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- _4’No. 27,591 


Thursday June 22 1978 


**l5p 


1975 



CONTINENTAL SELLING PRICES: AUV BU* ^ch.15;. Bft-GIUM Fr.25; DENMARK Kr. 3 J; FRANCE Fr.3.0s GERMANY DMZ.Os ITALY L.500; NETHERLANDS FU.O; NORWAY KrJ-Si PORTUGAL E»eJ10; SPAIN Ptu.40 { SWEDEN KrJJlSs SWITZERLAND Fr.2.0; EIRE ISp 



SUMMARY 


GENERAL 



BUSIN ESi 



• • 


crisis 


Eqmties 

slid#; 






stea 


.EEC . fisheries Ministers have 
averred a crisis in relationships 
with outside countries by con- 
ceding to one UK demand and 
thus allowing an extension of 
the informal agreement with 
Norway, Sweden and the Faroes. 

The UK said that the EEC’s" 
share of . fish in Norwegian 
waters north of the 62nd parallel 
should be allocated to interested 
member states on a quota basis. 

' Unless this demand had been 
met. the UK said it would not 
agree to a one-month extension 
of the informal agreement, due 
to - expire at midnight tonight. 
Back and Page 18 


0 EQUITIES itoet^. Increased 
selling pressare.v-B6pnomlc and 
political eoncemjwere again the 
main factors. The F^T, 30-share 


Dutch in World 
Cup Final 

Holland won through to the 
World Cup Final when they beat 
Italy 2-1 in Buenos Aires. 
Holland's Ernie ' Brandts scored 
an own goal to put Italy ahead 
and. then got the equaliser. Arie 
Han scoring the winner. Also in 
Group " A, Austria beat West 
Germany 3-2. 

In Group B. Brazil beat Poland 
3-1.'- 



index fell 7.8 to 45$£. It had 
fluctuated in the 490460 range 
for two months. S 


• GILTS were steady. The 
Government Securities index 
was 0.02 up at 69.76:/-, 


Callaghan aide 


Mr. Roger Carroll, political . 
editor of The Sun newspaper — 
which has been strongly pro-Tory 
of late — has been chosen to be 
one of" Mr: Callaghan's special 
advisers during the next general 
election campaign. Page 8 


• STERLING clofttfV slightly 
below its highest of the day at 
$1.8495 for a gain of'J&ipoints. 
Its trad e-wei ghted.V,.v .index 
improved to 61.5 (61.3)-* The 
dollar continued to lose.g^ound. 
particularly against thcrlan. Its 
trade- weighted deprecation 
widened to 6.5 (B.4) tjfht. 
Back Page ■ ' ' « ' 


NATO alert 


A lowfievel alert at key NAT0 
installations extending from 
Denmark to southern Germany 
, was disclosed by NATO, following 
. ^ WhP-off ~ that urban guerillas 
were • planning. an • operation. 
Trdops. in neutral Austria have 
also been pn alert since the week- 
end. 


• GOLD rose Si to 8186* 
wake of the U-S. gold; auction. 
The Nepr York ^Comex/^nne 
price fell TO points to 485,1 “ 

0 WALL STREET cl 
lower at 824.93. 


Jews exiled 


Two Jewish activists Mr. Vladimir 
.Sfepak and Mrs. Ida Nudel, were 
convicted of “malicious hooli- 
ganism” in Moscow and sentenced 
to Internal exile of five and four 
years respectively. They had 
protested over the refusal of exit, 
' visas. Page 2 . , ■ 


U.S. approval 
for steel link 


Trawler blaze 


Seven men from the Newlyn 
trawler Karenza took to life- 
rafts when their vessel, caught 
fire 30 miles off St. Ives 
Cornwall. A . Royal Navy 
helicopter was alerted but 
another ' trawler picked up the 
men. 


• : steel MERGER pro- 

posed by LTV and Lykes was 
approved by the - Attorney 
General because “Lykes faced 
the grave probability of business 
failure.” The merger is one of 
the biggest in U.S. history 2nd 
will create a company with 
assets of more than ?3.6bn. • It 
will oe the third largest steel 
company in the country. 

The Department of Justice 
anti-trust division is concerned 
about the precedent set. There 
are several other steel companies 
with uncertain prospects. Page 34 


Russia may 



BP in Barents 


Sea exploration 


Lloyd’s 


warning 
on new 
members 


Zenith loses 


court battle 
over imports 


BY JOHN MOORE 


BY JUREK MARTIN, US. EDITOR WASHINGTON, June 21. 


BY RAY DAFTER, ENERGY CORRESPONDENT 



The Soviet Union may co-operate with British Petroleum in joint oil explora 
fion and development in the Arctic Barents Sea region. 

Russian officials, including f 0 ' - '"a for the.nud-iaso> arc 10 be met 

leaders of the Soviet State Com- {- . . V 1 . Consequent!-.-, greater effort 

inittee for Science and Tech- was now being devoted to ex- 

nology, have already had prelimi- 
nary talks with BP in London. 

Russia sees the politically- 
sensitive Barents Sea as a 
potential source of vital energy 
supplies in the longer term. 

BP said that the approach 
about possible co-operation had 
been made by the Soviet Union. 

However, the company had made 
no commitment to the outline 
scheme and no firm pledge had 
heen given by the Russians. 

Even if a joint drilling opera- 
tion is agreed, BP believes it 
could be 10 to 15 years before 

Sea is sicnificam for a number 
discovered, proved and produced. of feas&ns 

It is not expected that a drill- Several studies made in the North" Sc.* But this would lie 
ing agreement will be reached vv’est have shown that Russia further east than one drawn ac- 
quickly. For the past three years. mav find n difficult to meet its cording 
BP has been discussing with needs. an d the needs of Eastern rules 
Russian authorities a number 01 Europe, by the mid-1980s. 

other- possibilities. The U.S. Central Intel ligence __ . . . 

These include oil exploration ^n Bn cy reported last vear that Energ}, ^‘d that reports about 
? the Caspian Sea: joint opera- Soviet oil production could reach BP's_possibk- drilling mvolve- 
ions in oil refining projects: and pea i< as soon as ihis year ment oidicated that the Russians 
possible involvement in the con- an( j nctt j a t er than the early had changed their attitude to- 
st ruction of an oil platform iggos. ' ~ 

fabrication yard in conjunction _ . t-.. u 

with Brown and Root and Mr - J . ere "‘> , 

Wimpey on the shores of the ^ ea( ^ ^ell I n . te rna tional s 
riCTi an Sna Easi Europe Division, has re- 

uaspian aea. ported that the -Soviet oil in- 

So far. none of these projects dustry is faced with the task of only -'aimed at buying techno- 

has been ratified. proving between 2bn and 4hn logy without the intention of 

The possibility of joint drill* barrels of extra oil every year opening up their continental 
ing operations in the Barents until 19S5 if production targets shelf fnr foreign oil companies. 


ploration 

A Russun delegation has also 
held recent intornial discussions 
with the F,'*;.al Dutch' Shell 
Group, although the possibility 
of joint exploration projects io 
the Barent. 1 : Sen was not raised, 
according to a company spokes- 
man. 

News of the drilling proposals 
yesterday called a stir in Oslo, 
because Norway and Russia 
have still to atjree on a conti- 
nental shelf boundary in the 
Barents Sea 

The Norvvri&fiss want a boun- 
dary based on the median-line 
principle a* <<pe rated in the 


to 


Russian-favoured 


Mr. Bjarimar Gjerde, Norway’s 
Minister of Petroleum and 


wards exploration proposals. 

**I •• kr.ow the Russians 
have for some lime been in 
touch with international oil 
companies, but I thought it W3S 


Tax relief on mortga 






BY RICHARD EYANS, LOBBY EDITOR 


Autobahn talks 


East and West Germany began 
political talks on plans for an 
autobahn linking. West Berlin 
with Hamburg. The East Ger- 
mans called off earlier technical 
talks, apparently feeling, that 
negotiations should’ open at a 
political level. Page 2 


• MR. ERIC VARLEY. Secre- 
tary for Industry, will decide 
“within 24 hours” whether *0 
intervene in British Steel’s plans 
to effectively stop production at 
Shelton tomorrow. Back Page 


Some picnic 


• LABOUR PARTY proposals 
to • restructure and partly 
nationalise the construction in- 
dustries could cost as much as 
£2 J bn. according to an Economist 
Intelligence Unit report Back 
and Page 6 


Two British men aofi . an 
Egyptian air hostess who went 
on ’ a picnic together in Saudi 
Arabia are to be deported for 
violating Moslem law. The- three 
were -arrested last Friday— -the 
Moslem weekend — and . are in 
jail, at Rabigta, north of Jeddah. 


Briefly - . - 

Rotary International is being 
sued for sex discrimination in 
Los Angeles after it expelled a 
Californian chapter .which 
admitted women. 

Mrs. Th a teller, Tory leader, 
jokingly ripped Vote Labour 
stickers off the . chests of ship- 
yard workers in Belfast The 
stickers-, were quickly replaced 
Canary Island separatists are 
thought responsible for a bomb 
which exploded outside an Army, 
recruiting office in. Las Palmas.' 
Troops are still searching for 
bodies -after the earthquake in 
Salonica, Greece, which claimed 
Page 2 

Solicitor Mr. MichaeL Dresden is 
to be reported to the Law Society 
by a London magistrate who fined 
him. £50 for jamming a parking 
meter with a bent corn. 

Floods and landslides have killed 
at least 17 people during week- 
long rains in South Korea, 


• FEDERAL RESERVE chair- 
man urged Congress tu curb the 
U:S. activities of foreign banks. 
Back page 

• -LEYLAND VEHICLES is difr 
cussing colaboration with Euror. 
pean manufacturers- Attention 
is being focussed on the use of 
common components. Page 7^.. 

• WEST GERMAN commercial 
vehicle exports fell 22 per rent- 
in the first five months of tors, 
year- Page 4 

• DELEGATES at the National 
Graphical Association conference 
approved draft proposals for. a 
merger, with SLAJ3E, the process 
workers union. Page 9 

• CONSOLIDATED Gold Fields 
is seeking permission to drill for 
base and precious metals near. 
Gairloch in the Highlands of 
Scotland. - Mining News, Page .32 


COMPANIES 

• F. H. LLOYD bad pre-tax 
profits of £5. 16m (£5.7 Biuj in the 
year to April 1. Page -1 

# LITTON Industries of the US 
will . take an after lax loss of 
S174in as a result of a settle- 
ment with the US Navy ending 
a nine-year dispute over a snip-, 
building contract Page *4 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise 
indicated) 


RISES 

Albright and Wilson... 17a 
Allied Colloids ...... 77 

Burnett Hallamshire 184 
Elliott. (B-) UJ 

Mills and Alien IntnL 177 

Soth.-'by PB 290 

Sutcliffe Speaftman... 58 
Anglo-Amer. Coal — 

Central Pacific 

Cons. Murchison' 

. De .Beers Dfd ; 

Southern Pacific 

FALLS ^ . 

■Asscd. Book- Pblshrs. 230 - 8 


220 

632 

137 

110 

130 

552 

2S6 

270 

202 


600 +• 15 
550 -H 30 
+ 15. 
+ 5 
+ 10 


Asscd. Dairies 

Eeecham 

Buhner (H. P.) 

Comet Radiovision 

EMI 

Glaxo ; - 

Gt. Portland Ests. 

GUS A 

Hawker Siddeley . 
Honckong Shanghai Ji* 

ici ' 

JartUne Matheson 

Plessey 

Racat Electronics 
Swire Props. ... 

Tube Invs. 

Silvermines 

Tangany^ 18 Cons. 


5 r 
13 
5 
5 

5 

11 ' 
10 -• 

6 

36. 

12 

8. 

11 

4 •! 

6 ’ 
6 


THE GOVERNMENT has no 
intention of abolishing tax relief 
on mortgage interest, Mr. Peter 
Shore. Environment Secretary, 
said yesterday. He was outlining 
io the Commons housing policies 
wbich seem certain to form a 
major plank in Labour's election 
manifesto. 

Taking advantage of a Con- 
servative attempt to highlight 
the Government’s poor housing 
record, Mr. Shore said an 
important Bill was being pre- 
pared which would include 
measures covering the public and 
private sectors. 

Among its provisions would be: 
a clause to enable local 
authorities to keep their mortgage 
rates in line with those charged 
by building societies: a new 
subsidy system based on the 
principle that average rents in 
local authority housing should 
rise no faster than average 
incomes; a package of improved 
legal rights for public sector 
tenants: and a substantial revue 
of the Rent Acts covering private 
tenants- 


His insislance that a Labour 
government would continue to 
give tax relief on mortgage 
interests to owner occupiers — an 
issue which has divided the party 
in the. past — was clearly an 
attempt to head off any challenge 
from the Conservatives that tax 
relief might be in danger again. 

As it seems increasingly certain 
that there will not be another 
session in this Parliament, the 
proposals outlined by Mr. Shore 
Mill form a key part of the 
Labour Party manifesto under 
preparation. 

Mr. Michael Heseltine. shadow 
environment spokesman, gave 
notice thaj. the Conservatives will 
feature housing policy in then- 
election shop window 'when be 
repeated the pledge that council 
and new town tenants would be 
given a statutory right by the 
Tories to own their homes if 
they wished. 

He promised that the policies 
they would pursue towards local 
authority tenants would be "in- 
comparably more generous and 
realistic " than anything the 


Government had on offer. 

Bui Mr. Shore said there bad 
been considerable improvement 
m nearly every field of housing 
policy and, although he regretted 
the recent rise in mortgage rates, 
these were still 1' per cent 
lower than a year ago. 

There was some evidence that! 
the acceleration in house prices 
was decreasing and he did not 
believe there would be the price 
explosion that many pople feared 
a few months ago. 

“However, we shall continue to 
monitor the situation closely with 
the Building Societies' Associa- 
tion and be prepared to adjust 
the volume of lending as events 
demand." 

The two specific measures for 
owner occupiers’ proposed by Mr. 
Shore were the removal of the 
ban on flexible interest rates on 
local authority mortgages and the 
strengthening of the powers of 
local authorities to provide 
guarantees to building societies 
Continned on Back Page 
Parliament Page S 


LLOYD'S of London, the world's 
oldest insurance community, is 
prepared to limit membership 
if insurance business growth 
does not soon revive, Mr. Ian 
Findlay, chairman, said yester- 
day. 

Last year's election of 
members was a record of 3.636. 
bringing the total membership 
to 14.134. Mr. Findlay said in his 
annual, report. 

A steady increase in capacity 
was a healthy feature of the 
market “ prorided that it is 
accompanied by a correspond- 
ing growth in business. Where 
this is not the case there must 
he doubt whether so large an 
increase in names is desirable." 

The number of new members 
this year is expected to be at 
about last year's level, ai though 
the committee of Lloyd's was 
monitoring the position- closely 
and was prepared to impose 
limitations if this should prove 
necessary. 

Restrictions could take the 
form of a ballot system organised 
by the underwriting agents, cr 
a' quota system, supervised by 
the committee. The last time 
restrictions were imposed was in 
the late 1950s and early 60s. 
when a points system was 
organised which admitted new 
members according to the length 
of time they had waited for 
admittance. If existing members 
died they were replaced by new 
members. 

The poor conditions in insur- 
ance markets are widely spread 
throughout many classes of busi- 
ness. In the aviation and marine 
markets in particular, premium 
rates are depressed. Tt is becom- 
ing increasingly difficult for 
syndicate members to be pro- 
vided with any business which is 
likely to make a profit in those 
markets 

Mr. Findlay hinted that the 
recent controversial ruling by 
Lloyd's that outside insurance 
interests should hold no more 
than 20 per rent of a Lloyd's 
hroker — which blocked take- 
over bid* by two large American 
brokers Frank B. Hall and Marsh 
and McLennan — could be 
relaxed. 

"The door of Lloyd's can 
alwavs be opened further, but it 
is difficult to close the door once 
it has been opened too far. If. 
and 1 must say it is a big if, the 
committee were to bo satisfied 
that their conditions regarding 
the entry of brokers could be 
modified without weakening in 
any way the essential require- 
ments of control in Loudon, then 
I am sure the position could be 
reviewed." 

Lex. Back Page 


THE U.S. Supreme Court today- 
removed a possible obstacle lo 
the current round of world 
trade talks by ruling in favour 
of the U.S. Government in the 
controversial Zenith colour 
television case. 

The court declared unani- 
mously that the U.S. Treasury 
was not obliged under law. as 
Zenith had claimed, to impose 
countervailing duties 00 im- 
ported Japanese electronic pro- 
ducts, principally colour tele- 
visions, because' the Japanese 
Government exempted its manu- 
facturers from a commodity tax 
on goods sold o\erseas. 

Had ZeDith prevailed in the 
Supreme Court, the international 
consequences could have been 
severe. The U.S. would have 
had to impose countervailing 
duties on European goods sold 
here on which valueradded tax 
is rebated to exporting 
companies. 

U.S. Steel, supported by 
Bethlehem, has already fiied-suit 
in a lower court against Euro- 
pean value added tax rebates. 
The thrust of today’s ruling 
appears to lessen the chances of 
success For that action. 

The U.S. Government greeted 
today's ruling with undisguised 
relief. It bad warned that foreign 
governments would almost cer- 
tainly retaliate against U.S. pro- 
ducts if Zenith had heen upheld, 
even to the point of starting a 
trade war. 

Morepver. the slow but definite 
progress that the U.S. and its 
major trading partners have 
made in working out an inter- 
national code governing subsidy 
payments by national govern- 
ments would have been com- 
pletely eliminated. 

There would have been vir- 
tually no chance of reaching a 
new multinational trade agree- 
ment, in which subsidies will 
form an integral part, in a 
month's time or even in the fore- 
seeable future. 

The Supreme Court ruling 


today briefly alluded to such 
arguments, but was essentially 
based on strict interpretation of 
the original 1S97 Countervailing 
Duties Statute and subsequent 
interpretations by tbe Treasury 
Department. 

Zenith had argued that tbe 
terms of the 1930 Tariff Act 
required the U.S. to levy counter- 
vailing duties whenever a foreign 
country pays a "bounty or grant" 
on the export of a product. 

But Justice Thurgood Marshall, 
who wrote the unanimous 
opinion, said that the Japanese 
rebates did not amount to a 
“bounty or grant." This term 
was not intended to encompass 
a non- excessive remission of an 
indirect tax. 

Successive cases over the years 
had shown that, so long as 
rebates were not excessive, rhe 
forgiveness of indirect taxes did 
not" constitute an unfair competi- 
tive advantage for exporters. 

Indeed, such tax breaks had 
been viewed "as a reasonable 
measure for avoiding double 
taxation of exports— once by the 
foreign country and once upon 
sale in this country." 

This interpretation of the 
statutes to which Treasury sec- 
retaries had adhered over the 
years, Justice Marshall wrote, 
“was far from unreasonble.” 

Congress could have overruled 
the Treasury but had not done 
so “ and it is not the task of the 
judiciary." 

This last remark appears to 
he a direct reference to a key 
part of the Government brief in 
the arguments before the 
Supreme Court. 

After Zenith had won its 
initial case before the New York 
Customs Court but bad been over- 
ruled by the Customs Court of 
Appeal, the administration 
wanted that last verdict to stand 
and had argued against the 
Supreme Court considering the 
issue. 


Israel upsets U.S. 


BY JUREK MARTIN, U.S. EDITOR WASHINGTON. June 21. 


£ in New York 


■runt 21 

Previ-WB 



SI .2470-8460 


iJ.Eib-OJO 

0.59-0.51 «l w 

Sini-iiili* 

l.ou 1.44 .In 

l.dlW.00 rfio 



5.10.4.30 <lw 

5.10-4.00 -.is 


[THE U.S. expressed public regret 
I today at what it felt was the 
! inadequate response of the Israeli 
| Government to American ques- 
tions on the future status of the 
West Bank and the Gaza Strip. 

, The State Department comment 
(accords closely with the private 
disappointment that has been 
evident here in the past three 
days as the Administration has 
deliberated over its public 
position. 

The State Department took the 
unusual step of releasing the 
text of tbe 'two questions it put to 
the Israeli Government last 
month and which produced last 
Sunday's response by tbe Cabinet 


and Monday's ratification by the 
Knesset. They were: 

• Could Israel say that at the 
end of five years the question of 
the final status of those terri- 
tories would be resolved? 

0 What could Israel say about 
the mechanism by which the 
question would be resolved? 

The Israeli response has put 
the onus on the U.S. to get peace 
talks moving again. Mr. Hodding 
Carter, the State Department 
spokesman, said the U.S. would 
consult Israel and Egypt. 

Vice-President Mondale's long- 
arranged visit to Israel this 
month, originally a ceremonial 
visit, is already assuming new 
significance. 


Price war hits Tesco profits 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


TESCO, the supermarket chain, 
which intensified the food price 
war last June when it dropped 
trading stamps. yesterday 
[reported a 5 per cent fall in pre- 
tax profits in the year to the end 
tif February. This was in spite 
of a 35.77 per cent increase in 
sales which took turnover up to 
£979m. 

In the 3S weeks after giving 
up Green Shield stamps and 
cutting its margins, Tesco in- 
creaseH its sales by 42.95 per 
cent Tbe scale of this increase 
is /unprecedented > n t^ e grocery 

business and demonstrates the 
■pressures which Tesco 's com- 
petitors have been under for the 
past year. 

Several other retail groups, 
like Sainsbury and the. 
Associated British Foods super- 


market subsidiary. Fine Fare 
have already reported reduced 
margins and there have been 
warnings that there will be 
casualties in the industry if tbe 
price war continues. 

Mr. Leslie Porter, chairman of 
Tesco, said yesterday that the 
company intended keeping up 
the pressure on prices. 

The board was confident that 


Details, Page 20 
Lex. Back Page 


the new trading strategy would 
result in a satisfactory rate of 
profit increase, and this had 
been borne out by the trading 
results for tbe first three months 
of the current financial year. 

When Tesco. wbich has now 
overtaken Sainsbury to become 
the second largest retailer of 


packaged groceries in Britain 
after the Co-op, dropped stamps 
it also cut its gross margins on 
groceries by 4 or 5 points. 

This, together with costs 
involved in launching Operation 
Checkout,. took its toll on net pro- 
fits which, before tax. fell from 
£30.lSm In 1876 to £28.56m in 
thv year ended February, 1978. 
In the same period net margins 
fell from '4.3 per cent to 3 per 
cent. 

Mr. Porter said yesterday that 
without the non-recurring costs 
of more than £3m involved in 
the launch, the company would 
be able to increase its net mar- 
gin lo 3.5 per cent this year 
" with a little bit of fine tuning.” 

Since last June, tbe company 
has reduced, its branches by 
about 60 to 650. .This year it will 
open 16 new. stores. 


CONTENTS OF TODAY'S ISSUE 


European news 2 

American news 4 

Overseas news 3 

World trade news 4 

Home news— general 6-7 

— labour 9 

— Parliament ... 6 


Technical page 9 

Marketing 11 

Arts page 17 

Leader page 18 

U.K. Companies 20-23 

Mining 22 


lull- Companies 24-26 

Euromarkets 24-25 

Money and Exchanges 28 

World markets 30 

Farming, jaw materials ... 31 

U.K. stock market 32 


The EEC stalemate on 
fishery policy 18 

Economic viewpoint on in- 
comes policy 19 


FEATURES 

Lockheed under new man- 
agement 12 

Business and the Courts 16 
Muddy waters of a re- 
insurance wrangle 27 


Political attitudes in South 
Africa 3 

Spain’s depressed steel 
industry rescue plan 2 


Apflolntniems 

Appointments AHrts. 

Business Arfvts. 

Crossword 

Economic Indicators 
Entertainment Guide 
European Opts. . 
Homo Contracts ... - 
Jobs Column - 


» 

12-15 

29 
15 
27 
U 

30 
7 

12 


Loners 

Lex 

Lombard ........ ... 

Hen and Matters 

Racing 

Salonwni . 

Share Information 
Todays Events . 
TV and Radio 


18 

M 

lb 

18 

It 

6 

3d- 35 
M 
U 


Unit Trusts 

Weather 

Base Lending Rates 30 

INTERIM STATEMENT^ 
Throgmorton Trust — 

ANNUAL STATEMENTS 

Allied Irish Banin ® 

ttrlxton Estate “ 


For latest Share Index ‘phone 01-248 S028 


Burnett Half amt hire 

B- Elliott 

. ramn Italia 

Hnrrijqns Crosficld 
Nowdcn-stuart Plant 

F - H, Lloyd 

Malllnson Denny 

Petroflna 

Sunderland Water ... 


22 

21 

8 

2? 

21 

23 

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2S 

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Mr Square Footage offers 
you a view of the Thames 


& 




'It 






Savoy 

Street 

WC2 






Economic rent 
Car parking 
Central heating 
Lift 


m 












To Let 
9,600 

sq. ft. approx. 


(91328/NO 


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+R 


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7 Birchin Lane London EC3V 9BY 
Telephone 01-283 0041 Telex 265384 


J-/ 

KV*. 


•vC 


7 


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Fm anaal Tunes Thursday June 22 1S78 


EUROPEAN Nl’VVS 



Schmidt rules out early 
reform of tax structure 


BY ADRIAN DICKS 


BONN, June 21. 


CHANCELLOR HELMUT 

SCHMIDT. under increasing 
pressure to consider early 
reform of the West German tax 
structure, asserted his authority 
in the Cabinet today in order 
to emphasise that he regards 
any such measure as not tech- 
nically feasible within the short- 
term. 

Herr Schmidt's warning 
appeared directed both at his 
junior coalition partners, the 
Free Democrats (FDP). and at 
Bonn's partners abroad, for 
whom medium-to-long-terra tax 
reductions must now appear one 
of the more probable West 
German contributions towards a 
compromise package at the 
world economic summit here 
next month. 

In the Cabinet's discussion of 
the matter today, the Chancellor 
repeated his conviction that 
reform of the income tax struc- 
ture to take account of rising 


wages and of the present rela- 
tively heavy taxation of the 
lowest incomes, could not be 
carried out by next January 1. A 
Government spokesman, said, 
however, that Herr Schmidt had 
“not ruled out" the possibility 
of a tax reform package by 
19S0. but also stressed that this 
did not mean - that the Chan- 
cellor was promising one. 

The Government’s view has 
been that no decision on any 
matter bearing on next year's 
budget, including possible tax 
changes, will be taken until late 
July, when the Bonn summit 
meeting will already have taken 
place. 

Herr Hans Matthoefer. the 
Finance Minister, also stressed 
the dancers of trying to put 
into e Fiect a long-term change 
such a* the reform of the tax 
structure without adequate time 
for preparation. 

Herr Schmidt's strongest 



Fahd on visit 
to Bonn 


Crown Prince Fahd of Saudi 
Arabia (left) arrived In Bonn 
yesterday at the head of a 
delegation for three days or 
talks with the West German 
Government. He held a first 
private meeting with Chan- 
cellor Helmut Schmidt yester- 
day evening. Economic issues 
were expected to take first 
place in the talks with the 
West Germans likely to 
express their appreciation of 
Saudi Arabia's moderating 
influence at this week's OPEC 
meeting. 


criticism of the Free Democrats 
was made last night to his own 
Social Democratic (SPD) par- 
liamentary group, when be 
accused the FDP of acting 
41 hectically He reaffirmed his 
own goals for the world 
economic summit as those of 
currency stability, co-operation 
over energy, reducing protec- 
tionist tendencies, getting to 
grips with development prob- 
lems and — in last place — discuss- 
ing growth policies. 

The FDP, for its part, has been 
obliged to qualify the draft tax 
reform package which it last 
night formally adopted, explain- 
ing that it will not press the 
matter any Further without agree- 
ing on the "contents, timing and 
consequences" with the SPD. As 
a result of this agreement, the 
coalition was expected to have oo 
trouble this evening in surviving 
a tactical attempt by the Chris- 
tian Democratic opposition to 
force the FDP to stand by its 
ideas and vote for a vaguely- 
worded opposition motion calling 
for tax reform next year. 

While this solution may have 
answered the Free Democrats' 
urgent need to re-establish them- 
selves as a party of reform and 
imagination in the wake of their 
recent humiliations at the polls, 
few in Bonn doubt that tax 
reform will remain a deeply 
divisive issue within the coali- 
tion. 

Herr Schmidt also strongly 
allacked last night the report by 
tho “five wise men" — the inde- 
pendent council of economic 
advisers — which yesterday advo- 
cated changes in the tax system 
that would relieve ‘ personal 
inrome and business taxes now 
in force, and replace part of the 
shortfall in revenue with an 
increase in value added tax to 13 
per cent 


BY DAVID CURRY 


PARIS. June 21. 


NEGOTIATIONS between 

Renault and the unions are 
taking place this evening :o try 
to resolve a dispute at the Flins 
factory near Paris which ha* so 
far caused the loss of some 
15.000 vehicles. 

The talks are being held ni 
the demand of the Versailles 
court which authorised the 
expulsion by the police of the 
workers occupying the press shoo 
on condition that an attempt was 
made to find a negotiated 
solution. 

Riot police cleared some 80 
workers from the press shop— 
almost entirely Moroccan. Sene- 
galese and Malion immigrants— 
in the early hours of this morn- 


ing. The company has restarted 
the presses with substitute 
labour but the 9.000 assembly 
line workers who were laid off 
yesterday have not been recalled. 

Althoueh the unions have pro- 
tested against the expulsion, 
there are feu- signs that the 
dispute is provoking much 
sympathy action. The expulsion 
almost a fortnight ago of striking 
workers at the Cleon factory 
near Rouen, and. before that, the 
first expulsion of the Flins 
workers, took place without 
widespread sympathy artion. 

The Flins workers" demands 
cover salaries but. more im- 
portantly. regrading. They are 
classed as manual workers and 


France has trade surplus 


BY DAVID WHITE 

FRANCE'S TRADE balance was 
in surplus last month for the 
fourth month running. The sea- 
sonally adjusted figure showed a 
positive margin of Frsl55m 
(JElSm). which, although lower 
than the April surplus of 
Frs692m. leaves France's trade 
record so far this year in the 
black. 

This means that, in adjusted 
terms, France has wiped out its 
heavy deficit suffered in January. 
However, the crude figures for 
the first five months show a 
Frsl.fibn shortfall, while the ad- 


PARIS. June 21. 

justed surpluses have been 
rapidly shrinking since March. 

In May last year. France had 
a trade deficit of just over 
Frslbn. Exports over the 12 
months have risen 14.9 per cent 
to Frs29.52bn last month and 
imports by 9.7 per cent to 
Frs29.36bn. 

Cereal exports helped restore 
balance in French agricultural 
trade, while the May figures were 
boosted by large deliveries of 
motor cars and pans. Trade with 
the remainder of the EEC pro- 
duced a reduced deficit of Frs 
590m. 


are demanding to be reclassified 
in the bottom rung of the pro- 
fesional ladder. The company is 
resisting this because they do 
not meet the qualifications 
required for Ibis classification 
and to concede a higher status 
without the qualifications would 
upset the grading system at the 
plant. 

The Renault dispute is one of 
a series of strikes spread over 
French industry though there is 
no sign yet of any co-ordinated 
opposition to the Government’s 
economic policies. Six of the II 
plants of the Moulinex domestic 
appliance company are at a 
standstill, the Lyon Metro, 
recently opened, is bit by a 
drivers’ strike in support of 
claims for equal pay with the 
Paris underground drivers and 
for shorter hours "in the tunnel.*' 
while talks are expected to begin 
today to resolve the strikes in 
the country^ arsenals which is 
holding up, in particular, repair 
work on naval vessels. 

The Government is unperturbed 
by the strikes because the unions 
themselves are split on what 
interpretation to place on the 
disputes and because they still 
appear isolated, it feels, on the 
basis of historical experience, 
that strikes so close to the 
summer holidays are unlikely to 
develop any real momentum, 
though some observers see the! 
present discontent as a harbinger ! 
of a "hot" autumn in the indus-l 
triaJ relations field. 


Dutch civil servants call strike 


BY CHARLES BATCHELOR 


AMSTERDAM, June 21. 


DUTCH civil servants are 
planning a one-day strike on Fri- 
day in the main cities in protest 
at plans to limit salary increases. 
Meanwhile U appears increas- 
ingly unlikely that the Govern- 
ment's. proposed Ft lObn * 

package of spending cuts, which 
include the salary curbs, can 
be dealt with by Parliament 
before the slimmer recess. 

The one-day strike means that 
there will be no public transport, 
refuse collection or postal 
services in Amsterdam and Rot- 
terdam. Electricity will be main- 
tained at a minimum. Other 
cities may be affected. The 


strike will be followed on Mon- 
day by a demonstration in the 
Hague. 

Government and local authority 
workers are not permitted to 
strike in Holland but the Home 
Affairs Ministry said today that 
no decision had been taken on 
thg Government's reaction. The 
Government could seek a court 
injunction prohibiting the 
strike. The authorities have said 
civil servants may take leave to 

attend the demonstration 
provided the work of their depart- 
meat is not disrupted. Those 
taking unauthorised leave will 
lose pay- 

The action, has been called by 


the General Committee of 
Government and Local Authority 
Staff (ACOP) which is the 
largest civil servants' union and 
represents about 300.000 workers. 
The union is incensed at plans 
to allow its members’ incomes to 
rise 1 per cent a year less than 
wages in the private sector over 
the next three years. 

Discussions on how the Govern- 
ment's spending cuts should be 
shared among departments are 
almost complete but an announce- 
ment has been delayed by opposi- 
tion from Dr. Willem Albeda. the 
Christian Democratic Minister of 
Social Affairs. Dr. Albeda wants 


Thousands 
flee after 
Salonica 

earthquake 


By Our Own Correspondent 

ATHENS, Jane 21. 
SALONICA vras today declared 
a state of emergency after 


in 


the earthquake which' shook 
the city last night. At least 14 
people were killed, six of them 
in the collapse of an eight- 
storey apartment block. It is 
feared that more people are 
trapped under the rubble. 
About 300 people were 
reported to be injured. 

Athens observatory said the 
tremor registered 65 on the 

Richter scale, the strongest in 

the area since 1932 when an 
earthquake caused serious 
damage In the Chalcidiee 
peninsula. 

Thousands of people fled the 
city today, fearing further 
tremors. Many camped in 
parks and fields. Power 
failures and breakdowns in 
communications added to the 
difficulties. 

There were no reports of 
damage to the large industrial 
plants outside Salonica. They 
Include an oil refinery, chemi- 
cal and petrochemical plants 
and a steel mill. 


SPAIN'S DEPRESSED STEEL INDUSTRY 


First stage of rescue plai 




BY OUR OWN CORRESPONDENT 


MADRID, June 2L 



{Spanish steel industry. The plan ig ^ dipecl sUke - n - that INI by not AHVrthe largest single share- 

will pave the way for the k part in this new fSfFSfver now Hr full wakes holder in AHM, produces 2m 

nationalisation of the smaltest of in jeSiotu . • ' o SpS-firt shareholders bear tonnes .at semi finished, and fin- 

J* , C °^ t S me^Alto^Hornos However, the existing share- ^ losses lor the remain- ished products. Its close Units 
WMi t0S H0TO S holders — seven hanks, seven gj* of the year. These axa with AHM has been one of the 
Medlterraneo (AHM). savings banks and the second . d t0 be around Pta 5bn main difficulties in rationalising 

This company, employing 5.000 i argest integrated steel com--7£?r”f a ln ot h er words INI is the company’s future, 
workers, is in the most precarious nanv Altos Homos de Vizcaya than it would if the U.S.Steel let it be known six’ 

now. weeks ago tbat.it considered its 


worKere,isxnxnemo«p 4C v« i .uu= pany Altos Homos ae vizcaya than it wouii 
position of the integrated steel (AH vi— will provide only 66 per IS™* ? wereVoneluded 

Pt^nho U fS375ni) rea * Df theneW mon ®7‘ ■' TJj ' Thf . solution represents an investment in AJiM a write off. 
deficit of some Pta 30bn fS375m). remaiDin g 34 per cent will TJk J5°»hlft in the traditional The American corporation is alsc 

This is the first large-scale provided by 1M. *&*} ffi™i rt tionisin oE the branch understood to have told the 

e takeover since the Franco operation is complete. INI will to which the Ministry of Ministry of Industry that it.will 

and will have important con- purchase all the private shares, .from shake free. not. take part in a' proposed 

„„ ,h. Hn-ini-ial Tin SI- CIS nor wnt fnr a nominal slim ■ industry Is . . .v, n a Ti T T 


era 


1 «uu ,.u. — - ' - 1 , , . r — - - . - ic rrvinS au«uve ucc. wvv. “ «■ 

[sequences oo the financial posi- ps per cent, for a nominal sum. inoustry state almost capital injection into AfiV— in 

tson of INL, the State bolding This operation is due to com ~' „ w would have come to the which, it has a 27 per cent stake 
company, that will absorb AHM. pieted bv February 28. 1979. - certainly fS. w.tai 

AHM hi . capacity of l-’m tons T -„ e stipulates that w,tl1 . ,h ? ^ JjJSEd 

Tatt- has taken 

almost six months to hammer ants to make an independent position m 1.-- „„ cc < dh *»,», fcn'twi ■ 

out As a first step it jnvolves assessment of AHlTs books at sector. Aireadj 
a write-down of the 


Red Brigades 
kill policeman 


By Paul Betts 

ROME, June 21. 
TERRORISTS FROM the nltra- 
Left Red Brigades shot dead 
l be former head of the Genua 
anti-terrorist squad in a 
crowded bos today. 

Chief Inspector Antonio 
Esposito was travelling to work 
when the terrorists entered the 
bus and gunned him down. The 
Red Brigades later elaimed res- 
ponsibility for the murder. The 
terrorists escaped hi the con- 
fusion and panic that followed 
the shooting. 

The extremist movement last 
montb kidnapped and 
murdered Sig. Aldo Moro. the 
former Christian Democrat 
Prime Minister. 

At the same time, the pro- 
found crisis of the Italian 
judicial system was tafghlishied 
today when some 6.000 magis- 
trates went on strike in pro- 
test against conditions and 
underslaifing of courts and ihe 
higb number of pending trials, 
currently put at about L2m. 


INI has an 88 vest: Pta 5bn (882m) in new 

TJ, EKn 1Q7R This valuation Mr'ceot interest in Ensidesa, capital; with the State chipping 

Pta 6bn the end o f 19i8- This vmuation. per -cent 1 “ ^ company, in with some Pta 13bn ($162m) ’ 

(875m) capital to a nominal will then form 1 the basu^ota to Tonnes of semi- in loans. • ' ; • 


' 



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A-. 


m 


m 


Vi 



. ... 



i.-fl 


peseta capital. The company future payment by INI 


Foreign banks law 




\jfle>> liicn 


BY ROBERT GRAHAM IN MADRID 

INTERNATIONAL bankers like tive offices-the sole form 'if 4 io be gained from establishing :? . f 
l?lS^ofthem«lvef£ a well- presence so far permitted them, subsidiary r Th^oper^ S cmia. , , -- 

mannered crowd with a fine The essential limitations ■ are tions are the same. • would takSaiS SSlu ei -h r* r - ! C> 

sense of diplomacy. So they have twofold- Foreign banks will be In( j ee< ^ the suspicion is that Though in one- sense true: “this' ill*** * "** 
been too polite to say in public ^meted in the busme^ ^ was deluded 

whaf mnsf fuel in nnvate about may dO in pesetas. It Win De naenns m dnmnn- j: -e *v_ - -1 


to operate in Spare. 




W! "O- iSS The interest ; ,o_f _thB » 


sr*& pTsnsST lntere ’ ,ea fi 'SWwSrtS’S . 


isswsrs i-sa* opera,iM,s - 


been above all else to establish. 


private the move is described as 


, timely end to an etdhinrtng str “ n e'- v for deposits ' 


Belgian budg 


ma^rise^ 

BRUSSELS, JuoAl 


BUDGET MINISTER Mark 
Eyskens said that Belgium's 
1978 budget deficit may be 
between BFr 80bn and 
BFr 90bn compared with 
previous official estimates of a 
shortfall of at least BFr 65bn. 
Mr. Eyskens was speaking to 
the Flemish BRT radio staion. 
Government sources said 
earlier that the deficit could 
rise to BFr lOObn after last 
year’s BFr 75.1bn deficit. 
Reuter 


saga which could have been con- 
eluded much earlier. To put it 
mildly, the Spanish banking com- 
munity and the various Govern- 
ment departments concerned 
have taken their time with the 
matter. Even after the authori- 
ties released copies of the decree 
almost three weeks ago on the 
understanding that it would be 
approved then, they delayed 
further, causing fears which In 
fact proved groundless — that 
important last minute changes, 
were being made. 

From the point of view of the 


foreign banks from competing'. The advantage of a subsidiary, a presence in Spain, the-world's 

; jl any, would lie in the remission tenth industrial; power. -: But to - 

expect them to take away large 


Liberalisation of the Spanish banking system 
will not take place overnight. Local banks are 
neither able nor willing to accept an open door 
policy from the beginning and the limitations 
put on foreign banks by the new decree will 
prevent all but the biggest international groups 
from upgrading their esasting representative 
offices. 


slices of business at . this stage is- - 
wrong. A .high . proportion of. -. ■- 
those banks interested in ope rat-.- . 
ing here already, have .a . high, -. 
exposure in Spain through pre- ’ %• 
viously contracted internationaJ -r * 

: operations, and with the ecoriom> . - 
suffering a. serious recession da . ' 
not 1 want to expand business very' . 
quickly. Foreign banks afpresent L . 
account for 70 per cent of [foreign r - ,• 
loads. • 

Secondly, the foreign banks 
are more interested in wholesale 


1 n‘. 




Second, banks can either opt; of profits. Under Spanish law hanking. It is significant that the ! ‘.i 

authorities the purpose of the f° r establishing a fully owned bank dividends are limited to 6 four foreign banks that 'for,' 
decree is twofold. It is designed Spanish subsidiary or a branch ..per cent of capital and reserves, historical reasons are already in- 
to bring Spanish banking prac- operation limited to three fo the subsidiary, with double the Spain (Banco Naalonale di 
tice more into line with that of branches. In the case of a subh capital and reserves, an remit a Lavoro..BOLSA. Credit Lyonnais 
Spain's principal Western sidiary they will have to put' gr-iater overall profit than a ajjd Societe Generale) ■ account 
partners and also by establishing down Pta l-5bn (£10m) to cover -branch. But - this has - to. be -for roughly 1 per cent of deposits- '■ 
the principle of reciprocity to the capital and reserve require- weighed against the disadvantage ^ e ld bv the 108 commercial and :: 
ensure that SDanish banks can m?nt. For branches the amount of a much higher entry fee. -industriai banks in SDain. ' - v 


-a.-? 
. :.i H. 




expand internationally without b e Pta . 750m (£5m). Thougi: There is some doubt still about . 


running into "restiictions that tbe amount needed for a subsi-. lhe 6 per cept dividend control • presence of the foreign . 

Si'SM dtajl. hWjMta ge . W taft. __hava ^ » £ 


had"existin g S p an isiT 1 egisfation ments for foreign banks “else--.. sp^ht legal advice v as to inter-bank money mmrket where 


remaiaad X force. fcSWitji *!«. /i: . ... 1 


Accord signed 
over reactors 


TOKYO, June 21. 
WEST GERMANY. France and 
Japan signed an agreement 
here today on technical co- 
operation in the development 
of fast breeder reactors, 
according to a Japanese spokes- 
man. The five-year agreement 
calls for exchanges of informa- 
tion and experts, and for joint 
experiments. 

Renter 


‘Cell’ claims 
German blast 


FRANKFURT. June 21. 

A LEFT-WING group calling 
iLself “ Red Cells " has claimed 
responsibility lor a bomb 
attack oo an Israeli fruit 
import company in Frankfort, 
according to West German 
police. The bomb caused an 
estimated $125,000 damage to 
the offices of Agrexco, an 
Israeli . agricultural export 
company. 

Reuter 


part of a broader scheme to Bxed at this, level to be in. 

liberalise domeSc banking, with the requirement' to estab- 1974 Foreign ' Investment Law. has onTy^gun to develop since 

modernise hankin** practice, and lish a purely Spamsh bank. As it is Spanish batiks get round last. July, with the decision - to . 

stimulate the arowth of a proper Foreign bankers have known ' the limitation by generous yeaxly initiate a gradual hberahsationj^ .it 

SSSl marLf TSS about this high "entiy fee” and rights Issues. >• - of intereri .rates.. Perhaps .more ... 

the barriers of the old highly b® v ® made known their dislike Foreign banks will be obliged their presence .will- • 

cont rolled Liberalisation of it Yet it is not going to deter to liqttidate any invesS ■ 

of the banking system, and *be interested ones, however which are", not in Government f* 18 ? recruJtmenti They will now 
especially of interest rates, is mu cb they mighti appear to securities. Thus those foreign be. lookmg Md willing to pay-— • 

seen as an integral part of complain. 7 banks which .have less than 25 for good [banking talent wltich is* 

Spain's move towards a more Closer to 15 than 20 of them per cent shareholdings in exist- T 10 * In abundant supply in Spam. - . 
market-orientated economy. are expected to apply and be ing Spanish banka, and there are Beyond this the presence of the! 

Liberalisation will not take accepted by the authorities in the several will have to ffispose of foreign hanks should help to. . •" v 

place overnight. The Spanish first year. Bankers talk of six these within a reasonable but reinforce the authorities concern 

authorities and the local banks U.S. banks, two British (Barclays undefined period. At the same to . exercise better policing of 

are neither able nor willing to and National Westminster), three time those banks which have bank’s activities. With three;, 

accept an open door policy at French, two East German, one stakes of over 25 per cent can bank collapses, this ^eari and-tbe' « 

the outset. The result is a series Italian, one Japanese, and one opt to completely take over-the expectation of murky revelations ; I ^ # ' • 

of limitations on both the Brazilian. The banks will now bank in' question. This provision over tax and capital evasion, to- • - :• . 

establishment and operations of have to decide between a branch has been primarily included' to . come, 'the Spanish banking'- '- :- 

foreign banks which will deter operation or a subsidiary. The cover the position of Bank of system ' does not' have a good v -•.■•••• 

ail except the major ones from feeling among foreign bankers America and Deutsche Bank. public image. The foreign banks ■' • 

upgrading existing represent a- is that there is no real advantage The fear of the more tradi- could help to restore this. is >. 


•-:) 

r aft. 


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Berlin autobahn discussions open 


BY LESLIE COLITT 


EAST BERLIN, June 21. 


NEGOTIATORS from East and to profit because West Germany mony in the Bundestag that it 
West Germany met here to-day would pay the greater part of was a "simple fact" that, the 
to start work on details of a the cost in Deutschemarks. majority.-of Germans in east and 
planned Autobahn across East Negotiations have been opened west felt their unity. 

Germany, to connect West Berlin in spite of a strong East German There' are other indications 
with Hamburg. protest to West Germany over that the East Germans are not 

The meeting between Herr speeches on German unity by anxious to allow relations 

Guenter Gaus, Bonn's permanent West German politicians to between East Berlin and Bonn 

representative in East Berlin, mark the 25th anniversary of to freeze. East Germany has 
and Herr Kurt Nier, East the June 17 uprising' in East agreed not to allow a dispute 

Germany's Deputy Prime Mini- Germany. Herr Nier summoned vvith West Germany -over the 

ster, took place after East Herr Gaus to the Foreign Mini- border along the Elbe River to 
Germany bad cancelled an earlier stry and told him that West interfere with completion of a 
appointment for technical talks. Germans had expressed aggres- fi na j document by their joint 
The reason appears to be that sive intentions towards the GDR border commission, which was 
East Germany has decided that and had interfered directly in its set up five years ago East 
talks should begin at political affairs. Germany claims the border along 



I level. Although East Germany did a 90-kilometre stretch of the 

I The autobahn is expected to not mention him by name. West Elbe is in the middle of the 
| cost between DM lbn and Germany's President, Herr river, while West Germany 
I DM libo. East Germany stands Walter ScbeeL said at a cere- insists '.that it is the east banjc 




Polish farmers 
ignore scheme ?v . 

By Christopher BobmsJd •• . : X 
. WARSAW. June 21. 

MANY THOUSANDS of Poland's 
3m private farmers are- refusing ■: S : ^ 
to 'participate, in an. obligatory-; H .'. 1 
pension scheme introdneed at * a '~ ,T . 
the beginning of this year. The . ' 

level of paynients' is - widely • i 






though^ to be too high. 
The scheme affects 


anyone ■... - 

holding . over L25- acres; but P®n* *" 
sions will only be paid out if the i- ' 
farmer concerned has sold 
Zl - 15,000 (£2,500) worth of 
produce or more per year to the <■' 
State over a -long-term period. " 

_ A statement from the Social 
Self-Defence Committee <KOR> 
says that ^8 per cent of Poijsh 
holdings sell less- than. -tSi»-N 
amoaat per year and that 24tL0P0 
farmers bad . refused to make 
the payments by last month,- ' “ 


' • ' 

■ 

- MJar.fi-- 

'•j-'.v TO‘ : 

r - 

v ni ■ 

•-Msbltv 

tu. 

■■ >*^rn 

■ ! 

*■ 


Ecevit seeks to mend his Eastern fences 


BY MET1N MUNIR IN ANKARA 


Alktcood 

Mr. Bulent Ecevit 


THE DAYS when Turks— the 
oldest and coldest of the cold 
warders — were so anti-Soviet 
that they called Russian salad 
American salad, appear to bave 
ended. 

During the past decade 
Turkey's relations wdth the 
West have led to one disappoint- 
ment after another, crowned by 
the U.S. arms embargo which 
followed the 197-1 Cyprus war. 
Relations with the Soviet Union, 
on the other hand, improved 
slowly but steadily, after the 
Kremlin denounced Stalin’s 
territorial demands on the 
Bosphorus and eastern Turkey. 

Prime Minister Bulent Ecevit, 
who left Ankara yesterday on a 
five-day official visit to rhe’ Soviet 
Union, appears determined tn 
re-evaluate Turkey s delence and 
foreign policies in view of this 
changing pattern. To put it very 
simply, toe 53-year-old Social 
Democrat believes that Turkey 
cannot rely on the West com- 
pletely for its defence and must 
therefore mend fences with the 
Eastern bloc so that it can stay 
out of a confrontation. 


How exactly be will go about 
this is not yet clear but he is 
certainly not planaing to make 
dramatic moves. There is no 
question of changing sides. 

Mr. Ecevit seems determined 
to remain in NATO and equally 
resolute not to sign a nqn- 
aggression pact with Moscow. 
The much talked about 
“ political document oo friendly 
relations and co-operation," 
which he will sign on Thursday, 
will apparently contain a repeti- 
tion of the principles of the 
Helsinki document and nothing 
else, although Moscow wanted to 
include a non-aggression clause. 

The Prime Minister is intent 
on following a more indepen- 
dent and neutralist foreign 
policy and forging his own brand 
of " ostpolitik." 

it will have in he done with 
extreme care. While the Krem- 
lin has renounced any claim on 
Turkish territory it has not for- 
saken its centimes’ long desire to 
have a say in the status of the 
Dardanelles, the gateway 
between the Black and Mediter- 
ranean seas, and to woo Turkey 
away from NATO. 


Ankara is worried about Soviet 
influence in the Middle East and 
the Soviet fleet in the Mediter- 
ranean. It also has to remember 
that the Turkish Communist 
Party in exile is being supported 
by Moscow. There have recently 
been reports in the Press that 
the Soviet Union is arming toe 
Kurds in Eastern Turkey. 

During the last decade. Moscow 
has consistently striven to create 
a sense of security in Ankara so 
that its membership of NATO 
might appear redundant. Since 
1967. Russia has become one of 
the biggest suppliers of project 
credit to Turkey. 

While the U.S. aid mission to 
Turkey has long been shut, the 
Soviet one is expanding. During 
his current trip Mr. Ecevit is 
expected to sign an agreement 
which wilt increase the scope of 
Soviet project credits to Turkey. 

Before going to Moscow. Mr. 
Ecevit visited Brussels. Bonn. 
Washington and New York where 
he discussed his country's prob- 
lems with its allies in NATO and 
the Common Market. But before 
this he held talks with the Yugo- 
slavs, Bulgarians and Romanians, 


and was host to the Soviet Chief 
of Defence Staff, demonstrating 
conspicuously that he felt he had 
room to manoeuvre if allies in 
the West were not more forth- 
coming. 

As events turned out. Mr. 
Ecevit returned from his Wash- 
ington trip with the conviction 
that steps would be taken to get 
his country out of trouble. Presi- 
dent Carter has moved to lift the 
U.S. arms embargo, and promises 
of economic aid came from many 
countries. including West 
Germany. 

As far as Turkey’s ties with the 
West are concerned, the debate 
tn the next few days in the U.S. 
Congress on the arms embargo 
\s much more important than Mr. 
Eccvit's trip to Moscow. If the 
embargo is not lifted the 
situation may change quite 
dramatically because Mr. Ecevit 
will fee! forced to retaliate. He 
is likely to tell the Americans 
to dismantle their bases in 
Turkey — closed for nearly three 
years — and reduce Turkey's 
commitments to NATO. 

For Ankara, the lifting of the 
embargo is vital because it 


threatens to change the balance 
of power in the Aegean in favour 
of Greece an event which Mr. 
Ecevit considers a greater threat 
than Russia. 

Our Foreign Staff adds: Mr. 
Ecevit arrived in Moscow yester- 
day and was met at the airport 
by Mr. Alexei Kosygin, the 
Soviet Premier, who has long 
been associated with Soviet 
attempts to establish good 
relations with Turkey. 

Moscow has wooed Turkey since 
its relations with its NATO part- 
ner;) came under strain over toe 
1974 invasion of Cyprus and the 
Soviet Union has encouraged any 
Turkish tendencies awav from toe 
Atlantic alliance. 

The Soviet Press has hailed; 
the visit as a landmark in [ 
relations between the twoj 
countries, suggesting that somej 
sort of accord could be signed. 
A Turkish embassy spokesman in 
Moscow, however, said that final 
agreement on a political 
document would depend on the 
outcome of Mr, Ecevit's talks in 
the Kremlin which end on 
Friday. 




closed trials id Mosco w 


BY OUR OWN CORRESPONDENT ' ? MOSCOW, JlWe Jl. 
TWO JEWISH activists, Mr. 

■" * ‘ P f __ 3 mm _ _ • 


Vladimir Slepak and Mrs. Ida 
Nudel, were- convicted of 
“ malicious, hooliganism " to- 
day In separate, dosed trials 
and sentenced to terms of 
exile within the Soviet Union 
of five; year* and four years 
respectively. • 

The charge, against the two, 
who participated . in separate 
protesta on Jane 1 over the 
Soviet ‘refusal to grant .them 
exit visas* to Israel, carried a 
maximum penalty of. five 
years' imprisonment . 

Mr. . Slepak, a-, bearded, 50- • 
year-old '-electronics engineer,- - 
had been : a ~ major figure in • 
both the. Helsinki Group and 
(he Jewish movement since 
the arrest -last .year .of Mr.. 
Anatoly Shcharansky, Dr. Yuri 
Orlov and’ Mr. Alexander Glxu>- 
herg. 

Mrs. Nudei, 47, an econo* - 
mist, has.for seven years Jjeen 
.refused permission to emigrate 
to Israel where her husband 
and sister live. .Mr. Slepak has 
sought an exit visa for eight 
years. 

Mrs. Nudei at first refused . 


. to. ontar. the courtroom to »ro- 
fes* Sj/tto fact that none of 
aer friends or relatives were 

allowed to attend the trial. 
However guards carried her- 
into*- toe eourt^ on the orders 
of the 1 presiding . judge. 

The sentencing- of both Mrs. 
Nudei and Mr. Slepak is 
likely to > arouse, considerable . 
protest from the West- Mr. 
Slepak, . the flrsf Soviet dissi- 
dent to receive a -message of 
support front President Carter, 
has been active hf the Helsinki * 
monitoring group founded by 
pr. Orlov jn * 1976 to check 
Soviet - compliance .with the 
human rights! previsions of the-. 
1975 European .Security and 
Co-operation agreement- 

* Dr-’ Orlov"- was’ found guilty 
of antfrSovIef propaganda Mst 
month and sentenced to seven 
years’- imprisonment and five 
yeax£ internal eadle. The trials - 
of- Mr. G im berg ... and Mr. . 
Shcharansky arie- expected, to 
occur in th e ■ next month. 


f-. 


fiwc*. coSUfbod 
S3SOJO rftlc 


/ 




v ... v . r. ;•>, . r ir**_— -f<>i 



financial Times Thursday j June. 22 1978 


NEWS 


- * -•yrS'i 

- ■ ; ■*h - !7’ 

•;t 


; ,4,': •'? 

£ i 2 *. - - 



ua plans visits 


POLITICAL ATTITUDES IN SOUTH AFRICA 


tft Roinaiila and Yugoslavia Condi * i ! > SL s l p !l^, for chan S e 

BY COLIN A MacDOLiGALC t A MAJORITY of South African qualified researchers to answer ethnic homelands: S3 per cent, the major question was posed: 

ruATRWAM miA nmmvn ' ,. whites would support funda- a series or questions which took said that they wanted a unitary is ibe object of conflict bargajn- 

rhiTH^P pLi^T- b^ . seen in^ the context recently with Chairman Hua rot-' mental chans? to apartheid a ° cnin Plc»*. To assess state, in which black and white, able? 

‘J rf I hostility to the Sonet lowing bis meeting with Prcsi- 1 provided the Prime Minister Mr lh * , 5-«ti m * ness 10 change, rc*- rich and poor, illiterate and The answer in one area— that 

pl a n nin g to visit Yugoslavia and Union. «• dent Carrerf in Washington in ? , , ' ’. " pendents were asked. for educated, had the vote. But 53 of wcalrh — was a qualified yes. 

Romania in the autumn, diplo- By fatv. the most dominant April. -.ohii vnrster, and his cabinet, example, questions designed to per cent said they had a feeling A Fascinating picture of the 

mane sources said yesterday, in theme current Chinese David White adds from Paris : wanted to introduce it. So, too find out whether they were fear- of personal powerlessness, and 63 economic aspects of the South 

East B .® rll *L ll takes foreign policy Is .Peking's stress A date has stili to be fixed for — although this is levs surprising fu2 of ’ ihe future. -The chances per cent said they believed African conflict emerged from 

place, :it will -oe. toe- first time on its view of Moscow as a war- Chairman Hua KuD-feng'.s pro- — would a majority of the urban are that there will be a black •■improvement for Africans will the study, with for example 72 

since 1857, when Cnamoan Mao like imperialist. It feels parti- po^ed visit to France, his first as blacks *• South Africa** leaders u P risl , na !r * South Africa '* was come through patient negotia- per cent of whites agreeing in 

3^iSSA^Sr T »hr"iSSEV?* t -^ , " ,y -A^* la ^ihi“^“ 0t Cbine;e leader to a Western have become accustomed to see a Statement which got agree- lion.; between white and black 1977 that there should be equal 

tile leader of the Chinese Com- its rapid]* worsening relations count rv. the Foreign Mimvtrv while voters as conservative and meDl f m b - r ‘ er cent o{ the leaders.” pay fur equal work across the 

munist Party has heen to -Europe. with the a/iethamese, who it ^jd here ' * unwilling to change p„t thev white rc-pundi-nti in 1974 and It was these findings, together colour line asainst 62 per cent 

Chairman Hua is breaking new believes a* heiflg encouraged . .. . are m . lr h more dm to ,-han-e per ,,M " in *977. Another with those from the white polls in If/M. On an even more sensi- 

ground in that Mao never went by the Sovttt -Union- Added to lV d* iP 1-6 **. 2 al mu °^ than they ire ojven credit for 1 " statement: “We should fight to more directly concerned with live area — lh* question of com- 

anywhere except 1 , the Soviet that is its Of the disruptive * hat - s H r 7? an H “ a had accepted a Dr Theodore "Hanf director maintain South Africa 35 it is. attitudes to compromise political mand structure in jobs — only 12 
?««• has •' already _ been influence tf ■*•»!« m «, «"££"“ of the' German Arnold- whatever the rf.ks may be.” had solutions — in particular to forms per cent of Afrikaners accepted 

to North Korea. ' ■ . • Africa. i •- 1 \ alery discard dEstamg. Ku R „ r „. r .. t ... T nctif.?t Jt L-hV.h hoc 74 per cent acreemg "with it in of power sharing — which led the in 1374 that a black could be in 



There was no confirmation of ir unaicxnaa--.- nus s trip a vh.c-j.icui.ji, *•»« j us r ouhlished 

suggestions that Chairman Hua materialises^ it will be return- headed a delegation of 20 to f OUr . year studv 


Chaiiinaa--- Hub's 


China's vice-premier, who I 


Mr. John Vorster 


silggesuous mm uruiun nua iuaienaiisesLr it wu. u«: remm- four-veur studv into ihp nnlitu-al ___ 

would- visit France; It is under- in g the visBt. to :Chhia of Presi- f raRce - said that France would so ial and e ,. tl 'nomii.- attitudes of ^ 

stood that he has accepted an dent Tito ^..Yugoslavia last be onc China's leadnng part- wht . md blacks in South FouI ; s ‘ ,parale P 0 ' 15 *f white 
invitation from the French August and President Ceausescu ncrs it® Sndustrialisation * Soutii Africans over the 1974- 

Govenun'ent, but no date has yet of Romania tin Mey. A lesser programme. 1977 period show a majority 

been fixed. but still vitii topic for discus- China is reported to he seek- The Institute's study is prob- would support drastic changes 

Chairman Hua’s trip Is clearly sion with President Ceausescu in* a large arms deal with ably ihe most intensive opinion ^ the counti-v's apartheid 

intended to strengthen ties with could be tho Korean problem, France, which would include ihe!n Ql1 research ever earned nut in sys tem ir ihp\ : Were intro- 

the two east European countries since the Ruraanfen leader is purchase by Peking of anti-tank i 5 0, * th Africa The aint was to Hiieef i k v miinir 

most independent of Moscow and believed to have' discussed this missiles. °i u whether a peaceful way p t 1 

> ; out of South Africa's problems rsai,ol ‘ ,l ST rar iy. 

.is possible. If the overall con- — 

. elusions are gloomy — for the .w.. 


Japanese 
businessmen 
foresee 
big changes 

MORE THAN half of Japan’? 
leading businessmen believe 
Japan’s defence spending will 
triple to 3 per cent of. GNP 
over the next 10 years, accord- 
ing to a survey published 
yesterday, our Tokyo corres- 
pondent reports. The survey, 
conducted by the Keizai 
Doyukai (Japan Committee for 
Economic Development) also 
f.onnd that 65 per cent of 
businessmen expect the end 
of one-party rule by the Liberal 
Democratic party, 84 per cent 
expect Japan will succeed in 
the structural transformations 
necessary to produce stable 
growth, and only 32 per cent 


Chilli near complete 
rupture with Hanoi 


„ U .L p ‘, , ] en lwi to the rul'in” Nationalist Parly the possibility of such political proposition that “who 
, r I over haif >aid Uiev would sup- compromise ai a conference what whites have I feel 

apparent willingness of white t.,.. .,_j r: r ., !n rn. ih*. Tn«tmitp sonnsored and fp^l l .hmiid have tt 


BY jOHN HOFFMAN ■ PEKING. June 21. 

THE BREAKDOWN in relations delayed its final approval. 


voters to accept change is among 
the most startling, it is perhaps 
equally interesting Hut blacks 


land whites alike seem to expect d0 
An; actual change mainly in the But if the 


74 per com. agreeing with it in of power sharing — which led the in 1974 That a black could be in could change jf the National 

1977. while, also last year, 76 per institute researchers to conclude charge of a white, whereas 24 parti leadership wished that they 

' should. 

Four separate polls of white A single poll of black In spite of the common of for- 1 ^power— that 
Soutii Africans over the 1974- opinion, part of the same ground, the overall conclu- "all ihe signs are that the con- 

1977 period show a majority survey, shows heavy opposi- s j on ^ g| onmv . The survey diet is non-negutiahle .” The core 

would support drastic changes tion to South Africa's separate fimI n „ __ th ‘ of the white power elite sees 

in the cimntrv's apartheid development policj but finds * . . . . .. separate development as the 

system ir ihev were intro- a belief that improvement Part oi tnc ruling vinue erne only means of conflict regula- 

diiced hv M r . Yorster’s ruling for blacks will come through t0 introduce fundamental turn. Dr. Han r said The conflict 

Part - V - tha "S«- Sf.m'SSI ic",n r ■, r™ 

’ _ game * by whiles and blacks', it 

cent believed ihat present separ- that at least at a S ras s roots per cent thought so in 1977. was “all nor nothing, 

ate -deivL/pnient policies should level there could be some com - Overall. 40 per cent pf whites The analysis led to much 

remain unchanged. Yet. in a nion ground between black and agreed wiih this 'proposition. discussion of what was tn- 
series of statements designed to white political demands. There On the black side. 94 per cent elegantlj termed “ con sod at ion a I 
test their trust in and loyalty was a grear deal of discussion of of respondents agreed with the democracy ” as a possible solution 
to the ruling Nationalist Parly the possibility of such political proposition that “when 1 see for regulating conflict in so 
over haif >aid they wnuld sup- compromise at a conference what whites have I feel envious, plural a society as South Attica, 
port Mr. Vnrster and his Govern- which the Institute sponsored and feel 1 should have the same.'' That land the fact that before 
men even if they introduced in Germany last week, which was But io reply to other detailed the conference, the South African 
“drastic changes with which you attended by some 20 black and questions, ihe study found that Government refused passports to 

do not agree.*' * white South Africans (including blacks wanted a share uf the two of the black participants) 

_ . t> Nationalist MPs and memhers of private enterprise system, nut its was the only oven incident of 

BUT :t the mo-;t significant ) }anne( j black opposition}, as destruction, and that a majority conflict Bur even the most 
finding nn tnc white side was the we ij asi European and Ameri- listed economic improvements as liberal use of debating pnlite- 

degrec or trust and an apparent can aca d emIcs . their priority. This led the nesses could nut conceal the 


cent believed that present separ- that at least at a grass roots per cent thought so in 1977. 
-derrhiamenr nn)iri&< vhrtut d Ipi'oI there multi be some com- Overall. 40 Per cent of whites 


, . . •: ■ . , , „ • _ . . - , . „ ,, v . 7 - (tie unimeu uictet. uupvsiuuu t. a: acauuiiiud. ana •* iwumu oui even ti 

between China, ;-anf Vietnam javanii ^ party Chinese tun- j economic field and under the finding nn tnc while side was the weU asj bv Europea n and Ameri- listed economic improvements as liberal use of debntin 

edged closer to complete rupture fuUr ofheers bad gone to Haoni | present system. And while degree ot trust and an apparent can academlcs> their priority. This led the nesses could nut cun 


[Idler vuuurmcu us w* longed attempt to Obstruct the I •• se.-ond nrprprpnivs ” r.F blsu-ks w 1 j r ., ' Uitici me as ii is. i uv iu me scvuuu unjw nunc- upp-sii ivu put 

| Government, that; ..China had establishment of a consular and' whites alike indicated at }* rb i" f> 1!j ' ,in ct from home- L . un -ent South African political area— that of cultural identity— the two sides appear like two 
ordered Vietnam ;tp dose three mission in Ho Chi Minh citv. the ] Pa st at a’-rass roots level some il”? ■ u,a I w i m Durban, scene, on the basis of the find- the problem was found to be trams, on the .-.ante track and 

: consulates in Chinese' cities and Chinese Foreign Ministn said : p 0 mnti a 1 room for federal or • So ^n--' II . took mgs. wa* impressively and much more intractable. For hurtling at great speed, if still at 

I withdraw the staff; as quickly as “i ls reluctant concurrence on other oower sharin- solutions p aC w f aP > 19 *‘ 3n , d *?*’ lengthily dissected by the social though the majority of urban great distance, towards each 

possible. l _ June 18. coupled with the provi- otfIcf puWep ■ s “ ar in e> solutions. pon dent.s were confronted with and political scientists present, blacks were found to be both non- other. If the Institute's findings 

Wang Pu-Ytia, (Jhfha’s consul- sion that the inauguration of the The Institute's emphasis m its an. equal';. - exhaustive if some- It was acknowledged that if tribal and non-ethnic in their are right, the only people who 

general elect has/Sflep in Hanoi consulate-general was to be post- T search was on white opinion, what different .series of ques- there is to op a peaceful soiu- political and social attitudes, in can stop them colliding are those 

for tie past threer'months, wait- poned until the fourth quarter ^ conducted four separate polls, tions. Here the major finding tion. some political system must practice a great majority of presently in power in Pretoria, 

ing on Vietnamese'' approval to of this year, is a Vietnamese between June. 1974 and July, was Hut a vast majority opposed be found which could regulate whites feared domination by . r^p.-hcr wrwdeir h» 

go on to Ho Cfai/MInh city ploy to disguise its complete lack 1S77 - each ^me involving 1.200- separ„m development which the inherent or actual conflicts blacks. Bm. the Institute 


growth, and only A£ per cent (formerly SaigonVto jset up the of good faith.” i 

believe Japan will reach consulate. He -haa now been The Chinese Foreign Ministry 
today's American level of per recalled by his Government. statement charged that “the 

capita income in the next 10 Tonight’s announcement in Vietnamese side has broken the 

.'Mrs. Peking by the Chinese Foreign story first, with a view to con- 

The Keizai Doynkai is a club Ministry- reveals . Ahat the fusing the public.” It said: 

which leading businessmen decision to recall Wang and “The rupture of consular 
participate in on a private to order the Vietnamese consuls relations between China and 
basis and is one of Japan’s out of China were made simul- Vietnam is wholly the doing of 
“ big four " business organisa- tanaously. They wer*;contained the Vietnamese side." 
tions. It sent questionnaires to in a Note sent to the Vietnamese The new dispute throws in 
413 top leaders of large com- Ministry of Foreign ,'Affairs last doubt the future of China's plan 
panics, and received replies Friday. . > ro berth ships in Vietnamese 

from 264. The tone of the The Chinese Note ,safd that, harbours to evacuate Chinese 
replies was generally optimistic- although Vietnam had estab- nationals. China says it proposes 
Onlv 11.8 per cent of the bus!- lisbed its consulates in (Janton, to rescue Chinese citizens who 
nessmen felt the end of one- Kunming, and Nanning ^n the have been persecuted by Vietna- 
party Liberal Democratic gov - mid-1950s, it bad obsft ueted mese authorities, 
entment would have a .major China's request for similai Offices ’Two. ships left Canton last 
effect on' their companies. i nHo Chi Minh city bUT then week and are now standing off 

and Haiphong. Vietnamese ports. There was no 

dteoxrnnral Late last' rear, Vietnam had information in Peking today 

W eiZUian OlSHVOWHl agreed to allow a Chinese consul about when they would attempt 

The. uressnre foT the dismissal in Ho Chi Minh city but th ne to enter harbour. 


19i7. each time involving 1,200- separate 
1,800 whites. All were asked by carves 


that a vast majority opposed be found which could regulate whites feared domination by .‘:«i r<<yi>.'iwr wnndeir h» 

u*atr- development which the inherent or actual conflicts blacks. Bui. the Institute W V A^"r-iji 

-es South Africa up into within South African society, and suggested, white atutudes tit rave « iii<i«:i,.t ’ ihut ;iiu'i,f,ir “ . 


effect on their companies. 

Weizman disavowal 

The pressure for the dismissal 
or Mr. Ezer Weizman, 
Israel’s Defence Minister, 
eased somewhat yesterday 
when he disavowed a report 
that he had accused Mr. 
Menahem Begin, the Prime 
Minister, and Mr. Moshe 
Dayan, the Foreign Minister, 
of lying and leading -the 
country to war, David -Lennon 
reports from Tel Aviv.- Mr. 
Begin is expected to content 
himself with this public dis- 
avowal, though the rift 
between the two strong men 
of the Government remains 
almost total. 

Malaysian nominees 

Over 1,000- candidates In 
Malaysia - yesterday filed 


fi . *'+/ - 

I- : 


Iraq ready to purchase 
weapons outside USSR 


A 4 .-iVi' - ' ' ' ■ 

* .• ** -- * : T . 

— v — ^ hftX-2 '. . ; " 

- V . .. .met . -V- — " 


Vi™ 





.-A*- . V.. 

1- .SIM ..«»«<• 



BY fHSAN HfjAZf 


BEIRUT, June 21. 


reports from Tel Aviv. Mr. A member of the Iraqi Cabinet force, and with Brazil to buy 
Begin is expect^ lo content faas confinned that bis Govern- training aircraft, 
himself with this public dls- ment is seeding to diversify its The diversification is intended 
avowal, though the rift SOUJrces 0 f weapons. Mr. Saad to lessen Iraq’s dependence on 
between the two strong men Kassem Hammoudi, the Informa- the Soviet Union. Mr. Haramoudi 
of the Government remains t j on M in ister, said in an interview spoke in the interview about the 

almost total. published here to-day in the importance of retaining "free- 

daily A1 Nahar Iraq plans to dom of action ” where armament 

Malpvsian nominees boost its fighting capabilities by is concerned. „ 

PiaiayMail uuutiucw obtaining weapons “from any The Iraqis see the Egyptian 

Ot'er 1,000- candidates in source” and with no strings experience as an example. 
Malaysia - yesterday filed attached. But he denied that Moscow cut off all arms supplies 

nomination papers for Ihe Iraq was planning to reopen rela- and spare parts to Egjpt after 

country’s 'forthcoming elec- tions with the United States., . President Sadat turned to tnt 
tions amid tight security taken Iraq jbas been buying more U.S. for co-opera lion, 
bv the police at various nomi- than 99 per cent of its weapon^ There has been peisistem 
nation centres, Wong Sulong f rom the Soviet Union for The speculation about strains in re la- 
reports from Kuaia Lumpur. A past 20 years. ' tions between Bagodad ana ibe 

threat by the Communists, to There have been reports that Soviet Union. which were 
create trouble In the coming Baghdad is negotiating with reported to have grown worse 
weeks to commemorate the 30th France to buy Mirage jet fighters, after the execution in May of -1 
anniversary of their war of with West Germany to secure a members of the Soviet-onentea 

liberation has led to tbe modern radar network for its air Iraq Communist Party. 

Government banning public — i — 

rallies during the elections to 

minimise the security risks • • *1 1 A 

uttssiscsffss Namibian rail sabotage 







■ 




• ' ! ' **”h : | 






FWm 


• ■ . >. * >> v*- . 




lV» 


a smooth and peaceful election 
on July 8. 


TELEX 

Wc opetjte as vour own; Private 
s«rvi«. lendiffO and receiving. We <• 
Uamlale if required Into German. 
Frencn 'and Italian. Jutt flirt- up tne 
•flhone. • - . 

Contact: DOTtl 1=714 ' I 

BRITISH MONOMARKS 

m-1105 m2ortn-404 5011 • now J 


• . V C* «••• »♦ ■'* 


BY JOHN STEWART CAPETOWN. June 21. 

qilllTH AFRICAN security driver of the train noticed that ^ 

police and railway officials eon- a low water bridge had been 
firmed today that the explosion damaged and applied em«rgcnt> 
which damaaed sections of the brakes, but the momentum car- 
main line between Karibib and ried the diesel locomotive into 
Waivis Bay. causing the derail- tbe damaged area and it rolled 
ment of 7 a train carrying over. The driver and his mate % 

hundreds of school children to had to be treated lor shock. ?&}*£ M&S 
Waivis Bay early this morning, Ten passenger coaches carry- 
was tbe work of- saboteurs. No j Q g hundreds of black and white 
one was injured. • school-children to Waivis Bay 

Their investigations showed for the holidays came to a stand- 4 • ' 

that- two other attempts had been still within a few yards of the 
made to blow .up the line west of damaged bridge. The line is 
the accident scene, but these fiad expected to be reopened, for 
failed. mainline traffic between Wind- 

Railway sources said foe hoek and Waivis Bay tomorrow. 






mm 




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financial' ^ 


AMERICAN NEWS 



Brooke has 


no oians 

A. 

to quit 
Senate seat 


By Jurek Martin 


WASHINGTON, Jane 21. 
SENATOR EDWARD BROOKE 
(above), the Repablican from 
Massac bussetts who Is the 
Senate's only black member, 
refused last night to resign his 
seat in the wake or a series of 
allegations of personal finan- 
cial impropriety. 

Mr. Brooke, who is up for 
re-election this year having 
served 12 years in the Senate, 
told a Press conference in 
Boston that newspaper articles 
on his flnanciai affairs were un- 
true and “ a reckless invasion 
of my privacy.' 1 

The .Senator has been 
involved In an extremely bitter 
divorce case. It has been 
charged that he failed to dis- 
close his fall net worth In 
papers filed with the court 
which was determining support 
payments to his former wife. 
There have been additional 
allegations that he claimed tax 
deductions for his adult 
daughters after he had ceased 
to support them. 

The net effect has been to 
cast a cloud over his political 
future. It had been assumed 
he would have no difficulty in 
winning re-election and a num- 
ber of potentially strong 
Democratic challengers had 
taken themselves nut of con- 
sideration earlier in the year. 

But now several of them, in- 
cluding Boston's popular 
Mayor Kevin White, are 
expressing interest again. 

Simultaneously, the State's 
Republicans appear to be 
having second thoughts. There 
were reports last night that 
several prominent Republicans 
had approached Mr. Elliot 
Richardson, holder of many 
Cabinet posts who has been 
serving as U.S. ambassador to 
the law' of the sea conference, 
to oppose Mr. Brooke in the 
Republican primary in Septem- 
ber. 

Mr. Richardson reportedly 
replied that he would enlertsm 
ranning for office onlv if Mr. 
Brooke were to step aside. 


New signs of rising trend 
in U.S. interest rates 


BY JOHN WYLES 


NEW YORK/June 21. 


INVESTORS’ WORRIES about 
another round of increases in 
short-term U.S. interest rates, 
which have depressed both the 
bond and equities markets this 
week, were strengthened today 
by indications that the Federal 
Reserve maybe raising the target 
for its Important Fed Funds rate. 

The Fed Funds market, was 
under close scrutiny from the 
start of trading this morning 
because Wall Street was" keenly 
awaiting any sign that the 74 per 
cent target for Fed Funds might 
have been raised by yesterday’s 
meeting of the Fed’s.Open Market 
Committee, which decides the 
strategy for managing the money 
supply. 

By 11 am Fed Funds were 

apparently being left to trade 
above the 7J per cent target and 
many dealers were concluding 
that the new target was likely 
to be 7J per cent Mr. William 
Griggs, senior vice president 
with Schroder Bank and Trust 
Company, stressed that the evi- 
dence was not conclusive, add- 
ing: “ My guess is that they 
have gone up a notch." 

Mr. Griggs and other econo- 



mists are also emphasising that 
for the first time since the pre- 
sent U.S. economic recovery' ?ol 
tinder way in early 1975. the 
Fed's actions are not the sole 
determinant of short term rates. 

Strong credit demands are 
putting pressure on bank prime 
rales, which were raised to 82 
per 'cent onlv last Friday and 
another prime rate -increase is 
seen as quite passible within 
the next week or so. 

Tt is being pointed out that 
90-dav certificates of deposit. 


which stood at 7.45 per ceni a 
monlb ago,' have been quoted 
this week at above 8 per cent. 
These arc a major source r, f 
funds for bank lending and re- 
cent increases have left a small 
margin between the costs r -f 
acquiring the funds and ihc 
charges made on lending. 

If. as seems likely, the Fed 
has raised its target on Fed 
Funds, which is short term 
money lent between banks, then 
it has done so out of concern 
to rein in money' sup'pjv grow th 
and the prospective rate of in- 
flation. ' c . 

. Fears that this.moig was immi- 
nent have dogged' the bond mar- 
ket orer the past few days, 
where prices have dropped and 
yields correspondingly ri«en. 
The stock market has, also been 
increasingly jittery and the Dow 
Jones industrial average on the 
New York Stock Exchange was 
down more than 3 points by mid- 
day after falling ' more than 25 
points in the past week. 

But investors have also heen 
concerned al renewed signs »»f 
weakness for the dollar in the 
foreign exchange markets. 


Foreign policy doubts dispelled 


as Carter sees Congressmen 


BY JUREK MART1N- 


WASHINGTON. -June 21 


| PRESIDENT CARTER'S attempt 
last night to persuade congres- 
sional leaders that there is noth- 
ing wrong with his administra- 
tion's conduct of foreign policy 
appears to have met with some 
success. 

The President invited about 80 
Senators and Congressmen to the 
White House for a three-hour 
foreign policy briefing .con- 
ducted by himself. Mr. Cyrus 
Vance, the Secretary -of State. 
Dr Harold Brown, the Defence 


| Secretary, and Dr. Zbigniew 
| Brzezinski, the National Security 
Adviser. 


U.S. servicemen on 


dru?«. Carter told 


WASHINGTON. June 21. 


PRESIDENT CARTER was told 
yesterday that an estimated 10 to 
20 per cent of the 200,000 U.S. 
servicemen in Europe were 
using hard drugs like heroin.. 

Congrewman Glen English, a 
member of the Narcotics. Abuse 
and Control Committee, said be 
drew the President's attention to 
the seriousness of the military 
drug problem during a White 
House meeting. 

President Carter promised to 
look into the problem during his 
visit to West Germany next 
month. Mr. English said. 

He said that ba=ed on testi- 
mony at committee hearings, he 
estimated that 10 to 20 per cent 
of American servicemen in 
Europe were using hard .drugs. 
The vast mnjoritv of the troops 
are stationed in West Germany. 
Reuter 


The session was part of a co- 
ordinated effort to dispel con- 
fusion over the direction of 
foreign policy and to set at rest 
the suspicion that two of Mr. 
Carter’s orincipal advisers. Mr. 
Vance and Dr. Brzezinski, were 


engaged in a contest to become 
the President's eminence gri&c. 

It was an exercise that im- 
pressed a number of Congress- 
men. Mr. Morris Udall. the 
liberal Democrat from Arizona, 
and former rival Of Mr. Carter 
for the party's presidential 
nomination, said afterwards: 
“The President argued very 
strongly that with strong 
advisers and people giving him 
both sides of an issue, there are 
"division*. But he makes the 
final lodgment and it seemed to 
me that the thr«»-irt* all fitted to- 
gn»t,nr nretiv wpM." 

Congressman Stephen Solar/. a 
New York Democrat, who recenMv 
met Fidel Cas f rn. the Cuban 
l«adpr. said: “Ultimately the 
President makes foreign 1 policy 
and this evening most of us were 
verv encouraged by the extent to 
which he seemed to be in com- 
mand or the facts and determined 
to move ahead in a way which 


many of us thought made a cnod 
deal of sense." 

Such expressions of support 
are. of course, only to be expected 
after a privileged briefing. What 
they do not necessarily mean i s 
that when tbe Congressmen get 
back to Capitol Hill and consider 
specific issues they will automatic- 
ally obey ffie President's 'behest. 

An" early test could come 
within the next few weeks when 
Congress considers -lifting the 
partial embargo nn arms sales 
to Turkey, a subject to which Mr. 
Car»*r 'att.T*hcs the high"*' 
importance and which he duel 1 
on at length last night. 

Rpnafnr Charles Pprry. the 
Illinois Republican, reported that 
Mr. Carter had expressed a high 
noininn of Mr. Rulent Ecevit. th" 
Turkish Prime Minister, and va« 
“ very hopeful that with Ecevit in 
office it is now' possible to make 
progress fnn Cyprus), oarticnlarly 
if we can get the embargo lifted. 


Bid to end NY racial tension 


BY OUR OWN CORRESPONDENT 


NEW YORK. 'June 21. 


AMrD ANXIETIES about a pos- 
sible outbreak of racial violence 
in the Crown Heights district of 
Brooklyn. New York’s Mayor. Mr. 
Edward Koch, has created a 
“Committee on hitergroup Rela- 
tions” to recommend policies for 
reducing racial. religious and 
ethnic tensions in tbe city. 

Mr. Koch has appointed his 
deputy. Mr. Herman Badillo, as 
chairman of • the- . committee. 
Within boursVdT. the announce- 
ment Mr. -Badillo, a Puerto Rican, 
spent the evening in talks with 
Jewish Hassjdic leaders in Crown 
Heights. The district is in a state 
of .high tension following the 
death a week ago fQ a black busi- 


nessman and community leader 
who had been involved in a 
struggle with DOlire and the beat- 
ine on Friday of a black vn U th 
b«- *> Ha«- M! »’ “"rirne natrol.’ 

Two Hassidim have been 
arrested on charges of assault 
and attempted murder, hut 
Jewish community leaders 
claimed yesterday that this 
incident followed provocation by 
the black . youth. Whatever the 
facts’ of "the matter, relations 
between the two communities are 
now: potentially explosive after 
several ‘ tin publicised incidents 
which Jewish leaders say 
prompted the development of 
their crime patrol. 

Meanwhile 1.000 mourners 
attended the funeral last night 


of Mr. Arthur Miller, the 35-ypar 
old businessman whose death has 
revived allegations of police 
brutality against blacks. Him 
dreds of blacks poured out of the 
Raotlst Church last night chant- 
ing: “We want justice.” There 
were no reports of violence. 

The Mayor is hoping that his 
new committee will encourage the 
development of neighbourhood 
groups v/'ih equal ethnic re- 
presentation which might help 
defuse pensions. Jewish com- 
munity leaders in Crown Heights 
said last night that Mr. Badillo 
was urging a neighbourhood 
groun for (he area and was look- 
ing fdr black community leaders 
to hold discussions with tbe 
Jewish leadership. 


Globe- trottme Vpnce 


WASHINGTON. June 21. 


MR. Cyrus Vance. U.S. Secretary 
of State, has kept up a travel 
schedule almost as hectic as his 
globe-trotting predecessor. Dr. 
Henry Kissinger, according to 
State Department figures. Since 
he took office in January last 
year he has travelled 219.807 
miles — the equivalent of nine 
times arnund the world, in visit- 
ing 28 countries. 

Reuter 


CIA director criticises ex-agents 


WASHINGTON. June 21. 


.THE Central Intelligence Agency 
(CIA) has lost a number of intel- 
ligence sources .. as a result. , of 
bnoks fay fOOT**r agents and 
leaks to the-; .Press. -Admiral 
Stansfield Turner. CIA director, 
has warned- 


chronicles alleged- agency 
blunders during the U.S. military 
evacuation of Saigon in 1979. 

• Admiral Turner said the h(»ok. 
Decent Interval, had ” daunted 
the hasic system of control we 
have." 


away from discussing material 
contained, in Mr. Snepp 's hook. 


The Justice Department is 
seeking to block further distribu- 
tion nf the book and to obtain 
damages; 

Reuter 


U.S. COMPANY NEWS 


Government approves Lykes- 
LTV merger; Litton forecasts 
loss after Navy settlement; 
Kennecott victory challenged — 
page 24 


Admiral Turner. giving 
evidence in a case brought by the 
Government against former 
agent Frank Snepp, also said that 
the CIA had received “very 
strong complaint* " from a 
number of foreign intelligence 


The U.S. Justice Department 
contends that Mr. Snepp broke 
the secrecy agreement be signed 
as a condition of employment 
when the joined the CIA in 1968. 


Cuba youth conference 


services. 


He later told reporters outside 
the courtroom: “ If we cannot 
demonstrate to the world that 
we have control then we cannot 
have an effective intelligence net- 
work. 

The Government is charging 
Mr. Snepp in a civil suit with 
breaching his contract with the 
'CIA by publishing a book which 


Mr. Snepp, whose desfer%j is 
being handled by the American 
Civil Liberties Union, argued that 
the CLA itself broke its conditions 
of employment by not paying any 
attention to his complaints, while 
he was still an agent, about the 
Saigon evacuation. 

Judge Oren Lewis, declaring at 
tbe opening of the hearing that 
" we are not going to try the fall 
of Saigon here." carefully steered 
prosecution and defence lawyers 


GABORONE, June 21. 
THE Botswana Government has 
alleged that a youth conference 
in Cuba. was to be used as a cover 
to recruit a terrorist organisation 
to seize power in Botswana. It 
said it had temporarily with- 
drawn the passports of 17 young 
members of the opposition 
Botswana National Front Parly 
who werep lanning In attend a 
World Festival of Democratic 
Youth rn Havana next month. 
Reuter 


Trader plans reshaped Senate 


BY VICTOR MACKIE 


OTTAWA. June 21. 


A BILL for constitutional 
changes, introduced in Parlia- 
ment by Mr. Pierre Trudeau, the 

Canadian Prime Minister, pro-, 
vides for revision of the Senate, 
an enlarged Supreme Court, and 
a set of guaranteed human 
rights. The provinces would be 
given greater power. 


Mr. Trudeau tabled a constitu- 
tional amendment Bill yesterday 
setting out details of proposals 
contained in last week’s policy 
paper on constitutional reform. 
The Bill was given its first read- 
ing but will not be proceeded 
with until the autumn. Mr. 
Trudeau's aim is for its first 
stage in bo passed by July i next 
year, but critics arc convinced 
that he will be unahle to get it 
passed in ihat time in a pre- 
election session of Parliament. 
It is intended that a second stace 
nf the legislation should he 
passed by 19S1 


The legislation is Mr Trudeau’s 



most determined effort at con- 
stitutional change. It is a task 
which five previous Prime Mini- 
sters have tackled and failed to 
accomplish. 

The Bill recognises “ a per- 
manent national commitment to 
tbe endurance and self-fulfilment 
of the Canadian French-speaking 
society.** The Senate would be 
converted Into a 118-seat House 
of the Federation, which would 
deal with federal legislation and 
approve appointments to the 
Supreme Court and some Crown 
agencies. 

The new House would give the 
provinces greater influence in 
federal affairs. Half its members 
would be chosen by the 10 
provinces and half uy the 
House oF Commons. 1l would 
be able to delay legislation from 
90 lo 120 days but would not 
have power of veto. 

The House's special mle would 
he to guard tbe status oF the 
French and English languages 
id Canada. Before any measure 


of special linguistic significance 
could he passed in the new 
chamber there would. have to be 
majority approval b*' representa- 
tives in the House of both 
language groups. 

The Bill also provides for 
reorganisation of the Supreme 
Court of Canada, establishment 
of a charter of righTS and 
freedom, improved mechanisms 
for consultations with the pro- 
vinces. a constitutional definition 
of the role of the Prime 
Minister and Cabinet and a 
strengthening oF the office of 
Govemor-'General. 

The Governor-General would 
exercise prerogatives, functions 
and authority in his own right, 
but the Queen would remain the 
sovereign head of Canada and 
exercise her full rights when in 
Canada. 

In bringing forward Ibis 
legislation Mr. Trudeau is 
staking hi? political career nn 
the heliof rhat tbe Liberal Party 
will not revolt over cooslitu- 



tirin.il amendments which will 
break ns hold on federal 
politic' Fpderal Liberals in 
Canada have hPld pow»r fyr 39 
years of the past ceniurj. 


WORLD TRADE NEWS 




Swedes 


to raise 


pulp prices 


By William Dullforee 


STOCKHOLM. June 21. 


THE SWEDISH pulp manufac- 
turers will introduce small 
price increases from July 1 and 
expect the other Nordic pro- 
ducers and the Canadians to 
follow suit. The lead price for 
bleached sulphate pulp will be 
S340 a tonne for the third quarter 
compared with the 8310-330 a 
tonne, at which contracts have 
been made during the' first half 
of the year. 






Japan’s export 



BY CHARLES SMITH 


TOKYO, June 21. 


MoDo was the first lo announce 
the new price hut all the major 
mills have since followed suit. 
This . cautious increase is 
motivated by the improved 
demand for market pulp and the 
decline in 1 the stocks held at the 
mills. It goes only a small way. 
however, to restoring pulp prices, 
which collapsed last autumn 
From a level of $410 a tonne for 
bleached sulphate. 

Swedesh sales of market pulp 
during the first five months of 
this year have been. 20 per cent 
higher than in tbe corresponding 
period last year. Deliveries to 
Western Europe increased . by 
12 per cent. At the same time 
by running the in ills at less than 
70 per cent of capacity, the 
Swedes have reduced their un- 
sold stocks to 540,000 tonnes at 
tbe latest count. 

Tbe Swedish -Pulp and Paper 
Association calculates that stocks 
held by the Nordic and North 
American mills now total no 
more than 1.6m tonnes which is 
close to the ‘'normal'' level of 
around 12 per cent of annual 
production. Moreover, most com- 
panies will shut down pulp pro- 
duction for two or three weeks 
this summer, so that by August 
stacks should he below the 
“normal” level. 


The prices will still be too low 
to cover operating costs and 


THE EEC is hoping to gain some 
i insight ' into Japan’s recently 
! introduced policy of directly re- 
straining its exports at two days 
[ oE " high-level " talks due to start 
| in Tokyo tomorrow, 
i The EEC team, led by Sir Roy 
1 Denman, the Commission's 
| director general ' for. external 
[relations, will be asking for 
elucidation- on. which sectors the 
I government plans to control and 

!on how “guidance" to restrain 
exports will be applied: 

Another major topic: to be 
covered at the talks— hut one 
on . which, definite results, may be 
Shard to obtain — involves the 
question of whether.the' Japanese 
trade surplus with Europe has 
I begun to fall since the beginning 
I of this year. Japanese officials are 
: expected to cite dollar and yen- 
i denominated figures indicating 
I that during the first five months 
] of 1978 Japan's exports -to the 
! EEC have been growing much 
I mo res lowly than its.imports. The 
dollar-denominatcd figures sbpw 
| Japanese exports to- . 

I rising by 20 .per cent during the 
! period from;; January to May 
: against a 34’ per cent rise in 
jimports from Europe. In yen 
terms! the figures show an actual: 

I fall (by 0.9 per cent) in-Japanese. 

; exports set against a 10 per cent 
: Increase in imports; . 

■ EEC officials appeared to be 
, taking an extremely cautious 
; attitude to these figures this 
| afternoon. One reason may be 
'that tbe EEC's own figures, 
i denominated in European Units 
i-of Account, show a parallel 
increase of about 20 per cent in 
trade in each direction between 
Japan and the Community during, 
the first quarter of 1978. How- 
ever. the EEC apparently has nb: 
unit of apeount figures for April, 
and May so the possibility 


remains;. that things hare - really' 
started to improve during the 
past two. months. ; .? • 

Tomorrow's <&discu 3 sioos repre- 
sent the. first sigiufickntcoutact 
between Japan ' and the EEC 
since . the two sides completed; 
two months of intensivjj?. negotia- 
tions- With the issue g r - a-'Jengthy- 
joint -communique ;at tbe-fcnd of: 
March';. -.".This , included" a. 

Japanese statement},lo jhe _enect 

that-some-sign- of ^-requetkm ot 

the- Japanese surplus with Europe 
should become visible- by . the 
autumn of this year, it-vras. also 
agreed that the two sides -rShauifS. 

meet^iieriodically- to -monitor 
tren^in.bllateral._ trade, une-.-of, 


the purposes of this week's talks 
has been to conduct the monitor- 
ing. provided, .for' in the com- 
munique.; ■ 

:>Apart from ; 'A? jeview of 
baateral tradde i Telations- EEC- 

: offici als will 'use.tomorrow's talks 

•tp, press Japan- ’for an improve- 
menp ip itx 'tariff offer at the 
multilateral _%6de negotiations 
tMTN). A . senior official this 
afternoon described the existing 
Japanese ■ offfer as disappointing 
and Mid - that while there was 
no * danger ’ of " the: MTN talks 
breaking down -;<& a result the 
limited, nature of- tbe offer would 

reduces the scale _ if the tariff 

set tiwueht 


TUC import warning 


sr-OUR CONSUMER AFFAIRS CORRESfON DBJT, 


THE TUC warned yesterday that 
unless:: the leaders of tbe 
developed nations agreed on some 
war stimulating economic 
gmwftv a'f their meeting Jn- Bonn 
nek i- month.- pressure for wide- 
spread ;;ira port controls would 
increaser 


±rMrJ "pvni Lea,, .assistant 
general '.secretary ;of . 'the TUC 
said' - that this would ’ not be 
welcomed-- by .the unions^ But, 
given the present rate of . un- 
'employment and the “historical 
evidence,” the “ political .con- 
sensus " would undoubtedly move 
towards protectionist measures 
if countries like ''. Japan and 
Germany failed to both stimulate 
their, .economies and . increase 
imports. 

Mr. - Lea was speaking at a 
conference on import controls 
organised bv the Consumers’ 
Association.- The -conference 
mark-fed' the beginning of a 


campaign by the- Association to 
get me 'consumer viewpoint 
heard " in' the ' import control 
debate in much the same way as 
consumers . ' throughout Europe 
.have- forced the EEC to at least 
pay-'. lip service to' the. meeds of 
consumers -in thf^ -farm-. price 
negotiations.- .. v 
r ., Mr. - Christopher Zealley, chair- 
man of CA- salfethat consumers 
had been left out' in' the cold for 
too long while, a " cosy coalition *' 
of industry and-the. -unions had 
been 'left to detemme Britain's 
attitude towards: -import controls. 
- Sfrl. Edmund. DfelL the Trade 
Secretary, -put a;-'damper oh the 
CA's hopes of a major direct role 
in^any- discussions .early-on In the 
Conference. He made it .clear that 
any . coh'cessions^made . between 
countries' in ^negotiations about 
trade wgre always, designed to 
help producers. Consumers, he 
said,, got the;it-esidual. benefit of 
any such concessions. ‘ 1 . 


W. German vehicle exports fall 


most mills estimate that they 
will not be able to cover both 
operating and capital costs as 
long as tbe price for bleached 
sulphate pulp remains “this side 
of S4fK) a tonne." .They .will 
accordingly be looking for a 

further price increase In the ! WEST GERMAN exports of com- Exports last month totalled only 3 per cent up from 16,509 units 
fourth quarter of the year. - • -- r ’ r - - - 

hope 
justified 
stock? 


BY GUY HAWT1N 


■ s'fWi*- 


FRANKFURT, June 21. 



European customers. 


Chinese team 
visit Canada 


By Victor Mackie 

OTTAWA, June 21. 

A PARLIAMENTARY delegation 
from' the National People’s Con- 


gress of the People's • Republic 


of China will visit Canada on 


June 23 as guests of the Cana- 
dian Parliament. The 7-memher 
delation w»ll be led by Chi 
reng-fei, vice-chairman of the 
N.i .-jna! People s Congress. 

During its tour .the delegation 
wM visit MacMillan Bloedel's 
pulp and paper mill in British 
i.i «■ n Imperial Oil 
refinery in Alberta, a wheat-pooi 
and grain handling facilities also 
in Alberta. Massey Ferguson In- 
dustries in Brantford, Ontario, 
and Dofasco, a steel plant in 
Hamilton. Ontario. 

The delegation will also meet 
members of the legislative assem- 
blies of British Columbia. 
Alberta, and Ontario. In Ottawa, 
they will he received by 
Governor-General Jules Lever. 
Prime Minister Piprre Trudeau, 
and by reDrerentatives of the 
Government and official opposi- 
tion. 


Poles may seek 
French ships 


By David White 
; PARIS. June 21. 

FRANCE'S SHIPYARDS, starved 
of orders, are pinning thetr hopes 
j<*n Poland for a package deal 
iwhich may be worth as much as 
FFr 2.5hn (almost £300m). 

A French trade mission is due 
io discuss the orders in Warsaw 
next week. The Poles are 
reported lo bo seeking 18 rnll-on- 
roll-oiT vessels for use or Far! 


units— a full 22 per cent below commercial vehicle sector has ;L237 units, 
the 82.338 units exported in the consitlerabiy depressed the.. -Total production figures for 
comparable period of 1977. motor; - industry's overall export the first five months of the year 

>- an . P ■ VTynr l c .;peTformRT\c*. . Car aifd estate show car and estate vehicle prn- 

S r .w" d . y*hSe te exports themselves ductiop at -1,685,800 units, little 


it S" »?, e , lr *ToSX p amom»5;:^^ a •?». s.« >■«?■“» ??«! 


A wn wn nniR Thic ^P»rod ,Wi th the same month-. 'of of tfafe comparable period of last 

a from ; 164^49 units to year. ' Commercial vehicle output 

Sn 4 fifiR y ri^na^hPH ■ ^'VXSO'JBO .^unlts, • aptf total vehicle during the same pericti, how- 

rniian »Mpmen is amounted to 170.000 ever, dropped 15 per rent from 

fr0m January unIts afeaio$tfhe^l8ti761 bf May, 140.104 unite to 118,600 units, 
to May last year. . ,. \ . - The - VDA says domestic 

Overseas sales of Weat herman Th^ypo^record is to some demand for the industry’s pw 
commercial vehicles "tafted' off degreef’btfset tbe fact that ducts -remains lively. The rela- 
during the course of last year. May, 1978, had fewer work days tive weakness of exports reflects 
and the May -figures, produced than May. 1977. Although over- some weakening of overseas 
by the Verband Der Automobile all car and estate vehicle pro- demand and partly stems front 
Industry (VDA) the liuJustry’s duction amounted to 322.900' limits on the ability of the West 
trade association, give np indica- against 197Ts 330.189. output on .German motor manufacturers to 
tion of an early end to tips trend, a calendar Adjusted basis was delivery. 

i i • - ■ ■ ■ 

Drop in Soviet trade deficit 


BY ROGER BOYES 


THE SOVIET UNION cut its -accounting for 9:088£m -roubles with-fhe We6f js tiie result of a 
trade deficit with.; the ' West com pared; -to 7,938ns roubles in 'drive to - inainteia tight control 
during the first quarter of this the Jamiary-March period '.last over, hard currency purchases 
year compared to.', the . same year. ■ - during - the past; year. Heavy 

period in 1977. according to Significantly, trade with^the debt repayment- committments 
official figures released by the Comecon countries was- aim Ost in were compounded by a disap- 
Soviet journal Foreign Trade. balance during! the first quarter, pointing .grain harvest last year 
The figures show that overall compared to 'au he fty surplus. -last which will necessitate su bstan- 
trade with the West and Janan year. According to a recent Issue tial foreign grain purchases, 
fell by 60.7m roubles (£47 .8ml nf the ' weekly journal Efcono- The Soviet Union’s deficit with 
in the flrat nuarier and that the micheskaya gazeta, Soviet imports the West and Cbniecon during 
deficit dmpned from 1.190 8m from Comecon reflect “the the first quarter, iinff * to' some 
roubles in Januarv-March 1977 deepening, of. specialisation and degree offset by .'an-’ increasing 
to 1.10O9m rnuWes in the same integration in the manufacturing’ surplus with Third World 
period this vear. industry*', within, the East --Euro- countries/ ^ imports from the 

The statistics continue to pean economic: - organisation, developing ^wprm decreased 
reflect last year's .trend away Imports nf--. machinery, ;enginfier-. Slightly. /while ' expeerts rose by 
from trade with the West ing equipment: and .transport im- almost 2C0m roublearv - 
towards increased hijsiness with ports constituted, according: -to . The main Western - trading 
Comecon and the Third World, the journal, the .drain Comecon. partners-;. conthnreT be West 
Cnmemn rmiotries took the lion's sales to Russia. - ■. '.'Gcrinariy; Japan, -the<J:S., France 

share of the overall foreign trade The cut;itr the ■ Soviet deficit . and r Finland. - ^ 


Howard Doris Dutch link 


BY RAY DAFTER, ENERGY CORRESPONDENT 


SCOTTISH oil platform builders, is thought - to -be nearing . a 

Howard Doris are joining forces decision on the development of 

with the Dutch NAPM Interna- its Maureen ' Field. British 

East. Middle East, Mediterranean j tional group in a bid to develop Petroleum is to spend £1.25bn on 

and Northern European routes. \ a nd build new offshore produc- the exploitation, df. Its Magnus 


The vessels involved are Tour 
24.000-tonne ship*, five of 17,500 
tonnes, five of 7.000 tonnes and 


tion structures. Field. Howeverr -within - the oil 

Up to now Howard Doris has IL *£ er ® A? 

specialised in the fabrication or c ha nee t yt apy of ttisitext 


["urVf 3.000 tonnes. A 5wjr ! IU KhtoS ^ ! 


Co-operation 
plan for 
chemical 
companies; 


v: BY SUE CAMERON 

A UK “c'onipaiiy has started 
negotiating large mittiufacturiitg 


banking credit is reported to be 
in preparation to cover the whole 
of ihe deal. 

The prospect of the Polish 


in Ihe North Western iSo£ concrete gravity structures of the i contracts; between various major 
nf type bulir by- Howard' Doris for i^uropein chemical companies. 


base 

lands of Scotland built the 

, biggest in the world. Through its ' J? 0 ** 1 ^ pm 
order comes after a long series . association with NAPM Howard 

of negotiations and follows a hig ‘Doris plans to offer a wider l!!^f 


Polish deal with Britain fo? .he i variety of production UE 

V " WlS n0a '-!NAP M . »n > e utb !L han_d, „„ S^SSSSU 


gravity 

concentrated on constructing and tjv the 

Ian Harsrea\cs adds that British j fabricating steel structures. 

Shipbuilders, the British slale- 


otl industry -and con- 
iraciors. • . . ^ 

, .. . .... As a result or the joint# Star -CandpusV a -diving sup^ 

owned shipbuilrtmg group. w-'iM ! venture, named 'HDN Offshore port vessel 1 - recently convert^ 


: The; - ;: company; .' Obopecchem, 
claims it - is .’ helping to..- cut 
import* to thfc.-UK. and to ; other 
EEC countries while at the same, 
-time stimulating; use -gMhe spare 
capacity 2&- the cheznica'l Industry. 
Cooperchem says thai in the five 
months since it was set up it bus 
negotiated contracts worth £7.5m 


and 4t . has. another 115 -5m worth 
fir the pipeline;' ftt eetitefttes that 


haye- negotiated deals worth .a 
totals f .over £5flra. 


be vending a team to Egypt next l structures, the Kishom site and at a cost of river £3m. b^- 4ts * (S ' & - . 

mon'h in evaluate Egyptian in - 1 NAPM's steel fabrication yard at owners Star ‘fofffthtirg -Services. tno.eaa QX^Uus- year -it will 
tentiorts nf. ordering around 40 1 VlisMngen in Holland will be has been chartered '."by Elf 
careu vessel?. j used jointly in build steel plat- Aquitaine Kd£gfc lo , carry: 0 ut 

Dr. N;r-im Ahu-Talrh. the j form support structures, gravity subsoa worit "■on - the '.Anglo/ 

Egyptian minister nr transport. : platforms. decks and sub- Norvepjajt ■Frigg-jField\ia , the . 
discussed the expansion of the'! assemblies. North Sea/ The contract, diie. to 

Egyptian national fleet with j . Mr. Albert Granville, managing i a *t for..55.*]i*ys* .will^.-Be- iriBHr 

_ . .... — J-.. a. r rv > _ . . on&j) Lai C4n- . If 1 


British Shipbuilders in London ! director of Howard Doris, said .by- Star Subsea Main lea- 
carlier thi^ week. j yesterday that .the- Ki shorn site, ance ... • _ 


This PvnMfiiion horn unrtpr where alnTOR t £30ni-hatf already • CJB' f Offshore) is expected to 
cnn-irierntinrTnr .n invested - wouldbe modified announce shortly that Ms one- 

^ears tell has been fa a nine red hv ■ 0 ensure thal construction of y«r management consultancy 
.-ear*, but has been haniperedhx , ^ and concrete structures ran tract m. -Brazil has; been 

^Iui..J;* 4 i..! couW Proceed in tandem.' The extended for '-'-a further three 
steel fabrication sites at Kfshom year,. : - •- : ‘ 

is to be extended with a large — ; . ■ ’ .■ ■■ . — 

shed and overhead cranes at a 

cost of some £600.000. » Saudi contract for ENI 

Cooper, 


Egypt's fin:mnai 
Finance remain, problematic 
and early completion of negotia- 
tions for the ships -is not 
expected. 

Dr. Abu-Taleli is -interested in 
exploring finance and credir 


With Mr. William vjUUf/ci | • . H . ' 

president of NAPM, Mr. Granville SAlPEHS/ the'-' pipeline laying 


iemi> similar tn those made i announced thal the new company subtidiaiiy oL r thfc, : itelJai|K-|ffa$e jjareu. 17 Mr-Cotmer -mm ‘-‘vet 
■‘ilile xn the FI 15m deal with I was bidding for a platform eon- work emt a way of co- 


Polinct earlier this year Anolher | * ? ut °“ l for lentil by the. rigned a ^gfeT fapia^l^^tbe 
uotPiiiial Rrittsb ‘shiDhuiiders lSheU ' Esso uroiip. developers- of Saudi ;Ari*!«FfiltioMrwrcQiff: 
cusruiner. Mr. heith Wickenden. 


• The., mitchmg'up of' manufac- 
turers and pbrehtfal -buyers 
wtiiin the EEJC : chemical indus- 
try r was;' ihe /.bnuheiuld of Mr. 
Gerald* Cooper, loipner; head of 
an misucceflsfut dye producing 
company; The idea came, to him 
when . he realised that despite 
substantial overcapacity. In. the 
industry, ebemicai imports to 
the^ UfC ln- 1977— excluding oil— 
totalled, about £2.5m. • 


‘‘This major European chemical 
companies tend ..to have spare 
capacity in . different, areas and 
they also tend to -have -a short- 
age of., capacity- • ‘in - • different 


cbuinnan nf European Ferries. 
>;iid 1h.:u an order for up lo six 
rnll-nn roll-nff fenes worth ahnul 
illlbm »'0tiM hi? placed in Britain 
if terni« similar to rhnse offered 
te the Poles were available. 


tbe North Sea Fulmar Field. " 'panir,' ^ Petronun,* for co'fistruetion 

The fonnation of the proup of -i 670km-loag section of tbe 
comes at a time when them is the Trausarabiaji : pipeline-' . 
prospect of several hie platform 
contracts frnin operators 
nil fletris which hav 
declarpii rnmmernal 

For instance, 


way « 

^operating with each other because 
they', are coropetftors. What 
Cooperchem . does'; . is ; act - as a 
matchmaker,- ’v preserving . strict 
(anonymity all;. time s. - .Manu* 


nmrnprrial prej^rts. px^cted to he completed by. the t b€Tw 4«33 them coirie io^ negoti- 
i. the Phil Ups Group summer bf 1880:. z.- ' 


.- '. ir is;-/ s 


¥ 




->■ 





Deafchby boredom can take 

.1 » 


ell xonno* • ■ . i u v 

It can strike you as you grapple vran 
a in a life assurance brochure. 

It can happen as you fight your way 
gh the p olicy jargon* ■ > 

Even a straiightf orward natter with a 
man can be fatal. 

Relief .however, is at hand. 

After 138 years in the business we ve 
ed to make things simple^ 

In plain and enterta imn gEnglish 

j. -snvictra.ted 96 n afire > 


Saiiea oausby — 77 

[t tells you everything yo^. 


should ever have to know about the 
complicated business of life assurance. 

It will be published during July by 
Hutchinsons, and will be available through 
leading booksellers at £1.9 5. ; 

At present we have a limited 
number of advance copies at a special 
pre- publication price of £1.00. It will be 




« *** 


our pleasure to send you one. 

Just send £1.00 (which includes 
packing and postage) together with your 
name and address to Provident Mutual 
(Marketing Department), at the address 
below. In the meantime, if there’s anything 
else we can do to help, call us. 

We won’t call you. 

You’ll find us approachable, friendly, 
and remarkably imstuffy. 

PROVIDER! mUTUnL© 

We talk your language. 




Vyj.1- ii— ,r*t • jv— 


it Mutual T.ifa Assurance Association. * Founded 1840. 25 -31 Moorgate, London EC3K 6BA. Tel: 01-638 3233, 









r jPuiancfal- ^1000© ’ 22J ; XST?^ 


HOME NKWS 


Carphone 



may 




BY JOHN LLOYD 


THE POST OFFICE monopaft 7 
over car phones which link 
directly into the public network 
is about to be broken. 

The companies which market 
mobile radio-telephone services 
expect that they will be able to 
• offer an “ interconnect " system 
by September, and that the 

' market wilt be worth about £10m. 

. , At present, only the Post Office 
offers a service which enables 
' a caller to be connected, via the 
- operator, to a third party. 

The system, known as thq 
.Radiophone, was begun in 1959. 
and has been gradually extended 
throughout much of the U.K. 

Private companies which 
■market mobile communication 
services have been restricted to 
■offering paging or message 
systems, which depend on the 
companies' operators acting as a 
link, passing messages to and fro. 



merger case 



BY DAYID CHURCHILL 


Conditions 


After two years of talks 
between the Post Office and the 
National Association of Radio 
Communications Services, it now 
appears certain that the Post 
Office is willing to breach its 
monopoly, and to offer licences 
to those companies wishing to 
market interconnecting services. 

Two main conditions have been 
specified by the Post Office on 
any future application for 
licences. First, the company 
must make it clear to its clients 
that it offers both message ser- 
vices, and interconnect services, 
to allow him to choose. 

Second, its operators must 
make it clear that the service 
Is a private one, and not run' by 
the Post Office. 

Mr. Raymond Francis, sec- 
retary of the association, said 
yesterday that his members had 
agreed to these conditions, and 
were able to offer a range of ser- 
vices to complement simple 
phnne calls. 

They would be marketing a 
push-button system which enable 
a client to transmit a number of 
prearranged signals indicating 
where he could be contacted 
when he was not available on 
his car phone. 


Applications 


Mr. Francis said that the 
present turnover of the radio 
paging market was about £5m. 
and that it could be expected to 
double " almost overnight " 
with the introduction of the 
interconnect service. 

The Post Office said yesterday 
that it was developing procedure’s 
to handle applications from com 


panies who wished to apply for 


licences to operate interconnect- 
ing mobile phone services. 

It is thought that an announce- 
ment on the service will be made 
in about two weeks. 

The Post Office’s movement 
away from total monopoly in this 
area comes at a time when sus- 
tained pressure is being exerted 
on it to liberalise its control over 
privately-marketed equipment 

Besides the small companies 
which make up the association, 
maj or c ompanies such as IBM 
and llT have said that liberalis- 
ing the monopoly would increase 
growth in the subscribers’ appa- 
ratus market. 


DIRECTORS OF the Hastings Ing society, wife assets of about operations rather than in direct 
and Thanet Building Society £1.2bn. competition. 

were criticised yesterday at a The Chief Registrar's approval Mr. Twymari, however, accused 
special meeting called by the is necessary under the Building the societies of “empir&buiiding' 
Chief Registrar of Friendly Societies Acts because the socie- rather than acting in “ e 
Societies to approve the society's ties do not have formal permis interests of .members, 
merger wish -the Anglia Building sion in writing from at l® 351 * ..“ e cri “ Clse d’the' way in whicn 

Sacietv. thirds of their 'members. merger announcement ana 

Mr. Paul Twyman, a civil ser- But. ballots of both - societi^ ^t ^accura te^Sonna 
vant. claimed that- the societies members overwhelmingly backed given to me mhersl 
bad not put forward- a convinc- the merger, altho^h - only a National Union of Bank 

ita. case for a merger. ^1 proporfon of those ehgtble Hasdngs 

• He told yesterday’s hearing * members also lodged objections 

th-at the directors had acted rnmnlementflrv ' 1° * e mergfir at ye sterdairs 

“kVith indecent baste”. to push v^OinpieuHJlliary hearing. 

the merger through.' The societies' case for the ' If the Chief Registrar gives his 

“VEhev are s ©doing to bounce “erger was put by Mr. John approval to the merger, the 

the membership -into making a Mms > QC - The raain re 35011 was ob J e £t ors ®F e expected to try 

making a tQ enable ttfl Wo mid£lle _ rankin g get his ruling reversed through 

”1. ' , .. . societies to make significant pro- the courts. 

The “ earl “f i 0 !^ 71 . gress and become one of the A decision against the merger 

unlil today Chief Regas- large societies, with consequent by the Chief - Registrar would 

trar, Mr* Keun uraaing. benefits for members and staff, have serious repercussions for 

The proposed; merger would He said that the two societies both societies and the movement 
(create the ; seventh largest build- were complementary in their as a whole. 


'Shipping 
motorway’ 
urged 
by Trinity 
House 


Construction output 6 will 
revive this year 5 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


■ BRITAIN WILL join West Ger- increase and the UK another 2 in large Investment programmes, 
many aod the Netherlands in per cent Mr. Reg Freeson, Minister for 

-having a revival- id construction While an increase in output of Housing and Construction, told 
.output this year and next year, a slightly less than 3 per cent Is the conference, organised by the 
iLondon conference was told yes- also expected this year in Italy, UK members of Eurocon struct — 
terday. the trend is expected to be the National Economic Develop- 

Tbe first conference of the reversed next year with a fall of ment Office and James Capel 
European Construction Forecast- more than 4 per cent. Research — that there was now 

ing Group to be held in the UK Ln .. Belgium, Denmark ' and fairly general agreement that 
heard that some nations within France the outlook is for continu- construction output in this coun- 
the EEC could now expect an im- ing reductions ip workload over try would grow ibis year and 
provement in outlook after the the two-year period. next, perhaps faster : ..than the 

construction recession which A common feature of the fore- economy as a whole, 
affected the entire Community. ca sts is the expectation of growth Latest Bepartment' of Environ- 
Esti males suggest that total in repairs and maintenance ment figures show that orders 
construction output this year will work. for new UK construction in April 

rise by 4 per cent in 'West Ger- In the public sector, the growth were worth £769m at current 
many. 6 per cent in Holland and rate is generally expected to be prices, compared with £Sllm in. 
by 2 per cent in Britain. weak, except in West Germany, March. Orders in -the three 

Next year. West Germany will where a Strong rise in output months February-April were, 
see a further 3 per cent rise while is forecast, and in France where however, 12 per cent up on a 
Holland expects a 4 per cent public corporations are engaged year eariier. 


Pub depreciations opposed 


BY KENNETH GOODING 


A GROUP of finance executives Implementation of the account- three of the major companies and 
from the brewing industry is to ing standard could be significant a smaller one is that they would 
suggest to the Accountin'* Stan- A recent estimate from stock- not be In breach .of the acco unt- 
il a rds Committee that “nublir brokers Laing and Cruickshaflk ing standard if pubs were not 
dards Committee that public- suggested that depreciation of depreciated because the standard 

house freeholds should not be pubs could knock between 4 and insists only that depreciation be 
depreciated 1 under the terms of 9 per cent from the profits of provided “on depreciating 
the recently, issued accounting the major brewers.- . — ..assets.!' . . . . . — - 

standard SSAP 12. In the case of the two biggest The brewers will point out 

&s nrecent. none of the brew companies. Allied Breweries and that the result of depreciating 

Bass Charrington. the charge pubs would be a Charge against 
ing companies depreciates free- would be £4.1m and £5.5m respec- revenue followed every few years 
hold buildings In the licensed tively. by an. addition to -capital reserves 

estate in the belief that pubs The claim to be .made by the when the properties were ’ re- 
have an infinite life. brewing representatives from valued on an economic basis. 


Pay rises ‘should not top 8%’ 


BY DAVID FREUD 


THE AVERAGE increase in pay Street that lower pay guidelines managers, during previous 
in the next round should be should be accepted in stage four phases bf pay policy, 
kept below 8 per cent, the British in order to reduce inflation. P erp k Ezra, chairman of 


Institute of Management told Mr.- However, there should be scope 


institute, told the Chancellor: 


Denis Healey. Chancellor, last for merit awards and an oppor- “This would appear lo be the 

night. tunity Tor dealing with anomalies only effective way of having toe 

The institute’s leaders said at which have arisen, particularly flexibility in the next phase for 

a working dinner at II Downing among middle and senior dealing with management." 


By Ian Hargreaves, Shipping 
Correspondent 

TRINITY : HOUSE, toe light- 
house and pilotage authority, 
wants to see toe British Isles 
circled by a two-way “ motor- 
way” for ships in order to cut 
the number of collisions and 
reduce the risk. of pollution. 

Captain Miles Wingate, deputy 
master of Trinity House, said 
the recent experience whereby 
traffic separation schemes were 
being altered piecemeal in res- 
ponse to particular incidents was 
unsatisfactory and unlikelv 
reduce risks. 

The authority already has 
before the Government a radical 
plan to overhaul shipping lanes 
in the English Channel and 
Captain Wingate said that the 
simple principle involved in 
this scheme should be applied 
more widely. 

“We are aware of the prob- 
lems and the objections, but we 
believe that this has to come. ,r 

At present ships around most 
of toe British coast are granted 
a high degree of freedom of 
movement and there are many 
areas where no traffic separa- 
tion schemes exist 
The recent collision involving 
the Greek tanker Eleni V off the 
Suffolk coast took place outside 
any traffic control scheme. 

The Trinity House principle 
is to provide wide, continuous 
two-way lanes with recommended 
points for crossing traffic and 
ships joining the scheme. 

Captain Wingate said that toe 
coastal plan was a long-term mat- 
ter. but would, he believed, be 
possible within toe next 10 years. 


Tanker tug 
captain will 
give evidence 


By Paul Tajrlor. Industrial Staff ' 

THE MASTER of toe German 
tug which went to the assistance 
of the Amoco Cadiz as it drifted 
helpless towards the French 
coast has agreed to give 
evidence before toe Liberian 
Board of Inquiry in London on 
Monday. 

Captain Hartmut Weinert, 
master of the Bugsier tug Pacific, 
is expected to face some tough 
questioning following evidence 
given to the Board by Captain 
Pasquale Bardari. master of the 
Amoco Cadiz. 

The tug master is likely to be 
asked to give his version of the 
dispute between. the.. two men 
over the form of towing or sal- 
vage contract and explain the 
lengthy delays in fixing lines to 
the tanker and beginning the 
tow. 

The decision of Captain 
Weinert to appear before toe 
Board was announced yesterday 
by Mr. Jervis Kay, counsel for 
Bugsier. 

Continuing his evidence yes- 
terday Captain Bardari admitted 
that it w.as not until 11.18 p.m: 
more than two hours after the 
Amoco Cadiz grounded on the 
Brittany coast on March 16. that 
a general distress call was suc- 
cessfully broadcast. 

This was the first news of the 
disaster and it came six hours 
after Lands 'End Radio had 
specifically asked Captain 
Bardari for permission to notify 
Lloyds of the vessel’s difficulties. 
This request was refused. 


Port authorities 



BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

BRITAIN'S ports showed an. Coast and Welsh ternri^als. The 
aggregate surplus last year of cotmcii'says tb$t bylOoU.Brltisn 


m m, according to preliminary ports! petroleum tramc^craur ue 
estimates from toe National Ports between 75m and 150m -it “22! 
Council. greater than In. JgKJutaj 

The council's anmual report, oil ports in 
published yesterday, . shows a. arid Orkneys hantotofi, -betvre^n 
record net surplus of £39m f 0^:25; ahjft 40~ per • centrof.- fee- extra 
1976 and says that the final'. 1 traffic.: ... 

figures for 1977 are expected; to 1985, the -coracil SttggM^ 

. . ■ •_ mi i._ « -fnTfhpr increase^ 


return on capital 
cent compared with 
in 1975. The return for 1977 is“ 
estimated at 10.3 per cent 


Total port traffic at about-336m' S?* - t 
-i j >30. per cent 


p? continued 

*.year and by ■ 

- increased its share to xnoie;toan 


-~7 lasfyear and by - -'satys -:that in 




compared with 1976. but there jiSstered last year was at then 
was a big switch in toe pattern, J5L- on Forth, which almost 1 

of fuel movements. •• --.-doubled traffic to 25m tonnes* 

Fuel imports fell by 20 per - w a t the port of Dover, where 
cent, but this was largely offseUfraffic ’’’was up from 4m tn_4Bm 
by increased coastal: moVemenfk^tdpnes. - 

and exports resulting from' Tbfrre were sharp declines'. it 
creasing production in •. : the /Swansea, Newport, Milford. 
North Sea. 'Haven' and LiverpooL*! • 

East Coast ports . have “iefpG r -Afmtwii Corn.mdn- 

benefited from this change House, 1*9 Nem Oxford 

mainly at the expense 1 of Soutl# jStseet, London WG2A IDZ. 75p~ 


Benn urg# stronger 
State-consumer link 


BY ROY HODSON 


A NEW structure for the. ;-ParB amentary session, . . . . 
nationalised. industries, DavJd PenhAligon, MEP.for 

strengthen their ; links wito^^nro and Liberal energy. spokes- 
Parliament and consumers, wm iasri; . previously told' the. corn- 

urged by Mr. Anthony Wedgwqbd/uiittee he had beent given only 

Benn, Energy Secretary, yester-.'4S: hours by Mr. Benn to study 
day. . ^ftte. cootents of the - Bill. C - 

Mr. Benn put forward his pro^'-vMr. Edwin Watowright, J select 
posals in evidence to a meetinfr-Vm mfn chairman 'and Labour, 
of the all-party Commons Select/Mp,f or Dearne Valley, foiaCMr: 
Committee inquiring into the-^eam “I think you- ought to 
electricity supply industry. -!>^eafise it would be wiser to have 
' Mr. Benn, making his second^^biuniltations even though, there 
appearance before the committee: is: no chance of the people con* 
as a witness within a matter ,6t • denied accepting yoor. Ideas.” :/ 
weeks, spent nearly two houra>-;.Mr. Benn said he was being 
defending himself against th&?accused at one and.the same. -time 
charges of other witnesses:— of- having too much consultation 
O That he had not adequately $nd .too little consultation. / 
consulted either the electricity '^ His intentions to .hring abbntj 
nnions or toe industry’s manage^ feiker relations between -the 1 
ment about the contents of toe' ®»ctricity supply ihdhstry. 'and 
Government’s Electricity Bill;:/, ,- ;3*&t<ament and consumers; were 
O That he was proposing pow^rmrite dear, he claimed- - ■ “ . 
to manufacture for toe indus^^jThev had been dealf - .with 
which would be damaging the framework ,'of. the 

existing electrical industry; 1 : w y iMticnal energy ' strategy as if 
• That he was attempting » lad been developed during' toe 
increase the Secretary of Stat^?''i®styVear. ;i: 
influence by proposed powers for best ; wajf to weaken, links 
the -direction of the indugtry an tfrRgtwteen : lhV fcleqtrfclty^ supply 1 
the making qf appomtmerits: mdiistty, smd Parliament arid the' 
Liberal Parliamentary Party people, would be “to tom .the 
opposition to the contents' of the whole lot over to toe new Elec- 
proposed Bill killed chances tricity .Corporation after it is set 
of becoming law in the present up."' . 


Singei/ will ariiounce scheme 



-By Odr^Qy^&rresporidnit 

.fcNNA^ CSARRp^ rin water- 
ways opefatw by the British 
Waterway*; Board iell T>y more 
toan 11 per ^bent to '55in tonnes 
;iabt year# triainly ■ because- of - a 
dectine v tri.- movements - of coal 
products. - 1 : '• / _ .. •; 1 7" 

Board's 
increased 

measured 

in .'tonnekilometreSj 1 reflecting a 

'beJBoard , s «rinual report, pub- 

■mJxJ I 1 f -MTW ■- Ml qf W ' 


spite of this setback to theTecent 
pattern ix£ growth. in. ..freight 
volumes on the .-Waterways, the 
prospects -for fhe futore remain 
encouraging 1 .because, .top' water- 
ways 1 energy 4 efficiency, will make 
them' 1 increasingly .competitive. 1 

The .report, makes it dear that 
the Board's fight 1 .: Jo ^et more 
money .from- toe Government for 
investment arid arrears xri main- 
tenance wilL. continue/ 
L-.T&e^Sni'piioEnised earlier this 
year * for malnteriance^ has not 
been paid -because - of n dispute 
with: the Government oyer the 
way it will be used.- 
The -report: Calls for : a -' Govern- 
ment scheme similar- : to that 
available- -lot' railways . whereby 
facilities- for..' private;- freight 
transfer- -points, are : grant ^aided. 

-.-Tbeceriti^'flnancld;PFoblem 

- "at . in 

1974 : prices last ■ year. 7 
Last - year’s: loss 1 \^as JE12.4m, 
inore 1 worse; than the 

previous" year.’/ JThls- 'tfefldt . is 
covered by.:.'(3Qyenuiient. jnrants. 
Turnover ■ of - -toe: • BoardV.prin- 
eipal 'activities -was £10.7m, :coni- 
pared with £9-9in in 1976. 

^ Use':. ot:-the: waterways .for 
holidays continues: to flourish, 
with a - 6 per-icem ■. increase last 
year.in.the ririmher of hire boats. 

- British : Waterways 7 Board: 
Annual Report. SO m £lJ&. 




Cost of roadb 


rises 


TOE OFFICIAL average cost of 
a fatal -road accident in. Britain 
last .year Was £64,600, Transport 
Under-Secretary . 1 Mr. . John 
Horaxnsaid yesterday ln a Com- 
mons written reply. 

He. .told MPs toe estimation of 
the . average cost of --.a fatal 
road"- accident rose Jby.' £8,700! 
following the; recommendations 1 
of the Leith Committee, report 
COMenting V'.toe, / valuation of 
accidents.;.. . 1 • , 

The total . estimated cost of 
all- road -accidents in' Great 
Britain last .year amounted to 
£1 ,290m — an increase . of £120m 
following toe recommendations. 


•w. • 


for Clydebank plant today 


BY CHRISTOPHER DUNN 



ort fuels resistance to nationalisation 


UK's Gross with serious tracts on toe 


YESTERDAY’S attempt to spell other, the construction industry cuts in public expenditure, the eighth of the 
out the cost and re precisions of has decided to take no chances. construction sector is dam aging Ly Domestic Product. ; insidious threat to free enter- 

the Labour Party proposals for It is aware that within the next fragmented, unstable, inefficient Plans include toe creation or prise contained within the pro- 

reorganisation and public owner- few weeks the final format of the and an insecure employer. expansion of several central posals. 

ship within the construction party's election manifesto will be Labour MPs have gone as far institutions, including a national Campaign leaders yesterday 

industry provides toe most drawn up and that there will be as to describe conditions wir 1 - 5- * '* - 

powerful ammunition yet far the considerable pressure for the the industry as tantamount 

anti-nationalisation lobby. construction .sector proposals to anarchy and claim its problems one or.more major contractors 3,’ intelligence Unit report repre- 

The independent report from be included. are reflected in inflated costs, a building materials corporation rented an independent assess- 

The Economist Intelligence Unit ~ .... 


substantially undermines many 
arguments put forward in what 
has become known in the 
industry as The Little Brown 
Book and which represents the 
party’s predominantly Left-wing 
inspired policy on construction. 

The critical dismissal of many 
of the policy document's argu- 


NEWS ANALYSIS 


CONSTRUCTION INDUSTRY 


for a stronger network of local- 
authority direct-labour opera- 
tions. . ;■ 

rrH. an f 1 ^ C ‘^„ in f viraBly BY MICHAEL CASSELL, BUI LDINGCORRES PON DENT s^to^^Ilef^a^^iSS 
will be used unsparingly in a •* * there are more than JW.oSo 

individual contracting 


to embrace several proriunerft ment of the proposals, although 
materials producers: afld "a they were clearly delighted that 
public procurement agency to the findings provided the 
co-ordinate letting of public- indictment they had been 
sector construction contracts, j seeking. 

In addition, the proposal? cy II Apart from producing a large 


campaign to thwart what con- 
struction industry leaders see as 
a deliberately low-key attempt to 
spread state control into another 


panies there is mi 

The ^Ca mpa ign Against i .Build- ^te^roiects andgreat fh^n mlgh^Tp^ r ° n f ° F 

The industry, it says. 


important sector of the economy, ing Industry Nationalisation public dissatisfaction with toe 
The document, officially en- believes it has only a short time quality of work. 


".I* en- relieves h xuia u.uy a soon ume quaiLiy ui wui*. f , i 

titled Buildmg Britain’s Future, io alert everyone to ‘‘’the According to the authors of ^ 1 specialist sfictofl 
was overwhelmingly endorsed by doctrinal and astronomically the document, who include Mr. W1 “ l . n w mcb companies conlpg 6 
the Labour ^Party’s annual con- expensive threat" posed by the 'Eric Heffer_and Mr. Anthony j^i- m 1S r u°™ 


ference last October and although public-ownership plans, * Wedgwood Benn, the answer P UB { 1C enterprise to challenge 

ministers have gone to great The proposals are based on the must lie in at least a degree of P 0 ^ 1- " 

lengths to detail the difference belief that, apart from the short- public ownership for an industry ppft . rter f. 01 

between party and government term difficulties of low workloads, that directly or . indirectly J?™ 1 “P 1 J al, 95* I !S 

policy and to emphasise that one which, the party accepts, have employs nearly 2m people and w, th-. tte 

does not necessarily follow toe been caused in pan by excessive -which contributes nearly sarae unoortance as nian= tnr a 



How the construction indus- 
try sees nationalisation. 


FORWARD TRUST LIMITED -BANKERS 

DEPOSIT RATES 


Depositors ’are advised that with effect from 22 June 1978, the 
following rates of interest will apply: 


NOTICE OF WITHDRAWAL 

(DEPOSITS OF.£l-£2 5,000) 

7 days 

7%* 

1 month 

Si% 

3 months 

9% 

6 months 

n% 

12 months 

10% 


•Applies to existing deposits only. New deposits at seven days' notice are not 
accepted. 


©PanswiSfrsist 


For further information apply to; 

Forward Trust Limited, Deposits Department, PO Box 362 , 12 Caltoorpe Road 
Birmingham B15 1QZ - Telephone: 021-454 6141 
Forward Tnist is a subsidiary of Midland Bank Limited 


an same importance as plans for a 
public procurement agency- or 

for a decastizlisation scheme and bill for the proposals, the 
that part state-ownership was report attacks vital elements of 
all anyone had in mind have not the policy document, question- 
served to placate the industry- l n S toe value of decasuaiiaation 
The campaign, representing plans, suggesting that a public 
the combined and not uninfluen- procurement agency would not 
tial might of the National stabilise workloads and saying 
Federation of Buildin" Trails of competitive 

Employers and the Federation of tendering in an attempt to cut 
Civil Engineering Employers, wasteful practices would ultl- 
dismisses accusations that it has lately be even more costly, 
taken extreme - measures to For good measure, it also 
counter the Labour Party plans, challenges Labour Party claims 
It says no effort or expense on suc ^ matters as. the industry's 
should be spared In “ waking up productivity and its record on 
Britain” to the dangers con- costs, training and safety, 
tained within toe Little Brown In the words qf Sir Maurice 
Book. Laing, . chairman, of toe 

The campaign leaders have campaign, who has said he wlU 
been disturbed by the results, of resign from the company that 
a survey conducted on its behalf- carries his name if the proposals 
that showed that only 13 per go through: "The proposals 
cent of the general public know should be withdrawn so that a 
anything about the Labour major re-assessment can be 
Party's intentions hut that 85 made by the Labour Party of 
per cent oppose nationalisation the recommendations of its 
of construction. national executive committee." ■ 

Their answer to what they see It may take some convincing 
as an appalling case of public before Mr. Heffer and his 
apathy is a national campaign colleagues accept that particular 
combining give-away balloons piece of advice. 


SENIOR OFFICIALS from has come' under severe pressure machines' ’ developing , and 

Singer, the U.S. multinational to- in its traditional markets froiri mature; 
day, will disclose new plans for the Japanese -' . • It intends to .iell high-volume 

the company's sewing machine About 15 years ago Singer low-technology machines to 
plant at Clydebank, near tried unsuccessfully to rover- areas such as Latin America, 
Glasgow, to the 4,800 workers. come Its dependance on a- single.-. Africa and Asia. 

The plans, drawn up in the past ageing product, the sewing In.: mature markets* such as 
six months as part of a world- machine, by buying its wdy- put . the U.S., Japan, Europe, and 
wide review of Singer’s future °f trouble.. It succeeded only in. Canada, it is selling-: electronic 
manufacturing needs, were dis- acquiring . some dubious com- sewing - -macbfa'wy-' "fay i ng to • 
cussed yesterday with Mr. Bruce panies and building a mountain, capitalise- on: its -technological 
Mil Ian, Secretary of State for of debts.. . lead over the Japanese. 

Scotland. After .the appointment of a\ Without .a doubt, electronics 

Singer’s careful approach new. chief executive, Mr.~ Joe.is. toe key to ■•toe future of " 
reflects the historic importance Flavin,. aT three-legged divisional sewing " Mr. Ed Keehn, head of 
of Clydebank to fee company, structure has been devised, cak- SingerV- European sewing 
Established in 1884* .the factory ia S in . “sewing machines, ; con: machine side, said in this year’s 
accounts for about a fifths by suracr products, arid go venxment annual report. V 
volume', of the company's world work : for . example, aero- New models , have been -intro- 
sewing machine sales. space, ; - v \ ■* . duced, supported by a big 

About four fifths of production Subsidiaries that fail to fit in mgri cetiag ca m pai gn, and the 
from Clydebank, which is highly with the-TriaiLhave been sold seems to be paying off. 

integrated, are exported and the reduce'-twetripwlngs. .. .The plan Sales,, in the tJ.S. of . electronic 
U.S. Is an important market has -befitfKso- -successful that ™4chlnesriwe^ ^ last yeaj* hy half. - 

•srtMtfsis 

that followed **= mnva The Mmiunv's. newintr m»K. . ^ w.wyaeoanK fits into that 


its move in . The company’s, .sewing ma«*i br “7 

tha umrlrrnrmi Ln e Sfraf^ffV. bS.H ilMn lYimnli. .... . tHlU Decome 



McFadyen, work’s convener of the Industries; Janonus^ Ryccar and . 

tt_; i ci : Tni™. - j__-- v>iyueo&nK- t(v . -- macuf actunng 


Amalgamated Union of Engineer- Tokyo, Juki,- reached a dominant' eiecrenriiiT 
ing Workers, threatened to strike. . position ifethe Japanese domes - 1 Bbite °of 661 aS - 

They accused "Singer of starv- tlc mark^^bout--.lO.. years ago, wortrpre Pressure . from, the .. 
ing Clydebank of capital. . The then-^imo-^rtS; -, 

'CSSfiSSSiJSr-.?!S&J^ ** ■«. producing . 


factory has been making losses Out . _ 

S'iuT^' 


" The precise nature of the pUn 

is no, get clear._ But., they are "S&lugerS afto deterinihed 

SeCD ? r " t0 - emj3i3 ite contintring corn- 


bound to reflect Singer's special .Institii 

difficulties in the past few years ties, thiF$roan«e barifc , . - -• v ^ w M 

as it has tried to reorganise it- Slnger^reaction to 

se ff- Sion bs Wn to dfiiriflA t+io *--^.--7 WaallS lQ pul] the Scottish 


A, the same .me. the company = 




Hirsch high puces reflect# 


UNEXPECTEDLY high prices at Watteau on a shttflo- sheet' anft ntJu ■ > 

Snthphv'fl vnn TTir«/*1i calo thic a t l,.._ *•• . Pj^fl SQU3TC* JTISt short of 


Sothebys von Hirsch sale this an American private collector *2? 811011 ^ 
week seem to have infected. £12,000 for a Tiepolo peuand ink So Realised , 

buyers in the other auctions. of Christ healing thSan wife- S?/°° r ^ iri Christie’s 
Immediately after selling all palsy. .. . ^ 5aie of. English- and. foreign - 

the 27 von Hirsch Old Masters Kornfeld invested. £10,500 in V 

for more than £L5m yesterday, a view of toe Church of the '^aH p€r ceot Pr«nium-is paid , 1 


SALEROOM 


Sotheby’s disposed of eight more 
Old Master paintings mainly 
Italian of . the X4th-16th 
centuries, for £181,500. One was 
bought in. 

Francis, the London dealer, 

■gave £36.000— well above esti- 
mate — for a Madonna and Child 

Enthroned by Paolo Veneziano, —J— 

while another Modowna, by the . 

Master of the - Orcagnesque ^^ri, 1 Venice; 
Miserlcordia, realised £28,CHM. Carlevarij^..;' 
Hewett bought a Madonna and * ' 


BY ANTONY tHPRNCROFT 


by 


^ The., candlesticks 

earned the arms of Seymour, 
and Popham; - - • - 

Dated 1674, and- wife - the 
makers mark .HB with -crescent 
POilets - below, . : they were 
ooughi- by .How, of Edinburgh, 
toe London . dealer. . • The sale 
made .£184710.-; 

Other high pHce.i^ts^biclrided - 

Luca \ George :iy ; tab^e service* .toe 
shaped stems- chased , wife .shells 


At Scttfa ebys Belgravia Contt- «sties by-PaUI . Storri lSSO, : 

tnf ■_ * . ' __ 11 . %- jmq _ • . ■'-r.L— * . ■ «_ j ■+% 


& 


Child with, Saints, by Andrea dl Ocntal ■ -tfunuthre' ■ realised - ^4*^ additto nat- 'pfeir^- -by ft 
Nlccolo for £26,000 .while a 4235,120.' -A ^et of three Louis XV Ada ®s or .G^^riett of^ ^1847. ^It 
Dutch dealer paid the same sum bronze urns i^ covers'of; around y 33 bought -ter 1 > toe 

for a Madonna and Christ with ISfls -solid 1 for £11,(W6 and a- pair ,i-«ouddn'~deajer : ‘"i-.y v-v-'-.y ■ - •• 

Angels by Sano de Pietro. . of bronze centaurs' by J. de Luca ' ; H °W- paid "fT^OO- fdr -i.Queen'.' : - 
The afternon session of Old Notched 1 £10,500 to Spyer. . Aiine ,plato* (fircalar basin., by '• 

gSSS» drlWIn,8 ,0Kl,,ed v A We ormuln hunting uhu - 

Catlleiiz, a French dealer, paid lor 01 / ^ ul4 ISSO aold £7.00a.-f^r^^^r*e- 

drawftfgs ^ ‘ Fmtr wtfeand,^ on 


£24,000 


two 








nil* 




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, fit 


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7 


= .,<? T lrfarn piaT /Tim es fhursdai Juries 22 1978 



I10MK \K\YS 


over 


prices 


BY ROY HODSON 



reduce jobs 


- BY J<|HN EUJOTT. INDUSTRIAL EDITOR 

THE bONFEDER AT I O N 
British Industry estimated 
night tS&t a' ; redaction in 


cut from 


UK machine 
tool to 
be made in 
Texas under 
licence 




Leyland Vehicles 
may link with 
European companies 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


of believe they have his support for has estimated that a 

last iheir views, but realise ho may 40 hours to 3S across in dustr' „ _ i 

night Uttt a • reancuon m the be deflected into a trade-off with would add 3 per cent to labour , By David Fishlock. Science Editor , 

srandan&working. week from 40 union leaders on the issue dur- costs. The confederation esu- 

hours 10*38 would cut employ- i„ a talks on pav rules fur the mates that in the engineering, , BRITISH-DESIGNED el* 1 '*; 

nient atross the eolinrry bv next round ' industry it might be 6 per ' cent- tro nie niacliine tool, used in the. 

~ .... - fo r a cut to 38 hours, or 15 per] )a anufai.iurc of microprocessors' 

Our nienibership feels sn -»»hitlnns i a ir. ho iho most < 


A --WARNING that the inter- 
national steel stockholding in- l 
. d us try could collapse If the pric- ! 
ing scheme was not agreed and I 
adhered to was made yesterday [ 
by Mr. H.. El Samson, a leading 
British stockholder.; 

He was speaking to delegates 
at the- international steel, stock- 
holders' association, . . which, is 
holding its annual assembly in 
London. 

The 'steel -stockholding indus- 
try had problems. Too much , 
steel was chasing too few orders i 
resulting lit falling volume and 
'much- reduced trading margins. 
Costs were rising and some 
stockholders were finding profits 
reduced to nothing. Others were 
making losses. . 

“In the last few months we 
have beard a lot about the 
Davignon plan [the EEC plan 
for stabilising steeL trading 1. It 
is vital that a pricing scheme 
is found and adhered to other- 
wise the end will be disaster for 
the industry-” 

Steel service centres every- _ 
-where should co-operate with! 
each other and with the mills 
to have an orderly pricing 
system so that all could return 
to reasonable profit in the com- 
ing year. 

Profits were vital to enable 
holders to re-build stocks and 
make necessary machinery re- 
placements. “ If we do not, the 
house will collapse.*’ 


under 

merit announced yesterday. 

A join! development of LiKotr 
Engineering of Horsham and the 
Harwell Laboratory of the UK 
Atomic Energy Authority. _ the 
machine mass produces micro- 
miniature electronic circuits. 

Its technique, known as ion 
implantation — in which a beam 


the 

100000 • .? ■ ‘ ,, „ JOr a CUT IO oo IIU-US. wi I'" nasuiuKu-'uii- ui iniirup.M«™.-i 

Thai view .which coniradiits 0l, . r m er.i bersh i p fee Is so t-enl t rac ip union ambitions j ^ claimed lo be the mod | 
trade unibb claim* that a s-horter «™ n S*y that ifsn> ^ Tor a 35-hour week were met. j advanced production tool of its; 

working week would create jobs, f' d i" 'w*!? ha v e S dissoSe o u r- Industrialists are also sceptical; kind, is io be manufactured in 

was issu?I after -industrial ists Mrlohnffieen- about the prospect of the costs; the U S. under ;« licence afiree- 

altcnding| the: ^nfederaion x from it . Mr --'ohn f.ieen bein „ offsel by productivity | 

monthly louncd meeting had bniough. president M tne dp especially where hours 

given warnings about the impact confederation, sjid bbl n work are set in national 

S5 a "fln hoiin would have That would mean C0 ?J* ^ industrywide rather than com- 
on costs and international com- fc h _ JJJ pany. negotiations. Nor do they 

petitivenetf. .; members resist hours claims ana ^ jjcvo ^ut a shofter working 

They adefed that the confedera- so sour the week would create more jobs, but 

tiori would^ecomfnend its n ic in - a l it wo u Id o f ,n ^n ® estimate that it could cut em- 

^'prKKifVB !«> » 1M ' 000 

GoverameM WUt, P^r on lhe Copied in ne s oll«- , 

nert phase g P.«y P0Ht> supports Hons primarilv the Government to drop its 

"^ufSlod-W.ltal. d,. JSBTSS uTlmSltaU^i «un»l ^ .f,W gyUg. 

cussed Se matter With Mr. Denis of a cut in hours for unit costs again. si five 

Healey Chancellor of the Ex- and industrial competitiveness. «trrent pay round finishes 
chequer, otf Tuesday. They The Department of Employment weeks. 


IUVJJICUL UJ »w,wv i . . 

cunrederation , S also about 

precise pal terns — is expected to 
be used in the most advanced 
integrated circuit factories, such 
as the one ibe Government plans 


HOME CONTRACTS 

£3m Post Office orders for GEC 

“JB&fSESK "-i s ss HiwsiS * 

equipment order? Trom the Post two Leve j g® processors with * 

J?®“ ■S'SbiSfSunk e im? ’ and '** words *££!& Star Canopus, the diving support 

milting 2p«t 30-channel borage processors. ® vessel owned and operated by Mar 

function PoS ^rouipment. lele- »*'Pe processor, unit record pro Offsihore Svmces. has been 
?- UnC Lt,° a onifinmnnt V and dnla cesc,or and console, three ma„ c j iarleret i bv Elf Aquitaine Norac 
SSL. eqUP V- netic tape units, card reader and S™ E r “ oul sl i bBea work on, 

mouems.. , inc pr j n ter. T | ie pries Field. The vessel will 

A coniract !, J ™ i «' «»»; ! 

iI$§§S?i ms***** 


to finance. 

Lin tor L which has spent an 
estimated £500.000 developing 
the technology from Harwell’s 
original ideas, has negotiated a 
cross-licensing agreement with 
the Austin. Texas, company 
Accelerators. 

Accelerators will have exclusive 
rights to sell, service and manu- 
facture the UK technology in the 
U.S. and Canada, and Linton will 
have reciprocal rights in Europe. ! 

The industry Department hasi 
backed ihe development withj 
loans of almost E300.000 from its j 
pre-prnduciion order scheme to ! 
enable Linintt lo tool up for pro-; 
duction ahead of firm orders. 


LEYLAND VEHICLES, 

formerly ibe group's bus and 
truck division, is holding talks 
with European maimfactnrers 
about collaboration in compon- 
ents production and possible 
joint ventures. 

The talks centre on areas 
where European manufacturers 
can co-operate lo make use of 
-common components. 

The aim is U> keep Leyland 
in the forefront or new tech- 
nology. Given Investment con- 
straints on the State-owned 
company, pooling resources is 
logical. , „ 

Levland pointed out last 
night that talks were still at 
the exploratory stage. 

Thev form part of a drive to 
re-establish Ihe commercial 
vehicles side of Leyland after 
several years of decline. 

The UK market share has 
slipped this year by about 
three points to just over 20 
per cent- Five years ago, 
Leyland claimed market 
leadership with about 30 per 
cent. 

Talks under way with shop 
stewards representing the 


nearly 30.000 workers on how 
to raise productivity are seen 
as the first step towards 
recovery for the company. 


to obtain 


BY MICHAEL BLANDEN 


, A NEW guide to businesi 
Re-iuniplng ihp model range i fi nanct . 1S beinq sent directly «« 
' — — — 1 Th;in so.tiOO small am. 


and rationalising production i 
are also being examined. 

Mr. Michael Edwardes. BL 
chairman, lias warned the 
company that there is_ a 
parallel with car operations 
and lhal once markei share 
has been lost, it will be diffi- 
cult to recover. 

Productivity had fallen _ io 
an unacceptable level, leaving 
Leyland vulnerable to over- 
seas cumpetitor*. he sa'd- L 

Levland Vehicles, like ihe 
car company, says ihr‘ the de- 
cline in market performance 
must he aliributed to failure 
to achieve output targets, not 
weak demand. 

The laiosl moves give new 

urgency to a reorganisation of 
bus and truck division 


more 

medium -sized businesses in ai 
attempt to bridge the recently 
identified yap in informatiot 
about sources of funds. 

The guide was published yes 
terday jointly by the Bank n 
England and the City Conununi 
cations Centre. 

It represents the first bij 
venture by the Bank into back 
ground guidance for industria 
and commercial borrowers am 
an important step Tor the centre 
which was set up as a join 
operation in September. 197b. 

There lias been substantia 
“vidence since the publication ii 
in?1 of the Bolton report ot 
small companies that a mail 
i reason for the failure of smal 
! comnanies to sain access to avail 


Ihe , 

launched about 18 months ago. t •> hie ' fi nance is lack of inrormaiioi 
Since Ihe appointment of r sources 

P n«mnfi l Pitcher as man- _ , nnnfirnipri h« 


Mr. Desmon I Pitcher as man- 
aging ■’.! rector, the company 
has been divided info smaller 
units and new investment pro- 
jects undertaken. 


Plastishield big success 
says United Glass 

BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT 


Gold ‘will continue investment role’ 


BY MICHAEL BLANDEN 

GOLD WILL continue to feature 
prominently as' a medium of 
investment in both private and 
official portfolios. Consolidated 
Gold Fields says today in its 
latest review of the gold market. 

The survey concludes that it 
would be. surprising if gold did 
not continue to benefit from the 
process of asset diversification 
which has already been set in 
motion. 

The movement away from the 
dollar would nnt be continuous. 
There would be pauses, periods 
of consolidation and even times 
of recovery such as bad been 
seen since March. . 

“But the overall trend is clear 
and has been so since the break- 


down of the Bretton Woods 
monetary system?’ 

Total supplies of.'between 1,450 
and 1.650 tons of gold might be 
expected in eacb-'pf the next 
several years, -matching the 
experience of the past two years. 

With rising production costs 
and the improbability of dis- 
coveries of extensive, low oust 
ore bodies, “it Is reasonable to 
expect Western wqrid fjbld out- 
put to remain on nr plateau of 
between 950-1,000 toast for the 
next several years?’ ’ 

Sales from the sbvfetiloe were 
expected to continue" lat some- 
where in the middletof their 
estimated surplus of 30p in 400 


tons. Official sales were fore- 
cast at 200 to 250 tons overall 
For the current year. 

Of this, about 1S4 tons would 
come from the International 
Monetary Fund, together with 56 
tons from the U.S. auctions. 

Sales by Portugal during the 
first two months of the year 
added 20 tons, with net sales of 
10-20 tons expected from India. 

The total would be reduced, 
however, by “ additional discreet 
purchases by central banks and 
monetary agencies in countries 
wh'ich enjoy a healthy surplus on 
their trade account. 

Total fabrication requirements 
would he about 1.400 tons, 
leaving 50 to 250 tons available 


for private sector bullion invest- 
ment. At a price average of SI80 
an ounce this represented 
between $300m and Sl^OOrn of 
new investment worldwide. 
“ modest sums by present day 
standards of liquidity.” 

Prices could be driven higher 
if investment interest were in- 
creased by uncertainty arising 
from financial, economic, politi- 
cal or military crises. 


Rural rate 
rises "twice 
London figure’ 

By David Churchill 

RATE RISES in rural areas this 
year were twice the size of those 
in London, according to figures 
published yesterday by the 
Association of County Councils. 

The Association said that the 
average domestic rate increase 
for Londoners was £6.28, while 
for non-metropolitan areas it was 
£12.60. In cities other than 
London the rises averaged £9.36. 

The Association is calling on 
the Government “to slop showing 
favouritism towards the capital." 
'• Mr. John Grueeon, chairman or 
“ThP fcev io heightened I the association's local govern- 

MyiTO w”i sr. ssfecsi 

developments in the woridlwevc not cause dby hl gh spendn 

SiSstriVuuoTSrthe rate support 
the dollar." lB rarl - 


Thar has hern confirmed b: 
the recent evidence to the Wilsoi 
Committee on the financia 
institutions. 

Mr. Gordon Richardson 
Governor of the Bank, says if 
his foreword to the publicatioi 
lhat “funds are almost always 
available for good projects, largi 
or small." 

But “ owners and manager: 
may ufieii not be aware of tin 
1 full range of sources of fund: 
i nor ihe best means of access if 
them.” 

Moneu i or Bussine#*: Bunk o 
Engiof'd CUy Cointnuuica 


THF ONE-LITRE Plastishield bottler's point of . v,e *'. I, t °IJP 

™f ai n?r J HgM* el!! h. CI3» All'"- l'«« b «*»«« b - v 90 

bottle in a polystyrene sleeve — cen. ^ m ^ ns t h»t the^to"* Centre: 10 -■» pages. £1. 

ceSu! be product 'developments concept is suitable only Tor' 
faSe^hs- United Gl.«. .»y. ‘‘'^'ihe la-t few -eeks Pepsi- 

the company. Cola. One-Cal and Barr's have 

According to Mr. John DameK !aimched p| 3S tishield packs 
arketing manager of the com- njj|inna „ y and Larki 


marketinu nationally ana i^rKspui ic- 

pany's glass container division^ commUted itse if to tbe pack 
“There has not been any new after a trial last year _ 
packaging development m re- Mr D an j e ] S said: "The one- 
cent years, includ ns the can ann J|tre wfl drinb 5ize is the highest 
the plastic bottle, which has ^ mo fl important sector of the 
made the same imnact in sue minera ) wa ter market and for- 
a short space or time. warfl or ^ eP , f or bottles mean 

Tbe bottle was developed in that rhis year we wil> he selline 
the U.S. by Owens-Illinois, bis- aT lea5t ten t j raes as many as Iasi 
gest glass container srmip in the y ear 

world and half-owner of United are running the Plasti- 

Glass. Distillers Company owns shij?]d Une at f«u capacity." 

the other 50 per cent. — 

The polystyrene sleeve offers 


£5m launch 
for leisure 


and Larkspur -I 

Financial Times Reporter 
A publishing company 
specialising in leisure anc 
travel magazines, is to bt 
launched in the UK early nev 
year by an international invest 
ment company. About £5m wil 
I be invested in the project. 

The company, which has no 
been named, already has pub 
lishiny interests elsewhere ir 
th? world 

The polystyrene sleeve on ere o-t hvtiocc I Two executives from thf 

a larger label area than on any SrliJl ' Morgan-Grampian publishint 

comparable pack and Iso pr - _ GOVERNMENT has group. Mr. Ray Watson, grour 

H " 


I. are’lhaMMs pleasant to hold. Houghton.- NiV.himpton.hi™. . 
ov’n’when cold, the content. «re vllh.se with m»n.v buHdins 
insulaied. keeping cooled liquids listed as being of architectural 
chilled longer and, from a interest. 


Stephen Roe. group editor O' 
the Travel Trede Gazette suric: 
uf newspapers, will take join' 
charge of the new. venture. 


■a 


lift?* 







J.C. Sheehan, President 
’Thermo King Corporation, 
Minneapolis, Minnesota. 

■A " MI> owned subsidwirj vl IVesunghousO Etxrnt. Cnrpwaffon 



99 


hag been most impressive. 


"Since ihe start of our plant in 1976 we have - 
cohtinuaLlv niet or exceeded projected goals 
and are well ahead of the initial schedide. 

Hie success we have enjoyed in Ireland places 
it High on our candidate list for future 
European expansions/ 

jWestinghouse is typical of the overseas 
corporations which have recently located in 
theRepublic of Ireland-one of the companies 
wfoch has made Ireland the fastest-growing 
industrial location in Europe. ^ 

.There is no one 'secret' to Ireland ^ 

ess. There are several obvious factors. Stability 
,e. The country's Government holds a ^ 
date to encourage private enterprise and 
overseas industry. This is consistent with 
Government policies in Ireland for the last 25 
Yelrs The policy of encouraging investment irom 
ovfeeas has. the full support of the Hade unions 
as well as the business community. 


Ireland has done its homework thoroughly 
in preparing the way for incoming 
manufacturers. Advance factories and Europe's 
most generous package of incentives mean an 
easier and faster operation from start-up to 
profitable production. Legislation gives 
ireedom from tax on export profits until 1990. 

Profitability is another factor which has been 
winning new industry. Labour costs are realistic. 
Companies coming to Ireland are locating in an 
area in which profits are more than double the 
average within the EEC. 

Esmiblic of Ireland-come 
aid see how it works. 

For full information contact Hugh Alston, 
Director, IDA Ireland, 28 Bruton Street, 

London W1X 7DB. Telephone 01-499-615 5. 

Or contact anv of our other offices throughout the world. 

Head Otfi» ^ jnsc k vvne House, Dublin 4, Ireland. Tel: (Oil 6S563?. 

Also ar. Paris, Cologne, Stuttgart, Amsterdam, Milan, Copenhagen, 

Mew York, Chicago* Los Angeles, Houston, Toronto, Tokyo and Sydney. 


M 


Financial Times Thursday Jpne 22 



PA R 1. 1 A > 1 1 : \ T AN I) PO 1.1 i I C S 



\S> n 


Mortgage tax relief 



, says Shore 


MP fears 
hidden 


BY IYOR OWEN, PARLIAMENTARY STAFF 


AN ASSURANCE that the Gov- 
ernment has no intention of 
abolishing tax relief on mort- 
gage interest paid by home 
buyers was given by Mr. Peter 
Shore, Environment Secretary 
in tbe Commons last night when 
he indicated tbe bousing pack- 
age likely to be presented in 
Labour's election campaign. 

Among the other contents are 
proposals for providing more 
rented accommodation by 
changes in the landlord and 
tenant legislation to encourage 
the letting of flats above shops 
and of unused parts of owner- 
occupied houses. Guarantees 
would be provided to ensure that 
possession could be regained 
when required. 

Mr. Shore also envisaged a re- 
casting of the local authority 
bousing subsidy system in a way 
which concentrates resources on 
areas of high cost and greatest 
need, while at the same time, 
limiting increases in council 
house rents, in any one year, to 
the increase in average earnings. 

Tbe new subsidy set-up, to be 
introduced under the terms of a 
major housing Bill, will retain 
the non-profit rule and give 
local authorities the right to 
settle their own rent levels and 
the extent of any contribution 
from the rate fund. 

Tbe Bill will also confer new 
legal rights . on public sector 
tehatns, embracing security of 
tenure and a statutory entitle- 
ment enabling them to carry out 
improvements and apply for the 
same grants available to other 
home owners. 

Mr. Shore promised to safe- 


guard the interests of people on 
council waiting lists by requir- 
ing local authorities to publish 
their housing allocation schemes, 
and in the interests of mobility, 
looked to the easing, but not 
the abolition, of residential 
qualifications. 

The statutory rights for pub- 
lic sector tenants would be sup- 
ported by arrangements which 
would give local authorities 
more scope to devote resources 
to the management and mainte- 
nance of council estates. 

In more immediate terms, the 
Environment Secretary stated 
that he expected the Bill pro- 
viding financial help for first- 
time home buyers to receive 

T? ova 1 Assent in the next few 
weeks. This would enable the 
two-year saving period to begin 
in the autumn. 

Some. 200.000 first-time buyers 
were expected to qualiFy each 
year and they would obtain an 
interest-free loan of £600 to add 
to the normal mortgage advance. 

Because the loan was interest- 
free. these buyers would find 
their mortgage payments re- 
duced by al\>ut £4 a month 
from what they would otherwise 
have been. 

The Government, he said, pro- 
posed to take action which 
would allow authorities to keep 
their mortgage interest rates in 
line with those charged by tbe 
building societies. Measures 
would also be taken to 
strengthen the power of local 
authorities to provide guaran- 
tees to building societies when 
they made advances to people 
on lower incomes or who were 


Firm action urged over 
drug-taking in sport 


THE GOVERNING bodies in 
sport should take firm action and 
deal severely with people caught 
taking drugs, Mr. Frank 
McElhone. Scottish Office Under- 
secretary, said in the Commons 
yesterday. 

In the wake of the Argentina 
World Cup drugs affair, the 
Minister faced a demand from 
Mr. Dennis Canavan (Lab, 
Stirlingshire W) for an investi- 
gation into the use of drugs in 
sport 

Mr. McEIbone said responsi- 
bility for controlling the use of 
drugs in sport lay with the 
governing bodies, including the 
Scottish Football Association. 
The Scottish Sports Council 
would continue to advise govern- 
ing bodies on drug testing pro- 
cedures. 

Mr. Canavan commented that 
the drugs incident in the Scottish 
World up squad had brought 
Scottish football ** into even more 
disrepute than the team's 
pathetic performance on the 
field. 

" It is up to tbe SFA and other 
Scottish authorities to try to 
rescue Scotland’s good name by 
insisting on the highest 


standards, including regulations 
and, IF necessary, spot checks.” 
he said. 

Mr. McElhone said that the 
international organisation. FIFA, 
had asked the Football Associa- 
tion and^the SFA to conduct an 
inquiry into drug taking in foot- 
ball. 

" I hope that the governing 
bodies would take very firm 
action and make sure ' that 
persons caught taking these drugs 
would be dealt with very 
severely. 

“It is important not only for 
the good name of football, but it 
sets an example to the many 
young people who idolise these 
football stars.” 

Mr. Donald Dewar (Lab, Gars- 
cadden) urged the Minister to 
make sure action was being taker, 
to see that the “ Scottish football 
house” had been put in order. 
It was not beyond the resources 
of the SFA to clear their name 
and establish proper controls 
quickly. 

Mr. McEhone replied: “ I hope 
the testing will take place in tbe 
very near future for the good 
name of football and all other 
sports.” 


buying cheaper, older houses. 

Mr, Shore defended the Govern- 
ment's action in persuading the 
building societies to cut back on 
the exceptionally high volume of 
mortgage lending which had been 
taking place in ^be period before 
April of this year. “There is now 
some evidence that the 
acceleration of prices is decreas- 
ing and I do not believe that we 
shall get that house-price 
explosion that many people 
feared a few months ago.” 

Even when the recently 
announced increase took effect, 
the mortgage rate at 9} per cent 
was still well below the 11 per 
cent in operation when the. Con- 
servatives left office in 1974. 

A growing number of build- 
ing society mortgages had been 
made available — 788,000 in 
1977 and 858.000 in the 12 
months ending May, 1978, both 
record figures. 

Mr. Shore claimed that since 
Labour’s return to office in 
March, 1974. rents in both the 
private and public sector, mort- 
gage repayments, and house 
prices had all increased at a sub- 
stantially lower rate than the 
cost of living generally, and well 
below the increase in average 
earnings. 

House prices had risen by an 
average of 8 per cent a year — 
32 per cent since 1974 — pro- 
viding a vivid contrast with the 
period of office of the last 
Conservative Government, during 
which house prices more than 
doubled. 

The Minister contended that 
the Government had been success- 
ful. too. in halting the dangerous 
land-price boom of the early 
3970s. While land prices rose 
by over 200 per cent in the four 
years to March. 1974. in the 
four years to March, 1978, they 
had fallen by 20 per cent. 

For the Opposition. Mr. 
Michael Heseltlne, shadow En- 
vironment Secretary, claimed 
that an average of 40.000 fewer 
houses a year had been built 
under the current Labour 
Government than during the last 
Conservative administration. 

He said the Labour Party had 
accused the last Conservative 
Government of being respons- 
ible for a fall in house building 
and promised to reverse it. But 
far frnm reversing this so-called 
fall, the present Government 
had made it a permanent 
feature. 

*' The level of housing support 
has been cut significantly by this 
Government in every direction." 

The emphasis had been 
switched away from providing 
homes for sale — which, he 
claimed, were wanted by the 
overwhelming majority of 
people — in favour of council 
bouses. 

Mr. Heseltlne said this policy 
was uneconomic. "The policies 
we shall pursue for council 
tenants are incomparbly more 
generous and realistic than any- 
thing this Government has on 
offer.” There could never be an 
increase in house building until 
standards of living rose. 


takeover 
of banks 


Sun writer for election 
post with Callaghan 


Tories foil 


BY RUPERT CORNWELL, LOBBY STAFF 


BY RUPSIT CORNWELL 


AN INFLUENTIAL Tory M? 
warned last night that Govern- 
ment manipulation of money 
market interest rates to finance 
its debt was tantamount to 
nationalisation of the banks 
sought by the Labour Left — 
“but with kittle or no public 
awareness or opprobrium.” 

Urging that the Issue be 
brought into the forthcoming 
general election campaign. Mr. 
John Biffen, MP for Oswestry 

and a leading -intellectual on the 
party's radical Right-wing, 
pinned the blame, for the recent 
sharp jump in interest rates 
firmly on the Government's 
excessive borrowing require- 
ment. 


MR. ROGER CARROLL, political 
editor of the Sun newspaper for 
the past five years, has been 
chosen by Mr. James Callaghan, 
Prime Minister, as a special 
adviser during the next General 
Election campaign. 

The news; which caused con- 
siderable surprise last night at 
Westminster, means that the 35- 
year-old Mr. Carroll, a member 
of the Labour Party since 1960. 
will move in alongside the 
Prime • Minister’s existing 
political adviser Mr. ■ Tom 
McNally. 

Tbe appointment clearly has 
been settled with great speed, 
since the first approach was only 
made on Tuesday. It is expected 
tbat Mr. Carroll, who has been 
granted a sabbatical by the Sun 
for. tbe campaign, will return 
to tbe paper afterwards. 


No detailed brief -on what he 
will be doing has yet apparently 
been given. Mr. Carroll said 
last . night that he would be 
travelling with Mr. Callaghan 
around the country during the 
three or four-week campaign. “ I 
expect to he doing some speech 
writing," he added. 

In fact, he may find himself 
taking over some of tbe func- 
tions of Mr. McNally, who has 
been long searching for a Labour 
seat to contest He is currently 
standing for the nomination as 
Labour candidate at Stockport 
South, where the sitting BSP, 76- 
year-old Mr. Maurice Orbaeh, is 
to step down. 

Much of the surprise at. -Mr. 
Carroll's appointment reflects the 
fact that the Sun has recently 
been taking a firmly pro-Tory 


line. This was referred to with 
scathing jocularity by “f- 
MtehaeL Foot, Labour * deputy 
leader, at a Press Gallery lunch 
yesterday. 

Mr:.. Foot also attacked Mr. 
Alrey Neave, shadow Ulster 
spokesman and close aide of Mrs. 
•'Thatcher, who last week ex- 
plicitly compared l-abour wtifc 

the- Nuf party in the 30s. Mr. 
Newe, he said, ought to bear m 
mind the Tory record of toe 
1920s when Mussolini was rising 
tb power in Italy. 

Regretting the entry of "pro- 
fessional advertising Men into 
polities, l£r. Foot remarked that 
it was best to Iea*e history to 
the ‘." historians, journalism to 
journalists and politics not to 
publicity experts but to the 
politicians themselves. 


Finance 
Bill sitting 


t* 0 " 

#" s 


By John Hunt, Parliamentary 
Correspondent . 


THE COMMITTEE stage of .fee 
Finance BUI is now expected to 
come to an end ' next Tuesday, 
and not this week as the Govern- 
ment planned. 

The Government had intended 
to. hold an extra sitting to-day in 
order to wind up the Standing 
Committee and get the BUI hack 
onto the floor of. the. House by 
the first week of July. 

But this idea . had to be 
abandoned when, the . Tories 


retaliated by introducing delay, 
ing tactics which kept the com- 


But the victims were again 
being denounced as the male- 
factors, be warned, with .accusa- 
tions against banks, insurance 
companies, unit trusts and pen- 
sion funds that they had staged 
an investment “strike” against 
tbe Government. 

"Consequently, we are now 
being brainwashed into accepting 
a high level of Government bor- 
rowing as the natural order of 
affairs and that the Institutions 
should enable the Government 
to borrow this money without the 
need for high and fluctuating 
interest rates." 

Mr. Biffen forecast that 
“orderly marketing of Govern- 
ment debt" would be the Social- 
ist slogan. "The reality, however, 
will be the establishment of a 
Government control over private 
finance to suit the convenience 
of higb-spendiog politicians." 

He acknowledged that there 
was scant chance of an “omnibus 
scheme'' of old-fashioned national- 
isation of the financial institu- 
tions, as sought by tbe Left-wing 
Tribune Group. But the new 
trend was leading to the same 
result, without the public 
noticing. 

The borrowing requirement for 
the current financial year would 
be £8.5bn, said Mr. Biffen. “Each 
year it was becoming increasingly 
difficult for the Government to 
borrow on this massive scale with- 
out disrupting the whole finan- 
cial market tbat embraced 
Britain's investors and borrowers. 

“As a consequence, we now- 
have the uuedifying and dubious 
technique of the Government 


Peers force Wales 
Bill change 


MP seeks halt 


to ‘bogus 
clinical trials* 


jerking up Interest rates to a 
peak in the summer after the 


peak in the summer after the 
April Budget so that they can 
start selling Government stock on 
the prospects of a falling interest 
rate market.” 


Arms exports 


BRITAIN exported an estimated 
total of £80m worth of arms in 
1977/78. Dr... John Gilbert 

Defence Minister of State, said 
in a Commons reply. 


THE WALES BILL was further 
savaged in the Lords last night 
when peers decided by three 
votes to take away from the pro- 
posed Assembly the power to 
review tbe local government 
structure in Wales. 

Voting was 82 to 79 on tbe 
fourth day of peers’ detailed 
examination of the Bill 

Lord Elton (C) said that if 
“ there was to be a review of 
local government it should be 
done on a UK scale, not region 
by region.” 

The Lord Chancellor Lord 
Elwyn-Jones, said fears that the 
Assembly would take over local 
government were wholly mis- 
placed. 

Earlier, peers who expressed 
concern about the future of the 
Arts Council following devolu- 
tion, were told by Lord Donald- 
son , Arts Minister, that future 
arrangements would depend on 
what the Scottish and Welsh 
Assemblies wanted. 

Lord Elton said there were 
rumours that tbe Government 
intended to dismember the Arst 
Council into three weaker 
bodies for England, Scotland and 
Wales. 

Lord Donaldson said responsi- 
bility for the arts was explicitly 
to be devolved to Scotland and 
Wales and it was up to tbe 
Assemblies to decide how to deal 
with it. There could be no truth 
in the rumours until the Assem- 
blies had decided what they 
wanted. Whether it was done 
through the Arts Council or a 
new body remained to be seen. 

During another section of the 
debate Lord Moris of Borth-y- 
Gest, said there appeared to be 
mistrust by Tories of the capa- 
bilities of a democratically 
elected Welsh Assembly with 
regard to people who did or did 
not speak the Welsh language. 

He was supported by Lord 


Davies of Leek (Lab), who said 
Tories had implied tbat the 
Welsh, as a nation, were likely 
to be prejudiced against non- 
Welsh speaking Welshmen.' 

Tbe remarks were prompted 
by a Conservative suggestion — 
which was not pressed— -that the. 
Bill should include a require- 
ment for the Assembly “ to act 
reasonably." 

Lord Thomas (Ci defended the 
idea, saying it was a reasonable 
and businesslike precaution. It 
did not reflect at all on the fair- 
mindedness of the Welsh people. 

Lord Hartuar-Nicholis (C) said 
it was possible tbat people who 
could be extreme and capable 
of being unfair might gain con- 
trol of the Welsh Assembly.' 
Then there was a possibility 
“ that the worst might happen." 

Lord Lloyd of Kilgerran (L) 
said there was a fear in Wales 
and elsewhere that the Assembly 
might try to thrust the Welsh 
language on people and thus lead 
to discrimination against the 
interests and employment of 
people on a language basis. But, 
be added, things must be left 
to the cominonsense of the : 
Assembly. 


Cost of sound 
broadcasting 


A BID to abolish “bogus clinical 
trials^ by drug companies was 
made by Mr. Mike Thomas (Lab, 
Newcastle E> in the Commons 
yesterday. .- 

'-He was given leave to - bring 
in his Prescribed Drugs (fieguia.- 
tjon : of Promotion) BilL 

Mr. Thomas said the Bills 
aim was to put a stop to ’pseudo- 
trials by leading pharmaceutical 
companies involving tens of 
thousands of people. 

These trials, far from being 
< in the interests of research, were 
-a bid' to persuade people to go 
oh* using the drug after the 
experimental period, he added. 

Mr. Thomas said that a further 
major clause In the Bill would 
result in a great saving, on 
National Health Service prescrip- 
tion charges. " ■ 

. There were dozens of drugs 
that were chemically identical 
.but. varying in cost. He wanted 
. doctors to be able to signify; to 
the -chemist on a prescription 
tha t- he should aim to dispense 
the Cheapest possible equivalent 
to the drug prescribed. . 

"The formula for rewarding 
chemists would have to be 
revised but it would make their 
jobs much more interesting as 
they would have to think twice 
before they* took the -first avail- 
able bottle off the shelf," he 
'aald. 

. » 


ing tactics which kept the com- 
mittee sitting until 3.30 ajzL 
yesterday iamid Labour charges 
of ** filibustering.” - •- 

. Last night business moved at 
a -swifter pace and the con*. . 
mittee was rapidly disposing of 
the remaining clauses on capital ‘ 
transfer tax and miscellaneous 
items. Next Tuesday’s final sit- 
ting will 'consider new. clauses * 
put down by the Opposition. 

•The Conservatives moved an ’ 
amendment in an attempt to get 
greater . relief . from capital 
transfer tax for small business- 
men. But the .amendment was 
defeated by a majority -of four 
(16-12) with Mr. Enoch. Powell 
(UU Down S) and MrT John 
Pardoe, Liberal economic spokes- 
man, both voting with the Gov- 
ernment . 

In the Budget, the Govern- 
ment ’ is increasing; the CTT 
business relief - on transfer of 
controlling shareholdings from- 
30 per cent to 50 per cent A 
new relief, at 20. per cent, is 
added -for ihe transfer of 
minority shareholdings and 
relief for transfer of assets used - 
by a business but owned by the 


Jiiirca? 


-jirniii 

■"w®*** 


partners of controlling share- 
holders, remains at 30 per cent 

The . Tory _ amendment would 
have increased all these reliefs to 
a uniform 50 .per cent ..... 

Mr. Joel Barnett, Chief Secre- . 
tary to the Treasury, maintained 
that the Government’s proposed 
increases in - tbe reliefs were', 
adequate/- They had to- keep 
the right balance between the 
interest of the taxpayer as a 
whole and the need ‘ to help 
small businessmen - . 

. fWhat we have done is very 
generous, particularly in view of 
the very exaggerated statements 
made about the effect of capital 
transfer .tax on small businesses,” 
be argued. 

From the Opposition front 
bench Mr. Nigel Lawson, a Tory 
Treasury spokesman, saw this, as 
further evidence of a split with- 
in the Government over the 
need to. help small businessmen. 
It proved, he said, thatithe small 
business reliefs introduced at 
the behest of Mr. Harold Lever* 
Chancellor of the Duchy of Lan- 
caster, were considered “intoler- 
able and unnecessary," by Mr. 
Barnett 

“They are extremely uncon- 
genial to him," he declared. "He 
does not enter into the spirit of 
the Chancellor of the Duchy of 
Lancaster and give a welcome to 
the clause."' ' 


; Cash for films 
to be published 


SOUND BROADCASTING of 
Parliament is- likely to cofct 
£200.000 out of public funds; Mr. 
William Price. Privy Council 
Parliamentary Secretary, said in 
a Commons written reply yester- 
day- • 

The provision of future perma- 
nent. accommodation Ebr broad- 
casters In the Norman Shaw 
(South) Building Was now 
estimated to total about £250.000, 
he added. i 


DETAILS OF amounts distributed 
by fheJBritish Film Fund Agency, 
are '• lb "’be made*, public, Mr: 
Michael Meach'er; Trade 'Under 
Secretary, . announced last night. 

In a Commons written answer, 
Mr. Meacher said he had decided 
that details of amounts dis- 
tributed in inspect of Individual 


films from September 25 this year 
would be published at regular 
intervals. His department would 
be making an announcement 
later on tbe form' of publication. 


j 

* vi} 


LORDS LENIENT IN TREATMENT OF DEVOLUTION MEASURE 




sm 


Scotland Bill inches 
closer to Statute 


BY RUPERT CORNWELL 


...and more interest 
means more smiles! 








1 Yes, there’s good news for Leeds 
savers: from 1st July, the interest rates on 
most of our savings schemes will rise by 
1-20%. That means your money will be 
working harder for you and growing 
faster however much you have in your 
u account. 

As the big society for the small 
saver, the Leeds Permanent 
Wrir^\ have savings schemes to suit 
you, whether you’ve 50p or 
£15,000 to invest (up to 
£30,000 for joint investors). 
With high-street branches 
right across the country, 
absolute security, easy , 
access to your money 
(except for fixed term 


LIKE AN ungainly oil tanker 
inching nearer its appointed 
berth, the Government's Bill for 
Scottish devolution is moving in- 
exorably towards the Statute 
Book. The voyage has taken 
almost two years and — as such 
things are wont to be — has often 
been mightily tedious. But there 
is now every sign that within a 
few weeks, this momentous 
' piece of constitutional legisla- 
tion will have received the 
Royal Assent; and the Scottish 
people will have a referendum 
to add to the general election, 
i local elections and European 
election they are already set to 
face within the next 12 months. 

However, it will not be the 
Scots alone who benefit from 
the exercise (nor merely 
i Labour’s electoral prospects 
J north of the Border). Ever 
since Parliament returned in 
, April from the Easter recess, 
the House of Lords has been 


;| going meticulously through 
./ every one of the Bill’s 83 




contracts), and now, 
even higher interest 


SpTSwjl rates, there’s never 
been a better time to 
' save ^ ee ^ s> 
Call in today at your 
local branch and find 




out more. 


NOW LEEDS SAVERS GET EVEN MORE! 

Look how the new higher interest rates will make your money grow faster! 

■ 1 Oid Net Rate \ New NolKate | Equivalent Grass rate 


SUBSCRIPTION SHARES 
(For regular monthly savings) 

6.75% 

HIGH RETURN SHARES 
(Fixed term investment) 

3-ycar. 

&50% 

2-yean 

&00% 

PAID-UP SHARES 
(For ordinary savings) 

5.50% 

DEPOSIT ACCOUNTS 

525% 


7 . 95 % 

770 % 

720 % 

6 . 70 % 

6 . 45 % 


11 . 87 % 

11 . 49 % 

10 . 75 % 

10.00% 

9 . 63 % 





BUILDING SOCIETY 


Head Office: Permanent House, 
The Hesdrow. Leeds LSI INS. 


Say ‘the Leeds’ and you’re smiling 




every one of the Bill’s 83 
clauses and 17 schedules, and, 
in the process, doing- its own 
reputation no little good. 

After the fierce Commons 
struggle by the Tories and tbe 
hard core of Labour anti-devolii- 
lionists. and the evident lack of 
belief In the Bill among most 
MPs, it might have been 
expected that the Upper House, 
with its inbuilt Conservative 
majority, would joyously tear it 
to shreds. Not so, however. On 
Tuesday night, as their 
Lordships completed the last of 
18 days of committee and report 
proceedings. Government Min- 
isters were privately praising 
them for their responsible 
behaviour, and everyone could 
agree that the Bill, for ail the 
changes forced upon it. was 
basically the same as when it 
left the Commons. 

The value of the Lords as a 
revising chamber is apparent 
even frnm the bald statistics. 
While tbe Commons spent 14 
days and 89 hours during its com- 
mittee stage on devolution, the 
Lords devoted 93 hours over 13 
days. More to the point, while 
MPs failed to discuss three- 
quarters of the BIH’s clauses, as 
a result of the guillotine required 
to prevent the legislation being 
filibustered to death by Its 
opponents, the Lords looked at 
them all. 

Repeatedly in the Commons, 
anti-devolutioni&U tended to 


make every item of scrutiny an 
occasion for a lengthy tirade 
against the principle of devolu- 
tion. In the Lords, where no 
provision for a timetable motion 
exists, speeches were mostly short 
and succinct, and, frequently, 
highly expert In the Lower 
House matters at one stage des- 
cended to a squabble about 
whether there were more MPs or 
journalists present for some of 
tbe Bill’s more arcane passenges. 
In “ another place," by contrast, 
attendance on tbe floor, though 
not in the Press gallery, was con- 
sistently higher — though a cynic 
would remark that this was 
because the Lords, for once, had 
something useful to do. 

Next week, the Scotland Bill 
will have its formal Lord’s third 
reading, cementing the amend- 
ments into place, before It 
returns to the Commons for fresh 
examination by the start of July. 
It is taken for granted that once 
more Mr. Michael Foot will be 



wheeling out his well-oiled guillo- 
tlne’to ensure tbat debate on 


Earl Ferrers 


them is completed in time. The 
Bill then returns to the peers, 
who are showing no sign that 
they are in tbe mood for a pro- 
longed battle with the Commons. 
The last thing the Conservatives 
want is a Lords v People con- 
frontation shortly before a 
general election. 

Neither is there much prospect 
of a last-ditch revolt among MPs, 
although Ibe accident-strewn path 
of an unloved Bill is warning 
that nothing sbould be taken for 
granted. But the atmosphere 
is now one of resignation, and 
of a desire to get shot of the 
whole issue. A whimper, not a 
bang, is the likely end. Tbe pact 
may be crumbling,- but. the 
Liberals will keep their promise 
on devolution, while pressure on 
the Labour Party to toe the I-ine 
will be stronger than ever with 
an election in the offing. 

It is worth looking at the state 
of the BiH, after Ifce main 
changes made by tbe Lords, and 
the Government’s likely attitude 
to them. Some things are 
already clear: ihe celebrated “40 
per cent" provision for the 
referendum Yes-vote will- stay, 
while the Government has found, 
a compromise to remove the 
other major defeat inflicted 
during the Commons committee 
stage, which allowed the 
Orkneys and Shetiands to opt out 
of devolution if they wished. New- 


safeguards have been written 
Into the BiH protecting- the" 
islanders' interests, and the Lords 
duly took out the “Griraond” 
amendment voted, through oh an 
angry - Commons night last 

January.' ' 

Of the amendments specifically 
made by the Upper House, pro- 
portional representation Is un- 
likely to survive in the Commons, 
which has already ■ heavily 


defeated - proposals for various 
forms of PR: The same goes for 
the idea of a Speaker's con- 
ference to consider a reduction 
in the number of Scottish MPs 
at Westminster. Meanwhile, the 
Government has indicated that it 
will accept an amendment delet- 
ing the right.of the Commons to. 
override the: Lords in. vetoing 


legislation '. passed by' the " new 
Edinburgh Assembly. . 


Edinburgh Assembly. 

A technicality thismight seem. 
But the- original wording was 


bitterly resented by peers, who 
saw it as a stealthy Government 


saw it as a stealthy Government 
effort to erode the powers of the 
Lords By the 'back -door.' Other 
purely • judicial amendments 
made by the Lords are also .un- 
likely to be resisted by Ministers. 

However, the Govenunent will 
have to decide in the next week 
or so which of the powers meant 
to be devolved to Edinburgh, but 
kept under Westminster’s juris-: 
diction by the peers, . will . be 
restored. The list is vast, rang- 
ing from ancient monuments and 


migratory trout to more pressing 
topics like forestry, inland water- 
ways and airports. The betting 
is that the Government- will, 
insist on the reversal of at least., 
the last three named, and prob- 
ably d there as well. Abortion is . 
another area which promises ita: - 
own special difficulties. 

Also a ticklish issue is 
whether, as the Lords want, the-. 
Privy - Council, and not the - 
Scottish Secretary, should rule, 
on the validity of Bills passed by 
Edinburgh but incompatible with _ 
EEC legislation: Here, too, the 
Government Is expected to fight 
back. 

The other changes, with one - 
big exception, provoke littie_. 
more than irritation over what* 
is termed “administrative incon-' 
venience.” “ Apron-string 'stuff "■ 
is how Lord McChiskey, Solicitor* *- 
General for Scotland, who led the 
Government's team on: the Bill, 

■ describes' them. '.Predictably,- Mr. 
Francis Pym, the Tory devolution 
Spokesman, sees it. differently?' 
“The Government could accept 
- the -Whole tot and still have their 
-Bill; without needing to blame 
anyone,” he says. 

The; exception is Earl Ferrer’s 
ingenious try- at- solving the so- 
called ■••“ West Lothian • question ? 
—the anomaly, named after the- 
constituency of Mr. -Tam Daiyelh 
devolution's arch Labour foe. by 
which Scottish. MPs will be abl6- 
to vote on matters at Westminster 
affecting England but no longer 
Scotland: Earl Ferrers, who led 
for the Tories on the Bill in the 
Lords, successfully moved an! 
amendment whereby the. Com- 
mons . would have two votes; 
divided by a -14-day “ thinking- 
ovef’ period, 'on Bills not dealing 
with Scotland, .but carried by the 
votes of Scottish . MPs. 

It might seem cheeky for the 1 
unelected to tell the elected how, 
to ran their affairs. And so the 
Government ' felt arguing, as 
always, that it. was not for the 
Scotland Bill to settle this point 
and expressing 'the pious hope, 
tbat new -Parliamentary conven- 
.tionx Would 'emerge to- cover it. 

The feet remains, however, that 
ihe West Lothian question is the 
greatest single flaw in the Bill, 
and one .on which , the Commons 
was denied a proper discussion 
the first time round. Now, despite 
.the guillotine. MPs should have ajf 
least the chance tb vote. on. it, gs 
the ^IGonservatiyeS' - -praniise to 
champiou the Ferrers suggestion* 
That,: 'in ftselfi is fene small sen . 
Vice' rendered by-frie Lord*,’ . ;• . 


tot uni 

* ! Sts ... 


- Ui 
:*3i 



. ••. '. ,> • .V s ' ’ 

- -<e* ? i 



9 


’•-V 




N 

H 

'fo t 

ante 



Financial^ Times Thursday jie 22 '1978 


LABOIR NEWS 


in 

talks on 

firemen’s 

hours 

BY OUR LABOUR STAFF 



withdraws 

strike threat 


BY NICK GARNBTT. LABOUR STAFF 


ASLEF, the flraiu drivers* union, 
yesterday withdrew. Its. threat to 
hold a three-day national strike 
following discussions with 

British Rail "officials over a 
manning a$d productivity 

dispute. * * . 

The union’s executive had 
agreed the strike following the 
suspension ofi drivers since 


FIRE Brigades Unioa and local 
authority employers’ representa- 
tives. met Advisory. Conciliation 
and. Arbitration Service officials 

yesterday in a dispute .over pro-i — — . * 

pasals to introduce a 42-hour > nionves without 

week for firemen. j as 5»st a . n t *!»*§ . . , 

At a meeting with arbitration British Rail ttst night agreed 
officials in' the morning. ftre-f t0 continue double manning on 
men's -negotiators said they were ; the locomotive^ at—least until 
not prepared' to put the matter both sides cab -discuss the 
to formal , arbitration. a s| report of the.-:- Railway Staffs 
requested by the employers. i National Tribunal *®® ,!i 
Toth sides then discussed the I t0 consider an f ASLEF produc 


Iheir basic wages for those days 
they were suspended. 

At the same time, British Rail 
was given what jr believes is a 
firm commitment from ASLEF to 
discuss Uie principle of single 
manning. 

More powerful 

British Rail says that except 


— - — _ . . - . i nun t\au cajb ^av,vihi 

Monday for re&swg to take out ceruin long-distance and night 
the new Class.- 5b. fr^tgnt loco- work, the class 56 locomotives. 42 
a--- -driver s of which are in operation, should 


the 56s. largely because they arc 
much more powerful locomo- 
tives. It is also seeking produc- 
tivity payments, to be paid to all 
foot plate men, for the operation 
of the 56s. 

The union, which has seen its 
membership shrink over the 
years to 26,000, is also worried 
about long-term staffing. 

The new locomotives, which 
will be largely used for coal end 

iron-ore transportation in the 

be manned by one driver and no Midlands, can pull such heavy 


assistant, as arc the class 47 loco- 
motives which the new engines 
are replacing. 

This would fit national agree- 
ments rin diesel engine manning. 

The union says that the class 
47 and 56 engines are not coin- 


loads that some deliveries norm- 
ally done by two class 47s could 
be done by one class 56. 

The new engines have been 
two-manned during talks with 
the union on manning. 

British Rail intends using 


possibility of mediation. under 1 tivity claim on JUne 30. Manage- parable and lliere should be a more than 170 of the new loco- 
the more general powers of I nieiu also agreed to pay drivers new manning arrangement for motives for freight haulage. 

Section Two of the Employment '• - - 

Protection Act which would noti 
involve a formal award by an 1 
arbitrator. i 

The union's executive had 
further talks with the officials 
later. 

Negotiations between em- 
ployers and the union foundered 
last week over the issue of 
manning changes at local level. 


NUJ threat 
to Press 
Association 

By Our Labour Staff 

SERVICES of the Press Associa- 
tion are likely to be disrupted 
today by a. work-to-ruie from 
midnight last night by the 
agency’s 240 members of the 
National Union of Journalists. 

A mandatory meeting of the 
union’s Press. Association chapel 
(office branch) was held yester- 
day to discuss the management's 
annual pay offer. 

A restricted news service to 
newspapers, radio and television 
stations was maintained during 
the meeting." 

The chapel is claiming pay 
parity with other Fleet Street 
journalists, who, it claims, are 
paid an average of about £2,000 
more than association staff. The 
management feels that to in- 
crease its pay offer would go 
beyond the Government’s ten 
per cent wage guidelines. ■ 

Information 
sought 
on low pay 

By Philip, Bassett, Labour Staff 
COMPANIES should give details 
in ibeir annual reports of their 
low wage earners, the Low Pay 
Unit says in a report published 
today. 

The Government should tn- 


Telephone engineers start 
action for shorter hours 


BY OUR LABOUR EDITOR 

THE FIRST mass protests by 
telephone engineers in a nine- 
month campaign bf industrial 
action occurred In'" “Scotland 
yesterday. 

The Post office Engineering 
Union said that men 

walked out at -.midday in 

Edinburgh and Dundee when 12 
men were sent home; after warn- 
ings, for escalating their sum:- 
lions. 

They were all expected n» 

report for work again this morn- 
ing, but .if the 13 were again 
sent home, there could he local 
overtime bans or work-to- rules, 
a union spokesman said. 

Engineers are refusing to 

operate all new telecommunica- 
tions equipment or lay cables 
in pursuit of their demand for a 
cut in the working week to give 
them the same hours as other 
grades. ' 

Their action could . disrupt 
outside TV broadcasts, and has 
already created the. biggest 

backlog of telephone • connec- 
tions since the early 1970s. 

The Post Office said last night 
that it '* greatly regrets.the" deci- 
sion of the Post Office Engineer- 
ing Union to escalate industrial 
action at a time when its work- 


ing week dispute with the Post action upon telecommunications 
Office is currently under review services and offered apologies to 
as a matter of urgency by Lord customers already suffering 


McCarthy." 

Since last autumn, the 
engineering union had taken 
action in support of a claim lor 
:i 35-hour week without loss of 
pay. 

Moreover, since November, the 
union had refused to commission 
new telephone exchanges and 
extensions to existing exchanges, 
leaving some 80,000 customers 
without service. 

" The Post Office does not con- 
sider lb at the union’s claim 
justified. 

current 40-bour week is no 
greater than that of the vast 
majority of workers in compar- 
able jobs elsewhere, and for the 
Post Office — the country's 


inconvenience. 

Further action taken by the 
union against customers includes: 

• Refusal to provide full com- 
munication facilities for the 
Royal Highland Show and a meet- 
ing of the board uf Governors of 
Intelsat in Edinburgh. 

• Refusal lu do preparatory 
work for television and sound 
services for the Open Golf 
Championship at St. Andrews. 

• Refusal to bring into service 

international circuits in West 

ThP POF11 members London ’ lhus cullin S direct dia'%- 
The POEU members Unf , t0 Hong KonR 

Both the union and the Post 
Office are preparing submissions 
of their cases for Lord McCarthy, 
called in by the Government to 
. . _ . try to promole a settlement He 

largest employer— to make an ud- wiJI &ear lije two fiides on 


warranted concession could be 
potentially repercussive intern- 
ally and externally. 

** Moreover, to meet the claim 
as it stands would be a clear 
breach of incomes policy,” the 
company said. 

The Post Office had acted 
throughout the dispute with 
restraint, but was concerned 
about the effects of the union's 


Monday. 


electricians 
continue work-to-ruie 



Booth reviews 
dismissal 
pay with TUC 

By Christian Tyler, Labour Editor 
THE AMOUNT employers are 
obliged to pay workers made 
redundant and the penalties for 
unfair dismissal may be raised 
by the end of this year. 

Mr. Albert Booty-' Employ- 
ment Secretary sawC—mbers of 
the TUC employment policy and 
organisation committee yesterday 
to discuss a review be is making 
of these payments. 

At present, the maximum statu- 
tory redundancy payment is 
£3.000, with an average of £650. 
Basic compensation for unfair 
dismissal is £2.400. but extra 
compensation can amount to 
£5.200. Both sums are calculated 
earnings, but with a limit of 


BY PAULINE CLARK. LABOUR STAFF 

THE HOSPITAL electricians’ believed to be pressing for the 
_ — .national -work-to-rule went into bonus payment concessions 

elude an obligation to provide, jts [bird day yesterday. Renewed similar to those given this year 
the details in its forthcoming [ negotiations between the Depart- to workers in the electrical 
legislation qn information com- mem 0 f Health and Social contracting industry. 
panics must publish. ,1 Security and the Electrical and Mr. Peicr Adams, national nn 

The Unit will ask the Church] [Plumbing Trades Union (ETPU). officer in the EPTU has accused fioo a week. 

Commissioners ana other major to result in a settlement, the Government of failing to This limit, recently raised from 

chanties in request companies _in Further talks between the two. honour a 1972 agreement to £sn a week, is under review, 
which they invest; to publish in- s i des are e3£ p ec t e d before the maintain parity between hospital The TUC expressed concern 

week-end. however, when the and private-sector electricians. about the tendency of industrial 
union hopes for firmer Govern- He plans to recall a shop tribunals to become too legalistic, 
ment proposals in response to stewards’ delegate meeting on expensive and protracted. Ji is 
its demand for pay parity with Monday, when any fresh pro- now commonplace for companies 
workers in private industry, .posais from the Government will to employ solicitors nr counsel 
The Government has rejected be considered and a decision for tribunal hearings, which 
measures on the subject in the i the demand as outside the pay jiaken on whether to continue were intended to be relatively 
Comnons J i guidelines but the union is industrial action. informal. 


formation on their low-paid 
workers. 

Mr. Jeff Hooker. Labour MP 
for Birmingham Perry Barr, is 
prepared to move amendments 
to the proposed Government 
legislation and introduce his own 


Print unions nearer merger 


6 


BY ALAN PIKE, LABOUR CORRESPONDENT 


TWO PRINT nnions which as 
recently as 1978 were engaged 
in recruiting conflict were yes- 
terday taking an important stage 
nearer amalgamation. 

Delegates • to. ®he National 
Graphical Association conierenrc 
at Douglas. Isle of Man, unani- 
mously approved draft proposals 
to bring about a merger with 
SLADE, the process workers’ 
union. 

A ballot on the amalgamation, 
the first positive step towards 
creating one union_for the prim- 
ing industry, is likely to take 
place -this autumn. 

T3>e conference approved the 


merger moves after being toW 
by Mr. Joe Wade. NGA general 
secretary- . i-hat economic and' 
technological change would 
** force unions into mutually 
destructive conflict” unless they: 
came together. . 

Under the proposals, the 
180.000-strong NGA and lS.OOfi- 
iii ember SLADE— with the 4.000-' 
strong National Union of Wall 
Coverings, Decorative and Allied 
Trades — will ballot on forming 
a. new organisation, possibly to 
be called the National Graphicsd 
Union. 

If the ballot is successful, 
talks will continue on bring 4ng 
into the new. union the National 


Society of Operative Printers 
Graphical and Media Personnel. 

NATSOPA was involved with 
the NGA in initial amalgamation 
discussions but difficulties arose 
over the provision of financial 
information. 

■ This is now available, and Mr. 
-Wade said that demarcation 
.problems arising from new tech- 
nology meant that the new 
■union, or the NGA if the merger 
‘did not go ahead, would be faced 
with the “stark choice of either 
amalgamation with NATSOPA or 
'becoming involved in conflict 
with them.” 

The NGA had been determined 
not to rush into an amalgamation 


which was ill-conceived and 
would fall apart at the first sign 
of stress or was based on power 
politics. 

“We don't want to come 
together to have greater strength 
and unity of purpose in order to 
fight other unions” 

U was a myth to assume that 
the present reasonably good 
relationship between tbc print 
unions would continue if they 
did not make quick progress; 
towards amalgamation. 

Mr. John Jackson, general 
secretary of SLADE, was 
enthusiastically received earlier 
in the conference when he spoke 
in favour of the amalgamation. 



MONTEDISON GROUP 


FfiFtmiTnun 


HIGHLIGHTS FROM THE 1977 ANNUAL REPORT 


Profits more ttwn doubled 85 

against UL 1.503 m. in the previous ymr. 

This V«rv satisfactory growth was acMqrad largely by 
w2h£v*S£e sales, P^™^™**** 
where an Increase ot 31% w*® reoirdeAjn comparison 
with a m advance on the Italian domestic market. 

SKte » Lrt- Win* 

Th^wwStont export 6 perfo» mBRC ® wnfeved In 1977 

cISSo" 10 JwL, iwo «nl. 

that wU go some way to solving the Proteins that the 
rSiuui phamwomltarl industry has had to contend 

national hAth durance 
with effect fronTL June 1977. 
«SHeS^28iivjunei977 the fl«t stage ofc* more ratio- 
Si m«hod forfiSng drug op"*??"- 

Iii J Inhlphnond that, as this scheme «%ies fully into 

SSSxS Of compante oper^nc^andadoiOW- 

ledge Hwi 3 talr rerum must “f®J^ 0, 5 naior,nw3, ‘ 
""‘fpTOSIWS 10 



J 


Farmitajia's 3.19% share of the Italian pharmaceutical 
market ranks It among the leading companies in 
this field. 

The Introduction ot OrucSs, a new antMieumabc agent, 
proved particularly successful, white other branded 
drugs with a weU-estabHshed reputation, such as 
Ampfitai. Sinmon, Zlmox. AdriblasUn and Expargri- 
seovit continued to perform well 
Sales of bulk pharmaceuticals rose by 16.7%. Since 
April 1977 marketing of these products has been han- 

tfte by the Pharmaceutical DJvtolon©fMonT«fi9onS.p.A. 

Sates of veterinary drugs, vaccines end animal health 
products showed a modest increase over the previous 
year. Until the end of August these items were marke- 
ted by me Pharmaceutical Division of Montedison S.pA, 
smee when they have been h andle d by the newly- 

incorporeted Group Company VETCM. 

Intensive research work continued, acfcvltres irt this 
area being concentrated on anti-cancer agents, anti- 
Uotlcs, eigolme derivatives, polyseplidasand fermen- 
tation D roc esses. 

Fldex assets rose by over Ut.10.Q00 tn.. capital expen- 
ditures being primarily devoted to rationalizing plant 
manufacturing high-technology p&ducis. 
Depreciation end amo rti z ati on was charged ai the 
maximum rates allowable lor tax purposes. The total 
figure concerned W8SLU. 12.091 m, of which UL 5,728 m. 
represents accelerated depreciation. 


Technical News 


EDITED BY ARTHUR BENNETT AND TED SCHDETEBS 


• PLASTICS 


Regular drip all 
along the line 


USERS OF trickle irrigation 
pipes in gardens and elsewhere 
will know that i( iv, impossible 
to counter the- effects of pressure 
drop as the ivau-r travels down 
an irrigation pipe so lhat in most 
cases, the jinuunt of water 
distributed will decline sharply 
with distance along the hose. 

A Japanese group has found a 
way to counteract this and 
claims to be able to provide 
equal distribution up id lengths 
of 150 feet and on slopes with 
gradients up u> 6 100. 

Sumitomo lias developed poly- 
ethylene double-wall piping 
which has an t undescribed) 
internal structure to maintain 
the sain'e pressure at each of the 
outlet holes, it functions with a 
supply control and pressure 
control valve, filter, liquid fer- 
tiliser tank and optional injector. 

By comparison with other 

• COMPUTERS 


systems of water distribution, 
including overhead sprinklers. 
Sunutomo claims water econo- 
mies of between four and ten 
times with its constant pressure 
piping, which is laid close to the 
plants in the root zone. Or it 
eao cover from four to ten times 
the area with the same pumping 
power. 

A further extremely important 
claim, particularly for those 
systems to be installed in arid 
tropical areas, is that there is 
much less tendency for salt to 
contaminate soil surfaces. The 
stems largely from the fact that 
the water goes straight where it 
is needed. 

The company's Industrial 
Chemicals and Fertiliser Division 
is seeking overseas outlets for 
the sytem and is located at 7-9 
Nihonba^hi 2-ehome, Chuo-ku 
Tokyo, Japan. 


Mini among the giants 


A TOP of the line third genera- 
tion HP 3b00 Series computer 
system. MPE III. has been 
created by Hewlett Packard to 
extend the capabilities of in 
data-based management and net- 
working facilities. 

Now, cusi umers operating with 
previous HP SHOO models will be 
able to upgrade iheir systems tn 
Series Ul memory capacity 'with 
reasoaablv priced hardware up- 
grade kit>. 

The new multiprogramming 
executive operating system is 
upward-compatible from versions 
of MPE running on HP Series 1 
and II systems and includes 
features commonly found oniy on 
large, mainframe systems, such 
as multi-point terminal inter- 
connections and private-volume 
disc, files. 

Xhfe operating system, says the 
company, makes it possible to 
connect multiple terminals 
through a single port into the 
computer — now as many as 32 
local terminals, operating syn- 
chronously or asynchronously, 
can be connected via a single 
hard-wired line to a single input 
port 

Using HP asynchronous 
repeaters and the newly available 
multipoint option on any of the 
HP multi-point CRT terminals a 
single input port can accommo- 
date a shielded, twisted-pair 
multi-point line up to M.000 feet 
in .length, with terminals as 
much as 4,000 feet apart, while 
retaining 9.600-bit-per-second 
operating speed. 

Eaty removable di«e pack now 
.contains Its own index and the 
new operating system provides a 
set of operator commands, 
making it possibly quickly to 
remove and replace any disc 
pack except the system disc 
without powering the whole 
system down and reconfiguring. 

Thus, any disc pack can now be 
treated as a private file, reserved 
for designated usages only, an 
ability again usually found on 
large, mainframe systems. 

Optional automatic data com- 
pression has been added to HP 
DS/3000 distributed system net- 
working facilities for the trans- 
mission of dala over communica- 
tion lin,ks. Typically, data com- 
pression cuts ASCII data trans- 
mitting lime by 40 per cent and 
savings of. 80 per cent, says the 
company, have been observed. 

The firm's award-winning daM- 
hj-se management scheme. HP 
lmage/Query software, has been 

® MACHINE TOOLS 

Experience shared 


modified so. programs on a 
local system can access an Image 
data base at a remote site as if 
the data base were local ; the 
application program needs no 
change at all to function with a 
remote rather than a local data 
base. 

The company's success has 
been due to its activity in the 
scientific manufacturing industry 
and its aim. with the introduc- 
tion of the new system which it 
claims is 25 to 50 per cent 
cheaper than comparable systems 
is to provide easier-to-use systems 
** substantially lower in price ” 
than those of its competitors. 

More from HP at King Street 
Lane. Winnersh, Wokingham. 
Berks. 

CTL’s big 
machine 

DUAL PROCESSORS give a Dew 
machine at the top of computer 
Technology's 8000 Series a 
greatly extended area of applica- 
tion. 

Priced in the range under 
£100,000 to over £250.000. depend- 
ing on the configuration, the 8070 
offers complete hardware and 
software com potability with other 
systems in the series. The up- 
grade from existing S030 and 
8050 disc-based MODUS systems 
and the S020 small business 
system entails no more t ban 
changes to hardware and execu- 
tive software. 

All application and system 
software will transfer without 
change both up and down the 
range. protecting existing 
systems investment. 

The symmetric processors 
share all store and a single multi- 
tasking operating system. High 
performance core is spread over 
three or more multi-ported con 
trailers allowing simultaneous 
DMA and processor access. 

MODUS operating system soft- 
ware concurrently supports 
multiple languages, transaction 
and batch processing, spooling 
and virtual memory', communi- 
cations and multiple remote and 
local terminals. Software tasks 
are dynamically allocated to 
whichever processor is free and 
this flexibility assures maximum 
utilisation of available processor 
pOWr*r. 

CTL. Eaton Road. Hemel 
Hempstead, 0442 3272. 


e materials 
Home grown 
synthetic 
lawn 

IT HAS taken six years of com- 
bined expertise from 1CI. 
British Ropes and Crossley 
Carpets to produce the first 100 
per cent all-British artificial 
grass surface, called TufTurf. 

Primarily developed for foot- 
ball pitches land particularly for 
areas where grass is at a pre- 
mium — the Middle East and 
Central Americas i the quasi 
lawn ts also suggested for tennis, 
basketball, cricket, golf tees and 
subsidiary kick-about areas at 
existing football pitches. 

The turf can be laid on patios, 
pool-sides, roof gardens and 
putting greens — maintenance is 
merely a quick vacuum clean or 
a hose down. 

Because it is made of ICI's lop 
grade, ultra violet stabilised 
polypropylene there is no danger 
of “burns” and its moisture- 
resistant quality does not absorb 
dirt ensuing from moisture, thus 
stains and grubbiness are only 
superficial aud quickly removed 
to restore the grass to its 
original lush shade. 

Polypropylene does nnt sup- 
port a Uaoie and should the turf 
come into contact with a high 
heat source it win melt rather 
than burn. 

With the start of the Wimble- 
don season, the company js in 
carry out testing the new surface 
with international tennis players 
this summer in order to arrive 
at what it hopes will be the 
perfect substitute lawn in terms 
of exact depth of turf, etc. 

The company says that several 
UK soccer clubs’ and sporting 
authorities have ordered tin- 
turf which has been approved 
by FIFA and endorsed by the 
Sporting Council for football 
pitches leading up to World Cup 
Series. 

Further frum the company at 
28. Thayer Street, London, 
WIM 6EP (01-340 1567). 

Licence to 

insulate 

pipelines 

Ale GILL Insulation Group, has 
licensed Precision Polyurethane 
Mouldings, Blythe, to use its 
patented Poly pay re thermal 
insulation system Tut under- 
ground and submarine pipelines. 

Polypavre is a rugged and 
vapor-proof polyethylene sleeve 
containing rigid polyurethane 
foam insulation suitable for a 
temperature range of minus 185 
to 95 degrees Centigrade. The 
licence agreement includes the 
provision of technical assistance. 

McGill is at London Road, Had- 
Jeigft. Essex SS7 2D T. 0702 
553166. 



Tecalemit 

Maidenhead, Berks. 

Fluid Transfer, Control 
and Filtration 
Lubrication Systems 
Garage Equipment 
Combustion Engineering 


is 


ONE OF the problems facing 
double glazing engineers is that 
the epoxy-poly sulphide sealing 
agent has to do so many different 
jobs and to obtain optimum per- 
formance it is essential for the 
two component pans of the 
resin to he mixed exactly in the 
right proportions. 

A range of specialist equip- 
ment, called the Liquid Control 
Tw inflow unit, is suul to ensure 
that the resin is mixed homo- 
geneously in exactly the right 
proportions. Two patented 
Posiluad pumps at the neart of 
the unit dispense an exact 
metered quantity of each com- 
ponent and feeds it to a mixing 
head from which il is dispensed 
into the double glazing frame and 
allowed to cure. 

Further from Liquid Control, 
25 Harcmiri Street, Kettering, 
North ants (0536 SI491>, 


rr avr 


uses 


A BOARD made of supcr-com - 
pressed reck fibre can be used for 
lire protection, thermal insula- 
tion. sound reduction, etc., on 
ceilings, walls, structural steel- 
work, roofs, composite panels 
and door cores, says the maker, 
YuilJ Technical Products. Cecil 
House. Loyal tv Road, Hartlepool. 
Cleveland (0-529 71216). 

This asbestos-free lightweight 
cladding, called Alpbire, is 2.5 by 
1. 194 metres, is natural beige 
throughout with one smooth face 
and is manufactured in 14mm, 
lfimm. 17mm, and 20mm thick- 
nesses to a tolerance of ±0.8mm. 
Alpbire ‘D’ is the same material 
but is manufactured to a con- 
trolled thickness of 15mm with 
both sides smooth and Js 
coloured off-white. 

Said to be so easy to use that 
it does not require specialist 
labour, the board can be cut into 
very intricate shapes with simple 
hand tools and can be fixed with 
screws, nails or adhesives. 


ELECTRONICS 


Recorder for f oagh work 


recorder fir pressure gauge. 
Many accessories arc offered 
including doors, instrument 
brackets and windows, and there 
is a model which allows for the 
mounting of instruments and 
enclosures in any position. 

Made by O’Brien Corporation 
in the U.S.. the housings are 
available in the UK from Arnica 
Specialties. 102 Beehive Lane, 
Ilford, Essex 1G4 5EQ (01-551 
0037 1. 


Display is 


THE SWING to the use of 
micros in numerical control 
systems for machine tools is 
a-ifl eiating and experience in 
their use is accumulation very 
fast. 

Machine Tool Industry 
Research Association experience 
is that users of the CNC systems 
are enthusiastic about their 
virtues and have relatively few 
problems in using them, 

A seminar is to be held by 
AIT1RA in co-operation with the 
British Numerical Control 
Society to review progress and 
report this experience. 

Speakers at the one-day event 
on September 20 will he' drawn 
from the control and machine 
tool industries and a panel of 
users will debate the .relative 
merits of. the control systems of 
which they have gained experi- 
ence. 

More on the event, which will 
be held at MTIRA. from the 
organisation - at HuIIey Road, 
Macclesfield, "Cheshire SK10 
2NE. 0625 25421. 

Prepares 
work fast 

WORK HOLDING. often 
described as the “ poor relation ” 
of the machine tool industry, is 
catered for with special 
reference to numerically con- 
trolled machining centres by the 
Haider System 70 available from 
EurokontakL 

The aim has been to develop 
a series of standard fixtures 
based on a slot-together system 
which allows quite complex jigs 
to be put together or recon- 
figured simply and quickly. There 
are seven basic groups of units 
and special attention has been 
paid in the development of the 
slot locking system, to rigidity 
and reliability of the assembly. 

In addition to traditional 
mechanical and hydraulic 
clamps, there also are quick- 
j cling devices actuated by screw 
spindles and spiral clamps- 

The manufacturer. claims 
reductions in setting up times 
t", at the worst, one-twentieth of 


those needed to provide 
dedicated applicoce. 

Further details of ty 
system from Eurokor' 
Colonnade, High Sf»’ 
head. Berks SL6 
70718. 


Electronic 
control of 


lder 

Tbe 

den- 

<62S 


limits 


MACHINE TOOLS and injection 
moulder^ commonly use mul- 
tiple limit switches in conjunc- 
tion with trip rails and switch 
dogs to provide distance-deter- 
mined switching functions. 

But if workpieces have to 
be changed frequently, such 
arrangements for switching will 
soon reach efficiency limits 
because of the need to reset 
switch points for practically 
every new job. 

To help solve this problem, 
and also those connected with 
restricted fitting space, Euchner 
has brought out its Type PS 
potentiometric distance measur- 
ing equipment. With the posi- 
tion of a slider made propor- 
tional to distance, a linear 
potentiometer is arranged to 
provide an actual value trans- 
ducer on tbe machine. A trans- 
ducer for the set point in the 
form of plug-in modules goes on 
the control desk and takes the 
form of an adjustable potentio- 
meter for each switching point 

Actual and set values are com- 
pared electronically to control a 
relay which has output contacts 
for user circuits. 

This means switching points 
can be altered at the control 
panel without risk of accidents 
even while the machine tool is 
running. 

The number of switching 
points can be altered at will and 
the equipment is extremely 
flexible in application. 

More from Cole Electronic';, 
Machinery Division. 3b Church 
Road, Croydon CRO ISG. fli-686 
7581. 


DURING evaluation of Uie Saab 
37 Viggen, one of the highest 
performance aircraft so fur built 
fur military purposes, Suab- 
Scaniu had difficulties in finding 
a precision tape recorder rugged 
enough to stand up lu the high 
G forces and vibration 
encountered in test flying. 

The company’s own electronic 
engineers set to a nil built a 
recorder to fit the brink. It is a 
machine which records PCM data 
in bi-phase serial form on I -inch 
tape cartridge, using four tracks 
sequentially. 

It has a powerful servo motor 
with an optical high resolution 
tachometer on the same shaft to o aa 

provide very low duller for the LU JjL-C 

cassette drive and the machine *• 

has high packing density. The 
tape speed is factory set at lv 
or 3J in per second or any speed 
in between. 

Though the unit is designed 
for military aircraft, it is 
eminently suitable for applica- 
tion to any industrial situation 
where conditions are particularly 
severe. 

More information from Saab- 
Scania, S-5S1 SS Linkoping, 

Sweden. 

Instruments 
protected 

AIMED mainly at the process 
industries but likely to find 
wider application elsewhere is 
a series of instrument housings 
that protect instruments against 
extremes of temperalure and 
physical damage. 

Unheated internally, or heated 
by steam or thermostatically 
controlled electrical elements, 
tbe housings are available for 
virtually every type, shape and 
size of pressure transmitter, 


REMINISCENT of the “magic 
eye ” tuning devices in radios 
of two or three decades ago is 
a series of alpha-numeric dis- 
plays made by ISE Corporation 
in the U.S. and available in this 
country from Norbain of 
Reading. 

Each unit contains cathode, 
grid and anode; the latter is 
arranged in seven addressable 
segments aud the cathode, when 
heated by passing current 
through it. emits electrons 
which strike the anode in give 
a distinctive blue-green fluores- 
cence. 

The display operates with a 
cathode voltage of five volts and 
grid and anode voltages hetween 
32 aud 45 volts. Each character 
lakes about one ntiJIiamp. 

Available in seven segment, 
16 segment. 5x7 dot matrix and 
bar chart formats, tbe displays 
consume half the power of and 
equivalent LED unit, according 
to the company. Multiplexing is 
possible, and drivers arc avail- 
able which are TTL and CMOS 
compatible. A mean time be- 
tween failures of 100,000 hours 
is claimed. 

More on 0734 SB3411. 


• PERIPHERALS 

Fast print at low cost 


W ITH ITS operational rate of 
3,000 lines a minute, an impact 
printer offered bv Docuiuation 
is said by the 'developer to 
be some 50 per cent faster than 
anything comparable «n the 
market 

“ Impact 3000’’ uses a 4S 
character set and attains this 
very high speed because of two 
improvements in design. One is 
the use of a microprocessor 
solely to control the printer and 
the other is the introduction of 
a touch alloy only half the 
weight of steel in ihc type 
hammers. This bring* hammer 
contact with the revolving steel 
band of the printer lu unly 17 
millionths of a second. At the 
same time, integration of lh.* 
controller w-jth ih,. printer 
reduces floor space requirements 
considerably. 

The printer operator i< » h,f ' 
In change character seis and 


fount styles in under two 
minutes. A vertical forms con- 
trol buffer permits very high 
skip speeds, which is particularly 
valuable when printing forms 
with only a few lines of data 
spaced down tbe form. Multi- 
part forms with up to sis parts 
can be handled and a power 
stacker, also micro controlled 
controls folding and stacking of 
the paper running through the 
machine, allowing for a consider- 
able amount of skew. 

Doctirnation as>:erls that tbe 
equipment provides high-speed 
performance far users with a 
major print demand — who may 
he considering the use of last 
la<cr firm I er.— at oae-lhird the 
co.-l of such printers. 

Docuiuation is a subsidiary 
of the manufacturer. Docnmation 
Tnc. of Flomia. and operates 
from Mill Mead. Staines Middx. 
TW1S 4UCi. 07S4 61124. 



e 




1 


10 


Financial TiMes. ^tu^ " j 


world 

AEROSPACE 

CONFERENCE 


ROYAL LANCASTER HOTEL, LONDON 
AUGUST 30-31 1978 



• Aerospace industries, now at a crossroads, have to 
make decisions that will dictate the shape of aviation 
for decades to come. 


Decisions about airliner designs, fares and noise .. . 


® Decisions about reorganising airports to cope with 
increasing traffic . . . 


0 Decisions based on strategic arms limitation 
agreements . . . 


Before the decisions, the debate. The Financial Times 
Conference will be guided by speakers of international' 
reputation, representing European and American manufacturers, 
consumers, planners and other points of view. They will 
prescribe on present problems and suggest strategies for the 
future. 


On the eve of the Farnborough Air Show, this conference will 
equip delegates with the contacts and the ideas they need to 
meet the challenges ahead. 


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

10 Cannon Street. London EC4P 4BY. Tel: 01-236 438Z Telex: 27347. FTCONF C. 


Please send me further details of the WORLD AEROSPACE CONFERENCE 


NAME (Block Capitals Please) 

COMPANY 

AD D RESS . - - - 


.TITLE. 



flies into 


BY STEWART FLEMING 


AFTER A decade durine which been put together to support the jet market And they can hope Mr. Anderson argu« that the« ing _the-- long-range Dash 500 
fate seems to have suent most sale of the planes and their to share in the predicted upsurge changes, coupled -with what ob- verrion... . ^ , 

of the time moddns Lockheed British made Rolls-Royce engines, of orders for commercial jets servers describe as a less auto- For a further comparatively 
Aircraft Corporation: there are Boeing Js less than enthusiastic through the ISSOs, orders, which cratic management • style; than small" ™*taeat~*>wha|w s ' as 



of the board and” top manage- aboutexport financing, and Mr: So -far as to corporate .bribery cratic.. ‘ - ... 

ment. Michael Blumenthal the Secre- scandals are concerned, the .He' clearly •> thinks r th^e albeit at the top end ^>£. the 180- 

That decade bee an for the tary of the Treasury, explicitly optimistic view Is that aH that is changes are basic to Lockheed & 220-seat market,, whibh is where 
nation’s biggest defence contrac- criticised the Rells-Royce-Lock- left to trouble Lockheed are an future. But ajually -lmportant the industry believes the biggest 
tor with write-offs of S200in in heed dea]at the OECD last week, internal revenue service fraud are; the signs that to threat to market for . the ^smaller wlde- 
1989 on its C-5A " Galaxy" The sale of the TriStars to Pan investigation .relating to., tax the company from the TnSto bodied jets now being: designed 
military transport, continued in Am means, that Lockheed now issues surrounding the payments, jet programme is rapidly reced- exists, .. • 

1973 when the VS. Congress had has firm orders for 36 of the air- and a Justice Departaent-inquiry me. • * ’ •' - As . Lockheed’s^ management 

to rescue the company from the craft More important it enables which, on the evidence of similar That is not . to say that to gains-.. conflOeuce that to.imger- 
brink of bankruptcy with a the company to launch the lone investigations at other U.S. TriStar is going to be- a-profit:r»ig threat of'disasten- which the 
5250m loan guarantee, and cul- ranee version of the aircraft, to corporations, could result in maker in anything other than an TriStar programme- represented 
minated in the international Dash-500, which gives it another federal currency or mad fraud accounting sen». to; first -half of the 

bribery scandal which revealed vantage point from which to charges. Again on the evidence is quite candid that Lockheed. 197<fe is. evaporating, ..it. wiR- be 
- — 6 - - - “ ‘ ' able to. develop 'other - activities 


Lockheed executives distributing boost sales- ia the future. 

S30m of largesse around the it W as, of course, the TriStar 
world including Europe and which came close - to tipping 
Japan, in search of orders. Lockheed into bankruptcy in the 
At times it seemed that the wake of the collapse of RoIIk- 
Interaction of these disasters Royce— -which makes the engines 

would overwhelm the company 1971. 

and they surely would have Because of the crucial role 
done, but for its importance to which the Tri-Star programme 
the U-S. defence effort. It gave played in Lockheed’s finances 
the U.S. Government a reason through the decade, it has been 
for helping Lockheed, and gave easy to forget tha tthe jet repre- 
Lockheed a base of profitable seuts only a relatively small part 
business. of Lockheed's overall business. 

Now. however, there is a Last year for example Lock- 
growing optimism at the com- heed reported sales revenues of 
pany’s headquarters in Burbank, S3.4 bn, only S349m of which were 
California, an optimism appar- accounted for by the TriStar jet 


BREAKDOWN OF LOCKHEED PROFITS . 




r (m S) 


" ' 1977 


1973 

1974 

1975 

T976 

Sates 

2*757 : 


3,387 

%203: 

3^73 

Programme Profits 

8Z : ; 

127 

147 

135 

• 153:. 

Pre-tax Profit 1 

20 v 

■ $ 

: r ■*> 



Net income 

18 

23 

45 

38 

■ 1, 49 • 

Earnings per share. 





‘ 1 . 

Fully Diluted 

140 . 

24M 

3.86 

.3.10 

. . 3J1 





Source: Lockheed - 


'In terms of sales volumes; the 
company has been standing still 
since -1974 aniT was-, constrained 


financial plight' ~ On 'the other 


research ancf development spend- 
ing— i£n money, terms at least— at 
around- $50m, and has kept up a 
heavy research 6hd development 
programme orr' customer con* 
tracts^-a .term which. ho doubt 
\ific!udes military coritHcfi; 

Thus Its I0K - report to the 
SEC says that during 1977 and 


ently shared by the stock market, on these sales of TriStar’s the elsewhere, neither of these two. r will . never recover written-off- 1976 .. to . -.company' -perfririried 

The company's shares- are cur- company suffered an operating threats should cause - corporate past coats" on the wide4jqdiedLapproximately $S28m.and^7^m 

rently trading around S23 after loss < including write-offs of $50m traumas. je„t. -These currently total -^Ibn 'pf research - 'and development 

reaching a low of 8141 this year, of development costs which will Behind these optimistic assess- arid will add up-' tcF SLSbn-' by' work' under customer ’contracts, 

Lockheed clearly feels that it continue annually until 1985) of ments lies the asuraption that the. 2985 when the current:856m-^' . Tt..is the' company^" strong 

close to putting the past S120m. company will not be forced by year write-off programme Is coin- ' technological ''base tri areas' like 

behind It, that the reforms that On the sales revenues of S3bn the Securities and Exchange pleted. r . _ ’• missile development^ spare satel- 

have been put into effect (especi- from its other lines of business. Commission to name recipients of .*>„ tha nth»»r buns tb*<u> -urr-ite- 'lites arid in25tary"’-5urveiUapce 


ally the change in Board struc- Lockheed earned pre-interest pro- questionable payments. For over ^tts do not represent- a cash aircraft which have enabled it to 
ture), will ensure that the com- fits of $273m. After interest and a year now it has appeared that Moreover - with recent- continue winning- major military 

pany is a good corporate citizen taxes, net income was a whisper the SEC will not press .Lockheed orders there are how hones that contracts .sriefrasthe $3bri urder 

and not a black sheep, and that under S50m. for such disclosure. production of TriStars can be f°x the. -development v Of -the 

the threat of new financial In spite of a dismal first The company must alsa hope ^ alnta j ned at a rat6 of ^, ayi - Trident missile system; to secure 

disasters has receded. quarter, reflecting a strike at the that there will be no further a t which level production standi in ' return' v '.'i6r -Tts ; technical 

On the other hand judging company, analysts are looking damaging revelations emanating by charges of $3Sm last year will expertise astrikte in'u.partnersliip 

" r " Lockheed’s own profits for a similar earnings figure this from abroad where^ some trials also be eliminated. * ‘with ExxraAaad. Shell: in '-a major 


from 


breakdown large sectors of the year. relating to to Lockheed scandal.. — ... 5_ tA - TOM .,___ h xmdersea mining- corporiifto°- or 

company’s business, including The company’s debt position is are still going on. the contract fdf the space tele- 

missties, space, electronics and also improving steadily. Total The company has taken steps * rate is 11 kejy 'to he ^ achieved ^ ‘ r 

shipbuilding, are not particu- debt, which reached a peak of to Jearn from its past mistakes^ tthe current rare 'njMMpmjg, The iebtapany. .. also has largo 

larly profitable. In addition it S9io m (against net worth of Thus in line with recent tWnk» ^d 20), and with furtor orders orders for developing air traffic 

seems likely that in order to S27m) during 1974, is now down ing on how giant companies -to level wutd oe maintained. control systems iff a Tuimber of 

improve profitability the corn- to $470m. ought to he managed to promote’’ it is on these grounds that countries including Saudi Arabia, 

pany will have to start raising it is still too high. Net worth corporate responsibility, it has . some analysts are forecasting a If is' projects , such as. these 

its capital investment expend i- is now 8220m which is why the restructured its Board to bring profits breakout for the TriStar ''Which . r are. -becoming • more 

tures, which have been tightly company is putting a high priority in a solid majority of pofr programme in the- .early : 1980s. important-to .Lockheed, as.. the 

controlled during the crisis years. o n trying to get the equity up, executive directors from other Chairman Roy Anderson Is also -TriStar -threat .dimftsheS. ’ But 


Mr. Roy Andersen, who took perhaps to equal debt, some time leading companies including; for-prepared to say that to company it, is fair to; say that at this stage 
over as chairman and chief ex- j n ipgo. In the interim, Lockheed's example, this year Mr. Jphnfcah; “ think in terms- <rf. profits ” tfie company. is still coffvalesctog. 


ecutive a year ago after having shareholders cannot expect any Swearingen, chairman of to ' for the TriStar. • "• ., Early. tn . the 19S0&. assuming 

been senior vice-president for dividends. Board of Standard Oil (Indiana). ' . .The company .rules' out any . progress continues, its manage- 

finance since 1971, freely admits As Lockheed’s directors look It has also appointed a' popsfbilitv of the production tine . ment : will be faced , wito major 
that part of the optimism stems to the 1980s, they can see at majority of outside, directors to^losto down, but Mr. . Vincent strategic . questions of charting 
from a recent decision by Pan least three underlying reasons for Board committees — In some'l^arafino, senior vice .. president- fhe path -into the" future. Should 

American World Airways to believing that the corner has cases such committees ariff jlharice. says that the company it, Tor example, invest ihe SSDOm 
order 12 new long range Lion been turned. They are optimistic staffed entirely by non-executive has enough equity and tax credits, or more heeded to launch a two- 
TriStar wide bodied commercial that no more skeletons will come directors. Mr. Anderson draws to survive even such a crisis. . engined version of- the TriStar? 

jets (and to take options on 14 ratling out of the cupboard which particular attention to the )?Thff Pan Am order has clearly If not which markets should it 

a - closeied the corporate bribery appointment of a Public Issuer-been critical in these assess- aim at? : 

The order was won in compe- scandal during the rule of the Committee of the Board that hS- ments, since it bas meant .-that’.. But r now at least there are 

tition with Boeing and Mr. Ander- former chairman. Mr. Daniel been set up clearly in response Lockheed can hope that for an fewer doubts abriut the company’s 

son describes it as a godsend. - — - - — - 


_ Haughton. They are seeing signs to its former myopia on ques- ipyesttnent of perhaps as little future. Some analysts argue that 

He also pays tribute to the of improving orders in key pro- tions of corporate responsi-: wf 55}hn. it can widen the market it. is beginning to look like a 
financing package which has grames outside the commercial bility. , -far the TriStar through produc- pot^^,.tkfceougr target 


v.i' .•-~.'Vr 



>v- • ;.,;>v:.v-.': 

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idi; !Rmes Thursday tfune;;22 1978 



-i 








11 - 



out and sitting pretty 


. BT NICHOLAS FAITH 

THE ' BRITISH poster industry 
has- now . recovered from the 
nervous . .-breakdown which 
afflicted it throughout the first 
half of the 1970s— but it has yet 
to, i-f ace up to the problems 
created by the -extent of its own 
recovery. The conference irheld 
recently in Bordeaux displayed 
. its confidence— if. only-, in allaw- 
. ing some of London’s tougher 
creative talents .to -express their 
opinions of the business. Indeed. 


__ probably, 

the biggest single criticism made " have to 
of the industry, the sheer: Complain 
shortage -of sites, especially for 
the bigger posters- -increasingly 


favoured by ' creative directors, 
simultaneously underlined - the 
extent of the poster recovery and 
provided a foretaste of the prob- 
lems to come. 

For their own sakes, the whole 
-oF the advertising world, agen- 
cies and clients alike,, should 
become involved since the poster 
industry is fighting for the right 
■of advertising to be recognised as! 
- a benefit to the community and 
not merely as a more-or-less 
necessary evil. 

Nevertheless, it is still reraark- 
■able that the poster industry 
should have recovered so 
thoroughly and so quickly from 
an unprecedentedly traumatic 
interlude. . For the five years 
after John Bentley seized control 
of one of the two major units in 
the industry it was in a state of 
multiple turmoil. Bentley and 
his colleagues shook up what had 
previously been a rather cosy 
and uncompetitive world, forcing 
it to realise the value or the sites 
it had been sitting on for half a 
century or more, streamlining 
their own interests and thus 
allowing room for predatory new- 
. comers, and. by attempting to 
impose a monopoly structure on 
the Industry, forcing it to come 
to terms with commercial reality. 
The climax to the agony came a 
few years ago jt a conference in 
Madrid when client after client, 
egged on by some of the new 
entrants, attacked the industry 
for the disgraceful state of so 
many of its sites. 

At Bordeaux the industry was 
more aggressive. ' The head 


PEEP SHOW at.Elephant and 
Castle.' saney lady, 
chicken fig and all. Is part 
of a XiOOvOO. poster and print 
; campaign® eckltt and Column 

Is running. for Caiman's 

rd via J. Walter 
writes Michael 
L rWUI she 
at the Ad v ert isi ng 
nthority? Most 
ough we shall 
and- see. 

have 'just started 
to arrive af the ASA, though 
as the Authority has not yet 




English 
Thomi 
Thomson-! 
pass must 
. Standards! 


had dine tiinform the agency 
or client, mdoesht feel able 
. to comment? This particular 

poster was iot cleared in 

advance with the ASA, 

although advice has been 
sought on a MIow-up poster. 

. As It happen^ the Col man's 
lady coincides with an ASA 
editorial on the use of women 
in advertiseinents.-that 
accompanies. its latest case 
report. The ASA-says it gets 
a steady stream of .complaints 
about the way women are 
portrayed In ads;: ranging from 
complaints from sincere 
advocates of nhf entered 
womanhood whb wax 
indignant abottt^toy ad that 
doesn't conform to the tenets 
of women’s ilb (generally 
because the ad shows a woman 
in a traditional, primarily 
household, role) to claims 
that a woman has been 
deliberately used by an 
advertiser in a Jewd or 
salacious manner. . 

Complaints of the first kind, 
says the ASA, tendio ignore 
Ibe fact that tbe majbrity of 
women still see. themselves 
as housewives and' that. a high 
proportion of products are 
aimed at women inlheir 
traditional rather 'than -their 
business role; 



Complaints of the second 
kind, says the ASA, launch 
the argument into the realm 
of decency — “decent” being 
defined in this case as 
** conforming to standards that 


ylshlcw .l&frttuuii 

are right and fitting ” rather 
than to those that are 
“sexually ebastr.” 

Says the ASA: “ We cannot 
agree that any representation 
of an attract ive woman in an 


advertisement Is tantamount 
to offering a promise of sexual 
gratification. It seems to uS 
an absurdly single-minded 
attitude. While we would not 
favour inr principle the use 
of a naked woman in an 
advertisement for. say. 
Industrial machinery.' this does 
not mean that we want to 
object to every - pretty girl 
introduced into an advertise- 
ment as a means of giving 
appeal to an otherwise 
Qssppealing subject. It 
depends on the tone or voice 
of the ad\ertisement as a 
whole. 

" The ASA says it likes to 
stand back and ask Itself 
whether or not a particular ad 
Is offensive. ** If the authority 
believes that a high proportion 
of viewers of an advertisement 
are likely to find it offensive, 
then »c .shall probably say to 
the advertiser that while it is 
not indecent, it is nevertheless 
more likely than not to he 
found distasteful by the public, 
and therefore contravenes 
the Code." 

In any case, says the -ASA, it 
is not its job to involve itself 
in attempting to change Ideas 
of women's role in society. 
"An advertisement, if it Is 
going to uork, must meet with 
some sympathetic reaction 
from the audience, otherwise 
It won’t .-ell effectively. Unless 
the advertisement is seen as 
relevant, unless the consumer 
can Identify with the woman 
in the advertisement, she is 
likely to Ignore it." 

All in all. Col man's saucy 
lady scents safely ensconsed 
on her tiger skin. According 
to a debbish spokesperson of 
my acquaintance: •* She 
doesn't offend me m the 
slightest. In fact she's really 
rather silly.” 


The smugness derives from the product just before he goes into 
simple fact that the industry's the shop— the nearest point-oF- 
bookings are so good — its sites sale advertising, in fact con- 
of. are sold solid, in most cases for trolled by the advertiser rather 
the Poster Audit. Bureau, set up months, even years, .to come. But than the retailer, 
after Madrid to monitor poster it is also based on'an. assumption 
sites, defended his work in so that the bulk of. the industry's 
aggressive and ■ convincing a near £60m income will continue 
fashion that it would take a to derive from the four-sheet, the 
brave advertiser to complain in handy poster size developed in 
future. But the aggression con- tber i960s to fit neatly into shop- 
cealed a certain smugness and ping precincts and fb match the 
the smugness has bred a restless- scale of street fumiure. The four- 


Reliance on the four-sheet has 
a number of disadvantages, most 
of which were forcibly pointed 
out to the industry In Bordeaux: 
it accepts the industry's subsidi- 
ary role in any given campaign: 
it provides none of the creative 
flexibility required by creative 


for all the industry’s present 
prosperity, its role as a back-up 
medium for TV could be vulner- 
able to a second 1TV channel, 
expansion of local radio, or, in 
its role as an alternative to TV 


to show the public that advertis- 
ing has some value, and, in this 
case, that it can be harnessed to 
very Obvious social benefits. 
Indeed, because of the very 
obvious connection in this case 


from a ban on the advertising of between advertising content and 


cigarettes. 

Nevertheless, the number of 
** free ” larger sizes of poster 
sites diminisbes steadily j'ear by 
year, as what one speaker 
described as the professional 


social improvement, the poster 
site is very favourable terrain 
for the advertising fraternity. So 
why no attack? 


... , PETER WILSON, chairman of 

ness among clients which, in the sheet is usually sold as a back- people who have come to know genteelism of the town- planners Sotheby’s, is the latest celebrity 

end, they themselves will have up medium for television, and love the much bigger, tradi- *--- -* *~- 

to help overcome. reminding the customer of a tional type of poster sizes; and. 



Southerners ore big spenders in almost eveiy consumer area. Often, 
they far outstrip national averages, . c .. 

Take groceries, for instance. In 52 out of 83 TQ food categories Southern . 
usage exceeds its share of population. And its the savory in 20 out of 35 dnnk 
and23*but of '37 consumer durables categories, and I mall petfoods. With higher 
average earnings and a higher share of ABCls, the has real spending muscle. 

You can reach that musde on Southern Television, ;. . 

SOUTHERN ^TELEVISION 


For further information contact Brian Henry, MafeHng 8 r Safe Djfedoc 

' .use, Stag Place, London SwlE 5AX. Telephone: 01-834 


Southern Television Limited, Glen House, 


4404. 


squeezes the number of empty t o lend bis name to JWT’s taste- 
spaces adorned by posters. A jqj pnot campaign for Bolex 
recent straw in the wind was a watches. According to the purr 
Civic Trust publication which # toe hody copv; » Peter Wilson 
attacked posters en passant as rec jj 0ns that he spends a quarter 
Likely to hinder the work ofim- 0 f each year travelling to and 

t P h r »v mB -rof ba o n ^p a S ui a ?S; SK* fiom Sotheby's offices around the 
£m y «!!!» w>rfd, so time-keeping is obvi- 

oos1 - v critically important to him. 
JJJJ? ® d_ The watch he wears is a Bolex 

scape jd any- basic way. DatejjusL On .the subject of Rolex 


any. basic way 
Now the poster industry has 
a number of (albeit inadequately 
developed) answers to this 
attack, answers which could be 
used for positive promotional 
purposes as well as for defense 
against planners, improvers and 
others who would strip 


medium bare. The precedent has 

hwn in chnnnino nnvinMe *- - uleo l 


and time-keeping it is no co- 
incidence that in every Sotheby’s 
catalogue, you'll find the time 
of the sale is describe das 11 
am . . . precisely.” 

The last sentence is joyfully 
inaccurate, but that won’t worry 
Rolex. which apart from the 


more 


been seen in shopping precincts ***** 

where poster sites are combined un Yehudl Menuhin 
with clocks, seats, air condition- 
ing vents and the like. and. more 
obviously, in the country’s bus 
shelters, now provided largely 
free thanks to the posters on 
their sides. And one major con- 
tractor has developed a hand- 
some pillar-box type of telephone 
kiosk, paid for, again, by 
advertising, though unfortun- 
ately the postmen saw in the 
new design a threat to the use- 
ful pocketmoney they pick up 
at the moment from clearing the 
older type. 

These are all modest examples 
of urban embellishments which 
could he paid for by advertising 
posters, and the principle could 
be further extended — there is no 
earthly reason why a contractor, 
for example, shouldn't be able to 
take over an acre or two, turn 
it into a playground, and agree 
to staff and equip it as rent for 
a decent spread of posters. Bui 
the idea of the poster contractor 
acting as a municipal- improver 
requires major efforts of will and 
imagination, neither of which 
are apparent at the moment, for 
although the poster industry’ is 
conducting a low-key educational 
campaign designed to persuade 
planners of the uses of posters, 
the running in public is still 
being made by anti-poster forces. 

Any real , progress demands, 
firsi, a realisation by the poster 
industry of the urgency of the 
need for propaganda, an admis- 
sion that the four-sheet, lucked 
tidily away in shopping precincts, 
is not, by itself, enough to keep 
the industry’ alive. Second, the 
advertising industry in general — 
client companies as well as 
agencies — must understand that 
the poster industry's battle 
against the planners is merely 
this year's Instalment in the 
long-running campaign designed 


FD1TED BY MICHAEL THOMPSON -NOEL; 


Hard look at price cuts 


BY MICHAEL THOMPSON-NOEL 

WHEN IS a reduced price offer by competitive pf 
a 


io « , C u Ultu ... trade Tn three years, the number of 

reduced price offer? Accord- pressures.” (It should be noted people who don't mind « their 


ine to Jeff Harris of Harris that the total figure for 191 
International Marketing, total Includes £3lOm-wortb of media 
sales promotion expenditure advertising used to support 
ballooned last year by about promotions.) 

£600m to approximately Expenditure on reduced price 
£l.S53bn. However, as a result of coupons continues to grow. 
Tesco’s Checkout campaign, and though Harris suggests a 
the ripostes of its rivals, reduced 


Reduced price offers 
Coupons 


price offers represented two- 
thirds of the 1977 total com- 
pared with only half the 
previous year. 

Hence the need for a spot of 
redefinition, for as Harris notes. Extra quantity 
moves into prolonged discount- Banded packs 
style pricing have ebanged the Stamps 
name of the game and the Gift coupons 
figures almost certainly need to Free giveaways 
be rephrased, either this year or Free mall-ins 


SALES PROMOTION 


(£m) 

*78 

T7 

1,260 

1,000 

30 

25 

5 

7 

5 

5 

60 

40 

I 

5 

2 

2J> 

15 

17.5 

iums 4 

3 

& 

75 

3 

5 

- 120 

100 

2 

3 

310 

350 

20 

25 

40 

50 

*1,853 £1,647 


ebanges as Tesco's and Sains- Competitions 
bury’s have become more Samples 
established, widespread, normal. Point of sale display - 
It is for this reason that pro- Trad* media 
gressive Increases in total Consumer media 
promotional spending of 41 per . 

cent in 1976 and 51 per cent last Sa, **^5 e * tradB 
year may be replaced by a drop incentives 
'of around 13 per cent in the- 
Harris figures for 1978— giving a 

total promotional spend of flattening of the curve. Extra- 
£1.64bn. quantity packs are still near the 

According to Harris: “This is top of the popularity polls 
still very big business: the major although stamps, understand- that price is at its most dominant 
part of many marketing com- ably, have fallen away dramatic- as a purchasing influence when it 
munications budgets, and larger ally (see tablet. comes to paper goods, household 

than display advertising. How- According to- Harris: “ Self- ideaners. toiletries, petrol, canned 
ever, the validity of Including liquidating premium offers are foods, packaged groceries, bever- 
prlcp cuts as short-term, dis- responded to less than any com- ages and travel, but much less 
cretionary sales stimulants must parable technique, but competl- potent when it comes to clothing, 
be questionable when they cease tion entry has increased about bacon and sausages, meat and 
to be short-term and when scope five-fold, to -10- per cent, in the poultry, dairy products and fruit 
for discretion is largely removed last five years." and vegetables. 


usual brand is sold at cut price 
has dropped from about five out 
uf ten to about four out of ten 
while the number who make a 
point of buying brands with cut 
price offers bas stayed at about 
one in ten. The fact that a store 
offers lots of special offers con- 
sistently rates bottom as a 
criterion for store selection. On 
the other hand, shoppers seem 
increasingly likely to believe that 
a temporary' price reduction is a 
genuine offer, though about four 
out of ten don’t think such offers 
are genuine, or don't know. Of 
those who doubt the genuineness 
of offers, the largest portion say 
they simply can't evaluate tbe 
proposition.' Still, more shoppers 
do now claim to know the normal 
price of most or some of the 
goods they buy. 

According to Harris: “Shoppers 
continue to concentrate their 
shopping at one shop, and to 
concentrate their shopping into 
one trip. It's increasingly diffi- 
cult to switch a main, shopper. A 
steady 23 per cent of people 
claim that own label products 
affect their choice of shops.” 

An interesting piece of Harris 
research indicates it is possible 


Y and R come-back continues 


AGENCIES WAX, agencies 
wane, but the apparent revivifi- 
cation of Young and Rubicam 
was confirmed this week with 
news that it had captured £I.3m 
worth of new business from RHM 
Foods covering the Energen and 
Scott’s advertising, previously 
with FGA/Kenyon and Eckbardt. 

Y St -R rhief executive a nd 
managing director Tim Coles 
says the agency's gains since the 
start of the year have eclipsed 
£5m. an dihat on a 12-mouth 


Shaved of RHM’s £1.3m. FGA/ 
Kenyon and Eckhardt is now con- 
templating 12-month billings of 
approximately £8m — but last 
night it didn't seem to mind. The 
impression was that if Energen 
had problems, thev ran deeper 
than its advertising approach, 
and that Y 4- R’s gain may not 
be the'bonus it thinks it is. 

Q THOMSON YELLOW PAGES 
is spending £800,000 on a . net- 
worked TV campaign intended 
to broaden the usage of the Post 

It 


roiling basis beginning now, Ibe office's classified directories, 
agency's billings are gliding past j S the first' campaign developed 
£37m. “We've had two years' by YeUow Pages’ new agency, 
reorganisation,” says Coles. Grev Advertising. 

“Now it’s paying off." 


The -accounts include Scott’s 
Porage Oats, Energen Crisp- 
breads. RHM’s low-calorie jams 
and the canned low-calorta soft 
drinks brand leader, Energen 
One-CaJ. 

According to Energen's diplo- 
matic-chief executive David 
Baines;. “As the direction of 
Energen business is being re- 
viewed, we felt the time was also 
right to- talk- to other agencies 
well in advance of next year 
when our new advertising will 
break. Inevitably the decision 
was a difficult one. Although we 
have enjoyed a Jong and success- 
ful relationship with FGA. we 
have aonointed Y & R as we were 
particularly impressed with their 
interesting and creative response 
to our demanding brief.” 


O NORTH OF SCOTLAND 
Hydro Electric Board has 
switched its £200,000 account 
from R and W Advertising to 


Charles Barker Scotland, based 
in Edinhurgh. 

0 WITH THEIR BILLINGS 
racing neck and neck, it is 
hardly surprising that the 
current profits performances of 
Collett. Dickenson, Pearce and 
the Saatchi and Suatchi Company 
— Britain’s two largest domestic- 
ally-owned. publicly quoted 
advertising groups— should be 
purring in harmony. 

Collett’s 1977 pre-tax profit was 
£1.3Sm. For the six months to 
March 31. 1978. Sa3tcbi's has just 
turned in a 32 per cent improve- 
ment to £755.000 on a turnover 
of £24.6in. up 25 per cent. No 
doubt reflecting the current ad 
boom. Saatchi's margins 
improved for the fifth half-year 
running to reach 3 per cent 


M . '' Staff Gonsultanfe- 

acec rtmsrsaeTiSr*: _ 

rnsrktriog ir\i3Ci£\.3r f - “opy v tis$iG,^ ! .;.P;Opusl i io.nj:h.-AU:H ? r 9 JT|, otL i. r.R 
•feract Pe*er noirpes •’ or-^xectfive ssfc r E'tS. ies R r ~ RA& ^ 

Jvratrl 3oH^&«: : on-493'-^56^7^^e<r ; Scnd;§i!^:;’Lcnii£!n--WL;; 



The firsi 1 word you need j 

in language! 



in a 

For one hundred years the Berlitz method of | 

language tuition has been teaching die wor to | 
speak- Quickly, efficiently and enjoyably: You * 
leamjust like you leamedyour mother tongue - , 
person to person. Ring today tor full 
infonnadon. We’D prove to yon that it works. 


v - 100' YEARS OF " 

BERLITZ 


Teaching the world to speak. 

JSSS^SS^SS^ffSSSS^i 


MARKETING APPOINTMENTS 


l i ■ - — " i| 

pctvevpufliLvedtleboQt?, 

You have your own group of clients who have 
been with you years. They spend upwards of £20,000 
each. You show real genius In solving their marketing 
problems and handle them with a minimum of trouble. 

But you’re unappreciated, underpaid and can't catch 
up with inflation. If you would like a real share in 
their profitability, drop me a line in total confidence. 

I run an agency group that could, provide you with 
lucrative security. Chairman, Box G.1920, Financial 
Times, 10. Cannon Street. EC4P 4BY. 


V* v . 



* ’&*ne;XItSJuc»Dexmber2B7? 


■Britain’s oldest Sunday newspaper is 
also its newest. With a new look, new 
features and over 330.000 new readers 
of the newspaper - and 468.000 new 
readers ofthe colour Magazine.* 

Every Sunday they're reading Sunday Plus, the 
expanded review, and enjoying 'Living' the weekly section on 

Lite way we live. WVve taken on new writers, introduced new 
features, and the Business Observer, with its np«'Ta.v Bureau and Company 
Report sservi re is appealing to more and more businessmen. And we have 
the liveliest colour Magazine. We've given Sunday an iniellistfU new 

appraisal. Which is probably why the expanding Observer has a higher percentage 
of educated, up-market readers, than tiny »>therS«nday newspaper. 

THE OBSERVER 

looks ahead of the times 




• r v 







«'. v -• 


THE JOBS COLUMN 




Two in line for presidency 


out 


$Y MICHAEL DIXON 

TWO INDUSTRIAL aces are 
wanted by headhunter Malcolm 
Campbell for a flOOm turnover 
international company. But only 
one of them can succeed as chief 
executive when the president- 
cum-owner retires, probably in 
■three to four years. 

£ Mr. Campbell, who works on 
the recruitment side of the 
management consultancy side of 
the accountants Mann Judd, can- 
not disclose the company’s name. 
All he may say is that it is a 
Euro-American concern whose 
[business is industrial consum- 
ables. such as materials for 
repair and maintenance. He 
guarantees to honour any appli- 
cant's request not to be made 
known to the employer until 
specific permission has been 
given. 

An oddity about this pair of 
jobs, by the way, is that while 
the preferred base is the U.S., 
the employer seems willing to 
be persuaded otherwise. 

Will the next chief be the 
incoming executive vice-presi- 
dent Cor finance? After all. a 
good many financial craftsmen 
wbo are already of chief execu- 
tive rank might well be tempted 
by this particular vice-presi- 


dency wtoich carries responsi- 
bility for the company's world- 
wide financial planning and con- 
trol, and the development of 
sew business, not to mention 
the data processing work. 

My estimate of the attrac- 
tiveness of lius post -is based 
on the salary indication of 
about £45,000 which even in the 
US. Is more than peanuts. Perks 
will be commensurate, I am 
told. 

Or will the next president be 
whoever joins as the new execu- 
tive vice-president . for market- 
ing, at a similar sort of salary? 

This post bears responsibility 
for the overall control of mar- 
keting and sales -in about 140 
countries, involving a force 
of representatives operating 
world-wide plus the occasional 
licensing agreement. The deve- 
lopment of new products will be 
another important concern. 

Candidates for the marketing 
vice-presidency will need to 
have risen to ‘ specialist 
eminence on the manufacturing 
side of industry, and if they 
are qualified by training or prac- 
tice as engineers, so much the 
better. 

The preferred age is 40-plus 
for both these posts, which are 
open to English-speaking 
managers with the appropriate 
kinds and level of experience. 


regardless of nationality. In the 
case of the marketing chief, 
however, language skill in 
French and German also would 
be an advantage. 

Applications outlining career 
should be sent to Malcolm 
Campbell at Mann Judd Con- 
sultants; 55 New Oxford Street, 
London WC1A 1 BX — Telex 
23173. Inquiries may be tele- 
phoned to 01-S36 6600. 

Straight bat 

UNLESS Geoff Crosby had just 
beat Lancashire single-handed 
in the Roses cricket match, J 
doubt whether he could feel 
more pleased than he must do 
this morning. 

The Yorkshi re-bom director 
of the Government-sponsored 
Professional and Executive Re- 
cruitment agency was able to 
announce yesterday that PER 
has at last come out of the red 
on ifs commercial, manager-re- 
cruiting activities. • The year 
ended on March 31 showed a 
profit of £20.000 over expendi- 
ture of £5. 93m. Losses of £0.32m 
and £0.62m were made in 1976- 
1977 and 1975-76. 

But a qualification is needed 
to any statement that PER is 
no longer using a subsidy from 
the taxpayers to compete in the 
executive-recruitment "■ market 


with private .enterprise consul- 
tancies and agencies. 

. While its fees from employers 
for finding and selecting job- 
candidaTetf Were Up by 37.5 per 
cent on those of the previous 
year, they still totalled only 
£3.25m. Another £2.7m of in- 
come was furnished by the 
Government as a grant to cover 
the agency's non-commercial 
services, such as advice and help 
to unemployed managerial-types 
finding it bard to obtain new 
worki ■ ■ 

Shouts that this “social 
activity" grant still feather-beds 
PER, are rebutted . by Geoff 
Crosby with a well-tried, almost 
weary defence. 

Of the roughly 200;000 job- 
seekers who now register with 
PER each -year; he said. -about 
140.000 are out of work. A pri- 
vate-enterprise operation could 
not cope with, .a - candidate- 
clientele which was 70, per cent 
jobless, and when the £ 2 .Tui 
grant - is spread-, across the 
unlucky 140,000, it averages less 
than £20 a head. 

Besides which, the headlong 
rise in the "social activity" sub- 
vention over the agency’s first 
three full years of operation — 
from £0.82m in 1974-75 to 
£2.52m in 1976-77— has now 
been nearly stopped. And the 
PER costing system, has been 
fixed so that staff time spent 


respectively on commercial and 
on social services is now 
charged against the appropriate 
type of income. 

That line of attack blocked., 
and being a typical Lancashire- 
man, I changed my angle. 

-How about the number of 
vacancies which; employers 
bring to PER for filling? I asked. 
"Ah.” Mr. Crosby responded 
somewhat edgily. “from the 
levels of 1974-75 those have just 
about halved in total to 20,000-. 
plus last year. Bat our success 
rate in placing candidates has 
gone up from about one in every 
seven or eight ; vacancies, to. 
around one in 'three. 

“So we’re doing much better 
financially on a decreased 
volume of business. Incidentally,' 
our average charge per placing 
is now just under £500, exclud- 
ing advertising which is charged, 
to the employer at cost.” 

But doesn't that still indi- 
cate declining confidence among 
PER's original ■ employer-clien- 
tele, even though at 10 to 12 per 
cent of starting salaries the. 
agency's selection and place- 
ment charges must be among 
the cheapest on the market? 

Geoff Crosby played that 
straight. “Aye. We didn’t give 
them an in-depth quality service 
at first. We weren’t getting 
down to a properly detailed 
understanding of each job that 


.was sent to- us. But .we know 
now that employers want de- 
tailed selection, and we’re pro- 
viding it- That's why the suc- 
cess rate 'has gone, tip so .much. 
. “For the future.. though,, we 
know we' must, win back those 
lapsed customers.” - - 
~ With time drawing.on, I made 
a last effort to get past his 
guard. PER’S cut-price 'Compe- 
tition on the marker I said, had 
helped to. throw out of work z 
good many private-enterprise 
recruitment -staff.. - . . . s - 

- But these were banned from 
finding alternative work with 
.the expanding ~ Government- 
backed agency/ because PER’s 
staff have ttf be- civil servants 
engaged through’ the CfvR Ser- 
vice's traditional channels and 
almost always, still, before they 
are 28 years old. . . 

Doesn’t .this amount,. I -.asked, 
to a shameful.. jobs-oniy-fox-tbe-- 
boys restriction'? 

: Again Geoff Crosby played it 
cleanly, '“fir my ' personal 
opinion, it does. And it strikes 
me as absurd; as well. Why can't 
we have, open -schemes to . re- 
cruit for the. service! no£-just< 
specialists like' personnel, con; 
sultan ts, bu t middle" managers' 
from the^ private-sector, too? 
Why ever" riot? ' ; ' ' ; - 

“But it's no good, asking, me. 
about that” be added. “Ask 
the Civil Service Commission.” 




Holland 


FINANCIAL ACCOUNTING 
MANAGER 


c. £12,000 net 


Understudying the current manager, his successor will supervise a staff 
of 10 in the operation of mechanised systems. Cash management is 
particularly complex with multi-currency exchange implications, and several 
projects are envisaged inducing contract evaluation and profitability 
studies. The Accounting Manager will be responsible for the full function in 
approximately eight months. 

The regional accounting centre for Middle Eastern business worth $120 
mi llion annually, our cJ ient is a subsidiary of one of the world's leading 
construction companies. Contracts in the oil industry have been signed for the 
nertfwo years’ business. Applicants should be qualified occountants aged 
27 -35 with industrial experience. Please telephone or write to Stephen Blaney. 
B. Comm., AC A, quoting reference J/l 71& 

EMA Management Personnel Lid. 

Burne House. 88/89 High Holborn, London. WC1V 6LR 
Telephone: 01-242 7773 


GOVERNMENT OF KUWAIT 
wf UNIVERSITY OF KUWAIT 

CONSTRUCTION MANAGEMENT 
AND SUPERVISION PERSONNEL 
Ww FOR THE NEW CAMPUS 




<Uu$7 


(1) Applications are invited from suitably qualified and experienced men for the follow- 
ing posts wiib the University of Kuwait 

(1:1) PROJECT MANAGERS 

Candidates must be chartered civil engineers with a good basic University 
degree and not less than 15 years experience including at least the last 5 as 
project managers on major building projects. 

(1:2) CIVIL ENGINEERS ~ 

(1:3/ MECHANICAL ENGINEERS 
(1:4) ELECTRICAL ENGINEERS 

Candidates for posts (1:2), (1:3) and (1:4) must be chartered engineers with 
not less than 10 years experience of which the last 5 shall have been in a 
senior management or supervisory’ post on a large building project 
(1:5) QUANTITY SURVEYORS 

Candidates must he chartered surveyors with not less than 10 years experience 
of which the last 4 shall have been in a senior Q.S. position on a large building 
project. 

(1:6) CLERKS OF WORKS 

Candidates shall be qualified clerks uf works with various trade backgrounds 
and not less than $ years experience as clerks of works on major building 
projects. 

(2) CONDITIONS OF SERVICE 

(2:1) Selected applicants will be given an initial two year contract. 

-'2:2 J Salaries shall be by negotiation but will be very generous. 

(2:3) Free basic furnished accommodation will be provided. 

(2:4) One return air passage per annum to London will be provided for the success- 
ful applicant, his wife and up to three children up to the age of eighteen years. 
(2:5) Leave shall be at the rate of thirty days per annum. 

(2:6) Free medical care is provided. 

(2:7) There is no income tax in Kuwait. 

(3) Candidates should apply in the first instance in their own handwriting and including 
tneir complete curriculum vitae to: 

The Vice Rector for Planning and Development, 

Recruitment Section, - 
University of Kuwait. 

P.O. Box 5969, Kuwait 
Stale of Kuwait 

The lists shall close on the 30th July, 1978 and initial appointees shall be expected 
to commence their duties in Kuwait tiot later than the 1st September, 1978. 
Applicants should be reassured that their confidences shall be Fully respected. 


TAX AND CORPORATE 
STRUCTURE ADVISER 

A major British international group, trading largely over- 
seas with a -multi-million pounds turnover, is seeking applications 
for a newly created appointment in its Head Office in London., ... 

The international growth of the company in recent years 
has increased the scope and complexity of the Group corporate •: 
structure and its tax affairs. The requirement is for a qualified, 
accountant and/or lawyer, probably a member of the Institute 
of Taxation, who has had international experience including UK. • 
companies and their overseas activities. Although the post 
reports to the Group Financial Controller in London, the task . 
will involve spending up to three months a year in Hong Kong. 

Preferred age 3040. A competitive salary, commensurate 
with age and experience, will be offered plus bonus,, car and .- 
generous pension arrangements. .. 

Write in confidence to'. . | • - - f 

F. H. Scobie / 

Management and Executive Search Consultant / . 

642-643 Grand Buildings, Trafalgar Square, London WC2 / 


Management Accountant 

/ Salary up to £7200 pa f 



Applications are invited from qualified 
and experienced Accountants for this 
third tier post in the Finance Department. 

The Welsh Development Agency is 
charged with the task of helping to 
regenerate the economy of Wales. It 
owns, develops and manages a large 
portfolio of industrial sites and premises 
in Wales, providing services on major 
estates; invests in companies and firms; 
promotes Wales as a location for 
industry and carries out land reclamation 
programmes. 

The responsibilities of the post will 
involve the control of the Agency’s 
management accounting function, the 
preparation of financial accounts, annual 
budgets and reviews, and the 
development of computer based 


management information. Relevant 
experience is essential. 

With effect from t July, 1978 the 
commencing salary will be within the 
range £6700 to £7200 p.a. with six 
weeks annual leave entitlement in 
addition fo public holidays. There is a ' 
contributory pension scheme and a car - 
allowance. Generous assistance will be 
given to relocation expenses. : - 

Please write or telephone for an : 
application form, to be completed and 
returned by 3rd July, 1978. 

Personnel Department (Ref 429FT), 
Welsh Development Agency; 

Tret orest Industrial Estate, 
Pontypridd, Mid-Glamorgan, CF37 5UT. 
Tel: Treforest (044 385) 2666, Ext 262 


Loan Syndications 

Latin America — Caribbean 



The merchant banking group of one of the larges* 
US based international banks invites applications 
for ihe position of Head of the Syndication Unit for 
Latin America and the Carfcbean. with 
headquarters in Caracas. The successful 
cantfcdate will manage a team of professionals with 
the major objective being to provide an increased 
return on medium term loan assets by aggressively 
seeking and professionally managing eurocurrency 
syndicated loans on a lead managed or 
co-managed basis. 

Qualified applicants will have strong credit, 
business development and marketing skills, 
preferably with experience in loan syndfcafcjns or 
investment banking: should have knowledge of 
capital markets including bonds, private 


placements, etc; and should have a good 
command of Spanish. 

Base salary w31 reflect qualifications and 
experience, and other terms of employment, 
including expatriate allowances and fringe benefits, 
wdl be in bne with best international banking 

pracfce ’ Rgf:53704;ff 

REPLIES v.ill be forwarded direct, dr, opened 
and in strict confidence to the client unless 
addressed to our Security Manager listing 
companies to whom they should not be sent. 
They should include comprehensive career 
cetails. not refer to previous correspondence 
wth PA end guote the reference on the 
envelope. 


PA Advertising 

Hvde Park House, bflj kni$hL-bridi;t‘, London 5W J\ 7LE. Tel: u) -J Jj t>U*yO Telex: 2~ST4 


GROUP FINANCIAL CONTROLLER 

CENTRAL LONDON . c £14,000 + car 

Our client is a noted British public company with a large number of manufacturing 
subsidiaries based in the U.K . and overseas. They have an outstanding growth 
record and turnover of £400 m. 

This position, reporting to the Financial Director, covers responsibility for the 
group accounting function at head office together with the direction and encour- 
agement to subsidiary companies on group accounting policies and management, 
information requirements. Consequently strong communication and man man- 
agement skills are essential. 

It is likely that the successful applicant will be a chartered accountant aged 32/38 
currently holding a senior line management position in an industrial group 
which has international interests. Effective experience must be demonstrated in 
the areas of systems improvement and development, management reporting to 
tight deadlines and large group consolidations. Some exposure to acquisitions 
will be an advantage. 

The company offer a comprehensive remuneration package including relocation ■! 
expenses where appropriate. 

Interested applicants should forward a comprehensive curriculum vitae with 
contact telephone numbers to Michael L Page who is advising on this position. 


London 

International firm of- consulting enginfcera.-. . 

requires professfonal.'manager' to attum* ; 

. responsibility for ad ministration and ^financial - 
coiit(ql of'tbeir .busy Loiidbn.tffice.. ■ 

This, position represents an outstanding ;v~\: 

opportunity for someone of proven " .; ' 

management ability , to further- develop 

his/ffcr career with i firm dm encourage* r . v-. 
„■ jnitfeti wr arid- rewards- success:- ; • ••V*.’. 

YoO'wiff f>Y responsive to "the managing -' / /••/ 
partner for the provision Of aR office Sid- . 
accounting! Support services tor 4. ground/ „ y/ 
..faijy highly m„b?Iyiad,. pc^essioad.-V" n -\-X 
englneerihg' and/researdi personnel. V; ; ■ // 
You wlli.be expected to organise, the /; -•_/ • 
training, arid development of administrative, •/ 1 
and accounoog staff,- - ■' -> - ! .-j. J-'yy -. 

- The flexibility : .of the firm’s computerised^ ;..T 
manageriftric accounting, inforinaifpir system .. - 
will assist yoir’ td: monitor -those' budgets 
which you determine ** important’ to the 
successful im^wientatioa of^iir . -r/ ; - : 

«_rate^it‘pUns.v '////;_ “ ^ • ’/•./' \ 

-The firm wijf,provide -Sewards. in .line, with . 
results, throiigh top line salary -and an V/ 
excellent benefits package including top-up,/ / - >. 
pension ahd 'fre^-.l ife. ah d'acddenr. assurance. 

tf you are.SO'ywris.o^age virj^pc 

five of prWessioBral . . ■ 

office .rirariagementi.->ldegr^. ;a 

higher finsj)cj^ rnaWig.eqipM ongf- v rV/ 

itiiNidetaih tcc •* 

Frank Kindred, . . :/ ” 

' - Darrie* & Moore,- ^ ^ ~ 

.... “The Utnes'* -j . rr- c 1 .--'- : 

J23 Mortfake High Street, v; 

London SW14 8SN /. 


or telephone- Sheanna Marshall on 



Investment Assistants 

■' - -r.^' ' ■■ - r -' 1 

British Rail 'pehsiorffurids who^ assets are in excess 1 
• of £800m with*dn anikrat iri-fh^of£150m 
i make twa^ newv appoiritrn^ ti^eir recently 

‘ created is-dtielto^th^ ; 

expansian'oftlw fuf^sumfef ^OTiabefnimfi ;: t • - - 

Investment Artafyst f Reference 1A} ' . 

- r .The; ideaL candidatejyiifll ; be -recently (^xhlrfied- in 
/ accountancy or anotha* appropriate profession, and 
aged abouUi25' with' up to 2 years^inveirtment pr 
industrial-: experience. He or- she will -be responsible 
for._ making, recommendations on- specitia sectors of 
‘ the UlTequrtY^market; We are lobicing for someone - 
' ^ isager.^enquiring independent mmd, having 

*■' initiative, high levels, of energy and an ability to. 

-LA-rav ^-n 

‘ -■*.* 

; Cash/Fixed interest Assistant ^^eferbnoe.-FI ) 

/The prime responsibility wOl be the investment of; 
theVunds liquid .resources: in the inoney. rriarkets, ' 
but Tr^/she will al so be expec^d toidp)wttik f o r the' 
fixfd'\ntegrat mranage^ with 

resea rcfr.of boih'.a specific^nd a general economic 
nature. The itieat.caxTdbdete^ wifl .probably- have a 
d^ee/pro^sio^C^iffKatighsrarW^to 2 years'-' 
experience witb’an iristitutionirl . - } ," 

TtSe ^remunefat-ioriT^arid 'fringe, fori /these ; 

appointments- wiB:./j>e: attractiva and : 

' dommensurate wftii the calibre of the^ selebt«f 
candidates^ ■ •. .r--r : .^ 

Q«Tng'date for applications 'i 1 July, /'v '.. v : V i'yX- 
Piease write, endosing detailed curriculum vitae, to" 

’ '■ ■ v; ; ‘ ill .. 

. ■'/ ■'? Headquarters Staff & Services R^nagsr, 'i 
. % . r ' : ^.Briti^.R^lways8oaid/i 

' S . 222 Maryiebone Road, ' 

London NWl 6JJ V . 
^ quoting the appro- / 
- ‘p ;-.priate reference. 


SaUdi Arabia 

. -rfftiank Aisaudi AJhbriandi. -'a 'Satidi-Oirtdh banking ; 
eorporatien. established in 1877,/^tfh Iwldcfb- ihe ' 
Algemene, Bank NederiandTN.V^. vritfe ils;Heid Office - . 
in A&(stenfeun, has a. techaical 'm on agemeixt agreetaent 
inyites:,applicatiQns from.; aH-muml 'bank; officers with-/' 
ardtinffTOyeats'. e'xperi£n&L :~ - ••• 

, Gamiidates stipuld- bebetween'30 to 40^«erira ofage' - 
with educatSou eccuiyalent to imiye«ity level- ot AJ^. 
.and be.'pTCpatea to imder^o ^ medical abar psTdioloeicai 
exajnw&tiW. , V,./ /• ~ 

■ • - Salajty and coniitiotts. ' 

leaye; ;fr»r2ii*54ngi Turntture, ^wtit be^wfijWsnrate ; ; 
will, the tmpo rtaDce'pf lfeae posiii^ ■f "/ /; // - * ’> 

full car^er ileiaas ; - 

. P. Reak. . perirosnej Sianiglti - -' i - 

- '/Algemene Bank NederLaHd'M.V^ ,- /•' V - ^ 


18/19 SANDUND ST. BEDFORD ROW LONDON WG1 
01-242 0965/8. ] ' ' 







% 





NPA Recruitment Services Ltd 

■ London EC2 ! * ’i-.-p! ion%; 0 1 .248- 88j 2 . cv 4' r > 


for this fist growing internationalrbrnkj operating entirely in the 
wholesale sector, and owned by theseVen Arab states in the Gulf. As 
a key member of the bank's top management, the successful candidate 
will head a large team responsible for operations, administration and 
information systems — including data processing. Additional responsi- 
bilities will encompass premises, credit information and financial 
control. , 

Candidates, aged 35 to 45, must have at least 10 years’ senior level 
experience in international banking. They mist be strong administra- 
tors with proven management ability. 'Salary is negotiable around 
§50,000 tax free, plus free furnished accommodation, car and other 
benefits. Long term career prospects are good. 

Please write with full career details - in oimfidence — to I R Lloyd 
xef. B.1071/1. 


jmSHL Management Consultants 

Management Selection Limited 
1 7 Stratton Street London W1 X 6DB * • : 



for an established company created by a well-known City group 
with "wide ranging international interest? to spearhead the 
group’s business in the reinsurance market. 

Repomngto the Chief Executive, the Finance Director will con- 
tribute to the business as one of the general management team 
and will have departmental responsibility ;for the company’s 
finance and associated functions; 35 departmental staff. 

Candidates aged 35 to 45 , preferably changed accountants, will 
have departmental managerial experience and a knowledge of. 
foreign exchange; several years’ involvement with the insurance 
business and/or related commercial fidds .desirable. 

Five-figure salary negotiable, comprehensive benefits. City 
location. • - - • 

Our clients wish to consider, in strict confidence, all applica- 
tions. Candidates should therefore name -any companies or 
groups to which their application must nbc be revealed. 

Please send letter of application and career resume to Dr. E. A. 
Davies ref. B. 40330. ^ , - 

ThaappmriinuMi* open w mat and v.wmtn. 


fiVflSaL Management Consultants 

Management Selection Limited 

1 7 Stratton Street London W1 X 6 D B : v 


Accountancy/ 

Bookkeeping 

Salaries £2,000-s£8,«XH- 

Jirt ring, wnteor cart for oneol oui 

Free Lists 

of«tfaroi£[pfc3MqM[cirtfreLi . 
Commerce & Industry nfit-'G'safiJ 
List ftJ700£*5,50O~43 1 5'X> - \ 

Part-quaUfled/Experianead 

ListCf50Jt2,00O-Ja,C0t? 

The Profession (UK/O'scas). ‘ 

us.pnoo£j.ooo-ss.ooo . 

RWwd 0*01 Associate Orff 
Agency). 56 M»rgya tfL 

Tel: 01-638 3833. 21 hours. 


ASSISTANt TO SECRETARY 

Commencing Salary In the region of £7,500 

LONDON EC3 

An international financial aryj investment Group is to appoint. a 
chartered secretary to be A&istanr to the Secretary of its holding 

company. •.? 

Age 30-35.* Commencing sa$i y negotiable at about £7.500. Con- 
tributory pension scheme an* ocher benefits. 

This is a new appointment, The secretariat. at present includes staff 
specialising in property, shire registration, pensions, etc- The 
successful candidate will wsiril in these matters and in the full range 
of secretarial functions whitj apply in quoted companies. There 
is good scope for advancemem within the Group. 
pi_, sfl write for further denis and an application form to: 

Sox A.6393 i Financial TUys. 10. Cannon Street, EC4P 4BY. 


^Management 
Services 
Manager 

Applications are invited for the post of Management 
Services Manager located at 255/279 Cambridge Heath, 
Road, Bethnal Green E2 OEW. 

The successful candidate .will be responsible to the 
Computer and Management "Services Controller for a 
department of some 6Q staff providing a service to the 
Board's senior staff covering Work Study, Organisation and 
Methods and Special Projects work involving Operational 
Research and economic appraisal. The level and influence 
of the job calls for a person who has experience in co- 
ordinating professional staff covering a wide spectrum of 
| the Board’s business and. therefore, a knowledge of the 
Electricity Supply Industry would be an advantage. 

He /She muse be able to present information dearly and 
consisely both verbally and in written form. Candidates 
should have a professional qualification in the engineering, 
accounting or secretarial field and in addition experience 
in the use of computers and computer applications is 
desirable. 

The commencing salary will be within a scale rising 
to £12.410 per annum. 

Applications should be sent to the: 

Personnel Director 
LONDON ELECTRICITY BOARD 
46 New Broad Street 
London EC2M 1LS 

to arrive not later than 7 July 1978 quoting reference 
FT/2809/678. 



^ SHEPPARDS and CHASE J 


Members of The Stock Ev. In* 11 -e 

Oppoi'tunities in the 
London Traded Options 
Market 


Our firm has been closely involved in the 
creation of the London Traded Options 
Market. Following an excellent start , we 
now need more people to join our team. 

The ability" to master the techniques of 
this new market is vital. Mental agility and 
mathematical competence will also help, 
coupled with enthusiasm and accuracy. 

As this is new Stock Exchange ground no 
previous experience is necessary but a degree 
or university entrance qualification may 
assist candidates. 

Salary and bonus will be competitive and 
fully reflect market value. . 

Please reply, in confidence, to: — 

3VI. <J. Rogerson. 

Sheppards and Chase, 

Clements House, 

• Gresham Street. 

Loudon EC2V7AU. 


r* 


Management 

Accountant 

(Chief Accountant Designate) 
Richmond to £7,500 

An exciting highly profitable international company 
in the entertainment industry now wishes to make a 
new appointment of a Management Accountant at 
its Richmond offices. Tnis location is The 
administrative centre of their world-wide operations. 
Responsibility will be to the Chief Accountant, for. 
management reporting to the U.S.A., for business 
planning and forecasting, for assisting with the 
introduction of computerised systems and for 
various other ad hoc exercises." 

This position, with its salary and promotion prospects, is 
likely to appeal to - recently qualified men or women in 
their twenties who possess an analytical mind, a 
good personality and the ability to deal effectively 
with the dynamic management of various 
nationalities. 

Write in confidence Quoting reference T 874. with 
personal and career details to D. E. Shellard. 

A A A Arthur Young Management Services, 

Rolls House. 7. RpBa Buildings. 

Fatter Lane. London EC4A 1NL. 



U.S. Equity Dealer 

We require a Dealer with thorough knowledge 
of the U.S. equity market to head ourTrading 
Department (two assistants). You would have 
primary responsibility for supervising all 
transactions. In addition, you would be 
required to familiarise yourself with the firm’s 
extensive research product and maintain a 
current contact with your counterparts a t 
institutions throughout the U.K and 
continental Europe. You would also be active 
in developing new areas of activity forthefirm. 
The job would comtnand a competitive 
remuneration package with substantial 
incentives for performance. Applications in 
confidence to N. K. Siegel, Managing Director. 

Oppenheimen 8 Co.Ltd. 

Portland House, 72-73 Basinghall Street, London EC2 V5DP 


Merchant Banking 




Finance 


Samuel Montagu & Co. Limited have a vacancy 
for a junior executive in their corporate finance 
division. The successful applicant will probably 
be between 24 and 28, with a legal or 
accountancy background. 

Apply in writing (with curriculum vitae) to: 

J. R. Gillum, 

Samuel Montagu & Co. Limited 

( Incorporating Drayton) 

114 Old Broad Street, London, EC2P 2HY. 


Financial Controller 


Surrey /Sussex Borders 


c. £8,000 + car 


A qualified Accountant ACA. ACCA or ACMA, 30/40. having 
experience in the management of an accounts department ideally in a 
UK or US industrial company, is sought for a leading manufacturer of 
advanced technological equipment, operating worldwide and 
employing 2,000. 

Reporting to the Financial Director, you will be responsible for all UK 
accounting ensuring.provision of effective financial control and 
planning data to operational management, organising qualified 
accountants in the supervision of a staff of 20. 

For a diplomatic but determined Accountant, this position will afford 
the opportunity to contribute to the commercial management of the 
Company and there is plenty of scope for a considerably broadened 
range of responsibility. 

Please write briefly or telephone for an application 
form* quoting ref: 470 

Management Ibrsonnel 

Ree/uilrrjpnl Seleciipnfir Advertising Civysutenis 

York House Chertsey Street Guildford Surrey 

GUILDFORD CQ483 1 64357 



□ 


AMERICAN EXPRESS 
INTERNATIONAL BANKING GROUP 

SENIOR FOREIGN EXCHANGE DEALER 

We are seeking an experienced dealer with an all-round knowledge of eurocurrency and 
foreign exchange dealing. The .successful candidate will probably be seeking a step 
up from a No. 3 level in a large dealing environment and seeking increased responsibility 
and the commensurate rewards. 

He/she will be innovative, adaptable, internationally conscious and willing to accept 
responsibility. 

The salary will reflect the responsibiJitie? and other conditions are highly competitive 
JUNIOR FOREIGN EXCHANGE DEALER 

We also seek a young dealer with probably 12 months’ experience in international money 
and foreign exchange markets. He/she v-UJ. ideally, be a traiuc-e or junior dealer at 
present within a large dealing environment who is seeking a more active role and 
increased responsibility in their career. Applicants should be aged 21-24 and possess 
drive, ambition and enthusiasm. Salary and benefits are excellent ■ 

Please apply in writing, with full details 0 / experience, etc., to: 

Mr. E. J. Ralphs, 

American Express International Banking: Corporation, 

52 Cannon Street. 

London EC4P 4EY. 



Up to £12,500 p.a. + Car 


Kent 



An engineering" company- part of a Candidates aged 35-45 trill have 
major British Group, have a vacancy senior line experience in an accounts 
for a Financial Director following department using computerised svs- 
promotion. Responsibilities will be terns within a manufacturing- ideally 
for all accountancy. financial and engineering - environment. The abil- 
data processing operations of the ity to control a large staff is an 
company. essential requirement. 

Applications in confidence quoting ref: 6252 to Bernard L. Taylor, 
Mervyn Hughes Group, 2/3 Cursitor Street, London EC4A 1NE. 

Tel: 01-404 5801. 

Mervyn Hughes Group 

Management Recruitment Consultants — -• 


Jonathan Wren ♦ Banking Appointrhents 

The personnel consultancy deal i ngit^usiyeLy ■witFr tte Banking profession. 


LOAN EXAMINER to $21,600 

100% Travel -fl 00% Expenses 

A major New York bank wishes to recruit an international 
banker with credit examining or credit analysis experience, for a 
position involving 100% travel. 

The appointee will conduct detailed examinations of the bank's 
international loan portfolio throughout its global branch net- 
work. This will involve in-depth analysis and evaluation of risk 
assets ^pinpointing undue risks and exposures ; recommending 
corrective action and improvement; and generally assisting in 
the improvement of credit administration procedures, 
interviews for this appointment will be conducted in London 
a nd N ew York. Conta ct: Sophie Ctegg. or Ken Anderson 

QUALIFIED ACCOUNTANT c. £6,000 

Our client, an international bank, seeks a young qualified 
Accountant, aged under thirty, with some bank experience, to 
supervise its internal accounts function. The position calls for a 
candidate who enjoys working in a team atmosphere. 

Contact : Da vid K. Grove 

STERLING BROKING £ Negotiable 

At present we have eighteen Money Broking positions available 
and would like to hear from Money Brokers with experience in 
Interbank, Commercial or Local Authorities areas. 

Contact: Mike Pope 


170 BishopKgatc London HC2M 4LX OJ-623 1266^7/8/9 









■’■; .v: : V. -.v^v /•+"' 

... financia l %'Kday 

•■ • ■ ‘-'S# - "r •■ . '~ 4 ; - i . ■.-•■•-*•»• 


P. s. REFSON 


Acquisitions 

Executive 

BRITISH BASED INTERNATIONAL GROUP 

The purpose of this appointment is to speed non-organic developmmt m new 
areas of business at home and abroad with particular reference to the United 

States. 

The man or woman our client is seeking is likely to be a Chartered Accountant, 
but not necessarily. Practical experience of acq^itions. mCT^s^and share 
valuations is essential. Responsibilities will include the rnitaal ld ^ 1 ® ca ^?^ 
possible acquisitions and financial appraisal thereof. Thereafter he/she wjU be 
parTof a negotiating team, following through acceptable proposals to a final 

conclusion. 

A competitive salary will be paid; amongst other benefits is a pension scheme 
with very good life insurance. A company car will be pro video. 

Please write stating full career details and salary progression, stating the names 
of any companies to whom your application should not be sent, to: 

M. P. Wyndham, Managing Directory 
St. James's Advertising & Publishing Co. Ltd., 

Hanway House, 5 Clark’s Place, Bishopsgate, 

London EC2N 4BJ. 


P. S. Refson & Co. Limited ta 

New Business Department. tatiieen 27 Sid 32 and wbohave atleastthree 

^ ; i 

For one appointment « > pledge 


Successful candidates will 

development of 'S 


SoTand S.S^dMs^tTSessment and general 

an expanding banking environment. , ' ' ■: V: ' :!■ 7 ' : f- • > 

The bank moves to its own freehold- City premises shortly and the present vacancies artse 
from its continuing expansion. ' ■■ ~-v ' : * • : ;v. '. ; A V.j .,-0 

Salary rewards and prospects will satisfy ; the mo^ wnbitious and; 

aSed to these appointments. Please reply m confidence to... - 4 

The Managing Director -Jr .--. -. . • • : r ,£ £ 

p. s. Refson & Gd&ftnitfeg • -V;.' s' i u’ v- - • * - 

• . • •. ' 1 Hobart Place ’ :V-.V L. ~ 

London SW1W-QHU. . . , •• "■££■ 


r 


Export Sales Manager 

Automotive Products From £9,000+car+allowances 

Baaiaasat Ba jigb. 



of French, and with experience of the automotive the reference on the envelope. 

industry. The job will be based in a particularly attractive 

PA Advertising 

1 27 George Street^Edinb urgh EH24JN. T elephone: 03 1-22 5 446 


{£8593©©®©©©©®©®®®®®®^* 

8 Company . 8 
g Secretary « 

8 LLOYD’S | 

8 Underwriting g 

8 Agency § 

8 ® 
2 Previous Lloyd’s experience g 
o would.be an advantage for o 
n this position. It requires ® 
8 financial and administrative « 
o skills and offers a salary e 
® of £10,000 plus other g 

g substantial benefits. o 

fiFor further information please® 
O con tact Mr. D. R. Wbately o 
WWHATELY PETRE LIMITED.© 
gExecutive Selection, 6 Martin g 
oLane, London EC4R 0DL. His© 
3 private telephone number is o 
O 01-623-9227. Reference 431. Q 
gMr. Whately himself possesses® 
oa Lloyd's background- c 

§*&S®S©«©©©®©©®©©©©®©^ 


EXECUTIVES 

I Over £10.000 

If you are in the job market 
now we a re here to help, 

Our clients don't wait for that 
magic advertisement to 
appear— with theaid of 
experienced counselling and 
the use of our promotional 
services they get there first 

Invest in your own future. 

Percy GQUTTS &Ca 


A n jem ber o I PA /nr e r na f iona I 




GRIEVESON, GRANT & CO. 
have a vacancy for a 

MINING ANALYST 

to contribute to their expanding research and 
dealing service in Australian, African and 
American mining stocks. 

Previous experience of this sector is desirable. 

Enthusiasm and curiosity are essential. 

Excellent prospects for the right person and 
salary will be negotiable. 

Please apply, in confidence, to the Staff Partner, 
Grieveson, Grant & Co.. P.O. Box 191, 

59 Gresham Street, London EC2P 2DS. 




Executive Careers 
in Oil Finance 

ACA/ ACMA /ACCA— Salary range £6,500-£7,500 

An accelerated programme of personal development in 
Financial Management has been designed to strengthen and 
consolidate worldwide integrated petroleum operations 
which cover exploration and development of crude oil and 
natural gas resources. 

In your first year you will be based at the London Head 
Office, assignments are varied and include negotiations 
with contractors in the U.K. and Europe. You will have 
the opportunity in your second year to transfer to the Group 
Head Office in California to complete your introduction to 
the international network of operations. 

Your career options are many and varied, you may 
remain Head .Office based, take up a line_ appointment 
within the U.K. operating subsidiaries, move into Financial 
Management of an overseas operation or further your 
investigational exposure through worldwide assignments. 
This career challenge is open to young Accountants with 
the confidence to develop quickly into Financial Managers. 
For an initial exchange of Information contact Robert Miles 
on 01-248 6321. 

PERSONNEL RESOURCES LIMITED 
A member oj the Financial Techniques Group 
Hill gate House, Old Bailey, London EC4M 7HS. 


TRAINEE EXECUTIVE 

with technical and commercial ability wanted for Managing 
Director of . TV retail busine-ss of the highest standing. 
Established 1927. A suitable applicant would be trained to 
take increasing charge during the gradual retirement of the 
present Managing Director. Exceptional opportunity for keen 
and capable young applicant 

Write only, staling age and details of background and career 
DR AZIN LTD. 

57 Heath Street Hampstead, NW3 


HEAD OFFICE 
ACCOUNTANT /COMPANY 
SECRETARY 

LONDON c £7,500 + Car 

We invite applications from qualified Accountants for the- 
post of Head Office Accountant with this leading national 
company based in the Baker Street area. 

The main responsibilities will be Head Office accounting, 
Company Secretarial duties including administration of the 
Company Pension Scheme. 

The successful applicant is likely to have had similar 
responsibilities in a commercial organisation, preferably a 
public company. 

The position involves occasional travel to visit our 
branches in the U.K. 

A company carwill be provided plus the usual benefits 
associated with a national company. 


Please write with brief details tot- 


f J. Harris. 

HERON MOTOR GROUP LIMITED. 
Heron House, 19 Marylebone Road, 
LONDON, NW1 5JL. 


E Reed Executi ve 

The Spec ialists in Executive and Management Selection 

Qualified Accountant 

London c £7 » 000 

A large International group whose interests range from engineering to finance 
requires an ambitious young accountant. The initial responsibility win be to set up 
and monitor a new accounting system in one of the smaller subsidies. This job 
may take up to a year and. having demonstrated your capability, your next move 
would be to a more senior line position elsewhere in this very successful expanding 
group. You will have a targe measure of Ireedom to use your initiative in tne 
knowledge that success in this initial task will be your passport to a satisfying, 
rewarding career in commerce. 

Telephone 01-836 1707 (24 hr. service) quoting Ref: 04B3/FT. Reed Executive 
Selection Limited, 55-56 St Martin’s Lane, London WC2N 4EA. 

The above vacancy is open to b oth male and female candidates. 


Londor^^Btnrrtnqnam Manchester Legos 



CENTRAL ELECTRICITY 
GENERATING BOARD 



Applications are^irrs'ited tor me post of Secretary tpitpe 
Board which will heirqme vacant shortly whejii-the pr^^r. 
holder of the posrretrres. .. ... ; . 1 >. V 

. The Secretaiyi^ the key role as chief admi^nmouto 
the Board and heads aBiepartmeht of ' 
the Board’s Headquarters in London: 
the duties, whichcayer every aspect c 
demand a highlevekof administrative an 


£15,000 per annum V --~ T — -r- - -- *. ... . - 

with the usual benefits pertaining to a job at this level. . 

Applications staring full relevant details and present ? 
to theDeputy Chairman,.C.E£5JB., Sudbury House; ; 

15 Ndvgate Street, London EG1A 7 AU , by- 14" July 1978 
Quote Ref. ST/SB. ... • ' /: - . . 





Chartered Surveyors 

A small well Inwwii City firm of Chartered 
property managere:'.,'; y 


entire finance function. Key -areas^are budgeiang and -the 


The Client 
The Job 


computations. • y’.yjr V ^ •' 

The Candidate ■ A qualified accouirtairi^Tirobahly still id the professiqn 
his or her mid-twenties. Must have a thorough, grotimi 
accounting as well ^as additing. ^Experience of dealing w 
Inland Revenue wqdld be 'a considerable advantage. Ee 
qualities will be'tife abilify to; work jhsqrd, learn fast an 
with the oimpany.-A^f'-'f-' : • 1 ■ . 

ef 


. f y/j. \ 

n audio. 
ndjng'in. 
with the 


n 








"t ■ 

f. 


imanaal, .Times .Thursday .Sine 22, 1973 



^ S]>cc.iaiis(^ in (he management bl private, 
msmurional and pension .funds. 


lunaiviamger 

' Sphlesingers have an exceptions opportunity 
tpran additional Assistant Fund Manager, based in 
• their Hanover Square, London, WI offices. ; ; 

. . Candidates, aged mid-20s,must have’a 
minimum of 2years investment experience; and a 
degree or professional qualification wouldbe an 
advantage. . . .£ . .. r 

J Ws is a challenging opportunity Tor an 
ambitious, hard-working person to joins successful 
and expanding investment management' group. 

unt ?^ r management exceed f 100m and include 
the Schlesinger P1MS unit trusts, the Trident range of 
insurance funds,- private client and pensionfunds. 

Salary wj)] be comm ens urate with age and 
experience and the position offers outstanding career 
prospects within the company. V-V 

Applications, which will be treated in the 
strictest confidence, must include a detailed 
curriculum vitae and should be addressed in the first 
instance to:- 

K.G.Hersey, Director 
Basfable Personnel Services Ltd 1 ■ 

-.18 Dering Street London Wl . - 

' Recruitment Consultants - . : ' - 


Financial Executive 

PUBLIC COMPANY 

N.E. Kent (London 13m.) c. £9,000 & car 

A manufacturing group marketing pro- 
ducts worldwide, with a turnover of 
£20m, and a reputation for expansipn 
requires a qualified accountant. Some- 
one with a proven financial background 
experienced at senior management level ' 

Is needed to replace our present 
Financial Adviser who is due to retire. 

The duties will include financial. plan-. 

Ding, preparation of accounts, budgets 
and providing the Board with financial 
information. The successful candidate 
. will work closely With the Corporate 
Committee and ‘could be considered, 
after a successful initiation period, "for 
appointment to the Board. 

Please write to the Company Secretary 
for a job specification. - ' 

Box FT/532 c/o Han way House, 

Clark’s Place* Bishopsgate, 1 

London EC2N 4BJ. 


AUSTRALIAN STOCKBROKER f 

• • . * * . z 

INSTITUTIONAL ADVISER 
ME ARES & PHILIPS 

A vacancy exists in our London Representative 
Office for an Institutional ^Adviser. Preferred age- 
25-30 but older, experienced candidates will be 
considered. - Knowledge of Australia, its economy, 
and equity markets 1 would be an advantage as 
would a knowledge of fixed interest dealing and 
the ability to . speak French and/or German. 

Full research.backing. Salary negotiable according 
ta experience. ’ ’ 

Apply in writing with cv to our UK Representatives. 

. Euro Australian Nominees Pty. Ltd.. 

Suite 114/5, Third Floor, Wamford Court, 

- Throgmorton Street, London EC2\ 2AT, 
or phone 01-638 2631 after 10.30 a.ni. 


SECURITIES ANALYST 
EUROPEAN & 
JAPANESE SECURITIES 

(New York Based) 

As“.a resujt of The expansion of-our interna lion a I research 
capability, a position has become available for a qualified 
European /Japanese Analyst, with approximately 3-5 years 
experience. 

Familiarity with the principal international economics 
industries, companies and stock markets is essential. Some U.S. 
institutional contacts would be useful, but, are not essential. 
Written and oral fluency, in English is necessary: a working 
knowledge of German, French and Dutch would be an advantage.- 

As one of the world’s most stable and successful banking/- 
brokerage firms, we are in a posirion to offer- the successful; 
applicant an; initial total compensation in the 


$40,000 RANGE 


plus liberal and comprehensive benefits package. Qualified 
individuals should submit their resumes via air mail, including- 
earnings history to: 

Box F.IOZS. Financial Times, TO, Cannon Street. EC4P 4BY 
AH inquiries will be held in strictest confidence. 


UNIVERSITY 

APPOINTMENTS 


UNIVERSITY OF DURHAM 

CHAIR OF ACCOUNTANCY 

Applications arc invited for file 
SPICER AND PEGLER CHAIR OP 
ACCOUNTANCY in the Department 
of Economics u> be filled as soon as 
posable. 

The appointment will made W 
the Professorial Salary scale 
iriifa rbf- usual pension arransc/ucnia. 

Applications iiiiree copies i, includ- 
tna ihc names of three referee*, must 
he eubmlitiN] not laisr man Pnoar- 
2S July 1876 io the - Reamrar and 
Secretary, uid Shire Hill, Durham 
DHl 38 P. from whom further -par- 
ncutsrs may be obtained- i Candida ies 
outside the British fates may submit 
one cool" only.# - . . 



Reed Exec 





The Specialists in Executive and Management Selection 


Merchant Banking 


Com 




Executive Potential 


London Based, 


If you are aged around 30 and see your future in a truly international merchant 
banking environment, this opportunity is well worthy of your consideration. A 
leading international financial institution is seeking an ambitious individual for its 
corporate finance staff to be groomed for the top echelons of the international 
merchant banking fraternity. Clearly some experience of arranging International 
new issues would be helpful but essentially the company wants someone with the 
potential to be trained to become a top expert in this specialist market. You wilt, of 
course, have the attributes needed to generate new business and be able to carry 
out negotiations at the highest level in government and commerce. Although not 
essential, an accountancy or legal qualification would be useful and fluency m a 
second European language would be a plus point. There will be considerable 
involvement with European and other overseas clients and this will provide 
excellent opportunities to travel abroad. Salary will be fully negotiable. 

Telephone 01-836 1707 (24 hr. service) quoting Ref: 0464 'FT . Reed Executive 
Selection.Limited, 55-56 St Martin's Lane, London WC2N 4EA. 

Tlie above vacancy is open to both male and female candidates. 


Manage 

Salary negotiable plus car 


, an ackno-vleged leader in its field 

Slumbedand. be based at Oldham and who 


iwr prouu , -« u " — ’ ~^rtive to oe odae'j 

** conten ' r f^mw appoint * high ' ;al,bre “ e "™ of commercial matters. . - 
Vm'c ai<? now see- Director for a wide rang? . the c0 _mciination ot the 

Will report to w,II b* primarily respons* - - prog ressive organisation. 

The successtul candidate Jon Hmctions within t'^P 9 qua !if.cat.O 

buv , ng. warehousing and cs_ * wiH have a *««« eq of orw or 


'-fh, successful c^didatew 

v/ith a good uac - management. 0 attractive salary and fringe benefits 

eto*:5es where applicable. 

p “ * h brief personal and career details to 


oC 


Oman 


to £22,500 tax free 
+ benefits 



DIRECTOR OF FINANCE 


The Ministry of Defence of the Sultanate or Oman has headquarters in Mimi and 
employs -some ti.fUfO engineering, financial and administrative staff. Many senior 
posts in the Ministry and in the Services are occupied by expatriates. 

The Director of Finance will report to the Director General who is the permanent 
head of the Ministry, and will be responsible for financial planning and control, and 
for the efficient operation of the Accounting Directorate. There will he .-Mensive 
contact with Ministers and with senior members of the Civil Som-.-e and the 
Armed Forces. 

Applications are invited from qualified accountants aged from 40 with substantial 
commercial and administrative experience. A background in contracting or in the 
public sector would be particularly helpful. 

The salary will be negotiable up to the Omani Rials equivalent of £22 -"dO plus a 
terminal bonus, and the initial contract will he for X years. Furnished, un- 
conditioned accommodation and n car are provided, and there is 30 days’ paid leave 
to the U.K. even' six months. Working and living conditions compare 1:: . curauly 
with other Middle East locations. 

Please send briefbut mjnpj-ebensi ve details of career and salary to date, v hich will 
be treated in confidence, tu: 

E. H. Simpson. The Executive Selection Division -FTT3T. 

Coopers £ Lybrand Associates Ltd. . Management Coofiultimt?, 

Shelley House. Noble Street. London, EC2V 7DQ. 


ENGINEERING 

ANALYST 

Leading firm of Stockbrokers has a vacancy in 
its Research Department for someone to join 
its team covering the engineering and motor 
sectors. He/she will be responsible for the 
analysis of major companies in these sectors 
and will be expected to bring a good knowledge 
of accounting to this work. 

In addition to applications from analysts 
working in these sectors, equal consideration 
will be given to qualified accountants with 
around two years’ experience in industry or 
auditing. 

Excellent prospects for the right person. Salary 
negotiable. Please apply to Box Cl. 2 124. 
Financial Times, 10, Cannon Street, EC4P 4BY. 


£20,000 

. (BASE COMPENSATION + USUAL BENEFITS 
AND GENEROUS INCENTIVE) 

MANAGING DIRECTOR 

Important international group seeks outstanding, profit- 
conscious Chief Executive Office for its U.K. subsidiary. 
Executives with solid general management credentials. .« 
talent for marketing industrial products and superior 
leadership qualities ~ will find this oftiortunity highly 
attractive. 

If your track record is exceptional, if you are an aggressive 
manager who responds well to challenge and if you arc a 
' people-oriented executive who has real empathy for peopL* 
at uli levels — colleagues and customers alike — please 
forward your resume, including earnings history and 
private telephone number at which you may be reached >n 
lute June to the Box Number indicated below. 

As the professional consultants retained lo assist manage- 
ment in filling this ini port an f post, we assure all respondents 
that their resumes will be promptly acknowledged. The 
credentials of a qualified executive will only be presented 
to our client after an interview with a member of our 
professional staff and by mutual agreement. 

Write Box F.1027, Financial Times, 10. Cannon Street, 
EC4P 4BY. 


ECONOMIC CONSULTANT 

required by expanding Consultancy in Taylor 
Woodrow Group, specialising in trade promotion 
(international trade, trade centres, industrial invest- 
ment, urban renewal, the leisure industry). 

To be based at the London World Trade Centre, but 
occasional overseas travel likely. Preferably graduate 
with relevant research experience and some know- 
ledge of international trade; good command of 
English and experience in project costing: and ability 
to produce clear written argument within agreed 
time limits. 

Competitive salary according to qualifications and 
experience, annual bonus, group pension scheme. 
Please write in complete confidence, enclosing your 
curriculum vitae, to: 

Mr. Bryan Renn (Private Sc Confidential) 
Development Advisory Service 
World Trade Centre 
London El 9AA 


' CORPORATE FINANCE 
to tS.SOO 

Lcjotno cr.v san» rrauirw a 
auaiihcd ACMiCtni. nreici«t>i« 
sriOutlc -Jj-iOi <o 1 O 11 <i 
im.il! w!i o; nnanc c*e uiivrs 
Some rcl«»ii! c*o,’riC.".:tr cssso- 
f HI 

OIL ACCOUNTANT 
c. £ 10.000 

Maijr irxo-rii-.-onji O-l Co 
icji s 2 arnliw Alcou.itjnii 
1C >li Silos. MjrWjfig 
.ind D.Mr.rvi-.i-i 0«o:. Pro.nijS 
o.i or com- etacncn.it 

viciul 

MANAGEMENT 
ACCOUNTANTS 
10 £7.500 

Miicr B.iniiiM Cjf33r.i:ion re- 
oo.. ci t jj»Ii n*?a account*'" 
’oi. a oiidu>>e 23 30* 
IC> ifjii.v M 3niqen.ll jnd 
F'ni-rol ja.’-r o:luOinO UiJ- 

'_*ei ID' 3 OuiUDC- o! ill 

iu-«sic jriji Goji j-ffmoiion 
erciec.i. 

AUDITOR 
c. L7.000 

N(.>lr ou.ilixea Accojntan; 
■33-33' .^jo.iea tor leie-na 
Cuy n-*n> iss.x mm 
ic.,i. ::C3-ej ,cmru:ci ic.l 
itco.'.-'lii-.# i.S’enn. £x:eiicn< 
ww arcao.-.i 

Srcjliwis -ScLcrion • 

m.'i l*. -icr e't'-.'' 1 Miili'n V." ! >. -.R A. 

_ . __A 

bn Rtfcniimwiu < 


Young Management 


c. £7,000 


T be Bank’s expanding Corporate Advisory 
Division is seeking two young executives who can 
demonstrate a high degree of ability and 
commitment. 

They are likely to be chartered accountants 
aged up to 27 whose post qualification experience 
has had some relevance to corporate finance 
activities. 

Applications with full C.Y. should be sent 
in strict confidence to:- 

Andrew Deacon, Director, 

County Bank Limited, 

11 Old Broad Street, London, EC2N IBB 


REGIONAL ACCOUNTANT 

A wcl!-«$tablished International service organisation is seeking a 
Regional Accountant for its European operations. This is a key 
senior position reporting so the Regional Controller based in 
Londcn“s Regent Street. 

The successful candidate will meet most of these criteria . — 

1) Be a qualified accountant. 

2) Be within the (ikefy age parameters of 29-3? 

3) Have commercial eyperience in a hard-working environment. 

4) Have substantial experience in all aspects. of dealing with 
staff. 

5) Proven experience of the production of comprehensive 
management and corporate accounts to a tight schedule. 

6) Ability to control the activities oi department: with a 
high-volume throughput. 

7) Some E.D.P- experience, preferably with mini-computers. 

8) An ability co relate to and understand the requirements 
of a pertorm3nce-orient3tod line operation. 

9) Have an energy level and ambition to succeed with 
responsibility. 

A remuneration package in the order of £8.000 p.a. is envisaged 
which, besides normal fringe benefits, could include a company car. 
The job offers the opportunity for real commercial experience in 
a lively results-orientatcd environment Prospects in the medium 
term -include, growth in the advertised job through our rapid 
expansion: a move into a financial planning/liaison role; or a move 
into controUershtp. 

Interested applicants should telephone Mrs. C. Irving on Dl-437 6900 
to obtain an application form. 


An experienced foreign 
exchange dealer for 
Saudi Arabia 


Lyons Tellev Ltd., part of the J. Lyons Group of 
Companies, are looking lor a very special person lo join 
them ai their Head Oftice Accounts Department at 
Greenford, Middlesex as the Budget and General 
Overhead Accounting Manager. 

If you are a qualified accountant with a couple of 
years industrial experience, ihen whai beiler than lo 
have the backing ol a successful household name - 
Lyons Tetley Ltd. 

We will require vou to co-ordinate the company 
budget, prepare profit forecasts and direct the 
monitoring of distribution and administration 
overheads. 

You’ll have the personality and communication 
skills to discuss with your colleagues the results' ol all 
departments in the company. 

In return, we can offer a satisfying and rewarding 
career, with good working conditions, generous 
company benefits and excellent prospects. Help with 
relocation expenses will be given ii necessary. 

k it you think you're special enough, we'd like to 
hear from you. Wnie or phone lor full delails, 
and an application form to:- 


Miss J. Parry. Personnel Officer, 

J Lyons Tetley Ltd., 325 Oldfield 
3^ Lane, Greenford, Middlesex. 
Tel. 01-578 2345 Ext. 290. 


INTERNATIONAL BANK 

Export Finance Executive 

c. £10,000 

A major ini - 1 national bank wishes to appoint a banker with 
’ extensive h in e m medium and long-term export credit 

finance {lem-uHy. .uul ol ECGD procedures in particular, to 
had a i earn 3p*.v w fis»i*j in ECGD -backed credits. 

The sue Cfs-.ii i! applicant is likely to be aged between 
23-35. and haw a merchant- bant ing bad- pround.Tlie 
appointment n-l’.n.rd m the City, but travel, both within and 
outside the L'mieiJ k liigdoin. is envisaged. A wot I ing 
knowledge oi Fieiv. h w ould be a distinct advantage. 

The v;»:w>: ,■ offers scope for personal advancement 
within a kuu- ■.»»« unisation. and ihe terms and benefits are 
those nomi.t/fi jy^XM.'ed with a fust-class bank. 

hiteo.-sif' / ..’pi ‘i/'WUS should 1 1 r/te ph/nrj full details oF 
personal hoc} >j rout id jr:J p;oress:o/:ai e \pcnence in Hie first 
instance to. - 


Streets 


] P.Wl. Johnstone 
j Streets Adirertrsing lifliited 
I 11 New Fetter Lane 
9 London, E.C.4. 


Albaok Alsuudi A ill nil a ntli, 
a Saudi-Duicb banking 
oiirporalion established io 
lf»77 with which the 
AUemene Bank Nederland 
h.is a technical management 
agreement, requires an 
experienced Foreicn 
Cxchanae dealer with 
knowledge of backoff) ce 
operations. 

A ihedical 3nd 

payehoiogicaJ exantmaiion 

will be required. 

The appointment with 
inr- Aifoank Alsaudi 
Albollandi will he for 
an initial period of 
3-5 years. 


indicating i!v i',.ith-?s ol .mv compuniov to Whom you do not 
wish your apt .rlw ■ iuon> io 1 >t* Jorwuidfri. 


Overseas Portfolio 
Investment 

A. small but growing segment of the Provident Mutual's 
investment portfolio is invested in overseas equity slocks, 
particularly \n {he USA 

This is managed in-house and a vacancy lias arisen for 
someone who will be capable 'within a short time of 
assuming day-to-day responsibility for the Management 
ot this money. 

Applicants taged around 30) should have a minimum 
of two years e- penence ol equity investment in the USA 
An attractive salary will be offered. Non-conlnbutory 
pension etc arri iater low cost house mortgage facilities. 
Please write giving age and details of qualification and 
experience to: 

Personnel Manager. 

Provident Mutual Lite Assurance Association, 

35-31 Moor gate. London EC2R 6BA 

DunuinFiinnimini ffit 


Sdlary ar.d conditinns 
of work (}i;ud home leavi\ 
free housing, furniture, etc.) 
will be cfinimensurafe with 
iht* imporiame of this 
Pusiiion. 

Please send full career 
delails by letter to 
Mr. ,1. Eizinga. 

Personnel Department. 
Algemene "B.-ink Nederland, 
Yijxelstraat 32, 

Amsterdam, Holland. 


LIFE ASSURANCE A&iOCIATIQN -FOUNDED 1840 


Experienced Personal Assistant (age 25-351, male 
or female, required by Partners in medium sized 
London firm. Must be competent to control and 
review computerised private client portfolios, 
prepare schemes without supervision and undertake 
some associated Investment research. S/E examina- 
tion standard essential. 

Write wiili details of experience ami remuneration required fo - 

BOS AH3S5. FINANCIAL TIMES 
JO CANNON STREET, EC4P 4BV 



rn 




16 

LOMBARD 


FSnaaeial 


Why the Bundesbank is not 


. . . the facts 


BY PETER. RIDDELL 


MH. ROY HATTERSLEY. the 
Prices Secretary, evidently does 
not accept the maxim "never 
apologise, sever explain.” Since 
Ms speech in mid-month assert- 
ing as a "facT'and not ”‘a hope or 
even a prediction" that the 12- 
irionth rate of retail price infla- 
tion would remain around 7:9 per 
cent for the rest of this year. he 
has returned to the issue three 
times. Mr. Hattersley s latest 

somewhat prirkly contribution 

shows why be should have been 
more careful about- his original 
choice of words. 

.Mr. Hattersley questioned the 
fairness of some of the Press 
discussion of the. inflation pros- 
pects. While some of his indig- 
nation can be partially justified, 
he only has himself to blame 
for most of the criticism. 
Moreover, the public, and the 
Rress. are understandably scep- 
tical- about politicians' claims 
about inflation following not only 
Mr. Healey's famous 8.4 per cent 
three-month annualised rate nf 
October. 1974, but also the many 
unfulfilled and over-optimistic 
forecasts of 197S-76. 


Prediction 



So Mr. Hattersley deserved to 
be criticised for bis statement 
that the rate of price inflation 
for the rest of this year was a 
fact. This was a use of language 
which so prolific an author as Mr. 
Hattersley should have instantly 
rejected. The comment about the 
inflation prospects was by 
definition a prediction which may 
have a greater or lesser prob- 
ability of being fulfilled than 
other predictions. 

The controversy over his 
original choice of words has 
detracted attention from -the pre- 
diction itself. The fairest con- 
clusion at this stage is that there 
is a more than even chance that 
the rate of retail price inflation 
i will fluctuate around 8 per ceot 
for the rest of this year and 
pretty good odds that it will 
remain in single figures until 
December. This view is sup- 
ported by the Bank of England 
in its latest quarterly bulletin. 

This is because, as Mr. 
Hattersley has pointed out. the 
main determinants of the 12- 
month rate until December are 
now known. While industry's 
raw material costs have risen by 
5{ per cent in the last three 
months this will take up to a 
year to work through fully. The 
fall in these costs up to the early 
spring is still the more important 
influence. And even though wage 
ensts have accelerated in the 
current pay round, the 13-rnontb 


TV/Radio 


rate of increase in output or 
factory-gale prices is declining 
and. anyway, takes three -to six 
months to he reflected in shop 

prices. 

There is a fair degree of cer- 
tainty about projections three or 
four 'month* ahead with an. in- 
creasing margin of error each 
month after that As Mr, Hatters- 
ley pointed out a drought would 
have to push up the index of 
seasonal foods by 30 per cent be- 
fore it raised the all-items retail 
price index by 1 per cent. 

The real weakness in Mr. 
Hattersley's speech is that by 
concentrating on the 12-month 
rate he was looking too much 
at past influences and not enough 
at current pressures and possible 
future rises. The Bank . of 
England bulletin has been rather 
franker about this — pointing out 
that the recent fall in the in the 
exchange r3te may add about 2 
per cent to wholesale output 
prices and rather less to con- 
sumer prices after a year. 

Mr. Hattersley attempted to 
play down the use of . measures 
of the underlying trend, notably 
the index for prices except 
seasonal foods over the last six 
months expressed at an annual 
rate. It is certainly, true that 
measures over e short period can 
be artificially distorted by ao 
uncharacteristically bad month, 
such as April traditionally is. But 
the rise in this underlying rate 
rrom 6.S to 8.6 per cent in the 
last two months is at least an in- 
dication that the next move in 
the 12-month rates is likely to be 
upwards, even if not necessarily 
back to double figures imme- 
diately. 

Moderation 

On the longer-term prospect*, 
all Mr. Hattersley had to offer 
was the usual plea for another 
year of moderate wage in crease s. 
In contrast, the Bank bulletin 
was only highlighting the 
obvious arithmetic when it said 
the rise in earnings in the. nexl 
pay round would have to be 
below 8 per cent — implying 5 to 
6 per cent on basic wage settle- 
ments — in order to keep the rise 
in prices next year well below 8 
per eenl. The attack on the Bank 
by Mr. David Basnet t, this year’s 
TUC chairman, merely reflects 
the current TUC/Government 
desire to cloud the pay issue. 
Mr. Hattersley would have 
helped the cause or pay modera- 
tion if he had spelt out the arith- 
metic on earnings in the next 
year as clearly as he did on 
prices in the next few months. 


THE HILL SAMUEL/ Bunder 
bank' judgment «f the Bundes- 
gerichtshof (BGH), the West 
German Supreme Court, has 
been made available in full with 
unusual speed— less than three 
weeks after the announcement 
of its decision to reject Hill 
Samuel's claim for damages. 
The claim was based on the 
failure of the Bundesbank to 
warn Hill Samuel and 22 other 
banks paying moneys into 
Herstatt’s clearing account of 
its insolvency and imminent 
closure. 

The grounds given by the 
BGH for reversing completely 
the two favourable decisions 
obtained by Hill Samuel in 
lower courts take less than six 
pages hut these are well worth 
the attention of lawyers advis- 
ing on banking business and 
insolvency matters concerning 
Germany. 

The BGH dealt among other 
tilings, with two questions: Did 
the Bundesbank have a con- 
tractual duty to warn banks 
which made clearing payments 
in favour of Herstart at a time 
when it already knew that a 
rescue attempt had failed 7 And 
was the Bundesbank not obliged 
to interrupt the remittance 
operation as soon as it learnt 
that the beneficiary would never 
receive the money because his 
banker was insolvent ? 

Hill Samuel relied on pre- 


vious decisions of the BGH 
which clearly said that a bank 
had such duties. However, the 
BGH decided that the case of 
the Bundesbank was different. 
The Bundesbank organised the 
clearing as a public service and 
though it stood in a contractual 
relationship of trust with the 
banks using it, this did not 
concern individual payments 
into the clearing about which 
the Bundesbank need not. 
often cannot know. 

On the second question, the 
duty to interrupt a remittance 
operation was a duty imposed 
exclusively in the interest of 
the beneficiary. The complaint 
that it was unfair not to warn 
those who made payments at 
the last minute would be justi- 
fied only if the Court were to 
accept that those who entrusted 
money to Herstatt earlier were 
no longer deserving protection. 
These matters were regulated 
by the insolvency law and were 
best left to the authorities 
called to administer it: the 
Federal Banking Office and the 
Courts. 

The moral to be learned by 
banks from this decision is that 
the Bundesbank governs but is 
not a governess. When crossing 
a German street look left, right 
and left again. 

* + 4 

INSOLVENCY cases, irrespec- 
tive. of the national law by which 


they are governed, have one 
difficulty in common :. to deter- 
mine the cut-off point. If the 
difficulties are made public too 
early, this may precipitate a 
failure which could still be 
avoided ; if the insolvency is 
declared too late more creditors 
are allowed to fall into the pit. 


failing .enterprise,, its bankers 
or the Minister of .Finance: If 
rescue .proves impossible, the 
enterprise can be taken over'hy 4 . 
another, divided or liquidated.; 
There are special provisions ■for^ 
public utilities. 

In Austria, Hungary’s western 
neighbour, .the Ministry of. 1 


thev'new'vigour afcifc 
Qon*nmsioh .is tackling-; 4Pien i~ 
lift; GcwerEohent^or'exan^rie 


BUSINESS AND THE COURTS; 

BY A. H. HERMANN, Legal Correspondent -; 


brinks harder than -indigenous 
drinks {UK tax- on ; nnfc litre of 
yviiie is-71p but only 13p on oft* 
* litrrbf beer) is. boimdvtof'giyo 
,.th£ Court enough ' ney business 
in the autumn..-. 5 ; '.V. .: . . , 
- 'The-' Court has; on ; Jte L piate 
"thte'-fwo sets of isogliiSj.se'fases 

hjV which it is! judge 


‘ reo&; : lh,^ie^jP«l)j^3 
Petroleum's 

'•agarast a Onmnisadnide 
^castigating ; their befcj 
.- during thO' :197$-74 ■ ofl .- 
;Here ft. can be expected 
the -Court wlU .clarhtz. j2w 
1 ■cep! of 'niark^'dflDiJhance 

it' ' ilii- A, A Jf, 


These problems and the prob- 
lems of rescue now occupy the 
minds of legislators not only in 
the free market economies but 
also in East Europe. A new 
Hungarian Act On the Manage- 
ment of State Enterprises (No. 
VI/1977, effective from January 
2. 197S and published only three 
days earlier) contains novel pro- 
visions for the rescue of a fail- 
ing State-owned enterprise. It 
makes it a duty of the chief 
executive of such an enterprise 
to inform the group manage- 
ment, or government department 
in the case of a group, as soon 
as the enterprise starts losing 
money on its current operations 
or has spent its reserve fund a s 
a result of losses suffered. The 
establishment of a rescue com- 
mittee can be proposed by the 


Justice has ready * "Busi ness 
Continuation Bill.” The draft 
provides for * temporary, con- 
tinuation of the insolvent enter- 
prise to gain time for its rescue. 
It would ensure the participation 
of associations of employers aitd 
employees in all decisions, con- 
cerning the insolvency and 
rescue, while protecting the 
rights of creditors at the same 
time. There would be a short 
moratorium during which pre- 
ferential creditors could not 
make use of their rights. The 
BJf also provides safeguards for 
settlements . agreed. with 
creditors. 

* * * 

THE EUROPEAN Court ita ex- 
tremely busy, trying to dispose 
of several "land-mark” cases 
before the summer recess, but 


operated 4>y- the ^najmudtY-; Its 
judgSfiefrt uf.'Sfaj'- 25^2975; 
jecttftff-'flie 

efqfrfe .-for compinsatidB of loss 
wluc£ ; >tfier suffered; by /the 
illegal enforcement of feeding 
dried' slammed milk '•/■to. 
chickens, is no good omen for 
the actions for damages .brought 
by the producers of isogTucose. 
The Court prepared for ; their 
rejection: by ruling - that;, the 
EEC Council of Min^teis^ahd 
Commission are ' liable . for 
-the consequences of .second- 
ary legi si a Hod, . subsequently 
quashed by the Court. ,oidy “ in, 
exceptional idremastaheesr” as 
otherwise they would: be too 
restricted in using i&eirrhest 
judgment s<n itibe pumsuAt cf Afhe- 
economic aims of tiw'.^Cotn- 
nnmLty. . “• 

: . Another case, likely to fbO-.de:. 
dded before 


thd Court(IhJ4#«.^^ 


war 

ttoi at£ 'ijrithtir'^fa 

' mission nor Ete -Court cs 
fgocir a cxxndusioiL Bt 
Court said .that In' excej 
arWHUStacces; ; f even u . i 
share as sinait as t6e 6 to 
. cetrt : held by SABA; cdul 
famount to - market dozsi 
. And fhif dictum of the 
'bay yet -prove to -be a. 
cant, .reliifoinjement <H 
-generally noticeable tre 
wards ^vibg .greater -wqs 
suds! .■factors ' as ..exqetiea 
; the product maricetinj 
financial . poWet ; capvd 
research; and deyelopme: 

-the .acthM tnarteet share 
detern^hing the' 1 overall * 
■powto’' of an enterprise.^- 


Buckskin has both the class 
and courage to win Gold Cup 


WITH SAGARO retired, it will 
come as a surprise and a dis- 
appointment to many on both 
sides of the Channel if that other 
top-flight stayer of the past 
couple of seasons, Buckskin, fails 
to lift today's Gold Cup. 

Buckskin, who swept the board 
in his exchanges with Sagaro 
before Royal Ascot last summer 
when trained by Angel Penna, 


RACING 

BY DOMINIC WIGAN 


has made only two appearances 
for his new stable, that of Peter 
Walwyn. A well beaten runner- 
up to Shangamuzo over a trip 
short of his best in the two-mile 
Sagaro Stakes here in April Mr. 
Daniel Wildenstein's five-year-old 
left that form well behind a 
few weeks later when outclassing 
the opposition in Longchamp's 
Prix du Cad ran with a three- 
length victory over Duky. 

There appear to be few if any 


grounds for thinking that Buck- 
skin has slipped from the out- 
standing form that earned him 
market preference in front of 
Sagaro 12 months ago and it is 
only the probability of fast con- 
ditions. which he has never been 
asked to tackle, that* seems to 
pose serious doubt about the 
outcome. 

In the belief that his clus and 
courage will carry him through. 
I side'with the Yeiapa horse. The 
one filly in the 10-nmher tine-up. 
Mr. Louis Freedman’s Royal 
Hive, has a good each-way 
chance. 

The Henry Cecil-trained bay. 
who will make a brave bid rn 
give her owner the prize he 
covets most after the Derby, is 
in her element on a fast surface 
and should have few problems in 
.seeing out this two-and-a-h.i:f- 
mile trip, which she tackles fur 
the first time. 

In spite of the presence »! 
several highly rated Derby 
disappointments. including 

Julio Mariner and Admiral's 
Launch, in the King Edward VI f 
Stakes T suspect that it intent 


pay backers to row in with 
Messrs. Sangster. O'Brien and 
Piggott, who rely on Strada- 
vinsky. That half-brother by 
Nijinsky to another 2.000 
Guineas winner in Nonoalco is 
dearly capable of much more 
than his tenth place in the Irish 
2.000 Guineas might suggest and 
he may nor need to be another 
“world beater” to dispose of 
some disappointing opponents. 

In the two juvenile races, the. 
Norfolk Stakes and the Chesham 
Stakes. Schweppeshire Lad aod 
Main Reef seem certain to start, 
at prohibitive odds. The first, 
bidding to become the first 
juvenile to land five events this 
term, should encounter few 
difficulties, hut l believe that 
Chaltimeau may prove just too 
good for the possibly over-rated 
Main Reef in the Chesham. 

ROYAL ASCOT 

2.30 — Ballad Rock** 

3.03— Scheppesh ire Lad* 

3.45 — Buckskin*** 

4.20 — -Sira da vinsky 
4.55— Chalumeau 

5.30— Huahinee 


CC— Th«M thntnM MW otrtatn cmttt 
card* by tetcsrtiorM or at MM MM office. 

OPERA A BALLET 

COLISEUM. Oerflt cards 01^240 *25*. 

Rmnwan 01-956 XI 61. 

LONDON FESTIVAL BALLET 
Tbfl'l. 6 rww. T.SO. Sac 3 A Y-3Q. 
Sansoilne Fan. La Chart* EtiaM- 96 
balcony SNti alrrars available from 
10 am. day erf port. 

NUREYEV FESTIVAL 
June 26 to July 8 wttb London Fexlval 
Ballet all Man sold [except mats. July 
S A 81. July 10 to IS N waver wltn 
Dutch National Billet. «ra ■vailain*- 


HAYMAMEET. ftBO 2*8X0. 

Evpa. a. WM. ZJO. Sat. 4.30k 8. 

■. | NOR IO VHKSMAN 

W&ND-Y MLLBR • . . 

/ MKEK DOWS mANCM. 

. GODFREY HAM' CAJKA. 

^WATW OF THE MOON 
' - Must definitely ctoaa July 1 - 

HAYMARKET. 930 983Z. SodT DOM " 
Open. Prevs. July a *nJ 5 a» Brf>. ww 
July 6, ' 7.30. •. 1 ■ 

PAUL SCOPIBJD .-.•• • • 
HAftRY ANDREWS 1 • • . 

■LEA NOR -TREVOR 

•RON PEACOCK 

• and Ht&NE HANDL In • _ . 

a mill v - 



THEATRES 

ADELPHI THEATRE. CC. 01-636 7611. 
Evas. 7.30. Mats. Thun. 3-0. Sat*. 4.0. 


"LONDONS B 

ALREADY SEEN BY OVER ONE 
MILLION HAPPY TH 
CREDIT CARD BOOKIN 


t Indicates programmes in 
black and white 

BBC 1 

6.40-7.55 a-ro. Open University. 
3.20 p.m. On the Move. 1.30 
Chigley. 1.45 .Yews. 2.00 Tennis ’ 
Royal Ascot. 4.20 Play School 
cas BBC-2 11.00 a.m ). 4.43 LalT- 
a-Lympios (cartoon). 5.05 Blue 
Peter. 5.35 Roobarb. 

3.40 News 

5.55 Nat ionwide (London and 
South-East only) 

6.20 Nationwide 
6.45 World Cup report 
7.05 Tomorrows World 
7.30 Top of the Pops 


8.00 Rosie 
Citizen Smith 

9.00 News 

8.25 The Songwriters: The story 
of Lionel Monckton 
10.15 I. Claudius 
11.10 Tonight 

3 1-50-1 1.55 Weather. Regional 
News 

All Regions as BBC-I except at 
the following times:— 

Wales — 1.30-1.45 p.m. * Mr. Rnnn 
and the Magic Carpet 5.55-6.20 
Wales Today. 11.50 News and 
Weather for Wales. 

Scotland-— 5.55 pm Reporting 
Scotland. 6.15-620 Scotti.sh 
Liberal Party Conference '78 from 
Perth. 6JZ5 Join BBC-l London 


fnr Nationwide. 11.50 News and All IBA Regions as l^ndon s-t- 'cj <?xc.;pi pm Penawdau 

w r il; r for S c i orl» n d: ««l>t «t tte WUkriw time:- ‘ZmL m£ 

Northern Ireland— 1- 1 p.m. AlNGJLl A v nsdet. J0.3S-ujSEiiKUsh.Naw.nai 

Northern Ireland News. o.aa-6JI0 U.JO an) Manfred. *55 Th- M.iRiral Oftj C.ata 

Scene Around bix. 11.30 News Mountain WAS .Ulnai. ll.ltt Andy s MTV Wcu-An HTV General Sender 
and Weather for Northern Fans. UJ5 >: olwll .n*»pt UL55 pm rxiopi. ir.5oi.Q0 am R'-pn.-i West head 

Ireland AncLia News 2.B0 Women Or<l:-- a jo Urns Spun Won. 

mMaa> R 0 .-kc( R.-.r.in Kf>M. 4A5 EninmnlalL- SCOTTISH 

England- — 5.55-020 p.m. Look _ 6 00 'holit : , ■ rc,, '!. iq.do am Kuiiir7 piiaruntu. 10.28 vatloj 


SCOTTISH 

13.M am Fuii*7 Plianinm. 10.28 Valley 


day t.Souihnmptoni: Spotlight 
Southwest i Plymouth). 

BBC 2 

6.40-7.55 a.m. Open University 
M.W Play School 
2.00 p.m. Royal Ascot 


10.85 am Musn; at Ran-wmd. 10.30 5JL5 Cimonn. 5J0 Crossroads. 6.00 
Thr B-.-aub' Business. 11.10 Bone”. SoiHand Today. 6J5 C a mock Way. 6-«5 
12 JO piw ->TV .VeiindesJi. JJO The Conn WmtW ■ '<»» Special. 7J3 Coronation SirecL 
nf Moni*'f- ri fln 6.00 A TV To.1i> 7.1S 10.30 Whil Abmil the Workers. UJM 
Emra.jrdate Farm. U.OO rardeninp World Wurth Ke..-p.aB. 1L30 Lai- Call. 


Today. TL30 Dan Aunn. 

BORDER 

9J0 .ain «?nii5p>- 9 JO Ceram Women. 


11-35 The Prisoner. 

SOUTHERN 

9.38 am Hand Ntv-n'a World. 9-H 


F T CROWWORn PIT77I IT IfiQQ 4 - 30 Ten . nis: Colnatc Interna- 10.05 Afloat. ' u jo AnUy4 Puny. 1L35 ^ a ‘ ur '' of U4S 

■ * • URUjo Vt \j KLl a U / it 1 l./ jT / i-l O- J.O77 national It ooion'i AA.4 I'.'rinv-rpotni. ILL so pm Border Xeu-s. And- ■s Party 11J5 i ounierpoinr 12- 



Tennis Tournament. 
4.55-520 and 5.45-7.00 Open 
University 

7.00 News on 2 Headlines 
7.05 The Engineers 

7^10 New^day 

R.05 Gardeners* World 

8^50 In Deepest Britain 

9.00 Midweek Cinema: 'Isadora' 


2- 25 Royal HlChland Shoa-. 2JS The Southern News. 2.00 W omen Only 420 

r rca- 6-00 Looka round Thursdaj. 6.3Q pmumt"i iht Dot; 1 wonder. A45 The 

u f^ cn The mmsioncs. 725 Emmcrrial- Farm. I."SI Islan-K S-tS Boliy Boon 5J8 Crc«s- 
«J» Da ito-r tn Paradis-. +12.00 Border ronds b >' *- 4S L! 115 

Ncvs Sutnmar'-. 78 7Ji Emmerdale Farm. UL» The 

.ws sumrairy Pr.-»,n« . 1LM Proph- Bute! 11.30 

U rl AiN I N tl- Soiith -rn New, Earr.i. 1L40 Wt>ai ihe 

12.48 pm ChaiiCfl Lntu-humc N and Pjp- n, Kay. 12.00 Stars on Jc*. 

What's On Where. 6.00 ithaun-- 1 New*. Tt.CC 

610 i.'annotiTime. 10.2B Hianni 1 La'i* I I Iff t. £ C.C.3 

1BJ2 The rip *1 \tr '.,;th Clir<* 4 35 am The Hand Word followed hy 
1 a ’'.mr.cn U.OO Th.- Til.- ;tn- Th air- Shot*- North Fast N.>us hradlm»s +9A0 Movie 


_ starring Vanes-;* Redgrave rX- w„£T m.so f- i-.Vm erm .:ia«„ 


r\’NE TEES 

4 35 am The t'ond Word Tolloved hy 
North Fast News bcadlW's WAO Movie 


11.13 Late News on 2 
I US- II. 35 Closedown 1 readme > 
BBC-2 Wales only — 7.05-7.30 p.m. 
Heddiw. 11-25- 1 1.50 The Enauieers. 

LONDON 


fif Tlw *ir.v»Gl<T - 12.15 am A'.uiabUt-s Altont 


" I'nnuUest of the Air." 1045 
11J.Q Andys Party. UJ5 


et rrnji.‘>.i ton^ 

GRA!^^P^A^ , 


rnur.T.-rDoinL 12^0 pm North Fast Nosva 
and Lnnkaroubd. 2JW Women Only,' 6JM 
NonJi ni Life 7J5 bntniiTdaJc Farm 


ISO am First Thmc 0J5 «>n Seven ifljo [i M „h},- Ton. UJO iL.-kOniy Concert 
Hills They Bnil! \ ' t'y 10.20 iWItfe Sedaka*. 12.10 am Fpilosue. 


I I ONljON Cinema 1045 Mln^l U.10 ilnHoptnc rri OTCD 

LV/111/L/II itnurr.iei. UJ5 Count.-r p.j.nt liiS nm ULSTER 

1 9^0 a.m. Element nt the IJn- Grampian he*-lhfi-s. 225 Roy it 1B.S5 am AJioaL 1LU Andy's Party, 

knrmn I0J0 P.atllP fnr fassin.i H-Rhlard Show. 2.55 Th- Fr- b.BO 11.35 i>ir.ien»iiH. 12-50 pm LtmcMlmo. 

r» in inali Ln«rii ' VI Grampian Tudav U.00 itnnv 11.05 A18 i fcicr NVwts headlines 6.00 Reporm. 

-'i. '^ n •N-.Jinst (nc -''ftlv. st T i-ri* nf Sail FranoiM-o. 12.00 i~r.irapi.tn 6.20 llnppy Days. 7J5 Emznerdale Farm 

; 12.08 Uantmon and Npinach. 12.10 i^tc Nlshr hp.mim.-s. u.bo itard-tninu Today. I1J0 Kosaa’c 

p.m. Rainbnw. 12.30 News plus rRi\'ini Heroes. 1155 Bedtime. 

"■ m £ e *- J 2 j 6 " e:p - * 0° 4.30 am sVsSe w, U i5jS - Ahhon WESTWARD 

Cup ,S 2.00 After Noon. , nrt cnsi-ltn Gn Tu Mans. 1 U 35 Th- 4.55 am Sport fur AH. 10 JD Hero Comes 

The Crezz. 3.20 Quick on the Lone Raneer Show. 1250 pm Tins Is th* Future, lfl.48 .Afloat. U45 Andys 

Draw. 3.30 The Sullivans. 4.2D Vmtr R.shl UIWwIMw, 5.15 Cwk- Pany .11 JO C-Juntcmlni. liZ7pm iGns 

• in i 0 tiftiK, nn tha Prairie 5 15 mad*. a.Ofl Cranada Reports 7.15 Hnn-ybun K Birthdays. _ 1250 HeNwrairt 

Little House on the Prsurie. O.la 10J8 Wliai's rill. UJM Srw headltiKS. 650 Westward Diary. 

World LUP IS. What the Paper* Say. tU.20 The 7.1S Mr and Mrs. 10-28 Westward Late 

5.45 News L'nmurhables. News. 10 JO The Open Air with Clive 

6 00 Thames at 6 UTV Gimnvll. U.00 The Elrcirtr Thealre Shnw 

sa fwnid< „ .. -Gen- Wilder.. tUJ» Feature Film. 

6^Hl crossroads ts.ao am Men Asjipst Th- Sint • i: rm or Tie Sinnsler." starrlnc Boris 



ACROSS 

Cantelot ia Edinburgh (7. 4) 
Hair style making a change 
l3) 

Rowdy part of golf course t5j 

Interminable month for 

funeral music (4, 5> 

Georgia poet in oriental coat 
(91 

Material tn cultivate outside 
Welsh capital (5) 

Eccentric led turn to howl at 
Lords <7) 

Bound to be drawn 14) 

It is comforting to return 
weapons (4’i 

Pledged prisoner, tn reach 
landlord on time i7) 

Rotter about to join nucleus 
<5> 

Fancy having to Eive details 
19) 

Intelligence by the way 
needed to avoid accidents 
(4, 5) 

Cheese on right of pipe (51 
No good coming back the 
same ( 3 1 

Produce you and I will end 
happily (4, 3. 4j 

DOWN 

Claim entrance to Cockucv 
public school (SI 
Without doubt member of 
boat-race crow is loyal (4. 4) 
Doorkeeper beheaded person 
calling for silence (5) 

Tn sigh is super for a change 
(7) 

Hesitation over poem 


National Trust finds wearing 
171 

6 Agency typist puis lock on 
siren (9) 

7 Boat is fit for willing Dicken- 
sian (6) 

8 See how to become part or 
ship (6) 

14 Comprehensive service tabled 
for consumers 16, 3) 

.16 Heaven is io procession (S) 
17 Transporter in grain is brainy 
(S) . 

19 Key mao inclined to become 
collector (7» 

20 Man with a power to prohibit 
stop at sea (5, ’It 

21 Afraid somebody to begin 
with felt concerned iBi 

22 Post-Victorian King Lear (6) 
25 Heavenly path taken by gold 

piece (51 

SOLUTION TO PUZZLE 
No. 3.698 


HgaBdanHSaSBaS 
h 0 n d □ n d m 
0 QEQH aannannssH 

aGnacirinn 
0BQ0HOQ ElSEHHQn 
EJ u ET E Q 
□GgBg |pHZ3E3E2aC2E3 

□QQQgaQQg HQ 0 DD 

! n i ! M h n K 

ommnama nimna 


Little House on the Prairie. 5.15 
World Cup "7S. 

5.45 News 
6.00 Thames at • 

6.50 Crossroads 
7.15 Mr. and Mrs. 

7.43 Best Seilers 
■ 9.30 This Week 

10.00 News 

10M What About the Workers 

11.00 Richie Brockeiman 

12.00 What rhe Papers Say 


N«-m. 10-30 The Open Air with CHve 

I'lmn.'ll 11.00 The Elrcirtr Thealre Show 
'Hen' Wildcn. tUJB Featarv Film. 
• lirip Of Tie Sirarplrr.' - stan-lnc Borli 


Wsmns John Pontk.1 - attd Zena M arshall. K.aMolT. 12 AS am Fallh for Life. 


10.d8 Afloat. 22.85 Awly s Party. U-38 
I'.aimu-rpomT. 1250 pm Rupon West hratl- 
linos. Ii55 Report Walo* hoadllts 2.B0 


YORKSHIRE 

0.30 am Choirs Of the World. Coni 


Women Only. 3.50 R-.-rvl's Lot. ajo P.ai-bajta ■ Sardinia >. IS U> Ability 

Fhifdron in [Mf. d.C The M rat >ionrs. _ that Count*. iSJO The nmeUL-rs. 

5,20 Cnnsroaih. 6J» Reporf Wi-rfi k22 U. It World Leoriur?: Roos*'«clt— Th^ CRITERION. 930 3215. CC 1135 1 071-3. 

Report Wali.-s. 6.o5 Worirt tup ’TS. 7J5 Pou.t Bobuid the Snulc. J2-S) pm Evbs. 8.0. sals 5.30. 3.30. Thun. 3.0. 

Mr. and Mrs 10J5 F.suval ‘is. U.35 CaLndar Nwws. 6.00 L&lendar tEmlry NOW in ‘ITS SECOND YEAR 

JZ.Ia sm Close. .» painting ny f IJm . •• n,,. Hum.-rf ** siumns Maor and R'/toianr ediUo.Tit. 7.1S Leslie Phillips ‘ 

" - !,L *-■- ■ ■ - ,r " — " In SIX OF ONE 

HALF-A-DOZEN LAD CHS A MINUTE 
SECOND HILARIOUS YEAR 
‘VERY FUNNY." S. Tel. 


prarrtrfTROBtN -ASKW1TK : : - -e 
" AU-;GOOO CLEAN JUN." . - .1 
t‘ ■ -.Duflr - Exams. ‘ v 1 

CPEtMT'CARD'-aOOKINGS 930 M*7.' 


Constable with mu^ic by Edward woodward and .lunr Rnchlo. 
Elgar HTV Cymni/Waht*— As HTV li.-nt 


Emmrrdnlc 'Farm. UJM Dancer 


HTV Cymro/Waht*— As HT\' th-ncral Paradise. 

25 Schubert piano recital 'S-. 1L5S Reports SM SeronrtinlF. SJS5 Weather' 


QUEEN'S rHEATHE. CC- 01-734 1388. 

fAlTH BROOK- MICHAEL ALORtOtK . 
and RACHEL KEMPsOn -V-- ■ 
ttv 'Alan Rennert 1 * - - . 

THE. OLD COUNTRY- 
Flare ami PlrfmefS ijt-dtm Crttfes AwanfT 
BEST PLAT OF THE YEAR. • «.„.i 
Pli ectnd .ayrgLIFPOWO WltHA'Mg ~ 
RAYMOND REVUSBAR. CC- 01 -TM-IMJ..' 
At 7 o *•.. 9 tw.V -it -oun ■ looefi SwisJ 
PAUL RAYMOND profenfi 
1 THE ' FESTIVAL, op - • 

. --EROTICA 
. Full* AlMOhifllljjrwrf' ' ' 

- 2ljt: SEWSA.nONAl , Y E AR- ,- ; 

ROYAL AUifltrr HALL. ' ■ S89 B212, . 

Erov 7.30. Sumfir "nent uhlIT. Jim* 30. 

WOOD'S. GREATEST ACROBATS 

■ the chinfce acrobatic- ■ 

.... . THEATRE 

■From Li awing. C M fut- ; . .... . 
ROYAL COURT: 710 1735.. -Alr 4tond.- 
XMS- .B- JSjU. 3 * B.30. - - . ' ■ . 

FLY|I*G IMPtOL . . 

b y MIH Morriso n ' " . ■ S ,V' - 
ROYALTY, -CrrtH.~C«rdS. - -W-AOS 800*. 
Mende^T&urxuy •. Even; ns t »4W.'_ Frid>yj 
5.30 and 8.45. SKvrdayA jf.OO/and OjiO. I 
London Olfwa' 

. BUBBLING 'BROWN' SUGAR .r--?:,' 
*e« ’MMteaL of 1M7. . 

■cotringi. acaevOMf.’- Mi lor we&t antr. | 

: SlhKIal reduced ra*». Jor . matinees ,|fcr 

~a- llrntred txrtoc • - ■ ■ -- . 

SAVOY THEATRE- Zl ' 01^36 ~X8*S. v 

' TOflrf'CONTlilnj - .. 

• whose . life is ft - anyway ?. ■ 

t a mo we«Toi«* • You A 

SHAFTESBMRY. - "■ -‘836 65M) 

Shaittwoorv Aw, .WCtiHWb Hefesro.eiKO 
teSr-ut 8.O.- JOHN REARDON In • 


n . r. ir . , 74 7m 1.0S Scfiubert piano tvcita/ 1L9S Ropnrtt SM SefVrriiniy. 535 Wearhvr. ...... 

RAD1U 1 Chun* Music of ihe Badi Family, part 1 programme imns. 6.00 News. 6J0 Brain D ^oh, Y H «« N£ i ula ,|51J s £.5 , ^-c 3 e B ’?n 

tS) Stereophonic Ijrpadeait .S., 2.20 Words . . . Hals-. 225 Mhurch of FlrllPtn 1978. 7.0 Nows. 7ES The 9nt B ' 00, - ruiteiK unir ***'- 3 ’ 0 ‘ 

S-BO am As Radio 2. 7JB Dave Lee Made nr :lw Bncb Family, part 2 IS*. Andwr*. 7.20 Checkpoint 7.05 Pedal ■■ a rar- i-w” auoniihMo 

Travis. 100 Simon Elies. 1LM Paul 3.15 MeEwan Memorial Cone-ri 1977. Fnw A cilcbratmn or Ihe bl-TvIe stunner.'' Sunday Times. I 

Burnett ini'lirdtr.c 12J0 pm NewsftoaL MrJ t ; WTIson. Mum crave. Orr iS- 4.00 8 JO Pay Cusllnc with Ihe BBC Sound OUCMESS 'ai6”H24T z Mb* - mTTi'.'wit 
200 Tmi) Blaeithimi. 4J1 Kid Jensen | n shun nails). 4 JO Memorial Oirv.iTl Archives. 8.45 Altai vsis: A.«emwinit to Eveninos' a. 00 Fn.. "sat. -SIS -A 9.00. 1 
tni'llidiru 5 JO :vcn shr.it. 7JO Country parts- Hamlltor,. McCmre <b- 4.55 F-HC Ditarm 4J0 Faleido-scnpe. 4 J9 Weather _ • OH! CALCUTTA!:- -| 

Club <S. 'joins Radio 2 '>.10,02 John Peel iVoNh Symphony Oreliesira <S>. 15^5 10.00 The World Tnnlchl. IOJO Any 


stuniMT," Sunday Times. 


12. D0-2. 02 am As Radio 2 


HumewaM Bound. 


VHF Radies 1 and 2— S.W «m W!1h tjnmcward 


16.05 Mews. 
'cniiTliun.-'ji. 


16.10 Answers" 11.00 A RonF ai Rcdnmn. 11 J5 oir»_sem 

it JO The Finatteipi World Tnn'uht. 11 JO Today dukje OF YORK'S. 


OH! CALCUTTA! 

Th* Nudity IS Stunning. ■■ DellV T*i. 
. . 8 th Sensational Year 


Ifadin 7. Im-HMimk- 1J5 pm Onpfl LUmnjnc. l.,|,-»ne«. The Wider Wurld. 7.30 A We- in P.'rhunh-tn. 12.80 Ne-vS. 
U.BO Him ILidio I. 12.00-2.02 am Wtlh tjureh Festival law pun I Haydn, oort D j- 1 j 
Radio z Mi.-ndclsiohn 'Si 8.15 Tlt>- CnM nhnn “OL 1x0(110 LOflUOn . 


-01-836 S122. 


o 4 rtin -y i_Ef|n n i and VHF s,or >’' SJ0 Aidcburelt [■■•sii-.a!. part 2: 

RADIO 2. I ’* uwra a s-ltfiherf <&.. 9J 0 -Li-v jmum- 


-06m and 04.9 V1IF 

6.38 am Rust) Hnur 8.00 Londcn Lite. 


pod <S> 12JS pm WapKonrr*' Walk. Radio 3 VHP only— 6.00-7.00 am and 
12J0 Pi'fp Murray's Open House <S* In- 5 j 45-7J8 pm Open University, 
clndins 1.45 Sport* Desk. 2.02 David n . n r „ . 

Hamlhon's Royal Ascot Special tSi In- KAUiU *4 

eluding tennis pair and mckei nevyt. 4 J8 434m. 330m, 285m and \T4F 

Walk. 4 .45 Sports DfiSK, 4J0 -j- „ \,. w - « r* Farmint Tndiv 

John Dnna tSi Including 5.45 Sports Desk L -p to 'the Hour. 7.00 News 7.10 


'"t- r 1 . ■ . 1^05 am Oiiesuun Time Irom the House 

Radio 3 VHF only— 6.00.7.00 am and (j- i^jntmons. L85 Clo&.': At Radio 2. 


London Broadcasting 

261 m and 97 .3 VHF 

5J» am Moraine Music. tM AH; 
nondrop news, information, travel, sport. 


iOO.2.02 am News Summary. ^ ^ Capital Radio 

RADIO ^ 464m. Sierra & VHF Diffrrem world, izoo New*. 12.02 pm 194m and 95.8 VHF 

UI». You and Vows. I2J7 .Unnr a Sl»-. 12» 6.00 am Graham Dene's Breakfast 

" W . “ ? Weather, programme tv ; «-s. 1.00 The Show 1S1 t.oa Mtcha-1 Aspvl 'S-. 12 08 

am Vicaihcr. 7.00 News. 7JH World at One. 1.30 The Archers. 1.45 Pave • ash tS« 3.00 pm Racer Setnr 1S1. 


Ermines B.0Q Mai. Wed.. 'Sat, 3,0. 

JOHN OJELSUD . 

In Julian Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
•' flrifliartly urtttv . . . na. one shouftf 
mbs it.” Harold Hobson CQram*}. Instint 
credit earn reuroations, 'Dinner and 
Top.pri cc Seat £ 7 .QQ. 

FORTUNE. 335 2235 . E«. 8 . 00 . THurs. 3 . 
Sat. 5.00 and BOO. 

MurlH PatlOH .«» MI 5 S MARFLE Hi 
AGATHA CHRISTIE’S 
MURDER AT THE VICARAGE 
- Third Great Yaar 

GARRICK THEATRE. CC 01-836 4601 . 
Evs. 8 . 0 . Mat. WML 3 .O. Sau S. 30 . B SO- 
TIMOTHY WEST, GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTER’S 
THE HOMECOMING 
■’ BRILLIANT— A TAUT AND EXCEL* 
f FATLY ar-reo i**-VtUCTff 1 N." 0 TH 
”A«t INEXHAUSTIBLY RICH WORK.* 
Gd n. " N OT TO he MISSED." Tinw». 

GLO&E THEATRE, 01-437 1592 . 

Evas. 8 . 15 . wed. 3 J). Sat 6 .o. a.a. 
PAUL EDDINGTON. JULIA McKENZIX 
BENJAMIN WH 1 TBOW K 1 
ALAN AYCKBOURN’S New Comedy 
TEN TIMES TABLE 
Thu mu*l be the happiest 'Uughter- 
maker In Lontfon •' D Tel. “An irresis- 
tibly enjoyable evpiHpp.” Sunday Times, 


SHAFTESBURY. ' ‘836 6S96S 

Shaitiwboro Aw, .WCtiHWb Hefesro.eiKO , 
tuST-at B.O.’ JOHN REARDON In . ■ ; 
--•••' fCtSMO'.-- - , 

1 This rmistcal has every thine Mtr. - 
Mats NOW TUEtf’ * £AT: -S.D, , 

- - Alt Seat* pi £3. .,$% JBli- T. , 

Ct adiit Card Betoltincst'ajfi. jCT 7 .r * 

iHaw theatre. “ . , i. pT-sai : TSai \ 

Ewoiwa7.se.. Mars. Wed.-2aO.- .-v 
r M^TA LIO N« - ABOUT-- JUKfSAJLEM ‘^-T- 


• ■tn ARNOLQ WESKER-,' rv-r - 

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^HsahiS^l limes 7 Thtn’sday /tune' -32^1978 


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Record Review 


Turangalila 


bv MAX LOPPERT 


P«ter; PWethvrait*, Hagjie SheViiiy: Ewan Stewart and Rachel Bell 


Laniard Uurt 


Royal Court 



d'araour" is not defused by the nical solidity the enterprise pro-* 

rS£5-”£SS3- "S^Sf,rSS SSSrSJaESt^-’SSSSE^. 

SLS h 5 S 117 / r rcc - ord 5 M ?n box), piano are ■.-ontbined. On the con- third-movement waltz rhythm a 
SLb Dili l- record, in ooxj. F sharp major deiigllls more tbroatily passionate ; 

i sT,lf: d LonWSfl- Ktt JSSSS SEES- ".*E32«* waul j j 

6^. Ch ?lM /W?ller - ^iSSfn wou b , C a ,l no'w L’K e"ou *5 TCg ‘ v\|tSo«ity ! 

|j|?r sSn'al? Be *.r S^moclmnuic Even so. It offers substantial, 

! r I nn Rariofc s f .naia Prokofiev'S Third Symphony, rewards. , . . ; 

i'vinlS .1 4rnn ZK 36 with its massive orchestral forces The HMV record of Shostako- 
Holmes molin). Argo ZK 36. ; oTking up a hllgc head of „ MDI . V ich*s Suite on Poems of 

I Shostakovich Suite on Poems of must be no less difficult lo cap- Michelangelo- Op.145. in tne: 
MiAriincclo Sbirlev-Suirk ture on disc than Mesiaeo's sym- composer's later scormg for 
Vh^ barfmne. / Ashkenazy phony- The Decca issue proves no singer and orchestra was- 
I ^nninppr- sxl 6S49 £3 90 less spectacular in reproducing reviewed last year on tiiis page- j 
Mavwel? Dantes Dark Sis De its full breadth and thundering Now Decca bnngs forward a per- 
' ‘ rmSlfti/rhinila depth— only in the thickest rnrmance of the original version. | 

(^uiuri Wermck Songs B of instrumental aggregations of first with piano. The merits of both ; 
S,fmL Jn 'l r nt 1 '^fani/ and last movement* is there ever a re powerful. and equally ; 
West , oboe etr D i Nonesuch felt a * r, “i’h or congestion. In arguable- The piano. especiaJiy , 
?” oo ei more important ways, however, when so authoritatively played as . 

i--iw t £ e performance can. be deemed here by Ashkenazy’, is the ( 

D aly a partial success. Walter •* black-and-white " of the music. t 


MICHAEL COVE 


rdisc album devoted to the crut -ial want of natural dynamic bursts of anger (fifth and eighth: 
Bill Morrison’s' ssysgn force Bud Powell orer whlch number quickly diverts his sexual Sim^» w^ w«» propulsion of harp ed;e and sonssl and In the childlike I 

ol Belfast life first burst, about J? J’* ay ’ hj| “q””' 11011 from L|Z 10 lhe rMld0 ° t I often seemed a musiejan in |f,pbres- an alien, conventional the fuller emotional 

S”™ - * Umes-uum the t ““ g ! ruHherlS^*^^^^!?. kU* •' e.vpressivuy informs the of ^orchestra «I- 1 


:cun S c uaunj. whom deadpan professionalism 

The sexual intrigue Is further presides over other imerprela- 


viewirig, In a new production by pe ?phat scream is. re-enacted by complicated by the intrusion of j live qualities. It was "pt to be 
Alan Dossor, does nothing to Dan at the plan’s end as his fail- a nymphomaniac neighbour predicted that he would rise lo 
diminish mu fiiimiralifin Thp- i - a- -itnhail im m l< 


my admiration. nS Tbe up !„ ? S .ron |7 IheWS 10-mpvemem sympbomc ro.e- 

hero, Dan Pools, is a phanQa> an e 0 l . lone s|J e fi^ie of carnage. lent Rachel Bell) who tells Liz j hration of Love rata 1 ... 

"m reP on“be e dooS W auS J*'® “fiX » ... .»u«l. V » ^.1 mus.e , above al. the nap- SS™ ^n"bardi^h j 

domestin strifa. witbin. SEj^ ^ SEME'KrTS-r ! ^o^S. S ^.'SSW's^ & ' ^ ° 


ItHJUirs. dll silltll. I TaM l». lilt . - T t 

kind of expressivity informs the ran ge of tlie orchestra is wei-; 

come. In either manifestation., 
the Suite is experienced as one 1 
of Shostakovich's consummate | 
masterpieces. But the HM\ disc 
is in one resoect. unsurpassed. | 
Jfihn Shiiley-Quirk's snft^entTed: 


Books Page will appear 
on Friday 


v k : - 

, : ** 1 
M .i 


' .*»■ 
- ' ".'■i t 



Loonard purl 


having fallen 
stand with the 


r . « .r«M miimllv chum lo a conveniently onstage are aii succewiiiiy uu.anceu u». dark . mvslU-al exaiiauon. "bruts down to 

or tfpS ^!s^as»rg wK . i f ar - bashinB ,#t ”• 

1 mav orminnallv have boasted >n.o rr.iH.„>i.unnnimii‘rpfi PrnkO- Tk- ..lono tmK- 

Festival at St. John’s 


to an essence the'; 
nature poetry and 
bone lyricism of| 


Manolita and Rafael Aguilar 

Sadler's Wells 


lMC Orkney com-j 

r ecord. positions. It is wonderful to have i 

lmay occasionally have boasted The seldom-encountered Prnko- Ihe pj ece truly sung, from the 
areater elcsance in the tnouldins g cv 6P nat:i for »olo violin. Op. j np to the bottom of its two-and-i 
of melodic lines: but for an 115< j S W(ir jc <,r approa«-hable. a _half octave range, by Jan de 
overall view of one of the cen- tra n<?p?.reni ivricism. drained of Oaetani — and sung, moreover, in 


by MAX LOPPERT 


overall view oi one ui tne cen- tran5p?r pnt ivricism, drained oi ftaetani— and sung, moreover, in 
tury s most generous musical out- a |h]ost everv' harmonic and lex- floating, disembodied tones of a 
pourings, this UBO rendering t|iral |,a r b a iny of earlier limes pU riiy rarely heard in con- 1 
sweeps all before ii. r in a manner tvpical of l a t e temporary vocal music. (The 

At the heart or the pmor- Prok | jfi| .. v . What appears thin in American accent is strong. 

Jinanee lies the masterly J ^ U, £P‘ a firsl bearing is discovered to five occasions. Miss de Ga' 

This Hon of the p'ano part bv Michel | i<iu|i „ 4int . ri a |j US i V eness and unfaithful to the Boosi 
■ has ; Beroff : marvel! 
manner or conen iu- «!•«.* »* nd!l | f „ uta i n in<T 

become familiar over the P»* l*5lJ e 


Fiesta de Espana 

bv CLEMENT CRISP 


onrnn oquiiic, .. .iJiiw u»*« u * - Httio «hnrt 

London’s indispensable concert a , th«» 

halls. There is currently also a s ch u ber ti an riariJ' „ ,n n ^ p , 
more pertinent reason for doins of wind sonorities^>(One _ 


(The 
and on i 

- - „u Gaetani is | 

i. 1M have Ddinvd allusiveness and unfaithful to the Boosev and) 

marvellously inciMve resona ^ cp jn a secfin<1 _„ ls in Hawkes score, either musically or; 

fouwlnins v..ihi.e ilia thp aim uorViuiK 1 *i Of Richard \Vcr-* 

Remembrance.- 
Pythagoras, Horace. ( 
for voice and , 
... anglais l Miss : 
ersatile husband. 1 
marie much 
out ; 
natural 


and down Trom a repealed low G i J? 1 , £ f I-i mer crvstallinc ing, ambitious, and eminently Philip West). 1 made 

w«s «usn;i3. «r # rT2..aM‘f 5s, : ^r^ni 

S.5TBTSii3rdS-«: ^ p»™“ ^ 10 wto “ ,eth ' pu “ n,,>,, ““- 

SKSS* personality^ 


tival 

JlSpSvcIistljf ' nro^rSnmes iu symphonies.) ‘v-i; percussion barracking: the cast- 

been devised to dispTay to advan- The small ' amount of ing of a double ‘ hasa * { Ba 
taze the many kinds of music Schnittke's music that’ we have Guy) as Jeadtng opponent. . 
aMommodated by the reverberant been allowed to hear to this the r ® les . ?". b, 'jP t °L fjL-- 
bat not over-reverberant St. country suggests that. bFts the J er J?£j- dramatic 

John’s acoustics and welcomed most substa.nuaj; compos^ of the tr a tmg instrumental dra 


Roy Hudd by MICHAEL COVENEY 

^o- s n v^ re r e s-ed srsbsgsr«b3&s: **,**..**««* «. 

within its ultima hans' even" the" most csfnt m^vKy^dVffereht 0 series ^/"con- ; led an r ‘ nn °^?“L)j it * l c e nl pr as -’^“diHerent bill is to be pre- MaJie^' Uoyd'^nd^predictably 

S ^NMtiirallv enough.- (he .Orchestra since Sho^kovich. JThis ^ «. ^ KmK S«on to the fund-raising senicd on Ibe wjta »«• 


Albery 


Naturally enough, me. urenestra ^.vJlTSncerto" cofourfully 
fn SMffB von- layout smalUrchestra 

ductor, John Lubbock, it under { • il_ white the sections 

«n£,tf On P TPMa«*"' U.S “K »f ?«« ^broke^slnsje-mj.vement 


The first half of Fiesta de 
fipr installed in Rosebery 
Avenue until the end of tbe 
month, has a lot to recommend 
it. It is. first and foremost, one 
of the best dressed — in matter of 
authenticity and care of prepara- 
tion— of Spanish dance troupes, 
and it pays due care to finding 
a wide range of regional items 
to hold our interest. I must in 
fairness note that my habitual 
reaction to any sort of folk art 
is despair: abroad, when asked 
tu look at hopping peasants, 1 
tend to suggest that time is 
better spent looking for a good 
restaurant. But I can record 
that the present ensemble has 
an unspoiled air. and the items 
are none of them too long. 

Tbe ostensible stars are Mano- 
lita. a dignified performer after 
the fasthion of Pilar'Lopez. and 
Rafael Aguilar. My own interest 
was far more held by a young 
I dancer identified for me as 
j Giullierrao Arroyo. In a pretty 
IJofa VrtleweiniMi, with three 
, charming girls, he demonstrated 


th3t quality of dancing that 
transcends ail barriers of style 
and nationality. A brilliant 
quickness, an electric response 
to rhythm, a fullness of muscular 
lone, all revealed him as an 
artist whose temperament is 
fully expressed through move- 
ment: he is well worth watching. 

Elsewhere in the first part of 
the programme there are plenty 
of costume changes, some very 
quaint hats, and a generally 
bonhomotts air as feet fly and 
castanets chatter. The second 
part of the evening is the obliga- 
tory Cuadro Flamenco, with a 
great deal of stamping, glower- 
ing from under matted locks by 
the chaps, and swirling ruffled 
skirts for the girls. It is good 
of its kind — as is the whole even- 
ing — and the aficionados will 
need no urging to see it. As a 
bonus to the performance the 
Humphrey Bassoon Quartet plays 
dance music on stage before 
curtain rise: I enioyed their 
account of some Renaissance 
dances very much. 



in the East End. reciting ium * 

aficionados have digging the musk hall s latest bridal panoply. 

'■■■■ paragraphs of 
F a holtle of 
rather half- 

...... . The crucial 

point is made by evoking the 
uhost of Gus Elen (of “Its A 
Great Big Shame " fame - ) to 
remind us of the mnhiUcai cord 
Cockney von (ad between a per- 
former like Elen and his qjJj, for appointment of the 
audience. Such contact no longer vwright David HalliweH. as 

exists outside a minority caucus c s j — j ut 

of the nostalgic faithful. 

A red curtain is slung across 


Resident 

dramatist 

The Arts Council has approved 
grant to Hampstead Theatre 


resident dramatist. 

David HalU well was born in 
the Oliver set and footlights Brigbouse, ^rkshi re and 
installed onstage. Mr. Hudd is his studied at the Hud< ^ er ^^ d 
usual, engaging self, resplendent lege of Art. which provided the 
in a large pink tie with pin. But inspiration for bis p\a\. Lilt le 
he only comes into his own with Malcolm and j»s Struggle 
some delightful Billy Bennett Against the bunuchs. 


Osvaldo di Pianduni (cintr*) in * The Gipsy Baron ’ 


Vienna’s other opera house 


Squirms, of well-bred English 
embarrassment would probably 
prevent the.. naming of. any 
London institution as the 
People's Opera House, but in 
Vienna' the Voiksoper flourishes- 
It is not smart, or international 
or in any sense a tourist attrac- 
tion as the Vienna State- Opera 
is. It is located w’ell outside the 
cent ral area, involving, .a - 
minute tram ride or a rather 
nensive taxi. But it makes > 0 U 
welcome, not least because every 
printed programme carnes a iuU 
synopsis of the -work m En^lisft. 
A superior seat costs about . 
about one-third as much as at 
the Slate Opera. 

rasa,!* ? 0 w 
irist 01 ^ °f e si 

Offenbach. . And where th 

ENO’s audience seems tohajs 

!^^n U L l ^i S i^P^ufon 

Osvalda cli Fjandun.i .as. a hand 


some and strong-voiced te^pr 

Herring fin German, narur^qy) 
Next season ProkoBevJ 

Three Oranges » P™ " r prSuS 
Jaroslav Krombhok of Yngue 
as . conductor, -nd 

SEX - 

Aida has convcr d -H |.to 
an alternative hig-opera c^in- 
- hv the side of its mbre 

fee? S rematos aSi 

Voiksoper. moreover 

° r ™ State Opera ^ 
both come under Austrqs 

f eD n tra L St d^the e BuS n hefr* 


costumes, and the contracts of 
certain singers provide for their 
appearance at both opera houses. 
The presence of Walter Berry, 
known internationally as well as 
al the Stale Opera, sharpened my 
anticipated pleasure in what 
must count as a rarity for any 
non-Austrian opera-gr-er, Franz 
Schmidt’s Noire Dame. 

Anticipation was unfulfilled. 
Noire Dome (first performed in 
1914. in Vienna ) is as bad an 
opera as I have ever seen on tbe 
stage of any major theatre. 
Imagine Richard Strauss without 
any of his harmonic twists and 
you may imagine this predomin- 
antly slow', irredeemably dull 
piece. As composer and joint 
librettist, Franz Schmidt (1874- 
1939) gave no character a suffi- 
ciently forceful and continuous 
interest As the hunchback of 
Victor Hugo's original story. 
Walter Berry walked unconvinc- 
ingly and was not in impressive 
voice; more urgency was enn- 
veye.d hy Ernst Gutstein as the 
. villainous, guilt-ridden Arch- 
deacon of Paris. I liked also lhe 
youthful tenor of JoseT Hopfer- 
wicser.. The evening's most 
striking feature was the realistic, 
so! Id-seeming scenery of Glintner 
Schiieidcr-Siemssen, whose Ring 


designs for Covent Garden are 
well remembered. 

The opera was slackly con 
ducted by Franz Bauer-Thcussl 
a veteran of the house who also 
delivered The Gipx u Baron. 
demonstrating his confidence in 
the performers at one point by 
simply folding his arms and 
heaming. Confidence is all very 
well: ragged orchestral entries 
are not. But the true, unforced 
Viennese lilt of Strauss’s vocal 
melodies came over delightfully, 
with a cast that was agreeable 
in voice and good to look ai. 

My third evening ai the Voiks- 
oper proved the most enjoyable 
of all — a charming performance 
of Supp^’s Boccnccro. a classic- 
operetta of Strauss’s own period 
(1879). It was not hurt by being 
produced with one or two deli- 
berate anachronisms, even s 
reference to Austria's poor foot 
ball performance in the World 

Cup being inserted by the accom- 
plished leading comedian, Erich 
Kurhar. Using a doubly revolv- 
ing stage, the operetta was pic- 
turesquely staged with scenery 

br Walter Hoesslin. and splen- 
didly conducted by Herbert 
Prik’opa. better known as one of 
tbe company's principal comic 
tenor singers. 

ARTHUR JACOBS 



Leicester is 
City from 
Europe, and 

just 87 minutes by hourly Inter- 
London, an hour by air from 
is at the heart of the motorway 

network. 


Enquiries to " Gordon k Smith FRIGS 

Industrial Development Officer 
Telephone 0533 549922 Ext.6700 

Lrdyir 

or John Brown FRIGS 

Industrial Promotion Officer 

Ar dr 

Telephone 0533 549922 Ext.6760 

LEICESTER 

Leicester City Estates DepL, 

New Walk Centre, 

Bghlclltiecerire 

Leicester LEI 6ZG. 


These Shores have not been and are not being oijered to the public . 
This advertisement appears only as a matter oj record . 


NEW ISSUE 


June 15, 197 S 


$100,050,000 

United States Filter Corporation 

6 % Series A Convertible Preference Stock 

(convertible into common stock at $23 per share) 
has been sold to 

Friedrich Flick Industrieverwaltung KGaA 


The undersigned acted as financial advisor to 
United States Filter Corporation in this transaction. 



The First Boston Corporation 


NEW YORK ATLANTA BOSTON CHICAGO CLEVELAND DALLAS 

LOS ANGELES PHILADELPHIA SAN FRANCISCO 

LONDON ATHENS CALGARY GENEVA MELBOURNE MONTREAL SINGAPORE TOKYO ZURICH 






IS 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Telegram: Flaantimo, London PS4, Telei: SS38W 

Telephone: 91-24S 8000 


Thursday June 22 197jj_ 


Work sharing 


in context 


IT IS now clear that trade union The TUC in its turn is very 
demands for measures aimed open-minded in its own annual 
at work-sharing will form an economic review about the 
important part of discussions possibilities— a shorter week, 
leading up to the next pay earlier retirement, extra 
round, as similar demands have holidays, sabbaticals, or readier 
done in Germany. Belgium, the release for further training are 
U.S. and several other countries, all canvassed. However, the 
The basic logic of the idea is unions want the Government to 
perhaps clearest in countries be involved even though it 
where there appears little hope rejects Government dictation of 
of restoring the growth rates the next pay round. This makes 
experienced" since the war; here sense not so much because the 
it makes obvious sense to con- state is a lar,e employer as 
sider taking part of the reward because nt £? 

of future productivity improve- through the P oten ^ s ^ nnS . ll l" 
meats in greater leisure rather unemp oyment 
than greater output per man. It stantial sum actordin to official 
is not surprising that the idea 

This would reflect the fact that 
the cost of a shorter week to the 


IS JIUL gui^iioiu^ Hi*** 

is under study in the EEC and oner some 


the OECD. 

Flexible whole economy is less than the 

The Bntish record does not. cost lo employers, 
unhappily, inspire any great 


. _ While the economics of any 

confidence that the productivity scheme to reduce hours must be 
improvement which would main- hazardous, certain guidelines 
tain real output in a shorter can be suggested to avoid the 
week can be achieved: but since more obvious risks. The first is 
any job creation saves substan- that any concession should take 
tial sums in the public sector, a form which not only mollifies 
the idea could still be worth union officials. who like 
pursuing if it produces returns numbers and slogans, but is felt 
in other respects — notably a as a real benefit on the shop 
more reasonable attitude to floor. In this respect the 
money wages and a more 38-hour proposal is unfortunate 
flexible attitude to productivity An extra day off every month 
itself. If it simply adds to costs, or an extra two months paid 
on the other hand, a shorter holiday every fourth year- 
work week is just as inflationary closely equivalent in percentage 
as any other excessive claim, terms— are much more likely to 
and will destroy jobs rather be felt as a real gain. The 
than create them. second is that a spillover into 

first sisht the discussions overtime, which would simply 
seem to be getting off to the gear up any rise in wage rales, 
worst possible start. The TUC must be prevented so far as| jt wiJ! reS ort 
sometimes seems to regard the possible in negotiation. Some of measures . 
38-hour week, with 35 hours to the thorniest problems could 
come, as a philosopher's stone, arise where there is already a 


EEC ministers yesterday failed to settle the row 


Facial Tunes Thursday 

with Britaimabout fishery policy, . 






community pond 


.V • 

■ v'-" 




BY MARGARET van HATTEM In Luxembourg 


T 


HE EEC Fisheries policy see this development, and that 
is in a mess. Negotiations they had. in effect, given away ' 

for a common policy have far more than they ever 
been stalled since January be- intended. Moves for a new com- 
cause of British demands for raon policy which would take 
guarantees in black and white into account the 200-mile limits 
of permanent preferential treat- began in 1976 but have con- 
ment. So far not much harm stantly grounded on British 
has been done but things are demands, based on the argil; 
netting worse. The absence of ment that 60 per cent of EEC 
** formal agreement means that waters come within the UR 200- 
member states of the Com- mile limit, and that Britain s 
munity are not legally bound to share of EEC fish should reflect 
resoect quotas and conservation this. But some observers suggest 
measures tacitly agreed among that the real battle concerns the 
ei°ht of them. The Irish and determination of the Bntish to 
Diitch fleets are currently run a national policy— under a 
reDorted to be cleaning up the thin community smokescreen if 
herring grounds off the west the others care to provide it— 
coast of Scotland in antieipa- and equally strong German 
lion of a ban. Dutch. French, determination to prevent it. 

Danish and British vessels are Observers suggest it may also 
said to be having a free-for-all have something to do with the 
in the North Sea. No one knows political position of Mr. John 
how much they are over-fishing SUkin, the British Agriculture 
because no one is obliged to and Fisheries Minister. It is 
S an overall count. hard to see how British fisber- 

V met in men benefit from the present 

EEC ministers who met : n staleniate virtually all major 
Luxembourg tins week to sort British quota and conservation 
Things out packed up within 24 den]ailds put f orwai( i at the 
hours having made no progress, of 1978 have been 

and knowing that they are un* met and British fishermen stand 
likely to make any thisjpea^ j ose more than anyone else 





Mr, 


Gundelach (left), the EEC Commissioner, end Mr SiMn, a.e Brtteh Minister of A*ri«ltnie «nd their 

meeting m London on June X*- 


— .. . ~ Violet l u 1UU1C unui onjuuo 

at community level, tigni from tbe inevitable over-fishing 


member slates are expected to under ^ presen t lax arrange- 
continue more or less to »_ i •■>... nrveeihim 


tZ hie Strasbourg speaking to 


*• But they win not nee^ end 



agreed to follow the Commis- dui 4u ttia _ _ 
sion's proposals setting eaten f British coasts from Cnn- 

m - 1 ft-’Cl Tlmai tniM 11 ' Hlfn . 


But in his role of defender „ preference can 


quota's for'1978. Britain, which h ™-“, m™ SiTiin ‘"ere is a reason 


for it” “ £ oes Just a bit too far. 1 


sues juot « w... »» — almost certainly eet i^dd^efc^osti^time warning 

Members of several national “8 .. an — „2 tK£' that ; 'tanad or 


r quota* tinenjal hsnennen, nr. auwn Mr GundeIach will not Members of several .nauonai approval if care - /man or 

was not party to th iis B e cn j oys wde support In the |, ver . ride the letter of the law. delegations, for all then huffing ^ffformulated They inqiflde wpnW be referred 

ment. has indicated dearl> that Goran]ons debate on fishing last t. and Duffing in public, under- e bps' immediately - to. the • . European 


to national 


nons debate on fishing last , : . ... an d puffing in public, under? vEzl.;- . , ‘ rnMh sizes, immediately -to the European 

. Tories. Liberals. Labour In essence. Britain is astb« ™ politic* prob- ““‘“J" „ n i* And it feiSt 

and Scottish Nationalists for written guarantees that from Aehino is unlikelv ^ , ban on h er J J E» fishing ■ lUnnirp malic ' wnilld 


turning confrontation to har- shortage of import a_nt skjlhF 


morvy and wealth- ^e CB! is the result partly, of pay rigidity 

deeply suspicious that the whole m tne past, 
exercise will result in nothing J^/ 


British 

entry 


KilfV 

*T 


UICs 200-nme limit, togemer r — m an area wnere tne owics, . , ■. . -. 

with mort Of.any increase in g* attached to *•**“■? *» ‘SSSSf&SKLSiSZ 


accepted that the other eight 

out to grab Britain’s fish. Will! luuai ui «V *uw*w»-w — Parlinmentarv 

CAClvlot ^ So after almost two years, the A ^ ag0 it might have stocks that might accrue from (wohinry 

^aken^ver thesejand oSer pit! 20™ ^sevln ToV^VbeSl 4^^ ; ai|d'h*^.<ftm^,- 

5 

that the Government should not centra iised policy. Only careful m] l c0V 6rinf. coastal waters move to **00 sp rat > together with a share of Whether Mr. &Uqii B ut the ' Comnriislott’ would the' EEC tanaot ehfOijc& quotak : 

make a shorter week a national triaJ wU] sho w whether leisure ™ u J 7 ’ ^ { t wias agreed in wa . t f rs British the remaining increase roughly' who might sureeed him wo^d dmosf certainly ^efer tb the inaie fishsfqcksalongthe«2nd 

objective in the next pay round. is an accepta ble substitute for «P t0 ^ri negotiationTfor consent in proportion with its quota of give ground after ttMgeUn such jmrallel. - an area.. . jointly. 

When so much hinges on nego- money , whether an improved tn g the Common S?^L2L , 5!?2 m Iv TSS- overall stocks (for example.^ a fax from deg. I«t weeks ^ extension ,of the managed with Norway._ 




reij«n« acvnia oeneni. in tviu« vi mnro rfocipnpfi eventu- r™ 

wish ibut as they also wished actually achieved. It is a matter secure access to British the . E t ? C p ° t ?l' r 

ta* year and U.e yew belore, for trl.l,.not for doctrine front Community ^.e made ^Wconcessions in 


it should be as flexible about either side, or blue-sky commit- 1 
hours as about pay. ment from Government. 


fishermen. 



the past 12 months and are losses. 


Government ‘ttaeif EtSSTw. *Ut« h U i^dejrt 

.on nthpr timRakers rulings. Any Bntish attempt to in a common policy fa 1 


The West and 


‘Just a bit 
too far’ 





Many also felt that the British prepared to concede de facto 
Treaty of Accession to the EEC. preferential rights to British 
which allowed the UK special boats in the/disputed 12 to 50 
rights in coastal waters until miles coastal zone through the 
1982. but not beyond, conceded u se of fish/ng plans, to license 
too much. The move to 200-mile boats for specific catch quotas 
limits for fishing rights, which in specified areas, 
came into effect at the begin- Mr. Flfin Olav Gundelach 

ning of 1977. has changed the AgricuIfUre and Fisheries Com- already prepared 
whole picture. The British feel ntissioner is willing to give a Britain more than 


interested 


asMime d ^wro nely thi Britain do so would prhvoke a crisis. far over-played .vhis hand.-.. The 
assumed, wu ey» • kiooar thnn- thfl isRUBfi would- •-'Rritieh' hosKlltV -■ 


Other ^speakers rulings.. Any 


in a common policy he niay have 




cm impose au’ the nation^ bigger than; the issues would.^^^^ -Britidi ho^ 
consen-ation measures it wants, seem to merit;.'. - towards -the. Cqmmunity^on the. 


providing they apply equally to Unless v^the argument : is fisheries issde may not 
What makes this impossible is wratinnai." mpaKiires ' hf nvt*r- to control:- -"tiifi man -~- who-‘ 



which is not the same thing. • can only increase. Though SQv dismantle 
National conservation measures Silkin dropped hrqad iunts. -at -strpeture Mr. Sflkia. .te 

■ . . lnit vi ppIei.P rRdtinP ‘ . v.-. 


wnoie Die i lire, me dhusu iiumuun jte 

, *«J h.ye been U.pped by jgjji £*» ggjg fte rest is &TSSI' * be'Smo^trabt his Ust W eel^,ere«ing.. 

THE AFRICAN policy speech the West’s longer-term interests agreements which did not fore- Treaiy . ..... — 


which was delivered by Mr. i n the Continent. It may be that 

.r, ,, .. Tf r- Dr. Castro, the Cuban Prime 

Cyrus Vance, the U.b. Secretary or Dr Net0i tUe 

of State, m Atlantic City on Angolan President, could have 
Tuesday constitutes an import- done muc h more to prevent the 
ant step in clarifying U.S. policy Shaba incursion. Eul it was too 
in this newly strategic area of readily assumed in some 
the world. If we react Mr. Vance quarters that the Soviet Union 
right — and unhappily there are was the sole motivator of the 
still some doubts as to whether rebels, and this prompted a 

the Secretary of Slate was speak- debate over whether the West 
ing for all the foreign-pulley should "intervene’' a« a counter 


MEN AND MATTERS 


The oriental 
eyes on Emma 


It will be such a typically 
British middle-class wedding at 


makers in the Administration— weight to the perceived Soviet g M arV 's, Henley-on-Thames, 
ire iid lii-u «.•» L-fii.n thp ihn-.-.r THp nnlv ititervpntinn ' _ ' r- . < 


this Saturday. Even the names 
of the bride and groom. Emma 
Lyle and Nicholas Talbot-Smilii, 
might have come from a John 
Betjeman poem. The rural dean 


the U.S. would like to keep the threat. The only intervention 
African continent out of the so far has been humanitarian. 

"cold war" arena. The U.S.. Mr. but the immediai-.-iy hostile 
Vance indicated, would not try reaction of Tanzania's President 

to "mirror" Soviet and Cuban Nyerere — whose relations with 

activities in Africa. Instead, it the West had hitherto been " r.f b in lhe pil j pit and down 

would pursue wide-ranging and warm — to Western backing for h regatta will be 

positive policies which would be a Pan-African Defence Force l J* , n * ■ ..n„c„ a i 

designed to strengthen African was but one indication of how in 1U " s ®’ 

independence. As evidence of independent Africa felt about ®? r j aoan e Se business executives 

this. Mr. Vance has declared the Continent becoming a cold “j*,, JL marriag e with 

that economic aid to Africa lias war arena. attention from two pews 

been stepped up. And, he said. The aim of western dip- n# p 

the U.S would like to improve lomacy in Africa should not at the back of the c 

its links with Angola, both for be to attempt tn match the Having flown 

Sfe sake of l?S- Angola rela- Soviets but. listening to what from Tokyo for the occasion 
tions and because Angola is Africa itself says it wants to the unlikely onlookers will al^n 

strategically placed to influence aid African countries to find be grateful for the lecture the 

events in Zaire, and in Namibia, their own stability and their rural dean, the 

its southerly neighbour. own prosperity, it would be Michael Payne, will be gmn* 

‘ “ idle to pretend that this is an them after the ceremony. For 

Overheated easy policy, if only because the 23 are leaders of the 


all the way 



I said I would not presume 


“It's cither a cry for help 
or he's bidding at the von 
Hirsch sale ! ” 


The producers sidled dis- . , hnT , 

creetly from one darkened to think any such thought, then 
chamber to another, monitoring asked if it were tine, as Wilson 
the temperatures of the specta- claimed, that many of the sale- 
tors. When the showings halted rooms’ senior .sUff had been 
for lunch, the three groups ate trained in i museums Wilson 
in different rooms. But in the suggests the auction rooms 
British section there was at least might like to retur n a l ittle of. 
some overlapping. Sir Harold the museums investment m 
Beeley and Sir Anthony Nutting, training through reducing ttie 
strong exponents of the Arab controversial buyers coming 
cause, chatted amiably oveT sums. s . ' f® re -5°^ 

coffee with Viscount Samuel, impressed by this claim. They 
who commutes between his assured me that 
Jerusalem home and the House their senior staff had been an 
nf T^irRc assistant keeper at a museum, 

01 Jr ..a t,- “We tike to train our own 

The programmes will be , „ 

shown from next week — at 1Q.3Q p " . 

pm. This is over an hour later I was then given a long 
than originally planned. Thames explanation of why they and 
have decided tihat it would not Sotheby^s had felt it necessa^ 
' be popular — or hopeful — to introduce the beer’s 

enough for their peak viewing ' "Jf- .JE 

ti™ 6- operation, not least the need to 

spend £700,000 on catalogues 

— each year. However, they 

assured me that they sent free 
catalogues to major museums. 
Also that they were friends of 


It’s a fine art 


Mr Vance's statement is wel- economic aid takes time to pro- Japanese wedding industry. It j n Japan that a man from De ^ ^ seven ^ ay wonder of the various museums and contri- 

rome not onlv because it helps duce results, and Africa's is the dream of today’s young Beers has just been over there TOn Hirech sale ensures buted heavily to the National 

to darifv U.S. policy towards record so far is not particularly coup i e s in Japan, so it seems, se i llng diamonds for engage- another t o the profits of Art-Collections Fund. They told 
Africa, the subject of ‘particular JaPP? m this respect. But t0 5e joined together — give ment rings. our art auctioneers, the Director me that they give no less than 

i’nnfnsirtii in the last few months. Western countries have to or take a few religious nuances of the British Museum, £10.000 to such causes-0 24 per 

but also because it introduces remember that every African _ in j ust the style of Emma Professor David Wilson, has cent of their pre-tax profits. 

some coal and rational analysis Government is natinnalist first am j Nicholas. Companies, ha%e . . . Watrh made a sobering appeal for a 

to what has been in danger of ®n d client state <of whatever spri , n g up. in Tokyo and else LIIVIQOU C WaiCll j lttle charity from the two main 

becoming an overheated debate ” u __ _ where, to lay everything on in ^ ^ , ^ salerooms. Speaking last night 

on overall 
area. The physical 


western policy in the T1,e Z " n '' K ; n? S - 8 < he En S lish ™nner troni top- The Israeli embassador to Lon- at AGM of the Nattonal Art- _ . . 

an-a. n.e plivaical threat to Pre- S™t deal more gondwtll in per5 and bridesmaids' gowns to don, three Arab envoys and the C( , llccU otB Fund, he said: " The OOIO Z PUP 

sident Mobtmi's veeime in Zaire AMea than he Sot ,et bloc, and the con f e tti and the »-edd,n 3 Palestine Liberation Or- a msa- ^ matazz now lnherent in the 

posed last month bv the Shaba '•’ere is «rtun^ sense ,n tho Mke . uon s representativ e were at m ™ at salerooms has driven 


invasion undoubtedly faced wes- 


early remarks of Mr. Andrew 


Young, the U.S. Ambassador, to 



L i l wauu v— i ij in i oroTiimr* 

another Shaba in va.sion, the test- 1 the churc h S he will lead But even the silver screen museums who spend more than 


, . .„ v great salerooms has anven System X, the Post Office's new 

The “Henley spectacular" has under the same roof yesterday. higher _ A t the same electronic switching gear, is 

tern countries with an acute bee n organised by Katharine Nqi l foe _secret peace lalka, but ^ a buyer - s commission has none too popular with the PO’s 

dilemma which, despite the ro- f he offe ^ t th ^ ht ^ est Allen, who runs a London to see Thames Television s pre- been introduced which can make engineers, many of whom fear 
treat of the rebels, is far from Jt ? “ rds rioht, that goodwill marriaRe bureau. She was view of next week s £220,000 rJd - lcu ious holes in the museum’s they will be out of a job— and 

over Western governments W1 ! . 7 ma J“ PO I imi Stre , n ? J,en approached by a Japanese travel three-part four-and-a-halF hour budge ting. Would it reaUyhurt one of whom has comeup wltii 

?eem bound to find it very p A ollt ' cal f agency after appearing on a TV documentary on the British thg^major auction houses to the following question-and- 

diSuk S? monkor zJ£ Sogramme about marriage- Mandate for Palestine. waive this commission . to answer tale: 

What is the manning require- 

^ . - . . . ment for System X? 

A reasonable point, you migot 
three sep- think, given that in 1977 

forms’ the regime will continue ‘Jh " America ” can lmTv nlirsrie ti° QS - The c,ub s raana S er ' Ian arate showings— for the Israelis, Christie's ^ 

to be in danger from its oppo- g ltempts n, secure "negotiated Bulloch, will give a talk on the the Arabs and for the rest. The reported tot ?J r . pre ' t T ax 7 , i ®f r ^ m ^ 

■>«»• SJSSKrnf h. Rhodesia'' Md ^points .«■.«« “5 .SS. 

But, serious iliough it was. 
the Shaba invasion prompted 
responses from certain 

capitals which could be r— — v,^u u>u>«i — — -■ — - ■■ ~ . ---- — — 4 . Htucaimic 

not only to Africa but also to acute. j business is on such an upswing Palestine Administration. help the museums. 


difficult to monitor 
use of their new aid; 

if they cannot do that, and vvp?twn-African relations will i — . - ~- 

persuade Mr. Mobutu to intro* undoubtedly be southern ■ Africa J t0 the elile P^is Court Club was the jubject of the pro- 


ing ground for the future visitors and their interpreter failed to bridge the gulf which say £50,000 on a single lot? " 


duce political and economic re- Eire the West led bv Britain t0 watch three wedding Srarame. There wore th — . - ... . . 

— - Here, A 2L, 9 can nnlv ™ ! tions. The club’s manager. Tan arate showings-for the Israelis, Christie's and Sothebys 



A man and a dog. 

Why the man? 

To feed the dog, of course. 
Why the dog? 

'fo stop the man touching 
the machinery. 


Observer 









evenli 


Rii Management is the inodeina way ; > . 
toidfenii^; assess and Tuiriimis e. all the 
risks'acdmpanyfac^s in fee^ery d:ay. J. 
operation^ajcddentg,;^^^^ 
vafictelife.loss £*-, V. 

industrial eispionage, loss df ; 


and only iiie ri^t iisfe, are. cbyerba by 




To find but mbre get in tdiicb;wi&n&: V 
Wiiteto Or 1:v v 

Bob 4 622>v^'S' : ; 

or DivMMdr.ew|061"236 0^).i . ' , ' 



RiskMan^wt^Lirmted 


i 


*■ 


\ 





% 


19 


*22 v 

'f: ' 


f&jEaitbai times. Thursday June 22 i$78 


ECONOMIC VIEWPOINT 



£ .'t 

$ j J 


*sb 


SS 





MORE MONET? .must • be put 
into the - hands of working 
people ..‘ aid, •• #3war families 
aoooxdirigV . Jto the Earl of 
Gowrfe. speaking for (the Oppo- 
sition in. a Lords debate oh 
Monday. Rarely can a wish have 
been so speedily granted: For 
on the very same - day the 
Department of- Employment 
published its July index show- 
ing that earnings had' risen by 
13.9 per. cent in tie 'first, nine' 
months of the Phase. Three pay 
policy,- during a period, in whieh 
prices rose by- only. 5 per cent. 

This ratio is good for living 
standards, hut not sustainable 
for more than- a few months. We 
are, as I explained in more detail 
in Monday’s Lombard column, 
enjoying an oldrfashioned hbnie- 
market-led boom of- the kind we 
have not seen since the early 
1970s. - But this- time the 
stimulus has not been budgetary 
or monetary or anything that 
the Chancellor has : done 
directly. It has rather been the 
rise in sterling in 1977. which 
held down prices despite the 
upward movement, in British 
costs, but which has already 
gone into reverse.. 

Opponents, of incomes policy 
will see in the latest earnings 
figures a "further illustration of 
its futility. . Supporters of in- 
comes policy will regard them 
as one more piece of evidence of 
how desperately important sneh 
a policy is and how much har- 
der we need to try to obtain it 
'Why not, however, move beyond 
futile, debating points and try 
to establish at least some com- 
mon ground rules 'for discussion 
between the two sides? 

The first requirement for sen- 
sible debate is a reasonably 
restrictive definition of incomes 
policy. If every conceivable 
policy which influences pay and 


on ground on incomes policy 


prices, is called an incomes 
policy there is nothing left 
about which to. argtt^. . There is 
not much point inliabeJl’ng BS 
incomes policy, the'fmere pub- 
licising of a target figure for the 
average increase;, in earnings, or 
even . the canvassing- of that 
figure with the TUC^and other 
bodies. German , politicians and 
economists confuse - the issue 


IVEWflE EM*fNGS4Hr TOUCH 


Stage fine, 


N. Jw 


j 2 L Currant Round i 


/!/ ^StasaTw 


JASONOJ FJKAM J J 

ImMtfEnaWMMrWM 


mightily when they use ‘‘in- 
comes policy” to -describe this 
kind of guiding light.. . 

Such a guiding light may be a 
good or bad idea; it is a matter 
of tactics not strategy.’ It is an 
fact an appallingly bad idea in 
British conditions* -as , -any norm 
is regarded as a minimum nego- 
tiating objective by aM unions, 
as the 10 per cent one has been. 
It also leads to' an otherwise un- 
necessary spotlight on. breaches 
of .That figure, especially in the 
public sector. . jV . 

But well advised. . of not, the 
promulgation of a central figure 
is not the key part of Incomes 
policy, in the controversial 
sense. Definitions are usually 


unsatisfactory, but to focus the 
discussion, I would suggest that 
incomes policy in the sense 
which divides people consists 
or-. 

• Sanctions or enforcement 
mechanisms to back up a pay 
norm; and 

• An attempted deal with union 
organisations in which the 
Government undertakes poli- 
cies, which would otherwise 
be considered undesirable, to 
ensure union acquiescence 
in a pay norm. 

The way to establish ground 
is to shift the focus of the 
debate from inflation to unem- 
ployment. The one intellectually 
respectable— -although in my 
view false — case to be made for 
pay controls is that they might 
in ideal circumstances reduce 
the unemployment rate. After 
all, proponents of such policies 
frequently say “monetary policy 
can control inflation, but at an 
unacceptable price in unemploy- 
ment and lost output." . 

Let us accept the argument on 
these terms and ask whether 
pay controls really do lower the 
unemployment rate — not only 
the transitional unemployment 
usually associated with a reduc- 
t'/.i in the inflation rate, but 
also and more fundamentally 
the "constant inflation,” or 
"minimum sustainable" level of 
unemployment at which the 
economy can be run in the 
longer term. 

How about She many other* 
wise intelligent (people who 
believe it “obvious" that pay 
policy brought down the rate of 
inflation from 24 per cent in 
1975 to around 8 per cent now? 
If only British data were avail- 
able tills might seem plausible. 
But the larger chart remands 
us of the world picture. All 


major industrial countries suf- 
fered from a price explosion in 
the mtd-l07Us; and all have 
reduced their inflation rates — 
although only Germany and 
Japan among the larger coun- 
tries have approached price 
stability. 

Of the countries shown on 
tihe chart, the. UK and Canada 
have had pay controls for most 
of the period; the U.S. and Ger- 
many have not. Tbe Americans 
abandoned them in 1973. 
France. Italy and Japan are 
more difficult to classify. France 
has had price controls and 
attempted pay com rots, which 
French governments have them- 
selves regarded as disappoint- 
ing in their results. The 11 aka ns 
have centralised pay talks 
between employers and trade 
union organisations on matters 
such as cost of living adjust- 
ment. Japan does not have 
either pay controls or a centra- 
lised pay bargain; but there is 
endless argument about how 
its economy actually works. 

The U.S. and Germany had a 
much lower inflationary peak in 
1975 .than the UK without the 
benefit of pay controls and sub- 
sequently moved down to lower 
levels of -inflation than we did. 
Canada, with controls, has 
moved parallel to the U.S.. but 
at consistently higher .inflation 
rates. 

It will immediately be said 
that UK pay policy should not 
be judged by avoidable past mis- 
takes. But if we want to discuss 
better policies why stick to those 
involving pay controls? Why not 
look at the general economic 
policies which, without such 
controls, enabled the U.S. and 
Germany to avoid also a British 
type peak in 1975? And if you 
say that overall monetary res- 


rHHTX torn in beam p,xn 


Japan 

i! 


A A 
/ V ' 


li / # 

9/ / 

17/ 


t / /w \ 

// / V n 


\ .2233 

■Cl y average 


w 

\\ 


Vsf 




.^France \ 


Canada 


ON, 


W. Germany 



#12 months ta April 


traint -alone would have cost 
too many jobs, the argument is 
at least switched back to the 
right place: does income policy 
allow the economy to be 
operated at a lower level of 
un employ me nr. or does it not? 

Has then pay policy lowered 
unemployment? The difficulty of 
the question is that there are 
so many thousands of influences 
on the unemployment rate that 
il is difficult to isolate any one 
of them. If we want to attribute 
to pay policy the 190.000 drop 
in adjusted unemployment since 
last year's peak, can we absolve 
that policy from the earlier rise 
of over 500.000 from the be- 
ginning of Pha*e One in July 
1975 to an all-time high of 
nearly l*m? And in the pay 
policy years. British unemploy- 
ment has moved from substanti- 


ally below to well above the 
OECD average. 

There is no choice then but 
to go back to first principles. 
Any macro effects of pay policy 
in reducing average earnings 
will also reduce unemployment 
below what it would otherwise 
have been. On the other hand 
tlie micro-effect of pay policies 
in interfering with relativities 
and differentials raises the un- 
employment rate. Attempts to 
raise the relative wages of lower 
paid workers above the market- 
clearing level will price them 
out of jobs. On the other hand 
shortages of skilled workers, 
who are paid below the going 
rate, will reduce the level of 
activity to the detriment of em- 
ployment. 

Another and perhaps even 
more important adverse influ- 


ence on employment arises from 
the policies by which union sup- 
port for pay restraint is bought 
Price controls, dividend con- 
trols. or disincentive personal 
taxation may make the more 
affluent unhappy. But they also 
increase unemployment. Some 
of these measures aim to raise 
real wages relative to profits. 
This may be all very well for 
those who retain their jobs, but 
the net effect is to reduce the 
demand for labour here and 
now. Even more important is 
the longer term effect in in- 
creasing the uncertainties sur- 
rounding investment 

Organisations such as the CBX 
or German leaders who give us 
economic lectures would like to 
have the wage restraint without 
the distortion of relativities or 
the accompanying policies. This 
is crying for the moon. Why 
should union leaders settle for 
less than they could otherwise 
get. unless they get some other 
measure in return? 

There is a plausible case for 
saying that in a pay policj - of 
the short-term emergency type, 
the beneficial main effects re- 
straining average- wages may 
outweigh the harmful distor- 
tions. Thus the case for the £6 
pay limit of July. 1975, was less 
weak than for each of its 
successors. I will not go beyond 
“ less weak," because a single 
phase cannot he judged in 
isolation from what was likely 
to follow from It, especially 
when the economic establish- 
ment assuredly saw Phase One 
as merely a step towards a 
permanent policy. 

In any case, the longer a pay 
policy goes on. the more the 
specific distortions predominate 
over any overall restraint and 
the more clearly harmful the 
policy becomes to employment. 


Letters to the Editor 


Currency 

stability 

From Mr. W. Grey 


reflects" the money wasted in trv- one hand and of income-tax on As I suspect that neither 
ing to make scholars and pundits the other. Saturdays nor Sundays are 

of academically ungiftedcfaildren jJSSSS? il “IlreTvToJ regarded as “working days," a 

who will never learn- more a! ? n ? u to raroor* letter can m facl . take s * days 

* school than the three . Us, and tion'fax he vrites^over the^past or more, to deliver which, 'in 
ought to leave when they have f _ w i h* increase in today s fast-moving and techno- 


Sir. — Those who plead for to leave when they have few ra0Dths wilh lhe increase in today's fast-moving and techno- 

ereater currency ■ stability done so, instead of being kept, the sler iing exchange rate im- logical world, is little short of 

firoirt membership of the " „, P „ZSdiV P°«* ,e ? *S""- > «»*««. At my piece ef 

existing (or a reformed) Euro- 10 uneomprgtendin* slv . e i0 this country.' From WO rk. we regularly receive letters 

pean currency club do not, as . . \ f where do these thus cheaper Friday which bear the pre- 
suggested by Samuel Brittan Since a growing population had imports come? . M , nnstmark. How 

(June 15), favour “forcing ex- to be fed, our forefathers hap no I know of no country except ' ,ous Mondays postmark. « 
change rates back” into a strait- choice until the Corn .Laws were Norway and a few in Latin long will it be before even this 
jacket They favour, on the con- repealed but to Cultivate \bad America . against whose cur- appallingly slow service is 
trary, a style oteconomic manage- . land; but we are.Ainder qq like. readies, Sterling .has risen in stretched to a week or more? 
meat .aimed at continually compulsion to, tiU the sfony tmjn ^ con^ary. a^mst u ^ nQ consolatlon l0 b e 


GENERAL 

President of Cyprus Spyros 
KyprJanou arrives in UK for talks 
with Prime Minister. 

Japan-EEC “ bi^h level ” two- 
day consultations open in Tokyo 
on trade and economic relations. 

Sir John Methven. director gen- 
eral, CBI. addresses annual meet- 
ing of Engineering Industries 
Association. Grosvenor House, 
London. 

Scottish Liberal Party confer- 
ence opens, Perth. 

Research Establishments re- 
view by Department of Industry. 

Wine and Spirit Association an- 
nouncement on future plans. 

Mi*" Bulent Ecevit, • Turkish 
Prime Minister, in Moscow for 
talks «n -economic and political 
links- With Russia. 

Crown Prince Fahd of Saudi 


Today’s Events 


Arabia on State Visit to Bonn. 

Second day of conference of 
European Ministers of Justice. 
Copenhagen. 

Institution of Mechanical Engin- 
eers seminar on Engineering and 
Britain's Problems. Birdcage 
Walk, London. 

Lord Mayor of London leaves 
for visit to Edinburgh. 

British Army Equipment Ex- 
hibition continues. Aldershot. 
PARLIAMENTARY BUSINESS 

House of Commons: Debate on 
u mis-management of Scotland's 
oil." Debate on need for balanced 
economic order for Wales. Gen- 
era! Practice Finance Corporation 
i increase of borrowing powers) 
order. 


House of Lords: Adoption Bill, 
second reading. Wales Bill, com- 
mittee stage. Consumer Saftey 
Bill, second reading. Home Pur- 
chase Assistance and Housing 
Corporation Guarantee Bill, com- 
mittee stage. 

Select Committees: European 
Legislation. sub-committee .1. 
Subject: Sheepmeat marketing. 
Witnesses: National Farmers 
Union. Consumers' Association 
(10.30 am Room 15). Race Rela- 
tions and Immigration. Subject: 
Effects of EEC membership on 
race relations, and immigration. 
Witness: Mr. D. Lane (4.30 pm. 
Boom 6i. 


Indeed It is extremely doubtful 
if there have been any benefi- 
cial effects on average wage 
settlements after the initial 1975 
clamp down. 

All the signs are that Phase 
Three has led and that Phase 
Four will lead to a larger in- 
crease in pay than what we 
would expect from relying 
exclusively on monetary and 
fiscal policy. Let us suppose the 
Bank of England were to have 
its way with an 8 per cent earn- 
ings limit which would 
soon become a settlement norm. 
On top of this would come 
normal wage drift, plus the 
catching-up that the public 
sector unions are demanding, 
plus the very high cost of even 
a small move towards the TUC 
demand for a shorter working 
week. The Prime Minister's hint 
about more scope for relative 
adjustment will further push up 
the average. 

If we look beyond cyclical 
fluctuations, the level of employ- 
ment depends crucially on how 
close wages are to market-clear- 
in'? levels. It also depends on 
whether there is enough indus- 
trial and other capacity to pro- 
vide full employment. Of 
course, the labour market works 
very imperfectly even without 
pay controls. But can one 
belueve that existing pay con- 
trols which bring policies, horse- 
trading and consideration of 
face into every wage decision 
make them work any better? In 
any case thp beginning of 
wisdo-m is to realise that in the 
longer term a/t least, pay policies 
have nothing to do with infla- 
tion and are to be judged by 
their effects on the labour 
market and on employment 
levels. 

Samuel Brittan 


OFFICIAL STATISTICS 
Car and commercial vehicle 
production i May-final). Finished 
steel consumption and slock 
changes (1st quarter — final). 
COMPANY RESULTS 
Associated Television Corpora- 
tion (full year). Baker Ferkins 
Holdings (full year;. J. Lyons 
and Co. (full yeari. Racal Elec- 
tronics (full year). 

COMPANY MEETINGS 
Booth International. Piccadilly 
Hotel. \V., 12. House of Fraser, 
Glasgow. 12. John Laing, Hemel 
Hempstead, 2.15. Mallinson-Denny, 
130, Hackney Road. E.C.. 12. Marks 
and Spencer. Hotel fnter-Conti- 
nental. W, 12. F. Miller Textiles. 
Glasgow. 12. Morgan Crucible, 
Cafe Royal. W., 11.30. Mother- 
care. Winchester House. E.C., 11. 


as nearly as makes no difference, of the rate burden from our long- 16. per cent, while even against country is second to none. The 
kept stable. suffering shoulders without any weaker currencies, namely, the f aet remains that we used to 

Steering the economy by the visible ■'■diminution of our S, dollar and the Italian lire, it j, ave a muc b better and quicker 
exchange rate; and making its national- education JeveJs— which has fallen by around 5 per cent. - _ _ , B0 and IS 

stability the touchstone of are certainly lower than they J. A de HavilUnd. to 

economic policy in this way- werq 50 years ago. . .Fhimpling Hall. deliberately being allowed to 

rather than the other way round • - of course it is anathema to Burp St. Edmunds. Suffolk. deteriorate. That is toe scandal 

of making the exchange rates our socialist-minded beaurocracy that we should be looking at very 

the economic whipping-boy— to' admit that one child is seriously indeed, 

should also dispose of the charge^, ^ rally a better scholar than ^ ; VY ill III IflA r Rprrv 

that advocates of - closer Eurq-“ another. In the daylight oT that? r ‘ . . 

pean economic and monetary admission the moral indignation 10 lCGUCCi Traherne Lodge. 

union are putting the cart before 0 f socialism tends to evaporate, w .. <. ... Ptniinm Walpole Road. Teddinaton, 

the horse. Indeed, just as a stable i eav jj,g a n unlovely residue of * 0171 w. renww Middlesex. 

exchange rate is the hallmark of env y an( j the sense of inferiority. . Sir,— Blr. T. H. Russell, while _ 

economic virtue (both of-- living B u t it happens to be true: by to some extent correct in his onrl 

within one’s means and of pressing on with the contrary -letter of June 19. simplifies JtWciagC alltl 

making the most of ones hypothesis we set no limit but ma rters too much and arrives at a. 

resources), so its discipline pro- ou £ patience and our pockets to maners , a a ai wofpr 

vides the most powerful possible mcmS we can waste. " M unrealisU c solutlon - . T jp” 

! - — *“ jn the first pbee he ignores From the Director of Fnumce, 

the fact that the existing high Thames Water 
rates of taxation do discourage Sir.— Mr. Tbirkell in his latest 

endeavour, even in the so called 1 ® lter l “. 

,, , . . „ that he did not find my letter in 

working classes who often least b jt helpfuL He has 

find it more profitable to take returQ ed to the attack by sug- 
time off from their official jobs gesting that both the leaflet and 
and spend it “ moonlighting/' It my letter were intended to 
certlnly. to my personal experi- deceive. May I make the follow- 


incentive for . countries to keep n-;;. r -„, 

their policies, and not ' merely Hubert comer, 
their currencies, in line with 19, Lt Ullngton Garth. NI2. 
each other . ' 

Making exchange rate stability. rpiMnMrtrt 
with its simple and instantly r lUdULc IUl 
recognisable warning signals, a ' 11 £• 

top priority of sound economic SBISlU IirHIS 
management, is best calculated 

moreover, to forestall ■ the very From Mr. Roger H Stavicay. 
things — official intervention. sir.— For two and a-half ye 


things official intervention. Sir.— F.or two and a-half years ^ n{-e discourages entrepreneurs comnients. 

restrictions oh trade and capital i have chaired a study group.:®' „ nea fl) The increase in total in- 

flows. and ultimately “forced" of the Business Graduates As$o- irom nsk-iaxing ana con..- come from c h ar g es f 0r ^he cur- 
devaluations — which Mr. Brittan elation looking at the problems ^uently has an effect on employ- y ear { s 7.2 per cent. The 
rightly abhors. Can we ask for 0 f financing smaller businesses, meat. average increase in charges for 



Jf banking fe a service business, 
then It should tee on service thot 
you judge a bank. 


more ? ind we hare jiist published omv The mere rP duction of cor- individual services are water 

W. Grey. ' r l^page report entitled -SnmU poratton tax will not of itself S “PP^ PfJ, ceQL and scwer ' 

12, Arden Road. FituAley/N3. Weliave renewed events. .5 ause corporate bodies to invest ag fo> 4 The ab^ve charges are 

_ and research findings since the' in unnecessary plant — and they payable by all sectors of the 

| hp COStlV ' Bolton Committee made its will normauy replant whatever community including industrial 

* ** * recommendations in 1971 and. the rate 01 tax, but because of and commercial customers as 

illucinn despite the continuing dearth of- high taxation are often forced well as householders on whom 

UiUoiua f acts about the dynamics or the ^ borrow, from banks or bv Mr. Thirkell has concentrated 

From Mr. Hubert Collier . small firms sector we have tned- rights issues, to do so. New entirely. To fact, in this year. 

Sir On' scanning my rate ‘to trace cause and effect jii tbe^ ^ plant, usually means improved just under 50 per cent. of. our 

demand I note that by ‘far the hope of- reaching the ngnt con- an( j Reaper methods of produc- income will be raised from toe 
weightiest component in that elusions and recoin mennations. tion caused by the saving of domestic sector, 
engine of oppression against the Banks may well be too labour and initially, if it is to <31 Because changes m pur 

self-respecting and independent conscious, when considering have ^ desired effect 0n ^ charging policies were applied 
is the bill for what is described medium-term ^ Ds TT t0 i„„ SI ^„I economy, means temporarily this year, there are necessarily 
vriff bland official effrontery as firms,. but it Is “ r - adding t 0 unemployment until increases above and below the 

"Education.” But my experience Mr. Lever who ' have the P°*«tbe reduced costs result in average quoted in (l) as well 
is that most shop-assistants can- to create the. necessari tax m- added demand . The Govern- as reductions in some charges, 

not do mental arithmetic and centives. ' :.,ment apears at last to be giving (4) At the time TTi am es Water 

must needs cipher with pencil. The recent budget proposals Rp service to the situation but agreed their budget for 1978/79 
naoer and furrowed ^brow; that are helpful, but do little to ta^-^onie 0 f the trades unions still it was stated that it W3S esti- 

no one under 40 is likely to have the voluntary and forced (pen- have t 0 bring themselves into mated -that the average bouse- 

anv useful French or German, .sion) savings of the private in dir the second half of the 20th hold bill in 1978/79 would m- 
nor vet the ability to -write vjdual. Also, we need to en- century. crease to £37.50 far water supply. 


Bank ol Bosion House, 5 Cheoptide, LC2. 


English 1 with clarity, precision coqrage - large organisations to-.^ w ' sewerage and environmental 

nhras*»- that hive-off Dotentialiy profitable vv -_f p uwiu, services and land drainage. This 

the inentitude of P our rtSor -small businesses within thel r^lSS. Fenchurch Street. EC3. is an increase of £5.50 over the 

scholars in the face of farcically midsts to existing managers 0^, - average bill for 1977/78. equiva- 

simnle arithmetical computa- - outsiders. . The. present beneficial.- Cpp|-|T|fl plocc lent to an increase of 17 per cent 

f#» Xmi group-taxation provision* and the.- utlUlIU tiabo for these essential services. Sub- 

tions is a matter for almost JgJS&SvS tSm* of SJ*4 of the - , _ ^ .sequently. following the inter- 

sitn l in m tol nationh SeS^Sat Companies Act 1948. which pre ; gild WOfSe vention or the Price Commission, 

anyone able to ^nsiate a .Latin ^ f a „ r a^an^ *o« ^ A. C. Berry fi^SdWIi was MrMte 

SSW& ^onfbWJ S5™2 ft O SffA! K^. per cent 

magnificence, the s J*bJime 1 and fj-a^entation of some efficiency of its first-class letter ( 5 } Thames Water does not 

solitary splendour of Nelson on . . organisations. The UK’s service but seldom a mention is j US t cover the London Boroughs, 

his column! high level of industrial conceit'. made of the much more widely There are. in whole or part, 

\et our collective tmte to eds , n reduced ai used second-class service. The some 94 raring authorities in the 

Minerva is no light one. Why ^ QQ as posslble . ; i at ter according to my personal area and, in setting charges, 

do we lay-abondant offerings xt qtanwav ,->and business experience, is consistent policies are appLied 

the feet of the goddess . of learn Ro„er H. Stanw ay. . . : slowly but surely deteriorating across the region. 

lag, wisdom and the arts, yet Chairman, The Business /into a third-rate imitation of (g) j n order to meet what I 

visibly reap so little of any of Graduate Association Ssll fy c _ .what it was originally supposed believe is Mr Thirkell’s point, it 
thinoe** Rnriai histarv r.A.m on lb* Financing or small ..: , 


these things ? Soria! history Group on Lhe Financing ' 

yields a clue. In the climate of Firms, 
falling wages in the wake of the „ jermyn Street , SW J 
Napoleonic wars, bread became * ^ ■. ■ — 

cruelly expensive for the -labour- ■ . j 


;;to be. wouid have been necessary to 

■'I When the second-class service issue a separate leaflet to each 
-was first introduced, the public customer, showing tbqir indivi- 
jwas led to believe that it rep re- dual percentage increase, an 

~ __ nnn Avt,. imniH-cihla taclf with nVdr t 5m 




reflected the costs involved in pYp]iO|lOP rfttCS ifrom the date of posting. It was bill from Thames Water received 

cultivating land so poor inax in tAwiuwsv jater soon discovered that the a leaflet glying some information 

centuries when population p mm j^ Tm j. .4. de H omHona ^, orma i transit time had about the Authority, how lhe 

pressed less • cogently- m ~- r n m letter which you . lengthened to three days and. income is spent and how indivi- 

re sources it would have been left 0JJ June 18t ivtr. T. H-ijow, by. the .Post Office's own dual bills are calculated, 

waste. ^ . •_ Oncceii nuts forward an . in- Admission, they, expect second- E. J. Gilliland, 

Can lt : be, by a parallel span Husse P on relative ass mail to take up to four Neio Biuer Head. 

expwiion^oT bur kTel of ««poration tax on the forking days to deliver, Rosebery Avenue, Ed, 


We've spent 56 years In the City building an organisation to 
cater for the toughest judge of all: the financial professional. 

That’s why The Bank of Boston’s account officers prefer long 
instead of short-term relationships. Why they stay with their accounts 
- . longer than their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
- - floor devoted exclusively to keeping corporate customers abreast of 
developments. 

Why our two hundred people in London aim at the highest 
standards (rf you give the best service, you’ve got the best bank). 

And it works. 

Our dealers have put us among the top banks in making 
* markets in all major trading currencies. 

And six out of the top ten companies in the 
. ' prestigious The Times One Thousand ’ are our customers. 

Do you put a premium on service too? 

We look forward to meeting you. 

BostonJhe bank for 
financial professionals 

BOSTON^C^^ 

THE FIRST NATIONAL BANK OF BOSTON 

Bonk of Boston Hoose.5 Cheops.'*?.. London EC2P 2DE{TeI:0T-23i 2388). AUoah31 Lowndes SfreeJ. Belgravia. London SV.TX 9HX (Tel: 01-235 954T). 

ARGENTINA AUSTRIA, BAHAMAS: BOLIVIA- p.fiA2l'. ; CFWMS. ISIM ID?. DQMMGtt '■ CEF UEUC- RLAi L “r- ‘ANY- HAITI -HOI 1G KONG, 

BAN, JAPAN; LSLANCN; U»6ViOU*Cs //EXiCOj rfitiri.Vf SlNGnfORS; SFAI^ UJ^aSA;lWc-UAf/ Vti^zZ-'ElA 






6*^ '6*- 






* -1- rSrf/Vj. :>,: :•« 

•■;. ^ -,.C 


■’.* ■■ 




20 


Financial Times T#7| . 


COMPANY NEWS+COMMENT 


DIVIDENDS AOTOUNCED 

of spondinff for 


Transitional costs keep Tesco in check 


DESPITE nan-recurring casts of 
over £3m, trading profit of Tosco 
Stores (Holdings) for the year to 
February 23. J97S. was ahead 
slightly from £34.59m to £34.85 rn 
but after a £1.4ro reduction in 
receivable interest to £1.3Sm. pre- 
tax profits finished the period 
down from £30.IS»m to £28.56m. 
after £10.2Sm against IlU.ISm at 
halfway. 

In June. 1977. Tesco cut its 13 
year link with Green Shield 
Trading Stamps and adopted its 
cut-price policy. During the year 
direct costs totalling some £2m 
relating to the launch of "Opera- 
tion Checkout" were absorbed 
against profits. In addition, the 
considerable increase in business 
generated by "Checkout” created 
unprecedented demands on the 
group's distribution network, par- 
ticularly in rhe latter part of the 
year. This resulted in extra non- 
recurring costs relating to the 
hire of transport and temporary 
warehouse accommodation which 
exceeded £lm. 

Furthermore, the programme of 
store improvements and refurbish- 
ment was accelerated and all 
revenue costs incurred in con- 
nection therewith were charged 
against profits in the period. 

The directors stale that 1977-78 
was a year of transition. They say 
That their aim was to relaunch 
the business and establish it in 
the forefront of the supermarket 
industry, and that with a much- 
improved trading image and well 
in excess of l.500.00n extra 
customers per week, the launch 
of ".Operation Checkout” has 
proved to be a total success. 

They are confident the new 
trading .strategy will result in a 
satisfactory rate or profit increase 
which is home out by the trading 
results for the firsl quarter of the 
current year. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Page 

Col.- 

Anglia TV 

20 

3 

Lloyd (F. H.) 

21 

4 

Avana Group 

20 

6 

‘Lofs ’ 

23 

4_ 

Baker's Stores 

22 

3 

Northern Securities 

21 

2 

Brown & Tawse 

Z0 

4 

Provincial Insurance 

23 

6 

Burnett & HaUamshire 

20 

5 

Riverview Rubber 

21 

3 

Control Securities 

22 

3 

Rowlimcn Const r’etn. 

21 

3 

Durapipe Inti. - 

21 

1 

Seafield Gentex 

23 

5 

Elliott (B.) 

20 

1 

Tesco Stores 

20 

1 

Harrisons & Crosfield 

21 

' 5 

Thorgmorton Trust 

20 

2 

Kenning Motor 

21 

1 

Twinlock 

23 

5 

Lindustries 

20 

7 

Westbrick Products 

23 

4 


Stream fa 2$ per cent stake) pre- 
sents an unknown quantity for 
proHts but overall the full year 
pre-tax figure is- -unlikely to be 
much higher than £3im. At 71 p 
the prospective T>/e of 3-6 I fully 
taxed) and yield of 10 per cent 
is not an expensive rating, even 
in this cyclical industry. 


Brown & 
Tawse up 
to £3.3m 


Current 

payment 

Anglia TV .........int 2.09 

Avana Group v — . 0.59 

Baker's Stores int. 0.3 

Brown & Tawse 3.64 

Burnett & HaUamshire 

2nd int . 

Control Securities . 

Cornereroft int 

Dura pipe 

B. Elliott 

Globe Trust 

Kenning Motor int. 

{industries ' 

F. H. Lloyd 

Northern Sees. TsL . 

Kowllnson Constructions 
Scottish American ...int- 

Sutcliffe Speakmao 

Tesco 

Throgmorton Trust ...mt. 

US. Deb. Corp int. 


payment 
July 28 
Oct. 4 
AUg- 8 
Aug. 10 


div- 

1.87 


year 


Total 
- last • 
year 
4.1S 


1.43' 

0.S3 

1.23 

3.12 

2.87 

2/47 

1.75t 

6 

3-68 

2.45 

1.7 

0.9- 

1.075 

0.92 

2 

1.15 


Aug. 7 
Aug. 11 
Sept. 1 
Aug. 2 
OcL. 20 


Oct 

Oct. 


July 20 


July 31 


July 20 
Aug. 4 
Aug. 1 


0.33 

1.09 

0J18 

027* 


0.57* 

324 

4.81 

4L3ff 

128 

2.S5- 

258 

Nil 

0.83 

Nil 

0i»4 

— 

3.19 

2.79 

4.08 

365 

2.73 

5^3. 

4.77' 

2.B 

5 

4.1 

1 j 

— 

4.15 

3.05 

9 . 

4.45 

3.3 

5.31 

*81 

2.3 

3.45 

3 

L55 

2.43 

221. 

0.8 

— 

2.5 

1.07 

2.38 

2.15 

0.83 

1.63 

1.46- 

2 



4J8 




115 Aug. l 1.15 — . 3-** D6.49m iii*.ouu»#-.- .'SE'2**? . , , vi. 4- 

_ PP chare net except where otherwise stated. rjoBSm): textile products £20.cm *C Oram Cm ... 

Dm - Equivalent after allowing for scrip issue, f On capital inajased ISs -mS Iihdus^H^.iad - forecast ; . aii 

hy rights .and /or acquisition issues. 7 Based on 33 per cent -twecseM 0 ij e ^ o JJ l ot mlf* 01 - im proved 1 second ha If,' but in'the 

increased to reduce disparity. S Dividends of not less thanJLESp (£T2.tem) and event profits >«■& almost a tenth 
fSScast for 1978-78. 5 Directors hope to maintain final at l./p making ^Th& djrectojj ff lower. mainly .duetto, yrohlems in 

' - materials^-in. 

labotur.^roffis.m Ulster .Also, 


— 3.52 


DESPITE A second-half; fall-*sm record;nhd the- company .had. a 
rtMfn- • to £ 321 m I 3 fidustrite- most' suetewful year, they -add. * 
finished the full. year to Aprfl V darmg^e.cmrent year . ' 

1978 with taxable prbfits up"frdtn;ha^ been : satisfactory. - C - . . • 

£8 film to 16.92m', on turnover up - Earnings, per Zap share are •' 

Sy nearly JHOm-to £8S.4 hl - .shown , as 24,7p. and, as ; 

At the interim • stage, : ' the foreoast.at the ,hme of. the pro-- . - . 
dtrexrtore expected •' second^alf posed 1 offer- froitt-. Hanson Trust, 
results to show some improve- thedividend is tifte&to-ap (4.45p) 
ment on the latter' half q£ .The with Treasury penaissfoh, with- a 
1976-77 year. . -riK .final payment ot Bp,- . 

■An. analysis of turnover, and; -.There-vas an. extraordinary 
trading profit, £7.04m (xftaSmi 4ebit for the pariod-of- JKUira ' 

: shows: engineering .- pnmHcts * £0^5m) whi^includedrezchange / 
f?7.76m (£31.76m) .:aad- of £0.55m - 

<£2.25ih ): polymer . P»a«cte. :V • . ; . •; : . -y - ? ; •' 

(£14.86m).- and 20.85m 


final payment of 0ri233p. 

In the current year Tesco 
plans to open 16 new stores and 
three major extensions. This will 
increase selling area by over 
600.000 square feet which includes 
the Nottingham and Waifcden 
stores acquired from Debenhams. 

Next month the - group's largest 
store will open at Pitsea. Essex, 
with a selling area of 82.000 
square feel, with the addition of 
a petrol station and garden 
centre. 

Beyond l!'7fl there are planned 
new stores and extensions in 
excess of 1-000,000 square feet 
selling area, directors stale. 

As at February 23. 1978. group 
property valuation amounted to 
£}S3m. showing a surplus over 
bonk values of £94m. The 
previous valuation carried out as 
at November JI0. 1972. showed a 
surplus of £37m. 

See Lex 


Anglia 
Television 
headway 


Turnover for the year advanced 
from £721. 3m to £979.3 m, includ- 
ing VAT. £2fi.:i-im iJBO.Olm). The 
directors say that a 42.95 per cent 
increase was achieved in the 38 
weeks since ''Checkout'' com- 
pared w ith a 14.43 per cent rise 
in the first 14 weeks and a total 
increase of 33.77 per cent for the 
full year. They add that the rate 
of increase in turnover and 
\olume since last June has con- 
tinued in the first quarter of the 
current year. 

The group's new trading 
philosophy has enabled it to con- 
solidate further its position as 
leaders of the multiple grocery 
trade. Grocery market share 
based on AGE fieures has moved 
from 7.9 per cent pre-'* Checkout '' 
to currently over 12 per cent. 

After lax, on the ED 19 basis 
of £ll.54ni i£15.1Sm> slated earn- 
ings per 5p share arc 5J8p l4.75p» 
and the dividend is stepped up 
to 2.6297p il.43A2p; net with a 


Throgmorton 
Trust ahead 
in first half 


THE six months ended April 30, 
1978. at Anglia Television Group 
resulted in a ruse in pre-tax 
profits from flJm lo £1.96m. 

The directors say that although 
revenue continues to exceed last 
year's level, the rote of increase 
has slackened. At the same time 
there is a planned expansion of 
programme production and there- 
fore it is unlikely that results for 
the second half will match those 
for the first. Last full year’s 
profit was £2.77m. 

First-half earnings per 25p share 
are stated at lO.Onp (6.89p) and 
the Interim dividend is stepped 
up from 1.87323p to 2.0S8p net. 
costing £1S3.76S ( £164.-844). The 
final payment for the last full 
year was 2.30329 p. 


■AFTER RISING from £l.»m w 
£l.B2m in the first half, pre-tax 
profit of Brown and Tawse. sled 
and rube stock stockholder and 
engineer, ended the March 31. 
1978. year £Q_27ra higher at . a 
record £3.33 m. 

Turnover climbed from £38.1lm 
to 142.47m and profit was after 
depreciation of £0.39m (£0.27m) 
and interest of KLSSm (f 0.48m). 

After tax of JEl^au (£1.33 m> — 
which was reduced £30,000 
(£16.000) by over-provision in pre- 
vious years — net profit emerged 
at £LT8m (£153m). There were 
extraordinary - debits of £32.000 
/ £23.000) balanced by extra- 
ordinary items of £32,000 (£30,000) 
transferred to reserves. 

The final dividend ol 3.fi35p net 
per 25p share takes the total 
from 4.37Bp to 4£14p net. Earn- 
ings per share are shown a' 17-6p 
compared with 15.7p last time. 


24% advance to £3m at 
Burnett and HaUamshire 


general engineering, components, 

•they- add, but the- poIyrner com- : ' J,1 ‘^ !C ^ = vCompeGtion. .in , the 


cent premia m Cpn-bernauW. ^ *Z~ : £gZ^£3g2SP8ii 

Cent i« v.a oarlv in 19741. The Ceni. • . .. - o; i'., J'jj.:- x..» — — - — j 


hw« at s i»vSfu 

■■■ - .^3«.« • - X_ - . ■ -■» 


higher at UTJawni. > pre-w aggregate value of the consiaera- . ' 

of Burnett and Haitamsbire Hold- j “ which will be in cash, will a^ieved by wu> wmtimnm -riniPiHn-Tng K»mw» - 

ings rose by 24.3 per cent from plated to the net asset value Other jcorapanie| had^a ;-‘ 

£2. 47m to £3 0 Sm in the March 31, on t ^ e ac ruai date of acquisition year they say._ was- the ‘enkmderins'-^viiion. 

“'»• ^ar. . . W% estimated to be in the ^ one^tte to ' 

" - •"-■.'around a^tenth antf margms were 


comment 


Gross revenue of Throgmorton 
Trust increased from £1.38rn to 
£1.56m in the first half-year ended 

May 31, 1078 and revenue before 
tax was higher at £l-35m against 
£i.l6m. The pre-tax figure in 
1976-77 was £2. 75m. 

The interim dividend is again 
2p— last year's final was 2.375p. 
Earnings per share for the first 
half are shown at 2.09p i I.79p». 

Net asset value per 25p share, 
allowing for full loan stock 
conversion and valuing prior 
charges at par is 91.2p against 
67.5p a year earlier and S0.3p as 
at November 30, 1977. 

Statement Page 22 


Anglia has had a bumper first 
half with profits up by 51 per 
cent pre-tax. Advertising revenue 
has been buoyant for the whole 
industry and Anglia, with turn- 
over up 3i< per cent, has managed 
to keep ahead of the sector. How- 
ever. advertising revenue has 
tailed off. In April industry 

figures show growth of 10.9 per 
cent and in May it was down to 9 
per cent. Anglia says the June 
figures are looking better, but 

undoubtedly the trend has flat- 
tened out considerably. There- 
fore second-half profits growth 
will be far less dramatic. Over- 
seas programme sales of "Sur- 
vival" have peaked out and the 

tie-up with Trident 10 promote 

other programmes overseas will 
not bear fruit until next year. 
The diversification into Soda- 


• comment 

Given the recent gloomy results 
from other steel stockholders. 
Brown and Tawse has done well 
to push taxable profits ahead by 
9 per cent. Moreover stock profits 
only chipped in 10 per cent 
against 20 per cent of the total 
last year. Volume has been static 
but since January tbe impact of 
the Davignon plan has held and 
in some cases eveii improved 
margins. Demand for steel tubes, 
which account for half B and Ts 
business and where the depressed 
heating engineering industry is a 
big customer, has been dull. But 
the stainless steel side which takes 
in 15 per cent of sales is 
beginning to pick up and some 
improvement can be expected 
here in the current year. Mean- 
while price increases are due in 
July although the groups large 
number of small customers may 
show some resistance to the rises. 
But with some signs of an 
upturn in demand and a little 
guarded optimism in the ‘■cctor. 
profits could be pushing £4m in 
the current year. At 95p the 
shares seem fairly rated standing 
on a p/e nf 5.2 and yielding almost 
8 per cent. 


Mr. Nigel Swiffon. the chair- region of £500,000. 
man. says the mining division 
achieved a 43 per cent turnover 
growth in the year and that the 
divisional turnover mix was in 
line with forecast. The group 
profits mix also followed forecast 
with the mining shares at 6S per 
cent, although the commercial 
division failed to match expecta- 
tions. 

The future for the mining 
division looks promising with a 
satisfactory forward work com- 
mitment. 


Record 
£2.3m for 
Avana 


lams with 

’’ " ? SeVere competition ip/bonie ail'd 1 almbst ? ■ poin ts' higher.' -v The 
’ - - overseas ' markets^ restricted 1 , .the ' s^ron^SJenbraraer' hqre was Man- 
.contribution of the textile > com-? .ate-wmcli ;VUmB;lK>fera ii ^uA--mr- *; 
. ■ '.patties, and in additioru-changes in ^nditioners- fojr the car^mdustcy. . 
' exchange rates made '^'export fn tJia efirtent year con filtions- will 
- trading more difficult: . ; .' .jwggtfuatt? 

-• > .Overseas subsidiary companies^ ■^iohs. wifli--.fha-exc€fptioia; of en-. _ 
' ' — '■ "whic&r ^should* benefit z- 


, showed a slight hnprovejiieirt:-tiie ^eering l .'wh«^7^rald 
:■ Canadian company .suffered 'irom " rrom",. tise _ improve9ienf in.'- the 


'-a. reduced d em an d'-f or •' its . coin-' UK motor ^ihddstytf/Sd; growth wTll . 
'ttterciaJ fishing, marihe- hardware ' be minimal. 7 iAt-T37ji,- the;- shares ■ 
arid leisure goods but tbe resuits -ar^ -an a low tax - 


Work on mining in the SjHH, to^Ssi Btm^SSe 
Forest of Doan >s expected to £2S - ,m to £29 Blm taxable 

begin later this year. 


of Avana Group, . cake manufac- 
turer, baker and confectioner. 


In the construction division the jumped from £1.7m to a peak 
industrial property development £2J4m in the April 1. 1978 year, 
section was strong and partially halfway profit was ahead froiri 
offset the pressure on margins £0 57m to £0.77m. 

bulldlnn^denartmeats 11 **^ 03 Dir « Mrs “» res “ ,B reaM 

building departments. continuing benefits of the high 

The TOmmere/al division result | eve j of cap itai investment in new 



was affected by a disappointing 


plant and modernisation, of 


performance on he commercial }: aclories whlch - has taken place 


vehicle side and by once and for during jh e past four years. 


Active second half lifts B. Elliott to peak £5.6m 


A PARTICULARLY active second 
half, with a sharp ri^e in demand 
for machine tools, resulted in a 
rise in pre-tax profits of B. Elliott 
and Company from £4.3m to a 
record £3.6nt for the year to 
.March 31, 1978. on exiernal sales 
nf £69 Mm against 154.07m. At 
midway, the surplus was margin- 
ally ahead from iJ.Sjfim to £2 02nt. 


Mr. Mark Ru&>ell. the chairman, 
reports that all L'K divisions 
improved their performances and 
the integration of the Neva 1 1 
Machine Tool Group has gone 
well. The only disappointment 
was the contribution front ihc 
group's oxerseas companies. 

A breakdown of external sales 
and pre-tax profit (in £000's> 
shows UK manufacturing com- 
panies: machine tools £18.128 
(£8.3461 and £2.233 (£1.047). 

general engineering £8.335 
(£7,057) and £427 (£156). UK 
merchaming companies £26.049 
(£20.293) and £2,087 (£1.882). over- 
seas companies £17.115 ( £18.372 J 
and £75 i£9B0 », and parent com- 
pany and consolidation nil (ml) 
and £17'j )£25S» respectively. 


In the machine tool manufac- 
turing figures, sales of £8.717,000 
and profits of £1.063.000 are 
included in respect of the Newall 
companies from the dale of 
acquisition. 

The group has started the cur- 
rent year with order books at the 
record level of £29m and estimated 
results for the first few weeks are 
encouraging. Mr. Russell says. 

Thus, the directors would expect 
another sound performance by the 
UK operations and indications are 
thaj the overseas companies will 
recover somewhat this year and 
make a useful contribution lo 
group results. 

Staled yearly earnings rose 
from 22 49p to 28 83p per 25p 
share and the dividend total is 
lifted to tbe maximum permitted 
3.325Sp (4.772p) net. with a final 
of 2.887SP — should dividend regu- 
lations be relaxed, the directors 
intend to increase the amount 
paid. A 33 per cent rate ot ACT 
has been assumed for the final. 

77ie tax charge of £1.73m 
t£i.45ra> is in accordance with a 
change of accounting policy to 
adopt ED19 proposals. After 


minorities, available profit jumped 
50 per cent to £3.98m. 

It has also been decided lo 
eliminate intangible items from 
the balance sheet and the pre- 
miums on acquisitions, including 
that arising on the acquisition of 
the Newali Group, have been 
written off against retained profits. 

Comparative figures for 1976-77 


have been restated 

to 

reflect 

these changes in 
policies. 

accounting 

19.-T-7* 

197fc 7: 


mao 

uinn 

Gross ruraoter 

r(..ur 

jr.i.* 

External turnover 

60 827 

54. IMS 

Tradtna snrplus ... . 

;.nro 

jjTS 

D-pr.-oidinjn 

1 Wtt 

SS4 

luurt'U co*is 

471 

.791 

Pram before ux 

.5.M3 

4.3*3 

Net Dram 

3-<7-. 

:S34 

Minor iw lasses ... 

lOi 

■:-n 

Ai-adabJ" 

.1.0, -S 

2.»l 

Dividends 

70.1 

ob( 

Ruiain>.-d 

.1 ltj 

2017 

Brought forward 

Decrease in sterling 

7.611 

3.4M 

rulur or fixed asiels 

S3 

♦140 

Preni. oil acquisiuODS 

57 * 

— 

Leavina 

- Profit, t Increase. 

1U.IJ6 

7.611 


ance was the only blight on an 
otherwise excellent set of results 
from machine tools and general 
engineering group. B. ElUott. The 
small North American and. Aus- 
tralian operations were on a par 
with the previous year but the 
South African activities only 
managed to break even against a 
valuable contribution last year. 
The domestic performance was 
boasted by the inclusion of 
Newali since July 1977. .Stripping 
it out of .the machine tools' figures 
there is still a 12.8 per cent 
Increase in /turnover and an 11.0 
per cent increase in pre-tax profit 
in this division. The general 
engineering activities and ihe UK 
merchanling companies both pro- 
duced strong gains. At the half- 
way grp up sales were up 13.8 per 


reorganisation of the oil distribu- Reasonably stable ' _ trading 
tion companies. Further improve- conditions coupled with an 
ment is expected from oil improvement In the value ol 
distribution while work needs to sterling resulted in a slowing 
be done with commercial vehicles, down in the rate of raw matm-ial 
he says. ' price increases and this helped m 

For the future Mr. Swiffen the achievement of a more 
believes profits will be harde* to realistic rate of profitability, 
earn in 1978 and 1979 as little The major part of the turnover, 
assistance . is expected from increase came from higher volume 
economic recovery. __ _ production with new products 

After tax of I0.i7m (£12oml— ■ malting a significant contribution; 
which was reduced by £0B3m by The policy of continual plprit 
ED 19 — net profit was £2.31:* modernisation arid replacement 
(£I.23m). Last year minority provides a considerable profit- 
interests took £29.000. potential which will be realised 

Earnings per 2 op share are over t h e nes: t year or so, they say. 

»uu n have K !9.3«S Snd.'"? . C X n, fl S d ^ 0 

full tax charge ^ or th® first two months sales 

A second "interim dividend of volume and profits .have been 
1.4 2732 p net lifts the total the 

maximum permitted from '** ® vc ^ a ? t lnSf 

2.57546P to 2.S5464P- Should diri- continued I and it : j* now 
dend restraint end or be sub- a reasonable contribution to group 
stanliallv modified a third interim profitability and seeking to widen 
will be paid. lts area operations. ' - 

After tax ,o& -fillin’ r(£0.8Sm) 

• comment • net P rofit cara « ° ut ** £i*i4m 

„ ^ j „ „ ... t£0.83m). and earning? per 5p 

Burnett and HaUamshire s open- sh * re are shown at 5A2p 
cas_t mining activities continue to compared with 4.01 p last tune, 
thrive and its coal aod clay _. „ r n «o„ 

operations now account for R8 per £h e J™* J f'SS 

cent of croup profits (up 24 per t®*® 1 ahead to L089 p 

cent) compared with 57 per cent r^, -Sf mo« 47nl Ch f 
a veer ago. Helpful factors have W 3 ** 1 ® 3 j„ 

been a first-time contribution . : 

from its Sheffield operations while • comment 
production at Wigan reached its 
peak during the year. The latter 


rill absorb 


cent hfir trading profits rose less 


• comment 

The overseas companies' perform- 


than 2 per cent. The second-half 
surge' reflected a sharp upturn in 
demknd, which helped to reduce 
stocks. The shares rose 4p to 114p 
yesterday giving a p/e of 3.85 and 
'a yield of 7.3 per cent. 

Statement Page 21 


Small food manufacturers, such 
Jc tn . nunt ■ as Avana, have been consistently 

!-n^r U h, f ,? ? outperforming the leading mem- 

hatp b c! a HoH h nno nli hers of the food sector because of 
Fnr^ci nr nL P S‘ I it w their greater flexibOity in adjust- 
^0^1 r f i H n«, ^ < K fhf ins product mix. Av-ana has had 
5SglS l,S nf dlif =J h an additional advantage in that, 
FiihpHps f A,ncuiture and throug h i ts fruit juice operations, 
i if. r h« k 00 n r n ^c D «c« h is well placed in one of tbe 

nrniin , i(^nt'iuM^ >, ap»lviMM V ^Ppnfilc major food growth markets. Fruit 
croup s other activities. Fronts s „:' -r 

from oil supply operations have J? 10 ” *5L2S? 0 lS^2^ h ta!i 
been depressed by reonjanisation Avana ’s ^fruit See salL b Si 
costs and the commercial vehicle £'u"f n s _, iq?s 

side was effected by supply “2. V™ 


Sutcliffe Spfealaiiaftjrlgh ts 


257' 


Sutcliffe speakman arid Or. Is * Thd dfrectors ^jsiy that after less ■ 
‘raising £344,000 by. a rights issue than th.wSfc rbqnths/ft' is .too -early 
one new' 25b ordinary - share to make^t forecast Jor the current . - -. 

price is 30p. The -shares nidved j)atterti-..qf--,Jasl. year,- when -.the.- 

- 

.-Sutcliffe has aisp r®!® 85 ?^'-^ 1 " 1 the cuEr&rt y^at.tc. date, a. good , - 

year figures to March -31,' showing "leveKof activity ‘ has ' been main- ; 
pre-tax profits higher, fiy 1wo-. t a infed;:rind : prospects especially, 
thirds at £506.000. • V..'- for^ Solve lit ' Recovery Plant 'and;-. 

, : In the three 'years . - to last Actrve C!arbon, are promising: ;. .. 

Lifarch. working, capital require- -ahariiie n«- io-rSexger -r Nr fZNZ ' 
meats increased by afound fl^fin V?;*:; '.. -.~nM aw 

which has beeoVpartly'-. financed. jzunioV«9r ■ s.^ss' "7.544 1 - . . . 

by retained earrijOgs '.and- partiy IVarinc arofir |B82‘ . 4 SS . 

through bank borrowings whiefr ' lgieri^ -^..v. . ; ut m- 
over the same peril#: Increased: ^ ^ ^ m 

from £216.000 to £625,960. f N« ornat 2» 

- Directors beiieve^ft /.js" PPftror >flmoriiv tata.-' 
oHate to make a rights fWJKvik., 

They 
turfnj 

tory '— „ — . ......... 

also intend to -JexPflbd : sealing onffTHFiVn ; FlilPS - 
activities,, oy^rseas^ 'particularly ?YviniilW..I!kA/r3 
hi the U.S. ' .. . SoDtbend-on-Sea’s stock issue . " 

-For the year ended March-31, riosed yesterday morning wdth 91 • ... 

.-i = ^ •--■-* "’- 1 - •••-— - " the coffer- Jeft^m: The 

= oadetofritars .:. . . 

.... f/jE7«r of . 12 per. 

Stated Warnings' per 25ip share arie cent'. Redeemable; Stock 1987 ait 
10.5p (SSpU.;.;-.'' *• w £98 j- beri -cent looked from the 

Subjectito' a .satisfactory level start to. have -its terms pitched 
of proflts,>4he directors say they ratherTight, and- ariy weakness in 
intend to rdcomraend.-dlriderida d€"Lbp,7Harket was bound ' to bpsetjt awfj 
not less thdb 2.^2 ^l net .on. tbe the result ;. ' . i , 11 ^ 

enlarged capital fori the cuirent ' After opening: th e application 
year. \ .'.1.1. . .-- ' list at’ .Iff. hi'm.' it was closed at " 

The announcement shows 1 977-’ a;rit. with- applications -for 

78 turnover, /from £7^4m to- only £630,000^ ef stock!' . . 

£9.59ra,,' with exports riling from ; .;¥fh)en .dealings, start today a. 

56 per cent' -to €8 per .ceiit ofi djscount iri-the ;regtdri.6f £l to ' 
totaL .'j'' - ' "£!' per; dent can be expected. , • 


they plan to - improve rimmtfae- ’r;r ■ “ 

String facilities at the* traun fah'^BeuiaMi "H 

toiy in Leigh, Lancasbfce; arid' *. 

■ 1 m. tn -Arno^ *» onllmtf mw 


ns 

.157.. 

s- 

154 ' 
37' 
-36 



SHARE STAKES 


__ Sale Ti|ne> and Co.: Mr. P. H R. 
Gwyn. a subsiantial shareholder, 
has sold 30.000 Ordinary share-?, 
reducing his holding to 4.03 per 
cent. 

IlarTison!; and Crus field: Sir 
Leonard Paton is now beneficially 
interested in 40.238 Urdin.uy 
shares. 

Alexander Hnwden Group: 
Kuwait investment Office has 
exercised its rights in respect of 
I.4I2.300 ordinary shares making 
a total interest of 7.002,500 shares 
t7.S2 per cent). 

Federated i^md and Building 
Coni pan 3; .Mr. P. ./ H. Meyer, a 
director, has sold 2t«i.uo0 shares 
to a family trust. 

ioveresk Group: London and 
Manchester Assurance Company 


now holds 730.3011 fi tier cent 
second cumulative preference 
stock units. 

Anglo-Argentine Tramways Com- 
pany: Davis Invest menu (Jersey) 
now holds 400,000 ordinary shares 
(W per cent). 

Buuzi -Pulp and Paper: Mr. 
G. G. Bunzl and Dr. F. A. G. 
Schoenberg, directors, have dis- 
posed of a non-beneficial interest 
of 75,000 ordinary shares from a 
joint holding. 

Fluxions (Scarborough): .Mr. 
C. F. B. Quarton. a director, has 
sold 20,000 ordinary shares. 

Scllncourt: Mr. D. V. Pick, a 
director, has sold Uo.uon ordinary 
shares and Mr. L. Lurie, a direc- 
tor. has sold 50.000 ordinary 

shares. 


Randalls Group: Ferguson In- 
dustrial Holdings has bought 

40.000 ordinary shares and now 
holds 225.000 shares iS.9 per cent). 

London and Northern Group: 
Mr. C. A. R. Blackwell, a director, 
has purchased 52,500 ordinary 
shares. 

London and Provincial Shop 
Centre- (Holdings): Mr. B. S. 
Bcrrick. joint chairman and 
managing director, has sold 

211.000 shares. 

Cardiff Malting Company: On 
May 31 32.330 ordinary shares 
14.54 per centi passed from the 
beneficial ownership of Mr. B. A. 
Bmu-nhilJ to the beneficial owner- 
ship of Mr. T. R. Watts. Both are 
directors. 

S. and IV. Berisford: Trusts con- 
nected with Messrs. A. and W. { 


Hubert (both directors) has sold 
a total of 50.000 ordinary shares. 
.-Vs a result of those sales, their 
respective holdings are now as 
follows: Mr. A. Hubert, beneficial 

160.000 ordinary shares and non- 
beneficial 305.000 ordinary shares; 
Mr. W. 1. Hubert, hcncficial 

585.000 ordinary shares and non- 
beneficial 112.500 ordinary shares. 

Allied Insulators: Prudential 
Group haring disposed of 31.714 
ordinary .-hares now holds 470,830 
ordinary shares (less than 5 per 
cent). Britannic Assurance Com- 
pany now holds heneficiaiiy 

950.000 ordinary shares (9.74 per 
centi. 

Spooner Industries — Redman 
Heenjin International now holds 
484.165 ordinary shares (11.41 per 
cent). 


problems while the construction 
interests are still operating in a 
less than favourable climate. 
However, with the major mining 
interests strong the shares moved 
up 7p yesterday to 1S4p putting 
the group on a p.-e nf 6.1 on a 


better than those recorded dur- 
ing, the summer- In baking, mean- 
time, Avana has met the chal- 
lenge of rising raw material costs 
b.v concentrating on quality and 
moving its cake products up-: 
market. It has received valuable 


full "tax charge. The rield is sup - port r ° r f this tac '* c , rronT ** 


only 2.4 per cent but if dividend 
restraint comes off Ihe group 
intend.- to pay a third interim. 
Fully laxerl ihe current cover 'is 
over ten times and the group 
intends to reduce this lo not 
more than five times. 


STODDARD 

HOLDINGS 


major customer. Marks and 
Spencer. The current year has 
started well with sales and profits 1 
in the first two months ahead- of 
last year. The share price. wa« 
unchanged at 37!p giving a . p/e 
of fi.7 and a yield of 4.5 per cent. 
While this is in line with exist- 
ing levels within the industry it 
makes no allowance for. the recent, 
strong performance by Avana 


Stoddard Holdings announces 
that agreement has been reached 
in principle for the acquisition 
of the trading assets and under- 
taking of John Lyle Carpets (in 
receivership). The acquisition 
will take effect when the under- 
taking has been relocated in new 


LON. SCOTTISH 


The acquisition by' London 
Scottish Finance Corporation , of 
the ordinary and preference. share 
capital and the unsecured loan 
stocks of Dupont Brothers has- 
been completed. 




• : • DEDUCTION OEWfcY-E FROM ' v 

eMplovmehtagencytemporary 

. WORKED , r -’' 


- There is asmal number of Bfffi^i.wnptoymert agonoes wWch 
5uj^iBmponi^ waters tbnork ft ^ ' 


A!: 


- cases aisa payirigsuch workiats without deduction of PAY.EHwxigh^ 
arripffl^eto^inkJcaiibristXJtsicJe^UXinC^taxarea... 

ThteFoderafion deprecateslhis practice as one not in tti&irtaresJB - 
•ofeimpfayers, wcxkers, or private emp|qymatt'ag«xSa&-. L-f . ; ' 

■ ^ -.;Fwflierrnore, tfteprac^.expbses^a^^ 
ferr^yxaxywbrteTS trbrri stich agendas' to a conBr^^fiaMByfor-- 
their.pAY.E. Ws wteh to bring to the atentfOT Crf empicyers the 
fotowif)g slatKrient^ issued by the Ihfeirkf RewMus'ki'^Nffl^B.'V' 

: ttw foreign agency does not hawe^txiandi or pemanerifhspntintha 
.Urtied Kingctom, operating RA.YJE., ibe pereon sogaging the worker 


: .r‘; - - - Inswtedriy'tbe ' 

Federation of PersonmeiServices ofGrraft Britain Limited, 
120 Baker Street, Loridoiv WtM 1LD. 




- - 






Annual Report 1977 



1977 

1976 

Net Rental Income 

£5,413,000 

£4,525,000 

Gross Profit 

£2,284,000 

£1,955,000 

Value of Investment 
Properties 

£98,944,000 

£83,796,000 

Earnings per Share 

3.84p 

3.11p 

Net Assets per Share 

T32p 

98p j 


1 Maximum permissible increase in dividend 
recommended. 


Surplus of £12,743,686 from revaluation of 
properties. 



Funds available to finance all current 
commitments and to undertake further 
developments where suitable opportunities 
arise. 


Copies of fhe Report ana Accounts for 1977 may be obtained . 
from The Secretor y. 22-24 Ely Place. London EC1N oTQ. 










21 



- -t-r 


Financial Times Thursday June 22 1978 


wanris 


SAGE 

OVERS 


4*Wi% 


r-“: lit 

•ft&T/V 


fe;f^ 4 


lotor reverses Downturn at 
ith £ 0.1 m rise F. H. Lloyd 


DESPITE A- • March • • prediction of i 

a fall, pre-tax profit of KenaJu* mKJ* n t c profit of £159 041 

Motor Group rose from £3.65m BOARD MEETINGS ifiS’S' fc>r : 

to CL73ni..ip the six months to vj. • » "aru was £27o,6S9 (ia.10.23Sl and 

momK 1 it ton IU ** LW> LQ Thf following coam nle* ta*r nt>aB*d after dividend nf rt'tflT"? 

U0.39m.tp £l0a!g7m. °' 6r Up E^ctunc,.. the amount carried for- 

Mr GKermlne the chair*,™ 2'™' £* rd ca ™ «° £303.^1 , £275.6691. 

tne serJic^l' “?• Official mrticaijans .re m>i ^ el asscw per share at balance 

j'v.7* *-v Ces ere SB^OUSly available whcUtu dividends coiKrm. <j da>e were 152n (126p> including 

• affected by cheap imports, with an- interims or .finals a«f ebr ., U h the full investment currency 

the need to compete effectively d,v ««> , « shr.wn beluv are based mjmij- premium 


•eroding margins. Better results on lajn *'**'* - 

S tow^r V ^H ln .H the « Se< ? I1 1 d »««•"** Cn^NlThnW Thomas 
■ paa however ODd the first-half French. Henlyc. - Arthur" Lee LonsdaJr 
arop in tyre profitability was more Universal, Lookers. Vectis Stow, 
than offset by marked improve- Flo,[ *i Assodaicd Teievisum. Arbuumot 
meats elsewhere We «nc hi Lsibanj, Baker PcrtsinE. Beechwood Con- 
rarmot nr^iel the J* struct! on. Brlilab Steam SpnoslUw. Cob- 

fwtl “ e Tes '“ ts f0r the tinetuaj and lnduatrtaJ. Tnwt. Edbro. 

• lull jear. London and LtrcrpaeJ TOW. J. Irons. 

dividend is increased 

from l.ap to 3. top net per 25p future dates 

snare to reduce disparity and Is interim*— 

based on a tax rate of 33 per A * iKl0 *'n investment Tram — Jur? it 

cent. Mr. Kenning anticipates ?S. SB . — •{•“v is 

that the total for the year will ™UISL *" "* 10 

be increased by 10 per cent from Dale Electric imtiMitainl July « 

last years total Of 4.15p. which Electrecwnponents June I* 

was paid on a record pre-tax *«roixb and Newcastle Bmo Job a 

profit of £7.4lm. fpwb Crafty t .... -. • - Jun- a 

*sr% «sr &srsrs&. 

Other charges took the total to 
£3.S4m. compared with £2. 63m 

After tax of £L48m f£1.45m1 T> A - 7A „ 

.net profit progressed from £I.2m QPST PVrr 
to £lJ27m. Earnings per share are -*-* V^Ol. W...T VI 
shown down from 5.3p to 4.Cp' . 

S&™ 1 ,rom ^ ,o 4 ' 2n ru,,y £1 . 1 m at 

Mr. Kenning points out that 
motor depots produced record re- -f'V '•»..• 

suits due to a buoyant new and | 1111*0 TllTtf* 
second-hand market. Contract -■— * U1 tllJJiUv' 

hire- also again showed record ■ 


Thaijiiis wv m 

Rowlmson 

od Cod- 

s= Construct. 

aslneer- 

_ off £0.3m 

j 2S^ « DESPITE MID-TERM assertions 
junv * that profit would be little 
Juir 4 changed, pre-tax profit at Rowlin- 
Jnno v son Constructions Group fell from 
JuJj- s £1,302.381 to £B9fl.835 in the year 
to March 31, 1978. At halfway, 
Jur£ ■<! p™fl> was £1^00 higher at 
1603.900. 

Profiis in the coming year are 
also expected to be considerably 
lower fallowing the company's 
deeper involvement In property. 

Mr. P. J. Rowlinson, Lhe chair- 
man. .says the company is 
becoming more property 
orientated and is building up an 
investment portfolio of its own 
industrial and commercial 
properties. 

" We are reluctant to dispose of 
some of our newly created leases 


results while car hire was mar- FROM SALES of £9.26m against and consequently group profits 
ginally down due to the need to pre-tax prefils of Dura pipe are expected to be considerably 

build up the fleet for the signifi- IniemationflI'rose 19 per cent to reduced next year.” 
cam part of the season/ a record £1.1 lm in the year ended He says the building contracting 

Parts centres 'truck centres and March 31, 1078. Turnover and division experienced keen corn- 
specialised services aH improved profits in the current year so far uclition in rhe year with narrow 
markedly combining- to help make are encouraging and the directors margins further eroded by wet 
up some of the ground lost by are asain looking for a record weather in the second half, 
the tyre business res u lt. After tax of £516.952 (£688.889) 

Profits on service improved Profits in the 1977 t» 8 first half and extraordinary credits of 

slightly while in extremely com- risen from • £362 ,376 in £16,503 toil) the profit balance 

petitive conditions petrol gallonaee *550.387 and the Board then was came out at £496.386 (£613.501V 
and profits were maintained expecting that the previous year's The final dividend of i.7p makes 

pre-tax profit would be improved the total for the year 2.425p 
a upon. - against 2J2055p net per lOp share. 

• comment The fina] dividend .'As 3.117p. After waivers of £41.313 (126.0001 

Konning has had a difficult first raising the total from 3.65‘2p m by the Rowhnson family dividends 

half but at least it has managed 4.079p net per 25p- share. Earn- will absorb £34,407 ( £42,866 j.. 
some profits growth and not the ings per share, before tax. arc 
downturn it had anticipated shown at 22.52p {IftOTp-l and , 

earlier. Problems centre around 16.53p (I6.9pi net.- nlVPTVlPW 

the tyre side of the business. An Excluding lhe - first three AUTt * ▼ t.v rr 
influx of cheap imported tyres months of U.S. turnover which 

from Ccraecon countries from are seasonally poor performance fflinnpl* 

November, onwards hit sales of months, the percentage of proiii *vwuuv* 

both new dnd remould tyres — to sales of UK companies *>r j* • a* 

Kenning is the biggest manufac- 1-4.1 per cent is comparable with QlS3.DDOin 1102 
turcr of remoulds in the UK. How- previous years, the directors say. ““ & 

ever, these . ■ imports have Anseil Jones and Co, again made Compared w»ith the record 


ever, these - - imports have Ansel! Jones and Co. again made Compared with the record 
stabilised and Kenning has been a valuable contribution to group profits or lhe bulk of the planta- 
able to repair its. margins since profits. cion companies in Malaysia. 

March. Meanwhile all the other Rivcrvlcw Rubber Estates Berhad. 

major divisions have been show- -,^ T ¥ ' rt Rrlilvh-owned estate, had a dis- 

ing steady growth. Profits from ^ Om nPITI SPCS appointing 1977 year, with profits 

tyres in the second half should l ^vi itiLm ahead only four per cent to 2.G7m 

improve and car sales are i 1_ j. nnguiis. 

expected to continue buoyant, flOWfl HUL Lower rubber production was 

though much depends here on . the majn reason f nr ,he com- 

Leyland's ability to maintain pany’s poor results, the directors 

sunply. Days more * ay: ou rout fell by 6.5 per cent 

Car registrations could reach a * J with the re>ult that operating 

peak this year and most of the A final dividend payment of profit fell slightly to 2.1m ringgiis. 

dealers are reporting bumper 2.45p net per 25p share of Directors say that rubber out- 
profits, but any downswing in safes Northern Securities Trust lifts the put for the current year is un- 
in 1979 would hit the sectors total for the March 31, 1978., year likely to increase, and they 
profits. Kenning has shown in the from 3p to 3.45p from earnings indicated thai increased profiis 
past -that it can weather these of 4J24p per share against 4.27 p. would be dependent on cocoa and 
storms fairly well— car sales only Gross income for the period ihc company's investments, 
accounted for a fifth of last years was down slightly from £Sa#,37.> Output and price of cocoa were 
jjrofits — and so lhe company has to £390.871 and after managAfccm substantially higher during 19, . 
defensive qualities. At 7SJp the^expenses and interest amoupting contribunnc 192.000 ringgits tu 
shares stand on a hisstoric p/e to £148.579 compared ,?witii -profit (nS.OOO ringEU<L The rest 
of only 5 while the anlicipated £144,114. pre-tax profils came nut of the company s profits came 
dividend for this year yields lower at £242,292 (£255:4611. from investments, up by 12 per 
.9.4 per cent. Tax took' £83,251 (195.341) cent to 372.000 ringgits. 

RESULTS AND ACCOUNTS IN BRIEF 


PRE-TAX profirs of £5 ISm. against 
£3 79m, for the year ended April l. 
1078, and a warning nf lower pro- 
fits in the first half r>f the current 
year compared with ihc corres- 
ponding period last year are 
announced by K. II. Lin yd. steel 
founder, rc-rollcr and maker of 
engineer ine produci*. 

- The profit result for 1977-78 
follows ihe downturn in vhe first 
six months from £2.34m to £2.12 m. 

Mr. Robert H Faster, chairman , 
says that although 1977,78 was a 
difficult year in which the inter- 
national economic environment 
adversely affected the foundry, 
steel and engineering industries, 
the very satisfactory contribution 
to group profit* from the engi- 
neering companies and associated 
company. Lloyd Cooper, enabled 
the group to achieve a profit com- 
parable with that of last year 
allowing for a shortfall of £500,000 
stock profits in the .steel rc-roliinu 
company. 

Trading margins came under 

increasing pressure during the 
year and there was a continuing 
decline in the Mcc) foundries' 
order book, says the chairman. 

Continuing satisfactory profits 

from the engineering companies 
and associated company will not 
offset the depressed trading con- 
ditions in the steel foundries and 
steel re-rolling, and ” group profits 
in the first half of ihe present 
trading year are expected to be 
appreciably lower than in the 
same period last year.” Mr. Foster 
stales. 

The dividend total for l!ti.-7S 
is 5.31 lap against 4.SW2p previ- 
ously with a final of SfiSlfip. 
Earnings per 25p share are staled 
as lip ( tl.&p ). 

197T-7S :»TS.7T 

flrtO £'VH» 

External sales M.U2 U.7M 

Vounanes * ww *•> ast n 7*> 

Enaru;. ana steel ... it?:# 

Tmdnw profit 5 

Foundries k service 2.9*9 .1.K#S 

Enfinc. suit steel ... t.Mt ITH 

Oibex income 2H 40fl 

Inlcresr t?' 2t2 

Associates' Sharo .... W* 1Sl 

Fran before tax JJJ* 5.TO 

Tax S *34 S-W» 

N<'l profll 2.TW 2 r.-i 

Mmoriue* 52 

Ejirannl credit — 3lP 

BAlaoce ■ 

TTie group haj maintained its 
wrong liquid position despite a 
continuing programme nf hieh 
investment, the chairman says. 
TTie balance sheet at April I. 1978 
shows net current assets of 
£1S 56m compared with £17 79m a 
year ago. Liquid funds equate to 
the total amount of loan stock 
and shareholders' funds have in- 
creased during the year from 
£22 :226m to £23.5S4m. 

• comment 

Given the poor trading climate in 
both steel re-roilme and foundry 
castings. F. H. Lloyd's profit look 
good, being at least IJm better 
than most estimates. Most 
encouraging is the engineering 
and steel division where trading 
profits are only slightly lower 
despite the absence of steel stock 
profits which last year a mourned 
to £)m. Engineering has been the 
mainstay of ihis division during 
the steel recession, however, lhe 
si eel side could benefit from 
recent EEC moves later this year. 
Growth at the associate company 
Llovd-Cooper has been impressive 
and the trend at he mini mill is 
being- maintained. But problems 
are being encountered on the 
foundries, second half profits are 


ALPINE HOLDINGS ■dniiblc-aluinc. 
Bhnn-pr* «c.i— Re'WK mr rear 10 
Jjmiafi 31. 197S, retried May 16. In full 
preliminary si a anient nuh prnNpffcib 
Group flxr#l a»Svl< £0 film isamc# nft 
current a>.M?i<: i'l ISm <£0. Um>- Set limiiel 
fund- incroa^ed bv n.nSm i£lm decrease. 
Meonns, Uoacypot Lauc. NW. July 6. at 
nu<*n. 

AVENUE CLOSE fpropvny invrstniPiWl 
—RlSuIik for' i>:ir ended Mdix-fi SI. I9is. 
rtpnrtcd Juan 15. Fixed assets. 12.29m 
i£2.2*rai. Net current liabiltiu-s £402.459 

■ £4«*.3»i. Increase in u-orknu: capital. 
140 266 I £127.372 d«cruaiei. Dirci:vors 
at > ly seetuoK suitaOl#.- lavnmaeMS and 
dev i.iopmeni oworuinJiirs aol io this end 
have secured further medium term loan 
fae/liKej. Current year ba* commenced 
veell and directors expect, to report im- 
proved and satisfactory progress. Com- 
pany la dose. Meehan. Winchester 
Rouse. EC. Jub 1 11..' at noon. 

BBEMNER AND CO. ^-f general ware- 
housing'— Results year lo January. 31. 
IPTS reported May 3. Fixed asseis £5S4iW 
*£r#l5.33B#. net current assets £t. 5^.361 

■ C2.44l.355L Short-term deposits, bank 
balJa#-!7S and caah de. Teased by £265.45* 
'£53.163 Increase'. Meeting, Glasgow. July 
6. ai itso am. 

-BRITISH CfNUMArCCRAFH 
THEATRES — Dividend L483P ' 1.341 P- nei. 
year to January 3t. 1975. Turo-wer ex- 
rjildina VAT £2.07.372 '£2.157.244 •. PTC- 
lax nrofii I7P.7M '£37.721.. Tax DI MS 
'JTJ.9F5.'. Earnio** per I2in sliare 4.32 d 
rJJ9ai. 

BRITISH AND AMERICAN EILM 
HOLDINGS— K-aOlw for 1975 reported 


May 2* •• Ltsierf Incsini. qis at eo*i 
£l.79m Ub.46m# imllsicd £19 2n; i£lJ.l4n<. 
Net currem liabilities £■“ 2"S « £69 793). 
Nfi imuutiiy al y. ar 1-nd up £43.n«) 
ifi fiSu-. ' hairmnti aiihough no 

r . CW films m proOnciton entnoany con- 
unurs io retelve rennuib from pav. 
product mu M voting. Brunt: House. Park 
Lane. K, July fi ai II am 

BROWNLEE AND CD. 'umher nwr- 
t-fianu' — ftesults year tu tlar.’h 25. J97t 
roporied June 14. Fixed o'.-ctr- £3.31m 
iil.42nn. net " enrreni .i-nis £5.D2m 
. £4 96m i. Bank overdraft mi »£760.766». 
Working capital decrea-ed bv £309.000 
in.&m increase*. Meeim*. Glasgow. 
Ju'v 12. noon. 

BUCKLEYS BREWERY - Results 10 
■Vnnl I. J97S. reported June 9. Rrde. 
adjustment redueva pre-tax nroflt bs 
£97.002. Fixed assets £6 49m HI 66»B). 
net current a«els £115 274 i £455.734). 
£222.000 decrease «£0.Wm> in cash 
n-fnurren. Meeting Swunsca. July 7. ar 
jo.43 am. 

CAKEBREAD ROBEY AND CO. ibulld- 
ina materials, timber mcrvhants archl- 
tcetural and slu-et metal work — Rennhu 
lor 1917 reported May 1" Group fixed 
assets U.94m (£t.rim.. nei current assets' 
fl.Im i£0.9im». Ban* iwrrowir.gs jnrreased 
C9S <09 i £452.7(15 1 . rfutrmao <ays eot»- 
patty. which is dose, should have Rood 
year's iradlns in 19TF Meeting. Enfield. 
July 10. It am. 

CHANNEL TUNNEL INVESTMENTS- 

Tutal income fn.Slrf .fl.:9« /nr T97T. 
Admmistraiion expens-s f7.’!2i irr.3K». 
Fre-ias profit £3.495 ts tr®.. 


■ £2.735'. Ear-runes per ip share 0 25p 
iB-MP'. 

• COPE SPORTSWEAR — Results lor 1U77 

already kunvn. Group fixed ass^-io 
£449 2I1 «i33T. <wfi<, \>l curr- nl awr> 
il 171.29] i fill. 031 • Wnikin* capital 

increased by .*««Tfil i£M2M decrease 
Mecihm. Lodi. July 19. it » am. 

DERITEND STAMPING COMPANY 
ifortlufi. casnuy. eluanial installatinn 
and repair'— Ui-auti* lor year io 
February 2n. 1975. r»poned May 11 

Group fixed asw-K. £3.4*111 -laVuni. Pel 
current asset* £5 Jim '£3 S5m 1 .Nei hSDk 
bnrrnti’iiiAS rtecreaM-d by £35fi.noO i£?5S.uiUi 
uicreav >. Working capital increased by 
£2m '£310.001". Britannic Assurance Cgm- 
pany hvilde 11.3* uer n-ni «f eouiiy Meet- 
ins, OrollH-ub. Wore* Julv 12. 12.30 pm. 

JOHN FOSTER AND SON < spinners 
and wearers — Resulis for 53 weeks to 
March 3. 187X. already reported. Fixed 
assets. £1.22m f£3.2Bnn. Net current 

assets. £3.ilm i£2.T6M). Chairman lava 
overall current order books are satis- 
factory and arUvny weras likely to be 
maintained. W i»an Investment '.uunpanv 
owns 9.27 per cent or group. Meoiln*. 
Waldorf Hotel. WC. July 12. at 12.30 pm. 

IV. COOOKIHD AND 50N5— Resulli for 
3677 previously reported. Fixed asacis 
£14.635 i £16.739 •. nei current assets £17.051 

• £14 2F0'. Property company expected in 
be In the blark by lhe end of vhe year, 
and trading overall so far u at a similar 
level to law year. Sioler and Co. owns 
21 4 per cent of caplial. M rating. 7-9. 
Market Place. W. July 32 4! 4 Dm. 

HAHBROS INVESTMENT TRUST— He- 
sulis to Mirch 31. 1976. reported May 17. 




n-Denny 

r .- . International Merchants and • 

JUlMlfED Manufacturers of Tiniber Product 

“A very creditable performance in difficult 
trading conditions.” 


r 'rosf Pre tax-promts 


whan real economic 
aj. . t growth comes we have a 
ai souitd base from which to 


Sir Frederick 
od. Chairman 


ymom anee w . & * - ; : ss=ss== .• ; uopies oi me x nepuii « 

-.ilV < id-j: .■ i Accosts can be obtamedfrom ffie 

K: nomrniw-Secr’eiarv. MaHinson- 


l- ;:v CompinySecr'etary, Mallinson- 
-1 DennfjLunited,- 130 Hackney . 
?r5vv ft'?;*:- SiJt Road, London E2 70K. 


■juuied UK wreaimcvis £27 .Min. i£2.>T7m‘. 
-Ise-ehera £lJ.9im f£l* 73m •. Gurreiu 
£5 Urn '£1.51m>. current tiahiUm-s 
£[9*m £2.fim im-rc»-=r «£ l.f»m 

decrease In llquidily BrudetiLal Awur- 
ar.iA Cnmpunv uu ns 7 97 uer tent Df 
sharta llanihros 6.94 per cent . ard 
Kuwait liive-vmieni office 525 per cent. 
M't'itng. 41 Pwhupssaie. KC. July 13 ai 
11 am 

KRAMAT TIN DREDGING BERHAD- 

For je.tr (o >i*rch .M. iPTs pre-iiu oroE; 
M53<Mm i J6(M r* : <. /ar 51 95m <9404 MR 1 
net profit si.iium i&2M *17 ■. dlvutendi 
Sy50.4ilo (S19b.u0n> Kci Mai dmdend 2" 
ci-ms for total w) cents 'Jj centsi. Oui- 
pm of un 6 »!«H >4.6*1 1 piculs, at average 
pricv *1 62il >»..UCI' per pIcuL Average 
nei pvr pl-.-ul i.n ••onc**nir*ie SSfil i>7J6‘ i 
KUALA KAMPAR TIN FIELD5 BER- 
HAD— For year id Martb 31. 197S, pre-tax 
prufli M5J.77m i$t.49nii, lax S1.4Nn 
1 5451 .627 * . net profit SI. 29m ‘II.W/Di | 
divldeuds at IN HI Mnii. Nel final divl- I 
dent 30 cents for laial 81) cenis i7(i cents ■. ' 
Tin concentrate output 5.«fi iiAOS' prculs j 
Average true *1 605 'Si .293'. per ptcui. | 
average n^i nriie Un concentrate per 
picul 5*TT >S6Mi. | 

LAM OUT HOLDINGS— Results for 19" ] 
reported May 26. Group fixed assets , 
fi.l7m til 23m i, net current UabiUiics 
xm.s«5 ■ £411.4061. Working capital In- ! 
creased by £307. 1SS i £442.617 decrease 1 | 
Cnau-man say* enaineerliiK and life : 
assurance divisions should each uonuv- 
buie profits during 197S. but U is likely ] 
I ha i mierwi charges on oropeny division 1 
cw/M absorb the bnlfc, if n« all of Hies*' | 
profits. Sr now anoripaies that ll will ] 
be 1979 before fruits or prop-iny develop- | 
■ menl are realised, which should transform i 
profitability and liquidity or ihe Kroon, j 
Utarer Finance holds 43.2 per cent of 
equity. Meeting, Edinburgh, July U. I 
31 am. 

MORAN TEA HOLDINGS— OvHng W a ] 
delay in receiving accounting informa- | 
non from India on Moran Tea Company j 
the group's principal trading subsidiary j 
the company does not now expert to be 
able to announce the results, for the I 
nine months lo December JT. 1977 amlf i 
October I 

RQWTOM HOTELS — Re sill TV ror 1977 
already reported. Fixed assets. £3. 61m | 
i £3.Mni ■ Current assets £1 93m in.Semi I 
and IrabJUnes £3 .34m .fl.J2mi. Chairman 
says he looks forward wiin optimism to I 
Increase In turnover and furiher iTadln* 1 
profit* bGiry 10 current pear. Meeting, . 
London Park Hold. S.E.. July 12 at noon. I 
RUSSELL BROTHERS (PADDINGTON) 
—Year lo February 28. I97S. turnover | 
fl .614.966 lU.647.es: I. Nel profll £M37S 1 
i £5021391 xflcr lax £52.900 '£17 200'. Earn- 
Ing* per 25p share 5J3p i6.99pi. Final | 
dividend 32Sp making 4 2Sp iSSOpi. i 
Time PRODUCTS •wairh and efuck i 
dlmrlbuilng. retail jewelkr^Resuiia for 1 
year ended January 31, I97S. reponed 
May 25. with directors’ comments on I 
prospects. Group fixed asvis. £2 earn 
/il.MJn). JJel carrwit assets. IB. 97m 
i f 6.85m i . Meeting. Connauebt Rooms, : 
WC. July 18. at boon. 

SCOTTISH EUROPEAN I MV. CO { 
Remits to March 31. 1978 reported May 
12. Foreign loan assets GS.im '£4.89m>. 
foreign Investment currency £J Sftm 
fll.Stmi. sterling assets £5 95m itt.STmv. 
net ism is £7. 97m rI7.44mi. Meeting. 
Edinburgh, July 12 at 2.30 pm. 

SHIRES INVESTMENT COMPANY — 
Results rear ended March 31. 1978. 

already reported. Croup investments 
n.53m ffs.uimi — unrcaitMd approclailon 
r399.9«i I £217.999 1 . Meeting. 70. Finsbury 
Pavement. FC. July ll at noon. 

STREETERS OF GODALMIHG— Resffirs 
1ST* reporied June io. Croup fixed assris 
in UK £2m in. serai. Piani in Saudi 
Arabia Jto.BStn mill. Net current assets 
£57.000 <£i Pirn ./ — owing by agsociare 

£45.000 (£3 .95m'. Meeting Cafe Koval. 
W. July ll at noon. 

VINERS — Result* for 1977 already 
known. Croup fixed acaecs flJEJm 
fft.Sten'i. Met rnrreni aaseta £2.47m 
<£3.SSkn i — bank loans and overdrafts 
£2 ,33m 1 12.17m ■ . .U4 steps being taken 

io mitigate present situation but expected 
that recovery can only be a gradual 
proceiw. Meeting, Sheffield. July 7 at 
noon, 

J. W. WASSALL— Turnover fl.701.W4 
ill.4BS.2G6) lor sear in March 31. 1978. 
Profit £32.697 f £16.343) after all charges 
including lax Of £35.930 i£22.7Mi. Final 
6.24p iDJOpi making total (L44p f0.4Qpi. 

YOUNG AND CO'S BREWERY— 
Results year ended March Si. 1973. 
already known. Group fixed asseis 
£l=J9m i S3 1 Jem >. Nei current assets 
£382.27* iJCU4.09.3i— uvcrdralt £2l8.l« 
'£«4.7Sfl). Meeiins. Viandsworoi Tout) 
Hall. S.W.. July io at it. so am. 

19 19 

YOUNG C0K1»AI«« INVESTMENT 
TRUST— Not amt TalUa V Jnna 19. 1971 


over £lm . lower and the ctirrem 
tradinS picture is slishtiy worse 
pggrevaied by five weeks of 

strikes- The company is forecast- 
ing half time profits well below 
the comparable £1.7m and the 
year end i'nure maj not top I5m 
Si ill lhe shares T3p offer a 
yield of nearly 12 per cent, 
covered twice. 

Statement Page 23 

Outlook at 
Harrisons & 
Crosfield 

THERE ARE at present unusuallj 
KOod _ arounris for long-term 
optimism in respect of natural 
rubber, says Mr. T. Prentice, the 
chairnian of Harrisons and Cros- 
field in his annual siatemenL 

Synthetic rubber is no ionger 
the ' stable-priced commodity 
which it Used to be. he sa.vs, for 
in this field, the major UK pro- 
ducers raised their prices three 
limes durin" l» J( . makins a total 
increase for Styrene-Butadiene 
rubber of 2lj per cent. 

Members ar* told that it is 
reasonable lo hope that a satis- 
factory return will again he 
received by oii palm growers 
during 11*7:4. and chat they will 
continue to have little difficulty 
in dispnsinc of the growing 
volume of production. 

He adds that ihe encouraging 
tea prices of ihe previous year 
will have assisted estates in 
financing fertiliser requirements 
which should lead to crop R cures 
being mamiained in 1H78. 

However. 3 further marked 
increase in crop is not anticipated 
and with rhe present partem of 
a yearly increase in world con- 
sumption. a rise in prices in the 
second half of 197S is a real 
possibility. \f p . Prentice says. 

Severe weather conditions in 
the firsi I wo months or 197R 
Seriously hampered the construc- 
tion industry and building pro- 
grammes, and iho outlook for the 
rest of the year is that demand 
for softunnii and other materials 
will he sihoui ihe same level as 
for 1977 

As reported on June R. group 
pretax protiu for 1977 were little 
changed ai f-J.t 3.im r£L’3t7mi. on 
turnover ahead from £528m to 
1579 m. 

The accounts show, for the first 
time, perceniajse hre3k-down 
as at June 5. 197R. of the principal 
plantation investments held by 
iheJHarriMW.N and Crosfield group 
against thuse held by others in 
concert. 

At M:*v 2fi. the Kuwait Invest- 
ment Office heid r.fi per cent of 
the equity. 

Meeting. TTir Baltic Exchange. 
E.C., July 20, at 11.15 am. 

HFAVITREE 

BREWERY 

PRE-T \X PROFIT of lleavitree 
Brewer} rose from fl2B.ff.-i9 to 
f lia.JlW for ihe half year ended 
\ priV :;n. 1JI7R. on turnover of 
f L24m asainst £1.12m. For the 
Tull 1070 77 year profit achieved 
was a record I445.S05. 

Net profit for the six months 
was f77.484 compared with 
EH2 3-M after tax of *R3 03ft 
iri'.T.r.iOt. The interim dividend 
U nt a; of ained ai tip per £1 share 

The company is unquoted and 
ha 4 close sialus. 


B. ELLIOTT 

Machine Tools 
- a record profit 


Comparative Results 

1978 

1977 

to 31st March 

£'000 

(restated) 

£'0.00 

External turnover 

69,627 

54)068 

Profit before fax 

5,603 

4,303 

Profit after fax and minorities 

3,978 

2,581 

Earnings per share— pence 

28-83 

22-49 

Dividends per share— pence 

5-3678 

4-73 

Times covered 

5*1 

4-7 



Extracts from the preliminary statement by 
Mr. Mark Russel), Chairman and Chief Executive. 

Record profit for 1978 after tax and minorities represents an 
increase of 50% on 1977 

AH U.K. Divisions improved on previous years performance. 

Current year started with order books at the record level of 
£29 million. 

We expect another sound performance by the United Kingdom 
operations and a useful contribution from ihe overseas companies. 


k. . Ute 


T::Th? Secr^an' B. Eliicti £ Company Limited, 

EEC Hw»?i Victoria F:oad, London I IW10 ot I'l 
P irrj* rend me a copy of your 1573 Annuel Report 
v.hen if becomes avoibbJe. 
hiart v* . ■ 



THE B. ELUOTT GROUP 
international Machine 
Tool and Engineering 
Group 


m 


WEE HEW SAYS 

jTX "Profits up again - 

-h4- sv^? £4 r 590 r 587 from 

£3,498,630 -and the 
JMm dividend up for the 20th 
time; it really is amazing." 

For copies of the Brochure and Accounts write to 
'Wee Hew" (or phone 041 -221 -7331 ) 

5 HEWDEN-STUART 

Plant Hire-Nationwide 

1 35 Buchanan Street, Glasgow 



Property management hasn’t got any easier this year. 

It still means wrestling with rent reviews, tracking down good service staff, mastering 
ye' mere legislation. 

As a do-it-yourself activity it hasn't much to recommend it 

Indeed there's an increasingly sound economic case for treating property 
management as you do other professional seivices — legal, financial, architectural, — and 
buying them outside. 

Companies like St Quiritin. with nearly 150 years of property management experience, 
are an obvious choice. 

We provide you with property surveys, and conduct rent reviews. We handle 
landlord-tenantnegotiations. We look after jepairs and improvements. We find staff 
and supervise services. We can handle any aspect of property management for you /m 

throughout the UK. ySM 

A service such as this is the most efficient way I 

to make sure a property really earns its keep. f/* *• pU)I>pc 

As well as to free yourself from tiie day-to-day . g.- n 

problems that can drive tlie best of managers to the brink. r;.f' ' » S'*" ; Syl 




r i '» 

; ‘ 'J 


• ■s-.yzz 

... ■■■s-.-Jk 


\ 






\ 5 

W I 






Ji .. 




.' =- YJWI-J .. 





• - - H U 


Ht Quint iii 

• ’ • • ^ SfdVcV Sranh''. 



Chartered Surveyors 

Vintry House. Queen Street Place, 

London EC4R1ES 

Telephcn-ie: 01-236 4040.Telsx: 8312619 

and at la Park Place, Usds 1. Telephone, 1 0532 460235 


rue Joseph 11 36-33. 

1040 Brussels. ^ Telephone: 010 322 210 32 83 

Tele-W- 












22 


LEGAL NOTICES 


III flic HIGH COURT OF JUSTICE 
Chancery Duisioo Companies Coun. In 
the Maners of 

;;n. WISH of 1S«8 
EUROPEAN CnEFS ■ CATERING » 
LIMITED 
No IWIS55 cl iW 
J. fc JOYCE LIMITED 
\o nffiSS" nf 19TS 
ROSSAM P.UILDEPS LIMITED 
?;a. «'U5‘» or isn 
QiRXOTU LIMITED 
OQISSB or 197* 

FRITAM KEHfALRAM i LONDON) 
LIMITED 

aivj in the Mailer of The Companies 
Arc !94£ 

NOTICE IS HEREBY GIVEN, that 
r?: n ions tor the Wmdina-Up or Die abotr- 
named Compaaies hi the Htoh Court <r 
Justice were, on the 12th day or June 
1PIS. preswued lo ihr said Court by 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE Of Kln* S Beam House. 
3$ -H, Mart Lane. London EC3R 7RE. 
and that the said Petitions arc directed 
to be heard before the Coun sittins 
a: the Royal Couru of Justice. Sirand. 
London WC8A 2LL. on toe 17;b day or 
July 1378. and any creditor or cooinbu« 
lory nr any of l he said Companies desirous 
to support or oppose the matins of an 
Order on any of the said Petitions may 
appear at (he time of Jwa Tins in person 
or by his Counsel for toai purpose: and 
a copy of the Pennon will be furnished 
by the underslsned io any creditor or 
cunirbuiory of any of l he said Companies 
requiring sucb copy on pay men; of the 
rvgtifao.it chaw for the same. 

C,. F CLOAK. 

Kins’? fr-am House, 

39-U. Mark Lane. 

London EC-1P THE. 

Solicitor for I hr Petitioners. 

WTE —Any Person who istrends to 
annoar on ihe h»arini; of any of ihr «aid 
I**?::tioiK ntual >fnc on. or viwl hy hy 
io ih<- .i (toro-named. no: in- ip writing 
of his inu-mlou so to do. Th> - ini:le<- 
mnv state ihr <ijm>' and address of the 
jkTsaii, or. it a firm, ihr mm.- and iddrass 
t-t .hy firm, and must hi auned hy ih- 
pTi«i or firm, or his or inoir Solicitor 
■ if anyi. and miisi ho served or if po*:- <1 
inu«: he s»nt hy pos> in MllTi'*..*ni uni-, 
to reach thi- ahove-nanv-d n»d laii-r than 
four n i:lo<.+ in ih-- afternoon of rhe 
H;h day of July 137?. 


No. WL 387 or 10Ts 

In the HIGH COUHT OF JUS77CE 
Chancery Division Coowanies Couri In 
l bo Manor of J- CAULDWElI. WALKER 
l.raifTED and m the Mann- of Tie 
Companies Act. 1W8. 

N"TICE 15 HEREBY GIVEN, that- a 
Poll non n>r the W/wJincuo of the above- 
named Company by the aiqh Coun of 
Justice was on the M:h day of .tunc 
,3r5 - presi-nfod to Ihe suid Couri hr 
CHVPMAN i SONS «CRrmj(iNk LIUITEn 
■‘■base r«mrred affii-n i £ sitliaio a- 
Tsmu onb Road Croydon. Surrey 
Rudders Merehami. and that the said 
Petition is directed i 0 be heart before 
rhe Coun sltung at ibn Royal Courts of 
Justice. Strand. London Wc,\ ^ll on 
the lTi h day of July ani any 

creditor or comnbuiory 0 r ,h c SBl( j com- 
, pans- desirous to support or oppose. Ihe 
makrna of an 'Ww on the said Milton 
| may appear at the time ^ hcarlus. in 
•• p?rwa or by h:s counsel, for that purpose; 

' and a copy of the Petition iwli be furnished 
by the undersigned Io any creditor or 
uoninbrnory of ihe said Company reuuir- 
ins sueft copy on payment of the regulated 
charge for ibe same. 

BRA BY £ WALLER. 

2 Rind Court. 

Reel Street. 

London EC*A 3DS. 

Ref; F TTH. Tel: 01-583 8511 . 

Solicitors for Utc Pcimoncr 

NOTE— Any p;rso» who intends to 
appear on the hearing of the said Petition 
imusT Sfrvc on. or send by post to. ihe 
| aboie-fijm-.-d noth# in utHior of his 
| inrcnnon so io dn. The notice must s:ato 
ihe name and address or ton person, or 
i If a firm fh<* name and address of thr 
' llmt and bum be stoned by ihe person 
: or firm, or hit or lllutr solicitor ill any 
and must be r- :-d. or •f posted, raws: 
hi- -i-m by M?i w sufficient lime in 
reach ihr .iho-. c-itamsd not later tbsa 
four n ehu*f. m *»■ a/ternoon of the 
M’h Oar •>! July I97R 


No. ivm- 41 rtf 1ST* 

in thr HIGH COURT uK It ST ICE 
Chancery Division Companies Lours In 
th.- Matter nf CROYL.WO PLUMBING 
LIMITED ami hi ihr Matter uf The 
Companies \d 1W»> 

NOTICE 15 HEREBY GIVEN, rfiat a 
Petition for ihe Wmd ins up of ih* .il>mc- 
named Company hy [hr HUft Court or 
Justice was on the 9th day of June 
IP75 prvsifnii-d io thi- said Couri by 
BAM BERGERS « EASTERN ■ LIMITED 
whose rosistored ■jfllce is yriuar-- ai 
A4T-XU. London Foad. Westrf:ffe-on-Sca. 
Esses. Timber L Builders Mercbanis 
and that the said Petition is direct'd 
to he hi-ard berore the Court sitnoi: at 
the Royal Couri? ol Justice. Srrand. 
London WC2A 2LL. on the Hhh day of 
July 197S apd any creditor or enmnbu- 
tory of tbe said Companv desirous ;o 
Fupoon or oppose Ifte mahinz of an 
order or ihe said Pei H ion may appear 
a: ihe time of hearing, in ps-.t-on or by 
his counsel, tor that purpose: and a copy 
of the Pennon Mill be rurmsbed hy the 
und rrsiKor-d io any creditor or contribu- 
tory of the said Company reoujnnj such 
copy on payment of Utc regulated charge 
for tbe same. 

BR.1EY £ WALLER. 

2 3. Hmd Coun. 

Fleei Street. 

London EC.4A HDS. 

Rff: F BIl BP. Tel: ttl-Sffl Bill. 

Solicitors for the Petitioner. 

NOTE.— Any person who intends :o 
appear on the bearing or ihe said Petition 
must serve on. or send by pcs: io. the 
above-named nonce in writing or his 
intention so to do. The notice mus; slate 
th? name and address of the person, or. 
if a firm the nam> and address ol Ihe 
firm and must be siancd by the periun 
or firm, or bu or their solicitor nr anyi 
and nmsi be served or. if misled. mu»i 
b ft sen; by posi in sufficient linn- to 
reach Ihe above-named nor Inter than 
four o’clock in the afternoon of the 
■ ih day of July 19TS. 


\n <tOIHH of tors 

In the HIGH COURT OF JUSTICE 
Chaiieery Division Companies Couri. in 
rh<- .Vf.iri.-r .it .V'JHDfiC HOME DECOR 
LIMITED and in the Mau»r cd The Com- 
p*»>es A,i. IW- 

N-OTICF JS HEREBY GIVEN that a 
P.-rluon (»r ih>- R indlna up id rhe above- 
named C-vinpauj by the niah Coun of 
.lusiir-* vii un ih 1 .- 15th day of June tors 
pr-semed in ill- >sii(1 Coiin hy RILL 
MYNDi Holland i’.k.. a Dnich firm, 
iradinc ai FerWingron High Siren. 
London. W's to.t manufacturers of wall- 
paper and iha (he said Pennon is 
di reeled ■<> he h. art before the Conn su- 
nns ai rhe (tout Courts of Justice. 
Sirnrwi. London WJ2A 3LL on the 1 «th 
day or July to??, and any creditor or («n- 
lnhuiory nf the said Company desirous to 
support nr oppose 'He ntakins of an Order 
■’n the <aid Pen non may .-ippear ai ihe 
lime of h'.arins in person or by his 
counsel, for ihai purpose: and a copy of 
the Penunn -a it: he furnished hy ihe 
undersigned io any iTMflfor or con- 
mbuiorv of i he aaid Coni pan: requiring 
such copy on paemont of the regulated 
charge for ifi»- same. 

LEF. * PEMP.ERTlj.NS. 

*5. Ppm f ’.r.'vi. 

London. SWI.V uBf 
.SOJicnors f'.'i ihe PctianiHT. 

NOTE— Any person who intends lo 
appear on the hrarma ol the said Pennon 
must serve on or send by post to. the 
above-named nn-ie>- In wnting of bis 
>n;vhlion fo :o do. The uoi'co must sta'.e 
the name and addr.-sj of the person, or. 
if a firm Ihe uam>. and address of tb>. 
firm and most be ilincd by the person 
or firm, or his or their solicitor «lf anyi 
and must bo served, or. If posted, musi 
be sent by post in ..udiuent unit- to re ach 
the above-named not later than four 
o’clock m the afternoon of the 1-Kb day 
of July 197*. 


COMPANY 

NOTICES 


NO. MHS.M Of I9TS 

In Ihe HIGH COURT OF .IL’STICE 
Chanctir Division Companies Court. In 
thA Manor Of ADRIAN HOBB5 ■PHOTO- 
GRAPHY- LIMITED and in the Matter 
of The Companies Act. IMS 

NOTICE IS HEREBY GIVEN tbai a 
Penticn ror the wlndmj-up of ihr above- 
named Company by the Iti=n Couri of 
Justice was. on the IMb day ol June 
1979. presented to the said Court b? 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE ol King’s Beam House. 
3941. Mark Lane. London EC;R 7 HE. 
and tbai the said Petition is directed 
to be heard before th< Court slttma 
at the Royal Conns or Justice. Sirand. 
London VfCSA 2LL. on thi- 1 7th day of 
JUI7 1978. and any creditor or contribu- 
tory of the taid Company desirous to 
support or oppose the making of an 
Ord'-r on ibe said Pennon may appear 
ai Ihe time of hearlna in person or by 
his Couns(f for that purpose and a copy 
of the Petition will be furnished by the 
undersigned io any creditor or cuninhu- 
loiT of the said Company requiring such 
copy on payment of the regulated charge 
for the same. 

G. F. GLOAK. 

King’s Beam Ruu*e. 

3941. Mark Lane. 

London EC“K 7HE. 

Suliciior to ihe Pcutioners. 

VOTE.— Any person who intends to 
appear nn tb>.- hearing of the said Peuuoii 
must serve on or se.id by posi io :(Jc- 
above-named noiire in writing or his 
mic-nuon so in do. The notice must stat>- 
(he name and address of ibe person or. 
if a firm. ih>- name a nit address of the 
firm and must he signed by ihe person. 
or firm, or his or ih.-ir Solie’itor 'If mn 
aid musi he’ served, or if posted muM 
b^ v?nt by posi m sufHekm nmi io 
reach i he a bo re-named no< later than 
four o'clock in thi aDcruoon of the 
lJth day of July 1975. 


BRASlUVESr S.A. 
5DCIEDADE Ot INVESTIMENTO 
OL 1401 


NOTICE IS HEREBY GIVEN that tnc 
reoaii ana acceums ol me captioned 


companv. lor the ocr’>od end I no March 
31. I97B 


_ . arc available to the stick' 

hoWnrs at me othces ol Morgan 
G varan'* Trust Cv. M New Ton in: 
Brussels. 3S. avenue des Arts. 

New York. 15. Broad Street. 

New York 10015. 
London EC3 S3. Lore Card SVecr. 
t. CHI"' 


Zurich. 


■ 022 


Stocker si raese S3 


CANADIAN NORTH ATLANTIC 
WESTBOUND FREIGHT CONFERENCE 
NOTICE TO SHIPPERS 


The member Lines ol the above Con- 
lereneq operating icrv.ccs between the 
United Kingdom and the Rcouhlic Ol 
Ireland and Canadian Maritime. St. Law- 
rence River and Great Lakes pons would 
advise shippers that, due to -.he continually 
increasing costs Ol handi.ng r S roo In Ihy 


U.K_ thev have treon compelled to give 
■at arrangrme its 


consideration to (he snec .. . 
which have aoplied in resoect ol palletised 
and non- pallet lied cargo ihiuccd in con. 
vent Iona I vessels and it has seen derided 
tnar. with e»cct Irom 1st October >97« 
these special arrannements must be dis- 
continued and. therealter. all traKic 


} (relented strlcilv In accordanre nub me 
•erylce under which it mo.es. I.e.. heuse-to- 


nousc containers, house-to-oiqr or picr-to 
I house containers and plev-lo-eier I rathe. 

As this decision mil appl, to onlv a 
i small oro port ‘on ol the rargo Being shipped 
I to Canada the maloGty ol shtopqrs will 
not be altered thereby. 

Atlantic Container Line G.l £. 
Canadian Pacific Sica ms hi os Ltd. 

Dart Conralnerllre Comoanv Ltd. 
Hapag-Llovd A.G 
Manchester Liners Ltd > Joint 
Golden Cross Line Ltd. i Membership 
Ernst Russ 

CANADIAN ATLANTIC FREIGHT 
SECRETARIAT LTD. Secretaries. 
Cunard Bulldlnu. 

, Li-.-eroooi_L3 IDS. ■ 


I ... 


June tsra. 


PUBLIC NOTICES 


J SEVENOAKS DISTRICT COUNCIL 

U50.000 Bills Olfc-’ed I4 6 7E lor pay- 
•mem 19.6.78 due 18 9 73 at 9'is Aonli- 
I cation totalled £2.4Sm. No other Bills 
' outstanding. 


A HNANCIALTIMES SURVEY 


ACCOUNTANCY 



JULY 6 1978 


The Financial Times is proposing to publish 
a Survey on Accountancy on Thursday June 
29 1978 . 


The main headings of the provisional 
editorial synopsis are set out below. 

INTRODUCTION 

THE STATE OF THE PROFESSION 
INFLATION ACCOUNTING 
ACCOUNTING STANDARDS 
THE NEW AUDITING STANDARDS 
THE NEW EEC DIRECTIVES 
THE REGULATION PROBLEM 
EDUCATION + TRAINING 


For further information on the editorial 
content and details of advertising rales please 
cuntaet: 

Mike Hills. Financial Times. Bracken House 
1U, Cannon Street. London EC4P 4BV 
Tel: 01-248 4864 or 01-248 8000 Ext. 588 


FINANCIALTIMES 

EUROPES BUSINESS NEWSPAPER 


The content and puhLcatinn dales of Surveys in ihe 
Financial Times are subject to chaDge at the discretion 
of the Editor. 


! V 




MINING NEWS 


BHP’s A$350m coal sale 


to Korea’s Pohang 


BY KENNETH MARSTON, MINING ECHTOR 


AUSTRALIA'S Broken Hill 
Proprietary has obtained a major 
new coal contract worth more 
than A$3S0m (£2l9inj for its 
Gfrcjjory mine in Queensland, 
reports James Forth tram Perth. 
The contract is with Pohang Iron 
and Steel of South Korea and 
provides for the supply of 7.1m 
tonnes of coking coal over 15 
years starting in 1980. 

If is the largest staple coal 
contract signed by Pohang. The 


Utah .Mining group recently 
obtained orders for -smaller quan- 
tities of coal for Pohang while the 
Korean steelmaker also recently 
obtained approval ro take a 2» per 
cen stake In a coal . project at 
Mount Thor ley in New .South 
Wales, in exchange Tor guaran- 
teeing lo place significant orders 
of cokin? coal from the project. 

The Pohang deal is the third 
long term contract obtained hy 
BHP for its Gregory project which 


is due to start shipments in 19S0 
and accounts for -virtually the 
entire proposed annual output of 
3m tonnes. 

The first contract, which was 
obtained last August, was with 
Japanese steelmakers and was 
valued at about AS1.25bn. The 
second contract was signed earlier 
this year with the State-owned 
holding company for three of 
Brazil's large steelmakers, aad 
was worth about AS250m. 


Gold Fields plans to drill 
in the Highlands 


CONSOLIDATED GOLD FIELDS 
is seek me pl.-inning permission lo 
drill for base and precious metals 
at a site 3| miles south east of 
Gairloch in the Highlands of 
Scotland, a company spokesman 
said yesterday. 

Us plan is to diamond drill ten 
holes, each to a deplh of about 
loo metres, between August and 
the winter months. 

Gairloch w on the western 
coast of Scotland on The Minch, 
about 60 miles to the west of 
Inverness. The site is between 
Loch Marce and Loch Torridon 
iri an area which has not been 
designated either as a national 
park or of being of outstanding 
natural beauty. 

However, the scenic attractions 
of the area are such as to draw 
in tourists. But both Gold Fields 
and the Highlands and Islands 
Development Board, which Is 
charged with the economic wel- 
fare of the area, point out that (he 
site is not clearly visible and 
drilling is unlikely to have any 
impact on visual amenities. 


The local planning authorin' w 
the Highland Regional l.miiicil 
although the Secretary of State 
for Scotland has the* power io 
call irr applications for considera- 
tion if he so desires. 

Gold Fields has been seeking 
minerals in Scotland for some 
years. It first came across the 
Gairloch sire last September and 
since then geophysical and een- 
ehemicaJ work has encouraaed it 
to embark on a limited drilling 
programme. 

Present indications are that, 
even if the drilling is successful, 
only a small deposit will have 
been discovered, on roughly the 
same scale as a Cornish tin mine. 

The H1DB is in a position to 
offer Gold Fields financial 
assistance in its exploration, buf 
so far has received no application. 

In recent years .Scotland has 
been the subject of considerable 
investigation for minerals. The 
HKC last year asked R/ofinr*. a 
subsidiary of Rio Unto -Zinc, to 
rc-evaluate surveys already in 
existence, hut by November the 


work had been abandoned. 

Until three years ago. indeed. 
Gold Fields and RTZ had an active 
joint exploration programme 
based on the work of Exploration 
Ventures. 


MINING BRIEFS 


S ISICH l-J AHTAR — April output «TWlrV!9-: 
r-i T9.JM: culumhito 1S.IJ. four irooUis !n 
date lin I3C.S2: coltimbu* 119.73 Prc- 
v..m« (Nr: nn iff .91. mlombue 13137. 

ELECTROLYTIC ZINC— 

Four WMki ended 


Rtodon Works: 

Kmc 

West Coast Mines: 

Ore milled 

Lead concentrate .. 
nine concentrate 
Copper concent rale 
NEW GUINEA 


May 31 May 3 
■ fiss. in roaocs 


34.t4S 1J.934 


54.75’J 49.373 
912 I. 104 
U 0:S I7.J3i 
J.144 2.374 

GOLDFIELDS— Mai- 


production: ’i oldm RlcUrs Mill— Tons ore 
treated «S.I27». assaylua *o ta per ronr 
0.036. fine aold produced ■ ounces i 373.1. 
Am.- silver produced ioooc vs> J77.7. Edit 
Creel: .UlnviaJs— Fine sold produced 
(ounces' 23.5. tine silver produced 
•uuncef. 21.2. 

AMALGAMATED TIN NIGERIA— Pro- 
duel wn or coDcentrates for May: [in 124 
luunes (April 1T4 lonnrs ■. eolumblte 26 
Tunces lApn! 3a tnnncsi. 


Reports to 'Meetings^ '- v $ 




/ 


Hawker chief on 



■■if. stole f 


Legal com plica tloiis are holding ro his company for its cleared within fiie nerf 

up compensation for Hawker 4tnd^ ^shipbuilding • sub- Aveefc. , . . r v 

Sldde ley's nationalised 


So 


interests, the group's chairman Sir a lola l 


Arnold HaU said yesterday. 


aircraft “ d .! wl ( ^ 1IaBl * r s idd e,a, has;,ri. :jC^; W. WAEKEIt 

.IS 'performance' so'raj" this.year 
0 is ahead of the same period last 


It 

i 


of . 
value 


Addressing shareholders at the «f* 

annua! meeting Sir Arnold blamed gJJLS? “525 


Act, which he described as one • ^ c vesiins 

“ of great complexity.” Meetings SSLSSr 
to discuss terms for future pay- 


account Tor the 

year, Mr, GeorgeiLevpSi the. chair- 

annual meeting sir Arnold biamea l'r“* amounting to man * told holders and he saw 

the 1977 .Aircraft and Shipbuilding ^ repaid To the i0 h ? for ^ t 

u. a suJi .•'««* 148./ m hove 1 9 FoUowtag 01 iurXiiEr OMproyement xa 1878. 

discussions with British Aero- winnill"../. 
space, the company • -has also IT Ax/Jtl AJU. 

ments, however, have now been aSr6eA w f oreg o repayment of w P. C /.Stringer, die Ushaiiw- 

^r^r ge fvt 8 ni!vnth eS hP '-iHrfwl loans ‘totalling ^ tnati, . said^tumoYer \a tite first< 

piace next month, he added. grounds that thus will more appro- four months of - this year was 33. 

Sir Arnold explicitly excused the P«ately be dealt with in me '.com- per cent higher and .p.rofltabUity. i 
Government’s negotiators from pensation negotiations, jot -Tn& had - matched the : sales increases - 
his criticisms. “It Is not their shares.' . .. , The-, group figs: .acquired: j 

fault that they have been pre- Sir. Arnold told b^ere . VatfxhaD/Bedford maJn^fesdership> 
sealed with this Act." he said. there were -wcll knou^method^ In Worcester, whiefr , becomes 
; J „ w in the City Of ^London— more operationai from'- July l- and- h 
Only last week, Lord Robens, satisfactory than the terms ol the fop. fipaWshlp tar this many ;: 
chairman of the Vickers engineer- 1977 Act— for assessing the assets faefurej*. ; “We have Tifeh bopeir 
ing group, complained of “ shabby, of -a company. "If- there ls. any of achieving " Very good "results iri 
petty, pallry and indifferent" rdationship between the sutn_we : daVcourse.” members were tirtd. 
treatment in respect of payments eventually get and the value -or . - - . . - . •: 

— — aafK^^SS^' - bambers stores 

he commented. • -Shareholders' pf Vernon B5ashh>ii 

On current prospects ; Sir Groap voted unanimously fo® . 
Arnold said international , trade AGM- in favour of - changingf:^ 
was not expanding, making condi- nahte of thercouipany io Baxnbens 
tions more difficult.. Uncertain-. -Stored •• 
ties over wage and . dtvrdend--. afr.-S. Mirks^he chaiman said : - 


c-.J 


Provincial 

Insurance 


The combination 
quarter of last year 


weather conditions and the fire- affecting the company. Referring . Bight newf- stores,-; have; -been 
men s strike made a substantial ^ the receTl1 i™^ase. in,:-em- opened Since .foe .year-end.. :a nd_. 


. _ . _ . „ . pJoyers’ National Iasuranee con- hoty total US; 'a further T0 ;stbres 

impact on the progress of Promt- t^u tions. sa jd this would cost are due to be opened over the next 

rial Insurance Company. Hawker SiddCley about; £4m in a- few months. .Indications l-a re that 

Mr C F E Shakerley in his -fall year. On the proposed take-, iales should wflL.excfied 'the levels 

first chairman's statemenL noinre aver, of Carlton Industries, of last year and the:: future . 

oS. uS™" compsmy 6 aimed Xi> m Arnold said . V/ ; 

improve home u ndenv ritingl 


Midway growth 
for Baker’s 
Stores 


With trading profits ahead by 
SO per cent to £204.007. Raker's 
Household Stores (Leeds) reports 
an advance in pre-tax earnings 
from £136.339 to £21 $.797 for the 
26 weeks lo April ]. 197S. 

Mr. 8. Baker, the chairman, 
stales that trading in the second 
ha Jr ha 5 continued a: a satis- 
factory level and he has. there- 
fore. every confidence that the 
company will be able to announce 
record results at Ihe end of Hie 
year. For all 1976-77. a peak 
taxable profit of £223.101 was 
achieved. 

First-hair sales rose by 2H.4 per 
cent to Xl.Stim from the same 
number of units as the corre- 
sponding period. The chairman 
adds that now the move to a new- 
head office and warehouse has 
been completed and the company 
has all the necessary facilities for 
Further expansion, the directors 
are making every endeavour to 
acquire further units, and so 
ensure future growth. 

After lax of £114.000 (£71.000) 
stated camincs increased from a 
restated 2.18p to 3.3p ppr JOp 
share. The interim dividend is 
stepped- up to 0j»y7p (adjusted 
0.27p) net. costing £3.460 (£4.964) 
after a waiver by Ihe chairman 
on 1.161.534 shares — for 1976-77. 
payments totalled an equivalent 
0.565162G7p adjusted for a one- 
for-two scrip. 


Turnover for the year was 
£340.912 against 050.004. The 
profit compares with a loss pre- 
viously of £94.374 and is after 
interest of £140,999 (£204.407) but 
includes a share of associates 
profits of £562 (nil). Tax charge 
is £4.122 (111,127 credit). 

There are also extraordinary 
credits totalling £298.985 against 
a £30.208 debit previously. 

After deducting a revaluation 
surplus in 1972 on live “exchange" 
already credited to capital re- 
serve of £U0.S03 (nil) and a debit 
transfer to capital reserve of 
£4.956 last year, a nrohf nf 
£149.037 is retained comnnred with 
a loss of fllS.411 in 1976-77. 


At May 22 this year, 
Throgmorton Trust beneficially 
owned 13.85 per cent of the 
group. Meeting, Exeter, July 14, 
at noon. 


Twinlock seeks 
damages from 
Investment Co. 


Improved 
outlook at 
Westbrick 


Control Secs, 
back in profit 


Control Securities, property Id- 
ling and development group, is 
back in profit with £43.681 before 
tax for the year ended March 31. 
19 7S. following four successive 
years in the red. The directors 
arc recommending a dividend of 
0.825p per 10n share — the last pay- 
ment was O.niSTop m 1972-73. 

Earnings per share are shown 
at 1.04p i2 3^p lo^sj. 


II is alrr^i' clear that actions 
taken to date will favourably in- 
fluence the results of Mest brick 
Products for the current year 
and will arrc?i the alarming cash 
outflow previously experienced, 
Mr. 4. W. Sutherland, chairman, 
says in his annual report. 

The current .'year has opened 
with a sansfaciory trading per- 
formance. Mr.' Sutherland stales. 
Sales have exceeded budgets for 
Ihe first two. months, order books 
overall remain sound and there 
has been a healthy cash inflow 
during th/s period. 

During. ihe current year, a con* 
ccntra:ed effort will be made to 
reduce ilock holdings, particularly 
in brick activity. This will have 
the effect of releasing cash during 
Ihe second six months. 

For the year ended March 31. 
1*1781 pre-tax profits were £331,000 
against £206.000 after exceptional 
losses of £194.000. The dividend 
total is 1.5p i2.924p). 

A current cost statement shows 
a depreciation adjusintcnt of 
£124.000. cost of sales. £108.000 
and searing adjustment or £58,000 
giving a pre-las profil uf £72,000 
after exceptional losses of 
£219.000 — this figure includes an 
additional £25i)00 (or plant write- 
offs. 


The one-third National Enter- 
prise Board owned Tutaloek has 
begun proceedings against Major 
fi. L. Webb. The Investment Com- 
pany and another claiming sub- 
stantial damages arising from the 
acquisition of The Shannon. 

Proceedings commenced in 
March it is shown in the directors 
report with accounts for the 
March 3. 1978 year. 

Major Webb is ihe chairman of 
Investment Company and is 
interested in 52.3 per cent of its 
Ordinary shares. The Investment 
Company owns 5.4 per cent of 
shares In Twinlock. 

Shannon was purchased by 
Twinlock late in I9i4-75 and in 
that year Twinlock’s profit rose 
from E0.97m to Il.Olm. 77ie follow- 
ing ywir it slumped to a £0.64m 
loss and before this years £0.64m 
profit a further loss of £0.26m was 
incurred. 

Mr. A. K. L. Stephenson, the 
chairman, says the return to 
profitability coupled with the 
maintenance of market leadership 
in key areas of its business 
encourages directors to view the 
current year with optimism. The 
emphasis continues on improved 
use of funds. 

Shannon was acquired by 
Investment in 1972 and following 
the amalgamation of Shannon and 
Twilock in 1974-75 Investment 
acquired an 11 per cent stake in 
Twinlock and Major Webb became 
deputy chairman of Twinlock. In 
1976 Major Webb was resisting 
attempts to remove him from the 
Board. He is no longer a director. 

At March 3. net current assets 
of Twinlock. a loose leaf equip- 
ment. systems and filing products 
group, were £3.44m <£3.3Sm) and 
fixed assets £5.74m (£6.12m). 


results during 1977 to a break- 
even situation. At the end of six 
months this looked very likely, 
despite problems in the compre- 
hensive (household contents) 
account. Then came the poor 
results in the final quarter. 

The substantial home motor 
account grow strongly during the 
year and produced a useful profit. 
Mr. Shakerley expects that, 
despite the tendency for claims in- 
cidence to increase, this account 
should continue to produce a 
modest profit. The fire account 
had a marginal loss after the 
November storms and a sharp 
rise in fire loss wastage during 
the firemen's strike, while the 
accident account produced a small 
loss due to a poor result in the 
yacht and motor boat portfolio. 

The comprehensive (household 
contents) account produced the 
most intractable problems, des- 
pite considerable success in per- 
suading policyholders to accept 
index-linked sums insured. Mr~ 
Shakerley points out that such a 
system can only be successful 
if the base sum insured -is 
adequate and in too many cases 
this was not so. The ail-risks port- 
folio was disproportionately 
adverse producing an cxceptional-l 
increase in claims incidence and 
drastic action is being taken. . •; 

Business in the life subsidiary,. 
Provincial Life, was buoyant witlf 
life funds increasing by £5m tttf 
£3 7.4m. The actuarial valuation at 
the year-end showed a substantial 
surplus and as already: reported a 
reversionary bonus was oaid -to 
with-profit ppheyha 1 ders R) r the 
first time since' 'Uitf com] 
formed in 1969. 


cboipfirty-'wasi 


Harrisons & Crosf JeM 




Summary of Results • 

forthe year ended SIsf DctX7nber }977 


'■ism 

,.'£UW 


j97S 

moo 


Group Profit Before Interest ani 
. • Taxation ■ 


Group Profit Before Taxation . 
Group Profit After Taxation 


^l$';24,332 
~ 23,m 


,V?3£4* 


-\ 


j.” - -'’ 


<before ExtraordmaiyTtems) 

Earnings for Ordinary JShareliaMers 
(before Extraordinary Items) 


^02&53^:i3MQfr 

riiiM 11,075 


Attributable to Ortfinaiy^S^rdM^enr r r ' "- r ^ : - : 

(after Extraordiiiaiy Items) - jTQj775 ~1 3,21 6 

ivlmarv T1 !v!iIptii1< •• . ; A.HtiA. 2.532. 


Ordinary THvldwiib : -y ■ • '--L- • ■ •* 4,866 

Retained in the Business : ■ ~ n-.V ■ ' -5,909- 

•-k !..•<. ... . ' T 

rf • -.•'•-.•.re - ' ■ 


2,532 

10,684 


Ordinary Dividend • - -' v .’ v- .. - . - ■ j. 

Final dividend i 7.4p .per ' share makfeg, fije interim of 4.38p 

per share. 21.78p per share for .1977 <33p per share including tax 
credit at 34/66th£). This represents as increase of 88% compared 
with the adjusted tolaf Ojdinaiy^fivkfcndfori97fi. ' 



Y' -announced on- 6th June- 1978, the Company's offer for Hairis(msv' ; : . _ •- 
f Malaysian Estates Lfd: has become uncoaditionai in^Tlreqjec&knd- - . . - 

J. vwiiftresult in themergerofthe two Groups of Companies. 


VWilfjresult in theitKfgerof the two Groups of Compaiues. : 

/fL final dividend of I7.4p per share wifi be payabte mi'aH new ’ - 


Ordinary Jo; be allotted pursuant to 

■Cpiripaiiies. - ! " . ” . - 


the offeaM these three 




D! 


Thii advenKouicni appears <i> a mailer of rttord onls 




BANCO CREFISUL DE INVESTIMENTO S. A. 

SAOWLXO-BRAZIL 


US$20,000,000 

MEDIUM TERM LOAN 


Arranged and pros idol by 


Grindlay Brandts Limited 
Security Pacific Bank 

AL-UBAF Group 


■nhh 


Euro-Latinamerican Bank Limited 

-ELL* BANK- 

United Intematioiial Bank Limited 


A»mt 


Grindlay Brandts Limited 


THE THROGMORTON TRUST LIMITED 
Interim Revenue Statement ; 




The Board of Directors have pleasure In announcing the unaudited Reyeziue figures of the . . 
Compauy for the' six months ended 31st May, 1978. 


GROSS REVENUE 

Less; Administration and Interest 


SfxmoaUis 
to 31:5.78 
£ 

1,558,679 

208,816 


Six months 
to 315.77 
£ 

1,3814355' 
222,303 ' 


Twelve :: 
/mouths to! 
30.11.77 

-3^20^62 
' 474566 


Less: Taxaliou 


1,349,863 

.466534 


; 1,159352 : 
'415.051 • 


..'2,745,896 

' 9433S5.' 


Unappropriated Revenue b/fwd 


883,529 

681,139 


744,821 

-.680.166; 


1392,011. ’ 

7 680^85-'. 


Less: Preference dividend 
AVAILABLE FOR ORDINARY DIVIDEND 
EARNINGS PER SHARE : 


1,564.668 

38.063 


1,43*386,.. 

-•" r ^;063- 


'2^-176 ,; 


76^?» . 


£1336.605 ’ £1,386,923 £2,406,061 


2.09p 


1.79p 


438p:. 


ORDINARY DIVIDENDS 

Interim S.0% (1977—8.0%) 
Final — (1977—9.5%) 


810418 


788,531’..“ 


. 788^31 
‘*foL381 


£ 810^18 £ 788^31 £1,724,012 


Unappropriated Revenue c/fwd 

NET ASSET VALUE PER SHARE ' V*. 


£ ‘716^87 £ 598.392 ,£ 681,130 


9L2p 


67.5p ! > 


'8ti,5p " 


N.B. 1. 


3. 


The net asset value al]o-^ for full .conversion.' -of' tl{e'"8i95 "Convertible, 
unsecured Loan Stock and Values prior charges at par.' •- 
At a meeting of the Board dfij rectors today .It: was-resolved thav an interim 
dividend ! of 8.0% (1877— 8.0%1 be paid- oh 4th August 1978. fn reject of the . 

10 30111 November 1978* lo: Shareholders on the -register as' at]7te -July,. . 

T r h S , ~ v L den d w . l!! pa id on^tjttteapilal as increased by the recent conversion 
of 8i% Convertible Unsecured Ldap .Stock. 

.:.,v v - • " 21st June 1978 - .- 



KSilll 

*UT|g 


:v. f - 3m iw 
1:-^ 



TENrmtEjmm 




• *. r - • -4. ' 


v t ^ . -1978 , . • - . ...y-ers ■> > i. 

. Fbryearto’^^te^v/i^OOOt^; K 

Turnover ■ 

Group profit before tawtfcw'^v5“-‘^ ■ -^Q75 ; . ’.2;474 ' y ) // 

Return on capital enipIbyeti^-^ ilC - ^ ^ f:- • V.L 


Earnings per share 


&^:46'T9p^;. 


-r:24-0}p: 

‘i.-.-.:: -- 





-'■■U ^ 

r‘-*b 

. ::: '■i~. . 


v. 

- \ ->■ 


'r . 




A, 1 ; ■» ST 




topics -of :he Reporfaru! A<:C’-iuii\ may ac obtabi-yl from Sfrrehir 
Burhcu & Halian, shire Ho!diiv>>. Umltai, :N Psalter i.ar.c. Sheffield Si; 



'a-', *; 


*$£***»>■ 
m} ■ 







Financial Times Thursday Jane' 22 1978 


BIDS AW OE^ 



M 


in U.S 




BY JOW 4 MOORE ; .. 5 ;. 

? nd Co - brokers to N^-man 

“* ,t ” ctln ? group. Industries, on behalf of associates 



*Dh 


.^ ld • y^erday has dealt in tire, following 
agreement securities of The Investment Trust 
'-..-■ Principle Corporation: Qn June 13 sold 

"- couJ g z ^ ake an 20 - 0(t0 shares at 27Sp xd. 10,00a 

' '•• ■'• ,Sf **5? share °* shares at 276p xd, 23,000 shares 

• Automated. Building Components, at 276p xd and 55,000 at 277p xd. 
: „ ; * 'On -June 15 bought 5^82 at 275 P 

. Automated board, which xd and bought on June 16 339 
• noids ^ound 54 per cent of the ordinary ‘stock units of Barclays 
, ■■■■..'■ £*fa lty intends to recommend the Bank at 32«p and on. June 20. 
i >1 If I r, . - °° ce the necessary formalities sold 1.350 ordinary stock units or 

'I fiS s>. n av e bwn completed. The group Barclays Bank ar 312p in each 
M|a reported sales . of around S49m, case as custodian trustees- . 

1 and a net.after.taziux>flt of.«SJtm . .. . 

•- W ending Jimiaiy 31 DECISION ON 

In the U.S.' Redland has sut>- TENNECO 
...sidlaries engaged ..In traffic EXPECTED SOON 
deSce^^ch^m^Sf c ? ntr ? ] The Office of Fait ‘Trading is 
thelasr f 8 “ '2 ejected to make its recommenda- 

' Son? financ, al.year of around non today or tomoitow on 
The move s'»^> . - whether Teuneco’s hid to acquire 

nMrthSrikSi d«cnbe<J last lhe 50.2 per cenr of AJhrtght and 

SvSSl? tttaiWn JE?v°h 0Ur misoa ir does not already own 
, ' P ,a ti. te establish 3 should be referred, to the 

stronger position =- in the US., Monopolies Conu^^. 

SSl" Redllnr^T.^™ qUl, i TlSprteJsSSS-Mr. Ito, 

'■ rotentiaJ^in d »hl Hattersley, does - not 'have to 

industrv and aCce » Jt secret recommendation 

duartry and ts .w orned. that . colt- but political pressure is ui favour 

sss“ e sss2d ea sf ^s- -*s oraWo;- to u, 

Enrnm»fi! P maiSL the ■ UK and now that the unions have condi- 
European -markets so. now we are tionallv accepted it 

SS&iJSS. «SS?e J° tb * S aC o? P XSd,.nd, Wilson 
‘ i ' *** Jn™peti 10p to J75fr: yesterday 

* * . Made. - following the new that the 

* K 7 h {LSf°2 p ha ? not dec, ded on unions had been won round to the 
2? e iMiJ na , nc, “5 arrangements, deal as long as Tennkb makes a 
^ th f - i, as i, ba/ance number of commitments; 
street boiTowniE at: Redland was Mr! David Warburton. national 
running at around 44 per cent of industrial officer of- the General 
25 I i5 d "F«-W ds; T J ,W * and Municipal -Workers Union, 
net cash or £11. 4m, and medium said yesterday, “Together w itli 
and Jong Term lasn of £2G.9m. other unions who hare members 
.7'?“- . y .^ we y® hav * ‘to employed in Albright and Wilson. 

we seek formal confirmation from 
Tenneco that they wfll. undertake 



borrow." said the company. 

RACAL RAISES 
STAKE IN ADWEST 


to pursue a policy to . maintain 
good industrial relations, expand 
- ... ™ , . operations and provide union 

*. al Electronics, whose pre- representatives with- more 
Itni 1 nary resuLfs are due today. information on future devefop- 
has increased its holding in m ent of the group. The GMWV 


Ad west to 7.71 per cent. 


seeks assurances on job security 


.JfiS?.L s -J? w "* l . ln Adwrest. an and a commitment 3bat Tenneco 
- ^teraonve *nd will not adversely interfere with 
nJhPiff! ®ngnieer, first came Jo the progress of -the’ -industrial 
light last August By January this strategy in the chemical 
year, the stake had crept up to industry." • - 

6 - 5 ? ^ er . cent ~ . Tenneco is expected to agree 

^ A ^esman for Racal yester- to make these commitments in 
t J re + s?r*lt^. prev30US , sUte ‘ addition to. others which the 
tSS? «f ^SriS- e ^ ft K!S a f«^ 0 ii nleD * Department of Industry is asking 
e°al«n f raid a «Taf a p > i^i ft ?C Ad Jfr® St ' for - These include giving the 
ntSr ch^i ftiHeat possible information to the 

not come to SoSSPS. *° r % ore * f d involving; them in 
stakes are less than -5 decision-making as far as. poss, be. 


. -5 per cent 

of the companies concerned. • 

BAT DEAL .... 

GOING WELL 


The DOI is also asking for the 
majority of British directors on 
the Board to be maintained, a 
stated intention to maintain the 
positive balance of payments for 
BAT Industries - said vesterday the UK and an agreement not to 

dispose of any part of tbreoulty 
or assets of Albright without 


to pay a fee to Gras d-Eau Con- 
sultants of Jersey. “ in the event 
that certain shareholders of 
Customagic accept- an offer by 
Mooloy a/or their shares.” 

Mooloya is bidding £lm for 
Customagic and its agreement 
with Gras d’Eau was mentioned 
in the company’s offer document 
sent to Customagic shareholders 
this week. 

BARCLAYS TO MEET 
HOLDERS ON ITC 
BID 

Barclays Bank is set to meet its 
shareholders at an extra-ordinary 
meeting on July 12— the same day 
as Investment Trust Corporation 
shareholders are to meet to 
consider Barela v's controversial 
£92 6m bid for the trust. 

The bank. wh*rh sent its offer 
document to ITC shareholders 
yesterday, can expect its meeting 
with its own shareholders to be 
fairiv stormy. 

There is already some insti- 
tutional opposition to the deal 
which has promoted the launch 
of a snecia Unreel f cation by the 
Investment Protection Committee 
of the National Association of 
Pension Funds. 

Barclays said yesterday that it 
intended posting notices of the 
evrrordinary -meeting to its share- 
holders on Monday. 

At the ITC meeting on July J2 
ordinary' shareholders will be 
asked to anorove thp Daymen! of 
sums totalling £29.000 to ITC 
directors who are to retire as part 
of the deal. 

Under the lerms of the deal 
Bare-lay is offering its own share- 
worth f92.flm in a bid which 
values ITC sharps at 295" — there 
is a cash alternative of 264d. 

The key to l he bid. however, is 
the Post Office Staff Suner- 
annu.uion Fnftd’* agreement in 
.subsequently, nurrhase the invest- 
ment trust ' for £85 m cash from 
Ba»-« Jay*.. 

The oir-r document reveals ‘hit 
the PSSF inlend 0 to end FTC's 
status as an authorised invest- 
ment trust by May 1, 1979. At 
this point it would retain the 
whole, nr a substantial part of 
the investment portfolio, and ITC 
would be wound up. 

The option agreement with 
Barclays is dependent upon the 
bank acquiring not less than 77 
per cent of the issued ordinary 
canital of ITC. 

The offer document also reveals 
that Barclays earlier this month 
completed arrangements for a 
private placing of SFr 60m of 41 
per cent notes. 


that negotiations to bay Appleton 
Papers of the Ui!.— for which it 
is bidding £15Sm— were progress- consultation 
tag well and that it expected to Although 


these 


condipor 


I. IMIJD 




conclude the deal by the end of appear tough. Tenneco is. dppa- 
this mon&i. rently willing to ..accept, ffiexn 

- - - - •- • ■ - because they represent little' Ihat 

ASSOCLATES DEALS is different from its normal 
Robert Fleming . and . Co. ... on decentralised jnethod of JPPera- 
June M bought for associates J|°“- Also so 7 ie these condi- 
betag discretionary clients 5^82 were made before, in 397A 
Investment Trust Corporation at .T* 1 * pobtical presmre is now 

275p. all in favour of the deal because 

Cazenove and Co. bought 2^00 the Government doesnot want to 
Cornerraroft at 66Jp on behalf of spofl ite efforts to attract Amori- 
Connty Bank, associate oS Corner- 5*”. iweshnent In 1 the UK. m 
Crofi. fact Mr. Alan Williams. Minister 

Rowe ?nd Pitman rHurst-Brown State for IndustiT, who has 
bought for a discretionary in- been dealing with the Tenneco/ 
vestment client 5.000 Cement- AJbnght case, recently went to 
Roadstone Holdings at 83p. U.S. to encourage bustaess- 

Hedderwick Stirling Grumbar ' men 1° ]nv est in Britain, 
and Co.' brokers to Newman _ _ __ y _ v . 

Industries, on behalf of associates " MUULU 1 A 
of Newman has bought 20,000 The City Take-over Panel con- 
Wood and Sons (Holdings) at firmed yesterday that it was seefc- 
55Jp. ; Ing further information front 

Hedderwicfc Stirling Grumbar Mooloya regarding an agreement; 





Sunderland and South Shferds 
Water Company 


RESULTS MAINTAINED 
AT SATISFACTORY LEVEL 

The following matters were referred to in the Report and 
Accounts presented at the Annual General Meeting on 
Wednesday, 21st dune, 1978, and in the statement by the 
Chairman, Mr. Walter B. Allan: 

During the year ended 31st March, 1978, the average dally 
consumption of wafer in the Company’s area of supply 
was 29.2 million gallons, an increase of 1 million gallons 
per day over the consumption in the preceding 15 -montn 
period. Domestic consumption increased substantially 
by 1 3. million gallons per day, a rise of 6 %. 

For the second successive- winter the rainfall in the' 
upland reservoir catchments was above average ana 
..Derwent Reservoir again overflowed. The water supply 
position iSi therefore jratjafeefcory* > •’•. ' *• , - 

Water frop*. the River WeaVSchenie became available in 
-March this year to augment the Compands resources by 
S million gailons-per. day. The final cost of the works is 
iexpectad' to be i£74m- The River Wear Scheme is de- 
s/gnerf for extension to. permit still larger quantities ot 
water from die Northumbrian Water Authority's Welder 
•Scheme to be abstracted from the River Wear when 
L'tbe -latter; Scheme ts. completed. Adequate supplies or 
:water for domestic --and industrial consumers are thus, 
assured until the early years of the'/rexf century. 

The year's financial results. we re satisfactory .There was 
little change in the balance carried forward on Net 
Revenue Account compared with the position at Jist 
March, 1977. The balance carried forward somewnat 
higher than had been expected when the 1977/78 budget 
was completed in January, 1977, and as a result ™e 
Directors were able to maintain water rates and charges 
for the current year at their 1977/78 level. 

The Contingency Fund balance has now increased to a 

more realistic amount, standing at just over dL 

31 st March this year. 

A white paper on the future of the wafer was 

published in July, 1977. The Government reiterated the^r 
intention thatthe Companies should ^ dationa^sed b t 
the threat of nationalisation was at least temporary 
removed because of lack of Parliamentary support lor the 
proposal. Your Directors will continue to support 
Water Companies' Association in their opposition to 
nationalisation. . 

Sunderland an d'Soirth-S Welds Water.Comp any 

gffJohnStrteti-Son'derfand'SRtIUT. -. 


p^tdge water 

With the restore* inn yesterday 
of the shares of Bridgewater In- 
vestment Trust following the 
interim settlement of the dispute 
with Law Debenture over the 
terms of the loan stock, the sale 
of Clifton .Investments’ 54.9 per 
rent stake, to Sage&, the Swiss 
company bidding for Bridgewater, 
has gone unconditional. 

-At the same time Sagest has 
issued its offer document in which 
it says it intends to get approval 
■ tor Bridgewater to be an 
authorised investment trust. It 
proposes to concentrate on small 
to medium companies but will sell 
Bridgewater’s existing unquoted 
securities. 

Its main priorities, it claims, will 
be to utilise existing tax losses and 
to buld up the asset base by waiv 
ing its own dividend entitlements 
until this is achieved- It also pro- 
poses to inject long term loan 
capital Into Bridgewater. 

• The document also contains 
details of Bridgewater.'s results to 
.March Si which show that there 
were pre-tax losses of £9,488 last 
year compared with profits of 
£4.742. Income was £42.000 
(£46,400) and management fees 
were £35.368 < £28.805). 

Sagest is offering 6.6p in cash 
for each share which compares 
with stated net assets of 5.6p in 
the unaudited ba’/ nee sheet 
accompanying the offer. 

- CORNERCROFT’S 
REJECTION 

. Cornercrofl has rejected Arm- 
strong Equipment’s £Z.6m cash bid 
as inadequate on the grounds that 
it is substantially below the asset 
value of Cornercroft and that the 
| price offered ignores its potential. 

' Cornercroft said in a circular 
.dispatched to shareholders yester 
day that its net tangible assets 
at September 30. 1977. amount to 
about £2.4m or 96p per share com- 
pared with Armstrong's cash bid 
of 65p per share and its alter- 
native share offer worth £1.7m. 

At the same time, Comercrolt 
reported group pre-tax profits for 
the first half to March 31. 1978 
up 19.3 per cent to £136.000 on 
|-a..- turnover increase of 12.7 per 
cent to £2.51 m. 

The improved' performance 
reflected 3 turnround bv Corner- 
croft Engineering 3nd better 
results from its pumo manufac 
luring subsidiary. James Beres 
ford and Son, and Cornercroft 
(Agriculture). 

>- W7th group -order book .vt June 
1/ standing some 86 per. cent 
JilgKer -at £2.83 m and sales for 
the first eight months' rising -18.fi 
jjer cent to £3. 65m. Cornercroft 
_is. expecting the fall year’s pre-tax 
^profits to be higher than the 
£259.716 in 1976-77. 

Cornercroft also said its Board 
Aspects-. to recommend a final 
dividend for the current year of 
'2.9275p net which would repre- 
sent. together with the interim 
dividend of 3 .22 52 p. a total divi- 
dend of 4.1527d or an increase of 
39 oer. cent over last year. 

. The company added that It has 
no objection in principle to being 
taken over by Armstrong 'and, “ if 
a fair price were offered, the 
Board would recommend it.” 
Comercrnft’s Board will not 
accent in respect of its holding 
of B.4 per cent. 

JOVE/KINGSIDE 

Offers made an behalf of Jnre 
Investment Trust for Ringside 
Investment Company have 

become wholly unconditional and 

-wil] remain open for acceptance 
until further notice. Offers have 
been accepted in respect of 
8.607,969 (95.4B per cent) ordinary 
Klngside shares now converted 
into deferred shares and S.60J,9fi9 
new Ringside ordinary shares 
.-(95.49 per cent) -being the new 
Ordinary shares allotted by way 
Of capitalisation. The cash offer.- 
which has been accepted . in 
respect of 6.575.174 new Jove 
Income shares and - 6.575.174 new 
3bve capital shares, has closed. 


An air of gloom 
at ‘Lofs’ 


23 


NOT ENCOURAGING. That is 
how Mr. Basil Mavroleon. chair- 
man, describes the outlook at 
London and Overseas Freighters. 

He says that as he wrote his 
annual .statement he was faced 
with the problem of whether or 
not to lay-up the 138.000-ton 
tankers on completion of their 
current voyages. All things 
considered he is hopeful that they 
will be able to be kept trading, 
but he adds that it would be 
foolish of him to predict any 
substantial improvement in the 
outcome of their operation during 
the current year. 

Nevertheless, he is firmly of the 
view that the future profitability 
of Lofs depends mainly on the 
large tankers. 

Mr. Mavroleon explains that in 
times of depression — which he 
thinks may continue for another 
couple of years — tanker losses 
are substantial, but when rates do 
improve to a profitable level it is 
surprising how' small an incre- 
mental improvement in. freight 
rates can produce an enormously 
increased profit. 

There has been some improve- 
ment in both tanker and dry- 
cargo freight rates since the end 
of last year, but it is too early to 
say whether or not these improve- 
ments arc likely to be of a last- 
ing nature in relation lo the 
vessels in the company's fleet. 

As already reported, after 3 
II. 75m surplus on disposal of 
vessels a £3.25m loss was incurred 
for the year to March 31, 1978: 
ihis compared with a profit of 
£5. 26m for the previous 12 
months — nearly all of which was 
attributable to vessel disposals. 

The ACM of the comnany will 
be held at the Baltic Exchange. 
EC. on July 11 at 11 am. 


with Cable TVust in July last year, 
a maintained dividend on higher 
capital .was anticipated. "Basic 
earnings per share are 5.775p 
l5.107p) and 5.492p (4r.Uu2p) fully 
diluted- 

Tax. charge Tor the year is 
£6.09 rn (£a.52m» and minorities 
£743.857 against £673,288. 

Net a-*-* 6 * 5 Pcr_ ordinary share 
are I55}p and Ulip 

(137JP) allowing ror full 
conversion. 


Seafield 
Gentex 
cuts loss 


Globe 

Investment 


Gross revenue of Globe 
Investment Trust amounted 10 
£lS.44m in ihe year ended March 
31. 197S against Xlfi.SSm 

previously. Net earnings were 
£9.33m compared with £S.2flm. 

r\ net final dividend of 2.4p 
makes a total of ap U.lpi. At 
ihc time of the mer-’er proposals 


THE TRADING loss at Seafield 
Gentex was cut from £246,769 lo 
£74.344 in the March 31, I97S 
half year. Reflecting the disposal 
of Milano Fnshioos and Castle- 
guard Textile Co. turnover fell 
from £S2m lo 16.53m, with 
£5.2203 against £ii.43m related to 
exports. 

The improvement in the trad- 
ing loss is expected to continue 
for the remainder of the year, 
however terminal losses and re- 
dundancies at Castlcguard and 
other companies are expected lo 
be absut Mom. 

Mr. R. D. Lord, the chairman, 
says that 3s some 80 per cent of 
group turnover is in exports any 
worthwhile improvement in Trad- 
ing conditions depends on the 
implementation of the Multi-Fibre 
Agreement and on recent modifi- 
cations to the Temporary Em- 
ployment Subsidy. 

-It seems Lhat it will not be 
possible to assess the benefits of 
these changes untij probably the 
beginning of 1&79." 

He says the improvement in the 
first half came as a result of 
management action, as normal 
trading conditions have yet to 
return to ihe group’s sector of 
the textile industry. 

After loan imercs: of £17.056 
(£18 000) and minority interests 
of £2J)06 1 £261 1 the attributable 
loss came out at £88.494 

l £264.3081. 



HOLDINGS 


LIMITED 


GROUP RESULTS 


YEAR TO 1 APRIL 

External Sales 

1978 

(52 weeks) 
£000 

66,622 

1977 

(52 weeks ) 
COOO 

63,706 

Prof it before Taxation 

5,156 

5,793 

Taxation 

2,456 

2.936 

Available profit of the Group 

2,648 

3,776 

Earnings per 25p share 

11. Op 

11. 6p 

DIVIDENDS : 



Year to 2 Apri 11 977 

Supplementary final 

0.0507p 

_ 

Year to 1 April 1978 

Interim paid 

1.63p 

1.46p 

Final recommended 

3.681 5p 

3. 2955 p 


Annual General Meeting 

The Report and Accounts will be posted on 3 July 1 97 S and the Annual 
General Meeting will be held at 12 noon on 28 July 1978 at the Albany Hotel. 
Small brook Queensway. Birmingham B5 4EW. 


r.H LLOVD HOLDINGS LTD. JAMES SaiDfiE STEEL VVO^S. NR V.EDNESBURY. STATES. 



Principal Operating Companies : Allied Irish Banks Limited. Allied Irish Finance Company Limited. Allied Irish Investment 
Bank Limited, Allied Irish Banks £I.O.M.) Limited. Allied Irish Leasing Limited. Allied Combined Tru-t Limited. 

The Annual General Meeting of Allied Irish Banks Limited will be held at 
jury’s Hotel, Ballsbridge, Dublin 4 on Wednesday, 28th June, 1978 at 12 o’clock noon. 
Extracts from Statement of Mr. Niall Crowley, Chairman. 



Results 

In this my first Annual Statement to the 
Shareholders as Chairman or'A.f.B. I am 
happy to report another sucecssfu l year of 
growth and profitability. Thanks to the 
ground laid by my predecessor. Dr. E. M. R. 
O'Driscoll, wc haw huilr on the solid 
foundations ofastrongand united banking 
group and achieved •.Jii-.factory progress in 
all sectors of our business. 

I appreciate greatly the confidence which 
has been shown in roc personally hy my 
appointment: as Chairman. 1 am deeply con- 
scious of the responsibility of the t3sk ahead 
and I hope with the aid oi my colleagues 
to tackle it resolutely and imaginatively. 

It was a good year for Allied Irish Banks. 

3 am happy to report that wchad a very 
healthy increase in our deposits and in 
our lendings and, a* a result, oar profits 
increased by so n „ to £44.501 (before 
taxation provision of £ 12.701). Changes is 
interest rates during the year were a 
significant factor in that outcome and I do 
not, of course, envisage that our profit 
increase for this year will be 50 dramatic. At 
rhesame time. I can assure oar shareholders 
and customers that we have been scaring 
oursel ves for the future at home and abroad, 
and. despite the uncertainties of world 
economic condition?., I jm confident that 
our Group will make significant progress in' 
the year aliead and will play us full parx.in the 
national programme for economic recovery. 
In the year under review we have been 
greatly helped by a substantial increase in 
shareholders’ funds, through the largest 
ever Irish Righ rs Issue of £ 1 7m and a 
revaluation of premises. Therefore, despite 
the shortfall in retained profits in meeting 
the 6.5% ratio the addition, of the items to 
which I have just referred has placed us in a 
strong capital position with a ratio of 7.1 ° v . 
We appreciate the positive response from 
our shareholders to the Righb Issue. A.I.B., 
in common with other banks, finds it 
necessary in these inflationary times to raise 
additional capital periodically. Wc are. 
however, reluctant to go too frequently ro 
our shareholders and therefore, we seek other 
wavs and means of increasing our capital ba«c. 
It was for this reason that we raised S^om by , 
way of Floating Rate Notes in March, 1977. 
The recommended final dividend is 22.75 " o 
which, together, with the interim of 7.25°,,, 
will give a total of 30 ",, for the year. This is 
25% up on last year’s payment:. 

Economic Trends 

The economy of the Republic is expected 
on best forecasts to grow at an annual average 
rate of over 5 % in the period 1578 to 1982. 

A sustained growth rate of this magnitude 
will call for an increase of thcordcr of 70" 
in investment in real term*. The achievement 
of this high growth rate is necessary if 
unemployment and its con sequent soda! 
evils arc to be effectively tackled. -The very 
large new investment, upon which increased 
productivity and value added depend, will 
be feasible only if society accepts the need 
for an adequate level of profit in the private 
sector. It is vital for this sector to have 
available an adequate supply of capital. The 
size of the pool of investment fluids is 
limited. Iris essential 10 ensure thar 
Government spending, beneficial and 
necessary as it is in the short rerm, should 
not swaliow up an undue share of investment 
funds to the detriment of private industry 
which is the mainspring ot the economy for 
continuing longer term growth. : 





Mr. Niall Crowley, Chairman 

In this context. I uouid like ro pa}’ rribuie 
to the major role which the Industrial 
Development Authority and other Govern- 
ment Agencies play in attracting oversea*, 
investment and encouraging borne industry. 

1 am pleased that the Group has been able 
to co-operate fruitfully with the IDA in 
providing finance and. through our offices 
in Brussels, New York and Chicago, in the 
search for new industrial investment. 

At this st3ge, there is a vital need for a 
united commitment by all sectors of the 
community to the twin priorities of the 
encouragement of industrial grow th and the 
provision of jobs. 

The economic problems of Northern Ireland 
are even more difficult and daunting than 
those in the Republic. Over the years, I have 
visited Northern Ireland many times and 
have been greatly impressed by the courage 
and determination of the people in coping 
with the grievou** problems with which they 
have been faced for nearly a decade. \Yith 
the aid of that courage and determination, 

I would hope and expect that eventually, 
when more peaceful conditions return, the 
Northern Ireland economy will grow rapidly. 
We in A.I.B. will be there ready to play our 
part in that economic resurgence. Mean- 
while, we will continue to contribute as best 
we can to maintaining economic activity in the 
present difficult environment. 

Our contribution to the National Economy 
and to our own growth and prosperin' is 
through the services we provide to our 
customers. Our constant aim is to be 
sensitive to their changing needs and to 
adapt our services accordingly. In this 
context I am referring to the Group as well 
as the parent Bank and in particular to the 
special skills and services which our 
Industrial Bank and Merchant Bank provide 
as pan of our comprehensive Group 
fad lines. 

I am confident that in this era of strong 
competition our reputation for that extra 
degree of service and courtesy will continue 
10 prove one of the Group’s most valuable 
assets. In particular we are aware of 
customers’ need' regarding branch opening 
hours and this question will be kept under 
review. 

Bringing the convenience of banking to every 
comer oflreland t.and farther afield) is a . 


costly exercise in a labour intensive industry. 
The maintenance of the Group's growth in a 
climate of continually rising costs is a 
challenge to our Operating efficiency. The 
answer for banking as in every field of 
economic endeavour is in ever increasing 
productivity. I am glad to say that this is a 
shared objective of management and staff 
as is evidenced by the terms of a new 
productivity agreement recently concluded 
between the Banks and the Irish Bank 
Offidals’ Association. 

Tie Staff 

Another key objective is the encouragement 
of mist and' confidence between Staff, 
Management and the Board, which will I 
believe, lead 10 a better climate of industrial 
relations in our industry. 

Banking generally has come through a period 
of rapid development in the last decade and 
the stresses and strains caused by the pace of 
change did cause periodic problems. Never- 
theless, iris only right to emphasise that 
without the strong commitment of our staff 
in every sector of the Group wc would not 
have achieved the fine results to which I 
hare referred. The achievement of goals in 
every held depends on the skill and hard 
■work of everybody in our large organisation. 
This is particularly > o as we provide a people 
intensive service, and the image of the Group 
jn the eyes of our customers is projected by 
our staff. I am sure that our shareholders 
will join me in congratulating them on their 
very successful achievement. 

Board and Management 
I am happy to record my appreciation of the 
enthusiastic support and encouragement 
which I have received from my colleagues 
on the Board since I assumed the 
Chairmanship last October, and of the 
constructive role which they have played in 
rhe development of che Group’s policies. 
During the year we were happy to welcome 
on to the Board of the Bank. Air. M. \F. J. 
Smurfit, who as Chairman and Chief 
Executive of the Jefferson Smurfit Group of 
Companies, i* one of the most highly 
regarded businessmen in these islands, 
and Mr. M. J. Murphy, who is already well 
known to you as Managing Director of 
Allied Irish Investment Bank Limited. 

I record, with regret, the death in August last 
year of Mr. R. T' D. Langran, who was a 
former Chairman of The Royal Bank of 
Ireland Limited and a founder Director of 
our Group. 

Finally, on behalf of the Board and our 
shareholders, 1 wish to pay tribute to the 
management to whose initiative and energy 
the strength and progress of the Group owe 
so much. 

FEATURES OF THE 
CONSOLIDATED ACCOUNTS 


Year ended 31st March 

197S 

1977 

£000 

£000 

Issued Capital 


11,088 

Share Premium and Reserves 109,432 

72.373 

Total Assets 

2,120,655 

1,748,838 

Current, Deposit and 


1,606,834 

Other Accounts 

1 . 927*523 

Advances to Customer- anil 



Other Accounts. Le»s 



Provision* 

1,009*472 

79 C , 337 

Group Profit before T.i\ 



and Special Provision 

35 * 45 s 

24*468 

Profit attributable to 



Shareholders 

=i,6 16 

14,395 

Earnings per =jp .hare Da-:; 

4 *. 9 P 

3 &- 9 P 

Fully Diluted 

36 . 7 P 

26.8p 


Copies of Report and Accounts and Chairman's Statement are obtainable on application to: 

The Secretary, Allied Irish Banks Limited, P- 0 . 60x452, Lansdowne House, Ballsbridge, Dublin 4. 


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INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


t ; \ ' jj> 


Kennecott 

victory 

challenged 


By Oar Own Correspondent 
NEW YORK, June 21. 


Government approval for 
merger of Lykes and LTV 


Director 
resigns 
at Husky 


Loss at Litton^Ms y|Pi 
after warship settlement 


NEW YORK, June 21. BY JOHN WYLES «r,Y« IUKK. June **■ MONTREAL. June 21. . j—j,.-™ „ ^ ^ l05s with tfie Navy.pa^ine B*6e». 

THE Curtiss-Wright-Kennecott THE V.S. Attorney General, Mr. assets." However, he questioned that the LykesiTV union wUl MR. GLENN NIELSON, Chair- «mm as ra extra $484m on a contract for siYe/desvgn changes. 1 As In the .. 

Copper Corporation proxy Griffin BeU today ended a major whether assets could be sold be followed by • several other man 0 f Husky Oil, has denied “ rex SL, IS nuclear powered submarines. Genera* ‘ Vynmlcs. ./ffla 

battle plunged into even deeper industrial clifF-hanger bv agree- quickly enough to do substantial acquisitions which will not help reports that the Board was or a SMlKmem win tne ^ settlements tavolvirtiie Nm r seems ^ttr faave -beeu iHi- 

confusion at the reconvened j n g to the proposed merger of good. the cause of anti-trust in one of seriously split over its decision u * 5 - vwca. ® °“® GoTCmmeat in extra paymealS:o£^P«ll€a towards.^ settlement^ ./ 

Kennecott annual meeting LTV Corporation and Lykes Cor- Describing It as a very tough the country’s most important t0 accept a share-excbange bid ^spute otct exta cosm on t ;: 

yesterday, when it was uncfey poration, which could have far- decision. Mr. Bell acknowledged industries. from Occidental Petroleum of a $i-09bn snipbuilding contract. ^ Thornton .said last -night 

as to whether the company s reaching consequences for the that his anti-trust staff and the Apart from arguing the “fail* jjje US. and reject the offer In the wake of the settlement his company would take- a to' the. eflttpatiy^aqtilty to per- 
Ust or directors had actually u.S. steel industry. The two head of the Department’s anti- ins company ” .case, LTV and from Petr o-Canada, the Canadian announced yesterday, Litton’s . pre-tax loss this year of ^33m ; -fonB.‘_0n. Othefteoh.tracte. 

been formally re-elected companies originally agreed to trust division, Mr. John Shene- Lykes sought approval for the National Oil Company. But it chairman, Mr. Charles Thornton, comprising the S28Gm is the-.. -/In-, >d<titfoa;;to>.tfc8 LHA’s, .• 

a.] though uurtias-iVngut is merge last November. field, were opposed to the merger, merger on the grounds of ini* w later confirmed that Mr. warned that instead of the record settlement and.S133m in' «laut-np ; , Litton has. «RiOTds;Worfii mere 

not snoarenilv dunoune that .. — . .. £»..# <hn ne rvtai' prnvud pffitiianm T» ulH ... . n Tu.a.,j , i : i na n.Jnn. ovnantdri f mm flip .. . r D«cMirnnh-.. Mrssia. i tkan, Sdhn -frt'hrrf Ajefrflir. . 


NEW YORK, June 21. 


By Robert Gibbens 

MONTREAL. June 21. 


BY OUR OWN CORRESPONDENT 


NEW YORk, JmfcV2!c 


not apparent) 3’ disputing that 
the Kennecott list won a 


ih- KmmhIi a Mr Bell made his announce- But tbe weakness of Lykes' proved efficiency. It was Mid ward C. Pitfield had resigned earnings expected from ■ the :co&tg for Its PascagouI^ MxssiB-^ihag^bn -to destroy- „• • : 

HEhJfiUrf S« w i!S!im 7 metu this morning after wrest- financial position “led me to that the new. company would be from Ule Husky Board late on diversified company, there would iipp ^ shipyard. Analysts had - erg . .Possible^ cdgt 'Overran* m _ 

rawriJofsharelioWen vultt Un« with the problem for manv conclude that Lykes faced a WO peri cent self-sufficient in iron ^day. now be a “ substantial ioss " in e j£ectefitbfi company-to returntfcese <Mntiactg;.%;wver«i:hy 

u ^niSnc 2 . 'r weeks. On the one hand.be has - raVe probability of a business ore, 100 per rent . self-sufficient ^ ^ directors, except two. the current fiscal year. Litton is 570m in net profits-for theragr«mem_to,tfie^erteut that >. 

S !?iI.rtoli he !nd« °hJ been advised by the staff of his failure in tbe near future, and in high-volatile coal aud the present at the Board meet- to absorb $200m of the S647m ^ fiscal year which Vindicates. ***3 -.**6®*-- - 

f? n reported today by the a-fijnjst division aeainst allow- tt 121 the prospects lor turning possessor pf adequate coke- . a t -which both offers were additional payments it nine claim- ^ i fter post tkx loss - of ' equally.- Up ,to/&f 00m. Anything 

US^ffiStalT^rl £SS? B tt inR ^ merger, buf^n t heather thte situation around absent the making plant Separately, neither c0 ^ idered ^ Nielson said. “It ing. whUe the Navy, assuming company's deficit will -^^Llttim’a r^ 

tasSlore of eleclfoe £ he was keenly aware of the proposed merger were highly company enjoys these advan- "rSrSaJSmotw decSion 0 f Congressional approval, Will pay £ ^“^31, SHfem. ./ of 4 

A, th? reconvened^ annual Political problems for the Carter speculative.- said Mr. Bell. tag«. . al | thwe present to approve the balance. .. dispute With .tbe ?» 

meetlns to accept the tnsuec- Administration if Lykes, as a .Jf be Government .has At the same time, the two occidental's offer, when made." This settlement comes just -il stemmed from a ^IJKtfin.-. liittoa, v y,. •. - ^ 

tons' report Curtiss-Wrlehi res “lt of a veto, was forced to cleared the way for a combina- companies steelmaking . an ? He said two of the tweive days after an agreement, to end'^tract to build ..five . amphibious rvTlie.- sdll h^.. qttB re- J 
moved the rejection or the re< ^ indar1 ^®® at ureest^steeT conwanv^fn ^the tiTbe^om^lemmt^ 6 An* LTV directors were absent for clear a similar dispute between the' assault ^bips, known dispute m ri<A 

reported ballot result and l *s plants m Youngstown. Ohio. Sw tjs stee? a'nd official h^bee^S-rt^s sIT reason®- One, an American, Navy and General Dynamics, The Tyro have so ^ taen^eljvwed, ;wtfl^^t.TeTOeec^ ; whIch; : Iia» > 

claimed that it had won this In the event, Mr. Bell revealed Bethlehem Steel ’ Pho merser fiSthat rift* nnmhffniJ mar already aware of the bids and agreed formula provides for; very much behind schedule,'^ I^^^42m^eU6iQSagaiiist,: 

vote by 12.057m votes to this mominfi that the merger Jo S ^‘ a V 1 ® ^ favoured Occidental: the other, a General Dynamics to absorb a. for the past nine jews. *lttpn : tye - 1 ... 

12.054m. However. Kenuecoit's between the . steel industry’s sLel comoan? with Lvki’ Is arSult of SSih JS55 Canadian, was absent because his ^ — — ^ ■ ■ \ ' •/ " . 

chairman Mr. Frank Milllken. seventh and eighth largest com- Yomi-stoZ Sheet and TuS be achfeved tSw? S mer4r Bna. Pitfield Mackay Ross, rep- „ _ „ _ L- v- - / V ^ 

had previously ruled that this pames .could go ahead because rJ n uULm-JL! • ri^n n .. r,r l\ resented Petro-Canada in its XT O i. J • : 


:• spoE&fbill^F, Ij^^j pericent. of 

-nntT'' An^'diliitiwriinVir ~nr? l 1 • ^ia. «a 


meeting to accept the luspec- 


reporled ballot result and 
claimed that it had won this 


^dprevlously ruled ? at this Ojnies ™Mzo*head because ^fV^ther^o SmaWng ^^SS^SSI^ resented Petxo 

challenge was out of order, f ihe g company excep- hiisinpsiipfi whn«e manaeers are for the merspr waft nobHnH under offer to Husky. 


cuauenge was oui or onier, « : «wp- businesses whose managers are for the merger was needed under °™r to «u**y- 

Suntf.-fSS 3* SS A.? thT ^ optimistic about turning around the terms of a consent decree However “it 
was Judged hy CnrtLss- Wright said that the Department had ah ratinnnlisatlnn and enn- which fnllnwed T.TV= oom.isiHnYY a surprise to 


to have overturned his ruling. 

As a result. Curtiss- Wright is 
claiming that the Kennecott 


was a shock and 
find Mr. Ward C. 


U.S. Steel: debt rating 


Lykes' Indianna Harbour Plant sible for killing off an already The merger is one of ihe big- Minister Mr. Jack Horner, said Steel’s senior debt issues. 


v. ■ . . ; -'"y 'SpisiK^Iifcae '2L ‘ 

feim single- A to A-aifauSi :SiinI-,-iibtL; ; tje - maintabj^I atT previous 7 " 
lar changes were made mt:. titer: levels because of'.sulKtantial in- ... 
company's pollution ; control?: gad ^creases In debt .aid interest costs 
industrial revenue bonflt.- i*?>: r.pvfer^e^gasf two years. . • 

^.Standard and- Poor's,. comment-^:-" .ypatiug: 7 . redactions will . 
ing 00 the - ’ decEsibii, . / saidv fceaaltha.t-ir^. .Steel vwU have to -.v : 
although th e company's^; operat- •• pajr- a ^ .hjgher- iTit e rest rate on. _ : • 


on a claim that some R30,000 at Youngstown was losing sym to xnainied community. gest in U.S. history creating a the Oxy bid for Husky will Ratings 00 senior debt are. £ng results are showing ff strOTg dwit i^.hff-&an woald otherwifie-. 

IS n » , 5-£I ir 8501 a m onlh despite favourable However, the Department oF company with combined assets “definitely" have to come before being reduced from double-A. to recovery, it doubted: that -t?J me be-ilhe-T^se.'. and.wiU.put iu-.j, >. 

neni,efo, ‘ 1 PJ mrec- market conditions and high Justice's anti-trust division is of more than S3.6bo shareholders the Foreign Investment Review double-A-niinus, and on the years immediately .ahead. its.. fey, creased' -pressure'- on the com- 

tors were revoked the dav ir_ n.n . I . .. . - 1 ' A r ” I- ...i .I - Ch^t.^y. 1 wimM >tr* nontF tA.Wnnw(TfA ftr nfV%CfnLn?Kr 


fnre uipfA rmrnlfi mA Iho A-**r *77 — . u u.iuvv j uuu * miuu j j vi uiutq uiuu oi.uuu, 9UBIC|l'.NUtria “ 

fk. capacity utilisation, Mr. Bell believed to be gravely worried funds of more than $900m. more Agency for a ruling on whether company s 

„*ST “Sf’ noted, and he added that there about the precedent which the than 80,000 employees and com- it would he of significant benefit 

L appeared little hope of a slgnifi- merger sets since there are bined sales last year of i?6.4bn. to Canada. _ 

^nn7«.H ^ noa ° cant improvement in the si tua- several other steel companies The ranking o! the combined X'L 

rw i tion - which meant that the com- with out-of-date plant, precarious company i n tbe Fortune list of _ _ I ,f] 

Hn ilrir !« i paoy “would have no alternative balance-sheets and uncertain top 500 companies at the end of AJVCTT niAVP nn 

ffi? 1? «! k .® rfr ™“ of but to dispose Of substantial business prospects. They fear 1977 would be 23. lN I OIL IllOVe Oil 


subordinated .debt financial ratios would return ‘Aft jpany tow improve; its profitability-. 


the proxy soiicilation. either 
through negotiation with the 
Kennecott management or 
through court hearings which 
start this week. The ebances of 
success hy the first route are 
remote, but a court upset in 
Curtlss-Wrighl’s favour should 
not be ruled out. 

• Renter adds from New York: 


Chris-Craft denies Fox plans 


Gen. Public 
Utilities 


Eastern expects record 


NEW YORK, June 21. 


.V ■ - ^ ^ ^NEW T’O^ Jiine 21. 

RftpJlP (JpaJs IN A further statement filed with’ to order Chris-raft : ito': state. vFox cwainoa.sharas puts tanding 

the Federal Communications definitively whether lit vplans a-.Thjs igpiasentB" -au Increase o^iu 7f 
Eache Group's repurchase of Commission fFCC), Chrfs-Crtft ,Fox takeover and charged titat fiU.OOO^araa sinoeFo^s petitfor^ 1 “ 

560,000 of its shares at a premium Industries denied any plans to the diversified pleasure boat and to' tiie^CC when it' was., statei 

of almost SL2m above tbe market seek control of Twentieth- broadcasting concern had: “pre- that: Oris-G!raft owned ®4,5(K • 

t V-:—— : -J V.. n-_. f r:i_ .W.. o-.l. DC . JurtTi 


NEW YORK, 


were upheld aud it had been 


uk»ic»u uiu it uau uwn n .,.j iim „*■ ci in a company last pain a casn <iuue are imiowing in 

allowed to use 800,000 extra p ” ed S57 * 1 ™* 0T J,, * dividend of 12} cents a share in of May's increase in 
votes, Kennecott would have 5]?H e .:J? a ' ^ es .„ rcv t«| August 1969. Eastern's previous passenger 


The company last paid a cash June are following the pattern co ^ m ° n st °?k 


; / . Graft owned 716,500 shares ibr : a34 75 $37.75 a; share- . 


won the ballot by voting 1.3m record ne * profit was S45^4m in July add August are even higher *vZ nmnonunc 

votes otherwise disallowed, it 5*11# 10 7®« and this was followed by than they have been so far in j~i'l^,rL se ^* s l 0c iL baC K..!?-J?5 EUROBONDS 


S5 55.67m, 


increaw in revenue assessing the fairness of a situa- On June 7, Fox asked the FCC- about 9.3 per cent 'of the .7.7m AF-DJ\. v -‘.i - 

mUw BooWnus fSr tion wbere a haQdful of Eache , ' -s •- - ; .v ^ L- - 

ucust are even hisher G i"® u P holders were able to ^ i • i'- • _V_' 1 ■ j. .W* r '■ J ‘ ' 


said. 

Mr. Milliken said that the 


income for the year of Sl43.36m. a"fan7o“ Wtinl a^vear“ tbrvelTr%aid' MrTo™an"" corporation at a price consider- . .‘v.-.n 

°r a Mr. Borman said that tbe busi- The growth is comiDg nor just pt hi r e J}p r 111111 ^ ® oins Pifu Kobfi - 

. a , share - -\ Pa L ^i s ness outlook was good, and was from discount fares but across radrket rate - V/ilj- U1 JVUUC. ^ ... 


Mr. Milliken said that the 9 l a Mr - Borman said that tbe busi- The growth is coming not just “ an “ e gomg 

only business properly before a Si nes s outlook was good, and was from discount fares but across ra,irKei raie ' 

the meeting was stated in an increased f rora bi.ijbn to bi.JMi. expee r e d to remain good at least the company's entire system, in- T)»» p nn t rliartrp 

agreement signed by both Meanwhile, the small computer through the first half of 1979. eluding business markeK n U n 

parties on May 2. It read s company Data General Corpora- He pointed out that the airline Mr. Borman said that Enstern Du Fonl W1 ‘ J phase out over the 

“the final reconvened meeting tion reports per share earnings increased its capacity by 6 per is filing fm new routes, with the several raonms the mum- 

will reeord the vote certified by for the last nine month of S3.60 cent, and recorded a 32 per cent aim of making St Louis and ‘ artu ff aB< ? sale ot powder made 


gets mixed 


FURTHER 


-■ • • • • • • I ••• , •• . 1 . V • • . • ... . 

• -r : .7; v- J* 2L ;: '.; . 

[ sound -'growth is of business, showing a JfiiS pe.; 


the inspectors and will conduct against $1.89 for the comparable increase in revenue passenger Miami important route centres. “ surly n ” ionomer because gy Mary Campbell 


no other business.” 


period last year 


Reuter 


New Issue 


These Bonds and Notes having been sold, this announcement appears as a natter of record only 


Jane 1978 


from suriyn ionomer because By Mary Campbell " shdi^for .the -three monthSvehded^ -TOss^.-ei . ♦w toshYr nf - 

resitit 1 % t£?r s d «o a nd d iuSte? ™E dollar sector oL the Euro- - 

SHS sjaysonsa: ssS«ap»t.T5 — — 

atldte. reyuris sveuter IlUUl Wiun n r a nninr nn nvprul'p flnanHw . :-rptro*,,a tn+aUnrf 


in eton an eighth of a pointjon average. Operating -iotbuiw wiaueu »oo-**un - ogoxusi 

* ' Hydro Quebec was: quoted at Sl0.14bn, -%alnst :C $8u97bn pre- viously. 

Exxon loans 97S/5 ra « st of the by ^ viously, wit^ the^ovetaJI Tolume IAE-DJ.._. V =. , 

Exxon Corporation will need to lM . d , mall flf e EV|„ S ,„g; r 1 Y" b , u g:^ T^. ^ ^ - ' Z.. ' A •'> ' 7~~- 

make substantial borrowings in a ° d at . a l6 ?f Haw . \ . * 

the next decade to finance resI of the market It bad 
developments such as oil shale, ^ >ecn at J-J?* ■ /-l ‘ . , - 

the chairman, Mr. C. Garvin said, opened by Warburg^s on Tuesday - y- -■ ■j - • 

reports Reuter from Washington, at 98/84. . * ' 

Return on investment would not First reactions to tne' City of •_ 

be sufficient from some future Kobe's D-Mark issue— rthe flrsi 

developments. straight issue in this sector of 

FASB opposition month — -were mixed. over a CREDIT GOIWMERCIAL DE FR 

The Financial Accounting The demand for Japanese con- •• ‘j. 

Standards Board's move to draft vertible issues soared yesterday ll. S - - $25 OOO OOO FlnfltfH 

accounting concepts for Govern- in line with demand for the cur- v# “ . YA.*i r wwu f uwu V-IWCII1#! 

ment units and non-business rcncy. Ln first time trading '^0^5^' 

groups is considered certain to yesterday, the ASICS issue was ' 

run into opposition in the public quoted up to 104, though it .. 

hearings set by the FASB. the ended the day slightly lower. It ' .. . For th 6 SIX ITlOrithS - - ; - 

senior role making body for cor- had been priced on lerms which OOn/4 Inna I OTSm OOnW hnAnmka 

porations, reports AP-DJ from were notably tighter than had 2200 June, 7^7810^200 DpcembB 


revenue .totalled ' 
lnstN«8u97bD pre- .' 


sftare “for the previous yegfc,' 
Qperatingr / revefmes 


National Westminster Bank 
Limited 


U.S. $75,000,000 9% "B" Capital Bonds 1986 

and 

U.S. $150,000,000 Floating Rate Capital Notes 1990 



$3&4bTi ’ against ■ {34.3bn "- jin- 
yjously. :v"- ; ‘ _ ; .W ••• 


UwS. $2 5 r OOO /■OOO Floating Rate 
Notes Due 198t\ - ; ':V 


New York. 


been indicated. 


County Bank Credit SmsseV^Tiite Weld Orion Bank 

limited Limited limited 

Banqne NatioaaJe dc Paris Basque de Paris et des Pays-Bas 

Banqne Populaire Suisse Girozeatrale und Bank der Osterreichiscfaen Spark assen 

S.A. Luxembourg Akticngcsellschaft 

Sodete Generale de Banque S.A. Swiss Bank Corporation (Overseas) 

Limited 

Union Bank of Switzerland (Securities) Westdeutsche Landesbank Girozentrale 

limited 


| VONTOBEL EUROBOND INDICES 



PRICE INDEX 

20 6.78 

143.76 

13.6.78 

= 100% 

AVERAGE YIELD 

20.6.76 

13.6.78 

1 DM Bonds 

106.25 

106.24 

DM Bonds 

6.521 

6.519 

HFL Bondi & Notes 

I0S.01 

105 10 

HFL Bonds 4 Not« 

7.428 

7.410 

U.S. S Strt. Bonds 

99.15 

99.10 

U.S. 5 Strt. Bonds 

8.646 

8.848 

Cm. .Dollar Bonds 

100.02 

100.14 

Can. -Dollar Bonds 

4.284 

9.264 


-YV- .. . . Fprth e six rnoriths, : ; . 

22nd June, 1 978to22nd December,i978_ 

J. ^ the Notes Will. car/y an 

interest rate of -9.j% per a nnurh-. ’• ' 


Listed on the Luxembourg Stock Exchange. 

By: Morgan Guaranty Trust Company of Naw York. London 
.. Agent Bank . '. -.'V: - 


Credit Commercial de France 
Motgau Stanley International Limited 


Haoddsbank N-W. (Overseas) Limited 
NaKonal Bank of Abu Dhabi 
5. G. Warburg & Co. Ltd. 


Kidder, Peabody International Timliwl 
N. RL Rothschild & Sons Limited 


Friedrich Flick 
Industrieverwaltung KG^A 


AWhffl Bank of KmoUt 
Al&ttpeae Bank Xahrlaud N.V. 
A. E. Ames & Co. Lasted 
AmotB tokUmUei 

^aMGottudo I,B,i,,iaa 


Banco IJniaqo Hkpaao Amorbaoo Limited 
Bank of America logcnMioaal Lintud 
Tbe Bank of Barmnda, Ltd. 
BardifteCfaorianrirf w toft 
AkUenscsdbchan 
Bank Gotniner, Knrz, Bonscaer 
tOienas) Limited 
Bank of Helsinki Limited 
Sank Johns Boer fnlcmalional United 
Bank Lea lniemtkxiai LuL 
BrsIi Meo &HopeiW 
The Bank of Tokyo (HollamK N.V. 
Banker* Trust Intematknal Limited 
Banque Artbeet lMeraaikmaie 
dlmesttaMiKat (B..U.1.) 

BamiDC Bnodfcs Lambert SA. 

Banqne Franchise dii C omm er ce Exterienr 
Banqne FrwcaiM tie Pe^oKetdpTitres 
Uuqnc Gcnunle do LuumbOttrt; SL\- 
BUoqM del'ladocbine ddc Sti» 

Banqne Internationa h: ii Luxembourg 

Bsmqne Lona-Dreyf ns 

Banque dc Nectfia, Scblttrabergcr, Mallet 


Copeohscen Mddafc 
Crtdil Agricntc iCMXlL) 

Credit Industrie] et Commercial 
Credit Lyonnab 
Credit du Nd 
Crcditbllailana 
Deira Enrage N.V, 

DB 5 -D 3 iwa Sccuritica 1 ntemiiti<mil 
Urahed 

Dribnlck&Co. 

DeaDaoskeBnokaTlSTI Akticsdskab 
Den O aw Ice Prnr fns& ank A.“S 
Den nonkc CredWank 
Deufsrire Cimeamle 

- IVuJscbe KcHsmunalbonk - 
DC BANK Deutsche CesAMradaftsbaid; 
Dillon, Read Overseas Corporal ion 

Dresdoer Bank AktknEeseUsdaft 
Effitf mtank-Wartars AktfeneesdlKbalt 
EaroRest SLpA. 

Eoromoiraiare S. P^K. 


CompagnieEiinipea Ini ennobil rare 
European Banking Campsuir Llmiiid 
FirstCMoeo Limiied 
Robert Fleming & Co. Limited 
GowVMsdmfHidm ZcotraQaak AG 

Antooj G*fa Hrfdracs Lid. 

ClotaJ Rank .AktienscseUsdun 
Gofetaan SadulatmaUnni Cora. 
GnenddeUs lncwporaied 
^wjmneat des Bnnqtrien PrWs GcseneS 
Tbe Gnlf Hank KS.C. 

Harabrus Bonk United 


Banqw de I'Cfniou Enrapeenqe 
Banqne Worms 

Berdan Bant Intonwlitoal UmRcd 
Bartac Brothers & Co- Limiied 
Bajcntdie Landesbunk Giroantiale 
Bajeriscbc Vereiasbank 


Scrftmr Handeis- wl FrvtilUjarter Bank 
Bijttk Eaatanm Dfflnn & Cn. 

lat anal tonal Limited 
Ctwse CantnUcdes Banquet Popolaircs 
Caifscdes Depots cl CmagnatitaB 
CseemrrcdtCo. 

Ceotrale Rabobank 
Oterierbouse Jajftrt Umtred 
Claw Mattel ttin Limited 
Chemical Bank Internal kml Limllrd 
Oltajfp Meramkmat Oroop 
OanfcaBank 

Cowote rriwnk Alcffenasclbdaft 
Co^wito MmteaoqM de Banqao 
CondacntallOiBoeiindied 


-Gtroantrale- 
mi SantaiS & Co. Limited 
F, F. Hutton i Co- N.V. 

JBJ lotcEnaitonal Limited 
lotcnmton-BaoqiM 
J and be FItmm; & CwquitT Limited 
Kaotetlb-Omko-Vaakki 
Kktonort, Batson limited 
XredirttRuU: N.V. 

KraUctbani, S-A- L me ntbo u rgeogg 
Kahn Loch Liftman Bntbets ImenatMnaJ 
' Kuwait FordfS) Tradms Coolraetins & 

_ Intnunent Co.(S~A,K.l 
Kuwait International Impdment Co- U.k. 
Kimiii Investment Comsmiv iS-VL.) 

F. t*n Ltmdid KntUcre 
Laeard Brntbcn & Co.. Limited 
Lazard Frircj cl C5? 

Lhods EUak Intanalkmal limited 
Mawtactarcm Haotncr Limited 
Aietaud, Vosag, Weir iat«nali«»l Limited 


Merrill LrodhfeienHtkmal A Co, 

MBsobiatn Bank ( Europe) S-V. 

Samaet Momaf-o & Co. Limited 
Morgan Grenfell A Co. Linuied 
Tbe National Bank «TKn**it SA.K. 
Nederbndsche MMdeastaodsbmik N.V. 
Nederiandse Cndietbuk nt 

TS'esMt. Hmubm Limited 

Tbe Mkko Securities Cv^ (Enrope) Ltd, 

Nippon Esropean Bonk S„V. 

S.NrrifMACOL 

Nomura Europe N.V. 

JVonJdenBche Lsurfesto* COnBttlmb 
Sri Oppentosm )r. A Ck 
Orion Pacific Limited 
Crtemitbisd* Laad«tmi* 

PicrMm. Hddratg & PkmnN.Y. 

Pastipankki 

Ren Brothers Landed 

Rothschild Bank AG 

Saudi Arabian Investment Cosine. 

Scswdinatian Bank Limiied 

J. Henry Sdnoder Wa«i & Co- Limited 

J. & A. Serimgeodr Limiied 

Sham&MTiskq Enskihla Bonkeq 

N.V. Sbveu burs’* Bank 
Smith Banter. Harris Upfem & Co, 

Incorporated 

Sod&i Baacahe Bardays (Sme) SJC 
SodetfG^aenk 

Soctote CH&rimlr AhstaamedeBaiiQift 
Soctotc Scq&maae de Basque 
Stnrass,TintilMll ft Co. 

Sen H*r Kai IntennOonal Limited 
Svenska HantotabaAken 
Trade Derctopraent Bant, Loodhn Brandi 
Tradition International S.A. LhaamM 
Trujkais & Buritbonli 
Trust Corpora ten of Britanm: 

Lister Investment Bank Limited 
Union BAnkofFudand Lid. 

Vnion de Banqura Ante et FrincnlsH. 
UBAF. 

Lnilcd Overseas Bank S-A. Genera 
Veriand Sdmeinrimber KanlanaJbankeit 
Yerrins-nnd W'cstbank 
A ktkrr^ndbehaft 
.I. Voirtnbcl ft Co. 

I'anllct Limiied 
Weatfl .Asm Lhnifed 
*WH1ian«h (il>a ft Co. 

Dean VVftJcr k^joids Inf emlituu] 

VW Gnndy limited 
Yanutkbl latcmalnnul (Europe) 

Limited 


has purchased, for an aggregate price of $100,050*000,.; 
4,350,000 shares of Convertible Preference Stocfe.;bf > ‘ 


V r ; 


United States Filter Corporation 




? " ' _ ^“j .1 

• /b'i ■TV-': 


We acted as financial advisor to Friedrich Rett;;;-':' y. 
Industrieverwaltung. KGaA in this transaction/ 


i 


- »*-y v 

•..v- * 


ioiamiii) 


Goldman, Sachs & Co. ' friSfini 

New York Boston Chicago Dallas . 

Detroit Houston Los Angeles Memphis. ■ 0^80^.- 

Philadelphia St. Louis San Francisco. ‘ 


International subsidiaries: 
London Tokyo Zurich 


June 15, 1878 




■ w'&u&i --i.^ •F , wr.p: fc.S'fS?- Sfesi 







■* i-J&S&i 


Finandal r Times Thursday June 22. .1978 


INTERNATIONAL FINANCIAL AM) COMPASYINEWS 



25 


of 


. BlT-ADfcJAN DICKS 

DESPITE VTR TUAUjY stagnant 
sales and disappointing financial 
results in the short term. West 
• ; Germany’s biggest coal mining 
: ■j."S7‘Dup, ; Ruhrkohle. is confident 
, that it can both adjust prpduc- 
. ’:.tlon to sales and also now under- 
tabe the ambitious investment 
-. -programme needed to ensure 
• coal’s future in the 1980’s, the 
; company’s chairman, Hm/Karl- 
~ heinz Bund, said here today. 

; • _ green light for 

. i.-Kuhrkohle’s. investment plans 
. - was the agreement by . the 
;i federal government and the 
authority in the coalfield 'states 
.-to provide sotae DM5S2m.a year 
• in development subsidies to the 
.-.industry in the period 1978-81, 


which should. *UQW - Jt. to over- 
come chronic - short-term cash 
problems brought about by the 
shortfall In saletrto the steel and 
electricity industries.- 

Of this overall' sumBuhrhohle 
expects-- to . receive . about 
DM 450m a year, and for the cur- 
rent year is going ahead with in- 
vestment plans totalling 
DM 480m including DM’147ra for 
research. . - 

In addition,- Ruhrkohle will 
-press ahead with the- develop, 
ment of three new -pits- and with 
further -exploration, of deposits 
in the Ruhr area, as part of its 
continuing policy;- . of . dosing 
down older, less economic pits 
as the coal is worked out: In the 
short-term, capacity will fall as 


ESSEN. June 21. 

the company carries out already 
announced plans lo shut down 
two older pils this year and next. 

For the lime being. Herr Bund 
made clear, Rnhrkohle remains 
troubled by over-capacity. Total 
sales of coal and coke dropped 7 
per cent from 62.5m tonnes in 
1976 to 5Bm lonens in 1977. with 
those to the steel industry down 
nearly 10 per cent to 29m tonnes j 
and those Lo electrical utilities) 
down lm to 21m. This year, the 
company is expecting total sales 
of about 61m tonnes. 1 

Ruhrkohle ended 1977 with 
operating losses of DM 525m. 
those could be covered only hy 
drawing down reserves built up 
largely by the DM 42 3 in profit 
earned in 1976. 


E. Merck off to good start 


J 

3 


*owa 


)\ 



. ; : BY GUY HAWT1N . 

E. MERCK, one of West 
Germany's leading pharmaceuti- 
cal concerns, has made “a 
relatively good start to 1978.” 
Sales during the first half have 
shown a marked increase and the 
management hopes that it will be 
able to maintain ' the growth 
! during the .second half. • 

-.. Merck, which is ~ based in 
Darmstadt said that in contrast 
to the disappointing performance 
in 1977, the current year had pro- 
.-duced a considerable itnproyp- 
• meat in business. World sales 
-during the opening six months 
-.had increased hy about B per 
cent, with domestic and foreign 
turnover equally contributing id 
growth. The trend, however, was 
for domestic sales to do rather 
better than those abroad. 

Pharmaceutical sales have 
shown the greatest improvement. 


FRANKFURT. June 21. 


with turnover up hy 10 per cem. 
However, the group's chemicals 
sales have followed Che norm fur 
the industry this year and have 
risen by £3 per. cent Consoli- 
dated group turnover rose hy 
about 5 per cent daring the firsi 
six months. 

According to the Merck man- 
agement, 1978 should see a return 
to normal after the disappointing 
1977 business year.';it remains 
uncertain whether an.S per cent 
growth rale can be maintained 
in the second half. Although the 
final six months could prove more 
difficult than the first half, the 
group is hoping to ding on to its 
current growth for . the entire 
year. 

. On the earnings front, Merck 
f* rat* 1 ' - ’- more non-committal. But 
the 197S results may well offset 
the attrition to profits, reported 


during the past couple of years. 

Domestic investment remains 
"lively*' and is expected to reach 
DM SOm compared with 1977's 
DM 75m. Group investment 
should remain relatively un- i 
changed. j 

Sales expectations in 1977 were , 
not fulfilled, according to the; 
Merck management, which said j 
earlier that jt was not pleased 
with the concern's performance 
The parent company's turnover, 
excluding VAT, rnsg from 
DM S3 1.1m to DM S60.9m 
(8414.2m). At the same time pre- 
tax profits — described as 
•■meagre" in February’ — were 
maintained at the 1976 level and 
totalled DM 22.5m. Group sales, 
including subsidiaries in which 
Merck has a minimum 50 per cent 
interest, saw turnover increase 
by 3.3 per cent to DM 1.4Sbn 
(S707.1m). 


MEDIUM TERM CREDITS 


Major Kuwaiti Dinar loan syndicated 


Hi 


Alii 


BY FRANCIS GHILfcS 

ONE QF THE largest syndicated 
-loans denominated in Kuwaiti 
Dinars is being jointly arranged 
by Chase Manhattan and the 
National Bank of Kuwait. The 
amount of the loan is KDl-kn 
l?50m) for four- years with 12 
months’ grace. The borrower, a 
private company, A. Al Babtain, 
which is -the sole agent for 
Datsun in the country, wil) pay 
‘-if spread over the 'Kuwaiti Dinar 
*= interbank rate {Libor) of 1J per 
cent. There is no guarantee. " 

; -Mexico., 'continues -actively ttf 
■raise funds. National Financiers 
;i& raising 15265m for . ten years 
: with four years’ grace through 
, a group of Japanese banks led by 
Bank of Tokyo. The borrower is 
paying a spread of 14 per cent 


This is the first loan to «r Mexican 
borrower arranged exclusively 
by Japanese banks. .Cfease Man- 
hattan, meanwhile, is. lending 
$30m for. seven. years to' Mexico’s 
Agricultural Trust Fund. . 

Two large loans fpr Latin 
American borrowers have just 
been signed. One is the $700m 
for Mexico’s Banco Nacional de 
Commereio Exterior which - was 
increased from an. initial S2g0m 
Lead manager ' is BapkV of 
Montreal ancf the terms fare 
unchanged from those 'inipllly 
announced, a spread of 1 per 
cent for the* first three years 
rising to ljt per cent lor the 
following three and Ji per cent 
for the remaining four. 

The other is the 8300m 10-year 


AO Fiesta 


:95‘ 


U.S.$75, 000,000 

H1M0C ARBOMSB AM LIMITED 

Floating ra^ notes due 1982 

Irrevocably and unconditionally 
guaranteed by E.N.I; 

In accordance with Condition 13 of the Notes, notice 
is hereby given that for the six-month period 
June 22nd 1978 to December 22 1978 (183 days) the 
Notes will carry an interest rate of 9.875%. 

Relevant interest payments will be as follows: — 
Notes of US$ 1,000 US$ 50.20 per coupon 

CREDIT LYONNAIS {London Branch) 

Agent Bank 


loan for the Brazilian State ship- 
ins: co many, Sunamam. Lead 
manager is Bankers Trust Inter- 
national and the spread being 
pair! by the borrower is 1} per 
cent. This loan carries a 
sovereign guarantee. The Chilean 
State electricity company. 
Endesa, is raising $90m through 
a group of banks led by Citicorp. 
Terms are not yet available. 

Algeria aiso continues as an 
active borrower. The State steel 
company SNS has recently signed 
for a 5l3.7ra six-year loan (with 
two and a-half years grace) on 
a spread of 12 per cent. Lead 
manager is United Bank of 
California. 

The Stare electricity company. 
Sonelec. has just signed a loan 
worth DM +6m for six years with 
2V years' grace and a spread of 
H per cent through a group of 
hanks led by UBAF Financial 
Services. Both loans have a 
Banque Nationale d'Aigerie 
guarantee and ihe fact the terms 
are more onerous for Algeria 
than those of some more recent 
loans stems front the fact that 
they were negotiated some 
months ago. 


PUK sees 
slight sales 
increase 
this year 

PARIS. June 21. 

PECHINEY Uglnc Kuhtmann, 
the French aluminium aud 
chemicals giant envisiges a 
slight increase in consolidated 
sales this • year from the 
FFr 25d»bn recorded in 1977. 
President Philippe Thomas 
told shareholders that- domestic 
operations “ will uot henefit 
in the short-terra from the 
govern meat’s recent decision 
to free industrial prices, and 
their earnings may register a 
certain decline." On the other 
hand, the subsidiaries abroad 
should continue turning in sat- 
isfactory results. 

He said ihe significant 
recovery hart been expected in 
recent months had failed to 
materialize. 

PUK's consolidated earnings 
more than doubled to 
FFr 377m in 1977. Parent 
company profits came lu 
FFr 142m. against FFr 112m. 
Consolidated gross ea>-h flow 
amounted to FFr 1.5hn. com- 
pared with FFr l.fl'J9bn in 
1976. 

AP-DJ 

Esso AG to improve 

With losses per ton of refined 
oil expected to almost halve, 
(he results of Esso AG should 
show an improvement in 1978. 
shareholders were told at the. 
company’s annual general 
meeting. Agencies report from 
Hamburg. 

“We are confident that from 
1979 to 19S\) tbal uur oil busi- 
ness can achieve at least a 
balanced result." Esso AG. 
which is a subsidiary or Exxon 
of the V.S., made a loss of 
DM 56m in 1977 on sales of 
DM 12.6hu, compared to a 
profit a( the net level of 
DM 218m in 1976. 

The group planned to invest 
over DM 5(H)m in West 
Germany this year, up from 
DM401m in 1977, reflecting 
confidence In future develop- 
ments. 

Daimler-Benz outlook 

Operating profit of Daimler- 
Benz this year wifi be below 
the 1977 level, but net profits 
should be broadly maintained. 
Turnover in the first five 
months of this year was 
DM 10.2 bn compared with 
DM I0.32bu. In statistics 
presented to the annual meet- 
ing, the downturn was caused 
by the labour disputes iu the 
early part of this year. 

Parent company turnover In 
the first five months fell to 
DM 9.11 bn from DM 8.66bn a 
year earlier, with 41.0 per cent 
being exported against 47.1 per 
cent a year ago. 

Sobering decline 

German pharmaceuticals group, 
Schering, recorded lower first 
quarter 1978 profits on group 
turnover of DM 561m, down 
from DM 609m In the opening 
three months of last year, the 
! company said in a share- 
I holders letter. - It gave no 
! profit details reports Reuter 
1 from West Berlin. Turnover 
growth should improve during 
the rest of (he year, however. 
Foreign turnover was hi! by 
seasonal influences and by ex- 
change rale factors. April and 
May showed an improvement. 


Continued profits growth 
forecast by Rossignol 


by DAVID CURRY 

SKIS ROSSIGNOL. the world 
leader in the manufacture of 
skis with 21 per cent of the 
world market, is forecasung an 
IS per cem increase in sales in 
the financial year io the end 'of 
March. 1979 and a 15 per cent 
rise k 1 "Consolidated profit. The 
apparent decline In the profit 
margin is due to the prognosis 
for its new. Canadian subsidiary, 
which is expected to operate at 
an initial loss. 

The group is expecting to 
improve its output from 1. 6m 
pairs of sk-s in 1977 io some 


1.84ra and to sell some I-8m 
pairs against 1.5m. 

in the financial year just 
ended. Ihe group recorded sales 
of FFr 527.8m (Sllami, repre- 
senting a 13.9 per cent improve- 
ment leading to a group profit 
of FFr 29.34m (S6.4m) which 
was itself some 26.7 per cent 
higher. 

in a business which depends 
heavily on the promotional effect 
of success in. competitions and 
un following fashion, the group 
made a special effort in the rela- 
tive! v new craze for “ ski de 
fond"" or cross-country skiing al 


PARIS, June 21. 
the expense of the development 
of its tennis racquet production. 

Capacity was increased from 
2m to some 1.7m pairs of skis 
by the end of the financial year 
and there is scope to lift the 
total to 3in pairs of skis annually 
without substantia! further 
spending. 

Parent company profits were 
FFr 9.14m and the FFr 26 per 
share dividend i» being main- 
tained on capital increased by a 
one-ror-six scrip issue.' Some 
FFr 10.5m is expected in the 
current year. investments of 
some FFr 69m are- planned. 


Burmeister 


steadies 


NEHEM problem patch 


BY CHARLES BATCHELOR 

THE DUTCH restructuring com- 
pany. NEHEM. set up six years 
ago to reorganise industries in 
diflicititiej. has itself run into 
problems. The refu>al of the 
Economics Ministry to grant 
greater powers in NEHEM and 
differences Lerw-een the unions 
and em plover-, have prevented 
it from doing us- job. so prompt- 
ing the resignation of Mr. R. 
Wijkstra. one of the company's 
two director <. 

NEHEM v. a * >ei up as an 
independent urbanisation run by 
the employ or^ ihe unions and 


the Government, and is currently 
engaged in studies of the do th- 
ine. carpet, iron foundry-, rubber 
processing and crane building 
sectors. 

The - Economics Ministry 
refused to transfer the activities 
of its bureau which handles the 
probe I ms of individual firms to 
NEHEM as was originally 
promised, Mr. Wijkstra said. The 
Ministry also increasingly took 
on the restructuring of entire 
sectors — such as shipbuilding — 
instead of referring them to 
NEHEM. Companies were able 
to go direct to the ministry' for 


AMSTERDAM. June 21. 

help, thus bypassing the 1 re- 
structuring company. Participa- 
tion in the reorganisation pro- 
grammes is voluntary and com- 
panies reacted to pull out when 
their own position improved. 

Disagreement® between the 
unions and employers' sides led 
to the unions refusing to co- 
operate in committees handling 
the problems of various sectors 
of industry. 

These problems must now be 
sorted out by the Government 
and this will mean an end to 
the independence of NEHEM. 
Mr. Wijkstra said. 


Half-time sales 
down at BASF 

LUDWIG SHAKEN'. June 21. 
BASF, one uf the world's largest 
chemical '.■ont panics, has seen 
first' half consol idaied turnover 
ease 2 per cent lo DM IU.55bn. 
Parent company turnover was 
off 4 per cent ;n the first half 
at DM 4.Sbn. Management board 
chairman, Mr. Matthias Seef eider 
said “ we arc placing some hope 
in the second half year.*’ 

At the annual meeting, 
Seefelder said That cramped by 
falling prices, profits for the 
first half aLo declined. But. 
aided by a better tendency in 
foreign mark els. exports as a 
proportion «'-f turnover improved 
from the 54.4 ner cem of 1977. 

"It is now apparent that 197S 
will, not he an easy year." Over- 
capacity. import and price pres- 
sure and rising costs were 
unfavourable affecting results. 

hj 1977. ihe BASF parent com- 
pany had a nm profit of DM 2Slm 
compared with DM 358m. 

Ap.n.r 


Banks block Boussac plan 


BY DAVID WHITE 

M. MARCEL B0US5ACS 
dramatic offer m give up a large 
, part of his personal fortune to 
save the Textile group he 
founded received its expected 
'answer today. The pool of 
| creditor banks turned it down. 

I There *are two good reasons 
I why the banks should not favour 
ithe S9-y ear-o id M. Boussac's bid 
I ro save his near-bankrupt textile 
i empire from bankruptcy. The 
| first is that his personal holdings 
<outside textiles are being used as 
[securin' again®? outstanding 
[loans, and his nITer entailed the 
‘banks' acceptance that they 
,wo»«lit free these assets. 

The second is that even the 
■ substantial funis M Boussac is 
..rr^rinc to channel into the 
: grou'* are not considered "Pouch 
: m pull it and itc 1 1.5H0 ern- 
pfo'i'cs out of l roll hie. 

Tim Rmiccnc proposal was 
mnde vesJerdf* in the Paris 
Commercial Tribunal, which is 
: now rrvin® to son out what can 
he saved of the group. 


PARIS. June 21. 

M. Boussac was ready tn place 
immediately at the group's dis- 
posal the proceeds from sale of 
his newspaper interests — the 
daily L'Auroiv and the racing 
journal Paris Turf — and unc of 
his champion racehorse*. 
Between them These are valued 
at ahout FFr 130m (328m'i. 

Since 1970. 3Vf. Boussac is esti- 
mated to have put up more than 
four times this figure in efforts 
to prop up his textile factories. 

The most valuable sideline of 
the Bouscac faniilv is the 
Christian Dior fashion business 
the perfume activities of which 
have afreadv been sold. 

Assets already pledged to ihe 
hanks include M. Boussac's 
famous Jardv stud-farm, valued 
at FFriAm. Among other private 
possesions he has another stud- 
farm in Normandy, a racing 
stable and a 7.000-hecl3re pro- 
perty. Under his proposed fcffer. 
be would still keen his chateau 
and land, as well as the 
iVormandj- stud-farm. . 


By Hilary Barnes 

COPENHAGEN. June 21. 

SHARES IN the Burmeister and 
Wain shipbuilding and indus- 

. trial group stabilised today, 
after falling heavily yesterday. 
The drop of around 8 per cent 
on Tuesday was caused by a 
newspaper 'report claiming that 
a liquidator's report to the 
bankruptcy court on a company 
in which B & Ws majority 
shareholder and managing 
director. Mr. Jan Bonde 
Nielsen, was once a partner 
would be critical of him. 

The report has not yet been sub- 
mitted to the court 3nd-it has 
nnt been published. However, 
after market hours yesterday. 
Mr. Bonde Nielsen released a 
statement. In it he made it 
clear that he. did not use his 
shares in the liquidated coni- 

. pany as security for the loans 
he used io buy his way into 
B 1 W in 1974. 

The liquidated company was 
called DCK International, a 
holding company fur u group 
which produced seedlings in 
Kenya and marketed them in 
Europe DCK > operations 
were monased from the UK 
from 1974 onwards. 

Mr. Bonde Nielsen withdrew 
from the management of DCK 
in 1974. when he took over the 
B und W shipyard. In 1975. he 
sold his shares in DCK to his 
partner since 1972. the late 
Mr. Bruce McKenzie, former 
Kenya Minister uf Agriculture. 
DCK ' International went inio 
liquidation in ]97fi. owing credi- 
tor-: more than DKr SOm 
< 89.1m). mainly to European 
banks. 

Mr. Bonde Nielsen's statement 
said that ihe European 
interests of DCK were wound 
up as part of on operation to 
insure the continuance of pro- 
dui-rit'D in Kenya, where 5.000 
people are still employed in 
DCK'* operation. ’The winding- 
up was carried out by the liqui- 
dator in such a way" that there 
will be no ciaims left on the 
estate, other than an arbitrary 
tax assessment.*’ said the state- 
ment. : 

The liquidator s report was com- 
pleted at the- be? Id Ding of 
March, hut has not yet been 
submitted to the court. 


Montefibre decision 

Consob. the Italian state body 
for control of stock markets, 
will decide by next weekend 
the possible suspension of quo- 
tation. of Montefibre shares. 
AP-DJ reports from Milan. 




Weekly net asset value 
on June 19, 1978 

Tokyo Pacific Holdings N.V. 

U.S. $55.92 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $40.74 

Listed on the Amsterdam Stock Exchange 

Information: Pierson. Heldtmg & Pierson N.V.. Herengracht 214. Amsterdam 



Friedrich Flick 
Industrieverwaltung KGaA 


has purchased, for an aggregate price of $100,050,000, 
- 4,350,000 shares of Convertible Preference Stock of 


United States Filter Corporation 


We initiated this transactioaand acted as financial advisor 
to Friedrich Flick Industrieverwaltung KGaA. 


30 Broad Street, New York, N. Y. 10004 


June 15, 1978 


FIMA 





Societe Anonym© 


, i 


Summary of the 1977Amuiai Report 


Highlights of the year 



Finance ur.Et 

1977 

1975 


Net income 

79.98f.000 

95 8-7.0 nng 


Cash How 

194,785.000 

70t- 4-‘\iyny* 

i* , 

Sales and other revenue 

3,450.489,000 

2.1W.1 64.000 


Duties and taxes 

888,300.000 

r?j ■:•.;)* COC 1 


Fixed assets (net ot deorcoalion] 

1,523,600,000 



Operations 

1977 

1276 . - 

s / 

Production of crude fin thousands of metric tons) 

Crude oil processed in the Group refineries 

7,135 

6.575 


(in thousands of metric tons) 

26,100 

23.500 


Sales of finished products fin thousands of metric tons) 

29,400 

28TOO 


Sales ol natural gas fin millions ot cubic metres) 

■ • 3,390 

J.7.0 


*r;cur&> «ojL£ ten :er ire purpore a coTpanxr. vviSt 1 &7 7 



ift 


r \ 

l v *: 


?:! : 
f • 



Report of the Board of Directors 

PetTOfrna's consolidated preuii smoun'ori ‘o 5 i* : r r;v'''orilS?'c.*-n 
fra*vx. (S 79.981.000; -'-tcn 'id 1 -.-;?. r-?r ''.a.-:- c rnipared v.«m 6. 1C 5 
million Belgian Iran c? in v?7b a teisw c«* 'o S ' . _ _ 

The cash lie-/.- ,vas 12.J.0O mimon Ertew: - : 1*4 J ?:..C»rC. & 

decrease 01 5.~ J o. 

The &3tes revenues v.-ers 217 Ihousand million irar-re; 

CS 3.450.4o9.0001. an increase pi V3 yji mimon Beig.'sn in 
reteiipn 10 firs iigure. the total cor.sciidated p’C-iii 2 b'.i 

C3.2“i m • 

The results were eHecled bv: 

* -agmlicant jlucuiakonc >n me eye hanrie. ra'es and ihe faf c-f ’he 
dollar during ihe year wtnch two laclors alone reduced Ihe Droid ty an 
amount grwieF lnan ils o\,*eraii decrease; 

* the depressed prices of petroleum procucis and chemicals Fur- 
Ihermore. our markelmg companies were penalised more mar. omers 
b/ the two-tier inr rease ihihepncecf crude o*f m the first halt of the wear? 
taking mio account o*.ir irajifiona! v.-jry i. supply in ihe l- Idd'e E«; : 

* ctela-i/s. due to lochmcai and c+nivinii-'ra’ive i:aur=s. m me ccmmis- 

soning of (he qas pi|>?(ine het-.veer, Ei- s - and CKjj.-rmn co.vs;. s-vj 
in stamng produc ncn fic-m il - o V^-sl t- .n'--; Cod hc'di 

* a teniprirar/ fkili-: ii-?n ol production uom i-.v? El- -i-iii- 1 «■? ri, !ci:o-.v- 
Ing the acc-c'ert •.• r.lch ■yrcurreci >r. Ap:i ; . 

Dunno (;-*? U -Jt quarter me critfir L-Ves in 5 ho t;or.-.-e<'ian ~?rc:rr cf 
the Nonh Se^ vet* o-r-r.-ome. in De-cen-itier. cruce •.■!! piod-^mon 
reached an average ol 0*>.i i.arre-ir. <j da . and v-ies 01 n<:-; ainoum- 
ed 10 770 miiic-n cumc le?ia dav The average pr-rdM-ri •:-n io' ihe -,ear 
was 250.000 o-ureK aiLv. il enjrre ar. me pre-o s veac 

‘The ■Jeveicpn ieni 01 ine lour olh*.:r '' f raie* , :ie l«eic:s is going 
ahead according i.:> picn 

Apart trom cur puMomed scli.'ilias in ;iv? North Sea me '.-e?.r vas 

mart.edby:. 

* an ir.iensi'V alien cJ our efforts in the field of e/pccrai-c n: . 

* the adjustment ol «:*ur reiminq aciiviiic •: :c cun me r e-.v c Tcum ran- 
ees. in pailicular bv llw tile ol our *vo sman American ienr.er:f-s. 
located respectively in Ef Dorado. Kansas and fvlotm; Pleasant, Te*.is, 
and by the building of a crocking unit in Englaixi : 

* invest menis ahei oilier measures laV'en io s?/e energy and reducs 
our ctKJ prices. 

In chemicals, our polystyrene plants are underdoing conversion to 
make ihem more compeiilive. Al Feluy. in Belgium, the building of a 
revv pofyDrofA'Jene plan! has team. 

Surplus capaatv bolh of refining and ol marine transport - due 
essentially to ihe econo rroc crisis - and the glut in c rude oil stool- s have 
.hadadeprt^ngeHecton prices This was me reason ior heavy losses 
made in ihe rmrkeltnq serior, particularly in Europe. 

Proposal s Icri esoivir.p thm' vital pf obigrr. are u nder constant discus- 
son with the competent riulhoriixvr. 

Investment pvpenc.ec ion he yr-ar t G 77 sinew ‘n'eri lo I* 1 .100 million 
Belgian Irenes fS 224.L0i.000) S.-CO nt:i"or c‘- ■.*••• -~h ior c'pi>> 

ration and produc uon. 


• -■I W IT-'O mtnion 
. r.v,;ii.;.r £; ’g ( jn 

C! : 

> I r - . in no 


E--i 


.-;i 


11 :;»nl U; 

tj 

• .fs.-yfj-.esri 
•“ti’-a ICv'Vr.' 

• f - . 1 - r'V; r,-3 

: »■••• n'j ir r 


1 :rr ; .a«.tnv?nt b- . — 

-7tr~v : 

:i,hi . .. -, i -.-.hn;-.« ii> ;v . • 

• I'r- '••'h ire .j-i. J -, v 
» - 
-in ^ 

r | c-: - 

I-;- r-toy.^cl • • 

il 11 ysyj tt'IVjSir?. ' 
t-.-te!"?-? jlcnr.rq-io .i -I 
Sn^r^-s ,, vt 

di-. id-no tvi-x il ,•? year 1 

> 

Financial Review 

Theinsiatflir/ of The mc'iviar. - matre' c->r> wiled us lo cover our 
currenc/ exenangp nsi-s c-c-sunci u? nearty 500 million Belgian francs 
(£. 7. 950.0001. whilst me’ Sail ol'ihe dollar against the Belgian franc 
(compared with the ra:e -n C“-rerr.t>:-- v ;, 7C v.-iiicti even then, was ver/ 
ioivia»e:fedourcoi-.s.:'.i.T- : t. , . : u net .ncoms uraavouraefy Ly about 550 
million Beigian francs £• 

The new Belgian i— m; m 
fcr.var j ihe l uiance y«-:t }•' 
de=C'ic- me tact ihat r 
01 me loiiovung financial -- v 
ore:*niec in this 10m i vc 

sharc-hadeis'.tquiiy 
nSi.'ii the consolidated l- •' 
aiteit'-l ai rordingiv 
Se-.-erai medium and 
from one year to 
term cMH ir^reac^d fi. ivi 
iX t.Soj 253.000) lo t-- 
f£.1,7.?n.=;.;c Cicnjj.rihai-rh:" 
miifior Belgian franc r 


.- o- i -.-nr.ual ac is requires hence- 

,<e >: , ra.-.r> up -.liter ; he auc;«i: on o‘ profit. 

iji ..-5 p'ai e iy i-y.vard-:. ihe middle 
'v •- l -•.tj: 1 tefiiiic e saw has been 
me e'.ic n '-I .iui'inaii.' re-ducinq ihte 
.-11 r m-n <. •• pit -il F pi pur p:c*:s c.; ccrr.pa- 

!i-r? end 0! iTTu hjs teen 


-- -,.h 


!*r:r. 
'-I !i 


. :.ate :t 

rlvIVI’IO? 

end mi 

; d miiiii 


de Ciurirvc f he -ye?X 
>' ecuir.- plus long- 
:n Be-.gi ?n iranos 
i Belgian frertc^ 


?: 

fipj 

i-^V. 

1-jOt 

rJ*v§ 

ft 

m 




f,;u:i .• i.’ ••ed Ir:n-i4i ;housar*j 
> i.iji.ii i:- ; iivjusaixi m.iiion Belgian 
francs »'S 5 52. 741.0001 nr. 'hp passoi i-v nw.- n^i'icc 1 01 presents:, on. 

I'tei dividend ol £370 735.^ Itches [C :?7, 607,000.1 

corresponds to a gross dwdend of 2.96J.4S2.875 Belgian francs 
f£ 47.122.OCO on which a '.vilhholdinp tax of 592,696,575 Belgian 
francs (E 9,424.000) is paid cry the Company on behalf of the share- 
holders. 

Coupon No. 72 Will be payatle as Irom May 23. 1978 at the rale 
of 180 BF net after tax. 

♦Conversion of Belgian francs inio E at the exchange rate of £ 1.00 
-BF6Z89 

Copies of ihe English edHicn of fre AnnusfFsoty tantf Accounts 

are ava-bhie on eppRcvcn :o Fzlri/nni JJi-.' House. 

York Road. London S£l 7i J7 



\ 


26 


- ..... • -y.' 

'; :■ $5nahciai- Tii^?Tfa^ i 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 




New recommendations on 
current cost accounting 


BY JAMES FORTH 

AUSTRALIA'S two accounting preparation 


SYDNEY, June 21. 


Further 
growth 
seen atSA 
Breweries 


for a considerable occurs, where it is impaired a 
. . bodies have revised their recom- time. The earlier CCA pro. loss is incurred. 

Emendations on the introduction visional standard did. not deal Mooetarv resources for which 

* .of current cost accounting with monetary .items. The suc ^ ga j ns ' or Josses need to be 

* :(CCA) techniques. exposure draft is open for com- brought to account in the profit 

- The bodies— the Australian *h* or 1058 aec ° Uflt are monetary 

- Society of Accountants and the Jhe woriaag caplt f 1 *”? long . term 

Institute of Chartered Account- exposure arart are that the monetary assets and no gams or 

, ants in Australia— have asked corporate ®htrty te viewed as an jo^s can occur within the CCA 
■ f? r fifoSStoD relating to economic unit wtach raises and framework in respect of any 
. current costs of fixed assets and accumulates funds 80 ** t0 “ funds employed ” by an entity 
' inventories, depreciation charges acquire resource s (monetary or t0 support operating capability. 


- and costs of goods sold, to be 
supplied as supplementary 
... information with accounts pre- 
pared on an historical cost basis. 
-The bodies strongly recommend 
that listed companies and public 
corporations publish the inform- 
ation on a memorandum basis 
. (as notes to the accounts 1 for 
accounting periods beginning on 
or after July 1. 1978. 

This is a switch from an earlier 
• .proposal for companies to supply 
supplementary accounts at the 
~*nd of nest financial year, and 
have historical cost accounts 
; replaced by CCA in the follow- 
v.ing period. 

The latest proposals were 
'announced at the Golden Jubilee 


The latest CCA proposals 
come against strung criticism 
from Hungerfords, the lead- 
in g international accounting 
firm, on the eve of the Perth 
Congress. Hungerfords called 
for the immediate abandon- 
meat of the CCA principle, 
which was described as luck- 
ing objectivity and unaudlt- 
able. " The accounting bodies 
have no mandate from their 
members or the. business 
community to enforce views 
by fiat." Hungerfords said in 
a circular to clients. 


For the purposes of a CCA 
balance sheet, the basis for j 
measuring monetary items should 
be the amounts at which they 
were Initially brought to account, 
subject to various constraints, i 
No monetary asset should be 1 
carried at an amount greater 
than is expected to be recovered 
when it is converted to cash. 
Monetary liabilities should be 
stated at the amounts expected 
to be paid when such liabilities 
are discharged. Gains or losses 
on holding monetary items 
should be brought to account 
only in respect of monetary 
working capital and long term 
monetary assets. The working 
guide is designed to explain how 
be brought in with 


Conference for the accounting non-monetary by nature) which CCA may 
profession, which is currently provide the entity with ope rat- existing systems by making rnndi- 
being held in Perth- ing capability: changes in rele- fications and additions. The 

An exposure draft on mone- vant specific prices afTect the bodies believe the guide reflects 
tary items under CCA has also ability of the entity's monetary no changes in matters of prin-j 
been released along with a resources to contribute to operat- ciple expressed in the provi-| 
summary of a working guide on ing capability- Where operating sional document, released 18 
CCA, which has been under capability i» enhanced a sain months ago. 


By Richard Rotfe 

JOHANNESBURG. June 21 . 
GROUP EARNINGS at South 
African Breweries should 
improve in the current year, 
after rising from 20.2 cents a 
share to 22,4 cents in the year 
to March 31, according to Dr. 
Frans Cronje, the chairman- 
Dr. Cronje says In his annual 
statement that “the foundation 

has now been laid for a new 
era of growth” in South Africa. 
The earnings prediction in turn 
is based on the view that the 
□ext few months “should 
reflect a continuance of the 
upswing, however modest, that 
has become evident.” 

SA Breweries, one of the 
largest industrial groups in 
South Africa, has diversified 
heavily in recent years, 
acquiring _ control of OR 
Bazaars ami moving into hotels, 
furniture, footwear and bank- 
ing. But the breakdown of 
divisional results shows that 


JAPANESE COMPANIES 


Syndicate 



f- 


;/ 1 '.y? mjsvpi ' . 


The. GovenDBent .prornrmtmy 


BY YOKO 5H1BATA AND CHARIS SMITH 
A GROUP of Hone ha* w«g» original- investment 

of its 13.1 per cent shareholding 
io'Oji Paper, the leading Japa- _ _ 

nese paper companv. Mr. Wang stake in Kan Soap whleb 
and his associates bought their gubseqaentiy resold at a SO per last - yey. 
stake 
shares. 

In the event, the Sronp also realised a sahstantial profit ia closely .... ^ 

r^nr-irss ss ^t&vsiFSSs 

: ■ * Y3S0 and sold last meat In Oji Paner became a hatme saia 


&T> 


JdS UGCU 4 u a-if. MKaac. V.V 

that he ‘had^ho 'Japanj" Mr; "fr own' tft 


Israeli life 
insurance move 


By L. Daniel 

TEL AVIV. .Tune 21. 
THE ISRAEL life insurance com- 
panies ba7e approached the 
Israeli Treasury with a proposal 


ACI revises Vulcan offer 


BY OUR OWN CORRESPONDENT 


SYDNEY, June 21. 


Australian Consolidated Indus- AS2.10 a share (the highest price 
fries, the major glass, packaging Paid in marker purchases) 
and plastics group, is now offer- Y u J can reholders are also! 
. _ r being offered a straight share- 1 

--- . m shareholders oF electrical on i y swap on the basis of 13 ACI j 

which would permit them to j appliance maker, Vulcan indus- shares for every ien Vulcan. I 

charge lower premiums to policy i tries three choices in Its AS50m *- 

holders who undertake not to takeover bid. in mid-May ACI 0 f AS I S3 for AC? AStnl? shares J 
surrender their policies for at ! announced an offer of one ACI fifor-10 bid is worth A?*?** 
least ten years. , share plus 45 cents cash for each *ft re plus ca^h WL & ' 

Many life insurance policies i Vulcan share, which the Vulcan 
are linked to the cost-of-living Board said they intended to 
index (as are the premium pay- { recommend, 
nients) which constitutes a temp-; The jjay after ACI announced 


wine and spirts as well as beer, 
still contribute (be lion's share 
of profits, accounting for 
R35J?m last year out of net 
profit of RfiL9m (371m). 

The chairman says that new 
investment will “in the main” 
be confined to the liquor indus- 
try. because of the need to 
follow market growth, and 
R30-35m will be spent on the 
liquor side this year. Some 
R25m Is earmarked for the rest 
of the group* mainly Tor OK 
Bazaars. In addition, net 
working capital needs will 
require a farther R40m. These 
sums will be funded by asset 
disposals, cash flow (a net 
R6tom last year) and borrow- 
ings. 

Helped by last year's 1 J cents 
dividend increase, to U rents. 
SA Breweries’ shares have 
been a strong feature of the 


rumour* Ulai UV ww - 


T7 




All Nippon forecasts 



TOKYO,' June's !;' 7 


the liquor interests, embracing I JAPAN'S largest domestic airesrimateslhat^eve^ues wiUj^-N TheTOmpany ^s curI^ptly;i^dn‘ , 
uirp and snirts sc well a. beer. ! ■ : ... ° ■ : ... enmo 1 R npr n>nl trv 


carrier. All Nippon Airways crease some 10 per cent, to- /{flir ting a motpr^ctesplarit-. itt 
(ANA), expects net profits to Y26S.5bn. . , . Ob to,- which sboizld- be: ready- for^ 

rise by 4 per cent to about The company currently has no production by the .* spring • ou 
Y3.Sbn (SIS.lm) in the current Plans to buy Airbuses frqip' next year. ' • \ oi-' ''- V' 1 :-* 

fiscal year to Marcb 31. .1*“ motors i»Q#^ 


airline plans to expand domestic placed with actively gets under way ; we, w^lj. 
flight routes and to enlarge inter- It is considering tiie purchase of ^ l|OW we n W e-- do" and.; detet-. 
national chartered services in J2 - r re ^ ce mine whether and'whciii' w.etw|J> 

south-east Asia. automobiles in. the^TT^ 

ANA, which now owns 25 SJ? G1 K»osM . Ikemi.vdbpu^ gep«al ; 


worth AS2.00 per Vulcan share. 

When the bid was first an- 
nounced ACI shares were sell- 
ing at AS1.7S. putting a value 


(18 TriStars, 12 Boeins 737s and ask^d “The eompany forecasbr^q 

.29 YSlls, proposes to purchase tS?SS sales of 3 

i eight new Boeing 717 SR jumbo ^ght rout^frWN^ta 750,000 against 
jets m the next two fiscal years. ]nternati | nal jyjftrt t0 connect of sales -grow* .is 

The company is to issue a total with To fc~, ^d m aj or me tr^ -Expected to .- come :*onj : -;fte 
of DM 100m in convertible bonds pout^ are as such as Sapporo^ Japanese domestic'. market, while, 
in August to help finance pur- Osaka and Fukuoka, the biggest ^S-- sales are foEeeartratr^O,flO(i- 
chases and to construct a city in Kyushu. • to 260.000, agatiut '■223^)00 .last 

.pilot training centre. It is also aP-DJ " .’.year.’ .... 

{raising funds on the domestic * * *. . Bonda expect^ to manrtaiii tts 

market through a Y25bn con- Honda Motor foresees a “slight U-S. market share.df Just.miiM: 2 
vertible bond issue. increase in net sales with . The *>« r c?® 1 but a rise ot W .per 

.... _ ANA'S net profit for the fiscal same level of profit” for the'c®. 1 ® 1 in dollar prices.. |S' looked 

reviving stock market In recent 'year to March 31 this year fell vear to February, AP-DJ reports fW"- • ' 

months, particnlariy since the jbv 3 per cent to Y3.664bn, from from New York. Last year the. ^ s ° a ^f “' 

Y3.79hn a year earlier. Revenues comoany raised consolidated nefr^Yv® nt flr het bas_ fallen tO v ^bOUt 
Iasi year rose 15.7 per cent to profits 13.9 per cent te Y27.49bn r ^® P® 11 . cent : bua the .company 
Y23I.89bn, from Y200.479bn. (S115m>. Sales increased 18 J' to regam^ at least a SO -per 


tation to surrender the policies, j ls tsitl the group began buying of AS2—2 on each Vulcan share. 


with a proportion of the link- Vulcan shares in the market, 
age gains when the holder is 'p ! which automatically meant that 
iced of cash for other purposes. i a cas ^ offer would also have to 




K. J. Coles said it is discussing 

“m d U e“ C1 a t “the U hieh U Bs r ortce the P®***We restructuring of The 
• K Mart (Australia) joint venture 


City Hoteis has announced that ’MW »« h *l with K Mkrt^^cn^ofthe 


the scheme of>rrJn 8 ement >r ; S t»P a stakeof almost26 per ^ UTSioS^ To “ilkborete. 


Hongkong Land Company's offer 
for the minority shareholding in 
the company, has been approved 
by its shareholders. Reuter re- 
ports from Hong Kong. 


cent in Vulcan 
market purchases. 

ACIs Part A statement was cent by K Mart and 49 per cent 
released today and disclosed that by Coles. It operates 36 stores 
in addition to a cash offer of throughout Australia. 


Budget at the end' of March. 
They have risen from their 
1977 low of 74 cents to T4I 
cents and yield 7.8 per cent. 


„■ * i .oiri.M i , Hum > ;uu,ii3uu. im iom r, sales mcreaseo xo j . : — : . . . - r I iiVi ~ S *2- ■. 

For the current year ANA per cent to Y985bn (S4.1bn).. . cent share of the market.;- : ;f ddd e %i^,r 


-SaudijRritisb 

BaMIbraiif? 


^hongkoNg,; June tL 
HT- riJfifE : with, "pi 4ns -iaamOuiiced 
earifet tWs cy'ear/ rSaudf British 
Bank ’dS- tiv taXe oyer the Saudi 
Atab&nroperation^bf :the British 
Bank :Of y the';^HIddIef ;Ehst from 
Jui?: ; :l;.r the. v 'Bongkong"; and 
Shaygttai>BaH6jng? - Corporation 


Tr* 


said-feday. 

• 'Bank:has;been 

set ■ up; as a .Siudi ; Arabian . joint 
stocks ;cm^paxtf-*^with:an issoed 
rapital'^of.- iOOur riyafe awned QO 
per cent.by ^.audi pationals and 




40 -per -cent by^BBME. the - Hong 
. hahfcstateit;-: : No. fnrther. 


Kong , ^ 

detmls were immediately avail- •• 
able: : BBME is a_ subsidiary of 
Hong Koag and Shanghai - Bank. 
Mr.^T^teriHamnibiid,! ’general ^ 

umriags^i^bup. fln£n<^- of (he * 
Hopg Kcmy and Shanghai Bank, ■ 
later^sdd t3fe pperatittin and the : 
injectidiTM?€;Saudi capital, would - 
pemitvBa^idi' -Btttis'h ' Bank to 
expand^rom;the^base of BBMETs 
three Jarazutfies;, , in ; Jeddah,' 
AltdibbAr and Damman.- . 

-.he-: opened 
iortfjfrift ^tiyacth, probably fol- 
lowed,.. by 7 other '-'.branches, .he 


Renter 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia tlpc 1VSB 

AMEV Spc «W7 

Australia Sloe I9»i ... . 
Australian M. * S- 9ipc ' S3 
Barclays BanK Pipe 1S«... 


Bid 


Offer 


v.u,. uwi uvwuiivu iv viaifVidiG, 

“ Reuter reports from Melbourne. , — 

The joint venture Is owned 51 per | Bo^.cr llA 

Credit National s*nc iase .. 


This announcement appears as amatter of record only. 


PETROLEO BRASILEIRO S.A. 

petrobrAs 

US$35,000,000 


Line of Credit facility 
to finance U.K. supply contracts for 
Petrobras’ expansion programme 


guaranteed by 

EXPORT CREDITS GUARANTEE DEPARTMENT 


arranged and provided by 

LLOYDS BANK INTERNATIONAL LIMITED 

A Member of the Lloyds Bank Group 





Denmark 8‘pc 1984 

ECS 9 PC 1981 — 

ECS SIPC 1987 

EIB SJpc 19W 

EMI Sine 19S8 

Erl cm on 8 i»c 19*9 

Esso 8pc Xcv. ... 

Gi. Uakes Paper SIpc 19S4 

Hamersley 9Jpc 1993 

Hydro Quebec 9pc 1992 .. 
ICI Slpc I9S7 
ISE Can a fl a 9]pc 1985 
Macmillan Bloedel 9oc 199! 
Massey Persuson 9jpc "91 
Mlcbelfn Wpc IP8S ... — 
Midland InL Fin. Slue- W 
National Coal Bd. Spc,'19»7 
VaHooal Wnrmnsn-. 9pc 'HI 
Nall. Watnuntr. 9pc *S6 *B' 
v^u-foundland 9n-: JBS9 
Nordic Inv Bank Slpc 19*9 
XoracK Rom. Bk. Slpc 1992 

Xorpipe S?pe 1 989 

Norsk Hydro 81|)c 1992 ... 

05lO 9 pc 198S / 

Ports Awonomcs Ppc twi 
Prcr. Quehec Idc 1993 
Pror. Saskaiarvm. Slpc “«C 
Reed Internal lonal 9pc 1937 
RHM 9pc 199! 

*el->e/lon T/V*t FT DC 19?9... 
Skand. Ensfcilda 9 pc 1991 . 

SRF Sue . >1997 

Sweden ftC'ilont* Fin'- ins' 
Umied Blimits 9oi- 1990 ... 
Voho 9pc 1937 March 


Hi 

83 f 

925 

961 

95 

87 

U 

S3i 

ft: 

9S| 

931 

97* 


954 

90* 

97* 

991 

94* 

991 

I*ii 

93 

10P* 

R4I 

El 

99.' 

99* 

9S' 

Wl 

931 

9.7 


971 

9ri* 

«J 

971 

93} 

977 

P-’I 

IM* 

m 

99 i 

n\ 

68 

99) 

9M 

im 

99 

IKIH 

95 

97 

104 

93 


93 1 
97* 
o*: 

*7: 

f r: 

9!: 

901 

97i 

si; 

PS 

pr? 

92 


101 

95* 

W! 

too* 

100 

99 

97* 

96 

95J 

95* 

M* 

99* 

94 

M* 

944 

9S5 

91i 

98 

92i 

04 r 

98* 

93: 


NOTES 

*.u»[ra!ia 7:pt 19:4 

Hell Can.ida r.p.. 1057 . . . 
Br. Columbia Hvd ;;p<: ‘83 
Can. Paf. 9!pc I9S4 
no’.v Chemical ?pc ISW .. 

ECS 7 !pi IfM 1 .' 

FCS Sin-: 19S9 

EEC Tine 1!«! 

EEC 7;p,' lfl«S 

En*n fi«!ri*ii Sine 19S4 
ota'vrktn 7! pc L9V2 . . .. 

Rni>kum» Spir 11^.1 

.Mlcli-Iin S-pc 19S3 . .. 

Momr-a) Urban SJpc I SSI 
New Brunswick Spc 19*4 
New Brans. Prov, Slpc ’93 
New Zealand ®*pe I9jw ... 
Nnrdic Inc Bfc. T.pc 19W 
Norsk Hydro 7il>c IK! .... 

Nnrwar 7!pc lflR! 

Ontario Hydro Spc 19S7 ... 

snuu-r 8;oc '98! 

Of Scot. Elec. 8: pc MS". 
Sweden iK’dom' ?)pc I9S! 
Sirodi.« h State Co. 7; pc '5! 
Tclmrt 9 1 pc 1984 
Tcrurcco 7ipc 19S7 May ... 
Volkass-agen 72pc I0S7 




s:i 

97) 

p'-l 

94 ; 

!U 


04! 

B.'I 

9*.; 

»4; 

9'.' 

9-v 

99! 

B.i[ 

Pi! 

93? 


»»v 


p.r, 

99 : 
p-i 
9.< 


k: 

9i ; 


941 

Bril 

93> 

93 

9S 

931 

«i 

nti 

p.i 

97 

9M, 
971 
99* 
99J 
97 
1W 
5SJ 
93 
9 Cl 
93J 
941 

jnni 

tw 

931 

MJ 

99* 

924 

04 


STCRUMC BONDS 

Allied Breweries lOipc Tin 

Citicorp IOpc 19OT 

ConrtaPlda 9jpc IM3 

ECS 9Epc 1989 SM7 

EIB 9Ipc 10SS 94; 


?«: 

*»i; 

>S 


Mi 

ftll 

.in 

95' 

95 



trtS AMsmsICSVENfAPPEAFS AS 4 MATTER OF RECORD ON 1 ^ 


FONDO ESPECIAL PARA HNANOAMIENTOS 

AGROPECUARIOS 


US. $ 50 , 000,000 

MEDIUM TERM LOAN 


WITH 


BANCO DE MEXICO, S. A. 


AS TRUSTEE, 


ARRANGED A'JG Pft^DED BY 


THE CHASE MANHATTAN BANK, N. A. 


JUNE. 1378 




Bid 

Offer 

EIB SJdc 1992 

97S 

M] 

Finano* for ind. Blpc 1987 

90 

91 

Finance for rnd. lOoc 1959 

91* 

92* 

Fwons 1IK pc 1987 

931 

96* 

Geuctner llpc 1938 

911 

021 

IVa IAqc 19S8 

SO] 

911 

Rountree UHoc 1988 

99 

89 

5cars 10* pc IB88 

.89? 

Ml 

Total OU 9*pc 1984 

90* 

91* 

DM BONDS 



Asian Dev. Bank 5*pc 1998 

B6i 

97* 

B.VOE Mpc 1986 

96! 

97i 

Canada 41 pc 1983 

88 

985 

Den Norsks id. Bk. 6pc "SO 

991 . 

Wtt 

Dr-msche Bank 4*l»c 1983 ... 

97] 

08* 

ECS 3] pc U»0 

9« 

95* 

eib si pc mo 

94] 

95J 

Elf Aquitaine HP'- IMS „ 

85 

95] 

Euratom 3!pc 1BS7 

98* 

99 

Finland Slpc 1986 ........ 

S7( 

*S* 

Foramarfcs Slpc 1990 ..... 

■97! 

93* 

Mexico Rue 1983 

96 

96] 

Norcwn Mpc i»*S 

100 

IMi 

Norway 4 *pc 19«3 

99* 

100 

Norway 4Jpc 1S83 

97 

st: 

PK Banfern Sloe 19« 

96 

961 

Pror Quebec flue 1990 

97 

97] 

Pan'artinkfcl SJpc 19SS 

95 


Soaln fipc 1B8S 

95! 

06* 

Trondlicim 5'joc 19»S .. .— 

96] 

97* 

TVO Power Co. *>pc 1988 ... 

97 

97] 

Venrmel.l Hpe 1 W 8 

97 

971 

World Bank Slpc 1990 

S3 

931 

FLOATING RATE NOTES 



Eank of Tokyo 19S4 SJpc .. 

sej 

lire 

BFCE 1934 SlPC ... . ..._ 

wj 

100 

R’.'P 1983 Sli*-pr 

100i 

lire: 

PQE Worms I 9 ''-"' Spc 

9S1 

99* 


CCT 1983 fttpc 

CCMP 1984 fillBPC 

Creditanstalt 1984 8 Spc 

DC Bank 1982 Spc 

GZB 1981 Si i«W 

I ml. Westminster 1984 8pc 

tloyda 1983 8i3upc 

LTCB 1983 Spc 

M hi land 1987 8 »upc ; 

Natl Wstnmstr. '90 S5jspc 

OKB 1983 TJpC 

SNCF 1985 84 pc 

Stand, and Chtri. "S4 Sip e 
Wms. and Gtyn’s *84 Riifipc 


Bid 

99* 

99* 

m 

109* 

99*' 

99* 

1M1 

m 

99* 

994 

09* 

m 

99* 

m 


Offer 

911 

W 

99* 

ion 
. not 
to* 
ion 
m 
-loo- 
99* J 
no*. 

99# 

mr 

10« 


Source: White Wdd Securities. 


CONVERTIBLES 


Auwnran Erpnzss 4* pc "87 

St 

. 85* 

Ashland Spc 1988 

a 

93* 

Babcock & Wilcox 64 pc "97 

10ft 

1055 

Beatrice Poods 4*pc 1992 . 


». 

Beatrice Foods 4 1 pc 1992... 

we* 

118 

Bceeham Mpc 1992 

,98* 

' 97* 

Borden Spc 1992 

iim*.. 

103 

Broadway Hale 4lpc 1S87~. 

, 78 

77* 

CirnaOon 4pc IBST 

■; 773 ' 

79 

Chevron 5pc 1988 ........... 

•IS2 

133* 

Bar* e*pc 1987 

1 ra*. 

80 

Kasrtnan Kodak 4*oc 1»« 

les* 

84 

Economic Labs. 4]pc 1987 

; 77* 

79 - 

Fircaone 5oc 1SSS 

SI 

82* 

Ford 5 DC 1983 ■ 

83 

864 

General Electric 4 *pc 13 S7 

81 * 

83 

r.Wuttg «pc rS87 

75 

78* 

GODld ope 1987 

in* 

113 

Gulf and Western Sac 1888 

87 

97* 


174 

176 

HonevweB . Roc 1988 

S4* 

86 

ICI BJpc 1992 

88 ■ 

99 


Source:. Kidder. Peabody Secnrttteff. 


$T^O0fl5OO0 : ^ 

Float i rig Rate Londqti^OoJ (ar-Nogotla bio 
Certificates of Oept^rLdimJuhe/f9<ro'. 


TBDE 






LfiifTEBD 







/{'•' _. v 


J ; • ; r • if - .' r : r-l 

'% ’x r ■ Vv k - 

'• ,t ' ' i. .-It. • a- "•a 4 


In.3( 

• notice] 

period fipFa June 22nd ; TS7B^o Daceiiiber ;22nd, • 
T978.’’the Certrfieates-will oarry. an.;rnterest f^ate of - 
. 9f% per annum:. The. reJeyant^nrtef^t payment date 
will be December22nd.1978L;-r'-- l V - 


L'.-.v, 


Credit Saissb.Wbite W&& Uirdfed v> 7- ■ \ : • 

• ■ n. v "''J. 




C; : 


IVAX( 


LAFARGE 

28, rue Smile Menier, Paris 16e 


F.Fr. 


Dividend for each share of 
F.Fr. 100 in respect of 
The year ended 31st 
December 1377 


Avoir fiscal (tax credit) 


11.18 

5.69 


Grossamount .16.77 


The dividend is payable as from 
4th July 1 977 against presentation 
of coupon number 35 or of the 
Sicovam coupon certificate or 
upon endorsement of the registered 
certificate. The dividend is payable 
at certain banks and credit institu- 
tions in France, a list ot the names 
and addresses of which is available 
at the offices of Klein wort, Benson 
Limited, 20 Fenchurch Street, 
London, EC3P3DB. 

In general, shareholders who are 
not resident in France suffer with- 
holding tax on the dividend at the 
rate of twenty-five percent, and do 
not receive the avoir fiscal. But, if 
the benefit of the double tax treaty 
between the United Kingdom and 
France can be claimed by a share- 
holder (and in general terms the 
benefit of this double tax treaty is 
only available if the shareholder is 
a resident of the United Kingdom 
and subject to tax in the United 
Kingdom on the dividend) (i) the 
rate of withholding tax is reduced 
to fifteen per cent, and fii) the 
shareholder (being an individual 
or a company) may be able to 
recover from the French authorities 
the amount of the avoir fiscal 
reduced by withholding tax at the 
rate of fifteen per cent, of the toial 
of the dividend and the avoir fiscal. 

Thus, in cases where both the 
payment in respect of the avoir 
fiscal and the reduction of with- 
holding tax to fifteen per cent can 
be claimed shareholders will re- 
ceive, prior to the incidence of 
United Kingdom taxation, an 
amount equal to 1 27.5 per cent of 
the dividend payBbie by Lafarge, 
being the dividend together with 
ihe avoir fiscal as both are reduced 
by withholding tax. 

Claims for relief under the 
double tax treaty should be made 
on the appropriate forms obtain-^ 
abla from the Inspector of Foreign 
Dividends, inland Revenue. Block 
2, Lynwood Road, Thames Dmon, 
Surrey KT70DP. 

Shareholders who are in any 
doubt as to their individual tax 
position are strongly advised to 
consult their professional advisers. 




The Anniiai General Meetfr^crfte * ri 

June, .1978, confirmed; axfLVidehdQfDh/id.Op fofceacf* : 

share of DM 50 nominal Value f orthe fisc^ly^rlSTT.; 

The dividend will be paid 1tonrL2^tf Ju^^ : 

25% capital .yield tax agai nst submissic^i of divJdend 
coupon No. 34 at one of fhe payfng agenfs fisted fn . 
the Federal GazefeNa ilSidated 22nd jun^l978 i in < 


;- .cr-ri V( 
"jl V *' 


accordance with the EnglisfrGerrrian E>out}ld Taxation jj.^_ 


Ag reement of 26th Noyerhber.l 964, asdrnehded on 
23rd March, ;197d v the German capital yreld.tax fs ^ 
f educed frdmr25% ori^idrehokiers resident in 
G reat 'BrjtaJn.T'o clakn this;sf^ehojdem r rnu^ submit ; Tr, r ^^- 

an annfl/vvii'An'f/iir ratmhnreamarr* iMllNin'Ifir'aa lfbare ^ 


an 


from thedue date. This 
to 


&EV; 


In Great Britain, payment.lvhj^ iS'ff^ will 



^7) 

•VE* 

till 


S.G.Warb\irgi&, Go. Ltd.lLondon 

The drvidendpayment inGre^^ntairi ismade in 




*KS 


. Pounds Sterfing con yertedfromDeutsch marts atthe : v f 
’ ! - rate preyafl^g on the day df si^rnis^pn o|-te r . I '-r 

.* dividend coupon,; • -• ; v . ' ; - ••• . j f ' r 


TheBoaWrfBcecut^^rei^ofti 

BASF AktienaeselJsch^t • J >C 




BAS 


* i ;** m 


! - Tt- » 


" ■ S l>r, 


■ "*■ '•*“ Z Jr ~ * -SM ril * 















•F^aaiicM' T&ne.s Thursday Jane 22M978 

BK ECONOMIC INDICATORS 

^KIQJfOSIC ACTIVITY— Indices of industrial ptoductioo,manu- 
rfactuiiug output, engineering orders, retmlsiles^ volume (1970= 
100); retail sales value (1971=100)';' registered imemplDyaieiJt 
(excluding school leavers) and unfilled vacancies (000s). All 

eaacnnniiu 


27 


k- 

ludl/ 

prod. 

. Mfg. 
output 

Eng. 

order 

Rerail 

vol. 

Retail Unem- 
value. ployed 

Vacs. 

“L 1977 . 




. 



«st qtr. . 

1032 

*05.2 ; 

109 

103.3 

216.4 • 

1,330 

na 

2nd gtx.\- 

■ 101.9 

103.0 . 

106 

102.5 

: 222.0 Vtw 

163 

. 3rd qtr. 

102.7 

103.7 

106 

' 10L3 

234.2 

- L418 

151 

4th qtr. 

1022 

103.2 

107 

104.4 

239.4 1431 

157 

1978 

^-lst qtr.: 

103.2 

. 104.1. 


106-3 

246.0 . \ 1,409 

188 

:-3 an. . 

102.9.. 

103.7 

106 

104JJ 

241.0" 

-'1,4X9 

ISO 

■''.Feb. . 

103.5 

104.0 

117 

106-8 

246.5. 

L409 

187 

March'. 

103.2 

104.5 


.107.0 

249.8 1,400 

196 

April - ' 

104-8 

1Q5.J 


106.7 

Z502 ^1287 

204 

May 

June. 




109.0 

.1365 

1,365 

210 

217 


OUTPUT- — By market sector: consumer goods, investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, 'textiles, leather and clothing (1970=100); 
hpusing starts (000s, monthly average). 

Consumer Invst. intmd. . Eng. Metal Textile Housg. 
goods . goods goods output - imifg. etc.’ starts* 


Saudi 


Mk 


% 


1977 

1st qtr. 

113.9 

' 99.4 

106.1 

100.4 

83J9 : 

-104-4 

19.9 

2nd qtr. 

113.4 

97.5 

105 2 

9K7 

SOS. 

100.2 

25.1 

3rd qtr. 

115.1 

98.0 

104.7 

994» 

82.3- 

: 100.7 

25.1 

4th qtr. ' 

1174) 

97.5 

1D1J9 

99.1 

744S 

99-7 

20.7 

Dec. 

118.0 

98.0 

102.0 

1004) 

794) 

10LO 

16.1 

1978 

1st qtr. 

117.1 

98.6 

104.9 

100.2 

7SA 

100.2 

17.8 

Jan. - 

117.0 

99.0 

104.Q 

100.0 

75.0 

.100.0 

17.4 

Feb. 

117.0 

98.0 

10641 

100.0 

784) 

100.0 

15.3 

March 

118.0 

99.0 

104.0 

101.0 

78.0 

101.0 

20.7 

April 

119.0 

-99.0 

wrmm 


81.0 

. 102.0 

25.3 




EXTERNAL TRADE — Indices of export and. import volume 
(1975 = 100): visible' balance; current balance; oil! balance; terms 
of trade (1975=100); exchange reserves. 

Export Import Visible Current- Oil --•'••Terms Resv. 
volume volume balance balance balance trade USSbn' 


- - : . 1977 








■ 1st qtr. 

115.7 

109.1 

^-947 

-493 

-800 - 

99.0 

10.5 

. : 2nd qtr. 

118.0 - 

109.8 

-794 

-365 

-745^ ; 

100.3 

14.9 

’ . . 3rd qtr. 

124J. 

106.4 

+ 54 

+357 

-662"- 

101.0 

13.4 

•■. 4th qtr. 

117.9 

102.6 - 

+ 45 

+486 

-657 

102.4 

20.39 

• Dec. 

118.9 

108.1 * 

- 76 

+ 71 

-276- 

103.1 

20.56 

1978 








• 1st qtr. 

120.3 

114.3 

-574 

-305 

-646 

105.1 

20.63 

- . . Jaa. 

11242 

114.6 

-338 

-248 

-236 • 

105.5 

20.87 

. 1 : Feb. 

127.4 

111.3 

+ 43 

+ 132 

-202 

404.8 

20.7 

. March 

121.4 

116.9 

-279 

-189 

-208 : 

i 104.8 

20.32 

- April 

1264 

1034) 

+223 

+ 343 

-115 

104.0 

17.04 

‘ . May 

.120.1 

1123 

— 169 

- 49 

-109 

1052 

16.66 


in sterling ui xne private sector iinree raoruos growm m annuji 
rate); domestic credit expansion (£m); building-societies' net 
inflow; HP. new credit; all seasonally, adjusted.! 1 Minimum 
lending rate (end period). 

Bank 

M3 advances DCE 


Ml 

% 


% 


% 


£m 


BS 

Inflow 


• HP 
lending 


MLR 

% 


1977 


. . • 1st qtr. 

1.3 

- 83 

S3 

- 74 

492 

1,008 

H71 

. V. - 2nd qtr. 

24.8 

14.9 

5.5 

+ 769 

1,290 

L047 

8 

• .3rd qtr. 

28.0 

10.4 

20.3 

+365 

1.084 

LJ49 

7 

4th qtr. 

25.1 

: 12.6 

8.3 

+698 

1.565 

1389 

7 

' Dec. 

1978 

23.2 

12.6 

83 

+ 161 

421 

• 410 

7 

1st qtr. 

25.1 

242 

173 

+1,8X9 

1,049 

. £260 


• Jan. 

23.2 

17.3 

13.4 

258 

388 

429 

64 

• ’ Feb. 

26 A 

25.5 . 

18-0 

963 


.418 

6 * 

March 

25.1 

24.2 

17.5 

598 


r 413 

6* 

April 

19 JL 

24.7 

13.1 

1,437 

335 

. . 463 . 

7 

"* May . 

13.2 

. ISA 

18.8 

1,096 

. 212 

r- 

9 


INFLATION — Indices of earnings (Jan. 1976=100). basic 
materials and fuels, wholesale prices of manufactured products 
(1970=100); retail prices and food prices (1974=100); FT 
commodity index. (July 1952=100); trade weighted r value of 


Wa 




Rjv) 


i i i 


] a 



sterling 

(Dec. 

Earn- 

ings* 

1971 = 100). 

Basic Whsale. 
matls.* mnfg.* 

■RPI* 

FT* 

Foods* coipdty. Strlg. 

1977 

1st qtr. 

112.5 

34L5 

248.0 

174.1 

184.7 

276.4 

61.8 

2nd qtr. 

114fi 

■ 347.7 

2592 : 

181.9 

. 191.1 

250.0 

61.6 

'3rd qtr. 

116.1 

340.5 

267.7 

184.7 

192.1 

239-9 

61.8 

4th qtr. 

119.9 

330.6 

272.1 

187.4 

193.3 

234-20 

63.3 

Dec. 

121.7 

328.0 

273.3 

188.4 

19+8 

234-20 : 

63.8 

1978 
1st qtr. 

123.1 

326.7 

279:0 

190.6 

197.3 

238.61 i 

1,64.6 

,66.0 

Jan. 

121.5 

324.9 

277.1 

189.5 

196.1 

226.41 i 

.Feb. 

122.7 

324-2 

279JJ. 

190.6 

197.3 

22435 i 

l 66.0 

March 

125.0 

331.0 j 

r 280.6 y 

191.8 

198.4 

238.61 } 

’ 64.1 

April 

127.2 

337.5 

'282.8 

194.6 

201.6 

23894“ 

61.8 

May 


3413 

284.4 

195.7 

2032 

250.67 

61.4 


* Not seasonally adjusted. 



AFINANCIALTIMES SURVEY 



JULY 3, 1978 

The Financial Times is planning to publish 
a Survey on Property. The main headings 
of the provisional editorial synopsis are set 
out below: 

INTRODUCTION’ The property market 
entered 1978 on the crest of rising property 
values and a rise in property share prices. 
Early enthusiasm has- ebbed as doubts about 
the long-term strength of the country’s 
economic recovery and the effects of higher 
interest rates are absorbed. But the 
industry’s recovery from the 1973-74 crash 
is now too well founded to be upset *by a 
temporary loss of nerve. 

DIARY OF A HECTIC YEAR 
INVESTMENT 
GOVERNMENT POLICY 
LOCAL AUTHORITIES 
DEVELOPMENTS 
THE LETTING MARKETS 
SHOPS . 

INDUSTRIALS 
NEW TOWNS 
RELOCATION 

THE PROPERTY SERVICES AGENCY 
THE ENGLISH ESTATES CORPORATION 
REFURBISHMENTS 

For further information and details of 
advertising rates please contact 

Terry Brace 
. Financial Times 
Bracken House - 
10 Cannon Street 
London EC4P 4BY 
Tel: 01-248 8000 Ext 7196 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 

The content and publication dates of Surveys iothe 
Financial Times are subject to change at the dis 
of the Editor. 


Variom U.S. ■ Den -Mar s. Brent" all Beard ^ F. H- Sa*» ^ Brentmll Beard 

assureds Underwriters International & Othert international 


Den-Har 

Underwriters 


Intra Global 
Reinsurance 
. Facilities 


Austen & Balcon 

Agencies 


Innituto de Other 

Resseguros ^ Reinsurer* 
do Brasil 


Muddy waters of a reinsurance wran 



A RARE insight is provided by 
a legal wrangle into how Lloyd's 
of London, the world’s leading 
insurance community, uses its 
intelligence network in an 
attempt to regulate and control 
a large part of its overseas 
markets. This is just one reveal- 
ing detail to emerge in an 
affidavit filed by a Brazilian 
reinsurance group. Institute do 
Resseguros do Brasil (IRB), 
against the Lloyd’s syndicate 
beaded by Mr. Frederick S assc. 

While setting out lBB’s case 
for refusing to pay over $10m 
worth of claims made against it 
by the Sasse syndicate the affi- 
davit explains much about the 
more secret working of Lloyd's 
itself. 

IRB is disputing the claims 
made against it by Sasse after a 
full investigation on the grounds 
that no reinsurance contract 
existed, that there was non- 
disclosure and misrepresentation 
of facts, and alternatively that 
there were breaches of contract 

The Sasse syndicate has faced 
claims on 1,300 American insur- 
ance contracts for fire and 
damage to property. It was 
suspended from further under- 
writing at Lloyd's towards the 
end of last year when it became 
clear that IRB was not prepared 
to settle the reinsurance claims. 
The syndicate then started a 
legal action against IRB in 
February. 

IRB's affidavit attempts to 
explain a complex business 
relationship that the Sasse syndi- 
cate bad with Brentnall Beard, a 
publicly quoted company of 
Lloyd's brokers; with Austen and 
Balcon another Lloyd's broker; 
with Intra Global Reinsurance 


Facilities, a Texas based rein- 
surance broker; and with Den- 
Har Underwriters of Florida, 
underwriting agents to the 
Sasse syndicate. 

At a fairly early stage Lloyd's 
U.S. attorney Leboeuf Lamb 
Leiby and Macrae directly inter- 
vened in the events which later 
led to the dispute. In May 1976 
It expressed concern about I be 
insurance business that might be 
arising for the Sasse syndicate 
through its American underwrit- 
ing agent, Den-Har Underwriters. 
In a telex to Mr. John Newman 
of Brentnall Beard, the Lloyd's 
broker through which the Ameri- 
can business was channelled to 
be placed with Sasse at Lloyd's, 
Lloyd’s attorney said: “Disturb- 
ing rumour spreading here. that 
some Den-Har business is pro- 
duced by John V. Goepfert. The 
quality of such business has 
traditionally been a problem for 
underwriters.” Mr. Goepfert was 
not an employee of Den-Har. but 
was a sub-producer of Den-Har, 
which was run by Mr. Dennis 
Harrison. 

According to the affidavit Mr. 
Sasse first became involved with 
Mr. Harrison in February or 
March 1975. through Mr. New- 
man. managing director of 
Brentnall Beard International, a 
subsidiary of the insurance 
broker Brentnall Beard. Mr. 
Harrison was subsequently 
authorised by the Sasse syndi- 
cate to act as its underwriting 
agent. In effect this was a dele- 
gation of the syndicate's under- 
writing authority which allowed 
Mr. Harrison to accept business 
on behalf of the syndicate, 
subject to certain limits. 

By December 1975 Mr. 
Harrison bad set up his own 


company in Florida, called Den- 
Har Underwriters, in which 

Brentnall Beard held a 20 per 
cent share. Mr. Harrison and 
Den-Har still retained the Sasse 
underwriting authority. 

But Lloyd's became worried 
that Den-Har had not received 
approval through its important 
(but _ little known outside 
Lloyds) tribunal procedure. This 
procedure is designed to protect 
the good name of Lloyd’s in non- 
marine insurance markets. 
Before a person or company is 


Balcon. The risks to be rein- 
sured were those placed by Mr. 
Smith on behalf of American 
and Mexican insurance com- 
panies. Subsequently this re- 
insurance was extended to 
include those risks that Intra 
Global was handling on behalf 
of unroeedfied “ Lloyd’s under- 
writers." So. argues IRB as 
a key point in its rejection 
of the Sasse claim, Intra Global 
was at all times the agent of tbe 
American and Mexican insurance 
companies, and Lloyd’s under- 
writers, never the agent of IRB. 


BY JOHN MOORE 


given certain types of authority 
by a Lloyd's syndicate in tbe 
U.S., approval has to be 
obtained from a tribunal under 
tbe auspices of the Lloyd’s non- 
marine association, after an 
investigation by tbe Lloyd's 
U.S- -qttomey, Leboeuf. 

Brentnall Beard tried to obtain 
this approval for Den-Har but 
did not succeed. Nevertheless 
Den-Har was underwriting busi- 
ness for the Sasse syndicate for 
a period from some time before 
December. 1975 up to July, 1976, 
when Sasse cancelled Den-Har’s 
underwriting authority. 

IRB was brought into the pic- 
ture in May. 1975. when it was 
approached by Lloyd’s brokers 
Austen and Balcon to arrange a 
fire reinsurance for Intra Global 
Reinsurance Facilities of 
Houston. Texas. 

Mr. Edward Smith, of Intra 
Global, was highly recommended 
to. IRB’s London non-marine 
underwriter by Austen and 


The affidavit claims that when 
IRB agreed to take on the rein- 
surance it was not aware, among 
other things, that the full extent 
of tbe premium under the 
arrangement could reach S30m. 
It also insists that the identity 
of tbe US. underwriters — 
whether producers or sub- 
producers of the business — was 
never disclosed. 

IRB further alleges that as 
much as S20m of the premiums 
arose on properties in the New 
York and New Jersey area, 
mainly on properties where no 
commercial insurer would gener- 
ally give cover. This again was 
nqt disclosed, it claims. 

The disputed insurance busi- 
ness found its way to the IRB as 
a result of a marketing scheme 
devised by Mr. Smith of Intra 
Global and Mr. Harrison of Den- 
Har. 

Mr. Newman of Brentnall 
Beard explained in a report 
referred to in the affidavit that 


the scheme involved the selec- 
tion of “known sound agencies 
vetted by Mr. Smith.’’ and would 
produce a large volume of busi- 
ness for which Mr. Smith bad 
found an Insurance concern 
which would cover the first 
■SI 00,000 of each claim, the IRB. 
But because IRB was unlicensed 
by the state authorities In those 
areas Mr. Smith had in mind it 
was important that a licensed 
“ front “ he found for IRB in 
order to secure the business. 

Mr. Harrison was asked to find 
a “ front " hut unable to find a 
willing U.S. insurer he. decided 
to put the business with Lloyd's 
of London's Sasse syndicate, with 
which be had an underwriting 
authority. So by early 1976 Den- 
Har was insuring business on 
behalf of the Sasse syndicate on 
fire and damage to property 
risks. Intra Global was simul- 
taneously issuing reinsurance 
“ certificates " which allegedly 
reinsured on behalf of IBB the 
rump of tbe eventual claims 
without, says the affidavit, any 
authority of JRB. And many of 
tbe Den-Har and Intra Global 
certificates, IBB alleges, were 
issued from the offices of tbe 
same Mr. John Goepfert about 
whom Lloyd's later expressed 
concern. 

A week after Lloyd's U.S. 
attorney sent tbe telex to Mr. 
Newman of Brentnall it wrote to 
Mr. Newman noting “ we know of 
Mr. Smith " and advised him to 
confer with Lloyd’s non marine 
association about Mr. Smith. 

Lloyd's Attorney also indicated 
that it was concerned “ that Den- 
Har or Brentnall Beard Incor- 
porated might be vulnerable to 
questionable practices.’’ It 


added: “ You have requested 
retroactive approval of the 
underwriting done by Den-Har 
under Its contractual arrange- 
ment with Brentnall Beard- It is 
a matter of record that the 
arransement between Brentnall 
Beard and Den-Har Underwriters 
did not have tribunal approval as 
required. As a matter of sound 
business practice and informed! 
judgment we do not favour any 
retroactive approval of any 
insurance programme 

Shortly after, alleges the 
affidavit, Mr. Newman and Mr. 
Harrison decided that Mr. Smith 
was going to be an embarrass- 
ment, and Mr. Smith was asked 
to “step aside.” 

Altbough Sasse eventually can- 
celled Den-Har’s underwriting 
authority in July. 1975 (signifi- 
cantly. argues IRB. when it 
became clear that Lloyd’s 
tribunal approval would not be 
gained for Den-Har) the claims 
were by now rolling in and it 
was too late to correct the 
position. 

Sasse’s loss adjusters were 
JmJ.H.. of New York (which, says 
the affidavit, could not be traced 
recently “ as they disappeared 
overnight without leaving a for- 
warding address "). They were 
used extensively for assessing the 
claims. Some 77 of the 
properties on which claims were 
made are now the subject of 
arson investigations. 

The Sasse camp has dismissed 
the IBB affidavit as containing 
allegations, constructions and 
attributions of a “ wide-sweeping 
and general nature,” which it re- 
gards as ** inaccurate or incom- 
plete." It has not yet responded 
in detail to the IRB affidavit. 



SA VTTJR and the well-adjusted cubic foot 



When landlords or tenants talk to 
Savills about offices, we pay close attention 
to all the elements which make up total 
accommodation costs. 

Square-footage charges for rent and 
rates are only part of the story. We also 
take into account those costs which depend 
as much on the volume as on the area — air 
conditioning, heating, lighting, cle a ni n g, 
maintenance, decorations and the rest. 

Whether you're a landlord or a tenant 
it’s important to bring all these into the 
right balance from the start. 


At rent review time, we advise again and 
handle any dealings with the Landlords. 

SAVILLS service to landlords 

We also, of course, act as agents for 
landlords, providing an experienced 
advisory service on lettings, rent reviews, 
lease renewals and general management 
strategy. 

For tenants and landlords alike, Savills 
have for many years helped to put things on 
a proper footing-cubic footing. The partners 
responsible are Peter Oswald and Robert Dean. 


SAVILLS service to tenants 

Savills have office space available now in 
The City, The West End and in Victoria. 

We advise clients of suitable properties 
taking special account of total 
accommodation costs. 

Our service doesn't end there. 

SAVILLS 

The complete property service. 

80 Gxosvenor Will. Berkeley Square. London W1X 0HQ,. 

TeL 01*499 8644 

don Fakenham Hereford Lincoln Norwich Salisbury Wimborne 
•axis & Amsterdam 

Associates in Scotland. Represented in Guernsey. 









28 




the balance sheet as at 31 december 1977 


in billion lire 


assets 


liabilities 


Cash and balances with other Banks 


2105,3 

Securities and non-trading investments 


2219,5 

Loans and advances: 

Loans, advances and other accounts 3235,6 

Mortgage loans and other medium and long term loans 2923,5 

6159,1 

Fixed assets 


126,0 

Other assets 


2109,6 

Contra accounts 


9941,4 

Total 


22660,9 




Total deposits 

Deposit and current accounts from 
customers and banks and other funds 7035,7 
Mongage bonds and other bonds 3133,2 


10168,9 

Sundry funds 


259,5 

Other liabilities 


1845,8 

Capital and reserves 


437,8 

Net profit 


7,5 

Contra accounts 


9941,4 

Total 


22660,9 




The net profit of It. Lira 7,502 million provides an amount of It. Lira 3.163 million for donations to 
charities, cultural institutions and public welfare. 

Taking into consideration the allocation of part of the profit's, [he capita] resources 'were o\er It. Li- 
ra 441 billion. 


Chairman Deputy Chairman 

Luciano Jona Mario Rubauo 

Directors: Claudio Bdlavita. Corrado Bonato. Sergio Chiamparino, Gian carlo V'crrero, Enrico Filippi, Renzo Gandini. 
Fahrizio Gianni, AugUMoPedulfa, Pietro \crzcleni. 

Audi ton: Giancnrlo Bira^iii. Antonino C opliandro, Donato Meda 

General Manager Deputy General Manager 

Luigi Arcuti Carlo Gay 

STITUTO BANCARIO 
SAN PAOLO Dl TORINO 


Why involve a Canadian 

1^1 V 1 • 




It will probably come as no surprise 
to you that the Royal is Canada's largest 
bank. But, with assets exceeding $35 
billion, were also the fifth largest bank 
on the North American continent, and 
one of the largest banks in the entire 
world. In fact— through our offices, rep- 
resentatives, subsidiaries, affiliates and 
correspondents— we're involved in bank- 
ing in more than a hundred different 
countries. 

Now size, we grant you, isn’t all it 
takes to handle the worldwide needs of 
today’s multi-nationals and governments. 


But with size comes the expertise, the 
experience and the fast decision-making 
that it does take. Not just for basic inter- 
national banking, but for project financ- 
ing, Euro-currencies, import export deals 
and the entire spectrum of international 
financial transactions. 

So, if you have the feeling that your 
needs extend beyond your existing bank 
relationships, contact us. The Royal Bank. 
At (01 ) 606-6633 in London. 266-90-30 in 
Paris or (0600) 726 051 in Frankfurt. Even 
if your international business doesn't 
involve Canada. And especially if it does. 



TH E ROYAL BAN K O F CANADA 

One of the world's great banks. 




Scandal Times Thursday June 22 197# 


sanpaok>77 



-fttllF ?1 

pftun-1 ^itrluy; 

Ljf. Dot far 

Doiuwhellatb- Jnpaane Tea 

French Franc ( S«nsi Franc 

Dutch Gniblerf 

hftflan Lira 

' DoOaT 

j rv» tj 




1.860 ' 

5.858 

389.5 

8.458 

3.448 

4.115 

. 1683 

2.078 

1 60.28 




1. 

1 2.075 

210.6 

• 4:575 • 

1364 

2325 

; . 855.6 . 

X.184 

i 32-89 



0.261 

0.482 

1. 

101.5 

- 2J204 

0398 

. 1.072 j 

— 412.4 

.0342 

15.7 L. 


JftlftlMMi* Yell l.rtXl 

2.567 ' 

4.748 

| 9.852 

1000. 

21.71 

8.861 

[. 1038 i 

4065: 

5356 

J ■ 154,8 


1 i«nvb Ki»m: lb 

1.182 

2.187 

1 4.537 

460.5 

10. 

4.076 

4368 

1871 

1 2.487 

V 7137 


.ift-im Frftti*- 

0.290 • 

0.556 

! 1.115 

113.0 

2A63 

1. 

1.194 ' 

459.0 

! 0.603 

17.49 


1 lull'd Odldlt-f 

0.245 ; 

0.449 

0.933 

94.65 

. SJXSB 

0358 

. •’ -i- ' ! 

384.6 - 

•- 0.505 

! 14,63 


llallgd Lira l.OU 

0.662 

1.169 

2.425 

246.1 

0344 

2378 

2-6Q0 | 

1000. 

1313 

( 3839 


I'aniniiau llnllar 

0.481 

0.890 

, 1-847 

187.4 

4:070 

' 1359 

. 1-980 j 

7613 

-t> - 

nrmK 


Bpleinn franc liXl 

1.659 . 

5.068 

| 6.366 

646.2 

14513 

5.719- . 

6326 .} 

. 3525 . 

I 3348 

llfed 


The U.S. dollar continued to lose 
ground in yesterday’s foreign 
exchange market especially against 
tne Japanese yen. At one point it 
fell 10 Y 208.70 before recovering 
to Y 212 JO. This was in reaction 
to a statement by the Bank of 
fapnn indicating the possibility of 
strong intervention in order to 
stabilise currency fluctuations. 
However, further selling of dollars 
developed after the opening of 
U.S. markets, and it finished in 
the middle or the day’s ranee at 
Y2 10.63. still lower than Tuesday’s 
fisurc.of Will. Using Morgan 
Guaranty figures at noon in New 


250 


240 


TEST 


DOLLAR 



M J 


York, the dollar’s trade weighted 
average depreciation widened to 
6.5 per cent from 6.4 per cent. On 
a similar basis, the yea’s apprecia- 
tion rose to 38.3 per cent against 
.18.1 per cent. The dollar received 
little comfort from the possibility 
of an imminent rise in u.S. prime 
rales. 

Business elsewhere was slightly 
more active than earlier in the 
week, and Ibe U.S. currency was 
weaker against the West German 
mark at DM 2.0745 from 
DM 2.0S13. u'Jijie the Swiss franc 
also improved in dollar terms to 
SwFr 1.S640 against SwFr 1.8750 

Sterling improved steadily 
throughout the day opening at 
Rl.84U0-l.S47O against the dollar 
and a generally good demand saw 
the pound touch $1-8505-13515 at 
one singe before closing slightly 
off the top at $1 -£490-1 .8500, a rise 
of 93 points. On Bank of England 
fi gures, the pounds trade weighted 
index improved to 61.5 from 61.3. 

Forward sterling also showed a 


firmer tendency with, the three- 
month discount against the dollar 
narrowing to 1.534c from 132c 
while the 12 -month rate improved 
to 5.174c against 530c. 

Tokyo: The dollar continued 
to fall against the yen. closing 
at Yam 55, compared with Y21L60 
on Tuesday The U.S. currency 
opened at Y210.70. and fell, to a 
record low of Y2Q8.65 at one point. 
Trading was hectic, with spot 
volume at $795iu, and combined 
forward and swap trading at 
$6Q3m. The Bank of Japan inter- 
vened. buying about $20-30m at 
around Y200 in the afternoon. and 
it was estimated that total support 
for the dollar during the day was 
between SaOra and SSOm. 
FRANKFURT: The Bundesbank 
did not intervene when the dollar 
was fixed at ’DUL0778, compared 
with DM2.0812 previously. This 
was a slight improvement for the 
dollar from its early level of 
DM2.0725. Trading was fairlv 
quiet throughout the day, with the 
Swiss franc tending to improve 
in terms of the D-mark. Most 
other currencies were somewhat 
lower ag ains t the German unit. 
The Bundesbank trade-weighted 
revaluation index of the D-mark 
against 22 currencies was 145 S 
(145.7). un 0.9 per cent from the 
end of 1977. 

PARIS: The dollar closed weaker 
in relation to Die French franc 
after a day of nervous trading. 
The U.S. unit fell to FFr 4.5770, 
from FFr 4.5937$ late on Tuesday. 
News of a reduction in France's, 
trade surplus in May had little 
influence on trading, with the 
franc showing only small changes 
against most major currencies. 

Sterling rose to FFr 8.4625, from 
FFr 8.4375. but the D-maTk was 
fairly steady at FFr 2.2065, com- 
pared with FFr 2.2048 previously. 
The Swiss franc was quoted at 
FFr 2.4535. against FFr 2.4448 on 
Tuesday. 

MILAN: The lira gained ground 
against the yen at the fixing yes- 
terday. with the Japanese cur- 
rency quoted at L4.Q45 compared 
with L4.072 the previous day. The 
dollar was also weaker against the 
lira, falling to LS55 l 2D, from Tues- 
day’s fixing level of L838.05. 
ZURICH: The Swiss National Bank 
probably Intervened to help the 
dollar, bat on a rather smaller 
scale than by Che West German 
Bundesbank. 

AMSTERDAM: The dollar was 
fixed at FI 2 .2300, compared with 
FI 2.2325 previously. 


THE POUND SPOT 


Currency, Money and Gold Markets 


Dollar continues 
to weaken 


June 21 


L'j? S 7 ll.8445-I.W45 

utLn 9: 

Guilder | * i 

Sara s-iHEsa 


tJtto-i.wn 
l2.U77B-2.0790 
4.11-4. IB 
SLSUUI 


D-Uark • - 
Fort. Em. i IS 
Spaa. Pea. 

Un 

Snrgn. Kr 

PntKb Fr. 
tan-edlohKr. 

Tan 


8 

life 

7 

8 la 
7 

aia 


BE.75-ft4.7fi 
146-85-1 48JEI 
J372-J.W* 
9.914-2-374 - 
a.44a ja 


t«o a 1 ®’ . 

tuKrn BdJ 5*flj 
SrrtwFh; J ! S.42*-S-<7 


Clocfl 


146.10-148.88 

4,5524,583 

&861-U71 

8.451-8.481 

8.478-8.48^ 

BSSa-BSOfi 

Z7-B5-27J3 

M«**46i 


FORWARD -AGAINST £ 


One tmih ! ■ 




93MI.S5e.pm.' B-7B MM-LMe-pm 
8^S-0aac.pRii 5-84 j 1.84- 1.72c. pm 
24B.JT5n.pJn I BuSS J73* -ftij c-pm 
48-60 r. pm j 8J8S. ittMtcjxn- 
4r2^ora diir. - L-2.75 uredUi 
I 7.82 iJHI 


8-2 pf pm 


jrfpoi 


Ifi- IBSiy «U» i~- 158075-476 callo 
S8.l39c. di> j— i 5.74 QSMtteJUo 
1 lire pm-*dl*~4L» Ure di* 

i Qrepm-llortj — 0.98 r 2 i ore dls 

UjA » pm j 1.77 J4-3 apm 
Uorepm-iORf 8.71 Mg-li-c-pm 
2A0-2.Wy.4nn] 8.18 5 J6-7J0 ypmj 
17-7 era inn. ! ' U2 *40450 grp pea 
atg-Sag ojim] 1IU11 jBU-BU L-^m 


5.51 

*.41 

7.06 
6.64 

—IAS 
8.80 
— UJM 
\-7JX 
b-iAi 
kO-H 
1 M 
1.30 
SA* 

5.07 
18.15 


i § 

' % 
K 


rate l» for canvsrtlhia francs. j SLmxumUi forward doBor Sa4r3.79c P nu 
piSSS franca 6AM-«X “ 15«nuH iSWSSc pm. 


the DOLLAR SPOT- i FORWARD AGAINST $ 


i Jane ZL 


Day’s 

spread 


Cham: 


Osememb 


pa. Three nmatte . M- 


Caoad'n s* 
GoUHlT 
Brlglan Fr 
Danish Kr 
D-Mark 
Port- E a 
, Un 

■ W nrs a. Kr 
. Freni* Fr 
' Swedish Kr 
I Yea 

i Amnia Sch 
j Swiss Fr 

' • U.5. 


aa«M 
2J2SUM 
3Z.Ur32.f7 . 

ums-z&ts 

ssAftsst-ift 

5J7U-S3MS 

*5775-4505 

4SS6S4J8C 

204J8-ZUJ5 

Lsusaatao 
cents P « 




3ZMU7-I 

SUBUM 

USMJH5 


U3 MUMcpa 802 
336 UHllCpm 337 


ass.fftaw.ia 

5313553140 
<LSnS-4JkI38 
45M&45SH 
■ nl«fm nc 

1431704.132 
IM miMOS 
Canadian a. 


f Pmr-tJZc pm 
4WB33C pm 
UUcin 

BJ7432pfpn 437 UUB pfpm 435 
; 235335 -437 830435 -433 

03B-8.18c 4t» -232 233230c dJ* -2.W 

8353.7S5T pm. CM 2.75335V pm <30 
UBOJOcMn 535 335530c pm 632 


CURRENCY RATES (CURRENCY MOVEMENTS 


Sterling .. . 
I L.S. dollar 


Austrian schiUiiiE 

BeleUn franc 

Daoisb krone 

□Ltusdic Mark .. 
Gander 


Ura 

Yen 

Kanreslan krone 

Peseta 

SinMUm krona ... - 


l|| 

EingtMi 

UuKaf 

ftccaoot 

June IX 

Bank of Morgan 
Easton* Guaranty 
Index chooses % 

8A6S7BS 

ZJZ34Z*. 

1-3*725 

Ift44i7 

BA7B2W 

L3W 

muz 

3MU3 

L’.S. OoTtar 

Canadian doilir . .. 
Austrian «*nWr^ ... 

aaja 

Ktt 

140.77 

lU.7t 

- kS 

-12.7 

-i-Hl 

+12,4 




«31 

- - U 

2J*m 

2.57971 

Deutsche- KCarfc 

14U9 

ltua 

+»2 

-T-76J 




laa.v* 

+U4 




- tut 

- ,SM 




5654 

-1U 



Yen 

140 AS 

4-3U 

9IM7 

SMBS 

1 M«M 

47.7723 

5.6773* 

ZJU51 

Baaed on trade wetfttned changra (ram 
Wachmgtoo astvemenr Owem&er. VH1 
'Bank, of finzlaad isqex=uai. 


OTHER MARKETS . 


£ .. 1 S r 

£ 

j Note* It* to 


Australia Dollar.../ 1.6O92-I.635403700-03T77 Ibdciuin ! 60-Glis 

Finland Markka 7-6550 7 37 Bfl* A JK50-4J2570 Denmark l 10.50.10.40 

bjaail Cruwinv 30.34-3 L34 (16.40-16.95 Fiance...... I 8.40-8.50 

OtmceDtacbma— reYJ17-6aL»l 30.4OJ67JTO (Oermany— 330335 

Hnn« Cook Dollar. 14.63004.6450 . f taly I 1560-1600 

jnaW.. 326-138 68i*-7l4i iJavui- 390-400 

Kmralt Dinar tlvll' 0MXM1JS10 0.8703-0^757 ! .\etberian<l J 4.06-4.15 

~ ! "* — . fi. 85-10.00 

- 80-84 
1A51J-1-461* 
3.40-3.60 
1-84.1.86- . 
36-88 


at Dollar i 

baud! Arabia Hiyai .. 

Steasnot« Dollar...; 4.88tf-4J9ia 1232004^810 Cntted 6tataa~., 
South African Hand! 1.5981-1-61490^640-0^731 lYt^oalavia 


6.33436 - l 5A2-3.44 

:i 


. Rate grim tar AntaOm is free rate. 

Rste for Finland on June 20 shook! have becti 734-736. 


EXCHANGE CROSS- RATES 


EURO-CURRENCY INTEREST RATES 5 ' 



Sl«rltnu 

Canodion 

IK'J.ar 

' L’3. IXiltor ! 

it-rm .... 

lo-ioij ; 

7U-8U 

[ 7ig-73, 

i -Uvs "iilli.X. 

11-111* j 

7 14-614 

ih-e 

*>l >.-.n li 

Hie H -a ' 

7*4-81* 

\ 71 = -?3i 

II '.if niiiurii»... 


«7 t-*,l 

bJg-86g 

nuilln 

Lclg-12'2 : 

812 

b5a-9 

%rai 

121* 12 it? 

834-91* 

9 0U 


DnU-h D under -ni«- Ftan-r 



hi 

hi 

iJa-Ua 
111-2*5 
8-2 la 


VT. German 
Mirt. - 
-V 


Frencb Franc ! f tartan Urn - ! Amur 8 - f Japanam Yen 


. W°{«. 
33b-o1| - 

V 

AlS^Gft 

- 


10l«.104 
1068-10 ?| 
u-»m 


15X1-171* 

1U«-1B1* 

11^-1294 

llh-l&i 

1»-14 

14-18 


7a*-75» 
7S* 75. 

8f*-8r* 


«Tt- 8 Ta 

8 I 4 WH 4 




The (ollo'.vlai nonunat rates «*ere quoted for London dollar certificates of deltas if One month iUHMLU per cent; three months 835835 percent: Me months 8.658.18 
j> r arm: one year E38-9.00 per teal. ... 

Loim-r-rra Eurodollar duposlrs:' Two years 9 I i^»Jis per cent: three years 9f8i p er cent; tour yean U-M per colt; five taut M-*i per cent. . • Ratw an uumlrt M 
clojins ran... . • - • ' 

Shon-irrru rates are call for sterLos. L'3. dollars aod Canadian dollars: two day s’ notice for visitors and Swiss francs- ’ 

Asian roti^ arc dosinfi rai« tn Singapore- ..... 


INTERNATIONAL MONEY MARKET 

U.S. prime rate rise 



Pressure seems to be mounting 
for an increase in UJi. prime rates 
to fl per cent from the present 
level of SJ per cent An increase 
ro the latter was effected only 
last week by New York's Citibank 
but it is probable that the Bank's 
own cost of funds has risen so 
much recently as to make a 
further prime rate increase in- 
evitable. In fact the broker-loan 
rate charged by Chase Manhattan 
rose on Tuesday to S] per cent 
from Si per cent and in the past, 
changes in Ibis rate have often 
preceded movements in the 
prime rate. 

Thirteen-week Treasury bills 
rase to 6.77 per cent from 0.69 
per cent while 26-week bills were 
quoted af 7-32 per cent against 
7.27 per cent and one-year bills 
at 7.62 per cent from 7.56 per 
cent. It now seems that the 
Federal Reserve wants to see a 
righteninc in the U.S. credit policy 
by allowing the rate on key 
Federal Funds to increase, and the 


latter were quoted at 7-S75 per 
cent compared with 7.4375 per 
cent previously. 

Bankers acceptance offered 
rates were unchanged for 30-day 
at 7.70 per cent; 7.75 per cent for 
60-day through to 7.95 per cent 
for lSO-day. Certificates of deposit 
in the newly issued market eased 
to 7.53 per cent from 7.75 per 
cent for one-montb: 7.70 per cent 
against 750 per cent for two- 
month and three-month 7.80 per 
cent from S.04 per cent. High- 
grade commercial paper was 
unchanged Uirougbout. 

At its weekly bill sale on 
Monday, the Treasury does not 
intend to raise fresh funds but 
will sell three-month bills worth 
S2-3bn and $3.4 bn in six-month 
bitts in place of a similar amount 
of maturities. Paris: Longer-term 
money rates were unchanged 
although day-to-day money eased 
lo 7.G25 per cent from S. 125 : per 
cent. 

Brussels: Deposit rates for 


commercial franc* were 
unchanged for call money at 
per cent, while the oae-m 
eased ' to 5ft-5A j>er cent from 
5J-5J per cent • Three-month 
mondy was unchanged at 5f-3} per 
cent as was 3ix-mcmth at 6J-fi| 
per cent' Rates for 12-month 
money moved slightly to 7-7* per 
cent from 7J-7J per cent *■ 

Frankfurt: Interbank money 
rates were, unchanged at 355 per 
cent for call money through to 
3.75 per cent for sir-month funds. 

Manila: JKLday maturities were 
quoted at 9-Hi per cent 6(Way 
at 94-121 per cent 90-aay and 
120-day at 10-15 per . cent. Philip- 
pine Treasury hills (90-day dis- 
count) were quoted at 11 per cent 
with Central .Bank certificate 
issues unchanged. . 

Hong Kong: ’ Conditions -were 
tight in the money market with 
call money commanding Sf per 
cent and overnight business dealt 
at 3$ per cent . 


GOLD 



Gold showed little' movement 
after . Tuesday’s ILS- gold sale* 
and dosed in generally quiet 
trading at $186J-187i an ounce, a. 
rise of Just gj. The metal opened . 
at SL8&-188! and eased to a morn* 


to floe 


June 21 


UK MONEY MARKET 


A calmer make-up day 


Bank or England Minimum 
Lending Rate 10 per cent 
(since June 8, 1978) 

It was a fairly uneventful day 
in the London money market 
yesterday, considering that it was 
also the third Wednesday in the 
month. .As such ft has published 
figure day for the banks, and the 
Gn?t make-up day since the 
reintroduction of " corset ’’ 
controls. 

London banks still have an 
obligation to show that they arc 
holding the correct ratio of 
reserve assets on published figure 
day. but with the situation over 
(he "corset" now resolved there 

LONDON MONEY RATES 


is no incentive to produce inflated 
eligible liabilities on the third 
Wednesday, and therefore condi- 
tions were much calmer than on 
this particular day in previous 
months. 

Overnight interest rates in the 
interbank market were 10-11 per 
cent for most of the morning, but 
touched 14-15 per cent after lunch, 
before closing at 8 per cent 

Discount bouses paid 8-10 per 
cent for secured call funds for 
most of the day. In -contrast to 
previous make-up days, when 
reserve asset money was picked 
up at much lower rates than in 
interbank trading. 

Day-to-day credit remained in 


short supply, and the authorities 
gave an extremely large amount 
of assistance by lending an 
extremely large amount overnight 
to seven or eight discount houses, 
and by buying a small number of 
Treasury bills from the houses 
and banks, plus a small amount 
of local authority bHZs. - 
Banks, brought forward surplus 
balances, the market held net 
maturing Treasury bills, and there 
was alsn a very slight fall In the 
note circulation. On the other 
hand repayment was made of 
money lent to the. houses on 
Tuesday, and substantial. 'revenue 
payments outweighed Government 
disbursements. . 


J,,ae £1 
Hi-. 


Sirrltua 
•u ■l#|»-ll« 


Local (Local Auth'.l Finaoco 
Jfliprt*»nk 1 Autlnirtty • available f Rcw 
■ iHlanlln ■ hnn,i> j DepteJla 


i.'wruml' 1 ■■ •• 

: .mv- n>4 *•«.. 

i lav- n-ciL-f.. 

i In*- III* -III b ..... 

i * •• iiprfith-... 

ilinv un 'inli*. 

-i* lu'.rfirti'.— 
>inc niL"nlh-.-- 
•n>r .a c«i 

vnr- 


Wi 10, i 
loin- 10 
1D-97* 
10-9 T* 
10.91 b 
10-9 :g 


8-15 


103«- 10 s 9 
io,;,-iajs 
io.v-iou 

10-10: a 
10 - 10 ,’. 
10-10ri 

10 10U 


xoq-ioie 

lOJa-XOSs 

lOJfl-1012 

97*. 10 
10-101* 

ioi*-iau 

10*8-1034 


10 10 Jg 
SSg-lOlg 
91g-10 
9-97g 1 
9 4a -9 7 8 I 

913-970 • 


1OS0 

loss 

JO's 

1090 

109. 

109g 

109* 


Company 
Depra it.. 

Dtwoau 

nrarknt 

depmit 

treuarv 

Uilh.« 

SUfftbto 

HxttL 

BU»4 

.. 

Fine Trade 
Bills* 

j 10l a j 9-io 

i lo h • — 

! >«. ! ss .!2 

i i If; 

! r | z 

s® 

- 9jV 

- 

9to-9S 

— 

. 

1034 

.103* 

lose 

106* . 

Z • 1 

• : ■ i 


mortsaee raw 
-rues iu (able are- 1 


l.octl audiority *ad finance bouses: wym dan hoUct. oiliera seven days' Bsod. Longer-ienD *** 
nomin.lly ihrci- roars II Mi; mr cam: four years I1H3 Her cent: five years tS-lIi n^r exm a B: 

oujiuk rales far prime paper. Borina rales tor fwir-iponui bank bills o* r Wn| . tr«tie bills IB* per cent. 

Apprmnniate selling rau-s for Ml n per- cent; and AKrewatk VI u 

per cent. APProxiniaic sullnv rule lor onc-monUi banR bilte ®M LS » per croi: aim two-mufr 8 M*St 6 per ce«: and Dm 
momb renr One-mo nthirade bOii W. per t?°r- ilU pee cent: am) ftiao-threMnonUalW PW am. .. 

finance House Sate Rates ipnbliabcd fix ” 1 * l5e „ -^wo gatwnn s* per cent innn June 1. lavs, aeftrton Sank 

Oeeofit Rnw 'tor am ill mM if Hrteo «Uya notice* sr-7 wr renr. Ckurmg ft a** Rats* tor JsBdliij| 10 per cent. 

Treasury Bill*: Avenue tender rate* of disco nut 8.1348 per ee«. 


Gold JltiUloa 
ounce) 

Ooee... '»JB6i-187L 

opentop 

UornlnK OxtnR...^.3U6.10 
‘iinM3i5) 

Afternoon tlr lm ..- 9 IBS-96 
. ’ (film 3«) 

GoWI Coin*... 

domertkftlly 

Erngenaad 9184- 199 

(S1Q&-TD9) 

fienr.jtoverelgnt 1 866-57 

Old floverotgiu 1 

Gold Coins 

tntennaionally 
krugenftnd 

Sow. Sovem^m ^ 

Old 3pr«efgss__i 

92DB0g)«... 

SSSfc 


June 20 




9199-1892 . 

918&2-18B4 

919939 

f£1D138S) 

91BS3S. 

(£101.487) 

1 

9185-196' 
(£106- IDS) 
'2-692 

96fi*-974 . 

k£M4-B1il 


9 18 14-1854 I 
(£1054-10441 
M2264* a 
.(£*84-294) 
8&H-671 

l£5ft-51l 

82774-2884 
ft 1564-158* 
988,182 


81914-1954 
<£184-195) . 
I8S36S 
(£282-28© 

92784-2724 
9136-1 SB 
888-102 


mg firing of 9I86J.O. The after- 
noon ■ firing - showed a slight 
recovery to $18&3S with b usin ess 
picking, up slightly, during' the-, 
latter part of the day. At the' 
UJ5. . Treasury gold auction, the 

average price per ounce returned 

was - $187.06. Bid prices ranged 
from $172.0 to 3190.29 while 
prices of accepted bids were' 

$18&52rl£0.29. 


KflffEYRATES 

NEW .YORK 


r® i 


Funds 


GERMANY 


FRANCE 

m Bate. 

m — 

YNw.'woKiir 

Six monttts 

JAPAN 

nmcount 

Call ' lUBotafldoDiO '^,, 
Bms ' Dtodinf Rate •.! ~..‘l 





































i. 






-Tlraisd^ 1978 


APPOINTMENTS 




J'.Ml music group 
/I; reorganisation 

A' number o£ senior executive 
- ' '„• changes '.at EMI- come into effect 
■- . : Irora July 1 "as: pan of a group 

• reorganisation scheme. 

•- V^.. In addition-, to present product 
‘ -jperations, ft has been decided 
•» - to unify the group's music 

-* , jV> 3 1 . ^vuiterests .under Mr. Bhaskar 
firs, wenop. with offices in London 
H aJi!i,.and. HoDywoocL 

. ' Mr. Menon, a director of EML 
* *•. Is tff be chief executive of two 

“ \rnaia' operational units, EMI - 

C-r3* u . s,c Europe and International. ' 

~ • _ t-*- London, and Capitol Industries- - • 

■<ETSfI, in Hollywood... 

- ’ M '-:, Mr. L. G. Wood will continue 

:r *' ,, a member -of the Board of 

' ; 1 . “< “MI,, advising on music matters. 

•« He will relinquish the chairman- ' 

5 ~ '-.ship of EMI .Records fUK) an d 

“ *V, be succeeded , by Mr. Leslie HH1 
. ' ll (director, group music) who takes 
- .oyer that position in addition to 
— ‘his present responsibilities. 

Mr. I. -flfc Kaipers. Dr. 3. A. 

P*r. Powell and Mr. R. I_ Watt, at 

present group managing diree- 
.. f .'.^tnrr are to become vice-chairmen 

'■ of .the EMT grouD, at the same „ 

£V.time -retaining their functional ® r * Bhaskar Menon 

..'i rest>o risibilities For personnel, 

' > technology and finance respec- ... 

i-.tively. • (Credit Suisse- White. -Weld) 

* chairman; Mr. A, A. D. Montague 

--- Tho - ... . . . Browne (Gorrard and National 

ao^nted Mfe G. 5 SifT C 'g£U?«5£ SS 

■' “WH Company of London) 

"S -TAFP to succeed Mr. C. R. Ross honorary secretary. 

-J who, on (he Governments pro- 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS are recommended to take appropriate PROFESSIONAL adv/ce before entering into commitments 


posal. is to he a vice-president of 
the European Investment Bank. 


Mr. T. D. Lecce has Joined the 


post in -the GPRS is at depu^ m Tn bo»d of JElfiS AND ! 


secretary level. 


CATTELL. 


Csvi- J 


Link 


3L • Paj ? c . r has been Mr. Kefti g. Wood, company ! 
appointed vice-chairman and secretary of BAKER'S HOUSE- 
£. h '* f a ° d ^ F - HOLD STORES i LEEDS) and Mr. 

director, of ABM Stuart Niman arid Mr. - John P. 

— a member of the Hackett have been appointed 

Dai 0 ety Group, from July 1. executive directors. They have ! 

.★ been with the company for a i 

The oil and marine division of nu ™ber of years. -;-.r 
the DUNLOP INDUSTRIAL * 

- S2S P ./ M £ fbriee' appoint- Mr. A D. Orsich, formerly 

iih l ^ S A™hil« Gn S s ? y 1 lte : i? 1 ?* ® rou P foreign ex change .manager. 
^f 211 has become deputy general 

•'• P { , division, manager i foreign exchange) at 

becomes tieputy director with STANDARD CHARTERED BANK, 
special responabilmes for diversi- Mr . j. A> w . Maxwell has been 
• ficalipn Marketing manager Mr. appointed foreign exchange 
Frank HamiU is now commeraal manager and Mr. P. A Wilson 
director m charge of .marketing chief dealer 

- . and purchasing and Mr. Brian 

Eastwell, previously commercial * 

manager, has been appointed Mr. R. Woodall, at present ex- 
manager, new products division. pioraUon manager and chief 
— ■■■ ^ * geologist of WT3STERN MINING 

. ■ CORPOR ATION, has been 

J£ r ‘ . Eri ' appointed to the BoaVd as director 

pointed a - director of DEREK -f Mnlnratinn 
— — CROUCH (SCOTLAND). He of exploration. 

joined the group in 1960. * . 

. r~ Mr. Jeremy Martin, who recently Mr. E. Cedric Muxlow, who 
returned from the‘U.S„ has been recently- retired as general 

— appointed managing director of manager or Yorkshire Bank, has 
CHEVIOT LAND and a* director been appointed as a director of 
of CHEVIOT HOUSE, the parent the MANCHESTER EXCHANGE 

.‘-company. AND INVESTMENT BANK: 

* * 

1^- Richard MacDonnel] has 
; TORVAlf^HoSmGS ^ w!s been appointed the INDEPEND- 

■ Sorter McConnea gSTo, 

" * . MulhoDand, who is now fegloral 

The SUN LIFE ASSURANCE officer in the Midlands. : / 
COMPANY OF CANADA has ★ 

Mr. Edward Smith has ‘been 

August I. Mr. Altstafr M. Camp- s ® cre ^fJ “ixy^of 

trfMyeS\SlbX«ffl2y BmM INGHAM SYMPHONY 

' the ORCHESTRA from September 1. 

SmmmeJf S. xSomi Mr. Bedford Kin^mhA .Jo 

- nrpcidAnt and rhief executive has been concert manager with 

__ SSTto wil, breome 

executive officer; and Mr. George J" ? rnm th?v ? 8 ‘ 

- F.‘" S. Clarke, executive vice-- Manager f* 0 ® Jul y L 

.. president, will be president. * - 

★ jMr, John Heath has become 

Mr. Anthony Boll Is to join the fin^oisl sj«ems eggtltj™ of the 

assssw? 1’-kAef” capel “ a 

tor. Mr. Ball joins BL from Co., stoesuroKers. 

Thomas Barlow Holdings where he * 

J. was a. maiji and Mr Cyril Freedman has been 

[TiP managing director of the Barlow . te( j MecuIive of 

,{H Handling Group. - PENTOS GARDEN AND LEISURE 

★ PRODUCTS GROUP and has been 

■ roa«ta n L.k" J™ S S C “ d rt^ 5"££ 

appointed t0 main- hoard of Homes and Cardens. 

,U*» V OFFICE CLEANING SERVICE b. ★ 

* Mt. Patrick. Wright has been 

The FeEDEX GROW h as m ade BOOKS. He™ -emalns on 

four senior management appoint- Ncw 2ea | and 

ments. They are Mr. Jordon JH irf “ where he has been 

- IS Smaging director for the last 

Fuel ? u 2!S!5!:,r 1 ?^i B ?dS!SS * our h8S been succeeded 

. general manager a d^ector ^ Graham Beattie, 

of Feedex Pig Partnership, Mr ur «« 

'Digby Harris, to the board of * 

'.. Feedex Pig Partnership: ajiil Mr. . ggQ International has 
David. Sylvester, divisional feed appoijl ted Mr. John Savage as 
sales co-ordinator for Feedex Q mana ging director of BR1TAX 
Feeds. •' . „ . .. ' - WEATHERSHTE LD S . He was pre- 

Mr. M. A Grant a director of ^o^iy managing director of the 
ALPINE HOLDINGS, has been- -, s heavy duly pressing corn- 
appointed managing director or pan y | Britax (Lemark). 
the group- Mr- Janies Gulliver con- . ^ 

tinues as . chairman. 

. Mr. Michael Gough, the director, 

his Been appointed a member of 
Mr. Christopher Wigan, an exe- ^ coiSciL OF FOREIGN 
cutive director of SAMl^iL MON- BONDHOLDERS in the place of 
TAGU AND CO. has been jjr. L. A Martin, who has 
appointed the company's repre-_ rested, 
sentative for South East . Asia, 

based in Singapore. Miss Elisabeth Sharp/es has 

* * ;• been appointed national gene™ 

The following officers bare secretary of YMCA OF GREAT 

been appointed^ by the INTER- BRITAIN succeeding Miss Brenda 

NATIONAL CD MARKET ASSO- <^ e F®y nrhc - left ^ the 
. .CIATION: Mr. D.-.K. W. Potter tlon at .the end of last year. 


Conference? Seminar? 
Company Meeting? Reception? 
Film Preview? 
Advertising Presentation? 


There’s no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
In comfort for 50+ people. Full 16 mm film - 

projection facilities. National Panasonic Vz colour 
video tape and Philips i^OlM video cassette . 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms wrtn 

extensive catering facilities. 


financialiimes cinema 


GRESHAM TRUST 
LIMITED 

Permanent and long term capital 
for the successful private company 

Also a wide range 
of banking services, including:- 
Selective finance for property development 
Co mm ercial and industrial loans 
Bill discounting 
Acceptance credits 
Leasing 

For further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 

Gresham Hu st Ltd., BarrinBion House, Gnsham Street, London EC2V 7HE 
Tel: 01-60o 6474 

Birmingham Office: Edmund House, Neurholl Street, Birmingham, B3 3EW 
TdD21-I.lt> 1277 


SOUTHERN ENGLAND 

PRECISION ENGINEERING AND 
MACHINE TOOL COMPANY 

with extensive modem plant and small skilled workforce 
seeks merger i outright sale may be considered with large 
organisation). Turnover approximately £90,000 p.a. 

Inquiries invited from public companies. Write Box G^129, 
Financial Times, 10, Cannon Street, EOSP 4BY. 


PARTNER REQUIRED 

CITY-BASED SOFT COMMODITY FIRM 
wishes to incorporate as a separate company one of its existing 
well-established departments. 

A corporate partner is required in the new company which will 
have an equity base of £200,000. 

Write Box G.2I39, Financial Times, 10, Cannon Street. EC4P 4BY. 


All enquiries to the Press 
Financial Times, Bracken House, 10 Cannon Street, 
S m?m. Tel: 02-24$ 8000 (ext 7123) 


INVESTMENT HOLDING 
COMPANY WITH 

UNREALISED LOSSES 

for Capital Gains Tax purposes 
of approx. £140.000 required 
immediately. Asset ro which 
unrealised losses applies should 
be quickly realisable, e.g. 
quoted shares or shares in 
company about to go into 
liquidation. 

Write, in confidence, to: 
Box FT 533 c/o Hanway House, 
Clark's Place. London. 
EC2N 4BJ. 


ITALIAN INSURER 

with full technical and commercial 
experience m all bnnehea. well 
organised, ii interested in obtaining 
AGENCY for the Italian market of a 
fint -tints British Inaurinc* Company. 
Excellent reference* available. 

Ready, if necessary, to visit the U.K. 
Plea ae write :a Box F.102B. Financial 
Times, 10. Cannon Street. EC 4? iBY. 


LIMITED CGMPAHIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO, REGISTRATIONS LTD. 
30. Gty Road. ECr 
Of -628 5«d/S/7361. 9936 


MANUFACTURING CO. 
SURREY AREA 

’REQUIRES ADDITIONAL CAPACITY 
FOR EXPANSION 

At present sub-contracting £100.000 
of prevswork per annum. Surrey- 
:based firm preferred. Please send 
details or capacity available. e-E- 
preuu, ere. 

Write Box G.2 121, Financial Times, 
10. Cannon Street, EC4P 1BT. 

~~ GROUP OF 

PRIVATE COMPANIES 

interested in acquiring active companies 
.in construction, property development 
and possibly engineering field. Com- 
panies must have average annual profits 
of Cl 00. 000 to £200.000 before tax. 
Would consider lower figures if there 
are adequate unrealised profits or 
potential. 

Principals only write Box G.2f26, 
Financial Times. 

10, Cannon Street, EC4F 4BY. 


CAN YOU USE 
UP TO 300,000 SQ. FT. 
of single storey warehouse • 
light Industrial space on 
20 acre site near Glasgow 
Excellent parking and lo »d | i«. easily 
divisible. Contact owners, Of-eOS ZJ'6 
or write Box G.2 140. Financial Times. 
. . 10, Cannon Street. ECtr nBr. 


SPECIAL NOTICE 
We are exhibiting our cosmetic pro- 
duet -at the Indro-Parfumene trade 
■how Utrecht, Holland in August, 
-197B. Any UK company wishing to 
promote their products m thit eoun- 
. cry should contact the Managing 
Director for representation. Principals 
only. 

Write Box G.213B. Financial Timet. 

10, Cannon Street. EC4F *BY. 


NIGERIA & WEST AFRICA 
FOR EXPORT 

GENERAL PURPOSE mild steel 
WELDING ELECTRODES 
Importers/dlscributors required 
Nigeria/West Africa. Minima® 
order 10 tons per month 
• For detail* and C & F quotations: 
D. |. CO TT HULL, (mport/fcxOort 
143 Spoakman Road. St. Helnni 
Merseyside. England 
Tel: St. Helens 231 89 


WtveMarfes^ 

C PHONESELL " 

Pauline Mxtleo LtdLare now 
operating ike Hwt icll-timo 
telephone selling semoo 
operated totally ia-hoam 
by full-time people. 

Tel: 01-348 4294. 

4DT0ttenhamLs{ieiLondonNa. 


£200,000 REQUIRED 

(or part interest In several highly 
profitable multi -million dollar export 
deals now nearing fruition. Money is 
needed to recoup heavy investment in 
time, travel, telephone, telex and to 
finance further deals. 

Write Bo* G.2 149. Finoneiol Times, 
10. Cannon Street. EC*P 4BY. 


DIRECTOR 

mid -40s with 8 year* boardroom 
experience with blue chip companies 
available for non-executive director- 
ships, consultancies and short-term 
astignments. Marketing, business 
development, project management and 
information systems background wish a 
good appreciation of high technologies. 

Write Box G.2 128, Financial Time*. 

W. Cannon Street. IC4P 4BY. 


CLIENTS ARE SEEKING 

U.S.$ 8.5 MILLION 

for medium term to explore 
Gold Mine in Canada against 
mortgage on said mine. Please 
write to Box F.1026. Financial 
Times. 10/ Cannon Street, 
EC4P 4BY. 


ATTENTION EUROPEAN 
EQUIPMENT 
MANUFACTURERS 

FaiTeit Systems specialising in the 
sales and servicing of environmental 
and computerised test equipment is 
seeking European companies wanting 
UK representation on similar products. 
Write with full company details and 
products to Box G.2 116, Financial 
Times. 10. Cannon Street. EC4P 4BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IEM. Buy. save up to 40 p.c. 
Lease 3 years irom £3.70 weekly. 
Bent Iron £29 per month. 

Phone: 01-641 2365 

AUTOMATED 

FOUNDRY 

Complete 'with lend and buildings for 
sale, ready lor production. Box size 
1850 x 900 x 700/300. suitable for 
large Tractor or similar eastings. 
Located in development area of Scot- 
land. Good labour force available. 
Please telephone 08693 3841 ar 
08693 4638. 


RECORD COMPANY 

Independant Record Company seeks 
investment, £20, 000 .£50.000. for 
marketing and development of fint 
class products in UK. Participating 
■ or non-participating Investors welcome. 
Write Bex G.2137. Financial Times, 
10, Cannon Street. EC4P 4BY. 


SUCCESSFUL 
MANUFACTURING 
COMPANY (T/O £15m) 
seeks additional lines, Inven lions, a 
business ar Joint venture to exploit 
well established brand name in DIY 
and Hardware fields. 

Please write in Krict confidence to; 
P. Angel. Esq.. 

Manches & Co., 

ID. Doha Street. London WIM 6BH 


PARTNERSHIP/ 
DIRECTORSHIP REQUIRED 
Full-time woHeing in Engineer^ 
ing / Scientific / Technical com- 
pany. Equity participation 
offered. North-West preferred. 

Write Bex G3145, 
Financial Times, 

JO, Con non Street, EC4P 4BY. 


PLANT AND 
MACHINERY 


EXPORT ENQUIRIES INVITED FOR 
ELECTRO MECHANICAL 
EQUIPMENT 

We are _ manufacturers of Generators up to 
1,000 KVA and specialise in supplying Dorman 
and Ruston spares and others. 

WHY NOT TRY US FOR PRICE AND DELIVERY 
19, Downing Street, Sutton in Ashfield, 
Notts. England. 

Telephone; Mansfield 53922 or 574S5. 

Telex: 377726— CEDS G. 


ACTIVE PARTNER REQUIRED 

Weil, established Australian Company, specialist applicators and 
manufacturers of protective coatings, requires capital for 
farther expansion in the surface coating Industry. 

Approx. SA200.000. 

Proven and profitable performance over 27 years. For more 
details apply in writing: '‘Active Partner,” G.P.O. Box 242X 
Sydney, N5.W. 2001, Australia. Director wifi be in London in 
August. 

SINGAPORE 

Europain-minigcd Company, with branch offices in Malaysia, offers comprehensive 
admin.- service including secretarial, posul and telex. Full agency sales and 
service also available. Specialists in ail sections of textile trade. Replies by 
30/6/76- M.D. will be visiting UK }nly. 

Write Boa G.2f JZ. Financial Times. 10. Cannon Strert, EC4P 4BY. 


STOCKBROKERS 

Medium firm based in the City with attractive offices, 
has vacancies for Members with good Private Client 
business. We would be interested to hear from 
small team or individuals. 

Write Box G.2 102, Financial Times, 10, Cannon 
Street. EC4P 4BY. 


PRESTIGE CARS WANTED 
TO ALL COMPA DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the best price for 
your low-mileace prestige motor-carf 
We urgently require Rolls-Royce. 
Mercedes. Daimler, jaguar. Vanden 
Plas. BMW. Port; he. Ferrari, MaterlU. 
Lamborghini. Jemen Convertible, 
Rover, Triumph and Volvo cars. 
Open 7 days a week 
Collection anywhere in U.K. Cadi or 
RHiken draft available. Telephone tn 
for a firm price or oar buyer will call. 

ROMAN OF WOKING LTD. 
Brook wood (04867) 4567 


PROPERTY 
FINANCE i« 57 0 

Medium term bridglno and develoomem 
facilities available irom prime tanking 
source lor aood aualltv Commercial and 
Industrial prooertle*. Mm- lotn 

£,00O0 C D intact K- A. Burgess 
SEYMOUR ADELAIDE A CO. LTD. 
t8 Sevmour Street. London. W.t. 
01-935 Z3B2 


AMBITIOUS COMPANIES 
REQUIRED 

AS SOLE DISTRIBUTORS 
IN DEFINED AREAS 

for specialised product rapidly estab- 
lishing itself as a brand leader in 
floor and general cleaning maintenance. 
Approved at all ievelt. Established 
accounts available lor servicing in 
certain areas. Successful applicants 
will receive full training and tales 
assistance. 

Write for full details, literature and 
samples to: 

Bax G.2 J 14. Financial Timet. 

16. Cannon Street, EC4P 4BY. 


DYNAMIC ENTREPRENEUR 

Possessing varied professional contacts 
in Trade. Industry and Central Govern- 
ment department, owning office in the 
heart of New Delhi with telephone, 
tefex, office staff and conveyance, is 
interested in representing any overseas 
manufacturer! of Industrial and Con- 
sumer Products as agents in India. 
Parties interested may kindly cor- 
respond with detail! to: K & S Enter- 
prise, 7. Berkley Crescent. Moseley. 

Birmingham 13 9 YD. 


merits Limited 'Established 1959‘. Barn- 
head. By Did Montrose. Angus. Scotland., 


BUSINESSES FOR SALE 

SPORTSGR OUN D AND LANDSCAPE 
CONTRACTORS 

FOR SALE 

Old established private Company operating in North of 
England. Turnover approximately £im per annum. 

Plant depot and yard of approximately 1* acres with easy, 
access to motorway network (could be disposed of separately). 
Past tax losses of £40,000 available. 

Write Box G2096. Financial Times, 10. Cannon Street 
EC4P 4BY. 

“* SOUDLY-ESTABUSHED PRIVATE CLIENT ™~ 

PORTFOLIO MANAGEMENT BUSINESS 

for sale to suitably qualified purchasers. Funds controlled total 
approximately £14 million, principally under fully discretionary 
management. No premises, equipment or staff involved in sale. 
Principals only are inviced to indicate their best offers in terms of 
a percentage of the funds (subject to confirmation of value) for 
the complete transfer of ali accounts under the advertiser's control. 
Write Box G.2136. Financial Times, 10, Cannon Street. EC4P 4BY. 


FOR SALE 

LIMITED PROPERTY 
COMPANY 

20,000 £1 fully-paid 
shares 

No liabilities or loans 
2 Freehold Properties 
Prospective rents 
approximately £12,000 
Accounts audited by 
London Chartered 
Accountants 
THOMAS PATT1NSON 
& SOiYS 
57 Grey Street 
Neweastle-upon Tyne 
Tel: (0632 ) 2652S 


MAJOR SPARES AND 
- ACCESSORIES BUSINESS 
FOR SALE 

Well MCiWWwd. T/o well In excess 
of £250.000 p J. Own well equipped 
comprehensive workshops. Located 
Bristol. Principals only should rcply- 
Wrhe Box C2fjf. Financial Timet. 
10. Cannon Street. EC4P 4&Y. 


FOR SALE US. FIRMS 

We specialise In she sale of firms 
locsted in Che Southern Calif, area of 
the Un'“* Sm« to foreign investor*. 
We have a wide range of categories 
and jizes. PteUe call 213-540-4177 
or write details to: 

AUBREY YUEN & ASSOCIATES 
ATT: Mr. Earl P. Gilbrach 
3B5B Cmon Sr. 5uire 220 
Tornnee. Calif. 90503 U.S.A. 


IMMEDIATE SALE DESIRED 

GOLF COURSE, 
LEICESTERSHIRE 

CLOSE Ml 

18 Holes. 120 Acres. Tennis 
Courts. Swim. Pool. Luxurious 
Mansion House. 2 Bars. Dining 
Room. Functions Room. 8 Bed- 
rooms. Z Bathrooms. C. Heating. 
Air. Cond. Freehold Assets Co. 
Sale. Best Offer over £200,000. 

CHRISTIE & CO. 

32, Balter Street, London WJM 2BU 
Teh 01-486 4231 

I.O.M. PROPERTY 
COMPANY FOR SALE 

Good opportunity to purchase excellent 
investment in the beautiful and peace- 
ful 1.0, M. with ail the tax advantages 
of NO Cap.iu! Gains T*x. NO Estate 
Duty and ONLY 21% Income Tax. 
Very easily managed with good pros- 
pects qF further profitable expansion. 
Present Income ... £15,900 p<A. 

PRICE £120,000 pj. 

Further details: 

Win-Stone Property Co. Ltd., 
145. High Street, Blackpool 
Tali 102S3 ) 20087 


PRINTING WORKS ft SHOP 
IN NORTH LONDON 
to lot at £500 per month. Rental 
Includes premises, plant, equipment 
and existing clients. You only pay 
telephone and electricity. Works fully 
equipped and operating now. Plant 
includes Rouprinr, Himadajcrr, 
Camera, Plate making and thermo- 
graph facilities. Tremendous potential. 

Available from !2>h July. 1 978. 
PHONE: 01-363 4115 


GENERATORS 

Over 400 sets in stock 

lkVA-700kYA 

Buy wisely from the manufacturers 
with full after »l*s terries 

CLARKE GROUP 
01-986 8231 
Telex 897784 


ESTABLISHED 

Woodworm/ 

DAMP-PROOF 
ORGANISATION FOR SALE 
AS GOING CONCERN 

Five branches. Turnover £150.000 p.a. 
approx- Member B.W.P.A. Principals 
only plea** apply ; n confidence 

to: G.2I3J, Financial Tinief, 

ffl. Cannon Street, EC4P 4BY. 


FOR SALE 

Small Data Service Bureau 
situated in Home Counties. 
Good Industrial Connections and 
excellent pO ten rial. Owner 
retiring. Principals only. Write 
Box _G.2141, Financial Times, 
10. Cannon Street, E C4P 4BY; 


t- 15-YEAR MORTGAGES 

f INTEREST 12% FIXED 

t UP TO 75% OF VALUATION 
e INVESTMENT OR OWNER OCCUPATION 
t QUICK DECISION 

Please Phone or Write to S. A. PARNE5 

® 23, MANCHESTER SQUARE 
LONDON W1A 2DD 
Dl-486 1252 

COMPUTER SYSTEMS HOUSE 

A quoted company is sought to invest in a successful 
systems house. We are situated in the Home Counties and 
have developed a portfolio of business systems for use with 
mini-computers. 

Enquiries are invited from principals only. A cash 
investment to fund growth is required in Ihe range 
£150,000-£250,CKiO. The ideal enquirer will he a potential 
user of mini-computers in his own business l possibly as 
distributed processing centres); hare no existing investment 
in the computer services industry and make quick 
entrepreneurial decisions. 

Please enclose a copy of your annual report when writing 
to Box G-130 -Financial Times, 10. Cannon Street, 
EC4P 4BY. , 

£250,000 GASH AVAILABLE 

for the purchase of an established company with 
sound profit record in S.E. England. Management 
retained. All replies treated in strictest confidence. 
Principals only. 

Write Box G.2123, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


Financial help for 
mailtechnicat company 

A client is interested in invest- 
ing £50,000-£75.COO in a small, 
private company concerned with 
the Technical aspect of com- 
puters or related equipment. 

The company should be prefer- 
ably operating in, or bordering 
on, Surrey. 

Boch the client and his wife 
are experts in the Field of com- 
puters, particularly the provision 
of software. 

Clients would require a non- 
executive directorship. 
ftephes la: 

CLARK PIXLEY (J.L.) 

Chartered Accountants 

5/10 Eldon St.. London EC2M 7LU 


NAMAC- 

TO SELL OR MERGE 

your company to your very best advan- 
tage, you need the professional exper- 
tise of the National Association ol 
Merger & Acquisition Consultants with 
40 member firms in the USA and in 
Europe. NAMAC has had particular 
success wth firms having a NAT of 
£100,000 or mare. For a member firm 
near you who can arrange a discreet, 
confidential conun with a qualified 
buyer, write NAMAC. 4255 LB) Free- 
way, Suite 282Y, Dallas, Tesas 75234 
USA 


UNUSUAL OPPORTUNITY TO ACQUIRE 
RECENTUr-OUTFlTTED EXECUTIVE JET 

GULFSTREAM II 


OVER 40.0 DQ SCH 
TION E5TABLIS 


>LS AND EDUCA- 
MENTS can he 


reached by mail. The Educational 
Addressinq and Mailing Service. Derby 
House. Redhlll. Surrey. RHI 3DM. 


Merit ham 2223. 


WITH NEW I.T.C. 

Thi; is i unique opportunity lo take 
delivery of a new Uuliitream II (S. N 216) 
in onlv weeks imiead oi years Aircraft is 
nearing outtilrmg completion with lull 
complement of dual avionics, primarily 
Collins, plus dual Pel to Carousel IV- A 
INS, Global VLF 0me£3, RCA Primt/s 
color radar, other advanced sterns and 
instrumentation. 3I'-pa:.sengei conlig- 
mation includes lull-service galley, 
refreshment center, lavatory, walk-in 
baggage area Handsome interior com- 
bines earth tones plus charcoal and gray, 
accented by red carpeting. Exterior paint 
scheme can be determined by new owner, 
Ati-incfasive Gul.'itream.fl purchase 
package includes factory wananly. crew 
training Grumman American Computer- 
ized Maintenance Program. Flight man- 
agement contract available, extremely 
favorable insurance already arranged. 

For complete specifications and price, 
please call Golfstream International 
Sales. 1812) 964-3292, or write: 

GRUMMAN AMERICAN 
AVIATION CORPORATION 

P.0. Bo*. 2206. Savannah, Georgia 3)402 

START AN IM PORT /EXPORT AGENCY. 
Mo cidlMl required. Established over 
30 Years. Clients m B2 countries. Send 
large S.A.E.— Wade. Dept- F. P.O. Box 
9. Marlborough, Wilts. . 


OLD ESTABLISHED British ComDany with EX PUBLIC CO CHAIRMAN has £200.000 
ample capital seeks sole lmporild>stnbu- lamllr irust _ hinds lor residential 
tion Agency, prererabl/ lor hlaft cost property inre5fnsw)ls t _ large nr smalt 

small mechanical product. Weald Develop- 


FOR SALE 


Immediate decisions. T. Pomecarv. 253 
Strcamam High Road. SW16. 01-769 
2 066 . - — 


CARAVAN MANUFACTURING COMPANY 

Profitable north-west manufacturer of mobile homes and holiday 
caravans; turnover in excess of { million pounds: large modern 
freehold factory premises with good access and convenient for 
motorways; sales to export and U.K. markets; invites offers to 
purchase share capital. 

Write Box'G.2H3, Financial Times. ID, Cannon Street. EC4P 4BY. 

AUDIO PUBLISHING 

Audio publishing company with tax losses for sale, 
specialising in spoken work on cassettes, extensive 
catalogue of own productions. Located in North 
London with fully equipped modern studio. 

Write Box G.2142, Financial Times, 10. Cannon 
Street, EC4P 4 BY. 


BUSINESSES WANTED 


A Speculative House-builder is required for 
Purchase Ln the Midlands 

A small to medium sized business (turnover of 3 minimum 
of 100 Units per annum) is the ideal with a Land Bank for 
some two to three years. 

Replies should be addressed lo the Principal. Box G.2134, 
Financial Times. 10, Cannon Street, EC4P 4BY. 

BUILDING COMPANY 

A speculative house-builder is required for purchase in 
Kent. 

A small to medium sized business ftumover of a minimum 
of 100 Units per annum) is the ideal with a Land Bank for 
some two to three years. 

Replies should bo addressed to the Principal, Box G.2135, 
Financial Times. 10. Cannon Street. EC4P 4BY. 


MIDLANDS. FOR Sale. Biuinea* ol Pro- INJECTION MOULDING. Smjll Company 
dswn Maker*. Freehold premises lor Sale a* flbinp concern. 2.000 W. ft. 

oi appro*. 20.000 so. leet. Healthy N Hampshire. 3 Dresses. 3-5 o*. Plus 

order mok. imMMihf Disown customers, oven, colour. m**mp machine, s^lei. 

Write BO X jtflgiy. Financial Times. 10. ancillary equipmem-eK. Offers* Price 

Cannon Street, £C4A 4BV, negotiable. Tel. 0420 93228. 


OLD 

ESTABLISHED 



has funds available to purchase 
for cash a profitable business 
making up to &5Q.OOO P-A. 
Details will be created in strict 
confidence by principals only. 

Write Box G.2 120. 

Financial Times. 

10. Cannon Street, EC4P 4 BY. 


OFFICE EQUIPMENT 
BUSINESS WANTED 
Invetanent/Purchiie of company 
retailing importing/ exporting Office 
Furniture and Equipment. Location 
London area, or 20 mile radius of 
City. 

Write Bo* G.2146. Financial T-met. 

10, Cannon Street. EC4P <BY. 


PLANT HIRE COMPANY 

An established Pljnc Hire Compsny 
with particular empfiatis on *csffo ,|J ing 
it required preferably in the H«rth 
Wctt of England, although Midland*. 
North Eats and South Central Scotljnd 
would be considered. 

Principals only please write to; 

Box G .2144, Financial Timet . 

10. Cannon Street, EC4P <07. 


ESTABLISHED EXPORT 

MERGHANTING COMPANY 

based in London seeks to diver- 
sify its interests by the acquisi- 
tion of a small manufacturing 
company in South East England. 
Involvement with Engineering 
products and/or goods with 
export potential would be pre- 
ferred. Funds of circa £250,000 
readily available. Write in con- 
fidence to Box G.214B. Financial 
Times .10, Cannon Street, E C4P 
4BY. 


WANTED TO PURCHASE 

An ctcxbliihed company in UK with 
surplus working capital wants to hear 
either directly from principals or 
through agenu/contulunts in view of 
purchasing contrafling interest m 
companies engaging in the following 
activities: 

C.T.N. Distribution /Wholesale. C.T.N. 
Aetail Shops- Advertising Agency, 
Vending (cigarettes,). Warehousing. 
All replies will be treated in con- 
fidence. Price range between £20.000 
id £?D0,POD. Write Bo* G.2132, 
Financial Time i, f(). Cannon Strert, 
E C4P 4BY. 


WANTED TO 
PURCHASE 

Companies involved in rhe 
Importing. Exporting, Retailing. 
Wholesaling of Car Components. 
Write Box £7.2147. 
Financial Times, 

TO, Connpn Street, EC4P 4BY. 
















Financial Tunes: 




Tighter money and weak $ depress Wall St. 

The U.H. Commerce Department imports. Zenith slipped ■' to $14?. steepest decline in more than a w '^ n ” en ts. AEG 5. a * j^^^dJmnd^tovk'anis * t be 
reported the first quarter pay- Twentieth Centnry-Fus back- year. Losses led Ra irH 27S to DM S1 ' 7 S fell to 540.72 

ment.5 deficit widened to a record tracked Si] to S34J after Cbns- 18a. The OU Index lost 13. < to at J5*®f day , 3 „ . ' _ w . ^. ara JwrfS!?* 552.48. Instill 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 (0 £->U22% (1142%) 
Effective $1.8495 
INDICATIONS 

l he Federal 


5 51% (511%) $6.S5bn from a revised $6.93bn Craft Industries said that its pur- 1437.1. 

at a fighter to lhe lfl7T f0urt h quarter, chase of 9.S per cent of Fox was Vers 

• - ■ The Dow -lopes -Industrial Index strictly for investment. o*n*- • 


SSSSUm (US>'=K wm >« ~*snzir* 

pushed stocks lower in 824 .93 niter being down seven 


from 

BMW and Deutsche Bank were Tuesday s 538/0. .. 

. ._. «!•’ among the heaviest losers, profit-taking was blamed for the 

Chris. , hed 25 ren "to MSM ‘IroPPi"* DM 5.50 and DU 4 decline. 

-shartw and oilman rose respectively^ Volkswagen Fell Hong-^,^ i: _ ^theson 30 


Versatile 


dollar 


tier 

,rti M iridm» just after the prime rale 

SS-fU -T» BETSTSJl^r-s va •"sfir stmvj- ~ aa-sr-s-- 

~‘A -* «S" 45**3 3 £ 3 K Sff?V «*• to Paris 


Lariff-. 
ea$ii 

to HKS9.80 and HK85J5 respec- 
tively. Wheeloek Harden lost 15 


iis opoo market committee meet* 


lopped Tuesday's 28m 


Pacilic Exchange, jumped $21 to 
$221 in heavy trading. 

American stock Exchange 
prices also dropped sharply in 
moderate trading. The Ames 


ing. Dealers will look fnr' con- share.s _ - 

Hrmation of the 7J per cent level j^el- Tv 0 . ,nd f* 

later when end or week settle- lo<t -—9 and stocks fell by 

men is are complete. I-' 1 * to eS-J-yi. 

The dollar, which hit a new low Uttun Industry lost ; to S22S 
■ against tbe Japanese yen earlier, after hitting $24 j; at one point, 
remained weak despite Japanese Late Tuesday, the U.S. Navy 

Central Bank Mippori. agreed to settle disputed cost - ^ ... a 

Adding to Ihe market’s gloom, claim* with Litton by paying $447 Index lost LI* to 14..0-1. \ oiume 
two small banks in New Orleans of the disputed total of roughly was .».60 shares against 3.o3 on 

raised their prime rates, one to *l.lbn. ■ Tl Sl a .'i - i 1 «Mi«ries itwr si 1 to 

R per cent and the other to Ri LTV Curp. and Lykcs Corp. filed ^.^ anR Labortlones lost 5L to 
per cent. A move to 9 per cent proxy .statements for their nro- *22; and “ H siock sitppeu 
by the major banks, from 
current 8| per cent would be 
highest level in three years 

- — — $71 and Lvkcs added % to $7J. 

U.S. Steel fell SI to S25». 


to HK8S.00, but Swire Pacific ro^e 
5 cents to HK 38.00. 


91 ; in S20Z. Caesars world h , . onrro j The market was hrm m mure - :_ hf HKS14C to 


$20 a share for the remaining 

Mock. Dome- Pete' fell Sii t° S62’* 

Ajcau lost Sli to $29-. Texasgulf Tone. ‘"The" i point cut 

SI to $211, Northern Telecom. . p _» mnnev today was dis- 


89.6. although brokers could give 
no specific reason for the 


fell 


eased 80 to HK$15-20.' 

Johannesburg 


in call money today 
regarded as just bringing 


the 


rale back to levels before Tues- anticipating 


retreated '75 cents to SSI. INCO 
“A" shed 50 cents to $Ji>« an d 
Royal Bank was down Si to 5S2J- technical 

Volume totalled 3.039,82:; shares Rubbers. Foods 
against 34.00,085 on Tuesday- were steady to firm without 
In Montreal the decline was less making any really substantial 


The Stock Exchange was mixed 
in moderate trade, with deafer* 



WEDNESDAY’S ACTIVE STOCKS^ S(andard and Poor * s ^ c?ll 


Hamad a lime 

D-ri E Webb .... 

Plai'bor F.oi 

Caesar's World 

Pallv life. Co ... 
Ralston Purina ... 

Abbott Labs 

Litton Industries . 
Freeport Min. Co. 
Digital Equipment 


Slades Cto^aut 
railed price day 
H -1 


l.irt.eoo 

w?.ow 

261.700 

2n;.iM 

HiH.SOO 
30. too 
m.uM 
is7.y» 
isr4no 
TS1.400 


2i; 

LHii 

2ii 


+ 1* 
-t-ll 


ratings on some of U-S. Steel’s 
debt, citing higher debt levels. 

Philip Morris dropped Si; to 
$G5S. The company filed for an 


duct. Topps Chewing 
climbed $1? to $101 after report- 
ing sharply higher first quarter 
profits. 


Canada 


Construc- 

were raised 

Gum index to point fractionally higher while El ectrica ls>yere the easiest 
was Papers. 

Germany 

Share prices weakened on 
profit-taking after recent gains 
which were in part attributed to 


a consolidating 

rise. Motors, period after the big recent 

and Chemicals advances. Gold shares - tended. 

softer during the afternoon 

session, reflecting bouts or profit- 

taking Mining Fiancials shadowed, 
holdings, with Anglos 10 cents 
off at H570 and Amgold 30 off at 
R2J96Q. The recent firmer trend 
in Oe Beers was halted and the 


Indices 


f, 

f- 


NEW YORK-mw joses 


I J«*W 
! Si 


I JiWW 


lalrtriai-leM-SSj"®- 84 ! 

Bn’df’! 


June 

IS 


Jom? 

16 


June 

15 


K.83* tt 


858.K 833-37; 

- • J 

*7M< 


Irate !■ 


"Ufm V* . _^nce«nnfa£?n 




14 i Rtgti 


MLaiK*.*! 
87.68) 


87.! 




Low 


742.13 


, ffiUl 

„ fiH0^1i/b75) g/llhZ) ■ 


-*■ - - - - ! . .J Val 4IK M --fee-ttr. 


cwitfa-.-i « 4 - M i 1BWB ! 


Xndtdir ml.' 
Wl 


-TW-Vb] jositl-fte-w tjwe 

■ v 


.mt 

w. 

(22® 


'j 28,100. 27i» r -26JM'W,»30! tS fflfl&Pl ■ v p 








lam 


'flJB 


Mias 

0/7(A2f 


cw 


Index .W" twhi^igWt 8* . 


L V "‘ jmt.Jiv. >»'<**• 


■ j . jnqfeK * ' Juaa 9 . Junes- .-v-Ymrago flipprei.t 


s^a, ; ■ 


5.45 


■6.50 - ■> 


4.79 


STANDARD AH® POORS * 



1577= 


rConipknlt 


tbgbj. Lpw 


i:4 

-.I* 

22J 

23: 

47: 


— I. 
-i 


+i 


Sfe^ofT^Smmon sha^S CANADIAN SHARE prices closed Fr J2 'to Fr ^ and 

and debt sharply lower in active trading. Walter Cipa. AEG managing mfehanique notched up a rise of 

The U S Supreme Court turned Tk* Toronto Composite Index was Board chairman. He said the 

down a bid by Zenith Radio to <*ff 106 at 1131.7 — its largest company was unlikely to nay a 

have countervailing duties fall since January. The Metals dividend on the 1978 results, 

impoj-ed on Japanese TV set Index, down 23.5 at 825.8 had its making five consecutive years 


sector. U.S., Canadian. Inter- ... 

national Oil and Gold Mine shares share shed a cents at RWk 
eased. Afriqne Occidental gained Platinum shares were .a fraction 
FV 4 to Fr 387. while Carrefour lower on balance while Coppers 
put on Fr 10 to Fr L545. Moet inclined higher. The ' Industrial 
Heanessy rose by a sparkling market was mixed following the 


NEW YORK 


Sl.K-k 


June 

21 


June 

30 


.thbntr Ida 

Ariilmfccraph 
Aetna Liie.ti.a---. 
\il- .. 

A mw 

\ lea nA 1 1 1 wt In in m 1 

Aina ; 

All?};. Jjwlhlin . 

AH^rshen.V PiKTCT 
A Hied C1iem1>.-al..‘ 

Allied Mures 

viiis Chalmers .. 

A MAX.. 

Amerada Uni. . 
A met. Airliner .. 

Amer. Hminls.. .. 
A (tier. Biuad'.-aer. 

Amer. Can 

Amer. Cranainuv 
Amec. NW. P<>n- 
Ainer, . 

A merBouie Pn»1 
Amec, Uedicsl... 
Amer, Mur>>rs.... 
Amer. Nat. <1a>.. 
A Kiel. Afaudaoi.. 

Aider. Stores 

Amer. Td. & SW. 

Ametek 

IMF 

AMP 

.Inifes 

Annfaur Hrcking- 
Anbeuser BuacL.. 

Armen SteeL 

A.SX 

AMmera Oil 


A Minn 

Ashland Oil 

All. Rji-ti held 

Autn iHlU 

A VC 

V run 

Arou Products... 
Balt Gas Elect ... 
Bank Amrrit*. .. 
Bankers Tr. N.T. 

■Barher Oil 

Baxter Treivnol, 
Beatrice KwJ — 
BectunDicaenimn 

Bell A Hoirell 

Bendix 

Benguet Cum 'B' 
Betlilehenc 8tee>. 1 
Black- X Decker..., 

Bneinir 

Boise fAaeide * 

Burden 

Bun; Warner 

Braolff Int 

Braxcan-V 

Bristol Myer> 


335g 
23 Sg 
40 
29U 
SO 
26»$ 
431; 
17. a 
17ip. 
38i>< 
22r« 
34W 
33 H 
271# | 
115» 
50 
47 M 
42U 
29 U 
ams 
36U 
281& 
26 >4 
6 

40! 6 
45 

33 1, : 
60 U 
33 

17*4 . 

32i< 

14^9 • 

2918 

23^ 

2 B-»h 

2ti>4 

13; C 
15 • 

29 
601. 
31i s 
9-t 
Z4i 3 
52 
855 2 
23 
35U 
273, 
4JI S 
2614 
361. 
20 
3BU 

4 

32 J 4 
184, 1 
497, . 
261g 1 
304* 
301* 
13 
14S, 
36 


36 U 
24 

40 >( 
29 
50 
28 
42 : 8 
iai* 
174, 
38i e 

28 1* 
34. a 
33.8 
28 >« 
12 
SO). 
485* 
42 
29 5a 
2£iz 
36i? 
28a s 
261* 
6 

41 
46) * 
33 
60 5n 
33*5 
1BI* 
33 
15 
29U 
244, 
8 SSh 

S- 


-Sturt 

Jump 

21 

June 

&.v 

5t»-l 

June 

21 

June 

20 

i.Vimmg Glass.... 

56>ft 

571® 

Joboft llanvilif 

301- 

30i B 

CIV lul 'n'titjniil 

51,’t 

51 U 

Ji>bnar*i> Jnbnvoa 

80's 

BIG 


2B’4 

28i0 

Jubiuma tVrtitt.il. 

29 1« 

29 


27 

27l 8 

J»t MaunOu+m-'e 

343ia 

35 

l.'mtt n Mlcriarh 

30-w 

301j 

K. Mar Ci- rj»- 

24H 

251, 


39 

40 

KaL>er lluiiiiai'u. 

31$, 

32 >g 

CtunsH Wnjilit... 

17 

165a 

Kaiser lm)i*4vk*t 

21* 




3ti«-k 


! Mevluu-... • 

j ISrt'iioli'U Metal*. 
! Keyii-k'A K. J. 

I 1(i.;b'»*>n Merrill.' 
1 1t.w-t.iiHI Inter... 

I K.'libi & Haas 


47 Ja ! 
294» ; 
54 | 

2444 ! 
513» < 
34 , 


47 1 4 
291, 
647 8 
247, 
316, 
346, 


1 Da mi 

j Imrt Iq.liistnK.- 

! I lew 

I Del M.inre 

1 Deltn.ia 

' IW-nth{il>- Inter.. 

I tierr«i( Kli-wui. .. 
: liiaDi..ii.lSliamrk 

j Ili'-tai.liKDC 1 . 

, Di^ita 

binieyiWalii 

J lii.iei Lurt.-ii 

I Iiiiii L'bfiiital. . 

Drai'u 

. Ilreseer. 

• PlipnilT. 

-, Dj mu lu.luair.ee 
j Kaeltf Pleliei- .... 

I fca-'t Airlines 

| Fast ulsn Kivlak- 
; 


27 
41'« 
32D 
26U 
106, 
22 m 
15D 
254, 
15 
47 
40 .« 
445 S 

25<h 
265, 
441, 
1145, 
30 D 
327, 
116, 
54 
37 n* 


271* 
42 
32*4 
26 
lOt* 
211 , 
151* 
264, 
15), 
47 1« 
41 
45 
261 4 
264, 
441* 
1151* 
301* 
231* 
11*4 
535, 
38U 


Ka iser steel . 

! Kar 

• Kennea.vct 

j Kerr J/.-Oee. 

. KK1.li.- Waller 

I Kimlierly Clerk.. 

K."ti|«»rs' 

Kraft 

Kroger C" 

lemrui)- rnn-.. 

l#ri 3irau>s 

UN»ri»» .F.nwl..-. 


23* 
120 . 
2i5t>. 
43 ;« 
32t: 
46 >, 
215-4 
48H 
3348 
32li 
3348 
27 


12J, 

22 U 
44»* 
32l» 
461, 
22 1- 
4Bi. 
33^8 
32*i 
331? 
274, 


15 

287, 

501, 
3H- 
»■ a 
25 1, 
51 5g 
256, 
23*, 
35 a* 
271, 
42 
251* 
364, 
20 b 

38i a 

* 

23 J3 
185. 

497 S 
B74, 
30i, 
31U 
13 U 
144* 
356a 


H.MK 

1 HI Pan.! Nil tiav 

! Bltm 

hmerwoii Sleet n.-, 
I EmeryAirFr'iahl 

1 Km hart ' 

\ K.M.I 

J KugeUuinl 

! Gibyl ' 

Bxs-u 

Faircliilil Camers 
Fed. Iv-i*. Sione-f. 

F1i>1i<i.e Tire 

Fst. Nat. Biftleii. 1 

rtexi Van 

Flint Lote 

Floriilii'Punei.... 

Fluor 


25 
161, 
5114 
36 1 s 
23.5, 
37 
21 * 
21'l 

305* 

224, 

441a 

illj 

36 r e 

146; 

28D 

20 

254, 

30 

3663 


25 1, 

It, 5a 
3114 
364, 
23 Jb 
5? 

26a 
22t* 
311* 
224* 
441* 
33 
37J* 
14S 4 
284, 
20 
26 lg 
291, 
A7i 8 


Uyiel Grmip I 

fJlly 

Lltfnn ludud I 

liocklieoii Air,- 1 ‘til 
l/jue Hi at luilus. 

ly.ing lwlan.l t.ttl, 

Uouislaiis land..- 

LuLiririil 

Lucky Sturrv. . 
L"ke Vud cat'ii u.i 

Mai-Millu. 1 

Mmey If. H 

Mtts. Hauoi er....' 

Mapc. : 

Marathi iu OiL.... 
Marine Midland. 1 
Marshall Field .. 


316, 
457b 
22-b 
215. 
1914 
191, 
21 V 
39^l 
la I? 

76, 

111 , 

414* 

36 

327a 

467b 

14i$ 

237 fi 


32ag 

46i» 
236* 
22 la 
194a 
I9J* 
214, 
40 
!»*, 
6.8 
115, 
421* 
37 Is 
331, 
461, 
16*4 
23s, 


} liural Duii'h 

I RTF. • 

■fuss L £8... 

K.vdee S_vrteiu ... 
Hsieway ntores... 
Sr. Joe Mineral .. 
«r. lloRis 
iauta Fr lmK.. . 

Sav.l lnie»i 

ia.viB IniLw 

Sv-hlitr. Urea iui;-. 
-Si -b I uin herder .. 

ST.AI 

Sutt Pmmt 

Sr-fivil Sirs 

Sw Du,mlrt • 


584, 

15 

15 

23 

4Hn 

i.21, 

275, 

345-, 

57, 

61, 

14 

7858 

ltd; 

1618 

20 -', 

8 


585g 
loi, 
131* 
22is 
41,3 
231, 
27 .‘a 
347, 
6 

64, 

14 

79 

185, 

171* 

205, 

81* 


i tViw.innrtb 

j Wvly 

Xerox 1 

/•ni<a»a ...! 

J Zeuith ICadio . _ 

I t. 6.‘ Tress 4X198.’ tW. . 

J I'STm uAUClblBb 180 is 
C.S. 90 dac bdl». 6.81 ; 


1 & 6 « 


52 U 
165* 

146* 
1944, 
SON, 
6.72 ^ 


CANADA 


F.M.1 

Font Mut«*r 

F-.reoiujA .Mck.... 



Franklin Mini... 
Free|*ist Minna I 

Fnielmiif 

Fa^ue luilo 


24 

466, 

201 , 

36'* 

9 

231, 

30 

1070 


24 *4 
467* 

20. ft 

37ia 
8m 
23 
30 1* 
U 


Bnr. Pet. ADR.. 
BnMdtuay Dlar*.. 
B ruutirick. ...... . 

Bu.-yrus Brie 

Bulora Wali+i. .. 
BurifiifTfeoNriin. 

Bumcmghn 

iaiuphell S«ii|i .. 
(aaadian FVelft.- 
(anal h'audol|ili.. 

I>rnat1>->n 

< 'prefer 4 Gem-ntl 
t Brier Han ley 
t a lerpill*r Tran-' 

» BS 

Cekmcse Curvo .. . 
I enlral £ S.'V. .. 


15* • 
321, 
145, . 
19 

6j B , 
38.*, 
73U ■ 
346, 
167? 
10)3 : 
27 

X2( S ( 
I7i 2 . 
541, 1 
544 p 
39 3; ' 
161, 


1538 

33 

147* 

19 

65, 

387, 

725, 

34ia 

17 

107a 

261* 

121 , 

181, 

545t 

55U 

40 

1658 


G.A.F j 

Hartnett • 

Geo. Amer. Int..- 

uA.T.k ; 

Hen. Cable • 

lien. Dynamics..! 
lien. KJei-tric*.... 

lien. Fiwr*lr 

lit-ucial Mills 1 

lieni-rsl .llilnn.. 1 
•.ielu Pnh. I'til...' 

Hen. Signal 

Den. Tel. KUtii 

Gen. T> re ' 

Genewu ; 

Ge»irgia Pacific..' 
Geiry Oil 


131, 

425, 

11M B 

275* 
165* 
74 ; 8 
60 
315, 
30’-, 
597, | 
ibte i 
30 i 
8W', | 

a fM 

251* | 
149U; j 


13-, 

43* 

lu'« 

285, 

16IJ 

75 

5058 
3 li, 
3li, 
595, 
18'a 
301? 
29'* 
26'. 

6'b 

25m 

ISO'.; 


May Deid.-Sturer 

Ilf I 

McDei-nimi 

; Me IV. u Hell li.ug 
UcGra« Hi).. . 

Menu >res 

Merck 

Ifcnill LrnHi... 
Me»a Preview.. 

MG M 

: .Minn MiurA Mi*. 

M-il-ll IVh (, 

1 

' Morgan J.P 

j Mutur.iia. 

Murpliv »»il 

1 

, Aalen t.'l.emical .. 

' NaUuiia) Uau 


241 j 
49l 2 

rifel" 
3 1 J , 
23 »< 
4H, 
57i fl 
18), 
431* 
361, 
6470 
63 1, 
601, 
45 la 

455, 

361* 
20 h 

284, 

18 


24L* 

61 

261a 

4l7> 

231, 

426, 

571, 

1S6, 

643, 

365, 

S47 fi 

66 1 3 
60 1; 
457, 
45 1* 
36i? 
257i 
2b i 8 
18U 


Sea tV'nuioer. ... 

.-fea^rein 

■ 

1 Seers Kuebuck... 

ISSDfO 

Shell “II 

Shell Tranepurt... 

Signal 

Sigumle Cnrj.. 

Siraidielty Pat ... 

Singer 

Smith Kliue. 

Sulilnju 

•Sqjtlidnn n 

SvimthetnL nl.Kd 

•Hjnthern C«* 

Sriin.\at lift .. .. 
S.-iut>iei-ii PbHI'i-. 
Son them Kail way 


28 

235* 

141, 

23 

447* 

325, 

395, 

4514 

375* 

131, 

196, 

>45* 

27 8 

321, 

26oa 

lo 

365, 

315, 

481* 


28 

a37, 

141, 

22-ig 

356* 

321* 

391* 

45i* 

37 

135* 

201 * 

74*8 

32 ), 

255* 

lot* 

37 

32 

485* 


1 ennuieed 

res»na Airciafr. . 

(»sc ManhaifKn 
I.lifmiesl Bk. NY 
1. Iitae'ir^rb P.m>l. 
I. heoaie Oy>(ein.. 
1 lilePRu Bridyii. . 
1. hrysler 

I iaeraiiu 

1 in.-. M llst-irrii.. 

I itKvrn.. . 

1 itie-. Sen .m, . 

1 iij- Int 0111.1: 

t .mu t 1.1* . 

1.l'lj»|r f'jlllll.. .. 

1. 1 .Him Aik iimn.. 


20 .; 
361* 
31k, 
596* 
24.'., 
30 1* 
54.-, 
21 ' . 
4 J* 

28 !i 

23 « 
48-: 
15 ; : 
41 v 
21 
11', 


20 5, 
361? 

5U* 
39 m 
24i, 
305* 
5Si, 
11 
45g 
387, 
235, 

48-1 

161, 

415* 

«*• 

ILi 


Gillette 

■ i..wwl]-ii-li B. P. .- 

1 Gucwlyiar The....! 
(‘.■■□Id ' 

Greet; W. R j 

! lit. Allan Pa>- Tea 1 
lllrt. \.»ii1, ln«n.; 

! Glevliuurl 

j liiiif A NVpsiern.; 

Gull Oil 

| llalilnitinti | 

■ Hanna Minins ■ J 
] Him."Hii«~,ri .... 

■ Karri" , m-i.n.. . I 
Mcln. H. J. 

1 Heul.lein i 


29 

22 

165» 

291, 

267a 

71? 

23i 2 

131, 

137* 

83»s 

62ob 

325* 

165e 

641* 

37i* 

275« 


29 vr 

22'ft 

16j* 
29 
27-* 
7S* 
23i* 
lai* 
14 1 2 
25'; 
63', 
33 U 
17 
64!, 
37., 
27 jk 


Distillers 

1 .Nut Servii-o |ud. 

I Aatinn&l Steel... 

! Aalnnuti 

Mil ■ 

I Je|iinne loi| 

Sen Kuglan>l Kl. 

I Nun Kiiglmi.t Tel, 
I Aiagare Muban k 
1 Manure Share....' 
: N.l. Iiidu-Uries... 

; \nr»'.ikA:M>"len». 

Nurtli Aar. Gan... 

. NiIhi. S tale* Part 
‘ M».t«e« Ail-line;' 
j Nllrecal Banmiqr 
. .Niei'io SI I 
I iWnleiital Petrel 
Guilty Mather ....' 

' !»>,*> K>li.vja ; 

|i.*lin 


211) 

107, 

30 

395, 

s4 

18 

2,5? 

3ai«i 

14 
lOlg 
19 
251* 
385, 
291a 
26>, 
235, 
J* 
22 >, 
56 
18 

15 


211* 

ltl B 

307| 

40', 

635, 

175, 

2iS* 

32‘e 

14 
1012 
19 
SSI* 
3870 
*5*4 
271? 
241, 
19 
23', 
561, 
18»« 

15 


Southland .. . . 

I S'w't Baii-baivs. .; 
| Aiierry HhuHl... 
Sperry Ban>l.. . . 

j Squib 

.-MBOilanJ Miami'. 
Std.t‘ilC«lif-.ri'i»' 
I >fl. Oil Indiana. - 

Sid. OU ilhi., 

Stand Clu-inKaK 
Sferliibf . 

St ii.1eliak.-i 

Sun t.N. 

SiiimDl»ihI 

syntax ! 

Techui.vK.r : 

Trktnxiix 

Teledyne 

Tcle-t 

» Tenee*. 


4.9S • 
h.58 

1>G - 
4158 . 
36 
261? 
425* 
485, . 
‘2 

383, • 
15*1 
bZH 
425a ■ 
445e ■ 
30 

ir>t 1 

41_» 3 

ns : 
51, 1 
305® 


29 
271; 
175, 
411, 
34iB 
2b 
421, 
475, 
1 3 
387* 

S" 

48U 

451* 

30 Ja 
115a 
425, 

110*3 

OH 

301* 


Al.iiiM IMper^...' 
A^nleo Eagle ... .j 
A Ira 11AI11 minium! 
Atgr.ma Steel..,,. 

A»be"t<* ' 

Hank of Montreal! 
Bank N .tea Snjtia' 
Ha>i>: Utmmrcoft..! 
Beli Teleplmne..., 
B».*r Vaileylnd...- 


121 ; 
6 12 
29.* 
«15* 
43 
221a 

20 14 

5 

667* 

295* 


125a 

6.00 

013* 

215*i 
i43iis 
425, 
20 1» 
~ 'b 

s«;» 

391* 


14. i 
161: 


IIP Canada 

Bmu. ... 

Brlittv ' Jt.bJ 

I'alffarr Po^er _• 38 
L'amlluxr Ulnee...> 
Gauada femeut..' 
Liuia'la N\V Dta.j 
Can. 1 j.i,i Bk-t'.im . 
Canada Induat ..." 

Can. Pa«*lfie 

Can Mfe lav... 

Can. Super oil... 
i-arllnx O'Keefe." 
Cnpclar AuLeatua., 


153, 

107a 

lit* 

285a | 

23 

iBSe 

195* 

a9 

4 45 

107 g 


147, 

I6J* 

■;4.6d 

38 

15ia 

11 

115* 

2Ul a 

t20's 

191* 

2U, 

59 

4.30 

lit? 


Chiettam 

(.mniiieo ‘ 

Ciow. Batliiuvt...' 
Cottaumer Gas. .. 
t vet- La 1!ov.»urc«»l 

Cos tain , 

l»aon tired. 1 

lieoi*}ii Mines.... 

Liiiiu Mine* i 

Dome Petruleunr 
I toinini-.il Hrliljje 

lh,IQ1«r. 

Uup.KIt 

Fahmi'pe Nickel. 
Fieri Hot- T Can * 


185, 
:8 
2/1? 
lb 
k»2 
121 * 
91, 
7412 
fc6t? 
62 l t 
35 
.7*t 

1 >2 
231* 

76ta 


18,8 
2t> 
27 j* 
it Jb 
£6, 
121 * 
fc7* 
761, 
fc7 
C4I* 
246* 
175, 
1S7B 
-*3i* 
f.6t4 


Genriar I 

Giant Yel'u kiufe. 
i Gulf UU Canada.., 
Hawker SW.Cau. 


LMim.hiit fi»- . 

1. ■'lund.m T'i— t . 

1 ■•m.InsCo.i.rAn. 
1 ■■inh>i--l("n Kn».' 
• '■•nihiiM i..u ti", 
«"».i‘tr‘tli l-Mi-.ii. 
"ill Oil 

Comm, balflhle., 
1 'uinpniei Sili'm-i 1 
(‘■■on Life in*.,.. 

IV-nrae 

C..n.K.1nuu N.\. 

C»n«ol Fuod> 

C»upnl Nat. 0 n 
I '■■tuiinier Poerr 
f ■•ritiaeudil Cq. 
I'Mntinenial Oil..' 
C'lntincaral Tele 
Control Ltam .. . 
C"i-[ei In.tu* .. . 


Z61-. 

18 -a 
185, 
41% 
IS'-- 
271, 
Z< : 
38-j 

10-s 

35 1* 
2151, 

2Zi, 
255, 
3B5n 
22 ij 

31 

27 

15.1-; 

32m 

537* 


26 h 
19 j; 
18.'. 
405, 
16 

27 
Z<7 

331, 
115* 
35i? 
22 
223, 
253, 
391, 
22 V 
505, 
2758 
1G>, 
327, 

S5U 


! llettli- Pai-kard... 

■ Huli.inv lure 

llurnc*1akK 

j Hnitervcll . ... 

1 limit i-r 

' 1 1 , *5|. t '••rjr, \«"1,-r 

• II. .11.1,111 Nui.f'*- 
1 Hum ■ I'li. V.i liin 
1 1 1 1 1 1 1 1 iKF,'.. 

l.i'. I l< ni-, .. 

IN\ 

! Inuvr-.ill l.'mi.l .. 

- I til* ml Steel 

I 


79U 

171? 

35i, 

663$ 

12 

315, 

241, 

105, 

16 

Zbi* 

415 B 
57 », 
371* 
147a 


79 1; 
18 
34>? 
55j. 
12 G 

12' j 

24?* 
11 
16': 
25 - P 

4n t 

58 

a7»? 

15', 


! HviTwn Ship*.. 1 
! ireena Luniliiir- 

j i isei.!. lliiluL- 

I f'ai-ifle G'ar 

, Piu.-iiii- r.uii.nuv . 

Pan Pnr. A Ltd.. 

■ Pan Am Win, I Air 
. I*a>ker Haunlliu. 

PinGolv lilt. . . 

I Pen. I'li. A Lu. 

I l’.-unv -I . I,' 

. IViuifvil 

1 Pe-oli- Kina .. .. 

. I '— -i - 1 . .. 

1 IN 


24. , 1 

29 • 

*1'* 

3 3. '3 

W-> • 
2.0), . 
6.4 
26 

241; , 
20 3i 
36U 

24.1, 
H'4 
a4j« 
29>3 , 


T«r*un> Petroleum 

‘ 

Texas-uU..... - 

T,«\a' lusi ni ! 

Trvar thl * Ga«.J 
Tcmu- ITtlitic?. ..I 

Time!, lua • 

Ttmes Mirrer.... ■ 

Timken 

Trenc .-. 

Tiauauieric* 

Tnm | 


Treu* Union. 
Tnui-««i' Inlru- 
Trans W-rhl Air- 
Traveller" 

Tn Cottiieutaiii ... 


255s 
291; 

ihi i r.iLW. 

2Q | <3.1 li Cenlliry Kuv 
21 >4 

6*4 


10 

24J, 

19 
79 l s 
alaa 

20 

40 1, 
296, 
49l e 
545, 
151, 
181? 
ids 
26J, 
185, 
*55, 
19 


10* 

245* 

19i* 

791, 

421* 
201 * 
415, 
295, 
60 1* 
35li 
151* 
lbk, 
36M 
461* 
1B5* 
665, 
191, 


29 - 

131 S . 
*7 ; 

77$ * 


n»W4PI .ri'i.vwu.. ■ 

Hullium-r 1 35 1 * ! ti! 

Home Oil -A'.....; 40 1? , 4 


29 H 

i3 

27t ? 

t'8 


Hudson Bay M uy, 

Huihiou Bay I 

Huilr'.mOll A »V fan' 

‘-'A’, -e- ! 

IflKHK - 

Imperial CHI 1 

1 no ' 


1758 

21 

■»3‘4 

18)8 

i4 

J8S, 

ltCa 


:4- 

405? 
1/Bs 
21U 
435, 
It* 'b 
33 1? 
19 
185b 


255, 

247a 

205, 

455, 

MU 

XU? 

i4i.t 

29,8 


l . V.L. 

I IMKiiii . 

I I til • 

. I'OP 

I I. nileirr 

I I'nile. cr N\ . .. 

, 1 iiii*i. huii.Kip . 

I iipat I'aridiJe... 
I'm. mi I'-uinienv 
I'iiUmi 0,1 • 'sin . 

I Par, lit- .. .. 


371, 

*45, 

2b!* 

245* 

2d 


385, 

3550 

281? 

24i, 

20 


India.. ' 

lidaud Nat. Gs* . 
Infp. v Pipe Line 
Kaiser ItemK-r- 
latirt Fm. C'.-rp.. 
i foiMatv Com. -h'. 
j .tireilH'ii Hbemit. 

I Maaoe? Ferjjii'"',. 

M-l ntr re 

i|.*tc CiMpn... . 

MoiimaiD^IaieK' 
Nuranala Miue*. . 
A-mcfi B'nriy. . 
Mini. T.'lei". ■!» . 

,\ IDIOM- I 'll G»h 

Pi-1 1 I'm 
IV-ilic l. 'i'ie-r M. 


!!" 
145, 
J5i 8 . 

8', '4 

4.0a 

19 

12»< 

t237p 


J ,»e 


6 60 

451? . 

ss j 

1.78 


J2*4 

It 

J47b 

1514 

8)f 

t»0a 
161* 
121 ? 
44 
475, 
3.6 J 
2b 
la i* 
315, 
3 5a, 
4.15 
1.80 


37), 

S45, 

23G 

37G 


38'? 

65ia 

83i? 

375, 


■ 'S 
48 V; 
45 


49 is 
461* 


I iilerrx.il Knrrav 

IBM 

lull. Flatuur. 

Irirl. I lonelier., 
inti. Min.v CLenii 
lull. Miiltifiaole..- 

Inn > 1 

fntl. Paper ' 

I PG 

lilt, liei-tihcr ■ 

. fnr. T“l. A TeC...; 

i InrtMil ■ 

Inna Beef.. ■ . | 
l‘‘ Inccnmtiniiaf 
Jim Walter ! 


7'26£ 


267.87,265.87 


IVrmn Kline* 

, IV, 

I Pti -.-i 

, Pliclp. L'nl-e... 
I'l»la*lri|*lihi Kle. 
, Philip M.*l rk. 

; I'litlllp- IVtre'm. 

• nu*ua 

I'mn-t U*u\,— ... 

I I’liisPin 

I lita n y Ltd A 1,1; 


2358 

49G 

321, 
211 ; 
l'i I? 

65w 
a2l? 
39, i 

23:, 
20 Jr; 

17 1* 


23 ?* 

49iv 

32<* 

21!-, 

17 

67 

*t ; * 

40 

20'.i 

171, 


24i, 

36k 

36<>n 

Z0>4 

161 3 
40 
365, 
11U 
30 1* 
1 

355* 

lUe 

304 


24 7, 
A61 - 
37t, 

SOri, 
161? 
40 
36 
12 
30 1 
1 G. 
355, 
li't 
301? 


I |S -la reel . . . 

! fS*H4MM* Klee. 

• PIT. I lulu’ll 1 ,e»..' 
I Ti hi it runtime.' 

I Pill. Sene Kleel.j 

■ Pullman ■ 

! Pure? I 

I (Junker »*ai- ; 

• I la phi Amerieau.i 

j liayihevu 

KUA 

i.Vpuhli.! Steel. ...1 


385, • 
14aa . 
261 ; 
bbi* 
2' Sr 
295, 

17 U • 

251* 

10U 

44 

271; 

2350 ; 


38G 

14-a 

27 

U6t- 

221 ? 

305, 

HU 

855* 

lOI; 

45 ;« 

87t* 

833, 


1 nire.yal 

I 111, L"l Biau.h . . 

. I > llii]n.r|. . .. 

[ 1 N Gj l-fti, U. ... 

• I 4 **hr . 

j I S Mo-1 . . . 

1 1 s Te—tin* jivti— . 

! I 1 ln*lu*l fK? 

’ Vi.Tin.a Bin-1. 

1 tt algnvii. . . 

| Maruei-Cniiinili... 

I ll'ariMi - LnmlxTt . 
'Vru.lv;- VI a ll' IllCUt' 

WeJJ*-Far»» . ... 

I Western Usjii-oip 
I V'Hrtll N. AlnCi 
ll'Mren I til’-u .. 

lVntiuKhw.i- Elen, 


7-' 4 

895, 

a5l? 

261 , 

i5i* 

■»2jr 

195* 

i3." 

24 

39 vg 

291? 

22 

kft'4 

36 

27i, 

1650 

2158 


8 

8.V4 

30 

2b 

2558 

26-', 

42«i 

kuij 

13'*s 

245, 

395, 

89i? 

23 

27 ?* 

36'* 

27I-; 

17'» 

22 


I IWlBr 

* Pill. tall. IN*, 'll.. 

' 

I't? 'pie- Uc|4 ? . 
Pla-eV euA *Jii 
Plan’. IV\*Uf|.ii.l 

J IVu.iTGrf-p'riM'il 
! I’ra-u .. . . 

I (Jui.-l<C*' -I..IE11-II 

; Kaneeii’d. . .. 

I 1,'mi ,-iI.m n . . 

i Ift.yal 7fk..<i 1. •«. 
! Bv.nl Tree I . .. 


33 1 3 ! 

,6 I 
4. /5 I 
1.00 ! 
k‘4 ! 

lr '* i 

135b 1 
1.42 ; 
~3> a 
1. ,, ; 
31 '4 . 

. BTe ■ 


355* 

34 

la5« 

4.70 

0.99 

221? 

17 

131? 

1.41 

54c* 

10U 

31i, 

z2i< 

tlBi, 


ffreiwi. 

Weverhactiser. .. 

Wblrtp»*t 

White Un. IihI.. 

William C*. 

Wueiitisia Kir’S.. 1 


254, 
241, 
22 
221, 
1 8 4* 
875, 


865, 

2348 

2250 

224, 

1850 

271? 


1 •ye(tn>II'?.ii|u? 

I Nssmin* 

: Sliell I 'emu la. 

J 

i niHeD* 

j .— 111. |v- . -it 

Steel •<> Caua.la.. 

Sl/rfiKist I l**il.. 
Tesar** t’anailn . 

I Ti»r.*ut>’ iM’in.llt. 

! Traiii C m nHij«?l.n_ 
. Tr»n» Jliiiint I'T- 

! Trirew 

J1ni*’iiG*r 

j I l.I.Sien’O MlllC'. 
1 Walker Hintu... . 

‘ VVtr I Cua-rTraiii. 
lVnii.n Ge*> . ... 


i-bk, : 
I*- "f 

I 


29 . 
■5b 

2.76 
38 1 3 
20 
isr* 


1 13 
11 
7t, 
331ft 
lilR 
171, 


tu 

£7 1 
l£'2 

540 
297., 
- l k 
SS >4 
2.81 
/ 8 1, 
20i s 
ic i* 
8)0 
113 
105, 
7»* 
33'a 
1150 

17), 


Fr 13 to Fr 740. 

Tokyo 

-Shares dosed slightly higher 
In fairly active trading, led by 


specuiauves and reiroieiiw^ wntc in AS2H8 Pan-I 

despite the sharp appreciauon of “5?. 4 eOrents »9 

the Japanese currency against continental feu so eenis tw 


recent firmer trend. 

Australia 

Markets dosed mixed, although 
some shares recovered slightly 
in later trading. 8HP feU 2 cents] 
to AS7.CHL the ANZ Bank lost 

FlirSSni £ rcepfe'S and the 



J use 14 • 


. -May 51 { Vrer-oRn 6n>pias.> 

Jnd - . div. Tield % 

4J0 


6J01 .c {.=- 4^9 .. 

IM. l*rli Hallo 

9-44 

w^a 

irJ8» 1Q.17 

LAn^&.-vL Bunn’ vis'd 

8.44 

8L4A ' 

• 7J56 •? 


60 

50 


cents 

cents 


tol 

to 


^ fell 

the dollar. Yet^the ToVyo“stock AjJ**®- rnnsalidaled 

Exchange Index was down 0.4, at nefds 10 cents toAS5J2Q and 
Ntppon Oil and other AS3.30 respectively. Bougainville 
Petroleums were preferred on the 


yen's rise, but export-oriented 
issues. including Matsushita 


other A53.30 respectively 

lost 1 cent while WQBJ rose o cents 
to AS2.15. 

Central Pacific rose 50 cents to 


EfecSc MMta and K^ 

Electronic, were lower. In fact AS210 * Atherton S cents 'to 


all electronic issues declined, 
with Sony leading the way. 

Specula tives. including \'ik- 
katsu. Okari Rubber and Toyo 
Kogyo were boueht selectively. 
Chemicals. Foodstuffs 3nd 
Machine Tools rose as did Ship- 
nines incruding Japan Line. 
Nippon Oil rose Y14 to Y646. 


7S cents and CRA 2 cents .to 
A32.42. But North BH fell a -cent 
to ASL29. ICI was unchanged as 
AS220. while building share 
Jennings fell 4 cents to A$I.11;S.' 

Amsterdam 

Share prices were narrowly! 
mixed in quiet trading, with 
Hoog ovens. Shell and UnUevef 


Tokyo Cogvo put on YI4 to Y453. firmer but Philips and Atofc'&i* 


but Sony fell YSO to Y1.6S0 and 
Pioneer Electronic Y70 to Yl,690. 

Hong Kong 

The market closed easier in 
active trading but most leaders 


tionally weaker in Dutch Inter- 
nationals. Banks were ' higher 


while most Insurances and InvesV 
gained 


raent Funds eased. HVA gain 
six guilders to FI 58 in active trad- 
ing and RSV also finned. 


NOTES : Oversea,- onceft fflown oeWn* 
•acliuw* s oremium RelsUn riirMeno* 
are after wimhoVliire is* 

4 DM3D rienom unless nthenrise marpti. 
vields taasrrt on net ritvktpn4s Dins rax. 
p Pias 300 dennra. unless mhenrtse PaiwL 
% Kr UK, rtenunt mfeRS olbrnyiBe s'alerl. 


and 'Of tens issue, r Per dun. • Kraitcr 
o Gross rilv %. h Anunnl dEvKtetid aPer 
sr no and 'or rlstm issue k After k«r*i 
raxes, m *« tax free, m Francs: indwltnt 
Unllac dlv p Norn, a Share srfit. t Dlv. 
anil yfeM nrinde special DaynKni. r Twit-' 
cater! div. u Unaffldai mullmc n Minor! 


inority 

v Fra 5on iiMinm and Bearer shares holders only u Mercer oeiwlins. ■ ftstowi 
-inlMQ orbenvise staled t| Yen SO rienntn. . ! Rid. $ Traded, t Seller, r Assumed, 
'inlp-c nrheneiw stared t Price at time vr Ex rlshta. xd Rx dividend. W Pv 
of suspension. a i-mrins. 6 Srhitime, scrip Issue ra Er all. , Interim since 
rilrlrf*nii afiar nandlnv H,w. OirTwased 


tibdtt«r^ 108. «! tot6^ VJ^ WM) 
.ICompoa^; ****** 


'a6S8 


0040 l 126.86 i 

(«W> . klbUTS): 


I<1* 


<Ud 


Ufiyi3j|UQie^ . 


Mo 


JtTiS.B. jUJL COSJCOS 


Sisaraotf -fells 

;;luiv 2iiJone 2ft Jane 1 


^Tnne J.niv’ , June j.Jnne i 
• .21 I 20 ■ 19 i .16 I 


1978.- 


Bt*h \ 


•tft*V, s 


tm»0S L67t= f* 1, 91.3 

--gttee_.r_I_l.T - 34B t 407 


53.911 54.22 54J8] tUO Ife^ 

, | -I f CB-«> 


ttUt/ 

<6 >S) 


Ktdta „;_-„^Tiri3i r .UUfe 
tfD’‘bu5ert-^_.L .374 r. 411 
X*oXU0k££zJF - 174 * . 

- — '’-865|-;-- 


one ! 
i- -1,9-tJ 

a AAr 


MOHTREAX 


4une j 

«- J 


1 ' DW, Kfc.idwa^Ev.:.!’-- 86 

’I j'l '■ 


130 

so 
1.01 
.. 48 
7 
1 


.1 4«mei 4«ree Aiavi Jubel 
— 1 20 » > 18 -flisd’ 1 - 


.1878’- 


Imiustnal 

luiulrtneri 


l9La 103J6f 1 

laGBT 


lai.sr- mai t 


-i- 


TOfi ON TO Cretnpwl'r^ lWlJj-,1142. 



116/6) 


Lost 


182.00 iltuX, 
. 170,62 (3C.lt 


atnatue*) 


J ORAH NE8BPS6 

Uowi 

Inrtusiriai 


1.9 ! 223. 219.5 1 2l8i ; I 


JL 


"-XI3U.G 


Afi 


ffll6V' 


259 .3 { 2PJ j ;.ra$,pW5f 


«W (2DriK . 
154: (tirilf'* 


* . Z-Z 


1 tree 
21 


Pri- r 1376 -. 19?e . ■ w L-f -i f .- j . Ari l 

vtode ! Htit*,;. t«vr_ bpaUt tar U&06 ! 1D241 


fAwiraUart. 481.48 ;4a2.ts;60U9 ^U9 Sweden l*4ol£48. J7Wto 


Bong Konif &40.72: 

i4T»‘ •' I 

ItalT t«l: 82.K-M 


96 . 41 ' 


BeigTinn rjn' 94.91 j 94^9 
Dejnnrk ,*"i 96^4 

I 

iFrance (ft, 68.6 
Germanyirtl 799* 
Holland U9V 86.7 


(Wif, 

itid! 


90.-43 Swiasrl'duf- 


1978 

rfllffb' 

IS? 

Lui 


t'li 

dtiot 

IU, 

MIX 

•MS. 

134) 

(It 

323./ 

n. 

•K-2l 

i2b 


I’fffj *'2 


88.1 

. . : i {*W4 
aou icMiU* 

a*n 




Japan 
Singapore 


iwnttsa and : osse dates' fa» Msr ear " 
7pr -.••scare NV8E AO Ommnn 
tlLM Sra«ii«*.anD-Pwir»’-l»-'ano.horo-- 
..8KKMo.ittM. tssr.oamed based an- it; . 

. ma) MMs > '’.7«as indant- — : 

66848 363 M .M*/**- SD Uunorn. 4* Kmanc» “ ; ' 

' (Ct/w 1 (LU) 'SO' Tranaowri. .ItSyfloe* AH r .. 
88J* : ™ 06.40 "Wumo SB nwa t~> Own uu . . 
(n£ l aoiri'BE JAt/W- (ttlftrt. Brndve-. x*-. 
tat 4iL23 *411J6j*l6ai ! 3W4JM*-' 


' riiMt-*’ tftjbt a » ir l’.' " attostau. ffrnr ',(tfiUam s. 

• 32ft»;26M . iWnutattifltf^r .imTn : 


330.46 1 iffl-W ; . 1^. 55E i^SStl^TilW KT " 




Ml SiocXfmfe* tndusf rlirt 1/1/58. ffl'S, 

. -' 1 Irwini liable -- - 


GERMANY 


June 21 


Price 

l»m. 


!+■ or : Ulv. 


Tirt 

% 


79 -2.7 - - 

490 j-1 31.* 3.2 

243.5 -5 5 20.08' 6.B 

139.3- 0.8 18.76 b-7 

159.1- 0.5 18.fi 6.1 

280 -2 23.12 5.0 

313 -4 18 2.9 

166 1 — • - 

224.2- 1.6 17 ; 7 6 

75 +0-6 - - 

306 - 3 ' 21.1? 4.6 

260 -2 17 ' 3.3 

158 ; — J.5 14 : 4.4 

iViii^-be lv,n» '301 -Bar — 3.9 , 28-12, 4.6 

iivxlner IVink... 238 j-8 128.1*6.9 

ia5uL+l : 9.301 e.5 
206.Si -1.5 18 1 2.9 

122 ,-0.5 14.041 5.8 
293 —8-5 ihl.nl 5.6 

130.4- 0.6 IS. 751 7.2 


A Mi ' 

A uin, Ver-ii-h..., 
••MW - 

*‘A»F 

navet. — 

uayn. Hyp,—..- 
tayet.V^rein-hk.. 
s'lhalm.Neri.wr,-. 
ft4vnnierxuu,a._.. 

Umi Gninnn 

Unimler l\en» 

i >aiii>4 ... 

iPmaj 


.hrtnhril /.»ml 
GuielHjfTnunL ’...— 1 
rta,«” l4oy*i 

i lurpenei ' 

H-kHM 

Hcfr-.’li..,— 

Hurl eii w.— ~l 


46 2 -0.4 • 4 i 4.3 


Ivali ifii.i ia.r 

MN+il j 

Kaullii.l 

tv.ia-ftner IfM I «i.J 

KUU 



L»n’le 

G •« rniiiai. |;»i 

Lumvin-a.. 

dAA 

Jaime 


■H 

i» i 


deia'ixe 
vluiK-ueiKi Kucft. 



I'reii—ou I'M kl.- 
ui«en,We-l J(>ecl.l 

•ci.ei .,,*■ _.j 

leiii+n ■ 

*.H, /.uiTket 

i'iiy***ii A.t, ! 

« a, i* • 

> M»A _...: 

» rreni-a We. i bV. 

X'u.ii’i. 


150.5, — 3.5 " 9.46' 3.6 
138 l . I4.04| 5.1 

323.5 -2.5 26.44: 3.6 

223 '—2 IB-721 4.2 

90 —1.5 - I - 

185.6-1.0 18.76 5.0 
95.5 "-! - | - 

248 —J.5 . 25 j 5.0 
1,432 -3 25 8.7 

111.6! 9.561 4.K 

1V8.5 —0.5 1 13 • 3.0 

158.5 — 1.5 17.1cl 5.4 

218 .+ 1 ; 10 ' 2.3 

643 18 • 1.7 

128.2 -1.8 I - 
116 -1 1 — ; - 
190 -1.5 I 25 : 6 6 
268.5-2 1 28.1a’ 6.a 

280.5 -1.7 i 16 3.0 

243 '2b.66i a.4 

117.6 — O.b I/. 18! 7.3 

176 +1 . 14 • 4.0 

117.9-0.1 ' 12 , 5.0 

2B8 18 3.1 

212.2-2.6 23-5.9 


TOKYO 1 



- - - 7 = : 


"Price!.. + nr 

Divj'rtd- 

Jnne 21 

Yen 

— 

% fo* 

VMOI. LftUla*^ 

337 


14 | 2.1 

. »n.vn 

485 

... 

12 . 1.8 

»»k' 

610 

-a 

25 2 & 

tnn*m. 

340 

-25 

80 2.9 

<»«| Nippon Frimf' -638 

4-5.-” 

18 -1.7 

1 r'l.j. Hhm<- 

552 

7t 

16 1.4 

rf'Wrhi - 

255 

12 . 8.4 

ri.ev.la Mntnrvv.^. 

574 


18 l 1.6 

1.«u« F«vi 

1.170 

+20 

>1 

35 1.5 

- Ilnb. _ 

222 

12 8.7 

i'*v][.’li»ln dll , n 

1,350 


30 1.1 

1 

660 

+ 12 

13 1.0 

I.A.ti 

2.650 

1,150 

347 

i 

10 ; 4,4 


T 

18 1 2.6 

Kun>+a. 

281 * 

+ 1 

13 1 2.7 

»,*+.»< "".mu-.. 

4.1/20 

-70 

35 . 0.4 

ril, ail-nit* In I... 

720.- 

-9” 

80 \ 1.4 

riil-uhirhi bank.. 

278 



-10 1.6 

riit^nlHaln He»vv 

124 

—2 

12 4.8 

•llb.ul.1nhi Lft rp. 

427 

+ 1 

13,i l.a 

•Ill -III ft t >l rT . 

320- 

-1 

14 ; ZM 

JilnlMvhi., 

576 


20 1 1.7 

L'eriM- 

1.410- 

—lo 

15 I 0.5 

'Il1"kl -’ll. mar. ,. 
U. 

750 

797 

J 

12 1 0.8 

16 1 1.0 


1,690 

-70 

48 • 1.4 

■mV., b-ertrii .... 

2b 2 

-1 

12 ] 2.3 

-eki-ui Prei»l-. M .. 

851 

-14 

30 | 1.8 

■fi-ei.l.i 

1.090 

+ 10 

20 | O.b 

*n\ 

1.680 

-30 

40 J 1J£ 

laivho Maiiri**. — 

KaB 

+ 2 

11 , 2.3 

iftke.li. bi.emia . 

376 

-b 

19 , 2.0 

• l»h 

1.990 

— 60 

30 ] 0.8 

Vljlll 

120 

-1 . 

10 ; 4.2 


492 


11 - 1.1 

■ la-l Pi*'. 

1.010 


8 4.0 

■ ikvr. -Alive 

605 

—2 

12 2.0 

"h vo "IViNiini.., 

145 

143 

+ 3 

10 6.4 
10 - 3.0 


988 

—3 

20 . ID 


— AG Ml L (36 cent) -.-...-i'* 10.66 {-9.92 
Awtmlui.- — fO.B4 t| ;. 

A« wd line.. Friie; l«f- 9»: !2J0 i-OM 

Arrfo^lixp pretlrm_^ r .«:.: .£LJ}3 
4»5o;-'l*«rTMaiin'-iUM-..1 >0-79 ':+4A1 
»-4re*.'Mitwnu-i i ji._su....* - W.14 M4UW 
Ajsoc. tiip I'aper.Sl—- -J. tL28 ( ' 

A- vc. tyt i nJjp&ta *. — J - tj -6* . 

Anri. Pmitldatian -Invest ...I- ilJOO 
AN I ‘ tL53 


AUSTRALIA 




June. 21' 


I;' . ,1+*. 


v«*'-r ! 

Mua 




AiefiuMn...- 

Bamboo Creek 
U ue Sim* fibi. v—— 
UrcxemidUe Uo&fer 
drokeir. WU FnwViarV ..J. 

JH S*.Uth_;_ Z. 

Caiiiun Gnited Br ew er y .. 

C. 4. UrtIA 

<« =5iv-.-.. 

Cockbura Cement 

v..llt. Utwllieut AMaJbj 
UNiialner < 81 1 .- 


m 

| r.-uJ. 


uihwbb Kl.aiato — ... .... 

i-'MlaiirApiitTaJta 

Uunlut, Kuht (S 1) .....i.. 
bSCOltli 


Mile, - 5 ml l h r 

b~-/~ Imiuiirlw,:,. 


tO.58 
10.48 , 
70:16, 

;UMr i-fis 
Lf7.ois; [Z^ 

*L82 I+CJ2 

,’tL97 \ ’ w „. 
tSLSfi; -GJK 
tl.30 \ ...... 

ta.57 >8.01 

^tLSO; 
tL32 -HJ.K 
■tO.91-.J-WB 

■•Mtxs + B.06 


'ta.35 

Gen. Frr^erly Tri»r— .— .1" ' T1.56 
Hem erxter- — t£.41 I+Bjjt 

Hyon« __ t .u — 10.70 MLtJI 

iLl Auatrv'la .-...J 19.16.’ i+0.81 

’ fO.28 j iv... 
I tmmnjtB lndin4rioi - 1.11 'MUX 

l«iMa U/avidL'.-— ...'—! tL94 | J.. 

LreuaiuOii^. 4 .. 1QX0 J ..... 

’.lciab, Kxvomtvm.^.. ; J0^8 +0.83 


Source Nifckn Secomiea. Tokyo 


AMSTERDAM 


Jum 21 


Pii.-e 

FI*. 


l + *>r | tH v.;Vui. 


BRUSSELS/LUXEMBOURG 


June St 


Price 

Fr*. 


- Div. | 

-f-c*r. Ft*. YM. 
— : >el I -S 


Aii.e.1 . 


2,370 ,-15. — - 


T Bid. : Asked, t Traded, 
a New aiocfc. 


EUROPEAN OPTIONS EXCHANGE 


I' (M l--.il 


■l.llr 

I'rii-e Hum.- Vnl. 


tV;t. Koililv 

. line Vnl, 1'1'W* V-vl. L-I*te 


ai-i 

ATT 

\rr 

t i lire .171 
I'll k-U" |* 
K. K**lalr 
K. KurMk 
K. Ki>iftl.- 
K. Ki.lak- 
Evv.r it 
Tr:.i>n 
K-.\'.n 
l.’.tl 
G U 
li M 
IBM 
THU 
IBM 


*-ear« 

Scar. 

fear. 

Al£cnieii* 

A Igrmtnr 

Al^emeoe 

.Vl^emene 

Arne*- 

Ami** 

A mil* 

KLM 

KI.H 

RL.U 

FIJI 

KL.tl 

KGM 

Nat Sfi 

Nat N’e-1 

Nut >V1 

Wulire 

Philip" 

Pblli,*- 

If. ti. Shell 

Ki O. relieii 

K. D. Shell 

fnilever 

I'nifevci- 

t’Di lever 


*53 

- 

— 


- 

-- 

<60 >8 

360 

. - 

— 

— 



— „ 

>65 


— 

— 

— 


— 

<20 


— 

— 


- 

- <23)? 

S25 

— 


Ua 

10 

— 

„ 

<40 


-- 


— 


<53< a 

<45 

. . 







<30 

5'a 

19 

6*4 

10 

7i a 

15 ~ 

>’60 

la 

5 

SU 

4 

an 

10 

>40 


_» 

— 

— 

— 

>45 

<45 


— . 

— 

— 

— 



<50 





— 



<50 

_ 

— 

— 

— 

-- 

<591? 

<60 


— . 


— 

- 

. „ 

R70 




5 

1 -• 

. 

<240 


— 



- 

- • <2661, 

<260 



_ 

_ 

— 


<280 

2*. 


' 7h« 

11 

im 

11 !! 

<20 

— 

— 

- 


- 

- <231, 

S2n : 

_ 

— . 

- 




<30 . 

_ 


f — 

— 

- 


f«so 

32.50 

2 


— 

-- 

— K363 

F340 



• — 

— 



F3BO 

15.50 

4 

_ 

-re 

— 



yseo 1 



9.00 . 

5 

12.50 

2 

F70 1 


— 1 

• — 

■ — 


— F7S.80 

F79 1 

I 

Ota 



— 




FBO 



__ 

_. 

— 

■ _ . 

" 1 

Fieo 

6.00 

• - 

12 00 

2 

19.00 

1 V 138.50 

FI 70 

a.Oo 

34 

7.60 

29 



FI BO 

1.40 

2l 

6.60 

13 

9.10 

7 \\ 

F190 

0.60 

4? 

5.00 

6 

0.00 

« 

«00 

0.50 

4 

3.50 

5 

6.00 

4 !. 

K220 , 

1 — 

— 


-- 

. 3.50 

4 


FIDO 
FI 10 
F 120 
F22.50 
*'25.00 
F27.50 
F 120 
• F130. 
: F14Q 
1 FI 10 
F130 
FI 30 


10.00 

4.50 

1.00 


3.00 


2.00 

32 

__ 

_ 

0.20 

50 

1.10 

* 

11.20 

2 

13.00 

6 

■ ■ 

— 

5.50 

30 

- - 

.. 

140 

30 

12.70 

16 

13.50 

u 

2.60 

t 

5 50 

13 



140 

6 


5.30 

1.90 

14.50 


12 

1 

7 


7.50 

3 


I’ 106.70 
K2&50 

/ 130.80 

r 122.20 


BASE LENDING RATES 


10 

10 Vi , 

in ,r o 

10 % 
10 % 
jn % 
10 % 


A.B-.N. Bank 10 »?, 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 

A P Bank Lid 

Henry Anshacher 

Banco dc Bilbao 

Bank of Credit & Cmee. 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd 10 % 

Banque du Rhone 101% 

Barclays Bank 10 % 

Burnell Christie Ltd.... II 
Breiuar Holdings Ltd. 11 % 
BriL Bank of Mid. East 10 % 

■ Brown Shipley in % 

Canada Pcrtn’t. Trust in 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd !0 <v» 

Cedar Holdings 101*. 7, 

M Charterhouse Japhet... 10 

Choulartons 

C. E. Coarcs 

Consolidated Credits ... 10 «V, 
Co-operative Bank ...^lO ‘V, 
Corimbian Securities... 10 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 *7, 

Duncan Laurie 10 % 

Eayil Trust 10 

English Transcont. ... 10 *£, 

First London Sees 10 'fc 

First Nai. Fin. Gorpn. 11 “J, 
First Nat. Secs. Lid- ... n °.v 

■ Antony Gibbs 10 «V, 

Greyhound Guaranty... 10 T, 
Grindlays Bank ?lfi 

■ Guinness Mahon HI *?. 


10 % 
II 


■ Hambros Bank 10 % 

■ HiiJ Saiuuel jfJO 

C. Hoare & Co flQ % 

Julian S. Hndge 21 Ti 

Hungkong & Shanghai 10 % 
Industrial Bk. of Scot. 9 «?, 

heyser Ullmann 10 “f, 

Knowsluy & Co. Ltd.... 12 % 

Lloyds Bank 10 ®S, 

London Mercantile ... 10 % 
Edward Manson & Co. HIT, 

Midland Bank 10 % 

* Samuel Montagu 10 T, 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Person & Ci. ... 10 % 
Rossminsier Accept'd? 10 % 
Boyal Bk. Canada Trust 10 •& 
Schlesincer Limited ... 10 % 

E. S. Schwab J]J% 

Security Trust Co. Lid. 11 *5. 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 tr. 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiles way LaidJuw ... I0‘.<v, 

Wil)bm.4 & Glyn’s 10 % 

Yorkshire Bank 10 % 

M M*-iB!vrs of i b<- Ai\<-pune Ilduses 
commit ic?. 

■ "-day dcntisiis TTj. l.mouih UcptMUB 


T-d.i.v dv-D0SU« on sotti* pf nn.lHHi 
an*i under iu-.. up ,o li”. nm “i-. 
artri Bier SJi. will 7? -. 

•j»n dnooslli nvrr 11 000 7'.. 

Oi*Tpann rtnonnil" Tj'. 


Vln.kl lhJU....« 

VK«* tM.iM 1 

X-urem IlnhiMiuCi 

AMh’V IF..K1) 

\uir>..hmii> iF'.K'i 

■ •.juiiKuri 

Uuki. Il’ni 'iu (Kiv'i: 
lUirlinu L'uttetv"M 
Kuwv-ier V(jr..airi. 1 
kiwihX.Y. U emei J 

h, irut<iiiiTuM.U| 
'■wl Unwa-.i.-MFlOi 
HwnekerilFi^flr;. J 

■ luWUVtftl • ll*-|.JJ,, 

■ luuiei U.tFi.luCi); 
•v.L. 11. iFi.JijUl.,.. 
l.iL Muller tLAti.J 
\MJHea iFMOj...: 
.Vil.Xella-ftK.lk 
NeU'rW HV-iK.Jj; 

vert Mid MktFi.SC 

■-Jt» iKi. BO I 

k'a,iT*miiie>eii....j 
t'akluvl iF,. ftVj,. 

nnii|B*iKi. ioi * 

i:jn.->-ii\eii»..lvv. 

■ (■rilte" (>’l 3_l}„ ... - 
.(•■■■kv. iKi. Sh.. 

luirfJili-lFi. oOi... 
ihiyaiDult •hi F . A ' 

MtveniHirx; ■ 

let iu GrprF.j3.ij! 
ink ,v«*fV'. Unu.* ■ 

i. uiievw ,Fu ah. I 
Viuitii;IIC".lati»l . 

Heart* u ’.li,. (tfmftl 


106.3—1.2 *21. 3.4 
3U.2.-0.1 I — — 
363 1 1-0.5 , 28.5 7.9 
82.7«d -0.8 5Cl I 6.0 


76.1. +0.3 *23.5] 5.9 
91 i ■‘•0.2 i 2o ! 6.8 


la4 , 
7a.S'-v}.5 I 
276 :-4 

1 67!S+q!2'| 

3S.5i 

104.8- j 


80 ! 6.4 


26 
27.5' 
37.S 
94 .q 
23 
14 


7.1 
2.0 
6.5 

5.2 

6.2 
3.4 


34.4-el.ll — I- 
84.6,— 0.1 12 1 4.9 

156.2 — 0.9 I 8 6.1 
48.2 +0.4! 26 ; 1.9 
36.5+U.2I 12.^ 3.5 
106.7 -^.4 I 48 1 4.5 


21 


22 j 53 
36 t S.6 

18 i 6.6 


17 I 6.4 


53.5 

185.7 +0.7 
157.2-1.8 
144.5+2 

39.5 - "1 

16.5 - J.l 
87 : tS 

1 7t>.'5-0.5 ;.U6h' 7.5 
130.5-1 - I - 

122.8+0,1- W • 5.8 

130.7 + 1.2 si.fil 0.3 

262.1-0.9 19.- 7.c 

135 .—8 ■ 47*- 4.1 
119 l-Z 30 O.b 
122.1’-* 0.5 '#3.0 ; 7.0 

41 1—0.1 80 1 1.2 
403 -0.5 33 f 4.0 


kl. Unt. LAiniv.... 1.64U —10 j 72 
"B" ...,,1,960 >' + 10 .116 


•token _ 

—B.K.t>Di«*i,L... 1.174*1, L-16 J 100 

ken. 430 —20 i — 

BUh* '8250*1 u .*177 

fb-trolier. 6.440 i+2 • 430 

F+Lruitie Net ;2,750 1+26 [170 

G. U. innr-Bm„...l2,ll5 !— 15 150 

Gemert '1.284*1—2 85 

H. «*.ker ,-40 170 

■ nlen-iun ...Jl.730 ' |— 10 1142 


4.4 
5.9 

8.5 


7.9 

6.7 
6.2 
7.1 
6.6 

7.7 

8.8 


K nshetlmnk 6,710 

1* lluykle Hrier J.5. 560 

l*ku H.iKhiia <2,640 

I'ettuft ,m 5.690 

'•■iGeri Kaiique.. 2.965 
v * (imi Beia >e u+i 1.905 
rirrm...; (3,115 


-+0‘.B 


Mvw 8mponnm, v : r i. 1(79 

.v icb*Ua» in 1 emw'tooaJ..... 1 10X3 j I 
.\* mb Ukuepti (rutnatmOc- tl-30 >+0.84 
■>uktmri*K:. . +1.75 —6.05 

*n - - to: to ."-'—0*01 


KlAZIt. . 

• '■r-cb-fi'vicr'i + w 

• • : Jon# 81?. --i^Orur 




Wv.|I . 


.17 


*IM lo j R.05.!r^U>^ 
uwcuiwil.:..;:.". i.*a £....3.37 h 

■ r 2.17 j+ -.08 . jA> fa 


Ketrob^tPifo;;/ *8^19 


JJBG. 13. f 


-rttiirtl . 

isoa* Lnns 0 FL1 ft' ; 2>81 , r^O.-TL- As: [tee |\ 1 *v > j 

xtop pa:..-u.z K £ ■ 5-70 Q 1 [ y 

21 U--+.-1 JWi „ * 

(fids 


r« "4*!*: iit+v^fcj; 1^1 


’ Tnratfve$-pc4l«2in. Vofcnne Sffa 
^vV Souccei «» oe Janeiro SB,-; 


OSLO 


;*;.iV- ,>; -’. 


‘JiBefiv,' 


3f»w B*w>— 

UohceuBi^M, 
Jrenittwjnk;^.^.- 
lio-oio*... .U_., 
■iieiitU-Tct. 
.Nnr*kRyrtfckr.«.: 
-'ttrrehQtnri^.^.J 


TSfgTppS 

kroaet — 


92 

.85 

Wfi 

216 

103.51 


180 


,93.26 


+OJ5 
+ 1-5 


Al- 
ia- 
; 11 




— — 1".» 


12 • - 
a ' 


jOHAHfftSWftG . 

'M ; S’ MIMES 


June 31 
Anglo 

Charter^ ConKol 
Ban. DrfefodH-in . '...-.L-i— 
BUbonr . - . 

Harmony - ..j.;...:..l, 

Kinross — 


- . .. > Rand.-' -F '. 
CCbWL — 5J7 « 


3.90' 

13J0'.' 

L» 

8.13 

6.93 




Kjoor :z. 9.10 

Huatenbarg- Plarinurn ^ - lriO 

St'. Helena - — 14.73 -.>»! .. , 

.South Yaai ,8 43 W, '••■*:! Jj 

Gold RleWa : 23.W s -- 

• • 1 - «• 


•itiec'Kxiildnvnnrv.*. J... .*■- tOroO < ... .. 

1'uinrti'- -cOUafteA. ! tl-55 -tUH 

f-feo3 


•Cwaun A CiHreuIL... — 

8. Vi -rieiah — ; 

•uuihranri IGntHa-.— W'-'-i 


imahiSu.-.:— .’! 

.Vallnwjt .... • 

tVertaii -ilirtinit /fit) «wv| 
Wonlwcmhv— . 


tZ80’ 

tO.70 
10.28 
tO. 30 
tl.88 
40.90 
11-52 
U-59 


-+A.M 


rtJg --q.ni 


PARIS. 


JiifSt 


•+20 1390 I 4.3 
' + 10 *<325 5.8 


i— 15 {226 


wr [a.350 *1 —40 

■ rkL+b.n K'prv^... 18,560 

GC’JI \.j 950 

Ln Mm. (GI0i..,..l 730 


174 

205 I 6.9 
140 7.4 


Vieme 21 uatagaej 1,520 


S2.2w 3.0 
4 } 4.7 


' 6.9 

ABJBj 8.9 
1—8 170 6.7 

1+10 — - 
*4—10. SO I 6.9 
1—15 } - _ 


SWITZERLAND • 


COPENHAGEN * 


June ii 


1 Frliv j 4*<>r ’ Oiv. .Ykl, 

Kroner I — ,' i . 1 


\ll-.L-iat*VHk«3ll ....I 

rlurm'vH IV. I 

llaireke liaiik. 
ba t Aslan Oi. ... 
Final. lMlfkCN_..- 
«<r. Brwturt....’ 
for. 1‘ltpir 

Hoii-liwriank 

•j.N'lli'oHjKrAit: 

.vunl KaiM 

■ilvliOink ; 

’nv-aiiaink ’ 

’n.*vin*l«nk 
yipii. Bwenrthen., 
m{«*t+r+ 


I 

470 1 

123 1 : 

1621,-1 
I50*ji + 81, 
361 . + 1 - 

7510-1 

124 ' 

368 ! — . 
I98i ? !-lla 1 

75i,,+ 1 ; 

129 | 

lob 1 

405 1 • 

180 -1, i 


11 l 8.2 

15 5.2 

16 ‘ 9.6 

12 i 7.4 

15 | ( 0.0 
12 6.3 


12 I 8.9 
12 . 4.0 
12 - 6.2 
12 - 
- . 8.5 
11 | 8.1 

11 5.1 

12 . 6.7 


Jnne 21 

Fnce 

Fra. 

+ or 

I DirjTId. 

\ % : “ 

4> ' * 

1 

An in inm in. 270 1 

-to ! 

8 ! 3.1 

UhC-A' ; 

1.63exr‘ 1 

10 ; 8.0 

ClbaUeiv.MFi.rtX ! 

l.lS&xr, 

—10 j 

22 ■ 1.8 

Un. F*n. i>n.. 

850 U! 


28 2.6 

Gu- f 

598. f 

*2 i 22 3.7! 

Gi+,11 Siii^e. 

2.200. ! 

-5 l 

16 ’ 3.6 

*ii*rtivWAlt„ 

1.750 j 


10 .- 2.9 

Ft-clier i Geo rue; . 

’660 ! 

—10 • 

5 ’ 3.8 

Hnffman llOri- . 74.750 1-500:530 0.7 


{eiiie+4. 


lf,njiretM*tV-« 
Si, Lkjul-l„. 
SquiUim*.' 


me. 

Iftni vaue- 

l«trre<Qt/F.’ 
UG.1v. 


t ie HijfeUre-'.— ■ 


ij.ui- Alr-rtu*. 
i'ie*U(.Gqm Er'ri 

llumibll 


Fetrpte-L^. 
Gen. ' Or+iwi*. < 


PrloB.j + wj Oiv.iYltL. 


PnL 


fTi.i' *; 


745.-U4.5(-44« 


587 i+ 4 ' 

zaa.i-OLB 


3I.J6> 5.S 




16.5: 


. 502 U 1 2b. 2m oJ2 


520 

848 ...... 

, 525 Ua 
{U94SJ+10 
' 658;. n-1 
1.655 
822 
4O0.8.+ 5.B 
119:7H0.3 
■ .70 ]Z:... 
;.784 | + lfc 
T40-4. 
i 188 ’ 


1; l-t-1 

* E-i 


1346| 

42 

40.B! 

76 

51.61 

7B.W 

12 

lr-S&l 


0.6 


S.T 


ZJ 

4.9 

7.6 
4jB 
8.U 
7X> 
3£ 

2.6 
KXt 



35js; 4.- 
lOfiltO. 
8^a-4.4 


?.!’ >66 


G*ier«e — UUi. v , 200 

l<e«n!n4 


— —S’ 

+ fc8.ilA/l{ 8.6 
* U6riir 2.2 


-a.; 

-fi %.d9jp-4Af 
+*:•■ 32J*i *Ta 


+1 


tAi ■ K»iBOiiJ.... l 7.500 

I mo rtoo. 1 8. 3,800 

lei moll |Fr. IJU) .[1.425 
AeeUetM-. 1001 ...'3.426 

IKi Hrv 2,810 

UenikcKi B.( 1- .aw) 2, 520 rt|. 
ttroili Slt'iF.liu! .289 ’ 
Mill wift. £WJi..;$.WOO 
I>cl Carlo Uenri 485 
v himlirrOui'IOOl 295*5 
-ntlxerGtaiF.lUO)! 350 
vn-tamlr (Fr. XftO< 856 
awhwBonkif.UO 1 383 
3wiw ilte. F.*svi.;4.725 

L.Akm Hank 3.106- 

/-Urleh ins. ID.filSxrj— 25 


{-25 ; 65 
-SO 




. °‘ 7 
21 2.0 
21 ! 1.0 
_ «K5 hi 2.5 

.iaB6.7 5.9 

15.! 1.5 
15 1 5.2 


-60 1.261 
-4 .26 


12 


1.7 

2:7 

4.1 


10 
10 

1 40 

1— 15 ; SO 


14 t 4.0 


44 


4.1 
2.6 

2.1 
3.2 
2.1 


Msirails rtfema 
UuritoJM ,, _ 

Uo« Benttw*;? - 480- 7+-18 * l&af&t* 
riuuiiuex ’- loO^ — OB , 4.V. 2A 

160.4 

V«6llitry+„.i.— i. 91 


+OJS ; li.96 12.4 
l 0.3 



Union' CmpbraUoiF'.J.. — -• ' 4.73'. 

De Beers Deferred j- 

BiyvooruKxlefat ' .3,3-4- 

E«a-Rafld pw, .jsZii.ua ' 

KrsV Stale GMWd * J 

PresJUani 4 

"FTekWeBt Sieyn- . w . . , 12. W . 

Suifonipin-ftA .. 

weikom . — 450 

Wear Dttfcfomehi 38.0 

Western Boldinas A... Sfr 

Wesera Deep -i 14.99.- -"v.: _ 

-f'- v , INDUSTRIALS -. ' ... * ‘ - 
A -j--. 
Ab«l»:Axncr. Industrial ... UEM - 
Barlow, Rai»d :j ..i— - 7>- •• 

CNA Utve*aflh&V*-"-c~f- ' 7*9 ', . . -, 

Carrie mnaiMe - Ul' -" -. ■ ; . 

De Beers Iadnstiiftj-V^.A- til-®; ' - - . 

Bdexnt ■ CaaonetMca .tor^ :. ...■’ 
Bd*»s-Sliires-."i w . 1 ^^i.,.:.!*.® .. - 
Ever. Ready SA- L» • ‘ i: 

Fedende. ytatSti&laxiWji. 4LW 
Greatermamr Shires' - . 2J5 ■=; 

Gttardlan .Assurance tSAj'-.-tBS 

McCarthy , Boi}wy .<. ^ _5X3 

WedBink ' *V 1 S# - --- 

oK.tattrc’-. .■i.'fia*!'#* ' 4 .- -T-fs 

■Premie^ MQlW > : ;■ . . 

-wviaria Cenjeotv.^...ft.^— - *«.» >>\ 

JTffllea. -HoldMSS’.- . -.-'-— -- 

Band. MJwts- ProrierOes ' — --2M* . * 

■Htwmaor Croup 5^ ' „ ^ 

Rctoh — - . 9-37 M-j. 

Scar- HoWiosi--: TU* :.f*rS . 

SAPPJ' - *■?•* ; UU# 

C.-TG-- SmKB S9»af -U— . 49 W- >- 
SjfcJteeweries V1 $-. -•»&. 1 nffil g 

Ttew Oai&.iod Kit. MS&r- 'JO-W . ~ w V 
OflfeM •--- - 

and TTfi50J3 -*■ 


: <0Isemint of 36.75%') >,. 

Zss. i — — 

r-nar.-fl 


bo,: 


’4- 


8 *trtl«* TenhsiqucJ^ 421" -3^ ; 27 | 6.« 

iiectaure.T »51 . — l r 27 f 4J> 

•tlnac PaufeneZ: . Mil +0.3' O 
Uobun Tt’ 141.1— QJ] 9LS 

’in VoMlano' — .''.L520 +8 1. 3012.6 
* 2 M 49 ixS^ RU , 



MILAN 


VIENNA 


June 21 


% 


— in . U,v jYiii, 


-limp El 


Pritt 

tire 


.iniikainU-i 342 1 '. 10 2.9 

I'enri’V’+e 262 " [ V. , 5.4 

rip +s,«.,. ( 596 '-1 SB 8.2 

"pn.j-eril 80 j ~ : — 

•lev, Ih.mire . ,i 187 ..I 1 8' • 4.4 
l -t HNMiil- • I 239 14 . 5.9 


AMC_ 

iMv-ouai ...... 

rtai. 

|»0. 171V.. 
r’lii-iiJp, 

lUWVDiCnr 

• hi., iilur 



UonmlKiHlT 

> ivetti Friv...,^. 

I’ttetu i C*«. j 

(Will .-.pa„ 

*(ti*' 1*W 


+ or iDIv. -yw. 

-■Jure] 4 


10a +i.7d -1 — 

460 48 - j - 

I. 780xci— 50 ’l&o: 8.4 
L4BSAr— SSiSl 160-10.1 
105.7^ + 3.73 - ! -: 

II. 980-L+ 140!. 2001 -1.7 
199 i+l 1-I-- 

33.110 l ..:...--Jl.29Q.-3.6 
149 —2-.fi; ■»' 

98s id— 9 
L9M +6 , 
oai ir,$ 

716 1-22 


J. 


lib 1 *5 

. 80- 8.4 


STOCKHOLM 


June.a 


Ai,AAli(lLCJU>H 
imLini eiKrr* 

Ana»-tJapee<h‘T£ 

'WWM 


iTKvT 


205 
.141 
80 Jrr2 
.123 


7J 


i-+ hr. 


us. 


ofiCTTw. 


'4T7t?fJ-0 


M': US 


■ l* 


+2 


Ktoc+'tafK’ (fine 1 , : 157; 


2JSS ;+5^ 
ZS&- 



SPAtN 
Jane i 
Rj&nd-.' 




wpano as -v -4 

a. Cez., 0.009] x* . :PFw 

molar -v ’ - 1] W 1 

otaedpr ,<2SH>-^ nu.’r 1 - . ' * v/ 



’.Banco 'BObim- .1... 

. Banco - Canuar — i.-.— .. 3® * •». 

iBpnpo^ttvior- - 2 13 .-•- — jf\ 

p Btofeo’ Ccaeril \.-.uUZ,.. " 282 f 

Banco ’Granada 0,090) - IS* v 

Banco - Hiepano Zu 

Banfflj Ina. Cat, . 

B, tod. MtjdUarianeo 

Banco Bipalaf 
Banco sunawfor . . . 

/BiUcO UriuihO 1LIW9} . ’ 260 
fsenco VJaaiyar’..«ft-.-i.’ 

Banco 1 ttnerA ano — - Jsa - . i : ■■ • 

Battamfeo- % 151 't r *- .*♦.'• ! 

Banns AiBahUrla — : Bn •*. . 

athenck -Ittlemt .^:.U -29 .Vil ' 

QC'-‘..,«iaii.mMM . 09. t 7 1” . % 

onmAttas ^ - • »o — t- •: . 

'. 5 6;i (.tnmotwill >9 • •••. 

^ 6 ! 4Av-^ L Aferirieska' 54® 

Esnrata 2!iic 102 . • ’ 1- ‘ 

fianf' Iffb'-Tlnto- ’ iau» .WS 1~~; 

Rocaa- 4L6M) «-7S - . 

Gal;.- Rredado* .79 ,t 

..... w - • - ■ 


Hit v» . Veuasnea MW) 


fijrfrola 

f tttorioem 


>350 ' - 


bricmoatrh'ttkiMr '135 

277. ^*;- ij 

ttHxVreputbinsv 
uaiahon' 

nr £ jV :*««! 1 4.6 ' * * "+•? 

Mbnvtlto*i«« — • .. 163 -J +3 j— .BLi 5 - 2 , 3 «ikrihniok.'.— — K 2 ^ 






i. 


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iFma^cial, Tunes . Thursday . June 22 1978 



Promotion 
boost for 

NZ butter 

t By Our Commoditiei Staff 

THE NEW: ZEALAND Dairy 
Board . is to spend £2.4ra on 
-/advertising and promoting its 
j. Anchor brand butter in Britain. 

Announcing the campaign in , 
,,Loa d pn yesterday, Mr. Lawrence 
Friis, the chairman, said he had 
-been worried about the danger’ 
of contraction • in the British 
. butter markets. j 

In 1967 New Zealand shipped 
ISO, 000 tonnes -of b inter to- the 
UK. This year it has a quota 
of 115.000 tonnes,- he said. 

“The investment in advertia- 
■ i®B» promotional and educational 
campaigns is firm evidence of 
. our intention of fighting for our 
place in the; UK market," he 
added. 

“It is a fact that we depend 
on this market for our livelihood. 

, .The New Zealand dairy industry 
could not survive if it lost 
access.” 

. Announcement of the promo- 
tion spending follows closely on 
the news that an £8.5m; butter 
and cheese packing plant is to 
be opened in Wiltshire. Initially, 
it will pack only dairy products, 
but there are plans to extend the 
range of foods under the Anchor 
label. 


rotato pnce guarantee 
cut by 4 per cent 


*• BY CHRISTOPHER PARSES 

BRITISH POTATO, farmers will 
be paid a guaranteed price of 
£44.64 a ton for their crops this 
year, the Ministry, of Agriculture 
announced yesterday. This . is 4 
per cent lower than last year's 
guarantee of £46.30 a ton — the 
maximum reduction permitted 
under existing rules. 

. It tbe average, price of main- 
crop potatoes sol din tbe UK dur- 
ing the coming season fails to 
reach thru guaranteed level, far- 
mers’ returns wiB he brought up 
to It by deficiency .payments from 
the Exchequer and- the reserves 
of. the Potato Marketing Board. 

In announcing the guarantee, 
the Ministry may be tossing the 
gauntlet back at the! EEC Com- 
mission. which'. :bas recently 
warned of action. -over the UK 
potato market in ' tbe European 
Court of Justice; 

To protect itself against an 
overwhelming bill.;-.fbr meeting 
the guarantee at the end of each 
season and to ensure tt. subsidises 
only British -farmers, the Govern- 
ment bans all imports of old 
potatoes. 

The Commission: has ruled, 
however, that ’ Since Britain 
became a full member of the 
Community at the end of last 
year, it has ho right to continue 
to bar imports from other EEC 
countries. 

The Government, has been 
given one month to drop the 
embargo or face charges in the 
Common Market court. 


It seems, however, that unless 
the Ministry has some complex 
scheme to limit its liability to- 
wards the potato market, the 
anounrement of the guarantee 
effectively precludes any action 
which could lay the UK market 
open to imports. 

Commenting on the announce- 
ment. the Potato Marketing 
Board said large-scale imports 
were unlikely. Even if the ban 
were dropped. Continental ship- 
pers would have to be sure of 
earning £65 a ton from the mar- 
ket here to make a profit. 


Plantings 


In Dutch futures markets 
prices for potatoes are around 
£50 a tan. Plantings all over the 
EEC — apart from Britain — are 
reduced this year, and the 
Ministry feels that as things 
stand there is not likely to be 
much of a market in Britain to 
attract imports during the 
coming season. 

Officials said the reduced 
guarantee partly reflected the 
fall in production costs for 
potato growers. 

Figures provided by the far- 
mers themselves show that the 
overall cost of growing potatoes 
this year is about 20 per cent 
lower than last season. Other 
estimates show an even bigger 
reduction. 


Total cost of seed potatoes, 
fertiliser, sprays, fuel and the 
rest during 1977 were £1.560 a 
hectare, the producers say. 

Costs this year have been put 
at £1,220 a hectare. Main savings 
have heen gained. In huge reduc- 
tions in the cost of seed. 

Because of tbe drought of 
1976 there was a shortage of seed 
last spring, and after a season 
of record high prices for 
potatoes, heavy demand for seed 
from farmers helped push pro- 
duction costs even higher. 

Last spring seed cost about 
£600 a hectare. TbU year the 
price was closer to £200. 

In view of these greatly 
reduced costs. Mr. Jobn Silkin. 
Minister of Agriculture, came 
under pressure from his officials 
to cut the guarantee even 
further, but in the event the 
rules precluded a more signifi- 
cant reduction. 

Prices of potatoes last year 
were below the guarantee for 
most of the season. Earlier this 
year the Exchequer was warned 
that it might have to pay out 
£25 m tn £30m to meet the 
guarantee. 

However, a late recovery ln ! 
prices, helped by the late arrival 
of early potatoes, has reduced 
this estimate to £10m or even 
lower. 

The Potato Board, for example, 
now suggests the final cost may 
be only £Sm. 


Cocoa surge BRAZ,L,AN agriculture 

rtins out Disease 

of steam . . 

By Richard Mooney 1 

the SPECULATIVE rally * " “ 1 “ B 

which- bad boosted London 
cocoa futures prircs by about , 

£150 in a week ran out of steam 1 
yesterday afternoon. 

Continuing •• bullish ” senti- ' 
meat pushed the September 
position up to £1.634 a tonne at ; 
one stage but as producer sell- 
ing from Brazil, the ivory 
Coast and Ghana emerged 
speculators quickly began 
faking their profits and £70 was ; 
wiped off nearby values. 

September cocoa closed £18.5 
down on the day at £l,764Ji a 
tonne. 

Some Brazilian and Ivory 
Coast sales were believed to 
bare been made overnight but 
communications difficulties 
with Ghana had prevented 
sales by that country. 

Dealers said last night they 
believed contact had been 
made with Ghana during the 
day. and that current crop 
cocoa had changed hands. 

Imports of cocoa beans into 
the UK rose to 9,389 tonnes in 
May compared with 3.919 
tonnes in April and 4,716 In 
May 1979, according to Depart- 
ment of Trade figures released 
yesterday. May imports 
included 4,569 tonnes from 
• Ghana and 3.812 from Nigeria. 


TO THE disappointment of the 
Brazilian authorities, ‘steps to 
prevent the spread of swine fever 
have been only partly successful. 

The outbreak, which has 
already led to tbe extermination 
of 6,997 pigs in Rio de Janeiro 
(and payment of S395.000 in 
compensation to their owners) 
has now moved across the 
borders into Minas Gerais, Sao 
Paulo. Parana and Mato Grosso 
states. 

The authorities bave set up a 
cordon sanitaire at ail access 
points to major pig-breeding 
areas in Santa Catarina and Rio 
Grande do Sul states. 

All entry roads, railway, 
stations, airports and bus ter- 
minals are now manned by vets 
and police, inspecting vehicles, 
personal belongings, parcels and 
lorry cargoes. - No pork may be 
transported from the centre to 
tbe south, nor any live pigs. 

Brazil has 40m pigs — the second 
largest herd In the world — which, 
until recently, were seen as a 
growth industry which could 
cater for a major export market. 

Now, as groups of 100 or 150 


BY DIANA SMITH 

pigs are found dead or dying 
from the African swine fever 
virus, tbe industry’s future is 
threatened. 

Until this months* outbreak, 
Brazilian agricultural authorities 
apparently totally dismissed the 
possibility of a swine fever 
epidemic. 

Now they face the threat of its 
becoming endemic as in Spain 
and Portugal — because Rio de 
Janeiro pig owners have 
habitually hived off airline food 
leftovers from rubbish dumps to 
feed their animals. 


Penetrated 


A batch of these leftovers 
appears to have earned the virus. 

Once it penetrated a Rio de 
Janeiro slum, whose inhabitants 
raise a pip or two for their own 
consumption, it spread. 

The virus can he easily carried 
in water courses, on human 
clothing and shoes, or the paws 
or hooves of other animals — 
although it only affects pigs. 

A single virus has a life of 
six years. And road blocks. 


fumigation. slaughter and 
searches by tbe authorities can 
never be fully effective. 

The authorities’ efforts to con- 
tain tbe epidemic have „ not 
always met with public co- 
operation. 

Lorries bave rammed road 
blocks i nearly killing vets on 
duty) and pig breeders hid 
diseased animals. 

In Sao Paulo state, more than 
100 dead pigs were Found 
dumped by the road apparently 
taken there by th-.ir owners to 
keep ibeir infected carcasses 
away from hi\iltby members of 
the herd. Thus, the risk of the 
spread of the virus increases. 

The President of the- Republic 
has decreed that breeders who 
conceal diseased animals or 
refuses to allow herds .to. be 
exterminated will be jailed. - 

The Agriculture Minister, in a 
nationwide television broadcast, 
has explained the risks of a 
nationwide epidemic. 

The authorities have been 
praised far doing their best, but 
their best may not be enough to 
halt the advance of one of the 
great threats to pig farming. 


Brazil aims to export bauxite next year 


S. African sogat industry faces crisis 


. BY BERNARD SIMON 

THE SOUTH African sugar 
. industry, like other producers, 
is facing one of the worst crises 
in its history. 

In the last few days several 
indnstir officials have warned 
that the combination of low 
prices, a reduced export quota 
and' falling local consumption 
' are having serious consequences 
.. for. growers and millers. 

■?The prospects for the'- in- 
dustry in the. ' current year are 
Yrzoqfit unfavourable .and give 
-cause for concern” Mr. . Frank 
..Jones, thd chairman of tbe 
; 'Vcduntry*s largest sugar producer, 
^■C.-G. Smith, said last week. 

As a result of the., quotas im- 
posed under the' new Inter- 
national. Sugar * Agreement, 
■ South Africa's exports this year 
-will total about 680,000 tons, 
compared with 1.3m tons in 1977. 

Mr. Jones, in his capacity as 
•- chairman of the Sugar Millers 
Association, said to.day that 
.domestic sugar consumption has 
• slumped by 7.1 per cent in the 
.•past year. 

i * Despite a potential m fr record 


crop this season, about .1.4m tons 
of cane (out of roughly 20m 
tons) will be left standing on 
estates. . 

Growers will have their quotas 
cut by as much as 23 per cent, 
and Mr. John Chance, chairman 
of the Cane Growers Associa- 
tion, has warned that: the euls 
could reach 30 .per . cent next 
year, failing an improvement in 
demand. ._ 

Despite its reputation.as a low 
cost producer, even . the South 
African sugar industry’s 
are well above the prices pre- 
vailing on international markets. 
The industry’s breakeven point is 
approximately £150 a ton. 

Mr. Jones observed' list week 
that “unless there is a marked 
increase in the world price 
during the next few months the 
industry will be confronted with 
a substantial shortfall /in its 
revenue with profound conse- 
quences for the earnings of sugar 
millers and cane growers alike." 
The industry’s stabilisation fund 
has plunged from nearly R®0m 
three years ago to only R9'.§m. 


Producers are hoping that 
their export losses will be made 
good by further increases in the 
Government-controlled domestic 
price thereby reversing the posi- 
tion of a few years ago when the 
authorities compelled the indus- 
try to use export profits to sub- 
sidise an artificially low local 
price. 

Higher domestic prices, how- 
ever, carry the danger of a 
further drop in consumption. 
Since world prices started drop- 
ping two years ago, the Govern- 
ment has been forced to grant 
the industiy massive rises in 
domestic prices. . 

As Mr. Chance puts it: 
“Increases had to be so large to 
keep the industry solvent that 
there was immediate consumer 
resistance.” With the South 
African economy only sluggishly 
emerging from a 40-month reces- 
sion. it is clear that any further 
rise in local prices would further 
discourage sugar purchases. 

There Is some consolation for 
the industry- More than a quarter 
of . South .Africa's 1978 export. 


JOHANNESBURG, June 21. 

allocation under the sugar agree- 
ment has been either priced or 
hedged forward on the futures 
market at an average of £113 per 
ton. which is considerably higher 
than ruling prices. 

EEC export 
sales down 

BRUSSELS. June 21. I 
THE EEC Commission authorised 
sties of 23.65o tonnes of white 
sugar (45.000 last week) and 1 

2.100 tonnes of raws 1 1,000) at 
its weekly export tenders, 
according to Commission sources, 
reports Reuter 

The maximum export rebate 
Tor whites was raised to 25.467 
units of account per 100 kilos 
125.171 last week) and to 22.990 
for raws (22.552). 

Countries of origin For the 
whites were West Germany 
7,750 tonnes, the UK 7.500. 
France 6,000. Denmark 1.400 and 
Belgium 1.000 tonnes. For raws 

1.100 tonnes came from France 
and l,OOo from Belgium. 


Indian rubber 
prices soar 

By K- K. Sharma 

NEW DELHI, June 21. 

PRICES OF natural rubber are 
soaring and for the first time 
have exceeded P.s 1,000 per 
quintal. The statutory floor 
price is Rs «M5 per quintal. 

Prices being quoLed by the 
Rubber Manufacturers' Associa- 
tion in southern markets range 
between Rs 1,000 and Rs 1,100 
per quintal. 

The rise is attributed to a 
steep fall in stocks with rubber 
manufacturers, particularly tyre 
companies, and an early end to 
the tapping season. Market 
sources say prices will rise 
further in view of the reported 
fall in rubber production. 

The Rubber Board had esti- 
mated production in 3977-78 at 
150.000 tonnes, but plantation 
representatives say adverse 
weather combined with labour 
troubles have led to a fall in 
production by at least 3.000 
tonnes- 


BRAZIL aims to start exporting 
bauxite early next year. Mr. 
Shigeaki Uekt. Mines and Energy 
Minister, said at the formal 
setting-up .of the Brazilian- 
Japanese alumina and alu- 
minium producing companies 
Alunorte SA and Albras SA, re- 
ports Reuter. 

In addition to exporting 
bauxite, which will come from 
the Mimeracao Rio do Norte mine 
in Para state, output from the 
new companies will enable 
Brazil to export aluminium, in- 
stead of importing it as at pre- 
sent. 

1 The three aluminium manufac- 
turers in Brazil at the moment 
do not supply enough to meet 
home needs, he said. 

Sources from the state mining 
concern Cia Vale do Rio Doce, 
which holds a 51 per cent 
share in Albras and 60 per cent 
in Alunorte. said Brazilian 
aluminium imports in .recent 
vears have been between 80.000 
and 100.000 tonnes annually, cost- 
ing roughly S120-S140m. 

By the middle of the next 
decade when the Albras plant is 
working at its full capacity of 

320.000 tonnes, the concern 
intends to place about 240,900- 

250.000 tonnes of aluminium on 


RIO DE JANEIRO. June 21. 

the export market, with most of Nippon Amazon AiumiDiujn.Cora- 
tbis coming from Albras and the pany, in which the Government 
binder cc.in, from the 

Valesul factory near Rio de Ljgj,t Metal Smelters Association 
Janeiro, the sources said. Consortium. Japanese aluminium 

Japanese interests in Albras manufacturers, trading companies 
and Alunorte are represented by and industrial consumers. 

Biscuit levy proposals 


BY OUR COMMODITIES STAFF 


COMMODITY MARKET REPORTS AND PRICES 

fliSV MFr Al's ass- nuxjrsw « US SLreJ™™!? .ti SOYABEA N MEAL 

JJASfc . _ Sew. toe* m*Mta tt 7 .J 6 . 5 C 3 Thad.ej, -££***£ ^ M Yeswrlnj- +nr Uu'inw 

& sss ten ^ 


COPPER— tost ground ’on tbe London 
Metal Exchange with forward, meial 
Initially falling tram £731 to £736 on com- 
mission bouse liquidation and short sell- 
in*. A steady Comes caused a rally to , 
JETML5 Ur the : afternoon, but renewed 
commission house selling caused a relapse. 
so flat the close on ibe Kerb was £73 1 - 
Turnover 20350 tonnes. 

a-of. t+~ort" p.m. t+<nri 
.. COPPER j official i — f Unofficial — 


-A'liertoarv ■ 

icd steady and moved jlO.M-24.0— 8.5 jrS.OO 

quiet conditions. Dread Auso-i — ISi.Bj SS.Q - £.33 122 01 21 .00 

reports. Dealer sell in* ,,, nier 123.5 j-!i 3.S + l.bO 123.5Q.fc2.5il 

level basts September Ue emr-er..., 1-l3‘J-22.0 + u.86 122.03-21.80 


70&-.5 Lib 708-9- 
3 mouths,. 726.6-7 ]-13.75 729-.B 
Set'U’m'at 706.5 —18 — - 

Cathodes- . 

(Sib 701-5-2-6 “Mi7B 705^.5 

S months.. 732-6 H<-5 726.5-6 
SMtl'm'xui 702.5 j-14.fi — 

U.S. Sint. -| — i *66.5jg 


£ High Grade E 

_77.fi 5 nwoUm. 6560-70 
—7.6 Scttlem't- 6765 
Standard _ 


6760-6 -52.61 ®726-35 i — 50 ^arkei traded io a narrow ran**. lacking 
J660- 70 —SO 1 6650-60,— >6,- any • fresh features. Forward meral 
6765 [—to i — | — » started at £314-£31B and then moved 

I —I .. between EJ15 and £318 before dosing on 


_ ! titnrita H.. 1 517321a j — 19| - 

•66.5-68 ! Kew Torti — __ j . 


Cash 6760-5 -!7.6i 6725-35 —26 the Kerb at tbe high. Turnover 3.700 

. I rf 3 mouths. 6640-50 —82.5; 6625-60 -27.. tonnes. 

726.6-6 i — 7 $«!««£■ _ -S,| ~ 1' a-m. ' 1-1-7 *. 


1.6. Index Limited- 01-351 3466. Jan./March Rubber 63-l-W 
29 Lament Road, London SW10 OHS. • 

i Tax-free trading on commodify futures. ... „ 

2. Tte. MMdlSr Stores market for tbe smaller Investor. 


were nfl-CM 

lower on the day. 

Cuff e 8 

Xterenlnj'-i 

Cii'*+- +ur Bueine-t" 


£ per touae. 

July — 

''*pteml>er .. 
Novemt-er ... 
January.., 

1640 42 j—12.6 1680-1657 
1553-54 1—8.5 1600-1546 
1452 54 '.-laiO 1510-1450 
X 583-65 , — 2S.0 1435-1360 

.\Uy 

July..— — .. 

1283-1300—20.0 1330 1300 
1255 8Q J— 12.5 130CMZB5 


LONDON DAILY PRICE traw sugar i 
C9S.W 'same i a ronne at for June-Ju/y- 
AUfl. shipment. White sugar duly price 
»• a-, fixed at £106.50 iClM.SOi. 

Gains registered at tbe opening proved 


Cash 307-.6 


~r__ J_i— 3 _ ^ 3 -_ Sales: 2,865 I3.510> lota of S tonnes. 

' Morning: Cash {307. CMS. 7.5. three Arublraa were dull and un traded, 
months £315. 15.5. IB. 18.5. 17. 17J. 17. Drexel Burnham Lambert reports Close 


5tiK«r i 




Pfi. 

Yentnlay's 

Previoua 

[ Bu«in«o< 

Cottini. 

C-nun- 

Close 

Closa 

Done 


£ per tonne 


CLUBS 


ART GALLERIES 


EVE. 189. Beae« Street. OUST. « 
Carte or All-In Menu-, 

Floor Shows 10.4-5. ' J yAiSr 
music ot Johnny Hawkcswortli A Friends. 

Gargoyle. 69 Dean Straet. London. W.1 . 
NEW STRIPTEASE FLOOR SHOW 
THE GREAT BRITISH STRIP 
Show at Mtdmflht «ud 1 ami. 
Mon.-Frl. Closed Saturday*. 01-437 6435- 

MICHELLE'S Cabaret Club: SuMTb teog. 
6. Ormond Yard. 5. W.1. 950. 26421a. 
Dancing partner*. 


Kr«vr W 1 01-437 1230. Bernard 

Menlnskv-Vaiy rtlnns. Gouach«- U™ 1 
ISth July. Weekdays 10-6 P.m- «»•; 

10 - 1 . p.m. . 


r . Imi the market was eruler In d» absence J M ,aior prices! tor June 20 tVJL An*.-- ill6»«»-16>frl15lM-lb;7u 1l&'ao-l5 jfi 

; s,ff, ass ri'rssi, ,£ss ^ 

:• a ufas s Si jarLss 3 s? jnjruaA" arv- 

„ . t £3 is Turnover 4.850 tonnes. A SfeP s 150.0(1 £rDnu taicd basts white sugar was £212.10 

FINE ART _LTD,.^^J3 5 ack v illa " .. tiwjlli- Daily average 158.a0 tl5i._Sj. | jan)L ,i a tonne foe home trade and 

p.m. 1 + ori p.m. £].i5.H0 'uncbanccdi for exporL 

i,'. . Z1SC Official — Unoffii'wl — international Sugar Agreement price 

— — AllSQ for Jim. 20 UtS. cents per pound fob aod 

: . £ £ uamuu stowed '^ribbean port: Daily 6.K i7.16i. 

I Cimh 306-7 (—7 507-8 -4.2B LONDON FUTURES fGAFTAi— The is^ay average T.37 i7.4U. 

I 6 month".'. 316-.6 L7.25 3I7-.S —4 mar/ret opened I5p op on wheat and saw 

’ S'tneot . 307 —7 — reasonable buying support in tbe morning Wflfll PIlTITHfC 

. Prtu. West — l 1 29-31 session. DurtnR the afie moon commerdal V v UUL rUl El 3 

« ' ' me spuing of nearby s eased tbe market to LONDON — The market was doll and 


£ 

306-7 M 


U- or] p.m. it-W 
j — ) ffnnffiiml/ — 


£ 

507-8 -4.26 
3I7-.5 —4 


BROTMERTON __ gallery — WATER- c*ch 306-7 — 7 507-8 M.2B LONDON FUTURES (GAFTAi — The lWa y average 7.37 t7.4H. 

c Sf^ l A'i«A5f E 7i9ii S ig2?r itaJIi 30th 6 month".. 316-.5 ^7.25 5I7-.S -4 market opened I5p op on wheat and saw 

l 7^ BO Mi? M Prt 10 g B M?s 30 . Weds. .7. 9*moot.-.. . 307 —7 — reasonable buying support in the morning Wflfll PI ITT Tl? PC 

• 1 ?JS' 77 wSofl StV«M.“viri; Pnu. West - 1 1 29-31 I session. DuMor the afternoon rammer dal >VUUL rUlUKta 

589 6»aa. ' ‘ V - selling Of nearbys eased tbe market to LONDON— The marker was doll : 

— ■ — - Morning: Three months BIS. 14A IS. dose 10p lower on SepL to 5p hiebor. f C aiurctess, Bacha re no ns 

BROWSE & DARBY. 19 . ■ Cork SL. W.1. 15.fi, 16.5, 16, 16.5. Kerb: Three months Barley opened 20p higher and saw sood ' 

foRain. Mon._Fri. 10 00-5.30. Sat. 1 xsit, 16. Afternonn: Three months £317, buying support in very thin Dade lo closa Austmimn iXeKerd'ye-l- or< Fusines* 

10.00-12-30, / J7j; 17. Kerb; Three months 1317.5, stbWp higher on the day. Acd reports. Grouty Wool LToao i — I Pme 

. _ r: c. : m- — — — —7 ~ — : — — i 


PVUIDITIAUC FORAIN. Mon-.Fri. 10 00-5.30. S*t. X317, ia. Aftertv 

t AH 1 01 I IUN9 10.00-12-30. -• J7J: 17. Kerb; 

" DAVID CAR^ITT LIMITED. 15 ’ 

.'silver 


Illustrated handbook?. ' VO-5. 

EUROCHARTS COMMODITY REPORTS 

FREE TRIAL OFFER . g|3 

The mastskiJJed technics analysfe and the best charts 

are essential for successful trading in commodifies.- 

WE HAVE BOTH. ' ' 


Silver was fined 3 . Op on ounce Itneer ■— —"I — 

tor spot delivery In the London bullion wpu. 84.40 +0.10 79.10 

market yesterday at JJLIp. VJ. cent >‘av. 87.26 +0 . 06 81.80 

equivalents or tbe fixing levels were: Juu 89.9S +0.t>5 84.60 

spot 537.1c. down n.3e: tbroc-momh 54T.0c, Mar. 92.60 +0.16 87.10 

down 3 3c; six-month 557.5c .down 3.6c; fifav 95.10 89.60 

and 12-mqmh 580.2c. down 2Jc. Thu Z" 

metal opened at 28L2-M2.2P ti1Wi3«c) BusImss doo^Wheat: Scpl W 

and dosed at 29fl.l-Ml.lp tS38i-533ici. ' Nov. 9 i.4j- 87J5. Jan M.1 b-M 8 


WHEAT BARLEY jf 

Yesterday + or Ywterday'sj nr /"'T- 

ll'nth clrae — close — La-t« , l'er....~gW.M2.0 

j — ! ltoniiwr..JMIUl4t.ll 

v+pu. B4.40 +0.10 79.10 +0.M 

.V'or. 87.26 +0.06 81.60 +0.56 Alajr- ^46.0-48.0 

Jan. 89.95 +0.05 84.50 +0.40 Juv. ES-HS'S 

Mar. 92.60 +0.16 87.10 +0.85 LUK-Wr ^47.6-M.O 

Slav 95.10 89.60 +0.40 Ue.*nu#i ..£48.0.52.0 


SII.VKR Bullion 
per filing 
tny or. pricing 


f oH L.M.B. 
— close 


I .Spot 291-lp 


864. 98.6, 98.4. 99.5. 


COCOA 


aiROCHARTS INFORMATION SERVICE Wmm 

78/l9FSHSTHHi.HaRBBYTBfc01-28322S8TefeJg887954- 


DID YOU MISS 
THE BOAT? 

' 52 SS fiSiSf 

f all helow £80 per tonne by tiie year end. 

While ttiis must remain no more, than a possibility one u g 


marfcct yesterday at 29LIp. UJf. cent >'av. 87.26 +0.06 81. SO +O.J 6 — "hJf'MS'S I 

equivaJenis or the fixing levels were: J<uu 89.9S +0.05 84.50 +0.40 J ul >; I — — *“ 

spot 537 . 2 c. down n.3c; Ibroc-tnonlh 54T.0c, Mar. 92.50 +0.16 87.10 +0.85 Urtntwr ^47.6-50.0 — 

dm 3 3c; six-month S37.5c .down 3.Bc; Slav 95.10 89.60 +0.40 L>e.*n.i««i .^4-52.0! ~ 

and 12 -monih 580.2c. down 2 Jc. The - j ' ~~. n Sates- -Vfl (nlli Jots or L500 Wlos. 

■metal opened at 29L2.292.2p riW-53Wc> Business done— Wheal: Sept. M.7M4.40. SYDNEY CREASY— In order buyer, 
and closed at 29fl.l-2Bl.ln tS38i-539ici. ' Noy. 97.43-87 J5. jJa_R.__9q.18M to. Mar. ^.Ucr. business, sales: Micron Contract: 

r- * 9i7jWH.70. Ibr ff^H-11- July 347.0-347.5, 349.0-347.5, SI Oct. 349.2- 

QITX7ED u.iiiinn X ™ T M R in, Hortay: Sept- 79.00-78.95, Nov. SL80-81.65. 349 . 5 . S51.D-349-4. 5; Dec. 355.3455 4 . 358.7- 

3!M7£R Mta + or LM B. for j 84^4.35. Mar. 87.0547.00. May . Mnt SmsEm**** «= 

Sales: 63. May 3C.54KI4.0. 365.0-363.8, 21: July 

prieme im PORTED — W heat: CWRS No. 1 . I3J SBS.S-Jtf J. SSTJ^WLa. 12 ; Oct. S6S.0- 

per cent. June £96.50 “Hlbury. U3. Dark 355 s. 370.0-3815, g; Dec. 370.0-370-5, 372.0- 

sss= ssf' -H Sup \st ~ s - w * ”■ 

*sst BS*sa =_J= Sr “^b* ssss-ss, meat/ vegetables 

' lyre— Turnover 77 ' (J4Si Ms ot 10, HO CoasL S. African White June-Auu. £75.50 SMITHFIELD (pence per pound»— Beef: 

w M uomE?Cuh m- rtrce mtofl* Clascow. S. ATrlcaa Yellow June- Aug. Scoituh KiDed sides 55.0 to 59.0: Eire 

MB'* bi »2 KeA- TtoM mont^ BSM Glasgow. hmdnuartera 72 JI. to 78.0, forequaners 33.9 

Ml’ ^ree mnoths 2SS9 HGCA— Locadon ex-farm spot nrlces; to 3fi.O. Vejtf: English fats 66.0 10 74.0. 

aP’wts ^ri^'^riiree moutbs W 4 wheat— Hertfordshire' £«.», Feed Lamb: EniUld} small 64.0 u, « 8 . 0 , medium 

S's «« c?; 4 b nr l«nt— Hertfordshire £Efl.S0. Borders Wen 60.0 10 W.O Imported frozen: NZ PL 

994. 9S.8. 98.4. 9S.a. 38. SSI .00. 52. S lu 53.0. PM S 1 J ID 32.0. Fork: 

The fJK monetary coefficient fur the Enpli.h. under im lb 37.0 10 44.0. 100-120 
f\r\f\ 4 wcelc begfrrrtina June 26 is expected la )b 37.0 10 C.O. J20-160 lb 35.0 to 41.0. 


.Slot 291-lp C-3L0 291.6p -1.45 

i months- 299f> f— 3.D. 299.flp )-1.b 

Smontha.. 306.95p ;-S.95 — 

Ifithimths. 323 .Sii J — 2.3i — — .. 


Values rose sharply tn early trading as 
producers backed away. Later, hedge 
selling poshed prices below the previous 
dose, reports Gill and Duffoa. 


week beginning Jui 
remain unchanged. 


UA remain unchanged. MEAT COMMISSION— Average faistock 

ose sharply m early trading as “ ari 5 cls 

backed away. Later, hedge nrinnrn CB i.fS? ,e % l Ip per '-*■** '■ 

Jied prices below the previous W 1 I Kn rK UK sheep ISl.ap per kg. esr.d.c.w. 

irts Gill and Duffos. . „ tendon GB . pi g ^-Sp per kg. I.w. <+0.8*. 

STEADY opening on the London Elw | ao d and Wales: Canle numbers up 

“iTeat orris vVi +. or 1 Business obyfflcal market Good lntcrefl utrougn- 17.3 per cent, average price ri.46p 1-0.26 1 , 
j Close — I Done out the day. closing on a Ann note, up taj per cent, average 15l.4p 


wmie TOIS TIIUSIL r«ma*u i*w MV*.*. - J---— ------ Vn . OOCOA Close — Dcme 

is certain— commodity pnce movements wU cwjtnue w 

presait ewellent opportunities to 

trader prepared to take tiie bigh risks wmcn ^ ^.mb.u -i«.6 ibmji-17bb 

exist. 1716.0-17.0 -15:Oll77B.O-1705 

Tiie first step is to secure tie serrices of a ^s|r75oii675 

urhn ic nrp-iiared tO'Oiake firm but reasoned price Ju ,' ji666.fl.74.il +1.0 i700.o-i67fi 

MSA Bras Ts. “At. is M broker wbofter !■»« . +« !_= _ 

iaues'of rn&wi charge, please 

SS *• JffS write to: S SMPtaa SS. & i 


Lewis and Peat a Malaysian pip od ssj per cent, average 

Codown price of -38 t234i cents a kilo , +o.9i. Scotland: Cattle down 2.3 


Jalv .._.[l784,fl-80fl.O — !7.BilB70.1l-1780 'buyer , Julyi. per con!, average 78.l2p (— l.40i, sheep 

■iept tl764.o-S5.u — 18.5|1BMJI-176B p j up 2S.2 per com. average J45.3P (-13.4 1 . 

Dec— — — J171B.0-17.0 — IS.Oi 1775.0-1705 No.L Yest'ntny's Previous Boirineee pigs down 10 jj per cent, average 65.6p 

Match.- 11090 .0-58.0 -9.011745.0-1090 jlS.S Ck«e dose done 1-0-3.. 

51 ay .......... ,!l 580.0-82.0 — O.S 1 1750.0-1873 — — — — — — - — Forecast rates of UK uwoetary com- 

July- 11606.0-74.0 +1.0 1700.0-1675 penaatory amounts for week commencing 

Sept.— 1650.0- 70.0 i+4.0| — June 26 (previous week's figures In 

- — — — — -July S0.JS-56.4ff BB.50-57.50 59.00 -fifl.M brackMsi: Frofli or cbUJod bt*/ rarcaws; 

Safes: 6,726 14.842) lots of 10 tonnes. Au j 59.00'S5.501 57.7S-SB.M — 34.1WP P-?r kg 134J30), ween bacon sides 

International Cocoa Organisation tU.S. 59.00-59.801 57.50-66.00' 53.00 L244.M pl+ toono '244-06'. 

cents per pottmll— Dally .price Juno 26 Gl.45-61.BOi B3.7M9.B0! 61.70-59,60 COVENT GARDEN (Prices in sterling 

173.87 (I 8 O. 351 . Indicator prices Jane 21 jan- jf r . 6S.60I S I J5-6I JOi fli.60-et.40 per oaeUage erwpt where otherwise 

IMay average 13249 1132.61); 22-day Aur-Jnri B4.85-64.fla 62.80-h2JD! B5.I»-62.M siatcdi— Imported produce: Oranges— 

average 133.73 (133.70). 4 iv-S«h 66.IB B6.2B 1 . M.4&-W.5D’ 88.35 65.95 Cyprus; Valencia Late* 15 kilos 4.00-5.20: 

• - Oct- fj«- 67.M-67.6tf 8S.80-6WS' S7-60.66.B0 f- Afrt«n; ^vels 4.0M.60. Lemwa- 

; JUTE Sin,,; 

DUNDEE jute— P rices nominal In the Sales: 517 1439) lots of 15 tonnes and 4-M- African: 27,72 3.40- 

absence of offers. Calcutta goods steady. 26 '14' tots of 5 tonnes. i‘ w i 

Quotattons c and f UK tor June sbipmedt Physical dosus pHcm (hnMi m* fS? **■ 
IA 02 40-ln 0.87. tt*or £7.72 Per 100 yards. Spot 5Sp 'STpi; July 58p tS8-Y5p>: Jumble buses, per 

j«y asa. £7.89. Ant. Sept. J Eft®, £7.56. Aog. BSJp (57.0p). Doum W ( Australian: Granny 



1 Walsingharo Hoiise,- 35 Seething Lane, 
I London EC3N 4AH ' 


fimlih 9.3fll Tasmanian: Granny Smith 
. M: S. African: Granny Smith 9.60. 
While Winter Pcarmain T.Sfffi.OD. SrarWne 
Delicious ».20-£.40. Golden Delidou* S.80- 
9.00. York*. SJD-6.M: Chilean: Granny 
Smith £.60-6.50. Swklng S.10-8JO; New 
Zealand: Stunner Pipyins 163 9.20. 173 
9 . 2 «. Granny Smith 9.60; Italian; Rome 
Beauty per pound 6.17. Goiloo Delicious 

0. 15.0.17. Jonathans 40-lb 6.th,. Pear*— 
S. African: Cartons. Fackham's T riumpb 
9.00. IVinier Nelis 8.00. Josephines 9.50. 
Peaches— Spanish: Standard trays 2.00- 
3.20: Italian: Standard 3.DO-4.00: French; 

1. sn-3.0#. Grapes— I sraeU: PerleUe 5.00. 
Pfoms — Sparuslr J kilos Japs 1.99-1.49. 
Sam a Rosa 2.40-J.20. Apricots— Spa tush: 

5 MJos 2.80-3.00. Bananas— Jamaican: 
Per pound 0.13. Avocados— Kenya: 
Faerie 14 24s 4.5A4.S0: S. African: Fucric 
4.50-4.S0. SLraw berries — CalUomian; 0.90. 
Cherries— French; Per pound 0.60: 
Cyprus: 9.65; Italian; 0,55. Oalons— 
Chilean: Cases 2A0: Canary: 2.80 r Dutch: 
1.30: Israeli; 3.00: Texas: 4.30: Egyptian: 
C.M: Spanish; 2.50. Potatoes— Cyprus: 
5.00: Brittany: 2.00-3.30: Jersey: 0.09. 
Tomatoes— Dutch: 3.60-4.00: Guernsey: 
3.£fl; Jersey: 3.60-3.70. Carrats—French: 
Names 26-lb boxes 3.30: Italian: 3.40: 
Cyprus: 3.20. As pa ran os — Californian; 
Per pound L40. 

English produce: Potatoes — Per 50-lb 
3.00-3.30. Lettuce— Per 12 0.60. Cos 0.90, 
Webbs 0.80. Onions— Per SB-lb L50-1.60. 
Rhuoarb— Outdoor 0.05. Cucumbers— Per 
tray 13/249 1.30-1.60. -Mushrooms— 0.23- 
0.38. Apples— Brantley's 0.10-0.20. 
Tomatoes— Per 12«lb English 3.B0-X80. 
Greens— Per crate. Kem 1.00, Cabbage 

2. BO. Celery— Per 1S-'16 2.30-3.20. 

Asparagus— Per bundle approx. 2-lb 1.60- 
1.S0. SiraofbctTtas— Pi-r i-lb 0.16-0.20. 
Cauliflowers — Per 12 Lincoln 2J0. Kent 
3.00-3.30. Broad beans— 0.05. Peas— O. IS. 

Sydney silver 
futures plan 

SYDNEY, June 21. 
AN EXTRAORDINARY general 
meeting of Sydney Futures Ex- 
change members has asked the 
Exchange Board to formulate a 
specification for a silver futures 
contract, an official said here, 
reports Reuter. 

Once the Board has worked 
out all operational details for 
a silver futures market; it will 
present the necessary amend- 
ments to the exchange's bye-laws 
to another meeting of members 
for their approval. 

The official could not say how 
long it would take the hoard to 
work out the details. 

Calcutta tea 
demand down 

CALCUTTA, June 21. 
THERE WAS less demand for the 1 
offerings of 66.566 packages of. 
new season and 2,833 packages 
of old season teas, reports 
Reuter I 

First flush teas were readily 
absorbed at sometimes easier 
rates while improved liquoring 
kinds met a selective inquiry 
and. sold below-expectalions with 
some withdrawals. 

Orthodox teas experienced a 
better demand and sold at dearer 
rates following quality. The 
tippy varieties saw selective 
inquiry. 


THE ECC Commission will 
shortly announce proposals for 
cuts in monetary compensatory 
amount export taxes on British 
confectionery, cakes and biscuits, 
Mr. John Silkin aimiouDced to 
the Commons yesterday. 

In a written reply, the Agricul- 
ture Minister said. he had also 
pressed • Mr. Finn GundeJach, 
EEC agriculture Commissioner, 
to push ahead with his review of 
the MCA import subsidies on 
bacon and ham which are 
depressing the UK industry. 

The MCAs on confectionery, 
cakes and biscuits were intro- 
duced last year following pro- 
tests from the- Irish who argued 
that since British manufac- 
turers benefited from imoprt 


PRICE CHANGES 

Prices bbt tonne unless otherwise 
stated. * ’ 


subsidies on ingredients such -as 
sugar and flour, they were a^le 
to undercut other EEC manufac- 
turers. 

Reporting on the Council, of 
Ministers meeting in Luxem- 
bourg on Monday and Tuesday, 
the Minister said behad empha- 
sised the need for the UK 'to 
operate a regional price stabilisa- 
tion scheme within any Common 
Market potato regime. 

On the proposed sheepmeat 
regime, the necessity for which 
he questioned, Mr. Silkin told 
tbe Commission a transitional 
period would be needed tn avoid 
unnecessary disturbance - to 
trade and prices. He *Iso 
stressed that continued access 
for New Zealand lamb must -be 
ensured. 



U ove 21 J + or Month 
[ im - Ago 


Metals 

Alu minium — ... 

Free market ( da) 
Ci'T 1 >er'm*h W JBara 
5 ninnthi dn. da. 

Ca»h Cathode 

3 months do. do. 

Gold Troy o*J 

Lewi Caob 

3 montbc 

Nirkel Z, 

Free liarnet frif) lb) 


Platinum tnry’er- 

Free Market 

QuIckaUrer (761b.) 

silver troy oa 

5 mcralh* 

Tin Caah 

5 montba 

Wolfram 22.04 Ibdf 
Zm? t*ah... 

3 rnnnlha. 

Producers 

Oil* 

Coconut (Phlll 

Groundnut. 

Linseed Crude ( v). 
Palm Malayan—... 


.£680 U2680 ■ 

SI.D7B, SO S WOO- ID 

£729.751 — 7.5 £740.5 
£706.5 — 13.0 ( £76Cl.7& 

. C705.J5U7.0 |£73E.6 
£725.751-7.0 >£752.75. 
.iSIBe.BVal+O.S '.S1B1.125 1 
. £307.751— 4.25.E3D4.25 , 
. £317.75, — 4.0 (£314.25! 

. £2.666 t I 

) 51-85 51-95 1 

J 1-95 ( — O.Q 2 2.05 . 

£133.0 UE120.5 

£135.7 — O.BB(£136.4 

8120-25. S125-50 

291.1p I— 3.0 28B.3p 
299 p -3.0 293. 3p 
£6.730 i-26.0 £6.370 


5 130. '3b! IS 132-57 

£307.6 i— 4.25f£323 
£317.25'— t.O (£333.26 
1*660-600 i 15660-600 

869 5p (S600 

£724 |t749 

E377 £366 

#6054 + 10.0(5615 


Seeds . ' 

C-ppra Pbnifp.... M .{g480'i (+15.0S417.5 
Soyabean (U.S.)....|(266.A ]-t S-25 S300.5 

Oruina 

Banej- 8 EC t 1 J 

Hiiine Futures.-. £81.8 +0.35, £79.95 

Jlein | ' 

Prvuub No. 3 Aen^lOS.lSiM. - |£106.5 

Wheat 


Xo. I Red Sprlu^cae.S I !£B5.5 

Ko. 2 Hard wintw r i... I 1 

English Milling. ,(£104. 5 ■ £100 

C-uwa Shipment. £1.850 — !!. 0 |£ 1 . 82 B 

Future net* £1,764.5 — 18. 5 £ 1.757.6 1 

Coffee Future........ | 

sept 1£1.368.5 — 3.5 |£1.576 

Corion *A' Index. b .72.3e — 0.15'71.8 l- 

Ruliber kiln. 58p !+1.0|56p I 

Sugar i.Kaw) £95 ilflOl 

Wooltof* 64s kilo... [ 283 p l _'280|i 

•Nominal. : Unquoted. k August.' 
m Jane- August- nJuly-SepL pJulv-Ang. 
it July, i JuneJulr. x p^-r ton. 


FINANCIAL TIMES 

inne 2T {Jane 20 Month sexYewapr. 

247.171 248.37 24a i82~l 252^24~ 
CBase: Juts L 1952=100) 

REUTERS 

June 21 |Jodo Hi Month ttpiTwr atm 

1498.6(1496.8 1488.0 I 1593.0 

(Base: SraMmber it*.' '931 = 1001 

DOW JONE S _ 

Dow Jone | June .1].vilh| Tear 

Jpimw 31 } 20 ajr.1 I a«- 

Spot .... 364.391366^0 359^390 81 
Puturesl549.9 1(265.73 5 56 20;367.Q1 

(Average 

MOODY'S 

June [ Jane i Month ,'i'ear 
Mcndy's 21 I BO Apt | *"tl 


- . uuv mi...". - - 

Moody's 21 20 Agn "S» 

Sple Commty|92g.ffl9BB.5) 926!olB7«.a 
(Deeeatber XU ibsisimi 


Port surcharge 

BOGOTA, June SI. 
THE Buenaventura Stevedores 
Union has undertaken to 
improve productivity at the port 
so that surcharges of up to S12 
on imports and up to $6 per 
tonne on exports can be lifted, 
the director of the Colombian 
Council of Land, Sea and Air 
Transport Users said, reports 
Reuter, 


GRIMSBY FISH — Supply moderate. 
tMauad ao«d. Prices at shin's side «un- 
Processefli per stone: Shelf cod S3-S&- 
«J0, coalings S2.60-i3£Q, jaore fuddoefc 
14.50, medium E3JW4.S0. small E.50- 
a. 30. large plaice i5.DD-rfi.T0. medium 
Rffl-C.M. beat small £3.80-£J.M- larse 
tinned dogfish £ 8 . 00 , medium f3.M, torse- 
lemon soles £6.50, modinm £fi.oo. salthe 
CI.S0-I2.4Q. 


LONDON PALM 0IL»C1nSC: J“ ne 
5M.ttKW.00. July 3M.0d-3o.06. Aufi. 3M.U0- 
3Q.M. Sept. 290.06-330.00. Oct. 290.00-330-™ 
Nov. 2SO.OO-315.QO. Dec. 280.00-310 nil. Jan- 
wwnoied, Feb. unquoted. Sales: Nil. 


Coffee and 
cocoa lower, 
metals ease 

NEW YORK. Jane ?1. 
COPPER FINISHED lower nil ascrtsslve 
CiMunnscion House liquidation ond'srops- 
selllns. Ptetfi-ius mcafi cased on 
Ipcal selhnp and Commission fToase 

liquidation despite a weaker U.S. ddUar. 
Go i'll a closed lower on apfiXT-tsivc &ado 
hedge selling and speculative prnflt- 

taking. Coffee was lower on Commission 
Houie liquidation of dwerred position on 
nitid weather in Brazil. Bache reports. 

Cocbb— J uly 145.00 <147.00), Sept. 139.65 
<141.55], Dec. 133.00. March T31.65. May 

130.00. July 12SJ0, Sept, llfi.30. Sales; 

1 S 43 . 

‘ Coffee— 11 C ” Contract: July 1C.60 

<163.3! >. Sept. 14S.30-1W.60 USC.Ofl). Dec. 
1 39. Ou-1 39.50. March 13P.00-13ii.Mi. M ay 
124.0fl-126.no. July U2.u0-123.00, SepL 115.30- 

120.00. Sales: 4D0. 

Copper— June 5&jD 16 OJOI. July 59.70 
<60.«i. Aug. 60.30, Sept. 60.90. Dee. 63.60. 
Jin 63.20. March <?4.30. May 65.30. July 
fifi.30. Sept. 87 JO. Dec. 6 S.S 0 , Jan. 69.30. 
March 70 20 . Sale*:: 6.600. 

Cotton — No. 2: July 39.65 I5B.S7}. Oct. 
O.li'-C.lo 1 63 50t. Dec. S3.40-63.35. March 
64.33-64.59. May 63.4S-63.6<''. July 06.00- 
S8.2S. Oct. 63.50 bid. Dec. 63.00 bid. {Tales: 
5, $30. 

•Gold — June 1S5.90 <19iUMI|. Julv 196 30 
1 160.40r, Aug. 197.60. Oft. 190.60. Dec. 
[93 TU. Peb. 10<,.Sti. April 199.90. June 

203.00. .4 uc. 206 :o. Oct. 209.20. Dec. 21" JO, 
Feb. 213.40. April 216.50. Sales: 8.013. 

t Lard— Chi caec loose 22 . 30 . my prime 
steam 1VOO traded tsaruei. 

tM a lie— July 2571-257 1 assn. Sept. 
257;-237i (259i '. Dec. 2S8J-338i. March 
24.U-2S5J. M jr 269]. July 2704-270}. 

SPIaUitum— July 24 1.00-343. SO 1 250.641 1 . 

Oet. 244.70-2-15.30 > 254.70'. Jan. 247.20- 

245.00. April 243.70-249.90. July 252.30- 
J2S:.3fl. Oct. 234.70-351.M. Jan. 257.70-257.90. 

Sales: 1.179. 

'•Silver — 1 Snnt 535.00 <537.30.. June 

a3l.£K» ifi*>3.9(li. JuJy 53.7.40 > 537.401. AUff. 
1 337.10. Sept. >40 80. Dec 532.70. Jan. 

J36.70. March 505.10. May 373. W. July 
592.7ft. Sepi. 591 80. D<->*. 603 40 Jan. 
810.10. March (JI 9 70. Safes: lO.tMfl.- 
Soyabeans— Julv h 75-577 >65Si'. Aun. 

662-M3 < 672*'. Sept. 644-646. .Nov. 622]- 
Si4. Jan. •CKJ-627. March 63*6341. May 
1 63S-637}, July 038. 

I soyabean OH — Julv 25 "3-35.25 *26 J7i, 
lAus. 24.45-24.33 < 25.28 >. Sent. 23.S5-23.M. 
Oci. 2o.25-23.35. Dee. 22.55-2J.50, 'Jan,' 22 35. 
—215. March 22.29-1:25, May 22.00-22. 10, 

| July 21.60. 

IlSeyabcan Meal— July 17220-17250 
<173.30i. Aug. 173.tV17S.7tl <174.20*. Sept. 
173.50. Oct. 171. 00-171. 10. Dec. 165.50- 
1RS.70. Jan. 1SS.50-1 66.90. March 170.50- 

171.00. May 171.30-172.00. July 172.00- 
172.30 

Sugar— No. 11: July 6.94-0.95 16 .S 3 .. 
Sept. 7.09-r.lO i7.tl5i, Ucl. 722-723, Jan. 
7.6V7.75. March 6 .03-5 03. May S24-S.27, 
Julv S. 43-5.45, Sept. 5 64. OcL J.7S, SaJcs: 
3.206. 

Tin— 557.00-566.00 asked <500. 00-570.00 

Jst,’d ». 

••Wheal— July 3181-219; >3221'. Sopt. 

3T i32r-;>. Dec. 3271-327!. March 3275- 
326*. May “251. July 316 asl-cd. 
WINNIPEG. June 21. rr Rye— July 

106.50 bid 1 107.50 bldt. Oct. 106.10 Md 

1 107.50 asVcd •, N<tv. 103.90 nom.. Dec. 

103.00 asfecd. 

ttOats— July 77 00 ( 77.40', Oct. 75.00 
'75.50 asked*. Dec. 73.50. March 7C.B0 
a>fced. 

JtBariey— July 73.50 * 75.40 ». Oci. 73 50 
*75.40 a-hed». Dec. 75.S0 ashed. March 

75.50 a deed. 

ISFlaxsccd — July 239.00 bid 1241.50 
acted). OcL StOSO asfced <253.50*. Nov. 

240.00 asked. Dec. 234.60 asked. 
fljWhcat— SCWRS 13.5 per cent protein 

Content elf St. Lawrence 166.71 ■ 164.06 >. 

Alf cents per pound ex-warehouse 
unless oihcrwlsc staled, • Ss per troy 
ounces— ino ounce Inis. + Chicago loose 
JS per 100 )t<v — Dept, of Aa prices pre- 
vlotis day. Prune sieatu fob. NY hulk 
tank cars, t Cents p«;r 50 lb bushel ex- 
warehousc. S.OOu bushel lots. 3 Sfi per 
troy ounce for X Ctz units of S3S per 
c*-nt nuniy di-livcrcd NY. ' Cents per 
troy ounce cx-worehnus<.-. || New B " 
contra ji in Ss a shori ion tor bulk Iojs 
of 100 short tons delivered f.o.h. cats 
ChJcauo. Toledo. St. i.ouij and Alton. 
— Cents per 69 lb huahel in store, 
<7 Cents per 24 lb bushel, tt Cents per 
4S lb bushel ex-wa rehouse. {? Cents per 
56 ib bushel ex-wanhouse, 1.009 busbe] 
lots. 3^ SC per ioddo. 



feinanclal ^faa^'iXm^^ape- 22 1978 



STOCK EXCHANGE REPORT 


Selling pressure on equities becomes more persistent 

Share index down 7.8 at 455.6— British Funds steadier 


FINANCIAL TIMES STOCK INDICES 


June | Jane i Juna ] Jons r Jim* f Jnno |Aj« 
21 ■ BO » Iff | IB 14 -go 


Account Dealing Dates 144 contracts were done, this 
Option being just oyer 25 per cent of 

•First Declara- Last Account the overall wtm of M2. Grand Met 
Dealings (Ions Dealings Day fo Mo xv it n 8 1 and ICI recorded 

Jun.I2 Juti.22 Jun. 22 July 4 74 contracts. 

Jnn. 2(5 July fi July T July 18 tp R an tc 

July 10 July 20 July 21 Aug. 1 Foreign tSailKS QOWn 

* New time " tfeahnss may take plate Oversea- banks turned easier 


I contracts. AudiotronJc \o<t 3 more to 22p! thin market but JBaker Perkins, Rejecting domestic markets’ re- 

„ , for a t^dav dedine or s foUow- results due today, cheapened a acuo.ns. Far-Eastern concerns 

oreign Banks down ins comment on the proposed penny to 104p. APV lost a to P i 

& UTVU capital raisin" plans and 212p and Amalgamated Power also Paculc, 14GJp .were 11 and 4} 

Over>ea-. banks turned easier unquamified French losses. Allied declined 5 to lS3p. 


rallying 


trading 


•is l sis months gave further shed n to 223p. while ANZ Wharf Mill closed a like amount j nc aroused by the view ’that the meeting. Other modest falls 
for thought, particularly in receded 3 more to 2 up; ihe latter dearer at 24p. company may suffer through occurred m Dowty, 202p, and 


the Iasi sis months gave Turihcr shed f lo — »P.__while ANZ Wharf Mil 
food for thought, particularly in recoded 3 more to 273p; ihe latter dearer at : 
view or the recent acceleration in on further consideration of the p. 
wages costs, and selling of equi- proposed AS3lm. rights issue. 
tics thus became more persistent. Home issues rarely strayed from 
Fears were also being voiced their overnight levels. Barclays XT" ^ while 
about the market undertone. Over softened a P en H-[* lu 2 her *5 3 ?"* p mention i 
the past two months the under- but Na«'V«rt edged forward that "f" 11 " ' 

lying steadiness had been gauged much to -60p- casualties . -„ 0 

by a narrow fluctuation of only included Alien Harvey and , Ross, ' 

30 points in the FT 30-share index. 10 Jower at 30-JP. aT,d Cater Ryder, f 
but yesterday this measure of the 5 easier at -9»P- , . I 1/u 

market trend broke out of the 480 A quietly dull trend jn Insur- 
tn 460 range to close at the day's a rices saw Royals close 5 cheaper 
lowest with a fall of 7.8 at 455.6. at 333p and Phoenix finish 4 off 
As on Tuesday, the setback in at 240p. .. , .. 

equities was fairly widespread. Breweries Tailed to eats pe the 
this being reflected in the S-2 ceneral malaise -Allied shed 1* to 
ratio of rails over rises in FT- S4*P following Press comment on 
quoted Industrials and a further the results, while Gumness, 164p. 
loss of one per cent to 210.89 in and 'Wbilhrcad _A. 891p. Jost - 
the FT-Actuaries All-Share index, apiece. Bass Charriiigton were 
A small list of company trading also dull at I«P. down 3. Else; 
statements generated an occa- where. II. P- BuImeT gave up a 
smnal interest but it failed to pro- a t !37p. 

duce much in the way of features. News items were often res- 
Thire was a further increase in pon sible for the occasional move- 
activity as measured by official men t in Buildings. Standing a 
bnrains of 5.057, compared with couple of pence up ahead of the 
4.771 on Tuesday. annual figures. Burnett and 

Bv way of contrast, British nallanishire firmed 5 more on the 
Funds put on a much steadier announcement to close 7 higher 
performance. Selling of the long a j a 197 R peak of 184p. In con- 
rap. Exchequer 12 per cent, 2013/ Ira st. RowKn*° n Construction 


Automotive Products, 83p, 


Racal Electronics nenW market, losing a penny fggWgF a J? e B r 

" ' ~^ 'A similar nature look Mlhs and 
— — ~ ' Allen up 9 to 177p. . 

Properties doll 

Properties eventually succumbed 
to the dull trend and selected 
quality issues such as Great Port- 
land, 2S6p, and Hammers on A, 
56iSp. lost 10 and 7 respectively, 
while Bernard Suoley gave up 6 
at 210p, Evans of Leeds cheapened 
6 to 90p despite the increased 
revenue and revaluation, white 
Control Securities. 2 down at 35p, 
reflected disappointment with both 
the profits and dividend. Of the 
leaders. Land Securities and MEPC 
eased 2 apiece to 20Sp and 120 p 
respectively. 

In a continuation of the 
previous day’s subdued trading, 
British Petroleum shed another 4 
lo S4Sp and Shell eased 2 to 530p. 
. . , . , „ , . TSurmah finished a penny cheaper 



hack to 
balance. 


close 

Trjdin 


unchanged on poncnls of Miami for some S26m 5 ’ m e 'Jrajmc prob- 


The dismnl response 


easier bias. Norfolk Capital gave Lion and Siebens (UK) met with 
up 2 at 37p and similar looses a ccrrain amount of selling and 
occurred in Grand Metropolitan, lost around 5 at 236p and 324p 
105p. and Ladbroke, 183p. respectively. 

Investment Trusts drifted easier 

Snthphv P R firm on ,maU pub,ic offerings, aty 

BUlJiepy r. D. nrm and intemBtioral eased 2 to 100p, 


recently-issued Corporations occa- while revived bid speculation 


Hawker took a distinct turn mg. Beech am. B32p, and Glaxo. RA. dealings were resumed in 


advices. South African Industrials 

made further progress. -Rex 

Trncform A put on 6 at lflOp and 
Tiger Oats .added 10 at BOOp, while 
OK Bazaars, in response to the 
chairman's confident remarks, 
‘firmed 10 to 450p. 

- Plantations were one of the few 
firm sectors and Warren closed 
3 harder at 244p, while Castlefield 
finished a to the good at 260p. 

Quiet Mines 

The outcome of the second UJS. 
Treasury gold auction was much 
in line with market expectations' 
and business in Sooth African 
Gold shares was subdued. 

The bullion price was finally 50 
cents higher at S186.875 per ounce 
while the Gold Mines index 
hardened 0.3 to 164.5 extending 
the rise over the past Tour trad- 
ing days to 7.5. 

Business in South African 
Financials -was minimal with the 
notable exception of De Beers; 
after drifting throughout the day 
on lack of interest a flurry of 
American buying lifted the shares 
to a 1978 high of 3S5p — a day's 
rise oT a — following rumours of 
the imminent publication of a 
U.S. brokers' circular. 

Elsewhere in South Africans 
new highs for the year were 
attained by General Mining, £17}, 
and Gold Fields of South Africa; 
£13}. which- both improved }. 
while continuing Cape interest 
saw 44 Am coal ” advance 15 more 
to a high of 600p. 

The weakness of UK equities 
coupled with a downturn in base- 
metal prices caused minor losses 1 
in London-registered.' Financials, 
with Rio Tinto-Zinc a further 2 
off at 222 p. 

Tanganyika Concessions turned 
easier in the after-hours trade and . 
dosed 8 down at 147p following 
the annual report. 

Australians continued to reflect 
the selling pressure in overnight 
Sydney and Melbourne markets. 
After being marked down at the 
outset of business here prices 
tended to drift and closed at the 
day's lowest levels: 

In Uraniums Pancontinental 
dropped a further half-point to 
£131- On the other band the 
Bundle oil shale partners 
recovered some of the ground 
recently lost Central Pacific re- 
couped 30 at 550p while Southern 
Pacific regained 10 to 190p. 

Elsewhere Sabina Industries fell 
11 more to 63p and Siivermhies 0 
to 45p, both reflecting profit- 
taking. 


fifliwnmant b«C* 08 

Fixed Internet — — —■ ^ 

Inshatriul Ordinary— 4® 

Oniri Ml 164.61 1644! 160.1- 157J- 167.01 168.31 110.X 

-Ort. Dl» Yield—.—— B^oj 8.75 H.66j 6.62i 6.63f 6.60 638 

auntaipu’ridwaiiin 1<s - 70 1 16Ae ) 16Jl j 1C - 93 

F,E EmUo oratldl | 8.15} .8.8S 8.16{ a 14! 8.30 B.I5 

UMllngn marked 6,067] 4-7711 4,460. 4.B4l! 4,862 4JJ45 4.347 

Kquity torr>o«»r£in_.l — 66^ 56.lal 64.8ffl 64.71 73.92 39J» 

— ' ! 14.5881 13^841 13.90W iai22 l gjaol 10,737 

” — ■ ”' 1 * an 4SCE U ns MX Ham '4 si.il i pro 4ST.7. 

2 pm 6 ?i 3 pm 6 IJ. 

J-mtert bate B1XW NSL 

•Based on SB per cent coriMAtfqa tax. tSQ=78L 
Buts 100 dovt. Secs, ysnem. Fixed In. 1928. lad. OnL 1/7/36. GOM 
SE Activity jmyjjec- MC. 

HIGHS AND LOWS S.EL ACTIVITY 

1978 Since UompilKtiofl 

_ - ■ - 7km June 

| .Loir Blgta. }- Low ' 81 80 


69.74t 69.E 
72JW[ 72.5 


467.0] 470.6) 469 47UB 
IBQ.l 157 167.0) 158.3 

H.66] B.62l 6.63} 6.60 

TUlj ISJBi ' ia43j 16-32 
.a83^ 8.16i aW 8.20 


4,862 4 J* 
64.71] • 73.! 

laiza isjz 

rSn 4S7.7. 


72.49 67JW 
47UB 446.7 

158.3 110.1 

6.60 aum 
16^2 18.93 
8.20 B. 1 CT 
44145 4.347 
73.92 39 JW 

5JZ39I 10.737 


S.E. ACTIVITY 


Jdzm 

June 1 

£1 

* 1 


OOTt.Sec* — ) 7S -* 8 

J (3/lj 

FUnd lot ; 81.27 

, (9/1) 

lad. Ord : 497-3 

: . 6 /b 


68.79 I 127.4 I 49.18 
(wa [ ( 8 /wei I w/irtbj 
70.73. J 160.4 i 60.63 
( 6 / 6 ) KEBilM?)) tS/l ftbi 


OlttrlMged ! 160.2 172.7 
inhMaleo-J 181.1 268^ 
tipeeol«ttve~l Z8.9 33.6 

iw.i, I im 1 erm.it 


, (9/1) | (6/6) pBJ/lM7|} (3/1/76] Tntai» — 1 llfl.l 108.6 

lad.Oid_._i 497.3 I 433.4 648.2 l 49/4 _ 

j ' 6,1) k ixnx 181.9 108JI 

Gold Mlnoe.' 188.6 | 130^ 442^ 43.8 9peenJuIra_J 39.1 ! 4ia 

• (tirf- • 1 6/3) i dB?/6/7£o|r8hilQ]71) Tn t»i« 1 106.6, 105.6 


ACTIVE STOCKS 

No. . . . 

Den pm in a- of - Closing Change 191B 1978 

Stock tion marks ' price (p) on day high low 

BATs Dfd 25p 12 278 - 4 296 227 

ICI -Cl 12 . 370 - 8 396 328 

Shell Transport ... 25p 10 530 - 2 586 484 

Rank Org 25p " 9-' 242 - 6 26S 226 

GEC - 2Sp 8 234 — 5 278 233 

Glaxo - 50p 8 ao2 —11 610 513 

Beech ara 25p 7 - 632 -13 678 583 

BP £1 7 818 - 4 892 720 

GUS A 25p .7 .- 270 , — 8 812 256 

HTuras & Shang'i 3HK2jO 7 314 -12 327 203 

Tfcsco 5 P 7- , 44} + J 4S* 38 

Albright & Wilson 25p . 6 175 +10 177 86 

Boots 25p 6 - 188 - 3 231 184 

Uoyds Bank £1 6 262 — 297 242 

Maries & Spencer 23p 6 138 - 3 . ..ISO 135 

OPTIONS 

DEALING DATES included Premier Consolidated 

First Last Last For OH ’ Pacific Copper, Burma h oil, 

E2. SSL Declara- SolSe- KOgimr, 

togs ings tion ment English Property, Nnrdm and 

Jtm?20 July 3 Sep. 14 Sep. 26 Peacock. Hong Kong Land, P & 

July 4 July 17 Sep. 28 Oct. 16 ® Deferred. Lonrho and West- 

July 18 July 31 OcL-12 OcL.24 J«d- A putwas done in H. P. 

_ ^ . ,, _ ■ . Bulmer, while doubles, were 

For rote indications see end of arranged in Ultramar, English 
Share Information Service -Property, British Land, Dawnay 
Stocks favoured for the call Day and-€BarterhalL 


NEW HIGHS AND LOWS FOR 1978 

NEW LOWS US) 


Greenwich 11? percent 1956 were cheaper on balance at 353p. ICI 200p. Other Engineering leaders after the recent good advance on the trend, CamcUia Investments 

rimSarlv harder at 4S. in £50- met with heavier selling than v. -re dull with Tubes 7 down at the excellent results and proposed attracted renewed speculative 

p "id form recentlv and ended at the day's 35fip and Vickers 4 off at 170p. scnp-L^sue prompted a reaction interest and closed 5 higher at 


With arbitrage business in lowest at 370p. down 8. 


John 3rnwn cheapened 2 more of 


Pllkingtnn. 295n. 

i and B»ots Shippings rarely moved far 


and the premium closed two StnrPS dull 
points lower at 112} per cent. u ‘ w,Vi ’ ““ 


to ihe higher annual earnings and Sothcby Parke Bernet firm 5 to turing declined 5 to 122p. Recent 
Anderson Strathclyde a further 290p. News of the higher annual speculative favourites to lose 


RISES AND FALLS 
YESTERDAY 

up Dawn Same .' 

British Foods 20 2 S» - 

Corpus., Dori. and 

Foreign Bonds 0 2 54. 

Indus trials 224 934 80S 

Financial and Prop. ... M 180 300 - 

Oils 1 12 a 

Plantation 4 1 22 . ' 

Mines « M 42 

Recent Issues ...... 4 12 21 . 

Totals 2*5 na U« 


-The following securttle* quattd in-tbo 
Stare Information Service yesterday 
atialood now Highs and Lorn for 1976. 

NEW HIGHS (50) 

AMERICANS (1> 
CANADIANS (2> 

BIERS (U 
BUILDINGS (2) 

CHEMICALS m 
DRAPERY A STORES <S> 
ELECTRICALS (S) 

ENGINEER! HG(4> 
INDUSTRIALS f«) 

PROPERTY (11 
SHIPPING (1) 

- . SOUTH AFRICANS Ot 
TRUSTS (61 ■ 

OVERSEAS TRADERS (1) 

TEAS (3) . . 

MINES (9) ■ 


. BUILDINGS (JO 
Law ranee (W.i M owl era Cl.) 

. CINEMAS <21 

AaaHa TV A ■■ Trtdaat TV A 

. ELECTRICALS TI) 

■ M1 ENGINEERING (4) 

Bamfords • 

FOODS ni 

Edwards 0 - c.) 

INDUSTRIALS <SI - 
LJtC Inti. Sumner (F.) 

Photax (London) Wihon Walton . 

Stocktake - 

PROPERTY CD 

Land igraL Second CJtr 

Reoronal Prop. 

SHIPPING (2> 

P. * 0- DeftL Ronclraan (WJ 

SHOES M) 

MML 

TEXTILES (11 

BrttM U.» 


ART GALLERIES 


SMELL GALLERIES. Fine B.Mish and 
French MODERN PAINTINGS *r<l 
Modern British MARITIME PICTURES . 1 
<0. Albemarle Street. Piccadilly. W.i. 


COMPANY 

NOTBCES 


CHILEAN EXTERNAL LONG TERM DEBT 
— LAW NO. 8362 
CHILEAN 5% LOAN 1096 


NOTICE IS HEREBY GIVEN that all the 
outstanding Donas o> the above loan will 
be redeemed at nar on 1st July 1978. 
Irom which dale all Interest tnereon will 
cease. 

These bonds when presented at She 
office of N. M. Rouuchild & Sons Limited 
lor redemption must have the coupon 
dated 1st January 1979. and ■!< subsequent 
coupons, attached. 

The usual interval ol lour clear days 
win be required lor oaminatlon. 

CHILEAN 7 ;', LOAN 1922 
NOTICE IS HEREBY GIVEN that a Drawing 
ol Bonds ol (he abo*e loan took place 
on 9th June 1978. attended by 7<Jr. Keith 
Francis Crolt Baker, sf me nrm ol John 
Venn & Sons. Notary Public, when The 
following bonds were drawn lor redemp- 
tion at par on 1st July 1978. from which 
dam afl interest (hereon will cease: — 

4 BONDS OF 51 .000 NOMINAL CAPITAL 

EACH NUMBERS: 

75 156 373 424 

5 BONDS OF £500 NOMINAL CAPITAL 

EACH NUMBERS. 

S72 790 1032 1285 1402 

37 BONDS DF £100 NOMINAL CAPITAL 
EACH NUMBERS- 

1538 1762 1926 2057 2106 2164 

2323 25BQ 2847 2930 3173 3400 

3595 3674 5968 4126 4434 4684 

4533 5012 5377 5426 5764 5907 

6176 6-" 01 6546 6594 6796 6983 

7531 7531 7620 7656 7770 7926 

001 D 

46 Sands amounting to £10.200 nominal 
Can.-ai. 

Witness: K. F. C Baher. Notary Public. 

Each ol the above bonds when presented 
at me otice of N. M. Rothschild 8, Sons 
Limited for redeomllon must bear the 
eortosn dated ltt January 1979. and all 
subsequent coupons otherwise the amount 
of the mlssmg coupons will be deducted 
from Hie principal lo be repaid. 

The usual interval ol four clear days 
will be reauired for examination. 

New Court. 

St. 5wlthln-» Lane. 

London EC4P 4 DU. 


22<id June. 1978. 




Are you a Stock Exchange Investor? 
Ooes your interest lie in the Far East 
or Europe ? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
speculator? 

Are you hungry for the FT Index or 
news headlines? 

Whatever your interest ... 
Wherever you are... 

Ring London : Birmingham 
L iverpoo l or Manchester 

246 8026 

for the 

FT INDEX 

and 

Business News Summary 


ROY MTLES GALLERY 


THE 

VICTORIAN IDEAL 

An Exhibition of Victorian Paintings 
Until 28th July 

6 Duke Street St lames's London SAX' I 
Galierv Hours r Monday to Friday 10-6 


LONDON TRADED OPTIONS 


I uly fh-ii'tier -lantuirt- 


Et'n-i*.* il-.-inu C)i»iii» Ckwiiijt Equity 

ri ption pi •• T i-r Vol, i.ffw Vial. offer Vnl. i-luw 


nr* 

BP 

UP 

M* 

Lum. I'nmn 

Li-in. I i»*ui 

Lira-. t-Yl 

l.i'll-. finl.l | 

t.'iiiirunliH : 
Lkiurtsui.h 1 
CuuruniliU . 
CsuirUuIUa 
GBC 
OKU 
fi KC 
l;»: 

lit* nd Met. 

tiraitd .Vet. . 

fimnd Mel. 

ICI 

If. I 

ICI 

icr 

Iau -1 Se.a. ; 

IaikI 

LhDil ; 

Marks \ Sjs, 
Mark- A >p. 
MmkaJkbi.. 
Shell 
shell 
Shell 
Till nit. 


iso 

79 

46 a 

24 

16 

6ii £5 
24 S 
12 5 

. aoij z 
: la : - 

: 8 53 

! « - 
j 43 , - 

86 6 
16 i 12 
6>a 6 

: n . ii 
: 5 • 6 

2i = 16 

' 85 - 

; 88 19 

i iai 2 : 5 

6 81 
l 86 i — 

I 1812 • - 

. 7) E I 15 

l 24 1 - 

I 10 — 

4 10 

! 57 . - 

; 9 ! - 

; 197 


140 - 

100 — 

72 - 

SO • - 

19 . — 

ids — 
28 - 
18 — 
22 1 2 — 
; i5>2 a 
i n 

6W 8 
52 _ 

: 37 — 

26 - 

■ I6ta j - 

15 - S 

10 15 

6 16 
i 58 | - 

| 34 j 10 

■ 23 I - 

1 14 . * - 

36 - 5 

i 23 ij : - 

I 12‘s ] - 

27 • — 

i 14 ij j 10 
ais 34 
65 1 1 

37 . - 

! 20 8 


FT-ACTUARIES MARE INDICES 

These indices are the joint compilation of the Financial limes, the institute of Actuaries 

and the Fadulty of Actuaries . 


RECENT ISSUES 


EQUITIES 


4-i 




SiiK.-k 

~ii 1+ »r 

L = 

Pin-e — ■ J 2 — 

I- • = ' Hit'll 

ld"T 



£ < 


75 P.l*. .30 '6 
I'fO f.H. 5-7 
•.34 r.r. 


■*- ciij Knunali 

IM hi mil berm — , 

jc '1 i pijniml. 


. 87I 2 /4.S i a. I 7.7 4.5 

.166 ■ /■ 2.64i 3 ,0| 2.4 16.8 

. 34 - t|2.0 I 2.3 8.9' 7.4 


FIXED INTEREST STOCKS 



PRIVATE COMPANY 

SEEKS EFFECTIVE CONTROL OF 
BUSINESS OPERATING IN 
CONSUMER OR ALLIED FIELDS 

Preferably with branded products 
Up to £1 million available 
Reply in confidence: 

Box G.2100. Financial Time?. 

10. Cannon StieeL EC4P 4BY. 


r.i*. 

F.F. 21.7 
210 dd-9 
K.P. 14.7 

Nil 

F.l\ 7,7 
.55 ITIO 28-7 

V. 25 -a 

K.K 25 8 
)£4U 4b 8 

F.P. 11.8 
I'.P. 21 7 
- da 6 
*.v. 30 6 
p.i*. ; 7 7 
F.P. — 
F.P. 21, -7 
tlO 21/7 
P.H. ;cb o 
:£50 ! 1.9 
, ' I'.i 16 6 1 
i £35 ! — 1 


<V.,' ICO .tgrir. Mii«. V«r. Kmtc B<li. 138o 

-V A utomouTe PrwJ*. Y& Prei 

- -lj i-antpl 1 /il Kai. IWi 

:|> 9;]. . live Umiuiii W% Cum. Pref 

L-ru 7 r- : L ielliiD 12’1. O-nv. PrM. 1376—63.. 

p 97i. UewhuM i|.J.) 8 ii.Lum. Prel 

-.'5- C !. Kdinliuiith (Lit.v Oil V«r. Kale I9b3. 

! l-ji, K- res Water 1% Ke. 1 . Pr«. 1964 

l-ii’ ki-n- Vmrrlete KaL-. U.obJ Deb 

t«|. .-*9;. I'.reeuffeld Milleci !0^ Lun:. Pr«. . 
91, .ti '.rveowi- h iLv<i. B*’tv. uM lli* Ke *1 

1 +• " i.ibert.r * C«. P rf. ...... ...... 

C DCi. \.-<S Netroments 99, Cum. Frer 

-I ‘f |' i*i l tar. A^^uin. n-i 

J Krona*- 10$ t Cuin Pref 

ijiuek 'H-* J- 1 I’n 

W|. i , n|. i.'.iiiln«oa Bna 11% Pref 

1 |. ->iiilti)9i Auhj-a 94% Lum. Pref....... 

iiz l'< *.iuth. 121S KetL 1986 ...— 

1 if i^... n la^i'uv. kni. Lii.lMi 

.*ij 4JJ, ivntA Wear 12 % k** 1 - IJd®...— 

'• |- •»■/• u'aile Putter I- Iw Pie* — . 

»lj 5&I* West Bent Water 12$. Del). 1385. 


“RIGHTS” OFFERS 


LEADERS AND LAGGARDS 

Th* followlRS table shows the percentage changest which have taken place since December 30, 2477. hi the principal 
rity sections of the FT Actuaries Share Indices. It also contains the Gold Mines Index. 


Geld M*nes F.T. 

Mining Finance 

Overseas Traders 

Tobaccos •• • - 

office Equipment 

Mechanical E^lmwlna 

engineering Contractor* 

Mcftorf* and D Wrlnjrto"* • 
Newspapers and Publishing • 

Toys and C »"P ' 

Packaging and Papers 

Textiles - — 

cSS?Cf2ff .doraliW. Croup 
f»»lh-r Goods • • „ 

Etecironlu, R^H andTV 

Contracting aw* Consmittwa ... 

Oils .. • • ' 

.194 stur- IndfS •• • • 

In. I n^irial UfCUP 


All-Shan; indn — 0.75 

Building Materials - 0-93 

Wine* and Spirits ... ~ UJO 

Elcctncals - — 1.77 

Breweries .... — 2 J 1 

Insurance Brokers .... - 2.19 

Consumer Goods •.*. on Durable* Croup . - 126 

Food Maoufacturtn , .... - 2.2b 

Pharmaceutical Products - 2-bd 

Merchant Dnnks - 111 

House hold Goods — J 30 

Entertainment and Catering — 9J4 

Property — (Jf 

Insurance (Life) — S.14 

1-injnclol Group — k- 37 

Dlccaont Houses . . ... — bM 

Banks - b.M 

Food Retail lag . . — 7J5 

Stores . . - SJ1 

insurance (Composite) - 10 JH 

Shipping . - lO 

Hire Purchase - 12-&S 

T PerceniuaM cbaascs buy^l ud Tuesday. June -C. indices. 


— Lute -1 

1 J.Vnu no. 
^ Ua!r 


96 77 

16 6 21 7 
30 6 25.6 

22 6 19. a 
16 6 21 7 
3 7 28 7 



100 .-.fc 

98(i 

. Baffin — 1 

; 11 I 

: tjffni 

9Ml s d ... . 

I**..' 48 + 14 

1UU 

j 92p 

9G(i 

105 

— , 99 

109(1 

971*, 

10M +U 

94 —I 

49 +14 

99 ji -1 

E25'4 


J Clostnj: 4- nr 
Price l — 

I P ; 


. lino British T»r Pnsluvt* .. 
Ceinn, y#oulnctu»ittff. 

<♦> IhdaM'O l^prk Ipds 

(12 Fsirs-iew 6«ts 

L-fuo Hnrt^t-Jlr ... 

V*t Hot lair 

I?« ' llrvntMIrr 

Ihiimil ‘l.lh.t 

! float -ketch 1*5 




104.59 +008 j _ 

11332 +0.04 ( _ 

11932 +201 1 

12383 — 

11192 +004 I _ 


3165 
1270 

. | ^ limit \ 1298 ] U52 

5.72 llO f Iitedeemables .11BB | 33£8 ] 1239 


ldi<tt> - “ 
17|mi— >y 
2* 


W *I.. June 21 miebilA! 

— — :■) June 
Index 1 Yield I 20 
*w. ' % I 


irtcJajT Slouday -Friday I Tburs, [ Wed. Tun. 
June June June I (true 'June Jane 
20 16 • I&V k U 



Year.' 
■W . 
(epprox.) 


Ht-nnu. 1 .min iiai« u,ii..;h (jsI aav I or dralinu free of stamp duor. « Kwureg 
aas-.-d -n upi )iw .;u, es'ur.jie. .(Assumed diTi*l.uM and rwfd. n r'orecan rfiTUleinf 
b dst-d am pr-vmio v-jr 5 . eirmmis. ^ Dividend and yield based on proaprL-nei 
nr ■.vhMi ujnci.il -SHnijiK- f.jjg y Grito t Hriiinb a*binM t Unwer 
fur f.uii - ersiun .ji no' now ranking (or dividend nr ranking mtly Mr restnefed 

'iiviilc-i-h : Pij.-hk urn-.. ivny unless mbrnnse indicated ti Issued 


m Allnimeni le'wts 
ur Paril^.oajii aliouneni leittr*. + with warranu. 


is 20-yr. Red. Deb & Loans (IS) 57.39 ujje B733 ®7J4‘] B 7 . 35 J 57 . 37 |.07 JB stjbs 57 . 11 ! es.oo.. 

16 Investment Trust Prefs. (15) sz.iaj 18JS8 52 J6 32 . 79 ! 92-79 52 . 75 1 52.94 52.94 53 . 94 ! 01 _ 7 5 

17 Co ml. and Indl. prefs. (30) 71.17 13J)a .71117 71.55 [ 71.69 j 71.63 j 71.74 7L.72 71.37 j 69.87 ' 

^^ CTterapdo^lcM^ Hi Btia Md In wa record, baw dates »ml vbImm agd uwrtftpent efanwrs are nnhi ww-i ln 
London. EC4P 48Y. pri w rip, try post 22^'* t}e fto Fublhberei the FlMWdal Tlmo, Brocken House. Cannon Streot, 






JcKu.\'>A 3 





















































33 



Tiin es TBiirsday June 22 1978 


INSURANCE, PROPERTY, 

BONDS 


■ ( IWwy Life Ajsumsct Co. r.*^ 
> i-3St.P<uriChUrthi-*rd.EC-;. 
SSqultKEutMic .,[36.7 

ft Smutty Ace .,.30 9 

i’lflpeayFd -1H7-* 


■' x 


*» 4y. 
> ■ 


**70901# At*-,-: 1533 . 

ieJccUvc Fund m 

Ij.rnnven.lbir Fuad . 1305 
. -Minaev Fund-. ^ 12X1. 

• •fen* feopertr-_;_ ; 172.9 
, ■5wE.%deciiye. -_ MU 
•f a«i*S«Tm 136.0 

i 'Pens- Managed 175 8 

> Ponj.b|ulb~i-. 157 6 


*1 BIHgi 

FMOneyFU Sre--4_- 


<rtner^I Portfolio Life In*. C. Lid.* Vpf Pensions Manucment Lid. 

SSffiES" ^’i^iSSEsrT ™" Tl v ,;r,whmh Si . mSS ni ic 

2 Prlnefcof Wait* Rd! BflKHth. (WR 1B7BS5 ^ IUJU Ud -* 


52X2 

1324 

If? 


2514 
93J . . . 
137 4 .. 
127.5 .. 
JB2.0 
884 

1132 . , 
1851 
1*55 .. . 
13Z5 
1394 .. 
3*1 I. 1 
117.4 
'Ht3 



— Ma«4«nd Mouse. Souihcnd SSI VJS CT7K628M 


Kiwi Key, I bv Pita. 
Small Co * Fd- . 
TechnolosyFd 
Extra Jne. Fd 
American Fd . 

Far Ea»t Fd 


^ _ . . JIM 4 

PrtceseLJune Ml Valuation normaliv Tuesday. ® s -^_uperFd \ ■ E7 954 

Albany Life Assurance Co. Lid. 


•t. 


11, CBd Barilnxtom Sl,w. U . os 4X7 SOBS 

'•Equiri- Fd. Aec . . 1182.0 19151 

». tFUCMInL Are . .. 138.9 - lOfiJ 
A(S. fGMMonvvFd Ac. 1141 120JJ 

nw Mt«ndj8anJUAem 1056 uu 

*PrPP_Fd.Are . . . 10U m i 

rSTpfe lav. Acc. 163.0 • 171.5 *; 

. iaS&'.5 atF . d - Ace - 25,5 225.7 ‘ 

•' tP?£ Lfen.Aec_ . 175JS -1843.. 

/S?3*5JS5- Aiep " “*■* 135.3 

" . ipRMn.PaFdAcc . UX8 117.6 . 

Prop-Pen Act mt 128,5 

K'pIainvPen Acc. (199.0 209.4) ... 

ftMEV.Iife Assurance Ltd-* 

" . Aina Hoc.. Alma- Rd, Relgate. RetgMettlOL 


Growth & Sec. Life Am- S oc. HA* 

WHrBank.BraF4n-Than>es.«Mlu -0830 34384 5“*Ed«^Pd 
Flexible Finance 1 I OMU J I - Con Deposit Kd 
UiidtonfcSee* . _} 55ja . Vj 
Landb^iJtSc*. Aee.(U* 4_ : -139-51 

Guardian Royal’ Exchange 

Royal Exchange. E.C3 


t.- 00383428 

y = 


142 5' 
, 1 
94.8 

Mi- 

Umj 

fc» 


14*3 
427 -OBl 
99.1 <0 5j — 
<37 

107 J -1 7 
105 « -1 M 
188 7 
181 


Norwich Union Insurance Group 

FO Boa 4. Norwich NRI SKC 0603 22200 


Menaced Fund 

,, Equity Fund. 

01-283 710, Property Fund 


Fixed fnt. Fund . 
Deportt Fund . . 
Nor Unit June 15. 


V. ‘ v AMEV Managed U3S.9 

AMC V 115.9 

AMEV Money Fd._ 104.8 
. .. A3BSV Equity F«J.™ 109 6 

1 i »A3JEV Fixed lot 9L5 

AJfEV Prop Fd..: , 96.8 
. :, AlIHl’Mfd.Pen.Fci 97 7 
■JMEl - Mcd-PCh-'B- 98.1 
Fleciplu _:. — , 97 9 



143A 

122.0 

110.4 
1155 

96.4 

1020 

102.5 
103.3 
1031 


ow Life Assnruce - 
30. Utteidgc Road, vril- 
SelAft.FttCp.UnL ,ffil ^87 7 


01-740 BUI 


■\ - 


SeJ-MfcFcLSt.UiiL- 
Pen. Mgd Fd Eo. _ nrai 123.3 ... 

Fen.Mgd.Fd — KI. ,lll2 b 116.2) 

Barclays Life Asstrr. Co. Ltd. 

252 Romford Rd. E7. 

Barclay bonds*. . ...0253 

Equity. 114 0 

Gut-edced 109.7 

Properly 109.8 

Managed..-..-, 108.1 

Mcnej 985 

Mao.PensAccum. _ 97 1 

Do Initial 95.0 

Gilt Edarims Ace. _ 948 

Do. Wail -.921 

Money Pens Ace 1003 

Da. Initial . |97.4 .. 

■Current unit value June IB 

Beehive Life Aasur. Co. Ltd.* 

71. Lombard St.. EC3. D1-8S312B8 

Blk Home Jtnie l.-| 128 7* | . .. 1 — 

Canada Life Assurance Co. 

24 High St_ Poaen Bar, Berts. P.Bar 5112 2 
Eqty.Lith-FdJUQc2 | . J»5_ [ .. . | — 


Property Band* ..H748 - : 14281 . .. I — 

Hunbro Life Assnnaee. Limited * 

7 01dParkLane.Landmt.Wi- - 0M8BD031 
Fixed Int. De*> - ...IUU . . 33J-7I 

Equity - . 177.6 1S7.M 

• Property J6LT-. 270.3 

Managed Cap . , _l®.a 

Menaced Acc 171 » . 

Overaear: _ ml 

Gilt-Edged • . 1243 

American Act.. " . 19 L7 
PmjF.tDepXap.s. 127 5 
-Fra.FADep.Acc 148* . 

Pen. Prop. Cap. _ 2827. 

Pen. Prop Aec. . ._ 2608 -' 

Pen- Man. Cap .2863 

Fen. Kan. Are. . 2*5 3 . 

Pen. Gib Eds. Cap. . 12X7 . 

Eds. Ate.. 128.1 1,13451 • — Property Fund ’ 

Pen.BS.Cap— — , 12X9 ’ 13u| ■■ •. — PteperiyFundi'A; 

Pm. B.S am. . ... _ L*07 lS3 ... - Fu2d 

Pra.DA-F.Cap.-, 1«8 ~J - ^ Arrlc. Fund* a“ 

Pen. OAF Acc.. . .1028 ,.(... — Abbey Nat. Fuad 

Hearts or Oak BeaefU'Socieiy 
1S-1T, Tavutock Met WC1B 0S3I • 01^875020 
.Hearts of Oak... „p*4 ; -385) I - 

Hill Samuel Life Assnr. Ltd.* 


B ! 
5 
.0 
1 
3 


2M 


z 


220 3] -0 

SU ' 


Phoenix Aosunuce Co. Lid. 

4-X King William 5t_ ET4P *HR 01 808 P878 

Wealth Avs _ . QUI 116 41 -1 31 _ 
Eb.r.niAsa . T 77 7 \ - 

Eb r. Ph Rq E . 176 1 >9 0| . | — 

Prop. Equity & Life Ass. Co.* 

1 19. Crawford Street. W1H2AS. 01A88Q8ST 

R-S[lkPro^Bd . 1UI I I ■- 

Mi I .; I I 

Z Property Growth Assar. Co. Ltd.* 

— loon Home. Croydon, CRB ILL 01 -880 0008 


_ Flex 


Do Equity^ 
x Money Bd 


01-5345544 

in.ai . ■ 

120X — 0.9f 
115.5 +oij 

1093 71 

113 e -a*) 

1037 
1023 
1008 
99J 
.970 
10X6 
1026 


NLA Tut.. Addifcombe Bd, Crop. 
OProperty Units — 11529. ‘160. ‘ 
Property Series A 
Managed Units ... 

Managed Series A - 
Managed Series C . 

Money Cnita— 


Monm- Series A.' J 
kea lni.Ser.A. _ 


Fix. 

Pns Jtvugcri Op, 

Pns Managed Aec 0*83 
Pns. (Tteed. Cap. _ .11B5J 
Pat G'Lecd. Acc .. 

Pena. Equity Cap . 

POns EqntryAcc „ 
Pns-Fxd.tnt.Csp . 

Pns-FiullnLAcc. 

Pens. Prop. Cap (453 

Pens. Prop. ACC. 


(100.4 

J1M8 

H72 

948 

120 3 

H72 

191.9 


Abbey Nat Fd. IAI 
Invescnent Fund _ 
lBveslmcnt Fdl.Ai 

EqaltyFund 

EqcilyKundfAi 

o. ««>5 KSSKsS.*,-. . 

Actuarial Fund- . 
Gill-edged Fund . , 
Grll-Edged Fd.CAl 
OReure Annuity 
Oleuned Anntj. 



181.3 
1798 
757 7 
7513 

153.4 

«3 l 

6S1 

1673 

1667 

1393 

12X7 
32X7 
1*3.9 
143 S 


— Prep. Grewtb Pnui«u It Annnitl 


vRcunt. Fed June 6 


1193 


Cannon Assurance Ltd.* 


IT 

93.0 

'IN, 

193.4 . 1B0. 1 

Imperial Life Ass.. Co. -af Canada 
Imperial House. Guildford. 7J255 

Grout h Fd. June 1S720 . . -7a.S] — I - 
Pens Fd June I6..-J66A - =7221 I — 

Unit Linked Portgli® . 
Managed Fund .Z»4.9 - 91* ■ ! — 

nxedlnt Fd. .. MS.7 Miff.. I — 

SecureCap. Fd . .H59 -- 190.9). .! — 

Equity Fund . i960 , .18X9) .. | — 

Irish Life Assurance Co. Ltd.' 


All Wih-r Ar. Du. 
VAliU'eathcrCap , 
»fnv. FcL L'la. . .. . 
Pension Pd. Uts . 
Ganv.Pene Fd 
Cnv. Pns. Cap L I 
Man. Pens Fa. . 
Man. Pens Cap IT 
Prop Pens. Fo . 
Prop Jeni Cap Ut« 
Bdpc Soc. Pen L'L 
Bldg See Cap LB 


129.9 

11220 . 


137.0 
1297 
1462 
1322 
143 4 

1328 
1458 

1329 
1588 
1201 


13X61 

121. q 


- 


Ltd 


Prsriitcial Life Assurance Co. Ltd. 

222 BUboptgate. EC 2 01 247 6533 


Fd 


Prcn- Managed 
Proc. CaxhrU 
Gill Fund SI) 
Property Fund . 
Equity Fund. ... 
Fvd lnt Fund 


11132 

104.5 

1148 

454 

979 

195.3 


1193 
110.1 
12X0 
100S 
1032 
100 4) 


-0 2| 


I. Dlytnpic Wy_ Wembley KAflU.VB 01-9028876 3L Finsbury Square. EC2 


Equity Culls ... 

PropertyUnlU-..-.. 
• ; . Equity Bond^soc.. 
- -Prop Bond;E*ec..- 
7. - , Bel. Bd.Rxec.'Unit. 

V Deposit Bond 

"Equity Accum. 

Property Accum, 

-. *• lined. Accum. 

: 2n«f Equity ...... 

• 2nd Property 

2nd Managed— 


0691 
0210 
0X33 
03 30 
£23.02 
U09 

p26g" 

W. 


2 nd Deposit 966 

2nd Gill 883 

■ 5 2nd Eq. Pens jAcc. - 948 


: 2 /Kfftrp PtrLai Are. _ , 
2nd Mgd. Pcas-Aecj 


2nd Dep Pens.'Acc.|98« 


5WS 

s 


1-0.07 
*0 08 - 
119g-4.C6 - 
14.03-031 - 

1 3-M-0.W — 

U7.? *02 - 

QU Z 


97.1 -06) 
1103 eOS 
1023 -0‘ 

1022 +03 
9X7 -28 
99 B —0.4 
1342 +1.0 
1MB -0J 

1843 +03 
9X4 -20 — 

'405 

. 28! r-fli) 
value June 2ft. 




Blue Clip Jape IB .173.3 
Managed Fund . . 2233 
Er.emnL Man Fd. . 10X3 
.Prop. Mod. June! . 1771 . 

Prop Mod. Gth. . 193 J 

King & Shaxsou Ltd. 

52. CorohUL EC3 
Bond Fd. Exempt. ,110387 IBABl-XUI - 
Next doeilinc date JuK 3 . 

Govt. Sec Sd Til 442 !».«/. f — 


Prudential Pensions Limited* 

0I828B253 HoJbnra Bars. ECJ.V2VH M-405K22 

4 48 Equit.Fd.Mav 17 IE24.59 25 3 S- 050) _ 

- Fxd. IdL Slay IT . 08.72 18.07 -0 021 - 

- Prop. F. May 17 . . .IE25.78 26.581*0 H| - 

— Reliance Mutual 

Tunbridge Well n KenL 08S222271 

01-8235433 Eel. Prop Bds.. . . | 198.1 I 1 — 

Rothschild Asset Management 

•» Swlthlna Lane. LontUm, £T4 0>hG2S4X40 

N C Prop. Mur 31- I114X 12X&<4 . I - 

Next Sub. Day June 30 

Royal Insurance Group 

Neu- Hall Place. Liverpool 0512274*22 

Royal Shield Fd. . ..(1333 MXZj .... | - 


2nd Gilt Pens/Ace,— - 

xiEs.r F, ^a.o 

LAPSXF.i ^5 

Current call 

-OR Capital Life Assurance* 

'■ ronistoa Hoase. Chapel Ash'wtoa 001228511 
' •- ? v Bey Invcyi. Fd . „ J 18121 ] . . ■ - 

Pscemalterlni. Fd..| 10203 | — 

i.,.," Charterhouse Magna Gp-V 

. ^ 18. Chequers Sq . Uxbridge UB8 IN E 52181 

a - • Ch.ihse Energy.. 

. • ... t.'hrthse Money 

Chrthsc. Managed. 

.... Chrtb&e Equity.:-. 

Magna Bid. Soe . 

,- Magna Managed 


364 

- 484 

29.4 

3LB 

SB 4 

404 

353 

374 


124 6 
1500 


Langham Life Assurance Cn. Ltd. 

Lanftbam'HB. Hcltnbrook Dr. NW4. .01-303 5211 
Langham ‘A’ Phta.:.K3.B 67." 

FProp. Bond ....U41X 2 

Wit,p ,SP) Man Fd [783 

Legal & General /Unit Assnr.) Ltd. ~ . Rmnil> 

Xingsvood H^ase, Kiopwocd. TMvortli, ^ -» c> Uni , ^ D - 

Surnev KT20 BET" HeUji 63*56 1 GLbt-Helen X Xndo_ EC3P S 

irj •; ... 

12X4-4.9 
12X1 ~<.1 
1213 +0.2 
1232 +0J 
183.4 --06 
10X6 -06 
1224 -P I 
1243 -03 
1043 

1BU 


Surrey KT206EV 
Cash (nidal. . 

Do Accum 
EquiD" Initial , 
Do Accum .. . . 
Fixed Initial . 
Do. Accum . . 
Inti Initial. . 

Do Accum. . . 
Managed Initial 
Do. Accum. - 
Property Initial 
Do Accum. 


. 953 
97.1 
.117.2 
129 3 
1154 
. 1275 
982 
984 
1162 
. 1102 

r im?7 


_ Legal it General rt Pit Pension*) ud. 


3al tnv, Fd. 

Property Fd." 

Gilt Fd.__ 

Drpnntl FHt . __ 
<Tomp.feita.Fd.*.. 

EqUilrfeny.Fd 

Prop fens Fd • . ... 218 3 
Gilt fen* Fd .... 92 J 

Dcpox Pens Fd ».... 1983 

Price* on June 20 

r Weekly dealing! 


SEP 01-95* 8809 
134.71 -03 
1616 . . 

124.9 -03 
1296 

2122 -1.7 
190 9 -1.2, 

230.5 

972) —02) 

103 S 


City of Westminster Assur. Co. Ltd. 
Rlneuead House. 6 Whitehorse Rond. 


t -MilltS 


01-684 6664. 

639 

X SS -0.1| 

-77.4 
127 0 . 

673 +4.1) — 
1713 
122.4 

58,1 -0.1 
toil -oil 
to new tnvestpjfciL 
Perionn Cali* -1-' SU ; ) 

City of Westminster Assur. Soc- Ltd. 

fel+phone 07-884 B8B4 

-J-s BWlUriflP- =• 

Commercial Union Group • 

5L Helen's. X Undented!. BCX 01-2837500 

- - — VrAnAcPUune 17.) 54 96 J.. | ~ 

Do Annuity Uts ...I 1X04 I .. . I — 

- 5 . Confederation Life Insurance Co. 

•' 1 SO, Chancery Xane^WTSA IRE. " III 242 0282 


Exempt Cash Imt 
Di. Accum - - . . 
Exempt £qty. Lmt. 
Do Accum . 
Exempt Fixed InlL; 
Do. Accum — 


96.4 

988 

12X9 

1239 

109.6 

11X4 


Croydon CR02JA. 

West Prop. Fund _ J60.4 
KanagedTund -...'..11733 

Equity Fund [57 0 

Farm] and FUnd 1736^ 

Peas. Mngd. Cap. U6.3 
Pena. Mngd. Acc -11206 
Pena Money Cap .,146.6 
Pen*. Money Ace. 

Pen*. Equity Cap ,K4 
Pens. Equity .Acc.. .)571 
Fund cumsllt 


Exempt Mngd. Imt- 019 9 


Do. Accum L.«_ 

_ Escape Prep. lull. .196.4 
Do Accum “ 



Schroder Life Group* 

Enterprise House. Portsmouth. 
Equity June IS,. . 

Equity 2 1 -jne IS 
Equity 3 JuneO 
Fixed biLiunelS. 

Fixed Int 3Junel3 
Inl L‘T June 13.,— 

K A S Gilt June 13,. 

KACSc. June IS-. 

Mngd. Fix. June 19. 


7*9 


fEqulty Fimd..-_ : 
tManaged Fund . .. 
Personal Pen. Fd.... 
Equity Pea. Fund-. 
Fixed IuL Pen. Fd 
Manage! Pen Fd. .- 
Property fen Fd 
•Protected in. Hal 


fif 


1592 

U6-§ 

723 . 76? 

2273 
1984 
183.4 
1303 
3740 


Legal t General Prop. W-^grs. Ltd Sjjg5“j;«n- 
1 L Queen Victoria Sl_ EC4N4TP 01-2(89878 Mon«v3JunelX__ 
LAGPrpFd. JaneS |*5.P • 10X7) . ...I - Properly Juo* 13. _ 
Next sub. day Inly ^ Property 3 June 13 

Life Assur. Co. of Pennsylvania < KfejSSjuaels' 
30-42 New BondSL. W1T0RQ. _ 01-403 84B5 MnPnCp.R Janeix! 

LACO? Units. 1987 183*1 -1| 4^ 

’ Lloyds BX Cnir TsX ^fagm. £tdt m . r F^taSL'teSr; 
71, Lombard St. EC3. ... . qi«3J2B8 Prop, fen. Cap B 

Exempt -pal 10X2| ,| •— " " 

Lloyds Life Assurance 
20. Clifton St, DC2A 4MX 
BU.Gth June B . 7 .7, X3245* M . 

Opi 3 PropJune 16. IZ3.7 130 J 
Opt .5 Eqty JnmtlS 130.8 137.7 

Oi'. By. June 15.... 255.0 1*32 

Opt5M*n- JunelS. 1477 ■ 1553 
Opt3DcpUunel5-R214 327 8) 

Loudon Indemnity ft Gnl. Ins. Co. Wd.-g^^-j I u u r “*J 
18-20, The Forhurj. Reading SKB11, Mgd. Pen June IS .. 

mssstsr 

Fixed Interest- .. 041 ‘ 36.01 I — 10,12 Q>- 

The London ft Manchester Ass. Gp.* Solar Mana ged s 
.The Leas. Folkestone. Kent. 


2272 


VHS 

231.1 


519.8 

126.1 



144.4 


1472 

154.1 


139.1 



1423 

1451 


1281 

1264 


11317 

138.7 



1523 



1121 


iUTb 

1233 


ni U 

162.8 


1313 

160J 


120.6 

12*6 


Si-S 

1373 

2112 



250.* 


hB 

130.7 

ule 


Y ■ 

1816 



■T »• 

... 

~ vim 



955 

■TjTJ 


W8.4 

10371 . 


1770.427133 


Prep. Pen. Acc. B... 

Money Pra-Cap B. 

Money fen. Acc S. 

Orerseas4 w. . 

Scottish Widows* Group 
PO Box 802, Edtohurqh EH 16 9BU. 031 8356000 


ln^P!r£erie* 1 . 
Inc. Pfe. Series 2. 


.110X5 
99.6 
977 
1317 
. 15X1 
2660 


Cap Growth FBod- 
Exempt Fd. . 


Cap Gj 
• OFtex. 


* Exempt Prop Fd 
♦EspL lnv. • “ 


tf 1 MI 

177 J .1 ~ 


IbL. Fd 

Flexible Fund 
lnv. Trust Fund .... 
Property Fund . 

M ft G Group* 


Per> PensiooT - 
Con» Depoait- . 
. Equity Bond— . 
Family 7B-B0"". 
Family 8t-88- 


Mar.g'd Fund Acc . 
Msng'dFd. Incm .. 


100S 

1M3 

998 

!gi 

Mu 

mi 

96 9 
W6J 
94 3 ' 
IMS 
!llM5 

SIS 

99.6 

|1596 


CornMU Insurance Co. Ltd. 

32.Cornhill.EC3. 01-8285*10 

Cap. Feb. May IX.. J122.0 

MtJ^^Fdflayaft” R6X8 177 

Credit & Commerce Insurance 
120. Regent Si -London W3R5FE QI-4MT0B1 
CSC Mngd. Fd .. 1122.0 132.91... I - 

Crown Life Assurance Co. Ltd.* 
rroa-n Ufe Hse IXW«8825033 g 

d Fund Acc . 11N.6 18U -0.4J MihifnI Bd — - 

1853 -0.3 
105 0 -Iff. - 

105.0 -IS 

185.0 -1J 
1006 
100.6 
1003 

3022 -0.7 
1022 -07 
1019 -0.7 
1BL 3 +0.2 . 

18X3 -0 2 2220 
110 0 -31 
- 110.0 -31 
1M.8 
1008 

1841 — 0 3) 


far. Cash June IS. . 

EalRAccJuacT. .. 

'Exli Unr June? 

Mgd. Pen June IS .. . .. 

^ . fijj Inil — Solar Life Assurance Limited 

II ■ 36 0] I - lftXSEb- Plane London ECIN BTT 01 -« 

iSS. Gp.* M«Mana*od| ,.. 

<*x<ss7zb ISSsSSSK: :z 

| — . Solar Fxd. fnL S,_. 


2805 


au 

133.4 

899 

| £5 

1364 

827 


1263 1 333 

-62 



1112 1171 


— 

159.2 • 167 6 

-0 7 


114 7 120.1 

*0 2 

— 

998 106.1 



100 4 1*6.1 

“t C 

re— 

126.3 133.1 

-0 * 

— 

U09 11*4 


— 

1589 1*7.3 

-0 7 

-> 

114 4 1205 

*0 3 

— 

99 7 105.1 

100 4 1067 

-1.0 

— 


4.81 


~ Merchant Investors Assurance 


5 " 15 ; 1 25. High Street: Croydon 


4.24 


7Z7 


Slang'd Fd.lnit. 

Equity Fd. .Ur . .. 

EquiryFd Incm. . . 

Equity Fd IniL - -. 

Property Fd Aec.*. 

Property Fd Incrn. 

Properti'Fd Init - 
If. IttW.A'-c 
In».Ta.Fd Incm.. 

Inv. TsL Fd. InlL - 
Fixed Int. Td Acc. 

Fxd. InLFd Incm . 

Inle+'LFd. Aec, 

Jmer 1 !. Fd: incm 
Money Fd Acc 
Stoner Fd Incm 
Di* Fd-lncm 
Crown ?n Inv 'A'- 

Crusader Insurance Co. Ltd. 

Vincula House. Tower PI.. Ed 0I-KKB0.U 
Gth. Prop June 6 . (70.1 7* 51 -l — 

Eagle 5tar InsorWldUod Aas. ' Xele* Eg. Cap. ... 
1 Threadneedie St - EC2 01-38B1212 NelexRq Accum .. 

Eaele.Mid. Unit*. ISO 6 62 5) -0.6) 6.24 Nujr\ Money Cap 

Equity ft Law Life As*. Soc. Ltd.* NtJ * x ** 
Aiaerxharn Road. High Wj combe 0484 W377 
Eqoitrrt -.-11115 11731 -U 

rwwrtyfd ... 1059 11X4 ... 

Fixed Inlerwi F JJJ? 

Gld Deposit Fd "fig 9 lM-1 - - 

Mixed rd - -.11892 1149).-0.1 


Managed Bd 
PrepenyBd". . 
Ex Yield Fd Bd.-. 
Reman- Fd Bd* 
American Fd Bd.*: 
Japan Fd.fld* — 
Price* on ‘June : 


IZ28* 

- 


117.9 

123.8 

*0 1 

137.8 

1*4. 8! 


1565 




183.5 

— 


1071 

11261 


104.5 

109 8 


1384 

146.4 


1545 

162 


68. T 

S* 9 

-12 

*3J 

66.6 

-0.5 

538 

5*6 

-1.6 

53.9 

56 7 

-0J 

Si -June 15 

— Ju 


07 8860171 


Property ... 1527 

Property Pens. - 1593 

EnUHy ' , _ — 57 b 

Equity Pena . . 1646 

Ma.n-i- Market .... 1«* 

Money Mkf fen# - 1*1 5 

L^ctK-sit - - .. 128 4 

Deposit Pens... .- 139* 

Managed . tum 3 

Managed Pena. — 1157 

Inti Equity :- IM5 

huL Managed . 103 7 

NEL Pensions Ltd. 

Milton Court, Doridng, Surrey. 

1S03 0*5, 


Solar CashS 
Solar lutLS, ._ 

Solar ManagedP., 

Solar Property P . ... 

Solar Equity P . _ 

Solar Pxd.L-11 P p!44 

So [*r Cash P .... * 

Solar loti. P- - ... 

Sun Alliance Fund Mangnit. Ltd. 

' Sub Alliance House Horsham WD MI4 J 

Exp-FtLInUunet* 1050.38 160.001 I - 

InL Bu. JuneSO — I 0433 .1 .1 - 

San Alliance Linked life Ins. Ltd. 

Sun Alliance House. Horsham 9*0384141 

116 
184 
18X4 
109 
9*3 
1086 

Son Life of Canada (l'Ji-1 Ltd. 

2 I t Cockspur Si - *W1V 5BH Q) «3D 5400 


Equity Fund. . ~_ 
FlxedlaleresiFd 
Property Fond . 
International Fd 
Deposit Fund .. . 
Managed Fund. . 


orshsm 0*038414 
6.2 1224] ] - 

4.1 189 61 +0 4 - 

84 11X3 j - 

v ssvj = 

1.6 U44)-03 - 


Maple LLGrtb- 
Maple Lt Mangd 
Maple LI. Eqt> . 
. femur. Pn Fd 


1994 

1335 


i - 


Targrt Life Assurance- Co. Ltd. 
Target House. Gatehouse Rd. Ayl wburv - 
BuCK* AjIesburyi02Pfl'5im 


Kelts '■ Mon 
NelexGtb Inc Acc. 
Nel ex Gth Inc Cap 
Nel Mxd Fd.Cap. 
Neltlxd. Fd Arc 


1121 
61.3 

648 

<9.1 

494 

•79 

4*2 

Next Sub. Day May 
For New Court Pnmot.v see uader 
KothtchDd AM* Management 


Ta - u: 

si 

iol 

507 


-.Vasi. Fund Inc 

. Htn. Fund Act- 
Prop. Fd. t»e . 

Prop Fd. Acc . 
;grop Fd. lav . 
5911 Fixed Inl Fd Ine 
_ Dep. Fd .Are. Int , 
_ Red Ran .Ac. Pen. . 

- ReLPJanCap fen 
Ret Plan Map Are 


_ '..Jtet-FlanMaii Cap 1115.1 


,101.1 107 0 

JUX* . 123, 

R07B U4 
138 0 

m* mo 

718 7> S~° tl 

S.S . ul-n-' 11 


Gilt Pen. Acc . 

Gilt Pen. Cap, 


a; 



Transinternatioua) Life Ins. Co. Ltd. 
2 Bream Bldgs . EC4I .W 01 -4068 407 

• Tuhp Invest Ftf ..11420 149 51 

« ”JM Sf |: 



Donations and mfonnationi 
>IaJbr The Earl of .An caster, 
KCVO, TD-, Midland Bank 
Limited, 60 West Southfield 
London EC1A9DX. 

British Limbless 
Ex-Service 
.Mea^s Association 

*CIYE10 THOSE WHO GAYE-tPIESE* 


flETHE 

LIMBLESS, 

LOOK TOW 
FOR HELP 

We coroe Frorn both tv orld 'vars. 
We come from Kenya. Malay a. 
Aden. Cyprus... and from Ulster. 
From keeping the pm _ 
than from war \vc limbless look 10 
Non for help. . . . . _ 

. And you can help, by helping 
our Association. BLESMA (the 
British' Limbless Ex-Servic« Men s 
Association) looks after the 
limbless from all the Services. 

It helps, with advice and 
encouragement, to overcome tne 

shock of losing arms, or legs or an 
eye. It sees rhat red-tape does not 
stand in the way of the Tight 
entitlement to pension- And. tor ■ 
severely handicapped and the 
elderlv. it provides Residential 
Homes where they can live in 
peace and dignity. 

"Help BLESMA, p^-We 

need money desperately. As^we 
promise you, not apennj of it win 

ke wasted. 


(Trident Life Assurance Co. Ltd.* 

ode Route. Cjleuea Her 0US ?8S*l 

6 aet-:- 

Pretwy — 

EmtUylAmerlcui 



Ibi Ionian on a l . . 

' Growth Cap ...... 

Growth Ace 

JPot*. Mngd. Cap 
|P«U. Mogd Acc. 

IPeax.Gtd D« p.'.'ap 
Penx-CHd-DepAre 
fens Ppt} rap 
feou.Piy Arc.. 
iTfdt Bond 
rTrdl lit Bond 

-I'nsh value (or ClM prfiruilin. 

(Tjnadall AssurancefPeusious* 

16 Caa'ynge Road. Bn>iol 


122.7 

129? 

-15 

146.3 

154.9 

-20 

1481 

1»S 


849 

899 

-1 1 

104 4 

110A 

-0 4 

1381 

146.2 

-10 

120 8 

127 9 

-i B 

1227 

1293 

-02 

1011 

1HJ 

-0* 

1254 

1328 

-1 3 

123.2 

1385 

-16 

126.8 

1343 

-1.7 

1130 

119 7 


1174 

124 3 


101.9 

107 9 


105.8 

1121 


112* 

J194 


1173 

124 2 


362 

382 


197 3 

-- 



ftW*>- June 15 - 

Equity June '5 

[Bond June 15 
Prnpcrtv lone) 5 
Deposit June 15 
3 way Fen M*» Ifl 
'tVfeac jn\ June 1 5 
MnJ*n3-W June 1 
IDoEqulp-Jwi* 1, 

Do Prep Mas a . I 


12*6 

1*81 

MSI 
127 3 
146 2 
774 
169 6 
■2*3 8 
174 8 
85« 


I - 


I - 


Vanbrugh Life Assurance 

41-43 Maddox St . Ldn W1R0LA- 


lUnaged Fd. . 
Eqnln- Fd . . . 
Inml. Fund .. . 
Fixed Intent Fd . 
Property Fd ... . 
Cash Fund 


1443 

2261 

1BU 

164.3 

148.4 
118 « 


151 91-05. 


01 *8P 48!Cl 


238.1 

1065 


173 g -0 3 
147* 

-01 


-1 4' 
J.1I 


+1*1 Maddox SL. Ldn. wi 

Properly- - - .- 196 7 


124 7 

Vanbrugh Pensions Limited 
41-4.1 Madttak SL. Ldn. W1R PL A 01 4904933 

10LR -0.11 — 
10* M -0.7 - 
99 g( j-3 *| _ 

Property- - ^ 196 r 101 8| . I — 

Guaranteed see 'Ins Base Ra'*-« table. 

Welfare Insurance Co. Ltd.* 

TkeLeM Fotteuone. heni 0SO3573.V 

Moueyinaker Fd . -I 103 3 ' 1 ~ 

Far other fundi, please refer :o The London & 

aiaadic*t*r '^roup 

Windsor Life Asa-ur. Co. 1-id. 

1 High Street. U ind*«r u i wiser S81 44 

Life Inv Plan* 

FaturtAMAGthtu 
FutbixAaid.Gtti 
Rni-Aud Pan* 

Flea. lav. Growth 


imdvr UiwiserWU 

Sfif , a« a V. j =■ 
s *.l -3U l . - 

lb _ [196,0 UUi 4 - 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tal.. Mgrs, 1-td. lit 
72JK1 'Mitch'iu-r lid \yir.,l+ir. ■jZSCyul 
Abbey Capital 021 34 ]| -0 

Abbey I w»iw J3B 5 

Abbey lav- Tu Fd 136 0 
Abbey Geo Tsi |44S 

Allied Harobro Group* laxgi 

J IhmbrD H>e llu'luu. Hrrniunvl. ban 
01-588 3851 uc Hrv-nlwmid <U377> si M,9 

fealaared Fuads 
Allied in 64 4 

BriL Imt® Fund 61 0 

Unit It lnr. . 36 4 

Elect It Ind Dev. 32 5 
Allied capital 701 
Haiubra Fund - ULS 

Hamhro Vrc Fd 1151 

licm iuab 

High VMd Fd . .[69 7 

High Income W* 

A.H Eq. Inc . P82 

iMcraatiawd Fnads . 
liurrnBUaiia) . 264 

Pari/Jc Fund .. . Ifl 7 
Sees. Ol America {54.5 
USA Exempt* [95 0 
Special 1st Fuads 
Smaller Co 's Fd - .135 3 
ZadSmlr Co> Fd H35 
Recovery Slu. .W.5 
Met Min. fcCdly -Wl 
Oversea* EArniags 154 o 
E>pl Smlr Cfti .4(217 1 


J2 Cel - a i] 

. 58 q -or 

169 7j -od 


6891 -0*1 551 
65 J« -0 4 5 72 

389 539 

348 -92 508 

750 -05 4.42 

108 6b —0.6 525 

124 s| -0 464 


■riFMEa.vl.Tru>' 

ili*hInroi»* T s 

Income Pun' 1 

lnv- Agerww 

Inti Exempt Fa 
I IrtitriTrS tAcv. f 




: -03 463 

, 0.2 510 

[-0J 6 0« 

42 9) -0 1 533 

59 9m -0 7 467 

i -oil 5 n 


Anderson Unit Trust Managers Ltd. 

158 Petichurch St EC3M4AA 6236231 

AndemonUT . |493 55 1| .... | 435 

Ansbacher Unit Mgxut. Co. Ltd. 

1 Noble SI , EC2V7JA 01+E3E3m 

the Monthly Fund 1165.0 175 0| I 8.90 

Arbuthnot Securities Ltd. iaMei 
37. Queen St London EC4R1BV 0t -23fi.*G8t 


Extra Income Fil 
High Inc Fuad 
4* Ac cum. L'niutr,.. 
roii'i, W-drwIUU 
Preiercnce Fund 
< Accum. Lnitxi 

CspiLil Food 

Commodity Fund . 
i Accum. Uniui 
110% Wdrvi.u < 
Fln.AProp.Fd 
Giants Fuad 

■ Accum. Units • 
Growth Fund. 

■ Accum Uni Lsi 
Smaller Co's Fd 
Eastern A Ind Fd 
) 0 *+U-iinrl lb . 
Foreign Fd 


1MJ 

1127 

-01 

403 

4X4 

-DZ 

542 

5-3 

-0 3 

542 

5,0 

—03 

252 

272 

-0 1 

37.4 

401 

-0 2 

19.7 

21 a 


585 

*3* 


MO 

91.4 


510 

555 


17.3 

187 


395 

421 

-06 

456 

485 

-07 

32.0 

354 

-01 

387 

417 

-02 

269 

29.0 

-02 

270 

291 


212 

2=9 


Ml 

llln! 


[32 1 

346 

-0 l 


11.33 

939 

9.19 

9.14 

12.14 


sir 
s.r 

537 
305 
235 
2.SS 

298 
298 
445 
133 
133 
188 
100 

Archway Unit Tgt. Mgs. Ltd.* iaMei 
317. High IIoJborn.wav 7NL. ni-831 8233 

Archway Fund .[83 5 88 trt( I 5 83 

Pnce* at June IS Next <ul» dk> June 22. 

Barclays Unicorn Ltd. laiigiVici 

Unicorn Ho. 252 Romtord Rd ET 01-5315544 
Unicorn Ainrri<*j [34 0 
Do. A usl. Acc . . 717 

Do. AuxLlhr. .56 5 

Do Capital. . . 65 0 

bo Exempt Tst ■_ 1061 
Do Ectralncomc (27 7 
Do Flnanrial 
lie 500 

Do. General . . 

Do Growth Acc 
Do Income Tit 

•Do Prf ,Vw T+t.,. . 

Prices al May X Nest xub day June 30 


Hartuiorc Fund Managers * cans' 

2 . Jjl. jury Asc. E' ~l \ Bill n 1 -83 3f.ll 

Bsa*s®t- jin 

cSSSdHyjaa? 

•Bi-piara^T- |g® 

Isas 

718 

13 64 

gji 

r !»• 4 M T| -y ■) A a>4 

Gibbs (Antony* Unit Tsi. Mgs Ud. 
53 .BlomtteldSi .E» 2 MV;l oi.-«t4ili 

iajA.G.UWO“' M: 45 7] I 8.10 

.si SG Growtbrt ha 2 aj 0 ,d 4*q 

.BiA I.I F»r»‘l- 123 7 3 4| . ] 0 JO 

■ DealiriR -Tue. imvt 

dwelt I John i* 

77. 1 amtlon it’stl . L • J nivassw 

ShJdr Jane}®. |1*|0 147 64 I 1 «D 

Do ACCIitU L'nit 1168 2 1773 ) 147 

Next destiny ■].> ] unP 3 ,-, 

Grievesun Management Co. Lid- 
aQGre*hamS«- Eery artx oie«44.-vj 

Barrington June 21 202 2 21131 -;W *52 

■ Accum. Lnltai S19 1 229.0 -31 452 

B1nc.H.VdJuoelS 177 5 185 9 7 85 

■ AreSm Units' 1 213 * 7 85 

Endeav.Jm** «*« M53 . 2.04 

.Accum Unit*. M2 9 :12_5 204 

Grach4tr.Jo«» 6 - 9JL 7 102 3« 7 80 

I ACCUCX Uldt** , -01 5 106 7 2 80 

Ln ABrals- JoUr SI 69 9 731 -0 J 3°3 

1 .Accnm Unit* . . |73 5 7681 -01J 393 

Guardian Royal Ex. Unit Signs. Ltd. 
Ruyai Bschanfie. EC3P:<DN 01 & 8801 I 

[agiGaardhlilT'l [880 411) -0<4 445 

Henderson Administration* (aKcHgi 

Premier UT Admin Rat-leigh Rue. Halt or. 
Brentwood. Ease* 0CT?-217Z« 

VJS. FuntU 

Gap Growth l«c (420 

Cap. Growth -Vi c *16 

Income A Amei* |J. 1 

High lucerne Fuad* 

?2&assb m * 

h2Sc£S* 7TT' Pf0 

PU A M*t- to . . |26 4 

latenadoul 


t vtra 1 r r : on* 

289 

309 


Sinnll t <l 

364 

39 *1 

-0 1 

( jp.Ml Fuad 

rJl 9 

AC B.S 

-Oi 

Ir.l Ern, tAMciJ 

44 1 

«lu 

-0 1 

Pm-ale Hi iid 

343 

37 0 

-09 

Art utnhr Fund 

587 

62 B 

-0 2 

Trrhnclnq Fvnii 

54« 

580 

-C 1 

For Eu-.i Fd 

24 8 

27* 

rOJ 

Ammi-jn Fund 

238 

25 8*5 

-0 


71 -0 21 1 SB 
-o3 358 
2[ - 02 ] 627 


63 M -0 II 

-0 1 


Perpet nal Unit Trust Mngmt-V *a» 

46 Harts: . Merles or. Tiuw- lH3l2d65 l ‘- 

P I-nujli.p ■ .Hi 134 9 42 81 | 3 41 

Picradillx foil T. Mgra. Ltd.* l8Hb> 

W.irJs it- [I e **» I.i ultei v. all E 1 '- 

990 
S3* 
404 
304 
4 41 
358 
434 
1 70 
2 SO 

Practical Invest. Co. tJd.V lyHn 

4+ Blm.Rtftrun Sq Hi'U’Rv 01A3B8B3 

Prac-JraUunr-J! [1519 16121 -0?j 4 IB 

v-cum i nil* )a*a 2z7 9l -1 a *ib 

Provincial Life lnx. Co. 1-td.* 

2~ Bishop? gate K.t'7 OI.R71SU 

Prvlill- I r.il* [S3 2 89 1J —0 31 3J0 

llishfiu'cne fl!03 lU2l-09( 7*5 

pradl. Portfolio Slngn. Lid* laMbnci 

It v4 hern Rar< ECINSNH f|A05B22= 

Prudential . [123 0 130 51-0 51 455 

Qu Liter Management Co. Ltd.* 

The SI I. Ext-bange. E<2N 1HP fil-«0041~ 

Quadrant Gen F<t 1107 3 110 7] I 4.60 

Quadrant lnruoje [127 7 13171 7 9L 

Reliance Unit Mffrs. Ltd.* 

Re(i--.n-c U-e Tun bn tee U’elt-. K:. 0802 22277 
Opp.-riunie.Fd. 165 4 6991 . I 5 38 

setourdeT ..Are. 1317 44 61 I 5 75 

SeldnrdeT In. |*0 6 43 4)-0l| 5 76 

Ridgefield Muiagement Ltd. 

38-40. Kennedy Si.. Wanchtr»lcr 0*1 238 MCI 
Ridgefield l.ni IT 1101 0 1070a*. ] 2 62 

Ridgefield Income |930 99.0*5 . | 1049 

Rothschild Asset Management fg> 

77-80 rt+tehouM? Rd . 3}in!NI7 02S6S!**! 


25 7| 
28 7 


804 

858 


446 

196 


-Olj 

925) -1 01 an 
JSoUo d 155 
80 9[ 1 45S 


N C Equity Fund |I662 176 81 -0 91 

N IT Erua-Ftci-TiL llO 0 117 oJ -1-6 

N>‘ income Fund }M4 6 153M-04 

?; -.nil Fd -lip, «1 0 96B -1 2 

M 1 . Inti Fd I An .91.0 9b 8) -J — 

N v* Snllr Ceps Fd 152 « 162.21 -0 6) 


3 06 
2 SI 
694 
174 
174 
460 


33 7 

36 01 

-1.0 

34 0 

4lfl 

-0 2 

723 

77 3) 

-0J 

401 

42 S 

-06 

1284 

umJ 


323 

551) 

-0 6 


188 

507 

350 

133 

231 

151 


n 1-038 8011 


Ho Hecoivry 



953 - 0.4 5 75 

1200 -0 8 5.15 

542 -06 155 

MB -03 A93 
732 -0*1 493 


Do. Triune* Pund (lllO 
tio. Wlduidc TruntpO 1 
B'Utln.FdifH Tfii 4 
Do Accum . . |70 J 

Raring Brothers ft Co. Ltd.* uxxi 

BB.LcidcuhaJISt, EC.3 01-5882830 

Stratton T>t (1494 17*4) -0.6) 433 

DoAreum 1210 0 219 3 - 

Next »ub day July 5 

Bishops gate Progressive R&gmt. Co.* 
8. BL'hopsvate. RCi 01-^886280 

B'gatePr ~June 20.D84.4 196.4s* .) 3 6* 

Acc. Ulf **June20-E9 4 233 « ...| 3.4* 

B'gatelat. June 13..hk01 191 fl 124 

(Aceumi June 13_|19B8 2U5| 124 

Next pub d*y vlunc 27 —July 4 

Bridge Fund ManagersViaMcl 
King William St . ETsROAR OIAU48SI 


echo*——-— 186 4 

InterpadonaJ [129 

WrWWldeJui-flfi J7S6 

Overate* Fomb 

AastraUn ■ • 

European — 

FarlUst, 

North Amer - . 

NJUTvOres-inoca 

CabotAmcrShi i o 


45Be«*Sl-Ersi-21,\ 
tbJBritiiJi'rroo 
igilntl Trod 
1 ci DoUarTrur-i 

ihiCipitaJ'^rod 

ibi KuuuielalTru'-L 

ibl Income Tru M 

iEiSraRv'. 

Intel.* t«Hgi 

IVOiriSWpher iireei F. 2 n 1.347 754.1 

Iruef. lnv. Fund |8S 5 9 231 - 0 H 655 

Ke>- Fuad Mauager* Ltd. langi 

25. ifilk SL ■ KC2V IUF t>14W87V7n 

Kev-Eoercj ln l-d 

Key Income Fund [77 4 
Key Pixedlnt Fd ]b0* 

KeySnaOUVsFd 195 9 ... 

Rleinwort Benson Unit Managers* 

20. Feochujch Si E>'i 01-6338000 


Rothschild ft Lowndes Mgmt. lai 

At Swlthma Lane. Ldn . EC4 014CR4356 

Neortl Exempt It 125 0 1320) 1- 554 

Pnre on June IS Next dealing July 1 ■ 

Rowan Unit Trust MngL LUL*Cai 

I'ltv Gate lire . Finsbury Sq ,E>r£ 01 AOS IMS 



American June 15 
Securities June 31. 
High lid June 15 
■ Accum UnlL'i 
Merlin June 21 
1 tecum. L’nitsi 


S ID 
M.fl 
532 
751 


74 0j 
177 0 
559 

833 *2.13 
1017) 


097 
4 20 
768 
7.68 

3 80 

J 20 


76 7 

82 6 

-Of 

348 

i7l 

71* 

-05 

428 

1S3 0 

1*2 2 


613 

774 

82 3b 

-0 2 

AJ4 

b04 

*4J 


12 20 

r9S 9 

1020 

-0 3] 

*18 


Ell 


336 

407 

201 


558) -0J) 7 45 




S 54 
405 


K.B. Unit Fd. lnr 
6KB. t*oltFd..\c 
KB.Fd.Im Tbt 


[84 9 

1 IO 6 O 

55J 


7TJ 

115. 

59 


I- 


5.09 

5.09 

447 


American It lien } 
Income- 
CaplUil Inc T _ 

DO. Arc t . 

Exemptr 
Interntl tact. . 
Do. Are ♦ 


06 6 2801 135 

S>5 5*9 *52 

35 9 38 2 -07 3 21 

,39 6 427 -0 7 in 

13*0 144 0 55* 

1145 176 -0 3 345 

111 193 -04) 351 


n 01 a ,* L * c UB,t Trost Management Ltd.* 
81 43S The Stock Eehan*,-e Err; 1HP DI-SG8 =800 
LAC Inc Fd . . [137 3 141*1 ,| 7 .61 

LfcCtnUBChmFd 199 2 102 Sj .) 217 

LawsdD Secs. Ltd. Vixhc) 

BS George S> . Kdmburcn FTWilC iiai.KMaaM 

*Raw Material* . 

[h Accum Urjls ■ 

•Crmrth Fond. 
riemaiwlu>. 
riGitt and Warrant 
i.VmeneaaFd 
iiAceoaiL'wiai . 

-High YieW 
■••Accum Cnl:*i 

Deal JtMon •Tues ttWed iTimrs "Fti 

Legal ft' General Tyndall Fund* 

18. Catenae Road Bn-,iol OCTTIXStl 

Du June 14 . [571 612| | 5% 

5.26 


[42 8 

186 3 

1996 

[76* 


46Q-0J) *84 


329 

0.77 

1.22 


92 71 -01 

07ffl -0 5j 

BZ.ll -1 9 

175 A ‘ 810| -ON 
1*92 7i« -O.4J 

(719 77 3q -15| 


398 

4351 


625 

«47 

486 


*23 

555 

*05 


325 

612 

*6 7 


325 

37 2 

407 


LBS 

240 

26 6 

-oz 

050 

250 

776 

-02 

050 

802 

Sl? 


uoo 

67 6 

72 6 


UD0 




-Oil 


414 

178 

310 


228 

75b 


388 

7S9 

442 

188 

*93 


Dealing *Tue» 1V<ed IThur- Prices June ,A<-rum L'nl'%- (724 7b*f 

Od'ZI 22 Next sub da v July 12 


Britannia Trust Management lai igl 

3 London Wall Buildings. London Wall. 


london EC2M SQL 


Assets. 

Capital Acc 
Comm bind . 

Commodity 

Domorfc . „. 
Gaoni 
Extra income 

Far East 

Financial See* 

Cold & General 
Growth. — .. 

Inc. A- Growth ... 

Inti Growth— 
Im-ejLTrt.Sbare. 

Mineral*- 

NaL High Inc. . . 

NewUflie -434.7 

North American .. (295 
Professional 
Property Shares 
Shield - 

Status Change. 

folv Energy .. 


170 4 
B]4 

[Hi 

3*5 

I 113.7 

092 

209 

621 

-M95 

M.O 

fil.* 

S 7 

B7.1 

fni ■ 


CM 78-0479 Leo Diet— 


Leonine Administration Ltd. 

2 Duke St. London W1M&JP 0I+ASS991 


0.3 


59 6) -O.h 


CJ4 


39.6rtt -03\ 


te s 
dBS 


119.7] 

66. Bm 
96 23 
8LM 

67 3 

52.3 
39* 
84 4 
37 A 

512.9M 

1451 

405 

SI 


-0.7| 

-0-’ 


-01 


-04, 

:8I 

- 0 . 7 . 

+35) 

-O 

- 0 ^ 

- 0.4 

+L2i 

-0.6) 

=05) 


(Si 


Sf^rgfl 


506 

462 


01-823 1288 
4*0 


The British Life Office Ltd* <ai 
Reliance Hse.. Tunbridge Wells. Kl 0802 22Z71 
BLBnrlsh Life .149.0 51 M -0.1 

BL Balanced* . .».I 49J 

BLDl>-idtnd* . M2 4 45<( 

■Prices June 21 Next dealing June 28 


1.21 5 71 
1 5 61 
910 


Ud.* 

01-0008620 
229 91 ....( 4.75 
28* 4| „..| 


4 75 




Brown Shipley ft Co. 

Mngro. Founder* Ct . EU2 
BS Units JuDe 30 1213 8 

Do. 1 Are 1 June 20 12*** 

Ocetaie Trusts lot 1x1 
Financial . .p*3 
General .. ._ . 

Growth Accum 
Growth Income. 

HJjsi income. 

Index , 

Ov»nt*> [19 * 

Performance. . 

Recovery . 

Etrapt June IS 
Canada Life Unit Tst. Mngrs. Lid.* 
2-0 High Si . Potter* Bar. Herts P Bar?! 122 

Can Gen nut .137* 39.U -0.3] 4 40 

IM. Gdl Accum W5.4 48.0T -041 440 

Do. Inh DlSI - 328 J4 U -0 y 7 a* 

Do Inc . <ccum. >0.9 45 2| -OB 7 84 

Capel I James) ftfngt- Lid.* 

IDOOIdBnxiriSI SITNIBC hi -588 30 JO 

Capital V03 «n | *45 

lucerne -. 178 7 83* I 728 

Price* on June 21 Next rlealinc July- S 

Cariiol Unit Fd. Mgra. Ltd.* lalici 

Mllburn Hou*« Newcaatle-upon-iyne 21165 


Leo Accum.. — , . 

Lloyds Bk- Unit Tst- Mngrs. Ltd.* lai 

Begum's Dept. Gor1ng-by-Se». 

WMthlag, West Sussex 

First iBMncJ.i 148 8 52 4 .. . .. 

Do. 1 Accum 1 *7 2 72 2 -0 4 4*0 

Second (Cap 1 .517 555a -05 310 
Del Accum.. iSO *9.1 -0* 3.10 

Third (liwnc 1 - 80 4 8*4 -0.5 63* 

Do 1 Accum. . ,.119 0 118 2 -0 8 *34 

Fourth rgxlnc > ... 57 8 *2.1 c -0.4 817 

l*MAec«pO |*5 9 70H-0*I 017 

Lloyd * Life Unit Tst. Mngr*. Ud. 

7240. natmeuoc Rd.; Ayteybuo «BM*04 1 

Equity Acrany - P530 l*l« -*3| *17 
M ft G Group* ivxchzi 

Throe Quajv. Tram Bill. »J3B BBQ nucd 4MS 
See alto Jttoch Rvchaage Deni 1 net 
American., .. .-. 50B "" " 

1 Accum L'nllsi-. - QJ 
Aa-4rj1nsian_ .... 542 
1 Accum Units) . . SJ 
Commodity 7* 7 

-lAreum l mil'... . *2 A 
Compound Growth. 106.1 
Conversion Growl h)*A2 
Convervlon Inc . . 

Dividend . — .. 
t.lo-um nittl . . 

Europe.«n. . .. 

(Accum. Imilxt 

Extra Yield .. 
t .Scrum Cniivi, . 

FarEaslern. „ , 

(Accum Units; 

Fund m l av. T«s, , B 1 

■ Accum U nittl ., 76.0 
General . 1^.2 

■ Accum l'nllsi 2^3 

f(iB* Income 100 0 

1 Acnjin I'niWl 1684 

Japan Income.'— ,154* 

■ Accum t.'nitt* 15*0 

Uacnum . — . 207.7 
■Aci-uni I'r.ilM. , 259 0 

Midland . .105* 

1 Air urn Vnilrt . ZS9.8 

Rei every BL5 

(Are urn Vnusl — S2A 

.1UJI 
2555 
. ULS 
.203 2 


M.O 

mi 

4 ? 9 
na 

U2I 

57.1 

»* 


541 -05 
5SJ -0 4 
57 7 -oa 
5B7 -0d 
H7 -o.d 
88.0 -0.4) 

1141 -0 91 
683 -03 

12424 -IS 
Z3U -1* 
52 4 -fl.1 
531 

893 -05 
119.4 -O.H 
60 0 -0 6 
*6 7 -0 * 
6* Is -0 3 
817 -03 
1814 -16 
2770 -2.4 
206.Jal -0 7l 


1793 
164.64 
1*61 
222 2 

2771 
180.6 
2991 

86.1 

■78 

1825a 

2772 
17Z0 
216 4 


-U 


-0 3 
-i.g 

-0 3 
-0 3) 
-Oh 
- 0 ,« 

: i! 

-dV 


1.74 

1.74 

187 

187 

433 

433 

376 

3.09 

856 

801 

ft» 

34* 

34* 

840 

8.40 

208 

208 

*49 

449 

IS 

834 

85* 

113 

1.13 

390 

390 

675 

*75 

450 
450 
535 
535 
418 
418 


11*31 
276 2 


15:4 

2941 


.110 0 . 

1146.3 140 S| 

U81.2 184. H 


-101 

-ici 


Sil 


at- J 


3.92 

392 

833 

>33 


Carl Iol 1*9.6 

Do Accum Unit* . [83 4 
Do High Yield -.1417 
Do Accum. Units (519 

Next dcollns date June 2a 

Charities Official Invest. Fd* 

77 London Wall. EC2N 1DB 01-588 1813 

Income May 14 (135 2 — I . I 660 

Accum. May 16 -.(2565 - I ( - 

tCnauth. Only available In Reg Charitiei 

Charterhouse Japbet* 

I . Patemo«er Rtwr. KI 


Soremd Gen 
<4ci-uni InirMi 
Special . - 

■ Arcum l nil'i 
Specialised Fuads 
Trustee . 

I Accum (, Alibi 

Chant«nd J uoc 20 
r-hsrlfd Iunc20. . 

■ Accum Units 1 . .. , 

PtilvEx June 10 ~ D35 J 1433. 

Manulife Management Ltd. 

St. Uaoree' 1 Way. Stevenaye. 

Growth Um*< • — [518 ' 54 5) 

Mayflower Management Co. Ltd. 

UUB Gresham ftrBCSVTAt' M&XSHXrO Target Growth 

Inremc June 3). — 1107 7 11341 [ 013 

General June 20. MJ 735l ( 5.33 

Mercury Fund Managers Ud. 


653 

653 

1054 

7.84 

784 

587 


Royal Tst. Can. Fd. Mgrs. Lid. 

54.JermvnStreei.SV.' I ftl.G&SGrC 

Capital K-J |*9* 7351 j 3 55 

Jlv-ome Fd . .1719 7581 I 7 43 

Price- ,11 Ma> 15 Nest dealing June no. 

Save ft Prosper Group 

4 Great St Helen'* Lnr.dor. h*‘73P SEP 
6»-T:i Queen St Edinburgh FJt! 4JCX 
Pc.. line. l» 01 554 8888 nr 0B1Q88 7351 
Save ft Prosper Securities Ltd.* 
IniernaiiADal Fund' 

*. apt Bit |3*3- S90ri~0 

itu . . W3 ra - 

Umv Growth 1*6* 71b) 

Incrtumg Incemr Fund 
HiRli-Ylcld [519 

High luromr Funds 
High Return .[65 0 70 

Income . — (41 7 44 

U.fc. Fond* 

UKEqtiily 
O w rir n Fuadwn 
Europe 

Japan- — - 

L S 

Sector Fond* 

Commodity 
Energy 

Financial Secy 
nigb-Minimum Fumh 

Select Internal _ 12561 , 

Select Income |52 1 5* 9[ 

Scotbits Securities Ltd.* 

Scot bib (38 7 41 M - 

Scrrtyicld , . K8 9 52 5J 

ScvUtlim . p*3 MS<g 

.Scot. Ex. Glb'0 (244 5 2! 

Scot Ex Yld ** . |l*7 2 1751 . 

Price' al June 14 Nc*l 11b da' June 24 

Schlesinger Trust Mngrs. Ltd. faitzj 
( Incorporating Tndcni Tru.-1-c 
1*n. South Street. Dorking •'MW' W44 1 

Am. Exempt. 

Am *Jrouth 
Exempt High Yld 
Exempt Ufct. L.Jr» 

Extra Inc Tsi 
Income PixL 
Inc 10*. Wdral „ 
mint. Growth 
lnv Tsi Unit,* . . 

Market Leader* 

•Ml Yield 
reel, it Gilt Tnui 
IWpeily Shar*-. 

Special SU T«. . 

L.K. Grth A. rum 
f.K Grth Dls» 

J. Henry Schroder Wagg ft Co. Ltd.* 
lai Clurapsidc. EC2 01 2403434 

Capital Jane 3> . 1022 105 9.4 2 37 

1 Accum 1 7 12*1 , 2JT7 

income June fo . 1B2J 1»9« .. 71* 

. \reumt nlLs., _. 270.9 290 7 . . 716 

General June 1 4 84 4 87 9 355 

i.\e-um l' inis-' 104 0 1035 . 353 

Europe June 13 51 1 J3.0 2 21 

■Accum. I mliG &»4 3*5 ... 2 17 

■fenfc'-'hnrFdJ r2D 1»*7 17LI 4 44 

■SrecJEx JurwT 2<31 250.1 373 

- Recovery June 7 1395 W3 4 97 

•Fnr la* «■» empl luml. only 

Scottish Equitable Fnd. Mgrs. Ltd.* 

Mb! Andrews Sq . Edmburch CBliWJhn 
Income I'nil* . W7 2 52 SJ J 5.37 

Accum Unit* [5* 1 59 6) . ] 557 

Dealing ■/.'>■ tCednosdO} 

Sebag l'nit Tst. Managers Ltd.* <a> 

PO Box SI 1. Bcklbry HW.E.C4 OI-2M5CW0 
Sehag Capitnl Fd 132 8 3451 I 3 87 

Sehj: Income Fd \302 31*J -Oil 1 27 

Security Selection Ltd. 

I A 18. LlfRiilnV. Inn Field!.. IWS 01-831 tBSO-B 
UnvlGthTMAre - IM2 25 » J 229 

UmlGUiTt* Ine fclJ 2?5«# / 239 

Stewart Unit Tst. Managers Ud. lai 
4» >*harlone Sq .Edinburgh 031-2263271 

tSievrart Amcriran Fond 
SlancLuxi Units (*78 ”4) I 1 33 

Areum I’ruts . - p3 0 
Withdrawal Unit' [5*1 
•Stewart Itrillab Capital Fund 
siandard . - 033.4 144 9[ ... I -55 

Arrum Unit* }l32j _lSi.ll . I 4J5 

Deaim; iPn ■kpl 

Sun Alliance Fund MngL Ltd. 

Min XJlianceHse . Hor*h:«zi P4WMH1 

Exp Eq.Tfi June 341/2110 2222! I *34 

VThc Family Fd. [953 10U|-0 4| 3.5* 

Target Tst. Mngrs. Ud-* laKR> 

31 tfmhamffL.ECS Deal ■ up 02065941 

Target t'ocvnodil 



W..l = 


Target Flnonriul 
IWW96I0I Target Equity -- 
I 4 21 Target Ex Ju ne 21. 
♦Do Are Unit* 
Target Gill Fund 


CJ Juternatl .. 
Accum Unit' - 
CJ Inromc 
CJ Euro. Fin 
Accum. Unit' 
CJ Fd Inv Tst 

Accum Unit 


238 

28.0 

326 

2*4 

M.6 

271 

Bib 


ni.J48W0B 
25 4 - 0 6) 155 
39.4 -0 6 1.85 

34 8 -1 0 774 

28 2 3 86 

m .03 i .2 

343-041 36* 



Price June 21 Next dealing June 28 

Cbicrtain Trust Managers Lld.*taMgl 

J 1 New SI. EUZM «TP 01-283 3532 

Amencau ..kaOJ* 25 2) -0J| 160 

High Income Wl 
Internal! onol Tsi Ktfl4J 
Basic Resrre T«t.[2»5 

Confederation Funds Mgt. Ltd.V <a> 
aochmwery Lane, WC2.A IHE 014420302 

Growth Fund . .» |*15 «36) -1 4J5 

Cosmopolitan Fund Managers. 

3a Pont Street, London KWUCPE.I 01 -2338526. 
Cosmotwlu lilh-Fri ]1T5 II 81 -0 11 4 70 

Crescent Unit Tst. Mgrs. Ltd. UMgi 
4 Melville Cte* Edinburgh 3. 031-238 4831 

Cmceal Growth . 12* I 28.71 -0.3 4.18 
Cres. Internal'L . B8 7 63.W-0 9 0 75 

Crew. Hlph. Dud. 4591 -0.2 899 

free Rcwcrres -- B9 5 42.41-0 3 4 42 

Cre* TOkyn 25 W 050 

Discretionary L'nit Fund Managers 

22. Rlomlleld St . EC2M 7 Vi, - 0l «3tl44&S 

Diac loi-ome . . . |1*25 1733) | 5 23 

E. F. Winchester Fund MngL Lid- 

Old Jewry- E»“J • 0| rtf*lM0T 

Ureal Winch+Nler - 118 0 19 61 J 624 

Gi Wmrh’et urea'POO 21*| | 4 50 

Emson ft Dudley Tst. MngmnL Lid. 

20. Arlington SI .SR I ill 4DB7.V.I 

Emson Dudley Tu. |675 72 6) .. .| 3.80 

Eduitas Secs. Ltd. taj tg) 

41 Bi'bop»galc. ET2 hi £8B28f.I 

Progressive . 1 66 1 6981 -0 61 408 

Equity ft Law Un. Tr. M.* (axhilci 
A men ham Rd . HishlVyrombe. fHW 33377 
Equity* Law . ,J*51 685) -06) 42* 

Framlingtnn Unit Mgt. Ltd. lai 

S-7. Ireland Yard. EC4B5DI I 111248 0871 


Tel O74270B42 
551 


70 9 -01 
8LB -01. 
395a -Oft 
<2 7 -O.ft 
306 -0..^ 
13.C -05f 
54.9 -0J 
. *25 -0 4 
52.9a -OW 

56.3 -0 7, 

65.3 -05 
M3 -0 4] 

1093 
J09j| 


551 

3.15 

315 

319 

319 

654 

*5* 

217 

2.17 

«J9 

039 

549 

549 


American. 
Capital Tkt.. .. 
Income Tat . 
Iol Growth Kd 
rvn Accum 


100 

365 

702 

23! 

232 


-Sa 4 . t SJ 

tt«4 110. 

0 ns 

|ll4 4 121 

Friends’ Provdt. Unit Tr. Mgrs.V 

rixham End. DoriooC BKBMSfl 

Friend* Hr»* t’ta [41 0 *3M -ft-T] 

Do Accum. . - |53 8 575) -0 21 

G.T. Unit Managers Ltd.* 

IS. Fwhury Cirrus B'SH 7DD 
C T. Can lnr 
Da Are 


439 

43* 


IJ.T IS SGW .. 

<*T. Japan 4c Geq 
etft Prn3.Ex.Fa _. 

G.T. Int'l. Fund . .. 

GT. FsurYdcKd. 

Q. ft A. Trust UHgl 
S.Rnleif* Rd- Breittweed 
G.6.A \113 


[828 

88.1] 

995 

ISSN 

1*2* 

171* 

1474 

156 .S 

2985 

314 1 

1329 

139S 

119 9 

127 U 

541 

576) 


0I-62881J1 
330 
330 
7.80 
290 
130 
40J 

_ , 200 

I 730 


(0277,227300 

33J4-JL31 4.92 


30. Gresham St , BC7P2EB. 

Mere '3en June 21 ~ “ 

Arc l l h June 21 . 

Men- lnt June 21.. 

.Vera LI* June 21. 

Merr Ext Muy25— 

Areum Cbs \pr57 

Midland Bank Group 
Unit Trust Managers Ltd-V u’ 

CouroKond H«um. Silver Street. Head 

SheHleld.SI SRD 

Commodity & Gen. .165.9 
]to \reum »o 

Growl n S7 1 

l» .Accum. ..... 19.8 

Capital. 28.6 

Do Areum 303 

Inreme . SlJ 

Dn Areum. 584 

iniernameial..-,.- 18.9 

Do Accum. 52 0 

H«>» Yield — . U3 

Do Accum .-.651 

Equity Exempt' • IBS* 

Do Accum - — 103 6 
■Price* At May Next dealtnp June 30. 
Minster Fund- Managers Ltd-' 

Minster Hx Arthur Si .E C 4 01+523 1090 

Aliiuter June 12 -.1353 371) . | 557 

Exempt Ma> 31 — -*- [90 7 947[ I 548 

ML.^ Unit Trust Mgennt. Ud, 

Old Queen Street. SWIHftlG fl? 300700 

MIJkL'niLv -1399 *191 I 429 

Mutual Unit Trust Managers* jaHgl 
I5.t'jpihall A\e,EC2B7BL' oi<0fl4»rrt 

Mutu+1 Se-- Plus-.. . 61.0 545 

Mutual Ini T*t [67.4 

Mutual B1 ui - i'Mb._W 37 
Mutual iriqhrttf..B5 7 
National and Commercial 
,il. Si a ndrew Square. EJJnburcb iOI Jttd 0t.il 
Inc-nme June IS . .,114*4 131.8) 612 

.Areum I'ntl- - -. B0O* - 2oaM 613 

1 'apt June 14 ..-026.8 1314 16* 

• Accum. 1 'nit*' ..P54B 1605) 1 3*4 

National Provident Inv. Mngrs. Lid.* 

40. lirarech'ifi I, St . IX3P3HII Illto4»« 
N PI tan L'ii T*»-.J453 481-ri I 4» 

■ Accum t'nii»>- .'B2 SB 81 4 05 

.\-pfti-<M5 7 run. 024.6 13191 l 2 60 

. Accum fnil,i-- H32.4 140^ [260 

— Prire* nn May ,25 Neat denJinc June 'JS> 
■Price- nn June 14. Next dejliut June 28 
National WcsLm'nutertfiai 
161. ITieap'ide.-ECav 6EL’ 01-008 *0«l 
t'apltal lAccum a ,1*49 *9 7«d -0 7j 

Extra Inc .. *4.4 *92 

Financial - B.l 37 7 

i.rowthln - - - 04 93 9 

Income, -35 1 37 7 

Portioliolni Fd. 67.0 7J 5a 
I'nlrcruil Fd-id'. . [605 *5.0j -* -1 . 

NEL Trust Managers Ltd.* iabg» 
Million* ourt Dc-rklns, Surrey SHU 

Nel«ar . -- [60 1 63 21-0 31 4 24 

NelsiarHiSh lnt -pO- 524 \ *04 

For New f *B tl Fund Managers Ltd. 
see RothschOd Asset Managesnmt 
Norwich Union Insurance Group ibi 
PM Hn.\4.VMwlrii NHI3N*; 09U23« 

..roupTU W 040 7 358*1 -75) 4 Ifl 

Pearl Trust Mffndgcrs Ltd. taHgffz) 
2SQHiphHolt-orn.Wt. - iv7EB 01-4050441 

Pearl Growth > d “ " 

.AccurpL'nii' - 

Penrl Inc 


[55 7 

?•£ 

*0.1 

591 

642 

-0* 

361 

3S.Bc 


M81 

SlSAn 


282 * 

292.8 


113J 

1189 

-0 8 

276 

2971 

-02 

280 

301 

-04 

305 

321 

-0.4 

312 

335 

-0 2 

1560 

1642 


792 

31* 


136 

V51 

-01 

1X8 

202 

-01 


3*9 

*30 

617 

582 

557 

303 

49S 

1M 

1*4 

3.63 

435 

8.26 

U5S 

*31 


arret I 

Do Reiav Unit, 

Tarpet Int 

Tip fe June:! 

TO Inc . 

TSI. Prrf - , 

rtqrpe Growth Fd 

Target Tst. Mgrs. 'Scotland) (aHbl 

10. Alhol t rewrni. E+Un 3 <012200821 2 

Target AB»er EaRlc|27 4 295^ -0 41 13| 

Target Thistle .B9t 42M-D4 5 92 

Evlrn Inreme Frt |58 9 63 51 -0 l| 10 IW 

Trades Union Unit Tst. Managers* 

100. Wood Street. CCS 0142s not 1 

TCUT June 1 . [50 1 534| . [5 30 

Transatlantic and Gen. Secs. Co.* 

91 S9 New London Kd Oielnuloni 0245 51651 


0l+»848(rt 
54 Ac! J 640 
7231 -0 3) 7 33 
47W-0^ 631 
S9fl-0ft 870 


Barbican June 13 
1 Accum Unit'. 1 

Rarb.Exjk.May 31 

Buctan June J5 
rAveum. Unit** 

Cole mo J une 10 . 

•Arrum. Uoilsi (3SiO 

Cum bid June 21 

• Accum Unit*, 
fflen June SO . 

■ Aecum L'mtbi . - 

Marlboro June 20. |521 

• Accum. L nitt 
vaa.Gwth. June 20| 
i.trcum Vmt»>- 
V*n1lvJoiw 13 
Vang Tec June 21 
t Areum L'nit* < - 
Wiek'r June 1* 

• Accum. L'nit." 

Wick Tit June 18 . 

IV, Areum 

Tyndall Managers Ltd. 9* 

l8.t'nn>xi4uRoad Hn*t«l. 


nbi 

80.9 


114 8 

1217 


858 

. 88.4 c 


807 

84 5* 


1000 

1260 

104 6 
1227 


1520 

1*0.1 

... 

503 

J3I 

-OR 

951 

5Ci 

-0 4 

537 

57 01 


690 

732 


521 

542 


59.5 

*18 


500 

527 


614 

*4 T 


721 

759 


<35 

45 Bid 

-1 0 

<52 

*75. 

-1 1 

*09 

64 4| 


723 

7*4 


•646 

*8 & 


74 0 

7BR 



. i5B 
558 
433 
474 
474 
578 
578 
71* 
7.1* 
530 
530 
2*6 
25* 
3 <19 
349 
8 65 
*55 
655 
526 
526 
8*9 
849 


-OS 

-0 5 

-oew 

-0 3 

-O.n 

-10 


429 

792 

529 

510 

*74 

54* 

223 


Income June 21 
.Areum. l'nit'. - 
I'ipiu,! Jun-21 

• Accum 1‘niiji 
Exempt Jurv-21 

• Accum I nil" 

Int Earn June 21 

• Areum l' nil-.- • 
Prei.JuneSI 

• \rriun I’niL-.' 

<enllt I'jpJtmeJI 
1 Vcilim 1 nu?- 
Scot lnr lunuSl 
Ijenden wall oioup 
i.'apllulCrutcth 181 A 

Dr. A --cum 
Extra I nr. r.rmrlh 
fio Actum 
Klnanrial Pr rtv 
Do Areum [18 3 

High Inc 
InieruatLoni 
Special 


[97 b 
178 4 
125 2 
(175 0 
110 b 

156 0 
S5?6 
7710 

123 2 
13*4 
1624 
1634 


102 *| 

m3 -SB 


JS3 0 
11*2 
1*4 0| 
255 3 
284 3 

104 a 

129 41 
143 d 

170 ft 

171 a 


•rj72«241 
-22 1 


-I 41 

I 

-0? 


rum 1 18 3 

ic Pnont>-. |61 1 
lUonal |31 2 

I SiU [32 I 


87 V -0 41 
89.3 -0.4 
40 a -0 , 

19 3 -0 2^ 

*5 bin -02 

335] -0< 

33 d -0 li 


830 
4ffl 
783 
515 
ft 85 
S’59 
■ 85 
5 93 
988 
534 

794 

2*2 

513 


TSB Unit Trusts i>J 
2I.QUMP Va ' InJnitT Hrtnl- HSIfflia 
lie^lmS- to U2S4 63432-1 
•bfTSB Denoral |*4 5 «7 6[-0? 3 B* 

■ b'lXJ Art-qiri nJ 603 -0 2 . 3.86 

■ In TSB Income [57 4 61 7d -fl * 750 

• bi Dn ACCUm [604 *4? -0 3 7 50 

TSBScv-ttirii [82 8 08 2 -OS 2B4 

•b-Mo Areum . iW 7 9*«| -0* 28* 

Ulster Bank¥ «• 

W,ir ui 1! Street. Belti-t 

• Kif'l'ter < .'tfinil [36 J 



fe.rlUbnT«i — 6*4 

•Areurt Unitt 1 |4A4 „ d-u-i 

Pelican Units Admin. Ltd. ifiNri 

Fl fnunlaroSt- MAttflmtaj [Bl iJf <«5 

FelicaaUBtU 1*17 87 5[ -O.bJ S.17 


H2t! J-CII 
5Q0f -a*| 5« 
Unit Trust Account ft Mgmt. Ud. 

Kmc William Si El ISSAR 

Friar* Hve Fund 11530 
WielerGrth. Kr,ri C9 3 
Tin Ai-xum [34 0 

■Wieler Rrowth Fund 
hmE^illiamSI ECJBCvR 

Inromc 1,'nil. ... |7I 5 

ACCU8L U Bltt [343 



ui«:i4tei 

luoi 

,.| 4 19 

sow 


35 a 

1 <3* 


0JJC34951 

31 1| 

I 4 3J 

36.0] 

1 4.33 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbuthnot Srcurilio if.l.i l-l«dtrd 
PU Brx284 ei Helier 'i-reci 0531721“ 
i'jp M ilHTir-.- jU6 0 120 0) ....I * i7 

N'-.l ileal: nr da:r i u [v 4. 
E-v.Alnin ■ I.I- IU80 125 B 1 1 J°° 

7w»* tii*. }-.:,r 22. 

Australian Selection Fund SV 

Marfxc i.ipphr-.UhUip- .• (. Irsn Ynung *i 
lutiiu-a.le. 127. Kent Si.. s.Uuev 
t;S51 SI JTcs I 5L‘M 54 I .. 4 — 
Vet .V tr: Vdtat- J-me 1ft 

Bank of America International S.A. 
3ft Boulevard RovnI Lu\ix.6nirt O ^ 
Wldimc't Ir.cnnii- IK'<Ult! 1E*I -I **5 
Wcr« al June In NV-.l «•.!.. d» v June 21 

Bnk. of Udn. ft S. America Ltd. 

40-88. Qiiven l ir'..r:u 4j 01-0302313 

.Alexander Fu-id is: .-o 96 .. 1—0 RZ) — 

•aim? lunc al 

Basque Bruxelles Lambert 

A Rui- Do lu ItaGort.-r b I 'mo Bruoxels 
Hen la Fund LK II 86* 1 9Z2] -W 7 32 

Barclays Unicorn lnt. (Cb. Is.> Ltd. 

J Charing Cro<ut f' ltd cr Jrx» 0534 73741 
Overseas Ir.romr |48 7 51 3i J 13 05 

I'nidnllar Tru'l llV'UJ! IUH-0 12l 420* 
I'nilnnd TruM [p/Tjen U9D1 . 1 800 

-Sub itci >n lee and u-ihholdmg taxes 
Barclays Unicorn Int. i{. O. Mu) Ltd. 
1 ThomarSL. DnuRla-.. I o M 1)82*4856 

Ur.: com Aurt. Eti SSI 59 X J SJ 

Do Ausl Mia 33 3 35.94 - - 1 70 

Do lir.r Pacific . . *2 2 66 9) . . — _ 

Do Inl f Income- 38 S 4141... B5B 

Do 1. of Man T»l 45 9 49 « . . _ 830 

Do Manx Mutual 26 1 2B.ll -0 - 1™ 

Bishops gate Commodity Ser. Ltd. 

P O Box *2 Doug la.- 1 .3 M 0624-23P1 1 

ARMAC ‘June 5 Ji bb >Za&) . •■[ — 

U.AXRHO-JuneS H1S5 1225) 

COl'NTMuneS IC2512 26651 [197 

Qr.cinaDi- i-'ue-J a: -Slo and '•E1.00. 

Bridge Mauagement Ltd. 

F r 1 Bui 508. Grand ijtoun, v'ayraan 1$. 

V has hi June 2 | '.15 338 I - I — 

G.PO Box 5P0. Ronr KonC . 

NiPponFd June2I ISVJDM 17B]-‘057| 0 70 
Eit-.sinrlf Split.. 

Britannia Tst, Mngmu (CD Ltd. 


30 Bath Si $1 Holier. Jcrte- 


0S34 73114 


400 
1.00 
1 50 

i.oa 

12 00 


90 


ftrrllot Desaml oated Fd*. 

Grou-th [n‘CiI [33 0 35.7 

tntnl Fd . - 80 2 86.7 

Jersey Eaercv Ti! 131 6 147 7 

Univxl S T«J Slg £2 21 2J3 

High IntSilf T«1 UO 97 151 

L'JS. Dollar DeoMalaatrd Fdj. 

Unit id. S Tst «rsS2» S<fl . . . 

Int-High Ir.l Tst. [{i'S047 1 011 I 

Value tune 16 Nev: dealing June 28 
Brown Shipley Tst. Co. (Jersey 1 Ltd. 
PD Bor 583 Si llclir: Jersey. 0334 74.. ■ 
Sterling Rond Fd !£10 07 10021 | 12M 

Butterfield Management Co. Lid. 

PO Bax IBS Hamilton Bermuda. 

Buttress Equllv 1236 2.441 I 1 M 

ButrreM Incomt . [197 2MI 1 S85 

Price' at Mac 1* rti-n •. u b day July 10. 

Capital InternationaJ S.A. 

37 rue Noire -tiaice Lu+emboun;. 

Capital fnt Fand I SCSI 7 30 ) ) — 

Charterhouse Japhet 

I.PKmiOMCr Row. E04 01 248 3BW 


King & ShsxsDn Mgrs. ' 

I ClumnqCrow. SI Heller. Jew 73741 
Halle;- H«r. st Pe:er Port fims- <0M1' SJTJR 
1 Thoma* SI reel. Pouglas, LO M OSZJj^n 

Oiliruad.JeKC}- 91* 019! ; J2.W 

G1I1 Tru*; il o It- 11027 105 3u* . jJ2W 
Gilt Fnd. Guero5ev|93b 9 10I--3 Ml 12 09 

lull Govt. Sec*. TM. 

Kir*: SI trims '18 57 18 63 .. — 1 

Fir--lr.lJ. [18516 19619'.. .1 — j 

Kleir.uon Benson Limited 
J0 FvnrhurehS: >.>7i 01 623 STOP 

Eurinie*-, Lux F J 1.064 j -5 3J9 

•'.ii. riw-.-li:.. 163 9 67 7! 4.10 

Oi. Aecvm i70 9 83 6 . 4 10 

KBFarKasiFd. 51 -.911 55 1 .. 1 2X 

KBlnU Fund 51S1171 I . . 196 

KH lar-an Fund SCSJ2 57 0 77 

KB 1= S Girth Fd 51' 511 9* 075 

N.anxt Bcrmu.t.1 lirsaa. - -001 187 

-Cm tend- DM. Ilg 60 19 6fl|-3I0 8 67 

‘KB act as Lo.xda.x paring scenD r>nl : . 

Lloyds Bk. iC.1.1 U/T Mgrs. 

PC' Bu' I9S. Si. Heller. Jersey 0534 27581 

LJomIjT*: O '-ca* ..158 4 614) 1 1.24 

Vcxt deallnj dale July 17 

Lloyds international Mgmnt. S.A. 

7 Rue du Rhone. PO Box I70. 1211 Geneva 11 
Un.-d'Int-Grou-ih.l’FHUa KS«[-I0 0- 260 
Ueydfc lnt. Income. |5FJT] S3 >16S0)+O50[ 6 30 

M ft G Group 

Throe Qua;.-*. Ta»er Hill EC3R SBQ 01 -STS 45WI 
Atlantic June2£l. .[SI-S2C2 31 

Auel Ex. June 21 . SVS22* 

Grid Ev. June 2 J 5t>»29 

Island. - .. . [126 3 134 4)- 55 

1 Accum Units- ..,11786 19001- 55 

Samuel Montagu Ldn. Agfa. 

) I*. Old Broad Sl~E.CZ 
Aiwllo Fd. June 14 .1SF»# 43 
Janfesl June I5-. IsRaUD 
lJ7Grp Mav3I - BIHI93 
117 Jcr>e«Mav3l [1506 
1 17Jr>v"»ajunc7 . iCULSS 

Murray. Johnstone tlnv. Adviser) 

163. Hnpe SI . Glasgow. C2. 041 221 SSU 

-Hope SI. Fd 1 SVS33 *3 | I - 

■Murray Fund I SVS1J.37 ..1 — 

•NAf Mar IS 

Negit S.A. 

Iha Boulerard Rm-il Luxembourg 

VAV luoe 16 I SUS10 *4 *. t — ■ 

Negit Ltd. 

Bank ot Bermuda Rides. Hamilton. Brads. 
NAVJuneB [£533 — I. [ — 

Pboenl.t Internationa) 

TO Bos 77. FI. Peter Fort. Guern'-ev. 
loier Dollar Fund [52 37 2 56) l — 

Properly Growth Overseas Ltd. 

28frvii Tciu-n.GIhraftor .Gib'ffiOS 

r S. Dollar Fund . | SL SB5 89 [ [ — 

Merlini; Fund I £123.77 I I — 

Quest Fund Mngmnt. ^Jersey) Ltd. 

pn Rax I9J. 5( Helier.Jerref . 0504 XWl 

Cues: SlIcFvdlr.U £ [ . I — 

uuc.'i Inti Serf | SL‘? ] . — 

Quest Inl I Bd . ! SI'S I . | — 

Price" al next dealing 

Richmond Life Ass. Ltd. 

4B Athol Street. Douglas I O.M 0824 2301* 



Adlropa 
Ad) verba , . 
Fondak 
Fandis . 
Emperor Fund 
HIXpSTlP 


32JCi 


S3W-B2W 


nn 


\r. ««' 


-0 1C[ 


— 0J?ol 


22.901—0 S) 

30? 


549 

514 

5.42 

568 


2 BO 


,1 - 


Fidelity Am As* . 
Fidelity lnt Fluid 
Fidelity Par Fd... 
Fidel il> A rid Fd 


IPI31 13 

DKflP ■» 

nisiia 
K.m 73 
si5:n 

Clive Investment* ( Jersey ) Ltd. 

PO But 320. Si Helicr. .terser 0534 37361 
Clive GiU Fd -r I . .110 05 10.871 -OUR 11.00 
Clue Cil: Kd. iJm- • [10 03 10351+0 031 11.00 

Cornhill Ins. fGuernsey) Ltd. 

P O Box 157 Si. Peer Port. GuerrtM" 

Int hi Man Fd . !2&B 0 183 0) • . | — 

Delta Group 

FO Box JD12. \a.'‘Su Bahamas 
Delta Int- June 13 [5X35 1.9<J[ 

Deutscher investmeni-Tnist 
Po*tfach 2885 Biehcrra-.>e (t-lDSOOO Frankfurt. 
Con centra >IW01U » MI-0131 - 

Inl Rnicninmlp fl’Mb® 31 7150[ I — 

Dreyfus intercontinental Inv. Fd. 
PO Bov N.1712. Sa.',-iu Bahama.'. 

NAVJuno * .HlflSH 15 SI I - 

Emson ft Dudley TsLMgt.Jrsy.Ltd. 
F.O Bo* 73. Si Hclser. Jersey. 053420501 

LD.IC.T 1120 0 127 51-0 91 3.00 

F. ft C. Mgroi, Lid. Inv. Adviser* 

■ 2. Laurence rouotnct Hill. DC4R »BA 
01623 4680 

Cent Fd June N I SUS5.58 I I - 
Fidelity Mg rat. & Res. (Bda-i ud. 

P.0 Box 670. Harm turn. Bermuda 

5VS25.49 [-3 

SrS2202 
SUS46.37 

S1 : S14J5 |- Bill - 
Fidelity Mgmt. Research (Jersey) Ltd. 
Wnierloo lire. Don Si. SL Holier. Jersey. 

0534 27561 

Senex A ilntnl • . [ £3 90 I.I — 

Sterte' BiPwrifiC' . I £| 05 1 | — 

Son*-* D 1 Am 441- >1 O* **ri l-0.Bi| — ■ 

Finst Viking Commodity Trusts 
8. Sl 1 reorje * S l. D ouglas loM 

LifSI 4SU Ldn .*#*. Dunbar 1 Co Ltd.. 

53 P»iJ Mall, london SW173JH 01-3307657 
F-I.Vilt Cm T«. [37 7 J9 7j [ 2 20 

F-JVIc QlvOpTkl [74 0 79 0*0 -J0| 170 

Firming Japan Fund S.A. 

37. nn- Noire Dame. Lux cm *nur c 
rime Junt-ri . [ srsM« 1-3 sil — 

Free World Fund Ltd. 

HllllerflHd Bid*. Hamiltcn. Fertm-io 
N.WMav.tl ... | SUS17925 I I — 

G. T. Management Lid. 

Park Hro. 18 Finsbury -Cin-u^ london ECZ 
TpI 01B28 B131. TLX: BB61«i 
london Agents for. 

.Anchor B L'nilx. [STMM 0 95 173 

Anchor Gill Edge £9.82 9 88-O0B 12 85 

Anchor InL Fd SL54J3 . . 1.76 

•Apenur la Jsy. Tal . 2* J. 27 9 , 2.80 

BerrvPac Fd .. . 5US43 68 .... 092 

Berr' Pac Strig .264.00 276 6* . 1.12 

r. T:\ataFd . .. HOTS7 9 03 . 171 

G T An:a sterling. EU 49 1446 . 144 

G T. Bend Fund 5VS12 77 - 0 09 4 99 

li T. Dollar Fd -. SHo7 7* 4J9 

• irPaeiRcKW . . SCS13 3S 1-9 31 1.1* 

G art more Invest. Ltd. Ldn. Agls. 

2. Si Mar A V*. London. EO *1-2633531 

Gut more Fund Magi. I Far Easli Ltd. 

J503 Hutch I ’on Hie. 10 lUrcoue. Bd HJvopr 

HKftraeCTM [imauj jjt i 

Japan Fd ... R'SUffi 1 4S } OH 

N .Vxrencan Tst llUSlUf lIJl' -4r , [ 15 

Inti Bond Fund .iKOlIt ISSOdt I STB 

Gartnore Jnvmnnrnt Magi. Ud. 
r 0 Br/x 22. HoUgU'. loM, (<824 felt 

Gartmore IntL Inc \7X 4 22 Bl j 10.90 

Gartworclnri GribJ*5J M3l I 4 0 

Hambro Pacific Fund Mgmt. Ltd. 

2110. •.-'Onnaughi Centre. Hone Kang 

Far Easi June2l .I1Z22. 12691 I — * 

lapan Fund - |SL*S7a TU) . .1 — 

Harabrns (Guernsey) Lid./ 

Hambro Fund Mgrs. {C.l.t Lid. 

V O Box 86. Guernsev 048 1 2852 1 

Cl. Fund . . .-{1400 1491) -29) 370 

!r.tnl Bond rt.isruj5.0J 103 jS 8 50 

iRLBqvilr 51810.84 11 IK 250 

lm tags -V srsjl 0! 105! 350 

lnt S'gi "B‘ SVSlun 1221 2 50 

Price* nn June 21 Next dealinr .-unt- 28 
Henderson Baring Fund Mgrs. Lad. 
PO Box f«'4T23. Nama. Bahama' 

Japan Fd . llU517n II5H ! — 

Pnce* en June 14 Next dealing 041“ 7i. 

Hiil -Samuel ft Co. (Guernsey! Ui 
B LoFcbi re St. Peier Port Gucni'e*- C I 
Gucrn«eyT*i ., [2469 157 21 -2 21 JH 

Hill Samuel Overseas Fund S.A. 

37. flue Notre- Dame Luaerat>an:i: 

151887 19 621 - C 151 - 

International Pacific lav. Mngt. Ltd. 
PO Box R2.V. fd Pui Si. Sjdnt-r. Aust 
Jarelln Fqult'-1>i [5A2.U 2 22) : — 

J.E.T. Managers 1 Jersey 1 Lid. 

Ft* Bax. 11K. Rayal-Tu Hte . "je.-*e»<JS34 27441 
JcnevEstml Ta. I163D 173 01 I — 

A.- Jt Mjv 31 Nexi tub djv June 30 

Jardine Fleming ft Co. Ltd. 

4Qh Floor. Connanghl Centre. Hen; XenC 


■ x*rbeSUterTnisL 
Richmond Bond 0" 
Do PJallnumBcl 
Do Gold Bd . 

Do Em 07.02 Bd 


113.0! 


I11D 3 

1733 lV20r. -OJ 

127 0 133.7 -2.D 

106 7 112 3 -0J 

1*9 3 1782 -OJ 


—1.4! 

13.84 


1146 


Rothschild Asset Management <C.I.) 
P 0 Box 58. SL JuJjflnt CJ Gueraftcr. 0481 26331 
OCEq.Fr Mav30 
O.C IneJ^d June I 
O.CJntl Fd - . 

O.C SmCaPdMy3]_|: 

O C. Commodity 

OC Dir Comdiy.t ...I: . 

-Price on June 1A Next dealing June 30 - 

r Price.'- on June 21 Next deallar July 7. 

Royal Trast iCl) Fd. MgL Ltd. 

PO Box 104.Ko>4f Tfc! H>e . Jersey . 055427441 
RT Int’l Fd — . |StS9JS 97*1. I 300 

RT int'l Ijn iFd [94 98 1 3 21 

Price.' al June 15 N‘e\l dcotjnc July 14 


552 

58 T 


2.77 

1471 

155. W 


751 

5135 

1.43] 


123. 

1(6.3 

155 6 


3.Z5 

134.6 

142.6 


4 52 

S26 1J 

27.77| 

+'fl 57 1 

0 72 


Fd _ . ISCSI] 

•Jn iFd [94 
41 June 15 Nc 

Save ft Prosper International 


7'<*.-il!n6 lo 

.17 Broad Si *1 Heiier Jrrec- 

1.1 Do liar-den amine led Fuads 




DirFxd1ni'*iun21 JJil 
lr.ienw' Ur’S .704 
FArEti?U-m1 
North .American'; 
Scpro**i . 


41 49 
374 
14 04 


9 75<4-0 01 
7 62 
44.B6 
4 10 

15 34+001 


SterllnK-drnomlnMrd Funds 
Channel faplul*. £34.1 246 51 +fl.lj 


718 


3 62 
510 


144.5 • 151. 

134.6 13L2] . . 

112 9 119.41 [ 11 64 

-June IS. 


Channel Island** 

•."nrr.mod June I 

St Fixed June I 

Pnce; nn ‘June 19 ’-liinc 14 
jWueUy Dealing* 

Schleaiuger International Mngt. Ltd. 

41. LaMottcSL.St Heller. Jersey 0634 73.W. 


S A.1.L 
SA_0 L . 

GlUFd 

ImJ.Fd.Jersev, 

Inml Kd Lxmbrs 
■FarEas; Fund. , ... 

■Next sub dav June 28 

Schroder Life Gronp 

Enlerpme He ire. Porttmouih. 


80 

85 

-l 

0 85 

a w 


224 

22* 

o' 

104 

109 

510.54 

1105 

-0 05 

95 

ieo 



L53 

5.00 

12.17 

337 

300 


0705 27733 


International Fund*. 


r Equity 
SEqulD 
1 Fixed lme-eM 
SFixcd tmeresL 
LMana^ed 
SManared 


114 5 
1254 
136 B 
105.0 
1308 
1 150 


1271 
133 « 
145^ 
111* 
1391 
1223 


J. Henry Schroder Wagg ft Co. Ltd. 

120.Cheapwdo.EC2. 01 5884000 


■'hap 5 June 20 5VS1155 -503] 

Tra (altar Maj 31 SCSU9 41 
Asian Pd June 12. ICS1199 1779 

Dari Ins Fnd .... SAl.84 3 95 
Japan Fd June 15 [SI'S* 5* 701 


2 51 

ZS1 
5.20 
OH 

Sentry Assurance International Ltd. 

PO Bov 326. Hamilton 5. Bermuda • 

Managed Fund |SI SIJ«I 19M*) . [ — 

Singer ft Friedlander Ldn. Agent? 

20. Cannon St . EC 4 904a 

DcJ;aiond4 |D!C5«4 »«a|+D20| 63» 

Tokyo Tn June 2 j SU535 0>0 ] I 1 77 

.Stronghold Management Limited 

PH Box 315. St. Heller. .'cr«ey 0534 7140!) 

1 o/nmoditv Trusi [91.28 9714) | — 

Surinrest ijersey) Lid. <a> 

Queenxli*'; Don Rd Sl Holier Jsy D534 2754? 
4raenMn InH T*( |£S44 8 (*2J— D T91 — 

Topper Trust E10 97 1123-9181 - 

Jap Index Tsi 02.07 12.321-00*1 — 

TSB Unit Trust Managers (C.I.l Lid. 
Kapriiclic Hd si ftaviour. Jcrse> 0534 TJ4P4 
Jerwy Fund . . |471 49 61 | 4.W 

r.uenuev Fund [971 4* a [am 

Pnce* on June 21 Next ;ub d»> June 23. 

Tokyo Pacific Holdings .N’.V. 
lnumis ManaRemenl Co NV Curaean 
NAV per 'hare June l'O 51' 555 P2 ■ 

Tokyo Pacific Hldgs. (Seaboard) N.V. 
JnUmj-i Management Co fi A'. Curacjn 
N.AV per >hare June IB SL'ftAD 74 

Tyndall Group 

PO. Hoi 1258 Hamilton 5. Bermuda. 2-2750 


■ivcrvMa J unc 1 4 IS'MJB 1 251 
i Accum. Units',. . Bl ?in 3 911 
3-Way Int May IB IsrsZH 2 7ll 
2 New Sl. Sl Rellrr. Jenrv 


TriFSl. .lane 14 

• Aecum. Share*' 
Amencan June 14 
: Aecum share*’ 
Jenrv Fd June 14 

• Non-J Aec. IBs • . 
«7i[r Fund June N. 

• Accum Starr" 


£7 65 

£2190 

835 

835 

194.2 

273 2 

2972 

138* 


825, 
12 75 
69 0 
B9 0 
20*0 
289 fl 
10124 
141., 


fcOO 

0534 37231/3 

6 00 

200 

Tits 

10 99 


.lardine Estn Tu 
■artliocJ r-n Fil • 
Jardine SV. A 
Jardine FlemlnL 


SRK2S4JI6 
SHK31904 
5US14 22 
SHK9.70 


!M 
090 
2 70 


NAV Mar SB -Equivalent Sf 
Next mb Jane IS 
Keyselcx Mngt.. Jersey Ud. 


SM46 


Vlclncy House. DMiata*. Ttleol Man. 8C4241 11. 
Mnnaced May 28 Tl?9B 135.8) | - 

Ulri. Total. MagmoL iC.I.) Ltd. 

14. MulcaUer StreeL SL Heiier. Jersey 
U IB Fund. WiMli lfl!b| .1 316 

United Slates Tst. Inti. Adr. Co. 

74 Sue AJdnnccr. LuxemOourc 
V S Tsi. ln»- Knd | n.‘S10A8 !-0 111 0 »5 

Nel as'ei June 20 

5. G. Warburg ft Co. I^td. 

M. Gresham Street, ECS Hl-SOO 4558 

rni Bd Fd Jane20 ] 5FS962 1-0 011 — 

Kucv.InL June20 . I 5CS17 44 -0.18 — 

Or Sl t-Fd MadU SY67.H 1 i - . 

Mr Eur June 14 [flYUJi 1D*M | — ' 

Warburg Invest. MagL Jrsy. Lid. 

1 Cbarine Cn*", Si Heller. J« Cl 0534 73741 


F«m<elex 
Bund 'e|p\ 
Kevselrx Ir.l I 
KriMlti Europe 
Japan Gth Fuad 
Kev«eli- 1 Japan 
Cent .Wei * Cap 


lS.'l 

125 1:, 


C*.bl 

O 95 a 4*| 
srsn q a:: 
02.18 1332 

113379 


CrtTOTfl, 

•T.iFIJd Mav 2ft 

sisiin 

17M 


CMT Ud. Slav 25 . , 

U25a 

12 90 


I 390 

Meiah T.'! June 16 

an 7 

12 57 

. 

1 ~ 

Tilf J'ineB .. . 

it 51837 

US5 


! T« 

TMTUri JuneS . 

U0 68 

10.95 



World Wide Growth Management^ 

10a. Houle 1 aid Ho:- a L Uiftembeuri; 
Worldwide CUi Fd) 5VS14 97 J-019) - 


NOTES 


Pnce» rto net include 3 premium *htn-:nd:'z:*d r and are in pence unlesi olherw-'P 

indicated Yield.' u,hrv..-i m Ij-; rulumni aito« (or .ill bujlnc cvpcnvc* a Ottered prices 
include all expense* h To-dav * r.nrv? r 'i leld ^a-r-d en offer pn>e d EMiraated g To da» ' 
iipcnmg pnce h DlEtn bull on free .-"•: i K. i.ve» p fenortit- prem:iiir insurance plan* s Single 
premium insurance x Olferetl p.-e> •nvludc' al! expenses except agent's commiuiun. 
v Offered pnce includes all cvrer.'i-r '* f-ouphi ihroueh manacer* * Preuou* day'a price 
9 Net ot ra\ on realised capital j.vn- ••nfei* :ndicj"c-<1 by 9 4 iJucrnscy gross 4 Suspended 
* Yield Ivrttfj la-, t £— sjbal vision. 


CLIVE INV ESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. TcL: 01-288 1101. 
Index Guide as at 2 di.li -iuur. 1978 (Base 100 at 14.1.77) 

rii.-a j r^,_ r^m’tii ivsai 


Index Guide as at »«•- n «•*-■ • 

Clive Fixed Iniere 5 : Capital 12S.91 

Clive Fixed Inlere^i Income 1H.ro 


COR\L INDEX: Close 453-458 


INSURANCE BASE RATES 

Property Growl h 

Vaobrugh Gu^ramecd fl rt r 

Address xhoui under inftrrsnr- arri Pni.vrf Fi'ind T-hf. 



- I 





34 





+373 

■High Lc* 


**BKITISa FUNDS 

i ti orl YitW 

£ -to.] art. 


Siedi 


‘SSfesrfs" (Lives up to Five 


105'j 

c 7 

S, 

1021 ? 

95% 

96% 

110 'i 

306% 
91% 
10 ! ’ 4 
97.1 
100 % 

$• 

& 

115* 

“tt'a 

96% 

300*4 

94% 

9t : .i 

Fi‘. 

114% 


1001 - 


S7% 

£9'i 

!S 

115% 

a 

96% 

123 


98% 

iOi'i 

94% 

95% 

100 

c 4% 

Wi 

52 

103 A 

°?Vi 

ES% 

96% 

c 2 % 

9JP-. 

P5% 

■56 

1027; 

911; 

83% 

106% 

95J, 

39% 

« 2 l. 

92!- 

%!* 

79V 


ExLSpcTS-TStt 

9?v s 

rreaair.il 1 «c 7 *;~. 

Trc^utTHpcTS*; — 

ioi,; 

95 1 ; 

EFettriL-4‘:|r 74-73. 

95% 

'Trejjun- 16*^1 'TStr_ 

10(0 a 

E..KtnrSj>:7 < ..SI — 

96-'i 

Trean*i> 9pc 19P.tr 

97% 

Tr«Kuri-9!yK iSti 

93 

Trei'.ur-^^in.- 

93% 

r'urdirs3!jp;T34t»i;. 

93-% 

EL:ilwquc; I3pc IS? 57 

, I03\i 

Ttcasiiroll'^jc lffli;. 

lOOTtrfl 

Tr«.-Js.jr.-?J;p..- 1375-97- 

89>4 

Tre*un 9 ; (j,: lS 8 lJ± - 



92 U 

E.-.ch.0t;rr iSSl 


fecit. Spclffil 

£6 ft 

Troaj- Variable Htfe 

% 

Exch. HTjpc ISOiX — 

103ft 

Trere!j)t'eo«7:.._. 

92%rt 

Treasur ape 32t* 

8414 

Treisiuv Hpe 

107 ft 

Vtcj- Variable 2C?4.. 

93 Ai 

rreaMirySUpc n=.__- 

91%nl 

Si;h.Sb|K IW= 


L'.eh.^r-'IOCA 

92-V. 

Rv.L&’jne 1933 

mol 

Cirh of-: -Vi 

90% 

Trf-imr- i2p: lSETti... 

101 % 


Years' 

5.0= 

11 w 

3 U 
a 04 

10.49 

36: 

925 

3 75 
3 cl 

12 n 
11.51 
3 92 
10.10 
B 65 
9.9? 

3 ~6 
10.04 
1231 
5.19 
3i6 

13 02 
10.13 
9 05 
10 02 
10 01 
Q f«3 

3 73 
12.79 


Fiie ie rifieea Years 

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FT SHARE INFORMATION SERVICE 


Financial, times Thursday 

FOODVCSBOCERIES-jC^iit. 

‘ ”-■• . 

Wee | — jNrf 


1078 . 
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BONDS & RAILS— Cont 


ffirfi Low 


SoHr 


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91 

375 

87 

160 

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81 

365d 
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155 
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96 


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Fed. 

Yield 

11.88 
12 89 

mo 

1.95 

8.67 

9.52 

10.70 

3.90 


U.S. $ & DM prices exclude inv. S premium 


AMERICANS 


1578 

High Low 


173s 

601. 

31 

32 
331; 

29V 

19V 

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231, 

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12.72 
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1233 
7.07 
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1231 
11 73 
11.13 
1317 
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12.07 
12 39 
9 30 
12.00 
11.84 
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12 67 

11 75 
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12 71 
12 ia 

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12.22 
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12 55 
12.24 
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12 93 
12.75 
II 36 
12 57 
11 03 
1221 
12.G8 
12.19. 
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?76p 

23 

32 

41% 

17% 

18* 

21% 

27’j 

30% 

17*4 

22% 

375p 

28% 

19% 

2 ft 

& 

: J|p 

40 

13% 


9I5p 

14 


Z0V 

26% 

16% 

29% 

15% 

28 

750p 

171 

34 

735p 

705p 

18 

20 

V 

14% 

15% 

16% 

11 

14% 

255p 

18*; 

11% 

22% 

13% 

18% 

131 

505p 

it? 

» 

17% 

nu 

28t 

365p 

10% 


Stoct 

AS \ 

AMF.T'tCOTTT 87... 
.XlTQ'tjl. 

American Express. 
Amor. Medic lnt_. 

.ASdrcoInc 

.EAerininl Cure. SI. 
BamciCrp S62>.„ 

Bcoiii'i Cnrp 35 

Beth. Steel 58 

'Brown'? Fer.cUPf.. 

BrmiwichCorpn.il. 

BurroushsCorp.SO 

CBSS250 

CJ.CS;.. 


CaterpillarjF. 

Chase MTitnilES-. 
CuEsehrou^iiSl^, 

Chrysler S8% 

CiPcorp54 

Citjlir. SI 25 

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Colgate F. SI 

Coltlnds.JI.-™- 

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CYownZell SS 
[I'uUer-HamaierSS. 
Eaton Crp.3050 — 
Esmark — .. 

Exxon II. 


FiresloccTireH 

Firs! Chicago - 

Fluor Corp S% 

Ford Motor SL 

i.VTN 

Gen. ElecLSS; — 

iGtUeUeS! — - 

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HutlonEF... 

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InserMU-RSS 

Inti Systems fc Con. SI 
I.U. Intemationald 

IManf . Han. l-SST 50 
Morgan tJP' l S32.5 
V'jr.oo Ftrawi Inc JU 
lOwens-fll SI 135 
iQuatoOalsl'SSS. 

Reliance S02S 

Rep.S.Y Corp.JS - 

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80c 
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40c 
64c 
90c 
52.28 
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70c 
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$2.40 

52.50 
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52.20 
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S1.00 
$1 06 
S1.00 
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S1.00 
53.15 
5132 
51.40 

51 .90 
51.40 
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51.84 

53.20 
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suo 

SL20 

53.20 

52 50 

52.20 
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50.68 
511.52 
$3.00 

25c 
90c 
51.60 
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43 

14 
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94 
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171 
258 

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63 


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83 I 82% |5p;Stock7T-f£ | 84% | | 5 % \ 9.6E 

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11.18 

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£31 
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10.49 
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12 69 
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12.05 
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11.71 
12 42 
12 78 


9.83 

10-83 

9.68 

10.35 

20.57 

11.78 


11 «5 
13.30 
1119 
12.11 
12.50 


11.84 
13 00 
12.82 
1100 
1160 
13 00 
13.40 
13 80 
1175 
12.90 
BIO 
1330 


FOREIGN BONDS & RAILS 


1*7? 

High L.’T 

20% 

541 ' 

•AT 
415 

54 
51 
44 

55 


Sort 


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Price 


|+ 0 : Bit. ^ 
— Gifts 


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13.1 0 

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500 
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CANADIANS 


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14 

955p 

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l*ii 
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24% 
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TVansCan. Plpe.._. 


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15 ft 
41% 

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31%' 

19%, 

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a 

790p 


72 p 

23 

24 ft 

x 

11% ! 


3 - 

-% 

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5106 
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SI 44 
97c, 
4% 
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40c 
52.06 
69c 
51.60 
86.4c 
80c 
80c 

916c 

libs 

5150 

92c 

80c 

103c 


3.1 

2.9 

4.7 

00 

4.5 

3.3 

3.3 

128 

27 

32 

3.9, 

20 

2.4: 

2.9! 

26 

4.8, 


1979 • 
High LOW 


BANKS & HP— Continued 

—Mr 


rHKMirtMS, PLASTICS— Coni ENGDiEE3tING--Continiied 


- FAC — _ 

TsfiSfe 

Glass Qcrerjp-, 
•‘if lira Foncard. 
Ha2fe« J tFfiP2(hi. 
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235 

61 

298 

445 

255 

92 

427 

59!; 

356 

48 

£24 

67 


172 
, 66 
254 

i 50 

[190 

70 

378 

$ 

'32 

£15% 

60 


,311; 

105 

8 

85 

30 

9 

85 

23 

10% 

39% 


INaLBk. VisUAI. 
Na! Com. Grp™ 

|Nai Res* £1 

SchrodcrsEl 

SeccoraheMCD. 
Smith St Aub — 
Stand d Chari £1 
iTradeDet S150. 

Union Disci! 

L D.T.. . 


Wells FarcnSS-, 
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223 

69 

266 

400 

220 

78a 

400 

59*; 

320 

37 

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61 


-IB 


5 


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Hire Purchase, etc. 


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9.2 

9.7 

6.7 
581 
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5.2 

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CieB'creFr 100. 
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BEERS, WINES AND SPIRITS 


78 

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92 
66 
1100 
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1134 
140 
55 

152 F114 


78 


51 


70 

71% 

117 

124 

101 

212 


on 182 
5.51 
3.4 
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Allied Brews. 

AnuLWitPrlOp-l 
[Ejss Char'gton.. 
Bell .Art bur 90p.. 
Belhara Breraj 

Boddinetons 

[Border Brew's 


p5ro«n tMaRtoffl 110 


Budtlej'sBrew.. 
BuliwitHJ.! — 

Burtomood. 

City Lon. Def — 
Clark (Matthew)_ 
DistiUersSOp — 
Gordon*!* (to... 
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Greerull Whitley 

Greene King 

Ciumness. 

Hishld Dbtanp. 
Imereordon. 
Irish DiaUlen;.. 
Macallan. Glen— 

MorlaodD 

Sandemaii— 

Scott t New 30p. 

Tomatin-. 

Vara. 


163 
18 
43 

93 
213 
154 
129 

83 
109 
270 
(360 
50 
62 
95 

94 

82% Whitbread ‘A% 

185 Wciv. Dudley , 

145 [Young Brew ‘A ^3)p; 


if' 

152 

232 

49 

110 

78 


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137 
154 

59 
134 
175 

25 

«5jaJ 

113 
265 
164 
133 

100 id 

154 

320 

475 

60 
66 

114 
116 

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BUILDING INDUSTRY, TIMBER 
AND ROADS 


95 

164 
17 
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251 
34 
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272 

691; 

104 

38 

125 

61% 

58 
184 


S-G. Last Premium Sl-V* (baaed on 52.0726 per D 


BANKS AND HIRE PURCHASE 


1F78 

High low 

300 
293 


Stock 


334 

187 

165 

.£201 

|383 

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21 

170 

572 

315 

£32! 

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512 

52 

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Price 


M a 


FINANCIAL TIMES 


BZACEEN HOUSE. 10. CANNON STREET. LONDON EC4P 4BY 
Teles: Editorial 885341/2. 883837. Advertisements: PS5033. Telegrams: Fmanrimo. London PS4. 

Telephone: 01-248 8030 . 

For Share Index and Business News Saramary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam- ?.n. Box 1230, Amcterdam-C. 

Telex 12171 Tel: *_'40 Km 
B irminahana: i^oorce Houw. George Road. 

Telev 338hS*l Tel- (KMW CMZ 
Bonn Prc.-jhaus It '104 HeussuHee 2-10. 

Tc-Ics S869?42 Tel. =10039 
Eru.swls: X* Rue Dural..- 
Telex 33385 Tel: 512-0037 
Cairo- P.i>. He:: =tMO. 

TeL 93B610 

Dublin: 8 Fiinilljjun Square. 

. Telot 5414 Tel: 7853=1 
Edinburgh: 37 George Street. 

Telex: 7=4&» Tel: roi-228 4120 
Frvnkfurt: tm Siachscr.I.ver 13. 

Telex- 410=0? Tel. c-r*CT3n 
Jntijnne;bur:v P.o Peg =i=S 
Telex Tel 838-7545 

Lichen: Pr.-.ca d.* Metric Lisbon 2. 

Telex !=.=>:« Tel- .T62 505 
Mad-id ^sTronceda 32, Madrid 3. 

Tel 441 H7T= 


S.E. List Premium 51%tt based on UjS.S 1.8465 per dl90 
Conversion factor 0.6616 (0.6607) I *>% 

26 

46 

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82 

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Winchester- Queens House. Queens Street 
Telex 600313 Tel- rw 1-334 SMt 
Moscow: Sddoio-Snmolechnaja iZ-=4, Apt 15. 

Telex 7.400 Tel: 2M 3748 
Ne-:- York: 7S Rnckefelter Plaza. N.Y. 10010. 

Telex SKJpri Tel. i=i= 541 4*5=0 
Parts. 3« Rue dr Sen tier. 7r«XlZ 
Tele:. 2200+4 Tel: 23ri 57.43 

Rio de Janeiro: Avemda Pres \‘arcas 4 IB- 10. 

Tel- S3 4843 

Rome: Via della Merced e 55. 

Telex 61032 Tel: 678 3314 

Stockholm: c u Svenska Daxbladet, Raalambsxagen 7. 

Telex 17803 Tel: 50 SO 88 
Tehran: P.Q. Bo:: 11-1*79 
Telex 212834 Tel: 682898 
Tok-'p. 3th Fluor. TJihon Keimi Shimbun 
I'Uildmg. l-P-5 Otemarhi. C.hijoda-ku. 

Telex .1 27104 Tel: 041 2920 
Wa-.hinflw 2nd Floor. 1325 E. Street, 

5"V.-, re.vhincton D.f 20004 
Telex 440223 Tel .202i 547 8678 


ADVERTISEMENT OFFICES 

Birir.ir-i.huin Oeiiirc Mni.-ae Geuruc Road. 

Tv I*.:. :=».!.=<> Til. DCMAJ US22 
Edint..iruh Genre*. Street 
Telev 72484 Tel 4130 

Frinluun. !ro s.urltM'nl.-iscr 13. 

Telex 18283 Tel. 554*1*7 

Kwm - Thc " Mdnw. 


Mvnr*hejtor Queens House. Queens Street. 

Teles. W.I68I.1 Tel- C"j 1-3W 9381 
?-e-i- York 75 Sockefvllvr Fla/a. N.Y. 1001S 
Telex 4Z3"aS Tel 1=121489 8300 
Pariv .16 hue d:t Sen tier. ?5u0£L 
220044 Tel: 236 66 01 

Tolne Ku^.ihara Build:nc. l-a-10 L'ehikanda. 
Ghyeda-nu. Telex J 27104 Tel: 295 4030 


SUBSCRIPTIONS 


Cer.cs obtainable £ iJff" 5UbsCT1 P U0 " 


Aberdeen ConsL 
A berth aw Cera .. 
.Allied Plant l Op. 
Annitage Stinks.. 
BPBIrns.9i)p... 
Bapeeri dee Brit. 
Bailey Beb !(%>.._ 
Bambercers. . 
Barrett Dev I Op 
Beerhwood 10n.. 

BenJox20p 

BerdordM-lOp.. 
BettBrof.20p._ 
Biockleys=0p — 
HueCircteu — 
Blundell Perm- 
Breedou lime... 
Bnt. Predjpu 
Brown Jksn. 

Brownlee 

Bryant Hides. 

Bumett&H 

Burt Boulton £1— 
■: Robey'.VIOp. 
CalndenGVilOp.. 
Carr I John). 
Carron 


[Cement Roadslone 
(CombenGp IOp. 
CftslalnR 


[CotDayfKkSp— 

possley Bide 

Crouch tP.i3)p._ 

[Citiurfa Group 

boufOasRohLM. 
iP'wninEGJFLSOp 
[Econa 10p____ 
|E31is&Everard_ 

*ith 

fiACWL. 
FairdouehCons. 
Feb.lnti.10p_ 

1 Do.'A'lOp..— 
Fed Land t Bid 
FmlanlJotmlOp- 
FrancisPkr.ltfc 
FranrisilRilOp- 
French Kier._. 
Galii(ordBr.5p_ 
GibhsD'dyA . . 
GleciomMJ.iinpJ 
aoaopW.AJ._ 
G'gh Cooper 30p. 
HAT.Grp.10p.. 

Helical Bar 

Hwfm’A’ IDp- 
|HeDdenon>J W.i. 
HewienSt. IQp- 
DaTpcCom 
Hejwd Wm.50p.., 
[ihSSSAHilI 

Woven ng ham 

Do.Res.VTp. 

Howard Shut lOp 
Locate 


90 

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72 
32 

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70 

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61 

61 

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42% 

84 

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I nt Timber 

J.B Holdings 5p 

J.CJE.C. 

Jar.-istJ.l_ — 
JeminaSA050- 
iolmyxi Bkh3rt?.j 
Jones Edvrd. lOp. 
Kent (Mi 1 .) 10p_ 
LafarpeSAFlOO 
LamatJohni'-.V*. 

MhamUiEl 

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Lev-land Paint — 

Lillev FJ.i" 

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LerelliV 
McNeill Group ._ 
J.iacnel A Fthnr.- 
Mali insmv Lien oy 
MajidersiHldj'. 

Marclmiel 

Marley 

MarsIctllMHfvt . 
Mar&Hajsell _ 

Mrarv Bms 

MckilleD iff.. 
jVhr.-eriklonLLi. 

Jtiltxiry — 

iMfllertfiLmilOp 
MLxcon crete — 
Mod Engmeers. 

Miink'Ai 

MnwIetn'J' 

NcuarlhillH 

Nentesl Holvt 

Nno. Rr'ak.vjp... 
'CVmeDevy tup... 
Tar ker Timber^ 
'Phoenix Timber. 
Bochins. 


R31C 

Redtaud 

R'ch'diffalllOp 
Rnheiti Arllard.. 

.Rohan Group. 

Rowlinfon 10j4. 

Rojw Group. 

Ruberuid 

RucbyP Cement 

SGBGroun„ 

Sabah Timber top 
Sbarpei Fisher. 
Smart (JjlOp. — 
Southern Con. op 
Streeters 10p — 

Tarmac. Hip 

Tarior Woodrow. 
Tifbuiy Clp£l_. 
TretL^&.'Vniold. 

Tlmnd B50p 

L’BHi.'roup 

Vertis Stone lOp. 

Yibrcptant 

ft'dra llldi-. hip. 
[ff'ajTindon 

Watts Blake 

(ffestbrick Prods. 
|WeKernBr*»5 

Whatlin<p.25p._ 

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Alainaioliuk - 
Alida Pack 10u— 
Ail'd Colloid lOp. 
Anchor Chem. 
Bajcr AG D1150. 
BJaeden Xoalas. 
Brent 'Twirw H0t 
Brit. Benzol lOp 
Bnt Tar Prd. lop 
Burrell 3pu — 
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Farm Feed.__ 

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Hairteadi.t.-lOp. 
HJia'ielch sOp. 
Hoecibi PMj.„ 
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228 

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£91 

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66 m 
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0.91 
251' 

•P 5 

Jil-02 

*a :m 


,14.41 


m 

3i 6J 7 ■■■:*. 
10 .6422. s 
3J .5.1 £ - - 
33 42 3N:.' 
.45 44 9. 

33 2515 7 ' " 
33 3:1 35. :.. 

6i 24 7. 7,; - 

23 1346 

U 5.9 14 .- - 
4.7 L9 15; % - 
35 iU:.: 

*18 ± 

24 5.9 8‘.- 
26 SO 4... - 
48 2016- - 


INDUSTRIAI^(Mis€el.) 


92 


iaae jam 

lAGBBescan*. 

[AaTwamBro 5 .ll 




79 


5.71^ 3 85l 62 


li 


,BB 7b 


Itasoc.Ltiajre5|ri.j 


.45. JBBA 
toT.l„ 
m oc impi. 

p5 ^d75tajf 

zr. 


im 


r&WAT.^ 


(Brthfcf 




-23 


451 


-1 


1-1 


-2 

-1 


-2 


+2 


-1 

+2 


hs» 


W 


3 84 

- 3^.29 

mil! 

3-1 7.9 
3M 82 

ilil 

53:a« 


Made Arrows 




■ino 



*59. 


169 

17 10.7] 
19 9.0j 
2J 7.; 
1712.: 
25 9.1 
16 143 
24 85 
46 52 
* 75] 

19 . 
ID 111 
L7UJ 
35 53 
28 

fc'Ss 

3.7 5.0) 

3.9 6.| 

3.4 7 3 

5.4 4^ 
23 73 
10 3JU 
32 5JB 


96 


49 




BrowterEl. 


Brittaina- 


i W 


p 


m.u 

ferookl 
Bum's™ 

39*2 gt^Bov-: 

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59 ftffmDeatt™^] 
13*? Bumdfflio5p__. | 
32 BarasAimrfMpJ 
126 
99 b 


K 


V 

friiM 

« 144 
90 
70 
78 

8.0 170 

52 19 
* 140 

f-2 360 

*2 87 

2Z ^ 
60 21 

75 U 
92 167 
316 *100 
8.6 04 , 
£38*4; 
.42 
33% 
352 
55 




113 

, . CkfTK £25% 

« it- 

,Copydaxl0p_i!L 33 
(Coral Leas. I Dp ^ 108 ..... 

.85 [-1 

CdwadeSt^S - 64 
,OBsmg.)5fcfi.^ 
.toesLNLcWMp: ; »' 
(Crosby Home £3. 157 
JCroabySpr’glfip. »■ 
DariesiN’mimt 139d[ 
(DeLaftic^w 340m) 
85-; 

2*WP[ 
WsldeBeel^i-. 


2 


cwte. 


.47-1 


Smil 

■kCCunl 

gJandonisnatp 

■DupletoLta 




3 


FOOD, GROCERIES, ETC. 


70 



Alpine Soft D1 
Ass. Brandts® 
Ass. Brit Fds,; 

I Ass. Dairies—. 
Jte-FisteiaJ 
i Avaa Group 5p„ 
I ■fcOdnejCJ 
Barker &D. Up» 

1 Bair(A.G.\. 

BanwHOlrng. 

«ttlC i)_ 
Barleys York 30p 


ICadbucySctfps-j 
(Carr's Mil UttK—l 
IdiSuni Dames -J 
Do.rtVS/V- 


73 fCulleos! 


B2 . EastwodUBji.^ 

Jntsasr 


& 




h215 . 


jWWli 

]tbl45 

660 

d2J9 

d259 

4.62 

IWJ 

P-SL 

*276 

104 : 

*263 

191- 

1« 

432 

422 , 

669. 

3.92- 


142 


* 7.7 '1 
35 62 L . . 

4.0 S3 69104 
P44 .05 145 860 
35 95 4.7 JO 
-* 

203 
83- 

17 205 45 190 
33 SJ {6 Jj 104 
19 .95 '8.7 66 
-40 3.6 7.7 .7? j 
62 45 43 610 
Ji ,2510.9 42 ., 

75 -25 85 lg£v 
33 95 35 54 '. 
1.9 92(71) -S>: 
33 85 14 --3T. 
46 5.9 5.5 -65.-- 
45 75 43 29,- 
♦' 6J *.1W- 
*' 65 154 


5 £5 „ , 
—• — 18.1 
3J J.4 


jaswkkMAa 


^ddetSdejapjl 

Farsi 
FeerirtB 
ftnnerO! 


fFIejellnC 


S' 

6? 


paMsi 
KwXtTBOS 






v > ,:i 473;1 

—Li. B1 • 

1WI 

... . GM^— ’552" - 
40. GoBfeifotoUlp ; 427' 
CttlfesaffijUp. 21 J 
Goranem^, 70’ 
Grampian HdfiS.. 56 

w 

tm* 


pfiaiop;. 


S 


1491 

?6I 


■■w* 


197 


238 

*5-29 

,7333 

hS.4 

928 


22 69 7 - 
21 57 S3 . - 
48 47 (6. v'- 
•— : 21 
21 86 .7 r ! 
17 55 13. 

1A :73fJ3 . 

3S '.67 5-: - 
17 52 t& 7 . 
ill 7.4 •«: -- 
26 

'26724- 
5J 73 tl . - 
31;72 5.--. 
29 82 7- - 
33 7J 4 - 
3J 46 8.- - 
P| .29 3^“;. 

70 i". : 

, ^ 56~!T..“ 

7.7 t- 
■43 6.7 

:«Kr ■* 


42 = 


To 


» 


7.0 -J 


t!83 


Id' 







^45 i 



*141. 
1558 1 
233.1 
1*059] 
4881 
02B 


435. 

8.06 

KSbj 


dS2l 
12035] 

I# 

Mi 




U'“ v " 

I 7 fv 

13 'Up 

* : £ar. 
£; 

95 23,-. 

Ill: 


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25 62 
22 tl » 


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V 









































































































35 









^ ytmrndal TIjiies Thursday June 22 1978 

; IM)USTRIAl^-^ntiBued ] 

jti .- » 


•:? :o«. la 


frarthsiTiaMoJ MW inn/ 
Brttospzz: . us _ 
to fl^anr wp S3 H.... 3 . 0 a 


3 SMI W 


INSURANCE. 

- 1 1 *. MB I 


PROPERTY —Continued 


INV.. TRUSTS— Continued 


14] 58 I 34 |Brmwjwad.u)p_ 
82172 M3 RrtianaleSp.-L 


ap*" n«js! fSBxsz 

936 BbSE™^- « - 1 mLM JOilS* & ConroUitftm..J 

• - .34 gSKr a^ I?. •■— *#9 III 1L0 ft?. 166 132 JSSteSar 1 

35 'ttSc^ir vi 7.4 48 24 1(« McSifcillBJOpJ 

: StL - : — IjS#® 7 * « 41112 riM P10frlpSJarS».('rr'.- I 

. 32 zz it 


-1 8 UI 3 U mFL. I M I M. M 5 UIS 9 « 

-1 295 S3 45 6.4 528 2B0 Imr^IVnpertv 320 .. ,1.1b j 10 8 BWJ 

1.28 3 4 a 4 8.3 2 25 !i lorTLfupf^n Iflp, 3l»? -1 rt) I — 0 5— 

-2 9.18 — Bf- -- 39 35 Jcnrpnlmisi... 35 .. . 1 b 0 j * 7 ?! * 

— NRLQO — 36 _ 4b 3fa'2 Umilnrort-. .. 361-id 671 12 M5|466 

-2 7.65 - a n - 23 190 toi Sees Sty 208 m -2 5 32 hl5 3*24.3 


-1 l?35 I 531 451 6 ./U i2| |2M Imryprepert*—] 320 
...... 1.28 3 4 5 4 8 . 3 I S 25 !i tnrui'Srd) Iflp. 31*; 


- 9 I ifeferioi ~“® 7 

|2B gMUtaat- J1 18 iJ als mSj 2M 

i cb §°3dea(A> — _ 83 b33 3 m 79 53 yS 

159 . HoObBtos-: i. 62 t4ffl 00 Si SS? 

31915 Sol/ IJnwi let rite idm tm 5 +11 2-4 -5-2 335 


43{ 7.41 48[ 24 IWj |«e.*G(aHfi.lBp.. 
12j • «1Z2|£129 £lWp5aCS!* t rir.-.. 
— tlTB 1«8 tequtfy&toSp. 


- US r 


t Da# tat %J 138a 


J3S power 'A' -J 315 — 14» £L 

rti 2 lHoria»5p„ « li 

■I 1?7 J-l 5 J? L3 


tl.71 

-? 2.95 


.:*99 71% Boriroq5p_ 93 

173 1Z2 HqeUm £«Sp. 2& Ij 

' ■ 3}>2 . 25 HcRrardTeuBs. 29U . 

; Z3S ' IB. fRmttnp Assoc. _ 215a) -2 
=319 - 82 Hurftagb 10p..„ 306 - +5 

■114 49 Bnta Wmnm S&l .. 1061 , If 

. *42*2 22% HJnana.&J.)5p 41 u -1 
Sf 2 ^ ^astoesall £21 +i 

SSfi ?1€1- : 294 -? 


^ ^ ^ -M 18*1 ZB 

I f SgSSA: R, :l- fig & 

*g* 8 • taer-Oh 2 ^i^ 3— 0.6 27 

-S. SSSRf 1 ^- ?6 ..ZtdZ* 7 Z7 


quHriLawSp. 
en.Arride« ... 
narfitoHbyal_ 
xotBQ LHe___ 
MUjlCEiaip. 
jje*Estans>n.. 


7.7 IOjO 292 240 . BealbtCEiita. 
7.1 JO.7 193 163 HDflBotncam.. 
9 2 9S *178 147 . BwnfcMA.ll0p_ 
il 261 177 MJ LcgSlA Gm ^I 
88 — 104 85 Us.bCd«n.% 


~2 7.65 - 80 - 190 Lir»iSccs Efln 508 m -2 5 32 415 3 9 24J 

-3 6.13 - 68 _ C 179 £145 Jn. Tfcrto fe tl62-2 Q5Vi q43 f3.7 - 

- £350 f,125 hi V.^rnnv Vj £140 ~4 UNA q4 3 14.5 - 

-I Q4*„ _ r76 — 1150 £125 IvI^a'iiu IB £142 .... QlO"= (|43 H2 - 

-2 6 b9 _ bb — 51 37 UmUndSto _ 38 -: f 10 D3 4.0 1237 

...810 _ 4 8 _ 252 172 Is?h.!Usb4i30i- . 252 *4 £.25'- 2-0 3.1164 

-2 1017 ^ 72 — 93 77 I jJd ftni Shp lup 92 +2 W B1 26 L3430 1 

-5 200 — 9A _ 74 55 l*ai iiwwProp 60 ... t3.C0 0.B 7bi»i‘ 


-3 4 83 5.1 7 

) .... T5 6 31 4, 

-1 17.0 I 2.9 6 . 

-X 5.77 - 5. 


. ] 9 W | 74 I 55 jjiCOL bbwPrvp 60 . . 

ll ?0l 931 132 [104 (UinMnHdpsMp 122 -2 

1 4.7 10^134 tlUS ImETC- .. -.120 -2 


_ 2 9 63 8 9 30 1* Starter saw**.. 27 -1 

-1 5.77 — 57 1 50 36 UcIiktm;- lOp . 44 .... 22.0 

(1447 z.l 68 10 a 220 1“S UcKa>Sew3)p 220 .. . . tl4 

... 16.48 7 6 44ij 3 lij HidluirslWh lup 41 +■; — 

h3.77 4J 3j 9.9 M?’ 53 Mour.hic»fip .. 55xd -IT 132 

+2 9.19 21 8 4 7B 125 103 UucMmci V&li 117 .. . . ihZ.i 

3,33 4J 2.6 11-8 4 5 Noliun 46 ..... 2.0 

3^62 2 J 9 J 6 4 83 68 Peachev 77 -1 120 

~4 12.59 — 82 — 347 295 Prop Hldjl. 61m . 308 66.5 

-4 1035 _ 63 — 110 77 Prp Ir.t&Fm.H.. 110 *t4. 


S » A i 

+§ «L52 - 4. 
17.42 5.4 3: 


a a utes 


' 3£f* Johnson Clurs.^. 8 * -1 3^9 \ 31 

3 S JS^ 0 B 5? , 0 , - a ^5 ll«{ « 

. « S lomdanfTjH^. 40 ....„ 2,89 1 h 

: us 1 assKfa—s’ 
:SkM geasa&d:# 
-. 8 * -g-Ssaet.g 

flr 32 LKiraRlms^. 39 -1 d260 

& S n* W- l atlDl!U ~ I 472 ~* 1 

■ — 62 ...... 2.91 

.a 'g.ssss^s? —&■ 

.49 38 LeEasfEdjt!— 41 l» 

■ Vi 2 5 4 *°fi.?*eI10p 52 tL62 


22 4 215 163 

6.9 12.8 204 151 

8-4105132 120 

7.9 7.1 173 137 
5.5 146 IZS 

5 A — 425 346 
-2.9 155 425 310 
119 109 107 94 

— —606 508 
6.6 S3 108 93 


■ v-i ap 

SWftewWr.ap. 

MmetHldgs.— 

tanSB03iDii3)p- 

PenflSp. 

Pboe*« 

Provident "A” 

DarB* 

Prudential 5p 


gFtgb esH4>. 

AllJancesE 
LMe5p 


+2 fO 81 26 U430 
. . . 13.00 0.8 7 6 IMS' 
-2 12 28 2.5 2.8 214 

-2 Tl 7 19 21 37 4 

-1 #_ _ _ 34 0 

.... 22.0 6 7 2 * 

.. . . tl 41 b4J 10 36.6 




Ih 2.22 IB 2 W 2 B« 
2.0 0.4 6.U4729 


..... 3.62 
-4 1259 
-4 1035 

B.37 

...... 8.17 

-2 6.65 
-2 BJ. 
-5 16.45 
-2 9.59 


97 — 130 64 Prop.Pan'ship.. 117 -3 1.76 * . 

9 7 — 315 285 Prop &. Rev. \V_ 298 5.16 2^351 

7 ;i — 156 127 Prop S««.[nv5i>p- 144 -2 tl 88 — I 20l - 

9.0 — 6*4 3 RaBlaiftop.ap.. — — — — 

72—15 8 Recdian 13 ....... . . 1 — I — 


_ 77 -1 12.00 - 3.9 - 

&. 308 S6.54 2 3 3.2 39.9 

I., no *t4.0 OJ 5.5i»5i 

.. 117 -3 276 d> 23 40J 

_ 298 5.16 26 2 6 353 


1W 98 77 

-■'fiPiv 3Z 

, -% if' 


6.6 53 108 93 Site tile 5p 

4.8 4 957 679 MsJKJ SJar. EDR 

1D.9 4 3 170 15S- Trade lnd enmity 

9.7 B.7 £3Uj £17*S rrmeiersSi50_ 

£4.43 303 ZSa WtofWier — .... 

H'sJ MOTORS, AIRCRAJFT TRADES 

“i fi ; • ; Mottw*s and Cycles 


-5 1645 — 7J — 15 8 Reialian 13 — — 

-2 939 3J 3 612.9 & 74 RcoonalPrcp 74 -2 cLD 25 2.0i64S 

4.05 2.7 6.3 74 77 59 Da "A* 62 -2 eLO 15 24 (53®, 

20.15 - 59 — 121 89 Hu’* It Tnmptani U 6 -1 d2.87 27 3.7 <112) 

13 42 _ 5 2 — 96 72 Samuel PromT- 79 -1 4d21 8.6 lUlLSj 

-3 Slffi. — 0 5 - 118 97 SHAMetropTaJp 103 -Z tl.fW 12 29 46.0| 

§47 — 76 — 4 3 35 SecondCitylOp. 35 -1 Tl.73 2.9 7.5 105 1 


134 102 IWaireCar.lOp.l 134 


§ =Hi 
A -r m 

134 +2 4.48 


v-80 ' 57- UsnepProda 
168 . 98 LeBasetlOp- 
2 ^j 15 Lidenlflp— 
_ 49>2 .32 Lindsay iW: 

Ig. 128 lindnstries. 
.29?2 24 Lm. &N0m.Cl 


GtaapUp— 240 [. — Jf3J 


9.8 62 

i? 30 L 20 

7 j H 272 185 
ti H 53 37 

4.7 lia 

7& 

3.4 <b 
52129 


847 73— 43 35 Second CiroiOp. 35 -2 Tl.73 2.9 7.5105 

-?«I&L 68 _ 3 S - 129 100 Slouch Erfs„ . .. 116 -1 227 1.8 3.0 28.0 1 

-2 90 2* 5 4115 €174 aw Da lft'^onv W £I63m ... . QlOfi 13.4 £6.1 - 1 

1,1 ^ 270 Z16 SockComersn- 248 WO 24 1.2 SL»: 

ini/m.T^^ 228 170 SuntcyiBilDV... 210 -5 3 95 -29- 

aircrajft trades % I? z\ 0 | 

~M : rs and Cycles nl si SSmfSrPl iB 1 * ~z" ? 3 °fi 5 1450215 ; 

— — I 24 1+1 I lit *4 18lj U K Property .. 18'a - l i — — — — 

UnSI 245 Is oiL. T-A T(J ?5 282 240 I'lARealPrnp.- 253 517 1.2 3.142.0 

«£*"“ 47 Ii 1 ® i - 7 \ 78 \ 7 ' 5 148 119 ftaroer Estate . 128 -1 1266 1.6 J2 3L0' 


24 1+1 J - ! — ! — ! — 


CcrlOn 47 -1 ‘ “ 148 119 Earner Estate . 128 

ntMtr.Snl ll _i, ~ _ “ mi 292 262 U'anjnrilm SOp. 270 

- Wj -4 M5J6 24 R3 ^1 ?2 Jf if 

IKIM Or* ... .. 012% 0.6 63 27.0 IS {$, S 


Prods. 5p 76 -1 ' dj.90 3.7 

«0p_!l 135 -2 5539 2,4 

t&vSZ Wz II'.'. 3.M 33 

Cnes 137 9.0 $ 


38 34 

•M 52 
'92 68 

JK 163 
70 54 

22 18 
103 90 

70 60 

145 105 


4ff6ta.Crp_ _. 28 + 11 2 2.0 I 

a^iEin 

&Bonar5Qp 374 1039 


a s .4 
88 

63 


1» 2 

27 

83 - 

« 

73 

h 



'62 |Vohofi50.H — I Elisa [ |q 12%| 0ufi|.63|27A 

", Commercial Vehicles 

82 l£^0ra*sj_- 108 5237 6.4 3.01 5.4 

49 F£rtWB®3pi 58 +2 «3.25 5.7 83^231 

8 Peaiawds.1^ Si 2 *Q5 19 i 5.9 

57»a Itataps— ___ 79 +1 153.9 33 7.5 8.4 

55 ytffkTnilerlOp. 63 dll4 5J 53 5L3 


[48 11" Warner Estate . 228 -I 12.66 1.6 3 2 3L0> 

!92 262 tt’anjurdlm SOp. 270 6.95 * 4.0 -A ' 

20 14 WebbO«i5p-_ 15 -W hd0.48 2 5 4.812.7 

14 16 R'ltBreHsrP.Op. 18 -l 2 — — — — 

37*2 30 Winston Eas—.. 37 -> 2 L27 1-5 5319.9 


7 a :awls (St 


Components 


54 SHIPBUILDERS, REPAIRERS 

S« 75 64 KiPtharnLWp | 70 I — I - — — 

ni 157 125 Swan Huntertl. 132*8 +1 636 18 7.9 ILO 

S 3 181 135 Vomer 170 -2 4.65 4.5^ 4.1 63 

” 295 260 VsnowaOp ,( 268 -2 f4 6 I { 4.7^ ’ 6 ^ B.9 


n 60 . a /;en 
40 74 . Ent <t l.iten 

76 63 EeiiN\Tr 

74 58 En.r i 

no 91 Equ or,-, 1 
119 102 rw.Lie:d.yi 
206 170 EquiU Inc S 


LY.Dart.iOpJ.. 


Shj I_jSo- 


^IU5, 


>- 95 -1 3.94 
_ 70 3.84 

4> 135 -2 KL63 
_ 14^ 0-25 


93 5.8 
5.6 52 
M.W 1 !? 


H 125 109 -• 
91 52 

* 70 56- 

27 20** 

” £235* DL4 


g 1 55 JMai 3 iterera(&) 1 | 61 I »ZM 


- m 


95 73 I 

79 70 

. 228 196 
24 17 

49 33 

: 268 134 

..• 59 45 

-. £111 £S 6 i z 
136 120 


64 36 

204 140 
- 83 49 

£332 £100 


iaGronpL. 95 
AgJOfip '72 
pSa£ 2 _ 223 
’ImLIOp. 23 
iL’sy/AL 45 


^ffio jaasLs s- 


=dBS l 


2556 iaiO.810.6 ii 

dh0.92 23 6.0 LL 6 


47 96 

11 8>2 


ntudlL'n'A'-l 45 d2.49 4.7 8.4 3.012 

retail's (Zoiv- I5firi 7.02 . 35 6 j 

irtra-Hack 56 4.00 - 10. 

4hesnns7Vpt. £110 0^% 2.3 f7: 

5iEitiIs25p«_ 131 . -1 14.86 4.0 Sj 

dndnster Top- 24 tl.82 15 132 

ffltmoreaji 15 d0.92 13 9. 

laiEosa 314 id 14.87 q32 7J 

dOasares- 102 -1 4.21 2.9 6 - 

«w ; 62 — 1 112 5.4 5. 

ln.Mrstis.50p. 197 445.6B 4.B 4.. 

LWfcTrtnt.. 80 47536 2.4 6 .- 

sanro5pcffl-6_ £120 Q5% 193 f4„ 


8 4 Rn318 240' 

M I ? •» 314* 

SS = ,™f if 

5.6 6.7 SK §4 
LL5 8.7 133 37 

9.912.0 
7 2 4JJ 



56 d? 64 

96 al 4.91 

67 +1 72.04 

115 14,69 

83tt -2 hl36 
65 3.67 


d? 64 [ 3 Sj 7.11 5.6 
4.91 *1 7.51 6 


YarrowaOp { 265 (-2 | f4.6I f 4.1 

SHIPPING 


4 6 8.7 305 1252 
6.2 6.6 200 U7 
23 * . 158 112 
8.8 5.9 348 206 


24i 2 tl.06 1.8 66 14.1 157 130 

£22 U -U Qtl2«c 3.7 3.1 H3 «i 2 341j 

202 -t ^4^1 3.7 32 13.0 39. ,2Si 2 

T2 . -1 53 23 112 4.7 IfS 116 

147 2.85 4.4 2.9 117 255, ZOO 

U 0 25 18 3.4 50.0 26l Z ]&2 

54 0.99 33 2.8 12.2 K ,66 

304 -4 18.22 43 41 8.6 233 115i 2 

54 -1 £L58 4 0 4.4 15.9 11B 90 

135 -1 3.99 5 2 4.5 5.1 1« 67 


69>a Uja 3.08 3 3\ 6.7U53i ,46 

93 +1T 3.80 4>1 6.4 * I 315 I 79 

90 I } 4.4 | * j 7. 

Garages and Distributors 



290 

9.26' 

130 

...... 5.81 

156 

...... L53 

238 

8.17 

155 

5.09 

35 

dL85 

251 2 


123 

-Z 4.90 

220 

.. .. 5.1 □ 

26*2 

+1 - 

72 

268 

115*2 

.... 8.25 

90 

-1 6.54 

74 

-1 tl.64 

5.64 

34 

79 

-5 8.16 


?.6 loll At 

19 110 i5.9i 


SHOES AND LEATHER 


83 95 I 63 ] Adams Gibbon -1 73 1-1 14.35 


5.2 4.4 21 

4.4 73 98 

6.4 9.7 *134 


s5p_J 3^—4 - - 


irsanto5pcffl.6L £120 ©5% 193 f4.2 — 43 34i 

MDnumentlOp_ 8> 4 _ — — 141 441 , 351 , 

Morgan QtidObfc 1X9 128 26 6.7 60 49 40l 


raU(AW)_ 48 242 

sOlabtilOp. 33 gZ.06 

itfixlOp 13 «... — 

mGafop 64 100 

ia.FJSecs.. 127 -3 518 


6.7 60 49 40 

7.6 51 26 19 

93 54 131 84 

— — 44 TOi, 

2.4 7461 4S 3S 2 ' 

6.2 8.7 95 74 


(B.&L)_I 4B ..... 33 27110.41 53 81 


-•54 42 NKCWUEUks 4Z -2 132 

£84 : £58 N CA«®B 8 - £80 -1 049 

-90 75 NefreaiiZambra. B1 330 

109 65 ttolASp'nceriOp 106 ZOO 

•2B»i IH 2 Ncr Equip. lOp}-- ' 16 -2 0.98 

92 77 NonOTsim__ 85 -2 4.02 

115 84 NorttaruEng.— 103*2 -3i z 6.00 


M 4.8 416 51 ij 39 ' 
119 £51 — 59 50*2 

Zi 42 7.9 38 30^ 

67 23 73 46 21 

Z7 93 63 126 92 

Zb 73 63 *100 74*2 
31 8.8 53 133 13T 


72 AmieyBrdGm. 95 -1 M625 2310.0 7.7 67 57 

10 AH^anMofor. 124 t7.75 2 4 9 5 73 104 93 

341, BSGMJOp 40*5 -U 213 3.7 80 3.B 44 29 

35*2 BraMGrOOpSp- 39 138 4.8 5.4 5.8 98 64 

40 Brit. Cur AUC-lOp 44lj -4 H.9S 23 6.8 9.8 73 47 

19 C&SB. lOp 20*2 142 1.7 10.5 B .6 4Z 36 

84 Cf&iHSOp 126 -1 6.40 * 8.0 * 50* z 38 

29i 2 . Cataorelnvfc — . 39 -b d!17 12 8.4 0361 50 40 

35 StmetXJSp — 40«tf tdl.r 4.6 6.5 3.6 56 46*, 

74 DnisGodSy- 90i 2 -b 13.03 5 3 5.1 5.4 40 33 

68 Dcnds 80 -1 437 ZB 8.7 6 2 70 56 



sftotstewJ 48 -i 2 2.81 3.<H 85to.7H 64 41 


40 

46*, IPittardCrp. 
33 
56 


iLawr.-l 30 


501 : 143 4.0 41 73 30l z 18*4 


6Jll5J] 7Bl 2 66 i 2 


orton 4-Wrt.Tep. 183 -2 kd33 29\ 3.216 3 148 
tordcSealOp. 29 22 0.«l73Wlffi £23 


rlmaklOp. 44l 2 -b d0.46 17.4 16 4.9 32^ 24 
onfr.Cj— 115 d4.12 33 5.4 71 

dls 97sr 1670 4> 103 * 

;20p 129 -b 639 3.2 73 53 


19 .. .. 10 

56a) -1 4-39 

57 td3.89 

99 430 

44 113 

92 4.90 

68 -2 1127 

42 3. 17 

50 -* 2 2.80 

48 ..... 187 

55 -1 2.77 

40 Thl.92 

60 t4.24 

61 -1 1.72 

30*2 hl.16 

77 ->i M3.96 

26 ...... Ill 


£128 Dfl 


Brahs20p 129 -b 639 

337 +* It?.? 

Qw— £205 


.21 7.71 5.6 
i|R 9 |- 6 |u 6 I 80 


SOUTH AFRICANS 


26 22^2 NttSwifl5p 25*2 15? 13 9.3 1Z1 95 72 HdisflOiarles)... 7 4 -1 d5.96 f 122 f MO <20 

.£ 99*2 £91- • OceKnmMfiCv— £99 +i z 09% - £9J - 46 31 JessnpslOp 39U -* 2 155 53 6 0 5.1 BO §3 

iJ9 S8 Office Effect— U 4 ..... 4.0S X7 5.4 73 84 65 fffligisr.— 75*2 74.15 3.7 85 4.9 ^2 28 

99 82 0trex20p L 96 h3.02 33 43 92 B 6*2 6 V 2 to Service Grp.. 771 2 -1 3.47 4.2 6.8 4.7 ,97 62 

27 20 OvenstonelSsc; 23 -1 Q 6 c 23 14.7 20 W 48 - token 66 ' 246 52 5.6 3.6 1*5 95 

J iS S ::::: AuuVj » £, a- & ill? MS 9 


S Prfroa 
rMhpi 
34 Phofax 


- — 233 B7 73*2 

.._. .. 65 4.4 53 *36 23^^ ... _ __ 

Pauls & Writes— 114 4-1 F650 * 5.7 * 10 R* pMamDaridfe. 8 ~b - 

fysaagelOp » ...... 162 . 5.0 6.4 4.7 13J, 4 frenrineMtr.lOp 10i 2 -*4 - 

tentiandlflpl- 21 056 5X 4.S 4.7 107 77 penylHJMlw.^ 98a h26 

Plet*WlOp™_ 90 4.29 3.0 7.2 51 48*2 26 tertdtffLU.JlOp- 41 165 

DalWOriTaE £150 -4 Q15%229105 - 45i 2 15 KnldsWJ.5p 44 ...I. *0.6 

wrocnnia®- 64 451 14 10.7 8.5 84 4 ?. ferFOOwajSp- Tb -h - 

Phillips Patents. 16 ...... B- — — 37.7 76 43 mneoiLcedfl— 71 -1 053 

PhotaxILtmi 34 -2 dZ72 - 121 — 46 33 frsdhamSr.lOp 42i = -ll 2 22 

S,ta il zf S ^ E ?:? * ■ 50 U 


341; +1 030 62 6.7 3.9 450 

8 -ij -• - - 17.6 102 

10U -*4 - - - - 160 


42 J30 
80 i 63 


24e5tta__ 275 

cM.m 

Coat. Wp- 40 
mm5p— TL 
aAlCp — OT 


194 149 
: 2 s 


71 (-1 [202 
501 2 — ..[272 
212 738 


IDnS-SOp. 180 10.0 I * [ 8.71. ♦ 


ll « I? .NEWSP 

f3 ll tl 250 Ii65 tetokP.ata.j 


mms.1 98a h269 71 42 3.4 .81 58 

ffi.6J.j30p. 41 -l a 165 4.9 61 5.1 Mg 445 
ddsWJ.Sp 44 ...r„ 6062 8.9 21 53 69 1 55 
3ttwrj^>_ 7\ — *a - - — 217 

71 -1 053 27.9 1.4 28 
emStr.lOp 42*; -ll 2 22 2.6 7.8 7.4 

snSBxL+_ 90 .....4220 8 -^ 3.7( 3.4 

•AT#{3, PUBUSHERS I § 

mm win null 



f .6 i 226 

4.0105 24 
* 81 * 

tl 9.1 |3 


TEXTILES 


iS ~t£ ?o i its 
^ 571 ^-‘= VJ, £ 4 iS ^ 

7*3 Piw.Lannds.OT. 9*4 0.40 4 >. .61 16 . 

78 PuflBODR67.i5 88 M60 19 30 3 ffitt 

iBQae s rS « 3 | is 
§ s -a 1 , 

42 ReedEaetBp— 57- , 275 -26 71 7 . 1 

02 EeedSuiir 13 ZhI -2 t&00 q27 9.2 * 
68 RdycoPBWS— ffi .-.. 410 23 73 9, 

S SSffiSS 2 ® * -l 

14 140 ..... t43I 5.6 52 5J 


• *8 9 
*g V 

. 240 145 
48 ' 35 
144 114 

k ! 

' -48 36 

, 8 


46 EPMOlda-'A'- SI 287 24 8.5 6.4 « £* 

55 BmtBXre- 70 1213 29 4.611 1 % 

70 BtadnAfcCJ— 95. d4.«) 3.1 7.8 6.3 J?. 

.05 Frtso) Post 122 15.6 22 7.2 9.4 


ilO 9J 4 3.0 95 67 

10 4 93 * 92. 78 

14.7 25111 5.4 74' 55 

J 6 3.6 5.0 62 145-115 

.61 . 3.6 3.4 (M* 135 122 


2 123 Coffins WlUaau 140 ' -2 4.68 2' 

>2 123 Dfl "A*, 136- r 2 4 68 2. 

7 265 DffivMafl’A'SOp- 29B -2 tll.61 I* 

15 67 E.jfid Allied V 88 bJ — 3.63 3. 

2 . 78 Gordon & Gcteh. 78 M2 64 4.: 

I- iil SSKSSfc^ ± Ii |.i 

I % % -r li f:i 


1 77 94 wj JS 3 ‘ 2 
51 7.6 SJ g 
u j 74 17 12 

5.9187 55*2 3*2 
6.9 4.9 ff« ^ 
5.1 7.0 H « 

9 5 58“* 6 7 

B ?! 4 f 

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37 2 J 

30 a 

71 -X si 
32*2 -1 U 
116 - 3 7 .! 


140 [H.. 7414 




VSBSZi m -2 57 ? 1:3 111 0 g ■ g 

Pyramid llto__ 41 +1 d245 13U71« 3? 
RmrtJedeeiKP. IBS ...... 13.67, 3.9 3.ffil3D \\ §5 

Sharpe iWN) — 1» td3J5 5^ 26(10.0 » |7 

Ttwmwn 238 -2 297 2(J }|458 371 -’ “ 

Ltd. Newspapers ISO -2 13.98 33^ 6 J 7.0 IJg g| 


32 Dfl 'A*. 46 1L94 

% S _1 zif 

Z5 BCWD&raxwn- 55 

04 Royal Wares — 128 — 639 

45 RssselUAJ lOp- 57 12-04 

Rysn(L)5p__ . 13 —b — 
15 SapaHiriimj'S— 144- t6.75 


.60 45 RassellU 

17 8*2 RyantL)! 

144 11$ SaiaHoii 
£27 £15^ St-GobaiH 
275 190 SaleTHw 
29 19 Sandhcst 


73 92 46 40 FyramidlOn — 41 +1 d245 

0.6 * 185 153 RootJedeefcKP. -IBS ...... 13.67 

— 23.0 205 134 Sharpe i WN) — IS td3J5 

52 5.0 278 155 Thomson 238 -2 197 

9.6 4.9 362 306 Ltd. Newspapers 350 -2 13.98 

115 — 45 Z3 * 2 Welders Pnb.5p 44 ~b 134 

5J8 4.1 47 35*a Vtllson 3ros.20p. 40* 2 1128 

6.4 6.0 

till PAPER, PRINTING 
KM ADVERTISING, 

- - te lAM; '’“PF— IJJ-S9 


4 6 76 89 79 

4-8| 7.9 ^ 10 * 2 IHiehl Bros. 5p 

64 53 

56 40 

34 27 

32 26 

40 28 

7.4] 6.4 53 42 


u%|143HB.2| -_[ 63 38 


Ihnrst Smtot- 
gersftp — 
a Group- — 
mnbergerSl 


265 -5 ' I0j4 
g -1 105 


y 72 2 bz Bemrose '... 68 3.B3 20 8.5 9,0 l^j 12 

It Ii 55 41 Brit. Printing— : . 49 -1 318 2.6 9.8 ilfc « 34 

Xj * 71 55 BnumincGqv- Whtl -1 3.8 4 9.6 4 64 55 

H ?, 68 54 Do Kestra: *V£I ,S9«J 3.8 f , 9.8 * 49 42 

00 337 110 93 Bum! Pulp 100, 4 88 45 7.4 44 « 21 


46 35 Sept Heritable ~ • «*z -h 135 6 .. 

123 85 Scrt.41jD.lnss- If 7 --*? **-92 1 

7-Pj 54*z SearsflMgs. — Jgh -k 2.; 

138 60 Sewiricw&j.^. 1^ — Vn, 

124 56 Do.'A'N-V-— 122 \2S 10.1 


Iff 

7.0 13X 82 65 


Bum! Pulp :AOO «.B 8 45 1.4 32 « 

Capsealsap : ; :«la ..... 5190 21 6.3 7.7 98 /3 

Causton '5tr J.)_ 37 -2 - — - « 49 36 

ChapminBal SdjL, 7M ...... 3.92, 7.9 61 46 ^ortirtl 


144 d6.49 3.5 6.8 63 

52al 3.67. 2410.7 5.8 

67 288 6.6 6 J 29 

72 E4.90 19 105 7.8 

26* 2 —1 T0.82 18 ±11121 

30rf ..... 26 26 13.1 32 

29al -Js 242 * 126 

16 +i" “ - ~ - 

45 * 2 ~b 2.72 3.7 9J 45 

54 301 29 8.7 44 

15 — — — — 

53 * 2 -1 165 Z6 4.7 ffifl 

37 200 30 8.6 (42i 

30 CZ.42 24 13.1 53 

71 -X 226 24 .7.0 4.8 

32*a -1 185 3.7 8.6 4.2 

116 -3 7.56 13 9.9 (M* 

£74 D7%20.2d24 -U 

35«J <10.65 — 28 — 

123 -3 3.72 ft 4.7 « 
122 -3 3.72 * 4.7 * 

70 1258 26 5011.1 

27 1.98 23 HI 6.4 

37 * 2 25 28 10.1 5.4 

105 b0.67 20.0 20 7.8 

85 . . 1648 13116 9.9 
11 -ij 0.75 26103 5.8 

51a! -f 3.01 3 0 8.9 5 6 

57 -1 14.29 1.6 110 <72. 
41 -1 d?.12 0.9 11.6:137. 
30 -1 134 31 6.8 6.4 

29 -1 134 30 TO 6.2 

37 d2Bl 15117 8.6 

50 h278 3A 84 5 0 

63 hl.51 5J 3 i 70 

19 ... d!05 2.8 8.4 65 


- 0.3 - 

_ 15110 94 

44 -1 d3 3 0.911215.2 

3S* Z -1 165 54 7-0 46, 

97 3.70 4.8 5.8 4.1 

45 145 33 4.9 8 . 8 , 

61 3.49 22 8.7 7.7 1 

122 -5 3.24 4.8 4.0 6.6 

43 -2 10.5 7.6 1.810.5, 

75h1 -2 3.18 * 6.4 6 

14* 2 -b 0-69 21 7.2 10.0 

10 0.69 20 10.4 6.9 

92«1 ...... 64.69 3.5 7.7 5.6 


194.|155 
92 74 


SrttuiCOTGp.^- 122 
Ito.‘A' N-V-— 122 
Security Seroces_ 330. 
fDa‘.vN-V__ 129 
ShantaWare20p 121 
Siebe Gorman — 163 


40 Sllhwette'.Vfflp-. - 45 
17 Silvtthwiiel<Jp_ 18 
70 Simpson (S.l'A r _ ; W 

95*4 StecWw ist; 

57*j SmithANephJOp .,69 
139 Snmhstods.5<^>. 170 
48 SoOeLawlMp— 54 


42S 10.8 30 73 £ 

1 925 10J 30 73 2 

...... 435 6.4 3.0 73 2 

435 6.4 3.0 7.2 

i ....... d2« 7.7 3.Cl 6.6 5 

1. SS I S ti « J 

h=a «ai 

3.81 3.7 52 6.8 « 


72 129 111 --- 

fcS 55 43 East toics. Ppr_ 55 

HZ M &B&-1 


. easts as . .. „ . 

i Esa=flL=3&i 


J :: ~ ; i 

. 98 ...... 3.81 

imw +*a t5.4i 

69 fO.43 

170 +1 1725 
54 3.86 

33 236 

290 +5 bS25 
100 215 


s s ail n « » me. 


4011'Jl 24 1 51 41 Radlev Fashions 50 _(...... jld3_94j 3.1] 12. W 41 


;_j.. 1h256 3.6 SO 85 91 

103 iFlnia Holdings^ IlO | H7.7 15 105 73 « [ 36 (RetiinKutm! 

a fesHi® 1.SJ4 1 tees 


69 [ReediWoLi . — 1 87«tj-3 4.42 Jj 7.7J 4 j 
36 mdiiMcnnuaip - 42 289 2.9TI0.g 3.8 

» Utakiot— I n .... . S llllg 


55 77 61 W ta*rw*ijro.a 

29 65 07 168 Ltr.lWer 

in 10.8 14 6 290 220 MrCcrquodflf 

20105 69 92 68 

44 44 123 1 % 110 MffisiAUen 
63 33 52 1M 76, Morel Far 
* 14 A SW£S 6 0 pl|l[S 

ft* 38 ?4 41 24 Okie* P- MM 

M BA — 54 45 Oxiei Print U 

to °i 26 167*1 87 aS&jfflBI 


» 96 -1 d3.4 

- :«?U tQlM 

-:^n 248 

- 14.1 

u 86 t24: 


LS2— |£46*a 
[ai20pj‘40 


5.4 9.4 3**2 20 Small & lianas 
3.7 34 2 70* 2 27*2 SaVj|fiwI.U0 
35 9.8 47 L^b no Pro U 2 ul 
6.1 2.6 43 40 SpencerlGeo.L 


21*| 7'[aMJexInr-_ — [ 8 |+*2 113.Z4 1 0.9] 7] 75 jsSthfDridiSpn.] r 86 t“ t242 50 4.1 6.9 ?4 23 Kfflp^Dr 

114 I 93 ||«Ftoitnre_. 104- 1 43 35^ 7-^ 6 +W 3 1M SmuI mUe!taS. 195 734 2« 5.UlU|.58 23 [TmtCoosalate 


198 165 Steetl 

47 28 Seim 

28 24 Steriin 

66 59 StocH 


190 

HEJ1 .44 


:lnd&£zp— 


90 653 

44 -3 Q54C 
26 -1 L27 
5 -3 257 
93m 40 

12*2 -*2 0.78 
25*1 .... 104 


97. 85 Sonehlll Hides. : 93a1 40 * 

18*2 12*2 SnniJier(F.)ffifl- 12*2 -*2 g.78 * 

3 K 25 SonliefitSerr.KfpI 25*2 014 3., 

62 35 Sutdffie Speak-. 58 +3 2' 

•£35*., 01*2 SwedBhltatrhjOO £12 Q10% l.< 

148*2 70. SwOTPSofiefflc I40* 2 -4* 2 ^Wc 1- 

135. 93 Svitnae .135 d5.0 

25*2 14 Xalbejr5p 19 ...... t055 2 

13*2 9*2 TebiattiOp— — 11*2 + 1 * rz ' ~r 

SsL%5! u I». /yi * 

^ & BE Bilfc: * * 

59 36*2 tee-- 

167 117 Taialg, 

£30*2 £21% Traoili 


^ O -tZlU ltw Mnuiuvwcusi*. in . 1 j.u auji. 

? 1 9 ini fit 76 S *2 Transparent Fp 1 . 70 ..... 494 4 112 * & 

*0 1S4 t;’ 70 4 S Tridant Group—. .70 — +3-29 * 73 5 n2 

an I'l 65 49 V 4ier Waiter Kip- 6 S 127 35 7.6 6.1 54 

t 0 ? ! a Bsesat 4 T a || m 1 1 

k il t -a ffRafesJ-fl ± ^ ii- - « 


246 18 3.7 BJ 

1132 4,0 7.1 53 
tl.01 75 4.8 3.7 
3 65 5.0 4.3 50 


g rriiwi-Uteffip. 
Ivita-Tex ' 


PROPERTY 


- 46 34. htirbFiMW.SOp. 43 ....1.82 


64 tl83 6 .a 4.M 50 

42 13.25 2»1J.7| 6.0 


59 I 31 [Yraghal 


34 -1 205 I - | 90 - 


17 4 4190 56 45 Ail'd LowkmWpl 54- -1 h!85 24] 5.21120 
“■ 55 . _ _ _ 230 184 AUnattUmdonl' ;2O0 d3.8fc 20 2.9 245 

P av*? S SSfSfS a? :::::: « u IsstJ 
*» “ “ l 3 W* n* -i 1 iS ii H n J 

dl26 4 4 3.2 7.5 3b 2b BankAComlCp, „ , 7 , 


mm 1 


£6 5.6 p ^ ^ s Has 3 ® -HIS tut to 

Ia dL26 44 3.2 7.5 3Ai 2b BanKAt-o mlOp- . 2*2 -b TmT. 57 i 2 45* ; P.oKmana 12 * 35 - 54 -* 2 §2.04 9.4^ 5.7 2.8 

a n sas § =BS » fc— »<•- * ♦i 70 '* 

^n 92 To I'nilTn mL 47li Bollway Hides — 60 12.87 - 72 - • 


TOBACCOS 

BAT Inds ] 324 ]— 4 |1301]T3.« 

Do.Ddd. I 278 1-4 l - 


mfijw i awn ! 

<j 7 79 (Warner Inr ._ 

,76 66 BranurSV . 

So Cf-K 1-In- 
25 r, 214 taiaa.’rjtf o- • 

8 ,? ! f 2 

E9 75 

2 « 194 Cirri .. - .. ; 

110 90 unf.J.,r... :r 

125 102 i.MUt-l.'. *>..i 

120 100 I* 

UJ 3 87- urtfinjitail . I 

114 94 CarJidln-... 

50 56 OKbrli.- 

1C0 124 Ctanl I - in-. -1 5 

546 455 Do-'i*!'- 

5<v, 46 CharterTruit . 
TQii 26 . 

111 76 Da Cap tj 

87 48*2 OlJ&rnr Itr. 

102 85 Ot>& Intern tl„ 

66*1 62 Cityoftedrira . 
83i, 76*2 Ooic.-himse Vip 

CJatonlr.wtepL 

OT'j Sffla Cgvier<(al»(in.. 

1 245 212 MmijI.'ecTKd. 

205 160 Coaan-.-nllUnti 

112 94 Crntmer-t ! i.'mon . 

|178 116 C«s-'-.’spar.sOp^ 

79 67 Crasstnars 

30 24 Cumulus tav . 

44 3B*j Itanaednc .'Sup. 

4 3b Do.Japdup - 
65 56 DebeniureCrro 

224 200 Di»6-T4 Inc ll 

164 140 Vu <. ap V.jp . 
193 172 Dominion &iVri 

134 106 Dnnton'.jrr.'d 

146 123 Da Coik. . 

41*, 27 I*o. T -r eastern 

195 155 Do Tt< 

65 60 Pua.’-.ea Ire .v<p 

228 163 Do «.apcuin . 

64 55 DuDiitf.-1.Un 

135 86*2 cJ.D6erc1..;n 7-‘ 

229 194 Ed; a in. IK at 
1114 96*2 Becu-jlt,. 7;i 

73 60 . Seer A 'Jen 

on 74 . Eng.&laienut|. 
76 63 Eta t N \ Try 

74 58 an.: i- Jr*. 

110 91 Equ'iy.«wt;. 

119 1 D 2 rta.Lie:d.yip . 

206 170 Eqmtj In-: Hdp . 
312 258 Estate Itutici-:! 

49 * 2 37 F.&t* Fur<)lrL,i 

92 70 Fanafr irn T’l . 
95*2 1&2 Fir*ts<vt Air. . 

166 130 roreienii.il . 

51 37 F.filT'R035- 

39 35 * 2 Fnndw.’Srt lm .. 

69 49 to»jp. . . 

130 98*2 aTAp-n 

148 120 GeniCcTro ri . 

86 73 GeiLt'onroidtd . 

155 125 Generit 1 und.A._ 

115 97 Tf Coir. I 0 p.„. 

106 83 G«i ’roeAori 

93 72* 2 Gen.hcvr.-fh . 

113 72* 2 Gen S’.Mrtrs i’: : p 

101 84 lib. : >‘>ro+:fc:4n.. 

<J5*, 71 Glend'-.onlir.. .. 
91 68 D: 1 ' S' . . 

74 60* 2 Glewnurroi Im 

70 56 [>j K’ cc . 

114* 2 97 Gl (me In'. 

68 55 1 rt.cit Et-oipo .. 

76 65 GrroicTnirt 

105* 2 90 G: N'lrthulni . 

85 67 Gr«r.(r:arln. _ 

65 56 tirestamim . . 

65 48 Grouplnestere 

82 69* 2 icJMMr.!'. TfL. 

93 78 lUmVirui.— 

39 26 llnrcroflcv Itip. 

1B7 160 HdliPniiipi.. . 

78 69 Hume I i Ids. •A'. 

76 68 I»”E- 

£9** £ 8*4 IwhinH-Su _ 
670 600 r».£ . 

52*2 42ii tadu>irij)A.''iai 
77*2 65* 2 taleroat lln: 

143 107 ini in Success 

86 62*2 I m. ap. _ 

278 174 tani-ju- TAlrp. 
142-103 Jarriineljpan-_ 
143*2 70*: £■:■;. HKJ5 

167 103 Jerw?E\L Pt. ip 
248 228 Jersey Gcn.il ._ 

49 41*2 Iw Holdincs. 

51 44 Jcne Ibv. Ins. ICp 

6 \ 4 Do Cap.:* 

140 125 Keyiiooclir.^^ 

57 46*2 kiT'tsidelm 

91 75 Lake View )dv 

44 33 Lane & Lon. Inv- 

104 87*; Lan Det-enture,. 

m \ £ 21*4 LaiiTiS-JE.Bes.lp 
42 33 Ledata-.-lae^Op 

25 20 to i>p Sp 

31 25 Lel'wnetlm-.. 

13 '6 Loai ibdn Pfd5p 

64 55 Lon. Atlantic. 

138 103 LonAusLfnvXAI 

67 53 Lon &Gan.50p_ 

114 95 LriiniHolpTod- 

86 61 Uni Lennox.— 

26 16 Lon&Lir.lOp... 

73 59 * 2 Lon &Lmwmd- 

186 157 ImiMonlrose. 
112 ■» LoniFrov 

75 64 -Laa Pradeotial- 

44 34 ■ Lm&ScMe.- 

193 173 ■ to.Trt.Wd. — 

52 48 KwJandlm-— _ 

195 178 H &G Duel Inc. lOp 
119t, 90 DoCbp-ffip 

39 79 Oiiid Halim Krp 

22*5 16*4 Do.Cun.4p -- 

23 20 Maa&LonEtjp. 

44 40 BleWrumriw. — 

40 33 Mercantile lm- 

74 62 MeichanlsTst.- 

50*j 41 Monte invest .. 

68 50 Mont Boston lOp 

44 25 JXi Wms.fi. 

71 42 Moolmniili.— .. 

83 78 Moontatelm 1 - - 

94 84 Mccrside Trust.. 

835 600 NegitSASUSl. 
2 I * 2 HV N'ewTtawtac.. 
118 70 Do.Cap.il 

20 11 Do. Nw Writs . 

41 31*2 N.Y.tGannwre. 
21B 183 1328 Invest .... 

94 78*: Nffi-MiarAicSec 

100*2 Nflm. Atcencun . 

107 95*; Northern Sec*. -. 

61 51 Oil & Assoc iov 

55 * 2 J7 (M*ich lijv — 

121 <*9 Padtandlni . . 

75 6 S Pros Se, Im 50pl 
26*: 23i 2 Prcistaciai Cities 
127 104 Raeburn „ 

41 37 Reahrooklm-. - 

31 22 RifiWri-Jw.Cap 

172 148 River & Merc... 

W2 123 BnerPIrteDef. 
£63*; £464 Bflbew'Br./FlSO 
655 467 Do.SuhSh'sFla 
£ 48*4 £564, RrtincoN’VFISO. 
457 325 Do.5a6Sh'sra~ 
93*2 77 Romney Trust ~ 
59 32 Rosedbnondlnc. 

75 -;d Dcl Cot 

194*’ 159 RodBduidIa50p.. 

71 u7 Sa fegt ardlnd— 
123 101 St.AnrirewTsi... 

92 74 ij Scti.AiuInv.50ti . 

74 43*2 ScrtfcConLtav. 

181 151 ScoLCtties'-V— 
142 114 Scot Eat tar— _ 
38 34 Scol European- 

103 83*2 Scottish Inv_ .. 
113*2 94 5cotMon.£Trt. 

147 119 ScoLNfltjflnaJ— , 
102 * 2 86 Sent Northern 

144 111*2 Scot Ontario 

7B » 2 58 Scot ltd Im — I 
98 72*j 5rot Western . .. 

95*’ 69 ScotW<stn.-B\.. 

194 261 5ec..ffilaoeeTr: . 
E9 63 SecXteaiNUm.. 

87 60 Da'B". 

193*2 154*2 SccunliesT. Sc . ! 
460 ?0£* WedRuklm SIS5 
135 118 Shires Iik.SOd . 

72 59 SlieweJi fOp— .1 

113*1,94 Staewlm. ! 

165 150 SmTIntlOp— ! 

68 48b SPLIT Cap life . 1 

122 90 SonbnpeGen. I 

173 145 StedinfiTsL. .! 

97 76 Stockholders Im.. -| 

95*2 80 Tedmology 

**5 81*2 rempleBar 

26 21b Throg. C&nwth 

101 86 Do. Cap. £1 

73 64 Ttaopnorton— . 

aiB £105 Do. 0?^ Loan- 

79 71 Tor.lnvKt Inc _ 

115 95 Da Can 

167 142 Trans. Oceanic— 

74 ?0 Tribune Invert— 


{+ ur[ Pi* i 
| — | Net ] 

? 0 - 1 13SI 

64 . |»ia i 

240 ig 43 | 

82', 1 -1 bO I 

79 -1 j - ' 
84 .. ( 7.5 | 

295 - 5 1*0 1 

109 ... 3.b0 ' 
123 ... 4 0 1 

120 — 

106 3.9 

113 I . . ? f:5 ' 

64 t2r 

136 .... Q15 0 

546 _ 

55 1215 

29 1J2 

109 — 

75 ... - 

100 -2 14 07 
66 -1 2 33 


8 i 

::::: If 


26 _.... 0.8 i 

42*2 ..... 1287 

3-4 — 

63 . ... hZ40 

222 -2 13.43 

147 - 

192 7.75 1 

126 -1 45 

143 -1 4.7 

41 >2 0 9 

188 -1 6 7 


|rw 

Cvr'Cr's PfE 


FINANCE, LAND— Continued 

BS I { I* «rj Wv ! |ru| 

igt Lw | Stack t Trt" I - I I** |Crt|Gr's|P/E 


228 -1 67a 
II 01, 0)1- *2 5 0 

71 .... 155 

88 38 

75 ... 2 b 

72 245 

104 .... 15.94 

119 . ....396 | 

206 b9.90 1 

310 S.D0 

49*’ ... . 0.85 
91 .... 3.35 
95*; +1 185 
1 64 -1 3.77 
51 .. «Q5tel 
37 .. 1240' 


155 -=-1 4.7 

115 - 

103 40 

92 -b 3.35 

113 17 

98*2 -1 Zi 

93 -1* : 11.66 


>t> 5 4j * 
;11 26)474 

11 P3(ffl6 

* *0 c 

12 f- n 26 0 
10 4 9 ] JO 7 

10 5 6 262 

11 52 262 
U 6 0 233 
1 4 11 0 i 

1.0 6"0 24"s 
, 10 9.515.7 


11 6.322 7 
1.0 7.b|l9 41 

1.0 7 . 0 I 216 I 


12 52 25J 
Ll 4.5 31.0 
Ll 4.3 291 
— - 1971 

2.0 7.1206 

1.0 4.7 332 
Ll 102 14 0 

Ll Tfl 237 
0.9 9.219.1 

6 6.3 6 

11 54246 

12 5 0 25.9 

11 3.5 41 1 
Ll 5 4 26 2 
4 12.1 4 

10 56 262 
L4 1.3 849 

10 4.5 322 

* 6 « 4 

4 33 4 
<t> b 5 6 

1.0 53281 
2 0 5 2 294 
Ll 8 7 16 5 

12 5.0 24.7 

11 7.318 5 

1.1 3 9 342 

13 2.6 46 3 
10 6.4 23.0 
10 4 5 323 
10 3 5 434 

12 6.212 5 

1.0 9 (3 153 

21 12 610 

1.1 6 0 23.9 
1.1 6.8 21.1 
10 4.6 32.6 


37 f7riirrJa*e20jJ_ 
25 Fwr.nroTiurt— . 

T., Ha^vptsnTfT.Sp. 
2$ Ran Ar. SSL. 
147 !;’,lcr Trtjcv. si 
16 InvMSnttntCo- 
80 Ks'rtiatA- .. - 
44 K.tc- r. Tiller 10p 

18 rl'VnRU 10p 

13*2 Lar.ori :</?$ 

13 Lon. Euro- Grp - 

73 to Merchant 

104 MiG HldtiSp 

38 Vj ciit'r/.- lnp_ 
48 Mama ffiF.ian. 

920 MaiiMft.iB‘fty 

14 SM.CJm5.13jp 
200 N;pposrd sts.lvp 
9*, FarambeiOp™ 
2l * 2 Part PI ace Inv... 
167 Peanca 1 S 1 i aon _ 
£43*4 PKtaS rS.FrsSM. 

10 SLCeoroelOp- 
90 Soot & Mere. A _ 
£48 &ESKipc Ann- 

51 SmithBros. 

7*. SUm Pac. HK50c 
! £Z7it SwrFiaATlW. 
■ 900 trots Mkt.Ta la.. 
24 Wstr-SelecLSOp 

36J 2 *W«rrf&ctend 

68 Vole Caao 10a., _ 


25 

28 

9?4 -*« 
44 -1 

177 

18 

110 -5 

75 

23 

ia ...... 

92 -2" 

49 -1 

m ::r 

32 

217 -3 

£64% 

11 +* 2 
100 

£50 

'“-I 

g&± 

Ir* = 


1164 43 8.9i 4 



22 2JI22 5 
3.1 7.9 5.7 

3 0 7.3* 5.8 

19 0 2.0 33 
13 10.9 10.9 
6 26 t 4. 

4.7 2 6(11.0 

4 2 L 9 13.3 

37 4 5 88 

24 13 3S4 
U i 7.4 
— o.4 _ 
0.7 10.9 193 


3.6 4.7 7.1 
35 4.S 9.1 

To ttai 

I 27 4.6 19.4 

— 8.5 _ 

, 21 13 J. 6.0 

— - 41 

— 63 — 

16 i a 
12 127 103 

3.7 3.8 20.8 
33 3.0 92 




SBCURmES CO..LTD 

London Branch: Marf^S 5!dfs.. 25 V.bd-g 
Lane. London Ed' TEE “LF* 2S‘.ll2*i A, 3 
OKASAN LCJSDOM Te!: €22-6 31 4. 7 


MINES— Continued 


CENTRAL AFRICAN 

MW + w Dhv |TTd 

rrt fh l<iu Stock Price — Net Csr|Grt 

no |155 iFatamRtiSte 185 +2 Q50c L3]251 

24 15 RhorfnCorp. J?2®. 17* 2 +*; 0.56 7J 4,8 

SO 52 Roan Cots K4 73 +1 — — I — 

175 122 TanganjikaSOp 147nl -8 Q10.0 12 6 A 

90 78 Do.PreL80n 90wi — .. tM*o 163] 8.0 

41 32 WanBeOol.fih.1- 36 . — fQ?**: L4^17.8 

16*2 1® lZampprSBD034_ 13*j — — -- 1 — 


121 5.w220 
LO 55 270 
1.0 1 E« U4 9 
Ll 3.7 35.6 
13 :.7 45.1 


OHS 

66 AttoA20p 86 - 

134 Brit Borneo lOp. 156 
770 BnLPctJt>rre.ij 848 
70 rta?*«Pf£i „ 70 

42 &urmh£l 64 

£51 Iic£*jLrA1 95 _ £61?+ 
800 rr .VTWU 800 

49 '.'eiinirj IOjp 58vfl 
21 Chanter all 5p . 21* j 

£226 r.cfr Pt. 'roles B. £24 
362 HClunOiltl - 400 
116 nCIio* Mml£l 120 
9i 2 EndeaiourWr. . 19 

2i KCA 26 

134 LASMO- 150 

£100 LASifOlfcIfCI 53 £ 102*2 
284 LA5W 1 *0t-- , Jp 334 
13 Matte.’ jieuL< 10c 22 

178 Ou’Eipl I0P — 236 
12*2 Premier Cons. 5p 16*2 
Q4Sj RanjeKu! — . £25** 
1*4 ReirK'IdsDii.tc. 1*4 
£3550 RvL Dutch FI 20 . £48*e 

455 SceptreRes. 600 

434 SheSltans-Reg. 530 
bl DoTmtl-.- 61 
Z26 ttSietea-l'.K..>£l. 324 
£55 ToucMV.COi. £58 

130 Tricentrol - 176 

194 intranor- 256 

120 Da7pcCnv.£l- 145 
86 Weeks Nat. Nets. 175 
66 Do.Pfd.Orrt. 10c_ 175 
57 Woodside A50c.. 68 


6.74 1.5 6.6 15.0 

2210 42 4.0 92' 

5.6% fli? 121 — | 

~ vH5 - 

2.63 T T 9 4 ' 

553 

19 7.4 103, 

IM 26 L31L4 

♦01 T Te * 

*214% — d4.9 Z 

2lf~ 30 14 314 


15 10 

132 84 

125 63 

820 150 
245 148 

72 48 

138 81 

40 10 

>* « 

■Si Vi 

16 8* 3 
178 lit 

48 30 

£14^750 
40 12 

538 310 
30 0 50 
160 84 

70 35 


AUSTRALIAN 

13 

115 +1 
107 -1 

550 *50 
232 -2 
55 .. 
124 -3 

25 

201 -2 

32 

4*« .... 
122 -1 
13*2 

169 -1 

36 -I*; 

£13*2 ~b 
37*2 . .. 
892 -2 
190 +10 
144 +2 
50 


<&T& 24 5.5 8.0 

15.7 - 43 7-5 5A 
4.9% 1102124 — 

Qfti; - ill - 
132 53 U 16.0 

- - - 85 

7% 24.5 7.D — 

Q15V ~ TlZ 


aa* 2 — •> - - — - 
71*;-1 17 3 0 5.6 42 7 


OVERSEAS TRADERS 


138 103 
67 53 

114 95 

86 61 


44 40 

40 33 


68 50 

44 25 


93*2 77 Romney Trust — 
59 32 Rosediroondlnc. 

75 ■}! Du,C» 1 

194*2 159 ftaihsdmd In. 50p.. 


£30*2 £21*6 Tiaasuit LSl- W -m. 47 *, BcU«yHWcs_ ,60 12.87 - 

73 63 6 *SP«jDev„. -70 -1 3.19 22 «** a* MrMcvMk .13M -1 3.22 L 

5*> V} TranwMdGp 5p « ■■■■■■ nr, jri 7 , m 151 Biit«i'l*ercyi_ 162 hJ -2 6.18 * 

•»9 166 Turner i JiCT-.IL- 173. ~ 2 *^5 9 3 t53i 34 ZOO Brad(r>rdPrw> _ 223 -2 681 3.' 

jg 14 J M -- °«I PI Jl'T'na. 1& BntAiuaw^ - - 


$ fl’WgSft; 


W 9 PSraer Qnr Sf Ui 072 Z3 9.3 <53, 2* 

368 140 pKOIrUL——..— 144«*1 8^8 4> 93 * g 

102 88 UmrorolndnsCs- 97 M 8 25 8.6 7J 

42 36 lArifiejiCp— - ,39rd --=■ * Ig - 7 * *« 

548 476 Umlever— j — 524 -10 1Z50 29 3.6 72 116 

SZfh €Wb LLn\X\:nJ2- ■£» +*« «Z|% 24 4.8 91 » 


TRUSTS, FINANCE, LAND 

Investment Trusts 


y « -3 214 


24 4 8 91 54 45I 2 Cap. & Counties.. 51*a -*2 l - 7 

uub tew tnvjvv.ruw-|.++. j-t-b - 5 - 57 ~i t, 2 -s I 4 ii. 1 , po Warrants — _1 — — 

& £ .Bgsad I -r W ill 1 1= & Z3SSB* % - is 

» ^Dupchro^i h4tt w y H.P 8 & 04^^ -3 - 


— I — I 52 l 49 lAbcrdeenlmi .1 .50 
F*0l — 141 118 Aberdeen Tmsi . 140 
3.0Kb 7}l21 | 95 ], | Ail-alar. | 210 

% 


L91 2.7 3.0 '57' Hi 95 * 2 Uilsalar.-. 
1.7 L2 51 24.6 % 77 lAtUence Inv 


— - 22B 193 (Alliance TrusL— 228 

— 4 124 125 .iia/und Inc.SDp 118 


; 235 1.0] 7.1 20.7 

L J5.05 U 55 255 

I.—. 14.12 Ll 5.7 25.0 

3.00 4 4.8 * 

7.10 LQ 4.7 30.9 
830 XB 10.7 23.7 
-1 0.42 - 03 - 


^ X 

113 94 | 

60 53 

128 106* z 


“* Trurttnion.. 

20 InmeesCorp— 
94 ftnesldelnv-.-. 

53 IpdCTtilrr 

06*z ptABrit Sees 


68*; — b — 

111 5.00 

65 18 

76 2.1 

100* 2 -v 2 13.87 
85 .. 1 45 

60*2 -l tfl 82 
M .. . Tl 71 
76*2 270 

93 3.75 

36 .. . 0.55 

176 -2 7.9 

76 1371 

74 ...... — 

SffU Q20c 

600 Q9.49 

51 1 75 

76 2 62 

143 290 

S3 -1 11 65 
263 +1 46.7 

137 -5 0 85 

143*2 IQ47r 

163 -4 - 

238 Q13 0 

47 thi05 

45*2 3.50 

6 — *c — 

132 6.0 

56*2 4225 

89 -1 2.40 

42 1.8 

104 ...... 4.5 

£11*, 27 

35 ...... 277 

24 - 

28 dL5 

10 233 

64rd 3.0 

a d W 

113id 3.60 

83 -1 25 

24 10.42 

73 2 4 

184 15.25 

11W .... 340 

74 -1 285 

43*2 tl-36 

197 -1 825 

53 . ... 12.2 

192 11.35 

109 -1 - 

asm . . 5.06 
201 , — 

.8 ::: : 8f 

38* 4 -*a 125 

73 26 

5tM .... 16 

59 088 

35-1 — 

71 +2 - 

82*j T3.07 

'94 ... 44 75 
770 . .. Qllr 
18<4 +*4 1.54 

112 -1 - 

17 - 

40 -1 0.40 

227 -1 8 75 

94 . ... 2.7 
99 — *2 285 

107 345 

56 ... tl 98 

55 — *2 1.53 

119U -I 4 05 
70*;d +*; 2.60 
2fi -b H ?5 
126 . .. 13.70 

38 1106 

31 -1 0-12 
172 .. 813 

138 625. 

£62-*i 

627 -S QSi'c 

£48* 3 -*' s— 

481 -S 5-r 

92 265 

54*2 4.18 

73 .... — 

185 5.58 

71 3.6 

122 -1 4.15 

91 1250 

74 12 

160 5.0 

140 -1 4.05 

38 .... 13 
ZOOM -1 +2.56 
11< 330 

146 -*s 13.45 
101*2 3 36 

141*> -ft; 4 JC 

77 -* S J:1.60 
97d -b 220 
92*2-1*2 - 

192 -*, 1567 
88 — *2 1179 
83 -2 - 

189 -2 610 
430 .... Q25C 

i 135 8.46 

72 L5 

110*> 3.3 

156 19.19 

57 - 

.105 1278 

172 153 

94*2 — *2 t255 

95 — *2 Z-28 

92 -f h4 75 

23 188 

98 -1 - 

71*, -b 438 

00‘S -t Q8*-% 

78 -1 14.95 

102 -1 0 49 
166 -1 5.0 

74 ..... hi 3 
62 ..... 4.39 

135 -1 - 


<h 7 0 4* 
15 4.2 250 
! 1.1 4.2 323 
Ll 5.9 23.4 

12 26 47.5 
2 8 4 5 lb 6 

JLO 4.0 380 
1.0 55 27.1 

1.0 b.124.2 
4 3.6 <1 

10 6.8 22.3 

13 7 4 16.3 

- n - 

- it - 

11 5 2,271 

1.1 5.2 25 3 

11 31457 
Ll 3.0 45.8 
1.0 3.9 37 8 

12 09 1331 
11 3.9 24.6 

Ll 55165 
L0 6.6 220 
Ll LL7 11.9 

ll I91V8 
LO b.0 24.9 
Ll 4135.0 
Ll 65 221 
31 66 217 

LO 120 122 


African tow ... 
AmL \anc. 30c . 
Pcndr-WiR ivr . 
Ecamai'Too'. Hit 
Eou.<4ead-l0ri> „ 
Finlayilas-icOp.. 
ijl.’fi Puff us.. . 
CtNthn GW. 
H’nn'nr.Cros £]. 
HoftauneiSj. -.. 
Inchmoe £1 ....... 

Jacks % 

Jantr.;caSucar_. 

LcmrhP " 

ottchellCott'v.. .| 
N'uerianDev.i; 
Ocean Wlsns SOp 1 

T*: m Zoib ;t’p_. 
Im ’A’NYlOp— 
SaneeriJilTOp. 
Sena:MJB3r50p- 
iSime Darby lup 


265 

105 

132 -3 
49 -1 
45 -t-1 

332sl 

268 -1 
£66 -1 
475 


85 -3 
410 -3 


iSime Darby lup 

jieel Bros 

TorerKems.20p. 
Do 8pcCnv.ul. 
L‘ i.lh Mere. lOp. 
Do. I0pc La Ufa 


60 .. 

41 — * 2 

250 

90 

185 

180 

31 

6 * a 

87 -1 

205 

55 -2 

£94 

66 +1 
66 -fl 


h3.52 19.0 
Q3.5c 11 
1h413 46 
62 L 2 
150 6 

05.0 4 
8.71 32 

012% 24 
♦2178 * 

4 26 ll 
05.0 3 2 
Z0.66 63 

6.55 23 

3.4 L7 
133 6 

2 88 4 

67.7 73 

57.7 75 


l 20 26 
2144.7 
, 4.8 4.9 
10.3 16. 7} 

I 50 4 
60 * 
4.4 22 
1.8 231 
72 6 
7 6 7.7 1 
5510.01 
_ 45' 

its ftoJ 

12.6 C5.7I 

aj * 


30 24 

360 240 

60 45 
290 ZOO 
145 111 

10 8 *> 
290 Z20 
165 130 
93 78 

11 10 
75 63 

490 450 
400 280 
70 40 

62 50 

210 165 

61 49 

61 47 

205 140 
305 230 
226 134 
75 55 

100 85 

100 74 

220 148 


TINS 


25 

355 

- 53 

290 

135 ...... 

9*2 

290 

165 

88 

10 

75 +1 

490 

400 

’ 69 -1 
tom 

210id +2 

51 

60 .. .. 

South KinU 538*50 1 205 

SthnMalayanSMI. 305 

SungeiBesiSMI..- 226 +2 
[Supreme Corp. SMI 


„. 1251 2.6125.2 
.... ^Oolr 0.9 t 
.... 3.75 4.4 1L2 

= SB U X 

il.'.' 15.0 0.9 79 


COPPER 

100 I 70 | Messina R060 | 91 1-4 (tQ30c| 19( J 

MISCELLANEOUS 

15 1......1 - r -.f - 


*443 13 
B- — 
hl.75 33 
65 4.4 

3.10 27 

08% 18.0 
th0.75 ILO 
C.4 312 


3.120.8 

4.8 69 
83(52) 
£8.7 - 
1.7 8.0 
127 - 


17 9 

300 220 
465 245 
234 164 
90 20 

£12 750 
45 43 

180 120 IYukoiiCons.CS! 


255 +15 tQ30c 26 t 

425 -10 - - - 

222 -2 9-5 - 28 6.5 

63 -11 — - — , 

£11^3 - - - 

43 ...... 133 « 47 

180 Q7c 29 18 


RUBBERS AND SISALS | 

A I Stack I Price M S' IcsrlSl 


LO 7.120.6 

10 4 7207 
LO 0.7 1276 

to 4.6 3^ 
14,2.7 40.3 

11 5 0 28.9 

1.0 4.3 34.21 
* 4.6 4 I 

■J> 5 8 5. 
1.0 4.8 316 
1.0 63 230 

11 6 4 213 
1.0 9.016.9 

*90?| 

® 6 4*1 

10 6.4 229 1 

12 4.9 25.2 
1 0 5 4 27.6 
4 4.8 ^ I 
12 2.3 54.4' 


11 5.61253: 
10 7 7194! 
0 9 0.8 1412 
* 13 0 4 . 1 


101 75 

43 65 

16 1 U 2 

51 31 

305 165 
43 26 

39 23 '4 

322* Si 

iS & 

71 41*2 

52*i 29 
155 b9 
97 4B 
54 30*2 

75 55 

82 37 


235 175 
385 280 
IZ3 104 
23 20*2 

340 212 
360 222 
245 130 
420 375 
26 22 
244 181 
172 138 


Ando-tadenes'n 
BertmnCnns.lOp_ 
Bird-Afncnl 
BnyjwalJ ll 
CjsUdield 
Chersonese 1 
Cons: Plants 
Grand Central 10p 

Guthrie Cl 

Ha-TcMsiOrEftKio 
HigWandsTriaOc 
Kuala K, 
tlKulim.— ~ 
LdaSuroaralOp 
Malawi MSI... 
MuarRii+rlOp. 
WanuDOBKldgs 10p 
'feKrunJOp 


50 

260 15 1 

43 

38 -b 

10 

270ri 
98 +2 
115 

71 

52*j 

155 +2 
97 +1 
46* 2 

72 

60 


3.7 10 5.2 

sl8 10 16 
,hl38 12 4.8 
hO3.0 12 120 
0.55 » 83 

|15.0 qlb 8.4 
♦C4.0 - 63 
020 8c _ 3.9 

is u Ii 

Q20c. ?9 44 
h0.43 31 1.4 
§2.18 20 4.6 
Ihl3 19 3.8, 


TEAS 

India and Bangladesh 

235 +5 4931 
305 ..... hl625 

123 7.0 

28 4198 

340 +5 41200 
360 +10 410-00 
233 ...... 033 

375 15.08 

26 - 

244 +3 


Assam Dwars£l_ 
.Assam FrontierU 
Assam Ims.£I__ 
Empire Plants 10o_ 

Jokai£l 

LongbourneGl 
McLeod Russel £1 

Moran £1 

SijiploHJd^s I Op 
Warren Plants.— 
VFiUamsmEJ 


0.9 151149 

10 61242 

11 4 4131.9 
10 4.4339 
150* 

I 0 5 4 27.4 

12 4 2 30.4 

10 5 2 29.0 

II 6.0 22.9 

11 7 917 3 
11 4 5 29.8 
1.1 4 2 323 

U 72194 
11 6 9 20 5 
1.0 5.119.1 
1.0 5 D 19 


19 Winers IOd-,. — ,?1 
74 (VintcnGrp SJp- 123 


5 1320 272 


ield — :F310xd I 4.0 


2.1^13-813 10 kMSSsr* ‘ JS 


1.6 3.412331 187 129 Do. Capital 50p. 186 -1 0.42 - 03 - 

— — — 62*1 53 AabrowlLT.Uc.- 53 * 2 Mi ..... 4.5 * 127 * 

— — — 61*2 47 Iw OtjL. 50*2 — — — — 

* 20.* % 37*4 American Trust. 45U -Vt 135 Uj 43 31* 


- -r I — _ “ i 46 (36 American 1st. 'S'] _45 * 2 


4.63 * 1 0.9 * 104 84 AngJaAa.Sec 

-Hj 1.72 J 13 5.0 202 50 43 Anoint. Dh 


1 IB 74 VMenGrpXfL- 213 -2 |S H 3 ||^ J 233 nmrcbhTi-EsL- 28®i3 4.63 4 M * 104 84. 

77 72 W Ribbons 10p- 77 f33 3.7 63 62 ZM 471 , cirt Offices — - r52 -1*; 1.72 , 13 5.0 202 50 43 Anstelnt.Bfc 

29- 22 Wade Potts. lOp- 24 taJO 3*7.0 5| M 5 V *nirte Niclmlls, : 67 -3 196 18 4 418.6 134 IM Do. Asset Ste 

15 11 Walker Hr®- 5p. 13 r -- ^0.9 0.7 10.6 «5i » fa ContWSecs.lto ^35 -2 - - -* 44 36 togfaSMlm 

52 42 Watsridrd5p — 50 . — Q175 2.7 33M.B » ~ . Exchanged 168 ...... 20 28 18 21.7 77 & ,\rchimed«.ln 

123 205 Waisham's 223 fW®. \\ Z7 Z1 rrtr?NCTl.lto_ 23 -1 036 * 4.4 * 39 30 Uj CapSOp* 

65 48. WatoRXIOpf- ^215 2.4 5-0125 *r ft ^.* 0 ^ .. g7 ...... 10.79 2.6 ?-4-3gjji47 106 AmlnviSAn 

32 178 fffedgsood 219»1 -.— 748 f. §■? J, « (,Q DaejamHld 5 i?i..- 91 -1 t296 -.6 4.9 10.0 131 1 Q 6 Ashdnwnlnv , 

68 57 W^rBaardlOp 66 -1 td335 22 7.7 9.1 « Parw lflp+ 16*, ...... 030 * 4.6 « 74 4 * 

29 13*2 Vsnia&ctyr 15*3 “h _-TV, 7* 31199 60 *7‘ IwirovScm ffip- 51 -1 3.OT * 2f«. |5, 

58 28*2 WToclM-HJCSL 54 -S 2 tQtfC 18 53 19,9 |u Em.prop.50p_ 40* 2 -*2 230 0.9 8.8.W4i 60 51V - .. 

7 % . n*HEaERAnfiel. 237 4115 83 —6 63 r Vm f £n rlnSjwCnv—^ 192 .... . Q 6 * 2 “b 323 J7 2 — tni 75 (Ausi tlnt.loOi 


223 205 Watsham's 223 

65 48. WatoRXIOpf- 6^ 

232 178 Wedg«ood~— - 219xd -.-! 

68 57 Wesrn Board 10c 66 -1 

39 Dij W'atrttt&Cfyf -b 

58 28*2 WTocIM-HJCSL 54 

275 214 matewR Anfigl. 237 

84 74 WhiteChild 4 8 - -i-| 

214 176 WlrihfcrrfiSQB.- ^ ' 

46 34 VfbittleyBiiW.- 34 -■■■■ 

59 45 Wtlkesiil.,-—. g -1 | 

55 35 WllldtsSlitcheU. 55 +1 

212 163 Witt’sn.WrJiiJ- 16fi , 

£104 £B9 Do-.lOpcCw — EOT 

51 56 . WillianslJV — ■ — 


teSMW. M2 -1 3.0 U 4330.9 

43 32 1011313.0 

04 Do. Asset Sta. _ 134 ■ — ~ — — 

36 Aiuriu-Swtini'.. 42b ~~b ll 61 10 5.7 26.7 

67 Arfhimede* lnt. 67 5.15 10 120 125 

50 Im Cap.50p-„ 36 ...... — — — . — 

147 Q12% Ll 4.6 202 

123 4.04 10 5.030.6 


_SO Cap sop- 

106 Altai inv (SAD 

106 Ashdown lm- -J 123 | J4D4 

,49 Atlanta Balt lOp. I 64 l -•-- O f 
69 Atlantic Assets.. | 95 * 2 [-2 JO.40 


19 18 ltd. Capitals.... 

97i 2 80*2 USDATCoro... 
IM 163 CSiGeuenTTiL 
900 600 tSTnistFimdil- 
99*2 J,*MngResourw; . 

84 59*2 WCsti Texas lf>p. 
307 278 Wemssstav £l Z 
196 171 WinterbottiittL 

B9 69*2 WWan lm 

85 o5 Da-B" 

170 148 Yeoman Im - 

31 2 b Yorhs.iIaDfs_ 

21*4 ? YorkgrwD lup.. 
77 o9 flomisOj'sImll 


131 -1 t4.06 


96*2 -b 5 52 

186 t5.94 

880 a) OlOc 

91 -1 11 

76 ...... 0.75, 

302 -2 1081 
1% 4.6 

B7 -1 2.3 

84 -1 0.06 

166 -1 7.59 

30 gl 5 

16 - 

77 -1 3 65 


1.1 4.4 318 

1.0 11.6 13.1 

12 43 280 

1.1 7.7188 
LO 53 281 

10 4 2 34 7 

13 23 46.0 
U 7618 0 

11 44 32 b 
11 6.0 223 
11 3.9 354 

10 4 4 352 

11 3.6 38 2 
10 5 0 30.0 
10 4 4 331 
ID 3.2 47 9 
0.9 3 4 469 

10 4I32B 

11 3145.8 

To 4.9 298 

— 3.6 — 

* 9.5 * 

1.2 32 33.3 
1.1 4 5 31.0 
1.0 9 1 185 

14 To 217 
10 4 7 305 
20 3.8 47.1 
1.0 3.b 403 
U 7.818.0 
0.9 124 130 

10 9*4 162 
Z0.8C79 - 

12 9.7 127 

- 0.8 - 
Ll 46314 

13 2.7 42.B 

1.0 10.7 14 1 

Tl To 28 2 

1.1 4 7 30 6 

11 5 2 265 
11 32 30.7 
1.0 4 8 31.4 
LO 7 5 210 

10 5 5 26.8 

11 4 9 274 
- 0.6 - 

12 IB 68.4 

15 L5 69.4 
bll 54 252 

1.0 3.6 4L6 

* 4.0 4 

LO 69 2L2 
LQ 6 B 219 


171 J | 9.0 J 4.7] 8.0 

Sri Lanka 

Z1Q |123 iLunuvaU | 175 1.’ — J 5.5 J 1.5] 4.B 

Africa 

600 ]390 ffilaim-eLl ] bOO |......|50.0 I * 112.6 

185 |130 ISuoStaies... . -1 185 j+5 J13.0. J * ( 10.6 

MINES 

CENTRAL RAND 

385 11 £ 0 Durban DcepRl . 238 *3 | — — — 

41b 244 ErfjtRJndPrp R1 299 -2 — - 

£3a'*: £ 29*4 RandloWn Est R 2 £35s B 1«50c 25 6.0 

178 1 78 * 2 Wert Rand HI 119 -1 |W3c 6.7 6.7 

EASTERN RAND 

93 57* 2 IBracken90c 79 +1 tQZ5c 15129 

33 IE E-sCegealU 28 .. 2 .. t&fflc 12 — 

376 235 EffiGO.imso 374 -2 N25c - 4.0 

152 7b GrwMei30c 118 +1 1Q19c 18 9.6 

391 271 Kinross R1 353 +2 tffi4c 18 5.8 

52b 35 L«JleS* — ,47 ^-1 TQ3c 12 3.B 

lib 67 MarieialeRfliO— 103 -1 1Q46c 1.825.4 

73*j 37 5. AJncan Ld. 35c .. 52+1 — — — 

62 37 YlakfontccnRl . ,56 -2 Q25c 0.4 26.7 

780 517 WinkelhaaltRO.- 693 -2 ttjBbc 17 7 4 

63 31 Wit Nigel 25c 57-1 — — — 


NOTES 

I'olra aUienrliF imUraM price* and net dividend* are In 
pence and deaomlaaUom ore 2Sp. rirtimrted pricefeirnine* 
raihn and coven arc hased *n latest annual report* and accoiuU 
and. where passible, are updated an hsll-yeariy fljnirra. P/Es are 
calculated on tbr bast* of net distribution; bracketed njmreo 
Indicate 10 per cent, or nwre difference il calculated an -nil 1 * 
distribution. Covers are based on “auedmum" dutribotloo. 
Yields are baaed on middle prices, are gross, adjusted to ACT or 
34 per cent- and allow for nine at declared distributions and 
rights. Securities with dciranltuUlsM other than s t erl in g are' 
quoted inclusive at the investment dollar premi u m. 

A Sterling denominated securities which include investment 
dollar premium. 

* “Tap' Stock. 

* High* and Lows marked thus have been adjusted to allow 
for rights issues (or cash 

t Interim since increased nr resumed. 
t Interim since reduced, parsed or deferred. 

It Tax-free to con-res id ents on application. 
t> Figures or report awaited. 

+1 Unlisted security, 
a Price at lime o( suspension. 

9 Indicated dividend aller pending scrip ard or rights issue; 

cover relates to previous dividend or forecast 
*• Free ot Stamp Tniiv. 

* Merger bid or reorganisation In progress- 
4 Not comparable. 

+ Same interim, reduced final and/or reduced earning* 
indicated. 

f Forecast dividend; cover on earning* updated h? latest 
interim staiemeni- 

; Coivar aliovs (or conversion of share* not now ranking lor 
dividends or ranking only for restricted dividend 

* Cover does noi allow for share* which may also rank fop 
dividend at a future dale. Nn FT: ratio usually provided. 

V Excluding a final dividend declaration, 
k Regional price. 

1| No par value 

a Tax free b Figure* based on prospectus or other official 
estimate, c Cents, d Chi idend rate paid or payable on port 
of capital: coier based on dividend on (ull capital, 
e Redemption yield, f Flat yield e .\smme-1 dltirfeatl and 
yield, b -Assumed dividend and yield oiler icnp lisuc. 
j Payment from capital sources, k Kenya, m Interim higher 
than previous total n Rights issue pending q Earning^ 
based nn preliminary figures r Australian currency. 

* Dividend and yield exclude a special payment 1 lndlcMexi 
dividend: cover reJaieslo previous dividend. P E ralio haiutd 
nn latest animat earnings u Forecast dividend' cover based 
on previous year's earning*. 1 lu Iree up tv 30p In Ihe f_ 
n Yield allows lor currency clause y Dividend and yield 
based on merger terms, z Dividend and yield include 1 
special payment Cover does nut apply to special payment. 

A Set dividend and yield R Preference dividend passed or 
deferred. C Canadian D Cover unri FT ratio exclude profit', 
oi I'.K aerospace subsidiaries E Issue price. F Dividend 
and yield baaed on prospectus or other ofllctal estimates lor 
1977-78. G .Assumed dividend and yield allcr pending fenp 
and/or rights issue H Dividend and yield bared on 
prospectus or other official estimates for I97S-77. h. Figures 
baaed on protpecror or other official estim.iiea for IPhi 
M Dividend and yield based on prospectus or other official 
estimates for 1070. > Dividend and yield based on prospectus 
or ocher official estimates for 197? P Dividend and yield 
based on prospectus or other official osiimatea for I9T?. 
q Gross. T Figures assumed- V So significant Corporation, 
Tax payable. Z Dividend total to date. £4 Yield based on 
assumption Treasury Bill Rote slays unchanged until Humility' 
of Stock. 

Abbreviations: xfex dividend: it ex scrip issue: rex rights: a ex 
all: d ex capital distribution 


~ Issues ** and ** Rights ’* Page 32 


FAR WEST RAND 


445 283 1 

UO-’l 764 
96 71* 2 

332 214 j 
7?a 589 
^29 165 , 
153 92 1 

£14l 2 890 
5?9 4 03 
6C6 432 ' 
527 419 
282 206 ' 
£14*2 £11 j 
239 123 

£22*j £26%, 

241 152 
336 589 
238 163 ! 


95 75 

£17*5 £I1* 2 ' 
121 59 I 

J13 279 
134 66 l 

£10* 750 
789 . 582 ' 
883 703 ! 

199 144 I 
302 190 
£19*5 £13V 


BlnwS 

iiifieJv 

Deetoasl RO20„. 
Dwntfenteic R 1 . - 
EartDneRl ... 
E.lird‘nml&l±2i>c- 
Elf burg R 1 . ... 
HorteletsiRl — 
Uoafr^idRl - 

LibaiumRl 

Soutlnaal50c - 

SUlfo«ein50c 

VaalfieebSOc — 
vemmposiRl — 

WDneftl 

Western .Areas R1 - 
Western DeepR2_ 
ZandpanRi 


340 -3 Q63c 
£10^8 Q170C 

80-1 — 
324 -2 QSOe 
759 -9 tQ7Bc 
PQ5 +3 - 

111 -1 KB.45C 

£14*2 Q250c 

533 -4 Q40c 
582 -4 W00c 
492 -4 Q21c 
250 +6 1022c 

04*2 Cfll5c 

234 +3 G?5c 


This service is available to every Company dealt In on 
Stock Exchanges throughout the United Kingdom (or a 
1121 fee of £400 per annum for each security 


REGIONAL MARKETS 

The following is a selection of London quotations of shares 
previously listed only in regional markets. Prices of Irish 
issues, most of which are not officially listed in London, 
areas^ot^ontta lrUh e^^^ H , , 


IM -1 
830 -6 
238 +3 


Free St 3 te Dct 50c 80 

F-S-Geduid 50c ._. £15*8 

F&SaaplaasRl.. 86 

H jmajnv 50c 369 

LoraineRI 98 

Pres. Brand 50c... 943 

Pres.SteynSOc- 714 

Si HrieiwRl 871 

rimsel 174 

WeHamSnc. ... 271 

WJiuldmeiSOc-.- £19 

FINANCE 


S -\ 

80 


£15'4 

- 

86 

+2 

369 

+2 

98 

+2 

943 

+3 

714 

*4 

871 

+4 

174 

■*■2 

271 

-1 

£19 



Albany Inv. Mlp 23 . .. 

Ash Spinning... 45 

Bertam— — — 22 

Bdg'wtr. EsL 50p 270 

Clover Croft 26 

Craig & Hose £1 445*d 

S soniR. A-i A. 37 . .. 

Ilsi McHdy . 61 

Evcred 18 

Fife Forge... _. 50 

Finlay Pkn- 5p .. 23 

Craig Ship. £1— 154 .... 
Hinson* Brew... 78 -2 

J-aM.Stm.fI-. J5Q 
Holt I Jos. 1 25p . 263 -2 

Vthn. Goidsmllh 55 +2 

Pearce iC M.i— 165 . 

peel Mills.— T . 20 . 

Shetfle Id Brick 45 


SiodaJJ fWmi-.l 


Ct»nv. J>% HOTEL £90% . — 
Alliance Gas—. 73 ...... 

Arnott — Jted 

Carroll IP J.i — 92uS 

Clondalldn 97 -1 

Concrete Prods_ 130 
Heiton i Hldgs.i 45 +1 

Ins. Corp 148 

Insh Hopes . — 130 

Jacob 65 1 I 

Sunbeam 30 

TAf.G 170 

TJnidare 90 


33 19.9 M 


Finance, Land, etc: 


.tJ rJ.rJ m 





64 05 L8 12 71.8 

95 * 2 -2 0.40 4J 06 53.4 

58*; -*j 1.90 Ll 4 9 28.5 

00 127 1 0 4.1 35 4 

56*’ -* 2 255 * 70 * 

64 1087 J.0 2.1710 


10 5.6 267 
1.1 4.1333 
5.9 45 3.7 
LO 4J229 
L5 3.2 325 


A HEBE J :* i£|uu» 

& siSi?. a .- in S ?:ii 

83 Brit.IniiGau 100 -J 3 4 

140 SrLtavet..-.— JM -1 4.85 

,12Z ErQadanoeCajpj 148 + 1 5J5 


242 212 
12 5 

43*j 261’ i 
25 15*? 

18 1J | 

14D 103 I 
68 3b 
£13 £10-f 
28S 221 ' 
43 2>b 

32 25 | 

20 13 1 

59 50 

48 40 I 

15 IZ I 
27*? 22 
ISO 100 

19 16 1 

15*4 9*2 , 


-Viroyd Strathere 
|/tea»UrTft]flp 

chaienre CttVsi 

panerhauieGp 
Cortanoiilfcc. Ip 
Mgwvil. . 


nixatKwaia .. . 
gtaitadllSvp. 

^OroamlnErSi- 
Moae House _ 

^todslOp 

Eq*»afi®Ce5p. 
F«ttoc*0«L5p. 
^ten»6led ifip 


222 ... 
10 ... 
43* 2 . .. 
16 
18sr 

143 -1 

67 . . 

£ 12*2 
284 -2 
41 ... 
27 ... 

14 

57 

41 

14*2 

27 

117 -1 
18 

Ub +** 


=r=is 


3.0 4“ 6 B 
14 7 8 12.2 
ii :i * 

20 6.3 :93< 
3-7 3.7 B.O 

- - 181 
6.B 26 28 

21 6.4 1U 
* 1L7 * 
63 28 8.7 
3.2 6.419.1 
1 9 8.41 8.8 


600 424 
340 24b 
£17* s £14*, 
800 621 
130 119 
204 163 
25 17*, 

£17% £14 

E13 3 , ao% 

£14% £10 

195 138 

34 22 

196 126 

122 95 

£11% £60 

58 50 
<36 375 
223 161 

59 

£14h £11 
238 182 
292 238 
64 40 


Atig.Am CtalSOc.. 
Anglo Amer 10 r ... 
i Aug .\m Gold HI.. 

Ans-VaaJ50t 

ChanerCons.—— 
CrmsGold Fields.. 
East Hand CmlOp 
Gen Minina R2— - 
Gold Field* S A 25c . 
jiVtaygCoiK H 2 .. 
JtiddleWnSc. ._ 

Minccnp Ci^J. 

MinowSBDLM.. 

Sew Wit 50c 

PaiintiS\’FIs5 — 
Rand London J&v. 
Selection Trust— 
Scnlru? lOr .. . . 
5iJi errants Pro.. . 
Tia«il Cotu.IMkI 
L'C Invest P.l 
*. niw Cnrpi &25c 
VocelsSje 


600 +15 
336 -4 
£17*4 ~b 
780 -20 
1414 +1 

176 

17*a — *4 
£17% +** 
03% +*, 


196 

119 +2 

Hf* i 

418 

221 -2 
45 -5 
£14*4 .. 
238 +4 

278 -2 
W 


DIAMOND AND PLATINUM 


£41*4 £30 Angjo-Amlnv 50c_ 
90 64 BisteHUtfrFlLlliC- 

385 285 DeReeraffi 5c 

£11% 925 DadOpcH R5-.. 
74 54 LwientorplZjc^. 

98 70 ftus.FU.10c 


£41 -% 0600c 1.1 B8 
85 .....iStJc LO 5.0 
385, +5 K2Sc 33 I? 

£11% Safe »1 iSJ 

M JQ2.7c ii 1 

M -1 JQ2*2C - L4 * 


OPTIONS 
3 -month Call Rates 

Industrials l.c.I 20 Tube Invest J 30 f 

,V Brew 6*5 "Imps" 6 Unilever 35 f 

A.P. Cement- Iff t.C.t 20 U Id- Drapery- 7*,J 

Hilt. 9 Xnvenak 8 Vickers 15 1 

Babcock .. .. 11 KCA 3 Wool worths— 5 | 

Bart laj^ Bank 25 Ladbrolte.., — 17 _ 

Poccham .... 35 Legal & 'Jen... 14 Fioperty 

Boots Drug— 15 tot Senlce .. 7 E rfi- Land 3b 

Bowaters 16 LlordsBank.- 22 Cap. Counties. 4i 2 

pjt.T 24 "Lots 4 s ‘ 

British Cuygen 6 London Brick. 5 lntreitropean 4 

Brown'Ll 20 p>nrho . 5 Land Secs 16 

Burton 'A .— . 12 LurnsInQs — 25 mefc... 12 

Cadbury* 5 LyonaiJ.i... 10 Peachey 8 

Courtaulds-.. 10 Mjuns 7 Samuel Fropi. 9 

SSSSST: . is EmC g “■ 

ESS**-.-. Ii S.H«iK£ § 

FALL 14 Do ftarrari!* 10 Bnt Petrownm- 45 
Cea Accident 17 PftODfd f fcvj” I 

SStJif?: iS S L 

r.randMe:.. .. 9 Rank Or?. ‘A - 18 Lltranw.. — 20 

r.tiS.'A' 20 Beedlntnl ... 12 

Guardian lg Spillers 3 IKiBeB 

C.K.N. — * Charter Cens.. 12 

Hawker Sidd - 20 Thoni .. 22 cons-iJolri 1 14 j 

House of Fraser. 12 Trust Houses.. 15 WoT. Zinc.. .] 16 J 

A selection of Options traded is Riven on tun 
London Stock Exchange Report page 










36 



ftisofonesiS 


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PHONE 

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_19.Upper Brook Street, London, W1V.2HS 

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01-629 9232 


FINANCIALTIMES 


Thursday June 22 1978 



.. . FteeHtoft, 
TetReddteb 25522 






. • 

| 

-1" 


MILLAR- 


vT 1 

IMingMHX. 


\ 

^-jrmn^lUrho- 


V 

Smkmn acmun 

-31 

| 


\ 

, 1 

-S'. 

- ' 

m 

-6 

-7' 

1977 

V 

1978 




A S 0 N 0 

J F M A M J 


Fed chairman urges 


foreign bank curb 


BY STEWART FUMING 


WASHINGTON, June 21. 


New high 
for yen 
against $ 


BY ANTONY THORNCROFT 


BY MICHAEL SLANDEN 


THE JAPANESE yen broke 
through (far Y210 to the dollar 
level yesterday Tor the first 
time since the Second World 
War. 

Pressure on (far U.S. cur- 
rency uas eased later, how- 
ever. after a statement by Mr. 
Tellcfairo itlorinaga. Governor 
of the Bank of Japan, hinliug 
a i the possibility a{ renewed 
substantial intervention to 
hold back (he rise in the yen. 

In London foreign exchange 
market dealings, the dollar 
dropped at une stage to a new 
low of V20S.70. That followed 
a further decline in Tokyo 
dealings, with the dollar losing 
more than Y2 to close at 
Y209.55 in spite or limited 
official support. 

The governor's statement, 
after the Tokyo market closed, 
brought a sharp recovery in 
the dollar, which picked up to 


MR. Cl. WILLIAM MILLER, Foreign bangs have greater Free*’ operation by foreign banks in 
Federal Reserve chairman to-day doni in this respect several States, 

urged Congress not to continue However, pressure is growing Mr. MiUer also strongly urged 
lo allow foreign commercial to enact legislation to tighten the Committee to amend the pro- 
banks u» operate deposit-taking controls on foreign banks, posed Act to provide for firm 
branches in several states, as especially in the wake of a re- Federal regulatory examination 

permitted by the International cent wave of planned U.S. of foreign banking. 

Banking Act. Mr. Miller claimed that the 

In hearings before the Senate BaSh * and* Standard* Chartered A 61 a * n ° w P r °P 0S * d does not 
j Subcommittee on . Financial have proposals to Squire LcSfi' 

Institutions. Mr. Miller said that u.S. banks. surate with its responsibilities 

the rapid growth of foreign- Mr. Miller and other witnesses Sjojllju!?,? eu ]J hl “{ ■* »" 5 tat £ 
banking assets in the U.S. was today urged Congress, which has nnerations 1 for " 

one of several factors demand- been considering foreign-bank H 

ing ihat foreign banks should legislation for several years, lo “The need for a direct Federal 

not have privileges to open act immediately. presence in the examination or 

branches forbidden to U.S On the issue of restricting foreign-bank operations « | manufacturer who escaped from 
hanks foreign bank branching patent, he said, because of the I |sj azi Germany to settle in 

The International Bankin' 1 Ad Privileges, Mr. Miller did offer world-wide nature of the opera- Switzerland in the early 1930s 
1 107SI ha^ been passed bv the one compromise. He said thai tions and the need to liaise with | and who died in November, aged 
(19 fS> ha^ ueen passed bj the t/]e Federa] Reserve Board overseas regulatory authorities. j04 

House of Representatives and i_ wou j d favour enminuing to allow As well as giving ihe Fed Aireadv several new land- 

foreign-bank- agencies— bank authority to impose reserve re- \ raar k s in'pricejs have been estab- 

Senates sub-committee. U.S. offices that do not take deposits quire merits on the deposits of - 

agencies are proposing several — 10 operate so long as their branches, agencies, and comraer- 

amendments. business was confined to inter- cial Lending companies of foreign 

In general, domestic U-S. national business. banks, the Fed should he able to 

j banks are restricted in their The Fed would not, however, impose reserve requirements on 
\ freedom to open deposit-taking oppose legislation allowing foreign bank susbidi&ries in the 
j branches in more than one state relatively unrestricted agency U.S. 


Art sale 
total now 
estimated 
at £12m 


AFTER only two days, the 

estimate for the outcome of the 
Robert von Hirsch sale at 
Sotheby’s. London, has been in- 
creased by a third. The week- 
long sale is now expected to 
raise more than £ 12 m, compared 
with an initial estimate of £Sra. 

So far the collection has netted 
£4.358,400. It was put together 
by Robert von Hirsch, a leather 


EEC Ministers agree to 
extend Norway fishery deal 


BY MARGARET YAN HATTEM 


LUXEMBOURG, June 21. 


lished, including £640.000 for a 
landscape watercolour by Durer. 
This was almost £500.000 more 
than expected and was paid by a 
Swiss dealer at an exciting open- 
ing session on Tuesday night 
The prizes in the 700-lot collec- 
tion celebrated for its intimate 
, and attractive items, include Old 
i Masters. Impressionists, bronzes, 
drawings and medieval and 
Renaissance works of arL 
Prices yesterday were also 
comfortably above target 
although not to the same extent 
as in the opening session. 

The top price, and in line with 
estimates, was the £500.000, plus 
the 10 per cent buyer's premium, 
paid by the Norton Simon Foun- 


EEC shared „»t oe the hasU of Ihelgjj-* & iSi 

century Italian Giovanni di Paolo. 


EEC FISHERIES Ministers Mr. Finn Gundelach. 

averted a crisis today in relations fisheries commissioner, is September 19<f catch, which 
! with third countries by extend- thought to have been deeply would give Britain about 70 per 

ling for another month the in- concerned about the possible cent of haddock and cod. the 

Y2 12.30. Later it" slipped." to I formal reciprocal fishing arrange- consequences or allowing the species in which it is most in- 

I men |g w jth Norway. Sweden and arrangements to expire. terested. 

| the Faroes. The exclusion of Community This extension expires on July 

i They conceded British and Norwegian vessels from 

j demands that the EEC share of each other's waters could dis- 

? fish in Norwegian waters north rupt seriously the fishing indus- . . hm - Miniciers’ 

average ! 0 f the 62nd parallel should be try and provoke bad feeling r!. !??*"** Mlni ler " 


close at Y2 10.65. still lower 
than the previous day's 
London clove of Y21 1.125. 

The weakness 0 f ihe dollar 
extended to other leading cur- 
rencies. with its 


31, but the Commission has 
agreed to present proposals on 
third country’ aramgements to 


depreciation widening from 
6.4 per cent to 6.3 per cent. 

The pound gained ground 
on buying from New York, 
moving ahove 51.85 at one 
stage and ending the day with 
a rise of 93 points at 51.8495. 
Hs weighted index improved 
to 61.5 against 61.3. 

• Our Tokyo Correspondent 
wriles: The Bank of Japan 
nought dollars on what was 
desert bed as a verv limited 
scale, after virtually no inler- 


al located to the 


should be try and provoke bad feeling T ‘ 

interested which might be reHected in sub- co »" ‘ iwPif 


As widely expected, the council 
rejected proposals for a ban on 


It was easily an auction record 


THE LEX COLUMN 











fit m 






’ pajgn.7 Butat 


With growing doubts about . n ' M > 

the prospects for dividend ‘.Index fell.T-S tO 455-v ;_ f r^ _ 

freedom in 1978 and for profits ■ - '■ ' ' -at Lfln.a 

“rowth in 1979. the FT 30-Share^ ... . . . . - . .... ..-™ 

Me* has now fallen by 19 





points in the past six trading ■ 
days. Business remains slack;* 
however, and so far the market 
has done nothing more than 
mow down towards the bottom 
end of a range in which it has' 
moved sideways for the past 
four months. ,• " 


Ferranti 

Next Wednesday . Ferranti, 
announces its profits for the.; 
year to end March and by.alL 
accounts they should be. good! . 
Following a 49 per cent gain -- 
the previous year, Ferranti-?', 
profits in 1977-78 could show .a ; 
near 40 per cent rise to around- 
The following Monday 



-The 'v-domiBlte 

:-pkdcatge4 ; foods 'araL aiid ' vjgQRjrt , yT 
.'higher: margfa ; -Jres^:food v :iM?h, 
imrffodd''Sf£res;. ThetTchaie^g^^ 

, will 'he fojc the • group' to. ;hWf 
on, t"o‘ its share’ $<h . 

.retaiLipg -market, ^.whlie iatiftr’ .. 
same tim^avotding any furttifei « • *■'' 
price - catting. . ; : Unforthnstol; 
this*,' hftrket remains uostahlr 
‘and y : stiU'. ■.volnerfible 
t^iruei-attad^ng- ^jnoves . -by ' .. 

; Jiave'. , • 1 

; iyiviv,. - - . s/. • ' 
ha^R r . * 

grmmdj. rnj^rket estihiafes. k foi 
■~oEtiTeBt^ -iyear. ' jhre-tax - profit 
. ... j Atange as.ingh ;as m.' But thf .. 

--assaueia on;ir- .' 



£8. 5m. _ 

the annual report and account still has 
will reveal that Ferranti will be -that Ferranti 
applying for a listing of its publicly quoted ^ 

shares on the Stock Exchange- w,hich the NEB has ac half i . 

The jewel in the NEB’s crown -Although the company ja.- PPyrv.has-.come-n tongriK^ siiroti lSTO' 
is finally going to make . its bound by dividend controls; it ' 

- will have 01^73 " * 

^ shout long-term dividend 'Pcdicy -i^: 




public ddbuL . . ^ 

However, instead of going for.fthout long-term d w ancreaise ,€nahnn^ 


— v - — o — - ■ * _ -^1 — 1 » tuvUB Kjy w Q HMii -auwmjia 

:,s& a *5P d 


placing as 

Ferranti is _ 

with an ^teTISSS^' 5 


once expected, 1 - 1U “““T'TfV 

contenting it&f : in - 1977^ftmb^»edrby ■ 

uetion. and will fe earnings per share nfclpse To 


jmember states— Britain, France sequent negotiations. 

'and VVest Germany— on a quota Moreover, it was suggested herring" fishing off tbe west eoast 
‘ Daa,s - • that any resulting scramble for 0 f Scotland, where scientific! 

Previously the fish were shared llie fish, which would otherwise evidence from the International 
ou\ under a licensing system have gone to these third coun- Council for the Exploration of I 
which, the British said. led to tries could have weakened the the Sea indicates stocks are | 
I overfisbine by the other two accord reached in January by endangered. ' 

; while UK fishermen were the eight other states— excluding Mr. John Silkln. UK Agrt- 

j supplanted. the UK— to observe the Commis- culture Minister, indicated after 

Britain had refused to agree sion's quota proposals for 197S. the meeting that he was consider- 
to any extension of the present Quotas for the next month will ing introducing a national ban[ 
arrangements, due to expire al cover one-twelfth of the total and it is generally felt that this 


ven 1 ion since March. Its rc- ! midnight tomorrow, unless this allotted to the EEC in Norwegian would not he legally challenged, j 


action was considered calm 
compared to its response to 
earlier sharp increases in the 
yen's value. 

Mr. Morinaga urged iradcrs 
to adopt a cooler altitude. 
Although he noted thal the 
hank had been criticised for 
its massive interventions in 
March, he said it w’ould act 
In fulure “as the situatioq 
requires.” 

In what appeared 10 he a 
veiled hint of future action hy 
the hank »o control the yen 
rale. Mr. Morinaga said there 
were many ways of coping 
with excessive flnctualion« in 
Ihe exchange rate. The Bank- 


demand was met. 


waters for this year and will be 


Feature Page 18 


Labour building industry plan 
‘could cost £2fbn’ 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


LABOUR PARTY proposals to tating indictment" of the whole increase rather than cut 
restructure and part-nationalise conception of nationalisation of range of difficulties it already 
, the construction industries could the construction sector, and faced. 

| cost as much as E2ibn to itnple- called on the Labour Party to The report says the industry is 
of Japan was not prepared to according to a report re-think its policy. not being “altogether perverse" 

" * 'published by the Economist The Party's proposals were in fearing that the plans repre- 

Intelligence Unit yesterday. approved by last year's annual sent “a recipe for creeping 
The report, commissioned by conference 'and include a new nationalisation.” 
ihe Campaign Against Build- State corporation, based initially It calculates that lo nationalise 
ing Industry Nationalisation on the acquisition of “one or the 10 largest contractors would 
(CABIN), also suggests that the more major contractors.” eost £724m. whereas a State take- 
plans would involve running nationalisation of ihe huilding over of just Winipey and Costain 
costs of anything up to £500m material producers and the exten- would cost over £300 m. 
a year. si on of local authority direct F ur »h er costs would also be 

Construction costs would con- labour departments. involved in raisins the funds to 

sequently rise unless a dramatic According to the unit's report. . fo the a cqu£tiion pr<£ 
increase occurred in productivity, the plans would reduce the N a Hona lisa lion of a 

Announcing the unit's findings, industry's flexibility, increase f the n iate rials 

Sir Maurice Lame, chairman of costs. and could prove j^J'/ould , 0 *l “if lo II .ISb£ 

Public Ownership in ihe Con 



The Branchini Madonna sold 
for £500.000. 


disclose what action it mighl 
take but “excessiie fluctua- 
tions" in the rale were defi- 
nitely not desirable. 

The governor’s statement 
follows a week nf cxiremeiy 
sharp appreciation in the ven 
ratp coupled with very heavy 
dailv turnovers on the Tokyo 
market. At least 40 per cent, 
of business on the spot market 
during the past two dajs is 
understood jo hate been trans- 
acted through foreign hank 
hranches In Tokyo, with a hand- 
ful of big banks playing a 
dominant role in Ihe market. 

Dealings were 5793m. slightly 
higher than yesterday. 


Continued from Page 1 


John Laing and of CABIN, economically dangerous. 

emphasised that the report It claims that while the con- . truptian i „ dusiries Fconomist 

represented a completely impar- struction industry does have S/£l c i UniL*7 Si James’ 

tial and expert assessment of the many problems. Labour's pro- SaVi °Cndon S WI 

Labour Party's plans. posed solutions had not been riace ■ ^-onaon. .. . - 

He described it as " a devas- fully worked out and would News Analysis Page 6 


for the artist, beating a previous 
, .best of £60.000 set at Sotheby's 
the! in 1973. 

Another auction record was the 
£245,000 paid by Essoldo Fine 
Art. dealers in Paris and London, 
for The Virpin 08 Queen oj 
Heaven, painted in ’ 1514 by a 
pupil of Durer. Hans Baldung. 
{Work by this artist also rarely 
appears at auction and the 
previous record was the £224.000 
paid in 1969. 

An active buyer was Ovsigusky. 
a London dealer, bidding on 
behalf of an anonymous con- 
tinental collector. He bought foi 
£120,000 a picture of the 
Annunciation of St. Anne and 
Si. Joachim by the German 15th 
century artist. Bernhard Strigei. 
Men and Matters Page 18 
Saleroom Pago 6 


Shelton: Varley may intervene 


BY PAULINE CLARK. LABOUR STAFF 


when they lent to people on lower 
incomes or to those buying 
cheaper and older houses. i 

it was intended Lo provide (MR. ERIC VARLEY, Secretary full pay before going on to a the consultation procedure had 


more rented accommodation hyj 
changes in the landlord/tenanl 
legislation which would encour- 
age the letting of flats above 
shops and of unused parts of 
owner-occupied houses. 

Legislation would confer new 
legal rights on local authority 
tenants involving security of 
tenure and aa entitlement to 
allow them to carry out improve- 
ments. They could apply for the 
same grants as owner occupiers. 

Recasting of the local author- 
ity housing subsidy system 


for Industry, gave unions hope guaranteed week at 80 per vent not been completed. ^ He had 
yesterday of a last-minute of the basic rale. urged Mr. Varley to “ remove 

reprieve for the Shelton iron and ^ trt „„„ the closure plan to allow proper 

steel making works in.Stoke-on- Z negotiations to take place. 

Trent where workers have cam s ‘ dp r intervention emerged when -There will be no talks on 

; a f e ne?“o7e, s h t %r S lo ™e SS? ,,“"™ Si': redondaocie, until .hut hup- 

BUI Sirs, general secretary of the pens - he said . He gave a 

Iron and Steel Trades Confedera- warning that if Ihe corporation 


the plant. 

He told leaders of the TUG 


steel industry romrnirtee y ester- ‘1^° the did “ fal1 in line ils 

day that he would decide within corporation's' fSfure^to fol/ow conimillI,eil i t0 . consult the 

corporation* lanure to tonow workforce first - , t L . ould affect 


yrued procedure on Ihe closure the unions . , pprMell „ a „ y 


24 hours whether to intervene 
in the British Steel Corporation's 

plans effectively to cease produc p . further plans for cuts in the 

tion at the plant from tomorrow .It is not certain Mr, Varley industry. 

when the workers' annual fort decidejie has the power to The corporation claimed yes- 


would concentrate resources on | night holiday begins. intervene. The unions are hoping terday. however, that cunsulta- 

areas of high cost and greatesi i The 1.B00 workers were told he will insist that further tions on the Shelton closure had 
need and. at the same time. Mast March that production would negotiations must take place been going on since March. It 

increases in rent would be i not be restarted after the holi- before production is halted. was “ satisfied that correct, pro - 1 .. .. 

limited on average to increase*: day and that they would remain Mr. Sirs said yesterday that the eedure for consultation has been ' “Miuiartion, amid specuiatii on tnat 

i *>- nn — - — - - ' - ■ ■ .... 'Sir James mtenaed to inject into 


Argyle cash 
injection 
for Oriental 


By Christine Moir 

THE CASH shell of Argyle 
Securities, once a UK publicly- 
quoted property company, is to 
be Injected by Sir James 
Goldsmith into General Oriental, 
the Hong Kong-quoted company 
of which he owns 74 per cent. 

Oriental's Hong Kong . share- 
holders will be told to-day that 
conditional agreement has 

already been reached, whereby 
Oriental will issue snares and 
loan - stock for Argyle — recently 
acquired by another of Sir 
James’s private investment com 
panics. Evon S.A. 

Oriental's shares have been 
suspended since early May pend- 
ing proposals, related to an 


issuing no new anares. rne on -a aim Heir -Aa AttmAv ir ‘ 

£4.50 obviously buiKea ‘arse g put the flr« : 


SSMSffAS *** > er 





n n keen ins* its steke at 50* par’ -lust over V'. ;'T6 
centwhiS to 1I.W *ot : . th. 

tiveness of the shares to some ®™° ut rl S“t. 
investors. 

Anyway, Ferranti 

ticularly hard up at t . 1W1BIWV . 

After last year’s refinancing it from Tesco confirm tha^the . 1105 ®' 
has debts of roughly £20m ^nd group has been ; succeed] in . -^easans e aqrfpsm 

shareholders’ funds of around; s f a ted objective of n^fuhg 

£50 m ( including deferred ta^lt U p its market share -tom over- ’ 

With profits heading towards a uppijed food retail &arket ^ - 

film in the current year it can ^ three m0 nths before the fonaance. of r atitec:; ffiaancs* 
afford to bide its time. launch of the price 'war Tesco’s assets,- Hie-: SDopeMfqr'tbe higi - 

Once the listing is out of the volume prirfahly dedined t -n»PeM'^^ . 

i. ,V<a MPU «r>raar) tKa ' . * - . ' • i.V • .V4 "* 


way. the NEB. as agreed at the . ^^^ in the- 38 weeks since more and -of course 

time of the 1975 rescue opera- Oowatioir Checkout began the -the measures "v 


^ -r c-- Checkout began the -the measures . lAopdY 

tion. will offer shares L3m (half turnover increase has been no iteefltf' has* fedarai. to wfiden 
of its holding of restricted vot- tba\34 per cent ' This «p|ieaL. *£ ' jv. 
ing shares) to oth ® r . suggests average volume i?ro>#h , 'Kiere • a*e r pracedei^ v**, C T i ^ i C. 

holders in Ferranti. The j 0J . period was an-Tmpi^'jesteaante; o®L-®^- .jBernfeersiair _ 

formula is rather complex but ir cedente d 25 V 30 per cent ^' ^ (kiappftbed in #m^triy 1986s)/ . . 

will be rather like a one for So far so gwtd.' move and'^iey'ai^nixf'popuiar. sane* 
three rights issue and based on has not .been 'watihotit its - s y ndic at es : i&/i • • 

last night s unofficial pnee of bieras. - To stait wdt^V.tesib'r Ai sadrontefiie' «heir/:we& ;• 

charPhniriPrc °nSpred P re_laX PTOfits Wve jfaOpEM ; estaWdAed livaflS. -• 

shareholders wtii be offered £ l ftm ^ £ 284 m wtohSi 'means ^k>- H]fielfifaaod of kns ' * 


shares at 180p. No wonder there 


has been such a queue of would- 


ihat -net niaisino have ,'been fOTonaI-"a<Jtion m itfce next year 


be investors tofifto get their topped from 4.3 to just’5 j** br.^. ^^judge. hy the^ 

hands oo Ferranti stofk. The ™*- i?***-* gSSfr&S' ja^et 
shares have more than doubled P» ifi *.. ito emphaidse tfl»t v p«>ets -mg as- ;^pmdfinsr- enten «9 . A ,, 
over the last few months. for 1977-78 have - bee* .struck nqh-mariittf classes; : tneroThUsi ' - 

The end result of this corapli- after deducting non^rec uning.Jbe.a faar.'dian^^'tite* market:. 
cated exercise (compensation costs of £3jn eesoolated 
for the £10m transformer losses launch of its praoe-witting' camt;Biieree of aa.uawiai cotm toSK. ■ 


Weather 


U.K. TODAY 
COOL, showers in some areas. 
London, SE, Cent S. England 
Mostly dry, cloudy. Max. 19C 
(66Fi. 

E. Anglia, Midlands 
Cloudy, rain. Max 17C (63F) 
E.. CenL N^ NE England 
Dry. rain at Umes. Max. 15C 
(59F). 

Channel Islands, Wales, SW, NW 
England, Lakes, Isle of Man 
Cloudy, rain at times. Max. 15C 
i59Fi. 

Borders, Cent. Highlands, NE, 

. NW Scotland 
Dry at firsL rain later. Max. 
13C (55F). 

SW Scotland, N Ireland 
Cloudy, rain. Max. 14C (57F) 
Orkney, Shetland 

Cloudy, rain at times. Max. 11C 
(52Fi. 

Outlook: Little change. 


BUSINESS CENTRES 


in earnings. 


for ten weeks on 90 per cent of union leaders were angry that carried out.' 


Chicago plan for CD forward market 


BY MARY CAMPBELL 


it substantial assets. 

At present, it is a relatively 
small investment company, with 
net assets of under £lm. 

Last year its net profits were 
less than £300,000, although this 
represented a £550.000 turn 
round from 1-976 losses. 

By acquiring Argyle, Oriental 
would be gaining not a property 
base, but cash. 

Last March, Argyle’s property 
holding subsidiary was sold for 


THE CHICAGO Board of Trade The delivery dates would CDs and dealers to hedge against It considers that the oppor- 

plans to launch a forward market initiaVIy not extend further into changes in interest raws in the t uni tv to hedge against changes 

in Eurodollar certificates of ihe future than about li years, period until their CDs mature. i n short-term domestic U.S. dol- 
deposil (CDs). There would probably be foui There are some 332bn worth lar rates is covered by the for- IJIUIUi 

Eurodollar CDs are negotiable specified delivery dates a year, of CDS outstanding in the London ward market already in existence £10.7ra to the Cavenham Group, 
instruments issued by banks in “ Jf" £SL !, I 1 ' U J? s l ® be ^°® e mark «>- for commercial paper. iwith Argyle retaining a further 

London. . ... P ■ h JLii U t C " ,’f CD dealers in London were sur- The latter market has not been] £8.2m as a final dividend from 

This would be the first fo run rd least six months piBCe for al P riscd by yesterdays announce- very successful, but the Exchange j its subsidiary, 
market in CDs and. a rare i* wf l(1 f .J- , ment It is understood that the hopes to launch a contract for; Evon later bought the rump of 

example of a forward market in n,arL,tT„ ir c -T ,Ca sos futures Bank of England has not been 36-day commercial paper soon. | Argyle from the two General 
the XJ-S. involving delivery out- nan*r a » ,r' jm ? slic . comme , r- consulted, but that its approval It feels that a major reason for > Occidental subsidiaries, Belve- 
side the country. t ‘ h] ? , pe ’ Dd * rd would would probably not be necessary, the relative lack of interest injdere SA and Anglo-Continental, 

The contract would call for names"— probably five ^oTn*.^ S? icag0 B ^ ar ? 0{ I™ 116 the commercial paper futures which jointly held the .equity, 

delivery in London of CDs with ™ banks fntiiaUv®'* f ° 10 l0D JfflS %* r ^? r et Ih ‘" ^ because Jhe 80- 

a bn««t 90 days maturity in amu The aim would he to prov.de dSmesti ° 

o{ 51 ' w °PP° rt uxuty for investors in market, most needed- 


Evon paid £7.9m to Anglo for 


U.$. day contract does not offer the ; its 47 per cent stake, but the price 

for Belvedere’s control 

terest was not disclosed. 


Thi* aim wp.hU uimh v.p. aay ijiimraci noes no 

l ounortunitv 1 fnr d 0 m cstic CDs (a much larger market the maturity which is i for Belvedere’s controlling in- 


Amstrdni. 

Athens 

Bahrain 

Barcelona 

Beirut 

Belfast 

Belgrade 

Berlin 

BLrmgtuB. 

Bristol 

Brussels 

Budapest 

B. Aires 

Cairn 

Cardiff 

Chicago 

COlOBDP 

Copnbaan. 

Dublin 


Vdni- 
Mld-dar 
•C *F 
F 19 .60 
5 27 81 


Vday 
. MM-dV 
"C °K 

iLuxeajfirg. C 19 
Madrid F 23 73 

S 38 100 Mandistr. R 13- SJ 
S 22 72 Melbourne C. 14 57 

S 31 83 1 Milan S 21 70 

C 12 M Montreal C 17 63 

C 19 60 MOSCOW C 18 81 

S a 73 Munich S 2 


C 15 
R .14 ST 
F 20 88 
R 31 70 
s a ra 

S 38 180 

r M nr 

S 29 fin 


C 2D ft3 


Newcasrlc R 11 « 
New York C US 77 
Oslo c;is M 
Paris • T IB 06 
Perth S 17 63 
Prague C 22 72 
fteyMsvlk F ■ 7 43 
RIO dc 3' 0 C 28 78 


S 19 66 
R 15 SB 


Edinburgh R 11 52 
Frankfurt C 22 72 
Concva F 20 68 


ClasROw 

Hclsinta 

H. Rons 

Ja'buri; 

Lisbon 

London 


R 13 54 
S 53 73 
S 27 SO 
S IS .65 
F 30 IB 
R 10 01 


Rome 


S 25.77 


Singapore S 30 87 
Stockholm F 22 


5 trash rg. 
Sydney 

Tehran 

Tel Aviv 

Tokyo 

Toronto ■ 

Vienna 

WaraaCr 

Zorich 


F 31 70 
S 13.59 
S » fri 
S 28 82 
C. 30 SO 
C 1S.-SS 
S 33 7S 
F 28 75 
F 17 03 


HOLIDAY RESORTS 


Las Plms. X 21 70 
Locarno - F 21 70 


Ajaccio S 33 73 

Algiers S 35 77 

Biarritz F 18 64 

Blackpool R U 55 

Bordeaux F 30 68 

Boulogne 3 13 S3 

Casblnca. S 30 88 

Cape Tn. C 16 fil 

Corfu S 30 88 

Dubrovnik F 24 73 

Florence C ‘21 70 

Funchal S 20 68 [ Rhodes 

Gibraltar S 20 GS iSateburg S- 20 6fl I 

Guernsey R 13 55: Tangier • S -22 72-1 

Innsbruck R 39 68 1 Tenerife 

Inverness C 12 54 {Tunis 

Is. oF Man R It S3 [ Valencia 

Istanbul S 24 73 1 Venice 

Jersey G « » . 

5— Sunny. R— Rain. F— Fair, C— Cloud*. 


Luxor 

Majorca 

Malaga 

Malta 

Nairobi 

Naples 

Nice 

Nicosia 

Oporto 


S -43 109 
5 S3 73 
S 22 re 

S 34 73 
S' 19 '87- 

s 24 re 

S ,23 70 
S 28 .83 
C 16 81 
5 21 88 




N blast 


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