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■ Ourbusfness is merging % No. 27,59o Wednesday June 21 1978 **15p ■> s?s 

your business. Successfully. | . 

-r COtt ™ BVrAL SSLUNQ rRICB, AUSTRIA ■ SdCOt KUSlim Fr.35: DPI MAR It Kr3Si FRANCE Fr.3-0; GERMANY DM2.0: ITALY LS00, NETHttLAKDs FU.p. NORWAY KrJ.St PORTUGAL Ek. 20: 5PAIN PW-40: SWEDEN KMJS; SVYTTZERCANO Fr-Z-O; EIRE J5p 


scandal’ and Gits 


T 

V ; 


An audit has uncovered over- 
spending of some £1.5m for con- 
struction work done by the 
Greater London Council. Last 
night Mr. Horace Cutler, leader 
of the council, described the 
situation as "scandalous.” 

The audit also found the GLC 
conslniction branch is currently 
spending about £250.000 above 
its budget in spite of i 50 per 
cent cut in -workload. 

In the council’s bousing main- 
tenance branch, the auditor dis- 
covered "overbooking" of time 
sheets and job tickets which, be 
says, "must give rise to serious . 
concern.” Page 7 

CUmberdies 
in K2 bad 

British climber Nick Estcourt, 
33, . has been killed by an 
avalanche. dn ring an attempt oh 
K2, in. Pakistan the world’s 
second-highest mountain. Est- 
court, married with three child- 
ren, was part of an eight-man 
team led by Chris Bennington. 
The climb. has how been called 
off. 

Record price 

A watercolour ' by Albert 
Durer fetched a world record 
£640.000 f<^ Old aMster draw- 
ings during the Robert von 
. Hirsch .collection sale at Sothe- 
by’s, where the previous record 

S rice— £162,000— was paid for a 
fichelangelo two years ago. 

Weizman row 

Mr. Menahem Begin,. Israel 
Prime Minister, is under pres- 
sure from -his party to dismiss 
:rMr. Ezer Weizman, the : Defence 
Minister, Mr- openly 

twwSTj^iplc and Gaza, and - 
. later disobeyed a ruling that air 
Cabinet: Ministers .should vote 
after a. Knesset debate. Page 4 

Guerrilla haul _ 

Urban guerrillas in West Ger- 
many have netted more than 
DM 10m (£2.6ml from bank 
robberies in the past five years, 
according to an Interior Ministry 
estimate. The total number of 
bank robberies in West Germany - 
has risen from 376 in -1975 to 639 
last year. 

Goodness! 

John Morgan, 60. who has spent 
more than halt his life -in . prison . 
as a result of 445- offences going.’ 
back to 1936. was toW by a judge 
in Edinburgh: One of the pro- 
blems -in this case is in .know 
where you -should go. One of 
the places might be the Guinness 
Book of Records." Morgan was 
jailed for five years on theft and 
forgery charges. 

TV tennis safe 

Post Office engineers decided not 
to disrupt television coverage of 
the Wimbledon tennis tourna- 
ment, next week as part of their 
industrial action in p'ursnit of a 
35-hour week. But their action 
is affecting many services, in- 
cluding new telephone conneo- 
tions. 

Briefly ... 

The Tory-controlled ' Kirklees, 
Yorkshire, education authority 
has rejected an ultimatum from 
Mrs. Shirley Williams to bring 
in comprehensive education and 
is prepared to take the Educa- 
tion Secretary to court. 
Scientists at Munich: University 
have round a way of disintegrat- 
ing gallstones without .surgery 
by using high-intensity . shock 
waves. . 

Runaway “sex in chains" case, 
girl Joyce McKinney and her 
friend Keith May were ordered 
— in their absence-— to - forfeit 
£1,000 bail or face 12 months in 
jail. 

President Barre Of Somalia 
arrived in London for talks 
which are expected to include 
possible military help for his 
country. ' ’ 

Film director -Blake Edwards is 
to receive "substantial damages” 
from Private Eye after offensive 
references ot him - in the 
magazine. 


• EQUITIES were nafiermined 
by concern about inflation but 
rallied slightly in lafe .dealings. 


A 

again by 1,800 

to total of 1.36m 

BY DAVID FREUD 

Adult unemployment has fallen this month for the ninth .consecutive month 
and is 70,000 below the post-war peak of last September. 



closer links 
with Angola 


BY JUREK. MARTIN, U5- EDITOR WASHINGTON. June 20. 



Department of Employment 
figures yesterday show that the 
number of adults out of work in 
ihe UK fell 1,800 io 1,36m In the 
month to mid-June, seasonally 
adjusted. 

The drop was the smallest since 
the downward movement began. 
Nevertheless. Whitehall officials 
□re convinced, for the first time. 
th3t the Improvement represents 
a genuine turnround in the trend 
of unemployment 

Mr. Denis Healey. Chancellor, 
told a Commons’ select commit- 
, tee that he thought the 3 per 
cent growth rate expected in the 
coming year would result in- a 
"significantly faster fall in un- 
employment than the fall we 
have seen since last September.” 

The proportion of the work- 
force unemployed was steady in 
j the last month at 5.7 per cent. 

When the poor results for 
Northern Ireland are excluded, 
unemployment in Great Britain 
was 4,600 below the level of the 
same month last year, seasonally 
adjusted. 

This is the first time in four 
years that a monthly total has 
been below the level of the same 
month of the previous year. The 
figure for Great Britain this 
month was 1,30m, compared with 
1.31m in June 1977. 

Official confidence in a turn- 
round in unemployment is re- 


UK. UNEMPLOYMENT 


Total 

Unernpk) 


r V| - 

Wholly 

Unemployed 

Swawalt, MfgitO 


The FT ordinary share index 
was 3-6 lower at 46&A The 
Gold Mines index cHaftei 4.1 
to 1&L2 — a three-month high — 
ahead of the U.5. gold-auction. 

• GILTS dosed abovtfthe lows. 

The Government .^Securities 
index was 0.20 down $£69.74. 

• GOLD rose $1* active 

dealing and dosed at In 

New York the Come* June 
price was 60 points - dbwn at 
$186.00. ' 

• STERLING remaine^on the 
sidelines in foreign efehange 
markets. . It closed-. NSpotnts 
higher at $1.8402. h&trade- 
weighted index was rapranged 
at 61.3. The dollar’s depredation 
widened to 6.4 (6.1), per 

#< WAIA STREjBT 'cfoeWO JLJR&f 77 

dbwn at 830.C4. 

• U.S. TREASURY hiU wieS *>J$ MARGARET VAN HATTEM 

OLAV GUNDELACH. 
sises ’ <,m ^ EEC' Agriculture and Fisheries 
cent (,7.121). Commissioner, tonight disclosed 

•W TREASURY said it sold 

' nril? 5 oF 0f Sll7M at ite SJl cb ' 5,1,4 would vio]ate the 
average pnee of $iS7.uo at ns Treaty qf Rome. 

auction yesterday. , Outiimng the demands to the 

Council »of Ministers here, he 

£200m refinery [for an agreement. 

. - . , Tn bis toughest speech on the 

THYtlAf*T hftlrPfl issue so 'far, Mr. Gimdelach 
uoxivu spelled out 'for the first time, that 

A >ntniH&VTf Pptrnlpum has couJ 4 be no covert pre- 

• ferential treatment for Britain. 

suspended imtialbmidrng work - - Dtscrimi!iat j Dn amcjnc fisher 
on its proposed £200m refinery at mefl Qf meaAer s£ates cannot be 
Nigg- Bay Scotland, P^ding a jjcou^it in by the backdoor, any 
xeview of the project. Page 6 more than by the front door." 

0 INDUSTRIALISTS believe 7^® . . British - demands. 

ana 

t’&SSfflf Sit 

meets pay policy. . . thWyear. 

Mr. Healey told a Commons . 

sub-committee the proposed 
increase in national insurance 

surcharge wooi.d raise unemploy-' /A/1C ^ - 

meat by only 5,000 by the second fl flTIPlil I Ks 
quarter of next year. Back Page, ; V/lllViHl ‘•J* 
Editorial comment Page 18 

A. EEC «U1 provide £l. 5in . BV DAVID FBHLOCK, SCIENC 

towards, a £2m programme vtn j*ACTOSY inspectors arc 
retrain 3,374 redundant Bntia ^emandg modifications and new 
Steel . Corporation workers ana safety equipment at a cost 
provide resettlement allowances, to run to millions of 

Page 7 A pounds for the petrochemical 

. plans to make ^ - and around 

electronic circuits at a cost -of .. 3 .... 

£50m have given rise to “some 1 .-.As a result the safety of the 
criticism -and anxiety." says Sir' .industrial complex, which 
Keith' Joseph, Conservative 1 -includes a fifth of Britain s 
spokesman on industry. Back xeflnery capacity, vnll be 

7 ■ Increased by a factor of four and 
** SB > new capacity might be installed 

• BL CARS has called a meeting, on The island without increasing 
with- Shop stewards at Long- the risks to its population, 
bridge, Birmingham, on Friday. - -.a report on the safety of the 
to : discuss its concern about ■convey industrial plants, based 
unofficial strikes. Pages .. on a very detailed statistical 


*»■< inillHi 

0 — Vacancies 

Snuuilr jiuUcJ 

: n 


inforced by the continued 
increase in the Dumber of job 
vacancies notified to employment 
offices — estimated at a third of 
total vacancies in the country. 

Adjusted for seasonal fluctua- 
tions. these went up by 7.500 in 
June in the UK to 215.500, the 
highest level since November. 
1974. The vacancies have risen 
for nine consecutive months at 
an average rate of 7,800 a month. 

The unemployment total is 
depressed by the various job 
creation measures, which are 
helping 310.000 people and which 
are estimated to be keeping 


225.000 off the register, compared 
with 230,000 last month. 

Officials had been reluctant to 
interpret downturn in 

unempIpyRie n t_3s a definite turn- 
round until this month’s figures, 
which, begin to show the impact 
of summer schonHeavers on the 
job market, were available. 

It was thought that, with the 
high levels of unemployment, the 
seasonal adjusimems might not 
have been accounting sufficiently 
for school-leavers taking jobs in 
the summer which otherwise 
would have gone to adults. It 
that were the case, the improve- 
ment in adult unemployment 
since September could have been 
partly due to adults taking 
priority again through the rest 
of the year. 

While the smaller drop in un- 
employment this month than in 
recent months suggests that the 
seasonal adjustments do not 
compensate entirely for this 
effecttlhey have been shown not 
to mask the real trend. 

The ' unadjusted unemploy- 
ment total in the UJL. includ- 
ing school-leavers, increased by 
59J251 to 1,446.061. from 5.8 to 
6.1 per cent nf the workforce. 
The total for Eritain rose 56,537 
to 1,381.403. from 5.7 to 5.9 per 
cent. ... 

Regional map. Page 6 


EEC fishing chief 




Even, some British officials 
indicated that they found the UK 
stand hard to defend. 

In essence, Britain is demand- 
ing:— 

0 Guarantees that from. 1982 on. 
it will get quotas equal to the 
total available catch within its 
200-mile limit. 

• Permanent exclusive rights for 
UK fishermen in a 12-mile 
coastal zone. 

6 Increases jn the quotas pro- 
posed for 1978. 

ft A greater share of EEC 
quotas in Norwegian and Faroese 
waters. 

• The use of fishing “plans," 
which license specific boats for 
limited catches in specified 
waters, to give preference to 
British boats. 

• Guaranteed rights to most of 
the increase in fish stocks that 
might accrue as a result of con- 
servation measures. 

This would include an initial 


. LUXEMBOURG, June 20. 

20 per cent of the increase In 
“demersal” stocks feed, had- 
dock, saitbe and whiting) and 
25 per cent of the increase in 
"pelagic” stocks (mackerel, 
herring and sprat) together with 
a share in the remaining increase 
roughly in proportion with its 
quota of the total EEC catch (for 
example. 73 per cent of the 
haddock). 

Mr. Gundelach said he did 
not rule out the possibility of 
further modifications to the 
Commission's proposals but the 
UK demands did not form the 
basis of an agreement and the 
Commission's proposals would 
remain on the table. 

Officials from other national 
delegation^ appear to regard the 
new proposals as dear indica- 
tion tbat Britain is not in- 
terested in a settlement before 
the next UK general election. 

Mr. John Silkin, the UK 

Continued on Back Page 


Further 
pressure 
on dollar 

BY MICHAEL BLANDEN 


THE DOLLAR dropped to new 
low levels against the Japanese 
yen yesterday after suffering 
from heavy selling pressure in 
Lhe Tokyo market 

In London dealings, the 
dollar at one stage moved as 
low as Y2I0-225 compared with 
the previous day’s close of 
Y2I3.4. The U.S. currency 
picked up later to end at 
Y21 1.125. still below the Tokyo 
a closing level or Y211.6. 

The con tinned sharp drop in 
the dollar reflected concern 
over the U.S. trade deficit and 
inflationary tendencies, dealers 
said. 

The dollar was also weak 
against other leading curren- 
cies, with the pound gaining 52 
points at $LS402. 

The dollar’s average depreci- 
ation widened to 6.4 per cent; 
against 6.1 per cent. 

Charles Smith writes from 
Tokyo: The further rise in the 
yen seemed to be a reaction 
to the release of trade and 
balance of payments figure on 
Monday, which showed that 
Japan’s underlying payments 
position is still extremely 
strong despite a superficial 
trend towards reduction. 

The Monday figures showed 
that the visible trade surplus 
in May bad shrunk to Sl.Sobn 
<£734m) from $2274bn in 
April. 

.Viler seasonal adjustment, 
however, the trade and current 
surpluses figures for last 
month showed an increase. 

Another factor which tends 
to suggest that the May pay- 
ments position basically was 
strong involves oil imports 
which were artificially boosted 
during the month — by more 
than $a0fitn - — but which will 
show a relapse in June. 

The temporary rise in May 
oil imports was caused by the 
imposition of a new import 
duty on June 1 accelerated 
imports In May were designed 
to get in ahead of the duty. 

t [n New York 

— | Prtvinun 


Spot : Sl.e47034.Vj I El.SS414jH 
1 mi in i h I O.oflJXoIiiiii [ C'.br~0J^ ill* 
JmuniJi-: L l.rC l.W' d»s i 1.#*. 1.57 ills 
I2fimarbsf ! 5^03.10 <lis 


THE U.S. w;!J not tr>' to 
"mirror” Soviet and Cuban, 
activities in Africa but will 
pursue wide-rangins positive 
policies designed to strengthen 
African independence and to 
assist with legitimate African 
defence needs. 

The U.S. would also like to im- 
prove its relations with Angola, 
as a means both of achieving a 
reconciliation between Angola 
and Zaire and of promoting a 
peaceful settlement in Namibia. 

This was the ihrust of a major 
and detailed speech on U.S. 
policy in Africa given in Atlantic 
G-ry. New Jersey, Today by Mr. 
Cyrus Vance, the Secretary Df 
State. 

It follows the Administration's 
intensive review cf African 
policy and may be seen as a 
direct response to domestic and 
foreign demands for a public 
definition Df U.S. .policy both in 
the continent and towards the 
Soviet Union and Cuba. 

The same subjects were dis- 
cussed on Capitol Hill yesterday 
and tonight there will be a 
session in the White House at 
which President Jimmy Carter. 
Mr. Vance and Mr. Harold 
Brown. Defence Secretary, will 
be briefing SO congressional 
leaders. 

Mr. Vance's speech was note- 
worthy for its relatively mild 
stricture of Soviet and Cuban 
involvements in Africa. As such 
it may be interpreted as a vindi- 
cation of the State Department’s 
view that Africa should not pri- 
marily be seen as the stage on 
which a big power conflict should 
be played out. a position often 
associated with Dr. Zbigniew 
Brzezinski, the National Security 
Adviser. 

It may also constitute a signal 
to Moscow— and even to Havana 
— that-.the U.S.. while determined 
not to be pushed off course in 
Africa, is interested in toning 
down lhe sharp recent rhetoric 
that has marked East-West rela- 
tions. Similarly; it may also be 
seen as a reassBiartce to African 
leaders such as President Julius 
Nyerere of Tanzania that the 
U.S. remains 'committed to the 
cause of peaceful democratic pro- 
gress in Africa. 

Mr. Vance’s, speech was essen- 
tially divided into two parts — 
a statement of the broad U.S. 
policy aims in Africa and a case- 
by-case study of individual “ hot 
spots." 

"It will not he our policy to 
mirror Soviet and Cuban activi- 
ties in Africa.” he said. " because 
such a course would not be effec- 
tive in the Jong run and would 
only escalate militarv conflict, 
with great human suffering. 

“ Our best course is to help 
resolve the . problems which 
create the excuse for external 
intervention and to help streng- 


f 






: 








Mr. Vance : no mirror to 
Soviet activities. 

then the ability of Africans in 
defend themselves.’* 

Although he stressed That the 
U.S. would be concentrating its 
efforts in the economic area, im- 
plying a sharp increase in U.S. 
aid in the years ahead, and 
although he was careful tn state 
that the U.S. would not get 
directly involved militarily, lie 
added: "Our friends in Africa 
must know that we can and will 
help them to strengthen their 
ability to defend Themselves.” 

He cited the U.S. role in lhe 
international effort to end fight- 
ing in the Shaba province of 
Zaire last month as an example 
of effective action. But he 
coupled this with a flvui warning 
that the Zairean Government 
must bring about internal econo- 
mic and political reform? and 
must resolve border and n-ht-r 
disagreements with neighbour- 
ing Angola. 

In Ibis context. Mr. Vance 
held out the olive br .rrh i*r 
improved ties between the US. 
and Angola. A 1 though siae 
Department ofiiciaJs stid it ;■■■? 
premature to think nf ihu U.S. 
extending diplomatic recognition. 
Mr. Vance’s offer nonetheless 
stands m sharp contrast to the 
position recently attributed *«•» 
Dr. Brezezinsky that the U.S. 
should increase aid to the 
nationalist groups still dghtin,' 
the Angolan Government so as 
to lie down Cuban troops 
stationed in Angola. 

On Rhodesia. Mr. Vance said 
that the U.S.. in conjunction w i ih 
Britain, would continue to woe): 
to resolve differences between, 
the signatories to the internal 
settlement and the Patriotic 
Front. “Neither side can crealr 
a new nation with a decent 
chance for a peaceful and pros- 
perous future, without ihe par- 
ticipation of the other." be said. 


Official safety plan for Canvey 


BT DAVID FSKLOCK, SCIENCE EDITOR 


COMPANIES 

• AUDIOTRONIC Holdings; 
owner of .the Lasky’s chain, has 
been, forced to raise £1.5m *m 
new capital because of ”* 
disastrous move into The French 
hi-fi market. Back Page; Details 
Page 23 

O PLESSEY bad pre-tax profit 
up 6.3 per cent to £42.S8m in fte 
year to March 31. Page -1 tod 
Lex 


FACTORY inspectors arc 
dexnandg modifications and new 
safety equipment at a cost 
expected to run to millions of 
.pounds for the petrochemical 
installations on and around 
Canvey Island. 

■ Ab a result the safety of the 
industrial complex, which 
includes a fifth of Britain's 
refinery capacity, will be 
increased by a factor of four and 
new capacity might be installed 
on the Island without increasing 
.the risks to its population. 

' -A report on the safety of the 
Canvey industrial plants, based 
oh. a very detailed, statistical 
analysis of the hazards, has con- 
cluded that the worst fears of 
the local population about risks 
are unfounded. 

- For several years a strong 
-local campaign has alleged that 
serious public hazards might 
arise from overcrowded indus- 


trial activities on Canvey and has 
urged that planning consent 
granted to United Refineries in 
1973 to build a new refinery 
should be revoked. 

• The two-year safety study was 
carried out by the Health and 
Safety Executive after a request 
from the Secretaries for the En- 
vironment and Employment to 
investigate the charges against 
the nine companies operating on 
or close to Canvey. 

They are Shell UK Oil and 
Mobil Oil. which already operate 
refineries, Texaco and London 
and Coastal Oil Wharves, which 
have tank farms, British Gas, 
which has a methane terminal, 
and Calor Gas and Fisoas. 
United Refiners and Occidental 
Oil have plans to build new 
refineries on Canvey and Mobil 
wants to extend its refinery. 

-But the proposed new 
refineries will be built, if at all. 


only on the basis of substantial 
changes for safety in plans sub- 
mitted so far, Mr. John Locke, 
director of the Health and Safety 
Executive, said at a Press con- 
ference yesterday when he pre- 
sented the-resnlts of the £400,000 
study. 

Mr. Locke emphasised that 
although it was not bis agency’s 
decision whether new refinery 
capacity should be built on the 
site, if was clear that with the 
changes his 1 inspectors were 
recommending “ we can get down 
to risk figures only a small pro- 
portion of those, being quoted 
now.” 

The modifications and new 
equipment would take up to two 
years to instaL be estimated. 

United Refineries indicated 

Continued on Back Page 
Exploding the fears. 

Page IS 


and the incentive they create 

As over 32,000 other responsible 
employers throughout the UK have 
also found 


isaisr* 



CONTENTS OF TODAY’S ISSUE 


European news 
American news 


CHIEF PHICE CHARGES YESTERDAY 


— labour 


2-3 

Technical page 

10 

4 

Management page .... 

10 


Arts page 

17 

6-7 

Leader page 

18 

8 

UK Companies 

.... 20-23 

8 

Mining 

22 


(Prices in pence unless otherwise 
indicated) 

RISES 

Anderson Strathclyde. 62 + 4 

Breedon Lime 104 + 4 

Railways £19 + 9 

Pilkingtori - 543.+ ® 

Powell Duffryn ISO + 

Tridant Group ?0 j" 

Royal Dutch .£48k + S 

Anglo-American ...... SW + 14 

Anglo Am. Inv. Tst....£J J + Ji 

Buff el*. t | 

De Beers Dfd. 8S0 + 5 

East Driefomem ... i® J » 
Gold Fids. S. Africa. .JE134 + * 

Harmony - 36« +, n 

Mmcorp ■ JJ-T ? 4 

Umon Crp. 

-vaal Reefs . + * 


FALLS _ 

jyijjj 27S 

Asscd. Book Pblshrs 23S 

Audiotronlc 

Brown and Jackson— 

Brown. (J.) 

Dawson IntnL 

Finlay (Jas.) 

Glaxo 

Guinness Peat 

H-U MC.*) gg 

Lloyds Bank 2fl2 

Lyons (J.) }% 

Property Prtnrshps. 
Royal Insurance 

Sedgwick Forbes ... 40a 

Spear (J.U-) 205 

Siebens (UK) SS 

Central Pacific 

MZU-HUsil iSn 

Feko-W allsend 490 

Southern Pacific — , lg0 


Canvey Island: Exploding 

the fears 18 

Society Today: Between 
baby boom and alms 
houses * 29 


FEATURES 

pyramids oasis project: SPP 
seek compensation terms 26 
Holland’s Moluccans: Signs 

of moderation 3 

Education in Greece: Short 
on quantity and quality 3 


lntt. Companies 

Euromarkets 

Money and Exchanges . 

World Markets 

Farming, raw materials 
U.K. stock 1 market 


Syria: Socialism with a 
Levantine face 4 

FT SURVEY 

California. 13-16 


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FT-Acluartos Indices so 

Gardenias U 

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Men and Matters ... t* 

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saleroom __ a 

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Unit Trans » 


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INTERIM STATEMENTS 
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ANNUAL STATEMENTS 
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EUROPEAN NEWS 



Lisbon officials 
in Angola talks 


A team of Portuguese officials 
are in Luanda, capital of the 
former Portuguese colony of 
Angola, to pat final touches 
to a general treaty of co-op e ra- 
tion expected to be ratified at 
the weekend by Portuguese 
President Ramalho Eanes 
(above) and Angolan President 
Agostinfao Neto (below). 

Oar Lisbon correspondent 
reports that the meeting, which 
will take place In Bissau, 
capital of the ' former 
^ Portuguese colony of Guinea 
Bissau, Is expected to 
strengthen diplomatic relations 
between Portugal and Angola. 
These were recently resumed 
with the arrival In Lisbon of 
.Angola's first ambassador to 
Portugal, Sr. Agriano Joao 
Sebastian. 

Among the issues to be dis- 
cussed are the trade relations 
and the possible resettlement 
of some of the Angolan 
refugees who left Africa follow- 
ing - the Portuguese miStary 
withdrawal in 1975. 


No French pressure on 
. Germany to expand 



BY ROBERT MAUTHNER 


PARIS, June 20. 



FRANCE HAS no intention of M. Barre indicated that he did fields the underlying rate of in- 
exerting pressure on the West not expect much progress to be flatten would be no more than 
German Government to take ex- made at the Bonn summit 8 per cent 
pansionary measures against its towards closer monetary co- ^ Bapre ^ h |d never 
will at next month’s Western operation. Although he was ha ^ ftJtodiXial 

summit meeting in Bonn. basically a monetarist and had prires circum- 

Tbis was made clear by M. a ? wa y s advocated a more effec- s t an ce s had not been favourable. 
Raymond Barre, the French 11,6 monetary co-operation rp^e stability of the French franc 
Prime Minister, in an informal sy6tem. a °y moves in this airec- on ti, e exchange markets, the 
conversation with British and 11011 we £ e conditional on a moderate growth of the money 
U.S. journalists here. But M. greater convergence of the supply, which had been restricted 
Barre stressed that, while he economic situations m the coun- to 12 per cent a year, the rela- 
had never been in favour of the 17168 co Q C6rnea. tively small budget deficit and 

so-called locomotive theory Turning to domestic affairs the acceptance by employers and 
under which all the onus of in- the Prime Minister admitted for unions of a stabilisation of pur- 
creased growth was put on two the first time that he expected chasing power, bad been Con- 
or three or the strongest econo- the French rate of inflation to ducive to such an operation, 
raies, France supported the rise to 10-11 per cent in 1978, new DriMl ■ nn , ipv 

wider concerted growth strategy compared with 9 per cent last ■ . , * - J/ e ', r riii 

proposed by the OECD. year as the result of the Govern- a,raed . at financial 

Taking a very different line ment’s more realistic prices situation of companies, wmen 

from that adopted by Mr. Denis policy. had been seriously undermined 

Healey, the UK Chancellor oE M TJ arTP enmhasised. how- b y 1116 Ion ® years °f goveroment- 
rhe Exchequer, the French imposed price co °^. It would 

Premier said that if “ exag- ever * that . 0115 would be the not> j n yj e i 0 ng er run. lead to 
gerated pressure" was put on result mainly of the Govern- higher inflation. The underlying 
West Germany to step up its merit's decision co authorise trend of prices was now down- 
growth this could only lead to a public sector and oil product ward. Last year, when prices 
negative reaction from the Bonn prices rises, rather than the con- were still, controlled, industrial 
Government. It was not the way sequence of the freeing of indus- prices rose faster than the 
to act towards an important trial prices. Excluding the general cost of living index. This 
country, he added. price increases in these two .year, the reverse was the case. 


Renault 
lays off 
9,000 at 
strike plant 


was 


Bonn advisers urge tax reform 


BY ADRIAN DICKS 


BONN, June 20. 


THE WEST GERMAN Govern- the strength of feelings abroad such a strategy most depend on 
raent, as it considers the options that West Germany should take long-term profit expectations by 
for an international economic more immediate action to stimu- business, it will take time to 
compromise deal at next month's late economic growth. But they succeed. 

Bonn summit meeting, received reject such views as implicitly The report goes along with the 
fresh advice today that it should naive, arguing that foreign Bundesbank and with Chancellor 
introduce a medium-to-long term critics often fail still to take Helmut Schmidt in stressing the 
tax reform as the best way oE into account the effects of dangers of higher interest rates 
securing stranger growth. revaluation of the Deutsche if the public deficit were to be 

In a special interim report, the Mark, as well as Germany’s substantially raised. Further. 
Council of Economic Advisers — dependence on economic condi- the five wise men firmly believe 
generally known as the five wise lions in partner countries. any increase in the public sector 

men — effectively align them- At the root of the country’s deficit could only damage 
selves with the Free Democrats sluggish growth outlook, the five medium-to-longer terin growth 
(FDP), junior partners in the wise men believe, is rather a prospects, and they reaffirm the 
Bonn Coalition, who were structural weakness on the importance of the Finance 
expected later today to give supply side. They recommend a Ministry’s pledge not to abandon 
final approval to a DM 20bn tax series of tax changes as the best the goal of consolidating and 
reform package of their own. way in which to remedy this, and eventually reducing the public 
The five wise men acknowledge want foreign critics that because sector’s debts. 


By David Curry 

PARIS, June 20. 

THE RENAULT motor com- 
pany is taking drastic action 
to end the pay strike which 
has been disrupting output at 
one of its leading factories for 
the best port of three weeks. 

This morning it laid off 9,000 
of the 20.000 workers at its 
Fllns plant near Paris where- 
the press shop workers have 
been on strike and have 
occupied their part of tbe 
plant. It had already dosed 
down the entire factory which 
assembles the new Renault 18 
model and the ■ fast-selling 
Renault 5 for three days fol- 
lowing police expulsion of the 
strikers. But . when they 
opened the gates again the 
press shop men simply 
resumed their strike. 

The company followed its 
partial shutdown by winning 
a court order for the expul- 
sion of the strikers for block- 
ing the right to work of other 
people in the plant. This 
decision has been notified to 
tbe strikers and if they fail 
to leave the plant it seems 
likely that riot police win be 
brought in to dear them. 

The conflict at Renault has 
come Just when motor vehicle 
sales are improving. Although 
the conflirt has been built up 
by the CGT union. In parti- 
cular. as a challenge to the 
Government's economic 

strategy the unions have failed 
to spread the trouble 
To the problems of Renault 
and tbe strike in the country’s 
military arsenals has been 
added a 48-hour railway strike 
called for the weekend in 
pursuit of pay claims and a call 
by the CAT for Its members In 
the postal service to strike 
tomorrow in support of wage 
rises and shorter hours. 

• Renter adds: About 800 
women workers are occupying 
the Moulinex factory at Alencon 
in Normandy in defiance of an 
order requiring them to evacuate. 
Work is at a standstill. 


Tito attacks 
of big powers in 


BY ANTHONY ROBINSON 



BELGRADE, June 2GU 

- Si- **• 


toward? the* vSovfef. 


PRESIDENT TITO of Yugoslavia' two aides to make serious efforts deeded anvonG : chalten B f'' ' 
opened the 11th congress pf the to transcend the recent unsatis- Union and • ‘.r 

League of Commuitists (LCY) factoiyrituation." ■ : . £ e '£SSiiS7 

yesterday with a speech emptia- Tito underlined, the integrity of Yugoslavia as . a.-. . 

rising th 


v 


e stability and con- howwer^that Yugoslavia’s inter- federal state. • 

tinuity of the Yugoslav path, to natibnarposition “is mow hfJ h 40-mhwt^ O sbeecli^^ h §^ S! 
self-management and socialism, than, ever." He attributed this hte 4^mute sp^ uw Jhe.^.v . 
However, he expressed concern to V policy of “non-alignment Sfi-yeawild 

at the deterioration in relations and equitable co-operation . . - healthy and mgorattS. Intended ^ . 

between the great powers and ant also a highly stoblejJCtenral pving up hisa(^TO_r^«- ; -, 

what he called their attempts to 'situation .and the stability of leader of both state 

undermine the Independence of socfeS?" „ Dressed in 8 white jufc, he 

Africa and the mm-aligned;: This stability was due to Yugo- walked u^ightaod^^uuaid^to-,,. 

movement generally. . -slianrta'-s progress along the path the podium, sat down 

Detent in relations between . cif self-management and socialist bis speech in 

the great powers has broken: democracy, be said, adding that and received a ^andmg^o^tion-.'; 

down ... their mutual distrust ''viewed in this light various from the more thaji3J»p Yugo- - 

and suspicions are reminiscent speculations about tbe future of Slav and foreign JJJfSftos- .. 

of the times of the cold- war -Yugoslavia appear ridiculous/ 7 . By far the warmest applause,*..: 
which we hoped would be left --Extra force was added to these bestowed on foreign deiegatmn?-.; - 

behind for ever." he said. The Words by a later passage, extol?- was given to Bit, ■ .Enrico : • - 

armaments race and thdjng the increased efficiency and BertiDguer. the Italian . ..Coin-. . 

rivalries of the big power .blocs vigilence of the armed forces munlst Paries secretary-general.': - . 
were spreading to Africa where. ahd : the security services. - ' 1 The message from Cnma 
some powers were attempt to - -.J-^Our overall defence capability ing .the deepening aha : 
preserve their spheres of in-Zand the effectiveness of our strengthening of revolutionary - 

fluence. Power politics and cs- : seeority forces have been friendship and -cooperation;. . 

ternal interference were in-isfrenethened. O nr armed forces between our two ^atti«y-: «on- ; • 

creasing in the non-aligned andjiare- more prepared than ever tries and peoples, ;■ also drew 

developing countries, he said, ’ before to resist any future considerable appiauseras^did the • 
“Peace In the world is not- aggressor and defend our inde- Soviet delegation ' ‘ . - 

assured." the President saicD pendenee, sovereignty and terri- The congress has divided -into .*•••• 
“The threat, of outbreak of war. -torial integrity. The security six commissions - to . discuss the 
not only at a local level but' organs have thwarted the attacks detaus of party policy.: before -, 
even on a world scale, cannot be ofenemies within and without" the Jrull closing plenary session 
excluded." He called on “thelfie said, in a passage clearly on Friday. _ ... . - . 


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BONN, June 20. 

WEST GERMANY’S political^: Agreement of 1971. West Ger- 
parties today unanimously jnany is allowed to develop- its 
approved a package of measures ties with West Berlin, 
intended to bolster the economy A An official statement did not 
of West Berlin. -•’.-say how much lbe extra, assist- 

The package includes a pledge Vance would cost, but the Bonn 
to cut taxes paid by West Beiriiii '/Government has been pumping 
businessmen in stages from 1880^ : ;about DM7hn ($S.3bn> a year 

and to double a special grant 1 : into West Berlin's economy, 
paid to parents for their first ~ The W*si Berlin authorities 
child born there to DM50 ($24)./fikve complained that the city 
The measures were adoptecTlKnlly lacks skilled - workers 
last night at a meeting of leadezsLahd investment incentives, and 
of all partiamentary partieg^hove warned that tbe- population 
chaired by President Walter/ of just under 2m is dwindling. 
ScbeeL Under the Four-Power: Reuter 


Steel output 
last month 
rose by 2.3% 


i n '! VS i?*lC 


Report on ttK-Bish links 


BY OUR OWN CORRESPONDENT DUBLIN. June 20. 

A COMMITTEE which is pyamln- ^Northern Ireland. The most 
Ing plans for economic co-opera- ■ interesting is the suggestion of 
tion between Northern Irrfaad a possible electricity connection 
and the Republic' and 'betwiellij . between Britain and Ireland, 
the Republic and the UK, ’’ Dealing with energy resources, 
lished its first report tonight ? 7 , the committee says the options 
The Irish Government k^s the future delude adding to 

J^bfc^on^dXeridefe ™ 

of .work -being done as the p&x l,^.!; QS M n b I e hp ^^? n ^ 

Foreign So,ith - e a 5t Ireland, Security has 

thatthere wSl’ equine fflCS the Problem with the north- 
on nf^hnrtT Si/ south link and the last connector, 

ness on the part of both Govern- blown ud several vears aen 
ments to promote cooperation, piSn rendered 

Most of the projects udder is the linking of the Erne and 
consideration were announced at Shannon waterways be reopening 
the time of the visit to Dliblin a canal - Studies in the Derry- 
two months ago of Mr. Roy Donegal -and Dundalk-Newry 
Mason, Secretary of State for areas are well advanced. 


Protest over WEU leak 


BY OUR OWN CORRESPONDENT PARIS, June 20. 

COMMUNIST Jfi*s attending the official. Tbe finger is being 
seven-nation. Western European pointed principally at the Italian 
Union assembly here have been Communists, 
accused of leaking to the Soviet Strong Soviet moves are 
authorities a report dealing with understood to have been made 
European relations with China. - in Bonn . West German Social 
Sir Frederic ■ Bennett, the Democrat delegates opposed the 
British Conservative MP who was motion backing stronger Chinese 
seeking support for European links, which the Russians regard 
arms supplies to Peking, today as anti-Soviet. Some Right-wing 
charged other delegates with MPs were seeking lo reinstate 
provoking a Soviet protest four a deleted proposal referring 
days before his report was made specifically to arms supplies. 


BRU SSELS, June. 20. 
CRUDE STEEL production in 
May in tbe counrries-belo.nging to 
-the International Iron .and Steel 
Institute rose to 40:2m' metric 
tons— 2.3 per cent; up' on the 
previous month and. Iff: per cent 
higher than in May lastly ear. 

In the first five 'months of this 
year crude steel omptit Totalled 
189m tons, a 3.4 per eentlncrease 
on the same peri odTast : year. 

Compared with May last year, 
production was up 8.6 per ■ cent 
In the European Community, 3.1 
per cent in Japan and -only 4.9. 
per- cent in the U.S. : - 

In the first five months, the 4»3 
per cent upturn in U.S. crude 
steel output from a year ago was 
due to improved domestic 
demand, the Institute said. 

A 6.3 per cent, upturn in the 
European Community - mainly 
reflected higher export activity 
during the first four months and 
some growth in shipments to 
domestic markets. 

Japan’s output of crude steel 
declined in the five-month period 
by 5.2 per cent from a year ago, 
mainly because of lower ship- 
ments to some export markets. 

The Eardpeau Community's 
total May crude steel output was 
12m tons, down from 12.18m 
tons in Aoril bui up from 11m 
tons in . May last year. Five- 
month production totalled 57m 
tons, up from 53,7ra tons. 

In the U.S., production was 
11:17m tons in May against 10:4m 
tons In April and lira tons iu 
May. 1977. Five-month production 
was 49.57m tons against 47.5m 
tons a year ago. 

Japan's May crude steel output 
totalled 8.46m. tons, up .'from 
8.37m tons in April and down 
from 8.73m tons a year ago. Five- 
month production was 41.08m 
tons, down from 43 -33m tons- 
The International Iron and 
Steel Institute accounts for 992 
per cent of crude steel produc- 
tion outside the East bloc, China . 
and North Korea or about 65 per 
cent of world production. 

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EUROPEAN NEWS 


’lea 




to 


eady Signs of 
Dew moderation 


EDUCATION IN GREECE 


Short on quantity and 


Spain seeks 

quality u « l mp 


Brazilnuclear deal among 

BY p^Rl^ BATaHlELOR . , AMSTERDAM, '^une 20. IVlolllCCSIlS 


BY DAVID TONGE 


- THE ' -IKITGK ' Government Is 
. , j prepared to .allow' the delivery 

. of enriched -uranium to Brazil in 
\ c spite -.of .Holland's . failure „.4o 
■■■ . obtain the: tight safeguards it 
r . was- seeking. - -The Cahinetis 
. convinced- - it .'.‘.his sufficient 
: . .. guarantees -.from- Brazil that-ihe 

* uranium will only be used for. 
" • peaceful ends, ft sajd l ia -a better, 
to Parliament -today: '. ■' ... . > 

; This decision- ;ts- expected .to 

: . lead to a heated, debate- Sn.Parlia- 
. meiM: next Tuesday.' The Govern- 
mem’s first attempt - in January 
- . : • to win -approval for its -plans 

,.- was unsuccessful: has since 
held fuither -talks with Brazil 
and with' its; partners in the 
enrichment- project— West Ger- 
. many and 4 he UK. 

The ■ 'Cabinet - said Holland's: 
efforts;. rtb- obtain detailed safe- 
guards agairist the misuse of the : 
: plutonium produced from the 
; • ■uranium- were not . • successful; 
because' Holland's partners said 
lhis ; went further than the 
_ original agreements. __ - ' .- */”.'- ■ 

• The new accord states, that the 
.] . partners will seek tp. arrange z 

1 system of storing the. plutonium' 

according ; to then International 
]>) flW<ll Atomic Energy AiencyTs guide- 

lines, -ft this is- not possible 


they will set up.aa ad hoc system 
; of storage at' .least -#wo years , 
before Brazil', starts reprocessing 
. plu£omum"in '-1985. ■ 

Under the. motion Jwhich the , 
Cabinet was forced t<r accept in 
.Parliament in .January. Brazil 
would have had to agree to the 
safeguards by. 19SI— *wo years 
’earlier than. tbe"pre5epfc proposal, 
V" Come- what 'may, freither a 
permanent . or *- -, a .temporary 
scheme for storage, will be in 
force by the time Brazil starts 
preprocessing, the Cabinet said. 

Holland has not yet -received 
an official 'reply %6 its request for 
guarantees which .weje . handed 
to. Brazil's Foreign Minister last 
Friday, but it has sufficient indi- 
cations that, this proposal is 
acceptable to Brazil. -^Although 
the conditions laid WdowD by 
Parliament in January-’caanot be I 
met **.to. the letter " the Govern- 1 
; ment is convinced there are suffi- 
cient guarantees to meet the I 
spirit of the parliamentary; 
'motion.- This is the most that 
can be achieved in the Cabinet's 

view. i .*. 

i .Firrt reactions from .the politi-j 
cal parties indicated- that the 
Government will face strong 
opposition in next week’s debate. 



Italy pays back $350m 


BY PAUL BETTS 

IT ALY HaS,' rep®'*! oh schedule 
a fi»liet’§350f& tranche of the 
$1 4bn Eurapean- Economic' Com- 
munity loan. ne'gotiatfrd in 1974, 
thp Treasury; MinistiF confirmed 
here today.- The country still 
has'to rei«iy:57fl»m.;io the EEC 
this ‘year. . 

At the satne time, Italy has 
also paid bScfe some Slbn of its 
S2bn gold-backed Uoah from the 
Bundesbank. ' JuA; : 

The . Italia^ monetary authori- 
ties intend to:’- negotiate next 


HOME, June 20. 

month new loans with both the 
International Monetary Fund 
and the EEC for a probable com- 
bined total of some $25bn. 

Although with foreign cur- 
rency reserves currently. of about 
SSbn, the counfry Js .in no 
immediate need of international 
financial support The Italian 
authorities are seeking the new 
loans iD view of ih^ possible 
inflationary and balance of pay- 
ments repercussions £ of the 
Government's proposed-economic, 
recovery programme. '£■’ 


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by Charles Batchelor in 
Amsterdam 

the past few days have 

shown, the first signs of a change 
attitude on the part of 
Holland's most explosive racial 
rainority — the South Moluccans. 
The change comes as the country 
waits for the verdict on three 
young Moluccan gunmen who 
took part in the siege of Assen 
Town Hall last March. 

The three Moluccans will be 
sentenced at the end of next 
week and the public prosecutor 
is seeking sentences of between 
15 and 18 years for the attack 
which led to the death of two of 
i lie 70-odd hostages. Yet a state- 
ment issued after the trial by the 
| young South Moluccan com- 
! m unity called only for a change 
1 m Dutch policy towards their 
| homeland of Indonesia and an 
j end to Dutch aid to the country. 

This marks a refreshing 
change of emphasis from pre- 
vious violent attempts by the 
{ South Moluccans to influence the 
Dutch Government. And. while 
the young demonstrators directed 
their attention towards present- 
day Indonesia, leaders of the 
Moluccan community were leav- 
ing for a two-day congress in 
West Berlin to discuss the prob- 
lems of minority peoples such 
a- the Moluccans. Kurds and 
Eritreans in gaining recognition. 

Both are hopeful signs in the 
bitter Moluccan issue. Bur the 
Moluccan community remains a 
thorny problem and is receiving 
an unprecedented amount of 
attention from the Dutch 
Government. 

Nearly 30 years after some 
4.000 Moluccan members of the 
Netherlands Army of the Indies 
left their homeland with their 
families their Dutch hosts are 
only now facing up to the 
seriousness of the problem. 
Instead of fading with time, the 
Moluccan's dream of a return 
to their islands in the Indonesian 
archipelago has been taken up 
with increased fervour by the 
second generation. Most of the 
young people who have taken 
part in recent acts of violence 
or who support such action nave 
never seen the homeland they 
are fighting for. 

The 12,000 Moluccans who 
came to Holland in 1950 have 
now grown to around 40,000. 
Their exact numbers are not 
known since an official register 
is riot kept. They have for the 
most, part resisted assimilation 
into Dutch life and live in their 
own areas of towns such as Assen 
and ^ovensmilde in northern 
Holladd and in the east of the 
country. They have their own 
eovemVent-in-exile, their own 
political movement and strong 
network of community organisa- 
tionsL ks the efforts of the 
elders If the community to 
achieve independence have pro- 
duced little result, the radical 
youth hai chosen increasingly 
violent means to draw' attention 
to its grievances. The older 
generation - admits it has lost 
control of i the more extreme 
youth groups in the t .immunity. 

The Dutch are faced with a 
virtually insoluble problem. Des- 
pite their efforts in the late 1940s 
to gain a degree of independence 
for some of the peoples of their 
former colony the Indonesian 
Government opposed this. As 
soon as Indonesia became a 
sovereign state Holland was in 
no position to impose a solution. 
Even if it wanted to. Dutch 
efforts at friendly persuasion 
have also had tittle impact 
although small groups of Dutch 
Moluccans now make regular 
visits to their homeland. Indo- 
nesia remains uncompromisingly 
opposed to the Moluccan ideal 
however and earlier this month 
expelled an Indonesian-born 
Dutchman for what it called sub- 
versive activities connected with 
the Moluccan struggle for 
independence. 

. Since the first train hijacking 
and the seizure of the Indonesian 
consulate in Amsterdam in 
December, 1975, the Dutch 
authorities have been working 
bard on the Moluccan problem. 
The Government produced a 
report in January. It did nothing 
to meet the political aspirations 
of the Moluccans but did pro- 
pose a series of measures to 
improve their material circum- 
stances. 

But at a time of high un- 
employment in the country as 
a whole there are limits to what 
can be achieved. Extra teachers 
will be employed to help with 
Dutch language tuition since 
Malay is the first language of 
many families. Special radio 
and, eventually, television pro- 
grammes are planned. The 
Government also wants to 
encourage Moluccan families to 
move into houses in the west of 
the country away from the north 
and east where they are now 
concentrated and no new exclu- 
sively Moluccan housing areas 
will be allowed. Finally, it plans 
to- make up the backlog on 
pension payments owed to its 
former soldiers. 

The Government’s Moluccan 
Bill will come before parliament 
later this year but debate in 
committee has already revealed 
strong opposition to parts of it. 
The plan to disperse the Moluc- 
caris more evenly among the 
Dutch community brought the 
accusation that this amounted to 
apartheid. Mr. Wiegel modified 
his proposals somewhat and now 
seems ready to accept that 
groups of Moluccans should live 
near each other although solely 
Moluccan areas will not be 
allowed. Some of the 5,000-6,000 
new houses needed oveT the 
next five years .will be built iD 
towns .with already existing 
communities while others will be 
built in ~ towns designated as 
areas for population growth. 


GREEKS SAY that when they 
go to heaven they must bring 
an application form, a statement 
supporting the application, and a 
list of contacts to help them 
through the expected adminis- 
trative tangles. They face how- 
ever more immediate problems 
with the bureaucracy. 

The Minister responsible for 
the civil service, Mr. Constan- 
tine Stefanopoulos. emphasises 
that changes have been made. 
There has been an Increasing 
computerisation of procedures, 
the abolition of some bureau- 
cratic formalities, and the re- 
organisation of most ministries. 

He also stresses the import- 
ance that the Government gives 
to the professional and scientific 
training of civil servants. But 
in this field and in the wider 
field of education of the middle 
management to help prepare 
Greece for stiff EEC competition, 
problems are acute. 

Education has long been one 
of the more controversial areas 
of Greek life. Neglected for 
years by the state, its share of 
the budget has increased since 
the Junta fell in 1974 but the 
proportion of GNP devoted to 
education in Greece nevertheless 
remains one of the lowest in the 
OECD. 

It is only in the past five 
years that “the technical colleges. 
KATE, have begun to operate. 
These have places for one appli- 
cant out of every 10. while in 
the universities the ratio is 
little better — one in seven. 
Further, while the “quantity" 
of education is limited, its 
quality is widely criticised. 

The principles of the 197S-S2 
development plan prepared by 
the Government admit the diffi- 
culties of the situation. It talks 
of the shortage of building, the 
limited possibilities of training 
teachers, the continuous in- 
crease in demand for higher 
education, the problems of org- 
anising post-graduate studies 
and the “anachronistic compo- 
sition" of teaching programmes. 

The student is expected to 
remember set texts rather than 


to learn to analyse and debate. 
One educationalist writes that 
the general tendency is to ask 
the student to - act as a 
parrot." There is a shortage 
of libraries and the text books 
used are usually written by the 
professors themselves and often 
based on the professor’s earlv 
studies rather than any sub- 
sequent research. There is a 
complete absence of post- 
graduate departments in 
Greece. 

The present Minister of 
Finance, Professor Athanassios 


The Karamanlis Government 
has frequently argued that it 
cannot be expected overnight to 
solve the problems of decades. 
But it has devoted more money 
to education, continued an ex- 
pansion of the university sys- 
tem. and made some changes 
to the organisational structure 
of the Ministry of Education; 
this structure dates back to 
1932. 

More important, it has intro- 
duced a major reform in secon- 
dary education. The antiquated, 
artificial language katharei-ousa 


Education in Greece has improved its share of the 
budget since 1974. But the proportion of GNP 
it receives remains one of the lowest in the OECD. 


Kanellopoulos. said last year: 
“The whole educational system 
has to change . . . We put our 
children on the intellectual bed 
which we have prepared and 
because tbeir fret stick out we 
cut them off instead of enlarg- 
ing the bed." Ii is ihus not just 
the shortage of space but also 
the quality of education which 
means that one Greek out of 
every four at university is 
studying abroad. 

The problems seen at univer- 
sity level are evident through- 
out the system. There is thus 
considerable demand for private 
education, fti the school year 
1975-76, 14S.000 out of the 
1.4m students at kindergartens, 
primary schools and secondary 
schools were receiving private 
education. Particularly impor- 
tant are the private froHiiitirio. 
the cramming schools, to which 
young Greeks are virtually 
obliged to go iE they wish to 
squeeze through the bottleneck 
of university entrance. They 
operate parallel to normal 
secondary education and mean 
that the teenager may find him- 
self studying up to 15 hours a 
day. 


has been abolished in schools 
and demotic < the everyday 
spoken language) is now the 
only language for instruction. 
Fur Greeks, who have had to 
spend years on purist syntax, 
the reform is critical — and. 
ironically, introduced by the 
same men who had opposed 
attempts to make the change 
in the mid-1960s. 

Further, the length of com- 
pulsory education has been 
extended from six to nine years. 
Around 170 new technical and 
vocational lycees are now in 
operation and the system is 
being extended. , 

Technical lycees were first 
introduced by the Centre Union 
Government in the mid-1960s, 
abolished by their successors, 
and then reintroduced and 
re-abolished by the junta. This 
confusion is reflected in the way 
that in 1975 only 22 per cent of 
Greek students went on from 
primary school to technical edu- 
cation, compared with twice that 
figure in France and Italy and 
over three times as many in 
West Germany. 

The Karamanlis governments 
have resisted opposition 


attempts to close private schools 
and last year passed a new Jaw 
governing these. However, they 
have had less success in intro- 
ducing new legislation for the 
universities. Here they have 
been at odds both with teaching 
staff — who have been on strike 
for most of this year — and with 
the student movement. EFEE. 

The law covering technical 
education was voted over a year 
ago. This regulates a system 
which, with World Bank 
assistance, began during the 
junta period. There are now 
17,000 students at eight 
technical colleges. Capital 
expenditure on these has been 
running at around £10m per 
year, while current expenditure 
has risen from J3m in 1975 to 
£13m this year. The Under 

Secretary responsible, Mr. 
loannis Kontogiannopoulos, 
stresses how the schools 
were started in difficult con- 
ditions. “Greece has lost much 
time and we cannot give our- 
selves the luxury of waiting.” 
He said it was difficult to 
judge the results in that the 
first graduates were now doing 
their military service, but 
a recent article in Oikonomikos 
Tahidromos stresses how gradu- 
ates of the hospital administra- 
tion school have found 
themselves obliged to work as 
builders, waiters or store hands. 

Such examples reflect the 
teething problems of the system. 
The Centre for Planning and 
Economic Research, for in- 
stance. says til at the absence of 
any tradition of technical col- 
leges means that employers, 
like the students themselves, 
have to find out what this new 
technical education is worth. 
But if still only a first step, it 
is one in the right direction of 
providing Greece with the 
skilled manpower it needs for 
its development. 


with EEC 
application 

By Reginald Dale, 

European Editor 

SR. LEOPOLDO CALVO- 
SOTELO. Spain's Minister for 
EEC negotiations, yesterday 
urged the British Government 
to help ensure that bis country’s 
membership application is dealt 
with as quickly as possible. 
Sr. Calvo-Sotelo, who is on a 
rour of the nine EEC capitals, 
had talks in London with a 
□umber of senior Ministers, 
including Dr. David Owen, the 
Foreign Secretary, and Mr. 
Edxnund Dell, the Trade 
Secretary'- 

Dr. Owen confirmed Britain's 
strong support for Spanish EEC 
membership. British officials 
are impressed by the thorough- 
ness of the Spanish application 
and Madrid's rapid response to 
the structural problems of entry, 
although they believe that the 
full implications of membership 
have not yet sunk in to the 
Spanish population. 

Britain is not yet reedy to 
react, however, to the Spanish 
argument that the entry of all 
three applicants — Spam. Greece 
and Porrugual— should be co- 
ordinated. despite the fact that 
the Greek and Portuguese 
membership bids are much 
further advanced. The British 
view is that any decision should 
await the conclusion of the 
European Commission's report 
on the Spanish application. 

© A series of demonstrations 
were staged by the main trade 
unions throughout Andalucia to- 
day in protest against Govern- 
ment inactivity on unemploy- 
ment. Andalucia has the worst 
unemployment in Spain both in 
I agriculture and industry. Ac- 
cording to union sources unem- 
ployment in the province 
affects 200.000 people of whom 
110.000 are agricultural workers. 
The total is 20 per cent of the 
national figure. 

In Barcelona province, build- 
ing workers went on strike for 
24 hours after the breakdown of 
wage negotiations that have been 
going on for nearly three 
months. 







Authentic passenger statement 





jg? _ 


^ M 








To Bremen: Every day departs T2.05 
To London: Every day departs 09.20 




To Hamburg: Every day departs 14.55, 20.50 
To London: Every day departs 08.20, 17.20 




To Frankfurt: Every day departs 11.05. 
14.20. 19 00 

To Londcuv Every day departs 0S.40. 
12.35.16.35 







To Cologne/Bonn: Every day departs • 
10.40.19.30- 

To London: Everyday departs 08.20,12.25 


To Hanover: Every day departs 10.20 
To London: Every day departs12.10 




To Munich: Every day departs 11. 30. 18.30 . 

To London: Every day departs 09.25. 18.05 1 


















i . . -is I bLiJj 

To Nuremberg: Every day departs 19.30 
To London: Every day departs 07 .00 


To Dusseldorf : Every day departs 09.50, 14.25 
To London: Every day departs 07-40, 16.30 


. To Stuttgart: Every day departs 09.45, 
Weekdays 14.15 

To London: Every day departs 07.25, 
Weekdays 11.50 



German Airlines 




4 


OVERSEAS NEWS 


Sadat launches debate 


with attack on critics 


BY ROGER MATTHEWS 


CAIRO, June 20. 


Record for 
S. African 
capital 
outflow 


First 


better than expected 


Air Canada 

pilots vote 
to strike 




BY JUREK MARTIN, U.S. EDITOR 


WASHINGTON, June 30. 


on Monday 


PRESIDENT Anwar Sadat today 
launched a month-long “debate” 
on Egypt's future political struc- 
ture that is expected to culmi- 
nate in decisions to be announced 
on July 23. the 26th anniversary 
of the 1952 revolution. 


In another hard-hitting speech 
attacking bis domestic critics. Mr. 
Sadat refused to contemplate 
abandoning the Middle East 
peace initiative he launched last 
November. “I am optimistic 
even if Israel does nor respond 
positively or favourably." he 
said. 

Mr. S^dat described Israel’s 
answers to tbe two questions put 
hy the United States on the 
future of the occupied West Bank 
and Gaza Strip as “very loose." 
“ Israel always tries to keep the 
whole question very fluid. Our 
position is the same. tVe are not 
speaking about Sinai because 
that is my land and we will not 
negotiate on even one inch of 
Sinai.” 

However, declared the Presi- 
dent, Egypt was ready to discuss 
any new factors that might be 
introduced by the Israelis includ- 
ing any mutual security arrange- 
ments that might be sought. What 
Egypt was not ready to discuss 
was the ceding of one inch of 
Arab territory. 

On the domestic front Mr. 
Sadat accused political parties on 
the Left and Right of launching 
a campaign against the Prime 
Minister and the Cabinet, with 
the objective not of serving the 
Egyptian people's interests but 
of creating tbe conditions under 
which they could seize power. 

The right-wing New Wafd 
party, which has voluntarily 
dissolved itself in protest against 
recent government measures, had 
been trying to drag the country 
back to the situation that existed 
before 1952. while the left-wing 
"Unionist Progressive Party, 
which has frozen its activities, 
wanted to plunge Egypt into 
“bloody strife" and “put Cairo to 
the torch" as it had attempted in 
January last year. 


Addressing the central com- 
mittee of the Arab Socialist 
UDion. Mr. Sadat announced that 
its 475 members would shortly 
be receiving a booklet drafted 
bv tbe Rector of Cairo Univer- 
sity. This document would deal 
with the “ development and 
progress of Egypt " and with the 
question of introducing a code 
of ethics in political life. 

President Sadat emphasised 
that he did not want to take 
decisions in isolation. Committee 
member-' would have time to 
debate the theories developed in 
the booklet and any decisions 
would therefore express the 
united wish of the Egyptian 

people. 

Speculation is growing that 
Mr. Sadat may seek to introduce 
constitutional amendments in 
order to consolidate the process 
of silencing some of his more 
vociferous critics. 


ins bis commitment to the demo- 
cratic experiment he had started. 
The fact that the President had 
objected tu certain politicians 
should not be interpreted as 
meaning that he was opposed to 
political parties. “I have no 
objection to any party " said Mr. 
Sadat. 


By Bernard Simon 


JOHANNESBURG. June 20. 


Two Members of Parliament in 
Britain had warned the Presi- 
dent that they feared his image 
dn the Western world was being 
damaged by his recent actions. 
“These are attempts to scare 
me so that I would not be able 
to rake any aerion.” said Mr. 
Sadat. “The satisfaction oF the 
Egyptian people is the only 
guide that I Hse." 


“The sovereignty of the law 
will always remain supreme in 
Egypt,” said Mr. Sadat, reaffirm- 


Meanwhile. everyone was 
invited lo express their opinion 
on the political future of Egypt 
so that the results and reports 
of tbe debate could be prepared 
before July 23. “ These decisions 
will enhance ihe drive towards 
democracy in Egypt.” claimed 
Mr. Sadat 


Weizman dismissal sought 


BY DAVID LENNON 


TEL AVIV. June 20. 


MR. MEN AHEM BEGIN, the 
Prime Minister, is under pres- 
sure from within his Herut party 
faction to dismiss Mr. Ezer Weiz- 
man. the Defence Minister, for 
openly defying the Prime Minis- 
ter at Sunday^ Cabinet meeting 
of the future of the West Bank 
and Gaza. 

Mr. Weizman further chal- 
lenged the Premier last night by 
disobeying Mr. Begin’s instruc- 
tions that every Cabinet Minister 
remain to vote in tbe Knesset 
debate on tbe Cabinet decision. 
Mr. Weizman left the Knesset 
hours before the end of the 
debate. 

Tbe Defence Minister's critirs 
within Herut. the dominant fac- 
tion within the governing Likud 
block, believe that Mr, Begin 
cannot let this challenge to his 
authority go unpunished. 

They were particularly angered 


by Mr. Weizman's declarations 
that the Cabinet decision makes 
another Middle East war inevit- 
able. 

Even though they refused to 
side with him in the Cabinet, 
Mr. Weizman still has consider- 
able support among members oft 
the Liberal Party faction in the 
Likud. He also has support from 
the second largest coalition 
party, the Democratic Movement 
for Change. 

It is known that Mr. Begin is 
very angry about Mr. Weizman’s: 
public criticism of the Cabinet | 
decision. It is considered pos-j 
sible the Premier will call in his 
Defence Minister for a talk. But 
it is thought unlikely that Mr. 
Begin will actually dismiss Ihe 
popular Mr. Weizman. the n r.e 
Cabinet member who appears to 
have a common language wilhj 
Egypt’s President Sadat. 


THE. OUTFLOW of short-term 
foreign capital, which has be- 
devilled the South African eco- 
nomy for the past two years, 
i reached a new record during the 
first quarter of I9TS. according 
Id the reserve bank’s quarterly 
bulletin, published toda' - . Out- 
flows totalled R342m, compared 
with R204m in the fourth quarter 
of 1977 and R 1,086m during the 
whole of last year. RSOTm was 
accounted for by the privare sec- 
tor and unrecorded transactions. 

The bank says that the drain 
“may still have been related to 

political uncertainties in 
southern Africa and a decline in 
financing abroad of foreign trade 
transactions.” 

There was also a net outflow 
of lonu-term capital durins the 
quarter, amounting to Rlllm. 
This was the first negative figure 
under this heading for several 
years, but was partly accounted 
for by repayments of foreign 
loans by the Government. The 
outflow of R13Sm from the pri- 
vate sector is ascribed ,n an 
increase in foreign branch 
balances stemming from dia- 1 
mond sales towards the end of 
March. 

The deterioration in the 
capital account during the first 
quarter was. however, largely 
compensated for by a continued 
positive halance on current 
account. The current balance 
showed a surplus of R503ni 
FRl.lftlin at a seasonally adjusted 
annual rate), compared with a 
R205m surplus in the previous 
quarter and T877’s positive 
balance of R751m. 

This current surplus wa< also 
:i new record, hut the increase 
since the fourth quarter of 1977 
was due »n seasonal influences. 
Ai a seasonally adjusted :*nnual 
r;«tp. the surplus declined from 
R2 tnqm i" the fourth quarter 

of 1977. This decrease reflated 
a marked decline in seasonally 
adjusted merchandise exports, a 
moderate increase in imports 
and a sharp rise in net invisible 
r-avnienK all oF which were only 
nartly offset by rising gold out- 


THE U.S. gross national product 
did not, after all, decline in real 
terms in the first quarter of this 
year, according to final figures 
released today by the Commerce 
Department. 


Initially, the Department had 
calculated that GNP fell by 0.6 
per cent in the first three months. 
Subsequently this was slightly 
altered to register an 0.4 per 
cent drop. But complete data, 
showing somewhat stronger in- 
ventory investment, exports and 
personal spending, left GNP un- 
changed from the final quarter 
of 1977. 


The major drag on economic 
activity In the first three months 
was the severe winter and the 
coal strike, which, the Admin^tra- 
tion estimates, shaved 2i to 3 per 

cent off growth. 

What today’s figures underline 
is that the rebound from the 
winter doldrums was extremely 
vigorous in March, April and for 
part of May. There have been 
more recent signs ■ — in figures 
on industrial production, housing 
starts, personal income and unem- 
ployment — which suggest that 
the economy has settled down 
and is expanding at a more 
modest 4 per cent or so, in line 


wife the Administration’s longer 
term aims. 


But the second quarter GNP 
figures, which should be released 
late ■•next month, will probahjy 
shown an annual rate of increase 
comfortably in exces of that 
The first quarter figures imply 
ai: annual .inflation rate, of 7 per 
cent although the measurement 
most, favoured by the Depart- 
mentvtfce GNP chain price in- 
dex,. showed a more modest o-4 
per cent advance in the first 
quarter compared with a. 6J. per 
cetit annual increase in -the last 

three months of last year. 


Racial tension grows in Brooklyn 
as violence leads to protests 


BY JOHN WYLES 


NEW YORK June 20« 


ecalled envoy will not return 


foreign reserves fell by 
ni«m titirinc the quarter, to 
R“2m at the end of .March. 
However, a net redaction in 


BY OUR FOREIGN STAFF 


GENERAL SAAD EL-SHAZLY, 
the former Chief of the Egyptian 
General Stuff who on Monday 
attacked President Sadat as a 
dictator, said in an interview 
yesterday that he would only 
return to Egypt if the President 
agreed to answer his critics 
before an international commit- 
tee. preferably supervised bv the - 
UN. 

There was still confusion iast 
night about whether the General 
had been sacked from his posi- 
tion as Egyptian Ambassador to 
Portugal, ur merely suspended. 
However, he told the FT that he 
had received the letter suspend- 
ing him and recalling him to 
Cairo before, not after, his con- 
troversial statement to the Press 
in Lisbon. 

In the statement he also 
accused Mr. Sadat of having 
reduced the capabilities of the 
Egyptian armed forces to 60 per 
cent of their pre-1973 level, of 
having made Israel more 
intransigent than ever before. 


and of having brought Arab 
solidarity to its lowest point in 
30 years. 

Yesterday Gen. el-Shazly said 
he saw “no options” for Presi- 
dent Sadat, who was reaching 
“an absolute deadlock." He said 
that it looked as if a bilateral 
peace with Israel was tbe only 
option left, but that the Presi- 
dent had said a. number of times 
that he would not accept such 
a deal, so that the General did 
not see how he could get any 
solution. 

Asked if public opinion would 
accept a separate peace. Gen. 
el-Shazly said that in Egypt “you 
never know public opinion. In 
the absence of real democracy, 
people don’t say what they think, 
in order to avoid trouble." 

The former Chief of Staff, who 
was sacked from the post follow- 
ing the 1973 war with Israel, did 
not. however, anticipate a new 
war in the near future, with the 
Egyptian forces "as weak as 
they are now" and Israelis 
having “got what they want," re- 


taining control of the West Bank 
of the Jordan and “almost all" 
of Sinai. 

Gen. el-Shazly reiterated bis 
conviction that “there are quite 
a lot of people in Egypt who think 
as I do. but not a lot of people 
can say what 1 can say.” He said, 
however, that he did not stay in 
touch, with .other officers because 
“when the authorities see that 1 
am in touch with them they will 
be in trouhle." 

If President Sadat would not 
join in the “democratic dialogue" 
be wanted, the General said, 
"then I might feel obliged to 
follow undemocratic dialogue 
and also publish my memoirs." 
as the President recently did. 
His own memoirs, he said, were 
almost ready. 

Asked where he would go now. 
GeD. el-Shazly said that he did 
not think that he would stay in 
Portugal. "There are 21 Arab 
countries vbo I think will be 
happy to invite me." he «aid. 
although he bad not had an invi- 
tation from any, so far." 


foreign liabilities meant an 
increase in ihe net reser- cs of 
! nfiflni. Ner reserves ro®-* by 
! RIOPm in the six months lo the 
end of March. 


TWO OF tbe most powerful 
ingredients in the New York 
City racial clashes of the late 
1960s— allegations of police 
brutality against blacks and 
hostility between the biack and 
Jewish communities have 
provoked tension in the Crown 
Heights section of Brooklyn. 

Mayor Edward Koch and two 
of his deputy mayors yesterday 
visited the troubled area in an 
attempt to calm an increasingly 
explosive mood among black 
residents. Several hundred have 
taken part in marches and 
rallies over the iast few days 
following two separate incidents 
last week in which a black 
businessman who was also a 
prominent community leader 
died and a black youth was 
beaten up. 

Worrying about the “ disquiet- 
ing implications” for the city’s 
future. Mayor Koch has 
promised a full inquiry into the 
death last Wednesday of 35-year- 
old Mr. Arthur Miller. Mr. 
Miller, who ran his own con- 
struction business in Crown 
Heights was apparently choked 
to death during a scuffle with 
police who were apparently 
trying to arrest his 21-year-old 
younger brother for allegedly 
driving with a suspended licence. 

According to witnesses, how- 
ever, Mr. Miller offered no 



Mayor Edward Koch 


violence. It is claimed! be was 
the victim of unnecessary strong 
arm tactics by 16 police officers 
who had been called to the scene 
by the two policemen who 
originally tried to make the 
arrest 1 


A state senator yesterday 
alleged that Mr. Miller difid 
because be refused police 
requests to make a payoff -. to 
avoid the arrest of his youdger 
brother. But tbe case Is rapidly 
acquiring- racial overtakes 


despite the Mayor’s Insistence 
■ yesterday that it was not a racial 
■.'clash' because- many -of- -the 
. officers involved in the 'struggle, 
-leading up to Mr. Miller’s death, 
were black. 

- 'But a local black Minister, the 
Reverend Herbert .. Daughtry, 
Was yesterday implying quite 
. the opposite in a series of highly 
- charged statements which did 
^nothing to calm the. atmosphere 
in Crown Heights. 

In a speech to an. angry meet- 1 
-'-ing of residents- he warned tbe 
■'Mayor yesterday:. "Something 
must be done or it Is going to 
explode. You will not make it 
^through tbe summer.” . 

The Minister has also taken up 
] the Issue of 16-year-old Victor 
‘^Rhodes who is in a. coma follow- 
ing an attack last Friday by “up 
to 50 ” Hassidic Jewish youths 
who had formed *a self-styled 
crime pal ml. Two Hassidim have 
.been arrested and charged with 
-assault and attempted murder. 
The motive for the attack, is un- 
known although the New York 
/Post speculated this morning that 
Rhodes may have been mistaken 
for a black involved in a crime 
^against the Hassidim. 

However, the Rev. Daughtry 
urged yesterday's emotional rally 
“to translate our numbers info 
power. Every group looks out for 
his own.” said the Minister- 


By Victor Mackie • 

OTTAWA; June 261 
AIR CANADA pilots are ready 
to strike early next Monday in 
a dispute which could, cripple] 
the airiinc. at the start ot the; 
peak-travel summer- period. ; - 

Officials of the Canadian Air- ; 
line PUotSrV Association- an- - 
nounced - today ' that -union 
members voted- 92 per cent to ; 
strike over a- dispute .-invi&iv./ 
ing first-class travel. privileges 
f or. flight crews. -v-; 

The strike would have a flet- 
vastatitig effect on. the Cana- 
dian Government’s programme - 
to boost tourist traffic. Inside 

Canada. However, Canadians 
who have planned trips, abroad 
will not fre- seriously affected; 
as -they can -switch their re- 
servations - from , the. Govern- 
ment-owned Air Canada ■; air-' 
line to the privately-owned, 
Canadian Pacific or. to, foreign . 
airlines. .■ ■ :.. . r \ 

The. strike,- the. first .to-be. 
held by the - Pitots' Associa- 
tion over.- a contract,: would 
- coincide with .the end of Qu& 
bee’s St Jean-Baptiste holiday;' 
weekend and the peak .travel 
period leading up to the: long 
July 1 Canadian, national holi- 
day weekend. 

The airline, which normally 
handles about 37,060 easterners 
a day at this time of year, 
has -immediately ^started 
implementing a . contingency 
plan to place passengers with 
other airlines ' wherever 
possible: -. * 

Ah- airline: official said Air 
Canada would continue, to take 
reservations - for flights after 
June 26 41 ffi the -hope the two . 
sides can get together. and re- 
tolve tho'lkstrts.^'. 

The big. Issue for the 1,500- 
member union,, without a con- 
tract since January, Is-whetiier 
.'the aixtittb -bad the right to 
discontinue. -first-class .travel 
-privileges -for its ‘836-first and 
second- officers. Captains con- 
tinue to travel first class. 


slippy 


ans sti 

lv chi 




Russia ‘planning 
new A-bomber’ 


China confirms 
closure of 
Hanoi’s offices 


By John Hoffman 

PEKING. June 20. 


Religious ties 
weakening, . 
survey shows 


Pay challenge for Carter 
from postal workers 1 


By Stewart Fleming 


BY JOHN WYLES 


NEW YORK, June 20. 


.hodesia election pledge renewed 


THE CHINESE Foreign Ministry 
today confirmed a Radio Hanoi 
report that Vietnam had been 
instructed to withdraw its con- 
sular staff from offices in the 1 
major southern Chinese cities of 1 
Canton. Kunming and Nanning. | 

Diplomatic sources in Peking 
said that the Chinese action 1 
signalled another escalation in i 
the tensions which have grown! 
*ince China alleged that its 
nationals were being persecuted 
and expelled by Vietnam. 

The announcement made no 
mention of Vietnamese diplo- 
matic offices in Peking, but its 


NEW YORK. June 20. 


BY OUR OWN CORRESPONDENT 


SALISBURY. June 20. 


President John WrathaU today 
opened the historic first session 
of Parliament under the Transi- 
tional Government and promised 
a packed House tli3t the internal 
settlement would eventually 
triumph over the doubts of the 
world. 

Mr. "Wrath a II said that the 
Government was determined lo 
press' ahead with the implement.!- 
liun of tiie domestic accord and 
asserted that one-man, one-vote 
elections would take place as 
scheduled before December 31. 

For the first time in nine 
decades of white minority rule, 
black nationalist leaders sat side- 
by-side with -white Government 
Ministers on the benches of the 
legislature. Bishop Abel 
Muzorewa. the Reverend 
Ndabaningi Silhole and Chief 


Jeremiah Chi raw. who with Mr. 
Ian Smith are members of the 
Supreme Executive Council. Sled 
into the House fo await the Presi- 
dent. followed by the nine black 
and nine white members of the 
lower-tier Ministerial Council. 

Mr. "Wrathall said externally 
based leaders, he did not name 
Mr. Joshua Nkomo and Mr. 
Robert Mugabe, had been asked 
repeatedly to return and Js'n the 
Transitional Government, but 
had refused and were doing tbeir 
utmost to frustrate progress to 
independence based on majority 
rule. 

Mr. Wrathall was vague in 
his speech, written for him by 
the executive council, about the 
Administration's plans. He said 
only that the Government was 
giving serious consideration to 


a programme for the removal 
of racial discrimination and that 
as soon as possinle legislation 
would be introduced for ihe 
one-man one-vote general elec- 
tion. Work on enfranchising an 
estimated 3ra black voters was 
well advanced and would con- 
tinue as a matter of Urgency- 

Legislation would also be 
brought in to enact a niajoriiy- 
rulc constitution which is cur- 
rently being drafted by an. all- 
party committee. 

Mr. Wrathail said the prime 
function of the Government was 
to continue efforts to bring about 
a ceasefire, but he did not 
elaborate. He said the transi- 
tional Government was com- 
mitted to maintaining a strong 
free enterprise sector in the 
economy. 


timing is surprising. Last Friday 
Vietnam decided to allow China 
to set up a Consulate-General in 
Ho Chi Minh City ■•■.irly next, 
month. Chinese ships are due 
in Vjelname.se ports today to 
pick up Chinese residents whu 
wish to leave Vietnam. 

The Vietnamese Foreign 
Ministry today circulated ill 
Peking copies of diplomatic 
notes between the two countries 
concerning the cancellation of 
Chinese aid programmes in 
Vietnam. Both Governments 
have disclosed I hat China has 
cancelled 72 3 id projects : 


Somalia aid talks 


PRESIDENT Siad Burre of 
Somalia arrived in London yes* 


A- RISING proportion of the 
U.S. population now consider 
themselves to have no religious 
affiliation, according to a survey- 
carried nut by the Gallup 
organisation. 

The poll, which is viewed as 
j the first major national survey 
of religious attitudes and beliefs 
for several years, revealed that 
41 per cent of those asked con- 
sidered themselves to be 
“unchurched." The category was 
defined as somebody who has not 
attended a church service except 
'for a special occasion such as a 
funeral or wedding, in the past 
six months. 

By comparison, a study eight 
years ugu found that 3R.6 per 
cent of those surveyed eume into 
this category. 

Respondents who did nnt 
attend church tended to be 
younger. more mobile and 
frequently male. Surprisingly a 
high percentage of the “ un- 
churched" nevertheless pro- 
fessed to Christian beliefs. Some 
93 per cent of churchgoers and 
6S per cent of the unchurched 
said, for example, that they 
believed in Jesus. 

Reasons for leaving the Church 
included the claim that the 
beliefs and morals taught were 
loo narrow. 


UNIONS representing 970,000 workers current average wage of 
U.S. postal * workers ‘-yesterday $15,877 la year. - .v" 

I formally lodged a pay claim The importance of any'settle- 
! which poses one of tins year’s ment .figure can -barely be 
major tests for- tbe Carter exaggerated since the Carter 
Administration's bid to slow Administration is increasingly 
down the rate of. wage increases, haunted by the consequences of 


• WASHINGTON, J^uae 20, 
THE' SOVIET UNION is 
developing a new unclear 
bomber [similar to the B-l 
wbfch President Carter can- 
celled last year, according, to 
the U.S. Defence Intelligence 
Agency. 

The agency estimates that 
the- bomber will be operational 
in. the early 1980s. Its - predic- 
tion was given to the Senate 
AridS 'Services Committee in 
private brMarch and was made 
pufiSe '-tost night: 

--Freni dent Carter cancelled 
the $25bn B-l programme last 
year in favour of speeding up 
development of nuclear Cruise 
missiles. Pentagon officials had 
agreed that the best bomber 
force would be a combination 
of Cruise missiles and low-level 
nentrator aircraft. 

Reuter . 


.... the agreement it encouraged to 

The Administration has set no end the coal strike in March. 


Videla frees 


specific target ' for a pay settle- 


The 37 per cent wages and. 


trade unionists 


ment beyond .its broad goal of package seems likely to, 

encouraging rises which will be be ranch more of a trend-setter 


lower than the average received than tbe Administration believed , 
by postal workers in the past possible, and it badly heeds tol 


two years. 


Pressure 


secure a major settlement: well 
below the coal' agreement if the 
pattern is not to be repeated in 


Under the current three-year next year's heavy bargaining 
contract which expires on July 


no, u *7 ' \ 1 ■ , ir »S. auto, rubber and electrical 

20, the Administration estimates industries. : 


that pay rises have averaged S 
per cent a year and considerable 


Mr, -Frank Fitzsimmons, the! 


u teamsters' president, has already 
public and private pressure has said that he .. will b e seeking to 

already been exerted to encour- match the miners’ settlement for! 


. BUENOS. AIRES. June 20. 
PRESIDENT Jorge Rafael 
. Videla'. has . ordered the 
release \ of 14; jailed trade 
unionists! and is reviewing the 
cases of a number of others. 
Archbishop Antonio Pina said 
today after a meeting with the 
President. 

Release of trade union 
leaders has been demanded by 
(he labour movement. The 
main Argentinian unions were 
taken over by the military in 
March 1976 Renter 



a?e a substantially lower settle- his truck driver members, 
ment. r»_c_ 


Tdeully, the President’s infla- 
tion Ashlers wuuld like to sc-c 


Refusing 

At this stage, the Administra- 


ihe postal service grant no more b ® «jven 

than the 5.5 per cent being hel P b ? the American Feder- 
al located to Federal Government **? n Labour-Congress of Indus- 


Iranian Prince 
to train in U.S. 


workers. 


trial Organisations (AFL-CIO) 
which, unlike representatives of 


terdav for talks with the British 
Government, which are expected I 


U.S. COMPANY NEWS 


However, this is far below the American business, is refusing 
claim lodged yesterday which l0 with the mti infln 

calls for the continuation of cost ti O n p 0 iicy anU-mfla- 


Governmcnt. which arc expected 
to include discussion of military 
supplies for his country. Hd Is 
to meet Mr. Callaghan, tbe Prime 
Minister, and Dr. Owen, jibe 
Foreign Secretary today. ■ 


Bachr buying own stock to 
counter takeover threat; Petro- 
Canada continues bid for 
Husky OH; Carter Hawley Hale 
acquisition. Page 24 


of living rise? in tbe current 
contract plus a SI, 100 wage 


The AFL-CIO argues that union 


increase in the first year and members cannot be expected 10 
S865 in the second of a proposed show restraint on the wages front 


two year contract. This would until there is clear evidence of 
amount ta a 14 per cent increase a slowing In the rate of price 


in the first year on top of postal increases. 


THE SYRIAN economy is prob- 
ably in worse shape now than 
at any time since the October 
War of 1973. And yet business 
is booming. Growth rates are 
lower than they have been for 
years. Gross National Product, 
in real terms, will rise by barely 
5 per vent, in 197S. as against the 
average annual rates of over 
13 per cent, in the years im- 
mediately following the fourth 
Arab-lsraeli war. 

But in Damascus new office 
blocks and apartment buildings 
are going up by the hundred. 
There is a shortage of foreign 
exchange, the external payments 
deficit — though only half of what 
it was in 1976 — reached a total 
of over 6350m last year. The 
trade deficit is at an all-time 
high, inflation is running at over 
20 per cent., and development in 
all but two of the major sectors 
has ground to a halt. And yet 
business is booming. 

In downtown Damascus the 
shops are packed with luxury 
goods selling at outrageous 
prices. An ordinary household 
refrigerator fetches $2,000 which 
is over seven times Gross 
Domestic Product per head. A 
YW Golf motor car sells at 
S17.000. a Ford Capri at $37,000. 
a Mercedes 2S0S rarely changes 
hands for less than $75,000. 
A can of imported beer costs 
S2.S0. There is qp shor tag e 
of buyer.;. The price of propertv 
has multiplied tenfold in Ihe 


Syria: Socialism with ja Levantine face 


TEHRAN, June 20. 
CROWN PRINCE REZA of 
Iran is to go to the U.S. next 
week" for.'.- d pilot's training 
course,, a palace, spokesman 
said today. The Prince, who is 
17,. wa« leaving today for a 
week’s visit to Britain during 
which he will attend Ascot 
races as a guest of the Queen. 

. Crown Prince Reza is 
expected to spend several 
months fir the U^S. M to train 
as a pilot like any other pilot 
of the Imperial Iranian Air 
Force.” Reuter 


Labour law 


BY ALAIN CASS. RECENTLY IN DAMASCUS 


■■ 


more sought after areas of the 
capital — which explains the 

building boom. Set against the 
realities of Syria’s virtual econo- 
mic paralysis ail this is para- 
doxical. 

But. of course, tbe conundrum 
is not as baffling as it may seem. 
The fact is that Syria, with its 
volatile mixture of Ba’alb socia- 
lism and a long mercantile tradi- 
tion, fuelled by the arrival of 
thousands of well-heeled 
Lebanese fleeing the civil war, 
now has two economies. One 
is the state sector which accounts 
for over SO per cent of all 
economic activity. The second is 
Die private sector, a sort of half 
legal, half black market economy 
which frequently operates under- 
ground but breaks surface often 
enough for the effects tu be both 
visible and. in ihe long run, 
politically troublesome. 

The existence of two economics 
which frequently operate under 
different rules, feeding on dif- 
ferent sections of the population, 
fuelled by separate currency 
markets, are partly the reason 
for the astonishing consumer 
boom. The state sector trading 
bodies are in many cases tbe 
only officially sanctioned import- 
ing organisations. 


But since, for both political 
and economic reasons, the quan- 
tities of consumer goods they 
import fall far short of demand 
—and tho Government is unwil- 
ling to allow that demand to go 
entirely unsatisfied— the black 
markets have sprung up. It is a 
form of benevolent ignorance 
which recoi'.nises the need for 
something in between a fully 
planned economy and a truly 
mixed one. It is socialism with 
a Levantine face. 

Added to this, there is the 
huge debt to the Soviet Union 
for arms estimated at well over 
S3bn, of which S2bn is due by 
1998. The rest is chiefly short- 
term commercial debt, remit- 
tances from Syrians working in 
the Gulf help a litUe. But most 
of the estimated S400m remitted 
last year filtered through into 
the parallel currency market and 
into the private sector. 

A recent confidential United 
Nations Industrial Development 
Organisation report claimed that 
Syrian industry was operating. 
On average, at less than 50 per 
cent capacity. Up to RO per cent 
of projects in the Third Five 
Year Plan have been carried over 
into the present Plan. The re- 
cently installed Government of 


Mr. Mohumed Halabi, the Prime 
Minister, adopted a series of 
draconian economic measures as 
a result or which virtually no 
new, major projects are being 
undertaken until tho backlog — 
yt least in the industrial sector 
—is cleared. One view is .that 
the Government has deliberately 
sacrificed growth to beat infla- 
tion and improve productivity. 


One effect of the savage cuts 
in the public sector by what 
appears to be a deliberate piece 
of economic policy is to allow 
the iiurishing private sector to 
grow at an even faster rate, both 
in adsolute terms and relative 
to the state sector. President 
Assad, a man wbo never makes 
a move without securing his 
ground first and who is well 
aware of the entrenched opposi- 
tion within the ruling party r o 
the private economic boom- is 
not unhappy about this. The 
Syrian leader now seems con- 
vinced that his country’s econo- 
mic survival depends in tbe long 
run on opening the doors to 
Western capital and doing a wa >' 
once and Tor all with the xeno- 
phobic policies of tbe past. 

Two of the major problems 

which the present government 


under the Insistent direction of 
President Hafez Assad is trying 
to tackle are corruption and 
bureaucratic inefficienvy. Accord- 
ing to one open-eyed visitor 
there was a 6 ft table in the 
outgoing Prime Minister's office, 
piled 4 ft high with directives 
awaiting his signature. It is stiil 
the ease that no expenditure 
above 525,000 may be approved 
below cabinet level. 


“fat cat” recently made S3m by 
merely importing 200 American 
saloon cars. He paid S7.000 for 
each abroad, purchased Syrian 
number plates and an import 
license for S13.000 per vehicle; 
and sold each for S35.000. It is 
easy when yon know how. 






There are some bright spots 
in >the public sector too. chieAy 
oil exploration and activities re- 
lated to agriculture. For the first 
time since the 1950s western oil 
companies have been invited to 
look for oil. This is widely re- 
garded by many who still remain 
doubtful in which direction 
Syria intends to take Us economy 
as the most significant pointer 
yet. 

Growth in agriculture too re- 
mains stronc. The 1976-7S Five- 
Year Plan allocates nearly $2.5bn 
to the development of the major 
Euphrates dam project and other 
areas. 


Last September in a much 
publicised and earnestly meant 
drive against corruption, over 
40 of the country's leading entre- 
preneurs were arrested. A com- 
mission of inquiry was set un. 
Most, if not ail of these men are 
free again. The fact- is that, they 
are the lubricant which greases 
tbe wheels of the Syrian 
economy. 

What happens next? There 
are two major issues. Tbe first 
is straightforward. When will 
tho official economy, the strategic 
sectors and chiefly • industry, 
start to grow again ? When Syria 
pulls out of Lebanon or when 
there is peace in -the Middle 
East, or both. 


m-, 


move delayed 

".By-; jurtk Martin . - ...’ 

. WASHINGTON, June 20, 
THE SENATE ■ Democratic 
leadership has pot Off iratil 
. Thursday a critical vote to end 
. the filibuster that is threatening. 
Ptosage "df-rthe Labour Law 
f ■ Reform jBUL.-. 

Senator . Robert • -Byrd, toe 
majority leader, delayed ; the 
division, which was scheduled 


h5°ckinj 

Rp6ar qpTit 

•%opIcexa 

•p v Of*. 

thatj 


President Assad : turning -a 
blind eye? 


to take place this afternoon, in 
a’ clear attempt - to rally 
forces. Twice last week, he 


In the private sector the pick- 
ings arc easy for those who know 
their way around the bureau' 
cratic labyrinth. The profits are 
almost indecently healthy. One 


The second question is more 
delicate. How fast can the 
private sector grow, under what 
conditions and how can this 
growth be reconciled with the 
Ba’ath Party’s insistence on con- 
trolling not merely the com- 


manding heights, but also the 
foothills of the economy? There 
have been: signs that hardliners 
within the Ba’ath are unhappy 
about things ar&" going. 
President Assad is only practice 
ing a “haltopen door policy ”— 
as opposed to President Sadat’s 
of Egypt’s u open-door- ,i T-bul 
they don’t like it. In , the long 
run. so many believe. President : 
Assad may hot be able to avoid 
making "the.- sort' of dramatic 
decision which hii. Egyptian 
counterpart rTMfc same years ago. I 
The only^tUfference -being that 
while an. 1 Egyptian leader is .un- 
disputed, master in his .own 
house, a . Syrian . President , holds 
an- office where survival depends 
upon being, able to jugate a 
series -of frequently. Irrecon- 
cltiablc options* ;■ . . 


forces. Twice last week, he 
had fallen two ^rotes short of 
the 69 needeff to end the 
filibuster. >• . 

-OppoAentsef toeEiD, .mostly 
conservative Republicans -and 
Southern Democrats, remain 
confident that ihey can arguc 
tbe legislation to death .even If 
•the^‘ lose the cloture- vote on 
: Thursday. - They .-plan to intro- 
duce as many, as' 1^00 amend- 
.a ‘ tactic that is. likely 
to ...bring them.' in sharp con- 
frontation with Senator. Byrd. 

Mr. Byrd, who tots * for- 
midable knowledge of parlia- 
mentary practice, claims he has 
devised a_ ' precedent for. 
circumventing . th is -.approach. 
What Uiis appeais^io-mCan is 
. that if the filibuster is'voted to 
-a -close u. Waring argument- will 1 
> erupt -over senatorial pro- 
"ccdnrefc/ •; ■ - - ; *7 - - . 


: civil 




..yU 

1 "j-r t».- 






« 




• I . : ./''u ' _ •- . 

- Times W.ednesday June % 1978- 


WORLD TR 






• • • - 


i 5 



r ">\~ 





a- 


:? :.--w 

... -** r ‘ 








J -J-S 


.A.: 

,'.ni 


rv 


. .or \y 
sH’i*’ ’ 

J Jjll 


BY SIEVftUlT FLQ4JNG 

JAPAN -HAS . approved, a S4bn 
: purchase of 'sophisticated mili- 
tary, airtaafh-i^cluding the most 
‘ advanced fighter in the US. Air 
Forces from McDonnell-Douglas 
and" Lockheed. 

The order calls for the transfer 
to Japan- of production tech- 
nology to enable, the Japanese, to 
produce a high proportion of the 
equipment domestically. 

.• It also represents a significant 
breakthrough for Lockheed which 
was at- the centre -of- a corporate 
bribery scandal in the country 
which Initially led the- Japanese 
to cancel the very planes which 
it is - now proposing -to order. 

The agreement, announced by 
the Japanese Defence Agency and 
confirmed by McDonnell Douglas, 
calls for lie purchase of 100 F-15 
Eagle fighters from McDonnell 
Douglas -and 43 P3C Orion anti- 
submarine patrol planes from 
Lockheed: 

It is estimated that the fighters 
will cost $32.23m each and the 
PC3 S 320.7m. 

A crucial element in the 
package is the provision for the 


$4bn on 
equipment 


construction i of abbot 40 per 
cent of the IMSs aud^M per cent 
of the P3Cs In. Japait 
The F-15 is described as the 
most advanced fightepjn the U.S. 
Air Force and . was Recently at 
the centre of a political storm in 
the U.S. when the C after Admini- 
stration announced £the sale of 
60 aircraft to the Saudi -Arabians 
as part • of a ■ Maddle ' East arms 
package. vv ■’ 

Israel objected fiercely to the 
sale of snch.rii. advanced weapon 
to. a potentially hostile Arab 
state. - - ;«?• a • 

For Lockheed the? order will 
represent milch-needed business 
in a country where -ft has been 
under severe attack!- In Feb- 
ruary, 1376, the Japanese can- 
celled! plans to buy 100 P3 Cs for 
$lfibn following thei^revelation 
that in the first half of the 
decade Lockheed -'tiwl- made 
bribes and payoffs -in Japan 
totalling some TL2.6m.' 

Subsequently a .foxier Japan- 
ese Prime Minister, jfx.'; Kakuei 
Tanaka, was arrested^ charges 
stemming from the allegations. 


NEW YORK. June 2D. 

Trials in connection with the 
pay-offs are still continuing. 

Lockheed, boweyer, has been 
through a major corporate 
cleansing since the payoff 
scandals broke. This has involved 
the complete restructuring of its 
Board of Directors and top man- 
agement. The Japanese order 
will be seen as an indication 
that these changes are erasing 
the taint associated with Its 
former activities. 


Europeans step up effort 
to supply civil aircraft 


BY CHARLES SMITH 

THE BATTLE to win an order 
for between 12 and 20 short-haul 
jet aircraft expected to be 
placed this autumn by Tor 
Domestic Airlines grew fiercer 
this week when McDonnel 
Douglas announced a new 
version of the DC9 which is 
claimed to meet TDA’b require- 
ments. 

The DC9 Super SOSF is 
claimed to be able to land or 
take off from a 1,200m runway, 
is ho more noisy than the YSII 
turbo-prop aircraft it would 
replace and it could carry up 
to 130 passengers.- It would, 
however, take three years to 
deliver from the placing of an 
order and would not become 
economical to build unless a 
minimum of 25 orders were 
secured. 

The DC9 ■ Super 80SF enters 
a field in which the other main 
contenders- ' are the British 
BAC 111, its 670 version, and 
latest , version of Fokker F2S. 
The BAC III is the smallest of 
the three candiates for the TDA 
orders with capacity of 89 
passengers. It is believed to be 
margin ally dearer than the F28 
but . would be available by the 
end of 1979 whereas the F2S, 
which is still a “paper aircraft” 
would take two years to build. 

Mr. -Alan Buley, president of 


TOKYO^June 20. 

Fokker, is in Tokyo, where he 
is trying to intereS/both TDA 
and Ail Nippon;: Airways, 
another domestic carrier in buy- 
ing the F-28. Mr.. Buley wall also 
meet government . '’officials to 
discuss the possibility of 
Japanese purchases . Of Fokker 
aircraft under the^' Japanese 
Government's plan 4o .increase 
imports in an effort^to cut its 
huge trade surpluses;-' . 

TDA has indicatedrffhat it will 
select a replacement - for the 
Japanese built YS-Ufturbo-prop 
before it tackles tbej-other ixn- 
on now 
ition of 
to fly 
routes, 
ited that 


poriant purchasing d 
confronting ir — the 
a wide-bodied a: 
internal Japanese 
The airline has also 
a European aircraft|(i.e., the 
BAC 111 or the F28) Ik the most 
likely choice. 

The BAC 111 
strongly backed 
Japanese personaliti 
Mr. Toshiwo Doko, 
of Keidanren (fed 
economic organised 
appears likely to count 
thing in a country 
craft purchasing d 
to be publicly debat 
greater extent, than in 
However the Ill's 
has to be set against 
comeback by Fokker d 
past two months. 



Big increase 
in electrical 
exports by 
Hong Kong 

SALES OF Hong Kong electrical 
products increased by 42 per cent, 
in 1977 to £163.41m. Exports of 
domestic appliances continued to 
play a major part contributing 44 
per cent to total sales during 
1977, with value amounting to 
£71.S8m. Within this category, 
£40. 33m worth of electrical space 
heating equipment and parts was 
exported, with the U.S. increasing 
its purchases from £24.35m in 
1976 to £34. 35m, Canada from 
£ 1.53m to £2^5m.and West Ger- 
many from £390,000 to £340,000. 
Australia, however, cut its pur- 
chases slightly from £1.05m in 
1976 to £860,000. 

Sales of electric fans went up 
47 per cent over 1976 to £1 4.35m, 
and exports of electric cookers in- 
creased fourfold from £l-53m in 
1976 to £5.65m in 1977, with 
Australia taking £3. 76m against 
£140,000 in the previous year, and 
the UB. £1.29m against £940,000- 
Sales of vacuum cleaners 
increased from £1.8Sm to £2.59m 
and that of food mixers from 
£200,000 to £320,000. Increased 
demand for torches and hand 
lanterns overseas boosted sales 
rrtitn £14m to £20.24m Exports of 
torches went up by 16 per cent 
from £10.24m to £ll.SSm. Hand 
lantern exports more than 
doubled from £3.76m to £S'.3ara. 

It is notable that, for the first 
time. Hong Kong exported 
£2.544 worth of electroraedical 
apparatus to West Germany. 
While this export value might 
appear insignificant, it heralds 
one of the many new products 
which are coming off the produc- 
.tion lines in this sector of manu- 
facturing industry. 


Foreign currency 
UK-Brazil credit 


BY MARGARET HUGHES 

THE LOAN agreement for a 
S35m line of credit to Petrdleo 
Brasileiro < Petrobras i. Brazil's 
state oil company, to cover pur- 
chases of UK plant, equipment 
and related services was signed 
in London yesterday. 

The facility, which is guaran- 
teed by Britain's Export Credits 
Guarantee Department, is being 
provided by Lloyds Bank Inter- 
national. The rate of interest is 
7* per cent with a loan period of 
Si years linked to a draw down 
period of three years. 

This is the first UK export 
credit to be arranged for Brazil 
in foreign currency. The 
Brazilian Central Bank's reluc- 
tance to accept non-sterling 
credits has resulted in pro- 
tracted negotiation for this 
facility. But in the end eventual 
acceptance of foreign currency 
by the Brazilians has resulted in 
the loan being finalised at an 
opportune moment for next week 
for the first ever Latin American 
oil exhibition — Offshore Brazil — 
is to be held in Rio de Janeiro 
from June 27-30. 

And the UK line of credit is 
intended to cover the purchasing 
needs of Petra bras and its sub- 
sidiaries, particularly for its off- 
shore oil exploration programme 
in which it is investing .some 
Sl.l6bn over the next four years. 
Around 30 UK companies offer- 
ing offshore oil exploration tech- 
nology. together with the Depart- 
ment of Energy's Offshore 
Supplies Office, will be partici- 
pating in the exhibition. 

Dr. Carlos Alberto Sboll 
Isnard, finance director of 
Petrobrds. who was in London 
for the signing of the loan, said 
he hoped that the line of credit 
would be used up quickly so that 
further facilities could be agreed. 


It is understood that the original 
intention was to arrange a SlOOrn 
credit Une but this was later split 
into three tranches — the current 
S35m hopefully being only the 
first 

The advantage to Petrobras of 
this arrangement is that it limits 
the commitment fee which it has 
to pay on the any unused part of 
the line of credit. 

The new facility follows a £15m 
line of credit extended by Lloyds 
Bank International in 1974 and 
now folly utilised. The biggest 
chunk of this credit was used for 
the purchase of a £i 0 m platform 
structure from McDermott of 
Scotland- There has been some 
two months' delay in delivery of 
the platform which is now 
expected tD be delivered at the 
beginning of November. 

Dr. Isnard said that Petrobris 
has as immediate need for 
another two or three platform 
structures and eventually a 
further two. Tenders have 
already been put out for one of 
these platform structures and 
although the bids have not yet 
been submitted, Dr. Isnard indi- 
cated that the new line of credit 
could be used for purchasing the 
equipment from Britain. 

He added that Petrobras would 
be unlikely to place any firm new 
orders with McDermott until the 
platform structure currently 
under construction had been 
delivered. But he emphasised 
that this did not mean that the 
contract now out to tender would 
be lost to Britain — the UK, he 
said, has five nr six companies 
capable of supplying similar 
equipment Petrobras is also 
looking for platform production 
equipment which could be fin- 
anced by the credit. Dr Isnand 
added. 


£30m Soviet toy contract 


BY CHRISTOPHER DUNN 

A TEN-YEAR barter contract to 
supply toys to the Soviet Union, 
signed three years ago by 
Dun bee-Com bex-Marx. could be 
worth over £30m by the time it 
expires, Mr. Richard Beecbam, 
joint managing director of the 
international toy company, said 
in London yesterday. 

“We have already done well 
over £2m,” he added. The con- 
tract which gave Dunbee exclu- 
sive UK rights to supply the 
Soviet Union with moulds and 
equipment budgeted for a mini- 
mum £2.5m worth of business by 
2955. - - 


Under the deal, which Dunbee 
secured in the face of strong 
competition, the UK company 
receives Soviet toys which it then 
sells in the West. 

“The quality of the Russian 
toys is good, and we can make 
a profit on that part of the deal 
too", said Mr. Isadore Shulman, 
Dundee's finance director. 

Dunbee was also awarded the 
International Trophy for Indus- 
try ; yesterday by the Institut 
International de Promotion et de 
prestige. This is the first time 
that the Geneva-based affiliate of 
UNESCO has given the award to 
a toy company. 


Imports by 
developing 
countries 
may f aU 

By David Housego 

THE RATE of growth oE 
imports from developing 
countries, apart from the oil- 
producing states, Is likely to 
fall sharply during 1978-79, 
according to the secretariat of 
the United Nations Con- 
ference on Trade and Develop- 
ment (UNCTAJD). 

As a result, UNCTAD says 
in a review of the world 
economic ontlook over the 
next two years, developing 
nations will no longer be able 
to play a significant part in 
reinforcing world recovery or 
in preventing a further down- 
turn. By contrast its points 
out that the performance of 
developing nations in increas- 
ing their imports in real terms 
from 1974-77 at much higher 
rates than the growth of world 
exports exerted a counter 
cyclical role during the 
recession of 1974-75 and 
strengthened recovery In 
1976-77. 

UNCTAD predicts that 
imports by non-oil-developing 
countries will only increase In 
volume terms by an average 
of 2-3 per cent a year during 
1978-79. It attributes this slow- 
down to stagnant foreign 
exchange receipts coupled with 
policy decisions by developing 
countries to try to limit the 
widening of their current 
account deficits. Nonetheless, 
it foresees, that the current 
account deficits of non-oil- 
developing countries will rise 
by about $8bn in 1978 com- 
pared witb 1977 and by an 
additional Sl-$2hn in 1979 to 
average S35-$37bn a year dur- 
ing the period. 

The secretariat says this 
sharp redaction In imports, 
particularly of capital goods 
and consequent expanding debt 
service ratios, means a “ severe 
setback” for the growth pros- 
pects of non-oil-developing 
nations. 

It expects their economies to 
grow at a sluggish 4j-5 per 
cent a year during 1978-79 
which is below the average 
5.4 per cent, a year achieved 
daring 1970-73— the last years 
before the increase in oil 
prices. 

The UNCTAD document Is a 
preliminary version of a paper 
on the World Economic Out- 
look to be submitted to the 
UNCTAD Board. Its bleak 
view la likely to harden the 
stance of developing countries 
at the fonr-yearly UNCTAD 
conference in Manila next May 
when relations between indus- 
trialised and developing 
countries will be reviewed. 


Boycott aDegation 
on electronic parts 


BY MAURICE SAMUEISON 

BRITISH COMPANIES are 
refusing to instal sDedalised 
electronic components from 
Israel in British security equip- 
ment for fear of losing sales to 
the Arab world. 

This is in spite of the quality 
and cheapness of Israel’s elec- 
tronics products and the fact that 
the Arab boycott regulations do 
not apply to military equipment. 

Mr. Dan Halperin, bead QE an 
anti-boycott unit in the Israel 
Finance Ministry, told a House 
of Lords select committee yester- 
day that British companies were 
thereby depriving themselves of 
the benefit of Israeli know-how in 
this field. 

It is understood that the 
Israeli companies affected include 
Tadiran. Israel's leading manu- 
facturer of communications 
equipment. 

Mr. Halperin told the com- 
mittee which is studytoS anti- 
boycott legislation similar to that 
enacted in the United States, that 
this was typical of the anxiety 
and ignorance about the Arab 
boycott to be found in Britain 
and underlined the need for 
legislation. 

The Foreign Boycotts Bill 
sponsored by Lord Byers is 
intended to protect British com- 


panies by obliging them to report 
all boycott applications and by 
banning compliance with the 
boycott. 

The CBI. the Bankers Associa- 
tion and the Association of 
British Chambers of Commerce 
have told the committee that the 
Bill would alienate Arab 
customers and seriously harm 
British experts' Witnesses have 
also claimed it is too soon to 
judge the effects of legislation 
in the U.S. 

But Mr. Halperin said Mr 
Stanley Marcus, his counterpart 
in the U.S. Commerce Depart- 
ment, had authorised him to say 
that no harm had befallen 
American business following the 
implementation of legislation in 
the U.S. 

It is understood that the com- 
mittee. under the chairmanship 
of Lord Redeliffe-Maud. has 
sent an invitation for U.S. 
officials to give evidence. 

But the invitation has not yet 
reached Mr. Marcus and there are 
suggestions that it may have been 
held up at a Govenmenral level. 

Written evidence has also been 
submitted by Mr. Mohammed 
Mabgoub, Secretary-General of 
the Central Arab Boycott Office 
in Damscus. 


Harley-Davidson to close 
Italian motorcycle plant 


By Our Own Correspondent 

HARLEY-DAVIDSON’S is to 
close its Italian production 
facility, bringing to an end the 
company’s attempt to compete in 
the lightweight motorcycle 
market 

The company used to produce 
lightweight machines in the U.S. 
and moved production to Italy in 
order to try to maintain its com- 
petitive position vis a vjs the 
Japanese industry. But a com- 
pany spokesman said that its 
lightweight line had consistently 
lost money. 

The company is in the midst 
of an anti-dumping suit in the 
U.S. alleging that Japanese 
manufacturers have been selling 
heavyweight motorcycles of over 
900 cc at below fair value. 

A com pa nr spokesman said 
that the U.S. Treasury has issued 
a preliminary finding on the suit 
in the company's favour and that 
its final ruling Is expected at 
the end of next month. 

The ruling will then have to 
be referred to the international 
trade, commission to determine 
wbethiy* there has beep - injury. 

Paul Betts writes from Rome : 
There is growing concern Lq the 


NEW YORK. June 20. 

northern province of Varese fol- 
lowing the decision by Harley- 
Davidson. Although the plant has 
a relatively modest annual turn- 
over of about LSbn (£5m> and 
an overall workforce of only 
about 230 people, the threatened 
closure' has come, in local terms 
at least, as a surprise-. 

It also comes at u time when 
unemployment in an area which 
has so far been an the whole 
immune from the economic crisis 
of the country, is beginning to be 
felt in Varese. 

The company has deep-rooted 
traditions in the area. Before 
it was taken over by the U.S. 
group in 1962, it was controlled 
by the Varese-based Aermacchi 
aircraft concern. 

For some time the motorcycle 
market in Italy has been suffer- 
ing from a recession and already 
last November AJIF derided to 
put State subsidised salaries (or 
temporary redundancies! on some 
ISO of its employees. 

In return for trade union con- 
sent, the company apparently 
agreed to reinstate the 180 tem- 
porary layoffs by the end of last 
March and to carry out a com- 
pany restructuring programme. 



ton,we’ll niakey* 




Not knocking the Hilton. 

At^>6 anightforadoubleroonijitofers 
alot ofpeople exactlywhattheywantffom 
aLondonHotel. 

It’s just that, for spme, the Ladbroke 
Belgraviamaybe offers alitde more. 

Thefktthatitfs only aroundj^t2 anightfor a 
doubleismerelyperipheraL 

Itsrealchamiisthat 
itfs small. 

Small, friendly and 
exceedingly civilised. 

It’s out of the hubbub, 
uesdeddiscreetlyamougst 
the embassies ofBelgrave 
Square, not a stone’s throw 
fromHarrods. 

"You walk in and they dontjust 

greetyou,they talktoyou.(Tbe _ 
portefs been there for ever. Heddie 


doesn’t only remember people’s 
L names, be remembers the 



andyoufindlittle 
r c touches like a 
needle and thread. 

And atelepbone in the bathroom (think 
about it; it’s invaluable) . 

You go to Pluirfe bar for a drink 
anditdoesbtcomeinanordimryglass, 

it comesin cut crystal. 

You go back to your room 
andyoufindachoc- 
olate mint onyour 
pillow.Canyou 
'TN. think of anicer 
§f -J wayto say -J 
goodnight? ~" 


Yougotoyourroom <3*^5 fsjg * 


x newspapers they take.) 










(One thafs decent anyway?) 

$2 anight? Sometimesit 
even surprises us bow we doit. 



C1-M50760 

LADBROKEBHCRfl/lAHClTEl-'SClCHESHAWI PLACE LONDON SVAX3HQ. 


LADBROKE HAVE17 HOTELS THR0UGH0UTTHE GOUNTOfi INCLUDING THE FAMOUS ORAGONARAS IN BRISTOL; LEEDS AND MIDDLESBROUGH. AU pness quotedare inclusive of VAT andssrvice. 


\ 




v- 




6 


^nanciai‘Jimes 



HOME N 




Building industry 
forecasts 
modest recovery 


Inflation ‘will stay 




steady this year 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


leaks may on traded options 

nrnmot w margaret reh> 

J. LIMITED cuts in commission mug to 'October "Or January, is 



Taken together, the two indices 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT ™™S5 oS ffuSS mSSiSSff& SsS - U 

A PERIOD of modest recovery In the public housing sector. Slaflon whf be°al an%?of d Goi? r0Ved J view*’ was that the trend might 

for the construction industry the prospects for output are the „ a boutits present rate for the But even a calamity like not be as good as these figures q 

after its worst recession is ex- poorest m the report. rest of the vear Mr Roy Hat- drought would have to increase suggested, hut they certainly did £g\ 

pccted in the latest set oE fore- A picture of declining output “ Prices Secretary, said the seasonal food index by 30 per not point to a deterioration, 
casts from the Building and Civil throughout the three years vest erday. ce ° t before it pushed the Retail His g^gg were equally wrong BY 

Engineering economic develop- under review is detailed, with . a detailed refutation of Prices Index up by 1 per cent. a ^ 0ll ^ Implications of the 
nient committees. completions falhng this year to th at underlying rate Much attention had been recent ean u n gs figures. With SHOP 

* ii < 145_0Qfl aaalDSt 162.000 last year. innT&anitin asaiQ. focused on the recent figures e iv upaaLpc m e»n hpforp the end hjaam 


, . i- , _ mine rue uuvcruujcuia wvuu 

A PERIOD oE modest recovery In the public housing sector. d that inflation will be at, 

for the construction industry the prospects for output are the -bout its present rate for the 
after its worst recession is ex- poorest m the report. . Q j year, Mr. Roy Hat- 


industrial 

action 


BY SUE CAMERON 


*Y MARGARET REID ' V ' TJ • /. P. ‘ 

LiMTTFn cuts in commission nlng to October or January . is 
ebareed on deals in the London bouglK. tot (Mnple^ 
traded options. market, are It seenw lit®iytiHtJ4e 
esneeted to be announced .jews', halves or a .spread transaegibn 
In resoonse to complaints about are : completed-; wflhui two' or 
tradS 9 costs, the cuts- should: three days, the coaipasi^i on 
boStSctWty in this two-month; tire second. -paxt-jwiH be. -able to 

old ctftck Exchange venture. be " limited 4o the.' basic £2.75 
m^stock tAcnauB _ ■ . fixed option charge, without die 

■ ^^fl^np^hamarket usual - extra 311111 an the 

conadenng enlarging the momt valu€ of . d eaL : * V . - ' ‘ 

by. adding more *5® Another concession inav atir™ 


.of 



■ - , — r D ,,.._ ” .1, lo-Jard an ^iiKJLUCi cumasawuu auay ailOW 

STEWARDS at the ISJSSL 11 ! mlhp*.£ 


ment committees. completion '^8 IO claims that the underlying rate muon attention recent earnings figures, wito S HOP STEWARD at tne ^ courtauWs, Shell, BP and 01 

\ccordin" to the committees’ J 4S -^0 against 162.000 last year, 0 f inflation was increasing again, focused on the recent S* ur ®J six weeks to go before the end Monsanto groups Seal Sands „. d spencer— to which . ove / - 

as: » “M» by in Vh .»«»« 2-*™ %L£2, WK * « now 6 traded. • ■%£« ItfcatftSE 


l Z in™, f ep r in new MU ' „ , , , E, bh “ite of being un- materials had TSSraned hy 51 ^^ntwas" much nearer ISduatrial action ■» ^ prerent, to be. add«L fig*© 

irm if ab” utTper cent Starisshould remain constam ^ioUe, Mr. Hattersley said that per cent sn the last three months. . objec tive than its critics once after three chemical leaks on Negotiations are unde? W. for purposes of cakula^com- 
coDainiciinn ur auoui i p« tcui jog O00 a year against 132,000 Iho inoi-Mse in wa n e costs dur-the Minister said, thought nossihle Mnndav between the Exchange ana tne. nusaou. -> ■ *• - 

expected lo s ren-’iheVto i pe? ,asl > ear - ... . . ins Phase Three had been near But the wholesale prices index - d f tlie “a meeting of shop stewards banks 3b0Ut h bank ^ ar J2 t t ?!S^!; Mr. Dundas.Hamfltpn; fermer 

ccS? next "par 3 P Elsewhere, public non-housing en ’ u „ h lo the Government s tar- for inputs was 1" per cenl lu^er The earnings inaex representing construction, investors who 0 Ption^-- deputy. chairman, - of ; the 

tent next year. nulput „ expected to rise by t f 0 pre vent an upsurge in than a year ago, r5 PVom cent appre- workers on the partiy-buUt site that is, stand ready to sell Exchange, yesterday ;W v a- up 

A 1 per cent growth in new 2 per cent next year after a | rines . It took up to a year for changes increase 1-5 per cent^appre- dec _ ded tQ ^ Mons3nt o either fiharea over a future period -.at yg IQ i e .chaton^-. 1 ofc'fiij 

ninpul IV forecast for the follow- x per C(;nt fail this year. A p Most of rhe facts which affected in the input index finally it. work Jf* i ndex on which to make an immediate improve- a_-pre-fixed pnee. . options committee; on . reaving 

inuU months. further - per cent rise is ex- t he next six months had already their way through into «t» lbe 0 pommentators had con- ment in safety standards, or - : fo provide assurance that they the ' Council- After sa ..years; 

The rninmittee emphasises that pecte d for 19S0. been built into the equation, prices, and the country was sUll L , lose lh e plant until effective W, ' mppt their obligations, Last year - he .became. . senior 

although ' l b frp b nnr * * After that> the improvement de- enjoying input prices lower than centrated nolh i r «T | n the action had been taken against opt io n writers have to put up partner of bis own ifinm. Field- 

times ahead, its forecasU, are not I nves tment pended on a “prudent path of in May. 1977. hw index „ Tead the Govern- health hazards. toT shares, cash or a guarantee ing Newson-Sroith,-- ; s- '= :> 

ontimisiic as at the time of mnderah* wa^c demands. Turning to wholesale phlps .... tp M^ncintn rAfn^AH tA An ^ 4.1 A « n namr nnt last in pawmBn* 


1 he last set of projections Iasi The value of output in the Those who predicted that they 
December. private industrial sector up until wou ] d tak» off again did not help 

The macrn-ei-ononiic outlook 19SQ reflects strong investment the Government, he implied, in 
appeared less blight than six intentions, with last years its negotiations with unions over 


Most of the facts which affected in the input index finally h- worK ciaoiy lower immediate improve- i;pre-fix ed pnee. . options committee : onv. reaving 

the next six months had already their way through into «u nS^ mmenu^ had cob- ment in safety standards, or -/fo provide assurance that they -the --Council- After sa .years; 

been built into the equation, prices, and the country- was, sU \\ so many ^comiuenia tore nua ^ the plant untn effective E rnest their obligations. Last, year he .became,- senior' 

Arter that, the improvement de- enjoying input prices lower than cemraieo nolh i rs in the action had been taken against opti(ir j writers have to put up partner of his own ;finn- fc Field- 

pended on a “prudent path of >n May. 1977 i ate st index to lead the Govern- health hazards. the shares, cash or a guarantee ing Newson-Sroith. , r . - Im- 
moderate wage demands. Turning to ^ Jf Monsanlo refused to do ^ the v can carry oat their Asked last night to cHEiment 

Those who predicted that they index for outputs, Mr. Hatiereley ment to conciuae in- stewards would SJiTmpnt. on the option, niarkers-.fijst two 


That 4 index measured the placed on forecasts based on the trial action. 


j.the guarantees they give a client think basically- that ^ihe ; maritev 


W.r.nS'M" & 18^per cep t rennins prirei of SS.reter left S inb.rion over ri,e S 


been shaded down appropriately, at S per cent and 4 per cent This campaign 


oT "s e l f-den i 2 ra factory "ate and” took three to three months. Any short period 0 f the leaks, the warning siren' used as security— say by the better than expectefc: .... . 

ot seii-aeni e ra laciory ? aic^ana,u 100s inr ...v;-u „„ nnrharaMpr- au broker at a later stage in the “We are StiH. faeedr with 


rn snjat’ll UUWII laicij. a L c “ - inis campaisu Ul scii-uciiiji«- u t.vwn ' 1 “ - - — V.-. J_J _ _ nni-horactpr. -- 

A warnins not to interpret the respectively this year and next, tion was extremely dangerous for six months for changes in these which mcluded an ■ uncharacter d, d not sound. 


mildest iiiiproveineot forecast as No further rise is expected in jb e country." 


ihe starr of a cyclical upturn Is 19S0. Mr. Hattersley, speaking at the shops. proved nomiug. 

cm la inert in the latest report. An upturn of 7 per cent is 

This draws attention to the expected this year in the private 

f«ci that the 1980 projections commercial sector, followed by - -n ’M'M - A- J T¥/ 

indicate a level of output which further increases of 4 per cent L VIAVmT /|¥|Ol I I T I S4 

will still be much lower than at in each of the following two ¥1 g g BT*m H BT# 1. J B m 

the Mart uf the present decade, years. JL-J M.M . %/iL fc* T V 

The report forecasts an Repair and maintenance work 
increase in privale housebuild- should rise by S per cent this DAFTER. ENERGY CORRESPONDENT 

in- output tins vear. atihoueh year, with further increases of ™ KAT 

th'- next l wn years hold out little 3 and 2 per cent recorded in British industry faces a chal- Mr. Robert Maipas, Imperial the different energy uses il was. 


wholesale prices to be felt in the istically high single month 


proved nothing. 


Energy challenge to UK 


BY RAY DAFTER, ENERGY CORRESPONDENT 


promise nf further growth. 

Private sector 


the ne.xi two years. 


Thev want faults such as these khain of the transaction. - - problems, .parUr of capita gains = 

repaired, and more extraction . ..The Stock Exchange .argue s tax ' treatment : . jiairtly of < 

ventilation. Ehat the banks’ hesitations are making it siniple-:for^elMud3'tO' 

They are also demanding that needless, in view of the prertet operate iio , the maricet 1 :;?-.' 
the company has a doctor or a fftm available-^ in the options • “ Whenever; wfcTve ; ovensome 
trained nurse permanently on system and through the Es- these, I tbink that .hoth our 
the site. Change’s compensation fund — broker members;- ‘ and ' -their 

; against risk of default’ clients will need a much', more 

E YD OS lire -A reduction of commission is intensive . educational^-.- pro- 

‘SSS an Wffw S2 - 

men** had* 8 been' ^ if £& ifhare by JhUf £ soldania. new investor :aoff=- to ^rnstihi- 


lenge to become more energy Chemical Industries director logical to expect a reduction »" 1 w^leveteTf aaytont in the sarDe stock, run- tions, 

r..r Ih« (lav whi-n Fuel said that the immediate chal- demand forecasts. gerausij ibvbk. - : : : — (r— 


• Orders for new construction efB cj en t for the dav when fuel said that the immediate chal- demand forecasts. 
in April were worth £769m in arn a! double lenge facing industry was to use More nil and gas might be 


in April were worth £769m in Drices arc a t 
current prices, according to the Dresent levels 

r, r.F tha Cnvlcmmont prCbeilL ICVCIO. 


Private sector starts litis year Department of the Environment. F This was 


thc breathing spac7 created by found on the UK Continental J® \ n K Kfit-i uf" i % 


arc expeied In reach 155.000 This figures compares with £81 Ira ler( i a y 0 f a junior Minister, resources before the end nf the 
.vjainsl T 35.000 last year, falling for March. . leading industrialists and fuel century. 

In 150.000 next year, and remain- Expressed at constant prices, p r0£ j U cers taking part in a 
in- at ihai level in 1980. orders in the three months o rlt :«.u institution of Manage- Flnmanrl 

Completions in 197S should February-Aprti were 6 per cent mpnt h London conference on i^ eman( * 


s me oreaiuing space creaica ny iuuhu «u me t _ ic ;•> 

the conclusion yes- North Sea oil and gas tn deploy Shelf than had been 1 forecast l°Hf n n^ nnp ^ a nli^ 1 


rise tn 160.000 after the last year lower than in the previous 
total nf 140.000. and fall back in quarter, but 12 per cent up on 
th t - next two years. the same period a year earlier. 


“Energy 2000. 


Companies could create an 


Dr. John Cunningham. Parlia- energy climate where an in- ^ u Yr teaks at Seal Sands when one 

mentary Under-Secretary for creasing standard of living Atomic Energy Authority, , Har- lento sat :»eai &anas wnao. unji 
«« a VMn nn«lhlP rniilrl li» obtain-H with nr well. SUld that Britain COUld OOt section Of the pJBDt ■ WM SWUflf 


“The considerable uncertain- parts per million^ One na an— not 
ties which make firm planning so wearing breathing app^tuSrr v 
difficult mean, in our vtew. that was said to have been exposed 
options should not be closed pre- to 214 ppm at the Monsanto 
niR tu rdy*” plant. ■* \ 

Dr. Freddie Clarke, research Monsanto yesterday admitted 
director (energy) of the UK that there had been minor V . - 


Loss of Tesco link 


hits Green 


BY DAVID CHURCHILL 




Work on Nigg Bay 
refinery suspended 


double over the next 20 years. Eventually, coal would be- so]ar pn Pr r V __hv the vear •’OOO standards from the construction yesterday by Green Shield, the to £72m last yeac.-.-wiuie JMifits 

“Thu fart th-jt Ihp Ilk will r, . „„„ - 7 . 1 “ U T V- . , - - - 1 r„ir Cl Am h, fact 


The fact that the UK. will cnm e lhe feedstock for gas. if things went well the equiva- workers’ shop stewards. V trading stamp company. .. after tax fell. frflm £L4in fij jRSt 
he among the top 10 oil pro- liquid fuels and chemicals. lent of 10m tons a vear of coal Excessive exposure to acrylohK The fall reflect* the loss to over £Llm. 

ducers in the world for a >horl it was important to improve m ; 0 ht be orovided by sucb trile can cause breathing diffi. -Green Shield of the Tesco Green Shield. sald,txie trading 
while, and that we will indeed the efficiency of elertricity s0l f rces of energy culties. . .a- franchise, which was given iip profits had been, angmentetf by 


l a OTinAl a 17’ CllCfllWlri All become an oil exporting nation, generation. Only 30 per cent of sc,urces 01 ener By- 

U. dllll/l Y V'UllVU. is neither here nor there in a energy contained in fossil fuels 

-T world energy context." burned in power stations was 

RY nun fnfugy rQRRFSPONDFNT Britain could not isolate itself converted to electricity. ~T 1 *1 1 

BY OUR ENERGY CORRESPONDENT fr0m ^ international energy Increasing use of nuclear and I jOinl^CC tu£ 

INITIAL CONSTRUCTION work The company was talking with ra ® rk .! L . , . solar P ower wou,d hel P •" ! m * tlUUlWiJ \M\ 

on Cromarty Petroleum s pro- potential oil producers, including Britain stop managements prove energy conversion 

posed JEL’OOm oil refinery at Nigg the partners developing the must put financial muscle and efficiency. IIMFMPT nvMFiVT it falling 

Bay in the Cromarty Firth, High- inshore Beatrice Field. company commitment nto cut- Sir Denis Rnoke^ British Gas UNEilPLOYMENT s falling 

lands has hepn susoended nend- ^ , . . ting energy use and costs. Corporation chairman, warned fastest m the south of England 

in - i" review of the oroiect Cromarty intended to go ahead The Government was offering against making “major and rrre- and Scotland. The only areas 

So far Cromarty has built only and build the r e fi ner y' more than £100m a year for vocable" investment de. isions where the jobless total rose over 

the- Diiot tunnel fur lhe under- fwminal and associated storage investment in energy conserva- based on long-term energy P re- the past six months were Nor- 


Jobless down fastest in South 


The only areas 
s total rose over 


UNEMPLOYMENT 


the- mint tunnel forth.* under- terminal and associated storage investment in energy conserva- based on long-term energy pre- the past six months were Nor- 
"round storage facilities. The Project at Nigg Bay. tion measures. dictions. _ them Ireland and Wales, 

company said^yesterday it was a m <a, n ii =nid ve<;iprdav that the “The onus is on the consumer Forecasts about .energy pro- There was a 4.1 per cent drop 


SCOTLAND 

Jwi 77 Jw 78 
77' 7-6: 


company said yesterday it was a • c^pii cajH veslerdav that the t *i ne VP US . ... nc consumer forecasts anour .energy pro- There was a 4.1 per cent drop 
.-..nvenient m-int tn review pro- Sine from L° \* ke the in i. ,,at 1 , V e ’- Now "° duet,on , and consumption were in UK unemployment since De- 

imsals. It was ralkina with North sheH ^ hS Field 5 ? us,n ® ss can l*™? L° , ?? ore . rhe con^antly amended. cernber . 

c.,., nil .. r0 iin< the' Department e, L, 2 5 ^ &lg f lel r.. ,n benefits on offer.’ Dr. Cunning- Given continuing action in nF fnJ1 

r.f VnoU anri 're"ional ^nd m a the NorCh Sea 10 ^ hand,in S ham said. stimulate greater efficiency in The number of jobless fell at 

nr f.nercy. anti re.ionai .ma loc al t&rminal at peraus. near a faster rate than this in four 

councils in an attempt to decide areas — the. south-east, where it 


«n the detailed configuration of p »^rhead. bad been completed 
tho plant. tW0 tnonths ahead or schedule. 

Much would depend on the The tine, laid by the serai- 
lyi'cs of crude nil that would be submersible vessel Semac 1, will 
fed inio the- refinery and the com- earry gas produced in association 
bination of products required. with Brent oti from the field to 
• rofinerv has been planned shore, where it will be fed into 
amid controversy. Big oil groups. British Gas Corporation's distri- 
fnccd with over-capacity in their bution system 
refineries, sav the new facilities U<lon s>s ” 
are not needed. Cromarty says Eventually gas from other 
its unit will be the first plant fields lo the north-east of the 
designed specifically to handle Shetland Islands will also be fed 


.North Sea crude. 


into the pipeline. 


EEC loan scheme 
improvements 
suggested by Lords 


The number of jobless fell at 
a faster rate than this in four 
areas — the south-east, where it 
declined 7.3 per cent: East 
Anglia, down 6.7 per cent; the 
south-west. 7.7 per cent; and 
Scotland, 5.2 per cent. 


HBHTB - 

jw '77] Jw ni J 

7-6 ■ 8-0 Z| .* 

I 

I Jw '771 Aw 78[ 

I«m:Iii-o 2 | 


BY REGINALD DALE, EUROPEAN EDITOR 


EEC PLANS to raise Community- efficiently achieved by increasing 


TIlQllllCOrmt backed loans to help stimulate the powers nf the European p er cent; the north-west down 

Jill. investment could bring benefits investment Bank to allow it to 3.4 per cent; and the north 

Mr to the UK. according to a House handle the large loans envisaged. cdown “3 per cent. 

of Lords Select Committee. Assuming that the new facility. _ h th naltcrn 

The committee finds, however. S disbursed over a two-year. nf T "° e "S m "n? see4 


Improvement 

In Northern Ireland the job- 
less total rose 4.2 per cent, while 
in Wales there was a 022 per 
cent increase. 

The improvement in the 
numbers of unemployed in 
other areas were: West Midlands 
down 2.5 per cent; East Mid- 
lands down 2.3 per cent; York- 
shire and Humberside down 1.2 


[MBTHWEST 

1 6-8 :: I m; I 

1 

WALES 

Jw '*77 Jun *78 

7-4: 7-9/! 


fetches 


SflUTB WEST 

Jna '77 Am *78 
6-5J 6-2/ 0 


of unemployment seems to be 


£ 22,000 




that there is room for miprove- ou, T»S wli the 

ment in the details, of . the -»«“* *5? trend were the south-i 


SEASONALLY ADJUSTS) 


SOTHEBY’S CONTINUED ils 
sale of the library of the late 
Major J. it. Abbey yesierday and 
made £238.4311 from 34 nianu- 
I'cnpis. The 'op once was £22.000. 
plus Die 10 per cent buyers’ 
premium, paid by Franklin, the 
' 'xford dealer, fur a Limoges 
immiscrip! nf Gregory the Great 
llamiliex .«/ Ezcchiel. produced 
abnuL lino. 

A similar suni acquired for 
Kraus, the New York dealer, a 
kite 15th-century Old Testament 
in Greek. .4 Liber Ttucarum of 
ihc Pupal Chaucer;/, produced in 


Ministers, is for the European f If! n, 'aht finfi 

Commission to issue loans up m r the Coia- 

a total of lbn European units of ■"“J®" f « m international 
ai-nnunl lf14hni over „n- ^P’^! markets, risking OVCT- 


unemployment, 


e general .... 

-west and south-west, where relatively unemployment, rate is relatively 
rside. high unemployment dropped low at ’55 per cent, yet the 

ell slower faster than any other in the improvement in the total num- 
levels nf country in the past six months, her of jobless was only 122 per 
t in the Yorkshire and Humberside's cent in the past six months.' 


£lm which was part of a pro- 
vision . made .in -.1974 against 
• ' reduced investment values and 

il . which deemed no longer beces- 
rll • •' sary. '• 

ftrU. This means that the effective 

‘ ; profits fall .was about H^m. " 

f _The company has also added a 
total of .£^8,603 to its reserves 
to improve its liquidity. 
mMtgRiPEB .1 The fall in profitability was 
gi>MHisiH t expected by dreezf- Shield after 
lm *y? l Jmitb the decision by T&cp a year ago 
5^7 . to drop ..trading stamps from its 

ffaa - T . mu eJ 700 stores. Tesco’s move started 

",i\u ... off the present High Street price 

l£S mLWPLMBS .war which. Green Shield hopes 
& j*"' 7 * ■ inay fizzle out, 

;.»j 5-3 .tl 5-2Z Mj. Richard Tompkins, Green 
vaM ! ‘ ■ \ Shield’s chairman and founder, 

E-MUHBS who owns the bulk of the cora- 
jBi j«h *77t jwiTB pany^s shares, makes clear in the 
4-8^l 4 : 8.^ ; annual report his belief in the 
i. — ... “T return of - rf :more normal market 
tel] EAST AWSUA conditions."- r . : .-ZjA . . 

Rk Am 771 In the meantime;' Greeri*SjUeld 

^ 5-1 1 1 4-81 V: is pressing ahead^Witb ■ : 

structuring which. bas-zne^tTthe 

. merg^.of most of . its redemption 
- centre®, with the'' Argeiahst^it : 
store chain' also o’wnB$jbjf^Y 
• TompMiK. .. ?&&$$$■& 

Under •, this link-np.-‘=?stamp 
savers cab rede^i^stasapfiS at 
•/ " ^ Argos shops 

books inipart-extmangeiw^bods 
sold by ArgOs. •. *:<?' • 

————— ' “The 7 expected 1 ' TeddEtianf in 
iEf- iff EAST stamp revenue should, sgarfiv' 'be 
Ascfn j»a 7 a matched . by '^n increa^A'in 
4-gy. r4-0% merchandise voftunes [ und«t,dhe 
I inter-company agreement. '-^Hth 

J Argos," said Mr. TompMiii^i-' 


jSffiTTB EAST 


account (£1.4bni over an un- ^ wdino ’ 

• p ga- t 52S: u.ni.iri h(» ini “While slight differences In 

«.i..im e re d l V .h. I^urripejn JtStSSK 


Inquiry told of salvage delay 


Laporte 
marketing 
chief 
joins CBI 


SALEROOM 


,h, Flnp,n ‘‘“PPit": UP' 1 lo«n from the F.1E. BY PAUL TAYLOR. INDUSTRIAL STAFF '. .*“T*TT- -T- 

administered by the European it " uld ^ P artieularlv unrif4r- ■ . . ,2... ; 

(Investment Bank in co-opcration , lb] ir [here came in i.« :mv rfif- THE DAY that the Amoco helplessly towards the rocks of Lloyd5s open form — the standard gy 

I with the Commission. fc rent iot Ion helwei'n the credit Gadiz was wrecked on the French the Brittany coast. forta of salvage contract. _• THE, 'MARKETING : director or 

The House of Lords Select standing of »h'' Gnin mission ind coas t vitaJ hours were wasted Captain Bardari began his . , .. . . . Laporte- Industries -has been 

Committee on the European ,h e j^p - ind ih us j r , ih e temr? while the tanker master and tug second day in the witness box nh ?„ a ser !^ L x ,, j appointed a deputy’ director- 

communities. in a report on the nn whit . h , hnv wolllrt sn captain argued over the terms of describing the first attempt to C rt!L V ^ atl0 ^f* general of the Confederation of 

scheme, says the precise impacr , ho V interfered with nach the salvage contract rescue the Amoco Cadiz after the T® ;Jwo captains, Br; est British Industry. Mr. Brian 

it would have on the level of OJhpr when tapping the earful captain Pasquale Bardari. tug . captain had agreed to a ch?c° Rigby/M, has ‘ been-a main bOSYj 

investment is difficulty judge. , 2 j a rkets.'’ the cnmmuicc sa\?- master of the Araoco Cadiz, told straebt towing contract p bl ^°- at_3.56pm toe director .of Laporte- for sev^ 

But it says that ,n present Thc ei.mm in cc points outtoat S? 1 Utariu bSSToE iSutey ^ ^ ovraed ^ B «gsier, ™ 7ear * .He will tidse up his new 

economic circumstances addi- while ihe proposal is based on n Loodooves terda v that on I v had arrived on the scene at 12.20, £“■ appointment. In October.- 

tional lending facilities to ih c assiunmion thai the Goodins- Iwi^ rifirin^ thp ninp^hafni about two-and-a-half hours after this- sent by_ Captain Bardan Mr. Rigby replaces Mr. John 


economic circt: 
tional lending 


BY ANTONY THORNCROFT 




encourage investment are to be s j on ha* a 


iZh1 e - it Ti? rThin r? in before the tanker grounded did Jr® 
r tb, ’ rc . l. nn the German tug Pacific actually JSf 


the tanker’s steering gear failed. t0 . tbe t ^ g , captain. Twen.ty Whitehom, - who left . the con- 


Home about 1500. fetched i„t' " l 'L „ ,*. pe " an fi b, *« 
£21.000. "K portrait by Urs Graf i 

A gouache of Windsor Cattle. ^ vo “ Hirsch collcctio 
1- 1770. Ii.v Paul Sand by. sot a Whose saic opened last night 
nvurd for the artist ai £19.000 
m a sale or English drawings and {he first Dukp nF Cr 

RwjSSrtL's 


commended. particularly as its own right." there I? 1 no ?£» German tui PachS? ^actual v The tu S stopped pulling at P““ tes latcr .the . tow line federation at lhe beginning of 
enlargement of the EEC. to in- reference to rhe for... ..r gnaran- L„ cn ,Dt^tow thV vessel 2 - 35 P ni - br ° ke - this year: : He. ’wllL work along- 

clude Greece, Portugal and tee in he offered tn lenders.! * Captain Bardari said he made Under cross-examination Can* sWt Thef oi^anisation’s otter 

Spain, would make further Cnminuniru Loans. 24.fi Report Before the Gourd was a log of repeated attempts to contact the tain Bardari denied that -the^ .'.deputy* . director-general, My-. 
demands on available funds. fii; the House ot l.nniv Salnrt the events leading no to the tucr contain hv radio and aet v. . ' JmimvTJaiaes. 


enlargement nf the EEC.’ to in- referem-e tnW f..nn ..r guaran- |.„ CI J;pr , ?f n t0 “ s l ue a ' 1 e S c se | Ua y 2.35 pm. broke * this year: : He^'wtil work along- 

ciiido r.iwcp Pnrlnnal and u u 1 attempt tO IOW tne vessel. /v,:..;, n. j.j i ,, , . . n«»-snte»tlnn'a nthflf 


Detail or a pen and hinrb W,JU,U Lnmmiioun uvutx. ^*4ffi Report cetore tne tsoura was a tog ot repeated attempts to contact toe tain Bardari dehiet 

ink portrait by Urs Graf de ™_ ands on “y a,labl . e fu v nds - by ihc House ot \. noU Sslcct the events leading up lo the tug captain by radio and ask disaster might b 

thc von Hirsch collection J.v co ?i ni,tt ^ as - (:,u,:r \ ' "■yn t‘“- Com- disaster, and a chart showing him to re-start towing but said avoided if he had-ag 

whose saic oocnnd iS nSh. whether the schemes objectives mwo-iuM. Scimim lf»77-7h’. HUSO how. throughout the day of there was- usually no answer. Lloyd’s open form 


...l*- j 1 . . wuciiiVi iiiv awueme a Tuun’i 

sc sale opened last night. I could not be mnre simply and Cl i’S. 


March 16. the supertanker drifted The tug captain then asked for a first arrived. 


ssss-u 

Lloyd’s open form when the £ JE. .'5£ , .*!SS!?:i i ! l 5S,h. 


a^r&r.ras&.i“ Aston Martin 

Sandhy. bom in Nottinchani. faures. The work had been sent InunpiiPC 

went to Lnndnn with his brother for sale by the present Duke of iaUULIlCs 

and worked at the Tower of St. Albans. T'l. \7 l 4 . 

London, making maps and plans. A sale of Australian historical 1 11C V OlHluC 

He later moved to Windsor lo and contemporary oaintincs 

help with landscaping Windsor drawings and prints by Christie's ^SiTON MARTIN launches a 
Great Park while beginning his in Melbourne on Monday realised convertib,e ver5ion of The VS 



ency meeting on 


BY IAN HARGREAVES. SHIPPING CORRESPONDENT 


' • -."general; rf or three -of. the organ- 
isatlon T S-. ^directorates,- - coyerlhg 
Ihe -EEC - and ' other ' overseas 
: - affairs, . company ^.affairs, :.aod 
educations training and techno- 

logy.' : 

, 1: Sit John is. known to want to 

btiild' dp lhe confederation's 
activities -Srithin. the Gommem 
Market; fint-'W'.far' has- found 
little time himself to devote to 
■ •; . Hus; :It iSj therefore, liiraly to 


Gfiixicw. in pen. brown irk ;»nd against 9.696 in' 1977* ^ The' Tafi- cars * company says. j radical rescue plan than that discussion with other Ministers category. 

v-;iier colour bv Thnmus continues uniil Saturdav originally envisaged by the ” Pr obab Jy. in tile Cabinet s eco- aith „„, 

Cowl.nnrisnn made £9.500. An important sale has hecn - ■ . • 1 ulmosi bankrupt port, but which nulll 'C and industrial committee 

\ water colour on huff pajv»r made to a British collector for Pit lfllhc hit" will still involve closing one ^ or j 0 London Authority 

rhrod June 2S. 1S54. by Richard £2S,000-a unique collation of rU J UU5> 0,1 I dock complex and a Guvornmenl produce formally .15 own 

" r . ^”(1, in thc Napoleonic items comprising a ABOUT 150 miners at the SO- ««*i injeclmn or ioOrn. H?iic 10 Jc *h «*■ • » 

TiVc W ve ^^ llw ^* meo neck,a «® a "d a pair of y»MW Hylton CoUicry. Wear- The shape and wcd of w h ,nnn S's r^hn 

™H SihT^ir« al £7000: a ^lets set in gold belonging to side, are to lose tbcir jobs developmenls in the S week 5S S51 u 

1 \icn rwmn 1181 ' >♦- lb e Empress Josephine, three because geological conditions will depend on the response from bound to aroue the case Fnr'Vhp 

fj-,/ Fv? i nV.s an r- t ^ er . a S ,st fouff boxes and il miniatures by are hampering production. Thc Mr. Rodgers, but the authority one-dock closure lrfcabfnpt 
Stir ^Qipus p^nters. The vendor was future of lhe colliery, which now feels that a Gov^rXeS mi^ elosure ln Cab » »«'«»«»- 


alraosi bankrupt port, but which non jj c and industrial committee B £S£!SP 


£lm^ Tad la ’I^n«B, : where;he read ,chemls= 
For toe. port to be viable .in. .course-'in ' ^diem t cat an g ineftriair 


negotiations. 


into toe 'upper docks on soda! when he abld fitanidm dioxide 


«/ Worn Beuuclerk-son D. S. Lhvender. 'of South Motion employs 600, will be 'reviewed decision is uroentlr renufS^f ^Another cructai m <h - ..J/ tfa , ei jf > s , no ' change 'In the grounds, without -ft being treated. to'SirJohritWbo 
^ * ra ' so " ot Swrt - Mairair - t0D I this year. w Ano^r «««, = umons- wgg. « ge^^tor #e 


I C to p 


j ren 


•2S- 




25% 




^eat 


^ 5 o ft ' 









‘i V 



'CO 



i .a pon: 
nhirfci- 
diiot 


loin ?- 5 - 1 


:-•• ; vfetocfal %me£ W^&esday^june 2j 1978 



HOME NEWS 



‘Jl 


BY DAYID. CHURCHIU. 

OVERSPENDING of about £1.5m 
on construction woric carried out 
by the Greater London Council 
has been uncovered by an inde- 
pendent auditor of the council’s 
finances. It was also found that 
the GLC is presently spending 
about £250,000 more- than, 
budgeted on construction . work 
in spite of a 50 per cent cut in 
the work-load. 

Mr. Horace Cutler, leader of 
the council, last night described 
the overspending as “scandal- 
ous.” 

The overspending was dis- 
covered by Mr. J. Nicholson, the 
district auditor responsible for 
auditing the council's accounts. 
In his report on the GLC's con- 
struction branch he says that for 
12 sample projects the .direct 
costs exceed the value shown in 
the final accounts by “substan- 
tial sums.” He points out that 
although changes have been, and 
are being made, many contracts 
are still costing more than their 
valuation. The cumulative excess 
cost on some 36 contracts has 
now increased to £L5m,' he 
added. 

On the GLC housing mainten- 
ance branch the district auditor 
says he has discovered “over- 


booking" of time shefitsand job 
tickets. Bonus overpayments had 
led to disciplinary Vptoceedings 
against a number. of workmen. 
But the ievel and consistency of 
the' overbooking cases 

examined “ must .give rise to 
serious concern, ” -xoinmented 
Mr. Nicholson. ' - s’; . . 

Mr- Cutler said last; night that 
the-report raised questions about 
whether direct labour building 
should be a . function- of local 
government. “There'Us not the 
same discipline that exists in the 
private sector." he added. 

The district .auditor’s report 
will be considered by. the GLC 
finance and establishment com- 
mittee later this week; said Mr. 
Cutler. The housing .'policy com- 
mittee would also make a full 
investigation. * 

Last night Mr. George Tremlen. 
leader of the housing policy 
committee, described, .the report 
as “ horrifying ” and. said that 
the direct labour ./ branch at 
County Hall was a shambles. 

“ On the basis of this report we 
would be quite justified. in Closing 
the construction branch down 
altogether,” he said. But he 
promised to consult - senior 
officials and trade uriibns before 
taking any action. 


Union chief puts case 
on company reports 


BY CHRISTINE MOIR 

EMPLOYEE COMPANY reports 
should not be allowed to supplant 
statutory report and accounts, 
according to Mr. Moss Evans, 
genera! secretary of the Trans- 
port and General Workers Union. 

If they were allowed to do so. 
companies could put an inter- 
pretation on results which they 
could not do in statutory 
accounts and could give only the 
good news in employee accounts 
while filing the bad news with 
the Companies Registrar. 

Writing as part of a sym- 
posium published yesterday on 
the needs of special users of 
accounts, Mr. Evans outlines a 
number of main areas in which 
companies reports could be 
improved. 

Top of the list Is the need for 
disaggregation. “Parent com- 
panies should annex the accounts 
and reports of wholly-owned sub- 
sidiaries to the group accounts ” 
Together with a statement on 
inter-group financial arrange- 
ments.” 

Second, companies who did not 
prepare their reports within the 


time limit allowed should be 
penalised much more stringently 
than ar present. “In the past, 
there has been wholesale flout- 
ing of the law " on this matter. 

Seven financial areas are pin- 
pointed, ranging from leasing 
commitments to foreign currency 
transactions on which further 
disclosure would be valuable to 
employees and trade unions in 
their pay bargaining. 

In addition, a further 13 points 
on employee matters could also 
be considered for statutory in- 
clusion. These cover items such 
as total costs of training, redun- 
dancies and pension provisions. 

Mr. Evans' views are expressed 
in one of four papers covering 
the main users of company re- 
ports. Other users include share- 
holders and stockbrokers’ 
analysts, banks and financial 
backers, and Government depart- 
ments. 

All four writers are primarily 
concerned with a company’s 
long-term profitability, financial 
strength and future prospects 


and are agreed that further 
disaggregation and considerably 
more uniformity m presentating 
accounts are needed. 

Speaking for stockbrokers. Mr. 
John Ciuene, seninr partner of 
Wood Mackenzie, tails for 
further disclosure of geographi- 
cal cash holdings because the 
assessment of liquidity’ may 
depend on whether overseas 
cash balances- can be remitted. 

He a 1 * 0 believes ibar the 
detailed needs of institutional 
shareholders may lead to a two- 
tier aP'P roa '-’b to company report 
and accounts. 

Mr. Gerry Essain. head of the 
domestic banking division of 
National Westminster Bank, 
says bankers see the need for 
improvements in disclosure of 
funds and capital requirements. 

He .pinpoints five particular 
areas: a detailed analysis of 
short-terra debc. five-year records 
of capital, reserves, sales, profits 
and margins, a detailed break- 
down of the use to which capital 
is committed and a clear basis 
of asset revaluations. 


EEC to pay £1.5n 
to retain steelmen 


''TORE THAN £L5m win be paid 
out of EEC funds to help to 
retrain redundant British steel- 
workers. 

The money is to be made 
available for 3,374 British Steel 
Corporation workers: It will be 
put towards a £2m British pro- 
gramme for retraining and pro- 
viding resettlement allowances. 

The average of about £400 for 
each redundant worker is seen 
as a generous interpretation by 
the European Coat and Steel 
Community of Article 56 of the 
Treaty of Paris. _ 

More than £990,000 is being 
provided for Workers at Tetitple- 
borough, Rotherham; Troastre 
and Port T albot, South Wales; 
Lanarkshire, Clyde Iron, Ciyde- 
bridge, and General Terminus 
Quay, Scotland; and Stocks- 
bridge, Sheffield. 7 . .. .V 

A further £580.000 Will go to 


assist personnel Erected by 
closures at Cleveland, Hartle- 
pool, and Shepcote X&ne, Shef- 
field. 3-. 

British Steel has ..put in a 
variety of claims fortEuropean 
Coal and Steel Commdhity help 
to resettle redundant- Workers 
during the last year air the cor- 
poration's work-force %as been 
slimmed down by ti&re than 
15.000. .fc • 

The corporation’s redundancy 
and compensation payments to 
individuals have range^from a 
few hundred pounds to -^in-rare 
cases — £17.000 for Ion 
senior men employed 
which British Steel has' 
to close early because 
world steel recession.: ; 

A number of further 
Steel claims for assistance 
Community -.funds are IhMh’e 
pipeline. -r 



erring 
works 
tshed 
the 


Hield plan 
to close 
Fred Ambler 

By Lynton McLain 
HIELD BROTHERS of Bradford 
is to close its Fred Ambler sub- 
sidiary. cutting Britain’s fine- 
count worsted yarn capacity by 
up to 25 per cent. 

One hundred people have been 
given 90-day redundancy notices 
and will lose their jobs in the 
autumn. 

Fred Ambler was taken over 
by Hield Brothers in January 
1974. when it was one of only 
four fine-count worsted yarn pro- 
ducers in Britain. 

Reduced demand in' Britain 
and overseas for the finest 
worsted cloth has hit the fabric 
makers on which Fred Ambler 
depended. 

Hield Brothers said last night 
that some equipment would be 
transferred to its own works, and 
the rented factory returned to 
Bradford Corporation. 

Take-home beer 

THE TAKE-HOME beer trade is 
expected to increase its share of 
total sales from 10 per cent to 
14.3 per cent by 1985, the 
Brewers Society predicts. 

That would align UK habits 
much more with those of Conti- 
nental Europe, where about six 
pints of beer in ten were con- 
sumed at home. 


Other Grown Agents 
men ‘had loans 9 

TWO MORE senior officials of could not remember being told 
the Crown Agents were alleged about the loans to Mr. Cballis 
at the Old Bailey yesterday to and "Mr. Morris, 
have received loans from finan- Mr. Durand asked: “Would 
cier Sidney Finley, who is on you agree that loans to these two 
trial accused of corruption. gentlemen, although repaid, 
Mr. Victor Durand. QC. would have been a matter Of 
defending Finley. 57, of -Slight in- great inlere=i ;o you?” 
gale Lane. CJapham. South Lon- Mr. Osgodby replied: "Had 1 
don, said Mr. Alan Chailis. been as aware then as I am now 
formerly director of finance, and of the situation, the answer is 
Mr. Edward Morris, second most' certainly.” 

Crown Agent, received loans. Mr. Osgodby agreed the 
When the trial opened on Crown Agents had become 
Monday Mr. Roy .Ain Jot. prose- moneylenders in a big way from 
cuting, said the former manager 1967 and had their fingers badly 
of the Crown Agents’ sterling burned. 

Money Market, Mr. Bernard . 

Wheatley, had been bribed with 

loans from Finley totalling Vri?!? rillorl flllt 
£320,000 as an inducement to IU1CU vMIl 

authorise £1.75m loans of Crown £ « 

Agents money to Mr. Fraley's 01 ffiinC FCSCllG 
companies. 

Mr. Finley is fating . eight The National Enterprise 
charges of corruption involving Board will not take part in the 
Joans to Mr. Wheatley. Mr. rescue bid for Wheal Jane, the 
Am lot told the jury that had Mr. Cornish tin mine which Con- 
Wheatley not died last year he solidated Gold Fields has 
would have- been in the dock decided to close. Mr. David 
with Mr. Finley. Mudd. Conservative MP . for 

Mr. Durand raised the question Faimouth-Camborae. said yester- 
of the other loans with prosecu- day. . 

lion witness, Mr. Eric Osgodby. This rourse. which he had 
assistant secretary at the Crown suggested, had been rejected by 
Agents. Mr. Bob Crver. the Parlia- 

Mr. Osgodby recalled a meet- menttfry Under Secretary for 
ing with Mr. Finley in 1974 but Indus 


Companies 
union gives 
plan to aid 
small 
businesses 

By John Elliott, Industrial Editor 

A PLAN to help small businesses 
is being put forward by the 
Union of Independent Com- 
panies, which was set up last 
year as a pressure group for 
unquoted concerns. 

The union wants the Govern- 
ment to modify employment 
legislation; slow down imple- 
mentation of the Health and 
Safety at Work Act; introduce 
a top 50 per cent rate for per- 
sonal tax: improve small busi- 
nesses’ banking facilities: and 
establish a Small Business 
Agency. . 

The union, an organisation of 
companies rather than a trade 
union, has been formed by acti- 
vists who have been prominent 
in such organisations as the Con- 
federation of British Industry 
and Association of Independent 
Businesses. 

Its president is Mr. Bill 
Poeton. who ruDS a business in 
Gloucester and used to be a pro- 
minent member of the confeder- 
ation. 

Mr. Poeton believes the union 
differs from its rivals in that it 
is basiDg itself on local branches 
in individual parliamentary con- 
stituencies. It hopes to become 
a localised organisation rather 
than a national lobby group 
based in London, and intends to 
try to persuade local MPs to take 
up its causes. Its membership 
will be owners of independent 
unquoted companies, but not seJf- 
empioyed people. 


No ‘divine ri 



for editors over 
staff, tribunal to] 


Debenhams and 
Hepworth plan 
boutique deal 

Financial Times Reporter 
A RETAILING link-up between 
the Debenhams stores group and 
J. Hepworth and Son men’s 
retailing chain is expected to be 
concluded shortly. 

The deal would mean that Hep- 
worths would set up separate 
men’s boutiques within Deben- 
hams stores, with the emphasis 
firmly on the Hardy Amies brand 
name. 

Hepworths are currently carry- 
ing out pilot schemes at four of 
the 30 Debenham stores. Mr. 
Jeffrey Rowlay, Hepworth’s 
managing director, said yester- 
day that the schemes so far had 
been a success. There had been 
no detrimental effects on other 
Hepworth’s stores close by. It is 
felt that the new boutiques will 
reach customers who do not 
normally shop at Hepworths. 


MR- JACOB ECCLESTONE, vice- 
president of the National Union 
of Journalists, told an industrial 
tribunal yesterday that he did not 
believe editors harj the “divine 
right " to move members of their 
staff round, especially if it was a 
move to a lower status job. 

Mr. Ecclestone, a journalist 
employed by The Times news- 
paper and a union representative 
on the Press Council, was giving 
evidence for Mr. C. Gordon 
Tether, the former Financial 
Times columnist dismissed 20 
months ago after a long dispute 
with Mr. Fredy Fisher, the 
editor, over the editor’s control 
of his column. 

Mr. Tether, aged 64, of 
Worplesdon, Surrey, who wrote 
tlie Lombard column in the 
Financial Times for 21 years, is 
claiming unfair dismissal com- 
pensation and reinstatement. 

Yesterday, the 42nd day of the 
hearing, Mr. Tether asked Mr. 
Ecclestone whether he agreed 
with Mr. Fisher's contention that 
it was a well understood practice 
in Fleet Street that editors had a 
right to change the job of their 
journalists, even to move them to 
more junior jobs, without their 
consent. 

Mr. Ecclestone replied: “ I 
would say an editor does not 
have the right to do this without 
their consent.’' 

He could not think of a similar 
example at The Times over the 
last 10 years where the editor 
had been able to move someone 
quite arbitrarily, particularly if 
this involved loss of-status. 

“I would not accept for one 
minute that an editor could do 
that” 

Mr. Tether asked Jiim to com- 
ment on a statement presented 
to the tribunal on behalf of the 
Father of the NUJ Chapel (office 
branch) at the Financial Times 
saying that it was clear that at 
the newspaper specialist writers 
were given considerable freedom 
withiD their fields, although their 
copy could always be changed or 
deleted by the editor. 

Mr. Ecclestone said this would 
depend greatly on the nature of 
the particular writer’s contract. 

He would have thought that 
Bernard Levin’s column in The 
Times, for instance, was not 
treated in the same way as that 
of a junior foreign specialist. Mr. 
Levin would have much greater 
freedom. 

Questioned by Mr. Thomas 
Morison. counsel for the 
Financial Times. Mr. Ecclesfone 
said be accepted an editor had 
the basic right to determine the 
contents of bis newspaper. 

Mr. Robin Corbett Labour MP 
for HemeL Hempstead and a 
journalist for more than 20 years 


before entering Parliament, said 
the column’s role was to express 
opinions and to stimulate nr 
irritate its readers. It was never 
dull. 

Mr. Tether, in bis final address, 
said that his employment with 
the Financial Times lasted 40 
years. He served under four 
different editors before Mr. 
Fisher took over in 1973. 

“When the dispute started T 
was at the height of my career 
and the top of my profession, 
and the other principal actor in 
the drama, Mr. Fisher, had been 
with the Financial Times for 
20 years. 

“It is important tor the tri- 
bunal to bear in mind that two 
of the most important realities 
of the situation are that the (In- 
put* started at the end oF 40 
happy years of successful work 
because of the attitude taken by 
a man who had been there for 
a much shorter time than I had.” 

The ■ evidence showed there 
were no grounds on which any 
reasonable editor could have 
reached the bonafide conclusion 
that bis work was strident to a 
point, as Mr. Fisher had put it. 
likely to prejudice Die reputation 
of the Financial Times. 

"Was it reasonable, asked Mr. 
Tether, to exoect him to believe 
that, co-incidental with the 
arrival of a new editnr. his work 
had become strident and hector- 
ing 

Mr. Tether said the only con- 
clusion he could draw was that 
the censoring of his work was 
really dictated by Mr. Fisher’s 
unwillingness to allow his philo- 
sophy. instead of Mr. Firher’s. 
to prevail in the column. 

Mr. Tether said that one of the 
main reasons why so little pro- 
gress was made towards achiev- 
ing a dialogue between him and 
the editor was that Mr. Fisher 
was unable to understand there 
was a difference between having 
the right to edit and a right 
which had to be exercised 
reasonably. 

He could not see that in chal- 
lenging the way Mr. Fisher's 
editorial prerogative was exor- 
cised he (Tether) was not chal- 
lenging the prerogative itself. 

Mr. Tether added that the 
Financial Timet' had not met the 
legal burton of proving that 
there was a custom in Fleet 
Street that editors had the right 
to change the jobs or their 
journalists without their consent. 

Therefore, the Financial Times 
had not proved that the editor's 
directive limiting the .scope of 
his column did not constitute a 
contractual change, he main- 
tained. 

The hearing was adjourned 
until Tuesday. 



WM Sf 


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PARLIAMENT and politics 


Rhodesia Labour rallies to Bill 


talks bid 
stressed 


political donations 


Callaghan 
hopes for 
Phase 4 
agreement 


BL Cars acts on ' Basnett 
unofficial strikes 


Bank of 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

By Philip Raws to me 

BY IVOR OWEN, PARLIAMENTARY STAFF MR. JAMES CALLAGHAN told ' Ms has „, |ed , meeting ment „„ u „ion 5 sbowed that UK 

the Commons yesterday that he ... . stewards at Long- plants achieved only nan ine 
IGNORING THE fact that the mocked, amid cheers and the Bill maintained that the still had "considerable hopes' 1 brid Birmingham, on Friday, productivity levels of competitors 
target date for setting private laughter from the ' Labour restrictions on political donations for a Phase 4 pay agreement t discuss its concern at the on the Continent T 

■ • ! 1 1 ft* II. ^ mm - m . _ ■ m L. Mr uhAV AVa _ _ a Mr _ 2 f A « dfil Pttl O M PP dL liU UK" 


By Christian Tyler, Labour Editor 


target u*l« lui Kciung privcue mukihci liuui iuc uauum uaumuuiu mi pMiicai mi u tuuL * “o"’ |o discuss Its cuuceru ai luc ua iasr ujiu ' 1 , » • "j <- 

- . Bp0wil members Bills on the Statute benches. hy companies advocated by Mr - wiffi the unions. . growing problem of unofficial Good performance at ivong- - 

By Ivor Owen. Parliamentary Staff B(jok jn current Parlia . For t0o i ong . contended Mr. Hoyle would have tittle effect on Whether the hopes were 3usti- bridge, the volume car Jgnt THE Bank . = of England was 

BRITAIN'S UNREMITTING nientary session is no longer Hoyle, the " captains of industry Conservative Party fund-raising- fie* or not. the Governments The move at Leyland’a bigger ^eduled to produce tne abused yesttr^jot a Kiteflgng 

efforts to convene a new round- within range. Labour back- i n their ivory boardrooms” had -w e raise about «hn in funds position would be stated clearly ^ ^JqOO manual replacement for the Minwispw 

table conference on Rhodes ? a benchers yesterday trained their been able to indulge in. their every year, aEd *o?*r three- and truthfully, be declared. ffiSL. is interpreted by some tichlarly important . 0 tp J : has ^ ^ecsions about 


ffiu’&isssr ■«” is Ff ■ eestk « sp ^ ss . .re r m sffi»ru*5SSi s^ssSSSi-tSSSSz 

s^w^ss *2 k ssssin «ss js ss ^wsir; s& ss« &ssx trz . 


were underlined oy the mrae * A *• ‘ “■> Muariers ot pus comes irom — senior union owu a is aa uie ui si - manage* rrmnd , . 

Minister in the Commons yester- contributions to Conservauve providing financial support not to-door coUectlons and Dot from peeled to put forward the Gov- step t0 crack down on indiscipline a threat rrom wgg - - ro jjJi <L Da yw Basnett, TUC chair 

day. He again resisted Opposi- Party funds. just for the Conservative Party industry." , eramenfs proposals soon after and po0r productivity. ^ S a l Sid haveto“eS man ind "en^Sriaiv at ?h 1 

tion pressure for support for the They cave enthusiastic sup- but [or a number of allied He accused Mr. Hoyle of seek- the round of union conferences production the Seneffe General and Municipal WorirpiV 

transitional Government estab- port to 31* Douglas Hoyle fLab, organisations as well. ing to introduce restrictions basi- ends next month, said it was Productivity , un .P°^, c rf„ rr , ■ »T n : nr , d^rribe/i <ii4Fiin»i,« 


Transitional uovernmeai esiao- pori io nuyte ijuau, — jr— : ““ , ... mg iv tuuuuuce resmeuons enus hum uiuhuj. o««u. u » ■ uuuvimij . zi^ rrr o^ioinm Ttninn dwriheri ss 

listed in Salisbury as a result of Nelson and Colne), a member 5?. an y of tliese subsidiary C al!y designed to penalise the clear that pay increases would ^ company denied last night P vf l . *J? £ no mistaking the the Bank's suggestion that iaiJ 

the internal settlement. of the Tribune Group, when he bodies did no more than provide Conservative Party at a time have t0 be kept in single figures general threat had blen * u } instant « *tabuld hKS? TLE? x 


le internal settlement. of the incline uroup, wnen ne u*o iu+,i H .ov.« c conservative i*arty at a u« have to be kept in single ngures that general threat had been .mcaitalhty in a plant ^ should be keot b^ow 8 «£• 

“Hardly a day goes by with- successfully sought leave to cover as the large sums given when the best interests of all if the rate of inflation were to j SSUed t 0 withdraw credentials P 1 ? 03 of Jiriv i 0 f» iobs have rJnLa imnlvins 5 to B npr ctnfn* 
ut the Foreign ^Secretary or introduce a Bill designed to by big business went, in effect, concerned with fund-raising for be held down . from shop stewards lading nil- J5»J shaken ou t S£ St«!B^«Sh?Uta2 

Lvself beinc involved in some subject companies to similar directly into the coffers of the political narties. Lav in n reserving RritainV inflation rate was Rut manao*. already b- * , — -P 1 ?* 


lion should transcend party poli- 
tics. There was no prospect of 


Mr. Hoyle explained that the 


..... LRIUUIUM w.m ..... The companies CKeguiation of me duivduib aiso provme mat opportunity to protest against Germany and the U-S. Mr. Michael Edwardes, tne isc d _^ vers at the Rover plant well 'protest to the 5 Chancellor 

£ h «t^ th-.t d ?hl Political Funds) Bill was Given a companies should conduct a political donations at annual i would like Lo see it com- chairman, has made it clear to Solihull has made 4^100 w-orkers about this public- airing of ner- 

fnvofved^’in the 1 Rhodesia oueS firs ^ rea ^.!, nH b * 190 to 127 - ba i ,ot araD "? their shareholders meetings of companies and. if parable with those also." he said, workers that productivity must- id] at 'nine factories. Produer centage norms -.wheiTtoey meet 
u ™ ' Ifluid t2i^ SSv wSE m * 3onty ^ JES* maklQg puIlUcal d °na* they wished to opt out altogether, challenged by Mr. Margaret be raised dramatically if the g“ a ‘ F Rover saloons. ; Land him Uter thjs week for' dS 

I"? There was non rn^Dcct of Mr. Hoyle explained that the Uo J^' , bad the right to sell their share*. Thatcher to forecast the rale of State-owned corporation is to Rovers and Range Rovers is at sions on the' economy and moves 

cither Brinin or the U S bein'’ Bi, l would require companies to Tb e establishment of a He suggested that many trade inflation for next year following become viable. a standstill at a cost of around towards shine' kind bf informal 

able to enforce a settlement he establish 3 separate fund for separate fund from which union members ..objected to the rise in earnings in April to A recent joint study by manage- £3ni a day at showroom prices: , understanding. <m -pay and. the 

insisted ' political donations and provide political donations could be made making political donations to the a n annual rate of 15 per cent. - ' shorter workinglweek: . 

“Wp arp pnn^tantiv making that shareholders should be would be subject to majority Labour Party and reminded Mr. Mr. Callaghan said be had no - - -. Another member df the Neddy 

m n ves with al 1 the individual o a r- siveD an opportunity to contract approval by the shareholders. Hoyle that In his own union — reason to withdraw what he had . .... six.- Mr,. Hugh /Scanlon , of the 

ties V concerned tot^togettheni 0U .V T ^ v Mr- Nicholas Ridley (C., Ciren- ASTMS-83 per cent of the mem- said prff v iously . engineering iinion, said yesterday 

todiscuss these issues and to n et . 1 am boretoprotect the cesterand Tewkesbury), who led bershad contracted out of pay- " We shall need a substantially „ j 1 that’, his onion's Information 

a settSent as quickfy as pos- raterests of shareholders” he Tory backbenchers in opposing ing the political levy. lower rate of increase in earn . ITnrPmPn PYTiPClPQ lO > . showed .that' wage settlements 

aible.” ings next year Lf we are to main- A CIlIvll vApL-vIVW above the- 10 per cent guideline 


shorterworkingweele 
' • Another- member of the Neddy 


sible.” 

Mr. Davies warned: “At the 
moment, we are in the course of 
losing. perhaps, the single 
greatest opportunity for secur- 
ing a solution to this problem." 

He urged the Prime Minister 
tn use his influence to remove 
I he grave suspicions against the 
British Government harboured 
among those who had signed the 
internal .settlement, by enabling 
a proper and positive solution. 

In notably less restrained 


Unequal matching helps 
Healey to easy triumph 


tain inflation at the present 
level." 

As the Tory leader persisted, 
Mr. Callaghan reiterated: “There 
is no reason why inflation should 
rise into double figures if we 
adhere to our policies and keep 
the increase in incomes to single 

figures." 


Foremen expected to 
accept cash offer tods 


adhere" to our polices’ and'keep BY PH,L,P BA5SETT « LABOUR STAFF -1. .^higher than, the -14 pet cent pro- 

the increase in incomes to single _ „ __ ’ . _ . jected. to ; tq. now. 

figures." THE MANAGEMENT or BL force at the Cowley plant, .near Mr.-' Basnett. yaid:.. "It is 

Questioned again by Sir Cars, formerly part of British Oxford. . . already dear, that there can be 

Geoffrey Howe, Tory’ economics Leyland. is lo meet BL foremen's An asreement between BL and no L phase'tour..ih the. sense of an 

spokesman, about the April earn- representatives today and seems the unions last. November, has a£0«rf .code,-:jiorin or- ceiling as 


six*- Mr.. Hugh . Scknlpn .of the 
engineering iinion, said yesterday 
that;'. . his . . union’s information 
showed .that' wage settlements 
above the- 10 per cent .guideline 
ih-thfs round bad been achieved 
solely. ; by : . self-flnancmg ■ pro- 
ductivity deals. : 

Official figures, published on 
Monday stCggestfed that ' average 
earnings in- this found could be 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 
MR. DENIS HEALEY is throughout. On the 


In nntablv less restrained MR. DENIS HEALEY is 
term*. Mr. Mirhael Brotherton most frequently seen in public 
(C. Louth i called on the Govern- as the heavy-weight boxer— 14 
ment to support the internal Budgets and still (just) the 
settlement. The pursuit of a champ. Bui yesterday, he did 
“vendetta ’ acain«t Mr. Ian Smith n0 | n eed tu be so bruising and 
was no substitute for a positive was rather mure the Chess 
policy. Grandmaster, simultaneous!'' 


Grandmaster, simultaneously 
beating several challengers, if 
not blindfold, then at least 

effortlessly. 

His appearance before the 
Social Services and Emploj- 


throughout. On the other side, 
the sub-committee less two of 
iis more colourful members, 
Ms Maureen Colquboun and 
Mr. Nicholas Winterton often 
appeared worthy hat ineffec- 
tive, failing to press home 
questions. 

Attempts by two Tory 
members. Mr. „lvan Lawrence, 
and Mr. David MadeL to press 
the Chancellor on the proposed 
rise In the National Insurance 


he defused with obfuscation, a 
potentially damaging question 

on the relative impact on 
exporting industries. 

At times. Mr. Healey 


pay resirainr. overtime ban ana other J3L car workers nave received ........... 

“I do not think either side sanctions in support oF the. payments of between . £39 and I agreed; Vrigid incomes policy. 


appeared to be giving a lee- stands for a statutory incomes demands by the 5,500 foremen £130 as the first stage in . the we are^nlscr -making it clear to 
ture to awed, though promis- P°b‘jy," Mr. Callaghan declared. wajl averted this week on the move for the same wage for the Mlqiatets 'that if the economic 


ing. students. The Chancellor 


a* no substitute for a positive was rather mure the Chess live, failing to press home lure to awed, though promis- P°b"cy, RJr. Callaghan declared. wa}! averted this week on the move for the same wage -for the Jtihisthrs ' that if the economic 

Grandmaster, simultaneous tv questions. ing. students. The Chancellor The Prime Minister said that , ad vit*e of Mr. Don Mathison/- same job regardless^ of location. L pptjcteh--arer ■ right— on. employ- 
beating several challengers. i> \ttpmnts hv two To rv explained the dlfficaliies of A.° 7 t,H lee I national officer of the Associa-' ■ The cash offer BL Cars seem menti'fnfhrtion'. llving standards 

Tj" a _c «!«««** n o fc blindfold, then at least momhor^ Mr i V9n i gwn > n i.7 projecting unemploymenl — in that p nase Three had failed was t j on n f Scientific. Technical and likely to put to the foremen at»d jServTces---unlon negotiators 

Hint Ol Cheap effortlessly. and Mr. David °MadeL to nress’ particular, its relationship afv^nt Supervisory Staffs, which repre- . today. wh<ch should defuse thej wiU- conduct collective bargain- 

i £ .. r His aoncamoce before the ?he f^haneeltor on the nroor^d with output He then said that ^nts the foremen. threat of further Industrial iofifda responsible way. 

bus fares for Social services and Emniov- rise In the National insurance since the committee had shown •’ 6 ^ re fi/ eneC Almost alt BL plants suspended- action, will accord with pavmeots ;.^ln the context -of a new 

UU3 IAIC3 IU1 So«a! o? the SStafkS iS'cISSS ,hat i! understood the lh | 0 ™ ^0^ buiminf workers the action until the outcome of to the hourly paid 5 ' workers, a economic understanding with 

travel to school commons Expenditure Commit- onraffled whileMi^. Renee problems and weaknesses of - nad ^ ju J geSd” for a®975 per lod *- v ’ s mee,ln * was knowiL /.minimum nf El 50 a week and the: Government inflation can be 

UdVC1 lU ^ LIIUU1 teewas, anywSy, an unusual sh™2t a simewS £££ s “ fh <*““*** ^ would con- ^ ] ^ cr S and the PhaS although an overtime ban is in; a maximum of £5. . • |cept : under reasonable control. 

STRONG HINT that cheap bus event. chairman. gf SJS ''JSSuS* * Jh^, outturn might well be vi . - 

ires are to be introduced for It was. according to Mr. indeed, the Chancellor was Th» to m inn». caccinH itlpn. below 15 per cent -v. 


tee was, anyway, an unusual 
event. 


A STRONG HINT that cheap bus 

fares are to be introduced for It was, according to Mr. 
all children travelling to school Healey’s entourage, the first 
was given by Miss Margaret time in living memory that a 


Short was a somewhat benign 
chairman. 


Jackson, Education Under Sec re- Chancellor of the Exchequer 
tary. in the Commons yesterday, had been a witness at a public 


She said the Department of hearing of a Commons Select 
Education and Science hoped to Committee— and the session 


publish its proposals on “easing was dearly a success. 


the present anomalies on fares" The matching was uncqnal. 


ho forty Parliament breaks for the On one side, Mr. Healey 


summer recess. 


showed 


inspires 


“It is our hope that the pro- respect, if not exactly affee- 
posals will contain the basis nf tion. within Whitehall: his 


h scheme which will enable all complete mastery of his brief 
children to travel lo school for and the topic of ihe day— 


a reasonable sum," ihc Minister unemployment.— was shown 
added. 


Indeed, the Chancellor was 
able to get away with a partial 
sleight of hand when compar- 
ing the unemployment effects 
of increasing the surcharge 
and of raising VAT. He pre- 
sented detailed figures show- 
ing how much smaller an 
impact the surcharge might 
have by next summer, but then 
blandly stated that the effects 
were more nearly equal by 
spring 11)80, while revealing no 
figures. 

This passed by with no 
reaction from the MPs, while 


the figures available. 

The 70 minute session, atten- 
ded briefly by a small group, 
described as foreign digna- 
taries was all very- relaxed, 
though perhaps rather techni- 
cal to anyone listening to the 
broadcast summary. 

Mr. Healey himself appeared 
pleased with ‘ the. session, 
though he did not seem keen 
on too frequent a .repetition. 
On this performance he has 
little lo lose, and MPs will 
have lo he much sharper If 
they arc to penetrate the con- 
fident exterior. 


but - interventions by the Bank 
of England do not help.'* 


Coloured 
immigrant 
figures 
show fail 


Print workers to seek 


BY ALAN PIKE. LABOUR CORRESPONDENT 
'LK11ATES TO Ihe Nat/nal vineial\rint l 


Assurances 
op chemicals 
proud sought 

v By. Philip Bassett, .Labour Staff 


Mr. Sian New ms (Lah. 
Harlow I said: “The cost of fares 
in travel to school imposes a 
He urged that the Transport 
Secretary (Mr. Rndyem should 
look closely at free travel to 
school for all children, 
heavy burden on many parents. 
There is an urgent case of intro- 
ducing proposals to restore half 
fares for ail schoolchildren.” 

Mr. John Evans (Lab. Newton) 
said that many local authorities 


SllUW tail / V . - . THE GOVERNMENT is tn seek 

.i . . . i- ' forma) a^iiranfces from Tenneco 

By Rupert Cornwell DELEGATES TO the Natpnal vmeial ftrint workers is £53;72,a nrx the future of Albright and 

NEW FIGURES issued hy Graphical Association confer- week. ■ .... ... Wilson, the Brltisli chemicals 

ihe Home Oflic elast niaht sh»w enre yesterday pledged them- Mr. Joe Wade. gen'er-al group which is thr subject of a 


Tory group wants PR 


that coloured immigration into ' a o Bross j V n ,-amDaicn secretary, told 1 delegates: :‘2V take-over bid .by . the: American 

as or VZtZfEZ ret^ S a ^whehwe could support our group. - . . ' __ 


BY RUPERT CORNWELL, LOBBY STAFF 


Britain is apparently firmly f ° r increased basi*. rates .and a members for seven weeks in .. .Tenneco : has ^.ven assurances 
under control and continuing to shorter working week. industrial action are gone-^- on employment, worker .i.nvolve- 

decline. . The conference, in Douglas, destroyed by inflation." • nient «tnd. Government. consulta- 

Entrants from the new Com- isi<> of Man. decided that if 6u the broader pay policy ques- tlwi. to the unions involved, 

monwealth countries and Pakis- necessary, the campaign should tion, the .conference adopted "a Albright-.’, and Wilson share- 

\r r?u- C !i pled include mandatory regional and motion' indicating that the only holders . are being recommended 

the UK dropped 3 per cent in the . mpptinPS ,i ur i n o workin® terms' tra which delegates would to accept the' latest offer from 
?J[ s iS ua i: tcr0 ^ 1 ^ 78t ? ju *t u °der ?' rancb ^ e ' 5tl " s * dl * r ““ g accept “ any further government Tenneco. : . 

10.300. For all immigrants, the hours and could involve non- interference ” in collective ' Jffr. Alan'WlffiaraA Minister of 


same period saw a light increase, co-operation and a work-to-rule. bargaining would be if there were State a> the Department of 
from 17.100 to 17,300. Pay rates among members of maintenance of members' living Industry, ) : in et representatives 


burden was too high. Bui many PR to be inserted in the mani- enougn to swtny mo 
of them were choosing not lo use festo for the nex? election. either way— and ft inus 
this power sense lo believe that thej 

Mr. Roderick MacFarquhar .. Th t P. ress “ re |, roup - ‘r°J? S ^ rva ' be , - re , al,y Influenced 
(Lah. Bfippr) was worried that tlve ActIon for wvciural Reform referendum promise," 
children already receiving free <GAERI. comprise SO-odd lory pamphlet states. 


ted "in the mani- « nou * h 10 lhc balance is no reason why th. ; Tories Tory immigration policy un- high, while the minimum earn- reduction In the working week yesterday to discuss unitm con- 

■x? election. either way— and it must make should not give full and eDthu- veiled in April by Mr. William ings level among many pro- to 35 hours for all members. cern about the possible implica- 
sense lo believe that they would sia6ttc support to a referendum Whitelaw, the party's bcnne . tio°s of «be take-over bid. 

group. Conserva- be greatly influenced by a on the issue." affairs spokesman. Mr Williams said -that the 

JSli'Sw rererB " d T. , pronriw." the T b c wider use of referenda has A,lh 9 u S h the Conservatives _ — i— : Government in tend e.d -.to seek 

If, wniphlct states. ' s,ackn,:ss lhe firm assurances on similar points 

‘ to lien lion The group points out that on Th,tnhnr nnrf .. -Labour Government on this poim | « -m _ I tn the unions' concenis about the 

bid. . - 


■> widespread abuse, 
male fiances admitted 
three monlhs of this 
;l. dropped by 9 per 


a lair sysicm ana one which pa t nv 10 proport nmal represen ta- “ jusi uue-mmi ot L,joerai nnlicies Those could P-isilv ,u oto- 

minimises the lu.ss of benefit." lion, there would seem scant supporters in that general »hp Staiut** Rnnk th<! At the same time, the number 


she added chance of CAER having its way. election switched to the Con- referendum' wL^e 1 ?!! berore th 1 of illegal immigrants detected hy 

Miss Joan Maynard (Lah. But it argues forcefully, in a servatives, the present Opposition the authorities jumped to "38 

Friehtside) urged llv Education pamphlet entitled “The Right would have a windfall of 31 seals Predictably, the calculation wa from IS". 

Department lo lower fares in Approach to the Liberal Vote.” from Labour—in ail probability swiftly challenger] by tta Again, the official figures seem 


Dockyard workers strike 
over £20 pay claim 


BY OUR LABOUR STAFF 


SIX THOUSAND workers at Leaders of the 173,000 Indus- 


Deal accepted 
by building 
workers 


Tory leader rejects 
Pardoe attack 


MPs back safeguards 
for Ulster creditors 


by Conservatives would make 
little difference. 


Welfare heads 
new charities 


day strike yesterday in support the 10 per cent offer earlier this THE UNION side of the 

of a £30-a-week pay claim after week will meet the Civil Service national- joint council for the 

union leaders of the industrial Department 'again on the offer on construction industry accepted a 
civil servants had rejected the July 3 pay deal yesterday which will. 

offer e Tffi S ory." Per W «'■ ‘ Mlck - Martin ' ^ 

The dockers, mainly belonging fh^TCWU^whfch ^tth^SooO The * Jea1, which runs fronl 
to the Transport and General membe^in the industrial June 26 ' Improves basic, pay,. 

Workers’ Union, the Amal- holiday- and ^ sick pay and the 

“2“ ^ n J a IL- 0 L,F"???5. er jr? involved. described tie offe? S ‘ndu^s .death^benefit scheme. .. 


Eleetrica I and <>**% -A working pwty'fe to' 

to, 3 ,i“°Sacceptoble 2?J L n SS^25,A'fflH. ° f 4 


B ^i.1 119 gyr Jp 9 /it -HV by IVOR OWEN ANOTHER 3.598 charities were Workers and the Electrical and ■ “ -A working party is to dikuss 

Jl. , x,- x u registered last year, bringing the Plumbing Tredes Union, claim d lt was the introduction in 1»80 of a 

NEW __ SAFEGUARDS for public, who would be available total in Britain to 125.90S. the to be £20 a week behind com par- 10,3 lly unacceptable. • fourth week’s paid holiday. 

MRS. MARGARET THATCHER terday, Mr. Gerry Fitt. SDLP creditors in company liquidations to act if a liquidator was pot Charity Commissioners reported able pay levels outside the Civil The Government offer The Transport and' General 
the Torv leader, yesterday hit MP for Belfast West, said that m Northern Ireland will become forthcoming in response to. ori in yesterday. Service. emphasised the restoration of Workers' Union said earlier this 

back at' Liberal \IP Mr John the minority parties in Northern operative as a result of the the absence or. the usual comider- The largest class of new chan- The strike followed a week F r aft differentials, giving greater week- that ,i.t will be pressing 
Pardoe's n-ciis-ition ih-it Ireland had trusiod Mr. Edward ^rtsion Commons last cial incentives. ^ ties covers social welfare and cul- which included banning over- ^creases to the higher paid again for further consolidation 

Tti«° . s .. “ er Heath as leader of ihe Conserva- night to approve the draft Com- The Minister told MPs that tural activities, particularly new time, working to rule and smaller workers. of- pav supplements and a 35- 

Ulster trip was one of the most t j ve p^jy bui would not trust panies (Northern Ireland) Order, extensive public consultation! in theatre trusts. walkouts. F ni . ,x* i nu , oc * "I hour week 


Ulster trip was “ one of the most t j ve p^jy but would not trust Panies (Northern Ireland) Order, extensive public consultation! in theatre trusts. 

despicable by any British polili- Mrs. Thatcher. 197S. Northern Ireland had shown — 

cian since Chamberlain s last trip ccrta ; n lv a^ree with Tnhn ^ of order nyerwhclniina support for most f? rfcrt fU 0 ]l arnnnfl 

to Munich." Pardoe Sen he this , will be to bring company law in of the provisions of tbe draft F 0010211 grOUIlU 


10 .uiinicn. Pardoe when he said this was a ue 10 Dnn? com P an - v ,aw ,n L, **.&*<** Monday when the 

She said in Belfast- “It is noiiticai visit t„ trv in aimer Northern Ireland broadly into order. pul its 10 per ecn 

typical Pardocism. He once ?ome support f or the Conserva- " ne . Vl1th lhat ° { England and »“* ^ m i5!r! lp lhal Safety 10311 The dockers are cx| 

faced me m an election in my tives from the Unionist members xj. C - C ° d on behalf'^ f X novate NOTTINGHAMSHIRE County back at work today, 

constituency ai Finchley and was in Northern Ireland." he said. , ” r - D ?n Concanuoii, Northern 1 ir fc . h 0 l L p ™iS Council has agreed in principle 

soundly beaten. He has never Thfi minorUv , n Norlhern lre . inland Minister of Slate recalled * i ™ , ' ed - c ^ pd "' es to a loan to Nottingham Forcsi 

forgiven me." . . I hTf! , 1 that the Murray Committee on renuircd under the order to Football au h 0 f not less than 

■ land, Mr. Htt added, would view comDanv law annninteri hv the make specified information about , .V” ‘."v 

Mrs. Thatcher, ‘at ihe end of with suspicion anvthine whtoh company law. appointed by the . t auoiiiKu fnr £150,000 to help the club with 


walkouts. F or jxj lowest eradas at ■^ ur week. ■■■ 

Four hundred dnekere marched present tSring hOmSSs a '-V 

Mo nd„ m "l!i"* the toernVm i: ' 

Th‘ dnckeVafe tweeted tfl" £ -- 5 » addO-sS^Thi, wouW BeDU SSSUrCS 
The dockers are expected to be m,. an on i^ c\ a Pxtr .. 3 «w ^ 1V - 

Lack „ work today. stoj!^ Mr. M^n SE ^ S Pft fe m i nPrc 


h.ywte! ; h so domed SS«Sf?lS. T^SIe^lfe & S ssld *SnSS“ r 'S SSS« SSSSU. ** Mirm pWfrnn? c 

wa r s t‘rn£ BtoS Northorn .r.hSa’uS.hUV „ "SLS’H “ 55 ''“ ESt G St Act lVUCrO-eleCtrOlUCS ClfeCt 


9CQTS miners 
of £35ra plan 



was trying to forge an election Thatcher, 
alliance "with the representa- 
tives of religious bigotry ill 
Northern Ireland." 

She said she bad not discussed 
an election alliance with the i* 

unionists and. in fact, had not fUiU 
held any political meetings with 


Soccer girl 
ruling ‘barmy’ 


ivormern ireiana insolvency ser* . " ( u »**«*»“*“* Snorts Grounds Act 

vice as one of the most serious the company s balance — 

defects in the field of company sheet and profit and loss account, a l 

law in the Province. t* 1 ® chairman s remuneration Jh S3II flIJOiOSV 

mx , ... and the remuneration of the 

relied ttis directore of above a BRITISH RAIL is paying £1 a 
deficiency by providing for the specified salarv liiniL head compensation to 550 house- 

appointment of an Official T he Government had decided wives from Doncaster and Hum- 
Assignee for company liquida- ^ whi]e the provisions rStinz beside who took a day trip that 

tfnne Wlfh rinttae anil nhliantlnne .. ^ 1 rcM S J. J ...iiu I.... nn 


on 


BY NICK GARNETT, LABOUR STAFF 


UNION leaders . in Scotland's 
coal indnatry have been assured 
that the £35m development of a 
rathe tq. jap seams under, the. 
Firth _of Forth will go ahead- 
This is in spite of plans to build - . 
an advanced gas-cooled' nuclear . V 
power station Iks than 20 miles . . 
away. , 

■ The assurances came in talks V 
between union officials and. •: 


local parties. The nearest sh4 A COURT ruling i n favour of 12- t0 dlsclosure of suchinfor- ended with four breakdowns on THE Association of Professional, imp| ication g ; £or employment 

came was when she jointly year-old Theresa Bennett who nmoflf matioa should be reta ‘ned in' the the Executive - CIerical and Computer generally.',-:, 

hnctori a Belfast lnnnh urith tho ..mrcnidri _i_ ■_ . Official Receiver in England. HraFt order thf» riamrtmpni sor. The train home crrived[c* a jf x a} , written to Mr. Len . 1 h®r. -James 


hosted a Belfast lunch with the w'as prevented from plavina in ■ „ - . 1 / draft flrder , the Department 

Unionists. hove’ soccer team w-Tc Apemhori Mr - Concannon explained that would not seek to implement the 

Mrs. Thatcher said: "My "A™ *"» TOf foVa'study oWhc 

a nd' ^ ovenrhelin In" 2Sr^ iani in the Com ' Commerce and" art * Tnter Us £ S? the touSTlSc'dfiE W1 0OSt tfiOVe offeejs of ' mtero- reBwtuMtot'. ,On employ mem ■ 

majonttf for Ihe ConseS® He asked ihe Government what JS^cTl" ^ ^ UZhStL'tJf rae, '»™ b *biy WESTMINSTER Chamber _ of eleetromcs^ne wpjoyntent. ov<fr the ne «. two decades! m 


draft order the Denartment sor - The train home arri7Wl Staff has written to Mr. Len rx ■ ^ x— ^ - Secretary. Mr. James 


not before I9S2, 


VT I mnt utvTv repercussions *. On employe 

WESTMINSTER Chamber of electronics on employment. ov er the ne «- two decades! 
Commerce is to sponsor a Post Mr. Roy Grantham, the union s fhroueh union nre.« 


I Margate yesterday.-.- ‘ 


In a television interview yes- Sex Discrimination Act 


interests of the creditors and sions of the order. 


area are to have talks today. rather than looking at the wider might alter' 1 soddly. 


I Tomes* - roaetoc -'.due "-.to ■ ' coiner • 
into -use in .; v a ; . , 







& 








4 




Beauty 


in Buenos Aires In Maffl all over the world 

Bush Boake Allen - an Albright & Wilson 
company — create fragrances for shampoos, 
creams, lotions, and every kind of beauty 
preparation, as well as for everyday soaps 
and detergents. 

Albright & Wilson have manufacturing 
plants in 15 countries. In 1977 alone, overseas 
production resources were increased in 
Australia, Canada, France, Malaysia, 
Singapore, Sweden and the USA. 

Worldwide, sales last year were £338m, 
of which £1 94m were earned overseas, 
including £92m exports from the UK. 



<i 1 












Albright & Wilson Ltd. 1 Knightsbridge Green, London SW1 X 7QD. Telephone 01 -589 6393 

« fraarances • fine chemicals • flavours • food additives • fruit juices • natural d ™9 ‘ P harrnac8 





Racial Times Wednesday June 21 1973 


-V ; 


EDITED BY CHRISTOPHER LORENZ 



welcomes 



from the I 



IN THE UK the tendency for 
civil servants to meddle in 
industry is often deplored, 
because they are thought to be 
unsuited, by training, experi- 
ence and attitude of mind, to 
take business decisions. How 
is it, then, that in Japan the 
deep involvement in industry of 
a large, powerful and pervasive 
bureaucracy has produced such 
excellent economic results ? 

Part of the answer, as 
Chalmers Johnson points out in 
eq admirably clear and infor- 
mative book', lies in history. 
The Japanese had its 

beginnings under an oligarchy 
which created 3nd nurtured a 
powerful bureaucracy to serve 
its own interests. Even now the 
normal Western device for 
supervising the civil service, a 
parliamentary assembly, has not 
developed to thp point of real 
effectiveness. The American 
occupation sought to bolster the 
influence of the Diet l Parlia- 
ment), but the unintended effect 
of the reforms carried out by 
the Americans was to 
strengthen the state bureau- 
cracy, at the expense of the 
military and. to a lesser extent, 
of the family-controlled indus- 
trial groups or zaibatsu. 

Although the power of 
Ministry officials is a source of 
much debate and criticism in 
Japan, the worst excesses of 
bureaucratism appear to have 
been avoided. This is partly 
due to Japan's long experience 
with bureaucracy and to the 
.sophistication and ability of the 
officials themselves. It is also 
due to the range of instruments 
through which the bureaucrats 
exert their influence. One of 
these is the public policy com- 
pany — an organisation set up 
pnd/or supported by the state 
to achieve certain national 
objectives. Such bodies are 
common in the West, but, 
Johnson suggests, the Japanese 
have used them more exten- 
sively. more flexibly and more 
skilfully than any other 
country. 

He distinguishes six cate- 
gories of public policy company. 
ba*sed on proximity to the spon- 
soring Ministry and the degree 
of control exercised by that 
Ministry. At one extreme are the 
io* ernra<»*it enterprises 
like the pasta l service, of which 
there arc* remarkably few in 
Japan. 

The author explains that dur- 


ing the post-war period the Gov- 
ernment has attached the high- 
est priority to the balanced 
budget Hence when new ser- 
vices had to be provided, they 
were put on a “pay their own 
way" basis. The public corpora- 
tion, with separate management 
and accounting, proved an ad- 
mirable vehicle for this purpose. 
-In Japan people pay public 

corporations directly for many 

government services that are 
provided free in other societies. 
At the same time the Japanese 
enjoy one of the lowest tax bur- 
dens of any OECD nation. The 
relatively low level of direct 
government activity is merely 
the other side of the coin of an 
extremely active public cor- 
porate sector." 


ic sector 


This sector includes bodies 
like the Japan Housing Corpora- 
tion. which builds apartment 
blocks in the suburbs of largo 
cities; the Japan Export-Import 
Bank and the Japan Develop- 
ment Bank, the largest of the 
country’s finance corporations; 
mixed public/private companies 
like Japan Air Lines; auxiliary 
bodies like JETRO, the external 
trade organisation; and national 
policy companies like Kyodo 
Oil. set up in 1965 to establish 
a nationally-owned presence in 
oil refining and distribution. 


Fuji steel companies. Yawata 
had been owned directly by the 
Government until 1934. Even 
after that retired officials of the 
Ministry of International Trade 
and Industry (MTTI) continued 
to dominate its board of 
directors, so that wits described 
MITI itself as “ the Tokyo 
office of the Yawata Steel Com- 
pany.” The Americans split the 
company into two during the 
Occupation and its re-creation 
in 1960 — during a period in 
which the Government was en- 
couraging large-scale mergers 
in several -industries — was a 
triumph for bureaucratic 
nostalgia. 

Two key features of Japan's 
public policy companies are the 
financing system and the 
appointment of ex-bureaucrats 
to top managerial positions. 
From 1953 onwards Japan has 
had what is sometimes known 
as a second budget in the form 
of the Fiscal Investment and 
Loan Plan (FILP). 


sending ex-bureaucrats into 
politics, while Education and 
Foreign Affairs are forced by 
lack of connections to rely pri- 
marily on their own auxiliary 
organs. 


The official explanation of 
amokudori is that, it helps to 
solve the problems of a civil 
service ■ which is large and 
poorly paid in relation to its 
responsibilities. Blit the effect 
is to maintain what foreigners 
have described as consensual 
decision-making or “an inter- 
locking directorate among the 
bureaucracy, the Conservative 
party and the business com- 
munity.” 


There are many critics of the 
system: charges have been made 
that some public corporations 
are kept in being long after 
their original purpose has been 
achieved, simply to provide re- 
tirement havens for ex-bureau- 
crats. 


Johnson’s sixth category con- 
sists of ostensibly private 
sector companies which are the 
Government's chosen instru- 
ments in particular sectors, like 
Fujitsu in computers. 

Companies in this last cate- 
gory “are distinguished by 
having a high concentration of 
retired government bureau- 
crats on the boards, strong dele- 
gations of their executives on 
powerful government advisory 
commissions, and a history of 
direct involvement with the 
Government in forms such, as 
governmental assistance at their 
births, administrative guidance, 
governmental subsidies and 
governmental brokerage in 
effecting mergers or joint 
ventures. These companies are 
comparable to the defence 
industries of the United States." 


Through this arrangement 
funds deposited by the public 
in the government’s various 
savings accounts are consoli- 
dated for planning purposes and 
used for investment, either in 
the public policy companies 
themselves or, through inter- 
mediaries like the Japan Deve- 
lopment Bank, in companies and 
industries regarded as high 
priority. FILP is both a device 
for channelling the savings of 
individuals into industry (a 
substitute for an active stock 
market) and an instrument 
whereby the state can guide 
private capital investment. 


Yet there are real advantages, 
as Johnson points out. “Forcing 
officials out of their sinecures 
by the age of 55 inhibits the 
tendency of life-long bureau- 
crats to become rigid and com- 
placent. It also puts them on 
notice that they must eventually 
enter and perform in a world 
that is much less tolerant of the 
arrogance and the legalistic 
mentality that often character- 
ise bureaucrats. Further, the 
need to descend from heaven 
stimulates bureaucrats to learn 
new things throughout their ac- 
tive-duty service, which can be 
salutary, though it can also 
produce conflicts of interest.’’ 


Critics 


The classic ana rapte is Nippon 
Steel, the world's largest steel 
producer, formed in 1970 by a 
merger between the Yawata and 


The second feature is known 
in Japanese as amakudari or 
“descent from heaven." Senior 
officials retire early in Japan, 
normally between 45 and 55. 
Because retirement benefits are 
relatively poor, they have to find 
another job and this is normally 
in big business, in politics, or 
in one of the public corpora- 
tions. It is a well-developed sys- 
tem and there is a definite hier- 
archy among the various ama- 
kudari routes. MTTI officials 
dominate descent into big busi- 
ness, while Finance officers tend 
to go primarily to the public 
corporations. Agriculture, and 
to some extent Finance. lead in 


This book shows how the 
Japanese have borrowed a 
Western-type institution — the 
public policy company — and 
used it in a way which is 
uniquely Japanese. Yet the 
uniqueness of the system does 
not mean that it is impossible 
to understand, or that some 
elements of it may not be applic- 
able in other countries. The 
problems of bureaucracy are 
international: how Japan has 
dealt with the problems de- 
serves to be closely studied by 
other, less successful, industrial 
countries. 


* Japan's Public Policy Com- 
panies, by Chalmers Johnson. 
American Enterprise Institute 
$3.75 


Geoffrey O^en 


BUSINESS PROBLEMS 


BY OUR LEGAL STAFF 


Building site 
adventure 


1 own a building site which I 
bought with the intention to 
sell after contract but before 
completion, because I had pre- 
arranged a sale before negotiat- 
ing the purchase. Before my 
completion date my solicitors 
passed to me a cheque for 10 
per cent, and informed me that 
the purchaser had contracted 
to buy the land. However, very 
soon after this 1 was informed 
that. In fact, contracts had not 
been exchanged with my pur* 
chaser and that my solicitor 
bad made a mistake. As is 
usual In such circumstances, I 
kept the 10 per cent in lien of 
damages — this amounts to 
£3,750. 

I now have to complete my 
tax return for the relevant 
year. Could you please tell me 
if this amounts to capital 
gain, or income, or what? 

The transaction may well be 
regarded as an adventure in the 
nature of trade, so that the 
current and prospective profits 
fall within the scope of income 
tax (under case I of schedule 
D). 

If neither you nor the Inspec- 
tor Invoke the income tax rules, 
however, the forfeited deposit 
will be chargeable to capital 
gains tax, as though it were the 
proceeds of sale of an intangible 
asset which had cost you nothing 
(under paragraph 14(8) of the 
seventh schedule to the Finance 
Act 1965). 


Not a pretty 


picture 


An art gallery, selling pictures 
by local artists and accepting a 
small commission, sold the same 
picture twice. Afler the exhibi- 
tion closed, the second purchaser 
took possession of the picture, 
but was later told oF the error 
and gave the picture up. What, 
please, is the legal position of 
the three parties Involved? 

The second purchaser is not 
entitled to the picture, but has 
a claim against the seller for 
breach of contract. That claim 
would be for the loss of bargain, 
that is the difference between 
the purchase price and the actual 
value of the picture. It is thus 
likely to be no more than 
nominal if the artist is available 
to paint to commission. 


No legal responsibility con be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries will be 
answered by post as soon as ! 
possible. 1 



looking for EEC help 


WHEN Viscount Etienne^ 
Davignon agreed to meet 
chemical industry leaders in 
Brussels next week for the; 
latest round of talks ou. the', 
industry’s pressing problems the.: 
least he was hoping for was to 
be presented with the pleas of 
a united industry. Action must 
be taken quickly to solve the . 
troubles of Europe’s chemical;' 
industry, the' EEC’s industry-' 
commisioner warned recently^ 



Certainly CEFIC has been 
extremely short , of resources. 
Until recently its executive 
organisation consisted of o nly 
five people:, the director general, 
Dr. Gustave Bunge, formerly a 
senior executive with Hoechst, 
along with four seconded or 
ex-employees from BASF, Mont- 
edison, Rhone Poulenc and 
Imperial Chemical Industries. 
At the same time, the industry 
directorate- in Brussels is super- 
two vised by just one. man; Mr. 


TTnfnrtunatelv for Viscount industry’s affairs wmen to a new general policy 

TWioJnn while the Com- “fc'owre than purely national, comm ittee to consist- of a select 
' indSSy ?ecreSt Chiding intentional trade, nuTnber . ^ ^ ^ 

tn ripai with the deco- P^teotion of the Q ^ vx f 01im ^h executives in the industry. -How 
rooted proMel befcre^he crisie^^i^o” and safe S u CC e S sfM thi5 lmti,ave win be 

■ 'S2S£iS5Si:& £ 

be^U tSSSed by the • » i. «UU » young sider themeeWee "among the 

chemical produced ’inability to ^ J SSta 

SIM 

try employs more than 2m 'jjSgJJL u .Jl d ranv iction that show a united face to the world, 
people and has a volume of sales «« wort Each national when disagreements .often run 

larger than any other chemical is already a con- very deep. 

industry in the world. But fuj{o n of interests as member The Dutch chemical industry 


important sectors of the indue- companies work to give priority tag urged what is perhaps the 
try, chiefly plastics and base to“"$heLr individual cases. But most practical approach; It pro- 
petrochemicals, have been badly .cat^CEFIC level this is magm- poses -speeding up 'the current 


hit by serious plant over- 14 times over and is then time-consuming . anti-dumping 
capacity, weak prices and falling -added to by the conflicts of dif- procedures in the Community 
growth rates. The basic cause Terent national industry policies and would like a system of “nor- 
nf the present crisis is the com- ur.the member countries. •. 1 trial values” .based bn the- cost 

plete loss of growth experienced zjy' of the most effideat-producer. 

iu crucial markets since 1974, a T wn . mrc :Up If products were offered below 

boom period for chemicals. • ;~llTeV4?r »IRJIC - these prices; Commission 
Producers, stretched to an' .y^^ cEt'lC members are could art more quickly oh a corn- 
expected continuing demand, • convince cL that Brussels plaint- They -are.also seeking a 
put in tram a major invest- itse u ^ neces- register: (if . buy-back, deals with 

merit programme for budding; „ ood thing, although Comecon countries. : 

new capacity involving larger**^ L-T,..™ that th P n«v ^ 


achieve a ' co-ordinated 


_ r , a good 

lawor Th i c /'anariw others are aware that the pro- to achieve a . 

has been coming onstream 2 cess of government involvement approach to oypwaipadty, say 
the last couple of ySTbw ****** * ^reversible the Dutch, ^-industry must 
market growth has collapsed. -Mr. Martin Trowbridge, direc- first improve ^statistics, which 
Part of the industry’s- tor. general of the Chemical are currently either non-existent 
response has been to tookto Industry Association in the UK. pourt 

Brussels for help, although « ' a protagonist of the latter pfftc 

Viscount Davignon has made^ew. “I suggest _ that on 

It clear that he considers the -industry-wide basis chem^. W^cb^gs^ie 
industry itself is to blame for .are, at present very tight on ft^Oa^ission.I wuldto 
much of its present misfor- public relations effort at EEC tbep - to _ quantify their 
tune . level, even though a few indi- difficulties. I have had to send 

But how is the industry vttflual companies are doing a them^baSt to do thelr homework 
organising its lobby? In 1972-great deal to ensure that our Ob'sach iwnea as competition 
it set up an organisation in case is not lost by default,” he -^fhrthe U.S. and the Eastern 
Brussels known as CEFIC — the jihys. “This, however, is - no Bloc. 

European Council of Chemical’ ptoper solution for the longer- . But time -is running out for 
Manufacturers Associations^term future. While the ‘ listen-- the chemicals industry if it wants 
CEFIC is founded, not on mem-'ing post ’ function jn Brussels to put its .own house in order. As 
ber companies, but on member is relatively well developed, I Mr. Schaefer points out. at the 
federations, the national. 'question whether, as an indus- moment “decisions tend to be 
chemical federations of 14;try. we are committing anything based on; the lowest common 
countries of Europe. £ljike enough resources— either denominator; especially when 

It has the status of a nonr nationally nr on a panrEnropean the impact cm ipdiridua] corn- 
governmental organisation. It is bs£sis— re the active aspects of .. panies is conflicting." 
governed by a general assembly the work, needed .ip Brussels,... 
with a president and vice* I&xemhourg ^nd* Strasbourg.” 


Kevin Done 



hi 




SU?.IE 60 per cent of Union 
Carbide Corporation’s c-u a tings 
service research and develop- 
ment budget is being coacen- 
inik-d on work for the oil 
industry and me company is 
making a particularly vigorous 
drive to attract work from this 
rapid l> graving sector. 

New coalings applications 
have been studied for offshore 
platform equipment, onshore 
installations anti down hole 
equipment. Hard coatings 
applied by detonation guns arc 
protecting guide shoes for down 


hole inspection devices. Ball 
valves can be coated with 
chrome oxides or chrome car- 
bides to resist wear. 

At the same time, jar mandrels 
coated with tungsten carbide are 
under test. 

New coatings, developed for 
areas of particularly severe wear, 
such as on drilling equipment, 
are being applied to plungers for 
well treatment pumps. 

Because of the importance the 
company is attaching to this 
corner of its market, a new' 
position — European programme 
manager, oil industry — has been 
created and Mr. Brian Phipps, 
who is based at the Swindon 
centre, has been appointed. He 
has long experience in coating 
services in the U.K. and Canada. 

More information from Union 
Cjrhide. Coatings Service 
Division, Drakes Way. Swindon. 
Wilts SN3 3HX. 0793 29241. 


Loug-1 


il 


LIGHTNESS ON site, protection 
from corrosion attack and ion? 
life (up to fiO years! are the 
advantages offered by Hilsmith 
Lintels with the use of its 
Thermaliniels which have just 
von the Agrernent Board certifi- 
cate. 

This medium-sized company, 
originally established in 1824 for 
making steel fencing, has. it 

claims, led the field in manufac- 
turing and supplying crash 
barriers for motorways in the 
UK. Looking to The future, and 
utilising plant and resources, it 
has developed the lintels as a 


spin-off from previous manufac- 
turing successes. 

Using a process the company 
believes is unique (patent 
applied for) the zinc coating is 
applied to the mating surfaces of 
the lintel, eliminating the possi- 
bility of accelerated corrosion in 
these areas, thus ensuring total 
protection from corrosion attack. 

Hot dip galvanising after fabri- 
cation produces a zinc coating 

approximately .003 ins thick 
plus an alloying of the zinc 
with the parent metal. If steel 
sheet coils are galvanised prior 
to fabrication the galvanising 


WITH ITS marketing eye on the 
estimated annual 65m. tonnes of 
aggregate required for construc- 
tion and civil engineering work 
in the south-east of England. 
Redland Aggregates in conjunc- 
tion with British Rail has 
embarked on a major scheme for 
the transfer of crushed granite 
from its Buddon Wood. Mount- 
sorrel quarry in Leicestershire 
tn receiving depots at Rcrilett. 
Herts., and Higham. Suffolk. 

A new railhead at Barrow-on- 
Snar is an important part of the 
£2m project, half the cost of 
which is heing met by Redland 
and half by a grant from the 
Department of the Environment 
under Section S of the Rail wavs 
Act. 1974. Under this Act any 
commercial organisation can 
apply for a Government grant of 
no io 50 ner cent of the cost of 
sidines. terminal facilities and 
wa eons. 

Redland’s Buddon Wood 
quarry is reckoned to have re- 


serves of over- 100m tonnes of 
stone and it has in operation 
there one of the largest primary 
crushers- in Europe capable of 
dealing with 5m tonnes a year. 
With its present equipment, 
which includes secondary crush- 
ing plant and other processing 
machinery, the quarry is produc- 
ing over lm tonnes a year and 
this is now being carried on con- 
veyor belts running for It miles 
to the sidings at the railhead at 
Barrow-on-Soar. 


The loading sequence of dif- 
ferent sizes of crushed stone and 
the number, weight and tuning 
of batches is controlled at the 
sidings by an operator who is in 
constant contact with a computer 
which "watches” over opera- 
tions at the quarry'. 

Overall capacity of the loading 
system is 1,000 tonne.- an hour 

and it takes under two hours tD fcharge of aggregate 
load a 36-wagon train with 1.350 [conveyor belt, 
tonne's. Trains move under the! Redland said at the formal 
loading point at a speed pre-J opening of the railhead last 
ciseiy related to the rale of dis-f Monday by the Secretary of State 




for Bu3dihg Products, 
HaatExchange, RuicrPowei; 
General Englrieerma Zip 
Fasteners, Refined and 
WrbUght Metals. 

Hffl Limited, ; 

Binningbain, England 


Loading wagons at Redland Aggregates’ 
Barrow-on-Soar railhead. The operator 
in the control cabin has a direct link 
with the “ overseeing ’’ computer which 
is 1J miles away at Buddon Wood 
quarry.' 


e SURVEYING 

Spy plane 
is a model 


from the for Transport, Mr. William Berks., Stevenage, Herts, and 
Rodgers, that further receiving Sevenoaks, KenL They will all 
depots for aggregate from Bud- be supplied by the special trains 
don Wood quarry were planned loaded at the ' Barrow-on-Soar 
for Elstow, Beds.. Padworth, railhead. 



. Only National flies non-stops Heathrow- 
Miami - Tampa and onwards seven days 
a week. 


Contact your travel agent or 
National Ah lines, 81 Fi : :adi!ly / 
London W1V 9HF 101-629 8272). / • 
National Airlines Inc. is • ■ 

incorporated in Ihe stale of t ■ 
Florida U.S.A. V;? 


America’s 

sunshine 

airline. 




Airlines 


process is continuous and pro- 
duces a zinc coating ' approxi- 
mately .001 ins thick and only a 
negligible alloying of the zinc 
to the base metal. 

The process used by the com- 
pany involves the chemical 
cleansing of the product by 
immersion in hydrochloric acid 
and its subsequent immersion in 
molten zinc at 460 degrees C. 
The baths used are 13 ft deep 
allowing most lintels to be 
dipped vertically to ensure a 
smooth coating of zinc of gene- 
rally uniform thickness. 


More from them at PO Box 
No. 4, Canal Street. Brierley Hill. 
West Midlands, DY5 UL (Kings- 
winford 7022S). 


Pipeline life 
extended 


0 COMPUTERS 


THIRTY years ago today a research team at Manchester 
University successfully {operated a slo red-program 
machine for the first ttaf anywhere — they operated a 
computer as it is generally accepted today. Now, the 
computer industry with alljits ramifications into industry, 
education, government and defence has grown to the 
third largest industry worldwide, after petroleum and 
transport The all-British team was led by F. C. Williams 
and Tom Kilburn. Sir Frederick Williams died recently. 
Professor Kilburn is the guest of honour al a luncheon 
to be held in Manchester to mark the event. Other 
members of the team who today will meet again under 
the aegis of the National Computing Centre include Dr. 
Alex Robinson now at UWIST in Aberystwyth, Dr. 
Geoffrey Toothili (NPL) and Dr. T. Thomas (Edinburgh 
Regional Computing Centre). 


© PROCESSING 


Hard rock crushed 


TO CUT costs, radio controlled 
model aircraft are now being 
used to take photographs from 
the air by Photarr Services of 
Oxsbott, Surrey.. 

Shots are taken using a nine 
foot wingspan model powered by 
a methanol-fuelled glowplug 
engine and carrying either a 
35 mm wide angle' or a 2J square 
camera. The aurcraft flies, at 20 
to 30 mpb and shutter speeds are 
set to a 500th or a 1.000th of a 
second ; 

Applications are in archaeo- 
logical work, motorway route 
planning, crop growth and disease . 
detection uslnginfra-red film and 
perhaps even for property and 
sports photography. 

More on Oxshott 2345. . . 


PRINCIPALLY INTENDED to 
meet the requirements of asphalt 
and concrete producers is a range 
of jaw crushers for secondary 
and tertiary reduction of hard 
and abrasive rock. 


There are six models avail- 
able from Brown Lenox and 
co., Pontypridd. Mid Glam- 
organ .CF37 4BY (0443 
3261) with a choice of 
102m ra or 127mra feed sizes. They 
can be set to produce aggregate 
ranging from 9mm to 45mm, 


A prime feature Is that the 
crushers operate by pure com- 
pression -thus . minimising jaw 
wear and power loss by avoiding 
abrasion in the crushing cham- 
ber. This Is claimed to reduce 
operating costs relative to other 
types of secondary or tertiary 
crushers .when handling hard 
material. -. 


© WELDING 


Absorbs the 
fumes 


The models can be skfcf- 
^ounted, wheel-mounted, or ifr 
corporated fnto permanent plant 
as appropriate,. . 


© SOFTWARE 


© PERIPHERALS 


Analyses the micro 


DEVELOPED by 'the General 
Descaling Company following 
recent trials in collaboration with 
the Water Research Council, an 
epoxy resin paint is claimed to 
be ideal for lining pipes up to 
10 inches diameter. 


Terminal family 


The company expects the coat- 
ing— which is applied by a high- 
speed centrifugal nroress — to 
have a life of 20 to 30 years or 
more and because it is quick 
drying it can be applied to 
lengths up to 130 metres at one 
time. Drying is so rapid that 
water pipes can be restored to 
service at the end of each work- 
ing day. 

Further from the company at 
Retford Road, Worksop, Notts., 
SS0 2PY (Tel: Worksop 3211). 


INTRODUCED by Digital Equip- 
ment Company are a number of 
terminals, based on a new video 
unit VT100, which are fully com- 
patible with the PDP-11 com- 
puter line. 

They all incorporate the com- 
pany's LSI-11 microcomputer, can 

support muitiole workstations 

and offer a choice of communi- 
cations formats. 


All the terminals are able to 
run either stored programs or 
programs sent to them from 
another computer (down loaded). 
In addition, the systems have 
provision for three extra un- 
intelligent terminals. 


Two of the models, the 11/110 
and the 11/130. have video only, 
while the third, the 11/150 offers 
a choice of video or hard copy- 
Thp two latter types have mag- 
netic storage. 


The PDT 11 range is fully com- 
patible with tbe instruction set 
of PDP-11 minis, permitting 
program development at the 
assembly level and program 
interchange between the mini 
and the terminal. 

Prices range from £2,800 for 
one 11/110 to £3,500 for 100 of 
the model 11/150. More on 0734 
5S3555. 


MADE BY Millenium in the U.S., 
the Microsystem Analyser is to 
be made available in the UK 
by Microsystem Services, of 
Duke Street, High Wycombe, 
Bucks. (0494 41661). 

The equipment is used in 
conjunction with a software 
development system or a mini- 
computer cross-assembler to 
simplify hardware checking and 
the integration of hardware and 
software. It employs two tech- 
niques — in-circuit emulation and 
signature analyses — to provide a 
powerful diagnostic tool for 
isolating sub-system and systems 
faults during product develop- 
ment. 

For emulation— Imitating the 
functions of the microprocessor 
In the system under test — the 
latter’s socket is used' to connect 


to the analyser via an umbilical. 
A micro in V the . analyser then 
takes over, operating the system 
under test using . Its programs 
a °d memory, with the additional 
ability to ; set hardware break- 
points (that is; the effect of some 
k *ud of'extern&l hardware 
event), step"': through program 
instructions,:^xenune, display, or 
alter registers, . memory, and 
input/outp.ut. values. 

In sienatu|re . analysis the 
analyser detects bit ' streams 
generated- by the system under 
test, compresses them- and then 
displays * r bexadecimal repre- 
sentations of .their values. Each 
time emulation cycles through 
the test program, the same bit 
streams come up at the same 
nodes and the compressions are 
compared relatively easily with 
Known gooff- lvalues. 


LONG-STANDING ' problems 
associated with welding fumes 
have been treated with an 
assortment - of units, which give 
limited -efficiencies, short operat- 
ing hfe, .high operator, main- 
tenance, or heat losses assor 
elated with the discharge of 
exhausted- fame-' to the outside 
atmosphere; 

Carborundum - Environmental 
Systems has a new. fume control' 
“nit, the Fumeline, which - will 
deal wtth fume generated by 
au welding applications and 
witi also remove the odour 
traditionally associated . with, 
units . which return ihe 
exhausted air direct to the 
working environment 

Component in .the new equip- 
ment is its giving efficiencies 
m access . of 99.6 per cent 
(verified by .independent tests* 
and removing dust, smoke . anf 
odours, sub micron particle 
sizes, - — . . 

The unit will handle an 
22SKS 1315 of 400 cfm from Its 
0.55KW fan, the outlet of which 
is acoustically treated to/acMeve 
a low operating noise- level of 
7S aBa maximum. 

Technical - details 1 from 
Carborundum Environmental 
Systems, Spencer and Halstead, 
S5®k „West Yorkshire, WF5. 
SAW, 0924 275121*;; .: A 


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Financial Times Wednesday Jane 21 1978 



M&M 


fiSSSSs’-a 



91 Waterloo Road, London SE1 8XP. Tel 01-928 7822. 



•■■H ■ . Xf .• 
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• • ■ 

_ or order 


Is* • • 



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.INDUSTRIAL AND COMMERCIAL FINANCE CORPORATION LIMITED. j 



“■□ 0308 ^ 0 G ^&00 


Srr,- 
fet ci ■■ 






1 UlilS 


Firs 







This invitation is open to anybody 
running a business. \ 

We’re ready to invest £5,000, £50,000, 

£1 million, £2 million oreven more. 

Wdre willing to provide it in equity 
finance, loan finance or a combination of both. 

And we’re able to give you between 
seven and twenty years to pay us back. 

All without the strings you might 
expect. 

We wont put up the interest rate at any 
time during the agreed period. 

We wont appoint one of our staff to 
your board. 

And we won’t play any games like 
trying to persuade you to sell out so we can 
make a killing. 

No, we’re not a charitable institution. 

We’re the Industrial and Commercial 
Finance Corporation: ICFC to our friends. 

We were set up in 1945 by the Clearing 
Banks and the Bankof England specifically 


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isinesses. 


To date, we’ve invested over £550 
million in more than 4,500 companies. 
£58 million is currently invested 111720 
companies who wanted equity finance. 

Where lias all the money gone? 


To extend factories and renew plant.T6 
finance sales at home and abroad. And to help 
our customers increase their share capital base 
and prepare for CTT 

In other words,the money has gone to 
keep Britain’s smaller businesses alive and 
kicking. 

If you could use a little help running 
your business, have a chat with someone at your 
local ICFC office. 


We like to think that ICFC is not only 
the smaller business’s biggest source of long- 
term money, but also your biggest source of 
moral support. 



The smaller business’s biggest source 
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mini ictrim AMD COMMERCIAL FINANCE CORPORATION LIMITED. ABERDEEN 0224 53028. BIRMINGHAM 021-236 953L BRIGHTON 0273 2439L BRISTOL 0272 292081. CAMBRIDGE 0223 62126. CARDIFF 0222 3402L EDINBURGH 031-2 o 5 3R£ 5. GLASGOW 041-221 4456. 
LEEDS0532 30511 LEICESTER 0533 26854. UVERP00L 051-236 2944. LONDON 01-92S 7822. MANCHESTER 061-333 95!L NEWCASTLE 0632 8152a NOTTINGHAM 0602 47691 READING 0734 851343. SHEFFIELD 0742 66456L SOUTHAMPTON 0703 32044. 


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• ■* — -j' A-<4 • 


LOMBARD 


A lesson in 


Financial Times Watoesifay W ' 


The year that gave us the 


caution 


BY COLIN JONES 


THE SKIRMISHES the Govern- 
ment has been having with the 
European Commission aver the 
UK’s shipbuilding, employment, 
and North Sea equipment sub- 
sidies are nothing compared with 
the thrust now being mounted 
by the Americans on the issue of 
industrial subsidies generally. 
The U.S. is exerting its strongest 
pressure in the current GATT 
trade negotiations but the sub- 
ject is also likely to be discussed 
at next month's summit meeting 
of the world's leading industrial 
nations at Bonn where the U.S. 
can expect strong support from 
the West Germans. 


Contrary to the Impression 
that may sometimes be given in 
this country, the EEC Treaty 
does not ban the me of industrial 
subsidies. The founding fathers 
recognised that State aids were a 
necessary instrument of national 
policy both to soften the political 
and social consequences of 
economic change and to help 
bring about desirable changes 
more quickly than would happen 
if the operation of market forces 
were relied upon. However, they 
did not want to see the benefits 
of trade liberalisation frustrated 
by the use of subsidies as the 
scope for more conventional 
measures of protection was 


Mandate 


reduced. 


What makes the American 
contentions a force to I be 
reckoned with is the negotiating 
mandate their trade representa- 
tives were given by Congress. 
Unless some kind of inter- 
national agreement on industrial 
subsidies has been concluded by 
the end of 1978. the provisions in 
the 1974 U.S. Trade Act making 
compulsory the imposition of 
countervailing duties on U.5. 
imports receiving production or 
export subsidies in tbe country 
of origin will come into opera- 
tion 

The Americans want the Euro- 
peans in particular, whom they 
see as the main villains in this 
matter, to agree to greater dis- 
closure of . subsidies, to bring 
up to date (which means widen i 
the 1960 GATT list setting out 
what is regarded as an export 
subsidy, and to endorse the prin- 
ciple that ideally ail subsidies 
should cease. In return, tbe U.S. 
would appear prepared to accept 
tbe test of "material injury” for 
counter-measures against subsi- 
dised imports which other GATT 
members have been operating 
since 1947. This is not a straight- 
forward tradeoff, as subsidies 
would form part of a wider GATT 
package embracing tariff and 
non-tariff trade barriers. But the 
Americans are adamant tbat 
without some new understanding 
on subsidies it could be much 
more difficult to resist U.S. in- 
dustrial and political pressure 
for protective measures against 
foreign competition. 

The obstacles to an agreement 
may be considerable but the 
chances of making one work 3re 
even more imponderable, as is 
evident from the experience of 
the European Community. Of 
course, the Commission in 
Brussels carries nothing like the 
guns of the U.S. Administration 
or of any EEC national govern- 
ment; but the difficulties it has 
had to contend with are none 
the less instructive. 


The Commission’s main line of 
approach, therefore, has been to 
try to make sure that subsidies 
are used only when, to the extent, 
and so long as they are necessary 
to promote adaptation to changed 
circumstances. To facilitate this, 
it has drawn up a series of guide- 
lines for regional and sectoral aid 
sebemes and has tried to 
persuade member governments 
to bring other more, general aid 
sebemes into a regional or 
sectoral context so that their 
acceptability from a Community 
trade point of view can be vetted 
in advance rather than a 
posteriori. 


HAS THERE EVER been a 
better year for irises? There 
have been two bursts of rain in 
their flowering season, neither of 
which has damaged them too 
badly. There have been clear 
skies to show off their colours, 
but not such hot sunshine that 
tbe flowers have gone over 
within a day or two of opening. 

I doubt if there have ever been 
such connoisseurs of the iris as 
the pre-industrial Japanese. But 
their poems on iris-flowers 
against a pale blue sky have 
come home to us all this 
summer, even if the flowers on 
our big bearded varieties are 
larger and more strongly 
coloured than the waterside 
irises which the Japanese placed 
so cleverly. I am terftpted to 
copy Kew Gardens and lay out 
four formal beds of bearded 
irises simply for tbe sake of a 
bright fortnight. Thoughts of 
ground-eider, lifting, clearing 
and dividing are easily brushed 
aside when the flowers are at 
their best 

How can the season best be 
prolonged? For a start, in April 
and May. you should find room 
for the small variations on Iris 
Pumila . Suppose you have a flat 
topped low wall with one of 
those standard six-inch wide 
strips of earth in it. left con- 
siderately by a pre-war builder 
who assumed that you would fill 


it with aubriel* . and white 
alyssum. You Want something 
different before you fill the gaps 
with petunias: unless vou like 
the fleshy leaves of. houseleeks 
more than I do, yerfi could hardly 
do better than buy a few of the 
small irises. The next fortnight 
or so is the time to beg a bit 
from gardeners- who already 
have them. A bit hacked off 
now and planted out at once will 
root and probably flower next 
year. 


violet Blue Pygmy. But Green 
Spot is the best of the easy ones 
and is so valuable because it 
flowers that month or so before 
tbe full iris season. 

Again among the lower 
varieties, the striped leaves of 
the variegated forms of iris 
Pallida are also worth tbe price. 
Only a foot or so high, they are 


ragged in early April, but- will 
soon recover. 

These two. then, will give you 
something worth looking at out 
of the usual iris season: what, 
then, of the big Im Germaniea, 
the named varieties which are 
so spectacular? There are twer 
ways of building a good collec- 
tion. During this week or so, you 


Three Weeks 


GARDENS TODAY 

BY ROBIN LANE FOX 


The blues and the yellows are 
well known, Amber (jueen being 
the one to look for. . But my 
favourite by a long way, 
perhaps my favourite iris of all, 
is the newish American Green 
Spot One bit of this has grown 
into six good dumps and in- 
numerable fragments for friends 
in only Four years. It flowers 
very freely, a spedal shade of 
waxy green-white with darker 
green marks on the falls. 

Although it is hardly a foot 
high, it lights up the garden for 
three weeks in early May I know 
nothing like it and recommend 
it strongly for any wall, rock 
garden, edging or border which 
is struck at least by half a day's 
sun. There are other good ones, 
the white The Bride and the 


favourites. • A warning, 
before 1 >oame JJJL— 

spects; as ulways to the 
men in Britain, but I 
short-changed ^ore often than 
they would wish to beUeve wneu 
.ordering Irises blind fr 0130 ~eir 
SSu* sold -flirty* 

as " open-ground pjanp tn 7 

arrive as a 

thing, years away from maturity. 

“Containerised" iris are hardly 

better, usually . being JJ? - 
rooted divisions in early sunnner. 
potted up into an absurdly light 
seedcompost. wrapped in black 
polythene and sold at fl ■ 

See what you a*® buying and do 
not fettle for a fragment. 


nonetheless so bright in the front 
of a border that they distinguish 
it throughout the year. My two 
plants have now multiplied into 
ten and are full of the pale 
violet blue .flowers which go so 
pleasantly with their greyish 
leaves, striped with deep cream- 
white. It may seem rafter tame 
to grow an Iris only for its 
leaves, but these are so bold and 
so easily placed that no keen 
gardener should pass them over. 

One of my most valued plants, 
over the years, and certainly not 
one of those irises which has to 
grow in a damp place. Mine are 
best in a dry and well-drained 
light loam. Th.ey look rather 


should note the best local clumps 
as they go out of flower in nearby 
gardens. In early July you can 
then trouble the owners for an. 
outiving rhizome or two. In all 
honesty, they are the better for 
being split up. Early July, 
after flowering, is the right 
season for the job. You can be' 
a bit later in the year but the 
later you split and plant, the less 
your chances of a full, show o.f 
flower on the parent and child 
next year. 

Nonetheless, you will want 
irises of your own choice. Kew*s 
excellent Iris garden has been, a 
flue place to see a wide range; 
like most gardeners. I have my 


Multiply 


Notciltts of Wcodbndge, 
Suffolk, are no iris specialists, 
bur they have not let me down. 
Their; Wpink Party Dress, 
creamy yellow-white Starstune, 
pink, white and apricot Marilyn 
C, deep purple Benton Evara fa 
splendid single colour) and 
white and greenish yellow 
Golden Alps are my mainstays. 
Their 'axe all slightly better than 
ffie neighbours’ likely range. 
r.tep a u irises, they multiply into 
wide mats by the end of three 
years,' so you do not have to buy 
more* than a few. 


. There are two obvious, but 
Important, lips: irises must be 
planted with their rhizomes, or 
central roots, flat and largely 
above ground. If buried, they 
rot and fail to be ripened by the 
sun. The roots proper . wifi- 
anchor £he rhizome- into 'the 
ground. If yon have, never 
planted one before and cannot 
see what I mean, ask an 
experienced neighbour before' 
you muddle Its prospects. The 
second point is to plant only in 
clean ground. If you want.a new 
iris-bed, poison the existing 
green weed, especially- bindweed 
and ground-elder with a weed- 
killer based on, say,. Paraquat 
Then, . apply a . simazioe 
CWeedex, for. instance) . which 
kills weed seeds'- in the soil .and 
lingers on for three months. 
Then, and only then, put in your 
new selection. Ground-elder sel- 
dom arrives out of the blue: it is 
simply latent in the bed before 
you begin. Once you have it in an 
iris bed you will curse the day 
you read this column. Out will 
come your best Starshine, out on 
to the bonfire or on the list of free 
gifts to acquaintances, not friends. 
But it is .from* .such impatient 
chucking-out that the ‘ prudent 
readers best Aris-bed£. .cleaned 
and horizontally-planted, wifi be 
formed. 


Picatina good each-way bet 


F.NTE RTA I NM ENT G l 1 DE 


to win Royal Hunt Cup 


CC — Th«e theatres accept certain credit 
cards by telephone or at the box office. 


theatres 


THEATRES-; 


OPERA & BALLET 


Frustrated 


An even more difficult problem 
has been the lack of transpar- 
ency of many subsidy arrange- 
ments. It is bard enough assessing 
the trade effects of. say, tax con- 
cessions or loan guarantees to 
privare sector firms, and even, 
harder to unravel financial 
relations between governments 
and some State-owned enterprises 
— a point that is now exercising 
the U.S. authorities in the case 
of British Steel. After labouring 
hard for six years, the Commis- 
sion believes it has cracked the 
problem of transparency in the 
private sector but it has hardly 
even started on tbe public sector. 


THAT ANNUAL stampede the 
Royal Hunt Cup looks as diffi- 
cult as ever this afternoon, but I 
do not want to try to dissuade 
anyone from taking an each-way 
interest in Picatina. 

This Newmarket-trained filly. 


RACING 


resentative, Greenhill God — tbe 
subject of a prolonged ante-post 
run — to be the chief danger. 

Whatever his fate in the 
centre piece with Picatina, 
Hasting frBass could get off the 
mark in this, his first Royal 
Ascot as a trainer with runners, 
through Greenland Park. 


ROYAL ASCOT 

2.30 — Cosmopolitan 

3-05 — Greenland Park*** 
3.45 — Picatina* 

430— Sofala 
4.55— Le Moss** 

5.30 — Llmone 


COLISEUM. Credit cards. 01-240 5250. 


HKemtifliK Ot'SIfi 31B1. 
LONDON FEJSTIVAC BALLET 


Tpn't- 7-30 Conservatorie, Giselle. Tomor- 
3r Frl. 7.30. Sat. 3 & 7.3o. Sanguine 
Fin. La Chatto. Etudes. 96 balcony seats 
always available iron, 10 am day of pert. 

NUREYEV FESTIVAL 
June 26 to July & with London Festival 
Billet all seats sold leccent mat*. July 
5 & fli. July 10 to 15 -Murayev with 
Dutch National Ballet seats available. 


HAYMARKET. „ __ ^S 52 - 

“■ | NGrId BERGMAN ** 
DEREK ^^OR^rRANCIS 

..I-^KeRS of|EMOO^ A 

Must definitely dose July 1. 


SHAW THEATRE. • ' . ‘l QHSB 1394. 

- Evert mm 7 JO. Mats- Wed. 2.30. 

I-M t/^ngjwwutjwsalem 
:■ |w ARNOLD - WejOCER . 


COVENT GARDEN cc 2 40 1066 iGarden- 


BY DOMINIC WIGAN 


In the world at large, govern- 
ments have more freedom of 
action to deal with subsidised 
imports. But EEC experience 
shows that a GATT code on sub- 
sidies could be a crude, unreliable 
blunderbuss. Political and social 
pressures may have been in- 
creased by the recession. But 
unless governments — recognis- 
ing that the profligate inter- 
national use of industrial sub- 
sidies is a race that no one ends 
up winning — begin to show 
some self-restraint, hopes of 
giving world 'trade a boost could 
well be frustrated by an outbreak 
of reciprocal protectionism. 


for whom William Hastings-Bass 
has secured the services of Sail- 
cloth's Manchester Handicap 
rider Taffy Thomas, could be the 
solitary blot an the handicap 
witb bottom weight of 7 st 7 lb. 

On her only previous appear- 
ance this term. Picatina, a bay 
daughter of that highly successful 
young sire Welsh Pageant did 
well to get tbe better of Prince 
Gabriel in an apprentice handi- 
cap at San down, in spite of look- 
ing just short of peak fitness. 

If. as l believe. Picatina is 
now ail the better for that out- 
ing. she is certain to give a good 
account of herself. 


Last month at Doncaster, this 
Red God filly justified a much- 
vaunted home reputation and 
some sizeable bets with a three- 
lengths success over Tborganby 
Victory- 

In the belief tbat she is a con- 
siderably smarter two-year-old 
than that result suggests. I 


regard Greenland Park as one 
of the best each-way bets of the 
meeting at odds of about 10 to 1. 

Tbere is a good deal of Irish 
confidence in Paddy PTender- 
gast’s stayer Irish Riddle in the 
Queen’s Vase, but I go along 
with Mr. Carlo d'Alessio's Le 
Moss, who could be an extremely 
talented stayer in the making. 


charge credit cards 836 6903). 

THE ROYAL OPERA . 


Tonight. Sat. 6 Tue next at 7.30: Luisa 
Milter. Tomer, at 7.30: Madama Butter- 
Bv. Frl. at 7.30: FalstalT. 65 AtnpM' 
seats avail for all Deris, from 10 a.m. 
on day of perl. Note: Personal 'Tel. bkos. 
for July Ballet opens . July 1 &' not 
June 1. 


HAYMARKET. 930 9B32. Box Office 
Open. Prere. Ju£ * 6 ™.£ « •* DfWfl 

, PAUL SCOFIELD 

HARRY ANDREWS 

*-■ EL KSS" pESSSc - 
... .■» '«~LJl1Sr DL 
-> -SLSK B S° 


STRAND. 01 jfl3&' 2B60: Evindnss' 8.00. 
Mat. Tftu^J^Su^scM amt, -8.30. 

THiSssgvs es£-T 

LAUGHTER- MAKER . 

GOOD 5EATS S4UHW5I.0O. 


SIT. MAtnUTS CC. 83S 1445. Ere. 8.00. 
THE MOUSETRAP. 


GLYN DEBOURNE FESTIVAL OPERA. 

until Aug. 7 with the London Philhar- 
monic Orchestra. Tonight A Sat. at 6.1 5r 
La Baheme. Fri. A Sun. at 5.30: Die 
Zauberflole. Possible returns only. Box 
office Glvnde bourne. Lewes. E. Sussex 
10273 812411). 


i m, MAJESTY'S. CC. 01-930 6606. 
fivenhws ILOO. Mats. Wed. & Sat. 3.00. 
Evenmss FORSYTH ' 

In LESLIE RRJCUSSE and 

"- ANTHONY NEWLEY 5 

TRAVELLING music show 
.L-\ with Derek Griffiths 

•• -Directed By BURT SHEYBLOVE ' 
/•«lt Is packed io bursting pblnt with the 
-personality and sheer energy of Bruce 
.'HanyUi. Sun. Express. "The audience 
.. cheered-” Sunday Tetegraoh. 


OF THE TOWN. CC. 734 9051. 
Dtntoar Dgacinfl (Bah open . 7.1 5) 


8,00.- Dtnhwr Dancing (Bair open . 7 
:Sj50 “Super Rewne. 

■ . ItAZaXOA&E • 
and at IT p.m. 

. los. reales Del- Paraguay 


Nobel cash gift 
for LSE 


Port seeks aid 


In taking her to recoup a large 
slice of the 22,000 guineas paid 
for her * in the Newmarket 
December sales last autumn. I 
expect another Newmarket rep- 


PROFESSOR JAMES MEADE, 
joint winner of the 1077 Nobel 
Prize for Economics has given 
£10,000 of his prize money to the 
London School of Economics and 
Political Science. 

The prize was awarded to Pro- 
fessor Meade for work which he 
did at the school, where he was 
Professor of Commerce with 
special reference to teternatirmal 
trade from 1947 to 1957, before 
taking up a chair at Cambridge. 


THE GOVERNMENT has been 
asked to spend £4.5m oo reviv- 
ing the port of Sunde'rland, by 
councillors on Wearside who fear 
that the port might have to 
close. 


SADLER'S WELLS THEATRE. Rosebery j- ■ _ fuc. T B, n;, 74 a*. 

Manollta HR : ■ - 

Spanish folk and flamenco. : /TOE GREAT ROCK N BOLL MUSICAL, 


VAUDEVILLE; &36 9988. CC. Eva. 840. 
- Mat. Tum. JUS. Sat. -S and- B. 

Disalt - HieRI DAN, Dilkld ■OKA Y,- 
Eleanor SIMM ERF I ELD. James- GROUT 
v^A, -MURDER’S ANNOUNCED 
. THE, -NEWEST WHODUNNIT 

by S AGATHA CHRISTIE . 

"RMmw. Wftfr- another wfro- 

d urmft fc' Agatba Cftrtstte. Is stalking die 
'West End yet Main with another- or 1 her 
SendtsMy Ithoentous fnurddr mysteries.' 

mhr-: Barker. Eventno - News. 

. . . AIRr-CONDtTiONTO THEATRE 


THEATRES 


Gas safety 


BRITISH GAS has published 
basic gas safety advice leaflets 
in five Asian languages: Hindi, 
Gujarati, Bengali. Urdu and 
Punjabi. The leaflet is already 
available in English and Welsh. 


ADELPHI THEATRE. CC. 01-836 7G1T. 
EvflS. 7. 3D. Mats. Thurs. 3.0. SatS. 4.0. 
IRENE 

THE BEST MUSICAL 
ol 1976. 1977 and T97B 
IRENE 

“LONDON'S BEST NIGHT OUT." /* 
Sunday People. 

ALREADY SEEN BY OVER ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKING 01-836 7611 r . 


LONDON PALLADIUM- 'CC. 01-437 7373. 

NOW UNTIL AUGUST IB 
-'Mint Tues-- Thurs, and Frt. at 8. . Wed. 
:• and Sals, at 6-tO and »-S0. - - 

THE TWO RONNIES 

In a Spectacular Comedy. Revue ' - I 

.‘Your best chance to - see The- Two 


^S%^^A73^'83* 1317. 
- ? ‘STRATFORD JOHNS • 


V - ? STRATFORD JOHNS 
. . SHEILA HANCOCK 
■- -• ANNIE 

-Evenings 7-30. Mats. Wett. and Sat. 2-45. 


WAREHOUSE. Don mar Theatre. Cerent 


V Ronnies Re*uc ” at nre London Palladium 
-j* to book now lor the performances ttija 
Sunday i June 23) at 5 and a. " 
SPECIAL BOOKING HOTLINE 437 2055 


LYRIC THEATRE. CC.- 01-A37 K6S. 


“THriMno niece ol Theatre." Guardian. 
AH seats- £1-80. Advance bkg. AMwych. 
Stodent-standby^fl. - 



f Indicates programme la 
black and white. 


Weekly. _ 5.15 Bestonal^ News ^ Regions «s BBC 1 except at PojV Time. *45 Tbe Bemarkable 


BBC 1 


640 am Open University. 10.55 
Cricket: Benson and Hedges Cup 
semi-finals. 1.15 pm News. 1H0 
Bagpuss. 1.45 Interval. 1.50 
Tennis/ Royal Ascot/ Cricket. 4.10 
Regional News lor England 
(except London}. 4 JO Play 
School (as BBC 2 11.00 am). 4.45 
Deputy Dawg. 4.50 Newsround 


F.T. CROSSWORD PUZZLE No. 3,698 


texcep't London and South-East), the following times:— Rocket 

5-20 News. Woles— 1.50 pm BiJidowcar. r ,. n . WoI1 , nrf 

5J0 World Cup Grandstand: 5.15-5.20 Wales Today. 1.00 am 130 "J, rld Cup ' HoUana 

Austria v West Germany. News and Weather for Wales. 74 - Co ro^ ation street. 

7-35 M T ?^ e -. caxn ^ e a S!L1 V !? e Scotland — 5.1 5-5.20 pm Scottish 8.15 World Cup: Braz'd 

(BBl prize-winning artists News, i.oo am News and Weather Poland. 

“A 7„hr*" star lor Scotland. 10.45 News. . 

8 0 r)n? Rod? Hud Z so b |[ 1 " Northern Ireland— L18~U0 pm »-}| The Sweeney. . 

1040 n£5s HMdliSes Northern Ireland News. 5.15-550 Close: A Painting l 

10:45 Peru^v A C ^ntfir dStand: ^ " jj 

1.00 am Weather Regional News. pm paddjng . ex^Pt 

Hton (London and South-East ANGLIA 

I only). 9 JO am The Road 10 Crt-euMbb 


1130 Ebbtide at Coldbam HaJL 12-50 pm 



- Ev. B.O. M-t. Thurs. 3.6- Sat. 5.0 A 8.30. 
JOAN PLOWRIGHT 


JOAN -PLOWRIGHT 
COLIN BLAKELEY. 
FILUMENA 


02 * 3 ' 

• . . SENTENCED TO LIFE .-. 

mOGGERJDGE'S trenchant humour. 
-THORNHILL’S dramatfe* ill" .. P,- _Te1. 


x pnres. ; 
-50) . 


■JrrtMMHy human, caring dranM“ Y.WL 
■'YTrewanoous Impact:' Now. . “I • «*aa 
ilurply mored'' J. C. Trewln. _ _ . 


5.15 News. ReDorJ West headlines. 12J5 Report ■ UOCT ___ F 

5JJ0 World Cup: Holland V Wales headlines. 2J» House party «.« I Bob L t£51!3S?: 


Italy. 

7.45 Coronation Street. 

8.15 World Cup: Brazil ▼ 
Poland. 

1045 News. 

11.15 The Sweeney. 

12.15 am Close: A painting by 


Beachcombers. 7.05 Report West. 8-00 1 I .is pm, Suna. 3.00 and 5.00 pm No 


Report WfJcs. 

HTV Cymru /Wales— As HTV General 


show Mots. 

ALMOST FREE. 485 6224i Fvenings. Kurt 
Vonnegut's 'Player Plano' by James Saun- 


Scrvlcc except: 1250-1255 pm Prnawdau | ders. Tues-Stn. 8.00 pm. No show Mans. 
Newvddicn Y Dydd. A20 Y Dair 


£«SS!* Lln Tro - 7.654410 AMB ^u~S S a.oo. Mat-Wed^As! 11 - 


Y Pydd.: 

HTV West— As HTV General Service 


Constable with music by ^scepi: 1250-00 pm Report Wen head- 
Elgar. lines. 8.00-8.15 Report West. 

All IBA Regions as London J SCOTTISH 


PATRICK CARg'o.^ m?TONY ANHOLT 
in SLEUTH 


The World-famous Thriller 
by ANTHONY SHAFFER 
" Seeing the Play again is In tact an 
utter and total ioy," Punch Seat nrlces: 
£2 XX) to £4.40. D tamer and Tod- P rice 
Seat £7.50. 


95S am Castlesuard Cave. 10A5 

ANGI I A SoutMem Report. 11JL0 Ceremonies of. _ „ . . 

9-30 am The Road io GrocnMbie*. tod 1 M *“' ^ hur n 3 D0- 5 «> wd aloo^ 

Lfl5 A Painter in hi* Time. U.OO In £22!“ ?h Q . N ^° 


BBC 2 


5.40 am Open University. 
10.S5 Gharbar. 

11.00 Play . School. 

2.00 pm Royal Ascot 


10-45 A Painter in his Time. 11.00 In 

Concert. UJ5 Ebbtide from Coldbam 2-00 Women Onb- ^28 Tb^ 

Hall. 1255 nm Anslla News. 2 00 House- wim a^rodS?* 

nartv. <L 4 S About Anclia. t?tf am 1*0 the/ Draw. 4.45 ScviLsna Today. 

But QucsUoil Hclfr. Good evening. _ Wylcomft HJ5 


Help. Good Evcnlns. Welcome. 1U5 
La£ Call. 1L20 Pro-Celebrity Snooker. 
1245 am Love American Style. 


Actor of the Year, 1 * Evening Standard. 
'■ IS SUPERB.” N.O.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
" Wickedly runny.” Times. 


1045 am Anglins Today. 1050 Bsnaccfc- 


Tennis: xisb pm atv Xcwsdeak. 3jq Mr. and 


ARTE THEATRE. 01-836 2132. 

TOM STOPPARD'S 
,. U11 . CHRTY LINEN 
Hilarious ... see It," Sunday Times. 


. ?°/ a 1045 am AnElbut Today. 1050 Banaccfc. / SOI1THFRN oirty° UNEN 

4.30 Cricket and Tennis. ULSE pm ATV Ncwsdcsk. IJO Mr. and i n H a CC Th. Hilarious ... see It." Sunday Times. 

Sf”? o . n ...“’’ d .Wf.,?".; ssi. aw;, k F rw ” ■** 

semi-finals, and Colgate Today, im Ran.ro. T »ne. 11.10 In Concert with Dam. U-35 T ~ — — — 

Womens Tennis Tourna- BORDER E ? ,blldc f ™nv. CoWham HalL ^ J™ fl o7.°734 A 429V^ ^SS?' ThS? n » B . m ?, d ,- 

J? 6 " 1 ' tt ■ t t30 am SnSlVarTlf Rrtain Women, f ^ ^ ^ £!i 

Open University. ums a Palmer m bis Tim..-, uloo in 3"'„ by Dai - am SouUiern Kews *e/vK w 

O Uanrflinnr ..l,h TT VL nh.M. BXlra. .. . LLV IE 


. __ ™ en t- . UO am Survival. 4.W Certain Women. 

4.55 Open University. 10^5 A Palmer m bis Tim-.-. ULOO In 

7.00 News On 2 Headlines. Concert with Dans. 1155 Ebbtide from 
7.05 “The Private Life of the Coldbam Had. H2J0 pm Border News. 
Fnv " narrated bv Jefferv 2X0 Houwwtr. 3-20 The Royal Hlgb- 
raie y Jenery land Show. 350 Omck on the Draw. 
ttOSWail. 1 12.1 5 am Boeder News Summary. 

7JJ0 News on 2. iunsru 

7J5 Spaceships of the Mind. C rlAI\ t L 

8.25 Mr. MaEOO. US pm Channel LuncbUmi- News and 


TVTNE TEES 


available) 

hJ.» e 5l l0u * , l a *5^ a J3 nfl ' 'oot-stomrtng and 
rl a ?n fh u?i? !I 0, ?>»erver. Scau £2.00- 
“J.®® 1 Hall-hoor uclorc show bc^t avail- 


925 am The Good Word tallowed by “.00. Mon.-Thurs. and Frl. 

ilorth EjsI News toad lines. 930 Bis 6 "ks't miSSka. or 


31uc Marble. 955 The Widest Beach In 


BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


8.25 Mr. Magoo. 

*J0 CaU My Bluff. 

9.00 News. 

9.25 Brensham People. 

10.15 Cricket: Benson and 

Hedges Cup (highlights). 
10.45 Late News on 2. 

10-55 “John and Mary,” starring 


hu World. 11L48 The Painter In his Time. Lunchtime Theatre dally at 1.15 a.m. 
n ih in Concert with Darts. 1130 Ebb- 1 Juno t*- 23 - "A slight accident." 


What's on Wher 1 . us Vancv of the lldp from Coldhsm HsIL 1 ? S B ptti North cambriimif ptc 7... 

Dinosaurs. 630 Channel Ni-us. I2J5 am fE^si Npvtk ami LooVraround im wormii 8.00 "¥?&«. IStJJS?®' s”' s n 'aSl a.sS: 


SLIGHT ACCIDENT." 


News and Weather in French followed by C n !f- 4,5 Northern Ufe. 12.15 am 


GRAMPIAN ULSTER 

„ . „ 1 10.45 am Southern Report. 11.10 In 

9JD am First Thm*. 93S GaDoplnc ; concert. 11-95 Ebb Tide from Coldham 


Mualeal. 

me girls are beautiful, bare and 


S8X2K, n i" S Mirror. 

_. third Great year 

Dinner and lap- Brice seat £8.7S Inc. 



CAMDEN PLAZA- (opp- Cared eo Town 
Tube). -485 2443. . Taviart'sAUON- 
SANFAN (AAI. 4.45. 6.50. 9.00. 


CLASSIC T, Z. 3, 4 Oxford Stre«. (Qpg- 
'Tottenham Court, Rd. JubeL- 636 0310. 
1. Alan Bates. John Hurt THE SHOUT 
IAA1. Proas. 2.50, .4,33. 6:40. 

2>- Retained by Public Demand I Tt^E- GOD- 
FATHER ii (Xi. Pgs. 3-00^ 6.50~feature 

3^ 5 jacfc T Jones THE COMEBAOc' 00. 
Ptdus. 1.05. 3.35. B.05. B.35. r 

4. presentation ends Today l Bertol^r's 
1900 Part 2 (XI. Progs. 2.30. 5.20. 6-1 5. 


“John and Mary.” starring Gourmet. WJO Wild Counio. lfl^O a/ H a n_ T?cn pm Lancbiime. 418 l.Hreer 

Dustin Hoffman and Mia p V“ , *f * “■“ ‘ n N,,ws hPad,lnc5 - w ^ r ‘s 3t «imw. 2 b 1i»6 the^inc 

Farrow. Tl* ^ ^ ™ *** ^ »" »■ off 


___ bam Hall. 1250 pen Grampian News 

BBC 2 Wales OHly--i.0a-7J0 pm headlines. X2D Royal Highland Show, 


Heddiw. 


LONDON 


3.50 Quid: on (he Draw. 4.u Crami 
Today. 5 -IB Police Newsroom. ».K 
Reflections. 1220 Grampian Late N. 
headlines. 


WESTWARD 


?o SBrSS. 23 a 24 at 7°0 J S 3 jSie 31 A 
Kne 2 D 22 M E 7B N n CO 'f STAN , r ■ COUPLe! 
a WOMAN OF NO ’ IMPORTANCE Z, °° 


9J am George Hamilton IV. 1820 C ?^? B PT' 01-930 2S78. 

Hc-re Comes the Future. 10 AO Southern h0 * Hmncd engagement until July t€ 


POLES DEN - LACEY WEN AIR. .Great 
Booknaio-. Sortgr. HENRY V 28 June-1 
July? TNE- ; TA*flNG OF THE SHREW 5-5 
July at T.4S Nat. Matinee 3.001. Box 
offirr 10-T-P.m. (SaL 1 p.m.i Bookham 
52241. . 


930 are Sesame Street. 1025 TT* Wesrward’ Late News. 12-10 an^ 1 £3 -°°- t-atecomers not' admitted 


ACROSS 

1 Illuminate mentally and 


physically (5, 5, 4i 

30 Tapestry that could be partly 
embarrassing (5) 

11 Fish with one insect? It's 
clever! i9) 

12 Source of scrolls arranged as 
a deed (4, 3) 

13 One who scoffs at any French 
jockey (7) 

14 Share with us narcotic fruit 
<5) 

16 In Foreign money I have 
interest <91 

19 Thief gets nothing in head- 
long fall outside (9) 

20 What occurs when woman 
gets wrong book f5) 

22 Chap admits member in 
clothing (7) 

25 Pipe while going round 
thoroughfare (7) 

27 Wrongly made a ruse to mele 
Out (9) 

28 Lawful part of public 
itinerary (5) 

29 Gradually givinrr Eric’s alter- 
native title (6. 2. 6 1 


I H H M 9J0 am Canada— Five Portraits. f'x? *M.irn / li^T w'Siw^ 

10 JO Battle for the Bulge. fll.OO GRANADA I News headlines. 4 jb Westward Diary, 

j | ^ j The Saint. 2.00 Here Comes gjg are Sesame street, nif ti* U- 13 Westward Late News, lilfl am 

I EaU Murnfie. 12 JO pm Rainbow. 1220 Rangers. UJS Fantastic Voyac*. 12J» pth PAIth lor LUe. 

— I 1 — ■ * 1 1 1 — l—— News plus FT index. J2.55 Help! ,5 Your Whars Nej VDRfc'CUn? c 

M9nin3«nf RHtnln 10 rVnwo Special wi* John HunUey. 5-10 Crariatta I UKNMilKb 

6 Disoosition to allow a n P r. J-w sounds of Britain, uo crown N >^ . 1J0 nm omiM 0 r the world. 93s 

lHSir7,no. ■ E Court 2.00 After Noon. 225 • They Own the Sky. ujd The onisUcm. 

missible range of variation General Hospital. 320 Disappear- HTV ' iuo world Leaders: siallo— Man of Si «l 


Report. 1XJK Jazz Concert 11.30 EbV ST^ L rks Q ^^pI , 

I tide from Coldham HaD. 12J7 pm Gus ” An unparalleled too? dTf^raT" c inn 

i Honeybun's Btrttidays. 1156 Westward Tues. to s^L at a.O. Sun. at ‘a.lo 
j Neirs headlines. Wesrward Diary. ! f , s, .. Mon ; El -23. £2.25. E2.50. 




7 Spent about a pound for ' 

Scottish cloth l5 j r'sru-v v 

8 Hazel creating utter upset in RADIO 1 

the north-east |M| srere 

9 Wood for light shoes? (6) tSSb. m si 


ing World. 4J20 Michael Bentine's ara “Conquest or the Air” gta*- 12J0 pm Calendar News. 4.45 Calendar. 


3215. CC. 535 1071-3 
Evfls. 8.0. Sats. 5.^0, 8-30- thurs 3 o' 

N0W fcond VSEk 3 -°- 

E PHILLIPS 

HALF-A-TOIEN l.AUGW 1 ^ MINUTE 


n tr\TA T 247m Ygur Uidureek Choice, pan i isi. *J0 AHemoon Tbealre iS>. 3JC Choral Evcq- 

IVAUIU 1 News. 80S Your Midweek Choice, part 3 some. 435 The ftnof of Wales. 5JW PM 

(S) Sbireophealc broadcast (Sl . 9.00 News. 1-05 This Week's Coni- Reports. 5-40 Serendipity. 5JS Weather, 

5J» am as Radio ~ 1.02 Dave Lee poser; Cherubini (8>. HUM Oraan Music pro kt amine news. 6.00 News. 638 

Travis. MO Simon Bates 11J1 Paul (gi. UjW Bach violin recual <Si. IL15 Quoie . . . Unquote 1 S 1 . TJW News | DUCHESS. 835 B 243 . Mon. to Thurs. 


DRURY LANE. 01-836 8108 * Erery 
night e.00. Matinees Wed. " Sat. !!SE 
„ . * CHORUS UNE 

A r * re «^S2S t S rt ? a ' astortsMng i QUEEN'S THEATRt CC. 01-734 1166. 


stunner." Sunday Tlnws. 



ODEON LEICESTER. SQUARE (930 6111L 
■ CLOSE . ENCOUNTERS OT :THr THIRD 
KIND (A3. Sep. oroas.. aiy.. Hoorn' ogw 


1 -os. 4 . 1 5 .' 7 ^ 5 . use- Sliow -Fri^-A Mt. 

Doqra ooen 11 . 1 s ore. Ail soua.mfcv » 


15 Defensive batting producing I Burneit tocladliw 1230 pm NewsbeaL Women as Composers iSf. ly i p pre 7 -OS The Archers. 7 JO i-'iie 

1 4 . /At ° I 9 Ml T/JWl PIaaH hI w i All Fill Tnnioin «■ l ..j n.hn_.. __ m Wv.v A IaaV Knot, .u_ 1 . r 


a boundary (9) 


100 Tony Blackburn. 4J1 Kid Jensen Rachmaninov and Debussy concert (S)- Nye: A look; back on [he life of Aneuna 


17 iprnhifif turn . I inclUdihR 5J0 Newsbeat, 7J0 Sporrs D«8t un Newfl. Los Concert HaU (Si. 3-® Bevan. founder or the National Heahh 

Acronanc turn J,een on the|ijhin9 Radio 3». M4R John Peel tsi. Finnish Radio Chamber Choir, nart 1 l5«. Service. 9 JO Science How. 930 Kale Ido- 


farm (9) 

18 Mixture laced in u j us t the 
same (9) 

19 Hair at back of animal (7) 


Evenings. 8.00 Frl.. Sat. 8.1S A 9.00. 
■■ -r. .. J OH: . CALCUTTA! 

Tho Nudity Is itunning." Dally Tel. 
Bih Sensational Year. 


UJB-2.02 tun As Radio 2. 2J0 Interval Reading. 155 Concert, pari scope. 939 Weather. 1030 Tbe World 

VHF Radios 1 and 2—530 am With 2. 430 Bach: SU Suites for Cello fS>. Tonicht. I0J0 Frank Muir Goes Into . . . 

Radio 2. inctadins LS pm Good Listen- 430 Battling a Library of records (S). CrMclsm. 22.00 a Book ar Bedtime 

Ins. 10J30 with Radio 1. 1230-232 am 45.45 Home ward Bound. t&35 News. 1?-? Tf ) e Financial World Tnnieht. ZUO 

— -- — ... Wilh Radio 2. 1620 Homeward Bound icontinuedi. J6J0 Today in Parllamciit. U30 News. 

21 lry and dl “ RADI ° 2 I,50 °" “ d yW SSrSSJTBBE: BBC Radio London ' . • ^ 

23 Send money tor Ti6ht and uxhth <s! sm „ *, 

wrong Item (5> Ins bl5 Pause for Thoucht. 732 Terry Miller ” Act 3 (Si. 935 Gladstone at 430 London Uve. 1233 pm CaU In. 


DUKE OP YORK'S. 01-836 Si 42. 

, Eyenlngs 8.00. Mat. Wod^ Sat. 3.00, 
, JOHN GIELGUD 
. », Julian Mitchell's 

A NATIONAL THEATRE PRODUCTION 
HALF-LIFE 

uvuvuu . . ■ • no one should 

*HiCm a nd a j a VHP I 5Jl5ii* ,, ’„5f roltf J 1 **? 1 " “ 0r *!P , >- tartan* 

ivfiltl and 313 V Hr] credit card reservattans. Dtairer and 


fa, ™J^c^ ch ^^ d n ridce 

. hi. M»n. Benn-tt’s . 

THE OLD .COUNTRY 
Plavs and ' PtaY*« Ljretan CrltUa Award 
BEST PLAY OF THE YEAR 
Directed .hly. CLIFFORD WILLIAMS: j 


PRINCE CHARLES. UTc. So. 437 8181 

■ H^a^^CA) • 


bWRe; LkTd Bar, 


CLASSIFIED 


Raymond RevuWR. cc. <n-7M 1593 . 

At 7 .11 ' o-m. (ooen Suits.) 

PAU i« R *n!!SS2L“sr" B 

■ - EROTICA 


■fiMMBriL 


24 Signal for a lift from decreniti W ^P- n J S i tactudlnz aJ7 Hacliw Bulletin the ThnwhoB ftalk by Slephcn Ross'- 23J Z06 Showcase.' 433 Home Run. ua 1 HWTUNE. a» 2238. Evs. 8.00. Thurs. 3. 
Humber (5) WLrepil|and Pause tar Thou^jL L _UUB Jrtin 935 ” Lnta Miner.*’ Act 3 1 S 1 . 2040 Look. Slap. Listen. 730 Black Londoners. | Murid « JS- fl ;92r,o. * ' 


21 Et SENSATIONAL YEAR 
ROYAL ALBERT; HALL. 589 8212. 

Eve-.. 7 M. 5w«*4T nfirt on»ll June so, 
WORi.D’S CHPATEST ACROBATS 
THE CHINESE ACROBATIC 


ADVERTISEMENT 

Rates 


Timpson <Si Includlnc 1232 pm Cricket— Berlioz: A Flawed Master? cutt' by *30 In Concert. 1030430 «m Ttrarsday 


26 Openiag in bad service I left! The Benson and Hedces Cup semLEnals. Martin Cooper) 


in net (5) 

. SOLUTION TO PUZZLE 


U-25 Frauds die Shortest Night Show: Your calls. 


No. 3.697 


DOWN 

2 Following ibis in a future 
state (9) 

3 Duck a little sister in a 
deserted spot f5» 

4- Balance I ran incorrectly for 
a bookkeeper (9) 

3 Work by a crank gives smile 
to deputy leader i5) 


cncnfiRQEEnan 
□ n H^g a □ n q 
hheibboh, nCBnHHH 
man n_n h q n 
so beri .BGaannoig 
ft m d n b B H 

HE!3B0C3000n H00E 

Q 0-.fi B - n 
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G n H H m 

nHHSOQnn 00000 
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1235 Waxconers' Waft. 2230 Pete Chape let oraan recital IS). »w News, music, dedications and competitions. Iif 
M urray's Open House rS) Indudint: 132 llAO-xuS Tonktt’s Schuben sons (SI- rindiiu; 12.00 Question Time from the 
Cricket and 135 Sports Desk. 230 David Radio 3 VHF only — 6 . 00 - 7 .B 0 am nd House of Commons. 

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13 


Financial Times Wednesday June 21 1978 




Wednesday, June 21 1978 



Besides its acknowledged economic eminence among the States of the Union, California 
has often given the lead to American society in other fields. Its citizens’ revolt 
5 against property taxes may prove yet another instance of this particular flair. 


Trend 



once 

again 

By Jurek Martin 
US. Editor 


JUST WHEN it seems that the 
rest of the U.S. has conveniently 
forgotten about its western 
flank, California has a habit of 
bringing both its existence and 
its precience to the public eye. 
Thus it was that earlier this 
month the State which has given 
the country over the last gene- 
ration the free speech, anti-war 
and leisure movements, ecolo- 
gists and flower children, earth- 
quakes and drought, Charles 
Mansora and Patty Hearst, Jerry 
Brown, Ronald Reagan and 
Cesar Chavez in sometimes be- 
wildering profusion did it again. 
California, so its electorate 
decreed in a State-wide 
referendum, is the home of the 
mddOfMdass tax payers’ revolt 
and the rest of the UjS. is con- 
fidently expected to pick up the 
banner. 

The "basic question begged by 
this extraordinary assertion of 
democracy in action is •.whether 
California has taken off on one 


of its weird tangents or whether 
it reflected a sense of maturity 
and a desire for order. Persua- 
sive arguments cahhe made on 
both sides, of the. issue. The 
principal architects. °f the tax- 
payers' rebellion dubs from the 
southern conservative heartland 
and they se^m- to.Jbaye gained 
an ascendancy ofl?;/the State's 
political and social" stage. Four 
years ago Califorrfla seemed to 
be swinging to the left; the last 
elections in 1976 were less con- 
clusive. The political pendulum 
may therefore yet move back 
in the other direction. 

But in economic terms the 
evidence is that CaJifor i ^ a i tb 0 
most populous State in the 
union and one whose attractions 
are once more ^luring over 
30f>.00n settlers a year inside its 
boundaries, has genuinely 
matured. It still' ; experiences 
deeper recessionary valleys and 
higher prosperous- peaks than 
most, but with a ghjffi State pro- 
duct curreotily rqnmog at an 
aonual rate of abejnt $230bn 
exceeded only by- sbout half-a- 
dozen nations in the rest of the 
world — it is hardly .the vulner- 
able fledgling it m jee; was. 

At present GaMfionoia is pros- 
pering. With titan. aerospace 
industry out of its doldrums and 
with winter rains^and snows 
banishing the fear.Mff- a critical 
third year of "agricultural 
drought all forecasts suggest 

that the State will .^■outperform 
the rest of the nation^California 
because of its large:-- influx of 
population, traditionally carries 
an unemployment rat^above the 
national average, tbfiugh the 
current spread (7-8 cent 
versus 6.1 per cent) -i$Ui little 
wide for the comfort 5 * some 

economists, -Itis, however, well 

under the:. 10 per cent level 


has soared over the last couple 
of years^is also expected to slnw 
down somewhat this year. But 
that negative impact is more 
than overshadowed by the 
anticipated surge in private 
capital investment (the State’s 
supposed " anti-business ” 

climate notwithstanding), con- 
sequent decent expansion of the 
job market, reasonable growth 
in consumer spending, and the 
sharp advance in the State s 
international trade, which has 
been a major factor in sustain- 
ing recovery since the 1974-75 
recession. 

It is also clear that the 
attitude of the State Govern- 
ment towards the private sector 
has changed appreciably over 
the last year. No matter hnw 
distasteful a politician he may 
be to many corporate executives. 
Governor Brown has shown a 
new sensitivity to commercial 
needs, with particular focus on 
the imperative of attracting 
both domestic and foreign 
capital investment to California 
to expand the State's already 
diverse and highly sophisticated 
industrial and services base. 


Volumes 


reached inthe 1974-75 recession. 
Housing construction;' which 


California's banking sector 
alone speaks volumes for its 
attractions. When I first lived 
in San Francisco in the mid- 
sixties, there was almost a 
sense of uniqueness about using 
the old Barclays DCO office. To- 
day' the financial districts of 
both Los Angeles and San 
Francisco are literally stuffed to 
the gills with foreign banks 
serving both domestic consumer 
needs and capitalising on inter- 
national trading opportunities. 

■'And business is doing well in 
California- A survey of 87 of 
tha largest State-based corpora 


tions issued earlier this month 
by the United California Bank 
showed profits up 11 per cent 
in the first quarter of this year 
compared with the correspond- 
ing period a year ago. This is , 
nearly double the national 
average increase — and no mere 
freak either. Dr. Raymond 
Jallow. the bank's chief 
economist, points out that over 
the last year Californian 
businesses have earned twice as 
much as companies elsewhere 
and he predicts that this per- 
formance will continue. 

It might therefore seem sur- 
prising against this background 
of indisputable good times that 
the State’s middle class should 
rise up and say ** enough ” to 
property tax increases, and de- 
mand cuts in public spending. 
After all. this is a State whose 
median family income is 
approaching $20,000 per annum, 
or about 13 per cent more than 
the national average, and whose 
citizens has over the years be- 
come accustomed to social 
services generally superior to 
that found elsewhere in the 
country- 

But property taxes cut deep 
into the middle-class soul, r»s 
much in California as in any 
city or county in Britain. Apart 
from Alaska, a spocal case in 
its own Tight. California is the 
most highly taxed State in the 
country and matters appeared to 
be getting worse rather than 
better. Homeowners were re- 
peatedly receiving' notices that 
their property taxes were being 
doubled, or often more, at a 
time when they could not help 
but notice that the State 
Government, as frugal under 
Governor Brown as it had been 
under Ronald Reagan, was 
accumulating a $5bn budgetary 
surplus. 

Combine appreciation of th;s 


anomaly with a deep middle- 
class prejudice against those 
obtaining welfare benefits and 
th e seeds of the rebellion are 
sown. In reality they had been 
lyin g dormant for some time. 
'For Governor Reagan bad spent 
eight years in office regularly in- 
veighing against those who 
could work but chose instead to 
avail' themselves of welfare. 

It is a fair criticism of 
Governor Brown that he might 
have anticipated the rebellion 
by seeking to put the surplus 
to work to defray the tax 
burden. As it now stands, he -is 
charged with the even worse 
task of presiding over deep cuts 
in public services in order, as 
he puts it. to meet “the will 
of the people.” It will be an 
exercise that the rest of the 
country — nor to mention a 
fascinated economics profession 
—will watch with minute in- 
terest. 

The tolerance of an affluent 
populace to reductions in ser- 
vices it has come to expect is an 
unknown factor. So too is the 
extent to which economic 
activity will be stimulated by 
lax cuts on both individuals and 
companies in the absence of 
other special circumstances. 

California has thus become 
once again the test tube of the 
nation. Suddenly the great 
traditional issues that have 
always turned the national eye 
westwards — the beauty of -San 
Francisco, the smog of Los 
Angeles.- the North-South 
divisions, the wonderful 
diversity of its geography, its 
fads and social and political un- 
rest — have been overtaken by 
hard economics. It only goes to 
prove the point that Californians 
have been making for ages— 
thaf as goes California so does 
the rest of the country in time. 






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IN COMMON with other regions 
‘of the U.S. California is suffer- 
ing from what many economists 
believe is an inadequate level of 
capital investment to maintain 
growth and high levels of 
employment. 

In part this reflects the pace 
at which the service sector of 
the Californian economy has 
expanded. But since 1975. follow- 
ing the first few months of 
Governor Jerry Brown’s acces- 
sion to office, an Incessant theme 
uC many of his critics in the 
business community has been 
that political conditions which 
he has fostered in the State 
have contributed to the creation 
of an anti-business climate. 

This, it is argued, is dis- 
couraging companies from out- 
side the State to site new 
facilities in California and 
encouraging .some of those 
ai ready there to locate new 
plants elsewhere. 

Thus Mr. Carl Hartnack, vice- 
chairman of the third largest 
bank in California, Security 
Pacific, says that he first became 
concerned about the business 
climate shortly after Mr. Brown 
was elected, mainly because of 
his approach to appointments in 
some of the State's principal 
commissions and agencies. He 
says that the deterioration in 
the business climate in the State 
has impeded economic growth, 
making it harder to do business. 
But he shares a common view 
that it is difficult for corpora- 
tions to ignore a State with 
such a strong and diverse 
economy. 


Tile controversy has been 
fuelled by a report by a well 
known industrial location con- 
sultancy firm, Fantus, which 
claimed that in terms of busi- 
ness climate California ranked 
47th of the 48 continental 
States, just above New York. 
Some economists challenge this 
sort of ranking as too dependent 
on subjective judgments while 
other critics of the repurt — 
including, for example, Mr. Carl 
Pope of the Sierra Club (an 
influential environmentalist 
group) — defend Governor 
Brown by arguing that the 
Fantus report was prepared 
while Mr. Brown’s predecessor 
Mr. Ronald Reagan was in 
office. 

Mr. Pope also maintains that 
whereas it is the State's environ- 
mental regulations which have 
attracted most of the blame for 
contributing to the alleged anti- 
business climate, other factors 
are presenting business with 
significant problems. 

There is undoubtedly some 
truth in this claim. Californians 
have ranked among the most 
heavily taxed citizens of any 
State in the union, and this 
helps to explain the enthusiasm 
with which they have voted for 
even the crude form of property 
tax reforms — and reductions — 
enshrined in Proposition 13. 

Business too has been 
vociferous in its complaints 
about taxation levels, in particu- 


lar the State’s tax on stocks and 
its unitary tax system which 
together pulled in about $500m 
last year. 

The unitary tax system, which 
allows the State to tax a propor- 
tion of the ’profits an inter- 
national corporation earns 
worldwide to the extent that 
they can be related to its activi- 
ties in the State |s under parti- 
cularly strong attack. A new tax 
treaty with Britain currently 
going through Congress in 
Washington could, if approved, 
provoke a change in the 
Californian unitary tax system. 

There are other factors 
allegedly creating serious prob- 
lems for business in the state 
— among them the strength of 
trade unionism, especially in 
comparison with some of 
California's Sun Belt rivals in 
the South, and the phenomenal 
rise in house prices In Cali- 
fornia. The latter,. it is claimed, 
is creating a formidable barrier 
for companies recruiting execu- 
tives from outside the State. 

An indushy- based research 
croup in California, the Real 
Estate Research Council, has 
estimated that at S83.000 the 
average single family house in 
the State costs fully $27.non 
more than the national average. 
Even wealthy executives from 
the better heeled suburbs «if 
cities like New York find the 
price of houses in California 
in middle-class neighbourhoods 
forbidding. Gh the other hand 
immigration has picked up over 
the past three years. 

But when all these factors 
are taken into account the 
fundamental complaint must 
frequently voiced is that the 
State is .suffering from nvcr- 
zealnus implementation of what 
are in any ease some of the 
mn«!t restrictive environ- 
mentalist laws in the country 
and that to a considerable 
extent the hlame For this goes 
b3ek to Governor Brown. 

Whatever the value judgment 
one makes on the wisdom of the 
State’s environmental laws there 
is little doubt that the election 
of Mr. Brown, n man recognised 
as sympathetic to environ- 
mental concerns and critical of 
economic growth as a social 
goal, came as a boost for the 
environmental lobbyists. His 
election also testified to the 
sympathy of the. Calirnrnian 
voter towards environmental 
causes. 

No doubt this sentiment is in 
part based on the natural beauty 
oj the State. But it must also 
reflect the fact that in its 
relative affluence and the 
absence of some of the more 
heavily pollutant basic 
industries, California has not 
been faced with the hardest 
choices between employment 
and the environment Very 
often the diversity of its 
economy has also helped the 
State sidestep tough environ- 
mental choices. 

In the wake of his election 
business leaders became con- 
cerned as they watched 
Governor Brown appointing 
several key figures from the 


environmentalist lobby to senior 
positions in the State bureau- 
cracy.' The Sierra Club has 
termed these appointments as 
“ refreshingly free from the 
usual pattern of industry 
domination.” 

They included, for example, 
the selection of Mr. Clair Ded- 
rick. a vice-president of the 
Sierra Club, to be Secretary 
of Resources fa position akin 
to the U.S. Interinr Secretary's 
post in Washington) and the 
appointment of another recog- 
nised conservationist, Mr. Ron 
Robie as Director of the Depart- 
ment of Water Resources — a 
potentially critical appointment 
in a State with California’s 
water problems and giant agri- 
cultural sector — and the Gover- 
nor’s decision to reshape the 
State Eneray Commission to 
include a bigger number of 
conservationist sympathisers. 

It is in the energy area th3t 
the power of die environmen- 
talist forces has been most 
effective. Although a referen- 
dum in 1076 to block nuclear 
power developments was voted 
down, a legislative compromise 
designed to defuse the issue 


has nevertheless prevented 
planned new nuclear facilities 
from coming forward for 
development Thus the Sun- 
desen nuclear power plant to 
be built by San Diego Gas and 
Electric is currently blocked 
and Mr ; ' Pope maintains that 
it is highly unlikely that any 
new nuclear facilities will be 
approved in the next five years. 


At the same time a con- 
troversy over the siting of a 
new facility for the import of 
liquified natural gas is threaten- 
ing plans to increase the State's 
lng imports, and the con- 
troversy over Standard Oil of 
Ohio's proposals to refurbish a 
gas pipeline to carry Alaskan 
erode from Long Beach to Texas 
has contributed to a 500,000 
barrel-a-day oil surplus in 
California. Some energy experts 
maintain that the crude surplus 
is encouraging Californians — 
wrongly, in their view — to mis- 
judge ihe potential energy prob- 
lems in store for the State, 
especially in the light <j£ the 


difficulties of developing other 
power sources. 

More generally, the three-year 
battle which Sohio— the British 
Petroleum subsidiary in the U.S. 
—has had in getting approval 
fur a tanker facility and pipe- 
line is cited as yet another 
example of obstructionist moves 
by environmental interests. 
Some have charged that Mr. 
Tom Quinn, a former campaign 
manager for Mr. Brown, who 
was appointed as head of the 
State’s Air Resources Board, has 
been using his post to further 
political ambitions. Mr. Quinn’s 
supporters say that he is simply 
enforcing correctly the State's 
tough air quality laws. What- 
ever the rights and wrongs of 
the argument, it has taken 
three years for Sohio to get so 
close to approval for its plans 
and observers still disagree on 
how much longer the company 
will have to wait. 

These are just some of the 
issues which have contributed 
to claims that the State is 
creating an anti-business 
climate. Another is on the 
horizon in the shape of an 


announcement by Kaiser Steel 
that air quality regulations 
enuid force it to dose its Fon- 
tana works at a cost of 8.500 
jobs. 

But it would .be a mistake to 
believe that the environmenta- 
list lobbies have bad things all 
their own way. A turning 
point of sorts came early in 
1977 with the announcement by 
Dow Chemical that it was drop- 
ping a proposal to build a new 
$500m chemical plant in 
the State, saying that the. pro- 
tracted permitting process— in 
four years it had received only 
four of the 65 permits needed 
—was a major factor in its 
decision. 

It was in the wake of this 
announcement that business 
concern mounted and business 
and labour groups in Cali- 
fornia combined in an effort to 
bring political pressure to bear 
to try and shift the balance 
against the environ menial 
groups. Just how effective that 
alliance has been remains un- 
certain. On the one hand there 
has been no mistaking the more 
moderate rhetoric from 
Governor Brown, who has been 


reported as complaining about 
the lack of energy among the 
environmentalist lobbies. 

There has also been some moves 
in the Legislature towards 
speeding up the permitting pro- 
cess for new developments. 

Mr. Pope of the Sierra Club 
maintains, however, that- en- 
vironmentalist groups in the 
State have been moderate, in 
th^ir attitudes, partly because 
they feel they have a sympa- 
thetic administration to deal 
with, while- on the other side 
businessmen are still unhappy 
with the appointment of people 
sympathetic to the conserva- 
tionist point of view to key 
positions in the State adminis- 
tration. 

'Even a change in this situa- 
tion, however, would not neces- 
sarily lead to an easier climate 
for business on environmental, 
issues since, as Mr. Pope points 
out. such a shift would prob- 
ably encourage environmentalist 
groups to pursue their alms 
.through the courts in 'a more, 
obstructionist way and to.be 
even less accommodating. 

-.For the time being, therefore, 


it is hard to imagine a really 
fundamental anti^nvironmental 
backlash in the State since a 
pre-condition would seem to be 
a weakening of grass roots sup- 
port . among ‘ the voters, for 
environmental issues. Until it 
can be demonstrated convinc- 
ingly that environmental con- 
cerns are costing existing jobs 
and not just threatening new 
-ones at a time when unemploy- 
ment is hurting the Statetiadly, 
it is hard to see voter support 
for environmental issues being 
severely weakened. 

So with _ the ’Californian 
economy performing strongly 
business -may have, to bd satis- 
fied with the shift- in the- climate 
in the State which has taken 
place' since" the Dow Chemical 
decision and continue to. -fight 
each issue ' oh - its individual 
merits. They may . also have to 
worry about- the threat -of ’ in- 
creased- business ' taxation ■.•'to 
compensate for the ' revenue 
losses which - local government 
will have to absorb in Some 
form' lit the aftermath ,of- 'the 
; passage of Imposition "-15; . ; 


SfewartFIemirig 


young Governor’s 


OVER THE past ten years and 
more two men. Mr. Ronald 
Rea pan and Mr. Edmund G. 
(“Jerry") Brown -Jnr.. h3re 
ruled the Californian political 
roost. The former, the conser- 
vative Gnvernor from 1966 to 
1974. is still active and still very 
much contemplating either 
another bid for the Presidency 
two years from now or at least 
a decisive say over whom the 
national Republican Party nomi- 
nates for the post. But for the 
moment it is Jerry Brown, the 
incumbent Governor, who holds 
centre stage, with both The 
local and national audience end- 
lessly weighing his future. 

Californians appear to enjoy 
an ever-changing .inre-liate 
relationship with their young 
Gnvernor which at present is 
going through what might be 
described as an alienation phase 
There are elements in -Terry 
Brown which seem the stuff of 
anti-politics — the intellectual 
arrogance (perhaos reflecting 
his Jesuit seminarian back- 
ground' Ml** 3«r > f>tipl'rTn and «-Pn 

the mild eccentricities such as 
his preference for a soartan 
personal life-style — and ele- 
ments which are purelv con- 
ventional and which bespeak 
the influence of his father, the 
twn-t»rm Gnvernor from 1958 
to 1966 who knew more about 
smoke-filled hackrooms than 
any other contemporary Cali- 
fornian politician. 

When Brown the younger 
first ran for Governor four year* 
ago, two years after the Demo- 
cratic Party' had suffered its 


national debacle under t>oroe 
McGovern's Presidential 

candidacy, lie- was already being 
picked as future . Preso I •.niial 
material. Yet despite all the 
predictions and expectations he 
was only able to scrap? the 
narrowest of electoral victories 
over a colourless Republican 
opponent who has since disap- 
peared into the obscuniy from 
which he had briefly emerged. 
But paradoxically, Jerry Brown 
converted his meagre mandate 
into an instant hugely phonal 
popular following. California, a 
State which loves style almost 
to a fault, adored its new young 
leader. 


Primaries 


It seemed fleetingly in lord 
that the national elec orate 
might he similarly receptive. He 
entered half-a-dozen, lat • pri- 
maries. put to the swoM all 
whom he faced, including 
Jimmy Carter, and wound up by 
winning two-thirds of the vote 
in his own State primary. The 
effect was, of course, too late 
i- derail the Carter bandwagon, 
but all the political seers 
nodded and noted that if he 
chose, 19S0 or 1984 could see the 
real coming of Jerry Brown. 

Less than a year ago the 
portents looked better still. 
President Carter’s standing in 
the polls was beginning to slip 
while the Californian surveys 
showed the Governor retaining 
hie massive popularity. The 
assumption was that -Terry 
Brown would win re-election by 
a landslide in 1 978 and use that 


as a springboard for a move- 
ment on to the national scene. 

Today, according to the same 
pulls. Governor Brown is at 
best a marginal favourite to 
hold on to his office in Novem- 
ber. The most frequently cited 
reason for the sudden decline is 
his opposition to Proposition 13. 
the lax-cutting referendum 
which overwhelmingly carried 
tlie State' in tills month's pri- 
maries. This is probably true, 
though the Governor is enough 
of the quick-footed opportunist 
to be already seeking to turn 
the popular sentiment ex- 
pressed in the property lax vote 
to his own advantage. 

It should also be noted that 
the June elections were essen- 
tially a Republican affair, the 
Stale opposition party having 
plenty to decide on its ballots, 
while the Democrats, with the 
Gnvernor essentially unopposed 
in his primary, were largely 
quiescent. This may have dis- 
torted local opinion polls. But 
at the same time as his State 
popularity was failing off, the 
national polls came up with 
disturbing signs. These were 
that even Jrramy Carter, accord- 
ing to these same and possibly 
suspect findings, would beat 
Jerry Brown by two to one 
among Amerb-an Democrats, 
allhough he trailed the likes 
of Edward Kennedy, the Massa- 
chussetts Senator, appreciably 
and might not even be able to 
overcome such stalwart and 
ageing Republicans as former 
President Ford and Ronald 
Reagan. 

^Californian Republicans claim 


that the bloom was off Jerry 
Brown's rose well before Pro- 
position 13 dwarfed all other 
electoral considerations this 
summer. AH four candidates 
for the Republican gubernat- 
orial primary election predic- 
ted their initial campaigns on 
the then surprising assumption, 
that Jerry Brown would be vul- 
nerable in November. Ken 
Maddy, a personable young 
State Assemblyman of moderate 
persuasions, was the earliest — 
and initially least known— advo-' 
cate of this view and was show- 
ing surprising strength in the 
polls before he was swamped: 
by his opposition to proposition 
13. • 

The ultimate winner of the 
republican contest. State Attoi- 
new General Evelle Younger, 
the highest ranking party office 
holder in California, adopted 
an ambiguous stance on the 
property tax initiative, offering 
it guarded support while refus- 
ing to argue publicly for it But 
he was quick to say that /he 
would, in his official capacity, 
enforce the will of the people. 

Mr. Younger’s victory at the 
polls earlier this month prob- 
ably owed most to the fact that 
he was perceived as the man 
most likely to beat Jerry Brown 
in November. For all his dour- 
ness, he can claim administra- 
tive experience and political 
moderation as bis main assets. 
It was lack of the latter quality 
in particular which proved the 
undoing of former Los Angeles 
police chief Ed. Davis, the dar- 
ling of the Grange County Right 
wing, whom Mr. Brown would 


dearly most liked to have faced 
in the general election, 
v: . In a sense Mr. Younger has 
Mr. Brown where he wants him. 
State attention will for the next 
five months be firmly fixed oh 
how the Governor carries out 
the budget austerities forded 
on the State by the Proposition 
13 vote. The main Republican.; 
criticism of Jerry Brown is that 
he’ is ail style and no substance 
.‘and the hope is that the task 
In front of him will demons 
strate his purported’ deficien- 
cies. ' •" T 


Defying 


In addition, .the hope ls : that 
if he presides • over cilfs in 
essential public services^ he will 
reap the inevitable opprobrium. 
If he does not, he can be 
accused of' defying the will of 
"tiie electorate . for leaner 
-government (ah Irony sinefe the 
Gove trior is the arch disciple 
of lean 1 , government . and has 
accumulated a . S5bti surplus . hi 
the current fiscal year)’ • ' 

There .may be other issues 
which spell trouble ahead for 
Governor Brown.- The most 
obvious is another referendum 
which will be on the November 
ballot, the so-called - Briggs 
initiative which would have. the 
effect of excluding known homo- 
sexuals from teaching in the 
State school system. 

This proposal appears to go 
much further than other anti- 
gay proposals that have cropped 
up across the country in recent 
months* These in general have 
confined themselves to striking 


. out anti-d iscrimVnalcrry byelaws 
in assorted municipalities! JGiven 
the ' prevailing. ."jnqod of the 
.'.country the Briggs ..Amendment 
may well pass,* In spite of Cali- 
fornia's. - : kn own I" tol erance to- 
wards! homosexuals^ ‘Die Gover- 
nor certain to oppose it with 
good reason given -.its ; patent 
■Inequity" tiur inay well lose votes 
: in -consequence.' •••.. 

• But- it would be most unwise 
to Write off- Jerry Brown’s re- 
election chances at this early 
stage. . He has already moved 
to . turn the sptiit of the tax- 
. cutting- referendum to his own 
; advantage and, bearing. In mind 
Ills mastery* of public relations, 
it is within his capacity- to 
emerge as its leader. Moreover, 
in spite of his reputed lack of 
competence, in managerial mat- 
ters, hfs administration °f Cali- 
fornia has coincided ; with a 
considerable revival In state 
prosperity/. fdr Which tie 'may 
fairly claim some credit; 

After all, registered -Demo- 
crats' do ~snbstantiaUy outnum- 
ber Republicans : fto the state, 
and Mr. Brown, by far the most 
popular state Democrat since 
his father, has hardly .begun to 
rally his troops. When he. turns 
his- talent £ in that direction, 
then . the contrast with Mr. 
Younger will be perceived as 
staik. If nothing else, it will 
be ah Intriguing exercise in the 
political art and a. test of "the 
staying-power of a charismatic 
young leader. The outcome 
could yet have national impli- 
cations. 

V Jurek Martin 


Ammtd, Inc. 

Axncord, Inc., one of the largest producers of cement in the 
U.S. with major capacity in the growth markets of Southern 
California and Arizona, is a leading manufacturer of metal 
building systems and home leisure products and conducts 
extensive coal minin g operations, as well. Its shares are listed 
on the New York and Pacific Stock Exchanges. 


American 


American Medical International, Inc. (NYSE, PSE, London Stock 
Ex chang e - AMI) is the leader in the international delivery of 
health care services. AMI owns and manages facilities in the 
U.S. and overseas and provides health care services tq 400 
communities on five continents. 

Earnings for the year ended August 31, 1S77, were S13 million, 
or $2.08 per share, on revenues of S341 million. First half 1978 
v Burnings of $3.6 mi l li on, or S1.30 per share, were a new six 
month record ioz AML 


Leader in producing and marketing famous name,quaIityfood£. 
Dole pineapple, bananas, mushrooms. BuntffieBefc seafoods. 

Bud (Antie) lettuce and celery. Also real estate and 
manufacturing. Revenues topped jl-bfllioa, Net income, 1S72-77 
increased 20% compounded annually. Cash dividends paid 
consistently since 1896.Also six stockdividends paid since 1973 






15 




Union CiJ 


20th Century 'Fox 


Times-Mirror 


Jhirmack 


JOiUt! 


Fluor 


sector 

health 


CALIFOSNIA IS second only success—* success*; vhlch has 
to Nevr York in the size, and made lie banks tougher corn- 
scope of its commercial bank- petitors for 'HieirriNew York 
ing sector— and in. i terms of rivals. But - ota has to 
profitability -its bankers would conclude that athpst it is a 
argue that it is now second to combination of good fortune 
nobody. . and conservative — end therefore 

Such a claim was reinforced sound— judgment -t^iich is res- 
Iast year— -at least symbolically ponsiWe. 

—when after five years during For California’s -tanks have 
which the State’s and the been opera^ixig ,i.b ' a much 
world’s largest bank. Bank of m ore favourable tavironment 
^nca, had. lagged behind its domestically in terms of the 
"2™* C V tlC * n> ln ter T ! ^ f growth and structure of the 
] ** regional economy. Vi/ 

ban t Depending on whose measu ro- 
of $82ba the bank reported net ments yo n acce pt, the 

2™? Californian economy . alone is 

0rp ! somewhere between: the sixih 
sm-n 63 t0 ?3811D on assets of and eighth largestm the world, 
Thl* i* ;« w -n» ,, with an annual output worth 
Bank T °1 ground ?250bn, putting it just 
^ fa elow Britain. Its.22in popula- 
9 S e if rg v' tion less than Jrtl£ Britain’s 
“® ot ? York's banks which suggegts . on this 

crude measure of affluence m 
^.f U i^ °i Pr ± cit ^ns have at. least double 
lems ranging from property Britain’s per capita income. 

3 ' 0U *- ^ The economy of the State has 
secunty of their international also been growing Hbre rapidly 

ISSLSL we ?/l tai1 bankl - ns than the rest of the U.S. In 
S commercial spite of an above average un- 

■ l0a £ Remand, employment rate currently run- 
Caiifnrzuas major banks have 

either avoided the worst of 


these' difficulties or — in the 
case of retail banking— had a 
much healthier experience. 
Thus the main Californian 


ning around 7.5 per.rcent, it 
has been creating; jew jobs 
faster— at a 5 t*;r. cep t- base last 
year (about 450 .OOQ^rCOmpared 
with the national. layerage of 
. . . . . , . . . 8.5 per cent, and shows a higher 

bank^ have been able- to report ^ average 3r „wtS of : personal 

f?“ ch '-*55™?*? f rowth income in recent years? 
than their New York rivals over .X'“ ' 

the past five' years. The five n f • • ■ /.; 
largest banks in 7 the state all BFEIlCllCS : V’ 
rank in the top 15 in the country „ , . __ 

in terms of size and among the All of these factors will have 
leaders in terms of earnings contributed to the .-growth of 
growth, the State’s 224 banks, which 

A study by New York invest- ^ave around 4,000. - branches 
meat bankers Salomon Brothers, aQ d a * end-1977 logged domestic 
for example, suggests that the deposits of $85bn' ^fpfibn in 
San Francisco-based Wells *““* « savings • deports) and 
Fargo is. in terms of earnings domestic loans of 
the fastest growing of. the top . buoyancy of 
30 U.S. tanks, with a compound fonu “ economy, p 
growth rate of 18.6 per cent ° ver tJ,e , past t Y° ' ■£ 
over the past five years . only one gener 

. .Bank -of America comes out 

second with a rate of 15.9 per ^ t ^ P 0 7 eC on^my lhi ch 

® helped .to insul’aieBhe 
,P c^pfir?nJ State’s- banK from sonm of the 
Western Bankcorp, Security pro blems Rencountered by the 
Pacific and Crocker . National ^ ban i/- m New York; 
have an reported, earnings | n £ of ^ M ^ big 
growth of M . per wnt or more c^jf Xian banks haVe been 

compound during this period oper /ing in an etairomnent 
The major Californian banks wb j& has raore ^ c / n itnon with 
have . generally. had ' rather fjjg conditions that have boosted 
better loan loss experience dur- m-ofitability among smaller 
ing this period than- most °f«xegiooal banks than with the 
their New York rivals. fnde«F New Y or fc cj ty .-situation, 
for most of the period they r^g although California’s 
have- -had better - experience hnni-g experienced a modest 
than the average for the' SO d ec jine in commercial and 
largest~tLS. tanks; - industrial lending during the 

The managers who head these 1974-75 recession it was nothing 
institutions would no. doubt be compared with the set-backs 
delighted ."to he . told that suffered by New York's banks, 
wisdom, and not luck has been By the end of last year 
the driving force behind, thear commercial and .industrial loan. 


volume was back to a record 
level (at least in money terms). 
In part this reflects the less 
mature state of the Californian 
economy, which contains a 
greater proportion of smaller 
firms which still need bank 
finance and unlike the giant 
multi-nationals, cannot turn to 
the commercial paper market 
for short-term credit or to the 
public bond market for long- 
term borrowing. 

In addition to being shielded 
from the worst of the recession 
in demand for commercial and 
industrial loans, California's 
banks have enjoyed a buoyant 
market elsewhere. Consumer 
credit, .for example, rose by 
$5.3bn to $18bn in the three 
years to end-1977. More im- 
portant, however, was the S7.2bn 
increase to $23.Sbn in property 
loans over the same period. 

This increase meant that for 
the first time for over a decade 
property lending, the bulk of 
which is for mortgages for home 
purchases, exceeded business 
loans among California's banks. 

This trend has undoubtedly 
heightened competition between 
the State's commercial banks 
and the giant savings and loan 
industry in the State, which 
has mortgage loans of S70bn 
outstanding and is the biggest 
S and L industry in any State. 
Both groups of financial institu- 
tions are eyeing each other 
warily as the competition not 
only in home loans but also 
in providing wider services for 
depositors intensifies. 

The big commercial banks 
are also watching carefully, 
fearing that unless they are 
careful in. exploiting the market 
for home loans they could 
create a speculative bubble 
whose collapse could have 
damaging repercussions not 
only on their ioan portfolios but 
also on the State economy. 

Last year, sensing this 
danger, several banks including 
Bank of America and Wells 
Fargo tightened up tbeir lend- 
ing- criteria to try and take 
some of the speculative fever 
oiit\of the market Bankers in 
the State express greater con- 
fidence about the housing 
raamt now but some econo- 
mistslremain uneasy about the 
phenoWna! rise in prices. 

To aprae extent the bankers' 
oonfiddice stems from improve- 
ments an their own internal 
management with greater atten- 
tion paiato the spread between 
interest jate-sensitive funds and 
loans, lie banks, led by Bank 
of America, are also developing 
new forms of security for 
-packaging and selling to other 
financial institutions the home 
loan business they generate, 
thus improving their cash flow 


and. they hope, avoiding a credit 
crunch. 

While they have been innova- 
tive in tin's area most of the big 
banks with the exception of 
Crocker National have been 
cautious in their approach to the 
introduction of electronic funds 
transfer systems for their 
customers' use. Only Crocker is 
aggressively installing auto- 
matic teller machines; the 
others arc in general experi- 
menting. 

Automate 

Bank executives point out that 
since their retail operations are 
profitable and since there are 
plenty of branches around the 
Stale for custumer convenience 
they are under no pressure to 
automate unless their customers 
clearly want such a service on 
Main Street. 

Even though New York with 
its well developed foreign 
exchange and money markets 
remains the undisputed financial 
capital, California has remained 
attractive to foreign banks — as 
the announcement of the 
Standard and Chartered group's 
merger proposal with Union 
Bank indicates. 

Thus over the past ten years 
foreign bank assets in the State 
(excluding BanCal Tri-State 
which has around 30 per cent nf 
its capital held by interests 
associated with Baron Edmond 
de Rothschild » havp more than 
doubled to $20bn. These banks 
have around a third of the 
domestic, commercial and indus- 
trial loan volume in the State, 
and the largest — such as Cali- 
fornia First Bank, which is con 
trolled by Bank of Tokyo, and 
LJnyds Bank of California, a sub- 
sidiary of Lloyds, the British 
clearing bank — have around a 
hundred branches. 

The aitractious of California 
particularly to those foreign 
banks which have branches in 
New York as well, are clear 
and are similar to those affect 
ing the domestic banks. 

No doubt they share common 
concerns too. Among the raore 
immediate are- the impact on 
their business and tne State 
economy of the fundamental 
changes in taxation in rhe wind 
as a result of the pa>sage of 
Proposition 13, the danger of 
the Californian eennorav over 
heating, ant! in particular the 
threat of a speculative housins 
bubble which could bur<t In 
the longer term, particularly 
for those banks located m the 
south of the State, concern 
must be the impact of illegal 
immigration from Mexico as 
that country’s population soars 

Stewart Fleming 


keep tabs on the West 


Disney 


Dennys 


BEHR specializes in what you want to p " 
about western securities. 

Any stockbroker can sell you western stocks and bonds. 

If you're looking for in-depth knowledge of the area, contact 
Bateman Eichler, Hill Richards. 

It's an expertise that shouldn't surprise one. 

We've kept in touch with our business neighbors since 193!. 


INCORPORATED 
Members Ne.v York, American, Pacific & Midwest Stack Exchanges 

We put opportunities and people together. 


700 South Flower Street, Los Angeles, CA. 90017- 
Telephone: (213) 625-3 545 Telex: 677063 
Coniacf: Rockwell A Schnabel 


Warnford Court, Throgmorton Street, London EC2N 7AT, Engiartd 
Telephone; 01-638 0548 Telex: 8951502 
Contact: Dsu'd Cordery 




I MBffi3BESSE 3 


Carter Hawley 

Hale Stores, Inc. 

Net earnings and sales set records in 1977, more than 
over the past ten years. Dividends have been pai i e Y _. . , 

since 1940 increasing in each, of the past eight ye 5. 
Dep^r^dxoadway. The 

VVeinstock’s.Specialty stores: Neiman-M^cus^erg 

Goodman, Holt, Renfrew, Waldenbooks. 


Western 


To obtain a copy of any of ths Annual Reports featured on 
these two pages, please senc the coupon. 


WBC is 22 banks serving 11 western states. Its 784 domestic 
offices are located, in more than. 400 communities. Overseas, 
34 offices of four banks serve customers worldwide. 1977 income 
before securities transactions v/as a record $120.3 million or 
$5.04 per share, up 33 .4 % . Current annual dividend rate is $1.70 
per share, 21.4% higher than at the beginning of l977 - •' 


To: The Advertisement Director, 

Financial Times, Bracken House, Cannon Street, 

London EC4P4BY 

or Laurance Allen, Financial Times, 

75 Rockefeller Plaaa, New York, NY 10019. 

Please send me the following Annual Report/s. 

.□ Amcord , Inc. 

□ American Medical International, Inc. 

□ Castle & Cooke, Inc. 

□ Carter Hawley -Hale Stores, Inc. 

□ Western Bancorp oration 

Name Position 


Company- 
Address 


0 









16 


Financial Times Wednes^y ^Tune ?i 1978 ^ 


CALIFORNIA IV 



share of defence 



AFTER A decade of decline 
punctuated by ernes such as the 
near bankruptcy of Lockheed 
Aircraft and the cancellation 
last year of the $25bn plus B1 
bomber programme, the Cali- 
fornian aerospace industry is 
looking to the next ten years 
with mounting optimism. 

In the late 1960s employment 
in aerospace in the State hit a 
peak of 600,000, as the Industry 
struggled to meet the demands 
of a defence budget bloated by 
the Vietnam war, a buoyant 
commercial jet market and a 
bigh level of spending on space 
exploration by the National 
Aeronautics and Space Admin- 
istration. 


At that stage the Californian 
aerospace industry accounted 
for over one third of employ- 
ment in the aerospace industry 
as a whole and played an even 
more important role in 
California's economy, account- 
ing for about two fifths of em- 
ployment in tbe state's manu- 
facturing sector and almost one 
tenth of California's non 
agricultural workforce. 

The subsequent ten years 
have been years of decline, in 
part because of the slackening 
of defence spending and tbe 
NASA space budget, but 
primarily because of the depres- 
sion which hit the commercial 
jet market. Last year aerospace 
employment in the State was 
down to only 440,000. Both 
McDonnell Douelas and Lock- 
heed, the State’s two big com- 
mercial jet producers, were 
embroiled in wide-body jet 
programmes which some aero- 
space analysts suggest bave yet 


to earn a profit for eitber com- 
pany and which In the case of 
Lockheed probably never will. 

The decade of decline would 
have been much worse but 
for California's growing share of 
Defence Department spending 
Thus through the 1970s the de- 
fence budget has been declinin; 
slightly as a proportion of gross 
national product— from about 
6.6 per cent in 1971 to perhaps 
5.0 per cent this year— but 
California's share of Defence 
Department prime contract 
awards has been rising. 

in 1U7U uie State won $abn 
o i suuii conuacis, or is per cent 

oi the nauuual total. Last year 
uie agars was ^lUou ana 
si^nibcatniy Lanrorma s share 
Was j- per cent — it nad ueeii id 
per etui the previous year. 


Saver 


Without this business the 
workload, and tbe earnings of 
companies like Lockheed, 
McDonnell Douglas and 
Northrop, not to mention their 
dozens of sub-contractors, would 
have been thin to say the least 
For Lockheed in particular and 
more especially for its missiles 
and space facility south of San 
Francisco in the “silicon valley" 
area, defence contracts have 
been a life saver. 


But it is not just in terms of 
sales and profits that the Cali- 
fornian industry benefits from 
the U.S. Government’s spend- 
ing. One frequently sees gov- 
ernors and businessmen in less 
fortunate States, particularly in 
the North-East and Mid-West, 
complaining about the Govern- 


ment funding that goes into 
California, since much of it 
relates to advanced technology 
lines, which are seen as the 
growth sectors of the future, 
and since the contracts provide 
funds for basic research and 
development in these fields. 

As Rockwell found with the 
cancellation of the B1 bomber 
programme last year, depen- 
dence on such spending can be 
dangerous — some 16,000 em- 
ployees lost their jobs as a 
result of tbe decision. Rockwell, 
of course, is the prime contractor 
for the space shuttle, a pro- 
gramme which last year em- 
ployed some 14,000 people, 
mainly in its Californian opera- 
tions, and brought in revenue 
of Slbn. Moreover the outlook 
for Defence Department expen- 
diture beyond the next two 
years is looking uncertain, with 
some analysts forecasting 
another decline in the rate of 
growth, although not in abso- 
lute terms. 

On tbe one hand the Carter 
Administration is making no 
secret of its growing concern 
about the size of the budget 
deficit and is under mounting 
pressure to trim the deficit, 
with defence spending appear- 
ing to be an obvious target. 
On the other hand relations 
with the Soviet Union are 
deteriorating, and there are 
fears that the alternative to a 
new arms limitation agreement, 
which is in doubt, is a build 
up in the arms race, from which 
Californian firms would un- 
doubtedly benefit. 

But whatever the outlook for 
the industry on the defence 
side of its operations there have 
been clear signs of a revival in 


the commercial jet market both 
in terms of new orders and new 
commercial jet developments. 

The recovery of the market 
after a decade of decline has 
already helped to absorb some 
of the aerospace workers dis- 
placed by the B1 cancellation. 
Moreover production levels at 
the two main commercial jet 
assembly facilities in the State, 
McDonnell Douglas at Long- 
beach and Lockheed at Bur 
bank, are running well above 
last year’s levels. McDonnell 
Douglas’s Longbeacb facility is 
expecting to increase its work- 
force by one quarter this year 
to 20.000. 


Upturn 


But it is not just the front 
line companies that will benefit 
from the upturn. If it were 
then clearly the main benefi- 
ciary would be Boeing in 
Seattle to tbe north. With some 
analysts forecasting that U.S. 
commercial jet deliveries will 
increase this year from the 191 
recorded in 1977 to perhaps 242. 
—and Boeing is expected to 
capture around 75 per cent, of 
the market — clearly the indus- 
try leader is currently secure 
in its market dominance. But 
even Boeing's good fortune 
spills over into California since 
a high level of sub-contracting 
is commonplace in the aerospace 
sector, with not just engines 
coming from other companies 
but also sections of the fuselage 
in many cases. Thus the 
numerous aerospace supply com- 
panies in the State can expect 
to share in the upturn. 

The forecasts of good times to 
come in California's aerospace 


Industry— and the commercial 
jet market as a whole — are not 
simply based on the recent 
upturn in orders, the surging 
growth of air travel in the U.S. 
in the past year (partly in 
response to the wave of price- 
cutting) or the evidence that 
several major airlines have 
significantly improved their 
financial position as a result of 
this growth of traffic. The more 
general picture is that a high 
proportion of the 4,000 or so 
large commercial jets currently 
flying in the fleets of the non- 
communist world's airlines are 
ageing aircraft, like the early 
Boeing 707s and Douglas DC8s 
which went into service in the 
early 1960s. Even some of the 
more recent passenger jets, the 
immensely successful Boeing 
727 for example, share some of 
the problems— from the airlines, 
point of view — of the earlier 
generation of jets. 


precise, however, since much 
will depend on the mix of air- 
craft bought and the timing of 
their purchase — but the indus- 
try does not doubt that a major 
new wave of orders is awaiting 
them. 

It is this -market which the 
west coast aerospace companies 
have their eyes on, and once 
again they are hoping to get the 
lion’s share of the world’s busi- 
ness. 

They recognise, however, that, 
particularly with the entry of 
the Airbus consortium and the 
prospect of collaboration , In 


Europe on other commercial jet 


These can be summed up in 
terms of inadequate seating 
capacity in relation to demand 
and expected growth, poor 
fuel economy in comparison 
with the high by pass ratio fan 
jets which power the wide- 
bodied jets, and poor noise 
performance, particularly in 
relation to the U.S. noise stand- 
ards due to come into effect in 
1985. 


programmes seeking a share 
the same market, they are 
facing a highly competitive 
situation. This is one reason for 
their interest in international 
collaboration. Another of course 
is the bigh cost of launching a 
new commercial jet. 

So far as the Californian aero: 
space industry is concerned the 
front runner to pick up a signi- 


ficant share of the new market therefore that not only is it in 
is McDonnell Douglas, which isr considerably- better- shape that 
actively considering designs f or was years ago. or even 

cssrjvsss 

jet— the DCX-200— based in bright-'. While this promise is 
part on its. DCIQ jumbo jet but ijtrp iy to be -translated more- 
considerably smaller. quickly into employment than . 

Lockheed, of course. . is a*? while there are 

limited financially in terms 0 f < * nslderabIe nsks involved, in 
what it can do aid is expected ^ .commCTral qet pro- 
to launch' a smaller version of graces expected : : to be . 
its Tri-Star to compete ..in the announced, the : new pro- 
same market which is seen grammes should .-ensure Cali-, 
primarily in terms of a 180-220 Praia’s continued importance 
seat medium range aircraft'- in the- aerospace field. 

But the Californian industry ' 

seems naturally enough to be strength of _ its 

waiting to see what the giant Jf®* 1 ■, 

in Seattle, Boeing, comes up based clwtiom^ industry stara 
with in its programme to. launch. Jho proportion of such advanced 
a new family of commercial jets technology being meorporatett ■ 
which wiU not be derivatives, of ■ “to commerctal jete 
existing aircraft since these can- ^ 

not*be modified to fit what the • 

market seems to want . . * be *i®.? s 

The consensus for the Cali . . . ,- t ■ ; - : T V : %-o *?• 

fendan industry seems to be o.r« 








These factors, coupled with 
others such as the expected 
growth of air traffic, bave led 
all the major aerospace com- 
panies to project heavy new 
demand for commercial jets, 
with some forecasts suggesting 
that the market through the 
1080s could be worth some 
$70bn in constant dollar terms. 
Such forecasts are far from 



IS often des- 'establishment 

rica tomorrow ” of ‘organised labour, f ought hard mag- s^gfe-bere-— a_^jbiafefpst^- :r . 



IN1HEVWRU) 
ARE WE 
DOING ABOUT 
HEALTH CARE? 


In over 400 communities on 
five continents. AMTs 13,000 
health care professionals — 
are developing and deliver- 
ing cost-effective health 
programs — our response 
to the new worldwide mar- 
ket for health care services, 


velopment and construction of 
the first major private hospital 
to be built in Cairo in the last 
twenty-five years, and will man- 
age the hospital when it opens. 


3. Working with government 
health care executives in Vene- 
zuela, AMI is implementing the 
first phase of a program de- 
signed to train 20,000 health 
care technologists over the 
next few years .This project will 
help create an infrastructure of 
skilled personnel essential to 
effective health care delivery. 


Starting from the base of 
hospitals we own and man- 
age. in the United States and 
internationally, we have 
developed systems and 
services to tap this vast 
new market. 


Here are some of the 
things were doing. in that 
market now; 



and performing feasibility 
studies for a pediatric care 
center in Argentina. 

6. Our pre-engineered mod- 
ular hospital design^ are being 
used to reduce drastically the 
time and cost of health care 
center construction in com- 
munities where ijiew or ex- 
panded facilities are needed. 

7. In the U.S., we! are operat- 
ing the first mobile CAT 
scanners as part of our shared 
diagnostic and therapy ser- 
— vices. Such services enable 

hospitals to lower costs 
by sharing advanced medi- 
cal technologies and 
equipment. 


In addition to these proj- 
ects, AMI provides special- 
ized health care services, 
including the design, 
development and manage- 
ment of hospitals, out- 
patient and preventive 
care programs. 


1. We operate two open heart 
surgery air lifts that transport 
patients each week from the 
Netherlands and Norway to 
AMI hospitals in London. 
There, they receive the life- 
giving surgery for which they 
would have had to wait too long 
in their own country. 


2. We are supervising the de- 


4. Through our systems divi- 
sion. we are assisting hospitals 
around the world— such as 
the Hospital General de Las 
Fuerzas Armadas in Quito. 
Ecuador -to implement com- 
puterized financial information 
and control systems. 


5. We are commissioning 
government hospitals in Kuwait 


That’s AMTs response to 
the worldwide need for 

health care: providing 

practical solutions to the 
real problems of health care 
delivery. 


Arm 



The International 
Healthcare 
Services Company 


g 1*78 


American Medical International European Head OHice: 46, Wimpole Street, London, England WIN 7DG 


CALIFORNIA 

cribed as “America „ ___ _ T _ 

— the State that points the'-te exempt Sundesert from tiiase'jectofr.t 

direction in which the U.S. is laws, on the grounds that its .anftjSpHtbei^ 
heading. If that holds tree in development was far advanced r Mr.^ says the.-Coinims- "V 
the field of energy, then Amen- when the legislation Was passed^ iUHa^'gtml ^s =to haveV^-Sti^piei^: 
cans may- be in more serious andthat it was as clean, aid sifejeeni ^af.-’bur ebei®y : >g«j!e«fe4^ 
trouble than they suspect .a -plant -as could be devised — l bj^TWixid-: power 
Debate over California’s sited far from major cities to^QOG.?' • *’•*'* 

energy future has divided the : the .Mojave desert in one of the, v- 
State as profoundly as the San few. areas in Califoriun.. " 

Andreas' fault. On one point, fronr seismic faults. 

however, there is general : ^ Governor Brown’S 

agreement: that il firm deci- - remedy!* -of course, smti. 

sions are not reached soon, the and •eariSer: 'this. 

threat of economically disas- 1 ®^ be k “ own ™ be woald 'i-i 

trous power shortages couid^®?-^ 


ciora in iZUUU.?. ..- . ... - . 'iiitf aL.S^r. 

Favourite : 


reality by the ink 


ire to permit construction 


iflsof 16 “‘‘“’^Stozdesert “That project . 

u ™ l £- _ -Ba* cart of the scene" savs ’Wth.l.Sm solar:4nstaIfem<)®s^n : , 

What are the energy, policies 3 ^ 2^’ JS? the State r bs-I9^-AM^ ^: ; ' 

of Governor Jerry.. - Brown’s . 
administration? “If you can 

clear that one tin nfeasp letl/® r f®«ner~Rand Gorp. political ...... 


me know.” says 


Pinner” irector" oFtoe~ Energy direct Mri Brown's 1974 elec- a oo. per cent income 

2SHL’ 5S2K tion campaign). “It had implica- U P a maximum 


Centre and Professor. of Physics — -- — — «■ — of *3000 as an mccntiw - 

at the University of California, tlons for '.the future of many this 1 

San Diego. “ People are con- other power plants." . -™" D s 

t .j • . . „ - arrve cover a broad political 

fused. I think tlm Governor is And implications,, too, for. an. spectrum. There. is, for instance, 
confused, too. He s a devotee evolving State energy policy: in Tom ’Hayden sometime 
Of eiotfi^idea?' California, the dream of cheap, “Chicago Eight" revolutionary 
f ^ a ? bl,ndant nndear P° wer ** turned Democrat, who heads the 

these a practical cm a 50* to being phased: out in favour of a Goveriior’s “SolarcaT commis- 

Mr Bra™ VSSng bi “ rI ' e «° f sIon t0 5501 5oIar 

i ininx wr. urown is leaaing sources. For- the time being— there -.is Israeli Premier 

Sat next decade at leas t— there Meaahem Befdn, with whom 

down the wrong road will be heavy reliance on Brown in his role as a 1980 

hi s ™dea G s° wMe cSjeSd^ff- ™ ported 1 oD to ®> el "“W* presidential hopeful - recenflj 

be dear to all '“He has stated *" ouia , decrease as governor Angeles. Mr. Begin is another 

uki times sa ys top al de Mr. bufl - He 

Grav Davis “that he isn't clos- r^ olar and geothermal power— Brown have announced plams to - 
tog Ve door on nudear *p5S ^ ^ifornia-Isreel founds , 

in this State. But his definite «ii wnfkiwkoihv Sfr 11011 t0 solar energy • 

preference is to build up alter- “ 1 research. Their joint goal: to be 

nate forms of energy wherever JSSK. A* ^ on The ^ obe 10 '• 

available." liquefied nature and greater rely on the sun as their dhief 

conservation efforts. energy .source. ' 

The Governor’s other solu- Tim promise is 'there. But tie' 
tions to the State's energy prob- political reality now is the . 
If Mr. Brown has not lems are more esoteric: they nuclear dispute. Two years 'ago* 

“ closed the door," he has include erecting giant wind- a Sta te referendum showed that 
virtually halted all nuclear mills and burning wood chips, vast majority of Californians 
growth in California. His walnut -riieils and rice hulls, fs^oured nuclear growth.- Yet as 

administration played a key If much of the business world] Goveraor Brown’s Republican, 
role in killing off the $3bn and all of Brown’s political opponents, often point out, not 
Sundesert nuclear plant last rivals are sceptical about these one beW P lan * site has;bfeen 
month. The project, into which unconventioinal sources, many approved during his term in ' 
power companies had sunk evperts see" them as potentially office: and the State’s electrical 
$105m. had been described by of great value. - generating capacity has ! re- - 


Halted 


Dr. Edward Teller, the nuclear 


scientist who developed the a projected .50 per cent in<n«ase 

H-bomb, as “ California's SSjS*® 111 Cajlfo . ma s in California's pwulation the 
brightest hope for energy year economists say that 

sufficiency." After five years, ? bout tbe wood-chip notion, and amarity should be doubled to 
Sundesert’s planners had iLf° 1 nside - rmg 1 SJ r ? ia S- &f ensure sound economic growth. 1 ■' 
obtained only, ftree of tte 90 - Thn, nuclei. powir.taSs:. 


maihed almost stagnant Given 


permits required by federal,- --one' ^of the hottest issues in -.ant^ 


State and local authorities. “ Iumbenng. centres. If yanous November’s gubernatorial 
Nuclear regulatory laws technical problems eould be te gf And' Governor T BroWn" 
passed in 1976 bln further plant solved, State officials claim that ' 

and a; sharp decline In his. per* 

approves some method for the <Ja liforaia’s^. curient electrical 

safe disposal of radioactive neefls - , ' •• ■•...'tT. r * 

wastes. The State's nuclear The natibfi’s first major wind ' Matm w fopine 





OVER 50,000 INVESTORS 
WILL ATTEND 




M: 


THE WORLD O? INVESTMENT ’78 

Los Angeles Convention Center 

October 26-29, 1978 1 v; \; S W : ; ^ 




t 


THE 

• 225,000 square feet of exhibits 


’' i-'f / i*u* 


$ ■ 
'Sp.w 

m- 


f eshitiits ■/•;3p.eecfi«f * ' SemTharS.-f: « 

Write today for exhibit spacfeavaflabaitK$ ;' v 

Tkn '.-4' 


The Worid of layestraeaL 





-*-i 

.. ...ti ,V =o,>.v.-. *,y-S Jv 

















Financial Times Wednesday June 21 1978 

Television \ ; " 


Dancing on the middle ground 


Before taking a quick look. at i 
the six new series which man- - 
aged somehow- to squeeze onto | 
the screen last week in the brief \ 

lulls during:. the tedious blitzkrieg ■ 

of th&World Cup, it is worth con- : 
sidertnff- dierek Bailey’s pro- 
gramme . about MacAJitlaB's ; 
Mayerling. It is worthwhile be- 
cause the programme afforded 
such clear illustrations of so 
many of’.' the different facets— 
good and bad— ^of television arts - 
programmes. 

First of alT it “was a “prestige** 
programme:' it went into produc- 
tion at London Weekend during 
the days of Aquarius '.and - was 
eventually broadcast on Saturday 
in The South Bank Shorn: it 
lasted more than two hours; was 
featured- on the' cover of. TV 
Times: undoubtedly cost a lost of 
money; , and; if-. it does not turn 
up as the British entry in at 
icast one. international television 
festival m the nest 12 months' 
I will eat this column. 

The format was one that has 
become increasingly popular in 
the quality end of the festival 
business in the past few years: a 
combination - of - performance, -re- 
hearsal, interviews and back- 
ground film. Last year America's 
PBS produced just such a mix- 
ture of rehearsal, performance 
and chat called Pilobolus Dance 
Theatre {a striking programme 
which has still pot been shown 
in Britain). Tbe Italians did a 


by CHRIS DUNK.LEY 

• tfip internal evidence or the 

similar job for opera Ih Dr.'Opefn dream of buying a ticket for a novels, then showed sn “Pf^ots ._ vs . 

. . . Vn Sogno, U« Vlaggio. and live opera or ballet or even a his primary school, and broug P - epical of the whole pro- 

there have ieen whole series of serious play. in a few other f cal terec l the hectic street 

programmes- . doing the same whether any of this was in "l 1 ?* ‘L'i nnhnsher's editor could business tends towards the Holly- 

thing for symphony orchestras in Bailey's mind I do not know, hut v d th* b r m! nafure of the wood Quaint school. and there is 

Israel and Germany: as well as what he gave us was not the convey the real nature oi me wuobv^ ^ telcvWwi C0llld 

Britain. , . ballet from beginning to end t _ afce Bailey’s bring us a more sober and 

It Is a popular formula for though I believe he did record *“' s d°® 3 ^ ••balanced biography if that 

several reasons: whereas tele- it a ,f> hul a melange which iEgEEFfi was verJ good ofTt] wLthe object-hut clearly it is 

rfntraCtS from h clnrv went contrary, 11 was VC ‘J __ " . in,). ic 9 n no nVIncL- rtrama 


any perHJrmaui.e ***•*-» • ■ un «« me- tmiwtuv- ---- - hjoh nualiiv serial. n- -■ 

relavs it from the theatre or con- f rnTn the last scene of the last ^ n .5_ “"rual dance excerpts was f s a highly entertaining one. 
cert hull to the viewer, the addi- act. brought in my colleague « the .ictuai dance excerpu was is a LiJe 8(?gi , IS At \ 

lion of background material Clement Crisp as a commentator/ recem ly in the Forty which immediately pre- 

-micht be thought to 'enhance iL guide, in addition to Melyyn idiocies w e in T>or , ’’c Dnnce rorles Wilt .Shufcespenre is yeti 

nnera or ballet un- Rrarc whn supplied the voice- imported works in BBC- s D n cedes^ w sitcom in the 



ticularly a story as sensational rehearsing, and interviews wi 1 ine ihe whole the unexpeetant husband and 

?s Majerlimrt and • interviews choreographer Kenneth MacM.l- then another showmg the whole ^ e ^° r / Lea , h a5 hls expectant 

with the personalities, involved bn. orcliestrator John Lancb- ofMaycrlms from begin mn. to josem* * called 

might be expected to (hold rather hjjynd scenario writer Gillian ^ Bailey 

m perhap^ e s?me-' producers think. The result was. that one came executive produce^ Nickel iott Three.^ They > QU be 

e T ^uri ness 3 of W “ nV 6 j uy "JdollWewra rtory.'Snd with Cave held an audience as large leaning a Sf no 

Sr doing “nod "• vott. might just some idea-lhough pretly sketchy as the one they got. Perhaps barely P£gn an,, and 1 J mer0l|S 
as 'well 8 fulfil all three of the —of how a ballet is created. Most they could not have won time on doubt - . w ind. and 

xiiHoe’aF British brood- significantly. the programme also the network for such a treatment, jokes about f -*■ , d 


Katia Ricciardli and Luciano Pavarotti 


Leonard Burt 


Covent Garden 


vent Garden 

Luisa Miller 

hy RONALD CRICHTON 

„ di - s L.*., Mr crept % l*u..a, K.^jc^.h » 


the producers ■ ^ *** ^ “ — * un; =•* r « 

arammes that television is in the Merle Park. been proceeding slowly 

"de-mvstificatioh” business, and However, it came no ^ e _V: British television For 15 nr 
that one of its jobs is to cut near conveying the true gestalt years Each year the number 
Through the more pretentious of Macmillan’s work of art. programmes making a sign 
trappings with which -the cogno- its nature it couid not do so. t demaj , d f r0 m the viev 
scenti surround theTarts, and any more than : a ' P r . (, |T a ^,T T f at.d offering a commensur 
mSe them more readily accept- which started wrth the lart rimp- return seems t0 shrink a 
able to people who would never lor of ODe of Melvyn Bra &e , s shrjnk and they always wen 

small minority. 




return seems to shrink and G P e^xpeVienle It that the rehearsal period had J^iost S’ ufe scenes take plac'e soldier, in' love with “ Carlu.- 

shrink, and .they always were a been beset by difiiculUes caused °Loyrffthem in a wto larejlly Kodo, 0. son to the 

small minority- revue series ever broad- by illness and cast changes. They JJJ“ dest co tt3ge, while the chorus wicked loftil 01 

Certainly there were none medicd Weekend at 7^0 may also have known that this h a 5U bdued if effective role. Walter. Pawioui. w he took .o e 
among last week’s new senes ^ *fdavs was to be an “economy” pro- n g anjust - s production is simple pains about 

The best of these was Will oDFnda- 3 - . What ducaon-while financial con- J good-look in? . with 3 list k ‘* 1 ‘ 5? ^wuh hiVcS 

Miafeespeare. written for ATV by Thwn ■ h is another straints often work wonders by nail „ h fl miQC ing and posturing vigorous music w , " b,s c “' 

John Mortimer and produced by About i*re n> oner* is - sharpening everyone’s wits they f" an idea of the 17th mary clarion firmness. t.ise 

Cecil Clarke. Anyone who has ^^"lidSry. irl?t ^in themselves a guarantee ^ r \f ^ S, Schiller set 

ever written publ.c y abnut g ° fo ^ , Sf fro, of artistic success Final y, c ™%\ ay) as s ^ n through mid- ^ u ^ c al 

Shakespeare knows from the >JJ d JJ wpnint [|f employees, and Luisa -lii Her, though rightly mh P ceriUn . y eyes. His pleasing duiL He * or n« { 0 f 

almost hysterical response the Jh ' nn Bu , loek . Since prized by Verd.ans has not in ^ an[l cosUim , s (tbe scene is Qu-"< J “ «« ” e , aT1 . 

very special place he ouupies in with 0 „ r vnmes bave recently this country, for all the wide- Tvrolean village and the local Trjnsrenio. t . - t 

the collective British bosom, and in _nf the spread interest in Italian otto- have the same qualiiies choly piece to the vigorous cate 

the critical lambasting that the been ■ distinction in cento opera, even began to J ith lhe al idnional virtue of »or>. '^hcie 1 -d .cs j - r " F a»tEer 

fir.t episode has taken was chrome ^ u is hard „ establish itself in the repertory. « ^ eas , to change. Whether The impMUn rule of^FWlwr 
entirely predictable. “ r m so h)>|pfuI such a de i,. The first performance of ibis thev wl n pi^se these with a ™ at s h 0 rt 

Obviously there are lj ^ ua f f r S ate iy one-sidfd series may bf. new production by Hlippo Sam- akness for expensive and ln ^“ \? u cci an ^ref- 

problems. Mortimer has gone for berat s rjters on BBC1. just, conducted by Lonn Maazel elaboralc Central European en- nouce baritone of con- 

a sub-Elizabethan style- Kate! ine ^ tJJ cover Noel (making his Covent Garden g ineeri ng is another matter. The able. b,l,s,Cd n I rf ^’p n^mptiv 

Merry Kate! For a prank, for a jnic : P Novello. Lennon debut» was listed as only the ° roblem of representing 3 small siderable promise P - P ■ 

merry strategm . - - ’ and so on ^Ccartnev and so on. started third in the house. The opera P^terlor on a large stage has recognised as juih b> 1 ^ne 

—in which there is no division and SuiaJ . t _ a name which already and unsuccesbfulJy tried ^ f(| ,. leverly S0 lved. audience. At e'en shnrte 

visible between pastiche and sprms quite so readily both at the old Sadlers Wells Maazc .i- S belated operatic Robert U o^d * Enlace of 

parody, but it is hard to se. . ^ d j d write Lily and at Her Majesty s. in fact. . A t bere was a success. He Count of h p ' nav 

what else he could do in a period £ ^a'and Soldiers of the made two ;Covent Garden m ppear- the V01CBS a5? inst the 

production. r „ ip - n but practically all his ances in lbi4 with Patti. NkoIidi . est - ms 3nd som e times mi- guess that he w nj maK 

Tim Curry in the title role has Qj***?^' ’L--, l0 have been :-nd Graziani. Though Rodolfos ^ “soorinc with skill and effect when he is ^eam in the 


merry siraiegxn . - - • “ * MeCartnev and so on. starten tbira in ine nouse. interior on a large stage oa* — --- - 

—in which there is no division L ^ lie Stuart— a name which already and unsuccessfully tried * )pen tlev( , rly S0 lved. audience. At even shorte 

visible between pastiche a ° d d '^n dt sprm g quite so readily both at the old Sadlers Wells JiaazeFs belated operatic Robert ^ w- nlace of 
parody, but it is hard to se. . ^ d j d wr jt e Lily and at Her Majesty s. in fact. . but b ere was a success. He Count of h p , liav 

what else he could do in a period £ ^na and Soldiers of the ma de two ; Covent Garden ■, ppear- the V0]Ces against the Uwynne » 0 h ^!:,^ a U k f 

production. but practically all his ances in lbi4 with Patti. Nuolmi . e< . t - ms 3nd some times nil- guess that he w n| maK t 

Tim Curry in the title role has Owe? l0 have been and Graziani. Though Rodolfo s ^p^d scoring with skill and effect when he is Teaji _ m _ the 

so far only had the chance to Sl ^frirgmrahle and conse- “Quando le sere is one nf \ erdi a ” p d much lhut not too muchi paft fnmie of the lead ng rol .. 

present the young blood of JfJSiy forgotten . Though an most frequently recorded tenor ^ f a ° bo " e siidrlen flashes of brass in this opera sn fl,, l f f c0 "J b '' 

which we know he is quite SH^SScraiic choice, his story arias the score, in spite of great « ,n ®,f th whtch Verdi now and cared and delicate ensemble work 

capable. The test is going to “ffi , pleasant enough pro- and varied musical riches, con- tone f he viplent fan bo easv to mastor micMM 

come as the character ages. But made a pitas tains no other invincible popular 5™ a 0 s t ^ plot . There Mr. Llovd gave a creditable per- 

so far his semi-peasant fledgling S . . e in Lennie Bennett and winners. Yet the real reason for a nerhaps. a slight Jack of forma nee. 

poet/playwright living on his ■ g tevens ^Letinicntui Jerrii )j neglect that may well be 0 w- sp0 ntaneitv but this is a quality Richard Van Allan appe _ - 
wits in the big city. Hteraliy h ave found some- come now probably lies in one of sP^m 011 - a ' first night, as Wurm. the Count _s villa nous 

to my ,b« close JCj? ^'hS! 


Bush 


Ian MeShane as Christopher Marlowe in * Will Shakespeare ' 

7 I GIvndi 


abilities equal b«u • this; having proved in wwr * jn saniust s quieuy aecoia- pum-n nt 

of the established playwrights ’s tni^na ^ ^ only c0raedy Cammarano of Schiller s drama wen enjovable with a 5 ‘ 0U *\ " F 

seems a reasonable enough , .■ t a bj e to fire off gags Kabate un<I Licht. one o ? is rewUedlv a tenor's servility — the fellow is a httl.. 

portrait considering from a trapeze and perform two- early- plays which (c ur *; bJ * - • but 'wn with Luciano nresunuihious, As the rich widow 

virtually nothing is known bf SSS fomersaulls on it. what on when have Pavarotti to -sine Rodolfo the Federfca d’Ost helm, to whom 

Shakespeare's life except from earlh ^ lhey going l0 do in J English taste, warmest applause of all went t o Rodolfo i* u nwillin.b hetroth.d. 


Glyndebourne 


Mozart 


by MICH A Ei COVENEY 


As if track-suited joggers: on 

every street corner were- not 
enough to remind the rest. of us 
bow unfit we are, Ian Brown has 
brought them steaming .into the 
theatre in his sprightly little 
play. But these are not mere 
joggers; they are runners, , the 
real thing, with an eye on inter- 
national honours in sprinting 
and middle-distance e™™**- 
Chuck AUsop (Will KnighUeyl 
is working for a degree and 
sacrificing his home life for 
weekend meetings in the Mid- 
lands. His rival. Alec Haines 
(Torn Marshall), is a ruthless 

The Entertainment 
Guide is on Page 12 


winner with a nagging Mum 
(“You eat like a horse! and drip 
everywhere") and a fitful career 

‘"■nMplpKy"' effect |H 

when it concentrates on the 
details of preparation in - the 
changing room, where naked 
torsos, shin splints .and spiked 
knees decorate 

reportage on the life -of an 

athlete and an extended we ght- 
iiftine session under the super- 
vision of a demanding coach 
(Rio Fanning). The coach has 
a trained eye for the h£ely lad 
and slips Alec a few bob^and 
a packet of anabolic steroids in 
his push for fame and inter- 
national selection. Whether he 
acts out of ambition for success 
with a protege or as an .ingrati- 
ating homosexual is a matter tor 

jourifaUst from “ a Sunday 
heavy " is introduced to extort 
from -Chuck - a -reasonable set 


speech on why he runs: "t run 
because it feels right, appro- 
priate. . . it’s catharsis a way 
of finding myself in 
Chuck's wife. Janet (Ann 
Holloway) gets Alec to put up 
more than a few shelves and we 
end with whispered evince j>F 
adultery as the runners emerge 
in ill-fitting dinner suits for a 
celebratory dinner. Chuck has 
made it into the relay team, but 
Alec has gone one better as a 

S °lt is'V careful, unpretentious 
piece of work, very well P er_ .' 
formed in Simon Stokes s low-, 
key production. The P ro ^J‘ atI ™^ 
thanks the Palace Theatre,, 
Westcliff. for the jock stra[w» 
■which makes me wonder wha^ 
we are missing down there. 

It also, credits Will Knightley 
with “ weight-training supervi- 
sion.", and! it is ‘ m P ress, '',?=j2 
see an actor doing somethin., 
well onstage b es i d es acting^ 
Robert Whelan offers the : usual 
idea of a caricatured journateL 
although 1 think it unlikely that 
he would monitor an interview 
on a used brown envelope with 
a mere penciL 


A tropVf ESSFtSSSES. “me”pS 

Don Gtotbnni and Zauberilote . patches of bumpy singing 
productions of the current festi- wpre 0 f sma j] account) 
val provided the excuse for a T ^ e conductor was Nicholas’ s 
two-day visit. The weather was Braithwaite. also remembered 
pleasantly sunny, the Giovanni from the 1977 tour. He applies 
anything but. If Peter Hall s himself wholeheartedly to the 
production has done nothing tensile, lean-limbed reading 
else— and. in my view, it has w hich the production implies and 
achieved the most revolutionary de mands. fiercely avoiding an 
and also the most careful re- Mediterranean sunshine and sen- 
study of the opera in many 5U ousness. Only in the outer 
year*— 'it has given unremitting extremities of the opera did one 
expression to the dark tempes- a still greater degree oE 

tuousness in the music. Caught jnciseveness — the slow opening 
towards the end of the run. with of lhe overture was rather 
a change of conductor and a niushily played, and the nnai 
hew Don Ottavio inserted into scene was clear rather than ler- 
the ensemble, the staging still. rib j e or hair-raising. Most ot 
unfolds with a relentless single- evening, the London Ptiil- 
ness of purpose that leaves one j iarmon ic Orchestra was on its 
breathless. It is, apart perhaps U10gl distinguished Glyndebourne 
from the tirelessly inventive f or)n , 

Leporello of Stafford Dean (in ^ flute, on Monday, was 
■very colourful voice on Sunday i, rat jj er a let-down. Unlike Ronald 
a Giocanni without stars. The Crichton, who reviewed the John 
opera itself is the star, as at Q OX .jj a vid Hockney collaboration 
Glyndebourne it is always it waS first revealed last 

meant to be. rtl . |H _ month. I find the fabled designs 

Keith Lewis, who sang Ottavio ..j ntere5t i ng " rather than 
during the 1977 Glyndebourne remarkable . and regret their 
tour, is a well-schooled >oung cramping> strait-jacketing effect 
tenor, good at varjing the or gtage space and movement- 
shades and inflections of his jfae first . act fina le was on 
. long phrases, smooth and (ex- Mond at ]easti a sea of ill- 
cent, for a couple of hastily gorted and umnyitmgly 




k ' 




i?a U. ■'■>«»*••«* t ww T vv "*" 


, r - — — ■'m.v;: 











English Stage • r: . 
Company chairman.r- 

For - personal reasons Sir 
Hugh Greene, who was due To 
become the chairman oJ_ gj- 
English Stage Company has bad 
to withdraw. The company feas 
.announced, though that 
Newby .has . agreed to bec ^® 
the new chairman of the council 
of the English Stage Company 
at the Royal Court Theatre. He 
will assume this position at the 
beginning of July 


«pt. for a couple of hastily and uninvitingly 

snatched breaths) proficient in costumed figureSl f Searching for 
the runs of II mio tesoro. The Sarastro is not what the scene 
voice itself is not a very mgra- or shQuld be> about.) A cool, 
tiating instrumenL particularly low . key qua my, which spread 
when it swells otrt into forti. frQm pit in An drew Davis s 
but Mr. Lewis makes resource- tidiiv placed but un- 

ful use of it. Th * ll P , ®g,"5 Js a resonant reading, and which 

usually spineless character as a united wjth ^ flat and 

steady figure of middle age ana activity on stage, 

patient but not Pjjsillai ai “® * diminished the opera at either 
disposition is one oj the many ^ Qf ils sca]e . un derplaymg 
illuminations of the e em the j oyouS ness and the 

(Elvira is another and for tne andeuf 

communicative » ai ™”L Felioitj' Lott has taken over 

which Rosario Andrade drew t j ^ PamlB3 _ Even though she 
ether the strands of her P 35 . . t0 better a dvan- 


'"Xvf!':' 
















Continuing action «n 


eu 1 1 ure; un^^nd'enqe : 


VENEZUELAN CULTURAL EVENTS 3 JULY— 29 JULY 1978 

commemorating the 

.f Vano^uola s Independence . 


167th Anniversary oi 

ART - BflilSir. • FILMS . 


has been seen to better advan- 
tage in Anthony Bescfa's delight- 
ful production for !the English 
National Opera, Miss Lott 
remains a Mozart singer of not- 
able freshness and na-turai dis- 
tinction. When so rnuuh in a 
generally under-sung Flute 
seemed a cautious skirting along 
the edges of the music, it was 
restorative to encounter at least 
one central .performance firmly 
founded on a radiantly expres- 
sive vocal 3ine- 
The other newcomers to the 
cast are Kolos Kovats from Hun- 
gary a Sarastro with a bass of 
imposing but rather uneven 
quality and an impressive com- 
mand of physical stillness, and 
the Israeli Syliva Greenberg, a 
Queen of Night with accuracy 
•and intelligence as fair compen- 
sation for smallness of tone. It 
was a United Nations cask and 
the German dialogue was spoken 
in a wide range of peculiar 
accents. Willard White's 
resonant West Indian tones 
proved not the least peculiar of 
these; but his speaking voice is 
in itself a splendid instrument, 
and his Old Priest is sung with 
memorable gravity and, fullness. , 
MAX LOPPERT 


When you're doing business in the Far East, it helps 

to have the right connections. 

It's important, too, to have convenient travel con- 
nections. To arrive fresh enough to ensure a successful 

Connections like the four SAS express routes with 

9 weekly flights from Copenhagen. 

SAS has a way and a day to suit, your timetable. 





t*. T y £ ’5 Its- 

- ,y.'. 


io» i ins! Calculi,!. Delhi. K era chi. Manila, iniwtpui*. 1 uhyo, Bangkok, with good 

cviuwaiiQiu to liong Kong. 


STtS 

SQhV&MAMM A f RHJVES 





IS 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Teleg ram-; ; Finantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01*248 SOM 


Wednesday June 21 1978 



arithmet 



THE CHANCELLOR of the Ex- 
chequer seems to have made 
an impressive appearance be- 
fore the House of Commons 
Expenditure Committee yester- 
day in defence of his decision 
to recover the revenue lost 
through Opposition amend- 
ments to his Budget proposals 
through a surcharge on em- 
ployers' national insurance con- 
tributions. Deploying a mix- 
ture of fiscal arithmetic and 
Treasury guesswork with his 
usual air of solid authority, he 
argued that this was the least 
of the available evils — the least 
harmful way out of a situation 
which was not of his choosing. 
His reasoning may have per- 
suaded the Committee, but we 
remain unconvinced. 


Speculative 

Mr. Healey put forward two 
basic lines of argument: that 
the surcharge would have less 
effect on employment than any 
alternative, and that it would 
have less impact on retail 
prices. The first of these is 
at best a highly speculative line 
of reasoning. As the Chancellor 
frankly admitted, the present 
relationship between official 
figures for output and employ- 
ment is very puzzling. Re- 
corded output is growing pretty’ 
much in line with recent fore- 
casts. both official and un- 
official: but all these apparently 
accurate forecasts associated 
the present growth of output 
with rising rather than falling 
unemployment In fact how- 
ever. unemployment has been 
falling and vacancies have been 
rising for nine consecutive 
months, and the trend is now 
admitted by officials to be sta- 
tistically unmistakable. 

Mr. Healey is certainly en- 
titled to celebrate this news, 
even if he is not clear how 
exactly he can claim any credit 
for it. He may even suspect, 
as the U.S. Administration does, 
that the employment figures 
suggest that output is higher 
than the official figures show; 
there is some reason to suspect 
that official volume indices — 
which are admitted by the sta- 
tisticians to be inaccurate when 
inflation is rapid — can be dis- 
torled downwards by the im- 
pact of recession and price con- 
trols. The one thing the Chan- 
cellor cannot legitimately do is 
to take a relationship which 
has become a subject for cheer- 
ful guesswork and use it as the 


basis for rather fine estimates 
of the employment impact of 
marginal tax changes. In an 
area of doubt, Mr. Healey's 
figures — like some other fore- 
casts emanating from the 
Treasury— are far too precise 
to be convincing. 

This was not the only incon- 
sistency in Mr. Healey’s evi- 
dence: for if his assertion that 
the price effect of the sur- 
charge will be only about half 
that of a similar sum raised 
through VAT, one would expect 
the employment effect to be 
worse rather than better. The 
charge, in either case, is borne 
hy the sale of goods: but where- 
as a VAT rise would be borne 
partly by imports, the sur- 
charge will fall on home pro- 
duction. It therefore makes a 
heavier call than would a VAT 
charge on the funds from which 
employment and investment 
are provided. 

It is true that the surcharge, 
unlike a VAT increase, will be 
recovered from exports as well 
as home sales, but this does not 
account for the whole 
difference claimed by the Chan- 
cellor. The balance — and in- 
deed the whole rise in export 
costs, where prices are most 
stronaly constrained by com- 
petition — will fall on profits. 

Levelling out 

Again, there is new evidence 
to hand to provide a gloss on 
the Chancellors remarks. The 
latest figures for gross domestic 
product show that even before 
thi« new charge, profits, net of 
stock appreciation, have 
levelled out over the last six 
months after their previous 
strong rise. They are now run- 
ning at a little over £3bn a 
ouarter in money terms— eight 
times the sum the Chancellor 
needs to raise. If only a little 
over half of this is recovered 
from customers, the effect could 
be to reduce profits available 
for investment by more than 5 
per cent This is certainly bad 
for employment in the long 
run. whatever may be the effect 
of higher real incomes In the 
short run. 

It is perhaps lo be expected 
that Chancellors will go for 
short-run benefits as elections 
near, and will justify politically 
expedient choices with dubious 
statistics. Mr. Healey has made 
a damaging choice, and his self- 
defence will not deceive indus- 
try. It is to be hoped that be 
has not deceived himself either. 



ONCE AGAIN, as at Caracas, 
the Organisation of Petroleum 
Exporting Cmintries has agreed 
to disagree — in the politest 
possible terms — with the 
result that for the time being 
at least and probably until the 
end of the year llu? baste price 
of oil v.iM remain unchanged. 

In effect, the establishment 
of a committee of experts 
chaired by Sheikh A!i Khalifa 
al Sabah, the Kuwaiti Minister 
of Oil. has deferred a decision 
un the question of what the 
producers can and should do 
lu preserve the purchasing 
power of their revenues in the 
face of the dollar's continuing 
depreciation. The decision 
could be regarded cynically as 
a means of saving the face of 
those members which were 
openly committed lo gaining a 
compensatory 'increase, and of 
buying time for Saudi Arabia 
and Iran which were under 
pressure to agree to one. More 

accurately, however, it reflected 

the genuine perplexity of the 
producers in the situation chat 
they now find themselves. 


Freeze prolonged 


On the face or it the scenario 
at Geneva was similar to those 
at almost every other meeting 
since the three-fold escalation of 
oil prices in the last quarter of 
1973. As in the past. Saudi 
Arabia taught for moderation 
in the interests of the health of 
the world economy which, it be- 
lieves. ig not yet in a position 
to bear the cost of an increase 
even in nominal terms. As at 
Caracas, the support of Iran 
made it possible for the King- 
dom to resist demands for an in- 
crease and to prolong the freeze 
in force since last summer's 
Stockholm conference. 

At Geneva last week-end. how- 
ever. there was a very discern- 
ible difference based on the 
general realisation that over the 
past year and a half the circum- 
stances or the producers have 
chans"'d. Having been founded 
in I960 to maintain revenue 
\ allies. UPEC in 1973 asserted 
its power to set prices unilater- 
ally. The cut-backs imposed by 
the Arab producers in retalia- 
tion against U.S aid to Israel 
during the October War made 


1 




possible the dramatic rise de- 
cided upon, though with great 
reluctance by Saudi Arabia, at 
the end of that year. Notwith- 
standing the economic reces- 
sion. which was largely the 
result of the escalation in oil 
prices, demand was strong 
enough to maintain the subse- 
quent improvement in revenue 
terms. But last year not least 
because of the North Sea and 
Alaskan oil, OPEC production 
was virtually static compared 
with 1976 and the producers 
suddenly found their ability to 
dictate prices limited by a sur- 
plus. 

The turn-around in the mar- 
ket has imposed a new predica- 
ment on OPEC, whose basic 
function is to maintain and 
improve revenue terms. Mem- 
bers' purchasing power has been 
eroded since the beginning of 
1977 because of inflation and 
the depreciation of the dollar. 
Some producers still defiantly 
assert that the market could 
support an increase of 10 per 
cent or more, despite the fact 
that North African producers of 
premium light crudes have had 
to cut their differentials in the 
face of competition from North 
Sea oil. But it is doubtful 
whether anything more than a 
nominal increment could be 
sustained until the end of next 
year. 

Whether or not a significant 
rise could be supported, mar- 
ket realities have certainly 
made it easier tar Saudi Arabia 
to resist pressures for an in- 
crease and in part must have 
accounted tar the conversion 
of Iran to price stability. Yet, 
the plight of the poorer pro- 
ducers Is such that the two big 
oil powers will almost inevit- 
ably agree to some kind of rise 
early nest year. Sheikh Ahmed 
Zaki Yaraani, the Saudi Minister 
of Oil, has suggested 2 per cent 
might be reasonable and pro- 
posed that it should be followed 
by periodic increments to pre- 
pare consumers for the antici- 
pated shortage in the middle or 
the next decade. He is not 
alone in OPEC in arguing that 
a progressive increase in the 
price of oil is needed to en- 
courage the development of 
alternative sources of energy 
and thus to prepare for the day 
when the temporary oil sur- 
plus gives way (o a shortage. 



the fears 


financial Tunes W^iesd^- Juffe 


v ■ ■ -v.- 3 ■ 

k 21:1 




..... 





BY DAVID FISHLOCK, Science Editor 


A S THE figures came irt 
we were seriously worried 
that we would be obliged 
dose plant down, says Mr. 
John Dunster. one of the three 
signatories to the long-awaited 
Sport* on safety at the Canvey 
island industrial complex. As 
it turned out, except for one 
part of one plant, which had to 
be shut down, some fairly 
simple precautions against the 
grosser risks uncovered by the 
safety assessors will gTeatly re- 
duce any risk of a catastrophe. 

The path to this conclusion 
has been long, tortuous and 
costly — £400,000 alone for the 
safety assessment, but some mil- 
lions for the modifications and 
“backfitting” required by the 
Factory inspectors. But the out- 
come is that residents of Canvey 
now have the assurance of the 
most painstaking safety assess- 
ment ever undertaken outside 
the nudear industry that the 
risk of an industrial accident 
reaching beyond the factory 
fences is extremely low. 

Canvey and Its environs, as 
the map shows, is one of Bri- 
tain's big industrial campuses. 
A fifth of the nation’s oil re- 
fining capacity alone is packed 
into a riverside area nine miles 
long, only about 25 miles from 
central London. The refineries, 
fuel stores and chemical plants 
represent a colossal inventory of 
potentially hazardous material, 
both explosive and toxic. Added 
to this are hazards from vessels 
berthing nearby, bearing large 
cargoes of fuel and chemicals. 

What the 33,000 residents of 
Canvey — a figure which doubles 
in mid-summer — feared most 
was the possibility of a catas- 
trophe that would sweep 
through the plants, the first 
to explode blowing up its 
neighbour, and so on. What they 
wlll learn from the report of 
the Health and Safety Execu- 
tive is that a “domino effect” 
cannot happen even under the 
worst circumstances the inspec- 
tors were able to visualise. 

It is their judgment that, 
even before the modifications 
now being carried out, at worst 
a sequence of two plants could 
explode in one disaster. But the 
consequences could nevertheless 
spread beyond the fence to 
strike the residents because of 
certain toxic chemicals stored 
in large quantities. The modifi- 
cations are intended to confine 
the effects of any conceivable 
accident to a single piece of 
plant. Beyond that it is probably 
not reasonable to go, for the 
present generation of chemical 
plants. For the future — perhaps 
a decade away— there is every 
chance of designing plants which 
for a given output are much 
smaller and intrinsically much 
safer. 

The Canvey study will prove 
valuable on two different 
counts. First, it is highly 
reassuring for the residents 
themselves. Although by 



extrapolating the risks to pressure 


to have it revoked, was to go beyond such descrip- Cartiers are built 


should quickly- follow” -The 
changes required are many and 
. varied. One of the most impor- - 
. taut Will ^be automatic 'Water -'; 
spay systems -.designei to i be - 
triggered by : a ' - release r-of 
ammonia * or hydrogen fluoride, ' 
which will diswlve. the;toisK: . • 
chemical and minimum -the 
amount likely .to 'drift :- They '“ 
could, be installed,' for examplei :. . 
atthe point where 4he substance ' , 
■is discharged frwnthebulkcar- 
: tier; The executive is dlscas^ing ' 
with - MobU^ways of getting a . 
sufficiently- fast- and 'reliable re- - 
spouse 'from, such- a. system.-'- - 
pother dumges are ' simpler, 

| involving' tar instance- the’ : iais» - 
ibg : Of m6re_ .pmtetijYe^ 

- around-, processes,- ■ Biit the- : 
inspect»rs :have jpn Jnfo;.sgme 
-problems with' British. Gas 'over. 
proposals - that - it > should eban . 
don certain activities at Canvey 
—such as '.fli e ; storage- of- butane --- 
‘ -T^whldr seenr to lave no ! com- - 
‘ mercial purpose.' • ] A • : V ‘‘ ' ~ 

' Wha t wfl L sQgu. h^fTeqifflied, 
of mdustry f hoWeyCT t -~is . that; it’ 
must nqti^:;ite-sWf. wbemcnm- 

- parties are operating, what^hce . 

Fliiborough,has^t^'e jaiown 

vtron izhr ■ ** * 

smmgiy hazard.- . t^^.'-ihoinpany should 


theoreticai" extremes 'ffW to . Join, revest from ffig « 


conceivable direction, the the Secretaries for Environment high,” and 
inspectors have arrived at situa- and Employment that the Healtii tion in figures—for 
tions in which hundreds or even and Safety Commission should chance m 10,000 " r 
thousands might die, they show first make a special investigation people, compared 



UlOUSdllUb mujni Uic, LUCJ SHUW Uioi - — o- r — r— i ~ i/’ • . - • , ^ L UbUOi, TWIJ- . 

very clearly that, given their, of the potential for catastrophe in 100 if the alternative course tee- biggest risks isolated ^ 
recommended changes, the risk already concentrated tn the is purened > ftW. AJSSSl. 


As the report observes, this highly i nflamm able “rapotir catiohsta hhprove'safety^shauia 

hflTTHlPn v - ■ ■ -M.- 


conceivable and some 
occurred, although never any- 
where in the world in such a 
way as to result in the large 
numbers of casualties judged to 
be possible by the investigating 
team.” 

The second count on which 
it will prove valuable is as a 
model of a “major industrial 


is so low as to be discountable, area. _ . — y. y- - Ijl1 tlnt> 

As the renort nuts if “All of The Commission called in approach means relying on his-. devastated the Flis&<mrog& spread., IguItfdyT; tfmmgkr th* 
the accidents discussed in this Britain's most experienced torical data. Sometimes this is. factory. For Ca nve y the team; BritS^ riirimraL petrodaemlriil 
reoort a?e th^tic a lly people in assessing major readily available. For example.^ not ^ ' 

have industrial hazards, built up by it shows that refineries suffer problems of a drifting gqa cloud . many enmpani f-g ft jg hr miftf tn 
the UK Atomic Energy an average of one major fire Wpch might be ignited by J® ;hHne js'isli o ck. > . 

Authority as watchdogs over its every ten years. But where it isOevept elsewhere — such as •■tne?' '• .. A ^ : jnubTem' wife which the 
own and the Navy's nuclear not — as when new activities give, ..ubiquitous refinery fires — but ExecUttVe~stLll has to grapple is 
installations. This is the Safety rise to novel hazards-— the asses-' -also. the possibility of toxic gas , thaf -'liif yjffof An ttajTly hazardous 
and Reliability Directorate at gors can only make their own clouds drifting over residential ^nteriarffpi g between nefghbour- 
Culcheth, under the direction pudgment Inevitably this is a.to**- . . • ^. vi'- Ing^nts when thfe.misighbours' 

of Dr. George Kinchin— a body potential source of controversy. ■ Ammonia, already stored a^e^-rinapetitars. Mr. 'Locke, • 
for which the more safety- Their brief was to err on the hutk on. the site, and hydrogen ^y.jcrir>wl«rigf»«; .that- companies . 
conscious sectors of heavy pessimistic side, and they be- . a ^ re l a ti vely -r ne w may feel- th ey have'sound-com- 


jdustry 

:EEC 


hazard.” These are the plants industry in Britain already have ii eve they have done so perhapsv^ 1 ^^ in refinery qiyretiQi^v^p rc ^ .reasons tar not sharing 

* m w . c x j . 4»Y"a nfith Riih.vflnrfwwnU'n rnnJfl - n - ■ ^ • 


More complex 
situation 


— estimated to number between the highest regard. 
100-300 in the UK— which by 
virtue of their energy inventory 
are judged capable of wreaking 
havoc beyond the factory fence. 

Since the explosion of Nypro's 
plant at Flixborough just four 
years ago the factory inspectors 
have been trying to define, 
pinpoint and analyse Britain’s 
major industrial hazards. 

Canvey came to serve as a 
model not because of any 
accident, but because of 
residents* long-standing worries 
that too much industry was 
being foisted upon them. 

Flixborough, in which 28 factory 


by a factor of two to three. 


are both substances which could too ‘ much information with 
^ , . proye particularly deadly if a ^riibonrs. ■ . .. \ 

The conclusion that came as cioud were to -drift towaria-^ Thp^modlficatifms oronokd 
the S^test «vdH . was tbrii^djotatog populated areas. ; : A 


the risks identified at Canvef 'desir P ro imdersta^ bettfiE-the 

nrn«» from sn aPProoatinn STl 6 - W Jr® Suitable for pdMltSiSriudl . might 

arose from an aggregation of 'behaviour of such clouds; lias ho ^ 


fron. the stogie g^ptVd the 


hazards, not 

hazard that might trigger a Executive to commission rw. 

“domino effect" type of disaster,- experimentS' Dy the' 

n,- *.«.-* ^ «P#PW« on . major- indus- 

? oa trial hoards Is an iutegral part 

'SlSt.t tigfis Already 

n ^ J resuIt busy bri-what ICtfor example, 

it ite plant-after-next think- 

cel tag, for the late lSWs end after. 


or three years. But-£he-Jdhd of 
_ commission * 

What this team uncovered 

was a far more complex safety The study concludes that the 
situation than anyone had risks can be reduced by a fac- ; 
expected: a sprawl of factories tor of four— a big factor— by. 
owned by nine different some fairly simple meaaurir 

companies, none of which had What is more, it concludes- th 

ever “made a systematic the new refinery - for whi^h mated- probability- of an-accident tSs^uSmW 3^' ^adicallv 

attempt to examine and United Refineries has plahmng causing more^ : than 1,500 fieaths toSwin 

document- those few potentially permission could be added— sub- i s put a t : about ,17 chances in 

serious accidents which might ject to certain conditions— with- 10,000 per year for the site as it a given outpu t 


wlirkei died heiehtened their result in a risk to the health out heightening the risk. is. This would increase. to about 

wurKers aieu, uieu an ^ rt f nannla in the » on « +*.« 


tss^SJSJsg swaTsss 


processes will be, carried out 


began, where an apparently 
trivial plant incident spread a 


safety of people in the ironically, the only organ isa- 29 chances if the proposed two Safely in 'm^ fflnaUeppIants" • 
lhls tion which the report implies is new and one extended refineries ^ ne ^j fewer stages, far 


With 


actually breaking the inles is were added- But .when the site energy to keep 

the approval of the the Port of London Authority, is modified tothe inspectors’ re- materials moving. Above aU 
deadly poison over the Italian Health and Safety Executive which is apparently failing to quirements the estimated pioba- ^ ey -represent a much 
countryside. (the operating arm of the Com- enforce its own speed limit on bility falls to six. chances, even sj^dler taveptory of energy-^ln 

Their fears were given focus mission), the team set out to yessels. Vessels^are^averaging if^the tiune new refinenes are leSg of a major in . 

dustrial hazard. 


the team set out to vessels. 

by United Refineries' proposal quantify the probability of 11 knots when the speed limit added. 

to build another oil refinery on various types of accidents that is supposed to be eight knots. Thus,.;as Mr. John Locke, , M . inoestigatton of 

Canvey Island. Planning might occur, and then the pro- The difference is surprisingly director, of the Health and pcfojtiai hazards from opera- 
permission was granted in 1973, faahility of a whole range of important because it is Safety Executive, quotes dis- turns in the Convey IsUmd/Tbtfrr- 
but later there was strong poslb I e consequeoces. Its aim calculated that bulk fuel armingly:; ^ “Act -from thought roefc area. SO, £10. V 



Chipping away 
at politicians 


After a morning dealing with 
sucb bemusing terms as floppy 
disks, daisy wheels and bubble 
memories, I began to take in 
my stride claims such as that 
microprocessors would soon be 
changing the home as much as 
the motor car changed travel- 
ling. Matters, it seems, are 
moving Fast in many areas. 
Secretaries be warned: John 
McNultv of Modular Technology 
told 110 of us at a seminar 
arranged by the U.S. Trade 
Center that the manager of 
1982 would be able to dictate 
his letters into a system which 
would recognise most of what 
he said; mistakes could easily 
be corrected. Information could 
soon be stored optically rather 
than on magnetic disks and the 
like. And small personal com- 
puters could break IBM’s vir- 
tual monopoly. 

McNulty was keen to move 
from the image of computers 
as “huge beasts in the bowels 
of the corporation surrounded 
by white-coaled acolvtes/’ He 
wanted to see them better 
tailored to the end user. Other 
speakers stressed how com- 
puters would soon be made for 
th** homp not the company. 

But, when I raised this idea 
with displayers at the Center's 
exhibition of computers and 
peripherals, I began to feel that 
it was the humans who had 
become peripheral to the 
machines. Our institutions, too 
sppm tn have about as much 
chance of controlling the 
development of the new tech- 
nology as a croquet player of 
batting against Test bowlers, nr 
so Ian Lloyd, the Conservative 
member for Havant and 
Waterloo, told the seminar. 

Lloyd is chairman of the 
House of Commons Science Sub- 
committee. Yesterday he had to 
put up with some harsh com- 
ments about Whitehall’s belated 
recognition of developments in 
microprocessing and the “small 


beer” of the £50m which the 
National Enterprise Board is 
allocating to set up a semi-con- 
ductor company here. 

He has been pressing for 
greater recognition of the im- 
portance of the silicon chip 
revolution, and argues that we 
have crossed a major “event 
horizon." 

In Lloyd’s opinion the 
political consequences of this are 
huge. The institutions presiding 
over this rush into the 21st cen- 
tury remain 19th century in con- 
ception and scope, he believes. 
His basic point was that the MP 
is now comparatively unim- 
portant and the Mp (micropro- 
cessor) all-important — which 
was unusually humble coming 
from one of our latter-day repre- 
sentatives. 


So concerned were Vosper 
Thornycroft that no metal 
should enter the hull that the 
teak used was swept with a 
pietal detector. Eric Hammen, 
contract manager for the 
builders, was surprised to find 
that it showed up positive — 
and even more surprised when 
he found why. The teak had 
shrapnel in it. When Hammen 
traced down its precise origins, 
he found it was from a North 
Korean forest against which he, 
an ex-naval gunnery officer, had 
led a UN task force bombard- 
ment in the 1950s. 


Putting on a show 


Return fire 


Even the beer cans are plastic 
on board HMS Brecon, the Royal 
Navy's latest and largest in plas- 
tic warships, which is being 
launched to-day in Southampton. 
The plastic is necessary be- 
cause of the ship's function as 
a Mine Countermeasure Vessel, 
to use the RN’s long 6peak. 



A firm of London business 
consultants called Broadbent- 
Jones and Partners claims to 
be able to tell companies what 
to do when ’‘approaching an 
important turning point” They 
seem to be at quite a turning 
point themselves: this week they 
moved offices from one part of 
SW1 to another and they have 
just changed their name to 
Corporate Consulting Group. 
Last month they took op several 
advisers— including Sir Cyril 
Hawker, Sir Ieuan Maddock, 
formerly the Government’s chief 
scientist, and a Philadelphia 
businessman, Robert Caiman. I 
asked Leslie Dighton, one of the 
directors, to explain this whirl 
of activity. “ We think Europe 
is reaching back into the U.S. 
and we are preparing for it," 
he said. I also asked him to 
justify the ostentiously rococo 
furniture in their offices. “ We 
think it makes company 
chairmen feel at home,” he said. 


city council to reverse its deci- 
sion to allow tbe Lyceum’s 
immediate demolition; and to- 
morrow the British Rail en- 
vironment committee, with Sir 
Hugh Casson in attendance, 
will devote itself to the Issue. 
If the Lyceum is to be saved, 
BR represents the conserva- 
tionists’ best hope, since it 
owns most of the site — for 
which a £5m shopping centre 
is planned. 

The Lyceum was designed by 
Lancashire architect Thomas 
Harrison, whose work Is re- 
garded so highly that an appeal 
to James Callaghan to save the 
Lyceum has been signed by 
architects from as far away as 
Janan and Peru. But tbe de- 
veloners — and Boots the 
Chemists which will occupy much 
of the site— are keen to sweep 
delays aside. What some might 
regard as a compromise solu- 
tion to outright demolition was 
suggested to me by Ray 
O’Brien, the Mersevride County 
Council chief executive. He 
thinks tbat the pillared facade 
could become the frontage of a 
nautical museum in the docks 
area. But Save Britain's Heri- 
tage, thn body that has been 
leading the campaign tn rescue 
the Lyceum, calls this " an 
awful idea,” since the interior 
would be entirely lost. The 
verdict of Sir Hugh and his 
colleagues Is tensely awaited. 


For the bird 


Classic quarrel 


u He*s been drawn against 
Connors ! ” 


The next few day’s must surely 
see the climax of Merseyside's 
great Lyceum Club controversy. 
Last night there was a public 
meeting in Liverpool to discuss 
the fate of. the 170-year-old 
neo-classic building; today a 
Liberal councillor will urge the 


So, it is back to Andorra again 
for the tale of a policeman who 
found a penguin and was told 
by his superintendent to take it 
to the zoo. Next day the super- 
intendent saw the policeman 
walking hand-in-wing with the 
bird and shouted out angrily to 
demand where the policeman' 
was going. “Well, yesterday 
you told me to take it to the 
I am takingJt. to 


pin, so today 
the cinema.” 


Observer 




need is a builder 


First you need Tax Advisers. Ours will give you the facts 
about depreciation, capital allowances, incentives and - 
stock relief. . 

Second you need Financier. Our own specialists wilt. * 
introduce you to the institutes. 

Third you need Property Experts. Ours know the •/ 
market, will find the site you require and dispose of .yqpr. 
present premises if you wish. • 

Fourth you need Engineers. Ours wilt study ydur re- 
production flow problems. They have pro'bably handled 
similar situations before. . . . r - V- 

Fifth you need Architects. Our- t^jouseijuanf fed ;team . . 
yours if you wish, to design jor prestige. Value, fiexibHLtY ; - ' 
and low maintenance: /. .. v ; .1 ; . ; 

Lastly you need a 

completed acres of suf^ ffOTr^ecpah^ofschedule’ :- 
for many leading companies, v r- - v ./• : r ". ; : ; ■ V - j 

Our satisfied clients incltider BOG Unhitatt v; i; [ 

The Goody ear Tyre&Hubber Co. (Great Britain) • 

Limited, Engineering. Laboratory Equipment £imit»dr.- 
and Regma (U.IQ Limited. ■ : , ; : . iy \ . J 

For fiirtber in formation please contact^- - ? 7 l V ^ 



Hunting Gate; Wtchin, Hertr SGS4 0TB 
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* MMWfis 



Financial Times Wednesday June 21 1978 


SOCOETY TODAY 



19 



JRING the next 20 years it 
]1 be very difficult indeed to 
duce taxes without also re- 
.cing the amount of help we 
ve to people within our 
■. ; ciety who are genuinely 
■edy. That is the unstated but 
escapable conclusion to be 
awn from an important new 
' • jdy of population trends pub- 
■hed yesterday by the Office 
Population Censuses and 
irveys.* 

. The study does not talk about 
xation at all. It is intended 
take stock of the knowledge 
.’ -cumulated by our demo- 
■apbers and to set forth some 
■□elusions about the age stxuc- 
re, family size, division by 
x and race, and . other 
laracteristics of our popula- 
jn. Yet this kind of informa- 
.m can tell us more about 
ie outlines of our - political 
•.:0D0my than any amount of 
leoretical debate about 
hether Labour, which is now 
tving us a penny off, will be' 
icceeded by the Tories who 
romise at least twopence off. 
Old hands will be aware of 
n immediate pitfall. Predic- 
ons about the future size of the 
opulation are almost always 
rrong. People simply refuse "to 
tigrate, die and have babies at 
ie rate the computers predict 
although in one of those 
matters— dying — they are rela- 
' ively more obliging than in the 
est). In consequence any chart 
hat says that the total popttia- 
ion of these islands will be 
.ueh and such in AD 2001 is 
Jmost by definition inaccurate. 

. This pitfall need not concern 
is in the present case. The 
. mthors of the report cheerfully 
. idnrit the difficulty of predict- 
ing birth rales with any cer- 
ainty, and they are well aware 
hat migration patterns ' can 
.-hange drastically. But they 




oom and alms house 


do have something significant 
to say about the population that 
already exists, and it is" ; on the 
basis of this aspect of their re- 
port that those who .would 
shape our . political- and 
economic policies should sit up 
and take notice. 

We know how many 'babies 
are in their cradles, and the 
pensioners who will be alive in 
AD 2000 are already here: With 
that knowledge; a likely pat- 
tern of population change over 
the rest of the present century 
can he established. Only sud- 
den changes in the propensity - 
to have children, or Jo 
emigrate, could upset it, and in 
the 25-year-run such an upset 
would in all probability, have 
no more than a marginal effect. 

With those ifs and buts on 
one side, consider what we 
know now. First, the popula- 
tion has stopped growing and 
the curve suggests it is actually 
falling. Emigration has ex- 
ceeded immigration in every 
period since the war excepting 
1956-61 and 1972-73, to give a 
net outflow of some 200,000 in 
the postwar period. 

The birth rate, which reached 
a peak in 1965 started to fall 
then and lias never recovered 
since. The excess of deaths 
over births in 1976 was the most 
dramatic turning-point: nothing 
like it has been recorded since 
registrations began ^in the 
middle of the 19th-century. Pro- 
visional figures suggest iivat the 
curve continued last year and 
in spite of an upwards Hip in 
the birth rate this year no one 
is expecting a serious change in 
the 13-year trend. 

People have been tellang 
about this phenomenon - -fiince 
before it started to happen, but 
policies take time to catch up 
with what most people already 
know. The natural policy con- 


sequence of a devlnnc of the 
stm.-k of people is a gradual 
change in outlook away frum 
“overcrowded islands” io 
'■ encourage more births.” The 
prevailing xenophobia will 
doubtless prevent any wide- 
spread recognition of the other 
corollary: *• encourage more 
immigration.” 

It could be argued that ihe 
sudden rise of child allowances 
over the past few months has 
emerged from a subconscious 
feeling among politicians that, 
following the French pattern, 
something ought to be done to 
encourage population growth. 
We can expect mure. Before 
the family planning industry 
responds to this with a barrage 
of complaint about my thought- 
lessness and insensitivity to 
global overcrowding, it should 
consider two further points: 
faj the British turn-around 
follows a similar experience in 
West Germany and is thought 
likely to be followed in other 
west European countries: lb) 
experience elsewhere suggests 
that young adults are curiously 
unresponsive to tax and other 
incentives either to have babies 
or to refrain from having them. 

All that needs to be pointed 
out here is that the fact of the 
downturn is highly likely to 
affect government pulicies, 
which is quite different from 
saying that government policies 
are likely to have any effect, 
one way or another, on the 
birth rate. 

Leaving aside the likely size 
of future families, the conse- 
quences of the fall of the birth 
rate for families already in ex- 
istence should be faced now. 
We are still suffering from the 
post-war baby boom that marked 
the years 1955 to 1964. All those 
extra young people are coming 


IMMIGRATION 


EMIGRATION 



*•, f WIF3T 

•-V;j£;WDttS 

country of ~ 

LAST RESIDENCE-. 

1966 -'Tfi 

(000) 

US 


AFRICAN 

COMMONWEALTH ' 


C rtii.nl. 1 

US 

EEC 

A(i-.1rdki*.i.t 
Wef-l liidu-s 

Indian SiiLi- 

COutMpnt 

Ainc.tn 

.ConiraotwrrtHli 


AUSTftil ASIA 



COUNTRY OF 
INTENDED 
RESIDENCE 136S 76 


J01 

3$n 

Bb 

:e2 

252 


C.uiMa 

I’aOO) 

US 

254 

E E C 

327 

Ausiralasui 

912 

Webi indie* 

01 

liwji.ni sub- 

SI 

continent 

African 

167 

Commonwealth 



AUSTRALASIA-' 




Migration patterns to and from the United Kingdom. 


onto the labour market and will 
continue to do so until 19S3 or 
1984 when they will either be at 
university, in jobs — or cn the 
dole. The peak pressure will be 
in the year 19S1, since the rate 
of increase of the population 
of working ase will be at iis 
most rapid until then. 

After the early 19S0s the 
benefit of the long-run fall of 
the birth rate that began in 
1905 should be felt. Those whose 
principal concern is how to 
stoke up the economy at a sufH- 
eicut pace to provide the neces- 
sary extra employment can lake 
a more relaxed view about rite 
period starting from, shall we 
say. the general ejection after 
the one expected this year. 

The question that has m be 
asked today, however, is which 
combination of economic 
policies will limit the cost to 
the taxpayer of both unemploy- 
ment and job-creation schemes 
between now and 1983. If the 


answer is " tax-cutting and 

growth will »ulve all the 
problems,” then w* shall have 
tn consider the social casualties 
of rapid growth — people who 
are inevitably left behind by 
the concomitant vatu uf inflation 
and whose demand* on the 
taxpayers naturally increase. 

The eonundrifi.t no simpler 
after 1984. Retired people cost 
a great deal of tax money. The 
number of pensiuners increased 
by l.Sm to 9.4m between 1961 
and 1976 and a further increase 
of nearly 0.4m is expected over 
the next 15 year*. In itself that 
v.ould not matter very much, if 
ir were not for the expected 
change in the age-profile of the 
pensioner population. If 
mortality rate; cniinuetl io fall 
— tu, say. the best levels 
achieved in urh-.-r countries — 
the number of very old people 
(aged 85 and more) would 
increase to ;iiit over 800.900 
within the next 20 years. This 
would be an increase of 60 per 


cent. Even if mortality rates 
stay where they are now, the 
number of very old people will 
rise by over 30 per cent by 1991. 

The cost to the National 
Health Service and associated 
social services of providing a 
decent standard of care for the 
very old is very much higher, 
per head, than it is for any 
other section of the population 
excepting, perhaps, babies on 
the day of their birth. The 
public spending consequences 
of this cannot be avoided. 

Anyone is free to draw his 
or her own conclusions from 
evidence of this kind, but it is 
difficult to get around the terse 
summary provided by the 
authors of the present study. 

“In the immediate future,” 
they say, "Great Britain is 
faced w'ith two contrasting 
trends: a working population 
which is becoming younger 
and will be increasing, and a 
population of pensionable age 
which is also increasing but be- 


coming older and more liable 
to the illnesses and disabilities 
which normally accompany old 
age.” 

Fine, one might say. The 
former will finance the latter. 
Alas, it is not so simple. Return 
to .tiie report: 

“If present trends in the em- 
ployment of married women 
continue, the demand for new' 
jobs will be proportionately 
greater than the increase in the 
population of working age . . .” 

Thus it is expected that we 
shall not only have to mop up 
the unemployment caused by 
the decay of the old and .ineffi- 
cient heavy industries, but also 
the unemployment caused by 
The continuing wave of " baby 
boom " young people coming 
on to the labour market. Add 
to that the desire of an increas- 
ing proportion of women to find 
work and the necessary number 
of jobs been in daunting !y 
large. 


A further ennelminn fol-lnv/s. 
taken frum the report: . . . 

if women continue to be em- 
ployed in the occupations which 
provide personal service, and - if 
family ;ize remains low, there 
will lie a need for them to turn 
increasingly from the provision 
of services for the younger 
dependenr population to pro- 
viding more service?, for the 
€»Jde*ri»- dependent population.” 

Whatever >me thinks nf that, 
it cannot be called private- 
sector, productive employment; 
it is quite clearly public-sector, 
taxpayer-financed work. 

You and I might respond to 
this set of equations by looking 
elsewhere in the public expen- 
diture White Paper Tor cuts. It 
may be possible 10 find them — 
but only an extremely deter- 
mined minister could push them 
through. For example, the size 
or the school population is fall- 
ing, and we need fewer teachers. 
Yet. says paragraph 7.9 of the 
report, "because of overhead 
expenses, possible changes in 
participation rates and the* 
management neeils of the t each- 
force, the cost of educational 
services will not fall in propor- 
tion io the tire of The age- 
groups.” 

Being officials. I hey hail to put 
it in that way. You and 1 could 
say: "The public-sector unions 
will insist on milking the last 
penny out of the taxpayers for 
as long a< they are allowed to 
get a\.a\ with it." Either way. 
the message is the same: wo 
shall lust an the swings of demo- 
graphic change and. saving an 
alteration in the balance of 
power between governments 
and public-sector unions, we 
shall io.-;e on the roundabouts', 
ton. 

' I'eiwnniiidi- r, neit /l.VSti. £’.7.?. 


Joe Rogaly 


Letters to the Editor 


irshfiMC? 

tii 


issf""- 


m Win 

till 


’ n ” 


Steel industry 
in the EEC 

From Mr. Newton Jones 

Sir,— Your front page today 
• (June 19) makes a travesty of the 
hopes and promises held out to 
The people of these Islands when 
they were persuaded to vote in 
favour of joining tie EEC. We 
were to Id that we were joining 
a confident outward -looking 
group interested in expansion 
and development in conjunction 
with -nations overseas. How. 
different the reality!’ In prac- 
tice is proves to be an ultra-pro- 
tectionist grouping oriented 
purely to selfish interests of 
producers and sectional interests 
and operating normally to the 
disadvantage of the European 
consumer. We have seen the 
end of imports of New Zealand 
cheese into the United Kingdom. 
Wc have seen a substantial 
reduction of imports of New 
Zealand butter. Discussions now 
going on must throw doubt upon 
the quantity (and the price) of 
New Zealand lamb for the 
British consumer. 

We see that, in order to pro- 
tect the steel industry, severe 
restrictions are being placed 
upon the right of consumers 
throughout the EEC to procure 
£teel from overseas. Now steel 
may be the finished product ot 
“the steel industry but it is only a 
raw material so far as all ocher 
industries are concerned and it 
is impossible to understand how 
it can be of benefit to the EEC 
trading and manufacturing com- 
munity as a whole to have the 
•price of this important raw 
’itnateriai increased beyond that 
iat which it is available to its 
jrompeliiors in other territories, 
if as a result of restrictions on 
steel imports we find that other 
manufacturers become uncom- 
petitive. is it the intention of 
the EEC Commission that 
restrictions will be put upon 
iiher merchandise coming in 
frum overseas? 

Surely it is lime that there 
should be a basic re-examination 
jf the principles upon which 
EEC export trade policy is 
sased. 

New ton Jones, 

Toirer House. 

17, Ookleigh Park North, N20- 


in this case. 

G. E. Tickner. 

IS, Wesibroofcc Court. 
Cre.sc cut Road. 
Worthing, West Sussex. 


Battle over 
EEC textiles 


own eye could well be applicable wort-, under the control or a rally 
• • qualified person, Mr, Whutsis- 

naim.* may be right that most 
conveyancing could be reduced to 
a drill which a person without a 
wid* knowledge of the law could 
follow. 

Our own experience of land 
conveyancing has been very un- 
fortunate, in spite of being 
advised by an experienced 
. solicitor. It was not until this 
From Dr. Richard Mayne bouse was completed under 

Sir. — la his letter (June 15) architect control, with the build- 
Mr. Besoa alleges that the Corn- ing plans approved by the District 
mission made a deal with Council, that we found out we 
Portugal on textiles behind the had no legal rights of access to 
backs of member States. Thfe^i water main. We were Uepen- 
faets are otherwise. There is no*' font ur. a supply pipe only, which 
agreement with Portugal at this was inadequate for our needs and 
stage. Member 1 Staler have been over wnidb we had no control 
kept fully informed of all phases ti took several wars before we 
of fte consolations with Purtu- were abJe\to connect to a new 
gai, and they themselves unani- water mail. Such a situation 
mously requested the Com mis- could be avtoided if the position 
sion to overcome a situation of of the maim services was always 
deadlock through a last effort checked by fa competent person, 
of negotiations. The results of and way-leaves were arranged 
these latest negotiations have where necessary before corn- 
been submitted back to member pletion. A Vile plan should 
States for approval. If accepted, indicate the position of mains 
then there will be a deal with services, aDd any way-leaves. 
Portugal. . Except in difficult cases where 

As regards the Community's there is a dispute a* to title, an 
policy on synthetic fibres, the adequate drill is more important 
European trade unions have iban high legal qualifications, 
been, and will continue to be ® u t if Mr. Best could restrain 
fully consulted hls fhShts of fancy and te,) us 

Richard Mavne. seriously why be thinks oiher- 

Head of UK Offices, tbat wouId *ery mteresi- 

Comraission of the European . 

Communities, Vincent 

20. Kensington Palace Gardens, The>vime House 
t.ro PeTTarinricortnal. I r r 

Comwull 


afford. There are no allowances 
for the wife, children and bud- 
gerigar. sn it is your own fault 
if you live beyond your means. 

Yes. I am single and I cfn 
object lo subsidising the married 
man. 1 can accept with equa- 
nimity, paying fur my fair share 
of running the slate services, 
even paying for the education 
of another's children, but paying, 
as I do with the unjustly biased 
income-tax, for another man’s 
pleasure, is loo much. IF a man 
takes on the responsibility of 
marriage and fatherhood. he 
should be sure he can afford it. 

Perhaps when it comes down 
to it. the objection that is held 
against the ratine system is that 
h offers no subsidies. 

A. Sedau ick. 

s. Hampton Gardens, PrfttleiceH, 
S» m then d-on -Sen. 


Education 

vouchers 


to know if a t'-o-ticr board and 
worker directors have been 
introduced in his company, and 
with wbat success. 

B. A. Cole. 

*■ Drake Wood '. 

Devonshire Avenue. Amersham, 
Buckinghamshire. 

Doubtful 

qualities 

From Mr. H. b\ Goodchild. 

Sir. — i remember reading, 
in:*u.v years about a survey 
carried out by The Director. 
This survey revealed that at that 
time companies run by un 
qualified directors were better 
investment* than those mu by 
qualified directors. 

H. W. Good child, 
i*. The Broadway, 

C raidcu, Sussex. 


ruro. 




Town Hall 
accounting 

r rom Mr. G. E. Tickner 

Sir.— The article by David 
3hurchili (June 14) on the 
luditing and accounting stan- 
dards or local authorities would 
appear to be a Fair statement, 
-lot onlv of the position gener- 
illv but" also of the present reg- 
ions between the Institute of 
Chartered Accountants in Eng- 
and and Wales and the Char- 
ered Institute of Public Finance 
md Accountancy arising from 
his matter. 

The appearance in the same 
ssue of a longer article by Dr. 
iticbael Firth dealing with the 
ieed to restore confidence in the 
fUditing profession because of 
,n increasing lack of satisfaction 
herewith underlines. 1 suggest, 
hat the criticism by the nrst- 
lamed institute of the second 
s both ill-founded and i H-t lined- 
n the same way the proposal 
hat local authority accounting 
standards {including by infer- 
ence auditing standards) be at 
east equal to those required for 
luoted public companies is 
lardly a worthwhile target to 
ie reached in the light of the 
■eports of inspectors, profit fore- 
;asts. etc. I do not recall, for 
example, having seen any refer- 
ence to a local authority treating 
debts due to it as cash in hand 
at at bank in its accounts, 
j The principle of casting -out 
[first the mote which is in thine 


Professional 

competition 

From Professor D. R. Mjiddlefon 
Sir. — There is a fallacy iu Mr. 
S. P. Best's argument about 
professionalism (June 17). 

Nobody objects if a group of 
lawyers (or dustmen) choose to 
form themselves into a profes- 
sional association, nor if they 
require certain standards of 
their members and charge 
higher fees for the alleged 
higher quality of service. What 
is objectionable is /or profes- 
sional associations to claim the 
right to restrict competition. In 
a free market it is for the 
customers to decide what they 
want 

Even if. in terms of value for 
money, the present quality of 
service in a particular profession 
cannot be bettered. the 
argument in favour of allowing 
competition remains. For what 
about the future V Without com- 
petition. where is the pressure 
for continual improvement to 
come from ? (What would the 
cheapest transatlantic air fare 
be without Freddie Laker?)’ 

It is in this respect that 
Professor Hayek's insight so 
penetrating: “ Cora petition is a 
discovery procedure.” 

D. R. Myddeiton. 

Professor of Finance and 
Accounting, 

Cranfield School of Management. 
Cranjield. Bedford. 

A question of 
competence 

From Dr. Monica Vincent. 

Sir,— Mr. S. P. Best’s dustman 
(June 17) would find an Oxbridge 
Fellowship or Chair extremely 
tiring, as he would probably 
to do a 60 hour week, and he 
would also be very’ bored by tne 
conversation at High Table. But 
provided Mr. Best himself docs 
not start his veterinary w»rk on 
a bull, he would find that he soon 
learnt how to deal with minor 
animal disorders. 

I do nut think Mr. Wbatsi&name 
or anyone else would suggest that 
difficult problems of law or any 
Other profession should be dealt 
with by any but fully 
oecwle. But intelligent: fWl* 

without appropriate 
may quickly be able to 
a limited range of less difficult 


Sharing out 
the rates 


From Mr. George H. Lane 

Sir.— The heartrending call 
fronr Mrs. Copeland among the 
letters to you to-day (June 19 1 
regarding ” rates.” was greatly 
enhanced bv your choice of head- 
ing: “The rating abomination."' 

I congratulate you upon the 
sentiment you so obviously hold 
and I implore you to take- up ihe 
cudgel on behalf of the beaten 
and therefore lethargic house- 
holders of Britain. 

1 live in a house which is one 
among a number of identical 
houses. In some, you could find 
severai active bread-winners, m 
others only retired couples or 
Widows. The former can cope with 
the rates quite easily but the 
latter, trying to make ends meet 
od- a dwindling income (pension!, 
find it crippling. 

The houses cost around ±'5.000 
20 years ago but (heir value today 
is nearer £40.000. How can a 
retired person, with a few years 
of lease left, find the money io 
pay rates which rose from £50 
per annum twenty years ago to 
nearly £400 now? To sen the 
remainder of the lease and move 
to some inexpensive area is nut 
only impractical but truly cruel. 

Tax must be based on whatever 
income a person receives and 
local authorities should yet their 
revenues from monies collected 
centrally. 

1 know that politicians will find 
such simplicity truly abhorrent 
but I 3m convinced that the 
greater part of the British public 
would enthusiastically agree 
with it 

George H, Lane. 

12, Petersham Place, 

Queen's Gate, Sti'7. 

Subsidising the 
married man 

Froin Mr. A. Sedgwick. 

Sir,— Kecen Uy I have followed 

the correspondence in your 
columns on “the Rating abomin- 
ation" as you chose tn call it. 
Far from regarding it as _ an 
abomination, I feel it is a fairly 
just tax. if perhaps a little 
rough. 

Like the much-maligned VAT, 
the tax Is on what you can afford, 
or at least appear to be able to 


From .l/r. Derek Clarke. 

Sir. — doe Rogaly (June 13) ;s 
surely correct to argue thiA 
there is a compelling case for 
the Kent ex peri me or in educa- 
tion vouchers. 

We celebrated the centenary 
of Stale education with the 
launch nf the adult illiteracy 
campaign. No service that was 
competitive and sensitive to 
parent's wishes could be as 
flawed as modem schools. 

I am an enthusiastic supporter 
of the idea of education 
vouchers, but even if l were 
totally hostile to the project [ 
am sure I would support, the 
experiiTre.it. The NUT predicts 
chaos 3nd Failure. That would 
kill the voucher idea stone dead. 
1 am sure Joe Rogaly is on the 
right track when he expresses 
the opinion that teachers are 
sn critical because they fear a 
market in education. 

The oddest feature of the 
voucher dehate is the disdain 
which the Ton,- spokesman Mr. 
St. John Stevas shows to the 
theme. He h as the chance to 
become a Tolk hero — the man 
who gave the schools back tu the 
people. and literacy and 
numeracy to the children. He 
ought to respond tn the univer- 
sal parental apprehension by 
hack ins the Kent cxperimenlers. 
Derek Clarke. 

5$. S'hellielri Terrace. IVS. 


Life on 
dole 


Directors’ 

resoonsibility 

From ?.fv. B. A. Cole 

Sir. — Mr. Lee (June 19) 
attacks me. but 1 believe he- has 
misread by letter. I agree with 
every substantive point he 
makes, and continue to disagree 
with Mr. WeMvBuwun (June 9). 

I defended British boards of 
directors against the sweeping 
attack th3t they are inefficient 
and lime- serving, for which no 
evidence was adduced. This dues 
not conflict with Mr. Lee's call 
for directors to accept responsi- 
bility for improving society. The 
response to this call need not. 
however, imply any radical over- 
throw of our existing traditions, 
in industry or in politics. 

I also "suggested that there 
is a perfectly good alternative 
to the two-tier board system, 
which in o\ bv belter fur the UK. 
The desirability of outside direc- 
tors with power. lu judge the 
executive management, is com- 
mon ground between us. Finally. 
I questioned the value of 
“worker directors.” We should 
not assume without evidence 
that thev would be useFul in the 
UK. 

My attack is not against 
experiment as such. Il is. how- 
ever. surely up to those who 

propose a certain experiment to 
give some reasons why they 
believe it to be worthwhile. Mr. 
Webb- Bowen is a managing 
director: a would be interesting 


F row Mrs. Christina Lake 

Sir, — I agree with Michael and 
Pippii -Nason’s suggestion (June 
16 ) for persons receiving unem- 
ployment benefits: “ If the 
'unemployment benefit' were 
paid on I; lo those willing to 
register for a prescribed number 
oi "hours per week ..." As an 
Australian who has lived and 
paid taxes in this country for 
UV" year-, and who has 
witnessed her own country's 
introduction of the dole system, 
1 .■rLrnngly feel that the dole 
sysic-ms as they presently exist 
in noth countries are breeding 
int" society a new “species'' — 
parasitical man 1 

At present we are paying 
people ti> lose their independ- 
ence in order to survive. Perhaps 
what we should be doing is 
either oaying people io be 
retrained (as they are unable 
to obtain work in their present 
vocation i or paying them to do 
miscellaneous jobs for a 

*• proM-rioed number of hours 
per week." Either way. the dole 
recipients could not be classed 
as. or have reason to feel like, 
•■freeloaders," and I am sure 
the workforce could only be 
enhanced by these situations. 

Some humane action in 
respect of this weakness in the 
present structure of our society 
is required now. 

Christina L;ike. 

UtiD, Lii'/cilie Rood, 

Parsons Green, SYt'6. 

Number of 
Jubilee Crowns 

From the Deputy Mauler and 
Comptroller, the Royal Mint. 

Sir.— The final paragraph of 
Mr. VV. F. Richardson's letter 
l June 14 J expresses concern ihai 
the Royal Mint should still be 
offering the proof silver version 
of the "JuMlee Crown more than 
a year after its first appearance. 

The explanation is that because 
of the pressure of export and 
other essential work it became 
impossible for .the Mint to meet 
all the demands for this coin 
last year 4t was accordingly 
decided to extend the issue 
through the period oF the 25th 
anniversary of the Coronation, 
and thus give everyone wishing 
to pur'-hn*^ one of the coins a 
reasonable chance of doing su at 
ihe issue price. Because of un- 
certainty about the possible 
extent of the demand, ihe size 
of xhe issue has not so far been 
annouuced, but it will be stated 

in thf final advertisements due 
tn appear, next month. The 
figure is 500.000 which is no 
mure than would have been 
struck, last year had circum- 
stances permitted, 

D. J. Gerhard. 

Royal Mini. EC3. 


GENERAL 

Mr. Denis Healey. Chancellor 
of the Exchequer, meet* delega- 
tion from British Institute of 
Management at working dinner. 
Downing Street. 
PARLIAMENTARY BUSINESS 
House of Commons: Debate on 
housing. Parliamentary Pensions 
House of Lords: Wales Bill, 
committee stage. Theatres Trust 
Bill, committee stage. Nuclear 
-Safeguards and Electricity i Fin- 
ance) BUI, commit tee stage. 

Select Committees: Expendi- 
ture. Trade and Industry sub- 
committee. Subject: Measures to 
prevent collisions of noxious 
cargo carriers. Witnesses: Genera) 
Council of British Shipping. Brit- 
ish Ship Research Association 
( 10.30 a.m. Room Id). National- 


Today's Events 

ised Industries, sub-committee E, 
Subject: Future of electricity sup- 
ply industry. Witnesses: Sir. A. 
Wedgwood Bonn. Energy Secre- 
tary (10.45 am Room S). Public 
Accounts Committee. Subject: 
Appropriation accounts jyTfi‘77. 
Trading account. Witnesses: Scot- 
tish Development Agency. Scot- 
tish Economic Planning Depart- 
ment, Forestry Commission taller 
4 pm Room Hti. Parliamentary 
Commissioner [nr Administration. 
Subject: Ombudsman (review of 
access and jiindsictioh). Wit- 
nesses: Professor R. G. Gregory. 
University of Reading, Mr. D. W. 
Williams. University of Man- 
chester <5 pm Room 7i. 


COMPANY RESULTS 
l.indu. -tries Hull yeari. Tosco 
Stores i full jean. 

COMPANY MEETINGS 
Albany Investment Trust, Liv- 
erpool. 2.30. American .Associa- 
tion. 1SK. City Road. E.C., 12.30. 
Anglo Svi-s. West Drayton, 3.15. 
Brciiun Estate. 22. Ely plate, E.C., 
12 Jo. City of Oxford Investment 
Trust. 41. Bkhopsyati . E C.. 11.30. 
G. W. Collins. St. Helens. t».30. 
Hawker Snjdek-y. Dorchester 
Hotel. W., 12. House Propeny nf 
London. Wimbledon. J2. E. Le 
Bas. Savoy Hotel. W.C.. 12. Lon- 
don and Lennox Investment 
Trust. 2. St. Mary Axe. E.C.. 11.30. 
Seecombe Marshall and Campion, 
7. Birch in Lane. E.C . 3.30. Wad- 
ham Stringer. Hay ling Island. 12. 



WHERE IN THE WORLD 
WILL YOU FIND 


More 2 nd move in CtJifurni.i, that vital tvjon * -'i i»*-- West. 1 he 
Group now has 35 branches in California and ha * become part of the domestic 
banking scene. 

With our direvr bi',mch-u»-branch system -ave you lime ami 

money hypoing .straight away to the £roup bran Ji in Calilomi.t ti t 
anywhere eKe in the world ) that suits yourbusine-s lv>t. A-h Keith Skinner 
about Jr iod.iv on 0I-n25 7500. 


||| Standard Cha 



Bank Limited 

helps you throughout the world 

Bead Office; 10 Clements Lane, London EC-fN ?AB .W- •' > l ' k ■ i "' w,u mi!llun ] 






ilp 

i Jfci 1 /kSZh pm 

mm 



l v 1 1 






***.-•• 


Allied Breweries £5.7m higher so far 


FROM TURNOVER ahead from — 

£668. 8m to I76G.3m taxable profit juni 

of Allied Brcwerise advanced mill 

£5.7m to £45.lm in the 32 weeks COMPANY 
to May 8. 1978. - - - — ~~ - 

Directors say prog res has been Anders on Strathclyde 
steady in the period with most Allied Breweries 

group products showing an - - - • - 

improvement in volume compared ABrooos 

with the equivalent period tost Bradford Prop. 

Before depreciation nr 9 a ?‘^ al 

(£ 13.9 m) the trading surplus was Electric & G enera l 
ahead from £5!>.7m to ffikm. - - _1Z Z 

After tax of £!2.7n» t£2ll.]iii). Evan» 0 f_ Leeds 
minority interests of £0.4m Greenfield Millets 
(£0Jlmt. foreign currency gains of u n rrti<>m | nv 
£0.3 m ifU.lm loss) and gains from Gl Northem lnv * 
non-trading activities of fl.lnt 
tfl.Tm). available profit came out 
at £23. 2m (£2ll.4mi. _ 

Earnings per 23p share are Bj VTIOI1C 
given at 4.13p I3.5Sp) and the lb A. IJ ulliJ 

interim dividend Ls stopped up 
from L23p to 1.4p net. Last year. 
from record taxable profits of Till a TIVI 
£77.2m. a 2.6S23p final was paid. 


accepted by Jantar and the price 
which it should receive for ll » 
shares in BJN would be equivalent 


COMPANY 

Page 

Col. 

Hambros 

21 

3 

Irish Distiller* 

20 

2 

Lines Bras. 

22 

3 

Locker (Thos.) 

20 

1 

Plessey Co. 

21 

1 

Powell Duffryn 

20 

7 

Radiant Metal 

20 

3 

Tricentrol 

21 

2 

WGI 

21 

4 


the Nigerian Mining Corpora- 
tion has indicated that Itjs 
willing to purchase LSiSo** 1 ordi- 
nary shares of BJN at l he P rice 
stipulated. The balance of 


to Nigerian employees of BJN. 

Detailed terms are still under 
discussion. When the final agree- 
ment is reached on the basis 


of .Jantar in BJN will be reduced 
to 490,818 ordinary {20 per ccntj. 


Expansion 
for Irish 
Distillers 


Turnover 7 fifrv 3 

Trading surplus ... fis.n 59 1 

Dopivuialion .... in ." 13.9 

Trading pmfii 51 45.3 

lnvosunc-ni income no *j.s 

ASMVlHli** .... I..1 l.o 

Kmani-i. i.-h-irui-s iu.7 ln.2 

ProTrt before tax 45.1 39.4 

Ta* Tl.T ;n.I 

Net profit 2‘J.4 19.3 

To mirraniii?* ... 0-4 0.3 

T'tpT. dividends . 0.2 0 2 

Fnrvign eurreney 

gains U.:< 10.1 

Xnn-iradlnu gams . 1.1 1.7 

Arailnhli- Ord. .. 23.2 20.4 

I'rd. dividend . ... 7.4 6.t> 

r Ljossos. 

See Lex 

Statement, Page 21 


Distillers 

‘£2 %*7 '1«! PRE-TAX PROFITS for the hair 
in 5 m.9 +2.7 year to March 31. 1078. of Irish 

5i s 4S.s s47 uisiilicrs Croup expanded from 
no 2 .s 4 3 jf 2 . 4 Kg.iHHi to £3.823.000, on turn- 

„Vr nV" ,;•! over of £:57.74m against £3l.l9m. 
451 39 'i 772 'Jhe directors report that 

52.V ;n.'i juju althouuli the increase in profit 

22.4 19.3 422 j n the second sue months is un- 

ni 2'? J!- s likely to match the first-half 
o .2 02 n.4 grm ^.,h_ especially in view of the 

u.:t 10.1 ioi rise in interest rates in recent 
t.i i.7 XT weeks, they look forward to con- 
23.2 20.4 44 5 unued progress. . 

7.4 e.« 211.7 forecasts made at the 


share lifts the total from 1.3p to 
1 . 35 p. Earnings per share are 
shown at l.STp fl.62pj. 

Value of inve.sunents were 
£lS.59m (£lfi.98m> with the value 
of the investment currency 
premium per share 14.1p <14p). 
Net assets per share were lOl.flp 

t022lp;. 


Bradford 

Property 

progress 


Increase by 
Evans of 
Leeds 


PROFITS OF the Bradford 
Property Trust increased from 
£L3Pm to £4.36ra in the year 
ended April 5, 1978. before tax of 
£2. 17m against £ 1.59m. 

First-half profits were £1.6Sm 
(£1.74m). 

Earnings per ordinary share 
based on the surplus from 
property rentals after tax arc 



IE 


inii 


to 


■ ~ ■ , ' ‘ , . ■ 

■ v nirTTFR seeond-balf aetjviiy,' thus, rdeasing funds. for 
SftSVS gainst £8.«Sm, more profitable 

more difficult The group's mala problem wSs .;- E 
in considerably i n*n<e «,,,«• Hmtdmtf- services -r.e 


li j- StSnc left- the full- atill with building - services . a«ri-_y;S 

flwri ' of kwell Sting. Sir Afec Of tt> ;* . 

.year pre tax b « R nor ihroa rnmnsmes in the. division ' - . .*>■ . . 


nSrvS r ahMd by some 9.6 per three companies Jn • the, division,' ‘ 
SS r3 from h |l3.6ym to a record AndrewsrWeatherfoil made good. •**.. r 
cent rrom *-» ...-t,;**, uwo> mare- than- ■ • .... 


n 50 i m for the year to -March 3L profits. Which were B0«-.ter '.%■ 

2.J.3.UJJU iu» J 1 f_r a k« +7rn ne»£'inMiMe4-"i .> 


iotR Turnover improved from wiped out by .the losses jncuirdd ^ y 
SS’aSm to £343:63m. . ' by the other two compazuee-ons ^ : : ■ 

' o- *1 n<»nWii> the ihairmanl in the UK.and one in FTan«.;Howi.' 

■ Sir Alec Ogflvie. the diroctors art 

ciSigthat^?am^ro£ That- the current year wfll showji r 
S«*. *5®, JSffJlSmSr considerable improvement -in tie * 


This should have a bene- A capital' Inyesttient progroHune. > ^ / 

•fiSJ? afflct on sSrae of the com- 'of £20m- during the^was -con-. u - 
_ flclal enect on » , L .n >uiiniaii mamlv Dn ffie ennrnm. .-.:. . .' . 


Ss activities such as building centrated mamly o n _tfe engwer- y ( ; ; . 
" mmracting-.. . tmiber. mg diviyon and on.tt, rnytmaw, ... . 


- hand, shipp nft faces anocner au-r cntmiutraww. i»“- -v .. 

■ ficult 12 monSs. . . . cipally ^overseas, ; the. chairnuut .. . 

He adds that at this ear^y stage ^^^acconiance with ED19, jax 


•in; the year P^ for the year takes. £251m- 

dently opumutiej that ^ upvmrd £2L58m>. After minoritiei-Mr. ;: ■ 


dently °P uro “ t, L^f‘ nmfiKwm stated £2^3m>. After ndnoriUe^-fi’-.';: ■ 
progression ui group profits wai extraordinary debits -and pnttrvl; ' 
-'••continue to ence dividends. -attrilmtaWeipHifit * 

. A. tlivls,0 ”?l f s t na1 ^? "Sm. ^ from f»*Un to •' 

-•'trading profit of. “S;"® fit« m — under - the ' previa ns 


trading Profit or fiLSSin — ; under ; the previa as • 

,.-.(£I4^3m) lt SS iov*!5S‘ baas -of -accounting the -figiife -v' ' i' * ' , - • 

. -'engineering iSL. won® iiave been-£6.Sm.- Afi.com-' h • ■ r * - - 

-.-.ing services «ncractm&_£668 Nisons. are restated w-the new -Fr ^ 


; : -(£ 26 a). “^. stated earnings hefbre extra- - ‘ 

■ •.^transport £M(SUOSU *n£od 0rdinary itejn s art 41.8p . .(42Jp> =• . 

■chemical forage ^.^8 ^ M share. AS forecast at, the 

- -fuel distribution 0.227 (£2506).. }. K th *. Ai.fnjst. tS77 rirfrti 


luel diatrimmor .^e Sf the : August,^ ■tmTJngha. 
ouames £030 f£838) ami timber rh „ dividend total ia Uffed 


. _ shown as 9.15p (7.S6p) and 2SR7p 

FRUM HIGHER total revenue of ( 23.69p; based on net attributable 
£2.7fW5+» compared with profit ; 

£2.116,866 . Pre-tax profits of Evans A final dividend of 3.41 07p steps 


Ffoliili? Mmu field - 

Sir John Clark, chairman of Plcssey. Profits for the year g ir A]ee . reports -that, one* 
/to cnd-lVIarch were 6.3 per cent higher after a final quarter / a g«ln, t he engineering division 
shortfalL _:;1 ‘was the major contributor to the 


: ^u am es iwio {sufc ^ dividend total ia lifted 

merchants £tJ90 to l0 (78aoWp) net^on increased 

reports , -tat. .4^ *■ ^ . 


February 1 - EC.M have ™ far been 1 >?" MataHS > he to 


Good start 
by Thos. 
Locker 


SS!CS.7.K"-r'ifi company f^^BSSLS-jf-uYfST! pi* -Sk 

coni inues to make ["jj, jg f^The" ‘year m ' *1. rcb 

progrcN* i ^ 1 h ‘ihp 31. 1978. At midway, the surplus -«-w 

iSSSJS X l 5jStaV“ h * d was up by £38^.924 at £692.421. _ R PPAVP 


directors expectations. ...... After tax and extra-ordinary 

r.} 1 ? n A P ' vLm n ,n] d i items, net revenue for the year 

Dislflifo Coni puny become a h nffrr at itssCmIt f£.>4'SJ179) 
wholly-owned subsidiary, when ea?ni£S a« 4 fiS 6 n 

the sroup acquired the minority WJg,, p0 ‘ r ^p\hare and a'finJl 


shareholders’ interest. 

Half-year earnings are shown 


dividend of 0.7fi7p effectivefy 


THE CURRENT year has started stepped up from l.llp to l.STp 
with strong order books at net— last year s M* 1 
Thomas bu-kcr (Holdings) and ^ rn m record taxable profit, i 
Mr. li. J. Pitchford. chairman, ex- £4 Sim. 

peels results for the first hair- F^t-ha If profit was struck 
vear in Senremher 1D7S should after interest of T70#.000 l£1.09m» 

be satisfac^y and £S«.onn (£313.000) deprecla- 

Although the coming year will Ta - V ! n : k : s J 


uui? r, n n,r • n hare raises the total from 1 18447p to 

r„d -"So '“SlrnH'dlrtainf” «» »-*■» 


Recovery at 

•S 

Anderson 

Strathclyde 


£054m jump in second-half Plesscy 


The directors report there was rofi[ -\ 0 £2.78m has left taxable Powell Duffryn 

iai cfnplnru <-nni>lnsinn ffl the _ r>. 


cnd-March were 6.3 per cent cigner auer a uusu again, the engineering envision Arif - - 

sbortfalL .T. . was the major contributor to. the' • COinnienv_ -: ; 

' igroup’s results, with Hamworthy Pre-tax profits at‘ PoWell Duf- ' •■ 

Engineering having a pa rncmarly fryn are Ifl per cent ahead with-. ? 

^ •. successful year. The directors re- virtually all-, ^growth; coming in' 

niVTTIP\nC AlVNOIlNGPlI ..gard the engineering interests as the first six months' 'The com- 

iTX V Ji-eJC.ivl.ri5 Alxlx a major growth area, and. Sh' AJec pany - ki ' nonetheless., optimistic 

Date Corre- Total Total . says it is good to see the divisional aj^j. capitaj-'ppendhig'.diis year is 
Current of sponding for last.. profits justifying the substantial uk^tb-eic^ last yearns 4203 iili 
payment payment div. year year ■ capital investment made m recent Much 0f:!thb: group’s profit is de- - 

<=««. in i os „ 3 53 - years. .. •. pendent; birt.tl» :coiistriiction ln- 

I Breweries 1.4 Sept, j® }-» o'S- - 0ther divisions with -increased dustry and jt/is here, with signs • 

■son Mrathdyde ... 1S3 Au.. 4 im z.sa Jg„ iPW> at« were oil and chemical of an :Upfnrin In:the Sector. that - 

md Garages 0.84 V is? i’f? storage and fue( distribution; the progress. "cah>- be awde in the., 

ord Property 3.41 A“2- ? ^.05 6.81 f ormer benefited from eight a i rr ent-jeae:rSOFEEC.theloss .- 

X- Gen. Invest. 0.9 Au «- 1° " ifi* months' trading profits contributed making “ : French. . . construction 

; or Leeds ■ 0-S “ by the group’s chemical storage company broke- even .in the 

itieid MiHetts .. mt. 0.fi3 4 O.dj ..“'S',' installation in New. Jersey, UlL flnalV '.quarter . whHp.. 'further.. 

Distillers int. l.oi , us , i~i 7?' acquired in July,. 1977; and fuel, improvement ■• from : . Andrews- . ' 

■y +-?. J . an - 7 'aft-- was helped by good weather Weatherfoil could see the building * 

II Duffryn fi.or Aug. 2 j o.u lUr ‘■S-v throughout most of the year both division odt of‘ the tied: Engineer- - 

i on Aug, o t-- i-H io the UK and France. • - ' .’.ing profits -baVe doubled in the 

il Brothers 3— S «>•*■* 4 -- a Timber and quarries achieved- ]asr two-- years' - but there is. still-. 

ends shown pence per share net except where otherwise statedi' ’reasonable profits In a difficult scope- for .- expansion. Exports...-. 
Equivalent afier allowing for scrip issue, t On capital increased' trading climate,- while the shipr-. accqdhf.Ybr more than ' Half the 


Allied Breweries .... 
Anderson Strathclyde 
Attwood Garages .... 
Bradford Property .... 


Evans of Leeds 


Current 

Date Corre- 
of sponding 

Total 

for 

Total 

last. 

payment 

payment 

div. 

year 

year 

1.4 

Sept 29 

125 

— 

3 '93; 

... 1.S3 

A us- 4 

1.54 

2.83 

2^4- 

0.84 

July 27 

0.S4 

J.45 

1.4S' 

3.41 

A us. 4 

3.05 

6.81 

6.14l ; ! 

0.9 

A US- 10 

0.8 

15S 

1^ 7v 

0.S 

— 

0.9* 

1^* 

. 1.18* 

int: 0.63 

A US- 4 

0.57 

— 

1.75 

int. 1.57 

A US. 22 

1.11 

— 

3.55. 

2.5 

Jan. 1 

1.71 

5.41 

4.9. 

fi.5t 

A US- 25 

5.13 

lot 

7^8 

1.35 

Aug- 3 

122 

1.9 

1.731' 

3.2S 

— 

3.14 

4.28 

ssff : 


nd/or acquisition issues. 


be difficult in some areas of the and minorities £96,000 tJSO.OOO). up |jf t P j n g set j assets values from halftime, when reporting 

group’s activities. Mr. Pitchford II0.82m to £24.62m. while share- Profits down from £i-»-m to 

has every confidence that further ^ holders’ funds increased from £l I'Jm. directors w-ere confident 

procress will be made. F.lPCtTlC & (.T0I1. JK3m to £19.41ra at the year end. ot recouping the volume shortfall 


. ping division was affected by the group's products here while - 
• v world-wide recession in. shipping; v^orld' demand for Hymac's excav- •„ 
• ... In view of the conditions in which ators: has not been: .partietilarly - 
■ hmh the fleet and the ..service. -gooi£ -.Hamworthy. ■ is seeing the . 


has every confidence that further 
progress will be made. 

For the year ended March 31. 
1H7S. pre-tax profits increased 
from £2.03 m to £2 .37m on sales 
of £17J*3m l£15.69m). A current 
cost statement shows a deprecia- 


Flprlric & CrPn 

ljRLU ^ ^ Capital "commitments of £2.Sm of the opening period. 

T j .. . have been covered by long and . They now say that an increase 

invesimem medium term agreements reached in volume was achieved in the 

with Eagle Star Insurance Co. and second half, and that the group 
Gross income of Electric and bankers. has now resumed its upward 

freral Investment Company rose j^cx trend after last year’s interrup- 


tion adjustment of £113.000. cost General Investment Company rose 
of sales £257.U00 and a croup from £837.591 to £859.819 in the 
gearing adjustment. £44.000 re- year ended May 3), 1978. Net 
suiting in a reduction in pre-tax earnings Tor Ordinary increased 
profit of £362.000. to £137.390 from £292.257. 

Statement Page 22 A final dividend of 0.9p per 25p 


ISSUE NEWS 


companies were trading, the :• re- . Benefits of : investment. Any up- . -, 
suits were gratifying,-, the .chaixv : ward movement -in sterling, how- . : 
man states. - evetr cotildmaJcelffe more diffi- -.-; 

Pollution coatrol made some rek 7 «iiIL Working capital' has in- -: 


Radiant Metal 
advances to 
£ 187,328 


has now resumed Us upward wj -> * bllA fl'X/T/ 

trend after last years interrup YC 301028 nOltl Wi ^70 7 

hi^he? 1 intcrci ter bm ?'Sm The coupon rale on the local issued at par, and due on Jtme 

a, ;?nStmJ bjeCI Inc/udino S°ya “pw le^Thiswwk's ' Wear' Valley District &WP 


cover y after a shaky start and, creased by £4m but gearing re- 
since the end of the year, the.' mains vety low. At ISOp the:.' 


group has disposed- of the BeaCr. shares stamf on a below average -, 
waste and industrial services divi- p/e for the engmeering sector of - 


sions of its pollution control AA and yield- nearly 9 per cent.’ 


rnfiTm irn«Um1 inrturlinn Steady at aj per cent. i nis ween a “““7 I 

ni?Sn reSffin’for rvi.?™ bonds are issued at par and dated is raising £Jm of II* P«r ; :*t| 


rial nnn rc^-isnnm for rtvorseas nonos are issueu ai »»i «iu u««u « , no , 

It M June 27, 1979. bonds at par. dated June 17, 1881- 

rriannm mterests ,ook £I,00 ° The issues are: City of Bristol Thanet District Council u-me- 

tJ.J3.0U0). ...... , f i i m i r Jinrlnn Rnrnimh nF Ham- ine fim Of 12? ner cent' bonds 


Manufacturers of coach and bus bodies, G.R.P. hot compression 
mouldings, textile machinery and general engineers 


INTERIM REPORT 

Unaudited results of Duple International Limited for 
the half year ended 23 February 1978. 


Including a £21145 profit on L832p for a total' of 2532p ^'cotswold D ¥ «tr c boids dated June I m! te 

^ainsr^Lt tir'Te C S S? P a V SEVJT ' fch#re lre Council 'SSili J SStrict side Metropolitan Borougtt has 
dtainsi *oul last lime, pre idjt shown at lO.op (i.op). pminnli if'mi C itv of Ports- issued* £Am at par and City ^ pf 

KimLnv “to 8 toe 1 Febru a n ;; h ^ A "!*> Th" mouth ff m^Lmdon Borough of S?h has'Ssued £?m. • -X - 

Company for The February 28, proposed and directors intend— . £1 ’ , Colchester Bor- - i’ • 

with £ e i53D81 S £18,,32S C0Tn|,ared lecislation permittinc-^naintain- jjgh council l £lm°, New Forest . ¥ „ unwnvil 

Tlroiw! for the year was d,v, dfnd on the increased Distr!cl Council . t£Jm) South ALEX. HOWDE^f 

ahead from £596 712 to £7^1 **73 ca ** * a ’ .Staffordshire District Council DirtlTC. Q£ “10/ \ 

|a5d Irte? L ri £S 5541 t£iR.ti 7 fi? • comment U\mh. Ciiy or Wako field Metro- RIGHTS— 953/6 . I 

net profit -comes out at £192.987 





•I 

ALEX. HOWDE^ 
RIGHTS — 95-3% 


... . . U „„„ fj.pl u«r< P r,lltan District Council (££m). Alexander Howden’s rights issue 

Mming machinery r, ’^“ fa .^. r . e ( I J; Wambcck District Council of i Silm shares has been taken up 





Half Year 

Half Year 

Year 


28.2.78 

28.2.77 

31.8.77 


£000s 

£000s 

£000s 

Turnover 

8,744 

6,091 

1 5,258 

Profit before tax 

1,092 

358 

1,269 

Extraordinary items 

— 

— 

105 

Retained profit 

388 

172 

498 

Dividend per share 
(actual) 

0.33p 

— 

0.594p 


'Yhe' final dividend of 1 35n net Boartl - have been doing better Co0nc || i£0 9m) . Qerwentside Dis- have been so Id by J. Henry 
per 12.5 p share lakes the P total th ^ n th f engineerina .wetor as j tr j C t Council (£jmt. West Lanca- Schroder Wagg at a premium over 

from 1.72fi9375p to l.!)p costing whole in the past U shire District Council iLmi. the issue price. The net premium, 

l £25 840 (£23 4861 Anderson Strathclyde appeared Mansfield District Council (£ : m), of approximaiely 15.25p per share, 

to be an exception when its Ldj tt - Valley District Council w ill be distributed in proportion 
, - jp interim profit slipped 10 per cent Cumbernauld and Kilsyth ara0 ng the shareholders to whom 

Pfinfl halt on virtually unchanged turnover. District Council tfjmi. North suc h shares were provisionally 

v-vuu ** But in the second half profit East Fife District Council film), allotted, except that individual 


not taken up 
by J. Henry 
premium over 
! net premium. 


forindustiy andcommerce 

\ . . Wh^^you’reseeking^finance foreepansipn,. t 
Hot plant, equ'rpment, property or a private, mortgage, the 
d\ectors bf Garfield Marwin pefsopafly investigate 
j . . ' , v — ~ your proposal. " 

'■) ••: ' A 1 j A letter or phone call will . 

' * 1, "• ^/[ receive immediate attentjon. 


Garfield T 
Marwin Ltd 


For enquiries please ring 
Worthing (0903) 814008. 


Second half 
slump at 
Michelin 


■# Considerable improvement in half-year results 
comes almost entirely from Coachbuilding 
Division. 


flat demand in both the UK and 
lVllCnCJJD overseas were the key factors in 

the poor first half. In the second 
After an improvement from half UK demand, and particularly 
£1 7.69m to £18J29m at midway that from the National Coal 
a second-half slump left 19<. pre- Board, improved. Profit growth 
tax profits of Micbelin Tyre Com- W ns assisted by a revision of N'CB 
pany some £4.49m adrift at contract prices. Overseas demand 


But in the second naji prniu East rue District council liimi. alJotred. except that individual 
jumped 43.2 per cent on turnover Chorlc-y Borough Council is amounts of less than £1 will not 
30.4 per cent higher. Unrest at raising £jm of 11 per cent, bonds be distributed. 1 

the Motherwell factory and very \ - 


Specialist brokers in corporate finance - 

CiiftonviHe Hall, Hove, East Sussex, BN3 3RZ . 


Attwood 

Garages 


k Continuation of acclaimed Dominant range and 
smoothing of seasonal sales pattern has resulted 
in better half-year profits. 

Group expects record year. It is anticipated that 
profits in second half will be better than in first 
although the rate of increase shown in second half 
of last year will not be maintained. 

Interim dividend of 0.33p per share, equivalent 
with associated tax credit to 0.5p per share (10%), 
will be paid on 1 5 July 1 978 to shareholders 
registered on 26 June. 

3? Subject to Government restrictions it is hoped that 
final dividend will be greater than interim. 


3 To 5 m. S '’T U rno™? m fa r i ' d ta £! S'SStfd ’ a.t°nnri*Mack"'h«S f™ 1 " l-nover °r IlMlm. com- 

BBS" 3dvan “ d rr ° m fl * B 10 ,-»• 


Tax took 110.07 m (£ll.:i«m », 


th.il may accompany a world 
recovery. The market reacted 


from XG7.02S lo £89.358 in the 


(£980.000) and dividends £3 6m 
f£3m>. leaving the retained 

balance at fln.fifim (Ilflillm). 

The ultimate holding company 
ii Compognie Genera le des 

Establissemcnts Michelin. of 

France. 


favourably to the' second ‘ half Ja " l r , ;L? ?..* SVna?! 


recovery pushing ihe share price nel profitMas K8.W79 l £25,418). 

!h P p 4 vin\H R is P -i T w , rpn! earnings per 23p share are 

the yield is «.l )'ur cent. -»iven -at 1.89p, compared with 


After lax of £50.379 (£41,610) 


AL.L] p. 


Duple International Limited. Vicarage Lane. 
Blackpool. Lancs. FY4 4EN. 


have been received to enable 
JANTAR-BJN Letrasel International to apply 

As foreshadowed in the dircc- the provisions of section 209 ot 
tors report. Jantar announces that the Companies Act 1948, it is not 
1,472.457 ordinary shares of intended to despatch to non- 
Bisichi Jantar Nigeria, equivalent accepting shareholders of J. arid L. 
to 60 per cent nf its share capital. Randall renounceable certificates 
must be acquired by Nigerian Tor the new ordinary dividend 
interests to comply with require- shares allotted to ihc-m under the 
merits of the Nigerian Enter- recent capitalisation issue. This 
prises Promotion decree. will not affect the right of nnn- 

The Nigerian Capital Issues accepting shareholders of Randall 
Commission ruling has been ro deal in ihe meantime. 


LETRASET/RANDALL ’“The final I div dend of 0S373p 
Since suflicicnl acceptan.-es n ^ tolal un ' 

ve been received to enable changed n l net. _ 


m 


IVin^cOShaxsoa 

Limited 

52 ComhJII EO 3PD 
Gilt Edged Portfolio Management 
Service Indev JO. 4. 78 
Portfolio I Income Oiler 82 69 
. Bid 82.S4 

Portfolio II Capital Offer 121.93 

Bid 128.70 


INTER 

PRO 

nii: 


Points from the statement by the Chairman Mr. Garry H. Weston 


The Nafional' isn't the only new South Bank theatre 
tha t owed its opening night 
JHH to Crown House. 


□ The trading surplus was 
approximately the same as last year, 
a nd a fter a 1 1 o wi n g lb r i nc reused 
depredation and u similar interest 
charge the profit before taxis £2.7 
million lower. 


□ Overseas profits showed' a 
marginal improvement in local 
Currendes, which when expressedlil 
sterling was offset by the . 

strengthening of the pounds . 


: 


, □• Capital expenditure in excess of — 

Q] Difficulties in' the U.K .bread £70 inillion reflects out continued." " i ' •!- 
.industry and the pressure on-margins policyof heavy Investment in modern ’ : <ST* ' 

in food retailing, have led toil plant and machinery. On whkk /' W. ’^ 

significant reduction in the . ■ . future growth. depends. 

contribution during the year of two •- • • • . -v' - 

of th? company’s major operating . . ' □ (Dvecseas Vpiurh^ ^owtii in fKe :-J-- 

divisions, > food industries o;f thfccpiintries" in . ; ? 

. . , wh ich we operate remain s almost - ‘ . ■!": " "*' • — Z 

□ Record profits have been .l static. Given an Absence of factors 
achieved in the other manufacturing outside.our eon trol ,• p rbfi tgrowth^: . 

activities in the U.K. . will be achieved in the current vearl- ^ ^ 



t^jfTr srT i 




London's now St. Thomas’s Hospito] couldn't operate without its 
mechanical seiwices, installed by Crown House Engineering. 

They include the boiler plant, air conditioning, refrigeration and the many 
i specialist sendees a great modern hospital needs to perform efficiently. 

f Other outstanding developments include Edinburgh’s Heriot Watt University, 

the Brent Cross Shopping Centre and the Nat West Tower in the City. 

CHE are winning similar contracts not only in Britain, but in the 

mcrrSniSfi Middle East, Africa and Australia. 

We f re big in other ways. Our subsidiary, Dema Glass, is 

Britain's biggest supplier of table glassware including the 

7 [P, :jl L : ll j iJ ! well kno™ mimes, ‘‘Thos.Webb" and “Edinburgh Crystal”. 

jrjm .iLn.iii. HmjXuUTin; J 

~m 1 1 oTirin rnriw ’jTQii If you want to learn more of what we do contact 

^ J “'InrSrJ liiSSS our Chairman, Patrick Edge-Partington at 2 Lygon Place, 

London SW1 W OJT.Telephone 01-730 92S7. 


be achieved in the current year." 


Summary of Results 

mz c : 

£mi!Ii6n 

. .1977. 
£ million 

Sales 

f, 677,9 " 

1,490.9 

Trading Surplus 

H52 

' . 115.6; 

Profit before Tax 

- 77.6" Z-L 

' 80.3 

Profit attributable to Shareholders - ■; 

36.4 

- V v: 36.6 

Earnings per Share 

9.67p 

9 . 861 : 

Dividend per Share V.’.' 

" ‘2A2d ’ ' 

. -2.08E 


Crown House Cf 

You may not see us, but we’re ttiera 









21 


J^IliL^riciail Times Wednesday June 21 1973 


jarrard deficitholds 

to 6.3% increase 




WGIsees 
another 
good year 


/■ * result ' Includes the £5.6m Official lntucadoas ara not this time, he says, 

■tional losses incurred by the whaler dividend, cowcmod 


* ro * ni:i *-77m in the second half , of the year ANOTHER successful year is ex- 

: ■•’S 3 J 5 , fi y afPtev f3SS« P j BOARD MEETINGS Whi ' e ir * not possible to aehfcvc at WC1 for 197&-79. and 

Je profit of Plesswj. Company vnivi/ muiinw profits equal to the first civ the future should -be bright, say* 

;.ced 6.3 per cent from £40. 32m Tbe following companies -have ratified months indications are that there M r - F. P- S. Stammers, the retir- 

v ?*** 111 ***** si, m sa-L ■» *sssa - j&sb «" > » BSss« oV^s ** «“»■■■ 

held for thp pnnwses of. consWernw rear s second half profit of £38,181 The group began the soar with 

a record level of orders but ihe 
spread within the operating units 
was not ideal and the margins 
in some cases were thinner than 
desirable. 

There are some signs of a 
recovery in the level of activity 
in the UK piling market and the 
civil engineering division is 
obtaining its full share of the 
work. Work overseas has 
increased, contracts having been 


, >.« ntcrims or Hmi« -ud ihe .'sub. 

jxner electronics .subsidiary divisions shown below are based mainly 
fird, and directors say that but 00 ^ re«tis umetabi*. 

■tis, proflt-would have climbed , today " : g~_ 

er cent' After trine motif ho tawlm**— Baker’s • Household Sores 
-® 0 * 1 ™ ‘^edsl. Estates and Aaracy. KewUm 
." Uarrara , loss .was shown &t . Motor, Scorush American nnetpen. 

.-• • •••_". ThrSamonim Trust. United Smiea.Ds&en- 

. John Clark, the .chairman, ^tau^Avna,' Brown and T*"*e. 
later ne expected Garrard to Bameu and BaBa&zsbirr, JJnrapljw Inier- 
:e its losses this -year He national, B. Elliott, L Industries, ,V_. H. 

■■ass *& ’sum :»“&«' 


U.S. exempt 
fund from 
Hambros 


The Singapore company suffered 


Ham hr no iu,it completed in Bahrain and Poland, 

, „ __ ... U'e^t^St SSTS K?|S£nSK* d in **“■■■«■ 

w? prices and was also look- -AtexoMfers Discount Juiy 3 cash-m on the current popularity 

• at opportunities :lor a pro- ?F oUie ?- ? or . Snve stment in the U.S. But 

r ° duct r £ duction - aiassow^ltotftholdere' Trwt — •tA&M .* UTM { worKs 8nd depot, but it is now 

are pursuing all other, com- imperial GrauD ... C. — .... Jnbrw market rather than the individual operating on a much higher 

dal avenues in the company’s J ^ e 3a *»* launched its second workload and should continue to 

•ests. ’ ,, - i nn .«a 0Jcer h P t fund the Allied Hambro d n «.„ . nrne r i m „ n hpnri 

. ‘ expected Garrard to make :S« 0 f VoSre''"::Z“::^' jOTe so UM. Exempt Fund. , The refractories division may 

» this year, bat it would be Bristol Evening Post Jn*r « *<» of this trust is to find d iffi cu i t t0 beat its own 

■; Jduced loss.” ........ . torrio Ensmcertng .-. ; e P aWe pension funds and record this year. So far orders 

-tes 'Jh creased 7 A per cent ••»•; : y ■" ^ chanties to invest in North are holding up in spite of the 

i £ 568.8m to fMLlnj, with the h£i£»i M “ 1 “d. GeBeMl Amenca without having to build depressed ^siate of P the steel 

^ quarter contrlhunag *169-5m_ SeEmai*’" .V. Joiy * U P necessary resources and industry. New and improved 

0-am). UK exports were -Up Stanford Chanered Bank -..- lJone |I expertise to take' the beat plant is being installed 

i £S4m to £12 lm In the year 2lSL a 5JL,| u fL won — “ — advan tase of investment oppor- progressively and comins on 

. with the sales of overseas erS — tunities. The policy is. to secure stream and new products have 

panies accounted for 33 per c^P'tai growth and the managers been introduced to meet changing 

■ ot the total. Overseas earn- will use investment currency and requirements, 

amounted to 43 per cent of . i n'taaa^ 5oans in varying proportions, Overall the orders on hand in 

total. ™ e 4 £ na f uividenfl depending - on circumstances, the process engineering division 

breakdown of figures showed *?* payout fn»h'7*vp initially investment will be arc at a higher level than in 

Its from the rental, private ■ °5S :)9j, J n 5 t- o? fSrtvTa fiDan ced predominantly through previous years and the directors 

ems data and controls side CT is redu^ ced to 33 1116 Ie a ns. expect these companies to 

he telecommunications opera- “l” payment wUi be The fund will be managed by continue their progress, 

s rose by almost £lm. from 9 °^o er ^ r - John Gurney, the investment In spite of some lack of con- 

.to £7.95m. • • was *TWhnr up IS per cem-omne director responsible for managing fidence generally in the industries 

*” the successful Securities of served by the mechanical and 

American Unit trust. He con- structural engineering division 

siders that American equities are the group has continued to win 

still attractively priced despite orders and the division i, 

the recent Wall Street rally. expected to improve profit 

At present there are only three performance, 
or four exempt trusts available The directors are recommend- 
to pension funds that invest in th at future the level of fees 
North America and a slmJJar paid t° non-execuMve directors, 
number that offer international currently limited to £2,500 for the 
investment. The minimum initial chairman and £2,000 for others, 
investment on this new fund is should be left to their discretion 
The improvement Jn profit at fi.ooo and there is a facility 10 Permit mo™ flexibility in 


.w Jfl'OUUi. -r 

rofits on the public systems pre^ous year. 


dropped . from . £lS.5m to 


See Lex 


V 6m; 




1VT7-7B 

*1978-77 


£000 

■ £000 

- | 

SU.7M 

569.880 

. Jns prdSt ...7. 

64.M8 

.60.041 . 

eel* i Jon 

. 31.041 

18.733 ‘ 

■atfcuc profit 

«.80T 

41.319 . 

XT. 

10.1 K 

B.4B3 

:eresi receivable ... 

1,749 

1.473 

. -est parable 

M-310 

3:814 

anaDsatiOg costs .... 

2.5G2 

2.11ft 

tt before tax u - 

42,080 

40 321 

1 

' 14.032 

12.989 

profit «... — , 

28J2B 

27.352 t 


Stability 
benefits Utdt. 
Guarantee 


. minorities — 

'3 ordinary Iotos .. 
■JccotnniualcaOatts 
her — ;.... 


twiaies 

i tail able 

idends — ... 

ained 

AdJnFfed for EDU.- 


3*8 

9.945 

s,m 

3,M9 

tro 


t7.33S 

12.135 

4.550 

1 Credits. 


. i Items prevlnosly accoanred tar as r.: c 

' dnrent -liahaities have been charged illustrates that firmer mgXiBge- 


2 'Us United Guarantee (Holdings) in to have 
M.567 the March- 31, 1978 six months reihvested. 

was achieved primarily from the 
I-™* greater degree of stability within 
the group, Mr. H. W. King, the 
n.rea chairman says in an interim 
iijot statement 

juw He says the increase in pre-tax 
f. c “: profit from £161,379 to £15&340 


income 


automatically securing 
calibre. 


people of the right 


Gt. Northern 
Inv. improves 


With external sales better at 
£2S.87m (£21.79m) taxable profit 
for the year to March 31. 1978. 
advanced to £1.2m (£762,602) — as 
reported June 13. The net divi- 
dend is raised to 5.8p (5ipj per 
25p share. 

On a current cost basis profit 

general reserve, and pre-tax profit, ment controls are having "the Subject to tax or £611,758, was reduced to £750,000 by addi 
ihe March quarter i«7 end ror the desired result in establishing a against £579, 911. revenue of tional depreciation of £279.000 and 
months tojforch si. urw ; ■ nr»f c«i- fi0und base for future growth and Great Northern Investment Trust extra cost of sales of £323.000 less 
fflwMiMr expansion. " improved from £1,317.689 to a gearing adjustment of £ 155.000. 

_1 . ' . ■ ■ The turnover reduction from £1,606.900 in ihe half year to At year-end bank, deposit and 

Elsewhere, electronics systems £>.S9m to £2.45m reflects the sale May 31, 3978. cash balances were up at £S95./>SE 

d - ^S'Vi P i°i ent tu *! ne0, - 111 of the unprofitable Cooden Motors Net asset value per 25p share 

' 31 halfrime was 139p and the net 

interim dividend is raided to 1-29 
ll:15p l. 


ainst £11.4m. engineering profits business. 

?re more than doubled at £5^5m Directors’ attention is now being 
ainst . £2^5m wbpe components focussed on strengthening trade 
?re ^so more than doubled at • 


(£251,692) and bank overdrafts 
amounted to 560S.BS4 (£397,823). 

Meeting, Wilmsiow. on July 13 
at noon. 



Tricentrol «ps valuation of reserves 


BY RAY DAFTER, ENERGY CORRESPONDENT 


,6m compared with £2.Sro. 

Consumer electronics however 
d>wed an overall loss of £4j3m 
Vmpared-*vi£h a -Joss of £485.000. 

Capital spending last year was 
'jwn from £34m to £28 Jim. 

Currency revaluation in the year ^ 

estimated to: have cost some .TRICENTROL, a UK-based «?* allow prices to increase progres- ment Company, 50.736 B ordi- 

JBm in profits. A £6.lra (£2.6m) ploration and production com- sively to world levels by 1B82. A nary shares will be allotted on 

ecrease in the net worth of over- pany, has increased the valu&i crude price of $12.75 a barrel and August 1 to "B" ordinary holders 
>as assets has : been charged tion of fts North American ofi: a gas price of $1.60 per million at the rate of 0.0181723 of a share 

irectly to reserves. and gas reserves by £6.5m. to rcubic feet in the second half of for each one held. 

The result Is before : tax ot &OSni. 1978 had been assumed to esca- 

24.85m <£I2.97m) and minority * Prior to June 1975 the reserves i at e to $22.78 a barrel and $2.90 

aterests -of £0.fl5m i£0J9m) and were valued^ at a discounted per mef by 1990. 

aere were extra-ordinary losses Hum. but in February 1976 it was v The statement added that in 

- f £9.95m against £LA57m mainly announced that the wJ and gas the US. energy policies made it 

. . bating . to business closures, deposits were worth nearer £24*n: <jiEficult to V-ssess future crude 

elecommunications . closures TncentroJ said yesterday that rts prices. Contract price levels with 

.-counted for £6^7ra (£16.08m) latest calculation related to limited es^iation had been 

3d' this includes an additional proven recoverable reserves only, assumed. 

- -nount in respect of the Post No productfon had been aftri- *Tanker Thfctle Star is due to 
.. .Jfice cuts to be incurred on sur- buted to ^probable and possible arriver in yto tier dam today 

i 


Jersey Gen. 
Inv. Trust 
cautious 


Directors 


>•:;«; '1 


... , of Jersey General 

us stock, dilapidations, and .the reserves.^ u i #k "dth 637.000 barrels of Tricentrol Investment Trust are cautious 

sses due to the consequential hi a letter to snareboiders tne enjde £r 0rn thelNorth Sea Thistle about the immediate outlook, but 
■ -fects of impiementing the fuU Compaq also stated that j the un- Fl e]d . The carto. the first con- Mr. Maurice Letto, the chairman, 
.■ogramme, directors say ^ of T*entrnl oil from says that its portfolio of quality 

Peter Marshall, finance director cash flow from these reserves m ^, ld has sold to t ^ e 

id the telecommunications pro- theus. Canada could amount Britjsh nation tiOi] Corporation 
sions caused by the Post Office to p02.5m. over the coming years. under Ihe State nartieination 
..- itbacks were now behind the Some £61. 3m. would come from - l 1 l 3 


Some £61.3m. would 

■oup. , . Canadian fields. 

Attributable profit came out at “Tricentrol said that the future 
7.34m (£U.8m) . and earnings price of crude oil and natural gas 
Jr 50p share are shown at lL6p was a matter of “some spccula- 
L2p) before extra-ordinaTj’ tion.” In Canada calculations had 
?ms, and 7.4p (5p) after these been made on the basis that the the final dividend for the year to 
sses. ^Canadian Government would April .30. 1978. by Wltan Invest- 


arrangements. 

WITAN 1 1W. 

Subject to the declaration 


of 



■ OMaTUP -g 

INTERIM ANNOUNCEMENT OF 
PROFIT AND DIVIDEND 

FOR THE 32 WEEKS ENDED 6 MAY 1978 


The results for the 32 weeks ended 6 May 1978 based on unaudited 
figures prepared for management purposes are shown below. 


Turnover. 


Trading surplus before depreciation — 
Deduct: Depreciation — — 


Trading profit- 


investment income. 


Associated companies . 


Finance charges. 


Profit before tax. 


Tax on above profit . 


Minority interests— 
Preference dividends 


Earned from operations 

Foreign currency gains/flosses) 


Gains and losses arising other than 
from trading— 

Available for ordinary dividend 

Ordinary dividend — — — — 


Earnings per ordinary share from 
operations 


32 weeks ended . - . 

52 weeks ended 

6 May 1978 

7 May 1977 

24 September 1977 

£m 

£fld- 

£m 

76 63 

668.? : . 

1,305.9 

68.0 

59.7- - ' 

309.4 

16.5 

X3Sr 

22.7 

51.5 

45.8“ 

86.7 

3.0 

2.8 

4.5 

13 

1.0: 

2.0 

558 

49.6 

93.2 

10.7 

10i •; 

16.0 

45 J. 

39-4 

T13 

22.7 

20.1 ■ 

35.0 

2ZA 

19.3“ . 

423 

0.4 

0.3 

■ 0.8 

03 

03 

’ 0.4 

21.8 

183 : 

41.0 

03 

(0.1) 

<0.1) 

22.1 

18.7 

40.9 

1.1 

3.7; 

3.7 

23.2 

20.4 / 

44.6 

7 A 

6.6 

20.7 

4.13p 

3.5Sp 

7.80p 


Sales and earnings 

Progress has been steady through the thirty-two weeks with most group products showing 
an^^m«BMitinvol^^ compared with the equivalent period of the previous year. 

Lrtb e financial year endiflg 30 S-wember 1978 of IA 
0 $ SS— those shareholders 

whose names are on the register on 17 July 1978. 


investments should stand it in 
good stead. 

lu the UK political considera- 
tions are clouding the outlook 
and in the U.S. a positive confi- 
dent outlook is still lacking. 

He believes there are signs of 
that fundamental values in the 
U.S. stock market are beginning 
tn be recognised and that conii- 
denre is showing some signs of 
restoration. 

As previously reported taxable 
revenue of the trust in the 
April 30, 1978. year was £0^5m 
(£0.7Bm). 

Statement Page 


22 


Decline at 

London 

Interstate 


After a £168,000 provision for 
doubtful debts, against £150.000 
previously, and subordinated de- 
benture interest of £46.345, com- 
pared with £73.110, pre-tax profit 
of London Interstate Bank 
dropped from £424,876 to £308,578 
in the March 31, 1973, year. 

Mr. Ben S. Barnes, the chair- 
man, says that during the year 
the quality of assets, liquidity and 
flexibility were enhanced at the 
expense of profits, and that the 
strength of sterling was the 
principal reason for the decrease. 

The result is subject to tax of 
£166.615 (£237.0001. 

At balance date current and 
deposit accounts were £69. 72m 
(£35.02m), while loans and 
advances were ahead from £1466m 
to £22JJSin and deposits with 
banks were £11. 8m (£a.34m). 
Medium-term loans stood at 
£25 ,4m (£23 .25m). 

Winding up 
orders 

Orders for the compulsory 
winding up of 33 companies have 
been made in the High Court. 
They were: 

Afdei Fire Alarm Company. Bon 
D'EUe, Harrison Construction 
(Midlands), B. B. Loukes (Plant 
Hire), DIsplaymatics Manufactur- 
ing, G. A. Lombardi, JLP Develop- 
ments. Markward Properties. BPS 
(Building Project Services). RAJ 
Property Company, Wharton and 
Co. (Pattern Makers). Worklane 
ED Gowns. Williams Dunn. Min 
terdart, Slough Carpet Ware 
houses. Surgrue Investments 
Huntersburgh. Lenorstar Trans 
port. Viestate. Dawn Insulation 
York Road Hardware I Newport) 

Yells Bros., Allard Motor Com 
pany (1973). Sherwood Sectiri 
ties. CEP Transport. DIstaid (Dis 
rribution Aids). Hancocks Ship- 
building Company (Pembroke), 
Mnhiar, Tach Sen-ices (Tools). 
Chaseworth, Galtglow, and Ridge- 
bridfie. , . . 

Compulsory orders for the 
winding up of Lilywood and of 
Integrated Reclamation and 
Dredging Company, made on 
June 12, have been rescinded and 
both petitions have been dis- 
missed. 


• SEAFORTH MARITIME 


Fresh capital from Finlay 


BY BILL HALL 


James Finlay’® ^7-9m agreed bid 
for Seafortb Maritime highlights 
the financial strains facing small, 
fast-growing companies operating 
in a relatively high risk area like 
Lhe North Sea. 

Seaforth Maritime was formed 
in 1972 with an initial capital of 
£lm and the declared aim of 
enabling Scottish capital to 
participate in the Noah Sea oil 
boom. The prime movers were 
Iain Noble, a Scotsman who was 
a co-founder of merchant bankers. 
Noble Grossart, and two Glasgow 
shipping companies. Lyle Shipping 
and Hogarth bhippin". The two 
companies put “P Just over 60 per 
cent of the .capital and the rest 
was chipped iQ by Scottish finan- 
cial institutions. 

Seaforth started off in the 
supply boat business servicing 
the growing number of offshore 
oil rigs, and soon diversified into 
engineering (it is the country's 
largest manufacturer of satura- 
tion diving system*) and offshore 
logistics. In its first couple of 
years it grew very fast and was 
looked upon as a textbook 
example of Scottish oil initiative. 
Then disaster struck. 

In the autumn of 1&75 the 
Dry-pool Group of shipbuilders, 
which were building n«o ships for 
Seaforth at fixed prices and on 
which substantial progress pay- 
ments had been made, ran into 
financial difficulties. Eventually 
the ships were delivered but at a 
considerably increased price. The 
company's shareholders had a 
£0.6m rights issue at 30«p in 
r’ebruary, 1976, but this was not 
enough to put the company on a 
sound financial footing and 
Seaforth was faced with the 
optioo of either cutting back its 
activities drastically or seeking 
additional risk capital. In the 


evenr, it negotiated a convertible 
£l,7m loan from the Department 
of Energy. 

With this backing the com- 
pany's future was assured and 
between 1973 and 1977 its pre-tax 
profits more than doubled. How- 
ever. its ability to raise extra 
capital in what is inevitably a cash 
hungry business (its latest ship 
tbe Seaforth Clansman cost over 
£6m) was constrained by the 
reluctance of shareholders to 
pump in extra equity. 

Its two major shareholders are 
operating in the very depressed 
bulk shipping industry and 


rising cash balances to diversify. 
It already had a stake in the 
North Sea via Its 5.8 per cent 
investment in London and 
Scottish Marine Oil and as a 
Scottish company there would be 
less local opposition to the take- 
over of Seaforth Maritime. It 
liked the look of Seaforth and 
reckoned that it was at the cross- 
roads. Either it had a sizeable 
injection of capital or else it just 
stayed where it was. 

The terms of the deal are 
rather complicated. Finlay is 
offering 121 of its ordinary shares 
for 100 ordinary shares in Sea- 
forth. Holders of 1.48m shares 


SEAFORTH MARITIME 




1073 

1974 

1075 

107*5 

1»77 





£ra 

£m 

Ira 

£ra 

£m 





1.7 

4* 

6.7 

12.4 

16.5 

Pre-tJx profi: 



..... 

1.05B 

0 .U 

0.31 

0.56 

0.79 


obviously face conflicting demands 
for capital. Seaforth has to some 
extent got round the problem by 
going into joint ventures which 
reduces the total cost and leasing 
ships. In addition to capital 
employed of around £11 m the 
company has another £9m of 
leased assets off its balance-sheet. 

However, there is a limit as to 
how much more off balance sheet 
financing it could do without 
further financial backing and this 
is where Finlay comes in. It had 
looked at Seaforth Maritime 18 
months ago but it seemed as if it 
would have to content itself with 
a minority stake. 

Finlay has extensive Far 
Eastern and African tea planta- 
tion interests some of which were 
passing into local control and it 
badly wanted to use some of its 


(7S.9 per cent) have accepted the 
offer and arrangements have 
been made for some of the Finlay 
shaxes issued in consideration to 
be placed at 340p against last 
night's price of 3S2p. Lyle 
Shipping is using part ut its pro- 
ceeds to pay off its bank over- 
draft. 

In addition John Swire and Sons 
and British and Commonwealth 
Shipping Co. via its wholly owned 
subsidiary Bricomm Investments 
have undertaken 10 purchase 
sufficient stock so that their per- 
centage holding in Finlay's en- 
larged issued ordinary share 
capital is maintained at 29.94 per 
cent and 10.61 per cent. The deal 
values Seaforth ordinary shares at 
41 Ip and Ihe convertible non- 
voting shares at 265p. It is not 
yet clear what the Department of 


Energy will do with its convertible 
Joan. 

The final strand in the deal 
involves Taylor Woodrow which is 
already involved with Seaforth via 
a joint venture, Seaforth-Taywpod. 
operating in the offshore main- 
tenance field. Finlay has agreed 
to sell 30 per cent of Seaforth 
to Taylor Woodrow for £2JJm and 
will grant options for Taylor 
Woodrow to acquire a further 
15 per cent of Seaforth. 

Although the move will not 
have much impact on Finlay’s 
profits in the short term (last 
year it made fld.Sm compared 
with Seaforth’s £0.8m) Jt does 
mark a significant step and the 
promised 129 per cent increase in 
the dividend (legislation permit- 
ting) will finally put Finlay, shares 
on a comfortable yield. At the 
underwriting price of 340p the 
yield would be 6.6 per cent which 
Is in line with the overseas traders 
sector. 

The benefits for Seaforth 
Maritime should be more visible. 
F inlay and Taylor Woodrow 
intend to expand Seaforth’s opera- 
tions and turn it into a major 
energy service group. To this 
end, significant capita) spending 
is contemplated (say £i2m) over 
the next two to three years. At 
the moment. Seaforth 's return on 
shareholders' funds is only some 
7 per cent but Finlay hopes that 
it will soon rise to 15 per cent 
or so. 

The moral of the Seaforth 
Maritime deal is that when com- 
panies such as this were estab- 
lished in the early heady days of 
the North Sea oil boom, investors 
considerably underestimated the 
sums of money which would be 
needed to keep pace WKs the fast 
changing technological develop- 
ments in the offshore industry. 



LIMITED 


Report by the Chairman, Sir Kenneth Keith 


After reaching an all-time high in 
September 1 977, the United 
Kingdom stock market fell 
significantly in the second half of 
the Company's year. Nevertheless, 
the F.T. Industrial Ordinary Index 
was still up 10.6 percent over the 
year, and the F.T. Actuaries 
All-Share Index 1 6.3 per cent, 
higher. The performance of stock 
markets in the United States was 
also disappointing and did not 
reflect the degree of economic 
recovery which has taken place in 
that country. During the year the 
Standard & Poor's Composite 
i ndex fell 9.4 per cent, or 1 3.6 per 
cent when adjusted for 
movements in the dollar premium 
and exchange rate. Against this background, the net 
asset value of the Company's Ordinary Shares, 
deducting prior charges at par, rose by 1 2.8 percent, 
in the year from 200.0p to 225.5p per Share. 

The reduction proposed in this year's Finance Bill 
in the effective rate of tax payable by investment 
trusts on their capital gains from 1 7 per cent, to 
1 0 per cent., coupled with the removal on 1 st 
J anuary 1 978 of the 25 per cent, premium surrender 
rule on sales of overseas securities, will result in the 
Company being able to adopt a more flexible 
approach in handling its investment portfolio. We 
. regard both these changes as constructive, but the 
change in the rate of tax payable on their capital 
gains by some individual Shareholders, which may 
rise from a maximum of 1 3 per cent, to 20 percent, 
from 6 th April 1 979. is regrettable and, we hope, may 
be alleviated. 

Throughoutthe year the valuation of the 
investments acquired from the Company's dollar 
borrowings, which amount to U.S. $20 million, 
exceeded the borrowings, and at 26th May 1 978 this 
excess amounted to U.S. $5,798,000. 

Since tiie end of the yearthe Company has 
arra nged a further multi-currency loan facility with 
Hill Samuel & Co. Limited for U.S. $5 million nominal 
for the purpose of financing portfolio investment in 
the United States. This facility will expire on 31 st May 
1 9S2 and is unsecured, interest being fixed by 
reference to the London Euro-currency inter- bank 
rate. It is our intention to draw on this facility only 
gradually as and when suitable investment 
opportunities arise. 

Earnings per Share are up from 7.05p to 7.90p, 
some 1 ZT per cent. The Board is recommending a 
total ordinary distribution forthe year of 7.9p per 
Share against 6.9p per Share last year, an increase of 





7 4.5 per cent. The new rate of 
dividend represents an increase of 

1 99.2 per cent, over the rate paid 
ten years ago. This compares with 
a rise of 1 42.5 per cent, in the 
dividends covered by the F.T. 
Actuaries All-Share Index and of 

200.2 per cent, in the Retail Price 
Index. 

At the present time it is 
unusually difficultto make 
estimates for the current year, 
particularly with interest rates rising 
both here and in the United States 
and continuing uncertainty over 
the international exchange rate 
.JoFSterling; however, the 
• increased dividend already 
1 announced by Beecham Group 
Limited will benefit earnings by 0.45p per Share. 
Notwithstanding thatthe Government remains 
non-committal about the likelihood of dividend 
restraint continuing beyond this summer, we expect 
to recommend a further increase in the dividend for 
the current year. 

Your Company's long-standing investment ' 
policy has been broadly maintained and is designed 
to continue to improve income and therefore 
dividends and, atthe same time, provide long term 
growth of capital. Our geographical emphasis 
continues to be concentrated in the United Kingdom 
and the United States. We are seeking to increase our 
direct exposure in the United States in such a way not- 
to prejudice ourdividend record and therefore the 
increase in our United Sla tes portfolio must be a 
gradual process. 

So far as the economic climate is concerned we 
expect to see little growth in the true GNP at home, 
an upward movement in the rate of inflation in the 
second half of the current year, interest rates at levels 
not far distant from those pertaining at present, and 
probably an election. A combination of these factors 
could, we believe, further depress sterling in relation 
to the dollar and leads us to believe that we should 
fully maintain our indirect investmentabroad through 
our holdings in British companies trading overseas— 
this indirect foreign content has always represented 
a high percentage of our portfolio. 

We believe thatthe United States economy will 
again show a moderate rate of growth, inflation will 
rise somewhat, interest rates will peak shortly, and 
hopefully thatthe record of the administration will 
improve, together with confidence in it. 

We therefore seethe market at home as relatively 
unexciting, but look for a further recovery on 
Wall Street as the year progresses. 


RESULTS IN BRIEF 


Yearto 31st March 7978 7977 196 8 

Gross assets (less current liabilities) £1 25.4m £11 3.9m £69.5m 

Net asset value per share 225. 5p 200.0p 139.8p 

Ordinary dividend per share 7.90p 6.90p 2.64p 

TWENTY-FIVE LARGEST LISTED INVESTMENTS AT MARKET VALUE 


Beecham Group Limited 20,736,000 

Hill Samuel Group Limited .... 9,217,000 

Shell Transport & Trading Co., Limited 2,866,000 

General Electric Company Limited 2,779,000 

Imperial Chemical Industries, Limited 2,1 30,000 

Eagle Star Insurance Company Limited 1 ,875,000 
Prudential Assurance Company Limited 1 ,8 66,000 

Bowater Corporation Limited 1,841,000 

Land Securities Investment Trust, 

Limited ..... 1,795,000 

Bass Charrington Limited 1,580,000 

Babcock & Wilcox, Limited ..... 1,553,000 

Whitbread 81 Company Limited 1 ,274,000 

Imperial Continental Gas Association 1 ,1 70,000 
BTR Limited 1,036,000 


General Consolidated Investment 
Trust Limited .... .... 947,000 

City and International Trust Limited . . 918,000 

B.A.T. Industries Limited .... - 915,000 

Sears HoldingsLimited '■:• 900,000 

General and Commercial Investment 

Trust, Limited .... ... 887,000 

Standard Chartered Bank Limited ...- 860,000 

Ocean Transport and Trading Limited 842,000 

UDS Group Limited ■— 792,000 

Drayton Consolidated Trust Limited — 780,000 

Thorn Electrical Industries, Limited — 776,000 

Great Universal Stores Limited ..... 754,000 

£61,089,000 


The twenty-five largest holdings accounted for 50.5 per cent, of the market value of the listed investments 

shown in the Balance Sheet at 31 st March 1 978. 

Our fixed income investments at 31 st March 1978 included some £2.5 million of British Government 
Securities and our unlisted investments £1 million in Agricultural Land Improvement Holdings Limited. 


Copies of the Report and Accounts and full Chairman's Statement can be obtained from 
Philip Hill (Management) Limited, 8 Waterloo Pface, London SW1Y4AY 

v t 

The annual general meeting will be held on 1 2th July in London. 








22 


. Financial Times Wednesday ¥^*0?*** -"*** 


Expansion plans continue 
at AB Foods 


Capital & 
Counties 
to improve 



THE SATISFACTORY results of 
Associated British Foods for 1977- 
1978 again demonstrate the 
group's activity and strength 
across a wide segment of the 
food industry, Mr. Garry H. 
Weston, the chairman, says in his 
annual report. 

The results also reflect the 
policy of continued heavy invest- 
ment in fixed assets on which 
long-term earning growth in the 
group's industries so heavily de- 
pends. says Mr. Weston, 

For the year ended April L, 1978. 
pre-tax profits amounted to 
£77.63m compared with the pre- 
vious year's record £80 .36m from 
sales of £1.68bn. up from £1.49bn. 
The net dividend total is 2.32Slp 
(2.0754p). 

A current cost statement of 
proGt shows depreciation adjust- 
ment of £20m. cost of sales 
adjustment, £lflm and a gearing 
adjustment of £8m giving an 
ad i listed proGt before tax of £47m, 

Mr. Weston says profit growth 
will be achieved in the current 
year “ although overall volume 
growth in the food industries in 
the countries in which we operate 
continues to remain almost static 
and the combined effect of Govern- 
ment regulations and severe com- 
petition make the attainment of 
biter trading margins difficult." 

Capital expenditure was main- 
tained at a high level and exceeded 
£70m compared with £62m 
pre%iously. In the UK. it was 
possible to cover capital expen- 
diture of £44m and an increase of 
£12m in working capital without 
any increase in borrowings. 

Overseas it was necessary to 
increase borrowings by £23m to 
fund £27m capital expenditure and 
working capital increased by film. 

On the group's bakeries in the 
UK, the chairman says heavy 
investment continues together 
with modernisation and cost 
reduction. Some 100 smaller 
bakers' shops were closed during 
the year though many were re- 
placed by larger units and sales 
through these continue to show 
good growth. 

Recent developments offer the 
opportunity for a more balanced, 
sensible and viable bread industry, 
says Mr. Weston. " We hope that 
after tbe first pbase of readjust- 
ment. some measure of profit- 
ability will return to the industry.” 

Substantial capital expenditure 
continued in the milling division 
and operations have been 
strengthened by the completion 
of the major work at Healings 
Mill. Tewkesbury. Burton's 
Biscuit Company again achieved 
a “commendable increase" in the 
value and volume of sales while 


the Ryvita Company had record 
sales, both at home and overseas. 

Further expansion in output is 
planned with extra baking 
capacity being installed at Poole, 
the chairman adds. 

The Twining group maintained 
its steady progress. Continued 
success in exporting has necessi- 
tated expansion of production 
and orders have been placed for 
a substantial increase in plant 

capacity. 

It was a difficult year for the 
frozen foods industry and profits 
from Anglia Frozen Foods were 
lower 'than budgeted. The 
packaging companies were also 
adversely affected by the down- 
turn in the economy. 

On the retail and wholesale 
side, the group opened five super- 
stores during the year. Fine Fare 
plans to open a further six super- 
stores during the current year 
and increase the Shoppers 
Paradise division to 130. 

The group’s overseas sales 
totalled £585m and profits. £40.9 m 
compared with the previous year s 
1526m and £41.4m respectively. 
South Africa contributed £28m or 
67 per cent and Australia and 
New Zealand. XlOm or 25 per cent. 
The rest of the group's overseas 
interests contributed 8 per cent. 

Wittington Investments owns 71 
per cent of shares. AB Foods has 
close status. 

Meeting; Connaught Rooms. 
WC, July 14 at 11 am. 

Statement Page 20 


group’s planned second-half ex- 
pansion. Currently six new retail 
units are under negotiation and 
three existing branches are being 
doubled in size. The group's sales 
area will be increased substan- 
tially by the end of the year. 

Inevitably these setting-up costs 
will have a bearing on second- 
half figures, but the operations 
will provide the basis for further 
growth, the directors state. 

The interim dividend per lOp 
share is stepped up from 0^685p 
to 0.6265p net on earnings shown 
to be unchanged at 1.47p per lOp 
share. Last year’s total payment 
was 1.75p on profits of £935,000. 
Zn May a scrip isue on the basis 
of one 10 per cent cumulative 
preference share for every 12 
ordinary shares was anounced. 

Turnover for the first half rose 
from £4.81 m to £5 .08m. Tax took 
£169.000 (£164,000) leaving the net 
balance at £157.000 (£152.000). 

The group operates as a retailer 
and wholesaler of leisure and 
camping equipment 

Statement Page 23 


Lines Bros, 
creditors get 
final lOp 


‘Creditable’ 
first half 


by Greenfield 


The six months to April 30. 
1978 at Greenfield Willetts results 
in a marginal improvement in 
pre-tax pro&ts from £316,000 to 
£326.000. 

The directors describe this rise 
as “ a creditable performance ” 
and point out that last year's 
first half was exceptional. The 
attractive exchange rate encour- 
aged more tourists to the West 
End of London; also tbe 1976 long 
hot summer caused retailers to 
replenish supplies from the com- 
pany’s wholesale division I. and 
M. Steiner. 

In addition during the six 
months under review expenses 
were incurred in opening two 
new warehouses, one for retail 
and the other for wholesale. 

It is explained that these were 
opjened in readiness for the 


Mr. Paul Sbewell of Coopers 
and Lybrand and Mr. Michael 
Jordan of W. H. Cork Gully and 
Co., the joint liquidators of Lines 
Bros, announce the repayment In 
full of the claims of the unsecured 
creditors of the company, includ- 
ing the holders of the unsecured 
loan stock. Creditors have already 
received 90p in the pound and the 
balance has been despatched, to 
creditors. 

This means that claims totalling 
£14,475.000 have been settled by 
the joint liquidators. _The further 
moneys still remaining in tbe 
liquidators' hands will be applied 
to meeting in part claims from 
creditors who are legally entitled 
to interest on their debts. There 
will be no distribution to the 
holders of the preference and 
ordinary shares. 


BARRO EQUITIES 


WITH a fun year’s benefit from 
reduced interest charges, net 
income of Capital and Counties 
Property Companv from property 
holding should show a further 
substantial improvement during 
the current year— though this 
may be partly offset by a lower 
contribution from housebuilding, 
says Mr. Keith Wallis chairman. 

As reported on May 27. lower 
interest for the year to March 25, 
1978, helped the company turn 
round from -a loss of £4.2m to a 
taxable revenue of £3.07m- 

Looking ahead the target is to 
build up an increasing flow of 
profits based on tbe restored 
strength of the balance sheet and 
deriving from the investment 
portfolio and -trading activities, 
including housebuilding and 
property dealing. 

Mr. Wallis points out that the 
property market- is currently a 
very competitive place. Never- 
theless, the directors are con- 
tinuing to look for and are finding 
new business which will yield a 
worthwhile return 

In order to achieve this they 
are concentrating their attentions 
where they have special expertise 
— in particular the London area 
and shopping centre projects. 

Last year following the sale of 
the Knightsbridge Estate and the 
refinancing of the Victoria Centre, 
Nottingham, group borrowings 
were reduced by £46.5m. including 
£22.8m repayable in foreign 
currencies. By the end of March, 
1978, borrowings had been further 
cut to £42.9m of which foreign 
currency loans amounted to 
£19 :2 m. 

Since the year-end the major 
portion of the Ham burg site has 
been sold for DM 26m thus 
eliminating another £6.7m from 
both total and foreign currency 
borrowings. The remaining 
foreign currency exposure con- 
sists largely of the outstanding 
balance of US$ 22.1m of 9 per 
cent guaranteed bonds 1979-SS. 

The directors took advantage 
of the recovery of sterling- during 
the year under review to 
repurchase US$ 2.9m nominal of 
these bonds at a discount and to 
repay a US? 3.5m Joan, also at a 
discount. 

The accounts were qualified by 
the auditors for the same reasons 
as last year. 

The AGM of the company will 
be held at Sl Andrews House, 
SW, on July 24 at noon. 


The liquidator of Borro Equities 
states that any final distribution 
will be extremely small. Tbe total 
distribution to date is £2.23 per 
£1 share. 


H. SYKES BIA S 
SAUDI STAKE 


These securities having been sold, this advertisement appears only as a matter of record. 


NEW ISSUES 


April 18, 1978 


$ 9 , 810,000 


5/2% Pollution Control Refunding and Industrial Development 
Revenue Bonds due 1997 and 1998 


lor 


a wholly-owned subsidiary of 


Imperial Chemical Industries Limited 


These Bonds were placed by the undersigned. 

E. F. Hutton & Company, Inc. 


OPHutton 


INTERNATIONAL 


AMSTERDAM - ATHENS - BRUSSELS - DUBAI • FRANKFURT • GENEVA 
HAMBURG • LONDON • LUGANO • MADRID • MUNICH • PARIS 


JERSEY 

GENERAL 

INVESTMENT 

TRUST 

LIMITED 


Directors 

MAURICE LETTO, F.CXS. (Chairman) 

Advocate L. C. INGRAM 

( Vice-Chairman and Investment Manager) 

Sir GILES GUTHRIE. Bart., O.B.E., D.S.C. 

Tbe RL Hon. THE EARL OF JERSEY 

P. MALET DE CARTERET 

K. G. MALTWOOD 

Dr. I. H. THURSTON. Pfa J). 


Financial Highlights for the year ended April 30th, 1973 

1978 

1977 

Earnings per Ordinary share 

14.42p 

13.32p 


13.0p 

11. 5p 


£18,853,301 

£17,552,462 

Net Asset Value per Ordinary share 

316.5p 

293.75p 


Extracts from the Chair man's Statement 

It has become even more hazardous to endeavour to make a projection for the 
year ahead, due to tbe speed fit whicb governmental policies and economic factors 
enforce a re-assessment of investment consideration. 

The two main problems affecting the economy of most countries have been, and 
remain, inflation and unerapIoy racnt - Coupled with these are rising interest rates, over- 
rapid growth of money supply- volatility of exchange rates and lack of industrial invest- 
ment in many countries. 

We are therefore somewhat cautious about the immediate outlook, but our portfolio 
of good quality investments should, as in past years, stand us in good stead. We shall 
remain watchful for any sign of improvement in world economic conditions in order 
-that we can take advantage of fiuy new factors wherever and whenever they may arise. 


Copies of the Report and Accounts arc available from, the Secretary of the Company, 

21. Broad Street, Jersey. G.Z. 


Henry Sykes, the pump manu- 
facturing group, is to take a 40 
per cent stake in a £250.000 joint 
venture with Oasis Trading Estab- 
lishment of Saudi Arabia. 

Henry Sykes said yesterday 
that Saudi Arabian sales last year 
accounted for some £400.000 of its 
total Middle East sales of £4Hra. 
The company expects the new 
associate Oasis Sykes, uhich will 
be operational on July 1. to im- 
prove on that sales figure. Besides 
marketing Henry Sykes' products. 
Oasis Sykes will undertake ground 
dewatering and contracting. 

Oasis Trading, which will be 
the controlling shareholder, has 
been Henry Sykes' distributors in 
Saudi Arabia for the past six 
years. 


JOKAI/ LONG BOURNE 

Jokal . Tea Holdings and 
Longbourne Holdings announce 
that the Proposed merger by 
means of a Scheme of 
.Arrangement was approved at 
shareholders' meetiny on June 19. 
197S. Accordingly appropriate 
steps are now being taken to 



‘Tanks’ 
irons in the fire 


BY KENNETH MARSTON, MINING EDITOR 

DESPITE LAST year’s modest fall The takeover would be effected payment period for concentrates 
in net profits to CJtom from by the new National Asbestos, shipped in 1377 ■ 

- - - of ip to Corporation, which is owned. -Mr. Agar ahticipatw some 


£2.39m and a reduction oi ip w uorporauw*. *«jw‘ « «jt\ .:aar. <»»» , Vrlcesbvthe 

XOp in the dividend, the shares of the provincial Government- Tins.- strengthening in zinc priwa or «« 
Tanganyika Concessions continue will be the first direct negotia-Ttbue Nanisivik ships find reus con- 
to attract a fair amount of market tions between the two sides, both cenrrates 

interest thanks to hopes regard- of whom have been preparing: this year and the J2 

— ~ -. MW/Meanwhlte a concerted effort 


log the company’s diversification their valuations, 
which is now reflected in a pro- 
posal to change the name to Tanks 
Consolidated Investments. 

Much of this interest springs 
from “Tanks” stake of 8.4 per 
cent in the Ashton diamond ven- 
ture in Western Australia in 1 £2 J 

which Conztnc Siotjnto of Ullfl 


Shell Coal’s 
Swaziland 


is being made to 


Australia has an interest of 52.6 


control and 

». ;■ i_ n fH(>r areas of its activities, 
.'Mineral Resources^ Mottos £ 

r bring a magnesite property’, in 
British Columbia to Production and 
has purchased a two-thirds interest 
s ‘“In*- US coal properties - with 
.reserves’ of 16.5m tons and two 


per 


cent. “Tanks" points out SHELL COAL, which BuintiiJB-jinjjujjflg mines. 


that the project Is still far from an extensive prospecting pro- 


being commercially exploitable gramme in southern Afri ca,, mg. .. . _ ¥ rn 

and “substantial” further expen- discovered an anthracitic eoalv ■ROUNIMJIr 
diture is needed, but “nrosoects deposit in Swaziland and is carry-f- - . 


diture is needed, but “prospects deposit 


carry ^ 


uiluic u nccucu, uui ; — .: — ~ . — gvg t - raMiriines. the state- owned 

of ultimate success are encourag- mg out feasibility studies to mhiereJs producer, is 

im?" mine whether or not It can >r Zairean ' f59 - ’ V i _ 


mg. 


Of the company’s traditional in- economically 


ae company's traditional in- , mined. reports; ® foreignltffliiks to help 

terests. the Bengnela Railway in Richard Rolfe frora Johann^bn^ loajis from development 

Angola continues to operate No reserve figures are yet avail-: finance J*f expecled to 

under great difficulties within that able, but reports suggest that- a: Plan, be with the World 

country, but has carried no inter- relatively -small mining operation- 'take a > ear. y, ac 3 ) ro „], veL 


30 inter- relatively muaii uutuuig ujjciauuir-iwv; » ,| rn j- 

frontier is being considered, probably, up Bank. The«ro“P bartks- 

icome Ls to about O.om tons per year, r .■ ceived 8220m from loreign DanKs- 


national traffic since the 

was closed in 1975. No Income is *iwui v.«»ui jcu-.v-ww.™ -. 

being received from the railway A major constraint is the aval}-. * . .T „ . 

whose future depends upon tbe ability of a rail link to thv deposit;.: Two Malaysian tin producers 
resumption of international which lies under sugar-cane laodsV have announced increased pre-tax 
traffic about 20 miles north of the raff- profits. Jn the year to March, 

The major investment of way from Mbabane in Swaziland; Koala Knmpar Tm Fields -made 
“Tanks” continues to be 17.6 to Maputo in Mozambique: Estl-: m *2 7m (£615,3Sa), compared with 
per cent of Belgium’s Union mated costs of the rail linkvare "w\Am the year before, and re- 
Miniere which last year reduced put at about R30m (£13J8m). '’'. commends a final dividend or W 
its dividend to BFr 500 from Shell Coal, a subsidiaiy of the ^nts (6.S3p> Bros* Kn» m t TJn 
BFr 500. After having faced oJ major, is also examining large dredging made M$3m (£683,760 \ 
possible closure as a result of low-grade coal oe.vrreoces c Jn against M$601,765 and • recom- 
low copper prices the latter's Botswana. Its mam project in . tbe mends a final of 20 cents (455p) 
younf Thierry mine in Canada "gj®" 18 Rxetgjruit GoUfety gross- .. . . 

is currently yielding a small cash with Rand Mum* which cornea on + * * - 

flow. The modest-sized Oracle stream later this year and jwuT gel trust Engineering, a sub- 
Ridge copper venture in Arizona, bu “ d up to am tans of export corn s i^: ary Selection Trust, has set 
in which UM has a 40.5 per cent annually. _ . - . qeltrust Consultants, bringing 

; V" together consuitanls from the di& 
cipiines of geology, mining, 

- 1'.:-., mineral processing and extractive 

- J-: metallurgy. . ' 

★ - * * 

rise in. South At yesterday’s meeting of 

“ to allow further growth in African gold output was checked Beralt fin and Wolfram the chair- 
business.” Meanwhile. “Tanks” last month, the latest statistics Mr. L. G. Stopford Sackvflle, 

still awaits success from its'par- from the Chamber of Mines said that production at the Portu- 
ticipation in the North Sea oil reveaL ■■■ guese wolfram mine is still below 

and gas search. Output during May at 1.900,385 £ ud „ et a further wage settle-] 

“Tanks” gives no forecast of was 5S.2U 0 z lower thankin' m t wU l, it is hoped, be negoti- 
currrent year’s prospects in its April, the first declme afler Sve ated -„- It hin the framework of the 
latest annual report and there successive months of rises. -- Portuguese Government giude- 
seems no reason to exneet anv But 010 cumulative total of pro- He added that the overall 

improvement in eanS°s It ducti on for the first five months picture was “still reasonably 
reETU reen C X& the of the year and was confident tig 

attractions of - the group's various ^gher tom In • the rompar^e satisfactory^ . profits could te 
speculative irons in the fire will Kjodof lffi7._wbMtVhe total V*s attained this year, given fair 
maintain interest in the shares 0*:..?Ovrev«r, output ni pr j ces for wolfram. 


stake, is due to reach production 
in 1980. 

In tbe UK the El bar Industrial 
srroup, >n which “ Tanks ” now 
has a stake of 59.4 per cent, has 
reorganised its financial resources 


GOLD OUTPUT 
RISE HALTED 

The steady 


which were 156p yesterday. 


1977 was exceptionally low. 


QUEBEC HELPS 
ORCHAN MINES 


NANISIVIK PAYS 
DEBTS ON TIME 


Bond Corporation Holdings -of 
Perth, which is acquiring a 25 per 
cept stake in Endeavour 
Resources, the Melbourne mining 
and exploration company,' has 


i.i Nanisivik Mines, the. Arctic paid a’ second instalment ’ of 

OiTbec P i7^a^L G mrthe^ 5fter- lead-zinc producer, > making $A5fH).000 (£3 ; 10,620) .qn jta piir- 
ventions in tiie local mfninc in- enough money to pay interest, on chase. The instalment, was doe 
dustry? 5 reports mSm&UZ ^ns and make the first manda- for payment nert jezr • 
fvrtm Mnntrpsi lory payments on tho priQdp.il, ^ ^ ^ . _ ■■ 

Tthe fireplace it is making ™Ports John Soganlch , trqm In i New - Cgjtowgff 

? 0 

owned bv OrSLi KEes; 1 made by Mr. C. Franklin Agar, mvestinenl Hr tbe . ter ■£»! 
KoESd. tinit. The company 'had the president of Mineral Besoms mroed 


plammci to”shut the fnjne ^ JE - 


months and lay off 175 workers I«ny which owns 59.5 percent' of coraer mine. Aftt 
because or the^epressed level of the operation. Other sbareholders ^he>Tite-og is $fl.7 m <£3.65mL 
the metal price are the Canadian- Government, 

Tht second move is likely to be Billiton and MetallgesellschafL 
in the asbestos industry. Indus- 



•■ arictfiftings and negotiate’ 
: . jrQur claims -indluding ■ 
: ariyconseqii.entiaUoss. 
^Oanyonaffardtb taketiie 
- • notpons ultfng tis? . 


& Nicholson 


, . ZLSouthAacfley Street, 
' ;<■ Iidbdon’WlY 6HD • 


Tel r Dl-629 9333 Telez:261988 







f.-fi 


jjj-.. ;EstabIishedl842 


In fact there was a small 


try .sources said that General operating loss last, year and a 


obtain the sanction of the Court. 


iry ouun.es *t«iu wimw _ ‘ ' --- 

Dynamics, a U.S. corporation, ex- further loss of C$2^m i (£1.0<m) in 
pects shortly to begin preliminary the 1978 first quarter, largely 
negotiations with the Quebec owing to a 31 per cent decrease in 
Government on the takeover of the European producer price for 
its subsidiary. Asbestos Corpora- zinc between the start of produc- 
tion. tion in October 1976 aDd the last 


SHARE STAKES 


Harrisons Malaysian Estat 
Following further acceptances of 
offer, Harrisons and Crosfield is' 
now interested in 102J»7jn (61.68 
per cent) shares. 

Blackwood Hodge — As a result 
of the capitalis-ition issue, 
J. H. Robertson and other (tbe 
Mary Sunley family settlement) 
has acquired 3.804.022 shares and 
now holds ll.4I2.yii2 (19.0 per 
cent) shares. J. H. Robertson 
and others tthe Bernard Sunley 
family settlement! has acquired 
3.751.749 shares and is now 
interested in UJ:. 5.248 (19.7 per 
cent) shares. 

Hunting Gibson — IflT Securities 
has disposed of 37.300 ordinary 
shares reducing us bolding to 
77.500. 

Grange Trust — Courtaulds CIF 
Nominees is interested in 485,000 
(5 per cent) ordinary stock units. 

Ewart New Northern— Northern 
Bank Development Corporation 
acquired 70,900 ordinary shares 
and now holds 112.900 (just over 
17 per cent). 

Smith St. Aubyn and Co. (Hold- 
ings): Hambros Investment Trust 
has sold 133.120 per cent cumu- 
lative redeemable 2nd preference 
shares (9.80 per cent). 

Francis Industries: West City 
Securities has sold 40,000 ordinary 
shares reducing its holding to 
790.418 (10.89 per cent). 

Drayton Far Eastern Trust: 
Scottish Amicable Life Assurance 
Society has sold its holding of 
960.000 ordinary shares (S per 
cent). 

Homfray and Co.: Mr. D. E. 


Gillam. a director, has notified 
that 51.060 ordinary shares have 
been transferred from a family 
trust to a beneficiary — his share 
interests are 418.025 12.71 per 
cent) beneficial ordinary shares 
and 481280 (822 per cent) non- 
beoeficial ordinary shares. Mr. 
H. J. II. Gillam has notified that 
79,880 ordinary shares have been 
transferred from a family trust 
to a beneficiary — his share 
interests are 342.637 (2.22 per 
cent. i beneficial ordinary shares 
and t. 055.294 ( 654 per cent) non- 
beneficial ordinary shares. Mr. 
C. J. Gillam has notified that 
130.940 ordinary shares have been 
transferred from family trusts — 
he is now beneficially interested 
in 2.354.552 ordinary shares (1527 
per cent). Transactions notified 
by Mr. D. E. Gillam and Mr. 
H. J. H. Gillam arc duplicated 
with those advised by Mr. C. J. 
Gillam. 

Leisure Caravan Parks: Mr. 
P. W. Harris, director, has sold 
15.000 shares and Mr. D. C. R. 
Allen, director, sold 15.000 shares. 

Debenture Corpn.: Standard Life 
Pensions Fund purchased a 
further 70,000 ordinary shares. 

Appleyard Group of Companies: 
Mr. K. R. Broadley, director, sold 
as a trustee. 24,140 ordinary 
shares. 

Bum! Pulp and Paper Mr. G. G. 
Bunzl and Dr. F. A. G. Scheenberg, 
directors, disposed of a non- 
beneficial interest of 25.000 
ordinary shares from a joint 
holding. 

Nottingam Brick Company: 
Lloyds Register of Shipping 


Superannuation Fund Association 
acquired 2,750 shares, total hold- 
ing 49,000 shares (622 per cent). 

Robert McBride (Middleton) 
Abingworth on June 5 acquired 
50.000 shares making holding 
500,000 — inclusive of 300,000 scrip 
issue. 


Yule Catto and Co.: Kuala 
Lumpur Kepong has increased its 
holding of Ordinary shares to 
4,067,416 (25.12 per cent). 

Midhurst White Holdings: On 
June 8 Lynsal sold 5,000 shares 
and GCT Investments sold 50.000 
shares. On June 9 GCT sold 

50.000 shares. Lynsal now holds 

515.000 shares (6.85 per cent) and 
GCT 450.000 shares (5.99 per 
cent i . 

Bamrords: Beth Johnson 

Foundation sold 300,000 shares 
on June 12. 

United Carriers: Transport 
Development Group now holds 
1,432,700 ordinary shares (11.68 
per cent). 

Great Northern Telegraph Com 
pany, which through a number of 
years with its 25 per cent share 
holding has been the greatest 
shareholder in A/S Laur. Knuds en 
Nordisk Elektricitets Selskab. has 
purchased the majority holding in 
that company. Consolidation of 
the ownership of A/S has been 
carried out at the instigation of 
a few of its largest shareholders 
and their blocks of shares, to- 
gether with a few other blocks, 
bring Great Northern’s holding up 
to 53 per cent of the share capital 


Greater demand for EDITH services 

Points from the statement of the Chairman, Lord Seebohm 


"We invested the record amount of C2.6 million - 
over £1 million more than in the previous year. The 
great majority was in unlisted shares in 28 companies, 
of whom 1 6 were new customers. 

"Our net revenue after tax has continued to rise 
quite satisfactorily with the gradual i nvestment of 
surplus funds in dividend-bearing shares. Our 
dividend income rose by over £250,000 last year 
and a still larger rise is expected in the current year. 

"Our issued share capital reflects the issue of 
60,005 new shares to shareholders of A. P. Burt & 
Sons Limited in part consideration fora 28.6% 
equity stake in that company in November 1 977. 
Clearance was obtained fromthe Inland Revenue 
for rollover relief to the vendors in respect of capital 
gains tax on the exchange of Shares, under 
Section 40 of the Finance Act 1 977. Two similar 
share- for-share issues are at an advanced stage of 
negotiation, and several more are undor 
consideration. The new provision is an important 
concession for shareholders in unlisted companies 


which wish to remain independent as, for the first 
time, rollover relief can be obtained without selling 
control of the Company. 

"Our primary abject is to assist in preserving the 
independence of unlisted companies which ere 
self-sufficient in management and financial 
resources. In spite of the unwelcoming climate of 
recentyears, there is no shortage of such 
companies at the moment. Prospects for future 
investment remain very good". 

At the AGM on June 201978, resolutions were 
passed inter alia: 

^ declaring a net dividend of 8.0p par share 
(compared with 7.5p last year before a 1 -for-1 5 
capitalisation issue) 

$ sub-dividing each share of £1 into four shares of 
25p each 

^ making a further capitalisation issue of four new 
25p shares for every ten £1 shares held on 
May 19 1978. 



Copies of the Report and Accounts and further information are 
available from the Secretary, 

ESTATE DUTIES INVESTMENT TRUST LIMITED 

91 Waterloo Road. London SE1 8XP. Telephone 01 -928 7822, 


THOMAS LOCKER 
(HOLDINGS) LTD. 


•V-, 


-■a 
• « 

'.is ■ 


: n.. 
1 


CENTENARY YEAR 
RECORD RESULTS. 


/ Mr. Pitcbford, Chairman, reports results for the 

year to 31st March 1978. 


.-.Sales 

'Profit before taxation 


. 1978 ,1977 ; 

fOOO £008 
17,25015,685: 


2,37^ 2,0255 


5 profit after taxation attributable 
„ to Shareholders 

L'-*" ... 


;-£Ewdends 
5 Profit retained 
Earnings per Share 
• 'Assets per Share 


968 

35? 

615 


■ : 8935 

■fits 

’5835 


2.61 p Z23p ; 

23.21 p 


| -."The Group started the current year.with strong, ordei^ 
bodes and in the absence of any unforeseen circurn^ 
stances the results of the half yearto September 1978^ 

iM ho ’ A ~ I— : * . *r'r L. * 


difficult in some areas of the Group's activities', -TfiBW j 
every confidence thatfurther progress will be made." . 


The Directors’ Report ^Accounts are avaiiabiefromthe 
Secretary, Church Street Warrington. i -- 











-IIS 


; • Points from the circulated stafement^ of the -^T v 

. . . . Chairman, Mr. B. FL CtacTc > V 

Profits before tax for the year were £693.248, »15% Increa^i’ 
overthe previous year. v_ i» . 


r,. 1ET. 

p. 


-sa-'ii-- 


The Directors recommend afihal dlvideridof 2004p*-tt» -IS 
maximum permitted - making a total of 3.4G4p (3-013p). J 'M 


It hasfor some time been the Board’s wish tolncrease 

Groups investment in the electronics industry and in - 

particu ar the manne field. Asa firststep We have purchasw^-? • 

tho- Ca llhitnv rannd nf )<a>! j. ..i. V;:. 


the Callbuoy range of Marine products. 

The marine Division’s turnover and profits are tunning at '- ’I 
increased levels. Further new products are .scheduled to t-1 
appear this year. ■ - 

The products of our ln^Car Entertainment Division now 
a sizeable part of the retail market A newVHF radio and t«a 

i • ■" ; ' iV * ' 




* n 


ft 

-a 


n„ 




' for 




TH£BRQCKS GROUP 0FC0MPAHl£SLTD-PDQtF.nng^.^*frfl^ffl41 ^ 






















TmairclsQ Times Wednesday 7une 21 1978 

IIDS ANQ DEALS *” ~ 


&H*- Jl o-i^i 


APPOINTMENTS 


Executive posts 
at Key Markets 


^fcHie equity . Infusion into, Audio- 
tile Holdings; . ;.the . ; company 
Icb owns .the I^sky' chain of 
.3 shops; was arranged over the 
OH^oJtend aiid -under . great pres- 
was- ordy nhree weeks 
L K’ tiral.-the --management dls- 

SkL, Qyergd.-the full .-cost of Audio- 
Kj^^nitV, "^fl-fated. i -' venture into 
, T~a lv ±tiqa.” The operating loss, since 
Tfc, V^dJotsopicVraeaL.; with ":ihe re- 
\vepy.vot 23ng . Mustqua was 
ig,»^pe4i.ed-.last .June, was around 

W&nms*-.-' ■■•;'•: ' 

ot Piling out' tif 
£ {Vtahe-ts. a. maximum loss of £l.5m 
defined- ijy the venture's debt -to 
V i'nfe'9 8 ^n;. plus, the French, hank 
wk$«fng-v guaranteed by the 
* fvSPh This compares <vtth Audio- 
,^«iics‘ 4iet worth- In- the. last 
Igp ~of fZ.Hn. It ; was in> 

wt8nt.- lo the - ; chairman,- Mr. 
‘Jr ^^-ek -Smith, an&'to- hlsadvisere; 
-«eiger.and Fried lander; that- they 
..*a.lBCfccded-in putting the company, 
wf-a. firm rflnjbi claJ fa a ting before 
V Jws ot the’ ■; withdrawal from’ 
, 1 fence -beca me. known, v' 

’ • By lart Thursday a takeover— 

. ,^:an unnamed ■ ’bidder*— was all 
\ ranged, but on Friday the bidder 
died out The French receiver 
IJgbig Musiquc had already been 
formed of Audlotronic’s decision 
id ., announcement was- dearly 
uninent. It was therefore in 
me haste that Singer and Fried* 
nder turned to Mr. Geoffrey 
ose and bis American colleagues. 
,ne' merchant bank had already 
. -''nt to know them over a similar 
V* vsh injection into the electronics 
Company Crelion Holdings. 
*^'L9rct the weekend these partici- 

) ants hammered otxt the deal 
Announced yesterday. Audio- 
fronic will raise £l.Sm by issuing 
12; percent f with- related tax 
\edit) lOp cumulative preference 
I pares each of which will be en- 
sitled, in'- addition, to the dividends 
fc ™aid on the. ordinary. On redemp- 
i i fon in 19S5 .every' four of these 
\ 3 (reference shares, will carry the 
1 jj light to subscribe for one Audu»- 
| * ironic ordinary share at.SOp. This 
1 3 jomparcs with the price last night 
ISy f 25 p. r 


Tf these rights' are' fully 
exercised the holders of the new 
preference will.be left with 25 
per_ cent of the. increased, share 
capital of Audiotronic. Mr. 
Geoffrey Bose and his colleagues 
Mr. Dan Sullivan ^nd Mr. Benson 
Selxer axe taking, up 2Sm of 
these preference for £250,000 
pounds. The rest will be placed 
by brokers BucJariasterandJFuIlcr 
with individuals' smd with. -instil u- 
. tions at par. 

These three men will be Joining 
the Audiotronic Board and Mr. 
Bose - will . take over . from Mr. 
Derek Smith -as chairman; though 
. the latter .win remain a director. 
Mr. Bose says thathe is “ no non- 
executive chairman ** and- that he 
' will- r get stuck in. and Help run 
it.” Both Mr. Rose and'MrrSmilh 
maintain .that there, is' nothing 
wrong with Audiotronic 'If the 
unfortunate business irr.France is 
excluded. - 

' Mr. Smith said yesterday that 
but for France Audiotronic would 
have made a profit in its - transi- 
tional .accounting- year, of 14 
.months to February - 28, 1878. This 

profit would have ‘been smaller 

than the fl.lm pre-tax that the 
company reported! ;the ; previous 
year, but . would ' nevertheless 
have represented a. "lurpround 
from the loss of £92,000. reported 
at half time. The. ex-chairman 
also Predicted .that the -company 
would return a profit 1 in its 
current business year. 

Describing the PVe-nch' venture 
which got Audiotronic fnftj this 
predicament, Mr. Smith said : that 
-he had. .been eyeing the- French 
market for some years! before the 
collapse of King Musique pro- 
vided Audiotronic with an- oppor- 
tunity. In June last year Audio- 
tronic m3de an interim - arrange- 
ment with the receiver of-. Kin 2 
Musique, a company which had 
attemoted to undercut the 
French hi-fi market through a 
chain 'of 50 shops. ;•*' 

Audiotronic- rented use of -these 
shops, took on King -Musique’s 
head office staff, bought the com- 


pany’.s stocks and added more 
or us own. Mr. Smith explained 
uiui Audiotronics had planned to 
reduce ihe number of King 
-Alusique stores from 50 to 17. 
it had, however, had great diffi- 
culty with French “ red tape " in 
doing this. He added that things 
mighr hare gone better if Audio- 
tronic had appointed a French iop 
manager to run the French com- 
pany, La sky' s s.A_ Tbe full 
measure of this company's prob- 
lems became clear, he explained, 
when the audited figures for the 
Period till February 28th became 
available. They showed that the 
Stoss margins on French sales 
had been far below the top 
management's assumptions. 

Mr. Michael Adler, the director 
Audiotronic who was respon- 
sible for the French bpontlion. 
has resigned. The resolutions 
needed to issue the new prefer* 
cnee shares will be put to share- 
holders but directors owniog more 
than 50 per cent of the shares 
have staled that they will vole in 
favour. 

Meanwhile shareholders or 
Crelion Holdings, another com- 
pany In which Mr. Geoffrey Rose 
is involved, have passed the reso- 
lution enabling the issue of 
£790.000 12 per cent convertible 
cumulative participating preferred 
redeemable shares to take place. 

Commenting after the EGM, 
Mr. Geoffrey Rose, chairman of 
Crelion said: '* Crellon's diffi- 
culties were compounded by the 
inadequate equity base. However, 
thanks io ihc City and to the 
underwriters of the issue this 
equity base has . now been 
increased by approximately 120 

E er cent and the company’s 
anking facilities have boen fur- 
ther strengthened. 

" There are therefore now 
adequate financial resources to 
ensure that the turn-round to 
profitability is completed and 
indued the electronics division 
ha?, already shown considerable 
improvement." 

Mr. Rose said he is confident 
That Crellon’s longer term pros- 
pocu are promising. 


Tridant Printers chief offers 63p 


s-TOi? 

V w S.K 

Civ,:-?) 
:?■ ■*/'< 
A .- 


U»>7 

ji ? : 


• Mr. Remo Dipre. tbe property lie behind Mr, Diprc’s purchase, 

- nan who became chairman and because of his existing property 

. Stanagtng . director of. Tridant interests. . 

'-'••Group Printers when.. he bought '•*< 

• -.-a quarter share in Tridant in _ -..--.i.-r • 

• 'early 2874, has made his long U.S. rURCHASt ... 

' •expected bid for '-the remainder gY inp -1-. 

the equity, but he. is meeting ^ TI , _ _ S. - 

opposition from tbe independent ^ The Liverpool DaQy Pbst.ana 

- directors Echo which has interests ranging 

' CpTr'S'^the” Us n?rt 

"~~gssa °b- .tss* d &s: « sis w («»■»«. . 

- .'Starwesr Investment- Holdings. *"■»«** Pennsylvanian WM£r 

• (Altogether his present holdings proup, Dardanell Enterprise 
amount to just over 29 per cent) Dardaneli. which has a .cftafii^of 

_ ’The price values the company nine weekly newspapers In P.itts- 
at £2.ram. On the news the shares burgii, in addition to a jobbing 
Jffl rose 15n to 70n. : ■ Printing capacity,. has net tangible 

£&%¥ ™ J assets' (excluding goodwill and 

Thr 1 e A ° f publishing rights) of 8545.Q39.' 

^flej arc &lsd involved - in- conipanies Prp-tax orofits for the vcflr to 

sSr^ler .o k^th Am?r°« P n pu>^ 

™»flSTh?' nr S was Wo low »shing. It wfs had a newspaper 

the price was top low group in/ Western Canada 


-“V. , T I- g™up in/ Western Canada 

-Last -Wednesday Tridant «*• f Vancouve/and Alberta) fonsome 
’43 ft viewed: its figures for the year to years a mf inthc last financial 
£ Si* March. ■ On , turnover up ' f rom year, mis division pred uced 
.'to £11. 05m, .pre-tax; profits '£730.004' pre-tax : profits,' nearly 
by 43 per cent to Jg per cent of group profit-, of 
>* H04J0OO. Though the -dividend c 4 2 qi 

' es /il| ngs ~ new acquisition in Pitts- 

■ share^ declmed to 4.23p where bqpgh will be operated as a direct 
: - °? er P rovidcs 3,1 subsidiary of the - UK company 

-.uji ent- p/e of la. "and existing management uiJJ be 

The full financial position of retained. The plant is said to 
f0 . j>} Tridant will not be clear until the. comprise modern- photoset and 
report and accounts are .published' webb offset equipment, 
on June 26 but the opponents of 
;L; Ji Mr. Dipre’s offer claim that the _ r , 0 . 

exit p/e does not fully reflect the BtL-OKAVt Abbtib 
.-prospects of Tridant following- a xhe directors of Belgntve Assets 
■ delayed capital expenditut-e pro-. >j a v e advised its Loan Stock- 
gramme, Neither, according to holders to support an amendment 
them, is it generous -in the face the proposed scheme of 
^ of the value the market places arrangement - whereby Belgrave 
today on newspaper- companies, would he come a wholly-owned 
•r: Tridant publishes three bi-weekly subsidiary of Keilock Holdings. 

J .' newspapers in. South London and Keilock is bidding for a n per 
the Home Counties. ' cent of Belgrave that it does not 

•; Between thenr tiie independent already own, with an offer of 36 
directors control just over '20 per Keilock ordinary shares. 44 cun- 
.. cent of the 'shares, largely vertibie iiredeemable sub- 
.-through the 20J2 per cent stake ordiuated variable rate unsecurea 
owned by Chirit Investment, itsplf loan stock plus £1.58 c*sn t l ' ,r 
owned by Mr. A. M. Carey, the -every 2 00 Belgrave ordinary 
. deputy chairman. . shares. An alternative offer n- 

ri: One ironical Footnote to the bid eluded the issue of redeemable 
is that it comes shortly after Mr. cumulative preference amres. 

... Dipre. as chairman of Tridant, In a letter to holders, both 
had finally destroyed the five-year companies say that m the e\eni 
spcculition that the company that the scheme becomes effu-me 
might develop Its Kingston on -for the ordinary shares or ooin 
Thames printing site which could classes of Belgrave shares but 01 
have lifted group assets by nearly for the Belgrave Loan Stock. 11 
£4m. Tt was the disclosure of is now intended that the oner 
■' these hopes in 1973 which drove will be taken into account in 
. the Share price up to a peak of calculating the m nnkei 
."■ - 178p and which were thought to preference shares available tor 


allocation to those holders who 
accept the alternative offer and 
uho do not opt not to receive 
additional Keilock preference 
shares. 

■Subject to court approval, the 
scheme will be amended so that 
in calculating the number of 
Keilock preference shares avail- 
able. there would be deducted 
from the total amount of 367.000 
the total number of Keilock 
preference shares issued to Bel- 
gravo loan stockholders accepting 
the equivalent of the loan stock- 
preference offer and such number 
of Keilock preference shares as 
would have been allocated to 
Beltrrai e loan stockholders not 
accepting the offer had they 
accepted -it and opted Tor the 
equivalent of the loan stock] 
preference offer. 


Muirbead to 
purchase Hone 


Muirbead) makers of electro- 
mechanical lev ices and communi- 
cations equipment, is 10 purchase 
the. entire snare capital of Hone 
Instruments \ for some £1.2m. 
Hone, a private company, manu- 
factures process control and ancil- 
lary equipment mainly for use in 
the oil refiniDg industry. 

Tbe consideration consuls of 
an Initial payment of £820.000. a 
second payment of £250.000 pay- 
able one year later and payment* 
in 1 February 19S0 and February 
1982 equal to one-third of adjusied 
consolidated pre-tax profits of 
Hone for the years to September 
3p,;1079 and 1980 — provided -such 
profits exceed £150.000 in each 
year.- 

Muirbead said yesterday that 
450,000 new ordinary shares of 
2op each issued to Hone for part 
of; the first payment have been 
Placed with institutional Investors 
by Cazenove and Company. The 
balance of £89,000 will be paid in 
cash. The remainin': payments are 
lively, to be in cash too. 
ciluirhead added that Hone’s pre- 
tax-profits for the current year 
will be. not less than the £2SS.OOO 
earned in 1976-77. Consolidated 
ngt tangible assets of Hone at 
September 30, 1977 amounted to 
£825,000. 

- ^The proposed acquisition will 
enable Muirbead to extend its in- 
terests in the process control 
equipment and systems area 
where it is already represented 
by subsidiaries Addison Process 
Control and Integrated Photo- 
matric. 


Mr. . David Caulfield has been 
appointed managing director of 
KEY MARKETS, the supermarket 
*ubsidiary of Fitch Lovell. Join-’ 
ins the Board of Key Markets 
are: Mr. M. Gallon (retail). Mr. 
G. Jury (properly). Sir. W. Pepper 
(personnel). Sir. J. Ridgcwcti 
(retail) and Sir. J. Williams 
(marketing). 

★ 

The CHARTERHOUSE GROUP 
is to develop the hire and service 
and the sales and distribution of 
PTS Edmflndson Tools under 
separate management. From 
January 1. 1979, there will be two 
companies. PTS Edniundson Tools, 
for 5ales and distribution, and a 
new hire and service company. Me. 
G. J. Brown will be managing 
director of PTS Edmundson Tools 
and Mr, D. J. M. Cooper, manag- 
ing director 0/ the hire and ser- 
vice company. Mr. G. J. Creed 
will move to the now position of 
industrial sales director. PTS 
Edmundson Tools. Mr. G. K ; 
Edwards joins the Board of both 
concerns. 

* 

Mr. Anthony van Kleef, manag- 
ing director of UKF Fertilisers, 
wil) be leaving this month 10 
become the director of production 
and engineering for the UKF 
GROUP in Holland. Mr. Willem J. 
van Asselt is 10 be managing 
director of UKF Fertilisers in 
place of Mr. van Kleef. who will 
remain on the Board of that 
company. 

★ 

Mr. Donald Wilson has been 
appointed director of engineering 
for NORTH WEST GAS from 
July 1. 

★ 

Mr. John Allan, manager, 
domestic operations, in tbe 
marketing division of rhe British 
Gas Corporation, has been 
appointed sales director of 
NORTH THAMES GAS. 

★ 

Mr. C .A BHbow has been 
appointed to the Board of ASHBY 
AND HORNER HOLDINGS and 
continues as managing director of 
Ashby and Horner Humberside. 
Hr. E. Davison has joined the 
Board of A-shby and Horner 
Joinery as works director. Mr. 
D. Gasketl remains managing 
director. 

* 

NEW WORLD KITCHENS has 
appointed three new members to 
the Board. They are Mr. John W. 
Cowling (marketing). Mr. Robert 
W. Davis (financial) and Mr. 
John J. Nareili (works). 

★ 

Mr. S. W. Chawner has retired 
as a director of SPENCER GEARS 
(HOLDINGS). ^ 

Mr. James W. Willoughby has 
been appointed works director 
and Mr. Cedric J. H. Smith, com- 
mercial director, on the board of 
STEEL PARTS, a Giymved steels 
division company. 

★ 

The CHASE MANHATTAN 
BANK NA has appointed Mr. 
Dominique Clave! to be its 
general manager in France and 
regional coordinator for the bank 
in France. Belgium and Switzer- 
land. Mr. Clave] joined Chase in 
New York in 1968. He was 
I appointed head of the credit de- 
parlment in Paris in 1970 and 
; subsequently held a number of 
appointments in the Far East 
before becoming general manager 
luf the Banquc de Commerce in 
j Belgium during ^ 978 - 

>Ir. Jack New has been 
[appointed consultant to the 
GODSELL GROUP, international 
, foreign exchange and currency 
deposit brokers. 

* 

Mr. Geoffrey Rose,, Mr. Don 
Sullivan and Mr. Benson Sefarr 

Hone's chairman and managing 
director. Air. N. E. Brewer ton. will 
remain on its board in a non- 
executive capacity and enter into 
a three-year consultancy agree- 
ment 







m 




Mr- D- Caulfield 

have been appointed directors of 
AUDIOTRONIC HmLG'.NGS. Mr. 
Rose becomes chairman in place 
of Mr. G. W- Smith who remains 
a director. Mr. Michael Adler has 
resigned- 

+ 

Mr. Donald Randle has been 
appointed a dir-.-Ltoi of ALFRED 
DUNHILL 

Hr 

Mr. Graeme A. Tuliy has bc-or 
appointed finsii* director of 
WEIR FOUNDRIES from Septem- 
ber J. 

•k 

Mr. Peter IV. L)«>b>un lias been 
appointed technical director of 
J. I-L CARRUTHLP.:> AND CO. 

Mr. Michael Sargent has 
resigned his no: ir.-.-rship with 
RAPHAEL ZOR.'., -iockbrokers. 
and has joined the board of R. J. 
BLAIR OF BYFl.EE'1 as chairman 
and managing dir;.. m r. 

* 

Mr. D. E- Co\ h.n joined the 
Board or the R.\?-l>bJURY BUILD- 
LVG SOCIETY. 

* 

Mr. John Heivlrr.’iruv has been 
appointed a director of DAILY 
MAIL AND GENERAL TRUST. 

Mr. Thomas C. Roberts has been 
appointed vice-prcs'deni finance 
of SCHLUMBEKGER from August 
1 lo replace Mr. Herbert G. Reid, 
executive vice-pre^.iknt and chair- 
man of the finance commit U-e. 
who is resigning. Mr. Clermout 
Mutton succeed;. Mr. Roberts in 
the UK, fafcin-j o\er os managing 
director of SchiiiOiberuer Measure- 
ment and Control (UK). Mr. 
Matton has al-o been appointed 
chairman of the company's three 
subsidiaries: Sangamo Wes Ion. 
Membrain, and the Solartron 
Electronic Group. 

★ 

AZCON . CORPORATION states 
that Mr. : David O. Lloyd-Jaenb, 
president--- and chief executive 
officer, has been elected to the 
additional - position oF chairman, 
succeeding- Mr. John H. Nicholls. 
Mr. Robert L. Rarbanell and Mr. 
George R. J. Gnlse have joined 
the Boarsi. The parent concern is 
Consolid3icrt GoM Fields. 

* 

Mr. Douglas W. Fields has been 
eleefed a director and acting 
general manager of the European 
office of FACTORY XUTDAL IN- 
TERNATIONAL. He will continue 
to work in London, where he has 
been manager of insurance opera- 
tions since 1976. Mr. Howard E. 
Wolff, the present managing 
director, will return to Arkwright- 
Boston organisation in Waltham. 
Massachusetts. 


KB 


C. & W. WALKER HOLDINGS 

LEVOTED | 

SPECIALIST ENGINEERS IN HEAVY METAL FABRICA- 
TIONS, LIGHT METALWORK AND FABRICATIONS IN 
ENGINEERING PLASTICS FOR ALL INDUSTRIES 

Excellent results achieved during a very '’ difficult year for 
engineering companies. Annual rate of return on capital 
employed above 25% for whole year, reports G. Lewis, C.Eng., 
F.InstGasE., Chairman & Group Managing Director. 


Turnover 

Profits before taxation- 

Profit available for appropriation 

Dividends 

Earnings per share 


The 19Z8 Report and Accounts are available 
from the Secretary, C. & W. Walker Holdings 
Limited. Donnington, Telford, Shropshire 
TF2 SJZ. 


1978 

1977 

£000 

£000 

6,107 

5.264 

-747 

'597 

342 

27 5 

104 

28 

21.2p 

19.0p 



MOOLOYA 

Mr. Bernard Terry, a director of 
Customugiv. said yesterday that it 
was in the best interest of share- 
holders to accept Mooloya’s £lrn 
offer for the company. The bid 
has caused a split between the 
Terry family and other directors 
of Gusto magic who are recom- 
mending shareholders to reject 
the offer. 

The Terry family, controlling 
around 20 per cent of the ordinary 
shares, has already accepted the 
20p a share offer taking Maoloya’s 
holding to 47 per cent. 

The current bid marks a turn- 
round in Mooloya’s stance of just 
six months ago when it supported 
a deal to put Mr. Michael Ashcroft 
and his partner Mr. Alan Cloggie 
on to Cusiomagic's board to 
revive the company’s formnes. As 
pan of this deal the Terry family 
interests were to resign from the 
board. 

Now' Mooloya has entered into 
a contract to appoint Mr. Bernard 
Terry as director for the mail 
order division provided the offer 
goes unconditional. 

Mr. Michael Campbell, chairman 
of Mooloya. said yesterday that 
Mr. Maurice Prax. a eonsullam 
based in Jersey with long eiperi- 
ence of the textile industiyr, had 
been a key figure in instigating 
the deal. 

Mr. Prax also features in 
material contracts revealed in 
Mooloya’s offer document sent to 
shareholders on Monday. He has 
agreed to make his consultancy 
services available to the group 
conditional upon Mooloya acquir- 
ing over 50 per cent of 
Custom agic. 

Mr. Pras Is also closely asso- 
ciated with Gras d’Eau Consul- 
tants of Jersey which is to receive 
a fee in "the event that certain 
shareholders of Customagic 
accept an offer by Mooloya for 
their shares.” 


IOM RAILWAY 

Shares of Isle of Man Railway 
which is going into voluntary 
liquidation rose £9 to £29 in 
London yesterday. The shares are 
only listed on the Isle of Man but 
there are very occasional 
dealings m London under special 
Stock Exchange rules. 

The sharp rise yesterday follows 
statements made by the company’s 
chairman at an extraordinary 
meeting last month that distribu- 
tions to shareholders could be as 
much as 120. The company, 
which has been public for more 
than 100 years, has sold off its 
railway 3nd bus service interests 
i to the Isle of Man Government 
I over the past 18 months. 




The rising trend of the previous financial 
year continued in 1 977/78. Performance 
across the Group was generally good, 
but exceptional losses were experienced 
by the Consumer Electronics subsidiary, 
Garrard, as anticipated. But for these, 
pre-tax profits would have grown by 
about 20 per cent. 

In the event, profit before tax at 
£42.9 million for the year was neverthe- 
less an increase of 6.3 per cent, despite 
the Garrard loss of £5.6 million. 

During the year, sales worldwide 
increased by 7.4 per cent to £611 million 
and showed a small increase by volume. 
UK exports were up from £94 million in 
1976/77 to a record £121 million and 
these,, together with sales by overseas 
companies, represented 53 per cent of 
the Group's turnover. Earnings from 
these overseas businesses, excluding 
UK exports, amounted to 43 per cent of 
the Group total. 

The Group's order book at March 


1 978 totalled £700 million, and was up 
1 8 per cent on the previous year. 

The extraordinary item of £7,0 
million relating to Telecommunications 
includes an additional’amount in respect 
of the Post Office cuts to be incurred on 
surplus stock, dilapidations, and the 
losses due to the consequential effects 
of implementing the full programme. 

Dividends 

The recommended final dividend of 
2.49383 pence per share payable on 
January 1, 1979 to Shareholders on the 
register on November 17, 1978, if 
approved, together with the interim 
dividends already paid or declared, will 
amount to 5.4059 pence per share for 
the year, compared with 4.9 pence per 
share for the previous year, an increase 
of 10 per cent. This is the maximum 
increase permitted under current UK 
legislation, and is based on the current 
rate of tax remaining at 34 per cent. 


The Plessey Company's consolidated results for the fourth quarter and audited results 
for the twelve months to March 31, 1978 are as follows, (with The previous year's 
results for the equivalent quarter and twelve months by way of comparison) 

Ficurei in £000*s 3 months to 2 months to 12 months to 12 months to 

March 31 1978 March 31 1 977 Match 31 1 978 Marcn l\ 1 T77 

Sales ' ~ 169.SO0 160,500 6li7lOO 56S.E00 

’refit on Trading 15.934 17,471 64.848 60041 

Depreciation 5.457 4,802 21.04 1 13 ‘.72Z 


Profit on Trading 15.934 17,471 64.848 60.041 

Depreciation 5.457 4,802 21.041 13.72* 

Operating Profit 10.477 12.669 437&07 4 ’..'>10 

Associated Companies 2,480 2,374 10.196 8.-i63 

Interest Receivable 684 262 1,749 1.472 

Interest Payable Z283 Z634 10.310 S.S14 

Rationalis ation Costs 419 911 2.562 2.119 

Profitbefore Taxation 10,939 11,770 42.680 40,321 

Taxation 3.700 3.8QO 14.652 12.969 

Profit aherTaxation 7.239 7.970 26.228 27.352 

Minority Interests 217 111 943 9S6 

Earnings before Extraordinary Items 7.02 2 7,659 27,280 26.366 

Extraordinary Items 

Business Closures (Gross) s 

Telecommunications 6.966 16.634 

Other 3.049 1.163 

Taxation 70 2.578 

Associates — 107 

Earningsafter Extraordinary Items 17,335 11.799 

Dividends— i ncluding proposed Final 12.785 11.633 

R etained Earnings ~ 4,550 260 

Earnings per share (in pence) 

Before Extraordinary**® 11 '® 3.0p 3.?p 11. 6p 11. 2p 

Af ter Extraordinary hems — — 7.4p S Op 

Weighted average number of shares 

fin thousands) 238.T74 235,219 235,844 235.742 

n.b. 

(i) The results of ovtrsees operations have been converted at March 31, 1978 rates. Currency revafuetion during the 
year is estimated to nave cost the Group £800.000. 

(u) fluctuations in the net worth of overseas assets, due to the movement of currencies sinco April 1. 1977 amount to 
£ 6.1 million compared with 62.6 motion in the previous year. These v.-ere formerly classified as an extraordinary 
item, but are now charged direct to General Reserve. 

(iii) The Group has adopted the draft recommendations of the UK Accounting Standards Committee (£019). As a result. 
UK Corporation Tax has been provided only to the extent that it will become payable in the foreseeable future. The 
comparative dale for 1976/77 have been amended accordingly. 

(nr) Certain items previously accounted for as Contingent Liabilities have been charged to General Reserve, and pre-tax 
profits as reported for the March Quarter 1977 and for the twelve months to March 31, 1977 have consequently 
increased by £185.000 and €740.000 respectively. „ 

The Companv's full Report and Accounts will be posted to Shareholders on August 8, 1978. , 

xj'. The Annual Genera) Meeting will be held on September 1, 1976 at MiJlbank Tower. MilJbank. London, SW1. / 


Em 


Operating internationally in 136 countries ^ 


*§ 631-2-106 



Summary of the Statement by the Chairman 

The Won. A. L. Hood 


Salient figures 


Capital and reserves 

Quoted investments at market value 

Dividend received from Union Miniere 

Dividend received from Benguela Railway Company 

Other dividends and interest 

Profits of Elbar Industrial Limited 

Losses of Tanks Oil and Gas Limited 

Other income 

Profit before taxation and extraordinary items 

Profitafter taxation and before extraordinary items 

Extraordinary items 

Earnings per Ordinary stock unit 

Dividend on Ordinary stock 


► Union Miniere - The Company is gradually shifting the emphasis of its expenditure from exploration 
to mining and metallurgical development. 

► Benguela Railway Company - Uncertain conditions prevailed throughout 1 977 and the future 
remains unpredictable. 

► Elbar Industrial Limited — The profit from ail sources was £2.073,1 49 against £966.874. Elbar is 
now 59.1% owned by Tanganyika Concessions Limited. 

► Tanganyika Holdings Limited - The Company has an 8.4% interest in the Ashton joint venture 
in Australia. 

Tanganyika Concessions is involved with mining through close association with Union Miniere and 
with transportation through its 90°o Gro'up interest in the Benguela Railway Company. The Group is also 
involved in oil and gas exploration and development, agricultural engineering, commercial property 
and timber. 


1977 

1976 

£ 

£ 

28.681,852 

28.681 .704 

30.268.386 

42.335.846 

1.793.296 

2.215.612 

Nil 

Nil 

1,006.792 

1.024,619 

2,016.244 

423.042 

(101,411) 

. (385.481) 

519,861 

410.914 

4.406,107 

3.217.630 

2,250,875 

2.389.995 

(521.933) 

1.896 

12.34p 

13.1 2p 

lOp 

Up 


Copies of the full Statement may be obtained from 
the Registered Office of Tanganyika Concessions Limited. 6 John Street. London WC1 N 2ES. 




international financial and COMPANY 


NORTH AMERICAN NEWS 




Bache $5.7m stock deals Anofter 


to resist proxy threat 


BY JOHN WYLES 


NEW YORK, June 20. 


BACHE GROUP, one of Wall 
Street’s top five brokerage 
houses, has spent 5>5.7m on a 
purchase of S per cent nf its 
common stock to remove the 
threat of a takeover bid. 

The company disclosed yester- 
day that it had paid a premium 
of more than 82 a share over the 
market price in order to buy in 
the 560,000 shares. The company 
claimed that the holders of the 
stock had indicated that they 

might launch a proxy fight for 
control. 


In two separate purchases. 
Barhe said, it bought 489.300 
shares for $10.25 a share from a 
group of mid-Western metals 
dealers and a block of 70,700 at 
the same price from clients rep- 
resented by Gerald Tsai who has 
been described by the Wall 
Street Journal as “one of Wall 
Street’s more flamboyant money 
managers." 

All of these stockholders were 
allegedly critical of Bache’s 
management 'which has been 
struggling to improve the com- 


pany's profitability for some 
time. The company's profit 
margins and return on net worth 
have been among the lowest of 
New York Stock Exchange 
member firms for some time. 

Bache said yesterday that the 
purchase of the shares had been 
“in the best interests of the 
company." It added tbat rumours 
of a takeover “weren't doing us 
any good," and it was worried 
that the uncertainty could cause 
the departure of a number of its 
securities salesmen. 


acquisition 
for Carter 
Hawley 


Petro-Canada pres; 
with bid for Husky 


An Kennecott 
directors 


chosen in 


BY ROBERT GIBBENS 


Criticism for accounting rule 


BY STEWART FLEMING 


NEW YORK, June 20. 


MOUNTING PRESSURE for a 
reform of the controversial 
Financial Accounting Standards 
Board Rule for handling foreign 
exchange transaction reporting is 
reflected in a Conference Board 
survey of financial officers at 
117 major U.S. corporations. 

More than balf of the execu- 
tives surveyed favoured repeal 
of the FASB 8 Standard. Almost 
one-quarter want to see it modi- 
fied. and only 17 were in favour 
of retaining it in its present 
form. 

The rule requires companies to 
report at quarterly intervals the 


effect of foreign currency fluctua- 
tions not only on actual transac- 
tions but also on balance sheet 
Items such as debt 

It has resulted in wide quar- 
terly swings in earnings Tor some 
companies. Although the reports 
make it clear what has caused 
these fluctuations, businessmen 
complain that they are confusing 
to shareholders and investment 
analysts. 

U.S. Treasury officials have 
recently begun an inquiry into 
the effect of the Rule to see 
whether it may be having some 
impact on the performance of 


the dollar on foreign exchange 
markets. 

Among the most frequent 
criticisms found in the survey 
are claims that the Rule leads 
to uneconomic changes in financ- 
ing methods and leads businesses 
to adopt financial and operating 
procedures which they would not 
adopt on purely business con- 
siderations. 

The FASB is expecting to 
receive many complaints on the 
Rule following a decision to ask 
for comments on how it. and 
other accounting standards it 
has put into effect, are working. 


By Our Own Correspondent 

NEW YORK, June M - 
CARTER Hawley Hale Stores, 
appetite for acquisition was 
not apparently been satisfied 
by the recent purchase of 
Philadelphia's John Wana- 
maker. The Los Angeles com- 
pany announced today that it 
had reached an agreement to 
merge with Tbaihimer 
Brothers, which operates 26 
retail department stores in 
Virginia and North Carolina. 

The merger will be effected 
by the issue of 3.77ni Carter 
Hawley shares to Tiialhimer 
stockholders on a 0.975 to one 
distribution. With Carter Haw- 
ley shares trading at around 
$18 j today, this would value 
Tbaihimer at some $70m. 

Having already spent more 
than $45m in cash, and stock 
in acquiring Wanamaker, 
Carter Hawley has by no 
means drawn Fully on the lines 
of debt it had behind the 
$3S0m bid for Chicago’s Mar- 
shall Field, which fell through 
in February. 


THE NATIONAL oil company of 
Canada, Petro-Canada, plans to 
continue its C852 per share bid 
for all 11m shares of Husky OiL 
assuming that many shareholders 
will prefer cash rather than the 
rival share exchange package 
from Occidental Petroleum Cor- 
poration of Los Angeles. 

Petro-Canada’s strategy appears 
to aim at bypassing the Husky 
Board, which has already re- 
commended the Occidental offer, 
worth about US$48. 

Petro-Canada is now preparing 
a prospectus for its bid and says 


that this will be sent to all Husky 
shareholders within the next IQ 
days. 

The prospectus will stress the 
“ uncomplicated ” nature of the. 
offer and also the aspect of 
Canadian control. 

The company Is still confident, 
that its cash offer will prevaiL : 

In Ottawa, Occidental officials 
suggested that the American, 
company would be willing to put 
up all the money needed to 
accelerate development of .the 
Lloydmioster heavy oil reserves' 
in South West Saskatchewan, it-. 


MONTREAL, June 20. 

its bid for Husky wins. However 
this, assumes that Governments 
Would provide a very favourable; 
tax and royalty regime. . 

- Occidental still rays .that It 
prefer its original suggestion 
that the heavy oil development 
would be handled one-third by 

Petro-Canada, one-third by the 
Alberta and Saskatchewanr- Gov- 
ernments jointly, and one-third 
by Occidental and Husky. 

The capital cost' of heavy 
oil development, including up? 
grading plant, would be .over 
CS lbn- 


.*• j-* 
. - *.■ 


- NEW YORK, June 20. '* 

KENNECOTT' Copper Corpora- 
turn's tfiairinan, ' Mr. Frank S 
MiUiken, - said that th'e'17aittnm- > 
bent directors .of the Ann were 
■ elected at the May 2 annual meet- . 
ing following . a^- proxy fight" in 
which they were challenged by a 
list - of T^T -nominees, proposed by r 
-Curtis s-Wright Corporation^ The 
announcement' followed, receipt _ 
of the final report' outvoting, at 
the - meeting-on May 2. . .. ' ? • - 
AF-DJ: •• j 


Uniroyal disposal 


C$1 bn. Canadian bonds issue 


Chrysler lifts 
stock issue 


By Our Own Correspondent 


Union Carbide eurobonds 
to expand a rTrici 


i. Europe ASICS COlipOS 


n cii 


By Sue Cameron 

MR- WILLIAM SNEATH, chair- 
man of Union Carbide, the U.S.- 
based chemicals giant, has given 
assurances that, following the 
sale of two of its European sub- 
sidiaries to British Petroleum, 
it will continue to give full sup- 
port to its other Businesses in 
Europe. 

Mr. Sneath pointed out that 
Union Carbide was planning an 
expansion programme in Europe 
which would include new indus- 
trial gas plants in Germany and 
France, a new graphite electrode 
plant and a food casings plant in 
France and an extension of 
battery production in Switzer- 
land. 


BY FRANCIS GHIL£S 


THE market was steady yester- 
day both in the dollar and in the 
Deutsche-Mark sectors. In the 
dollar sector, the coupon on the 
ASICS convertible was cut to 5} 
per cent and the issue priced at 
par. The conversion price was 
set at Y62S, a 5.7 per cent 
increase on the closing price of 
the issue on the Tokyo Stock 
Exchange. The exchange rate will 
be Y216 for SI. The Hydro 
Quebec issue was priced at 991- 
In the Deutsche-Mark sector, 
the terms of the first issue since 
the new issuing market was 


reopened were announced. The 
coupon on the DM 100m eight- 
year issue for the City of Kobe 
Is indicated at 5J per cent and 
the price around 99 i. Lead 
manager is Deutsche Bank. 

In the Guilder sector, a 
FI 100m 15-ycar issue for the 
European Coal and Steel Com- 
munity with an indicated coupon 
of 7J per cent was announced. 
Joint lead managers are Alge- 
mene Bank Nederland and 
Amsterdam Rotterdam Bank. The 
average life of these bonds is 
10* years. 


NEW YORK. June 20. 
CHRYSLER Corporation has 
taken advantage of strong re- 
tail (timand to increase the 
value of its proposed preferred 
stock Issue from S150m to 
$250 m. 

The issue, underwritten by a 
group led by Merrill Lynch 
and First Boston Corporation, 
will go on sale tomorrow at a 
price of $25 to yield U per 
cent. This high yield refiects 
not only the general weakness 
of the securities market, but 
also the price which Chrysler 
has to pay to ensure a market 
for. its issue at a time when 
its financial and marketing 
problems are constantly in the 
news. 

Stepping up the issue from 
6m io 10m preferred shares 
means that the company will he 
selling half or the total pre- 
ferred debt recently authorised 
by Its annual meeting. 


BY VICTOR MACKIE 

THE Canadian Government is to 
raise C$3 00m of new money 
through the sale of CSlbn of 
new bonds. Finance Minister 
Jean Chretien states that the 
remaining C$700m will be used 
to repay earlier bonds that 
mature July 1. 

The Bank of Caqada will take 
at least C$400m of the new bonds, 
leaving up to CSBOOm for public 
investors. The Central Bank 
holds C$3S3m of the maturing 
Government bonds. 

The three-part offering will 
consist of: 1 — 6.75 per cent bonds 
due June Z, 1981, at a price of 
99.90 per cent to yield about 


OTTAWA, June 20. 


8.78 per cent to maturity; 2 — 8.75 
per cent bonds due May 15, 1983/ 
at a price of 99-25 per cent to: 
yield about S.94 per cent ..tof 
maturity; and 3 — 9.5 per cent’ 
bonds due October 1, 2001, at. a 
price of 99.50 per cent to yield 
about 9.55 per cent to maturity. . 

The 9£ per cent bonds will.be 
issued in a maximum amount of 
C$450 in and will be eligible, 
beginning July L 1978, for-puiv 
chase by the Purchase fund 
which became operative; . on 
October 1. 1976. 

The Bank of Canada has agreed 
to acquire a minimum of C$400m 
of the new bond. This acquisi- 
tion will be open as to maturity 
except that the total will include 


a minimum of C$115m ' of the 
2.001 maturity. 

Proceeds of the offering will 
be used to redeem; C$700m of 
the Government of Canada 
bonds maturing on July 1; 1978, 
and for general purpose of the 
Federal Government, said Mr: 
Chretien- 

The new 1981 .bonds are . in 
addition to C$775m of similar 
securities that were issued 
earlier. The new 1983 bonds will 
increase the oatstanding amount 
of similar securities from 
C$27 5m. 

In the long term maturity, the 
new bonds will be in addition to 
C$1.17bn of similar bonds 
issued earlier. 


-IlniFoyal, : tbev. tyres and 
chemicals group, .has 'agreed in 
: principle; to sell the . assets of 
its Royal golf business, including 
its gold.tra'demarks, to the Royal 
.Golf Corporation, a new!y:£romed 
subsidiary ' of . the Flint Manufac- 


turing Company of Flint- Michi- 
gam The .purchase' • price was 


gam The .purchase ‘ price was 
not disclosedr agencies report 
from' New York. .. Uniroyal makes 
and distributee golf - bal Is, clubs, 
an i golf equipment and clothing 
under the Royal' and Royal-Daisy 
tradefearits.- v.TO of the 

agreement- rail fortfepnrehaser 
to ; lease EniroyaFS^golF manu- 
facturing 'plant ,L ^fa . Farmyille, 
Virginia: " ; Uh iroyal ■ ’.last week 
agreed. ^e saJe nf its U.S. foot- 
wear business. “ 


Commercial paper growth predicted 


PhBiff Morris, thle. pleading U.S. - 
to baceo' dOdbecr' group, has how 
acouiredr'all -the Itf.Vnr outstand- 
ing 6hajes-af Seven-Up, the third 
largest UiL-soft drinks producer, 
agencies report fcomrNew York. 
The terms Of the offer— $48 a 
share,. worth ^ *tr total of $514m— 
were; agreed, by the companies 
last month:-." . - 


BY OUR FINANCIAL STAFF 


SALES OF commercial paper by 
UjS. companies could continue 
to grow at a record pace until 
the end of the present decade, 
at the expense of commercial 
banks, according to Mr. Theo- 
dore H. Silbert the chairman of 
Standard Prudential Corporation 
and of Sterling National Bank 
and Triist of New York. He pre- 
dicted in London that the UK and 
Europe might develop a similar 
pattern in the coming years, pos- 
ing an additional competitive 
threat to the commercial bank- 
ing system In the UK and Euro- 
pean community. 


In December, 1977, total com- 
mercial paper in the U.S. rose 
S2.4bn to a seasonally adjusted 
record S65.Ibn. For ail of. 1977, 
total paper increased by $12Abn 
from the $53.0bn outstanding -at 
the end of 1976. . 

Although a minor factor :in 
UK financing today, commercial 
paper In the U.S. has proved, to 
be a successful method of "pro- 
viding financial and industrial 
firms with short ‘term funds. 

Commercial paper is -issued 
primarily to finance seasonal 
working capital needs In lien of 
bank borrowings and, because 
these promissory notes ajft..':un- 


secured — bearing only the name 
of the issuer-— the seller's market 
is dominated by companies with 
good reputation. 

Only some 500 to 1,000 of the 
leading U.S. corporations offer 
their commercial paper for sale. 

The principal advantage - -bf : : 
commercial paper to the issuer 
Is lower cost. Even after broker; 
commission charges, administra- 
tive expenses and interest, the 
total cost is generally below the 
prime rate on bank loans.. itLS. 
banks usually require 2V per cent 
compensating balances-' which - 
increase the “ real " interest 
cost of loans by 25 per cenL.. 


20tS r<5atury Fox sale 


Twentieth Century : Fox Film 
.Corporation, has agreed the sale 
of a block of studio. property in. 
Lbs^Angeles. to Ring, Brothers, a' 
unfir ; bf Monogram Industries, 
reports AP-DJ from Beverly - 
Hills. The sale-price is some 
£L5m; 


Ohio Edisbn result 


Ohio Edison announced net earn- 
ings for the 12 months to May 31- 
of 51.67 a. share, against 52.00 
previously. Total net was 580.3m 
against $85Bm reports AF-DJ.- 
Revanue of $821. 5m compared - 
with $706m last time.. 





nr- 5 




EXCERPTS FROM THE 1977 ANNUAL REPORT 



: ;ii>n = 





■ 7 \ '' 77 

LLES LAMBERTS. A. 
SEL LAMBERT NM 


>•! 


♦ ,V>* f 


SELECTED 

M 




■7 


1977 was a year of major organisational realignments within our group. 

The integration programme we initiated several years ago reached an essential stage and 
climaxed in the formation of a broadly based group organised into three companies, 
Banque Bruxelles Lambert, the banking services arm, Compagnie Bruxelles Lambert, the 
financial services arm, and Groups Bruxelles Lambert, the holding company controlling 
the two operating units. 

Recapping the main developments in this integration process lakes us back to 1972 when 
the holding companies Bnifina, Colinindus and Col inter were merged with Compagnie 
Lambert pour rindustrie et la Finance and redesignated Compagnie Bruxelles Lambert 
pour la Finance et ('Industrie. Subsequently to the merger; investments of the new compa- 
ny included a 100 percent interest in Banque Lambert and a 9.7 percent interest in Banque 
de Bruxelles. 

Then, in June 1975 Banque de Bruxelles purchased Banque Lambert and the two banks 
joined forces under the new corporate style of Banque Bruxelles Lambert 
The next stage was started in May 1977 when Banque Bruxelles Lambert raised its capital 
stock by BF 3 billion through an offering of 2 million shares ol common stock priced at 
BF 1.500 each and reserved exclusively to Compagnie Bruxelles Lambert pour la Finance 
et rindustrie. As a result, this company's stake in the Bank rose from 9.7 to AA percent. 


GROUPE BRUXELLES LAMBERT SA. 


Virtually 100$ 


Virtually 100% 


BRUXELLES LAMBERT-SIMURBEL 


44 2% 

I 

BANQUE BRUXELLES LAMBERT 


COMPAGNIE BRUXELLES LAMBERT 


In June 1977, Compagnie Bruxelles Lambert pour la Finance et rindustrie brought the 
corporate headquarters building in Brussels into SA Acta, a subsidiary held jointly with the 


Bank. Ultimately, this subsidiary js to be controlled by the banking services and the. 
financial services arm proportionriety to their respective occupancy rates in the building. 
So ter, this transaction was not completed. 

Lastly, in August 1977 Compagnie Bruxelles Lambert pour la Finance et llndustria 
transferred all its assets and liabilities to two virtually fully-owned subsidiaries: investments 
in Banque Bruxelles Lambert were brought Into Bruxelles Lambert-Simurbel together . 
with a liability of Sw F 80 million, while ail other assets and liabilities were brought Into 
Immobiltere d’EgmonL 

lmmobiliere d’Egmont then changed its name into Compagnie Bruxelles Lambert and 
continued operations previously conducted by Compagnie Bruxelles Lambert pour Ja 
Finance et II ndustrie. 

Compagnie Bruxelles Lambert pour la Finance et rindustrie, for its part, was shaped from 
an operating into a holding company and redesignated Groups Bruxelles Lambert SA, 
thus changing its corporate name as well as its corporate profile. 

With these steps now behind us, we believe we have -achieved the goal we hadJjeen 
striving for since several years, namely to set up a large integrated unft capable of provbfing - 
a broad array of services, both domestically and Internationally, and featured primarily by 
the interlocking strength of Its components. 


!-'££ 


: t i ; 

: 4 ** 






E.B .] 

^ Ganiev df 

fjn I ■I- 


Summarized Financial Highlights 


Group assets broke down as Jollows: 


Break-up V^lue 


Preliminary Remark 


Banks ( Banque Bruxelles L?moert consc'lidaied) 
Inves-lmenis 


Ben sum sutsianii-il ilructura! char-ov-:. look during ihi? past fiscal ysar and balance 
sin;— i dales ol all subsidiaries ana ^'SiIijIps did not .et coincide. v\e have been unable to 
pi*.senl our consolidated financial .i.iiemenls vs a; December ol. 1977 m accordance ■■"lh 
ihoao'ouniing chart prescribed lx- ihe Rovol Decree or November 29, 1977 setting out live 
irnttnoiil reponinq requirements lor holding companies. 


From now on Grcxipe Bruxelles Laml-.-srt Comp..wnie Bruxelles Lamterl. Bru.’.elles Lambert- 
Smiurbel and Banque Bru'elles Lambert vail close (heir fiscal years on September 30 and lor 
me tird unie on September 30, 197 a. As a lesuit, ihe neAt accounting period of our company 
v.iil cover on.y nine niijnlhs. 


Tel «ir v.e wished lo sketch an outline of our group, we prepared a consolidated financial 
siaiement showing both eslimaled end osaunxi vaiues of assets and liabilities as ai Sepiemoer 

oO. 1977. 


Radio and TV brr-ax a-r i.nn 


10% 

Insurance, financial companies 


5% 

F*»d 


5% 

Oil 


4’a 

Steel, nonferrous metal's. metalvADrUng 


4',\i 

Bekgium. Luxemburg, France 



Greece 

1* 


Pubfic utilities;. engin.:-ering. consulLant engineering 


315 

Real estate abroad 


2'-i 

Commercial companies 


s:.; 

Retailing 



Beverages 


r\ 

Cnher industries 


' 2% 


At Iheend of Seplember1977 net assets of the group were valued al BFY3,22ftriHiba compa- 
red to BF 13.307 mliion at the end of 1976. Net assets attributable to the group totalled 
BF12 387 million as against BF h.206 million at the end of 1976. 


'** *- 3 

l[w iu 


• :dr :i| 


A' 


The break-up value per share thus emerged ai BF 3.097. gbodwiB exduded. up.162 percent 
from its level at the end of 1 9 76. the pro- lax dividend of BF 137.5 deducted. • " 


from its level al the end OM976. the pre-tax dividend of BF 137.5 deducted. 

Break-up value al the end ol test year was estimated to have readied approximately BF 4.D 00. - 


. >■ 


Largest Participations 
of Compagnie Bruxelles Lambert S JL 


Tlie largest participations of Corrg^gnie. &Lrxelles Lambot vafveh accounted for heady 
83 percent ol total estimated value ol consolidated investments were: 


For ihe reasons * • pteined above v.e did rot prepare a ccnsoTrdaled in-rome statement but v.e 
toil ii would be .ippropriate to «.-ur pgriungs lorec-isis. 

Our r. oiv^erv- aii ve e -pc*-.! alien is ihai in- .- proiii betore depreciation v.iil BF 3 billion and 

the net protit 6F 1 5 Wiion morethrfn h-i.fr oi which is all ntnj table to Groups Bruxelles LambriL 
Per share equivatems aie BF 400 and 200 respecu->/ely. 


Real esl ale assets 
Corporate premises 
Miscellaneous assets 
Taial 


tralfion BF. 


Statement of Asset Position 


September 30, 1977 


Asset Position 


The a- ; . i-:-t pc-swon computed in accordance with our usual standards applied on a consistent 
bdc.ic. sno-.-.'S ihc eslirruied value cl ihe various asset categories of the group. 


liT^estments earned at equn/ in net assets 
Other investments 


Estimates tor listed securities are based on stock market values as al September 30. 1?77 
mvj mo-te lor uniiyed securities on such iradihonai criteria as net asset value, discounied 
■:-'.srs t'l.v.v discouni*l earnings, discouriied dividend, latest transaction price* etc Assets thus 
vjlued &howGd an opprecwticn oi BF *3.219.3 million ever boo'-c values. Total appreciaticn 
b ore down into E'-F-l U49 million lor re^l estate assets. BF 3.75'?. 7 million for in\ , esirrv?r.i> 
ui>! mjrkgiaob secunues, aid BF. 1,015.4 million lor gcr/ermnent securities (valued at 
n tori* «t prices). 


Real estate assets 

Corporate premises^ urniture and equ'pment 
Other a&seis 

* misi:ellane<3us2ssei3 

* debtors 

* cash and equivalent 


C-unen iial-iliites accounled for 53 percent of gross assets, while long and medium-term 
liabiiiiiss aoxiumed ior 14 9 percent. Capital invested v^s 91 7 percent c4 gross assets, as 


ao^inst hi 5 percent at Ihe end oi 1976, whereas stockhokjers' equity was 7c.o percent, 
compared v/iih 67.4 percent. 


Ta« Lre.irriov.7i par ares is shown below: 

E* irccc ol which Belgium and Luxemburg 83!5B 


E* 

nine -i 

T-.-tei 


f-tet current banking assets 

Gross Assets 

Current liatxiuieE 
Capital Invested 
Medium and long-term liabilities 

Stockholders’ Equity 

yc-nributebte io w>f oupe Bruxelles Lambert 
Attributable lo minority interests 


million BF 

3.260.3 

105606 

13,820.9* 

2.597.5 

9.286.6 

353.7 

689.3 

66.1 



1,099.1 

S.A439 


30.248 1 
-2.505.2 


27.742 9 
-4.522.1 

12.386 5 
10.634.3 

23,220.8 


AUribulaUe to the Company: ' 

CompagnreLuxerrfMurgerisecteTefecGfliJsion ' • 

Petrolma • - i.-.-'i •• . . 

Electrobel - v-..''.-.-'- 

LUrtialne-UAR . . .L 

Financi&aduRuail I. 

IndustrlalpartldpalionshdklbyCompagrielndustrieneBtFJnaricterp ' 
desl :: YoduitsAmylaces ,, G.I.R , ' • 

Real estate participations held by the Lambert Brussels Real Estate CbrporaBbrt 
G.B.-lnno-B.M. \ „.'■■■ .. , . 

Drexel Burnham Lambert Group lna ■'. " !_ 

Keystone Resources Inc, - 

Groups Wohaico ■ :* ■ 

Delhaire FrSres etCie "Le Uxf 

Co:kerill ••••..•• 

Locatjef-Rninvest 

Sodete lmmobiliere et de ConstrucfionrfAworiaz ,, S[CA ,, . v - 

Dewaay, Seblle, Servas, V&n Carnpenhout at Qe S.G.S. 

Artemis 

CfompagraeChimiqueetMetallurglquedelaGampfrBi 
Other participations 

Attributable lo minority interests - 


578' 
v.3B< ' 
'270 ' 
251 ■. 
- -21 8* 
196 
132 

ne 

'. 122 " 

121 - 

.117* 

.115*. 

•:4.10 

2.062 

2.469; 


♦carried al equity in net assets 


.11,746* 


Dividend 


Due to Ihe absorption ol Compagnie Auxiliaireinlemationatede Cheminsde Fer, Hie structure 
oi gross assets is to be thorough!/ modified by the introduction of substantial railway assets 
under tease. 


Net dividend of BF 90 on the 4 million shares ouistend?ng.-T?iis.imT^s,uOTza{foTU^ paitof / 
the carryforward we had provided for with a view to Ihe sfrucKiral.difflicteS, Due to ft east ' 
changesand totiwf»orecorK»rntoenwronniert,the0tvlderrii6f6wB^^ 





















; Emandal Times Wednesday June 21 1978 



25 


INTERNATIONAL FINANCIAL AND COMPANTfNilV'S 




: : 

wholesaler 


•I;P: 


* die 


^.Swedish 

k{ * ' - 

^°$eiu doubles _ 
r °\v| profits 

- ' By WtHram Piilffpnce 

. . STOCKHOLM,. Jnsp 20. 
SABA, the. Swedish \ wholesal- 
. ’ . . lnft _ Gxtit and vegetable trad- 

‘ • ing Stoop, doubled earnings to 
Skr SOm last year 

' - despite failing to meet its sales 

• targeL Turnover; held back 

by a decline in Swedish cen- 
sumption and a 14-day strike, 
grew by 6 per eent to Skr 5-2bn 
($1.13bn). - 

SABA is owned • m ainl y by 
the Salen shipping company 
(40 per cent) and by the John- 
son group (40 per cent); Its 
largest subsidiary is Da GAB, 
a wholesaling group which has 
been developing Its .own retail- 
ing chain and a catering busi- 
ness. Last year DAGAB tarried 
in sales of Skr 3.4bn. 

Trading Income grew by 
SKr 46m to SKr 165m. Depre- 
dation was raised by SKrim to 
SKr 45m and' net interest costs 
climbed by some SKr 5m to 
just under SKr 40m. After in- 
creasing the Inventory reserve 
by SKr 46m and taking oat 
extra depredation of SKr 16m, 
SABA shows a net. profit after 
tax of SKr 5.3m. ' 

In 1977 the return on total 
' capital employed grew from 11 
■ to 14.7 per cent. Liquid assets 

• held ai the end of the year 

- • were SKr 165m while stocks 
were valued at SKr 381m, or 
7.3 per cent of sales, and claims 

■ on customers at SKr 306m, or 
5.9 per cent- 

SABA acquired a 20 per eent 
holding in NK-Aahlcns, 
Sweden’s largest private relail- 
^ . ing chain, during the year. An 

■ accompanying agreement 
between DAGAB and NK- 
Aahlens will boost DAGAB’s 

*'• annual deliveries by SKr400m 
at 1977 prices. 

In 1977 SABA also continued 

- ils expansion abroad, opening 
a new office in Rotterdam and 
at the end of the year acquir- 
ing tbe entire stock- in the 
International Fruit Company 
in the same city. SABA already 
has operations in Argentina, 
Britain and Italy. 

Tbe acquisition of Inter- 
national Fruit was financed by 
the group’s first foreign loan. 
The shareholders* report notes 
^ that SABA’s development plans 
mil ' call for further outside 
capital, both domestic _ and 
foreign, and that greater atten- ' 
.. tion * must be paid ” to financ- 
ing imports In foreign curren- 
! .des* 


iU 


Shareholders reject AEG 
plahs for voting controls 


BY LfiSUE.CQ4.nT .. s 

SHAREHOLDERS in AEG-Tele- 
fuuJcen have narrowly rejected a 
controversial company proposal 
that voting rights be. limited to 
10 per cent.. The vote,; taken 
at the annual company, meeting 
here,' was BBJ£ per. ceiir for tbe 
proposal and -33.8 per cent 
against. However', the exmitive 
Board needed exactly .56.67 per 
cent to cvry the plan. 

AEG, which is the third largest 
electrical group, on the Continent 
after . Philips and Siemens, had 
told shareholders that continued 
“ speculation " over. the. purchase 
of a large- block." of company 
shares had caused “potential 
partners in new co-operation 
projects” to adopt a wait-and- 
see attitude. This was -intoler- 
able for the company and was 
the reason for the plan to umit 
voting rights. . 

In recent weeks,- there has 
been a heavy turnover in _ AEG 
shares, and ft was suspected that 
a block of shares, had been 


bought in order to influence the 
voting today. The chairman of 
the executive Board, Dr. Walter 
C’>pa, said, in answer to a ques- 
tion, that Kuwait had not bought 
up 17 per cent of the company’s 
shares as rumoured. The shares 
closed at DM81.7. 

Shareholders were clearly 
averse to the control of voting 
rights. The major banks, which 
represent shareholders and nom- 
inally vote along management 
lines, abstained in today’s vote. 

One- shareholder after another 
stood up to express opposition to 
the plan.- One of them noted 
that he had nothing against a 
“big brother" buying np com- 
pany shares, a reference to an 
earlier remark by another share- 
holder. who asked the executive 
board: “Can we get out of this 
mess on our own, or do we need 
a big brother?” 

Another shareholder asserted 
that “unfriendly take-overs" and 
“asset strippers" would not be 


BERLIN. June 20. 

warded off by aDy limitation on 
voting rights. 

Dr. Cipa also told the annual 
meeting that for 1978 AEG was 
again unlikely to pay a dividend, 
making five consecutive years of 
no payments. In 1977 turnover 
rose by 6 per cent to DM 14.3bn 
and is expected to increase by 
“several hundred millions” this 
year. Sales up to the end of May 
bad risen by 2 per cent, lo the 
future AEG’s foreign sales would 
become increasingly important, 
said Dr. Cipa. as the “saturation” 
point had been approached in 
West Germany. 

A number of irate shareholders 
voiced their displeasure over the 
lack of dividend, with one of 
them asking how the company 
could expect shareholders to 
“ continue giving interest-free 
loans to tbe company.” 

Another shareholder got a 
round of applause from the 
audience, when he told the board 
“Your job is to earn us money!” 


Euromarche sees sharp gain 


BY DAVID CURRY 

THE FRENCH hypermarket and 
supermarket group Eiiromarche, 
the second largest^: national 
retailer behind Carrefouri has 
promised a 35*40 ; ; -per. cent 
Increase in group net profit for 
1978 to whet the appetite of 
investors for its share introduc- 
tion at the end of the month. 

The group has also confirmed 
that it is strongly on the, take- 
over trail for small groups or 
independents, that its invest- 
ments in the do-it-yourself area 
are beginning to pay off, and 
that it is sticking to ils self- 
imposed role of having" nothing 
to do with overseas investment, 
apart from an occasional- know- 


how deal. 

Euromarche is not famous for 
its reticence, and chairman M. 
Raymond Berthault declared 
that it would be able to finance 
a FFr 500m investment pro- 
gramme between now and the 
end of the decade without 
resort to a capital increase or 
tapping the money market. It 
would have some FFr 110m in 
quickly realisable cash at the 
end of June and “ our working 
capital is one of the strongest 
in the distribution sector." 

To make shares available for 
the public, the two main share- 
holders are accepting a dilution 
of their holding. Viniprix, a 


PARIS. June 20. 

Paris-based down- market group 
with nearly 3Q supermarkets, 
will see its holding reduced from 
69.36 per cent to 53.02 per cent. 

The Frintemps store group 
will put 5.01 per cent of its hold- 
ing up for sale, leaving it with 
19.29 per cent. Altogether. 21.35 
per cent of the capital is being 
offered at a minimum of FFr 260 
per share. 

In 1977. the Euromarche group 
had a turnover of FFr 3.1hn 
and attributable net profit of 
FFr lS.3m (S3.9SSrn), 

The Euromarche parent com- 
pany operates 39 shops of which 
it owns 20. It has opened three 
hypermarkets over the past eight 
months. 


M. Boussac 
offers to 
use private 
fortune 

By David 'Curry 

PARIS, June 20. 

M. MARCEL BOUSSAC, the 89- 
y ear-old head of the virtually 
bankrupt textile empire which 
employs 11,500 people, has 
offered to dispose of a con- 
siderable portion oF his per- 
sonal assets to try ro keep the 
group in existence. 

It is understood, however, that 
the creditor banks are refus- 
ing to accept the proposals 
because M. Boussac is demand- 
ing that they free the assets 
be intends to sell from act- 
ing as security for their loans. 

The Boussac proposal was put 
to the Paris Commercial 
Tribunal which has taken 
over management of the group 
while it attempts to sort out 
its affairs and work out a pro- 
gramme to raise money, 
reduce emplovmenr and sal- 
vage the most financially 
viable parts of it 

The Government has always 
demanded that Hi. Boussac 
should make an effort person- 
ally in order to clear the way 
for the State lo provide aid 
for an eventually revamped 
operation. 

The main jewel still remaining 
in the Boussac crown is the 
Christian Dior fashion busi- 
ness (its perfume offshoot was 
disposed of some years ago) 

In addition, the Paris daily 
paper, L’Aurore. and its sport- 
ing {and more profitable) 
siablemate. Parrs-Turf, is up 
for sale provided a politically 
suitable candidate can be 
found. 

It is virtually impossible to put 
a value on these assets but 
the hole which remains to be 
filled at Boussac is in the order 
nf FFr 8OO111 — and M. Boussac 
would certainly fan well below 
this figure even at his most 

self-sacrificing. 


Banque Nationale expects 
earnings to level out 


BY ROBERT MAUTHNER 

HAVING INCREASED group 
profits by 13 per cent at the net 
level last year. Banque Nationale 
de Paris, one of the “ big three ’’ 
nationalised banks in France, 
expects earnings in X97S to level 
out. 

This year consolidated earn- 
ings should be broadly the same 
as the Frs 406ra (S89m> achieved 
in 1977, said chairman M. Pierre 
Led oux. Parent company net 
profits last year were Frs 40m 
higher at Frs 290m. 

The bank’s foreisn branches 
and operations increased their 
contribution tn earnings to 50 
per cent compared with 45 per 
cent in 1977. 

BNP’s consolidated balance 
sheet increased from Frs 206.8bn 
to Frs 255.3bn last year while 


net domestic banking revenues 
rose by 13 per cent to Frs 7.46bn 
and fixed operating costs by 12.6 
per cent to Frs 5.6bn. 

M. Ledoux said that BNP 
intended to create a new unit 
trust. 60 per cent of which would 
be made up of French shares, 
in accordance with the new regu- 
lations in this field. 

In spite of last year’s improved 
results M. Ledoux stressed that 
the outlook was uot entirely 
satisfactory as a result mainly 
of the stringent credit controls 
which continue to be applied by 
the authorities. 

According to the chairman, it 
could not be ruled out that tbe 
state would agree to some reduc- 
tion of its participation in the 


PARIS. June 20. 

nationalised banks as part of its 
policy of breathing new life into 
the Paris bourse. 

M. Ledoux also complained 
that the traditional banks were 
facing increasing competition 
from para-banking institutions 
such as the Credit AgTicole and 
Credit Mutuel, which benefited 
from special tax concessions. Not 
only were the latter taking a 
rising share of current account 
customers, but tbey were eating 
into the company loan market. 

The association of French 
banks had appealed to the 
authorises to modify the privi- 
ieged status of tbe para-banking 
institutions and their decision 
was expected to be announced in 
the near future. 


Burmeister shares hit 


BY HILARY BARNES 


COPENHAGEN. June 20. 


SHARES IN the Burmeister and The auditors’ report into the 
Wain shipbuilding and industrial cause of the liquidation is due 
group fell by 35 points on The t0 jj e submitted to the Danish 
Copenhagen Stock Exchange commercial court shortly, and so 
\T '«£" " Je P ° NiS «*■ has no, been published, 

managing director and majority In a television interview here 
shareholder, with liquidation tonight. Mr. Bond? Nielsen said 
proceedings in a company in that there was no connection 
which he was cnce □ partner. between tbe affairs of DCK and 
According to the Press reports, either his position in Burmeister 
the company’s auditors have and Warn or his private financial 
found that the accounts in the situation. He agreed that there 
company were “ chaotic” and bad been what he called a 
that there were a number of period of confusion In_ DLK.. 
“ inevnlirable transactions.’’ The when ‘formal and admmistra- 
company was Danish Cbrysanthe- tive matters were not in order, 
mum Kultur (DCK). in which He said that settlements have 
Mr. Bonde Nielsen was a partner been made with ail DCK's 
until 1974 with the former Kenya creditors with the exception of 
Minister of Agriculture, Bruce 3 Swiss bank, but that settlement 
McKenzie. with the bank was expected 

Mr. Bonde Nielsen sold his ^within days. According to Press 
share in DCK to Mr. McKenzie reports, DCK’s debts were 
in 1975 and DCK went into between Kr 50m and Kr 100m 
liquidation in the following year, (about £5-10m). 


COB rules on 
disclosure 

By Our Financial Staff 

COB. the supervisory committee 
of the Paris Bourse, threatens to 
make public the names of com- 
panies who do not satisfy ils 
recommendations on the dis- 
closure of results. 

This latest move in what is 
being increasingly seen as a con- 
certed effort by the French 
authorities to crack down on 
poor accountancy" disclosure is 
made via the pages of COB's 
latest monthly bulletin. The 
highest importance is attached to 
the publication and proper ex- 
planation of company results, 
the committee says. 

The bulletin stresses that com- 
panies reporting for the quarter 
ending this month should "tell 
shareholders exactly how the 
figures have been calculated." 


Lending margins forecast 


BY OUR FINANCIAL SttFF 

MARGINS IN the' international 
lending business are by no means 
on the verge of rising again, a 
senior TJ.S. banker said In 
London yesterday. 

Speaking at a lunch to promote 
the current S90m stock offering 
by Continental Illinois Corpora- 
tion. Mr. Roger Anderson,- the 
bead of the bank said tbafwbRe 
he foresaw rises in loan demand 
inside the U.S. pushing 'Op 
margins oh TJ.S. domestic bank- 
ing business, he thought that 
international liquidity . woffld 
persist. . • 

This was because the uS. 
banks no longer dominated the 


international lending business 
and, even if they withdrew from 
it, tbe continuing recession in 
other major industrial countries 
would leave banks in those 
countries dependent for profits 
on expanding their international 
lending. 

Asked to give a prediction on 
U.S. interest rates Mr. Anderson 
suggested a 9} per cent figure for 
the prime rate at the end of this 
year. 

Mr. Anderson’s comments on 
the margins on international 
lending come at a time when the 
banking community is deeply 
dividend on likely trends. 


— 


SELECTED EURODOLLAR BOND PRICES 




1’ 




Bid . 

Offer 

Bid 

STRAIGHTS 



Norpipe SJp/ 1989 

95 

Alcan Australia 8}pc 7989 

WJ ‘ 

tn. 

Norsk Hydro 3* pc 1992 ... 

05 

AMEV 8 PC 1987 — 

Ansiralm 5*pc 1982 ... 

95J 

924 

96J 

934 

Pons Antorxnrrs 9pc 1991 

97) 

AustraUi/j m. & S. BJpc *92 


97* 

Prov. Quebec 9pc 1995 . 

931 


954 

% 

Prov,.Saskalrtiwn. 8)nc '86 

» 


P7i 

93 

RoedJntematlonal 9nc 1BS7 

. 924 

Can, N. Railway fijpc 1986 

951 

96 

RRM 9pr 1992 


Credh National BJnc 1388 

954 

96* 

Selection Trust Stoc 1BS3... 

901 

Demnart: SJpc 19S4 

971 

*1 

Skand Enskllda 9 dc 1991 .. 

97) 

ECS 9nc 1993 

991 

994 

SKF 8 pc 1867 

nil 

ECS gftjc 1997 

931 

941 

Sweden fK'dora) 8 *pc 1937 

« 

EJB M PC 1992 . ..: 

97* 

PS 

United Biscuits 9pc 1989 ... 

974 

EMI «pc 1939 

98 

m 

Volvo 8 pc 1987 March 

93 

Ericsson 8}pc 19S9 

964 

964 



Esso 8pc 1936 Nov 

991 

lWi 

NOTES 


Gr. Lues Paper 3|pc 1994 

975 

96 

Australia 74 pc 1984 

93J 

Hamendey 94oc 1992 . . _. 

995 

190* 

Bell Canada 7|pc I9S7 

954 

Hydro Quebec 9po 1992 .. 

944 

954 

Br. Columbia Uyd. 7Jpc '83 

921 

1CI SlPC 1987 

964. 

.97 


97* 

ISE Canada BJpc I9S8 .. 

11134 

104* 


9S* 

Macmillan Eloedol 3 pc 1 9K 

944 

S* 

ECS 7ipc IBM 

w; 

Massey Fergoson 91 pc ■01 

.98 

99 . 

ECS SIpc 19S9 . 

94 

Micbcltn 91 pc 1988. . 

.106* 

lfll 

EEC 7?nc 19® 

to* 

Midland InL Fin. Bine W 

941 

95i 

EEC 7JPC ........ 

944 

Nattimal Coal Bd. Spe 19S7 

93 ■_ 

93i 


9«* 

National Wstinnsir. 9pc ’86 

m 

KM 

CTotavorfcen 7#pr I3S? ..... 

W* 

MatL Wstwmotr. Spe ’SB 'B' 

9M 

100 

Kockmns Spc 1983 

965 

Kewronndland 9pc 1989 

984 

984 

MIcbelM 84 DC 1983 

9SJ 

Nonlie Inv Bank SJpc JDSS 

86i 

OTI 

Montreal Urban floe 1981 

9SJ 

Norces Korn. Bk. 81 pc 1992 

95*. 

98 

New Brunswick Rpc 19S4 

M* 


Offer 
W3 
33 i 
99‘ 
Ml 
Mi 
SSJ 

M3 

913 

9S 

92! 

942 

m 

934 


W4 

96* 

931 

■98 

99 

951 

941 

96 
Ba 

97 
984 
974 
99J 
993 
97 



New Brans. . 

New ZesMndl 
Nordic inv. 

Norsk Hydro 1 
Norway 71pc fo82 
Ontario Hydro Hue 1987 

Sinner Bloc IWa 

S. or Seuu Elec 63 do 1981 
Sweden rK'domH7jpi- W83 
Swedish State Co. tine '82 
Tehnex 9*PC 1084 
Teanen 72 pc HOT Stay ... 
Volkswagen 7|pc 19S7 .... 


Bid 

993 

96 

WJ 

954 

W) 

93! 

B9J 

»4 

95 

954 

9s: 

Mi 

m 


E.B.E.S. 

Societes Rennies d’Energie du Bassin 
de L’Escaut S.A. 

Points from the Directors’ Report 
for the year ended 31st December 1977 

The Company's total electricity sales rose in 1977 by 2.7% 
over the 1976 figure. High voltage sales were up by 6.S%. and 
low voltage sales progressed by 7.3%. Of the total power 
supplied. 51% was generated in the Company’s own power 
. stations, and 39% in stations tn which it holds a participation, 
the remainder being purchased from outside sources. Gas sales 
rose by 19.6%. 

. At Rodenhuize a 4th unit of 2S0 MW is scheduled to come 
on line in the 3rd quarter- of 1978. whilst at the Doe 1 nuclear 
power plant- work is in. progress on a 3rd unit of 900 MW 
planned to become operational mid. 1980. .Capital expenditure 
in 1977 totalled B.Fr. 12,963 million. 

Id respect of- the year. 1977. an unchanged dividend of 
B.Fr. 177 is payable ob each of the Company’s 8,210,000 old 
shares, and a dividend of BJr. 132.75 on each of the 1,860.000 
new shares issued in 1977. ' 


EXTRACTS FROM THE ACCOUNTS 
PROFIT & LOSS ACCOUNT 
for the year ending 31st December 

1977- 

(B.Fr. 

*000) 

1976 

(B.Fr. 

■000) 

Net operating revenue 

Depreciation of fised assets (included 

in Operating Expenses) 

Income from investments 

Net profit after taxation 

Dividends, including withholding tax 

2,153,605 

3,104^54 

2,792,071 

2,4964550 

2*546,356 

1.922.601 

2.628.213 

2,232.620 

2.163,158 

2,037,713 

BALANCE SHEET 
as at 31st December 

50,560,054 

42.702.536 

Current assets 

Intangible assets 

14,898^253 

26.860 

14,375,091 

34.979 


65.485,167 

57.112.606 

Share capital 

16,552.500 

6.661^31 

13,762.500 

5.S4S.749 


23,213.731 

28, 325.01* 

19,611.249 

26.556,953 

10.944.404 


13.946.422 


65.485,167 

57,112.606 


The above-mentioned dividend of B.Fr, 177 is P a L ab i® 
- NO. ^. coupom shou d ^ 
Ibdged at the offices of Banque Bdge Umited. 4 Bishopsgaie 
London, EC2N 4AD for payment .at the current rate 

exchange. . . . 

Copies of the Report and Accounts for 1977 are obtainab e 
from the same address. 


STERLING BONDS 

Allied Breweries Wipe '99 872 

Citicorp tone 1993 9i 

Courtauld* Mpc 1SSB 89 

ECS 9!pc 1999 M2 

HB 93 pc 1986 M4 

BIB 92pc 1993 9 23 

FlhancQ for lad. 9!pc 19S7 90 

rtnanc* for md tOpc 1989 914 

Pinas lUpc 1987 ..... 

Geftietner ltpc 1988 91; 

©ULlflpc 1988 «U 

Ruwntrte lOlpc 1988 BS 

Seprs IDlpr 1888 9W 

Total On 94 pc 1984 90) 


DM BONDS 

Asian Dev. Bank 51 pc 1988 


991 

Mi 

98 

991 

973 

WH 

94j 

*B 

n R? 


97! 

P', 

inn 


WDK Hpe 19811 
PanfQn 4(DC 1983 
Deo Norsk* Td. Bk. flpc '90 
Deutsche Bank 4Jpc 1993 

BCS-Wpc TWO 

EJB-5}pc 1990 

EM Aqidutne 5Jp< 193R ... 

Ohs tom 5fw T997 ... .. . 

Finland 3*pc 19W 

tasTDarks 5:pc 1999 

Wexico 6 pc I9&5 

Nortrm SJpc 1999 

Norway 42 pc 1983 

Stonray flop ISS3 97 

PK Banfcen SJpc 19*S .... 9fi 

Prov. Quota*: Kpc IMO 97 

7tau>aniiikJii s;pc i&»s 9.7 

Spain fipc 1359 9 R 

.Trondheim 3ipc 19SS 9nJ 

TVO Bower Co. fine 19SS ... nr 

Venezuela 9 pc IBS'* 

World Bank Hi pc 1999 .... 9S 

FLOATING RATE NOTES 

Bank of Tokyo 1984 31 pc 

BrCE 1994 9! pc 

BNP 1933 81v.dc 

BQE Worms 1985 9pc 

iyp was 994 

CGSJF 1934 8 IT is pc Wj 

Credranstal! 19'4 SI pc . — °94 

DO Bank 1982 9t>C JWJ 

■<WB'T8ST St ^PC Mf 

Inti. Wesmrtliwrer 1984 3 pc 991 

UoFds 1983 ? U 16 pc . ... 

CTCB MSI Hot 

Midland 1987 fi9|6W 
Nail. WonrmCTr. '98 95 mpc 

OJTB 1983 7fnc 

*NCF 19*5 9*OC ... • . - 

Stand. . and Chrrd. fH 3fpe 
Wms..and Glyn * "64 *ii*dc 


9M 

m 

lljni 


SMI 

PM 

W! 

9W 

W4 

Mi 

991 

991 


Offer 

tool 

Mi 

95 

961 

951 

944 

1004 

991 

93 ? 

961 

004 

921 

94 


*S3 

92 

90 
951 
Mi 
93i 

91 
921 
961 
921 
91 2 
89 
Ml 
91! 


974 

BTl 

982 

lorn. 

95! 

« 

95* 

953 

99 

!K! 

9S: 

<w" 

inn; 

inn 


mi 

97! 

bt; 

97; 

os: 


inn 

iOfl 

jnoi 

M! 

9*1 

w: 

PM 

mo; 

jun; 

m: 

1M’ 

Ml 

WO 

991 

wni 

mi 

100 

1001 


Source: Whire Weld SecurHtre 


CONVERTIBLES 

American Rstvmss 45 DC *67 
''hland 5nc I9W . 

Bahneek * Wilcnx fiJn" '97 
Pearrfw FYwrfn 4*nc 190? 
.Rnaniep Pnnds *M>: 1992 .. 
Focrtiam Ripe '992 .. . 
Borden 5 pc lflff? .... 
■Brondwa" Ifnif ‘"pc 1997 . 

t '«nwrton 4pc 19*7 

rbevran 5iv 19R8 

U*rt 4 ?dc 1997 

T'jn'tTrran Knrfnk 4»tv- IM* 
Keonnmlr T.ab' 4}pe 1997 

PlTMtone St 1593 

Ford 5 do 19SS ■■ 

General Elecirto 4JpC 19S7 

nm.’ne 4*pr iw 

nonld So*.-. HOT 

Gulf and Wp«»«wn 3pc 19SS 

ffarrfs Sno »■»? 

ffniwvwpn *nc IPSA 

TCI Sine 19*2 

T NA Hoc T»7 

Tnr-Jip.ipc 6-Ar 1992 

'TT 4'nc 19*7 

7w«oo Spc 1992 

■CAttlaiw 7' nr 199* 

• B»w VcPrrmoil ’’no "S7 
VraMnwh'ta Site 199" . . 
Wifsni 7tnr 1994 
T P Mereao 4*»»C 19*7 .. 

NsWwyi s»nr l»«f 

'lew Tdtant^ J ‘v r 
7 C Penney 4>nc 19*7 
4lnr 1097 

7*TMt|h afefaV ine T98S 
«»pr WO* 

Spri-rv Rend 4 3 nr 195? . ... 

SmtH* 4Jnr WS7 

tVknro 44tjc H»« 

TSahTha «nt* ’MS • • 

Tr Co. SpC 1SS4 

Uition QotmAp -tipc 1982 .. 
Warner Lamben 4 »dc 1987 
Warner Lamhorf 45PC .1988 
Xew 5 dc 196S 


e<4 
92 
1«» 
*7 i 
1HS4 
96 
in? 
774 
7* 
ITU 
74 
S7.J 
7 * 
81 
P51 

s; 

T.tJ 

IT! 

*Ti 

ITS 

S4* 

<9 

99 

IK 

7*1 

1 l<i 

jn 

ia» 

171 

1221 

a; 

I'll 3 

ill 1 

75 * 

111! 

041 

1074 

91 

814 

784 

TSi 

1293 

941 

824 

754 

73 


Kfi 

94' 

195 

9" 

1 W 

97 

1(131 

70 

7o; 

135 

<0! 

S3 

794 

97 

1«i 

<9 

1?0 

S6 

Oil 

or- 

T73 
Wl 
11 3J 
>34 
\:m 
172 
1:1! 
9f> 
10fi" 
lr. 

131 

V. 

1091 

42) 

S3 

3S 

80 

IMi 

ViJ 

01! 

*4 


.Source: Kidder, Pcitiody SecurlUes. 


794 


msEBassssa 


$210,000,000 

Banco Central de Chile 


Medium-term Euro-dollcir loan 


MANAGED BY: 


Morgan Guaranty Trust Company of New York 
Chase Manhattan* Limited 
Dresdner Bank Aktienceseilschaft 

CO-MANAGED BY: 


The Bank of Tokyo, Ltd. 
Citicorp International Group 


Canadian Imperial Bank of Commerce 
Security Pacific Bank 

FUNDS PROVIDED BY: 


Midland Bank Limited 
Union Bank of Switzerland 


Morgan Guaranty Trust Company of New York 
The Chase Manhattan Bank, N.A. 

Dresdner Bank Aktiengf.sEllscuaft 

■ Crind Ca-m.n Cxidl 

.Midland Bank Limited 

Union Bank of Switzerland (Panama) Inc. 

Bank of America NT & SA 
Banque Belgf. Limited 

Euro-Lat i n.\ m erica x B a N k Limited — LU LABAN K - 

Marine Midland Bank 

Standard Chartered Bank Limited 

United California Bank r 

Banque Nationale de F.uus 

The Fidelity Bank 

The Mitsubishi Bank Limited- 

The Saniva Bank Limited 

Union Commerce Bank, Nassau, Bahamas 

Banco de Santander-I’uekto Rico 

The First National Bank of Chicago 

Mercantile National Bank at Dallas 

New 'Exclasd Merchants National Bank 

The Riggs National Ban k of Washington D.C. 

Southeast First National Bank of Miami 

UBAF Arab American Bank 

Union Trust Co. of Marvl vnd 

Trade Development Bank 

iLoBtluri Branch) 


The Bank of Tokyo, Ltd. 

Citibank. N.A. 

Canadian Imperial Bank of Commerce 
Security Pacific Bank 
The Bank of Yokohama Limited 
Th e B \nk of N ew York 

■ I 'in l.ui'iii !lrj-i,[i> 

Bayerische Hypotiieken-und Wechsel-Bank 

Europe in American Bank and Trust Company 

Seattle-First National Bank 

Toronto Dominion Bank 

The Fuji Bank, Limited 

DG BANK Deutsche Genossenschaftsbank 

tClf can laJonJd Branch/ 

Gulf International Bank B.S.C. 

Pittsburgh National Bank 
Texas Commerce Bank 
Republic National Bank of Dallas 
Banco de Vizcaya S.A. 

International Commercial Bank Limited 
The Mitsui Bank, Limited 
Orion Bank Limited 

RoyWest Banking Corporation Limited, Nassau, Bahamas 
The Sumitomo Trust and Banking Co., Ltd. 

UBAF Bank Limited 

Republic National Bank of New York (International) Limited 


AGENT: 


Morgan Guaranty Trust Company of New York 


This announcement appear* us « mutter of record only. 


April 1973 


“s 





J u'snrial T^eUWefeaafr Jimej 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 



Car industry co mm itment 


pays off for Nippon Seiko 


BHP stages 
laterally 
in steel 


PYRAMIDS OASIS PROJECT 


SPP to seek 




BY YOKO SHIBATA 


TOKYO, June 20. 


NIPPON SEIKO (NSK) has 
reported sharply increased 
profits for the fiscal year to 
April— in contrast with other 
Japanese bearings makers, aod 
despite adverse factors such as 
dumping charges by the EEC and 
the higher yen exchange rate. 

NSK's current profits rose by 
78.8 per cent to Y2.07bn (SlOmt. 
and its net profits also increased 
substantially by 52 per cent, on 
sales down 1.6 per cent to 
Y123.6bn (8590m). 

According to the company, the 
buoyant earnings resulted from 
its heavy commitment to the 
automobile industry, which fared 
very well during the year. Sales 
of NSK's automotive bearings, 
accounting for 45 per cent of the 
total, rose by 5 per cent from 
the previous year's level. The 
company also undertook ration- 
alisation measures earlier than 


other manufacturers, and this en- 
hanced its profits performance. 

During the year, NSK's exports 
of ball bearings fell appreciably, 
but this was offset by the com- 
pany's three overseas production 
units. As a result, overseas sales 
maintained their share of the 
total at the same level as the 
previous year— 15 per cent 

NSK’s three overseas manu- 
facturing plants. In the U.S„ the 
UK and Brazil, are at present 
working at or near full capacity 
v;itb monthly bearings produc- 
tion nf 1.35m, 1.2m, and l-m 
respectively. In particular, NSK 
Europe (UK) which started 
operation in April. 1976, is now 
cLose to its full capacity of 1.3m 
bearings per month. 

In the light of recent trade 
problems concerning exports of 
ball bearings and the current 


overseas production were a 
positive advantage for the com- 
pany. In addition, ball' bearing 
sales to the industries related to 
public works, such as power 
shovels and trucks, have also 
stated to pick up since last year. 

For the current fiscal year, end- 
ing April, 1979, the company 
expects revenue and profits to 
match last year's level. 


production 


higher yen exchange rate, NSK's 
relatively low export ratio (at 15 


relatively low export ratio (at 15 
per cent) and Its expansion of 


Olympus Optical, the Japanese 

manufacturer of industrial 

cameras and optical instruments, 
raised Its after-tax profit by l 
per cent in the first-half of its 
financial year, to Y1.93bn 
(S9-2m), From Y1.91bn in the 
same period of tbe previous 
year, our Financial Staff writes. 
Sales in the six months to April 
30 Increased by 7 per cent to 
Y32.54bn ($155m), from 

Y30.41bn. 

The Interim dividend is un- 
changed, at Y3.75. 


OK Bazaars outlook optimistic 


BY RICHARD ROLFE 


JOHANNESBURG, June 20. 


MR. R. J. GOSS, chairman of 
OK Bazaars, says in his statement 
with the report and accounts For 
the year ended March 31. that 
the group “ expects to achieve 
a level of earnings in excess of 
the past year's performance" 
over 1978-79. If the forecast is 
achieved, it will mark the end 
of a phase of static or declining 
earnings. The only caveat is that 
introduction of the 4 per cent 
general sales tax in July may 
affect consumer spending, though 
a dearer picture will be available 
with OK Bazaars' interim state- 
ment. 


The group is the largest 
retailer in South Africa, with 
total assets of R255ni< sales last 
year of R541m (S615m), and 142 
b rancho-', down from 152 five 
years ago. The bulk of sales 
(61 per cent) are in food, health 
and cosmetics, with clothing and 
textiles accounting for 13 per 
cent and furniture and consumer 
durables the balance. Earnings 
per share were unchanged at 
107 cents for the year, against 
113 cents in 1975-76. 

The group was acquired in 
1973 by SA Breweries, which 
holds 70 per cent of the shares. 


Half-year advance at Fugit 


BY OUR OWN CORRESPONDENT 

JOHANNESBURG. June 20. 


THE MAIN quoted South African 
investment trust. First Union 
General Investment Trust 
(Fugit). which is now a sub- 
sidiary of Liherty Life, and hence 
of Guardian Royal Assurance, 
has reported a slight increase 
from R2.3:u to R2.5m in its net 
profit after taxation for the six 
months to June 30, mainly reflect- 
ing increased dividend receipts 
over the period. Adjusting for 
the preference dividend, earnings 
on the R2.1 m shares in issue have 
risen from 3.64c to 3.98c. 


Fugit. managed For many 
years hy Union Acceptances and 


now under the control of Liberty 
Life, paid a total dividend of 
5.75c in its year to June 30. 1977 
and a special dividend of 3c in 
the six months to December 31. 
Its financial year has now been 
changed to December 31. so for 
practical purposes the 3c 
declared with the latest figures 
is an interim and the Board fore- 
casts not Jess than 6c for the 
full year. The shares, at 86c 
therefore yield a prospective 
7 per cent. Net worth was 9Sc 
on June 13 and, after the stock 
market's -.strength since then, 
should. by now be over 100c. 


OK Bazaars has held its market 
share, with sales rising 6 per 
cent last year against a national 
retail sales increase of only 4 
per cent, which signalled a 
decline m real terms of about 6 
per cent. But OK Bazaars' earn- 
ings on equity capital have 
fallen and were 9.1 per cent last 
year. Liquidity remains fair, 
with the rise in stocks contained 
to 7 per cent despite heavy 
initial requirements for the 
group's Natal “Hyperama” store. 

The group now has two “ tayper- 
amas” and the report records' 
that the one in Natal is trading 
below breakeven. The longer- 
standing “hyperama" near Johan- 
nesburg was “disappointing,' 1 ’ 
with a poor merchandise mix and 
an unsatisfactory shrinkage 
level. But the chairman hopes 
these ventures, which have 
accounted for much of OK 
Bazaars' recent investment, will 
improve profitability. 

Against expenditure of R23m 
last year, capita! commitments 
are down to R4.5m. But cash 
How was R15m last year, suggest- 
ing that funds may be available 
to reduce short-term borrowings, 
up from R9ni to R17m at the' 
year-end. The market takes ai 
greatly more confident view of 
OK Bazaars' prospects. Compared 
with their 1978 low of 520 cents, 
the shares are hdiv 760 cents, up 
30 cents on the report and now 
yielding 7.6 per cent on last 
year's 58 cent dividend. 


By James Forth 

SYDNEY, June 20. 

AUSTRALIA'S largest indus- 
trial company and sole steel- 
maker* Broken Bill Proprietary, 
staged a late rally In production 
of steel' for tbe year to Hay 3L 
In the final month of tbe year, 
BHP raised steel output to 
706,000 tonnes, which was B-4 
per cent higher than the same 
month last year, and 23 per 
eeut above the April perform- 
ance, when output was affected 
by strikes. 

The late rally in production 
was due to a slight improve- 
ment in demand in the domes- 
tic market, although tbe market 
for steel both domestically and 

overseas is still depressed. 
The group's production of steel 
for the full year was 7.4m 
tonnes, or IWM500 tonnes less 
than hi 1976-77. 

The latest year’s steel output 
is still tbe lowest since 1972-73 
and is about 575,000 tonnes 
down on the 1974-75 peak. 
BHP has reported losses of 
more than $A50m (USS57m) 
from its steel division for the 
past two years. In the first half 
of 1977-78 . a farther 
loss of $A35.05m was reported, 
although group earnings rose 
5.7 per cent to $A38.7m. 

The group's production of 
iron ore dipped 10.6 per cent 
for ihe latest year, while 
manganese output fell 30.3 per 
cent, also reflecting the 
depressed world steel niarket- 


BY ANTHONY McDERMOTT IN LONDON AND ROGER MATTHEWS IN CAIRO . * V:' - 

_ . . , ..Mirations— and by im- the bank accounts of ETDC -These iwhide purchasfirs ; ._seefe . ■ - 

SOUTHERN PACIFIC Properties $ Mf. teen. “We are, down -te a mg the return -of'tiieir, deposit* . . -:' '- : • ‘ 

sent a m anagement team to pucation a ?p , wj- cash, float of less than' and a Ux-.Jaicob RokestaL who. - . 

Cairo yesterday. The teams Sadafs poucira. . g ^ g^400 ^ .there is a: stpff oi fe datinlng tnore thau'ISOpflW. ;' - . . - 

task is to open negotmtijns on SPP. however, is gm to pay at the end -of. the The company, says that , H . has--' . 

compensation for a S500m joint its refutation of ttese aecusa a\ .tmmpaaiy never heard ofMriRoktetaL-, - 

venture with the Egyptian tons. The ojitataation ^ ; ' ^ * E!3)c is also aimous abort -tiii;- .' 


task is to open negotiations on 


it# —o---------- — ----- _ oecnfia. -over 1 UU w pay. ai hms wm wj.. me . *l «43' .* . 

compensation for a S500m joint its refutation of tijese aecu$a • said, a company never heard OfMr.RoktetaL-, - 

venture with the Egyptian tions. The rcintausatum " nww mW / l£EDc is also anxious abtratilii}.'-' 

Government. The project, to ETDC was agrad y r »«tng '• However, - the yragtefr bill of eqmpmeht oidefeS 

develop the country s largest ment— miti^lyatSS.Am, nstng m4(X}0 . ^ is - • fr. ftr tfmproJ&cL .EquiJnfentwtmS 

4-nitrief- mmn nr two miles from eventually to S>17m. Up to tne - 


Hoyts enters 
pinball field 


By Our Own Correspondent 

SYDNEY. June 20. 


This announcement appears as a matter of record only. 


April 1S78 


Aeropuerto de Caracas, C.A. 
Venezuela 
US$15,000,000 


Medium Term Loan 


Guaranteed by 


Corporacion Venezolana de Fomento 


Arranged by 


9lmven 


Araven Finance Limited 


Shareholders: 

Morgan Grenfell & Co. Limited, Kuwait internationai investment Co. s. a. k. 
Grupo Banco del Centro Consolidado and Grupo Banco Latino, Venezuela 


Managed by 


Morgan Grenfell & Co. 
Limited 


Kuwait International 
Investment Co. s.a.k. 


Provided by 

Credit Suisse 


. Mees& Hope Finance N.V. 

Nordic Bank Limited 

The Royal Bank of Canada International Limited, Nassau 
RoyWest Banking Corporation Ltd. 

Kuwait International Investment Co. s. a. k. 

Morgan Grenfell & Co. Limited 
Banco de Vizcaya S. A 

Interamerican Bank Corporation S. A. Panama, Nassau Office 


Sociedad Financiera Amerfin C. A 

(Grupo Banco Latino, Venezuela) 

Sociedad Financiera del Centro C. A. 

(Grupo Banco del Centro Consolidado, Venezuela) 


The Borrower was advised in this transaction by 
Corporacion Finsenrica CA, Venezuela 


Agent Bank 

Morgan Grenfell & Co. Limited 


tourist complex two miles from eventually to Sl7m. up to the 
the Pyramids, was abruptly can- cancellation SPP had paid-its 
celled by President Sadat three equity participation— consisting 
weeks aeo at present of SUm In equity. 

The negotiations ior the com- S1.65m on lo«. and S35M00 on 
pensation of some 55.6m spent current account owed to 5PF by 
hy the company are likely to be 

protracted. The Pyramids Oasis scheduled for iQStalmeots.^ SPP 


piuutiL-icu. iUB ------ fnr the current in development costs. wuiess ui.tue cw 

project has become a highly bad i set ^ aside t f or >e “We expect to face further sub- ere released,, we panoot 

political issue which opponents «khk> 0) fmfarcheolhsiwd stential ckims because of . the wnritiog Tbr^ the;'henefft--of ■ £ 

of President Sadat have been r^ eSS of to! Station clauses in the -eon- 

skilfully using as a means of * spp maintains that as tracts we have signed with, con- Company saKt ; . v , 

criticising his more kbe^ covenes. SPP raa ^ ™ suitants, companies and others^ J'ftere-are eo^id^bl^B 
economic policies, aimed at joras ine sue iweii » t he company. Some ^ MMjm being. on the Gpvennheql 

encouraging investment both by terns o “ e h£d : outstanding in consultants fees, manner of canceUingthepr^a 


(Middle East), a subsidiary of 
the Hong Kong-based company 


toe Hong Kong-oasea company ttaJI 59,000 and . EElLflOO -or ebafi^cateC 1 ' 'The-iSsCtsf.^ 

tracmrZ^A^b Contractors. SSt removed, from the sife lb; the. such projects ; cannot, be idae 

confiscated 


saHnn tractors. Arab Contractors, - but removea trom ine saie m me suen projects ; cannot na seawJV 

g- HtoStiin ^sss l s^ss\^ 

vided not in finance but in land As a result, serious cones iu, is . .. A' '-•. 




iption. v..v pany in several Cairo courts. werecamedouL ^ 

As a result serious concerii\is . 

Z £ , 0.000 acres for Triad to Droce^i mth Hid 

TTie project had become a claim that since the cancellation F 1 UVVCU JT ^lU - 

political stick with which to beat there had been.no formal-con-. akituiW' nnun W \ 

Mr. Sadat, and an indication of tact with the authorities ;a?d : ™ ANTHONY ROWLEY HONG TLClNti. Time 20 ’‘'V - 

tbe curious way in which it was no approach made to them J ? a .® **■ 

handled bv the'Egvptian Govern- about what Mr. Mamdouh Sadem; TRIAD HOLDINGS in iuxeini;.1g^:alfe»dy tiar^ -largest share* ; 
ment is that not long before the the Prime Minister, described . bourg is expected to : proceed: liwlder, r'provtded a satisfaetbr;--'.- 
cancellation President Sadat was as “safeguarding the interests with Its plan, . to ■ - take. -ovar;.- '.cao.'ifie ~aneed; .furthe 
endorsing its continuation in a of shareholders and Investors." Southern Pacific '. Prpperiiftl'amidiinceidtent! IS expected nex-‘. : .. 
major speech. The cancellation The Pyramids Oasis war to despite cancellation ■ of.;tbe ^ndnth^" ^ . ^ 1' ..- 
was effectively in response 10 have been the .prime example Pyramids Oasis ^ project at- Giza. Meanwhile, SPP has requeste* : r ■; 
a major political campaign of what foreign capital and in Egypt in which - SPP, was :Hong bong’s' stock exchanges t>; ’’ .• 
aimed at suggesting that SPP expertise could do for Egypt’s heavily involved. ; continue the' temporary susper . , • 

was exploiting Eg>-pt's national undoubted tourist, potential. . i SPP has . been Informed :.thatrsi<piTJf 4ealibgin.'the company*; : - 
heritage, destroving antiquities. The site is now deserted, all Triad will proceed with an offer shares, pending the outcome 0 - 
corrupt and not fulfiliing its con- work has been abandoned, and to take over SPP, in which. Triad the takeover -talks; - 


BY ANTHONY ROWLEY 


& HONG "KONG, June 20. 


HOYTS THEATRES. the 

cinema chain controlled by 
Twentieth Century-Fox of the 
U.S^ has diversified into the 
pinball machine field. The 
directors of Hoyts to-day 

announced that tbe company 

had acquired conirol of 
Goddard Industries, which 

manufactures pinball machines, 
and would extend an offer to 
ail shareholders. Hoyts pre- 
viously held 3.6 per cent, of 
Goddard's capital, and has 
bought (be 46 per cent, share- 
holding of Goddard Invest- 
ments Pty„ the family com- 
pany of Goddard Industries’ 
chairman and managing direc- 
tor, Mr. Howard Goddard. 

If the bid succeeds. Mr. 
Goddard has agreed to enter a 
service agreement to continue 
as managing director. 

Hoyts is offering AS 1.30 cash 
for eaeh Goddard share, which 
values the enmoanv at A62J3ra. 


IBM to pull out of ^Nigeria 


BY JEREMY MORGAN 




IBM is to pull out of Nigeria, 
rather iban concede to demands 
bv the Lagos Government that 
Nigerian nationals should hold 
a 40 per cent stake in the com- 
pany's Nigerian interests. 

An TBM spokesman in London 
said that the Nigerian Govern- 
ment had refused to grant the 
company an exemption from the 
Nigerian Enterprise Promotion 
decree under which foreign com- 
panies are obliged to sell a 
percentage of their interests to 
Nigerians. 

Nigeria will be the third 
country from which IBM has 
withdrawn rather than surrender 
all or part of its holdings to 
nationals of other countries. 

In November last year the 


company announced that it would 
withdraw its interests from- India 
within six months rather thgn 
relinquish 60 per cent - oi; - its 
business ownership there. tBM 
also pulled out of Indonesia 
because of problems with 1 the 
country's nationalisation ^pro- 
gramme. . • ;J -r*7V' . 

It is thought that DBteSwill 
leave a locally owned agency to 
maintain its business there;.' “It 
is our intention to transferilthe 
business • activities - of - ■ TBM 
Nigeria to another^ Nigerian 
company to provide cobgnijity 
of maintenance and marketing 


services and. wo hope.- -employ., 
mentiopportunities for a number! 
of our employees.” „ P 
At present EBOT employs 140 


people in Nigeria and although 
details of tbe -mew : Nigerian 
owned company’ are nqt.cfear tbe 
equity will ..be 100 per cent 
Nigerian. • 

The Nigerian . Enterprise Pro- 
motion decree came into .force 
in 1972 r and 1 was revised last 
year. It , divider businesses" into 
three categories - -defining how. 
much of -'their local* operations 
should- -be given over the 
Nigerian: Ownerships. The. cate- 
gories ares concerns that should 
be _ exclusively Nigerian; those 1 
where - Ofige'rianTioIdln'g should 
amount to fiO per cent or’ more; 
and. . those* *_ where;-. Nigerians 
should Own at least .40 per certt 
-‘YBU./was M -the third,_: least 
stJrpfient of tfiese categorids. 


! r'U re 1 ! 




^ 1 r# ■ > w 
vi v 1* L TWIJIh 


Mars Holdings Bhd. shares de-Iisted 


SINGAPORE. June '2ff. 


The Stock Exchange of Singapore 
has de-Iisted Mars Holdings BHD 
fot non-compliance with the 
Exchange's listing requirements. 
It. save no further details, but 
warned last month that Mars 
Holdings faced de-listing, for fail- 
ing to submit the annual reports 
and accounts for 1976 and 1977. 


pliance with tbe exchange's list- 
ing requirements. 

Last month it told the 
Exchange that its shareholders 
had approved a name change to 
ST. Holdings from Mars Hold- 
ings. 

Reuter 


Mars Holdings. formerly 
Snneei Tukang Rubber Company 
BHD, has been under suspension 
since April last year for non-com- 


Malayan Breweries has disclosed 
that Its shareholding in the lead- 
ing New Zealand brewery. Lion 
Breweries, is now 6.6m shares, 


equivalent to 9.6 per cent rOf 
Lion's Issued. capital, writes PL F. 
Lee from Singapore. 

Its slake in the other major 
Ndw Zealand, brejvery. Dominion 
Breweries, is now 1.53m shares 
or 2.7 per cent of .- the Issued 
capital. 

Malayan Breweries' disclosure 
follows, recent reports' of the 
company’s acquisitions -of size- 
able blocks of sharer hi the two 
breweries in the NeW Zealand 
stock market. 




wM 


■i 




U.S. $150,000,000 


NATIONAL WESTMINSTER BANK 


LIMITED 


Floating Rate Capital Notes 1990 


In accordance with the provisions of the Notes notice is 
hereby given that for the six months interest period from 21 
June 1978 to 21 December 1978 the Notes will carry an 
Interest Rate of 9 per annum. The interest payable on 
the relevant interest payment date, 21 December 1978 
against Coupon No. 1 will be U.S. 547-34. 


By Morgan Guaranty Trust Company of New York, London. 

Agent Bank 


CANTERBURY 
Now Office/ Development 


St. James House, Castle Street 


Three-storey Office/Showrooin Development’ 


Premier location, in commercial centre.-.', .Ground .floor,' 
s/c open-plan showrooms; offices first and second floors 
available, from 3,900 sq. ft to 8,400 sq. ft - Thase.2 ta 
be constructed providing additional .8,500 sq. ft if-. 



CHARTERED 

SURVEYORS 


79 Wiinpole St. 
London W1 M 7DD 


01487 4401 


Also Birmingham ^Manchester 


May 1978." v;-..:'; 

This advertisement appears as a matter olrecord only 


mJ 


Elkem-Spigerverket ajs 


5%% DM 40,000,000.- Loan of 1978)1988 

- Private Placenrioitr 


COMMERZBANK 

Aktiengesellsdiaft 


DEN NORSKE CREDITBANK HAMBROSBANK YEREINS-UND WEStBANk 

Limited Akfferigesdfsdbaff 






Currency, Money and Gold Markets 



favYeit reaches 


post 


FORWARD AGAINST £ 


rwar 


’ v-. .^e Japanese yen -.continued- to 

.-,' ^provejn yesterday’s foreign, ex- 
: ange market notably against the 
1 ."* f -S.- dollar.: Basically;, the position 

:S not Changed * from Monday, 
' ?..th renewed interest in the yen 


" : i J >o the generally unsound posi- 
1 '4i of the . dollar. The yen 

Jshed at Y221J to the dollar 
hough at one point it touched 
v 3.022$. On Morgan Guaranty 
;; -V.'-Hres at noon ip New .York, the 
• 4 trade weighted average 

preaation -has shown a prolific 
■ te over the past .week with last 
V 3 today’s figure at.. 35.6 per cent 


£ MUUN5T 
THE OOLLAB 


Trade- MigkndMn. bare i 

M wtlsMlia mm itnjM 
l ■B*tasiZ1liiAai^fT«acD9 I 




I ftwSnfcrt EagM 
1 1578 . . , 


Monday’s at 37.7 per cent and yes- 
inlay's calculation jumping to 
■ ■ '■ 3J. per cent On a similar basis, 
"ae dollar’s depreciation widened 
-\ .3 6.4 per cent from 6J. per cent. 

-- Against - major.. European 
: - urrencies, the dollar, traded very 
. uietly In fairly thin business, 
he West German mark finished 
■ > jst off its best level at DM 2.0815 
rein DM 2.0915 while the Swiss 
raoc also improved in dollar 
..-...-arms to Sw "Fr 1,8750 agoinst 
... JwFr L8920. Sterling remained 
a the sidelines' and its trade- 
- . 'eighted index, on Bank of 
^ In gland figures! showed . no 

hange at 613. Against the dollar, 

< he pound, opened at *1.8340-; 

1.8350 and- improved to $13405- 
’**“^'*.1.8415 at one point, before clos- 
ng at $13397-13407, . a rise of 52 
joints on the previous close. 
v TOKYO— The dollar fell to a 
'"■ecord low of Y2ll.57$ at . the 
*■ 1—. -lose, compared with Y21537§ on 
Monday, Hie U3. currency 
ipened at Y213.50. and came 
jnder heavy pressure in hectic 


trading. The Bank of Japan 
intervened several times, hut this 
was probably oply to test the 
strength of the -pressure^ rather 
than an active attempt to. arrest 
the dollar’s decline. At-..- was 
estimated that the eentraJ-ibank 
bought about JS-lftm at the 213 
level In the morning, and about 
the same volume at Y2l£4tbnear 
the close. The Jew level-. oil inter- 
vention may reflfccXconcWP about 
increasing the foreign -exchange 
.reserves too sharply ahead »f 
next month’s summit meeting. 
Major factors behind the>doUax’s 
fall are fears about. U.S.: Ration, 
and the- continuing, lajge^-trade 
.deficit with Japan, x - 
- Frankfort; The* : : dollir : ■ fell 
to DM2.0812 at 

DM2.0895 on Monday/-!-- The 
Bundesbank did : not intervene. 
Trading was rather nem»os, with 
the sharp rise of the yen/against 
the dollar setting the tiepd for 
mo^t other currencies. .' ' 

News of. a downward irmdsed 

1978 growth forecast by the'-West 
. German Government's panel of 
economic experts to 3 pec cent 
from 3$ per cent had ho effect on 
trading. -. - - 

Later, in the day the dotiai: was 
slightly firmer. ■ quoted at 
DM2.0835 near the closest : .The 
Bundesbank trade-weighted' re- 
valuation index of the D^nark 
against 22 currencies was. 145.7 
(1453), up 03 per cent from the 
end of 1977. .- 

Paris: The dollar eased in 
relation to major Euro£$£o- cur- 
rencies. Towards the close, it was 
FFr 43937} in terms^df the 
French franc, compare^ v ^ ttl 
FFr 43960 in the mormiigf end 
FFr 4.6050 on Monday. 

Apart from other faetdts de- 
pressing the dollar, it also 
suffered from news that U.& cor- 
porate profits had fallen .by a 
seasonally adjusted 25 per., cent, 
compared with a previously- esti- 
mated decline of 2 per cent; . 

The D-mark rose to FFr 22048 
from FFr 2.1980, while the.- Swiss 
franc improved against .. tile 
French franc to FFr 2.4448 ..from 
FFr 2.4240. Sterling finished at 
FFr 8.4375, unchanged / from 
earlier levels, • but up.-: - from 
FFr 3.4285 late on Monday^; • . 

Milan: The dollar cou&ned 
to weaken against the lirai.sall- 
ing to L85S.05 at yesterday's 
fixing, compared with L859;75 on 
-Monday. Once again the ‘yen 
showed a strong improvement in 
active trading to L4.072 aghlnst 
L4.024. European currencies. were 
generally mitred against theUira. 




I ,U! 13 ,0r ttmverilble Iriacs. Six-uonih rorvort dollar e.m-2.STc pm: 
rioaoi-ial francs WJI5-4Q.25. IS-monm 5aw.S5c pm. 


THE DOLLAR SPOT 


FORWARD AGAINST $ 




CURRENCY MOVEMENTS 


Bank o< 

Marsu 


England Guaranty 


Indue 

changes °e 


.... 61.31 

-0.7 

U.S. dollar 

.... asja 

- bA 

Canadian dollar _ 

85.0 

-12.5 

Austrian schUUng 

._ UOA4 

+19.2 

Belgian franc ... 

.... 1U-56 

+12.3 


.... 115.34 

+ 6J! 


14LA2 

+36-1 


1B2-40 

+75.9 


12L12 

+XB.6 


.... 48-22 

- 5J. 


.... 56J4 

-46JJ 

Yen 

... HUM 

+39J 

Based on trade 

weighted changes from 

Wv^ingion aarcetncm December. 1871 

(Ban); of England index- 1D0\ 

— — 


Compagnie Generate d’Electricite 


Capital increase 

from FF 504,431,500 to FF 605,317,800 

by issue of 1,008,863 new shares of FF 100 par value. 

Issue price: FF 300 

Dividend: January 1st 1978 

Application: from June 12 through July 12 th 1978 

- Irreducible: ONE new share for FIVE old ones 

- Reducible 

One of the major international Groups in the field 
of electrical engineering and electronics. 
Leader in France. 

Total turnover: FF 32,7 fan 
Personnel: 170,000 people 


Energy 

Industry 

Ofimnrujniratinne artri Transnnrt 







OTHER MARKETS 


£ 

NNh- limp 


EXCHANGE CROSS- RATES 


Pound Sterling! U.S. Dollar . |D<3atacbelIark| Japanese TdqJJ^enrh Franc ) SwU» Prauo | Dumb Guild 




,_"ouad Sterling 
05. -Dollar 




3.860 
- 2.0B1 

31 

a 

[ 0.480 ' 

• 4v??7. I 

. 1. 

9.BG8 

ii 

1! 



Bulletin des Annoncea Legates Obligatoires June 5 th 1978. 

A prospectus bearing authorization n* 78/46 dated 30th. May 1978 
from Commission des Operations de Bourse Is available to the public. 


. Vohort Wrm. 

. / days notice 

Honda .~L. - 

,rbree mouth*. 
,)la months. 

Jna year. 


11U 12 
1168 |2 ' 

1218-121* 

1218-1268 


1058 1069 
toss iO&a 
l sa 107 b 
106b 10Tb 
lOi. 11 
USb-1168 



1 , 1 ■ * 

1 ta'lhii Lin ' 

A-isn S | 4>panw#\«-n 

s^ii ' 

UJ 2 -12 iz j 
XU* 12*4 

1<J 13 ! 

131® 141* I 
1418 151a I 

1 SHi-'Hfc 

1 Si 1 

Bik Bli | 2li £ ri 

SA 8i* l a ffe 

9 9ig 4K-418 






■ Tie following nominal rales were Quoted 'for London dollar contacate* of deposit: OneBwBth 8.00-8.10 per eenr: three months 8.15-8.35 wr cent: six months 8.60-8.71) Mr 
^itmMwm^EwStoSr^poSta: TVorears 9i,ft-93i6 per cent: three rears M-8i per cent: four Tears 9MW ner cent: five rears DM) per cent. ‘Rates are nominal 

'*jSSrt*erai rates : »e call far starting. O.S, dollars and Canad i an dollars: two days’ n offa tor sunders and Swiss francs. 

■ Aslan rates are closing rues In Singapore. * •- 


INTERNATIONAL MONEY MARKET 

New York rates higher 


GOLD 


. New York interest rates showed 
rs Ol UY »; firmer tendency: with 13-week 
rCDL’*'* Treasury bills quoted at 6.69 .per 
t ^ tfceht from an average 837 per 
i'Vsi’plQCl^cent at Monday’s auction. The 
r for 28- week bDls-rose to 737 

per cent from 7J23 per- cent while 
. ,>./ one-year biils were 7.56 per cent 
i . v compared with 734 per cent. 

-Federal funds remained static 
at 7.4375 per cent Certificates 
. of deposit were slightly up at 7.75 
per cent from 7.70 per cent for 
oge-month; .7.90 j?er cent against 
■ 730 per cent for two-inonih; and 
5-04 per cent for three-month. 

Bankers acceptance- rates were: 
^i7 JO per .cent for 30 days; 7.75 
l M.-r a f^r a f ^ *•*"*•*"• ^ days; 730 per cent 
$gr&Z!' 1 96 days; 7.65 per cent j for 

v'days; ; 7.90 per cent tor • 150 
fi gjg had. 7^5 per cent for 180 

p'ZJ " High-grade commercial .paper 

l&p: S^^^msr-735 per. cent for -30 days; 


• 7.70 per cent for 60 days; and 7.80 
- per cent for SO.days. 

FRANKFURT: .Net central cur- 
rency reserves of the Bundesbank 
■fell DM400 m in the week to June 
15 to DM 80Bbn. Other reserve 
assets showed little change at 
DM 7.7bn from DM 73bn the 
previous week. . Interbank money 
market rates rose to 3.55 per cent 
from 3.5 per cent for call money, 
while the longer periods remained 
unchanged. 

Brussels: Deposit rates for com- 
mercial francs were SJ-4J per cent 
for call money; 5t-5| per cent for 
one-month; 5J-5J per cent for 
three-month; Gi-fii per cent for 
six-montB and 7jr7J per cent for 
12 -month lands. - 

Bong Kong: Conditions in tne 
money market were generally 
tight; with call and overnight 
money commanding 5J per cent. 

Singapore: J Offshore banks are 
to be allowed more access to the 
-local corporate loan market under 


e announced by the Mono- 1 
Authority of Singapore. They 1 
not gained deposit taking 
boweyer. 

t measures have tended to 
e banks into two types. In 
Ion to the full service banks, 
tatuwipore also has 13 restricted, 
ormon full service banks, and 28 
ofilbore banks. The new rule 
rves almost all distinctions 
een restricted and offshore 
These non full service 
have tended to enjoy a 
ttive advantage over the 
prime rate Tor lending 
«d by full service banks of 
d 7 per cent 

is probable that the new 
will remove this competitive i 
.tage by pushing up rates for I 
term . money, thus making i 
restricted banks pay more for| 
Smgapara dollar deposits and , 
ivlng the differential between 
ore banks and full service 


Further 

rise 


Gold traded fairly actively in 
yesterday's London bullion market 
to clohe SI! an ounce higher at 
S186-1S6J. After opening at $185}- 
$lst4, the metal was fixed during 
the morning at 5186.35 and this 
improvement showed through to 
the afternoon flxina ar 5186-50. 

There was a ' generally good . 
demand for gold particularly in 


UK MONEY MARKET 


Uul.1 Bui nun ta lun 
Oun-6) 

C*n«e 

Uvjenlm; 

if ora toil Us inn 

Afternoon ilxiw.-.. 

Coni Colm ............ 

rlcmiesrii-a.Dy 

tCmeemuvi 

Nhw rfovcreuin*— .. 

OM Sorerehnw 


(■>! 6 i‘6J 
: SI W • b{ 
91-6.56 
Keu 1.587 
;31t6.6- 
(£I0>.497| 


(£i> 6 l 8t 

■tfiti-ots 


assistance! 


Gold L’oliu 

^Internationally 

KrucerraimT ......... 


.mil-30;. 

j56 4 -67p 

(£3bi^U) 


a5 


p Bank of England Mini m u m 
~ Lending Rate . per cehl 
/ (since June 8, 1978). 
>*..Tbere was a general improve-' 
bent in the . day-today credit’ 
situation in the London money 
jjarket yesterday, - although 
honey remained in short supply 
tyeralL The authorities gave a 
jejy large amount of assistance 
n. .-buying a small number of 
rreasory bills from -the Discount 
louses, and by lending a large 
imount overnight to five or six 
iouses. 

London money rates 

) Srorllna j ‘ 

t Juno 20 j Cerctflcate imertank | Ac 
i\ -1878 ) of { d* 

irornUflit™ — i — 0J«-11 ( 

(dava noturo-J' — — I 10 

'daVK or — — • .{ • 

notw.. - lOia-lOi* 10 

>bo awotb.... 1038-lOis lthi-10* I 10 
fwo mcMicb-.~ 10U-10 tO^-lOU 
wee.mnmlir. 10|W-9 7 a iS’J'Si* 9 t 


Banka brought forward sub- 
stantial surplus balances, and the 
market ' was' also helped by net 
maturing Treasury bills. On the 
other hand there was a mode-*>t 
excess , of revenue payments to 
tile Exchequer over Government 
disbursements, a rise in the note 
circulation, and repayment of the 
exceptionally large amount lent 
overnight to the houses on Mon- 
day.- 

Discount houses paid up to 1 10 
per cent for secured call loans, 
with closing balances taken at 
9i-9} per cent, although some 


funds' were picked up at as low 
■wyrpw cent in places. 

rfn the interbank market over- 
night loans opened at 10-10! per 
cant, and eased to 94-9? per ceni 
afrfer lunch, before rising to 10 J- 
11‘per cent, and closing at 94-10 
per cent. 

Short-term fixed period interest 
rates tended to ease from iheir 
openfng levels, and were also 
slightly lower on the day. Longer- 
tacth rates were a little firmer. 

: bwever, leading to a small reduc- 
tlon in the reversed yield curve. 


New Sorereazofl. 


Old SorerdfftM ...... 

520 KouletL 

*10 Uame* 

•" Bn f 


SIS I*- ISSi 
:B 4 KS, 

. -o5 6 
I.CiM-rfSl 
Sts. i-tt/i 
tCti-oL 
(*2li*-v7ll 

i *1.6 1*8 
! • .» ? 


4i i to 
>1141 11% 
9l 4. IS 
(£100.4561 
31 4.60 


* ISIS - 1 5j 
(Cl.44 - 1 64 
314-t6 

te 


js?9iu-r.'Stf 
11 4i 

••EH t-S: it 

i£6i,4-etl! 
U2/6i-Ef8i 
‘ -1. 6*-li64 
1 TO 1 ! 


BRANCHES ABROAD 


REPRESENTATIVE 

OFFICES 

AFFILIATED BANKS 




OF GREED 

Established 1841 

The oldest and largest Greek commercial bank 

Administration and Head Office: 86, Eoloti Str., Athens 121 

Covers almost 60% of all greek commercial banking 
business. 

Is represented by 343 branches and offices throughout 
Greece. 

Has an extended international network of branches, offices, 
affiliates and correspondent banks, located in major 
financial centers around the world. 

IN LONDON, FRANKFURT, DUSSELDORF, ROTTERDAM, 
BOSTON, CHICAGO, CYPRUS (NICOSIA, LIMASSOL, 
LARNACA, PAPHOS), CAIRO 

IN PARIS, MONTREAL, TORONTO, SYDNEY, 

BAHRAIN, TEHRAN 

NATIONAL INVESTMENT BANK FOR INDUSTRIAL 
DEVELOPMENT S.A., (N.I.B.I.D.), Athens 
TRADER'S CREDIT BANK SA, Athens 
MORTGAGE BANK S.A., Athens 
ATLANTIC BANK OF NEW YORK, New York 
HELLENIC CANADIAN TRUST Co, Montreal 
THE SOUTH AFRICAN BANK OF ATHENS LTD, 
Johannesburg, Capetown, Durban, Pretoria 


BALANCE SHEET AS AT 31.12.1977 (in million £) 


the . U.S. where confidence 
remained high. The harder trend 
was further helped by the weak- 
ness of the U.S. dollar especially 
against the yen. Tuesday also saw 
the second in a series of six US. 
gold sales, where the authorities 
are auctioning a total of 300,01)0 
ounces. 

MONEY RATES 


Looal 

Authority 

depMlti 


— | lOM-lOas 


toia-ioi* 

10,1,-iOA 

tO r k-lO>< 

10-10,’a 

20-10 Jo 

10-10 

10-10U 


1030-1018 
I 101,-1058 

I 9T*9» 

I 10-10)* 

: 93 4 Tojb 
10s*-11 


MBl AOth. 
leootUbir 
ronda 


10.105b 

968-10 

9I 8 -9 j * 

9IS-9J* 

93fl-l0 

988-10 


Pittance 

Howe 

Deposits 


DlWMWttt 
Owpatry martet . 
Dcprit- rtepr>*it 


Trreuiarv i 
Stil. 4 1 


FineTtwuti 

Blllae 


NEW YORK 
Prime Raw 

Fed. Fonda 

Treasury BiUa <I3-woeK) 
Treasury BUls (16-wee lo 


ASSETS 

1977 

1976 

LIABILITIES 

1977 

1976 

Availabilities 

1-141 

898 

Share Capital and Reserves 

179 

156 

Loans and Advances 

2.588 

2.122 

Provisions 

81 

73 

Investments 

334 

291 

Deposits 

3.595 

2.968 

Other Accounts 

311 

249 

Other Accounts 

519 

363 

Contra Accounts 

995 

845 

Contra Accounts 

995 

845 

Total 

5.369 

4.405 

Total 

5.369 

4.405 

Gross Operating Revenue (In million) 

19 77: 

141 1976: 101 




Z GERMANY 


10-1018 
9K-1Q i 

S5s 

9iS-96a 


Discount Rate — 

OvernlKto — — 

On® womb — ... — — 

Three tnnnihs .. — 

Six raontoa - 


- FRANCE 


NATIONAL BANK OF GREECE S.A. 


,d> ! " 


paper. ,13* 

i^ppTOXimaie selling rates *>r WJ1* per cent: and iw'Mntmih M-9 u >t P» cenn and Usw- 

t^L . Approximate Mllu ®. 1 r f nro-montli »i P« ecnK aacl alm three-motth 1W wr . 

pnh n per cent- OOWawnlti ; WjdJ ' L hmm Asaodariom *3 percent from June t. 167?. Ctearias *ank 

Rpl f ? A‘«g^B n ratatof dUpOBt^ per .root- .. . _ - - - 


Discount Rate 

Overnight 

One oionih 

Throe months 

Six momhs 

JAPAN 

Dlwotuu Rare - 

Call COocondlUonnl) 

| Bills Discount -Rale ...... 


Telephone: 3210.411 

Telex: 214931 to 38 

Telegrl Address: ETHNOTRAPEZA 




































































WORLD STO CK MARKETS 


Wall St. lower on credit and $ fears 


INVESTMENT HOLLAR 
PREMIUM 

52.60 10 C — 1 141% <I14J%) 

Effective SI .8402 51; % (515%) 

STOCKS FELL sharply across a 
broad front on concern about 
lishtcr money, higher interest 
rates and the weakness of the 
dollar, mainly against the 
Japanese yen. 

Buyers moved to the sidelines 
tn await signs of a change in 
monetary policy from yesterday's 
Federal open market committee 
meeting. Investors expect some 
monetary tightening but arc con- 
cerned that too much restriction 
may force the economy, already 
showing some signs of slowing, 
into a full-scale recession. 

On the positive side, Mr. Barry 
Rosworth. the Wage and Price 
Council director, said the May 
consumer price index would show 
a rise of 0.7 to O.S per cent, some- 
what slower than the 0.9 per cent 
increase in April. 

For the fourth consecutive day. 
about 1.000 issues declined while 
some 400 advanced. The Dow 
■tones Industrial Index lost R.3S to 
830.04 on a volume of 28m shares, 
against 23.3m on Monday. 

The NYSE index fell 0.34 to 
3422. and declines led advances 
1.093 to 407. The Transport index 
felt 1.07 to 221.17 and Stocks lost 
2.33 to 284.91. The Utilities index 
shed 0.7J tn 10426. 

Gaming stocks dominated the 


action again. Ram ad a Inns 
opened, was halted, re-opened and 
was halted again but still 
managed to trade well over lm 
shares and rise $ 1 J to S 8 i. 

Del E. Webb, in which Ramada 
holds a 7 per cent stake, was 
unchanged at $ 20 ; but was the 
second most active issue. 

After being ahead most of the 
day, Bally Manufacturing lost S1[ 
to $38? and Caesars World 
dropped $2 to $29. Some of the 
market's weakness, commented 
a broker, was due to “intense 
speculation ” in gaming stocks. 

U.S. Steel was unchanged at 
$261 but after the close. Standard 
and Poor’s Corporation lowered 
its rating on some of the com- 
pany's debt, citing concern about 
rising debt levels. 

General Motors lost 75 cents to 

SoflJ and Ford Motor eased 4 to 

S46«. Analysts have warned that 
earnings of the motor industry 
could be hard hit by weakness in 
the economy. 

American Telephone eased \ to 
SfiOJ despite reporting higher 
earnings for the three months 
ended Slay 31. 

IBM lost S3J to 52651. Tele- 
dyne S3 to $1101. Savin Business 
Machines S1J to S20J and Philip 
Morris, which completed the 
acquisition of Seven-Up. $12 to 
367. Du Pont lost $1' tn S115J. 
After the close it said it would 
discontinue some operations. 


Prices fell too on the American 
Stock Exchange. The Average 
index dropped 1.35 to I4S22 and 
Volume at 3.53m shares compared 
with 3.47m on Monday. 

Resorts International added $13 
to $843 and was the volume 
leader. Husky Oil, second most 
active, added 75 cents to $45. 
Houston Oil lost $1 to $22?. 


In Montreal, the Industrial 
Index lost" 0.-55 in 1S3.3-» and 
Papers dedJned 1.07 to 113.96. 


Canada 


Canadian share prices closed 
lower in active trading. The 
Toronto Composite Index was off 
1.2 at 1142.3 with declines in 
eight of its 14 component groups. 
Real Estate and Media issues 
made strong gains but three of 
the four most heavily weighted 
groups were weaker. Declines out- 
numbered advances ' 253 to 179. 
Against the trend. Goldsa dvanced 
3.9 to end at 142S.5. 

Husky Oil, subject of rival take- 
over bids by Petro-Canada and 
Occidental Petroleum Corp„ 
gained $L to $50 S whiielrwin Toy 
“A” added .1 cents (o $3.54 on a 
dividend increase. Craigmnnt 
Copper, which said mining opera- 
tions may continue live months 
longer than expected, was up 15 
cents to $4.15. Imperial General 
Properties, which last traded at 
$171, remained suspended. Abacus 
Cities said it planned to acquire 
control of Imperial General. 
Volume totalled 3,100.085 shares 
against Monday's 3238.599. 


Tokyo 

Share prices finished slightly 
lower as late liquidations pared 
early "ains in limited trading. 
The Tokyo Stock Exchange in- 
dex closed at 411.78. down 0.66. 

Export-orientated Electricals 
and Vehicles fell following the 
sharp Ygn appreciation, with 

Matsushita Electric losing 5 yen 
to Y729, Pioneer Y4U to Y1.7B0, 
Nissan Motor YS tn YS02 and 
Isuzn Motor YS to Y293. 

However, Petroleums _ rose 
sharply on the Yen appreciation, 
wilh Nippon Oil gaining Y17 to 
Y632, Toa Nenryo Y2Q to YG45 and 
Shows on Y13 to Y243. Foods, 
and some Real Estates closed 

slightly higher, while large capital 
issues and some Populars eased. 
Hitachi rose initially but closed 
lower at Y253 on Jate pro fit- taking. 


gained up to DM 2j!0. with 

Engineerings also stronger. Com- 
merzbank and KoU und Sate bog* 
gained DM 1.5. Desussa at DM 282 
rose by DM 1-9- 


Johannesburg 

Most sectors moved ahead in 
moderate trade with Gold shares 
advancing in line with the bullion 
price and Industrials under some 
fairly strong institutional demand. 
Mining Financials were firmer in 
line with producers. Metal 
markets advanced in line with the 
trend in Gold shares with 
platinums gaining, reflecting the 
recent rises in the free market 
price. 

Industrial leaders rose 5-10 
cents with popular stocks in 
Stores. Motors. Property and 
Insurance sectors between 10 and 
75 cents ahead. 


supervisory commitee, said it may 
publish the names of companies 
who do nor satisfy its recommen- 
dations on disclosure of company 
results. It said in its latest 
monthly bulletin it attaches the 
highest importance to proper 
explanation of company results. 

MIchelln "B” lost FFr .6 but 
Meet Hennessy advanced by the 
same amount Rosstenol lost 
FFr 5 to FFr 1.515 and Correfour 
fell FFr 13 IQ FFr 1,535; 



<—*'■■■! «..k ■“-“I 1 "; 1 'S , 

Btoww! H H ax ,7 :H h -®1 S - 

i.^aiJ-********* «* “ <j£- 

j ** ™» gjf ^ Jg,; 


150.760- — 


Amsterdam 


■fiati* vf Junes i-hang ed Icaio August 24 
~ . j Jonelfi ' June 9 


Share prices firmed in general, 

although trading remained quiet, 
Unilever and Royal Dutch led 
"ains in Dutch Internationals: 
Elsewhere, firm shares included 
Stevin, ABN. Ford and Pakhoed. 
.Weak issues followed the lead of 
KLM, Amev and Otra. 


Ind. <iiv. yieW % 


June X " 1 'Yetraflo {approx-.; 
.5.50 - j . . 4.79 


STANDARD AND POORS 


1 June . June Jiine j Jime June ! J«je , „ 

j go • ]S IF r - IS . 1* j 13 . ) High }•. Cw 


Australia 


Brussels 


Germany 


Share prices were firmer on 
balance in low volume. AEG was 
virtually unchanged DM 81.7 
ahead of the vote nt ihc annual 
meeting on a proposal to limit 
voting rights of any shareholder 
holding more than 10 per cent of 
the capital. Mercedes rose DM 1 
but other Motors Mere little 
changed. Banks and Electricals 


NEW YORK 


June : June 
20 • 19 


-lime June 
Cti 19 


J<nii> f June 
20 19 


AMwrt 

•Wrfiw^jniph 
.tern* Liic A 

Air Pp»Iui-l> 

Ainu 

Mrsu Aluminium 

A liim 

A lire- Ln-lliim .. 
Allegheny |\.»fr 
\llieil >. hemlinl.. 

\llie-* atmr* 

MU' l. Iialllier* ... 

A MAX 

Ament-In H»<-. . . 


i .'.mini! 

f'l'l Inl’n'rii-nal 

i.mif 

L'i»».-ken .Vm ... . 

I 'liinniln. Kiijjiui- 
i mil" Wriul.t 
llniin J 


Amer. Airlines. 
Amer. Branri'.. 
Amer. Fn.wli.iut. 
Amer. (.ml . . 
Amer. <. ynnnmhi 
Am«r. Kl<t«. lAm 
Amer. . 

A mer.Hnnie Pnsi: 
Amer. JleJ lull.. 

Amer. M«|yn,. .. 

A met. Xnl. (■■*.. 
A mei . rsandanl.. 
Amrr. sivin . ■ 
Amer. 'lei. A Tel.. 
Anielek 


Hsus 

Itxil I ml net 

Deere 

Del .Mi-ntr 

Di-lr-.-us 

Heni i '|ily Inter. 

Delr.nl KhIisi.ii. 

Ilia mi. nil His ml 1 -. 

nii:in|,h..ne' 

fiijtii* l>|Mi}> .. . 
Oiaifj tAVnlt . 
U-i.eri. |>n. . 
Dnw C'Iicdiil-sI. 

Drain 

Dresner 

Dn|ninr 

Ovniu )n-iuMiir> 
S*irle Pi.-her .. 
Kart Airllne» .. .. 
Kart mall K>*ink.. 
Eatuu 


Julio? Manville ..[ 
Julin»>>ii JiilinMiiii 

J. 'ihn'-in l nnir»i.| 
4ny Algmifmlnr'y; 

K. Mar , 

KniierMiinuni'in 
Kal-er imliiNtries: 

Kal-e.-r .Steel 

Kay j 

k'eime.'oll [ 

h'err llrCte. : 

KiiUle Well -i ! 

h'iriilerly I lert-.j 

Ktnft I 

Knjjier t.V . . .. . 
l«a*e*a\*Tnin'..[ 

I <-t I i 

LiK.y Uvv.F'a«I ..I 


lie, l«n ■ 

llv.i'ii-'liK Aletnl'-I 
IteyiN.bl' It. J . 1 
l.'ti-irs-.n .Mcrrvll.j 
Ilie-Lurll lute)'...! 
f(<>liiii A Han a 


AVimlwurtli 18»j i IS 

Wyly- j • 4 

Xemi 52'* 53 

Ziqara ] e ^ ■ JpSb 

Ze»)rh R»Ji «... J4Jj 

I.S.Trean (4 IBS m 1 94Je 

I'-STroaMJ^aft'. 1 - 80 ■» tB06)t 

f.!i. 80 Jay 1,111-. 6.72^. 6.71* 


' K. fi.K (i.„. 
Kl Pnte. ,\n | . 
Kltrn ... 


l:5ia ■ 25ts 
J- ag 1 16Jj 
aiu 5Ii« 


i.iacet rii.mp.. 
I.illi 'Rif 

f .111 ■■It ] lilt 1191 .. . 

len.-kllMil Ain r ll 
bwr-Mr Inti iik.: 
I»inc Telanil I.U1-. 
LAiiiNinnn J«n>l- 

[,nhri— <1 

fnteh.i 

like Y’lin-ju'nii. 

MHi-Uiltan 

Alary If. H 

AIUk. Uaiiiu i-i .... 


li.ival IlniiTi . ...i 

KT b 

lillKV (el's \ 

llwln- System . . 

Sale-lay ->i.ik- . > 

Si. J.ic Af int-rsl'. 
el. I leu i i I ‘<1 per . 
Snnln Fr lu-l'.... 
Saul (nie-i 

-laNfiu liiil-. ‘ 

Im-IiIIi/ Hreninir.. 
S.,-1 tin nil ■a.-ivsa-r . . 

SO! 

*ei,ll P»fer ... • 

Skiii-il Alrjt 

Sne Diu*ler 


CANADA 


Miitihi Paper 

\jinio> EbuIp.. . 
AkanAliiiiiliiiinii 
Vll'xiiia Steel.. . 

A>llV'lllS 

Il.ink >>l AliMiirenl 
Bank .VnmSi.-nti* 
ha-iie Hi-mun-'.-b.. 

Doll Ti-lepleinr.. 

Bnu- Valloj-Jari... 


Kupellmnl 


.lt»n Pi'pIiii l*... 

t» Lin 

624s 

Hull (.«» EI-+ l . . 

234« 

Rank Anitnii. .. 

234b 

23', 1 

K» /!!■?« Tr. \.\. 

35ic 

o5w 

Rsit*r l*il 

271, 

27 (j 

Ussier Tr»i*-u-*!. 

42 

43 

Hestrui" F.+.I.. 

2h'? 

J»'« 

HeeMnDK-hen-iin 


361- 

R»1l A. Hun ell 

Uuta 

aui« 


ri'i* I XI iil-ir . 
K- it einir.l \li-k 


See l.'xnlRinei . .. 

Seacnun 

Seari,.-,U.l».» 

Senr, U-ielim-k... , 

SKULi.i ; 

Shell >>il 

Shull Tmn.-|iirl .. 

Signal 

’ Msti'Ve t'l-ni ■■ . 

1 Sltii|ilieii.v I’ai .. 

s iu^L-r 

suit ill Klim. 

rk'iitn-n 

S**ut In lull II . .... 
Suniillii-riti'al.l>l 

SlilllilC-11 t •> 

-stliii.Am Ut» ... 
Sintllieni I'a-'iin . 
*>ninliemltHi|,»aj . 


RP Canaria.. 

HraM.-au - 

UrlilL-ii ' 

■.'aiiptry Power. .. 
i'aniritiH' Miner 
■?ana<Ui Cement... 
Caiuiiln .XW Lan 
Cau.l ni|i Uk.Com 
CanaiJa hultm ... 

I Can. Paelfh- • 

lUin Hai-ltitr lm.. 
Can. Siik«r Oil... 
Carling O'Keefe.: 
Cassia r AtbestiaJ 


45 m 47 Sj 


Nairn C'hrmieal . 
.Natlmial Can 


K->i*e C 


H-'i’j K amer 

Hiaoiff im 

Rr»--nn- 

Hriai-.-l Myer-.. .. 

Hi it. Pei. ADR... 
Hivi-knai lilar-.. 

HniDMiiC-k 

Kii'-yi'ui Kite... . 
Rui.'ia Wah-lt... . 
Hurl lugl-’n N ill n. 

HurinugliK • 

i ain|<hell srui|> . [ 
tanaHian rhu-iii,-* 
Canal Kanili>lpli..| 

C ninati.jn ' 

i. airierA Dene rail 
C aiier Han lei . 

I alerpiUarTraet.- 

i : 

I elanese C'>rj'D .. 

i. emml .V ....| 


iism*?n 

4346 

431, 

Uvn. ,\ liter. Inr 

Lu 

luig 

li.A.t.l 

28»4 

28A 4 

• •oil. * slrte . . 

j6(; 

lfil 3 

•ii-ii. 1 >.i uaiiii'- 

75 

75 

• ieo. iilei-irite.. 


61S« 

lien. I'o,.')' 

alo 4 

il.g 

«-eiiiiM Mill*.. 

3H 8 

31lj 

i.rneu. 1 .Motor' 

594, 

buij 

lien. fnl.. L'lli. 

idi£ 

IBJg 

Den. r, i"iuil ... 

cOi 2 

305 4 

f.eil. Tel. Klei-I. 

2UU 

2v ig 

lien. 1 jit- 

26 lg 

26 



bl fl 

6)g 

C«' , iy*i fsi ilir. 

257g 

26U 

(■eiiyOil 

160 >2 

1541a 


Nat. tii'iillcn... 
\a« Sci i lire* liu I 
\ai ■• -i in I Su-el. . 
Nar-.niiHi 


Veinime Ini|t 

Nen k'nglaiiil Kl. 
\e» KiiglNiuiTel 
Manila AU-liau k 
A mgaia Slant-. .. 
N.l*. IliJusIlier... 
A i.rtnl L-V We»i era 
Nurlli Ant. Cia^ . 
A ihn. Suie» Pur 
NihweM Airline' 
A III treer Bn n..nrp 

X on mii Sin iun 

■ ■•.i-iilnnlal I'CIK-I 
Uglily Mather.... 
« »liji» t-ki i-um. 


l erlainleed.. 

20 i. 

2.0'g 

l. e»-ns Ainral'r 

3b t; 

36)2 

l h»*e.MimhsiiBii. 

all- 

41>; 

i hemii.nl HI. U 

3Mig 

401, 

1 l,r>elii (i|i I'nuil. 

i.4>, 

1.4 > 4 

• lie-r«ie .-v-itni.. 

304s 

a0> 3 

I'hn.'SKn bi-niue.. 

55U 

b5> 4 

• 'hie 'lei- 

11 

11 

* niL-ianis 

■4 4« 


i ini-. Milsi-ii'ii .. 

28 ; E 

29 

• n 

23U 

4-lB 

l ilie« iwnin-.. .. 

481, 

49i v 

i ll r Initetnat;... 

i6>. 

lb 4* 


i .' 1^*1 e I'li Ini.. . 

214s 

2Uj 

■ -iliin' \iknuin.. 

1 1--» , 

im 

1 r.|ninhis .... 

264* 

?6'i 

* -iliiniMn I'n-i. . 

lflin 

IB -n 

l_-inn.ln»l.o.i>t.\iii 

18:j 

19 1; 

l.--ml-U5t i--n til". 

40u 

41 

( i>mtiiintiiin F^i . 

16 

164* 

* nr* tli Frft iwn. 

2/U i 

87 Jg 

• m » tli nil l.'ei. 

2': i 

2l? 

i_iMnm. Sm'IIiip. 

38 U 1 

40' n 

(.-rnpui erV-ience 

H 4r : 

11S» 

• nnn I.ile In'.. . 

35'? 

36 

I'nnisi.- . 

22 

221? 

•.••n. full-mi X.l. 

22', 

32is 

Cniuiil K*««i' 

254( 

254, 

« •iil'Ml Nil. Iia«. 

3*1, 

39 

I. MnMimer pi.ner 

224s 

221- 

f nnrmentsl <.• r,i 

304, 

30 ij 

(.■•miaenisl nil.. 

i7ij ■ 

116 

(V-ntlneniHl Tele, 

lt-i. 

lbJg 

< untriil Dsts... . 

32r e 

33Sg 

1 n.if>cT tartii' ... . 

55 U 

56i; 


(.nice *»V. 1! 

t7Si 

27 

ill. Allan Par Ten' 

7ij 

7*2 

fill. Xfi*ih Irun. 

E3 is 

251* 

(■i+.i'lif-ni* 

13', 

lav- 

f.inlf it Western., 

141 Z 

14 v 

Hull nsi 

231; 

23Jg 

Halil-irl-iii • 

631, 

b4 

Flsini.i 41 im i*s? 

33l| 

34'l 

HnrniM-bieuer.... 

17 

171? 




Hrinr H. j. . ....' 

071, 

081, 

H cm -lei n 1 

27ia 

26 

Heii k- I'ai-ksnl...' 

79i 2 

60 >, 

H.iliilni Dili; j 

»B 

lS's 

H-ime-fSske 1 

c4: s 

j4 

H,-ue.\«eli ! 

hb?4 

57 


S'uiIIiIriuI 

-i'ii'i Baistiaii-..- 

S|«-rry 

ntM-iV linml . . . 

!S|illl< 

Slnli-lnnl Hraml--. 
Siil.UilCalil-nna 
Slil. Mil ImliniiH. 
Sl-I. Mil Mill.. 
SinulTI.'lii-ii'iiul-. 
.iii-rlnig I nii-.. . 
siiiilvlaiki'i 

Hill 

Suiiili'lianJ 

Si nil.-: 

Tii-liiiii-nliii 

lVkiii>iii\ . .. 

Telmlyne 

Tele 

'Tdnm 


Ujieliaiu 

CiuiiiiKii 

•.•Hi-. Bailnin-t 
Ciiil'iniivr Mas. . 
i .iM?ka l(esimn.v- 

CuMani lin-li 

limn I k-i-el 

Di.-iil-r.il i Mine- . 

tl ' mii Mine- 

Hi Hue I’etiiilenro' 
lliilllininll Brutgi- 

Dmiilni . 

Di||-iiil 

Kh|i--iii*ui- Nn kcl. 
i uni Ali-ini < an . 


tienMar .... 
flirt n l U-l'wkniM? 
Dull Ml] I HlUIrlM.. 
Ha U her .-'irt.t .in. 


iCPSa i 23 
»5 ' u 

b7i« b7 
- la 


H-i.iie ml • \ .. .. 40ii 
H 1 1- 1 v nt Ha i Min; i.jg 
H i ti l v. i n Ha_i . SfDt 
I i »,•!.-» 'llOll A I rJt - 43J« 


luerten - ?ilil|i« .. 

i5i« 

l.l noil' / -irniii" .. 

Z9>' 

» iu hub IlimVir.. 


Psi-ifti- li«' 


I'ai.-lfl- 1 .1^1.1 IM-J. 

2U 

Ilin I'm. A fj.|„ 

aiu 

Pan Am Wi.nl \ir 

big 

I’arkei Hmm iliu.- 


Penl"lv lm. . ..i 

1.47b 

IVu. Pii. A 1.1....' 

20 3 4 

Peiinv J. • 

354| 

IVlIlIXMlI 

i-9'a 

IV-iple- Diiik 

11'? 

IVhMc* 1 - . • 

.'4i ? 


Tte-in.-Peu-lennr 



re-JiKL-uli 

TCNrli III -i'lll 
Te>*s C*il A tiHK..' 
U-tas, Llilit iv— ... 
Tinn- III'. . .. 
Tunis. Mlri-ir. . . 

Timken ; 

Tram- 

Tiaiibmeik-a. .. ' 

I'iiium'i 

Trans 

Trnn-nav linr'n. 
Tmne W.-il-l \ii. 
Tnni-ller- . . 

Iri l. i.-iliii-uiain ... 


IniLcrinl Mil 


liulia ' 

J S la 

124b 

IiiIhiiiI -'a'- fui-.j 

1 . 

1 1 1 H 

Inl’p. v Pl(a.- 1 . 11 k- 

i4?a 

14.* 

Ksu-er lleMWiu-iri. 

15U 

151* 

1 jiiiii Fin. L-ii<..' 

Bit 

9 

IjiMn-i Lom. ’ll". 

I+.Op 

4.05 

.Mi-in ill’ll lllik'H. 

lk'a 

lSDg 

'la-'ev Frr^u^-ii 

121 ? 

121 ? 

.Mi-lilt vie 

14 

t+3'B 


T.U.U 

2 *>i li i eiiiury F*i\ 
l.A.Ij. 


M inniMiij.-ri.il- 1-’ •• 

3.6.> 

3.7b 

Ai-I'hii-U Mini- ..• 

26 

2b'j 

tiH--i.il Kin-rai ... 

»:‘a 

l>- 4 

.'fliti. Trli"iiu . 

all. 

Jl> 4 

Niinisi- nil A Iil* 

53», 

34 (g 

i 'skiiort IV-i 'I’m 1 

4.15 

4.2a 


riiK.ii 

i i.i 

IMP 

I'liilciei 

I'liileici AT.. . 

I n liaitnoii . 

I'liiiin la Milrle.... 

I * 1111*11 ■ .nilirieln- 

I ninli I III I alii . 
I ni.-ii I’aeiHi 


I’HI-lli.-l'l II- 

ll Ml|l 

I'hii. l an. P 

' :■«. 

Phi iii.i 


Pii-|iiti Di ; 


l , Ui.vt>u..i 

•li . 

PlH-erl'ei- 1 

••-•ll 

P.i-i el l. m [• 

1-n ri 


I’erkni Klnior 


Int. Keeiiliifr . 

lm. Tel. A Tel 


Plie||a lli'lgl'....: 

all, 

an 

Pliilsilplirtiis Kle., 

1 / 

1/Jb 

Pliili|- Mur Ilk. .; 

67 

6HJa 

Phlllijii Pci rn’m.. 

al7 5 

ab 


40 

39?b 

IMncv Bim w. ..! 

■.sh 


Pitl-.l-n f 

20>s 

205* 

Pltesey Liil A Dll 

171, 

ll»2 

Pula rulrt ■ 

38 1 

381, 

puli .nisi- Ell'-. .. 

J4J S 

14 ij 

Pl*t.i ImliiMnei.. 

27 

28 

roH-tcr <»sn»t-'e . 

fabi? 

tei? 

Put. Serve Kli'-t. 

8*'- 


Piilhnsn 

C0»4 

3l<; 


riiiniyai. 

I'lilU'i Hraiiil*... 
I‘** Ifcui-'iri* .. . 
l> ti 


l s let-|iii.-l>^ier 
l Vlllilii-lru-..., 


lValai-eii. 



" aninr-L»i 

IT* III.. 

39i, 

Wami+-|jinilH>rl. 

291? 

Marti' Man 

nu-lil 

iJ 

M. H> Karp 

. . . 

27 >4 

MiKieni Hani'kii 

3t', 

U'i-ivi-n 

\iuei- 

271; 

t* e-.ierii 1 iiiuii . 

17'a 

fciimKlii 

Ell-r 



>lll-ll (Mll.l 

III 

’•lllTI 111 *1. 

Mini 

.-Cli-lHMI' * 

1 1 . . 



-ut'.-l i'l 1 1 

1 1 * 1/1 

•fti.V|i l*,a*k 

ll-.ll 




(•■runt-- If. mi. 
T lUIIKl 411 I'll > 

Tran . M-niiii c 
Tn 

I.'n-vu (la-. 


20 'i | 20 


EUROPEAN OPTIONS EXCHANGE 


•I nly 

Close Vnl. 


CK-I. _ 

C Inw Vnl. 


Jan. 

I True Vnl. 


K>iuiiy 
. 1-lnnf 


AIT 

AIT 

ITT 

C iliv**r(i 
t.'rt ii-'-i-p 
K. Kmlak 
8 . Ki-iiak 
E. Kialnk 
K. Kulak 
Riu<n 
1 ll<nl 
Euiin 
I.M 
r..M 
la >1 
IBM 
IBM 
IBM 


Span 

Sears 

Sear* 

A Igemene 

Algempne 
A IgCmniie 
A Igemene 
Amsi 
Anim 
Ainm 
KT.M 
K I.M 
KLM 
KI.M 
K LM 
KI.AI 
Xai Npl 
Nai \e-l 
\m \<hl 
Phlliiw 
] IMillii- 
i Philiiw 
K. I». Shell 
Kl D. Shell 
It. |i. slieil 
1‘nile'er 
fnileii-r 
I’niJrirr 


- .«55 
1 K60 • 

: S 6 S : 

! 580 , 
«25 

F40 ’ 
545 

■ 550 
i S60 

540 
•; 545 
! 550 
550 
560 ' 
570 
1 5240 

• 5260 i 
1 5280 : 

> 520 | 
i 525 

i 530 

■ F330 , 

' F340 : 
K5S0 : 

• K360 ! 

; F70 

K75 
FBO ! 

• y 160 . 

K170 
F 180 ' 

. F 190 ; 

• F200 : 

I F22U I 
; v TOO 

! F110 
Fiao 
K22.50 ' 
K2S.0Q 
F27.50 
. P 120 
F 130 
F140 
FI 10 
FIZO 
FI 30 


I — j 

12 2 


j 2** j ± 


37 a • 6 


! vu ; 4 

• 4Ss | 10 
i I'l i 1 


,24.00 l 10 
I 9.00 I 4 


14.50 I 8 
10.00 ! 31 
7.70 1 37 

5.50 ! 22 

4-.00 7 

2.50 10 


: 12.50 3 

; 7.50 I l 
| 4.00 | 1 

•20.00 i 3 


! n.oo ! 10 


4.00 ; 10 

1.00 11 


• 7.00 i 12 
, 4.50 | 3 

; 10.50 i i 


2.70 32 

! 1.10 60 

I 13.50 6 

5.40 160 


; 3.U0 20 

i 3.60 2 

! 1.90 27 


' 5.30 14 

1.60 30 


BASE LENDING RATES 

nk 10 % ■Hambros Bank 10 % 

ih Banks Ltd. JO Vo ■ Hill Samuel §10 *5i 

Express Bk. 10 % c Hoare & Co tl0 % 

.LfJi 2 y? Ju l‘an S. ilodpi? 11 % 

■ ha-hnr id Hongkong & Shanghai 10 % 

Sb B £ Jo „? Industrial Bk. of ScoL 9 ‘V, 

.5 In «r Ke >' ser U!,m -‘nn 30 % 

C,nce ' ]S J' Knowsiey & (Jo. Ltd.... 12 % 

: s w Jo Lluy , d * 10 lfl 

in London .Mercantile ... 10 % 

i nhnn» In >5 Edward iMan'im & Co. 111% 

L^ 0ne Midland Bank 10 VT. 


A.B.N. Bank 10 % 

.Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 <$, 

Amro Bank 10 % 

A P Bank Ltd 10 

Henry Ansbachcr 10 Vii 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd If) % 

Banque du Rhone I(U% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremnr Holdings Ltd. 11 % 
Bril. Bank of Mid. East 10 % 

B Brown Shipley 10 ”0 

Canada Perm’!. Trust 10 % 
fapitol C & C Fin. Ltd. 10 "h 

Cayzer Lid 10 % 

Cedar Holdings lOi^ 

B Charterhouse Japhet... 10 % 

Choulartons 10 ^ 

C. E Coates 11 % 

Consolidated Credits ... 10 % 
Co-operative Bank ... v 10 l T t 
Corinthian Socuriiies... 10% 

Credit Lyonnais 10 % 

•The Cyprus Pnpular Bk. 10 % 

Duncan Lawne :... 10 % 

F.agil Trust 10 % 

English Transcont. ... 10 % 

Flrsi London Secs 10 % 

First- Nau Fin. Cnrpn. 11 % 
First Nat. Secs. Ltd. ... 11 % 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank tlO % 

B Guinness Mahnn 10 % 


Samuel Montagu 10 % 


I Morgan Grenfell 

National Westminster 
Norwich General Trust 
P. S. Refson & Co. ... 
Rossminsler Accepfcs 
Royal Bk. Canada Trust 
Scblesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Shonley Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustr-e Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whiieaw-jy Laidlaw ... 

Williams & Glyn's 

Yorkshire Bank 


91 JIimtK'n o| 1 ho Accepting Houses 

Cnmnnitee 


* T-dajr itcDuMl* I.monUi deoosHs 
f}%. 

t i-rt.iv rt-.-pnsii-. on '■urns «r tin. non 
anil under fi; •. up 10 EITiOOH ii -- 
anrt ovi-r Eii nnn i^ ‘. 
rail aopnsus nwr n.iHHi T%. 

{ Demand deuosns i!“«. 


Prices continued to ease with 
end of Financial Year factors 
taking over from enthusiasm 
which began to wane a week ago. 
Pre-Budget nerves also worried 
some investors. Most Minings 
eased, with Pancontincntal leading 
the Uraniums down with a 50 
cents fall to AS15. Peko dropped 20 
cents to AS5J0. CRA lost S cents 
to A$2.42 and Western Mining fell 
4 to AS 1.53. Speculate ves eased 
further, with Central Pacific 
dropping 50 cents to AS5.50 and 
' Southern Pacific 15 to AS1-90- In 
Industrials BHP fell 10 cents to 
AS7.04, its lowest closing price 
in a fortnight. The Sydney index 
fell sharply. 


Belgian share prices were mostly, 
higher in moderate trading. Sofina, 
Sidra. Elcctrafina, Asturienne. 
Hoboken. CockeriD, Comeira, GB 
and Arbed rose, while Reserve 
and Tesscndcrloo fell. Traction 
Elec, lost BFr 10 and La RoyaUc 
Beige fell BFr 50. Society 
Generate eased sUghtiy. . 


■tJniluat^i 1W-65. W.w V 

j J jnne U JFune.1 J- May il .j Year agDAppnw.V . 


inrl. Wiv. neM % 

toil. I Mi l^U« 

Lode t*i*H- UuDil 1 Wd 



H.Y.S.K. ALL COMMON 


Rises and'^aMa 

] June 3T Jung IS.' Jona 16 


Milan 


Paris 


The bourse eased in quiet 
trading with the social unrest at 
Renault and probable strike action 
on the railways this week-end. the 
main worries. The approach of 
the end of the accounting month 
also explained investors’ reserve. 
Sentiment wa$ also undermined 
by the Capital Gains Tax Bill now 
before the Senate and the feeling 
that the draft law to encourage 
share investment does not go far 
enough. 

Most sectors weakened although 
Oils and Chemicals were fairly 
steady. News of a higher net loss 
in 1977 for French BP and a 
possible increase in dividend for 
PSA Peugcol-Citroen this year 
came too late to move the market. 

La Commission des Operations 
de Bourse, the Paris Bourse's 


The market moved moderately 
higher with most Industrials and 
Financial leaders firming in slack 
trading. ANIC, Montedisoreahd 
Snia 'Viscosa gained in Chemicals, 
but liquigas eased. Mohtefibre 
fell sharply following announce- 
ment of plans to cut capital ; to 
cover losses. Alitalia led State- 
sector stocks higher. Credlto 
Italiano and Banco di Roma 
gained in Banks, and Pirelli Spa i 
and both Olivettis firmed. Gene- 
rale Immobiliare and PlrellF EC 
fell. Bonds were little changed. 


!. :. I .... law-., ■ j B 51 ie ,-cni rtpili „ ii .i J,81S ! 1,906)1.871 

1 j "”* i j vr e ! J, r J vs e Utah, i L..W 77 - — : --i -■ <w7 1 504 867 

20 1 19 j 16 i 16 Hiato . Fam..;....-.:..: ^ 1.095 1.0161 1.099 


M.22; 64.76- 64.8^ 66Jli 66«. «J» '■ -*?S • "I - Q 

i i i I Ner Lrra.-, r: ^.l - - ; 13| ■ 58 J 

MONTREAL J . • 


*IC 


Junr Jong J^nnr Tjiirtf.! 
■ 20 .19 16 16- I 


InrtDitrial 

f.unbine-l 


185.5S' 18fi.Sa 164, 
192.31 192-8ff ISA 


W6JJ3 

JffiJD trt4.0B (tMij , 


162.90 (lb/2| 
I70.G2 (30, li 


TORONTO UompufUfj TI42. 3 1 1143A : n46.y iWJl j \148J |16/|5> . j -«ei.2 [Ju b 


JOHAN NESBUB& *23.9| *WA- .-'asA'tad® 

Iflrtualrial j 242.2 26617. 237.2 J 234-01 S&2 1 20® 


3*23. i20f6) 


ISi.O |20>4) 
lS4.d (Unai 


Zurich 


Prices closed mixed -light 
activity, as investors kept to" the 
sidelines in the absence - of ■ new 
incentives and with a weaker 
dollar. Both Swissair stocks rose 
moderately in Transports. , Lead- 
ing Banks and Insurances were 
barely changed on balance, ah d 
except for weaker Forbo . “ B ” 
Financials closed steady.---..' In- 
dustrials fluctuated narrowly 
with Saurer Bearer firming, while 
Elcktriaa tacts-G esellschaft Laufen- 
burg declined. •. -' 


Ant rabaff > 482.66 1 


| P«u i 1978 j 1B7S 

unuf-i Hi«h j. laiw: 


Belgium tl 94^9 
Demur k t”)i 9&.4J 
Franca ltt«; 69.1 
Germany (S3 »: 606 A 
Holland >5tii 66.0. 


Hnng JLoxur 662.43 : 
Italy III)! 6244' 


Japan la) 4U.7B : 


NOTES : OVLTsras prices ifipu-n DelPW 
••xciurtp S arennum HpIkiad dividends 
are after wiihholriina (ax. 

6 DMuD tlpnom unless oiherwlse staled, 
vidds based an nei rtivuipnris plus tax. 
V Ptas.500 denom. unless otherwise stan-d. 
*. Kr mu denom. unJes -4 otherwise stated, 
•p Krs 5i)ii nenorn. and Rearer shares 
unless otherwise staled. II Yen SO denum. 
■inlptw otherwise stated 4 Price at time 
uf suspension. n Klnrins. b SclHlIliuta 
»• Otifst nivatenrt after oeradme nshis 


and/or scrip issue, e Pet share, a Kmica 
v Gross, dtv. %. h Assumed dmdoad. after 
seno and/or rffdtts Issue, k After local 
taxes, m % tax free- n Krancs: hKdmhna 
Unibc dlv. piforn. q Share split;', s' Dtv 
ami yield exclude special oayraeoL l Inrtl 
cased dlv. u Unofficial trading. n MInnrliv 
holders only b Mercer pendlmt. * Aston 
♦ Rid. } Traded, t Seller, z Assumed 
xr Ex rictus, xrt Ex dividend - xr Ri 
scrip issue. xaEx alL a Inrertm' since 
iiK-reased. .• ••> 


Singapore >328.14 
(W- . 1 


1 6Q1.34 : 441.IU 
' C13/61 j fWt 
!1UL16 90.45- 
' ( 6 /b) ] CUlOl 
04.00 
j ®,i> . 16)21 
. 7L2. 4LS 
[ (50/5) .-«,2 
812.7 .733.4 

I (UMf \ C17*| 
t7J) TfiXJ 
Ktflt-i (4r4) 
i 562AL 3HSM Z 
! (19m (13,1 ) 
f , fct.4b 

j fOefi) (10/1) 
416.1 r! 364J04 
' a«i4) 1 ^*, 10 ) 
Ban.' 


Upau : . jdll I 0 BA 1 - 103-36 l llO.Iei hi -W 

' - r J ■ (8/31 (11/ai - 

Sweden-- ■* h 370 3b 369 A) H 397.9b £*.74 

- 7 '- ' . (5^3, t 3 ( l ( 

SwiUarl'dy,' 29*10 2GSL3 325.7 <79X1 
•i... HW'*» 


TUESDAY'S ACTIVE STOCKS 

•• • ..•-•*• - --. Chans. 

■ \ ' Stock*. Closing on . 

._ - traded price day 

'Ramada tmrw • L17&3W Si +1 

Del- K- TVebn 523,609 209 — 


119*). I ( 1 /fi). 


Indires and (mbc dates tall .Dane vWaas 
UN except NYSE AU Cnaunon.-. : 30 
Srannards ant lAocra - LD and. rommo 
wu-l.unu. the last darned cased on its «i ; 
r Excluding bonds 1 400 Industrials. 
i 400 lnds„ 40 UtUtnes. w Hina/Ke and 
2u Tranaoon. <|i Svdnrv Alt .• nrd. 
• IP Reiman SE-31/ 12/JW <•*> Cnpennaprn 

SK l/im. mi Parts Ronnie i«L. 
tin CommenEhank Per.. IBB-Vril) »nwef* 


Del- E. -Webtl 523,609 

Bally Mfe. Co. 41L200 

Caesars World ...... 3MXK» 

Penn Central Co. 2S».OCO 
Sears Roebuck Co. 232.700 
Golf Oil Conn. •*. 234.700 
Playboy Enlcrptises 231.SOO 
Eastern Air Lines .. 1S0.20U . 
Litton" iDdnstrtes ... 175.300 


dam. Industrial mo ill) Han* Sent 
Bank 31/7/64. «||DV Milan 7/1/73 in) Toky. 
New SE 4/1/66. rni-StraiiK run#* IWM 
(el Closed (tf) Madrid SE M 17 fn 
ic> Stockholm Industrial 1/1/3S. (|> Swig 
Ranh Corn fi»> Ilnavallahle. 


GERMANY • 


TOKYO 1 


AUSTRALIA 


I .OSLO,... 



■ June. 20 


I '•III Muir- 337 

485 

. aaln ' 619 

^hln.m M ■ 365 

Du Mppon Hrlnll 533 

riin Phoi>- I 560 

• Itla-ht I 253 

H. «... I ^-7-7 


rirtn.1* Mi ill irr ! 577 

.l»U#e F.'i- ; 1.150 

.. I loll 221 

i 1.500 

in 648 

I.A.L, 2.650 

iMlintl Pw ‘1,130 

-iomaiiii J 347 

nutertH.. ; 280 

•>u(ivLeramiu ...|4.ufl0 
lUtMJrtillj. In-... 7£9 
JliUububt HanMM 278 
Uitruhivln Ua«vi 126 
Jil-iibnhi LnrpJ 426 

uii-m a j 32i 

diiruM>di 576 

Mppjn DeruajL..'.-! 1.420 
a i won Mnnpan.J 748 
.< I -«n M pit ip--„...| 802 
fioneei ,1.78J 

• ni><> Kiei-lrl>. — j 263 
Aeki-ut Prerat.„..! 863 

>iii-ei>l« 1.080 

mi) '1.710 

• 4 1- li. i Me. ine.....' 236 

i4K*iat i-.-.nica .] 380 
■ UK ! 2.01D 


I W'i'Z -1 
12 ||*1.3 

! 18 I i 7 
I 15 1 1.3 
1 12 i 2.4 


18 1.6 
35 1.5 

12 2.7 
30 1.1 

13 1 JO 

10 j 4^4 
18 2.6 


• . . . . "I’riw 7 3m "Drv. TiH ■ . 
June' 20. Kmuei.J — [ % % 


-1 18 ; 2.7 
35 0.4 
, 20 : 1.4 
10 1.8 
L 12 4.8 
13 • l.o 
J 14 2J2 
J 20 . 1.7 
i 15 , 0.5 
I 12 | 0.8 
-16 1.0 
48 . 1.4 
i 12 2.3 
I 30 1.7 
20 OJB 
.1 40 1.8 

I 11 2.3 
1 15 2.0 
, 30 • 0.7 


■.-■jut ] 121 

• ••lm* .Marini-. I 492 

■ •k.i. hit-ji Hi.iw'f ' 1.010 

otvn ?am» 307 

•ik vw -h.kaiurM...! 142 

«»V J 143 

-t-- M I--I ! 991 


I 10 i 4.1 
ll • l.i 


8 4.0 
12 2.0 


. 1U 3.0 
10 3.0 


AMSTERDAM 


tL.i|lL<2a ceoti. 

Unm An-iraUe'.t. 

.•.wnert ling. ttny-UiCi- 31 
V("po* K*[»nratlr)p.i.„„.. 

Vtupo 1 Herimeom-.. 

Mineral-. 

Aw*\. Pulp Paper tSL...;.- 
C-Mt Loii. Irutu-irie-— 
l«f Point- lattriV invert... 

'UL.l..., ^,. 

Awtlmcp 

tu*r« Uf t f.a 

Bamboo Creek GoW 

U ur Hem- In-f, 

B niprinviiie Copper 
rnnkcn Mil- Hmprletarv 

OH eii>uUj 

Canton llniied Brewen ... 

C. 3. Cole- 

WfH (3IL 

Com. G.rtdliwiK A iihT ->.... 

Ccmlaioer iS ll 

Cnnitmc Kicalnio ^,.„. 

IX«UID AHSiralta 

UuukMi Kubter(Si) 

KSCOK. 

Bldo^omlib.... 

LU- ImfiiKriea. 

Uax. pRipert y l mu 

Honenkr — ......... 

Hutriter ... 

l Cl A uatniu .;..... 

I uter-Cupper 

leanlnaa Irirlurtnea.. * 

i mite (Davnl). 

Urlinant UlU 

Uetata Kipwarnwi ... 

HIM UMiriimn.. 

Myei Km)igrHiin.._ M .... 

Vpti. 

•Mdnmw liuemaumwi 


* 0.68 

tO.84 „.... 

yz.15 - y«uir 
tl.BS -OLOl 
*0.78 


dointn Jtofl*..... '01.5 —8.5 j 9 

...... Boi-rtwaanl,....;,. ..63.51-1. .1- 

M-ni* vreuiiiMitk ^ 'T06 >.... m .;.ll 

215 i— 7.5 ! 20 

Kte.l.Uia-en 105.fi!, 11 


tl!lO' -5!S Xon-kHvdtnur.-i 182.5,; 12 


lUCTtmnd., i 93.25)— 1.76; 9 | 


tl-63 y 

*Loa H).u 4 

*1.53 ...... 

*0:40 Hl.96 
*0.48. (-0.02 

J0.26 J . r ... 
-ti.ia.U-. 


H,:* BRAZIL . 20DJTY MA 

48 ; !ETi.! s 


ti'to ZZ ABMUOP..,:.-. 
* 1.21 - 0 .(H> 'tofW-wNnM.- 
17 no • _d_1B Itatu........ 

*1^4 ^Ojtt ■'tomu'Sl.n.iniOl 
m i-ute A mV-. Ul*. 


1.06 4 .(S-Ul.I.S! 

2.07 0.-0)l ; i', | -..2 

l.jo .o'< a t .e- 

2.18 UW 8 li.6'. - 

3.2 i'l — .06 *fi.0t 


•JT5» Pet'mbni KP.„»i 3J5 -O.C&' .Jc'^.OC-. 

Cm Pireui 1.30 — J.O^ .16 li .B ■ " 

JOU«'tni7 fJf*;..i' , B;91 | +0.11! ;ic4 7.91 -•* 
| tinlpPB. rA 5.75 !,40.D4! .26 

, „ .. s, | I 1-al .. ,| .11 14J: ; * 


*2.42 0-08 

tl-50 j 


*1.38 ,'40.01 
JO.95 1+tLfli 


Turnover: Cr. 154.1m. Volume 71.4m. 
: Source- ftp. de Janeiro SB. 


*2.22 

*330 1-0.06 


JOHANNESBURG 
1-0.06 - MINES 

I ' Anglo American Corpo. 


Jo'ia Ln’Va 1 a, “ 1er pomwiidaied • 
I8.10 , 0-14 leas, Dricfomoln 


■ EH ^ SSL.- 

f 1.24 JfOJU Kinross . 
tOJtl 1-0.06 Kloof _ 
tO.SS ' tLdaf Ritdonhiin 


A.alli.Hirtken tiMuu-s 10 O 1 I 
[hmlmdup . I 


(iirwi 1 r 1 . 0)1 | 

v.,^ 1 . u-i.'.i<i : 

\ uem Una 1 K 1 IUI! 
A M I.V iF-.lui j 

l Mil ■ 4Mllk if JUl 

.un.-fiki>ii 

Uiii.i. West 'in t4 iuii 
cMirlirm l«ilen>ii-l 
hi^cner l iF-.IWi.! 
biuiM.X.V.ueaiei-- 

b.ii<<L-iiii I'l Fi.lV. 

■ 1*1 Ur.w. /e-if Ivj 
HeiueaeiuFi.d-i. .! 

■ ll'.JMVWI It -A.' I 
1 mu er U..4 .tOb- 

A.I-H. 1 K..LUP .. 
/Ilf. ihi'lvrllA’i. i 
\aanieu if-.IDl.. 
.Inl.AH III ,«Kilu 
UhlK'Jft.-! 

Ami Mill Llk 1 Ki_nL J 
Uv* I Pi. Ah 

l it.. Ummervii 

1‘nklnvil if.. AJi. 
nililfo iKi. kl).... 
KjU. < *i‘H\ pMFi.I-A 

Ui*>ew 1 K, o^ii 

I.'i.l Inc* it'l. jUk„> 
i/ixeuio ,4'i. >A.. 
<fl-\ n > Dili vlli t'-^L 

it vein '.I 1 !: 

lei hi t. . pi r'i . iu, 
l.lKli.f‘41-, H ,!•.* 

1 iu'.-»i-i <4,. ai). 

> u 1 MU Ki-. I lit 51 
i\ mi lan Mil. Hank 


83.5«l--1.2 ; SO 6.0 
75.8 40.9 20.& 5.9 
90.814 0.3 • ieo 0.8 
1*4 ,-0.2 UU b.4 

74 I £b 7.1 

280 -5 1,27.6 2.0 

137.0 .. . 37.bl a.o 

67.3 +0.3 iW.ii 0.2 

35.5 — u.t<! 23 j 6.2 
104.81—0.9 I 14 ! 3.4 

33.3 40.3 - | - 

24.7 12 | 4.9 

159.1-2.4 8 | 5.0 

47.8, — 0.1 26 I 7.9 
36.3-0.5 12.61 3.5 
107.1'4 - .4 48 I 4.4 

63.5 I 21 i -i.il 


63.5 21 i -I.* 

185 1 + 0.4 ( 22 | 6.0 
159 i4l.5| 36 4.5 

142.5 4 0.5 | 18 0.6 

40.5 4l.ll - - 

:t6.6 4 .2 ' 17 6.4 
84 -4 1.9 i - - 

171.0 A2bfa 7.5 

131.50 | - - 

122.7 4UJ 14 5.8 

129.6 +0.5 9d.7b 0.3 

251.2-0.6 19 l 7.c 
1 37 46 i 7* 4.0 

121 >4 iU ] 0.6 

121.6 t-0.9 42 .b j 7 0 
41.1, -0.1 20 1.2 


Al LHfil — 

2.385 

tk|. 6lT.. 1*1 mil... 

11.650 

Oekeil '*ir 

il,950 

«..b.K. Cement... 

i1.190tf 

'U.-kurl i ............ 

! 450 



c>e linhe*...— 

|6.4Z0 

r'ahnqiie fiat 

li.b. Innp-Bm-.. 

[2.725 

2.130 

Ueysert 

' 1.266 al 

U<4 >oken 

,2.293 

mien urn 

1.740 

K/eiiieiiwub 

6.690 

mi Ki.ivaic Be imp— 

5.5eO 

Tan Huniiftz 

3,640 

Peliudmi — 

5.685 

w: lien banque.. 

2.965 

six- (Jen Ueiaiqiii 

1.91U 

'ihrm 

3,130 

HJ IAV 

2.400 W 

1 rartimi Kied 

2.665 | 


940 

bn Mm. lifld)...*. 

740>« 

Viei.ie Mod l*nnt.] 1,553 J 

' ‘ " 


SWITZERLAND • 

June 20 

Price 

Fra. 


+ 21 , - 
-5 1177 


UsJtbndiie— 1 

Oil snich..._ ....... .j 

Ouetr bx|J>.<rarPui„ ...,i 

Pmneer Cuiti.-rele.. | 

HaCBitf & Cirtnian 1 

d. C. Sleuth i....[ 

wuf b la in* Mmirut j 

apergua hapioiailnii J 

lutlh it) I 

iVillOM ...j 

Western' Mimna i 9 Ucent+i 

IVivilnnrlhp j 


tO^O hO.06 KlOOf 9.(15 

*0.25 1-O.a RBstvnburft- Plattmun. 1.43 

*2.10 |-d.U SL Helena -...i-.. 14.S0 

tl.75 : South Vaal ;. BiO . 

*2.25 M1.05 Cold KleldB SA .'l 2S3 

*0.84 ;-C-02 unjon Cm-porauon 4.70 

*1-28 j— 0-04 De Beers Deferred B.45 

..t 1_80 . 1 , — BlyvoorultaJcht — r -5w83 ■ 


+OT- 

+IU- 

+9.0. 

+03 \ 
+0.0 . 

+ 0i. 

+ 8 . 1 ' - 
+01 ' 

+fl. 0 v 

+0.5, 

+fl3i_ L , 


* 0.11 (-41.01 ( East Rand' Pry. 


*0.30 !-tl.M Krt-c State GedUld 29.30 


' ' i d»i 

• '• r- 


President Brand “.... 1330 


t2A3 +(U13 i President Sieyn 1S.60 


+70 |150 1 
+4 85 ; 

+80 170 | 
—10 |Z4Z | 
+ 30 ,290 | 
-SO US26 


+ 45 174 
— 5 200 

-35 140 

+ 30 ais 


KWIlir4A. 

UitqiwU.rl I'r' > 
4|i Uqilid..... 


1.— to.7o -o.oi stufonidn 4:20 

rO.28 ;+0.02 Welkom 4.60 

I J *0.26 - .04 West Drieronteln 3S.W 

*1-88 1+0.03 Western Holdings NIjBO 

...| *0.94 .+O.M Western Deep - 

Jeent+j tl.52 1-41.04 .BniKa^iaid 

--I tl- 60 I-0.C2 AECI ZM 

AngJo-Aiiier. Industrial ... ~ 2.9ft 
* Bartow Rand ..... 4 JO 

ttt — ■ j - *2NA Investments - 1^3 

Price , + 1^1 Div.ilw. Carrie FtiuiOM UTS 

Fr^ J — [ Pr*.| % Dp Sears Industrial ..... — 11 JO 
... n ; „ _ Edgars CotmoUdaled lnv.-. 230 

f22*®i + 5 ,& Lf*5! °-5 Edgars storts*-..:> -3620' 


749 A +3.5 


S83 1— O.a (21.161 0.51 Erer Riady' SA 


AquiMln* - 

dlC..— 


duoymie ........... 848 '—7 

d.b.N'.Ciervlf.;^. 523 j--2 
untreroui...^....^. 1.335 I— 13 

CAiJU 365 Ll 


™ [ 16.51 6.7 Kpitoralp ■ Vplkjfad wcliaa . 1.7a 

502 +12 lia.261 0.2 CrSSS 1 at^^^^TT ,, .: . i33 

CoanUan Assurance ISA) LM" 

523 (..* i4uj 7.8, lta . *u» 

+11 lJ 3 I * 7 , B =. £= Rodway — ..._.\0XS 


***^EaT"*"" vmti> 

li 


toEEE-IS z 

mm 3.W Tji 

muz IJO +*.*• • i- ■ 


8 • 3.1 
10 ; 3.0 


22 • 1.9 
22 ! 2,6 


22 i 3.7 
16 ! 3.6 


403.5-1.5 33 4.0 


COPENHAGEN * 

j price J +or ]‘Div. ;Vli1. 
■I uni- £u j kninei j - < ; | ^ 


Vu >v- laillhCll ... 

i 134V 

11 

8.; 

Ulll in'*cr ll 

470 1 

19 

3/4 

Pnii-he dank 

j 123 S+Ib 

13 

9.6 

u-l Audi t-i. .. 

il63l 4 vrl— 2 

12 

7.fl 

riunii.(n liken. 

12Ui 4 \H 

13 

10.2 

ur. Hvsrjerier... 

360 1 

12 

S.i 

rur. Papir 

76Ib[-2 

- 


rlan lie-teim 

IM 1 + l 3 

12 

8.9 

if..1i'tli'nH.tKi'kJ 

26812; -1 

12 

4.0 

Aum KuUei 

195tt + 4le 

12 

6.1 

DllCialitlh 

74*4 ’ — i* 

IS 


PnvaUians 

1 129 ;+U 


B.6 

Pii ivuiri mib 


11 



403 : 

11 


’iiert'i* 

1801 4| -I1? 

12 

6.6 


■(bine Fnuieni- ...J U7, 

M. Unlit in | 142 

iklKrttnultrimi ,1,515 

Nite...j : 250 

Leicttwcmuque I 727 

ils-nidPii I'isiiili j 189: 




^f l A r y V +2f Ll I * 7 , B J McCarthy Rodway OJB - +J- 8 -W 

L.UJJ— — *65 U-l { 31.B 8.8 NedBank +..... L.-.J.-T." T 5-7D -. +®-» 1 cf 1 - 

‘if? '“s 3 7 o 0K Ba2MPB 7J * . 0iJ . 

:., l l 2*® Premwr Mining - S.W 

• D +3 l 1 '-* 6 8-8 Pretoria Cement — 1W “J-J: : 

Com Fr,+ 120 , 12 10.0 Protea Baldlngs 'l«W .1; 

it lyrtie.~^. 7a + 7 . 5 , _ — Rand Mines • Properties C.85 - - + ® *jv-. •: 

747 .4-12 .33,75, 4.6 Rembrandt Group 335-' + 8 ^. 

Petro'e* — . la8.4.: + 3.3 |l4.lono^ LZ 0 ^* « • 

..»«*. O vVlenta » 188 .8.26(4.4 Saxe BoUmgs - 1J9 • ■ 

lineui .- 63.41—0.5 i 6.7,' 8.9 9APPI ' SM.' +»■«• '• f ’ 

f+cque* Bore) — 118 +3^ C G. SmiUj Sugar : — 3.2U 

-I 198.5 + 4.5 , 1B.77: 8.6 SA Breweries l-« iJS'Vi --' 

I 77u 410 1(527(2.1 Tb»r Oats and NaLMiDg. 1US® • ‘V r, 

-n-l . — .1,648 ~S . \St.7ti'2Jg OrdSecJ — ; TJ 6 +<i-9S. T._ .-/« 


+sa . - 


uec: ... - *. ;.'1J6 • . 

Securities Rahd ‘VrS^(Wii- 
(Discpuut of 3Y.8%> .' . 


mni« Ptiwna. , 968 -2 '19141 « «+_ • . 

it'-i-eiin fu*' H.390 —8 8.; Securities Rand 

H«mttee>...j *>6 +6 I 12.fi! 2.7 (Discpuut of 

| 161 I. 4 ( 2.0 

leo.i -L6 ;is.9b ia.4 — — : : 

. — . — 90.1 -0.6 j 7.5: SPAIN*' • . - - i 

..Kanr*"..; 260 -1 • j 7.51 24 -i- 

l-LJimen. J. a 66 . +M liyjfi. «.» ]' lJ*.- 

- . .. : 2i3 _i i _ | Aaiand 


^+:.- c 

- • Gi 

• -*T4* 


r<9jinii|iie.j 424.5) 4U.5 i; 27.; m S5Sl=“fi r ,r i 


.Per ‘cent 

£u 

: 2 W 


27 I 40 Banco AUaatkM ti.BM) 253 

U 7 qj i n j i q 1 qV Bincf) CcstraJ 309. 

I42’1 + Io lf*LIi Exterior '. 267. 

515 li° 1:1 Banco CcneraJ — . 2M . 

615 | -a | 48 J 2.5 CTAfMda 25B 


m ^ gSSi -s . - 

s BaiKfl kHLiOiL U, 0 W )-.»6 “T.- : 

Imt/Medftertaneo- . »?. — ;' n 




. Banco Popular ...... -~. " 22l 

■ Banco. Santander ~ tgai 414 

Banco droulto rLSM)—'. 240 


.. Banco Vlxctyi. ' 30 

“W? . ~ MS; Bama JUidaluria — - 2» 

_0'B -2 • SA 1-2.5 tobC0Ck..WUC0X g 

ig SS 1 1| rSTUas-::-. S 

_,®* T-'frt"* . } ?■! Espuola 21nc 102 


.. — Baaed VlKaya.. .a.»A 
vs? Banco Zar a g o za t ifl - a- 

4 'Hr n _nLifcitwll 

» Miwaican .iMik.M.mn, 

^ama Aiidaliicla 
Ti, feMAWtei 


^ % 


.1 > 5 .3^ 

LuJ > l.e;c 

t»uiif>i| ft j 

4 I 6S 


etR 

hv 


^ C 




mnnii'ui 

A.<> — J i 

' "t-IsliH*.-. 1 

/JHT Kr» [ .- 



a an HJdnda - — . « -- 

_. _ Olarra .r..T.... M . 114 " -" - 4 - 

IB jo Papefcras Rranktas U -*r° . 

PwroUber UP 

Z Pe*raleott '■ 20L» 

tag SSSJY^jrr 

a Z'i Sddeflsa err . 

b ,Ta/n» ffcBSeocOL . -iw Xi'^' \ ' *‘ 


m? 


- 


\jtof not' Haaertca 
hTuba^ex.' -i.r-j**.. .> ~ 



















































29 


out ban 


on 


BY OUR OWH CORRESPONDENT. 


THE EEC. Commission advised 
the- British- Government today 
xbat a ban on tbe export of live 
^annuals to the continent' would 
violate Community rules, on free 
trade. ‘ x 

S, But Mr.' Fratt: Guhdelachi Com- 
missioner for Agriculture, said 
the Commission hoped to- intrb- 
\duce proposals * in the not-too- 
d is tarn future to ._ enforce 
measures for ihe'prevpoticjn of 
cruelty .to. , live animals trans- 
ported for slaughter..- - 

Dr. • Gavin.- Strang, .. junior 
Agriculture ■ Minister, said this 
did not go'as.faTas recommenda- 
tions made more than four years 
ago by. the Council of Europe 
which -urged that "trade in-' car- 
cases should replace trade ia 
-live animals: - 

Reuter reports that. France, is 
insisting that any- agricultural 
concessions made by -the EEC in 
. international trade "negotiations 

must be matched, by similar 


offers from . other world ex- 
porters of farm, products. / 

. M.. Pierre Jlehaignerie. the 
French Farm Minister,' -told' his 
EEC. -colleagues-, the Community 
must not : accept’ offers’ .of con- 
cessions on industrial /goods at 
the Multilateral Trade: Negotia- 
„tions; now under way in Geneva. 

M. Mebaignerie' was “replying 
to a report from Mr. Guadelach 
on'the current state oi the talks 
at today's .EEC. farm council. 

. Mr: G.undelhch said 
. would -not change its presen t 
system of subsidies, oh. Gomm on 
Market farm erports;- officials 
added. . 

The U.S. has. complained that 
the subsidies, which make up the 
difference between Irfgh EEC and 
low world market. prices : £or, most 
farm products* are. damping the 
U.S. farm industry.-:- 
. Mr Gundelacb said safeguard 
clauses bad to -be Ipclqded to 
protect domestic markets from 
harmful imports in aiay " MTN 


LUXEMBOURG. June 20. 

accord because agriculture was 
a speicai case, the sources said. 

America must also agree to 
stop charging countervailing im- 
port duties oa its imports of 
tarm produce except when EEC 
export subsidies caused a direct 
loss to its farmers. 

Mr. Gundelacb also told the 
ministers that he was optimistic 
that the EEC would soon reach 
agreement with African. Carib- 
bean and Pacific sugar exporters 
on the hasis of its present 
mandate. 

Negotiations resume in Brus- 
sels on June 22 at ambassador 
level on a new price for the 
13m tonnes of raw sugar the 
EEC will import from ACP states 
m 1978-79. 

The EEC has offered a 2 per 
cent rise but the .ACP negotiators 
are demanding a 9 per cent 
increase to compensate them for 
higher production, transport and 
insurance costs. 


BRUSSELS. June 20. 


U.S. calls for fish 'war’ truce 

’ :V- - OTTAWA. June 20. 

THE^U.S. has called, for a truce U.S., Britain. Canada,. .Holland, a conference spokesman esti- 
in the so-called fish war with Spain, Denmark, Japan. --Malay- mated that the increasing num- 
tanada to allow fishermen from sia, Argentina and Nigeria^ ' ber nf countries proclaiming 200- 
•^boih countries to resume fishing The gathering, the first ef its mile zones had created about 600 
meacn others waters. .. bind devoted to fishery -survei I- possible orders for patrol boats 
Tne appeal was made by U.S. Jance and protection, tinder lines worth hundreds of millions of 
negotiator Mr. Lloyd Cutler, at the growing world market-, for dollars to shipbuilding firms, 
tne resumption here of btiateral specialist aircraft patrol-'boats There was a comparable! 
talks _ 2 -imea a,t reaching agree- and radar systems needed by demand for aircraft, radar 
ment on disputed mantime boun- countries extending thetr: fishing systems and support equipment, 
daries and fishing rights. -.- limits to 200 miles. he added. Reuter- 

The talks broke down, last 

month and a reciprocal bah on. . — srr 

+■>, fishing went into effect on June . - 

4. Fishermen of both countries. - t? 1 • _ „ a j 

incidents or arrests have been expect to grow 

. renoried. j* A *■ • 

country declared, a 200-mile tonnes more gram 

.coastal economic zone, leaving V j*‘-' • BRUSSELS. June 20. 

.bSth'on the e a aTLd C wSt e coas b t-s TOTAL French cereal deliveries They noted that the cereal 
lot the continent and in the in 19*8-79 should rise abo^lm sector still had plenty of scope 
, 'Arctic tonnes to between 29m antLSOm for expansion, as the EEC had 

Canadian sources said the tonnes, officials of Fra nee's, grain to import around 2m tonnes of 
^ /ipcoti^tors w&ro considering sl 'Showers* federation, AtaPft'.sflid substitutes for fodeter cjtih 
settlement which would include to-day. • * . , 

»a. recommendation for inter- M. Philippe Nesser. association The AGPB's annual congress 
-‘national arbitration In some of president, and Director 1 .Mr. here heard complaints that 
- ’the disputed -areas - Etienne. David said French, soft Brussels farm pri«e adjustments 

• * An international eon- 'wheat deliveries this", sdaspq did not cover entirely the signi- 
ference on ways of policing ^ 00 - -should' increase to at leasLlfim fleant rise in costs of the past 

■**,juiie fishing zr/oes- will open in. tonnes from. 14.15m ja 1977^-.., few years. , . ■ 

Svdney tomorrow to discuss the ' They added that barley Another report said growing 
latest techniques for, detecting deliveries should fair to- between imports of fodder substitutes, 
and controlling foreign * fishing 5.Sm ' and 6m tonnes from The which carry very low duties. 

• boars previous year’s 6.52m. tonnes; -‘7 presented abnormal competition 

‘ • The conference backed by the They put maize deliveries^ for European cereals and 

Australian ' Government.' has 7m tonnes, against last seaso^X created grave distortions he- 
attracted. -both-;, ; gbvernnieiit:- 2 nd' but noted it^was - stilj tofiutween 'Producers in different - 
industry delegates from more early to he su recount forewstG pVrfs. of'.the Community. 

. .• than 20 countries, including the for this crop. / • . • Reuter \ 

COMMODITY MARKET/REPORTS ANd PRICES 

nirr lirTi | c Awaljaiu.iw Meral Tir>dir>c rep»rtfd M.6M ud haldcn ft.« 10 nn the. pre- it 

HAat Iflt I ALj that In the jhornbn: i-»sh win-hm traded markei bui lit too Kmc- hedge ttUtie and 4; 

■ at ms.lfl* 19 5. Utrt-e munihs £739. *.S. Male bull linutlaU-i. reversed this trend - 

— ~ ~-F'rrr; "i/.n». — .t-tv 40. 40.5. fCznhode-,. ca-h 1713. 1*3. 17. wUH ihe price ipnm^ ba-.* to ih.iiSO In - 

• . toPI'LR I - _ three owtith'- £737. Kerb: Win-bars, three the afteni.inn the ■hiwHlurn m dipper 

. "a - - — i% « 9R . Aficmofin- cnuoled wuh ink dbwtncc oi any b S. 


Bigger U.S. 
soya area 
forecast 

BRUSSELS, June 20. 
U.S. SOYABEAN plantings this 
year shouNl rise to between 
Cbm and 64m acres, six to seven 
per cent above last year’s 59m 
acres, Mr. Merlyn Groot, first 
vice-president of ibp American 
Soyabean Association, said 
here. 

Average yields should be 27 
to 28 bushels an acre compared 
with last year's average of 29.6 
bushels, be added. 

There should he an adequate 
carryover this year. Mr. Groot 
said, though it would be less 
than the latest U.S. Department 
or Agriculture forecast of 170m 
bushels, lie put It in the 130m 
to !5nm bushel range. 

Plantings this year have been 
delayed past the optimum 
potential for yields by the 
wrather, he said. But most 
growing areas have good mois- 
ture reserves whieh will offset 
the delay to some extent. 

However.* t lie late start could 
be offset by favourable weather 
In August causing yields to 
match or come close to last 
year's high levels. 

Cocoa price 

upsurge 

continues 

LONDON COCOA futures 
prices were again boosted by 
the tight technical supply 
situation on the New York 
market yesterday. Afler a 
hesitant morning London 
values moved up strongly In 
the afternoon following 
another firm New York open- 
ing and by the close September 
delivery cocoa was quoted at 
£1,783 a tonne, up £52.50 on 
the duy. 

Though producers are still 
holding out for higher prices 
most major manufacturers arc 
remaining cool and some 
dealers expect the producers 
to moderate their price 
experl a Lions soon. 

With nearby futures having 
gained nearly £150 a tonne In 
less than a week, signs are 
emerging tbai the producers 
could soon be willing tu meet 
the market and some small 
quantities of Ivory Coast cocoa 
were reported to have been 
sold yesterday. 

Ghana is still belie vpd to 
have current crop cocoa 
available. 

The price rise of the past 
week Has .not been aided by 
any significant fundamental 
news so most dealers are 
attributing it to fresh 
•'chartist” buying and stop- 
loss buying orders. 

The early rise in New York 
yesterday was helped by spill- 
over buying from Monday 
when tradlug was prevented 
for much of the session follow- 
ing a permissible limit rise 
early in the day. 


SUDAN MEAT PROJECT 


Factory-farm sets targets 


BY CHRISTOPHER PARKES 


GUINNESS PEAT International 
is breaking now ground m more 
ways than one with its $45m 
(£25m) livestock farm-cum meat 
factory io Sudan. 

Sited within 20 km of the 
comprehensive Transport system 
around Khartoum and close to 
ihe reliable water reserves of the 
Blue Nile, the Selei! project will 
occupy about 15.000 acres of 
virgin land- 

irrigation channels whieh will 
eventually water more than two- 
thirds of the tot:i| area are now 
almost complete. The main canal 
strerches.30 km up ihe long, 
narrow farm. First crops are 
due lo. be planted during 
October. 

While salvaging farmland 
from the .wild is now a common 
enough exercise, transforming 
virgin territory ai nm- fell swoop 
into a self-contained intensive 
crop and stock farm is almost 
unheard of. CPl expects the 
project to be in top gear within 
four yearn. 

The planners say the land 
should produce up to 100,000 
tonnes of feed a year from fields 
of alfalfa,, mai/e. sorghum and 
varieties of native grass. Under 
irrigation, two harvests of most 
crops should bv possible each 
year. 

These reserves of vegetable 
energy will be used to fatten 
cattle and sheep for slaughter 
in the project's wd abattoir. 


The beef and mutton will then be 
boned, vacuum packed and 
chitted ready for rapid delivery. 

Only 20 per cent of the farm’s 
output will be eaten in Sudan. 
The bulk is to be flown to Middle 
East markets and elsewhere in 
Africa. 

When fully stocked. Seleit is 
expected to convert 40.000 head 
of range-bred cattle a year into 
5,400 tonnes of quaijty beef and 
produce 3.200 tonnes of mutton 
from a throughput of 140,000 
head of sheep. Exports, it is 
hoped, will be worth $30m a 
yea r. 

While that prospect is still at 
least four years off. GPI claims 
that the unit will start earning 
some income by the end of this 
year. The first animals are due 
to so to slaughter in December. 

Any surplus feed from ihe first 
crops can be sold off, the 
managers claim. 

Status 

There is ho shortage of raw 
materials. The national herd of 
cattle has been estimated at 15m 
head and there are more than 
17m sheep in the Sudan. How- 
ever. there could be problems in 
persuading nomad stock farmers 
to yield their animals to the com- 
mercial fatteners. A nomad's 
cattle mean far more to him and 
his social status than their 
simple value in hard cash. 


The animals themselves, pre- 
dominantly zebu strains, are 
known to thrive if given a 
proper diet— almost anything 
richer than the scrub fodder 
from which they traditionally 
glean a living. 

Practical expen men is in feed- 
lots with similar cattle in Mexico, 
for example, have produced ex- 
cellent results and good meat 
from the most dubious-looking 
store cattle. 

The over-riding problem, how- 
ever. is that intensive livestock 
projects in the developing world 
have mostly fallen far short of 
excellence. A similar scheme in 
Sudan has already been shut 
down after fighting to keep going 
for five years. 

The resurgent hordes of 
locusts currently swarming over 
north-east Africa are not the 
only clouds hanging over Seleit. 

Intensive fattening of cattle 
which have spent most of their 
life on the move and in near- 
isolation greatly magnifies the 
risk of spreading deadly or 
debilitating disease. Foot and 
mouth disease, for example, is 
endemic in the Sudan — although 
Seleit is said to be in a “ clean " 
zone. 

Stock moving into the farm 
will have to be thoroughly vetted, 
and routinely, treated for para- 
stites and other afflictions of the 
range- reared animal. 

Disea se-carrying flies have to 


be kept away, and the most 
commonplace husbandry tech- 
niques assiduously applied to 
keep the stock stress-free and in 
fair health. Effluent disposal 
must he efficient and regular. 

Crop failure could be costly. 
Although there are ample 
supplies of feedstufts available 
from elsewhere in Africa or 
beyond, the economics of fcedlnt 
management as practised tradi- 
tionally demand feed supplies 
close at hand at low prices. 


Competition 


Although the market for meat 
in the region is growing rapidly, 
the competition .is fierce. 
Australia, New Zealand and Latin 
American suppliers — increasingly 
pushed out of the EEC market — 
are building up new outlets in 
the Middle East and are able t»» 
land good quality beef and lamb 
at extremely low or ices. 

Most projects of this type, at 
least on such a scale, fail to get 
off the drawing hi.iard. Getting 
as far as this can be regarded as 
something of a triumph for 
Guinness Peat. 

If the company can push the 
Seleit project to within striking 
distance of its targets in. lime to 
meet its own deadlines. Guinness 
Peat will greatly enhance its 
chances of reaching its own target 
of f^Om-worlb of ' agri-industrial 
project business a year. 


World dairy mountains shrink 


BY OUR COMMODITIES STAFF 

THE WORST of the world dairy- 
surplus appears to be past. Indi- 
vidual countries managing their 
own policies have held down out- 
put and reduced surpluses. 

On the other hand, in the 
EEC. which produces almost a 
quarter of world milk output, 
the underlying imbalance re- 
mains, said Mr. .1. Empson. chief 
executive of the Milk Marketing 
Board's commercial divisions, in 
his annual report to the Inter- 
national Dairy Federation in 
Paris yesterday. 

Balance of the world market 
as a whole improved during 1977, 
and Mr. Erupson claims this will 
continue this year. World stocks 
of dried skimmed milk peaked in 
1976 at 2.3m tonnes, and they had 
fallen to 1.6m ttmoes by the end 
of last year. 

The report singles out Scandi- 
navia, Europran countries out- 
!side the EEC. Canada and 
Australia' as having successfully 
employed national policies for 
cutting surpluses. Drought in 
Australia' and New Zealand also 
contributed. 


“The principal exception 
remains the EEC. Production 
continues to rise and the fuli- 
price consumption of milk and 
dairy products continues to fall." 
Mr. Empson said. 

The surplus last year was 
estimated at 14.5 per cent of 
deliveries. 

One major trend in west 
Europe was the continuing 
decline in liquid milk sales 
coupled with further growth in 
the importance of low-fat milk 
and long-life, heat-treated 
products. 

The rale of increase in cheese 
production slowed to only 3 per 
cent last year. Stocks built up 
and export openings were hard 
to find. 

However, there was a major 
upswing in demand for whole 
milk powder, notably from oil- 
rich buyers. Output of whole 
milk powder last year in the 
main producing countries 
jumped 29 per cent But the 
outlook this year is not so bright. 

Butter oiaoufacrure rose 4 per 


: U-.il. 719-.5 '4.2.5’ 716-5 ~ 2 J 5 

J mnuiW 740-.5 +2.5 756.5-7 -3 
■ Jp'eiM'in'nf 719.5 »8.5 — . 1 

: CathofiesJ ] 

tidb 716.5-7 +4.75 711.5-3 -B . 

3 numb.. . ' 736.5-7 -? 5,5} • 732.5-5 -Z.26' 
SeiWiu'mr 717 -+S.5: . — ■ ...... 

l‘>. tfinu, — l .. : .l. *66.5-68 

Copper— E asier- oii Uie Louden .Metal 
xi-hauge. After- opening steady around 

£740 forward inciaf dipoed to'Kjfi on lack 
id interest but then nicked up 
nn the ninmins fserfe folintrtns oiverlas 
ac'ain-,1 tiuix'idq sales. In. the afiernociiv, 
the drnior trend La sterlmn wainst the 
; dollar cause-/ valoes w «•+> wtUJ. forward 
met at tallins back back ttv cV«e iin the 
late kerb at £783.5. Turnover .14.550 
umnrs. • • * 


4z»a]£aiu.-t>Al Metal Tmdws rt-pnrted 
that in the jthnrnhn: i-ash win-Uari traded 
at £711.110^19 5. Utrtw months 1739. *.S. 
40. 40.5. ^Cathodes, ca-h 171* 14.5. 17. 
throe owtilhv £737. Kerb: Wirebars. three 
month** £711. 1.3. 2. 2.5. • Afternoon: 
U’ircbar-i. raih f7JK. three 1 740. 

39.5. ,39. 5.3. 7. 0 3. 7. Ca»hndi.+. three 
months E33.5. Kerb: Wlr**hars. three 
months £737. 36.5. 3A 33. JH.3. 34. 33. 
W.S. 

i' TIN— Lower. The 'icacHm.*' »I the 
FeaanK prtce saw forward metal open at 


a.riv H- r 

onu-hi- I — 


nrl turn. ;t-*-or 

- ; CYii.lWio 1 — 


Kish Grad- l - v v »' 

Sisk ' 67B5-B05 — 90 6756-65 -68.6 

A month-. j 6690-700 - 70 6665- 7S -65 
Sett 'em" I-/ 6805 85. — 1 

OH^!%7BOW-B7.5 6750 60 -97.5 
.vwmhs-! 6675-80 -60 6650-60 -B2.S 

herflani'i 6800 c-80 1 -r 

-qiTpis k..|: 5175238 +2*e- — 

y«.rfc' — - — 

September Cocoa 1777-1786 


.ML Index Limited 01-351 3466. September Cocoa 1777-1 < 

29 Lam out Road,' London SW10 OHS. 

1. Tax-free Jradirig oh commodity futures. 

. 2. The commodily futures market for ibe smaller investor. 

PERSONAL 



SUPER LUXURY MOTOR YACHTS 

. in .the St. katharine's Yacht Marina- in the 

CITY of LONDON 21st - 23rd JUNE 

' JCL" Marine oF Norfolk are ‘pleased to present a selection of theft" 
high performance, super luxury motor yaehcs priced from £59.000 
ro £140.000 in Sr. Katharine's Yacht Marina.- 52,. St. Katharines 
Way, LONDON. E.J. from .Thursday 22nd June until Friday 23rd 
June inclusive -10 ajn.-S" p.m.. daily. Deraonstratiorts by arrange- 
ment. Five Year Yacht. Mortgages available. All visitors welcome 
or send' for information .to: — ■ 

JCL MARINE, Brundali Gardens: Norwich. Norfolk. 

Tel: .0603 714141 . Telex 97286 


Ifi.taa and token (■- I'b.ilP nn ine. pre- 
markci bui lit foe Kinfis hedpc wlliny and 
Male bull I mull 3 U "i 1 reverv-d ihi- trend 
with ihe price dipping bavfc lu ih.ijSD In 
ihe -aftrinunn foe iinwniurn m cupper 
enupjed will) infe * h^encc oi 3ny li S. 
phyjji’jJ inierv-si ^prumpli-d -mp-J.v* and 

U JS.- vUine which pu -hed iho price duwn 
in £6.320 prior t($ a rinse nn ihe Verb 
of £6, ISM. Tomm’tT ::.W5 uinors. • 
Matnins: Standard, cash £0 Sin. ihrcc 
mbjttfts K.7D0, OLKBO. SO. 75. Kerb: 
•SiMdard. dim months su.nso. ifTernoun: 
Standard, ihrev mnnihs £i'..BS0. 70. 75. 50. 
■tft.,33, 46. SO. Kerb: Standard, three 
iiiqmhrf £B W0. 30. ’ 20. -S. 30. 

t£AD — Moved narrowly uatil laic 
trading with forward metal hnlrfms 
between £32 J and X7.2 in nwbcra’e 
aotvfty. But on tlte lau Kerb an wr 
tread tu eopuer and the firmer ounnd 
caused b dt-cUne m a close of £119.73 
Toriiover 3.S25 tonnes. 

‘ -r- I •.m. i+'-'tl Imu.- 4- 

LEAD nnu-iai — r mdn-faf — 


CU...:....' 512-.5 ,2.5 311.5-2.5 ... 

5nfnih-.J321.25-.76-l.75- 321.5-2 ,2.5 

■“ohr'iifml 312.5 , + 2.5' -■ 

UAriiavJ - ...i 31-33 ' 

WottiIob: .Cash £212. ihrec months nil. 
t-Sp* T- 5 - l- 1-5. Kerf}; Thri>r mvPlhs 
Hh 3. AfTcrooon- Three mtmihs £.121. 
2t'4,. 22. 21.5. Kerb: Three months r'20. 

m 

. 21KC— Lower as the market- reassessed 
! die' unPltCBfi-Jhs of MnntljVs incrca-ri in 
1 warehoii»e stocks. Knrward metal 
d«3tned thrnuphuut the day slarnntf at 
and risinc to X32- 1 * hefure slipping If- 
fiftf -oo. the late Kerti and a dose of 
Qp35 . Turnover ;..3Q6 tonnes. 

■•Sr 1 «.•••- : ,+ <>l- Ml. iH-’f 

[ Ofll« ml i — [ l ui<flk-fcf| — 


C^s6....:„. 3 13-4 -2.76 311.5-2 -5 

^iiKith...| 323-4 -3.25 321-.5 --6 

•Sbi»k._.i 314 -2.5, — I 

- I 29-31 ... .. 

raabrhlns: Three mouths £32a. “.3. K-rh: 
’fpne montfis £724. Afternoon : Three 
.Wjmhs £324. 2 3. 3. 2.S. 2. 1.5. Kerb: 
aree months £321. 20, 19. IS. - 
-♦i tems wer oounn > on previous 
rlnst x SM per picul. 


the close were up to £:io higher tn the 110.00 pi-r inp for all eradc-i of raw- 
day. lute, and by £15.00 for cotUrus. No 

— . . - ollrn! ui-ina made here. Calcutta goads 

Te-u-oiov - ! steady. Quotations c and I UK for 

- LtU-KfcK I 1 "T" r l JunL ‘ ahipnu-in: 10 m. 40-ln In.sa. 7i-uf 

| Lv '" 1 ' £7 72 t>.r lOo yards. July £9A> :md £7.69. 

*- If . Aotu-Sept. £9.76 and £7.66 for ihe 

i — rri 7“' ~ rcSpecitTe -shuunent periods. Varn and 

JulV 1652 55 +14,5,1698-1025 tloih very quleL 

-c|ii«iniier ... 1560-4o -r 29.5 1601*1520 p/\|i . |^p , -,i . v 

SO I AdEAN MEAL 

.Inmuii.v 14-8 10 +55.5- 1430-1330 _ .. .. 

Aluix-h i 135 j 60 +46.0| 1370-1520 \ ; Yr?r«ntay +.^ Bumpi^'- 

Unv 1300 20 t 52.5' 1320- 1265 \ • — I*"M* 

J ui\*.. 1260-13 +37.5. — — V ’ 


cents per puuiiu-: coiomman who u 
Arabicas 1W.O0 tlKOOi: unwashed 

Arubia.as 174.00 'irs.oui; other mild 

Aruhivas UM.ofl iluSOui; Rubusus 134.30 | ft” 
ilsniMU. Dali* jverjKi.- 157.23 1 160 50 >. 

ARABICA5. Clusc tin order, buyer, Sales: f.1 'lit lota of 100 tonnes, 
seder. bustnesst. June I80.0ff9l.oa. ovi/~' a O 

190. On. Aus. 173.0rt-7s.OO. OCX. llO.OO^T 00. JbUUAK'i 

Dec. 133.0v-36.30. Kcb. 131.O0-52.S0, April , nunnu naiLV poire i r a,v <nmri 
ip, Oti-3" till June I+l u5-49.tKl. Sales: l-ONUPii daii-t r rice 'raw sujtari 
a ill M5.00 if'Kun. a tonne eil lor June-Julv- 

Ann. shlpni-m Whjie sucar daily price 

I? A I IVC lixi-ti j' noR so in jo noj. 

rn.iri—t opcnetl about 100 points 
LONDON FUTURES tGAf-TA*— The b..]ow nvern-chr price* hut was asain 

ruarket npi-pcd t/ncli*f<c'.-d and ruixMlncd well suppurti.i ar ;he lower levels and 
jbnut steads in the mornltin session. In nude smii' recoverj' hr the clos*.-. 

the aflernuun some professional selUilR C. Crartiikm-. reported, 
was seen on barley but tr*de buy Inn on "'l" ; 

the close pushed values up lo close lu->Uo y—i.t.IhvV I’nwi.mii HnMier-- 

hishvr on wheat and 2--3UP higher on j., ■ n.-e I li.** It-me 

liarfey Acll renerted. . .„... ! 

Barley— m.6K. rest ml iSi.«f:. rest nlli. ' | ’j 

Oats— TS.in resi ml '79.61. rest tut i. 1 .. , . 

Main Hither than hybrid tor Seeding i— ‘ L J* r 

76.S-1. rvsi nil 177.90. rest nil'. Buckwheat Aug.... 98.45 S6Jui a9.U5 99.16, 99.00-t7.00 

— all ml .all Dili. Mil cl— SI. 94. rest nil t».-i 99. 7u a9.90 l00.4u.00.45't0ii.2b 98.50 

<41.94, rest full. Crain sershum— 8.1. 03. h,-,-.. .. 101.90 L2.0/ l0S.Slt-OS.00 1</3.0a i,0.7S 
rest ml <83.93. rosl nil >. Flour Levies: Man b . 109. 50 09.70 710.50 - 10.80il10.b8-bB.10 
Wheat or mixed wheal and rya Boitr— M»v .... 112.40 I2.7w714.55- 15.60H 13.75 11.5U 
IS4.31 (733.21'. Rye F/nttr— 1.7J99 /JXI.Ss*. . 715.30 18.70 716.90 |7.rfi l Ifi.OJ- 15.76 

HCCA— Locatton ex-Iarm spot prices: ijn ... 1 19. 26-. U.Bll 320.75-^1. 2S: 120. 00-18.5U 
Feed wheat; Humbereldi- £9s.40. Uloucrsn r - „ ... mh _,_ ' 

£97 00. Feed barley: Humberside £80.30. £“ ■;« . v Vr® * 

Glt3Ucr5i r T a ». rt-n-Rnerj prke for 

The UK morwtary coefficient for the h - 5 “ *S? 

Week hcttlmune June 26 Is eapeered t o . naaiSTto^mSS!^ ^ 

remain utichaDfied. Iniernaiional Sugar Agreement— Prices 

urucA-r ' barley Tor June !*• t'.S. cents per pound f.o.b 

, and stowed Caribbean port: Dally 7.16 

jYvteniiiv'r. + or ;Yo»iont%\ + «.r »7.06-: l.vday .tcerage T.41 i7.42i. 

.M'utlil elt we . — eKue ; — EEC IMPORT LEVIES for denatured 

1 j and non-dettatured sugar. olTccm'c totfav. 

->eiiU ; 84:50 -+1.10 78.80 .+0.20 in units ui account per 10 mips iprevious 

Nut. | 87.20 j-rO IS 1 81.45 +0.25 ln brai-lceU>: WWle-26^1. t26.31»: Raw— 

Jh.ii, 69.90 +0.20 84.10 +0.30 +2.43 I22.l2>. 

j 'Vo:., _I:.S:S WOOL FUTURES 

Business done-^-Whcat: Sept. 84^0-64.25. LONDON— The market was dull and 

Nov. 37 20-S6.55, Jan. Sa.90-Sfl.33, Mur eh featureless. Bache reponed. 

92.4 0-92J5. May 95.ft+M.OO. Sales: 106. 1 Pence per kiloi 

Barley. Sept. 78.8U-7S.6D. Nov. SL43-S1.20. — 

Jan. 84.I0-S3.90. March &6.70-M 70. May AiwLmtl« | i 1?+ «*. Uu«iue*+ 

Sfl.09-S9.00. Sales: 136. C.twisr 1 — | ■ 

IMPORTED— Wheat; CWRS No. 1. 134 “j . . 

per cenu June £96 30 Tilbury: U.S. Dark ; 

Nonhern Sprtni; No. 2. 14 per cent. June July- E«-«-W-0 ,—1.6 — 

£65.25. July £83.30. AU8- £S3.73 rranship. O-Mier — 

mem East Coast sellers. ‘ Dceemm-i .. -Ja u.40.0 1 — 

Maize; U.S./Freneh June £103.75. July .Muji.-h 248.0^0.0. , — 

HO 4. aus. £300 tranrfiipmeni East Coast: JUv 2i6.0 48.fl ; I — 

SduUi African White June-Aua 175 JU) Ji>i\ iii48.u-46.8 | — 

tllasROiv. South African Y«Uow June-Aua. unriirr . ..tiM.047J • I — 

£75 GlaSgtnv. iln+ntiiei ..[252.0.48X1 i — 

EEC DAILY IMPORT LEVIES and sales: 1 ml! 1 lore of ljoj kc. 
premiums efleclivo for June 21 tin order SYDNEY CREASY un order buyer, 
eurrrnt levy plus July. auk. and Sept. w u L . r . husmt«. sales)— Micros Contract; 
premiums, with previous in brackets, ai) j U [y 345*1,. jvt.s. 349 3-349.0, 33: oet. 351.0. 


\ 'L'pertunur 

Sales: 3.510 <4.r+d' lots of 5 tonnes. \jihh-i ' lil'so-^l"? 0 ?5 20 50-19.60 

!5° , SI 1 r Ca T "! 12U7U 2L9 +o!<5 S2ioO 2LM 

; h, -f 1 n o.? y nll J ’ i i Ue . . 120.7D-21.D -U.M 21.40-20.80 

rjb^cas iw.00 Mj. QnVdSDCQ ►'Miinmrv ' 121 7J.9. ( enM 

rabt+as 174.00 urs.iHu: other uuld \ +osoa - M 


tju-i 7}) ?3. 00-24,6 ... 

-'•me 12350-27J1 -. 


GRAINS 


SILVER 


EXHIBITIONS 


MOTORCARS 


^OSVENOR HOUSE AMTIOUfiS FAIR. CHAUFFEUR DRIVEN Rolls Roue l° r n "" e 

'T 7.30 nl AdSJtoitm 4 fclTo VmMmS h « 53 C r h j* n " r i 3554* 

Itustrated handbook . where. Apv time. 01-437 0531 . 43 . 355a . 


Market 


•i *> 


Inter Commodities 

Limited 

Specialists inFundamental Research 


To: Inter ( m nmm>dilies 1 id 

;t l.loyds Airmu*. t oiidun ECoN •IUj 

.••• - : ’Iriephtmi'; lU-481 11M 

Nmsp send me vour Market Report* lur 4 weeks free oi charge 
and wilhout obligation. 

\ame — r- ' . ~ ~ 


.TeltTphniw No ! 


TfiSUYer u-as fixed 4.0p an ounce higher for 
wor delivery In ihe London bullion market 
Jwferday ar 2B4.lp. U.S. cent enuivalenis 
td the fixing levels were: spor 54UJe, up 
Me i- Qiree-ruoaih . 33b.Sc. up ».5tv six- 
gonih 360.3c, up SJc: and U-mouih 
SeJc. up 8.5c. The metal opened ot 
3W.2-3M.2p i5W-540i> and riowd at 
2921-2931 p i538-539 jc *. 

15HLVBK Built. .it 1+ Mtj UM.K. (+ *<r 

; jier flvinR — | ein^ 1 _ — 

• ; vmv rn>. pnnnit | 1 

'Spmfi, 1 8a4.1p ■ ^ 4.0 293.05p 1+1.35 

YttKKithH.. 1 302i> -4.0 301|i +1.65 

JpmiUia.. ■ 509.9 |i +4.t — ; 

f UQ-jinli!.. : 3l!6.4|i +4.8 — : ..^,. 

■ : : LM E— Turnover 145 *163» lots or in.OMi 
. 02s... Uonting- Three months 301.5. 2. 

2.1; !J. 2.4. 2.i.‘ r.4. 2.3. 2 8. Kerb: 
Three months :W2.7. 2 5. 2.4. Afternoon- 

■ HiriiJ xnanihs 302. 1. 2.2. 2 I. 12.1. Kerb: 
T’hjre months 301. 300.4. 500.2, 500.4, 
^300.8, 360.4. 100.5. 

-COCOA 

, .The market was steady with carry-over 
bitring enhanced by a steady New York. 
Prices dosed near the day's b la hs . GUI 
and D turns reported. 

(Yotunluvs ’+ *1 Bti-itiess 
“ XJOttlA ! Ohm; — | tbvu- . 

■Y^aU'itnr'tf • 

July : 1925:0-32.0 + 66.0 1833.0-1784 

1782.l-B4.il +52.5 1785.0 1728 

Dee l7yS.ij.S0.il ,+43.6 1735.0-1880 

Jlanriv .1700.0 01.0 +46.25 17ub.O 1t50 

aUy_ lbBO.O-85.5 +43.75 Ib8&.b-43.B 

tint 1665. w-73.if +51.5 — . 

.1648.0-fi8.ll +43.0 — 

- ?SSl?s-' _ 43S42 - i2~WfiT' loib urTlftomti'S. ’ 
" Inter national Ckm Organisation iU_S. 
cents per pguud i— nails pMlt Jqnr 19: 
i30J« tl2B.K>. JnrilJ awr Priri-s Jum- 16: 
Ifildgy averase . m.ui iWJ.lOi, 22-day 
average 13.1.70 <135.32 1 . 

Coffee 

ROBUST as n-erc. firm ibis momma as 
Weni shorts took prulils. Orukel Burnham 
Lambert reponed. The laprkei slaved 
■jteaiJy for the rest of tin- sc-sstan ap-iri 
from a brtel £30 re versa! la the slip moon 
provoked by early selling in ^ Yort 
Good soppurr buyins af lie lows ■■fTr-cti-d 
' a.rfifUd recovery, however , and values at. 


4. K0. Lemons— luilan: 1»« I20's n.-w crop 
4.00-4.20: Spama: Trays 1.20-1.50 large 
boxi.-s n.MM.00. CrBpefrmt— S. African: 
27-7.' r..4IM.50: Julia: 26 kilos 4.004.30. 
Apples— French: Golden Delicious 20 lb 
S4's 3.50-3.5». 72's 3.60-3.90. jumble boxes, 
per pound 0.15-0.17: W, Australian: 
Granny Smith 9.20-9.10: Tasmanian: 
Granny Suilih 9 00-9.:iu: S. .African: 
C, runny Smith 9.60-9.76. While W infer 
Pi-arniam 7.50-S.O0. St ark Ing Deltctoas 

5. dn-S 40. Golden Delirious 9.06. Yorks 

S.J8-S.M: Chilean- C.ran ov Smith ?. 00-8.30. 
Siarklnc S.10-S-0: New Zealand: Siurmer 
Ptpuins nil 0.20. 173 9.20. Granny Smith 
B.M: Italian. Rome Beauty per pound 
0.17. Gulden Delicious 0.1.V0.17, Jonathans 
40 lb non pears— S. African: Canons. 
Packhum's Triumph 9.06. Winter Nells 
s.00. Peaches — Spanish- Standard irays 
2 20-1 60: Italian- Standard ?. 044 00: 
1-Tench: 1.70-7.:ui Grapes— Israeli: 

Per letle 5 50-6 06. Plums— Spanish: 
5 kilos Jar# 1.04-1.40. Santa Rosa 3.llrt-:i.60. 
Apricots — Spaniah: 5 kilos 2t4-3 0n. 
Bananas — Jamaican* Per pniinrl 0.15. 
Avacados— Kenyan: Fui-ne 14 -Jus 4 50- 
4.A0: S Alru-au: Fuerte 4 5rt-4.se Straw- 
berrles — I'.alilorni+n: rt.stt. Cherries — 
Fn-tk’h- Per noimri tt..'4>; Cyprim: 0.63: 
Italian: U.55. Onions— Chilean: Cas«-s 
2.S6.1 00; Canary 2 so: Dutch: 1.30: 
Israi-L 3.00: Texao: Ecypiiatr 

2 St': Spanish: 2.60. Potatoes— Cyrprint- 
5 Kir. Brittany 2.00-5. Wt: Jersey- 0 091. 
Tomatoes —Put eh: S.30& Co: nurrnsey. 
1.40-1. SO: Jersey- 1 nO. Carrots— French- 
Narues 2r, lb boxes 1.s0: Italian: 3.40. 
Asparagus — Cnhfnroljji: Per pound 1.30- 
1.4rt. Beetroot— Cypriot: 22 lb 3.73. 

English Produce — Potatoes — Per 56 lb 
322U.3.M. Lettuce— Per 12 O.fifl. Cos 4.90. 
Webbs O.SO Onions— Per 56 lb 1.50-2.0U. 
Rhubarb— Per pound. Ontdoor 0.05. 
Cucumbers— Per fray 13- 24s L30-1 60. 

Mushrooms— Per pound 6.10-B.40. Apples 
— Per pound Bramle.v's 0.10-0 20. Tomatoes 
— Per 12 lb Efttlnit t -TO- 3.80. Greens— 
p.-r crate. Kent 1 .00. Cahbase 1.00. 
Colery— Fs.r 12 'IS 2.50-1.211. Asparagus— 
Per buflijje approx. 2 lb 1.60-1. 38. Straw- 
berries— Per i lb 0.16-0.2H. Cauliflowers— 
Per 12 Lincoln 2.40. Kent 3 50-4.M. Broad 
Beans— Per pound 0.03. Peas— Per pound 
0 . 20 . 


cent world-wide last year, hut 
so far during 1978 production 
levels are holding steady and 
unchanged in most areas. 

Most of the skim raed milk 
powder lias disappeared into the 
animal feed market, and much of 
this butler by-product has also 
been consumed by stock in the 
less costly liquid form. 

Internationa] market prices 
have climbed to more acceptable 
levels around S500 a tonne (com- 
pared with . the si ill grossly 
inflated EEC support price of 
almost 81,2001, and further im- 
provement can be expected this 
year since the European Com- 
munity is continuing its special 
subsidy schemes for skim powder 
fed to ’pigs and poultry. 

Mr. Empson expects EEC 
deliveries of milk to dairies to 
climb a further 3 per cent this 
year following a 2.7 per cent rise 
during 1977. ■ 

The size of the Community 
dairy herd remains more or less 
unchanged from year to year, but 
the average row's yield is rising 


PRICE CHANGES | 

Pru+s p*r tonne unl*-*s olheni-ise 
staled. ] 


luxieCO +..i- M.ptirii 
IS 78 - ««.. 


Metals i 

Aliiiuiuiiini L£680 

Free market irf«)« (.020(30 
i-aah 'V . Bm^C7 1 5.25 - 
3 nn ■nth- it' iin. ,£736.75- 

IV* Until lute '£712.25- 

5 nii«illi*< ilu, •!<■. £732.75- 

lli.li I Tmv n/j.«lB6.S75 ■ 

Let.. I i n-li j£3l2 

i nii.iii li- £321.75 - 

A u-Lel i£2.666 

Free.MatKri n-ifl llir'S1.87 

I -1.97 . 

f i 

Matin nr. .XI 33.0 

Free Marhei. . X 136.65 

Vnii-t-lliei- .Th'ffu, SI 20-26 

Miller i my n* 294. t|i 

o 302|> 

Tin Un-Ii £0.755 

5 in. nilli- £6.665 

Wnlitmii 2£.Wll<if.S 130/35 



.- iixiinli' £321.25 

I’nil iKvra S550-609 • 

Oils ! 

t'laiMiul ll'liili jS685r I , 

(•' me ml it <ft.. it'724 .. 

iJnw+il Uniiie it i.i£577 ■ 

1‘alni .Malayan Is595a |- 


. ..£630 ; 

* HUM- 10 

1.5 £ 740.5 
1.0 X760 . 7S - 
! O £ 732.5 
!. 25 £ 762.73 I 
L.25 .- 181 . 12a ' 
. . £ 304.25 
1.25 £ 314 . 25 . 


.. . £120.5 

-0.2 £136.4 

e 12n SO 

+ 4.0 if 86.3 |i 
+ 4.0 493. J|i 
— 37.6 £6.370 
— 62.6 £6.307.5 
... . !• 142-J7 

-5.0 £323 . 

—6.0 £333.25 
■ 5 b50b00 

b60D 

. . . £749 
£365 
+ 10.DS615 


steadily by 1.5 per cent Iri 2 per 
cent a year. 

Last year EEC consumption oE 
fresh milk and fresh milk pro- 
ducts fell 1 per cent. Butter 
uptake dropped 2.4 per cent. The 
only compensation fur these con- 
tinued - declines came from the 
cheese market where purchases 
rose 2.4 per cent. 

Ivory Coast 
to grow 
hybrid coffee 

THE IVORY Coast is aiming tn 
produce 50,000 tonnes a. year of 
arabusta coffee, an iirahica/ 
robust a hybrid, by 1900, Agricul- 
ture Ministry sources said here. 

First commercial plantings of 
the hybrid, which should be 
more profitable than the htgh- 
eaffeine robustas grown ' at 
present, will be made around 500 
cm.s south-east of Abidjan, they 
said. 

Reuter 


U.S.MaritetH 


Metals fall; 
cocoa 
limit up 

NEW YORK, .June Vu. 
C'lPV Eft EASED "n rrnL-'.\i.“l Omin'ii • 
U"U«; Ii'IIiiiIjM-iii ;nuf rrudi- hrtlyc 
Pn-i-i.m- nu'irtls l li'-' cd lu-.rer "li ?i»iutla- 
li% u liniiuijliiin I'iIIh^ i lie a •liUDfi.’ininii: 
U.S. -nlil +Iirilnn Olo 3 clnv.il Imiii-Up 
tn pn.il- f.n C>niinii , .rtii>ii Il--u- bnvut^ rtiul 
LTurii- :irbiir.i+o hn%lri+. su.«jr Ll*vri uwr 
unchMiui-4 un cli.iri -•-Miiik a<».irt>«l hv 
inilu-inal price Hxiuu. li.nxho r-.-j.un .. 


Cbcoa— .luft 

' 147 110 UJJ.im, 

. Stpt 

HI 35 

1 1 15 ,»j > 

. Dec 

. 157.75. .Mar cl' 

1 im ;n 

Mat 

IS?, VI. 

Juft- 

131.0". Scpi i: 

.•■j j:. 

S+U.-: 

1.91/1. 





CoIIee— • C 

i>n:nri; 

-T.il;- 

liT-J 5ft- 

n;j.f.n ■ 

ISA :<u 

-. Scl/I. ]S1 3+1 

V So • 1 

r .J P4 .. 

tits-. I 

t'J.W. 

.11.1 rcli JTl.lltl. 

Ma- 

i.':i Hu- 

rai mi. 

July 

l.'i un.t?:.i'u. 

S-.-Ul. 

'•-U 50- 

1" mi 

Sale- 

ftiO 



Copper— J net, U‘ '-'0 ’Hi Ail 

/. Juft 

>Jt 10 

"/O.7111 

A 114 

1.1 un. Scpi ni.i 

/!. Die. 

r*: :n. 


COTTON 


->vpu • 84:5o ; + 1.10. 


in units of secount per tonne i: Common -jj j. 351.4^1.4. 1.- Dec. 356.5 ’ 357.0. 
wheat— 57 S3, rest ml tST.Si. rest Uifi. 337.0.336. 5. IS: March 3S0J, 380.7. 1*0 b- 
Durarn wheat— 133.79. rest ml '733.79. 3*1.8 . 11: Mj> 3848. 385.3. 385 5-384.5. 8: 
r«t nli. Rye— S6.9t>, rest nil 18OJ8 y U |y 357.3. 367.S. S87^3S7.D, 7; Oct. 370.0. 
•YSt nth. 370.5. 3n.l-3m.5. Ifc Dec. 372.3. 373.5, 

D11RRFD 372.5-:i7Uj, 1 Total sales: 93. 

^ MEAT/VEGETABLES 

market. Fair intensl throughout the das. MEAT COMMISSION — Average raistouk 
dosing sUgbOy steadier Lewis and Peal prices a* represents trre marhei.-. on 
n'puried a Malaysun xodown price of June 20: GB ^afue 7IJ93p per kp. Lw. 
C34 <236> cents a kilo ibuyer. Julyj. r+d.J2». UK tS2.3p ner kn. eM. 

. ; d.c.w. 1 —3.o>. ub pias BU.ro per Sr. Lv. 

. . , i „ ; u ■ »+1.6». England . and Wales— Cattle 

A".l 1 j numhers up J0.4 ow cent, average price 

W,r.A I LI.W+* I eluim I .tnhd n.sip 1 +0J3i: _ Sheep up 40. 1 wr crB |. 

1 ’? i average prie*.- IS2.2o 1— 5.11; Pips op 30.6 

; 1 i - per cent, u* erase nriee BO.Op i+1.9t. 

! n-jaiff mss sitss 1 wsrtss 

•.lit!! 1 57.75 58.D4 5e JO-68.80 5i.106B.00 j nifT , 6.7 per n-m.' aver ace pm-c loR.Tp 

jiy-sbi-u 57.50 -j 8. DU* bB.5a-Sg.75 t+;.6.- Pip:- rlnwn 2"J per ccnl. a verier 

C'i-i- 53.73-tj.au' eU.6a-UB.7a b0.fifl-B9.40 prtre iri 4p i*02i. - 

Jan- tli.; oi-5b ol^O! 62.25-8XJ0 b2.00-o1.20 SMITHFlELD <penr e per pnundi—Beef- 
A|j.Ji«; d2.H0t2Jtf t5.W-5S.bS nS.hl-b2.tS0 Sf»mi-h KlllcH urtos sg.o to 59.0: Eire 
J 1 »---oj4 n4.43-o4.a0, t>5.0Q-b5.0S 54.45 (4 JQ nlndmiarier^ 76.0, tnmuarters 33.(1 

It.. i- Dei tSS.bfl c5.P5- s6.40-bo.45 gfi.li&-K.85 in 26.0. . 

t7.2A-b7.34 o7.B5 B7.7U fi7.M-bi.l5 Lamb: EnaUstl OttUll B4.0 In GS.O, 

Sales: 430 M3 3- lols ol ls'tonn ra "aori ^ 

14 1 5 1 lots 01 5 1 (1 ruics. Pork: Ensl'^- l4 

Physical dcsiiu pneca fhuycrsi vtun-: .. „ ]0& . 13( i ibs agji w 42 n T?n_ ■ L 

Spoi 57 b i37.7a.i July 5fl.7ip fS7.23i; g'f ^ 

AUJ. 5*p i57.iSL rdVENT GARDEN, (wimt tn cmriim. 


Alia. 57p i57.75l. COVENT GARDEN t prices in Sterling 

.1T1TC wr P4cka L ' r - urherc staled >; 

JflJlEi- Imparted Pr0 * 1 “Sf : . Oranges — Cypnot : 

DUNDEE JUTe— Firm. Minimum Valenti* La, y=> is knos tmw.sa; Cad- 
export prices have been raised hy lomlan: 5.60 -j w»: 5. African: Navels 4.D0- 


LIVERPOOL COTTON— No spot or 
shipment safes were recorded leanne the 
101 a I for the weeF so Tar at 11 tonnes. 
With spinners reluctant to buy ahead 
and little incenrivc 10 increase com- 
mitments, the offtake remnlnet) narrow 
ScailiTMi iiiicresi was shou-n in some 
middle EosTi-m varieties. F. W. 
Tattersalt reported. 


Indian jute 
growers to be 
paid more 

By K. K. Sharma 

NEW DELHI. June 20. 
LARGELY TO stimulate produc- 
tion. the Indian Government has 
announced that the statutory 
minimum price of W-five grade 
raw jute for the 107S-79 season 
will be raised by Rs 9 per quintal 
lo Rs 150 at Assam. 

Other varieties of raw jute 
in other states, notably West 
Bengal, will now also rise by 
at least the same amount after 
taking into account other factors 
like freight and local taxes. 

The rise is in line with the 
recommendation of the Agri- 
cultural Prices Commission, 
which said growers should be 
given increased incentives. 

ZINC PRICE CUT 

ZINC prices on the London Metal 
Exchange dipped yesterday fol- 
lowing overnight news from the 
U.S. that AsarcO had followed the 
lead set by National Zinc and 
reduced its producer price 2 
cents a pound to 29 cents. 

Three months metal closed £6 
down at £321.25 and cash zinc 
lost £5 to £311.75 a tonne. 


Seeds i . 

t'n|ini f'fiifiif i .«417.S 

Su.t-nlit*n il .S.)....|SZ82,75A; + 2.75 S300.5 


Grains 

Ihuky KKr * !... . 

Hum* Kiilnn--.... £81.45 ; + 0.25 

Mai/e 

Kreoi-M Nn. S Am £103.75- 

WlMt 

‘Ain. L l:«i< S|OXII»£96.5 +1.0 

>•>.2 HonlWinter. 1 

Kngll~li 31 mini;.. £104.5 

li*i+ filiqmvni ... £1.882 +34.0 

Futurvn+ft -£1.783 + 52.5 

U.ifTw Fmiiit- 

y+jo £1.562 + 29.5 

Cm t.iu -A‘ Imk-x. 72.45c —0.1 

RiiWici kiln !57ti 1—0.75 

Sngai- iK»«i AI9S — 3.u 

AV.-ill.ija kiln ..' 283)i ..... 


£102 

U1.B2B 

£1.7t7.5 


* Nominal. 1 Unquoted. I: .\mtusi. 
m June-August. nJuly-Sepi. w-luli 
i June-JuU. r Per ion. 


FINANCIAL TIMES 

June- 20 June 19 'Mont It Yiin ■'l" 
248.37 247.S7I _Zd6.2~7fiia. 73 


I .l,tii. 03 On. Mjr'.-h r'.lJHi. Mav r.s 911 litlv 
o'l.no. Si-ri 17. w. D..-c *u.4o. ,iuu no w, 
Mrtrvh “li.flil. Sail -' J.4-5. 

Cotton — Mu. ;■ Jul> ji.C- jl W ' ■■n T1 ■ 
Od . tC.30 • liT.lr.' En'.- «■; Sli-b" 95. .Aljr. b 
+1 .0.5-83.1 j. M,it f.5 T 5 to Jul'.' <>■ JH- 
bi>.50. Oil. »a; ::o bill. lire. i..'i 2$-i>i. J3. 
Sj los: 4 -311 Oale.- 

-Gold — .luuo isi. tti 1 1*1: t.ui. July t.-i..jn 
ilS7.H0'. \ub. 1-7 On im.Tu. Tne. 
lil -:u. Feb. I»i 90. April :'lfn l<0. Julie 
JU3.1U. \u-- - 'jf. -jii. i .,;i JI14.CH. p. «. Jl_ - .4rt. 
Feb. sis jo April "IS wi. :'.ale^- ■ H mi;ii 

llll.s. 

ILard — UlIK'+itii ln"+- nut .lviiUbk- 

1 _‘J art rti.iu >. NY prune : ie:nu 24 l ,f i 
(r-l.Tr-J 'CIM> tiniii. 1 
i Maize — Jnlv J.Ts ,-J ■ .’.'i7', '. W'l 
J5&; 1257:1. tiw. ‘Joai-jr*:. March U>7 .- 
367* .11 jj. Jib]. Jul-. i'71\ 

5.-:ailnun — -Inly ’.'t'l Irt-JM (, ti ij1.l7rti. 
■'■1. 1 2STI 34-2® 7» i237.SH i. Jan SSi. 3IL 

:’57. 70 . .\ 11 nl : , 59. , 'N>-. , .vli.L , ti. Jul: .'t/I Ut- 
■KMrt SuiCM 1.179. 

■Silver — lnne ■J.V.l.trt i.V;7.jm. Juft' a:7 10 
IUK. Ml.l'i. Si-pt. ij,’ w, Ii<*i 
1 51C sii. Jjii. ■hi. March M.V.'JO. .AftiS’ 
S7I.MH. .till: .‘«8 Mil. Si-til. SMh INj. DvC. 
MU. 10. .Ian. til 4 4i> March nl J.iJu. SsJi -.- 
Ui imu lilt.--. Handy and Harman bullinn 
i!7 30 i + C Ufll 

! Soya beans — . J 1 j I /iSS-ie.a ieM.i. .»ua. 
I liTj-Wl ■ fii>7 1 1. .Sent. fits. Nuv 'Cl-fcJA. 
.lii’n. hid. Mardi UU.. May i.3s;+4ta. July 
'tfi. _ _ . 

Soyabean Oil — Jlilv 28 15- Jf. ‘p 'Ja.« m, 
A III:. Ui -JVi-i l.U 1.14 9:1.. S.-ul J 4. Ml-.' 4. 5.'. 
tttfi. JJ 5J-J3S9. Die. J:;.U.VJ.:.1U. .Ian. ££ 70- 
.'2 sh. March Mjv ji'.jft. July 


248.37 247.57, _248.2 1 | 250.V 

IHaae: Inly 1. 1932= IWI ■ •'•piV 17ll<«-T71 ml. Dv 1 hS.u:i V\' :u 

l«S Jrt-lbS l«. liaruh J7i' uu-!7u.5rt. May 

REUTER'S * in. mi. July 17.*0". 

, - — I Sugar— Nn. 11 JtUi fi.vj^.9.". -i. &c|.\ 

June jO June 19 flUmili v,*' ■>£'" ; ft i >7 (G>. »Vl 7.;u-7.]r, Jan 7 .50-7.34 

T — ; 1 Marl'll T.O'i" May S.i4-5.li. lul' •-• Sl-iiL 

1496.8 ^lSOe.^ 1486.9 | 1605.1 U sZs rA. Oci. sjft-. 1 «S__ 

/Base' SrjJierober IX. = 1 Tin — .wU.0H-37u.rtf aiked i3i.l rtli-57J.iin 

a.iKtMli. 

DOW JONES ••Wheat— Juft Jrt-nr. i C4i.. svui. ;; 4<- 

- r , -- .. Dec liVXril. Mar-* :t;3. 

Iin* J «i tie I June 1 M, H |ih| Yin' M a y 3:it-i:rJ. Jul - . S— 1 
Junes 20 | 19 1 him I WINNIPEG Jum- IS- -RV0— Jtilv 

' 1 167,40 bid ilio.us bid*. "Cl. 1117 sn □'Wed 

>F>it.... 36S.20 363.18.358.85 391-53 .lu-.rtOi. Nuv. ICC Mj nmn. .Dec IrtH.ort 
Fumre»i l355.73|3S3.61i354.71 36S.74 b id 

(Avoraae i9?4-2S.as=7«oi ' j+Oais— July 77 40 j76J0t. ■>».!. ■ 

.likL-J 1 73.30 asKetli. Dec. 74.«n asKcO. 

MOODY'S llarcii T.:.iia bid. _ 

jjSarley— July i5.4rt .<4uni. Od. .*40 

fjune | j'une 1 Mini iT7’ Y eiti ..'bed i74 i«l bid'. Dec. 73.30 » .ketl. M+rcb 

U.saly'K 20 t IS . Ri .„ 731,0 asFed 

1 ■ * ;:.FIexsced— Juft' ?41 5rt avFrtl »24n 9» 

i-'.iniuit v^ 9a8.5 .930.7j 9S5.0 c80.7 hid >. i'icI 30 >240.50 hull. N*»v. -42.00 

tlWemher 11. 1011 = 101)1 ''-Wheal — SCWRX 13.3 tier ecnr nr»le-in 

' ei in tent df Si. LaviTvi.ee lulot, . 1st 20 .. 

All ccnls per puund i-s-«'ar.,j|.;ii5e 
GRIMSBY FISH— Supply fair, demand I unless uiiicrwifi*- mjkI. “ft Per. troy 

■nod- Prints ai ship's side 1 untun.-eMi-d > [ uuixc-j— iou uiittec Inis Hiieafo loose 

per stone: Shell cod I4.00-C4.3t). . ...mno. , xs per 1»U lliv— n.-pi r.f -Vu, prices pre- 
I3.Du-cj.6ii: large haddock J4 Jn-io ■■■■ \101is dav. Prune Mi-uni l»b. NY Kulk 

medium I3.50-I4.40. small uo-r. 50: 1 uuM cars • CmK pi-r ib ba.-l>. l 

large plaice £5 00. medium t4 70-13.20 best warchnusv. 5.iW0 bu-.h. ! lots 7 ss per 
small Cl Sfk£4.3fi: large skinned diwJlsh 1 irov ounce lor sn ui units vl 99 9 per 

large £9.00. medium K.0D: lanjv l.-ntnri ,-cnl purity ddivcp'd NY. r Cents m r 

soles £730. rntflltmi rs *»n- rot.-I(llsh tl nil- trov oiimv v.-.-narchnnse '| New - B •• 

£3.40; reds £3.06-f3.«>; sajihe fs!oo-£:.St> I > i/iiiraci in .is 1 shun uni fur bulk Jois 

"" ' ! nf ft ,fl shun ,£,, is dcli\,-r>-d (".!■ '.urs 

* j Chicrpu. Tnli-tln Si. Lou!* nni .Minn. 

LONDON PALM OIL— Cln.e- June * " c ‘ n,s pvr ™ lh b ”' ih<7 ,n »««. 

8W.M-3M.00. July 300.00-S30 00 Aue. 3iu) urt- • ' <; '- ,n,s n ' -r , ' l ll ' b || > ' hl ' 1 - r »nis ih'r 

330.00, Sept. 290.00.330.00. O.-f 290 oo-2jn nil 1 4« l b buahi-l ejt w.irchou*.- ■< Cents M-r 

Ndv. 2S0.flflJls.flfl. Dee. 280 nn.310 nn i a n. 7*. 16 ftashi-I cK-tvanrftnasv. I,0<W httihel 
unquoted, Feb. unquoted. Sales- Nil ■ lots. J' *C per tonne. 

J 


GRIMSBY FISH— Supply fair, demand I 
good. Prii es at ship s side « unDmii-^nil 1 1 1 
per atone: Shell cod I4.00-E4.5D. . nfliino. , : 
13.DU-cj.6u: large haddock ii .Vno im • 

medium i3.50-i4.40. small £2.«0-r. 50: ' 
large plaice £5. 00. medium £4 70-£.i.20 best ■ 
small a S(L£4.5fl: large skinned dnwllsh 1 
large £9.00. medium fB.OD: lan-c l.-ntnn , 
soles £730. rafcflltmi rfl^O; rot-kilsh n sfl- 1 1 
£2.40; reds i2.0fl-f3.40.- sauhe ), 




• "• *. '« * «■ : a **' 

•r * 


5stO(k i:\ni we e r eport 


financial Times* Wetoesaay 3xme. 2£-jI95S 

t 4 k 




Equities down 


worries add to political uncertainties 

wn again but Gilts rally well from lowest 


financial times, stock indices 


"jirao" f _ 3nne Jmn i Jaoo.j. . June Juno i A year 
‘ 20 19 IB-1 .IB f -B f Hgo ; 


Account Dealing Dales 
Option 

’First Dcflara- Last Account 
Dealings lions Dealings Day 
Jun. 12 Jun. 22 Jun.23 July 4 
Jun. 26 July 6 July 7 July 18 
July 10 July 20 July 21 Aug. 1 

* ■■ Now lime " dealings may take place 
from 9JD am two business days earlier. 

Already under a cloud nf 
P'ditica! and economic uncertainly, 
stock market confidence was 
undermined further yesterday by 
the inflationary implications of 
the sharp rUe in average earnings 
during April. 

Leading equities encountered 
fresh public selling and. with 
buyers .isain holdins off. prices 
drifted lower. A. small technical 
rntlv. mainly in the tale dealings. 

left final quolations a penny or so 
above the worst and the F.T. 
Srt-vhare index, which recorded a 
]0:,s Of 5.-1 al 2 pm., closed 3.6 
down on balance at 4153.4. Against 
the trend in the leaders. Plessey, 
Mip. and Ailied Breweries. SHp. 
both rinsed a shade dearer 
following satisfactory trading 
statements. 

British Funds moved in a 
similar pattern, but the recovery 
mmemeni here was decidedly 
more marked. Further liquidation 
r( speculative positions took lonp- 
dated stocks down •; afresh in 
the earlier dealings, but support 
Mas forthcoming at the lower 
levels and prices eventually 
setiled to show falls of only J 
on balance. The tap. Exchequer 
1" per cent. limfl-17 i £13 paid) 
elr.^fri tii3i amount down at 14. 
after 13’.. Shori-datcd issues were 
h I in yell .diov./ the worst, closing 
with minor falls of or so after 
having recorded earlier losses 
rouging m TJcspite i he good 
roeir.cry. the underlying tone wan 
still unoeriain. however. 

Dullness in secondary issues 
v. iis more noticeable than on 
."viondav. this heing reflected in 
the M-tn-2 m.ijorily of falls over 
rises in F.T.-quoted industrials and 
a loss of n.n per cent to 212.93 in 
the F T.- Actuaries All-Share index. 
There was a small increase in 
pcUvily as measured by official 
markings or 4.i«l compared with 
the 4.4S0- nr the previous day. 

Recently-issued scrips sustained 
fiighily heavier falls than other 
Corporations and Tyne and Wear 
12 per cent 19Sfi ended i lower 
nt 4S;. in £30-paid form, while 
Barnet 125 per cent 1987 i£10- 
paini gave up ] at 10?. 

Mirroring .ivernight arbitrage 
business in Hong Kong sccurties. 
th? invostmrnl currency premium 
opened higher and reached 1 113 1 
per cent before reacting to close 
a net lower at 114! per cent. 
Institutional interest of both a 
buying and .seHing nature was 
reported. Yesterday's SE con- 
version factor was 0.6H07 ( 0.6628 1. 

The market in Traded Options 
v. as a shade quieter with contracts 
totalling r»ts compared with the 
previous day’s figure of 597. Over 
fin coruracts were done in 1CL 
followed by Commercial Union 
and Cons. Goldfields with 86 and 
85 respectively. 


Unsettled still by growing ICl finished 6 lower at 375p but ment. while the 12 P er cent 238p. two notable 

nicLsm^ of the proposed pur- encountered occasional _ buying convertible preferred, offered by moved ^hJ ' l U2 for “E ca= ‘ conr^ dosed S 


chase of the Investment Trust interest at the lowest level of way of rights ■ to ordinary and Starwest Investment tor iae « ■ 118P| 

Corporation cum cash resale to 3T7p Awaiting the Office of Fair convertible holders, improved shares not already sentiment upset by the auditors’ 


Govern m «>t Gees ... — I 

Fixed Intewtt 

Industrial OnUmuy.... 463.' 

Bold Mine*-—— ' lfi 4- 

Ord. Div. rSeld™ — . p-f. 
Baniln^ridKtaUin iff-* 
P/H Ketlo fnetin)-.— 8’* 

.Dealings m a rked 4-77. 

Equity turnover £m — . 

■ final tv bargains total.J — • 


$9.74 69.9< 
72.00 72.3* 
463.4 ABU 
1648 160.3 
B.75 "E.M 


-70.44 70.57 
7282 7235 
470.6, 469.2 
167.3 1S7JB 
6.62 '0.63 


70. 7B 67.8^ L . ' 

7235 674« : '* 

474.6 ,.44fijO: -A V X'- 

16043 112.4; * r 

. 5 4. >■; 

16456 l'fLOt :V. 

8JB ; '9.19I L: V 

6,163 Aififsi j. *■ .. ■ 

78.08 53.00 


quietly dull Engineering leaders. 


<rs left U and P. the ordinary and A losing 6 
n at 190p and Mills apiece at J26p and 135P- «spec- ' 
lower at 16 Sp. lively following Press comment - 


n lngB.rid*(taU)n 16-« 16^1 -16.39 16,43 16^2 1&E6 MLOS- 

RrtbfneflH) 8-15 ‘8.23 8uI6 : 8.14 8.80 8^5 : '9.1^ ^ 

lings nuked ; (W7I ' ^480 -4,241 4.840 5,163 : j. V .. - 

liy turnover £m... 56;i2 64.88 64J?1 . 73.OT 78.06 5ai0ff ; 

Itvbug&lM total.] — ■ • 13.3241 1330 6» 16J88pl5.a39 tB/?451 14,3 78. , 

lTam - 461 a: ■ u am 4fflU9, r ^ooa «TT.' “1 pm : 

2 pm 4KA. 3 pm «SA . . . • v.; t 1 -ii 

Latest Index 6. - r- -. ^ _ - 

• Based oo.at.per cent- corpocatloo cue.. -tlUl=T^IL. 

Buis 100 Govt- Secs. 16/10/28. Fixed tot. 1B38. -Iild. 0rt. l/WSfl. V ! 

es 12^3. SE Aatvltjr Jnty-Dec. ISC. ' ' c; 7 r; 


more iu Jiap on mmier cunsiuer- improvea a penny 10 iip iouow- nn 4 to tn better- r™psin» r* 6 - ■ ~~ A — * ■ — ' — , „ r+ _ QQ _ a/vwifnntwf 

■it inn of die proposed ASSlm ing a small Lying interest. Sian-exSr? St/ b Jt S ^ding iwuesdnfted Stock 

richtd issue. Discounts eased Howard and Wyndham added 1* S ? t ™ i . Jen^ MBPC closed 4 cheaper at 122p. several rises : Jn 

ill rough out with Scccombe MaT- to 27p in reply to a broker’s jLj er HatteSS 1 t«no and wtLQe En e UsI L, en J Bd % Industmte where OKBnng | 

shall and Campion 10 off at 220p bullish circular and. in Tele- 2£ue ■■SSSS' Prfer down at 41 P; Elsewhere, Evans of Tiger Oats bott ire*JJ L ® jgJSf 

and Union a similar amount lower visions, Associated eased mar- RmtherfMow? 11811 ^ tdin as Leeds 3 easier at 9 6p after t 0 440p and 

at Slop. Merchant Banks were ginally to XUp ahead of lomor- Sj^CSSf C? U P * l ±oi P Ja havin S been tenta r t, ' Bly Greatermans A gamed 3 to 138p. 

featured by a decline of 7 to 233p. row’s full-year figures. s m^. Ul ff^>f rodl,cts ' dt 49P * 108p on news oF the , . - 

•if ter 230p. m Guinness Peat A j. . - 1 bimon, at 227p. revenue and property revaluation. Qnlds bllOVailt :*■ ■ 

follow ins details of the £24.6m AudlOtroniC weak AwaiUnc tomorrows prtlnni- UUiua uisvj 

Sudanese meat processing project. Audiotronic became a prominent nary fisures, J. Lyons reacted o UUS qUlGt . Expectations of a good outcome. 

Brown Shipley improved 5 to 290p dull feature in Stores, falling 6 °"- "efvous selling to lOlP >n Oils remained subdued and t0 tbe jj s. Treasury gold auc&on - 

otherwise lack-lustre Foods. British Petroleum eased 4 to Sb2p, prompted a further $L2a rise ul 


HIGHS AND LOWS 


s.e Acn vnr 


GortSeca* 


Tnf te Fence s — 

1 Allied Breweries 


=Pencea110i 


Associated Dairies eased 3 to while Shell lost a couple of pence bullion price to $186875 per 
225p. white losses of 4 occurred a t 532p. Burmah remained at 65p ounce— a ^-73 improvement over 


Plessey! 


in Hlghgate and Job. 4Bp, and throughout and Ultramar, initially t j, e pas t three trading days — and 
Rowntree Mackintosh. 403p. a shade easier at 256p. eventually enabled South African Golds to 


1 W* _ ' 

since Cpapllwtioo j 

HvrO . 

Low 

High’ 

low • 

70.58 

tS/l) ■ 
81.37- 
(9/1) ‘ 
497.3 
.6/1) 
168.6 
(8/3) 

88.79 

m.. 

70.73 

433.4. 

' m 

1303 

■ (6/3) 

127.4 

m 3Q' 
«0A 
(88/1M71 
6498 

QAiifn 

442.3 

(pt6/t8i 

49.18 

mom 

50.53 

C3/lffBJ 
49.4- 
(26/6401 ■ 
438 . 
(28/10/71) 


'.J; June,, | .Jnw'.. 

-I: » T.W;-- 


. .• 

1 J'- 

.. . 


OHU-Kagefi-. J ' 172.7 ■ Js3^' 
168.2 167.$' 
SpwhUttvaJ. 3i6;. -■ 409 ■ ■ 
108.6 -ZOOO' : 


Speenlati 

Totabi.. 


'158.-7 164.0-l 
158.8 IBSlB 
-4U3. 49.0 T ’ 
-105.6 107.4' ■ 


90r® 


Supermarkets drifted lower with evaluation. Slebens (U-K-), how- p r jce. 

Tesco losing a penny to 44p ahead ever, were again subjected to fur- Buying of Golds was wide- 

of today’s annual fi"ure<; Hotels ther profit taking and ended 10 9pr ead and as U5. interest in the 

and Caterers had a couple of dull down at 328p, after 324 p. In con- i a te trade followed initial Cape 

spots in Ladbrofce 3 off 3t lS5p. t^st. dollar premium influences buying prices closed at the day£ 

and Trust Houses Forte, 5 prompted an improvement of l to b est levels. 

cheaper at 2i0r> f4SA m Royal Dutch - . Features among the heayy- 

' The terms of the proposed weights were Randfootein, 'a 

Powell Dnffrvn firm ■ James Finlay/Taylor Woodrow point firmer at £36, Buffets, which 

^ ... * _ f>ti> Cnnfnpth AliritiniQ 3 nri. ^ j j.j a u»ir «««,.« ‘ VlrrL. 


- oil shale partners again- registered : On the other hand*., the coat ; "0: 

• ' .VAnfn. InnrOr ' uriH**. fl MiitBu r Tt ma i ftfl nrnrlnninn ~ TU..1, mkk.- * - ■ — * - ‘"'J* 1 


^•dPTTONS'C;^;:'''. 

DEALING DATES * \ . Queen's Moat Hi 
Last Last/--- For - and Northern^ J 


-London 


i £ * 


Jan Feb Mar Apr May Jun 


W 1 I I I I 

Jan Feb Mar Apr May Jun 


bullish c 
Friday's t 
posed 10 
helped t 
improved 


after the chairman's encouraging to 25p, aTter 21 p. on the 
annual statement, while Kanibros tiosed capital raising plans 


closing a net 3 African Financials with mini 01 « earDon annw A,-spuiw5 f aoum^ were ajxaDgea.aa Brfflsh 
closing Sg 4S Associated DMrtag' & 

he controversial imrin AmPrimm ^nnnpii . it Premier Consoudatea ■. Oil, ana WestrantL: - : *•- . •• -. •->* 


e fleeting the controversial Anglo American advanced^: 14 Pram'* 1- 
.•hereby Barclays Bank more to 340p and Union Corpora- — 


Brokers »erc susceptioie to sraai, Rainers were o similar amount betler-than-expected rreiiminar? deal whereby Barclays Bank more to 340p and Union Corpora- 

offerings and bedgwick Forbes, lower at fifip. BakeFs. however. ' : T. . L -i . . ,, um Ti -i intends to buv the Investment linn io_rn «J0n . _ 

40.ip. and CE. BMlh.23Qp. lost 13 hardened 11 lo flip in response in 09^*3 T”* 1 Corporation on behalf of ^^Sie 0 " strength of De Bens, NEW I 

and 10 respectively, oeslic and to Press comment ahead of today s ‘ cj|d market- the hner com- P ost Office Superannuation another 5 up at a high of 380p. The lofiowina « 
Godwin slied 5 to 99 p js did Willis interim results and Raniur Textile £ ;V ;! 1C 1 " j i," Fund ITC eased 3 to 2fi2D far a recnlreri in a substantial riernanrt S’wr* iniormatioi 

Faber to 235p. General Accident rerived with an improvement of P an >' ,s •« liQuidaUon and news Fund. 1TL eswea 3 to 2K.p for a ImS rlSS aUtJned 

s^"iswB- c 7s i*. £ k -asM/s ssa % ws ^ H 


NEW HIGHS AND LOWS -FOR' 1978 


The lollowlnfl securiHe* quoted In the - DRAPERV ft STORES d) 

are inlormnion Service ' yesterday AudlotronK" : , 

i lined new Hlahs and Lows tar 197%. * Tu cm c a cSW " 


SR* 1 -" * “ tfz&tt'&zsTSd fi sj'srsxs 


HIGHS (65) 


TiSn w H Smith A cave ud 4 to 154o omer nano, icu zj zuap auer ^ 

3 B P ™„ork., staged a modest whl"’ Brh Ish hSV d“,1lin?d 3 ul fommenl on the .h.rp contricrlon C.P.B1 W »«("« * *•» « 

afternoon rally in the wake of i$5p. ,n second-half earnings. ICL easier at -Up and I\ew In conti 


In contrast with South. Africans, 


ACTIVE STOCKS 


AMERICANS (1) , 
CANADIANS.!*) - 
BUILDINGS at 
CINEMAS fll ' ' 

DRAPERV A STORES (21 
ELECTRICALS (11 
ENGINEERING (1) 


ended iractionany easier at :uip preliminary figure 1 ? when satis- X K ' ,, «■ 

and Bass Charrington closed a £“Sl iS iShE .rSfoTwlth "? T mSi 

penny off at loop, after 153p. Electrical leaders often recovered ££ |£bK l ’ to S'n 

Gumnesi. -Acre 2 cheaper at 16Hp, jn -vmnathv and although E1CC. to „i p ' Id 

after 1B5». Distilleries lost ground !n while Glanfiejd Lawrence. 30p, L Jx\ 


No. 

Denomma- of Closing Change 
tion marks price fp) on day 


1 


with Bflgbland fi n 3 d o wn a t S/from^a S ^ ^ » 72 ^ S™? I?" TrariSP ° rt - 


cased 2 to 23Sp "and Tunnel B ,3S P- Fb j U P s mirrored lhe ne w nil-paid shares Tell 4 to Sketchiey 

awaiting tomorrow’s preliminary overseas advices with a rise of i Sp premium. ® arc ' ays 

results, cheapened 4 to 25Sp 15 to **»% . Newspapers remained friend- Geecham 

Notably lower in Contracting and issues, small selhng clipped 3 Jess. .Associated and United were ULL ■ 

Constructions were Richard Cos- rrom A.B. Electronics, at ll.p, 4 easier at laSp and 3o2p respec- grand Alet 

tain, at 28f»p. down 10. while Nor- atifi o from Campbell and Isher- tiveiy, while Thomson shed 5 at Hank urg. --■•••••■ 


£1 II 

25p 10 

£1 S 

26p 8 

Nil/pd. S 
£1 7 


I7ipm - 2} 


20pm 17) pm 


INDUSTRIALS (7) - 
-MOTORS (1J . . ■ 

NEWSPAPERS Cl) .j;. . 
PAPER & PRINTING til 
PROPERTY Cl). 
SHIPPING (II 
SOUTH AFRICANS (3) 
TEXTILES (11 
TRUSTS C141 

OVERSEAS TRADERS (44- 
TEAS (3) 

MINES (IS) 


‘ ’ ELECTKJCA LS T2J. ^ • - »* 

Brocks , . EMI •. .. i. 

'• ENGINEERINGS) - - T 

Brrta/r. NorOituo 

foods at i‘ •*» 

HtBhtRtc & Job . Nunllii & Peacock] v -,. 

. „■ ^ INDUSTRIALS Q> . 

L_7tc. mt. . .Spear u, WO .. 

. INSURANCE HI) .^-2: i- 

Mattbeiya Wrfohtson- . . 

„ _ ■■■ - ‘NEWSPAPERS (M -..r- - { 

- Gordon & Gotcfi - ■ 1 

-• • sHirnm n) - - T 

.Ocean Transport “ 

TEXTILES (1) . / — - - — . . 

un**. ••••• •• . , rj“ 

. .TRUSTS CO. ... 

N. Ttotxwitn. lac. <s# 


NEW LOWS (23)’ 


RISES AND FALLS ^ >: 
YESTERDAY -Pf-Z-J* 


west Holst firmer Monday on a wood, at 130p. Dealings were 240p. News International cheap- Sedgwick Forbes iop 

• b_a .a. rnnimoH in rrpllnn whii'h wurP nnarl 1 uf OtOp oHaorl nf t7 ri^mr'c TIATq DPlfl. ... _.lD 


littlp speculative interest gave up resumed in Crellon. which were ened 3 at 230p ahead or Friday’s BATs Defd. 

Z at 92p Brown and Jackson suspended on March 31; the interim statement Elsewhere, Boots 

finished 5 cheaper at 118p and ordinary opened at lfip and profit-taking clipped 10 from BMI 

Pochins 7 down at J40p. closed at 18p ex the rights entitle- Associated Book Publishers, at Natwest ... 


CGS^PANY 

HOTDCES 


GENEVA I ART GALLERIES 


closed at 18p ex the rights entitle- Associated Book Pu blishers, at NatWest £1 

— — \ LONDON TRADED OPTIONS 


BRITISH FUNDS . .. Qin. DM) 

233 Treu. 7’eDC 83-88 Exchtir. *0««pc TOTS. „d»*c 
B 7i - Tn»s. T2Jepc 1992 : Trea*. Mupe 1997 *- rif?„°°7 U h 
_5i. Treas. l2oe 1993 Treas.7l.pc 2Q12-TS jy—W™ 
FOREIGN BONDS (1> - ™““ 

310 1 ireuiuf 71-pc •ai-as / .. . -- OIJs ..—u 

» : him ^ nSST!? 

w * «»,- 0 .. " iti 9 < ”. rn : : *?*. - 

.2^4 RedlVaaton TV’PEj.^ r ; j, ' 


British Foul* 

Qin. Dam, and. Form bo. 


Ur Down Same/ : 

.J: »:;?«!.«■ 7:d 

- — ..21 .«*=' 7 ---'- • .. 


TrtasL-ftpTilMa-TS Iwtattrinh. 1M Sll 

BONDS !ir ““ FlrwiRSn) aad.Pi*p,-„. « ,.227 24E.-5. 1 , ■ 

/ lw . .. OQn ^ 5 , M : v » “ r T. 

KsAi .= • PtantntfM .. -3 .v S .m r-; 


.9- a-F<* * 


TANGANYIKA CONCESSIONS 
LIMITED 


NOTICE IS HEREBY GIVEN that 
Hie so.cniv-siMih Annual General Mect- 
ina d T.irganvira Conccisloni LlmilM 
will bo held ai :he Head Othrc oi she 
Company. Bahamas International Trust 
Ej. id me. Bank Lane. Nassau. Bahamas, 
cn Monday. 241h July. 1978. a! 11-30 
a.m. lor the cur poses lollowlna: — 
ORDINARY BUSINESS 

1. To retei.c and consider Statement 

oi amounts lor the year ended 31st 
December. 1977. and Balance 

Sheen a 1 that dale, and the Resorts 
.31 ihe Directors and Auditors. 

2. To approve a Dividend. 

3. To re-elect as Directors: 

• V D. A. C.«t. 

• fa< M. M. Goblet 
i<i p. £. G. Corblau. 

■«ii PR Frogoatt. 

IC> The Hon. A. L. Hood. 

S To ro-aaP3ini the Auditors. 

5. To hx Ihe remuneration oi the 

Auditors. 

SPECIAL BUSINESS 
G, To consider and. tl thought f»t. 
pass The following Resolution which 
will be nroocsed as a Special Reso- 
luiion. nimelv: — 

••Th.it ihe name ol the eompanv be 
•.hamjed to TarVf. consolidated ln- 
\Mtmc-nis LJmlred.” 

Bv Order ol ihe Board. 
B SHAM AS INTERNATIONAL 
TRUST COMPANY LIMITED. 

Secretaries. 

Nassau. Bahamas. 
iO:h June. 1973. 


Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

G Translations and secre- 
tarial services. 

O Formation, domiciliation, 
and administration of 
Swiss and foreign com- 


AGNEW GALLERY. 43. Old Bjnd S; 
W.l. 01-829 El 76. OLD MASTER 
I FA/NTINGS. Until 28 July. Mon.-Fri. 
9 30 5.30. Thurs. until 7. j 


I •?SKS 5 TON S K E TcSf s LtE "B v r - JSKE li 

ROWBOTHAM MSSB-I92ti. Until 30 ih 

i pne. Mon.-Frl. 9.30-5.30. Weds. 7. 

Its. 12 30. 77 Walton Street. S.W.3. 
589 6849. 


I Ju Ir Odfilf 

January 

| .8 -.’it.'Im.' Cl"? tog . LT-nLiig' 

J tijillun ; jirice ••ITvr Vol, , I'lTer ' , 

j C'liMiogj i Equity 

rul. offer ! Vol. 1 dose 


FT- 


SHARE 


Mines *S 22 3* ^ “■ L“ 

Recent Issue* Z 13 _ 23 ri 

: ' JfrtalM ■ 2.=— • 2S»--*SI2'%W .=_ ^ ; 

••• : ii ;:i 


- •••; .. • -.WerAn- hi. ;z4. 

These indices are ihe joint compilation of- the Mnancial^Tan^ the lastitote of Acfcaries - . , , 


pames. 

Full confidence and discretion. 

BUSINESS ADVISORY SERVICE 
3 rue Plerre-Falio, 120M Geneva 
Tel: 36 05 40. Telex: 23342 


BROWSE A DARBY. 19. Cork St.. W.l. 
' FQRAltl. Man.-Fn. 10.0D-5.3Q. Sal. 
10.00-1 2.30. 


DAVID CARR ITT LIMITED. 15 Duke SI.. 
SL jamei's. 5. W.l. lath CENTURY 

FRENCH PAINTINGS. DRAWINGS AND 
SCULPTURE. Until 7 July. Mon.-Frl. 
10-5. 


CLUBS 


J.P.L. FINE ARTS. 24 Davies Street. W 1. 
01-193 2633 CAMILLE PI55ARO 

drawings, watercolours. June 1-Julv 6. 
Mon Fn. 10-6. 


I'nliin, 140 
t.*i«iii. L‘ui»u' 160 
L'..ii'. (lulU 160 
l hi-. H..W ; 180 

OnrtmiMn j 100 
Cuuruuilila I 110 
tUIIITRIlMS i ISO 
Ci-iutstilda I 130 
liKi- : 320 
fllii.: | 240 

«r l£«? I 260 

r.i:c I aeo 

Grniui Mrt. 1 100 


(■nirul llel. . 110 


800 62 
850 ' 24 
900 ■ 3 

k 140 1 II 

r 160 1^4 

160 18 
' 180 , 4 

i 100 19 

I 110 9ij 
: 120 • 4 

I 130 . 1% 

: 220 • 411, 
I 240 * 2 Us 
| 260 i 8 
; 280 I 13 4 
• 100 1 8 


LUMLEY CAZELET. 24 Davies St.. W.l. 

01-499 5058. MATISSE — Drawings. 

EVE. 189. Regent Street. 734 0557. A la Prints and Illustrated Books. Until 28 


Carte or All-In Menu. Three Spectacular July. 

Floor Shawi 10.45. 12.45 and 1.4S and 

music ol Johnnv Hawkcsworih 4 Friends. MALL GALLERIES. The Mall 5W1. Society 
i;-- . M ~n „„ c- Z ., i Ol Wildlife Artists 15:h Echibition Mon.- 

I GARGOYLE. Do.lfl bITOOI. London. W.l. Er - cate 10-1 Until Julv 4 t1i 

I NEW STRIPTEASE FLOORSHOW iSm “no 

| THE GREAT BRITISH STRIP _Ad m. -u p. 

Show at Midnight and lam -- — — — 

| Mon.-Frl Closed Saturdays. 01-457 6 455. s £“ A, l5 
Cabaret Club. Superb food and 
Yard. S.W.l . 930 2842)3. 


iLLERIES. 158 Sloane 


A M emb-.-r ol tne Company who Is 
entirlcd to attend and vole may 
auci-n.t a arosv to attend and vote In- 
Slctd ol him A proxy reed not be 
a Memhc- ol Ihe ContP-inv 

Holders ol Steel' Warrants to Bearer 
O-’iirous oi attending or being repre- 
sented at the Meeting may obtain from 
the Regisic-cd Olfice Ol the Company 
term oi '-.ertiftcate to De signed by an 
Auihoriccd DeoositJrv staling that the 
•'lock Warrants arc deposited with them 
and the lorm when signed must be 
lodged at the Company's Registered 
OKic: on or bclO’C Mordar. 17m July. 
1973. 

Forms ol Prory must be received at 
the Company's Head 0*licc not later 
■hin 11.30 a.m. on Saturday. 22nd 
Jui- 1 979. 

The Contrary has. however arranged 
'Or i-s Untied Kingdom Registrars 10 
ifcept pro.ies at The Lawn. Spcen. 
Newbury. Berkshire, provided '.hoy are 
lodged wtth the Registrars not later 
:h-in 11.30 a.m.an Monday. 17th July. 
1973. 


< I mini lli-t. 120 

ICl 530 

let 360 

HI 390 

HI 490 

JAinl Sprit. 180 
Lb it- 1 200 

laditl inv. , 220 

Mmk» A s»p-i 120 
Marks. k .-ji. 140 

Marks .V Sji.' 160 

Slii.ll soo 

Shell 550 

.Slit II 600 

T.tihi« : 


: 83 

. so ! 

. 25 I 

1 18 

! 25 J 

! 14 .1 

• 221, 'I 

| 141, 

. 9ia I 

, 51, I 

i 4B - > 

32 , 

! 20 
10 

; i2<2 i 
7 I 
3 

■ 63 

: 32i, 
i 16 
I 7 
i 36 
i 19i- 
j Bij 
26 | 
lHa • 

I 4 ! 

I 59 ; 

S 21 

I 9 ! 


and the Faculty of Actuaries 




EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Tues., June 20, 1978 


-.?■ v* ■ 

Frf. Thur. . wsd. - V.*«- .- J * 

June ‘ June ,^3oao -ago. <L:f - 

16 15 J 1* BWBJi;-. . - . “ 


u » 4 Eat Gross Est 

- ] Kaxnines Dw. WB 


2 * 41 — 


stocks per section 


NtL ■ , Change (MaxJ | (ACT j CNet) 


Index I Index j Ihdgx ■: 
J«o. I. No. I So- • . 


1 CAPITAL GOODS (171) 212*5 -0A 

2 Building Materials (2© 3.90J2 -05 

3 Contracting, Construction P' 340.69 -10 

4 Electricals (15) 450.09 -0.4 

5 Engineering Con tractors fl.4).. • 317J.6 -0.7 

6- Mecha nicalEnfpneering(72) — 17Z52 —0.6 

8 Metals and Metal Forrarngn6) 162.99 —03 

CONSUMER GOODS 

11 (DURABLE) (S2I 19737 -08 

12 Lt. Electronics, Radio TV (15) 233.0Z -03 


340.69 -1.0 
450.09] -0.4 


317361 -0.7 38.93 

17232 i -0.6 18.49 


17.75 53 6 786 21AiJ5 2MJ7 213.99 21523 125 JtS-- 

1837 5.73 783 19U1 190 JZ WJ5 388.48 M9J2r?; - ■ ‘ a 

2032 4.03 7.15 34407 34537 34580 34822 24681 Z 

1528 337 927- 452.05 4&0I «3J9 456J5 399*7 ^,' 

18.93 6.43 784 319.49 3208t 31856 3027 24958, ^ - 

18.49 620 736. 17381 174.96 37489 176JJ9 3S9.73-.-j ..:, '-^t; 


1738 883 7J5 .16333 I 36586 16335 163-32 34422^^/ , 


13 Household Goods t I2j 


19757 -08 1689 485 832 19914 199.85 19835 19932 26648: £« V:*-' ' / 

233.02 -08 14.99 3=71 9.40 23484 23520 233.67 23413 MtR ' Jf.} ;.a; ; - 

1176.61 -12 1624 639 884 178.0 17921 179.B1 380.08 2»3S’. 

12480 -0J 19.91 624 7.06 125.71 126J6 125.46 126.72.] 33883-' 


CHILEAN EXTFUNAL LONG TERM DEBT 
LA IV NO. 8962 


CITY OF ANTOFAGASTA S*L LOAN 1914 
NOTICE IS HEREBY GIVEN that lor Ihe 
Sim n>q Fund ol the above li»an lor Juno 
19T3. bonds lor a nominal amount ol 
£3 dO hunt cwn drawn lor redemption. 

Tne follow, rid are the numbers of the 
bor.ds drawn lor redemption at par on 
^Q:h June 1978. alter which date all 
in;tr.--:| thereon will coaw. 

5 Eonds of £100 Nominal Value each » 
£300. 

19d 280 97« 


The-.e bones should be oresented at the 
Loidpn Ohiret Oi Lloyds Bank International 
Limited listed O' the appropriate forms 
and mu-.i p-:ar all coupons subseauent to 
30th Jure 1'973. otherwise the amount ol 
the micsmo tononns will be deducted Irom 
•.re principal tnoncys. 


£250,000 GASH AVAILABLE 


for the purchase of an established company with 
sound profit record in S.E. England. Management 
retained. All replies treated in strictest confidence. 
Principals only. 

Write Box G.2123, Financial Times, 10, Cannon 
Street EC4P 4BY. 


PRIVATE COMPANY 

SEEKS EFFECTIVE CONTROL OF 
BUSINESS OPERATING IN 
CONSUMER OR ALLIED FIELDS 

Preferably with branded products 
Up to £1 million available 
Reply in confidence: 

Box G.2100. Financial Times. 

10, Cannon StreoL, EC4P 4BY. 


RECENT ISSUES 


EQUITIES 


* ta,e l|-.| 1 1 

I'mr i—£ 



75 • F.H.;3D,'6 ' 'C 
lOO • F.r. l 5(7 1 M 
;M i F.1‘. - ' .i* 


871, Bmtnnll lU.D.) i B71, 

142 Eurutlicmi ; 16G 

33 Thdines T*Uw««iil i 34 


FIXED INTEREST STOCKS 



CHILEAN EXTERNAL LONG TERM DEBT 
LAW NO. B9G2 


MUNICIPALITY OF CONCEPCION 5'.-% 
LOAN 1923 

, NOTICE IS HEREBY GIVEN that lor the 

Suiting Fund of the above lean for June 
li*".) bonds for a nominal amount ol 
£500 ha-e been drawn lor redemption. 

The following are the numbers ol the 
hands drown In’ redemption at par on 
30th June 1978 after which date all 
fritorosf tltergen will cease. 

S Bonds ol £100 Nominal Value each ■» 
£500. 

11S7 1100 1442 145S 1484 


These bonds should be presented at the 
London Offices ol Lloyds Bark International 
Limited listed on the appropriate I arms 
.and must bear all coupons subsequent to 
30th June 197B otherwise the amount ol 
the missma coupons will be deducted Irom 
tno principal mo fieri. 


UKO INTERNATIONAL LIMITED 


NOTICE IS HEREBY GIVEN thi! the 
record date and time lor ureparatign of 
the final dividend, payable on inn August 
1973- ^ Frida*. 30lH June 197B at 
5. QO P.m- 

fly Order gf me Board. 

J. F. GIT7US. Secretary. 


PUBUC NOTICE 


CITY OF WESTMINSTER 

London Porjwgii Bill-, amounting to £108 
,A :u r ,:d . e ' 1 . 20 '978 lor 

ru.ur.'.y on io Seplumber 197 *. AbdIiu. 
SS?-, tos.yll«l £110 million. The m.mmSm 
yg" ^ :r ' K ' UT1 "as 97.71 and 

t J 5. iuc 1 -'"OHM to thd: orne. 
Tjf IS"',* 1 9.14S5S”.. 

No o.nt. t.lli are ouuundma. 


I 

I 

I 

I 

I 

I 

6 

I 


Conference? Seminar? 
Company Meeting? Reception? 
Film Preview? 
Advertising Presentation? 


v- 


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 50-h people. Full 16mm film 
projection facilities. National Panasonic W colour 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


FI NANCIAL TIMES CINEMA 


All enquiries to Ihe Press Officer. 

Financial Times. Bracken House, 10 Cannon Street, 
London EC4P 4 BY. Tei : 01-243 8000 (ext. 7123) 


i 


ioo ; F.r. i 

* * | F.l». Sl.'7 , 

L'BB iL'10 ■ 

* * I F.P. !14/7 

R I Nil 1 — , 

* ■ ! r.i\; 7f7 

£100 1 - - I 

It£d7.6B £10 28,7 
II 1 F.P. 25 B 

■ * ! F.l% 26,8 I 
£99 !£S0 XOiB 

* * I F.P, 11:8 : 

* * I F.P. jZl/7 ' 
lOUt-l - '2J.6 ; 

* * I F.r. 130,-6 ! 

* * F.P. ! 7, 7 ; 
J 109 ! F. I*. ’ - • 

■ * i r.p. 2I.-7 ■■ 
£99 jl'lO 21/7 
ElU’i; S’. I’. 'd6j6 | 
L'9a; 4 £50 if9 

■* ; F.P 16,6' 
£9SV£25 I — • 


44 RIGHTS” OFFERS 


)x-Ub i = 

Pncoj =-= 
p; Ms. 


. lAll“l 
i Rifimn,.-. 
! Uuiu 


j Hipt : Uiw 


191 
13pm 
68 

16pm| I”II | 5 




100,'„|.\prii'. ilr.rt. Yar. K«Il- BiIs. 1934 100J.I go 

94uiAuinniuiivtf Pmis. 'ff > Href 94nl ...... 

Vi4|U»raft 12;% lle.1. 1W 1OS4I— 1« T~ 

' BBp Idly 1* l»i-ty ituiL 9; % I’utti. Him 9Sp| “ 

1 YpiniCrellun 12'1. i>nv. Prt«l. 1979 — 64 B^um 65 

• 97|i IDewIiirvt fU.) 9fl| Cunt. Prof yQpl ...... 

1 KOU'EJinlmr"li tL'ity ■■Ti V«r. Hate 1383 100 lJ 

IOI4-K — vs Water 1% lied. I*ref. 196J 11 

1 ';ptn jFairvien Kt.tR. 15.83% Deb lgum!— 14 

!•■ E&p iGr*»Jiflelrt llilletL-, lift Cnni. I 'ref. 991,11 

■ ! Hti, lu rocn w tell f Leu. U-um. <.fi ll£* Hed. l9y>„ Q71,' — 5. 

'] 93 lUbertv i C*. 9.6% Prt 100 J ...7.. 

[ Ku jXSs NwwaigenU; 9% Cum. Href S2p| 

! U6n Hlliaul ..i% Cum. I'H 96p— 11, 

i 104 IPiVKau- lOj % Cum Prof 105 *1 

; 33 iQuiek iH. 4 J.i 10% IM gg 

l IMp'Riiliinvn llr*w llg Pn-f 109n 

I 9fij |i!biiiil ti at A uli.ru 9J" Cum. Prof 97 t a n 

1 ID iSi’iilh. Tj nwiile llj'i IW. IMS 10Q I4 

: 9fi JHHiit le- L’nv. Un*.. Ui.1%5 95 

474, ! Tyne A. W«ir IKt U«l. I*h Agi* — 

flt)|JUm>ltf P-mnrlp. 10% I’n4 lOOu +1 

26^'w.nt Kent Wain* LW,. I486 ... £2514 i 4 


doling 4- or 
Price — 
Pi 


c*day, Jtme20 


Rt'nuncianon (late usually last day far di-alkuc free of ilBmp rtuiv. h Figures 
based on arusmcius estimaic. o Assumed divioetul and yield, u Kn recast dividend: 
cover based on Dn.'vioxi>, v-oar's caralnss. r Dividenri and yield based on orosoeefus 
nr mtivr ufflctal csii males for 19TS. u Gross. 1 b mures assumed, t Cover aimws 
for >.-nnvi.>rsirm or shares not now rankine for dividend or rankliu only for restricted 
■nude 1 ids. 5 Pluorr..' urice io pablic. nt Pence unless othcrwuie indicated. 1 Issued 
by tender. i| Offered to holders of Ordinary shares as a “ rights." *“ Issued 
by uay at eaplialisauon. fr Utoimum tender price. JJ Relntrodoced. flllssnod 


15 20-yr. Red. Deb & Loans (15) 57.33 itl885 57.34 i 6786 67.37 878(5 67.29 57 .il 56.94 

16 Investment Trust Prefs. (15) aa.36 1 is.52 52.79 j 62.7a aa.76 . 5284 52I94 _sslS(4 52.61 

17 Cowl, and Indl. Prefs. (20) 71 . 17 } 15.02 7186 1 7i.e» . 71*2 . 71.74 71^72 7187 7184 


by t. Ji- or caplialfsai/on. tr jiualmum fender price. « Retafrodooed. Htemod f Redemption vWd. Hlohs and lows record, base dues utf vahia ^'ctmsmiMnr 'ch«>^rm^ ^ 'S*&& 

, ’ ,lh '■eomam.iauati nicrfier or take-over. JIIUnlrndUcUoH._ □ Issued irsuos. A new list of Uw constbuents Is avKiafllo from tin Publfstaers. tin Ftmaria] Tfmas, Braejne 
10 farmer Prefcreno; holders. ■Allotment tetters tar fully.Hldi. • Provisional Loudon, eup aaY, price Up. fir pom Z 2 p. 


or partly-paid, aliotmcni letters- •* With wamms. 






















































PROPERTY, 

BONDS 


AUTHORISED UNIT TRUSTS 


* W»cyXi/r AlRlira«Ce Co. Ltd. General Portfolio Life Tvk. C.W.f NPf Pensions Management Ltd 

. raa*"'' S»5^^' , “JK c ~r.!?^ n .. «««• 


Abbey Unit Tst, Mgrs. Ltd. fal Sartonont Fo*« a **■“**«« * 

73-80. uatuhou iic ltd .Atle&biuv- 02985W1 2,iit.iU-T AXCiS-C^"?^ . 01-2833: 

Abtrer Capitol 132.2 WJ1-02] 426 ,;,AJiwricwi »r-E? i S 


Perpetual Unit Trust Kngmt.V (a) 


OFFSHORE AND 
OVERSEAS FUNDS 


•. • yittr Pund~._— J6 7 

aunj Acc —^—L.. JO^? 

- zW&SrFd 

• '. TTPCmAl-l- 1SS3 

.. . : rtertire Fund . . _ 193 
' ■- . Avertible Fund - U05 

:.. •.Mann' Fund JZLT 

, ■■ . en». Property — BM 

*st ■ eu4.S«l«rth*i^_. 844. 

'^■BSHfcteS 4 

ConvFd-Sec.^ — . 1UJ 
Money Fd- Sat -4-4109 J 
- rice* lit June 20. Vaiuatu 


5*2 '+0-3 — ,• Portfolio Fund I : 1363 j'~-l — M*nw:»-«1 l-und ' n«e r iiii i 

~ ‘ FurttelK, cap.ua „k7 « S — -f - dJSS'Mr 1 * - 

l«A vail • — Gresham Life Ass. Soc. Ltd- N ew Zealand im r. hivumh 

«3 -0 6 — - 2 FHncxs df Wales Rd- . E’lnoolh. 0202 767655 ? “ * *' ^ <UKJ LW,V 

137.4 ■+ o.l — Cm t rjffhFunti HU 201.41 _1.,| v?" 111 f. nrl Hduw. Southend SiS l HIS ti7UL62PST» 

SfclsKKFli II I 8|-J = 

31 - tg|3 = SS? -ot = 

= GroSb £f«, Ass. tc. U«LP v2^^ = ft* ffi =11 = 

gt* '2 7 “ We.r Ba nfe Breyot»-T£>«!*. Bcrim 06S8342M g^gL^J-d^.-. W33 JOB 7 .... - 

igl ~ Finable F1r»^e~j ■ 0.064 J - ***■ Dr * H,ls, i Fd__.|%.4 lot?] ..... _ 

"ft **» 3 - ^ WIch Uni « Insurance Group 

^SSw«fFA^r^7.95* 1- 1 — ^ Bex •*. Norwich NRl 3NG. 060322=00 

Guardian Royal Exchange g^EfcgK g?fl£$| = 

* VO.Ud. 'RosalExcbango.E.Ca. •; . SM*B71wr Property pund pHo 134.7] .rfl — 


Abhry Inrpjpe,... __ 31 7 
Abbey lnv.Tn.Fd.. 362 
Abbey Uen. Tst - 44.7 


342 —02] 
812-0 3 
3GJ -92 
47.6 -0.4 


:j4aiLFd.S*r.* — EL924 • 139.41 — 2 7t — 

■ EtJotoFd. S*r.4~..a«. _34jl +0.4] _ 

CoovFdL Ser. 4- - &JJ-5 . }53 — "• 

Honey Ed- SetA-fl«5 '-11111 —\ — 

■ . rice* at June 20. valuation normally Tuesday. 

• . ijbaoy Life Assurance Co. 

hOld 8nrlingfiQO.St.WJ. 01-4375982 

f\«xcalnt A«c.., 

^.Gtd.MoneyF±Ac 


Allied Haxnbro Groups (slfgl 

HiimUro !|%c . llnnen. Rrcnuvorvl. Eock. 

01-MB 23S1 or Brentwood lWT7j 211450 

Balanced Funds 

Allied 1st 164.8 6931 -0.61 

Briulndi Fund tol.4 65.7 A. -0 bl 

Grib-ilnc 36 4 36^ -D1 


426 uiAnwricfcoTS^r- Si 
5.K RnllsbTst»A«i’--5 T " 7 
*5* Cemn»diiySl>«*- g *• 
433 E^tra IncimeTA— g g 
«iF»rEa*tT^~ §■! 

itiiib Jn««ucT*« — 

Income Fuad—— Jti. 

_ icilnU.Tat.tAW- 1 — ?V 7 .. 


01-2833531 48 Hart Si. Rentes' on Thames _ 

soil ~Dhl 5 « P'pelUalOpGlh. 1349 42BI I SAX 

—0 6 2 jo Piccadilly IMC T. Mgre. LidLV taMbi 

7,, •„. 2^5 vtarde'te Hse. 59a Londoa Wall EC2 *»*»! 

SSrH in 8.WIM 3?g-p.i 329 


17 e, ni * Si waraEwnsf*jjBM«i* 

630 rS- 847 Euralnewae (MJ 

77 6—03 6 56 Small Co'5 Fd 37 2 

34 71 -G 10 3 S Capital Fund ...OJ 

93 0 -OS 603 Int.Ems AAaseu. 4*| 
371 -03 120 Pnv«c Fogil.— . ... 
p_. U ' 1 '. . Accumltr Fund .-. P 0 


4 5 3 ?2:M 

n *r4t 



01-4375982 Property Bonds |17« 30$ — 4 — 

— " Hambro X-ifc Assurance limited V 

m — 7 CUd Park Lane, London, W1 . - ,OM»0O3X 

v— . F&edI«.Dep ggJ. 3»-7}-~} “ 

— — — ’ Property. 

— — SteoagedCBp 

-w.. — . KaaaredAce 


■IlffiEV life Assurance LUL¥ ' : 

Uma fbK.Alnwlbi.Relgate. Jtelsntc 4010L For Prop. Arc 


■ UAEV Hatuused ~ 135.9;- M3J 

- ■ WMEVMcd "B" 115.9 -1221 

* . tKE3’ Money Fd.* KH.E Uff . 

■ VHEV Equity FA.. 109.6 115 J 

•.6MEV FittedlnL .;•. 91.5 96. 

4MEV Prm Fd.„ 963 ltszj 

^ KMEVMndTPenJd. 97 7. ■. ■ uq.i 
^^ MEV ) M yd.Pen.-e Ml lg_ 

• Arrow Life Assurance 

. . "to.UxbrMpeRoad.WJlL; . 

' 6eLStt.Fd.Oj.Unt-.IBZ- 9 87. 

•••'• SetMkJ A-^lu nt^. fig J MC 

- : '®W3ESfc® : & 


la e 


Pcn-F. 

Pen.F: 

Pen. Prop 
Pea.AttB.Afc 
Fen. Han. Cap 
Pen. Han. Ace. 
FenGUiEds cap 
Pen. Gilt Edit Ace. 
Pen. B S Cap 
Pen. US. Ace 
Pen. OAF. Cep 
Pen. D.A.F. Are 


■130.71 — 

. 107 Jl — -J ' — 


‘ 2172 — 

2793 .l.-n — 

■■ 1292 — — . 
. 134* :-i- . — 
130.3 — •- — 
M71 — 

1016 ■ •-,... — 

1026 . — 


▼ NM.umiju^s' aain — 

0031 — , 1 

— Phoemx Assurance Co. Ltd. 

— +5. King wmiam St_EC4P4HR. 01-«aB9876 

= saKBE^sr-^ii = 

— Prop. Equity & Life Ass. Co.9 

_ HR Cnmdorti street. WIH2AS. OI-iaSlJ6ff7 

— Ku’Mirl V?? !::::| = 

— Flex Honor Bd J 2496 | . ...J — 

H Property Growth Assor. Co. UdLP 

— . *6ori House. Cre>dD». CR9 1J.U Dl^WlMOg 


Elect. & Jnd Dev 32.7 3S 

Allied Capitol [70 5 75 

Hambro3b>nd_... 1521 209.2 

Htunbra Ac C. Fd. _ |126.7 124 

laesae Fenda 

High Yield Fd— |75J 75 

Hl^hjyame |M.l U 

laCmallaaal Foals 

Intema tu ml — 126 4 28 

PsclEe Fund 143.9 47 

Sees. Of America 55.1 59 0 

UiA. Exempt-J (956 200 

SpeelalUt FnaUa 

Smaller Co.'s Fd. _B5.4 37 

2nd Smlr. Co’s Fd. _ 43.7 46 

Recovery Sits 23.2 90 

Met Sdln. L Cdty. .. 40 2. 43 

Overseas Earnings S66 6fl.fi 

Expt Smlr. Co'a _9l2153 229 


63.0 -0.5 3 58 

sai . .. «52 

277 -0 6 3 70 

25.9b: -0 3 241 


283] -0.1 
47.01 +0J 


SS, 1 -°A f” pnvetcFund — - ^ 5 “^-0^ 423 

sc — tti^d.TatiAWi — 1*^' 37Jl-0.3| \M £?”mltr S 0 63S-0.5 358 

iS't IS Gibbs (Antony) Unit Tsi. Mgs. Ltd. Technology Fund _ 545 say • • 5^t 

=g] I w »7«uSS;i -dll is 

nc iu i -i a* Gotert (JobSrr Accnm-Linlu pl3.fi 226.71 1 A21 

666 TT I^odonW^iS^ 0I * S P^ Provincial Ufe Inv. Co. LM-P 

41j3-Oj| 7.05 iVfS |S 222, Bishop* gate, E.C2- 01-S4T8OT 

^Sij jl| »CmSmSU«CVS>f- 01-8088433 ProtB. PortMo Mngrs. Ltd-V (aKbHc) 


SOtelHUt'^Oa • -Vs3 m« -201 453 

in«^ F ^? S.a=£3 SS I ij z: I oallier Men^^nt Ca. 

Overseas Earninss 566 6fl.£w -0.5 462 Gradatr. June 15 - K- 7 1023a JH SSSrsctl^ine.- 0=7.7 1327 1 7.91 

ExptSmlr.C0-s_.9Sa3 -2^ 5P2 ^ 1“ SlS.ce Unit item. Ltd.v 

Anderson Unit Trust Managers Ltd. CAccum-Unlta) 76J] 3.92 ReiinaceHse^TuiibridgeWells.Kt. 088=22=71 

159 Fcnchurcb SL EC3M 8AA 8=3BS31 Guardian EOjral Ex. Unit Mgrs. LttL Opportunity Fd 165.4 69.91 -13) 538 

AndersonU-T. 149.3 533] 1 835 noynl Exchange. BC5P3DN. 0 t-B38B«m SegardeT.1Acc.j_kL 7 123^3 

. ^ 9271-0 91 439 SeldordeT.lBC. — 1«-7 835] -03] 5.75 


3421 453 Bottom Bara, EC1-V2NK 01-405B»1 

2323 453 Prudential— 11=3-5 33201-20] 453 

iB.i ” 7 x QaSlter Management Co. Ltd-P ■ 

=053 *63 2.04 The Stfc Exchanga EC2N 1HP. 01-6008177 

iS| + J£ g ®H=1 » 

74.0 ” 3.92 Reliance Unit Mgrs. Ltd.V 

- ;rj_" — *■* Reliance Hse, Tunbridge Wells. KL 088=22=71 


Pn.l*rtj- Fund 

Property Fund 1 A' . 
Agricultural Fund. 
Agrie Fund > A 1 ... 
7jji*> N«L KUnd - 

Abiejvftfai.Fd I4i 

Inveji n»ent Fund .. 


6eUtt.Fd.Oj.UnL.18Z. 9 87.7] ._. I — 

SeUDcFA^u n t_ [985 UVl^ J — 

Barclays Life Assnr. Co. Ltd. 

252 Romford Rd, S.7. UJHSH 

Earelayfaonds* — J1252 1320 .... J- — 


-I - Hearts of Oak Benefit Society uSSJmSlfc ' 

>5-17. Tartstock Place. WCIUBSM -,^}138730=0 ImcslTtwnl Kd iaV. 

. HcarUotOak 06 8 3851 —J — |huiif Fund 

^!i !™ HiU Samuel Life Assure Lt&V ffl.*;" — 

.....J — NLATwr . Addlscumbe’RtL.Cror. .W.48848S5 Money Fund t.4i..._ 


♦ P rope rty Cnitx 
roperty Sene* A,. 1100.9 

awwedlinlla 1 1652 

aaaaed Series A_I975 
ansged Series C 
Money Unite. 


m = 


Actuarial Fluid 

J»l(t -edged Fund.. . 
Gilt.fvdRcd FdLiAj. 
♦Retiro Annuity _ 
♦burned. Ann Tv 


m - 




Prop. Cnnrth Ptulsm & AmralUes Ltd. 

— All .WTher Ac Utell2S9 13561 1 — 


Man-Pentr 1 

DO. Initial- 


■1. Honey Pena. Aet_ 
.. ' Do- Initial 


IISJ +0J — 
100.0 +Q 2 — 
99J -U — 
97fl -21 — 


. ' D°- Initial 07.4 102.6] -v02 

•Current mile value June 1ft 

' Beehive Life . Assnr. Co. LM-V 


Th^?lnt-Ser. A £X 97A -92 — VAll WejihcrCop. 

Pns. Managed Cup_(l40.7 X4BJ «-»- 9Inc.Fd.Ut*. . 

Pns.MannK*dAcc..ll<as 1562 — Penaiun F4 lit*.—. 

Pna.Cieed.Cap — [105_1 110.7 — Conv. Fens. Fd. _ .. 

Pirn. deed. Acc [110.6 116.7 — — Cnv. Pni. Cap. UV 

102.1 — — — MoIl Pens. Fd 

103.1 -i- “ Man. Pt-ns. Cap. UL 

WJ — Prop. Penn Fd. ... 

loot — — Prop.PcnuCip.Uts. 

1M2 — — Met Soe. Peu >A 

100,' . — Bldg. Soc. Cap, Ul_ 


Ptm.Cieed.Cap — 

Prn. G'teed. Ac 
-Pens. Equity Cap 
P etmEgujW Acc 

pm F^ri Tnr Aw .~ 

Pens. Prop. Cap 

Pens. Prop. Acc jys.q im,q -—4 .- 

Imperial Life Ass. Co- of- Canada 


Ansbacbcr Unit Mensf Co Ltd. (sgjGovdbm 927J -0.9J 439 SeWordeT.lnu._lWJ ^ 3 

iNobieiit.ECav7jA ' 01 -ffla 837a Henderson Admlnistrationif iaKcHgJ Bidgefield Management Ltd. 

Artrathxtct Securities Ltd. unci i'k. fbiuu Ridgefleiaincoioe.193.0 99.M 1 10 49 

_ 37. Queen SL London EXT4R IB V 0I-28652SI Cap Growth Toe — |®-jj 5f-?| “S"5I 356 Wnthc nhi ld Asset Management Igl 

- J Extra income Fd -fW49 *55 HU 11.^1 7= to. Gatehouse Rd.Ayleshurj-. 0288SM1 

i n a bb^b *=» * ssfsi m a 

S2 2-,_ RnSTci^arru— E* 

S3* 5-g OlltNaLRe*— -1° 

555 5 37 _ »j 

107 - o.i 3 05 

“81 ril WHdwS&».IR 

355 :§7 297 ovenen Food* 

429 -0 4 2 97 Australian — gj 

29 2 -0.3 442 European K 

29.1 1.33 r*T“«-— — B 


J65SU Cap Growth Inc — g?-* 
1232 Co p Growth Act— ^ 
915 JneotnokAa«et»_l«-3 
915 High bcflum FbbS* 

915 High Income— -S i 
1227 Cabot Exttabsc— I*® 
1287 Sector Fuad*. _ 


Arbnthnot Securities iC.I.l Limited 
pi). RovliM.St Holier. Jen- cy. iahTJIT? 
Cap TsLi.li r»c> i .1176 0 1J00]-13| 4 J7 

7-Wl ilc.ilrng 'lale Julv 4 

East tlntl Til T> |118 0 135 01 1 3.00 

Si-'l >vh. Jun« i;. 

Australian Sol eel ion Fund NV 
3iarfc« npp..n unit ■•■*. * o Irivh Younc Sc ■ 

• n.Uiu-ulle. 157. Kent Si . *,d"Kj-. 

L SSISIrarev .. . .1 5I. S254 J .... J 

Net Asset Value June 16 

Bank of America International 5A- 
:i5 Boulevard RojjI. LuvcmUnirg GD. 

\Cldiru«4 Income. JSL-H1W U2?H I 645 

Prlco* at June 15. Next rah. dav June 51 

Bnk. of Lndn. & S. America Ltd. 
40-86. Queen Victoria SI .EC4. ‘ Cl-9303313 

I Alexand e r Fund — prS7J6 — f I — 

Net ancot \aluo Jane 14. 

Basque Bruxelles Lambert 
2. Rue De la Rcgrace B 1000 Brussels 

Renta Fund LF 1 2858 2915] -e] 7B5 

Barclays Unicorn lot. (Ch. Is.) Ltd. 
1. Chari nC Croes. St. Holier, Jrsr. 053473741 

Overseas Income — 148.7 523] J 1205 

I'rudhliar Trust — ItriilW J13W ....1 -220: 

UaltondTVusi 151’SUOM MOWlvOlS 9M 

•Subject, to Ice and withholding taxes 

Barclays Unicorn InL a. O. Man) Ltd. 
1 Thomas St- Douglar . I.oJl. 06S44866 

Unicom Aust Ext.. 55.1 593] 150 

Do. 3v4 Win 333 35 9a» -2_’- 17D 

no. Grtr. PScUic 622 66 91 — 

Do.lntl Income _. 263 28 3l 140 

DO I. o< ManTvl 45 9 49 4 t-30 

Do Manx Mutual ....063 28 M 140 

Bishopsgate Commodity Ser. Ltd. 

P O. Bo* «t Dnuglaf. I n M. 0824-239U 


Blk. Homo June 1_| ItoTfc . | ,._J - SFtLJu^l^S 

Canada Ufe Assurance Ca. 1 

7-6 Sigh St, Potters Bar. Berta. P Bar 51E2 Fbcedtut-Fd ! 95.7 

Eqty.GUvFdJinie2.| 603 I f — SenweCflp.Fd- — 

" Rebut Fed Junefi.} U9l> { 4 — EquilyFtUHl 060 

-Cannon Assurance Ltd* Irish *4fe Assnranc 

lO^^c^WanWeyHAfiONR 0I-902a97ff 

. ■oviniMf t:vi( 9. inLQR • l_f!AAl Bmc Chp. June lCL. 173 J 


e«%aeLja3= 

fBSKL7st=d^ r gga^te 1 MA Z 

Irish Life Assurance Co. Ud. Prudential Pensions Limited^ 

12 Finrixtry Square, EC2 0Xto88S53 Holbom Bary.ECINZNH. • 01-4039=2= 

Blue Chp. June 10U.I733 77JLta-J : ‘ 8.90 Eqfiit. Fd May !7_]£25.07 KB5< ._. I — 


* _ Provincial Life Assurance Co. Ltd. 

1 3S2.Dlxhopagalc.CCft 01-2476333 

~ Prov. Managed Fd.. 1113.2 1193 — 

Pm' Pfi^hFd 1045 U0J .,.. — 

_ GUI Fund 20.. 115.1 1222-05 — 

Property FDnd 96.4 1005 .«. . — 

“ Equity Fund 97.9 1032 — 

_ Fxd. lot Fund 953 100.4 — 


^SFO^- 


- . Equity Units— 
Property Unit* 
Equny BandJExn. . 


BaL BdJExecrUnil 

I,’- Deposit Bond . 

H Equity Actum 
k rropertyAceunL 
Aecum. 


•• 2nd Property 
. 2nd" - ‘ 

2nd 

2nd 

2nd Eq. Pens-fAcc, 
2ndPrp-P«nB/Acc. 
2nd Mgd. Pens/ 

2nd DepJPens/J 
2nd GUt Pens/Aec 
2*ESXF_ 
LtESXF.2. 


Blue Chp. June 16L.f 
— Managed Fund 1 


328! -005 — 
13.96 .... — 
1382 -D1Q — 

- 7J =-i r 


309.7 .... — 

1024 -03 — 

1023 — 

957 ...... — 

1002 -0.4 — 

1133 _.... — 

ItSJ -03 — 
103.9 ...„. — 


,t = .; -4.40 EquiUl-’d Mav 17_l£2507 25.85) — .. | — 

2372f^,u. — Fxd lm May 17 (£2674 18.99) J — 

36Ht.'UJ. — Prop K. May 1? [55.45 26241 — l — 

'3'-- Reliance Mutual 


Rich Inc. Fund . 

MAccum. t'mtsL 
i3lj% WdruIVu 
Prelerehce Fuiwl_ 

< Accum. Unltai 
Capital Fund 
Commodi'y Fund 
f Accum Units).. 
rl0%Wdrwl.U.» 

F inAPrep.Fd. 

Giants Fund.. 

(Accum. Unite 
Growth Fund 
I Accum. Unite 
Smaller Co's Fd 
Eastern fclnU.Fd. 

(8*-. W'anxf.Utx. 

S^^ELFd 

I Archteay Unit Tst. Mgs. Ltd.P (aKe) J 

; 317. High Hoi (wro. WC1 V 7NL. 01-831 K^. ^SriUah TtUSt— BJU 

Archway Fuad— -J635 23. | 5^ (gi inti Trust— 

Pricey at June 15. Next sub. day June =2 (pDollarTnut— 

i Barclays Unicorn Ltd. fa)igWc> gJnSSgSSfe 

Unicorn Ho. =32 Romford Rd.E7. 01-5345644 (hi Income ITost-- 

Unicorn America.. 34 7 37 3d 207 , 6’§«WjS l lSr52" 

’ Do. .4us;. Ac<? 719 77.7 -1.0 L65 lb) High YfddTH- 

EVlAusi ln< 567 623 ji -0.fi 1.65 InteLV (a)(g) 

Do. Capital 65.5 79.8 -0.S 435 ,?^T.jZvZc lTfN ., w. 

Do. Exempt T^L 1070 1115 -05 6.49 1 5 - St ^' T 

Da. Extra income . 27.9 302-0.= 8.37 Intel. Inv. Fund (86 1 

Da Financial-^-. 593 Mia -0.7 S.'g Key Fund Manager 

^'ernl Hi ‘ 335 -0.3 6J6 =5. MUVS2. EC^8JE 

Do. Growth Acc. 403 43 6 -0.4 429 KejrEnenylteF'l-P 7 ^ 

Do. Income Tst_ — B41 90. o _0.7 6 13 Key Equity A 

*Do Prt .Vim Tsl. 137 2 JW.4| 5« OKcySren^HFdi-USlO 




98.D -05l 1.72 


302 -o.= 

64. Id -0.7 
7E2 -05 
■ 335 -0.3 
<36 —0.4 
•».? -0.7 
144 .i 


& « l£KD« >S!I^ IS 

5-1Z intern aUooal „„ Rothschild & Lowndes Mgmt- {a) 

3Q5 -“S'* 3?S +0 ' 1 i ts3 SL SirltbinsLaoe; Ldn_ EC4. 01to84358 

In SI ■ -• 4S New Ct Exempt —IQ25. 0 ^1320) | 354 

=51 71 1 Price on Juno li. Next deahng July 17. 

297 Australian — £ |7.oj-ojl ZA3 Rowan' Unit Trust Mngfc Ltd.P(a) 

%?!}£* » - nn 246 City Gate Hse, Finsbury Sq.EC2 OltoSl^ 

■ 133^ il gsffiissm 4 Ac 23 

&gSAS53SSo.lB3 563 :z: HlebYldJnnelS-aa ».4 -- 7.M 

BQ22 Samnd Unit Tst Mgre.t (a) MSr. al 23 ||fi 

45 Beech SuRCSPMj: OI-8S880U (Accum. Units) 993 ..... 3Jb 

Royal TbL Can. Fd. Mgrs. Ltd. 

mJ -d 291 54. Jermyn Street, S.WJ. 01-8=98^ 

315 -03 837 Capital Fd _IM.fi Z? 3 2-§S 

96.6 -20 4.7B income Fd 1729 75JS| . ...) 7.43 

282 ._t., 7.78 Prices at May 15. Next dealing June 39. 

32=d 4J 33 Save 4r Prosper Group 

T _._l m rat/el 4. Great St. Helens, Lnndoa ECSP 3EF 

1 5. Christopher Street- E.C ft 01 247 7= « SSi&’re': 


ft 

200 Cabo'Am er .SnLCo- 


ts 

HI InteLp (a)(g) 


158,* -1.4 
40. Bf -02 


mj] -oil 649 15. Christopher Street, &C 2 


519 S li Save &- Prosper Securities LtiV 

|'j| Key Fund Managers Ltd. (a)(g) miemaaoiwi Funds 

616 25. MillrSte EC2V 8JE 0Jto87070. ^"^7 p* 7 394rf-g.Jf 

429 Key Energy lnJd-pT-2 8= II -05! 3.95 miT " ~“te.S 273 -OJ 

613 iSyEgul^AGCT-fcTA TlM -OS 683 D&v’ Growth 167.6 72.5 -0.^ 

5 62 4 KcTEjemPlFd-. -1153.0 1627) ...J 623 


08922=271 

I J - 


Managed Fund B253 — F*d. Hit May 17_ p838 18.99) J — 

SaraOlsn. Fd.„pl5 106%... -J — Prop K. May 17 [05.45 2624$ 5 — 

SS%8SS-SeSi Reliance Motqal 

KtaUI & Shaxsan Ltd. Tunbndge Wells. Kent 089222771 

wTcwtWlLECS. 068835938 ^ Prop Bds - > 1941 * J - 

Bond Fd. Exempt_po327 104.931-039) — Rothschild Asset Management 

Govt, Sac^i^llS^jSTlI 3 ^ J - « S«lthb» i^. 9M4aX 

Langham Ufe Assurance Ct^ltd. ^^SttSubi^yJuaoao ~~ 

LanRhaciHs. HolrabroQkDr,NW<- 01-283 8ZJ1 „ . 

Langham *A' pian_|63 8 67 J - Royal Insurance Gronp 

yprep Bond MU 1467] — New Hall Place. Liverpool. OS12274422 

Wisp ISP) Man Fd (785 82fi| -,-J — ' Royal Shield Fd. _ 11335 14221 -06) — 

Legal & General (Unit Assnr-lLtd. Save & GroapV 


Do. Growth Acc._.kD 3 43 61 — 641 429 Key Energy laFd-gja 8=11-06} 3.95 I T.U.J.7—. (B.5 

Do. Income Tst_ — IB41 4Q.5] -0.7 613 Key Eguliy AGmi— 626 729 -0,7 453 Unlv. Growth |67.fi 

•Do Prf A'n* Tj>l. jl37 2 J44.4) / 562 Oh^EremptFi- 153.0 162,7 .. ... 623 rnrreasfuc locator- Fuad 

Prices at May 30 Next sub. day June 30. Key Income Fund_ 77 6 B25a -05 8E “®*“ ■* ° W ™IS3i 

DoiTnrsLcc^iiii'dT Sl7 120 3 -?2 12 K^y S^^sFdi{96 2 lozl -til 303 High Income Funds 

S.7 lc| -0* 1% Kieinwort Vm Unit JUMgwf SL* 

Do. Accum J7D.7 736) -0.8) 9.91 20.Fenchui«hSL.E.t..3. 01-823 8000 

Rspimr Rwtlhprc & Pa l.td.W (a)l*l " "1 tm UKEonity [93.1 


Baring Brothers & Co. Ltd.* (a)lxi fob^o i!H( Z'd 5 sn usEqnujr — - — W* 

B8, Leaden baU St_E.C.i 01-5882830 12B. Fd. Inv.T»tB.-l552 59fi| — J 447 ChwMa FnndsiD 

Stratton T»i [170.0 377.3 ..._.! 4=7 LiC Unit Trust Management Ltd» f^g * 1 ,T ~~: Spao 

D°.Accum l2105 7191} 427 stock ^ EC2N 1HP. 01-588 2800 uTJZZTZZZItM 

Next sub. day June 21. 2*CJertFd 1373 3«1H ) 761 s~toe Fnadi 

Bishopsgate Progressive Mgmt. Co. if U£CtnutG«iFd.[992 10251 4 217 commodity.- 1756 

0. Bishopssatc. E.C2. 01 to88280 Lawson Secs. Ltd. Wai(e) 


J94a?-C.: 323 
22* -04 4JM 
72.bj -fl.4) 298 

561i -ac| 7.91 

7071-051 820 
<SO|-O3| 9.01 

96 J) -0.6] <m 


926 +0J, 
107.5 -v-2.il 
83.3 —03 


x»w am reqr 4— c 44. 12373 34261 ) 761 SreteC Flwda 

Bishopsgate Progressive Mgmt. Co. if U£CtnUkG«tFd.[992 10251 4 =37 commodity— [756 Bi.31 

b. B iahoiHgatc. E.C2. 01-5888=80 Lawson Secs. Ltd. Wai(e> lj£EffisSS: — 7H.bS 

B'RatcPr.'^Junc 20(184 4 1964<tf*4.1[ 366 8S George St, Etlinb D ri;hEH=2JG 031-228 TOU 1 

ActUte'*Jui»20.. a9 6 =33.fl-v43 366 ^Tvateriala— IM.6 435 625 Higb-MteteM* 

B'gamint June 13. .180.1 191/1 1 2=4 *, *ccn nfunjOL— 447 <86 62S Select Internal — -12591 222 3 

(ArrunuJirnc Z3-_i-9fl.8 2U6| I 224 *Grtr»rthFund_ 555 605 325 SdecllBcom» 1524 £S3| 

Next sub. da, -June 2.. -July 4 ^A«um ttniU)— 615 66.7 325 gctwtg Securities Ltd-¥ 

Bridge Rind ManagersWaKc) Si ow Seoibiu j»s g-S 

KtaCWiainmSUEC4R6AR • 01-8=34951 ^enm Units! __ 25.2 27.8 ..... 0.M 


29 ol "’’’"’J Surrey KKOSEU. 

r; a^gisg 1 — — 

Capital Life Assurance? &rai&uwai ua.o 

. , -contetoaHouse. Chapel Ash W*n» 090228511 Swi.'rSSvr* riS? 

1 M-.| I - vSTccm. 1X7.2 

Pxeemakerlnv6'd..| 102-03 | . — 1 — lull initial _____ 98.9 

f r Cb^rioioose Msgjxa Gp.f SmtegedhiinaEi: «64 

’ -\ T r%i Chnhse- Money — .S.4 SljS J!j — • 

-- -I-li'b Onthie.Man«eeri_&[4 JM'J — tl Sr„ ft 


■ 1=1 = 


Si ~ ' EaW°*£iu35ii (isSf'knataSw 

SgSSSSSfcl mS I ri - gw 

Ctty of Westminster Assnr. Co. lid. Exempt Fund loitliSs 112J 
Wngstwtd House. 6 Whitehorse Road. 

OdSSmCBDUJA. 016849664, ^lempMtosd. biOglfih 122J 


INDIO! 


-SBAESI 

a^r- 

Shis 

PULA FUod 

Pens. Mowy Cap 
Rbkil Money Arc. 
Pens. Equ ity Cap. 
Pens. Equity Arc. 

Fund correnlly — . 
Pwfono Units -. — \ . 


6351 — ..J - 


114- 




rn'JSlUtrt Lloyds Bk. UnitAsL K 
Perform Uultrd — J . »48 J — 4 .— 1 

TOrfSrSSwf* A “ nr * ^ ^ Uoyxi&^Ate Assurance 

SSSS^mtz^ W=l =■ ; |SS! 


Surrey KI206EU. _^^urjhH«MbW«6 i-V 1 1 1?'™ * “‘£5= f* 3 ”? 

Cash initial 195.4 3005 _-T.— JE = K? ? 

ZXXAccma, 97.1 3023^3 •— R52 7 *2 

Equity Initial 11B.0 124J -33 — 124. 

Do Arenm. 120.1 1265 -33- — Dvrpoiif hdT 123.1 1291 

PwSS^tHnZ wo M4J TSa. _ tw«uy doalinsa. 

^ySfalini "(i ISt'fmdoim [jd, - ' Schroder Life GronpV 

Exempt Cajh Init i960 1016) .J — Enterprise House. Puitamouth. 

Da Accum. 173 1025 . — Equity June 23 1_ 2272 _ 

Exempt Eqty. Inlt_ 1185 1248.-;..— Equity 2 June 13 _ ZI95 »«■ 

Do Accum. 1=01 1265 '. — Equily3June6 1198 

Exempt Fixed Inlt. 106.6 3123 — . FIxerilnL June 13.. 137J. 

Do. Accum 1085 H38 Fixed IntX June 13 1472 

Exempt Mnfid- bdl 1266 1228 InL UT June 13 139.1 

Dq. Ar-enra U82 1245 K fcS Gilt June 13- M21 

Exempt Prop. MIL. 96.0 1021 r — — - K&SSc June 13 _ 120.1 

Do. Accum [975 . 1025f J • Mnrd. Fix. June 13. J327 

Legal & General Pro* Pi Mgrs,' Ud ™ wt. j 

11. Queep Victoria SL,EG4N4I3> 01-2489878 MoiKySJune 13 117,2 

IAGItp-Fd. June 5 195.9 19L7] — J Dcposujune 13-_ 113.5 

Nexccnhk da y July 1. ' ’ *“.» PrcpcrtyJonaH— 1546 

Ufe Assnr. Co. of Peausylvania -’r ^ j one n. Si . 

3DA2NCW BnhdSt.W17WQ. 01-180*396' TBiPnAcCB June 13. 1320 

-;L~ fim !SS& St 

Lloyds Bk. UiutyTsL Mngrs. Ui . FwUntJeaCtpJi. ».6 


1362 -02 — 
1626 +0.4 — 
124 8 -05 — 

129 6 +02 — 

213.9 — 

1922 -24 — 
2305 +0.4 — 
97,0 -1.0 — 




n«i! 

Lfiuj -0.4) 


Capital Inc-t—— >5 5 

DoAcc.t <05 

Eyemptf— 137 

Intertill Inc.!.— ... lfi.2 
Do Acc-t 77 * 


ScctbiU 139} e2D| -05 1 3 M 

20 D £^SA»ffiCr:lsi ga r:| 1 ffi &S&^mii.fi <.40 

ft ''^n-fiFcT-Wi 7 nw«L pi ft 

«9 — 3.15 Lgggi gg Qotenl Tyndall FQndV Pri“» « Juae 1 *- Neit ^ *»i June -h. 
3 17.3 I"! 351 IRCaaynseBMd. Bristol. 027=32241 Scbleslnger Trsst KflgTS. Ltd. (tf(C) 

1R5 . 351 Dia June 14— —157.8 M2j .-2..I 526 Oncorporetiug Trident Tnis») n rn aa ,,, 

nrs. Prices June (Arcum-Unilx) 726 ,76. iJ -5.4 526 l<i), South Street. Doridag. (0308)88441 

. Next sub. day July A . Am. Exempt 1^2 =3.4j 261 

femeat fa) (g) Leo^ne AUdstaUm' Lt^ li wl -03 ft 

00 don Wall, ZDukKSUtoadaaWUieJP. Ol-toBSm ^SaPt MW- Ldrs- 21 264 -05 

Dlto8tK7fi/047B LeoDlrt... — ■ P42 567 Extra InoTsL 29.1 31J »=... «.B 

76.41-061 522 Leo Accum — [527 I6J4-0.7) 4.60 income Dtet- 385 <14^-02 3060 

10 Uoyds Bt Unit Trt.Mhg».I4d.¥ta) ^ L59 

825^^04 5 0B Beslttrtrt Deri- Goring-brSe*. SrTRUaito-™ =56 275* -02 A19 

McS Worthing. WaB Same*. 0MB33SW Usriei Leaders—. 283 5tt6n -05 A5B 

uo! 724 First (BxJociU— 592 5271-0.7] 457 %| VieW 27 A 29.7 -42 

42.4 ^05 • 425 Do. ( Accum. J 676 726 -DRl 437 pret AGlItiyost—, 5.1 245a ...... 1250 

=27 -05 3JS Second (CnpJ— — 525 560s -o3 3,06 property Share* — 261 . ffl.1 -02 2.40 

tft< -QS 4.72 Do. (Ac com.)- — — fi55 70.4 -03] 3.9b Special Sit-TEt 27 -S _J9-4 -04 256 

mi, + ii 30a Third (Tneotatt-, .80.9 _860 -0.4 651 x!fl Orth- Accum. 2L4 23.0c -03 5—5 

_n'7 a'oo Da lAecnmJ— . 110.7 119.0 ~1.0l 6.21 liK.Grth.Dl3t — - IB. 9 203a -03 525 


Dealing *Tucs. ttved. iThars. Prices June (Acctim. Unite) 726 76. U —Li 526 i<i)’. South Street, Dorking. 

- UJ-uis. . Ne*t sub. day July 12 . Am. Exemnt___ffi2 

Britannia Trust Management fa) (g) ^ F&SgmghvfiZ si 

3 London Wall Buildings. London Wall, r r SXtdoaWlMSn > . W-4SBSCK Exempt Him Ldrs- 21 

lo ^ec=m 5 ql * *SS£i:r=rB£S 831^:5 IS 

caoiteiArc. ULc 553} -03 4 85 Uord8Bk.UiritT8t.Mhgrs.Lld.fCa) S™;: g| 

Inc. 5 q 0 ItegUtrarV pert- Goring-bpSe*. <nn . InvTn Ltaita =56 

436 Worthing, WeilSitBjex. OMB33288 Msriez Leaders—. 283 

0-6 724 First (BaincdJ |492 5271-0.7] 457 ^NU VieW 27.6 

103-925 676 72^-0^ «57 Pret 4 Gilt Trust-. 23.1 


H=a« 


01«31=» gtd.tnLPa-Acyi 
1032| i-J 769 

Money Pol Cart 
Money Pen. Acc^ 


Ataets — 71.0 

Capital Arc., ... 51.4 

Comm L tod 9.9 

Commodity 766 

Domestic, 37.1 

Exempt 134.0 

Extra Income 39 4 

FdrEssC 22.2 

Financial Secs 62 7 
Gold & General- — 86 6 

Growth JS 5 

Inc. G: Growth— — 72.4 

Int i Growth — g.7 

Inrost.TBLShares- 492 

Sttfmriilnc — 7B.9 
New Iscne — — 356 


=75 -0j] JJM Second lOux). U 


4.72 Do. (Accum.). — «5 

3.08 Third {tneomei M9 

4 09 DatAecom.)— . 110.7 
7.41 FoanbfExIncJ— 582 
253 Do. (.Ac cum.)..... — 665 


72.U-0J 
56-Od ~02 


537 ‘Nil VieW 27.fi 

437 pret AGIItTnisL.. 23.1 
366 property Share* — =65 

3.8b Special Sit. Tst 275 

bJl VSL Grth- Accum. 2L4 
6.11 tlJK.Grth.Dtst 18.9 


ft Z=m J- Henry Schroder Wagg & Co. Ltd-V 


lot 

loia .....| — 
100 5j —j — 
100 h| i — 


Scottish Widi 
FO Box 90S. Edina 
InvPIy Series] — 
Inv.Pfr. Series?... 
liw.Cssh June 15. 


Property Units.: — |S45 57^ "-1 — ' L324M I — Scottish Wi dips’ Group 

Commercial Union Gronp o5ts^^S:i»6 r. - POBnxsoa.EdinSrehEHissBU ositoseooo 

nrW. 1 ' TT^r-rtf,-it TV~T OpTaTjlmelS LS5.0 56321..-.. — Invpty Series L_4nQ35 155.3 — 

. ° 1 ’ S ? ara00 oS6»«n. JuoelS- 147.7 155 3 — 7n». ffr.JteieaTjW.S ioa.3 — 

VcAnAcQLJimel7.| 54.96 I — -4 — Opth Dej>UvnKil5-P2l4 1Z7.H — liw.Cash June 15 J97.7 102.91 — 

Ixi. Annuity Uta — I 1804 . | | — j) i_x— n-«.n_i 1 .. a. t *A BftRAeeJtnwT. — 038.7 144. N — 

AMgaAreatim V Jf* TamMnre LOnflOP Inoemnlty * GnL Ins. CO. 1*0. ExUUneJune7 gs.1 340.3 ...... — 

ao nloderau ott Uft insurance Co. xajp.TheForfauiT. Reading S83SIL M*dJenJunel5_|2b6.0 2fM ...::i - 

OR Chancery L«e,WC2AlH£. . 0145120=82 momw Mnnagec 1336 380) — 1 „ . . , . ,, , 

vEguttyFund- Das 35921 I — mupi^T ._§ 9 b 3l9 + 0.R — Solar Life Assurance Limited 

VMana ged FUnd.— (WA ■». l«Rg .-4 — Tired Interest |34J. 36J)i-02|~ KtftlEJy Place London E.CJN6TT. 0UM2290S 

g^S^r*«73n^ - ^ Lofton & Manchester A^Gjxf Z 


* Group ' 

:h EH165BV. 0314256000 

L0S.S 105.51 — 

W.6 2 04.91 — 

7.7 102.91 — 

33.7 144.fi) ._. — 

05.1 340.3 — 

66.0 246.0] — 


North American — 29/ 

Professional 500.! 

Property Share* 133 

Shield 458 

Status Change 312 

Uni v Energy — 32.0 


+0 4 3 36 I* 0 *"* wu . cSlUl7une20.Z: 1C22 1059a -12 

3 84 jj —03 836 72to,GatebotiaeHd.. Ajleahnty. 020859(1 (Accum. 1 ..123 7 1282 -13j 

J 37^-0 2 465 Equity Accum. R57.2 1653) — J 435 income June 20 182.3 lM9ri -22; 

f 321.7x4 -o.i 334 w* JL. G RmnnW IvMcVtl (Atv trm. UalUf 270.9 280.7 -32 

T 5lfai3-3_ c A 79 " “ “ Uroupp lynCKZt GeaeralJunell — 84.9 |7.9 ...-J 

—01 • 267 Three Quays. Tower MIL EC3R BEQ- 01825 4588 tAccura Uoitti 104 10 1083 | 


4.42 See also Stock Exchange Dealin, 

9 .97 American- 15L3 59.6 

236 (Accum. Units' 522 556 ..... 

Australasian——. 5A4 57.1 +0.1 

• I Accum. UultEi- — S-3 519 *03 

2S1 Commodity —TJX 822 

eti lAccumUnlt*>— - DJ)_ ,88.9 +0.J 


4 — Cap. Grtrvrttx Fund- 

—■■ j — 4Flex. Exempt Fd. . 


Jwfto.Pmi.FdJ 1WA | — J — The Leas. FoOtestooe. Kent 

Sid' S' la=m 

cornhin Insurance Co. Ltd. 

71? ro mhiTI, K i7 T v 0I4C85920 Inv. 7Voat Fund— 

Cap. Feb. Hay 15 — JglO , — - — Property Fund 

ttdijiSimooZufiao 377.0I “i'El. M Sc G Group* 


Cap. Feb. May 15 — [122.0 , — twJ — Property Fund. 

4. s*®s! 

Credit A Commerce Insurance . 

100. Regent St, Lo nd on W1B.5FR. 0H3970B1 Cow DepoBtri 

CbCItagd-Fd U22S 132.0) -....) — 

Crown life Assurance Co. IiiT Family 
Crown LReHat. Woking. GU21 13CW 04B8S5Q33 


X Three Ottaya. Tower BID ECaaeSQ 01 to9 4588 

"Vijrs. Peosiofl* - * 12288 — I .-«•) —+ 


030357333 

— — SolarFxd. 

— — SotarCaxbS 

— — Solarlntf. S 

— ■ — Solar Managed P 

— — Scdar Property 

— Solar Equity P. 

..~J — Soiar Finllni. P 
Solar Cash 
Sala t toM.: 




Mang^d FuikJ Acc. 


Equity PdJnir. 

Property F«- acc. 

J Fd- Incnu 
. Fd-Irdt. 
lav.^sl. Fd. Acc - 
lBv.Trt.Fd. loan. 
lnr.Tat Fd-Irot- 
Ftscd Tat Fd. Acc. 
Fbcd.inLFd.Incm. 

1 Uteri FO. Acc — 
Inirnl Fd. teem. 
Money Fd. Act.,. 
Mono? Fd. Tn en L — 

DW. FcL Inem 

Crown Bit. Ins.’ A' 


15! “• 


+0J — 

+<u — 
+0J — 
—05 — 


Interna tnL Bond 
Managed Bd. 

PrxrpCTtyBd 1 

Ex. Yield Fd- Ld* 
Recovery Fd- Bd.* 
American Fd. Bd.' 
Bpan Fd. Bn.* __ 
Prices on Vtme 




Sun *R)»r+ Fund Mangmt. Ltd. 
Sub AUJaoce Hoove. Horsham. OMSMM) 

= 

Sun Alliance linked Ufe Ins. Ltd. 

Sta Alliance Homa Horsham 090364141 

iS^£ra>tFuZ^7 10?!3 -0.9 — 


FtiedlnteTjstFd — (103 7 

' SI :::r| = S8S3SBfcp5 

June IS -^June 16. SS®edFtad 


122.® —in — 

109.2 -0.6 — 
U12 .... — 
1152 +05 — 
1016 . .. — 
114 b —92 — 


The British Ufe Office Ltd.? fa) (Accum. Units) 1 

Reliance Kan- Tunbridge Wells. K.00022SII Commodjcy . 

BL British U/o Ml 52 Di -OS] 56* J5^g;S AreE3r 

BLBslantxd" Rhl 91^-0.^ 5.61 

BL Dividend' 1424 j 45.4) 9JD 

"Prices June 2L Next dealing June =8. Dirt demd ?.^ ° ~TT 

Brown Shipley & Co. LtdLF 

Mngrs; Founders CL EC2 QltoP 8S=Q‘.>Ai ieSw ri»ii»i„ 

BS Units Juno =0—12133 Of.* -- 9.7S Extra Yield 

DatAcO Jane 20— 1=66.9 2Sa.4{ ..a_J 475 I Ape um. Units) 

to fS* 56.71—03] 415 

cS-rZZdiflJ • 196 — Si in iSf 5 - 

Growth Accum. Bl 07.8 -QJ 433 UnlQ)-- 

Growth laconie — _U5 9 321 -03 433 . . — — 1 

Income Ba g| j j |« 

1—L.L Wix mc Jll a T8 tAeeom Units }—. , 

E5 M 2Us 338 JfP«B Income 1 

pS^MOCO 1575 622 -0.7 4.« 

^^t5ane IS.-I.Pa 603^^3 931 l L { ff|™ ^ UnuM ‘ ' 

Canada Life Unit Tst Mngrs. Ltd.* (. Accum. C am; — - 
GdBBgh St. Potters Bar. Herts. P. Bar 51122 (^^Dnitei7__j 
Can. Gen Dtst. 137 9 2-51 “2-?l 5« Second Gen. 

Dc. Gen. Accum .._. |9b.O 48,® -D.4I 437 (Acnm Units : — 

Do.Ine.DIa — . — Ua.D >^A -0 J 7.E) special — — — 

Do. lac. Accum [93.1 45.4| -03| 7.R (Accum Unite: 


. Europe June 15 71.1 

168 (Accum. Units.'-.-. 34.4 
168 -PentCharFdAp=h 1667 
1.70 -SpecEx-Juncl— 2f3J 
3.79 "Rcccncry June 7 .. 189uv 


280.7 -32 

IBM I- " 

-11 

171.8 -L3 

250.fi 

195^ 


For rax exempt fond; only 


FW Eastern 

56.71 -0 Jl 415 (Acnum. Units) 

194 Uu? 3.91 Ftm 4 of Inv. Tits — 

47.8 -aa 433 (Accum Unite) 

TCI — 03j 463 Genera* ... 

326 -021 969 (Aeozm Units)— 


iSa *0 Jl 373 Seotttsh Equitable Fnd- Mgrs. Ud.¥ 
fiS6| —O.l! 335 28 SL Andrews Sq, Edinburgh 031-5600101 
_6B.4j +0.4] 1.0 ineomoUnlta.— .M92 ~3~5"iJ fw 

J-2J Aceum. Unlu- . 5tU ~L3f 5X7 

—526) _0 J] 3M Dealing day Wednesday. 

Ml} -03 646 Sebag Unit TfeL Managers Ltd.V fa> 

ra! PO Box SlLBcklhry. Hse.. E.CA _ 01-385000 
*2f97V3 Seboc Ca wtal Fd. _ I32.B 3431-0.4) 337 


Bridge Management Ltd. 

P.O. Bov MB. Grand Ol m an. OiTnan la. 

S’ hash! June 2 1 VU3B ] .] — 

GF.D. Box 590. Hone Kong . ■ _ 

atwiwaPR JMBW 4 J7M1 J '0.71) 

Britannia Tst. Mngmt. <CI) Lid. 

30 Both St, SL Holier. Jersey. 053473114 

Sterling Denooinal^ Fds. 

GtouThlm-esl .PJ-O 35.7 460 

IntnL Fd. go 2 867 100 

Jersey Energy T3t- .0366 147.7 360 

UnireLSTsLSts.-tf221 233 3.00 

KighlnuSUs-Tst (£0.97 LOZj .J 32M 

VJS. Dollar Denominated Fds. 

UntvsLSTrt 5TS520. 547] 4 — „ 

Iflttfifihlntlht— .|R-5fl.97 lilj 1 9D 

Value June 16. Next dealing Juno 26. 
Brown Shipley Tst. Co. iJerseyl Ltd. 
P.O. Box583, St Heiier. Jersey. 053474777. 

Sterling Bond Fd. _]Q0U7 10.12] -I 3L00 

Butterfield Management Co. Ltd. 

P.O. Box 195. Hamilton, Bermuda. 

Buttrcs* Equity 12 3b =441 4 1.94 

Buttress lnconie..-Jl.97 204[ .....J 5 85 

Pnccs at May 12. Next sub. day July 10. 

Capital International S.A. 

37 rue Notrc-Dame. Luxemburg. 

Capital Lnt Fund -I SUS17J0 | 1 — 

Charterhouse Japhct 

I. Paternoster Row. LC4 01-2483999 

Adtropa- D.'Uira r.Wf+OJO) 5.47 

AcUserba DlUfllO 5178 +0Jg 502 

Fondak— nM32J0 3=00 +030 5 88 

Fondis 23 Jl .._.. 563 

Emperor Fund. lifUl 301 — 

Hispano llTSMU fllj) ..... 260 

Clive Investments (Jersey) Ltd. 

P.O. BoxXHJ.SL Heiier. Jeibcv. 053437361. 

<Dlxe C.Ut Fd. • C.I. . .110 01 10 <M 1 U-00 

Cits c Gift Fd. Usy.).n 99 lO Ozj — J 1160 

Com hill Ins. iGaenuesri Ltd. 

P O Box 15 7. St Peter Fort Guernsey 
lMnl.Man.Fd RbR.0 lSiO] —1 — 

Delta Group 

P O. Bex 301=. Nassau. Bohumos. 

Delia lav. Jowc 1.1-15185 1.94) — J — 

Deutscher Investment-Trast 
Postidcb 2885 Biebergasre 6-10 6000 Frankfurt. 

Concentre hilTM BO 210W+OOM — 

InLRcMenfonds-.iDUHJS 7150) — 4 — 

Dreyfus Intercontinental Ins. Fd. 
P.G. Box N37I2. r.'assuu. Babamax. 

NAVJunefi HVSHfil 15 B) | — 

Entson & Dudley TsUQgLJrfii'.Ltd. 
P.O Box 73. St Heln-r. Jersey. 034 205B1 

EDLC.T. 1119.4 126.fl | 340 

F. & C. Mgmt. Ltd. Inv. Advisers 
1 .=. Laurence Pounlney Hill. EC4B OB A. 

0)to3 4S80 

CenLFd. June 14—1 WS5JB |+0J=| — 
Fidelity Mgmt. & Bes. (Bda.) Ltd. 
PO. Box 670, Hamilton. Bermuda. 

Fidelity Am. Asc....| SUS26.48 | I — 

Fidelity lot Fund- SU.S22.02 J . ... J — 
Fidelity Pac Fd — I SUS4637 ]+01(rf — 
Fidelity WritH-d—l SL1S1446 |-004| — 

Fidelity Mgmt. Research (Jersey) Ltd. 
Waterloo Hse.. Dan St-, SL Hclier. Jersey-. 

0534 1=7561 

Juries Arttiinl.l J £3.90 [ ...... | — 

Series BlPacilu' ■ — J £605 +0«l| — 

Senes I« lAmAss 4 Q847d | .... | ~ 

Firgt Viking Commodit>‘ Trusts 

A Si. George's SL. Dou£la*.I.o M. 

0624 4«C. Idn Agte- Dunbar & Co.. Ud. 
aJ. Pall Hall. London SW175JH. 01-530 76K7 

FsLViIl Cm. Tst — 137.7 397) j 2.20 

Fsl Vh.Dbl.OpTst_J77 0 02^4 i L70 

Fleming Japan Fund S.A. 

37. rue Notre- Pame. Luxembourg 
F"tme June 14 | STJS4S.48 ( — 

Free World Fond Ltd. 

Butterfield Bide, Hamilton. Bermuda. 

NAV May 31 1 SUS17925 ] — J — 

G. T. Management Ltd. 

Part Hat. 16 Finsbury Circus, London ECS. 

To}: 01-628 8131. TLX: 806100 

London A Bents for , , „ 


King & Shaxson Mgrs. 

1 i’hanr>c , 'm»».Si Ilclicr.Jerw.iOSMnswn 
Valle* Iter. M Peter P"n. UrtBy. iCMRl i 24Tt» 
I Tlioiav- Siren [k.-ui:IX;.I «.* M <0B=4i4IB6 

1. 111 Kutidiier^e* > [9 27 9J0J . [1200 

i hit Triuiil n » . . (102 7 105 3nj -0 5j 12.00 

1.111 fnj. v".uern.-i-*)9 lb 9191-030)12.00 
IntL CittA stecs. Tm. 

First Slerlint; .118 57 • 18631-0117] — 

First IntL 1 lB5J.fi l8fiJ9)+Ojo[ — 

Kleinwort Benson Limited 

*67. Vcnchurch St- EC3 01 -623 8000 

Kunn*«4. Lux. F. 1.059 I —T 3J1 

Cluernse* Ine 63.9 67.7 *06 410 

lw Aurum 7B-9 81.6 -0.7 4 10 

KB Far East FJ_— SUS1165 .... 121 

KBInlL Funu SDSU-71 .... 1 9fc 

KB Japan Fund 5V1S3Z57 +0.75 0.77 

K-B.lt5.GtsUi.Fa- SUSU.96 .._. 075 

Stcnet Bermuda IV548Z — -01B 267 

•Unliundadllll — 18.70 19.7^+000] 865 

*KB art a* Loudon stayins agents only. 

Lloyds Bk. (C.U U/T Mgrs. 

P.O. Box 195. SL Helicr. Jersey. OSHZISU 

jJcvdsTrtOactte-1584 614] 1 124 

Next dealing date July IT. 

Lloyds International Mgnmt. S 'JL. 

7 Rue da Rhone. P.O. Box 173. 1211 Geneva 11 

Lloyds InL Growth. ISFSO.OO I 169 

lJoyttelnLlDcorno.lsSEW JUDO) .j 630 

M & G Gronp 

77bxc Quars. Touts- mil E CJR 6BQ- 0Ito6 4368 

-At lunurJuncSU Sl'SJ82 3M-007I — 

AukI. Ex. June H H. &2S =35 — 

iTul-JE*. luu- U .... il'f9B6 IB 10 . . — 

IsJaail . 127 J 135 5—0 2 93 51 

l/Vcuml'nitsi 180 0 191 5) -0-3) 5361 

Samuel Montagu Ldn. Agts. 

1 14. • i|d Bruad SL.E'.* 2. 01-5888464 

Apollo Kd June 14 SK48.4Q 52651 336 

JapfertJonc IS... SIIKUD 1173 109 

1 17 Grp- Mo** 31 SISUH 11« 198 

1 17 Jcr.rev M..j .31 ._ C5 06 565 0.76 

117 JtsyO-*luae7-. 13255 U30) — 

Murray. Johnstone Unv. Adviser) 

163. Hope Sc.. Glasgow. C2 041-=2J .9522 

■HopoM-Frt ] SUS53.65 J .] — 

•Murray Fund. — I SUS11J7 | | — 

v;av May ii 

Negit S.A. 

JRa Boole rare! ’Royal. Luxembourg 
NAV Juno 16 | SUS1064 ] 4 — 

Nogit Ltd. 

Bank of Bermuda Bide*., Hamilton. Bnnda. 
NAV June 9 1 £5 .33 — J 4 — 

Phoenix International 

P0 Box 77. St. Peter Port. Guernsey, 
inter- Dollar Fond -IS237 266] J — 

Property Growth Overseas Ltd. 

ailn&h Town. Gibraltar <Gibi610S 

U S Dollar Fund....] 5US8589 t -I — 

SterliDSKuml..— ..] £1=3.77 ) | — 

Richmond Life Ass. Ltd. 

48. Athol Street. Douplas. J.O.M. OKU 23B1 4 

roThoSIhorTnirt. 1116 1144] +L5I — 

Richmond Bond 37 1737 1B2.9) -1 1 10 78 

jS>. Platinum BiL, - 1289 135.71+1.0 — 

!V>.GoldBd . ..1071 112.81 +06 - 

, Do. Em. 37. iS B'i 168 8 277.7] -2J 11.49 

Rothschild Asset Management (C.T.I 
P.O Bux 56. St- Julians Ct. Guernsey. 0481 26331 
O C-Ecj Fr Mav 30-153 2 58 ^ ..... 2 77 

O o.i orJd.J unci . 147.1 155 9rt 761 

O.C.Inti.Fd.T..- 5135 143 3Z3 

O.C.SmCnFdMyat.- 1463 155.6 325 

O r. rommoditv- _ 2346 142 6 462 

O.C. Dir. Comdty.t... 1525 85 27.4IH — 

. *(Vi>.o on June 1A Next dealing June ?0. 
TPrtoex on June 7. Next dctdini; June 32. 


1 +o‘im — 
-om| — 


39 71 j 220 

n.Ont 1 1.70 


J-E Security Selection' Ltd. 

- 25-19. Liocotn’a Itui Field*, WC2. DJ-B31 BB3B9 
UovlGdjTJftAec_[M2 =S6i +02] i29 ' 
L44 UaslGthThcInc — fZt.l 226af +CJJ 229 

M4 

rr— If >Vot ttfcnsoora liil Cal : 


Merchant Investors Assurance 


lol 522 Jas-Brit Street. Croythm. 

=SJ “ ssss-^rr: ml 

10U -0.7 — £ hJT S 1yPeM * 1 C7A 


Crusaderlnsiiraiice Co.JUd. 

Vincula Houae. Tower PL. EC3. 0142B803I 

G tb. Prop. Juan fl._ |70i . 795 —.J ~ 

Eagle Star [nsur/Mtdland Ass. 

l.Threadneedle SL. EC2. . Mto81212 

EasloADd. Units— J52-2 . 5321-0 J) 567 


%ZfSZ=L 

4 12 Money Market 

_ Money Mht PTOS- 

B.7* Deposit — 

7M De peril Pens. 

_ hla nosed- — - 

Manaceid Pena. ._. 

IntL Equity 

Rani IntL Managed 


‘ isi 'jz iSityi 

xtii a 17 Money Martel J40.6 

1001 ™" _ Money MM. POT*.- 18L5 

a S - « &EEE ,i| = 

_ J — 135.7. —.4 

Crusader . Insurance Co. lid. ;;;;;; 

Vincula aoure. Tower PL. EC3. 01to88031 xtA 

Gib. Prop. Juan 6. _[702 - 7?6] —.J — NEL Pensions Ua.- 

Eagle Star Insur/MMIand Ass.- a .. V .J 

l.Threadneedle SL. EC2. OltoB 1212 Nelwt^! Areiim. , 1132 32 9^ -03 

EaaloADd. Units— J52-2 . 532] — <J Jj 367 Nel«x Monty Cop.- 613 64|J 

Equity & law life Ass. Soc. iiif nSS r.ih ° dc / s^ei' 492 5iM ---■ 

Amerriuun Read. Hlfih Wycombe _ <»M 33377 Nel ' n 5 S3 

Hr, ,.n_ m liv'd DSll -Id __ N« WStL r a h7i» 3WJH 

PtaSdStofetF 3 ' IMA ~ Nel MwL Fd Are^2 ^ 

2&33s* M "n& 


SteT Ufa of Canada fU-K.) Ltd. 

0ito69171 2.3,4. Cnctopur St, SW1YSBH 01-8305400 

= = 'SBSftSfcl ®'|= J- 
■r. ~ S&^-l ffi ld = 

— Target life Assurance Co. Ltd. 


Capel (James! Slngt Ltd-V 

100 Old Broad St.. ECSN 1BQ 

Capital. ®-3 M.7 

Income (76.7, 83S 

Pnccs on June =L Next dealt 


4 “ Special ... — F 

7.H. (Accum. Uuitsi f 

Spec (allied Food* 
Trnrtee F 


Cariiol Unit Fd. Mgrs. Ltdjf (aKO ^^‘’^^n^Ltd. 
^Housc.Ncw^t^tjm. «« 5^ e . f J55SS 


£3 Stewart Unit 1W- Managers Ltd. (a) 

223 45, Charlotte Sq., Edinbursh. 031-2=83271 

f -2 tStewxrt American Rud 

072 Standard Units [67.8 7=.« -.'..J 123 

7 + Act lot. Units 173 0 7821 ...... 1 — 

440 Withdrawal U nits )541 57.9) _2-] — 

8S.fi) +0 4.48 ‘Snort British Capital And 

836)9-0 532 Standard 11334 144.91 -8 -?| 4^ 

532 Accum. L'nta 1+52 8 16S.2) -02} 935 

4.M Dealing t5ri. ‘Bed. 

— • - ,-2D Sun AD lance Fund Mngt lid- 

mgjig C4B Sun Alliance Hse_ Horsham- , 0403 WJ41 
2962 -0 9 ’ 6.43 Exp Eg.TstJnne 14ISILO 222.3 -2 J *21 

} 1064 VTfccFamjl7F(l__l9t.l *Q22| -06) 361 

ilSJ toi 7 S Target Tst. Mngrs. LW.P <U(g) 

243 jJ 567 3I.QrcshajnSL.EC7. Dealings. 0TS65B41 

. iu Target Commodity. [35.5 SBJJ +02) 3.78 


JS*B3 695] ._.. 
160 9%l 


3 27.9 

511943.60 
100 276 64 
K857 903 .... 

249 24.46 .. 

U32M *4W . 


court Rd. FLKont; 
J «( . I 2.40 
UflMtCJin 0.60 

vM 16000 

10599) / 5.70 


062423911 
.. . | 2G.W 
.1 4 0 


TarfietFlnanriel.. 

.-J — Mi 72.11 » 392 5L Gears et way. auveoage. 0438 56101 Target Equity Bbl ».aa . 

d = ffiSSETSElW SSrd ft Growth L'nit*-~.— 1516 ^ ,...J <21 Tgg^ 


House. Gatehouse Rd- Aylesbury. 

Aylesbury (OSOOi S 


_ MMiFUndtae 11012 

Han-Fuirt ' 

nop.Fd.hjc U07X . 

Prop. Fd. Acc. 138.0 

Prop. FtL inv 

S6U «»ed lot. Fd- Inc 


e* bury (0=96i 59+1 

sa=i = 


-06 <34 

■ -J b iZ 

-3.W 562 
-S3\ 5.87 
-02 3.00 


I —6i>1 — 


Dm. Fd Acc. Inc. 

Brt.PlBuAe.Peo. 

SrtJ^anCapJeiL. 

HrLPlanMsn-Acc. 

Jt»hMan.Cap.-IU5.1 121JI — 4 — 
__Peu. ACC. riL 030-2 Wll ..... — 
G0tPea.Cap. 11=36 13h2» I — 

-Tnmsinteniatlonal life Ins. Co. IXd. 

SBroam Bldgx. EC41NV. 01-1058477 

•Tulip Invert. FA —.[14=0 — 

ffit3 = 

prident Life Assurance Co-.Ltd-V 

benrtade Honae, Gloucester 045288841 


213.0 — 

104.0 — 

787 -1.0 — 

651 -0.9 — 


Accum. May 16 12563 — 1 — 

♦Unautfi. Only available to Beg. Chanties. 

Charterhouse Japhetlf 

1. Paternoster Row. ECt 01-24B 3999 

CJ. Intern at' 1- -.13*4 26.61 I LB6 

Accum. Units 
CJ. lacose— 

CJ.Enro.Fih 
Accum. Units. 

CJ. Fd.lsv. Tr 
A ccum. Units- 


219.71 -02 3 00 

23 g -0.3 4.95 

30.H -02 162 

33% -02 162 

- 33-3-0 J 3.61 

IMJfl -3 2 «J5 

n.«j -02 8 2b 


UU.ACtQlILi ttlUMHlBJ.* '-H - ■ * Ann Arr 

DO. Htph Yield W.7 44 21-.-J 863 Mayflower Management Co. Ud. ^ e tGiiL& 

Da Acc ujtl L'oits —[52.9 54.4| .--4 863 14/iB Grethxm SUECZV7AV. 02-0)88099 Target Grouth 

Nest dealuie dale Juno 28. ■ iacoa*eJunc20 [M7.7 113.fi +!.*) 813 Target ImL— . 

Charities Official Invest. Fd4> Geueralluneai.— W.B 73LSI — 0.7| 563 SrtMpn Units 

77LondoijWaU.EC2.VlDB. 0I-S33I3I5 Mercury Fund Managers Ltd. ■ tSlPt J* uSai 

Income May 18 11352 — j ] 6.60 ». Gresham St. EC2P2EB. 01to045» TgLJoc 

Accum. Mar 16 12566 — I L~ Mere. Gen. June 21. [10.9 1956) +6.7] 462 TgtFTe 

♦Unautlt. Only available to Beg. Cha ritie s. Acc^L'QJune=i _ Z3S.9 254a +7.9 4*2 Coyne Growth FU. 

Charterhouse JaphcHf jSSluteJunc a. w! So ii TMTfe 4 M* 0 *- ‘Scotland) (a)fb) 

1. Paternoster Row. ECt 01^483999 MercErt.Matr2S_.a4a ZZ3.3 -'... 4.C ir AthclCrwcent.Edtn.3. Wl-2to8tol* 

26.0 L86 AecumUta. Apr=7-tX56 2660) 4,42 Target AmerEeslclO.6 299sj -061 161 

30.4 .. — 1.86 Midland Bank Group Target TTustle^. — 139.4 <=-5 -03] 566 

S! — *• Unit Trust Managers Ltd.f (a) Extra incoaeFd_J»j) M -oaj ions 

TC6 T.r 353 Conrtwood Mouae, Silver street. Head. Trades Union Unit Tst- Managers^ 

29.4 _.— 365 Sheffield, SI 3KD. Tel: 074279842 idol Wood Street, E.C.B 0I-828B011 

Commodity* Gen.. tfitD J}-OJ+0-1| 5to ^jbTjunel 1501 53.4] | 560 


INVEST IN 50.000 BETTER TOMORROWS ! 

50,000 people in the United Kingdom Buffer from progressively 
paralysing MULTIPLE SCLEROSIS— the cause and cure of 
which are .stiii unknown— fiELP' US BRING THEM RELIEF 
AND. HOPE. _ 

We need your donation to. enable us to continue our work 
for the CARE and WELFARE OF MULTIPLE SCLEROSIS 
sufferers and to continue our commitment to find the cause 
and cure o£. MULTIPLE SCLEROSIS through MEDICAL 
research: 

’ Please help— Send, a donation today to: 

Room FJ. • JMI 

-The Multiple Sclerosis Society of G.B. andi*.i. 

4 Tachbrook Street, 

London SW1 1SJ 


BUILDING SOCIETY INTEREST RATES 


336[ 3.63 Commodity* Gcn-J 

Price June 14. >Io*t dealing Jnoe 2L Dtu^ro a- 

Chieftain Trust Managers Ltd.f(aHgi Do. Accum 1 

HKewSLECTHTP- „ 01to3=832 .. 

Amen can |(i)3.7 gS ~~ J 158 j^cme.. SS 563^03 630 <Awtmt.Unl.te.) 

SeSK.THT.fes S| is 3 SKKTTTp M-Ai IS 

Boric ftesreo. TK-fiaA 28,4[ -0j) 4J8 S7XH +02 2J5 (Accum. Units). 

Coofederatjoa Ponds Mgt Ltt¥ (a) wl =05 ft SSSl^fiSwf 

SO Chan eery Lose, V7C2A IBS 0L=«20282 Equity Kxempt' — Sra.fi 109^ .... 5.49 Otmld-Junelfi 

GrosrthRtnd 1413 435 ^^STSnKt dS^T^L to* 

Cosmopolitan Fund Managers. Minster Fund ManagemLM. M^rib^ U j“S=o 

3a Foot Street, Lon<toaSW2X8EJ. Dl~23S8S23. j^nsjer Hse. Arthur St, EU24. 9X4SZ3I090 f Accum. Uni tel 

Cnaaopola.Gih3Up7A 18.9) -02} 404 Minster June 12. — k£3 373] | 567 Van.Gwth. June 20 

Crescent Unit Tst Mgn. Ltd. faMg) 'SmrtMitenJt tii ** 

C^^G^th Ed 'i269^ tli 2S *1S Old Queen Street, SW1H9JG. OltoOTm 14 ' 

ftSflSSSrtLl M SI: 0 : 2 Sts MLA Units — —t**- 5 4L9I-0JJ «9 WJc^unelS 

f£®5t= w Is =* SI S'.” 

s—a ™ 4 ' HE^eB WM Si kslsss 

M,BlomfieldSL,Brai .AL . 81to84«i Mutual HJS»> *tf- -75^2 6B^J 1 8 63 income latte U. 

DiKlacome \lh2S -73jut . — 1 523 National and CoamerclaJ lAccum T.ioiiii. 

E. F. Winchester Fund Mngt Ltd. ■ 3L Si. Andre*- Square. Edinburgh 031-5569151 
Old Jewry. EC2 01to82187 lneoute June J5 — WM 151 H -....[ 622 Exempt June 14 

GrontWuicherier.»ll88 14.6) ...... I 624 (Accum Unit* 1 laas 2B8J] -....] b.lj . Accum. Uniui. 

Gt-a-uich'fYartSBj Z1A..;J 469 SB iS-3 364 14 


Do. ArcutiL 

tecct pe 

Do. Accum--- — — 

Inientnljonal , 

Do. Accum. 

High nell 

Do. ACCUOL ... 


TeLOTttTBHB 100, Wood Street, E.C.Z 01-82SB011 

5:“ +0J Ho TUUT Junel 1501 53.4] -J- 1 560 

403a -02 361 Transatlantic and Gen. Secs. Co.* 

Sc fji hi -99 New London Rd. Chehnaford 0=45 51K1 

33.3 326 Barbican June 15— (762^ .25^ "'H 


80.8 .....J 568 

lH3 568 

88 . 4b! 463 

845a 4.74 

1046 _.... 4.74 

132.7 5.75 

Vi — ft 

57 0 +QA 530 
732 +05 530 

542 -DJ =56 
92J -03 2.6 6 

52.7 -02 3.49 

647 -0.2 3.49 

75.9 +02 8.65 

47.7 6.41 

48.5 6 41 

644 5 26 

76 4 -w 526 
688 849 

78.8 ...... 8.49 


7W -0.4 7,'» Tj-ndail Managers Ltd-9 

47.7 —02 628 18 Canroge Road. BrisioL 

602) .— .. B 63 income Jane 14 IW.8 1W 1 


027=32241 
I 829 


Anchor -B 1 Units— BEtM OK] 1.73 

Anchor Gilt Edge - C9.90 9 9M 1275 

Anchor lot Fd IUS4JJ 459) 1-76 

Anchor la Jay. Tat. 266 27.9f.-_. 2 80 

Berry Pac Kd. ^SU94360 ._... 0.9= 

BenyPacStrie 26408 27664 1.U 

G.T. Aria FU gjt«57 . 4031 171 

G.T. Asia Sterling- 0349 MM,—.- , > 44 

G.T. B*>iuJ Fund — 510268 *S06| .. I 499 

G.T. DoIJjr Frl 5D5X26 CM+OM 499 

G.TJhidUcpa SUS2336 )-H)=-V 2.16 

Gartjnore Invest. Ltd. Ldn. Affts. 

2.SI. Mary Ase.Lowlon.EC3. 0KS3353L 
Gartuwre Ftoud MnM- (F*r Esgll lid. 

1503 Hutchison Kse. 10 Horeourt Rd- FLKong 
HKtFac. U.TsL—gaaiffl J * . I 2.40 

Japan Fd. _mfSB65 ««fi*C- 7 7!L 060 

N. AntencanTst — p(lSUJ85 12M 13000 

IntL Bond Fund — jSURIM 10»a( / 5.70 

Ganmore lurestointi Mngt. Lid. 

P.O Box3C.DoueJas.IoM. 06=423911 

ujttfuorelnU Jnc-pJ 4 228) .. . f 20. W 

GaitJuorcJtitl GnhlWl 6931 .. I 40 

Hambro Pacific Fond IJgmt. Lid. 
[2110. Connaught Centre. Hone Kong 

Far East May 31 JSHKIia — 

Japan Fund BL322S 7AJJ | — 

Hambros (Gaemsey) Ltd./ 

[Hambro Fund Mgrs. lC.i.1 Lid. 

PO Bax 88. Guernsey P481C83S1 

CL Fund JWW 252 Out . 3J0 

Intel. Bond srjaios oj aoajS*o.« 830 
lint. Equity SU«1064 1120-0 0? 2.50 

Int. Svg*. *.V SUSL02 115 8 50 

loL Svga. •&' SL-SM9 11=1-00". 230 

Trices on June 21. Next dealuc: Jane =8 
Henderson Baring Fund Mgrs. Ltd. 
PO Bo* N4723. Nassau. Bahamas 

japan Kd. fK$UH UCT.— I — , 

Price* on June H. Next dealing date June 2L 

Bili-Sanmel & Co. (Guernsey) Ltd. 

8 LeFebvre St, Peter Port Gtrernsvy. CJ 
Guernsey Trt — —114B2 15a a) -14) 360 

Hill Samuel Overseas Fnnd S.A. 

37. Run Rotrc-Dame, Luxembourg 

P29.02 MJ7\-4tF{ — 

international Pacific Inv. Mngt- Ltd. 
PO Box R237, 36, Pitt St, Sydney. AUri. 

Javelin Equity Trt. I5A2.1I 122) r — 

J.E.T. Managers (Jersey) Ltd. 

PO Box 194. Royal TsL Hse., JerseriSM =441 
JerreyExirnl.Trt_.)I63 0 173. a ..J — 

A.- at May 31. Ncxl rob. day June SO. 

Jardine Fleming Sc Co. Ltd. 

46th Floor. Connaught Centre. HonJ Kong 
Jardine Erin Tj.l- | 5HX2S4.36 I...} 280 

Jardiiw.l'pn.Fd.*^ [ SHK31904 | 0 90 

JwdiwSEA SUS2422 .. .1 2.M 

Jardine Fl'.mJnl — ] SHK9.70 ] — 

NAV May 28. 'Equivalent St'S*’8 46. 

Next sub. June 15. 

Ke>-srlex Mngt., Jersey Lid. 

I'OUr.Kto.Sc. I teller. Jersey.. (Enc 0l«»S707il| 

Foiwelev .hi.iqj 1BJI -JH = °0 

'r.nnit'4‘la\ K ill* 224 . . — 

Now-lev IWI - 1661 72% .. . - 

Nowrlev buropo.... £3 96 4 46 . . 3 =9 

Japan < 111! Fund... IV-3JQ 2J7 — 

KoyvteN.lopan £1218 Ujj — 

Cent. A»t-cl»Cap. _ £233.76 +D'M 


Royal 1:0131 (Cl) Fd. Mgt. Ltd. 

P ■>. Box 1M. Royal Ta. Hse, Jersey. 0534 27441 
R.T.lnl'l. Fd. BCSU5 9741 ... .1 3 00 

R. T. Ir.Cl. tJsy 1 Fd..|94 9B[ . ..I 3.21 

Prices at June 15. Next deal ms July 14 

Save & Prosper International 

Deal I ns to: 

37 Broad Sl. St. Helicr. Jersey 0534-205Q1 

t'X DoUar+tennmljurtcd Funds • 
DtrFxdlnt"June6. 9 IB 974af 728 

Internal. Gr.-* 7 04 7.621 — 

Far East ern-t 4L4» 44 Sti ..... — 

North American*? . 1.74 4.1m — 

Sepro**t [14.03 2623) — . 

Ntrriinx-dcnimunated Funds 

Channel Capita I «_ B34 0 246,4) -L4I 2.62 

Channol Islands^- 1452 1529) -1.81 SOS 

Common. June I 124.6 13 La J — 

St. Fixed June I fUZ.9 21951 I U 64 

rriccs on *Juno 19. —June 14. "'June 15. 
^Weekly Dealutcs. 

Schlesbtger International Mngt. Ltd. 
41.LaMoooSL.SL Heller. Jersey. 053473588. 
S-U 1 81 86 8.43 

S. AO.I 0B5 0.90 5.00 

Ollt Fd 224 =6 -02 1227 

2nd. Fd Jerser — 70S 110 -1 339 

InUiLFd-Lxmbre... H064 1120 -D O? - 

'Far East Fund ...95 lool 3.W 

’.Vext xih. day June 21 

Schroder Life Gronp 

Enterprise Home. Portsmouth. 0705 27733 

International Fundv 

£ Equity 119 5 1=7.1 — 

5 Equity 1=5 4 233 4 ...... — 

CKtxcd Interesl ... . 136 8 1455 — 

SFtxed Interne... 105 0 Ulb — 

£Mana«cd 1308 1292.... — • 

5 Managed — 115.0 1226] ..... — 

J. Henry Schroder Wagg & Co. Ltd. 

I20.Cheapsidc.EC2. (1I.5H84000 

ChanS June 19 SIKII63 -M3 249 

TraialparMay^l SUS11941 - 

Asian FcL June 12_ JT52699 UH . 281 

Uarliot! Fnd 64JB4 195 -0E 5.20 

Japan Fd. June 15 -pi' St 54 7 01 ... .J 0-14 

Sentry Assurance International Ltd. 
PXt Box 326, Homiltcn 5, Bermuda 
Managed Fund ISJSL7W L9UN 4 — 

Singer & FriedLander Un. Agents 

20, Cannon SL.EC4. 01dM88648 

DetoTonds JMS2S39 . — 4 63« 

TokyoTrtJujw2-.| S 1)53500 | .] 2.77 

Stronghold Management Limited 

P.O. Box 315. SL Helicr. Jersey. 0534-7I6W 

Commodity Trust ^|922M 9724] .) — 

Surinvest < Jersey) Ud. It) 
Qucen*Hse.l»n Rd.Ni. Holier. Jxy. 0534 27348 
American I nttT‘.U.lEB.53 B70I+005I — 

«7oppcrTni!4 H2124 11411+0 (Ml —. 

jap. Index Tst )<22M XZ2B) +025) — 

TSB Unit Trust Managers (C.I.) Ltd. 

BacateJIf Bd, San our, Jersey. 0534 7.3496 

Jersey Fund 1471 49.6] —0.5) 484 

iiufrnv!y Fund — 147.1 49 6j -0 5{ 4 84 

JTins on June =1. Next rub. day June =&. 

Tokyo Pacific Holdings N.V. 
lnOam Vlaruscocnl Co. N V". Ojnrsn. 

NAV per Share June 12 SUS5371. 

Tokyo Pacific Hides. /Seaboard) N.V. 

Inluuis Management Co. N.V.. Curacw. 

NAV per share June 1= SL'SoP.13. 

Tyndall Group 

P.O. Box 1256 Hamilton 5. Bermuda. 23768 


I'HxlUiu.lllilt' 14 _ 111 ‘'418 1251 [ 6.00 

tAi'CUm Unite 1 „ SI Sill 19l| .. . — 

:i-Way Int Hot )8 . [St 5238 271| .1 — 

2 Sew St, SL Heller. Jersey 053437331/3 

T'jFSl-June 14 ... C7 65 8 =51... 6 00 

twum Shares’ .. £21.90 12 75 . ... — 

Arm-Til' an June 14. 83 5 890 .... 2.08 

t. tecum share M- ..83 5 89.0 — 

.lenvyFd June 14. 1942 306 0 ... 7 65 

iNoiiJ. A ct*. I'te 1 . . 2732 289 B .... — 

Gill Fund June 14 . 107 2 1092n .... 10.99 

1 Accum. Sharer < — 138.6 14L2| . .. — 

Victory noose, llmdn, Isleol Man. IM?4 S41 LL 
Managed May 18 — 1=9.0 235.8] — 

Utd. Intel. Mngmnt. (C.I.) Ltd. 

14. Mu) cosier Street. St. Heller. Jersey. 
UJAFund HBSWU. liftOt) ...I SJA 

United States Tst. Inti. Adv. Co. 

14. Rue AldnnPcr. LuxembourS- 
U.&TrtZttv.Fn<l-.( 51152069 i-0JKt 0.99 
Net oriel June 19. 

S. G. Warburg & Co. Ltd. 

3(1. Gresham Street. ECt C1-PO0 4M8 

I'm Bd.FdJune 19) SUS9.61 |-004| — 

Fnpv.lnt June 19.— I SUS2762 1-020) _ 

i.TMJPL April... SUS7J9 j • ... J — 
Mr Cur June 14 IsCSUJi | — 

(Varburg Invest. Mngt. Jrsy. Ltd. 

1. rtteinns Cnv*. SL 1 Ii-I icr. J>y i.'l 0534 73741 

r.HKI.Id Mj>3S .. I5*‘JZJB 12M — 

• ■MTltd M.r.=5 .. £22 58 12 90 — 

Metal- Tst June 16 u:l3 17 12 47 .. — 

7 MT .in nett ... El'll 57 1CB5 ... — 
TMT Ltd. June 8 .[U0 68 10 96) — 

World Wide Growth Management# 

]iu K«i>lv'i.inl Roidl. I.uvembourc. 
Worldwide tilll Kd| SL'.*sl5.16 |*009I — 


troet-isca. 01^004551 

te 19) SUS9.61 |-004| — 

•l»._ SUS762 -£U« — 

'31 | SUS7JI9 [ ■ ... J — 

4 5CSUJ4 lflfll — 


Eason & Dudley Tst. Mngrant. Ltd. National Provident Inv. Mngrs. Ltd.9 Prei June if 


iS lOL Ears June 14 _ MB 0 260 • 

*69 jAcctuu UitJcn (274.0 AS? I 


..mim (Accara Unltai 
0IJE34OT sc,*, cap June 14- 

1 an* I Accum. Unite)— 

Scot. Inc. June 14 


Extra Ioc. Growth— 

Do. Accum. 

Fi nan cial Priity. 
424 Do. Accum. 

786 aicblBc - 


87.7 -0.4 5.90 

89 6 —0.4 — 
402 -0.1 963 

447 -OJ — 
162 —02 5l51 

19.7 -02 — 

5tB* -02 7.92 

33.9 159 

332 -02 521 


GREENWICH 


fOl-aSB 8212) . 

2SI Greenwich Rich Road. 

Grrenvidli SElO SNL. 

•Dcwal KJ» 5.35, Share * «• 

Sub'pn. Shares «-73- Term Shares ! vn. 
1% above share rate. 3 yrs. tin above 
shara ra(c. iwerwt paid Qaancrly o^ 
fiharesi'lerm shares.- MomhlV income 
oh area S.60%. 


LOHDOH 60LDHAWK 

(01-995 8321) 

l5'17 Chiswick HiKh Road. 
London W4 2PfG. 


Deposit Raw 5-=5. Share Mounts B.T5. 
Sub'pn. Shares 7.00. 


ex. Inv. Growth 


SO. Arlin£tna SL, &W J. , 0W8B7SS1 4ft GraccchvtichSh,K3P 3S H 0lto34200 

Ehnson Dudley Tst- ]675 72.6 1 —1 3J0 KH'tmMg 1 S3iS P UmW- 

Eqnltas Secs. Ltd. (a) (B) ffl d ft 

4iBtehop.ertc.BC2 M-^S? dSila® gpSiGJSim 

Prognaaive (66.7 70.4] -0.4] 464 «prtc«i 00 June 1A Next dealing June 38. Do : A tyum.^— . 

Egaity * Law Vo. Tr. M* CaXbKc) National Wcstininsterffa) BareteaQrowth- 

AmershJim Hd. High Wycombe. 048433377 J81. Cheapaide. RC3V 8EU. 01to8 6080. Ftnapctal Pricty. 

Equity ic Law ]657 692] -0.7] 420 gapltal lAC Cu tiU— ^ 5 5 70Adj -0.4 4^4 DoAccum 

PramUVgton Unit Mgt. Ltd. (a) FtEuucuJ — glfi sgj $22 icSnaa 

5-7. Ireland Void. EC4B SDH. 01^435371 Growth Inv PK2 M.S -06 SJ5 Special Sits. 

Amencro- n gJ| -..-[ 2.« ^^oUtv.F<lZ.p6 7il= ^0.7 ft *SB Unit Trusts (yi 

IT mil 1 7^ u5w«lFd2dj_-iB4 66JI-02I 229 ai, chantry Way. Andover. Hants. 0284621 

Sr^n-ih'Fdm m-O 2X. NEL Trust Managers Ltd* (aXg) Dealings toOSM swim 

Do. Accum Ju44 232 Milroa Court Dm*^ Surrey. ■“ SEnSS^ZT Ss SJ ^07 l! 

Friends’ Provdt- Unit Tr. Mgrs.¥ K e ! B i a, sir-'hteSr'^'9 5-S (S' tsb income sa 2 62ad -ob 7.. 

w.iulend ariL. naBHia WeWarHtehlnfc-liM S2fl -M tM ,b) Do. Arena. 608 64.7 -Oi 7.< 

44 Del fur New ^CMBrt Rtnd IhuiagBS Ltd. TSBSeoiuril 83i 88.6 -05 2.1 

dS a^°^-I~Iw 3 ft «e MRU 4wt MatS&tnl Cb- Do. Accum- - 893 W.ol-oJI 2J 

r T Unit Manaaero Ltd.* Nonrfch Union laftnrance Gronp (bl Ulster BanfcP (a) 

~DQ W 01-8=88131 R0 Boa-t.Nonrteh.NRlNSlc. 0803=00 W*rin«5ireet.nellML <K3=352 

r-VSfS 0 H“ 7DO *a3?*5 l Croup T5I.FU. --I34M 36U] -=2| 5J0 ,p,Ul«tcrGrowth_ [366 39 3) -0.3] SJ 

Pa'SecL 99 5 1D5S 3to Pearl Trust Mnagera Ltd. (allgUz) Unit Trust Account & Mgmt. Ltd- 

ttte&fczSH 1» fSSSSSTSS^wBMSPS mSSuSSS£ jSwNai 

GT.Jflpan&Gen-.. 2W5 3743 1JB accub U nits •— — *9 ' 29'S — 0 § 5 01 2 ; 

MLPei^CxPd — 132.9 1«3 -l2 *».W pSlriinc 31J Sfllna *78 WicterGrth. Fnd.... 29 3 SB.fl 4- 

q.T lafl Fund. 119 9 • 127^-^ 2 M fSfiviiT* Mi 372rt -D.^ S15 Po Accum ]».B 35J] .—.} 4.. 

G.T. Four YtfaFd — 154.1 57-6] >0.81 720 ^cum Unltsi — 9U «3-oJ| 515 Wider Growth Fund 

G. & A. Trust (alfgl 1 pelican Units Admin, lid. cgKri 1 KingwnnaniSLEC4R9AK 01-823 a 

5. Rayleigh Rd, Brentwood p277)2S73M hi Fo u niaitt5U Manchester 061-23858851 Income Units. 1295 31 1] ......1 4J 

G.*8 J3U 4M _paiM3tnlB -1K3 B8.4l"o^W4' Accum. Units 134-2 3tS |4J 


NOTES 

Prices do nol Include S premium, evci.t -Aiierc radhated ■:-. and are in pence unless otherwise 
indicated Yields uhown In laJ colomf. jIU'W lor ill baying expense* a Ottered pnees 
IDClude aU expense*, b Tn-dqyy once- *’ VieW based on oflcr pnet. d EAimaled. & Tmi/s 
u pe nine price, b DtetriboUoaTree ol l> K- taxes. P Periodic premium Insurance plana, s Sttiglo 
premium insurance, x Ottered nnro include, all expenj^ea except age nrs commission, 
y Ottered pn<v includes all expenses ti bought through mapaccn.. x Precious day's pn»- 
V Net of tax on realised capital cams unless indicated by 5 Guernsny Cross, ft Suspended. 
♦ Yield before Jersey tat. t Ex-subdivision. 


62J)irf -DJ 

647 “OJ 


I 


Friends Pro*. Ota., |417 44 Orij -1.2] 
Do. Arenm — [54.0 577) -0.7 1 

G.T. Unit Managers Ii4V 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V SLU. Tel.: 02-2S3 1101. 
Index Guide as at 20ih June, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 328^1 

Clive Fixed Interest income 114.90 


COR.AL INDEX: Close 461-466 



GT. Cep. Inc — ._ — gif 

Do AfiC 99 5 

G.T. Ip*. Fd Uc 16L6 

G.T. US. Jr (Tea 147 4 

G T. Japan & Gen-.. 29&5 
ML PrnhEyFVi — 132.9 
q.T lal’l Fund.— U9 9 . 
G.T. Four YtfaFd 154.1 

G. Si A. Trust (a)(g) 

5, Rayleigh Rd, Hrentvood 

G ; J3L8 


sta -m 

UBS -0.4 
171 4) -D.7j 
iSbUl+oJs 


0=3=30231 
39 3) -0.3) S37 


01-8=34051 

| 4.19 

436 

...... 4.36 


01-823 4051 

.1 423 

...... 423 











1 


1 


! 32 Baker Street London W1 
Telephone 01-486 4231 

g Nine regional offices 
| Specialists in the sale of privately 
I owned businesses and companies 
I Valuers - Licensed Dealers 


FT SHARE INFORMATI 


Financial Times 0 " :j* 


ai* j w»I*^ S ;•/.% £ r- 


BONDS & RAILS— Cont. 


BANES & HP-- Continued 


1178 

Kish Law 


Price + or DK-. 
£ — Unt 


88 8 .W 4 Ireland Ttorlltt 83V*d -V 

*1 79 Do9Vpclll96 80V -V 

375 265 Japan 4 pc' IU 365 nl .... 

,87 70 Dntfpr 3M8 71'; 

160 145 Peru Ass 3pc. 155 .... 

75p 75n SGI fiKpc 1980 — 75p ..- 

S99 S94V TunnSpc 1991 S94V .... 

DM91 DMffl Turin (ifr? ISM.„. DM91 .... 
% 94 LTU^uaySipc 96 .. . 


**BR3TISH FUNDS 


91 79 DoSVpctl* 

375 265 Japan 4pc'lU.\tfc. 

,87 70 DntipcXHB 

160 145 Peru .An 3pc. 


75p 75p SGIV&mJ. 

>99 5941? TannSpc 1991 



IKS I 
Hist) Luff i 


U eri Virld 

{ _ j Iri. ! Ed. 


I |Lrusuay c Mpc 1 to i | 

U.S. $ & DM prices exclude im - . $ premium 

AMERICANS 


N'atBkAufSAl. : 

Nat-CumUrp 

NUWesUl 

.SrhiolenSt 

Swi*mhetoC£l. 

Smith St Auh..._ 78* 
Stand d Chart £1. 410 
Trade Dev $150. 

Union LHscU™ 

U.PT 

Well;Fanw$5_ 
ifatnstflilp 


Hire Purchase, etc 


“Shorts” (Lives up to Five Years 

*3*8 & lii Jpr ULTBt . . _ TO?) 5.06 

101^ Trt.vury ll’ax‘79jj„ ’ 10H; 1133 

94 1, Tr»3wn.apcT?v; 55V' 314 

95is n«tneft«7+79_.. , 95,’, +* £•« 

100 Treasury M;pe ^ 100f 3 10 49 

945. EI«tri':.7j»;7S-Tp %V 3.64 

97 V Irejfur>9pc1»*e_, «!*+,'. 9 24 

97V TicwS^k MS— 98 ■‘•A ?69 

°2 ; , Trea-ui> S';pc . 93V ■*■': >75 

93V hundint'?iprT>M*>??. 93 ! ; 5.61 

10* ' Exchequer 13pe !<«£ 103” - 12 12 

99 \J Trrbiuy I1WI9AI£. 100V*fl 11 41 

8?V Treasure .»KprlM7?Jl I 89's - 3 93 

^■5'.. Trv£>iirv&.p. I98l£ 96 V 1012 , 

9ji, D.AFipC.'WI ' 927a -,** 3S8 

°iU E.diSKp.- 1'JHl 94U-.V 10 0i 

6?% El- .A 3ix l®l 86V + .'„ 3-18 

Trees Variable '3IW. 96 . 10.05 

102-j E..I II I'Jtpr I SSI— 1S3* 1233 

Cl l'-i Tumi JP;p>:3tttt3i 92M 9 20 

E;*J Tpnw- .Tfr 84Ci ->s 3 so 

106^ Treasuiy UpcTEST . . 107,1. 13 03 

*5 ' Trias Vonohte TL-ji .. 95 1 1 .; 10.14 

8<*s TrL'A^r.-?^^^.' 914td - l ; 9 05 

921? Exch.'j'ipe 1932 92ri *,'< 1001 

021- P.\ch f.W 1!«! 92' j 1001 

901; Fieri 86jic 1&33 90,1*3 ~h 9.66 

7 c h EKhaKHS- -- .-. BA’s -»a 3 73 

101*' Treasury 12 ol- 19SK... 101U - l ; 1L79 

rive to Fifteen Years 

i "tPatTrruiurjO-'jpr'ffl Wsd 1013 

U ; 4 E.>cl».lUpci983iil5pd'°- 14>4 1036 

80', Fundiaes^’pe TG-SItJ. Si's'll -h 671 

8Wj Trcjsuiyff , jpc'34ife. 87V*d - l a 9 68 

77 1 , FuDilini;i5;pi’ 78^ -‘g 834 
SOU TiKSHiiyTtipc SOUri -'3 937 

6(Ps Tran;.-p'.trt3pc''8-8J-.-. 621yd - ! e 4.E2 

Wj TrM<uiy.3|* > 'S089 .... 66 -ip 7.68 


B78 

SgkLm 


|+ ori W r. 
1 - j Grass 


17JS I 15i 2 [ASA. 


60J S 60^ AMF5®iC0nv. , 87_ 

31 22 AmaxSl 

3? 21V .Aroencan Exraess. 

33b 11 Amcr. MedicuiL-. 

15*8 969p .Aarcolnc 

29 V 18V MerlnlnLComSl. 
19V 11V Barns Grp StS— 
32V 22 BendixCixp 55 — 

s >2 13 Belh.SlwlM 

11*5 625 p BrovtnT;Fer.clff-. 
I3'j 857p BnufwicIiCyrpnH 
■ 65 415, BmrouRtis I'jorp. 55 

48 30*j CBSSL50 


r m -h 
lb 


Gras [CVr 
SI 


m\-h sl 


“If 

92M 
84U -V 
* 2 * 


95?. 10.14 

91bta 9 05 

92J- 1001 

« 2 »; -L 1001 

90.1*3 -h 9.66 
8&>s “‘3 3 73 
101 U -1) 11.79 ! 


48 301) CBSS0.30 

42*e 28** CPC 5; 

48V 32V Caterpiilartl 

27V 17V LloaeM'MnSCUL 
22 13V OwsehrouahSl — 

11 765p liirv'jleTSfi', 

21V 131? CiUrorp54 

14 733p Citylm.SLS 

25 143, Do.CmPrf BSi.. 

lav 123, cWcate-P.SI 

47J, 29 CottlivkSl.- ... 
2b 15'j ConL Illinois 510 — 


14V 

aiv*i -V 

87V*d -V 
78 5- — *g 
SOViS -V 

V :ll 


lOlVfrreusur. UJp-M99(tti_ 102Vd -V 12.53 


77b TroastirvnuST ftCJ ._ 
92i; Treasuiy Iliipc IW1 _. 
63V Kunriin-;51pc'jT‘II^. 
W Trea-miy l”>pr TC 7 — 
85i; Treasury 1‘Jp.; 1921 . _. 
98V Esth. tlVpi.-’je _ 


28 20V frown ZelLSS 

46b 20V Cutter H3m>rer 55. 

32b 22 Eaton Op. S0J0 — — - 

26*2 17V Banarit — 25$ — V SL 

40 28V Enonll 36 7 s “V S3. 

12V 670p Firestone Tire 0— , 12 SL 

18V II*, First oikase - IBbrf SL 

32V 20V nuarCorp-SV — 3flb ->) Sl. 

41V 26V Fori Motor S2 38V- + l 2 *3- 

25V 16b GATX 

44V 29V Gen. ElecLS?; 

Z4i) 15 L, cilteneSl 

48 28 HonevwellSLSO-. 


22 -J4 J 

12V 4-V 41 

22*yc 6- 

m*d -V 91 
3H 2 xd +-V S2. 
19Vd +V $1. 
11 V -V 41 
12V ->t 71 

61V -t-lb SLi 
45*e ~~i S 1 
42b ■ l1 2 Si: 
45*s -V 
26 -V 52 
20Vri -V 9 
902p -3 SIJ 
19V -V SL 
131; ^1, SIJ 

22 J| S 

17V SL 

44-rfd -IV S3. 
24b -1 SL 

23 SL 


44 ul -V SL 
31b -V S2- 


42Vrf +V S2. 
24b +V SL 


94V d -V 1234 1 
65V -V 893 


94V d 

65V -V 893 
99V*d -V 12 64 

88 -1, 1180 

101 -V 12.61 


141, 750p HuttonEF 

j 224V 1 171 LEM. Corn. SS 


224V 171 [LEM. Corn 55 

52V 34 Undersoil n 52 


17V 735p lnt.SfsiMiBfcCim.Sl 
976p 705p L U.intauattenalJi 


976p|705p|L L'.InnaTiationaUl 


Over Fifteen Years 


1 40;. [f.\.;n 

1 76 V jTrea- ur iipc'M^ 


I 7b V fTrej-ur ape .. 

! °4 1 e [TreJvur.- I.'n-Tt 

4?! : ‘Ta- Mp-mstt 


96V Treauiryir.^'KSi.. 98^?*d -V 

WV Funtljncdj»- iRCtT .... 62V - V 

1041; Trr-aiur> LV,dc 189iU 107 V -V 

llC';iTreij-urr!4i-r,:T4a;.. 115*; -V 

i°>- F.\<nir^1S&» 102 V - V 

764 jTrea-ur ape 79 -V 

*341, Trcjuur-L'WBS.. 94'^d -V 

4?!; ‘Ta.::p-n>!H 44 -v 

3”i Eteh srVwlSpA 837s«il -*a 12.10 

Wh Treasur bWati.. 101 V -V 1274 

7o”; TrcJsur. Ppi- 79V -V 11.71 
11JU TreaniP • 117*, -V 1319 I 

101V &eheiuerl»,pc%^ 104V -J, 12.83 | 
42V Rf-i-MDFionnpi lM6-'6_ 43V “V 7 07 

102V Tr<a?un l&v Vfct .. 102', rf -V 12.83 

36 Exchecpw.- 10i;pt- 1207. 83V -V 1231 

74“, Trea-niy 3Vpc l<STX- 77 - 1 ; 11.77 1 

60 7 re.’jur. d :, 4p- 'H5-;i6X. 61t-« -V 11 ,s 

118V rreaF.l/J.pc'^i; 121k, -V 

°3's Exch. !£5B.. . „ 95*j -V 

77V Treamr>!B;prlf 6 fltt- 78>ew -V 

83V Treasury lOVpr IS96 ... 85^4 -V 

34V Fondir.i"l^ic M 35'>ii — lj 


41V 26V 
171, 


il'I u. 

18$ »V 

av i4v 


ST: Ewh snVpc 1S3A 

9?V Treajur Ir^ncEtJ.. 

1 7o"; TreJ5lir.?pi , a2' , i^.. 


m -j* 

77 

611-. -V 
121V -V [1317 




28 18 Kaiser .A1 Si 

32 20 ManLHnn I'SSTSti 

41V 26V Moreau (JP'USSij 
17V 12 Vorten Simon Inc. SL 
18$ 13V Orrens-IIL 51125... 
aV 14V Quaker OataUSSa. 

27V 15V Reliance 5025 

30V 16V RepN.Y.Corp.SS. 

17V 11 RetwrdSS 

22V 14 V Richdsn.-Mrrli.Sl 1 , 

576p Z55p Saul'B F.iSl 

28$ IBb SheiRnlSI 

19V U$ SinseriSlO) 

361, 22V Speny Rand 5050. 

331) Up, TEW Inc. SI V 

27V 18V Tenneco 

161 131 Do.llK.U5lk.9I93 
975p 505p TesoroR.i:sSU«»j_ 

22 16$ Texaco 5655 

40 22$ Time Inc 

13V 865p TnmsamcricaSl-. 
38V 21 V Utd. Tech. SUSS. _ 
24U 17V US Steel Sl 


im? +'4 ai. 

4 bVd +1 SL 

13Vd SO 

221 ', -2 Sll 
48V *n -V S3. 
l7V -V 2 
932 p -25 9 

27 SL 

30V -V S2. 
38V -IV 
15V 7 


awj 


2914 ^ .. . 

15V 




ast? 


26V -V h$l 
17V al -V 6 
34V +V SL 
321, + 1 , SL 

25V S2. 

153*il H 


861p -14 


203s -V 


67V [Trea.-up.-3pc'rs;->Sj;.. 
J7i; iTre.i-uir.-i.-.pc’ie-inil 


b3'*,iTrca.vui>7',p.--l2I3ti.| 6 

| 13V jrji.Lnpc ‘U-IT.tiipifiJ 

Undated 

’'I; Ct.TWls 4pC 

29\ W'.irLnEnl'tarS: 

3i [Cum.^pt- N.Ail 

23V Treusun np.-e6.MI_. 

Wi 'iteKil'2l'Pk- 2 

19V Tre.tur : Z'-jy. 


/4>,ra -‘4 114 uo 

85V -V 112 38 

3 ls“ -i 

48 -V 
b3Lnl —V 
14 -i. 


17 11V Woohrorths S3b— 
46 28$ Serov Carp. Sl 


•S' 3 


975p 3B5p Xonicslnc. 10c 

14 |lO$|ZapataCorp.25c_. 


43i'*d -V 

865p +20 
13*8 +V 


ST. List Premiom 5IV*£ bosed on Li£41. 


rremmm >i‘y'r Dosea on 
Conversion factor 0.6607 1 0.6626 



33V -V H 66 I 
30 -V 1L74 1 
34 -V 10 53 I 
24V -V 1270 
20V id -V 12.29 
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CANADIANS 

irealSZ — I 16, '«| 

a Seen. — 15V -,V 


*^5NTEBNAT30NAL BANK • 

83 1 32V ISpcStock^fl: I 84V |-V| 5.94 | 9.68 

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20 -,t 13V 
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Haider Sid. caaL 
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1978 ' 1 1+eri Dir [ 

Ffigh low | Stock I Price | - | INet |( 


1978 I 

Keh Uw| 


COMOr^UYH & AFRICAN LOANS 

100”; °5' : | r,, .(Et "’pcTETB 9rfe 558 10.lt 

95V o:v hi-.'. >a.c77-ai 93V 5J6 9.E 

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93V SSib 9.83 

85 -l) 6.57 10.83 

97*;«d 411 -9.68 


Sou -V 6.47 10.85 
83V 897 1057 

95 — V 10.14 1L78 


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■ jAcnr ’ll "'nr'WS. biKtf 

1 1 tear. 94 SX>--ul 

["Me* V.ri 3pi-K' 39V -V 

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217 158 
100 81 


600 375 
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FINANCIAL TIMES 


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Coyles obtainable from rewcacents and bookstalls worldwide or on regular subscription from 
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m- r 

6.9 £*-:r. ^r , 



































































































































12.51 1 6 15.2 
Mtfc 0.9 ± 

3.75 4 9U.5 


15.0 0.9 7.9 

i£o lbkla 


COPPER 

pfesiwBOSO J 9D |+3 |+Q30rJ 19j t 


MSCELLANEOUS 

Fcraia .Mims I7 1 ;u. 15 — — 

O'jftf March HktT. 290 *15 »30c 2.6 

N'onhsvneFSI <35 -5 — — 

224 -1 95 2.8 

‘vibiru ItkK C51 _ 74-3— — 

TaraStuiiiSI.- . £115; + l 2 — — 

Ttvdj MineToUll'p. 43 133 4 

Yukon Com. C$1 


.180 Q7c 1 2.9| 1.8 


NOTES 


Unless olhcrrcise indicated, prices and net dividends are in 
pence and denominations are Sap. Estimated prire/earaingn 
ratios and row rs are tased on iciest annual reports and accounts 
»~t where possible, are updated on half-yearly J inures. P/E* are 
crlnbtn] on the basis of net dinribuUtnr. bracketed figures 
indicate 10 per craL or more difference ir calculated DC -nil'’ 1 
distribution. Carer; are based on "Majclranm" distribution, 
yield* trr boxed on nrliUic price*, are ernss. aOjasted to ACT or 
44 per cent, an d allow (or value of declared distributions and 
rights. Securities With deamni notions other (ban sterling are 
([noted i Delusive oi the investment dollar premium. 

A S;or|inc denominated securities which include investment 
fiulltr premium. 

* ’ Tap’ 1 block. 

j * High." and tows marked thus have been adjusted to allow 
for rights issue;, for cash, 
t Intent since Increased or resumed. 

I Interim since reduced, passed or deferred. 
ft Tax-free to non -res id col, on application. 

? Pirurn or report awaited. 

I I L'nlKud security. 

r Price ji lime r.i suspension. 

« J ridiculed dividend after pending scrip and/or rights issue:. 

■ over relates lu previous dividend or forecast. 

•• Free of Stamp Putt. 

* V'.T,'er Md or reorganisation lb progress, 
a N*'i coni parable. 

0 Mim interim, reduced final and/ or reduced earning* 

llllM'itiOd. 

f FYrecart diridend; cover on earnings updated by latest 
i at ■-■rim statement. 

1 Cowr allows for conversion of shares not now ranking for'* 
dividend., or ranktrig r*nl> for rertnrted dividend. 

(t ('over does nol allow for shares which may also rank fop 
dividend a: a future date. No P'E rutin usually provided. 

V Ewludjog a final dividend declaration. 

<■ Regional price. 

II TJv : or value 

a Ta\ free, b Figures hared on prospectus nr other official 
e-tiptni**- c Cents d Dividend rale paid or pa.vable on part 
of capital, cover based on dividend on lull capital, 
e Redemption jwld. f Flat yield r As-ainied dividend and 
yield, h .wumed dividend arid yield alter scrip tsmue. 

'■ !MvTti**ai from cnpiuil sources, k Kenya m Interim higher 
tli.'n primal* lniai. a Rights issue pending q Earning* 
based on preliminary figures. r Australian Currency. 

* l»n ici-nrl and j ie/d exclude a special payment, f Indicated, 
dividend' (iiuv relates- tv previous dividund, P/E ratio based 
».n laio'i anr.ual earn mgr- u Forctast dividend: cover based 
cn niw iou.v year's earnings, v Tax tree up to 30p in the E. 
t» Yield allows lor currency < Inline y Dividend and yield 
based i'll merger tonus. i Dividend and yield include a 
rjKsial payment. Ccr *r does m.< apply Hi special payment. 
A f .’ei divide id and yield. 5 Preference dividend passed op 
deferred I* Canadian D Cover an. i P/E mik> exclude profits 
o! I'.K aero-pace subsidiaria.*. E J.-vsu c price. F Dividend 
and ■■ irld ba;cd on prospectus or inner odicitil estimate* for 
1077-7::. O Avumerl dividend and jicld after pending scrip 
an* or rights issue H Dividend and yield based oa 
ptr-'.pw'it or other official estimates for 1076-77. K Figures 
ba:-co or. prospect u-- or other ofllcial e.Mj males for 1978. 
M Dr "l.-nd an-l vn:ld leased on prospectus or other official 
e»ti n. i tvs tor 1S7B. N Dividend and yield based on prospectus 
or -iiI.lt ef.'ii'ial climates for UTO. P Dividend and yield- 
hiu-.vl .>n Ki'swiij" or other official cviinoiw for IP77 

(| i.rv-v T figures Jtsinicd l? :<»■ sKUtifivnnt Cerporalion 
Tsr: p.-vshfc Z Dividend foul tu date. {$ Yield bused on 
as.un-p’ ion Treasury Bill Rule stays unchanged until maturity, 
m stock 

Abbrei unions- rtcc dividend: « ex scrip issue; *rex rigWs: a ex 
all: :J c. capital dislrlljutiun. 


" Recent Issues ’* and “ Rights ** Page 


This sen See i* available to every Company dealt in oa 
Stock Exchanges throughout tiie United Kingdom for a 
f« oi SrtOQ per annum far each security 


REGIONAL MARKETS . 

The folituvicA is a selection of London quotations of shares 
previously listed only in regional markets. Prices of Irish 
tssui»c. most of which are not officially listed in London, 
amas^oatkclridl^re 52 


Albany In i'. 20p 23' 

Ash Spinning. - 45 

Bertam. 22 

Bdg'w EC. 50p 270 
Clover '.’r* if:.. .. 2b 
Craig i- Rose €1 445ri 

S 

Beared .... — IB 
Fife Force . - 50 

Finlay Fks.Sp.. ,23 
CruicSh:? i i- I5« 
HiB»or.sE:rew... 30 
I.OJI St.t N -150 
Holt i.l ~ip - 245 
N'lhn. 1 /-il'V.nu I li 53 
Pearce . C H i . 2o5 

Peel Mii! 20 

SheHa-ldBruli « 


Sindall (Wan. 


Conv. 9“i '80/82. £905g -h 

Alliance Gas 73 

Amort 344d 

Carroll tPJ.i.— 92m 

Clnndalldn... 98 

Concrete prods . 130 


” I [ Jacob. . .. 

I I Surhoani , 


He non i Hhl gi / <M 

Ins. Corp---.- 148 

Irish Ropes 230 

Jacob. . ... o5 


TMC. f 170 

Uaidare...^, J 90 


OPTIONS 
3-^ntk Call Sates 

lad ns trials ICJ 20 Tube Incest... 

A. Bre*v .... Wa ■ , lntp!i" 6 Unilever 

AP Cwin:- IS J.C.L ..... 20 Utd Drapery.- 

USB 9 Tnveresk 8 Vickers. 

Babcock . 11 ^CA . ...... 3 Woolwoitlis— 

Bare 1^55 Bin>* *5 — adbrofce— 17 

Beecham - 35 Legal <ioen._ 14 Property 

Boots l>rus — 15 If* Scn-ice 7 Brit. land 

Bowaters 1® Bank -- p Cap. Counties. 

Britifh i3\>|.'en 6 Windun Brick. 5 intreuropean 

Brown i j . i 20 jJ>nrho._ 5 Land Secs,. „ 

Burton-A’.— 12 Lucas InCs 25 mepc 

Cadbury* - - LyonsrJ.i.— — 10 Peachey 

Courtaufd; - 20 ' “4™* Samuel Preps.. 

Debetu-.ims 1 »> Nfiifvni S £»wE ox Town* CUy_. 

Distillers 15 JtidlandBanfc 25 ^ 

Dunlof* 7 Nil — - ii- Oils 

F^pi e II ?• jL AesL Bank, 22 _ 

ES i 1 ' . 24 DO :7a rr an is M gnf PeOnofMm. 

fn*iSri 17 F A. n DM 8 BurmahOil — 

J! $S&= I S'— 
~ c:: i K 8 S 2 ; S h® 

dirtii;-: & tguf. — j 

A icUoUoti of Cp’.ions traded is given on £ie 
LODderi SWls Excbsuge Report page 















































































































































34 
















FINANCIAL TIMES 


Fasrview 

Creating | iivc> lur Inuusuy 


Wednesday June 21 1978 


Builds for Busines 


CBI 



against cut in hours 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


Company profits 


LEADING industrialists believe 
that they have the support of 
Mr. Denis Healey. Chancellor of 
the Exchequer, for their view 
that a cut in the standard work- 
ing week should not be included 
as an automatic entitlement in 
the next stage of the Govern- 
ment's pay policy. 

This emerged after an hour- 
long meeting yesterday between 
Mr. Healey and a delegation 
from the Confederation of 
British industry, led by Mr. John 
Greenborougb. president, and 
Sir John Methven. director- 
general. 

Industrialists are seriously 
concerned about the impact of a 
cut in Britain's standard 40-hour 
working week on unit costs and 
productivity. 

They made this the main 
plank 'of their submission to the 
Chancellor on what should 
happen when the present phase 
of pay policy expires at the end 
of next month. 

They also expressed concern 


about the latest figures on pay 
rises in the present wage round 
and said that any new rules for 
a further phase should provide 
fur maximum negotiating fieri- 
biiity including productivity 
deals. 

The present Government 
sanctions against employers who 
award high rises should be 
abandoned, they add. 

Later this week, TUC leaders 
will tell the Chancellor that the 
best way of winning union 
support for further wage 
restraint would be to allow a 
two-hour cut in the present 
40-hour week as a first step 
towards a target of a 35-hour 
week. 


Difficult 


But yesterday, the Confedera- 
tion's delegation urged the 
Chancellor that he should reject 
this proposed trade-off because 
of the effect it would have on 
British companies’ competitive- 
ness in International markets. 


The industrialists believed 
that the Chancellor agreed with 
their views, although they 
realised that it may be difficult 
for him totally to reject the 
TUC’s claim during the coming 
weeks, especially at a time when 
the Government will want to 
present a united front within the 
Labour movement in the run-up 
to a General Election. 

The Confederation is now pre- 
paring a policy paper setting out 
the arguments against allowing a 
general reduction in working 
hours. 

Its council will consider the 
problems involved at its monthly 
meeting today, when leaders of 
yesterday’s delegation will report 
on the talks with the Chancellor. 

Estimates being prepared by 
the Confederation suggest that 
recent Employment Department 
figures on the cost of moving to 
a 35-hour week are too low. 

The Department estimated that 
there would be an 8J per cent 
addition to labour costs. 

Basnett accuses Bank, PageJS 


Surcharge ‘would increase 
jobless by only 5,000’ 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


MR. DENIS HEALEY, Chancel- 
lor of the Exchequer, yesterday 
claimed that proposals to raise 
the employers’ national insur- 
ance surcharge would increase 
unemployment by only 5.000 by 
the April-June quarter of next 
year. 

The alternative of a rise in 
Value-Added Tax would boost 
the numbers out of work by 
35.000 over the same period. 

This emerged in evidence to 
the social services and employ- 
ment subcommittee of the all- 
party Commons Expenditure 
Committee yesterday. 

It is the first lime a Chancellor 
has given evidence to a Commons 
select committee, and the 70- 
minute session ranged over the 
prospects for unemployment, the 
surcharge and a brief discussion 
of nay. 

.Mr. Healey took a relatively 
optimistic view of the prospects 
for a fall in unemployment 

But the impact of the rise in 
economic activity mieht be 
“muffled.” given the evidence 
that a “great deal more overtime 
is being" worked." with a 5 per 
cent rise in the last three months 
compared with the previous 
quarter. 

Moreover, the job preservation 
measures meant that in some 
cases companies had kept people 


on who would be needed when 
the upturn developed. 

Mr. Healey used the oppor- 
tunity to present the most 
detailed defence so far of the 
proposed rise in the surcharge. 

He maintained that to recoup 
the loss of revenue in the current 
financial year from the income 
tax cuts pushed through the 
Finance Bill committee, the 
standard rate of VAT would have 
had to increase by 2.8 percentage 
points from July 1. 

He argued that both the 
employment and price effects of 
a rise in VAT were less favour- 
able than the rise in the sur- 
charge. 

An increase in VAT would 
boost the retail price index by 
1.2 per cent by the second 
quarter of next year, with most 
of the rise coming through com- 
pletely in the next month or two. 

A higher surcharge would, 
according to the Treasury, boost 
prices by 0.7 per cent over the 
same period depending on how 
much was passed on by 
companies. 

Mr. Healey contrasted a 35.000 
rise in unemployment by the 
second quarter of 1979 From VAT 
with the 5.000 increase from the 
surcharge. 

He added that by the first 


quarter of 1980 the effects of the 
measures themselves would be 
more nearly equal. CBI esti- 
mates of a loss of 100.000 jobs 
were seriously exaggerated, he 
added. 

He indicated that since the 
full revenue impact of the sur- 
charge would be not until 1979- 
1980 — about £lbn more than 
the loss of revenue from the cut 
in income-tax — this might pro- 
vide leeway for offsetting action 
later. 

Mr. Heaiey also argued Chat a 
sharp rise in prices now result- 
ing from a rise in VAT would 
seriously affect the willingness 
of working people to observe 
moderation in the next pay 
round. 

Deliberate Government action 
to increase prices would not be 
compatible with this aim. 

The current round was work- 
ing better than anyone expected 
and he believed that the earn- 
ings rise in the year to July 
would “ with luck" be below 14 
per cent. 

This refers to the new earn- 
ings index covering the whole 
economy which increased by 12.5 
per ceret in the year to April. 

Parliament Page B 

Editorial Comment Page 18 


Continued from Page 1 

EEC fishing 


Minister of Agriculture, 
Fisheries and Food, said the real 
question at issue was not so 
much that of quotas nr specific 
measures but “what it is to be 
an island, to have fishermen as 
an integral part of national life, 
not just on the periphery." 

The present impasse leaves 
open the question of reciprocal 
fishing arrangements with Nor- 
way. Sweden and the Faroe 


Islands, due to expire on Thurs- 
day. 

Britain has refused to for- 
malise these arrangements pend- 
ing internal agreement 

If, as is widely expected, they 
are not extended again tomorrow 
because of the internal deadlock. 
Community vessels would be ex- 
cluded from these northern 
waters and from substantial 
catches of haddock and cod. 


Continued from Page 1 


Canvey safety 


last night Lhat in spite of the 
conditions of the factory 
inspectors — their refusal, for 
example, to give the company 
access to a jetty — it was still 
interested in permission to build. 

The report concludes that 
there is no risk whatsoever of 
the type of accident most feared 
by the local population: the 
so-called “domino effect," in 
which a big accident at one 
plant might set off a chain of 
explosions leading to the 
devastation oE the site. 

The report also criticises the 


failure of the Port of London 
Authority to enforce speed limits 
on bulk carriers destined for 
Canvey. Despite the clear note 
of reassurance offered in the 
report, the most detailed carried 
out on a non-nuclear industrial 
site, the Health and Safety 
Executive has little doubt that 
one consequence will be to make 
planning consent more difficult 
to obtain for big petrochemical 
projects. 

Canceir on investigation of 
potential hazards from opera- 
tions in the Canvey Island/ 
Thurrock area. SO. £10. 


Holdings 
loses £1.5m 
in French 
venture 


A DISASTROUS move into 
the French hi-fi market has 
cost Audiotronic Holdings, 
owners of the Lasky’s chain, 
up to £L5m. 

This loss, revealed yester- 
day, has forced the company 
to raise £L5m in new capital. 
Mr. Derek Smith, is being re- 
placed as chairman by one of 
the providers of the funds. 
Air. Geoffrey Bose. 

This is the third time that 
Mr. Rose has become chairman 
of a troubled company by sub- 
scribing for preference shares. 
The other two were Change 
Wares, a constructor of wire- 
mesh fittings, and Crellon 
Holdings, an electronics com- 
pany. 


Weather 


UK TODAY 

BRIGHT AT first, rain spreading 
from the West later. 

London. S.E., Cent. S., E„ Cent. 
N. England. E. Anglia, £. Slid" 
lands, Channel Islands 


Bright, becoming cloudy, rain 
(63F). 


BUSINESS CENTRES 


Amsrrdrru 

Y'day 

Mid-day 

- c -p 

S 2: 7J 

Madrid 

Y’dast 
Mid-day 
•C "P 
F 16 61 

Athens 

S 

34 

33 

iMaudbstr. 

F 

17 

63 

Bahrain 

s 

rs 

95 

Melbourne F 

9 

48 

Earcelcma 

c 


73 

Mexico C. C 

« 

72 

Beirut 

s 

-7 

81 

Milan 

F 

24 

75 

Belfast 

c 

13 

55 

Montreal 

C 

17 

63 

Belgrade 

s 

22 

T2 

Moscow 

C 

ID 

50 

Berlin 

5 

24 

73 

Munich 

F 

18 

64 

BlrmpJmi. 

S 

19 

66 

Newcastle 

S 

19 

64 

Bristol 

F 

13 

64 

New York 

S 

26 

TV 

Brustfi-Ia 

S 

22 

72 

Oslo 

S 

23 

72 

Rudapesi 

F 

23 

73 

Paris 

5 

22 

72 

B. Aires 

S 

11 

52 

Perth 

V 

17 

63 

Cairo 

H 

36 

Hi 

Prajtue 

c 

20 

69 

Canllir 

S 

17 

K1 

Reykjavik 

i* 

7 

48 

Chlcauu 

c 

25 

77 

Bin de J'd 

Si 

K 

<e 

Cfilusnc 

F 

21 

70 

Rome 

s 

26 

TV 

Comihacn. 

S 

19 

«K 

SinRaoorc 

H 

23 

73 

Dublin 

C 

M 

57 

j Stockholm 

S 

19 



later. Max. 17C , 

S.W. and N.W. England, Wales 
W. Midlands 

Rain or drizzle, becoming 
brighter with showers. Max. 17C 
(63FI. 

Lakes, Isle of Man, N.E. England, 
5. Scotland, N. Ireland 
Rain, hill fog. Max. 14C (57F). 
N. Scotland 

Sunny intervals, showers. Max. 
13C (55F). 

Outlook : Cool and changeable. 


HOLIDAY RESORTS 


Edinburgh C 17 £*• 


Frankfurt 

CviK-va 

fllSgfiOw 

Helsinki 
II Konc 
.tn'burj 
Lisbon 
1 ondon 
Lioemiirs. 


F 10 6C 
F 


Strasbre, 

Sydney 
IV Bfii Tehran 
c n 55 Td Aviv 
s II TTI Tok>o 
S "1 ts' Toronto 
S 14 37 1 Vienna 
S ri 72] Warsaw 
F 52 75 Zurich 
C li aSl 


C SB 
S 


19 GO 
IB SI 
73 
SI 
SO 
73 

S 23 
F 23 73 

F 19 SC 


C 
S 25 


AJarclo 

Alplors 

BiaHiU 

Blackpool , 

Bordeaux 

Boulogne 

Caablnca 

Carw Tru' 

Cortu 

Dubrovnik 

Karo 

Florence 

Funchal 

Gibraltar 

Guernsey 

innfliniek- 

inverness 

Ik. or Man 

C— Cloudy. 


Y’day 
Mid -das' 
•C “F 
• 23 ra 
21 70 
64 

16 SI 
21 78 

17 S3 
F IS W 
C la 59 
S 32 90 
S 26 79 

s 20 es 

F 23 73 
19 SG 


V U 
s 

P 
S 


C 
s 
c 
c 
c 
s 

F— Fair. 


13 59 
20 6R 


13 59 
13 53 


Istanbul 

Jersey 

Us Pirns. 

LOcarrto 

Majorca 

Malaca 

Malta 

Nairobi 

Naples 

Nice 

Oporto 

Rhodes 

Salzburg 

Tangier 

Tenerife 

Tunis 

Valencia 

Venice 

R — Rain. 


Y'day 

Mid-day 
«C *F 
Fan 
C lfi 61 
C 22 72 
F 5 7! 
F 24 73 
S 24 7a 
S 29 Si 
R ZB 66 
13 73 
2.3 73 
17 63 
31 S3 
19 M 
21 78 
15 59 
27 SI 
C 21 70 
S 24 75 
S — Sunny - 


New subsidiary 


Audiotronic is to issue £L5m 
of cumulative preference 
shares with dividend and sub- 
scription rights. Mr. Rose and 
two associates are to subscribe 
for £250,000 worth and the re- 
mainder will be placed by 

stockbrokers Buckmaster and 
Moore. 

Audiotronic made its move 
Into France last year when it 
arranged with the receiver of 
King Musique, a railed French 
hi-fi ehain, that a new subsi- 
diary Laskys SA should rent 
King Husfque’s 50 outlets. 

The Audiotronic manage- 
ment remained confident until 
quite recently that this chain 
— pruned somewhat — would be 
a successful venture. But the 
audited figures for the period 
fill the end of February 1978 
revealed substantial losses and 
Audiotronic derided to pull 
out. 

Mr. Michael Adler, a direc- 
tor of Audiotronic, has re- 
signed. Mr, Rose will loin the 
Board ns chairman with his 
two associates. Mr. Dan Sulli- 
van and Mr. Benson Selzer, as 
new directors. 

Audiotronic's shares fell by 
6p to 25p on (be news. 

Details Page 23 


level off despite 
N. Sea growth 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


COMPANY PROFITS have 

levelled off in the past six 
months after rising sharply in 
the previous year. That is In 
spite of a marked growth in 
profits from North Sea 
activities. 

The trend is suggested by 
the provisional estimate for 
Gross Domestic Product in the 
first three months of this year, 
published yeslertiav by the 
Central Statistical Office. The 
figures confirm that the rate of 
economic growth picked up. 
earlier in the year, although 
by slightly less than at first 
estimated. 

The levelling off in company 
profits has been shown by. the 
published figures for indi- 
vidual companies and by 
official statistics of real profit- 
ability, which adjust for the 
effects of inflation on the value 
of stocks of goods and raw 
materials. 

Gross trading profits of com- 
panies net of stock apprecia- 
tion were £3.14bn, seasonally 
adjusted, in -the first three 
months of this year compared 
with £3.05 bn in each of the 
previous two quarters. But 
there had been a growth of 
nearly two-thirds in the year 
to the Jnly-September period 
or 1977. 

The levelling off reflects cost 
pressures and the impact of 
last year's rise in sterling on 
the large percentage of profits 
earned abroad and from ex- 
porting. 

The figures so far probably 
give too favourable a view of 
the position for much of Bri- 
tish industry. Although a de- 
tailed breakdown is not yet 
available, it is likely lhat a rise 
In profits from North Sea oper- 


tions, suggested by the produc- 
tion figures, has offset a 
decine in other sectors. 

Gross trading profits, net of 
stock appreciation increased by 
nearly 9 per cent in the past 
six months compared with the 
previous half-year, against a SO 
per cent increase previously. 
Profits before deducting stock 
appreciation were 11 U exchanged 
on a six-month comparison. 

The short-term rise in econo- 
mic activity is best shown by 
the output estimate of Gross 
Domestic Product, which rose 
by 0.S per cent in the first three 
months of this year compared 
with the previous quarter. 
That is slightly lower than the 
original estimate of a 1J.7 per 
cent increase. largely because 
the economy is thought to have 
grown a little towards the end 
of 1977, producing a higher 
base figure. 

Recent evidence points to an 
acceleration in the growth of 
activity fn the past couple of 
months, supporting official 
hopes that the annual rate of 
expansion is now about 3 per 
cent. 

On a longer-term view, the 
average estimate of Gross 
Domestic Product increased by 
about 1 per cent between the 
past two six-month periods 
after taking account of income, 
expenditure and output data. 

On the same basis .the volume 
of consumers’ expenditure rose 
by roughly 3 per cent although 
exports fell slightly and im- 
ports rose by 24 per cent 

The total volume of gross 
fixed capital formation was 
little changed In the first three 
months of this year, continuing 
at much the same level as 
during last year. 


Hospital electricians 
likely to seek parity 
with private sector 


BY PAULINE CLARK. LABOUR STAFF 


THE GOVERNMENT will to- 
day face repercussions in the 
public sector at its failure to 
block a pay deal for electri- 
cians in the private sector which 
could break the pay guidelines. 

Hospital electricians, working 
to rule throughout the country, 
are likely to demand the same 
treatment as their private sector 
colleagues in talks with Health 
Department officials today. 

They.. will insist on bonus pay- 
ments For everyone, even where 
incentive schemes permitted by 
the pay guidelines have not yet 
been introduced. 

The executive uf the Electrical 
and Piumbinc Trades Union 
yesterday endorsed the decision 
by Mr. Peter Adams, national 
union officer, to postpone the 
planned strike last Friday, but 
decided not to call off the over- 
time ban and other _ industrial 
action affecting hospitals since 
Monday. 

Hospital electricians have de- 
manded parity with similar 
workers in the electrical con- 
tracting industry since well be- 
fore their settlement date in 
January, and seem unlikely to 
accept anything short of a firm 
date for achieving that level to- 
day. 

A delegates* conference is to 
take place on Monday when, the 


union says, there must be a 
firmer offer than another pro- 
mise by the Department to en- 
courage more incentive schemes 
in the Health Service. 

In a recent test case involving 
Holliday Hall, the Croydon-based 
electrical contracting company, 
the Attorney General said that 
the Government, in rejecting a 
bonus in-lieu deal for workers 
not on a productivity scheme, did 
not intend to cause a breach of 
contracL 

So the deal went ahead. But 
the Government warned that it 
might still impose sanctions if a 
breach emerged. 

Hospital electricians are likely 
to emphasise the importance of 
the bonus-in-lieu deals in view 
of the recession in the construe 
tion industry, which has pre- 
vented many private companies 
from introducing genuine pro- 
ductivity schemes. 

The union argues that, in 
spite of promises of several years 
ago. only a third of hospital 
electricians benefit from such 
incentive schemes. 

It accuses the Government of 
not honouring a 1972 agreement 
to maintain parity with workers 
in the private sector until a 
separate pay structure for the 
hospital electricians was worked 
out. 


Sir Keith criticises NEB 
micro-electronics plan 


BY JOHN LLOYD 


SCEPTICISM about National 
Enterprise Board plans to manu- 
facture micro-electronic circuits 
at a cost of around £50m was 
expressed yesterday by Sir Keith 
Joseph, Conservative spokesman 
for Industry. 

In a letter to Mr. Eric Varley, 
Industry Secretary, Sir Keith 
says that the plan “has given 
rise to sonic criticism and 
anxiety.’’ 

Approved by the Cabinet last 
month, ii is thought to hinge on 
development of the next stage of 
micro-circuit technology — a 
silicon chip containing 64.000 
separate memory cells, known as 
the 64K RAM. 

Leading electronic manufac- 
turers have criticised the invest- 
ment as being too small for the 
creation of an effective chip 
industry. 

Sir Keith writes: “ It is not my 
intention to make commercial 
judgments, but you most be as 
aware as I am of the scepticism 
in industry as to whether it 
really is wise to try to leapfrog 
into the 64K RAM chip." 

“Many informed people do not 
consider it prudent to attempt, at 
this stage, to catch up the 
Japanese and Americans in the 
volume production of general 
purpose computer chips without 
multi-national backing.’’ 

Some people reared that the 
£30m-£50m that the NEB is 
believed to be putting up for 
this venture would simply be the 
first I n stal m ent in a costly failure* 


Sir Keith’s letter comments 
B Department of Industry 
officials bad previously said they 
were opposed to what the NEB 
is doing in evidence given to a 
National Economic Development 
Office working party. 

O The NEDO working party was 
"kept in tie dark" about NEB 
strategy. 

O English and American 
engineers, believed lo stand to 
sain “ considerable personal for- 
tunes” if the venture is success- 
ful, will do so at the expense Of 
the taxpayer, who bears all the 
risks 

9 Earnings and capital gains of 
the engineers may not be subject 
to UK taxes. 

Lord Peart Lord Privy Seal 
and chairman of the Govern- 
ment’s Advisory Council for 
Applied Research and Develop- 
ment. said yesterday that the 
Government is considering assist- 
ing manufacture of integrated 
circuits by companies already 
established in the UK, as well as 
investing in the NEB plan* 

Speaking to the Parliamentary 
and Scientific Committee, he said 
rhat the Government had identi- 
fied three separate issues in the 
rapid development of micro-elec- 
tronics. 

These were the establishment 
of a UK manufacturing base for 
chips, ways to encourage UK in- 
dustry to take advantage of the 
new technologies and finally, the 
problem of social adaptation to 
the new technology. 
Micro-electronics effect Page 8 

Men and Matters, Page 18 


THE LEX COLUMN 


A familiar 




Plessey watchers ' nodded 
knowingly as the -~’gtpiijp 
announced yet another set 'pi 
disappointing figures yesterday. 
At the halfway stage Plessey 
had still seemed to be on tar- 
get for a one-fifth rise Hi; pre- 
tax profits to around £4&m. But 
at the nine months stage growth 
was clearly slipping, andi/the 
group finished the year just e 
per cent ahead at £42.9ra. : Y 

The immediate reason’ lias 
been the plight of Garrard, 
where the losses emerge:, .at 
£5.6m for the year. But there. is 
rather more to it than that The 
profitability of Plessey’s sup- 
posedly .booming electronic 
systems division has also .been 
uninspiring, with the 2ff per cent 
turnover jump leading to;a rise 
of only 8 per cent in operating 
profits. The absence .daring the 
year of major contract comple- 
tions is said to be a factor "here. 
Elsewhere Plessey’s accounting 
treatment of its telecommuni- 
cations side — another £7mi has 
been charged below the line, to 
add to the previous year’s J16in 
provisions — makes ifr . im- 
possible to derive much sense 
from the level of divisional 
profits credited above the. line, 
just £l.9m lower at £l&6m 'for 
public telecom systems. ; ; 

All is not bad, however.'The 
order book was a sixth, higher 
at £700m by . the MarchYyear- 
end. and some big : YUiddle 
Eastern orders have apparently 
been booked since then. The 
number of UK employees 
tumbled by 13 per cent-ldiiring 
1977-78, implying big gains in 
productivity, and reduced losses 
(but not profits) are promised 
at Garrard, after drastic surgery. 
Some of the optimists rare once 
again hoping for £50m pre-tax 
this year, though the first 
quarter will not show much of 
an improvement 

The general' impressxan ts- 
that Plessey 's non-growth status 
(it earned £40m pre-tax four 
years ago on two-thirds of the 
latest turnover) is confirmed. 
Yet the market put the shares 
Ip better at 99p, suggesting that 
the decent balance sheet and 
the yield of 8.5 per cent offset 
the lack of longer term earnings 
growth. 



Index fell 3.6 to 463.4 


A-£bnr 


COMPANY SECTOR 


Suswaftr AdjKMd 


Gross Trading profits 
Net of iStock 
Appreciation 



ir * 4 *. 


1977 


One perspective on the f 
ahead is provided by) 
comparison with' 
Cha m ngton. Ih lQTS Alliec 
■pre-tax profits \qf £63m~ 
more thanYBkss. By 
however, Bass' had . . res 
someJESm ahead of A 
Breweries. Such compar 
depend very imuch , on it. 
one starts, but there can t. 
doubt whidTway the trend 
beeo, Y'-;’' v Y .Y 
A factor has been '[-ALL 
: greater dependence - oh - y 
and spirita-T-how'. represe 
around; 45 per- cent of sa 
where - fhe/mai&et- ha* yt 
recover jpre-1975 1«. 

The pfidhreT here' for the 
half , ofthe- current yes. 
unexciting, though the div 
may . have .' gained a 
voIume^.T..'". 

• The loatfookf for the 



i 



9 1 


IF* 




■i-Jr 



year. This first estimate is of [‘USS!* :*S£32£Sl °? 
only limited 
in financial 

trial and commercial companies. 

But significantly, there is an ac- iiSStinj • 

profits compared with the same 
quarter of 1977, : which --wanM.-i- 
certainly tie in with recent poor ' 

individual company results. Y et-. -Mr* Geoffrey Rose and ; 
the real picture. Is much .better .elates 'Are'- becoming- speci-. - 
than this for net pf stock appre-IiT making ' shareholders c 
ciation (only a third as big as : they cannot refuse. Audi&t- 
for January-March 1977) txidfng' the; third group to re ; 
profits are 40 per cent higher. '.'•. their attention .within a: 

in' this case the- roof has i 


;i-5 


1 


,,-T^S 


m 


in M i .«dt <* a dfcasra* tide 


Company profits 


The provisional GDP figures 
indicate that company profits 
net of stock appreciation stayed 
in the first quarter of 1978 more 
or less on a plateau first reacbed 
in the third quarter of last 


ever, it may weU be that, into int0 Ff ^ = 

tnal and commercial companies - ,^ nt - ^ 

Profit* which fesu ^ In l0SScS 81113 p* 0 * 1 " 
on to the levels of profits which f1 e Tn . h3(j npw 

they first reached in the middle °J wori ‘ 

of last .year; With, wage asp Vnfi lots of t . 

racing ahead of prices tfaerd is -hz ssiikoe. ' - ' 

be a deg^e of concern ^ . . 

about the trend/rom here qm./ ;kfnd of ; boidjig, operation-^ K 

..... . - ~ plainly vitaL Bid tails l . 

ABied Boweries Y - 

; Allied Breijeries has done a ^miliar package of prefj • - • 
little better- than, most expecta- ^tock with rights to eq'.fl . 
tibns, turning" hi pretax profit the Ifhtiire. But there:. . 
for the ,32 weeks 14f-ps>r cent Heavy cost for existing; s • 
higher ‘'at £45 Jm.’ Surprisingly; ; holders. The preferred ca- • 
most of - the improveineht has «jupoq of 12 per cent and r 
come from the troubied^beer to ’sharejn any divldend p 
business which Affied haj£ just Qrfinazy. togettier with Exiled 
reorganised into it ' separate ^subscribe for up to a qu . . 
companies. Apparently, the. be& dr the enlarged equWy in Y 
profit figures reflect^ volume at’2Dp v a. Share. .The cur ' 
growth in line with the- recent market price is'25p, .dow 
industry average of 8 per cea^ , yesterday. 
suggesting that Allied, may be. Y -.The Audmtronic director 
over the worst. But a significant ^ippor^dg the: dCal with . • 
factor will also have becai the 59 per'ceut of the equity. *- 
7 per cent price rise in January, pendent shareholders may , 
which may have accounted for derVbcther there is any> r Q|?ze 
as much as half of the £6m in- j»nrfui-way.of paying for 
crease in group pre-tax profits*. Board’s bowler. . : 


Mi 

A*) 

ft* 

fXi 

5*1 


.*3 

94 


l 

i 


« 




t •> 


• s- 
•- c 






.^hn x 


talks 




•'» Y 

, 2 1 


(Formerly: : 

VERNON FASHION GROUP LIMITED) 


picnic 


! 


Profits double 




At 




i 


the Company was changed from V^mon Fashion Group Limited i 
to Bombers Stores Limited. . : : . .Yi’Y" 


■ There is to be a bonjis issue* of one new lOp Ordinary" : 
Share for every one hekL ■ : Y: >' r% .; V ; / 




ha*'? 


next few months. : y 




General prospects for the company are YY.Y;.;. 

extremely good. . • s. ma^ 


* Rcnoanceablc certificates posted 23rdJurie-l£73J 
First day dealings 26th June 1978 ? - . 


. fD.46m . 


• * •' ■ 


£0,37m ; 


Trading Profit £0.2Bm 


Turnover 




1 v . . .■. 




vl.fr?.** 


v. 4 ■/.,* T L 


&*• 
'jTs ' 

mm 


QSnSti 








S' -j* ■. 
•;■■■* ■ 


hV-vcY^-" 






&&- 


Mm, 




'■I 


■ Tfei.ik'-' 

-:^n : 


YHib--. 









T974-Y • : wz. 


:j xs.'y Y-Y 


'A 


Bambers Stores Ltd, Aldersgate Honse^ : Y •. u ' :S - r , j 

- > > v>v ^ IT; •