ 1 I 7.5 McCarthy Rodway .... 

t‘% N’wlBank 

* 1 r«l ; OK Bazaars 

V&-M 1 7.4 1 premier MllUna — 

I I Pretoria Cement — 

ts 6 ' Si ! Protea HoMinss. 

“ ! ! Band Mines Properties .« 

i “ Reitibrandt Group 

S&J6' 4.4 Retco 

14.10-10.9 Sage Holdincs ..... 

8.261 4.2 SAPPl - , - ■•... . 

6.7-10.0 C. G. smith Suaar 

s.\ Breweries 


799 

1.686 

480 

L.023 

496 


-18 

-24 


+ 5 


I 03 .QI+O .6 

174.0^-2.6 


Peehlncy 

FemoiV-UiuuA. ... 

PhnseM-Utrooi-l 

Pertain [ 

Uadlq Ta.*o^Wfe| 
Rainute. . 
ttbona Pbolena 
at. Gabala 


oB-5 

272.9 


-2.5 

-QJ» 


; Ih.s7i 2.S 
[36.76 i.2 
39j-' 8.3 
32Jtn 2.8 
UUii 3,3 
. 3 I 1.9 
13.3&I11.5 
7,h ; 8.8 
'IJ»| 2.7 


410.01+0.5 117.26, 4.2 
208 

430 j— 10 j 30 
636 1+1 ! 30 

‘ 9 


lu3.B[— 1.2 
148.(9+0.4 


6J 
5.6 

at 1 

I4.5&I 9.8 



i-ft-ai - 
+U.M 1 


Ttecr Oats and Nat 24312- 10.54- ' . 

Unlsec .-M3; 

Securities Rand 

(Discount of 40A%t~.\- u 


fats Itoislcnoi... 

1.0711-24 
278 1+3 
753 +1 

•ssJu. 

59 

a 

ifl.K 

2 * 

0 * 

4.4 

7.1 

irtemecaurtue— . 
UmMeuHM Hran.ll 
Usincr 

STOCKHOLM 

July 19' 

Prue I + or 
Krone j — 

Uiv.lVt 

1 i 


AUAAb(KrJXfi, 
Alfo UreiB(KrtC] 

A3BA(KrJ5a 1 

Atlas Uapeo(K(flb| 
UmenxL. — 
Mofon*. 


Leitto™.— 
Oellnlow 
Kteefi'Uu'M’rKih^ 
Kric*oa‘Br(h(fiC| 

ftetma., 


SPAIN » 


Joly 10 

As land 

Banco Bilbao 

Banco Atlantic*) U.D0<> 
Banco Central 
Banco Exterior — .—. 

Banco General - 

Banco Granada (1.0001 

Banco HHpano 

Banco Ind. Cat. 71,880) 
B. Ind. Medlterraneo 1 — 

Banco popular ... f 

Banco Santander (S»7 
Banco UrqnUo fl.OftOl 
j Banco vixcaya.— - - 
' Banco zarasnsaiui'-’. 
Bankt&iiOD 




Percent. .. ‘v -.-r: 1 - 

llff* •. .. •■«-- 

aos ^ 

. 246 u .iS 

312 

264 

2H . 

ISO 


2 B 6 . .. fCT-i? 

2 «. 

3M • 

234 


6.6 

6 

6 

6 

4 


227 — 5 
161 +1 
87 — 0,5 
130 

63«ffi—l.& 

115 -1 
195 -2 
238 -1 

151 

144 L-i 
303 |+2 

110 +5 

Granjte* (rree>~.j h8 ; ... 

Handlwhmtuwi-J 356 ;+3 
Marabou lio 

Mo Ufli Dom l *to. j 61 : 

Murtviu .■> 265 |+5 i a./a- 2.2 
s.K-F. 
tun 
rubitrtu 

(i-virttoira _j 58.5—1 

Votvo (Kr. uC> — 1 72 i+2 


CIC 

Drisados 
ImmabanU 
E. t AraMttCSSft .. 
Estwnola Zinc ........ 

End Bin Tiflto 

Fenoea >1300) _. n 
Fo&ma >1^00) 



201. 

4 ^3§ 

;»• 

•'TO. 1 " 




■ ’ m— 

, ^ 

2ftS - 


, (1l 

'• Of-. 


! 

■M 

■ . 


■‘Sm 

.+ 5 


79 

— 

•til 

S3 

: * 2m75 


M2- 

— 

■ *» 

« . 

— 

„„ 

' TJ 

■— 


73 


aa. 

7T 

- 2 


.2.4 
5^3 
6.7 
4^ 

8.3 
2.0 
6.76] 2.9 
10i4rf 

A3 ( 4 2 

S ! 4.4 Gntpo Velazquez (400) 

a* 1 an HldPOlB — — 77-25 . 

- f;2 Iberdneio *fc» 

•* J 3.6 0Utra IB 

I'm PapeleraB Reimldan ** 

*2 S-2 P«rollbvr 

0 : 7-0 | Petralcos 

i Parrio Pa paler a 

Solace 


- ( 


F.-IT Kn...] - 73.5 . ... J 4.a , 6. t \ ^ 

A tottslMa..., 170 :+6 l 8 I 4 *7 iTekfooIca • 

Krd 73JS J 5 6.3 J Toms Ho«e«K 


Torras Hostenrh 

— : ” ' Tuhacex 

6 I 8 . 3 1 Damn kiuc. 






























:.!w.-: v<-: tf-r* 

"^r^t,**!...' _<.5 


^iCG S ^^__^flanci a I .Times' Thursday Juiy : - 20 1978 ""■* ''■. 


>U.S., urged 
to increase 
food aid 

WASHINGTON. July 19. 

-Lh EA £ T 7m t,,nnes » « f food 
ould be exported annuallv 


New upsurge in London 


cocoa 


BY RICHARD MOONEY 



prices 


Sharp drop 
in India’s 
tea exports 

By Our Own Correspondent 
CALCUTTA. July 19. 


PLANT BREEDING 


.wins: tile next lour yenr^by i V 0VER West African Coffee prices also 'ended the beep pace will) -rising costs and* THERE HAS been a sharp fall 
TC United States under thei^u^ 03 ero P Proposals' and reports day bipher after recoverine from inflation, instead of a fixed sup-j * n Ind*® 0 *** exports during 
X-.S0 Fund for peace pro- ■ some producers were run? en early decline. The Septem- port price' for the whole season, the first haw or !9iS compared 
rani me under a Bill inirnriiionH shorr are believed to be her futures position slipped to <r*s- „ ! with the same Period in the 


Substitutes sought for 
maize and soya 


BY ROBiN REEVES. WELSH CORRESPONDENT 


J. commodities -and pro- fortnikhl 
urt;.. under the programme's 
revisions for donation's. Heavy i 


of damaging Brazilian frost, may 
have been exaaserated. 


“ of 50 per cent. 


In a request for special expnr- 1 first half, of this year as 


previous 5 e ® r judging from FIELD DEANS and "naked oats" The aim of the work is to breed proved disappointing hevau'p i? 
ibe export lifdu-e.*. issued b> could stage a major comeback — new. higher-yielding varieties of relies on bees for cross pnllina- 
the Tea Board. as a substitute for imported *xits which will have hu<k< which linn and in poor summer.- when 

The licences show that India maize and soyabeans — if research ihresh out easily in the combine I he bees are less active yields go 
exported only 35m kilos in the now in hand at Ihe Welsh Plant harvester. down Indeed, the yield cab v.tr\ 

first half, of this year as Breeding Station. Aberystwyth. Thj< researi . h u .j, h ^ ^ e j n .. between pup and 'six tonnes - 


Senator r.-Lr-ni^P rt " ? 1,el, I eve <J 10 have A «Iicht fait in overnight tem- »*r hnancing. the centre said against 4#m_kiios in the same Tulfils its early promise. backed bv the Home-Urown hectare. 

a? K \l* r l Z D ? ,e ,Re Publi- damaged good .early llowenns. peraiures in the main Brazilian ifiaLwHh the statistical position period of Iff* 7. Both uais an.l field beans have Authorm i ""tin at ihe The st .i-,,., U tmie l.> ov. r- 

jn hansasi. the chief sponsor. Particularly m Ghana, reducing coffee stale of Parana wax partly >P Brazil tight, this is not the To show how uncompetitive fallen out of favour in recent Siib But S m the conic ihl l.'i S.leni Ubivvdii.* a 

3 id the measure was needed oVt P uX potential for the- 1978-79 resioIIllH>le for yesterday's time for the Brazilian Coffee Indian tea has become in the years among rarmers and animal felahvae-decl uf oats hv ulanl Sf-ferlliMii ■ S n J t a i*lf 

preseT1,! >' Pro- raa J" CX °P S - • sleadier ' tone. ■ CIBO' to be buying; world market ibe Indian Tea feed compounders alike, as a ftrliL. vJ?i "m frm.'i on I 

NrJmmerf were inadequate. pie wet weather threatens In Rio de Janeiro meanwhile ct, ffee. I Association has worked out its result of competition from con- ' • . nnvv varieties plant which ai- u nn.-iuic- tu.’.*!* 

Food , or Peace would export pod-setting and low temperature one of Brazil's leading coffee The centre suggested, there- 1 landed cost at Lundou in com- tinuous barley growing, yield un- . hi ' h wj u ,-rjiiire,nbU' in beans and Jess foliage 

nly about 4ni tonnes in the might encourage “cherelle wilt." trade bodies called on Lhe ft ?ro. that exporters should be: parison with its competitors, reliability and availability of l rote j ant j en „ r n V .-anient ind The work ii.n alrt oiv rest i 1 led 

urrent year, he' said. "This A modest initial rise wac attri- Government waller its coffee siven credit facilities to build; According to these figures ample, cheap supplies of maize J™? 1 nSSlSw wl. in a neiSd Sw 

uantity will not adequatelv buted to follow-throiiBh- from an su PPort price 1 and -financing U P 3 slock of two to three , the Landed cost at ilu- moment and soyabeans from the l .S. ' ' which is on the national ree.n'1- 

leet -the Food assistance needs overnight advance iii^Iew York. Structure to increase confidence months supplies based on pre- ; l s l32.2Gp a kilo, for Sri Lanka But breeders at the station are At present, the Uk iinww mended li-i ufSwT-T^ 1 hnV u i a 
r about 30 developing nation* - . 5 atlV3DCe u1 '' New York - in the coffee market. Reuter re- vlous e *P ort performance. ; it is ao.oap. f or Kenya U is hopeful llial ihcir research pro- •»!« is ninmng at less than 500.000 K J-it f.-rnk- 

The Bill is intended to meet * n lhe market conditions ports. Other trade sources added 1 “3.68p. for Bangladesh 57.28p grammes will pm tlie two crops acres, though there are sign-* that 1 • ‘ 

lore adequatelv the - food ,he incrp ase quickly accelerateiL in suggestions to the .Ministers while agreeing with the tone of a »»d for 'Malawi J8.«p. back un the map. nut only in the a recovery may be in the uifing More breeding also needs t» uo 

equueincnis of undernourished ! he,ped bi i sLop-'oss and L-barust of Industry and Commerce, and the Centre's suscestion* lhat Against this the average tea UK. but also in olher countries Thp removal of Ui L - linn- subsidy 'June to nruduce a field bean with 


Centre's suggestions, lhal ; 


eopie in the developing ' bu - v,n S- Dealers - said offerings Finance, the Rio . Coffee Trade they saw difficulties in fitting l price in London Ls ruling at 
otimrie- and increase export !‘ r0 ® producer countries tended Centre requested, slaggered in- such chaoses into Brazil's anti- around 120|» which, it is 
oth't'- for American fanners. to .be reduced as prices rose.. creases in the support price to inflation policy; stressed,: is definitely hamper- 

The minimum requirement ~ ; • . ■ ing India’s exports. 

light bi> waived only if export : Abolition of lea export duly 

applies were not available or ’ • ... s ... ■ has 'already become overdue, 

sfirSESSS Metal limit threatens pig profits! ^ 

f the Agriculture Comm itlee. j .. . * M. f hinoeo rino 


d for ‘Malawi J8.«p. back un (be map. nut only in the a recovery may be in ihe oiling. More breeding also needs to :.»o 

Against this Hit- average tea UK. but also in olher countries Thp removal of the lime subsidy dune i» produce a field bean with 
ire in London Ls ruling at of the Common Market where has made it less alii active fur much-improved pi-nti-m euntent. 
ound 120 p which, it is there is a strong political and farmers to grow ha vies on suils At present, winter larmi’i*- .1:0 
ressed,:is definitely hamper- economic desire to reduce the which are deficient m lime and yielding around 2-1 :-er cent 
ing India’s exports. ’ EEC’s heavy dependence «*n have associated disease problems, prutein and spring \arieiies 28 

Abolition of lea export dulv iuuxirted American feedgrams And higher yielding, inure to 29 per cent. Bui tin* t‘r,«- 


has already become overdue, I for inlensive livestock produc- disease resistant n.ils. such as gramme is beginning topu-h *> he 


the lea association claims. 


BY- CHRISTOPHER PARKES 


Chinese rice 
threatened 
by drought 


HONCi KONG. July 39. 


T)-i* j PROFITS BY British fped allnw»d to deny pig producers in relatively high' levels of copper- ilireshing, and the yield is 

l\acn DOOStS rhreatened by.... an other member states continued in feed has been common For 20 : DV - 010112111 high enough to justify ei 

EEC directive • on- - metal use of ihis additive. years J ° inercial production. 

,unrU additives, the industry’s a ssod a- . -This would be a classic case in{ .. w . i . H0NG K0 - N 'G. July 19. — 

W Grid cereal . > ,on . °/ harmonjsauon for harmonisa- onU^fSlc - SfeJS 'noted DROUGHT -A^’D a heatwave are 

The United Kingdom Agricui- * • when vrifins : Ia'inh« thre'aScnidfi- the early rice crop ^ "M 

orosnects tural Supply Trade Association L KASTA commented that the h d r^centty^ been' sprayed i? 31 ! in'GfiekiSt Province in eastern 1 ( I 

(UKA.STAi says . that jhe Belgians, ^.l.milcd- copper ^ . pL ' China, ^cicordiru: m Radio Peking ; VyUEIEJCl 1 

WASHINGTON Julv Ilk - directive, that too much : inf.Lal becausc.lhey had htUe fret land ■ ' V' e Q,ea ' ' . reports Reuter. Jr JT 

Jtnp c.w-.v.- i , J-' i,s fed f0 stock in Britain, will, for slurry spreading and the pig The feed: makers hope the: More than 7.000 local officials I ’ R Y nun foMMonmn st 

tip b i..i ,nn f 1 . Indian harm the common British industry was concentrated In one .results of their survey wifi con-ijn Chekiang have left for the I BT OUR commudiiies bi 
lonsonn r in- n I a . *>v i husbandry practice of adding aroa. _ vine'e lhe EEC Commission that ] countryside to direct an anti-' BASE METAL prices sagged 


lion. Pennal. the revfnll\ released protein euntent uiWMrd- .12 per 

A few varieties of the “naked " WPBS-bred varieit. are now cent, 
nr huskless oal have been available. If the> van breed a v.u'!,-i>' 

developed already on the Cun- Field beans have long been which will produce cim>isu-nt 
nnent. But sn far the lack uf regarded as offerm;: ihe biggest crops the researchers h.nv lu-jh 
husk is nol uniform, the grain yield potential fnr widespread hopes ihut the field liean w*U 
is liable to be damaged during legume cultivation in Northern begin to i«nk like a viable > , ilv, 
threshing, and the yield is not Europe and as a valuable break '•tiluic fur Europe's tu:i*«ivi- un- 
high enough to justify corn- crop in cerieal. port of >oyalie:in.t lur animal 

inercial production. Bui in practice the crop has feed compounding. 


Copper leads metals slide 


BY OUR COMMODITIES STAFF 


Three months standard tin lost levels have been cut hack, (he* 
>7.5 a tonne, closing at £6.437.50 firm said. 

id cash metal slipped £75 to • In Australia Mmim Isa Hold-. 
1,495 a tonne. ings raised its price fur Conner’ 

load .-Ii.qoh rx Sft inwor wi rebars to 8A1.W0 per ;*.nn«. 


id crop summary tlie depart- j add up to '200 mg of. copper to chemicals such afi bovdeaux mix- on its finding may not be I with -crystals and i 

^ nt rmn fall from June lja kilo of feed. That isuidrop'lo ture had produced a heavy con- finished by the end of the veari There has been som 

as normal or above average inj th c regulation; -125 tag at the cemnrtion -of copper tn ■ many-and Iij— thar -CaW'lHe-TviiTvef | Hie rain-makine ne me decline in coDoer 

• pas vymch accounted for S9 per end of this year. , . ar *»*- . v should be extended pending a Pekmg TUaio added. earii wirebars slippia-’ £11225 io 1 PP ' _ fwHiwed suit. 

;ni of auiumn-harvested cereal The profits from addtng M te in Britain, however, the use of final judgment. r— ' m a inZ to months Three months zinc. closed £1 - 

reduction in 1977. ‘extra copper were- rirown i»a- , .1 • ' ineial feli£H5 iq^ 25 up al a ,onne - c,ose ,l ' 

°L Au i1 traHaTI T w i nt ? r !f ttTV - ey byUKAS T^’ wbicb hfe- ' •‘Th , •' • UK maize copper prices have now lost ,he days h * gh ' Indian tea 

ains was virtualli complete in j for a i .permanent waiver. of.llSCf. | (Bf'lClin fillV 1 1 OCC fll^K Al ■ • . * nuire or less all of last week’s Reuter reported from New AllUiail ltd 

uepnsl.nnd .md \ Gloria hut con- j regulations. . J 1)1 UUj ICSMllL&Cl. DDDOFtS GOWH heavy gains. Amalgamated York that the Newmont Mining Qr,l AC rfnnlmp 

mied in parts of New South UKASTA said only the * _i ’• , . ■ ■ & uu ■* Metal Trading warned at the Corporations subsidiary Idarado 2*dicS UcClIIlt 

lies, where excessive rain had Belgians. Danes and Ttallahs had , JnIy 19 ' • L'K IMPORTS of maize. | weekend that it felt the rise was Mining Co would suspend opera- B Q r orr « nnrtrf<in * - 

rowrine. [railed to take tip the option to- JAPANESE NICKEL smelters July-September • quarter were weiuding. seed, fell to 263.354 i “ unsoundly based" and forecast Hons at its lead, zinc and copper Y u correspondent 

P: .-*; of western Australia, use 200 m« of copper. . - ' have agreed to buy 3.5m tonnes fixed at 109.4 VS. <.-ents per kilo tonnes last month from 3S-U11 ia “sharp setback." mine near Ouray. Colorado, by CALCUTTA. July 19. 

"'•'vor. needed rain to alleviate Copper m fe^ leads to a build- af nickel ronient'rates fromX^w of .nickel content eif Japan. 10.72 in May and 318.S53 tonnes in j And traders were reported to September 30. SOME 60 per cent of teas offered 

nr.Tis mnislirro HeflncncieR. the up of toxic metal in the soil and Caledonia in the year to next ■.’«">* .on . the previous June last year, reports Reuter, be taking a far less optimistic The mine will be put into an for auction in Calcutta at 

r 'ailment artrtPd j lve . rS -. p,g slurry *s. March compared with 2.26m nuarler s rates, the Company Customs, and Excise figures, view of world economic pros- “indefinite care and mam- Monday's auction remained 

wei. coni weather prevailed deposited. ■ ■ . tonnes a year .earlier. . Nippon Sa! “- , > . . . . . . show .total imports so far this, peels than in recent weeks. lenance status" the company unsold because of inadequate 

ei much of \\crtern Europe Professor Peter Wilson ; Of M i n i nK cmnpanv said here, re- It noted that this years import (year are 1.646.024 tonnes — well | The tin market, too, also said. bids according to the Tea Asso-* 

io mid-July and crop develop. BOuM-Silcock. UKASTA s srten- pof!s R euler . wi\ reflected the slump in the , below the 2.153.579 tonnes in { declined again influenced mainly Mining had been suspended Nation of India. Tea prices at 

ent in general was si cm Scant ly Lific spokesman, said: -Feu& al a-reemen., follows recent Ja . panese nickel market, and the January-Junc la.-t year. | by the drop in copper and sup- because of continued low prices, all Indian auctions have been 

»lnw normal. However m the present unproven, about pMsibJe ** |= _ J. pnee cat the decline in world Main countries of origin were ported only briefly during the and the high cost of treating ore failing steadily since mid-Mav 

irlhern half of Easrern Europe environmental hazards associated nickel, producer prices. the EEC with 6U7R tonnes, the morning by the SMB rise in concentrates . because of aver-stockinc in'- 

WM Mow normol >»4 with- the spreading- • of- dttrry-Mwew i > Jepaiiew ouston aod. .The other niekel sraeltm ra- U.S. with-.J39.B34. Canada with ^ Penang overnight. U.S. helUtig Since Jate:1975.. in an effort in London. ' m 

in-irricatpfl crops and pastures from pigs fed on ' rtp&T'.'J*?'* .Caiedopian .NJikdiShtppq 1 ?. L;lilde Alelal antf South Africa with , in the afternoon accelerated the keep the ' mine J open, mine Tea exports durin- April and 

iqiared ntin. . - ( suppiemerttad diet^muat-naJL jfe ^ v ^rwy '.for- sbjpm^nu^tu f.thgV^tfd Shiovura-Kd^ C.Qmp3Tty.-- -'>3.3U totaies. faU ip prices'.. A ; developments and production May fell -to 16m kg 


followed suit. 


Planting of Australian winter | survey by UKASTA, which hopes •' - s 
'ains was virtually complete in 1 for "a .permanent"waiver. of .'EEC", j 
ueensland and Victoria hut con- j regulation's. v • tl 

pued in parts of New South UKASTA said only the 
lies, where excessive rain had Belgians. Danes and Italians had » 


buy less nickel 


TOKYO. July 19. 


UK maize 
imports down 


Indian tea 
sales decline 


IMPORTS 


(o mid-July and crop develop. BOCM-Silcock. UKASTA’s scien- pons R eu ter ’ 
eni in general was sicnificanfly lific spokesman.- said: '’Fears, at . 

•low normal. However, in the present unproven, about possible . ine “Sreemem 

irthern half of Easrern Europe environmental hazards associated .deptiations .held, 
nisi im* was helnw normal and with- the spreading- 1 ot- sluriy a Japanes 


m-irri sated crops and pastures { from pigs 
iCuriced rain. . • ■ ( supplemented 


COMMODITY MARKET REPdRTB AND PRICES 

DiCC JLfirXAl C a hit lo 1714.. In ihe afternoon cnmez on (bo Korto .Tnnraver 1 

DrtJL !”I t. 1 AL3 opon.^ii weaker. The iiase aa ihe Kwrb-iormes. 


R4CET HfETAl C * H '*r 10 fr,i - 1" l he afreraobo Cwnex on (bo Koib ai ifi.«0. Tnnraver U3p rTIFFPP Bartey: Scot. 79.oO-7».« Nov. Sl.fin-ci.TO. PL 54 .o-.vjJ. Pork: Enclwb under 100 lbs i'KILE, LHAJMjtX 

*>A3C !TI C 1 ALJ opened wpafcer. The close on ihe Kerb -lunnes. •_ vUrrtL . j*n. S4S5-M.45. March 87.05. Mar Mao. 37.0-44 n. I0n-]J0 lb. ar.O-K.O. TJO-ld lb 

. — ..... - - — aficr an ai-oyt>_ day'* Iraduu: was r»!fl.5. - — - .v A QUIET d» saw. Rohiusras. trade In Salt's: lOfi 0-41.0. Prtcca oar tmna nnlass otherwise 

MPPKRi • ,• „ .. •’’tl Turno * vr A-a.a lonnos . tin . uflMi ; I l u-'iU-i* ) — a narrow raugf for mui-b o/ (he m-ssioo. . IMPORTED— «me«: -CWRS So 1 131 CorrccUon: Hu- Central Markets Com- 

. umisi . — . *.n.in>-w . m.m 1 r«idt™ r^«,nS’H — — J : — I ‘Drcxel, ..Pnrpham. !• Camberr . repuns., prr L-t-m July aikusi 'Si.nO: Tilbury, mil we ws lhh- maximum •uoniion fnr 

‘T ,T ••'“ ihar cash wrebars rradt-d. Hien Gra't- i' ' ■ i V ■ Ui-sliam rradins was. mjerrupied only. Tijr U.S Dark Xr.nbem Spriiw \u. ■' u prr Kns/ish hfsjy lamh mi (ho pn...- liwsfor 

■ . L ; • 1 ... mt: thrpTrnnmbs; r7i9 is IT Cndi .6505 10 -7? .5 6490 600— 75 " 50 pcr ’- T,u raJIr tn "Jaw aftcrnoon/ht will Auju-ii -78 75. Sk.-W. TB.SO. Cu(. Sl.’Jj. July 1" and Julv it should hare read 

lrebnr? fiaes-s s—ir IS. If. IS. i». 1S3. IS. 20. -1S.5. la.'lfi S. a namm,.,: M60 80 -4S 6*WS6 u — 70 .N'“W Ynrfc romrac; hardened Ailhedom. iranshipmenr Easr Cmu *-l!en. U S. -T9 jj p,T lb >mir «.o p .. J ¥K W + " r U " ntl ' 

2??-* * « lis Kwh WItibiR three nmnths M'ln.in'!,' 651u —BO - . valoe '‘ wipr »- 13 :o 10 hiaher on the day Hart Winter urdiaary unquoied MEAT COMMISSION — Averaoc (auioik lfll* — n tf ,. 

^.v- J «n; i sri!s."s : 

,h ir' ‘ -13 I 4& _ 9 , ?5' 709*? "Vi 5 S»'~h?CT?5 41 l«. K 17 ,: |r r Sl™' ^ ^SlO* ^75 u»FFKK . * "- , + 1 "5 "^ .mS i; K R. Sh p^ es kluv!* 'i ' ’ '' Metals } 

•••iiitis.. < J3.5-4.b--9.7S 709-H lti Slwrta E„ ' >1716 46 i • ' _ .( ,hl Yellor ..\uausl 6B.W* Lh-vrpooi GIjskow. England and Wale*— CniUe iiumbeix tiuniiniiim IC6B1 1'68i3 

l. in nl .693.5 — -10 • — «™.r m ime ,ri,h «he o.-noral New V...L, _ - _ ' • ' • Bwlev: EKC l-ei-dTraiUdiaii miquoied. dmni Hi S' per «-«nr. ateraui- price il.lbp 1 1 markiT 1 l-. >1,045-65-3.0 -1D2C-5D 

- cb.5-68 - - [WJ ^ bu , llw n,^, W| qulctcr lhan — r- r v- - • , r :' 7— — ‘•'TSaU DO l'anTiS ? r * hu ? ,: ^S-AnwnUoe unquoied. ••iw; flin-p down 35 Per ix-m. awraee « r h WtUapAfiftS -TI.S5 C729.26 

:op PER— Weaker on the London' Meral the others. .Mler a rise in the «as> MAnn: ftapdMd. :«8*h EK£M, .' '' ' "•7^-; JH? .nJJ ,^40 Oau: Sraudlnaviair fei-d unquou-d. . iC.Bn »-SJi: (Men 77 per cent. > iu.k.U.- . l>. .tn. il7i4.25 -11.5 C70o.5 

rlLim:i> after continued liquidalion and oitnushi. forward mvial staricd-- al mflnrt«| W.440. SO. . 1158-3 190 107.1 M6-’- ® EC DAILY IMPORT LEVIES and v-rfa^pr't.,- b_3p U liiyihuk......... 1769. •— 11.5 L705.2S 

Uloss S.-11IIW whidi rmorc«l when Oj .490 and slipped lo Jfi. 445 drapvo «unc. Standaftt. three- 'months' 5a. np. taaa ifl^llvc - July ?n. in order Swiiand-LaiU.- dmi«K,4A per cam. « waMirh- iU U ETIO -II .25 l;TIS.» 


COFFEE 


irtey: Sopl 7S.0d-7ir.« _Nov. Sl.fin-*1.70. PL 54.0 -.vj). Pork: Encjish under 100 lbs PRICE CHANGES 

1. S4.W.64.45. March 87.05. Mar 1*0-90. 37.0-44 lOit-UO lb. 37.0-43.0, TJO-ld lb 


tlPPliR I ‘- Ul T »*.m. it*’ 

. hR 1 OIHtmI • — ; l'imn-ni - 


Prtcca oar tonne unless otherwise 1 


ire bar* ' 

lb 696.5-7 —10 

vuithi.. ilB .5 •— 9.5 
iilrn'm 697 - 10 

thodes- 

rh . . ; 692 5 5.5-10 
i'miti*..7 J3.5-4.5 -9.75 
it’in'iii .693.5 —-10 : 


mend but ihe niarfcrt was quieter man . * . ( • • ■ v .iu.\ 1 IMS 15D0 -OiA 

:op PER— Weaker on the Undon Metal the others. After a rise in ihe «aw • J225 l l£ ; u? a S2? r ?: ’ iSSv -epti-iniei.'.i 1Z36 1237-03.(1 
rlfiiiui* after continued liquidalion and oi-ertushi. forward , mvial staricd-- al mantis; in. P. 91. " N,iri-iiir--*r . 1LBB-I190 +22.(1- 

U’loss St-lliiw whidi cmerced whim 1S.4M and slipped 10 JS.445 despwe *“no. wan^ftt. iBm- months' :OI.-M0. M. ia.. JMiD|rT _"-. ll5 . 0 lisg 
Want irwi.il u-j- iinder nip. Ooeruna trade bnnns- -aaainst phj sical .h—itu-ML - ■Aflpnuw w:, SUminni.- 6a»h fd.WW. threa jt..r, h i IliO 1116 +32.6, 
A-s uer- si f7?». bui ih»* price slipped In the attpnwon US. Kellins eoicowd .'fflotrftar. #,44n. _.B, 40.. 4S; 40._Kerh— . . — ■ .qqq o. B 

fTIu. nx-nri-red 10 £720 and then. fvU aJ>d the pjdty. fell to lti.425 belnr.- rlownip .idsrd^jhrce men tbs’ MR. -liii» 1 1)50 . J C16 J - 20.0" 


U.S. Markets 


Cocoa and 
coffee fall; 
sugar weak 


». Indpx Limited 01-351 3460. 
Liimonl Road. London SW10 OHS- 

1. Tax-free trading on commodity 

2. The commodity futures market 


WHY INVEST IN 
COMMODITIES? 

I-:* ii.in o»t hfti ^ ^ • ■ ~ 

ihetcTTitnoaiiv ■ ^ 

~ Smirnov 

^..re I COMMCOTTESyilMITED 

Plantation House, London EC3M 3PP 


LEAo— Easier in brtth tradirwi whh ibe -io.uau 

pt-rlorruancc ol inpo-r lb« main infliii'rtco. _ ■ . k_. 

Chartist and mop- 1 ork sWIIde wt-rr Sales. 2.047 tan of 5 ionites. 


Robunias. The first Is us>.-d m compUms 


ifaS EEC DAILY 1 import LEVIES and merawf pnu- niSp i — 0 . 6 >. ■ «a-li taihcok- L'769 . •— 1 L5 L 7 06.25 [ NEW York. Julv IS. 

t ign'.wT prorfilum- vBevtivq .July 3n. in order Scoliand— Caitl,- dmvi» -4 j> per will. * .ihiirli* ■!•«. •In.' U710 -11.25 C725. 751 C'iCOV lomolty rallied nn C<nimu-.^i»n 

I inn rrsfi " 6rnT V m ,cvy Plus . AntL. • Sept, aod uoi. awrasi- 71-Mp i -u.aE«: Shrep up 47.6 in r u,.i.| TriJY oe.'- Ia5.105 ■* I.l) >1BB.B75, UuUkp mup-Iusi buyinu ihen s-<U nil m 

^inirpromh'ni-i uitli previouii in brackets, all veni. awraue prim* J3l^p Pies Lee. I chhH UOO.S — 3.5 Co07.75 clo'-e <-liehilr lower on local <cllim: and 

in^riJiBaa i* J*'Cuunt per irmae: Caramon up 2 « 3 per cent, averane prKv W. 6 p .« in.rfitli* .C509.76 — ■ 4.5 L‘317.75 prirc flame. Hacllc rvpnris. O'flee ^Insert 

Wheat— »3 45. •' B 6 . 3.». OW 1 92.83. rest *-0.y M.-ke! C^.566 L‘Z .666 I l ,,M 'cr nn commued Cnmmi-Mnn Hnuse 

..’ ; nil i : Durum wheat— 139 jfi. rest ml 4137.01, MLC furiw-ast rales ol IK mom-ury Kn-e .Miner ir-i[i(il., s 1.76 . »i.B5 1 -cllinB. Suuar clu'ed weak on local 

bnes. 0 . 1 0 . 0.16. ml-: Rye-B&SS. n-M ml fonim-nswonr amounts (or week nm- i 1.90 1.95 > -eilniK coupled with chjrtNt «ILna 

, , - . re;.l nil •: Barley— 8B.9L 3.1S. 3.16. J.1S mencmc Julv 24 previous In bracki-!*i: I PrvcmuN melali sained >lidnlr as the 

„ „ iSaSA. rest mli: Oal*— 80.19. n M. n.m. Kn.-sh ur ■•hill-.-J beef carcuRvS: 31.2JP U.S. A.IIar was under licfil nre^ure. 

“S2 0.66 '78.81. re*t ml»; Malic (other than perk«. .W.TOi: f.r.-en hat-on sides: £3X1 SO !, Wunu... inw L129 } , Cc<9m __ hil , -.TL ; *. n . 

hybrid for scedtapj— S7.72, re* nil •«««. Per lomiv -2l:t 32. .J «» Al-rke-a... ,». il |8 J ........ 1 . 1»9.7 ' \ , ^ jSftv 

real ml-: Buckwheat-AD nil rail ml.: C 0 VENT CARDER- Hnres m sterl.ne ^ 0 “lUrt So" fflit Sw 

laiTV' Millet— ftl. 7s. royi od .80 7*. re-t nib: per M ,-kac,- ..stvpt where othervw- ^..uh? za2'«. '%i' w pq l, ‘ ! SaU-s: 917. 

prices for Cra n sorahum — nil Stated- Imported Produce: Oranges— S. ,‘^; 0S2 ?%^ n 1 Coffee— July iSS^fi-ISIftO U33.5H>. Sept. 

L,™,,!?!, re*4 mb. Fl»ur levies: Wlieai nr mixed Ajrican: Navels 4.0.50H: f.raniian: a 'u- : " 1 * . 1 hr •' ! lMBO-iMJM i I'l/'S > Dor 111 30 . 11- ->3 


i-i*< ; — irn-Hi-ia.I — • ns compusjn? daily orlcv based, oq ihe. ,—V. , 

s l i 1 197s lau-rnaupnal Aarcumem and <mploy&-- ■ 

. j— t - •; .. L f Ih-- price of .Ultjala Amhnr 2BB coffee. - ||r n 

iVh 300 .5 -6.12- 500 1 -3.5 Tin- second is used in complUo* Ihe jUOAK 


wheat and r>e— M3.09 ilCMii; Rye 


L'KSfi sSo’2 ‘V 2 3 “ ,5 ‘® 4 ' 5 SmSflteAfinW- LONDON DAILY* PRICE *raw suBorl Apples— French: GdM.ni D.-I.ciou. 20 lb Oils . 

---- 3I.-S3"— ' " -Ancola .unbna Iaa LOlIee. £R4.30 •(«» a tonne cif for Jufr-Ao*. ^ j.niM.Sn. 72s 4.5u: W. Australian: «u. .pi.il. S640 y -5.0 s695 

; — --tit — r:sr m ." ARABICA COPFEfi— Closer Au*. 147.00. sMpWcm. Winiewiasar dally .price was timnny Snmb S 40-S Si); Tasmanian.- bniuttliiut- 11668 : L'724 

.' Mq»P/n»t - Cash . CHMj. CL 1300.- ihrCfi Sfl.ijo, Jci. 133.IMW9 OK,. Dec I2T.0CL8T.M. fizetT at £95 (III <013 ft»l. Siormcr Pipnins 9 rralinns Unwert C nnt»- .I-...X3R2- — 8J3 t»77 

.Diombp- Bfi7. S--S.5.- T. 7.5.. k-'-o: »L5.- Ken _l~.W-M.oa. April iiuoft.-MiM jum td,* markfi opened J1.1D lower.- rcfleoi- Dcmocra is in.20; S. African. Uraooy I'atm Vlabvtn .5581} — 4.0 8605 

8. BA. ■ Kerb; Thn« months £308. 8.1- 9. H8.bo-25.D0. AuE~ . I15.00>2o,00. Sales: 8- ins oivmichi recalls m ihe Chicaco Smith 8.W-3 60. Oolden Uolhious 9. 60.9.90 1 

Afternono: "Cash £300. ' threw months £3B* 5. io> fans of 17^50 failoa: marki-t. Technical llquldaimn of near York Imperial ».Sft-l0.5B: Unli-an: .Jnnny 1 > 

8. -$4. Korh: 'Three months .1300. ' ' Aajjusi depri-ssi'd values In early dea 11 nus SmiUt 7.00-73u: New Zealand: Siurmer Seed* 

Si - KunOrK and (he marltci touched new loans, where Pjp P iu s ]«3 9.20. 175.9.30 Urauny Smith l'*.|<ra I'failhp '5442^—7.5 8430 

ZINC— steady in comparison with other burins suppan emersed and prices rallied. >jis*.ro. Malian: Rome Beanij per pound S»»vatwiui 1U.6.I SZ60t >—4.0 S285 

metals m ihe face of utliutniial baying STEADIER openms on ibe London eocouraaed by recovery in Ihe COicaao n.15. noldc-n Delu-lous P.ISjj 19 Peary— J 

which . found sellers -reserved. • .Forward Physical martei. Lmlc hue rest at rusher markeis. All (he close losses ranged vinonan: 40 in .Josephines 10.50. lvinrvr ft-,:-- , • 1 

metal started n £30B-£3lf and alihough level, closing barely steady. Lewis and rronV £1A0 ro ' NcJis g.^o-iono; Spanish: pit pound i7Tr‘7*u Kr , 

h dipped, to £3t&. it later recovered Peat reported a Malaysian tod own price'-- Lsmonvra 0.:o-u.l5. Peaches— Itahdii. \< h.™.« i-ai’o I Q 

and iTMnJ I.r. ... An in,. L--rh iJ *n ,-Hti , Ire Alien tit MUSU I , M., 1.1. u-u-.a.. 1UL,,„ r n -r . n.mie ruiure*.... LS1.7 i.31 .B 


WiW- I'll (HU 
bin-, iiiirr 


Are you a Stock Exchange investor? 
Does your interest lie in the Far East 
■■ or Europe? Is gold your particular 
w|9 concern? Maybe you're a 
jj Wf commodities expert or a forex 
speculator? 

Are you hungry for the FT Index or 
news headlines? 

Whatever your Interest. . 
Wherever you are :i ; 
RingLondon, Birmingham 
L iverpoo! or Manchester • 

Jk 246 8026 

BS f or the 

? f FT INDEX 

T and 

Business News Summary 


and moved up to l-Ids-. . on Un IO*rb of 232 i228> cents a tc 1 buyer., August 1. 

*r the dfaVs Ugh of 1313.5- Turnover — 

1.775 tonnes. - . '• . - v .. , 1..' ...... 


; dOX .5 ->2.5 

•'in>niTli...i allr.5 —5 
i'meni — 301.5 —Z J 
P'1.1. TWi- — 

Morning: Three mouths 
11. IIJ. il Kwb Thr.-i 
II. Aricrnoon. Thr-v it 
I--5. IS. Kerb: Ttuve in 
* Onw per- pound - 


JK-l"-' ' prevwnw • Sales: )C 1 S3 1. lots of 13 iodiih and H44j0 for rtoori. Italian- 2J lb 200. Beetroots— Cypnot : „ 'riTrVTIV,^ Jmr-aww. 1 ca-ie. sepi. nwj. N. 

oftaal elute iM per picul- so: mwoi of 5 lormos. The martet appeared U lack sellers ar ig lb ] ^ Melons— Spanish: Yellow 9-IM; AUg ~ aScDt - * AuffeWrSepL xPer March tillT. May 


n.,, «.«-.« - . . . • — • Physical deems prtevs .buyers! were: the lower levels, and by the dose prices <80-370: Canary: Ogen STDs J.40. watcr- 

afl -Vr‘H Spot 54p 155.51: Augusi 5fip 155.51: SepL were some 3D points above firs: traded meltHts—Spanish: 2.70: Israeli: 2JB: 

■ . , t .5fl.S3 (5fl.Hi. levels, reoorts C. Csatnnkow. « a, 

Silver was unchanged at yesterday S • . gales i,«r '2.i9Si lots uf 59 lonnes. ^ 

S ,n ur«w^mv“o"!h^' SOYABEAN MEAL Sawv - Hl ^ iJBST CSS^reTMTomTuf INDICFS 

The martte, opened ILIO lower, reflect- ^S^JSTwMlxn'SK "g* 

TOWthr 533 8C. up 0?c: NcflMMh ' 345.4c. ,tn& .oyenligbt refiullB in the Chicago mar- J“L u ltsh- ** ’ ^ u D5 - Cucumbers- per rray Mfc U- ' ' 

up Aic: -'and 12-mooib' S70 3c. up . O.fic. kcL Technical Mqrtdandn ol near Atunm *' er33e °' M * l-*®- Mushrooms— p,-r wnmd 0^04 60. 

The metal opened al 277fl-27S.hp i525- impressed vaioeS hi early dealings sud „ .. niwn..— - Apples— per pound tram ley s 0 . 1 .ti.^,. FINANCI. 

3 * aci add dosed al 27 b.8-S77.8p ..521- ihe market .ftiucbfd new Ions, where WOOL FUTURES - _ 

5251c'. . Poymu support emcrpL-d and prices rallied. T “ KJKS *- * ^ * WJVtvJ Greens— rw-r cniie. Rent MB. Cabbages— Ju| ¥ ]g. j ulv 1711) 

' , - onL-ourafled by recovery in the Chicago LONDON — Tb>- market was unchanged per craie 1 80*2.00. Colnnr— per 12' 185 . \ [_ 

t • • . tnarkrt. All ihe dose losses rariKrd front to higher in ihin trading. Bache reports. 2.»i-2 "D Strawberries— per ; lb 0.12-n.]8. 2S5.34 255 34 1 

Ml.YRlt :-B„ir,. rt , 4. ,.r L.M.E. +.ir Jl.tt lo X1.NL f Pence per nitoi Cauliflowers— ivr 12 Lincoln 1 841 20 — 

— _ 1 • ... ■ • - . — :--s — — Broad beans — OvT Pound (1-114 12. Peas — fT» r.L. 


u. * , ni.M. ucc. (s..hg, jan. 64.15, 

lb Oita 1 : March «3.25. .May W.30, July Som. 

u •;»o>.iiut .1*1, 111 5640v —5.0 s695 WJO. _Dec. 80.70. Jan. TOL’O. March 71^0, 

i.- i.inui6liiut_ £668 : L'7if4 , -- H Sales: 2.800. 

0. l4ii*eert Crude ivj..L'342- —8X1 to77 _CoUon— Vn. g. riel. mi.T5-au. 7S inp.741, 

ly I'atm Malayan iSBlj — 4.0 >605 Hard] tNJlO.C4.22. 

0 1 • j May _6a. JMa.23, Julv dd.20J1ii.25, Oct ' 

ly ‘ : 1 *a.'- , e-8j.l>0 1 Dec. £5.20 bJ. 25. Sales: 3,u5|» 

■r Seeds bale*. 

h l'*.|.ra I'hlllip '54423/ 7.5 S43D 1 . (CF?i d “ J c ,,,y lS3 -S° 'IW-SO'. A UK. lSfi.On 

d Si.valewJi l U.S. I SZ6Qt ;_4.0 S285 ! II, Jt'V-k ‘.m 1 ™® 8 ’, 0t F L?'- 70, Der - 

I;!-™- r>«. 1M.0®. April 197.7U, .lime 
■r „ . ■ ! 1 -JWsfl. Aup.2D4.no. Oct. '07.20, DM. 210 40 , 

4 : * , I Feb.213S^Aprll2IS.KD. Sdle>: 7.60D lm*. ' 

. linnet KLC i T tLard — Chicann lnn*p uuaTallable. New 

H.raie Future*.... L81.7- ! C81.B j Yrwk prime steam 23.75 ashed 123 75 ' 

1 Mairtf . j I traded! . 

J' French .V».i Am L102 1 1:103.75 tMaiie— July 52i-222 on,. Sept -"gt. 

u I 229 |2J44«. Dct..223:-235i, March '244*-24:ii. 

A**. I Ifni ->|iiini; ITflljP 1—0.96 i-'9 6. 5 1W 249-2401. Jnly 25L. 

A . ..2 HaritVt intn : ; f Platinum— 243.IP-24 5.50 (244.75 > 

Ennii'h Aim Hist JC9JL00 tl04.5'Jaii. 24SJ0.24S.50 «247.hui. April 2al.7ul . 

- -i.h- a -.|ii,uitciii.....L-).B70 h-62.0 1 1.850 1 J'.I.iu. July 255_3H-25., 5u. Oct. 25S.W-258.ni> 

lniurex -14 £1.789 T 8 I .5 <2 1764 J ) ij, ‘- 2.0.71HS2.WL Sales: KOJ. 

1 4TwF.ii., re : ■Sllwer— July 522.50 (520.401. Aur. S2.7.5U 

.reic... X1.&36 , + 9.0 >71.563.5 iKl.fOi. Sept. 527.50. Dec. 538.110. J jn 

: t .Mi.wi-A Index.... 71.03c ...^., . 7Z.3- I 542.Sc*. .March 350.90. Slav .',.10.40. July . 

. l.u'ilier Lilu. a3.a,. ' 58,< I 3iEi 00 . Scut. oTh.Tu. Dee. 590 00 . Jjn 

_ JJW ,r 'Uawj... IZU4.5 ) 4 - 1.0 'ia5 . .Wt 411. March hft:.40. May 012 bH. Sale*-— 

_ >4, fall', ■ I 2aoi.-i 2B3]. tl-^W lei -. Hand> and Harman jpi.t 

t ' ~ - •• I bullion: 522 . 00 iS24.7n<. 

:' a alXSS Ml "_ croi> - sunquoiefl. i Soyabeans— J uly bs ;;.«)2 ,win. A nR 

: D J* ■ ,UJJ - S « L I '«*•■ sept. 4093. N.-V. as-'sw. JjS; 

5 fAuffita^SeBL * Per 000 :^ 01 . March tirt. May 6 ll-ul 2 i. July 


per 1 14 ills 
'if.y w, • . fini-ine 


1 c-lerix.t -f >11 .. ou-int-*- 

Lli'-r — fhaiii* 


Siirtnilinii iSi-sIci’l’i-Bi^- t/rf luir'liieM 
»irre*rW»ni] «. i>»e 7 — : Dime 


^1 «i ........ r377.7ir -•••-277.71. - 0.3 vtq;u-t ^n0.5MI.l -JJ0 111. SB W.50 Jiilr GM.O-aS.n ^.,. 

•ni>H]tba;.-:2H4.-S5|> -B.1I6 i84.8S[i -0.6 n i.^r • 1 14 JJ3-M.Z — 1 Jb I I4JJ- 13.60 U-iulutr 1239.0 41.0 -rO.S 

^wooilie,. 232.6,. -0.Z ^ Ue -v.iinwr .... 113.10 i3J -1.3a 113.B9-12.Hl l.W-i-nii^r ...p«3 5 Jfi.D -*1L5 

I ’q-irihr. : 308.(4. • .. .. _ . l.ei.nurv. 1 14jJ |4.5 -O.ld 1 13.00- 14J0 Menu ffi4S.u-4U.O •• 

U*E— Twnovcr, 149 *312* lota of 10.000 Ms M WJi -0.40 116JW M«t_ g46.U 50JI 

ounces.- AlPrning: Three munlhs 264.6, luue- - . v.'H7.3j 18JI — 0.25 117.90 Jiry teO.D &4J +1.0 

4.7,- 4.9! Xerbs: Three .monihs 265. 5.1. -Al'll'bi--'; 1 ,8 - “?- 6 - ... . V 1 


Broad beans — per pound 0.11-0 12. Peas— 

lues* ocr pound u.umi. 11. Cherries— per nound 
mp hi ach 0 U). White 0.20-0.30. Gooseberries— 

per pound ii.20-0.25. Levellers 0.25-0 20. 

Bcciroou— p.t 2b Ih 1.20-1.40 Camus— 
r_ per > lb 1.SI-J.M9 -Cawlcum*— per pound 
*- u n,20. Courscttcs— i»r pound 0.15. Blart.' 

~ Red Curranis— per pound 0.40. 


COTTON 


zeros', inrce .niotuas a*>. a.i. -■ ■ , — LIVERPOOL COTTOH-Spot and ship- 

AftOt^ogn- Three* mnnilw' 3*4.' Si 9. Mi-. 'Sales. lOfl (|36i lois « 1M icmies; . tier. P** B,lt — ■ ^7 mt . nl W | l4: amouiiiod lo IIS lonnes. 

Kert#:"I>ree monlha 254.2. 4.3. 4-5. TDA1VIC STOREY GREASY— (In order buyer, brmsms ihe toial ror iho weci m far to 

’ aJIVAII^cI ' ... seller, business, saint. Micron Contract: 47S tonnes, reports V W. TantrsalV 

rnrflA LONDON FUTURES rCAFTAi: wheal' 332.0-333.0. _3.l2A«lc. fc Ocl 3«-o- Minor replacements were necessary for 

, J.UUJA ■ : i’.io(«en«l : iDn hirtier and ontiaUr saw**»d 344.0. S44 0*SO.o. IV. . Due.' 340.63502, umw spinners but Ufa: offtake t'encrally 

Prices increased sharply dunn* an basins s upport, bm- Mtees eased vftt 550. >3503. 24; J^ndih S3S*358.B. 356.0- iras male. Occammwl jWPlm . wore 
a care -dap- (or- pro duc e rs TonEnaTSi-^ afiormnw wsam due 10 some com. ^6- ,9; Stay 360.9^58.6. 2: souahi in African and Middle Easiern 

r.Ui anil DuffBs reports.'. ' . niercdal' and cwnnry sellms 10 riese un- Jr - ‘ *■ , »'? 3»-<- bom*. 

_' r Jv -rr— -p— r fre*~- 'rtwnMd ** lSs> hnrrT Barley opened ldp *»;*■ ua, ^ ded « Dr ‘ 3 ‘ 1 *’'' rsu - “mraded. ir . _ 

— ■ jt# r«.l«j- -I ^ 't 1 Bii-me** . h,c]u>r and saw sood amporr throu&hout aalc*- ®*- II4TTF 

. . LlH.UA | Ww - — ! UraiM yfjr fias to dose abmo steady unchansed NEW ZEALAN® WOSSBREDS: Dec. _ 

: rfr 10 in Waber. Art reports. !83.0-lMj. 183.*. l“ : Marsh isu-ig4.7. ml. DUNDEE JUTE— quiet. Prices c and f 

-V*.o Lonu t ml; May isf n-i»j > oil. n|| ; j U |y 197.5- -for aus.: BWB £257. BWG £247. BWD 

ta'Y™. + S'f IJSHfH’S. WHEAT BARLEY" 78^5. 1*8.0, nue: 0(3. J80J.lPl.ft. 190.5. 0:3. BTB £237. -HTC £247. BTD £238. 

I/Bfl.o-'OT.O 1-51.S I795.0-«fl.O .... *»; Ucc. 190.5-191.0. Off. nil. Total sales Calcutta goods unchanged. QuoiaUtins 

L*e--'. — T + “5.}ffl-S‘“-S VreierdoT *| -f- n* |iV4en lav *- + .,( 12. fnr shipment: 40 iraf 10 ox £Bj«i. 

Tliiwi.i ."1736.9 57.0 +"27.P 17W.M5.D nut- «»iw r ■ * rl*H* i ■— _ T B oz *7 si orr IHO yds Atfc. ES'd £7tE 

i Id.o Imo’” 10 ' 11 ' -*id.j *6.&o~ — 0.0& 7a.9o -d.ks MEAT/VEOETABLES SSv.Bfe.^YSrii dairSH^* 1 ' 


FINANCIAL TIMES . 

J“l.v IB - Juiy lTjMrHitU ajw i'esrayir 
^35.34.235.34 250.26 

[Base; data l. iK2buM] 

REUTER’S J -Wheal— July 304M04 (Mi*i, Scpl. 

July 18'~ J ui.v Itfll. ufi iiTin L~Ye*F iL. . sWi-Ji'» >31 in. Dec. Jio>jiui. March 2U*. 

— ‘ * > MiV 311. July 30J. 

1418.4 1485.0 14B8.6 ! 1S33.9 . UTNiillPEC. Jub' IS. rRye-Jub' S9J0 

(Base- - $Mtembef - TL~ "iflsTTnni ' ' I ,w - uu bld '* ° L ’ 1 - 9T -‘ U N«v. 97.30 

oare uwremner ibsi_ii»s | Uw . 9t;o hlfli Alay M-3U bld _ 

DOW JONES ; TTOau— JuU tH.i* •U9.U0 bid ■, uci. nS*u 

-1, . — ! .Tli.lW'. Dec. 69JI1 a.skrd. March dffJHi 

i ; J, !g SW JU,,lrth . , '<“ r I May JO-99- 

Jimm 18 j 17 ngo | s K .. ; LtBarlcy— July Jl.Sft bid tTJ.70 bid'. Oct. 

^:T 7 :n.50 t72.au. Dec. 1130 bid. March 71.su 
.pg*.— »l.Z7 358.iei35a.75'384.1fc mid. May 72. Ui bid. 
rtmrgld35 : 75j39-.91;36S^ig5j^l6 j j»Flaxse«t— Jul}' 227.es ( 23i.W bid', 
fAeeraae 1924-2644= I08j j «>«. 2-’S.UU bid 1 232.00 bid'. Sot, 229^0 

Mnnnvc a*faed. Dec. 227.00 bid. May 2J4..0 asked. 

MUUUT S Trttfhcal-SUWKS 13.3 per com protein 

"TjTTTFr'j ^ i h, , | emwm ol RL LaviTruce I36.&1 <l»l Jdi. 

Moaly'* J 18 . 17 | ns,, i B21 , I Ail ctuu per pound vA-warchauss 

— — — * : ; 7 uiilcsa othenvise stated. uv«r trey 

• s plfl Comnu V i W1LQ .911.3. 1 928.5 BBl.fl jounce— liw ounce loss, t Chicago loo» 

( Derembiw' 51 isai - im 7 ,IHI 'hi— Depi. ui A*, pru-ea pre- 

atl vious dJV. Prim- steam (nb .NV bulk 

tanC ears t -Cents per 36 lb busnet 
n-archfus-. j.ouu bushel Inis. 5 as per 
m»‘ ounc*' lor 3U «r. units cl ups; per 
reiucev eteu E ^ >viil Uiinu d.-liveri-rt NY. *: Cenis per 

r*. . u-T t fish— S upply gaftd, demand trey wince ca-warrhmisc. .1 Xeu- •• B ■■ 
lT.',. «jL r><w ^J , V 'unprocessed i i-miiract in Ss a 4ftrtrt ion for nulk iok 
» -> n?4nn' ^‘re COd K 1 aa W '{ < ' W ' i ,f ,on shur ' ,uai delivered t.o.b cars 

ha M d0 ? h H.«W«n Chios** Tul.-rtn Si. Luub and Atinn. 
nudlnin J3.40-H o. small U.aKEt.M: ]arc>> ’ Ccnm per GO lb muhei in 'inn*. 

tnedtinn C.30-£4J0, biia • . c-ms Per 34 lb huahr-l. :: Cv-uis u-r 
Miall f3M-£1.08: Urflt skinned dnshsh 4*> lb hinh-l ''s-wa rehouse. !S r., urn r»*r 
ra.wa. mr-dUim £3 j 0: larRc lemon sole* jfi B* bushel rx-tvar, -house, l.uuo bushel 


SI3-0I3. 

Soyabean Oil— July ;4.'.*9.24.13 121 . 5 ; 1 , 
AilB. 22^5-22.10 (23fi3l. Sept. 22. 50-22.55 
ocl. 2l.M-2i.Ki, Dec. 21.30-21.35. Jan! 
'.’Ij.'O. March 21.15-21.20. May Jli’O. July 
*1,14-21. la. 

ilSeynbean Heal^Jiilr Tffl.no dffl.IOi. 
AllG- 1B3.20-IM.T0 tKidJQi. Sopt. IW.ntt. 
163.70. Oct. IU3.niMft2.MI. Dec. 113220- 1 Hl.au, 
Jan. 1(3.50. March 165.50. May M7.0u.-w-. 
I Ifid.SO. July I6T.50-16S IHI. 

| Susar— Xu. 11: Sept. fl.154.I7 (C2!0>. 
,oei. 62G-S.2S IU.32»; Jan. fi.bj-b.71, March '* 
1 O.SSJS.M. Mav 7.03. July 735, SepL 7.4i, p 
I ucl 7 j5. Sales: 3J6U. 9 

Tin— 3a>jiii nuni. 1557-573 nom.I. ■ 


on ibasij.aM + 9-0 - ifinaJi-80.0 \w. 

Sata*.-. 4,143 '*4.7201 lory of 10 loun«. 
International Cocm Organ lsaiiau^iU.5.' ?r~; 
Tunis per pound 1 — Drills price Julv ifl 'li . 1 
-<41-00 * J 4 a ^ta K - -Indienwr ■ wik.l» Julr'l*" * 
is-dar awnja,- Ml *1 iU1.12j; 22-day -VP 
aversuK- 1M.70 1 140.2b'. 92-* 


“°' w SM1THFIELD 1 Pncc per pound K—Beci: 

“SS- S** 1 * kaM E,re W- dtrv 

■■2F5 "S-i'.’S-J® “«-?5 87.4-78.0. f. «rs fc. Ml (Ui F.«Bl»h 


fAreraae lOJ^afidisiftr “ - 

MOODY’S 

W ”T J “" 'V 1 JulV.|M, iutlllj'ftii 
Moaly'B , 18 ; 17 , 

•’ s pl» Comnnv! KILO S 1 1.2,' B28.5 U 1.8 
(Demnbw si. iaai=iHm 


i 



r 


38 


STOCK EXCHANGE REPORT 



Equities caught up in dividend control controversy 

Index reacts 4.9 more— Gilts await money stock figures 


Account Dealing Dates 
Option 

. 'First Declare- Last Account 
Dealings lions Dealings Day 
July 10 July 20 July 21 Aug. 1 
July 24 Aug. " Aug. 4 Aug. 13 
Aug. 7 AUg.17 Aug. 18 Aug. 30 
* " New lime " dealings mar lake place 
Tram SJfl i.ni. two biHincsi days earlier- 

The debate on whether or not 
dividend restraint will fie ex- 
tended when current legislation 
expires at the end of the month 
intensified in stock markets yes- 
terday. An immediate extension 
r : Tuesday's reactionary trend was 
juJiCfltive of investors' views that 
he Government would soon take 
he necessary action and around 
midday the tone was noticeably 
dull. 

However, a report that statutory 
control was unlikely to be enacted 
at this late hour and that the 
authorities uould ask Tor some 
,fijrm of voluntary restraint caused 
: a change of mood. The ensuing 
recovery was fairly swift, empha- 
sising the sensitive nature of the 
market, but it proved later to lack 
substance and conditions deterio- 
rated again rewards the close. 

•- With the dividend control con- 
irovor.cy assuming all importance, 
'can! attention was paid to other 
background factors such as the 
latest average earnings index, but 
(lih-cdsed securities hardened in 
anticipation of more encouraging 
news about money stock growth 
now the effects of last month's 
imposition of the corset on clear- 
ing banks arc beginning tu show 
through. 

The fluctuations in industrial 
shares was well illustrated by the 
IT 30-share index, down 3.6 at 
'The noon calculation, only about 
half that amount ofT at the follow- 
ing count but finally a net 4.7 
easier at -U17.7 for a two-day 
recat [on of ll.fi. Falls w ere in a 
. greater majority over rises in 
FT-quoted industrial*, by five-to- 
two as against the previous day's 
tivc-to-four. 

.British Funds were unaffected 
hy the events in equities and 
* began to edge ahead encouraged 
.by hopes that today's figure* 
•would confirm the anticipated 
-reversal in money stock growth, 
‘fjusiness remained light, however, 
[with much of the turnover among 
the longer maturities representing 
!»u itching operations. An easing 
of the recently tight conditions In 
:*moncy markets enabled the Miorls 
.lo improve and Treasury 12 per 
rent IflS3 gained an above-average 
.; to ioi i;. 

.Scattered gains appeared in 
Corporations. while African 
Development Bank Variable Notes 
10S3 made its debut at S971 along 
with Thorn International Finance 
7 per cent Convertible iflSS. ar 
S98J. 

Arbitrage selling released b.v 
activities in Australian shares 
brought the investment currency 
premium down from 10SJ to JOSj 
per cenl before a recovery to 107] 
per cenl. si fall of a point on the 
day. Yesterday's SE conversion 
factor was 0.GM4 (0.H62I i. 

' In complete contrast tu the pre- 


vious day- activity in Traded 
Options diminished considerably 
and the total number of contracts 
completed fell from Tuesday's 
record IJK9 to a modest 46o. with 
ill of these taking place in ICL 
Shell followed • with 82 but Land 
Securities, in which 424 contracts 
were done. on Tuesday, could only 
muster U3. . Today sees the start 
of the new April. 15179. series. 

Cartiers became a much quieter 
market at 71p, down 2, after the 
previous day’s active and success- 
ful debut Elsewhere in new 
issues, interest was shown in 
Eiitra>. which improved ij to 12 Ip. 

Union Discount down 

The major clearing banks en- 
countered a good trade and 
closed mixed. Lloyds finished 2 
loner at 273 p as did Barclays. 
32.i p. and NutWesL, 27Sp. Mid- 
land. however, edged forward 2 
to 562 P- Elsewhere. Allied Irish. 
596p. and Bank of Scotland. 2S2p, 
lost 4 and G respectively. Union 
Discount shed 10 to 205p in re- 
action io the uninspiring interim 
statement while Clive, 76p, and 
Gcrrarvi and National. 174p. gave 
up :i in sympathy. Stiff awaiting 
the .^income or the loan dis- 
cussions with the _ Norwegian 
Guarantee Institute.' Uambros 
r din (pi is lied 4 to llHp. 

Dull conditions again prevailed 
in Insurances. 'After new.* of the 

group's acquisition of two 
Lincolnshire farms Equity and 
Law cased 4 to 134 p. while Sien- 
tiou.se cheapened 2 to 90 p in 
front of today’s interim figures. 
General Accident lost 6 lo 2<lfip. 

Marstou Thompson and Ever- 
shed firmed 4 late to Tip on the 
.preliminary Figures and property 
revaluation surplus. Other 
Breweries closed little changed 
following unevenly-matched trade. 
Elsewhere. Distillers shaded 3 to 
lS3p despite news of planned 
price increases. 

.Still reflecting the further 
rejection of the bid worth l20p 
per share from W. and J. Glossop. 
Wctiem Bros, reacted afresh to 
close 10 down at 93p. Other 
Building issues again made an 
irregular showing. International 
Timber found support at 133p. 
up 3. and Brown and Jackson 
continued firmly, improving 2 
further to a peak for- the year 
of I44p. Smaller-priced issues to 
make headway included Wiggins 
Construction, a penny dearer at 
2Sip. and Stanley Miller. 2 to rbc 
goad at 13 p. On the other hand. 
J. Latham eased 3 to 13op and 
Armitagc Shanks gave up a 
penny tn 72p following the full 
report, while lira. Leech shaded 
afresh to ?2p on the proposed 
12.02m rights issue. Leading 
issues re ease included Harley. 
Top. and Tarmac. I50p. both down 
around 2. 

ICI cased to 3Alp before 
recovering lo 3S3p and settling at 
3S2p for a fall of 3 on balance. 
The irend in other Chemicals was 
also slightly easier. Fisons drifted 
back 3 to 3li0p. while losses of 2 
were marked against Coalite and 
Chemical. HSp. and Anchor, t>5p. 


■A particularly firm market of 
late lo response to excellent 
results and a proposed 300 per 
cent scrip-issue. Wallis came lo 
the fore again Stores and put on 
14 to a 1978 peak of 164p on 
renewed investment demaud. Old 
speculative favouries Elys (Wim- 
bledon) revived with a rise of 10 
at lS7p. and Fonninster improved 
-1 .to I65p on buying in front or 
today's preliminary results. The 
chairman’s encouraging remarks 
at the annual meeting prompted 
a gain of 4 to 102p in Cope Sports- 
wear, while Ratner.s hardened 3 to 
66p. Or the quietly dull leaders. 
Gussies A softened 2 to 27gp ahead 
of today's annual results, 

GEC continued a dull market in 


pressed Associated Fisheries, 
down 2 to a 187B low of 39p. 
Hotels and Caterer-) had dull 
spots m Trust Houses Forte. 3 off 
at 219p. and Lodbrokc. ti cheaper 
at lo7p. Sheffield Refreshment 
Houses, however, edged UP 3 to 
35p on the satisfactory prelimi- 
nary figures. 


but rallied in line with the general 
trend and final quotations re- 
corded losses of only a few pence 
on balance. Land Securities eased 
to 21 ip before settling at 2t2p 
for a fall of 3 on the day. while 
MEPC closed 2 lower at l24p. 
nfter 123p. Fading hopes of a 


Union Corporation is to' develop a 
new* uratJum/gold mine in the 
Orange Free State. 25 km south 
of the Welkom mine, caused a 


surge of speculative buyiag ^ f 


Vinten better 

Continuing to be unsettled by 
extended dividend restraint fears, 
the miscellaneous Industrial 
leaders lost more ground in thin 
trading. An early-afternoon rally 
reduced some fails but Coots still 
closed 6 off at " lHSp as did 
Beeeham. ar 657p. and Pllkltigtou, 
at 347 p. Rank declined S to 232p, 


full-scale offer left English Pro 
rty 3 cheaper at 4 Ip. Great 


perty - — — r- — : 

Portland gave up 4 to 2§2p and 
Hammerson -A” 3 to 330p, while 
Stock Conversion closed 2 cheaper 
at 242p. 


/ 23CT 


220 - 


F.T. -ACTUARIES 

ALL- SHARE INDEX 


210 J 


200 - 


190 



1977 


NOV DEC JAN^FEB, Wfr; APR'ijfc&Y ■ .4UN JUL- 


Electricals. losing 4 to 2fi3p tor a still partly reflecting Mondays 
two-day fall of 12 on fears about disappointing interim figures, 
further dividend restraint. .Among Elsewhere, Vinten, a Grm market 


secondary issues, renewed specu- of late on good results, mot 
Jative interest prompted HITS renewed speculative interest and 


peaks in Automated Security, 2 added S to 13Sp. while Syltonc 
harder at 90p, and Kodc Inter- put on 3 more to 140p on further 


national. 3 higher at l37p. 


consideration of the record 


Secondary iasaes provided * „£ 


• : - .. r.rci Unif oiaCN /vrruw reuuquibneu a pcimj 

response Jo ..^e doubled first- half |Q 3 - p arter M havin . earUeP 

profits, while Birmingham Mint ■ JBTS oeak nf 41d on 

moved forward 4 to 74p on eon. ^ n P i n 0 D 


-Li— r i h - the sharply Increased earnings 

i.Wen»tion of the stron„ «cond and divldend Associated Leisure 
half recovery. Details of the cnded j/. eas j er a j 62p after the 


Sert e Sd Pitt 1 add°4 to' island Closure that Coral Leisure has 
hert and Put add 4 to I82p and soJd about haJf of l4 


~ , .- _ sum duuuL udii ui ii» ii per cent 

renewea simulative support left shareh0 ] d j ng , n the company for 
Jl. L. Holdings a similar amount , rnlm H Win ni»r ehnr» Rnnvrr A 


. , _ . .. n around fiflp per share. Hoover A 

?!•?/. b c. Go 3 ,v, 


on the other hand, cheapened a 
penny to fiOp on the interim 


up 3 to 393p. 
Movements 


in Motors and 


profits setback. John Brown Distributors were usually limited 
declined - to 39Bp despite an to a p enny or two in either direc- 

nvAcftnmit rpramiYipnrlat ion anH , «.• « .. aaa.. 


investment recommendation, and tion . DoWly closed higher at StSp. 
other leaders closed with similar „f^ r 225p. following better-than- 


Shell dip And rally 

Shell encountered further sell- 
ing and reacted afresh to 345p, 
but rallied to close 3 down at 
ooSp on hopes that statutory divi- 
dend control is unlikely to Form 
part of the Government's pay 
restraint policy. Elsewhere in the 
Oil leaders, British Petroleum 
ioi lowed a similar pattern, closing 

2 cheaper at 850p, alter touching 
S40p. Royal Dutch eased i to 
£47 J. Among North Sea specula- 
tive issues, Siebens (UK) came to 
the fore with a rise of 22 at 39Sp. 
but Las mo OPS gave up 3 lo 
S35p. 

Boost cad attracted renewed 
speculative interest and rose 5 to 
54p in little-changed Overseas 
Traders. 

Investment Trusts took a turn 
for the worse as small selling and 
lack of interest took their toll- 
Rothschild Invesroent, a firm 
market of late on good preliminary 
figures, closed 4 down at 203p, 
after 201p, while similar losses 
were seen in City and Foreign 
Investment 77p, and Progressive 
Securities, B7p.. Awaiting fresh 
developments in the bid situation. 
Investment Trust Corporation shed 

3 to 2S(Jp. 

News that only token dividends 
will be paid to shareholders during 
a moratorium on the company's 
loans unsettled Reardon Smith 
which fell 4 to 62p with the A 
2 off at Sip. Graig came on offer 
at 130 p, down 10. in front of next 
Monday's preliminary results. 

Dingworth Morris continued 
firmly in Textiles, picking up 
another penny at 32p on further 
consideration of the results. Daw- 
sun International rose 4 to I37p 
as bid speculation revived. 

Following the previous day’s rise 
of 12. Guthrie improved afresh 
to 367p ahead of the annual meet- 
ing before reacting sharply to 
close 4 easier on balance at 333p 
on the chairman's bid denial. 

Rumours— later confirmed— that 


Union Corporation shares 
advanced to a 1975 high of 3D0p 
before easing on profit-taking to 
close 12 belter on balance at 292p. 

UC investments, which, has the 
right to take up 10 per cent of 
any new Union Corporation deve- 
lopment, moved up a similar 
amount to a new high of 244p. 

South African gold shares regis- 
tered minor gains for the fourth 
consecutive trading day, reflect- 
ing the further SI improvement 
in the bullion price to $183,875 
per ounce. The result oF the U.S. 
Treasury gold auction was much 
In fine with market expectations 
and had iittie effect on either 
bullion or Golds. 

The Gold Mines index added LS 
more to 164.4, bringing the rise 
over the past four days to 5.4. 

The gains In Golds also reflected 
satisfaction with the current 
announcements of June quarter 
profits by the producers, the 
latest of which, those of the 
General Mining and Union Corpo- 
ration group mines, continued to 
show good increases overall. 

A further downturn -m un 
equities affected sentiment, m 
London-registered 
Small but persistent offering low- 
ered Charter 3 to 140p and Bio 
Tinto-Zlnc a similar amount to 
2lBp The developments at Union 
Corporation failed to stimulate 
much activity, m 
African Financials although Anglo 
American managed a gam of 3 
at 320p and Gold Fields of South 
Africa put on I to 

Australians lacked direction in 
line with overnight demesne 
markets. 

Elsewhere, further consideration 
of the June quarter loss saw 
Murdrison fall 3 more to 230p, 
while Cape buying inspired a rise 
of 15 in Afrikander Lease to 280p. 


FINANCIAL TIMES STOCK INDICES 

— r — 1 *y..; 


(liirerniwnisr'- 70.57' 

Plx«*l Inicrew • 7X.64i 

Indoor)*' Onlliwrr— • 437.7| 

GoldSUnw 1M -*i 

Orf. Dir. i'leM ; 5-6® 

Kanuop-. V M?(tuU ii 17.25; 

P;B Ratio 7.74; 


70. SOj 70.HS 70.26/ 70.02; 69. 

71.60 7 1.49 j 71.6$ 7XJJ^ 71. 

47E.4, 079 J! 470,0,' 47 S.6i 475.5; 

XStifei 159 -CK l&fklj 

6.6<j; 3-80 5.06^ 

17.01 1 I7.00j 16 J 

7^5 7.84 7.1 


162.61 

5.63' 

17.10; 

7.Bli 


161.3} 
fl.asj 
16.B6; 
7.9 


66.BT 
67.6?; 
439,1 
126.8 1 
3.43 
16.28 
.8^9 


; 4.385; 4.76T 4.32 1> 4.178! 4.061, 4.27Q| 3.736. 

Bqnltv nirtutFer Xm... : - j »•»»! 68.07 70.96! 81.72 M.82j 
i&. a itrt.iwu... wmJ .^jsLna - 
18 3IU-46S.4. ti am 4839. Nopo 4M.S:- l Bio 489.5. 

3 pm 4M.3. 3 P»n 

Latest Inrfoe 9W« ■' 

• Rased on 32 wr cent cWWSUofi wx- u 

Ikasib 100 GmiT S« c&. lVlO-fi. Yfr* llU- 1«S. tad. 0t4..L G M 

Mines i:..9<S5- SE AcOvIlv July-Dee. ISC. 


highs and lows. 


S.E. ACTIVITY 


19(8 


.HI nee CnmniimkHi ! 


High ; buw | High • Low 


July 

W-. 


July 

IS’ 


(iod. ~cv»- 


49.18 


iHuio) [ 


78,58 i 68.79 137.4 

ti<Jl j iMv , 

Kijced ini.... | Q1JZ1 70-73 I 150.4 i 30.08 | |pwwtwlve_( 

C9it| ; .ia,« |i28(lW7l! i3/Uftrt | IWabj....—, 

ItrL Urf i 497.5 i 453.4 S49.2 

I6fli 


. T E5 T i ownij 

tk,ld Mio «. 168.6 } 130.3 j ; «« ! 

; iS.ii | i&.-ll I (QitUiM.- j Cfltaik. 


158.9 

152.8 

iU 

OM 


1CG.S 

169.8 

24 J 
108J 


147.8 ( 
252.1 ; 
29,3 I 
98.8 | 


144.0 

151.1 
28.3 
98.2- 


J" 


RISES AND FALLS 
YESTERDAY 


■ltd 


British Fend* . 
Corpus. Dora. 

Forefei? Souris 

Industrials 

Financial and Prop. .. 

Oils 

Plant? Uoo .. — . — 

Mines 

Recent Issues — 


Up Down Same 
58 I B 


6 . 1 . „ 5T 
173 443 W 

50 239 . -258 
4- 19 .11- 

4 9 » 

48 32 ' 48 

7 24 . 21 


ToUis 


... 358 729 XJ5L 


losses. 

Following the previous day's 


expected preliminary figures. 
Newspapers passed an uninspir- 


rfse of 35 on Ihe IfiOp a share cash ins session. Among the few 
offer from Imps. J. B. Eastwood mixed movements. Dally Mall “A" 


OPTIONS 

DEALING DATES were Bunnah Oil, UDT, SLPiran, 

Last Last For 


declined 9 to 131p on fears that cased 3 further to . 320p. but 


the proposed merger will be re- Thomson closed that amount 

- r, .1 . 1_ . , , i:.. r- ci...»..h««. 


P- , I ac , Ff ._ English Properties, KCA. Inters 

n«f JS! tJSL national. BP, Mills and Allen, 

B 5“ British Land, P & O Deferred. 

.... — ,n *»- s lngs tion ™ en i Lonrho, Dunlop, Hunting Petrol- 

ferred to the Monopolies Com mis- dearer at 27Sp. Elsewhere. July 18 July 31" Oct. 12 Oct 24 ettn . Brook Sl Bureau ■ and 

sion. J. Sainsbnry were notably Webster* Pablfrattons were note- Aug. I Aug. 14 Oct. 26 Nov. 7 Automated Security, while 

dull at 195p. down 3. while Tate worthy for a fall of 4 at o-p. Aug. 15 Aug. 29 Nov. 9 Nov. 21 doub i es were a r range d - in 

For rule indications see end of Burmah OIL Lonrho, BP, British 

Share information Service Land. KCA International and 
•Stocks favoured for the call Dunlop. .* 


and Lyle dosed 3 off ar I64p and while Inveresk. awaiting Ihe 


Associated Dairies lost 4 more to interim results, closed V. lower 
225p. Press comment ahead of at 73p. 


today’s interim Ggures further de-. Property shares gave ground. 


ACTIVE STOCKS 

No. 


Denomina- 

of- 

Closing 

Change 

. 197S 

1978 

Stock 

tion 

marks price fp) 

on day 

high 

low 

ICI 

£1 

IS 

SS2 

- 3 

' 396 

32S. 

Shell Traotsport ... 

25p 

13 

ado . 

■ — a 

5S6 

4S4 

GEC 


11 

263 

- 4 . 

278 

233 

Rank Or? 

23p 

• 9 

232 

.- 8 

26S 

326 

BP 

£1 

S 

S50- 

2 

896 

720 

Midland Bank ... 

£1 

S 

362 

.+ 2 

590 

330. 

RTZ 

2op 

S 

216 

■- 2 

234 

IB* 

Thorn Elect. 

33p 

s - 

348 

4 

392 

308 

BATS Defcl 

2op 

7 

■ 263 

- 2 

296 

227 

Beeeham <... 

25p 

7 . 

557 

- 6 

ere 

583 

Boots 

25p 

7 • 

IDS 

- 6 

231 


Eog. Prop. Corp. 

50p 

, -7 

41 

H - *k 

-31 

27 

Barclays Bank ... 

£1 

•6 

325 

- 2 

358 

296 

Grand Met 

50i> 

' 6 

100 

- 1 

1171 

87 

Plessey 

50 p 

6 

95 

- 1 

103 

S7 


London Traded options 


1 


rill IV 

IbOhfT 

- Jauuarj 


II fia'uite Charing! 

11 Opii->D ; price ; offer 1 

Vo). ■ 

Clr«!lugS . 
<-ffer | ' oj. 

, Cloolng 
offer 

Li: 

Equity 

i-IOM 

pp 1 

750 

103 



123 

1 1 

>142 

- 

850p 

UP ' 

600 ) 

68 

— 

81 

— - 

1 106 



BP ' ' ■ 


2 

15 

53 

i 5" 

» 75 

- 

am 

BP , ’ 




S3 

' 2 

J 50 

3 

„ 

Com. Unlmx 


7 1 

— 

15 

a. 

. 17 

13 

146p 

Com. Unionj 
COOk. (iOM 

160 1 

ti j 

— 

6l2 


i • 

— 


160 ; 

13 


as 

i l 



173p 

I'.wv. tinht j 

iso ; 

ti • 

— 

a 

i *' 

l t 

- 



2 on , 

i 



— 

8 




100 | 

20 i 

— 

25 

1 ’ a.- 

[ 35- H 

. — - 

iSOp 



10 

-3 

16 

i -± 

1 S 

: 2 



ti ! 

23 

9ti 

! 

181* 

6 

. R 



ti ; 


6(j' 

t • a •• 

8Ij. 

. 5 


GEC ; 

aaoj 

44 

2 

62 

-3 

?? 


264 p 

GEC 1 

240 ; 

24 .! 

3 . 

35 

1 

t 5 

S 


GEC 

260 i 

6 1 

— 

38 


31- i 

- 1 - 

GEC 

2 BO ' 

ti 1 



lllg 

10 


— 

I06p 


LOO ) 

61; 1 

22 

13 


171* 

.5 '• 


110 

ti 

1 

ei> 

1 

111* 

— 

IV • 


120 ! 

ti ' 

- — 

Sis 

8 

©X* 

— 

» 

IU 

330 ’ 

62 • 

m— 

61 

— 

65 


363p 

ICI 

360 : 

22 - 


33 

27- 

2 s 

16 


ICI 

390j 

1 i 

' 

131* 

31 

l -26 . 

.14 ' 


ICI 

420 ! 

ti 1 


4Ljr 

a 

lltSI 

17 



180 i 

32ij j 


37 

' — 

40 


212p 


200 . 

121= 1 



18 

& 

25 


N 


220 1 

ti 1 

13. 

712 

1 

J 3 

4 

lQ3p 

Marti* A Sp- 
Marks £ i$p. 

120 1 

35 | 



38 


51 


140 < 

15 


19 

5 

24 

15 

4* 

Marks & Sp. 
shell 

160 1 



7 

6 

12 , 

35 

• •• 

g-'l igl 

67 i 

1 

76 

6 

80 

3 

S54p 

slit'll • : 


5 . 

23 

34 

9 


-- 

- 

fr’lull • ; 

7«4*ia 

<11 

j 

i 

105 

13 

37 

217 

26 ( 

i 

5 . 
143 

* 1* 

• 


ii* 1 



Union Coprnflon limited 
Beisfi Mines limited 


Both companies incorporated in the 
Repub/ic of South Africa 


Bcisa Mines Limited, a wholly owned subsidiary of Union 
Corporation Limited, has for some years been prospecting 
and drilling an area 25 Km south of Weikom in the Orange 
Free State. A recommendation by the Consulting Engineers 
to exploit initially a selected portion of the area for 
uranium with gold as a by-product, has been accepted by 
the Board of Union Corporation Limited. 


Present planning is for the sinking of a twin shaft system 
and the construction of a treatment plant and reduction 
works capable of handling initially 100,000 tons of ore per 
month. Production is scheduled to commence in the 
latter half of 1982 and capital expenditure in current 
terms is likely Co be of the order of R200 million, but, 
in practice, will be greater due to the effects of inflation. 


The uranium oxide output will be marketed through the 
agency of Nuclear Fuels Corporation of SA (Pty) Limited. 
Adequate funds are available for the First phase of the 
project. The balance of the funding will be provided from 
Group resources, loans and an offer of shares to the 
public. The timing of the latter has not yet been decided. 


London Office, Princes House. 

95 Gresham Street, London, EC2V 7BS 


LEADERS AND LAGGARDS 

' ■ The following tabic Aim (he percentage changes' which have taken place since December 30. 1977. 
'equity etc tionf of the FT Actuaries Share Indues. It also cbbmim Ihe Cold Mines Index. 


in the principal 


Geld Mtoc* l«.T. . . 

Newspaper* and Publishing .. . 

Overseas Traders - . 

Mining Finance ... ,. ..... 

Chemicals 

' Tobaccos — 

Mechanical Engineering . . . • 
Engineering Contractors. 

Tow and Cames - • • 

Investment Tru«* 

Motors and Distributors 

hsttaiiq and Paper •••• - 

Textiles 

“ ‘ —Office Eeuinmcnt 

I'jnul ' .nulls liruup ... - 
wine* And Spirits . 
i7:1i>-r» Uruepa . 

OiU . . 

Metal and Mutal Farming 
Caiirtini--T limiijt ■ Dbrabli i Group 

insorance Brokers 

.VW Mure IwW 
Industrial Group .. . 

Electrical* 


+22.97 

+14.00 

♦ 1H1 
+• 9.U 
+ 3.U 
+ 7 as 
+ 6.96 
+ 6.72 
+ & .09 
+ 5JS 
+ 423 
+ 412 
• + J-75 
+ 3J* 
MS 
+ 2JI 
+ 1*0 
+ 139 
+ 2.U 
+ 1.49 
+ US 
+■ IJ2 
-I- Ml 


Elec iron lev. Radio and TV 

AH-siun.- inu-.-x .. 

BulMlns Materials ... 

Contracting ana Coo»troa)oo . 
Cunsum-.-r t.v-oOs • V^n-Uuiabtei Croup 

Pharmacrutltal Products 

Pood Manufacturing . . 

Baeits 

Insurance (Lit) 

Merchant Banks ...... 

Household Goods 

Pood Retailing 

Property 

Breweries 

Siorc* 

Finar.^a! Cruup .... . 

Entertainment and Catering 

Hire Porchase ... 

(nsoraitce (Composite) 

Discount Houses 

Shipping ...... 


+ L66 
+ 1.05 
+ 0-98 
+ 0.35 

- (LS5 

- X75 

- L75 

- 2*S 

- 2.90 

- 196 

- 3-39 

- 3.97 

- 400 

- 419 

- 437 
-4.41 


- 7.98 

- 8.66 
- 840 
- 1-1 JO 


P-'r.. Linage chdb*-'-, m Tumrisy. 

iirlKes. 


July 19, 1975 


NEW HIGHS AND LOWS FOR X978 


The lollowine securities Quoted in the 
Share Information Service yesterday 
attained new High* and Lows lor 1878- 


NEW HIGUS (67) 


BRITISH FUNDS til 
Enchqr. )2oc I39S 

CANADIANS 14) 

Bow Valley Hudson s Bay Oil Gas 

Holilngcr Inland Nat, Gas 

BUILDINGS 14) 

Brown a, Jackson Gibbs & Dandy A 
Burnett Hallamsh-re wicolns Construct 
STORES 13) 

Cope Sportswear Wallis 

For minster 

ELECTRICALS 12) 

Automated Security Krd*- (ntt. 

ENGINEERING t7> 

Clifford tCh.i Granges 

CooDdr 1 nds. lairo - 

Davies 8 Metcalfe A Warne Wright 
Drake & Scull 

FOODS (3 1 

Arena Haiiewood’s 'Pr Op.i 

Cllltord Dairies ' 

INDUSTRIALS .IS) 


_ SOUTH AFRICANS til 
Rc» Tnielorm A 

TEXTILES 13) 

Dawson Joli. Scon & Robertson 

Da. a 

TRUSTS H2) 

Banters ln». Foreign s Colonial 

Brit Am. 4 Gen. Hume Hi da*. A 

Continental Union London Atlantic 

Eoultv.cons. Moorgau ln». 

Do. Delo. Moorstde Trust 

Estate Duties Trust Un»n 

OVERSEAS TRADERS <2i 
Boustead Harriotts Croshcld 

RUBBERS O) 

Bcrtam Consld. 

.. TEAS (1) 

Aium Dooars 

MINES tSi 

Eianrfirand F.S. Gcduld 

Kloof U.C. Investment 

Free State Dc*. 


BTR 
Slack Arrow 
Crooks Watson 
twor i Geo. i 
Ferguson Ind. 
Fried land Ooflgart 
» irniw* V Wilnamt 
Magnolia 


Radiant Metal 

Peed Executive 

Saga Holidays 

Sandhurst Marketing 

Stoneblll 

Syltonc 

Vinten 


NEW LOWS (16) 

BRITISH FUNDS D ) 

Treas. Var. 19B2 

ENGINEERING f2i 

Bralthwaite Howard Machinery 

FOODS (2) 

Assoc. Fisheries Tate & Lyle 

HOTELS (1) 

Lad broke 


INDUSTRIALS 'Si 

Ribbons 


• W 

Whlteley cB. S. & W.) 


INSURANCE il) 

“•“‘faopwrrv -it 

Bradford Prop. ^ <|f 
Ward While 


Hoover A 

simr -J. ^Lipbuilder* (1) 

Hawthorn <4| 

Lyle Shipping Reardon Smith 

Ocean Transoort Do. A 


RECENT ISSUES 


EQUITIES 


tvuie 

Pnco 

v>: 

l2=.tii }r,v - 

ih+ s 

ti 

'** '.Htflii-, 

Ln 

75 

I F.P. . 30.6: get 

to -HniiiB.il -I.D.* 

.. 37 —I- 

,-4.S U7.8« 

55 

' F.P. - 76 

71 Cartleni Supcn-»^ . 

.. 7i ~a 

U 2.41 2.1 6.1 9.7 

M* 

f.p. , - liij 

lv -hmray 

.. 134,-2 

-- ' — — | — 

too 

F.P. - 5 7 ; lev 

lac KuivtltvtKt- 

163 -I 

j2.6A 3.0 2.5; 16.5 

Bb 

F.P. 24,8 91 

b3 H’lfii.u^ Pptr. 'vi.iivr*. 83 —1 

4.66 5.0. 8.5: 5.8 

»34 

F.P. - oe 

w !“bainer< rU^iiAl... . 

-da 

*42.0 ; 2.3| 8.T, 7.6 


FIXED INTEREST STOCKS 


i f 5- 




iHrB 


iS. ~ Hiulil Lou 


~t l+jr 


r.p. 

i". i 1 . 
A'9B X50 
£09.4 K.l*. 

siao f.I'. 
„ £10 
100 V 6.1*. 

eioo r.w 
tttSK 66 f.I 
£25 

■ * , f.I*. 
•• re. 
r.r. 

K.l*. 
I-M*. 
r.r. 
r.r. 


28 7 
'18. B 
22 9 


*r 


7.9 
16 8 - 
— I 
28-7 1 
25-8 
217 

2 17 1 


109 
i’d9ii 
L-98't 810 
£99 CIO 
5100 F.I*. 
L9&-, £60 
£9&i| £25 


9 8 
21-7 


20. 10 
21-7 


19 
.15 -9j 


^‘.1 

9*1; 

Soils' 

Itl.i 

lUOSj 

del- 

1ft ti 

'A'.-.i. 

Ity*,, 

fci? 

UFj- 

I'JSJl- 1 

1« 

yi« 

lo; 

sseia 

r«ii2- 

2?.il 


ifK|. Albe.1 tioiliersp,’ r tW 

Blp-Alllwl HeLBIlrrs Iti Hrvt 

Hamel 1^; Mot. Irt?7 -.. 

93lo Blnniiu-Lniii t«r ll»lr — - 

54)1;, Bw,u Ln.iv. D.I-. l*9i- 

Il*)* fate .Wc-Iur D'nicr 7^ Me!- i’rei. IWI5.. .. 
ltilf ' Kw1 «. io^i'bI lur.lfflkrlUikNl2fi>lL'iini1*i«i 
lvUnlnin.li Var. I{nie Idbe 


97h K-dek "««vr 7* Jfwi. rrvt. 1583 

L*. Lh-h . 


u>*r Kiurviyu liM 

di|. JU HnMltHI.- lOi I ‘IN - 

8T|- tlui j.w(e| 9% L’ret. - 

lu'lili Milirt ti") ll- c I'lrt 

it, Mwl.iy* 103! Partly ruin . I it-. Ln. M-h?" 
urtj Siunr O'rcrmll ttr; 3«v.LLuu.. I'mi 

109|. Mobinruii Urv— . li-3, Ptvl 

JSSj -iettn/i V„ r . llote Kwi.'lifca 

I? AxnlMMdm-sfeB iifS Knl. itWr 

•J S-nilh. rynt-He 12i% llwl. IWb 

5Si'2 TTipru lull. Fin. 1% Cuiiy. 136S 

*Vi« ; £VueS: U'w 12% Uwl. WOj 

|SVe»L Knit Staler L.'t LM>. ItRf 


aa»< 

02lr ♦ 1 
, 5t»a. ... .; 
99l8.~lB 

Sf97i 8 

104i! 

, 102p 

I 99Lo 

: 98i» . ... 
' Z4 

i 98 j' 

TO,._t 



86 .. .. 

94tai 

109 1 

• 99 S* 

es 4 T i* 

9'a .. .. 
sgeisi 

.. 2412 


“RIGHTS” OFFERS 


197fc 


; *- l^lr— 1 I 

IpmK: 1 liullllUi. . 

Pri.-e ' =~ Oalc t- 

, ‘ Hljjll • t(1K 


Sl-.k 


ClueiiiM 

Pnco . — 


I'. 


p: 


SA2.76 Ml 
5 Nil 
28 F.P. 
15 Ml 
141* ■ .Nil 
86 ' Nil 


108 

29 
72 
25 
35 
05 
95 
95 
95 

30 


F.P. 

.Nil 

Mi 

Ml 

Xil 

kk 

r.r. 

p.r. 

Nil 


16 8 
287 
' 18; 7 
. 26/7 
I 26-7. 
! 2 8 
; 14.7 
I 3.7- 


18-8; 4» i.iii- 
16.-8 3>3PQi' 
1-9, (0 
4:8 I3& 


2H 
3.8 
17 7 
17'7 
277 
17.7 
2B'7 


13 B 1 ol|.in 26vm AN"/ 

iai84ivi-moi2i.il. BrMxmnl Pnmcn 

IB-8, .tgl* 31 is-Bnp.ke Tuul tsii" 

4pin Unrtiuc-ulli Iiick. 

2pm EWti'frii.Hi'j.por 

10 Hcaiilam sin .a s CwmlD)., 
!« Oenlys ,7T- 

28.7 «ipm aEiptn Hvnma ij.4 O.i 

— ; lipm! I4pui L.L-.P 

llfl. 2if.ni: fcjrtu.L*r.ei 

1.9 lipDi'lZipiw.Nurton itV. K.i 

26.8 11B III: StMioa.r Group 

25 8 117 . Ill Do. A. NiV 

25/8, 150 * 107 jH-tmrity Services 

85,8. U3 : 107 1 Du. A. NiV 

8.9' ftpn 2S(Hii SuivlifTu SiewLiiiau 


. . ' 31pm; -f 1 
-itsptn- ., 
3612! „.... 

; ^P® ', 

•a..,. 3pC) lp 

i 15 pin] 

— | 122V? 
...-.421s pn«f— I- 

lSpIBI 

...... 2>4I>fl>l-*-U 


. — 1 13Xzjmj_ir 


1 

! Ill 1-1 

• 113 '-1 

! Ill J-1 

28pm 1 -t- 1 


Keniuiaal h’li date usually las rfay tnr ueaima free or stamp amp. o t-isures 
bases on pnapeer.i* estimate, o Assumed divrvieiui and min a Knrecsst dlnarnn- 
cuver based on prevmus vear*S earning » Ditnaetm arm min eased on Draasrecnis 
gr other official esnmares inr la.V oGn% r K mures assumed, t Cover allows 
lor conversion of nharer noi oow raofang tor dituiem or nntnns only for netneted 
dividend*, t Piaeniu pnee ro ounbe n: Pence unless othenrrse Indicated, 9 isauen 
by lender. HOReren to ooldere of Ordinary shares as a " rtahia.” ** Iwuni 
by way of ekpttahsatmi. »» Minimum tender once. Si Relnlrwlucefl. JS 
m connection mtB r-jorRamsaiion mercer or tahemver. llil IntrododlMi. niafiuea 
to former Pm I pm nee m»id«r> ■ Allotmem lerter* lor fulb>-pa«i. * PTOTUteBai 
or partly-paid allotment teller*. * With wamaii. 



* 


FT-ACTUARIES SHAKE INDICES 


fll-.-U 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries . - 


il * 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 
1 • . slocks per section 


CAPITAL GOODS) 175). 

Building Materials (28/. 

Contract) ng.Construction C7»... 

Eierlricaisila)— 

Engineering Contractorsi 14i.. . 

Mechanical EngineeringfKL 

Metals and Metal Forming! 16»... 

CONSL'SIER GOODS 

HIUHABLEl <52) 

Ll Electronics. Radio TV (15)... 

Household GoodsflZi .... 

Motors and Distributors (25) .... 
CONSUMER GOODS 
(N0N-DLRABLEM174I 

BreweriesiMi 

Wines and SpiritsiO. 


Entertai ament Catering (17) ... 

Food Manufacturing®). 

Food Relai iing f!5)_ 


Newspapers. PnbUshing (13) 

Packaging and Paper flS) 

Stores (39) 

Textiles (25) — 

Tobaccos«3). 


Tors and Games iG ) — 

OTHER GROUPS (97). 

CbenacateOS) 


Pharmaceutical Products C7). 

OfflceEqaiptnent 

Shipping (10) 

XTiseellaneous i55i 


INDUSTRIAL GROUP 1455). 


Oils >5) . 


596 SHARE INDEX- 


FINANCIAL GROUP! IN).. 

BankM6i 

Discount Houses ( 10) 

Hire Purchase (5).... ..... 

insurance (Ufe) ( 10 ) 

Insurancei Composite) (7)_ 

Insurance Brokers (29) 

Merchant Banks (1-0- — 

Property (3h — — 


MjsCcUaneousi7).. 


Investment Trusts(50) — 

Mining Financei4) 

Overseas Traders (IS) - 


ALL-SHARE INDEXfG73l 


Wed., July 19, 1978 

m 

Mon. 

July' 

IT 

IN 

m 

Tliurs. 

Jute 

- J3-. 

Year 

W» 

(e. pprox} 



Ert. 

Gross 

EsL 

P/E 

Ratio 



■X."' 




Day's 

TTriiPhi 

Yield% 

Index 

Index. 

Index 


Index 

No 

Change 

• Max.) 

Corp- 

T**»i 

(ACT 

al3«.) 

(Net.) 

Corp- 

TflW 

Na 

pro. .- 

No. 

Na 

- Sl ' a 

214.46 

—0.7 

17.69 

.5.71 

782 

215.93 


ESI 


E S3 

193.00 

—0.4 

18.00 

5.75 

7.85 

393.78 

194.64 

192-27 

HvTfl 

25037 

339.49 

-0.6 

20.61 

434 

7.06 

34139 

342.44 

34125 


243.22 

457.60 

-13 

15.05 

4:06 

939 

463.62 

47455 

46853 

467.86 

.355.62 

317.80 

-02 

18.88 

642 

7.05 

31648 

320.71 

32056 

320.68 

26138 

172.87 

-0.4 

18.72 

622 

7.16 

17357 

174.95 

173.44 

. 172^ 

16058 

163.37 

-0.7 

1747 

..8.61 

.7.80 

16455. 

16534 

16332 

162-64 

.147.46 


-0.7 

.17.69 

534 

7.93 

197.73 

198.98 

19853. 

1WJ.9 

17819 

232.42 

-1.0 

1616 

4.39 

8.74 

234.78 

23601 

235.49 

23607. 

197.93 

173.98 

-2.4 

16.95 

652 

823 

17645 

176.03 

175.44 

17536 

25952 

123.42 

-0.2 

20.20 

653 

6.90 

123.67 

124.92 

124.64 

12126 

10858 

201^1 

-0.7 

16.05 

5.94 

8.43 


20455 

263.64 

20344 

163.48 

220.43 


15.48 

617 

9.19 


224.01 

222-89 


17212 

25850 

-0.9 

1636 

5.60 

9.16 

260.90 

263.67 

26122 

26442 

19682 

247.14 

-2_0 

15.92 

7.03 

9.19 

24984 

25230 

25012 

249.43 

205.82 


—0.6 

19.25 

5.67 

687 

197.49 

19BJ2 

19630 

195J9 

17236 


-1-2 

1432 

4.99 

9.65 

20669 

207.91 

207.84 

20&2B 

iaoa 


+0.6 

10.14 

3.15 

14.07 

395.02 

395.49 

39606 

39752 

29727 


-1.0 

1959 

7.90 

674 

135-47 

135.66 

134.67 

134.40 

118.44 


-0.8 

11.46 

4.81 

12.80 

185.44 

387.96 

187.41 

Eja 

14252 


-0.8 

18.77 

7.83 

691 

17831 

18050 


178.18 

15695 



22.44 

756 

586 

24658 

.24855 


24651 

194.0 


-L2 

19.21 

5.87 

639 

20756 

|£KI 

loaoo 

10758 

9524 

197.09 

-0.8 

16.29 

587 

■m 

198.64 


199 : 0 a 

19849 

17729 


ES3 

1736 

633 

7.82 

287.05 

290.67 

28674 

284.40 

248.67 

257.98 

- 9.7 

im 

3.97 

11.10 

259.80 

262.14 

26105 

25957 

05# 

124.91 

- 2.6 

1938 

609 

617 

128.18 

13057 

130.04 

13332 

1M59 

398.65 

-id) 

1838 

7.68- 

-678 


405^4 

404.74 

40440 

48233 

20527 

Oil 

17.46 

644 

7.64 


297.83 

20662 


17353 

Ii/.V.I 

Ol 

wvm 

MU3 

mm 





mkrA! a 

t\mi 




mm 

EI/U1 

Kzm 

Iri/rl 

im* 



E>J 

fixm 

El 

»A>8 

KM 

WSEM 




TTTC'71 



5.82 


WJti 1 



163.96 

13528 



2435 

5.94 

627 

19050 

19351 

190.49 

18752 

15336 


-17 

— 

859 

• — 

204.91- 

203^). 

20334 


17602 


+0.1 

1291 

539 

1L45 

152.81 

.154.85 : 

152J17 

152.17 

129.40 


-1.6 



680 

rare. 

13618 

137.30 

134.82 

13621 

104.73 

T?tn 

-L6 

• 

*T71 



125.65 

127.65 

12559 

125.67 


33657 

-2.0 

13.99 

4.66 

1084 

33936 

33950. 

EH3, 



79-38 




617 

' 

79.93 

. 8028 

79.46 

79.82 

■ 66.68 

232.15 

-1.2 

3.05 

321 

64.95 

234.91 


234.05 

234.64 

180.68 

ClvJ 

-1.1 

2434 

aoi 

535 

10551 

10558 

105.42 


- 8854. 

219.05 

-0.7 

3.17 

4.65 

3153 

22052. 

221.04 

218.74 

218.73- 

37138 

97.93 

-0.8 

18.02 

7.10 

676 

98.77 

99.91 

100.19 

100.46 

9227 

317.43 

+0.4 

1650 

672 

7.44 

31621 

317.08 

316.47 

318.42 

274.05 

215-15 

-0.8 

' — 

5.61 

— 

216.78 

il9.U 

217.48 

21737. 

185-88 


Til, ^ 






tt i. 




FIXED INTEBEST PRICE INDICES ■ 


British Government j 

n 

Iti 

Day s | 

cjyingo j 

xd adj. 
To-day 

xd adj. 

1878 
to date 

1 

Under 0 years 

104.98 

+012 

— 

4.91 

-> 

5-I5years 

114.07 

+0JL9 

0.70 

7.04 

3 

OrerlSyears^.. — 

120.78 

+014 


771 

4. 

Irredeemables..™. 

12656 

‘ _ 

- 

724- 

5 

All stocks. 

11254 

• +0.14 

032 

637 


FIXED INTEREST 
YIELDS ■ 

Br. GovL Av. Gross Red.' 

19 

I 

Tuee. 

-July 

18 

Tew 

.ago 

(«ppMX) *. 

1 

i 

3 

Low 3 years.,...-.... 

Coupons 13 years. 

2S years.. ..... ... 

. : 8.76 
1059 
11.58 

876 

10.91 

11.60 

L 786 „ 

' 1170 • 

-U67 V 

4 

s 

e 

Medium 3 years 

Coupons IS years..... 

35 years.. 

U50 

Tl2.ll 

1215 

1155 

1233T 

.12.16 

1059 

1255 

U20. 

7 

3 

9 


. 11.62 
12.60 
1252 

UM 

1252 

1253 

U55 ; 

1X98 • 

IQ 


1U3 

1L& 

.T236 




■Wed- July 19 

Tuea. 

July 

18 

Mon. Friday j Thun, i Wed. 
July -! July July July . 
If j 1« | 13 I 12 

Tuee. 

July 

U 

Mon. 

July 

W 

Tew 
. *W. 

(upfwA 


I n,l ex 
No. 

Yield 

15 

20-yr. Red. Deb & Loans (15) 

S7.08 

1 13.02 

68.M 

66.84 ' S6.8B | 86.80 

56.83 

86.78 

66.78 

43.64: 

18 

Investment Trust Prefs. (15) 

51D4 

-18.78 

SLOB 

31-51 ! 51.68 | 51,89 

^oi-oa 

81.69 

,StM 

tiSM*. 

17 

Com I. and Indl, Prefs. (20) 

68.99 

13.25 

70.04 

70.0+1 70.03 | 70.04 

70.13 

7a 13 

>7ojaop,tf.i* 


' A’!' 


1 t 
Sr 1 


h 


Kfuptien yieu. Hlghr an& lows record, hue dates -and vaioes amt <of<s(ftuen( cHbwa* . are b«*Ww« ^ wrdy 
— — - i III* Bjttm owsdWeBtt la available from the PsfclMmrt, lira FMihBCls) Times, Brackn Heus£v&a«Mli®»«*' 
UUn, EC4P 4BY,- price up. - fcy- post zip. - 


1 


N. 





































































Hoc, 


r, j ^7 ^Finaiicial . Times Thursday J uly 20 1978 

^'INSURANCE, property 

S BONDS 


AUTHORISED UNIT TRUSTS 

Abfrqy Unit Tst.. Wgrs. Ltd. (al Gartmore Fund Managers ¥ fal(g) Perpetual Unit Trust MngmL¥ fai 


Abbey Life Assurance Ce. Ltd 

'.am. Pauls Churchyard, get Di-Nfiaiii Portfolio Life Ins. C. Ud-¥ NF1 Pensions Management Lid. 

anitiFusd »J 3t« 111 “?^ olOT «'‘CV.Wa]lhMiCroM. WX3I871 46 .Jracochureh St EC3P3HH ni-fias-a 

■gBSLj-ft $!• " MBasfe:k.»“H = 

\^Wr2«d'. ui & : jS 5 - Z MtSl totgss “ m- ,ns - Cfl ‘ ""•* 

fjfuncv Fund _ . UVft ijjfl ' ~ G.I.Cuh Fund . . . W7 0 102.11 4-021 — Xattlanji House. Southend SS12JE 0702629 

• Bwe. I'TOpert)- 174 b uii r L Equit; Fund.. M7 0 i»3 | Kiwi Key lor plan 1421 1465] — 

,\>IU.K»l*rtJ.e . 156 902 * — C U GO I Fund . .hllj U171-.U — Small Co>KU .. -W1 941 -OS — 

ft? ST - ftiS*. 1 ®: .fe 0 £ 403 : :K Tdtft = 

WWfcr-BH SI— & a*. Be aTL^ » v.: iS41 ftj:” ; 

W« Fd.Ser 4 133.8 1484 ' Weir Bunk, Bert*. 062B-345S4 fi"* Fd . 103.7 104.1 .... — 

gEflUli." tdSer 4 J5.0 36? ' ~~ Flexible Finance. | £1044 1.. .1— t "‘’ n t '*P 0 *’ t W 9M lOt.f) .. . — 

Stray ra^/aTljpii Jx|a """ “ raildhSSk I^Acc W,** 3 W ur J : : ' Z Norwich Union Insurance Group¥ 
Trims nt July ItfcVrtuBMmiBbnMUvtiiOTdw G Ah.SuperFd . ” E7.B04 | „ | _ PO Bo* A Norwich Mil 3NG. 08Q3Z22 

Albany Life Assurance Co. Ud. ' **?» Exchange gStt&.4gK = 

H.OMBnrllneMnSi.W.i JTT R<«^l fArhang4H..C 3. 014837107 Property Fund .. .. SS.1 135.fi _ 

jg2 1 i« « 01 , 5862 Property Bond* 1176.9 IMZI .. 4 - Int. Fond _. 15Z.9 160.4+0.2 — 

' M /J: Hambro Life Assurance Limited ¥ 8£M3feit ““■m™ ^ = 


7240. CatchowcRd.A'iob 4n KB6««l i si Mao' As*. SOW SEP. 


46 Uracechun-h St. EC3P3HH. 01-62345 
Managed Fund . 1148 5 154.71 -J - 

ITk*> July 3 Next dealing August ! 

.New Zealand Ins. Co. OJ.K.) Ltd.¥ 
Maitland House. Southend SSI 2J6 0705628 

KIWI Keyltrr Plan 1421 1465 - 

Small Co:* ku -. ..HI 94.1 -06 — 

TahnolOKKd. - 952 1002 -+0J — 

E«ra Ire.Td . .866 5X2-10 - 

AmfflcanFd _ . 101 5 1062>16 - 

Far Eart Fd. - ....1059 1113 .... — 

Gilt Edged Fd . 103.7 104.1 ... — 

ton Deport Fd yfia lOl.f ,. . - 


Abbey Capitol-- . P25 
Abbey Income 39 1 
Abbey inv Trt. Pd 373 
Abbey Gea T*i fcs 


34.61 -Oi 
«16 -OJ 
J9.7 -01 
47 Ja -v< 


Allied Haznbrd GroupV (ai (g) 


fEqoiy Fd ACT. . lira t 

ffixerflnt. Arc U9,i 

JS JftllJJowvPK Ac.. 1145 
JgnU Man Fd Acm . 1065 


I duih» 111 n .| 6 /m JHdl .. 4 — « 1 ■ w.ini-r una — utT 

Hambro Life Assurance limited ¥ *XeTi;£ijS^ is!. a 


Hambro Hse .Hutton. Brentuvod. Fsx<«. 
QltSSS 3851 or 8rent«ood 10377) 311450 
BiluoGd Punk 

Allied 1st ... — (5.4 7D 01 -0.3 

Brit. Indi. Fund fi2J U.7 -OS 

Cnh. & Inc - 36S )Mil -D 5 

Elect & rod. Dee. 33 2 355 -0J 

Allied Capital . 713 7&j -0 S 

Hunbrorund- 1UJS 110.7 -0.7 

HambroAcc.Fd- 118.4 12671 -12 

lacoBie Fund* 

High Yield Fd -1703 75 3j -0 31 


J2J irt\m«icanTrt— 

625 • British Tt lUCJ >51 
427 rommedityShttn;. 165 3 277 7] .& » 

432 EtirxIncoiwTa--- 37 25.S 

- ixi Far Ran. Tnirt. 37b M^-06 

>lien incomcTH 585 62W-PJ; 

Inrnme Fund H L ,. 25^ ^ ^ 

Inc ASMielfSj •- 13 66 14 703-017 
InU Exempt Fd-- fJJ 92 -06' 

u. Inti Tit. tACC-4 33 6 Jill -0 3 


01 ES3J63V 48Han SI _ Henley on Ttumm 


0.05 ppatualGp Gib 
3J8 


00136888 
I 3 36 


387- Piccadilly Unit T. Mgrs. Ltd-¥ lalib) p.o.iio«a84.£». Halier. Jeises ' ' of 
iS Wen4rteHse..38o London Wall FC2 «380(M1 Cbp. Tit. .Jvs^yl... 1117.0 HI nl 

• u Extra Income . I2S4 3051-0.3] 975 Xe\t dealing date AncuA I. 


OFFSHORE AND 
OVERSEAS FUNDS 

Arbulhnoi Securities ic.I.I Limited King & Shaxson Mgrs. 


M 731 77 | Channs Cru**. Si. fldi rr. Jersey iW14‘7K4T 
I 413 Valley Hw. St Peter Port, briny iOUU > C47M 


■ !*. Inti Tit. »Afcf 133 6 3lli-03l 1.1 

IS Gibbs (Antony! Unit Tst. Mgs. Ltd. 


fS Small roe F4 ..1375 
S'3-Oin via Capital Fuad ... .«13 
35 Jo I too lat Em& Is Assets .145 3 
linto 1« Private Fund . 339 
3611-0 31 lit Acvumltr punj.. .U97 

t. Mgs. Ltd. ToehnoloerFund. ,B5 1 


omir, naic Acru-J 1. 

40 6 1 -ail 514 Sw*lmlT«.-f (1. 1118.0 12501... .} 3 


. U# — 0.4J 4.02 
CBS«ri -0 a 2J5Z 
36-fl-O* *40 


Xrit mb Jtijv Jg 


^ Australian Selection Fond W 


-0 5| UtDDS lAJUOny/ i nn | si. .ngs. Ltd. Toehnolngyl 

I -D S 533 3. Frederick-* Place. Old Je.-en-. EC3R 8HD. 

-0J 4 98 01-583 4111- American F « 


5S'9j -0 
292c£ . 


-O.5I 3 41 1 Market ripportuntlie* c q j r ;.h Ymmfi ». 


3 47 I Outfcualie 127 Kent Sl. 


"“*• American Fund J22 9 25.7BS-02I 250 1 

Bgj Practical Invest. Ca LUL¥ lyHcl 

nco 44.Bl0omabury SQ WC1A2RA I'ldSISSn 
PrscliralJulylO . H57S 1ST 1» -1 2] 4ji 
Aecam. Vniu . . |222 7 23631*2 41 4 21 


.a.AG.liwanj^- W| 445] 

ia.AU Urwibtt-..|3fl4 41.3m 

iat.\ G FarEaer. .125 5 27 


'tPrwp FtLAcc. 

“ »e Inv Acc.._ 
Pen Fd.Anc 
Hkffl t.Pen Ace.... 
GW.Mon Pen Act 
Ind Mn.PnrUAcv 

Prop.Pen-Are.. 

pie lov.PeaAee. 


. Old part Lane, linden. Vfi 

Fixed Int. Dtp—. 125.4 

Equity 1771 

rtnperty 1629 

Managed Cap. .-148.1 
Managed Arc 1731 

Ox*n* w " 12L6 

Gilt Edged 123.6 

American Act ... 97.I 
P^ P I Dep-Cap. .. 173.0 
Pen.FJ.Dct.Vc . 149.7 
Pen Pro d. Can. ?fla? 


Mpl« lov.ren.Aec. 

AMEV Life Assurance Ltd.v 

Alln f P^i-P^sate. RelRatv 40101. Pen Prop Acc . , 

S*2“ l Ef d • U63 143.61 _ Pen. Man Cap. I2B63 

AMKJ.MBd F .110 3 -116 2 _ Pen. Man. Acc QUO 

AMP). Money Fd .. 105 1 HO 7 _ Pen Gilt Edg Cap OILS 

AMEJ..B(|ulwKd...U69 116.9 _ Nn Gill Edg. Ac? L - ” 

AMELpiaedlia . . *14 9L3 _ Pen. RS Cap 

102,q _ Pen 0 S Ace 

AMEJMsd IVn.Fd. 96 7 10i.fi — Pen DAK.C.p 

AKCr Mgd Pen-’F 97 4 1D2 L _ Pen D A p Acc 

> Ft«*iP'*n 968 UBO , . . _ „« n 


Phoenix Anurasce Co. 1A<L 

■»■«. Kmc William Sl- EC4I><HR. OtJOBao. 

Wealth Asa. [Ill s U7« -031 — 

Eh r.PH.EqJE. 17*3 88 oj . ..| -- 

Prop. Equity & Life Ass. Co.¥ 

110. Crawford street. WlHaAS. 01-488 

H Silk Prop Bd. . I 1824 I - . .1 

Do Equity Bd - . I 744 | 

FlexMoneyBd. . 1497 } I 


High Income . 653 

AjTEq.Ine.. .. .1375 
laieruUbiial FuMb _ - 

Intcmatlonai 265 

PacRIr Fund 43.6 

Sen. Of America.. 530 
D.S-A Exempt*. .. . 95 8 
Specialist Funds 
Smaller Ca'iFd. .. 362 
5nd $mir. lb’s Fd .. «5 
Hecoiery 5lti. . _ BS.l 
Hex. Mln-tCdtj-. ... 41 B 

ovmeaa Earnings. 570 
ErpL Smlr.Ca'X. .*{2223 


Dealing -Tue» fnCqd. 

-0 31 812 Gov eft |J«du»l¥ 

-ON 7 IB 77. London wall E C 2 Aj-JS 

1 S'hldr July M. . ..jlJOl 147.71 . | 

„ - De.Accuia.r nit- (168 4 177J . J 

Next dealing day July ii 

-0 5 199 Grieveson Management Co. Ltd. 

-Oil 148 »GieilianiSt-ErrP3DS 014PM 

B?rrin«ton July 18 |2W6 213 ftd -? 4] 

-BJ9 4 70 (Accunv Dnltal. -_ 224 6 . 2347( *2 U 


1.10 I fSSIShure* 


! Thomas Street. Dour la*. IOM. 
Gilt Fund 1 Jersey > -lCf-98 9.01cr| 

i.ilt Trust 'l.e M> . (1IM5 10721 

Gilt Fltd. GuenuserK? 36 9 40d( 

I Dll tMt. Sees. Tsl 
19M Merlin- I£W!4 18241 

FiMIqII Is 185 23 185 B0 


ueo 


Ai-naaooo Provincial Life Inv. Co. Ltd.¥ 

147.77 . | LB7 232. BishopsiMe. E.l '2 OI =>. 

17TJI . | 1B7 prolific L'niti- . — |B3B B9S!-0o] S.30 
'»b lv High Income . Ill 4 119 j] -Oj 733 


-0 21 250 Net As>ei Value Julr 13. „ 

lyHcl KrtcljMTUalnwitou* S.A. ^ Kcm . hur [® 
II14E3 8883 ® Boule»aed Rdyal. Luxcmbeari; fl D Eurinvest Lux F 

-171 421 W Ji;^r , . ,r r. ,TW ,>? B,n * wu l •. I* .n 75 Guemseylnc . 

*2 d 4 21 pnWs 01 11 ■ > >4« ruL ii4»- JHl> IS Do Areum 

.. u Bnk. of Ludn. & S. America Ltd. fHKurEj-i i-'d 


Kleinworl Benson Limited 

M*. Fcnehurch Hi Ei~3 


Bnk. of Ludn. & S. America Ltd. £S£VfK* , .i |:<t 
m -a-i&O 404 *- QttW " VwWna S1 E, ‘< 0T W 02313 n?8d'. . 

« A'KLaoder Fund. -IJI-S47* - 1. ..[ _ K B V S Gull. Fd 

"Sj| 2- 1? Net Jwl value tul;- 12 Mgner Rcrpi'J'la . 

a ia.ii.v.1 Bam * np Bruxelles Lambert ' l -KS n i«' m‘Ui 


I 084 

644 68 

795 84 

si'sn 24<s 
srsuas 
5CS35 90 
St'Rll.77 
svs4 ea 

1*23 203 


ouaaft»> 
.. 1 32? 


91.1 -0. 
43.fi . 

61 0s -0 

234.H eO. 


-0J 478 ‘Actum. GnlUi.-, 2246 . 234 71 
-01 5.00 B tncH.Vd July 13 1764 ■ 184.8! 

—05 3 92 lAccirm. Units’.- 2»29 Jill 

531 Ende3r July IB- - 2MB 215.ll 
-0 5 475 MCWimCnlJM-- g*l K2T 

513 r.mehstr Juiyl* *4 97 7rf 

w -Acc urn Vniuj- - 970 101* 

eeru Ltd. LnABrsli July 19 69 9 73 (M 


Anderson Unit Trust Managers Ltd. Ln^BrsU July 19 | 

l38FenchprchSl EC3MSAA K3W31 Jf****’. JT »ivnl 

Anderson U.T 158 J 5391 ... | 428 Guardian KOyai 


_ Property Growth Assnr. Co. Ltd.¥ 
— Leon House. Cm-dco. CRB I LV . 01-88000 


- Anfbacher Unit Mgmt. Co. I Ad. 


tArraw Life Assurance 

30. L'xbrldge Road. W 12. 


Properiy Fund _ 
Property Fund 1 A’ 1 

I d— ...... 1 - 1 1 A /Irl cultural Fund 

— D-A.J,- C«P 1 102.0 | | — Aerli- FUndiAr 

— Pen DA F Acc | US3 | 1 — Abbe? x™ Fund 1 

- Hearts of Oak Benefit .Society 

IS IT TX) (stock Place WC1HPSU 01-3875020 1 r.i e*IS"Ilt Fd t A 
BI-74BSII1 BeanjofOak. - .. ..(345 5U| ; | - FquitrFund.. 

1 _ Hill Samnel Life Assnr. Ltd.? SSSSSS^ 1 
• ni' ~ NT^ATwr, Addiacombe Rd„Croy- 01-68S43S5 itonei FunS'Ai 
1 — •PnipertyL'nJts ..I154B 16251 —1 — Ajiuarial KuntL- 

- ■ 1 Property Series A. 11819 1Q7S . ... — Gill-edaert Fund. . 


1 Noble SL EC2V 7JA 01-KT 

Inr Monthly Fund 11660 176 01 I 

Arbuthnot Securities Lid. (and 


Royal Exchange- 1 
jjei GuturihlU Tpi 


tMiMsd-Fd-F^i :|113J 1167] .... | v «5B55a|u x 

Barclays Life Aisur. Uo. Ltd. 5JSSK2 L n ' u -i 

aMlfemlOfd B d. E.7 01 w 5544 2XSS3 ISriS C 


_ 37. Queen St London EC4R IBY oicaa.-cai niTT r^Thinc I a? a 

Extra Income Fd . 104.6 112.51-01 1129 CMcJSrthAx JS! 

HtSh Inc. Fund 411 .4*2 . 932 R=7 

fix Arc am Inlu-. .55 3 59.5 . . 932 incmn c* 

»*■ 6 Wnj-irl.L't*.) 55.3 595 . 932 S ?£ SSSS ” ,*0 5 

Preference Fund. - 23.9 157c 12 n ^ i^S-^rtn'r MB 

'Areum. Units) . 371 J99u -0] 12.80 f«6oi Extra I nr 155 B 

Capital Fund.. -.19.6 Z1 1 . - S oe, ® r J*S®¥n- i-« a 

Commodity Fund 594 643 5 31 F injuria! £ tTL - 25 9 

'Accum. chits' .. . 85.4 92.4 . 531 C'ii*XaiIto 177 6 

1 ID** W'drn IU.> . . 5L9 562 . 531 Intemstimml 

Fln-tProcLFd — 173 18.7.. 3 04 Cabot • E5 

Giants Fund 383 41. In -0.4 2B7 Intcruatfoiwl- ® 5 

f Accum. fnitsj 44 8 4B2« -0.5 2.87 Wrid-WldoJidyH /W6 

Crtwrtb Fund. . 34.* 37.0e -0.1 2.7Z Orenras Wads 

'Accum. Units) 02 4* 4c -0.1 2.71 Aurtrajiao 135 7 


Prrnrwood. Essck 
f.K. Fbads . 


fix Accum I'nlu-. .155 3 
•Vt’i Woncl. I't«.x55. J 
Prdm pw Fund. -123.9 


87 71 . . I _ 
104.4 ... - 

125.2 *05 
1167 ...J _ 


Money Feed 

atone) Fund' Al 


Bare! ay bonds 


130.81 -t-031 
1213 —0.8 

SSI t°. ? 
55 Si :. D . J 

1033 

MOJ 

10l3 ...... 


— Money Dales. 


Monay Senes A.. 

Fined Int. Scr.A_ 

Pns. Managed Cap..,.,.. . — 

Pna. Managed Acc- 1144.9 152t| J — 

Pna-GheedCap — 11055 lui-.-j — 
Pn*. GTeed. Are.. -.&11J5 11/3 .—.I — 

Pen*. Equity Cap JfiS.5 100.6] .) — 

Peng. Equity A« 

Pns.FxdJnt.Cflp 

PiwFxd.toLAEt 
Fens. Prop. Cap 
Pena Prop. Arc 
Imperial Life Ass. Co. of Canada 
Imperial Houk. Guildford. - 71255 


1B7A . - — 

373.7 . .. — 

102.fi - ... - 

99J — 

127.2 +0.1 _ 

1021 +0.1 — 
¥7.^ +03 — 


HMM"1 

• HaarankAccuaL 

Do. Initial 

GUI Eds Pens. Acc 

Do. lafflal , — — 

Money Pen*. Acc. -.1100.8 1063 .... I _ 

Do. Initial — |¥T 4 102.61.". j _ 

•Current unit vulue July 20. 

Beehive Life Assnr. Co. Ltd.¥ 

TL Lombard Sl ECS. 01-8231! 

WL Heme July 1| 127 67 | .. ,.| _ 

Canada U/e Assurance Co. 

.- _ 20 High Sl. Potter i. R*r. Hens PBar 51122 ” 

- ~£-"- 

11 ^6 Cannon Assurance UdL¥ 


Aduarial Fund— _ 113.2 — 

riilt-edxed FUnd. . . 1223 — 

Gilt-Edged Fd (A>. 1223 — 

* Rell re Annuity. . 283.8 — 

Olnuned. Annhy 1435 . ... + 

Prop. Greu-th Pea»t«aa & Aaaalries M. 
AllVtber Ae.Uia.D29 7 ^36* -.7. -r 

VA1I Weather Cap.. 121.9 J2S3 — 

VInv.Fd.Uto 134.9 — 

Pention Fd. Uls.-.. 130 6 _... — 

Coni. Pens. Fd 1477 ■%. 

Cm- Pna. Cap. LX 1310 ._ . - 

Min. Peas. Fd 14JJ — 

Min. Pens. rip. Ct 111.7 — 

Prop. Pena F<T 1471 ...- - 

Prop Penx.Cap.Uto. 1336 ...... — 


Ltd. pTJ Min VidM Bawine B ™«»“ Lambert 'B’SrUfilaiM'SSL 

oi^ns 4*33 PrncU - Portfolio Mngra- Ltd.¥ lajCbHci Bne ue l> Regenre b iooo Drurselc 

-?4 4 93 H^bon* Bars. EC3X2VH 0140580! Re nU (■•und LF- _| 1195 19W( +4| 774 LlfiD-ds Bk. iC.IA U/T Mgrs. 

+2 6 4 93 Prudential ... 1124 5 13Z8I -l 5| 451 Barclays Unicom Im. (Ch. Ia.I Ud. r.o.Box is>.6t Heller. Jersey 1 nut 27361. 

7.91 Quitter Management Co. Lid-¥ l.rharlngCrmi. Si. Heller. jfv <©31 73741 UotdsTst O'sciii 1572 60 71 .1 1 27 

2 96 The 5lk. Exchange EC2N2HP. 01^004177 Oversensln+ome ...gt.l 4C 54 1 12 02 Neirt dealing dale August 13. 

zstsfssLm jsa.-.i ^ 

rg.l S Reil»co Unit Mgrs. UA¥ MWmliLa.OLMiUi 

[era Lid. Rol lance b w. TunbndKC « eUft. hL «es 22271 iThomn+Si Dounla+IoM 0KM48M Uui’dslnl Inrome |SF3BH JUitl I 643 

, Opportunity Fd. - -I67J 7L9J . . 5.20 I'nlcorn Aon. Ext. !S2 6 56. M . . ‘ 1.60 

= 8 :i( ts aa?ste- m s?. ia 1 70 

Ridgefield Management Ltd- M&Tft g? |3 ISS^lT EST'S' ^ - 

3A40. Kennedy SL Manchester 0612388521 Dn Moa^ Mutual Eb* 284 -0 - 2 140 AUll F.x 1 ll> 19 ILS2M ;»-0 ID, - 

‘l** W 1 107? Bishopsgate Commodity Ser. Ltd. KV 1 $ fVj «« 

-031 3 52 , u r '» Bo-c«£- noiiRla> 1.* M 065+23»tl ' lecunil rill.- IKJ 19*01*0 819345 


i" %7%A ■ " 1M PnadraatCeB.Fd.J100 7 109 11 ..1 520 K!£"%I™ , --'"K'!S5, a 

i 2 »??.• ’ J.“ Quadrant Income- 11245 12B«3 . . } 8J2 

|W * 76? to 5 S R*f^»nce Unit Mgrs. Ltd.¥ Barclays Unicorn lm. rt. O. Maul Lt 

ryal Ex. Unit Mgrt Lid. MUwHw.ikrtntjBWelbjiaLillBagi mm»h Dou B l3s.IoM 0KM48 

■. EC3P 3DN OHBBBOU gSSSd^^.-^O S3 -dJ 6M “jM ‘ I \\ 

«V>W6 97B-1JI 4J7 SeWorderinc. Ul9 «*S -0.51 604 i£ G ri? Pbi-Uic " |M 0 68.3+13 - 


»®®* Henderson Admin st ration* laRcMgl Ridgefield Management Lid 
■ 5 Rm Jp,Rh "WL%L% 3fM0. Kennedy Si . Manchester « 


Bdcg Roc. pen. Ul.l 
Bids hoc. Cap. Lt ,.| 


'Areum. L nils) . 371 

Capital Fund.. . . 19.6 
C«zmx>dil> Fund .. 594 
'Accum. Units' .. . B5.4 
ilD'.W'dmlU.*- . 51,9 
FIn.iProuT'd __ 173 

Giants Fund 362 

fAeeum L'nJtoJ.™ . 448 
Growth Fund...... . 34.4 

'Areum. Units) 412 

Small erCo'aFd Z7.1 


S?m& 3 ! 5 tf ffl U 3 ESter. :!SI it SSSE!£jtS 1 »I Sfci 5Bi 

Foreign Fd — - 842 90? 1B0 k A m.GnuJuly4 _ 1205 125M .. . 2.48 HEaSM&ft- ,L?o ,2’ 

|s. Aiwrr. 4 IpL ?d| 3 La 34.3 — LOO CabaLAra+SSco. |n.O H 3 - 0 . 4 ) 129 maXvi ajjff nV *551 

Arehmr Unit Tst. Wn. Ltd.V iaWel Mill Samnel Unit Tst. Mgrs.f fa] i Accum. L’nllo_~. 745 Ttl 

-•ssrs-tsl ^".TssfaSfta^Bi ® 

qaarBAVft.jx.-iAJP 11 ^™-^**- 

Barclay Unicorn Ltd. faHgWci |R5^gSS3fc 06 88 / ‘ MS 72! 


59.5 . . 
595 . 

25 7c 
399U -0 
21 1 

64J .... 

92.4 

56! 

38.7 .. 
41.1a -0.' 
412s -0.: 
37.0c -0. 
44 4 b -0. 
29.2 — 0 ! 


45.6! -0 31 
46 1) -Oj 
M q -oil 

5 ^ 3 ° 2 I 

an =11 


93 g -0 61 2 69 J 
38 n 1 165 S 
794 . 4 49 « 


jjj Ridgefield Income. (91 0 97 Oril f 10 

3^ Rothschild Asset .Manageineni Iff) A RU\c*Ju|,a uu hbK 1 - 

616 7240. G alehouse Rd— Aylesbury OSBdSMI > %MUn< ■•Jub: 3 |Ll 037 1 10M I - Samuel Montagu Ldn. AfltS. 

_ _ N C Eqult>- Fund.. (169J ISO 1 17 COUNT -Julj :t lU 400 2 5fidl . 1 2 06 , u t „ d KrvlJl1 Sl . Kl - - t i|..fi86 SW 

7 S SC EngyRn-Tv lUO 1141 254 unsmally i-.ued ni -Sto and -£ino vooll+Fd tali 12 ISTttla 50 041 1 3 14 

NU Inrotw-Fu.iui Iwsa 1582 . 726 Bridge Management Ud. OTiis .Mf "(B-oiJ loj 

01 N r lniL Fd. >Acc m.o . 157 P-O Rex Ma. Grand LV man Cajnwn l». urjir^rJu/Tr 56U j 0?t 

19! SC Sinllr Coys Fdll54 j 164.il 4M £IMH I I - {iij^JulVfc [Hi 57 JS! {- 

2 64 Rothschild & Lowndes Mgmt. (a) Nipp^nFdJui*i9.B^ii? i*jm+o:9I 0 86 .. . . . . ... 

165 si.siviihinaLane.Liia.EC4. oi«ci3is Ex-siocfc hpitt nlurraj. Johnstone lln\. Adviber) 


910 Allantii Jnlj l« 
140 Amt F.i Jtl> 19 
. .Wild Ki lull IP 
I- Inland . 

mil i \veuDiUnil«> 


151) -3 ID, - 
U 311+0 ;i) - 

137 il *0Sj *J45 
wot *0«i 9345 


L-XExeuiPL-jmse 13JMH I 365 Britannia Tst. Mngmt. (Cl) Ltd. 
Ice* on July li. Sew dealing Aug 15 3oitoihst_s. r+ii+* n™ 


-0 5 436 European 

.... L39 r«r Ea* — .77.7 

139 North Amrr. — 395 

1B0 NaSl^JpW _ 120 5 

— L00 CabatAmer-Sin-Co. 153.0 


Price* ob July 1,. Next dealing Aug 13 

Slloi 4 07 Rowan Unit Trust Mngt Ltd-ffal 


183 HupeSL.GIa»N(ni-.CS 


83 1 +0.1 
<220 -0' 
1255 .. 

55 B -0> 


Grt.Fd. July 14... 
Penh Fd lul?14 . 

Unit 


V. SJ-1 = 

ked PorriollQ 
5 0 100 H . — 

61 10LU .. .. I - 


^Assurance OaJ 

322. Blahopafai*. E.C3 01-2fi7GSa3!&o auslacc. - [763 SS 

Prov Manx red Fd. FUJI 11931 . I - Do.Altt.lnc . 603 65.aS 


30 Balh SL. St. Heller. JerM-y. 
Steeling rwqauiiuted Fib. 


01-006 1080 1 Growth lmni L 


31T.HI*hHoUwra,WClV7NL. 01^316233. UM 3 

Archway Fund .. VS 3 8R61...I 6H KcT 

at Julj- u Next Sub. day July za *fi !fi3£K5 ' ' ! 2 


— (Barclays Unicorn Ltd. faHgWci 


01-634 5344 I b) InroTOC Trust . . . 126 5 


Equity Fund . . ..[962 101J| . . 

Irish Life Assurance Co. Ltd. Prudential Pensions Limited^ !5o. Growth 'act '7 253 n 

1 1. Finsbury Square. ECE. . 01^88853 Hnlh«rn BarvEClN'LVH. ft?- 

BlurChp July 14 174 2 78.11... 4 40 Kqutt Fd July 18 .105.06 25541 +0.491 _ I K iKi vi, « 

Managed Fund 226 6 23# 71 - F*d (nl. July 18 ._p697 wSj+a2a - ryToT^Lli |« 

M'jdtMaD iH-i - ^ F July 18 .. ^607 26181^31- & ^SStund' Sl ^ 1283 

p^p M^iu, H7J 2»|;.7:i - Reliance Mutual MKtaT*::.: 

King St Sbaxson Ltd. Tunbridga Well*. Kent 0BB322gn Do Accum (71* 74 

6!. Corn hill. ECS 01 -0235433 «*l Prop. Bda J 198.9 1 - l - - B r«hers St Co. Ll 

“"fiSttdfflflLBHftt"" 1 - Ro**«chIW Asset Management SSLhluSS 
Gow.SBc.BAl5^te&40 ...4 - P! Swi Uilns L*n a London, EC4. 01-4884350 |S»So^ 379 

Langham Life Assurant* Co. Ltd. ^ P» Au^ 

Lanshaui Hs. HolmbrookZir.NWL OKSasaii Royal Insurance Group - . , 

Langham 'A 1 Plan— K2J 655] I — New Hall Place. Liverpool. 0812374422 BISHOpSgatO Progressive ] 

Wrop- Bond — _..|141J 1«3{ — J — Royal Shield Fd._ 036.6 14*5) [ _ B. Blah epttMfc E.C 2 

WUp (SPt Man Fd |75.9 79.91 — J — - - — - — B'c»i* Pr.-Julyia.nffl.fi 195 , 

Legal & General (Unit Assurj Ltd. ™ L* __ ?S 

ZT r_ -■ _ .. v - x. i-m-n. 4. ULSLHelea'k, Lttdn- EC3P SEP; M454 8880 BMalmnL Jub- U-.IJJM M5 

fesas^ft Mdz i is = SSBKSBBT 

rMwSaiZZImf ~ SaS&SE^r- “ 55« ml " BJZ "" American fcG«a_gJ 2A 

a# mm nqi 17 Cm *lD w rTop Pena. Fd*.-. „ 222 M 2353 .. — income" 5C 9 55 

Urtl.IniUfll.'.!.".'!' I7.1 J lit* *0^1 - V Ml 1M3 M>1 - S??’ 1 V ,e,T «5 « 

rn. Areum. 97.6 loJS+o.ll — Depos.Pen».rd.t. . -1«.9 104J| — Do.Acfl.t- 40 7 43. 


222. BUhopvgate. E.C3 
Ptw Manaced Fd. [U31 

Prnn.Cash rd 1049 

Gilt Fund 20 127 3 

Property Fund . 1 95.9 
Equity Fund— . — 978 
Fxd Int Fund. . 942 


395u -0.3 

ra.fi -o.s 
320 . 

991 . 

5§5 -0J 
31 3 


*ltaf* Si Fd . ._ I SVS16 90 
OSH 73114 .sj urTJJ . Fund , J SUMS 96 .. 

•NAV July 13. 

300 

N*|H S..4- 

I m l°4 Boulevard Royal. Lutemhourg 
;;;■ 12 00 NAV July 14. ... | SUSU08 l 


- Do Capital . .. 66.0 . 71i 

- Do Exempt Txt - 107 0 112J 

- Do. Evers Income 127.7 24.' 


-f OlrmpirWy: Wembley ilASONB 018028476 1 1. Finsbury Square. EC2. 


Equity Units _ U7 18 — 

Prupcm Units . C1055 - 

Equity Rond Exec . til 51 12.11 

Prop Bond.Txer E1336 14J 

Bit Bd 'Fieri Unit. U3.17 13.9 

Deposit Bond .... 1UJ - 117.! 

Equity Accum. 178 — 

- Property Accum . . 02.76 — 

Mnsit Accum. 1.604 — 

2nd Equity 94 1 99; 

2nd Property ..104 9 11L 

aid Managed 97.9 UBj 

2nd Dcnoati 97.0 102.1 

2ndClld 89.6 941 

!ud Eq -Pens JAcc. . 96.1 101 

ndPnx.Ftoac.-Arc. . 1085 U4.' 

id Med. PansiAcc SfiS I 


— Blue Chp. July 14 74 2 71 

Managed Fund 226 6 231 

Exempt. Man Fd . 103 7 m 
Prop Mod. July I.. 180.D Iffi 
Prop. Mod. Gth. ... 1977 201 

King St Sbajoim Ltd. 

SC. Corn hill. ECS 
Bond FA Exempt -110382 165. 

Next dnanne date Ju 
Cost Sac. Bd. rfu9.40 126. 


- 

Jwl ::::: = 

940 ^.... _ 

101.7 — 

114.9 «... — 

1060 -OJ J- 


.1 — Do. Extra income 27.7 
■ ■I -- ;Do Financial ... 502 
1 - [Do 300 . . . 73 6 

.. Do General .... 31 J 

I Do. Growth Acc . 403 
mriH ftCT. Pi). Income Tat._ .84.9 
-naM 1‘Dq.Prf.A'us.TsL.. 133.7 


Next sib 4: 
>.6 460 

U3 1203d 
1.1 53 La 

8.4 65.0 

L* 74 4 


Baring Brothers & Co. Ltd.¥ (alixl 
88. Leaden ball St. EC J. 014i802830 


I smuoTn.. 

Do. A m uni _ 


id bep.PeosMcc.l9M . 104« ™ 

nd (lut Pens/AccJw 9 95 JU J — Legal & Geaer 

£fki *r ™' *■ — J$n «g[ ViJ “ Klntnmut Kouu, iu 

Capital Life AasnranceV — «•* ixi 

CoalMon Hooaek Chapel Ash RPton 090228511 Do-'act^iil 81 UlO ’ T?h‘ 

Key Invert. Fd. -I 10098 | . .. I — Fixed IniliaL... -. ... U6 9 1Z3J 

Pacemakerlnv.FiL.I U187 [....[— Do Accum ._ U9J »fil 

Charterhouse Magna Gp.¥ Do^Aorum'!.' 978 1KJ 

IB. irticquers Sq . Uxbridge UBS 1 SE 521B1 Managed InitiBl . 1176 12U 

ilirihsc Energy ■ .37 6 39.61 . — go A ccum. 1199 126J 

i. tin h«e. Money . . 29* 31 H _ Property initial 993 »> 

i ■hrthxe Managed 386 *0^ . _ g® Areum . Mil 

Cbrtbir Equiri .348 36 6l - I^gal ft General H olt Peaatoos) 

Manna Bid Poe .. . 113.6 \ . . — Esempfi Cash inlt . 196 4 Mli 

Maena Menaced 1516 I - Do Accum - 98 0 

City of Westminster Assur. Co. Ltd. po^Aceim^ niL . 123 9 uoi 

nincxirari House, d Whitehorse ‘Road. Exempt Fixed Inti. 1096 115.fi 

asa.-’K? [6o 5 «n...Si5 

' S2it mi “ l» a™ 121.8 1283 

3Sti£ " d -5?9 7 Sl -V Z ftwmgFwpfqii.lM ioy 

Farmbud Fund 139 77-7 • “ 1 . - - " . “ _ 

Money Fund . 1212 127 5 . - Legal & General Prop. Fd. 

rl'iiWnd - ..mi iff* . = 


-0 51 121 'b'SeeuniyTniH rtl 8 553 -OJ 538 Prices a« 

—0.6 178 fb'Hli* Yield T-a P9 2 313 .. 814 q-.-- *. p 

3‘ J 7 ? Intel.¥ (aMg) 

loS 649 lS.Chrirtopber S’rew. EC2 01-24T7243 ^ Quw 

-0.3 831 Intel luv. Fund 187 5 94J«< I 680 Dealing* to 

"n t HZ Ke >' Fai “ d Lid- 'aMgl Save & P 

-03 6 24 25. MUkSt- BC3V 8J K 01^7070 

-0 4 427 Key Energy In.Fd [76 5 8131 -0 91 345 FaZSt 

s§ ibiszki? !I. mAS^ ts 


IM Royal Tst. Can. Fd. Mgrs. Ltd. 

IS 54. Jertnyn Street. S.W 1. 0142B8232 

474 Capital Fd . 1685 73 31 J 3(18 

772 Income Fd . . ..(696 733 j3 I 766 

538 Prices at July 14 Nan dealing July 31 


Unit*!. STft,. |R'«23 33d I — 

laLHtchlm.Trt'.. .IHM97 L5l| | 98 

Value July 14. Next deal Ins Jul 24 
Brown Shipley Tsl. Co. (Jersey) Ltd. 


Negil l<td. 

98 Bank nr Rirmuda Bide* . Hamilton. Brawl*. 
SAV July 14 . -. |£5 69 — I . | — 


-us *4.1 nr, tnHBin.r.j wx-n x + 

-06 620 KeyEquiDiCcn . 67.6 71W-06 4B 

5 23 *K«-a«m.KFd U10 160 63 

r Ju i- 31 Key Income Fund 872 83 lid 83 

-02T 5 68 Key- Fixed TnL Fd M6 ud 12# 

521 Key Smell Ca'aFd |978 104 0| -0.1 68 

iSil ?T7 Klein wurt Benson Unit Managers¥ 
Ifl'7 5.J2 20, FCDchurch Sl.. E C3 01-6238OC 


^jrrrlmt zSS (jj uc UWt Treat Management LUL¥ EiTSSllZrZ-|#7.B W-fl+0-4 

Next sub. day August!. Tb« Block Ecbange. EC2N IBP. 01-588 2800 sJV* RS 5 . 4 

_ . _ TU<1»M 1ITT7 in m i mil D-o- 1«-5 -u, l 


K21 Unit Fd. Inc 83 0 902 5.80 ln 

♦K.B.UnitF«LAc- .fiS3 6 1125 .... 5 80 U. 

K.B Fd.tav.Ttt* 553 59.6 .._ 462 ir 

K-Bi^nlr-Co'sFd.....] - SB . . - ru 


..| 8 14 Savr ^ Prosper Group 

4. Great St Helens. London EOT SEP 
0| -‘ 4, 68-73 Queen Rt . Fdlnhunch EH2 4XX 

I 680 Dealings to 01094 8880 nr 031-226 73S1 

M K' Save & Prosper Soeurities Lxd.¥ 

nuonflTinO latcntflUonal Fuedi 
■J? 2o? Capitol. 1368 SOSafi-DJI 311 

-° 6 JS? iru . . _ . P62 28 i -o3 400 

UJ L'nlv Growth MB 1 732] -Oil 1 97 

12 05 Incrmwieit laconic Fuad 
-0.1 6.07 High-Yield . |53.1 570f -D5i 730 

aagei-s¥ High Income Fuads 

"■"I™ iilSir 0 .::: ■ [St “JU --S 3 

5 80 1'JL Funds 

... 462 UK Equity |43 7 46.91 -04| 

■ - — _ Omsw tasttW __ 


Qiipit lnll 
QlicI InU 
Prike> 


168 5 72 31 1 3 60 orown ampiey isv. io. uerseyi uia „ 

196 7Ji>2 J 7 66 P-iX Box .183. Sl Heller Jr rye* £034 74777 •' ntK 

I Next dealing July il Sierlms Band Fd [CM 16 10201 | 11 75 p> ^ 

‘ Group Butterfield Management Co. Ltd. nIrr ' 

. London EC3P SEP PC Box IPS. Hxmtltan Bertnuds QuPfi 

llnhurch EHS *NX Buttress Eqmtv 230 338) I 176 ...... 

RUB nr 031-226 7351 Buitrosx Income |l 97 2.041 f 748 “ 

Securities Ud.¥ Jf* ■' 7 »'> 17 y j r " ,ub - Aa * u * 1 “* q »?« 
, Capital International S.A. Qup>t 

36 8 39 Sufi -0 31 311 37 rue Koir+Tatnc Uiwmlourc prtl 

262 28 fl -03 4 00 Capital tnt Fund | SUS1763 I . ...J - . 

«i 732| -#3 1 97 cjjjrterhouse Japhet “ 

53.1 570, -D Si 730 amXm^tS S 3 : 

‘ Adivcrba .... DMHM »i#r0JO 5 08 Ho PI 

U B 6854-0.3 8 76 FOtidrt DUD 25 54t3+050 5 73 Dp C* 

42 9 46l] +05] 889 Fundi x .._. . PM2Z«a OlfJ-DJO 5 51 Do Ei 

Emperor Fund. „ SUS3B# SOB . 

417 *6.fi| — 0 4 | 5.10 ”l‘ p,n0 ; P™" 47 . 2 93 Roth 

Clive Investment# {Jersey) Ltd. PDai 


:4 __ Phoenix International 

11 75 ril Bov 77 51 rnrr Port. Gucrnjc\- 

I liuer-fMill.il Kuii'l .19231 2 50 ! I - 

Quest Fund Mngmni. (Jerseyj Ud. . 

IS l'O lln\ IB4.M 1 Idler. Jcrwy MMEfifil 


KtUKtillM Cl 

lnll fire* I K> 

lnll Bd . I JUS 

Lr, ai Jul. li Nest il 


tfhl ' . - 

SUS1 [ I - 
•lt ilnlins Jut] 19- 


Ol 24BJW* 

S +OJM 5 39 
.Oja 5 08 
*05® 5 73 


Richmond Life Ass. Ud. 

... -Ml Athol Sired. Dnucla*. I H SI HtC4J3P14 

fS 'x-TheSihcrTniM 11055 1081 

5 39 Hlchm..ud Rood !W. 176 0 1853* . 1076 

5 08 Do Plolmum Bd 120S 1261 +0.7 -. 

5 73 Do Cold Bd 105 2 110 7 +01 

5 51 Do Em 87 MBd . 174 5 183 7 *0 9 1120 


142.01 >...J 821 
10L9| ZZ\ 129 


Bishopsgate Progressive Mgmt. Cn.¥ z±c Fd l|IS^ 7 iSfl ZZ\ 129 Se^r™h 

Is. Blsfaqpsgata E.C2. 01-5883780 LaWBOB Secs. Ltd. ¥faMCl Co mmo dity P7.9 

If ^ K8 ~* ySnl — j 39. Qneea'fl 6U London EC4R IBY. 01 -230 5281 Financial Secs. [72 * 

l HWri.n$U=fiftS Si 2^ «Uw.KflWri*iJ~[J9 8 «3I....J 6.48 HlgtaMtatad* ftod* - 

tXwSu4ulylC--P92.il 2043 4 281 fi| “H £2 Soieet lnwroat. — [2S7.9 

VMtnIi Haw *Jnk» « 1 ^GrcwthFUM 156.4 bO.^M 1 2.79 p+» — * « — kv a 


JS P.o. Box 320. St. Heller. Jersey. 
?2 Clive Gill Fd. CC.I.l .11037 11 

Olve GUI Fd. Usy.).|l0JJ 11 


Jn Rothschild Asset Management <G.!-> 
P.O.Box 56. M. Julians CL tiurrusey. 0481 28H1 


093437381. O.C.Eq.Fr. June 30 


214.W +ag ~ 
192.71-83 — 


A«Sto.**July4_:taa7 233ij “J 3& S'ESSKi. 1 

Dfircluai July 1 id" pS.O ZM^ “j IS 

xtttt rob. day ‘July 35. -Augutt L 
Bridge Fond Managers¥(aKc) 

King Wi2UflotSL,EC4II BAR 01-8234851 

American tG«U-P5.fl 2A4 ■ •■•■] L« 


hj .71 -oj; 3.97 Corahill Ins. (Gnernsey) Ltd. 

75.6 -0.7 I SO P.O. Box 157. SL Peter Port. Guer ns ey 
77*— 0.«| 284 total. Man. Fd. D64.0 17A5, | — 


laai+oos ui o.cjxw Fd.juiy3 
1027f+o34| 1L00 O.CJnil Fd.T. 


•Pncts on July 18. 
tVeekky dealings. 

Schroder life Group¥ 

Enierprisr Haute. Portsmouth. 
FqtuyJcIv is 
Equity "July 18.. 


Americ a n fcGeni- 125.0 
Incomer 5C 9 

ffinSUKt 9M Ma.ga 3U iJ^I. -r,..-, ITT.Ur. —F;i ProLKxGth-, [3«2 

S»f7— I?. wSS'l 1:8 U*al*G«, m ITTOtoUraml» 

:.- u! lH^il 1% '£%?£*"“■*£?■ „ 9 "IlS'fchtaiwrltat* 

Dealing -Tue* fW«L sTHurt Pnccs July i Accum. Unit*. .. [71 8 760 . ..J — 140. South Strew. Dorking 

Nvfl «ib day An* Ant Exempt 1218 

Britannia Trust Management fal ,g) **oah* Administration Ltd. 

3 London Wall BuUdlnSatamdan Wall. S.DuteW.Londan WIM8IP. 0I4865M1 gSSSfuft' it 

London EC2M5QL 01 -6380478 M7B UoDitt-- P4 8 T»-7I -0.41 503 Extra Inc Ttt. . 28 7 

Aaseu _ f70 9 76 31-0.4/ 523 J* 1 8 Wll -0 *W IncoineDitt. 331 


264, 

55 4 ... . 
392 +0 4 
433 +0.5 
1438c -3 0 
181 -0 1 


3M total. Man. Fd. ,164.0 1785, ( — 

Delta Groop 

iM P-O. Boa 3012. Nassau. Bahamas. 

Delta Inv. July 1I_W 73 L82, , — 

... Dentaeher Investment-Trust 


(Accum. Unllf ,625 67.1, ... J 11.77 

Deal *Won. 'Tuc*. ttWed tThurs. **Fri 


Wert Prop -land - [605 
Manaacl Fund 171 7 
Equili l-’umt .. - 57 9 

Farmland Fund 73 9 
Mnnej Fund . 1212 

1,1 It Fund . 645 

PIH A Ml Mi ^ .. i|9 7 

'^N^uej^pT *67^ 
Pena Money Acc .48 5 
Pen.* Kqollj-«'«p... 5*3 
Pens Equity Acc.... 564 


S|:M r 


is, aj --- - Bafw’ifflfi.' 

f!<«I Imi in! lUl :r. _ Fired In' SJulyll. 

" 7 “R 5 a«h* 8 ii Si : ttMKBu 

= SJSH^uM.Sf Si:.:::: 5S2r«5&» 

z !« Areum. . .. |W0 103^ ... - JESSM 18 

Legal & General Prop. Fd. IRgrg. Ltd aiun^a July is 
I i. Queen Vtrtoria Sl . EC4N 4TP 0I-54B9678 Property july. 18 _ 
L*i:J*rp.Fd. Julra [96 5 10 1 Tj, ■ -I ^ ‘BiKSijSRw 

- ■ '-«W+S6-«I^P*W' H^AMBJulrlB 
Life Assur. Co. of Pennsylvunia -^tfnPhCpajuifiB... 
3842 New Bond SD.W170RQ. (114038395 
LACOP Units.. .. 198? 1056, . - KnI/mpS 

Lloyds Bk. Unit Tst. Rlngra. Ltd. Prop. Pen. Cap B. 

71. Lombard St. EC3. 0 1 823 1 288 


: » l lens Equity ACC. ...pa* -uvi - ^ 

- \ i ill f' rtnronnr elnwd to new fneeataieiiL (Joyds Bk. Unit Tst. Blngn 

■ « 1*1.— PBrlonnln.U...... 28X0 I ... 4 - 7 1. lombard St. ECt 

Cf^n of Heslmlnster Asgnr. Soc. Ltd. Exempt f¥B 7 183 W 

Telephone oi-6B4 0404 Lloyds life Assurance 

rrorartv tj'nlti "' 2*7* I ” M C ’ ,lfton M EC2A 4MZ 

Property L nlto . ,15*7 57.4, . .. , RltClb Jub «-,- .| 129756 

Commerrial Union Group 2&££~P« lT i!? m Ho. ?»* 

‘I Heleq'v. 1. 1'oderaban, ECS 01^583 7SOO nS^VH^TdJ tal3 U5I 

' VrAnArlq July IS. I 55.W 1 1 

Do. Annuity Uta. .. | 17.57 


0, -« n '«f SSSrg &&. 

■ •• J *•" Money Pen. AH. B- 
Orerttufi. 



_ Britannia Trust Management fal |g) 
— 3 London Wall Buildings, London Wall. 


Scottish Widows’ Group 
POBoxWZ. Edinburgh EH 16 5BU. (018690000 

1056 Hbs; ".I - 


London EC2M SQL 

Assets _ f709 

Capita] Acc. ... 521 
CaramfrlDd. .. 547 

C onrcdHity . 801 

Domestic - 375 

Exempt 115 7 

Extra Income., . MJ 

Far East «25 

Financial Seea, .. 635 
Cold A General . 913 

Growth 79.0 

Inc. A 1 1 m ath,. — _ 723- 

IntT Growth Hi 

Invett.Ttt.Sharfls . »7 1 
Mineral*.... _ ... 580 

Nat High Inc. - BLl 

Xewleatw .... .. 54.9 
North America n . .. 292 

Professional.. 503 P 

PropeiTygliare* D3 

Shield — .. 45.6 

Status Change _. ~ 3C.7 
Uqlv Energy 138.4 


01-63804780478 ?**--• - 

763,-0.4, 523 Accum 


I = Is SS’.aP * ^tSiSSTTS-i - 

241 o.S Secorilte ud ^ Dentaeher Investment-Trust 

«7fi 11-77 sSvwirrr-K.? aS-o% 7* 2885 Btoh^rii a^ B-ioaooo Trmium 

{;! HS Scotoharcs ... B6 6 60* — 0.lJ *71 Ccncentra . |WCja 2UM+02O1 — 

tThuis.' "Pri 77 KcoLEx.Ctb-9 12*82 259 91 1 2.M " " £ ~ 

ill FnndV ScolEx Vld**. ...Jl653 173.4, ...I 738 Dreyfus Intercontinental Inv. FtL 

0875325*1 N ’ c5 ‘' 5ub day July 28 PO Box N371S. Nuusmi. Bahama h 

60ti J 5J3 Schlesinger Trust Mngra. Ltd. ,a) «) NAVjuiyii mH4H 1523, I - 

7tq . ..J — 1*0. South Street. Dorking i030ff'8W41 Emson St Dudley TsUWgt-Jrsy.Ltd. 

1 ’* Am besom .. BIB 231 'SH fS P O Bos 73. Si Helier Jersey 0S342m 

1 LttL &tS5HtohW si 27 a EDlcT - -Ran 130.01 i 31 

7*71 Q n1f 6 sffi ^rrapl Min L*^’ P S 26S *41 Eurobond Holdings N.V. 

3-^ -23 Extra toe Ttt. . 28 7 30 91-021 961 H«-a+uv-d« •*4 OnilpfiwiiH furai-krt 


a m 

.. . 721 

130 

325 

447 

.... 073 

'Prices Do July It Next dealing July 31. 

1 Prices on July 7. Next dealing July It. 

Royal Trust (Cl) Fd. MgL Ltd. 

P.O Box 104. Royal Tst Hae.. Jersey. 053427441 

R.T. lut‘1. Fd. ffi.’S932 9711 .... J 3 00 

JLT.lBt1.U0.7FiL.in 9M . . 1 ?21 


756 Poatlach 2885 Bleherga.'ae 8-100000 Frankfurt. «to«li2? in^Lt^t 

l3-oi *73 Concenlra.... . [NO a 2159*0201 - Pries* at July 14. Next dealing August » 

la : :;| <B ,,,le ™ ,li0 " a, 

day July 28 PO Box K3712. N’avau. Bahamar ssbLi£ici on.i,.- i«a. unoiw 

1)12) NAV July 11 BCKWJB 1523, I - 


Exempt Mkt Ldrv 25 5 
Extra Inc Ttt. . ,28 7 


3 99 Uoyds Bk. Unit Tst. Mngrs. Ltd.¥ l*l *«« 10> Wdrel.. 


862| -0 ll *87 S-* 


40 4 -0 4 4j0 

121.0 -02 751 
421 -0.1 9.32 


85.0 -0.9 
7HJ -03 
695 -01 

50 jJ -a.4 


trar'* Depl . Garing.hy.Sea. 

-«uiing. West Sussex — 

55“ FirafBuIncd i. .. M97 53 41 -0.51 4.1 

,^4 Do i Areum l _ .684 735 -0 8 41 

Z«b SecondiCapi 525 56 4 -05 21 

4 ?t Du (Actum l . 66.1 710 -0.7 21 

,'S; Third 'tnenqjci... 820 B81 -0.8 6J 

era Pa. AceuflU U22 120 6 -i.i fiG 

740 Fourth (Exlne i — 585 625-05 SI 

226 Do 1 Accum I r. ..,66 7 71fl-05 8: 

3*9 Lloyd’s Life Unit Tst Mngrs. Ltd. 


lntnl Growth. — 

ni-sEiiaoa ' ■ 

+0.51 4.61 -NUVMdd^ ' 
las IS Piri. & Gilt Trust 
Property Shares ... 
J J Jg Special Sit Ts: . 

i f Ms l R Accum. 

-hi tt£ i:J( GrtKDitt 


22 9|-03 
294 -04 
270 -01 
268 -03 

309 -02 
410a -01 

SLii* -oa 
523 b -0 5 
282 -0 2 

310 -0 3 
30 0 -02 

54 Ot . 
27.fi -OJ 
30 8 -01 
234 -0J 
20 fi -02 


J if 7»80. 'iaiehrAise Rd . Aj lcsbury 
4 66 Equity Accum. ._ff56.4 164 6, 

1 87 M & G Gronp¥ (yKcXz) 


629,-0 5 S 23 |P.O Box B7Q. Han 

71 1, -o 51 823 J. Henry Schroder Wagg Sc Ca. LuL¥ j Fidelity Am Aar .. 
flngrs. Ltd. 1 30. Cheaps de.UC2. 01^10304 


09M5941 Capital Juft- 18 " . (104 6 
i in 'Accum.'-——. — . .p26 fi 
■ 4 Income July 18. . ..{1879 

■Accum. Units). _ B791 


— Opt.S-A - ManJl¥.13.a473 

— Opti-A ‘Dpt Julyl3. 11218 


“ Inv-Flr.Ssrieal- 
~ IhrtPf.v. Series 2 
TirvCash July 14 
ExUtAcc July 5 

— — ■*■ ■ • u l« n ^K+««*.» •-.■—» —1 *” Ext^Unc July 9 — 

Confederation Life Insurance Co. London Indemnity *GnI. Ins. Co. Ltd, Mg*. Pen. July isl 

W.ChanreirLone. WC2A 1HE 01-2420282 18-20. The Forbury. Read, nfi58?-Sl i. Solar Life Assurance United 

■ffiSffifffSid-ffi] iSI = eBffiBT-.il HH . I °J« a 

VPIPFMnd. . .. m* - . - Fixed Interest . -{J42 36.ll . I - SEpto£E?I‘’ Baa 1177 Z 

ni 762 ■ “ The London St Manchester Ass. Gjl¥ solar .'OUg 170.4 -zJ ~ 

•SSRlWlSt:: MM - Tb.Uw.Folkertune.Kea. CB03 97333 bfi.O 1222] 


VManancd Fund . - 177.7 186.5 -+ MM. Flexible . 

V PIP Fund . .. 3T5* - - • — Fixed Interest . 

= The London & 
Group Mncd Feo . 18*8 ..... — The Leas. Folkert 

'Fixed Int.FVn 199 7 ... — Cm. Growth Fund. I 

equ.rytbmdqq . H40 — #rfex. Exempt Fd 

Property Pension 1314 .... — * Exempt Prop Fi 

^-Cornhtn Insurance Co. Ud fewl n ruSd F( 

• 32.- Corahill. E.CJ . 01-85*5410 Inc Trust Fund— 

r Can Feb. June 15 '133 5 — I. -I - PntpertyPund . 

• HS Spec June 15. |K8 J ” " i — MAG Group 

.* MotiUlFdJuneaO. .]l69 0 178 0, I - ^ Q^jj, Tew 

' Credit & Commerce Insurance Fere-pSalon-'-- 

120. Recent St. London W1R5FE 01-4397081 I'onr Deposit* ... 

racungd Fd . 11=20 132.0, ... I - |5S?lfy 

'Crown Life Assurance Co. Ltd.¥ Famiiy8i8e** . . 


Property y jiares D3 1431 -0.3, 5.87 

Shield 45.b *93-5.fl 436 

Statin Change _. . 3C.7 33J] -03} 58* 

liqlv Energy &ZL4 3*.<M -0 5, 353 

The British Life Office LtdV la) 
Reliance Hae„ TUnbridge Well* KL 0WC 2227T 
BL British Life . . .. 49.9 52.81 -0 61 5.02 

BL Balanced* fil SS.| \ 5.61 

BLDMdend*- ..ta.4 45^ .. ..| 920 

•Prices Julj' 19 Nun dealing July 20. 

Brown Shipley & Co. Ltd¥ 

Ungro. Founders CLECS 018WS20 

BS I'nlwJolv VL .. B17.D 233 fl ... .1 4 52 
Do. (Acc.) July 17. B62 9 290 fl | 452 


Three Oiuc *. Tower HUl EC3R 83 Q. 01826 4508 General Jnlv 19 .. 833 »87id +0 

4J6 S*u also Stuck ExchangeDeallnro. MV *?§ 5 

3-S American. . ..K9.9 ^3J) -DjT 1.73 /SSE r%tL. “ S j Si " 

5-S tAcrum. Cnltal ... |S).8 54 if +0.1I 173 S/v «i8! 


Aurtralaslan. 

.. 54.4 

57.' 

— B 3 


-5S.Z 

581 

-04 


:. 719 

841 

+01 

tAcrum. Unlui.. 

-- 85.0 

905 

+0J 


tif *PenftCbarPdJyl8 D69.7 174 9nl 

*SpecXx. Julr*. _[246.7 254fl... 

4M ‘Recoreiy July*. .. |l813 186.9,... 

4 3t "For tox exempt funds only 


-03 4*1 Eurobond Holdings N.V. 

In'? era Handelskadc 24. WliletmUad. Cura.-ax 
Ifli _ Lopdau Aecqui ImH. 15 CSlristaphcr KL. EC2. {’KSSnSl irtnlidro 143 4 
-0 5 301 TH. 8I««9.«H» TWex: SH44M. r52f!^V..? nd "* liroa 

_0 2 «jq NA\ (Mr nhare July 14 Sl«Sa"JS 

ji 3 4 61 F. A C. MgmL Ud. Inv. Advisers 
' <7u M Laurence Fount ncj Hill. EffiR OB A 
Q i )« 01-8=3 4*80 

-01 Hi CenuFd Jniy 12. . , JUSSS1 |. I - 
In i i ij ndelily MgmL <fc Res. Mai Ltd. 

-Ud s.jA p.o box 8TQ. Hamilton. Berrou'da '• 

C*k Ltd-¥ Fidelity .Vm .\a» .. j SUS2610 I +¥0V2I - 
01-340 3434 FMelltylnt Fund WTS2189 , | - 

J36 F«fe»UrPw.F± IL'gSOJf 

.1. 236 FldelltyWridFd. .| SUS15.12 1-0 011 - 

Eg FldeHty Mgmt Besearcb (Jersey) Ltd. 

+0 3 3 62 Waiqrloollro.DqnSL.Sl Helier. Jersey. 

+0 3 3 78 ^ 27561 

236 Series A flataLi. I [380 1.. , — 

236 Series B i Pacific'..- £3.96 I ... J - 

444 Scries V 'AnrAur.fi £L7.9ifi l+OA*, — 

- • J* First Viking Commodity Trusts 


I L Save & Prosper International 

r ' *‘ 11 ' Dealing to 

37 Broad SL.SL Helier. Jeroey U! 

* “ I'JS. Dollar 4tcuoaii oaird Fends 

sy.UA Wr.KKd.l«- 1917 ;»+o, 

ftt+.+moi Toicroal i»p"t. D59 111 

ns5 ’-“® 1 Far Fj.tcrnl W5 32 4900 

l 3 0° North Ameriran-t |3 77 4 M 

.sepro-t . 11438 1572, 

■so Sterllng-denaxalnatcd Fundi 


I'hannel Islnndiq 143 4 

rommotl — . 120 8 

St Fixed— . 11X2.3 
Pricei on July 17. *-j 


itol* 2295 2411 

ids* 1434 151.0* 

1208 127- 

1111 1181 
July 17. +-July is ■ 
JWcekly Ueafings 


-281 260 
-24 F14 


I U 70 ' 
-July 13. 


l+owl - 


Compound Grouth.1107 1 


8. St GeantCsSL, Douglas. Ij>.M 

0624 4882. Irtu. A X U. Du nbar ft Co. Ltd . 


Mngrs. Frontiers CL ECS 
B5 I'nlu Jnly 17. .. Q17.0 
Do. (Acc.) Job’ 17. 1262 9 


01-8285410 inv Trust Ford 1 

J ..I — Pro p erty Fund . ~| 

• j ” MAG Groop¥ 


Solar Casks 
Solar InU. S 
SoiarUanagedP 
Solar Prop 
Solar Equ* . _ . 
Solar FxdJnL’P 
.Solar Co»h P 
SotarlnU.P. 


Oceanic Tnixu (al ■« 
Financial ,lS9 

General. -HSB 

Growth Accum— .. I455 
Growth Income— ,362 


- m i r.°T.zz:i 


*02\ — 

r?l = 


Snn Alliance Fund Msngmt. Ltd 


Index - 24J 

Dreuas - . — . ».* 

Performance 57.0 

Recocery- 21A 


Three Ooam. Tovar HUl BC3R ffiQ 01-628 4588 . “““ * — ™> Recovery- 

1 | | _ Sun Alliance Rouro Harxham. 0403 64141 ExmpL July 1 


5.61 Conversion Gttwih 653 7 

920 Conronoonlne . ... 653 t 

Ming July 28. Dividend U7.8 12 

, lAcrum InUai .. 223 3 24 

lXA¥ European. 493 52 

*» fl °T« »2viS2!?— *1 2 

(Accum L'oltoi .. 610 fi 

37.DJ-02, 456 Fund of Inv. Tata.. B.i fi 

19.7 -Oil 3 92 i Accum L'nitsi- — 77.0 I 

483 -Ofl <88 General . - .1698 184 
324 -0fl 480 i Accum I'nlu). . 2641 28 

31.8 +0.1 9 72 High Income 101.fi 108 

22.7 -0J 386 (Accum. I'nltai - .. 1703 11 

— 8.3j 424 Japan Income 165 7 17 

JO 8k -tii 3.19 (Accum Unlit. 167.2 17 

61.fi —D.oj 4.47 Magnum . 2118 22 

2S 5 -8.2 5 91 (Accum. Vnito) — 2M0 2d 

593, .... 3 94 Midland...- U94 18 

„ i Accum Units. — 28Q6 30 


375 Scottish Equitable Pnd. Mgrs. UxL¥ a. Pall Mall. London SW17WH 01-9307807 
aJs S8S1 Andrew Sq_ Edinburgh 00 1-898 0101 ^vtnw3Jnf.;“E«« 2nl ' 'I 
786 Income Vnito. .. M9.6 5281 . | 534 + **' 1 180 


786 Acrom Uni to Bfi7 ' ! IS Fleming Japan Fund S.A. 

3.08 Dealing day Wednesday 37. rue Notrc-Dame. Luxrmhourc 

.b“ Sebag Unit Tst. Managers LttLV (a) J 5 V^* 75 — 

835 PO Bax 51L Bcklbry Hse.EL'4 01-3385000 vre * World Fund LM. 

2 13- Sebag Capital Fd .133 2 34 8,-0.3, 3 62 Butterfield Bldg. Hamilton, Bcrmudi 

JU Sebag Income Fd l»5 319,-01, 825 NAV June30, .. .. , SUSU3.76 I l - 


Sebag Income Fd. 1 30 5 
452 Security Selection Ltd. 


825 NAV June 30 J SUS183.76 I 

G.T. Management Ltd 


Schlesinger International Mngt. Ud 
41. IjMoUeSi.SL Helier. Jemcy 0S34 7JWW. 

SAIL (82 87, . 833 

<iAOL 086 0 911 ... 494 

'illtFd . 22 8 23« . 1196 

Inti Fd. Jersey. .. 108 325 

fiiCnf Fd Lvmtire JJ0 90 1147 - - - . 

•Far Ea« Fund - 100 105, . 266 

■Neil rub day July 10. 

Schroder Life Group 

Enlerpnxe Hnate, Fortoowulb 0705 27733 

lnleraatiaaal Funds 

(Equity 1185 126 0] +09, — 

SEqnlty - . . . 133.2 MX 7 +4.9 — 

I Fixed Inlcrrvt .. 137 6 1445 +0.4 _ 

SFived Interest. 18*9 111 5 . — 

CManaycd . 1305 U8.fi +08 — 

SMaaaged . .. .[llBB 126 3, +2fl — 

J. Henry Schroder Wagg & Co. Lid. 
130. Cheap-Id*. EC 2. Ol-SSSfiOftl 

•.'heaps July 14. SURU66 |. 299 

Trafalmr May3i . JVS11941 J - 

Asian Fd July 10 . JVSHJfi »« . 2,75 

Furling Fnd . . SA1 87 1 98] 5.20 

Japan Fd July 13 BVSJ38 7.t)d 050 

Sentry, Assn ranee International Lid. 


284.S +03 
108 0a +01 
1816 ... 
17£J +15 
1781 +16 
2266 -L2 


rS-^ S'S 1 5- 3 fit Lincoln's Inn Fields. wc2 01 lOl 8B3O0 ^ U>Bdfln & ~ F O Bov 328 IIximHon 5. Bermuda 


VnvIGtJlTR An 
UnvICthTattar 


■tYoen tote H*e.. Woking. GUB ttW MW29033 JjM-3 


toLB^i3i J isi!. , . l -P 5 U4 05 3 ' 1 ' 1 = Canada Life Unit Tst. Mngrs. Ltd¥ Herar - — 

San Alliance Linked Life Ins. Ltd. 

Son Alliance Boose. Horaham OfittHUi n. r^n Arrm. MAS aM -nil ata l Accum Cnitol 


- Bang'd Fund Acc. IM2.7 
ttang'dFd Incra. ., 102 ? 
Want'd m toil _ £«0 
Eq-jftv Fd. Ai-«r. ._..W9 

- Equity Fd l.icm. . (9? 9 
' Equ1t>' Fd.Init -WJ 

Pro pert « Frt Acc. - . par 
4 JToperly FAlncm. WJ 


Manaced Bd *** .. 

Fd. Bd>": 

RecoiTryFd. Bd *..tt35 « M TS"?] ” 

American Fd. Bd.*.g9 Si Jj *#-fl — 
Japan Fd Bd’..- P-1 , . W fl +D.7 - 

prirc«- on 'July S- —July 13. •—July 16 

Merchant Investors Assurance 
125. High street. Croydon. U1SB601T1 

Property- | 154.0 ■ j ~ 

ProDcri>' Pent. I 161.0 I • --[ — 


Proaert} Fd Toll 
• ;.invTW. Fd Acc— . 1032 
-jpv.Trt.Fd Incm.- 103 J 

* Inr T»l Fd Inlt. - M2 6 
1 Fixed Ini. Fd. Acc.. ?JJ 
- Fad Int. Fd. Incm.. 973 

• -tiacFl Fd Acc 114.4 

Inter' I Fd JwuL- - J14 4 

.. Money Fd..kec. - 98 1 
' Muncy I'd. Incm . — 961 
Ulrt, Fd. Incm. 1£1J 
. Crown Brt. Inv.- A'.. (1553 


1024 +05 
1024 +05 
120.4 -0 2 
120.4 -0.2 


_ Property- 

Propcrtf Pen*. 

ii m Equity- — • 

_ Equity Pens. 

■ oj Money M«ta« 

_ Money Mia. Pena 

e tv Deposit — 

7 ea Deposit Pena. 

Managed.. 

Manaced Pew 

InU. Equity •- 


r Crusader Insurance Co. Ltd. }nu Egujgjj- 

; “Tf 31 MB. ^ S-UJ 

.* Eagle Star Insur/Midland Am. i 

' l.TbreadiweilleSt-E'^. 015081212 NclexEq Accum. ..UJ3 7 1 

• Eagle-Mid Unto - -152.2 54 1, -0 «, 6 06 Ncjex Money Cap-fOl S [ 

'Equity A Law Lite Ass. Soc, Ltd.¥ NeiaxGtbinccap.. 

' J mcrxtiam Boad. High Wyeoabe _ NM333T7 I 


SHI 

I -1*1 Z 


• Equity FU -.. . . 
Property Fd .. - 

Fixed tolereUF. 

' ritd Depwit Fd . . 
■ Mixed W . - 


m-«| r gsisas.a?;-: 

U42 +05 - N«t St 

1046 . - Far New Caw 

116 H -0 — UethedUW 


Sm. Alliance Linked Life Ins. Ltd. 

Snn Alliance Hew<e. Herxham MttMUi d* g*o. Areum 1466 eqjl -o 

Equity Fund-. -.11187 125-3 -LK — De.luc.Ditt . ...133 4 352,-0 

FlxedlnieretlFd... 1055 1112, . — Da. Inc Arc am |43 7 468 —0 

Propcny Fund- 109-0 114JH ... — 

inMroaUanai Fd 1085 114.0,-0.7 - Capel (James) Mngt Ltd.¥ 

BaSjMr.::B& ffll-d = iSS!3 BrarfSt : E g N ; !BC 01 

Son Life of Canada fU.K.) Ltd. Imocw . J79.4 . ” 

2.86CoekapnrSt-SWlYSBK 01«O5fiflO Frte " 0,1 Jubr ,8 ' Nm de * ,,n? Au 

sssisixMS 5 i.-i ui » r • j - *** Fi »««».■■ u*? , 

S'ueS-':: 1295 -4 - MflboTO Hroro N^tle^pOTTJTie 

Target life Asatirance Co. Ltd. Do. High Yield MLS 44.0, .... 

Target House Catebein* Hd.. Aylroburo. Do. Accum. Unto-. lilt 543. . 
Bucks. Aylesbury (0280) W4I Next dealing date dale July 3 

SEMfe-— 5i7°3 SSI -■ = Charities Official Invest. Fd* 

ft.WofclJSi ■ U66 : - 77L«Bi(mW*ll.EC2MDB. 01- 

Prop. Fd {S.:..-: D9.0 . .. - rneomeJunea— .[U2.4 _ I ... 

Prop Fd. Iitt 1080 — — Areum. Jtuw20>... 1253.1 — I . . 

Fixed I||L Fd. Inc. 100 1 105.4 . . — fiH.’nauth. Only available to Rag. Ch 

ni ^ -id — Charterhouse Japhety 

RctJlanOjp.TJro.. 598 <*J3 -D.8 _ l . Paternoster Bow. EC4. 01 

mi in! " ' " CJ. Internal 1 ,23 fi 2SH+0. 

StfgXSZ*- mi Si" ^.v. = 

ciiiProcap. _ „ha6 im.i] +oi _ xS »a : . 


\ 77 Stewart Unit Tst. Manager* Ltd. (a) Anchor uik Edge . C956 
5.S 45. Charlotte Sq. Edinburgh. 03I4BSS327I 

3.74 TStmri American Fund Rerrj'Pac Fd . _ _ sv 

7 “ Standard Unite - . M3 9 68 U . I 142 Beny Par Stifig.. . 296.0 

7 -g Accutn. Unit* .. US 8 73 « • J - G.T. Anfl Kd. — # . .SHK9J 

J-35 Withdrawal Uniu. ,51 0 545,. J — G T Asia Sterling. . 05 D' 

f|| >S i cw«t Brlttah Capital Fund r T fgttU- >3 d 

SH Siondard- — 0351 1466, .., 410 fiJ'JKllHl?— - £i 

a 20 Accum Unlta. ..,1548 1680, . [ 430 *2~ T * aH neF 1:- - SU 

420 Dealing tFn -wed Garonorr Invest. U 

Sun Alliance Fund Mngt. Ltd i Si. Mxry Axr^Ddou.i 

18 s”” ""-SST* •“*»' IsSTST-JSlS iSPmM 

■I ffiS-d si Esaw.";?* K 


uria a gta r m hihi a : : 

L ... . _ . spec tali rod Fundi Sun Alliance Fund Mngt Ltd 

Cape! (James) Mngt Ltd¥ TruMc-c . .JWJJ 1K.4| -O.fl 6« SunAUIanceHro.Horoham 0« 

100 Old Broad 5t. EC2N 3 Bft 01-506 8010 'ASSCiflJH.'M ' m "S-f .frS Exp Eg.Tn. Jly Jfl£214 0 225 fl . . 

as k-s. ss -j ss ^.a ^-02 

* 8 " -s *A* f KS&Wi: A mi . 1 I” “2«w 

cariiul ■ Unit Fd Mgrs. Ltd.¥ UtM O MannUfe Management Ltd. ^wSSSSdJS? 5 «5^02 

Milburu House; NcwrasUe-upon-Tyse- 21169. St George'* Way. Stevenage 0438 56101 Target Financial- . 595 Mfij-O.B 

CariM-- — -..-...MU TLfl 480 Growtn Units. |522fi 5521 , 415 Ta-^rt Equih .. 360 -03 

DO. Areum Unit »+. 1*38 -_,is3 —i .808 _ Mayflower Management Co- Ltd ArcUnSs “ a*" Mti . 


Vyf Tel- 01 J28 ant -TL» 898)00 

231 London Acewn ter 

Anchor -W Unite-.. 1DS9 « llld 
(a) Anchor Ulh Edge .1956 9 73* . . 1 

Aarnor Int. Fd tUMM 4.»q 

“** Aarho.-In.Jay.Trt. 9.9 296 . . 

Berry Pac Fd . _ _ STS48 87 
142 BenyPaeftHg.. . 296.90 30992 
_ G.T. Axis hd. — ...HffiWi 1102 . 

_ G T Asia sterling. . 05 07 16 17 

(i.T. Bond Fund .. SUSX2.B81C 

4 30 S I£?i I 5 r J d - - 51**720 

130 ITrarlfleFd.. .. SUSUW -0J5, 

Garanorr Invest. Ltd. Ldn. Agts. 


i2.St.Muy -\xc. London. Era 


.‘ Managed Fund ... W-'SLTW 1W9, | — 

13 05 Singer Sc Friedlander Ldn. Agents 
214 211. Cannon ht . EC4 01-2480648 

2 W Dekalonds . . .. IPM2591 Z7MJ+0.1OJ 622 

0 81 Tokyo Til July 3 | 5US37O0 , I L68 

0.97 

Stronghold Management Limited 

5.73 PO Bov 315 . Sl Heller. Jersey 033^71460 
0 70 Commodity Trust . pi 10 95.90, .... , — 

L0* 

>. Surinvest ijersej') Ltd. (zi 


Ol 283 3331 Qiin-naHac D"n Brt S' Heiier.Jw 053427348 


Gartmorr Fund MagL (Far Evil Lid. 4mericnn Ind Tst [1120 8571 >019, — 

1500 lIuichlMn H*e. IO Bareoun ltd. H.Konc CopperTruu . D.DS2 lL07|-0 K, _ 
HK4 Pac. U.T*L .»!B3ja J3S . I 250 Jap. IndcvTsi |i3241 12661+022, - 


352 Japan Fd ln51M» It 

X American Trt. .ftt’SLOtt Ui 
InU Bond Fund _. .|S17QU15 It 


c * rtn “* r H ri vrtm ent Xogt. Ud 
*0-31 *0-21 3 65 I pn Box 32. Donelan. toM. 


^ TSB Unit Trust Managers (C.I.) Ltd. 
BagUcllcRjl .St. Saviour. Jersey. 053473*94 


Do-Hlgb 44.0, J 827 j4.l8Grc*bamSL.EC2V7AU 01 -«8 8080 Targ« Gilt Fund " 115 6 — - 

I pp. Accum Unite— 1516 5LI. J 827 Income Ju!v J8 [1BS9 1115, -L9! 856 Target Growth „ . 281 30.3 -0.2 4 

SSSBiUllfMlZbo* 7 * 3+051 5.49 nvSxMLy.. V* »J -J»J } 

Charities Official Invest. Fd* Merc ary Fond Managers Ltd. ?2£«S£ "*i2.7 isl =02 3 

r 7 ] 1 ^ J* T S' ZC nr^ ? B 01-808 U15 30. Gresham St, EC2P2EB. 03-0004555 TglS.jSy Ifl.Z" 1584 166fl . « 

SENSES an“ 'Emi “ I '"' t70 Kerr. Ora. JulylS..[ira,4 204 7, . „ J 4.45 Tgt toe 292 -02 8 

Charterhouse Japhety Mm L ExUun«ar" ”*1 s?l g JJI Taiget Tst Mgrs. (Scotland) (nHM 

1 . Paternorter Bow. EC4. 01-3483080 A ccmUu- J«ne28. .RS55 26601 ..!.J *56 10 Athol Crexcent, Edin 8 031-229802 

CJ. Internal 7 IBfi 2Sfi,+D.« 2JH Midland Bank Group TxrgKt AirxrrJEagJe(276 29.J3 -021 I 

^S^Si* 5 ' 'll Unit Trust Managers Ltd.¥ fa) S? I*? kg' 


856 Target Growth ™ . 281 

5.49 TarmtlntL... 272 

Do. RelDv. Units.. -296 
.. Target tor 52.7 


Not- Sub. day July 25 

For New Court Property ser under 
KrthecMM Amrt Managmeni 


“ESo ind " " CJ. Intern all. - . 

SSR 5 E 5 SE? 7 -p;i vfflm z • 

Gilt Pml C ap - pZ2.fi' lM.fl +oJ _ Cjl&Fla'; - 

Tnmsintematiomtl Life Ena. Co. Ltd. iWA 
1 Bream Bldgs- EC41W. 01-4058407 Arcum Cmta _ ■ - 

Tulip Invest. Fd (MLB 1*95, . — Prices July If 

Tollp Maned. Fd—. 112.7 US* . . — _ , ' 

Man. BoqtfFd. . 1186 -122.7.... — Chieftain Trui 

S£p5S.aSS:iSi SJ:::= 

Uanfifed I dy Fd . WO 1016 .... — nSPrSSiU" ~ 

MngSanrVdLAcc. ,96 7 1017,.. — S.fiiSSSfSi«i' 

Trident Life Assurance Co. Ltd.y 


— I Areum. June 20-... 


dUnauth. Only available tu Reg- Charities. 
Charterhouse Japhety 
1 . Paiernorter Bow. EC4. 01-3483000 


-0.B 
387J -0J 

2zea . 

Sf 3 -o.i 

383 -Q.2 
-0J 
31.8 -04 
353 -0 2 
1667, .. 
31.4 -DJ 

na:“ 


3 « pS^ai'BSStotiiSr” w 88B8WI jSSEB? 4 a-*IS* SSj 158 

J-g Ganmore Inti. Inc. Z12 Z2.6, . .. | U 90 “JLi V" 

Gartmore IntL CrihJfifiJ 706d i 3JH fY1e ” jB .'T 13 sp,<l wb - “‘y Jul > “■ 


J H P.O Box SSL Douglafi. loM. 0024 33911 

J-g Ganmerelntl.lnc.R12 27.6,..., 10 90 

Gartmore IntL Grth]66J 7064 1 3JH 

til Bambro Pacific Pond Mfont. Ltd. 
380 2118 Connaught Centre. Hone Kong 
479 FarEartJuJrlB — ttHH2.» Hi*j-0Z1J - 
169 Japan Fund.. [JCKIU Ufl . I — 


169 Japan Fund — LW . | 

3« Hamtaros (Gnenuser) Ltd J 
4 29 Bambro Pond Mgrs. {CXI Ltd. 


*56 10 Athel Craceat, Edin. 8 

2S«+D.a 2JH Midland Bank Group Tara* AraeriagisR7.6 29.M-02, 1* 

Si ? » JS 35 ? SniSSKrll sl iS“ 

28E . . .. 434 Courncood P™*"*. Silver Street, Head. .... .. „ 

SI+01 «J4 Sheffield. Si 3RD. Tel 071270842 Trades Uuoa Unit Tst. M imagers ¥ 

|JJ |J6 ConanodiO'J'GfiW-.toS 7S. 9, - 526 too. Wood Street, EC2 ' O1-8Z8801 

HWrf*star =# sl: {« tuotw -— w »4.. i « 

... Do. Accum mb 3 85 Transatlantic and Gen. Sec*. C«.¥ 


3 -BJ | llS P-O. Bn 88 Guernsey 0481JB521 NAV par share July 17 SUSM.0D +0.1 L 

a : i a 8 aau ju - a Gro 

trn 2MW2D2 *A- sui So 5 ' ' US P-O- Bo* 1=58 HanUUen 5. Bcremda. *2789 

Int. Sega -B- SUSU3 ljfi, . . 250 Ovemeaa July 12.. . RUSLlfi Lffl .. . 6 00 

a ncl isn Price* on July 18 Neat dealing July 28 lAccum pUFUB lg .. | — 


Tokyo Pacific Holdings N.V. 

InUmls Management Co. N.V. Curacao 
NAV per share July 17 SUS0I22 +0.1* 

Tokyo Pacific Hldgs. (Seaboard) N.V. 
Inn mix Minaeement Co. N.V.. Curacao 
NAV par share July 17 SUS44.60 +0.1 L 


!9.M -02, 1 42 
42 S -05 5.00 

63 ^ -0.1 1051 


Henderson Baring Fund Mgrs. Ltd. a-weyint Juneaa 


Areum. Units—. -|33 0 .35.7,....) 356 D&Accum BZ3 

Prices July IS. Neat dealing July 2tt Growth — 372 

Chieftain Trust Managers Ltd.¥ia),g) capitof um - • 287 

USew-Sl EC2M4TP 01-3833832 Pf„^ urn - g-J 

Aaerlcsn - .. __ kriB.0 24 7,-flifl 164 nT^um 

HlKh Income - 405 43.B 9.48 R5-*f 7” U 

toiernatkwalTa. . n«-7 265* -o.| 3 19 .7" 516 

Basle Resroe. Twfttl 2911 -0J 455 -"-IS* 

rmhHantlmi finnilE IMint Ito-AcCtMU ■ - ■ . 65.8 


Transatlantic and Gen. Sec*. C<l¥ 


rmgeray .mu' 534 

01^80011 JuIy’lS'^w dealing^iie JoCy lV fiS" ”S? . ' 

5H .. I 536 B SrS> D M«2i pw™P S,°W . r-c io ni i • f-SSanJwroai-... W 0 865 

C — . r.1 f*L Juft- 13 .51. 6 10.01 1 Jew Fd. Jul Via .|W3« 205 2 

*■ suciittive of any prelim, chargefc iNonJ Are Ute i .12738 2904 


325 pt-gp Me*- London Rd. Chdimdord 024551051 1 HUl-Sunnel & Co. (Gnernsey) Ltd. 


TheUnion Discount Company 
of London Limited 

At a Meeting of the Board of this Company held today, 
’ die Directors declared an interim dividend of 6 - 375 P P** Ji 1 
Unit of Stock on account of the year ending 3 1st December 
1078 (1077- ft.5p, this being the equivalent of 6 - 375 P on tlic 
increased capital). This interim dividend will be paid on 4th 
; September 1978 to Stockholders whose names are on the 

• Register at the close of business 011 8th August 197S. 

The Company experienced difficult trading conditions . . 
‘ in the- halfyear to 30th June 197S- Interest rates were 
^ihrivelv stable in the first quarter but Minimum Lending 
■ifiaic mcrcased b\- 3 in the second quarter - and as a - 

■'consequence the prbM’sions for depreciation in the value o 
cheljortfbjio exceeded trading profits. The six month 
period compares unfavourably with the same period last 

year. _ 

roT/TJicUjiionDiscoiimConipanyofLondoiiLtd- 

• ySj LriidniyTS- 60 C^mhilL ^^^ E C3V3NTf.Tc^,^6JJ41 __ 


6 45 Borblron July 13. 
6.4$ lAeeuat Units.) . 
234 Barh£xnL]UM28. 
2 24 Buckm. July 13 . . 

8.27 1 Accum. I'nlu) 

027 ColotaoJuly lfi 

t u I Areum Units! 

U Combld. Jute IS 


High \ laid 1375 145.7 +L 

Gift Edged 120.1 122.1 +fiJ 

MowsTZ 1232 121.8 +01 

IqtrenaUonal 101* i"5 +0J 

Fixtal 125.0 13M +0 < 

Growth Cap- 1235 1506 +U 

Growth Are 1272 134.7 +1J 

Praiillngd. Cap .— Ill 9 1185 .. . 

tettHniM Arc... UU 1235 ... 

asc&iim 

Trtt-Bond- 35.9 37.9 

•1781 GJL Bond... ,975 - .. 

•CMb value for 6100 ptwndum 

Tyndall Assa ran cc/feus i on* V 
18. ranyneo Road. Bristol 7t£. 

3-WayJolv li ( IM!* ,. 

Equity Julr 13 , 1661 , . ... 

bond July 13 . ...| 1660 , 


Giro July 18 
fAeeum Unto 


■He 


y. z Gr^F^ : 4*5, :.r*sr " 5 wssr« jss* ^ i” r ,„ lft 

- Cocnopoiitan Fund Manager* Minster Fund Managers Ltd. S&m&ffw 

In ~ „ L- .... 34 tnitcr Heo- Arthur St . EC4R0BH Marlboro July 18 

Tri — 8i Pont Street, londoaSWlZOEf. 01-2338323. 01^23 1050 (Areum Unlui. .... pv i 

,8n ■" Coflmopoln.Gtb.Fd. ,17.6 1981-05, *JH uinnerJuly ID— ■ |3*5 3651 , 6.02 VanJ^rth. July 16. S04 

S? - Crescent Unit Tut. Mgrs. Ltd. ,*Kg) fcW VStiSgfrjM 

?S — 4 BfeMUeCrea . Edinburgh^ 03,-2284501 ®IJl Unit Trust Mgenmt. Ltd. Vana Toe July ]».. 433 

:iJ “ dLcfiatCroilh-Pa »2HT«« 01deuren^n«.3WlH MG. 0,-830 «6 

... - Cwn-totentori.— 0.6 42J -Qj 0.75 SlLA Unlli i-.--.W4 43 5,.. | <14 WldrtJulyl3. ... - 

. _ cre..Hi*h.Ditt.-. 0.9 6* Mutual Unit Trust Manttgers¥ (■)<*> Jah i* ' So 

r SSt 3^.?-;;B2 IIS i5.copata»Av6.erai7Bu. oi«a«03 76? 

' - Discretionary Unit Fund Minigcrs Sl jl !! 

uu Dlsetarome.. .- (MOJI 37071. .4 535 jv*tioRaI and Comroerclaj tAecuc. Uniist 

y E. F. Winchester Fund HngL Ltd. 31.SL A ndrr* Square. aUBbundi 031 -550 0131 CapkqlJydj'l* 

<****« Si^SSre., 117.1 W w TiST H". ffi 

J ” KiMvmJu *W"H f3BSirt2w-te iSI ■ :::. 1 m 


677 laCanynseRoad.Brirtol 
858 income July 19 — |?B8, 

( Aequo. Ujilts' 

■0141 Capital Jute IP 


789 x 4 • 
1224 . 

882 a 

103.1 .. 1 
154.6 
1624 . . 
54 0 + 8.9 
591+0 4 
57.fi . . 

74 J ... ,j 
540 ... . 
61.6 . .1 

535 

652 . . 

76! 

45 .fi +05 
* 7.4 +05 
644 
76.4 . 
692 


Gill Fund July 13 
■Accum. Shami.. 


*!* B LtFebvrc St. Peter Port Guern W Cl lAreum.Sht 
5 07 GuanueyTu .. ..11505' 1610,-10, 3 61 Vlrtoy H«n«. Dauiflaj. Ixteof Mao. 08S42411L * 
4 .% Hill Samuel Overseas Fund S.A. v,anai:rd Jun '- II ”* 13441 1 " 

S-S 37 Rw Noira-Dame. Lux ora bon rc I’td. Into 

IS WSIM mai-DHI - ,4 M u!r », l 

721 International Pacific Inv. Mngt. Ltd. R 
751 PO Box R237. BO. Pitt St. Srdnv> AUrt. 

HS Jarolio Equity Txt I3A2.M tiW I - United Sl 
3.11 J.E-T. Managers (Jercey) Ltd. i*. Rue au 


L*td. IntnL Mngmnt. tC.I.l Ltd. 

14 Mulrarter Street St Helier Jmq 
I'.l R Fund [R'MJOII ULH, . , *06 


United States Tst. IntL Adv. Co. 

14. Rue Aldnngrr Luxembourg 


3 11 PO Box 194 Royal Trt. Hae.. Jersry0534 27441 U.fi. Trt. Inv Fnd . J 5M.59 |-0 10, B.94 

>■*• Llenuer tCvtrnl Trf tin a i+enl 1 _ Net BMOt Jull IB 


,2? Jerxw ExtrnL TaL..{174.0 185 01 1 - 

' ' gjx A‘ » l J“or 30- Next xub day July 3L 

+0^ 661 Janfine Fleming & Co. Ud. »- ” 

*02 6W 40th Floor. Cmtmracbt Centra. Hong Koai; 

• “ 7 Janllne Exta Tst .. SHK293.94 ... *36 

J-* 7 Jardlnr Tpn.Fd * „ STTTC3532I — 100 5 n 5T'»fj • 

JS JardloeSE.V 3UH6J9 ... 1*0 2 

Jardlne FlemJnt . SHKlass - MorcEbdFd 

InU Pecllic Secs. -- sbkiuj .... — 

NAV June » *Bwl\a>eitt ft’RSflv. Waii 

fltib. July 14 j «;h! 


Net asxet July IB 

S. G. Warburg & Co. Ltd. 

30. Crmhara street. EC2 


iv. Bd. July 18. 5US967 +001 j- 

iRy.Int July 18 . SUSI7.78 -017 _ 
M.SFd. Jime30.. • SUS75I I . . . — . 
i-rcEbdFd Ju1yl+ H5UH lUfij ..03011 


+8.S 5? 1 J Keyselex MngU, Jersey Ud. 


"Z | GtWlBch'er 


01 -fW 2107 InsotneJ 
I S2\ fAeeum J 
|5J opt. Jui: 
1 iAKum.1 


31. SL Andre* Square, Edinburgh 081 -5900131 (Aroum Uniu 
toflOOwJutelS • — JH5-6 15 US .. | 6L2* (AecunLLn, “ 


423 ] POBoxBBRt Heller. Jersey.. (Eng O1-6O07OFU CMTprt June 28 


Warburg Inreot. Mngt, Jrsy> Ltd. 

I . t'harlnc Croyv S, Heller. J*y a 093473741 
CMFUd June 20- Bl'SUJS U«l ..] - 


lute 12 1455 

Unltfll-.M... 1994 

lv IS 127.0 

toil*' 2594 


6.24 

'Int Earn July 18 
* “ (Aeram. Unltel 


+u; — nmyi” |FnUM mi 

+fa 1X1 BoodMle*.- . gluts 12&0 
+0.6, — Keivelex Int | .. ..£664 7 46 

5.17 Keyselex Europe.... C3.44 4 45 


[Cyeas Inv. July 10 

[Wn.FnJ.WJalj-3. 


_ Japan Gth. Fund.. 
7JU Kwrelex Japan . 
— Cent Ammo Cap. 


vbm no 
03.56 150, 

1134 67 


Eqnita* Secs. Ltd. (a) ig) NPicsrw Tiw-'pi iKfl ' ".1 2 I 

hsebf,' - a i--r= ssssr”w. -a Jars '^sSrj &%#3 

Vanbrugh Lite Assurance Equity* LawUn. Tr. M.¥ (oKbHcXz) National ne*tmhuter¥fa) 

41-43 Maddox Si.. LriB.fflR OLA. - 01-4B94&33 Amw 1 **® Rd . High Wy-eooibo . . 049«339T7 ip], rheap! ud ''W~l' fiEU. 01-8M 6ft 

Managed Pd. ,1463 T5»fl-06, — Equrty&taw... ,65 9 Mfl-O.fl AW Capitol tveumj. -jj* 7 3SI “2- 

EoullrFd .'0305 2C.7I -ill - rnmliaWm TMt «■« I tA (~i . Eml?r W-f rf.8 -0 


imSl%Sd" ' ’ ' Sai-' ■' ire'll -li ' I FntwJinfl 
fixed In tern F^."- *2? “ Iro Laori 

c2E?ssti.^;B5i . isl : i - ssstng: 

Vanbrugh Pensions United iSEo5i» 

11-43 Maddox SCLdiuW^R 0LA 0I-W4Bsa DO-Accma. 


FnunUngton Unit MgL Lid. ra> • pgSidd... 

5-7, IreUsd Yard, ET4B 5DH 01-2480071 Cro«7l>lnv 

M 377 fSSa>)&SF=Bi 

Income Ts — -- 1«.8 m*3 . L94 UN|re*wdFd.(dl — H i 

lot. Growth rd. ,... IOM UfiS .._. 257 NEL T«I 

DBAccwa .M3.0 123 ■< ....j 2.57 MlhaaCour 


Seat Inc. July IS li 
> go tomdaa Wall Group 
27 Capita) Growth 
a Do Accum-... 

Extra Ine. Growth 
Do. Accum . . 
Financial Pt'rt.v 
421 Da Areum. ... 

7 0 Hl8li Inc. Priority 
5 M International 


j tfl Metals TN June 18. ft 12. 17 12471 .. , ■— 

_ TMT July M . IriTUS Ujm ... — 

TMT Ud. July 14... |£18J6 1063, .... | - 

l n World Wide Growth ManagemeQl^ 
- Ida Boulei-ard Royal- Luxembourg. 

Worldwide GUi FJ1 SUS154* 1-BI71 - 

NOTES 


5J5 Special Site. 
9-55 ipen n.it 


205 -02 
665 -o3 
33.1 -0J 


— Pricex do not include S premium rice pi where Indicated f. and xrc in pence unleu otherwise 
10.00 Indicated. Vleldi fii (thOwn m test columni allow for all buying expciue» a Offered price* 

— Include all mrpeasea b Tb-daFiprleev e View twednnoIferpriea.il Estimated K Today'* 
opening Price. 6 Distribution free of V K. taxes, p Periodic premium insurance plans, a Single 

8.89 premium liuuranee. x Offered pne* includes all ngnm except agent's eommlwion. 
809 y OOprrd price Includes all expenus If boa phi throacn maiujccrs. i reevlous- day's, price. 
2.78 ¥ Net of tax on realised capital jam* unless indicated by 0 9 Cuernwy pw, # Suspended. 
I 5.14 • + yield before Jerfe>- lax t Ex mbdlviamn. 


gsag^ 'Si w.a:Sil - Fri « d ?' p T imSL ™ ^ » 


ris^inSettlirlit.I ML*+0^ - Ftab»BiEnd.I>prfcirit 

ProSr§C3nr..|97J wSI+oil - Friends Pro*. LU..W.6 

Guaranteed w«1h.9h* ubto DaAmuu 155 0 

Welfare insnranee Co. Ltd.¥ CX U^t Mai»«er 

Tbt Leas. Folkestone- Kent 8308*7333 "/rwE "**”* Sn 


■0.1 — mhsoiEnd,Dorionc. 020850*3 

•oil _ Friends Frw. UU...WA «h_osj 472 

(■ table. Da Aceum [H,0 Hfl-OSI 4-22 

i G.T. Unit Manager* LttL¥ 

030SST333 Id Finsbury Circus EC23I7DD 01-8288131 

3 S!sa*i! jh-ih 


boU * 

Windsor Life Aw- Co. Ltd. fh° - gsj 

M^Hre.S^^wiqdw WW 1?®.' Ult 
Uislav, Plan*... — |693 t 72^. | ut FourYdsTd 5*2 


tote liiv. Plan*.. - |693 . Ui 

fSffiSffiSfi;:: S:B . - e. 

R«.At5d Fen*. £25-65. .... — 

Ftax. tov.Growtb.- 1K.4-— 1«»| -.-4- - f: ] 


H? -ra 5.« TSB Unit Trusts V) 

has VeJretwl Fd.(01..-.)fi8.6 fifil)-05l 122 31. Chantry Way. Andw«. Hants. QZM8U88 

SJ? NEL Trasl Manager Ud-¥ faKgJ ' Denllnga re «2« IB«B4 

?-& C0 “ rt ' DerW IS6" rPv u7i 06) g? 83=81 ii: 

-08) S For Mwmgtr* 144. TsaseoWsh. hno ffiS-oa jas 

-itl 4 22 " fiee R othschi ld Asset Kaaagempxt cbi Do. Accum.- — - ,894 9fi.7| — oc] 2JB2 j 

Norwich Union Irumrance Group (b) Ulster BankV (a) 

01-828IU31 r tr »« 4. Norttficb.HRl SNG. 0803=2200 War, nfi Street. Beltatt 023233=31 

° J 3 Group W5-6 361.71 -1.6, S.W ibltTiter Growth 137 2 J9*| -041 549 

• |S Pearl Tni J M anag ers LttL (iKgXs) Uail Account & Mgmt. Ltd. 

IS jEiSSRjE 1 " » m “iris, 1 ^SSS£SSS!m 

. ■ sa Sr*; ::f!. M~M I m* ris 

liO PSri toit-ftt. - .5*9 17^:83 2 m Do Aceum. .. . .ffio 369,-oa 033 


0=3233=31 
39 9| -0*1 549 


. ' 4.M ftSSjBp"" pi 6. li'S-ofl 7ii ^lolerGrtt.Fnq. |»J 

*53 • ^ fSril'pitTtt, JT.S :8 a 5 04 Do Aceum.. - -Bo 

5761 -. 720 .*«„* unusi i .. RJ. *86| -osl s.w wider Grwth Pond 
. . PellC8U Ltd ,gM*l . K hi« William Si EC4H0AB 

-2=77-227300 81 FounlainSt Manchester 08I-238508S InctmeL'nlts . B0 3 
34 JI — IIJJI 481 Pelican l Oita -lm . 383 Accum. L'nka.^.-®4 


H2 Pearl Unit T«- 
720 .\ceunv Units) 


12 Friars fixe. Fund.. 1570 161 Ori .. J 

•5 WoterGrth.Fnd. 30 3 Jig+od 

04 Do Aceum- ■ .050 36¥-07, 


C. & A. Trust <«) (Kl 
3. Rwlcich Bd F-rcnreood 
.—|32J 


. 01-094(61 
319t-+afl 423 
369|+0.fl 03 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Aw . r.":‘V a*.u • Tel: 01-283 1101 

Index Guide n at 18th July, 19?8 (Base 100 a, 14 . 1 , 77 ) 

Clive Fixed Interest Capital 129.77 

Clive Fixed f m ere st Inrnme I 15.7Q 

CORAL INDEX: Close 46M71 

_ INSURANCE BASE RATES 

t Property Growth 10} % 

t Vanbrugh Guaranteed fl.25 1 ^ 

- Adlivns -»hnwn uudi-r fMirDitce* jnd Propt-n^ f^om) Tah> 


. *L 


?iP -rus v 

,o>'- 


40 



FT SHARE INFORMATION SERVICE 


Financial Times Thursday July 20 1978 
POOD, GROCERIES— Conk 

J«-«rt Kv I 
Pri « | -r-i »* 1 


19TS 
i IBfiii low ! 


valuers 


BONDS & RAILS— Cont. 


BANES & HP— Continued 


BRITISH FUNDS 


1878 1 

High Ifl* 


Soek 


u oii Yield 
£ 1-1 lull Rrt- 


9** 

105'; 

°? 

«7" 

'204;'. 

%*; 

10V 

102 :; 

S3’; 

9b*; 

uou 

106*4 

9]'' 

101 a 

97/ 

lOoi 

S7-’ 

97.1 

111 ' 

99’; 

8 b’' 

115: 

■ 

*» 

20Cv 

<>■1*4 

9b’.: 

S5‘j 

11414 

iao'c 


“Shorts” (Lives up to Five Years) 


98% 
IBljL 
94a 
95 '< 
99“ 

94- ’« 

to,i 

92 ■£ 
,93*4 
103'.. 

OC:'j 

S8>4 

95- r 
91'; 
94*4 

as-'.- 

iP 

S 2 "c 
10b * 4 
04s 
895; 
? 11 ; 
91 5 s 
991 , 
79 "c 
100:.’ 
89 ; a 


45 

BV- 

87', 

89-« 

- 6 S*b 
75‘a 
315*4 
89 ’j 
30b": 
75i; 
li r^i 
96^ 
■iu 


Jioy 

320*4 

128': 

31*5 

S9". 

IDA 

wj-. 

“5 

□ 1 -^. 
OQI, 

331 *; 

317^ 

50 

115'. 

9a?, 

86 '. 

72*4 

335'-: 

971.’ 

901; 

%i 4 

51 

7a 3 

9b 


171 * 

37': 

39'. 

28S; 

£41; 

24 


43 

SOU 

8b'; 

77». 

79>, 

Mb 

b4>4 

101 s : 

771; 

63'i 

S£ 

97’. 


9b'; 

60 'a 

1041; 

VS’ 

7b 4 
a; 
4?.i 3 
SCii 
«Wt 
7b"; 
1141; 
101 s ; 
42'.. 
lCXT; 
55 
7451 
60 

1181. 
93l s 
771, 
83>4 
34 Jj 
b"|» 
47 <8 
62'; 
.931* 


Back 5pe 18-782.-.. 

T rwjarf 1 1 -■ 

Trcj. ".t\ 3pei92 
EcUm. vM 74-75 — 

Trc.Ti'jr. lyjt - 

Elc ’HI- :»■>!*. I'J-?' 

Tr.’ iciij 1*1“. 

Trttiu::\ Hi- 

Tttf.vJin 3*;nc TT-Oh 
1 u:id:r.i-.ii«i»- TB-B'iS 
tv-lmUM' > 3 * l'Utt; 

TrcJ.nr.-n.T-: iWt: 

Irca-iiir- SyK 1975*1 
TitiuScftiS-: 1881“ - 
Cuh S 1 ,?- !Wi 

EmHPux MM-- 

iRvii .Inc 1*1 . . 

Tms iitn.il4c 81# - 
Sun l&n Will 

Tr l -:i.si;p.--siuas; 

Tn.-a.ut:- 3pi 32*t 
IreKureMpcSS; .. 

IVectSw Variable 10# . 

Treasury M*pe ft!-. - 
EmIi.SGPi W£t .... 
Fwl i .<Mh.:S62\.— 
bVh.fOipc ISt! 

Eu-li jpt* Kt . . 

Trcanny I2pc I9A$2.-I 
Treasury R.p*. IK — l - .. - 

Five to Fifteen Years 

Evhl'ijw'W'ilopd * 

Fundi ifc-.-.lv 824HS 

Iir4-.:n 

Kiin-it.iib'.-oc H.MT'ht- 
Treasury T-.pc IfrSSft. 

Tra iwnret 3pc T 8 - 88 .. _ 

Trca- lr- Sri: DW® . — 

Trea-uiylV 19903— 

Tr?j>urvS l .8790±i „ 

Th-:.4ui>_:ijpf l&l... 

Fuartin-.-.Vip: ff7-9l“- 
Tiwury [•.*!»• 7CS-. 

Trerhun IMpt- !S91- .. 

butt 5- 

Over Fifteen Years 

Treasure Ithjpi'SBt; 

Ft , 4ic.'6p 1993— - 
Trpjj-Jr- Wiipi ll-'Ki. 

Ttf.i-wr 14*.^ 

E\. l: i”*;* I!W . 

Twj>'iiyS» We — 

Tr- 4 -.nr.' L'D-rTl' . 

■ia'Sp'ffHB - • 

E.V* m'rficlise. 

Tr'.isi.r. K ! .>- 1 jk'iS. 


1578 

High Unr 


Price j+or)I 


Stack 

Ireland TVpc SI-® 

DoaUpcvToa, — . 

IESSSml^ 

PeniAsslpc — - 
S.'Ue»ClS 8 (L_ 
rurinOpc 1391— 

TunnS-sK 1984 — 

, „ L'rusuaySaic - . — . .. . 

U.S. $ St DM prices exclude inv. S premium 


173 

High Low 



1778 

High Low 


30': 

29i 4 

53 

23 s , 

194 

19U 


Tn.-j'-.n 9p- 93STC 
TraMiiylSiW Wt:. 
t^cheqacr 13'ipc Tritt 
Redcop:;iir.2pi' li® 3b' . 
Treoituta mUp-.-'STtt.. 
Ev'iii'liwriW’pi 1997 
Tir.'oryRUpc If«7t;_ 
Treason GUp.- 9>33jt. 

Treas. 1 » 3 k- 9 BK 

Evh. I2p?lt®fl — 
Trea»ur> 9i’pcl9S9tt_ 

Tr>:yauy ltf’pclSSO. . 

Fundi ni’S'^v W — 
Treason Hoc IJIJISJI. . 
TreaMin .il;pc UB-L2SJ 
Tre»ui7 T'lpo ‘12-latt 
Each Lfpc W-ITo..- . 

Undated 

. 'i-n.ajj 4p«- . 

|\V>rbMll 3 ; ;f" 

II ..Ji: ^''bl U‘ . . 
Treasury SpcfiS Alt — 

\.»R.ai|>3':pc 

Treusun 2fjc ( 


INTERNATIONAL BANK 

1 82t 2 |5pc Stock 7T-E 1 831*1 | 5.97 

CORPORATION LOANS 



AMERICANS 

i £ M 


Stack 

NaLELAusLlAl. 

NaLConiGrp. 

XatfftesLEI — 
SctoatersEt 

SeectmteJICEl. 

Smith SC. Aub 

StaiHfdCbanil. 

Trade Dct S1J0. 

Union Disc £1 

L'DT 

It WeUa Fargo S5_ 

ffintmstaip 


! Price I L 


ISIS , 
. BCsh Low ! 


CALS, PLASTICS — Cont. ENGINEEEIN.G-Contiou^ 

1 Price 1 - 


1-5 


W 

1155 
1334 
5.01 
19 35 


421 S3 


m 


l-lfl lhl5 8 l! — 


h*« 


-\a 


Suck 


AMFSRiCom.'ST- 

AnmSl 

Anwnran Express. 
Amer H«itc.int — 

A.-sinn lcc 

iBalxrltitnl $ 1 - 

iBamesCni.S®!— 

Bezuih CoiuS... 

Beth Steel & 

Brown';.' FttfClP]- 
Bnin«u-kL'orpa| 
RurrmjchiCorp.55 

I.P5U50 



Caterpillars 

Chaw >rhtn3l2j- 

CheselirwiEhSl 

ChirelorS®. 

Citicorp SI 

.‘lUlnv SIS 

. [>j Cm. Pri. B SI - 

i:.4idt<-p.si 

|i>!r In*. 51 

‘on: Illinois S10— 

I'.mLiAlSS 

i.'nwm Zell Si 

Cutler- Hammer S5. 
Eaton (.rp. S0.50— - 
Ei mark _ 

Ewonll 

Fireswoe Tire * — 

First Chicago 

Fluor Corp. 5 s ! — 

Ford Motor *2 

CATS 


UUICIK #* — ' " I 

Honeywell 5L50_ 

Hutton EJ. 

LB.MCorp.S5 

bisenoU-K$2 

Ini S< -terns ft Con. SI 
I r inlernationalJI 

Kai-ef A l 9j 

Mini. Hop 1-SS7.59 
\lnraniJP‘l’?S15 
NnnonSuonilnr SI 
■>seni-(ILS5BS 


Gust] 




Tnu&iunenca SI — 
LtrLTerii.Sl'SS 

L : S Steel SI 

feilvcortteSSj 

XeiroCorpSl — 
Sonic? Inc 10 c — 

Zapata Corp. Sc — 


. H* 


-1 




“l 4 ! 

ft 




-i'i 


-l 


S2.00 

SL50 

80c 

S200 

SLW 

SL40 

$ 2.00 


-l Zbl 


040 

- . - -- ,3.03 

Hire Purchase, etc. 


Tattle's iBdgsllQpi 
CieffcreFr.IOOD 
Credit Data 10 

LlordsftSMtOl 
Lni Scot. Fin. 1 
Mooraweyetr 
Pmr. Financial . 
Slrli Credit lih) 
Sbina Hiilcs-lup 
Wagon Finance. 


Hi 


2-01 


|7| 8-6 1 


d2M 

qi:% 

t3^5 

S 1 87 

487' . 

lit! 3 


il ihiow 23) 7.1| « 


[l- wyCWni FT — 

' 4llg Dol9%EL£1 — - 

62 rut Paint 

91 LswEtelndsaipJ 
2 EZ2t; NorakEEtW— 

iS Sfe 

48 Re^okillOp — 

55 Recerter 

190 Scot. AC. Ini .£1. 
108 Stewart PlastKs. 

1^2 ^^(ger.il^ 
162 Wobteifcte— 
Forks Chens 


Price — 

382 -3 
Wz — 
72 

112 -1 
£27 ..... 
83 -t-1 


-1 


107 R 


16.52 
35 
Z29 
b.77 . 
012^1 
(IL38 
t2.79 
L61 
h3.34 
,120 . 
Itdza 1 ! 
0.68 
127 
782 
4.77 


CINEMAS, THEATRES AND TV i» 

•x I m lAieisn-A'-I.S I -1 IftPI sit ,u 


BEERS, WINES AND SPIRITS 
13 


Allied Brews. — 
tool nkir.'.fip' . 
BassChoCgton.. 
Bell Arthur Mp_ 2 
Bdbaien Brewery. 
Boddinstons — I 
Border Brew's..- 
Brown iMatUiewi ! 
Buckley', Brew. . 
jBuIbkpILPi — j 

BurtOQwood . 

Cil'-Lon. Del—. 
Clark i Slatibein. 1 
Cdstillera50p — ! 
Cordon iLi 10b.- 
'Touch Bm 3 ?;j 
iTreunali Whitley 
Greene King — : 

uiinn Rl , l rT . 

JRghJ'dDisLlSp. 
Inrereordoa — 
Irish Distillers „ 

' Macallan. Glen- 
Norland £1 

Sawt»m«n 

Sco-aft New 20p_ 

Vaur 

: Whmread-A’— 

Wok. Dudley 

Young Brew 'A’50p 


-2 


T3.93 

mb.^ 1 

14.64 

W78 


+h 


280 
12.62 
726 
17 02 
2.9 
2.23 
t355 
462 
12.45 
2.31 
3.41 
3.00 
14.02 
3.94 
15.74 
358 


2 . 1 ' 


7111021 
U . 

4.8 9.4 

3 2 140| 

78145 
7 2 105 
5.5 1L6 

5.9 9.7 
8.0 * 

33 4 

61 15.4 
55 8.4 
6.2 82 
- 13.7 
85 7.7 
35llB.8 

4.112.9 

6.7 8.1 
35185 
32 95 
35 10.4 

2.2 235 
3.8153 

5.8 4 

8.2 * 
45 13.9 
5.4115 

6.4 65 
42125 
2.8155 


AnalhTV’W'— 
98 AaIUclM. v- 
32 Grampian ‘A lOp 
55 Green GnwpiOp 
J»2 ffwidWynaOp, 

hos HIYN.V 

1106 LWTA 

64i 2 fteda-tTPreLa- 
52 ScotL'n’-A’IOp 
45 TridlTA A'lOp. 
52 nste-TV“A _ 
23h tWesWanir.'lOp-l 


W.33 

ts66 

16.19 

6.04 

136 

n 

TL65 


DRAPERY AND STORES 


Allied Retail lOp 

Andrer Day lDp - 
Aqnasmtujn^)- 

Do.'A’Sp 

.AndiotremelOp. 

, Baker's Strs-lOp. 

1 tenters Stores ICp- 
' BUdftQitf. — 

Be malls lOp 

BSmoftCoiLSip.. 
BoardmanBCiap 
Bolton Ted- 5p— 

Brercser 

BriLanneSan.- 
SrawniNiO^-- 
BurtooGntStp. 
Da‘A'Nl : S)p_ 
Cantore'A'Stp— 
Casket (S-llflp— 



BUILDING INDUSTRY, TIMBER 
AND ROADS 


- 2-4 


S.E. List Premium 50'/i 1*“ 

ractor 8.6814 10.66211 


98*4 

94U 

107 

312 

97*4 

04 

99.; 

iczr- 

£9-4 

99-4 

97>a 

921; 

671; 

<,0 

?S 

£0'; 

■ QQ. . 
106-4 


935. 

m 

100U 

10014 

901; 

aflt, 

97", 

001. 

2S : 4 

947, 

84*; 

7bu 

94*4 

100-4 


ffina'hamS'jpe'IMl- 

BristrtTVpcTMl 

GLC.lSflifJC. 


. Dn. O 3 V. 1SS3 

|Gla.«CiT* Warn' WM2.._ 
lltorj .VaucTWD . ... 
Lterp.-"I>'4 

IVftpc'HW 

.TV "i-ja.-L'rc 

I#.«.'.'->I*P S-'jW IMtC . 

:LCC fine 7879. . — 

' Jh.cbwTISi 

rin-tljpe-C-M 

Ln3t.wS5«r — 
rs.ty.pc-saw . ... 

. Is.VJOMt 

iwarwi.U 2 'j J »ii»i . 


94 xd 


998 

88*4 


874 

101 '; 

lOlut 


1231 

1228 

91*4 


1014 

90 h 


5.79 

99L 


579 

941; 

10.51 

27 


1325 

93 


1025 

95’< 

+'4 

6.27 

a4 ’ 4 

+'4 

649 

78' ? d 


701 

68 


810 

661; 


10.14 

23 


1349 

91U 


5.77 

9SJ; 

+»4 

969 

1011 ; 

1231 


9.93 


11 63 
1194 
1197 
1202 
1190 
117.90 

9.15 
1146 

1124 

10.15 
1135 
10.41 
1150 
12.09 

1075 

1163 

11.66 


9 

151s 1 

3 ® 

2fi 

flr 


COMMONWEALTH & AFRICAN LOANS 


101T; 

«>5'4 

SS<4 

Ml„ 

W6'. ; 

E7-, 
95i; 
70 
. 5b 


951- 1 Vi-l. .t';!V Tr-TR 
021. IU- .-jar TT-fti . ... 
82*4 It*' Si^ Rl-tCt 

96-a Nfa4prTMP- 

92? 4 liw fine TfiUU . ... 
81 U ILw* Ttjw 
91 Sih. XintaP'pc 7MI 
50 Stfc Hhud3;«ic'«VTO 
80 1 IVCpcTMl 


100.1 


556 

93 


5.4J 

84 


btS 

984 


4 09 

80* 


649 

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FINANCIAL TIMES 


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Redland — 

R'ch’ds.WdllOp 
Roberts Adi ard- 
Robon ilroun — 

, „ RoalinsanlOpb- 

29'; RpvtQ Group 

30 Rnberoid 

66 RuebyP. Cement 

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pJiarpetFisfaer 

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WamnEton. 

Watts Elate 

[TeilbrickProds.l 
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CHEMICALS, PLASTICS 


Manchester; Queen's House. 
_ 313 Tel: 


.seen Stmt 

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Teles 423025 Tel: i212i 4S9 8300 
Parts- 38 Rue du Sentier. 75003. 

Telex 230044 Tet; 238.88.01 
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SUBSCRIPTIONS 


Copies ouuunable trom mnumcents and i>ook'ta[ls worldwide or on regular subaenpuon from 
Bubacnpucm Department, Financial Tunes, London 




AKZO — 

Aj bright Wi Ison. 

Alginate Inds. 

AudaPacklOp_ 
Ail'd Cdtoid IOp. 
.Anchor Cliem. _ 

2 Barer AG. DM31 
Bla-:d« Xfistes. 
Brer.t Chems IOp 
BnL Be mol IOp.. 
BnLTarmiOp 

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LariestCapd lto . 

■Jatalln 

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h Dojrj.'maiw 
Do.3^ e jrnc326S 
Coalite Chom — 
Coates Bros. — 

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i.oryi[torace:5p 
'.'rods im. ii)p ... 
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EnaVm FlasJi«_ 
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Fison&£l 

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Won. Welch 50p. 

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lo&y DtJijLHftCffliB.4 , 


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Debenhams — - 
DewbirstlOp — 
Disnns Photo IOp 
SluftGolitap— 
Empire Stares— 
Executes 20p — 
FairdaleTexLop 
Do, *.V 5p— 

Fine Art Dec — , 
F«dOTtin)I0p_ 
ronainster 10p- 
FtoterBros — 
Freemans ildmL. 
GelleruAJjiOp, 

Goldberg A 

Goodman Br. op. 
Grattan Ware — 

GL L'nicmal — 

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Hanjy iFoni' — 

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Ladies PrideiOp 
Lee Cooper — 

Liberty , 

Da.Voa.l’I&OidJ 
LincroitK-lOp— 
54 UFIFunntnre LOp! 

UapielOp. 1 

Mafe ft Spencer 
UariuNewi — 

Henries (Xi 

MiehseHJi lto_ 
IfidEdueaLa&p. 
MotberOTe 10pL_ 
NSS News IOp — 

Owen Owen 

PanufisciBjlOp- 
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Polly Pock 10p__ 

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RatnerslOp— 
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Serial K'A'Sflp. 
StaideyA/iSnl 
Stalus Disci Up. 
Sternberg IOp— 
Smnrie30p_. — 
Time Prods. Up. 
'CDSGwup, — . 
Ljrfon»E)'A— j 
V»ntona20p . 1 
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HOTELS AND CATERERS 


Adrinlnt.Wp— 
t BorelrJ.lKr.10O- 
lirent Walker £p. 
City Hou-K3)p_ 
LteVeroHoteis- 

EptcurePp 

Grand MciSOp— 
KiasaaliUlTiCS 
Ladhroke IOp . - 
Ht I'liariottc- 10p 
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NmfrilkCiip&i-. 
N‘orth'Ml.1 Rip. 
l Fn are M Wales. 

• QuL-en'yMuatap. 
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Sirt»r".\ r Wp..— 
SlakisiRmtiOp- 
Swan Rvan let & 
Trust H.V.vte-. 
Warserlbli-VRlp. 
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Allied InuMniJ 

Audio Hfidityl 
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Berec , 

HeStMayMp- 
. BowthoraeUp— | 

Bui Ob 'Aa 
i CabWonni 
Can^Wlli-..-.. 
Chloride Gp. — 
ConrtTU&trtau 
: CrarEltroiuclOp- 
CreHonlBp— — • 
DaiitCaat.’S'Bl. 
DaleElecLlOp.- 

Decca 

DO-'A.-— *. 

. DerritronJOp — , 

; DewburslWlOpl 
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treamtandlOp- 
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QectronlcHach. 

• Elec. Rentals IOp 
? jEnergSenjlOp-l _ 
For Ever Ready 
tf>rodiarc.20p 293 

Fidelity Rad. IOp 
FonardTechaOp. 

GEC : 

Highland EL ttp. 
tones Stroud — 

KodelnU 

Laurence Scott _ 

LecBefrig 

SiK Qearie'— 

Mnirbead. 

\e»man Inds — 
NewmarkLocis-l 
Normandn.20p. 


PreHligs-. 1 

RacaJ ElertDCS—i 

Rajiffnrjou 

RnUflexG.B.10p 

ScMfliWHi 

Sony Co. Y50 

Sound DiSsiLap, 
rdefioi0n5p_ 
Do.'A’N'V^I— 
LU Tele. Rentals — 
JOS Thorn Beet — 
52 TbrpeF.ff.lflpi 
88 L'nitechlOp— 
260 Ltd. Scientific^. 

83 WanUHtoid 

20>; WellcoHlib- 5p- 
42 Westiiifihoiue__ 
14 Whitworth El. So 
122 vme*deFLs.20p. 
146 • WigfaLliHJ. 


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— d21 
2 132 
2 7.05 

2 4.77 

3 428 
tZ74 

... L62 
.... 3.40 
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1 5J4 

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-1 


+1 I 5.0 
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see Berea 


Richards of Leie 
Wdi'naWesL50pJ 
Robinson lUxbj 
Rotarkllto 
Sanderani 


-2 


i-2 


-2 


+1 


FOOD, GROCERIES, ETC. 


ENGINEERING 
MACHINE TOOLS 


tupun jm* m >v|i 

As. Bucnit20p 
.Ass. Brit Fds.! 
Ass. Dairies — 


Barri.LG.L. 


8.4j 


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180 AJ.v!50p.__."_ 

LQ4 .Aero* 

68 Da 'A'™ — 

225 .Idwest Group 

148 Alan Ahnmwnm- 
016 Do. BocConv.— 
47 All eriiEi Balfour 

37 AUenW.G 

108 AraaL Pnwer_ 
46 Awfcn.S'djde._ 

32 .Vnglo-Swtss.' 

111 AfhfcLacy-- _ 
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25 ■ Afsoc.Tmdinir-. 
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92. Austin ( Jaramj -. 


108 

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29 

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4.4 

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228 

3.8 

84 


228 

38 

262 


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Z2J82 

33 

139 

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428 

5.4 

69 


2.83 

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KMftl'JW niuiu 

BassettrGeoi. 
Rallies York ] 

1 BejamlOp 

abfaya.i£l_ 


Brit Sugar 3Ch 
Brit Vend’; ll 
BraoteBtmd. 


Jki-A'K'V. 

, Do.-.rafel 


iACIHVMU U7 

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131 


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74 

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119 3 5 

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2.32 4.0 

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11.7 

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5.67 « 

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364 

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d2.59 34 

2.6 

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d2.59 19 

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4.62 45 

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112 


th4.75 4 9 

6.4 

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Arol MetoTrfli. 
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Area Rubber £1.. 

BEA Group 

RETDcffl. — 
BDCIntnL 

Sairii (Wm)£CI! 

Bar;«H> 

Barlmv M RMc: 
Barr ft WAT. ’AV 
Barrow Hepburn 
iteth ft Portland. 
fenJerTrarenoL 
Beafcwn Clark 

Bcecham 

BcBairCar-lOp. 
Bantimj — 

Beristerds 

BemckTimpo. 

Bestdrell 

Biddle Hlags. _ 

„ GtfjrcntedEmt 
371; BiUonuJ.llOp.. 
2b Black Arrow tft 

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Bwlyr.-KClntH- 
Frumi Pcl.-.A' tOo. 
Booker Me C. 50p 
Boosert&wte. 
BoottHeniylSQp 

Boots 

_7S, terg-W. USS250, 
163 Earater£l.__ 

aawrerilt'Jfti. 

J* BBS™? 

BnuCineT.l^j*. 
Rnt Steel Const. 
Briu Syphon ate. 

Pritisb Vita.- — 

Bn flat ns 

6.H-Prop.5A2- 

Brook St Br. 
Brooks Wat 3)p.. 
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Crnntetislllussi 
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Bums Aads'n IOp. 

L'lUiHriftiqp. 


Da 

Czmres3Jp — 
Ccnainjfv.'.i— 
Cape industries 
Can! an Prof. ICj 
CafaiacsinLat, 
Carlton lul» — 

Camods 

CchstionlndSp 
Central sag. l^i.. 
Cent Sheered. 5p^ 
CeatmraySO- 
Onaaberiain 
CUimb'iaHPb-lOp. 
Cbaoge Wares IOp- 
Pit'm.ComPLFp- 
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Crflydexllto — _ 
Coral lea. tOp-* 
4G1; GceaiL 
53 Couitaj- 

Gowande 

Cwann.ISfti — 
Crest NicMlOK 
ireBbyHwisrfl. 
CmtySpr'KlQp 
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Detf^i9reCi.SJ-88j 
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Dmlae Heel 5pJ4 
■ " Qlnva— 

TParirMp. 

DamHMjrlto- 
i; DorarCorp USjl-. 
Pomi SnrgX Kid 
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DoobwCosilOp 
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Duple InLSp.—. 

Duxapiae„. — 
Dwek'jiouplOp. 
DykesiJ i— 
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.if. Cases lOj 
lEas^nitod.: 
pbarlndiSOp- 
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39'r fe«ll 

36 fHA-LlniLSec'--; 

16 iEUirtlPb'ro IOp— 
69 JElsimtEobhnE 

17 SiswickFpCTfdi 
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ll (EmpreirSefiJOp 

20'i |En^ ft Over v . 10, 

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|122 iHLpttfauza 12 1 #.. 
99 Faro Rem« _ 
34 fe-wteHlds^SOp 
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SatW'OTi^op 


HoUkRtTK 


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ardtnr M.SHKfi 


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1 


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24. 


120 
107 
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116 
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NEW JAPAN SECURITIES 

Tokyo, Japan 

.“Now Japan Securities Europe Limited 

I. Umnrr. Legion 6JH T«‘. fifW-6751 8 

• Frjnkliui OHwv: T«!. 8(i3 n 70 


MINES— Continued 
CENTRAL AFRICAN 


I rid 

Crr[6r’i 


bag- 1x5? 96 
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6.^218 2b 

5.5)29 2 30^ 
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165 

248 +1 
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122 
125 
52 
152 
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178 
188 
278 
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PAPER, PRINTING 
ADVERTISING , 

172 89 ! 4.41 761 63l 34 
32 


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53 
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50 24 

82 58 

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140 

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NOTES 


I'alrtf mhrnrlre indicated. prim and or! dl< Idrnds are In 
prnre and droamtoailOM are 25p. Estlmatrd prlrr/rxrnlna* 
nllssand mtnirtbutdaa liM ihbuI rrptru u>9 inonnU 
nl where pmlUr. are updated on ball*, early figure*. PfE* mm 
calculated no the bull of eel distribution: bracketed D|am 
Indicate 1 * per cent, or more difference if calculated un -nil" 
distribution, loien are based an ' maximum" distribution. 
Yield* are based on middle price*, arc [ron. ad|nated in ACT or 
34 per cent, and nDow 1 st -aluc of declared distribution* amt 
rights. Securities with denominations other than sterling are 
quoted inclusive of (be Investment dollar pmain 

A Sterling denominated securities which include Investment 
■■ dollnr -premium. ■ • 

0 -Tip" Stork 

* Highs and lawn marled thus haic been adjusted to allow 
for right* is'ues Tor cash. 

T Interim since increased or resumed, 
t Interim since reduced, passed or defereed- 
tt Tax free to non- residents on application. 

* Fi cures or report awaited 
tf Unlisted sccurlft 

p Price at lime of suspension 

1 Indicated dividend after pending scrip and or rights issue: 
timer relate* u> pn-viaux dividend* or forecasts. 

* Mercer bid or reoreon isauon in procresa. 

1 Sol comparable 

O Same interior reduced final and 'or reduced earning* 
indtentod 

( Forecast dividend; cover on earnings updated by latest 
interim statement 

; Cover allows for conversion nf f dares nor now ranking lor 
dividends or ranking only lor rostricied dividend 
t Cover does not allow for shares which may also rank for 
dividend at a future dale. No PE ratio usually provided. ■ 
¥ Excluding a final dividend declaration. 

+ Regional price 
H Nn par value 

a Tj\ free b Figures bared un pr»-pcrius nr orher official 
v-tiiMH' r 1'i-nLs d luvidend mic paid or pavaMc on part 
nl capilaJ: rover, Iiared vn dividend on full rapitaL 
e Redemption vietd r Flat >lcld. g Anunml dividend and 
; Irl'l h YtMimed dividend anil via-ld after -trip Issue, 
j Payment from capital source*. L Kenya m Interim higher 
ihtin previous total a Richls issue pond my q Earnings 
bared on preliminary figures » tin idend and yield exclude a 
■pccial pavmeni i Indicated dividend cover relates to 
previous dividend P E raito based on laiert annual 
earning-. ■ Forecast dli idend. cover based on prrviotuyear'e 
enrningv v Tax free up In 30p in the L w Yield allows for 
currency clause, y Dindeud atnf yield based on merger lenns. 
t Dividend and vicld Include a special payment. Cover does not 
apply l<v special po>tncm A Set dividend and yield. B 
Preference dlndend passed or deferred. C Canadian. E Issue 
pnee F Dividend and yield based on prospectus or other 
official e.cimote* lor I77M0 C .Assumed dividend and yield 
after pending scrip and/or rights issue. H Dividend and ylekl 
bared on prosperlut or other official est i ma tes for 
1078.79 K Figures ba«od on protpeciu* or other official 
rid! males lor lira M Dividend and yield baaed on prospectus 
or other of fid n l eriimales for I07& K Dividend and yield 
based on prospectus or other olflrlal estt males for 1978. P 
ngures based on pro«pucrtis or other official estimates for 
1978-79 Q Gross T Figures assumed. Z Dividend total to 
dale ft Yield based on assumption Treasury Bill Rate stays 
unrhnnped until maturity of slock. 

Abbreviations cl ex dividend, mea scrip issue, c ex rlgbta; an 
all. d ex capita! dlstnbuuen. 


“ Recent Issues " and u Rights ” Page 38 


This so nice Is available to every Company dealt In on 
Stock Exchanges throughout the United Kingdom far 
fee of £400 per annum for each security 


:iw 


l23l42 


m 


190 fweliwnSOr. 

9 ^|£iyg|ffHaIrtiiigs 


bS0c_*. 1 a«il-Ua 

FINANCE 


630 424 Ang. Am. Coal 50 cl. | 
340 246 AiuloAmer. I0c_ 
?.l7Jg £341, Anfi.Am.GoIdm-1 

521 Ang-VaaJ Xc | 

9 

3 

7- 

4 


12 
48 
25 
18 
L46 
.68 

58 221 

46 271 

32 25 

20 13 

59 50 

48 39 

35 32 

27J 2 22 
80 100 
19 16 

19i» 912 


208 

48* 

15 

f 

if 

& 

* 

41 

KPj 

2S * 

115 1+2 




i*tl 


OPTIONS 

3-month Call Bates 

Industrial* IC.T.. 20 Tube Invest-. 1 30 

A. Brew 6t? “Imps" — 6 Unilever J 35 

AP. Cement- 18 LC.U 20 Utd. Drti*rj Jj V* 

BS.TL .... - 9 Invereslt--^.,. 8 Vickers 1 Is 

Babcock 11 KCA 3 WooIwoirtha_Z| 5 

Barclays Bank. 25 Lad broke 17 ' 

Beee ham 35 Legal & Gen. ^ M Property 

Boom Drug —> 15 Ua Service 7 Brit. Land 3*« 

Bowatere 16 UoydaBank- 22 Cap. Coumries. 4^ 

BAT — W ;I^* -r 4 s ‘ 

fattUha«en 6 I^ndnnBriek. 5 tnnwuropean 4 

SStfe S BSfc « s 

SSSSmz 15 “ Townfc 1 ^:. 1L 

Dunlop 7 N-E.I. 12 o|h 

EiScSfar- 11 Nat Wen. Bank. 22 ““ , 

Ej5,i 14 Do. Warrants id Ikit ftnotana. 45 

Cen. Accident 17 PtODfd.„.. B BurmahOL^ 5 

Gen. Electric. 18 Plnaey..^ 8 CjaitcrbaU^ 3 

Glaxo — 40 RUM. — , — 5 SheU a 

Grand Me 1 - 9 Rank Or*. 'A'.. 18 LTtr 3 mar,___. 9 

G.UA-A* 20 Reedlntnl. — 12 „ 

Guardian 18 Splllers 3 Mae* 

GJC.N Z2 4 Charter Con*,. 22 

Hawker S*dd.. 20 ?? Cons. Gold. U 

BouaeriFnser 12 Trust Hotuea.. 15 RIoT. zinc |16 

A aelertion of Options traded is given on ft* 
London Slock Krrhan g e Report page 






























































































































































































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Thursday July 20 1978 



Official Secrets plans 
draw angry reaction 


sy RUPERT CORNWELL, LOBBY STAFF 


THE Government ran into stem 
and sometimes vicious criticism 
yesterday ns it announced its 
plans to replace the existing 
“■catch-all " Section Two oE the 
1911 Official Secrets Act with an 

updated and less restrictive 

Official Information Act. 

The long-delayed White Paper's 
proposals would limit the threat 
of criminal sanctions to the dis- 
closure of defence security and 
foreign policy material, and con- 
fidential information about 
'ndividtials and companies held 
by- Whitehall a ad local 
mthorities. 

However, the Government 
takes a dim view of any legisla- 
tion guaranteeing right of access 
tn official information, as now 
operates in the U.S. and Sweden. 
This was proposed in the last 
Labour manifesto, and demanded 
hy the Liberals and by the 
growing freedom of information 
lobbies. 

The White Paper declares that 
the Government is keeping an 
open mind on the issue, and that 
reform of Section Two would be 
an essentia! precursor of any 
such measure. But it points out 
the extra costs that might arise, 
as well us possible constitutional 
tiffieulties. 

The proposals come go months 


after Mr. Merlyn Rees, the Home 
Secretary, outlined his broad 
acceptance of the recommenda- 
tions of the Franks Committee 
back in 1972- for reform of 
Section Two. 

Inevitably, after so long a 
delay. yesterday's . modest 
announcement by Ur. Rees in 
the Commons was surrounded by 
anti-climax and disappointment 
—and produced the most bitter 
clash for months between the 
Government and the Tribune 
group. 

Mr. Robert Kilroy~Silk, Labour 
MP for Ormskirk, had called the 
White Paper “ totally unconvinc- 
ing. " The Home Secretary re- 
torted that very few of his con- 
stituents were. likely to be wor- 
ried by it — and was engulfed 
by enraged protests from the 
Left. 

Mr. Jeff Rooker, Labour MF 
for Perry Bar, scornfully dis- 
missed the excuse: “It is the 
function of those who aspire to 
hold political leadership to offer 
a vision to their fellow-citizens 
living in a complex society . . . 
you ore neither fitted to hold 
nor to aspire to such leadership,” 
he told the Home Secretary- 

For the Liberals. Mr. Emlyn 
Hooson described the proposals 
as “a mouse.'' while Mr. Ken- 


neth Warren, Toiy MP for 
Hastings and a leader of the 
all-party’ Freedom of Information 
Campaign, backed by more than 
100 MPs, accused the Govern- 
ment of “being beaten by the 
Whitehall machine.'’ 

About the only positive 
response came from the Con- 
servative front bench as Sir 
Michael Havers, the shadow 
Attorney-General, extended a 
general welcome to the White 
Paper, which a Conservative 
Government may find itself 
implementing should it win the 
□ext election. 

But he expressed doubts over 
a Minister alone being “judge 
and jury” of what should be 
classified as secret. He urged Mr. 
Rees 4o set up an impartial body 
of “ three wise men " to adjudi- 
cate in cases where criminal 
proceedings might be adopted. 

Left-wing MPs last night put 
down a Commons motion con- 
demning the Government for its 
failure to fulfil the 1974 mani- 
festo commitment and “its re- 
fusal to supply background 
documents on the White Paper 
on Section Two reform as 
promised by th