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*U.. NG TO1CB: 


The Britax 
double-acting 
inertia reel 
seat belts. 


' BSG tntonurwMuf - 


AUSTRIA Sdi' 15; tELSIUM fr 25; DENMARK Kr 3.5; FRANCE Fr 3.0,- GERMANY DM 2.0: ITALY L 500; NETHERLANDS F| 2.0; NORWAY Kr 3* PORTUGAL Esc 20; SPAIN Pa 40; SWEDEN Kr 3JSj SWITZERLAND Fr 2.0; EIRE 15p 


Joins 

|Uen e 



SiMM-ARV 


GENERAL 


BUSINESS 



Pound up 
90 points; 
gold $3i 
higher 


^Carter gold $31 "a ui v luviiu vuiiLt vfjlo 

DIFFERENCES between the 

. IliotlPr BY PHILIP RAWSTORNE AND PETER RIDDELL ffnifbi'oSi ttakey pS™ 

■; ffAT/fX MIlSI in the Government's proposed 

" VClil The Government is expected to propose a relaxation of dividend controls. ?££ SS7 instd^irading- 

o sterling rose 90 points to It is intended to allow an increase in profits to be reflected in higher the use of confidential informa- 

- The Soviet Union has S*- 9 ®*®* its highest closing level payouts. share* teate** personaI Profit on 

• • ■^ bia . c ^ nail a This will be the main surprise den d cover is main rained. the present opposition. Mr. John Non. the Con- 

.*• Ofttsaonwy rr ^sident Carter to c« ? ™ in a short Bill extending dividend Thus companies will not be Mr. Healey, in his Commons servatives' trade spokesman. 

;'2r®. a computer sale to .>q‘ best suiee March controls beyond the end of this able to alter the present relation- statement today, will stress the described the proposed clauses 

Russia and place all oil-related ♦ - n U °-- , S r s “ e P rec * a ^ x<>n month which will be published ship between sfter-tax profits and Cabinet’s view that without a in the White Paper “ Changes in 

• .-equipment exports to the Soviet 10 , S per cent. this morning as part of the Gov- dividends. So groups with a high continuing curb on dividends, Company Law," making insider 

. Union under review. n EntTiTiirc rain# ernn ? ent ’ s counter-inflation pro- cover will not suddenly be able the Government would have dealing a criminal offence 

• .The Communist Partv news. nnu.= is Jf. P 0331 ^ The change is Partly to announce a big jump in divi- little hope of securing wide punishable by up to two years 

-..paper Pravda said the Us mn™ u st«atdi^aend legislation is intended to enhance the Bills dends unless there is a propor- acceptance of its 5 per cent norm imprisonment, as “totally un- 
;• ivas destined to backfire and th .* T -., be introduced next week, chances in the Commons against tionate rise in profits. for pay increases. acceptable as drafted.” He said 

"the Soviet Union would take its P u ^ lca W°n of the White “0 Liberals opposition. • The move will be presented Cabinet Ministers at their the proposals seemed far too 

■ y - [ trade elsewhere. 1L * ” a P° r on future pay policy, due The Cabinet decided yesterday as an attempt to remove some three-and-a-half-hour meeting wide. 

President Carter was reaction today. FT 30-share Index, np m oniing to press ahead with a of the present distortions in the yesterday agreed there was little He was not totally against 

to mounting public an"er at the 7.4 earlier, closed only 2.7 np Biil and approved a statement on capital market in order to allow prospect of companies' imposing legislation to make insider trad- 

• . recent harsh treatmenfof Soviet at 470.4. Gold Mines Index was ?*J t0 X? m ?, dB l V ■ C 0 ™ 111 . 0115 successful companies to reward an y lmilt 00 Pay™"** ing a criminal offence, but 

. , dissidents. notably 1 Anatofv 6.3 bicker al lS 7 J?*®* by Mr. Dems Healey, shareholders. to shareholdera added: “ As i read it, i think it is 

• ... . . niluiOly ■** ul B“"r “l liV.t. I rhunrollnr gnd an stopnmnanvina .. .. . . Aft* P.allnahnn ic ovnni*. t ^ t .. .. .. ji. 


to offer relaxation 
of dividend controls 


WHITE PAPER PROPOSES 
BAN ON INSIDER TRADING 

Company law 
splits parties 


BY PHILIP RAWSTORNE AND PETER RIDDELL 


'vf 



Dell : a considerable 
package 


Spending 

reaches 

all-time 

peak 


By Peter Riddell. 

Economics Correspondent 

CONSUMER SPENDING i- n.w 
at an all-lime hs.'li after rwnj 
sharply during ihc pati i“ 
months m ju<t alnnc the pre- 
vious peak leU'1 of 

Preliminary climates ;>tib- 
lished by ih«* Central Statist! m 1 
Office yesterday >hnw lh.it t!:c 
volume of entlMiuivr iiwiiJnv: be- 
tween April and June v. a- 3.3 
per cent higher ilum a year 
earlier. 

Recovery 

» 

The reemerj reihvls the .sharp 
rise in real incomes m ih«* fn*ri*nl 
as a result of the slriel-emm: in 
the rale of pru-e inllali.m Hu:- 
ing the period and un arcelora- 


tSbcb.transky 


■■ Ginzburg, members oPtheun- ° GThTS heId wftH the ™ e Papero° pay pobey the anoraaIy an c0 ^ paQies are tejljw»{gw* the message in courage d. 

^official Helsinki monitoring * on 8 tap being operated. for the aMoiinS ^clear oa^o^of 5 arbitra rily stuck with their p| y d WiRe PaSer G ¥5h SSL 0 ?”- 1 

■..group. Back and Page 2 ° first time. Government Secnri- present dividend cover and 1 ?l crest J s 


pay to be made to the Commons successful companies to reward any voluntary limit on payments ing a criminal offence, but nntablv tt 

today by Mr. Denis Healey, shareholders. to shareholdera. added: “As 1 read it, I think it is between 

Chancellor, and an accompanying However, the proposals leave , ^ J S e f.? all !S han ta expec " 50 broadIy drafled 35 10 dis * companies. 

White Paper on pay policy. anomalv that eomnani&« are l® d to r Jttin force the raesMge m courage directors and employees „ 


i^iaiauuu iu mioac iliuucr unu- ; |h . , , tP 

JSLtf-SSi^S. .fte, .Ml e? 1 *' «"»«* ••nwnaiM ciirning>. 

Ji’ *L? between public and private Spend in* in the f.r-i half ..•* 


mpanies. the year was about “! p«*v wi: 

The Government would have hi £her than in the previous «ix 
ought in a Bill of ihe kind - — — 


- • Uktuinian member of the 
. .Helsinki human rights group. 

Lev Lnkyanenkn, was yesterday 
■ ■ sentenced in Gorodnya. to 10 

- years hard labour and five years 
■ in internal exile, for anti-Soviet 
agitation and propaganda. 


,Spgf fme ounce 


Killer sqjuad 

Bl black nationalist guerriila in 
ilbodesia uaid Ubat he believed u 
. lix-man a sstissi nation squad was 
In Salisbury with a mission to 
till loading blacks in the transi- 
tonal Governmonl. Rhodesia 
isdgcts for £2(M>m deficit. Back 
- *aSe 

Egypt firm 

Egyptian President Anwar Sadat 
aid that Eeypt would not parti- 
Ipate in further Middle East 
jbeo talks until Israci produced 
•new elements"’ He would not 


London 
Gold Price 


Liberals ana ficortish Nations- share ownership, partly of shares now maicaie d in the present 

lists it is hoped, may be by employees in their Par, jamemary session, bad time 

persuaded to abstain if it companies.” allowed. Legislation to reform 

. „ .. . . . , appeared that they were putting j n *u e Dast t », ere »,„ anueared c 0 “P a °y l aw was foreshadowed 

The Cabinet has rejected the . At present, dividends can be th e Government's entire anti- t Q be a bi-Dartisan anoroacb bv in 1,16 Q aeen ’s Speech last Nov- 

idea of specifying a margin for increased only by 10 per cent a inflation policy at risk. the l2bou? ald^ cSSSJSative eraber - 

anomalies, wage differentials and > ear ’ wr,tb oxemptions to cover The Prime Minister does not Strictly speaking the EEC re- 

drift. although it is hoped that rights issues and takeovers. intend to make the enactment of quirements^ should be translated 

they will amount to no more than The Government’s cb 3 oces oF the Bill an issue of confidence. Details. Page 32 into British law by mid-Decem- 

2 per cent The White Paper is getting ihe dividend control Bill Without support from the Editorial comment Page 20 ber this vear— a fact which must 

likely to propose an extension through the Commons still Liberals a n 0 T S V i ? s 'If ? 11 SS, s a — — — make the launching of at least 

of the work of wages councils in appeared slender last night But fe w Ijlrter unionists, the Con- a limited Bill to introduce them ; 

dealing with the problems of the ministers intend to intensify « e unab e 10 Pj^ es ? botb louring a highly likelv this autumn Mean- 

low-paid. political pressure on the Liberals block.lhe legislation. legal clampdown on insider trad- while, tl e lengthy and detailed 

The basis of ihe proposed and Scottish Nationalists who They intend to mount their i° 8 . against the background of published with an in- 
change in controls is that com- have indicated that they would strongest resistance beginning ^?^j*I ona L Cu y scandals. The vitation f r further public com- 

□anies will be allowed to increase not support the legislation. There with a vote against the Commons abor “ ve . .“P ? 01 ® 5 meat, 

dividend payments more or less are obviously hopes that the Continued on Back Page in 18*3 by Mr. Peter __ w 

in line with profits if the divi- proposed relaxation will reduce Pari lament Page 10 a * T ” de ar l d I " d “?^ r hS 


CONSUMERS' EXPENDITURE 
1970 prices, seasonally adjusted 


£m 

1975 

35.269 

1976 

35/06 

1977 

35.133 

1 st 

3.753 

2 nd 

8.639 

3rd 

£.329 

4th 

3.C90 

1978 1st 

9,084 

2 nd 

9.1 15* 


duced in 1973 by Btr. Peter 


* first preliminary estimate 

Sourer.- Crnfru' S;c:.it.;ol O^ice 


WaJker. as Trade and Industry . Mr. -Volt welcome J the way mo th d , , ,, . 

Secretary in the Heath .Goveni- « **» Government had ^Si£ m At ’u 197 ? 

ment, would have made insider Published deta. ! proposed P Tn," P ' 


Gas pipeline study) fails 
to satisfy Goyemnbnt 


clauses at this stage. 


The genera! expectation is 


Sgypiian President Anwar Sadat m -m *•' tom m-m shm-e dealing an offence. SSnSithf LcBnwrv* 11,31 ^ rau- of inerewe .u 

J^ UJ I.U 1 fJaQ ninpliiip cfrnlvl f»ik 

S AP " My t* pipeime »tUUJ| ldltt « -JSsaar* sLdow SiM.™" - .a? M 

iv whether the Leeds Castle a WALL STREET fluted i wf wm* .. „ 7r ,, oi\ coraoanv aecumtts and reunrt. ^ ave an overall rise of 4; in 5' 

ilks had been a success or vQg a ‘ t S 3 gb~» s** A A • g* L j C k“ k ing as this would tend to ease per fer this year compare J 

to satisfy Govenmtent s 'jams fr £ ,z "12^ 

liege charge v SLpto£S"f 3PTL *2 STSS^iiatlMS Adjusted 

^ \ «:•» ^ «, correspondent gr *“• •» ^ ^ :s: 

» endanger lire after bcin 3 in- J 5 Lv 4 , ... " s .» .. .. “ But 1 am sceptical whether deaI> n S in securities if they second quarieris £9.Ubn. at 197P 

Sved in a .s’\'-dav sie n e In Cotnmer c ,al paper 7.8S (7B4) per a GOVERNMENT study group uneconomic gas especially, in the economic.” It calculated that in we can get the definitions right possess inside information. This prices and seasonally adjusted, 

prth Aston Oxfordshire 3 was cenl " which recommended the con- next few years. This would he view of the relatively small and if we can't 1 would prefer ] . s defined as information which This is 0-3 per cent higher than 

Rounded fur seven days bv © LARGE SALES of gills in s^fuetion of pipeline networks, the case even if gas prices were amounts involved the cost of to rely on the listing require- ls uot generally available but the level m ihc January -March 

hi bury magislrati-s. Bail was the few dav s after last month’s Mstin £ U P to n.l4bn, to gather substantially increased. . ' carrying gas through thu* system ments of the Stock Exchange, which, if it were, would be period and 0~ per ceni above 

credit squeeze measures helped pockets of North Sea Gas Gathering Pipelines would be 19.4p a therm— almost which are a very major sanction, likely materially to affect the thepreviqus peak in early 19.3. 

to brin«> money supply growth gas was told yesterday that it (North Sea) was formed out of four times the average price rather than damage what we P n 'ce of the securities. Trie main changes be twe n r he 

back well within the* Govern- bad not been ambitious enough, a consortium of British Gas Coir- being paid by British Gas for its passionately believe in— owner- ^‘PP® 65 !’ wba received inside first and ■econd quarters were :i 

* mem’s targets for the current The Department of Energy- in poration, British National Oil offshore supplies. ship of shares in industry by information knowing it to be slight rise in speniijng on 

ilice shol and injured a member voar challenging some of the findings Corporation. British Petroleum, But it is essentially the system those working in it.” such would also be prohibited durable goods, especially car*, 

tan armed sam; raiding Dublin ^ ack pa e of the group which comprises ICl. Rio Tinto-Zinc and ElffTotel —put forward by Shell and Esso The Paper, presented to from dealing on a stock market and on services. Bui sp.-nrJir.g 


ay whether the Leeds Castle 9 WALL STREET closed off 

£■ ud’anumli! 2 - 0S at ?MBS - ■ cQfl'cfv C* 

,,a r 20 sdiifeiy \j 

pieg[© CS^SLrg'© to $S 45 ^bn. dommercial ' and . 

m iSPSSSSS iby8at dafter ’ enei,oy e * m,aw8 * n ' 

I emljngci- lire after being in- ‘ 1 

jived in a nkx-dav siege In ®°[" merc,al P“P er 7-88 (7^4) per a GOVERNMENT, study group uneconomic ga 

brth Aston. Oxfordshire, was cen which recommended the con- next few year 

Blanded for seven days by © LARGE SALES of gUls in structum of pipeline networks, the case even 

anbury magistrates. Bail was the few days after last month’s CQS ^ ng ^ P to tl.ldbn, to gather substantially 1 

ntised. credit squeeze measures helped ottered pockets of North Sea Gas Gath 


. . . . . , . mem’s targets for the current 

nice shot and injured a member year 
(warmed gang raiding Dublin Back p a e 
5ci*s. Tlie raiders .■'iiuiehed 
m but tour of ilicin wore 

rested. A 17-jeiir-old London- V^QifvflQll rii'/k'fif' 

Vt\ yoiiih was nl>o ^hot in the v uUMlaU piUUl 
i in Dui'ini. n , 

tops £4m 


lir oppm , l motors ass *■ ^jm^bSststSSAS sgr Jsraaara asaa* 

JJ* brcalhalysod by police. IM SSm to lie in oilfields or in ing trunk lines which Sn^m the Brent, Cormorant. Directive, on company law, about industrial democracy. 

’{f- ,lpni ' h tMD ur,n prs Jr its Ellesmere Port plant smaller natural gas reservoirs, the FrigE Field to Sl Fergus in Ninian and North West Huttou 
- ^ vln S charges. l , nfl i.i.* The Government wants to make Aberdeenshire. Fields. Design of the Brent- 

n a g a nd 10 sure that as little as possible of It also recommended that in. Cormorant line is expected to be | ■ ■■■ 

Oxer in com d * d 6” i. Tmti ... <1 inm L non. I . . fi-.ii.nJ ri,. n.. ■ 


f in New York 


? TH 

L5 ^ 


S[.n 
l nHinth 
! 5 iM»uUi> 
1 mi ■mil*. 


o. 6 j.u^y.n. : ij.rrie.iith. 
!..>*. IJa l.U-I.U.a,i,. 


ten, 58, ilenich two 
.— -^ving charges. 


oxer in coma 


MR. DAVID TROTMtAN, a 


the gas Is "wasted. Without some the 19S0s about flSOm should be finalised in the next two months. 


several hours foUowing his !" f ^^Sosse-fon o? S price-sen- study , group, however, has told an immediate system, Unking th 

Mt in Uie Eu-mic.m title fieht " as R a( .£ Paae Government that it will have Cormorant. Heather and Dunli 

filunaV Tla'l?! by Br.iain s s,tJVC ^formation. Back Page to ^ pt some of fie](Js tQ Brent w£)aJd bfi ^ 

u MilUer. " 9 TATE AND LYLE is to bring ; 

fnnvard plans for further 

..images case rationalising i^saropfratjoos: T T 1 a • 


Continued on Back Page 
Energy Review Page 9 


The accepted guide 
for offices 


fti 


s."srS5-- a ® ■st® u.o. raises sieei iri^er price 

/in mistake Tor a rabbit and 00 * 

' 'n d dxm° 3 " e ^^'clurn BRITISH SHIPBUILDERS’ _»V ©AVID BUCHAN WASHINGTON, July 20- 

man^ho^ 5 red' 'ihe gun, a p i a r to compete with P^vate TRIGGER PRICES for steel pro- grated steel mills, generally Lakes ports lost custom to East 

' ter farmhand rn-ineering companies by cuyei> duets imported to the U.S. will reckoned to be the world’s most Coast and Gulf of Mexico ports. 

sifyinc out of ship and J? an "® nse - by an average cf 4.4 per efficient, but it applies to Treasury officials claim that 

lUfiLtirckre nut engine building was attacked by cent on October 1 over levels in imports from ail quarters, the effect of the trigger price 

en n ineerinc employers. . b* tiie current quarter, the Imported steel sold below these system, which came fully into 

e 160 homeless people were ” Pace V"* - Treasnry announced yester- prices wiD trigger off anti- force only in April, begins to 

to end i heir jS-montn , dumping action. show a drop in steel im oorts Jn 


U.S. raises steel trigger price 




BY DAVID BUCHAN 


WASHINGTON, July 20- 


TT C m ' . " . ■ vouit uixiv utui 

ujs. Treasnry announced yester- prices wiD trigger off anti- force only in April, begins to 


dumping action. 


1 ®*oonjsbur.v. London 0 PERSONAL SECTOR This means a lO per cent aver- Th Xreasury has i owered Jts May. 

^ Righ Conn returned xosc by £3.Sbn <«3 b $ | _£ t £S fSe 'ncrease in ihese prices in- eg ^£^^r^t costs John Uoyd ^ u£ - 

S4 Ibis to ihe owners. first quarter. Centra! Statistical troduced at the New Year to pro- oflSme producteto th? Gm mov e heritably make the 
Jpd and jslxngiuR Area office figures show. vide a speedy reference for ^some prooucts io me ureat mark et, a significant export 

th Authority. Pace 6 dumping investigations. _ J SSS1.22. "2?!! one for British SteeL more diffi- 


S4 flais jo ihe owners, quarter. Cent 

■ d * , D u.id jshnylun Area office figures show. 
th Authority. Pace 6 


«fly. - . 


"» 6 “to ss&, cost, 

■niaure 3^ per d?nt, Is merely to take because Great I^kes freight rates 1 j lat t jj e trigger price rise may 

COKPAKIES account .of continued apprecia- wo™ loS^^ei r* U^ b ma rS* ** cancelled out by a correspond 3 ! 

- v.v.rxTE pre-tax profit rose tmn oLthe Japanese yen against ^re losing their US. market. tag rise in U.S. domestic prices. 
■ Rmi on turnover thedollar. Treasury officials said today The downward revision in the 

l “ Bifc* rffSaBml in the year , The trigger pnee system is that the revision was made not Great Lakes freight rates is not 

iif £973.Sm i (tbo-.um basfed on estimates of the pro- only because of European pres- thought to be particularly signifi- 

iu March -a- _ duettou costs of: Japanese Inte- sure, but also because Great cant to the corporation. 



tiv " , 
: . ..-I!'''" 


in,1,eyMr bgr 

^TsIiiiadLa a»oto a « 

? FrLrsz ss • «*« ww — 

,JW Ey, for RM. 

{&*.> «■ »“ “ MaICh Ba»p««. 

aS P S,p n lbe W0r ' d w * — «“ 


CONTENTS OF TODAY’S ISSUE 


:!i* " 


:F PRICE CHANGES YESTERDAY ^ + ^ 

» in pence unless olherwLse Box 8S + 0 

mdu-au'd) tttWMd Inv » + ? 

n.c.Mi sainsbury < J -L nsl + 12 


entropean news - 

American news 4 

Overseas news 3 

.World trade news 4 

Borne news— general ... 6,8,33 

— labour 10 

—Parliament ... 10 


IMRE# , . , 
I ispe ’1.117.. iSfii + t 
Wive Sees. ... fM» + " 

:ai (iriJ + • 

MW + 5 

;h I4fi + 5 

< llldgs 4i i + 2 

ntnL 256 f g 


nd Evcrard 
Vmiblcdon) 

■>fd 

Refuelling 
and Golch 


4is + .1 

256 + g 
230 + 7 
!W + 6 
206+13 
53 + ■* 

3 US + 8 , 
SR + JO 


is 160 + 5 

crc 242 + IS 

ntcrrsK 15S + S 

■vs (j;.i 157 4 * 1 - 

a ir .\ 200 + *» 


Unisale ;-v — * + 17 

y nlon riS 0 ™i d ; m + 7 

Go ns. Gold Fieias ... ^ + ^ 

Woof 536 + 24 

Presidcnt Steyn nS i + a 

FALLS __ 

Allied Textile 353 - 12 

Konnmster - g7 _ 6 

Inveresk.,^,*; 302 — g 

Sicbcns fURJ 379 - 20 

AnpJo Utd. 390 - 35 

worthirPt® Espior. — ■* 

wSeld Minerals ... W y __ 


Clearing the waters for sea- 

bed mintug’ 20 

Polities Todays The Govern- 
ment’s protection racket 21 
Energy Review: A banting 
issue In the- pipelines ... 9 


Technical sews 17 

Management Page 17 

Arts page 19 

Leader page 20 

UK Companies 22,24-26 

Mining 26 

FEATURES 

Around Britain: The port of 

Dover 18 

Why Swedish ' bosses like 

worker directors ...• 17 

Cancellation of U-S.-Soviet 
deal 2 


Inti, Companies and Euro- 
markets 27-29 

Wall Street 34 

Foreign Exchanges 29 

Farming, raw materials ... 35 

UK stock market 36 


Brazil: Telecommunication 

problems 4 

UK harvest prospects 35 


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Financial 'fimes- Friday July 2i -W7S 


EUROPEAN NEWS 



Basque party climbs down 


CANCELLATION of U.S.-SOVIET DEAL 


on 


provisions 


Pressure will not succeed— Pravda 


BY DAVID SATTE* 


MOSCOW, Jqly 20. 


BY JIMMY BURNS 


MADRID. July 20. 


MEMBERS oF the Partido 
Nacional Vasco (PNVI the 
principal Basque parliamentary' 
parly, today backed down from 
its threat to abandon the Cortes, 
the Spanish Parliament, and in- 
stead moved closer to an agree- 
ment with the Government on 
the new constitution. 

Sr. Javier Arzallus. a \eadin" 
FNY deputy, this afternoon tnld 
the Cortes that his party had 
accepted one of the main pro- 
posals mode by the UCD. the 
Government party. 

This is that the autonomy of 
the Basque country, along with 
that of the other main Spanish 
regions, should he defined and 
guaranteed within the constitu- 
tion. 

Both the UCD and the main 
opposition parties, including the 
Socialist Party, have maintained 
Throughout that a separate law 
defining the economic and 
political right* nf the Basques, 
would carry with it the risk of 
creating a “state within the 
state," 

Despite the acceptance by the 
PW or this clause, the party 
stilt remains unconvinced by the 
guarantee for the transfer of 
local Dowers in the constitution. 

Both the Government and the 
main opposition parties have now 
admitted publicly that they can 
compromise no further on the 
autonomy issue. Their hope at 
this late stage is that the PNV 
will accept the constitution, nod 


use its considerable Influence 
among the Basques to encourage 
support for it, during the coming 

referendum. 

The Basque country remains 
the focu< of political attention 
hero with the Government 
apparently making an all-out 
effort to reach agreement with 
all the parties concerned. It was 
announced today that a govern- 
ment delegation, probably led by 
Sr. Abril Martolell. the Deputy 
Prime Minister, would meet For 
the first time leading representa- 
tives of ElA. the Marxist- 
orientated Basque revolutionary 
pariy. ElA is known to have 
considerable links with ETA, the 
Basque terrorist organisation, 
and with the bulk of more 
militant Basques who tend to 
favour taking to the streets in 
support of Basque nationalism. 

Anion q those ElA members 
who wifi be meeting the Govern- 
ment this evening is Sr. Maria 
Onaindiu. the party's general 
secretary. Sr. Onaindla, a 
former member of ETA, was 
condemned to death during the 
Franco regime. He was 
amnestied last year- 
• The Spanish consumer price 
index rose hy 1 per cent in Jure, 
according to provisional figures 
just released here. 

The Government has planned 
to reduce inflation to 16-17 1 per 
cent for 1978. The wage ceiling 
agreed as part of the Moncloa 


Pact— a package of economic | 
and political measures agreed 
with the opposition parties last 1 
October— has been dependent 
on the holding o L the index 
below an 21-5 per cent increase 
between December, 1977. and 
June of this year. 

In the first she months of this 
year, however, the consumer 
price index has increased by 
only 7.3 per cent. This com- 
pares with an increase of 13.2 
per cent during the same period 
in 2977. 

The sharp fall has been 
achieved by a combination of 
rigorous control of the money 
supply, adherence to wage ceil- 
ings, and the generally depressed 
state of demand. 

The increase in the money 
supply has so far been kept 
marginally below that which 
would produce the 17 per cent 
rise which is the target for the 
whole year. 

At the same time, a new spirit 
of consensus appears to be 
developing between the Govern- 
ment and the unions. Sources 
close to the Ministry for Industry 
are confident that the agreement 
reached earlier this week with 
management and the three 
major unions, the Gr-nmiunist 
Workers' Commissions and the 
Socialist UGT and USO. on the 
restructuring og the shipbuilding 
Industry, represents a major 
breakthrough in industrial 
relations. 


THE COMMUNIST Party news- 
paper Pravfla today issued a 
sharp attack on president 
Carter's decision to cancel the 
sale of a Sperry Univac computer 
to the Soviet Union and pl ace 
the sale of Q&field equipment 
to Russia under review. 

The Pravda article denounced 
i the attempt to use economic 
sanctions to influence the Soviet 
behaviour as “an old, corroded 
lever of pressure and blackmail. 1 ' 

Echoing a less specific com- 
entary last night in the Govern- 
ment newspaper Izvestia. Pravda 
said that the attempt to influence 
the Soviet Union through cancel- 
lation of contracts will "in any 
case be unsuccessful” rebound- 
ing to the detriment of the 
j United States. 

Although the Soviets have ex- 
pressed themselves forcefully 
| most recently in a speech this 
month by Mr. Alexei Kosygin, 
i the Soviet Premier, for the lift- 
ing of the Jackson-Vanik trade 


amendment which ties liberalised 
U.S.-Soviet trade to freer Jewish 
emigration and for the expansion 


of bilateral trade in general, they 
have also insisted that they are 


have also insisted that they are 
not dependent on U.S. trade and 
can go elsewhere to buy high 
technology products. 

In general terms this is cer- 
tainly true. The only areas 
where the United 5tates offers 
products which the Soviets can- 
not obtain at comparable levels 
of quality elsewhere are oilfield 
equipment and computers. 

The Soviets cannot get drill 
bits of comparable quality or 
submersible pumps from any of 
the United States’ Western com- 
petitors. The Soviet Union pro- 
duces its own drill bits, but they 
are ineffective, and the sub- 
mersible pumps are made only 
by U.S. companies and are of 
considerable potential import- 
ance in a country where more 
than 80 per cent of the oilfields 
are reportedly flooded. 


The U.S. has also either sold 
the Soviet Union directly of has 
a large component share in 
many of the Soviet Union’s pipe- 
line compressor stations. The 
Italians also make compressor 
units but they do not have as 
large a share of the market aa 
the U.S. 

A ban on U.S. oil and gas 
equipment - exports would hurt 
the Soviets, particularly as they 
are under considerable pressure 
to improve their oil extraction 
methods as production in exist- 
ing wells is beginning to peak 
but there are indications in 
Moscow that the Soviets are pre- 
pared for such an eventuality. 

One commercial source said 
that Soviet trade officials asked 
one of the bidders for a big 
contract for gas tift retraction 
equipment for the Samotlor and 
Fyodorovsfc oil fields if the' 
American components in his bid 
could be effectively replaced. 

The situation in computers Is 


somewhat snore swwjdg fjr 
the Soviets if they intend to seek 
om ^-American sources of 
snSply. The U.S. is now gen- 
erally thought to have aU but 
lost its lead in computer hard- 
ware with Japanese computers 
Tb” to do 2m iatfnzctkw per 
second as against 2.2m for the 
latest U.S. computers. 

The traditional American lead 
in computer technology now 
resides in superior software as 
well as long experience in com- 
pute application. These residual 

advantages, however, although 
valuable, would probably not be 
enough to Persuade the Soviets 
to press ahead with American 
purchases If it became politically 

disadvantageous. , 

The Pravda article denounced 
President Carter’s cancellation of 
the Sperry Univac contract as 
an attempt to worsen relations. 
The Soviets want trade with the 
U.S. for political reasons as 
much as economic ones, in the 
short run. however, ft appears 



Mr. Alexei Kosygin, 
Soviet Premier 


that a ban on high technology 
U.S. exports to the Soviet Union 
would, despite protestations, do 
some economic harm to the 
Soviets. They would have to 
reorient aspects of their plan- 
ning in order io make up for 
Ibis. 


Splits leave ETA ‘incapable of 


avenging’ shootings by police 


BY DAVID GARDNER. RECENTLY IN THE BASQUE COUNTRY 


THE MILITARY wing of the 
Basque separatist organisation 
ETA is not yel capable nf bring- 
ing off a spectacular action in 
revenge for last week’s police 
violence in the Basque country 
when two people were shot dead 
and over ”00 injured. Like ETA's 
“political-military” wine it will 
fnr the moment be conteni wilh 
the mass response of the Basque 
people through demonstrations 
and strikes, aS happened last 
week. 

This was the view expressed 
to the Financial Times by a 
founder member of ETA and a 
present ideoloeical mentor of 
the political-military wing which 
he represented in last summer's 
abortive negotiations with the 
Government, designed to secure 
minimum agreement for a p re- 
electoral ceasefire. 

On that occasion, according to 
the ETA member, the Govern- 
ment was not in a positinn to 
offer more than a phased 
amnesty of political prisoners, 
which in any case, he believed, 
went ahead under the pressure 
of the mass campaign taking 
place at that time. 

The negotiations split the 
political - military organisation, 
with the "berczl” special com- 
mandos, allegedly led by Sr. 
Miguel Angel Apalategut— 
known as Apsla — carrying out 
actions like the kidnapping and 
murder of the Basque industrial- 
ist Sr. Javier Ybarra on their 
own authority, before fusing 


with the military wing of ETA. 
Ap.ila is now one of the three 
mam lenders oF this wing, which 
following the wave oF recent 
attacks on police, and the 
murder of the Basque journalist 
.Fuse Maria Porteli. has set its 
face against negotiations. 

According to the ETA member, 
the military wing, thuugh 
larger than commonly believed, 
does not have the infrastructure 
needed to carry out a large-scale 
action, and will Instead step up 
its attacks on easier targets like 
the police. The resilience of the 
military organisation is based an 
its structuring into semi- 
autnnomous commando units 
with no contact between each 
other. This makes its members 
impermeable to political 
currents, a fact compounded by 
what one former ETA member 
described as the “political 
illiteracy " of the military wing’s 
leadership. 

The radical differences 
between the two organisations 
reflect the history of ETA itself, 
which has repeatedly, and some- 
times violently, split over 
differences between what 
alliances should be maintained 
with other left-wing forces in the 
Basque provinces and the 
country as a whole, and over 
what importance should be given 
to the “armed struggle.” 

For the political-military wing, 
the objective is no longer 
primarily to destabilise the 
regime, but to support mass 


struggles, and to achieve more 
autonomy, in alliance with exist- 
ing radical parties. Armed action 
plays a subsidiary role designed 
to give an extra push towards 
objectives which the “mass 
struggle” is for the moment 
incapable of achieving. 

ETA selects Us targets with 
care, and according to the 
source, last month’s spectacular 
but unsuccessful attack on the 
military governor in San Sebas- 
tian bad an essentially didactic 
nature, designed, he said, to 
" pick out the real seat of the 
present structure of bourgeois 
power for the attention of the 
people.” Similar attacks could 
occur. 

He also believed that indis- 
criminate violence of the kind 
practised by the military wing 
reinforced the bargaining posi- 
tion of moderate forces like the 
Basque Nationalist Party (PNV) 


which is negotiating amendments 
to the draft oE Spain’s new demo- 
ratic constitution with the 
Government and other parties. 

The military wing, on the 
other hand, had little political 
programme other than violence 
the source said. The support for 
the orgainsation revealed in last 
week’s demonstration was due to 
police action. 

The violence perpetrated by 


the Braque country, which, the 
source went on, could do well in I 
municipal elections. I 


reach 

plateau 


BY METIN MUNIR 


ANKARA, July 20. 


By Guy Hawtin 


FRANKFURT, July 20. 


THE FIRST half year's produc- 
tirm figures from the West Ger- 
man motor industry provide solid 
evidence for the manufacturers’ 
contention that the boom in 
dnmes.de ear sales has reached 
ils peak. Output during the first 
six months was only slightly 
above ihe total for the same 
period last year and signs are 
that sales are near stagnation, 
albeit at a high level. 

According lo the industry's 
trade association, the Vcrband 
dor Autoniobilinduslrie fVDA), 
ear and estate vehicle production 
during the first half totalled 
U.OtiJ.ofOO units. This was some 
2 per cent up on the industry's 
performance in the first half of 
1977 when 2.019,441 units were 
manufactured. 

In contrast. VDA statistics 

show a hefty drop in the output 
or commercial vehicles. Manu- 
facturers, it said, hud heen hard 


hit by declining export demand. 
Commercial vehicle output 


Commercial vehicle output 
fell by 12 per cent during the 
period under review— from the 
IfitUOT units produced In the 
opening six months of 1977 to 
145.700 uniis. 

Car and estate vehicle exports 
rose by 3 per cent in the first 
half year from 970,139 in the 
opening sis months of lane year 
tn 997.100 units. But. on the 
other hand, commercial vehicle 
shipments overseas plunged by 
20 per cent from 100,034 units 
lo SO.OflO units. 

In June this year the Indus- 
try's output of vehicles of all 
types totalled 404,700 units com- 
pared with the 35SJM9 units 
manufactured In the same month 
of 1977. These figures are con- 
siderably distorted by the fact 
that there were 22 working days 
last month compared with 20 in 
June 1977. 

Car output totalled 3 1 7,600 
units against the previous year's 
532.846 units. But on a calendar 
adjusted work-day basis the 
actual rise in output was only 
3 per cent. Commercial vehicle 
output, on the same calendar 
adjusted basis totalled 1,232 units 
—3 per cent down on the 1,300 
units a day of June 1977. 


THE Turkish Government today 
signed a “social contract” with 
the powerful Confederation of 
Turkish Labour Unions, 
iTurk-Is). the first one to be 
concluded in Turkey. 

This year the agreement will 
affect 47U.000 workers whose 
collective agreements have come 
up for renewal. 

It was signed here by the 
Turkish Prune Minister. Mr. 

I Bulom Eccvit. and Senator Halil 
Tunc, the Turk-Js chairman. 

Although Mr. Eccvit hailed it 
us “a landmark in increasing 
| the welfare nf Turkish society 
along with Turkish workers." the 
i document, which he called a 
“social contract " was disappoint- 
ingly vague. 

In what appeared to be Its 
most crucial paragraph the 
agreement said tbat wage 
Increases and side benefits 
would he rev;u la led according to 
price increases. The current 
Increase would be regulated 
according to price increases 
dating from 1976. 

The agreement could be 
cmcial if it succeeds in curbing 
wage increases. In the past two 
years wages have gone up hy a 
national average of over 30 per 


UN assistance urged for 
Greek Cypriot settlement 


BY OUR OWN CORRESPONDENT 


NICOSIA, July 20. 


TUlt KISH CYPRIOTS today 
made a new offer for the resettle- 
menc of Greek Cypriot refusees, 
suggesting that the eastern town 
of Varosha (Famagusta) be put 
under an interim administration 
with UN supervision. 

The proposal was put forward 
early this morning by Mr, Rauf 
Den k 13S b, the Turkish Cypriot 
leader, in the form of an “open 
message ” to the Greek Cypriots, 
it came us both sides prepared 
(n observe, in their different 
ways, the fourth anniversary oE 
Turkish military intervention In 
Cyprus on July 20 in 1974. 

President Spyros Kyprianau 
was holding a Cabinet meeting 
this afternoon to consider the 
Turkish offer, but GreekCypriot 
officials said earlier that the 
i Government was almost certain 
to reject the proposal- 


Varosha, the modern sector of 
Famagusta- was the home of 
some 40.000 Greek Cypriots 
before the invasion, and Mr. 
Denict ash's proposal envisages 
the resettlement of 35,000 of 
them there — to begin as soon as 
negotiations resume between the 
two sides aEter their year-long 
deadlock. 


The seaside town was the most 
important tourist area of the 
Island before the war. with 
scores of luxury hotels and apart- 
ment blocks. Since August 
1974. when the Turks launched 
their second military offensive, 
the town has been deserted, 
sealed off by Turkish troops. Its 
future has always been con- 
sidered a key element in any 
settlement of the Cyprus con- 
flict. 



The risks of imposing economic sanctions 


BY DAVID LASCELLES, IN NEW YORK 


PRESIDENT CARTER was react- 
ing to mounting public anger at 
recent Soviet trials when be 
decided earlier this week to 
place all U.S. exports of oil 
technology to the Soviet Union 
under government control. But 
effective as they may be as a 
political gesture, it raises a host 
of questions to which there are 
as yet few answers. 


Apart from the obvious one, 
will it make any difference, what 
about the effects on UjS. business 
and trade, and what of the 
implications for the world oil 
market if Soviet production gets 
bogged down through lack of 
good equipment? 

The only point that is 
immediately clear is that Mr. 
Carter opted for controls on oil 
technology because this is both a 
highly publicised field, and one 
where the Soviet Union is 
thought to be particularly 
vulnerable. 

Though many of the con- 
clusions in the CIA's recent 
report on the Soviet oil industry 
have been discounted as 
exaggerated fit predicted for 
instance that the Russians would 
reach an oil production peak 
before 1980) it is widely 
accepted that the industry faces 
an increasingly difficult period. 
Old oilfields are running out, yet 
exploration and development of 
new ones is not preceding fast 
enough to ensure adequate ap- 
plies well, into the 1980s. 

For this reason, the possibility 
that Mr. Carter' will cancel a 
previously licensed sale of 
$144m worth of equipment and 


technology to produce high 
quality drill bits must cast a 
shadow an the Soviet oil explora- 
tion programme. Drill bit tech- 
nology is known to be a weak 
area for the Russians who use 
high speed turbo-drills demand- 
ing extra tough bits. 

Mr. Carter said earlier this 
week that he would also cancel 
the proposed sale to the Soviet 
Union of a SBjSm computer 
ordered by Tara to process Infor- 
mation for the Olympic Games. 
Electronics is a high technology 
field in which the Russians are 
many years behind the West 
both in the equipment they can 
make and the number of -com- 
puters in use. 

By Western estimates, Soviet 
computer technology has yet to 
get fully into the micro-circuit 
generation, and their most 
powerful models perform fewer 
than half as many functions as 
the best available in the West 
This much is obvious from the 
persistence with which Moscow 
places orders for big Western 
computers, and even the mini 
desk-top computers which have 
now become the fashion in the 
West. 

Although Mr. Carter opted for 
sanctions in electronics and oil 
technology, he might equally 
well have decided to restrict 
sales of plant and technology 
for the chemical industry, one of 
the largest single Soviet import 
categories from the West 
Plastics, fibres, and fertilisers 
are ail high priorities under the 
current Soviet Five-Year Plan, 
but because of the lack of 


modern and highly productive 
processes in the Soviet Union — 
indeed, in the whole of the Soviet 
bloc — the Russians have com- 
mitted themselves to importing 
many billion dollars worth from, 
the West 


Other possible areas of lever- 
age include industrial process 1 
control, road transport tech- 
nology, communications equip- 
ment, and even such humble 
things as thermostats, all of 
which serve the Russians' 


THE SOVIET UNION will turn 
to Siemens, the West German 
electronics manufacturer, for; 
a sophisticated computer now 
tbat President Carter has 
blocked the sale of a ILS. 
model, according to the news- 
paper Die Welt- In the U.S* 
meanwhile, Mr. Bob Bergland, 
Agriculture Secretary, told 
farmers there would be no 
curbs on grain exports to the 
Russians. 


current need for greater 
efficiency and fuel-saving. 

However, such is the complex 
interplay of modern day com- 
merce tbat Mr. Carter . cannot 
impose embargoes in any. ' of 
these ureas without risking 
damage to the U.S. economy, and, 
even in the case of oil. to 
broader interests since' any 
curtailment of Soviet oil produc- 
tion could transform the-' Soviet 
bloc from a net oil exporter to 
an importer, with / obvious 
consequences for the /World oil 
market 

/ 


The Department of Commerce, 
which has vigorously opposed 
the idea of trade embargoes an 
the Soviet Union, has calculated 
that U.S. sales of oil technology 
to the Russians amounted to 
$540m over the last IS months 
and stand to reach a further 
$lbn in the next two or three 
years. 

The loss of this business 
would not bring the U.S. 
economy to its knees. But the 
Department argues that it would 
be a futile gesture since other 
hard-pressed Western countries 
would be glad to pick up the 
business themselves. 

The U.S. may produce the best 
drill bits and submersible pumps 
In the world, but It does not have 
a monopoly on these products. 
And if the Russians are content 
to buy less than top notch 
equipment, there is nothing to 
stop them procuring it else- 
where. 

The situation with computers 
is a' little more complex since 
the U.S. lead in this field is such 
that it has control over much of 
the technology and components 
used by manufacturers in other 
Western countries, particularly 
In the powerful computers which 
the Russians are after. The 
cancellation of the Sperry Univac 
deal could therefore prove to be 
Mr. Carter's most damaging 
action so far.- \ 

As with the outcry tbat comes 
from the Mid- West every time it 
is suggested that the U.S. halt 
grain shipments to the Soviet 
Union (an idea which has never 
been seriously pursued, inci- 


dentally) the Department of 
Commerce is obviously speaking 
for the business- -i-comruunit.v 
which is more concerned with 
profits than slapping down the 
Russians for their handling of 
dissidents. 

However, the furore over dissi- 
dent trials puts U.S. companies 
in a tricky position. They want 
Soviet orders. On the other 
hood they are acutely conscious 
of their public image and the 
opinions of iheir shareholders. 
This prevents many of them 
from taking a public stand 
against Mr. Carter’s decision for 
fear of being branded as anti- 
h umar rights. 

The Russians’ arrest of Mr. Jay 
Crawford, the Moscow represent 
tative of International Harvester, 
on currency - manipulation 
charges, has also removed some 
of the business rmnmuimy's 
sympathy for the Soviet Uninn.- 

However. it. appears tn be the 
general view here, and certainly 
the view among the well- 
informed. that Mr. Carter’s pre- 
sent stand cannot last long, and 
will probably be reversed when 
the row over the trials dies down. 
The implications of what "he- Is 
trying to dn are too complex 
and potentially damaging to be 
worthwhile in the long run. 
Furthermore, it has already been 
demonstrated that similar actinns 
in the past— notably the famous 
Jackson amendment withholding 
favourable trade- treatment for 
the Soviet Union so long as it 
restricts emigration, have not 
been very effective In budging 
the Russians. 


j.- ■ 

French steel wage pact agreed 


BY OAYID CURRY 


PARIS, July 20. 


the military wing was an impedi- 
ment to the development of the! 
radical and nationalistic Left ini 


W. German Turkish Government signs 
car sales social contract with unions 


THE CHANCES of the present 
round of French wage negotia- 
tions passing off without 
serious industrial trouble have 
Increased significantly since 
the signature yesterday of a 
pace-making outline accord In 
the vital private sector metal- 
lurgical industry, which 
includes steel. 


The agreement has been 
signed between the federation 
of metal and mining industries 
employers and all the main 
unions — militant as well as 
moderate- 


cent and this year more than 100 
per cent increases were 
demanded and granted. 

Both percentages are over- 
whelmingly higher than 
increases in productivity and not 
conducive lo fighting inflation. In 
tho year to April consumer 
prices rose by around 60 per 
cent. 

Lack of any wage control or 
restraint has so far constituted 
one of the biggest gaps in the 
Government's otherwise com- 
prehensive programme of 
economic austerity. To what 
extent today's social contract 
will be able to fill this gap 
remains to be seen. 

Although the country's higgest 
labour confederation, the liberal 
Turk-ls Is predominant in the 
state sector it bad no jurisdiction 
ever many workers in the 
private sector, wbo belong to the 
more radical Confederation of 
Revolutionary Workers Unions 
(DISK). 

Mr. Eeevit has approach DISK 
with the intention of signing a 
similar social contract but no 
agreement has been reached. 
Borne observers believe that 
DISK will not accept a wage 
curb, however vague. 


The signature of the Com- 
mon isMed CGT, alongside that 
of the Socialist CFDT and the 
middle-of-the-road ' Force 
Ouvritre, is seen by the 
Government as a useful point 
gained in its policy of trying 
to relax the post-electoral 
atmosphere. 


It is important for other 
reasons. For one thing, it 


covers 2.6m workers, and with 
its signature almost a third of 
the workers in the private sec- 
tor have either settled their 
wage claims or have 
established a framework for 
such a settlement 

fn addition, the accord is 
based on the idea of a mini- 
mum annual income for a basic 
40- ho or week. 

The employers, as well as 


the Government, have heen 
trying to introdnee the prin- 
ciple of minimum income per 
year for each industrial 
sector, the amount to depend 
on the economic health of the 
sector in question, to relieve 
the obsession with the national 
minimum wage. 

Finally, the metallurgical 
agreement foresees regular 
meetings between the two sides 
to monitor the course of nego- 
tiations and Implementation Of 
agreements In the various sab- 
sectors of the industry, and 
also opens the door to discus- 
sions on improving the career 
structure and conditions of 
work of mannal workers. 

The employers have not got 
it all their own way. They 
would have preferred to base 
the agreement on the idea of a 
working year, rattier than that 
of a working week, in order to 
introduce more fiexlblllty into 
manning schedules. 

The unions have also 
managed to keep certain over- 
time and bonus payments out- 
side the framework of (he 
agreement, and to have the 
min Imam income guaranteed 
In case of accident at work and 
iqaternity. 

The framework agreement 
now signed will be passed 
down the line to the 94 
employers’ federations in the 


various sab-sectors, at which 
level actual negotiations on 
cash will ,take place. These 
will begin after the summer 
holidays, r 


Swiss money market 
expansion proposed 


BY JOHN WICKS 


ZURICH, July 20.; 


There have now been some 
32 agreements on wages signed 
in the private sector since the 
elcctibn four months ago, and 
the Government now seems 
confident that the unions are 
ready to respect the basic out- 
lines of its economic poliey, 
provided compromise is 
possible at the practical level. 


The signs are all the more 
optimistic because earlier this 
month the unions representing 
4m civil servants agreed to a 
wages settlement in broad con- 
formity with the incomes 
restraint policy of the Govern- 
ment of H. Raymond Barre. 

The CGT and CFDT refused 
to sign this agreement, but, as 
in the past, are likely to accept 
it in practice. 

With the various strikes of 
last month, notably at Renault, 
the Naval Arsenal and 
Moulinex, running into the 
sands of the summer holidays 
and baring provoked little 
sympathy action, employer* 
are hoping that the **hot 
autumn ” forecast by some 
commentators may fail to 
materialise. 


IN A MOVE to improve the 
techniques available for Imple- 
menting monetary policy, the 
Swiss National Bank is investi- 
gating concrete measures for the 
expansion of the national money 
market. 

The authorities foresee the 
creation of a primary and 
secondary market In negotiable 
short-term “accounts receivable” 
book entries in favour of the 
investor. They would probably 
have maturities of initially 
between one month and one 
year-^witb a .minimum denom- 
ination nf SwFr 500,000 each. 


market, there could theoretically, 
even be a negative interest rate 
involved: parallels could be 
found in tho.. Euro-Swiss franc 
market 


Credit line I EEC Commission divided 


opened to 
Portugal 


on crisis cartels issue 


BY GILES MERRITT 


BRUSSELS, July 20. 


By Our Own Correspondent 
LISBON, July 20. 


A SPECIAL line of credits worth 
5100m to aid Portuguese economic 
recovery is to be opened by 
France, French officials said 
today. 

The officials, accompanying 
President Valery Giscard d’Estaing 
on bis three-day state visit here, 
raid that Portugal had responded 
positively to the French offer, and 
details would be finalised by the 
Finance Ministers of the two 
countries. 

: The bilateral arrangements wiji 
I Include bank-to-bank credit 
facilities of 535m and soft bank 
I credits worth another 365m on 
easy, but so far unspecified, 
terms. The latter will be to help 
Portugal buy industrial equip- 
ment from France. 

M. Giscard’s financial initiatives 
are not related to French partld- 

E iation in Ihe 3750m medium-term 
oan western sources to assist in 
reducing the Portugues balance 
Of payments deficit. 

During talks between Frencb 
and Portuguese Ministers today, 
various fields of Industrial co- 
operation were discussed. These 
included automobile manufac- 
ture, In which France has already 
nnounced a FFr lm investment 


amid GROWING signs of a 
political split between its mem- 
bers. the 13-man European Com- 
mission has yet again put back 
the date for its decision on the 
controversial issue of industrial 
"crisis cartels.” 


The question of whether or 
not the Brussels Commissioners 
will exempt the 11 major syn- 
thetic fibre producers in the 
EEC from the competition laws 
that render their two-month-old 
carte! illegal was to have been 
decided at this week’s regular 
session of the Commission, But 
in a terse statement it was 
announced today that the matter 
has been postponed until July 26, 

The indications are that a 
compromise formula is now be- 
ing sought to break the deadlock 
inside the Cora mission. Over and 
above the thorny problem of 
accepting a cartel that cuts 
across the basic precepts of the 
Treaty of Rome there now 
appears to exist a potentially 


damaging political wrangle Inside 
the Commission. 

The synthetic fibre producers 
have been negotiating the cartel 
since early this year, in close 
consultation with Viscount 
Etienne Davignon, the Industry 
Commissioner, and the agree- 


ment was finally signed a few 
weeks ago. 

The crisis cartel has for some 
time been the subject of uneasy 
discussion inside- the Commis- 
sion. The internal split largely 
-concerns disagreement over the 
advisability of sanctioning a 
policy that would lead to overt 
restrictions on industrial com- 
petition inside the EEC. It also 
reflects a number of the Com- 
missioner's own national in- 
terests, for their attitudes tend 
to mirror those of their own 
national governments. 

The cartel arrangemeqts aims 
to reduce output by an overall 
900,000 tons by 1981, and thus 
cut losses that because of over- 
capacity have cost the European 
industry an estimated S2bn 
during the past three years. 

Adrian Dicks writes from 
Bonn: The West German Govern- 
ment, whose attitude Is seen in 
Brussels as crucial to the fate 
af the fibres agreement, is un- 
likely to make any new public 
statement on the matter before 
the commission itself has 
resolved its differences. 

Senior German officials have 
never concealed their dislike of 
the agreement or their misgivings- 
about letting - the Commission 
exercise a free hand 


A system of this kind, in 
which trading will be on a dis- 
count basis, is preferred to the 
issue of short-term securities* 
These are said by the National 
Bank to be impracticable for 
fiscal reasons in the they would 
be subject to withholding and 
turnover tax. 

The creation of new short- 
term facilities is intended to 
give the National Bank the possi- 
bility of controlling the monetary 
basi* by domestic means. In 
past years, this control has been 
carried out almost wholly by 
National Bank intervention in 
the foreign-exchange market. 

In addition, the central Gov- 
ernment gains the advantage of 
being able to borrow on a short- 
term basis in the open market 
and, at some later date.- itself 
invest surplus funds. .The new 
system is also seen as Improving 
the scope of investment for the 
private sector and promoting 
competition od the short-term 
money market. 

The accounts receivable them? 
selves will be in the form of a 
book asset without issue of a 
certificate; It Is not yet known 
exactly bow these assets would 
be recorded, but it is possible 
they would be entered into a 
federal debt register. 

A final decision has not yet 
been taken on the exteat to 
which earnings will take the 
form of interest or of capital 
gain on the difference between 
the issue price and the par 
redemption price. It Is con- 
sidered likely that some interest 
would be paid. However, the 
account might be initially sold 
at a price other than par (or face 
value> with repayment at par. 
The price of an account unit is 
likely to vary on the secondary 
market, since the assets would be 
freely negotiable during their 
lifetime. 

The fact that the National 
Bank points to “promoting 
competition on the short-term 
money market - indicates that 
the accounts could be used as an 
alternative to bank deposits 
giving the National. Bank the 
■power Indirectly to influence 
commercial hank deposit rates. 

Depending on the state of the 


. The element of competition 
and opportunities to earn 
through the initial discounting 
-of fho asset would make the 
investment form interesting 'to 
investors, it is believed. - ?■ 
National Bank vice-president 
Professor Dr. Loo Scbuermann 
says the authorities will proceed 
'■cautiously add pragmatically." 
At first, drily the confederation 
and the National Bank itself 
would be considered as issuers. 
Based .on . initial experience, it 
wou/d then be examined whether 
other categories of borrowers 
could top the market In this 
connection, cantons and towns 
would naturally be interested in 
the resultant flexibility of their 
exchequer policy.. 

-There would be no limitation 
on who could buy the accounts 
receivable in question. Since 
they are not securities, the 
current ban on non-resident port- 
folio investments would not 


apply. However, foreign buyers 
would not be able to receive any 


would not be able to receive any 
Interest payable -and would be 
subject to the negative-interest 
rules on hoi dings. Prof. Scbuer- 
mann rays it is difficult to assess 
how interested foreigners might 
-be: there mfgbt well be a 
“certain substitution of Swiss 
Franc deposits by these money- 
market accounts.” Such subtitu- 
tion would be largely neutral us 
far as exchange rates were con- 
cerned. 

The accounts receivable wriuld 
riot be subject lo stamp duty, 
since they would bo book credit* 

of no longer than 12 months' 
maturity, and — when- held hy 
banks — would be freed from 
withholding tax. The 35 pet cent 
withholding' tax would apply on 
interest from the accounts re- 
ceivable in the case of non-hank 
holders in Switzerland and all 
foreign investors, however. ■- 

In the introduction of the new- 
money-market instrument, the 
National. Bank is initially con- 
centrating its attention on con- 
version of rescription accounts 
(a type .of treasury bill)' or 
redemption of federal bonds, 
wjrh the accounts receivable, 
acquired as a replacement. 

The latest series of studi«- 
on building up. a money market 
in Switzerland began- in 19 7* 
following- the floating of tlw . 
Swiss Franc, with the intentip® 
of giving the National Bank it *w 
opeq-market methods . of . .Ctfa . 
trolling- money, supply.- At - 
present there is hardly 
Swiss money market- 


I 


ViN4*euL Times. niOHs&M-dbltv.a 
■«! hqfcdav*.' U.S. sutacriptf 
fair IMUWI S#* ' 


IMWWI tnaJB 

flod om* aupuixa snid iu Nttt 










iJWa. 

->v- 




*’w 


•tl 

i'j'p 


OVERSEAS news 


Concession 
by Swapo 
lifts hopes 
on Namibia 

By John Stewart 

CAPETOWN. July 20. 

PROSPECTS IMPROVED sharplv 
today, that the vexed ' ..estion of 
W 3lvis- Bay. the 600 square mile 
enclave jn Namibia which be- 
longs to South Arriea. will not 
impenl the required ratification 
by the UN Security Conncfl of 
the Western powers* settlement 
proposals for Namibia. 

Jn a statement which political 
observers found encouraging Mr 
Mukganedi TlhabaneUo. Swapo 
information and publicity chief 
said in Windhoek today that the’ 
nationalist organisation regarded 
Walvis Bay as an integral part of 
Namibia, but accepted that the 
port could be re-integrated into 
the territory before or after inde- 
pendence. This v. "v is Jess un- 
compromising than demands 
made by the Swapo leader Mr. 
Sam Nujoma. 

Mr. TlhabaneUo said Swapo 
and the West had accepted the 
Tact that Walvis Bay was part 
and parcel of Namibia, to be 
reintegrated into the territory 
before or after independence. 

He made it clear however that 
Swapo had accepted the same 
set of proposals as South Africa. 
Both sides understood that 
Walvis Bay was not part of the 
Western proposals. 

Mr. TlhabaneUo said there 
were stilt differences in the 
inlcrpretation of the Western 
proposals by South Africa and 
Swapo. 

The South AFrican Govern- 
ment appeared to be under the 
impression that its troops would 
be replaced by South African 
police in the transitional period. 

“They also seem to believe 
that the administrator-general 
will be iu full control during that 
time,” he said. “But, as we 
understand it. this is going to be 
a joint agreement and nothing 
will take effect if it is not 
approved by the United Nations 
special representative.” 

Our United Nations corres- 
pondent writes: Hopes fot quick 
approval of the first phase of 
the UN involvement in Namibian 
transition to independence rose 
today as plans went ahead for a 
security council meeting on the 
matter next Tuesday or Wednes- 
day. 

The council is expected 
initially to authorise Dr. Kurt 
Waldheim, the UN Secretary- 
General. to name a special repre- 
sentative to travel immediately 
to Namibia to assess its military 
and administrative needs. 

Dr. Waldheim told a news con- 
ference here last week that he 
had made contingency plans for 
a UN army of 5.000 officers and 
tuen. and a civilian administra- 
tion of about 1.000 officials. But 
Namibia is about the size of ■ 
fiance and Italy together. Some i 
sources here said that more 
troops and officials might be 
needed than now estimated. 


Australia to leyy tax Disputes 
on Aborigines’ ^Africa 

summit 


ithe middle east 


on Aborigines’ 
mineral revenues 

by our own CORRESPONDENT CANBERRA, July 20. * 1 KHARTOUM. July 20. BY ROGER MATTHEWS CAIRO. July 20. 

ab? P r N To£ We Ai£tr!dfc« *2122. ^“*2 PRESIDENT Anwar Sadat con- participate in fresh talks if Israel the, invitation the Egyptian 


Sadat insists on initiative 
by Israel before talks 


by roger Matthews 


CAIRO. July 20. 


that it proposed to legislate tS RanVVnThTthe' Northern °“ However. Mr. Sadat declined to Mr. Kamel’s denial that agree- portion, although hw views will 

clarify the tax position It Te?rimrv “* Northern So £^ ont chh r™ characterise the talks at Leeds ment had been reached on a become dearer when he makes 

revenues received by Aboriginal The Sue nf royalties fnr the c«iSf en ihn ?n Castle m England this week be- venue or date for a further meet- 3 major speech on Saturday \n 

groups from mining en AboricSs Se f ma^or nf tweea tte Egyptian Foreign ins. wiUi Israel was repeated mark the 26th anniversary of the 

Aboriginal land t - a Aborigines u . ,ast major the Cuban menace, spoke of Minister, Mr. Mohammed dunng the day by Cairo Radio. 1952 revolution 

, * 1Md - obstacle delaying a start 00 de- the - expansionist ambitions” of fSB* Kamel and XE This conflicted with early " . I. 

In the process of collecting lax velopment of the mine by tbe Ethiopia and its “naked aggres- d-wu* the Israeli Fnrii£, mSu. editions of the Cairo newspapers However there is no suggestion 
on uranium royalties, the Govern- RaB Ber consortium. Government sion.” He accused Ethiopia of either a TTY which reported Mr. Kamel as sav- >’*t that the Egyptian position 

ment wi|] scoop up revenue from negotiators have offered a 4 per participation in the 19th century flrf,’ -T success or a inR tiM Egypt had agreed u, will preclude the visits to the 

royalties paid to Aborigines in ® ent . royalty, but the Northern colonial scramble for Africa Sneaking at Cairn airnnrt nn resume contacts because Israel Middle East planned shortly by 

the Northern Territory whose Land Council has been arguing when, he claimed it had “secret Arrival from Khartoum was willin S to reconsider pre- Mr. Alfred Atherion. the U.S. 

land is used for the mining of for 18 per cent. agreements with the colonial S e Sd artended th^iSSSS vumsly rejected ideas. special onvov. or the subsequent 

other minerals. Before the talks deadlocked powers.” Although Colonel Men- meeting of the Oreinlsatio^nf Tbe discrepancy can be mp by Mr. Vance, both of which 

The Aboriginal trust funds a 2°- negotiators for ^ H aile 0 Mariam, tbe Africa Unity ^ ? h e S533S? explained by a telephone conver- are supposed 10 pave the way 

which receive royaities from JJ* ^ a boi ? g1 °^ took the wew that Ethiopian leader, is not at the SShf would StiSli Si w f 100 " “*■ K““ l . l £ understood for a fotaale resumption of 

manganese niitina nn r.TnniP the level of tax— if any likely a.mmi* his rteteearinn has a^kprl L.j to have had with President negotiations. 


manganese mining on Groote «vei ot tax— it any— uxeiy sumndt. his delegation has asked 5a u oppo-tuniiv to talk to « t resident uegoua.in 

Eyiandt and from bauxite mining £» J* ^5“ - *L!°25 for the right of reply. Mr x£neE “ fa % to nr£ t w 2* n - he J etura ® d 

at Gove, for examole. have nor ? ue ^ on of royalty payment iwident s.’ad Rarre com- tZ/ZZZ ... to. London last evening from the the bigge 


d Johns adds: For Israel, 
est stumbling block in 


at Gove for ertmolo have not Question of royalty payment Precidenf Ciorf Rarre mm T . if * p ^ to London last evening from the the biggest stumbling block in 

in the pkst beS^SSred To d? Ie L eIs - ola£S the OAU in s^iTe ? , any with Mr. Moshe Dayan, the way of a resumption of full, 

any tax. Todav'.f Government ^be negotiations are dne to ? £ anneals had’njad^no ba£ i ® Israel’s Foreign Minister, and scale negotiations was Egypt’s 

announcement said that from £ esume next month, and the nrneress towards a solution of «» aCCOn *" -Mr. Cjtus Vance, the U.S- Secre- condition that it should make a 

July 1 next year revenues Banger partners — Peko-EZ and fhp^nmhtpms of the Horn of ngly ’ .. 1116 presideaL tpv of State, at Leeds Castle in prior commitment to withdraw 

received by Aboriginal groups 0,0 . Austrahan Government— are Aftlca. He demanded tba™ the be expected the U.S. Lent. from the West Bank and Gaza 

from mining operations anywhere fS >u f an t0 >, o fS organisation try to find a solu- ta SS^ S ° W ? ?“5F P^P 0 ^ 15 - In a speech to the Organisa- Strip. Mr. Dayan said yesterday 

in Australia would he taxed. ??I fc K C r n P™ 3 ® 61 Hon at this meetin° Mr. Sadat replied let us hope tion of African Unity summit in afternoon as he left London. 


Tbe negotiations are doe to nf manv aoneals had* made no u rZcl Daa g,w 5f ^el's Foreign Minister, and scale negotiations was Egypt 

ft™ resume next month, and the toSaids f solution of ,? 1 S. Ctl0 J 1S , acc0nJ ' M r. Cyrus Vance, tbe U.S. Secre- condition that it should make 

enues Ra °eer partners— Peko-EZ and Ke^nSblemsof the Horn of ingly v said the PresidenL tarv of State, at Leeds Castle in prior commitment to withdra 

roSns the Australian Government-are ST thl Asked if be expected the U.S. Kent. from the West Bank and Gas 


site before the end of the dry 
The tax at the rate of 32 per season in November. 


meats were 

Aboriginal 

volved. 


The Kenyan Vice-President. so - 10 the very near future." Khartoum yesterday, Mr. Sadat Following his talks with Mr. 
r. Daniel Arap Moi, in a clear Meanwhile Mr. Sadat recalled stressed that the Leeds Castle Kamel at Leeds Castle. Mr. 
ferenee to Somalia, spoke of v Was ■ expecting to talks provided Israel with an Dayan said. ” this idea that there 

e persistence of “some mem- ?.? - wt ^. 'If* , Ezer opportunity “to prove its good would be an agreement before 

>r states" in claiming the Weizniann, the Israeli Defence will for peace in tbe region” and ncsouatinns is not at all agree- 


racial or ethnic considerations.” Isra t f J ‘ Priority to 

He said that was a source of iV™ ^ 0 e t0 oners’ lands. 1 

unnecessary tension and conflict , , j . Mr. Sadat k 

“We call on this assembly to ^ The ® na i ®ditions of todays of this montl 

condemn such expansionist P ^ SS S uote ? 2 greed ! ° 1 

policies," be added. • Mr. Mohammed Ibrahim Kamel, because the 1 


appropriation 


racial or ethnic considerations.” w " ecner H?® israen cabinet will priority to appropriation of was optimistic about their con- 
I IU ttinxr He said that was a source of ?V 0W a - b ™ u t0 ., come to others* lands." tinualion. 

UJV may CUaDSC TJOSitlOIl unnecessary tension and conflict t rt • Mr. Sadat said at the beginning Mr. Dayan emphasised one 

„ We J Qn big assembly to ^ The fina l editions of today’s of this month that he had only important area of agreement. 
nn T„ J* condemn such expansionist S° Ve S Q °^ ne T d k P l ess 5 uoted t greed ! P the London talks This was that military govem- 

OD lieu 310 to 1D013 policies," be added. • Mr- rb «him Kamel, because the invitation had been ment of the people of the 

W AUU1W l n an attack on Libya, Presi- fhe Foreign Minister, as saying in personally issued by Mr. Jimmy occupied territories should end. 

dent Felix Malloum of Chad London “ at E sypt would only Carter, the U.S. President Before Editorial comment. Page 20 
accused Colonel Gaddafy of 

is small amount of local costs in armed invasion, and spoke ofT *! m-u -w ■» 


BY DAVID HOUSEGO dent Felix Malloum of Chad 

accused Colonel Gaddafy of 

THE British Government is small amount of local costs in armed invasion, and spoke of 

considering financing mare local India as a “ basic contradiction ” “the diabolical regime in 

cost expenditures not tied to the iT1 Britain’s aid policy. India is Tripoli." 

purchase of British goods in its larse8t reci pient of British President Neto of .Angola 
aiM aid and contains more poor referred to the invasion of his 

aid programme to India, the peo ple than the rest of Asia. country by the regular army of 

Ministry of Overseas Develop- The ODM restates the Govern- Zaire after independence. 


Jordan considers possible role 


BY IHSAN HljAZt 


BEIRUT, July 20. 


T .. 

: f 1 : f ; * ,;U-- 

i ’■ *’ 4 ** . 


Ministry of Overseas Develop- The ODM restates the Govern- Zaire after independence. KING HUSSEIN of Jordan held West Bank was an inh^ral nart t>„. ’ „ 

ment announced yesterday. meat's reservations on providing In a long counter attack against talks ln Damascus today with nf rb P m ondrch s generally 

The disclosure seems to con- more local cost financial Somalia, the Ethiopian Foreign PiSdent Hafe^Msad^f S%a SrtSS l£J s3ff HIST . a } I “- de t ? wards J “r- 

firm that arrangements are being because of the strain on the Minister, Colonel Felaki Gedla- amid s j gns that he might con- Egyptian Administration^ nntil relations wi^'DamaSlS^hiph 
worked out with India under *alanre of payments that would QMa; accused Prmriden^ iByrre rider joining Middle East SfuST il vfolentiv opposed 'to Se 

whinK come from increasing amounts of of launching an open war of negotiations if Israel agree* to . t . . is vioienuy opposed to tne 

which funds set _ aside from the unrje< j aji gut it says that it is aggression" against his country, the principle of returimmthe ^ II has now bceD disclosed that initiative. If Amman is seriously 
cancellation of India’s outstand- administering the prommme Somalia bad launched an “unpro- WestB^kto Jordan g “ Kin* Hussein expressed readiness coasidenng joining Mr. Sadat in 
mg official debt to Britain will flexibly. India, however, the voked and premeditated attack " The monarch was accompanied meet - Mr - Shimon Peres, the negotiations with Israel, the 

be used to support more rural ODM declares, is a special case on Ethiopia with troops, tanks by Mr. Modar Badran Jordanian ^raeli opposition leader, but Mr. development could lead to an 

development projects In India because of the substantial funds and planes, war crimes were com- premier who is also Foreign M enahem Begin, Israeli Premier, all-out break between Syria and 

which require virtually no involved. mitted, thousands slaughtered Minister and other officials 15 re P° rted have opposed the Jordan. 

foreign exchange. Nonetheless, the statement and tens of thousands made according to Damascus Radio. Proposed meeting. Amman is believed unlikely to 

The shift in the Government's that the problem of India is homeless. Last week, a statement by the The Egyptian plan presupposes the negotiations until it is 

position emerges in a paper under “active consideration" He asked what was the OAU Ministry of Information in a Jordanian role in Middle East cert am that the Israeli Govem- 

released by the Miinstryin which marks a departure. Britain has was going to do about the conflict. Amman welcomed tbe Egyptian negotiations. King Hussein, who men * will consider the Egyptian 

it replies to criticisms of the been involved in discussions hinting that it might not be proposals on the future of the hpd praised the courage of proposals favourably. 

British aid programme by a with India on the writing off of over. The statement of Presi- West Hank and tbe Gaz3 Strip. President Anwar Sadat of Egypt King Hussein's talks In Damas- 
working party under Professor India’s outstanding bilateral dent Barre amounted to a decla- The, proposals said that the in visiting Israel in November, cus are linked with the decision 

Richard JoJJy. Director' of the debt to Britain which involves ration of war against Ethiopia. West. Jjanfc must revert to stayed clear of the talks, however, by Egypt and Israel to continue 

Institute of Development Studies, repayments in principal and in- he said. administrative control by Jordan because Mr. Begin's offer of their exchanges in two weeks’ 

The working party argued that terest of £30-£40m a year. This He added that Somalia’s expan- and the ! Gaza Strip to Egypt's limited self-rule in the West time when Mr. Cyrus Vance. U.S. 

the objectives of British aid is being linked with providing sionists aims threatened not only custody for an interim period Bank and Gaza left no room for Secretary of Stale, will be 

policy of assisting the poor in more local cost financing in the Ethiopia, but Djibouti -and Kenya n ot exceeding five years. The any future role by Amman. coming tn the Middle East. 

the poorest countries could he \ndian aid programme. 35 well ~ ■■ ■■■■■ ~ 

better achieved by giving more Council on International De- Exercising his right of reply to 

emphasis to small-scale rural velopment Occasional Paper: the earlier Chad accusations, the “ . “ ~ ~ “ ; 

projects including a higher pro- Proposals for some possible new Libyan representative accused Tlux announcement appears as a mailer of record only 

portion of local costs.. initiatives for British Aid — the General Malloum of being an 

In particular, it attacked the Ministry of Ooerseos Develop- aeent of French colonialism and 

failure to finance, more than a merit's reply. of “mass genocide" against the 

• - Chad people. 


Hussein 
meeting 
with Peres 
‘vetoed’ 

By David Lennon 

TEL AVIV, July 20. 

A PROPOSED meeting between 
King llnssoiu or Jurdan and 
Mr. Shimon Pen-s, chairman 
of (he Israeli Labour Party, 
in London Iasi week was 
vetoed by Mr. Menahem Begin 
the Israeli Prime Minister. 

Il is claimed lien- that the 
meeting had been sought by the 
Jordanian Monarch, but the 
Israeli Premier objected to it. 
This was inadvertently 1 1 en- 
closed hy Mr. Begin Iasi night, 
and continued to tin- Financial 
Times this morning hy a 
Labour Party official, who was 
with Mr. Pert-, in Loudun. 

King Hussein and Mr. Peres 
were in London last week and 
(he meeting was apparently 
suggested by a third party. The 
Jordanian King agreed to the 
Idea. 1 he official claimed, hul 
the Labour Party leader asked 
Mr. Begin’s approval before 
giving his answer. 

After asking for lime to 
think about il. Mr. Begin 
informed Mr. Peres th e follow* 
ing day that lie was opposed 
to the meeting. Mr. Peres then 
sent his apologies to King 
Iliisscin. 

There have been inirnii- 
Drmed reports in the past or 
orrasional meetings between 
King Hussein and Israeli 
leaders. Bui this is Hie first 
time that there has been any 
kind or confirmation of *uch 
coniacls. 

Outraged Labour Party 
members last night aecuscd Mr. 
Begin of revealing State secrets 
by speaking about the London 
proposal. 

Mr. Begin was overheard 
speaking about tbe aborted 
London meeting to Likud party 
colleagues in (he Knesset last 
night. He was quoted as saying 
that he would not grant pass- 
ports or visas for Labour Parly 
members to go to Egypt or to 
Morocco. (Mr. Peres Ls 
believed to have \ is i led 
Morocco secretly this week.) 

Mrs. Golda Meir, the former 
Prime Minister, said (hat in 
the past week Mr. Begin did 
not appear to be fully in con- 
trol of himself. Her remarks 
to a Labour Party leadership 
meeting were part or an un- 
precedented personal attack on 
the Prime Minister. 

A number of speakers ques- 
tioned Mr. Begin's stability 
and asked whether he would 
be able to continue to rule. 
They said the situation was 
grave and gave rise to fears 
about the fate of Hie country. 



OVERSEAS UNION BANK LIMITED 

(Incorporated in the Republic at Singapore! 

US$15,000,000 Floating Rate 
Certificates of Deposit due 1981 

For the six months from 12th July. 1978 
to 12th January, 1979. thh Certificates will 
carry an interest rate of 9%. per cent, 
per annum. 

By: SJngtgjora Nomura Merchant Banking Limited 
Agent Bank 


Tunisia trial 
of unionists 

By Tanya Ma tthew s 

TUNIS, July 20. 

THE TRIAL oF 101 Tunisian 
trade unionists started yesterday 
in the industrial and tourist 
centre of Soiusse. Of the accused. 
59 have been on bail while the 
others have been in prison since 
the general strike and riots in 
Tunisia in January. 

Most belonged to the executive 
bureau of regional trade unions. 
The prosecution charged 39 with 
Inciting the population to armed 
rebellion, obstructing a public 
highway and keeping ■ and 
distributing arms. 

On Monday another 7fr trade 
unionists will go on trial in Sfax. 
Tunisia’s second largest city. 


Complejo Industrial de Fundicion del Tachira C. A. 

1 

(A Member of tbe Barqtun Group) 

US $ 34,341,762.79 

Eight Year Project Financing 
Guaranteed by 

Corporacion Venezolana de Foi.^ento 


TORO ASSICURAZIONI 

Societi per Azioni 

Company’s Capital Lit. 1 8.000m fully paid 
Registered at the Turin Tribunal Chancery 
under n’48/1883 SOC230 V.l — 21F . 
Headquarters: 1012! Torino— via Arcivescovado IB 

Financial Year 1977 

On 29 June 1978 the Shareholders’ Meeting 
held at the Company’s Headquarters in Turin approved 
the following: 

1 > the Board of Directors’ and the Auditors* Report; 

2) the balance sheet as at 31 December 1977 and the 
respective decisions; 

3) the distribution to Shareholders of own shares. 

The Meeting appointed Dr. Guglielmo Zoffoli as Director. 

The report for the financial year 1977 
shows a profit of Ut.6, 058, 702.836 permitting the distri- 
bution of a dividend of Lit.120 (Lit.100 for the previous 
financial year) per share, both for ordinary and preferen- 
tial shares, as well as ah ordinary share, every 200 
ordinary or preferential shares. 

Life Insurance policy holders were again 
entitled to a participation in profits. 

Upon termination of the Meeting, the Board 
of Directors appointed Cav. del Lav. Roberto Calvi as Vjee 
President and expressed their thanks to Cav. fli Gr. Cr 
Carlo Alessandro Canesi, who had resigned for personal 
reasons, for the important work done for the Company. 

The Board of Directors then proceeded to 
aDDoint the Executive Committee as follows: A. ToneUo, 
R PP Calvi, F. Zanon, C. Acutis, M. Leemans, E. Palazzi 
TrivelZif R. Rosone, G. Zoffoli- 

Premium income of the Insurance Group for 
the financial year 1977, in Italy and abroad, amounted to 
373.000, with an increase of 14.1% in respect 

of the past dividend be payable as from 19 July 

197S at the Ton? Assicurazioni Cash Department and at 
the appointed Banks. 


Managed by 

Ultrafin AG 


Co-managed by 


Basque Generate da Luxembourg S. A. 

(A Member of die Society Generate de Banque Group) 


Kredietbank N. V. ■ 

Nippon European Bank S. A. 

Trade Development Bank 



op 

<en negotia 


V 

on a peac 


ty 

to 

stalled b; 
a clans 

■uuuuwng power pi 
ports from Pekii 

>li 

tics. Reute: 
Veteraj 

ce-Forelgn MiplstC 

tr. 

Han Nieo 


BancaddGottardo 
Cisalpine Overseas Bank 

T-imrtwt- 

Handelsbank N. W. (Overseas) 

limited 

HnBpp Brothers Bank AG 


The Royal Bank of Canada 
International Limited (Nassau) 


Provided by 

Bankhaus Hermann Lampe 

KommandilgeselLsdiaft 

European Arab Bank 


London Branch 


Banque Generate 
du Luxembourg S. A. 

Gotthard Bank International 

Limited 


Kredietbank N. V. Nippon European Bank S. A. 


Seattle 

First National Bank 
(Switzerland) Zurich 


Agent 


Trade Development Bank 

London Branch 

Ultrafin AG 


IF 


Ultrafin AG 






t 


Financial' Times Friday- July- 2* : 197^ 


WII RICAN M WS 


Bill to help buy quieter 
aircraft stalled on profits 


BY JOHN WYLES NEW YOK, July 20* 

A BILL which would make up to a companion Bill to reduce sub- Bill which would have unlliSed 
ft!.3bn available for re-cquipplng slanially the regulation of it effectively. 

V.S. airlines with quieter air- jirline operations to ask for a 

craft has run into strong opposi- poslponment of a scheduled |{* y n C P ^ nwdSi“o 

lion m Cunpress. partly because House debate. It is not clear the * n 5f 1 SS? 1 ??]!? 
of the large profits which the when the Rules panel will ^i^^thM^ediraThelp" 
airlines are recording. consider the two pieces of tegis- 2“ B*H wSSd take 

On the day after United Air- lation. but one committee Sbn of ^ irhoe user taxes— 
lines reported that its second member has indicated that It now ^ployed to build and main- 
quarter profits had tripled, and might not ba until mid- fain terminals, airports and other 
TWA revealed earnings il per September. facilitiefr-and pass the money on 

cenl higher than those of last Much of the opposition to help to carriers . over the next five 
year, u emerged yesterday that p 3 y federal government to years. 

the 15 members of the House finance the purchase of quieter Tax refunds and credits would 
Rules Committee could not agree aircraft has been organised by be back-dated to January 24 
the terms on which to pass the Representative Charles Vanik, a which would, for example, give 
quiet aircraft Bill to the floor for ijgjnocrat from Ohio. Yesterday, Eastern . Airlines a credit of 
full debate. it seemed he had considerable S200m towards its $77Sm pur- 

This prompted the sponsors of support for an amendment to the chase of the European Airbus. 


Business 
prepares 
for postal 
stoppage 


WORLD TRADE N EWS 


Coal slurry pipeline plan killed 


WASHINGTON. July 20. 


BY DAVID BUCHAN 

.A PLAN to pipe coal from as something of a surprise after railway companies from abusing 
western producer states of the it had won approval by both the their present monopoly control 
U.S in industrial users in the House Interior and Public Works of freight rates. 

East was killed, at least for ihe committees, was simply to enable Meanwhile, figures which must 
rest nf this Congressional session, the Interior Secretary to requisi- provide Mr. Carter with some 
when i he House nf Representa- tion land, if necessary, for comfort were released yesterday 
lives yesterday voted down, by huildlns the pipeline. The pipe- by the American Petroleum 
votes lo 161, ihc Coal Slurry line would have carried a Institute, showing that oil imports 
Pipeline Bill. mixture of pulverised coal and fell by 12.8 per cent, to 

The Bill was not an integral water. However, the project was an average of 7.9m barrels a 
nart nr the Carter energy pack- defeated by those who feared day. in the first half of 1978 com- 
ace. but hud the President’s competition for the railways. pared with the same period last 
support in pursuit of his aim to Proponents of the slurry pipe- year. 

see coal production increased by line maintained that the railways But the overall consumption 
two-third* by 1SSS. More than would still carry the bulk of coal of oil — President Carter’s chief 
half that increase would have from the West, perhaps as much concern — -has not decreased over 
had to come from the relatively as 95 per cent of it, hut argued the period, with the fall in 
undeveloped coalfields of stales that alternative transport like the imports being compensated by 
like Wyoming- pipeline would provide the com- increased production from 

The Bill, whose defeat came petition necessary to prevent the Alaska. 


Money supply 
fall leaves 
uncertainty 


By Stewart Fleming 

NEW YORK. July 20. 
IN SPITE or the decline in the 
U.S. money supply, on both its 
narrow (Ml) and broader (M2) 
definitions, in the latest hanking 
week, the New Y’ork money and 
bond markets are uncertain about 
the likely direction of Federal 
Reserve monetary policy. 

The markets have been 
unsettled this week because of 
fears that the Federal Reserve 
would tighten credit policy and 
pul upward pressure on short- 
term interest rates, following the 
regular monthly meeting or its 
open market committee which 
sets monetary policy. 

Since Ihe meeting- however, 
the Fed has intervened in the 
market to add reserves, appar- 
ently in try lo stop the key 
federal funds inieresi rate from 
rising above 8 per cent. Some 
analysts suggest that this inter- 
vention implies that the Fed is 


Bolivia election annulled 


BY HUGH O’SHAUGHNESSY 


slicking to its 7J per cent target 


for the average weekly rate on 
Fed lunds, at which it is 
assumed, the central bunk has 
been aim ins in recent weeks. But 
others suggest that it may have 
raised its target a fraction to 7j 
per cent. 

In any event, it is apparent 
that the Fed's money managers 
are having difficulty in maintain- 
ing the funds rate below S per 
cent. The latest report from the 
Fed indicates that, in the week 
ending July 12. prior to the open 
market cron mi lieu meeting. Fed 
funds averaged 7.94 per cent— 
up from 7.72 per cent. 


AMID MOUNTING outcry about over the government then, 
the fraudulent handling of the military sources said, according 
Bolivian general election of July to Reuter 
9, the National Electoral College The decision of the electoral 
there on Wednesday night college was made as the leading 
annulled the results and called opposition presidential candi- 
for a new poll within 120 days. date, ex-president Hernan Siles 
Gen. Juan Pereda. the presi- Zuazo started a hunger strike, in 
dential candidate who received a Protest against electoral mal- 
treat deal of support from the Police, in the papal nunciature 
government of Gen. Hugo 10 La Faz ~ 

Banzer. and who has been claim- Until the annulment, the joint 
ing victory in (be poll, was military command was claiming 
reported by Reuter in La Paz io that tne elections had been held 
have calfed for the elections to in an atmosphere of freedom and 
be declared void. The official impartiality. Sr. Siles was backed 
count, which gave Gen. Pereda a by the strong FSTMB miners 
majority, totalled nearly 50.000 union, which was calling a strike 
votes more than the number of for today. Violence had been 
voters, on the register. expected, if the poll results were 

Gen. Banzer announced that not cancelled, 
he intended to retire, as origin- It is likely that the decision to 
ally scheduled, on August 6. scrap the elections was in part 
A junta of armed forces decided by the critical attitude 
commanders was likely to take of the U.5. 


NY insurance scheme becomes law 


BY DAVID LASCEUES 


NEW YORK July 20. 


GOVERNOR HUGH CAREY of the U.S. balance of payments 
New York today signed into law deficit on reinsurance, which 
a BUI aimed at creating a reached SI 79m in 1976. the new 
Lloyd 's-style insurance exchange law is designed to relax the tight 
in the city to attract more insu r- insurance regulations which, it 
ance business, particularly large is claimed, have driven insurers 
risks and reinsurance. out of the city. 

At a ceremony attended by Mr. Carey today also an 4 
about 100 brokers and under- nounced the appointment of a 
writers, Mr. Carey said be hoped committee of six to draw up a 
the nc ■/ legislation would brine charter for the exchange and 

of. lay down the details not covered 


By Our Own Correspondent . 

NEW YORK July 20- 
negotiations between 

Ihe U.S. Postal Sendee and Its 
unions over pay ^ were continu- 
ing late this- evening. A 
failure to reach agreement by 
the deadline of mtdnljht 
tonight could provoke a wave 
of unofficial stoppages. 

Anticipating failure, many 
commercial organisations have 
plans to try to maintain their 
businesses without a full postal 
service. Management or the 
service has -said that efforts 
would be made to continue 
first-elass mall delveries wi*b 
the help of postal snpervlsi»-s 
and, possibly, troops. 

Private delivery and freight- 
ing companies are looking for 
a windfall from a stoppage 
which, as the postmen were 
warned by letter today, would 
be against the law. Union 
leaders were upset about the 
letter sent by the Postmaster- 
General, and voted to break 
off talks if 1( were not with- 
drawn. 

It was not withdrawn, bat 
the talks were not halted. But 
it Is thought that, if they fail,.'- 
militants, particularly in the 
north-eastern states, will not: 
-work' without a new contract 
In place of the one which 
expires at midnight. 

The White House has been 
notably silent, In contrast to 
its attitude lo the coal miners’ 
strike in February when the 
President intervened and 
ultimately encouraged what is 
now ' seen as a •• highly 
Inflationary settlement; if its 
trend is followed by other 
groups of workers. . However, 
It is well known that the 
Administration * wants Ihe 
postal union to settle . for first- 
year increases of no more than 
5.5 per cent, although it is 
demanding 14 per cent 


THE BRITISH Government is itself and a slieht WpKwman poseo. 

urged by the textile industry to the Increase originally proposed Mr. Variey Commission 

S5. » packaM Put forward io May the extra tooase would ensure that 
- he EEC Commission covering .never the less breach the ceding assurancs^ o b nism sh0 uld 
ile imports from Portugal, on imports of thte produm : laid of the ^^Tsecure and 
The issue will he thrashed out down by the Council of Ministers be in t e document, 
ai the EEC Council of Ministers last December. » binam 0 wrm 

meeting in Brussels next week. Furthermore the BTC claims The 0 Confirmation 
The UK nut a reserve on an an >’ concession granted to mission package is conarmaiio 
earlier Commission proposal in Portugal would be demanded by 0 f the recent action to _ 
Sj tf «uSTSSSSd ’dSSkaS other "importers Including otter the uaderstondmg on textile 

concessions to the Portuguese M editerranean assoi aiwM oncost ltuport f hp rtc is pointing out 
and the latest proposal, which *«■■■*< ^hT^Eas? S^iSSJSSoi action only 

the Government .is now under ^“{Satiw eff?5t would enforces part of what was 

some pressure to 'accept, is an b Jf 0 e S m S^f the benefit bought to be the understanding 
EES'* get rouad “■* whiS.- ftS S teSlle industry Scd in the case of Greece last 
oDjecnons. . ■ i s expecting from the much December. 

an? Mr^FH°Tr,mTd tigfiter MFA bilaterals ' - The . Commission’s proposals 

The industry is also expressing for p or tug a ! have been drawn up 
Industry and Trade Secretaries, strong dissatisfaction with narliy ^ response to fears that 
f?on the rest of the package drawn up JXut some * concessions to 

tion a claiming however, that by the Commission and Intended p ortU euese • industry . - the 

Hj e SSSS?* 11 ?r 10 raakc 1116 c ° nc t? slon country's economy and hence its 

in danger of fundamentally Portugal more palatable. The democratic stability could be put 
undermining the Multi Fibre commission has promised some r , ^ 

Arrangement bilateral agree- de*»ree of automaticity in the 

meats signed by the EEC at the operation of the trigger -The textile industry is pointing 
end of last year. - mechanism designed to ensure out however that the latest Coro- 

It asserts too that there is now that quotas are brought into mission offer comes .only a 
growing evidence that the Cora- f 0rce when certain products month after M. payignon, the 
mission is trying' to back .track covered by MFA hilaterals- Commissioner foT Industry, gave 

on assurances it gave last Decern- exceed levels laid down for ah assurance that the Community 
her- over the implementation of them ' : would comply with internal 

the agreements. The UK industry’s understand- global ceilings as approved by 

The main point at issue is the ing— and apparently that of the- the Council of Ministers last 
omraiss ion’s decision to offer Government too — has been that year. The two : UK ministers are 
Portugal an increase of 450 automaticity was already being pressed as a result to raain- 
tonnes In exports to the EEC of supposed to ..-operate on a much tain Britain’s reserve when the 
synthetic cloth. Though small io fuller basis than is now pro- -package Is discussed. - 


Gaffe over 
prescription 
ousts adviser 


In the latest banking week.!* 11 additional 8313m worth --- -- ... nclu( j e 

$4 • , hn Insurance business to the city by tne Bin. i ms win mciuo? 
plus! each year— SI 13m of which was establishing _ the sbe, of tbej* 


re vised 


following the 
increase in Ml 
u 

money supply on this narrow 
definition declined by 82b n. 


lCK and scree fund which will guarantee 
S ^nT on this narrow I other non-New York insurers. underwriters’ positions. 

Apart from trying to correct News analysis Page 6 


By Our Own Correspondent 
WASHINGTON. July 20. 
DR. PETER BOURNE, Presi. 
dent Carter's British-born ad- 
viser on heaUh and drug abuse, 
today resigned his post after 
admitting that be . bad pre- 
scribed a restricted sedative 
drug for a member of bis staff, 
putting a non-existent patient’s 
name on the prescription. 

Dr. Bourne’s resignation was 
accepted with . reg^t, the 
White House Press ^secretary 
said, adding, that ; the White 
House would have no further 
comment, in view of the legal 
investigations taking place. . 

Dr. Be: > is a close friend 
of the President a reading 
advocate of national health in- 
surance. and apparently the 
first man lo suggest to Mr. 
Carter, then - Governor of 
Georgia, that he should run for 
Ihe presidency. The story of 
tfae prescription surfaced in 
the Press here yesterday. Last 
night. Dr. Bourne went on 
leave of absence from his post, 
arguing that by making, out 
the prescription in the name 
of a non-existent person to 
protect a member of his .staff 
from possible publicity, he was- 
not breaching the law or 
medical ethics. 


U-S. COMPANY NEWS 


R. J. Reynolds setback; W. R. 
Grace still optimistic; RockweD 
l earnings rise — Page 27 


TELECOMMUNICATIONS IN BRAZIL 


Problems with overseas connections 


BY SUE BRANFORD. IN SAO PAULO 


VISITING businessmen often Santos, president of the tn a nufac- ment will shortly announce the ponents are still being imported 
man cl ihai. in sharp contrast hirers’ association. objected winner of a £40m contract to The Government intends to pro- 
with ni-iMlibourinE! Argentina, bitterly: “ Thi_- Government has supply 50,000 lines for an SPC vide assistance to encourage the 
whore lonu distance calls are pulled the carpet from under our exchange in Sao Paulo, wijh a establishment of these companies 
frequent:, subject to eight-hour Feet.” letter of intent for a 


further during the next few years. 


ilelajs. Brazil’s telephone system 
is rapid and efficient, particularly 
for inter national culls. 

Yet tile development uf the 
sector hJs mil been as MuuutJi 
as Hie results niiglu suggest. 
The recent zmzags io ils pro- 
gress rellecl the external re 


The cuts precipitated a crisis 120.000. Ericsson was placed first 
that the sector would eventually in ihe bidding and final negotia- _° r u irS 

have had to face, for Ihe market lions are now underway. w^ C «Ii P cViwJriorrf nT^ 

was tn 0 small for so many large To increase its competitive- NEC and Standard Elec txic-ITT 

manufacturers. Two of ihe six ness. Ericsson made certain con- companies to whiih 

foreign manufacturers — Plessey cessions. A few years ago, the f Jf\. 0 WmCQ 

and Philips— have since pulled most frequent demand by ihe they have a minor .‘U' stake, 

nut of telecommunications. Brazilian Government before 


But tbe 
short-lived. 


new boom will be 


siruinis imposed on' BruInPs de- moving' into other areas. Three authorising a project by a multi- JetiSn to“tbe E ?ra. S 30 yews ago 


\eiupnicnl b> balance of pay- 
ments difficulties. They also 
trace the internal conlltcis as (he 
country struggles lo draw up 

” rules of the ghitof” that adc- 
quau-Iy reward the contribution 
made by the multinational com- 
panies d run mating ihe sector, 
while ensuring effective transit! r 


The recent zigzags in the progress of the sector 
reflect the restraints imposed by balance of 
payments difficulties 


when it dominated tbe sector 
and, after an initial direct invest- 
ment of Sd.4m, was able to remit 
to Sweden each year almost this 
amount in profits, dividends and 
technical assistance. The golden 
period came to an abrupt end 
in 1975. with a net loss of $23m, 
followed by a loss of Si3ra the 
following year. Tne company 
pulled itself out of tbe crisis in 
1977 and. with the now contract. 


nr technulugy. Brazilian part »«- others— Sian da rd Electric-ITT, national company in a new area 
patiun and ultimate!}, the take* sj en je ns an d Nippon Electric was majority participation by 
over i.r ihc sector by Brazilian ciampuny (NEC)— have diversi- Brazilian groups in the share 

companies. B ec i activities. Only L. M. capital. While ibis still remains short term prospects are good. 

Grundiusc plans were made Ericsson remains exclusively a condition," the emphasis has . in the longer term. -the picture 
in lor expanding Brazil’s dependent un telecomraunica- changed. less rosy. Tele bras predict 

telephone network from the then tions. In May. the president of Tele- that the spatial type or SPC 

2.5m lines to 8.1iu linos by 1979. Nonetheless. despite the brds. General Jose Alencastro e telephone exchange that Ericsson 
The project went well at firsu efforts to alleviate tne problems, Silva, stated that even if a multi- providing will dominate the 
with the order u£ over Im new all tbe manufacturers faced national company bad only a market for four or five years, to 
lines in 1974. However, with the great difficulties by the end of small stake in the share capital, bo replaced by the more modern 
worsening of the trade balance last year. Standard Electric, for R could still control the venture- “teraporar type. With assistance 
and the recrudesccnca of inlla- instance, dismissed a quarter of if it alone had access to the from NEC, Telebras Is develop- 
lion, the Government put some its workforce, after a prolonged technology. The General erapha- ing its own technology for the 
yf ihe blame on the telecom* period of excessive idle capacity. S j SC <i th at at Brazil’s present temporal type in Its research 
uuinica tions sector, which was xbis year, prospects have level of development, the Govern- centre in Campioas, S&o Paulo 
eatinu up *: t amounts of brightened. Fearful of recreat- mentis first priority must be to State. 

soiree resources and leading to jjje old problem of over- ensure real transfer of tech- The president of Tele bras has 
imports uf about 8100m a year. vr0 wded lines’ the Government notary: “Once the Brazilian com- made it clear that when the time 
vs nart or a general cut in finally authorised the Ministry of panics control ihe technology, comes for moving to the new 
Government spending, the funds Communications at the end of they have the bargaining power system, the multinationals will 
"oinu in T lebras. the state May to contract foreign loans to io negotiate ihe question of be Ousted, even if they offer a 
iclenhone holdtr’’ company, complete its budget of CrS42bn equity with foreign companies, technologically superior solution 
were slashed in 1977 from tb*» (£l-3bn). Orders for 3SO.OOO The Brazil ianisa lion of the eapi- The General stated: “When 
planned level of Cr$34bn lines will be placed (his year, ral Is a natural resuti of ihe Brazil possesses its own tech- 
i£T'bn) to Cr$20hn (E710at). increasing to 450-500.000 next Brazil ianisa tion of the tech- nology is an area, foreign com 
\< a result, orders for new lines year. It now seems likely that nology. “ parties will not even be con- 

dropped : ■ 275.000. Brazil will have 5.3m lines by Another aspect of the Govern- sidered.” 

Telecommunications equip- tbe of 1979, instead of the mentis new policy is the growing to Ibis Way. if all goes 

ment manufacturers ■ made 8.1 m Panned. emphasis on the " horizoataliza- planned by the Government, the 

vehement protests, claiming Perhaps more important, the tion ’’ of production, with the multinationals, which still con- 
wlth cnnsidnrahlc justification old project for setting up SPC creation of numerous, smaller trol about 95 per cent of the 
that they had been encouraged (siorage programme controlled; Brazilian companies to supply telecommunications sector, will 
by false promises tn greatly telephone exchanges to replace parts and components. At be gently phased out of tbe 
increase their productive the crossbar system has finally present there is only one truly mainstream of tbe industry by 
capacity. Sr. .Manuel da Costa got off the ground. The Govern* Brazilian company- Many coin- the mid-1980s. 


UK urged to oppose EEC 
on textiles from Portugal 


BY RHYS DAYID, TEXTILES CORRESPONDENT 


;ht reduction on posed. As a result Mr. 


S. Koreans 
for talks 
in Britain 


A 


By Lynton McLain, Industrial Staff 
DELEGATION of South 



Japan accuses SA of dumping 


BY ROBERT WOOD 
JAPANESE ferrochromium pro- intense if South African exports 


TOKYO, July 20. 


_ %■ South Africa bad a R55.4ni 

ducers are considering charging to the West were restricted. . .. Jude trade surplus from imports 
South African ferrochroroe pro- A Japanese official stressed ,b£ R557 .9m. exports of R613.3ra, 
ducers with dumping, a Japanese that possible action against the . customs and excise figures show, 
official said today. It would be South Africans was still being This compares with a May 
the first time companies in the discussed by the Japanese surplus of R75.4m from imports 
Japanese iron and steel industry chemical companies, and . tbe of R502.3in and ’ exports of 
have filed a dumping charge Government has not yet taken ,R577.7m. reports Reuter from 


Korean shipowners and ship- 
builders is to visit Britain next 
month tor talks with British 
shipping and manufacturing in- 
terests. 

Korea is expanding its ports 
and Its merchant shipping fleet, 
but the delegation Is expected 
to study how the depressed 
British maritime interests are 
responding to the slump in ship- 
ping and shipbuilding in Britain 
and other parts of the world. 

The delegation will he led hy 
Mr. M, L itoon. the deputy ad- 
ministrator of the Korea Mari* 
time and Port Administration. 
There will also be a represen ta- 
tive.of the Hyundai Shipbuilding 
Company. Mr- 'Y. Kjm will 
represent the Korean Shipowners 
Association. The party will arrive 
in Britain on August 26 for a 
week’s visit. 


Hovercraft 
for Canada 


against a foreign producer. 

Ferro chrome is a secondary 
raw material made from 
chromium ore and used in tbe 
production of stainless steel. 
Five Japanese chemical com- 
panies produce it for seven 


a position on the issue. 


Pretoria. 


Call for fanning imports 


By Robert GJbbens 

.MONTREAL, July 20. 
THE QUEBEC Government Is 
interested fn the possibility of 
using hovercraft on some i-ross- 
ings of the SL Lawrence, especi- 
ally the busy Matane-Baie 
Comcau crossing 400 miles north- 
east of Montreal. _■ . 

However, • winter : operations 
pose stiff technical problems. 
Small British-built hovercraft 
have been tested on the St. Law- 
rence as supply vessels between 
Montreal, : Quebec City and 
isolated 'Communities below Sept 
lies, the iron ore mining port. 
Hovercraft have boen also tried 
out In western and northern 
Canada, for specific operations. 

Officials have raised the possi- 
bility of Davie Shipbuilding 
Company building hovercraft 
under licence from Scdara- 
Bertin of France, but agree there 
are major technical problems 
such as ice formation and re- 
duced traffic volume 


- - » TOKYO, July 20. 

lSrfromSn“h St A(rican a o£ JAPAN’S EXTERNAL Economic producls in connection with the 
But five South African ferro- Affairs Minister Mr. Nobuhiko MTN. 

chrome producers have more Ushiba has urged the Govern- Mr Nakagawa said later he 
than doubled South Africa’s Jhent to. respond positively -to .Ranted to resolve tbe issue 
domestic ferrochromium produc- U.S. demands for increased d ur i n g the Washington talks, 
tion facilities to 767.000 tons Japanese imports of farm ^ j^ 1)ane se domestic airline, 
annual capacity over tbe last five products. TOA, says it has dropped tbe 

years. Mr. Ushiba said on his return Lockheed TriStar from its list 

The South Africans have [ nm (he Bonn Summit lhat this of possible purchases for passes- 
reportedly been selling ferro- was the major issue on which ger services starting around 19S2. 
chrome to Japanese producers at u,e success of the so-cailed Tokyo 77,0 airline savs it is still 
O 0 rod;'^? aund 0f M. uW, » lcral fiSlllnB ft?" McDonnell 

cbS^e Y190 000 a to” Ne80tiaUons hwge± \ Uraiglas DC-30 and the European 

Japanes? Industry which ^ u - s - bas CaUed 00 Japan A-S00 Airbus and would .buy. five 
used i!T the world's most to expand Imports 'of farm pro- or six of one-.._nircraft after 
MwerfuL is now ^neratin? at ducts such as beef and oran S es making a decision by early next 
SETS pe? e£t 0 f STSSaw" *' W Of cutting .Tokyo's year. 

of 635.000 tons a year. massive trade surpluses -with the q Hitachi and Toshiba have 

U.S. and European officials are rest of the wor,d - / reached broad agreement with 

already investigating charges of On Tuesday, tbe Government Peking’s National Technical 
dumping by. the South African said Mr. Ushiba aod/Mr. Ichiro import Corporation to export to 
ferrochrome producers. The Nakagawa. the ^Agriculture China a colour television maqu- 
Japanese fear pressure on their Minister, would visit'-' Washington facruriog factory worth Y30bn. 
industry will become even more in September for talks on farm Reuter * 


ASEA computer 
order for Iraq 


Dutch debate Algerian gas site 


BY CHARLES BATCHELOR 


Amsterdam, July 20. 


HOLLAND HAS less than four deliveries Was signed in 
months to decide on where to 1977- 


June Plans 
forward 


have also been put 
by Dutch construction 


site a gas terminal to take 4bn 
cubic metres of Algerian gas a 


Gasunie; the national gas dis- companies to build either a seven 
tribution company, is In favour kilometre pier costing, around 
vear betwepn 19R4 anri ”004 ThP oI 3 on the MaasvJakte for FI 600m at which tankers could 
H^f d 2i25 technical and economic reasons, moor, or to build an island 
cb Ca met . s discuwmg Ajj ingnj^on on tbe Maasvlakte linked to the mainland by under- 
„ p 0 „I, u K 0 „ would cost FI 400-500m (about water pipelines for Fl 530ro. 


Groningen. A decision 
likely before the end of August. 


alternative site: 

on 3t the OUe norS-east S1SOm to S225ral and w °u ld be Both projects would reduce the 

on e norto-e ^ coast o „„ ar tQ ^ j^gg industrial dangers of an explosion near a 

istomers. heavily populated area. 

however, when all members of we ^°iIfu?pMd har t^ Ur take al Tar-e The longer ' route which 
the cabinet have returned from esse £ p ^j? e e Eemshswn tankers would have to take to 
u iliday. a government spokes- w0uld requ ire dredging. It is Eemshav en might increase the 
3n 5aia also more than 200 km away danger of a collision or of a 

The Dutch must inform the from its maio customers. Gasunt'e vessel running aground near the 
Algerians by November 1 where already has a peak-saving Waddenzee. an area of great 
the gas which will be brought installation on tbe Maasvlakte natural value. The unions are in 
tankers . by sea, is to be which can supply local industry favour of Eemshaven to create 


delivered. The contract for the for up lo three days. 


By. William Dultforcc 

STOCKHOLM. July 20. 
ASEA, the Swedish heavy 
electrical engineering group, hjs 
won a $l?.5tn order front the 
Iraqi Slate electricity organic 
satiun for computer-based power- - 
plant control systems. The order- 
coin prises the turnkey delivery •*. 
of all the equipment - aii$ -h 
associated software for, Iraqis 
400kv supergrjd control j>rojct-L . 

The contract is for threc.of the*^ 
S1NDAC 4 systems, developed by T 
ASEA, to supervise and control -J 
75 power plants and sub-stations-.; 
from regional dispatch cenlres in - 
northern, central and southern*," 
Iraq. 


M. East deals 
tor Sweden 


■>» • 
~r:\ 




employment in a depressed area. 


By^Dur Own, Correspondent . 

\ STOCKHOLM, July 20. : 
BPA. the construction company 
owned by the Swedish trade 
unions. Has just won two major 
orders from Arab countries. The 
larger, vatyed at SKr 750m 
(S164m), is . for a dam and 
irrigation project io Western 
Algeria. \ 

Tbe nfber is 4. SKr 230m sub- 
contracting contract from tbe 
Wes! German-South- Korean con- 
sortium of Pniliiifc;. Holtzmann 
and Kuk Dong, wbiefi is carrying 
out a large civil engineering pro- 
ject in Saudi Arabia..’" 

The Algerian order is the 
largest so far achieved by BPA, 
which has been especially active 
in the East Bloc countries. It 
concerns -tbe building of a dam 
hat Harezza and an irrigation net- 
work foi a 430-acre farm develop- 
ment project in the Cheliff 
Valley. .... •: 




Greeks baulk 
at increased 
whisky prices 


By Our Own Correspondent 
ATHENS. July 20. 
WHISKY IMPORTS into Greece 
bave been suspended pending 
discussions an a 10 per cent in- 
crease in the manufacturers’ 
price for the product. 

The matter was raised last 
Tuesday when Mr. lam Suther- 
land. the British Ambassador, 
called on the Greek Minister of 
Commerce Mr. George 
Panayotopoulos- 
The Minister told Mr. Suther- 
land lhat Greece was not pre- 
pared to import whisky under 
the new prices, introduced on 
April L since this would further 
complicate the Ministry of Com- 
merce's task of keeping prices 
down generally. 

A British Embassy spokesman 
said discussions were being held 
to see bow the problem could 
be overcome. He said the Greek 
side was writing to resume 
whisky -imports If the price in 
crease was reduced. 

One way the import of a cer- 
tain product into Greece can be 
stopped temporarily, without 
contravening GATT regulations, 
is through the Chamber of Com- 
merce, which has to verify that 
importers do not make inordinate 
profits. The Chamber usually 
Investigates whether price 
increases are reasonable and this 
can sometimes take time. 

The British Embassy spokes- 
man said other countries were 
paying the increase. 

In recent months, the Ministry 
of Commerce has been having a 
closer took at tbe trade balances 
between Greece and a number of 
countries. One of these has been 
Japan from which aiJ imports 
have been temporarily suspended. 


Turkey raises lorry fees 


BY METIN MUNIR 
TURKEY HAS put up charges 


ANKARA. July 20. 


. . . Last year- over 70,000 TIR 

levied on international transit lorries entered Turkey, accord- 
tr ^ c - .... ing to official statistics. Of these 

The transit fees were raised 40 per cent were destined for 
by 50 per cent and the fuel dlf- Iran, 23 per cent tor Turkey. 22 
terential charge by 70 per cent per cent for Iraq and 15 per cent 
under a joint announcement pub- ror Syria: Over 25 per cent of 
ilsbed in today s official gazette the lorries were Bulgarian and 
oy tne ministries of Communica- principally destined for Iran 
uons and Finance. 

Tbe new charges will go into ° The lrania n Government has 
effect in 15 days, the announce- sranted the Turkish Central 
ment said. Bank a Sl50m credit to enable 

A spokesman for the Ministry Turkey to buy lm tons of crude 
of Communications said the aQ< l ba,F a °ti Ui °n tons of 
rises were a mere adaptation of otf reports AP-DJ from 
the charges to the devaluations Tehran, 
or the Turkish lira, and increases - An- agreement was signed 
in petrol prices. recently between the Iranian 

Nonetheless, the new prices Minister of Economic Affairs and 
arc expected to be greeted with Finance Mr. Mohammed Yega* 
displeasure by the trucking com- neh, and the visiting Turkish 
panies and recipient countries. Minister of Foreign Trade, 
particularly Iran, as they will according to a brief official 
inevitably increase costs. statement- 


Caribbean trade boosted 


KINGSTON, Jamaica, July -20. 


THE CARIBBEAN COMMUNITY many of (he community's, nag- 
(CAR1C0M). strained by an ging problems and agreed on 
incipient trade war and political steps towards their solution, 
differences, appeared to b^ve The council had acted to help 
been given a boost after tbe facilitate movement of goods 
Council of Ministers reported within the region, he said. There 
complete success in two days of had been a willingness on the 
talks here. part of all countries to take what 

. The council. CARICOM's main ever action they could to make 
policv-makins group, bad not' sure that CARICOM eould pro- 
met tor almost a year, during gross, he added, 
which Jamaica and Guyana dis- Much of the sting was taken 
rnpfed regional trade by impos- out of the conference early on 
ing stTineent Import '-octrois and when Jamaica announced that It 
rhe comm unity functioned with- was earmarking a further 20m 
out a secretary-general. Jamaican dollars (about S12.fira) 

Council chairman George for imports from the region 
Mallet of SL Lucia told reporters during the second half o£ the 
after the meeting that the year. 

Ministers had successfully tackled Reuter 




U.S. investment 
for France 


By Our Own Correspondent 
PARIS. July. 20. 

THE U.S. company Fleetguard, 
of Cookville, Tennessee, which 
claims to be the world's leading 
manufacture Of filters for diesel 
lorries and other heavy vehicles, 
today announced that it was 
investing £5m in a plant at 
Quimper in Brittany. 

The ne<w factory which will 
employ 300 people recruited 
locally- will be Fieelguard’s first 
plant outside the U.S. It is due 
to become operational in 19SQ. 

Fleetguard is tbe first ntin- 
French company for 15 years 
to settle in a region whore 
unemployment is currently run- 
ning at 7.5 per cent, well above 
the national average. It is ;t 
subsidiary of the -Cummins 
Engine group of Indiana, one 
of the world’s leading diesel 
engine manufactures, whose 
seven European factories arc all 
in the UK. 

When Fleetguard decided to 
follow ils parent company into 
Europe, it -preferred France, 
whose productivity record ii con- 
sidered fo be much better than 
that of the UK. 








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k’ ; .' 
IL". 


fc---. . 

P/ 


v.-sSr 


Lan 

ftfo 


French vehicle figures 

Foreign car sales in France fell 
sharply in May to 18.67 per cent 
from 20.2 per c;rtt in April aO“ 
25.42 per cent in May last year, 
according to figures from the 
car importers' association. 

While, total new registrations 
of imported cars showed re#' 
lively little change in May at 
37.175. compared with 37,7fffi to • 
the same month of 1977,* th® 
overall number of registratidh 5 .'. 
in France rose substantially, to 
199,015 from 14S.556 ^ • 

spective months* reports ; AP;4f«. 






5 




\ 


^aacial Times Friday July 21 197g 


;;r> 

■'.'affe 


J »:r 


it i. \ 







* 


ALL WE HAVE TO 


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Ti.'i _ 

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Lancia Beta (HPE) High Performance Estate. 1600,2000cc. 
Prices*; £5^76.70,£5 3 709.60. 





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Lancia Beta Monte Carlo.2000cc. 
Price: £5,927.22 * 


50years ago Lancia built a few exclusive cars for a handful of 


. jouay, Halt. a century later, we make a whole range of rare 

** 

*f ^ ^ ^ 1 9 t to find a Lancia these days since weVe 

fiiecomifiy 16 ^ 0 ^ ° f 320 dealerSj coverin g |-|HjpjjH|-— 

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— 



6 


Financial Times Friday. July 21 1978. 


HOME NEWS 



UK worried over 
currency plan 


9 NEWS ANALYSIS — THE NEW U.S. REINSURANCE EXCHANGE 

Lloyd’s hides its worries 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


MAJOR DIFFERENCES of 
opinion arc emerging about the 
extent to which Franco-German 
plans Tor currency stabilisation 
will undermine existing ways of 
adjusting current account im- 
balances between surplus and 
deficit countries. 

Senior British officials are 
particularly concerned about 
whether surveillance by the In- 
ternational Monetary Fund might 
effectively be replaced by condi- 
tion's imposed from the Con- 
tinent, which could be tighter. 
This might happen if countries 
drew on the common currency 
fund of the EEC nations, now 
under consideration. 

These doubts have been 
reinforced by the fact, now con- 
firmed. chat Mr. Christopher 
MacMahon. an executive director 
of the Bank of England, was 
ruled out as a possible 
managing director of the IMF as 
a result of the opposition of, in 
particular. West Germany. 


It is understood from officials 
on both sides of fthe Atlantic that 
the prevailing view was that the 
post should not be -filled by 
someone from a country" which 
has been a regular borrower 
from the IMF. Instead, ML 
Jacques de Larosiere from 
France was appointed. 

This view might not, however, 
have been an overriding factor 
if the UK candidate bad been 
a senior politician, .such as Mr. 
Denis Healey, the GhanceHor, 
rather than a senior official. 

This move has been seen in 
London as broadly indicative of 
the West German approach and 
especially the reluctance to 
reduce Germany’s own current 
account surplus in a symmetrical 
adjustment with the elimination 
of the deficit of the UK and 
other countries. 

This is one of the main 
reservations of some Treasury 
officials about supporting the 
FraDco-C.erman currency plan 


as presented at the Bremen 
meeting of EEC heads of Govern- 
ment a fortnight ago. 

The Carter Administration is 
concerned about whether any 
EEC plan might operate a 
different set of rules and 
conditions from those in the 
rest of the world. 

U.S. officials bave queried 
whether the EEC plan will mean 
that deficit countries will be 
given a means of avoiding the 
conditions and disciplines now 
associated with borrowing from 
the IMF. 

They also want to know what 
degree of conditionality will 
apply to drawings from the EEC 
pool of reserves and who will 
determine the consequent adjust- 
ment programmes. 

In contrast to these questions, 
the campaign in support of the 
Bremen plan was maintained 
yesterday by Mr. Roy Jenkins, 
the President of the EEC Com- 
mission, in a speech at the 
University of Essex, 


Tate & Lyle speeds up 
sugar plant closure 


BY RHYS DAVID, NORTHERN CORRESPONDENT 


TATE AND LYLE is to bring 
forward plans for the furiher 
rationalisation of its sugar 
operations because of world 
surplus and refining over- 
capacity in the UK. 

The company, which last month 
reported profits in the first half 
down from £25m to £llm after 
only breaking even on sugar 
refining, is to shut its Sankey 
works in Newton-le-Willows and 
will advance plans to reduce 
refining capacity at Liverpool 
from 350.000 tonnes to 300,000 
tonnes. 

This was to have taken place 
by September next year but now 
will be put in band immediately. 

A total of 262 people will Jose 
their jobs at Sankey when the 
closure lakes place later this year 
and there will be redundancies 
in Liverpool. The company said 
yesterday that the total number 
of jobs lost would remain the 
same as under its earlier plans. 

The company’s rationalisation 
was made necessary originally 
by the UK's switch, since EEC 


entrv, from cane to beet sugar 
which is to be supplied in greater 
quantities to the British market 
by the British Sugar Corporation. 

This year has seen a big surge 
in imports of EEC sugar at low 
prices because of the current 
world surplus. With home 
demand remaining depressed at 
an estimated 2.4m tonnes this 
year, imports— -mainly for indus- 
trial users — are expected to rise 
to 230,000 tonnes, against earlier 
predictions of 150,000 tonnes. 

Plan reversed 

In addition, hecaiuse of the 
world sugar surplus, Tate and 
LyJe has found it difficult to find 
profitable export markets. 

The decision to close the 
Sankey plant— acquired when 
Tate and Lyle took over Manbre 
Sugars two years ago — is a 
reversal of the plan outlined by 
the company in a document last 
year. Under this, melting ceased 
at Newton-le-Willows last year 
with the loss of 100 jobs but 
liquid sugar operations at Tate 
and Lyle’s Merton Grove plant. 


Liverpool, were to he transferred 
to the site. 

Under the revised plan, Merton 
Grove will stay open instead. Con- 
centration of the remaining 
Sankey activities at Merton 
Grove and the main Love Lane 
plant. Liverpool, is expected to 
produce annual savings of 
£400,000 and capital savings of 
£500.000. 

Tate and Lyle, which has 
placed its revised proposals 
before the unions for examina- 
tion, said yesterday that it hoped 
many of the job losses would 
be achieved through natural 
wastage, early retirement and 
voluntary severance. 

Mr. Frank TbomlJnson. chief 
executive of refineries, hoped 
that bringing capacity quickly 
into line with demand would 
create a structure in which 
employees again could look 
forward to security. 

“ Our customers will not suffer 
as nationally we still have more 
than enough capacity to service 
their needs." 


LLOYD’S OF LONDON yester- 
day was quick to ' welcome the 
formal signing of the Bill setting 
up the New York reinsurance 
exchange. As each stage of the 
legislation has moved closer to 
finalising the establishment of 
the exchange, to be closely 
modelled on Lloyds, s0 Lloyd's 
baa been choosing its words with 
infinite care. 

It had earlier dismissed one of 
the main reasons advanced in the 
U.S. for the- • creation of ®ti 
exchange— that it would create 
more jobs— as , atf insufficient 
reason for starting up a Lloyd’s- 
style operation. Yesterday it 
welcomed the. development of 
the new market Lloyd's chair- 
man, Mr. Ian Findlay, said: "It 
will make a valuable contribu- 
tion to world insurance capacity." 

But although- Lloyd’s is 
acknowledging that it could have 
a very real competitor in the 
near future it remains 
unperturbed- The statistics them- 
selves lend support to Lloyd’s 
outward calm. Jq its first year 
of operation the reinsurance 
exchange will probably be able 
to handle around S200m worth of 
premium, compared with Lloyd's 
$4bo. 

American premium is expected 
fa grow at the rate of SlObn 
per annum over the next year 
or so, which means that the New 
York reinsurance exchange will 
be initially biting into around 
2 per cent of that increase. 

So when Lloyd’s says “We 
can take this in our stride" its 
confidence Is largely justified. 

However* the emergence of 
any new capacity during the 
present market conditions is 


& 

M 


BY JOHN MOORS “ ' 

worrying for there is already ahave to be P^£ et J 
worldwtde surplus in most underwriting : if they are 

classes of business. Business to show a prow. ... ... ... - , 

volumes have not kept pace with Itis eas 7 y , finding 

the growth of available insurance spread, Jw nnStabli 

rates have 

In many classes of insurance- names and is MJWim. latent* of 
there is*' much unsound or controlling its membership, 
unprofitable underwriting taking Moreover some reinsurance 
place to secure whatever busi- companies iaA fflenca have 
ness is available. As any further expressed disquiet about, the 
new capacity becomes available possibility of a reinsurance ex- 
premium rates come under change gatmag a competitive 
increased pressure. edge over themselves. 

„ , _ „„ ♦„ Lloyd s, of course, retains one 

Speculation ^ mounting m o unique competitive clout: that of 
what effect the New York unl f mited lability. Whereas 
reinsurance exchange will have mem bers of Lloyd’s 

on premium rates. For as runs ^ liaWe down to their last shirt 
one argument, to become estate butto ^ ^ New York exchange 
I isfaed m the market JJJ admits the possibitty of corporate 
exchange will obviously be membership with members 

some pressure itself to offer com- limited liability but 

p f frf^the backed by a guarantee fund 
of business, particularly in the jg naBCe< j f rW30 a percentage of . 

marine and aviation bustneM. premiums earned. Lloyd's own 
However, in the n0 2"^ ri “* approach has been tried and 
classes of business, such as over a few hundred 

liability insurance there is more yearSj whereas the Americana 
scope for the exchange gaming ^av® yet to be proved, 
a. foothold. Professional Is idem- After Lloyd’s feels safe in 

mty and product liability the knowledge that years of, 
insurance is unpopular m many experience and proven ability 
markets because of the daunting are no t acquired overnight- So 
claims experience and lengthy far only immediate fear is 
litigation which is often that in order to acquire a veneer 
involved. of Lloyd's the New York '= 

“You cannot seem to win at exchange might seek to poach 
whatever rates are charged," said some of Lloyd's- own top under- 
one Lloyd’s man. writers. 

Medical, insurance is also The exchange will emerge as 
another area where there is a an important market in the 
shortage of capacity and perhaps future, providing vital capacity 
the exchange could exploit this for risks which are constantly 

market successfully. But to off- rising in value. For the moment .- WR ■ **[ FINDLAY, chairman of Lloyd's; welcomes the 
set the violent swings in the the move has made Lloyd’s: a ■ ’ «_ vahrahle contribution fit World 

fortunes of different types of in- little less inward looking and- ' new LUs. exchange as a valnahle conmowti w wona 

suraace a spread of business will complacent. . insurance- capacity. • . -- 


Scottish jobs lost in 
‘chipboard crisis’ 


Holiday flights face chaos 


UUJ^IUUiti O L11M5) BY MICHAEL DONNE, AS105PACE CORRESPONDENT 

BY JAMES McDonald long DELAYS to many able anaer io the UK civil avia- m fresh holiday-makers fall to 

Plant, at Irvine Stratchdyda, lag by members Sf the EEC— Britain this "Wtal* P-P.HJ «“»<*"*?£, 


WoodChif^oerd Manufacturers “ oMy pnUMblfc Wltb UK French air ttaffic controllers. .. on the Continent Earlier this J-ear the airlines 

Association said yesterday. sales falling to under 20 per Last week-end's problems, _ Y^ tua '^’. every . su . , ?) Tner, . aroun ^ 

After talks between Scot- cent of production capacity and involving delays to many a ? d - Angujt, there is some to try to work Plans toi rase 
board's management, shop imports at below cost prices, thousands of passengers of up to £ lnd of industrial dispute ) in air this kmd of ^®**®*®» 

stewards and Mr. Bill Aitken, taking the lion's share of the 24 hours or more, were caused H* ns F or f ^ hi 5 h disrupts the no practical scheme .-appears, -to 

of the Amalgamate 1 Un:on of market” by the work-to-ruie by Bordeaux J{* ans of many thousands have i SSKfi nd ustrv and irav el 

Engineering Workers, it was Management and unions had controllers, who permitted only of JL eopl £’ , .. .. . ' . ^he 

agreed that the workers should agreed that, unless there was an four UK aircraft an hour each The th' Q dispute this trade *reJookm£ 

become redundant on August 22. improvement in market demand, wav through their airspace, weekend wiU be felt at airports ment, through, the Department of 

Irvine has a 14 per cent unem- chipboard production would Together with controllers in right trough the Southern Euro- Tradq. to 1 lake mo . 

ployment rate. have to be reduced further, Aix-en-Provence they will be Pqau and Westent Mediterranean, directly with foreign govern - 

The association said that the meaning more lob Lasses. <4*ina ums'nnin thin week- ureas, where aircraft bringing meats in a bid to find a solution. 


Ryder and Park are recalled in 
surprise move at ‘letter’ trial 


The association said that the meaning more job lasses. 

Personal savings rise 
£3.8bn in first quarter 


BY DAVID FREUD 


THE DEFENCE asked for Lord 
Ryder, former chairman of the 
National Enterprise Board, to be 
recalled to give evidence in a 
surprise development in the 
" Ryder Letter ” trial at the Old 
Bailey yesterday. 

Mr. William Howard, QC, 
defence counsel, also asked for 
Mr. Alex Park, former chief 
executive of British Leyland, to 
be recalled and for many docu- 
ments to be produced. 

Mr. Howard said be bad come 
to \hc conclusion tnat it was 
essential to present the defence 
properly, that he prove the truth 
of reports compiled by his client 
alleging that a " slush fund ” for 
bribes was operated by Leyland. 

Mr. Howard is defending a 
former British Leyland financial 
executive, Mr. Graham Barton, 
who, with his wife, Fatima. 32. 
hotb of Lincrofl Gardens. Houns- 
low, Middlesex, denies five 
charges concerning forging of 
copies of two letters to Leyland, 
one from Lord Ryder, one from 
the Bunk of England, and using 
the forgeries to obtain £15.000 
for the story from the Daily Mail. 

Mrs. Barton is not charged in 
relation to the Bank of England 
loiter. 

Mr. Henry TownaH. prosecut- 
ing. has (old the jury that after 
being instructed to compile re- 
ports on commissions paid by 


British Leyland, Barton became 
upset by corruption he con- 
sidered was going on in the pub- 
licly financed company. 

Lord Ryder has told the jury 
that no bribes were paid by 
British Leyland. 

Contracts call 

Among the documents Mr. 
Howard requested was the report 
of the investigation Lord Ryder 
was instructed to make by the 
Government after the Daily Mail 
story appeared. 

Mr. Howard said he also 
wanted alt documents in the 
possession of British Leyland 
relating to the allegations of 
corruption in Mr. Barton’s 
reports. 

He especially wanted contracts 
to which alleged payments 
related; contracts with “bene- 
ficiaries"; any documents sup- 
porting any payments of what- 
ever nature alleged in Mr. 
Barton's reports; correspondence 
relating to such payments 
between British Leyland and 
the National Enterprise Board, 
the Bank of England or any 
other bank m Britain or abroad, 
especially Switzerland; any 
memoranda on aiiy alleged pay- 
ments. especially in relation to 
two countries whose names he 
would supply to the prosecu- 
tion; any report or memorandum 


on commission-agent payments. 

Judge Alan King-Hamilton, 
QC, said: “It Is rather like an 
application for discovering a 
civil action. How long is it going 
to take to procure ail this? ” 

Mr. Pownall: "1 have heard 
what my learned friend says and 
I will do my best to comply with 
it Whether I shall be able to 
comply with it, I don't at this 
moment know. 

“ Obviously, witnesses will 
have to be contacted to discover 
whether they do bave what is 
being asked for, and if they have 
not, where they can be found, 
and If they can be found." 

The judge said be did not 
Intend to adjourn the trial 
indefinitely. It might be that, 
the estimates of the length of the 1 
trial, two working weeks, would; 
have to be revised. | 

Mr. Howard said: "I should < 
accept responsibility. I think I 
allowed my concern for the 
public interest to perhaps over- 
ride my duty to my client.” 

The judge: " I am not sure that 
you did.” 

He had taken the view that it 
was not relevant to the trial 
whether British Leyland bad paid 
bribes. “ Whether or not I 
should take that view or not 
when I see these documents is 
another matter,’’ be said. 

The trial was adjourned until 
Monday. 


doing the same again this week- 
end. They call it “ flow.contrpL” i 
Earlier fears that the con- 
trotiers in Paris and Brest would f 
join their Bordeaux colleagues ' 
proved unfounded. But while' 
controllers in those cjntrcs will 
not be working to nue, and will . 
handle their normal quotas of 
traffic, they will not/be accepting 


Horizon to run its own 
package tour airline 


BY MICHAEL DONNE 


INDIVIDUAL savings rose pension funds and a continuing HORIZON MIDLANDS, one; of immediate future as -demand 

chimin at the haninninn nf VVia nrniM cut anmnan.. mmuritU.. trQItl ID6 xJOTQeaU* reglUU. fha IT W 'n m-cinr nai-lmpp hfSli. I I’M- ro.il BPS . •_ 


sharply at the beginning of the move out of company securities. Th o ntnhi Jra r s weekend In ^ U K - « raa i° r package hati- increases. - 

year. According to figures Savings directed into life *»,? itk P u that itis already set tour organisers, has joined The Idea as not new. Ttoe 

released yesterday by the Central assurance and superannuation ir e Ko «hi 5 wLa nf thfTvean-— the growing list of travel organ-^Thomson Travel group, for 

Statistical Office, savings in the funds rose £1.9bn in the first ^rnhsWv means the isations planning to set up their example, has owned Britannia 

personal sector rose by £3-8bn quarter, by 24 per cent more ittc rivil avia- own airlines. Airways for years, while British 

in the first three months of this than the final quarter of 1977- anon flichts to <n« Airways has its own British Air- 

year, compared with a £3.3bn At the same time, individuals JJJJ* JJj® ttk airports stirt x ° ui * which flies many thousands 

increase in the same period last net sales of shales totalled KJJ^eSvffi? orer 400000 S, W ThSSS 9f * A ' S 0WB Sorereign and 
year. , ’ £M6m. up 16 per cent on the ctrrylng over ^SL T .!Si^ “S? {?!' Enterprise holiday clients. 

The higher level of savings previous quarter. K (- t t, ae . ho Tmiidav' « %.}*' By owning and operating their 

emerged In spite of _a big rise in The increase in building own _ aircraft, major® tour 


ter, ay /a per cent more C,— rJl* « W pr— in UK civil avia- ow b crimes. . w-uue acnifa 

z'sksssel, - jitasKSSuffsaj 

•Is. ot OWB sovereign, mi 


EEC aid Navy training centre 

for energy Ganges to be sold 

cgvjuoc BY CHR,STINE MO,R 

GANGES, the Navy's training The problem faced by the Pro- 
THE EUROPEAN COMMISSION establishment at Shotley on the perty Services Agency — which 
plans io nive financial support to Suffolk coast, is to be sold by handles all surplus land and 
companies wnicn introduce new ten( ] er i n December. The 150- buildings for Government depart, 
energy-saving techniques. acre village, which has been in meats— is how to dispose of it. 

The Commission says it will use since the Napoleonic wars, Local authorities arc insisting 
generally be willing to pay was closed in 1976. that the site be kept as a whole 

between 25 per cent and 49 per Ir had been used as a training and the main Ifith cemuy build- 
cent of the cost of an approved centre For hoy sailors but, with ings retained. One of the 
energy-saving project, though the raising of the school leaving features of the site is the 143 ft 
the money will b- repayable age in ibe early 1970s, recruits mast put up in 1907 which is 
under certain conditions. The have entered ship service more under a preservation order, 
aim of the scheme is to boost rapidly, Property column, Page 30 

development of new energy- - - — 

saving methods and encourage * -a -t p j. • a. 

5^r^ef“ ,! London set for 11.5m tourists 

Full details of the scheme. by IAMES McDONALD 
open to all organisations in the „ . , . 

European Economic Communitv. BY 19S5 the London Tourist “These figures do not include 
arc given in a regulation pub- Board is forecasting that there the important contribution to 
lished in the latest edition of will be 11.5m oversea*' visitors London’s tourist industry pro- 
the Official Journal of the Euro- to London — over 50 per cent vided by the 11m or so domestic 
pean Communities. more than last year. visitors and the still more sub- 

- - -stan tial number of day eveur- 

sionists. those who come to shop 
* i in London for the day from 

SWANSEA CITY COUNCIL £&i££S 

All we're asking you to do is to see s %Xe™°/L 

What W© hav© to Off©r, Greater London Council and the 

Eagiish Tourist Board — yester- 

Chief Executive & Town Clerk documenti 18 ^The Nrend^no w* in 

; Swansea City Council 

The Guildhall With other European and British 

SWANSEA Tel (0792)50821 

- — __ and promotion of London's total 

“entertainment complex.” 


emergea in spue or a oig nse m ine increase in o mining -. anrf T- "_’ Y " ~~ '■ own aircraft, major tour 

loans for house purchase. In the society deposit, which had fh? ht Medite?ranean and P North organisers can not only ease 

first quarter, these loans totalled mounted strongly through the JWe&terr^an wu ^ tant managing director °f one their seating problem, but also 
El.Sbn, compared with £6S0m in last nine months of last year, fell the British indepen' ygjak, a higger share of the’r 

the same three months of 1977. in the first three months of this SS&'Snaffio N StbSS dent BirIlDes ’ ctienK’ tot^holidiy s^nding 

The totals are not adjusted for year. At f 1. 4bn, the increase was “WdieEasL Flights to No The other major tour At present, out y of the total 

inflation. , 27 per cent below the fignre for Europe, and tiaMattonuc opera orgaDiserg who bave decided in p3 e kfl ge t0U r price, the tour 

Within the total savings there the previous quarter. tiers, 'c i L n jwiation Authority, recent weeks to set,up their own irganLr collects ”nlv a small 

was some movement of money Bank deposits increased by The Civti Avianon AULooruy, airJlne operationfi we Iatasunt ^ ° bulk of the money 

in the latest quarter out of f276m. compared with i£l 84m id the British Auports Autnonw owne(J Securities. » 0 tiie hote-li^ tS Se, 

building societies and into banks the prenous quarter and atilmes and tour ^ Global Toure r subsidLary 10 SLnd JinsDOrt com- 

and National Savings. There was National Savings rose £660ra. of Great Universal Stores. Each da nj e ? ground... transport com 

a rise in III. naauranae and compared with fillm. hp been dl«n M l n p procurement ^ome In&ncea. the trend 

But there is little they can r ?*.f oe: l.*, short-haul towards ,r Vertical fntegration” 

_ ■■ ■■ do except advise passengers to J® 15 - *®^ting about 130 passen- bas gone. -.even further, and 

9 Qll/lls carry on as normal to ensure gers eacn - British Airways also owns or has 

JLJVfUUVrU UUV-IXk5 allUU that they are ready when the The aim of these tour shares’ io a growing number of 

_ iw • a 1 aiT control “slot” for organisers in getting into air- hotels In holiday centres in some 

-4-f-hf* [%/| miDfoi* Tl'%fl£l\7 r their particular flight comes up. craft ownership and operation parts :' of the world. It is 

jElvpa xv llillaiVl . IUUhj They cannot guarantee that any stems from the shortage of seats' considered only a question of 

OAIff xjhvi ns delays will be short it) the UJC. market, which could time- before some of the other 

bt pauu iatuuk There is nonetheless consider- become more acute in the tour organisers follow suit. 

MR. WILLIAM RODGERS, which Mr. Rodgers will base that — — 

Transport Secretary, is expected decision. He already has the - Tr T . TU w • ' " y • > 

to be handed an independent Authonty’s “preferred solution Wnlcji IV |) AC i A | - 

audit on the Port of London and a joint PLA/uai on document TTWau A T f JlSld iHvI 

Authority today by accountants listing areas of agreement 

Price Waterhouse. Next week between the two sides. PYUP'PtPfl • ’ 

he will meet union representa- Clearly if Mr. Rodgers is to AAA 

tives for final discussions on the be able to meet the wishes of .. TATABliAC -r -t | fi B9 fisl H 

future of the near-bankrupt the Authorin' and take a final WEEKS White Paper on OV«/XaWIU 

Upper Docks. decision on the future of the broadcasting is expected to give y 

The Price Waterhouse audit Upper Docks before Parliament immediate go-ahead for a com- PACWT pobtratt Kv Tnhn . - „ 

is not expected to differ In any rises, time is running out. prehensive Welsh language tele- A PASTEL PORTRAIT by John English and Continental oak 

major Respect with the He is not expected to fomm- vis ‘on service to be established Coley of Mrs. George Turner, furniture which realised £67,439- 
Authority's own financial late his own views before meet- 00 fourth channel. 2f?Snn ed * - '* , so l? ? was bought by the London 

appraisal of the crisis facing the ing the unions next week and The Government’s long- r S ??i!p^.- S y 1! tc l« y S E ™ bd ®°* , In 0 j he J’ ,ots 

docks, but this will not lessen will then wish to consider any awaited proposals for the new fa^the^rtEtf aSd S^«S e, r he ^aier paid 

its importance. proposals they may make before television channel should provide £ “ ,,0 ° for a Dutch oal S : cabiMt ' 

Although initiated by the De- consulting his colleagues, for the immediate allocation of : 

partment of Transport, the probably in the Cabinet's £8m to Wales, to permit the n ?/r c Ifh n^3 

Authority is confident that the economic and industrial engineering work to start «8?3? 0Ur5 whlch totaned C Al FDA ASM 
audit will justify the need for committee. immediately- f v. am-CKwwiwi 

the closure of at least the Royal ! 1 A he deale F' «v automv -mrtoiarnnrr 


Welsh TV 
expected 


Pastel portrait 
fetches £31,000 


watercolours which totalled 
£145,550. 

Shrubsole, the London dealer. 


SALEROOM 


group of docks, as suggested in 
its submission to Mr. Rodgers, 
and will answer criticism by 
some MPs that it had exag- 
gerated Upper Docks’ losses. 

Mr. Rodgers lias also asked 
the eight docks unions to pre- 
sent a coherent alternative 
strategy for the Upper Docks 


paid £20,000, plus the 10 per ocntl ANTONY THORNCROFT 
buyer's premium, for a Charles H 

touet service, including a mirror, ' - - - - 

comb box, candlesticks and scent and an anonymous buyer £1«S50 
flasks. It was made about 1680 for as Italian walnut centre 
and took the top price In a stiver table. 

auction totalling £14I,68B. The -first day of Staneiy 

Partridge Fine Art, another Gibbons. 1 two-day auction of 
London dealer, gave £7,200 for a Great Britain stamps and postal 


Clothing and household 
textile sales new high 


Communities. 


more than last year. 


SWANSEA CITY COUNCIL 

All we're asking you to do is to see 
what we have to offer , 

Chief Executive & Town Clerk 
: Swansea City Council 
The Guildhall 

SWANSEA Tel (0792) 50821 


sent a coherent alternative . . Irnil ., rannage rine Art, another oi noons, zwo-aay aura™ 

strategy for the Upper Docks AY LYNTON McLAIN, industrial STAFF London dealer, gave £74100 for a Great Britain stamps and postal 

based on proposals they have r-rtvcTnurro qpFTvmrNG nn reached their lowest levels for P“ r George IT! silver gilt history realised £41,887- Record 
already made to him. However. SSSSS haShSd textile? SJSyemS! threelight candelabra made by Prices were paid for -Pcnny 

the unions have not responded SfelitoSehertrecordealSS T& y ^ndex of prices for Jofan Scofield in 1795 - Twelve Blacks, including £2^00 tesU- 

yet. S raat«ials a^fuefetSS”ySJ Paul Store dinner plates sold for mate £X,S00) for an mused 

The Minister is expected to g^^unS? figures showed textile and clothing industries S^SS* and a ata,ilar ^ Kt weQt for S^iL/ , vS r JIS te sSte 

meet the unions next week and v&sterdrzv rose oarffinsUy to revGrse the **300, ■even margins* . 

tz i^sssr&rsJEi h ^ w*-- *- :«» 

a «c C aU di. sssrVaai £MM ,l aristie ' s in a Slle ol “ a ^ nw - 

is the last major docum ent m yea°r. Ti « of raw wool, which R gcords f OF ROD13D£C 

i The demand for clothing main- «»<*ed its lowest point w IVvLUl U>5 AUI IWIlKIJllVv 

DrOU in SDOe tained the upward trend which BY EDMUND PENNING-ROWSELL 

fi “ started last summer. Demand October, 1976. peak, rose by 10 

dlplivPriP? for household textiles showed a cen ^ between January and IN CHRISTIE’S last Important fS9 fetched £620. • 

'** ,C '** " viAVij substantial rise on the low levels . wine auction of a season in A single bottle of the, rare 

Footwear deliveries in the of the previous quarter. , TIie text *l e and clothing indus- which fine wines have flowed Petrus !20 made a record «7- 

three months to end-April were «« . w _.„ nf {n thf , tries have shed B,0w employees plentifully through the London and two magnums - of this 

4 per cent lower, on a seasonally _ 5 r w„ -YJp srnre December. 1977, and 15,000 saleroom, thanks largely to chateau’s '64 and ’70 offered 

-irt-fxato/J hneic thin in fhu Pe r «>U »'*» 4 rCSU.il UI Luc CfnrO tht> ?9Bf wav fnrnitm hxtuw imaMflhn tnoslUr ...c^ Fnm PICE . 


BY EDMUND PENNING-ROWSELL 


w u* mnrter Thp nn\v other «3»rtor ■ - - ‘ “r J iuiu, "*ui mimic w-.ui lioow 

statistics. n and toat employment in than one record notched up. . . a record £660 a dozen, Man too - 

Net new orders during the e ils Si!e?e the « e c J otbin 8 industry had con- For example, three bottles of Rothschild securing £600, Iat?>*r 

three moaths were 37 per ccot S 90 " “ a “® nt we r a .;‘ ng ’ turned to decline despite the Romance Conti '52 reached £200. and Ch. Mareaux each going for 

lower. At the end of April, - icm e improvement in output. Many while dozen lots of Romance £500 a dozen, and rhlrd : grmrth 
orders in hand were 4 per cent oownwara trend oi u tti- companies had used their full Conti '61 and La Thebe ’61 made Palmer at £400, nearly .eqnaltin* 


higher than at the end of Carpet production fell 6 per entitlement of the temporary £740 and £540 respectively; and first-growth Haut-Brion at £ 
January this year. cent and spinning and doubling employment subsidy. six magnums of Romance Conti The sale total was £65*840* 


) 





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_ Beginning today: the best news 
in aluminium packaging for years. 


used to make aluminium from ore, and conserves capital 
and raw materials. 

The new mill provides a reliable source of supply 
to the can-makers of Europe, the Middle East and 


Among the many other benefits of the new mill 
will be increased exports and a reduction in imports of 
aluminium.There will be more aluminium fora growing 
market, too. And the promise of more recycling and 
more economic muscle for the U.K. 


Today Alcoa inaugurates a £40m aluminium rolling 
mill at Swansea, South V^IeaThisnewsingle purpose 
mill will produce high qugfiity light-gauge aluminium 
sheet for use by can-makers for the production of 
aluminium ring-pull end;; and the new generation of 
two-piece all-aluminiumjcans. 

Consumers aroudd the world have shown a 
marked preference fora3l-eluminiumcans.The reasons: 
they are lightweight, ea!sy-to-open, quick-chilling and 
recycfabfa Recycling requires only 5% ofthe energy 


Africa. It also provides significant benefits to South 
Wales and.the U.K. It represents a major expansion 
of Alcoa's existing Swansea plant, which has been 
producing aluminium sheet and extrusions for 35 years. 
The new mil! makes the 1,500 plant jobs even 
more secure. 


Alcoa Manufacturing [GB] Lid. 1 Waunarlwydd Viforks, 
Swansea, South Wales. 

Alcoa is the tradename and registered trademark 
of Aluminum Company of America. 


! Forfurther information aboutaluminium recycling, 
I write for our booklet, ‘Aluminium cans make sense'. 

j Name ___ 

I Address.. 


Past to: Alcoa of Great Britain Limited, 
1 97 Knigbtsbridge. London SWT. 


The world’s leading 
aluminium manufacturer. 


□ALCOA 










s 


Financial Times Friday July 21 ’1978' 


W0B 


HOME NEWS 



Tighter 


curb 
on lead 


sought 


By David Fishlock. Science Editor 

TIGHTER CONTROLS to reduce 
the risks of lead poisoning in 
industry are Uie main aim of 
draft regulations being circu- 
lated by the Health and Safety 
Commission. 

They include a proposal for 
a 20 per cent redaction in the 
permissible amount of lead 
in the bloodstream before a 
worker must be suspended 
from activities involving lead. 

The proposals aim not 
only to cover anyone whose 
work may expose him to lead 
poisoning, bnt also to protect 
the public from such activities. 

They would replace the re- 
quirements of the Factories 
Aet of 1961 and Its associated 
regulations for different 
activities Involving lead or lead 
compounds. 

As drafted, they require 
the employer— or self-employed 
person— to gauge the degree 
of exposure to lead, and to pro* 
vide when necesary special 
protection against airborne 
lead to prevent the spread of 
lead contamination. 

The accompanying code of 
practice calls for a lowering of 
the upper limit of lead in the 
blood from 100 micrograms per 
100 millilitres of blood to SO 
micrograms. 

Control of lead at icerrfe. HMSO 
SOp. 


Jobless total 


expected to 
fall slightly 


BY DAVID FREUD 


OFFICIALS expect the number 
out of work to fall slightly this 
year, in spite of the Treasury 
working assumption released on 
Wednesday that put total un- 
employment in 1978-79 at 1.7 m, 
about 200,000 above the current 
figure. 

The 1.7m figure, which was 
released to the Commons* Expen- 
diture Committee in a private 
letter from the Chancellor, was 
drawn up last autumn and has 
been revised downwards since. 

It was prepared to enable the 
Government to work out the pos- 
sible level of public spending on 
social benefits over toe 1978-79 
fiscal year. 

The total Is also swelled 
because it includes adult 
students and toe temporarily 


stopped, who are not included in 
the Department of Employment 
monthly statistics. The current 
number that would be added to 
the unadjusted unemployment 
figure on this basis would be 
122,000. 

The autumn working assump- 
tion was closely mirrored by toe 
Government Actuary’s report of 
last December, which put the 
total unemployed figure at 1.65xn. 
In May this figure was revised 
downward to 1.55m. 

Effectively the Government’s 
new assumption os unemploy- 
ment this financial year corres- 
ponds to toe Government 
Actuary’s. When, bis latest pro- 
jection is reconciled to the 
Department of Employment’s 
series, it is almost identical to 
the mid-July total. 


Council claims it was 
misled over houses 


A DISTRICT COUNCIL yester- 
day claimed that it had been 
misled over the condition of 
9,000 houses handed over by the 
local development corporation. 

Sir Geoffrey de Freitas, MP. is 
to raise the matter in Parlia- 
ment. The council faces a pos- 
sible £14m repair bilL 

Corby Development Corpora- 
tion gave the rented bouses to 
the council two months ago 


under a Gv eminent ruling that 
they were no longer responsible 
for rented dwellings in the town. 
It was estimated that a five-year 
repair programme would have 
cost £6|m. 

But a confidential report 
drawn up by the council’s hous- 
ing committee has revealed that 
the bill for the first year alone 
will amount to £4im. The cost 
of toe five-year programme could 
now be as high as £I4m. 


GROWTH OF MONETARY AGGREGATES (£m) 


Money Stock- Ml 


Seasonally 

U nod fasted adjusted % 


Money Stock M3 
Starling . 

Seasonally 

Unadjusted vflnttod % Unadjusted adji 


Bank fending 4 Domestic credit 


Seasonally 

justed Unadjusted adjusted 


expansion 

Seasonally 


1977 

June IS 

440 

295 

T.5 

461 

309 

0.8 

124 

439 

820 

_ 

July 20 

181 

426 

23. 

658 

358 

0 s 

1341 

182 

239 

— 

August 17 

276 

59 

03 

-55 

-1 

— 

-107 

385 

— 2S7 

— 

Sept. 21 

523 

817 

4.1 

810 

730 

1A 

174 

398 

— 72 - 

i-93 

Oct. 19 

748 

594 

2A 

669 

595 

1.4 

580 

469 

227 

182 

Nay. 16 

481 

325 

13 

438 

296 

0.7 

no 

239 

388 

355 

Dec 14 

663 

233 

1.1 

799 

413 

1.0 

28 

292 

504 

161 

1978 

Jon. 13 

—256 

617 

2Z 

60 

1,036 

Z4 

737 

182 

-349 

258 

Feb. 15 

113 

484 

2.1 

378 

1,050 

2 A 

328 

284 

206 

963 

March 15 

345 

751 

0.7 

350 

294 

OS 

312 

575 

533 

597 

April 19 

813 

372 

1.6 

1,754 

408 

1,156 

25 

393 

267 

2.038 

1.432 

May 17 

196 

219 

0.9 

410 

0.9 

550 

774 

945 

1,124 

June 21 

-322 

-88 

—04 

. 194 

159 

0J 

647 

563 

524 

337 


“ To private sector in sterling. 


Source: flunk of England 


Reflecting the impact of the monetary measures In early. June the sterling money stock 
on the wider definition (M3) rose by £159m after seasonal adjustment, or by 0-3 per cent, 
in the five weeks to mid-June. The narrow definition of money stock (Ml), whieh 
includes only notes and coin circulation and UK private-sector sterling sight deposits, 
fell by 0.4 per cent as a result of a very large drop in interest-bearing sight deposits. 
Bank lending in sterling to the private sector rose by £35 7m, after allowing for the 
Bank of England's holdings of commercial bills. 


Vauxhall cautious 


as 



soar 


BY TERRY DOOSWORTH. MOTOR INDUSTRY CORRESPONDENT 


THE financial ' recovery 
Vauxhall Motors, the UK sub- 
sidiary of General Motors, took 
another step forward in the first 
half of this year when the com- 
pany achieved net profits of 
£42m, its highest figure since 
1971.. 

This result -compares with 
profits of £2zn in the same period 
last year. Turnover rose f com 
£305m to £41610, and operating 
profits before interest and tax 
went up to £I0.4m against 
£8.5m. Interest charges were up 
from £3 An to £4.5m. 

Although the figures point to 
a return to healthier earnings 
for the company after a period 
of considerable doubt about its 
future, Mr. Bob Trice, the chair- 


man, raid yesterday that they 
could not be regarded as 
adequate. 

“ The main requirement is for 
much higher productivity so that 

A.V . ..Jit 


the business will enjoy success 


and all concerned will be able 
to share in the accompanying 
prosperity.** 

Mr. Price’s caution reflects the 
company’s experience last year 
when the first-half results were 
turned into a £2J2m. loss for the 
year by a seven-week strike of 
craftsmen in the autumn. 

The improved results derived 
from healthy increases in pro- 
duction and sales this year. 
Despite some problems caused 
by last year’s dispute, car output 
in the UK rose by 8.4 per cent 


in the first six months to 61,780 
units, and commercial vehicle 
production by almost 24 per cent 
to 62,800 units. 

Total vehicle sales, which 
included a significant number of 
cars imported from General 
Motors’ associate plants on the 
Continent, amounted to 143,959 
units against 117,301 last year. 
With the introduction of double- 
shift working the workforce 
rose by 3,800 last year to around 
33.000. 

Mr. Price Indicated that 
Vauxhall is aiming to achieve a 
market share for cars of about 
10 per cent this year, and to 
consolidate that figure, next 
year following the introduction 
of a new range of models. 


Computer ‘shape’ plan may cut 
cost of telephone systems 


BY MICHAEL CASSaL 

A SLACKENING in engineering 
orders from home and overseas 
customers Is confirmed in the 
latest provisional figures issued 
by the Department of Trade. 

Evidence of a declining level 
of orders was contained m earner 
figures for March and now the 
April statistics show that the 
trend continued into the follow- 

ttg to the Department’s 
estimates, new orders from 
domestic and foreign markets 
showed a slight decrease over the 
quarterly period up until tne 
end Of April. Actual sales, how- 
ever, continued to rise, although 
at a slower rate than recorded 
In toe preceding few months. As 
their level exceeded the order 
, intake, the volume of ootstand- 
1 lug orders decreased slightly. 

The Department says that the 
1 -per cent fall in total new 
orders between February and the 
end of April was attributable 


BY JOHN LLOYD 


A BREAKTHROUGH in the 
transmission of speech by wire 
or radio, which may mean that 
telephone transmission systems 
could be marketed at a tenth of 
their present cost, has been 
made by Brigadier Reg King, 
director of Army telecommunica- 
tions in toe Ministry of Defence. 

Indications are that this 
development could also mean 


that present telephone systems 
will be a 


able to cope with four 
or five times their present traffic 
through the same number of 
lines. 

The Ministry said yesterday 
that the commercial application 
of toe system could mean export 
sales worth millions. - 

In Brigadier King’s system, 
speech patterns are reduced, 
with the aid of computers, into 
a small number of basic shapes, 
then reconstructed - at toe 
receiving end. 

Most public telecommunication 
systems transmit voice by wire 
at a rate expressed as 64,000 bits 
per second — a bit is a unit of 
information— while the actual 
information content is as low as 
300 bits per second. Brigadier 
lung’s development — which 
remains • largely • classified— is 
thought to have greatly reduced 
the " bps rate” while retaining 
acceptable transmission quality. 

A prototype of the system is 
being constructed at Bath 
University, where Brigadier King 
bas developed it in conjunction 
with Professor William Gosling, 
of toe department oil electronic 
engineering, and sr team, of 
researchers. A fully engineered 
version could be in general- use 
within five years. 

Other benefits of the research 
may include improved hearing 


aids for toe deaf, a more efficient 
method of learning foreign 
languages— since toe system can 
be made to create a visual com- 
puter identification of the sound 
pattern of foreign words— and 
improvement in the quality of 
“helium speech" used by deep- 
sea divers. *• ■ 

Professor Gosling said that 
there was “no doubt whatever 
that this represents a revolu- 
tionary concept in communica- 
tions engineering.” 


Brigadier King said: “In the 
end, the answer was so simple 
that I had trouble convincing 
myself that it really worked. I 
had the system checked on 
another computer in case we had 
overlooked some vital detail— 
but it cazne up with the same 
result 

"I am especially pleased that 
our work, while of military 
importance, should be of con- 
siderable value to the rest of the 
community." 


Speedy start for new 
British cargo airline 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


A NEW all-cargo airline, Bam- 
berg International Sky Harriers 
(BISK), has been set up by Mr. 
Harold Bamberg, and has been 
granted a licence to operate 
international flights by toe Civil 
Aviation Authority. 

Mr. Bamberg intends immedi- 
ately to acquire two Boeiag 707 
jets, and to start international 
flights to and from Stansted Air- 
port, Essex, as soon as possible. 
He is already negotiating a 
number of major cargo contracts 
for his new airline. 

. Mr. Bamberg, who owned and 
ran the original British Eagle 
airline, . believes strongly that 
there is dol enough capacity in 
the UK air cargo industry, and 


that as a result much business 
is being won by foreign 
operators that could be handled 
by British companies. 

The Civil Aviation Authority 
has moved quickly in granting 
the BISK licence. Mr. Bamberg’s 
application for a licence was 
given a public hearing in London 
only on Wednesday. 

At that hearing only British 
Caledonian opposed toe applica- 
tion, earlier objections by 
British Airways and Trans- 
meridian Air Cargo being with- 
drawn. But the authority has 
clearly accepted Mr. Bamberg^ 
contention that there is . an 
immediate need in the- -UK, 
market for another alfcargo 
airline. 


Home and overseas 
engineering orders 
continue to decline 


mainly to the export market, 
where orders showed a If per 
cent fall. There was also a alight 
drop to new domestic contracts. 

Figures for February had Indi- 
cated an encouraging .^export 
order situation, but the Depart- 
ment now says that the . good 
monthly figure reflected imly. t$e 
coincidental arrival Of a few 
large contracts ' and -that tfie 
general trend of declining orders 
from overseas, seen Mace the 
end of 1875, is still continuing. 

The Department' said yester- 
day that the outlook Yon new 
orders in the engineering in-: 
dustry as a whom was “hot 
bright,” although same, sectors 
were performing mudK:- better 
than others. However* over toe 
three-month period Jtad&ry- 
March, home - and export/ Sales 
rose by 3. per cent and -1 per-cent 
respectively, as new orders' re- 
ceived to previous' -periods 
reached completion and delivery. 


Construction demand 
suffers monthly fall 


HY OUR BUILDING CORRESPONDENT 


CONSTRUCTION orders in May 
fell back slightly from the level 
recorded in April, according, to 
provisional figures from the 
Department of the Environment. 
. The department estimates that 
die current price value of all 
orders obtained by contractors in 
May was £7 52m against £769m 
to the month before and £81lm 
to March. 

Expressed to constant prices, 
total construction industry orders 
for toe three mouths March to 
May 1978 were 10 per cent down 
on the preceding quarter but 
were nevertheless 9 per cent up 
on toe same period 12 months 
before. 

According to the department, 
new orders in toe public bousing 
sector were worth, to constant 
price terms, £114m in May 
against £141 m in April. In the 
|-March to May period, they were 
1 per cent up, in constant price 
terms, on the previous .three 
months and 5 per cent higher 
than a year earlier. 

Private housing orders were 
worth £185m in current prices 
during May against £165m in the 
preceding month. On a constant 
price basis, orders in toe private 
sector during toe March-May 
period showed a 2 per cent fall 
from the previous quarter but 
an f 18 per cent rise over March- 


a constant price, basis, .the value 
of public works^ . contracts 
received by contractors to toe 
March-May quarter was. 27; per 
cent lower on the previous three 
months and 9 per cent lower 
than a year earlier. 

Orders for private industrial 
work were - down 2 per' cent -bn 
the previous three months bnt 
18 per cent higher than in March- 
May 1977 .while private sector 
commercial contracts were 7 peT 
cent up on toe preceding quarter 
and 26 per cent ahead of the 
comparable, period In 1977,. 


Jobs scheme 
aids blind 


Financial Times Reporter 


AN EXPERIMENTAL job intro- 
duction scheme for the disabled 
bas found permanent employ- 
ment for most of the blind 


people helped by It The scheme 


May 1977. 
Thb 


department Says that on 


enables certain disabled people 
out at Work for at least six 
months to undertake a six-week 
trial period during which the 
Manpower Services Commission 
pays toe employer £30 a week 
towards- wages. 

. . The scheme has proved suc- 
cessful. with about 5 00 at toe 639 
blind people in permanent jobs 
after toe trial period. 



Summary of Results 



Year to 

25th March 1978 

Year to 

25th March 1977 

Property Investments at Valuation 

£1 52.9m 

£1 05.2m. 

Total Net Assets 

£1 77.5m. 

£1 19.0m. 

Gross Income 

£9.1 m. 

£7. 4m. 

Units in Issue 

116,143 

93,688 

Fair value of a Unit 

£1.525.00 

£1,300.00 

Distribution per Unit 

£84.00 

£84.30 


Summary of Statement fay Chairman Mr. C. J. Baker. 


There has been a marked increase in institutional investment in prime 
commerciai and agricultural property. Large funds have been 
available for good quality investments and this factor, coupled with 
the cessation of forced sales and the decline in development activity 
over the past two or three years, has resulted in a considerable 
scarcity and a sharp drop in yields. 


A noticeable outcome of the dearth of suitable investment 
properties has been the increasing interest shown by institutions in 
financing new developments and in the acquisition of reversionary 
investments and those with longer rent review patterns. 


Having regard to the prevailing high prices, to the possibility of 
higher inflation and interest rates and to the likelihood of a General 
Election this year, the Trust, in common with many investing 
institutions, is adopting a cautious approach to new investment. 


Investments during the year amounted to £22m., and included the 
acquisition of a major city freehold office building in Gracechurch 
Street, London, and a 7,800 acre agricultural estate in Ayrshire. 

The addition to the Trust's portfolio of this large let estate with over 
1 00 tenancies brings with it the traditional responsibilities of a 
major landowner to his tenants and to the local community, 
responsibilities which have always been willingly assumed. • 


Copies of the Report and Accounts may be obtained from — 
The Secretary, 73, Brook Street London, W1Y 1 YE. 




The Pension Fund Property Unit Trust 


Borne 

warns 

‘misleading* 

traders 


By James McDonald 


SHOPKEEPERS AND traders 
were told yesterday by the Office 
of Fair Trading not to display 
notices which could confuse or 
mislead customers about their 
rights. 

Mr. Gordon Borrie. director- 
general, said: “ Statements avoid- 
ing liability for death or personal 



MR. GORDON BORRIE 
" i can use my powers." 


injury cause by negligence have 
been void since the unfair con- 
tract terms came into force on 
February 1. The new Act also 
means that traders no longer can 
avoid their responsibilities for 
the quality of parts or material 
they use in servicing, repair and 
building work.” 

The Act had been well pub- 
licised since October but void 
terras still were being nsed by 
some traders. 

“ Consumers may be misled 
into thinking they cannot pursue 
a legitimate claim. 

“If I find that consumers are 
being misled on a large scale, 
I can use toy Fair Trading Act 
powers to propose that the use 
of these clauses is made a 
criminal offence ” 


Dollman moves 
to Swindon 


DOLLMAN ELECTRONICS, 
which manufactures * advanced 
technology tor the communica- 
tions, civil aviation and military 
equipment sectors, is to move 
to Swindon from its present 
base at Biggin HilL Kent 
At firet it intends to employ 
50 people but hopes to double 
this number shortly. It expects 
to be operating In Swindon by 
early September. 


/ 


/ 


\ : 
\ 



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Company_ 
Address. 


Published by the Business PublishingDivigion. 
of the. Financial Times Limited. 

Registered in London Number 227590. 
Registered Office: Bracken House; 

Cannon Street, London EC4P 4&Y 



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Financial Times F riday Ju# 21 1978 

ENERGY REVIEW: NORTH SEA GAS 


BY RAY DAFTER 


A burning issue in the pipelines 

tivcly smaH c °™ para ' J? see the BeryJ Field linked to these costing £51 6m and capable on a new central trunk line additional to Brent and Frigg political and. perhaps, diplo- 

which under nnct » j j P J P e “j) e as ' we "- °f tapping some 1.56 trillion and spur lines and linking fields likely to be produced from the malic reasons. But in the pre- 
adopted bv thp -1 - j ces K indeed a gathering network cubic feet of recoverable gas like Andrew, Thelma, Brae and northern North Sea should he face to its report it concedes 

might have bpp« i-JUS™? !!!!*“ ? n J l,e Fr lf? s J stem is reserves, would link a whole the discovery in block 9/19. about 700m cu ft a day in 1985 that if Norwegian finds had also 

wasted has flaTed afl one , of three collection net- cluster of fields from North Such a network could cost up rising to 950m cu ft a day by been considered, they could have 


gathering systems 


gflS PIPELINES 

— —EXISTIN G 

By mkn&Os 

= lata »8fl's or USDs 
Other posstbl* finks 


Magnus 

Hutton TMstic^Murchisttr 

Ten»l? un,i ^lL : 

Cormorant 

ISficiYT 


f ^as bcconi ® a central works studied 
S”r, of Government’s consultative g 
North bea policies. says that a net 


one of three collection net- cluster of fields from North Such a network could cost up rising to 
feature n V “ ' ic “ tr<u works _ studied in detail by the Thistle and Magnus to the to £548m with « carrying cosC 1990. : had a s: 

North Sea Governme ^t’s consultative group. The report north. Tern and Cormorant to in certain circumstance s, rising The chemical industrv is findings. 

- *** pollcres - «ys that a network of pipelines .the west and Heather and Lyeil to 10.5p a therm. . J^d * indU5tI7 15 * 


had a significant effect on the 


Large gas Felds like Frisn drawin“ on ' ^commerciiU ‘ 71 S' "the IT ““““ LyeU W ,1 3 assured of large new supplies Mr. Leslie Dickson, engineer- 

and Leman Bank will alwayfbl covert in theFrigg trunkhne ? .. . . . ? h ^ e n r n m i p Pl h P ® llnes f con ' °f ? C u £ ° r tl \ e repOT ? 1 manager of Santa Fe (UK) 

exploited on strict commercial area of the North Sea could A . ™ ore IlkeIy . system that the basis oi . pi f" also states that the total quanti- writes in a bookt just published 

grounds. What i s in question is land about 5.6 trillion cubic Ti be * tarted alm “ t ,m “ edi ; Sw l ? sas liqu,ds lpnn : for Institute of Petroleum 

the aatnering of gas from much feet— equivalent to rather more ^iri2S° r CI at,I,g i? 6 !£ doubtS^conomi^mSTnwtinn ” ? *iSl ™ JS # *•' propane a P d that it was likely that Nor- 
wnaller fields or g as produced than half of the present total j ! bo ££L „ c ° ntait } ed m J* e "egian Bolds between Statfjord 

m association with crude Si Frigg Field reserves. n ® arer f 283 ®- However the cost “ P^eularly difr gathered gas. plus quantities in tfte north and Valhall in the 

Associated gas is often regarded Sudi a system, drawing on f 5? rrying from such fields WJJ JJ®? produced from Brent and Frigg sout h would be linked to a UK 
by companies as a nuisance- an fields like AJwyn. Beryl, Piper ? s Ma S“ us « Cormorant and Duo- pp th^ British Up t0 the year 2° 15 . should scheme based on Sl Fergus. So 

unwanted by-product of oiffietd Tartan, Brae, Andww and l,n unde 5 pr ° posaI woald Cnra^Mon IhlhSlS "W!* 10 be ^een 99m tonnes it is a pity that the restriction 

development. Such gas might Thelmi i^ed to rost T°?o 10 5* a tfaerm - ^js &»£2£j£S * ftSlKf^ tonnes. Both Gas was placed on the Gas Gather- 

be useful for a time. It can, around £657ra. although addi- »5 P iL t2p f therm more than the order ^ in ^p OSition t0 bid G at r ' n s Pipelines and i ng pipelines study team. For 
for instance, be pumped back tional shore facilities would kX E 1 ? bein . e paid f 0r a i^e diameter trunk line w p^ flms ' M ®T z a S ree that the their own findings tend to sup- 
into the reservoir to maintain add a further £200m to £3Q0m h , 7 B ”^ sh Gas ^HJoranon for pnnr ,,. rip _ h ' I®** 1 .. quanUty of these gas port the view that only by com- 

the pressure needed for oil nro to this figure ‘ s offsbore 5U PP^ es - __r? e +h ^. p< ?f t f^”,^ des ’ bow : liquids contained in gas from biniog reserves on each side of 

duction. some of it might be Gas Cohering Pipelines . A cheaper resulting w5“ thS “of tHn^nd ?6~ Ver ! eS ' S between the median toe can the casfi be 

used to generate power on the looked at the possibility of ,n a carrying cost of Sp a therm, wUJiams-Mera 7i though thev d S ‘ made out for a major new aas 

offshore platforms. But in a linking more southerly fields to a cap,taI axe much more jSSmiftic San But a big quesUon mark still network in the North 

large number of cases through- the Frigg system but concluded fj ^ ”* app ! ar ?J° Buchanan and Clacherl Gas hangs over the findings of the Sea - 

out the world companies have that in most cases the gas could ,?r. ,5 r ep0 Z.’ j Gathering Pipelines believes latest report— i ane recognised by _ .. . 

concluded there is no commer- not be gathered economically. !. b .‘ ‘ * t ?. Pt pl f!|5][ S ^,!S that coUection systems might Gas Gathering Pipelines. No 

cial justification for collecting As a result the report recora- f' e ^: th Jf wouW r “ u .^ tap between 7.5 and 10.6 account has been taken of the 

this fuel, so it is just burned. mends that operators of such ® °i. ec ] 10 ? ^ trillion cu ft of the reserves effect that Norway would have Energy- VO- £250 


Shetlands i 



iV 

Heather*/ % J 

21 m' 

lyeil , I 
Niniah/ 


wsw i 


£7 pCrawtonl 

9)/ 'nicPfBooaior Plailorin) j 


»Beatrice 


• ^Piper 

vmorc ^T^tan 

15/29-30, 16/26 i 


— •* *• J # » »“•««. U|»I» .U 10 v. aim 1 1 Iai, ' . .. . uuuuu lu n ui mo reserves * ,ul "«.* »vuiu u«vc EnertW SO' £2 30 St fapdlBtl* I 

The Government has made it fields as Forties, Montrose, “5 s and ! be available after platform use. if it allowed some of its lelds f 4 mXnrih ^ nn ° > ! 

plain that, in the interest of Argyll. Auk and Buchan should coriSfrant^nri HeJthSr ^ ^ This is rr)Ughly on a I« r with to be tapped by a UK gathering C J S A TeSmoloqy^lSiilute o! Cruden Bayo/ ' 
energy conservation and gaming he allowed to flare their gas — rraorant and Heather. recoverable reserves thought to system, and this is a real possi- petroleum Heufen nrui Son Hill- .. . T o u«n 

maximum benefit from North a recommendation that will in- The third gathering system, lie in the big Frigg Field. On bility. The study company was view Gardens London NVS 4 2 JO- Aberdeen® " " 

— — ■ evitabiy cause some* controversy evaluated in the report is based this basis the amount of gas restricted to the UK sector for £4 * 1 _ ___ __L 

GAS GATHERING PIPELINES within WhitehalL — 

MEMBERS (NORTH SEA) However, the report is even ^ ^ 

British Gas Corporation (334%) more controversial in the way I || ]| I 

British National Oil Corp. ( 33 +%) it suggests gas from Shell/ |II|||||| f U 

f/. * et * I ? eYe,opme . nt (84%) Esso’s Fulmar Field should be I SI II S I II * I 

JCiPetroieurn Service* (®4%) handled. The study concluded 

"Sl oil M that while Fulmar was too tar 

sea resource, it wants u,i s SSSfS^S'S Group Gold Mining Companies 

practice to be curtailed as far for the reservoir to be linked to * 

as possible. Ministers have the Norwegian Ekofisk Field (A. compa nies ar e noorpcwaleif In Cie Repubfico? ja) 

been fondly talking about a complex. But Ekofisbk gas is rri I 

£5bn pipeline network to gather piped to Germany and Sir Denis 1 llSl/rln I 

up much of this spare gas. They Rooke, chairman of the British ■■ w «V€i 

have commissioned reports on Gas Corporation, said plainly 

other ways of exploiting these this week that be could see no — . r , • 

gas into liquids or basic* chemi- sold to Continental bS«s d ^ Reports of the directors for the quarter ended 30 th June, 1978 

cals and shipping them to shore What is more, Sir Denis, run* nerro 

in tankers, or using the gas to believes that natural gas — a VAALRccrS ELAIMDSRAND S.A.LAND 

ZE£« 2 ? 8 LKJ£% Sf pSm for V “' EXP ' 0ra "° n 8 " d M '"' na ^ G °' d °-*-» Umted Souih AiHcon Land k Worn, ion Com 

cables. domestic. commerdal and p S L?NNEx> A ?TODucnoi5°H>R yea? u«di ng'oecembe n 31 im Jt ** 239 **’*'*• 20 ««"•■ iDrwiwhr so 323 sas mmi) issued capital: g 6do 000 chares ot as cents e« 

\esterday saw the publication certain specialised -industrial tonnaoe 7200000 Gnte gj gnm pk »» SSflKLRSKSS!!! 1 *, mn . QM n 

nf the latest major report* on uses. Gas is too precious to otwier o>urw t m ,nm 9“^" 

collection systems: Gas Gather- burn in power stations, be says. iJSIIffSv* jb*w 1 » 7 » . 97 a junci978 Jonc1 

ing Pipelines (North Sea) pro- To empbasise the fact he points 2StS AT,NC HSSULT * Jm '”‘ -umw. ram™ .u»m (| 

duced its findings— minus con- nut that “EEC countries burnt »w > niy ^ — ^=-=. 1 914000 1 002000 saoeooo **%?P5 oo I mo m,nln " asset * lar *■ * e * r endlnB Dccemt>er S1 ,B7B '* >«i"i«od ssw a> s.imM «„,omr«rt and «cr. D igs 

fidential data — on possible pipe- a total of 13bn therms of gas Gom^'ucto^ici' ; : ” ^ “ " 1 ; 33*435 2S=?,, 0 i*^ 0 * nd «•***••«*»• on ««»»««» m at jw« so ao?b tm*ue» ^f lE ol '•> 3ltal » 

line systems. This followed the in power stations last year, coeTw?- «Jn m J.'Z — Z H ~ R 2 U 1 U 7 .'li Sn^e Natc * rlor to t wn oww ®» □ rod action, upmaiture «riu w upiwiiccfi 4m> lu ' x,r¥ revenu * — — . 

Government - sponsored Wll- almost as much as- all the gas p u r ?^ nu o r,&° L’l’””"” ’ Ru oi R i 9 o« B7B aSiooS «i 7 t 2*7000 ' *"'* "" t “^°" P *” b ' e wlM "* c T l,cd ,B m,n,nB . ^ * 2 “ 1 


GAS GATHERING PIPELINES 
MEMBERS (NORTH SEA) 
British Gas Corporation (334%) 

British National Oil Corp. (33+%) 
BP Pet. Development (84%) 

ICI Petroleum Services (84%) 

RTZ OH and Gas (84%) 

Total Oil Marine (84%) 


Group Gold Mining Companies 


iThefanaToni 
\ ^Maureen 

\ S 1 

-Andrew 


Mnfitrasq | \ 

* A ■ 

iomond \ 

; SoiHtP Dwp^ol fnfwqvj 


ELANDS RAND 

Elandsrand Gold Mining Company limited 


S. A. LAND 

7 he South Airican Land 81 Exploration Company Limited 


Quarter 
ended 
Jane 1978 


Quarter 
enom 
Mar. 1978 


1 914 OOO 
8.97 
17 170 
R 48.60 
R29UI1 
R1939 
K93 013 000 


1 892 OOO 
B.69 
IB 265 
R41J9 
IL27.95 


. C ^?3 L: »5 484 238 (Baras of 2D cents s*cti turerlossW SD 323 82 S (Hares) ISSUED CAPITAL: B6D0 OOO shares of 35 cents each 
CAPITAL EXPENDITURE 

Net expenditure on mining sunn Quarter 

. Quarter Quartsr 6 months ended 

ended ended endod , Q , 

I..n i y^-Tn Jane 1978 Mar- i978 June 1978 June 1 97 

June 1978 R1S36900O 911 408 000 R26 777 000 FINANCIAL RESULT5 

Gold revenue (See note 1) 1(1 907 00 

3 806 000 ^".SKKS'iSK on m,nlnn »or *e«»- endlnB December 31 1978 Is cstlmetod Sal. at s.leaged eou.oment and scran 165 00 


Quarter 
ended 
June 1976 


~e 7 a at 978 000 D 00 . _ . . , - . — 

3 435 2?^ ,°i*« ca * nd owstandino on caottal contracts H at June 30 1978 totalled f? lB ol c,olta ltems — — — — 

R2B 872 Q0 °- Net sundry revenue 


R?rJI R 28 872 00 O. 

H27.95 R 73.48 Note Prior to commencement o' orodoctlon. expenditure mill be capitalised amt 

Hlj'tO R16.51 ' Tm hue earned, alter anv taxation payable thereon, will be credited to mining 


ftl 907 OOO 

165 000 
8 000 
208 OOO 


Quarter 
enard 
Mar. i«7fl 

R 1 072 000 
84 003 
SI 000 
149 000 


6 months 

vide* 

June 1978 

K2 071 000 
249 000 
5“ 000 
357 000 


Iiaru.s-Merz report on pipelines, sold in the UK during the same c«t RsssiJSS 

published in May 1976. and the perind — and. of course, two ^ftANiuhToxibi wr 49*000 000 rhi 

commercial study . (sold at thirds of that energy (more JtS-SBrt". 7 . 7 . 7 . 7.7i 1 2 , 8 o ^3 1 ,7<, 0 0 “ 23 

£3.000 a time) on possible svs- than enough tn supply every ~ 7. ~~ 7.7. 7. riioumS *4 is! 000 rib 2 

tem«; prepared by consultants household in Britain) was lost . . R57 4B6 oco H2S 56D M0 B628 

Buchanan and Clachcr at the in the generating process.” ^ wtd; 

end of last year. The second main gas collec- suTh^ C SSU 717.7.7. 7! 1 1'““ 120 iIoSo 4, ?4ooo 162 

Gas Gathering Pipelines, a tion system evaluated by the Nct luni,rv _ ,a “ 00 ° J g-w 78 

consultative group comprising study company would be hcdidB sisooooo 30 647 000 a 2 o 

bnth state and private com- centred on the Brent trunkline. Rt,yaltv . l t ° J outhyajl Limiwd 

panies involved in offshore de- Here Gas Gathering Pipelines "" ” ' __ 80 jf opo , aa ” , °” Jii 

velopmcnts. has not attempted has walked hcadlonc into a oi ^oftT . TT. .?!!l I*!*.? 43332000 27355000 70 6 

to draw up a blue print of some confrontation with the Depart- T ^ii l m1ti" d . . Ut “ s _*'! ar ' °1 . Dro,lt TT scosooo 7751 000 11 3 

future grand collection net- ment of Energy. For it has preW >fter ti ^ jtjrt _ 

work. Instead, it has attempted said quite plainly tha? a projecl estimated iw 727 0 00 hi9 614ooo 0593 

to evaluate the commercial favoured by the Department is cauitai emwitiir« . . R 31 mi ooo rToTbTddo r«i b 

potential of a number of sub-economic. (A minimum dis- ° h, " icno ~ll^^n ,5 *? 1 — _ R19D 

schemes, many of which are count rate of return of 10 per Loan Lev i^S.?fS r .t«i -1.“ "7. -• Rwiloo r$ 4 «^oo ri 1 ? 

quite modest. In doing so it Das cent befnre tax is taken as me consolidated frofit 

posed many more questions basic economic yardstick in the fc Sjf^U°gSS , *w^* 9 S*» , oi 

about the unit costs of moving report.) fSJSSttA MfiSSSS 

associated gas hy pipehne and f ^o^ e r^e 0 ’V. n ^rgS,-^ 7 ?^? 

the technical problems Ot mix- O-i 11 EB rpijlsiri Mn? th« comoanv* star# ol remwe less w>€raiianal cans In Irrms of the tr 

■ „ „„ „ r ml9 litiae r 3 * •'* arrangemcnti *vith Buftplsfonieln Gold Mining Cbihm*» Limned. 

mg cases of various qualities. shaft sinking icomme™.* j^e 5 19731 

Sn'rhp riphafp ones OH Three months ago Mr. No. 9 Shaft (South Lease Areal 

Meanwhne he off shire Indus- Anthony Wedgwood Beno. S£? h n ^SS w “. .:.v.v:.7rr;;.T fl = 

tn- is alreadv exploiting oil Energy Secretary, announced . ^ment Adyaoce — 

fields S with substantial gas con- that Shell and Esso had applied — ^ = 

tent and other fields are in the for approral to build a gas line ^ ^ "» «" *» «■' ■ 

development phase. These com- between the ^Cormorant and no. , .«a 7,2 1.3 ||77 i«« 2.94 

entitled to ask Brent fields. He said that other n«. 3 1 522 192 31.7 sb.69 1 797 1 51 

whethor the th«J nijor ^ pip^ Held. rai*ht •!» I» IlnlMd tt aj :::::: tii! JS 311 11:1s 3111 ; 

line^epovl^ will^ radically Sher M PUN W* J-b-g «« "" ^ ^ - '- fL ! 

the course of events which, up Chevron. Sum ' T.eW .»» 2 „= , 

to now. has bee,, dictated by ««• >«» 

commercial consideratiooa or North: Ha« ^ JSTlWr s«o saa u .„ asrs ...7 , 

Government peBhas.on or « „* "'u'S' ?ha, wch £1 T^ 

combination of . . a m ini-safhering system might jiHS*— wS 1 " - . mu — — — — 

In essence sas Eathenng Y^ rost be ^ ccn £1 f 0n , f i30m. „ : _ - - - 

- - - *- - 

fhTToXrn%T fields" Frisg Benn wAM *• gj| E'S"l&™iS« s irir!i W'i 


R7B 234 000 R171 247 000 
R52 874 000 R10B 391 000 
R25 360 000 R62 858 OOO 


1 170 OOO 
OJM 


P»«tt after tn and state's share — 
estimated 


R37 496 OOO 

12 OSS OOO 
13 OOO 
1 806 000 


43 332 000 
3 605 P OO 

R3S 727 OOO 


R31 01*1 000 RIO 681 OOO R41 891 


2 386 OOO 

0.23 SHAFT SINKING 


Quarter 
ended 
June 1978 
Uutrtf) 


Quarter 
coded 
Mar. 1978 
(metreif 


6 month? Dcdoct 

ended Onemtlng and salvage costa _ _ 1 305 OOO 1 045 OOO 2 350 OOO 

June 1978 — - — . 

unniras) Surplus be tore taxation 983 ooo 5 1 1 ooa 1 J OOO 

TaxmUoa — tfllmatM _ 370 000 69 000 4)0 000 

119 _ ~ ' — 

2 052 Surplus after taxation . . — _ _ _ RSIS ooo R242 .HO R85S OOO 

1 522 - .... ■ 

228 Prospecting expenditure R76O0D RIlDOOO RIBS OOO 

2 1 OPERATIONS 

90 The company continued treating waste melt and rriiahieg-plant *lim»s Iren variej* 
locations on the East Rand. Mill throughput lor tne June quarter amounted t» 
232 OOO tons (March auaner: 161 OOO tpnsi. 

uranium PR05PECTING 

I t cm.kg't Drilling of two surface boreholes SWP.l and SRK.1 In the area to the ipurh and 
soutn-west of Hie mine working is continuing. 

— — Recentiv. the ttwd de'iecnon u long oellect'on) of SWP.l inierseried she reef at 

3 044 metres, and the results were shown la an announcement published on June 27 

— — ’978- 

* Orders placed and outstanding as at June 30 totalled R2B8 OOO. 

For and on brnalt nr the board 

— — N F. OPPENHtlMEK . 

— - JU.V21 197. M 5. McCRUM- * 


246 433 517 161 Men; Material Shaft 

R4 189 000 R16 254D00 Advice . 

R2S360 000 R62 856 000 T.l ! ~ 7.7. 7.7. 

4 189 000 16 254 000 'shaft 

14 000 27 000 Advance ...... . ., 

1 084 000 Z 890 ooo Dench to date Ihnal depth) 

-XSKS M s “’~ 


27 365 OOO 70 697 000 

V.C.R. 

7 751 000 11 356000 Ex Western Deep 

• Levels 

Elandsrand 

R19 6I4 0OD R59 541 0OO Shall area .. 


2 288 000 

1 356 COO 

3 644 000 

1 305 OOO 

1 0«5 000 

2 3S0 000 

983 OOO 

3M DOB 

1 ?94 000 

370 ODO 

69 000 

4J9 000 


R41 891 000 Quarter ended 
June 1978 . 
R19 000 000 Quarter ended 
lOOttMl Marti, 1978 . 
R1 151 OOO b months endotf 
June 1978 .. 


Advance 

metre* 

metros 

channel 

geld 


uranium 



cm 

grt 

cm.p.t 

hgt 

cm.kg't 

1 384 

\ 96 

78.1 

10 50 

020 

— 

— 

1 318 

54 

30.2 

18.01 

544 

— 

— 

2 702 

150 

60.9 

11.04 

721 





1 949 

— 

— 

— 

— 

— 

— 

4 651 

ISO 

60.9 

11.04 

721 






estimated consol I on tco prom aner zaxa- GENERAL 

tiST com djiw ^and Ls* twholW^wnMl Construction wort: for the establishment ol the mine continues to be ahead ol schedule. 

' subsidiary Western beds Exploration The mine Is (till axoected to reach a milling rate ol 60 Obd ions a month in June 1979. 

and Development Company Limited- R39 735O0O R19 617 000 R59 352 000 OFFER OF SHARES 

* In cl ones net revenue cf R471 OOO for the ouarter (March Jt 1978: RZ55 M0> An announcement was published in the Press on June 27 197B giving the results ot 

being the company t share ol revenue less operational cons In terms of the trioutfog the recent rights oder to members. 


A v, .rx v. arrangements with BuRelsfontiHn Gold Mining Company Limited. 

.. jr. SHAFT SINKING i Commenced June 5 1 9781 

months ago Mr. No. 9 Shaft (South Lease Areal 

Wedgwood Beno. SsKtSff'T. ,:;.v::.Trr:;.T fl 


S3 

59 

Sampled 


Wlrti rue allotment ol the 25 161 413 shares subscribed tor In terms ot the oner, the 
company's Ivsued capital is now R15 098 847.60 In 75 *84 238 shares Of 20 cents 
each, fully Paid. 

* . For and on betiait ol tho board 


WESTERN DEEP LEVELS 

Western Deep Levels Limned 



metres 

metres 

channel 

gold 


uran 

urn 




cm 

bit 

cm.git 

fiat 

cm.fig't 

1 VAAL RKF SHAFT AREA 







NO. 1 

3 862 

712 

19.5 

86.77 

T 692 

2.94 

57.24 











192 

31.7 

56.69 

1 797 

1 51 

47 99 

NO. 4 

3 739 

232 

34.6 

59.91 

2 073 

1.03 

35.72 



498 

44 D 

37.55 

1 552 


52.90 

No. 8 

12 432 

1 134 

74.0 

40*37 

3 002 

0.86 

63.30 

Quarter ended 
June 1970 

33 033 

3 108 

514 

44.44 

2 302 

1.09 

56JI9 

Quarter ended 
March 1978 . 

29 309 

2 452 

52.6 

46.92 

2 46S 

1.04 

1.07 

.54.69 


62 342 

5 560 

52.2 

45.50 

2 375 

55.64 

C ■ reel 








No. 8 

Quarter ooded 
Jane 1978 . . 

MU 


_ 

_ 

_ r 

- - 


Quarter o»ded 
March 1978 . . 

38 


_ 





— 



6 nfanrhs ended 
June 1978 

3S • 

— 

— 

— 

— 

— 

_ — 


July 21 1978 


W. R. LAWRIE 1 ISSUED CAPITAL: 25 OOO ODD snares Ol R2 elffl 

G. LANGTON i D<reCtor * PLANNED PRODUCTION FOR THE YEAR ENDING DECEMBER 31 1978 
Tonnage 3 OOO 000 Grade 14.4 grams Per ton 

Quarter Quarter 


ERGO 

East Rand Go/d and Uranium Company Limited 


the southern gas 


report submitted 


an ocS»l uni] to MJ in "ffSKTt,, |. OT ped 

fhe Piper and Claymore Fields. - g Jhat thp study com- 

have aJrcady started 1 t0 b fp!t that while such a VAAL REEFS SOUTH LEASE AREA 

an rSfim gas collection sjsiem h j system would avoid 
linked, via a 3a-nule spur line. flarint , 0 f gas it could not 

ro the trunk pas Pipeline run- “developed economically. The SffgSL* ^SJSfOJFJSS 22r&f7GZi$G r ?Zg» 
nmg from rhe Frigg Field to SL ^ e 0 partme nt is con- 

Fe.gus, ^Aberdeenshire. ^The „ a vjabIe project 


R27 693 000. 


I 000 00 i (hxnri ol 50 cents each 
ding March 31 1979 


o treated— rton* 

Production— 

sulphur m pvritt— tons 

— - uranium fldd c vq ..... ................... 

suls'-ir'r arid— tons 

oleum — tone . .................... ......... 

gold — +0 

I. FINANCIAL RESULTS 

totalled sales 


os nod 
June 1978 


OPERATING RE5ULTS 
GOLD 

Tons milled ... ' 

Yield— git - 

Gold orgduced— *0 

Revenue DH ton mlllM 

Cost per ton mined 

^ Profit per ton milled 

Qua'i^r Revenue iSce Note 11 _ — — — 

•npeo Cost — 

Mar. 1978 !HS! , U1 ; 1 U '•*»» 


ended 
June 1978 


032 000 
14.27 
11 876 
977.05 
929.36 
947.69 
R64 108 ODD 
R24 435 OOO 
939 673 OOO 


Qujrirr 

endeu 
Mar i97B 


764 UOO 
Id 55 
11 117 
970.31 
R33.4U 
RJB.-ifi 


C irnnthv' 
ended 
June 1978 


1 59r 000 
14.41 
22 90S 
973 6S 
RSI. 33 
£ 42-33 


953 485 300 R117 593D0D 
R25 562 000 Ri9 937 OOO 
R27 923 OdO 967 596 OOO 


T U p B n? N t , r U o5Jed° X,DE - «M> ««• 

1733000 SETSUMi ’“.T.-rr.-r: -.og **& 

profit on sales *1 720 ODO »4« . c-o 

S&VBCBff&ZW M ?|X2SSS «”XSS 

6 689 ^Vn3^nu u e ran !" m .° x,dc . JJSsSSS ISio u a n 


1 720 DOO 
1 236 OOO 


219.D0-T 
0.22 
47 30 S 
948 1 COO 


uno 
534 000 


445 ooa 
a zi 

95 SI 7 
R2 201 OOO 

R67 596 OOO 
2 201 OOO 
2 T 70 000 


Ouwarlnp profit floss I 

Nei sundry Income (wcpendlturei 


91 431 OOO 
(243 ODO) 


fo the trunk cas pipeline run- 11 V The inauOta In Uic above are thc 

to me iruns k ^ developed economically, me P . aNNED production for 

nmg from the Frigg Field tost. _ nenartment is con- Toonwe 2301.000 Gru. 10.1 


CAPITA! EXPENDITURE 
NOTES; 

the following t Mires ta respect of Ibe Sooth Loos* arwu 1. P-oouetton eommented on Fcfiru-rv 25 1978. 


95 622 ODD R12 1BIOOO 


— Profit helore taxation and State's share 
oi profit _... _ 

Taxation and State's share ol profit — 
14 ODO estimated 


155 000» 

Caul u i expenditure _ 

R881 0001 Dividend — Interim (see Note 2« 

— — amount 

is iRi ooo per share ............ 

12 Bl ooo Loan Levies— estimated ■■ — 


42 629 ODD 
22 413 OOO 

R20 216000 
R6 075 000 


29 338 000 71 967 DOO 

IS 117 COO 37 530 OOO 

R 14 22 1 3 -fia R 34 437 000 ' 

R 4 31 5 OOP K 10 3*10 ODO 

— RIB 350 OIK* 
— 65 ecnrj 

91 665 D 03 R 4 134 OOO 


DEVELOPMENT 


rt-isuo, . -7 , , - winced it is a viao/e prujcti 

Energy Departinent insisted o Esso are not 

this scheme being implemenled wn . , comment, wcrating results 

when Occidental applied f0 .; kHL that the — 

permission to boost crade oil ^ ompanies are nnt par- 55?^5S«iW« 

production from Piper Then m W unamoiired with the ^ ' D 1 Ti« , " ea .77.7.7.7. 7. 


THE YEAR ENDING DECEMBER 31 1978 
,0 grams per ton . 

Quarter Quarter 


Quarter 
ended 
Mar. 1976 


milled — ' — — — ” 


608 008 
1028 
6248 
R57^2 
R30.1B 
R27.24 


ssgSS sasssu^S ~m 

TOl ni-gathenng system. Gas pro- * mak os at leart a % fcg P. -^ ZZ.7^--- 

ducti on f ‘ ft °" , ho T a t r S° MbicSt modest retum-is part nf their ^ 77 ------- «s2?KS 

will rise to about 90m cuDicieei North Sea financial results wss _ mo 

a day. Gas Gathering Pipelines, ohhcatinn as T* - = = "I*® 

in one of its eight recommenda- operators ■ 


569 000 
9.44 
5 369 

R 45 . 0 B 

MRJiS 

916.73 


2. There I* no provlvlAn lar Ittradon as the company has n (emouted tax lots. 

3 Orders placed and outstanding on caoltal expenditure contnacts os at June 30 
6 months 1978 toie'IM R1 799 00(i. 

June 1976 Thc^mass. ot UVmes treated approached the target figure ol 1500 000 tor* per sfli??a r o? rfPr 

month in the 'inal month ol the ooarter. No. 2 _ . , 

the build-up ■ to -orofected rfirov^hout highlighted rarto is minor plant orootem areas u, 3 
1 177 000 wm eonseouent downrime for rectification and in* Intermittent operations resulted in 

947 lower than projected output of saleable products. Quarter ended 

11 617 For and on Behalf ol tne board June 1978 

RSI .49 H. F. OPPENHEIMER) Quarter ended 

RiSJO M. 5 . MeCRUMi ° ,recwr * March 197a 


R34 90YOOD R25 650 ODD R60 55*3 000 
918 352 OOO R16 129 0DO 934 481 000 
R16 557 000 R9 521 ODO R26 07B 000 


R22.15 July El 1R7B 


Profit on sale of Uranium Oxide 


403 000 
0.22 
89 624 
R2 EDI OOO 

91 6 557 ODD 
2 601 ODO 


348 000 
0.20 
70 102 
9872 ODD 


751 000 
0.21 
159 726 
93 473 000 


R9 521 000 926 078 ODO 

87? 000 3 473 000 


^ C av< that such a develop- Gas Gathering Pipelines has 
" ,,n ^ nf Wrtan and Piper ga^ studied a number of po^ible 
"hnuld * be Encouraged- The collection schemes for the Breni 
repo!? adds "it would like area. The most expensive of 


Add: Net sundry revenue* 


15 158 OOO 10 393 000 29 561 OOO 

471 ODO 255 ODO 726 000 

919 629 000 RIO 648 OOO R30 277 OOO 


EEC foots half the bill 
to retrain steel men 


CwR^ttpendlWt*^ u«">um #121QJOOO R1 192 000 B1329 soOO 

-—Other' '~Z— 4 752 OOO 4 438 000 9 190 000 

Tgtaj J 916 835 000 R5 630 DOO R22 485 000 

•This company's share ol revenue « i ooeratldSTcosis . in tarm of 
afraiUHMMfiU with SuDeistoniein Gold MIMm Cotndanv United. 

DEVELOPMENT— SOUTH LEASE AREA Sampled 

Advance . *** . ~ 

metres melies chaunel goU 1 


Vagi reel 
Quarter ended 
June id 4 
Quarter ended 
March 1B78 
6 months ended 


TIMES REPORTER Mireh 1978 . 10 131 T70 59.7 42.65 2 S4B 1.01 60 29 

■ ■ >, ciaoI Corporation Jobfe when iron and 5t*pl making ■■ 22 ™s 1 PM “ J 4132 28,8 0,1 “- M 

THE British Steel JW®' ceased . Only a small proportion f-S? em.- _____ _ 

is to receive nearti g^e of the retraining grant is for ' 

rhe EEC to help rc rain su* edU ndan C ies at Shotton where M.rrh 1978 — — — — _ 

nf ihc ui eel workers there has been no plant elnsu re. Juw ^g 7 e. . 38 — — — — — 

factories in Wales anu ieea*«- ^be grant, the latest prnvided wbom w ann aevaumwi tw BamiuiHcm nm» wirhided in mu 

T h„ EEC Commissi 011 i° from funds for retraining redun- Quncr moed •- ■ ■ 

B^u Siounred yesterday i™t represen ,s jus, “■ «■ »" >’“ 

Ihzf the money b0 use Ai 2 under half the cost of a Lwo-year 1976 ; mo w iota ha* 122 * aux *s.tt 

hplo retrain nearly -.400 project, the rest being paid by Jm# WB 37U sis io7.s ii*s im s m a osa 

pmolovces at the Shotton factory g r jtish Steel itself. capital expenditure 

vffsles the East Moors Another £328.000 of EEC §»■>»>« ngK!?^ "* ,ao D *? sn »* r njw |» rab ooo ooo m 

in North ** a 11 , T: u.wila winch R26 4T0DCO ir m recacct ol oc new Sooth oranlum Plant. 

u-nrk« af Cardiff and the Hanie- ^Dney IS being paid to e wa Or*vs ptacea and outstanding on ™>«al cornnem « at Jane 30 1978 totalled 

mil wSrte on Teesslde in oilier Molor Company 10 retrain «7 , 

Kills. men affected by closure of blast r- - 

The entire Eisl Moors pUnt, fu ™^ ao ^ e c ^holc W^ei j-w „ ” "■ 

emplooin* MOO -fi^Sn o^i^ll ^ 

s A tbi '■»> Lbe.r corporation mi. mmmm mm — ~m"e— I 


SOUTHVAAL HOLDINGS 

SOUTH VAAL HOLDINGS LIMITED 

The attention of shareholders is directed to the report of Yaa! 
Reefs Exploration and Mining Company Limited. 


ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 

NOTES 

1. NEW GOLD PAYMENT PROCEDURES 

From April 11 1978, payment for gold production at the official 
price plus premium on market sales distributed monthly was 
replaced by payment at the market price. The non-recurring 
balancing payments resulting from the changeover distorted 
revenue for the current quarter which is therefore not com- 
parable with past .or future quarters. 

2. DIVIDENDS 

Attention is directed to an announcement published in con- 
junction herewith relating to the declaration on Thursday. 
July 20 1978, of interim dividends for the year ending 
December 31 1978. 

3. Development values represent actual results of sampling, no 
allowance having been made for adjustments necessary in 
e stimatin g ore reserves. 

The Orange Free State Group's results appear on another 
page t» this paper. 

Copies o/fkese report* irtti be available on request from the 
offices of the transfer secretaries: 

Owner Consolidated Limited. P-Q. 102 . Charter House, 
fe Stre *l Ashford. Kent TN34 8EQ. 

LONDON OFFICE: 40 HOLBORN VIADUCT. ECIP 1AJ 


Advance 

metre* 

metres 

channel 

sold 


unr 

ilum 



cm 

b't 

em.gti 

Iro.'t 

cm.kg't 

4 137 

4 016 

64 

86 

34. 0 
41.8 

260.00 

172.03 

9 048 

7 191 

4.86 

1.93 

169 02 
80.56 

9 053 

ISO 

S6.B 

205.75 

7 98S 

3.09 

11(30 

B 153 

98 

39 a 

111.96 

4 466 

1.52 

60.40 

17 20B 

248 

39.2 

168.09 

6 509 

143 

9542 

1 331 

1 232 

74 

158 

126.1 
26. 1 

16.19 

31.57 

2 025 
563 



— 

2 363 

212 

60.7 

17.68 

1 073 

— 

' 

2 548 

ion 

79.3 

25.67 

2 036 

— 

— 

Sill 

416 

69.7 

22.07 

1 538 , 

— 

— 


jJS?wS Bd,d 17 206 248 39.2 168.09 6 589 2A3 95-« 

V.C.R. 

EZVr. 1 331 74 125.1 16.10 2 02S — — 

NO. 3 J 1 232 13> 26.1 =1.57 563 — — 

?unir t ?97B' ,ri * Z 563 21 2 60.7 17.68 1 073 — — 

MprcST 1 2 548 1 RB 79.3 25.67 2 036 

6 mOhHiS ended _ 

June 1978 5111 416 69.7 22.07 1 538 , — — 

CAPITAL EXPENDITURE 

EMimateil evoeniflture lor (he v-nr fluting Drtnn 3. 19“3 ll 926 000 ODD. 

Order* placeo and euitrsndlna on Mortal contracts at June 3a 1972 Nvaiiep 
R3 554 000. 

For and on befialt ot tfir hnvni 
G. LANGTON. _ __ 

W. R. LAWRIE' D " w * r * 


Jtllv 21 1978 


EAST DAGGAFONTEIIVI 

Easr Daggafontein Mines Limited 

Iksuvd Caohak 3 730 OOO shares ol R1 cart 


FINANCIAL 9S5ULT5 

RovriMS and gold revenue ... 

Sale ol salvaged equipment and scran 

Sale Ol Capital Items . 

Sundry revenue 


Surolut before taxation _ _ 

Taxation — ectlmetnd ______ 


Surolus altar taxation 

OhrMend — interim (cm Note 2) 

— a mourn 

—•er share ......... 


July 21 1978 


Qaarter 
ended 
June 1978 
9415 000 

28 000 

36 000 

Quarter 

ended 

Mar i«J.r3 
R34T 009 

2 GOO 

76 Ocn 

3B 000 

6 month 
ended 

June 1970 

RES8 000 
30 000 
76 000 
64 nflD 

470 OOO 

349 000 

028 OOO 

56 000 

so oon 

106 000 

423 OOO 

299 000 

722 DOO 

245 000 

159 000 

404 OOO 


— R933 000 

~ — -25 cents 

For and on betuii or the beard 
M- F. OPPENHEIMER | 

M. S. M'CRUM/ Db-ettem. 


i 




parliament and politics 


Jobless 



LABOUR 



High Court 


Britain releases th ; eat t0 
‘blacked’ enginesj j^?° e ry 


BNANCJAL TIMES REPORTER 


THE .GOVERNMENT yesterday which this would have on mdc«- 


pany’s East Kilbride plant as a clearance. 11 vs w another mpn wuureuge id 

protest against the policies of that it is now up tjK ton-P -• its handling of a union WfOgat* 

the Chilean regime. the Chilean Govern mentjina^ine ^ {1 , 3ln} _ „ ; . 


estimate 
out of 
date-PM 

By John Hunt, Parliamentary 
Correspondent 

ESTIMATES SHOWING a pos- 
sible l,7iu unemployed by nest 
March, which were supplied to 
ih*< Commons Expenditure Com* 
in it lev b> Ihc Treasury, have 
«nce been revised downwards, 
the Prime Minister told MPs 
resit* rday 

He wjs replying 10 Mrs. 

Manptrri Thatcher. Leader of ihe . ■ HKfe 

Opposition. who asked for his 
comments on the figure, which 

had been uiven to Ihe committee -- -- - _ - t jk d total backbencii lurn-uui — 

vhen it queried why an extra Leaving yesterday’s Cabinet meeting arc, left to right, Mr. Stanley Orme, Mr. Fred MuUey, Mr. Peter Shore, Mr. Sam “ y K ffI„T r the siened a Commons moliun in- 

£U7ni had hcen set aside this Si J kin. Mr. Albert Booth, Lord Elwyn-Jones, Mr. Roy Hatlersloy, Mr. John Morris and Mr. Brace MiDan. ^^ workforce returned sisting that ihe engines do not 

“'LZ..717.;: D - . « . li= JS ttjsw 'eu 

Peers force new Commons sss susggg 

vote on Scottish MPs 7 ~S-irr~ 7F 

the Exchequer. Mr. Denis Healey. V SllXllflll iO l3V Oil 

was working on assumptions that. BY IVOR OWEN. PARLIAMENTARY STAFF T *' vr iuj 

3s a rn>u It nf Government a aaa • u 4. 

ru'n C in S 'i „JJ ncluploynlenl would PEERS ENSURED last night carry a substitute amendment argued that there was a grotesque Despite earHer appeals from H1611 tOUlOH! 

‘ch. 1 . 0 wi.othor tho ibat the Government has to face covering the same ground and structural fault in the BiLl io its Government and Opposition 7 C7 

Mi.i tl pVw..c wort-in*. nn another crucial vote in the which also provides for a re-run present form. . front benches and from former BY PHILIP BASSETT, LABOUR STAFF 

hrt ^ . wiimnitnn n? a Commons next week on the post- vote after a 1-May cooling-off M) 0 jcf firs . be eftmDiained had Prime Minister Lord Home of _ . _ . _ 

£,r Ip P devolution role of Scottish MPs period. mad^o iLmnt^SSSv it It Hlnel. Liberal peers forced FOUR THOUSAND production members of the AmaJgmjted 

d Mr CiS-hin told her that ^ Westminster. This amendment, along with wuV be iSlmbfe ^i u a voie in a vain attempt to insist workers at Vauxhalls Ellesmere Union of BgJiK ™S?fac- 

i he* ' "u nv'nip I nyiuen t° flgu re At issue, in a “ping-pong” others carried by the Lords 5h Som«tic m!tt£ Jere to °° the Lord, amendments on Portcar plan S W «-S!S?5S5f iSS»St- 

i- ....,1..- , - h^itid hpiu'ppn f.nrric and apamst the Government will he v._ v Drooortional re o resen tali on. he laid off from tonigni after ture tor engines. a.ws •»*_« * , 


By Alan Pike. 

Labour Correspondent 


un: '-iujmu uu> uiiiiw - , nmhlrni lion ClBllB- . . : ■••. - * . - 

The licence was posted off last unions to setue tne p ■ officials of the Legal and 
night to the solicitors represent- Yesterday s «•“' s an General staff association intend 
ins the Chilean Government bably be take b> Lnu , fl ., gk the court to order that 

whlph has been trying to encourages™ y®. PJJJ ,. Qlir r S to the service must proceed 1 without 
extricate the engines from East efforts in ihe Swtlish courts m . ft deslifl5 ^ a . ^ 

Kilbride, where they were sent secure possession a I ui t ref ngnition referred to it by 

for repair. ■ The Government nos uclh ^ ass . ociation early last month. 

Although the plant is on boli- Ttesrtating on application Last week tbe ACAS council 

day, about 150 maintenance staff dSaiireeinent among decided to take legal advice on 

are still on duty. Last night one told strong di . r a hour Ibe issue- 

of their shop stewards, Mr. John Mbustere. ., e v^rty’* The arbitration service which 


V l /v\ 


oi meir snap #iewsu«», au. ouuu h .i f ,} lP uJirty s The aroiiraaon swnsa. wnicb 

Keenan, said they had plans to first became involved in the 

stop any attempts to move the total backbench t i jQ Legal and General issue after* 
engines before the rest of the signed a U J" D ot recognition claim by the Aswcia- 

1,100 workforce returned. u U Thi5 are likely to Iw lion of Scientific. Technical and 

Local trades council and back- They are hkc y Mannser ial Staffs, has already 

Scottish TUC officials are incensed by last f a0e H 0 ne High Court ChallonRe 

believed to have discussed a ' Dr. David Oven the Foreign faced one ng ff 

scheme to send Pickets to the Secretary reBSsured a pnvate association succmfully 

plantif necessary. _ Rolls-Royce feting of Labour MPs last ^ * MM**r*yS 


troops ur ramraciuu* ui mi me relations *»h r . . v._ " ftnestionoaire 

engines because of the effect meat had no alternative, be said. ^ in pj 0 y Ce5 


Vauxhall to lay off 
4,000 men tonight 

BY PHILIP BASSETT, LABOUR STAFF 


than the current level of l.5ra. w fill I 1|1 *( Tl vH I m/ B m-** ‘ The subsequent survey showed 

Mrs. Thatcher said that it was W Wig if | | k. f m-/l 9 1, 1 t y M 1 If ■ B tj that in an 80 per cent M»U .1,854 

nra»- clt-ar lhat ihc Chancellor of T ^ A w ^ l«.r staff supported reprosentaB on by 

rhi> Exchequer. Mr. Denis Healey. V311X«13ll ifl IflV OST thc managerial assoclatton and 

wa« working on assumptions that. BY IVOR OWEN. PARLIAMENTARY STAFF T 773 the staff assonation but tbit 

3 s a rreult of Government a aaa j ' ■ • U_a. more than 2,100 did not want a 

rUn C ia S 'i -“" cluploJ menl would PEERS ENSURED last night carry a substitute amendment argued that there was a grotesque Despite earHer appeals from 4,uuu men tonigni “ n,m at aU - 

ch!” ui.othor tho that the Government has to face covering the same ground and structural fault in the Bill io its Government and Opposition 7 ^ 

PrTnio MinkipVtf« wnrL-in*, nn another crucial vote in the which also provides for a re-run present form. . front benches and from former BY PHILIP BASSETT, LABOUR STAFF „ _ 

• hrt ,Limni,nn o? a Commons ncsct week on tbe post- vote after a IMay cooling-off MinietPrs. h#» eATnniainftrf had Frime Minister Lord Home of _ , ... BQlL'C - nTPilk fin 

dWoAmt one p devolution role of Scottish MPs period. made “2? Sempt1?reSSv it It ^ Hlnel. Liberal peers forced FOUR THOUSAND production members of the Anwigjwted 1 aiKS OreUKUp 

d Mr CiS-hin told her that ^ Westminster. This amendment, along with ^uld be Woferabfe ^if sm a voie in a vain attempt to insist workers at Vauxhalls Ellesmere Llmon of En ^ ecr ‘°J Dncf OffiAA 

i he* r 'u n^?iip I oy men\° Hsu rc S At issue. La a “ping-pong” others carried by the LorJ SgSb dSm«tic nStt^ vrere to the Lords amendments on Sle fS l« o™d SSr- OR FOSl UttlCe 

necvssarv in order to' estimate battle between Lords and against the Government, will be k. aooroved because a maiori tv proportional representation. he laid off from tonigni after ture for cnunis.a^ ps . . • 

what public expenditure was Commons over amendments considered by the Commons on Q f Scots MPa voted for it even Lord ^^ks (L> acknowledged 3.000 assembly workers voted boxes for Elies me 6D211166rS Cl 3 1 HI 

l.fclv id U over the next three which peers have made to the Wednesday. fhouah thT mSorit? of English «»at the Commons had already yesterday to continue their Luton. wauu 

WuSL %.sur™* ,i«\ h o e t sssrfts L IFr M sfiffisCZ-tZ r h S“isr:s ,* . 


forecasts of unemployment. They “West Lothian question. 


been alerted to the danger by the 


the Commons providing 


Goyernment beaten on forestry 


placed unemployment at l.5m was SfSmeM from defeat on SSn“ iSrd ' c^pwT of Cro?, insisted on seeklng to ret^rin there 'had been a f^ling^ff in day more than 2.000 vehicles Tbe drivers want a produc- was recently stepired up into a 
unfit tr. govern. In view of this. Mon dav following a tied vote on from the Opposition front bench, the Bill. - support for PR in the Lords. w, i’ ha ' e lost at Luton. tWty pa>mcnt for an Increase national overtime ban. 

she thought it was lime that ihe ” fn?ds amendment reoul ring The 3.000 assembly workers, in tonnaa- and an hours cut If an agreed formula is not 

Chancellor muk his own advice. ?h,i 12!.. «« rn»ihh r!m« members of the- Transport and without h-ss of earnings. They reached next week. Lord 

Mr. Callaghan agreed that the ;{J“ l ro '„. n ‘ shmilri be re-run •' n General Workers’ Union, voted say the payment was promised McCarthy is expected to make 

present level of t.5m wrtfiout * fl ' u 14 . dav f-onim-off oerind B* AitAittmi ATI ** cx t> ec ^ yesterday to stay to them when the tonnage was bis own recommendations fora 

J»bs was unacceptable. But if V,, p..;^ U«e thV mriorltv I TrftVf^rlllTl PIIT IlGSTril fSil TOrGSlrV out - ^ Ellesmere Port plant increased under earlier stages settlement, 

the Opposition's policy of taking ^LvIdPri hv gpntti'h MPs J ' VJ V.T VI UlUvIli R/V'Cl. 1V1 VOW J also begins its annual holiday of pay policy when payments ' The Government's genertil 

away aranis and subsidies was rr Llmp Mr Driven ‘ today. - for productivity were not attitude to a working week is 

followed, the level wuuld be very Mr r«r» runninahani iLab’ DEFECTIONS BY Labour back- pleting consideration of the 198 Board by placing them under the Th e 4.000 production workers allowed under Government pay expected to be stated in a White 

much higher. nninn «; -,nd Flnshurvi andT benchers led to a 33-vote Govern- Lords amendments to the Bill. control of the Welsh Assembly, to be laid Off today are mainly, guidelines. Paper on pay today. 

Mr ’3 V £“ !®. brr, »* cC ’ Conwa - v » ‘he ^Scottish NutionaJists Joined meat defeat in the Commons last A Lords amendment deb a, ring Mr. Morris said that bodies L . : • •• 

warned the Prime tmister to say B night and the removal of forestry MPs from membership of the operating wholly m Wales, in the : ^TT ....*■ 

what he Ihnusbl llic antic paled " 5U P p B from the devolved matters to be Welsh Assembly was -approved— devolved fields, should be ^ n ‘ j jm 1 ‘ • ' V j 11 " ■' 

unemploymeni level would be to Snv the Gove/n- placed under the control of the also by a 33 majority-against appointed by the assembly and Wllf| SpniilQh HTinT TQlkC 

Jn.lL v m ! ir J , h!!id?Jf e jSS« ment an easy opportunity of pYo- Welsh Assembly. the advice of the Government -on not by the Welsh Secretary 1*31111 k3 Wl# 1/ U)3ll 8JJL U1AL idlllij 

tlui would be on holding wages rnnetematinn of .Wpdnp.cdav Rodi« wh ch ooerated ouLside 1 -T 


followed, the level wuu Id be very M r r pnril»r n nn in ‘hami Lah DEFECTIONS BY Labour back- pleting consideration of the 198 Board by placing them under the 
much higher. sii ncton s and Flnsburv i andT benchers led to a 33-vote Govern- Lords amendments to the Bill. control of the Welsh Assembly. 

Mr. \\ ya Roherts ( C. Conway > ‘ '' n | l0n ._ h ^ijSnaJists Joined defeat in the Commons last A Lords amendment .debarring Mr. Morris said that bodies 
warned the Prime Minister to say ™ MPs w suppcwtinB the night and the removal of forestry MPs from membership - of the operating wholly in Wales, in the 
what he Ihnusbl the antic paled rirds amendmeni from the devolved matters to be Welsh Assembly wa^approved^ devolved fields, should • be 

unemployment level would be nisr^H under th*. rnntrol of the also hv a 33 maiMitv— aeainst appointed by the assembly and 


According to Mr. Callaghan, the coming general election. Tory 


BY OUR OWN CORRESPONDENT 

THE SUN newspaper has contract-printing of more than Outrams they would rather have, 
opened negotiations ?with the 200,000 copies per day from early their own print shop in Scotland. 


4s to whether they were depend- original Lords amendment Demg u was me secona aeieai inr use nouiuuiwu ***«; 

able that was a matter which no retained in the Bill. the Government on successive Welsh Development Agency, the bodies to Cardiff woi 

vine could comment on as a But thev defeated the Govern- days. as. under the guillotine, the Development Board for Rural them more, not less, 
number of different factors were meat by 23 votes 1104-81) to Commons moved towards com- Wales and the Welsh Tourist from the people, 
involved. 

ir. for instance, world trade u f • j 

SrSSsKS Foot makes light of republican comment 

able influence on employment 
prospects. BY JOHN HUNT 


Dividends 
Bill speed 
queried 
by Tories 


By John Hunt 


BY JOHN HUNT 

THAT WELL-KNOWN leveller 
and leading member of the 
Cromwell Sociciy. Mr. Michael 
Foot, found himself in trouble 
over Ihe Royal Family during 
exchanges iu (he Commons 
yesterday. 

The Leader of the House 
seemed to he hinting that he 
would be quite happy to see 
the British monarchy replaced 
by a republic. 

The trouble started during a 
lengthy and involved question 


THE EUVERNMENTS lo B Ula- LhSricMaS'y’oIlOw'i, ™m- 

:S,,Z h> v ’?S" d cS",n, ,0 n^ SasrSfBI 


issa,- «» ««*• && l su! r Crwral 

‘‘‘iu* hoped lliat this would he ‘“mediately called 


He hoped that this would he 
i hr Aiiuoshpcre in which MPs 
won Ul ennsider it. 

Rut his optimism was not 
shared by Tory MPs who pressed 
him to explain how the Bill 
rmi hi possibly go through ail its 
stages before the House rises 
fur the summer recess. 

Mr. Norman Tebbit (C. Ching- 
fonli Higaesied that some rather 
u ungual proci-dures would have 
m be* used in order in get the 
Rill thrnuch in time. He 
wondered whether the Govern- 


to order by the Speaker, Mr. 
George Thomas, who reminded 
him that any reference in tbe 
Chamber to members of the 
Royal Family must be made 
with the traditional measure of 
courtesy. 

Undeterred. Mr. Litterick 
then claimed that Lord 
Thorneycroft. the Conservative 
Party chairman, bad been in- 
volved to a ’‘massive fraud of 
tbe Post Office ” — an allegation 
he withdrew on being sternly 
admonished by the Speaker. 

Mr. Litterick suggested, how- 
ever, that it would he a good 
idea if the Government set up 
a Royal Commission to investi- 
gate the senior management or 
large business organisations. 

Predictably Mr. Foot replied 


that the chances of doing so 
before the suninier recess 
were very small indeed. Then 
he added the offending 
passage: “ 1 don’t think tbe 
chances of setting np a repub- 
lican commission are very 
large, either — which is what I 
might favour myself.” 

Sensing that tbe unpredict- 
able Mr. Foot had blundered, 
Tory backbenchers pounced 
Immediately. The Prime 
Minister, who was sitting 
heside the Leader of the 
House, looked distinctly un- 
happy. Doubtless he was 
visualising the next morning’s 
headlines and calculating how 
many potential Labour voters 
might have been alienated. 

Remorselessly, the Tories 
pursued their quarry. Wasn’t 


it strange that Mr. Foot, as 
Lord President of Her 
Majesty’s Privy CounciL 
should harbour such disloyal 
thoughts? Weren’t his remarks 
contrary to the rules of the 
House? 

Somewhat unconvincingly, 
Mr. Foot attempted to pass the 
whole thing off as a joke. He 
wondered what bad beeome of 
the sense of bumomr of Tory 
MPs. 

Io a sudden outburst of 
royalist sentiment, he 
promised: “ If Her Majesty 
asks me to apologise or with- 


™* opened negotiations ?with the 200,000 copie.- per day from early their own print shop in Scotland. 

■ main print unioos /bout man- Dext - vear wi,en Outrams move. Outrams. which hopes to move 

■JSS nine and waae levelTfnr a £2m imo refurbished ex-Scottish into Albion Street next January. 
22“ ni?niinaM f IZ fJr «,.2S Nws P Iant ^ Albion ilstiH to make a decision on a 

less, remote printing plant thar Mr. Rupert street, Glasgow. 'sfttilar request from Express 

Murdoch's News * International But talks between the two Newspapers to contract-print 

. St b T , d T l H he of 0,6 “ 

||f The Sun had originally we^ion of costs. Mr. Bert Hardy, . . 

f |H, approached G^rge Outram. the chief executive and managing fiom mfJe-wuiSS thl Albion 

SUITS subs Uuary. when puh- director of the Sun and News of StSt tS 

CnXfc H f ra,d -i n , d l i e W ° r!d ’« aid decided 

Even mg Tubes, about possible that for the coats quoted by setting facfUties. 


Surplus dock 
workers paid 
£44m to quit 


* ~ ‘ • 

Computer row brings 
threat to Forces pay 


Immigration decline will 
continue, say Ministers 


s; bt b *®tt. labour S wf v .. 

jsu -a:r si ssrias“jas 

promised: “If Her Majesty TI > e annual report of tbe J.^ y a t nd (®>0 job®) and>Cheadle- HttftnC 

ask-s me to apologise or with- National Dock Labour Board, SjSSK.Sj Si (25 ° J 0 ? 5 , 1 ' ' ^priginally, the 

draw, I would be very eager, published today, shows that Plans tor moving unioas claim,, the Government . 

and Immediately do so. When under the industry’s voluntary 5 ' oSh? nS^A f^eomplle a job package 

I see her next week, I will ask severance scheme 16 900 men P„hS y5S ¥ } b * ?, fvf! and frotn U». - tadOB aiea alope as . 

her and set the matter as riffbt severance scuemeio,ooo men Public Services Association and part of its South-East jobs 

as courtesy and common have ,ef * t ['° ° dustry sincc 1969 ^ he Society of Civil and Public dispersal scheme, but It was un- 

decency can.” 31 a cost of ^3.9m Servants were handing in a letter successful 

In addition, millions more ¥ protest to the council yester- An open letter from the two 

came from the taxpayers through JSi abo H t 200 members of the unions, signed by their two 

Tk 7TTH vsrAMMo ,1,. finonnurf , unions demonstrated in White- M inis try of Defence secretaries, 

iVIx warns *1 ^ r hal1 ° utB ‘ de meeting. said that the dinerlal prbpwS 

scheme between September 19<„ The unions are objecting to were “misconceived” 
qjj 6J an( j and February, 1973, leading toT — — - - ■ — ■■ 


UU idUU J another 8,3 89 men being removed 

, , « from the dock workers’ register. 

ll'I'V/’QCjlfkt'l The maximum severance pay- 

AAA ▼ ttolvil ment was increased from £54iS0 

LAND PURCHASES by large to £7,000 in March, 1977. but the 
financial institutions are report says the response of 
causing concern. Dr. Gavin dockers willing to give up their 


e,„ iHmT.oh by RUPERT CORMWFLL LOBBY STAFF nnanciai msuiuiioos are rejiuii uie respouse oi 

TLw Rupert CORNWELL. LOBBY STAFF causing concern. Dr. Gavin dockers willing to give up their 

Muid m b ii « THE GOVERNMENT yesterday should be given to wives and House for party campaign Strang, Parliamentary Secretary, jobs was not as great as had 

ninlidcncc reaffirmed thar immigration, far children, ahead of the contea- speakers states that the Conser- Agriculture, told the Commons been expected. 

Mr Fmvt tnld him thnt it vie from being out of control, would tious category of male fiances. vative line involves forcible yesterday. ffi Tbe national dock committee 

ib*’ lione that ihe Bill would go conttnue to decline in the years Similarly rejected is a formal repatriation, and a ? ‘Nazl He was replying to a demand of the Transport and General. 

rlirriiml> l |B .J dV tA% <° com. Us . --B— mmm re?ister ' of depeQd ,„ ts _ dn ph.losophv." _ tom 


KifTvn tUsivcsirvi nointed that as The cautious enumeration of uic n 5U »*>«**u u, euuer me nuyai uruup or me hbbhmihhhh 

•i was. not a money deal, it would the Home Office's views is set as any suggestion of internal was being orchestrated by financiai lnsUtuttons and foreign India and Millwali docks, London. The facts sneak for 
have to be considered in the out in a White Paper in detailed controls on immigrants, already Labour strategists. The passage nationals. .. Mr. - Tom Cronin', national . ? , . ™ 

Lords He was mystified as to response to the report and reconi- in ^1$ country. in the bulletin, he added. „*L r : secretary of the dopk committee, thcnwelvc>v 

how ihe Commons could find mendations published last spring Th Whk p e - ra “analyses, with what 1 feel to E “ d hv^fhS *“ ld xh } ?° QEere f nce would pre- Since 19n3. nearly j 

time to consider any amendments by the all-party Select Committee '{J { Govlr^ent be £° od l °sic. the way in which gj wh b _ y w Sf P a « *>ckers for an official 300 companies re-located 

which the Lords might make. of MPs on race relations and f JjlJltis SI* most people would interpret n , atl0nal 3tr ?, k . e In , t * ,e event of in Swindon. Firms like 

The Leader of the House said immigration. iVTSrtSff - dS!? fn ^ what Mrs . Thatcher was getting ?. u D y ‘°S up land. He suggested closure or either docks. British Leyland, Bunmih 

that he did not sec why the peers The document confines itself iJ.iA-BSaif at.” there should be clJr ^L°E • Mersey tugboatmen have Oil Hambro Life and 

would wish to make any changes lo going over once again stated S^publShed ' “ as soon as is **r. Merlvn Hue* Home Secre- 35 ^ threatened to involve the inter- \lfti Smith. 


WOUIQ u-isj) to muKC any cnanges m suing urer «nce again siaieu " Mr Merlm i tnme Cecre- — ”” — mreawiww «.u m«ui*b lub iuier- w u Cmirh 

t*i «uch a “short and satisfactory" Government policies on the issue. as 30011 as 15 tarv ' last ^niahr rif^iared his W€ ri e W ° T ^ S t national trades union movement ' with a hundred md 

Bill which promise to -enerate a practicable.' . tary last nigni deeitRO nu Dr. Strang replied: Mr. Lewis ; n support of 94 storemen who Wim a Hundred ana 

But if they do so. the House great deal of heat in the forth- _ Meanwhile, Mr. Ron Hayward, jjjjjjw" ? Uls b i s 0D /> a which # claim they were locked out hy oncgontfimg^temattvcs, 

T*r Gn, unions is ihorauchly cap- coming General Election £ abo “ r * ^neraJ secretary, h« * ,S undo “ b X dly ca0Sir [§ g T ? at the Vestey Group in a bonus pay why Swindon: Simply 

able nr dealing with it." campaign. brushed off an angry protest tlon Ac de . l enttJ" concern in the. countryside. It is dispute weeks ago. ? hccatisc no other area can 

It underlines the Governments WiMtam Whitelaw. ; «SJ not only acquisition of land by v ^ match ns ior location, 

^ -r - determination io stand bv its Lonservative home affairs despite powerful representations overseas nationals but also an rnmmunicntions farilltln ■ 

]SJpYf WPPlf ^ existing commitments ' but spokesman, that Mrs. Thatcher’s from many Labour MPs and increasing acquisition of land by “11 r--mirr« unione 

1 Y c\l >VccK 5 promises firm action to end P° [ i c y on immigration was being immigrant groups, that they were t ai -g e financial institutions,” PO DidQ Will 

L„ c j nflcc SSSSTwd IhJrS mS systematically distored hy being too zealously applied. fhe Minister said the Govern- f ^ |«au HIU otter you a speedier, more a 

UUMllOh tion controls. Above all ^ it Labour election campaign docu- The number of donortees has ment bad already asked Lord hp mnnimroH return on your investment. 




UUMne^S tion controls. Above ail * it Labour election campaign docu- The number of donortees has ment bad already asked Lord 

MONDAY: Debate nn uncmplny- insists that major primary irami- meats. risen sharply from 1*30 in 1974, Nortbfield and his committee to 

mom: motion on dock labour gration imo ihe UK is over, and A bulletin issued by Transport to 495 in 1977. examine recent trends in agricul- 

schemc. that the “secondary" Bow of turaI !and a C{ l«‘Sit!ou and 

TUKSDAY: Debate on economy, dependants is “an inherent lv Kir*««z r « , , occupancy including the 

including While Paper on infla- limited commitment” which Milk hail tor reilGWGfl StllflV purchase of land by financial 

lion must decline in due course. Ust 1 institutiodS Md foreign 


PO plan will 
be monitored 


match us ior location, 
communications, facilities and human, 
resources - unique asset* which can 
otter you a speedier, more substantial 
return on your investment.' 

Factory space, office space and 


examine recent trends in agricul- *nvo TEAMS of university development sites arc immediately 
tural land acquisition and rese archerS are to monitor and available. 

occupancy Including the evaluate the Post Office’s two- O.D.P.s arc not required and yc 


ill 


O.D.P.s arc not required and you'll get' 


SX? 1 ian Md h? fi foreiS ?!" experime ?f > .^uatrial LD.C support. Talk to our dcvelopmcnt team nmv. With over 25 
insuiuuons uuu i u reign rfgmocraev. which bpp^n in ■w^rs'evnenenn* : behind thnv, tl.mi'il mnua u 


tv hDNESDAt : Lords messages on year's figure, in fact, showed a THE GORVENMENT is consider- open mind on the issue. He nationals. January this year, writes John 

m 3$ fal i* *»•■. v . again proposals to bad the "anted confirmation that there Uoiid. 

THUIKDo" DividciSs Conuoi Fo . r tbl * re3SO ’? r Govera * distribution of farm bottled was . “ no «Ju«rion of an auto- RpCfi^S The research teams are 

Rill ment sees no need for an annual TTJ. Par IT raalic ban bein 5 introduced m UaiCS drawn hom ^ stienel 

FRIDAY: Valuation List (Second duota for total immigration from 31 _ . ' Ca * 5 , ** ,, 3 " 1980" » MPs WILL start their summer Research Council's Industrial 

Postponement i order: motions the India . n , sub-contioem. as utentary Secretary, Agriculture, Mr. Strang insisted that the holiday on Thursday- August 3 relations research unit at the 

mi Ministers’ and members’ recommended in rather said in the Commons yesterday. Government was ‘ considering and will return on Tuesday. University of Warwick, and 

salaries, allowance and pensions; ainbiquous terms by rbe Select Mr. .Max Madden (Lab. Sower- the whole question of a ban October 24. Mr. Michael Foot, the industrial sociology unit at 

motion nn report nn the new Committee. ■* dr.es. however, bvi called on the Minister to afresh." A statement would be Leader of tbe House, said In the Imperial College, University or 

Parhiimeniary building. concur with the 3IPs that priority abandon the plan and keep an made la duo courdse Commons yesterday, London. ... 


democracy, which began in years' experience behind them, they'll move mountains to mate roar ' 
J anuary this year, writes John move a smooth one. • 


munj, _ For the brochure which is your Passport to Profit contact: 

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Research Council's industrial ^ Zfii. ict. W SU30 76 2 Telex: 44833 

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Financial Times TYiday July 21 igTS 

FINANCIAL TIMES SURVEY 


Friday July 21 1978 


City 

in 

search 
of a 
role 







Vienna is actively seeking to strengthen its position as an international centre 
and has benefited from the working relationship, between the Socialist administration 
and the business community. Even the campaign leading up to October’s municipal 
elections is unlikely .to divert the city from its economic targets. 


grip of an ! ? ,.,. n thp To 0l ® »*rprise of file Press, Hoffmann, who' got into serious 

with a Plethora Herr ^ former Minister of difficulties, not so much because 

posters and a oroErammi of Educatil>n 1<rter Paridamen- «* the bridge but because he 
overt or barely diseuiaed 4317 CWa * managed to had disappeared at the time 

political meetings. The fever is am5 * >i4ise 1116 Viennese Socialists somewhere in Switzerland, 
bound to reach its peak in the < ‘ w “ th 252,000 registered But. the Reichsbroecke affair 
weeks alter the holiday season m€m ^ ers by far the largest contained a paradox, reflecting 
and on the eve of the crucial P 31 ^ organisation in the a basic elanent an (the Viennese 
municipal elections scheduled «nd led the “reds” to character. The typical Viennese 

for October S. Yet a visitor toeir greatest postwar political as a born and dedicated Kaunzer 
would be forgiven if he found triumph by increasing their (grumbler), yet he also resents 
it difficult to distinguish at first sb®*® of the popular vote by 3.3 it if his city is run down by an 
glance between the parties and P er ceT tt to over 80 per cent, outsider or subjected 1 to .public 
their leading candidates. All winning 66 (instead of 63) seats criticism- Thus Herr Gratz 
seem to be imbued with a love on the council at the 1973 according to ail opinion polls 
il V, \ nna and com fitted to do municipal elections. Herr Gratz reached once again a peak of 
their best for the 1.6m inbabi- won. even if indirectly, another popularity after -the catastrophe, 
tants of Austria’s capital. resounding vote of confidence More baffling still to an out- 


This Survey was written by onr Vienna 
Correspondent Paul Lendvai ' 


— sider, the Reichsbruecke affair 
forced the people's. Party leader 
in Vienna to resign and to be 
replaced by Dr. Erhard Busek, 

previously Secretary General of 

the party. This was the result 
of the accumulated resentment 
Tne of the People’s Party activists 



Yet the posters and also the at the general election in Tbl f I!?™ 

party leaders reflect some October 1975 -when tte re sentment 

significant political and psycho- Socialists reached thedr be^t of ^ Pe °P les Par ^ act^ists 
logical changes in this pro- ever remit ITVnatioS non ^ non-socmltat Press 
foundly conservative city LntuS™ wS ' against the unpopular and un- 

dominated hv the Socialists Ste g *** P ^ ^ 8 attractive leadership of the main 
since World War II. Its popular Neither the Bawfeg Bca - dal opposition party in the capital. 

Mayor, Herr Leopold Gratz. took ™burh inV[>Iv ^, the ^nnidMion , 111 Dr - Bnsek *** Po * ultot * so 

over as Sorialtot leader in af a city-owned construction and lon ® “ ‘ underdog" in the oecome more interesting. 

F.ta Za ® iSh Mayor Leopold Gratz (right) with ClnmxUar Bruno Kreisky. In*“d” 

a residential area. In a referen- *^"J On T ptl0n and Bcrack ^ no doUbt jj e is a most for example, that out of 1.2m party members, the OVP are: 66-31-3. This was the pro\ very well that the Ponulist 

J • . Itn Sa.IWTH nriWK > P« >m(1Trv«ra4 # • . m nen ona / A i _2 I -r* . % _ I ... * .rn . J v 


question for Dr. Busek, if he 
wins a couple of seats or even 
three, is whether one compares 
the results to the 1973 results 
or to the fictitious results on 
the basis of the electoral reform. 

Be that as it may, most 
observers reckon on slight gains 
for Dr. Busek and the question 
is by just how much. If the party 
were to gain 34 seats (plus three 
or. according to the new system, 
four) it would automatically 
mean the winning of the post 
of one of the Vice-Mayors. 

In any case Dr. Busek is a 
highly professional politician 
wlio spent five years as secretary 
of the People’s Party club to he 
followed by a further five years 
as secretary general of the 
Wirtschajtsbund. one of three 
leagues constituting the People’s 
Party and representing the busi- 
ness community. Since he 
became leader of the luckless 
Vienna People’s Party, and 
regardless of the actual results, 
most observers would agree with 
the assessment of the weekly 
publication Wochcnprcssc that 
the political scene in Vienna has 
become more interesting. 

First, Dr. Busek as a genuine 
Viennese quickly put an end to 
the opposition practice of run- 
ning down the city. He knew 


frustration felt bv many principal Danube bridges, made Socialist landslide in 1973 was In other words, the success of It remains to be seen whether According to a new electoral those Viennese grumblers who 
Viennese with the a'dministra- a d ^ nit « «• popularity of the caused partly— or perhaps even Dr. Busek depends to a great the OVP will really manage to system introduced to help the were furious with the building 

linn and the fact that the two good-looking and eminently primarily— by the fact that the degree on his ability to tap and increase its share of the popular smaller opposition party, how- works and innumerable street 

mass circulation popular dailies rikeable mayor. It was not Herr upper- and middle-class Vien- mobilise the non- or anti- vote t$ 34 per cent, which would ever, the division of seats would blocks resented the inference 
in the capital had taken up the Gratz. the charming vote-getter, n ese were simply fed up with socialist political reservoir in mean the. Socialists losing three today be 65^30-5 if the elections thajt by implication they were 

cause nf ** preserving green. *>ut une of the faickies$ city -the opposition -parties and did Vienna. In contrast to the per cent. The magic figures in were held on the basis of the alsdi “sick ” Br contrast, under 

Vienna.” councillors, a -certain Herr Fritz hot go to the polls. This meant, quarter of a million Socialist terms of municipal council seals new system. Thus the great Busek the OVP has become 


second to none in its professed 
affection for the capital. The 
election campaign runs under 
the slogan “Pro Wien." 

Nothing could perhaps indi- 
cate the change of mood in the 
city so well as the fact that Dr. 
Busek even managed to publish 
a book about his views concern- 
ing past and present Viennese 
history. In sorrow rather than 
in anger, he laments the demise 
of what was once a great capital 
of a great empire which, 
embraced 52m people represent- 
ing 11 different nations. He 
even goes as far as to acknow- 
ledge that Mayor Gratz has tried 
to do something during the past 
five years but “alas ha* not even 
been able to assert himself in 
his own party.” 

Meanwhile Mayor Gratz, who 
in the period Jamiary-May alone 
an ended over 400 assemblies 
and visited SO factories, is 
pleased with the- mood be senses 
in the capital and hopes to hold 
“ more or less ” the record 
Socialist share nf seats and 
popular vote recorded live years 
ago. 

Turning to his five years in 
office. Herr Gratz hsls such 
achievements as using the city 
budget as n real lever for 
economic policy: the new series 
of measures aimed at promoting 
investments and attracting now 
industries, including the setting 
up of a company tu promote 
innovations: the startling 

success nf Wiener Holding, ihe 
new holding company, set up m 
1974 to control and ciMirdmate 
the 30-ndd diver>c enterprises 
which are partly nr wholly 
owned by the city: the change in 
housing policy in favour of 
saving the inner core nf the 
capital and averting the birth of 
new slums; and last hut not 
least achievements in the field 
of social welfare and health. 

He points nut the efforts made 
to make life in the hlncks of 
flats easier for handicapped 
people, which involves building 
of special dais with larger doors 
and lower placed windows, etc., 
in order to facilitate the move- 
ment of wheel chairs. “The 
humanity of a given society’ can 
be best judged by what it is 
doing for small groups, in this 
specific case for four or five 
thousand families.” ho says. 

The city has nf course 
embarked on much more 
ambitious programmes which 
may well go into history as the 
third great construction era. 
The first 2-mile long section of 
the Vienna underground was 
opened last spring just over 65 
years after the then Mayor 
CONTINUED ON NEXT PAGE 




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THERE ARE few great cities 
in the world whose image is so 
strongly shaped by cliches as 
Vienna. Thus, for example, 
foreign tourists, 60 per cent of 
whom visit the capital on 
account of the famous state 
opera, are unlikely to know that 
this beautiful city of imperial 
splendours is at the same time 
Austria's single most important 
business and industrial centre. 
With 22 per cent of the inhabi- 
tants and 23 per cent of the 
active population, Vienna pro- 
vides about 26 per cent of the 
jobs and contributes between 
27 and 28 per cent to Austria's 
aggregate national product. 

Vienna's economic position is 
characterised by contradictory 
developments. Thus on the one 
hand the capital's share of the 
Austrian GNP has fallen from 
31 per cent in 1964 to 27-28 per 
cent by the late 1970s, and 
taking the 1964-76 period its 
growth rate, at 4 A per cent, was 
also well behind the nationwide 
average figure of 68 per cent. 
However, the varied industrial 
structure and the high propor- 
tion of small and medium firms 
has helped Vienna to cushion 
the effects of sharp periods of 
recession. 

This is the background to the 
proud claims of the Socialist 
city administration that during 
the first quarter of 1978 the un- 
employment rate was a mere 
1.7 per cent as against a 3 per 
cent nationwide average and 


that last year the figure for 
Vienna stood at Z.l per cent 
compared to 1-S per cent for 
Austria as a whole. At the same? 
time, it is also stressed that at 
the end of May there were twice 
as many vacancies for appren- 
tices as jobseekers. The higher 
degree of resistance to reces- 
sion is also reflected in the fact 
that, for example, monthly 
gross earnings of the industrial 
labour force in Vienna in 1976 
were 10 per cent higher than the 
Austrian average. 

Notwithstanding these claims, 
the various economic surveys 
and long term projections com- 
piled recently by the municipal 
authorities candidly admit the 
structural and geographical dis- 
advantages. The Communist 
takeover in the neighbouring 
countries isolated Eastern 
Austria from its natural trad- 
ing partners. It is not generally 
known, for example, that Buda- 
pest is nearer to Vienna than 
such Austrian provincial 
capitals as Bregeoz, Innsbruck, 
Salfcburg or Klagenfurt in the 
West 

A further factor affecting the 
city’s development is the steady 
reduction of the active popula- 
tion, coupled with a rising pro- 
portion of old people. Employ- 
ment can be maintained only 
through the influx of foreign 
labour, accounting for 10.5 per 
cent of the labour force, and 
some 100,000 commuters from 
The provinces. The number of 


foreign workers last year 
totalled 83,000, up 1S.9 per cent 
on the previous year, and 
amounting to 44 per cent of 
the aggregate foreign labour in 
Austria. But the foreigners are 
primarily employed in the ser- 
vices sector and in jobs which 
according to the latest study of 
the Institute for Economic 
Research are “not liked by 
residents ..." 

The secondary manufacturing 
factor (industry and trade) 
accounts for 38 per cent of the 
gainfully employed and its pro- 
ductivity is 6 per cent above 
die rest of the Austrian industry. 
The maintenance of the indus- 
trial sector is regarded as a 
priority task by the city admin- 
istration. The shift from the 
secondary to the services sector 
between 1961 and 1971 led to 
a 7.6 per cent drop in the pro- 
portion of gainfully employed 
in the secondary Industry. But 
during the same period indus- 
trial employment in Vienna fell 
hy 19 per cent- 

Vienna's industrial base is 
particularly strong in such 
sectors as chemicals, metal 
goods, the electrical industry, 
foods and beverages. The pro- 
portion of finished manufac- 
tures. capital goods and con- 
sumer durables is 44 per cent 
compared to 30 per cent for 
the country as a whole. Its 
structure is characterised by 
small and medium firms. The 
trade sector, mainly small or 


family firms .witht ^production 
staff of less than teh people, 
contributes Ift pek Cent of the 
gross regional product, ■ 

Turning tot industry as such, 
one' in three employes works 
is enterprises, udfc le&s than 50 
people, and only 387,990 out of 
a. total of 64&9Q0 are employed 
by companies; with a, production 
staff of over 500. . ! •*' 

Another important feature of 
Viennese industry '-' is the 
relatively low share, of- exports: 

23 per cent compared -to 30 per 
cent for Austrian industry in 
general Because many com- 
panies have their headquarters 
in the capital, costs- are higher 
and capital spending is 25 per 
cent below the Austrian average. 
The unfavourable structure in 
terms of size and the downward 
trend in investments are re- 
garded as the two key prob- 
lems, which in turn explain the 
need for the wide range of 
investment promotion measures 
sketched out elsewhere in this 
survey. 

Construction, accounting for 

24 per cent of the Austrian out- 
put commerce, including also 
foreign companies concentrat- 
ing on Eastern trade, the tourist 
Industry, banking (accounting 
for 41 per cent of total employ- 
ment in Austria), insurance 
and, last but not least, federal 
and public administration con- 
tinue to dominate. The growing 
importance of the tertiary 
sector was revealed by the 1971 



A new apartment block on Magdeburg Street. 


census figures as Compared with 
196L These showed a 38 per cent 
increase in the number of em- 
ployees in the hanking and 
insurance sector,' raising their 
proportion to over 7 per cent 
of total employment, 'while the 
self-employed " share fell from 
10.1 to 8.8 per cent 

The shift frqm production to 
administration is evident in the, 
rise in the numbers of white 
collar workers, public employees 
and civil servants from 41.5, to 
51.6 per cent of the labour force. 
If one adds to these figures a 
15 per cent increase in * the 
number of pensioners and a 12 


per cent fall in the active popu- 
lation, one gets a fairly correct 
picture of the sociological 
trends in a city in search of a 
role. 

. However, the picture would 
not be complete without a 
reference to the eastern region 
as a whole, consisting of Vienna, . 
Burgenland (both ruled by the 
Socialists) and Lower Austria, 
governed since time immemorial 
by the conservatives. For .all. 
the westward shifts, this Eastern, 
region still accounts -ftr 47 A 
per cent of the Austrian - GNP* 
representing.: by far the most - 
powerful region. However, both- 


Vienna and the two neighbour 
tog LSnder have been badly hit 
by. narrow-minded regional 
competition, accentuated _ of 
course by the rush foe foreign 
and domestic capital. Economic 
and administrative common 
sense' at long last this year 
proved stronger than sectarian 
interests. The three governors 
(Landeshauptieute) of the three 
Lander. fast April signed a 
‘'state treaty" about a joint 
snpra-regional planning body. 
In addition to having an institu- 
tional and common body- to 
represent the three provinces in 
the negotiations with the federal 


authorities, Vienna is partita;, 
larly interested in combating:, 
in a more efficient la&hibo. the 
efforts of its neighbours tolure, 
investors and labour away .from, 
the capital through ' tax -anii- 
other concessions. • . VV-- : 

Here, however, bureaucracy 
is obviously a major factor,- 
Thus Dr. Busek, the People’s 1 
Party leader, mentioned tt.'iuC- 
example that an investor heeds 
to have the go-ahead- ; £wm 4 k 
different departments of-., the: 
city hail, while in the neighbour-^ 
ing small town -of Vflsehdotf; 
eight signatures suffice for 'suck? 
a project' ' 











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all over the world. 


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We know 40 years is nothing to be particular/ 
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Your friend in Austria, 

. , Girozentrale Vienna, A-2QH Vienna, Schubertring 5, Tel 72 9 40 

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CONTINUED .FROM PREVIOUS PAGE 


announced the projected con- 
• atruction in 1913. on the eve of 
"the war which ended with the 
-■ collapse »*F the Austro- 
Himgarian Empire. 

’Other projects include the 
s * completion of the controversial 

- UN' city on the banks of the 

- Danube which from 1979 should 
.bouse some 4,000 international 
civil servants and accommodate . 
an International j conference 

, centric The city ter providing 
35 piricerit of the construction • 
costs, which are now expected 
to total over the equivalent of 
£4O0m. At the same time the 
municipal authorities have 
launched a costly flood protec- 
tion project involving the crea- 
tion of an artificial island ori 
the Danube*, The belated con- 
struction of one ' of Europe’s 
largest hospital complexes, 
AKH (Allgemeines Kranken- 
haus) has cost so far Scb 4.4bn 
and at least Scb ISbn more are 
needed to complete the pro- 
jects which will provide 2,100 
beds for patients. 

The list would be of course 
incomplete without mention of 
the bridges. After a thorough 
overhaul the Florid sdorf bridge 
will be re-opened to traffic just 
after the October poll — a move 
which is regarded as dearly 
politically motivated by the 
opposition, The Relchsbruecke, 
which disappeared into the 
Danube suddenly and mys- 
teriously one August morning 
two years ago, will be rebuilt 
by 19S1-S2. 

In all the municipality will 
invest the staggering stun of 
Seh 47bn during I978-S2. In 
contrast to some critics who 
maintain that Vienna has em- 
barked on over-ambitious pre- 
lects which are bound to over- 
tax its real financial strength, 
such a cautious banker as Dr. 
Karlvak, director general of the 
Zentralsparkasse der Gemeinde 
Wien (“Z”) stresses that the 
investments have turned out to 
be a blessing at a time of reces- 
sion and sluggish demand. 

Yet Dr. Busek and his oppo- 
sition colleagues call Die 
Vienna budget a " budget of 
the seven veils” hiding a real 
deficit of Sch 3.6bn. This in 
turn is firmly rejected by Mr. 
Haas Mayr. the city councillor 
in charge of finance who main- 
tains that the real shortfall was 
merely Scb 519m. 

One of the most baffling 
features of the Vienna scene 
is in fact that even at the time 
of an election campaign the top 
representatives of the business 
community such as Herr Karl 
Dittrich, president of the 
Vienna Chamber of Economy 
which represents some 63,000 
small entrepreneurs and self- 
employed tradesmen, publicly 
and privately pay tribute to the 
spirit of co-operation displayed 
by the socialist administration, 

Herr Dittrich, who operates 
five companies producing build- 


ing and packaging material^ 
with , a production staff of 15ft 
and au estimated turnover -of 
Sch. 100m .next year, „ meets; - 
Councillor Mayr every mimth^ 
as well as the Mayor himself" 
at re guar-intervals for informal;' 
discussion. At the annual «wr ;: 
ference of the chamber at thee.-, 
end of May Herr ' Dittrich 
proudly announced that.rthe 
negotiations about the cham- 
ber’s catalogue of demand*, for; 
investipent^ and credit, promo- 
tion measures were' “ as always 
completed in a constructive and 
co-operative spirit ” and most 
of the requests fulfilled. 

This dose co-operation is a 
novel feature, but nevertheless 
must be seen against the diffi- 
citifies faded by a capital on 
the pastern fringe of a small 
land-locked country. Geo- 
graphy*and a general westward 
economic shift, accentuated by 
the ' Soviet occupation of large 
parts, of Austria until 1955 and - 
the pull e\erted by European 
integration, Nurovide the back-, 
ground to \lhe decline • of , 
Vienna’s econApnc position in. : 
relative terms. \ * -Hi* 


Stagnant 


Thus though Vienna, with, 
one fifth of the population,, pro- 
duces about 27 per cent of the 
Gross National Prodfftt, ...ft, . 
should also, be remembered, 
that the respective share,, in. 
1964 was still Si per cent: Put 
another way, GNP. jumped. "6y^ 
68 per cent between 1994r76,^ 
but Vienna’s regional product ' : 
went up only by 44 pet ce'nt‘,“ 
The population in the west rose 
by 17 per cent between 1961-71V 
but remained- stagnant ip thf- -. 
eastern region (Vienna and the. . 
Laeader of Lower Austria and v- 
Burgepland)., More important: . . 
still, the active . population' in i 
the east fell by II per - bent - 
while it remained the same .in. - 
the west. • ; 

While the eco nomi c ■ im plicae ' 
tioas are reviewed ' elsewhere- - 
in this Survey, It. ‘must Un- 
stressed that all political groups. 
seek to reverse the treJHterto: 
inject more dynamtegfclnib -the 
economy and to ■ strengthen- 
Vienna's intenratiat^-porition. 
But while Mayqr.:l<3r«». is 
understandably satisfied «j the . 
whole with the.i^drt^ce of., 
his administration, ' Dr. Busek-. 
and the opposition see ominous : 
consequences in the dominating: - 
power of a deeply entrenched^ 
bureaucracy. ; ’ 

But the fact alone- that now ' : 
both the city- administration: - 
and the main opposition party— 
are led by widely travelled; 
well educated and cultured,!!*'- • 
tellectuals is a hopeful sign- - ' 
that the trend towarris tha ridOf' 
of pliable mediocrities ttW'&h 1 
reversed and that the cosmo- 
politan and anti - provincial' ; ’ 
traditions of this ancient city 
are still alive. 


Transport 

Insurance 




MEMBER OF THE WIENER 
STADT1SCHE INSURANCE GROUP.! 

A-lftlO VIENNA, WNOTKUM. TBj ( 0222) TSLEXa W-420#. , 











Financial Times Fflday July 21 1978 


VIENNA ID 




Help for the 
investor 


Chancellor 

J"- Kreisky and his 

^leagues wiU soon be visited 
5}!“ unusual delegation. Called 
Vi ExeCUtive Committee of 
the Viennese Economy” it was 

MavoT 7 Centl , y “«* insists of 
Mayor Leopold Gratz ^ City 

^uncUIor for Finance. Hans 

Mayr, the president of the 

Ado 1 ??^ Chamher of Labour. 

of and P«sid ent 

2L™ # Vienna Chamber of 
Economy, Karl Dittrich 

of the presi- 
??55; M 7‘ ^ttnch. as spokesman 
of the business community the 

JjK*”* Press Chancellor 
Kreisky and his Finance 
Minister to reduce the previous 
lower limit of Sch 5m for invest- 
ments which rank for an interest 
relief grant as part of the latest 
measures to promote economic 
expansion. Time and again, 
president Dittrich has publicly i 
complained that only 6 per cent , 
of the Vienna-based industrial 
firms invested more than Sch 5m ’ 
and that 1,620 out of i 
z.ioi enterprises each invested i 
less than Sch lm. , 

Meanwhile, the business com- i 
m unity . aD ^ the municipal i 
authorities co-operate closely in i 
providing a great variety of s 
incentives, cash grants and i 


r assistance of all kinds, both for 
s newcomers to Vienna and estab- 
i lished firms. Thus, for example, 
i on June 12 Councillor Mayr 
F announced a new series of 
» promotion measures ranging 
F from cash grants of up to 10 per 
' cent of the building costs of 
1 car parks near a business 
! area up to 40 per cent of the 
> costs of modernising existing 
: hotels, but not building new 
establishments, and raising the 
limit from Sch 500,000 to Sch Ira 
for subsidised investments by 
small companies, which may 
receive a cash grant of 5.25 per 
cent of their ' building costs. 
These and similar measures 
were urged a few months earlier 
by the Vienna Chamber of 
Economy. The day after the 
Councillor’s Press conference, 
the Chamber proudly announced 
that most if not all its requests 
bad been heeded by the muni- 
cipal authorities. 

A recent leaflet “ Investing in 
Vienna '* lists no less than 37 
various federal and municipal ■ 
subsidies and investment pro- i 
subsidies and investment promo- j 
tion measures. One of the most i 
important services is provided ( 
by WIBAG (Wiener Betrieb- i 
sansiel d ungsgesell schaf t) , the 

municipal industrial siting cor- < 


r po ration. Between March, 1969 
- and the end of 1977 it helped to 
. set up or resettle more than 200 
* manufacturing and trading com- 
l panies, involving investment 
I made or planned to the tune of 
; Sch 5.6bn. According to the 
1 latest estimates WIBAG has 
1 helped to develop. 2.1m square 
1 metres of industrial property. In 
ail some 23,000 new jobs were 
provided. 

Last year, for example, 
WIBAG provided 319.000 
square metres in 69 quality 
sites for 53 companies. Over 
half of the industrial estate 
area went to 19 companies 
which had moved to the capital 
and would generate 1,846 new 
jobs. WIBAG not only develops 
new industrial parks, but also 
rehabilitates and redevelops 
old factories. As an example 
Huttex and Schrantz, a well 
known engineering firm oper- 
ated three separate plants with 
a total production staff of 600 
in residential areas. WIBAG 
provided the company with a 
quality site of 80,000 square 
metres, with its own access to 
the motorway as well as water, ; 
drainage and communication 
facilities. 

The drive to rejuvenate the j 
capital's stock of industrial pro- : 


M*** - 

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V. - ' 

r Or-. 1 ***. 


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'*** ^ ' 

* ym **„,***« "i*. 

•v *?..**** 

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^ ;>• •• . • . - ■ 

' V 

• (?#:’( ^ 


® perty is not without its critics 
J? among those concerned with 

0 protecting the environment. 
l * The municipality and Chamber 
'I of Economy, however, see no 
£ other solution than the deliber- 
e ate promotion of industrial 
s investment. 

s Less is said, of course', about 

* the factory closures than th e 
5 investment schemes. In order 

to understand the sense of 

• urgency behind the spate of 

1 measures, one must tion to the 
' recent comparative analysis of 

regional development compiled 
■ by the Austrian Institute for 
| Economic Research. It reveals 
1 that in Austria last year 185 
r new industrial plants were set 
1 up, employing 4,667 people. But 
1 during the same period there 
were 192 closures affecting 
4,090 employees. In Vienna 40 
new companies were founded 
with 545 jobs — yet in the same 
year 65 closed down involving 
1,333 people. 

This is the reason why last 
year the Vienna authorities 
acted to reduce the financial 
burden on newcomers or those 
seeking to expand their opera- 
tions. Under the new scheme 
investors can lease sites from 
the municipality, paying only 
10 per cent of the market 1 
mortgage rates. Up to 2,000 ; 
square metres can be acquired ■ 
by small and medium firms. 

The investor pays for a i 
period of five years for a site < 
of 2,000 square metres at the 1 
current price of Sch 450 per i 
square metre, an annual interest c 
of only Sch 90,000. After five i 
years he can decide whether he t 
wants to purchase the land at t 
the market price ruling at the C 
time of his contract, which is t 



Mr : Dittrich, President of the Vieiina Chamber of Economy, and Mr. Kehrer 

with a new issue of the Chamber's weekly publication. * 


Director of the Chamber, 


linked to the price index. How- 
ever, he is allowed up to 25 
yearn after taking the lease to 
decide whether he wants to buy 
the land. The scheme means 
that the investor can concen- 
trate his spending on plant con- 
struction, equipment, etc. There 
is keen competition for the Jots. 

Councillor Mayr announced 
that lm square metres in the 
south of Vienna will be 
developed as a new Industrial 
zone, also used for the special 
lease scheme. 

Another new venture is the 
recent founding of the “ Innova 
Ge s - m ii. H ” at the initiative of 
the Zentralsparkasse. The 
municipality holds 90 per cent 
of the capital and the “Z” the 
remaining 10 per cent However, 
the rest will later be divided 
between the “Z”, the Erste 
Osterreichische Spar-Casse, and 
the Chambers of Economy and 


Labour. In the initial phase, 
the company finances 40 per 
cent of the costs involved in 
developing and applying new 
technology, up to a ceiling of 
Sch 5m. The company acquires 
in exchange an interest in the 
project which is retained until 
the original loan is repaid. So 
far some 50 projects are under 
study. The “ Innova," of course, 
takes a calculated risk, but may 
be later involved in a successful 
venture. As director General 
Vak of the Zentralsparkasse 
stressed, the aim of the new 
venture is not to make profit 
but to promote genuine innova- 
tions and technological progress. 

The scope of the measures 
announced by the federal and 
municipal authorities is so wide 
and the problems so intricate 
that the city authorities have 
now opened a new information 
centre (jointly with the central 


savings bank) with a permanent 
staff of three experts and 12 
part-time consultants to advise 
investors and small entre- 
preneurs about subsidies, grants 
and taxation relief. The Vienna 
Chamber of Economy also 
operates a regular service for 
small and medium companies. 
Last year 700 firms were 
assisted in such matters as 
accounting, organisation, sales- 
manship and management 
priorities 

The preliminary draft of the 
city development plan, now 
circulating among experts and 
officials, spells out that pro- 
motion of the secundary sector 
must be regarded as the motor 
of the Viennese- economy. 
High quality, technologically 
advanced and innovative 
branches are regarded as the 
priority targets. The series of 
recent measures taken by the 


administration, the hanks and 
the representatives of the busi- 
ness community show the- 
awareness of the problems 
facing the capital. 

The figures fur 1977 have lent 
an added urgency to the debate. 
While Austria's gross national 
product (without agriculture 
and forestry) grew by 3.9 per 
coni, the Viennese economy . 
recorded only an increase of 
2.2 per cent. While the second- 
ary sector in Vienna was up by 
3.8 per cent, the comparative 
Austrian figure stood at 4 per 
cent. This is the reason why, 
regardless nr political colour 
and despite the electoral skir- 
mishes. municipal authorities, 
chambers and banks, socialists 
and conservatives are joining 
forces in making special efforts 
to help growth industries and 
to attract investment from both 
within and without Austria. 


u 




A shopping precinct in one of the new suburbs 

he battle with 








<&/ 


IN APRIL this year Vienna contracts for the Vienna under- Sch 1.3bn for other subsidies and 
fired the opening shot in the ground to the subsidies for grants, both in the period 
campaign for a new deal on water regulation and* road between 1978 and 1983. The 

redistribution oi the transfer handin'* In order to Drove that financiaJ accounts of the capital 

payments from Lander to the 01 “ er l ° show that during this period. 

Federal Stale. At issue is the Lhe cap ^ 1S ’ 1 er ’ even without additional invest- 

controversial and periodically "exploited. ment, there will be a shortfall 

renewed financial settlement. This is, of course, a double- of Sch 9 _2bn although investment 
the Finanzausgleich. To give edged argument, since without will be gradually cut by 30 per 
a concrete example, the Federal the 100,000 commuters from the cent, from Sch 9.3bn to Schi 
State receives currently 59.3 per surrounding regions Vienna 6.45n. 

cent, the LSnder 22.7 per cent could not generate the produe- un,.* ^ th , 

and the municipalities i 1&2 per tion and investment and by demands £ ^ a “minis tra- 

cenL As Vienna is both a Land implication also the tax tion? First a cfaanee of the 

and a municipality, it is revenues. But the situation is distribution key between the 

generally believed that the different with regard to traffic £!2S u r3 th * y Jr 

capital participates twice and and, above all, hospitals. Thus, mMi,*., f rnm i-i 

thus enjoys a privileged for example, 20 per cent of the which ' accoun « n o 

position. hospital days occur because of SI ,1. 

In a recent lengthy study, non-Viennese patients, which in CTjijtHnp nmrpdnrM 00 
Councillor Mayr, responsible turn meant an extra burden of Seci a ]® «S ntion shnnM 
for finance and economy, not Sch300nj-400m last year for the 
only angrily refuted this Viennese taxpayer. ShaTSS ' 

argument but also stressed that The fallillg population of Third, a contribution To 
in fact \ lenna was putting much yj enjia ^ DOt ^ e ma in reason costs incurred bv hospital treat- 

bag than the ithers jna (pjmgfgj- payments. Thus in 1922 Viennese hospitals. 

receiving less back. According Vi __ na accoil nted for 27 7 oer * 

to his figures. Sch T.Sbn of the Vienna accounted tor^n- The federal Government has. 

taxes collected in Vienna were rece t ve{ j 54 oer^enL Today the ° f ™ UTSe ’ pr ?J ,d _^ additional 
channelled to other provinces Dt , DU i at i 0 n stands at ‘U oer cent assist ®, nce for the Vienna under- 
and communities. For all the “Tivi oSy ££ f 0Und ; help t0 ^ 

obligations of Vienna as the y f io aemeEate * ° ^ 3b . has just been 

strongest economic centre, the SblStofte SSnctal seSS announ , ced r f ° r building and 
Councillor, speaking on behalf TentwMleit re ° ew ^ of the Danube bridges 

of the city administration, found ^SeToUowSL . ^ co 5? llctioa oi the 

it odd that the syphoning-off motorway to Miwechat Airport, 

had already reached 70 per cent I™H^ederi m 3' .^.^eeve ofthe forthcoming 

of the revenues that remained Sn r iti£° tocomt ® le !? 0 ? s ^ ruJing Sociali ats 

in the city treasury. Or put in co^tmJd authorities income, must be seen as fighting on 

a simple way: if Vienna gets !££?■ ’ behalf 0 f their city regardless 

back one Schilling under the B cars ’ of the fact that their comrades 

financial settlement, a further casm0B death duty - sit on the federal Government. 

70 Groschen in Viennese lux Meanwhile the urban centres But beyond short-term political 

revenues are transferred to the are faced with increasing considerations. there are 
economically less potent regions financial burdens in the form of tangible regional interests 
and communities. Thus it is expenditure on health and involved, often pitting Socialists 
more than an injury, it is an welfare (a deficit of Sch 4.6bn against other Socialist office- 
insult if Vienna is accused of this year), . public transport, holders. Another important fac- 
profiteering ” from the including the underground tor colouring such seemingly 
transfer settlement, he added. (Sch 5J2bn), renewal and pro- abstract conflict over transfer 
Needless to say, the Viennese tection of buildings and menu- payments is the deeply 
authorities use every conceiv- ments and economic promotion entrenched animosity or at the 
able argument, from the measures. The latter alone very least aversion in the pro- 
employment of the commuters involve Sch 820m for creating vinces against Vienna, and vice 
and the awarding of the new industrial zones and versa. 






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If you need problems answered -the one above or any others— 
contact Creditanstalt-Bankverein. _____ 

You couldn't be in better hands. * n_ n 


Schottengasse 6, A-1010 Vienna’ ’ 

Telephone: (0222) 6622 2589. Telex: 7-^93 


-Bankverein 


X . 


1 



14 


Financial fines Friday 


VIENNA IV 


An international meeting place 


VISITORS TO Vienna are bound demands for a capacity of over 1975 the disadvantages of pro- 
to notice sooner or later the 7,000 have been reduced to some vidlng a meeting place for 
changing skyline on the banks 4.500. For years, the organ isa- international - gatherings. ■ On 
of the Danube. Amid green tions had been pushing for that day, a pro-Palestinian 
fields rises the so-called UN permanent office facilities and terrorist gang occupied the 
Cl tv, a large complex of modem only at a very late date agreed headquarters of OPEC, seized 
buildings providing permanent to the limit suggested by the some *0 hostages, including 
office space for 4.500 inters Austrians, who’ put up all the ministers from It oil states and 
national civil servants working money needed for the facilities: killed three people, among 
primarily for two UN organisa- the federal state finances 85 per then V ^ Austrian policeman, 
lions in Vienna. The ambitious cent and the municipality of Despite this spectacular act of 
and controversial project, Vienna the rest of the invest- terror, and the mueb-enti- 
i evolving total investment costs ment and operating costs. The cised failure to provide more 
of Sch l2bn. should underline UN organisations have to pay security precautions, 

the role of Vienna as a centre only A symbolic rent of one OPEC has so far remained in 

WT! The AUStria ° ^ toXilS aSSTmo“ hSS 

os. in fact if not in iwme. pe With the growing uncertainty to Switzerland, uartlv due to 
third UN metropolis after New concerning the originally the persistent prodding of the 
^ ork and Geneva. planned expansion of UN Saudi Arabian oil minister 

As a side effect, it has, of personnel. Austria is now faced Sheikh Yamani, who for family 
course, given a new fillip to the with the problem of finding pro- reasons would prefer Geneva, 
ever - simmering jealously visional or permanent tenants According to the latest available 
between the two neighbouring for the unused space in the figures, there are altogether 
neutral countries, with Switzer- course of redevelopment 2^60 employees of interna- 
land having incomparably the schemes. The attempts to move tional organisations recorded 
stronger starting position, but even a few hundred of the in Vienna, with Austrians 
Austria quickly catching up 13.000 UN employees domiciled accounting for about’ 1,000 of 
simply by virtue of its member- in Geneva to ‘ the Austrian these, 
ship of the UN. Malicious Swiss capital generated .so much 
observers also like to mention publicity that a major shift from En VS 
the fact that Vienna’s future as Geneva to Vienna appears un- 

a UN centre also looks bright likely in the foreseeable future. 'In any case, the city admini- 
stration! the political opposl- 


beenuse of the initiative of UN 
Secretary’ General Kurt 


Be that as it may. Vienna’s 


Ol’U VICUC1U1 AX |41 L I ■ , - PaniirmitiAfl a _ A rtont-A tion. as well as the major banks 

5 ^ Q s;r r £ r 


Atomic^Energy SEy. l ° sharing 11 * * the hardest currencies of the 


first conceived 

International .nomic c,uersy array, snaring a common 
Asency (LAE A, has been in frontier will, w Warsaw kS *° r ' s d J£ d 

Vienna since 195. . and the countries— Czechoslovakia and 

United nations Industrial Hungary— and in the south with eiluPtS 

Development Organisation tension-ridden Yugoslavia. The rhanPAii^R^inn 

{ UNIDO i began to operate in Austrians also learned with a become what Chancellor Bruno 

1967. Since then the original vengeance on December 21, 



.<■ •• **■■■»-*■ i 'it'' C * K- 





Above left : UN City on the banks of tiie Danube has 

The 


cost some £400 m to build and is. due for completion in autumn next year. Right: 
Imperial Palace at Sch&nbrurm. 



Rreisky once called “one of 

lhe , p ° litical ca P*t a l* of the Vienna concentrating partly or for example, that the. Hong 
world * primarily on trade with East- Kong Trade Development 

Since January. 1973 Vienna ern Europe. Among them are Council recently "moved its 
has been host to the 19-nation 120 major U.S. companies, 70 European headquarters from 
east-west talks on troop West German, 50 Japanese and Frankfurt to Vienna is regarded 
reductions in Central Europe 30 British companies. In turn, as a significant straw in the 
(MBFH) and one should also some 40 East European firms wind. Since the mid-1960s, 
remember that the Soviet- use Vienna as "a base for when the Bank of America set 
American Strategic Arms Limi- trading operations with the up a Vienna branch and Chase 
tation Talks (SALT} alternated West No other noh-Communist Manhattan launched a joint 
f0 j if \ e ?™ between Vienna COU ntry except Finland sends venture with Girozentrale, the 
and Helsinki, before moving to suc h a large proportion of its head institute of the Austrian 
Geneva in the autumn of 1972. expor ts — between 18 and 20 per savings banks, about a dozen 
Til ? much-p ublicised meetings incIudiog YugoaUyia-lo important U.S., French, 
o£ President Sadat with Israel s E astern Europe. Japanese and Canadian banks 

Peres me important con” Tile tradition of specialised have opened branch offices here, 
ferences attended by former knowledge and intimate know- . Particularly interesting signs 
U.S. Secretary of State Henry bow of the Danube basin explain of the significance of the East- 
Kissinger and his Soviet the success achieved by West trade are international 
counterpart Andrei Gromyko, Austrian operators in compensa- ventures such as the Centro- 
coupled with the various, tion and switch deals. It is bank, set up at the initiative of 
albiet so far unsuccessful, estimated that one-third of the several Austrian banks together 
Greek-Turkish Cypriot meetings switch deals was in the period with the Polish Bank Hand- 
on the future of the divided of primarily bilateral trading lowy, Kleinworth - Benson of 
island, have also contributed done through Vienna. It is 'also London, the Bank of Tokyo as 
to Vienna’s image as an inter- reckoned that about 25* per cent ' well as Spanish and Italian 
national meeting place. of the compensatory payments, credit institutions. The Soviet 

But the Austrian capital is arrangements between East and" Union is represented through 
also an important centre and West (excluding trade with the the Donaubank and the Garant 
contact point for easi-west Soviet Union) are handled by Insurance Company. Hungary 
trade. It is estimated that there Austrian intermediaries or have has for many years had a tradi- 
are about 400 important firms in originated in Vienna. The fact tional banking outlet, called 


Central Wechsei and Credit- 
bank AG, which has a 20 per 
cent interest in the Hungarian 
international bank LTS of 
London. As a new three 
cornered deal, Central Wechsei 
and Creditbank AG have to- 
gether with the Zentntls* 
parkasse provided as consortial 
partners of the Hungarian 
central bank a credit line for 
a plant to be built by the 
Austrian special steei concern 
VEW. Twenty-five per cent of 
the Sch 540m credit is provided 
by the Hungarian bank in 
Vienna, while 75 per cent is 
being put up by the Zentrals- 
parkasse. 

In any case, the Austrian 
banks have played a major role 
in providing finance for East- 
West trade, since Austria 
accounts for about 5 per cent 


of tiie aggregate exports of the 
industrialised developed states 
to Eastern Europe. The value of 
transit transactions accounts for 
12 per cent of Austria's total 
exports. The value of the transit 
trade through Austria jumped 
from Sch 5bn in 1966 to 
Sch 26bn in 1975 and Sch 37bn 
In 1977. Eastern Europe 
accounts for 42 per cent of 
Austria's outstanding credit 
abroad. It is estimated that the 
indebtedness of Eastern Euro- 
pean states, including com- 
mercial credit to Austrian banks 
and companies, rose from 
Sch 29.5bn to Sch 38bn between 
1976 and 1977. Poland, followed 
by Hungary, are the most 
Important Eastern European 
trading partners, but the 
greatest financial problem is 
caused by the growing deficit in 


v 


trade with the Soviet Union. 

Eastern Europe is also repre- 
sented in foree at the annual 
spring and autumn fairs in 
Vienna, which provide a tradi- 
tional meeting place for traders 
from East and West. At the.last 
spring fair, 1,640 companies 
from 32 countries, in addition to 
1.771 - ■ Austrian exhibitors, 
displayed their products. 

For reasons of history, 
geography, and expertise 
Vienna is well placed to fulfil 
greater functions in European 
diplomacy, finance and trade. 
However, regrettably, the 
Government has so far failed to 
heed the advice of senior 
bankers aod create a more con- 
ducive tax environment for 
foreign Investors, particularly 
international finance and trad- 
ing companies. 


REPORT 1977 


Wiener Holding’s 

< *_ 
a ‘ 

record of success 


Summary of the Annual Report for 1977 of Hie Qsteneichische Landerbank 




Blima SrtWH'w 12 J u 

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d'wn-.-rkvjihriimr i'n.v.iioaeuimc". 1 " V 

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nannivj sectac dnend an impro^ 
n*m imm.J97R iiww Jiot 
•. wiriimv mesniaic.<iecfined. 
PwwrtCmi ftowaiiwuineftAf- 
"N •-• r '3 1 bmeks M ptMors wa: 
(<> AS .W7J fflOon il9TSi AS 6XLB 
rniHicm. addKnnal >wpcTv»iupi 
Of fS. ;ir ratal ar 163.« iWt: 
Af. 45 mUjon or + to\\ mn be 
•iccwcied (a by the safary tirrcj^ 

nndffJ ' jBocWe aoreemcm -t*cn 

«.mk yi.vj pn Januav 1, 1977. .'nd 
. l f «i- fmpi.JViBHit ol mon t*r»iwi. 
AS 4a iwta (1976: AS 32 7 mta, 
vsar. .fto-.urd to If” pawn ipg-ivc. 
immSiart *rl Krtenm ad Sapte 
' 1 ,-nviir.j W AS 32.S rniBon oi Mr 
ir>7f; * AS K 8 nWnn nr * i j.] ,i 
m AS ?. I ml Ann wmvmw rex: AS i 
‘.'niiiinL'nie mason feiinnaird : 
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• ■V'hm^.openwrsaiMijenoalffK*.' \ 

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■ ■ pi.-iif.it. i*as. I 

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: 'p-.f irom AS 2170 rrdwn m 1976 ! 

lo *!- C273 nUffin m iiiev'-ji onocr 
r ! . 1>»- pmponim |« loLil hunli 

Irm-i onioifc aiuwa amoumed i.j 
• . '1076: 1S .L Ctf the coming.. 

I AS i(LJ r.iisnn bos trad lor r-senni. 
... Ki>. cwnaL Ksaws a no ernes 
. Hit's Qu.*tysiq as resiTvra amoumed 
in a IjMJ aim of AS rrn nttan. 
ki 4'Jik'nR llare twin ntotui v,du< 

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m. .i'X renaie amtwt ol AS 748 

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i Amo'irn. T«aWimwb.Tui. Ce»i- i 

■ • • nan iohH, WC-Warn- tsil Aum- 1 

iffiaivu* Gesaaschon man, rj«( 
L indv-i.-oidtl (wmi J njrrioWated : 


EVEN THE most critical 
observers of thy Vienna scene 
acknowledge .that something 
completely unexpected has 
•happened. Four years after 
setting up a curious conglome- 
rate, the’ so-c&Med Wiener 
Holding Company for a group 
of disparate flams, its director 
general presented a record of 
success. Speaking at a Press 
conference an the first week of 
July, the ahdef executive of 
what is usually called Wiener 


Holding, Dr. Josef Macbtl, 
announced -that overall turn- 
over, profits and investment 
have been rosing. 

In order to understand the 
odds against which this commer- 
cial m& financial (as* well as 
managerial) success has been 
achieved one has to recall the 
ill-fated instory of Baairing, the 
construction and engineering 
company owned by the mumd- 
paJity with a production staff of 
about 3,000. Instead of concen- 
trating, as intended, on housing 
projects above all in the capital, 

CONTINUED ON NEXT PAGE 


the jcohHiany engaged . in the 
bundling \rf an airfield -in Saudi 
Arabia ansi other rather unusual 
transaction^ Tlhe courts have 
never beeuNable to trace the 
millions allegedly paid as kick- 
backs to Saudi princes and 
officials. 

Subsequently '(the eosacena 
was split up Into 'several com- 
panies Two merged with other 
building companies, although 
the municipality retained. 74 
per cent and 50 per cent of the 
equity, respectively. Including 
the provision of capital for the 


••’OfCft of AS anj irtfcw ( 1976 : 
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• iT.'/.n.linr) mUmXFfOa bibl ,'dTlOUrl- 

: ^ IT AS 48 tilton Liaro. AS 4 U t»I- 

•• Sbfli. ’ 


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v 


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P§TCRREICHISCHE 

LAIMOERBAfSIK 

VIENNA - AUSTRIA 


fisferrefciiisclie Landerbank is the fibecor Bank 

in Austria. ABECOR 

• Inwi rf Eji*. a! F'-wr- 


A 


BANK WINTER & CO. K.G. 


S. MOSKOVICS 


■A, 


The Bank 

with reliable connections 
EAST and WEST 
for international transactions 

Barter and a-forfait — Gold and Silver dealing 


Vienna 1010, Singerstrasse 2 


Telephone: 525604 


Telex: 12662 














13 




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TM' . .> 


.UK*?! 


1. 131 Si 




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Knancbl Times Frljas Toly 21 1378 


VIENNA' V. 


Bid for a larger slice 


of the tourist cake 


si 


AUSTRIA IS still one of 
great powers in the Euro- 
Pean tourist league, but it is 
not generally known that the 
city of Vienna has a relatively 
modest share in terms of the 
a Bgregate intake from, tourism. 
Thus; for example, last year 
foreigners spent about 78.4m 
overnight stays in Austria but 
Vienna accounted for a mere 
3.7m. Nevertheless those -in 
charge of the Vienna tourist 
industry may find some cod- 
eolation that as against an 
almost I per cent drop in the 
overall. Austrian figure the 
capital achieved a 3.8 per cent 
increase in the number of nights 
spent by foreign holidaymakers 
in the city. 

It would, however, be wrong 
to take these figures at face 
value. The point stressed by 
economic experts i s that 
developments in this volatile 
sector have been characterised 
in Vienna by a surprising 
degree of stability. Even in 
the years of economic recession, 
such as 1967 and 1975. Vienna 
managed to increase its share 
with in the Austrian tourist 
industry and did not suffer such 
setbacks as occurred in other 
areas of western Austria. The 
so-called city tourism is less 
prone to ups and downs than 
the resort areas. Furthermore 
about 85 per cent of the tourists 
visiting the city are foreigners. 
More important still, the terri- 
torial distribution is much more 
balanced than that of Austrian 
tourism overall. 


German 


The Achilles heel of Austrian 
tourism is the preponderance of 
German tourists who accounted 
last year for 77 per cent of 
all holidaymakers registered in 
Austria. By contrast, in Vienna 
the German proportion is only 
27.8 per cent Although the 
share of visitors from the U.S. 
dropped from over 20 per cent 
to 14 per cent it is still higher 
than the overall American share 


f of a mere 1.7 per. cent for 
* Austrian tourism as a whole. 
s Other important groups of 
„ visitors to the capital are the 
' Swiss (5.2 per cent), Italians 
’ (5.1), British and French (4.1 
i per cent each), Dutch 4 per 
. cent) and Swedes (2.9‘ per cent), 
r The fall in British and 
, American visitors in the early 
1970s was offset by a rise in 
the number of visitors from 
! other European areas. 

1 Another important factor 
t underlining the significance of 
- Vienna is the predominance of 
l “ quality ” as against mass 
s tourism. Two-thirds of the 
( visitors come from. -good” or 
; “ very good ** income groups and 
i two out of three had visited 
; Vienna at least twice before. It 
is also stressed according to 
I answers given in .a recent 
opinion poll, that the average 
■ visitor spends about Sch 822 per 
: day, which is higher than the 
> estimate for the country as a 
whole. Two-thirds, of the over- 
night stays are recorded in the 
summer season • (April to 
October). 

There is no need to erect 
new hotels, but rather to 
improve further the quality and 
services of existing hotels and « 
catering establishments. Hus is 
the reason why the latest invest- 
ment promotion . measures 
announced in June by the 
municipal authorities aim at the 
modernisation rather than the 
expansion of existing capacity. 

The assistance scheme 
envisages cash grants Of 15 per 
cent for the installation of new 
telephone switchboards, 20 per 
cent for new Telex machines, 25 
per cent for lifts, and 40 per 
cent for improving plumbing 
and heating. The maximum 
permissible grant is set at 
Sch 225.000 for lifts , in, for 
example, a hotel with 50 beds. 

In addition to providing 
facilities for the individual 
tourist, Vienna is of course one 
of the foremost congress cities 
in the world. The number of 
conventions held in Vienna is 
claimed to have reached 378, 
with international gatherings 


accounting for 292 of these, 
involving 169,000 people-in 1977. 
However these figures indude 
those who . attended the 
memorial day for the so-called 
Sudeten Germans and, if this 
mass jamboree is deducted, the 
actual figure of participants is 
about 70,000. As delegates at 
congresses and conferences are 
estimated to spend about 50 per 
cent more than the typical 
holidaymaker and stay an 
average of four days in Vienna, 
as against the 2.8 days for the 
tourist, congress tourism is 
clearly important for both the 
hotels and the retail trade. 


Currently Vienna has 246 
hotels, but almost half have less 
than 50 beds and only four have 
more than 500. It is reckoned 
therefore that the number of 
conferences will continue to rise 
without an automatic increase 
in the number of participants. 
Thus there is a continued 
demand for hotels with confer- 
ence facilities for • 100-200 
participants. . . 

The most attractive of the 
convention halls is, as before, 
the Hofburg -Congress Centre In 
the glittering state rooms of the 
Imperial Palace. In terms of 


atmosphere, history and facili- 
ties, Vienna is in a unique 
position to capture a * larger 
slice of the congress tourism 

market. 

There are, of course, domestic 
factors which also exert an in- 
fluence on the tourism ' indus- 
try. Vienna, along with the rest 
of tile country, is. in. danger of 
pricing itself out of the intensely 
competitive . .international 
tourism marks. According to 
Austrian figures, domestic price 
levels for tourists have risen in 
Austria in recent years more 
than , in the principal, competi- 
tor countries. Foreign tourists 
were hit by both rising prices 
and, in the case of the British, 
Italians, Americans and French, 
by the appreciation of the Aus- 
trian schilling against . their 
currencies. No wonder that, 
according to an opinion survey, 
based on some 1,300 interviews 
to 1977. the single main criti- 
cism of those questioned was 
high prices: 6 per cent were, dis- 
satisfied with the quality of 
hotels and S per cent with the 
night life. On prices, 37 per 
cent complained about food and 
restaurants and 20 per cent 
each about hotel, clothing and 


drink - prices. The survey also 
■confirmed the continued domin- 
ation of the time-honoured 
favourites. 


Sightseeing 


Thus/in terms of sightseeing, 
the Imperial palace at Scboen- 
brunu and St. Stephens Cathed- 
ral led with 60 per cent, 
followed by the Spanish Riding 
School and museums in general 
(41 per cent), the Prater and 
the -Giant Wheel (37 per cent). 
Turning to evening entertain- 
ment, one in two visitors men- 
tioned the Heurigen Wine Gar- 
dens, -one in three the State 
Opera -But only 9 per cent the 
Vienna Boys Choir. 

In siim, for the average tour- 
ist, Vienna remains the city of 
imperial splendours and cream 
pastries, the famous Lippizan- 
ner horses of the Spanish 
Riding School and the Heuri- 
gen: In an era of rising urban 
crime, Vienna’s reputation as 
one of the safest cities in the 
world is undoubtedly a signifi- 
cant factor contributing to its 
popularity both as a city for the 
individual holidaymaker and 
for the congress tourist 



The Strauss monument near the Cafe Hubner. 




Success 


Venna, a city which often appears to visitors to 
be rather drab, is smartening itself up. 

Palaces, museums, churches, theatres and the 
numerous large middle-class mansions - all witness to 
a dazzling past - have been given a new and sparkling 
facade. On the “Ring”, the famous avenue encircling 
the Inner City, there is hardly a building left that has not 
now been given a face-lift. 


-Approximately 30.000 small and medium-sized 
firms, which we number among our clients, are, through 
the agency of the “Erste” potential trading partners for 
interested foreign customers. 


CONTINUED FROM PREVIOUS PAGE 


new conglomerate and the Sch 28 -8m, and operating re- 
wowting off of old debts, the venues were over Sch 100m. Of 
Baurirtg affair has so fax cost the 32 firms under its umbrella, 
tiie Viennese taxpayers the 19 produced profits, 
equivalent of tens of mildaoos of Interesting changes also be- 
pounds. . came evident with regard to the 

Bauring proved, in some ways management's strategy. Thus, 
at least, a blessing in disguise, for example, in a new cable 
Mayor Grate and his advisers television company. Philips has 
decided to introduce a new sys- 95 per cent but the municipality 
tern proriding a better manage- only a 5 per cent interest With 
ment control and co-ordination, almost every new venture, the 
The point is that the muni- city authorities involved private 
cipality has completely different firms. This was the case with 
enterprises, ranging from estate the reorganisation of the mobile 
agents and construction to pub- catering group. All this would 
tishing and theatres, from spas have have been impossible, for 
and catering to the manufac- example, ten years ago. The 
furing of china and hospital powerful Vienna Socialist 
equipment, from meat export Organisation was for many 
and import to fair and port ad- years regarded as the bulwark 
ministration. The political of diehard socialists. Now* 
backseat driving by local office however, after the bitter ex- 
holders and the failure of some periences with Bauring, even 
prominent socialist politicians the most dogmatic Viennese 
as members of the advisory functionaries realise that what 
board provided the background counts is the management and 
to the new venture. the control of the companies 

concerned. 

Merged As positive examples one can 

® mention the saving of the 

Under the decision taken by famous Augart Znffwosa Manu- 
the municipal Council in May. factoring, which found Itself in 
1974, all communal enterprises serious diffic ulties. In the end 
in which the city has an interest city took over 75 per cent 
of at least 50 per cent will be 0 f tbe equity and saved the corn- 
merged into the Wiener Hold- pany . one of the successor firms 
ing. The aim was to recognise ^ Bauring, a building material 
and to stave off such develop* company, was initially in dif- 
mcnis as might lead to a Baur- faculties, 5m after it was put on 
ing affair. The Holding con- a self-supporting basis, it re- 
sists of 29 subsidiaries and reived so many orders that now 

uHlIph 9T0 . f .. « 1 J liW. ' 


— — ceiveu hu inaxiy wuuti lu«l uvn 

three enterprises which are several private firms would like 
managed by it. The interests of ^ become its partners. At the 


managed by it. The interests of ^ become its partners. At the 
the owners are represented by tiine ^ its birth un< | er a cloud, 
the Councillor for Industry and however, no private investor 
Finance. was interested in the company. 

The bolding is an instrument director general of the 
of the economc policy of the holding company drily remarked 
city of Vienna. This means it a t bis Press conference, 
has to fulfil certain functions in ^ streamlining and ruthless 
accordance wtih the pnorities rationalisation, ■ coupled with 
of communal pohey^but should the pens i on ^g off 0 f incom- 

also operate as ^ petent managers, provided the 

institution. In the P**$t basis for the transformation of 

only after the damage hadbeen ^ &nd ^ of 

done that the control bodies Vienna > s industrial god corn- 
submitted their «port^ Now ^ 

however, every subsidiary has 

to provide the holding company It Is this outward-looking 
every month with the most Im- approach the «wperation 
portant figures about its balance between the public and private 
sheet Furthermore, since last sectors, and last but not least 
year no professional politician the steady curbing of political 
Ln belong to the supervisory meddling, which are regarded 
boards of toe Holding and its as the. mam achievements dur- 
MbsidiariesT «S the. past few years. The 

suos ‘ . Municipal Council has set up a 

The i ■ /-* St ^^L I M°^5roduced commission which supervises 

the policy Ranges P^ced the activity of ^ wiener 
some . surprising results. 16i ^ ^ slill a lot to 

PUS it was ponced be ■«* particularly with re- 

by Dr * ^f^hl^irnii^use by Sard to some ailing companies, 
turnover of the |™UP n^e by QO ^ whole ^ Holding Is 

8.4 per cent to Sch 52tm rnsi of ^ rare examples, 

yea ^’ 6 reduced praised even by the Opposition 

was up by 4“ per cent to 


Tie “Kamtner StralSe”, the 
“Bond Street” of Vienna, has been 
turned into a pedestrian area. <_ 
Why do we tell P 
you all this? Vienna is 4 

currently going through 
the same process of 1 rVj 
transformation as some Ml (1 j' 
other European cities 
have already undergone 4 | ^ | 
Amsterdam, for Th- ; J 
example, London or I 

Hamburg. Fresh colours, _jj ij 
the many small shops, 
galleries, boutiques and 
restaurants all serve to ]| | 

rejuvenate daily life in I \ 

the city. . r" 

Cultural experi- 3jf 

ments, modem theatre Yfl II 

interesting exhibitions. 1 : 1 

These are all signs Vy' 'X* 
symptomatic of a 
flourishing economy. / 

Not least owing to 
the importance of Vienna 
in trading with Eastern ' /. 

Europe as a focal point 
and an international L v7 /■ 


The “Erste” will be glad to advise on all questions 
of export and import financing, for we have concentra- 
ted especially on financing operations which assist our 
^ ) own clients. As an example 

J 1 medium term Euro-Credit trans- 

actions may be mentioned. 


i i 


Te “Erste” is 

participating more strongly 
in “international under- 
writing’,’ too. Since 1977 we 
are a member of SWIFT, 
and so international 
currency transactions in 
Austria are now executed 
in a matter of seconds: 
Through the “Erste”. 


; Jrjl 


nil 


So you see, quite a 
lot has taken place in 
Vienna during 1977 And as 
a successful banking 
institution we have been 
keeping pace with the 
increasing success of our 
flourishing city. 

A visible sign is our 
new name. 


7? 


ITS 


market place And last not least owing to the strong 
position of the Austrian currency and the stability of the 
Austrian economy. 


Te “Erste”, the major Austrian bank in the very 
heart of Vienna, has expanded its international business 
considerably over the past few years. 

At the same time our policy has been one of 
caution and security, and the proportion of foreign 
business as shown on our balance sheet for 1977 amounts 
to less than 10%. 


~?Tn toi \ * VVehaveabbre- 

7\ h M \\ viated our long and 
7 j r ($9 \\ unwieldy title “Die Erste 

^ cT -. U - — — LA_1_J osterreichische Spar-Casse' 

to simply “Die Erste”, the short form by which we have 
been familiarly known to our many business partners for 
many years. Mr. Peter Reichel would be happy to answer 
your enquiries. His extension is 368. 



Coupon 

Name: 


Please send me your annual report 1977’ 


Business: 

Address: 


asterddjBdie SpofOnse 


Die Erste osterreichische Spar-Casse 
First Austrian Savings Bank 
1010 Vienna, Graben 21, 
telephone 66 18 A telex 7-4012 







16 

APPOINTMENTS 


"Financial Times Friday Jily 21 39^8 


Three new directors for Laporte 


CAMFBEEL 
FRASER 
JOINS BP 


Executive changes at 



The following Hbvc been 
appointed as members of the 
board of LAPORTE INDUSTRIES 
(HOLDINGS): Mr. C Lontrci, a 
mala board director of SoJvay and 
Cie, as a non-executive director; 
Mr. K. J. Minton, managing direc- 
tor of the general chemicals 
division, as an executive director; 
and Mr. B. H. White, group 
marketing manager, an executive 
director. 

* 

Mr. D. C. Leonard is joining the 
Board of WOODHOUSJS AND 
HIXSON HOLDINGS as finance 
director from August 1. He was 
formerly finance director of Swift 
and Co. 

★ 

Hr. Bernard Buckman has been 
appointed a second vice-president 
of the SINO-BRITISH TRADE 
COUNCIL. He Is chairman of the 
Wogen-Buckton Croup. 

★ 

A corrected announcement by 
CARRINGTON V1YELLA states 
that Mr. \V. C Thomson, co- 
ordinator of Shell Chemicals, has 
been appointed a non-executive 


director of Carrington Viyetla 
from August 1, not Mr. C. A. 
Thompson as reported yesterday. 

Mr. J. K. MpOlckarfl has been 
appointed a director and general 
manager of WELLMAN MANU- 
FACTURING* 2 subsidiary of the 
Wellman Engineering Corpora- 
tion. For the past 10 years Mr. 
VcCViekard ha * been with the 
GKN group. 

Mr. T- H- Denoted has retired 
from executive -duty with the 
TILBURY GROUP but remains a 
non-executive director. He 'has 
been succeeded by Hr. D. F. Free* 
stone as managing director of 
TBC Developments, A- E. 
Whfcheifo. and Invlcta Properties. 
Mr. Freestone has relinquished 
his directorship o! another of the 
group’s subsidiaries. Tilbury Con- 
struction. ^ 

Hr. Alan T. Smith and Mr. John 
Williams have been made mem- 
bers of the INLAND WATER- 
WAYS AMENITY ADVISORY 
COUNCIL. Mr. Smith is the vice- 
president of the Staffordshire and 
Worcestershire Canal Society and 


Mr. Williams is chairman of the 
Association of Pleasure Craft 
Operators. 

•k 

Mr. Patrick N. Clancy has been 
appointed a non-executive director 
Of STAG FURNITURE HOLDINGS. 
He is a director of Cope Allman 
International, and la chairman of 
its fashion division. 

* 

Mr. Anthony Bradley has been 
appointed managing director of 
FOX AND OFFORD following Its 
acquisition by the Transformotor 
Group of Tipton. He succeeds Mr. 
Fred Lupton who has retired but 
remains a consultant. 

* 

Mr. Allan Newell has been 
appointed managing director of 
TKM INTERNATIONAL TRADE 
FINANCE Mr. Tom Harrison, 
Mr. Robin MeWUHam, and Mr. 
Ian Sanderson, have joined the 
Board. Mr. Christian WUuuns has 
become managing director of 
Tozer Kemsley and MlUhourn. the 
London-based operating: com- 
pany of TKM International Trade 
Finance. 


Mr. Douglas G. Eadham has 
joined the Board of ECONOMIC 
FORESTRY (HOLDINGS') and has 
been appointed chairman of 
Forest Thinnings. 

★ 

Mr. F. D. N, Campaflla. a direc- 
tor of CROUCH GROUR. b3s been 
elected vice-chairman in succes- 
sion to tile late Mr. W. F. L>ons. 

+ 

Mr. Colin Gardner and Mr. 
David K. Wright have been 
appointed associates of GRIF- 
FITHS AND ARMOUR. • 

Mr. Terry Jenks has been 
appointed to the Board °f 
SOI ON-HARTLEY, a Simon 
Engineering company. 

■* 

The INTERNATIONAL 
AEHADIO group has appointed 
Mr. Edgar Carpenter f* the 
newly created position of general 
manager, aviation marketing. 

■ k 

Hr- Dermot beeper has been 
appointed to the Board of LEP 
TRANSPORT as regional director, 
Scotland division. 


Sir Campbell Fraser, chairman 

and chief executive of Dunlop 
Holdings, is to join the board of 
the BRITISH PETROLEUM COM- 
PANY on August 1. Marshal of 
the Royal Air Force Lord 
El worthy is to resign Iron tbo BP 
board at the end of this month. 

it-: £H 



Mr. John L. Read is to become 
deputy chief executive «] 
UNIGATE from September 1 and 
will continue as chairman of the 
transport and . engineering, aT J~ 
meat, divisions. Mr PatncK S. 
Griffith, group financial controller 
has been made a director of 
Unigate and will succeed Mr Read 
as finance director at the begin- 
ning of September.. 

* 

Mr W. C. Golding retired from 
the Board of the THOMSON 
ORGANISATION on his retire- 
ment from business. 

* 

Mr- Leslie Bonst'ead, company 
secretary and chief executive Of 
TIMBMET, has been appointed to 
the Board of the parent company. 
* 

Mr. George Sked takes over as 
managing director of IRELAND 
ALLOYS LTD. from Mr. Austin 
Merrills, who remains chamnau 
Mr. Roy Dingwall and Mr. David 
Klnnear join the Board. Ireland 
Alloys (Holdings) will become an 
active company instead of a hold- 
ing company and Mr. Merrills will 
be its chief executive as well as 
chairman. Mr. Eric dyne, who 


will remain a full time director ot 
Ireland Alloys Ltd.. wM become 
deputy chairman of Irelnna 
Alloys moldings). Mr. George 
Horn, technical director and Mr. 
Denis Oliver, finance director nil! 
cease to be employed directly ear 
Ireland Alloys Ltd. and here™® 
full time employees of Ireland 
Alloys (Holdings). * 

Until now. shares in ah the sub- 
sidiary and associate companies 
haw been held by Ltd. which 
was itself the sole subsidiary Of 
" Holdings”. The subsidiaries will 
now all become direct subsidiaries 
of “Holdings.” These changes take 
place from September I. 

Ireland Alloys (Holdings) 
recently announced an agreement 
In principle to acquire a sub- 
stantial share holding in . , , 
Klein Metal Group of Dusseldorf. 

I Mr. IL M. Garth, who has been 
in charge of the worsted spiniunff 
division since 1965. is rethtng 
from the Board of JGHN 
SMEDLEY. He will be succeeded 
bv Mr. M. B. Lomas and Mr. 
Walbank who have beon 
appointed directors of tne 
company. ^ 

Mr. R. Harvey, Mr. G. H- Hep- 


burn, Mr. T. Millingluu, Mr. F. D. 
Minor. Mr. C St Sato orath hare 
been appointed to ths Board of 
the newly-formed Jersey based 
WiGHAM POLAND (Cl), a mem- 
ber of the Wlpbam Poland Group. 

■k 

Mr. K. G- Slmmonds, at present 
manager. systems planning, 
MIDLAND BANK, nas been 
appointed assistant general man- 
ager (planning) from August 1. 

* 

Mr. Richard Bryan has been 
appointed n director Of DELANEY 
GALLAV DYNAMICS, Crickle- 
wond. a member of the Industries 
Group. 

* 

Mr. V. A. Prato has been 
appointed .sales -director of 
MULTIGLASS from August t. 
Mr. S. Stone has been made sales 
manager, southern area. 

*■ ' ' 

Mr. Christopher Wood has ‘been 
elected managing, director of 
BOC datasOLVE. He succeeds 
Mr. Brian Mills, who remains 
chairman of that raojwuy and 
also chief executive of Us com- 
puter services division. 


S)S)@ 


Group Gold Mining Companies 

(AH con^ariesare incorporated in the Repubfcol South Afiical 

Orange Free State 


Reports of the directors for the quarter ended 30th June, 1978 


FREE STATE GEDULD 

Free State Gedutd Minas Limited 

ISSUED CAPITAL: 10 440 000 shares ot SO cento Meh __ 

PLANNED PRODUCTION FOR THE YEAR ENDING 5fcf«M»lll SO 
Tphujoc 3 200 000 Grade 12.7 Oram* P*r ton 

Omw 


1*7» 


PRESIDENT STEYN 

President Steyn Gold Mining Company Limited 

and its wholly-owned subsidiary. Video Mining Company Limited 


OPERATING RESULTS 

Tars milled - — — — — — 

Yield — OH 

Gold produced — ho — — * - 

Revenue PW ton milled ■ . ■ • ■ — 

Cost dw ton milled 

profit per ton milled - — 

Revenue iSee Note 1) 

Cast ■- ■ - 

Profit - 

JOINT METALLURGICAL 
SCHEME UMSJ iSec Summary) 

Shmc d<Si«-rcd 

T«ni 

Grade 

gold — 9't — 

uranium— kg t 

Sulphur — per cent • ■ - 

Estimated Share pf profit iloss) in- 
cluding service charges 

FINANCIAL RESULTS 

Working profit— Cold 

Share of JMS net profit ttossi — > 

estimated 

Net sundry revenue — .■■■ — 

Profit betore taxation and Sute'a ahare 

ol brottt 

Taxation and State's share ol profit — 
estimated 

profit alter tax and State's Share — 
estimated 

Capital expenditure — metallurgical com- 
ple« — partly financed by way ot loan* 

—Other 

Dividend — Interim 

—amount — • ■ — 

— oer snare - .... 

Lean Levies— estimated 
SHAFT SINKING 
No. S mam snart 

Advance— metres 

Oeoth to data — metres 

Station cutting — metres 

No. 5 ventilation shaft 

Advance — metres — 

depth to date— metres 

Station cut', ms — metres 

DEVELOPMENT 


June 197* 

■98 000 
13.38 
11 111 
RSO.OB 
K26.TO 
*53.38 
R68 748 OHO 
R22 926 000 
R4S 822 000 


802 000 
0-35 

009 

0.96 


*45 822 000 


178 non 
1 051 OOO 


25 647 000 


R23 IN 000 


R334 00O 
RIO 304 OOO 

Rt 3 572 OOO 
130 cent* 
R2 084 OOO 


317.1 

472.4 
22J 

197.5 

303.1 
23.0 


Quarter 

fl month* 

ended 

and ad 

Mar. 1978 

June 1978 

839 000 

2 531 OOO 

12.48 

12.60 

10 463 

at Baa 

RS9.13 

R66.36 

R^p.lO 

R25B1 

R33.0S 

R 40.55 

R49 599 OOO 

R167 9S2 OOO 

R21 884 000 

R6S 314 000 

*27 71 3 OOO 

Rl 02 638 OOO 

778 000 

2 177 OOO 

0.30 

0.32 

0X)8 

0.09 

0.9 S 

0.95 

I.R289 OOO) 

(R627 OOO) 

R27 715 000 

R102 638 OOO 

CC89 0001 

•627 OQO) 

956 000 

2 710 000 

' 28 382 000 

104 730 OOO 

10 584 OOO 

46 799 OOO 

R17 798 OOO 

R57 931 OOO 

R305 QOO 

Rl 018000 

R9 954 QOO 

R28 407 OOO 


R13S72 OOO 

_ 

130 cents 

R964 OOO 

R4 155 000 

63.9 

402.6 

1SS.3 

472 4 

NH 

22 .S 

47 6 

305-1 

10S. 6 

303.1 

Nil 

23.0 


ISSUED CAPITAL: 14 586 400 shares a* 50 cents earn 
PLANNED PROciUCTlOfC FOR THE YEAR ENDING SEPTEMBER 50 1978 
Tonnage 3 400 OOO Grade 8.0 grams per ton ' 

Quarter 


OPERATING RESULTS 

Tons milled - . 

Yield — g;t 

Gold produced — kg — . 

Revenue per ton milled 

Cost per ton milled ........ 

Profit Per ton nuilad 

Revenue (see Note U 

Cost *71 **3 000 


ended 
Jane 1978 

864 000 
8-24 
7 122 
R49.00 
R24.52 
R24.1B 
R42 336 DOQ 


Quarter 
ended 
Mar. 1978 

774 000 
7.63 
• S 955 
R35.E2 
R2654 
R 10.28 


9 month* 

ended 
June 1978 

2 390 OOO 
7. 99 
19 106 
R*2.05 
R25.76 
R16.30 


PRESIDENT BRAND 

President Brand Gold Mining Company Limitad 

ISSUED CAPITAL: 14 040 OOO Ufltts ot stuck of SO coots Melt 
PLANNED PRODUCTION FOR THE YEAR ENDING SEPTEMBER 30 1*78 
T;tinaae 3 too ooo Grade 9A grama per ton 
• l-dudcs 540,000 tons to tm treated by I 
charge basis) 


Pro8 

JOINT METALLURGICAL 
SCHEME (JMSl <3ee Summary) 

Slime delivered 

Tom 

Grade 

Sold— fl/t .— 

uranium— 4t9 ,t 

sulphur — per tent 

Estimated share of profit (loss) In- 
cluding service charges 

FINANCIAL RESULTS 

Working profit — Cold 

Share of JMS net prollt itoesi — 

estimated — 

Net sundry revenue 

Profit before taxation ana State's shore 

Of profit 

Taxation and State's share of profit — • 

estimated 

Profit after tax and State's share — 
estimated 


Caultaf expenditur e m e tallurgical com- 
plex — partly financed by way of loan* 

—other 

□ l vldend— I nterim 

— amount . . — 

— per share 

Loan Levies— estimated — — 

SHAFT SINKING 

No. 4 sub-vertical shaft system .... 

Advance — metres 

Depth to date — metres — 

Station cutting — metres 

DEVELOPMENT 


R28 342 00D R100 51 GOOD 

. R20 3B4 000 R61 S73 OQO 

_ R20 893 OOO R7 958 OOO R38 943 OQO 


1 277 OOO 

„ 0.59 

0.10 

0.90 


mi ss ooo) 

R20 893 OOO 


(163 OOO) 
726 OOO 


21 456 OOO 
9 147 000 
*12309 000 


R3S4O0O 
K4 802 OOO 

B4 370 OOO 
30 c e nt s 
*1 069 000 


su 

73LS 

448.4 


1 287 00 O 

3 460 OOO 

SM 

o.bi 

0-S8 

0.10 

0.90 

IR90S OOO) 

011 328 000) 

R7 958 OOO 

R38 943 OOO 

1.90 S OOO) 
853 OOO 

(1 328 OOO; 

1 845 ODD 

7 906 000 

39 460 OOO 

301 OOO 

9 448 OOO 

R7 605 OOO ' 

R30 012 000 

R472 OOO 
A4 853 OOO 

Rl 389 OOO 
*14 137 000 

R 43000 

*4 370 OOO 
30 cents 
*1 112 OOO 

1Z2.0 

Sit 

' 220.7 

... .. 734.6 
973.0 


OPERATING RESULT* 

-Tens milled - — — — — 

Yield — a/t 

Gold produced — fcfl ~ 

Revenue par ton milled - . 

Cost per ton milled — 

Front per ton milled _ _ . - 

Revenue (see Note 1> — 

Cost 

Prodt 

JOINT METALLURGICAL 
SCHEME (JMS) See Summary) 

Slime delivered 

Tana — — — 

Grade 

gold — gtt 

uranium fcg tt 

sulphur— oer cent — - . . * 

Estimated share ol Profit including 

service charge* — — — — 

FINANCIAL RESULTS 

Working profit— Gold . 

Share of JMS not prott—actJ mated — 
Net sundry expenditure 


11978 

7*8 000 
9.70 
7 723 
K80A2 
R24.9S 
R35-07 
R48 40* 000 
*19 859 OOO 
*28 S50 OOO 


733 000 


Quarter 
ended. 
Mar. 1970 


788 000 
9.92 
7 794 
*47.13 
R24.07 
R23M6 
*37 045 OOO 
*18 919 000 
R18 126 000 


9 mouth* 
ended 
June 1976 


2 343 000 
9-57 
22 422 
RSI .16 
R2*-33 
*26 AS 
R1 19 912 OOO 
R56 999 000 
R62 913 000 


0A3 

OJM 

0.99 


738 OOO 

0.42 

0.08 

1JI0 


2104000 

0A3 

0.08 

0.98 


RI 996 OOO *974 OOO *4 3^8 OOO 


FREE STATE SAAIPLAAS 

Free State SaaiplaasGo/d Mining Company Limned 

Hfiiipn CAPITAL: 28 100 OOO sharaa o I *1 each 
PLANNED PRODUCT) ON FOR THE YEAR ENDING SEPT EM i I 
Tonnage 1 200 OOO Grade 3,8 gran 


OPERATING RESULTS 

Mine production — -exjns mHled • 

YI«M— git 

Gold produced— kg — ■ 

Revenue per ton milled ■ — . 

Coat per ton milled ....... 

ProfttWosi/ per ran milled 

Revenue «Sne Note 1 ) 

Cost 

ProMMosm - 

JOINT METALLURGICAL 
SCHEME (JMS) See Summary* 

S»hne delivered 

TDh* — — 

Grade 

gold — Oft - - ~ ■ 

urarrttm — box 

sulphur-— per cent 

Estimated share ol oroftt — net — 

Financial results 

Working Profitless) — Bold 

Share ol JMS net profit — estimated— 
Net sundry revenua 


Profit before taxation and State's 

of proht — . . — 

Taxation and State's «Aare o( mi l ■ 

estimated . . _ . . w — 


*28 550 000 
1 998 008 
559 000 


2*9*7 000 
12 799 000 


*18 126 000 
974 000 
90 000 


*82 91 S 000 
4 238 000 
1 134 000 


18 010 000 88 117 000 

7 978 000 28 386 000- 


. Profit before taxation and State's share 

ol proht 

Taxation and State's share ol profit— 
estimated 

Profit after tax and State's sham — 
estimated 


Prol* after tax and State's share — 


estimated — . 


a. *17188000 R11O320OO RS7 751 OOO 


Sampled 


Advance 

moires 


channel 

Width 

cm 


gold 


2 227 
s 4aa 
: 11Q 
T 364 
1 171 
1 778 


12 283 

i: ia» 

32 003 

71 

2 JO 
Nil 
60 


154 

200 

176 

426 

90 

TC 


19.3 

16.3 
28-7 
53.0 

54.3 

I 5.9 


177.46 
91.23 
31.39 
168.81 
8 63 
31.76 


3 425 
1 437 
901 
8 778 
*69 
SC 5 


0-70 

o.so 

0.58 

0.56 

0.23 

0.66 


13-50 

8.08 

16.75 

29.35 

12.80 

10.51 


V.-'f *i •» 

6*MI red 
NO. 1 ... 

NO. 2 

No. 3 

No. J . . 

No. 7 

No. 9 ... 

Pfil) »M No. 4)4 
inbjtc area 

Qu.liln cnqcd 
June 1976 
Oit-nlrr c-’Ccd 
Mi„\ 19"3 
3 month', ended 
June 19. "8 
i'.' i.ei it. ol 
Nc. I 

Nc. 4 

NO. 7 

No. 9 .. w 

Quarter ended 
Junu 1976 
Qvarfor ended 
Mvrch 1978 
9 months ended 
June 1976 
Kimberley reef 

No. 7 

No. 9 ... 

Pvlirwl No. 414 
f-ibute area . . 

Quarter ended 
June 1978 

Quarter fr.flnn 
Mar;'. •.97.1 
9 mouths ended 
June 197fl 

DIVIDEND 

Tnr in-r- n. oi'dtna cl 130 cents oer i"in: In reipect ol the vear ending September 
30 1978 vrv, derl.T-d on April 20 1979 and Paid of) JtiPt 9 1978. 

Capital expenditure 

Estimated eypendfturo for the vear ending September 30 1978 Is R3 5 OOO OOO which 
r. etude-, amc-in* o‘ RZ OOO 000 to be soent on tfle mesaliurgieal tcmalev. 

Orders Blued ana autetandmq an capital contracts a* a: June 30 1978 totalled 
RIO 710 OOO of nvnicn ft 300 OOO mas In respect of the metallurgical eornp.ee. 

No. 5 SHAFT COMPLEX 

Sinkmg of tne ventilation shaft commenced si the end o* Awll and work fn both snafu 
Is Broteedine satisf.irtor. ,. Th. 250m pump itat'Ons in both shafts have been 
comoi-irn. initial teer'-lns orc.bl.-my nave been overcome and an improved advance 
I* expected In both shaft* tor the nexi Quarter. 

For *nrl on behalf cf the heard 
G. LANGTON • _ 

G. S. YOUNG 1 °‘ rwctori 

July 21 1978 


•»0 

18.2 

42.97 

732 

0.S3 

9.56 

1 144 

34.9 

120.77 

4 215 

0.53 

10.60 

9JC 

30.0 

iir .20 

5 516 

0.56 

16.70 

2 756 

34.4 

103.69 

3S67 

0.49 

16.69 

30 

1 20 0 

3.19 

433 

0.24 

28-88 

134 

2a7.s 

3.32 

s?s 

0.08 

20.0S 

24 

1 19.4 

5.19 

620 

0.22 

26. 86 

44 

103.6 

1.62 

16S 

0.09 

9 51 

228 

189.4 

2.51 

478 

0.11 

19.89 

358 

176.6 

2.80 

49S 

0.12 

21-04 

856 

186.9 

2.83 

529 

0.12 

22.50 

322 

167.2 

1.69 

282 

0.03 

S.6S 

72 

192.4 

3.03 

534 

0.06 

12.45 

— 

— 

— 

- — 

— 

— 

394 

171.8 

1.96 

337 

8.04 

6.89 

538 

164. S 

4.11 

709 

0.04 

6.23 

1 434 

155.5 

3.61 

961 

0.04 

8,14 


metres 

1 369 

2 029 

3 649 

1 500 

metres 

296 

274 

442 

168 

channel 

width 

cm 

24.2 
32-2 
36.8 

32.3 

gold - 

uranium 

flfl 

52.23 

42.05 

55.84 

33.48 

cm. art 

1 264 

1 3S4 

2 OSS 

1 146 

kfllt 

0.89 
0.71 
0.22 
0.09 . 

cm.kgtt 

21.42 

22.83 

8.26 

2.B3 

8 547 

1 180 

31 S 

49-03 

i 564 

0.44 

14.17 

a 0 B 8 

828 

37.5 

29.41 

1 103 

0.26 

9.70 

25 177 

3 042 

SU 

29.10 

1345 

O-SS 

12.16 

316 

ZOO 

T3S-1 

3.58 

483 

0.21 

28.23 

312 

132 

133-0 

4,03 

560 

0.16 

Z2&4 

36 

20 

154.6 

.1.2* 

20* 

0.01 

2.10 

21 

6 

•18.3 

31.26 

372 

0.09 

1.69 

sas 

ua 

1SU 

341 

498 

0.18 

24.28 

543 

320 

123.3 

4.77 

588 

0.23 

27 A2 

1 783 

904 

131.0 

U7 

507 

0.19 

3SA0 

239 

114 

100 3 

3.78 

381 

0.09 

t.3t 

297 

214 

85.3 

3.38 

351 

0.09 

6M2 

740 

440 

76.3 

5.02 

393 

0,77 

8-47 

«e to and 

developed 

by President Brand mot induced aborej 

465 

204 

1J3 

129.62 

1 724 

1.17 

1532 

520 

136 x 

13.3 

105-26 

1 400 

O.M 

11.03 

1 942 

384 

13.0 

132.06 

1 717 

1.14 

1A78 


Capital expenditure — metallurgical com- 
olix — partly financed by way of Ioms 


Basil net 

No. 1 . . .s._ 

No. 2 

No. 4 

Video lease area 

Quarter ended 
June 1978 
Quarter ended 
March 1978.. 

9 months ended 
June 1978 
Leader reef 
No. 1 ....„ 

Ns. 2 

NO. 4 .... 

Video lease area 

Quarter ended 
June 1978 

Quarter otxjed 

March 1978 
9 mouths ended 
Jam 1978 
‘A* reef 
No. 2 

Quarter ended 
jum 1978 
Quarter ended 
March 1978 
9 months ended 
June 1978 
Area under hta 
Basal reef 
Quarter ended 
June 1978 

sss'Msr’ 

9 month* ended 
June 1978 

Se'f^lm dividend Of 50 « n[, ' na 

30 )978 was daclared on April 20 1976 and paid cn June 9 1978. 

EM^rited exocntfltvre ’or the year ending September 30 1978 is Rl 9 OOO OOO which 
excludes an amount Of R2-000 000 to pe spent on the metallurgical comptm- 
Or--rs y'.ctc and ouf*tandmo on capital contracts as at June 30 1978 totalled 
Rf 516 009 Of which HZ 17 OOO was hi respect el the metallurgical tomnln. 

For *THj on bjbj'! of |Wf boira 
G. LANGTON 1 _ .. . 

G. S. YOUNG) 

Jutv 31 1978 


Dividen d I n ter i m 

— amount 

— per unit ot stock — 

Loan Levies— estimated 
» includes tonnage treated oo a ooue 
plus service charge basis by Free 
State Saaipiaas — - 

CONSOLIDATED PROFIT 
Consolidated profit alter taxation and 
sute's sharu of oroftt of the c ouww 
■nd la subsidiary. Free State Saaipiaas 
Gold Mining Company Limited — after 
allowing for mlooNtr abarebo leers' 
Interest 


*5 848 000 
R2S6S 800 

*9 126 000 
65 cents 
*1 465 000 


102 OOO 


R3 153 000 
Rl 570 000 


= / 

t Alto /b 


M34 000 


121 000^ 

' .7 


ft 11 ,260 OOO 
RS 261 OOO 


9128 OOO 
65 cents 
*3 252 000 


Capital expenditure — metallurgical com- 
plex — financed by wav ot I sane .... 

■ vgehar .... 

Tannage created tor ProtUent Brand on 
a cost .Pius service charge basis ... 
SHAFT SINKING 
No. 3 Shalt 

Advance — metres — A. 

Depth to date— metre* 

Station cutting — metre* ■_ ... 

DEVELOPMENT 


ton 

Owtc 

CRd«d 

Jgna 1978 

Quarter . 
ended 
'Mar. 1078 

ftmowtM 

jEBdd 

312 000 
330 

1 060 
*22.28 
R23-16 
tto .10 
*6 944 000 
R6 014 OOO 
R3Q000 

312 000 
3.45 

1 070 
*16.88 
R21.Q8 
(A4.52I 
RS 166 000 
*6 577 OOO 
(HI 411 OOO) 

023 000 
350 
3 310 
nms 

. RZ144 

mz.oi) 
*17 936 000 
*19 701 OOO 
<R1 855 OOO) 

SB9 00O 

JS* QOO 

1633000 

0.33 
022 
0.73 
*5 264 000 

0.34 
032 
0.72 
*4 791 OOO 

0.34 
0.21 
0.7S 
Rl J D43 000 

*30 0*0 

5 284 000 
842 000 

4*1 411 OOQS 
4791000 

1 037 OOO 

<R1 855 OOO) 

. 11 043 000 
2 810 OOO 

■ 156 000. 

. 4 417 000 

11 806000 

— 


' — 

*8 156 000 

R4 417 OOO 

R11 808 000 

*13 000 
*2 592 OOO 

N50 0005 
. Rl 461 OOO 

r. R02OO0 
R7 079 000 

102 000 

121 OOO 

XS8 100 

1S7.S 

1 9433 
724.1 

102.8 

1 786.1 
558.9 

261.5 
1 943.8 
1 409.0 


Advance 

metres 


358 000 


R13 244 OOO R43G56 000 


*20268000 

The attention Of members I* drawn to tho report on the ageraafem of the cowman*'* 
subsidiary. Free state Ssakrtaaa. Published W conloactlon herewith. 


DEVELOPMENT 


Shan area 
Basal roef 

Mo- l - 

No. 2 

No. 3 . 

No. 4 

Quarter ended 
June 1978 
Quarter ceded 
March 1978 
9 mouths ended 
June 1978 
Leader reef 

No. 1 

No. 2 

No. 3 _ 

NO. 4 


SempJed 


Advance 

metre* 

metree 

tfmnoef 

gold.' 

IK VllHlIII 



•Will 

■a 

aik*R 

fiSN 

enukuft 

116 

3 110 

1 127 

3 750 

42 

118 

72 

890 

10.3 

55-8 

10.7 

95.8 

384.66 

47.13 

156.83 

26.80 

3 962 

2 630 

7 58* 

2 567 

251 

017 

1-59 

0.07 

28.90 

9.25 

76-00 

6.72 

8103 

1 122 

82.9 

3052 

2 563 

0.10 

141 

7 287 

616 

94.3 

27.08 

2 567 

■ 0.09 

8.08 

23 337 

2 762 

78.0 

29.36 

2 290 

0.12 

9.47 

722 

13 

1 2*4 

422 

10 

696 

115 J 
19B.0 
120.3 

6- 35 

3 03 
6.64 

731 

599 

799 

0.2S 

0.12 

0.27 

28.39 

2554 

32.S7 


Quarter ended • 

June 1978 . . 37S 98 

Quarter ended 

March 1978 . . 560 106 

9 months ended 

June 187 a .. 15811 350 

Baaa) veet 
Quarter ended 

June 1978 . . 1 948 382 

Quarter ended 

March 1978 . . 1 557 306 

9 months ended 

June 1978 .. 5 095 882 

CAPITAL EXPENDITURE 

Estimated expenditure lor 

Orders placed and outifamNna an capital contracts 
Rl 604 DOO. 


channel 

width 

cm 

T4.7 

i 

66.5 
. 77.4 

98.1 

9CL* 

102.0 


goift 


urontum 


wt 

4^2 

3r*7 

*- S7 

T 

’i 


em.g*t 

330 
. . 23 1" 

416 

850 
. 906- 
802 


Wrt 


cm.kgN 


0.10 1441 

0.J4 7 Jta 

DM 30.17 

0.S1 - 30.04 
059 ' 55.88 

0-29 39.56 


JuW 21 1978 


the year ending SePtemberVso 1978 Is R IT OOO OOO. 

as Jowe 30 T978 eocaiied 
\ 

Por aad on behalf ol the bbanJ 

6^ LANGTON i 

G:-S. YOUNG l Of rectors 

\ ' 


WELKOM 

Walkom Gold Mining Company Limitad 

ISSUED CAPITAL: 12250 080 share* «l 50 cent* eacfv - 
PLANNED PRODUCTION • FOR THE YEAR ENDING SEPTEMBER » 1*78 
Tonnage 2 100 Q0O Grade 641 gram, per ton 

Quarter 


679 

260 




WESTERN HOLDINGS 

Western Holdings Limited 

ISSUED CAPITAL: 7 496 376 th.'M pf SO conn cadi 

PLANNED PRODUCTION FOR THE YEAR ENDING SEPTEMBER SO 1978 
< Bnitage 5 lOB OOO Grid* 11.0 gram* per ion 


operating results 

Ton* milled .... * _ 

Ymld— ■ git 

Golu produced— kg 

R*»cm»o per ten milled 

Cost nor ton milled 

Praflt pm- ten milled 

Revenue iSce Nate i> 

cost 

Profit 

JOINT METALLURGICAL 
ftCHIME UMSl (See Summary) 

S’lme delivered 

Ton* 

Grade 

paid — g.T 

uraniu m — kg.* 

Sulphur — ger cent 

Estimated share ot profit (lost)— out 
FINANCIAL RESULTS 

working profit — Gold . . 

Share of JMS net profit flaas) — 

estimated 

Met sundry revenue . . 

Profit before taxation and State'* Share 

at proht 

Ta«atian and State's share of profit— 
estimated 


ion 

Ouarter 
. ended 
Joec 1978 

796 OQO 
10^5 
8 399 
*64A0 
*22.78 
R42D2 
*51 581 000 
R18 fSZ bOO 
R33 4A8O0O 


Quarter 

enoed 

Mar. 1978 

7S0 000 
10.25 
7(7 
R49.79 
B22.91 

H2F.jie 

RJ7 34 5 DOO 
BIT ISO OOO 
R20 1 65 OOO 


866 QOO 


9 months 
ended 
June 1978 

2 295 OOO 
10.57 
24 233 
BS3-63 
R22.59 
■•R33-04 
R127 S56O0Q 
R51 797 OOO 
R757S7 OOO 


2 019 
1 965 


8 884 


485 

S20 


1 542 


1 028 

119.0 

840 

760 

ojb 

30.77 

614 

1SV3 

S-19 

705 

OM 

38ai 

2 142 

133.0 

141 

77* 

ojte 

XI AS 


OPERATING RESULTS 

Ton* mined — — _ _ _ ... _■ 

Yield — Bit ... ; 

Goto produced tg . . . 

Revenue per ten milled — 

Cost per ton miffed : 

Profit per ton millets . . — . 

Revenue (See Note 1) 

Cast _ ~ ..... ... 


June 1978 


Quarter 
ended 
Mar. 1978 


9 months 
ended 
Juns' 1974 


tax and State's share — 


ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA. LIMITED 

GENERAL NOTES 

I- NEW GOLD PAYMENT PROCEDURES 

From April 11 1978. payment for gold production at the official 
price plus premium on market sales distributed monthly was 
replaced by payment at the market price-. The non.recurring 
balancing payments resulting from the changeover distorted 
revenue for the current quarter which is therefore nc: 
comparable with past or Future quarters. 

2. Development values represent actual results of sampling, no 
alio Winces having been made for adjustments necessary in 
estimating ore reserves. 

The Trotutnial Group’s results appear or. aunt ft«T pape in 

this paper. 

Copies of these reports trill be nmilnblc on request from the 
offices of the Transfer Secretaries: 

Charter Consoltdafed Limited. PO Box 102. Charter House 
Park Street. Ashford. Kent. TF24 SEQ. 

LONDON OFFICE: 40 HOLBORN VIADUCT, SOP 1AJ 


Pr«t after 
estimated 

Capital expenditure— metallurgical com- 
oicv— -partly financed bv way el leans 

Ol.idgno — Interim 

—amount 

— pur share . . — 

Lean Le>i«— escmared «... 

DEVELOPMENT 


0.41 
0.09 
0.93 
01269 0061 

0*2 
0.09 
t.01 
IR435 QOO) 

0A3 
0.09 
0.99 
0W7 OOOl 

R33 448 OOO 

R2Q 165 OQQ 

*76 717 OOO 

(269 OOO) 

1 715 000 

'*35 OOOi 

1 1 63 OOO 

(SS7 0001 
- -4 182000 

34 804 000 

20 893 OOO 

'78 982 600 

22 062 000 

1 1 6*3 000 

47 491 000 

R12 832 000 

R9 25Q OOO 

P31 491 OQO 

R7 00Q 
Rl 221 OOO 

R51 000 
Rt zt? aoo 

*351 OOO 
R3 952 000 

Rl* 243 000 
190 Cent* 
Rl 863 000 

Rl 007 OOO 

Rf 4 2*2 DOO 
190 cents 
R« 021 OOP 


Quarter ended 
June T978 
Quarier ended 
March 1978 
9 month* ended 
June 1978 
In addition, 
area under 
tribute from 
President Steyn 
Basal reef 
Quarter «nd*d 
June 1976 
Quarter ended 
Marcn 1978 
9 months orated 
Jane 1978 
DIVIDEND 

The Interim dividend of 65 cent* per lurtt of stock In respect of Urn year ending 
September 30 1978 was declares on AprH 20 1976'end paid on Juno 9 1978. 

CAPITAL EXPENDITURE . . • brr ., 

2 598 000 Estimated expenditure for the vear ending September SO 1970 I* RIOSOOOOO. In ^StrmiMd ~ 

aodlMcn an amount ci R16 SOO OOO Is la be Spent on tftr meal furg lea) come lev ot / ' " 

whlen approelmateW RB SOO OOO relates to t**e eatenston ol tbe treatment (acuities. Capital pupendlaire-— mctailurbieai com- 
Orders placed astd ouatanOmo on e jot cal contracts as at June 3d 197 a totalled Boanced bv way 01 loans 

*12 704 000 ol wh%cn *7 034 000 waa In reeoect of the metalhirglcal ccmo to . 

For «nd on' b eftfftf of the board 
G. LANGTON 1 


284 

13.3 

1Z9.82 

1 72* 

1.17 

1SJ2 

13« 

133 

10S.26 

1 * 00 - 

0.83 

11.03 

384 

13.0 

132.08 

1 717 '• 

-1.14’ 

14.78 


JOINT METALLURGICAL 
scheme (JMS) (See Summarn 
Slime delivered 

Tons .......... 

Grade 

gold — g/t 

uranium — fcai - 

sulphur— per cent 

IsomaUd 'ahare at profit— net _ 

FINANCIAL RESULTS 

Working profit — Gold . . 

Share at JMS net profit — estimated 
Not sundry revenue 

Profit Before taxation and State's share 

of profit . 

Taxation and. State's share of profit- 
estimated 


July 21 1978 


G. 5. YOUNG I 


; Directors 


Dividend — Hi torn* 

.—amount ................ 

— uer share 

Loan Levies— estimated 

ENVELOPMENT 


333 OOO 
6.13 

3 381 
*37.72 
R25.48 
*14.24 
R2O0S3QPO 
*12 987 OOO 
*7 878 OP*. 

537 DOO 
6.06 

3 252 
R29.37 
R2 3M 
R6.09 
R15 774 OOO 
RJ2 501 OOO 
*LS 273 OOO 

1 630 oao 
6,12 
.■9 977 
*33.44 
*22.97 
R9A7 
R52 879 000 
R37 449 OOO 
*15430 000 

— 

— 

_ 

— 




■ U 

— 


= 

ASOOOO 

rsiTooo 

R7 876 000 

489 000 

R3 273 OOO 
30 OOO 
67(- OOfl 

R1S430 OOO 

30 OOO 

1 477 OOO 

8 345 ODD 

3 982 000 

16 937 OQO 

4 373 000 

1 503 000 

7 810000 

*3 972 DOO 

R2 479 OOO 

R* 119 OOO 

R7DOO 
*765 OOO- 

' R31 OOO 
- R440 OOO 

RS* POO 
- HI. 757 MO 


RS 062 ooo 
_ 2 S cents 
*485 000 


R 175 OOO 


*3 QfiZOOO 
25 cents 
R873 000 


Shaft area 
Basal reel 

NO. J 
No. 2 .. 

Ng, 3 ... 


Advanee 

m«na 


Sampled 


1 380 

1 939 

Z 542 

2 493 


8 384 

a £03 

23 243 

81 

543 


mures 

channel 

width 

cm 

sold 


uranium 


on 

cm.glt 

kart 

cm.kgft 

156 

SS 

S3* 

5*0 

*5.6 

160 

5 i! 

96.73 

306.81 

25.92 

242.02 

4 701 
* 9*1 

1 *45 

2 033 

0.30 

0.82 

9.11 

2.6* 

14.69 

13-18 

S.Ifl 

2-2.24 

1 118 

37.3 

634)9 

2353 

0J4 

12,77 

990 

52.1 

79.78 

2 561 

0.31 

9.50 

3 110 

36.8 

62.93 

2 316 

OJO 

11.11 

21 

263 

<87.0 

166.9 

2.70 

2.74 

604 

457 

0.12 

0112 

22.35 

rg.7i 

290 

1(LI 

2.*4 

462 

0.12 

19.96 

260 

224.7 

3.21 

72! 

0.10 

22.27 

732 

196.8 

3.21 

631 

0.1* 

24.92 


Quarter mfed 

355 

Ouarter cm»d 
March 1978.. 
9 mont h* m ood 
June 1978 ■ . 
■■ *" real 

Na. J 

No, 3 


Shaft area 
Basal reef 
fva. 1 . . . . _ 

No. 2 ...... 

Ns. 3 

NO. 4 

Quarter ended 
June 1978 

Quarter ended 
Mirth 1972 
9 months mrfed 
June 1972 
Loader reef 

Nc. 1 - 

No. 2 

Quarter ended 
Jane 1978 624 

Quarter -nded 
March 1 978 578 

9 months ended 
June 1973 1 833 

DIVIDEND 

£ rim 0‘rtdWd at 160 cents per share In relfletf of tee vea- endifB SestemO«r 

CAMiAL"s»S»mi?s A 20 1978 4nd Pi,d •" Jun# 9 1976 ' 

Estlr-»Wd evpenuiture fc" the ynar tndmq September 30 1978 is R6 SOO OOO. 

gf Blwtf W 0 " egaltei ermrart* « at jun- 30.1971 
R3 600 OOO of vmlch R7 OOO wa*.ln rrsnect of the m«». lurg leal eompiev. 

Por and on Denali of t* 1 * hoard 
G. LANGTON j 0lream 


JOINT METALLUR61CALSCHEME 


Quarter ended 
Jung 1975 
Quarter ended 
March 1970 . 
9 months ended 
Jew 1978 
Leader reel 
No. 2 ...... 

No. 3 


Advance 

metres 


1 051 
803 
537 


2 781 
2 391 
7 603 

131 

13 

164 

167 - 

379 

14® 

292 


78 totalled OvJ 


July 21 1978 


6- 5. YOUNG) 


SUMMARY 

fl) nsCatldti plant 

slime treated— tuns _ _ _ _ -^a 
•II) Uranium plant 

slime creeled— tons _• 

concentrate treated— tone 

uranium o«ido produced — kg ., 

fill) Acid plant 

acid produced— tons . 

Gold plant 

calcine treated— ton* . . 

Bo la produced — *b 

'«! Profit— estimated 


Quarter ended 
June 1918 .. 440 

Quarter txtMd 
March 1978. . 3S7 

9 months ended 
June 1978 ■ • 1 072 

intermediate reef 
He. 2 

(MtfWN 93 

4 431 000 4 259 080 12 170 000 Quarter C4dtd 

March 1978.. 75 

, . 0 month* ended 

1 MB OOO j unc 1978 . . 229 

226000. DIVIDEND • 

405 464 _® 1 SJWft BJCJJINR.W mpact Cf the year ending SeptWntAr 30. 


Quarter 
coded 
Jeae 1970 


720 000 
87 4J0D 
165 445 


Quarter g months 

ended ended 

Mar. 1978 June 1978 


325 000 
79 000 

U4 114 


metres 

Channel 

lalilWl 

■ Bold 


uranium 


pfivroi 

cm 

art 

cm 4ft 

Malt 

on. hplt 

154 

130 

406 

27-0 
12 3 
9.0 

34 11 

69.84 

3*3 -t* 

921 

859 

5 109 

0.74 

0.06 

2-59 

1M9. 

10^2 

-23.34 

490 

ISA 

116.99 

1 825 

1.S1 

1B.B5 

544 

18.S 

5a gb' 

1 030 

0.80' 

M9I 

1 392 

17.4 

76.90 

1 330. 

0J» 

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85S5«a^ 

R1 12 s OOO of whith Ria flof 






July 21 1978 





* inancial Times Friday July 


£,x j .via 


Management 




EDITED BY CHRISTOPHER LORENZ 


SWEDISH COMPANIES have 
operated with employee rSE 

I e v~ ° n ** WSS 

' The results have 
been neither dramatic nor 
alarm, ns but have led to a^ 

"1 attitude! 
The employers have become 

SMS! TL Thf 

wards ,hem" rab,y indiaed * 
, nf a new move last 

Uaions hav e 

basicaHy lost interest in worker 
Erectors per «. and have 
switched the thrust of their 
attack to achieving co« 
dclcrmirwiinn in management 
decisions at all levels, and 
greater control of company 
finances through profit-sharing 
funds. 

Compared especially with 
Britain. . Sweden is a small 
nation, with a long history of 
close and mutually beneficial 
co-operation among employers, 
managers and unions, even if 
this relationship has been under 
greater strain in recent years. 
The Swedish industrial climate! 
therefore, has been far more 
propitious to worker directors 
than it is now in Britain. 

This does not mean that 
employers did not resist the 
idea. They would have pre- 
ferred to develop the 
“voluntary" systems for board 
representation started by some 
companies, including Granges, 
in the 1 960s, hut when the 
unions and Social Democrat 
Party put through the legisla- 
tion. they complied gracefully. 

The growing approbation 
among Swedish employers and 
managers for employee repre- 
sentation on boards — which 



are single, not two tier in 
Sweden — appears to have both 
a positive and a negative cause. 
The positive is the recognition 
that there is value in having 
shop-floor opinion and know- 
ledge presented straight to the 
board. Some companies have 
also benefited directly because 
their worker directors have 
been able to solve problems 
with local labour boards and 
even in some instance promote 
company claims to government 
finance. Not all directors regard 
this last opportunity as an un- 
mised blessing, arguing that it 
could reinforce the unbusiness- 
like habit of turning to govern- 
ment whenever a company gets 
into financial difficulties. 


WILLIAM DULLFORCE in Stockholm looks at how worker 

participation is faring 

Why Swedish bosses like 
their worker directors 



Influence 


The negative cause of the 
employers' approval is that the 
worker directors have in fact 
had little influence over finan- 
cial matters. They have fre- 
quently been able to increase 
company spending on improve- 
ments to working conditions and 
work environment in general, 
but they have not so far been 
able to affect basic investment 
decisions. 

One reason for this is un- 


doubtedly that they form a 
minority' and have only a 
limited capacity for opposing 
management proposals. Worker 
directors have voted in vain 
against dividend recommenda- 
tions — one of the most recent 
cases was SEP— and in another 
install ce they could not prevent 
the board of Granges from 
deciding to sell off its entire 
shipping fleet. 

One reservation needs to be 
made here. The Riksbank 
(Central Bank) has adopted the 
habit, when presented with an 
application to invest abroad, of 
asking whether the company’s 
worker directors have approved 
the investment. So far this has 
been no more than an inquiry 
without a follow-up, but the im- 
plication that worker directors 
could exercise a veto over 
foreign investments worried 
employers. 

Other factors providing for a 
smooth transition have been the 
constructive attitude of local 
union organisations who select 
the worker directors, the three- 


year trial period which gave 
companies the opportunity to 
get used to the system, and the 
fairly extensive training pro- 
grammes for worker directors 
organised by the union federa- 
tions with the help of the em- 
ployers’ association. 

Nevertheless, negative com- 
ments on worker directors are 
far from unknown. For in- 
stance, their presence is said to 
“formalise ” board meetings. 
One chairman said bluntly, 
“the difficulty of speaking 
freely in board meetings 
diminishes the role of the board 
in the management process. . . 
there is a risk that, if the em- 
ployees on the board * destroy ' 
meetings, more power will pass 
to the chief executive and the 
chairman, as these two will then 
be the only body that can hold 
free discussions and make de- 
cisions." 

Other directors concur that 
the introduction of worker 
directors could have the . un- 
expected effect of increasing 
the power of the management' 


Looking at it from the opposite 
angle, one union official saw an 
increase in union influence in 
this situation. “The managing 
director is more reluctant to go 
to the board with proposals 
which do not have union back- 
ing, 50 we get greater consul- 
tation before matters are taken 
to the board." 

How relevant is all this to 
the current debate in Britain 
about worker-directors ? One 
important characteristic of 
Swedish company boards is that 
they have a majority or outside 
directors. A recent survey by 
the Federation of Industries 
showed that only 3S per cent of 
the directors of manufacturing 
companies were full-time 
employees t including the 
worker directors): 

The managing director is, in 
almost all cases, a member of 
the Board. He is a specific 
legal entity in Swedish law, 
responsible for running the 
company under the guidance 
and direction of the Board. 
There- is no clear demarcation 


of responsibility between the 
Board and the managing 
director but a recent trend in 
some of the larger Swedish 
companies towards setting up a 
management group round the 
Managing Director could be 
interpreted as moving in the 
direction of a two-tier Board 
system. 

Otherwise Swedish directors 
tend to see the two-tier struc- 
ture practised in Germany and 
proposed in the EEC Green 
Paper as a way of meeting the 
objections of Continental trade 
unions to assuming responsi- 
bility for the day-to-day running 
of a company. Their problem 
is different, in that the Swedish 
unions both have less reluc- 
tance to take such responsibility 
and are seeking other ways 
than Board representation to 
obtain it. The Swedish union 
position, in simplified form, is 
that they will not aim at 
greater Board representation 
before they have more control 
of capital through profit- 
sharing. 


Eriand Waldenstrom, part chair- 
man of Granges who first intro- 
duced voluntary worker directors 

The problems of board repre- 
sentation for employees not 
belonging lo a union and for 
middle managers do not arise 
in Sweden. Some 90 per cent 
of all company employees arc 
organised in unions belonging 
either to the LO. the blue-coHar 
federation, or to the TCO, the 
white-collar federation. In 
most large companies applica- 
tion of the rules 'has meant that 
the LO and TCO each appoint 
one employee director. 

Incompatible 

In effect, however. the 
worker-diirec.lor idea in Sweden 
has been overtaken by <tiie pros- 
pects of direct oo-detcrminalron 
enshrined in the 1976 Act, over 
the application of which the 
employers and unions are still 
negotiating. The future rote 
of worker directors will depend 
oq tiie outcome of these long- 
drawn. negotiations, especially 


as some lawyers sec an incom- 
patibility between the codeter- 
mination Act and the legislation 
on board representation. 

Last month's developments do 
nut alter the basic approach, 
despite outward appearances. 

At the end uf .Tune the Social 
Democratic Party executive and 
the labour federation LO agreed 
to defer until 19SI a decision 
on LO's proposed share-own in" 
employee funds. Instead, they 
said they would press for more 
worker directors on the boards 
of companies with SOW or more 
employees and for the establish- 
ment of “structural funds" to 
finance industrial redeployment 

The revival of the worker 
director idea is a sup to the 
party and union “hawks" and 
docs not reflect any conviction 
that greater Board representa- 
tion will achieve the labour 
movement’s long-term goals. 
Both the party and LO chairmen 
emphasised iheir commitment 
In greater worker control over 
company finances and to some 
form of share ownership for 
employees a* the next step to- 
wards economic democracy affpr 
the cu-determinalion act. 

The policy change was 
dictated partly by tactical con- 
siderations and partly by a feel- 
ing that 1 he fund scheme is nor 
ready. The Social Democrat ■; 
hope to regain nfficc in the 1079 
elect mu and recent opinion 
polls have indicated that the 
fund idea dues nut command 
majority support among Swedes. 
Parly leaders feel also that m 
its present form the fund 
scheme is clumsy and would he 
difficult to implement. 


The shifts in labour legislation 


FOR three years from July 1, 
1973, worker directors were 
introduced in Sweden under 
a trial act, which gave the 
employees of limited stock 
companies or co-operatively 
owned concerns with at least 
100 people on their payrolls, 
the right to appoint two board 
directors and two deputies. 

The local trade union 
organisations appoint the 
worker directors- If the 
unions cannot agree among 
themselves whom to choose, 
the two unions with the 
largest number of organised 
employees in the company 
select one each. If more than 
four-fifths of the employees 
belong to the same loeal union 
organisation, it can appoint 
both employee directors. By 
February. 1975, the unions 
had claimed and obtained 
board representation in 80 
per cent of the companies 
covered by the Act 


A new permanent Act came 
Into force on July 1, 1976. 
This lowered the statutory 
number of employees from 
100 to 25. thereby Increasing 
the companies covered from 
roughly 2,000 to 8,000. It 
also resolved the problem of 
worker representation on the 
boards of parent companies 
of conglomerates by decree- 
ing that the employee 
directors on the parent com- 
pany board should be selected 
.by all group employees. An 
amendment to the Companies’ 
Act stipulated that for a 
board derision to be valid, all 
directors should,' as far as 
possible, have the opportunity 
to take part in dlsriustag the 
matter and all should have 
sufficient material -available 
to them to be able to take a 
decision. 

The employee director acts 
represented a significant 
change In trade unoa tactics. 


Previously both the LO, the 
blue-collar workers’ union 
federation, and the TCO, the 
white-collar workers’ federa- 
tion, had preferred to use 
the collective bargaining 
apparatus to obtain conces- 
sions from the employers. The 
resort to legislation has also 
produced a co-determination 
act, which came into force at 
the beginning of last year. 


Pragmatism 

From the employers’ point 
of view this trend has been an 
unwelcome radJealisation of 
the trade union position. 
It is seen as a departure 
from the pragmatism which 
characterised the labour 
movement during toe pros- 


perous 1950s, and 1960s, 
towards a more ideologically 
motivated stance. Over the 
past two years there has been 
a corresponding stiffening 
within the employers’ associa- 
tion. It explains this tougher 
attitude, though, rather as 
being motivated by Sweden’s 
deteriorating economic situa- 
tion than by any political 
intention. 

One of toe most spectacular 
gains in union eyes this 
decade has been the abolition, 
of M Article 32. 1 * This formed 
oue of toe statutes of the 
employers’ association, bad 
been in force since the begin- 
ning of the century and was 
included in all collective 
agreements between unions 
and employers. It maintained 
toe employer’s right freely 


to hire and dismiss workers, 
to supervise and allocate work 
and to employ workers who 
were not union members. The 
principle was accepted and 
applied by the Swedish labour 
court 

The new co-determination 
act reversed this principle, it 
contained its own Article 32 
whidi specified: “ The parties 
to a collective agreement on 
pay and employment con- 
ditions must also, If the union 
side so requests, reach collec- 
tive agreements on co- 
determination for employees 
in matters concerning the 
conclusion and cancellation of 
employment contracts, the 
supervision and allocation of 
work or other aspects of 
management” 

The power of the employer 


to hire, dismiss and allocate 
work had effectively been 
eroded by earlier collective 
agreemnts and by practice, 
but toe new Article 32 
formally changes the emphasis 
in that ft brings management 
decisions into the arena in 
which unions can resort to 
industrial action, in order to 
obtain co-determination. 

Primary right 

Moreover, the act reinforces 
the anions’ influence by 
imposing on the employer the 
so-called “primary right to 
negotiate.” 

The relevant sentence runs: 
“ before an employer derides 
on any important change in 
his operations, he shall on his 


own initiative summon tn 
negotiations and negotiate 
with the trade nnlon to which 
he is bound by a collective 
agreement.” This means basic- 
ally that a Swedish employer 
can not take any major deci- 
sion without having nego- 
tiated the matter first with 
the unions. Exceptions are 
allowed, when special reasons 
make the postponement of a 
decision impossible, bnt an 
employer is liable to pay 
heavy damages, if a union can 
show that be had Insufficient 
grounds for not negotiating 
with It first. It must be 
stressed that under the act 
toe employer is entitled to 
take his decision by himself, 
if negotiation does not lead to 
agreement 

The co-determination act 
also obliges the employer to 
keep the unions continuously 
informed on financial and pro- 
duction developments within 
the company. It gives the 


uaions the right to inspect the 
company's books, accounts 
and other documents and iu 
certain circumstances to veto 
the hiring of sub-contractors. 
On some disputed questions 
the union interpretation will 
apply until the matter is 
finally resolved. 


Application 

The art. however, repre- 
sents a return to Swedish 
labour market tradition in 
that the application of the 
principles laid down has been 
left for negotiation between 
the employers and unions. 

Although the act came into 
force last year, no collective 
agreement on co-determin- 
ation has yet been made. It is 
thus still too early to gauge 
the new balance of corporate 
power between employer and 
union. 


Technical News 

EDITED BY ARTHUR BENNETT AMD TED SCHOETEflS 

• DATA PROCESSING 

Plots oil well bore 


tSED on the inertial naviga- 
m systems developed for such 
[■craft as the Harrier and 
imado, Ferranti has produced 
10-inch diameter cylindrical 
lit that can be used lo measure 
c exact course of drilling down 
S.000 feet. 

Preliminary trials have indica- 

1 that the equipment can pro- 
ce positional measurements to 

accuracy of six inches with 
spcct to a starting reference 
int at the lop of the bore. As 

2 unit descends it provides 
ta enabling a plot to be made 
the bore in the two geographi- 
I axes and the vortical. 

Such accurate positional infor- 
ition is necessary in gas and 
well drilling when a number 
separate bores may be made 
ite close to each other— it is 
1’iousiy vital that an already 
^rational bore is not broken 
.0. 

Frials have already been con- 
clcd in association with Shell 
pro in the Brent and Dunlin 
Ids. 

rhe gyroscnpically stabilised 
itform used in the unit is 
imtained within one minute of 
- of a fixed attitude in space 
■ardless of chaoges in the 


attitude of the vehicle in which 
it is being carried. 

Three precision accelerometers 
are mounted on the stabilised 
platform with thir axes aligned 
mutually at right angles. One 
axis is automatically gyro- 
compassed to face north. 

The accelerometers detect ac- 
celerations along all three axes 
and the output signals are inte- 
grated twice to give displace- 
ments from the known starting 
datum. This takes place while 
the device is in motion and the 
derived co-ordinates are recorded 
in a semiconductor store every 
0.1 second. .When the instrument 
is brought to the surface the 
results are transferred to a com- 
puter store for further analysis. 
Finally, displacement readings at 
specified depth intervals are pro- 
duced and can be plotted. 

Although the system, which is 
battery powered, can operate for 
several hours independently of 
external services, survey runs 
are usually quite short because 
the unit can be dropped into the 
bore at high speed— it has been 
tested In free-fall conditions at 
1,500 ft /min. , 

More from Ferranti Offshore 
Systems, Ferry Road. Edinburgh 
EH5 2XS (031 332 2411). 


* INSTRUMENTS 

Acceleration 
measured 

DEVELOPED BY G. V. Planer 86262). 
and already supplied to London 
Transport is a test instrument 
designed to measure horizontal 
acceleration and retardation in 
vehicles. 

Design is based on damped 
cantilever with an optical pick- 
up system to measure the 
displacement of a seismic mass 
(proportional to acceleration). 

Results appear on both meter 
and a liquid crystal display up a N AIR driven aspirating system 


and weighs about 6 lb, • is drawing samples from potentially 
powered by internal recharge- hazardous . areas and feeding 
able batteries and can also be them to an integral gas detection 
operated from the mains or from sensor. The samples are drawn 
50 volt dc supplies. into a manifold mounted in the 

More from the company at aspirator unit, from where they 
Windmill Road. Sunbury-on- P*ss through an air filter to a 
Thames, Middlesex (S anbury sensor and on to a flow merer 


FINISHING 


Produces a much 
better surface 


• SAFETY 

Flammable 
gases are 

detected 


which is fitted with a photo- 
electric flow detector. Samples 
finally enter an air ejector where POWDER COATINGS are now components the powder particles 
they are mixed with the com- being used to obtain a decorative are electrically charged and as 
pressed air used to aspirate the an d bard wearing finish on the the components are earthed tbe 
system. handles of domestic electric irons powder Is attracted to the 

Should any sample contain a manufactured by Hotpoint formers’ surfaces. Subsequently 
flammable gas at or above a pre- The handles are moulded in the coated components are 
set alarm level, a remotely black phenolic, a plastics passed through an oven and this 
mounted gas alarm detector will material which does not lend causes the particles to fuse to 
trigger an alarm. A flow failure itself readily to conventional form a smooth finish, 
alarm is also incorporated and coating materials. Hitherto, Hot- For Hotpointis plastics com- 



KGEL LTD 

Kennedy Tower. 

St. Chads Queensway, 
Birmingham B4 6EL 


• PROCESSING 

Automatic 


aiarui is auw *uu coating material 5. Hitherto, not- ror notpoxnrs plastics com- • . 

■ this will act if the flow rate of pD i nl has been using a two-pack ponents some variation of this TkQlTlr 

a sample falls below the mini- polyurethane paint but process was found to be necessary 

mixing 


to plus or minus 30 per cent and for use with gas detection equip- mum required "for satisfactory apparentiy D even witi^this there and™ was found "that Adequate 
tO an accuracy better than one mont hue hwn nut nn th*» marlfOf nncnr nncralinn ■ r , __ , * u 1 , ! 


S'*?? ■“*“ operation. . were problems and a high reject coatings could be formed by beat- 

percent Analogue and digital by Hazard Control, Binary House, Tbe system is said to be simple _ ate j ng bandies to 120 degC 

JJJEJJli J3arnet ’ Herts t0 *®. avaU ®5 ! ® in :,u Hotpoint has now settled for during a pretreatment process A SYSTEM which promises, a 

ant * mstru (01-440 71 bl). variety of operating modes with a \ QW -buke epoxy thermoset and thea applying the special simple, clean and consistently 

rotation use. ■ it is designed to detect ? ran ^® cover_ powder coating developed by Drynamels powder. The coaled accurate means of proportioning 

flammable ing nainnmDLe ana toxic gases a Tube Investments handles are then slowly stoved. and mixing two-component ure- 


The accelerometer, 
measures 8.75 x 5.25 x 


which the presence of 


10 ins gases from up to six points by and oxygen deficiency. 


lagers kept in touch 

ING in management London-based consultancy firm 
a public report series specialising in computers, tele- 
v James Martin, of communications and omce aino- 
fi systems fame, will matioo is running the series. - 
makers with fresh and Since Mr. Martin's departure 
“SK* “ «S» of from IBM in April, he toJMan. 
importance. having up a part-ume appmntnient as 
he way in which minis vice-chairman of the Butler lox 
as are eating into Foundation. the company's 

markets research association. 

ir two reports in the Members of _ Butler Cox 
1 be published giving include BOG. British Leyland, 
tensive review of dis- Burinab Oil, Courage. 

, recessing. The first ITT. Mars, Flessey. Sp iers, 

' some 200 pages, Thomson Organisation, Unilever 
■ Cnmouter Networks and Vickers. 
hmS Processing." is Butler Cox at Morley House, 
pu. 26 Hoi bom Viaduct. London 

Cox and Partners, a EC1A 2HP. 01-353 1138. 



Monitoring catches on 


On the spot 


Printer has a clock 


Tor certain types of work, toe device shown moving the cop; up or down. The device 
here attached to a typewriter amid prove whicfa also be used for other keyboard 

ve* -W.. The is nugnm* «* S?tSE%& SSS S 

illuminated and there is a foo (switch for W4 1SZ. 


r drum printer 
GMT Products is 
b a crystal con- 
and has a ^ rura 
n!y when a dom- 
s received. _ 

«4. the unit prints 
columns an d two 
on a 55 mm 
er which is auto- 
ipnd. The printing 
» lines per second 
tal clock provides 
year, day, hour, 
tecoud. A pre-set 
igger printing at 
jen one second and 


The printed roll is. visible 
through a perspex panel fitted to 
the top cover, allowing about w 
lines of print to be read. 

Measurements of the unit are 
131 X 197 X 408 mm and the 
weight is 7 kg. . MM «£ 
printer is well suited for doui 
OEM use and for application by 
end users in instrumentation. 
The printer can be operated 
from tbe mains, a 24 volt DC 
supply or from re-chargeable 
internal batteries- 
More from 22 HartfieW Road. 
Wimbledon SWI9 STD (01-947 
7234). 


• OFFICE EQUIPMENT 

Calculator cuts the corners 

EASILY portable, battery or tures include 10 digit green dis- pressed as a percentage of the under actual environmental and 
mains-operated desk calculator P*ay. four functions, directly buying pr» c &- A second key de- » !iiif wnfhl 

from Rrmlncfc "i* nnwered hv two addressable memory, automatic pression displays the difference that the programme will help the 
bHkSS. >*r “ nt - item Ss a percentage of the selling development of a fuHy Canathar. 

batteries. count, floating or two places of price. This avoids all tbe sub- Industrial capability m this field, 

Brlnlock W6 has large keys decimals, and automatic or traction, division and re-entry * n d determine whether tbe tech- 

and a full site easy-to-read green switchable constants- procedures normally involved in n *>logy »s suitable for improving 

display in a compact 61 by 61 11 a h 50 has special facilities for such calculations and is ex- tel ecommunj cations services to 
bv H inch« ^ : calculating percentage increases, tremely useful for salesmen and rural 8X6185 of ^ country. 

_ T For instance, the user enters a small businesses, as well as large The trial will deliver, through 

It ts a compact office equip- buying price, followed by a organisations. a fibre optics transmission sys- 

ment product rather- than a selliflg price. Pressing toe equals Brinlook, 60 Kings Road, Read- tern, single-party-line telephone 
scaled-up pocket calculator, Fea- key displays the difference ex- ing, Berks. Tel: 0734 594662, • ' service, at least five and possibly 


company. Capacity of the plant for this thane and epoxy paints has been 

In the conventional powder process is said to be 1,500 handles developed by Graco, 14, Tatton 
coating process used for metal per hour. Court, Kingsland Grange. Wnol- 

slon. Warrington. Cheshire 

- COMMUNICATIONS iwpwwst, „ 

Called the Blue Box. the 
system automatically meters and 
mixes low-viscosity urethane and 

epoxy coating materials ready for 

SINCE Minster Automation intro- —the supplying companies agree application bv air or electrostatic 
duced its Tiger telephone usage that, once the user has obtained sprav A feature is that the 
monitoring system in 1972, a statistical data as to how his material is mixed automatically 
sufficiently viable market was PABX is being used, the saving but only on de uiand from the 
seen by InterScan, which joined obtained will then depend very S pray gun; this eliminates pre- 
battie shortly afterwards, and by much on how be uses it. How- mess and Labour and costly 
two more recent contenders, ever, it seems likely that between left-over material at day's end. . 
Systems Reliability of Luton and £l}m and £2m has been denied it is said to be ideal for air 

Bunzle Telecommunications. toe Post Office. spray finishing of such products 

To date at least 150 systems One of Minster’s newer instal- as compote r cabinets, machine 
have been installed — a clear lations. at EMI in Hayes, is, tools, domestic appliances, office 
indicator of the emphasis now according to toe maker, well on equipment and metal and plastics 
placed by companies with big target to pay for itself in less components, 
telephone bills on trying to cut tban IS months, 
them down. Of the total. Minster Installed in mid-1977, the sys- 
is claiming toe lion’s share with tem has already cut EMI's £im 
85, while InterScan has put in telephone bill at Hayes by 10 per # 

56. Total value of the business cent and the savings— presum- prk|/jfn«|t|(Y 
involved is probably approaching ably due to new routines estab- DUlllw I B Ilf 

£4m. lished— are expected to escalate cninratNr tnni7^.iiPrt Artn. 

Opinions vary as to what these during 1978 towards the 20 per A SOLDERING too! called Acto- 

installations have saved their cent typically produced by this 

owners in reduced telephone Mils Mod of e^pment. MESSM! SSZSHI 

High Street, Ketton, Stamford, 
Lines PE9 3TE. 

The replaceable carbon tip can 
he held straight or at 90 degrees 
AS PART of its efforts to im- more TV channels, FM radio and to the shaft which may be 
prove communications In rural some two-way computer inter- adjusted in length by adding or 
Canada and to stimulate Indus- active signals to allow for experi- removing optional extensions 
trial activity the Federal Govern- ments in new services .such as supplied to individual require- 
ment is to conduct a field trial of teleshopping or information re- ments. 

fibre optics technology in the trievaL The tool operates on a low 

small town of Elie, Manitoba. Tbe private sector and federal voltage from us own AC mams 
Proposed by the Manitoba Telfe- and Provincial agencies will tie transformer and current Is used 
phone System and supported by invjt . ed to P«^de experimental only when the tool is in contact 
the Departments of Commimica- *r! 1Ce i th T° u ® h toe. system so with the work— a feature which 
Uon and of Industry. Trade and that subscriber reaction as well is said to combine safely with 

Commerce, the programme is ag the technology can be tested, economy. 

aimed at testing this technology i 


Fibre optics on trial 


electrical wire & cable? 


•NO MINIMUM 
ORDER 



• NO MINIMUM 
LENGTH 


TbousandsoftypesarxisizesinstodrforBm^c^ddiyery 

LONDON 01-561 8Tf8 ABERDEEN{mA)32355/2 

MANCHESTER 061-872-4915 

transfer callchahges gladlyaccepted 

24Hr, EMERGENCY NUMBER 01 6373567 Ext 4 09 





Financial Times Friday . July 21 1978 


LOMBARD 


Why circular 
logic rules 


PORT OF DOVER 


of the Chunnel 


BY ANTHONY HARRIS 


MINISTERS WHO complain that 
under present methods. Govern' 
jnenr financial policy is at the 
mercy of “a handful of young 
men who write brokers’ circu* 
Jars ” should probably be pro- 
tected from the sight of a recent 
circular from Savory Milln in 
which Eric Chalmers gives us 
his view of the proposed Schmidt 
Snake. If Britain joined this 
arrangemeaf. he says, there 
would be a hull market in gilts 
—a perfectly fair market assess- 
ment. However, the prospect is 
so tempting that he gets carried 

3 way. 


Afier going through some 
rather mare questionable argu- 
ments— the idea, for example, 
that Boating exchange rates, 
practised for just seven years, 
are a feature of the “ permis- 
sive economics of the post-war 
world ■' — Mr. Chalmers comes to 
a ringing conclusion: 14 It is very 
much to be hoped that the British 
Government and the Treasury 
will slop dragnin? their feet Dn 
the question of currency stabili- 
sniinn. and will not attempt to 
sabotage or wriggle out of it. 
This country should whole- 
heartedly and immediately join 
in the scheme.” 


Quarterdeck 


Now this quarterdeck manner 
is all very well from an ex- 
premier like Mr. Edward Heath, 
but when a stockbroker starts 
issuing advice to the authorities 
in (his way, someone is entitled 
to wonder who are the rulers 
now: and his clients may also 
wonder what it has to do with 
them. . , 

The circular I have quoted is 
only, of course, a particularly 
striking example of a large and 
growing class. Gilts brokers in 
general have got into the habit 
of adopting a much more com- 
manding tone when addressing 
Her Majesty's Government than 
their equity colleagues would 
dream of using to the Board of a 
lacklustre company. No wonder 
Ministers complain: and indeed 
clients can sometimes he less 
than enchanted if a circular from 
their own broker knocks the 
market endways, unless they 
happen to be highly liquid at 
the time. 

We have even reached the 
stage where the market is full 
of tips about what this or that 
circular is going to say, as if 
someone had inside information 
about the trade figures, or the 
profits of a company. A pretty 
pass you may think things have 
come to. 

It is instructive, though, to 
reflect how we got into it 
Although I have often filled 
these columns with criticisms of 
official funding tactics, and will 


do so again, I believe that the 
root of the problem is not on the 
official but oo the market side 
of the equation. The growing 
dominance of a relatively small 
□umber of savings institutions 
is nowhere more marked titan 
in the gilts market, and nowhere 
have the consequences been 
more baleful. 

The sheep-like tendencies 
of institutional investment 
managers have been widely 
remarked, and are indeed tacitly 
admitted: I ha y e heard a broker 
accuse a lunch-table full of such 
conduct, and raise not a bleat in 
self-defence. The reason is not 
that they are not capable of 
thinking for themselves, but that 
a manager can never be blamed 
by his Board for trading with the 
market; and the more they 
behave like this, the harder it is 
for an independent soul to 
justify trading against it. 

Now a flock of sheep under 
good control moves like a single 
body corporate; it is only at the 
odd times when the more senior 
and respected sheepdogs start 
barking contradictory instruc- 
tions that the random running 
about known as a good two-way 
market can develop. At many 
stages "the market" is so much 
in unison that it really does 
acquire some of the power of a 
monopoly buyer (I refuse to use 
the word "monopsony"), which 
can force the price down by 
holding off. If the Government i 
Broker sometimes feels a little 
like a man trying to raise the 1 
price of bananas in Central i 
America, it is not surprising. 


THIS WEEKEND is the busiest 
in the port of Dover's calendar. 
There will be more ships, 
cars, trains and passengers 
focused on the busy port 
between tea time today and early 
evening to-morrow than ever be- 
fore as cross-Channel holiday 
activity builds up to its tradi- 
tional summer peak*. 

Over 65.000 passengers, 14J200 
cars and 900 freight vehicles 
will pase through Dover in that 
short period, more than eight 
times as many passengers as in 
the lowest month of mid-Febru- 
ary, when fewer than 2,000 cars 
but over 1,000 lorries pass 
through. 

The bustle is not without its 
problems; but the surprise is 
that, with 32,000 ferry crossings 
each year to and from Dover, 
the problems are not more 
severe or the aggravation for 
holiday makers not more 
intense. Last year, some 7.8m 
passengers passed through the 
port. 

One of the few perennial 
problems concerns the trains 
that carry a stream of passen- 
gers to and from Dover Marine 
and Dover Priory stations dur- 
ing the summer. 

“There is nothing worse than 
getting off a brand new ship 
and onto a tatty train,” Mr. 
Donald Soppitt, the port’s opera- 
tions director exclaims, looking 
aghast at the prospect. In fact 


BY LYNTON Me LAIN 


not all the trains are tatty and 
there are not many brand new 
ships. But the experience is 
one likely to be shared by at 
least some of the thousands of 
passengers Sowing through 
Dover this weekend. 

The British holidaymaker, 
who comprises the bulk of pas- 
sengers through the port, may 
not be aware of tatty trains. 
He is likely to be more con- 
cerned with getting eway as 
fast as possible. The 30-minute 
turn-round times for the dozens 
of ferries should see to that, 
although the same cannot be 
said of the new jumbo hover- 
craft operating out of the shiny 
new £14m Seaspeed hoverporL 
There, teething troubles in the 
terminal and aboard the 
French hovercraft had upset the 
schedules and intending hover 
passengers are often now trans- 
ferred to awaiting ferries. 

There was bewilderment at 
the haverport last weekend. The 
public was addressed by loud- 
speakers only in English; there 
was no airport-style indicator 
showing the status of hover 
flights and there were large, 
restless queues badgering 
patient staff at an inadequate 
desk. Further troubles with the 
French hovercraft had upset the 
timetable and delayed the only 
other craft working, the British 
Super 4. 


The 1U0 am flight to 
Boulogne left' at 12.15 pm for 
an otherwise pleasant and fault- 
less journey. By 1,15 pm British 
time passengers had wormed 
their way through customs and 
passport control. At 1.30 pm 
they had stepped off a coach 
laid on to take them to the 
town centre. 

The 7.45 .pm -local time 
return ferry from Boulogne left 
for the 90-minute crossing at 
7.50 pm and passengers boarded 
Che train at Dover Marine at 
10.20 pm French time But this 
was Oinly after a wearying trek 
from the single-exit gangway 
from the ferry at British Rail's 
Western Docks to the platform. 

Passengers are expected to 
walk, with luggage. 150 .yards in 
one direction, 150 yards back 
again— this . time inside the 
terminal building. — and then a 
further 190 yards or so past pass- 
port control and customs and 
finally into the station.- The 
train left for Victoria station, 
London, almost three hours 
after the ferry had left France. 

The system of queuing dates 
back at least 15 years and pas- 
sengers recognise that -improve- 
ments are long overdue to 
match the airport — style effici- 
ency of the Eastern Docks run 
by the Dover Harbour Board. 

The improvements may come 




niiTrrmri * 



in about two years if - BR gets 
the go-ahead for its (planned rail 
link with the cow ibovenport. 

This is close to the Western 
Docks rusby.BR on land leased 
from the Harbour Board. It is 
also close to the Marine station 
with its 85-minute, nOh-stop 
service to Victoria. 

A rail link would bring 
Boulogne within 2$ hours of 
central London and is much 
sought after by BR Seaspeed 
Hovercraft to match the un- 
doubted speed of its craft — when 
they are running. 

Mr. Soppitt welcomes the 
introduction of hover services 
from Dover. But he says they 
are not t be greatest change to 
have affected the port since the 
Harbour Board was founded in 
1606. 

That he accords to the post- 
ponement of the Channel Tunnel 
in January, 1975. The Dover 
Harbour Board had invested in 
two roll-on, roll-off berths, the 


first in Britain, in 
more were added in the laws, 
when the first hoverport was 
built, and £l'.5m was . inverted 
in new traffic control eqnipment 
*nd buildings. There was also 
land reclamation, but • few 
major projects. 

The port was ready to 
capitalise on the growing traffic 
in roll-on roll-off freight, but 
until 1975 -there was the constant 
possibility that the Tunnel 
■would be given the go-ahead 
and thus jeopardise Dover’s 
near - monopoly ' of passengers 
and freight. The . Board, was 
forced to look at projects which 
had an ever-diminishing time; 
scale with faster rates ■ ftt 
amortisation. Before ■ 1875, 
the Board's most optimistic 
planning horizon for capital 
investment was five years. 


•6 The efficient Eastern 
Docks at Dover. 


pleted and long-term planning 
was impossible. 

Now. the postponement of the- 
Tunnel has released the possi- 
bility of a Hood of investments 
aimed at boosting passenger, 
car and freight capacity. Over 
£30 m has been earmarked for 
expansion in the five years to , 
1985. Many millions, of pounds 1 
have already been' spent. 


This was inadequate fur major 
harbour works, land reclama- 
tion and berth construction. 
Only small projects were com- 


Tfte expansion does perhaps 
carry tile risk Df a steady 
throttling of the Utile town of 
Dover, hemmed in as it has 
always been 'by the towering 
dull white cliffs of chalk. But. 
there is little doubt that the 
expansion plans .designed to 
double daily capacity to 34m 
passengers and over SUO.OOO 
commercial road vehicles a year, 
are planned to achieve these 
annual throughputs with air- 
line efficiency. 


Poker game 


It is this situation, of course, 
which has conferred such 
genuine power on the men who I 
write brokers' circulars. They 
cannot make it impossible for 
the Government to fund its 
borrowing requirement If 1 
policies are not to their taste, 
but they can and do make It I 
expensive. The situation will 
only end if the authorities 
devise some way of meeting the | 
market at least on equal terms. ; 
The present tap system, with a 
known borrowing requirement I 
and a known limit on monetary | 
growth and domestic credit 
expansion forces the Bank of 
England to play poker, as it 
were, with its hand exposed. 

The real test Of the few 
innovations which have been 
tried, and the many more which 
are being discussed in monetary 
management Is whether they 
put an end to this unfair poker 
game. Until then the circular 
logic behind the circulars— you 
can only carry out your policies 
if I buy, and I won’t buy if your 
performance looks shaky — will 
continue to rule. 


Shoemaker set for victory 


WILLIE SHOEMAKER, who flew 
in yesterday from the United 
States to renew his association 
with Hawaiian Sound in tomor- 
row’s King George VI States, 
could prove his mastery over 
Ascot's one - and - a ■ half - mile 


RACING 

BY DOMINIC WIGAN 


Swintey course in this after- 
noon’s Sandringham Stakes. 

Here the world's undisputed 
record-holder in terms of win- 
ners teams up with Hawaiian 
Sound's stabiemate. Humdoleila. 
If, as I anticipate, this Green 
God four-year-old Is back to 
somewhere near the form which 
saw him landing five of bis 11 
races last season (he was also 
second on three occasions) he is 
bound to take a good deal of 
beating off the 8 st 13 lb mark. 


I hope to see him showing Shoe- 
maker as adept at coming from 
behind as he is in waiting in 
front by providing too much 
finishing pace for the lightly- 
weighted veteran of the party, 
the course specialist Iver. 

The young Newmarket trainer, 
William Hastings-Bass. who 
gained his most notable success 
to date when Greenland Park 
lifted the Queen Mary here, 
seems to have more than an 
outside chance of achieving his 
first double on the course this 
afternoon. Picatina ran well 
enough when third in the Royal 
^unt'Cnp to suggest that she is 
the one they will, all have to 
beat in the Crown Plus Two 
Apprentice Handicap*, while 
newcomer Red Sox. a half- 
brother by Red Alert to Long 
Johns among others, will give 



ASCOT 

2.00 — Calf of Man 

2.30 — Red Sox 

3.00 — Picatina 

3.30 — Le Champ Talot 
4.05— Humdoleila** 
4.35— Last Sale 


CC — There theatre* accent certain credit 
cards by telephone or at the box otflce. 


OPERA & BALLET 


AYR 

4.15— Nelly Ayre*** 
4,45 — Shank 

5.15 — Roabon* 


COLISEUM Credit said* Ol-MO 5258 
Reservations 01-836 3 Ini 
ENGLISH NATIONAL OPERA 
1970-78 reason open* Frt. next at 7 with 
The Magic Flute, also ports. Aug. 1, .3. 5. 
at 7.307 July 29 A Aus. 2 at 7-30 La 
Boh emc. 


globe theatre. 01-437 1392. ; 

1 8 15 wwj. 3-0. Sat. 8.0. 8. SO. I 

RaBl EOOI NGTON. JULIA McKENZIL. 

ALAN W AYCKflOUf^S Tfi Nc^ Comedy ' 

“This mw ' Vthe* h |T 0 - ? An la i^“t" 


THEATRES 


SAVOY TH« 


CONTI In 


01-838 BOBB- 


IN HOSE UH « * T *fSS WAVT 
with JANE AWEH 
■A MOMENTOUS PLAY. I URGE YOU 


TO SEE IT. Guardian. 
Eng. at 0-0. Frt. end S* 


end Sat; 5A9 and 8.45. 


| COVENT GARDEN. 


240 1066 


dXardenchargfr^ «H» 


GREENWICH THEATRE. 850 7755. 

E (Citings 7,30. Mai. Set. 2-M. handle 
H aughton's Masterpiece. ; Tima*. HINOLE 
WAKES, "A real IHW.'* Guardian^ 


them all plenty to- do in the 
Virginia water Stakes. 

Looking further north; Jimmy 
Bleasdale who. with 56 winners 


to hi s name this season, matches 
strides with Piggott in third 
place behind the runaway 
leaders, Carson and Eddery, in 
the championship, looks to 
have a bright chance on Lady 
?furless's Nelly Ayre st Ayr. 
The Denys Smith-trained half- 
sister by" Great Nephew to the 
Roval Lodge winner. Adios. 
struck me as a likely future 
winner on her debut at York in 
May. She has only poor 
opponents to beat in the Middle- 
ton Stakes. 


Tonight. Mon. & Thur. n«rt at 7.00: 
Nonna, rronlgiit Bumbry ratfaces Caballe. 
Vcarey retfeow Bumbry. Lavlrgen replaces 


HAMPSTEAD- , 7 *“ 3301 

Evas 8. Sat 2 and 3 
Bin' ON D A JOKE 

a new revue 


SHAFTESBURY. C.C. 81.036 6ML' 
Shaftesbury * nBl ' 

- cousml .. „ „ , 


bunting vrtift enjoyment." 0. T#t. 
ires Cl 10 C5. Bert real* CZ.bO ' 


Price* Cl to £5- Bert real* C2-5Q i-ntun- 
before show at Box DffKu. 

B.1-5. Fri. A S*U S.30 4 8.30. 


cSa7 24 4 27 July;" Brnngry ren laces 
Caballe. Lavlrgen replace* Craig.' Seat 
prlcos lor Tonight. July 34 * 27 reduced 
to schedule Sl— rebates a vail .after pert*. 

THE ROYAL BALLET 
Tomor. at Z.OO & 7.00: Four Schumann 


day 01 pert. 

GLVN DEBOURNE FESTIVAL OPERA Until 


Aug. 7wl«i the London Philharmonic 
Orchestra. Tonight, Mon A Wed. at 5. 30- 
Cost Ian tutte. Tomor. & Thur. next at 
6.15; La Boheme. Sph. A Toe n*XT»t 
S.30: The Rake'S Progress. Possible 
returns only. Box OUlce ^Wvndejuwriie 
lc«m. E. Sussex 10273 8T2411J. N-f-rr 
The curtain for Coal "HI ns* « SJO 
sham. There I* no possibility of admit* 
tance lor late- comers. • 


S;8S; ! 

•mT" 

' ,nd IMNI HANOI .. 

A new play by RONALD HARWOOO 
■ A mrtetes bv CASPER WREDE. _ 
-An admirable play rmmWL wj eon- 
eelved. pronerlv worked out. freshly and 
fittingly written — richly sat -urt 

Scofield at ms best." fl Levin. S. Times. 


STRANG. 01-636 2660. Evening* 8.00. 
Mat. Thur*. 3.00- Sat- S.30 and B.BO. 
NO SEX PLEASE — 

WE'RE BRITISH • 

THE WORLD'S GREATEST 
LAUGHTER MAX « 

• GOOD SEATS C4. 00-S1 .00. 


ST. MARTIN'S. CC. §36 1443. t*H. 6-00. 




7.0. Sib. 0V93. 8.0. Mats. W*d- ind 
A New Play by Phillip Haws Pe*»-. . 


AGATHA. CHRISTIE'S 

*UN 

26th YEAR 




ROYAL FESTIVAL HALL. M* Mil 
Opening Sunday at 7.30 unW Aun. 3. 
Eve*. 7.30 CJuly 2B at 6.301, Sun. July 30 
at 3 and 7.10 (no serf. Sat->, The 

sS 

Dance Co. with GAUNA and V ALEUT 
dancing at every performance 


KING's'rOAD THEATRE. 3S2 7498. 

7 T 


TALK OF THB^TOWN. CC. 73* fffi; 
a.oo. Dinmo. "Dancing rear* ow 7.15N 
B.M. Surer Rr«uo 

RAZZLC dazzle - 
LIS REAj3a*tKL I PARAGUAY 


THEATRE ^A.M Vjd ^ 
IRISH EYESAMD ENGLISH 


by Nigel Baldwin 


730 2554. 

TEAM 


Mun.-TucL TSK.' WJO. J- 


f Indicates programmes in 
black and while 

BBC 1 

6.40-7.05: 750-7J5 am Open 
University (Ultra High frequency 
only!. 1.13 pm Midday News. 
1.30 Trumpton. 1.45 Canu’r Plant. 
2.15 Racing from Ascot 
12.30, 3.00. 3.30, 4.05). 4.18 

Regional News for England 
« except London). 420 Play 
School. 4.45 Lippy Lion. 4.50 
Take H3rt with Tony Hart. 5.10 
Tabilha. 5.35 The Wombles. 

5.40 News 

5.55 Nationwide (London and 
South East only) 

G.20 Nationwide 

T.«M> The Wonderful World of 


Disney 

745 The Black and White 
Minstrel Show 
8.30 Sykes 
9.00 News 

9.25 The Royal Internationa) 
Horse Show 

10.40 Face che Music (London 
and South East) 

11.10 Regional News 

11.11 The Lale Film: "The 
Swimmer ” starring Burt 
Lancaster 

12.45 am Weather 
AJ1 Regions as BBC-1 except at 
the following times. 

BBC Wales— UO pm O Dan Y 
Mor. 5.10 Teleffant. 5^5 Wales 
Today. 7.00 Heddiw. 7.15 Maes 
0 Law. 10.40 Music in Wales. 


11.25 The Late Film. 12.56 am 
News and Weather for Wales. 

Scotland —10.00 am. Paddington. 
10.08 Jackanory. 10JS0- Grange 
Hill. 10.40. Big John. Little John. 
5.55 Reporting Scotland. 1040 
The Beechgrove Garden. 1L10 
News for Scotland. 

Northerii Ireland— ^4.18 pm 
Northern Ireland News. 555 
Scene Around Six. 10.40 Life- 
times. 1U0 News for Northern 
Ireland. 

England — 555 pm Look East 
(Norwich); Look North (Leeds, 


Manchester. Newcastie); Midlands 
Today (Birmingham); joints West 
(Bristol); • South . Today 
(Southampton); Spotlight South 
West (Plymouth). ' 1040 East 
(Norwich) On Camera: ..Midlands 
(Birmingham) The Grass is 
Greener; North (Leeds) Direct 
Line; North East (Newcastle) 
Friday North: Who Goes Home" 
North West (Manchester) Cham- 
pion Brass: South (Southampton) 
[Music in Free Time; South West 
(Plymouth) Peninsula: From 
Coneygarth To Coy; West 
j (Bristol) Jazz at the Seaside. 

BBC 2 

6.40 am Open University 
11.00 Play School 
4.55 pm Open University 
750 News Headlines 
7.05 Westminster Report 
750 First Night of the Proms. 
Verdi’s Requiem direct 
from the Royal Albert Hall 
l simultaneous with Radio 3 
stereo) 

9.10 Mystic Nativity 
955 Horizon 
10.15 The Devil's Crown 
11.10 Multi-Racial Britain 
11.35 Late News 
Z1.45 Closedown 

LONDON 

950 am History Around You. 
955 Plain Sailing. 1050 The 
Undersea Adventures of Captain 
Nemo. t10-30 The Saint. 1150 
Stationary Ark. has Felix the 
Cat 12.00 A Handful of Songs. 
12-10 pm Hickory House. 1250 
The Belter Se.t 3.00 News plus 
FT index. 150 Helpl 150 Beryl’s 
Lol 2.00 Moncy-Go-Round. 255 

Friday Matinee ‘ The Man from 
Colorado ' starring William 
Holden and Glenn Ford. 4.15 
Children of the Stones. 445 Fan- 
fare. 5.15 Cuckoo Waltz. 

5.45 News 
6-00 Thames at 6 
555 Crossroads 


F.T. CROSSWORD PUZZLE No. 3,724 



ACROSS 

Sen- ice providing gas 
pressure? (S) 

Shivering like fish (6) 

Kmd gels concoction eaten 
(Si 

Abused as a roof may be (6) 
Learner entered into contest 
nuisuie and finished (9) 

) turn round in Italian city 
(5) 

Hurried with odds to editor 
Mi 

A misdemeanour in the east 
could be stupid (") 
Hopelessness of snmc French 
couple (7> 

Rump into huntsmen (4) 

The French can compose this 
language (51 

Trli about fool going to editor 
with ornamental fringe (9) 
Knot and fasten appendage 
m neckwarc (3*3) 

Protective clothing to fasten 
in front (S) 

Divid<* into branches if army 
diiintegrates (6) 

Fluster United Nations’ 
bench (S) 


6 The patience of the Americans 
(9) 

7 Minor planet supplying a type 
of hurmone (S) 

8 Jeopardise the finish with 
wrath (8) 

II Thought I'd take halE of each 
(4) 

15 Simple argument produced 
by accuser (9) 

IT Heretic 1 work upon after- 
wards (Si 

18 Is mother upset by boat line? 
( 8 ) 

20 Soldiers accept it as a 

ceremonial form (4) , 

21 Young lady I take on in' 
embassy (7) 

22 Usiry maximum effort when 
the innings is finished (3-3) 

23 Stick notice in this place (6) 

26 Destroy us before outside (5) 


7.00 The Kryptop Factor 
750- Backs to the Land 
8M> Hawaii Five-0 

9.00 The Foundation 
10.00 News 

1050 MtLords, Ladies . and 
Gentlemen 
1150 PbUce 5 
1140 Tbe Law Centre 
12.40 am Close: Michael Burrell 
reads a poem by Gerard 
Manley Hopkins 
All IBA Regions as London 
except at the following times: — 

ANGLIA 

IfJO am Frivnds.af Man. U)jW Simply 
Sewing. JUKI TW Roger Whittaker Show. 
.U-3S Countryside. L2 pm Anelia News. 
2-2S The Oregon Trail 505 OHtfertwr. 
MB About Anglia. 8.00 The IwrMlIble 
Hulk. UL39 Probe. U-00 "Lock Up Your 
Danghteral" sum rut Christopher Plummer 
and Susannah York. 22-50 am Chnstiaus 
In Action. 

ATV 

IIL2D am Friends of Man. Id 00 Irrtn the 
Unknown. UJO The Roger Whittaker Show. 
UO pm ATV NewKleSk. 1JB General 
Hospital. ZB "BUtbe Splni” starring 
HM Harrison and Constance Cumnjlnffs. 
U5 Those Wonderful TV Times. B-OB ATV 
Today. SJio The Incredible Hulk. UJO 
Quincy. 

BORDER 

1U> am Dynomun. io.no Simply Sew- 
ing. 1LD5 The Roger Whittaker Show. 
UJO Countryside. tL2o Border News. 
2JS Matinee "Seven Days to Noon." 5J5 
The Partridge Family. 6U» Lonkaronnd 
Friday. 8.00 The Incredible Hulk. UJO 
Law Centre. 

CHANNEL 

U£ pm Channel News. 2JS The Friday 
Matinee '"me Man." 5JL5 Friends of Man. 
SM Report at six. 730 Oh No, it's 
Selwyn Froggitt. BJB The Incredible Hulk. 
10JS Channel Late News. 10J2 Summer 
of '78. 1L00 McCloud. 12-00 am News and 
Weather la French. 

GRAMPIAN 

9J5 am Finn Thing. 10.20 The Beach- 
combers. 19M simply sowing. II P Th e 
Roger Whittaker Show. UJO Countryside. 
UO pot Grampian News. t2-2S "Three 
Rats ior Lisa." 6J» Grampian Today. UO 
Tbe Incredible Hulk. UJO Reflections. 
1135 Grampian Headlines. 

GRANADA 

1BJ25 am Sesame Street. 1U0 Cast- 
away. JUG Kathy'S Quiz. UO pm This Is 
Your Right. 130 Gambit. 2.25 "Carlton 
Browne of the F.O." with Peter Sellers. 
q.00 Cartoon. 5J0 What’s New. 5.15 Cross- 
roads. < JO Granada Reports. 6 ja Summer 
Sport 7 JO The Many wives of Patrick. 
8J» The incredible Hulk. UJO Friday 
Premiere "The Catcher.’’ UO un a 
L ittle Night Mu sic. 

HTV 

UJO am Money-Go- Round. 10.40 Simply 
Sewing. 1255 The Hnger Whittaker Show. 
UJO Count ryuWa. Ufl pm Report West 
Headlines. US Report Wales Headlines. 
130 Those Wonderful TV Times, zoo 
Women Only. 235 The Resurrection of 


Zachary Wheeler. SJ5 The Undersea Ad- 
ventures of Captain Nemo. 5J8 Cross- 
roads. *J» Report West. 6J5 Report 
Wales. 630 Oh No. It's Selwyn Frtwtrin. 

а. OO The incredible Balk. BUS Music 
Makes People. UJB M'Lords. Ladles and 
Gentlemen. 

HTV cymrn Wales— As HTV General 
Service «qept: U0-U5 pm Penawdan 
Newyddion Y Dydd OJ54.6 Camau Cani 
tamil. B.0MJ5 Y Dydd. 10JS4U5 Out- 
look 

HTV West— As HTV General Service 
except: 1 .20-130 Report West Headlines. 

б. 15-630 Report West. 

SCOTTISH 

UJO am Dynommt. IOjSq Simply Sew- 
ing. 11.05 The Roger Whittaker Show. 


T NiKot»Si satf-iWAi" 

°.t m .°ss ea 

Grotto. Gallery. _Stvx. . T*nor. «va» 
Temple*, tStfBnol. Triad. Sljee( *riajrdri 
an experience not to by misted. I. 


Bonk now an not Him Qt-437 aoss.. 




New*. "Uttertv. atreriv ’beautrtul . . 
■Triad) Guertflan. July / at-Aug. 26 
MARCEL MARCEAU. J 


LYRIC THEATRE. 0t-*37 3686. Ew. B.O. 
MOT. *Thur. 3.0. SOT. S.O and 8.30. 
FILUMENA 

wttk SHrabeth Artber and Twor Grtthths 

»'5K« rfeu I 

..ANTKfcr 


The newest whodunnit bv Aa*ttt* Chrjctje 

dunoiTh? /£Bi* Ch/is5c “ K 


■MiHr 


•■MAY IT FILL IMtVaSSimS? ^ 
HUNDRED YEARS. Sunday Time*. 


VICTORIA PALACE. y 

N ”^s«a‘ 


THEATRES 


ADELPHI THEATRE. CC. 01-836 7611. 
fvgs. 7.30. Mat*. Thur*. 3.0. SOT. 4.D. 


UJO Countryside. 12J0 pin Flower Arrant- 1 
Ing. 1.2S News and Road Report. 1J0| 
Houseparry. +2J5 "Seven Days to Noon." 
535 Cartoon. 5-20 Crossroads. *630 Scot- 
land Today. 6J0 Lavcrne and Shirley. 
8.00 The Incredible Hulk. *1030 Ways and 
M-ans lUJO Lale CalL 1U6 Rouse of 
Horrors. 

SOUTHERN 

UL20 am Adventures In Rainbow 
Country. UJO Simply Sewing. U.Q5 Roger 
Whittaker Show. UJO Countryside. UO 
ant Som Hern News. 130 Those Wonderful 
TV Times. 2JH Women Only. U5 
"Anastasia” starring Ingrid Bergman and 
Yul Bryn tier. 5J0 Weekend. 5JH Cross- 
roads. 6.00 Day by Day. 6JB Scene South 
East 6J0 Cuckoo Walt*. SJ» The In- 
c redible Bulk. WJO Southern Nows Extra. 
1035 “Look What’S Hapnentd to Rose- 
mary's Baby." JUS am Weather Forecast 
followed by Yesterday's Tears. 

TYNE TEES 

935 am The Good Word. 1030 Wild- 
life Cinema. ULflo Simply Sewing. U-OS 
The Roswr Whittaker Show. UJO Country- 
side. UO pm Worth East Hews. UO 

ChaSlongc of the Sexes. tUS ''Seven Days 
to tyoan." *jo Cartoon Time. 5.15 Gambit. 

6 ho Northern Life. 7 JO Bless This House. 
iU» The incredible Hoik. 1030 “Hammer, 
head.” 1Z20 am Epilogue. 

ULSTER 

UL20 am Lost Islands. UJO simply 
Sewing. 11.05 Roger Whittaker. 1130 

Countryside. US pm Lunchtime. 2JS 

"Eight On The Run.” 4J3 Diner News 
Headlines. 545 The FUntstone*. (jn 

Ulster Television News. 635 CmssroadB. 
6J0 Reports. 6-50 Police- She. 8JW The 
incredible Bulk, ms Bedtime. 

WESTWARD 

UL20 am Evolution of Life. 10.00 SJmpIv 


THE BES-T MUSI CAL 
ot 1976. 1977 aim 1978 1 
IRENE IRENE _ IRENE 
•'LONOON'S BEST NIGHT OUT.' 


CREDIT C A S RO? BDOKI NG5 B36 7611. 


Si 

w£lsh 

UND«|t_MILK_WqOD 

mermaid. 2«5, J6S|. Rostaurant 2*8 
2«3S. ErmlniS 740 »N 9-'“- 
EVERY GOQDBOT 
DESERVES FAVOUR 

A ptav for actors ana orchestra DYTyM 
^PAR^6^DRE PR EV IN. Seat* £4 


GvknHtgs 730. MaW. Wed, and Sat. 2. AS. 


1 WAREHOUSE. Doiwnar Theatre. Covent 
Garden- BM 6606- «W*l WWW 
Company. Too' Tomw. . 7 . W. H JOT 
. Pert*. Di*W Rudkin i THE SONS OF 
, LIGHT. v Quite outstanding. F. Timet. 
All scats'. £1.80 Adv. bkp*- Aidwveh. 
Student standby £1. 


a*aM far "no ONE 'WHO "TOVSS 
THE ENGLISH LANGUAGE AND THE 
WGHEST COMIC ART CAN POSSIBLY 
MISS THIS PLAT." 5. Time*. 


ALBERT. B36 387 B. Credi t card b k g*. 
SU 1 971 .S from s.30 am Party RatM- 
Mon- Toe*.. Wed. ana Fri. 7^45 pm- 
Thur*. and HLAJO , c 

A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 

OLIVER I „ 

- MHiAClAaUS MUSICAL Hn. , Tlmig. 
with ROY HUOO and JOAN TURNER. 
"CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Ply. Mirror. 


T«*W IAN MCDIARMIO 
Tomor. VANESSA REOGRAVB 
S.30. Sir Bemurd A4*k» Lmcy 


WESTMINSTER. _ __ MM 0283. 
SENTENCED TO LIFE 
" MUGGHRIDGE-S ttenclwn*„ hwnour, 
THORNHILL'S .dtymatle - art," D. Tjl 
"I nienselY humsh. caring drama. T. mart 
"Tremtmdous imoact." NOW. I VU 
• sharply marod. J- C. Trcjmt. - 


Eigs. 7.45. MOTIne# Sat. 4.30. 
LAST WEEK. MUST ENCfRAT. 


tura ’"Elizabeth London and .to Theatre* " 
Price 50p for each reent. 


WHITEHALL. ■OI-BSOeBBt-TTBS. 

Cvgs. 8.30. Frt. and SOT. B-dS and 3JJO 
Paul Raymond moenh the SwnatHmal 
Sax Kmc ot tha century 
KV THROAT . 

6« GREAT MONTH 


ALDVyYCH. B36 6404. Into B36 . 5332. 
ROYAL SHAKESPEARE COMPANY 
Tout. 7JO. Toma. 2.00 & 7.30. 
CORIOLANUS 

■•An evening of true theatrical glory-' 
S. Time* with. From 26 July. Premiere 
Stave Gooch'* THE WOMEN-PI RATES 
AWN BONNEY AND MARY REAP. 


Price 50» for each event. | 

UATIONAL THEATRE S2 B »52 

OLIVIER I Open rtagel: Tpn't. 7.3Q. Tomor. 
2.45 & 7.30 MACBETH. 1 

LYTTELTON tortMCenlurrt SMWK Toot. 
7.45. Tomor. 3 & 7.45 BEDROOM FARCE 


by Alar Avckbourn. _ . 

COTT85LOE ijmail audltoriumi: Ton't. B 
THE MAYOR OF ziSAMEA MorkshOP 


ALMOST FREE. 48S 6224. Lunchtime*. 
■■ One OP - by Bo* Wilson. Tuej.-Sat. 
1.15 pm. Sons- 3.0 and 5.00 om. No 
Shows on Monday. 

ALMOST FREE. 48S 6224. Evening* Kurt 
Vonnegirtt'* " Haver Plano." by James 
Saunders. Toes.-Sa t. 9. 00 pm. No snow* 
Monday*. 


prod.). Tomor. 8 American Bultalo. 

Many ovccllent cheep seat* all 3 theatre* 
dav of perf. Car park. 920 

2033- Credit card bkg*. M8 3052. 
v n v«r 928 7616 

PROSPECT AT THE OLD VIC 
June— Sent. Seaton 
TWELFTH NIGHT 

"An outstanding revival. The Times 
Today. 7.30 Sat. 2.30 and 7-30 
Eileen Atkin*. Brenda Bruce 
Michael Den I so rv Derrit Jacob !in 
THE LADY'S NOT .FOR BURNING 
■■ t— - anH hnnvani ' Dailv Toieoraob 


AMBASSADORS. 01.836 1171. 

Nightly at 8.00. Matinees Tubs. 2.45. 

Saturdsrs at 5 ana B. 

PATRICK CARGILL and TONY ANHOLT 


w,M "Wfe “ 

- Sunday* <:00 and B.OQ. 

PAUL HAYM(WO.poe«ra ..... 

THE- EROTIC EXPERIENCE Of. THE- ' 


MODERN ERA. ’ • 

ufipreredentad mmw. what 1* 


■Ttke*. to unprecodentod ----- — 

permissible on our stage." fr. Nevyj. 
3rd GREAT YlAR- 


WYNDHAM'S. 01-435 2638. Credit Card 
Bkg*. S36 1071-3 fr»n .8.30 am Mon.- 


Thur. 8.00. Frt. and Sat. S.1S and 8.30. 
■■ ENORMOUSLY .RICH. 


VERY FllNNY."-EyerdnBS New*. 

■ " Supreme comedy on sax and reunion.** 
Dally Telegraph. 

- • ** MAKES YOU SHAKE WITH 

LAUGHTER," Guardian. 


In SLEUTH 
The World-Famous Thriller 
by ANTHONY SHAFFER 


■ Fm*h and buoyant". Daily Telegraph 
Retdrns July 28 


" Seeing the ploy again is In Fact an 
utter and total lav," Punch. Seat price* 
£2,oo to £4.00. Dinner and Too- price 
seat £7.50. 


3 PEN AIR. RWht'fc Jj*. W, 

Shaw * MAN PF P EST H4Y A PARK 
LADY OF THE SONNETS rqwfahf OT 8-0 i 
with MAP I A AITKEN. IAN,.JI5i55I 


helcn weir. R* 'VL'JitlS* tS: 

A MIDSUMMER NIOfTS DREAM 1 . To- 
morrow 2.30 Or 7.45. 


YOUNG VIC _ 928 15363 

Ben Jenson's BARTHOLOMEW FAIR. Ert*. 


morrow 2-30 i 7.45. 


7.45. "A rioroarina producrion" S. Tm*. 
Young Vic Featlyal wit 2 daw- Phone Box 
Office for loaflot. 


Sewing. UL85 The Roger Whittaker Show. 
UJO Countryside. 12.27 pm Gus Honey- 
btm's Birthdays. UO Westward Hews 
Headlines. 2J5 The Friday Matinee: 
"The Man." 5JS Friends of Man. 6JB 
Wesrward Diary. 7J0 Oh No It's Selwyn 
FroggltL 8.00 The Incredible Hulk. 1023 
Westward News. ID JO summer of *78. 
1UU McCloud. 12.00 am Faith for Life. 

YORKSHIRE 
10.20 am Power ivicbout Gtory. ilio 
T he White Stone. U.J5 Dynomili. L29 pm 
Calendar News, uo HQineparor. +225 
"Seven Days To Noon." 440 Cartoon 
Time. S3S Cut of Town. 6.00 Calendar 
fEmley Moor and Belmont - editions i. 
7,30 Bless This House. 8-00 The Incredible 
Hulk. 10.30 The First Tea Tears. 11-05 
M' Lords. Ladles and Gentlemen. 



CINEMAS 


ABC T A a SHAFTESBURY AVE. 836 
0861. Sep. Peris. All Seats Bookable. 

1! 2001! A SPACE ODYSSEY -til. 70mm. 


1! 2001! A SPACE ODYSSEY -Ul. 70mm- 
Klm. VVk. 4 Sun. 2.25. 7.55. Late show 
Tonight a Sat. 11.00. 

as SATURDAY NIGHT FEVER .X*. Wk. 4- 
Sun. 2.00. 5.15. B.15. Late them Sot.'- 
11.00. 


ASTORIA THEATRE, Charing Cfom Road. 
01 -734 4291 Mon.-Thnr*. 6 Am. Fri. 
and Sat. 6.00 and BAS. -(Buffet food 
ivaUrtit-l . 

" Inlectlous. appeal ■ nfl..logt.BtomohiB and 
heart- thumping." Observtr. .Seat* £2.00- 


[ PICCADILLY. 4S7 4S06. CrMW card bkg*. 


836 1971-3. 8.30 a.tn.-B TO p m. 

B. 7JQ Sa* 430 A B. Wed. mat. 3. 


LAST THREE WEEKS 
Rhyal Shakes. ur-arf Comoany In 
THE OUTRAGEOUS ADULT COMEOY 
by Peter NKhoH 
. PRIVATES ON PARADE _ 


CAMDEN PLAZA iopo. Camden Town 
Tubal. 435 2443. Tavlani's AUONSi-K- 
FAN (AAl. <£y the director pi PADRE 
PADRONE.) 4.45. 8.50. 9.0Q. 


E6.00. Half-hoar before snow best avail- 
able seats £3.00. Mon-Thun, apd Fri. 
6 sun. perf. only. ■ 


CLASSIC 7. 2 3, 4. Oxford Street loop. 


Tottenham Court Rd Tube). 636 0310. 
U and A proa*. Children Hair-price. 


6 sun. perf. only. _ ■ 
BEST MUSICAL OF THE YEAR. 
EVENING STANDARD AWARD..' 


BEST COMEOY OF THE YEAR 
Ev. Std. Award and SWET Award 

pKl NCnEDWARD7 - CC - i fO«nerlv - Ci* Iffi). 
01-437 6877. Rertontwnrw This Week. 
Evgs. B 0. Mat Thur. 3.0 Sat. S.O©. 8.40 
NOTE CHANGE. OF SAT. PERKS. 
From JULY 22 Sat* 5.0 and 3.40. 
From AUG. S. Sets. 3.0 and 0.40. 
and Irom SEPT. 2. Sat*. 3.0. and 8.0. 
h V I TA 

bv Thn Rice and Andrew Uovd Webber- 


CAMBRIDGE. 836 BOSS. Mon. to Thor* 
9-00. Friday. Sitorcnvfi 5.45 and 8.30. 
fPf TOMBfl 

Exciting Bladt -African Modal. 

“ Padn-n win- rar-rtv Dlv -Mlrror.- 
Seat price* £2.oa-L5.oo. . 

_■ THIRD GREAT YEAR 
Dinner and top-urtce- seat £8.75 fnc. 


1. Walt Disney'* HERBIE GOC5 TO 

MONTE CARLO OI> PrW. 1.30. 3.40. 
5.55. B43S- Late Show THE GODFATHER 
PART II iX). 10.30 ora. 

.RSUH. McLure WARLORDS-, -OF 

ATLANTIS (A). Progs. 1.10. S.30. S. 55V 
8 -20. LatO Show THE ROCKY HORROR 
PICTURE SHOW (AAl. THE PLANK 
fill 1-1 pm. 

3,. . Bruce Leg .GAME. OF DEATH 
Prog*. 2.00. 4.1S. 6 30. 8.45. -Lale 

Jhow 11 pm. ... 

4. LEBANON . r . WHY? CAJ. Arabic 
Dialogue English sob-utlo*. Proa*. 1-05. 
2.50. 5.30, 8,10. Late show 10.50 om. 


RADIO 1 « 7n » 

(SI Smrwwboiric broadcast 
t Medium Wbv« only 
UO in At Radio 2. 7JB Dave Lee 
Travis. Sttnon Baiea. 11.00 Tony 
RUefcbuin. 1ZJ0 pm NcwsbeaL 12.45 
Paul Bnrnett. 2-00 Peter PftwclL 4J1 
Rid Jcmen Including SJO Newsheat. fJM 
Rousdtabte. 7 JO Sports Desk l joins 
Radio MJC John Peel (SI. 12.00- 
2JJ2 am As Radio .. 

VHP Radios 1 and 2—5. BO am with 
Radio including L35 pm Good Listen, 
log. io. M pm Whh Radio V 12J0- 
102 am With Radio 2. 


Solution to Puzzle No. 3,723 


DOWN 

1 A pnrilon for each person (8) 

2 Administration putting soldier 
in wrong corps 16) 

3 Old hiaekbi rd found in house 
loft (5) 

4 Belief about a teamleader 
be ids made (7) 


EJEBEnQKB - zmm 0HE 
h. - a a n- : n q 
BEBDQaag ".ohhehe} 
n ;R B B > ' : -Ci : H v -S 

aaaanana ’ cieqbee 
Q H E' u B. .0 n c 

q b n a q, n. v n -fl 

HS500H0-.- BBBDQDSIQ 
S3 - Q S3-; S3' • H 

HaRnaBi.aannsBnQ 

H--.Q---.n-: " ® n 

B nPEEB BBElHBnRw 


RADIO 2 1 jOOm and VHP 

S.D0 am Xoivs. 5J12 Richard Vaughan 
■ Si With The Early Show. Including S.lu 
Pause for Thought. TJ2 Terry Wogan 
is 1 Including s ir Rjctnz Bulteun. 8 AS 
Pause for Thought. 10. U Jimmy Youna 
1S1. mi pm wrag^aners' Walk. »-* 
Pete Murray's Obbji Rouse 1S1 Includlnit 
1 45 Spurti Desk. 2J0 Darid Ramilloa 
fSi lturladlng and 3.«3 Soon* Dei*. 
“■S W'WBoners' Walk. 4.45 finotta Desk. 
438 John Dnnn rSi luhtding 3.43 Sports 
Desk. 645 Snorts Desk. 7JK Sequence 
Time iSV 8.02 Frank Chacksfleld fSl, 
0.45 Friday Night Is Music Night 1S1. 
433 Sports Desk. UA2 Games People 
Play. UJO Let's GO Latin. LL32 Spang 
Desk. 1U5 Brian Matthew Introduces 
Round Midnight, including 12.00 News. 
3.Q8-2JC am Nou-s Summary. 


RADIO 3 Stereo dtVHF 

»JS am Weather. 7.no Neva. 7.ns 
Overture 'Si. 8J» News US Morning 
Concert iS>. 330 News. UB This week's 


Composer: Britten 1S1. «JS Young 
Artist's Recital 1S1. U30 Four Eng’iih 
ConiDtaora 1S1. 1140 Dhoe Recital fSl. 
12.IO pm BBC Nonhem STmohony 
Orchestra. Part lr Haydn. Roussel isi. 
130 News. US Playbill tSi. 130 BBC 
Noithem Symphony Orchestra. Part 3: 
Dvorak (Sl. 2.00 Raroquo Instnnneninl 
Mnsle 1S1. 230 Mahler Symphony No. 7 
fSi. 430 Unaccompanied Bach for violin 
•si. 445 Tbe Young idea t5>. js. 45 
Homeward Bound. *535 News. *UB 
Hume ward Bound. 1630 Lifeline*: Leisure 
and Recreation. 7 JO First jjiant of the 
Proms fS). 430 Drama <s>. U1.45 
Kondraahin Condurirng Balakirev iS«. 
U.30 Upod One Note <s>. u.45 New*. 
U40-U35 Tonight's Schubert Sons. 

Radio 3 VHP only-4.08-7.00 am. 5-45- 
7 JO pm Open University. 

RADIO 4 ■ 

434m. 330m, 3S5m and VHF 
6.00 am New*. 6JL0 Fanning Today. 
8.38 Today. 7.00 and S.M NcvShrdlu 
6JO Todav Inchidlng 7.00 and S.OO News; 
730 and 9.30 Headlines. 8JS Yesterday 
In Parliament. 930 News.' 4.05 Local 
Time, 4J5 The Life and Tunes of the 
Piano fSL 1930 News. 1035 Let's Get 
This Settled. 10JQ Dally Service. 10.45 
MdrtUag story. 1130 News. U.05 Pain: 
A Way Of Life. U30 News. U32 pm 
Yoo And Yours. 12J7 My Music t5». 
1135 Weather. LOO The World Ai one. 
UO The Archers. 1.45 Woman's Hour. 
LOS Usien with mother. 3.00 News, LOS 
Afternoon Theatre 1S1. 4.00 News, 435 
Overtures for Beginners. 4JS Story 
Tittle. SM PM Reports. 538 Enquire 
Within. 5L55 Weather. 630 News. 6JD 
Going Flacoa. 730 News. 735 The 


Archvre. 733 Pick Of The Week rsi. 
8.10 Profile. SJO Many Reasons Why. 
9.15 Letter From America. 938 Kaleido- 
scope. 531 Weather. 10.80 The World. 
Tonight. KUO Week Ending . -. . tSi. 
1035 ivlgtecw. 2130 me Clores. -1U5 
The Financial World Tonight, mo, 
Today In ParHamenL . 1239 News. 
1239 am Inshore Forecast. 


CHICHESTER 
ToVt. 4 Jyl 
THE wa 


R Q24£ 61 312 

Uly 27 at 7.00. July 22 ai 2.0 
3IN PAPERS. July 22 *t 7.00 


!l. ram^rwscK'"cr--ffniir86ii 


Evenings 8.0. Saturday 5. so and S3 5- 
THE HILARIOUS 


BBC Radio London 

206mTttid mVHF. 
530 sm As - Radio 3. ■ 6J0 Rush Hour. 
5JB London - Live. 1233 pm Coll in, 
inciufJiua :iJM ' London News Ti^sh. 233. 
!0fi Showcase. •• 4.63 Borne Run. Ufl 
London Spang 'Desk.. &35 Goad Fishing. 
7.00 Look, ‘"Strip. . Listen. 7 JO Black 

Lottl oners. SJO 'Track Record. 1030 
Late Night London. 1230— Close: Ar 


CRITERION 430 Ml 6. <*C. 8*5 1071-H. 
Evas. 8. Sot*- 5J0. 8.30. TTlurj. 3.00. 
NOW IN in SECOND YEAR. . 
LESLIE - PHIU7FS 
m sne'oF one . . 

A HALF A DOZEN LAUQHS A MINUTE 
SECOND HILARIOUS YEAR 
" VERY FUNNY." Sun. Tel. .. 


THE HILARIOUS 

BROADWAY COMEDY MUSICAL 
I IOVE MY WIFE 
Starring ROBIN ASKWITH 


Directed by GENE SAKS 
CREDIT CAHO BOOKINGS 930 0046 


CURZON. Curzon S trout. W.J„ 499 S737. 
‘FuHv Air Cpntntlooert.l . DBRSU UXALA 
nil In 70 m« langttjn aub-titlwO * 


DRURY LANE. Ot-836- 6T08. -Men. ta 
sat. SOT : 3.00 


"A rare, dovastaUnp. lavou*.. flitorlaMna 

^.ftunoer.’' 5. Times. 

DUCHESS. _ 638 8243. Mon. to Thur*. 


oukeml ere. orrs^TTss: 

Evg*. B.M. Wed. 3.00. Sat. 5.00. 8.30. 

ANTHONY QUAYLE 
FAITH BROOK. MICHAEL ALDRIDGE 
and RACHEL KEMPS DN 

I* O lii\ - Xn-!-- »- 

„ ^TNE OLD COUNTRY 
Play and Plavcrt London Critics Award 
_ BEST PLAY OF THE YEAR 
DIRECTED BY CLIFFORD WILLIAMS 


iU) In 70 m» iSngjUb aub-titlw.) * 
t»t.™ bv AKIRA KUROSAWA "MASTER. 
PIECE" Timas, "MAST8RWORK." Ob» 
siraw. "MASTERPIECE. E. New*. 


_ nnuiIUFTO,!. C. 

Rim « 2.0. 5.45 and 8.20. 5uflff»YS at 
3.30, 6.0 and 6JO- 


LIIOESTER SQUAJtC THEATRE (030 £2521 
Richard Burton, Roger Moore. Rieham 
Mart’ll. Hardy Krvoer ttt THE WILD 
®8£K 1 AAl. Sec. _DrflKS. Wks. 1-00. 
4.30. 8.10. Sbn. 3.30. 7-45. Late shews 


Evening* 8.00 Frj., Sat. fi.ls and 9.00. 
OH! CALCUTTA! 


QUEEN’S CC. 01 -734 1166 Previmw 
irom August 16. Open* Aug. 23. 


Wei's.. Tsis, rrl, ‘ and Sits. J7-45 om. 
seaB may be ooakeri in ..advance Jor 
8-1 5 pros- Mon.- Fri. and all pragi.'-Sit 
and Sun. Exci. lale night shows. . 


1 Thff.-fikdttr « jtunnlng" Oglly fei, 

9th Sensational Year. 


"OY OOT'rtCJ. JAMES VILLIERS 
wrth GEORGE CHAKIR15 -m Qrvtvli 

THE P AC 5 1 ON OF DRACULA. 

-RaYMONdKEVUCRAR.'CC.OT-734 1SR3'. 

.At 7.00 pm. 9 pin. fl-pm. Open* Sum. 
PAUl RAYMOND- Dttrwnfs 
THE FESTIVAL OF EROTICA 
Fulhr a w ^conditional 

2l3t SENSATIONAL YEAR 

REGENT. K™Smw arcus Tube. 

THE GREAT AMERICAN 
_ BACKSTAGE MUSICAL 

Previ. fr om 3^ Aufl- Box 0*«e open, 
eery ac ‘cdBWtTiiT^r no 1 745.'~Arr ~edi5i'. 

Ton't. 8. Tomor. 8.30. Last 2 Perf*. 

FLYING BLIND • 

.Bill Morrison '* • savior taree." F. time*, 
i 'AUDACIOUS COMEDY,- 

Prevs. »£d- .W w«^?re of 

ECLIPSE by Leigh Joc ka pp. 
ROYALTY. Credit cards.' oi^aos BOOMS. 
Monoav-Thursdav evenings 8.00. Frl<tev 
S.SO and 8-45. Saturdays 3.00 ana 8.00. 
London critic* vote HILLY DANIELS In 
BUPRLING BROWN SUGAR- 
Best Musical In 1977 
Boohing* accepted. M»JOv credit cards. 
Special reduced rates lor matinee* uor 
limited period only.) 


Radio 2. " 

London Broadcasting ... 

261m and 97.3 VHF 

530 War Horning Huge. 330 ‘A SI with 
Rob Holne&r and DoujJaft. Cameron. 1030 
Brian Hayes Show. 1-00 pm LBfy Reoorta. 
3J)0 Gearge- Gaia's 3 0 clack CalL COB 
LBC Repeals. 830 After Eight srilb Ian 
Gilchrist 930 Nlghtlhte with Alan Nln. 
1.00 am Night Extra with Hugh WllUams. 

Capital Radio 

194m and 9545 VHF 
630 un Graham Dene's Breakfast Show 
•Si. 4.00 Michael Aspel (SL 1230 Mike 
Allen (SL J3fl Roger Spoil iSj. 7.00 
London Today rSi. 7J0 Adrian Love’s 
Open Line tSi. 438 Nicky Home's Your 
Mother wouldn't Like it tSi. UJO Tony 
Myau's uii' Show |Sj. 230 am Mika 
Smith's Night Flight <S<. 


DUKE OF YORK'S. . Ot-836 5122. 

Eyenmw a.oo.- Met Wed., Satr 3 J». 
Lunllsd Season.- must one August '20.' 
JOHN- GPELGUO - 
:tn Julian Mltchciri 
HALF-LIFE - 

» ,T HtATRE production 

iHttV ■ e ■ ■ [fO ' O/TtP Yhotila 
•Pjjfj*. Haro ld Ha waii <Dfama>. -lB«tati| 
eredii card, reservations. Dinner ana 

■ ... Top price seats £7.00. 

FORTUNE. JSJL JMO. Thun. S . 

Muriel PovIdw as MISS ' MMlpL£ la-.. 
....AGATHA CHRISTIE'S ***•■*!. 
MURCER AT THE Vicarage 
Third Great Year 

GARRICK THEATRE, CCT~C I -43£- 4Ml‘, 
J Vi- 8.0. Mat-Wed. 3.0. Sat UO. 8.30 
TIMOWY WEST. GEMMA JONEA 
MICHAEL KITCHEN ^ 

ttl HAROLD YINTER'c I 

THE HOMBCOMING 

BRILLIANT — A TAUT AND EXCEL.. 1 
LENTLY ACTM PRODUCTION." D. Tri. 
"AN fMEXHAUSTfStr RICH WORK." I 
Gdn. “NOT TO BE MISSED," Thne*. 


OOEOPf. Lefceater Square. - 9 JO 6111. 
REVENGE OF THE PINK PANTHSR iA>~ 


REVENGE OF THE PINK PANTHSR iAL 
Srii. nron, Uly boor* gpcamoenl.-m 6INJ* 
11.00 am ' nor Sun.}, ut-araa. 1.13. 
2M prog. 4 JO. ere. pros. 7A5..UW 
night ahow Mon, -Sat., ddorf (men 11.15 
pm. All emu hkoio. except morning saw 
and Mon. late , niaht show, at tbe , 84* 
Oltiee or oy peat. 


OpCON, Hay market. 930. 2728-3771- 
Jane FeiHta. Vanessa Redgrave To a 
Fred Uinmnann him . 


JOUA tAl ‘ ' ' ' 

sgp.- proof, dly 2.50 I not Sun.]. 
i'iS' Fjjtere Uly. 2.4S fnot SipJ.-tOOx, 
q-.oo. ahem ta npe Irani* it theatre. - 


TUMMA WP^' 

5oe.' profli; 1.0S, ATS. 

7.4S. Latj ihow -Pr|. and Sat. Dpprt 
open 1 1,1 j pm. All reals Bitbie. . 


PMNCt CHARLTSt- Lok. -iq. -4J7 11*1. 
' Me*-BreeM 


Son. 

J-00. Lt*. Show Fri. and Sa*.- *1*65. 


Seats bkbtel Us'd. Bar. 






South v 









financial Times Friday July 2 1 1978 

Tne National Gallery 


The artist’s eye 


Cinema 


by WILLIAM PACKER 


V The ®^ COftd in interesting 
Mries fl£ ® nn ual exhibitions is 
V »»; on sbow at the Nation*! 
- - i G * 13 f y ; ^hard Hamilton, th- 

'• Sf n r ha ( t br0UBht l0 * eth « bis 

pick of the collection. One of 
Jus own works is aUo i nclud ed 
\ f Marilyn painting of the mid- 
; r. v ^ sixties: and he has nm L 

ri iSSSSfsi'sasS 

% lho , Su V ‘* 1 ttan 

■ ■ ->*3 

"J 54S 

tW*?*. pictures - as thou eh 

s bould comprise a kind 

ofher nlX Arfists ' much like 
“ S People, are not neees- 
consistent in their prefer- 
f£ ces . and enthusiasms: and, 
Jjjf. might well appear 

« hat - en,ote at times from 
.in«r °it n ,mn, ediate preoccupa- 

Vrt rt* 1 * 1 ® practice of modern 

art does not disqualify them 

£d- P a t f u fh l0Ve and dee P k “ ow - 

Sier, ' Work ° f "* “'1 

th R« respo " se 10 a case like 
this is to consider what my own 


Soft landings 


bv NIGEL ANDREWS 


choice might have been, and to 
enjoy the pictures themselves in 
such unwonted company, truer 
for once to the practical circum- 
:ea ° f a . Private collection 
than most of them have known 

for many years. We grow too “Tt 

||* ed I^t tbe categories supplied 

“ES f ° r 5« Kembrandr toother for 



“ — ~ , 7~ Certainly the emphasis in the posals in the IF.Vs paper are roallv he the work of the same 

International Venet (U) Empire Wilson Report on propping up too detailed iu discuss here, bul Bryan Forbes who directed that. 

The Life of Chlkuaan ICA the commercial cinema as it now if this brief introduction to the well-aimed recent bolt at senti- 

Warlords of Atlantic existe seem s lamentably short- report has whetted your mentality and suburbia, The 

SwterSCene W«.t S1 § hled - And ® ven irrational. If curiosity. Ihen write to the I FA Siepford WiceH? 

Smss &cene. Warner w^ t End. fi i ms made for the popular at 12/13 Little Newport Street * 


While we 
wondering if 
ever come 


Wilson’s Working Party Report ? ere J 4 - no - °L Sufficient, at large, 
on the Future of fhe British Film demand ^ a blueprint for 


a delightfully quirky work ' the 


Industry — that investigative 


economic disaster. 


IMS 34 years since Elizabeth . 

Tuvlfir u*nn 1 hr» r v .. n il V-atinn-il SlTlM l 


* >«* *»«. independent Film- W. : «ji .he Grand Nn.lon.l 

ago and still Failing to show any Mahers Association does not pre- —although > tin will not find her murv J™, are 

signs df animation-may I beg lend that ■** work is answering panic inscribed among the Sronutod Ss SSh 3 r 

you briefly to consider a new a great public need, it is merely immortals at Amt ree. since she '^" 11 , 1 ? mSt^urc uf 
document writ.en bv the lode- ° ne ^Ifexpressive part of the Panned the feat an.l n elodram, 

pendent Film-Makers* Assoc-ia- d,v *n» mosaic of a country's wood. The film was \atinnai 1 ' ’ r . ... 

„r . 0 . film !nr?n«rr\- nnH a nnri «h->» Velvet ifrmii 1 ho hr. mine's name Slnndn made flic f. '■Inert and 


humour 


pendent Film-Makers’ Assoeia- divers ® mosaic of a country's wood. The film was National J ' ' , 

tion of Greai Britain and sub- fiJm industry— and a part that Velvet (from the heroine's name S.^'ndo made FUe Island and 

mitted to Parliament as a riooste toe Wilson Report notoriously Velvet Brown 1 . the year was Onihnhn. and if 1 ho meandering 


nutted to Parliament as a rinn^te toe Wilson Report notoriously velvet Brown 1 . the year vn v™. ana u 1 o- meannenng 
to the above? P neglected. Statements two and 19-W. and handkerchiefs all over sijli* of the new him i> borrowed 

It is called tike iis Drecur«:or thrp c of the lFA's summary thP world wore joyfully from tile first, its sudden 

a renort on “ Thp F.ftifr* read: dampened by Miss Taylor's eruption* of violence and come-' * 

British Film Industri e %nV*it “ Government policy until now, triumph. come from the second. All the 

consists of eiebr Hoselv-iWri together with the Terrv and They do not make films like great vicissitudes of mortal life 

pages, ending in a m nfml Wilson reports, generally 'fail to that any more, although in Inter- arc suite through in the story— 

posals and a summary For anv rp cognise ibis diversity in any national Velvet they have made birth. marriage. jealousy, 
one who cares aboui ' mor ies in "a I way. There is a danger that the unfortunate mistake of try- bereavement, poverty — but the 
this country the renort is w,,Hh future legislation will remain ing. Tatum O'Neal plays the film keeps j sort «»f cr.tsv-cheer- 
gettingand reading in frill rm«™ with » he outmoded conception of niecc-cu in- foster-child of the now fill ricrachincnt : if :l had no 
details laierr buf fnr brevitv's cincma - 'hercbv ignoring the crown-up Velvet Brown (Nanei to wish to dwell nr moralise on 
sake I shall confina nlvea ir iiL. mr,st viral arp a today: indepen- Newman) who is living in oiit-of. these theme-:, merely m keen 
m the summ/rf lhjrlJkK dcnt cmema.” wedlock bliss wi,h xvri ter ChriMn- changing ihe -scenery and the 

of four statement «*aeh nr “ A subsidised sector is apprtn pher Plunnner somewhere in the reasons, and lu show us ihe 

seems likelv—ind aar r i C nrnh- Mv P riatp f° the new situation, and heart nr rural England. We watch external flu\ and shifting 
designed — to have iAp Wilson comparable to l he arrangements as Miss O'Neal grows from a colours or earthly life. Hirer- 
Working Parly members semirm ,n the other arts, and for cincma fractious orphan (when the film turn, photography and perform- 
ing in their seats and miitterinV i,self i0 othef European eoun- begins she has just arrived in anees aiv all of .1 high calibre, 
lug uivir Stats ana muttering tries'* Fnnl ^.1 r™.« ofler tho :.nrt fin., hr.nn; .. u -e..k- th.» H*i 


of subversion. 
The first 


tries.” England from Arizona after the and one hopes a week at the ICA 

In an ideal world there would death of her parents) into a will he the prelude in a longer 


War U arts nf lrlinirrs is an 


The first Statomont “ u 1 «v»«u uivie nuun.t UL-ULU ui ntr oarentsi lino « I'muur w .I 

"Cinema is now no Inneer the be no need for subsidy, and a plucky, pretty IS-vear-okl with a London run: 
principal malsmediumTele- Utopian correlation would always gif, for eqm.ation- She . is * 

:,~rf U r J .J ear !- ^- e S row too “ The Young Schoolmistress " by Jean-Bapcirte Simeon Chardin vision has taken that function ^ x,sl , berween supply and “ spotted " by British equestrian It'iirliurts uf \rl.jnns is an 

} , ed the categories supplied and cinema has as a result not demand - ® ut tf economic _bnrwi« coach Antony Hopkins, drafted umk-rwaier (.:hri>(mas .stnek in:, 

thaton!.!? « ,ip :- and thus forget Rembrandt together for once is ferent works where there ic a lh -m R n „»c remained monolithic, but has ?u e ne , ces . sar - v to the survival of into the national three-day event You never kmm tuiiie what p«u 

UeL! > d pamtj ngs stand up for to stimulate fresh Qumehts amt oSniSLI “c ®? ! “£ ,h .°* n - rathor diversified. There remains a t hc ar ’? «" general, and cinema team and whisked off to the will find next in Mii* >i..ry «,r aD 

themselves in the best of com- fresh understanding 1 would nerhanc rnr the phar^in^Awen J" ore of the , Italians, but in say- mainstream popular entertain- particular, then let us at least Olympic games. Can family Anglu-Aineruan exploring tv.rm 

pany: and to see this Goya and most certamlyhaSf' chosendf K? 3K wLh?« S n!5d ^5S£S S J‘ s ^ Uch * 1 , n ? usl insisl ment cinema on the one hand. d,re J ct some " f ,herr ‘ a > ,»c «nde- history repeat itself : . . ? win. stumble upon th- famous 

certain iy nave cnosen ait- tan der wreydeo or David rather I am not complaining at all. and on the other 3 n mrie™.r,Hr.m pendents. Commercial cinema Sentimentality comes in all lost r ilv white insu.-.-t mg the 


Goldsmith’s Hall 

Schoenbergiana 

by DOMINIC GILL 


[York and Ripon 


Early Music 


The first half of the Nash score, a shade too literal? — by NICHOLAS KENYON 

ensembles programme last certainly, those vitally different 

eiJSK* Ser I^ll Sch0Mber S- lengths of pause between songs The third week of York's huge tier, and the gains and losses 

a concert performance of were never verv eloselv (or Earlv Music Festival nnened on an Ni.ihonii." iu .... 


Ut. \l t P u n t ac ir T- XT x r ^ interim Acoon committee 1 • u n • K - ‘ 

by NICHOLAS KENTON spawned by the Wilson Report, are “ than ,s Britain 


and on the other an independent' Commercial cinema Sentimentality comes in all Insi rilv while insp».«:iing ihe 

cultural sector has developed." ? ho “ d - be ab e ,00 !i , 3U * T sha P es and si7t *-’ ! 'n the cinema. Atlantic m a diving-bell It is 
That is a hard truth to swallow , i s Prime raison tieire is from The dignified In the distress- a morn point whether they are 

— that cinema is no longer the !° . ca ' er . 10 a. public need. But Inq. The brand on sale here is more surprised /alarmed by the 

leading entertainment medium— ir | d ®P end ®P^ cinema is, by defi- strictly suburban: a melange of leerndar' monsters who keen 

hut a truth it certainly is. and J 1 " 10 ”* independent of the mar- ambrosial Francis Lai music, erupting around them tin- 

one the Wilson Report did not * {et ‘ must finance itself or it pretty postcard views of England eluding ;r fetching line in flung 

begin to face up to. Independent PH 5 * s ,| ek sponsorship. Our a nd creakingly encinecrcd fish, who hurtle' >iul!ri-fa«t at 

producer David Puttnam aired » p »mw European countries— not- suspense. The parr of the grown- their victims hat ten in u onto them 

sometime ago. while serving on ? b,y Germany and France— are up Velvet Brown cries out for a wtih their teeth) or hv ihe sight 

the Interim Action Committee far ?? d _ out in iaese star performance (Elizabeth of the legendary Cvii Charis^c. 


Taylor 


offered 


hut showing off her still shapely 


the horrendous idea that the only Finally: 'Our proposals build refused), but all it gets is lho legs as ihe underwater queen 

es of salvation for British ? n t* 1 ® work done 10 ‘■Tea 1 ® an special line in Home Counlies “Atsil." The director of this 

were ®) ne,na ,a >‘ in cable television, independent cinema in order to tweeness dispensed by Miss New- enjoyahle hokum is Kevin 


11 at Wfgmore Hall in solo flute in "Der kranke Mond 
196S); over a decade the read- were both a delight Fet 
ing has broadened and deepened sopranos can ever have hit th 
wonderfully well. It i s now a low E flat so powerfully and si 
notable lour de force: sung -precisely as Miss Manning did ii 
(naturally) from memory, with “Nacht." 


*f \texK 0 dp lUiniMt The , many a mue arouna — out It is a 

525i^ nhSS-JS perfectly plausible theory, and if 


| Castle, Gilling ' Castle. 


ood cult not to feel that the unsophis- 
and ticated approach of the Yorkshire 


nearly perfect accuracy, exactly The concert’s second half was Hovingham Hall (where two Baroque Soloists did the music a 

and stylishly poised between less serious: a group of chamber chamber operas are being pre- disservice, though there were 

speech and song. A few moments arrangements of Johann Strauss sented toda.tf and on Sunday, on individually distinguished contri- 
still jar — chiefly one or two and Rossini made by Schoenberg which John Warrack will hutions — Don Sniithers played 
brief appearances of the scold- and his pupils— some, like report). - his tiny curled tromba with great 

!"?■ ™« . voice (in Webern's transcription of the j. M . Thomson wrote here P? nacfae - and bent, flared 

(.•aigenlied 1 and the naughty- Treasure Waltz and Berg’s of about the sense of adventure oboi <*** eaccia made both a rare 
little-girt voice (in ’Geraein- Wine. Women and Song, 7 done for aild achievement in the festival’s Slght and sound - Pete,! Seymour's 
hett!’ and “Parodie”). But in the lighter evenings of Scboen- first lwo w ^ ks - a weekend trio carefu) but characterless direc- 
the main it is a performance of berg s Soeiety for Musical l0 York and Rinon both con- tion contained the seed of an 
remarkable authority, insight Private Performances in-Vienna, firmed those feel in es and occasional good idea imperfectly 
and poetry. and others, like the master’s own pointed towards some reserva- rea,ised tf‘ k e tbe brisk, lilting 

She was less well served than arrangement of the Emperor Unns for future events There is tempo for the famous “Jesu. joy 

she might have been by the Waltz, for a particular public J f a con^derabJe ehamte of man’s desiring" movement in 
Nash’s playing under Lionel programme. It could have been emphasis Tr 7 the inteSsefy Canlala Vo - but be could 
Friend: never Jess than -dutiful, a delightful finale:' but 'haye exhilarating and concentrated P 01 - ,nsp,re h| s chorus t 0 an 
and illuminated by a number of none of the Nash ever heard even one-week festival-course held in “teisiveness which matched the 
fine solo contributions, it was an a recording of a cafe band -in Yuri* last April from which this 1 Ji s H? 1 ?u n i s: , W u by " ot bav . e ” sed 
accompaniment which nonethe- Vienna or Budapest? Three festival has grown Everythin* ^ Cathedral boys? But in Can- 
less never quite left the ground astonishingly wooden and four- is on a lai-ger scale- the eciDh?sis tete No. 5i there was some splen- 
— u metrical problem mainly, square performances, lacking has been on concerts of high dld - sol 1 ° paging to compensate, 
rhythms too often flaccid, and any sort of swing or schmaltz, or quality, and there hag inevitably £? rlic 2Jir^ r f i om R f K ' bar , d , Jac K' 
punchy phrasing too rarely authentic surge— even an ice-rink been a separation between these v n * rest I a,ned yet , ' aQd 
buoyant. Was Mr. Friend's beat orchestra can give Strauss with events and the week-lone eourxes Yvonne Seymour, slightly tremu- 


as well as bis feeling for the more zip and verve. 


Southwark Cathedral 

Curlew River 


events and the week-long courses i 0u 7 but Intense and well 
during which students from as croieeted 
far afield as Mexico. Greece and P J 





■' ' - :r . ’ 'H; 

■ ^ : • - . ’ /■ -■ -■'? f - r ) , 




Australia have been coached in ^5“ afpreren! S 
a wide variety of early-musical S“ SS5S«lJS lK 

Thu u.r oeti.rif lap fore ,he concomitant risk of 

failure. The York Festival must 


been more specialised- 


One concentrated entirely on ra h t a e ’ 

medieval music, while Week Two c ° h r nn b n 

W 3 s devoted to rpnflissanrp oecoine 3 shop window for 3ll 

m US ic. A ° ! ” E > h « *> ?" d - bes ’ iD ,h = 

shawm and crumhom players f f rtL. c T ^5;ii ' 


L w ■< ; 

fer- ' 

Kv.? ;> 7 - -•'V 


couraged the English Music the river did something to bring this week be coached bv DtincaD be good t0 think that in future 
Theatre Company from giving the performance to life. The Druce) viola da samba (lane years the inducement could be 
their all to Cu rleic Hirer yester- Traveller and Abbot of Bryan Ryan) and harpsichord (Colin Provided for professionals as well 
day. This would have done as Drake and Michael Bauer were TDney). Week Three started as amaT ®urs to study together for 
a repertory performance if a sound. The small chorus and the W iu, a n emphasis on the baroque, concentrated one-week courses, 
repertory of Britten's church EMT Orchestra, directed from b u t will move In its conclusion at ,be end which showpiece 
parables' were thinkable, but the organ by Roger Vtgnoles just t 0 one of most C fa a |iengi n5 events could be mounted. Per- 
memories of the original English missed the bang-on precision the anas of the “ authenticity " re- haps something of the kind will 

Opera Group production are score needs. rival — that of classical music- resuI t from the specialised, 

fresh enough to make this tepid One can’t reasonally expect a Tutors in thif field include the separate weeks planned for 1979 
revival redundant. new production of Curlew newly adopted Yorkshireman in Ri P°° a° d York. Further in 

One thing and one thing only, or of the succeeding parables Alan Hacker (who will also ,h e future, one hopes that those 
in ibis ’* ce-rchcarsal " of Cohn frcun this company under present direct his own Classical planning the “official” York 
Graham's staging Is an improve- circumstances. But if this part Orchestra and Band on Friday Festival of 1980 will take not? 
raent — the appearance of the of Britten’s legacy is to be pre- and Saturday) and the forte- of the large, enthusiastic local 
spirit of the dead boy at the served (as in their different pianist Richard Burnett. Rv audiences for these early music . . 

climax or the story. Instead of a ways Gilberi-and-Suilivan and Saturday this Early Music Fesdi- concerts. York now has an inter-, 

buuncirn; young fellow popping Brecht have been preserved), va! will have reached Schubert’s national reputation as an early 

up from behind the cross mark- standards must be kept up. Octet! music centre and, given en- • 

ing his grave. :t solemn, small There is a general feeling Last Saturday, however, the lightened official support It will COVCnt Garden 
child walks on to ihe stage, fatigued formula about ibis music was by Bach and Charpen- surely flourish. 

moving taith sad dignity. year's City of London Festival - A 

Otherwise the stylised move- which it would need more tnan f 

meats looked mechanical and the previous evenmgs gcKKi 
weren't quite cleanly enough Brahms Requiem to dispel. New 
executed. The Madwoman's part ideas about programmes, better 
need* rethinking for Bernard publicity, better printing, will be 
Dickerson, who is small for needed Cor next time. London s 
movements designed in the first summer musical attractions nave 
place fur Pears. Mr. Dickerson grown since this festival startea. 

<anq like the reliable, intelligent Somebody should now re- 
am st he is. though the vocal examine the role it can still 
me needs stronger contrasts in usefully play. i 




&SS-- 


Tatum O’Neal in “International Velvet” 


| St. BarthoIomew-the-Great 


by NICHOLAS KENYON 

We know of no spectacle so must become as involved as he 


i big church. 


RONALD CRICHTON 


It could only have 
come from Asprey’ 

Cal f Handba gs from QO — 

Silk Stxncs_ LT?&-LmO 

Pendants LW upwards A/ 


' V-':' 


Anastasia Menuhin 

Anastasia's return to the is her world we are shown; her -. \ T m TT a t a r t/ r m v ^ \r 

repertory at the . Opera House feelings which colour the actions by InICHUlAo K t IN i (J N 

reminds us how good a case can of the cast. Because the Russian 

be made out for considering the Imperial Family has so special „ ... . _ . . . ... . , . . 

Royal Ballet as a company of an identity for us. as a group ,°» °{_ no spectacle so must become as involved as he 

dramatic dancers without peer doomed, and as' a portent of asl °nisbing, Macaulay mipht is in the progress in the music 
today. The recent London Week- what was to happen in much of h av ® written had he been at St. It is no good to worry about the 
end Television programme about Europe. Anastasia’s world Bartholomew s ^ last night, " as passing sour tuning or wayward 
Mauerling contained lengthy becomes not merely a fantasy. .British public in one of Us bar. for there are plenty of 
passages from a complete record- but an insight into how historical periodical fits of stoicism.” With these: in the whole of giant C 
ing of a performance. events were to affect manv not a murmur of complaint, they major Fugue the chromatic 

cy , ntc People. The quest for identity, stood in their hundreds outside counter-subject was rarely plum 

deiatiSi ,rl ^Jfnenth! which lies at the hean of th ® the church as ihe appointed hour in tune, and the inversion »r 

Just now a-ianeo and exce lentiy |, a jj et> j s one tiiat obsesses our arrived and passed; they raised the subject was announced with 

*? ntTa L society stilL not a cry of disbelief as the gruesome vagueness. An over- 

P°t, 655 St L •* And how cleverlv MacMillan announcement was made that dramatic flourish (like the 

“L" lead? us throinl the fate ,he concert would start 15 diminished seventh at the end 

the dramatic adaon tiiere was 0b ^ t . h : s s Core he Dr ' minutes late (when it was per- of the E major Partita's Gavotte i 
an almost cinematic vensmo in u tie client to 5 IS SC 2!T’ , . . pro fpciiv nlain rhat can suddenly transnort the music 



dramatic playius is the oroduct 15 P ia y®“ ™ore than a wn ™ “‘rf reservea sears - — " 

onheeKeptionll dem^idsmade mezzo-forte. Act 2. more vanished (the chairs imported Hasb - 

by both Ashton and MacMillan ®m ot i ona Uy clouded, and darker f° r the occasion were too big, Menuhin's rhythmic command, 
in their narrative Dieces— and of mann ®r. less clear in its y°“ see) “d they found them- however, is rarely in doubt; the 
these 47 ias(nsia s'tands in a verv focus 00 Anastasia itself, and selves sitting on 12th-century two slow movements in the C 
soeciai place concentrates rather on the column bases*, they expected no major Sonata almost came to a 

i k- l- ir an ein ■ u n * courtl y s°®tety waltzing into the apology from.ihe City of London standstill, but maintained a 

* think ii so gjorious a ballet abyss. In Act 3. Seymour comes Festival's director (which was as tentative forward movement; the 

that I am prepared to forgive its into her own. giving a perform- well, since they received none), fast outer movements of the E 

few longueurs, the still light- ance last sight of thrilling A «- in Rr _ n1 . major Partita were unerringly 

wejght of power, and extraordinary rich- wait SKiLSSTihi controlled, with tiny rubati cun- 


A W. 

s p voy, 


A pct-j an-I C»ii«p.«iv I 


i/y 

t / 


. HjiniWu 



—r — k i-euiJij-e uer, ana sue w u«en rejeciea oy . . oi semiquavers under control Jl 

sexual tensions dunng the ball, the survivors of tie Imperial JJ® vSuI!l ,C ^EE?T? audienie must be said that hi s playing 
in Act 2- In aU other moments Family, and attempts to drown mi nS? 1 * 111 ? s does not always make Bach's * 

it compels belief, admiration and herself, was phenomenal in its 501 D ^o |ul structures apparent (fugue sub- 

respect, as a breve and brilliant expressive dignity. d J? ey »,l vere P ot dls : jects are oddly punctuated and 

extension of the full-length The figure who, at the end, a PP° ,nte d. Menuhin, if not var $ cd - ij nv receive the 

narrative ballet, and also as an circles the stage on her hospital ^ definile 4 * y same emphasis as huce para- 

opportunity for a great' dancer bed. sure at last of her identity. form, his playing had the grap hs) but it does comm uni 

-Lynn Scymour-to show us is so compelling that we too ««*' V* totaI con ' cate the musiv ? s emotional 


what interpretive. g eniU5 u in believe she is Anastasia: great vlctl0n ' n ® 1 . “arred by any slrerjQti] and Vu 5 . ,, 

the ballet theatre.- art can d0 n0 more. The entire aru V 0US P alcbes of nervousness. counts MenShin show. uc thf. 

T* chmllri not be fnrBnr»=» imm n^nn . norf«™ SUCh 35 . we hear all ler. „relu H5 ,u r ls - a *enunin snows US that 


Lynn Seymour as Anastasia 


It should not b* forgotten that company performance ^was * uch a ? w® hear all too rarely Each is his life-blnod andmltl! 
the work must be understood magnificent. from him these days. - '’"?«*? iSr ! ,:,- , mak f s 

from Anastasias view-point: it CLEMENT CRISP A satisfied listener to Menuhin ours. “ l 1 aUo ** 


i 

i 







FINANCIAL TIMES 


UN LAW OF THE SEA CONFERENCE 


Financial' Times Friday Joly. 21 1878 

BY PAUL CHEESERIGHT 


BRACKEN BOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Flnantimo, London PS4. Telex: 886341/2, 88383? 
Telephone: 01-248 8000 


A new attempt to clear the 


Friday July 21 197S 


Defining the 
insider 


waters for sea-bed mining 


Cf r-pHE world of tie deep 
I ocean is a dark, cold 
A world,” says one sea- 
bed mining executive. " No light 
penetrates, and the temperature 
of the water is only a bit above 
freezing. It is a sterile world. 
Life is sparse. It is a desert with 
far less than the deserts we 
know on land."* 

But on the surface of that 
desert are pebbles containing 
valuable minerals. This goes 
some way towards explaining 
why officials in more than 140 
foreign ministries throughout 
the world are busy preparing for 
tbe next session of the United 
Nations Law of the Sea Confer- 
ence (UNCLOS). It reconvenes 
In New York next month. 


‘‘CHANGES IN Company Law" 
is an ironic title for a White 
Paper which has no chance oE 
reaching the statute book in the 
present session. The Conserva- 
tive Government saved its Com- 
panies Bill for the dying days of 
the last administration, and the 
present Government has demon- 
strated similar priorities. Far 
from achieving any profound 
changes in a code for companies 
which is largely contained in 
legislation put through 30 years 
ago. is has failed even to fulfil 
its obligations under the EEC 
Second Directive on Company 
Law, which was adopted in 1976 
for enactment by the end of 
this year. 


someone directly connected with 
the company concerned, or 
someone who acts on. “inside” 
information knowing it to have 
come from someone who is so 
connected. 


Benefit 

But there is one benefit to be 
salvaged from all this delay. 
The legislation, when it eventu- 
ally comes, will hare been 
subject to years of public debate 
and consideration. One of the 
most . welcome features oE the 
latest White Paper — which deals 
with the requirements of the 
Second Directive together with 
last autumns White Paper “The 
Conduct of Company Directors" 
— is that it is set out in the 
form of draft clauses. The 
motive for this may simply be 
that the Government wants to 
show willing to the EEC But 
the result is that it is possible to 
assess the precise implications 
uf some highly technical pro- 
posals. And the Government 
says that it is open to public 
tomment on its ideas. 

Nowhere will this be more 
important than in the contro- 
versial area of insider dealing, 
for the crucial issue here is the 
exact definition of what consti- 
tutes an insider. IF the terms 
are too precise, then attempts to 
make insider dealing a criminal 
offence become futile. But if the 
net is cast too wide, it might 
ensnare armies of innocent 
company directors and em- 
ployees, not to mention alert 
errand boys and the shrewder 
slock market analyst. 

The White Paper, sensibly, 
does not attempt to lay out a 
catalogue of the type of person 
that might constitute an insider. 
Instead it tackles the problem 
from the opposite end: in the 
market place. An ipsider is one 
u fio deals on tbe basis of infor- 
mation which is both privileged 
and significantly price-sensitive. 

The key phrases refer to the 
sort of information that is not 
generally available and which, 
if it were so available, would be 
likely to have a “material" im- 
pact on the price oE the relevant 
securities. An insider can be 


Is this too loose a definition? 
The Conservatives apparently 
think it is. and suggest that if 
it proves impossible to come up 
with anything more precise it 
would be better to stick to a 
voluntary code rather than 
bring in criminal sanctions. This 
could be based on the model 
code for securities transactions 
which the Stock Exchange put 
forward last year as the mini- 
mum standard of behaviour to 
be expected from all listed com- 
panies. Working from the stand- 
point that directors must accept 
that they caonot be free at all 
times to deal in their companies’ 
securities, the code Jays down 
the procedures which directors 
should follow if they want to 
deal. These include prohibited 
periods before important an- 
nouncements. and prior notifi- 
cation to boardroom colleagues. 


The problem 

However, those who argue 
against criminal sanctions have 
to come to terms with the fact 
that both the Stock Exchange 
and the Takeover Panel are on 
record that such legislation is 
necessary. If these bastions of 
self-regulation think that statu- 
tory controls are appropriate, 
they had better be taken 
seriously. 

Their problem is that although 
a case of insider dealing will 
usually be billed as a City scan- 
dal, it might well be nothing of 
the sort. The power of the Take- 
over Panel grows progressively 
weaker the further it moves 
from a relatively narrow 
circle of City bankers, but its 
authority is placed on the line 
every time it is confronted with 
an issue. Legislating against in- 
sider dealing will not help to 
crack the anonymity of the 
person who deals through a 
numbered Swiss account as the 
U.S. Securities and Exchange 
Commission has found to its 
frustration. But it will mean 
that such inquiries will not have 
to rely— as they do now— on 
someone deciding that their 
best interests are served by 
being frank. 

There is now a valuable oppor- 
tunity' for refining tbe legal 
definitions of these draft clauses. 
The only question is whether the 
next Government, whatever its 
shape, will continue to drag its 
feet 


The first reaction to another 
four weeks of talking, some of 
which will be acrimonious 
without leading to firm conclu- 
sions, is probably to stifle a 
yawn. The issue of control of 
the sea has been discussed since 
1968 and the question of divid- 
; ing the spoils of the sea-bed has 
been current since 1970. 
j UNCLOS has seemed like a 
permanent diplomatic fixture. 

Yet this is to deny the Impor- 
tance of an exercise which seeks 
to bring together nearly all 
nations to find a means of 
international control for 72 per 
cent of the surface of tbe earth. 
If the tone of the negotiations 
has often failed to mirror the 
grand concept, it is because con- 
temporary realities distort the 
vision of future co-operation. 

The idea of freedom of the 
bigh seas beyond the three-mile 
limit, which was current for 
a century or more, has 


were isolated and Committees 
established to handle each one. 
Three of the committees were 
concerned with aspects of the 
sea-bed question. 

The developing countries’ 
interest in the sea-bed sprang 
from the idea that almost 
infinite mineral wealth was 
lying on the ocean floor: it was 
treasure trove just waiting to 
be used, ready to. spread 
benefits over the poor and 
land-locked. The idea, during 
this decade has been academic- 
ally discredited, leaving only 
the unassailable fact that 
nobody knows with any degree 
of precision how large the trove 
is. 

The minerals are contained in 
pebblelike accretions called 
manganese nodules. They are 
oxide materials and attract com- 
mercial interest when they nave 
a content of about 30 per cent 
manganese, 1.4 per cent nickel, 
12 per cent copper and 0.3 per 
cent cobaJL Tbe nodules rest 
on tbe sea-bed beyond tbe con- 
tinental shelves at depths of 
12.000 feet and more. 

Only limited surveys of where 
and how the nodules occur have 
been made. It is on the basis of 



_ 


CiJMutaiciii-a OuKt/ichU 


Manganese nodules (left) being dredged from the Pacific Ocean and emptied lnto a recovery 
ship. The nodules are a potential souree of metals such as nickel, copper and cobalt. 


THE MOST ADVANCED OCEAN-MINING CONSORTIA 

% holding Country 


KENNECOTT COPPER 

Kennecott 

Rio Tinto-Zinc 

Consolidated Gold Fields 

BP Minerals 

Noranda 

Mitsubishi 


U.S. 

UK 

UK 

UK 

Canada 

Japan 


Middle East 


intransigence 


been abandoned, ensuring that 
any treaty will involve some- 
body giving up a right It is 
difficult for any Government to 
| give up anything except for 
something else in return. The 
I scope for bargaining and cross- 
bargaining is endless. 

If UNCLOS were merely a 
matter of trading off a fishing 
right here for a continental 
shelf right there, it would be 
complicated enough but prob- 
ably manageable. But more 
fundamental questions are 
being raised because UNCLOS 
is linked to tbe political argu- 
ment about a New International 
Economic Order. It is another 
facet of the debate taking place 
in UNCTAD and tbe North- 
South dialogue. 

Thus the aims of the develop- 
ing countries at UNCLOS are 
not confined to gaining a share 
of sea-bed wealth but to con- 
trolling how such wealth may 
be exploited. Their right to 
a share is enshrined in the 
universally accepted notion that 
the sea-bed is the heritage of 
mankind. How the sea-bed 
should be controlled is the 
; subject of negotiation. 

While the sea-bed is only one 
of a number of issues before 
UNCLOS, its importance to tbe 
success of the whole exercise 
was emphasised at the session 
in Geneva in April and May 
when seven “hard core” issues 


OCEAN MINING ASSOCIATES 

US. Steel 

Union Minlere 

Sun Oil 

Others 


U.S. 

Belgium 

U.5. 


INCO 

Inco 

AMR (Metellgeselbchaft, 

Preussag, Salzgitter) 

Deep Ocean Mining (23 companies) 
Sedco 


Germany 

Japan 

US. 


this research that extrapolations 
are made to estimate the total 
wealth of the oceans. For 
example, Mr. Alexander HoLser 
of the U.S. Ocean Mining 
Administration has calculated 
that there are between 190 and 
460 mine sites, each capable of 
producing 75m tonnes of nodules 
in their lifetime. t ■ ■ ' 

Six sea-bed mining consortia 
have in recent years spent some 
$200 m examining ways of gather- 
ing the nodules from the sea- 
bed and processing them after- 
wards. They have run trials and 
pilot plants, they know how to 
undertake the mining, but their 
techniques— inevitably— are not 
commercially proven. The con- 
sortia are based on the U.S., but 
embrace companies In Britain 
(Rio Tinto-Zinc, Consolidated 
Gold Fields and BP Minerals). 
France, Netherlands, Belgium, 
West Germany, and Japan. 

The interests of the consortia 


and of the Governments in the 
industrialised countries whence 
they coine are broadly the same, 
though their ideas of appro- 
priate time-scales for develop- 
ment differ. But fundamentally, 
there is agreement that the 
minerals contained in the 
nodules will be needed from 
1990 onwards. Thus decisions on 
development programmes are re- 
quired in the near future, given 
the long time necessary to bring 
any mining operation to produc- 
tion. 

For Britain, like other major 
mineral consumers, access to 
tbe sea-bed Is a priority empha- 
sised by recent events in Zaire. 
The informal composite nego- 
tiating text circulating at 
UNCLOS does not meet that 
priority. If it goes through there 
would be recourse to unilateral 
action. It is highly unlikely how- 
ever, that any convention based 
on this text would be ratified, 


though if it were domestic 
legislation would be passed to 
protect sea-bed mining com- 
panies. Such legislation may be 
forthcoming in any event. 

The text provides for a 
parallel system of sea-bed 
exploitation. That is to say. the 
original idea held by some 
developing countries that all 
mining should take place under 
the aegis of a UN agency has 
been abandoned in face of the 
fact that sea-bed mining 
technology is known only to a 
small group of companies in the 
industrialised world. The idea 
is that while an International 
Sea-bed Authority should 
supervise raining, the actual 
work would be done both by 
private companies and by an 
Authority unit, to be called 
the Enterprise. 

It is the attempt to make this 
system work that is the cause 
of negotiating difficulties. The 
developing countries wish to 
concede the minimum to private 
interests, but the private 
interests have made it clear 
they are not prepared to commit - 
large amounts of capital unless 
they receive security of tenure 
and fiscal treatment which 
acknowledges the risks -they 
take. 

The Authority would be run 
by a Council of 36 members, 
chosen from different categories 
of countries. But the industri- 
alised countries would be 
outnumbered, and at . Geneva, 
the U.S. and the EEC countries 
failed in their attempt to win 
agreement for their 1 right to 
block decisions. . ■ 

The composition of the 
Council brings info sharp focus 
the difference .'of approach 
between the industrialised and 
developing countries. For tbe 
latter, control of the Council is 
of basic importance in tbe 


formation of the New Interna- 
tional Economic Order, an 
acknowledgement that economic 
colonialism is dead. The 
industrialised countries simply 
axe not prepared to grant 
political control to a body 
whose main aim is likely to be 
the transfer of wealth rather 
than empirical control of a 
technical operation. 


Sharing out the 
mining sites 


The Authority would be 
empowered to take measures to 
see that the benefits of sea-bed 
mining are equitably shared. 
That involves sharing out the 
mining sites. For each one 
given to an outside applicant 
another one would be put aside 
for Enterprise.' But the prob- 
lem is that Enterprise has 
neither the finances nor the 
ability to mine. 

Various ways • to raise suffi- 
cient finance have been dis- 
cussed. including royalties from 
mining companies and profit 
sharing. However there are 
feaTS that the companies would 
be discriminated against in such 
financial arrangements in 
favour of Enterprise if their 
relationship is not clearly 
defined. ... 

The ability of Enterprise to 
mine would be achieved by an 
obligatory transfer of tech- 
nology from the companies 
granted contracts by the 
Authority. Although the EEC 
countries have advanced the 
idea that this should be done 
“ on commercial terms," there is 
bitter opposition from the com- 
panies to the handing over of 
confidential technical informa- 
tion. unless precise conditions 


are defined for the settlement 
of disputes between themselves 
and the Authority. 

The system of exploitation 
emerging from the text is there- 
fore vague but restricting as far 
as the Industrialised countries 
and tbe companies are con- 
cerned, It becomes the more 
restricting because of the pro- 
vision for production limita- 
tions. The existing formula is 
that sea-bed nickel would have 
60 per ceur of the calculated 
growth in nickel consumption, 
leaving the rest to the land- 
based producers. 

This interference wife the 
ebb and flow of demand it 
essentially intended to protect 
the land-based- .. . producers. 
Canada will be the most notable 
beneficiary. But it also reflects 
the influence, which existing 
commodity producers in the 
Third World" wield over the 
developing countries at 
UNCLOS. The vast majority of 
developing countries are con- 
sumers whose long-term interest 
would be to have access to as 
wide a range of supplies as pos- 
sible. But tbe issue is caught in 
the web of the New Inter- 
national Economic Order 
debate. - 

. From the British point of 
view production limitations in 
the short- to medium-term are 
of little consequence, because it 
is accepted that sea-bed minerals 
will not be of significant import- 
ance before the last years of 
this century. But that in turn 
depends on the mining being 
permitted well in advance. 

However, the negotiating text 
provides for. a review con-' 
ference 20 years after any coa- 
vention emanating from the 
present UNCLOS comes into 
force. If within a further five 
years there is no agreement bn 
a system of sea-bed exploitation 
for a further period, all mining 
would be limited to the 
Authority and joint ventures 
sponsored by it 

This would effectively mean 
the abandonment of the parallel 
system of exploitation in favour 
of a system such as the develop- 
ing countries wanted in the first 
place. It impinges directly on 
what the mining companies,, 
supported by their Govern- 
ments, consider a vital need; 
security of tenure. 

The feeling among the indus- 
trialised countries, including the 
UK. is that very substantial 
steps have- been taken towards 
meeting the desires of the 
developing world for control 
over, and a share in, the wealth 
of the sea-bed. It is now time 
that they begin to seek a con- 
sensus with those who can pro- 
duce that wealth, preferably, it 
is felt at the next session in 
New York. 


ieasifi.: 


.•'•ip • • . 
\<r- ■ 


- An loduslriaiist'a flraetton 0m Low 
of the Sew Conference: noser- Inf Mow* 
Dabs, director oe me resources demrrt- 
mml, K'cRNOrOlt Copper at Southern 
r\iilre fur JubrrnaDonai Stmties. Atlanta.* 

Mav N. fte*. Tjjan pones* Nodule 

Rinourrf* and 1 Mine SUe AraUaMHiu; a 
srnff study for O.S. Ocean Mtfifaip 
siratkm bu Alexander /fuller, sadar 
technical adviser, AubujU 197s. 


AT LEAST the Foreign Minis- 
ters of Egypt and Israel have 
met again face-to-face after an 
interval of six months. Com- 
menting on two days of talks 
between Mr. Mohammed Ibra- 
him Kamel and Mr. Moshe 
Dayan at Leeds Castle, Mr. 
Vance. U.S. Secretary of State, 
suggested that thus in Itself re- 
presented progress towards a 
Middle East settlement. He was 
able to report also that both 
cuiimrics remained fully com- 
mitted to the establishment of a 
genuine peace and that it had 
been possible to identify “com- 
mon elements in their ap- 
proaches" although he declined 
to specify what they were. 
In addition, he said, “ pains- 
taking'’ explanation by the two 
protagonists of the cold print 
of their two plans, so diametric- 
ally opposed in their concept 
oT the future or the West Bank 
and Gar.a Strip, had also led to 
a greater understanding with- 
out which there could be no 
final agreement on a compre- 
hensive settlement. 

L.S. objective 

However, it is as yet unclear 
whether the U.S. Admin istra- 
luui has succeeded in »ts very 
limited primary objective. The 
aim was no more than tbe 
resumption oE negotiations. The 
exchanges at Leeds Castle never 
amounted to anything so sub- 
stantive. 

If anything, the Leeds Castle 
meeting appears to have empha- 
sised the inflexibility of Israel 
and Egypt on the future of the 
West Bank and the Gaza Strip. 
The Egyptian peace plan says 
that as part of a comprehensive 
settlement, the West Bank 
should be placed under the 
administrative control of Jordan 
and the Gaza Strip under its 
own custody for an interim 
period of no more than five 
years. At the end of that period 
the Palestinians should deter- 
mine their own future. In con- 
trast, Israel has proposed a 
limited form of autonomy for 
the inhabitants of the territories 
while maintaining its authority 
for a period of at least five 
years ar rhe end of which it 
would only be prepared to 


“ review ” the situation with the 
other parties concerned. 

Mr. Sadat is not unreasonable 
in demanding that Israel should 
put forward new ideas, though 
his public threat yesterday to 
break off direct talks again if 
they are not produced can only 
retard the negotiating process. 
In his private talks with Mr. 
Ezer Weizman, Israeli Minister 
of Defence, he is reported to 
have shown much more flexi- 
bility than Egypt's official 
insistence on its plan would 
suggest. But at Leeds Castle Mr. 
Dayan was precluded from dis- 
cussing these new elements by 
his Cabinet. The Egyptian 
leader’s tactics are to by-pass 
Mr. Menahem Begin. 

Egypt certainly has gone 
much further to compromise, 
not the least by reneging on its 
commitment to the Palestine 
Liberation Organisation in res- 
pect to the territories in dis- 
pute and ignoring Syria's claim 
to the Golan Heights. Even so, 
at this stage it is asking too 
much in demanding a prior 
commitment to withdrawal from 
the West Bank and the Gaza 
Strip as a condition for the con- 
tinuation of talks. Such an 
insistence is hardly likely to 
coax reciprocal concessions 
from Israel. Although time and 
the patience of the Arab 
moderates are not inexhaustible 
much more measured tactics are 
needed if Israel is to make 
sufficient response to bring 
Jordan into tbe arena of nego- 
tiations which have not even 
begun yet. 


MEN AND MATTERS 


Checking the 
numbers engaged 


Bells are ringing in ail direc- 
tions for the Post Office 
Engineering Union, whose nine 
months of industrial action for 
a 35-hour week has left £60m- 
worth of equipment lying idle 
and 90,000 householders and 
companies waiting for tele- 
phones. Last night, the execu- 
tive once again met Lord 
McCarthy, who has been 
struggling to find a compromise 
plan. Today a White Paper on 
tbe Carter conun ittee’s report on 
tbe Post Office will appear. So 
will the White Paper on pay 
guidelines: this may well deal 
with the delicate issue of tbe 
35-hour week. 

Without wishing to compound 
the confusion with further facts, 
it might be useful to see how 
tbe telecommunications side of 

the Post Office matches up to its 
German counterpart. The West 
German Bundespost serves IBm 
telephone lines, as against 15m 
here. Including extensions. 
West Germany had 21.1m tele- 
phones at the start of 1977 — the 
most recent figure tbe Bundes- 
post could supply— and we had 
22m. 


dundancies. So to make sure 
that I was not comparing the 
Post Office with a hyper-efficient 
Germanic organisation using tbe 
latest electronic gear, I tele- 
phoned tbe Frankfurt office of 
the FT. The assurance came 
swiftly: “The Bundespost system 
is considered by Germans to be 
one of tbe most inefficient and 
primitive in the world.” 




withdraw a sales brochure 
entitled “Why Gold Crop is 
better for you than Flora." 

What both sides are sliding 
around carefully is recent 
research in the US. casting 
some doubt on the whole poly- 
unsaturated vogue. 




•' '.V : 


Smuggling galore 


Poste restante 


Six years elapsed between the 
report of the Franks Committee 
on tbe Official Secrets Act and 
Tuesday’s White Paper. But as 
befits a White Paper on those, 
modern Mercurys in our Post 
Office, more speed was evident 
— even if. equally fitting, little 
haste. The Paper, which 
stretches to all of 35 pages, is 
being publisbed to-day, one year 
after tbe Carter committee con- 
cluded Its review. 

Michael Corby, director of the 
Mail Users’ Association, calcu- 
lates that since then, to prepare 
the Paper, the 60 civil servants 
at the Department of Industry 
responsible for the Post Office 
have each produced an average 
of almost two words per day. 


mm 


“ Even a couple of drinks 
on a Saturday won't make 
Glasgow belong to me ! ” 


King Hussein has reacted; 
positively to Egypt’s plan, not-; 
withstanding his concern to 
have tbe backing of a pan-Arab 
consensus. However, before it is| 
even possible to envisage him 
taking wbat would be a very 
brave plunge, both Israel and, 
to a lesser extent Egypt must 
show a willingness to modify 1 
drastically their intransigent 
positions. It now looks— as it 
did last January — as if the U.S. 
must perfbrm a, diplomatic, 
miracle to get some real pro- 
gress towards a peace settle- 
ment. 


So at the receiving ends the 
two telephone systems are 
similar. But the gap widens 
with the staff figures. Our tele- 
communications employees num- 
ber 228,000, but West Germany 
has 177,000 — smaller by more 
than 20 per cent. 


Slippery market 


When I put these figures to the 
Post Office Engineering Union, 
a spokesman told me that 70,000 
jobs bad been saved in recent 
years by the union’s produc- 
tivity deals. So without these 
deals the British “telecoms" 
workforce would presumably be 
near 300,000, quite apart from 
tbe projected 35-hour week! Of 
course, it Is the technologically 
advanced System X which 
worries the engineers, through 
the prospect of sweeping re- 


The British market for “yellow 
fats” (butter and margarine) is 
worth f 500m a year. Just now it 
is being spread in a changing 
way, with margarine’s slice of 
£170m tending to grow. Butter is 
still less than 6Gp a pound, but 
going up by about a penny a 
week to a possible ceiling of 80p 
a week. This trend will not be 
altered by the EEC Council of 
Ministers meeting on Monday to. 
discuss the gigantic butter 
mountain that has built up 
again. A cut-price butter plan 
will apply only to a brief 
“Christmas treat" period. 

Against this background the 
margarine men are limbering 
up. Especially active is Van 
Den Berghs, the Unilever sub- 


sidiary. which already has 60 
per cent of margarine sales in 
Britain. But Van Den Berghs 
will tread warily before making 
a head-on attack on butter. Two 
years ago a High Court judge 
ruled illegal an advertisement 
on TV saying: “You cannot tell 
Stork from butter.” This had 
followed a complaint from the 
Butter Information Council. At 
the moment. Van Den Berghs is 
in a small spot of bother about 
another of its advertisements — 
this time for Flora margarine. 

As any tired businessman 
cannot avoid knowing, Flora is 
the much-debated “poly- 
unsaturated" type of marge. 
After a behind-the-scenes tussle 
with Lovell and Christinas, 
makers of a minor rival named 
Gold Crop, a series of colour 
advertisements for Flora is 
being phased out. These say 
that the Van Den Berghs pro- 
duct is the only "nationally- 
distributed high unpolysaturate 
margarine.” Lovell and Christ- 
mas have boldly opposed this 
claim and took a full-page 
advertisement in The Grocer to 
say so. Tbe war bad begun 
earlier, when Van Den Berghs 
made Lovell and Christmas 


Paraguay is one of the least 
affluent markets of South 
America, where a great part of 
tbe population goes through life 
without tbe benefit of shoes. Tbe 
country has just published its 
annual teaser about imports of 
whisky. According to the Central 
Batik of Paraguay, official 
imports of whisky are sufficient 
to give every Paraguayan man. 
woman and child, two bottles a 
year; trade sources say that the 
real figure is a good bit bigber. 
As usual, tbe answer to the 
riddle about where it ail goes is 
to be found in Paraguay's 
flourishing smuggling trade to 
its richer neighbours— a sort 
of commercially - controlled 
evaporation process. 


The odds are your company is over- 
protected or under-protected (or even 
both at the same time). 


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to identify, assess and minimis e all the 
risks a company faces in its every day 
operation- accidents, burglary, fire, 
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industrial espionage, loss of production. . . 


Losing heart 


A new survey by the Copen- 
hagen Bureau of Statistics 
sbows that 343,000 Danes are 
living together in “paperless 
marriages”—’ what used to be 
called sin. This is 13 per cent 
of all couples, married or un- 
married. 

The bureau says there has 
been an increase in unmarried 
bliss of about 75 per cent in the 
course of only three years. But 
there is a good deal of waver- 
ing: 43 per cent of a sample 
said they intended to get 
married “one day." whereas of 
those who had lived together for 
six years or more only 19 per 
cent said they might be married 
eventually. The prospect seems 
to lose its charms with experi- 
ence. 


Glanvill Enthoven have pioneered the 
risk management concept Through it a 
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Risk Management Limited 

144, Leadenhall Street, London, EC3P 3BJ. 




Observer 








v 






^u* 




^ Financial Tnn es Friday ^ ^ 



a 


POLITICS TODAY 


The Government’ s protection racket 


/HEN I was at university nm ■ 

n, one WHO returned to college A , ct - « Anthony Wedgwood Bonn, the being 

ftpr midmeht . s . U1 ° De Unfair to blame the Fnonn. » „ 


It decision and perhaps something cies and decisions of the execu- 


In his own field he has craf£ a ^ ter the decision had sit on the' relevant Cabinet Com- clearer examples of British 
been taken. mittee. As for the Opposition, hypocrisy than that statement 


, , - ledges “ lu «ugn it was clearly he who 

nd enter through some unfor. decided that the virtual corn- 

mate's window Th« - raitment D f th*. r done something to bring it uuve “- , • umicr - ~ u,c uffumuuu, lypwnsy U iau uiat statement. 

. . u ; 7 he drainpipes Manifesto nf n* t 3b ™ Party about He encouraopfl the That example concerns, if you Mrs. Thatcher would, I think, It is one of the fallacies of 

.,ere ringed With spikes and. Freedom nf ° T Ct f ber ' J. 974 *2 ? setting up of iS^Windscale 1J * e * comn,UIlit y polities, though make better speeches about Ministers that Parliamentary 

seasonally, the usual window could be Inquiry and to his credit n 8180 toucbes on Govern- foreign affairs if she were told back-benchers are not what 

ould be closed. But in i Drohawt 5f*' aerated the result even ment ’ s ability to govern .f it more about what is happening they used to be and that they 


ju found your way in 8eneral refonn^ n°nw beUeTC - the though he may noThave much cannot G et lts decisions accepted in the real world of diplomacy^ could easily elicit more informa- 
L far as l knnw gISiv w liked it KabieThewS at ** locsd level - But ^ere *■ As it is, she speaks like a very tion if only they tried harder. 

So far as I know, no one at f! n 5 i “ 6 fej?f 0 B»*i , w or are- JJSL lL Cab “* another current case which, only intelligent sixth former, deploy- The fact is that they do not have 


te time— not even those on the toe ' Wbitt Paper -puts it— 

.r* ouar .. a necessarv nrpnrrcnr rtf ra P*”i 


by chance, also concerns aircraft ing her arguments well, but the resources to do so and the 


arsuin'* for much mnrr> wuwjus .muiui mg net -mem-, wei 

r*rnif™ vet M| J which could affect jobs and devoid of experience and 


reform. Yet the bulk nUiKU ' vuulu «ucw jwu» ana aevom oi BiHcucnce ana access whole business of Parliament 
international relations for many to inside information. It is true is rigged in favour of the 


■ eft— ever questioned the 6 y S - funh h sary Precursor of radical 

• ■m. Nobody ever asked what servatfve Kw of the Cabinet, including very “wrnanonai reiauonsior many to inside uuormanon. It is true w riggea 

as the numose of th P cnniri me Master one definitely the Prime Miniver t0 come. It is the case of that she has not complained government. 

' Se they ^deterrent t P On ha h rdl f/ xpect mpre - aSSt mT B mTxtta Sy * e British aerospace industiy about this, and perhaps she likes The one 

. ^ terrent to keep 0[*e should also exonerate Dr. therefore not very sensible to “d whether it should go Ameri- if that way. But it is hardly early, reforn 

>ople out or a peg to help R^? d u C J veT !’ the Foreign Secre- j et ^ jj ave ^ ^tter of the 1:811 or go European. the best method of fostering the Report of the Select Com- 

in, or were they, in LI?;.. 1 ?' 10 ! s said t0 have re- argument. mn tr h* h« inJt The Government's attitude so informed debate. 


The one remaining hope of 
early . reform now seems to be 


. »ople 

roe peculiarly BritislTway. * a Meeting 


that the 


K . argument, even if he has lost , , , 

Cabinet the present debate. Mr. Benn far has been t0 *V that there is 


In the end. however. 


mittee on Procedure due at the 
th e beginning of August. Uniform- 


n “/i “ Hi PP finer gf .„v; ... wart--* unvote. mi. JJQUII _ _ — “ _ — _ — ait UiC nwncici, UiC “ _ m ~ “ 

lsture of both? Nobodv ever P an » l,! , whIch W™ will fight again, nest time with a number of options and that itb« one is making is natel y 11 wiU appear too late 

-iked either what um.in k wJS!T ^. as ,_ dl .scussed was the more support Parliament will be kept fully in- simnlv tills: does ®be Govern- for the two-day debate on its 


■iked either what would happen «ovst he had ever attended. 
' somebody fell. It was simply yet there must have been 
ie way into college after mid- i? group of Cabinet mem- 
gbt. P® rs u ’bo should have knows 

"The only time I ever thought who never appre- 

- - 0,1 ciated what 


Bolshie 


_ » , . . . ,, simply tbds: does Che Govern ... 

formed — namely by being told to treat -the public fiQdin i s ouce promised by Mr. 

that there is a number of as ^ Callaghan. But it will at least 

options, some of which are cnMe ^ capable of making be ‘nteresting to see the reac- 
American and some European, as Ministers and tions of the two front ben «*es. 

• h Ut S ' * “ yseTf * ™ SSSSan^who 1 *bS of bot ^ ^e^eSled gj * * * 

TJl iLt\TLr b Z n %r up 3 fishL f %£ir 1 E?Z.' , SS2Z zpszs?. 

j all night because some -Si!® “E™®”* **<*> “■ signs that the public actually or poBt Sli ud jE en il" 8 y^s' “toi the 

• ‘ unk l n i 41 ? had sat QQ 3 «P“« SS-WL-SW. *?- 88 J° l : - W8nts a«*» to information and b 2~“ S SL Conservatives 

ere had been blood all over 

. . e place; and the dean had had 
cart him off to the local 
firraary. “Why,” he said 

.'And, of course the dean was ES? . y °v t0 everyone.- You South of England. The resi- reached their conclusion on a BBC Panorama. The relief that 

■rfectlv rivht 111 h be 8 blt careful ^° ut d ®nts near Greenham Common Particular major policy study. t0 it went well also reflects the 

was so-and-so. and you can’t trust and the people of the Cotswolds associated factual and analytical P ut I f jder . a apprehension about what might 


ANYONE TALKING to senior 
this week was 




T.-nit-j Kiidiin f-;< 1 nr,* J it-n:rv 

The Government's escape route. 


: iich hid been for^otSn “S* , But J " generaI !t wrks t0 having noisy Americmi aero- the publication of such material have vride implications.” Of appearance early this year. 

" ere was evemMna t?he «;h perfe . ctl ? No need to S° Planes foisted upon them with- after the event can add the course it would, and that is pre- after all, that set off some of 

rVsimple wWchwo^d c . lptteri °s up **» St3tute out being told why. and in the Process of more open govern- cisely whyone assumed that the the doubts about the direction 


low 5 ^n? e r B °,° k With new " egislation ” end they” jmt’up more effective mentor contribute to more con- Labour Party put the commit- of' h er“ le“adershi P r “time 
•rouvh tile frnnf rinnr P . In otber w °rds: “We once resistance than has ever been sidered decision-making. men* to reform -in its Manifesto she stood her ground, talking 

■ rtna ■ a p * i. climbed up the drainpipe, so achieved by the Campaign for Nor is this lack of information ^ P^ ace - if necessary through the inter- 

une 18 renun d®d _of_such un- we’ll always climb up the drain- Nuclear Disarmament. In the confined to the public at large. There i6 one other comment viewers— which in a way was 

Cotswolds they lost, but one It extends to Ministers and cer- that deserves exposure. It is one of the more impressive 


In 
imt 

„e'll 

inking conservatism and pipe.' 

t?L* *u- UTati ° naI b y There are several things would expect' that' kind of tainly to the official ^"Opposition. cFaimed"lhaT fegSation a?ong aspects" of' her ^'performance! 

0f ** '!' ron S w , lth such approach, opposition to gevernment There are, in fact Ministers in the Swedish or American lines There can be no doubt about 

wernmenrs woite fa per on One is the purely tactical one decisions affecting the environ- the Cabinet who have a legiti- might be inappropriate in the her determination. 

. Keform of lection - of the that it gives ammunition to Mr. ment — without any explanation mate interest in the aircraft British context “where the po\i- There was one subject how- 


ever. which although only 
briefly mentioned will probably 
figure more and more strongly 
in her election campaign, and 
that is industrial output. Some 
Tones are almost obssessed 
with the idea or a kind of 
exponential British decline: if 
we do not check the fall now, 
the thinking goes, we shall soon 
be finished. Mrs. Thatcher is 
one of them. Sir Keith Joseph 
another and so is Lord Thorney- 
croft at Central Office who, 
incidentally, is one of the few 
businessmen at the top of the 
Party’s hierarchy. The answer 
is seen in increased pro- 


ductivity. as indeed it is at the 
Treasury. But the question is: 
’’how?” A great deal of time 
in the next few weeks is gum? 
(o be spent thinking about that. 
The Tory Parly will argue that 
in the interests of long-term 
recovery differentials have to be 
restored and efficiency in- 
creased. Tliey will have to 
counter the argument that this 
will increase inflation and 
unemployment. Yet again one 
should not duubt the determin- 
ation behind the present 
inchoate thought. 

Malcolm Rutherford 


Letters to the Editor 


A rrmifl finer for ? e • Government is in effect In the above context, it would provided from within the UK existence and the right to a life 
fiLLOUUlIUg IOI forcing me to break my contracts seem that we are being ripped and how much from the Euro- in their own terms. This raises 

I wtih my suppliers and, even if off by The Registrar-General in pean Community. ’** * ' “ ’ 

nicdSlDg they do not sue me, it will hardly the issue of certified copies of H. B. Snell. 

om the D^ectnr^erretaru be a 8 ° od - basis for future busi - birth certificates which are now PO Box No. 2, Castle Works, 

- -uLmim t LSSTn ^sSS'irn, ness re!atI0Tls or indeed for the costing £2.50 per copy, or 20 Seamer Hoad, Scarborough. 

Sir— The dSSlnuSStS l 00d for integrity of times the valne applicable in 

-nnntmo jSc P ?nf D iL«i^o British traders in generaL 1947 when the statutory fee was -/^i v x a a - 

Fi° oiV^iv hv S ^n 1116 nature of my business and 2 S 6d. ChflflllGl Isliflds 

by n l ! the suppliers with whom I deal A close friend, resident over- '^ lldUA1 Ci IMdUUS 
ncerned w It h leasing. But is such that j imp0rt modest seas, unable to 


,"Ete£,W- Wiff BrhsTm&iZ* legislation 

?ni a in "!Sni P f over 1116 >' ear: 3 s » dden cut-off mission, requested eight copies From Robin Maxwetl-Hyslop, MP rights, that is human rights are 

Mi-PaSl Riitt ema n J a re Int !“ cb 38 the - one no^ imposed of his birth certificate which was Sir.-I would like to comment once again given to thes! ancient 


the issue of their ancestral land 
and land rights. 

Perhaps President Carter and 
his European counterparts 
should set -the good example of 
recognition of the validity of 
their case in a practical manner. 
I suggest they allow for the idea 
of a Red Indian state so that the 


” r * : Pa “> are no P places the viabili 

cep ted oy tne 

■asing Association 
,e context 

nt) by many lessees. Byzantium. 

He says, for example, that a 2 Goo dge Street , Wl. 
:ance lease is in substance no ^ . __ 


acquirin' 


mey at np • • • 

teresL We contest this. The mining via 

lation of a lease to any exist- T -_ ° 

■g secured borrowing by a IV' 

«ee is quite different from the . 

.Jation of a new loan to exist- F r om the Aionaptnc Director, 
g borrowing, and it would be Bata Laboratories. 

fortunate if existing creditors Sir, — I noted with great in- other imigration requirements 

:re misled — as they might be terest a mention on a recent m. B. Hughes. 

accounting treatment of a London Weekend TV programme Gun-nersbury Manor, 
tse and a loan were to be The nuts and bolts of the eco- Elm Avenue. 

sntical. If two parties choose nomy' of an idea for a IV Ealing Common, Wo. 

enter into a loan agreement educational programme for teeb- 
cy may do so: but if they uicians. I consider this would be 

oose to enter into a lease why ®f tremendous value, since m my JtveUUUUailCy 
ould they have to pretend that ' r ' ew tbe la ^ c . of I technicians is 
is a loan ? the Qiam obstacle to technolo- H9 VITlPni Q 

Aeain the article suggests gi cal progress in this country. In r a J UlClllS 
^lessors^objectio^to capitali- this context the expansion of pSSJS” 100 ^ 

lion of leased assets in the umvers.ty education at tbe ex- ^re^ PIartons 


Phnniah. 

..29 Foley Street, Wl. 

. relationship 

exorbitant When I inquired If between the Channel Islands and •» , . 

there was any possibility of a the United Kingdom. In passing, fVlannafinP' 

I must point out that the bead- 1 lwllllttlul b 


GENERAL 

White Paper and statement by 
the Chancellor of the Exchequer 
on new pay guidelines. 

British Airways engineering 
staff at Heathrow meet to discuss 
industrial action over claim for 
parity with British Caledonian 
staff at Gatwick. 

President Giscard d*Estaing of 
France ends three-day official visit 
to Portugal. 

Middle East Business Expo 7S 
opens, Grosvenor House, W.I 
(until July 29). 

London Chamber of Commerce 
seminar on Business with Eastern 
Europe, 6S, Cannon Street. E.C.4, 
10 am. 



quantity discount I was advised r 

that even 100 copies of the same line is not in fact written by the HiranfArc 
document would cost £2.50 per contributor! UUCi-lUlS 

cop y. or £250. Mr. McDougall is at some pains From Mr. P. McCaig 

me snorter fonn of birth cer- to disprove assertions which I Sir, — Following the Bullocfc 
tincate at a cost of £1.50 per copy never made. He says: “The Report (with three university 
ue - * c ' r tbe purP j°f® Channel Islands were never con- professors and one eminent 

or , satisfying qU ered by England and have historian making their own dis- 

“ ‘ never been colonies to be treated tinctive contributions to the 

by Parliament as it wished. They issue of board room represents 
are dependents of the Sovereign tion), we now have the Govern- 
. - . and it is to the Sovereign meet White Paper on industrial 
that they owe their allegiance democracy (sponsored, this time 
and not to the UK Parliament.** by out of touch politicians and 
Quite so; I wrote nothing to the servants). Look for insance 
contrary. But the question is not Clause 25 of that document, 
one of allegiance anyway, since ^ state “ all directors on the top 
neither in the Channel Islands board * however appointed, will 
nor in the United Kingdom is sbare t be . same legal duties and 
allegiance owed to a.Parliament. E ? l p ? °f i ?|l y^, pnde m t ? ie 
non 01 leasra assets «u tac “'n-l’of t echnicaT'coHeEes was (Scorborouoh). The question is one of the legis- Present law ajl directors will be 

counts of the lessee is based ^ ^ m{at3 ] ;ei and this could be Sir, — I find it rather strange lative competence of the UK t0 f? 1 on 

-n°S e caokaf^Howances We’ redressed to some extent by when reading about redundancy Parliament in respect of the law prohibtiS^^mS- 

^ ssrsarssrs^s 

not think it correct that the viously, been going on for some would define in UK law the exist- aues tion -of employee or share- 

lancc sheet of the lessee V.U3UJ period of tjn f e ^ere are. ing convention by which the UK Slltar^lmtS bS® mandated 

ould include an asset that is Annipc one would imagine, very few Parliament does not legislate for vote in accordance with the 

t his and (undeT the lease) COpicS workers who would not be receiv- Jersey on a domestic matter instructions of those by whom 

ver will be. From Mr. Jlf. Hughes. ing due notice if the plant is to without the consent of the States thev are aooointed. y 

The preamble to the article Sir _ i n a recent programme shut down on September 30. (para 1405). The States of while everyone should realise 
plies that lessors resist the on -py dealing with the rising In addition, British Steel Guernsey, on the contrary (para t ha? board mmnbersare not man- 

oposals for capitalisation pr j ce 0 f eg g S< it was stated by appears to be very generous with 1414) were opposed to- any such dated bv shareholders’ wishes 

f :ausc the proposals involve way of comparison that the price the tax-payers’ money and it definitive Act. On anything - but the mast 

Lf iC '?? u . I !f* ^ bls 1S . n0 X. s0 *,'Xf of a bar of chocolate had risen would be interesting to know 1 drew distinctions between general sense) since they are 

mid like to say. in the P Ja * a " by over 12 times the wartime how much of the additional pay- three catagories of legislation normally only in contact with 
words possible, that this value, whereas eggs were barely ment over and above the statu- which the Westminster Parlia- them on one occasion in any 
wiation docs not resist ana twice the wartime value. tory redundancy amount is being ment is capable of passing: that one period of 12 mouths (the 

rer has resisted ti3sn<Bsnn.Vie which is enforceable (ultimately annual general meeting) — to 

Icome iL But wc do not con- _ , i by military force, if all else suggest that any trade union 

er that capitalisation in the PgnSlOIlS 3QQ lllU <3X1.011 fails), that which is unenforce- nominated board members will 

nnce sheet of lessees is the a v,uolv “ l7 - able, and that which while en- not feel mandated from their 

y lo do it. in our view a is- _ .. „ m * *- — -* 1 — > — fnr«»»hi*i is “ constitutionally branch or district committees, 

terms of receiving 
: from them and 

in correctly that pay-as-yoft-go incompetent. The obvious excuse recommend tne last, or to reporting back tn them, is surely 

■ounts: capitalisation m the J™p- Bc|| ™ are^ulnerable for filing to provldecompr^ welcome the final sanction of stretch in B incredulity too far! 

in that they are subject to the henove protection to both sectors enforcement inherent in the first Peter A McLaig. 

employer’s ability to remain is presumably, lack of resources. The gravamen of Mr. 23, Toller R oaa. yuom, 
solvent and profitable. This i s not a sustainable argu- McDougaJl’s penultimate para- Loughborougn, Lems. 

He goes on to say that only ment for perpetuating the graph is not that the legislation 

nationalised industries could Present unfairness. of which he complains is illegal, PavmPTlt nf 

avoid this danger by having It is difficult to think of any but that it is contrary to the -I <* J UI 

state guaranteed schemes at tbe area of government involvement eoostitntional convention, and 

tax pavers’ expense, but that where the available resources that the Government’s arguments QlVlUcilUd 

private 'industry must stay with are adequate, and the acceptable adduced In support of it are EVom Mr F Scott 

funded pensions. cooree^ia such circumstances is inconsistent. With both of those sir.— I "read with Interest tbe 


surp T.r ih? Techie cVmmit- From Hr. D. Townsend P er cent loss of purchasing foreeable 

nEof lessees £ best uStaled Sir.— In bis letter of July. 7. power since 1971) must either be outrageous or improper." To note both ml 
a now to the M. J. Rutherford states, quite deliberately divisive or grossly these three. categories is not to instructions 

mrrprtw. that nav-as-voti-RO incompetent. Tbe obvious excuse recommend the last, or to reporting ba 


anw sheet of the lessee 
heading. 

B. Dinner. 

Queen Anne's Gate, SW1. 

Restricted 
mports 

nn Mrs. J. Nevfcld 



ng imported from Greece. 
Vhcn ’ '** “ 

tile 
intrles 


he seems tn accent that It is only 


policy to be extended, stitiitional relationshiD as it 



[inning of the year, these did in the public sector but that Baroaly, orehild benefits going me rlt 0 f the Government’s taxa- iQ^whfch w^madlhrMr’ 

extend W Greece, where the similar supP ort for the pnvate gj tt children born on a tjon measures. R^eit Can- (G Mitcham) during 

viously existing system of sector is out of the question. ^ Tlmnday . Robin Maxwell-Hyslop. Sie debate on the Air cSooretion 


. -- - - - rm. . _ f # _ iwviii 

veillance import licensing i would strenuously challenge -tQe Government should decide souse of Commons. SW1 
tinned, this notion on the grounds that what amount of our, money 

in jfniv 1° I received a letter jf tax payers’ money is to be should be made available to all 

*' “ 1 * _ “ -r 1 1. nhnnM npnsirrnor- in unmnoncta (nr. its 



the debate on the Air Corporation 
Bill. 

“ What was the Minister’s divi- 
dend policy? It seems to me he 
has several alternatives. Is he 
going to set an example of 
dividend restraint and please Mr. 
George Brown. Or declare maxi 
mum possible dividends and 


m the' Department of Trade, used in this manner, it shDuW pensionei-s to compensate for its Amqmpoti 
■isin« mo that with effect from be for the benefit of all pen- failure to preserve the value of /AillcfiLall 

S [he Import, from Greece, goners and not restricted to a our currency, and then apply it r j. ^ 

S?" =« or -fBW.ftasJSSL 

t even those surveillance funds Thte^pprowh -would It least ^ « “*“ so mucb Please 'the Treasury and Mr. 

•nccs which had been ^rantea seewr jaw riniination aKainSt pu t an end to the present in- 00 TV and in the newspapers Callaghan?” I do not know 

*e revoked. t0 p ri J ate seC tor pensioners which justice and also remove a abou £ P b § ht of Alexander whether this attitude was only 

Vhen it is felt necess^ 0 pn seciw p na - ugtifieiL dangerous precedent which 1 Giiabiirg and Mr. ^Anatoly with regard to the specific matter 

irict the growth of P . is p 0 vai ^ admirdstrative suspect is partly responsible for Sbc J? r ^ Ils ^ y . and Western of the debate (the Bo AC-Cunard 

a particular source- su«‘F ™re w no this Mr. Rutherford’s tacit acceptance politiial leaders concern for link) or whether it referred to 

jAl.s reasonable Senefit to prSSe MCtor that further privileges be these two people. the payment of -dividends in 

. U/lVv ; will be done in a b ^ accorded to public sector a Durmg tins same period generaL 

friw ch makes provKmn for OTaers pensioHe. ^ f in- employees exclusively, at the American Indians have walked If the latter should be the case 
P ‘ ?ady placed 3 shed* ^ im- suiate one section of the com- expense of the community as a 3,00 0 miles to Washington to it may weH be^at a ^degree of 

• ‘ the hajjf pf ^ ei1 allow Another fo ueinam Wheret 

nous levels of imports.^ ^ suffer B wo tinutng reduction m D. A. Townsend. 




a 50 11, Jarmeod, Button, Essex. 


remind the European settlers optimism may be justified, 
that the land they annexed is F. L. Scott, 
their ancestral land- Their Rosedene. Doncaster Road. 
protest reminds us of their Branfon, Doncaster. 


Today’s Events 

Queen visits Prison Officers 
training school, Leyhill. Wotlon- 
Under-Edge. 

PARLIAMENTARY BUSINESS 

House or Commons: Lords 
message on Inner Urban Arens 
Bill. Independent Broadcasting 
Authority Bill, and Community 
Service of Offenders (Scotland) 
Bill. Motions on Cinematograph 
Films (Collection of Levy) Order, 
Protection of Depositors 
(Accounts) (Amendment) Regula- 
tions, European Space Agency 
Order, and Dominica Termination 
of Association Order. Consolida- 
tion measures: Employment Pro- 


tection Bill (Lords) and Statute 
Law Repeals Bill (Lords). 
OFFICIAL STATISTICS 
New Vehicle registrations 
(June). 

COMPANY RESULTS 
Final dividends: Common 

Market Trust: H.T. Investment*: 
Lowland Investment. Interim divi- 
dends:* Carliol Investment Trust: 
Llo.vds Bank; Robert H. Lowe; 
Tyneside Investment Trust. 
COMPANY MEETINGS 
Alida Packaging. Heanor, 
Beckenham, Kent. 10.S0. U'itan 
Derbyshire, 12. Portsmouth and 
Sunderland Newspapers. Sunder- 
land. 12.30. Robertson Foods, 
Investment, 11, Austin Friars, 
E.C.. 11.30. 



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22 


Financial Times .Friday July 2t;3B7S 


COMPANY NEWS + COM M ENT 


Fodens jumps 62% to record £2.84 


DESPITE THE interference with 
production caused by mi p pliers' 
strikes in the early part of the 


JUDEX TO COMPANY HIGHLIGHTS. 


fo^,nll I0T7, paymentf totalled 
7.36355 p from £424,370 net used 
profit. 


second half, pre-iax _ profit of 
Fodroh, the commercial which.* 
manufacturer, jumped by KJ per 
cent from H.75S.OUO to a record 
I2.844.nii0 for the year to March 
81. 1978. 

This compares with the 

Company 

Page 

Col. 

; -Company 

Page 

Col. 

Allied Textiles 

22- 


' Fofminster 

24 

5 

Allnatt London 

24‘ 

5 

Gordon & Gotch 

24 

2 

Assoc. Fisheries 

24 

4 

GUS 

24 

1 

Atlantic Assets 

24 

2 

Haslemero Estates 

24 

4 

directors’ forecast of not less 
than £2.3m tan increase ol al 
li’iist 47 per cent) made in July, 

Berisfords 

25 

4 

Henderson Kenton 

24 

6 

Britannic Assnce. 

22 . 

4 

Hollis Bros. 

22 

A 

1977. While at halfway, when 
reporting profit up Trom 

uttfi lo £1.277.000. they said 

Bui lough 

24 

1 

Nova (jersey) 

24 

8 

Burt Boulton 

22 

2 

Rubery Owen 

22 

5 

that tnless disputes were settled 
quickly it would be difficult to 
return" the profit deserted. 

Carelo Engineering 

25 

5 

Russell (Alex) 

22 

6 

Castings 

24 

4 

Sena Sugar 

24 

Z 

Currently the UK market is 
hiridim; up well, although rompe- 
til inn, particularly from Europe 
is fierce, but exports 3re dis- 
appointing with i he two main 
markets of the Middle East and 

Cullens Stores 

24 

3 

Tomkins (F. H.) 

22 

8 

Derby Trust 

24 

8 

Trustees Corpn. 

24 

3 

FMC 

25 

1 

Unigate 

24 

6 

Fodens 

22 

1 

Yita-Tex 

25 

3 


Hollis Bros. 

slumps in 
second half 


WITH SECOND-haif profits ■ cut 


to £0-53m, resulting from a fall 
in timber prices, pre-tax profits 
nf Hollis Bros and ESA for the 


down from £2jTjn \ Q £ 

Directors state that substan- 


Africa experiencing a period of 
demand hesitation, the directors 
now .say. 

Other specialised vehicle con- 
tracts* arc in a state oT prepar- 
ation. rather than delivery, they 
add. and consequently results for 
the current (Irsl-half will reflect 
ihis slowness in exports and the 
£ap in specialised vehicles 
deliveries. 

They expect that the second- 


Downturn 
at Burt 


liabilities £0.55m 
current asset s). 


(£1.15m net 


that Current 

factory. 

The dividend 


trading is satis- 


_ ing the pre-tax result for the cancellation. 

»»M be «>ne of _ consoJidaUon. Man . h at, 1078 year down from 
bringing in new UK models and 0 3ni to £0.88ra. Directors say 
generally-equipping the company both the limber companies and 
for further motes ahead in ,j Je road surfacing com- 

l*i7!i SO. panics produced lower profits. . 

Group turnover rase from TlirniJver was down from 
iJ. Ism to fa..itlm for .19.* -J*. £35.12111 to £34.0Sm. and the profit 
while profit «»s >tilKk jfier Wjs aflt?r depreciation of £n.4bm 
lower interest of £9i>4.0t)0 and debenture 3nd other 

li'Mmj. interest of £0.B5m lEO.TSm). 

B:imc earnings per oOp share Directors say the new financial 
arc^'-hotvn to be up from I^.lp to yBnr does not look encouraging. 

li.-.K or fuUy diluted from «.b p Co mp e mion- 


„ t . . _ payout is 

Net asset value per share is increased from 4.0191 Sp to 
shown as 129.2p (120.1 p) and 4J8835p net per 25p share, the 
125.9 p (il7.?pi assuming fuff con- maximum allowed, as forecast, 
version of convertible unsecured wJUl a final payment of 3.30S6p. 
loan stock. Turnover was ahead shchtly for 

During the half year some the year from £43 -23m to £43.43m 
£70.429 of 4j per cent convertible and tf, e pre-tax figure was struck 
unsecured loan stock 1973-98 was after interest charge* £1.02m 
January, converted into • 0.420 ordinary against gl.tm. Tax took iD.77m 

net 
itb 


Boulton 

toiriurs**-. ««* ESS2 «lu*fiaKis ss it jsrss ZrJsLg- 7 ’* 

» 75S5 •s^ss a r sss sti -sax™* ° f *“* 5tock ,or 

Progress 



ISSUE NEWS AND COMMENT 


Tecalemit rights 
and acquisition 


Tecalemit Is proposing' a JE2nt holders’ funds of £19.2m before 
riirhts U«ue and announces that deferred rax of another 13 A. m. 
JSSnent has been reached to In fart the riKhtt proceeds will 

■ipiectucut . . El ^.k k. nnnr v ncnil n njv.iw Alt 3 


fauv a 70 ner cent state in French be partly used In paying oil a 
ouy a IU per k.nL- Win AatMl 1QCn.fi*> Aftd inn 


vehicle servicmg equipment tnanu- bank loan dated 19S0-S2. Adding 
flrturer Focautoiube SA. for a n.6m loan to finance the French 
SljBm in cash from the U,S. com- acquisition 


would hardly have 


pany Graco. 


strained the balance sheet though 


“f , . ' , {«- the company says the rights issue 

The basts of the ruh^ cali is made ^ maintain gear- 

Sft'S SlemTff JhirM raiios. 


that the dividend the company 


Closed lp higher at 133p. was japing to pay this year'fbe- 

The directors say that although for* the announcement of further" 
the cash position of the company i-ontrols) is certain. for the year 
remains strong they consider that ending next March. As for 
additional equity should be raised Fngautolube this will oxpund the 
to assist in financing the intended company’s earfSting garage equip- 
expansion of UK manufacturing m ent chvision. There are plans for 
capacity. Also the issue will pro- an exchange of products which 
vide a broader base on which to cou id have long term benefits but 
develop overseas. initially FogaiKolnbe wifi: not be 

Proceeds Will be used to repay adding much: to profits. At JS3p 
a £lm medium-term bank loan prospective ex-rights yield 
and £180,000 of 5J per cent deben- to 5,4 per cent 
ture stock when it falls duo at 


% 


the end of this month. 

■ Finally the directors feel that 
the rights issue will hare the 
effect of rnalntaininc a reasonable 
ratio of borrowings to share- 


by Allied 
Textile 


fl.Ofinu was reduced by an extra- 
ordinary debit of £33,SS6 1 £50576 
credit). 

Hollis is a timber etc. concern 
and manufactures educational 
equipment 


Freddie ywnsiicW 

Mr. John Clement, chairman of XJnigate, who ^yesterday 
announced a profit of £3L5m for 1977-7S. 


DIVIDENDS ANNOUNCED 


comment 


importers such as May and 
Hassell, found their timber 


J-.gp. Ihe dividend is lifted to market is keen and great efforts Textile* Companies progrei 
."..‘flip (2.4<op) net will have to be made to maintain from 11,388,685 to £1.645,635 


exchange deiieu p,.uuo ummi crease future profitability 
and an extraordinary debit tins oup resources.' 

nme of £oS,000. After fax nf OI4:ti 


Trom 23 P er J f enl ,ast u ™*- „ — . ur - 

The directors say the result may ( ed t0 ^ enera [ overstocking and 


9 comment 


net profit was £0.44m i£0.52m>. time of continuing recession my e j^ elp from sc hool 

There was an extraordinary profit throughout the world's textile stationery, teaching aids and 

of £27,382 and last year £13,361 industries. . educational equipment division 

Fodens tigures are well up to wcnt t o minority interests. Earn- For the whole of the previous w j, ere pro fits slumped but the 

expectations «>th profits ahead in;;< pcr share are shown at 2S.2p year, they reported a record rema j n j nK tm divisions reported 

by fi-2 per cent and over £300,1100 against 32.7p last time. £2.83m pre-tax profit on turnover j ncreased profits. Trading since 

clear or the forecast made when final dividend or 6.5p net per of £30. 7m. the year end has been assisted 

fending otf the Rolls-Royce bid. £1 share leaves the total un- Afier tax of £8oa,00tl (£723,QW)] ^ stabilised wood prices. 

Exports hare been a xl rong factor, changed at 30p per share. The half-year earnings rose by 2p 10 j ncTease d productivity from the 

and hern Fodens has been able group’s holding company. Thomas 1*2. ip per 25p snare. The inlerim re \, u iit tubular furniture factory 

to use more of its own numu- Roberts IWestminster). has ls ste PI* ed U P »o_4J09p at ;5j evena p e ^d tj, c switch in 

factored components, such as waived the right to dividends < 3.826Mp) gross— last years final emphasis from school furniture to 

axles, which has helped offset totalling 122.620 on £348.000 of its W *JJ 52|998Sp. r the more profitable contract 

supply problems caused by out- 1,39.1.833 ordinary shares. 


side strikes. The company has 
been concentrating on the heavy 
end or the market where mucins 
arc better nnd this is apparent 
in the sales figure— only 12 per 
cent higher and the number of 
units roughly unchanged at 2.l)U0. 
What did hit the share price 
yesterday was the cautious corn- 
men is for the current six months: 


Romney Trust 
advances in 
first half 


It seems fairly plain that the nvvt front £975.592 to £I.04m for at bank and in hand amounted to 
Win* 0 iook the ha[f Qf ia7g _ a „ d after fl . Wm (fo.gfim). 


i£72^tS4), bank interest £25,959 
(£76^1781 and loan interest £22,737 
(£37.615), but included investment 
income of £12.532 (£12.836). 

At the half-year, net current 
assets stood at £7.69 m <£ 7.07m al 
September SO, 1977). and fixed 
Gross revenue of Romney Trust assets were £5.0flm t£5.tlm). Cash 


poor. Foilens is then looking 


First quarter 
sales growth 
at R. Moss 





Date 

Com- 

Total 

Total 


Current 

of sponding 

for 

last 


pavment 

pavment 

div. 

year 

year 

Allied Textile .... 

int. 


Oct. 2 

3.S3 

— 

9 .S3 

Allnatt London . 


3.3 

Sept. 8 

3.03 

4.3 

S.86 

Assoc. Fisheries .. 

int. 

Nil 

— 

1.2 

— 

3 

AtfanUe .Assets 


0.4 

Nov. 2f» 

0.4 

0.4 

0.4 

Bank Leumi (UK) 

... int. 

2.6S 

Aug. 11 

2.6S 

— 

7J6 

Berisfords 


0.77 

Aug. 31 

0.7 

— 

2.42 

Burt Boulton .... 


6.5 

Sept. 15 

6.5 

10 

10 

Bui lough 


56.16 

— 

5.6 

— 

5.6 

Crosslev Bldg. 

.... int 

2 

Aug. 14 


— 

4.13 

Derby Trust 

inL 

T.ng 

Aug. 31 

6.3 

— - 

13.43 

East Daggafontein 

... int. 

5525 

Sept. 8 

— 

— 

20 

FMC 


4 

— 

6 

4 

6 

Fodens 


3.35 

Aug. 31 

2.48 

3 35 

2.4S. 

Fomrinster 


J3.17 

— 

1.89 

5.24 

3.74 

Gordon and Gotch 

2.64 

— 

131 

5.28 

2.4 

GL Universal -Stores 

4.64 

Dec. 22 

4.15 

825 

7^9 

Haste mere Est. . 


2.3 

Oct. 5 

2.01 

3.3 

2.06 

Hollis Bros 


3.31 

— 

2.96 

4.40 

4.02 

Lend. & Lomond 2\sL rnt 

7 j 1 

Oct. 7 

ft.7 

— - 

2.4 ■ 

Nova (Jersey) ... 


51 

— 

0.5 

1.5 

0.5 

Provincial Cities 


0.9 

SepL 22 

0.82 

1.48 

L35 

Romnev Tsl_ 

inL 

OS 

Aug. 29 

0.K 

— 

2.65 

Alexander Russell 

2nd inL 

0.8 

Sept. 7 

0.79 

2.24 

2.01 

St. Andrew TsL 

int. 

•> 

OcL 2 

1.5 

— 

4.15- 

Stenhoose 

inL 

1.S2 

Sept. 39 

1.65 

— 

4.05 

Tanjong Tin 

1st inL 

o 

Sept. 11 

o 

— 

6.5 

F. H. Tomkins 


**0.65 

— 

0.57 

1 

0.87 

Trustees Corp- 


3.3.1 

Sept. 22 

2 7 

4.85 

4 

Unigate 


2.II 

Oct. 2 

I.S7 

3.44 

3.QS 

Yaal Reefs 

..... InL 

55100 

Sept. 8 

30 

— 

115 

Vita-Tex 


2.3 

— 

2 

3.5 

32 

Western Deep 

.... int. 

5565 

SepL S 

35 

— 

S2J 

Wyuham Ent ■■■ 


1.64 

— 

1.64 

1.64 

1.64 

Dividends shown pence per 

share.net except where otherwise stated. 

* Equivalent 

after allowing 

for scrip 

issue. 

ton 

capital 


,-di Charges, including tax ol 


for an upturn which could offset against £251^86 the avail- o II * j 

the first half setback, hut « deter- Xtercoto SSifSttt it SUM Small midwaV 

mined effort is needed to ^ueere comp i rcd with £376.788 last lime. . A “ , J ’ 

1 i"T. -^ ll s For the whole of 19 m. gross |*|§0 BSIlk 

Leumi UK 


increased by rights and/or acquisition issues, 
control or constraints after July 31, 1978, $ Declared as 3p interim, 
payable September 13, and 3.l63p second interim, payable March 21 ^ “ 

—a final will be recommended in light of legislation, f Formal Kle,ttV rt aen - 
Treasury approval required. j| Gross throughout. ** Subject to there 
First-quarter safes at Robert being no dividend restraint, ft To reduce disparity. Unchanged 
Moss, plastic moulding group, final expected. 

Were SQme 14 per cent UP On the mmmmmmmmrnmm 


ERNEST JONES 
ATTRACTS £147« , 

. — - . The latest in. the recenfi.striiHC 

holders funds folJouim. the pro- or ofl - pr}; f0P S8£c - Ernest-; tones 
posed acquisition, whichis subject |JeweUere) has met with *,bes«y- 
to the consent of the French responiC . . . . t 

Government. _ ' ■ The offer, for- sale of 

With the preliminary figures ord j na ry «)p shares. « Tl5p ‘ 
last month the directors recom- attracted 46.000-. applications'* 
mended a final dividend for the tlie public for 128m shares 
"'year ended March 31, _ I97R of -£i47_2m. ■= • 

mmmm 3.64S2p per share. This Applications were also received 

a total of equivalent to 829op from 114 employees of Ernest 
per share gross, which is a 69' Jones for a torai of 106,000 shares! 
per cent increase over the pay- Last May Evirotherm offered 

Total ment of the previous year. shares to raise £2.S5m and 

.Assuming that Government attracted applications worth £245m 
restraint does not allow this level nnd earlier this month Cartiers 
of pavment it is the intention, of Superfoods’ offer for sale of 
the directors to at least pay that ,£l. 77m attracted £J86m. - 

rate of dividend in the current The basis of allotment will be 
y PPr ' announced sometime today and it 

Following the proposed acquist- Is expected that lettehf of recep- 
tion Graco Incorporated, through ranee or regret will be posted 
its wholly-owned French sub- next Tuesday. Dealings start, on 
sidiary. will continue to hold 30 Monday.; ^ • „ „ 

4.13 - iper c ' en t n f FocauloJube's eouity. ^he issuing house •• 15 ' HU1 
Fogautorube also manufactures Samuel. - ■ ■ 

pumns which are used by Graco. . - ■ - * 

The French company was 
acquired bv Graco in 1969. Tn 
respect of the year ended 
November 30. 1977 Fognutolubc's 
turnover amounted to £14m nnd 
pre-tax profits to nearly £700.000. 

Net* tangible assets are quoted at 
£S.T5m. 

The cash consideration for the 
interest in Fogautnlube will he 
financed by an unsecured ierm 

bank loan of FFr 13.8m (Il.Gm) tax profit "of F. H. Tomkins 
rennvable 10S3-S5. advanced from £l.47m to a reenrt' 

The disruption caused bv the Xlt7rin on turnover some £3nr. 
French general election and the higher at £l5.69m. 
consequent depressed state or At half-time profit was £13S,00P 
trade affected . bnfh sales and a h end at £616,000, and director* 
profits of Fogautolube in the tirst t hat while turnover was well 
half or the current year. ahead a significant part of thr~ 

As a result profits will be increase was in less profitable’ 
significantly down after taking areas of steel and fastener - 
into account the interest cost of manufacture. . 

financing thus acquisition. The After tax of £0.93ra (£Q.77m) 

tsuhipet tn anv initial contrbiut<on to Tecalemit and minority interest of iJAW, 

$ subject to Uj wil , bp (tmalL (same), attributable pront was,: 

The issue is underwritten by 10.84m f£0.69m> and earnings per , 

5p share are shown ax 3.31p ■, 


■:r!- 


Record 
£1. 8m for 
Tomkins 




. f 


For (he April 30. 1978 year prei 


SS South African cents throughout. 


• comment 


'ruck market. Heel master is reV enue was £2U4m and the avail 

Fodens initial mtempt at fightme ab | c balance was £800.927. 
hack at imports— so far this range The interim dividend payament 
i< selling weft. Meanwhile bor- j s unchanged at Q.Rp net per 25p 
rowings remain high at £8.4m .share, absorbing £221.792 


same period last year, Mr. R, B. 
Cole, the chairman says -in fus 
annual statement 
But he says that in these uncer- 
tain times it is difficult to fore- 
Reflecting the continued expan- cast the future. Given some 


compared with shareholders' funds (£221.228). A l.S5p final was paid sion of its business, profits of improvement in the economy the 

of fZ2.lm. .\t 64p Ihe yield of (a. s -( time. Bank Leumi fUK) for the first six group would expect to see profits 

32 per cent is well up on ERF As at June 30. 1978, invest- months of 1978 are slightly higher exceed those of 1977-78. 

nnd ihe fully diluted p'e is n. men is, at market value, totalled than those of the same period last With the same workforce as 


Rubery 

Owen 

nroeress 


Using energy from coal to raise Ings 
the steam, rather than part of the 


(2.738p): - • 

Directors are recommending a 
•fl.ftap final compared • with • a >' ‘ " 
Tecalemit is not an obvious rights o.5068p payment last time for a ir. : 
issue candidate* Last March the total of Ip (0.8666p). The divi--#," 1; 
balance sheet showed net borrow- deftd Ls subject to there' being no V . 
Ings of £1.3m 'against share- new legislation. 


oil produced at Cold Ltfke, would 
the production' rale 


boost the production' rate by 
16,000 barrels a day. -Total daily 
production from thg upgrading 
plant would be arjiund 125.000 
barrels daily. Indirectly coal is 
turned into oil; a ^fnore versatile 



A 


Inveresk Group 


INTERIM RESULTS -UNAUDITED 


24 weeks to 


17th June, 1978 
£000 


11th June. 1977 

£000 


EXTERNAL SALES 


34,363 


32,920 


PBOF1T BEFORE TAXATION 
Alter charging or including : 


701 


1,520 


Depreciation 

563 


467 

Rental income 

(174) 


(150) 

Interest payable 

314 


422 

Interest relief grant 

(186) 


— 

Rationalisation 

98 


67 


TAXATION - It is anticipated that no material tax liability will arise on the profits earned in the 24 
Weeks ended 17th June, 1978. 


DIVIDEND ON ORDINARY STOCK 

The Directors have declared an interim dividend in respect of the year ending 31 st December, 
1 978, of 1 .41 7p per Ordinary Stock Unit (1 377 : 1 .375p) .This change takes account of the 
proposed new rate of Advance Corporation Tax.This interim dividend will be payable on 
22nd September, 1 978, (record date 1 4th August, 1 978) and will cost £288,32Q (net). 


ceiwirwizNTS on the interim results 

Sales of commercial stationery and office supplies maintained a steady improvement 
throughout the first half- year. Demand for most other Group products showed a slight 
improvement overthe second half of 1977. but the pattern was generally erratic compared with 
the first half of 197 7. Profit margins were further eroded by increases in wages and most other 
Operating expenses. In the paper making activity the decline in the exchange value of the £ 
against the U.S. $ since March has increased the sterling cost of woodpulp which is sold in U.S.§. 
Competitive forces have constrained the recovery of these highercosts.The profit for the half year 
thus reflects difficult trading conditions. In addition, there was some disruption to production due 
to the installation of new plant and also 10 localised industrial action, for the most pan unofficial. 

Most of the Group's activities at present have good order books.The current indications are 
that the market prices of both woodpulp and paper are hardening. If these trends continue the 
outcome for the second half yearshoufd show an improvement. 


DATE FOR ANNOUNCEMENT OF FUTURE HALF-YEAR RESULTS 

In view or the increasing scale and complexity of the Group's operations and for 
administrative reasons, it is the intention that from 1 979 onwards, the results forthe first half-year 
Should be announced in mid September.The date of payment of any interim dividend currently 
payable in late September will be altered to mid October which is approximately six months after 
the normal date of payment of the hnal ordinary dividend. 


Issued from C/an House. 13 Tudor Street, London EC4Y OB A. 


Paper • Packaging - Stationery • Industrial Estate 


profit for the March 31, 197S. yeai Rubery Owen, the Midlands-based 
fell from £471.079 to £387.131 as motor components supplier and 
orders from most of its major of .Jhe^ largest private Corn- 

Customer Industries fell off. 

Meeting, Oxford, August 16 at 
3.30 pm. 


Britannic 
Assurance 
income ahead 


Alexander 
Russell 
up 


Zndustr/al branch 


parries in the UK. 

A strike in late U)76 is estimated 
to have cost £750,000 in lost profit. 

The directors have revised profit 
forecasts for the current year 
down to £3.om. following a series 

of industrial disputes by its main PROFITS, before tax, up £100,000 
customer, BL t formerly British to £503.000. are reported by 
Leyland). Alexander Russell for the year 

The opportunity was taken ended March 31, 1978. Turnover 
during the year to ■ write down improved from £S.96m to £9. 99m. 
losses and restore finances to a Earnings per share are given 
sound basis, while the sale of the at 13 ^7 p (i3.89p) and a second 
premium truck business to Coventry interim dividend of 0.803p makes 


income ait Br^nic jSZZZ S™J 'fi JL ®S2S ■ maximum permitted total for 


Oimpuiy jumpedfrom SSSSmS l astene r com ? a t ny ™ p h ed the year of 2543p lOp share 

SS in 3 Wune 30 half ^ a3a i ns f 20Ofl5p ’ S h houId 1 

year ten oy £im to controls cease or be relaxed, the 

board intends to recommend an 
additional payment. 


year. 

Ordinary branch annual pre- 
miums rose from £6.06m to £6.76m 
and single premiums and annuity 
considerations were £133.000 
(£130. fOO). General branch income 
was £3jS3m against £3.2tn. 

* ew »"" al 3 “ u f $W" Plans to develop its Judy Creek 

akl?m> with annual renewal ?.?*’ 


Oil-from-coal 
Canada style 

CANADA’S Imperial Oil (Exxon) 


Tax charge is £215.000 (£113.000) 
leaving net profit at £288,000 
against £290,000. 


premiums of fl.Bm i£1.13m). On 
the industrial side, new sums 
assured were £S9.3lm (£71. 77m) 
with premiums of £6.9Gm sourn eas • 
(£5.61m). 


ton, Alberta, and ship* the -coal 


A1RFIX 

Due 10 lypocraphical errors in 


R. PATERSON & SONS LTD. 


NOTICE IS HEREBY GIVEN 
that the Ordinary Share Trans- 
fer Books of the Company will 
be closed from 4ch August, 1978 
to 18th August. 1978, both dices 
inclusive, for the payment of 
the Final Dividend in respect of 
the period ended 25th March, 
J978. 

By order of the Board 
W. M. ADAMSON 
Secretary 


to- its heavy oil extraction project yesterday's comment on Abriix, 
at Cold Lake, 200 miles to the the p/e ratio and yield did not 
to raise steam for give complete figures.. The con- 
underground injection, reports elusion should, therefore have 
our Montreal correspondent. read ... on reported earnings 
The coal, which could move by the p/e is 10 2. and fuUy taxed 
unit train or by slurry pipeline, H *. while l!,e yield is a solid 
is to be rained at Che rale of 10-2 P^r cent. 

2.5m short ions 


STONEHILL HOLDINGS 




LIMITED 




Highlights from the Accounts 
for 52 weeks to 2nd April 1 978 


1978 

£000 


1977 

£000 


Turnover 
Trading Profit 
Taxation 

Profit Available for Distribution 
Profit Retained 
Earnings per Ordinary Share 
Dividends per Ordinary Share 


T2.090 

7,012 

528 

484 

213. 

8.64p 

G.OOp 


1Z8S5 
; 1.218 
659 
559 
- 288 
999p 

6-00p 


-V 

j",:. 

i-;-. 

1..; ; 


Safi 

flit;; 


■a,- ; 

f:; 


• Trading forthe first 1 2 weeks ofthe current year has 

improved dramatically overthe same period lastyear and our. - 
order book, is at a very high leveL . . 

• We are looking forward to an excellent autumn/winter 
trading which, if continued into 1979. will yield a marked 
improvement i n our results for the yea r. 

• Cabinet Division product range has-been extandedforriew 
market penetration. Upholstery Divisioaprodaclion has started. 
A small profit contribution is >expecied this year. - 


[Mafciooml 


Living room and bedroom furniture - 
Copies of the Report end Accounts arc available From 
The Secretary. Lea Valley Trading Estate. Angel Road. London N1 8 3LD 


V : 




•id- 






year. It wrtl 
be used to raise the steam needed 
to heat up the heavy oil con- 
tained in sands down ta 2,000 It 
below the surface at Cold Lake. 

Once the oil is heated up. it 
flows underground towards pro- 
duction welLs and is pumped to 
the surface. The key to the 
economics of the project-— last 
estimated to cost CS4.?bn (£2.2bn) 
— is energy efficiency. That means 

the amount of energy used to get 
the oil up and processed into a 
crude that can be" shipped to 
Canadian refineries in relation to 
that product's final value. 


Deposits 

Lombard 


If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-623 4111 or 
01-623 6744 for up-to-the-minute competitive 
interest rates. Interest is paid without 
deduction of tax at source. 



Lombard 

North Centra! 


Limited 

Bankers 

Treasury Dept, 31 Lombard SL, London EC3V SBD. Telex: 864935. 


Back on stream 


am pleased to report that your company has now overcome 
the setbacks of the past year, and Is once more ton stream 1 for 


resumed growth in its activities. || 


C. H. Mitchell, Chairman 


The company has slven priority to 


its traditional activities. The policy 
remains to develop business in 
the higher technology areas. 


Regrettably, supportf rani . 
Governmental sources for waste 
oil collection and recycling 
activities Is not yet forthcoming. 


Hr, ' 


The continuation in the depressed 
level of industrial activity in the 
U.K. has again resulted in astatic 
market for lubricants and a 
surplus of basic lubricating oils 
and associated products. 


•t ■ 


Research and development 


activities are belngfurther 
increased and should lead to 
business in new specialised 
markets. 


... 




5 YEAR PERFORMANCE 


•t I; . 


Year ended 31st March 

1978 

1977 

1978 

1976 

1974 


£000*s 

£0M’s 

£000’s 

EDM's 

EOOO’s 

Turnover 

20,262 

17,538 

14,025 

12,632 

7,365 : 

Pre-tax profit 

1,153 

1,301 

821 

1,009* 

657 

Retained profit 

681 

831 

465 

. 33i~ 

196 

Dividend per share 

2.B3p 

2.40p 

2.1flp 

1.95p 

1.790' 


’fir, 
H. ’I 



entury oils group 

W 1 IMTTEB. 




'Hi! 


l 


■ GROUP HEAD OFFICE* STOKE ON TRENT 


. UWTfiDfc 








r 


is a great privilege for me to address 
this meeting for the first time as vour 
elected Chairman. 


It is no exaggeration to say that the 
last year has been one of the most 
important in the 45 years of the Board’s 
history. The pricing arrangements have 
been changed following the end of the 
guaranteed price mechanism so that the 
Board now obtains its income from the 
market; and, of coarse, there have been 
the major negotiations within the EEC 
, , covering the permanent safeguarding of 

\ » . • , .i the Board’s operations and powers. 

^ The Board welcomed the successful 
i 1 y ,, . conclusion of these very protracted and 
1 *' iij ([ difficult negotiations, so effectively car- 
tied out by the Minister of Agriculture, 
l .. - ' J i L jhlhf Right Honorable John Silkin MP. I 
personally and on behalf of all 
at|r_ dairy farmers like to thank Mr 
Silkin and those members of his staff 
wio worked so hard and patiently to 
achieve this satisfactory political settle- 
mint. We were confident that they 
uould ultimately succeed, but were 
ruder no illusions about the difficulty of 
task. The overwhelming all-party 
sjpport in Parliament gave us great 
sjuouragcnient and undoubtedly added 
ijueh weight to the Minister’ in the 
itgotiations. 

{I should also like to acknowledge the 
bnstructive way in which Mr 
Sundelach and his senior staff handled 
his problem, recognising the value of 
he Boards not only within the United 
kingdom, but throughout Europe, and’ 
— utting forward proposals which, after 

• H-prn^ic most detailed examination and 

_ ... r^^ate. were g enera )iy accepted as fair 

Mid satisfactory to all parties. The 
_ ii^ational Formers' Union too -by their j 
‘ : * ~3ipport helped greatly to achieve a 

• ‘ -v£sfiiiisfactory outcome and. in the line-by- 
ne discussion particularly, members of 
. ur own staff made a splendid contrihtit- 
•n, I should like to pay a very warm, 
ibute to them. 


Safeguarding our 
future in Europe 




Two separate and distinct steps, both 
* them fundamental, had to be taken 
:fore dairy farmers in the UK. could 
■ sure that their Boards would be able 
continue to operate under European 
isr*-'" - .v, on a permanent basis, with their 
icntial powers proper!}’ safeguarded. 

The first step was for the EEC Council 
Ministers to approve new European 
rgulations proposed by the Commis- 
\n amending Community Law to 
wide the formal legal framework for 
i Milk Marketing Board system, 
alxed so successfully over the years in 
: UK. This framework, was approved, 
the politicians in June. 

The second step will be for out dairy 
mers themselves to prove to Europe 
:t thev reallv do want to “maintain 
ir Milk Marketing Boards, carrying 
, their activities and exercising their 
^ in accordance with the various 

^ >ning Schemes as modified by the new 
C Regulations. To provide this proof 
.•ferendum will be held at the end of 
:ohcr and, to achieve a permanent 
guarding of the position.. a massive 
co f con lid cnce in favour of retention 
he Board has to be achieved. 


1 

hi 1 -* 


he EEC Regulations quite properly 
st that producers should be iuliy 
irincd of the significance of the 
rend uni. Papers on this w ill be sent 
ill producers in good lime - indeed 
first has gone out within the past 
k\ One or two points about the 
rendu m itself are of absolutely 
iamcntal significance to producers, 
ir^t, thev need to understand that 
ire an MMB can be authorised, the 
ng in this referendum must show 


The Board is supported by at least 
80 *;, of milk- producers vote in 

the referendum, and that 
these producers represent at least 
SO % of milk production in the Board 
area. 

lose arc very high percentage re- 
emenis and any apathy when the 
comes could be disastrous, n uve 
ssary percentages are not received 
>ther words, if producers vote no 
j nor vote at all), the future of their 
le milk marketing system will be in 


grave jeopardy. Nobody wifi be obliged 
to buy their milk - nobody will auto- 
matically be -there to negotiate file price 
they receive for it, either in the long or 
the short term. If they do have a. con- 
tract to sell to a distributor or manu- 
facturer, producers will have to nego- 
tiate its terms and, if it is cancelled by 
the buyer, they will have to find a new 
buyer and negotiate new terms with 
him. It will be up to producers to 
arrange the date of payment by their 
buyer and to look after themselves if 
they meet any difficulty, in obtaining 
payment. 

This may sound a dramatic way of 
describing the position,’ but it is only 
right that producers should fully under- 
stand the significance and importance 
of their vote before they decide whether 
or how to exercise it- Even though the 
Board might continue to exist if the 
necessary percentage vote of confidence 
was not received, it would be a very 
different animal from the one that pro- 
ducers now know - it would not be 
obliged to buy all milk and indeed it 
might not be able to do so. There is now 
no room for negotiating further modi- 
fications to Ihe Regulations with the 
Community and this referendum there- 
fore- represents the producers* one 
opportunity to say whether they do or 
do not want their Board to continue. 

Permanent 

recognition 

Put at its- simplest, the Commission 
have recognised the merits of the Milk 
Marketing Board system, and declared 
their desire to see it preserved. Subject 
to certain conditions - designed to en- 
sure compatibility with EEC rules on 
marketing, pricing and free competi- 
tion - the Commission will authorise 
the setting up (or, in our case, the con- 
tinuation) of such producer organisa- 
tions, and will grant them : 

a) the exclusive right to purchase all 
milk produced on farms in their 

. areas (except where certain specific 
exemptions apply); with this right 
goes the obligation, as at present, to 
buy and market all milk of suitable 
quality that is offered from those 
farms; and 

b) the right to ‘pool* all returns from 
the. market, 1 ’and to ; pay. 'equalised* 
prices to their producers, regardless 
of the use to which the individual 
producer’s milk is put. 

These powers are, of course, the twin 
foundation stones on which our Boards 
are built, and their permanent recogni- 
tion will mean that there will be no 
fundamental change in the Board 
system. ■ 

There are a number of subsidiary 
rules and conditions attached to the new 
EEC legislation which have already been 
published and they will be explained 
fully to producers before voting takes 
place. I want to make it clear that the . 
Board have discussed these Regulations 
very fully and have concluded that, 
although* some would require minor 
changes in our operations, the package 
as a whole would enable the MMB to 
carry on its work for producers very 
much as before. They warmly welcome 
this satisfactory outcome and strongly 
recommend ALL producers to support 
it with their votes at the forthcoming , 
referendum. 


Expansion of 
Dairy Fanning 



The Board have never disguised their 
belief that the dairy industry has an 
important role to play in the expansion 
of agriculture and in turn on the 
growth and development of the rest of 
the economy. Living standards would 
not have suffered so badly’ from the 
effects of the post-1973 food price, 
inflation, had oiir agricultural sector 
been larger. We should not overlook the 
fact that a 20 per cent increase in. milk 
production could, together with the 
additional calves that a larger dairy herd 
would provide, replace imports’ to the 
value of up to £275-300 railGon a year, 
after allowing for the import of fer- 
tilisers and feed required to support the 
additional cows. 

Equally important however is the 
general stimulus which expansion in the 
agricultural sector can give to employ- 
ment and production in the rest of the 
British economy. Whilst -not denying 
the fact that there is an import con- 
tent involved in the expansion of the 
dairy industry, l would still argue that 
the stimulus given to the rest of industry 
by agricultural expansion is consider- 
able. quite apart from the import 
savin*. Expansion In a sector such as 
agriculture, with a high level of pur- 
chases from the rest of industry, is an 


employment-cresting force. Moreover, 
since a very high level of our sales go to 
‘ the food processing industry. ‘an ex- 
pansion in the' home- base of their raw 
materials is likely to protect the very 
substantial level of employment in that 
industry as well. 

The 

Technological Race 

The Board will continue to take an 
active part in the stimulation of tech- 
nological development on all sides of 
our industry. Not enough attention has 
been drawn to the very substantial 
technological developments taking place 
both in farming and food processing. In 
the breeding and management of cows 
the last decade has seen the development 
of nitrogen freezing of semen, heat 
synchronisation by prostaglandin ana- 
logue, progesterone Testing for preg- 
nancy, electronic mastitis cell counting 
apparatus and in the cowshed the auto- 
matic feeding of cows and cluster re- 
moval and the near replacement of 
chums by bulk tanks. These are but a 
few things which have contributed to a 
substantial improvement in productivity 
on the farm through higher yields per 
cow and high labour and capital prod- 
uctivity. In the processing industry the 
Board's Technical Unit were amongst 
the first in the important development of 
membrane technology and more re- 
cently in the development and marketing 
of whey protein powder with its valuable 
by-products, glucose and galactose. 

Research workers in the UK can be 
proud of the contributions they have 
made. For its part the Board will con- 
tinue to put resources into research both, 
by the use of its own staff and by 
financial support for work in univers- 
ities and elsewhere. We are in a con- 
tinuing technological race, and it is one 
we are determined not to lose. Success- 
ful research maximises the options open 
to us as we expand, both for finding new 
markets and for achieving the fullest 
economic efficiency in our operations. 

I rest the case for the expansion of 
dairy fanning in the UK on the econo- 
mic benefits it would have for the 
nation as a whole. We have the tech- 
nology, we have trained people, and our 
grassland is capable of producing more, 
ir we invest in it. Given fair prices for 
our products, it will be possible to 
invest; this will create employment, 
strengthen the balance of payments and 
the longer-term growth rate of the 
economy; it will ensure a continuity of 
good quality products at a reasonable 
price for the consumer. 

Producer prices 

The other very big change to come 
about in the last year was the removal 
of the guaranteed price mechanism 
following the last step in transition 
on J January 1978, thus making us 
totally dependent on returns obtained 
from the market. The ending of the 
guaranteed price system has far from 
removed Government control over the 
industry's income. This is now exer- 
cised by direct control of the retail and 
wholesale price of liquid milk and 
through the “Green Pound” mechanism 
on manufacturing milk prices. Ail 
parties are feeling their way into a new 
system, and it behoves them all to look 
very carefully indeed to avoid mistakes 
that are more difficult to put right than, 
in the past. 

Markets 

It would be easy for me to paint a very 
depressing picture of the markets for 
milk at the present time. Liquid milk 
sales fell quite sharply in the latter half 
of 1977 and are still falling, though less 
sharply, in 1978. Butter stocks are at 
record levels and a considerable pro- 
portion of our expanded butter produc- 
tion in 1978/79 will (temporarily, we 
hope) have to go into intervention. The 
cheese market, although an expanding 
pne in the longer term, is also over- 
loaded with siock, and the available 
capacity (here and abroad) to supply the 
market is well in excess of demand. This 
is the dark sitfe, and the consideration 
of marketing strategy to cope with it has 
occupied the Board considerably in the 
past year. In my view however, 'though 
serious, these problems are short-term. 
The cheese capacity problem is the out- 
come of exaggerated, optimism on the 
part of overseas suppliers as New 
Zealand is phased out. It should right 
itself by the early 1980’s, provided the 
market continues to grow and neither, 
we nor our competitors extend capacity 
in the meantime. The butter stock prob- 
lem has been brought about to a large 
extent by the transitional price steps and 
delayed devaluations. No-one expects 
the problems of over-supply in Europe 
‘to disappear overnight, but at least they 
should, ease in the UK. In the liquid 
market we are suffering from the rapid 
phasing out of the very large consumer 
subsidies of recent years. Once this 
hump has been got over, we would 
expect future price increases here not to 
cease, but at least to be more modest 
than in the last two years. 


Call for devaluation 

Having said this, let ns remember the 
very large gap between the “Green 
Pound” and the commercial rate of 
exchange. Apart from necessitating a 
high liquid premium, to support pro- 
ducers’ prices, it gives importers the 
incentive to hold high stocks in anticipa- 
tion of changes in mca’s in the UK. We 
were highly incensed by the Council’s 
decision in Februaiy not to allow a 
“Green Pound” . devaluation to take 
effect in the dairy sector until after 
agreement had been reached in the 
Price Review. We could only interpret 
this to mean that maximum advantage 
was to be extracted by our competitors 
from the accidental effects of the opera- 
tion of the system. It is our hope that 
“green” currency chances will not in 
future be so timed as to perpetuate'this 
stock problem, it is ridiculous when the 
major deficit area for dairy 'products 
■becomes the one to put the highest 
proportion of its output into interven- 
tion for reasons associated with the 
money muddle rather than marketing 
efficiency. The most fundamental way 
for the British Government to deal with 
this matter is, in the first instance, not 
to allow the gains to be as large as they 
are at present by having too wide a gap 
between the “green” and commercial 
rate of exchange. As a move in this 
direction, the Board would like to see a 
further devaluation of the “Green 
Pound” before the end of 1978. Whilst 
this would be unlikely to have a signi- 
ficant effect on producers' prices’ in 
1978/79, it is very important to the 
future of producers’ returns and to the 
maintenance of reasonable stability of 
liquid prices. 


New pricing system 



In ’1978/79 producer prices and any 
improvement in them- remain highly 
dependent on returns from the liquid 
market. We were disappointed by the 
Minister's announcement in the House 
of Commons in March -that, after 
reviewing the situation, he did not think 
any change would be necessary before 
the autumn. The Board have taken the 
view that a small price increase early is 
far better from a marketing viewpoint 
(not to mention the political problems) 
than a larger one later. We have pub- 
lished a forecast schedule of prices for 
the year, despite the difficulties of antici- 
pating how ail the variables that are not 
under our control will move, and we 
shall do our best to meet these forecasts. 

The system, as it is now being oper- 
ated, is new and all parties are “feeling 
their way forward”. For this reason 
the Board were concerned when, in 
April, their returns were reduced by 
Government through a reduction in the 
•first-hand selling price to cover an 
increase in distributors’ costs and to 
guarantee their margins. I do not say 
that this increase in trade margins was 
unnecessary. I do say however that to 
guarantee margins to distributors at the 
expense of the producers* price appears 
to throw most of the increased un- 
certainty in the, new system on the 
shoulders of one party. 

We need- firmer assurances from 
Ministers if the new system is to allow 
us to continue to perform our marketing 
functions with the fullest efficiency. Part 
of this marketing function is linked to 
the seasonaj determination of pro- 
ducers’ prices, which hitherto has been 
the function of the Board. We were per- 
turbed by the Minister's statement in 
March that seasonal cost changes were 
one of the factors “to be taken into 
account” as part of the autumn review 
of the liquid price. The Board believe it 
necessary to continue to maintain a 
schedule of prices which offers a pre- 
mium for winter milk production. Pro- 
ducers have been' advised before that we 
do not see arty possibility of main- 
mining the relative size of that premium 
at the level which it has been at in the 
past. Furthermore, -with an expanded 
industry we would not regard it as so 
necessary to have, such a large winter 
premium and hence producers should 
have more options m their choice of 
calving pattern for profitable milk pro- 
duction. I must emphasise however that 
this is a commercial judgment, based on 
our ideas not only about the costs of 
milk production, but also the costs of 
moving milk about and the costs of 
manufacturing dairy products at the 
peak of milk production. I have em- 
phasised that all parties are “feeling 
their way” with the .new arrangements, 
but at the same time I must say that 
strictly commercial judgments are not 
ones we expect Government to take. 


Commercial 

operations 



The Board's commercial judgments 
are based not only on its experience in 
operating the Scheme itself, but also 
through the considerable amount of 
time spent in the course of a year on the 
.problems of running our own bu-i- 
nesses. These enterprises arc not large 
in the various sectors of the industry ’in 
which they operate, except: perhaps in 
ex-farm transport, but collectively their 
profits have now reached a level of some 
significance as far as producers* prices 
are concerned. In 1977/78 they earned 
£1 l.S million, which was well up on the 
£6.7 million earned in 1 976/77. 

Under the new EEC Regulations the 
Board will continue to have the obli- 
gation to buy all milk provided it meets 
the required quality standards. Our 
commercial businesses on the manu- 
facturing side have historically been the 
means by which we have fulfilled this 
‘buyer of last resort’ function and they 
will continue to be important for this 
purpose in the future. Moreover, 
because these businesses buy milk on 
the same terms as any other buyer 
(which is, of course, vital to their pur- 
posed but is now to be a requirement), 
they provide essential information and a 
variety of services to back the general 
marketing function - on costs and 
profits, on markets and experience in all 
aspects of business. It is partly through 
the link with creameries in particular 
that the Board is able to operate suc- 
cessfully its research and development 
activities, about which I spoke earlier. 

By far the largest part of the Board's 
staff is employed in the Commercial 
Divisions, and the Board have in the 
last few years paid special attention to 
their organisational structure in this 
area. The Community require us to run 
these businesses as a separate entity and 
indeed, we had already forestalled this a 
year or so ago in our management 
structure. We are, 1 believe, managing 
these' businesses along the right lines, 
and I hope producers will agree that it 
shows in toe results. 


Labour relations 

Not least of the areas in which the 
Board gain knowledge and experience 
through its commercial operations is 
that of the employment of staff, prob- 
ably the most vital and difficult area for 
management skill. The dairy industry 
provides employment to the many 
thousands of people in the transport, 
processing and distribution of milk and 
in the manufacture and sale of products. 
Equally, farmers are dependent on the 
smooth operation of this whole com- 
plicated organisation to secure the 
marketing of their milk production. 

The Board is very conscious of the 
importance of good relationships be- 
tween management and staff and trade 
unions; in the long run their essential 
interests coincide. We have therefore 
observed with satisfaction the develop- 
ment over the years of national bar- 
gaining machinery in the dairy’ trade and 
the recent establishment of toe National 
Joint Council for the Dairy Industry in 
England and Wales. Our staff have 
played a significant part in these devel- 
opments and will continue to do so with 
toe whole-hearted support of toe Board. 

Achievements 
and opportunities 

Opening the Royal Show, Mr Roy 
Jenkins spoke of the problem of surplus 
milk production in Europe and the 
means that might have to be taken to 
overcome it In amplification of this 
'formal comment, he subsequently 
agreed that, in areas of the Com- 
munity. Which are suitable for milk pro- 
duction and where there is an estab- 
lished efficiency of production such as 
the UK, there was still a good case for 
modest expansion. This 1 believe to be 
the view of our own Minister and it is 
certainly the strongly held view of my 
Board, 

I claim for our industry that its 
record of constantly improving effic- 
iency is excellent Yield per cow in the 
last 20 years has risen by some 50%, 
and the pace has quickened in more 
recent years rather than slowed down. 
Average herd size in England and Wales 
at 55 cows is three times the level in 
1955 and with this change has gone an 
improvement in labour productivity of 
4.4% per year from 121 man hours per 
cow per year (1955/57) to 45 hours 
estimated for 1977/78. It is a common- 
place now to find herds in excess of 100 
cows, milked and handled by one man. 


Producer numbers have gone down to 
only one-third of their level 20 or so 
years ago. At the same time the real 
price of milk to wholesale producers has 
fallen by about one-third.- Other sectors 
of our industry have also absorbed 
large cost increases through improved 
efficiency, particularly tiic transporting 
of milk from farms 'and in' the manu- 
facture of daily products, which has 
benefited greatly from the fall in the 
number of units and the concentration 
of a much larger output in many fewer 
factories. 

The result of this process has been 
lower real _ prices to consumers for 
liquid milk and for dairy products as 
well. Some of our markets (butter is the 
exception) have responded to these 
lower prices; cheese consumption in the 
last Hu years lias risen from 4.5 kg per 
head in J 957 to 6.2 Kc in 1977 i.e. by- 
more than one- third, and cream con- 
sumption from 0.4 kg to 1.5 kg per head 
in the same period i.e. more than 250 
per cent. Our liquid market has held up 
fairly well when others have fallen. Even 
following these substantial increases 
there is still room for a further major ti>e 
before our consumption of cream and 
cheese matches tout of the Danes, the 
French and the Germans. We must 
remember loo thatwc still produce in the 
UK less than 65% of our total require- 
ment of milk and daily products. On the 
basis of its improving efficiency our 
industry has a right to expand. This is 
good for those producers who continue 
to compete; it is certainly splendid for 
the consumer. Few industries serve toe 
consumer better. 

The Board 
and our staff 

. The last year did not see a large num- 
ber of changes in toe composition of the 
Board itself. Those which have taken 
place have all followed toe retirement of 
Sir Richard Trehanc. These changes 
were the election of Mr Alex Vedeniapin 
as a Special Member, ray election at the 
July Board Meeting following last year's 
AGM to be your Chairman and the 
election of Mr Charles Wharton to be 
my Vice-Chairman. This is not the place 
for me to pay tribute to Sir Richard's 
work for toe industry. This has already 
been done. I am pleased to be able to 
say that the Board are continuing, for a 
period, to retain his services as an 
adviser and he has been re-appointed 
Chairman of the Advisory Committee 
on Milk and Dairy Products in Brussels. 

No less than in past years have we 
been grateful for the help and assistance 
received from what seems like an in- 
creasing number of groups of people. 
Many of them have already promised us 
their active support at the time of the 
referendum and I can but reiterate that 
we as milk producers must use that 
referendum to show everyone at home 
and in Europe just how important our 
Board is to us and by our overwhelming 
v ote of confidence to justify the faith 
put in us so clearly and publicly by the 
whole British public, by all parties in 
Parliament both at Westminster and in 
Europe, by the Minister of Agriculture 
and his colleagues in Government and 
the Civil Services, by the media and not 
least by the Farmers’ Unions and the 
British Agricultural Council. That was 
and is a great strength to us and we must 
in turn justify it. 

In our Annual Report we made the 
point that an organisation is the people 
who work in it. Our organisation is 
strong and confident. They have served 
us splendidly in this most difficult year, 
and on behalf of all our dairy fanners, I 
must tell them how grateful you.are and 
how much you rely on their continuing 
efficiency and involvement. 

Finally. I should like to thank my own 
Board Members for the honour they 
have done me in electing me to be 
Chairman of your Board.** Of itself to 
follow Sir Richard has not been easy'. It 
has been a fascinating task and a special 
pleasure to be intimately concerned with 
the organisational structure of the 
Industry for the future. I have received 
throughout the year splendid support 
from my Vice-Chairman, Mr Charles 
Wharton, and Managing Director. Mr 
James Morton, to. whom I should like to 
say “thank you very much*’. 



Copies of the full address and the 
Annual Report & Accounts 
are available from : 

Public Relations, 

Milk Marketing Board, 
Thames Dittos, Surrey KT7 0EL 
Tel: 01-398 4101 




rw 


24 


FmaHCiaJ -Times -Fciday 


GUS improves to £128m: AF loses £1.3m 



current year starts well in first half 


Second-half surge 
Unigate to peak £31.5m 


FOLLOWING the £6.9m rise to to O.TOfip [or the six months ended says the group’s traditional export 

15:5.0.1m in the first half, profits June 30. i»'S- business in British periodicals and elated Fisheries incurred a loss 

before tax of Great Universal Pre-tax Revenue is sharply books is declining each year in for the first half-year ended March 

Stores increased to £128.lra for higher at £92,17 9 against £7.874 physical volume, because high 31, 1978— the amount is £l-35ra . _ _ 

the year to March 3L 1978 com- and after tax of £47,907 (£3,809), printing and production costs in compared with profits of £1.47m nons m 

4U.% not hai jnc# thrmivh «■» i7v . — nmmoimn m«nir ttrMek |jj fjjg same period last year Humber substantially, i 

The deficit is due entirely to avoidable redundancies. . in . h -. f 

- - endeavour to bnng costs into line At Bait way. 


AS INDICATED In March. 4~ 

ss. s& 


■pared with II 12.3m previously. the tiet bajance comes through the UK are pricing many British 

And an encouraging start has at £44.222 (£3,375) For all 1977 publications out of overseas 


on the to March 25. 1978. Turnover^was 
jn- £973-8m ci ' " 

an previously. 


_ The director* say they do not 

ucrrikirC Intend to issue a further interim 
BOARD iFlttlirHw statement in respect of current 

The following companies barn notified accounting IMXlOd Which Is 
datvs of Board wct'UiKs to tiic Stock expected m show a .further in. 


Humber substantially, with un- £973^m . compared with £Sfia.9m 


Esdumce. such nwoungs are a™i|r crease in turnover and improved 


&SM for iftr p«nx®>s of wnsiderew <„«. same period ofZajt 


been made to the current year, 
the directors say. Figures for the 
first three months show a satis- 
factory increase over the same 
period Iasi year, particularly in 
mail order, furniture and 
fashions. 

Including vat of £86, 43m 
(£75.4(11), turnover for 1977-7S 
improved from £1.09bn to Ilfi4bn. 

Hornings per 25p stock unit 
arc shown at Jo-tp i.21.Sp) and a 
final dividend of 4.64p lifts the 
total from 7.3£B2tip lo a maximum 
permitted S^4873p. 


net revenue was £ 38,000 and earn- markets, particularly in Canada, 
hips O.fiOlp- The profits would not have been 

The net asset value was 244.3p so well main tained, he says, had 


the crisis in distant water fishing, enaeavour to arms costs nuy *»“«= u0 well in light itwmis or finals and U» sub- 

s with likely income but thnr_fUl results 51,^ a»*B Mow are based mainfir w bat was a record £134m and pay. 


(176.IP). 


aC S MtVntS oT the Veduc«d - consunier spend- «... 


Gordon & 
Gotch 
on target 


it not been for the successful 
implementation over the last 10 
years of the board's policy of 
cautious diversification. 

As a result of past efforts, the 
group could continue to pay the 
currently proposed level of divi- 
dend indefinitely, dimply from 
prior investments in buildings and 
quoted securities, without taking 
any account of income from tradi- 
tional export trading, the chair- 


arising from a denial of 
to customary grounds 
exacerbated by the continuing 
failure of negotiations for a re- 
vised common fisheries' policy, 

Mr. P. M. Tapscott, the chairman, and the major expansion 
says, ^ Wolverhampton cold store 

Jn contrast; the trading profit almost complete, the chairman 
from other activities, which in- says, 


. . dividends. Official iwHcattms are 

directors said *T or ^ of , mm ^ 


years ttofiablo. 


“aSSiiffi ‘Should "W Si -suit tor the yesr ™ 
amtinue to give encouragMrcm Modes 


ments totalled 2233S6p per 2Sp 
shared 


common Market Truk, Initial 


is associate contributions Of/O.Sm screiccK Ward and GoWstow, 


FUTURE DATES 


elude cold storage, warphousing, 
transport, food processing and 
restaurants, is neatly 50 per cent 
higher. 

The chairman says it is too 
early to estimate the outcome for 
the year, but the trend should be 


See also Page 35 


The year's profit Is after depre- profits BEFORE tax of Gordon man says, 
ciarion of £21.61 m against' £9JSm. and Golch Holdings have fulfilled °J er shareholders - , t 

in addition there is an extra- expectatinns foTSe year ended ^profits,stem from freight one o as a re^t 
ordinary surplus, less tax, of jj, 1978, and have topped forwarding divisions, the com- ?! k „5 emedMl ® eas ^es already 

£im for the first time to reach puter bureau and from two asso- takeTL 
£1 005 97S. compared with £800,653 date companies. All these drver- 


n.lSm (£0.£Cml. 

Hire purchase and other instal- 


ment receivables at the year-end 
totalled £M.77m against £S6.7Sra 


at March 31 last year. 



Year 

Year 


inrr-73 

urit-rr 


fnnffl 

row 


... liW.867 

1.US7.3S7 


11. ROT 



. 1284JJ2 

U2J92 

Ttxuiuiri’ 

S3.K* 

3T.7S4 

Minunitf* 

tT- 



EAOIN SH 

CM VI. 

Preference rfwidcnrfs 

7rt 

n> 

itrHinary dividends . 

C0..'4I6 



i;a 


- Inrludlns V IT 

' indudinn 

JU.Klu 

ill: Mnn deferr.-d lax. 



in the previous year. 

The profit forecast was made 
at the interim stage when profits 
had risen from £362,000 to £508.000- 
The final dividend is the antici- 
pated 2.6+p making a total oF 
5.28p compared with 2.4p pre- 
viously. The directors assume 


sided businesses are expanding- 


Forminster 
ahead at 
peak £1.3m 


Auk. 17 
July 27 


Trustees Corp. 
earns and 


Earnings per 25p share are 
given at I1.92p against O.ISp — a 
rise of mors than 30 per cent. 


See Lex 


Crescent Japan 


earnings rise 

Earnings per 30p share of 
Crescent Japan Investment Trust 
arc shown to be up from 0.063 p 


pays more 

Revenue of Trustees Corpora- 
tion for the May 31, 1978; year, 
came out ahead at £L57m against 
■£1.3m after all charges, including 
tax of £0-S8m, compared with 
£0.74m last time. Gross income for 
28.es 26^17.759 year was up from £2J)7m to 
1.004.978 800 ASS £3 .32m 

4S3.X15 378.344 Earnings per 25p share are 
8 r33 H£ shown as 52p (4.28p) and the divi* 
S44-7W dend is increased to 4J85p (4p) 


Loss per share for the first half, 

dividend is given as 3.I3P (2J3p f j t fte J 0 SS U St r lax fiJS2 fS^tiS ba^ed on a 33 per cent ACT rate; 
f/dedfrld tarty!?? fun April P 30. 19Tsfyear from takes the total from 3.0772p to a. 

£ wSwf*u!r-£Sp %aid a £1 09m ?o a peak mem — — a " fio 

total dividend of 3pfrom pre-tax .. A * interim fta^e the 

profits of £3 53m, directors reported profits ahead at 

Turnover amounted tn £3S.6m Iflh'to Tile 

(149.12m) with trawling and ^dent of record profits for Hie 

engineering contributing £36-52ra tu *l ye8r 


(samel, and is after interest of 

£6m (£6.Jm). Inierinn _ 

The £13.5m l£5.8m) tax charm Davies juvd Metcalfe Awr. * 

Indudes overseas tax Of XLlm Trait ik.i Enfiinrerma — July * 

(iUml and is after deducting 5*^ 1™“™“* 
relief of £0.5m f 11.1m) on the Chcm 

excess of the writing dowm allow- AJl .g7T_ jmv :« 

ances over depreciation of Indus- Amir ^ auk. s 

trial buildings. Last year provi- Artineian Mwor ... aub- i 

sions no longer required of £0Jm 
were deducted. 

Attributable profit came out at 
£i75m (£lS.5m) and earnings per 
25p share are shavm ahead, from 
6.86p to S^lp. 

The final dividend of 2j05p, 


Upturn 
at Nova 
Jersey 


Lcirasvt intL-maUonal . 

Stock Conversion and Inv. Trust 


July v 


permitted 3.435p net 
will absorb £6LS8m 


maximum 
Dividends 
(£6.1 lm). 

For the first time, depreciation 
was charged on freehold proper- 
ties and trading profit was arrived 


Invergordon 
Distillers 
£0.76m so far 


WITH TURNOVER up sharply 
July ** from £4 .84m to £&52m taxable 
profit of Nova - Tierney) .Knit 
doubled to £236.000 Ip the Warch 
31, 1978, year. At half-way, profit 
way £103.000. compared with 
£24,000 previously. 

The result is after loan stock 
interest of £5SM)00 (£71,009) ' and 
is subject to tax of. £132,000 
(£22.000). There were extra- 
ordinary debits .. of £24,000 


(£20. 7m) and othe^ 'acUviUes „ 7 V rn ?. v lE ?l s at after charging £lAn. 


£23. 08m (£28.4m). Trawling and U P h > £ J; 79m t0 £12.08m and pre- 

pninneprinp’ lost n i™ amiimst tax ProBts were subject to tax of 
engineering lost £i.87in againsi c „ or !„ £0.57m. Tumnrpr 


13T7-TS 1976. 


Year 

1977-78 


Year 

1976-77 


Tummer 

P»omt 

Tar. — 

MlimrliiAA 

MtHbutablC 

SSSSS' ~~~ Si'i!! JS:“;«»lthafinalpa»me I .tof3J5p. 

t indudlnc share ot associates. Net asset value per share IS given 

Sir Anthony Percivai. chairman, as 192.Sp (J67.1p). 


Strong half for Bullough 


£2Hm profit, whilT'other "activi- ™l p l l ‘^ioher ’ *ai Trading profii 

ties profit was £886,000 (£390,000). ^fL^P r0 J}}m eT ? eCSed hJe,her St aetrxpctee. margin awards 

Hall year £0.59xn l£0.52m). As^oc. companies 

jots 1977 Earnings per J0p share are interest 

£ooo shown as 20.12p (2I.01p) and a Prolu before t«x 

®-i» final dividend oE 3.1691P 
( L£9Z385[>), which is subject to 
ft 074 any control or constraints exist- 
*2.<K5 ing after July 3L 1978. lifts the 
*778 total lo 5.2415P (3.744SS5p) net. 
jot Also proposed is a one-for-two 
•539 jssue, 

]3 Directors say that in the event 
2ii Of dividends being subject to an; 
such constraint, the rate will be 


Turnover 

Trading Joss 

Associates losses 

Exceptional pro fi t 

Loss before tax 

Tax credit 

Minorities 

Attributable loss 

Extraordinary debit 
Preference dividends » 
Interim ordinary ......... 


OTUO 

391 

3 W7 
7115 
7T.0 
Z.SS5 
,V!6 

-w 

y.t 

13 


Net prnfils 

To minorities 

Extraordinary loss 

Fn>f. dividends 

Attributable 

See Lex 


£m. 

371.8 

34.3 
■J.S 
05 
6.0 

5L5 

13.3 
I9.n 

II 4 
03 
n.i 

17.3 


£in. 

SCO 


For the three months to June (£74,000). and earnings per stare 
30. 1978, Invergordon Distillers ^ shown up from 326p to 3£«p. 
(Holdings) reports pre-tax profit Directors are recommending « 
Of £757.000 on sales of £4-2m. For i p n et per 20p share final for a 
first half of 1977/7S the surplus total ot l^p compared with 0.5ft. 
was £i.23m on turnover of £653m. Formal Treasury eppreval U 
As a result of Hawker Siddelcy required far the Increase; V 
33a acquiring a controlling interest In Directors say that wbO* the 
2» Carlton Industries, which holds current trading position v. is 
S'? 702 . per cent of Invergordon's encouraging, the uncertainties— 
» s cquitj'i the companys accounting especial); ip the fibres industry— 
k's vear end will be changed to make any meaningful forecast 
m o December 31. impossible. 1 

S-, An interim ot 0.7p net has They point out that thn con^ 
n't already been declared, payable on pan; did not receive any 
is j October 4 .and it is expected that temporary employment subaid; in 
a final will be paid in May 1979. the year. 


t Charsc. 


ANNOUNCING A growth in pre- 
tax surplus from £1,450,300 to 
£2.174,000 for the half-year to 
April 30, 197S, the directors of 
Bullough say the outlook for the 
second six months is good with 
profit expected to be similar to 
that now reported. For the whole 
of the 1976-77 year, a record 
IS.nnm was achieved. 

Turnover for the period 
improved from £14.19m to £lS.5m, 
and after tax of £l,13n> f£0.75m) 
net profit was ahead from £0.7m 
to £ l.04m. 

As forecast at the time or the 
rishts issue in March, an interim 
dividend of 3p (2.645p) net and a 
second interim of 3.163p (final 
2.P584pt are to be paid— any final 
will be recommended in the light 
of legislation. 


Profit- t Debit. __ 

Exceptional items, comprising reduced to comply: on the basis of 
the disposals of three vessels, current legislation being con- 
„ , 0 hav * produced a profit of tinned, the final diridend will be 

announces a final distribution of holders of May 8. Moreover, £730,000. but this is nesated by 2.109Slp net. 

14.43p per 5p sharp, payable July permission has been ret used for josses arising from associated Forminster manufactures ladies 
26 which compares with an eso- the remittance of funds from trawling companies which include and children’s outerwear clothing, 
mate of between lp and 8p given Mozambique f «- 


^ _ . for London office 

iri~the iiqiiiclator’s'ietter : of" March expenditure for any period after 


Henderson-Kenton sees 
very good year 


13, 197S. 


Revenue up 
at Atlantic 
Assets Trust 


March 31, 1978. 

The Board is studying the posi- 
tion before posting formal notices 
calling meetings of creditors and 
stockholders to consider resolu- 
tions to wind up the company. 


Haslemere Estates 
£lm profit rise 


virtually 


Assets 


in? capital appreciation and 
for those seeking income. 


Revenue Of Atlantic 
Trust increased from £296,000 to 
£349,000 in the year ended June 
30. 1978 before tax of £148,000 
against £118,000. 

The dividend is maintained at 
_ . _ „ , _ a single 0.4p net — earnings per 

The directors report that strong jgp share are shown at 0.49p 
first-half performance owes much (o.4i P j and net assets per share 
to continued nood results from are l48p aaa inst lOlp. 

n^TSrn?rere" n H a ^ d p5d^S directors point out that the 

J fi F i?i tl ^em-fIS B wi!h r0 a dU rfl S truat ,s designed for clients seek- 
S« «S£ io profit' in " ra e i,al WTKlrton and not 

against a loss at this time last 
year. 

The acquisition of the Newman 
Granger Group in February has 
been amply justified by gord 
results since that time, they say, 
these compands conti ihutin? 
nearly S per cent (afer Hitm-est 
on new borrowings) to the profit 
notv reported. 

B and B Trailers showed a - . 

reduced profit as a result rf appears to be 
trading at a lower level while the in ® to 0,6 
caravan mdust.v recovers from 
the effects of iast season's over- 
stocking. 


Progress at 

Cullen’s 

Stores 


PRE-TAX profits of Haslemere 
Estates advanced over £lm from 
£lilm to £2B3m for the March 31, 
1978 year. Net rental revenue was 
up £1.27m to £8J6m. 

The year's figure was struck 
after ground rents and other out- 
goings Of £337,481 (£203,342), 

which arose on properties under 
Turnover at CuDen’s Stores development until they are let 
since the end of February, has And it was subject to tax of 
kept up satisfactorily, the direc- £586,370 (£400,115) which was 
tore say in their annual report- after tax relief of £158m (£1.12m) 
The Board firmly believes in the of > industrial buildings, plant 
future of small “ personal ” shops ^ machinery, 
and the group is In a very good Ne * ***2™ 
position to benefit from this compared with £X.4m 
trend. 


Liquidation on 
the cards for 
Sena Sugar 

Liquidation 


at £2 24m 
last time 

and earnings per lOp share are 

r,,. - „ 1 a pv *7 70 4,1— .a shown 9.fil2p (6.026 p) basic. 

During 1977-78, three unprufit- , /* 7en n \ nT1 a ••nil" 

>le units at Wantage. Radlett gJ fc lM74p <7 ' 572p) on a 1111 


of Sena Sugar 
inevitable accord- 


able 

and Finchley Road were (dosed, 
but new businesses to replace 
these are being actively sought 
For the year ended February 
28, 1978. pre-tax profits were 
£233.850 against £297,209 on turn- 
over, excluding VAT, of £l5.01m 
total 


MR. DAVID HYMAN, chairman of in three years' time at the group's single premiums 
Henderson-Kenton forecasts that option only. unchanged at £3.7m. 

1978/79 will be a very good year The chairman says that these Non-schemes business showed 
for the group. Current trading new arrangements together with increases of -20 per cent in new 
shows a substantial increase in a lower expenditure on property, annual premium income to £3. 5m, 
turnover over the depressed levels especially freehold purchases this w ith single premiums up 46 per 
of 1977 and he is optimistic that year, has left the group with cent to £11.5m. 
record £7S2.284 for the year to the present trend will continue, considerable unused finance facui* 

March SI, 1978, on sales of £4.73m hpin „ ties a vaUahle for future expansion, 

(£3.97mj. Tb* VK n etwork m bwng The directors have carried out 

A statement of source and l^ e L n tkr. b ^2^t 911 internal valuation of proper- 

srtSff &*?%£°£dX Fonsr* book ^ b? 

rJSrTE ri ss il! ^ rts s,s rks s 

d 4“c. 2 SSSSS?' ^ ^ Va ' U^, “ ^ profits tr om « 

%£S*.** ^ 19,4 As reported I- SSJ“S S^STJSSS 

This also includes £60,000 for tefwe . 13 ^ , th “ turnetung director, resigned on June L 1978. with £259.164. But this was to a 

the cost of an additional pattern fF°“ p tnMyoyed from gMim. to At ^ a t date he held 135 per considerable extent due to 

shop at the BravmhUl5 site, which * 1 - 43nQ . tney cent of the company's equity. The interest received on a gilt-eged 

will increase the company's appear at £996,000 (£1.11 m.). tota ] interest of the directors and. holding which will not be 

capacity to produce further The chairman reports that or families at March 31 (exclud- repeated in the second half, 

patterns under its own control, instalment credit business during ing Mr. Eisen) is shown at interim dividend is lifted 

Meeting, lValsall, August 10, at the year expanded at an increased 1.804.468 compared with 2342,768 ^ggp to 7.D9p per £1 share- 


First half 
boost for 
Derby Trust 


responses 


The dividend is stepped up to 
a maximum 3J03069p (2,95692p) 
net absorbing £771,093 ('£688,560) 
with a final payment of 2.303069 p. 

There was an extraordinary 
debit for the period of £432,128 
(£433,093 credit) which was cov- 
ered by a transfer from (to) 
capital reserve. 

Properties in investment port- 


2 pm. 


l£14.37m). The dividend total is 
Board, following 4 -32p <4.5p). 

of the Mozambique Freehold properties have been __ r 

authorities. The shares were revalued on a current market folio were valued at year-end at 

suspended yesterday at 5ip. and in the opinion of the £121,698,500. and properties in 

The Mozambique authorities directors, are worth not less than course of development, for de- 
have rejected Sena Sugar's pro- £3.5ro as at February 28 this year, velopment or for sale are held 

posals for dealing with the Similar valuations ere being at cost of £4,496.908. 

The lquidator of London and company's burden of debt, obtained for the long leasehold Stock of properties held by 

Aberdeen Investment Trust described in a letter to stock- interests. trading subsidiaries at March 31, 

1978 totalled £2333,457. 

Net asset value per share is 
given as 317p basic and 302p, 
diluted. 


Allnatt London 
advances 
to £3.47m 


rate’ and after a further transfer, 
the reserve for unrealised profits 
now stands at £3.4m. This year a 
transfer up from £300,000 to 
£681,000 was made. The increase 
arose due to the high' rate of 
credit business conducted during 
the latter part of the year. Instal- 
ment debtors showed, an increase 
to £11.45m (£8.93m). f at the year 
end. 


a Sfr.fifSSt.i \ present forecasts Indicate that the 

Meeting Hotel Inter-Continental, tota! W jj; ^ roughly equal to the. 


W, September at noon. 


Sun Life 


progress 


13.429p paid far 1977. 

After tax £141366 (£98.361). net 
profit for the half year cams out 
at £209358 (£160303). 

Net asset value per share was 
372}p (S45p). 


Total new annual premium in- 


including dividends from asso- The chairman Reported last come "of ‘ the SniT Ufe Assurance 
ciates, taxable profits - - - - 


LD1V. & ABERDEEN 


CASE NO 789243/78 


IN THE SUPREME COURT OF SOUTH AFRICA 
(WITWATERSRAND LOCAL DIVISION) 


In the matter of the application of — 



NOTICE OF SCHEME MEETINGS 

NOTICE is given in terms of an Order dated IS July I97S in the above marter 
that ihc Supreme Court of South Africa t Witwatersrand Local Division) has 
ordered meetings) “scheme meetings”) of members of the company other than 
the Dodo family as defined in the scheme of arrangement dated 21 July 1978 
1 “the scheme members’^ to be held on 16 August 197S in the boardroom, Sth 
Floor, Barclays National Bank Limited, National Bank Building, S4 Market 
Street, Johannesburg 2001 as follows — 


1 . A meeting of the scheme members holding ordinary shares at 0Sh30. 

2. A meeting of the scheme members holding *A’ ordinary shares at 09h30.* 

3. A meeting of the scheme members holding 6,0 per cent cumulative 
preference shares at 10h30.* 

A meeting of the scheme members holding 7,0 per cent cumulative 
preference shares at Iih30.* 

*nr immediately following die conclusion of the preceding scheme meeting, 
whichever is the later time. 


4. 


which meetings shall be held under the chairmanship of a member of Edward 
Nathan & Friedland Inc. nominated by- it lor the purpose of considering and, if 
deemed fit, agreeing, with or without modification, ro a scheme of 
arrangement ("the scheme’") between the company and the scheme members, 
which scheme will be submitted («» <uch meetings and the said chairman will be 
entitled if he deems it necessary or desirable to do so, to adjourn the said 
meetings from lime to time. 


Copies of the scheme, the explanatory statement in terms of section 312(1) of 
Ihc Companies Act 1 973. as amended, explaining the scheme and of the Order 
of Court, directing the summoning of the scheme meetings, may be obtained 
on request during normal working hours from the company’s registered office, 
157 Market Street, Johannesburg, 2001, Barclays National Merchant Bank 

“ ‘ 2001 or 

1PL. 


Ij/ maiNci ciutxi, juihm* »**•* s? -wi. oaiciays i^auiMiai iuciluoul 

Limited, National Bank Building, S4 Market Street, Johannesburg, 2( 
Hill Samuel Registrars Limited, 6 Greencoar Place, London SWlr II 


Each of the scheme members may attend and voce in person ac the scheme 
meeting, which he is entitled to attend by virtue of the class of shares he holds, 
or may appoint any person l who need not be a member of the company) as a 
proxy ro attend and speak and vote in his place. The required forms of proxy 
may be obtained on request l rom the company’s registered office or Barclays 
National Merchant Bank Limited, all at the addresses given above. 


In terms of the Order of Court, the chairman of the meetings will report the 
results thereof to the above Honourable Court on 22 August 1978 at 1 OhOO or as 
soon thereafter as Counsel may be heard. 


The scheme is subject to being sanctioned by the above Honourable Court and 
to the conditions stated in the scheme. 


Edward Nathan & Friedland Inc. 
5th Floor, Innes Chambers 
84 Pritchard Street 
Johannesburg 


21 July 1978 


Loudon Properties advanced from 
£2,710,729 to £3.466,412 for the year 
to March 31. 1978. with £1,522,900 
against £1489,100 arising in the 
first half. 

After tax of £1,583,740 
(£1468,820) stated earnings rose 


of AJlnatt September that the original 
mortgages and associated insur- 
ance policies had been redeemed 
for £349,000 throwing up a tax 
free profit of £102,000. The 
properties released were 
origiDaUy valued at £Q.75m and 
had a market value of over 


from 7.4p to 9 Blp per 25p share. £l45m. Arrangements were con- 


UK Provident 
new sums 
up 91% 


A final dividend of 3-3p ( 3.0225 p) 
steps up the total payment from 
3.S6p to 4.3p net— Mr. R_ W. Dig- 
gens has waived dividends amount- 
ing to £165,350 (£160,063). 


eluded with ICFC for the pro- 
vision of £1.5m of mortgage 
finance over 15 -years at 14.5 per 
cent payable on the reducing 
balance. This loan can be repaid 


Group for the first six months of 
1975 rose by 55 per cent to £14.4m, 
from £9J3m, while single premiums 
increased by 31 per cent to £l5J2m 
from £11. 6m. 

The pensions market hap been 
particularly buoyant largely as a 
consequence of the Social Security 
Pensions Act 1975 becoming opera- 
tive from April 6, 1978. New 
annual premium income for 
pensions business. Including 
policies for the self-employed, was 
up by 71 per cent to £10Bra with 




NA.V.at 30£78 
S2IJ3 (D.Hs.48.52) 
VIKING RESOURCE 
INTERNATIONAL 
RV. 


INFO Kvm, HaMrtng & PInm M.V. 
■Han a sirnkt gM.Awwtai rf— 


Total new premium Income 
written by UK Provident in the 
June 30, 1978, six months 

advanced 90.6 per cent from 
£449m to £S.56m. Annual 
premiums written were £6.6ra and 
sums assured exceeded £220m. 

Directors say the improvement 
was evident over the 'whole range 
of contracts with support con- 
tinuing for its executive and self- 
employed pension plans, reflect- 
ing the buoyant trend in the 
market. 



INVESTMENT TRUST UMfTH) 


Castings in 
line for- more 
improvement 


A further record output and 
even more satisfactory results in 
1978-79 are anticipated by Mr. 
J. F. Cooke, the chairman of 
Castings, the malleable tronfound- 
ine group. 

Members are told in his annual 
statement that the company can 
look forward with every con- 
fidence to being able to meet both 
foreign and home competition 
providing it maintains gnod out- 
put and the same quality and 
service. 

As reported on May 27. taxable 
profits rose from £555X6 to a 


BANK RETURN 

- 

July 19 
IS* 

Inc. (+) or 
Dec. ( — 1 

fur weak 

BANKIN' 

C.rA«ILfTJES 

Capinl 

Public Defusil.... 
apc^iai Deposits.. 

DEPAOT 

£ 

14,^,000 

22.531.724 

61b.B0a.lOB 

61S.fi 12, 

lMENT 

£ 

- "b00,74fi 

— 1005.000 
+ 146,026.860 

+ 4^88.572 

S«*rros & Otban 
A/w .... 

ASSETS 

Oort- Securities- 
.tdsunrtrtiOther 

Ales 

E'remlws, Equip t 
Jc other Sees 

£.l40J373|S06 

+ 145,779.686 

lXM.OblW- I38,7«JM0 
6S6.««^«j+ 275.444 Sit 

sn. 2 «.oos'+ W^TO 

19.431,463'.+ 9.065,665 
1,553 


ISSUE 

2.140 J73 JMj + 145.779.G8fi 

DEPARTMENT 

H 

B 


■Bi 




Year ended 31 st March 


1978 


1977 


X 


Earnings attributable to 
stockholders 


Basic earnings perstock 
unitof25p 


£8,580,944 £7,622,288 

5.755p 5.1 07p 


Dividend per stock unit 
of25p 


5.0p 


4.1 p 


31st March 


1978 


1977 


Investments at 
Valuation 


Net assets 


£268,454325 £248,212,009 
£232,676,913 £210,640,624 


X. 


Net asset value per 
stock unit of 25p 


155Jp 


141*P 


The accounts for the year ended 31st March, 1978 are presented on the assumption that the merger with Cable Trust Limited 
had been in force throughout the year and tho comparative figures assume that it had been in force throughout the previous year. 


Extracts from the annual statement of the 
Governor, Mr. Alastair F. Roger: 


Uifl Directors are recommending to stockholders at the 
Annua! General Meeting the payment of afinal dividend 
of 2.4p per stock unrt making a total dividend forthe 
year of 5.0p perstock uniLan increase of over twenty 
percent, above the minimum dividend forecast at the 
time of the merger with Cable Trust I am confident that' 
this dividend will be maintainable in the current year and 
hopethatitmay be increased. 


Accounts, is over 30 per cent, reflecting the benefits of 
the merger. 


Net asset value at 1 55|p per stock unit as against a 
consolidated figure of 141 £p perstock unit,an increase 
of 10 percent, compares with rises in the FT-Actuaries 
All-Share and the FT industrial Ordinary indices of 
1 6.3 percent and 1 0.6 percent respectively. Overth© 
same period, the Standard & Poors Composite and the 
Dow Jones Industrial Indices declined by 13-7 percent 
and 21 .5 per cent respectively, after adjustment for 
exchange rate and dollar premium movements. The 
increase in net asset value perstock unit when 
measured against the figures as published in last year's 


The Directors considerthat your Companyshoukf 
continueto operatealong orthodox lines and should 
cominueto hold a wide variety of investments both at 
home and overseas. Such holdings wilt almost 
Inevitably be (in viewof the large investments which 
the size of your Company dictates if should make) in . 
market leaders butthe investment managers have been 
askedto pay attention to yield. 


The task of the Investment managers in achieving these 
objectives has been eased by the abolition of the 
requirementthattwenty-five per cent, of the premium - 
on any investment currency received should bs 
surrendered to the Bank of England and by the 
reduction In the rate of corporation tax payable by tits 
Company on its capital gains from 1 7£ percent to 
10 percent 





iN MCTRA HOUSi COMPANY 


•N . 




. 77jg Annual Report forthe year ended 31st March 1978 canba obtained from the 

Sacretanes; Eleetra Group Services Limited, Electn House, Temple Place, Victoria Embankment, London WC2H3HP 












■■ \ 


rJrfjL 


lie lift!* 

k * * Fma ntial Times Friday July 21 1978. 

^3 j t FMC slumps to £0.93m 

on EEC ruling 


S Fina ncial Times Friday July. 21 1978. 


Exports boost 
Berisfords 


REPORTS TO MEETINGS 


• wun, 

; | ( \ 
■K l rs(. v 


PRE-TAX profits of FMC, a 7 in 
per cent owned subsidiary of 
NFU Development Trust 
slumped in the April 29 1978 

to f093m after^ 

S J Urnr01 i nd from a XU6m 

proot to a loss of £ 0 “iKm- 
directors then forecast a relSS 
to profitabjhty for the full year. 

Sales for the full period 
ad * a "«! d , f«.72m to £498.ftn 
sales Of £76.1 5m 
( £7a.32m i within the group. 


3 U > E *wa«5 mS 

conditions. And, given an 
improvement in those conditions. 
Profits will increase at a 
more satisfactory rale than, in 
previous years. . 

" h^- 55 per share, before 

extraordinary Kerns, are shown as 

‘ L j p £\P-4Sp) and the dividend 
net m by a th * rd 6 P ^ *P 

Mr, David Darbishire ciuiittan, 

• commented that for the whole of 
“’w • 1977-78 year, the trade 
suffered the severe handicap of 

■ heavily subsidised imports and 
penalised exports as a result of 
the operation o£ the Common 
Market rules on monetary com- 
pensatory amounts . (MCAs), 

. coupled with the continued failure 

- to ensure that the green pound 

brought more closely into line 
with, the true value of the pound 

- itself. 

The present lack of confidence 
within UK meat-based industries, 
he said, was already reflected in 
the lower pig breeding herd, a re- 

• auction in the beef herd, reduced 
investment and fewer jobs. 

Action taken during the year 
enabled the FMC meat dtvisjon to 
eliminate earlier losses and 
produce a small but totally io- 
adequate profit in relation to the 
turnover involved. Results of the 
croup's New Zealand Iamb 
business were satisfactory In a 
difficult year .the chairman stated. 

The bacon and poultry divisions 


returned profits somewhat lower 
than last year. And the Harris 
manufactured meat products and 

frozen foods divisions suffered 
heavily as a result of the advan- 
tage enjoyed by imports and In- 
curred a substantial loss. 

The operations of the group 
have been restructured into four 
main trading divisions, namely 
FMC meat and by-products 
division, FMC pigs and Harris 
bacon division. Harris processed 
foods division, and FMC poultry 
division. 

Directors are now engaged on 

furthering the programme of 
rationalisation and modernisation 
with the objects of Improving 
profitability and con soil da ting the 
group's position in the markets for 
fresh and frozen meat, bacon, 
manufactured meat products and 
frozen foods. 

The rationalisation of the 
business in the current year will 
leave the group well placed to 
expand its share of the market 
and for investment in the 
modernisation of production 
facilities. 

Pre-tax profits were struck after 
bank overdrafts and loan interest 
£1.79m (£2. 11m) and an excep- 
tional debit of £0.£4m (£0-32 jh) 
which, for 1977-78 Included re- 
dundancy payments. Associates 
share of profits expanded from 
£14,000 to £$2,000. 

There was a tax credit for the 
year of £0.5Sm, due to a release 
from deferred tar primarily 
arising from allowance for 
capital expenditure in the current 
year, against a £0.97m charge last 
time. Earnings available came our 
at £0.55m (£L94m) after an ex- 
traordinary debit of £0.7m (nil) 
which is the sum set aside to 
cover the anticipated cost of 
rationalisation. 

First-half rise 
at St. Andrew 

■First-half 1978 revenue of St. 
Andrew Trust rose from £414,827 


to £482, 808 subject to tax of 
£188,034 against £162,216. Pre-tax 
revenue for the whole of 1S77 was 
£823,778. 

Earnings are shown as 25p 
(2.0Sp> per 25p share. The 
interim dividend payment is 
raised to 2p (l.Sp) net. and 
directors forecast a final of at 
least 2.5p (2.65p). 

Net asset value per share, with 
prior charges at par. is 161.4p 
U49.6p), and 16S.3p (155-2p) at 
market value. 

Vita-Tex 
ahead to 
£ 507,000 

FOLLOWING A £10,000 rise to 
£207,000 at midway, pre-tax profit 
of Vita-Tex, warp knitted fabric 
group, ended the April 30, 1978 
year ahead from £481,000 to 
£307.000. 

Turnover was down from £7$9m 
to £7 53m and the result was 
after depreciation of £24 3,000 
(£245,000) and interest payable of 
£91,000 t £107,000). 

Tax took £250,000 (£246,000) 
and there was an extraordinary 
loss of £55.000. being the terminal 
losses and closure costs of Merton 
Printers. Directors say satisfac- 
tory arrangements have been 
made for the leasing of the 
Merton property. 

They say the current year 
has begun well with sales of 
specialised industrial fabrics — 
which last year amounted to S8 
per cent of turnover— continuing 
to grow. Given peace at its major 
customers' plants they expect 
further improvement as several 1 
major new contracts arc turned ; 
into sales. 

The final dividend of 25p (2p) ; 
takes the total to 3.5p (3-2p) pet 1 
per 20p share. 


DUE TO an increase in its 
overseas activities, Berisfords 
announces a rise in taxable 
profits from £437,000 to £449,000 
for the half year to May 20 , 1 978- 
Profit for the full November 24, 
1977 year expanded to a peak 
£LQ4m. 

Directors say that most of the 
increase in external sales, ahead 
from £3.66m to £4.2m t came from 
exports which expanded 24 per 
cent- However, they add that 
fashion did not favour the group's 
trimming division this Spring, but 
that the new Autumn range has 
had a good reception and they 
see signs of a busier period in the 
second half of the year. 

In all divisions of the business 
directors feel they can look to 
the future with confidence. 

Half year 


External sales 

1877 78 

oat 

4.1R7 

ivn-TT 

raw 

3.638 

P rafts before tax 


07 

Taxation 

2SS 

237 

Net profit 

Ȥ 

no 

Extra urd. credit 

u 

— i 

Making 

237 

210 

Dividend ........... — . 

31 

38 

LMvtna 

186 

182 


Earnings per 25p share are 
shown to be up slightly from 5.2p 
to 53p for the first half, and the 
interim dividend Is increased to 
0.7747p (D.7D4Sp) net — last year's 
final was 1.7186p. Directors state 
that the final payment will take 
into account tax rate changes, and 
any alterations in control after 
July 31. 

The group has taken possession 
of new premises in Congleton, 
and the programme of the group's 
works division is proceeding to 
plan. The new yarn processing 
department will start production 
in the Autumn, directors add. 

INTERIM LIKELY 
FROM WOLF 

With present dividend restraint 
due for termination at the end of 
July the directors of Wolf Electric 
Tools (Holdings) are considering 
the Introduction of interim divi- 
dend payments. 

Any recommendation to this 


effect will he notified to the Stock 
Exchange and will subsequently 
be confirmed in the interim report 
which will be issued to holders 
following the Board meeting to be 
held towards the end of August. 

For the last full year a single 
payment of up Q.7p) was made 
and there was a ooe-for-two scrip 
issue. 

Carclo in 

strong 

position 

The financial position at Carclo 
Engineering remains very strong 
and at the year end borrowings 
net of cash were 52 per cent of 
The engineering division, how- 
ever, had a difficult year with 
profits . showing a fall from 
£571,000 to £506,000. The short- 
fall Is largely accounted for by 
the general downturn in heavy 
engineering which affected the 
business of Frank Wlggjesworth, 
the power transmission offshoot 
Meeting, Leeds, August 17 at 
3 pm. 

shareholders' funds compared 
with 6.4 per cent a year earlier. 
At Mardh_31 hank borrowings 
stood at - £733,000 against £616.000 
while cash totalled £539,000 com- 
pared With £403.000. 

As regards current year pros- 
pects Sir Robin Brook, chairman, 
reports that the order book is 
higher than a year ago and the 
group is -ready to take advantage 
of any upturn in world trade. 

In the- year ended March 31, 
1978, group pre-tax profit was 
marginally ahead at £977,000 on a 
turnover. 15 per cent ahead at £9m. 

The chairman says that the card 
clothing -division had a very satis- 
factory year with profits in- 
creasing by over 25 per cent. This 
upturn stems from record resuits 
at Card Clothing and Belting 
where both the card clothing 
business and the wire business 
contributed to the increase. 


Boots world sales up 20% 
in first quarter 


Addressing shareholders at the 
annual meeting of Boots, the 
chatitnan. Dr. G. T. Hobday, said 
that by the halfway stage he 
hoped the group's cautious 
optimism would be seen to be 
justified and the increased divi- 
dend intentions seen to be 
fulfilled. 

Dr. Hobday said world sales for 
the first quarter had shown an in- 
crease of 20 per cent — more then 
half of which h ad been real 
growth. 

Retail sales in both Boots The 
Chemist and Timothy Whites had 
been buoyant over the first 
quarter and were above budget 
Sales of Boots, including dis- 
pensing, were over 19 per cent 
higher with real volume growth 
of the order of 10 per cent 
Timothy Whites sales were “ wen 
above budget " with an increase of 
just over 28 per cent. 

"We are hopeful we can main- 
tain the high level In real volume 
sales growth, " he said. “Our ex- 
pectation is that our good pro- 
gress will continue." 

Over the first quarter pharma- 
ceutical sales were up by 22 per 
cent and the overseas retail com- 
panies were showing turnover 
marginally above budget. 

The following are extracts from 
chairmen's reports to other annual 
meetings held yesterday. 

Metal Box — Sir Alex Page stated 
that combined volume of sales of 
food and beverage cans in the 
first quarter were about the same 
as the corresponding quarter last 
year, and in other forms of pack- 
aging were up on last year. 

There had been a significant im- 
provement in industrial relations 
problems which so disrupted the 
two-piece can manufacture last 
year. 

So far as packaging business 
was concerned, therefore, in this 
country, the start of the year was 
satisfactory and going according 
to plan. 


Mach the same could he said 
about the results of overseas 
packaging subsidiaries, though as 
always, these had varied from 
territory to territory. 

In South Africa, the shortage 
of fish for conning continued to 
affect adversely the profit of the 
subsidiary and the Government 
of South Africa had now banned 
all pilchard fishing for a year. 
Otherwise, results bad been 

better than last year. In par- 
ticular, India and Italy, remained 
profit making. 

The central heating business. 
Ideal Stelrad, continued to pros- 
per at home: but overseas (which 
in the context of this business 
mostly meant Europe) demand, 
both for boilers and radiators, 
remained slack. 

Harrisons and Crosfleld — The 
company had been strengthened 
by its acquisitions of plantation 
companies over the last year, but 
was now seeking opportunities to 
rectify the consequent “temporary 
imbalance" of its interests, said 
Mr. Tom Prentice. 

The company intended to 
strengthen Its operations in 
chemicals, timber and trading, 
and maintain its policy of 
geographical diversification. 

Answering a shareholder’s 
question. Mr. Prentice said that 
Kien Haut Realty, a Malaysian 
company, now owned just over 
11 per cent of Harrisons and 
Crosfleld. He declined to comment 
on this stake. 

Mr. Prentice said there was no 
reason to alter the indications of 
the group's progress given in the 
document relating to the merger 
with Harrisons Malaysian Estates. 

Sir Finlay Gilchrist was elected 
life president of the group. 

Century Oils Group — Mr. C. H. 
Mitchell said that profitability for 
the first two months of the cur- 
rent year was. as anticipated, 
better than last year's. Figures 
for the full year should show a 
satisfactory improvement 

Because of a change in the 


timing of probable price increases 
compared with last year, and to 
holiday periods and the group's 
order pattern, the second half year 
was expected to provide the 
greater contribution. 

Readicut International-Profits 
were well up to expectation for 
the first quarter of the year, 
reported Mr. P. J. CroseL Order, 
books in all divisions were higher 
than m the corresponding period 
of last year. 

Pauls and Whites— Mr. M. C. 
Falcon said that the company has 
made a satisfactory start and was 
up to budget. 

The Board could endorse the 
confidence expressed in the 
review regarding the maintenance 
of tbe trend of increased profit.'- 
bility, and was generally 
optimistic. However, as both the 
quality and quantity of the cereal 
harvest influence animal feed and 
malting operations, he must sound 

a note of caution until later in 
the year. 

Burnett and Haliamshire Hold- 
ings— Should dividend restraint 
be relaxed the directors intended 
to declare a third interim which 
would give a total for the year 
more closely allied to the industry 
sector and in sympathy with the 
company's financial policy. It 
would be declared in August for 
payment In December. 

Mr, Nigel Swiffun said it was 
reassuring to have a .stable base 
upon which to forecast continued 
growth, although profits might he 
harder to earn because little 
assistance was expected (rum 
national economic recovery. 

MERCURY SECS. 
DIVIDEND UP 

Following the reduction in the 
ACT rate. Mercury Securities 
proposes to increase the final 
dividend to 3.784Sp compared with 
the 3.72S3p previously recom- 
mended. 


INVESTMENT TRUST COMPANIES 


The information in the columns below is supplied by the companies named, which are members of The Association of investment Trust Companies. The figures, which are in pence except where otherwise stated, are unaudited. 


Total Assets 
less current 
liabilities 

t 1 1 ■ 

J tmillion 


Company 

( 2 ) 


Shares or Stock 
(3) 


i 6 

; j. . 357.0 
' J K.9.3 

I 1.12.4 


— - 27.3 

54.2 
72 

329.0 

57.3 
. - *113 3 

51.7 
39 

42.8 

27.9 


VALUATION MONTHLY 

Alliance Trust Ordinary 25p 

Anglo-American Securities Corpn. ... Ordinary Jl5p 

British Investment Trust Ordinary Sop 

Capital & National Trust Ord. & “B* Ord. 25p 

Claverhouse Investment Trust Ordinary 50p 

Crossfriars Trust : Ordinary -25p 

Dundee & London Investment Trust Ordinary 25p 

Edinburgh Investment Trust £3 Deferred 

First Scottish American Trust Ordinary 25p 

Grange Trust Ord. Stock 25p 

Great Northern Investment Trust ... Ordinary 25p 

Guardian Investment Trust .... Ordinary 25p' . .. 

Investors Capital Trust Ordinary 25p 

Jardine Japan Investment Trust Ordinary 25p 

London St Hoiyrood Trust Ordinary 25p: 

London & Montrose Invest Trust ... Ordinary 25p 

London & Provincial Trust Ordinary 25p 

Mercantile Investment Trust Ordinary 25p 

Do. Do. Conv. Debs. 1983 

North Atlantic Securities - Corpn. ... Ordinary 25p 

Northern American Trust Ordinary 25p 

Save & Prosper Linked Invest. Trust Capital Shares 

Scottish Investmenr Tnisi ..... Ord; Stock 25p 

Scottish Northern Investment Trust Ordinary 25p 

Scottish United. Investors Ordinary 25p 

Second Alliance Trust Ordinary 25p 

Shires Investment Co." Ordinary 50p 

Sierlim* Trust Ordinary 25p 

Technology Investment Trust Ordinary 23p 

United British Securities Trust Ordinary 25p 

United States & General Ordinary 25p 

United States Debenture Corporation Ord. Stock 25p 

Do. Do Conv. Loan 1993 

Baillic Gifford & Co. 

Scottish Mortgage A- Trust Ordinary 25p 

Monks 'Investment Trust Ordinary 23 p 

Winter bottom Trust Ordinary 25p 

i Baring Bras. & Co. Ltd. 

Outwlch Investment Trust Ordinary 25p 

Tribune Investment Trust Ordinary 25p 

East of Scotland Invest. Managers 

Aberdeen Trust Ord. Stock 25p 

Edinburgii Fund Managers i Ltd. 

American Trust Ord. & “ B ” Ord. 2Sp 

Crescent Japan Investment Trust.. Ordinary 50p 
Elccira House Group 

Electra Investment Trust Ordinary 25 p 

Globe Investment Trust Ordinary 25p 

Do. Do. 1 Conv. Loan 1987/91 

Do. Do. Conv. Loan 1985/90 

Temple Bar Investment Trust Ordinary 25p 

- Do. Do. - Conv. Loan 1985/90 

Do. Do Conv. Loan 19S7/91 

F. & C. Group 

Alliance- Investment Ordinary 25p 

Cardinal Investment Trust Deferred 23p 

Do. Do Conv. Loan 1U85/87 

F. & C. Eurotrust Ordinary 25p 

Foreign & Colonial Invest. Trust... Ordinary 25p 
General Investors & Trustees Ordinary 25p 

James Finlay Investment Mgmt. Ltd. 

Provincial Cities Trust Ordinary 23p 

Gnrtmore Investment Ltd. 

Aitifund .w Income 50p 

Do. Do. ..7 Capital 50p 

Anglo-Scbltish Investment Trust-.. Ordinary 25p 

English & Scottish Investors Ord. & “ B " Ord. 2ap 

Group Investors Ordinary 23p 

London & -Garrmore Invest. Trust Ordinary 50p > 

London & Lennox Invest Trust ... Ord. & “ B ” Ord. 25p 
London & Lomond Invest. Trust... Ordinary 2ap 

London & Strathclyde Trust Ordinary 25p 

Meld rum Investment Trust Ordinary 25p 

New York & Gartmore Investment Ordinary 25p 
Gartmnre Investment (Scotland) Ltd. 

Scottish National Trust Ordinary 2np 

Glasgow Stockholders Trust Ordinary 25p 

John Govett & Co.- Ltd. • . 

Border & Southern. Stockholders... Ordinary lOp 

Debenture Corporation Ordinary 25p 

General Stockholders Invest. Trust Ordinary 12 Jp 

Govett European Trust Ordinary 25p 

lake View Investment Trust Ordinary 35p 

Do. Do Conv. Loan 1973/98 

Stockholders Investment Trust ... Ordinary 25p 

G. T. Management Lid. „ .. 

Berry Trust Ordinary 2ap 

Do. Do. Conv. Loan 1993 

G. T. Japan Investment Trust Ordinary 25p 

Do. Do Conv. Loan 1987 

Northern Sceurilies Trust Ordinary 25p 

Hnmbros Group 

Bishepsgate Trust - Ordinary 2op 

Citv of Oxford Investment Trust... Ordinary 25p 

Hambros Investment Trusr Ordinary 25p . 

Roscdimond Investment Trust Capital 25p 

Henderson Administration Ltd. 

Wiian Investment Ord. & Bora, -ap 

Electric & General Investment ... Ordinary 25p 
SSSriMf Investment - Ordinary 25n 


Date of 
Valuation 
(4) 


30/6/78 
30/6/78 
30/6/78 
30/6/78 
30'6/7S 
30,6/78 
30/6/75 
30/6/78 
30/6/78 
30/6/78 
30/6/78 
60/6/78 
30/6/78 
80/0/78 
30/Q/7B 
30/6/78 
3G/6, 78 
30/6/78 
30/6/73 
30/6/78 
30/6/78 
30/6/78 
30/6/78 
30/6/78 
30/6/78 
30/6/78 
30/C/78 
30/6/78 
30/6/78 
30/6/78 
30/6/78 
30/6/78 
30/6/78 

SO/ 6/78 
30/6/78 
30/6/7S 

7/7/78 
-30/6/7 8 

30/6/78 

30/6/78 

30/6/78 

30/6/78 
■ 30/6/ 78 
30/6/7S 
30/6/78 
30/6/78 
SO/6/78 
30/6/78 

30/6/78 
30/6/78 
. 30/6/78 
30/6/7S 
30/6/78 
30/0/78 

30/6/78 

30/0/73 
30/6/78 
30/6/78 
30/6/78 
. 30/6/7S 
30/6/78 
30/6/78 
30/6/78 
30/6/78 
30/6/78 
30/6/78 

30/6/78 

80/6/78 

30/6/78 
30/6/78 
30/6/78 
30/0/78 
30/6/78 
30/8 /7S 
30/8/78 

3Q/6/7S 

50/6/78 

30/6/78 

30/8/78 

30/6/75 

30/0/78 
3D/6/7S 
30 '0/78 
30/6/78 

30/G/7S 
30/0/78 
.10 '0/78 


Net Asset Value 
after deducting prior 
charges 

Annual at nominal at market 

Dividend value value 

15) - (6) 17) 


Currency 

Premium 


Pence except where £ stated (see note d) 


Total Assets 
less current 



Date of 

Annual 

liabilities 

Company 

Shares nr; Stock 

Valuation 

Dividend 

£niilhm 

(2) 

(3) 

(4) 

(5) 


1.535 

«J.4 


85 

0. 415 

1. KS75 
*2.45 

1.7 

0.5 

‘2.5 

2.4 

1.375 

1.85 

0.4 


259.5 

122.0 

£134.20 


144.7 
I5SJ 
£130.80 
£183 JJ0 
118.1 
£134.70 
£101.60 

1475 
156.9 
£127 JO 

234.2 

148.3 


S3.6 

873 

154.7 

87.4 

imi 

£173.50 

135.1 

59.4 
1129.70 

214.0 

£132-70 

165.5 


301.1 

337.4 

203.1 
178L4 

104.2 
t 

8S.9 

296.9 

125.4 
1 07-5 

140.1 
112.0 
112.0 

216.2 

163.4 

266.9 

155.4 
58.7 

£ 88.00 

120.3 

138.3 
151 J 

138.5 

141.3 
2 05.2 

258.0 
J54J 

243.5 

140.3 

f 

266.1 

126.3 
£138.90 


- 144.7 
159.6 
£131.00 
£183.50 
220-5 
£137-30 
£103.60 

152.0 

162JI 

£131.40 

t 

243.9 

152.9 


85.0 

89-2 

165.8 

57.4 
134J 

£178.70 

139.9 

89.4 
£129.70 

214.0 

£132.70 

171.2 


[Henderson Administrafn Ltd. (Cent.) 


iry 25p 
Ord. 25 r 


English National Investment Prefd. Ord. 25p 

Do, Do. Defd. Ord. 25p 

Philip Hill (Management) Ltd. 

City & Internationa] Trust Ordinary 25p 

General & Commercial Inv. Trust Ordinary 25p 
General Cons. Investment Trust ... Ordinary 25p 

Philip Hill Investment Trust Ordinary 25p 

Moorgate Investment Co Ordinary 25p 

Nineteen Twenty-Eight Inv. Trust Ordinary 25p 
Industrial & Comm]. Finance Cpn. 

London Atlantic Investment Trust Ordinary 25p 
•North Britisb Canadian Investment Ordinary 25p 
Ivory & Sime Ltd. 

Atlantic Assets Trust Ordinary 25p 

British Assets Trust Ordinary 25p 

Edinburgh American Assets Trust Ordinary 25p 

Viking Resources Trust Ordinary 25p 

Keyser Ullmann Ltd. 

Throgmorton Secured Growth Tst. £1 Capital Loan Stock 

Throgmorton Tryst Ordinary 25p 

Klein wort Benson Ltd. 

British American & General Trust Ordinary 25 p 

Brunner Investment Trust Ordinary 25p 

Charter Trust & Agency Ordinary 25p j 

English <t New York Trust Ordinary 25p 1 

Family Investment Trust Ordinary 25p 

Jos Holdings Ordinary 25p 

London Prudential Invest. Trust... Ordinary 25p 

Merchants Trust Ordinary 25p 

Lazard Bros. & Co. Ltd. 

Raeburn Investment Trust Ordinary 25p 

Romney Trust Ordinary 25p 

Martin Currie & Co. ,CA. 

Canadian & Foreign Invest Trust Ordinary 25p 

. SL .Andrew Trust Ordinary 25p 

■ Scottish Eastern Investment Trust Ordinary 25p 
Scottish Ontario Investment Co. ... Ordinary 25p 

Securities Trust of Scotland Ordinary 25p 

Murray Johnstone Ltd. 

.Caledonian Trust Ord. & “B” Ord. 25p 

Clydesdale Investment Trust Ord. & "-B" Ord. 25p 

Glendevon Investment Trust Ord. & " B " Ord. 25p 

Glenmurray Investment Trust Ord. & " B ” Ord. 25p 

Scottish & Continental Investment Ordinary 23p 

Scottish Western Investment Ord. & “B" Ord. 25p 

Second Great Northern Invest TSt Ord. & " B ” Ord. 25p 
Schroder Wagg Group 

Ashdown Investment Trust Ordinary 25p 

Dn. Do Conv. Loan 1988/93 

Australian & International Trust ... Ordinary 50p 

Broadstone Investment Trust Ordinary 20p 

Do. Do Conv. Loan 1988/93 

Continental & Industrial Trust ... Ordinary 25p 

Transoceanic Trust Ordinary 25p 

Do. Do Conv. Loan 1988/93 

Westpoo] Investment Trust Ordinary 25p 

Do; Do Conv. Loan 1989/94 

Stewart Fund Managers Ltd. 

Scottish American Investment Co. Ordinary 50p 
-Scottish European Investment Co. Ordinary 25p 
Touche Remnant & Co. 

Atlas Electric & General Trust ... Ordinary 25p 

Bankers’ Investment Trust Ordinary 25p 

Cedar Investment Trust Ordinary 25p 

City of London Brewery Deferred 25 p 

• 'Continental Union Trust Drriinary 25p 

C-UtJ*. Investment Trust Ordinary 25p 

■ Industrial & General Trust Ordinary 25p 

International Investment Trust ... Ordinary 25p 

Sphere Investment Trust Ordinary 25p 

Trustees Corporation Ordinary 55p 

Trust Union Ordinary 25p 

Williams & Giro's Bank Ltd. 

Srzewell European invest. Trust ... Ordinary lOp 

• Atlanta Baltimore & Chicago Ordinary 10p 

West Coast & Texas Regional Ordinary lOp 

VALUATION THREE-MONTHLY 

12.7 General Scottish Trust Ordinary 25p 

-'■Do-. Do Conv. Loan 1995/2000 

2.1 Lancashire & London Invest. Trust... Ordinary 25p 

Jl 2 Safeguard Industrial Investments ... Ordinary 25p 

7.8 Scottish Cities Investment Trust ... Ord. & "A" Ord. 23p 

8.6 weniyss Investment Co Ordinary £1 

.. 16.2 Yeoman Investment Trust Ordinary 25p 

Do. Do Conv. Loan 1993 

6-8 *,°ung Companies Investment Trust Ordinary £1 
East of Scotland Investment Mngrs. 

12.1 Dominion & General Trust Ordinary 25p 

30.5 Pentiand Investment Trust — Ordinary 23p 

Rivermoor Management Services Ltd. 

75.6 Londtfh Trust Co Deferred 25p 

. Do- Do 'Conv. Loan 1985/87 

AMENDMENTS to table published I6tb June 1978: Valuation Monthly. 

36.8 Temple Bar Investment Trust Ordinary 25p 

go- Do Conv. Loan 1985/90 

Do. Do Conv. Loan 1987/91 

75.0 Eiectra Investment Trust Ordinary 25n 


30/6/78 

30/6/78 

30/6/7S 

30/6/78 
30/6/78 
30/6/78 
30/6/78 
30/6 '78 
30/6/78 

30/6/78 

30/6/78 

30/6/78 
30 '6/78 
30/6/78 
30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6/78 

30/6,78 
30 '6/7R 
30 '6/78 
30--6/7S 
30/6/78 

30 '6/78 
30/B/7S 
3n.'6/78 
30/0/78 
30/6 '78 
30/6/78 
30 '6/78 

30/6/78 
30/6-78 
30 '6,78 
SO '6/78 
30/6/78 
30 '6/78 
306/78 
30/6/7S 
30.6/78 
30.6/78 

30 6.78 
30/6/78 

30/0.78 
30/6/78 
30/6 -'TS 
30-6/78 
30/6/78 
30/6 78 
30,6/78 
30/6/78 
30/6/78 
30/6.78 
30/6/78 

30/6,78 
30/B/7S | 
SO/6,' 7S 


30/6/78 

30/678 

30/678 

30/6/78 

30/078 
30/C, 78 
30/878 
30/6/78 
30/678 

31/378 

31/5/78 

80/0/78 

30/6/78 


31/5/78 

31/578 

31/5/78 

31-5/78 


Net Asset Value 
after dednctrnp prior 
charges 

at nominal at market 

value raine 

(6) (71 


investment 
Currency 
Premium 
(see notes) 
tS) 


Pence except where £ stated (see note d) 

I I I 


OC4.I25 

^£6.00 


190.4 

£133.20 

1263 

206.0 

£137.30 

252.9 

242.0 

£151.30 

145.8 

£131.10 


114.3 

£145.20 

52.3 

95.4 
220.0 
382.5 
231.7 

£127.40 

HW-9 


<*-’126.6 

^£148.10 


196.6 

£137.60 

126.3 

215.3 
£143 50 

203.4' 
248 5 
£155.30 
149.0 
£134.10 


1165 

£148.00 

52.3 

97.0 

230.9 
382.5 
237.2 

£130.56 

104.9 


“<■130.1 

“<’115220 


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£140.20 

£4J30 

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£103.80 

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145.2 

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• inr «-h«r 2 i** Kina* iho previous pabliabM flaore- 

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■> Cnis, !,*,! McewittfK! premium**^ “w surplus or on nw sbprtfnu of foreign currency assets against lwotao currency Hums. 

■’ Co1 *- ’ *“ *!!^L ^7 r’Sny fat respect of taxable gains which might artse on future disposal «T fprastmcMs. 

.1 Cob.' W snare/*** ml. or Conwrtlble Low »**■ Columo S precisely .to** '»-«nU. of > IW «W share 

, Col 5 SJUStoM or Rrn. forecast, nxehidlng Imputation credit, leterest op Ion. stocks Is stated gree of Ikorio ton. 

\ aLu'^Pr^’t/ US’ •» °« '"«««•« tow® premtant applied I- retcniminp me vnhmtlm. hr CeU. a. 

t anB ffM L, to the way which pradacaa the lower a-a.*. per share. CooverUhKi sioelcs nr* treated as Mb-' converted at 

> Cole. WS afiw. is ***** " * " « prior tkiw; warrants nr sntatripUt* rights ere treated ha memretead. 


>) Cali, l,kl 

.) Cols. 1. ’ 

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> Cole. 6-B 



THE INVESTMENT TRUST YEAR ROOK 1978, which is the first edition of the 
official Year Book of the Association, was published recently by Fundex Limited, and 
. costs £7.85 (inc. p. and p. in the U.K.) 

Please .send your remittance to : 

The Association of Investment Trust Companies, Park House (Sixth Floor)’, 
16 Finsbury Circus, London EC2M 7JJ. 


■ I 



Financial Times Friday July 2V 1975 


fX 


Booker buys 


R. Dutch/Shell expanding again in U.S. 
animal feedstuff's side 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


The Royal Dutch /Shelf group is 
to expand its agricultural interests 
with the acquisition of a second 
animal feedstuils business. 

Shell is already involved in 
several branches of agriculture, 
including pesticides, seeds and 
fertilisers. Its latest acquisition 
will almost double its present 
stake in the animal feeds sector. 

It is acquiring the non-l/.S. 
interests of Dawes Laboratories, a 
private U.S. company. The Dawes 
subsidiaries are based in Canada, 
Mexico, Costa Rica. Argentina. 
Belgium, Italy. Spain and Japan. 

Shell first entered the feed 
additives sector in 1974 with the 
acquisition of the UK-based 
Coiborn group, which currently 
operates in the UK, Ireland. 
Australia. Went Germany and 
Brar.il. 

Cnlborn’s sales have been 
expanding steadily, but the 
acquisition ol the Dawes’ 
interests should almost double the 
present turnover, which is under- 
stood to bo some I20m. The 
Col bom group was acquired in 
1974 for £5m, but no purchase 
price has been disclosed for the 
takeover of the Dawes businesses. 

Several oil companies have been 
expanding their interests in agri- 
culture, other than in pesticides. 
BP Nutrition, for example, now 
holds a major share of the Euro- 
pean specialised animal feedstuff's 
market with a turnover last year 
of some £130m. 

The existing Colbom interets 
are concentrated in vitamin/ 1 
mineral feed additives for pigs, 
poultry and to a lesser extent. 
C3trle. 

Shell originally entered the 
animal feed business partly with 
the intention of assisting its 
research programme for finding 
ways of producing- industrial pro- 
tein from petroleum sources, par- 
ticularly methane, natural gas. 
But this programme has since 
been suspended. 

Shell is the world’s third 


largest producer of pesticides 
aFfer Bayer and Ciba Gelgy. Last 
year it had a turnover worldwide 
agricultural and related 


chemicals of some 1434m. 


Newman’s 
offer to 
Wood 


a Dutch party (not, however, 
confirmed to be Wereldhave) 
have been inspecting Trizec 
properties in Canada and the U.S. 
In t act. Trisec's share price has 
moved up in Canada from around 
£i2 to a peak of S16 in the last 
few days, though It has since 
dropped back. The controlling 
shareholder, Corona Bank Corpor- 
ation (the Bronfman family) 
bought at S10. 


Newman Industries has offered 
to buy up to 500.000 shares (121 
per cent of the capital) of Wood 
and Sons (Holdings) at 55p on 
a “first come first served basis." 
Newman has bought or received 
bid acceptances For 34.7 per cent 
of Wood’s ordinary shares and 
bought another I3 r 000 shares or 
so tn.3 per cent) in the market 
yesterday. 

Newman’s offer is effectively a 
limited extension of the cash 
offer it made originally, which 
closed on July 19. The 124 per 
cent of Wood’s equity which New- 
man is willing to buy in the 
market would take it above 30 per 
cent. Newman has only com 1 
mil ted i»"elf to buy shares at Sap 
until :1.3d pm on July 28. the 
current closing date for the share 
offer. 

As fnr the preference shares. 
Newman has received accept- 
ances representing 20.6 per cent 
of that class. 


w. CANNING SPENDS 
£ 1 . 5 M TO ENTER 
METAL RECOVERY 


W. Canning has agreed to 
purchase the plant, machinery, 
stock, and other assets from the 
receiver of John Betts and Sous 
for approximately f 1.56m. 

The bulk of the purchase price 
will qualify for tax allowances. 
The assets bought will be used by 
Canning to facilitate its entry into 
the metal recovery industry, an 
area complementary to the group's 
existing principal activities of 
metal finishing. 


FNGLISH PROPERTY 

Rumours and counter-rumours 
continue- to circulate over the 
slate of olay on the bid for 
English Properly Corporation. 
The share price has sagged in 
recent days with the market 
afraid that insoluble problems 
have been met. but the company 
itself gives the firm impression 
that talks are still progressing. 

Confirmation also comes from 
the news that representatives of 


C.H. INDUSTRIALS 
ACQUISITION 

Coventry based CD. Industrials 
— the automotive, building and 
decorative products group — has 
paid £120,000 for a 21 per cent 
stake in Medfnra, the interior 
furnishings company which trades 
largely in the Middle East 
C.H. hgs an option to acquire 
a further 4.1 per cent in Medium, 
which last year earned pre-tax 
profits of £140,000 on a turnover 
of £2.5tn. The group acquired its 
holding through the issue of new 
shares. 


Mr. Tim Heartey. chairman of 
CH.. said that Medium's current 
expansion plans could benefit the 
foam and decorative finish 
businesses of CJL 


For the second time In three 
months Booker McConnell has 
moved to extend its business 
interests into the US. Yesterday 
the group announced that it has 
spent 810m- (£5.3 tn) to acquire a 
70 per cent stake in American 
Dietaids. the health foods concern. 

In April Booker announced a 
S5m <£2.6m) deal to acquire a 
third of Goodman Equipment, the 
U.S. mining engineers. Until these 
two purchases Booker had no US. 
interests in either its food or 
engineering business — which 
generate around two- thirds of 
group profits. 

Booker has been searching for 
some time for the right partner to 
enable it to enter the $800m 
(sales) US. health foods industry. 
While Dietaids manufactures its 
dietary supplement and vitamin 
products in Puerto Rico— for tax 
reasons— Jt retails extensively in 
the U.S. 

Dietaids has been granted, tax 
exception by the Puerto Rican 
Government and pays- only a small 
amount of tax on its retail sales 
in the U.S. Last year group after 
tax profits amounted to 51-8ro of 
which Booker's share would have 
been $ 1.25m- Net assets attribut- 
able to Booker amount to approxi- 
mately $3.5m. 

Booker’s UK health food 
business, which owns 130 retail 
outlets trading under the banner 
of Holland and Barrett generates 
annual sales of around £20m — out 
of total group food related sales 
of £34 7.6 m. 

The group says that its Health 
Foods subsidiary is a fully 
Integrated business involving 
manufacture, retailing, and whole. 
58 ling. It has been marketing 
Dietaids’ products under licence 
in the UK for some time. 

A spokesman for Booker said 
that the tax exemption granted 
Dietaids by the Puerto Rican 
government was guaranteed to 
run for another seven years. 

Dietaids was privately owned 
by Mr. Milton Okra and family. 
Booker is financing tbe deal 
partly by a medium term dollar 
loan and partly from funds arising 
from tbe group’s disinvestment in 
Guyana. 


in t-p i gg* Valley Tea not already 
owned have now closed. 

Including shares comprised — 
acceptances of the offers, Walter 
Duncan now owns 68,915 (78-31 
per cent) ordinary shares. 27,418 
(94.34 per cent) “A” preference 
and 10,490 (95.36 per cent) “B" 
preference. 

Prior to the offers, Walter 
Duncan and persons acting in 
concert owned 44SII (50.92 per 
cent! ordinary, 18,979 (58.55 per 
cent) “A- preference and 5,305 
(53.68 per cent) “B.” 

Walter Duncan will in due 
course compulsorily acquire the 
outstanding preference shares. 


Weston-Evans 
big dividend 


increase 


The Board of Weston-Evans. 
which is opposing the bid from 
Birmingham and Midlands 
Counties Trust, stepped up its 
defence yesterday with a massive 
increase in the dividend, And 
backdated it to the year ending 
last March. 

Total dividends for the year 
already announced, amounting to 
3.08p net, will now be supple- 
mented by a special interim divi- 
dend of 3£3S42p. This brings 
the yield on the shares up to 
8.3 per cent, though it reduces 
the historic earnings cover to just 
over 2. 

This does not apparently worry 
the directors who imply in their 
letter that the trading potential, 
strength and liquidity of the 
balance sheet more than allow 
them to make such a payment 

The complain that not only does 
Birmingham's offer not reflect 
these facts but tbaf it has been 
made despite assurances given at 
the time the two Birmingham 
directors were appointed to tbe 
W-E Board, that “their holding 


was for investment purposes 
only.” 


LONGAI VALLEY 

Walter Duncan and Goodricke’s 
unconditional offers for the shares 


SHARE STAKES 


Tomorrow shareholders will 
receive the report and accounts 
for the year to March and more 
detailed rejections of the offer 
will follow later. 


CGSB Holdings: Karins 

Nominees (Jove Investment Tst) 
holds 295.000 shares. 

Aquascutum and Associated 
Companies: A trust of which Mr. 
I. Kerman, a director, is a trustee, 
has disposed of 57.950 “A” 

ordinary shares. 

Drake and Scull Holdings: Mr. 
M. Abbott, chairman, has pur- 
chased from Mr. R. Potel a further 
250.000 ordinary shares at 32} p 
per share. As a result Mr. Abbott 
now holds 542.250 ordinary shares 
(3.9 per cent), while Mr. Patels 
beneficial stake has been reduced 
to 615.800 (4.4 per cent). 

W. Tyzack Sons and Turner — 
Central Manufacturing and Trad- 
ing Group has purchased a 
further 10.000 ordinary shares. 

Unicorn Industries: B. G. Ball- 
C.reene. a director, has sold 25,546 
shares. 

Babcock and Wilcox— Regarding 
6 per cent cumulative preference 
stock. Alias Assurance Company 
holds £5.500 (5.5 per cent), John 
James Group of Companies bolds 
£13.500 (13.5 percent) and London 
and Manchester Assurance Com- 

6 any holds £20.000 (20 per cent). 

egarding 5 per cent cumulative 
second preference stock, Legal 
and General Assurance Society 
holds £26.625 (14.5 per cent), 
London and Manchester Assur- 
ance Company holds £60.300 (33 
per cent) and Sun Life Assurance 
Society holds £10,000 ( 5.4 per 
cent). 

A. Arenson (Holdings)— Com- 
pany has been informed by the 


A. Arenson Charitable Trust 
(joint trustees — Mr. J. H. Sacks 
and Mrs. V. Aresonson) that it has 
sold 10.000 ordinary shares. 

Flexello Castors and Wheels — 
Mr. M. Menko. a director, has 
sold 30.000 ordinary shares. 

Alexander Bowden Group— 
Mr. B. J. Daenzer, a director, has 
purchased 37,125 ordinary shares 
and Mr. W. N. Irby, a director, 
has purchased 3,592 ordinary 
shares. 

Davy International — Mr, S. 
Burns a director, has sold 10,144 
shares. 

Francis tads. — West City Securi- 
ties has sold 20.000 ordinary 
shares reducing its holding to 
730.418 shares (10.06 per cent). 

Danish Bacon Company— Equit- 
able Life Assurance Society has 
acquired a further 22,000 " A ” 
ordinary shares, making a total 
holding of 222,000 “ A ” shares 
112.9 per cent). 

CarcJo Engineering Group— 
CornhiU Insurance Company now 
holds 215.000 15.38 per cent) 

ordinary shares. 

S. and W. Berisford — Mr. E. S. 
Marguilies, a director, has sold 
10,000 ordinary shares. 

Avenue Close — Mr. R. Wilks, 
has sold 20,000 ordinary shares. 

Lllleshail Company — Doloswella 
Holdings has disposed of its hold- 
ing of 150.500 ordinary shares. 
Nominal Ltd. of SL Heller. Jersey, 
has acquired 150.500 ordinary 
shares (6.84 per cent). 

British Electric Traction Com- 
pany— Mr. G. R. A. Metcalfe, a 


director of ' Advance Laundries, 
has disposed of 21,300 deferred 
ordinary shares in BET. the ulti- 
mate holding company of 
Advance. 

Lookers— Mrs. G. Platts, wile of 
a director, has sold 20.000 ordi- 
nary shares. Total shareholdings 
of Mr. R. J. Platts, his wife and 
family interests now represent 
9.97 per cent of the capital. 

King and Shaxson: Sir Eric 
Penn, director, hf. sold 35.000 
shares leaving balance at '86.364 
shares. 

Econa: Temple Bar Investment 
Trust sold Its total holding of 
250.000 shares on July 6. Cour- 
taulds C.LF. Nominees bold 
280 000 share 6.73 per cent'. 

Rembia Rubber Co.: Kuala 
Lumpur Kepong Investments has 
reduced its holding to 208,000 
shares. 

Sogomaua ■ Group — Lon gboume 
Holdings acquired a further 80,000 
shares making total 240,000 (7.7 
oer cent). 

John Lewis and Company — 
Eagle Star Insurance Company 
purchased £35.000 of 5 per cent 
first cumulative preference stock 
bringing tntal interest in that 
class to £150.000 (10 per cent). 

Sime Darby Holdings— Mr. Wee 
Cho Yaw, a director, now holds 
2.39m shares. 

SGB Group— A. Walker, a 
director, was sold 53.920 ordinary 
shares. 

Rio Tfnto-ZInc Corporation — 
Phoenix Assurance Company pur- 
chased 80.000 3.5 per cent “B” 


preference shares, making total 
492.500 (15.67 per cent). 

Wood and Sons (Holdings) — 
Newman Industries now interested 
in 552^00 (13.812 per cent) 

ordinary shares. 

Isle of Man Enterprises— 
Nicholson Investments acquired 
parcels of stock totalling 1.644 
20p units in the last four months. 
The unit holding of Nicholson is 
now 866.712 at July 18. 1978 
(7222 per cent) and total holding 
of all directors and their interests 
884.788 (73.73 per cent). 

Davies and Metcalfe — M. ML 
Badr has reduced his holding of 
ordinary shares from 14.1 per 
cent to 1L43 per cent, a reduction 
of 80.000 shares.- Directors of 
Manchester Nominees have 
increased their holdings of Davies 
and Metcalfe shares as follows: 
R. Metcalfe. 36.500; F. Hindle. 
iiOOQ; R. Alien. 1.000; E. Muiryan, 
2,000. 

Genera] Electric Company- 
Lord Catto. a director, h3S 
ceased to have a beneficial 
interest In £26.700 nominal of the 
General Electric Company Ltd’.s 
floating rates unsecured capital 
notes 1986. 

Siemssen Hunter— J. S. Chaloner 
holds 291,175 oi dinary shares 
(5.12 per cent). 

Brownlee and Company— Inter- 
national Timber acquired further 
2,500. ordinary shares making total 
holding of 711.023 tlQ.03 per cent). 

Sothebv Parke Bernct Group — 
Mr. P. M. H. Pollen, a director, 
has sold 50,000 ordinary shares. 


APPROACH TO 
robt. McBride 


Shares of Robert McBride 
(Middleton), the Manchester- 
based manufacturer of domestic 
bleaches, detergents and toilet- 
ries. climbed 65 p to 200p yester- 
day l n news that a bid for the 
company, may be on its way. 

Last night’s price valued the 
company at £12m. The McBride 
Board which was locked in a 
meeting yesterday afternoon had 
announced earlier that it had re- 
ceived an approach which might 
lead to a bid. 


There was also an announce- 
ment of Boardroom movements 
with direct oi . Mr. J. W. Widdup 
and Mr. K. B. Win penny being 
appointed deputy managing direc- 
tors. 


ROTORK 


Rotork has issued 10,000 
ordinary shares to complete the 
deferred purchase consideration 
for the acquisition of Eleelro- 
location. 


CORN EXCHANGE 


London Trust has acquired 
120.000 Coni Exchange ordinary 
shares and now holds 158,200, 
representing 5.69 per cent of the 
capital. 




enderson 




North American Gross Fund on 
the 15th November, 1976 it has 
outperformed the Standard 
and Poors Composite Index by 


1 5 ° o- The current size of the 


Fund is approaching £jm. and 
the composition of the Portfolio 
which is invested 68% through 
a dollar loan is as follows: 


Henderson North American 
Gross Fund offers a simple 
method for wholly exempt 
pension funds and charities to 
invest in the important US and 
Canadian markets which we 
believe represent good long 
term value. The Fund is 
managed on a day-to-day basis 
by our North American 
specialists in an organisation 
with over 30 years of American 
investment experience. Since 
the Fund was reconstituted as a 


36% 

8 % 


Consumer Non-Durable 
Consumer Durable 
Money Sensitive 
'Natural Resources 
Industrial Goods & Services 9% 


10 % 


10% 


Capital Goods 


27% 


For further details of this Fund 
(dealings are weekly on Friday) 
and the pension fund 
management services we offer, 
please contact Colin Day, 
Henderson Administration Ltda 
11 Austin Friars, 

London EC2N 3£D. 
Tdephone: 01-588 3622. 



Henderson 

Administration Limited 


A punier ef :he Car True Association 


Nor applicable to Eire 



Ryder Systems 
confident 


optimism 


PHILADELPHIA, July 20. 


RYDER SYSTEMS expects to 
report net for tbe second quarter 
more than 35 per cent above the 
S12 Sin or 86 cents a share 
earned in the year ago second 
quarter. Mr. Michael E. Murphy, 
executive vice-president, finance 
s aid prior to a meeting with 
analysts. Second quarter 1977 
share net was adjusted for a 3 
per cent stock dividend paid last 
month. 


Company feels “very comfort- 
able" with its previous forecast 
of 1978 net income of between 
546m and $4Sm 0 r 83.20 to S3.30 
a share on revenues of more 
than SI bn. In 1977, Ryder bad 
net income of 840.7m or $2.73 a 
share on revenues of S914.5 itl 
R evenues in the second quarter 
would surpass the $237 .9m of the 
year ago -second quarter, said Mr. 
Murphy. 

AP-DJ 


mining news 


] 


if 


Anglo’s gold producers 
boost profits 


,1 


ft 


BY KENNETH MARSTON. MINING EDITOR 


is is s: 

2- ,rv sw* 

Ffe ’s^^srAsst 

tLm a onSr- boRUS of first full quarterly profit of 
revenue aS out of the new R 1.19m. It treated 3^m tons o£ 
huilion selling arrangements. But slimes and approached the 
K of item have also lifted monthly target figure of 1 . 5 m tons 
"normal ” earnings thanks to in the final month of the quarter, 
impressed production. Howeror. teething troubles 

vSlRe&s comes out parttau- resulted in a lower ttara pro- 
fariv well with a doubled net jeered output of saleable products 
profit for the past quarter of during the quarter. 

R39 7ai (£24.2m) thanks to The latest good net profits 
increased gold production and earned by the group’s mines jn 


increased eo*u uiuuu\.i«w« — * — — ' r- 

sharply higher revenue from the past qunrter^are compared in 


uranium. The latest profit the following table. . 
includes R16Sm against R5.6m **• 

from the Vaal Reefs South fltr ’ m - 


Kimberley area diamond search 
of Western Australia. Carr Boyd 
Minerals discloses in its latest, 
quarterly report that the company 
has pegged 93- claims in the area. 

From Perth, Don Lipscomb? 
comments that the report is being - 
read in tbe eon text of the recent 
happenings at the Conztne. Bio- . 
tiftto of Australia joint venture at 
Ashton: although the latter has, 
been working on temporary 
reserves, only in the past lew . 
weeks has it become involved in 
a hectic pegging nuth. 

The small companies; together 
with majors snort as Amm and 
Selection Trust, arc irorkin* on 


from ine vaai now how r no 

lease area on which Soutftmi E DMea/ome in ._ jits *vw WW 
draws a royalty of 55 per cent Erg0 nss w. — 

I nA n J HUWufl Vi Pl.i. rttfdiilg n 4fU TOn Id W 


the assumption that CRA has only 
let 


raws a - — ergo - r- 

To round off the good news free State Cefluia EMM 17.JM 16.73) 

u, M i Rppfc is t>a vine an interim F. Statu SaaipUas 8.156 6.417 

« imi «fn»s Thtenavment which Preslifrm Brawl... 17.168 u.ose Mat 

of 100 ceniS. HUS payment, waicn - jmj ig.oss 

is well above expectations, com- SmS™.;;; ^ »b tuu 

pares with 55 cents a year ago V aal Reefs 39.727 I9.«u 3MU 

and the subsequent final of 60 wrikwn — ... 3572 -479 2.6® 

cents Western Deep 20216 14221 15466 

Western Deep’s profit also Western HokUnss I7S31 9.230 9.409 

western weep s p j Net surplus Includes sale of cuulpment 

makes a good showing as a toUowlng cessation of mlalnc. 
result of increased gold produo- Dividends 

tion and higher uranium income June Dec. June Dec- 

coupled with reduced costs. The istb W7 ist7 wre 

mine has declared an as-expected corns cents cents cents 

interim of 65 cents which, though B. Vasgaioct. 3 ® 0,1 

much in fine with expectations. vtanSaTT -3 w 

goes against only 35 cents last w. Deep -«5 47i •» 

• imn nn#l »Via Artel A? !? POfltC fl Tnis 


recently learned somet hihR new 
and 'significant about the region’s 
diamond-bearing prospects... 

This, is thought, lies behind 
Carr Boyd's phrasing: “Regional 
and detailed geological and geo- 
physical surveys were carried am 
in the Leonard RiveoNoonkanbah 
areas with the object of 'locatmK - . 
diamond if erous kimberlite /plpes'- 
and dykes. -J : - 

“ Data collected . - . has led to 
the identification of numerous . 
subtle photo features; - mostly ‘ 


* Interim. 


time and the Goal of 47.5 cents. 

East Dagg&fontein, which 
returned to tbe dividend list with 
a payment of 20 cents in 
December, is paying an interim of 

^Free^tate Geduld. President starts gem 

evn. Western Holdings and ' ° 


oil 

60 

45 


circular and up to approximately: 


A new theory 


Steyn, Western Holdings and . ■ 

Welkom all report increased gold npaOIIID 1*1 1 ft 
production while profits of the 1 U3U 

joint Orange Free State Metallur- REFLECTING the enthusiasm of 
gical scheme — basically uranium companies involved nt the 


one kilometre in diameter. -Many 
of these features are confidently ., 
interpreted as surface impressions 
on pipe-like bodies." 

Whether the photo tecbnlque- 
has, indeed, located xraraerau*- 
kiraberlire pipes— and • whether , 
these will prove to be diamond! [- 
erous— remains to be seem But 
the small exploration companies, 
which include the Ottcr-Spargo’s ‘ 
group. Western Queen-Magnet- ' 
Leonard aud North West Ulntag- 
Haoma are reported be “ in there 
pegging with their ears back." 


air 


Inco’s lower second quarter 


tw 


ru 


EARNINGS OF U.S.$23m (£125m). 
or 24 cents per share, are re- 
ported by Canada's Loco for the 
second quarter of this year. They 
bring the total for tbe first half 
of 1978 to $57.9rn. or 64 cents 
per share, compared witb*S78.6m 
in the same period of 1977. Net 
sales for the past quarter were 
$539tn. making a half-year total 
of Sl.OSbn against $967m a year 
ago. 

The better first-quarter earn- 
ings reflected nickel purchases 
made in anticipations of a price 
increase and there was also an 
exchange gain of SlOJlin resulting 
from the fall in the value oi the 
Canadian dollar. 

In the past quarter, however, 
(here was a currency loss of t42m 
while lower nickel and copper 
prices persisted, taco’s nickel 
deliveries in the first six months 
of this' year amounted to 195m 
lb compared with 161m lb in the 
first half of 1977. 

It is stated that demand for 
nickel in the noiyCommunist 
world gradually increased in the 
past half-year while average 


compared with 10,979,967 ounces 
in the same period of 1977. 

★ * ★ 
Hampton Gold Mining Areas 
announces that the acquisition of 
Wultex Machine Company was 
approved at yesterday’s meeting. 
Hampton Areas’ Australian nickel 
royalty receipts for the 16 weeks 
to’ June 30 amounted to AS223.41S. 


AAR IS SEEKING 
FOR ANTHRACITE 


the timetable for redevelopment 
depends mainly on obtaining satis-. 
factory sales contracts for the < 
proposed annual output of ifltir .! 
to five million tonnes. 

AAR bas been holding Jis- . 
missions with the Japanese steel ; ■ 
industry on Hall Creek and otner 
potential markets are being. ■ 
Investigated. AAR is 83 per cent : . 
owned by CSR. 


nickel price realisations though 
than in 


lower than in the' same period 
of 1977 were stable. . However, 
competitive prices' for class 2 pro- 
ducts were reduced substantially 
in the past month and Inco 
expects this to adversely affect its 
profit margins for the rest of the 
year. 

Nickel production during the 
past six months was 17 per cent 
down on that of a year ago and 
tbe stocks of finished nickel at 
June 30 .-'amounted to 3S1m lb, 
a reduction of 10m lb on the total 
at March 31 last Further re- 
ductions In the stocks are expected 
in the current half-year. Inco is 
declaring another quarterly 

dividend of 20 cents. 


Officials of the Australian AAR 
coal group exchanged several 
visits with South Korean interests 
in connection with the Yarrabee, 
Queensland, anthracite reserves. 

Mr. D. D. Brown, chairman of 
AAR. said at the annual meeting 
that If a satisfactory long-term 
sales contract can be negotiated, 
it would be possible for a project 
based on these reserves to be 
brought into . operation before 
end-1979. 

Yarrabee is the site of the only 
major anthracite deposit to be 
found in Australia. 

Mr. Brown said AAR is also 
keen to develop its steaming coal 
reserves, and as with Yarrabee, 
evaluation work and market 
investigations are in progress.-. 

Turning to AAR’s major asset 
Its 54 per cent stake in the, Hail 
Creek coking coal deposit in 
Queensland. Mr. Brown said that 


OUTPUT FALLS 
■ IN CANADA 

Production cutbacks (n tfce • 
Canadian mining industry 
showing up in official statistics^ 
reports John Soganich f :;r 
Toronto. 

Over tbe first five months of 
year copper output was down i 
347.928 tons- from 372£43 tons Ir. 
the same period of -1977. Nick* 
production moved to 89.961 top. - 
from 111,556 tons, while zinc out 
put fell to 220358 tons fron .. 
262.473 tons. The mines product 
89.770 tons of lead against 94.4M '' 
tons in the first five months oi 
last year. 

As far as precious metals are . 
concerned, silver, mainly a by- J 
product of lead-zinc mining was 
down to 17.3m troy ounces froth -» 
19m ounces, while gold, despite ‘ ' 
renewed interest in the CanadiatM-i 
mines was lower at 692,60^ 
ounces against 723310 ounces. 


ROUND-UP 


Several thousand pounds of 
manganese ore nodules recovered 
from (he floor of the Pacific 
Ocean at a depth of 18.000 feet 
by Ocean Miner:!*' are to be sam- 
pled for purity and metal recov- 
ery processes. In November, tests 
wJJJ begin wit b' a bottom miner 
which will be lowered from the 
Glomar Explorer mining vessel. 
Ocean Minerals is a consortium 
of Billiton, BKW Ocean Minerals. 
Lockheed and Amoco Minerals. 

* *. *■ 

South .African gold production 
was again lower last month at 
L864365 ounces compared with 
1.900.385 ounces in May. Figures 
issued by the Chamber of Mines 
or South Africa show that the 
total for the first half of this 
year amounts to 11.237.E507 ounces 


Britannic Assurance 

COMPANY LIMITED 
HALF-YEARLY STATEMENT 

The premium income and new business figures for the 
half-year ended 30th June. 1978 were as follows (the corres- 
ponding figures for the six months to 30tb June, 1977 are 
shown in brackets): ■ ■ 

Premium Income . 

£ £ 

Ordinary Branch 

Annual premiums . 6,759,000 (6,064,000) 

Single premiums and annuity 

consideration '. 133,000 ( 130.000) • 

Industrial Branch -2L2H.OOO (18358.000) 

General Branch .. 3,834,000 . -(3j)99,odO) 

New Business Figures 
Ordinary Branch r : • ' 

Renewal premiums per annum 1.398.000- (1,129,000) 

Sums Assured 67,152,000 (48,365,000) 

Industrial Branch 

Renewal premiums per annum ' 6,961.000 ( 5,605.000) 

Sumr -Assured 89,313.000 (71.774.000) 


— — itili*-, ; 


Bell's spends 
£20,000 on 


sailing barge 


ARTHUR BELL and Sons, the 
whisky distilling group which 
claims over a fifth of the b&me 
market, bas spent £20.000 on a 
sailing barge to promote the 
company’s products In tbe UK. 

Tbe company bas been con- 
ducting “goodwill voyages" 
around the coast using leased 
sailing barges since 1962. How- 
ever Mr. R- C. Miquel. company 
chairman, said the group had 
now decided tD buy its own 
vesseL 

Bell’s annual report is due to 
be published in six to etgbt 
weeks time and is expected to 
show pre-tax profits of over 
£11. 5m for the current year as 
forecast in the company’s ba IT- 
yearly report published last 
December. 


Bid for Ribble 


THE Nature Conservancy Council 
wishes to buy 5,500 acres of the 
Ribble Estuary marshes recently 
purchased by Mr. H. Heerema 
and Mr. G. B. Crook for reclam- 
ation for agriculture. 

The council has asked the .new 
owners to open negotiations. The 
price of the freehold and sport- 
ing rights would be assessed by 
the District Valuer, 


Witan 

Investment 

Company 
Limited 


In 1977-78: 


Successful year for both 
income and capital 


N et asset value increased 1 5% to 1 22.9p, 

Earnings per ordinary share increased 32.6% to 2.44p. 
Dividends per ordinary share increased 21 .1 % to 2.30p. 


: 


Your directors are confident that investment trust companies 
win continue to prove a rewarding investment for shareholders, 
private and institutional, both in terms of rising income and 
portfolio performance. The prospect of a progressive reduction -. 
in the discounts which have proved so vexatious in recent years 
gives the shares added attraction". 

Jl R. Henderson MBIT- 
. Chairman 



A member of the Henderson Administration 
Management Group 









Financial Times Friday July 21 1978 


INTERNATIONAL- FINANCIAL AND COM I’WV n fws 


27 




Oft. NORTH AMERICAN NEWS 

^ 11 . 


Alcan sees continuation 
of second quarter gains 


BY ROBERT G IBSENS 


MONTREAL, July 20 


ALCAN ALUMINIUM has re- tons, divided equally between S1.70 at the per share level, 
ported a major gain in earnings ingot and * semi-fabricated Revenues during the three 


.8% lift 
in tobacco 
group’s 
net income 

By John Wyles 

new YORK, July 20. , ^ ... 

RESPITE a dip in nmfiic r* r m for second quarter and says products. month period totalled Sl.Olbn 

rang port operations and Jiva that volumc ln Uwseeond period The earnings improvement re- against $917.5bn. 
nodest improvement in reduced surplus inventories to fleeted higher sales, a further Primary aluminium produe- 

ic tobacao earnings, r j SST the of Jess than one strengthening in prices, and high tion in the second quarter rose 

toids Industries t&dav WAriVtofi month ‘ s sales. Industry sources operating levels of most of the from 356,000 tons to 380,000. 
m 11.8 per cent increase in believe this to be the lowest company's plants. The largest During the first half, output 

; econd quarter net income level of inventories since 1973. relative gains in sales came in amounted to 760,000 tons against 

Reviewing the past six months Second quarter earnings were North America and in Asia. 707,000; shipments dropped to 
It. j. Paul Sticht the com’ SU576.Bm, equal to SI JO per The company expects that 874,000 from 908,000 tons, 
lany’s president and chief execu- sfa are. against 548.7m. or SL23, 011 r financial staff adds: Net profits over the six months 
ive, said Reynolds was well on ° n revenues of $959m against Aluminium Company of America jumped to S12S.68m from 
he way to achieving record earn- S7S5m. (Alcoa) said in New York that $I07.Sm on the back 1 of a rise in 

ags per share in 1978 which First half earnings were demand had continued at high revenues to $U5bn from 

'ould be “ camfortablv ahead” S136.9m or $3.38 per share levels during the second $1.76bn. Earn i n gs per share 

f last year's SSL20 a share against $85 Jim or §2.11, on quarter. Although shipments emerged at $3.66 compared with 
Second quarter net earnings revenues of $1.78tm compared were helow the levels of last $3.10. 

stalled $11 1.8m or 82.18 a share with S1.52bn. year, they exceeded those of the Explaining the quarterly drop 

n sales of 3l.69bn. This com- Consolidated shipments in the first three months. in shipments over last year's 

ares with last year's net of second quarter were 464.000 tons Alcoa's second quarter net period, the company pointed out 
100m on sales of si.66bn. against 378,000 tons a year earnings moved strongly ahead that the 1877 second quarter had 
For the sly months net earn- earlier, and first half shipments to S74.8m from S5SL9xn. corres- seen consumer hedge-buying in 
igs were $206.8m or 54.02 a were S58.000 tons ag ains t 757,000 ponding to S2.13 compared with anticipation of a possible strike. 

iaxe compared with S188.ini. ■ 

The. company’s end-1877 earn- I ' 

igs included a non-recurring 
am of 51.07 a share following 
le nationalisation of its 
rtroleum company. Am in oil, in 
await in last September. This 
snied the company an estimated 


,rfr- 


f I 

Ki 


Cl 


W. R. Grace still optimistic 

BY STEWART FLEMING NEW YORK, July 20/ 

,‘£fi m whin* W. R. GRACE, the diversified Last year, the company earned second quarter and $3m for the 

ss 'to climb to S33bn from chemical company in which the $3.71 a share (5140.5m) and Wall first six months, 

j *>hn Friedrich Flick group of Street analysts are predicting Union Carbide said cost 

Earnings from domestic Germany has a 12 per centatake, earnings in 1978 of 54.00 a share, increases in the second quarter 

bacco operations — Reynolds is today reported a modest increase Meanwhile, Union Carbide _!? put pressure 

:e U.S.’s largest cigarette manu- * n second quarter earnings which announce net earnings for the P* 0 ®* margins ana pnee in_ 

cturer, increased by a modest rose from S4S.7m to 55Um. second quarter of si. 65 a share cre * fie £ accounted for only 3 per 

9 per cent on a 7,9 per cent For the first half of 1978, earn- against S1.62 previously. Total ffrf, 

crease in sales in the first six in«a increased to sfifl lm nr S2J23 net of S106.8m compared with . firetnalf 10 per cent sales 
.onths, which was mainly itS S^S^S!aS^&%SS 5102.6m P wun ^ reflected strong gams 

ltab,e fr ° m the ■»*«• ° f (WeSS 1 tfiUlS Pint u, net of $lS5.7m or SfflftSMS’&HT SSd 

of 1977. S2.87 improved slightly from home and automotive products. 

Mr. J. Peter Grace, president $184. lm or $2.94. Metals and carbons sales were 

and chief executive, said. that. Sales for the second quarter also up about 10 per cent while 

in spite . of economic uncertain- increased to $1.98bn from chemicals and plastics sales were 

ties that require business to S1.78bn. First half sales of flat 

exercise caution in making near- $3.8bn compared with $3.46bn. Domestic sales were $L35bn in 
term operating decisions, the Foreign currency translation the second quarter, up 10 per 
company remained optimistic that and exchange adjustments cent, and international sales 

the full years’ results will be resulted in after-tax currency were S630m, up 14 per cent. For 

LLETTE Is raising its ahead of 1977 earnings, but he losses of 5700.000 in the second the first half, domestic sales were 

arterjy dividend from 37 J suggested that the increase quarter of 1978 and $9.1m in the up 9 per cent to $2.5Sbn and 

nteto 40 cents a shore, follow- would not be at the same rate first half. A year ago currency international sales up 12 per 

g a 43 per cent upturn in as in the first six months. losses totalled 53.8m for the cent to$1.22bn. 


price increase late last year. 


Gillette steps 
tlllttE'l up dividend 


BOSTON. July 20. 


, * <■. i ’ 

■ i . t ft 


codd quarter earnings after a 
tall decline in the first three 
onfhs. 

earnings for the latest 
ler totalled $25.Sm, or 86 
a share, compared with 
8-$n or 60 cents a share pre- 
3U|ly. Half-year earnings were 
S.Jm or $1.60 a share, against 
34m or $1.43 a share in 1977. 

• > Second quarter sales were 

17.2m. against $376.9m In 1977, 
irking the half-year total to 
159m, against $784.3m previ- 
se’. 

■liter 

gidebaker 

fdebaker-Worthington, the 
msport equipment and elec- 
nics group, made netoperat- 
; profits of 830.37m in Its- 
ond quarter, against $18.62m, 
$2.70, against 52.38, a share, 
es came to £3 54.7m compared 
h 8313.0m. The average of 
res in issue was down from 
' im to 7.47m. Six months net 
iraLiag profit was up from 
J22m to 53752m or from $4.22 
54.83 a share. Sly months sales 
ched $672. 5m against $602.2m 
. the overage of shares in 
ie was 7,766,000 compared 
7,768,000 Reuter reports 
: 'n New York. 

A cs'jri'jstoI-Myers 

r ~ % ' itol-Myers the toiletries and 
licines concern lifted second 
rter net profits from 344.18m 
548.81m or from 67 cents to 
ents a share. Sales rose from 
am to S590m, Reuter reports 
i New York. Six months’ 
It was S90.l9m - against 
Llm or $1.37 against $1.21 a 
e. Sales came to $L17bn 
sared with $1.09bn. The 
es include Unitek Corpora- 
acquired on April 6, 1978. 


Monsanto sees difficult operating climate 


MONSANTO'S chairman and 
president, John W. HanUey, said 
the company will be operating 
in a more difficult climate over 
the rest of the year, but 1978 
continues to develop as anbther 
satisfactory period. 

Five of the company's six 
divisions produced sales gains in 
the second quarter. 

The company earlier reported 
second quarter earnings - of 
S76.1m or $2.09 a share against 
$81 -5m or $22 a year ago. ■'•= . 

Meanwhile, Celanese Corpora^ 
tlon reported net earnings per 


share for the second quarter of 
S1.60 against $1.53. Total net 
of $23m compares with S2Sm and 
sales of S655m with S607m. 

For the six months, net of S2.S5 
a share compares with $2.27, 
total net of S42m with S34m and 
sales of SlJrTbn with $1.15bn. 

Ethyl Corporation announced 
net earnings of SLID a share 
against $1.24. Total net of 
321,3m compared with 321.8m 
and sales of $364m with 8334.7m. 

The 1978 period net includes 
a -53.5m adverse effect from a 
tax settlement, and the 1977 
period.net includes a $3.4m after- 


ST. LOUIS, July 20. 

tax capital gain and an approxi- 
mately 53m after-tax adverse 
effect from settlement of a law- 
suit and cancellation of expan- 
sion of certain facilities. 

Stauffer Chemicals sales in 
the second quarter at S303.9m 
showed a 4 per cent increase. 
Net earnings increased 15 per 
cent to $23J2m or 31.07 per share 
compared with S20.1m or $0.92. 
. Sales in the first six months 
were 6 per cent higher at 
S733.5m and earnings 15 per cent 
higher at $75.7. 

Agencies 


XngersoU 
Rand has 

first half 
upturn 

NEW YORK, July 25. 
INGEBSOIX-Rajvd, manufac- 
tures of bearings and compres- 
sors, announced net earnings 
for the second quarter of S2.Q5 
against 5136 last time. Total 
net increased to $40Jm from 
S27-9m. Sales of S609^m com- 
pared with $522.43 m last time. 

For (he six months to dale, 
net earnings of S3.28 a share 
or $65.72m compare with $2.05 
or 857.57m, and sales of 

$1.10bn with $1.03 bn. 

Net totals for 1977 are re- 
stated to. include results of 
Western land Boiler, acquired. 

Net total Includes foreign 
exchange gain of 9 cents 
against a loss of 24 cents in 
quarter and a gain of 14 cents 
against a loss of 50 cents in 
half. 

Mr. William L. Wearly, the 
chairman, said "We anticipate 
that ear sales and earnings for 
the remaining quarters of this 
year will continue strong.** 
Agencies' - 

N. Telecom 
moves ahead 

By Our Own Correspondent 

NORTHERN TELECOM, tbe 
major communications equip- 
ment manufacturer controlled 
by Bell. Canada, earned 
C$24.9m or 90 cents a share In 
the second qnarter against 
824.2m or 91 cents a year 
earlier, excluding special items. 
Sales were $366m against 
$342m. There were more 
shares outstanding in the 
latest period. 

First half earnings were 
S43.7m or $1-61 a share against 
543.9m Or $1.66, excluding 
extraordinary items. Sales 
were $6?6m against 3649m. 

There were extraordinary 
gains in tbe 1978 period due to 
changes in tax laws allowing 
tbe transfer of tax losses to a 
parent company. Effective tax 
rate for . the first half was 
reduced, by four points because 
of research and development 
tax credits and non-taxable 
Income. 

First-half results reflect 
acquisitions of Dan ray and 
Sycor, two U.S. companies, 
whose contribution to first half 
volume was $24m. 

The company .<aid the U.S. 
market remains “Ibe brightest 
spot.” Operations in Canada 
in the first hair were generally 
depressed by slow growth in 
the Canadian economy. .. . 


Rockwell earnings rise 
sharply on flat sales 


BY OUR FINANCIAL STAFF 

NET PROFITS of Rockwell 
International, the diversified 
aerospace and industrial concern, 
jumped by 42 per cent in the 
third quarter, while sales edged 
up by only 3.4 per cent. 

The picture was broadly the 
some for tbe whole of the first 
nine months as earnings moved 
ahead by 33 per cent and sales 
managed no more than a crawL 

Rockwell, whose sales slipped 
slightly in the previous quarter 
for tbe first time since the B1 
bomber cancellation of summer 
last year, turned in third 
quarter earnings of 352.5m 
against 537m on sales of SI .52 bn 


compared with S1.47bn in the 

same period, of 1977. 

Taking the full nine month 
period, Rockwell profits moved 
up to S136.1m from 3102.5m; tbe 
sales figure inched up from 
S*L27bn to S4J>9bn. 

Third quarter earnings per 
share of the company amounted 
to $1.50 compared with SLOT. 
For the nine months, they were 
S3.SS after $2.97 the previous 
year. 

Rockwell's progress to date 
echoes the forecast made at the 
February annual meeting by the 
president, Mr. Robert Anderson, 
who said the first three months' 


earnings boost of nearly 40 per 
cent offered “ an opportunity tor 
further earnings growth" over 
all of the 1977-7S fiscal year. 

Rockwell International's total 
order backlog, including 
unfunded aerospace business, 
fell to $3.9bn at the end of June 
from $4.4bn a year earlier. 

The backlog uf commercial 
and funded aerospace orders, 
however, grew to $3.ibn from 
$2.Sbn. 

The company said last month 
that it was hold me preliminary 
talks on the possible sale of its 
aviation division to American Jet 
Industries. 


Joy Manufacturing lifts profits 


JOY MANUFACTURING reports 
net earnings for the third 
quarter of $1.04 a share, com- 
pared with 98 cents last time. 
Total net increased from S11.9m 
to 813.4m. Sales of 5216.8m 
compared with Sl76.2m last 
time. 

For the nine months to June 
30, net earnings of S25.1m or 
Sl-94 a share compare with 
S3 6m or $2.96. Sales of S524.5m 
show an increase from $495-6m in 
the comparable period. 

Third quarter 1978 net earn- 
ings total includes a provision of 
$2.6m for losses anticipated to 
be incurred on the disposal of 
a French subsidiary. 

Tbis year's nine months net 
figure includes a provision of 
$6.2x0 or 48 cents a share for 
the disposal of the French 
subsidiary. 

Mr. J. W. Wilcock, the chair 


man, president and chief execu- 
tive told reporters that Joy, a 
maker of heavy equipment for 
the coal mining and petroleum 
industries decided to liquidate 
its wholly-owned French sub- 
sidiary because u we saw no Im- 
provement in the market for tbe 
products Joy-France produced." 
In fiscal 1977 Joy-France re- 
ported a S459.000 loss on sales of 
S9m. Henceforth Joy-France’s 
business will be handed by Joy’s 
operations in the U.S. and the 
UK. 

Despite its sagging fortunes in 
France, however, Mr. Wticock 
said he was "delighted” with 
Joy's strong upturn in sales and 
profits in the mining equipment 
group after the 110-day coal 
strike. He was also pleased with 
the overall performance of Joy's 
air pollution control equipment, 
industrial products and petro- 


P1TTSBURGH, July 20. 
leum equipment divisions. These 
divisions reported a 27 per cent 
boost in third quarter bookings 
and a 20 per cent increase for 
the nine months. 

Joy has recently received 
three new orders totalling 82Ini 
for underground coal mining 
equipment. 

As of Juno 30, the total value 
of contracts on hand was ahuut 
S400m compared with about 
S440m a year earlier. 

Joy's balance sheet was “ very 
.strong” an:! its debt-to-equity 
ratio stands at 20 per cent com- 
pared to about 19 per cent a 
year ago. 

Mr. Wtleock predicted that Joy 
“ will have a very :;yod year in 
sales and earnings for all of 
fiscal 1979. We feci that all of 
tbe problems we had this year 
arc behind us," he said. 

AP-DJ 


Saudi entrepreneur bidding for Hyatt 

NEW YORK, July 20. 


BY OUR OWN CORRESPONDENT 


THE U.S. investment spree of 
Saudi Arabian businessman Mr. 
Ghaith Pharaop and his 
associates shows no sign of 
abating, with the news today of 
offers to purchase Hyatt Inter- 
national Corporation and a 20 
per cent, stake in a Texan archi- 
tecture and design company. 

If these and other purchases 
go through, they could bring the 
total expenditure in the U.S. this 
year by Mr. Pharacn and his 
colleagues to more than S60m. 
The 37-year-old Saudi entre- 
preneur has alreay laid out 
$12.3m to take a 60 per cent 
stake in ..the National Bank of 


Georgia and, earlier this month, 
filed preliminary documents for 
a tender offer for a Texan 
petroleum company OKC Cor- 
poration, which could yield a 24 
per cent, holding for up to 819m. 

Yesterday Hyatt International, 
which is an international hotel 
operator, disclosed that it had 
received “ unsolicited " proposals 
from a Saudi company beaded by 
Mr. Pharaon, the Saudi Research 
and Development Corporation. 
Broadly these suggested either a 
full merger with Hyatt for $24.3m 
or the acquisition of a minority 
4S.5 per cent holding. 

Hyatt directors are due to meet 
shortly to consider the .proposals 


but the PriOker family, which 
owns 55 per cent of the 
company's stock, has decided to 
withdraw its previously 
announced offer to acquire the 
outstanding shares for S9.S0 
each. The Saudi Research and 
Development Corport ton's full 
takeover offer values the 
company's stock at Sll a share. 

Meanwhile. CRS Design Asso- 
ciates rf Houston announced to- 
day that the chairman and eight 
founders of the company had 
agreed to sell a 20 per cent hold- 
ing worth SL?.6m to a company 
headed by Mr. Tharaon. The 
purchase, said CRS. would be 
purely for investment purposes. 


BRIEFLY 


Congoleum doubles half-year results 


atinentai Group 

Inental Group, the con- 
rs to insurance concern, 
• net profits of $55.4m, 
:5t 838.3m, in its second 
■er, equal to $1.60, against 
a share. Sales expanded 
$955. lm to $1.02h n. Reuter 
ts from New York. 


THE flooring, furniture and ship- 
building concern Congoleum 
Corporation had net earnings for 
the firet six months of the 
current fiscal year almost 
doubled from 5L20 to $2.35 a 
share while Pennwah Corpora- 
tion, the chemicals company, 
moved ahead from $2.10 to $2.45 
a share for the same period. 

Also reporting first half results 
today were the electric motors 
group W. W. Grainger Incor- 
porated, up from Sl-02 to S1.21 a 
share: P. K Mallory Company, 
in the electronics field, down a 
little from SI.49 to SL21 a share, 
and the coal and gas company 
Eastern Gas and Fuel Associates, 
which suffered a sharp reverse 
with per share earnings down 
from $1.04 to just one cent. 

For the full year, the soya- 
beans and flourmflls company 
Archer Daniels Midland Com- 
pany reported net earnings of 
Sl.Sl a share compared with 
$1.97. , v 

First quarter earnings of the 


housing company Redman Indus- 
tries moved up sharply from 9 
cents a share to 23 cents. 

Tbe cement manufacturer 
General Portland Incorporated 
had per share earnings for the 
second quarter of $1.02 against 
57 cents, and Fort Howard Paper 
Company, which makes paper 
and paper products, advanced 
from 85 cents to 90 cents a 
share. 

American Hospital Supply Cor- 
poration, which supplies hospital 
and laboratory equipment, moved 
up from 51 cents to 58 cents a 
share in the second quarter, and 
io the same period the electricity 
utility holding company Central 
and South West remained un- 
changed at 30 cents a share. 

The Industrial, building and. 
mining equipment group 
Gardner-Denver Company made 
net earnings for the second 
quarter of 79 cents compared 
with 38 cents a share last time, 
while the . railway operator 


NEW YORK, July 20. 

Seaboard Coast Line Industries 
advanced from SL95 to S2.17 in 
the same period. 

Also in tbe second quarter, 
the rubber, plastics, tyres and 
wire concern Carlisle Corpora- 
tion made net earnings a share 
of $1.56 against $1.56, bank 
holding company First Bank 
System moved up from Sl.ll 
share to 51.52, .and the broad- 
casting. publishing and films 
group Cos Broadcasting Corpora- 
tion increased from $1.27 to 
$1.43. 

Louisiana Pacific Corporation, 
the wood and building materials 
company, expanded from 60 
cents a share to S3 cents in the 
second quarter, but Dillingham 
Corporation, which has interests 
in maritime resources and pro- 
perty, slipped back from a profit 
Of $2.Sm to a loss Of S798,000. 
Union Camp, the paper, chemi- 
cals and building materials 
concern, edged downwards from 
$150 a share to $L27.- 
Agencies. 


. QUARTERLIES 

RICAN BRANDS 


1 Quarter 1W M77 

me 1^3bn l.llbo 

rofits 42.54m 41.5m 

er share... 1-5S 1.54 

3fKhs 

,UC 2.49bn 2.2bn 

rofits 98.35m S3.05m 

er share... 3.68 3.09 

AND HOWELL 


Quarter IW 

ue 13S.3m 

rofits 3-4m 


;r share... 

nlht 

ue 

■ofils 

•r share— 


0.61 

262.3 

6.5m 

L16 


1977 

s 

117.1m 

3.0m 

0.53 

227.5 

5.9m 

1.02 


WARNER 

Quarter 

1 TO 

ivn 

s 


608.5m 

517.6m 

ofils 

3S.5m 

2S.6m 

r share— 

1.80 

1.35 


l.lSbn 

987.3m 

ifils J.— 

64.7m 

4S.0m 

.-shar) 1 ... 

3.02 

2.30 

NGTON 1NDS. 

Barter 

1978 

1977 


614.4m 

621.9m 

>fits 

202Sm 

25.54m 

• share... 

0.72 

0.90 

fltht 

l.Slbn 

1.77bp 

■fits 

5l.6lm 

60.22m 

share— 

1.85 

2.44 

MED COMMUNICATIONS 

tuartcr 

1978 

1977 

S 


S5£in 

6L7m 

fits 

S.2m 

6.1m 

share— 

0.79 

0.63 

M 

154.7ra 

113.4m 

fils 

12.3m 

9.3m 

share— 

1. 21 

0.06 


COMMONWEALTH ED. 


Second Quarter vm 

Revenue 569m. 

Net profits MAn- 

Net per share... 0.SQ 

CJx MlM&UkC 

Revenue Ll8bn. 

Net profits 

Net per share... 1.4® 


19T7 

5 

480m. 

29.1m. 

0.44 

992bn. 

77.2m. 

1.19 


ENGELHARD MINERALS 


Second Quarter 1W» 

Revenue 2.l3bn 

Net profits 

Net per share... 0.92 

Six NoflUu 

Revenue 

Net profits 55-3m 

Net per share... l.BS 


xm 

156bn 

34.0m 

1.03 

3.34bn 

63m 

1.81 


fruehauf 


Second Quarter MW 

Revenue 610ffi 

Net profits 25.06m 

Net per share... 2.08 

SIX Manus 

Revenue 1.09hn 

Net profits 3S.86m 

Net per share... 3-2S 


1977 

S 

46lm 

18.24m 

1J35 

882 m 

26-5$m 

231 


GENERAL SIGNAL 


197S 

S 


1977 

S 


Second Quarter 

Revenue 235.46m 221.95m 

Net profit 1436m ll.6ftn 

Net per share... 0.72 

St* MW*s _ _ 


0.59 


Net profits — 


26.37m 

1.33 


22.03m 

1J1 


gen. TELEPHONE & ELECT. 


Second Quarter 


MT» 

KHVCUU * 2.15b n 1-SSbh 

SuHita msem 

Met per share— 1-01 
JSJSrr .... 4.14bn 3.65bn 


Net per share... 


2,13 1.89 


B. F. GOODRICH 


Secsml Quarter 

wre 

1971 


s 

5 

Revenue 

628.3m 

582. lm 

Net profits 

17.4m 

20.8m 

Net per share—. 

L15 

1.38 

Six WOJfffl* 

Revenue 

lJbn 

l.ltm 

Net profits 

33.1m 

38.6m 

Net pet share... 

2.19 

2.56 

] INTERLAKE 

SecoNd Quumr 

1978 

• 1977 


s 

s 

Revenue 

231.0m 

202.0m 

Net profits ; 

S.lm 

6.8m, 

Net per share... 

L36 

1.15 

Six Mwffita 

Revenue 

435,0m 

383.0m 

Net profits 

7,0m 

9.4m 

Net per share... 

1J.7 

. 1^9 

[KRAFT 

Second Qurtr 

1978 

1971 


S 

5 

Revenue ......... 

1.3Sbn 

159bn 

Net profits ...... 

46.36m 

4L22m 

Net per share... 

1.62 

1.47 

Six Htwths 

Revenue 

2.77bn 

257bn 

Net profits 

9358m 

79.76m 

Net per share... 

3.33 

2R5 

motorola 

Second Orator 

1978 

1977 

S 

5 

Revenue 

548m 

460m 

Net profits 

82.9m 

27.8m 

Net per share... 

LOS 

052 

Six Hwtfhs 

Revenue 

l.Q4bn 

879m 

Net profits 

60Jm 

518® 

Net per share... 

1^9 

1.71 

NAT. DISTILLERS & CHEM. 

Secwtd Quarter 

1918 

WT7 


S 

S 

Revenue 

467.0m 

382.0m 

Net profits ...... 

22:4m 

19.1m 

Net per share... 

OKI 

0.74 

Six MmuJb i 

Revenue 

889.0m 

769.0m 

Net profits 

44.3m 

39 An 

Net per share— 

1.65 

154 


, OZJN 1 f 

S«coad Quartur 

1918 

1977 


5 

S 

Revenue 

423.7m 

394J7m 

Net profits 

26-0m 

27.78m 

Net per share... 

1.0S 

L15 

Six Months 



Revenue 

776.52m 

781.97m 

Net profits 

29.75 to 

49.69m 

Net per share... 

L24 

2.06 

RALSTON PURINA | | 

Thlnl Quarter 

1978 

1977 


S 

s 

Revenue 

L03bn 

942.8m 

Net profits 

38.3m 

35 

Net per share... 

0.34 

0.32 

Mine Months 



Revenue — 

3.02bn 

2^1bn 

Net profits 

120.4m 

109.3m 

Net per share... 

J.07 

0.9S 

j WALTER KIDDE } | 

Sac ond Quarter 

1978 

1977 


& 

s 

Revenue 

461.8m 

343.7m 

Net profits 

16.06m 

12.55m 

Net per share... 

1^6 

1.09 

sot Montis 



Revenue 

862.1m 

861.0m 

Net profits 

29416m 

23.34m 

Net per share... 

2.31 

2.03 

WHEELEV G-PITTSBURGH 1 1 

Second Quarter 

1978 

1977 j B 


S 

$ I 

Revenue 

291.5m- 262.6m 1 

Net profits 

8.7m 

2.7m 

Net per share... 

2.11 

054 

Six Maxths 



Revenue 

553^m 

4735m 

Net loss 

■ “9.4m 

‘16.1m 

Net per share... 

— 

— ■ 

ZENITH RADIO 1 1 


Sound Quarter 1978 1977 

. 5 S 

Revenue v . 227.0m 237.0m 

Net profits ...... 5.6m 7 Am 

Net per share... 0.30 0.41 

Six Month* 

Revenue 441 Jim 46S.0m 

Net profits ...... 6.7m 13 Jim 

Net per share... 0.36 0j72 


This announcement appears as a matter of record only. 



Cement 0 * 

The Siam Cement Company Limited 


U.S. $50,000,000 

Medium Term Credit 

for cement plant expansion 


■Managed by 


Bank of Montreal 

Lloyds Bank 

International Limited 

The Sanwa Bank Limited 

Chemical Bank 

Morgan Guaranty Trust 
Company of New York 

Provided by 

Bank of Montreal 

Chemical Bank 

Lloyds Bank 

International Limited 

The Sanwa Bank Limited 

Morgan Guaranty Trust 
Company of New York 

Continental Bank 

Continental Illinois National 

Bank and Trust Company of Chicago 

United California Bank 

The Toyo Trust and Banking 
Company Limited 

The Long-Term Credit Bank 
of Japan Limited 

Scandinavian Bank Limited 




Agent 

C^mcuMmK 


June, 1978 




28 


Financial Times Friday July 21-1978. 


<*i~ 

a" 


international financial and company news 


if: 


SYNDICATED LENDING 


Waiting for a shift 
in the market 


BY FRANCIS GHILiS 


At least two sovereign 
rowers {Morocco and Nigeria) 


THE TALKING POINT in the been a very exclusive club of 
Eurocurrency syndicated lending low margin borrowers. S«*;ce 
market now as for the last 18 then most OECD countries, 
months is when, and at what other comecon countries and a 
level, the market’s terms of string of Middle Eastern and 
trade will move in favour of Asian countries have succeeded 
lenders again. There are two in arranging loans at these low 
big differences now. First, in spreads. 

the most important respect-the All tanks.- on the other hand, 
level of margins payable over are fisting the fall in spreads 
inter-bank rates— the minimum below me level of $ per cent 
rates charged by the banks though French bankers do not 
cannot be cut down much more rule, our a prime French name 
if even the most marginal profit- moving down to J per cent 
ability on new deals is to be However, although the floor 
maintained. Secondly, there are level for spreads Is not expected 
stronger indications than wishful to fall there are sever.il other 
statements by U.S. bankers that ways in which the terras of loans 
the t?de may be turning. are. on average llkelv tn soften 

ik or . n -be Immediate future. 

The next few months are 
.1 tn inan fn witness those borrowers 

have recently agreed to oa w ^ 0 have been paying higher 
terms which are spreads getting closer to the 

ttan their previous loans, while prevai |j n2 minimum: Brazil. 
Continental bankers are no r Mes j C0 anc j Algeria fall into this 
the first time J®™* 1 ?® category. Some rearrangement 

bankers in arguing that the mar- or relationships herween the 
kci may be m sight of a turn margins paid by different bor- 
Few would araue that there rowers | S arguable on credit risk 
will be any major change until omunds 

the aiitumn. Nigeria and Morocco = Attentioa ^ traditionally 
are both widely felt to be special f 0CU(!e d on the movement of 
case«. mainly because the terms spreads: but what has happened 
of the earlier loans were un- t0 maturities and grace periods 
warrant ably tighL Moreover. is no i e5S significant While 
whatever the prospects For the averaRe maturities of between 
medium and lonspr term, it is g ve 3 nd seven years were the 
also generally felt that some norm in 1977. eight to ten years 
softening of terms in general are now common. The OECD 
may well be yet r o come. has pointed out that loans of ten 

There has long been strong years and over accounted for a 
resistance among a number of rapidly increasing proportion of 
large U.S. banks to lending on total recorded credits (about 
spreads over the interbank rate S3.75bn in the period from 
Of Jess than 2 per cent Some January to April, or 26 per cent 
major U.S. banks will, however, of the total, as compared with 
go along with i/l per cent less than 5 per cent in the last 
spreads and V S. banks which quarter of 1977). 

have not played a prominent Grace period* have also 

role in the market have been fengihencd appreciably: From an 
known to offer terms to a par- average of two to three years in 
ticular borrower which while 1977 they have been stretched to 
they may be frowned upon by four to five years today. In view 
otber U.S. hanks, do have a of the bunching of repayments 
measurable effect on market with which some countries are 
trends. Faced between 1978 and 1981. 

Continental European bankers rhis restructuring of the 

— under attack from U.S. bankers maturity of their debt is 
for rate-cutting — argue that when healthy 

Continental Illinois offered to Finally front end and commit- 
raise a major loan For Hungary merit fees have come under 
on a split spread of 8-3 per cent pressure hut tn a number of 
last spring this opened the flood- cases there is little room for a 
gates to what had. up to then, further decline. 


Club Med 
to set up 
air charter 
company 


By Robert Mauthner 

PARIS, Jnly 20. 
CLUB Mediterranee, the 
French holiday village and 
hotels group, is negotiating an 
agreement with three large 
French travel organisations 
to set up a joint air charter 

company. 

Though the talks with the 
three unnamed partners are 
still In an early stage, Club 
Med’s chairman. Ur, Gilbert 
Trigano. said in a newspaper 
interview here that he hoped 
they would be concluded by the 
end of August. 

The plan Is to acquire some 
four or five aircraft of the 
Boeing 737 type to transport 
up to. 600.000 passengers 

annually to holiday resorts and 
villages in the Mediterranean 
area. 

SL Trigano made it clear that 
Club Med. which has an annual 
transport turnover of some 
FFr 300m (about $67-5). and 
is by far the biggest French 
charter travel client. Is dissatis- 
fied with its present arrange- 
ments with Air France. 

Air France. M. Trigano 
claimed, currently holds a 
quasi-monopoly of the French 
air charter market and controls 
a large slice of the overall 
tourist market through its ' 
travel agency subsidiaries and 
hotels. 

The state-owned airline’s 
charter prices were consider- 
ably higher than those charged 
by competing companies in 
other countries, he said. 
Though Club Med had always 
considered that a difference 
in charter air fare** of some 10 
per cent was justified by the 
higher quality of the service 
provided by Air France, in 
many cases the discrepancy 
was now much greater. 

Thus, Club Med now trans- 
ported its clients between New 
York and th«* French Antilles 
at prices 36 per cent cheaper. 

fn a statement issued today. 
Air France denied that it had 
a virtual monopoly of the 
French charier market, and 
stressed that the share of its 
subsidiary. Air Charier Inter- 
.natlonal, was no more than 40 
per cent. 


W. German mail order group ahead 


BY GUY HAWTIN 


FRANKFURT, July 20. 


EUROPE’S LARGEST mail order 17 per cent, with the mail order cdcnUbteuntD geewnxP ™ h Sch£kedara, whose trading 
operation, the Schfckedanz group, sector registering 25 per rent able to: usess the Chrisun names include Quelle, is reacting 

has maintained sales at a satis- grown, while that of the non- performanta- croup’s to the situation by stepping 

factory level during the first half mail order interests — which Hen Hans . the gr P ^les egQrt ant j inV est- 

of .the yew. AltbotSb turnover is includes stores and borne cob- 2ml This will be aimed at 

out roar in year rationalisation, improved tech- 


only slightly up on the opening struction— rose by 10 per cent, out that m i»7T uai 
six months of 1977 the manage- Such a performance at a time sales had stagnated. 

ment points out that last year’s when retail sales were far from a hefty decline in ■.™ ct ™»nT 

sales were considerably boosted lively was very hard to equal. It rate had ‘Sncke^oMhe 

by 1977’s golden jubilee special bad to be expected that the first more cash m the JL 0 u*l e flts*of DM U5m Ln 

offers. ■ - J half of the current year had been consumer. But the .benefits of DM lignin 

SSSs 


a good deal investment this year will total 
- - — , compared with 

1977-78 and DM 103m 


pnvate catalogue. - . , . . 

reach every second household in 


announced today thar first half 1977/78 . - . . . __ a _ h „ vprv ™. unu uuuaniwu »« 

turnover was up by DM 20m, or ended on January 31. was up by bousing- 5 ftp an hi 1c is bein° 

M og&S&Si 


first half's 
stripped of 


sales stemming time, profits on the groups economic 


from the speciFjubite* c»(f domestic mdiag wmttnu - were ? ain '«!S!3f he nmTttaS 

* SiTu^S 8 S,“En 5 *«S"S be increased 

1 nclS,’, G Aief SetllCfee M^’ sSc Swnota*' 77 “* W torn to placed through 

at 5e iMM»SSSt t reffl«Ied * The mm Is unwilling to fore- the overall decline in the num- a network of some 1.5m local 

.»• fii hairs^SEJian^ a cJtttTilUy perfonnance for her of consuraeijin thefe J«2 "“ES Sth '^‘mSrSSSi 
qinpMs It hnif ho hnrnft in the cUTTGnt ye3r either Id terms republic which bed taken pldC6 witfi tnc group s « 

5S*dM iff that »les ™ tS of sales or profits. It was pointed a. the number of guest workers computer .which ^display goods 
first half of 1977 had expanded by out that this would not be bad substantially fallen during and accept orders. 


C.G. 
Sugar 
in two 
takeovers 


HI 


By Richard Ruffe 


JOHANNESBURG, July 20. 


Stevin and Volker unveil 
merger terms next month 


BY CHARLES BATCHELOR 


AMSTERDAM. July 20. 


TWO DUTCH construction Agreement has yet to be 
groups. • Stevin ■ and Royal reached on purchase price: Mari- 
Adriaan Volker. expect to gold is a regional producer and 
announce further details of supplier of dairy products with 
their proposed merger next sales of 890m. Wessanan could 
month. not comment on the talks. 

In a ‘ brief joint statement The Dutch company announced 
today the companies said they in April that it planned to 
were still considering “all three acquire a sizeable company 
possible forms of merger.” abroad, probably in the U.S- to 
Either company could bid for continue its foreign expansion. 
the other or a new holding Growth in Holland has slowed 
could he formed to acquire the i n recent years. Wessanen 
shares of both groups. derived 52 per cent of turnover 

The merger would create one 1 * b ™ a ! * 

of tbe largest construction com- J 1 ** c Q ^ y6ar 

panies in Holland. The two had * ere I6,6m (57.5m). 

5 eorobihed turnover of FI 2.8bn The company’s dairy division 
(Sl-Bbn) in 1977 and a work- ^ as ^eo adversely affected in 
force of 22.000. Tbe main aim recent years by EEC policy 
of tbe merger is to allow them a i me ,j g* reducing commodity 
to compete on a more equal sur piuses. The U.S is seen as 
footing wijh foreign contractors, attractive because of the size 
Meanwhile, Royal Wessanen, and advanced state of develop- 
the Dutch foodstuffs group, has ment of the market and tbe 
announced that it is discussing presence of product and manage- 
with Ward Foods of Illinois the ment expertise. Wessanen 
acquisition of the capital of already has sales operations for 
a Ward subsidiary. Marigold Inc cocoa and oil products in the 
of Minneapolis. UE. 


Swedish shipping group 
hopes to reduce loss 


BY WILLIAM DULLFORCE 


STOCKHOLM, July 20. 


THE Saldn shipping group hopes annual meeting last month that 
thi«f year to reduce its losses Saicn could withdraw completely 
from the record S«. 255m from the tanker business. It 

tS55.4m) pre-tax loss made in has 11 large tankers left in its 
1977 on a SKr 2.04bn (S444m) fleet, of whicb all -but four have 
turnover. been written down and carry a 

By taking further advantage of borrowing value roughly equiva- 
its depreciation reserves and its 10 ^ eir current market 
inventory reserve, it should be P r i£ es - , , 

able to show a zero result after . Three further factors stand out 
tax and appropriations as in 1977. w ^e 1977 report: the sharp 
p increase in external borrowing 

The English version of the last year, the management’s kuo- 
1977 annual report from cess in maintaining liquidity 
Saienlnvest, tbe parent company, above the SKr 200m target it 
indicates that the management has set for itself and tbe 
will continue its efforts to with- SKr 794m listed as still available 
draw from the tanker business in the depreciation reserves, 
and concentrate activities on its jf this depreciation reserve is 
profitable reefer division. Salen subtracted, the reported net 

uujde operating losses of va j ue 0 f the group’s tankers and 

SKr 193m and SKr 90m respec- car o 0 ships is higher than 
tively on its tanker and dry their current market value, 
cargo operations last year, while while , the opposite is true of 
its refrigerated ships turned in the refer ff ee t and the ferries, 
an operating profit of SKr 121m. g a [^ n calculates, however, that 
These figures exclude ship trans- these two items cancel each other 
actions ' out and that the net value of 

Mr. Sture Oedner, managing Its Heet as a whole is roughly 
director, suggested after the equal to its current market level. 


Morgan Guaranty Trust Company 


OF NEW YORK 


Consolidated gtatemeat of condition, 
dune 30,1978 


Directors 


Asset* In thousands 

Cash and due from banks $ 5 246 572 

Interest-bearing deposits at banks 6 006 577 

U. S. Treasury securities 420 202 

Obligations of U. S. government agencies . . . 122 225 

Obligations of states and political subdivisions . 1 534 802 

Other investment securities 665 097 

Trading account securities, net 246 334 

Federal funds sold and securities 
purchased under agreements to resell . . . 948 936 

Loans and lease financing 15 931 294 

Less: allowance for possible credit losses . . . 156 485 

Net loans and lease financing 15 774 809 

Customers' acceptance liability 1 375 209 

Premises and equipment, net ...... 122 617 

Other real estate 26 653 

Other assets 868 850 

Total assets ............ $33 358 883 


WALTER H. PAGE 
Chairman of the Hoard 


LEWIS T. PRESTON 
President 


RAY C. ADAM • 
Chairman and President 
NL Industries , Inc. 


J. PAUL AUSTIN 
Chairman of the Board 
The C ocarCola Company 


R. MANNING BROWN JR. 
Chairman of the Board 
New York Life Insurance Company 


CARTER L. BURGESS 

Chairman, Foreign Policy Association 


FRANK T. CARY 
Chairman of the Board 
International B usbness Machines Corporation 


Liabilities 

Demand deposits ...... .... $ 8 199 514 

Time deposits 4 877 571 

Deposits in foreign offices . . ■ . . • - . 12 6S7 988 

Total deposits ... 25 765 073 

Federal funds purchased and securities 

sold under agr eem ents to repurchase ... 2 00S 864 

Commercial paper of a subsidiary ..... 129 142 

Other liabilities for borrowed money .... 1359662 

Accrued taxes and expenses 473 958 

Liability on acceptances 1 376 998 

Dividend payable 27 000 

Convertible debentures of a subsidiary 

(4 % % , due 1987) 50 000 

Capital notes (5% , due 1992) 76 299 

Other long-term debt 32 223 

Other liabilities » 454 434 

Total liablli rie ? $31 753 653 


EMILIO G. COLLADO 
President, Adela Investment Company SA. 


CHARLES D. DICKEY JR. 
Chairman and President 
Scott Paper Company 


JOHN T. DOEBANCE JR, 
Chairman of the Board 
Campbell Soup Company 


WALTER A. FALLON 
Chairman of the Board 
Eastman Kodak Company 


LEWIS W. FOY 

Chairman , Bethlehem Steel Corporation 
HANNA H. GRAY 

President, University of Chicago 

ALAN GREENSPAN 
President 

Towmend-CreenspcTt and Company, Tnc. 


Stockholder** equity 
Capital stock, $25 par value (authorized and 
outstanding: 10,000,000 shares) . 

Surplus 

Undivided profits ....... 

Total stockholder's equity .... 

Total liabilities and stockholder’s equity 


Howard w. Johnson 

Chairman of the Corporation 
Massachusetts Institute of Technology 


250 000 
518385 
836 845 


JAMES L. KETELSEN 
Chairman and Chief Executive Officer 
Temieco Inc. 


1 605 230 


HOWARD J. MORGENS 
Ch air man Emeritus 
The Procter & Gamble Com p a ny 


$33 358 883 


Member, Federal Reserve System, Federal Deposit Insurance Corp. 
Incorporated with limited liability in the State of New York, UjSJL 


ELLMORE C. PATTERSON 
Chairman of the Executive Committee 


PROCKNOW 


London Offices 33 Lombard Street and 31 Berkeley Square 

Banking offices also in New York, Paris, Brussels, Antwerp , - 

Amsterdam ( Bank MorganLabouchere N.V.), Frankfurt, 
Diisseldorf , Munich, Zurich, Milan, Rome, Tokyo, Hong Kong , 
Seoul, Singapore , Nassau 


DONALD E. 

President 

Western Electric Company, Incorporated 


JOHN P. SCHROEDER 

Vice Chairman af the Board 


Representative offices in Madrid , Beirut, Sydney, 
Jakarta, Kuala Lumpur, Manila , Sdo Paulo, Caracus 


WARREN M. SHAPLEIGH 
President, Ralston Purina Company 


GEORGE P. SHULTZ 
President , Bechtel Corpor a tion 



Fiat half-year sales rise 


TURIN, July 20. 


FIAT reported a turnover of 
L7.31trtlIion (million million), 
or $S-63bn, in the first six months 
of 1978 compared with 
L6.74trillion in the same period 
last year, a rise of 8.5 per cent. 

Investments totalled L469bn 


is 


It added: ’’The outlook 
bright, mainly on account of the 
introduction of important new 
models in the first half of the 
year.'* 

These are the 131 Hirafiozi 
and Super-Mirafiori, the 131 


against L428bn in tbe first half the 132 diesel “ d 

!S5r a ^‘“ y ' %at> R S°r«nan, Sig Gianni 

a Sbsta U nS 0 hii l Dr^emen? 0 wftt ^h* ^eri^ScDt 

sL^sasy'S rtKWss 

per cent to 414,700 vehicles. JegiSn of south-central Kg 
Foreign sales /were down, showed Fiat had made a commit- 
cbiefly because of ljick of supplies ment to Italy's poor south, 
for foreign markets. Fiat said. Reuter 


EUROBONDS 


Floating rate notes drop 


BY MARY CAMPBELL 


CURRENT TRENDS tn the 
international bond markets 
intensified yesterday with 
sharper falls than beFore in 
floating rate note prices being 
reported and significant firming 
of the dollar straight bond 
sector. The German domestic 
bond market was again very 
weak — r be Bundesbank was 
reported to have bought around 
DM350m worth of domestic 


The five year notes will pay 
interest at a quarter of a point 
over the London offered rate 
for dollar inter-bank deposits 
(Libor) or 5J per rent, which- 
ever is the higher. Westdeutscbe 
Landesbank is lead manager. 

Denmark has redeemed tjie 
DM I0f)m Si per cent issue 
which was not due to be repaid 
until 1982. The grounds for the 
redemption were - that the rates 


C. G. SMITH SUGAR, the largest 
South African sugar producer, 
announced at its annual meeting - 
in Durban that it has made two 
acquisitions. . . 

In the first deal, it is buying 
Smithchem (Pty) from its 
associate, C. CL Smith and Com- 
pany, for R355m, financed from 
cash resources. In tbe second, it 
is acquiring, jointly with . 
Tongaai, Melville Sugar Estates, 
a subsidiary of Anglo American 
Industrial Corporation (ASflCV, 
held through AMXC's subsidiary 
Mondi Paper. The consideration 
for Melville is R7m. of which 
C, G. Smith Sugar and Tongaat 
will pay ball each. --■ • 

Smithchem (.Pty) produces 
furfural and showed ■ pre-tax r. 
profit of R362.000 lust year com- 
pared with C. G. Smith Sugar’s 
R24.7m. With C. G, Smith Sugar 
showing cash holdings. otlU3.4m. 
in its last balance sheet plus 
sugar stocks of a further R17m, * 
one aspect of the deg] is that 
cash will be injected into the' 
relatively illiquid C. G. Smith 
and Company. ' 

The purchase of the 'Melville 
mill wfli' also be financed-.- from - 
C. G. Smith Sugar's cash. •' 
resources. The mill produced 
41,000 tons of sugar last year, ' 
or only 2 per cent of the South J 
African crop. The objective of 
the acquisition is to close the 
mill down as soon. as possible 
and to transfer the quota to 
Tongaat and C. G. Smith Sugar 
mills. 

Hence, tbe deal can be seen as 
a defensive move. Tongaat, and 
C G. Sugar operate large, high 
volume mills vulnerable to lower 
throughput. Faced with . weak 
export prices and domestic pro- 
duction cutbacks, it has become 
essential for the industry majors 
to maintain volume ovei . the 
.forthcoming difficult season 5. '• 

Industry sources believe that 
the other small mills , are also 
vulnerable to rising costs and 
diseconomies of scale, and could 
possibly be absorbed Into Lhe 
big three producers, C.' G. Smith 
Sugar. Ruletts and Tongaat if 
the squeeze intensifies. 


ah 






Kangra makes 
surprise offer 
for Stuttafords 


JJjJPJL'L , an ^ ,\ he f° rei g n bond W ere too high, while the market 
prices again fell. was felt to be liquid enough for 

The issue price for J. C. Denmark to raise farther funds 
Penney was last night expected a t the lower-- rates currently 
to be set at 99J. with the other ruling if it needed to do so. 

terms _ unchanged from the Denmark has plenty of liquidity 

initial indications. ar' present. 

Reports from Tokyo indicate Market sources pointed out 
that New Zealand has postponed that - there is another high 
its proposed August issue for a coupon D-Mark Danish issue out- 
few weeks at least standing, which it would be 

One new floating rate note appropriate for the coimtry to 
issue has been launched. It is redeem early. Tbe aut umn would 
S25ra for the Alahli Bank, be the most likely timing for 

Kuwait's Fourth largest bank, such a move, they sald.- 


By Our Own Correspondent 
JOHANNESBURG. July 20. 
KANGRA HOLDINGS, the 
private company owned by Mr. 
Graham Beck, has made a bid 
for Stuttafords. the long- 
established store group. Shares 
in Stuttafords have been 
suspended in Johannesburg since 
July 13 and, with the last price 
at 470c against net asset value 
of 1,200c. there had been wide- 
spread speculation that negotia- 
tions were taking place over the 
store group's future controL But 
the Kangra move comes as a 
surprise. 

Mr. Beck has been a highly 
successful coal miner for many; 
years and has no other visible 
interests apart' from a number of 
bloodstock farms, in which he has 
invested large sums of money.. 
He is best known, however, as aj 
“super .- salesman” for South: 
African ' coal, 

He recently acquired a 14 per 
cent stake in Stuttafords and 
then proceeded to bid 650c cash 
to the other major shareholders. 
The Old Mutual with 28 per cent 
and ‘ the Stuttafords family. 3 
which, oa the widest interpreta- 
tion. holds 30 per cent rite Old 
Mutual, despite certain sent!- ' 
mental ties to the store group, ■ 
tad to put policy holders first - 
when offered an exist yield of 
4.3 per cent on last years divi- ■ 
dends and 13 times last year's - 
earnings, and the family tbenlj 
had no alternative but to accept ■ 
as well; ‘ The - offer values i 
Stuttafords at just under Rl2m. ; 

Mr, . Beck said that . he now 
plans. fo spend- some time “look- 
ing at what I’ve bought." Apart 
from the department stores, 
various parts of. Stuttafords could 
lend themrolves to a hMng-off 
operation, particularly some of 
the property interests and the 
removals division. 


SELECTED EURODOLLAR BOND PRICES 
MID-OAY INDICATIONS 


98} 


STRAIGHTS 

Almn Australia 9}pc 1989 

AMEV 8pc 1887 

Australia Slpc 19K 

Australian M. A S. Wpc VS 
Barclays Baofc Slpc 199* ... 

Bowatar «po 1992 

Can N. Railway 8jpc 1988 
Credit National 81 Pc 1988 _ 

Denmark Sior 19S4 

ECS IkJM 

ECS 8 be 1997 

ETB S|pc 1992 

EMI 9*pc 1988 

Erl arson Si pc 190 _ — .... 979 

Esso Spc ISM Nor. .... 991 

Gt Lak«* Paper Mpc 19M 95 

Hamentlcv 9|pc 1595 
Hydro Quebec Bp c 1992 ... 

tCI 8lpc 1W7 

ISK Canada Pipe ISM 
Macmillan Bloeftcl 9 pc 1902 
Mstnry prremmn 0§pc VI 
MiL-heim 9 me less 
Midland Inr. Fin. 8ipc n 
National Coal Bd. 8 pc ism 
National Wstmnstr. 9 pc US 
Narl. WStrausrr. Sac ■« *B* 
Newfoundland Bor IBM 
Nordic Inv. Bank 81 pc 1989 
Nonas Kora Bk. S5oc 1992 

Nonrtne 84 dc W 9 

Norsk Hydro H}pc 19B2 
Oslo 9 pc IBS! ... ... 

Pons Atnonomes Bpc 1991 
prpy Quebec Bpc 1995 
Prov. Sashatchwa 8 Joe -86 
Reed International 9uc 1987 

RHM Bpc IBB* 

Selection Trust 8 1 pc 18S9 .. 

Sb-n Inti Kin **pc I9«n . 

Stand Brisk tlda Bpc 198] .. 

SfCF Bpc ISO? 

Sweden fKMomi 8*pc 19K7 
rinired Biscuits Bdc 1989 


Bid 

Offer 

New Bruns. Prov. 81oc ’S3 

Bid 

99} 

Offer 

100* 

DC Batik 19*2 9pc 

Bid 

99! 

Offer ! 

IDO! : 

97! 

904 

New Zealand Bine 1908 . 

05! 

064 

GZB 1981 aiispc 

991 

100* 

95! 

96* 

Nordic Inv Bk. 71 w 1984 

94 

Wl 

Inti. Westminster 1984 Spc 

98 j 

09* ' 

93! 

934 

Norsk Hydro 14 pc 19S2 

054 

90* 

Lloyds 1983 S 13 16 pc 

ion 

m* 

971 

084 

Norway 7*pe 1887 ... 

044 

95 

LTCB 1983 9pc .. 

991 

09} 

95! 

" 08 

Ontario Hydro spc IBV» ,. 

94 

94! 

Midland lot. KS "87 S0I6PC 

SSI 

99* *- 

Wi 

•m 

Singer 8 !pc IBffl 

90* 

1M! 

Midland Int. PS *93 9 7 is PC 

98! 

9H 

054 

98 

S. Of Scot Klee. 84 pc 1991 

951 

09 


09 

m .> 

95* 

064 

Sweden fK’dnmi 74 pc i89S 

94! 

054 

OKB 1983 Mpc 

99i 

100* 

SSi 

89 

Swedish State Co. "7foc TJ 

054 

BB 

SNCP 1985 Hk 

99* 

Ml 

90* 

IDO 

Telmex 94pr 1934 

99 

m 

Stand, and C&tnL *81 Si pc 

OS 

99* . 

93! 

K 

94* 

0S1 

Tenneco 7tpc 1987 May ... 
Volkswasea 7Jpc 1097 

91} 

95 

M! 

95! 

Source; watte Weld Securities. 



iv 


1MI 

96 

1W1 

9SI 

984 

1004 

SK 

93 

1001 

1001 


m 

85 

88 

941 

100 

97* 

95 

97! 

9*4 

95 

9!i 

95! 

SS 

914 

HI 

& 


99! 

38 

.1004 

98! 

1014 

97 

98! 

104 

97 

994 

101 ! 

SO 

93! 

101 ! 

1014 

100 } 

97 


ffi 

92 }. 


STERLING BONDS 
A flh*d Breweries idipe “SO 

Citicorp I8pc 1993 

Courtanlds 9!pc 1B89 BOl 

ECS-SIpc I9f» HI 

BIB BJpe IMS 0«J 

KtB 97pc ISO* ... . — ... 934 

Finance (Or fnd. Bloc IM7 914 

Finance for Ind. rape 19S9 

FiSOttfl \04pc IW7 

Gcffletner Hoc 1988 

INA tOpfi 1988 

Rowmree l»pc 1988 

Sesre INK I9SR 

Total OU 9»pc 1984 


H 

97! 

K 

m 

90 

92 

90! 


m 

934 

BU 

9« 

B7| 

HI 

«*i 

95 


CONVERTIBLES 
American Express it pc ’87 

Ashland Spc 1988 

Babcock h Wilcox Bloc *97 
Beatrice Food* 4ipc lBBL . 
Beatrice Foods 4inc 1992... 


Broadway Rale 4!pc 1987... 
Carnation 4 pc 19S7 


93 

Ml 

91 

93 

91} 


953. 

DM SOROS 


96 

Aslan Dos.. Bank 5*pc i9S3 

94! 

95* 

BNDE 8Ipc 1936 

95} 

1003 

Canada 4} pc 1BS3 

07 

#S 

Don Norske Id Bk 6nc VO 

»I 

95! 

Dmtsrtw Bank 4Cpc 1983 ... 

’ Ml 

994 

RCS SIpc 1990 

91* 

944 

EIB SIpc 1090 

91* 

95! 

Elf Atrultatnc a*pc L98S ... 

834 


Enratom sjpc 19S7 

97 

944 

Finland Sjpc 19S6 

94 

98! 

Forroiarks SIpc IBM 

W4 

US! 

Mexico Sdc 19S5 

95* 

95 

Norwrn Sjnc 1989 ........... 

93! 


Easunan Kodak *4uc 1988 
Emwmlc Labs. 4lpc 1BS7 

Firestone- Spc 1988 : 

Ford Sk ibss 

fiencrtU SJectcle 4}pc IDS? 


Volvo Spc 1987 Marcs 90! 


98] 

94 


NOTES 

Australia 74 dc ISS4 

Bell Canaua 7fpv 1987 

Br Columbia dja 7hic ‘83 
Can. Pac mpc !*M 
Dow CtwRUcal Spc 1380 ... 

ECS 7ipc 1981 

ECS Strrc 193B 

EEC 74PC 1982 

EEC 7*pc 1984 

Ensu Gutzclt 84 pc 1934 ... 
Goiararken tape 1933 „.. 

Kockams «pe 15 s ! 

Mlrtwlln 94pc 1983 

Montreal Urban Sjpc 1981 
New Brunswick Spc 19&4 ... 


83} 

m. 

93} 

95 

994 

H} 

Mi 

Mi 

MS 

98 

94* 

97i 

SSI 

M4 

97 


94! 
97 
. M* 
991 
99! 
M* 
95 
97 
9H 
9s; 

95 

SS 
Mi 
1 no* 

w* 


Norway -llpc 1983 97 

Norway 4Bpc 1833 . 90 

PK Ban ken 5 3 pc 1S88 941 

Pray. Quebec Ddc lMO BE 

RautarmlkKl 5}pc 1988 . 94 

Spam Spc 1988 IS. 

Trondheim SIpc 1988 

TVO power Co. fipc 1988... 

vencsuela fipc 1988 

World Bank Sloe 199Q 


m 

98! 

•95 

« 


98 
971 
1M* 
974 
92 
92 
. Hi 
97} 
H] 
951 
98 
9W 
97! 

m 

954 

Ml 

MJ 

*1 

BB 

B7 

Ml 

961 


CvV and Western Spc IMS 
fl orris Ipc 1993 .... 


FLOATING RATE NOTES 
Bank of Tokyo l&M B}pc .. 

BFCE 19M 8lpc 

BNP 1983 81|MK 

BOB Wanna 1985 Spc ..... 

CCF 1988 SIPC 

Cham Manhattan 1099 

Creditanstalt ISM S)pc — 


m 

190} 

ss 

9S4 

99} 

B 


99! 

1WI 

s? 

99 

985 

SB* 


icr fiittc mr , — ; 

1NA 8pc 1997 

Inchcapc 6|pc 1993 

ITT 44ne IBS}* ; 

•Iosco Bpc 1993 

Komatsu 7iDC 1990 

J Rar "McDermott *|pc "87 

Matsushita «}pe 1990 

Minmt 7}pc 1990 

J. P. ' Motstta 4)pc 1887 . 
Nabisco 5*pc 1988. .. 

Owens IBlnols 44 pc 1987 
J. r Penney 4}pc 1887 ... 

Re«lon «ipc 1987 

Reynolds Metals 5pc 1989,-iI 
Sand vile ftipc 1988 
Sperry Rand 4}pc 1887 

Stralbb 44 pc 1BS7 

Texaco 41 pc 1988 ... 

Toshiba 81 iv 1992 ............ 

Ty CO spc ISM 

Ty CO. S* pc' 1988 - tm 

tlnhra Carbide 4jpe 190 — *3 
Warner Lambert 44 pc 1987 81 

Warner Lambert 4}oc TO8 77 
Xerox Spc 1988 . ' 7771 


81} 

M i 

9fl ■ 

K} : 

IBM 

1 m 

974 

as r 

168 . 

■IBM - 

1D0 

Ml r 

m 

191 . 

76 

77* , 

TO 

791 

193} 

127 . 

61 

831 t 

MV 

«■ ■; 

m 

w- ;• 

80 

BU > 

SS. 

Ki ; 

91 

33* 

77 

•7M * 

11V 

IMS ^ 

88} 

59 2 

JW» 

JSK.r 

87* - 

-■ 8* 

"SI If 

».i 

96 

974 1 

naj 

113} l 

TO} 

so 5* 


list 

136} 

144} 

183} 

■r» 

» 

104 

115 

75 } 

m: 

95. 

UO 


1831 i 
134 

. 99* 

IBS* ?i 

• T ‘j? .; 'N, v 

" *3} , 


in 

78 


I to 
N • 

-a 

« ? 0,11 

194f. 

534 » 

S» ? 

W4 ’I" 

. 7 * 


'* '^»0 f 


Source: Kidder* Pe«b odT SbonjtW^ ' 


r 









- - j. V 


7111165 J^y 21 1978' 


IMHISWCIM and company news 


ACI in A$13m disposal of 
packaging interests 



BY JAMES FORTH 

AUSTRALIAN CONSOLIDATED 
industnes plans to sell the ™ 
of its Australian fibre packaging 

fflwKEi • for • mBS 

«L a .™*w raUon- 
allsation or the mdustrv. The 
intended buyer is Fibre Con- 
earners, which is 68 peP wnt 

52rt*V Ainatil. the^tobaVco. 
:w« and Packaging ctoud BpI 

1 U fhP^tv iS t'^ Jnerican Tobacco. 
f a -?>’ h , as a sizeable stake 
o Aznatxl. the deal needs the 
Lpproval of tlie Foreign Invest- 
uont Review Board. 

The fibre packaging industry is 
■stremely competitive and has 
iiincred in recent years with coo- 
joerable excess capacity. The 


directors of ACI and Fibre Con- 
tainers said that the move would 
make the combined business 
more viable in an Industry which 

had significant over-capacity. 

The purchase is for cash, of 
which ASfim is due and payable 
three years after the completion 
of the purchase, and the 
remainder will be paid on August 
31. 

It is suggested that ACI for 
some time has considered that it 
had too high a concentration of 
activities on packaging. A desire 
to increase its activities in build- 
ing products lay behind ACI’s 
recent AS5Qm takeover bid for 
Vulcan Industries. 


SYDNEY, July 20. 

Fibre Containers will purchase 
ACl’s fibre packaging businesses 
in Sydney, Brisbane, Melbourne 
and Adelaide. It is intended that 
the Brisbane business of Queens- 
land Fibre Packages and the 
Adelaide business of ACI Fibre 
Packages will continue to manu- 
facture at their existing loca- 
tions. The operations of ACI 
fibre packages In Melbourne and 
Sydney will, in due course, be 
merged with the existing plants 
of Fibre Containers in those 
locations. In Adelaide the fibre 
containers operations will be 
merged with ACI Fibre Pack- 
ages' existing plant 


Rheem Australia increases its dividend 


BY OUR OWN CORRESPONDENT 

AUSTRALIA, the manu- by consolidation and rationaJis- 
aCLureror water heating systems ation of some production and 
no packaging products, has activities, 
aised its dividend from 9 cents The results of the New Zealand 
l ~~ cents, after a 13 per cent subsidiary, which performed well 
* n earnings from j n the first half, were disappoint- 
. a AS5.47m ing. with lower-than-exepcted 

i rru m - ,n - t " e y . ear t0 May activity, it was said. The Austra- 
"I* ne J r ?£ e '° earnings slightly ]ian operations were subdued 
“v m sales, which in- and showed no real improvement 
per cent to AS162m on the levels of the proveious 
l Ir. '• . . . year. There was unused capacity 

The directors said that the re- in most product areas, and the 
ills were achieved by continu- directors saw little likelihood of 
ig attention to cost control, and change in this pattern In the 


SYDNEY, July 20. 

near future. 

The New Guinea offshoot 
earned a record profit, while the 
Indonesian company had a con- 
siderably improved result. Astra- 
pak — a joint venture company 
with St. Regis-ACl. which com- 
bines the two groups’ flexible 
packagiog divisions, started 
operations on February 1. and 
prospects for the first year of 
operation were encouraging. 

Earnings a share were 19.9 
cents compared with 17.7 cents 
in ibe previous year. 


Profit rise 
by Everite 

By Richard Roifo 
JOHANNESBURG. July 20. 
TC ASBESTOS cement pro- 
icts group Everite, controlled 
i Etermt of Switzerland, has 
limated higher profits for the 
■ar ,1o June 30, despite earlier 
dicationst of a decline. 
Operating income has risen 
om.-R6.8m to RSm <$fl.2m) on 
mover up from R50m to 
13 3m <S7l.S4mi and invest- 
enf income, derived from the 
pub's local asbestos mining 
more, was maintained at P.l.lm 
ispite an intimation of reduced 
come from this source with 
e jntorim figures. 


Lane Crawford up 22% 


BY RON RICHARDSON 

LANE CRAWFORD, the publicly 
listed department store, sub- 
sidiary of the Wheelock Marden 
Group, has maintained the strong 
profit recovery of 1977 in the 12 
months to March 31, 1978. 

In a preliminary statement, 
the directors said consolidated 
net profit for the latest year, 
after tax and minority interests, 
would be not less than HK$2Llm 
(U.S.$4.54m). This is a record 
and represents a rise of at least 
22 per cent on the 1977 profit of 
HKSI7.2ni, which was itself a 20 
per cent advance. Prior to that- 
earnings had been in decline for 


HONG KONG, July 20. 
several years. 

The dividend both on the HKS2 
par “A" shares and the 20 cent 
par “ B " shares is above the 
forecast made at mid-year. Final 
payment on the "A" stock is 24 
cents, making a total of 34 cents, 
and on the 11 B” shares 24 cents 
making 3.4 cents. 

The payment which is bn 
capital increased by a one-for- 
ten scrip issue last August com- 
pares with 32 cents and 3 2 
cents respectively last year. Total 
dividend for the yaac will cost 
HKSl5.9ra compared with 
HKS13.4m. 


ACS bids 
for its 
major 
shareholder 

By Our Own Correspondent 

SYDNEY, July 20. 

A SURPRISE bid has been made 
by Australian Conversion Ser- 
vices for its own major share- 
holder, Mascot Industries. Both 
companies produce tallow and 
process meat by-products. 

Tlie companies have held 
shares In each other for some 
years. ACS holds about 6 per 
cent of Mascot’s capital. It is 
suggested that this was an amic- 
able arrangement but that over 
the past 18 months Mascot began 
to build up its ACS stake. Almost 
two weeks ago Mascot purchased 
almost 10 per cent of the capital 
of ACS. taking Its equity to more 
than 40 per cent 
The managing director of 
Mascot. Mr. W. P. McGrath has 
been on the ACS Board for 
several years. - 

The directors of ACS said that 
the offer for Mascot would be 
“not less" than AS1-65, but that 
ACS reserved the right to offer 
a share and cash or a straight 
share swap alternative with a 
value equal to or greater than 
the cash offer. No sales were 
booked in Mascot shares after the 
announcement, but buyers were 
offering AS1.66. 

The’ directors of Mascot speak 
for between 30 and 35 per cent 
of the capital. If ACS were 
successful it would laid up with 
a major shareholding in itself, 
which It would be required to 
dispose of under the Companies 
Act. If would normally have at 
least 12 months to selL 
In a further development 
Mascot yesterday obtained an 
interlocutory injunction prevent- 
ing ACS from making a place- 
ment- of its shares. ACS had 
intended to make a placement 
of less than 10 per cent of its 
shares to help finance the Mascot 
bid. 


C urgency, iVIoney and 


29 

ra 



& Swiss 
franc firm 


Sterling the Swiss franc 
were in - demand in the foreign 
exchange market yesterday, while 
the U.S. dollar remained weak 

against major currencies in 
general. 

The latest UK money supply 
figures were slightly disappoint' 
ing as far as the market was con- 
cerned, but continued to indicate 
a slow down in monetary growth. 
This coupled with indications of 
a . firm stand by the Government 
on wages, end recent good in- 
flation figures, helped the pound. 
Tight conditions in the London 
money market and a requirement 
of banks to correct an early 
preference to go short of sterling 



Bank of Tokyo 

Consolidated net income of Bank 
of Toyfco came to Y21.42bn 
(USSl055tn> for the year ended 
March 31- The bank is announc- 
ing consolidated results for the 
first time. Earnings per share 
were Y13.39, Reuter reports from 
Tokyo. 


tfOKSECORD PURPOSES ONLY 






((( 

SgccoS 

etfaqurtdne 

Ekofisk Processing Facilities 

Norsea Pipeline Limited 

owned by 

The Phillips Group 

consisting of 

Phillips Petroleum Compa ny Norway 
American Petto fina Exploration Company of Norway 
Norsk Aglp A/S Norsk Hydro ajs Elf Aquitaine Norge A/S 
Total Marine Norsk A/S Eurafrep Norge A/S 
Coparex Norge A/S Cofranovd A/S 

£60,000,000 

TERM STERLING FACtUTY 
ARRANGED ANU PROVIDED BY 

National Westminster Bank Group 


1 1 I La Haitian 

| | Jul\ 33 Sterling j Ovtllar 

U.g. Dollar 

Dutch Guilder 

Swi-* Irtoav 

IV. fj'cruaau 
Mart 

Frrarti Frauv 

Italian Lite 

Aslan S 1 Japnui»* Yen 

tShort twin ! N.A. 

7 <la\r UL-lh.lf .) NJ. 

Alootb 1 lHt-12 

Tlirw m.'Dih, ...! llla-I17g 

■it* 1 2.1 a- 12 1 ; 

One lev 

7i;-au 
71 j-3I 4 
7J--818 
8ig-BJ|i 
B5*-9 
• 8fi*A 

7ij 8 
7751-Bla 
881, 

856 t!* 
a,*-S.vr 
SifeSrVr 

4l a -4-\, 

4I"«4j* 

45,-5 

51* 3 1 * 
6-6l« 
BJg-tiSa 

2-au 

44), 

au-ie* 

’rhs-i-A 

**** 

in 

7Tb 

76b-7/ 8 

STg-yin 

97b 

10 Ig lL/Jfl 

lDTg 11 Ir 

18-13 

11’4 IfclA 
lll»-12l S 
12U-131, 
1312-141; 

7(i-eJ- j 2t«-27 a 

81*81, | 

tK->rfc 

s*-5fi 8 1 3Jg 

9IflfiU 1 3f.-4|« 


JULY 1978 


All these Notes having been solct this announcement appears as a matter of record onfc 

U.S $125,000,000 

Midland International Financial Services BV 

(Incorporated with limited iiabifity fa the Netherlands) 

Guaranteed Floating Rate Notes1993 

Guaranteed on a subordinated basis as to payment of principal and interest by 





MaMismZ lank Limited 

(incorporated with limited liability in England)- 


European Banking Company 
Limited 

Amsterdam— Rotterdam Bank N.V. 
Zreditanstalt-Bankverein 


Samuel Montagu & Co. 

Limited 


CreditSuisseWhiteWeld 

Limited 

BancaCommerciale Italians' 


Deutsche Bank IBJ International 

Aktlengesellschaft . limited 

‘ Soci6t6 Gen6rale Society Gen£rale de Banque SA. 


Salomon Brothers International 

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

Limited • limited 

'1st July, 1978 . • 


on fears about the economy, also 
encouraged this general demand. 

The pound opened at S 1.8030 - 
$1.8940, Its lowest level of the day, 
and traded around $1.8950 for 
most of tbe morning. Late de- 
mand for sterling was particularly 
evident in New York, and the 
pound finished at its high point 
of the day. of $1 .9035-1.9045. "a rise 
of 90 points from Wednesday, and 
the highest closing level since 
March 17. 

Sterling's trade-weighted index, 
based on the Washington cur- 
rency agreement of 1971, rose to 
02.5 from 62 2. the best level 
since March 29. and stood at 6&3 
at noon and In early trading. 

A rise in interest rates by the 
major Swiss banks may have con- 
tributed to The firmness of the 
Swiss franc, which finished at 
SwFr 1,8040, against the dollar, 

U.S. money supply figures were 
still awaited when European 


markets closed, and with no new 
factors to influence the dollar, 
trading volume was not excep- 
tional. but the - U.S. currency 
finished around its lowest level 
of the day. 

It closed at DM 2.0580 against 
the D-mark, compared with 
DM 2.Q5B5 on Wednesday, and at 
Y2OL50 in terms of the Japanese 
yen, against Y201.70 previously. 
The French franc was Ann. 
finishing at FFr 4.4423 against 
the dollar, compared with 
FFr 4.4565 on Wednesday. 

The dollar's depreciation, on 
Morgan Guaranty figures, fell to 
7.9 per cent from 7-8 per cent. 

ZURICH — Recent intervention 
by the U.S. Federal Reserve to 
support the dollar was suspected 
in the market, although only on 
a small scale. In early trading 
the U.S. currency eased against 
major currencies, but business 
was described as slow. News that 
the big three Swiss banks and 
Swiss Volksbank have raised 
their deposit rates helped to push 
the Swiss franc even higher. By 
mid-morning the dollar had 
declined to SwFr 1.8145. from an 
early rate of around SwFr 1.8155. 
and fell sharply to SwFr 15030 
near th e clo se. _ 

FRANKFURT — Trading 
remained quiet, with the dollar 
easing to DM2.0590 in terms of 
the D-mark, from a fixing level of 
DM2.0616. The Bundesbank did 
not intervene at the fixing, which 
was lirtle changed from Wednes- 
day's level of DM2.0615. Demand 
for the Swiss franc tended to 
depress the dollar in late trading, 
and the Swiss currency also Ira- 
pro-r—i against the D-mark, risinc 
to DMIJ419 from a fixing point 
of DM1.1370. The Bundesbank 
trade-weighted revaluation Index 
of the D-mark fell to 145.2 from 
145 2. up 0.5 per cent from the 
end of 1977. 

PARIS — The French franc 
gained ground against most cur- 
rencies, Including the dollar. At 
the close of trading the dollar had 
fallen to FFr 4.44, from an open- 
ing level of FFr 4.4575, and Wed- 
nesday's dose of FFr 4.45S7j. 

TOKYO — The dollar opened at 
Y20L60 against the yen, its lowest 
point of the day, but then im- 
proved on forward buying by im- 
porters. It touched a best level 
of Y202.15, before closing at 
Y2O2.02), compared with Y201.95 
bo Wednesday. 


THE POUND SPOT 


Kiitv 

Jul\ CO I rati-.; 

! % • 


lta> « 
SjirMit 


Chw 


Canadian t\ 
Guilder , 
Belgian Fr.; 
Uuiiaji Ki.. 
I*- Man. 
Pi-ii. Kw. . 
| Spaa. IV*. 
i Lib i 

! Nrwipa. Kr.' 
Fi elk'll Ki. 1 

I >«r*>|i,I]lvt.' 

! Yen _ i 
\iu-tru Si-lil 
6u'ist Fr. ! 


ri« l. 350 »..{■« 
'1270-2. 140it 
4 : 8.ID8-<.Hi 
St; Bl.4lHfl.ft 
; | 1u.B0-1u.p7 
fi I 4.C9 0..5 

IS I oS.lj.ti 7. 2 1 

B !Mo.60-U7 SO 

11 V 1.600 1,012 
7 ilO.22i-lU.JO. 

ih-, 

7 ■ t.fiD T.r7 ‘ 
6h. :B0 :90 

4-ji S8.ft .^r.S5 
1 i 3.4:>.£,4bi 


I.GMSrl.994% 
:2.1fib0-4.>40D 
! 4JBi-4.:5i 
i Hl.ft-al.Sb 
l0.fcSil6.t64 

1 

: «6.7j-r 7.20 
1 147.7U- H7 bj 

I 1,010- 1.61 1 

; I0.2B4- lli.ii>4 
MS- .46 
8.t5*-..6Bi 
I erSMS 
j 78 Jb 28.66 
I S.4a/-a.44i 


_FORWARD AG AINST £ 

Oar iiiunth - \ p.«. ;thrw>a>.-nili-. ;.pju 

1 -■ I 


Belgian rni<- Is for ranit-niblc francs. 
Firunclal fraLr K.jsjs.js. 


Q.EO-U.bO -.i-vn 
0.70-0.60 i-.jmi 

2^1 -I *4 t-‘.|iUl i 

SO-SO r, 5-1.1 I 
Uorcvm Jill: - 
i -2 fii vn. , 

16- 1J& >11, •- 
par - 100 r. rtm — 
l«r-3 (in- tilt- i- 

ylr- |na 

U-.' •*. jn. | 
!i-n- jmi- 
SDO-270 i .{im ! 

17- 7 pro i m i I 
6-7 i'.J'Ii: 


5.4J 1.40 . 

a. SS ,1.00 l.ta-.piu 

fi.SS loll 5*r i-.j m . 
4.35 . b3 TOr.i-iii - 
■MS 'li-4|urpiU-. 
7.65 | 'i | -it' 

- 11.74. ILa4ux-^li' 
-4.06 5S lSUi-.Ii- 
-0.72 .1 4 tin .1- i 
-1.4a .5;>n*i»-12 a !< '• 
1.U !v i-77-i : 

1.S8 '4; 5s .<>• |.m ! 
8 '-0 5.40 i’.fcfi cj'iif 

b. Oa '4C.62 i.-r-- |-:n 

S.40 .ji.' 


S»-monib rorwar.t tfallar - 
12 month 4.53-4.7T-C pru. 


2.54 

S.Sfl 

5.C? 

4 aJ 

.; is 
,.52 
-11.75 
-2.70 
-0.5s 
-1.37 
1.52 
1.75 - 

5 « 
r.2J 
i 60 

c cut. 


THE DOLLAR-SPOT 


July 29 


Day’i 

spread 


not 


CaDad'n 0* 
i Cutldrr 
( Brim an Fr 
Danish Kr 
D-Mark 
I Por. Es 
Lira 

Nnrgn- Kr 
l-rcDdi Kr 
Sw.'djih Kr 
Yen 

Attain a Sch 
Swiss j-'r 

■ U.S. 


SB. 9509,00 
Z3252-2Jg7D 
32.4S-XL50 
S. 6680-5.6120 
ID5KA062O 

B46.25-B4i.80 

5.4110-5.4175 

4.3460-4.4575 

4.5C0-XSS10 

2d.ao-ac.uj 

i^us-iaiTO 


SB.4M8.9B 

2J29-2L22ST 

xLon-uje 

S.6MOMU0 

2JM1 0-2. 0620 

45-51 -aS.77 

846.604M6J0 

5.4155-5.4115 

A0360-4JWJ5 

4J54604J4BO 

20UO-2O1-4S 

X4.BiMU.BU 

1JUMJU4S 


ccnui Hr Canadjiul B. 


FORWARD AGAINST $ 


One uiDoth 


p-a. 


Par-C.Q2c pm 
0.66-0.61 c pm 
U-.ic pm 

0.B3-O.7Bpf pm 

2^9-2^01 1 rod I ■ 

0.27-0. 37c die 

LINMtMy pm 

0.894.84c pm 


813 

3.26 

5.08 

4AJ 

-3-57 

-0.91 

5j46 

5.63 


Throe mppltii 

‘oTai-O.CSc pm o'xs 

1.72-147C pm 2.43 

22-201 c pm 2.66 

2.43-2.4Zpt pm 4.66 

7^S4.001irrdia -id 

l.XS-IJSc dla -Lja 

2.85-2.7SC pm S.4T 

24T-282C pm 6.37 


CURRENCY RATES 


July 20 


SlrrlmS 

U.S. dollar 

Canadian dollar 
Austrian cchHllriK 

Brlaas Irani: 

Danish leroue ... 
DcoiKctio Mark ... 

nuildi-r 

French franc „ ■ . 

Lira 

Yen 

Nonvr-cian krone 

Peseta 

SviciUsb krona 

Swiss franc ....... 


Special 
Drawing 
Hlgtat 

0.657933 

1.24665 

1.43099 

ULSXW 

warn 

6.99303 

2J7009 

2.7TJU0 

5J4635 

105540 

25U12 

6.T51C6 

96.7662 

5.666ZT 

226130 


Europe an 
Unit dT 
Account 


1.25483 

L4UM 

18.603 

40.7757 

7.04247 

228762 

2.79166 

sjasm 

1062JS7 

253.425 

6.79596 

97.3924 

5.70290 

2.27834 


CURRENCY MOVEMENTS 


July 20 


Bank of Morgan 
England Guaranty 
Index changes 


Sit-rlim: 

U.S. dollar 

Cnuaiilan dollar 
Aim non hchiliuu: 
H.-lstan Iranv ... 

Danish krnih- 

Deuische Marti .. 

Swiss franc 

Culldir 

French franc ... 

l.l ra - 

Yen 


62.43 

86.42 

34.61 
134 53 
119.79 
U4.27 
140.26 
X86J9 
119.65 
UDJS 
56.31 
146.45 


- 7.9 
-13.0 
+ ID ’ 

+79.9 

-17.4 

- 3.2 
“ tt .2 
+94.7 


Basi-d on trade wiKhi.-d eh an vs f-c-r: 
WBbhLdAtcui aurvcoiuni O-cetClwT. 1371 
'Dank cd Eosland Indos^ICOi. 


OTHER MARKETS 


July 2J 


AniwiuM* Kean. I 

Aiibtnm* Dpllnr.....) 

Kill Inn- 1 3tUih1.n.... 

I'mzji Cntaciro. 

•ircMV Ilmdima.... 
Hinu> Ki’nu Lh-ilar. 

tnlnWul 

kuwiil Dinar IKUi 
l.nvgm '.airy: Franc 
Mauivala Dollar....- 
New Zenlnn-I UtilMl 
Sauiti Arphla Rival. 
Slnunptire Dollar... 
SouLh African Hand 


1.511 1.515 
1.6505 1.6605! 
■7.S75 1.885 
35.61 54.61 
6ti.51Z 70 200) 
8.8375-O.6600, 
130 136 
0.512 O.c* 2 
61.75 ol.B5 . 
4.4600-4.4925 
1.6212-1.6312! 
6.44 o.64 
4.37 4.3825 , 
1.6372 1.6542J 


793.50 
0.H725 
4.2030 
1/.65 
36 98 
4.6560 
68 28 
0.2689 
3c. 44 
2.3615 
0.9622 
3 38 
2.3V30 
0.8599 


f T 


795 69|Au-tria ; 

0.8734<dpigiiini ; 

•* . 2050 He imart 

lb.lB Fnuwp - 

:6.67 Klermanv' _...l 

H.65Bf>!tai\ 

71.42 Ms pan | 

0 . 2742 'Nt-iLirian.l 1 

32 46 [Munvay ; 

C.3d35IV-rf ngai ! 

u.9645 Kutn j 

3.43 pVilrtsHnnd 

<!.3u4ttUntiFd Siatea | 

0.8688 Y ugnalwm 


2 c!j 28ii 
bl'; r3 
10.56 10.70 
8.35-6.50 
3.8J-3.65 
168.1-1610 
580-590 
4.104.25 
10.15 1C. 50 
81 B7 

1.435-1.465 
3.36 3 50 
1.88-891; 
34-36 


BMP Riven liw krumrlnn t* free rila. 


EXCHANGE CROSS- RATES 


July 20 

■ f.H.n-1 Sterling 

L’.S. l»nltor | 

Deutui-lieJlsrli 

[Japanne Ten | 

Freiifh Fran.- 1 

.*>wi» • Fran. 

Dutch GuiMet 

Italian Lira 

Cana ln D»uar| 

Belgian Fran 

I'ouuii aiprlmu 

! l. 

1.904 

3.920 

mmmm 

6.455 

5.438 

4.233 

1611. 

4.140 ! 

0I.8O 

U.*>. iwisr 

1 O.S25 

1. 

2.u59 


4.-.41 

1.805 

2.223 

846.9 

».li4 f 

52.46 

i lieaUoU.- Mark 

! 0-i55 

0-4f6 

1. 


3.157 

Q.oll 

1.080 

410.8 

O.Bv 6 1 

1-.77 

1 Yw 1^00 

! 3.604 

4.058 

10.21 

Kl 

22.02 

[ 8952 

11.02 

4194 

5.572 ! 

160.9 

t -eiiuli franc 1U 

1.183 

3.353 

4.636 

4c4.2 

jn. 

4.066 

6006 

1905 

2-=30 ; 

.3.09 

Franc 

0.251 

. 0.554 

1.140 

111.7 

2.J 80 

1. 

JJJ31 

4CB.5 

0.r2B \ 

11.98 

uuL-h but liter 

0.236 

0.450 

O.M26 

-0 73 

1.998 | 

| 0.812 

1. 

580.5 

0.5C5 i 

14.60 

lialiHii Lit* l.Oii 

0-621 

1.J83 

3.434 

HLH 

o.i.50 i 

2.134 

2.628 

lJw-0. 

L4*0 | 

38.37 


0.467 

0.cB0 

1.832 

mttrnVlS 

| 3.962 ! 

! I.r07 

1.978 

7B2.7 

1 1. 

28.S9 


: 1.618- - 

S. 81 

6.343 -.- 

HttuJB 

! I* 68 1 

[ ^.562 

■ ■“ 49 

•'606 

1.462 

Ki ■. 


EURO-CURRENCY INTEREST RATES* 


The f.illmrlnc nnminal rales were Uiiulcd Tor London dollar certtGcaies of deposit: One month S.OS-8.15 per cent; three mnuilt? 8.35-8.45 per cent; sis months S.90-S.S0 
p«r o-ni: -me jear 8.95-9.D5 per cent. 

l-ons-ierm Eumdollur deposits: two yea ra ih- 81 per cent: three years e’i»-B9u per cent: fnnr years 8i-M per cent; flee years 92-81 per cent. "Rates are 
nominal cWim*.' rues. 

Shon-rerm rates are call for sterllna. U3. dollars and Canadian dollarx: rwo- days' notice for guilders and Swiss francs. Aslan raies are closlnc rates In Singapore. 


INTERNATIONAL MONEY MARKET 

Sweden cuts discount rate 


The Swedish Centra] Bank has 
cut its discount rale from 7 per 
cent fo per cem. The new rate 
is effective as from today and 
represent! the third adjustment 
this year; In January the rate 
stood at S per cent The move is 
seen as a response to the recent 
steady performance of the 
Swedish kronor and a generally 
improved trading position. At the 
same time the Bank has lowered 
by i per cent the rate on capital 
market long-term Interest. 

ZURICH— The Me three Swiss 
banks, Swiss Corp-,. Union Bank of 
Switzerland and Credit Suisse, as 
well as . Swiss Volksbank. have 
raised their interest rates on fixed 
deposits by i per cent Deposit 
rates for three-five months now 
stand at li per -cent with the 
same rate for 6-11 months. One- 
year deposits are raised to 1} per 
cent . . 

NEW YORK— 13-week Treasury 
bills were quote# at 7.Q2 per cent 
down from 7.06 per eent yesterday 

UK MONEY MARKET 


while 26- week bUls were 
unchanged at 7.46 per cent One- 
year bills were firmer at 7.84 per 
cent compared with 7.79 per cent 
previously. Fed funds were 
trading at 7} per cent ahead of 
UjS. money supply figures and 
should market predictions of a 
sharp drop prove founded, this 
should take some upward pressure 
off interest rates for the short 
term at least 

FRANKFURT — Cali money 
was unchanged at S£ per cent 
while longer term rates were 
firmer throughout with one-month 
money at 3.65 per cent compared 
with 3.6 per cent and three-month 
at 3.75 per cent frem 3.7 per cent. 
One year rates wore also up at 
4.15 per cent against 4.05 per 
cent 

PARIS — Day-to-day money was 
steady at 7} per cent while the 
one and three month rates were 
unchanged at 7J-7J per cent and 


7(r7lt per cent respectively. Six- 
month funds stayed at Si per 
cent but one year rates were 
slightly easier at 8H-81J per cent 
from SI S! per cent previously. 

AMSTERDAM — Interbank money 
rates were quoted a* 4Mt Per 
cent for call money against 4M3 
per cent previously while longer 
term rates were unchanged. 

BRUSSELS — Deposit rates for 
the Belgian franc f commercial) 
■were unchanged Iot one-month 
at 5J-5J per cenr while three- 
month rt - lo Gre-OA per cent 
from G-«4 per cent. The six-month 
rate was quoted at 6u-flJ per cent 
and 7^7* per cent for 12-month. 
Cal! money was quoted at 3J25 
per cent compared with 3.10 per 
cent on Wednesday. 

HONGKONG— -Conditions in the 
money market were tight with 
overnight money at 4} per cent 
and call money at 5i per cent 


Exceptional assistance 


Bank of England -Minimum 
Lending Rate 16 per cent 
(since June 8, 1978) 

The shortage of day to day 
funds showed no signs of abating 
in the London money, market 
yesterday and the - authorities 
were required to intervene on an 
exceptional scale, the third time 
this week. . The Bank bought a 
moderate, amount- ,.of Treasury 
bills, small numbers of corpora- 
tion bills and a large amount of 
eligible bank bills. This was in 
addition to lending a large sum 
to 9 or 10 houses at MLR for 
repayment today.. Part of the 
package of b uls 18 f or. resale to 
th e market at a fixed future date. 


The market was faced with a 
net take up of Treasury bills and 
an excess of revenue transfers to 
the Exchequer over Government 
disbursements. There was also the 
repayment- of extremely large 
official loans made on Tuesday 

and Wednesday’s small advances. 
On the other hand banks brought 
forward balances well above 
target and there was a small fall 
in the note circulation. 

Tota] assistance was overdone 

and discount houses were paying 
around 9 per cem for secured call 
loans at the close. Despite the 
surplus being carried over, today 
promises to be distinctly uncom- 
fortable with little prospect at the 
moment of any easing in liquidity 


problems. 

In the interbank market, over- 
night l^ans opened at Ui-UJ per 
cent and with the shortage, 
climbed inexorably to 14-15 per 
cent. After a brief dip to lOl-ll 
per cem around noon, rates were 
back at 14-15 per cent before 
tailing .tway to finish around 4 
per cent The tight conditions 
filtered through to the loncer 
periods with the six-month rale 
finishing at 10A-l0f per cent and 
one year at lOrfe-lOf* per cenL 
There was again a marked dis- 
parity in various quotations for 
Treasury bills ahead of today’s 
official tender. 

Rates in the table below are 
nominal in some cases:. 


GOLD 


Firmer 

trend 


Activity in the London bullion 
market was only moderate, but 
still significantly better than in 
recent days. Gold rose S3; to 
SlSSj-lSSj, and although there 
was reasonable buying interest 
the rise was mainly because nf 


LONDON MONEY RATES 


Julv20 

1975 

Storllng 

Ct- rri ftcatu 

of dep«<ila 

Interbank 

" Loral 
Autbvrity 
ifpponlU 

Lmt Auth, 
negotiable 
bondr 

Finance 

House 

Dej.nltir 

Compairr 

Depiwfta 

Dlvwmt 

nurkH 

illipCMlt 

Trra«nrv 
Hiiu 4. 

ffllRlblo 
Hank 
win 9 

Fintfrnide 

Blllpf 

NEW YORK 

Priniu rale 9 

Fed Funds 7.3W 

Ovemi«ht, 

t rtayti notlWLj 

/.day* or 

1 'lava, notice.. 
One month.™. 

lOrVlOS* 

iota ioib. 

WijrWJa. 

10 A 10A 
ivij-iote . 

• - 

4-15 

10 Vl li* 
10* 11 
10,4-103, 
lOi-lObB 
lUft-lUSs 
lOte-lOj* 
lOAjiOra 

103«-11 

11^4-11 

lOK-lOse 

10 

lOlglOU 

lOL-lOit 

11-lllg 

101^10 

10 1&-9 
97 8 -PIs 
9r a -9ia 
10U-93 4 
101|'97 b 

11>0-11S« 
10*4-ll3 B 
IOIs-IHb 
IUSa-UIjj 
lOli-lUa 
Ills 
. lUi 

10-11 

nu 

107 b 

103| 

9-10 

97 B -10 
’ 9i« 

9SS 

9A 

Mil iSt 1 1 1 I 

lOin-iai* 

1U 

10 

9^-10 

10\s 

10i? 

10St 

103; 

Treasury Bills. i^b-vPi-fc; 7,4i 

GERMANY 

Discount Rate 9 

Two morn*..... 
Phree month*. 
5lx months .... 
Mine month*.. 

One veer. 

rue veer-...— 

One moo'b 3.65 

Three months J.7S 

Six tnombs - 4JS 

FRANCE 

L*cai iinnoni* Hnanre hansn won HUTS' nonce, outers seven 'lays U*ni ■ Lonwr-it-rm incai authority nrnnnaca 

rale nomUiellT *rw WUIM 11 »r cem; four wars 17-12* per warn five sreara 121-lii per ecru. 0 Rank hill rates in table 
are buying rate ter prttee paper. ■ Basina rates for four-mcmb bank hills BJijs-M per cent; -four- mania trade bills UP nor cent 
Approximate MMnfi filap for one-month Treasury bDis 9'i*.l«3s per cent; two-month 9* per coot: and thrce-mnaih 
Hu-S7j2 per cW*- APWMdmiMi -aeffing rale for one-month bank hUJs 91 per com; and two-momh 9 u i^B| per cem; and 
ihre e-month c ® aL .Oae-mBsitb trade bills 101 per eenit rwo- month 102 per cem; and also three. month 10* per cent. 

Ftpaoce Hbiim ■*» **■*•* ipublliihwi 11* the Kinancr Hausm- Assodsiiimi' III per rent from lul* 1. tow cia&rbio saak 
Damn Rinea.doi ■ anaJ ‘ Jereo danf noticei .flM ner rant Cfaurias Bank Bbm Rates for tending in «h.l 

Traasurv BiUo: Avermre tender men of ducomu sJMd per cent. 1xaL 

OvemiKhr 7J75 

Om month 7.4375 

Three months 7.625 

Si* months p-ig 

JAPAN 

DtBconni Rate 

Can (Uacondirlinialii d_s 

Bills Discount Rate 4^75 


metal opened 

GOLD 

at SIS71-1S8, and 

! July sn J11I v in 

Gold Rullwn in line- 
uumvl 

SW6M69p 

13pen»ii|{ jSH/MhB ' SlbSJ* IK6 

A(lcranr>n BimR.. 

Linld Corns 

tloiut-ilually 

Krugerrand ......... 

Ntfw 6overeiRiii<..-. 

l'f-b.6Bli !.£ 38.373' 
.,5168.40 SJ-.5.7D 

^±■99.5821 .X»8.225i 

U SIPB-ISS 

,.n.2 i ..LSi. ,£\uS>-lt?q) 

so6;;.tS-’i 

:<£u8o0ai 


;«ia;a-dai 

uilernationaily 
Krugenqinl 

. ; S1!41-l!6i 61.-1 irs 

;iKIi2-1Si : >CIDi- .Oil 

Oid Sk'iereiKU-*-... 

(CiiBi soil 

; >34-31- i!r5J*-5tA 

iliB* 2S4t 

$10 hHiiie- 

M Lacier 

:#M0 1«5 !S154,-I«3i 

'elDO-llS 'fS«!;-IOir 


was fixed at S1S7.40 in the morn- 
ing and $188.40 in the afternoon. 

In Paris .the 124 kilo gold bar 
was fixed at FFr 27,050 per kilo 
(8189.10 per ounce) in the after- 
noon, compared with FFr 27,000 
(8188.45) in the morning, and 
FFr 26330 (S187.10) Wednesday 
afternoon. 

In Frankfurt the 12) kilo bar 
was fixed at DM 12.430 per kilo 
($187.40 per ounce), compared 
with DM 12,300 (S1S5.5S; 

previously. 

MONEY RATES 








































































Hr-1- ' * 


BY CHRISTINE MOIR 


always claimed — that one can detailed pennissibn is obtained, 
find real bargains if one is only That means that construction 
prepared to look- eloselv at deals could start by the middle of next 
which da not fall immediately year with completion scheduled 
into the at-a-glance-absolutely- for 19S3/4 

triple- A category. The question that 1$ now posed 

What the firm does offer is the j s how London Transport will 
background of its own research fund the deaL Apparently, it has 
which provides a real statistical already said that its own pen- 
base against which an investor s i 0n will not be involved, 

can assess the downside risk on so who will? It is a. big project, 
such properties. , The basic clement is a new bus 

sr^-nncemSf'Shir^ Ems ” & aru 8e for LT modemisa- 

. worned St they are buying pf^Sfuf 

SINCE TUESDAY, when the Following that deal Tanner- property croup, has just under building land at inflated prices under*™ undf n„ *ho. 

shares oT a small public invest- yule had what were described as 50 per cent. at a time when a stale bull t «rt 1 

ment vehicle. Rosehaugh. were -substantial borrowings." Now market may be developing for r« 

relisted. a number of fast, ir those have been reduced to £3m completed industrial invest- * “ r 5^5 "JJ2! tgrassea 

rough and ready calculations through sales of “significant Herd UT1S till Cl ments. uL.rirSedbv 

have been carried out in certain portions or the portfolio." Yet. E . . .. The firm notes that ihe yield e ’ shops, pubs and 

according to a recent valuation A firm warning that the _ ap between industrials and a Ilf ““”7,“ . 

by Montagu Evans and Keith weight oF institutional money ofIices has narrowed tu an all- fin £2!'I e >nat agaui will be 

Mav at 1fia D havinc risen steadilv Cardalc Groves, the remaining chasing a narrow range of prime t j mc . low of 14 percent. It atiUci- ““55 

from ■, 1977 low of lSo 3 On P» r,roho * of which S9 percent is properties ls driving yields down pa tes “a reduction in Ibe popu- 15 boped - .will pay For 

ivsu, ration they hit 19->p before ° m *T s ai J£.. *hopsi. is worth to levels "that arc not sub- ] ar ity of warehouses and indu* 

O t nt p m.Tni. This is said to be an stantiated by potential for r 




rjpm 

<?• ^ * 
. *A- I 


'roperty company’s debut 


corners of the City. 

The shares were suspended in 
May 


scllling hack at I85p 

The quest ion today is what 
level of assets supports this 


. _ _ .. . >r rental trial propcrty ” over the next 12 |_J?®?25 rsmitl1 - * nd . p “ r ^ cu " 

ESni surplus over book cost. growth.” was issued this week by months, not only because yields . ' * S ° w “ ® ,te ’ look* a pri™e 
RuseliaugJi's shareholders are Richard EIHs. are so low that any movement in '° ca !£ n »“ *»&«- “ t “.S 

told that the book value of their m ,nn„,i Pm^rrv Invest- interest rates could cause a th tJS^ ih IS w if fast 


emerged from its chrysalis as 

fully Hedg 

developer. 


^wi-ars* asss. 


h&ssh NwrotiSw .* ssrtajs™ saa* SMix =. w si,e°"- 


•I he key to the company is its o^impro^ng Iran md*5Si at property developers too ft" 

various , stakes in three other in cmnplementary interests— ^ 7 hom ar -T Richard Elli 

companies lin two oF. which n , us , he well in excess of lOOp a *" e band wagon of industrial cu n ura j iuvei 
Bernard Sunley has a similar- s | iar <. net of borrowings and development, 
sized holding i where major other costs. The first group, says 


Tht* 


... develop- developing into the Croydon of 
m *'esL Lom’-- 
Despite 


report is ml just a respite the continuing 
warnings however. Pressure from local protest 
Ellis believes agri- groups the office clement is not 
111U1U1 investment is still a *eiy to be whittled away and 
«ood thing"; that ihe City of the amount of “planning gam 

..... Ellis. London will show slcodj rectal already conceded m the form of 

property deals have been cither Thirdly, yet another company, should broaden their vision and growth; and that suburban and community t acuities on tne site 

completed or are well advanced. Tnnnerlon. in which Rosehaugh realise that a “prime invest- provincial offices could provide tatbeit easily accessible 

The completed deal has been has a 50 per cent stake, is half meat property" (that is one selective bargains as rents move “bcause uiey are aDove tne 

dnne by a company called bun- way ihrough building a 1GO.OOO which performs to the highest off their low plateaux. »hm?.oh «£“???■"* 1 

bourne which bought Maple Sf| ft industrial estate in Croydon, expectations) need not be re- ?everthe7e^ the size nf the 

House .n tnlli'nhum Court Rood | n nur.ner.hlp with Rober, stn P cted 10 the cu.egor, of p Un( J er W3 nted -taSTST STSiSS 



Financial Ernes H582y 3tty 21 I87S 

HHS Ganges, the Rsj>l ^ a ’ 7 5 
Suffolk Training Establish*, 
ment Is for sale, thereby «* nd ' 
iny a ijHJO year naval tradition. 
(Apparently, Alfred the Great 
defeated some Danes just off- 
shore.) 

Strutt and Parker is handling 
the sale for the Property 
Services Agency and has set 
a tender date, for December 8. 
For all the firm’s experience in 
handling unusual 'properties 
(reeeut instructions hate 'In- 
cluded IBenlnorc and Battle 
Abbey in Bastings) this one 
could be a headache. 

HMS Ganges Is a small town 
on a loft-acre site, part of which 
is offshore. Situated on the 
confluence of the rivers Stour 
and Orwell it has accommoda- 
tion and educational facilities 
for 2,000 students. In addition 
there are no fewer than three 
gymnasia and churches, play- 
ing fields, athletic track, swim- 
ming pool and hospital, plus a 
parade of shops. . 

Strutt and Parker say that it 
would cost £I5m to rebuild at 
today’s price but the actual 
price It will fetch at tender Is 
anyone’s guess. The local 
authorities will only give per- 
mission for a single user so the 
agency is looking for interest 
from companies needing train- 
ing facilities, youth organisa- 
tions or holiday camps. 


ft 


fnr £11 Jm. completed the lettings Flvininc. Lettings are apparently 
in it and then sold it to the yoine well at- more than £2.20. 
British Steel Corporation's pen- Excluding construction 
siun fund for £15m or so. and the £l|ra spent on land, and 

Allowing for finance costs and allotting an 8 per cent yield, 
taxation at full corporation lax Rosehaugh *s share of the net 
rale, the net profit could work value of this development on 
out at about 25 p a share for completion could be around 25p. 
Rosehaugh. which owns 26.3 per In addition, in its own right as 
cent ul Svnhnurne tils equity an investment vehicle Rosehaugh 
stake, by the way. cost £S50t has a further 3Gp of assets. 


however, is Rosehaugh's 20 per worth watching, particularly with rental growth but available only 
cent of a company called Tanner- further deals being actively on a 4 per cent yield- in 

aate which was the buyer of sought. However, the market is In 


eps^s&ss's is sk S iSfiMSEitfSi 
- ssr des °‘ n °° ° iTnrsrv cl s one. . *. a. «« ^ ^ 

There comes a. time, the firm Broadway was recommended this a t one ge t involved at the . - • la “ d * h m Mr Peter Bo4& sold for prices representing 

points out. when a shop in wee k by the Borough Council development stage when a pre- TTorm nriPP^ „f KFR believes that the £L800 an acre. Another couple. 

Rotherham, bought on a b per and will now go forward for , et is ruled out by the sheer X 1 dllil priLC^ St es Jen^artetfS bStt “ BnMlUie. fetched 

cent yield with renlal growth of approval to the GL<_ early m scale. CONSIDERABLE publicity. -rar- Sraf^land may be sofSnbig- over £1,600 an acre for ^states 

°te,y. the appl, cation b ggees ^ “° i' 

5BB» S 

Lincolnshire— a price represent 4 per cen L Today, -yields havfe individuaL . not an instimtior. 


Worth considerably more The shares are obviously showing a 9 per cent per annum only for "outline planning per- those which do have the financial Equity and Law Life has spent KFR 
y .... .. ... ..... — mission but LT has hevn working muscle, roost are already com- £o4m on two grade two htcms tn capiraj 


close consultation with the initted over the crucial period, 
fact Richard Ellis is only GLC and the council over the A consortium might be an 


-x per # 

ing around £1.550 an acre. How- rame d0 wn to around 3 percent. 


Legal and General's residential/ narrow. Mr. Godfrey Bradman, pointing out what a small num- plans for over five .-ear*, so it answer but these s ha ve n *Jg ever Knight Frank and Rutley's he savs. , v 

i a x^r nM> ° tn n5im .T,e° L z% Merc z ss^hELSFzesee "cs lj^s^Sm'Z'css jss^uar- lAJt » r a. **■■».■*** 

SINESS PROPERTY 



B€) for Industry 


BRIGHTON 

New Warehouse Units 
9.000-4 3.500 sq. ft. 

TO LET — Available January. 1979 

CBTY BORDERS, E.C.2 

Freehold Warehouse building with large yard 
8.015 sq. fc. 

FOR SALE 

EAST LONDON 

Refurbished single scorey factories 
S.0M and 10.000 sq. ft. 

TO LET 

READING 

Modem Warehouse 
10.850 sq. fc. 

High Office concenc 
TO LET 

SWINDON 

New Warehouse 
13.400 sq. ft. 

TO LET 

TAUNTON 

Factory /Warehouse 
4.350-8.700 sq. ft. 

TO LET — IMMEDIATE OCCUPATION 

WATFORD 

New Warehouse Units 
3 x 10,137 sq. ft. 

IMMEDIATE OCCUPATION — TO LET 

WEST BROMWICH 



If you are looking 
for industrial 
Property in this 
area . . . 



speak to the peopie who 
know their market 
on 01-930 9731 



Victoria Street 

London SW1 

Offices 

approx. 

42000 

sq.ft.net. 

^ Modernised throughout 
New marble entrance hall ■ 
^ Carpeted throughout 
High speed lilts 
Hr Centrally heated 

The Land Securities Investment Trust Limited 

Devonshire House Rcmdfflu, London WIX6ST 
Telephone 0Mv3 4433 


INDUSTRIAL AND 
BUSINESS PROPERTY 
Rate £14 per single column 
centimetre 


There’s more to 
Knowsley Industrial Park 
than big Government 
grants, choice sites at keen 

w * 

rates, big local labour force, 
extensive Motorway link-up, 
major International 
port and airport . . . 

...there’s us! 


The Liverpool Industrial Development Office to help you ge t i t 
all together— Ring David Mowat or write for our wallet of facts 
and figures. We'll take the pain out of growing. 


David Mowat, Industrial Development Officer, 
P.O. Box 88, Liverpool L69 2DH. Tel: 051-227 3296. 


HSESNOID 
OFFICE PROPERTY 

FOR SALE IN 

CEmB&i LONDON 

4.500 SQ. FT. APPROX. 
Fail d-j'ci Is from - 
HOWELL oROOKS & 
PARTNERS, 

50 Fleet Street, 

London EC4. 

01-353 6162 


On the Instriu-tions of Barclays Bank Ltd. 

TRURO, CORNWALL 

Prime Freehold main street Class II user premises equally 
suitable lo retail trade (subject to planning), with vacant 
possession of the ground door, situate in the centra of this 
thriving business and commercial city. 

3/4 BOSCAWEN STREET, TRURO 
FOR SALE BY TENDER 
Closing date: 12 noon. Friday, 25th August, 1978 

For full particulars of sale contact: 

LODGE AND THOMAS. Chartered Surveyors. 

77 Lemon Street. Truro. Tel: Truro 2722/4404. 


Chestertons 


]t 



Offices 


i 


9 Wood Street, Cheapsxde, EC2V TAR 01-606 3055 


To Let 


Air-conditioned 
Office Building 

£¥.88perSq.Ft 

City Fringe- Near 
Liverpool Street 


13,525 SqJFt 

Chestertons Chartered Surveyors 




ANABACUS development 

THE GROVE, SLOUGH 
TWO OFFICE BUILDINGS 

Each 850O sq.fhnpprox.TO LET 
- Finished to the highest standards indoding 
ir AUTOMATIC PASSBNGBi LIFT 

★ CENTRAL HEATING _***=% 

★ SUSPENDED CSUNGS _ 

★ CARPETS ' 

★ ON-SITECAR BARKING fcTtO* 

FOR.30CARS 

Joint Agents 



Leavers 

3ff Bruton Street, 
London W1 X8AD: 
TeJ.: 01 -629 4261 or 
0T-4932D12 


71 South Audldy Street, 
London W1Y6HD 
TeT.:0T-492 0T4T 



CHURCH 



ENTIRE OFFICE 
BUILDING 

WITH PRIVATE CAR PARK 

sq. SB; 834 ft. 


TO LET 

RENT 

£217,500 

P.A.EX. 


* FULL CENTRAL HEATING 


# AIR CONDITIONED BOARD ROOM 


* AUTOMATIC PASSENGER LIFT 


* Attractive entrance hall 



Hillier Parker 

'111) A Rnurien 


Sole letting Agents 

39 King Street. London EC2V 8BA 
Telephone 01-606 3851 


Field & Sons 


54 Borough High Sheet linden Bridge, 
London. SC11XL- . TeT 01-407 ir 5 


5 -• 
si*. 


Il : 

r> 

y ■ 
F; 


rv 

u : 

•\ I ’ 
I.’ 

t. 


it : 


l- -: 


SV ! r 




3 F • • * 


2 


F • 


S i - - 

f: )>' 





FT; 7 21 













Fmagdai Times Mday July- 21 1978 


at (he peak of 
'Wfeldi potential 



Central heating 

Car parking 

Funy fitted carpeting $ 

V- V Chartered Surveyors 

Marble dad entrance Han 33 King street LondonsavaEE 

<"«vcnaa. Taepftone-. 01-6064060 


With. its large, raulti- 
l jskfflcd ivoritforce, proxun- 
ity to major markets and 
, nfltjqnaljftnte matinngl com. 
munications networks, this 
ptopwisvo Welsh county 
doimrates the aoithwtt. 
em development scene Jhe 
news hi Clwyd is about 
sales, not strikes - and 
3fS (a gwat place to Etc, 
too. 

Talk «to ns about the 
low-cost sites and factories 
phis extensive financial aid 
available, to Incoming in- 
dustries *- well make you 
a deal you can’t refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Chvyd 'County Council, 
Shire HaO, Mold (UL Mold 
2121) .for free colour 
brochure. 


NEW 



RTY 




250,000 sq.ft. 
Mill ire 
nfagnScstit 
condition. 
Site area 
21.5 acres 

FOR SALE 
; or may let. 


jag g 





Next to the A1 
Orton Southgate 


HiiilliiTiIi 


Extremely wen fitted factories available singly or m muttiDiea 
of 3.000. 10.000 and 20.000 sq ft in ideal location, with superb 
connections to national road system. 

Offices included -Ample Car Parking 
AH Services Storage Compound 

Large pool of local labour. Housing guaranteed for existing employees. 

Ring John Case, Chief Estates Surveyor 

0731-68931 

or write - Peterborough Development Corporation, po Box 3 
ToulhiU Close, Peterborough PEI 1 UJ. * 


• Macintosh Hotisc M-irlitl Flv*' 
Monchy.K’i Ml 3'\F 

061-832 8559 


TEMPORARY 

_ I 

OFFICE 

ACCOMMODATION 
FOR TWO YEARS 

i - 

Approx. 2,000 sq. ft 

CLOSE? ST. JAMES'S PARK 
STATION 


f BERMAPP THDPPe II 

A T N E Ft ft HI 


1 Buckingham Palace Road.SWl. 
Tel: 07-834 6890 Telex: 8813389 


E.C.1. 

ATTRACTIVE 
WAREHOUSE 
SHOWROOM & 
OFFICE FLOOR 

UjMO SQ. FT. 
LEASE FOR SAXE 
De be nli am Tewsoo & 
Chianocks 
Telr 01-236 1520 


LONDON NW1 

Reversionary Shopping 

INVESTMENT 

Producing: £47,820 pa ex 
ESTIMATED REVERSION 1979. 
£82,770 pa ex 


JDWARDSYMMONS 

/62 Wrtion Road, London 5W1 VI DH 


TteL 01-834 8454 


INTERNATIONAL PROPERTY 


The Largest Assemblage of Properties 
Ever Offered! 

OVER $50,0004)001)0 

PUBLIC AUCTION 

INVESTMENTS INCOME 
PROPERTIES IN 
ATLANTA. GA., AREA 
(U.S.A.) 


Toes. & wed., Aug. 15 & 16 

WUrM Congress Centa; Atlanta, Ga. 

Auction starts 9 AJL each day. 

An unprecedented event, offering over 90 properties indfwduafly 
on the auction Wocld IMPROVED & UNIMPROVED LAND PAR- 
CELS* APARTMENT DEVELOPMENTS, CONDOMINIUMS, COM- 
MBKSttt/QFFlGE BUILDINGS. INDUSTRIAL BWLDfflGS, 
FARMS. Sates Su&ject to 48-tfour Confirmation. 

FOr list of properties, location map, and registration information, 
can (404) 223-8331. in U.S. A, can Wee 
_ (800) 241- u 1 3 {except Georgia, Hawaii, AiasKa). 


EAST WINCH HALK, 

NEAR KING’S LYNN, NORFOLK 

Superb period 

Headquarter Offices 

17,500 sq. ft. approx, in 20 Acre Grounds 

First Cass Amenities inclodep— 

SPORTS FACILITIES 
DIRECTORS* OFFICES . 

OVERNIGHT ACCOMMODATION, ETC 

FOR SALE FREEHOLD frlTH 
VACANT POSSESSION 


Cluttons 


01-491 2768 


CRUSO 

WILKIN 

0553 3111 



High Road, Wood Green, N22 

New air-conditioned office building 


: ; F^hP52|. 







Units from 


•Till 

SL 

•Till 


sq ft approx. 

Immediate 
occupation - 

Telephones 

and 

switchboards 

installed 





BSS-Slia 





■jfe.. M-t ' i 





apply joint letting agents 

PEPPER ANGLISS ■ ■■* Henry Davis 

D & Company 

PharfomH Qi imnursm “ » 


Chartered Surveyors 

6 Carlos Place London W1Y6LL 
Telephone: 01^99 6066 


URGENT 

Client’s requirement 

Sites or buildings of 1.5 to 
5+acres suitable for leisure 
complex. May be any 
shape or tenure-north of 
Thames within 25 miles of 
the West End but central 
sites preferred. 


Chartered Surveyors 

101 New Bond Street London W1Y9LG 
Telephone:01-499 2271 


HU 

Li 

L 

17 

BOM 

ID £ 

5TR 

;ei 


mmm 






:.7'_ .^1.1 ■ J QKf . UiTJ 

’ k '■ y ■ * h 


Please send details to our London office 

SfcQumtm ZZZSL"" 

London EC4R 1ES 
Tel: 0I-23& 4040 


Son&Stanley 

Chartered Survejora 


INVESTMENT OR OCCUPATION 

MAYFAIR ■ 

ELEGANT PERIOD PROPERTY 

Between Grosvenor Square and Park Lane land dose to aH 
.leading hotels and dobs. 5 

The prbperty, which is in Immaculate condition.- lus been skilfully 
converted to provide six Luxury Fully Furnished and Equipped 1 
Apartments with a potential income In excess of; £24)00 per week. 
(Vacant possession available if required) 

FOR SALE BY TENDER - . . . 

(unless sold previously) 

Roger Phillips ft Company 
17 Clifford Street. London W1X 1BG 
TeLs 01-437 7592 


L i Marte&® Consultants 

» 6eoigiaT^Congr^Cent^2851nternarj^ 

W Atlanta, Ga. 30313. Plena (404) 223-8331 . 

SPR00LL DEMPSEY & SONS AUCTION GO, 
Auctioneers , , 
CMqfttarineH uwrallo.101. 302W 


JAEGER ARE EXPANDING 

SITES REQUIRED IN THE FOLLOWING TOWNS 

SHREWSBURY — High Street, Mardolhead or the 
lower part of Pride Hill, Princess Street. 

BIRMINGHAAf — Corporation Street, south of 
Rackhams, New Street Shopping Centre. 
SHEFFIELD-^ — City Centre. 

NORWICH — London Street. 




CHICHESTER— East Street 
TUNBRIDGE WELLS 
CITY OF LONDON 
SOUTHAMPTON 

Sole Agents: 


.... J 

MODERN DEPARTMENT STORE 
FRONTAGE: 133ft. 

REAR SERVICING-CAR PARKING 
CITY CENTRE 

FOR SALE 

WITH FULL VACANT POSSESSION 


IT I. Hf*£| rh > ^' 48 . ’Borough High Street' 
" ■■•VtKl. II Londoa Bridge, SEI1XP ‘ 

& MRT1VERS. 01-407 5321 


Alio at Glasgow, Sunderland. Southampton, Norwich and Grays 


BAKER STREET, 
LONDON, W.l. 

PRIME GROUND FLOOR 
BANKING PREMISES 

with basement vaults and storage 

LEASE FOR SALE 

Ideal for Building Society use 


A.J.HINES&CO 

54 BROOK STREET 

LONDON WIY2HD 01-4933841 


w Ber R\5 Tk*i ; i?leton 

PROPB l 


47 Great Russell Street. London WC1B 3PA 
Telephone: 01-637 4577 




FOR SALE I 
FREEHOLD j 

Valuable industrial factory approx. I3D.DD0 iq. ftkwlth a total 
site area in excess of .three acres. Situated in a prime location 
NJL Surrey, bordering GLC easy access to M3, MU, and M25 
.. Motorway whfen Completed. Positive enquiries' oaiy please. 
Write Box T.492Q, FlnenooJ Times. 

10, Cannon Street, EC4P 4BY 





FACTORIES KS"-® 111 ” 


U/.^'OC-.VO; 


FREEHOLD MODERN FAGT0RY 
. FOR SALE 
ISLINGTON, N.l. 

20,658 SQ. LST. 

OFHCE5 — SPRINKLERS — HEATING — UGHTING 


MELLERSH 43 st.james*s place 

& HARDING 


Chartered Su:i£VC’* 























32 




Fiuand aT TSines- 


c:uvssn=n=D 

(‘CAKMIERCIAI- 
PROPERTY -..f? 


.IT .. j' 

: vu iJ - 


: 1: 


SHOPS AND 
OFFICES 


CHARLES STREET 
MAYFAIR 

OFFICE 


SELF-CONTAINED 
nod 

RESIDENTIAL BUILDING 

TO LET 

Appfir Sole apnifs: 

WINK WORTH & CO. 

■IS Curzon Street 
London. W.l 

Tel: 01-4BS 31L*1 


FACTORIES AND 
WAREHOUSES 


INSIDER DEALS BANNED, TIQHT RULES ON DIRECTORS’ LOANS 

Government White Paper on companies 


P 




proposes major changes in law 




It 


56,000 SQ. FT. WAREHOUSE 
FACTORY WITH BENEFIT OF 
£100,000 INDUSTRIAL 
building ALLOWANCE 


Impound fully iprinklertd premises 
(built (fit) on North Circular Road, 
N.W.10 near A40/M4D/MI/M/M4. 
Two Boon of offkn; ihowroom: Urge 
urarchouic/facrory; canteen; container 
lead inn bay: two life; oil c.h. and 
emergen:* generator. A iking price of 
£310,000 freehold reflects need for 
minor refurbishing. 

More details from 01-965 8737 


DARLASTON 

WEST MIDLANDS 


SupennjrkflC and lock up shop for iale 
— Leal t hold 70 yean unexpired. 
Adjoining Town Centre redevelopment. 
Overall frontage to principal shopping 
Street 41 ft 0»». Total ground floor 
tpacc b. 9 SO iquarc feel. Firii Floor 
1,625 iquare feet. Boar aerviee 
Kent. Further detailt from:— 

BERNARD HUGHES 
KENNARD & VAUGHAN, 
Chartered Surveyor* 

H canton House, Salop Street, 
Wolverhampton. 

Tel: 26939 & 77I54I 


CROYDON I London Road). 2.000 VI. it- 
nin; 5 doort Central heating. car 
can ma. Fcnu» £7.500 p.a.x 15-vrar 
Iravr NO PREMIUM. Pearson Cole 
Commerrial Tel. Eprom d0777. 

SURREY. G a im 9^1 n I lino atationlihowroom 
Ftillv ma nwed workshop. tronchi se held 
lor new cat'.. 2 teU-contained luxury 
flat:- Price £ 55.000 w.i., freehold 
Pejr-.on Cole Commercial- Tel Eesom 
40777 . 


MANOR HOUSE, LONDON N4 

FIRST CLASS GROUND FLOOR 
FACTORY 

7.500 '.a ft, 10 year (cue. Rent 
ftZ.SCO per annum. Central hearing, 
sprinkle!- etc., with good natural 
light and height. Fuff particulars; 
TAYLOR £ TESTER 
3. Kmg Street. East Grins cead 
Tel: 24473 


PKHIVALE, IVTIPDX. 

.SQ. 29,000 FT. 
Modem s/s factory 

Lease for sale 

SIN Cl AIR GOLDSMITH 
01-431 3305 
2 n /22 Quean Street W 1 


WEMBLEY. 19,000 so. ft. si nfllc-Slorev 
warehouse, excellent loading and tar 
parking, to let. Bruce Alter man. 2G7 

6772 

CITY STORAGE.'OFFICES. Approx. 10.000 
sq. it To let. Central healing, light. 
Ino. car parking, loading bays. Ritnara 
Ellis. Tel.: 01-199 7151. 


FOR INVESTMENT 


LEEDS 


FOR SALE 

HIGH-YIELDING INVESTMENT 
11 Shops and 50,000 sq< ft. 

Warehouse/ Factory. 
Current income £23,425 D.a. 
Freehold for Sale £140,000. 


WEATHERALL HOLLIS Si GALE, 
29. King Street. Leeds 1. 
Te4: 0532 442066. 


IPSWICH New iir/MsVi.tl drvclopmrnt prt- 
le: .-nd producing net Income ol 

£12.000 Per annum. Long leasehold in. 
lerest for sale Li 25.000 subicct to 
contract. THE JAMES ABBOTT PART. 
NERSHIP. 15117 Alexandra Street. 
Southend -on. Sea. Tel. t0702) 330073 


L0UGH7QN. £sac». High yielding ohlce 
Inyestmnnt providing LI 8.500 B-*. 

Excellent secondary position. Freehold 
£142.000 Showing IS** return. 

Hvoer market Analysts. 11. Queen 
Street. Mayfair. WfX 7PO. 


WANTED 


GROUND RENTS. We are looking tor 
large or small portfolios of Freehold 
Ground Rents of houses and maisonettes 
on 93 years leases. Quick decisions— 
aulek completions. Fullest details lo 
Forsyte Harris Ltd.. Tryall, West End 
Lane Stose Pages. Bucks. SL2 4NA. 
fir oh am Common 2460 
SHORT LEASEHOLD INVESTMENTS 
auircd. ;ar small Fund, so ured on well- 
looaicd Shoos and ofhert uo to 


£250.000. Ref. P DM. Messrs. Sinclair 
■J-ZJJ Queen Street. May- 


Goldsmith. 20 

Mir. London. W1X BAR. Te/. ron 491- 
2305. 


BUILDING LAND 
AND SITES 


VALUABLE BUILDING SITE FOR SALE. 
PMnntnq permission lor SO houses and 
14 (Tats. 2». acre Site near iMm/ord. 
L-ncs Price only L4S.000. W.S.H.L.. 
145 High Street. Blackpool. Tel. i0253 
20087. 


COMPANY NOTICES 


Renown 

Incorporated 


NOTICE IS HEREBY GIVEN. ihat;ii (lie mr^tinr- < 4 tIr- Board of 
Dirp>*ii<r4,ift]icCoin|vtiiY hull I on FnctoyJmR-lfilli. IsCs atni 
Tni>W;it..f(ini LT(lL I:«rv. flu fiiff.ivtinp n.-holutitinx iu-r»-.'«lupicd 
cinc'.-niins (hi- i <su;urti»1 S\i is-.- truncLuiiveniblt Nuies- 


PARTICULARS 
L 


Ascrcunlc Amount of the Issue: 
i.— i- nine* ;. 1 ',uih '.i » *t l 


I— uePrU-e: 

Stvi<-< Francs BO.i kui per par value of 
Swit-sl- roues dOMU 
Interest Raur. 

."•'..i"i> < ill hi* par t.ihe per annum. 

Date of Payment and Date of Issuance: 

.Inly I j|)i. ll« 7 S (/'ll rich UmcJ- 
Trim* of 1 'nm tNun! 

'I Ik- \> 'ii - ma> I nu-on v.-rlrd inio rf^stercrl par value shares of 
I'ltniiiiiin 'nui;kiif((ti't.>im|i.iny.an(K < ra(eutiiiii'Mi..-h-li.iri.'oitiiQ 
CnmjMiivs riyiMfp.d p > irv > ihi..> 1 iari->tifoiiiiiiui-ii-iin:l:l l >ri-ach 
luuhipli'Mi ih'-iwoiT-itni iiiiiv.allt'roilivi.-nini'llK principal 
am- mill ni N.«». --ml.iJ.ipjm -.-Yen a l the (ixi-rir.iR *<1 Mai-*. 
i-r.tiiciii>Yt'iiii.:. 

J 'rm idl'd, h.-itrt , r ilt.it any traciinnuf «in«*'.lMiv o'-ulfinc imia 
t fii* i-r -Uni -li.ill lx- di-rvjrard' -i jml cu.-h atlju-iminltli'-p.R>r 
>li:ili lint lu-iiiadi.-. 

( 1 1 111i1i.1l cunriT-ion prio-'-li-ill In T'J’J Yen. 

t-i h Mib-i -vi' 1:1 i..ihi"i--ii 1 inct.-iii iln:Nuttnsihi-C«*mp.inyisr.iiPs 
iii'w '-Jurr<>4laiii--iii , pnci'l«*ssili,iiillif3iTirr<'iii markpf pnc«'. 
tlictnm c-rhimi piict shall bcadjusLudbyihi inllmving jurmuku 

Nuniberol Amounl 

Number of shjtes newly paid per 

shares already + issued sh are 

Cnnversion Cnnvprsion issued Curieni market 

poccallcr = pni.ehRfoio >» p nceppi share 

Number of slur es 


ari|uslment adjustment 


Number of shares 
newly issued 


already issued 

i> mver -ir-n prici'in'll hftnlijwi inappri>pM.'ili>.iflnitirm.'ntin 


Tin 

c.i-i ni iIivuIl'II'U in • Tin ■" ili -irihiiliiiiiMil O uiiiiihi 1 -!m k. 
Miiiiini'iiiii.iiri ■ unltiti.iiii in- ■*! ciimiiir»n-t.n.| i-i im prl,imoihiT 
t\i iii'|iin\i<lnl |m- ii; ili- ,\j;ri-i nu iil.rnoitb il hinm-'r dinUhe 
I'miti 1 'imi) Tii i- will luil In- rt 1 liiii 1 1 In'll o' liirjMr talinnf 

ciimiHini •'Ini.k 1 "in V'Tii.ih.iri-iih i»(any»iii"Ii.i*hii'iiiiini.uuifPWg 
innli'f .tpplic.tM japaiu “■ i- la vs ilirii iniflii-r. Null v amid be 
i'ui)ii.ii>ii.ii ->iii bn-ibji'i (li'iiiivri>iiiiipriiV. 


U. Shan— i" tied iipniiCunvcrsinn: 

K'-yi -lin'd p.ir value 'hare'ul comunin stuck ut lUc Cunipaity 
f par \ .il ui ■ i» -r >liarc. TiO \i;li). 

7. t'liiivrrsiiui Period: 

On «r.iWiT>iiif'-mN'r Itt. l!>7c and prior to die do*? of business 
on rvciitibi-r Ifi.uh. l'w:: (Zurich time). 

S- Mrihodnfl'Toiation: 

lYivaii-pl.u’i'iiiiini thrmish undi'nvri i inebv pu rrhi f e ol ihecntire 
amt mnt m iln.-Nui'-r l*y L'nirni Eankol S«ii n rlai'd. 

Cupic > of iJn. abiiVc-Aoiici- may be nbiiiio ,, d fr.un ;b- ffoposiiary. 

T nmloiL ROBCRT FLEMING vYCO. LIMITEiD 

July!'] ,'L IPrs. Deposi iar>' 


CLASSIFIED ADVERTISER! ENT RATES 


Commercial nnrf Industrial Property 
Residential Property \ 

Appnimnu'nts \ 

Business & InvcsUncnt Opportunities, 
r.nrpuration Loans. Hm'iuctiun Capacily. 
Businesses for SalcAVanteri 
Education. Motors. Contracts & Tenders, 
Personal. Gardening 
Hotels and Travel 
Book Publishers 


per 

siuplc 

column 

h»v 

C*M. 

£ 

r 

4.50 

14.110 

2.00 

s.oo 

4.50 

• 14.00 

5.23 

16.00 

4L’o 

13 .00 

2.75 

20.IW 

— 

7.00 


Premium positions available 
(Minimum size 40 column ems.) 

£150 per single column cm. extra - 
Far further detail:: write lo: 

Classified Advertisement Manager, 
financial Times, 1», Cannon Street. EC4P 4B Y. 


BY ARNOLD KRAN5DORFT 


IN THE White Paper, Changes _ ” . . i-,„ 

in Company Law, Mr. Edmund Government. yesterday published its proposals for the reform of company «w. 

1“ a White Paper, major changes are proposed which “ cl "^ 
ment has decided to publish its trading, tighter rules on loans by a company to any of its directors aim, me 
ITS. "Si 18 i? MS first time, a list specifying directors duties, 

raentary Bill in order to allow 
a longer period for public con- 
sideration than wap normally 


£ whether for himself or another) case, an d, after mj 

by the use of that information; witnesses wiio may he produced 
or (b) that thing consists in his against or on behalf . of die 


entering into a transaction in the alleged offender -and -aftw hear- 
course of the exercise in goud ing any statenent ivftieh »ay te 
faith of his functions as offered in defence, puni&r the 
liquidator, receiver or trustee In offender in <UHo manner as if-ta 
bankruptcy. had been {fullty of contempt of 

5g — (11 This subsection applies uj C C „ ur t. 
to' an individual who bus (7) Subsections (41. fS) and 
information which— (a) he section 33 of the tfl67 Art 


siaeranon man wap nuruiaiijr _ — . v v- 

permitted by the Parliamentary offence for loans to be made by Directive the revision gives effect ^ 

public companies and certain to certain requirements of the pj^ o^tho&e se Y truritieT 


timetable. ,,w , T aiiv . 

The proposals would have been private companies associated recently adopted Fourth Diree- pr ^® 
introduced to the House in the with Them to the company’s tive wbictl preV ent the distribu- There are also prohibitions 
Form of a Bill had there been directors, their immediate .. f ^ D rnfiL against such a person procuring 

sufficient time during the current families and companies with &on of unrealised pro L others to deal or passing the 

session which they were H connected. Under the proposed rules, all i ns ide information .to someone 

Sftm ‘ nf thp nronosals such as However, there would be some companies, whether public or who will deal on the basis of it. 

n2> riealinir with insider trad- exceptions where, for example, private- would not be permitted Ako _ tipPC^ Jlmse who receive 


knows is not genurally avail- a pi} final reports of in- 

able and would if it were so ^peciors, printing and publica- 
.-ailable. be likely materially tion u f reports, and saving for 


to affect the price of any securi- s( ^ c j lors and tankers) ■ and 
ties nf a company Uterelerant SDcdoQ 167(4) n{ m l948 Act 
company); and to) was 


company), ana «« (Qxsumn&lUm of persons whom 

nbtain^ by him .n his capacitj tnswcmr ^ no power to ex- 


1 « ^ anspeewr jw s no power to 

3sL- 


was obtained by him (directly 


earlier White PaDer — ^^ine Uon- » u*kun«ii» re tain er! oroijtsi avauaoie ior * . 

duct of Company Directors, deluded the lending of money- the purpose. Determinius the 0 i l ?n 

Other major reforms are based and the loans in question met amount available for distribution h , r _ f 

on measures contained in the certain specified conditions. would be subject to detailed pro- ^wpvpV 

EEC Second Directive no Coni- visions contained in the draft del ^!® d . defences are, however, 

panv Law arinnted by the -v-i-r-n-i a legislation, which also restricts proposed. 

Council of Ministers in M76. If |lf 3Cnpn the purposes for which an Similar provisions are included 

Thp White Facer that the unrealised profit could be far Crown Servants who receive 

AI1 companiP , ,, uM applied. ^nc, ^nlonnat.on in 

importance to full consultation re q U ired to make greater di.s- Additionally, a public company m w h pre dealit^5 not on an 
because nf the complex technical closure \„ their accounts of loans would be permitted to make a JJJKJL „ a a r ^ aI . e concerned, 

nature nf some of the provisions t0 ^ elr Sectors. The new legis- distribution only when its net J™ fth a com! 


f 

'i 


nature »■ «i tut: t0 y, e ir directors. The new iegis- whuwuuuh um 3 r „. * a nerson connected with a com- 

Caflmg for comments to be sent IatJon W0U j d require contracts assets were not the ^“JSSfred to ^disclose 

to the Department oFTrade. the n f service between a director and aggregate of its called-up share - 7i5y the fatt that 

White Paper says: ‘‘The Govern- hjs corapany for periods , on ger capital and uo distribu table £ «« * 

nient hopes that publication wiU than flv J earp t0 be appr oved reserves. Moreover, this would De J s S1 ? conneexeo. 

cive those affected hv the pro- hv t t. e shareholders in a general depend on the distribution not Breach of any oF these pro- 
posed changes a hetter chance mJSns reducing the company’s net visions would be a criminal 

to assess the implications when 14 w« assets to an amount lower- than offence, involving up to two years 

it is introduced in Parliament.” Similar restnetions would oc lh ag g r egate. imprisonment and/or an un- 

.. placed on major property trans- ' , _ _ _ limited fine. In the case of deal- 

Among the new raeasures pro- actI0as between directors and Separate rules would .te ings not on an organ ised market, 

^ir companies and when such applied to investment companies. th | re n would alP0 ° bc civil reme- 
JmnS’ 5ter52^? weU as transactions took place com- dies available to the other party, 

fw nrthe^ C shareholders and panies would he rwiu,red t0 L dls ' 1° order to probe suspected 

b ™i-T about Se Srtrat to c,Dse deTails of them in their KegIStry infringements, the Secretary of 

whTch mwfi& SS distribute accounte. Greater, disclosure & J State for Trade . would have 

dividends. Also there are pro- would also he required of all q-jjp White Paper foreshadows power to appoint inspectors, as 
visions which ' update and substantial transactmns ‘where legislation intended to enable he does under existing law_ to 
rationalise penalties for offences the directors had a material the Registry 0 f Business Names examine the affairs of companies, 
under the Companies Acts, and interest in them. to become financially self- The proposed clauses 57-59 

the modes of trial — many of the A group of provisions is pro- supporting. This follows cdd- and 61-62 are as follows: Clause 
penalties have remained un- posed to bring certain aspects of sultations with users oE the 60 deals with penalties, already 
changed since 1862. British law into line with the Registry on whether to abolish mentioned. 

European Economic Communitr’s the Registry on manpower 57 — (1) Subject to subsection <6) 
Second Directive on Company saving grounds. helow, an individual who is, 

Law. Under the proposed legislation or at any time in the preced- 

This directive, which was the Secretary of Slate for Trade 
A major section of the pro- adopted in December. 1976. deals would be able to prescribe fees 

posed new legislation concerns with the formation nf public for the registration of a business 

the activities of company companies and the subscription, name and also for inspection of 

directors. It includes a state- maintenance and reduction of documents filed at the Registry- 

ment of the general trustee tiieir capita 1 - Some of the roost important 

duties of directors in statute. Since then, the Department of clauses are numbers 57-62 setting 
Breach of these duties could Trade has consulted interested out the Government’s much- 
result in a director having to parties on implementing the discussed proposals to outlaw 
compensate the company for any directive, and comments received insider dealings, the use by 
loss or damage resulting from his have been taken into account in people in the know of confiden- 
action. preparing the draft clause in tial information to make per- 

The proposed legislation also ^ Pa P er - sonal profits through Stock 

includes a statement of the A notable feature or the pro- Exchange and other dealings, 
decree of care, diligence and posals is the introduction of_a The proposed legislation would 


■in 


Duties 


ing six months has been, 
knowingly connected with a 
company shall not deal on a 
recognised stock exchange in 


any securities of that company 
*ticb ho 


if he has information whicl 
knows — (a) is not generally 
available; and fb) would, if it 
were so available, be likely 
materially to affect the price 
of those securities. 


or indirectly ) W from* a^pereon 
who he knew had obtained that 

information in that capacity, under the send ^Section 32 or 
1*1 An individual to whom under sections 164 to 166 of the 
subsection <l> above applies— l^S Act. os Ok ewe-raayte. 

(a) shall not deal on a recognised -w^. . 

stock exchange in the securities I JirPfTnr<5 
of the relevant company; fb) i/uvlwu) 
shall not procure any other The part of the draft bill deal- 
person to deal on a recognised jng with duties of directory and 
stock exchange in those securi- conflicts of interests begin? with 
ties: and (c) shall not. communi- the proposed . statutory descrip- 
cate that information to any other tion of a director's duty to hi* 
person if he knows that that company. Clause 44-46 includes 
other person will make use of these provisions: \ 

that information for the purpose a director of a company shall , . 
of denting, or of procuring any observe the utmost good faith " 
person to deal, oti a recognised towards the company in any ' 
stock exchange in those, transaction with it or op .its 
securities. - . . behalf and owes a duty to the 

(3) beetion 57(6) above shall company to act honestly ia the • 
apply to the provisions of this exercise of the powers am) the 
section as it applies to the discharge of the duties of his v 
provisions of that section. office. 

59—-111 An individual who isj.cr A director of a company -shall 
at any time it itiic preceding no| dp anvlhing „ omit t0 do 
six months has been, knowingly anythin g if the doing of-that 
connected with a company t h ins or the omission to dolt, 

fn S nnv 3S ttW C3Se ;be « TlSe . 

J!" y ® c nhe o£ 11131 Mm ' to a conflict, or might reasonably 
’ u v . ■ *1. . 4L. * te expected to give ruse to a ‘ ' 

(b) where he knows that that con flj C t, between his private 
company or its securities are interests and the duties of his 
involved in a transaction (actual 0 ffi C o 

or contemplated) with another wi l hout nre j a diL’e to sulx 
company or that that company is S.l?: ' 

SS U Si nr 1 d ' rcctor oF a company or a 

with the securities of another person whQ ^ bpcn # dirKtnr 

company, in the securities of the ^ a company shall not. for the 
other company unle» he first of gaining, whiter ^ 

discloses to the person with Erectly or indirectl^an ad/an- w" 
whom b® proposes to deal the tage for himself— -(a) make use 
fact that he is a person lo whom v raone y or other prop^rtv • 
this subsection applies of thc eorapa ; y: or (b) make use - 

U) A person shall not he guilty of relevant information nr nf ' 

Eiw h?™ ^r r g S Si,?™ .2 « relevant bpportunity-fi) i he 
below by reason of a failure n do SQ whl ^ a director D f the ' 


contravention of subsection fl) C o mpan v in circumstances wUch 
S"! 10 Sftt* give rise or might reasonabl) be 


Knowledge 


— 0 — -■ , ... (2) Subject to subsection (B) 

skill to be expected of directors, new definition for public -com- ou u aw insider deahng with the below, an individual who is,’ or 
A measure to benefit employees panies. In place of the suffix packing of criminal and civil a t any time in the preceding six 
is Ihe proposed power for a com- “Limited "nr Ltd., the desig- sanctions, though different months has been, knowingly conr 
panv to make provision for em- nation “Pumic Limited Lom- approaches are proposed for nected with a company 1 shall not 
plnvees or former employees of pany " or “ PLC would be different circumstances. deal on a recognised stock 

the company or its subsidiaries adopted. A Welsh language dealings in companv exchange in any securities of any 

in a business closure. equivalent would also be on an organised marke’t other company if heias lnforma- 

Miuority shareholders, ' too. permitted. There would be ljke lhe stock Exchange are con- ' which te fnows— (a^is not 

awtr e s p d e esCtion for misuse of 1116 raMxsr ^ 

that^ 1 the 1 * affairs S ^ “ "T ^ 

the corapany were being con- 311 important revision of the rules hih ; Cl?d fr0 m dealing io .those ■or eSJmpl^ inSarvm- 
ducted in a manner unfairly governing the distribution of securities if he possesses inside ^0” cmiSpLties or involving 
prejudicial to their interests. profits as dividends by companies, information. .one of them and securities of the 

The tighter rules on company In addition to implementing the This is defined as information other, 
loans would make it a criminal provisions of the EEC, Second which is not generally available ( 3 y subject to subsection (6) 


. .1 1 m mmut ilmouuuui,. we 

shows— (a) that he knew that to rive rise to surt'm 

that fact was already known jo c ‘ J fli * l: d or ( f n if whi i e a d iw- f' 
the person to w-hom he would tor of lhe company he had ihat ' 
?S e ^fxi 3 7 e ip d ?n us e in contemplation in circiox 

!£L«tn 4hItrS? Siq Stances which gave rise or mi.-ht H; ' 
steps to ensure that that fact was reasonably have been expeclid 

djsclosed. \ to give rise to such a conflict. - ’ 

(3) In this,, section QGUL pn- ihi* -rrHnn u rplov^it • 

vately ” means deal otherwise . " »« I ‘ 

than on a recognised stock ° m^r® 

* director 01 a company, meats .. 

information which bs 



CO M PAG IM IE LUXEMBOURGEOISE 
DE LA DRESDNER BANK AG 


— DRESDNER BANK INTERNATIONAL — 

LUXEMBOURG 

SUMMARY FINANCIAL STATEMENT AS OF MARCH 31, 1978 
(ihouwnds of Lux. Francs) 


16.3S9.4Q3 


ASSETS 
Liquid Assets: 

Cash. Balances in Postal Cheque 
Account and with Central Banks 
Balances with Banks at sight 
(incl. for agreed periods up to 

one month) 27 ,842.234 

Collection Items and other Assets 

realisable at short notice 428 

Balances with Banks payable for 
agreed periods of more than one 
month ‘ 57,645,257 

Advances to non-banking Finance 

Establishments 9.037.340 

Bills discounted 1 .699283 

Other advances ... .................. 66.424,850 

Securities 31744.232 

Miscellaneous 4.519.265 

Fiduciary Accounts 121.478 

Fixed Assets 4.744324 


23.525 

42.473 


26385320 


BALANCE SHEET 

UAB1UTJE5 

Preferred Creditors 

Collection (terns payable 

Liabilities to Banks 
at sight and up to one month ... 
for agreed periods of more than 

one month T 17,735,997 

Deposits of non-banking Finance 

Establishments 28385.680 

Current Accounts and Deposits 

up to one month 11,531.26) 

for agreed periods exceeding one 
month 14.835,710 


Debentures 

Sundry Creditors 

Miscellaneous - 

Fiduciary Accounts ..... 

Capital and Reserves 

Provisions for contingencies 

depreciation 

Balance brought forward 

Profit 


5.455388 
7799 
3,445.705 
171.478 
7, 050AM 


and 


4.089.107 
■ 220 
(1.077361 


.221.168.344 


22:1.168,344 


PROFIT AND LOSS ACCOUNT 


EXPENDITURE 


REVENUE 


Interest and commissions 

9,961.462 

interest and commissions 

9.554222 

General Expenses 

Provisions for contingencies and 

t;383.1G3 

Ocher income 

Release of provisions for canting- 

5.479.780 

depreciation 

Other expenses 

Net profit 

2.564.21 1 
249.195 

1. 077.86 1 

encies and depreciation ............ 

201,830 


15235.632 


15235,832 


The itemised Balance Sheer and Profit and Loss Account will be published in the ■” Memorial — 
Recueit des Socletes et Associations 1 ' of the Grand-Duchy of Luxemboia-g. 

Please direct inquiries to: 

COMPAGNIE LUXEMBOURGEOISE D6 LA DRESDNER BANK AG— DRESDNER BANK INTERNA- 
TIONAL— LUXEMBOURG. 26 RUE DU MARCH e-AUX-HERBSS, P.O. BOX 3&5, LUXEMBOURG. 
__ Telephone 4 76 01, Telex 2558 DRINT (all departments) 

Telephone 4 28 16, Telex 7302 DRIFX (Euro money /Foreign Exchange/ Precious Metals/ Securities) 
Cable Address: Bankcompanie Luxembourg 
ZURICH BRANCH: Farberstrasse 6 (Seehof), P.O. Box 64, CH-8034 Zurich. 

Telephone 1 01) 34 91 00. Telex 57 104 DRINT CH 
Cable Address: Bankcompanie Zurich. 



below, an individual shall not, at 
any time. 1 when he is prohibited 
by subsection (1) or (2i above 
from dealins on a recognised 
stock exchange in any securities, 
procure any other person to deal 
on a recognised stock exchange 
in those securities. 

(4) Subject to subsection (6) 
below, an individual shall not, at 
any time when be is prohibited 
as aforesaid from dealing on a 
recognised stock exchange in any 
securities by reason of his having 
any information, communicate 
that information to any other 
person ' if he knows that that 
other person will make use of 
the information for the purpose 
of dealing, or of procuring any 
other person to deal, on a recog- 
nised stock exchange in those 
securities. 

(51 Subject to subsection (6) 
below, where any individual who 
is not connected with a particu- 
lar company, or is so con- 
nected without knowing' it, has 
information of such a nature 
(hat if he were knowingly so 
connected, subsection (1) or (2) 
above would apply to him and 
he knowingly obtained the infor- 
mation (directly or indirectly) 
from an Individual who was, or at 
any time in the preceding six 
months had been so connected, 
then the former individual — 

(a) shall not himself deal on 
a recognised stock exebaoge in 
the securities of that company 
if he knows that the information 
would, if it were generally avail- 
able. be likely materially to affect 
the price of those securities; 


exchange. 

61.— (1) Where an individual _ 

(the dealer) deals in securities r 2pi¥! U .S ' 

in contravention of section 59(1) £ lIJSSjiwItlSSiSrt - 

above, the person with whom he ^ inninnnr 

deals shall if at the time of*he J‘ n, n * 

transaction he does not know the n }fL a t w J n a n v r ’ 

fafct that should have been ^ unconnected with the company j ; 

dosed to him, be entitled to ihe\ ^ - »j t ,‘y 

same rights as to the rescission J^PpOrtilllllV [ i- 

of the transaction as he would ;tT, 0 i 0 ^ n * " i. \ 

have had. if he had entered into , .i ♦ "* JSSSS^L ” { : 

that transaction in reliance on a 1^*'***™'° *%.^ r-" 
fraudulent misrepresentation JSiw^SuSSS Er 

made by the dealer: and those wbic I*- he £ ad wh , U f. a directoi L , •; 

rights shaU be' subject to the hJXSefc v 

same objications and incidents as — 

they, would in such a case. !,h?i n E? n f L nl 

. • other ofneer of tne company: org; y.; 

CAAnvifinr (b).in circumstances in which 

deLUnueS wa s reasonable to expect him tori/-;£ 

_vi . _ , disclose the fact that he had tbat£ : x\ 

(2) where a person is entitled opportunity to the company. - • *■ 
undm- Thissection, or would If aa , per50n contravenes any ft 
apart from any rule of law pre- of the foregoing provisions 
ventiog rescission from being this Action be shkU be lible^iT ’ 

ItMc’^Se fo nSnSd" 0 10 acMunt to th = for ' 


a transaction relating to !HJ? , „ w S 1 l Sf JS. 1 ?* m “i! ! 
serixrities. be may. instead of „ 1T ^ ct y or indirectly from the 

rescinding it. recover from the ^ u n °h 

dealer compensation for any loss 4®’ S ^ U to com ! peQsat ^ 

sustained by him by reason of l he com P an ^ “iy j? 85 nr 
any difference between the s “ ffer ®? direct,y ? r 

price at urbicb the securities were .indirectly by the company in 
dealt in and the price which he consequence of the contraven- 
and the dealer might have been laon - .- 

expected to agree if any informa- A person shall not be liable 
tion available to the dealer and under the foregoing provisions 
likely materially to affect their of this section for any act or 
price had been available to that omission which is duly author- 
person. ised or ratified. . 

(3) This section shall not be This- section has effect instead 
taken to deprive any person of 0 f any rule of law stating the 

any remedy for misrepresenta- fiduciary duties of directors nf 

turn or breach of contract avail- companies, but is without pre- 

able to ium under the ^law in j ud ice— (a) to any remedies t 

force apart from this section which, may be available apart * 

Secretory of State^that* there are STich SS-' "and* (blTany - 
circumstances suggesting that other prov&lin’tJ ttecLpJies 

Ki! - 

as? HS22“*.°. r “its wjsjf'sa 


Ja 






ST* investigations *£* ^ compliance with. any requirement 


Profit 


(b) shall not himself deal on 
a recognised stock exchange in 
the securities of any other com- 
pany. if he knows that the in- 
formation — (ii would, if it were 

generally available, be likely 

materially to affect the price of 
those securities: and (ii) relates 
to any transaction (actual or 
contemplated) involving that 
particular company and the 
other company or Involving one 
of them and the securities of the 
other; 

Cc 1 sbai] not procure any other 
person to deal on a recognised 
stock exchange in thc securities 
in which the Former individual is 
prohibited from dealing by 
virtue of paragraphs (a) and (b) 
above: and 

(dt 3hall not communicate the 
information in any other person 
if he knows that that other per- 
son will make use of the infor- 
mation for the purpose oF dealing, 
or of procuring any person to 
deal, on a recognised stock ex- 
change in the securities men- 
tioned in paragraph <c) above. 

(6) Thc provisions of this 
(Section shall not prohibit an 
individual by reason of his having 
any informatidh from doing any 
particular thing if either— (a) 
he does that thine otherwise than 
with a view to the making of a 
profit or the avoidance of a loss 


requisite to esta btish whether or & ^J*aU not of itself , 
not any such contravention has )?? 

occurred and tn report the re- *• Company of any liability 

suits of their investigations to U1 \ p n 0 ^ ,l .' 

him In the exercise of the powers -Jap,; 

(21 The appointment under . of the dutiB ? 
this section of an inspector may °* hl ® 9™?® in circumstances of . 
limit the period tn which his in- an ^ description, a director- of a ''l. 
vestipation is tn extend or con- cotu Pany owes a duly to the a-f., 
fine it to particular matters. ' company lo exercise such care U ; 


that 

susweted contravention nf ‘“gjg” "" 

section 57 or 58 above in relation ha v^«?"tastead of” e rai» 
to sceunttj of any company has o{ law the du a ra „F care M* 

™ 0“ still o«<! V* 

p ST/! 1 V roduce . U> #1 t“ i>y f director of a company to tne 
any books or dncuHMmts in his company y 

able to give; and it shall he the Th e manors to which "tK 
custody or power relating to the directors of a company are »o 
company or ats securrtnes; (b) to have regard in the WfarmaiK* 
attend before them; and (c) of their functions shall -iwhido 
dtiherwlfic \t> give them ail aseis- the- interests of the company's 
tance in connection with the in- employees generally well.** 
vestigation -that he 19 reasonably the interests or its meratert- .. . 
duty of that person to comply Where in any ■ proceeding! 1 . 
with that requircmetiL falls to a court A 

(4) Subsection (31 above whether a direcior-af 1 

applies to any person who— (al is in breach o£ fiia duty 

with tiie comoanv regard, in thp nefforMSOte ■ Nr. 


is connected wjth the company -in regard, in the perform?^ • 
relation to whose securities: the his functions, to the .interests 

*— ! -- ..... .L. . ■ lIH 


contravention is suspected to the company’s ludntfwrsi ‘ JJJ®. " MV| 
have occurred or was connected court shall take ihto.secouo^®: 
with it act the time of the sus- fact that the .tfirbefdT .te-PS 
p acted contravention or at any required to comp ly-wi th toe? ut -f> 
time during the preceding ax imposed^ ^by- tins Btfctiou.; , 
months; or the inspectors may 


certify the refusal under, their Changes in 
hand to the court, owl the court Majesty’s vSferf&feera:' 
■may (thereupon inquire into the £2.35,- v" ' ■ ' 








Financial Times Friday July 21 1978 


HOME NEWS 


Short-term changes 
in building society 
rates ‘unlikely’ 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 

build^ 0 six’jm?^ “ T A* 001111 '^ the results .. 
arelikeW 5 -^ rf- mterest rate s January-Jnne 1978, Mr Cummins 
t0 toe Wool- said that assets of the Woof, 
wich Building Society. wich had just passed tbe £2bn 

The Woolwich — Britain’s fifth mark - 311 increase of nearly 7 
largest society— says that as veL P* r cent over the ste month 
the higher interest rates intro- 

duced at the start of Julv have „ Receipts from investors in the 
had no effect on net receinfaf ® rst balf 1:1811 **5®° 10 2401,31 
Rut it expects the situation P to a £ ainst £338m a year earlier, 
improve by September ° t0 wh,le withdrawals totalled 
Mr. Alan Cummin- chief £307m - f 22 ^ durmgtbe 

general manager of the Wool- companole period a year earlier. 

atst-s *S 

» m ^ oc i 4 .i:^ SK??r £,.*• 


33 


LEGAL NOTICES 


for 


a high lending in jjne other societies, 
the Woolwich said it was now, 


would be lending more money on home 


k ‘Hf v 


programme. 

Record ■ advances 

^Ta^fSOm^F ■ w \L b m . ore improvements and extensions 
line fnri ™ Vi. e than ever before, with nearly 

sue mrtntWo VanCes c" 016 ® rst ^ 8m aIreat iy committed in this 
I-aiiJ? SSL • 1338111 way for the first half of 197S 

1116 saIne period compared with an overall 1977 
^ niontfas before total of £10m- 


DISTRICT COURT OF THE PRINOPAXJTy OF LIECHTENSTEIN 

ADJUDICATION OF BANKRUPTCY EDICT 

On application of tbe liquidator of the firm of Weissholding International S-A-, 
Holding Aktiengesellschaft — in liquidation — DDr. Herbert Batliner, atiorney-at-law, 
Vaduz, proceedings in bankruptcy were, by order of the District Court of the Principality 
of Liechtenstein, Bankruptcy Department, Vaduz of today's date, instituted on the assets 
of the firm of 

WEISSHOLDING INTERNATIONAL SA. HOLDING AKTIENGESELLSCHAFT 

Vaduz. 

DDr. Herbert Batliner, attorney-at-law. has been appointed as receiver. 

All creditors of the firm of Weissholding International SA. Holding Aktden- 
gesgUscbaft, Vaduz are summoned to register their claim— advising the Legal title and 
The category claimed (categories I-V) with the receiver, DDr. Herbert Batliner, 
attorney-at-law. Vaduz by 24th October. 1978 at the latest Creditors who register their 
claims later must bear the additional costs thus caused and can no longer contest claims 
which have been examined earlier. 

Tbe court sitting for tbe general examination has been fixed for Tuesday. 2Sth 
November, 1978, 9 sun., room 6 at the District Court of the Principality of Liechtenstein 
in Vaduz. ... 

All creditors are summoned to bring the documents in substantiation of their claim 
with them, as far as these have not already been included with the registration of the 
claim. 

Ail further publications in respect of these proceedings in bankruptcy will be made 
in the official Liechtenstein organs of publication. 

As there is an extraordinary large number of creditors in connection with the 
present bankruptcy proceedings, no special delivery will be made to the creditors, as 
the essential contents of the document to be delivered will be notified in the official 
Liechtenstein organs of publication. 

Decisions regarding the present proceedings in bankruptcy will be seat directly 
to those creditors who request it. 

The consequences of delivery already come into effect when the public announcement 
is made ( art. 1, para. 5 Bankruptcy Act). 

DISTRICT COURT OF THE PRINCIPALITY OF LIECHTENSTEIN 

Vaduz, 4.7.1978 


Open-cast mining plan 
‘threatens orchid species’ 


In tbe HIGH COURT OF JUSTICE 
Chancery Division Companies Conn. In 
the Matters of; 

NO. MftlPl Of 19TB 

BRICGSON WAREHOUSES LIMITED 
NO. DAUBS Of 1978 

CHARLTON BU EUPtN C SUPPLIES 
LIMITED 
NO. D0Z1 S3 of 1978 
LONNINC HURST LIMITED 
No- OKUH of mto 

RECENT FISH BAH & RESTAURANT 
LIMITED 

and m the Matin- of The Companies 
Act. IMS. 

NOTICE IS HEREBY GIVEN (hat 
aesthetic I Petitions for the Wtadttu-Up of tbe above- 
named Companies by the HJsh Coon of 
Justice were, on ihe 10 th day of July 
to the said Conn by 


COMPANY NOTICES 


for 


THREE SPECIES of orchid are able to use the common 
present on a site from which the walks and biology, studies. 

National Coal Board wants to If the area was allowed to 
excavate 238,000 tons of power . remain undisturbed, it would de- 
station coal by open-cast mining, vel op “ considerable 
an inquiry was told yesterday, character " 

Mr, Edwin Fenwick, an arbori- In reply to the NCB claim that iot£“ presented 

cultunst employed by the Wigan the operation would save 60 jobs the commissioners of customs 
metropolitan leisure department, that would disappear with the 

also told the third day o£ the ending of the Albert Pit open- ana 'that the Petitions are directed 
Environment Department in- cast site, Mr Donald Walk, chief 10 be beard be tore the conn sitting at 

-quiry at Hind ley. Lancs, into pi aiming officer for Wigan metro- SbdJ^waFnL « Wft S 2?* 

the Ambers wood Common pro- politan council, said it was un- October isra, ana any creditor or'ronin- 
ject that many insects, including known how man; jobs would be bntory or any of the said companies 
the ciJIabar moth, wail butterfiy lost if companies were dissuaded ^^^Sf% ar of °^%g B FwSSS 
and a large number of damsel from moving to tbe area because may appear at uw time of bearhu vd 

i flies and dragonflies abounded on of the impact of an opencast person or by ma counsel for that purpose: 

the site. mine and a copy of the PeUddti triB be furnished 

„ , .... tunic. ... by the understated to any creditor or 

It was a green lung between The result of the inquiry will coocrfbuiory of na of tbe said ccnwuiti 
Ince and Hindley. with schools be announced later. reouinpE snch copy on payment of (be 

regulated charge for the same. 

G. F. CLOAK. 

King's Beam Hook. 

39-41, Math Lane, 

London EC3R THE. 

Solicitor for tbe Petitioners. 
NOTE.— Any person who intends to 
appear an tbe hearing of any of the said 
Petitions most serve on. or send by post 
is (to tbe above-named, notice in writing 
of his Intention so to do. Tbe notice 
must state tbe name and address of 
tbe person, or. if a Bun. tbe name and 
address of the Ann. and must be signed 
by the person or Ann, or his or their 
Solicitor (if any), and must be served 
or. if posted, most be sent by post <n 


HOME CONTRACTS 

-WHARTON WILLIAMS, Aber- cathodic protection potential 
dren. has been awarded a diving measurements and closed-circuit 
'contract by BNOC to provide a television monitoring. It 
specialised saturation diving believed the contract is worth 
-system rated to 600 feet for around 1200,000. 

.-installation on the Thistle Field * 

Alpha platform in the North Sea. HENRY BALFOUR AND CO„ 

.The contract also provides for the Leven, Fife, has been awarded 

■provision of diving personnel. contracts worth £320.000 by the._„ - - - - — . 

.Industry sources indicate that this Beechams Group for equipment HU iWMHj 


’excess of £lm. 



- -.«■ — • — 


open-ended contract is worth in for the food and pharmaceutical noon Ia tf r thc a «h f d^ of l Ociotier t i«£ nM " 

divisions. The largest contort Is ifcT^SiriwM 

vacuum .b^d dryer in u, e high court of justice 

(£240,000) for use m the manu- Chancery DWaftm Companies Com. to 

> SOLUS 5CHALL has a contract fact ure of Horlicks. Tbe the Matter or. capital bioscope 
tom Shell UK Exploration and remainder for the supply of Jfi*{£®£L "Jj Maner 01 Th ® 

Production to carry out the 1978 Nueerite lined reactors - and - notice is** hereby given that „ 
.^underwater surrey of production accessories for Bedcham Pharma- petition for the winding up of the above- 
~ olatforras in the Southern North ceuticals. Worthing. Balfours has named Company by the High .Conn of 
5ea gas fields. A team of certi- also won an export contract ■*“**“?»* “ 

■Seated inspector/ divers will carry valued at £15*000 for glass ana fflBMStfonlB JnSftPSJSS 
%ut s& six-month progTanunG of Nuccntc lined reactors to resist eped office* at 5 Cbarrinctonff House, 
-magnetic particle crack detection, Hindustan insecticides- Bishws Stanford, Bens, am sew. 

and. tint the tatt Petition la directed to 
be beard before the Court sitting at the 
Royal Courts of Justice, Strand. London 
WCZR ILL. on the Sih day of October M7S. 
and any creditor or contra taory of the 
said Company disarms a support or 
oppose (be making of an Order on the 
said Petition may appear at the time of 
bearing Jn person or by Ms Counsel for 
that purpose; and a cony or the Petition 
WH 1 be furnished by the undersigned to 
any creditor or contributors of the said 
Company re qu iri ng snch copy on Payment 
of the regulated charge for the same. 
TURNER PEACOCK. 

I Raymond Bufldino. 

- Cray's Dm. London WC 1 R 5BJ. 
Solicitors for tbe Petitioner 
NOTE-— Any person who intends to 
appear on tbe bearing of the said Petition 
must serve on or send by post to the 
above-named, notice in writing of his 
intention so to do. The notice must sure 
tbe name and address of the person, or. 
if a Arm, the name and address of tbe 
Arm. and must be signed by the person 
or Ann. or his or their solicitor (if any), 
and must be served or. If posted, must be 
sent by. post in sufficient time to reach the 
above-named not later titan four o’clock In 
tbe afternoon of the 6 th day of October 

vm. . 

No. <62187 of 2978 

fa the HIGH COURT OF JUSTICE 
Chancery Division Companies Court. In 
the -Maner of LESBERN LIMITED and 
In the Matter of Tbe Companies Act 1948. 

NOTICE IS HEREBY GIVEN that a 
Petition ror the winding op of the above- 
named Company by the High Court of 
Justice was on the lOtb day of July 
ifffB presemed to the said Court by 

the mayor and burgesses of the 

LONDON BOROUGH OF HARINGEY of 
the Civic Centre. Wood Green. London, 
N^2t and that tin said PetiUoa is directed 
to be beard before the Coon anting at i 
Uw Royal Courts of Justice. Strand. 
London WCZA SLL. on the 9th day of 
October MTS, and any creditor or coo- 
trtbotmy of the said Company desirous 
to support or oppose the making of an 
Order on Ihe said Fetiboa may appear 
ar the time of hearing in person or by i 
ms Counsel for that purpose; and a 
copy of the Petition will be furnished by 
(ha mdereigned to any creditor or con- 

I lrQnUorr of tbe said Company requiring 
sp™ c opy on payment of Ute regulated 
charge for the fame. 

T. P. NEVILLE 
CHef Solicitor. 

Cine Centre, High Road. 

lMitftfp MSP 

So Bciior for the Petitioner* 
note^ — A ny person wbrf Inland s to 
appear un the heartna of the said petition 
nnwt serve on or send by post to the 
above-named, notice tn writing of bis 
Intention so to do. The notice most state 
the came apd address of the person, or. 
tf 4 firm, the name and address of tho 
and moat be signed by tin person 
an. nr Ms or their sollcfcor (if any), 
and mun be served or, if posted, must be 
sent by vou In snfBcient time to reach the 
above-named not later than four o’clock; in 
the afternoon of the 8 th day of October 
1978. 

— Ho, 00229? af 19I8 - 
fa the HJCH COURT OF JUSTICE 
Chancery Division companies Court- fa 
the Matter of CARR & BATT limited 
and is the Matter of The Companies Act. 

ms. 

NOTICE IS HEREBY GIVEN that a 
Petition tor toe winding up of the above- 
named Company by the High Court of 
Justice was on the itui day of July IMS. 
presented to the said Court by CLUTSOM 
PENN INTERNATIONAL LIMITED whose 
registered office is sto mp at Hfab- 
fldd Street. Coalville, Leicester LEfi 2BU, 
and that the daid Petition Is directed to 
be heard before toe Coon sitting at the 
Royal Conns of Justice. Strand. Land on 
WCJA SLL, on the 9th day of October IKS. 
and any creditor or co ntri buto r y of toe 
sold Company desirous to support or 
oppose the making of an Older on toe 
aaid Petition mar appear at the time of 
hearing in person or hY his Counsel for 
that purpose; and * copy of the Petition 
will be ftnntthad by the undersigned to 
any creditor or contributory of tbe said 
Company requiring such copy on payment 
of the regulated charge far the same. 
DILLON WESTON, 
u Tested en Street 
London, W1A SBB. 

Ref: LWB/UAH. Tel: BUBO 8680. 

Souebort for the Petitioner 
NOTE.— Any person who intends to 
appear on toe bearing of the said Petition 
serve on ur sand by post to the 
-aimed, notice fa writing of Hs 
Intention as to da. Tbe notice must state 
toe name and address of the person, or. 
if a firm, the mao and address of toe 

ttfm, amt mngr he lllTWfl by the V S fWl 1 

or firm, or Us or toeir soHdur (If ssy), 
and must be served or. if posted, must be 
sent by post In snflkign time to reach toe 
abovMimeti. sot faux than tour tfcJocX fa 
the a fwnwon nf the 6 Ui day of October 
1 M 


ANGLO AMERICAN CORPORATION GROUP 
TRANSVAAL GOLD MINING COM PAN IB 
Interim Dividends — Financial years ending 31st December 1978 

On July 20tn. 1978 dividends, were declared In South African currency. 
Payable to members registered in the books of the undermentioned companies ar 
the close el business on August 4th, 1978. 

The lranslef registers and reels lers of members will be closed m each case 
from August Sth to August 18th. 1978. both dm Inclusive, and warrants wilt 
be Dotted from the Johannesburg and United Klnodom ohreec. el the transfer 
secretaries en or about September 7 th. 1978. Registered mem ben Hid from 
tne United Kingdom will rece.rr the United Kingdom currency equivalent bo 
Auous. 29th. 1978 of the rand value of (heir dhridaMs Hess appropriate taxes). 
Any such members may. however, elect to be paid in Souib African currency, 
provided that ttte rawest is received at the office ol the transfer secretaries 
In Johannesburg or In the United Klnndom on or before August dm. 1978. 

Tbe eBectlre rale of non-resident shareholders’ lax for all the under- 
mentioned companies Is 15 per Lent 

The dividends am payable subfect to conditions which can be inspected 
■t the head and London offices ol the companies and also at the offices M the 
companies’ transfer secretaries in Johannesburg and the United Klnodom. 


Name of Company teach ol which 

Is incorporated In the Republic of 

’ DhrfdlNId 


South Africa! 

NO. 

per there 

East Osage lonteln Mines Limited 

Yoal Reefs Exploration and Mining 

. 72 

44 

25 certs 

100 cents 



dfectern Deep L*v°K Umlied 

33 

65 cents 


LAST DAGGAFONTEIN MINfS LIMITED 
The Chairman’s statement accompanying the 1977 annual report Indicated 
that consideration would be given to the declaration of a dividend in mld-vear. 

U i» emphasised that the amount pi the above interim dividend will bear 

no relation to the amount of tne final afrtdeno, it any. 

THE SOUTH AFRICAN LAND AND EXPLORATION COMPANY LIMITED 
in view of the continuing possibility of prolonged and costly prasaacting 

operations, the directors of The South African Land and Exploration Company 

Limited have decMed that no Interim dividend will be paid by this company 

tor tbe v ear mvffng December 31st 1H7S. 

Dtindends— -Revtston of Declaration and other dotes. 

In an announcement published In the Press on- February 19th. 1978, copies 
of which were pooled to all members, and in the 1977 annual reoorts af the 

companies It was stated that In lulu re dividend* would be declared fay these 

companies. when the actual operating results of the relevant accounting period 

were available rather than before the end of the period based on estimated 
results. 

M 1J*F abovemismtantd dividend declarations, the 
declaration, publication, record and payment dates -are some five week* later 
than has been the pattern nj the past. 

It Is intended that this dividend pattern will be followed In tho future. 

ANGLO AMERICAN CORPORATION OF SOUTH^ AFRICA* h Ll jStiTED 

Secretaries 

am*. ai .u j ■ _ . oer C. R. Bull. Divisional Secretary 

Office or the United Kikgdem Transfer Secretaries: 

Charier Cun'*! Mated Limited. 

--O' Bo “ 102. London Office: 

40. Ho! born Viaduct. 

EC1P 1AJ. 


Charter House, 
Parte Street. 
Ashford. 

Kent TN 24 8EQ. 


Johannes burg. 

21st July. 1978. 


BEECHAM FINANCIERING B.V. 

To holders of Beecham Financiering B.V. 

US$ 63% Convertible Guaranteed Bonds 1992 
NOTICE is hereby given that on and after September 15, 
1978, Beecham Financiering B.V. USS 6J% Convertible 
Guaranteed Bonds may be converted into fully paid registered 
Ordinary shares of Beecham Group Limited at a price of 
695p. per Ordinary share. Ordinary shares issued upon con- 
veraoa will rank pari passu m all respects -with Ordinary 
shares in issue on the conversion date except for dividends 
payable by reference to a record date occurring prior to such 
conversion date. For the purpose, of calculating the number 
of shares to be issued in respect of each conversion an 
exchange rate of SI .7423 — £1 will be used. Conversion rights 
wiil continue until August 18. 1992. 

Conversion rights attaching to any Bond may be exercised 
by the Bondholder delivering the Bond and all unmatured 
coupons appertaining thereto to either of the Conversion 
Agents offices below together with a notice of conversion 
in a form obtainable from the said Conversion Agents. 

Principal Conversion Agent Conversion Agent 

Hill Samuel & Co. Limited Banque Internationale a 

. 4 L Eee ™V iSSSSftSSi 

London EC2P 2LX Luxembourg 


Jamie is 5years old, 
spastic and unable 
to walk or stand. 

It was Angela Coletta’s job to find 
•him sympathetic foster parents. Just part 
of her life as a Bamardo's social worker. 

It wasn’t easy. But we’re happy to 
say that Jamie is now being looked after 
by a warm and experienced couple who are 
realistic as well as fond of children. 

People like Angela Coletta and 
Jamie’s new parents are essential to 
Bamardo's. Also essential are the funds to 
enable ns to continue. Caring for children 
demands a great deal of money. Will you 
help? 

Please give,your caring isn’t enough. 

Send your cheque/PO, medejnyable to Dr. Bamardo’s, 
to: Bamardo’s, FT 266 , 

Freepost, Ilford, Essex IG6 XBR. 

Bamardos 


ED WORKS (1926) LIMITED 
( Incorporated In the Republic 
of South Africa) 

NCmCE TO SHAREHOLDERS 

DECLARATION OF DIVIDENDS— 
DIVIDEND NO. 63 

NOTICE IS HEREBV GIVEN that 
dividends have been declared an the 
Ordinary. “A ’• Ordinary and 6 per 
cent and 7 per cent Cumtilathra 
Preference mares ol this Company i 

Ul On the Ordinary and “A 
Ordinary Mures— a Final Dividend 
of 40 per cent (equivalent to 4.0 
cents per 10 cent shore) malting a 
total of GO per cent (equivalent 
to B.o cents per 10 cent share) 
lor the year <1977 — 40 per cent). 

Cumulative 


(b) On the 6 per cent 


Prwlerenc 


sha 


haH-veari< 


v«ar ended 3t July, 1978. ol 
3 per ceirt (equivalent to 6 cents 

r R2 share) making a total of 
per cent for the ve*r ended 
ST^jluly. 1978 (1977 — 6 per 

tO on . the 7 per cent Cumulative 
Preference snares — a half-yearly 
dividend In respect of the half- 
ended 31 July. 1978. of 


ar. 



LOCAL AUTHORITY BONDS 

Every Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
offer to the public. 

For further details please ring 
01 - 24 S 8060 Extn. 266 


per cent (equivalent to 7 cents 
Mr R2 share) making a total of 
7 per rent tar tbe year ended 
31 .July. 1978 (1977 — 7 per 

CHt). 

In addition, the following further 
dividends are declared payable sub. 
feet to the Scheme of Arrangement 
proposed between the Company and 
(Inter alia) Its 6 oer rear and 7 her 
cert Cumulative Preference Share- 
holders becoming operative: 

(a) On tbe 6 per cent Cumulative 
Preference shares— a .pro rata divi- 
dend -far the period from 1 
August. 1978. to the operative 
date of the Scheme ar the rate or 
6 per cent per aimurti. 

(b) On the 7 . per cent Cumulative 
Preference shares — a pro rata dM- 
deod (or _tfe- period from 1 
Aware 1978. to the operative 
date of the Scheme at the rate 
of 7 per cent per annum. 

The aggregate amount of the above 
dividends oayaote to each Preference 
Shareholder will be rounded up to 
the nearest cent. 

The Dividends are payable to the 
Shareholders registered In the books 
of the Company at the etme of busi- 
ness on 25 in August. 1978, and the 
Cheques fn payment thereof trill be 
posted on • or about the Si August. 
1978. 

ftvMends are payable in the 
currency Of the Republic of South 
Africa, and dividends from toe London 
OfBe* wni be paid In British currency 
reta lia t ed at toe rate of exchange 
ruling on the 30 August. 1978- 
_ Dividend cheoues despatched from 
toejLoMdofi one* to _ p erson s resident 
m Great Britain or Northern Ireland 
y.Hf. **...* 11 ***** l« a deduction of 
United Kingdom Income Tax at rates 
® a* «***»■ allowing lor 

relief (U any) fn respect of South 
African TlMCSa 

_ The Company will deduct to# Non- 
Resident StarehoMere Tax of 13 per 
sent (19%) from all Dividends pay. 
able to shareholders whose addresses 
to the Share Refllstm. are outside the 
Republic of South Africa. 

The Slure Transfer Books ana Share 
Register* of. toe Company will be 
efosad from 26 August. 1978, to 30 
August 1978. both dam (rdoslve. 

By Order- of to* Board. 

D - H- EDGE. Secretary. 

Head 0*se 

1*5. somere Read, 

Pori ll&IJto' gdoo. 

Transfer Secretaries: 

Republic Registrars (Ptv.) Ltd- 

IOtt Ftow. st. Mirya building. 

83. Etoff SbreaC. 

P.O. Boot 1370, 

johoiuMpbure Zooo. 

London Transfer Office; .. 

6. Greencoat Place. 

London SW1P 1 Pt_, 

England. 

21 July. 1978. 


BANQUE NATiONALE 
BE PABIS 

Floating rate note issue of 
SU-SJO rniiiion 
January 1977/83 

The race of interest applicable 
for the six month period begin- 
ning July 21st. 1978 and set by 
the reference agent is 9/e™ 
annually. 


is^wssun i mnnn a 

PARnCIPATlON . CERTIFICATtS tissund 
by Royal Exchange A ssurancei 

NOJiCE JS HIMBV GIVEN lhat toe 
net asset value (uiuudltadj of a Partio- 
Patldn Certiorate os at June zoai. 1978. 

nsnw the official raw* of exchange, was 

pounds vterfinp 20.177 

By order al the Board. - 
HOLLANDSE KOOfrMANSBANK N.V. 
Sarebattareat 14a. Manager.. 

Aisslerdam C. 

21st July 197B. 


ART GALLERIES 


ACHIM MOELLER GALLERY, ft, Gros- 
veugr SI root, off Bond Street, w.l. Tel 
493 7S17. Setoeiton ol ; ,1s paintings by 
Kadin&ky . and 2otb Century 
MASTERS. Modigliani, user. Braoue. 
Mondrian. ..Ernst, Mirp, Ktoe. Picasso 
a.o. through July 


JBROWM A DARBY. 19. Cor* Strret. W.l. 

S® 61 " p *VI ll 5S2 - n n w P n ' e ". Observed. 
Moa.-Fri. 70.00^00. Sot. 1O.0Q.iaJ0. 


CHANDE GALLERY. S-B. Cork St. W.l. 
01-734 4626. Exhibiting pallUlnos by 
GREGORY FINK. .Mem.-Fri, 10-5JS0. 
Sate. TO-1 . , 


COVEMT GARDEN GALLERY FAR AWAY 
Decorative watertrtwrrs. From and Of 

BEL "Si. »■?&*■ ■ 


Grew. St. John’s 
LANDSCAPES by 
MARBLE Carvings, 


^ST queen's 
S-w. S86 3600. 
fajVal Academlctona 

YOMA sasburgh. 


LUMLEY CAZALET. 24. Divio St. W.l. 
01-499 S058. MATISSE — DSwMtM. 
Prints and Illustrated Bpolu. Until M 
July. 


CLUBS 


eye. 109. street, 7ac 0597 . a i> 
Carte or All-in Menu Three Spectacular 
Floor Showy 1D.4S. 12-tS^dTM *nd 
music of Johmw HavQfemwa-tb & Friends. 


GARGOYLE. W.BCin 
NEW 

Show "a t M Idmafit and 
Men^-m. Closed Satuntoys. 01-437 8496. 


W.l 

STRIP* ease Floor Show 
E GKtAT HicmsJf 


APPOINTMENTS 


ACCOUNTANT Moyas Insuraiwo 

and short term money ,m*toet to*S- 

ment experience easenmi. Required by 1 
oi%38°79Zl. ParS0 " M ApwsiifiSrta, 


APPOINTMENTS 




Director of 
Corporate 'Planning 

for a major national organisation operating in the service 
industry. Turnover is rising to £500 million. 

• the task is to establish strategic priorities anti targets for 
future growth and for the profitable use of resources within 
coordinated plans. 

• A record of creative anti effective achievement in a similar 
and senior appointment is essential Tbe career path is likely 
to have Included a period in a top line management role. 

• salary around £15,500. Success could lead to further 
l ine management responsibilities. 

Write in complete confidence 
to P. A. R. Lindsay as adviser to the company. 

TYZACK & PARTNER’S LTD 

MANAGEMENT CONSUIXANTS 

IO HAIXAM STREET LONDON 1 WIN 6DJ 

12 CHARLOTTE SQUARE - EDINBURGH EKZ 4DN 


Regional Director 

SERVICE INDUSTRY 


for the largest and most profitable region of an international company 
widi ahouseboldname. 

• KESPONsramrsr is to tbe Chairman for the sales and profits 
performance of a multi-branch operation that is crucial to the 
fortunes of the group. 

• the requirement is for strong leadership shills in dealing with 
people and a demonstrable record of successful sales and general 
management in a service industry, almost certuoly involving retailing 
and tile employment of female staff 

• s al ar y* is unlikely to be less than £ 15 , 000 , with substantial 
profits participation in addition. Success could lead to a Board 
appointment. 

Write in complete confidence 
to A. Longland as adviser to the company. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

10 hailam: street • , London win 6dj 

12 CHARLOTTE SQUARE - EDINBURGH EH2 4DN 


Investment M.anagement 

• REORGANISATION and growth have created the need for additional 
senior staff in a large pension located at Epso m j exceed 


£24001 and the annual inflow is in excess of ^som. 

• three appointments are to be madg coveting separate responsi- 
bility for the management of the feral interest, equity awl real 
property portfolios. 

• for. each, experien c e of the Tnan-g gc n> rt it of sizeable assets 
is the requirement, Graduates and applicants with suitable 
professional qualifications, with closely relate d City experience, or 
those who have worked. in large institutions will have an advantage. 

• salary is li kel y to be around ^10,000, but could be more for 
Special skills. Preferred age early 30s. 

Write in complete confidence 
to J. B. Tonkmson as adviser to the fend- 


TYZACK & PARTNERS LTD 

MAMAGSICEOT CONSOIXANTS 

IO HAILAM STREET • , LONDON WIN 
12 CHARLOTTE SQUARE - EDINBURGH EH 2. 4DN 


PUBLIC NOTICES 


COUNTER-INFLATION ACT 1973 
f!973 C.BJ 


ODDER 

undor section 6 


ire Ceminlcaign, In 
aton 6(3) of., too 


WHEREAS tow Prire 

accordance wtto 

Cotin ter. inflation Art 197S. bare publlibod 
not !*« than la dare norite at tboir 
Intention to make ton Onttft 

NOW, tberelare. toe Price Commission, 
in exerclM^gf uvefr powers under uaim 
6(2i «M (31 of. and oaraDrapb W> and 
U) ol Schedule S to. toe uU Act. Hereby 
make toe following Orders — 

1 This Order applies to a contract made 
between a printer or binder and tbe 
Controller ol Her Majesty's stationery 

S Are for her Majesty's Gorenunent. 

) The Price or charge tor the sale of 


goods or toe 


■nee of services 


performeL 

in toe course ol busmtti unfler such a 
contract a* It mentioned In paragraoh 1 
above shall be restricted In accordant* 

with sub- Barograph (2) below. 

tZ> The price for work executed end 
delivered l" toe period beginning on 
i August 1976 a"d ending on 31 July 
1*977 shell n« exceed the Price charged 
M resoect of the lost transaction un«w 
that contract before 1 August 197s as 
tocreosod ov to* amount of oay jpereas* 
In cosja. meurred since tbe dote of that 
transaction; 

and IB I hi* sub- paragraph “ arfc*"' In- 
cudes charge. - 

- T?£ .Q^^ .jhaH com* Into ooeraUon 
an SB July 1978. 

Dated; 13 July t£5f 


COUNTER-IH^ATICNI ACT 1973 
ORDER 

under suction 6 


Prire Comm I *s (on. in 
section 6(5) 01 the 


WHEREAS the 

accordance With hccikki 6 ( 5 ) at the 

Sra; 1 * hare MUhNd 
not wu than 14 days notice m their 
"•ttntlon to majee tbtiOraEr: 01 we,r 
- *!£!!&■??* ■ Mt e Commission. 

5 

T* ^JvzA v sjsm 

^ Ohb provision of <nrv|rK by 
reference to changes in cosuij£?rr™5 
Sm S ISSfiSS l " ** «*PPly ol to* 
|2) Notbmg In this Order uol| K in 

DrKj * r «« 

2 . n hi« A psrc D h n ,r^ aw 

ms SSL s* 

graph 1 <U above which excels a cJice 
pr. ‘Charge determined in ORordance with 
the contract as redacod in umbm 
with sa^paragnioii < 2 j befew"*^^ 

(21 Where, under the contract, e price 
ot charge fall* to be yarted ttr 
reteredce to a dung* In enyeS» In! 


curred or to b* Inarred In the 
supply 01 (lie gooos ar service*— 

U) m determining the amount In rela- 
tion 10 which any such variation it 
to be. calculated, and 
t»> m calculating the amount ol any 
such variation. 

no account Shall be taken of any increase 
in roils wmen n unoer any of par*, 
graphs 28 and 70 to 76 ol the 197B 
Code and paragraph 68 of the 1977 
Code fa be leit out ol account by way 
ol Broduciivity deduction: 

Provided that this paragraph does not 
restrict a Price or charge 10 the extent 
that a Hue restriction is imposed br any 
Other notice or order gfwrn or nude by 
tne Price Commlsilon under section 6 of 
tn* Act. 

3 in this Order— 

" the 1976 Code " means the code 
contented In the Counter-inBatlon (Price 
Codci Order 1 976: ana 
“ fhe 1 977 Code “ it eans the code tn- 

?«riOreer‘ , V : g75f ,in, " , - |,, * a,ton <frl “ 

4 1978.' “ B,B ,n, ° •«"»" 

S'S, : ..?-o ( H toe 0oU ^ 

Dated: 13 July 19%! Co,,,m *« te "- 


, BRIGHTON B.C. 

Ct-6m. Bids lisujfrj tgftji juju 
due iBtt October. ig78. « 9 »m% T«i! 

wESST m - No otfter a »i 5S?‘ 


HAMPSHIRE COUNTY COUNCIL " 

£7,500.000 Bills issued 21 7 vs „ 
9"L*» (O mature 25.10 78. Total aped! 
radons were -47m. Total outstanding 







Fill 


inantial Times 'Friday' July 


34 


WORLD STOCK MARKETS 


Profit-taking curtails fresh Wall St. rise 


INVESTMENT DOLLAR 
PREMIUM 

S2.6A to £1— UWJft C107S%) 
Effective S1.9D40— 32J% (51i%) 


the cent real economic 


growth moved ahead 20 cents to_ASS.70 


mDVcU oiiEflu _u 4 j 

Iatest reporting week, toil to a 0.34 a. 151-54. Volum. «0m stare. 'S^ffeononf'roocm S£e. 

seasonally adjusted, average of (3.69m)- are; «s £*** «,«! 5 industrial lead 


the previous week. The broader $45 on sharply higher fiscal first- 
- - . - money supply (M2) declined to quarter earnings and a 100 per 

AFTER TAKING Wednesdays aver age of $845.5bn from a ce nt Stock dividend, 
advance a stage further at the Tev j SC( j SS+fi.Sbn. 

outset yesterday. Wall Street jan KowaJP led the actives list and Canada 

hands at *24i- Rowan is me trading The Toronto Com- Printemps, Borel, Carre Fonj. Club 

sms scr» M* --or : -s s-? 8 „i ess a 1 '’™ 1 md Air Li, ”" de 


i332Jbn7rom a revised tfjMJbn Devon, Groupjumped^SJ^ jo o Jttafetfc outloVk foe mAvSStSktSn tended to hold h ^ us *jj^ <3 

— - - — ' today's annual results. 


into waves of prod t-ta king which 
left slocks finishing on a rather 
mixed note following another 
heavy turnover. 

The DOW Jones — PhiciT'a onusc aiiu u wii, w.«- > , ArD 

Wi'rra ag-ip. ^j-vsk 


2 .OS down on the day a, «*.. . w -, s unenangea at aij. ,"'-3' ' nil. 

The NYSE All Common Index was .j United Airlines added 3 f. 1 ^ 1 and 0J:i aTld 

a net 3 cents off at *53.07. after » n "* at l.a205. 

. . ■ •»+ ->1i hmmh “l t-s-i l ........ Ca m Rnnk Stores. SUbl 


“ — swss au&jfeMB 


earlier rising to ta.i.oi. 


the economy In the short-term. , gams. uraoy 

Most sectors were higher, with Toagesei Chemical Indnshy t_ Banks sector, BN5 Wales 
rises particularly noticeable m advanced V24 to Y1S7, reflecUng g xq AS6.20, hut CBA 

Electricals and Oils. market talk that it has succeeds , g pgnts to AS2J32. 

Aquitaine, 32 higher at jn developing a new cancer drug- 

’ ^ Johannesburg 

Germany Golds rose afresh, spurred on 

Share prices continued their b y modest London Interest ana 
firming trend yesterday and m e higher bullion pnee. 
managed to ma in tai n a strong Mining Financials were ocw- 
tone despite late profit-mkrn^ ^aiiy firmer in quiet deahn^ 

j- The Commerzbank Index reoew«l Anglos gained 10 cents to K55& 

AfLer an initial- improvement its climb towards its previous^ ahead 0 f the resu»s. De Beere 

slocks often reacted on profit- reached 1978 high of S12.7. finish- lost ^ jmoal rise of 7 cents on 

taking to finish .with an easier ins at SlO^np 2.0 on the day. London interest to end unchanged 


good headway. 


Tokyo 


although 0!I higher second-quarter Coles Book Stores, subject of a telance "after " further Motors rose smndv, wjm at R7.15 Minerals were 

"a‘ins‘<iilT led losses at the close ' and a raised dividend. C$23 a share offer by Southara act i ve trading. Daimler adding DM 6 and BMW other Metals and Minerals «rere 

bv K15 to B34 Trading volume u0 i t0 542; Alcan Press, climbed 12 to C$22*. The Nikkei-Dow Jones Average DM4.50. s _j mostly higher in 

further increased 10 33.34m shares put on J to $28?. also Hudson's Bay OH and Gas were closed 5.19 down on the day at J^ ew j^ To^KlstadMJM 2£0, 7J® {jjjHpS Sack WBdUlg.* 

from Wednesday's tola, of 3,,3m. Lender 2fS W^44HP V J^T 

amounted to 380m shares (owm). — 

-A" Some exporttfrientated shares 
to"c«rb^fore being lost ground, due partly to > the 
around mid-day *“ ,apBA JaDanese -June current 


Brokers said ibai there was 
also some soiling by foreign In- 
vestors, prompted by a fresh de- 
cline in the dollar. 

Analysts commented that ,tne 
slock market advance on \Ved- 


P Destine a drop in second- could not explain the halt, 
quarter earnings, Monsanto Laldlaw Transportation 

«ained t to $50;. Union 1 Carbide, gained 
on slightly higher second -quarter halted 


Vereinsbank DM550. 

Against the trend. Linde came 
back DM 250 and Kloekner 
DM 150. _ . — 

Puhiie Authority Bonds re- 



- rlses; which raisea me aiviaenu Economic tnvesuneni itusi i ib “ p r i n tinc Paper and Ink _ 

ns Ft ssr'PJ^s&'s ! t 0 ® sss&' •ssrfur officia ' vious day - 


rak- on key Fed funds to 8 f ptf net an “ pUoTaTprc^nt to^enominate 

the yen. Dai Nippon Printing 

often advanced on shed Y10 to Y57A works 

demand from institu- In contrast, some Public Works 


Japan has no were also weaker. 


Indices 

NEW YORK- d0W J0NIS 




Industrial ... 8$ 8, 


R'meB’pds’ 


, 6 J B 40.W B28-00, "S'"! ^ J | gg If 


87.101 


87.20 


87. ta; 


B7J» 86.9*! M-*j 


30.88 . 

8*1 I !V 


L'trtbtle" !'«^! 10S - 2 V° 6 ' 

S2.868i 29.180; 28.S70j23.610j 





•tut 


*1 


June JO ! (T«araao.^wwM 


6.71 


*57; 


BIASBASB AND pooks 

juiv : j«*v 1 
20 | W 


July 

is 


1978 


1 juk- J»']r i 

j n ! *« 1 


July 

13 


jSIt 


n«h ! u-w i. HJaM. iqw. 


tComuosilel ^ ^ 


i<im% < 


suS mjs J m!m j ns^i; . 


cvnt from 7J. but dealers, said a 
smaller rise or i of a point was P ^ j- Rej T, 0 |d s> however, eased 
3 * En rly 55 ' buy ing also stemmed 1 to S35i despite higher aecond- 


Paris 


Stocks 

renewed 


Australia 

Markets closed 
after a late burst 


... - — - - — hu alter a iaie uuni - - j - ■ o ^ - 

and foreign investors, in I^«_ r ose_foBowng_ remarj^oy Uraniams Hnd some demand for 



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Uo»ort» Inti 


Hong Kong 

Market turned slightly easier in 
fairly quiet trading, th® Hang 
Seng index losing 2 - 03 . to 1 D54 ' 9 \ n 
Jardine MaLheson declined 20 
C. The Regulating cents to 

bought a nominal p ae ific 10 cents to HKffi-to. ymiie 
of paper, compared Hong Kong Land, 
at purchases the pre- Whampoa and Wbeclok shea .0 
Mark Foreign Loans ce nts each to HKS9.95. HK»8iO 
and HKS3.125 respectively. 

Among second-lmers, China 
Light receded 40 cents t o 
mitred acaln HKS25J0 and Hong Kong Electric 
S ^yunf i” 10 cents to HK16.1-0. 

Amsterdam 

otherwise slack trading Market closed on a rather mixed 

note slthoush Dutch * inter- 

^Bourse" sources said the market measures should be taken to of traders apparently na tionate generally hardened with 

rise°was due to renewed confid- enable Japan to achieve its 7 P« r ffi j t that Cranium issues were too Royal Dutch Raining FI 1.10 and 

low and moved back into the UnJiever El 0.70. , . 

markeL Pancontinental rallied 10 Elsewhere, KIM featured with 

cents to A$14j0, while Queensland an advance of S.50 to FI 6JKU0. 

Mines advanced 20 cents to AS2.70 wh ile HVA put on Ft L40 and 

and Kathleen Investments 5 cents Ahold FI 2.30, but Pakhoe^ 

to AS2.30. Peko-Wallsend, after pokker, Bols and NedDoyd 

initial easiness, picked up to declined. . _ . 

AS5.66 for a net gain of 2 cents. state Loans eased afresh. 

Among Coals, Utah improved 
10 cents to AS4.15. heartened by Switzerland 
news that their striking mine- orices were firmer* 

workers are meeting today to vote Igoree pnees were 

-■ ms&zmssi 20 to 

ausK satu 



H.Y.S.E. ALL COMMON 


from speculation that the Fed * 44 * Texaco also tionai ana toreis n uiveswio, u. - j inHuarrv uraniums auu j»uu.c --- 

" onev sun° D 7v af,S !he market 1 m tt-il- Shell OH ^ To $32 and marked contrast to the Jack^of Trade ^and^^ ^ Coal shar e S brought a Jittle^hfe 

close "that would relieve, pressure fjrtty v/rennajS*" gE Market 

Sffi-Se'ISHhs li. 9 mm 


s-Sl 


291, 

8312 

271- 

33 
25U 
3270 

2 

255, 
12sa 
22lg 
43 Jg 

34 
46i, 

21 U 
465a 
347 g 

333a 

3338 

26>2 

33>2 
485, , 
2258 : 
24 I g I 

21*1 j 
lU7 a 
215* ; 
397g 
1658 ! 
7*a : 
11 1 
4US . 

35 | 
321a ' 
4738 
153* 
215* | 

24 1* I 
521, ; 

24t.ii ! 

361, 
225. 
397g ' 
595a 1 
I7i a . 
33sa ■ 
397 g : 
58ia | 
621; | 
5058 ' 
475a ' 
485s > 
40 

25 , 

284, 
18 

215a 
15 1; , 
31', 
441, 
36M 
21 


295a 
83 
275s 
33 
25 1* 
32t; 
2l S 
2558 
1258 
221 - 
43), 
335, 
46 
214, 
46 ig 
541- 
33La 
335e 
265« 

3358 

485, 

23 

235a 

214, 

18*8 

2i5a 

39 7s 

161a 
7ba 
li 
4058 
35 
52 
475s 
153, 
2 1 lg 

24ia 

534 

24»« 

56)g 

225, 

40 
604, 
161, 
34 
40 
587e 
621* 
49le 
465a 
4B5; 
407$ 

24 1 8 
28*) 
18>, 

21*) 

151* 

51 

441- 

565* 

16 i a 


221, 

22 

aai, j 

3d), 

141, 

14*1 

11 

11*4 

19 

1918 

24U • 

24*, 

371, 1 

37a* 

23), 

Zt»*« 

29 

29), 

J45i a 

25 

18 

17), 

2Ha 

21*0 

5bl; 

561; 

1B>, 

161, 

151, 

15); 

2448 

25 

324s 

3U; 

2,1, 

2U; 

235, 

2a Ig 

191, 

1910 

221; 

22 


Ktfvlun 

llvyniililb Meitl-.j 
Kpynul>lii U. J. .■■[ 
Klfh’-tiin li*ire'i.: 
I.'i# fctvrli luler...l 
JCohiu A Uu> I 

III DA! 1 Jill ill J 

irrK I 

Hus- Lutfi* 

H viler ly-tviu.—! 
Sai**»y .-iiuree—.j 
•ft. Juc AIiiiviaii*.! 
Jit. ICvfti' I’HFCr-.j 

an ill* F> I ml' ; 

daui Inve-i.. • 

-uitfiin I nit- j 

SclililH Bruwiiitf 
‘M.-iiuiinbvrtfvi — , 

aUH 1 

iw.1t I* per j 

SttUil Mr- 

SviblilerUuc. Lap. 

^e) Ltmla)ii*t. ... 

icaiinim 

«i<>arlvi(>.l>.l I 

H*r» KihS iil*I.... I 

SKDLO 

She!. Wn 

Slum li*n-i*>n...’ 
SlRflW 1 

3itfiK«te k«irp ; 

simp'icilv I'* 

■■iliiaej : 

miitli k'lov 

Miltlmu ; 

iuulhili<nil ! 

-*imiilhviTiLai.Kil l 

XHiiliem tu 

iilin.A*l li’ei • 

Hi ill! hem I'ai-lfli- I 
•»*iuilivnill*il«i*\. 

».HllllUlllli • 

Vw'i Bau-hansr.. 

S[ivrry Huith— J 

-Iivrry Kami 

■>nui6 

iLuklaui Umiiii# 

■Mii.OiiLnliiiimia 

MM. OH lniluiOB. 

Mil. I'll ‘Mutt...... 

’SiaiiO Lheimwl'. 
WeHmtf Uni|* 

■m ii. le) inker 

inn lu. 

, ii i ml- 1 rami 

■syiuex 

I'ecbiiiL-Dfcir 

lekiinnix 

lelntyiie. 

loiet 

I 


frjuu n 


lexBb Kunlerri .... 
lex*# liial'iii— ...' 


Wo. A worth i 

Wyiy 

Xeroa..— — — .... 
Zapala... 

Zenith ttwlla.—. 
U.S.Trv*..4%labf 
lNTre**4li76jW 

U.S. 90riayblll.47.Ob> 

CANADA 

Aratibi Hi|K!i I 14 U 

Agiuuo'Kagie j 6<, 

AtoanAunnihiuml 32U 

Alcnma Steal J 23 ■« 

A-bexia* f43W 

Dank at iUnauea e3l; 
Bank A ova -cotta 
Ua?ie keKHiree-. 
bell Telephone— 

Bow Valley lodi. 



21- 

4.60 


31 <i 


Bt* C&narth I 161; 

Um-oui — ! .16 

Urinu) ; 14.20 

Laiuarv Power;..- 391- 
LUIlNnW Alloet^.i 16)5 
Coiui-lfl C«ineni..i ll 
Canada MW L*d.! lEij 
Ltan.lrap Bk.Lcn, 29 
Omum I ndi»L .... T«M j i 
C an. Kacilic....~.| 20 1, 
Lan ti i In: Inv J 2 1 
•Gail. Super Uil...; o3 S® 
oailintf O'Keele, ^- 70 

Caiwuit ABtwUa-^ iO , V 


^ uiellnia... — 

Loniliicu- 

um-. unhurt...! 
LuoMinu-r (it#.. 
Comk* Ue-ource- 

Cu-iain 

Unon Uevd— .— 
j UeniMwi Muita...l 
| limn Mine-.. 1 

Uunie Petroieupn 


281; 
27 1* 
29 5i 
19 
5 

125, 

9 

791- 

561* 

€6 


141, 

618 

a2 

22U 

1421; 

*3ig 

21 

t4.5U 

a7sg 

32 

161a 

lb 

14.20 
39S a 
155g 
II 
12 ’, 
2658 
• 21 
1 1»4| 

205, 
o3t* 
4.6.* 

. 101 ; 

261; 

275a 

29 

iai 8 
i 6 i* 

. 124, 

9 

' 801, 

• t>5 - 
6678 


SHra&” 

In contrast Tins, Base Metal Winterthur 
Mines and iron ore exporter Swjr 2JMHJ 


Hamersley were easier m 
tr Among Golds, Central Norseman steady. 


LiomlnKin Hralbv %*•[* • 

Uomtar S J9 B : f* < 


5>; . 

3S« 

j 31 1 

31 

; 101; | 

1058 

; 25i, | 

259, 

j 20 . 

1918 

1 391, * 

39 1* 

; a31 * 
t VHb 

t,3), 

SLH 


7t; 

25 Ig i 
25 U | 
215« 
371; [ 
27 

1150 I 
341, I 
31 

251, i 
541; ; 
33 U • 
22 ; 
1.4, 
69 ! 

3 Kb I 

425, 
245, J 
23sb 
1 if 5a ; 

414, . 
l3l B . 
27 
891- 

2UA, • 

3618 j 
16?-, 
243a I 
115a i 
505, I 
2738 j 
241, ! 
82 


7 ‘a 
241, 
261* 
2H, 
37 ig 

264, 
Hi, 
341; 
30*1 

Z55b 
54 L-. 
335, 
21M 
1 7>i 
b96g 
3 Ji, 
421a 

240, 
231* 
17U 

42 

155a 

265, 
895, 

1,370 

3670 

164, 

243a 

1100 

61 

2b7 B 

241, 
82 


reuw LiiiilUm.... 

lime* 1 00 ; 

time* Mitnw 

run ken ( 

Vraoe - 

Tninniiien-A 

1 nuiNai...^ | 

Iram I.Rimi I 

Iran-uAv lull'll.. 
tranx W'urfc 1 All 4 
I'mveivrH I 

I'n Ltiniiaeulai ..' 

I'.K.W i 

Jumcviiluiy Tux 

U.AJ, 



LUI ' 

Lillie, er j 

Loiiever A V • 

L'niou Banvcirp... 
Uniuii Lkrtiiile.... 
bail'll, C-.mmeii-e, 
Ualun Uii Lam...' 
Union I'Heihv..^., 

Laiuivai ! 

bailed Brnmlh...! 
Lri Uan.«ir|i...^ — | 

U» (iyiruni ; 

Lbbhiie. 

is ««' 

15 ltvliii.iuicle'.j 

b Vlmlinu riv- > 

1 irtfiuiH Klei.-i....| 

Wanier-tA mi inn. ■ 
Warner- Lutiin-ri.' 

ilx-iellui'niflii 1 

Well— I’-Jtfi. ! 

We-teni lion <*| | 

We-tem A.Amei 

WpUfm bnmn...l 
Wnrtiiigh-e Lier| 

IVnnuv J 

Weyci h-eUMii ....I 
IVini ip. 

While U«.n. 1 0.1—1 

will tarn L-M. ...... 

W I «i*i . ii- i il Htti ,.| 


205, 

43U 

304, 

471, 

36 Ib 

16U 

1912 

354, 

25 5a 

22 

3»Sg 

184, 

i8sa ' 

oBi; 

351a 

237g 

2 

40 
545, 
245, 
357 S 
7 ’8 

46*a 

441, 

7U 
10 
341, 
*612 
243, 
271; 
451, 
20 
14S B 
28 Ig 
49 
294, 

23 4, 

*84 

3950 

*ai* 

177 8 

22 

274, 
27,, 
214 
207b 
191; 
2b la 


201 ; 
43 lg 
304a 
47 
36Se 
1612 
197a 
354, 
251; 
22 
3bi; 
i87 g 

385, 

5878 

345, 

24 
194, 
39U 
541; 

25 
381; 

77 B 

47 

445a 

7*) 

io k 

297 b 
256a 
246 b 
271* 
451; 
2U lg 
14 J, 
281; 
471, 
29 
2368 
274, 
387 8 
29 
18 
22 l B 

277g 

271b 

211 g 

207b 

186a 

281a 


li U 
243a : 
173 • 

301; , 
13H i 
2558 . 

74, I 
40 *1 
426a I 
iai a I 
23 u ; 
481, 
lUfig | 
335, I 
IBS, ; 
186s 1 

13 
llTg 
154, 
1430 

an 

4.35 

20se 

lBia 
24 
375, 
3.6a 
30. 
Ibl4 
34 
351* 
4.35 
1.95 

l^u.-ilivt*etK»ieiini[ 40lg 
fan. ij*n. 1‘ei'm.. 66 

lAitiao i tl6J* 

Vttiplo Lie [A 5—1 5.76 
Plain-La n A; On... [ 

eiw-erUeve’vpnii! 

IViwer C , orj0 , nit' | il 

rnce - I 

ijiiebe. -inrueoiij 

ttootferUi. I 

KcmI Stenhnu'V. ! 
UhlAltfnll | 

IlirvH- Hfc.ol Can.l 

iilHAI Tni'l I 


Uu|*ifii .. 

PalLvu'uv Nivkv.j 

Font il-*ar tau I 

CeiuUr I 

L. irtni VelVkiine, 

Uuii Oil L*iiH.Uu-i 

Hawker Sid Ann 

Hnmntfet 

Home Oil A'„- 

Hud hi id day Mitt 

Uuilnun U*v. 

HuttaXiOil A tin, 

.AX'. — 

tauno 

Imiertai Oil 

luilai J 

Iiiimo .1 Aai. O*' ■! 

I til* i*. v hvw Line! 

Kiuaer Hcmiud-w. 
Laurt Kiu. torp.. 
Luhbin Loin. -6'. 
M.-nun'n MmeiH. 

lUeaey KUnuinrai; 

Ui-lnivtv 

Uoorv Lorv«i 

MounitfinhtnLeliV. 
AoraiulH Mines... I 
Auiven Luextfi— I 
At bn. Teiftiitn ... | 
Auiinn- Uil Jt Gn* 1 

uokupai 1'eiri'in. 

FaciiiuLripper M.. 


4 cents to AS1.84 snd SwFr 340. but among 


Insurance 30 to 


light Domestic Bonds showed small 
losses, but Foreign Bonds were 


NOTES : imeraeas pnees s* 0 “‘2™“^'" ^“hA^meo’dmilelW^Si 

srs-' ass. sr?~ 

» WS 5 S SULsriafas t'fis 


__ scrip and/or riKhia wue 

6 DM30 deiwm " 

views Oasen ol 

« Fiw, 500 flermm. unJwsorherwae «ai«d. trarttiM. o Mlrorin 

unlrtrs. otherwise sisiea. l Yen SO dcaiwn. TjJiO; ^ ^ „iw**nd. » R, 

nEt all 


rnlrtrx otherwise sisiea. M inenw' wamu. ■ ’ n[ - g, tfletth-nd. «R» 

STEimf ^SkASS |*«^ « E* «il S mwlm 

^Oni^ 0 *! nielrteiui sfter oendlnR riBhra Increased. 



48.41 

tf/J) 


h r 

• 

Juiy July 19 


luuco tnuled 

1.888 

BIB 

um 

9*1 

il ig 

Kalla - 

iiarhanued 

604 

4X9 

93 

7 

448 

482 

. .74 

9. 

s 

- -» 

,16 

Aew Hijslw.— ™— 
New Luvrt.. 


konteeal 


V 


Indittiruil 

ComhUHfl 


i July 
j SO 

PlBa-Bl 
1 199.47! 


TOBONTO CWTHkpqie. 


1178.61 


JOHAN NESBUBG 

Imlmlrial 


I 245.6 
I 262.0 


1973 


July 

19 

July 1 Jwjv 
IS [ 17 

High 

"tew’ 

1S8.9S1 1B7.BSI HM.», 
136-52; 186.67; 1B8.00 1 

189.51 120.7) 
198.47 <20.'V| 

IflgjUtMA 
179.92 dOJl 

1170.5 

naajji 166.4 

nn*eom 

9B8J2 tXHli 

253.8 

262J 

j 

257.IX 237.2 
262.2] 253.4 

245.5 COlT) 
252.4 (17 m 

^teai(20rt) 




a [.* . 


* > 


July | Pre- ; 19*8 j t9 L 8 

20 j vuu< | Hlah ! Liw 


20 mu Hlffh 


Australis'' 
Belgium > n 


300^0 1 501 jl^W4.;2|MU9 


, . Iiw* 

S*>.£7l 66.18 j 101.16 
j (Bl5l 

Denmark!*’) *■»! »•“ *;{f 


France 
German" -i 1 ; 
Holland «« 


itt» 71-9 ! 


Oil) 
7a8i 71.9 
i3d/7) 


S10.2 . 


84.2 | 


603.2 1 912./ 

[ (LOft 
8*^1 tftJi 

ana 

Hong Kong>l.94 ; 556.97,5^ 

Italv V-*«- «■»] 6L52; M 

i„,i 4C&.59 ‘ 4ISkSl 1 435.81 ! 364AM 
Wl : . tl9,7i i I*.U) 

347.65 SWS1 1 -ioo-Jl I a*- 0 
b , I <IOf7) ! rljh) 


fl/31 
90.43 
(23 /hi 
64.00 
(6,2) 
«/.6 
, ttCi) 
'739.4 

U7*> 
7BJ) 
(4.4) 
383.44 
l Li/I, 
53.45 
(LO/ll 


Spain 
Sweden 

Switzerl'di/j 291.7 


Kfl 101.04 1 10O.18I U0.W 

I I - i-WW^ 
( Cl 397.22! 393^3 387.96 

j ! (-Mil 


| 29 IX 336J9 

I I ew 


Lear 


HUE 

-03A 

33M4 


Japan 
Singapore 




lWUees ana base dstea (all Pam vaKaa 
100 eiond NYSE AH OnaBn-k 
Sinsdantt and Peon — H ana T arawa 
300*1.000, me U* named baaed «• m 
r KxciiKiiitt hands. .1400 ladnaCrtaft. 
• 400 Inda, 40 ualUea. 40 ftnadoa aad 
» Traraonrt. (*) swuw A» OH- 

THURSDAY'S ACTIVE STOCM5 

Quitaa 

Stocks <2Mtnc - « 
traded prtco ■ diT 
Rowan ..1.4S4J00 94 k 


’l-l-.” 


1 LntMiiUulira ExXOQ — • 

Bourse iMi. Pau-Am«r. Airways 


■ Hi NeliUSi' Sl/lS/aA- 

u„ (Xuimwrihsnh^ ?4"AnNiie»\ Abbott LaborMoxles 
infliamal 1870. (Ml) Bans Sena Polaroid ^ 

fuSi 31/7/W. ,y#> Milan tAAXiaiTrtvo * — 

n«> SF 4/1/68. (hisrratw Tunea 19EA Ahmanaon — 
id) Madrid SE Wlim. Eanman Kodak ... 
ip\ srockholro Indusmal I/1/S8. (f, Swiss 
Radii Gore ina UnaesUahte. Eastern Air Unos 


S4AG00 

537J9W 

363JM» 

382.0M 

30$M> 

sajno 

321.600 

316.400 

313,590 


441 

• 76 

33 

415 

U* 

205 

581 

sa 

331 


+16 

k' 

+r 

-1 

-* 

+6 


GERMANY ♦ 


4 un no 

Price l + or 
Din. j — 

Die. 

45 

AhU 

Uliana Veraieb... 
DM'V 

81.5 + 1.5 
479.0| + u.o 
357.51+4.5 

3L2 

38.K 


ScFiiireU'-oniw-! 

’em; rani* 

s lie" baiia.nt ; 

aliemtl (.i. Miner’ 

■lehen- ■ 

3lni|MU 

Mcei Ol Ciu.ila.j 

?tee|i Kixk Irun-i 

L«ju-< Ltain-lK.. 1 

I unfit o Umii.Uk.l 
I rail Unl'i|eLn| -161, 
I'nui aioLinrojv s7| 

l'rin.-c 115. 

Lmoniiw- I lilt 

bub -uttifrAlillH-: 1U 
Walker Birnm. ..| 341, 
iVotCi* iTmu-J 116a 
We-tonbeo. j 1BU 


0^8 

226s 

16la 
144e 
1.42 
.38 
10 la 
3514 
WH 
18 Ja 
.514 

26Tb 
14 U 
5.87 
55 
35a 
25ie 
2.71 
44 
201; 


14U 

244, 

73 

.30 1« 
1268 
285a 

e 

40 

425, 

174, 

221 ; 
46 5e 
I960 
335, 

19 
185, 

13 lg 
111 ; 
151a 
141; 
85, 
■f4.15 

20 
121b 
237a 
375, 
3.75 
29>2 
lbJa 
337a 
3510 

4.35 
3.05 
40ig 
3&i; 

tl35, 

5£7 

0.97 

23 

lb 

141; 

1.35 
321; 
105a 
34 
335, 
1HI, 

SC, 

261; 

14ag 

5.62 

33), 

oSa 

25 

2.76 

435, 

20i B 

16 

83, 

: 15 
11 
7i, 
34 l B 
ilia 
181, 


HASP 

Bayer | 

tbtvef-HvR" 

ds.yer-Vvreini'hk. 
L:l«,l in .A eil.wrt* j 

Loaimen-loiik 

Own (•■muni 

Uu oiler Beu/ 

Itatfu - 

lie maic 

l**UEM-he Bank... 
Ure^incr Bank....: 

UvdtwrhfiR Zeral-! 

iiiiiehnfTnima— 

rli|.tatf Lwd > 

Usi^ener.. — ! 

Htw-bai ——I 

Hoe*ch 

U"rveu ! 

Kaii um, >al* J 

Karats, u 

kaiiOinf * 

ivitt-kner UMUll. 

KJ1L) 

hrupp_. j 

Linile | 

Ltmenbraii 100.—, 

Liliths a** 

MAA 

Alrtime-iuBiin—.. 

McuU^cs — 

lililk/bnin llnvk 
Sevkerrruiun..— 
t'reurMLtf DM 100| 
Itlivln W«l Klee. 

-Hitennj'— 

lemeai 

|pi Zncker. 

hymen A.i.i 

-rts 

KB.4 

VyreiniA WeaUih 
niksuotfen 


lo4.7 *0J2 18.76 
291.&+0.5 28.12| 
329.5! + 5.5 [ 18 

232-BC—bl 1 " j26.SBj 71.6 
80.4!+2.7 . — , 

319 +6 2&12| 

258.51 + 3.5 17 

16l.5|+1.5 14 

307 !+l 2B.ia 
243 + 1-3 28-lS 
19B !— 3 9.3o| 

209^+2.5 12 

122.6s) ; 14.W 

29b I *16.721 

129.7+1 UtMb| 
47.3 + -3 I 4 
144.0-1.5,9.36^ 
148.5 + 1.5 ll4.»4 



‘Price* | + or 

UivJYmi. 

July 20 

Veil j — ' 

_ % l* 


TOKYO 1 


r Rtd. 1 4 auk) • rrsdea 

INm <t«* 


EUROPEAN OPTIONS EXCHANGE 








m 

Jan. 




Vnl. 

. Drat j 

Vnl. 

• Lr>i 

v«r. 

Lm4 

Slirk 

AK7. 

FH7.50 
K30 . 

- 

: " l 

11 

! — 1 

1 2.40 : 

8 

15 

1 5 

: 3.70 

>30.10 


K32.50 


_ 1 

20 

| 1.50 

38 

2.30 


Klv 

S45 

— 


1 

1 14U 

— 

— 

S58Sa 

KU 

s50 . 

5 

8s* 1 

2B 

1 9U ! 


— 

» 

Kh 

i*&0 

34 


10 

! 31; : 

— 

I 

- 

PNC 

S25 



2 

1 J , 

— 

— 

S 24ig 

11U 

>32.50 


! — 

15 

1 3-10 . 

— 

1 — 

If 




. 

fl 

2 : 

5 

i 2 -2° 

! ■■ 


>37,50 . 

— 

i — 

19 

| 1.20 : 

13 

! 2 

-■ 

f It M 

*240 1 

3 

301; | 

— 

: — 

— 

1 — 

5271*4 

ll* VI 

i260 

6 

iai, 1 

4 

1 16*4 

— 

1 — 

■ ” 18 

him 

5280: 

12 

! 14 • 

4 

i 27 

1 

1 31 

>162.50 


>150 j 


, 

34 

1 18 

22 

i 32.50 

*• 


>160 

383 

3.80 

28 

1 *1 



- 

li liM 

>170 

193 

: 0.80' 

67 




- " | 


>180 

43 

■ 0,10 

53 

! 5.S0 




h L .M 

K I.'I 

F190 ; 
>200 ; 

73 

1 0.20 

1 — 

6 

16 

1 3 

22 

&.S0 

5 

r 

1 " 

K1.ll 

>220 > 

— 

1 

— 

! ”*■ 





>98.90 : 





— 

i "™ 

2 

; a.ao 

•F 102.50 

>N 

nil 

I'Hl 

KU 

111) 

Ifll 

rxi 

XKX 

>108.90 j 
>25 ; 
F27.50 ’ 
>120 • 
>130 
>140 | 
>120 
560| 

55 

10 

17 

: L30 

1 — 
14.20 
; 4.30 

1 = 

B 

14 

5 

44 

1 

! 

i 2.10 

1 0.80 
. 15.40 
. 5.80 
1.50 
5.20 
! ll; 

3 

ll 

1 

S 

69 

1.40 

1 16 

7 

2.50 

>26.40 

•F 134.50 

| >122.50 
l 556)a 

w.v 

560 

- 

a lie- 

1 

1 7 i 

6 

F«*h, 

0 

1 36 li. 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

4 P Bank Ltd- 30 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 

Barclays Bank 10 % 

Barnett Christie Ltd. - 11 % ! 
Bremar Holdings Ltd. 11 % 
Brit Bank of Mid. East 10 % 

I Brown Shipley 10 % 

Canada Perm't. Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayser Ltd 10 % 

Cedar Holdings 10i% 

l Charterhouse Japhct . 10 % 

Choitlartons 10 % 

C. E. Coates 13 % 

Consolidated Credits .10 % 
Cooperative Bank ... *10 % 
Corinthian Securities . 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagll Trust 10 % 

English Transeont ... 11 % 
First Nat. Fin. Corpn. 13 % 
First Nat Secs. Ltd. ... 12 % 

■ Antony Gibbs 10 % 

Greyhound Guaranty . 10 % 
Grindlays Bank tlO % 

■ Guinness Mahon 10 % 


Hambros Bank 10 % 

Hill Samuel .§10 % 

C. Hoare & Co tlO % 

Julian S. Hodge U % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyser Ullraann 10 % 

Knowsley & Co. Ltd. . 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson &' Co. 114% 

Midland Bank 10 % 

Samuel Montagu 10 % 

Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Ref6on & Co. 10 % 

Rossminster Ltd. 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev, Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. H % 
United Bank of Kuwait 10 % 
Whiteaway Laldlaw ... 10j% 

Williams & Glyn's 30 % 

Yorkshire Bank 30 % 

| Member* of the Accepting Houses 
Carom l nee. 

7-day deposits 7%, 7-moDtb deposits 
75%. 

7-day deposits on sums of 
and under bs%. up m £23-000 7|%, 
and over £25.000 85%. 

Call deposits over EL 806 7%. 
Demand deposits T5%. 


330.0 +2.8 

^39.0 — 0.5 

92.5 —1.3 

189.5 — 0.3 

99-B 

269.5 -2.5 
1.400 +20 

106.0 - l -2 
2U f .5 +1 
171.6+1.7 
235 1—0.8 
580 .+ 14 
l3U.5;+0.3 

124.5— 1.5 
182.51*2.0 
283 ' + 3.5 
291^—0.1 

251.5 *1 
120.7. + U.9 
152 .+4 
128 l — 0.5 
295 --1 
231 ; +l 


23.401 

IB./i 


18.76 


4.4 

3.3 

4.3 

4.6 

3.7 

2.4 
2.9 

5.8 

5.4 

7.2 

4.3 
0.3 
4.7 
3.6 

3.9 


I 14 

Pi ; ra 

1-5 1 36 
| + 20 i/20 
i-IO J IB 

:-i / 12 
l+lf • 18 

30 


I 


4.9 


25 j +.6 
25 S 8.9 
9.3b| -..4 
12 ■ 2.9 


17.181 

10 

18 


25 

20.1!| 

Lb 

2bJt 

l/.lb 

14 

12 

18 

25 


6.8 

4.9 

4.8 

3.3 
1.2 

3.9 
4.7 
o.O 

5.4 


AmUi (.tIb<w j 329 

Canon -1 465 

fctario J 

Chlann 443 

Uai Ml won Print 574 

r'lifi Pbob 531 

Uiro.-bi» 250 

Hoada Union..... , 577 

UcnieeFttod LIBO 

C. hob , 241 

ItnYakafio. 1-47D 

•Jaw*. -’550 

4^-L. I2.b40 

bjtaaal Blttrt Pw • 1.220 , 

Kxmuteu I 34qr 

Kubota 280 

lypM,>C«raniK* . .. 4.100 
UatMiebiU. lnd...l 730 
llitsubiib! book.. 279 
UitMuHlBbiHeayj^ 130 
Mitsubishi Uorp.. 461 

Mitain A C-O— 327 

ilil+iRmihi 596 

A i Pi-i 1 1 L*eoiiQ—..i 1.490 

Aipimu bbinpab.J 700 

AiaMin lloton — ! 788 

Pioneer. - '1.800 

ranyo Kiecshc....| 256 
?efciHji Pretab— . i 905 

,lnieiHo [1,170 

*uny..._ _....| 1.660 

Lnialiu Marine.,.-. I 242 
iikeiia Lbemica | 426 

l OK 12.260 

LvlJiU I 121 

Lokio ,Manne_. — » 496 
lokm Kieut Pow’i 1,120 

Tokyo aanyo 327 

It-TH v__ 153 

Totliil* Cor p. 140 

)i,4« r ..... 904 


50 
13 

10 ; - 
10 
18 
15 

35 

20 
10 
12 

13 

14 
20 

15 
12 

16 
48 
12 
30 
20 
40 
11 
15 


-20 

!-5.. 

|-2 
1 + 3 

‘Ci , 

TT 

i+io 


!-« 


i-i 


2.1 

1.3 
1.8 

3.5 

1.6 

1.4 

2.4 
1.6 

1.5 

2.5 
1.0 
1.0 

4.1 

2.6 
2.7 


AMSTERDAM 


July. 20 


Pm-a i + or 
Fla. 1 — 


An.im iKi.yj) 

Vkxo (Fi.20) ; 

Vitfem UnkiF'.iOLi 

A3IEV iF,.iU) — . ' 
Aiuroi tank 4 F'.'.b'l 
itijcnkiiii 

A ik» WVt' nu Y 8V 

Liiibmi Tet(m»le| 

KtavrierV tF.JSh. 

nnma N.V . Bearer 

Kuril 

iintUiuLiulerlFlOl 

Hcrnvken tP> 

Uooaovwi* (PL20).: 
tinnier U.lFl.llXn.i 
KJL.AL iFl.lOOj .J 
lou Moll«nLA)i...i 
Asonieu tPl.lth— J 
Nofc.Na11ua.lPI ll... 

MedUred BlnFUDj 

Ned Mid Bk lFI.£0.| 

Jtt-iPi.aui 

Ogw* 1 - 

411 Uni met VM... . 

hkboed iFl. Al. 
Philips (FI. 10).... 
KjnSubV'enFl.WDij 

rt..*tactt .PI.3U, 

Uolinco (FI. UOi... 
ItorenlntPI. b0|... 
rtjjya Il)i iwb i FI JaJ| 
alaveoburji— 
stevioOm (K1JO 
L'olrvtiPoe. HIub.S 

Unllpver iFLdM. 

VtklnuUva. bit VI 

Westl.t. tr. H y plik 


1 1.6.0 +2.5 

30.0 +u.U 

363 • 

83.0; + 0.2 
/e.0 1 — U.I 
93.6 +0.9 
11B.9' +0.6 
70.8 +u.2 
278 —1 

lo3.5: 

68 . 2 ' 

36.1 + 0.4 
11,2.9-0.2 

34.31+ 1.0 
25.1—0.8 
163^ + 8.5 
+8.31+ . .2 
O4.91—0.6 


17 

Aif&vj 


BZ.fi +U.4 
195.5|-l.u 
137.51 + 1.2 
29.6 + 0.3 
139.51- 1.5 
06.2. — 0^ 

26.3 

78.5+0.2 
174.21 + 1.2 
135.0| + 1.5. 
122.9— J.l ; a9.3 
134.61 + 1.1 po^bl 
250 1+3 20 

136 +2 274 

lo3 — 0.5 g0J®l 
1 22.6|+0.7 42. 
40.7—0.5 !S0.2D[ 
394 1 + 3 • 33 


Uiv.;Xm 
4 l i 


,28 

23.5| 

3v 

26 

82i| 

80 


5.3 

7.8 
b.O 

а. a 

б. 5 
6.» 

7.3 
2.U 

3 r /.sj 5.6 
94 .b| 

20 
14 


6.1 
6.6 
4.6 

4.8 

4.9 
7.8 

12.61 3.5 


12 


COPENHAGEN 4 


July 20 


Price j + *>r 
Kroner — 


UiV 

* 


4.7 
8.0 
a. 6 
4.b 

7.8 


6.5 

7.4 

з. 8 
8.U 
8.0 

H. O 

и. 5 
7-ij 

I. 2 
4.1 


AiHeii-l tauhvii— . 
ilennviu-er W.. 

Ltannkv bank 

Kb--! A*-Difci Li 

Flnaiwbuiken 

■tyqgerw. 

For. Papir. ! 

tlandeiabank .. — ! 
G, 


134 | 

428 )— 7 

122i,| 

1651; 1 + 1;. 

1291;, 

371 1+1; ' 
77i,; ; 

lM*«j ; 


O.A'Ui’n U.lKlMOl 264 j j 12 

AOrlKabei 195 l + l; 12 


Uliefalmk i 

Pn m t book— ! 
Ptumu-baak .......j 

bopb. Horen »eu— .j 
anperlo# I 


79 ‘ | 


129 1 

— 

1361,.. 

11 

404 [-2 

12 

178 if| 

12 


8.tf 

6.5 

9.8 
7.2 

10.0 

6-2 

8.9 

4.1 

6.2 

8.5 
8. 
3.0 
6.7 


Pi 


Source Nikfcn SecanUes. Tokyo 


BRUSSELS /LUXEMBOURG 


July 20 


Price 

Pra. 


Arw. - 12.420 

Uekert "U" |2.020 

L .M.K. CclWBL.Jl.ljJ 

Uuckenu I 438 

EBK-j - l&jfiSO 

Kiectrohai 6.600 

puljn.jiie A ax -2.800 

U.b.lnno- Dm.,... 2,^45 
evaert f 1.302 

Grpe Bnis.Larab.jl.64o 

u.iT.kv.i S2.325 

lnim.vm...- — ...|1.740 
■vrerlieUrnnk (6.860 

LaUcyaK- Beiuv..|6./20 

i ’an UnHItnu- | 

l*WnMina 

fine Gen ban*, ne. 

sol- Gen Ueiuiqnej! 

aoiiaa ..... 

MV,)' 

Imctlon U+ t — 

LCD 

Un Mlo.lL 10) 


4- or 


.2.670 
3.790 
2.955 
1.930 
(3. 195 
2.460 
,4.065 
920 
730 

v leiiie llontafiiie 1 1 ,490 


+ 20 
+ 20 


l+S 

1—50 

(-10 


20 

+ 20 
+40 

+ib' 

Pio 

+ 5 

+4"" 
+ 8 


Uiv.| 

Pn*. 

Aiet 


Tl.i, 


116 

100 

177 

430 

170 

law 

at 


n. 

142 

C9u 

,32a 

ia/.6d 
174 
20 a 
14u 
Z15 
Ad III, 
17u 

50 


AUSTRALIA 

1 

July 20 

Aust. 9 

VVSlII.cr 

Aijrow Vneftni™..-— — 
Amcl Unit. I’nltf. ln.i*.61 

tO-65 +1 

tOJ)6 
t2.13 
tl.30 -1 


t0.83 H 
tl.25 + 
tl.X4 
tl-66 ifc 

21.U8- - 

:L51 

Ug| 

70.43 
ta66 
70.25 
7L1B ,+ 
tl.3s 


tL76 + 
77.42 - 

71-20 

71.71 

t2.03 


73.00 4 
tl.25 
. 73.10 

ta.35 


tfc.67 


71.50 
7L32 
tO. 90 
T2.28 

72.60 

71.60 

72. IB 



70.73 


72.28 


10.27 

It 

71.15 

7L15 


70.23 

70.30 

72.80 

71.70 

72.aO 

70.64 

71.35 

71.84 

Uyer tbnpniiuai— .... — . 

>ew*. 

Nlcbotaa Intenuttiomi 

Mortb BreikenU'rUnns (bUc 

Uu aearcb.„ 

tO. 12 


tL54 

72.76 

H. C. fileitfb 

70.75 

3 [tartfd* Mxpinnti ion_ 

70.34 

71.85 


TO.B7 

71.35 

71.58 


BRAZIL 


July 20 


Price 

Crux 


"4. uriCnu TEE 

w. * 


+11.' 5 


Aceoit* OP 

I banco ‘fti lira/"... 

I Bona, I tan PN... 

ucMsti iVnuehaOt 

, Uojas Amur. OP. 

j PasroUifc' PI* 

, Pirelli 

| Sttuxa Cnu OP .. 

Uoip Mi , 

Va » Km< llnce l*r 


1.05 
1.94 
1.3 a 
1.88 
3.40 
3.32 
1.47 
2.81 
5.66 
l^a 


+ lfcJil| 


j.1Ss1R4S 
-0.^0.17^76 
+ 0.01;0.37C8A1 
+U.02lU.Ob]4^5 
0.2COJB8 
O.OJ3JI 
o.itqH.ia 
,0J?i8.ia 

+ ,..5l0^tk.42 

.. .... +0.tl710.1 fclVl.BS 

Turnover.- Crl618m. Vomnir. «s®l. 
Source: Rio de Janeiro SB.: . . 


+ D.ITO 
+0.O4| 

+0.01! 


coftfir 

'l\sj 


lf»w * 


roSLO 


+0.01 j 
l+o.o i i 


'"'■July 20 

Knee 

Kronpi 

+ or 

“Di*J 
Z . 

TF -.v 

,4D 

wntett-bqiia. 

93.0 

-0.5 

.9 . 

.9*7 

borretfaintt — ~ - 

83.00 

+0.2E 


— 

Lreiiitbaok.....^. 

107.0 

+OA 

11.- 

9J 

Krt-n x» ...u— .... 

813.75 
104 . 
181 

+ L2B 

20 

IX- 

12' 

9.4 r 

IujB r-.i 

Norsk UydrokrJX. 

— i 1111 

5J - 


85.0 



7 

10-6 





fjclf 


JOHANNESBURG - 

MINES 

July 29 ~ Rond 

Anglo American Const — . UG 

Charter Consolidated 12.M 

Ml .03 I Barn Drlefonlein 13J& 

Eisbors i30 

Harmony 7^0 

Kinross ... — — — 7^9- 

faoor ujo 

Rnstenburs. Platinum l-Si 

sc Helena . 13.95 

Sontb Vaal ..i— . 9.49 

GMd Fields SA ^ ». '2AS» 

Uruon Corporadon — 5.40 

De Beers Deferred 7JS 

Blyvooruimdit — m— ... 5.75 

Baa Rand Piy. 5^3 

Free State GeddUl. — — 35.56. 

Prefifdenr Brand 17^3 

President Steyn U ItOT 

I Sdlfonietn 

Welkom 


-U.ul 

+oii 


+mo 

+MS 
+A25 
T-llB 
+8 AO 

..+«ja 

+*A0 

+083 

■HUB 
’ +W8 
-M9 



CO? 



-ojn 


Went Driefomeln 
[ Western HoKLinga 
Western HDeep — 


+0.01 


o.l 

6.7 
.6 

164iil0.7 
’ /. 3 
8.2 

4.2 

3.7 

2.9 

4.o 

6.9 

7.2 
fa.7 
8.5 

6.7 

6.9 


PARIS 


SWITZERLAND 


July 20 

Price 

Fra. 

+ or 

Uiv. 

i 

Yiil 

Or 

•> 

Aiuminmui ....— 

1,250 

-5 

8 

3.2 


1.650 








Da Kart. U*rt. 

815 

-5 

22 

c.7 

Vo. Ben.— 

588 

+ 1 

22 

3.i 

Uwlll auiuMi. 

2.176 

+ 10 

lb 

3.7 

Kiei-tnowatt 

1.700 

-10 

10 

j.n 

Kuvber (Ueon-ci. 

675 


5 

3.6 

HiiHmmtPt Ocrtri. 

70,5u0 

— 250 

1100 

1.6 

Uo. (cnuih 

7.075 

+ 25 

110 

1.5 


3.925 


20 


Jcnioli (Fr, lU.il.. 

1.+20 

+ 5 

al 


Nestle (Fr. UXA-.. 

3.420 

+ 20 

nlti.5 

2.5 

Uo. Kea 

2.245 

+ 5 

« ifi.7 


UermujuB. (F_2ru 

2.560 

—5 

15 

1.5 

Kireili al >(> LUO 

288 


15 

5.2 

6arulozlPrJia3)... 

3.850 

-20 

26 

1.7 

Do. Pert C-crfc-. 

457 

— A 

26 

2 8 

aebindier UtKHX 

315 

+ 3 

12 

3.8 

.-uizer Ltifr. 100 

363 

+ 8 

14 

4.M 

-wuwur iKjaOi.. 

835 

—b 

10 

4.B 


370 


10 

2.7 

(UeiPiiSiU,. 

4.800 


40 

2.1 

Union Bank. 

,3.095 

+ 10 

20 

3.2 

Zurich loo. 

11.250 

—100 

44 

1.9 


MILAN 


VIENNA 


| I'lUX I+IH 

July SO | a j — | 

j g v *i 

1»1 

* 

UredilamtOtU 1 

PeroiouM-r ' 

Miret* 

^empent... ......... 

ilrvr Daimler .... 

Veit lUuueiil. ... 

1 342 

284 1-6 
616 I-i 

91 

221 j... ■:.... 
220 ;-3 

10 

0a 

38 

e. 

10 

2.9 

3.2 

7.7 

F.6 

4.5 


July 20 


ABIC - 

UoaCttgi 

Putt 

Uo. Priv.. MM ! 

PioMder 

Italveoienii ...... 

1 tal aider 

Uetilat4nix.., u .., 
llootedlwm ...... 

Olivetti Prir ...... 

Pirelli X Co 

Pirelli bfK 

5ni« Vn 


rnoe 

tire 


+ or 


+ 2 
+ 5 


100 
451 

1.7461 + 5 
1,470+6 
139.001 
11.150 
255.Q0I 
33.30uj 
158.5 
992 
1.612 
878rd 
725 


+ 3.25 
+ 30 
-IJffll 
+ 10 
+ 2.5 
+1 
-2 
—2 
-10 


Uiv. ;5f,. 
Lire 


160 8.6 
15uil0^ 

S00| 5.4 

i.aon| 3.a 


130 

80 


July 30 


Kernel 

Ainquei Owul'i’t 

Air UqiiK-e. 

Anuilaloe. 

dIC 

oonyRUi* 

U.-Ji. Gerran.. 

Carrel carr. 

C.G.B. - 

L'.l.T. &ieate«.... 

Lie bancai re— ... 

Club Ueiiiter 

<.-rediL Com Fr'iej 

Urenwt Loire | 

Lbunei- 

Pr. Pfeuoiee 

Gen. O.eJrtentak- 1 

I metal | 

Jat-qua, Hurei 

Lolaree - 

L'Orern 

Lot rand.... 
UaiHona Pbenuc.. 

il rebel in M B" 

iloet Renneosey . 

Uoulitnex .... 

Panbas. 

Pechtoey 

Penwi-Kmini. ... 
PeugentrCItroen . . 

Poctaiu 

itadlu Ta-baique.' 

totoute. 

tUiuaB Poulenc 

9L Gcbain- 

kta UotaiKnoi.... 

liter. ....... 

rdnuevnique^.. 
itiomaoa Umn.lt 
ualnor 


Price 

>n*. 

+ Of 

740 

~1 

446 

+ 19£ 

331 

+ 11 

581 

+ 32 

486nl 

—4 

925 

+ 7 

645 

+ 10 

1,650 

+ 20 

369 

+ 6.6 

1.054 

+ 19 

337 

-3 

467 

+ 18.1 

130J 

+ 1.2 

72.21 + 2.2 

772rti + 7 

134 

| + 4 


UivJTi 


4!; 

1 1.161 
lb.bl 


AECI 

Anglo-Amer. Industrial _ 

Barlow Bam 

CNA Investments . 

Currie Finance 

De Beers Industrial .. .... 


Ever Ready SA 


FederaJe Volksbeleggtaga . 

Creatennans Stares 

2.9 Guardian Assurance (SA) 
4.6 HuletU 

7.4 LTA — — 

4.5 McCarthy Rod way 

8-5 NedBank 

OK Bazaars — 



Pretoria Cement 

Pro tea BaldlngE 

Rand Mines PnrowUes 
Rembrandt Group ..— 

Retco — 

Sage Holdings 

SAPPI j- 

C G. Smith Sugar — 
SA Breweries 


339 
.. M2 
.. tl-Sfl 
_ 2Jfi 
_ -KM 
_ L4B: 
Tlgor Oats and Nat. Ultlg. 36^6 
□msec LJ9 


3. 68 

+0.B3 

M.-\> 

5.63 

+02fl 

39.00 

+D.73 

39.05 

+B.63 


15^0 

+-B-B8 


5 

3.95 

+A.0X 

1 v. M . 

10.40 


*jln 

4.0ft 

-0J7 

d .r. 

1.73 

—AM 


U.S5 



JLL5D 

-flJ9 

1 

2J3 

+405 

• |. 

727 JO 

—LOO 

\ }• 

T.» 


1.63 

--BJI 

, 

12ft 

2.65 


5 l 

1.70 

+0.05 

r 

L83 

-IH 

1 T:„ 

0^8 

-IN 

-MS 


>.n- 

?40 

■ -r-flJS 

»>■- 

5.75 

— 4BS 

-*BJ» ' 
L35 


k'k, 

2X5 

+483 

Tr„. 


-fl.il 

+•.« 

4423 


Securities Rand 5U.SJ.G8i 
(Discount of 40J3%) 


SPAIN * 

July 2D 

Asland .... 

Banco Bilbao 


STOCKHOLM 


July 20 

Price 

Krone 

+ ur 

Uiv.. 

Kr. 

Y it. 
a 

4 


230 

+ 3 

6Jb 

2.4 

AUa Uvn'B(Ki«j 

ISO 

-1 

o 

3.3 

.VS2A(KrJ&0l 

87.5 

+ 0.5 

6 

6.7 

Atlaa Copco (Kr2b 

13U 


6 

4.6 


63.5M 

+ 0.5 

4 

6.3 

Uotijra.— 

116 

+ 1 

i/4 

3.b 

Uarito 

196 

+ 1 

5.75 

3.0 

L'-ellukrai 

239 

+ 1 

10 

4.6 

Bloutlus-B'iKrfcO 

153 

+ 2 

6J 

4.0 


144 


5 

4.4 






Pkacrxta.— 

105 

—5 

4 

3.B 

Grange* ifreel 

M.5 

+ U.5 

M 

— 

ttsTHllceltankeu_. 

36J 

+5 . 

16 

4.4 


1u5 


8 

7.9 


61 




dandvik A.U 

265 


A. TO 

2.2 



+ 0.5 

4.3 

6.1 

jitami Unskilita.. 


+6 

8 

5.C 

cnsmEiiaaii 

74.C 

+ 0.5 

6 

6.8 

Urtriebntm 

59.5 

+ 1 




Volvo (Kr. SO).... 

73 

+ 1 

8 

8,2 


Banco AtianUco tUH0> 

Banco Central — .... 
Banco Exterior 
Banco General — ~.— 

Banco Granada (L8D81 

Banco HLapano ...... 

Ban do Ind. Cat. (1.0M) 

B. Ind. Uediierraneo 

Banco Popular 

Banco Santander <731) 

Bunco UrqnUn (l.BWl . 

Banes Vtscsya. 

Banco Zangnsapo — .- 

Banknnlon • 

Banns Andalncla 

Babcock Wilcox 

C1C 



k?. ,- 

205 

2*. 

tt-' 


T- 


Dragadns J ,^4- ^ f 

tnmatnnir — — 7£-.’«?i£V ' v7 <•« 

E. I. Arngnnesas .5 "■’* 

Ra mm nlB ' Zinc . W - T — • 

eSl RUV -Tinro , M.W 

wwra u.eas) — — ..<5® 

Fenosn n.OM) — ■ • jf*” 1 .-^*- 

GsL Preciados ’ - . 



■• ivjfcCa •. 

ibenMero 
Olarra 
Papeleras 
Petrol iber 
Peaolsov 
Sarrio Papalera- 
Snloce •' ... — 1 

Softens* -«-+*« ; *— . 

■ jr- j); ■ 

A5 1 Urton'siee* -7 ^^*;- 









































































July 21 1978 


farmi ng and raw M .at krialn 


‘Massive vote 
needed to save 
milk boards’ 


33 






BY CHRISTOPHER PARKES 

Bw^^are not^out of^th? 61 ^ 7* 11 * aDd nobDdy woald ** 1130 re 

KStfJSS 

S 1 S Si .» Sffi-" ““ Ior 

Without y ^h^ rd K y ‘ w ta . Common Market negotiations 
future of thj^Li bacI ??5 g thc over Boards’ future had at 
iDff Ivstem Sn ? 11 - market ‘ ^ been concluded. There was 
s ystem will be in grave no room for negotiating further 


Meetinc^of th* ® nn . uai changes to the “168013110115 gov* 

yeste^v boards ,n Wooden erning them, 

yesterday . -The referendum therefore 

themsefves P Jo ^ fanners represents the producers* one 
that thetf A? e l ° Euro . pe opportunity to say whether they 
tain th/w-** iy do want to mam- do or do not want their Boards to 
bo?rd K » mUk “arreting continue." 

Mlifc'nrnri.ma™ , . . . Mr. Roberts also called for a 

to t-ita ^r«r£ U ^ erS W1 ? be icvited small increase in the retail price 
Octomfr P viJSi^ referendum in of miik in the near future. A 
vorprc T ;"« Sf bty ,P er cent °* tbe modest increase soon wouid be 
• tho P olJ . must support preferable from everyone’s point 

rd ’ a °d i^ose so doing of view to a larger price rise 
■ JSSk SSSSgf^ 1 at . Iea ? - haIf the later, be said. 

Silar tt ? 0B V* Mr. Silkin, Minister of Agricul- 

Sri„S^?i ♦£ i f ^ board5 tore. does not plan to review 
10 Tnv a n ?^ e ? rffie ,? t form. doorstep milk prices before the 
y a Pjtby when the time autumnV 
. b e disastrous." Mr. Board profits In the past 12 

hSSrS 5 * , * months rose almost £8m to 

be 

Aid fund on target 

BY OUR COMMODITIES STAFF 

e LP f und set up by out the funds and deciding the 
the National Farmers Onion to criteria for payments to farmers 
compensate farmers who lost hit by the blizzards and floods, 
cattle, sheep and lambs in last It is expected that only stock 
®L orms , bas exceeded farmers who lost at least 10 per 
tuu.ooo, the union announced cent of their breeding heeds or 
The target was flocks will be eligible for relief 
NlTwyjOO. grants. 

-..Mr. -John Silkin, Minister of If this project — the industry's 
I ^“Culture, hii S now been asked first attempt at self-help— is a 
i to mini his pi^mise of chipping success a permanent aid fund 
in a substantial contribution may be established to deal with 
fiwn the exchequer. bad winters or other natural 

The Government has more calamities. 

.than £lm in grants on hand — 

given last year from Community 
funds and some senior officials 
of the fanners’ union are expect- 
ing about half of this to be added 
to the farmers 1 
tion's. 


Zaire raises 
cobalt 
price 37 % 

By Our Commodities Staff 

SOGEM1N, the company distri- 
buting Zairean metals in Britain, 
yesterday announced a 37 per 
cent increase in its price for 
cobalt. 

The UK price goes up from 
£10,850 to £14-800 a tonne 
delivered. 

The rise came after a move by 
Sozacom, the main Zairean 
marketing company in Belgium, 
which earlier in the day raised 
the world price from BFrfi25 to 
BFrOOO a kilo. 

The London company said the 
increase was the natural con- 
sequence of the rise posted ar 
the week-end by the Zambians, 
who raised their cobalt price 
from S&50 to S12.50 a pound- 

Cobalt is used in super-alloy 
steels and is especially important 
in the aerospace industry. 

Johnson Matthey, agent for 
R us ten burg Platinum, yesterday 
announced a cut In the price of 
platinum to reflect the renewed 
strength of sterling against the 
dollar. 

The price falls today to £12S 
per troy ounce from £129.50. 

Base metal prices strengthened 
markedly on the London Metal 
Exchange yesterday, although the 
figures were deceptive. , 

The renewed vigour of sterling 
kept increases at modest-seeming 
levels. Cash copper wirebars, for 
example- rose £3.50 a tonne on 
the day and forward metal in 
creased £-L50, to close at £718.75 
a tonne. 


UK HARVEST PROSPECTS 


must 


Nothing like a shortage to maintain prices 

BY JOHN CHBtRINGTON, AGRICULTURE CORRESPONDENT 

THE RECENT short spell of able than the much heavier one ip any degree of accuracy the He could have added, hut did Faced with fbic attitude. * 
warm weather has helped to of 1977 because of the low costs weight of the harvest or the not, that because of the deficit, farmer’s reaction is to go for 
ripen the standing grain crops, involved. Wo drying was needed extent of the demand. The only 2m tonnes of otber cereals bad to quantity. Here he is influenced 
and winter barley should be and prices were much higher certain factor is the appallingly be imporred. some of which bv the fact that the highest yield- 

ready to cut on my farm some- due to scarcity. bad salt - - - - - • * 

time during next week. On this last point ft Is as well farmer. 

noraJil^for^e 1 and *' 10 ^SETSSL 0,8 bnsband ’ He should be in clover. British 
to ceneral in JuSL S wh ® 1 “ akes l”? 8™*”* 8 raw EWD production averaged about 
are S of some S£mES ^ere one grew before ay be a \ 5m tonnes over Use last five 

haviM been done Ground b , enef8 ^ rf Ln man I^°^ but , I* years, with a high of just under 
Chichester, one of the earitort bouS’ wonorrik™™ «n’t beat ,ast - vear - Total use is about 

district in the country. S SSd dhorSf'For oriS nSJ J onaes “ a^rage, mainly 

The delay ha s been entirely LS 0r P ® of wheat maJze - 

due to the cool, even cold, sum- Because of the effects of the 

mer which bas prevented the T'V?_ n _ * EEC levies and its price system, 

evaporation which normally l^lSaSlclS the cheapest imported soft mtU- 

hastens ripening of the crops. , ing wheat of EEC origin is about 

In some ways the lack of sun f* ”>° 80011 t0 Prophosy £103 a tonne, with feed wheat 
has been an advantage because harvest yields. Prospects for £99. maize £104 and barley £91. 
although there has been no autimuwown wheat and winter allcif. U.5. and Canadian wheats 
more than an inch of raiD on my harley aw quite good, but spring are £20 to £30 a tonne dearer, 

farm since the middle of May, barley to many parts is not so Quoted forward prices for 

the grass is still green and the * eU d e*®*°pe<L Even so, English grain are about £10 to 
wheat and spring barle;- are still between now and the end of £15 cheaper than those for EEC 
developing. Only the spring bar^ September a LI sorts Df disasters imports. This is for grain of 
ley is showing signs cf the poor could ott uie narvwt. However, roughly equal quality. Although 
spring by not being as thick as £hi® hasn » stopped the buyers no maize is grown here, it can 

I would like to .-ce it. ,SL l* 1 *?* 18 the yield and be satisfactorily replaced by feed prices approximating to the 

During the summer of 1976 talking down prices in conse- wheat for many uses in animal casts of imported milling wheat, 

there t-.-s rather more rain but buence. feed. and growers of malting barley a 

the constant high temperature This happens every year and Mr. Ted Bishop, Minister of fixed and rewarding premium. _ . 

accelerated ripening so that by would be a Bt subject for Lord State at the Ministry of Agricui- But the world is not perfect and breeders came up with li;ch 
this date I was three parts of the- Rothschilds Royal Commission ture, proudly stared last week they do not. Yielding, high quail tv uhc.it ah»1 

way through what prove* 1 to be on Gambling. The participants that more than 2m tonnes of UK The buyer's assessment of a barley and the farmer's grew 
a light, but very cheaply. secured —farmers and buyers — are barley bad been exported from quality payment is determined ihem 100 per cent, wuuid them 
haf'resL operating in absolute ignorance the 1977 harvest, earning the by just how badly he needs the he any premiums then ? 1 doubt 

Its results were more profit- of the facts. No one knows with- country £l25m. grain. it. 


bad salesmanship of the British could have been replaced by the ing varieties of wheat and barley 

barley— and those cost 50 per a rc generally speaking nf the 
cent more than the export price, lowest quality for miliinp and 
In addition, barley exports which malting. This difference is not 
went to third countries had to reflected in premiums, however, 
have a heavy EEC subsidy. But , _ 

all this is by the waj. * or instance, the premiums at 

The other factor influencing P«*™t being .offered for milling 
the tTado is quality. *n»e grain °' cr wbeat a,t? rnor * 

is supposed to be of sound and i^an £t-£Q a tonne — ut 


merchantable condition. Milling 
quality for wheat is determined 
by the Hagbeg test, and for malt- 
ing barley by the nitrogen 
content of the sample — tests 
which appear to he totally under 
the buyer's control. 


Quantity 


In a 
fanners 
quality 


perfect world, those 
wbo grew the highest 
wheat would receive 


per cent, white the iruvt u>eii 
feed wheats would yield at least 
10 per cent more than milling 
varieties. There are new si rams 
with claimed yields comparable 
with feed wheat, but they will 
not be in full use for a year or 
SO. 

In barley, [be situation is nufcft 
the same except ibul it"-* 
premiums are more erratic arvJ 
the quality tests even less relate c‘ 
to price than with wheat. There- 
fore. unless lie has special 
reasons of very doubtful lucre, 
any farmer will go tor qantity. 

But just suppose that the plant 


Paris cereals 
market opposed 


own contribu - - 

PARIS. July 20. 

Sir Henry Plumb. NFU presi- THE FRENCH Union of Cereals 
dent, said yesterday: “l con- Co-operatives has come out 
fidentiy expect that the Govern- against the creation of an EEC 
meat will now be able to make futures market for cereals in 
•a very substantial contribution. Paris. 

“ 1 certainly hope the money A futures market was neither 
will be available to farmers wbo technically nor economically use- 
qualify for help in time for them ful because price fluctuations in 
to buy replacement stock at sales the Community were already 
"thjs autumn." limited by the EEC system of 

. The Ministry of Agriculture intervention and threshold oricea. 
will be responsible- for sharing it said. Reuter 


Higher world 
wheat output 
forecast 

WASHINGTON. July 20. 
THE U.S. Agriculture Depart- 
ment is now projecting world 
wheat and wheat flour produc- 
tion in ‘Sbe 1978-79 season at 
406.1 ra tonnes compared with 
381.6m in the 3977-78 season. 

Previously, the Department bas 
forecast 1978-79 production at 
4332m tonnes with favourable 
weather conditions, or 369.9m 
without 

World production of coarse 
grains tmatze. barley, oats, rye, 
sorghum, millet, and mixed 
grains) tn 1978-79 is put at 
701.7m tonnes, compared with 
694.9m in 1977-78. 

The previous 1978-79 forecast 
was 734.9m tonnes with favour- 
able weather and 663.2m with 
unfavourable weather. 

Reuter 


UK fishing industry 
6 crumbling away’ 


BY RICHARD MOONEY 

THE CRISIS faring the British 
fishing industry was high- 
lighted yesterday when Asso- 
ciated Fisheries, the country’s 
biggest trawling company, 
announced it bad lost £1.35m 
before lax in the six months 
to March 31. In the corres- 
ponding period a year earlier 
It had a profit of £1.46m. 

The performance of British 
United Trawlers, the company’s 
trawling subsidiary, was even 
worse with a toss of £1.9m 
against a profit of £2_3m in 
the half-year to March 31, 
1977. 

Mr. Pan] Tapscott. Associated 
Fisheries’ chairman, attributed 
the group’s poor performance 
entirely to “ denial of access 
to customary (fishing) 
grounds.” He said this was 
exacerbated by the continuing 
failure of negotiations for a 
revised EEC. fisheries policy. 

“Whtie the politicians are 
dilly-dallying the fishing indus- 
try is crumbling away,” he 
said. 

Reduced fishing opportuni- 


ties fa the Barents Sea and 
In Norwegian and Faeroese 
waters had forced the company 
to continue slimming down its 
fleet Three years ago it was 
operating 148 deep sea 
vessels, but Its fleet now 
totalled only 90. 

Agreement on a common 
fisheries policy, with satisfac- 
tory access to waters wit bin 50 
miles of the British coast, and 
the subsequent arrangement of 
reciprocal deals securing con- 
tinuous access to third country 
waters (particularly off Nor- 
way) were vital to the recovery 
of the UK industry, Mr. Tap- 
scott said. 

British United Trawlers 
accounts for more than a 
quarter of Britain’s deep sea 
fishing fleet and well over a 
third of the total catchr but it 
is not typical of (JK fishing 
companies because of Us excep- 
tional commitment to deep sea, 
distant . water fishing grounds 
—the type of fishing worst hit 
In recent years. 


Left-over 

potatoes 

dumped 

By Our Commodities Staff 

ONLY 190,000 tonnes of potatoes 
from last year's main crop are 
still unsold, the Ministry of Agri- 
culture said yesterday. This was 
only 3 per cent of the total 
harvest of 6.2m tonnes. 

However, 140,000 tonnes were 
sold cheaply for feeding to live- 
stock and 80,000 tonnes were 
taken up by processors at special 
low prices as part of efforts last 
season to prevent a collapse of 
the market. 

The Ministry said that no 
figures were yet available on the 
cost of potato market support 
last year, but it seemed likely 
to be less than had been 
expected earlier in the season 
The potatoes still unsold will 
be thrown away, although most 
of the growers will be paid for 
them under the Government’s 
guarantee scheme. 

Added to the supplies fed to 
animals and those disposed of 
cheaply in the frozen chip 
industry, this means that produc- 
tion in excess of demand from 
the fresh market last year was 
about 8 per cent of the total 
harvest 


Farm price ceiling 
idea rejected 


BY CHRISTOPHER PARKES 

MR. FINN GUNUELACH. Com- Defending the 
mon Market Agriculture Controls- commoditv price 
sioner, has rebuffed British pointed out that 


has 

suggestions that the EEC should 
damp down on farm spending. 

It was not practical to 
impose a straight ceiling on the 


Community's 
policy he 
prices were 
else in the 


rising everywhere 
world. 

New Zealand had asked lust 
. . , c . . . x , . year for a 23 per cent price 

rf # increase for butter sold in the 

EEC - lt was given 14 per cent. 

i!Sti. to SlriSTthfrSlf iy 3 M,e i lroducers so. 


Mr Joel Barnett, Chief Secretary 
to the Treasury-— were " not well 
thought out.” 


per cent. 

This year New Zealand was 
asking for 15 per cent, while 


Mr Barnett told a meeting of Community farmers had been 
Community Finance Ministers awarded 2 per cent, 
that each year everyone agreed Mr. Christopher Tucendhat. 
that the Common Agricultural EEC Budgets Commissioner, told 
Policy cost too much and yet Cheshire farmers yesterday that 
each yeaT farm prices rose and Agriculture Ministers should be 
the share of the common budget joined by the Finance Ministers 
going to fanning remained con- at rheir annual farm price 
stent at 70 per cent. fixings. 

Mr. Gundelach, however, said “I do not believe it is right 
he did not believe that Mr. that questions winch are of such 
Barnett’s idea would be adopted, far-reaching economic signific- 
Agriculturat expenditure was ance should remain so firmly in 
determined by too many uncer- the hands of Agriculture 
tain elements, including harvest Ministers.” Mr. Tugendhat told a 
variations, changing world prices meeting of the National Farmers* 
and monetarv uncertainties. Union in Crewe. 


COMMODITY 

BASE METALS 


MARKET REPORTS AND PRICES 

antmoon values rose in hoe with Come* nooo: Standard, three momlu K.<60. 7». 
and forward material was finally £717. Kerb: Standard, three months £8.463. 79. 


COFFEE 


and rye— 142.41 
(137.96). 


*143.09); 


COPPER— Firmer on the London Metal «fl*r £719. Turnover: lAXS ronnat 
Eschansc despite the strongth of sterling. 0 >T r , a I^f h, 

A poor close on Comes overnight caused 

forward metal to open tower at 1711. But at £ ® 3 - 5 - pwee months £713. MA 14. U.5, 
ihi-naftcr the p 
Japanese buying 
forward melal up 
herb, after bouts of proQl-taloiig, 


TIN 


Ohi-ia 




fi-m. 

Ofll-bi! 


f-' 


tfirebanl 

Cu»h ! 693.5-4 —5 

3 uiuiilha.-J 714.5-5 .'—3.6 
SiAtl'ni'mi 604 1—3 
CathodaaJ • 

690.6- 1 -2.ZS, 
S ■■■•eitbv..- 711.5-2 -2.26 
>11 fill'll d 691 E.5 

U.S. Mni.J — i I 


p-in. 

Dnoffl-ia 1 


696-7 

716.5-9 


t+o r 


;+3.6 

+4.6 


Cathodes, cosh £872. three months £714.5. Standard 
14. Kerb: Wirebars. ihreo months filSJi. - ; , 

17.5, 17. . wm* 1 ,'*. 

TIN— Hislicr. Bear covering on the 
pre-market saw rorward meial rise from Yoiil 
18.450 to £8.500 but this level attracted 
profit taking and hedge selling which LEAD— Gained 

depressed the price to prior to a 


+J> r 
£ 

>67.6 

6505-10M7.6 
+ 56 

6555-60 !*5D 
15485-91) +52.6| 
6550 + 50 

{$1780 +4 


I'.UI. 

UnoUk'io 

£ 

6530-40 
6480 9 J 


653040 

0465-70 


*- 
+ 49 
1+32-6 


+40 
+ 30 


Rye— 137JHJ (—1.3); pigs down 0.4 per cool average 
82.7p 1—19). Scatfand— Collie up 0.7 

env A Dr a U7 uwwntw pcr <***’ awrage Ti.93p 1-ojWi: Sheep 

5 >U i AUfcAJM MEAL 00 43 per wnt - avora8e U3 -«p 

rn'^n e r m -nS' m Mn market opened 0.19 np on a fwb- 

at HO above recent (own ^ after declines In nearby OropS-f mI&ut " mmhi 

and thereafter fluctuated in a £20 range August over the past three days. Frfcus SW7 B^ian^SfriS^QiufoS™- sn£ 

for the rest of the session. Ai the ctoae ">“■*«< 01 *««'“■ >n 8 JO ^l^ltS^'lM/l-te ™ 

j"- ^VSSi J2S"S, Jsrsr : 


robust as. after openlns at Ibe day's 
highs, slipped lower as persistent dealer 
Belli ng promoted general longJumlfieUaii, 
Drezel Burnham reported, 
found support 


PRICE CHANGES 

Price per lunne unless otherwise stated. 
* Nominal, t New crop. C Unquoted. 


COFFEE 


602.5 +5.76 

713.5-4.5 +4 

'66.6-68 ! 


a round Influenced by .. 

the trend in copper. Forward metal Knvemnw... 

, opened at IMS. rose to £312 owing to 

modest rally on UW late kerb where me short covering but iheo eased back to . . 

dose was £0.475. Turnover: 1.4SS tomes. £319. In the arternooo the nse In copper 

e,,w,.ni nih ffi 555 so. 55. Mw forward melal edge up to close at . 

uiTU aS fcKuK “!«■ ** la,e » Tnn,over: 5JI75 

cash W.5S0. three mtmths £6.«0. After 


Sfe’ienia.v' 


+ pr 


E per loime I 


1285 1288-1 1.Dj 
1237 1*391 + 8.0 
1182-1184 — 6 JD 
1152 1140—18.61 

iu07 ioaa-86.o[ 
1065 10B0:-lM 
1035 1045—15.0 


tonnes. 


Unsmee 

Done 


M-.U.HK aww in uic esriy sains hnxi«. vai_i on- 

to lejv» oricea 89p np no the dav at Uu 
dose. SNW Commodlttea reported. 


1215 1166 Atujnrt 

U71 1 10 I 

1J25 it7D u reemt«r 
1009 IBM •'ohoiarv. _.| 

1064-1016 fW" : 

June 


lW«,Lty| 

Ulo*e 


Ipertannej 
II.7^12J3 H 


OU-IIIttv 

Uone 


Metals 


»i!.7*12J +OX5II1MO.U.TO 
1 14JHM5.0, + 0.80; It 5.70- 14^0 
H 6,06 14.0 +0 JO; 114.60-15.40 
II4JU.15J+0.46I — 

Ilf 60-17.11+0.801 - 

!JU) 17.ft-0.E6 117 JO 


S. ATrlcan: 4J0-5.4q. 

CrapafruH — S African; *7>72 a.4M 50; 

Jaffa: 48s 4.40. Maadartas— Rrnzihan: .... 

4JHMJ50. Apples— French; Golden □eitemus iiumiiluun 
20 lb Ms 4.0MJ0. 72s 4.50: W. Australian: S marter t l- : 
Granny Smith 0.4O-S.SD: Tasmanian: (Wn-r -Huh W Bar 

£? nnM ' ,r D ?T? n aJ V M i,£ 0haa ± ,M0 - 4 Mb- li.^ -la 

Dcmacreu 10.20: S. African: Cranny L v.h Carhmle 
Snuth 8.40, Golden Delicious 0.60-9 sn. i 
Yort Imperial 9JO-10.50: Chilean: Granny bniT.... 

Smith 7.00-7.30: New Zealand: Stunner i^.i n..h’ 

Plppms 183 9:20. 175 9J0. Red Dounherty r:„Tr. 

M. 30-10.50. Granny Smith S. 50-8. TO: Italian: xicke" 


JnlvBO 

+ or ! Month 

l«e 

— j *50 


I.a Index Limited 01-351 3466. One month Gold 189.5-191.0 

29 Laraont Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


CONTRACTS AND TENDERS 


HELLENIC REPUBLIC 

MANPOWER EMPLOYMENT ORGANIZATION 

(M.E.O.) 

INVITATION FOR INTERNATIONAL BIDS 

1. The Government of Greece has received a Loan (No. 
S59GR) totalling $23.5 million, from the International 
Bank for Reconstruction and Development (LBJUD.) 
towards the Second Educational Project 
This programme, regarding 1LE.O., consists oi tne 

A^Eishf (8) new Vocational Traini n g Centres (KEKATE 
and KM) (construction, equipment, furniture) 

B Ten (10) Vocational Training Centres (equipment only) 
C.' Three (3) Mobile Units for Vocational Training 
2 This announcement concerns ■ the procurement of 
* mechanical-electrical equipment for three (3) new 
KEKATE and KM, the remaining equipment from 
previous biddings and the furniture of the eight (8) new 

The^mechankal-eiectrical educational equipment includes 
lathes, milling machines, drills, generators, hand tools, 
steel cables, pipes etc, and is grouped in 24 packages 
according to Type and Similarity (Supply: Phase B -Stage 
2 ). 

3. Bidding will be among firms from wrnbff ' ooinittteB of 
the IBR.D. and Switzerland and will take place from 
October 10, 1978 to November 20. 1978. Bid documents 
will be distributed to interested parties at a fee of Ub » iu. 

4. Additional Information may be obtained from 
MANPOWER EMPLOYMENT ORGANIZATION 
DIRECTORATE OF SUPPLIES 

33, Halkokoudill Street, Athens, 102, Greece 

Working days and brs. ll.0tH3.00. 


zitsc 

Offl.-lAl 


£ j 

I'vh— ... 

803-4 |- 

inwothi. 

313-0-4 | 

d ramM „. 

a 04 1 

Frn^Wbi 

— 1 


INTERVENTION BOARD FOR 
AGRICULTURAL PRODUCE 

INVITATION to tender 

Tf-nders are invited for the immediate supply and delivery 

EEC port, »^^‘«Xd°Ai!i a m1ja S !S T™ 
destined an United Kingdom National Food Aid to Man. 
S™ “ te nded into one ship »d detaered via the 
Port of Dakar to Kayes for 3,000 tonnes and Bamako f 
1,500 tSaSfmS sorghum shall he supply mhsw or good 
quality second-hand fumigated bagB marfe °d Food - 
Gift of the United Kingdom- 
The allowance for the supply and 

grain will be determined on elimination of Uie tende , 
delivery terms embodied in a Notice of Injitatora to ^ TgjJ 
toeether with Tendering Forms may obtained 
Branch B (Cereals). Intaroal Karkei 
'Board lor Agricultural Produce, 2 West MalL Rowing v 
Reading 5S3626). . 

Tenders must be submitted by 12 noon, Thursday, 3rd August, 
19TS, to: 

HOME GROWN CEREALS AUTHORITY, 

Hamlyo House, Highgate Hill, London N19 5PK- 


COWA 

Xetwula/*) + or 
CkM> | — 

N0J1 CofUr'L 

July 



04se_^.^..„. 
March.., 



Ju'yA...^..., 
•«nt 

1770.0- 7BJ1 i— AS 

1772.0- 74.0 1 — 16.B 
UW.0-W.6 —0.78 

I757.&-IB-U +1JS 
1715-O-1&-0 — 

15S&4H7® +fl,0 
1M6.fl-H).u + 11.5 


LBAD 


B.m. 

+ wl 

OtHi+a 

-£L 


Uub — ... 
AmooUi'.J 
'acc’im'nr 
ap«U 


SUGAR 


— PairfUL-l 1 ! f — 


300.5-1.5 +.7Bi WIS.26'.76; + 3 Aral 
A09.5-.75 +1.86 Aia-.B | + 3J 19T6 

aul.D i+l — I Dali 

- I 1 31-33 I AF 


cents per pound); Colombian Mild „ J oseDhincs JD^O. Wrnier NoHs g^J-gM 

Arab teas 167.00 (174.00); nnwashed SlIfwAR wr w,UIKl ^ndi: Dr. Guyn 23-ib bus 

Arabics s 140.00 ihiobj? adwr nlU 0J3: Spanish: Limonen Pcacbis ^■Mni'in troy 

Arablcas 127.67 fsamei: Robnsiai JCA WHDOH DAILY PRICE (raw soear) 11 »»» lSJWJtt; Frmch: 1.66- 

6 127 .25: Robcsran ICA T9B8 127 JO. ®4-^ ' samel * Rumc CJ( lor Joly-Au*. »•«. Grmee*-oer pound Cypriot.- Car. Umt-bihw fldib.), 
Dally average 127.46 inmei. Bblpmeui. White bbut dally price was dlnal 0^7-0.36. Sultana 6 3+O.Xi: bpafln>b: 

ARABICAS were umraded and all an- topri « ® 8 .W “»■«)• Cardinal 0.58 Ptaras-Soamsb- 5 klioa 


l-6aO ’ .£680 

J1.M6-56 :&I«i»-60 

t696.5 1 + 3.5 1 1:729. 26 
L-718 76 +4.5 L70b.5 


4714 I+4.D fi7i5.75 
1 9.12&I + 3.261 tlsfi. 87b 
+ 3J) 11307.75 
+ 3.5 'C3l7./b 
'iia.bou 

1.85 


•1303.5 

Im9.06q 

il.7B 

1.00 


livvr tiny i^, 

A uiiinrh* ' 


Barly gains wen quickly erased and S" 11 " 11053 Burbanks 2.00-2.48: £m 

tie market ensod back about £3 'S from Flormtiai 20 lb 1D0> Golden per J "*■■■■■■■••■ 

- bSiCTlSn °JnaM pound 0.1WJ.18. Aprients-Spanisb: ' kilos ''ollram 3oMibcli 

taS55 r .KJE2?52 S.M: Huimartan: 3.00. lauus - *«« ouh 


Uondoe: Cash £3*0, ia, i, ibree months Qnolc ‘ l - th ^ 

ran, 10.5. 10. £3W.73. Kerb: Three mom hs DITRDrn SiuiinE levels a 

£318. Abemran: Three momlw £312. KUDDCK openma ic veis A — . . 

^ - SLIGHTLY EASIER opening on the a ^jrdaJ recovery enB^^a^ioR i amalca Si wr {,oan l 0 ^- Avocados- Anwmha 

ZINC — Hovod ahead refleethw the trend London physical market. Lluto interest about the middteirt *?«!». Km*- **<«-■. •«- c 

In other base-meiala and some bear throughout the day. dull. Lewis -r — ■ — 

covering. Forward petal gained jaroind and Peai reported a Malaysian eodawa pj^ 1 


Mize L 1.5 1-133 
11LZ9.05. +0.71)1^1-5.7 
ijIi Su-tt 

-rZ.3 LfWl.Il 
+ S.4 Z9B|. 

+ 4Ullft6.730 


» 185.30 
280 
^.c6 05, 
£6.535 


S 130-36 
Lou5 
C316.76 
8650-80 


steadily through out the day. opening at price of 
£312 oral rising to £315J on the late kerb. August). 
Turnover: fUhU) tonnes. 


231 (232) cenis a ta (buyer, 


t otl p.in. it+or 

— [ I'nviRI ■(■ — 


C I 

[+2.ffi 1504.5-9. 5 1+2.26 
1+2.6 316^-6 1+2.6 
i + B.6 - • — 

I _....| 29.31 I . — 

Morning: Cash, £303, 4. ihree months , „ ... 

*31M. 14. Kerb: Three momlu I714.S. 14. ' o0-5a^0-40| 

Anernoom Three months £315 J. Kerb; Jiv-aepi. 6l.aH-61.sa 62J0-624® 
Three momlu £315 J>, 15. 15 7S Ore- Dec e 3- 50-83. 6ij .4.nn»4J0| 

."CentF per o-unw 'On prenotu J»n-Uw| 6a.l>fibJn d6.85 

1.751 7.76 


No.l 

Ven'ntM**' 

Ci*ae 

Ftevlciu* 

<M«e 

HnatnoP 

<1<*oe 

A nit— ... 
Sept .... 
Oct- L*ec 
Jan- Ur. 

52.85-55.20 

S5.U-U.dlij 

55^11-66.70) 

57AO-67.60[ 

M.QD-54.10 

W-2fl.64.fi6 

66^10-56.40 

36^0-90.56 

'i — 

i 64JML6A® 

1 tt.6U-56.2fi 
; 6e. 56-0 730 



Aug. ._ 

Ore. 

Dec 

Har.-b . 
Um.... 


£ per tonne 
4 5. 40*6.60(84 JM450 


.6.86-*7JWJi 

OB.iO-et 


0B.1M6.W 

«J4^8.40 


.6. 16..6J5(M 4.tasJJb 
-.7,b0-e7.80)dS. 7546.86 
1 110.73- 101.1 


ofbda) cSobb. t ssi per oteuL 


Aiw-Jne 66.7D-68.; 


o5.fl5-i.BjaW 
r7J6J 


50.2a 68.40 
61.7M1J8 


Kenya; Fnenc I4-"34s " SO-3 20: S. ATncan: Ituducen. 

Fnene 2.364W20. Capsicums — Dutch/ oils 
French: per 5 kilos 2.20: Italian: 2.40. wv*Hiut (rtuii 
pRrrles— Washington: per pound MO. UroualnuL-.,.!.'.'.'.’’ 

Spanish: 2 » Unwi Lneie ,v». 

3.30; Maiiese: 3.00-3^0. Potatoes— Gypnot: j^ llu m...,- ,,, 

4.B0: Jersey: 2.M. Tamauw-Dnlrh; ™ 

130: Gnemscy: 1JB0: Jersey: 1.60. Carrots 
85.73-84^5 —French: Nantes 26-lb boxes 2.99: Italian: SamIr 

67.70-1. 6.25 22 lb 2.00. Beetnwls— C fpdM: 2S lb |.M. {.ujua Pfaillm 

HSUM-8B 20 Metenn-Spajusb: Vellow B/ZSs 2.6U-3TIU .«H.vvaht*u iU.S.i...^ 

,5,75- 4.30 Canary: Onen B/lBs 2^0. WatarmeloM— 

67.8d-B 7.0D spamsh: 3.60: Greed: 2^(W.50. Sweet- . J 

|01JG-I0flj corn— Spanish: pnr box 22 x 2 5 50. t wrauu I 

104.60 English produce Potatoes— per 56 lb ““^ei 1 “C i t 

I.DD-1.40. Loanees — per 12 U.sO. Cos J 80. Htflie hntiirPu... ; £82.1 
Webbs 8 JO. Rhubarb— per pound, outdoor _ 

Bioa 


5690? 

C342 

saaxq 


54501. 

SaoZk 


SILVER 


lULBIMie.Gfi 

_[M.25-«^J6jlflBJfr4>4i5 

Sales: 3'94<fnj») to;* of~S0 'tonnes. 

Mio-biffi mnoLurt' 3 basis wt^Sw^ wifcwS! 

s?-s^ swijrissjr ^ ^ s& 

_ t 67._lD-6j.7u hUaranUoiMd Sugar ADrecmenc tUA GrenjtJle r 0.20. Toraatoos— per ij lb No. £ Hard Winter. 

Salt-sr 215 (140) In la of 13 tonnes and asms per pound Mud stowed Caribbean BngUab 1.40-LH. Cabhoaes — per crnie 

two istxi w b t onnes . ““ “ — 


WOOL FUTURES 

dull and 


Physical ctosins prices fbimm) were: i M „ averan sab ilhi 

Spot 53p l5A.ni August 55_25p (56.0); SePU e M1 - 

Sliver was fixed 2.3 d an ounce blsher £L 2 fip i56J9<. 
r or spot delivery In the London bunion 

market yesterday at 2 #. 0 p. U^- cent fj RAIiNS - 

ftlw* Kmit ot5c. BJ ui5 lohdom futures cgaftai— T he ttaturdess. Bache reported. 

8,9c: etXrmooth BSL3 cTiaD 5.9c: and 12- market opened nnebanned on barley and (Pence per KBo) 

month 5752c, up S Sc. The metal opened » 1<JIW Tt l on wheat. Acll rBUoned. In ^usirviliui rXe»i«d'yw + ' ST 
at SI9.UB0SP C52B-630JC) and closed at very thin trading candltJona. wheat o^^tVooi Uioaa^ ^ 
279H901P 1 532-633*0. remained steady on lack o7 seQers to 1 

dote ft30p tmiher. Barley saw a good 
two-way trade, bnr lack of sailers towards 


HLLVBH 

per 

troy ps. 


ipnt 

Mnoatlu.. 


months.. 

Irnv mlhn. 

LME 


Bullion 

fiximj 

pncinj; 


hd6.95p 

894^(1 

U1J>P_ 


t or\ 


*2-3 

+-2.4 
+ 3.1 
+8^ 


Koxtiiob Miimuii 

Pri^ ^PoTcdtra-per raSSUT Sm *-<«» shipment.... 

- berries per J lb fi-l2-0.1S. CaulUlowor*— Future sept. 

per 12 Lincoln L80-2J0. Broad beam— Lode* Future.. 

per pound D.11-0.I2. Peas— per pound a«pL.... £1.258 

0.11-0.12. Cherries— per pound Black DJO. L**um - 4 Index.... 71. X a 

While 0.2MJD. Gooseberries — per pound Kuuuer kite — 35 

0-23. Levellers OJKHUo. Beetroots— per 3W IKaw) £04.5 

23 Jb lAO-l^O. Carrots— per 2S lb 140- V umtope »4- kilo... 2aar 

_______ 2.00. Capri Cams — per pound 0-0. Co or- , . 

nuaiOM settee— per pound 0.15-0.18. Blarfc/Red * August. m J nue-Aufrust. 

Done Currants— per pound 0.40. 

bas 2 . 60-2 80 . 


E91.S6/-I 

LBl.Ou 

£1.855 

£1.775.51 


{. |jS5u-bW) 

1 I*P 0 B 


1X724 

... 

;t'»77 


S605 

+ 7.5 

1 

8480 

1 + 2.0 IF285 

1 . 

+ 0.4 

£8 1.8 

2103.75 

+ 0.25 396.5 


H104.3 

— 1 B .0 

t' 1.1*60 

—15.5 

<: 1764.5 

+ 2.0 

31,565.6 

+G.K 

78-ie 

— O.fl 

J 811 


tVS 
aa ip 


_ , 1 , rwo-war iraue. onr uck or saucra u>w>ros hiai Q-ZSn bjn ksI 

L.U.B. H- « tha clow increased valta® to dose folly n ?~ " m — mob fiS'S, 


close 


280. 7p 

£87.85p 


- steady I540p bisher. 


+ 5.0 


Morning: Three months 387. 7.L 
7. 7 x 7.4. 7A TJ. Kerb: Three months 
237-7, 7,6. Afternoon: Three momlu 
28EL5. 8A 87J, 7.8. 7.7. 78. 7 A Reib: 
Three momfaa 287.7, 7.8, 7 , 7 . 7J. 7.7. 7J. 


WHEAT 

BARLEY 


VOcterday*g + or 

Yesterday's 

+ ar 

U*ntb 

CKK — 

C-IUMJ 


reH L 

B4.I0 (+0.30 

79^0 

+0.50 


B6.6a +0,30 

B2.JU 

+ 0.46 

Jan. 

B9.4S +0J0 

84.75 

+ CL2C 

Mar. 

92, lS |+ai6 

87.35 

+U^3 

Miv 

94.60 [+0.06 

9- .05 

+WS 


— . - , „ n July-Sppl 

Onions— per pJ^-Au g. g SrpL y Aughst-SepL a Per 
ton. 


IMooer BA8.M2JI Voiflj 

Deoein>w-.U45.5-47J U+L&g 

Man* a«S.U-4flJ 

Uav„ H 4 a.i;-K.v .3 

Juiy.— ~.-«pssS.W4J 
October __fe 4 dJ)- 55 J) 

Dec. ■ ■ M 

Sales: DU (5) lOtB cTljM fe*. 

SYDNEY grPaby— < sa order buyer. 


JUTE 


DU HO EE jute— quiet. Prices c and [ 
for A us.: BWB E57. BWC £247. BWD 
£339. BTB £267. BTC £247. BTD EriO. 
Calcutta goods mchanged. Quotations 
tor July shiptnem: 40 Ins 10 02 I9.G0. 
7.5 at £7.n per too yds, Aug. 13.81. n.Fl. 
Sept. £8^1, £7.56. * , fl M twills S56JI. 
£27.17. £27.37. Yarn and doth quiet. 


INDICES 


333.0. 


332,0431.0. |7; Oct. 
KU M; Dec. 3SL2. 


Minister urges 
Japan to boost 
farm imports 


Nov, 8fl.SM6.8fl. Jan. 88.35-88.35. Marcfi 357.MM.0. Iff: May 26S.L jflfljs, 368J- 
95.DM4 j». May 54.B044.4e. Sales: 48 hits. 260.8, •*. Sub 3C££. MM, 385.&36M. 4: 

Barley: Sect- 7WO-7BJD, Nuv. 83.1041.78, Oct. 368.6. 369 JS. 369-V3»J. 1; Dec. SJUJJ. 

/ifiAAi Jan. 6L6MU5. March S7. 15-87.60, May 372 J). 37LM7DJ. Ui Total gales: 115 

LUCUA 9o.D5-ra.75. Salon us lets. f»i. , 

Values remained within a narrow range IMPORTED— Wheats CWRS No. 1. 13J NEW ZEAL *^? L F ROS 5 B ? EPS -P e 
threeKihrSiy IflMtet condiiiau. *1 ««■ July 'and Ana. 91.59. TUbury. tnariwt was a shade either 

SwudMfni rewniHL U-& Oark N-rthern Spring No. s. iimt ro ij «olw trading, Baefce 

rewincu. CHU, Attg. 7B-M. SepL 79.75. Ocl 81 JO. reported. Ctase (porter tmyer. seller, PWppna , 

inwEWpnwm East Coast sellers. UA bualness, sales); Dec. - T8U, 184.B. an- Japan S External Economic 

Hard winter Ordinary. Australian, Arsen- traded; March W, 184.5, J84A stu Affairs Minister, DOS urged that 

une. Soviet and EEC grades unquoted. May. iMJ, 187.0, w, nk July 187.0. the Japanese Government 

Mate: D^/ French July lB.Dfl. Any. WBJ, 188.0. four: 0«, IflOA lpj. 1M8. zLnnnd unSSfliralw to IIQ 

*J0. SepL 1004)0, transhipment East foot*: Dec. MOA 1M-0, marided. Total positively to U.S. 

Cnast sellers. S. African While Arts. MlOS: 18 lot® 


MR. 


TOKYO, July 20- 
NOBUHIKO USHIBA, 


UuDlUfiW 

Done 


I77641-711J 

1/8&J7-BSJ1 

1770.0-48.3 

1746.P-S8.0 

175241-13.0 

170JJJ-1S86 


demands for increased Japanese 


uvcrnwiiGiawow. s, African ait: a T /VLiiLT A ro imports of farm products. 

B ? w> t4wf_p°qi/GU5itow. MEAI/VtutlABLES Mr. Usbiba said here on his 
sm yyh p flEj-p rproee ter jwmdi-aeor: return from the Bonn summit 
, ,. -JOlCh killed ride* BLO tnflB.fl; are hind- 
rna quarters ».i- to flO-0, MthaBarteri 37.0 to 


iBtaraanoml Cucon. OrgoateUni lU.s. 
ccntC per pound) — Dally price July 19; 
146-43 (1414)0), Indicator prices July Hh 
15-day sverage I41JS U4L2U; 22-day 
average ML33 (140-701. 


COTTON 043, tfl tom. Ml, 

Liverpool COTTON— soot end ship- Durum wheat— 139 . 66 , 182, 


Yellow Anc 

Barley. Sarshum. Oats; Unoneted. 

fo'i-S&Sm^KTw thfl . t J his was main' issue ou 
barton somh Uficoin rao.40. wiluhire ^ 37 0 10 which the success of the so-called 

V monetary comment for wet* mm, tu* ! »«* ****"«*«> TB Ji to Tokyo round of multilateral trade 
July 24 is experxd to 1*11 to U3*. i.^- enpllib um.n 54J |0 o.B, ne ^° t,a V2 nS “ 1D 8f 

eec daily import levies uu medium %o » soj, heny bo j m 904); U.S. wants Japan to expand 

premiums effective rodoy in order current Scotch medium S64 to 6441; imported imports of farm products such as 

S «3R ^ ^ PL “■ ■" “■ "* " “ £2 “a <®“S« to M its large 

Kcooaf her tape. Common wheat— fl3.4S, ■ Pot*: EngliriL und« li» lho 87,0 to “5°® surplus. 


financial times 


July 20J Juiy I0 ; -.U«nib >u» 

l'un "6" 

235.8 3 |23Ei.lO | 246.04 

246.04 

(BBSS; (OU 1. *52=100) 

REUTER'S 


Kniy EDj July 19iJkl until hsu 

Vnu-a^i 

X410.sjl418.4f 1492. 1 

1630.6 


DOW JONES 


tiosf | 
JOUM l 

Jniv , 
20 | 

July 

L9 

Mouth 

ttu 

frn 

564.78 

352.10 

>pat l 

Future*! 

354 77 
<58.35 

353.98 

337.88 

365.561 

352.86, 


MOODY'S 


U 

20 1 | 

JifV-j 
19 1 

UlHIlil 

Rjra 

|Y&« 

'pie Uommui 

(9X4.7 SOS. 1 

919.9 

87IJ 


fni.UiU.uniiii 


afl. ml ouCmm u« 384) to 120-ia' ui The Japanese Government 

ment saies amoumed to B8 tOMes. brina- <13856. 066, 0.907 Mfil R»-isis, “(iff *MMT COMMISSIOM^AveretC fsESUck Tchira^NalMealra. A^rallSf 5SS°iaddSf a MjSmSd 

KJLTwrJt.v£iLa s an.wTsas^B&.'SJE SiwK?Sd^3twSESS 

cptown twMMfi cmUtRui ig mmsbIto oas. o.fi*. 0 mi: Mri» <etiw tins uk Bbwo ka«tjflx.w. t-wi; in September for talks on farm pia i ee c . mm: L on • iS-e 4 S rtn ^ 

forward Roods. F. W. TanprMlb reported, hybrid lor seeding)— $7.72, oil. all. ufl cb pics 63-Tp oef laUw. f-Xfli. England nmdurts in r-nnrinMinlv with Ao Bffl wS^JS*jSS l ^S l L < ? !,lil 

Occasional sappon was evideiu in Africgti iKW»)i Mdlel— M.76, nil, pH (same); and Warts-Cattie Dmahw* op 8i#ff P£?irSL , ?;,,? n ° eCUOn WJtb “ e kra".n rem • M * n: la 7* 

quahrtes as well as North and- South Grain ferghow— 86 JQ. ml. ml. all (same*, nor com. avwa» Oricp TLSS^ (-14I7U (raw negotiations. £3 JO-” rockSsh r? e S nr !.’^? 1 l£ s 

American Brnwtha. Also for floors: wheat cr mixed wheat Sheep np S2.D per com. araraje i«ls» Reuter M 


Copper and 
precious 
metals gain 

|«69a^5J+ 3.75 C 705.25 I NEW YURK, July 2d. 

irtia » (PRECIOUS .METALS closed rirono n,. 

nw Coniml&iion Houso burillK as Hie 
doltir remained under pressure. Copp.-r 
returned yreierda)-*s tosses 10 close firm 
011 spi-rulauve shon-coicruu; and 
cnartlsi burins, roffi'c linistk'd lourr on 
rraac sollnv; 'mluuni-f't fty a [ ac | t 0 f 
roaster business. Cmua was slightly 
Biiuicr on spL-isilaiirc puj-Uik. 

Cocoa— July 131.45 Sep: 

D * rl ‘- tiliU. Man* 1>.W. 
May w-u July Sept. liV.45. th-c. 

I^U Sj. Sales’ 750 lois. 

„ . . Coffee—- C ■* Cuuirjcf: July 139 25 . 

3Q.Q. i-B.b27 4i 131. l'U 'IS3.T5'. S.-pi. Ul.nn.m.lii ■ |j].m ■ 

;sl3J-ob «*. lisno. Mareii iw.r.i. Aijy mrmil 

+ 2.25|':s.07.5 Jfls.W. July tm.ou bid. Sciu. lHajij nora 
+ 2.5jf2I7.2fi Dw. IOJ.OU-IU7.UU. Sai..-s: jdO lu [s . 

eoppar-JuIr (11.53 ..W.7ih, .Vuuusl CI.OI 
JUDOI. Sept, r.2.15, D.-C. <4 n.). Jail, s+.i.i 
atareh 10 .B 6 atay «.«.». July 1 : 7 . 6 ). Sent. 
bY.ua. £h-e. 70.10. Jan. TO.i.u. March 71.«41. 
Mai Soles- 4.D0I1 lots. 

_ Cocoa — No. -lx 1 V 1 , 

IV-'C. oi Rfl-t.L'.rts 1 nf.j? 1 , Mjreb i.J iliuii.i.v 
Mjv 64.4J. July 6i .W+ii tu. wt. ioj>i jg, 
L'te. 1 W 7 j-n 5 .un. Sales: 4..VUI bates. 

•CJN* ISI-5U «|>7,IMI.. Ausu-t 
IK^O Uloi.WI. Sepr 1M.70. iVt. Jfi.V.lL 
?^ ,8s ‘. ;A |, * h -'lH.-Ul. April VtM CO. Jino. 
AUtiisI 211.20. net. 214.50. Dec. 
~'- lu - A « -,r ‘ l S.II.-5- 

la.IHXt h)IS. 

Wv unji j;[a»i|e 
-1.751. NY prime Meom J"!.25 traded 
nuiavullahlei. 

+Matro— . luLv 226-225; *22o». Sept. 

23- % l 12311 .. D.-e. 23i:-23di. March 217;. 
May 253. July 255 J. 

SPIatlnum— net. 250 ?0-15-2.0n <215 um 

Jan. 255.00-2554X1 1 2IS 3.1,. April 
’50.00. July 2C2.8U- 263.011. Oc;. :ima4)-2>.7.UU. 
Jan. 37D.SM7I.D0. Sak-3.- l .52* toi>„. 

C Stiver— July S 7 t.R 0 15-MHO*. AuclITt 
530.50 iSi'f.Dui, St pi. 543 M. flee. iii.iO. 
Jan. ssp.jn Starch 5.T7 SB. May o7.i.)0, 
July 5S4.S0. Sept 333.70 Dee. WI7.20 .Ip 11 . 
«ll Til, March 021 . ho, May 1.71 in. SaVv. 
im.uoo lou. Handy anu fumian >pot 
bullion 534.HD i522 .<n> ». 

Soyabeans— July .r!;.,- L -a: .t| U u j 

iCli-UUI nsrji. S.’OL Iil4-->;t5. Ne»- liPL'i.ll. 
An. a)T!J50S. Uareh Dll. llay ,;t>. July 

I Soyabean Meal — July ]>u :o 

]DdJ0). AUPU-.I 1iln.2ll- loti 5*1 'iui.-ifl'. 

Sept. llG.10-163 00. Ocl. I'iS.MWJJl.nu. i u .,. 
liVL’-iQ-IKi UO. Jail. ItB.3iMD.7jii, ;,I.irih 
KU.aO-lbtjn. May Ibi.71), July lig.lin. 

Soyohean OU— July 24 55-45.i)n >J4..i5i, 
AuuuA 2+00-24.05 i234Mi. SepL 2J.JU. ueL 
22.30, Dec. 21 jSil.sn, Jan. 2l.3u-2i.4i, 
March 21 . 45 . .Mar 21.40. July 2I..HJ. 

Sugar— No. 11- Sept. G.3 dj;.K ti|J0». 
Oo. it.4S-ti.5fl ( 6 . 431 , Jan. 95, M.,r»-h 
.14. MflJ 7.25, July 7.42-7.44. SePI. 72w- 
.56. OtL 7.DJ-7.70. Sakv. 2.2t>t> Hits. 

Tin— unavollnbje (555-365 neni.t. : 
"■WJilW— J uly 30fti i3fld:i. sk-pt. 

3|0> (3tr*i Dec. 315:-3I5;. March SlO-Jiaa,- 
llaV 3131, July 3U71. 

WINNIPEG, July 20 . tfRye— July 97.10 
tfJ.FPi, Oct. fti.TO 1 ' 1 ‘i.lH) Nov. 9 -: .to! 
asted. Drt.-. 85.5(1 aeltcd. Mjy fti.in 
riQuts— July taS.su hid >».7 w bid - *, oa. 

SO jfl ibS.40-tiS jjj bid >, Dtv. I0.U0 bid. 

March 70.20 Md. Mar iW.M*. 

JJBartey— July Tl.tffl bid <71.1111 bid*. 
OCt. 71J0 bt[l (72.UQI. Di-c. TC.ihj p t (j," 
March 73.40 as(r«ii, Jloy 73.00 bid. 

SSFIaRirod— ,lg]jr KT.30 bill <237.11(1 bid'. 
OCt. 228.00 1 22S. Oil 5:4; dll. Nov. 22,%.40 
asked. Dec ra. vo bid. Slay 233.3U bid. 

5*!Wttca|— SCWRS ta j per cvm (inurin' 
r-niL-m elf Sl Lawn-nee 101 “2 itOO.Ui. 

All ccnis per pound es-tvarehuusu 
unless oibupviw staled. • ^ p^r iruy ' 
ounce— 10 D ounce lots. iChuuiw luo^o 
5* per 1M lbs— Dept ot Ak. pnees pre- 
vious day. Prune sieutn lob. NY bulk 
lank can. 7 Ccnis per 56 lb bu&hel ex- 
warehouse. 5.000 bushel lots. ; ?s pt-y 
troy ounce for 5n at unlis of E6.9 mj 
cent purity delivered NY. 1 Cents pi-r 

tray ounce cx -warehouse. || New •* n •*' 

eoatrart in St a short ion for bulk lets 
of ion Bhorf i&tw dellv<re-d f.o.b cars 
ChlcacD. Toledn. St. Louis and Alton. 
-Cents per b» lh busliyl In wore, 
tr Cents per 24 lb bush. L 7'C..+ifs r>**r 
£ m busth-l es-wd rehouse. J« Cents m-r 
56 lu bushel rx-war.'hnuse, j.ooo bushel 
lots. 15SC per until'.'. 


GRIMSBY FISH— Supply good, denuiul 




36 


Financial Times Friday July 21 1978 


STOCK EXCHANGE REPORT 


Equities sensitive awaiting decision on dividend policy 

Strong rally fades late— Long tap activation aids Gilts 



Account Dealing Dates 
Option 


. . __ , vr»* still being shown in Dawson International were 

0.65S2 f 0.6644). ster, on the other hand, declined amount up at Mp. J. Sam. bury y tthich advanced to a again prominent in Textiles, ris- 

Dealers jn Traded Options re- 12 to 153p following the dls- were raterers UflMusb of 28SP before settling log 7| to l«ip for a two-day 

ported a disappointing start to appointing results. % fSte^^uS/haff at 285p for a rise of 7. Elsewhere, rise of 115 on continuing bid 

Dealings Uoos Dealings Day first-time dealings m the new Secondary issues . provided the J:****; of 6 shiu-ply lower half-yearly profits speculation.- Vlta-Tex responded to 

JulvllPl B lv“n jS|t« Aue 1 A ? d] 197T) sencs *»d, out of a main movements in Electricals, of the PJfJ'^^ysfallof «- 8 cheaper at «7p. the preliminary figures '*th a 

tSJS ■ - Till 4 modest number of 565 contracts Gams of 6 were seen jn Automated JWe after 63* but satisfactory pr£ gain of 2 to 44p, but increased 

SSI S5 » a 4» *»* ss'SStS* S S- ifflJSVg -* m jffysrS US SfiWfST 

S-- s MWKs asTun ss 5ff a a£rss« rnTfk a(ivance 
arsnsasirsr*- ssyrtsssss as i’arHS sb&msp . 22 s r£TU ^ 

atter-hours^ e nnnouncement y that Union Discount rally Cl some 3 Stored ^fi^featurw encouraging remarks at the AGM. Encouraged by the good result 

new legislation is to he introduced Opening a- couple of pence were again evident among drifted lower to clore onlyS from Hadcmgrfe, which t ouehed “ further 

next v.-eek- Earlier, the equity firmer following overnight details engineerings. Buying ahead of higher on balance at 203p. while -44p and closed 12 higher at bmlion a 

market had become increasingly of the bank's £100m acquisition of next Tuesday’s annual results Metal Rox, also after the annual 242ft Property shares made a SS.375 higher , at ^ L --^ 

more confident about the abandon* the American Credit Corporation, helped Davy International to meeting, finished 8 dearer at bright showing. Stock Con version, “-and agEressivebuyi P 

mens Of controls and this had B ar clavs later touched 328p be- improve 8 to 256p, while Stothert 328p, after SSOp. Beech am put on due to announce preliminary by the recent spate ot gooa June 

negated apprehensions connected f ore easing to dose unaltered at and Pitt rose 16 more to 200p. 7 to 664p, after 6G$P. and ■ figures next Wednesday, were in quarterly prohis. 

With the pending White Paper on jjjp. Other major clearers traded after 203p. on further considers- UoDever improved 6 to 53flp, demand and put on 13 to 254p The Gold Mines index aavanrea 

future pay policy, due to be omntly and Lloyds, which start - while the increased dividend and 6.3 to 170.7, its highest since last 

published today. the interim dividend season to- — — * 11 ~ " [ 1 Profits left A i i natt London 4 to October. ..... T v._ DU * 

Encouraged by a more decisive day finushed unchanged at the I 200 »! IT H 1 the good at 206p. _ Prices were lifted from the out 

opening, reflected in an initial OV emight level of 273p. after 
mark-up. selective quality buying 275 Mid [ and added 4 at 36Gp, 
ef leading industrials furthered afl £ ;{GSp . Elsewhere, Union 
l h r e Discount .recovered. 17 to 33p 


of now-time interest followed, WednesdavVe fall nf 10 on 

Shortly after noon, the mood of ?£“ r J* L? 1 


the market appeared to be ftL '2?I *Sta 

strenRihening. but enthusiasm Alcxwdi ^closed 5 better at &>6p. 
faltered in subsequent trading and Press comment drew buyers 
prices lurned much softer after a D? 1, I f* on ^Jf*®** Holdings 

the official close following the which rose 3 to 41 ip. 
terse announcement about divi- Insurances closed hrm but well 
denrt control extension. below ihe best in places. Sun 

The form the new Bill would Alliance ended 5 harder at Slip. 
take and doubts that it could be after 51 6p- and Royals improved 
successfully legislated aroused 4 in J73p. after 375p. while 
considerable speculation and Phoenix ended 6 to the good at 
finally a good deal of confusion. 248p. 

The only positive development Apart from Marston Thompson, 
was an immediate reactionary up 3 more to 74p on further con- 
trend and the FT 30-Share index, sideration of the result* and 
after having been 7.4 higher at the property revaluation surplus. 


190 


ISO 


170 



160 ' 


1977 


1978 


|BUILDING= 

MATERIALS: 


-F.T.- ACTUARIES INDEX- 


HOT DEe JAN FEB MAR APB MW JOT JM- 


Uncertainty about the Govern- set reflecting the firmnas of the 
merit's future policy on dividend bullion price in overnight Ua 
restraint had a marked impact on markets. This trend accelerated 
Oil shares: Shell, in particular, m t he afternoon as a further 
touched 570p before falling back improvement in the metal price 
to dose only a penny dearer on encouraged good TJ.S. buying, 
balance at 556p. British Petroleum Heavyweights registered gains 
moyed similarly, closing 6 to the 0 f up to a point as in Randfonteba. 
good at 856p, after S88p. Among £551 while rises of around 1 
North Sea stocks, fresh specula- were seen in West Driefontein. 
Uve demand took Siebens (UK) S1 » Western Holdings. £20). and 
up to 41 Op. but sellers gained the Vaa , Reefs. £151. the last-named 
upper hand at this level and the fr 0nt 0 f the better-than- 
pnee reacted to close 6 cheaper expected interim dividend and 

? ^ js^sswsss - js-sjsr* profit for the 

closed only 2 harder at 21Sp. after J L^-Sj-^Sced issues also gained 

Dealings in Sena Sugar were «““««; a IR™* 
suspended at 5Jp at the company’s ad ” nc *£j° a S,’ 

request pending an investigation . p “* ?? 53611 


FINANCIAL TIMES STOCK INDICES 




■ Jlllv 
20 


JilIV 

tu 


July 

IB 


J S’ 


J«lv"( 

14 


.Vyeu 

•ffn 


Govwiitwot sac. ! 70 . 70 , 7Q^7j 

; ,1 - 67 ' ,1 -“' ’if 

indmtrteJ Oirilnaiy.—l 4TO.4j 467, j - 

Gukl Mtnea. J ^ WA \ 

OnL piv. XloUL 0 64 S - 60 j 

fcmliW-T , iiI^(faUk*I| 17 - 14 1 17 " 25 i 
P/li K»Uo inei«*TJ— — 1 , ' 79 ) 7,74 


7aaol To^cj 70.5^: vat 

71.4W 71.1 



4-5 4 S3 4 4 1^ 4.061 6.9« 

j 4 ^ 67 | ^ a5 ^ 60 J IMfi! BX.7l! 66.65 

] _ I I5.372i 17.15 ll 14.78^ X4JM 


g aultv hafg*l n * l** 8 ., _ ... __ 

’ 10 «a 471.L II am 471.1 . N«hi. 47W. 1 pm 473.1. 

2 pm 474.4. S pm <W.ii 
Latest I "He* DM46 »IC6. „ — 

• Bastf on C rer «nt uorporatum tax. t __ 

Ba sl s i» CovL SMS. 15 1U/S6. Ft*«{ HU. IKS. Old. l-'M, 

Mines 12.9, j 3. SB AJdvItv Juis-Dcc. ISC. 

S.E. ACTIVITY 


CoM 


HIGHS AND LOWS 


' j 

1978 

jit ace CompilffWnu 

i 

i 

I July 

1 July 

1 

High | Low 

HlRh 

Lnw 

- :■ ... 

r_ 20 

16. .. 

— -1 

Go rt. sec.- 

1 78.58 ! 
1 t5/i) ; 

l 68.70 

1 m 

187.4 

(9/1/36) 

49.18 ! 

(3/1/7 CA : 

— UnUy ! 

Gllv-Kdaed- 
ladurtrle** — 

' 144.7 
151.3 

158.9 

162^ 

Fixed la*-— | 

81.87 | 

70.73 | 

150.4 

60.58 

! Speculative^ 1 

[ 57.2 

82.2 

led. Orri 

(9/i) ; 
497.3 
(K/l) 

tfilS) 1 

433.4 

(2/3) 

549.8 

(14/8/7?) 

40.4 

3-dsrAv'rnjie. 
Olit-kdRed— 
Indus triBis..-] 

152.0 
158.6 | 

147.8 

158.1 

Gold Mine*- 

170.7 ; 
.120/71 | 

130.3 

443.3 

(22/6/75) 

48.5 

(26/io/m 

Specularirr...: 

rotms.m.^....! 

29.9 
100.2 I 

89.3 

98.8 


OPTIONS 


. ... , . . . tato‘ teBlW oi ‘“the and t0 ^S; ncialit 

1 pm calculnuon, closed a mere Brewi>rie.v replaced earlier gains .. „ - .. - a ^„f ufii>r ‘Udn Tamer and NewafI company. BOUtn Airtcan rmanciais, 

2.7 up at 470.4. with modest falls. S ton of the^ recent ^ property after 540p. TMaer^d_iVewa/l madp {he although firener, did not funy re- 

British Funds again took a Interest in the Building sector revaluation. The stron 0 first-half Foreign Minister's renorted Quietly firm Investment Trusts, ^ ct Die sharp gams m Golds. 

mained at a fairly low ebb. profits performance ^ S. JkTSt RhJSSn USEES ™ proving. 6 to__ 209p In active A»*to Ajncrito edged up 4 to 


“ G For ftJSffVlIS £Si 

25 S “■ tT 53SS ffif’ainSW 

!&• wn oct 12 oct 24 laa 

Aug- 7 Aug.14 Oct. 26 Nov. 7 Britannia Arrow, Grimshawe. 
Aug. 15 Aug. 29 Nov. 9 Nov. 21 i^broke ‘Warrants, William 
For rote indications see end of Morrison and Queen’s Moat 
Share Information Service Houses while a double waa 
Money was given for the call arranged in UDT. 


detached view of the general pro- remained 


ceedincs. Nevertheless, upward Among the day's handful 
progress was made and the movements. Wettern Bros, coo 


of accompanying optimistic remarks no t be lifted and ran bade while talk that the group 324P . GFSA } 

0- about second-W prospects SSr,2£ “ may be buying in the stock Beers 2 to S90p. 


to £13} and De 



switching order had been effected a , results< due hort , left of a Prench acqulsl - U on prompted ™ gtSlMp on renewed Wu- I3 P, on . ** announcement of a the good at 21ffo, after mp. 
at below that level Having Eu , d Everard 6 t0 the J good a penny improvement to 133p in g2L 8 Snnort. wSSTl bSS final distribution of 14.43p per Elsewhere, the withdrawal of 

pawr c awaited the lnlpst money . . A.. lative support, wulie A. nusseu CgKcT»<lnpu nral m nara nvonr Siwnihilcp «nnnnrt caw 


_ „ I(T OD to 3Q6n before in receipt 'of a 12op per share Oi^^nge Corporation reflected to 130p. Si 1 vermin es also came in 

Cold shares moved Into the . g -. .. up - ff P 3S 3p for cash bi^from the ^ BiStagham M^p H^rtoo M^^ clo^d a with a 1456 ^ (x ^“^ a ^ , ^ sellillg ^ do8ed 


limelight following a prolonged easing back to settle ^ . M - d]anfl Ponniies Tru-st ^ nui “ u “ “"“™» viostsu o 0 f 6 to 149p. 

spell of lethargy. Various factors £ nse of only a penny on balance. aj^ Miitiand Counties Trust. ^ the. good at 97p following con- 

influenced ihe unturn including Elsewhere, speculative demand E? of S off er MtaiS firmatJon Diat tiie company 
the good rise in the bullion price, prompted a gain of 6 to SSp m were want wi at' S7i^uS intends to establish its own air- 

«he Anglo American group divi- ">«}. while buying mterest re- f s ^dete? dosld 4 tette? hy l9So - 

dends. and the recent spate of vlved in Farm Feed, up 4 at a Dowre « 


.... spate . 

encouraging quarterly returns* as peak for the year of 52p. 
a result, ihe FT Gold Mines index i,.i A ,. t x..-* 

gained 6.3 to its highest since GttSSieS DelOW best 

October 19 last year. Leading Stores closed we 


at 214p, after 21Sp. 


Dowty continued firmly in 


ACTIVE STOCKS 

No. 


TT „- Motors and Distributors, rising 7 

isOTy = » » iSra ^.2 5 “J? J5LMS2S 1 ?L 9 


Stock 


r irM-iimc ueaimgh in nanas- 101* uic wrsu ouppuiuru up w pi cumuiai 3 ubui«. ohshikh u> d .. __ , , - 

worth variable 1983 aroused little 2SSp immediately in front of the Foods, Bernard Matthews rose 12 ^ better at 168p. after li.p, on Unlgate 

interest 3nd Ihe stock opened annual results. Gussies A drifted to 157p, a move excited by the continuing specidatlon about an Marks & Spencer 

the to close 2 up on balance at 280p Imps bid for J. B. Eastwood: the munaent Did from - — ■ 


and closed at 09!i. while 
efforts- of a few buyers raised with the 


profits much 



lifted ihe premium l to lOSi per still on the results and proposed half loss coming as no surprise, ing statement on prospects, 
cent, after 10S{ per cent. Yes- scrip issue, edged forward a penny while reduced earnings failed to Newspapers closed 1 
terday's SE conversion factor was more to I65p. after 16Sp. Fonnin- depress FMC which finished a like altered, but interest was 


BAT Inds. 


lomlna- 

Of 

CJosinx 

Change 

1978 

1978 

don 

marks price (p) 

on day 

high 

low 

£1 

16 

3S3 

+ 1 

396 

328 

£1 

22 

325 ■ 

— 

358 

296 

£1 

11 

856 

+ 6 

896 

720 

25p 

11 

68 

+ 6 

68 

47 

2op 

10 

154 



160 

135 

25p 

10 

556 • 

+ 1 

586 

484 

SSp 

9 

285 

+ 7 

288 

155 

SSp 

9 

536 

+ 6 

548 

476 

25p 

8 

149 

+ 5 

159 

138 

5Dp 

8 

230 

+ 7 

231 

15Z 

25p 

8 

266 

+ 3 

278 

233 

£1 

8 

273 



297 

242 

25p 

7 

317 

+ 4 

346 

287 

25p 

7 

280 

+ 2 

312 

256 

lOp 

7 

160 

+ 3 

215 

157 


LONDON TRADED OPTIONS 




Oeto 

bet 

JftC 

lacy 

Al 

til 

1 . . 

Option 

Us'n-ise 

pru* 

Ctosiugj 

offer 

VWI. 

dosing 

offer 

VoL 

CkwiUK 

offer 

Vol. 

Bnotty 

close 


750 

131 



152 

— 


— 

68Sp 


BOO 

89 

— 

112 

— 

153 

— " 



860 

55 

1 

83 






900 

34 

27 

64 




14Bp 


140 

16 

7 

16 

— 

26 

10 


160 

7 

3 

11*8 

■ — 

lBia 




160 

26 

— 

S9 



• 



ISO 

11 

29 

16 



— 

' |l 


200 

4*s 



8 

5 



_ M_ 


100 

25 

— 

2b>g 

— 

— 1 




110 

26 

— 

3B'e 

— 



1 

Cmirtnulds 

120 

81* 

6 

12lt 

— 

X V 


wt 


130 

4*e 

25 


■ — 


““ “ 

Y1 - 

C,EC 

220 

55 

— 

62 



— 

2B9p 


240 

39 

— 

47 

— 

62 . 



UHC 

260 

23 

13 

33 

2 

40 


* 


230 

13 

— 

28 

— e 

le9 

— 

99 


100 

1412 

31 

19 

12 

RUs 

— 

108p 

Grand Met. 

110 

8 

9 

12 

24 

141« 

80 

t* 


120 

4 

11 

7 

- “ 

. 

S85p 

ICI 

330 

62 

5 

84 

10 

69 

3 

ILI 

360 

33 

6 

42 

— 

40 

A 

„ 

1C) 

390 

15 

4 

26 

7 

28 

7 

•e 

ICI 

420 

51- 

58 

12»a- 

49 


• — * 

M 

Land Secs. 

180 

38lg 

11 

41^2 

6 

4 ? 

3 

8l4p 

tend bees. 

200 

19 

8 

24 Is 

•— 

51 


’ M 


220 

8V 

• 15- 

13 

— - • 

18>s 

— 


Marks Ic. Sp. 
H&rks & Sp. 

120 

41 



45 

— 

45 



16«v 

140 

22ia 

— 

25 

B ■ 

28 la 

19 

rm t 


160 

9 

4 

13 

— 

17 

— 

M 


600 

82 



90 

■ — 

100 


889# 

Shell 

550 

.42 

14 

• 55 1 

1 

85 


' M 

Shell 

Totals 

600 

15 

43 

330 

30 

148 

40 • 

90 

“ - 


EEC animal trade plans 


BY OUR COMMODITIES STAFF 


COMMON' MARKET plans now trade and waiting to see what 
being drafted on animal welfare the Commission proposed. 

are cwtrti to favour trade iu ,, «> und mtooJ. ttww^h. that 

fV ,„ the people working on draft 

meat carcasses rather than ^ the schemes in t he Commission con- 

muvciueat around the com- sirfered trade in carcasses to be 
muniiy of live animals Tor more desirable than movements 
slaughter outside their home of livestock over long distances, 
countries. Mr. John Sitkin, Mr. Silkin is understood to 
Minister of Agriculture, hinted oppose live trade, although a 
in the Commons yesterday. recent Government study con- 
Pressed for a unilateral ban eluded that there was no reason 
on exports of live animals, the either on economic or humani- 
Minister said he was still study- tarian grounds for an end to 
ing a Government report on the exports of animals. 


RISES AND FALLS 
YESTERDAY 

Up Donn Same 

British Funds 60 1 IS 

Corpus., Dom. and 
Foreign Bonds ......... 7 4 51 

Industrials « I* ® 

Financial and Prop. ... 200 28 288 

on* M 5 15 

Plantation 4 7 21 

Mines 60 17 « 

Recant Issues 13 10 20 

Totals 799 220 1.412 


We want 

your board of directors 
to decide the future 


of the Red Cross. 


Unlike most businesses, inflation and rising costs don’t 
eat away at the profit margins of a charity. Simply because 
there is no profit. 

Instead, they effect us in another way that has more 
serious consequences both in the short and long term. 

Since the Red Cross has no profit as a cushion against 
inflation, this lias to be covered with money from reserve 
funds. Funds that would normally be held back for 
emergencies or special international projects. 

In just two years, the cost of equipment and relief 
supplies have risen dramatically. For instance, the cost of an. 
Ambulance has increased by 40%. A wheelchair by 55%. 

Unless something is done now; our future could be in 
jeopardy. 

This is why we are asking your board members or their, 
charitable trust to consider whether they can help the 
Red Cross. 


The Red Cross #* 


U you would like further information about the Red Cross, please don’t hesitate 
to set in touch with Derek Bareon, Director-General, The British Red Cross 
Society, 9 Grosvenor Crescent, London SW1X 7£-J 



NEW HIGHS AND LOWS FOR 1978 


The following securities owned In the 
Sh»re (nhJrmitton Service yesterday 
attained new Highs and Lows for 1970. 


MOTORS IS) 

Flight Refuelling 


NEW HIGHS 198) 

AMERICANS (1) 

Honeywell 

_ CANADIANS 111 

Rig Afgoai 

_ BRITISH FUNDS «* 

Exchar. 12 k 1998 Etfchor. 12 k ’13-17 
t , BANKS (2l 
Bank of Ireland Cattle's Hldgs. 
BEERS (1) 

Invergordon 

BUILDINGS 13) 

Burnett Hallaimltire Wiggins Const™ On. 
Ellis & Eyerard 

CHEMICALS (21 
Farm Feed Plvto 

DRAPERY A STORES <6> 

Cooe Snorts Ladies Pride 

Foster Bros. Owen Owen 

Helen* r London! Wall it 

ELECTRICALS <41 

Automated Sec. Perkm-Elmer 4 k 
E I eorocom portents Lin I tech 

ENGINEERING (111 
Anderson Strathclyde Laird Group 
Astra Ind. Mining Supplies 

Bullough Ne<?psend 

Caixlo Eng. Warm: Wrlgfit 

Clifford (C.1 Weston-Evsns 

GEI IntL 

FOODS (31 

Clifford Dairies Unlgate 

Matthews (B.i 

INDUSTRIALS «1S1 


Rolfs- Hove* 

Dowty 

NEWSPAPERS 411 
Thomson Org. 

TEXTILES 141 

Dawson Intt. Dixon iD.J 

Do. A Hollas 

TRUSTS 1231 


Alliance In*. 
Attihmd Cap. 
Ambrose Inv. Inc. 
Cep. 

Anglo-Scot. Inv. 


Investing In Suet ns* 
Law Debenture 
Raeburn 

St Andrew Trust 
Sec. Gt. Northern B 


Trustees Cora. 
Tyneside inv. 
Yeoman Inv. 
Challenge Core. 
Nippon Fund SUB. 


Assoc. Sprayers 

BTR 

Barr & Wallace 
Arnold Trust A 
Diamond Stylus 
European Ferries 
Ewer iG.) 

Glass & Metal 


Gnome Photo. 
McBride (R.i 
Metal Box 
Sags Holidays 
Sandhurst Marketing 
Uniiicx 
Vinten Group 
Wade Potteries 


Bishcpsgate Inv. Tst Secs. Trust Scot 
British Ind. A Genl. Temple Bar 
Brunner Inv. 

Car hoi Inv. 

Ch. Islands Inc. 

Foreign A Colonial 
Genl. Funds Cony. 

OVERSEAS TRADERS *4) 
African Lakes Boustead 

A use Agric. Steel Bros. 

MINES <12> 

Kinross F.S. Geduld 

Elandsrand Gold St Helena 

Kloof Gold Wei tom 

Stllfontein Western Hldgs. 

Vaal Reels Ang. Am. Gold 

Western Deeo New Wit. 

NEW LOW’S (8) 

LOANS HI 

USMC Without Wb. _ 

BUILDINGS 11) 

Francis (G. R.) 

INDUSTRIALS I2t 
Elliott (P boroughi Wilson Walton 

PROPERTY II) 

Glanheld Secs. 

SHIPPING 41) 

Reardon Smith 

SHOES 111 

Booth llntf.l 

TRUSTS 111 

Reabrook Inv. 


RECENT ISSUES 


EQUITIES 


ls*ue 
Price ' 

»•: I' 


=2 aJt|sl 


1778 


Stock 


l Hiirti . Low I 


!>. ! 


i 


75 I 
55 

,€i l 

lOO • 
85 | 
454 | 


F.P-i 50.6* 92 i tb IBrarnHil fC.D.l .’88 (+1 | t4.6 1 3.1f 7.T. 4.7 

K.P. I — ] 76 !'71 kiartier. Smncifw<l>_..| 72 +1 .12.411 8.1 5. H 9.8 

K.I*. - IttV 70 IKmtay I 121; _l« | _ - j — I - 

K.P. 5/7 IfiV ! M •Kmwberm ,163 ; ,48^4 3.0, 2.6:15.6 

K.P. 24, e] Ml | Si IH not . iic Peir.5er.i-as; 84 Ul I 4.65| 3.0| 8.4 5.9 

K.P. — : 36 : *3 ;[bnmc. I'liiiwl 36 «a-1 M2J3 , 2.3i 8.4| 7.9 


FIXED INTEREST STOCKS 




* o 

sS| 

£1- 


1973 


HI el> ! Iir-w 


Stock 


!28i7 

,18/8 
1 22/9 


7'9 

16/8 


* 4 I K.P. 

4 4 K.P. 

L98 £50 
C99.4I K.I*. 

S100 ; K.P. 

ii £10 
100 1. 1 K.P. 

£100 | P.l*. j - 
tl £37.65 K.P 1 28,7 
II i£25 i35/B 
4 4 ( PJ*. ,'21(7 
*« I F.P. 1 — 

4 ■ l F.l*. )21/7 
vv F.P. I - 
- • K.P. 9/8 
1109 K.P- 121.7 

£994 4 | f.P.j — 
KMUISIO l20:lrt 
£99 £10 <21/7 t 
31001 F.P. : - I 
L-9 &m<£5G 1/9 ; 

£9 T.P. I — • 
alHa*l£25 I lBiff 




Mlg 
61 
Will 

sans 

*w«| 

IWi 

IWSe 

ftii; 

Wia, 

OOvJ 

Mb»l 

26 

,<*>[. 

Itefj 

l«i 

su! 

swis! 

fjlvl 

99H 

CSkl 


cdi/Alllcl Lenllier 9% Prel - — 

ai|.lAllie.t Keuiler- »i PnM 

« 'Darnel L«i K«t. 19B7.„ 

WHgiUltniuiKhnro V«r Kate 85-86.. - 

S97t4'M»XK» b/S (Jonv. Brt». 1993 — — 

liD,lKori Anplm Water 7% Ke4. Peel. 1963 

101pl livhniN t '»l I n^OIHce 10^Ke«l2ihlCumPrcl 

991a tHJnbonrti l r *r. tot<? lMw4..._ 

974e Kwet Water TS K»L Prer. ISIM 

ESi-lFairvlew lists. 13.653 Ueb.... ... 

HfbllllXP 10* Pr®*- - - 

-'ipMatuliwiel 9% rrel 

JOLpi vi tiler iK| 11% Pref - 

U& ill<a>tu.VR 12? Partly Cunt. Co*. Ld. ’86-'88 

•Vl'|Slure U’FerTail 10%2n-l Cum. Pref 

107|rltobm.-ou Bnis. 11% Prcl 

•MSi', seitnn V*r. K»t« K«l. 1933 

o [AtiUicail-iu-Sea 12% Iteil. 19KJ 

9 ■ | d<'iiLli. C>n6‘i'ie liii Kml. 19?6.....'^ 

538klThorn Inti. Pin. 7£ C v nr. 1336 

•w*4|l\ut- J£ Wenr 12% llc*t. 1SB6. 

99ii|WuiH«njTth Varinhle 1083 

2« jWerl Kent Wal-r Ir^, lloh. 19cb 


n 

!•= 

rjO. 


U-or 


FT-ACTUAKIES SHAKE INDICES 


These indices are the joint compilation of the Financial Times, the Institute of Actuarial 

and the Faculty of Actuaries ■> _ 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures ifl parentheses show n anther of 
stocks per sectioD 


21 


-U 


3$| 

Soft 

8971* 

i loi *. 
wap; 

OO'a. 

i itSl-U 

I HSi. 

I lOlpi— Ua 

.! 86 l 

I 94p — 1, 
107p —2 

: 99 *( 

: 91 b: 

. $981*1 — u 
.■ 49 

■j 99^ ..... 

.! 24 I S , 


44 RIGHTS n OFFERS 


Imho 

Price 

Pi 


3 — 


Z? 


i UtcM 
j Iteuii It-;. 

Date 1 


1372 


Luw t 


SUvk 


CI(hlHg 

Price 

p: 


1+ « 


s.vi.ro 
5 { 
28 : 
15 
141; i 
66 1 
ioa \ 

49 

’i ! 

n i 

»5 I 

95 

50 


Ml ' 
NH 
KJ?.‘ 
nii ; 
Ml I 
Nil 
P.P. I 
Nil ! 
S.l ’ 
p.p.l 

Mi . 
K.P. ; 
K.P. I 
K.P. I 
P.P. 
Ml I 


ie e. 
28i7' 
lU/7' 
26.7 
26.-7 : 
2/8 
14/7 1 
3/7, 

81.7! 

4/81 

I7i7- 


I4.a; i4.m| ffipnt'ANZ 

IB'Q aii jiiiijiiniini BrWjierirt I'rtx-**® 
18/h, 541] _ dli'-.Unmkc Ti"H Kru;. 
18.8 <4niii31{pin'Dnrtiu'JtiLh Invs 


17-71 

hV 


16‘B iljiim 1 j|ini fcllfwIi'h.Hupiwr 

1/9' 15 1 10 iH nail lain Mum £ Ct«Kiot... 

a,8j I20 , lCrs;Ueulra 

29/7 i3|ini|sSf|<iii|HyiiBm tT Jt Q.l 

— ; ISpmi Mum U.L .I*. - 

1 1/Bi W 7 «... 

l/9'l44imil2ipmlXon»n iW. S.l 

24. HI 1 ia j III ,3«-urwir Cmii|» — 

26/8 117 .III • L>o. A. N/V 

25/8; 12U ! Mi lAecntlrr wav ices 




17.7} 5 s, 6 i i iv ; to? i 7 k '■ ’ir^iVr'v. 

28-7| 


B/9. ^|.m|.'siilclllTe Spenkmau 


30pm| — I 

...... 

561 b! 

3i4> pm;— >* 
4 P«"l 

leiunl ...... 

123 [4-Iq 
45 pin + tj 

16Lnn|+I 

-I 7^4 pul’ + lg 

■ 14 4 pm; + l 

: 117 +4 

U5 +4 

| 116 Ub 

I 214 1+3 

1 38ym| 


RePHneUthm dale asuallv last day for deal ins tree of stamp doer. 6 Figures 
based on praspiK+ua estimate, u Assumed divldeod and Field, u Forecast dividend: 
cover based on prwiaus rear’s earnings, p Dividend and yield based on prospectus 
or oIImt ofliclal esiin/.i/t s foi lil q Gross t Fieurro asaimni. ; Cover alhuve 
lor conversion of sban-s not now ranking (or dividend or ranking opl; lor restricted 
livid. -nd*. j pi a. m« nriiv in nubile pr Pence unless otherwise ind/eated, i issued 
by lender. }| Offered to bniders of Ordinary shuns a* a rights.'’ ** issijed 
by way or capiiaUsaiion. r* Mimmum tender once. - SS Fctmiuduced. 5!t Issued 
in connection with reuiranisBUon uicrser or takeover |||| introduction. □ isnqod 
in termor Preference bnldcrs. ■ Allotment letters <or lully-oaid/. • Provlslaoal 
or partly -{Mid allouncot leticrs. * With warrants. 


CAPITAL GOODSflTO- 


Building Materials i28i_ 


CoQtracting.Construction (27) 1 

EJectricals (15) — — 


Engineering Contractors n4)> 
Mechanical Engmeering(72i> 


Metals and Metal Fonmngtffi).. 
CONSUMER GOODS 
/DURABLE) (52)- 


LL Electronics, Radio TV fl5)_ 
Household Goods (12) 


Motors and Distributors (35). 
CONSUMER GOODS 

(NON-DUBABLEM174) 

Breweries(14) — 


Wines and Spirits (6). 


Entertainment. Catering (TD- 
Food ManuXarturing(2U. 
Food Retailing l 15 l- 


Newspapers, Publishing (13) . 

Packaging and Paper (15) 

Stores (33). 


TextilesCSi. 
Tobaccos (3i. 


Toys and Games (©- 


OTHER GROUPS (97) . 
Chemicalsfiei- 


Pbnmaceutical Products CD- 

Office Equipment 16) 

Shipping (HR. 


Miscellaneous (S)- 


amBBgjt GROUP 1495) - 


Oilsi5). 


599 SHARE INDEX. 


FINANCIAL GROUPilOO). 
Banks? 61 


Discount Houses 1 1®_ 
Hire Purchase l5) 


Insurance [Life) i10)_ 


Insurance (Composite) (7) - 

Insurance Brokers (10) 

Merchant Banks (14) — 
Property i31 1 


Miscellaneous |7/, 


Investment Trusts 150) . 
Mining Finance (4 l 


Overseas Traders (19i. 


ALL-SHARE INDEX) 673L 


Timrs., July 20, 1978 


Index 

No. 


216.05 


194.17 

34L49 

460.89 

321.09 


174 31 
16458 


198L62 

235.85 

175.62 

124.48 


20258 


21955 


258.79 

250.60 

197.74 
208^8 

402.75 
134.03 
185.01 
177.40 
246.70 
10759 
198.44 
235.98 

259.76 
127.56 


401.64 

206.99 


211.49 


488.78 


23454 


164.90 
189 JK 
204.49 
15737 
13732 
125.74 
34035 
79.84 
235.47 
104.62 


220.44 


99.65 

31935 


216.87 


oay* 

Change 

% 


■rO.7 

-F0-6 

+ 0.6 

+0.7 

+ 1.0 

+03 

+0.7 


+13 

+1.5 

+0.9 

+0.9 


+0.7 

-0.4 

+03 

+L4 

+0.7 

+23 

+1/4 

-03 

+ 0.6 

+0.4 

+0.9 

+13 

+0.7 

+03 

+0.7 

+23 

+03 

+ 0.8 


+0.7 


+05 


+0.7 


+13 

+03 

+ 1.6 

+2.9 

+25 

+1.7 

+ 1.1 

+ 0.6 

+1.4 

+03 


+ 0.6 

+13 

+ 0.6 


+ 0.8 


EsL 
Gannags 
Yield* 
(MasJ 
Corp. 
Tax 52% 


1756 

17.89 

20.49 

14.94 

18.69 

1856 

1737 


17.48 

15.92' 

16.79 

20.03 


15.95 

1556 

1654 

15.70 
1930 

14.00 

10.01 
19.60 
1139 

18.70 
2224 
1838 
1617 
1731 
11.13 
18.78 
18.04 
1729 


2650 


15.10 


1629 


24.07 

1255 


1384 


3.01 

24.27 


3.15 

17.71 

1640 


Grow 

Div. 

YleldK 
(ACT 
at 34%) 


5.67 

5.71 

431 

4.03 

636 

617 

855 


528 

433 

646 

647 


5.90 
620 
559 
693 
5.63 
437 
3.11 

7.91 
4.78 
7.80 
759 

5.91 
5.83 
611 

3.95 

5.96 
7.62 
639 


5.78 


4.04 


552 


5.75 

5.92 

8.46 

524 

663 

6.78 

4.62 

6.13 

326 

7.99 


4.62 

698 

668 


557 


■Est 

P/E 

Ratio 

(Net) 

Corp. 

Tm«% 


7.88 

7.90 

7.10 

9.46 

703 

722 

7.85 


ao2 

8.87 

8.21 

696 


8.49 

9.14 

907 

932 

692 

9.87 

1427 

673 

1238 

694 

530 

647 

800 

7.84 

11.18 

630 

683 

7.71 


820 


7.18 


8.03 


629 

11.79 


1035 


65.88 

536 


31.73 

688 

7.49 


Wed. 

July 

39 


Index 

Na 


214.46 

193.00 

339.49 

457.60 

317.86 

172.87 
16337 


1962S 

232.42 
173.98 

123.42 


20121 

220.43 

25850 

247.14 

19630 

20409 

39726 

13403 

183.89 

17676 

24452 

10641 

19759 

28507 

25798 

124.91 

398.65 

20527 


209.96 


48647 


232.92 


162.91 
18923 
20133 

152.91 
13394 
12358 


33657 

79.58 

23205 


10430 


219.05 

9793 

317.43 


215.15 


Tuo. 

Jnlf 

U 


Index 

No. 


215.93 

2B.78 

34139 

46362 

318.48 

17357 

1W55 


157.73 

234.78 

17645 

123.67 


202.67 

22057 

260.98 

249.64 
197.49 
20669 
395.02 
135.47 
185.44 
17811 
24658 
10756 

298.64 
287.05 
259.80 
12808 


40257 

20645 


21149 


48909 


23457 


164.78 

19050 

Z04.91 

15251 

13618 

125.65 

33956 

79.93 

234.91 

10551 


22052 

98.77 

31621 


21678 


Mon. 
Jn ly 
17 


Index 

Na 


218.17 

294.64 

34144 

47455 

320.71 

174.95 

26554 


19898 

23601 

17603 

124.92 


20455 

224.01 

263.67 

25250 

19812 

207.91 

395.49 

135.66 
187.96 
18800 
24855 
10824 
200.63 

290.67 
26204 
13057 
40554 
20753 


23051 


499.62 


23752 


16668 
19351 
203 JO 
154.85 
-137.30 
127.65 
339.50 
8058 
237.69 
10558 


22LQ4 

99.91 

31758 


21911 


W. 

Z*1T. 

14 


Na 


21602 

19257 

34155 

468.63 

32056 

173.44 

16302 


19853 

235.49 

175/44 

124.64 


203.64 

22259 

Z6352 

25002 

19630 

207.84 

39606 

134.67 

187.41 

179.02 

24857 

10800 

199.08 

28674 

26105 

13054 

404.74 

206.62 


21204 


49752 


235.77 


164.28 

190.49 

5S3J4 

152.17 

13452 

12509 

33803 

7946 

234.05 

10842 


218.74 

10Q19 

316.47 


517.48 


Index 

Na 


17675 

34830 

239.89 

354.79 

254.01 

15810 

145.68 


*4 , , 
1;, . . 

"llllr 


16703 

19355 

35758 

107.42 


ia.36 
170.04 
195.14 
282.56 
17001 
16959 
29001 
11615 
14157 
15308 
193 06 
97.68 
174.93 
245.89 
0.00 
102.75 
473.60 
17101 


/(,•• , , 


'i 


*’■' »r„ 
•’ l 


'*‘‘n 

. . 

*i!,, 


175.00 


50160 


20120 


13339 
153.47 
173.66 
12630 
102 42 

10694 

297.43 

64.67 

17663 

87.58 


170.23 

90.96 

269.70 


18353 



FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross Red. 

Thurs. 

July 

20 

Wed. 
July 
10 " 

Year 

bSO 

(npprcoL) 







1 


874 

8.76 

1029 

11,50 

••TO 

British Government 

Thura. 

July 

20 

Day’s 

change 

xd adj. 

To-day 

xd adj. 

1978 
to date 

O 

3 

Coupons 35 years 

25 years 

10.85 

11.54 

HM 

12.61 








mm _ 

13.48 

32.50 

-20.56 

12® 

1 

Under 5 years 

105.03 

+0.09 


4.91 



n 

5-35jrears„ — 

1107 

+0 2b 


7.04 

6 

25 yean..,.-..'.- 

1221 

' 12.15. 

UJ5 




7 


1L59 

1162 

1L58. 


Irredeemables 

lib. 98 

+033 


724 

8 

9 

Coupons 15 years 

25 year* 

12.57 
- 12 79 

12.60. 

Ii82. 

13J-7 
13J5 . 

5 


113.0b 

+020 


637 

10 


.. 1L60 

11.63 

12.80 











Thurs. July 20 

ffd, 

July 

10 

Tun. 

July 

id 


Friday 

July 

14 

Tliurs. 

July 

u • 

■Wert. 

Jirftr 

“ 

Tiiriu" 

July.- 

H .- 

Imicx 

Xu. 

YkU 

A* 

15 

-0-yr. Red. Deb & Loans (15) 

S6.89 

J-* 

w 

-S 

67.02 

56.99 

36.94 

56.88 

56.80 

36.83 

86, 7S 

16 

Investment Treat Prefs. (15) 

60,77 

13.86 

51.04 

51.95 

51.51 

51.65 

51.59 


61.69 

17 

Coral, and Indl. Prefs. (20) 

69.50 

13.S4 

69.99 

70.04 

70.04 

70.02 

70.04 

70.1? 

Toil 


~T»r; 

:..VP v 




62JM 
4853 
68. J 8 


1. 


■,'C: 


r Kwmptton yieia. Ktgb* and laws record, bass ones and values Run eeoctitwuit changes am nobUshed m seu^Tf 
■■goes. A list or the cniadtucnti, i, available from the Publishers, the Financial Times. Bracken Hum. .CNI**"* 1 **- 
Leads*. ECep «sy. nrict I3e. by past Ztn. 







37 








°Ct; ,, 


Financial Times Friday Ju]y 21 1973 

insurance, property, 

BONDS 


AUTHORISED UNIT TRUSTS 


i-astp#m-#C! burehya^ECt^ 0 " ^ategm Cener ** Portfolio Life Ins. C. LUL? NPI Pensions Management Ltd. invent! FtL IP. 4 3§J +a.']J- 

Equity Fund 365 ' un 01 " aMai11 Jj^iHio!oin*w(X.WailUaM Cress. WX31071 4&GracecburefaSL.EC3P3HH O l-mfflM AbbcjCqi - T ' a — 47.95< +03] 

ifel d= = SSS&sZtP- ssusszssxl.- 

® = e 

Tenj. Pro perm 17*8 J2-S •■*— — CL. Equity Fund.— 107 #■ .112.6 _ — Kiwi Soy |nv. Plan. 1423 1463] — AJJJp«I U£.~- — - — J4.1 Tfl.71 +0.7T 

Ij =: = fSSS&fcSi JUn = "la! 

RE»B*!=BI S 3 - = S 5 SF® . ffl i== 3 .r. ^ 5 KjS=dSf. ■ SaK = SBesS— JNJ 

■VProp. ?d.Scr.-l_ 127 3 


*-quuy 1 una. . , 35 5 »_ ™ BwuniDimLL, nauutna trai 

. godly AK. 3U |5| — Portfolio Fond j 135.0 

. , Property Ftt... 1487 154 a ~ P«rtfalieO»pitai. - .|41.9 444 

& ftnd™?: wi 8 HI : 2 " ::: - Cre6ham Am. Soc. LI 

• Convertible Fund.. 131 2 iH5 — 2 Prince of Wale* Rd. Eftaoatk 

1 ;«PPyI ru "<I 1216 12Bn "~" ~ CLCnibPBad 197 0 1B2J 

Pen*. Prnperw..-. 174.a lS? ~ C.L.EmillyFuiui...PO7 0:- .Hit 

Pm».So1ocU^_ . 85 fc w ;i — CL.G»tFund Oils 1»J 

Poni. Security lw _, 134$ jJJ-J — CL Inti. Food |121X »7A 

*z»* ini ::r r **•?»**** — j*r nut 

• 127S H2? - Growth ft Sec. Life Ass. S 

E?" l, ;2'4j ,fr ‘ 4 — Uie 140 s — Weir Bank. Brey-ap-TtnaM* Eerie 

WWW-** »3 - OJM 

JS? llv Ull jib'd LindbimkSecs. I 5397 

♦Monej Kd Scr..|„ 109 6 ffS'S ~ Lsndbanfc Scs. Ace-llMA 117.4 

Prtcreot July lR.ValunuoBnoru2uyTu e gda7 G - * S- Super Fd. _ j £7.994 

Albany Life Assurance Co Ltd. Guardian Royal Exchange 
SI. Old Burlington St. w.i. ' m-m e>cI “ b ^ E ^ 3 - 

6 Equity Fd. A«.._. iBt.i j« « u F«I*rty Bonds _.P7&.9 JMZ 

Kid^Si'v'lSFv — 147 J __ Hambro Life Assn ranee Li 

•lull jannf^diAcml 1077 — V* & P»rt Lana, London. W1 

r-rs. eProp.Fd_Arc.„. M8« m2 ^ “ FuradlntDep 1255 1323 

**■• ■•M'plilnv.A^r'lSj 174J r?b — ©“*» - 186.6 

Equity PeiLFd Ate. flip Mii l?'? “ Property — 1630 1710 

Fixed LPcn.An-. nj — Named Cap M&2 1«7.6 

clrt.Mun.Pen Are. St 3*5 iSj “ «WMedA*e 1712 MZ.4 

Inti Mn.FnKa.Lc' 114* So lit “ gwrsm 1200 1272, 

Pnjp.ren_trT^: .13 4 33* t ™ — CIltEMsod 124.6 in| 

U 'plo Inv.IVn Acc >|2D26 2§j +2_9 _ Iffl 


Abbey Unit TsL, Mgrs. Ltd. fa) Cartmore Fund Managers V fal(g> 
Wn. CalebouM Rd. . Aylesbury- tJaWSWl - m w M r yAxc.EC3.\BBK m.- gy r 

Abb^Capftol^ — gZJ 3S.« *0.41 4 3* (nAmerican™. — 1206 317el*ail 0 

Abbey Income, MS 4x3*0.41 614 nf»..KTn lAeei-KSl 

.4WXTlilv.Ta.Ftl_ 57.4 34j+fl.lj- 42b c£nmoditFSl»*« - 1M 9 _ 

AbberCauTat — (44.3 <7,^3 *0S| 4J8 ExOaIwM^ Tlt ~ 23.8 


C L. Equity Fund -P07 0 ' .Hit .._. - fi!S l .SfPjHi Plan - 

cLGUtfucd _Tniio 1 »J - SKfSftHa 

CL Inti. Fuad [l210 1270 „.... — 

CL Pjrty. Fuad„ — (%0 W$ 

Growth & Sec. Life Ass. Sec. Ltd.9 Far Ea»t Fd. 110s ? 

Weir Bask. Bny-ao-TtnaK* Berks. 092RM3M V.“ t 5g»d % - — Im. 7 
Flexible Kinance„| ao« 1 _...| - Un< D °P®» ,t «■ 
EMdbaukSecs. — I 53.97 I — - N'onririk IT 


a + az, 


Balaaeed Fsada 

Allied La 66.Z ' 

BrlLlndaFund 673 

Grih-ItliK. Jf2 

Elm- Jk ln(L Her. 335 

A] lied Capful 720 

U Bin bn> Fund 104.fi 

Hfltnbro Arc. Fd.__ 120JJ 
Income Fuxfa 


70.71 +0.7 
67il*a6 
39 8d +0.8 


SffiESEffiiSt 

Hlfih InctwicTS — 586 

lncoweFopo JJR 

liw.Afiencleej-f — 1384 
inti- Erani** 5 * — 85.1 

cSSMraftcBj- w« 


t fat(g) Perpetual Unit Trust Mnpnt.V (a) v JL. 

U1-2833S3I 48 Bart SL. Henley on Thamea O49120BO8 ■ 

*0JI 0 04 P-ppluBlCp^th (40.4 4J.4J +1 4J 355 

-l.sf 3.09 Piccadilly Unit T. Mgrs. Ltd.9 laMbf 


OFFSHORE AND 
OVERSEAS FUNDS 


hi {» isKEfeuL-ai- 
S-W r 8 »r r J « T h 1 aSSSSuSSS^SI 

jjj Gibbs (Antony) Unit Tst. Mgs. Ltd. . TcchaolugyFuod... 552 
527 3. Frederick's Place, Old Jmverr Vrr>n «wrr FarEart fa — 27 2 


tn uL. w,iJj»w,npr., 37. ru* Ndiiw Dime. Ijixemlmurt Pli Elo>. on. St Melier. J 

0-n , Vl«J«b>r)-'u , ul... 1 JI-S686 J+llfl - Kon.alrv |Vr« 

8.40 ISS 4n'3 ?14 N«fl awrltalUP July SO. Bond.-.rlm [►* 

IM Capital Fund — ”.Mi'7. 44'« ^21 4«3 Arbathnot Securities im Limited -JT“bS 


Rrysclex Must.. Jersey UiL 

Ptl Bov M, St. lielirr. Irwi.'.. 'Hr;, fl! ASTTin 

Konioln l>rslHS 1 IZV t 2 M 

8vnd.irlv » ► ^11931 Ull! . ! - 

»■ «'!** IMH lit tA 7 44; ■ - 


Z°] 4 w Arbathaol Srcuritiesirx) Limited iiij'r's: 

nl!ai ill I’O.Ba^at.in.Hrlwr.JHtn. 003472177 Japan (lib. 1-un.l . . (V-5731 aW.Oici — 
U«-0J 343 Cop. T»t.tJrrxrri.. (1170 121.01 -—I *■& he»*ol* , s.l || |i. ,| i ™.(ii3.5li 1 35 06! . ■■ • — 


s-J n.fff* — - — pan . MM] — | — . Income Funds 

Skua^xiM ZZ - Norwich Union Insurance Greap9 nJlbS^^ZZlISi ‘tMI-W. 
_1 £7.804 — Fo Box 4. J4orwicti NR1 3NC. 06032300 ARB). Inc. 13S.1 40.7x4 *0. 


M2 1 +Q j) 341 . Nnl riCAimc d«(o Audiul 1- 

M s SsSsJSs-SI 394 ^ *•* 

"I I fil i at ac. lneocq**-— .. (*l.5 . 449 j 860 Practical Invest. C*a LuL9 4vMc) Anstralian Selection Fund NV 

til MI :d fg -•«* 

Deoling tubs. rtWeC PractlcalJuly \S — 157 J lgj — ( 4Z1 USS1 Shan-t | jhnim°| 1 — 

I a 12 RmroH fJohnlV Aecum-Uwa -(222-7 236JI ......J 421 Net a»p( Value Julr 13. 


CenL .Vsaeta Cap. . . [ *134 70 j+3.0^ — - 

King St Khax<on Mgr*:. 

1 Oianru: i.'nisr Si ili.-l;rr lerwr iitSM 7774T 
Valley Hm*. M I’rtiT Isirl i.ni {i<4o< ■ 1'OM 


1 Ttaiiuan Street. Ihiuglaa. I.» • M 
V.ill V Utiri* ViTve.i IIS 98 9 Old 


M: H 

1744 ^ 
231.4 *4 a 
1064 +2.U 
H6.4 +o3 
1204 +19 
1298 ...Si 
2113 +2.91 


srz,.^ Rojal Exchange. EX’S. «^837I07 

01^1750® property Bonds — (176.9 IM2| _....| - 

*L? — Hambro Life Assurance limited 9 

+04 _ 7 cad Part Lana. London. W1 01-409 0031 

* 1 ~ 3 — Fixed Ini. Dep B25J 1323 +0.1) — 

rvb — ©“*7 177 J2 S3 +0,1 — 

ff-P — IJOMrtj- 1630 171.3+04 — 

"? — UanncedCBp 1402 «t3 *04 — 

tS-i — KwmkIAm 1712 182.3+04 — 

— C'vrrseas 1700 127 -6.8 — 


WanatedFuml CE1ZJ2 22SJB+0.71 — lntmsdnol FeaL S'nt y. Jtuy i+- 

m WR<nm — -?S-2 - ItUernaUrasl (269 28.9 +0.41 2J6 IH>. Accum. Vo 

01383 7107 IVupcity FBnd_ — 129-0 133.71+04 — Pacific Fund MSB iMffl+tLa 2.M _ N . 

1 — F«*^ Int Fund — 153.4 161 J +05 — SecsTOI Ameri ca _ (54.7 saH IM GneeeSOn J 

““zofian rd = 

Phoenix Assurance Co. Ltd. Smaller Co. - * Fa __ 362 AM 4.7B (Accm l’BttJ 

+^. TOtis WUUaaiSU£r+P “1HR- m , * M 9678 Sufi.” B5 9L5 +0.4 5.W (AcSui VMW 

|?^=^T7.4“ 7 3-d “ '6L7U +07 ^ SSSfflS 

Ebr.PtuEqL, |76fi B05| +C5( — Eipc. 3nUr. Co's__«j222« 234^+05 541 CmetmrJnb' 

Prop. Equity & Life Ass. Co.v Anderson Unit Trust Managers Ltd. i^Aash.Ji 

no. Crawford Street. W1HZASL. 01-48808S7 l50F«chtm>b SL EC3M BAA 6C3B231 U ffC "3 , ,I2 , S 

flu(= *^~ D -T— I ■* 

Flex Money Bd [ M9J [ .....J — Ansbacher Unit SfEmt. Col Ltd. 


ad G Ovett (JohnJV 

^oJ 742 77. London Wall. E-C.2. 
1 S'bldr. J uly 14.™— [lot 


Npl A»p( Value July IX 


01-588 SOSO Provincial Life Inf. Co. Ltd.9 


itiiTM-.i ita 

lil.»M < . 10 
•iqenw'if.9 


‘AMEV Life Assurance Ltd. 9 

AllI,a H^-R^iCalO Rei sale 40101. 
AMKV Mj|ibRPd M| U7 144 Al ^AUl 

ASJfcVMKd -B*. ~. U0J U6 5 "“ J “ 

■ Money Fd... iOSJS 110 8+04 — 

AJILJ. tqutlsFd._ 110.7 llfiS _n"y 

A}jy. n*«3 TrL_ ?34 97 1 To’l — 

A4TE\ Prop p,j 97 » in? 4 

■ AJlEraailPeiiFd 96.7 10L4 H 

AMEV Mgdlpcn.'B' 97.4 10Z6 

FlmplBn — 96.8 in?j __ 


Cllt Edged 

Amerteau Acc. 

Peaf‘i»ap.Cap 

Peu^J-DefcAcc — 
Pen. Prop, Cap. __ 
Pen. Prop. Act -■■ 


+a3 - 


215. [ 

1 Kale 40101. Pen. Prop. Acc. [26X6 .*775 _... — FiexMoneyBd — 

•T3 = K St: : Property Gm 

ill = li - = gis , s2r'- a “' LD 

+0.8 _ Peo-B-S-Cnp. 1244 130.7 — Properly Fund 1A1. 

— — Amro I (oral Fund 

-... _ Pen.D-A.F.Cap._ M20 „„ — * . Aerie. Fund (AK. 

— Peo.D.VF. Acc — _ 10X5 — Abbey Net. Fund _ 

— - Hearts of Oak BcneTzl Society . 

15-27. Tevijtoek Place. WC3HSSH 0J-3875CC0 iJCSSSfSBfe 
01-749 BUI 3B.E1 1 . — RqullyFund 

I - HUI Samuel Life Asset. Ltd.9 


Bank of America International &A. smuTst 

IlS Houlm-rinl Rmil I t: n Flnt Strrl| , )i;-_.„„.,.18 14 


901iS .. I lTC'J 
107 21 . ... ! U OJ 
9.«s4 I 12 03 


iSSi 5S-3 1 Ig SBS.BUi^lE'-'A Ol-WTlKn 35 twujpi-ard Roial. Invmlauire C.D. KSS£ W i«K23 Utn, 

28.8+041 2J6 Ho.Accain.Dn»-- M4 1775| _) JJJ Prolific Umu [M9 90g+Lll 506 WMinwllm-omr. Hr a* 117 ZMbjf f 7.7S. |UB.J 

■wdh-ajs 2. 04 _ . lng Ju |y H _ . _ High income fuZJ 320 jj +l.o| 7 JO rtices m July i:t Nc»i mh iSy July 13 l Klein wort Be q>od Limited 


Eb-r.Ph.AjB™ 
Ebr. PhLqL. 


3a7M _... 

47.7 +o: 

— (HUB U78| ~...| — & CxfiTT^ fn5 441 +o5| 509 EwlravJuSlB 

-|„ , 77.4 I ~ Overstsoa Earning*, l57.fi '617a +0.7I 4.78 « Aeeum. Unlgl 
.178 6 805) +4L51 — Expc. Snjlr. C d'8__«J222« 23*3 +0J| SOI 

fc Life Asa* Co.v Anderson Unit Trust Bboutgerg Ltd. LojbMi.JDlrl! 

-r^ isrr =ftsis!“ «js skj&s 

_| 1494 U- Awbacher Unit Mgmt. Col Ltd. SX£d£iuEt-l»9 ' ‘ lail^S ISgSSrtSTirBl «S^o| IS Barclay Unicorn InMl.O. Man 


ES Grieveson Management Co. Lid. Mhito 

+0.4) L47 50C»8li»mSt-Er:P2Ds. 01<0a44S3 PrudL Portfouo Mag 

BarriDStoelidy 18 |M4 6 >»«j 1 4<H Bolbom Bam-ECINSNU 


4.78 lAcetun. Unit* 1 — 

+00 4 99 BUJE-H-Yd. Jui7 

+0.4 5.9a (Accum.vniuu 

+0J 509 EndeavlBlyl® 
+0.7 4.78 tAeeum. Unliai 

+05 501 Crnehstr. Jnl? I* 

lAccum. Uai‘ 


fiiBHMu Frail- Portfolio Magrs. Ltd-¥ (aMbMc) Mud wmo U4 »ee aftlrtllrtl , r,-j «i4tan+» 

UM 4« Bollwilltan.KlsraU 0140583= SlSSI^t J?*- K ' sa a 1 * WB u, S ? f 3 

f2J2 52 Prudential 1 ix60 134 0J +xui 444 Banquc Bruwllcs Lambert i£"?vum 795 

211 6 I09 7 £ Qnilter Management Ca Ltd.¥ 2. Rue ne la Ri-een«* R i«« aruwl* • Bn Far — sysiZZ** J . . :□ 

2151 ...... 1.98 The St k. Exchange. EL'SN 1HP. 01-5004177 RenU Fund 894 l,95J( -1| 775 KBJ ipjn -‘unii I 51 1 -IS 90 i ■ " I 47 

2227 — 198 Quadrant Gen. Fa .[HM.? V0911 520 Barclays Unicorn Int. iCh. ls-> Ltd. K.» u f. »«.ih vd sp-ut? j . ■ or 

gS 3.W 3um»™,tlpc-«e_]l24S *=894 -...J .. Charing C7ow.hl.llel.er.Jrv. OKH 73741 19 £ 

Hoi :::: 23 u “* uSSBTr%3!i^m« “SJ zd ■“ Jrt “* u ‘ 0 ^ ,a *««* n cn '° ulUi - 

ait lUHL Ltd. Bk. (C.I.l ITT Mgrv. 


Flex Money b<£ — | M« | ....." — Ansbacber Unit Mgmt. Co. Ltd. w^Cu«dhUlT*-WD9 “ 94.ll +1 jf*4ja I^SdeT inc^hlSl Ss BlToil 111 Barclays Unicorn Int. (I. O. Maul Ltd. u^T^i^ i r.|nj ,lf!l! w:' ^'["1 -T 
Property Growth A ssnr. Co. Ltd.¥ iNqWeStj^vxja ot-apOTR Henderson Adminstratiouf (al(cUg) Pidtfefield Manaaement Ltd. 1 Thetnoj st. non cl as. lujj. ata**xs \e»t dealing date a u ^m 

“ bses mss—— -m» e®S=.fi ■fflai « ^ . 


— Property Fund , 

— Properly Fund l A l.l 

— AcnrulLanlFtind.l 

— ’ ■ AKric. Fund (AX ' 

— Abbey N«.Pbnd_ 
Abt«7 NBL.Fd.lAl .. 

, , ' lovnaraenlFilnd—) 


Arrow Life Assurance 15-37. Taviatnek Place, wcaassu m -38750= iKSSSStnC? 

TO. DxbridKe Road.W.I* 01-749 BUI Hearta of Oak J365 38.61 1 - — Equity Fund 

S^k'fw^SEL'fia i£if I ~ BUI SaBm£l Life Assnr. Lld.¥ ^ 

ren McdFd &L pii 4 jm 3 — KlATwr, AdaUeombe Rdu Cmy. 0J-B86«EB Honey Fund fAi 

Pen-Hed.Fd — FJ."|113J 116.71 '~'j _ iProperty Unila 0548 IfiZfij j — Actuarial Fond. 


PenJflEd.Fli-— FJ."(U3J Hfc' 7) ^XXope rt y Uni^ 

Barclays Life Assur. Co. Ltd. BSuS^Sl. . 

352 Romtord IUL, E.7, 01^34 SSH K££gd ISSc 


■*» 

Cillbedced mj 

Fiopcrtj'. 1044 ” 

M a n aged 109.5 

SastEBsa-SJ 

&•- Initial 95.7 

Gilt Ed c Pena Acc. _ 96 4 

Do. Inluat 935" 

MoDes- Pons. Act _ sen a 

- DO. I n itial.- J97.4 10261 .1 Pens. Prop. Can 

•Correal unii value July 21. Pena. p»£ Act_ 

Beehive Life Assor. Co. Ltd.¥ Imperial Life i 
7t, Lonibord st.. EC3. 014831288 Imperial Hotue, Gul 

Elk- Horse July y 127.67 | J — GrtFd.3ulyl4.__- 

^Canada Life Assurance Co. " PenfiJU Jlrf 5 1 1 utli 


Money Units 

Pas. Managed Cop_ 
Pnc. Managed Act. 
Pnn. (;tocd.Cjip. 
Pn*. C’uscd- Acc 
Peru. Equity Cap 
Pena. Equity Acc 
PnsFSttOntCap 


Actuarial Fund.. 
Cilt+dccd Fund.. 
Gill-Edged Fd. 1 Aj 
♦Relire Annuity 
Olnuaed. Anoty 


281 z 


23 = 


Arbathnot Securities Ltd. (a)ic) 

T7. Queen St. London EC4R1BV 01-8385281 

Extra Income Fd_.pfl4.6 1125) 11X9 

H/£D Inc Fund 41.1 44 2 ...... 452 

•JisCurn-UnlLBl.—. S3 995 4.32 

iffljt Wdnd. Uis 1 S5 S 59j .-.. 4.32 

Pre f erence Fund— 23.9 25.7a 1281 

lAccum. Unluj 57.1 999a 12-80 

Capital Fuad 196 21.1 .._ — 


H7J __ — 
1006 _... — 

10L3 — 

49J ' — 

49.' __ — 


- I — PnsFSKUntCap 

.( — .PusFxddnlAn 

......l — Pens. Prop. Cap 

21. Penj-ftopl ActL__[963 

L¥ Imperial Life An. Co. of Canada 

01-8831288 Imperial House, Guildford. 712 

.1 _ GrtFd. Julyl4 [72JJ 79V I — 

H PwmKfl.Julvl4_.j6M 73^ | — 

unit linked PartioIlD 

5I1» Managed Fund „._R50 IOO.IM 1 — 


Prep. Growth rtmieae a AanodUaa Lid. 

— All wTher Ac. Via G29 J Z36.6J — 

— VAU Weather Cap.. UX.9 1283 — 

~ Vlnr.Fd.Uu 134.9 — 

““ Pension Fd_UUi._ 13Q.fi • — 

— Coov.Pena.Fd.. — 147.7- — 

— Cirv. Pns. Can Ot UXB — 

— Man. Pena. F»C 1433 — 

— Man. Pens. Cap. Ut 23L7 — 

— Prop. Pens. F«L 1473 — 


Prop. Pens. Fit — _i 
PropFens.Cap.Uts. 
BdKE. Sec. Pen. Ut, 
BldC- Soc. Cop. Uu. 


Commodity Fund— 59.4 
lAccun. Units)— — 85.4 
flOSt WdrwLU.I — 514 

Fln-iPropFd 173 

Giants Fond 385 

lAccum. Unltfl— _ 45.2 

Growth Fund 34.6 

'Aceum. Units)— 4L6 

Smaller Co'aFd 27 J 

Eastern A ItuLFd. 264 
!B9tWdnwLUte.l— 20-7 

Foreign FH. 843 

H.Amw. tint- Fd 319 


ai\ Cap, Grontli Arc — 1*3 7 

Si 2^ Income 1c AW**- - Pi 0 

131 ::::: 9.3I sjgJEsf WB to* 
g« :::::: US ggSfcBI 

21 J KeciAr Fond * 

64 4 +01 530 Financial* IT'D — P5i 

«6 +02 530 011 & Nat. R ob PT.9 

563 +0.1 538 lnlmutlaoal 

1BL7 3.04 Cabot W7.9 

413s +0.4 234 Imernadonal— r - (35.8 

48.7b +0.5 2.84 Wrid. Wide July 14..I74.6 

873b *03 264 Ovrrwns Fnsds 

44 & +0.4 2 69 Austral Ib&_4~> 

29.3 +0J 4 34 EuSSoaS^ZZl 

28.4 13? Far East” 


51 I?? BBttscfliId A5%h ft) nSihifn^uSi’-"®.! u d' 

M il +031 6.H 7240, Gatehouse Rd. Aylesbury. O2MS0I1 -• . o 

tini-A+1 a <r* N.c. Equity Fund- 169 9 180 71 +2 5( Jifi BishopEgate Commodity S 

64 y +0.11 7.« N.C. EnjBy-JtesTit 112* 2193 +2.1] 231 PO Hov-12. IKHiglas. I.« It 

-I t" N.C. Income Fund 14S5 357 9l +D?j 728 ARUAC'JulyO jH SMa HI 

. - A’.C. IniL Fd iJne.’S* 9«<d +1 H 154 CANFUIO“Jult 3-ttl 037 LIO 

26.7] +0JI *3? 5T.C. inti. Fd.IAcc.l93 6- 99W+2.8I 15* COUNT ■•July 2 UZiOO 2.54 

29.7j+03j 3-90 N.c. Smllr Coy* Kdjl543 164.51 +D.9] 433 Originally issued at **10 u 

93 fi) +0.41 2.68 Bothschiid St Lowndes Mgml. )a) Bridge Management Lid. 


QGiSMSSSl im. Aust .Mm 1 ».« 360] +43 3.70 Lloyds International Hgnint. S..\. 

^ 1 s!rS Oo\:rtf.P»c,t,c — 640 6191 — T Rn+ilu Kliunn I'll. H..v 179, ID 1 1 - Vues a 

** — ■] M-n — 55 I JO Holds Int. I7rinrrh. Mrs M .WJta-S.'C; •*.) 

meR( ft) nS:»UD5uu2£i.-B24 dt ZS Vu Lta **i"‘ i-^ l tjj 

7, + J°? # ?5fi BishopBgate Commodity Ser. Ltd. M & G Group 

5| +2.1] 233 P O Hcv 42. l>ou£lar l.<- M. DB;+S39I1 Tiller WUk>+. Timer Hilt Uni fllB. 1 i'I+SSI i‘« 


_ Allanli.-Juli IK . Hv2» 

_ Aul Kv Jill. 1» H'-UJ 

2.06 Cold K\. July IP .. Si .-A SI 
£ I '■land 

<A.\um Umtsi 181.5 


1 i« . .1 — 
rwi . . — 

MSJ. . . - 

136 hi -On, 43 47 

lai il .in) df <v 


Ig St.SwithuuLane.Ldn.EC*. 01-8204350 p.u. box 300. lhaad Uajnun. Cayman I*. 

4 49 NewCT Exempt— (023 Jl 130JK .... .| 365 Vbaiihl JnneSo | >15369 I -...J — 

Price* on July l*. Neat dealing Aug. 15. GM Box MO. Hong Kong 


3 69 Australian— 4~-~— 85.9 

is fSffi!=BS 

139 NorthAmer.-—.— J0J 
NAmGraJOlySl — 123 IT 
X60 cabetAmer^m-Co. |58A 


384 +0.2 

433 

83.4 +03 
43 la +0.4 
128 9 +3.4 
56 6 +0 01 


I Ayi u m Units. 1 18 1.5 19J1| -JS *JG7 

Samuel Montagu Ldo. Agtg. 

IH.Ulil liniail St . F C3 ei-t+lAFVM 


NitnwoKd July 19 ..LB'SU.O HIM I OJfi 

F.x-Stork split. 


+ « - _ W High SL. Potters Bar, Uetta. PJlar 51122 Managed Fund . 

T ’. : JL 0 ■■'DTIm Eq1y.GUiJdJuly3.l59JS -131 I _ 

w ' TlO^jJ IWmiL Fed. Jnty8_| 173 H - J - 


Ti2S5 2SZHJ 4 * A * samt * * “USSSSSSK 


418 MBaUiSuSL Heller, Jersey. 

5S| SWtUbB DetuwiDuHed 14a. 

a?* Growth Invest — 033 36 0« 

. — •» ininl. Fd 83 9 90.7 

*•-■* Jersey Energy Tst- 1352 146 2 

Ltd. UMvd.ST+l KtB— , C211 230 

Ui£hlnLSIg.Tst.,..j£8.97 101 

JIM I'A Dollar Demodnaird Ws. 

- I A CO c T., MiilX +1 cm 


I 1.00 

—.■I 12.00 


Cannon Assurance Ltd.¥ Irish Life Assnrmce Co. Ltd. 

f. Olymnlc Wy, Wembley HA90NB 01-0028870 11. Flnabory fimiare. EC2. OV, 

Eotuty Unit*. 10731 — |_DJJ7t - 7R11 - 

Fund ! 2263 23*5) ! 

c+MHun. Mon. Fd.— 103.7 1092] — 

— PropLMod.Jnly 1_ lgtlS 184 « 

— Prop. Mod. UUl (197.7 2Sdl] 

Kiur &Slu»ni Ud.' 

- 52.ComhlU.EC3. 01- 

~ Bond Fd. Eaompt_D0532 HBJ26) 

■= 


. 222, Blshopcgate, F.C2- 01-atJ BM 

__ Prpv, Managed Fd- (1133 " 11931 — 

1 Pmv.CaahFd. 104.9 - 110 3 .. _ — 

r — GUI Fund 20 117.7 lTU.ffl +Q_5 — 

_ Property Fli ad 75 9 101,01 — 

~-~l Eqoils Fund 97 fi 103.M — 

— J _ FwL Ini. Pnnd |<M3 9931 — 

td. Prudential Pensions Limited^ 

OL8288233 Hot born Bars, EClNZNn. . 01-406022 

4.40 EnillL Fd. July 19— |E25.flfi 25.84] - I — 

— Pkd.Jnl.July IB EWJOZ 19ZH+03W — 

-^.J — Prop. F. Jnly-JS @6.07 2&JB} — 


EdUlty Units (£1731 

Property- Unit* 0013 

Equity Bond) Exec.. £11.45 

Prop. Bond.'EUer OXM 

Sal. Bd /Bxee/Unlt. 03.08 

Deposit Bond ttl 5 

Equity Amu. 177 

Property Accent. — 02.74 

81 Odd- Aemm. L591 — 

2nd Equity — f 5fb 9 

Sad Property 1043 lx 

2nd Manaped._-__. 97 J. 

Sint Deposit 97.0 

2nd lillt. B7.7 

2nd Eq. Pen&JAcc. . 953 
SnUPiy-HtMi'Ace. .. 108.4 
2nd MV'ri. Pens/Acc 99.4 
2nd D+p.pen&'Acc. 991 
2nd Gilt Pensf Arc. 88.0 

L&.EB1.P 58-0 

LfcESXF.2 Jarfi 

Current value 7n . 

Capital Life Assurance? 


Pol Ant Act no 

Do, A ust. lac. £03 

Do. Capital 66.9 

Do. Exempt TsL — U»7 
Do, Extn incoOM _ Z78 

Do. Financial 60 8 

Do.600 74S 

Do. General 5X6 

Do Growth Ace «08 

Do. Income Tst B5 .fi 

'Dft Pit A'iulTsL- 133.7 


— Langbam Life Assurance Co. Ltd. 


J — Reliance Mutual 

Tunbridge Weils, Sal 08922 

i njm .un ReL Prop. Bds. 1 198.9 - . J ( 

j— I “ Rothschild Asset Hangemeiit 

— a. Swtihl ns Lane, London. EC4. 01-826 


12SUH — 4 - 


1 Smaller Co's Fd. __ 02 793] +001 434 European Ml'fi S3 J 437 Rowan Unit TrUEt Mngt. Ltd-Vtal »wwos«grw^wi.« jag — 1 

lgga*£* n =3 1 3 a <ga in st™ 8ritwnia Tst - 

Archway Unit Tit Mgs. Ltd.? OHO «U1 SunmtlVnit Tst. Mgw.t la) g£nm.Vn,g..SZ 7*5 tbx am MM soo 

317 High Holbera.WCaV7NI. 01-8816233. *5 Beech SL, EC2P+LX 01-8388D11 ~ 2-Z - — — -Ji Ininl. Kd 83 9 4fl.7| 1.00 

tehmFMd »! atl J « in iMBritlahTriUt.— 1518 162 41+141 5 43 (Aceum. I nit*) [972 182.1] — 4J4 jersey Energy Tst. 135 2 146 150 

PriSi MtjSlTlaOiLt nS juYv XI ■ tgHnrt Trusts 072 39 8J+o3 300 Royal Tel Can. Fd. Mzrs. Ltd. Uel«a.8T« St K -.U14 25ti LOO 

Pnom at July 30. Next sab. day July 27. j^j^iiarTnat — R57 8+3 +1^ Z71 .S ' i Ui£hlt.LSIg.Ttf.-..jE8.97 l33 — lLOO 

Barclays Unicorn Lid. faHgMe) *** ^ZTZ* Stntt ’ “^"52? t»* nmiar nem-muird *h_ 

Unicom Ho. 252 Romford Rd. E7 01-5345544 

Unicom America. „B4. 4 37 0{ +D.7I L21 ib)SccurityTm«_|523 5681 +05] 5J3 PrieM at July 14. Neat dealing July 3L «h ..-.j »■- 

Do.Aost.Acc. 178 83J2 +0.7 177 ibi High YWd Tat- »9.1 512 -001 §17 g a „- A i> rBmnmr C.r * u .n Value July 14. Next dealing Jul 24. 

Do.Auai.iac. £o.& 655s +05 177 TnteLU laXal Save * Prasper Group ■«-, chhi M Tu rs ihmi im 

Da Capital 66.9 723 +0.9 4 40 4. Great SL Helena, London EC3P SEP Brown Shipley Tst, Co. UttrSCy) Ltd. 

Da Exempt 7W. — 1087 113.2 +0.9 6.44 15. Christ apber S Crret, E.CJL 0 1^17 72+3 ^,3 QueCT c, EdJntnir«hEH= 4V\ P.O. Bo* 583. SL Heller. Jersey. 093474777. 

Do, Extra Income - 27 8 MJ +0.2 B35 InttLIn*. Paad.-— 189 0 950id| 13| 6.70 DeaUUM lot Dl-554 8889 or 031-fia 7351 Sterling Bond Fd. -{aoJ6 10JS] I 1175 

Da SOO »6 80 J1 +0:4 lAA ‘ Save Sc Prosper Securities Ltd.? Butterfield Management Co. Ltd. 

DaGflHVll.. ia e.- ta 316 34 2 -*-0 4 6J7 25, MllfcSL,iX^ ■ BJE. 01-400 TO70. lotmaitinil Fudc PO Bam 105. HubIIiop UomudA. 

Do. Growth Ace W1 44.1 +03 4.22 Key Energy taJd— [77.7 8251+0-2! 140 ixtj aoOnl+OM 389 niitrm. Eauitv Did' im I IM 

Da Income Tm USfi mil +0.H 615 X»Bq1W**a-|683 UJ -0.7 fig MS= =g! ■ BSSESrE^ 2$ ZS 7M 

w a. ms5 ^o“i 03 Uuie.awmUl {tfifi 73.H +05] 196 Price* al July 17. »Wt Mb, *3 AuiuH 10. 

Do. Recovery 42.7 463 +8^1 5.66 Key Fixed InLFd... 60.6 64 4 ..._ 11 D5 Iwaeaala* Idmsw Fand Cnital International SJL 

Do. Trustee FVnd— H2.fi 12L7»I +L«t 5.15 Small Cub Fd..|9&.0 104 2J +0-4 6.D3 High-Yield 1 53.6 57.6j +06| 7JH rVL 

81 cS Kleinwart Bensoti Unit Managers? Bigb inrome Fnnda £,2!i ffiSn ^SSStu^ i _ 

K^.°±ZI m -wi^i ift M.PenehurohSL.ECa, HU* Return IM.0 6B8d +0 X 8-H J * ! ’ 

” SLB Unit Fd.lnc._l83 0 saa I 5 JO Ia««ne— ■ — — — 464j +0J] 8 83 Charterhouse JapheC 

Baring Brothers A Co. Ltd.? (a)(x) *k.b. UniiFdAc — Jira 6 Ilia — 5 JO UX. Fends l.PatrnuMterRow.Erfi 01-2483999 

58,LeadenbaH5t,EC3. 01^082830 ffrSJBSttrr* 3 - ® WSEqo‘W Hfil 47.4] +0J5] 5J5 Adlropa. IMTOTS »«t -J SJJ 

Sira dear,*. I17L2 379.61 I 4.33 “•tfSfStr.LrL 1 501 -•.1 ~7 . O wn s . Fbndbfa) . _ . Adirorba IwCOM awj+O.ipj 507 


Murray. Johnaione Unv. Adiiien 

3 00 Ifla.llupeSI.Gbrpinr.i'l f+I UM ‘vll 

. — LOO •iinfiest Fil I 51' '-3690 ... . 

- — !5S "Murray 1'uiuJ $1 'SIP 96 „ . I — 

iVSS "N.W July 13. 


Si -0^ 7 7^£rome^d^l--.jM.6 W13I Z'-\ 7.66 j’^Tsl''“Sm liS ^‘i 'on Jua^aileronl R.ffal. Luxemtwirj 

560 +dJ| SJ3 rrieea at July lfi Next delhag July 3L InUfaBh lnt-TsL.--IRIfiJ.97 _ Mg M NA\vj u |yu„ | JL’SltOS | .. .] — 


113.2 +0.9 
30J +0 2 
65.7 +0.6 
SOX +0.4 
34 2 +04 
44.1 +0.5 
923 +0.7 
140X 


+0.4| 5.97 
+0 4 6J7 

+0^ 4.22 
+tL7| 6.15 


5 « Prices at June a . Next mb. day July 31. X-, — r 

a 19 27U031H - Do. Recovery 42.7 46a+8-2f 5.66 Key Fixed InL Fd. 

17 26J 8] 1 — Do. Trustee Fund _ U2.fi 12L7rf +L«J 5.15 Key Small Cub Fd. 

£2£ Kleinwort Benson I 

0SB22*n S2!ju£Et , ^!!^r;Bj -§3^ M.Pew*wehSt.,ECX, 

198.9 . J | — Barin g Brother? A Co. Ltd,? fa)(x) sit bjjS [w 3 0 6 
rungemeDt «, Leaden hafiSLECJ. 01^882830 H/ijirrfS5f-P SJ 

0.EC4. __ O1X2S4350 SlrotlceTa. I17L2 379.6J 1 433 Z 


klisll I 


Value July 14. Next dealing Jul 24. “ 

Brown Shipley Tst, Co. (Jersey) Lid. 1/ , 1 r "*' „ J 

P.O. Bo* 503. SL Heller. Jersey. MM74777. Ss»’ 7‘ " 

SteiHng Bond Fd. -IQDJ6 10J»] , 1L75 ^ A ' Ju,y 11 B5M " I ... 4 - 

Butterfield Management Co. Ltd. ^ hoM,lx International 

3 89 "•"Sg.-.J j.» ^"op:! - 

aaL?« «««^ p-nnd Mngmnt. (Jersey i Lid. 


57.61+031 722 


3 99 Buttress Equity OJ0 238] ._...[ 3.76 

3.99 Buttress Income — (L97 2J4{ -I 7.4a 

196 Price* *1 July 17. Neat mb, 6xy August 19. 

__ Capital International SA. 

37 me Notre- Da me. Luxembourg. 


P.O. Box 194, SL Ileliur, Jersey. 


:IS3 *463 iaH 


-1 Langh am 'A' Plan, {612 653(__J — New Hall Place.Lls«rpooL 05122744 

sSt* ^3 - j-wh-w-5® W.+-.1 - 

— Legal & General (Unit Asanr.) Ltd. ®* ve * Pros P er Group? 

= ISMS-* ^“a ^ * 


Next sub. day August: S. The Stock Zchani 

Bishopsgate Progressive MgmL Co.? ukciSurc^Vd 


435 L& C Unit Trust Management Ltd.? Europe. 
The Stock Behan go, EC2N 1HP. 01-588 2800 £,■£“— 


IP.Bjibopagata E.CX. 


J BaLIne.Fd. 



reMgmtCaf lac loti AGra F«T [yes 7 iol^ Z j L79 ^w P™** 

19S 61 01 T?S L » Wm,m S**- Ltd * *** C ' Commod ny 

4h it ~ I +J» 37. Queen s St, London EC4R IB Y. 01-2365281 Financial Sec*_^_ 
2Raw, Materials — 139.0 42.11 I 6.48 Hlxb-aflnimnin Fn 


233.0 

issa 


Ken cub. day ‘July 25. ""August L 


204.S ~“j 2X1 LAccum. UniUL. 


BBcf +0 3l 8.72 CaP* 1 *) tat Pund-| 1US17.63 | 
46X| +0.3] 8 83 Charterhonse Japhet 

1. Paternoster Rotr. ETA 

47.4) +0-5) 5X5 Adlropa— DM3171 31481 

Adirorba PUHtf 53jq- 

9441 .....J 331 FonriaU DH5U9 BW 

m*|-0.n 0.73 Fondla DK22XO »JM 

81_S +fl.7l L24 Emperor Fund - IDS! 80 31fl 

Uispaao — 1130747 4L«q 


0u«t Si Ig.Kul.lnL [ Cl l. l — 

Quest Inti. Secs. .... | Sl'Sl |. — 

. I _ Quest Ind- Kd I »USI ] . \ - 

I 'nee* at July Li Next dealing July IS. 

01-2483999 Richmond Life Asa. Ltd. 


539 48.AUiolSlrroL Itjunlaa, L'J.M. 
o’lo 5.07 ixfnieSil»crTniit|lB63 108 

■0.1B 571 Blcbmond Komi 97.(176 J IBS 5: 

►OJfi 5 46 Do. IlnUnum Bri....U70X 1T6. 

_.... — Do.ihHd Rd p4.9 110 

2.93 Da Em. 97 WC Bd. |l74.9 J84. 


0021=3916 
+0 Sj — 

*0 2] 1675 


Bridge Fond Mamgers?(a)(c) 
KincWmiam$L.EC4R8AB 01-6 
AmKlcan AGeh4-t25J 267] +03 

rncotM*— 58.9 55 4 

Capital Inc.t 368 392 

Da Aec.T 40.7 433 

Exempt! 134 0 143 0* , 

InterntL Ioc-f 169 161 

Do. Acc-t 166 19 J — .1 

Dealing Tuca. TWed. fllmia. ntn 
11/12/13. 


•Growth Fund 564 

"UtteunLUnfiM 162 0 


42.1I I 648 Bigb-Mlnlnmni panda 

H=q ffiitejasfc* 


Hiapaao ffUSWO «L«6j | 2.93 Do. Em. 97AG Bd. _,.|174.9 JS4J] +0 4| H.I9 

-fxi L7* Clive loveotments Cleraey) LUL RothschUd Asset Mauagemeat (C.I.l 

+o3 3X1 P.O, Box S20. SL Holier, Jersey. 0534 3738L P.O.Box 56 SL Julians Ct (JuL-ni.i-r IM8I Ub.'CIl 


C) ttGUtSud Warrant. |37. 7 4G./J 189 

|S ■ Mr 83? 

+0-3 i-S ""HlghYTdd- E5.6 47.3 XL70 

646 -nAccunL UnttBl —(625 671J XL70 

DeaL Won. ’Tuea. (tWed. tlhura, **FrL 

|jg Legal ft General Tyndall Fond? 

. 337 18, Craynge Road, Bristol. 027332341 

+i-l 337 DU. July 12. (57J 60.61 I 533 

Tlcea July (Accuat Uaita)— ~.H1.8 76 l3 ,SS\ — 


7 89 Scot bits Securities Ltd.? 


Scotblts [386 4LSid +0 

Scotyield (SfflJ 54x1 +0 

Scouiwres— — p7J 613J +0 

Scot Ex. Gth*0 [2462 259.91 .... 

Scol Ex. YM.-A_.Jl65 J 173 3 

Prices at July VL Next tub. d+y J 


nive Gilt Fd-tC.Li. 00.17 10211 [ HO OXT Eq Kr.Jun»30. 

Cli*eGtltFd.U*y.».p613 1027) —J ZL08 O.CJnc- Fd. July3- 

tS CornhUl fas. (Guernsey) Ltd. S^^S&SSiaC 

P.O. Box 157, SL Peter Port, GunsMT O.C. Commodity*... 

san is 

3 tfi-a 2-S Delta Group T Trices on July ‘ 

a I P-O. Bo* 3012. Nassau. Bah amma . , r , 

3:d |S ^ w -i - 

lay July 28 Dentscher Investment-Trust r t it.11 im 


I Den ticker Investment-Trust 


0.r Eq Fr.Jun«30. 52 2 55 J] 3 94 

O.CJnc Fd. July 3.. 153 6 1633 731 

OClnll.Kd.T_:. 51.23 L33 1 L> 

OCRmCoKdJuaO— 1459 1552 335 

O.C. Commodity*... 136 3 144 4 .... 447 

O.C. Dlr.Conully.T... |33S 80 2744 0 73 

■Price* on July 14. Next dealinn July HI. 
TPricea on July 7. Next dealing July 2L 

Royal Trust (CXI Fd. Mgl. Ltd. 

r.O.Box 104. Royal Tst. ll*a,Jcney. I»a>427-Kl 

R.T.lni l.Fd ISIS93Z ¥711 .... I 300' 

R.T. InfL ulsr >Fd .pi 95] . . . 3.21 


Britannia Trust Management fa) (g) Leonine Administration Ltd. 

3 Loudon Wall BuUdingx, London WriL ^ Dl i^?^ St • Lo * to^ S^f® P • n™Sta. Ldi_. 

LoodonEC2M5QL “ ^ W««(H78WH70 E" ZfSlfi-a 5{S 

Assets — 712 764 +03 521 leo Acn m L-,.. . " .[ P 1 864] +flJ( 658 InccaaelhsL 

Capitol ACC. 525 565 +0-4 3.96 Lloyd* Bk. Unit Tst Mngra. Ltd.? («) Int 10* WdrwL 

n==|r 11 ® 8 s | a w~ 

nn£S$alSees..Sl. 643 692a ^d'J 4* c.7 SS Ski JS Spm,«w.x. 

Gold fcGeneraL.-... 952 lea in +1.9 2J7 RJ- J5-1 Crib- Actum. 1 

Growth BO.O 861 +1J 4JH B 3 ,- 2 UjC.Grtb.DUL 1 

tnc.fi Growth !_ 732 78 J +0.8 • 733 S? S'? ill 

I*t*l Growth 65J) 69.9 +0.4 

lnvett.TSJihBm~ 473 589* +02 

Uloendx — 58.7 41 6 +0.7 

Nat. High Inc. B2.0 882 +0.9 

New I*sne - 35.1 372 +02 

NonhAmerlcab_ 29 7 32.1 +0i. 

PridowonaL — — 5052 520 9a +23 
Property Share* _ 13.4 145+02 

Shield- M2 492 +06 

Status Change M.7 333 ...... 

Uwt Energy J32j8 353a| +0.4 


(572 60 61 I 533 Schlesfager Trnat Mngra. Ltd. fa) (a) Poic/irhHfisaBieb^gnws-losoooFranldBrt. RXinCLuisy >Fd.|9i 95] . . .1 3.2: 

ffi-r-PU . 760 :z\ - 140, South street Doridng. IQ30SI 06441 ft“S5“2s:5HSH2 • 23 --I - ^ “ l ^ Nv5t *•** L 

N«t sub. dny Aug.16 Am. gxro .PL- W2 23.4] +o.5] 2X1 ^ Ra n ien i ioi>da-|DMi65o 7*Ji| — I — Save & Prosper International 


78 a +0.81 
69.1 +64| 


755 i-uKioamcaj. 
+01 tu DaiAecumJ__ 
. 298 g««idiCm»J_ 

-03 461 S?;*4 ceu,,L )~ 
♦19 2H ™rdancom« 

+13 401 SSijftSSK- 


Market Leader* 

572 til 2X0 

Il Hi Is 

^633 +0.4 tg UJJ.Grth.Di*. 


— ■ - Save ft Prosper International 
ifio Dreyfus Intercontinental Inv. Fd. Draling to; 

JS P.O. Box N37I2, Nassau. Bahamas. 3* Broad St- SL nailer. Jernry . 0534-20501 

9 61 NAV July 16 ISUSU36 U2g+0Xfl — VS. DMIardemimlaat+d Fund* 

1” Emton ft Dudley Tst.MgUrsy.Ltd. 7.S "“I 1^ 

298 P.O. Box 73, SL Heller. Jersey. 053420501 FarEajlero-* «32 49 00 — 

S 3 " BSWC2=l^i - 

— Eurobond Holdings N.V. ^t+rllnx+konul naird Kaoda 

“■“ HaadoJakado 24, Wllemstad. Curerao fhaamH OpItalO...|2JOJ 2429 +0.9) 259 

LandM Ajtenta: Intel. IS Christopher .St, EOS. Channel, Iriaodi»-^M 1M.M+04 533 

TcL 01-247 7+C. Trtew 8814444/ Comraod ft2fl§ 127.S 


NAV per share July 1« SUS2025 


Fourth lExIncj B&9 633^ +0.d 8.19 . . . „ 

2J5 Dw-lAcctani 1673 .723) +0.? 639 J. Henry Schroder Wafg ft Co, Ltd.? F * * c - »«“*• Ltd. Inv- Adviser* 

6*8 Lloyd's Life Unit Tst Mngra. Ltd. 120,Cheap*lde,ELC2L ” 

VM6 Catch ouao BA, Aylekbiny. . 0CM5M1 C»riUJliilyl8 {164.fi 

? S «s Kssfcpn; 

1.84 M ft G Group? (yXcKz) (Accum. Unitsi. 

5J* Three Guays. Tower HID, BC3S 8BQ. 0I®8 <588 General July J 9 
J" See also Stock **** <« »{* DeaUpn. fAccnm. Unitsi. 


SLFlxod— |H23 1168] | H.70 

Price* on July 17. **JuIr IS *—Juiy 13. 

tWcekJy Dealings. 1 

id. vistom&d9.Z£&~ " " O1JM034M li^hrenre Pountney Hill, BC4R ORA. Schleslnger International Mb fit. Ltd. : 

Ufi fi • 1T H ""'J 236 Cent. Fd. July 12 | JUS551 | | _ 4l. La Mate SL.SL Heller, Jersey. 053473586 ! 

-- TO 3 fiS FideU *3 : <“»•) Wd- Mfc==p7 0«|+O0il (§9 ‘ 

M7a 3.62 P.O. Box S70, Hamilton. Bonauda. P*. 1 . 1 ^d.-r- — Jg** ~"V| S2 ’ 

1082 3.70 Fidelity Am. As* — 1 SUB26M l .{ — BS an 355 • 

334 I 2J6 Fidelitv int. Fund 1 SlTS2Ui I J M liilill.FilLgnibrj,^ U0.90 1147 +fi-C9) — - 

# Ja.9 J 236 Fidelity P»c. FYL.Jj SirS50J9 | ".'”1 — •F^E« Fund™ 100 lojA ^4 1M& - 

Ls0 -Pt>n£rhJrFdJvl8 lltq_7 1^L9» 1 444 Fidelity Wrid Fd 5USJ5J3 |+0J2j — -Next sub. day July 26. • ' 

4I7 •Reeo^STJu&CrpSi U69I T-J 538 Fidelity Mgmt. Research (Jersey) Ltd. Schroder Life Group j 

427 ‘For tax exempt funds only Waierloo Use, Don SLSLBeller. Jersey. Enterprise House, Portsmouth. ‘ 070327731 ■ 

IS jfS* J 1 * SELu-j £3*o - XX U ”* 1F “* 

640 28SL An drew* S<L, Edinburgh OS1-SM910I Srn«B(K»:ifiri_. £B.96 [ 1 — • sfSnlty 

^S'SSSFSlS ISy 5J5..-.J 5 24 SeriesDiAioAsLil £17.9* I ......[ - Lf^! Inter** 

3J9 ^iiSF& weda^Aj.— 3 SM First Viking Commodity Trusts twT 

0« SebBg Unit Tst. Manager* Ltd.? (a> ^S^^gS’SSte^fi Co ud -■-* - i 

a.4o po Box 5H, BcUbry. Hso, &c.4. 01-2365000 56 Pall Hall London KW175JH. 01-0307057 J. Henry Schroder Wagg ft Co. Ltd. ■ 

+ « Seb*BCapiUlF6.B33 30-3 -+-D 9| 3 61 ‘KsL Vlk. Cm-Tst B4.0 J5 8J-13f 3 18 120. Cheap® dc. E.C3. 01-S884C90 : 

ig Sebag Income Fd...p8A 32-fl| +03| 622 F*.VkDbLC*3W_|7S 0 88.S| _~| 160 CheapSJu^ 19 SUSI173 I +0071 2 47 1 

454 Security Selection Ltd. Fleming Japan Fund SJL l5^?KdrjSi7io°- naVi? 21 ^ J +Uk i 

1+5 IMS, Lincoln's 3 no Fields, WC2. 01-8310036-9 37. rue Notre- Dame, Luxembourg nirtlnc FBd. ^ " 1X16? VvS, 520 

6« i;«rt!ClhT*Acc_[»2 26* I 221 HemingJuly 19 — | 5US567S 1 --J - Japan Fd. July l5Zg?JS7J8 7.^:::" 050 ’ 

646 UnvIGthT*lnc__|2L9 233| 1 221 UaH s r,,.j . .. . .... ... . 


■_ ] The British Life Office Ltd.? (a) 


C 04 rtHmiWHIww-w 

aSESiSS? 

I (Accum. Unit*) 
Commodity 


HeJisocnHsc, Tunbridge WoU*. HI. 0682 22271 fAccnm. L'nllsU 
BL British Llfq.— .1563 532) +0.41 5.78 Cotuponnd Growth 

BLBalanced*___wW73 5851 5 61 Conversion Gro 

BL Dividend*.— — 1*2.4 464] j 920 Co n version Inc. 

•Prices July W. Next dealing July 26. Dividend . 

Brows Shipley ft Co. Ltd.? mu 

Mngra Founders CL- ECS 01-0008530 

BS Unit* July 17 — (2178 233.N —J *52 

Da(ArcjJniy It— 1262-9 290.* ...H 452 

Oceanic Trust* (a) ‘ ‘ 

Financial 
General 
Growth Accnm. 

Growth Income 
Hijg Income 

Ind«i'_ZZ. 

Over s e a s 


r Eastern-., 
xun Unitsi 
ndoflirv. Tsiv. 


3731 +03J 40 

19.8 +0.1 523 (Accum. Unitsi 

4S5 +02 530 General 

Ml +Q-7 530 (AcctuaunlUi 

3LI 9.50 High Incpuic — 

22i +03 3.43 (Accnm. UnlLv) 

268a +0.4 428 Japan Income . 
23.8.* +02 3.07 (Accum. Units) 

4 +0.S 4.42 Heenum — - 

Becovery IZL6 2ZS +02 6X9 (Accum. Units 

Exmpt July 1 |569 5fii| ,„.Tj 530 WiilInmL 

Canada Life Unit Tst. Mngra. Ltd.? 

2S High St, Potters Bar. Herts. P. Bar 51122 (AreumUnlurt 

Can. Gen DIsl — . J— B82 402uJ +C.4J 434 

Do. Gen. Accum — M73 49. H +Q 9 434 £!££?• Un, “ > 

Da Inc. DW KJ 35 3 +033 7X9 7?^7,T 

Da Inc. Accum— ,|CJ 462j +0.3 7,» (Accum Unjtsl. 

E*ce bUlied Fnndl 

Capel (James) Blngt. Ltd.? Trustee- 

too Old Broad St, EC3N1BQ > 0I 5B30Q1Q lAemtm. Unlls)--- 

Capital .Mi 90. M ,_.J 4.0 

Income J794 04i| J 7.U 

Price* on July 16 Next dealing August 6 jpiSjSx. jSlylT — ' 



1=1 E- 


First Viking Commodity Trusts 

t SL George's SL. Don Cl as, I.oJL 


— LKquIly 

— ' SKQultr 

— EFixjed Interest— 
SPUed Inlcrol 

£ Managed 

SUsnased |1HL8 


126 0 — ■ 

1417 — i 

1463 — — ‘2 

31L5 — ^ 

138 8 ....- — ' 
1263 — 


Cheap $ July 19 1 Sl'Sl 173 1+007] 247 ‘ 

TralMcar Jane 30- J SUSZ2127 +UM — I 


646 UavlGlhTiXloc — [ZL9 2J3| | 221 „ rf . _ 

Stewart Unit Tst. Managera Ltd. <a) B unertieid Bldg. 

3J4 45, Charlotte Sq, Edinburgh. 031-2283271 MAV JaoeM 

3.74 tStewnt American Fund r~ T u--„„ 

7 “fc Standard Units [66.0 69* +1.71 137 !*? 

255 Accum Units ...f/Ll 7531 ., ..J — Pajk H«v. Id Fl! 

J-5 Withdrawal Units, ]32.7 552* +1^ — Tel: 01028 8131. 

“Stewart British Capital Fund London Awn Is f. 

uf Standard.— fl|5.1 14661 | 430 

il2 Accum Unlu 154X 160* — J 430 MSKH.'m** 

45 Dealing tFri- "Wed. ^ JEEifjK'fi 

Sun Alliance Fund Mngt. Ltd. scnTF+cFU... 

“nil *S sun Alliance Rse_ Horsham. 0W3 Btl«l 5T^ t jS” e 

-C-A “.47 ji_ 1-HrTla a wex 1 m _ 


Asian Kd. July 1 0 __ JlfflUt 

nartlnc Fttd. SAl.47 

Japan Fd. July W__ W/57J8 


NW _... 275 

1.91 520 

7.9M . — 050 


c “ , j ... ®" rpe Wffirld Fund Ltd. Sentry Assurance International Ltd. - 

Bldg- Hamuion. Bermuda. P.O. Bex 336. HnnUllen 5. Bermuda > 

031-SSB327I NAV Jqdf 30 1 5USUS.76 1 .( - Managed Fund — ]5T:SU» V9W1 .._„l - 

1+1.7? 139 , j Singer ft Medlaoder Ldn. Agents ■ 

•V-J - iS* 0 V& wWmB 1 M.CmmenSL.EL'4. 0J-HBM4S' 

[ J 438 Anchor'll’ Units— bttSI IS lCJ ,.:...| 214 TotweTstJulyS-] 5US37.0O I .. ,4 V63 

“3 “ SSCffiB!=!& ’ifflMHiS »n,.*h.ld »«*.«.( Lunilrf . 

Anchor In. Jar. Tst. ps.0 Mm ....I 262 P.O. Box 316 SL Helier. Jersey. OUt-Tl-KO 

Ltd. Berry P»c yd.. r JUS49.B5 H +0 Jfli 0B1 CoanKidily Trust ^{91.10 95.90] ( — 


Berry PacStrtg 
G.T. Asia Fd-. . 


CharrieLJuhr 18 U466 156? ..._ 

(Accum. Units! 0042 387* 

IHmxKx. July 17 — (1362 145.* 

MannLife Management Ud, 


# wsisa?%flir Wqd *m aftt/saa-^ 


CarUol Unit FtL Mgrs. Ltd.? (a)(e) MannLife Managcxaen 
Mllburn Boose, Newcasrie+apim-Tyne 3116 fi. Geonto’a Way, Stevenage. 

Cariiol ——M3 7LB .._d 4X0 Growth Units 1524 

□a Accum Units.. (83 J> 65] —J *« Mayflower Msmagmn 

®*saaa.sJSL=ii ® 


U* Target Tst Mngra. Ltd.? (aMg) 

ija 3U Greaham St, Kd 


Target Commodity. 

043858101 Target Financial 


G.T. Dollar Fd. 
(j.TPtrUii-F 


4X0 Growth Units P24 552J J 425 Target Bqu 

4« Mayflower Mraagwreut Co. Ltd. Ido 
J| 7 34/18 Gresham St, BC2V7AU. 01-8060000 Target Gilt Fbnd 

•+/ Ibb»hJr 1*1R HK.« ilia ■ am Turefim 


J4/3B Gresham St. BC2V7AU. 01-0060000 target Gilt Fbnd 

Mere ary Fund Managers Ltd. $£3tKi VaS * 

30, Gresham SL. EC3P3BB. 01-000456 TgL>r.Juiy21 

Here. Gen. July 18- OTU 204.7] J 4 45 TgL Toe, . 

Acc. Ula. Jaly 19 — gSOJl 24601 --4 4 «S TgLPret 

69.7a JZI 252 Tgt Special Sds. 


3.50 Snrloveat (Jcraeyi Ltd. (xi 
L24 gurens Hie. Don Bd.St 1 lelier. Jay. 0934 2THS 
• 71 Amerteap lnd.TH._(C825 842j*0D5J — 

Si? Copper Trust CU077 11021-D0M — 

DeaUn pc azoO 5041 ”, — *” JaplndeaTsL p232 1257)-00i) - 

Si +67 44a 2SLMar^Axe, Lofton. ECS.^” 01^3531 Managers (C.I.) Ltd, 

95« +0X 623 r 1111111111 Fuad Maun, iFbr EMI 1 ■+ Bagaielto RiL.SL Saviour. Jersey. QXH734P4 

!K.5 6S1 isoa Hutchison Hae. 10 Hlrreurt Rd, H-Xoes JPWP*»d«y-»_|j.6 49.0d .... j 4 90 

1963 451 HKfi^aU.Tkt — IJHKJ3» IBS I 230 t-uernsey Fund I. — 146 6 490*6.. I 4 90 

2L* +02 3.00 Japan Pd HOT5C9 160M ......I 0 40 Prices on July IBNext sub day July 26, 

§1 S«WSR2t-B®«“ 570 Tokyo Pwtflc Holdings N.V. 

« S t£i 45? Gsrimare lwettmenc Mnm Lu. Inlimia Mnnacrmcot Co. N V„ Curacao. 


Ameriran lnd-TsL_lCB25 S42I.0DN — 

Capper Trust LUO 77 UO2l-D0fil — - 

Jap. Index TsL pi> » 1257)-O0«j — 3 

TSB Unit Trust Managers (C.I.) Lid, < 


‘S HKfcParir^-egoa^ l iSfii‘z.r2 

371* +0 2 3.0B Japan Fd pliSSCS UaT« .1 B 

2-5 iS N. Ameneau TU ..nUSHJG JlnM+liuj 3 

S o tn"- iS ?nti. Bond Fund — I jUSUHB hmSI-UkI 5 

353 +01 3 4? Gsrimore lnverimmt Mngt. Ltd. 

X66.4S -03 '438 RO»«3S.DouelssJc.M. Kfiia 

31-5 +QJ m y~r ~ ijMTtniOwJnU. Inc. [712 , ZZ-6J [ 10 

14*5 12M C*fln»re I&CL Grth|fc6J 3. 

2L* _.7| 4X1 Hambro Pacific Fund Mgmt. lai- 


'430 KO Box32.Dou£lssJoM. MS4230I1 NAV per share July IT SUS81 12 +P.1D. U 

if it CarSore intL Crth[u3 UlJ ^.oo Tokyo Pacific Flidgs. (Seaboard) N.V. ’ 


Charities Official Invest. Fd? Mereary Food Managers LtitL Do.Wnv.UnU* 

t&3i3KL owwwss 

■PUnamh- Only available to Beg. Charities, M«ePlntJi 

CharterhoOBe Japhctf Ihn^dJmSCIlSU 223 n J 45& laqtn a*w insn, locuuauui wihi -**“■ —»— »wii t^uux. sung nong 

X, Paternoster Row. EC A. O1-S<83OO0 AccmUts, Juneau 1355 yfiau ""1 436 10, Athol CrescenLUdiu.^ D31-2208B2U2 FbrE« July OUJ .1 _ 

CJ ’iS*iS!2 Hr* Mil — vff Midland Batik Group Target Amer^*slep7.9 JflOrf +oj] 1.41 r — **! -—I — 

n . zr IS H5JSS » ®i53£3ss Si ill J3 SSSrJSFSS. ^ , ,a 

CJ.Enro.Fin 26fi 2 s’b) 434 Couitwood House, Silver Street, Head. w.-n+wq H a mbr o Fund nigra. (CJ.) Lid. 

Aceum UniU. MB 33$ 434 Sheffield SI 3RD. . Tel: 0742 7B042 Trade* Union Unit TsL MtOUgerB? P.O. Box 06 Guernsey 0481-26531 


CJ.Fd.lnv.Tat ^ ...... 356 CODMUXUty tGea.inj 77.11+82 

Accum. I'nltS [33.0 35.7j __J 356 Do. Accum g.6 - 8g( +03 

Prices July IQ. Next dealing July 2G _ Growth. — J37.S ys.g +05 

Chieftain Trust Managers Ltd.?(aKg) zbj 5^7n 

as.tfST'Lu 

Bade Hmttc, TntSStfZ -+0ja 437 ■ . * — Jira t? - " 4 ^-5 | 

4U)+U^I u/ HlghYlald^J 62J fific +0.4- 

Confederation Funds MgL. Ltd.? 00 SS&. ,21 

50 Chancery lame, WC2A1HE Ol-«20282 ™i 

Growth Fuad K2A 44.51 J 426 "Prieas *1 June 30. Next daaUng Jul 


lull mis Uanasemenl Ca NV, t.'uriuao. , 
NAV per share July 1" SU&VL60 +IUL j 

Tyndall Group 

P.O. Box use HomlHao 5, Bemwda. 2-27C0 ' 

Oversens July 19 — I5USU7 1K(*0O3 6 03 1 

\Aream Ueilsl KUSltS 19M>Q.o3 — - 

3- Way InL June 22. HHlilS 2J^ ..SS\ - 


5-K 100. Wood Street ECJL 
TUUTJuly3 1486 


51 a l ITflt UiloLBwT SUS 10537 loijj+f 8.50 

Int Equity XUS 1123 ii«3 I 3 SO (Accpiu. Share*! 
. Seem. Co.? j SZ? •*; Sm ft® TS ”1 «'.» 

affigns 

mH — o.7| 5.45 Henderson Baring Fond Mgrs. Ltd. Gin Fund Juiyso 
*«« .....J 5.07 P.O. Bos N47Z3. Nassau. Balm™. lAttuaStarw 


9mh i 470 I HHIw, J?nf? 

? i? TiHssn.Juhrm ir? m 


3.0 TranwaUantic and Gen. Sees. Co.? 
iS 81-89 New London Rd. Chdan/biTl 024551051 
6,46 Barbican July 20__ [73 6 ItM-fi.jJ 5.45 

tU lAccum UnltU 

22* BarbEi 


Confederation Foods MgL Ltd.? (a) 

>50Chancen r l>ane, WC2A1HE Ol-attOSOS . 

l Growth Fund H7_4 4451 ] A26 *Pric*a st June 3Q. Next dasUni Ji^y 31. 

| Cosmopolitan Fond Manager*. Minster Fond M a n a g er* Ltd. «Aeenm 

8525. Arthur SL.BC4KXBH. K*9boroi 

Camuvahi.CtiLFd.II76 19.0| — [ *S HlnsCerJuly 10 — [3*2 sfiM I 6X2 

Crescent Unit Tst. Mgrs. Ltd. (aMg> 05 

4 Melville Cres., Edinburgh 3, 031-2204931 **•* Unlt Trus* Rigeamt Ltd. 

Cnreent Growth __ 127.1 TUi +0.11 422 Old Queen StreeLSWTB BJG. . 01+2307333. rAccumL’nim 

Crw.Inl«Sl^:B9.1 Sa+03 0.75 HLAUttiM, HM 435] 4.14 WlckVJ«tiy20- 

«3 4+»3 Sj* K*** 1 * 1 Ullil Tm8t Managera? lallgl 

Ctcs. Tokyo l$S , Zfif +0j| 1,96 A CopdaH Ava, BnBTBD. 01-6M 4603 Da Accum — 


im Bnckalnb 
*2 7 (Aceum Units) 

J27 CotenoJuly 14 

|-£ gSS£S32?5 

31. (ACCumUaRii 


— TUFSUJnly 3U — 
iSJ (Accpiu Share*! 

Ju American July 30 

,u lAccum shares i... 
■j" l r£ M Jerwy Fd. July IS 
July 2a. cNon-J. Ace. Uls ■ 


lAccum Units) 

Marlboro J air 10 . 


33 .J , 4C p i=rsrgft,,;'tir* : 

5« .feVSnS^te'^TOwwouMl- l’«- Iate L Mngmnt. (C.I.l LUL ! 

591 " 721 *E»riuairc ol any preftm charjr*. 14, Mnlcaster Street, ki Holier. Jersey. . 

579 ...... 480 BUI -Samuel & Co. (Guernsey) Ltd. uj.ilfuiuI tuisuon nuq . ...| a.Ofi 

Hi III in * Cuewmr. u.L United States TsL IntL Ade. Co. 


IS [ P O. Box N47Z3. Nassau. Bahama* 

r-Ti I Imuin PA WIKWoa vai 


7751 1 ~ 

•SSHJ33I9 
0 10*0051 6 00 
12 90 +O0a _ • 
895 *10 203 

89 5 +J 6} 

200.0 *2 Bi 7 60 
2902 +3B _ 

1C9 b +0 4 10 95 
1416 *0 ffl — 


54.0 

4L6 

531 

652 


7.1 2921 +821 422 W W«m street aw u» sue. . 01-830/333. f Accum. L’nllA 

9.1 S3+0.d 0.75 MLAUaiM, KM 43 -S] 4.M WlckVIidyM 

53 £ 1 4x3 S3* Mtrtn * 1 u,dl Tnwt Managera? laHg) ®.jK 

*6 26»+®.ll 1,96 75, Coptijall Av*, EC2R7BD. 01-6064803 Da Accum 

ilt Fond Managera mSSUi n^T^.'zrtSj Tyndall Mam 


456 

<76 

64.7 +03 
767 +03 

692 

7U 


lySf STJSio.011" L’td. IntnL Mngmnt. (C.I.l LUL 

htt. Charscs. 14. M oleaster Strevi, ki Holier. Jcney. . * 

ernsey) Ltd. u.i b. Fund luisuon nuq . ...| a.06 

^roaay. u.l United States TsL IntL Adv. Co. 

+L4| 368 34, Rue Aldrincer. Luxombcnirr. 

Fund SuL U6.TfiLtac.Fnd U071 1*013 ‘ 0.^3 

ibourjj Net asrei July IB. 

awj+02!} - ,s. G. Warburg ft Co. Ltd. 

BV. Mngt. Ltd. 30. Gresham Strt+i. EC2 0I4»)4555 


Ulsior A. I per ton]] 1,085 

■intER 

NZ per 20 k? 12.59. 12 

English per cwtt gSO 

Danish salted per cwtT ... i4J)S/it 

nvem . 

NZ per tonne 1,161.50 

£nphsh cheddar trade per 
lunne i^o-io 

CCS' 

Honic-produce: 2iS0/3 . I( 

sue 2 4.00/4.31 


Discretionary Unit Fond Managera Mutual inc.Tn., — , 

s-^2S ,6 - h s2t. m - ... “t'j? Baaaflfc 1 


7*3 Tyndall Managers Ltd.? 
6 77 i8.dmyneeIiroti,Br(4taL 
Income July IB |W*. 


170.7,..^ 535 CMU * 

B. F. Winchester Fond Mngt. I2d. 3J, SL Andrew Square. Tdlnbarjdi 031-5K 9J5! 

Old Jewry. EC2 01-0062167 Ineom+Julyli [1&6 ' 1316} J 624 

Gr*WWWbo*tor_J171 38fid| -..-4 521 tAWmUrdtm— ]J»9A 206^ . — !] 624 (AcCml Un^t9l_ 

GtWladfff^jemhM 2fl1f 426 ggli“fe“js SZ2 364 iSlEbtoJ^u 

m fAecnm.DBlW_-.B5M 1612J 364 fAmnaUnltel 


GtWlncffi 0'semh«2 201?} Z'SJ 4 26 £^ ju &“b: 

lACCBJIL Dnirm — -■ i • | ■ + * Aw*UM llntfsl 

Em so n ft Dudley Tst, Mapnnt Lid. National Provident Inv.- Mngra. Ltd.? TreUuhlL,. 
20 , Artingteo Sl, S.W. t. 01^007351 48,GreeeehuKh Sl. EC3P3HH 61^34200 

Emsoa Dudley t*l. 1665 7LS1 I Sxo kp.i im i:*.Tn_M5.1 aaai j *« S 0, *^P J ( ll r 

'■"I 2m (Accum Lnital. 

H 2*0 ScoulM-Julyll 
.“-j no Loodha WaU Gi 


KEF 

Scoilish killed sides rx 

KKCF 

Eire lorcquurlero 

\MR 

English 


2.S0/3.I0 
4.00/4.30 
July 20 
P 

S4.0.3S.0 

37.0/Sfl.O 

nS.O'SO.O 


3.00/3.50 
4J5/4.70 
Week ago 
P 

54.0/56.0 


Emton Dudley Tn., |665 7U] +«_] 3X0 N J»,LG Ui.Up.Ta 

Ktmilas Secs. Ltd. fa) ft) SK*. 

41 Blatiopagale, BC2 01-8902851 (Arenm UnlwJ"* - 

Eonity * Law Un. Tr. 3VL? (aUbXcXx) National Westminster?!*) 


“7™ Scot fi Cap July 

■— j iS (Accum Umlx) 

— 1 f-S Seofilnc-JulylB — 1 159.9 
..71 260 Uodta WaU Gnwp 
nfi iub 27. Capital Growth 
UZ JuIv 28. DaAreum — 
y attro Inc. Growth- 

... Da Accum. 

01-606 6060. Financial mty. 

1 +0.91 428 Da Accum — 

1+Oil 7.77 Kicblne.Prianiy. 

+0.4] 531 International 
+ljj 5«J Special S1U.. 

+0.4I 6*8 arw IT.I1 


*11 "wnryn. rewr r»n uuemaey, v.i. (Jniiea atates 1st, 

---■ PSL6 14. Rue Aldnacer. fix 

— HDJ Samuel Overseas Food SJL us.TiLtac.Fnd 

37, Rue Noire-Daae. Lnxenbouni N« a«wi 

- 661 pisnil ltioi+023f — -S. G Warhurff & C 

+03 5 aj intcnialfsiial Pacific Inv. Mngt. Ltd. 30. Mm strc«+. bc* 

+03 507 PO BO* «ta*7. M. Pin SL Sydney. AusL Cnv Bd. July IB .... 1 5 

Ml Jn veil n Equity TsL. [JA2.01 32M .*_] _ Qib. InL July 19. .. SI 

831 IPT M—~.. «... ... lirsuBd JllnrSI. [ S 

J 1 ■ Managers (jersey) Ltd. MerrEhdFdJuiyiB.lflBU 

PO BOX 134. Ro»aJ TsL Hie. JerroyOfiM -7441 , „ 

Q2723Z341 Jersey £xtrnLTn._H74 0 las (X .... i _ Warttirg Invest. B 
«..J 831 Afi at June SO. Next rub. day July 31. 1. Charlni: Cross. S! Hell 

r„ Jardine Fleming ft Co, Ltd. cmf LM Junrafl. .pusu 

--- =■_ n ^T MU *s t HFrnTe U i >ll|i ?°°T g -ii NKta^f^Ju^ia till 

7.87 JftnffJiC Eatn.Til.re 1HK2U94 I \ 150 TMT iulv 14 ora a 

» jSd!*s^.!r: * ^ 100 ™ T ^ J “ 1{ '' i: ^ 5 

_ Jardine FletnJnL.- SHKiajSS 

:::: i“ “ESSvW.w.tei,- ... . 

; 5,48 Next nS. July 14. Worldwide Gth Fd] Sl 

77:: 9.40 


C«w Bd. July IB .... ] SUS9 65 1-003], _ 

_ EnO. InL July 19... ( SCSI? 84 tOM _ 

l,r SUFU June XII. [ SUS7.D8 .. I _ 
MerrEhdFdJulylO. ptBUll U^j |0.2911 

7^ Warborg Invest. MngL Jrsy. LU. 

IL 1. Char Int: Cross. Sl Heller. Jsv n 01317.7:41 
CMF Ud. June 3B..BIM2JS - D6J] .. . i — 

_ mrrud Junes .£12 77 U 10 ... . — . 

nC UelBl«T+L June IB 11217 1247 ... — 

230 TKT July M SUS1SJ8 IBS .. — 

100 TUT Ltd. July M._ [OO J6 10.63} .... | _ . 

— World Wide Growth Management# 

— 10a. Boulciard Roval, Luiemhourd 
Worldwide Gth Fd] SUS1532 1+0.0^ — 


| +0.11 5.96 
+0.1] — 


NOTES 


54,0/64.0 

NZ^FLs-PMs 53.0/54.5 53.0/54j 

3RK (all weights) 35.0/44.0 33.0/44.0 

DULTRV— Broiler chickens S6.0/S9.0 36.5/39.0 

■London Ecc Exchange price J»er 120 eggs. 
Unavailable. \ For delivery July — --0* 


56.0/39.0 

33.0/38.0 

60.0/66.0 
51.5/53-0 
35.0/44.0 
3&5/3D.0 
t Delivered. 


Vanbrugh Pensions Limited 
41-43 Maddox SL, Z+ht. FZB SLA 01-480 4627 


Amcrs!j*m Rd. High Wycombe. D4M 333T7 16L Ctmpcldc. EC3V BEU. 01-608 ODm. Financial PTriy 

EouhTfiLaw 1668 703] +1X] A 09 C.plSEi- ^5 <28 DaAreumTI^l 

Framlington Unit Mgt Ltd. (a) || 37^ Jgl Jjj 

5-7. Ireland Yanl l EC<B SDK. 01-3486071 Groathlnr__ -OJ *JJ +ljj S« SpecWSiU., 

CajrftfllTg.— ~ — S28 llafil +iaj la J^fob otai/ft . M.7 n \ +S7J Ilf TS® Unit Trusts (y) 

Inecro+TB^, 10A4 llii +63 6.90 UnlvcrealFdJdi - 6L3 65.* +0.8} 220 21.Cbatitty W*jr. Andover. Hanta. 0264 8S1K 

il? griaahFt — 1122 3iv2j +|3 2H NEL Tnist Managers Ltd? (aJig) Dcalincs to om 8M32 3 

Da Accum pU.fi 124J| +ZX( 232 Ml fTM Court. Dorian t Surrey, ^ rbJTSBG«|ere]___ «j 48 51 +04 3.78 

Friends’ Provdt. Unit Tr. Mgrs.? Neuur-s- — ' 64.61 +0.9I *34 SbiraBtaSSm — ni iSi I2i 

MshamEntDorttlnt 03065055 Se ^ ar S lth| 2lJ*K B j s, 51 ” 435 (b! tm Acrium^ jS* 65 B +0X) 7J4 1 

Friends Frov,l'u.H KM 45* +04], 419 Fm New Cwtrt. h OBU MteagCTS Ltd TS8 Scottish M.l 893 +1.1 279 

Da Accnm „&5i 59$ +oi] 439 see Botbschila Asset Management ibiDn Accum. (980 *3J+li| 2.79 

G.T. Unit Managers Ud? ' Norwich Union Insanmce Group ffi) Ulster Bank? la) 

16 Finsbury Clre us EC2M7DD 0l.«38(n31 Warm* Street, Bellas 023233231 

G T. Csp. Ine (86J» «.« 940 <? rmlp . T g- Fd ~Lr W J . ? 4.9B ,b)UI*twGiw»th_|37.6 40.4( +03] 523 

Do. Acc____ 1032 109.7 3*o Pearl Tn»8t Manager* Ltd. fajftiui tj™ii x, t w _L# . 

GT US. kGajSSZ. W | iSl “ I'M n^CnrethF?‘T”« ^ fiw KlacWIUIaraSt-KCiROAR 01-6234851 

fflSi&P 1 ii r;: ■ 9 MM a pa«# "W =j » 

s-T-Sff-iaAr- Ift 11 ^Lfcnrz-fei m+d *» mo ^ -J 


39 1000 )^7ro»doii0t1iicliideSpremuiq,exceptwhcreindlcaled4.andsrclntx>nceunlrKMhcmiss 

27 0 Ini CM I??/” 1 . .;, Y lgl r? N Wugyn in last column allow for all bnyins expenses a Offered prices 
20 7 ■t* ^ c Vleld based on oiler once d Estuncted.e Tivdm's 

663 +0^ a 07 ,T *v °( U J(- lajL-s. p Periodic premium itauranci pi jivs t Sin.-la 

lsl+ 0.7 2 72 ° ff ' refl price Includes all eroenres except scent s rommisvuis. 

SIS +0J ill h I_^ ng * . Bd ? til expenses If bought throueh manacer". a Ptmoui* day's pnec. 
-HU1 5J2 V Net Of tax on remised capital ulna unlus indicated by 6 f Guernsey crow, a Sttoperefed. 


GT. Cap. Inc. 

Do. Acc — _ 

G.T. Inc- Pd- Un 

GT.U5.fi G« — .. 

iaC iSS£.f^77 

GT.rnlX Food _ 
G.T.rourTduFd™, 


m.fl -.... 

109. 7j 

J73.6I 

154.3 

35141 ..... 




4BB Ac«¥"unn*.... 
?'S Fearl Inc — ^ 
IS Pearl Unit TO- . 


0232332311 
40.4( +03j 523 I 


i>.T.ronrk 6 *M 6 -iow 7 Jo ,A^uniS^l «8 493 j+D 7 j *.w wieler Growth Fund 

G. ft A. Trust (a) ft) Pelican Units Admin, Ltd. ft#*) xinc Will Urn Sl EC+R bah M-anams 

5,R«--lfti8hBd,B«iitwobd rtCTTtxrraOO al F-amiain sl, J lanchester 061-2265065 inrarn Unite Qo a*® «i 4 
G.fi 3 p 2 J _ 9UI4A4 4J3 _ Felhsm UaUs JMJ . *UJ +fljT %9 J^SuSlSZZlBj a 777 j 


kffore Jersey las- 1 Ek- subdivision. 


. _ , ^ CLIVE INVESTMENTS LIMITED 

1 Royal Exchange Ave., London EC3V 3LU - Tel: 01-283 1101 
Index Guide as at 18th July, 1978 (Base 100 at 14.1.77) 

£.'i Ve £ Jxed Interest Capital 129.77 

CDve Fixed Interest Income 115,70 


CORAL INDEX: Close 468-173 


INSURANCE BASE RATES 

t Property Growth 10V 

T Vanbrugh Guaranteed 9.25^ ‘ 

tjAddrcai show n under Insurance and Property Bond Tabic 












i\ 3 unveroRSw»t-ue«sANO 

AUCTIONEERS QP REAL ESTATE 


EsfaMsfrwf WZOin London 
,29 St. George Street. Hanover S»w«> 
London W1A38G ■ 01-9299292 

CITY Of LONDON -118 OLD BROAD ST REET 

LONDON ECJUAR 01-6’S 4351 


FT SHARE INFORMATION SERVICE 


BRITISH FUNDS 


197S 

filch Lff* 


* TifM 
- | Ink | Sed. 


Shorts” (lives up to Five Years) 

OQV 4K{bdL*pe > »a» r - 99.i+A 5.M Hi 

105*; 101, i rrKHUiyll'aWTCS- AWA ...... 1L37 

V'W i Trcjjwyapc^HS ]■” Ig 

"Tj rr l ojurylW:pcT&t_. 100% + ,f« 10.* “"J 

«5 EMricJffc TWT— gtt+E ,SZ? 

&:L rmsury9pcl980tt— 2Z>» + f‘ Hn in 3 

7*. Trei-urrsirpcWB— +% “IS 

: : s Trcs?ur? ^3Pc7I^0-_ g? 3.73 

IT. tundincS^JcTMaa- 94** 557 838 


102 "; 974 TreawTS’f'C'Wtt — 

«r«: 92% Treasury fliPcTi-#)— 

5 C ;, *>>’* KundimUPdx'T&CTS- «-« ~i 

llii> 4 103,% Exchequer I3pe 19803 1Q3JJ 1252 »•* 

iw! 1nasuHV»em». IJfl 

91'- 88 ^ TrwsurrftpcWreflL Wri 309 '.“7 

101 >, «5-i Treasury Stpc MBlji- . 9o$ 1 £4® Hqq 

07 * 9i7j Swh. 8 Upc 1881 „ 93,'* ||4 10.99 

mO'* 044 Esch.9ispeI99l !•* 

87-,; 85% Es.-h.3pc 1981 8 h%ri 348 8 M 

07,-. 95‘,b ttws. Variable -SI#- *41™ . “If 

131 102% Eu-h. I'Jlipe 19817+. — 103% ^ 

«■*% °i'-. — ,®% +£. 9.12 U.M 

Sb% 527, Tr<M.surv3pc-«t • M&fl +% 3.56 «■» 

1 ! 5 "* 1064 TturanrHpc VSt — ■ 10^4 +4 *305 1L49 

W 944 ^.Variable®#-. - 94% ... 1030 11« 

iraj. Dll? '( « §£l+U 10^01 I 11361 


46-V 894 rrei-i/rrSlipc 82 90 ii +ii 

IDOL 91*. S\p!L9i*priS84 92 A +4 

044 91‘; Ewh.ffl.pe I* A 92.* +% 

9ii : : OTU E.v:n.» 4 pel 983 907k +% 

E5<; 70% E\ch3pc1B 8 OJ 45 I ... 

114% 1 GG*; lYeasuiy 12 pe UflSt*— 101% + .% 

3DD41 89% JTrta.nif>-9 l *pc'33 91%+% 

Five to Fifteen Years 

45 4? Esch lOpc *33 *£45 pd. w . 44%+% 

89.-, Ej-4 Funding 5*2pc'82-Mt*- K% +% 

«*o\ boh Ttvj.uri&ijpc-BMfitt. 88% + 1 

87% 774 f-tmdin^ 6>;pc E587U- .79% +* s 

S95- 79* nci-urt7f,pcE5ffl». 8Z%«1 ■+% 

634 601, Ttaru.-port8jir’7M8_- 63% +% 

75^- b-5 l A Tic Mirt 5pc "8W® .67*2 + J ^ 

115'* 101% Trtasuiy 13pc 1KOU-. 104 -b +% 

Z9\ 77-. TtonsuryKh 87902 — 80%+% 

30tu o?i . T’reaswv n%pc 1WI _ 96% +% 

75% A?% Fundinc%*: 37411#- 66 % +% 

«*&u Tr...wury lT.p.- -9% - 101 %»J +*< 

9q -, £4% TreJ-airr lOpc 195C 85%d +% 

113 97% EaiIi ll^pcTE 97%td +\ 


90$ +',i 9 08 1118 
92.? +% 10J11 H56 
92X+5 10.01 1158 
90^+% 963 10.48 
0»*«1 3.74 8.26 


1178 1145 
1010 1150 


44% +% 1057 1156 
82% +% 6.66 9 67 

88% +% 9 65 10.75 

797S +% 8.29 10 2B 
82*a«rf +% 9.53 10 95 
63% + 1 4 4.72 850 


64% T^c^ji^ 6 pcT 8 S»_— 67*p +** 756 10.10 
101% Trtiiuiy 13pc IBSOtJ— 104%+ * 12.4Z 12.H 
77./T>;asuwH%87Ma— 80% +% 1034 1138 

°’1; Htnefuiv llipc 1W1 — 96% +% 12ZI 1233 

A?% Fufn±nc.5w:874ll4i. ,_66% +% 10 « 

o&u^.jOTiyCVfkTCtf- 101 %h) +** 1251 12.45 
S4% Ta- J-'orr lOpc 195C — K%xd +% 11.63 12.14 


32f% 96% Ttar.ni7j:i;Pf 
72 - 60% Fimrtin.’6jx- 19SC — 1 
lifl-* 104* ; Treamir lttpc 1WR? 
12B"- 112%Trea«J^14iaK--«t4_ 

314!.: 07% Eich lLl’PC 1994 

807, 7t>% TreosuoVStt? — 

306 % 93 JYvasiialJpc'ffi 

51% 43L. .-jfSpc ’90.05 

95 82% Btch. IP*!* \®a 

114% ‘»S*^ Tt«?ui> 12%nc‘CEtt_ 
®0‘» 76% Tttiair 9pc ai'9ftt_ 
1511% 1141; Treasuiy U%nc TStt _. 
317% 101% Ewheqi«rI3' J 5K'9Stt. 
50 41 U RrtKrarmon3[K- 1585-96.. 

■115*4 100% Tr*i4Jt7 13*jpc "Sfrti — 
93% 85 Ewlwquer lu*2pc 1997. 

Mis* »J7, TreaiurrAUiu.. 1WI^_ 
72% 60 TreasurvtP.ipc’aWBS. 

2?f- 118>4 rreu.x.lSjxr'MS 

97* 93l ; E,ch. 12pc 1998 

CQlj 77% rreasuiyffMV 19S9tt- 
-9o : * 85% ncaiuty lOLpc 1999 — 


96*i[93% 


«S3|;C|E3oli2)B 
Over Fifteen Years . 

:u)T JCljjH* < SCU M 100%+% 1250 1250 

jniSpc 199Ki 64*g +% 9.67 11.28 

mi r ir%pc 1WK3 109% +% 12.85 1268 

a£MfeK*tS~ 117*2 +% 12.96 12.^ 

ia#r 1994 98*1*0 +% 1235 1257 

mo9p ,-, 5HJi 8fi% +** 1139 11.93 

nuy l^pc95 96%2 +% 12.43 12.50 

pc’SOfc 45% +% 6.71 9.76 

WlSS6 85%3+% U.97 12 

riii> 103% +% 1262 12.53 

mr9pca:'96tt_ 80% +% 1138 12.07 ^ 

mijristiM -Me-. 119 %+% an 12 . 8 J ^ 

«wrl3>,pp-9Mt. 106%+% ^72 1264 ^ 


44*j +% 
104%d +% 


L04%d +% 

85%xd +% 

78% +% U.61 ao7 

63*8 +% 10-95 U-79 
123**+% 13.09 12.89 
97% +% 1255 1259 
80*i +>4 11.88 12.17 
ST-* +** IIS 12.43 
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69% +% n.87 12.08 


12 66 

1235 97?P 
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12.89 
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49% +** 1161 1186 
MUM H95 1204. 
96*b [+% |l256 | 12561 

32d +»8 12-45 — 

31% +% a4Z — 
35 +% 10J1 - 

24% 1257 — 

20 % an — 

20% 1251 — 


Undated 


37% 301; i7on»l<4pr 

37% C c % 'A‘irLnaJi3i^rt: 

391* 33 Com 3*2pr'bl.\IL 

•23% 3 .% rti-a5.Lir.-3pc 60 .ML— 

24i* 10% runsalsS^xr — 

.24 19% Treuwityj'atc — 


INTERNATIONAL BANK 

| 62% (5pc Stock 77-82 ! 83% [ | 5.97 1 9.93 


CORPORATION LOANS 

9 Vs I c 3% lBimTuni^pc'^ai-l 94d | } 9.9! 

04*4 83% | Bristol IVpc 7981 88% ...... B.J 


107 100% -.I I C. I92PC8E. 

112 ICQ** Dol0jkHB 

97 * 90U fiLtfiw^PcWai-. 

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88 % B.74 11-94 

101 % +% 1228 1188 

10 Id 1228 12.02 

91*2 +% 10.U 1162 

90% 5.79 10.90 

99% 5.79 915 

W 2 10g 11.46 

93 :::::: 102s 


2*-4 25?, Do.3*M)c bred. 

9** 91 Ura‘:.Hp.9%pc8+®> 

57% 943* LLM’.fipc 76-79 

92'» 84*. no5*3»778I. — — . 

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6<* 65% Do5*S)c’8M7 

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26 *; 22 *. rw.3pc20Afl 

«*3% <*1 Middx. 5%pc 1980 

9°*2 °4% \Vre«lr9%pc7M0- 
lOo-'n 100% Warwick O.-c. 1980 — 


1025 : 

627 
649 

7.01 10.41 S-E. list Premium 51VTo Hosed on 82-1321 per El 
8.10 1130 
1024 1209 

1075 BANKS AND HIKE PURCHASE 

“S mfL.1 a- 1 ««M s USHin 


COEWNWEALTH & AFRICAN LOANS 

1907; 95 % .AwtSdwWJa 108% 1+ A 555 102- 

95% 92! 5 L<o ri^cTT^O 93% +% 5.91 10 J\ 

8 R% 32% ft> 5ipc ai4C 83% -% 6.74 117 

S'**, N£4pcTCB. 98 -% 420 102^ 


°2% Ui. hpc TWO 

81% DiiTEpcKMfi 

41 StKAtricaKy*; 188L 
50 SU 1 . Rhod. 2*;pc l&TO _ 
SO lx* GpcTSKl 


64*; 53*2 
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1:4 107 

55 *; 6 J 

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373 Iltf 
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Ei : ; 71% 
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ooi, 

3C'i*; °0*. 

T " ; * 


LOANS 

Public Board and Ind. 

ACnr. ML 5pc "5939 — I 61 I 

WranMteWW — 81*2 ...... 


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93% +*4 5.91 10.78 
83% -% 6.74 U 73 
98 -% 420 1020 
94*2 -% 651 H-41 
82 -% 922 10.10 

95 3022 1291 

55 +3 — — 170 

82 — — 575 

^ 315 

5 532*, 


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,\M Wtr itpc'B* 

i. S-MC OpcI832__ 
Uu. ait/tout HiirniRs.. 


Financial 


61 

81*2 . — 

28% 

137 

07 -2 1 


FFlUpclWU 

[M I4pc7t) 

In. 14pc W 

!i»*j*2'-r*ebi'SWC- 

r»i 6**pcr*h -8I-SL 

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|v>nr- ,\ Hi m 

lv S'tpcLa ’JD97 


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104* 2 

106 

82 

76*3 

93 

93 

95% +»z 

63*2 

64*2 

76 1 

69U I 


FOREIGN BONDS & RAILS 


ITS 

Tiid: low 


1 7 Vnl nT.lL-l.ij Rly 

iv .ipcFrcf 

,9 s rhilejnMi\cil 

350 - « < nun Vnc.4*a*c. 

4o I'irvil TpeAm 

46 [totfiv-'lSljh \« _ 

40 *5. . 

41 Him-. 

p 5 1cvhr.1l o*y>c SL88 


Price l+wll»w. 


24 1 

40 ...... 

98d 1 

410 +5 ! 

54 

51 

43»d I 

55 

65 


1180 
1320 83 

1190 

S 3 1 

U10 
13.00 
13.10 4m 
13-40 5“ 

100 

; 600 

5 347 


FINANCIAL TIMES 

BRACKEN HOUSE. 18. CANNON STREET, LONDON EC4P 4BT 
TcIct: Editorial S86341 IZ, 883897. Advertisements: 885833. Telegrams: Flnantimo, London PS4. - 

Telephone: 01-248 8009. 

For Share Index and Business News Summary in London, Bi rmingh a m , 

Liverpool and Manchester. Tel; 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

AH'terdanr P C* Briv 1296. Amsterdam^ 
IVlcx U1171 Tvl: -40 3ST. 

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li.lov 338630 Tel: 021-454 0KE 
Euan. ITe;!:.h.W. 11-’ I'M Heussallee 2- 10. 

Telex 8SWM2 Tel: 210039 
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Telex 23JXJ Tel: S12«WT 
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ADVERTISEMENT OFFICES 

Einrin^h.im: Gwrqe Hou?e. Heorgo Road. 

Telex 338650 Tel: 021-144 0922 
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Manchester: Queen's House. Queen Street 
Telex 668813 Tel 061^34 9381 
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Telex 7900 Tel: 294 3748 
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Tel: 253 +H8 

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Building. l-B-5 Occmachi. Chiyoda-ku- 
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Manchester: Queen's House. Queen Street 
Telex 666813 Tel: 061-834 0381 
New York: 73 Rockefeller Plaza, N.Y. 10019 ■ 
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Paris: 36 Rue du Sender. 73002. 

Telex 220044 Tel: 23686.01 
Tokyo: Kasahara BuildinU 1-6-10 Uchikanda, 
Cnlyoda-ku. Teles * *?71« Tel: 29 S 4050 





£125 £112^ DoPiolOWInili. £117 


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24 
41 

115.. 

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NOTES 


4 5 w i"*'** a -,,i w rtl^iifcnd. ai> 1 . 

50 *" " ■*’■ "'uru^J prirc’eMnlanl 

SU f?FL? a j- C ,wrl > i y to** «*» tJ * r -' aorinai 'inani =nd 

SKBtSSSSa 

*»«• 5?‘- ■? au ?«- «>*».- n < *.iew uSirtSiiSiiriii* 

{JjSJS; £M™ ?**,? 4emcrami;;nc other Uun gtcriior ■» 
owe* tor.a^ke of Um. !»*„,, dollar pmam ^ ” 

& dwSr7^S B “ ,!d 5eCUnt,K * t,ch «»«iaont 

0 -Tap-* Kt«ci;. 

1.3 t Jnlenin hln'V ieercj.*,.a nr rmuniiwL 
4.2 * Inlortm rmcc rcrinn.nl. pu'Ked it «W«:rvd. 

3-2 " TM-in» In ofn-reMifcrr on iipplicjHqn. 

6 FIkwh or rop»n uwni.-d. 

*7 unlisted rrrii.-iiy. 

£ rrire nl Umr i»f •u>. 7 if'r i i.'n 

S u ‘"- r no'irtiiw: '«Ip and «r rifihls bsnnj 

* K-m' 1 * ,n •ltti.L-n.l-. or JorccasU. 7^ 

1 ,n nrocri -^ 

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5 SK' C0W ra CDrain ^ ^led by Into* 

: dr idend^ur t“ni7T^| nD . nf Bn: a ~ aniens tor 

* for 

■!* nfgiwwii pricr. 

M N n par 1 * 2100 . 

rs£r 

1 ia-Ki^s 324 

fflsara?;«a 

b-Wdi«pKliBMniiiTriiwn^. 1 . rh*id..ml«n.|-?ieWe\"h!d«f2 

SSL.TSU' ftfX 

w*»»» j«jr- {»v.i!cnd j.s flAKy (SsJrSSspJSr 

t D, v!d.md and y LM .wludeaspprwl p)|»gb(v!i(rdMtf 

iHiJcrcnec dnidcni! pa^.L'il nrjJwcrnwJ 1‘ L’jnudi.ii E L;ai« 

F Dividend an.! b-iw-rt on proipeTi „r « 

Dlriclal PWlmotm lor llfraaii li Anaumed i|.« S.-n i aril 

after penduB scrip onri or nriia |. 5U J^r r.iUrien and 

dole « View hsiis? on 

unehanevd unnl malurliy of a'oi-i" ™' a " L ° J ‘ J ' ,C “ e ■»» 

i*»«:ar e. 

“ Sccent issues "and 11 Rights " Page^ ’ 

ITus sen-ice io ai-aUatie to every Compauv dealt in on 
Sloch rbetorcs ihrocghoqt the 1' oiled sin.-jdam fo?S 
tee of £1M per anaum for each sccarliv 


uooursU... 

FWierLL 


Qnpire Plants lOp. 


lit 


|Ktt 


lerjFjiQp 


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64 I 2 
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l48 
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Akh Snmninj I *4 | *»l«dJllittlIL.>.. 103 ......I 


ffMclryUaiw 


TRUSTS, FINANCE, LAND 

Investment Trusts 




fr 

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140 
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S { 

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34<ifBritAia*CeQ_ 

60 


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Bert am 21 

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Sheffield SriL-i 45 


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40 


FAG 

keep things rolling 


HNANCfALTLVlES 


Friday July 21 197S 


FAG Boaririq Co. Ltd. . 
Wolvfyhampiori. Tel • 09077 4TI4. 


BELL'S 

SCOTCH WHISKY 

BELL'S 


PRAVDA HITS BACK ON U.S. SANCTIONS 


Carter veto ‘blackmail’ 


BY OUR FOREIGN STAFF 


THE SOVIET UNION has 
denounced as “ blackmail ” 
President Carter's decision to 
veto a STm Sperry Uni vac com- 
puter sale to Russia and place 
all oil-related equipment exports 
to Russia under review. 

The Soviet Communist Party 
newspaper Pravda, in a sharp 
commentary, said the U.S. move 
was an “ old and corroded lever” 
and was destined to backfire. 

The clear implication was that 
Moscow would take its trade 
elsewhere. 

Mr. Carter's move was a 
reaction to mounting public 
anger at harsh treatment oE 
Soviet dissidents, notably Mr. 
Anatoly Sbeharunsfcy and Mr. 
Alexander Gin/bur". both mem- 
bers or the unofficial Helsinki 
monitoring group. 

But however effective it may 
be as a political gesture, there 
are considerable reservations in 
the U.S. ahout its economic 
impact. 

Britain made clear yesterday 


that she will not follow the U.S. 
example in imposing limited 
irade sanctions to put pressure 
on Russia. 

Nor has there been any word 
of action from West Germany, 
which is the Soviet Onion’s 
largest trading partner in the 
West. 

Dr. J. Dickson Mahon, Minister 
of State for Energy, said in a 
speech yesterday that Britain's 
views about human rights in 
Russia should not interfere with 
the development of trade 
between the two countries. 

In a dear reference to the 
U.S. move. Dr. Mahon explicitly 
ruled out trade embargoes or 
discriminatory trade licensing 
action against Moscow. 

Britain, he said, nevertheless, 
reserved the right to make 
representations to the Soviet 
Union through other channels. 

Addressing the British -Soviet 
Chamber of Commerce, he said 
that be would welcome the 
extension to other countries of 


the European Convention of 
Human Rights, which he 
believed could act as a world- 
wide forum for complaints about 
alleged human rights violations. 

Anglo-Soviet trade should 
continue to expand, he said, 
especially in the energy field. 

“ Significant prospects now 
exist for co-operation between 
the United Kingdom and the 
Soviet Union on the exploitation 
of offshore petroleum deposits." 

The Department of Trade has 
indicated too that far from 
putting pressure on British 
companies to break off negotia- 
tions with Russia, it is more 
concerned that Moscow may take 
retaliatory trade action against 
the West. 

Under the Anglo-Soviet trade 
agreements more than £500m- 
worth of credits are still avail- 
availahie to be taken up by the 
Soviet Union.' Contracts worth 
£440.6m have been placed in the 
past IS months. 

In the first five months of this 


year exports to Russia have 
totalled £189 m, while imports 
totalled £117m. Last vear ex- 
ports were £347m against £7Slm- 
worth of imports. 

The Government's position re- 
mains firmly that enunciated by 
Mr. Edmund Dell, the Trade 
Secretary, after a meetinn with 
Mr. Vladimir KhUlizu Chairman 
of the Soviet Council of 
Ministers, in May. 

A top Soviet economist said in 
Houston Texas that the Soviet 
Union may well look to Japan 
or West Germany as alternative 
suppliers of sophisticated data 
processing equipment. 

Mr. Valery Naborov. director 
of the U.S. economy department 
of the Soviet Foreign Trade 
Ministry’s market research 
institute, said there was “a 
distinct possibility ” that Moscow 
would look elsewhere for its 
computer needs. 

Cancellation of U.S. Soviet 
deal Page 2 


City Panel 


censures 

Eastwood 

ex-director 


By Andrew Taylor 


MR. DAVID TROTMAN. a 
former director of .1. B. East- 
wood. has been censured by the 
City Takeover Pane! for dealing 
in his company’s shares when he 
was in possession of price- 
sensitive information. 

Eastwood, the eggs and 
poultry group, is currently on 
the receiving end of two take- 
over bids — from Cargill, a 
privately owned US. concern 
and Imperial Group of the UK. 

The Pane! states that Mr. 
Trotman broke Rule 30 of the 
Takeover Code by purchasing 

10.000 Eastwood shares, in his 
wife's name, at a time when he 
knew that a bid was likely from 
Cargill. He also broke the Stock 
Exchange Model Code on 
directors' share dealing by buy- 
ing the shares within two 
months of the announcement of 
the company's preliminary 
results. 

The Panel’s statements came 
on the same day as the Govern- 
ment published its white paper 
on Changes in Company Law, 
which proposes to make insider 
dealing — which is covered 
under Rule 30 — a criminal 
offence. 

The Panel says that Mr. Trot- 
man had been informed at a 
meeting on June 11 that a bid 
from Cargill was possible. An 
offer some 25 per cent above the 
then market price of Eastwood 
shares was mentioned. 

On June 14 Mr. Trotman in- 
structed his stockbroker to buy 

10.000 shares. The price was 
90ip a share. Subsequently, 
Eastwoods shares were sus- 
pended and Cargill's 132p a 
share bid was announced on 
June 30, The same day Mr. 
Trotman resigned as a director. 

Imperial is currently bidding 
160p a share (£3S.2m in total) 
for Eastwood. 

Mr. Trotman said last night 
that he bad informed Eastwood's 
company secretary the day after 
be had made the purchase. “ I 
was aware lhal 1 was breaking 
the code but l was not doing so 
for personal gain." he said. 

He would pay any profits from 
the 10,000 shares he acquired to 

charily. 

Mr. Trotman said that he had 
planned to buy the shares for 
same tune because his family 
stake in Eastwood had been 
reduced by 28,000 shares to 
Sti.000 shares. He had been 
opposed to the bid from Cargill, 
north altogether £30jm, and had 
roll a larger shareholdins might 
help bis case. The Eastwood 
family and other directors 
accepted the CarciU offer for 
their combined 35 per cent. 

After the Carpill bid. he had 
proposed an offer for the East 
wood Thompson meat division at 
160p a share. 

The Panel says that Mr. Trot- 
man had accepted that his action 
was wrong and had expressed his 
mjrcl to the Panel. 


Rhodesia budgets for 
record £200m deficit 


BY TONY HAWKINS 


SALISBURY, July 20. 


RHODESIA is preparing for a 
ElOOra budget deficit— easily the 
largest in the country’s history 
and" almost twice last year's 
shortfall. This will be met partly 
by HOOni worth of loans already 
concuded and of which details 
were not given. 

There is specuation that this 
£100m of borrowing involves 
loans from South Africa as well 
as a $15m Euromarket loan. 

This Is the first time since the 
country's declaration of indepen- 
dence in 1965 thar it has given 
any publicity to external borrow- 
ings. 

A footnote to Government 
spending estimates published 
today says that Rhodesia will 
raise the 815m with variable in- 
terest payments at Inter-bank 
rates plus I per cent. 

All other external loans re- 
ferred to in the published 
schedule of national debt refer 
to transactions before UDl in 
1965. 

Rhodesia is known to have 
borrowed abroad to finance its 
external payments deficits since 
1965, but without publicity. 

Given a return to normal 
political and economic condi- 
tions, Rhodesia would be likely 
to try to borrow heavily in inter- 
national capital markets as it is 
“ underborrowed ” by developing 
country standards at present 

The remaining deficit will be 


met by domestic borrowings. 
There will be a 12.5 per cent 
compulsory loan levy on nearly 
all individual and corporate 
taxpayers. 

Having said in the Budget 
address , that tax rates in 
Rhodesia' already were high 
enough — if not too high — the 
joint Finance Ministers imposed 
the compisory loan levy, applied 
to the previous year's income. 
This will bring in £22m this year 
and leave tax rates unchanged. 


Loan, says Smith 


Mr. Smith stressed that the 
loan levy was a loan and not a 
tax. It would be repaid in three 
years and would carry interest at 
4.5 per cent, tax free. 

The speech predicted that 
Rhodesia's real GDP would fall 


another 7 per cent this year, 
• 177— its 


after 7 per cent in 19' 
fourth successive year of decline. 

A fall of £23m in exports was 
forecast, coupled with warnings 
that there would be shortages of 
low priority imports. 

“ It is not possible to maintain 
real income, either on a personal 
or corporate basis, in the face 
of continuing inflation, loss of 
confidence and recession," the 
Government said. “ The progress 
of living standards ,has come 
temporarily to a halt and cannot 
be resumed until our terms of 


trade have Improved, and the 
economy is unshackled from both 
sanctions and large-scale military 
operations. 

** In this period of adjustment 
standards of living may actually 
decline." . 

• Under British exchange 
control, legislation it would be 
illegal for banks in the UK 
(including foreign-owned banks 
m London) to participate in any 
Eurocurrency, loan Rhodesia 
may be arranging. 

The position of banks in other 
countries would depend on their 
domestic legislation implement- 
ing the UN policy of sanctions 
against Rhodesia. This would 
certainly prevent most of the 
world's major banks from lend- 
ing. However the •sanctions 
policy has not been implemented 
everywhere in full (and particu- 
larly not in South Africa) 515m 
is such a small sum by inter- 
national banking standards that 
It would not be difficult to raise 
privately. 

. Our United Nations Corres- 
pondent adds:. Switzerland, a 
possible source of such funds. >s 
not a UN member and is not 
technically and formally bound 
by its resolutions. But the Swiss 
have voluntarily undertaken to 
maintain the level of their trade 
with Rhodesia before the imposi- 
tion of sanctions. 


Prior hits Labour phoney war 


BY CHRISTIAN TYLER, LABOUR EDITOR 


THE LABOUR PARTY and trade 
unions are promoting a phoney 
war with the Conservatives to 
mask tbe Government's disas- 
trous record ahead of an October 
election, Mr. James Prior, 
Shadow Employment Secretary, 
said last night. 

Mr. Prior, in a major policy 
speech approved by tbe Shadow 
Cabinet, said that Mr. Callaghan 
had little choice but to call an 
October election since it was the 
lust opportunity to go to the 
country before inflation and un- 
employment began to get worse 
again. 

“Because Labour dare not 
address themselves to the cen- 
tral questions of the day. they 
have already started to parrot all 
tbe old cliches about Conserva- 
tives not being able to get on 
with the trade unions,” he toid 
Lambeth Conservatives. 

Vigorously returning to a 
theme already invoked by Con- 
servative leaders in the wake of 
hostile comments from this 
summer’s trade ux.ion con- 
ferences. Mr. Prior said: “The 
picture of the party as the 
natural and inevitable enemy of 
the unions is a bogeyman created 
by Labour and their supporters 
to frighten the voters. The 
1 country will know what credi- 
bility to give to these smears. 


Continued from Page 1 


Pipeline 


line as being “a doubtful 
economic proposition." 

Dr. Dickson Mahon. Minister 
of State for Energy, who yester- 
day announced the winding-up of 
the study group, said that much 
of the gas. which might be 
pushed through the Brent and 
Frigs systems, would he of dif- 
fering qualities and thus would 
need offshore treatment. 

“Wc cannot rule out the 
possibility that the quality prob- 
lems may be more cheapiy 
resulved by building a new pipe- 
line than by installing extra 
equipment on the platforms," he 
said- 

The case Tor a new trunk line 
would also be enhanced if sub- 
stantial new reserves were found 
or if the Norwegian authorities 
agreed to send gas ashore 
through a U.KL system. The 
British and Norwegian Govern- 
ments have been holding pre- 
liminary talks about this 
possibility. 

But the study group was told 
explicitly to ignore the possible 
impact of Norwegian gas in tin 
assessment* 


“ The fact is that trade unions 
do and will work with any demo- 
cratically elected government." 

Despite Mr. Prior’s conciliatory 
tine on key issues like labour 
law, the closed shop and employ- 
ment subsidies — all official policy 
— union leaders have seized on 
leaked Tory document dealing 
with denationalisation and 
stratagems for industrial con- 
flict os evidence of the Con- 
servatives’ real thinking. 

Mr. Prior said that to suggest 
the party would seek conflict 
with trade unions was tike sug- 
gesting it wanted to cut off one 
of its own limbs. “Without tbe 
support of several million trade 
union members we could never 
form a Government.” he said. 

Conservatives would confront 
inflation and unemployment, not 
groups of people. There would 
be maximum emphasis on con- 
sultation and co-operation. 

Turning to Labour's record, be 
said that over the next ten years 
Britain, without a change of 
course, would be overhauled by 
countries like Brazil, Iran, Israel, 
Portugal, Spain and Singapore. 
The national debt interest pay- 
ments had increased by £4bn a 
year in the last four years, while 
the balance of payments advan- 
tage from North Sea oil and gas 
was about £5bn. 


Tbe pound of 1974 was now 
worth 52p, and an extra person 
had joined the dole queue every 
three minutes duriag four years 
of Labour government. Under 
Conservative administrations 
since the war average real take- 
home pay had risen 60p in tbe 
pound, under Labour only 6p. 
For every person who bad 
become unemployed under the 
Conservatives, there were 
under Labour. 

Conservatives would insist on 
bringing abuses of union power 
into the open, and would not be 
deterred by cries of 14 confronts 
tion " and “ union-bashing.” 


Gilt sales 
cat money 


supply 

growth 


BY MICHAEL BLANDEN 


LARGE SALES of gilt-edged 
securities in the few days, after 
last month’s credit squeeze 
measures, helped to bring tbe 
growth of (he money supply back 
well within the Government's 
targets for the current year. 

The sterling money stock on 
the wider definition (M3), the 
main measure used in official 
policy, rose by only 0.3 per cent 
after seasonal adjustments in the 
five weeks to the middle oF June. 

This was the smallest monthly 
increase since August last year, 
and a sharp decline from the 
rises of 2.5 per cent and 0.9 per 
cent recorded in April and May. 

After the first two months of 
the current financial year, 
sterling M3 has been growing at 
an annual rate of 7.4 per cent. 
This is below the bottom end of 
the official target range of 8-12 
per cent for the year as a whole. 

The figures also confirm, how- 
ever. that bank lending has 
taken a marked upward turn, 
with private sector borrowing in 
the past few ' months rising at 
an average rate of over £500m 
a month. 

This upsurge was the main 
reason • for the decision to 
re-impose the so-called corset 
restraint on the growth of the 
banks. If demand remains at 
these relatively high levels, the 
banks may have difficulties in 
bringing their interest-bearing 
deposits back within the ceilings 
imposed by the corset 


THE LEX COLUMN 


Keeping an eye on 


bank lending 


Domestic credit 

The statistics also show that 
domestic credit expansion 
totalled a modest £337m during 
the month after seasonal adjust- 
ment. This compared with a 
jump of £l.lbn in the previous 
month and of £I.4bn in ApriL 
and brought the rate of increase 
back within the official ceiling 
of £Sbn for tbe current year. 

The figures were well received 
in tbe City yesterday. The growth 
of M3 was regarded as perhaps 
slightly disappointing, though a 
fall of 0.4 per cent in the nar- 
rower money supply measure 
(Ml) — resulting from a sharp 
drop in interest-bearing sight 
deposits — was regarded as 
encouraging. 

The gilt-edged market was 
helped by the renewal of official 
sales for the first time since the 
days immediately after the pack 
age was annonneed. Tbe Govern- 
ment broker sold some of tbe 
long-dated tap stock. Exchequer 
12 per cent 2013-17. at a price of 
£9R1 per cent 

Dealers thought that this stock 
must now be near to exhaustion, 
and could finally run out today. 
A total of £lbn of the stock was 
originally issued in part-paid 
form on June 15. and attracted 
substantial interest with ahout 
two-thirds thought to have been 
taken up by the public at the 
time. 

The breakdown of the money 
supply figures shows that the 
heavy gilt-edged sales cansider- 
abiv outweighed the public 
sector borrowing requirement, 
in spite of some apparent in- 
crease in borrowing bv public 
corporations, the total public 
sector contribution to DCE was 
a drop of £364m after seasonal 
adiustmenL 

The externa] influences on 
money supply, reflecting official 
intervention in the exchange 
market, were relatively modest. 
The outflows totalled £Sfim after 
seasonal adjustment, compared 
with £612m in the previous 
month. 


The gilt-edged market had 
been hoping that sterling M3 
would show a small decline in 
the June banking month but on 
the other hand seemed resigned 
to a rise in Ml given the .buoy- 
ancy of current account 
balances. As it turned out ster- 
ling M3 rose by 03 per cent and 
Ml fell by close to !a per cent 

So on balance the market was 
not particularly disappointed 
by the outcome, and any qualms 
there might have been were 
temporarily dispelled, at least 
by the strength of sterling 
which had its best day for four 
months. Prices at the Ions end 
of the market rose by a quarter 
of a point and the Government 
Broker was able to operate tbe 
long tap for the 'first time. 

As for the money supply 
figures, the surprising fall in 
Ml reflects a very large drop in 
interest bearing sight deposits; 
these are the easiest to net rid 
of for those banks that face 
problems with the corset. Mean- 
while, based on the first rwo 
months of the current financial 
year. M3 has grown at an annual 
rate of 7.4 per cent, which is 
below the 8-12 per cent official 
target. But this was to be ex- 
pected given the heavy gilt sales 
during the period. 

The overall DCE figures also 
look reasonably reassuring and 
the only real worry is the 
increase in bank lending. This 
seems to be running at around 
£500m a month, and if it con- 
tinues at this pace it could soon 
present the banks with 
problems. 

However, in the short term 
tbe authorities seem to have the 
monetary aggregates under con- 
trol. Judging by the statistics 
on the discount market the 
latter piled into the short end 
of the gilts market in a record 
way after the June package and 
has been licking its wounds 
ever since which must partly 
explain the weakness of the 
short end of the market. These 
gilts are now passing into the 
non-bank private sector/and this 
should help tbe July money 
supply figures. But the authori- 
ties still need to think about 
their financing strategy after the 
election. 


Index rose 2.7 to 470.4 


Continued from Page 1 


Dividend controls 


motion that would allow the Bill 
to complete ail its stages in one 
day next Thursday. 

John Elliott writes: If the Bill 
fails to become law, Ministers 
are likely to consider extending 
their present pay sanctions system 
of penalising companies to cover 
those which exceed the new divi- 
dends limit. 

This is the only option that 
Ministers are believed to have 
thought of us a fallback. It was 
discussed by Mr. Roy Hallensley. 
Prices Secretary, when he met 
leaders of the Confederation of 
British Industry to discuss pay 
sanctions on Wednesday night in 
advance of yesterday’s Cabinet 

The pay sanctions system waa 
introduced lasl year as a way of 
inducing companies to keep to 
pay limits. Companies which 
exceeded ihe limii were black- 
listed. which meant that they 
were liable to be refused Govern- 
ment contract, and State indus- 
trial and export aid. 

The .system was extended early 
this >ear when specific clauses 


were written into all Government 
contracts requiring companies to 
pledge that they would abide by 
pay limits. 

• Mr. Callaghan said last night 
that the Government's phase four 
policy represented the best deal 
that people could get. 

In an Interview on Thames 
Television’s This Week, the 
Prime Minister said that he had 
seen the Government's proposals 
described as harsh. “They arc 
not harsh. This will represent 
the best deal thar people could 
get to maximise their standard 
of living." 

The Government had a duty 
to say what it believed the 
country could afford and to 
persuade the people to accept 
Its judgment 

Mr. Callaghan denied that the 
country was stuck in a rut and 
said there was no need for 
pessimism. Industrial investment 
was increasing rapidly, economic 
growth was reselling 4 per cent 
a year and living standards were 
going up. 


7 ' 


-i 



British Shipbuilders 
plans attacked 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


A PLAN by tbe nationalised 
British Shipbuilders to compete 
with private engineering com- 
panies in a first attempt to 
diversify out of ship and marine 
engine building was attacked by 
engineering employers yester- 
day. They said the action was 
“ morally wrong." 

Barclay, Curie and Co. of 
Glasgow, one of the British Ship- 
builders five marine engine- 
builders, has been ordered to 
switch to making a wide range 
of “ general engineering pro- 
ducts and equipment for the 
defence and commercial fields,” 
the State group said last nighL 

The restyled company will 
have the benefit of a heavy In- 
vestment programme authorised 
by British Shipbuilders, and is 
likely to have advanced machin- 
ing and metal fabrication equip- 
ment 

Barclay delivered Its last 
engine last month for a ship 
launched on the Tees yesterday. 

The engine shop is being 
reconstructed. Some machines 
will he taken out and new plant 
installed, but the company will 
retain its capability in heavy 
engineering. 

The final plans have not been 
completed, and British Ship- 
builders said that it was not its 
policy to disclose the money 
spent on new investments. 

A large part of the money 
would go ou equipment to make 
the launching system for the 
Sea Dart guided missile, already 
on order from British ship- 
builders for the Royal Navy. At 


present work on the system is 
thought to be going ahead at 
Vickers’ Barrow works. 

The Ministry of Defence said 
last night it welcomed any move 
that would speed production of 
the launchers to be installed :n 
the Type 42 destroyers, but no 
extra spending on the contraci 
would be acceotable. 

The diversification plan was 
described as "senseless" by Mr. 
Anthony Frodsham, director- 
general of tbe Engineering 
Employers Federation. 

He said engineering companies 
which did machining and 
fabrication work were already 
under-used and over-equipped. 

If the products from the 
restyled factory were the same 
as those produced from existing 
works, “this could only create 
unemployment in the private 
sector. 

“ But if the products are new 
and provide a substitute for 
imports, then that must be a 
good thing; but we would still 
not like to see British Ship- 
builders sprawling over the 
whole industry." 

Under the new arrangements 
Barclay. Curie would become a 
subsidiary of the Vickers part 
of British Shipbuilders. 

Tbe new relationship -would 
increase productive capacity 
permitting extra work to be 
taken on in defence and 
engineering equipment manufac- 
ture eventually to include a 
“ wide r-nGe ' ' highly specialised 
engineering products," British 
Shipbuilders said. 



almost exactly tho opposite pat- 
tern. But a good pari of this 
apparent decline in margins 
through the year can be 
explained by the racking away 
of £9m in the unearned profit 
reserve in the second six 
months compared with only £4ra 
in April-September. 

The mail order activities — 
which taking in the Continental 
operations account for half of 
group sales— continue to be the 
backbone of GUS growth, 
though there are still some 
double running costs, with the 
high bay warehouse at Mart- 
laud not due to come Into ser- 
vice until next year. Elsewhere 
the furniture side has per- 
formed well in a market which 
has proved disappointing for 
some other chains. 

Certainly GUS has been push- 
ing up sales usefully faster 
than inflation, and with trading 
conditions continuing to im- 
prove sights for 1978-79 are 
being raised to the £145m- 
£150tn range pre-tax. But the 
share price is already expectant 
at 208p for the “A”, and the 
yield is a modest 4.5 per cent ' 


few of the fundamental objec- 
tions to the statutory control 
of the returns on risk capital. 
And its sbon term Impact on 
the overall level of share prices 
could hardly he favourable." It 
would coxae after a 1 2 months 
period in which the rate of divi- 
dend growth on the All-Share 
Index has been running' at over 
13 per cent — and when the rale 
of growth in company profits 
has been falling back sharply. 
Companies made negligible pro- 
gress during the first quarter of 
this year, and although the 
second half could show some 
acceleration in earnings grpwth, 
there is certainly not going to 
be any bonanza this year in a 
system which relates dividends 
to reported profits. 

Moreover such a system 
would specifically punish share- 
holders in the most successful 
companies. Groups like Wimpey, 
Costain, or Associated Dairies 
all have very high dividend 
cover and minuscule yield as a 
result of their progress during 
the years of restraint The 
threat now is that they could be 
frozen in this position. The 
City can only hold its breath. 


Great Universal 

At £128.1 m pre-tax against 
£112J3m Great Universal Stores 
has produced results closely in 
tine with expectations. For 
students of minor fluctuations, 
profits growth slowed down 
from 15 per cent in the first 
half to 13 per cent in the 
second, while sales showed 


Dividends 

It ie now all up to the poli- 
tician. A 6.8 point rise tin tbe 
30 Share Index at 3 pm yester- 
day narrowed down to a 2.7 
point gain at the close as the 
market absorbed tbe .first re- 
ports that this morning will 
bring proposals for further, sta- 
tutory dividend controls. And 
all short term bets are off until 
the legislation has met its. fat® 
one way or another. .. 

A form of dividend controls 
based on the level of dividend 
cover would, of course, resolve 


Unigate 

After a lacklustre first half 
the market was not expecting 
very much from Unigate's full 
year figures, so it was caught 
right off guard by a 60 per cent 
pre-tax surge in the second six 
months and a total for 1977-78 
of £3l.5m against £22£m. The 
results show dramatically how 
a minor improvement in trading 
conditions for such a high turn- 
over business — group soles 
were almost £lbn for the year — 
can come through powerfully on 
the bottom line. 

Although the volume of 
liquid milk sales has continued 
to fall by roughly 1 per cent, 
the decline eased in the second 
half and there was a favourable 
margin award. The cheese mar- 
ket improved somewhat after a 
very difficult period, and 
Unigate has been profitably sell- 
ing butter into intervention. 
Meat products, meantime, have 
shown higher overall returns, 
and the international side has 
continued to show solid growth. 

Up Bp; yesterday- to 68p, the 
highest level for. five years, the 
shares now. yield a less generous 
than usual 7J8 per cent If the 
second-lialf is any guide to the 
future a further good advance 
is .on the cards for this year. 
But Unigate, worried by com- 
petitive pressures in the grocery 
trade, is taking a cautious line 
for the time being. 


Weather 


UK TODAY 

MAINLY dry, sunny spells 
warmer; rain spreading from 
West - . 

London, Cent S„ SJL E. Anglia, 
EL, E. Midlands 1 

Dry, sunny spells. Max. ZOL 
(6SF). 

Channel Isles S. Wales, 

S.w. England 
Cloudy, occasional rain. Max. 

19 w/ Midlands. Cent, N„ N.E. 
England 

Cloudy, occasional rain. Max 
19G (B6F). 

N. Wales, L of Man, Lakes, 
N.W. England, Borders, 
Edinburgh, Dundee, Aberdeen, 
S.W. Scotland, Glasgow, Moray, 
Cent Highlands 
Cloudy, occasional rain and 
hill fog. Max. 17C (G3F). 

N. Scotland, Argyll. N. Ireland 
Cloudy, rain, bill fog. Max. 
15C (59F). 

Orkney and Shetland 
Sunny Intervals, showers. Max. 
120 (54F). 

Outlook: Cloudy, occasional 
rain 


BUSINESS CENTRES 




Vila? 



Vrlay 


Midday 


Miridav 



*c 

• p 



■c 

■F 

Amsrrdio. 

C 

15 

69 

Madrid 

S 

28 

83 

Athens 

s> 

32 

90 

Mancbstr. 

C 

U 

S7 

Bahrain 

5 

4.1 1W 

Melbourne 

S 

15 

M 

Barcelona 

C 

2a 

77 

MellCD C. 

s 

34 

75 

Relmt 

s 

M 

86 

Milan 

V 

•Jh 

77 

Rollasr 

c 

14 

57 

Montreal 

c 

34 

75 

Belgrade 

F 

23 

n 

Moscow 

c 

IS 

64 

Rerlln 

C 

17 


Mnnlrh 

F 

19 

OB 

Rirmchra. 

c 

14 

w 

Nevrasile 

c 

14 

57 

Bristol 

c 

15 

59 

New York 

s 

27 

81 

Brussels 

c 

16 

61 

Oslo 

K 

IB 

66 

Budapest 

F 

St 

78 

Paris 

C 

17 

63 

B. Aires 

C 

12 

51 

Perth 

Tt 

14 

5T 

Cairo 

S 

36 

97 

Prague 

F 

1? 

S3 

Cardiff 

C 

IS 

50 

Reykjavik 

C 

14 

57 

Chicago 

s 

29 

84 

Rfo tie J'o S 

2S 

79 

Cologne 

c 

16 

El 

Rome 

S 

27 

91 

Coonhaao. Tt 

13 

55 

Singapore 

S 

30 

S6 

Dublin 

c 

16 

HI 

Stockholm 

K 

14 

57 

Edinburgh 

R 

14 

57 

RtraabrB. 

C 

1» 

66 

Fmnlffiirr 

c 

IT 

as 

Sydney 

C 

31 

70 

Geneva 

K 

SO 

63 

Tehran 

s 

M 

81 

niasnow 

B 

J6 

61 

TeJ Avtr 

ii 

3* 

M 

Helsinki 

K 

IS 

64 

Tokyo 

r. 

30 

86 

H. Kim FT 

S 

31 

SS 

Toronto 

c 

29 

S4 

Jo'bprg 

s 

IT 

S3 

Vienna 

c 

33 

73 

Litbrin 

s 

as 

77 

Wsremr 

F 

10 

as 

London 

c 

16 

fit 

Zorich 

c 

17 

83 

Lovrrihrq- B 

12 






HOLIDAY RESORTS 

Ajaccio 

F 

23 

73 

Istanbul 

s 

as 

S3 

Algiers 

S 

28 

RS 

lersey 

c 

M 

61 

Biarritz 

c 

30 

66 

t»8 Pints. 

F 

36 

TO 

Blaibtrool 

c 

18 

61 

Locarno 

F 

34 

76 

Bordeaux 

c 

19 

BH 

Majorca 

F 

27 

81 

Boulogne 

F 

IV 

03 

Malajra 

S 

?6 

TO 

Caw To. 

S 

16 

99 

Malta 

s 

28 

84 

Corfu 

a 

31 

86 

Nairobi 

s 

20 

6K 

Dub revolts 

a 

27 

81 

Nice 

s 

23 

73 


Faro S 5 77 
Florence P M a 
Gibraltar F 33 ti 
Guerowr C is si 
IrnWbrtidfc F 30 68 
rne«*rnnss C 12 M 
l*« of Man F i, so 


S 28 M 

S 27 si 

„ .... F 24 75 

S — Sunns. F— Fair. C— Cloudy. R — R*in_ 


Oporto 

Rhodes 

Salmons 

Tenerife 

Tunis 

Valencia 

Ventnc 


=1 73 
32 on 
20 GO 
=1 s» 




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