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in Germany? 

Sparkassen • 

No. 27,592 

Friday June 23 1978 

* lop 

Robert Riley Ltd. ^ Rochdale.^ 


S ? Sl MMarv 





aria Pound 

*llgj falls 1.15; 




linger plans x 
Scottish boost 
loss of 2,800 j 

Medieval Braiiiff gets 

art puts , , . 

sale total §G-ah6ad to 

at £11.6mj fly CoilCOrd 



Bulgaria has returned to West 
Germany Tour alleged terrorists, 
including Herr Till Meyer, who 
was sprung free from Aloabit 
Prison in West Berlin last 
month. He is accused of taking 
part in the murder of Berlin's 
chief judge, in 1974. 

- Moyer was. spotted by a West 
■ Berlin prison guard on holiday 
in Bulgaria. The three people 
arrested with him at a ‘Black 
Sea beach resort have been 
identified a* the women respon- 
sible- for liberating him. 

. , West German political leaders 
.praised Bulgaria for its decision 
lo send the terrorists back 
}uieJdy, particularly as Bulgaria 
is not a member of Interpol and 
does not have an extradition 
treaty with Bonn. The prison 
guard may stand to gain about 
£80,000. the reward for informa- 
. tion leading to the recapture. 
Page 2 

Ogaden flare-up 

. Somali guerrillas claimed they 
bad recaptured Gode, the main , 
town in the southern part of the 
disputed Ogaden region of South- 

• -East Ethiopia after a fierce 
. battle in the desert territory. 

Although Ethiopia did not con- 
. firm the report it is the first 
time iincc March that guerrillas 
have claimed recapture of a 
strategic centre. Eritrean leader 
on secret visit. Page 4 . . 

Homes evacuated 

.nlpeated" aftershocks threaten 
another earthquake in Salonica. 
Greece, w'nc-re all buildings have 
been evacuated and 200.000 
inhabitants are now living in 
p?rVs, sqtnrf ■= an.-i other open 
places. About half a million 
people have Red from the city. 
Its Bekes. South Hungary, power 
lines were cut and chimneys 
collapsed when earth tremors 
were felt. 

Attack on critic 

A bomb severely damaged the 
Buenos Aires suburban home of 
Sr. Juan Alemanrr. Argentina’s 
Treasury Secretary, who has 
been at ihe centre of controversy 
liter claiming that his country, 
>0 victors over Peru for a place, 
in ihe final, spent, too much 
none? on the World Cup. 

Bomb man jailed 

\ Provisional IRA volunteer was - 
iailed lor five years in Dublin 
or possessing firebombs in the 
•ity last year. Patrick Currie, 24, 
>f Belfast told the- Special 
Criminal Court that the bombs 
.^vere for use against the British 
orces in Northern Ireland. ■ 

bungalow blast 

S5-y ear-old man, who did not 
. /ant to spend two weeks in an 
- >ld people's .home, was found 

• anging in his. garden after an 
xplosion demolished . his 

•••- ungulow in the Devon village 
f Teigugrace, near New ton 
ibbot. Police said the bungalow 
ppeared to have been soaked, in 
7 ' eirol before the blast, 

A Tance proposal 

' i- (r. Cyrus Vance. U.S. Secretary 
f Slate, said in an interview in 
' v French magazine that the West 
■ank of the River Jordan and 
ie Gaza Strip should be linked 
Itimately to JordaD. Mondale to . 
siess Israeli flexibility. Page 4 

• STERLING fell 1.15 cents to 
SJLBS80 and its trade-weighted 
index fell to 6L4 (61.5). The 
dollar rose sharply against other 
major currencies and its depre- 
ciation narrowed to 6-3 per cent 

• EQUITIES were affected 
by poor results from J; Lyons 
and the FT ordinary share index 
closed 2.9 down at 452.7. 

• GILTS were unsettled on 
possibility of a further rise in 
U.S. short-term interest rates 
and the Government Securities 
index closed 0.07 down at 69.G9. 

© GOLD fell $13 to $185* in 
London and the New. York June 
settlement price was 50 points 
up at S186.40. 

» WALL STREET dosed 2.77 
up at 827.70. 

© COFFEE futures priee fell 
£59 to £L494.5 a tonne fori 



Singer, the U.S. multinational, announced yesterday the loss of 2,S00 jobs at 
its Clydebank sewing machine factory in Scotland. It is part of a four-year 
plan to restructure the operation — but the plant will also receive an £8m. 
injection of new investment. 

Mr. James Milne, general on which Singer is basins ils ing machines in Europe- and the 
secretary of the Scottish TUC growth hopes for the future. U.S. has shrunk from 5.2m 
said: "This is a catastrophe for Instead, more conventional machines in 197 -j i. ( . 4.6m last 
Clydeside." Unions at the factory electronic technology, will be year,” he Said. 
de-~|rjbcd the proposals as incorporated into the new contraction of major markets 
i pftyr unacceptable and un- machines’ speed controls. had led to Clvdebank 

P. Bul Singer proposals Industrial sewing machine for ^ last three vears ' The 

RutV un ‘°us lo come up with manufacturing, badly hit recently J977 j oss wa «« i juuj' The indii'- 
a ‘‘ «b>^Y e plan,: are lhou P ht t0 b V the challe’nge from the Far jpj a j sewins sid- had not been 
have some heat out of the East, is to he phased nul from prufit able Uiroughn'iu the 1970s. 

situation. Clydebank by 1981 at the latest 

has suffered total job cuts since machine also has been hit inrougn n...ur.«i wastage unu 
la«.t November or 3.300 in an area recently by production problems, early retirement, 
of high unemployment. Singer industrial needle production Mr. John Mcl'aayen. works con- 
established itself at Clydebank in will be eliminated in favour of vener for the Aina I zmated Union 
18S4 and the factory is said to be greater concentration on house- of Engineering Workers, said 
the oldest in Scotland to be still hold needles. Singer bad offered the factory a 

working. Singer pJjds to bring Clyde- unique opportunity. 

Under the new scheme Clyde- bank into closer contact with the He was confident the work 
bank is to be the main production ? hr *£ otber European factories force could come up with a new 
centre for a new hoe of high m the group, thus reducing its product to fill the gap created b> 
volume. lightweight sewing self-sufficiency. Nearly every the rundown ,-,f The industrial 
machines. comprising four s ? e P sewing machine produe- sewing niach'ne side, 
mod-ts tion. from metal casting to paint .... . 

■ They will he sold in the U.S. {?*»' rt"" placs 10 *• e JSmve effhe tm„m safd'^he 
and Europe and help Singer " 0 , w ’ * th _ on i v ....... l0 unions will behave logically and 

Fg «ve cf 5 !dXnk. said Mr. Urr? *ol emotion..: ry." 

Japanese. particularly in the U.S. iflUhon. a sen jnr Singer execu- Mr. Bruce >filijn. Secretary for 
But. they wilt not incorporate tive, who announced the details Scotland, said Uiut the loss of so 
the new Singer electronic tech- yesterday to the workers, after a many jute at Clydebank, 
nulogy for sewing machines, now day of consultations with White- Scotland's longest established 
built into machines made at hall officials in London. factory, was a matter of the 

Karlsruhe, West Germany and “Demand lor household sew- greatest concern. 

% . 

BNOC makes major new 

September Ue^riicy due J 
turning mild weather in Brazil. 

man has warned that the rate of ; 
inflation could pick up again this - 
winter. Back and Page 6 

© ELLERMAN LINES chairman 1 
has called for an urgent exten- 
sion of the Government’s recent 1 
debt moratorium plan for the UK ; 
shipping industry. Back Page ■ 
and Lex 

© ‘BP CHEMICALS is negotiat- i 
lng,a £20ra deal -to buy most of 1 
Monsanto’s polystyrene interests i 
. in Europe. Back and Page 6 

• BL CARS is to- go ahead with, ] 
its controversial plan to import i 
•Minis from its Belgian plant to 
meet any UK shortages. Page 8 . 

not intervene in BSC’s plans to ' 
end iron and steelraaking at its 1 
Shelton plant. The plant will ■ 
close today for the annual holi- 1 
day and probably not reopen. , 1 
Page 3 


• BP has warned that delays in 
the construction of the Sullom 
Voe terminal could hamper 
Britain’s attempt to reach oil 
self-sufficiency by 1SS0. Page 6 

warned that he may impose an 
import claty on oil if Congress 
does not pass legislation to bring 
the price of domestic crude up to 
world levels. Back Page; 
Editorial comment. Page 20 

BRITISH National Oil Corpora- 
tion has made a significant North 
Sea oil discovery with its first 
well ’’drilled under the latest 
round of licences. 

Further wells have to be 
drilled, hut initial reports sug 
gest that ihe field could contain 
between 250m and ?00m barrels 
of recoverable reserves. That 
would make the reservoir a com- 
mercial size, and quite possibly 
larger than several fields now be- 
ing exploited in the area. 

The find lies in concession 
30/17B, some 20 miles east of 
Dundee ‘ and just a few miles 
from Shell /Esso’s Fulmar Field. 

Shell and Esso each holds a 
24.5 per cent stake in the BNOC 
concession, so any development 
will probably be linked with ex- 
ploitation of the Fulmar Field. 

Common offshore loading faci- 
lities, for. instance, might be 

BNOC said that oil flowed at a 
test rate of 4,975 barrels a day 
from one section of hydrocarbon- 
bearing rock. 

Reservoir pressure should 
enable oil to be produced from a 

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commercial well at two to four 
times that rate. Industry reports 
also indicate that the well 
encountered three intervals of 
oil-bearing rock. 

“ Initial evaluation of this 
discovery is encouraging and 
further appraisal drilling to 

determine the significance of tfie ! 
accumulation will be carried out | 
on ihe block.” BNOC said. 1 
The British drilling ria' 

Atlantic 1 has now been released 
to evaluate oil prospects on 
block 211/18 to the north of the 
state corporation’s Thistle Field, 
but BNOC is keen to drill one or 
two more wells on block 30/171) 
this summer. 

BNOC has two prime reasons 
for wanting to evaluate the new 
discovery quickly. 

First, its production team, 
which has just brought on stream 
the Thistle Field, would welcome 
a new development project. 

Second, if the exploitation of 
the oil is to be linked to Fulmar, 
the partners might want to 
evaluate soon the size aod type 
of offshore loading system that 
would be required. i 

The Government has just given 
Shell and Esso approval to i 
develop the Fulmar Field at a: 
cost of some £500m. I 

The field, with an estimated 
500m barrels of recoverable' 
re senes, is due to begin pro- 1 
ducin.2 oil in 19S1. , 

la just over two hours in its 
main Bond Street saleroom in 
London > esierday Sotheby's 
auctioned works of medieval 
art from the Robert von 
Hirsch collection foi 

This was a record for any single 
session in an auction house. 
The total also equalled the 
sum that Sotheby's brought in 
last summer during the week 
of the Mentmore Towers sole. 

In Ihe afternoon F.enaissance 
works of art contributed 
another ‘“880.786. bringing the 
von Hirsch total after four 
sessions lo £11.666.498. With 
imoortant Impressionist paint- 
ings siiiJ in come, the total 
initially forecast cautiously hv 
Sotheby's at £Sm. could Veil 
reach flom. 

It was difficult to forecast the 
prices for the medieval works 
of art because of their rarity, 
bul Sotheby's expected Ger- 
man museums to be out in 

It was no surprise, then, that 
the German dealer Reiner 
Zieiz should pay £1.2m. ito 
which must be added a 10 per 
cent buyer's premium) for a 
Mosan enamel medallion of 
the angel representing 
Charity, made around 1150 
probably by Codefroid de 
Claire. Zietz was bidding on 
behalf of the Staatlicbe 
Mu. seen of Berlin. 

This was the third highest price 
ever paid at audio.-) for a 
single lot. being exceeded only 
by pictures by' Velasquez and 
Titian. Agnews, the London 
dealer, almost certainly bid- 
ding on behalf of an overseas 
client, had earlier paid El.lm 
for an enamel bracelet repu'.ed 
to have heen worn by the 
Emperor Frederick Barharossa. 

A Byzantine ivory relief of 
Christ in Majesty, made in Con 
stantinoplc around 1050. sold 
anonymously for £630.000 
while the British Rail Pension 
Fund, which has been criticised 
for investing in art. paid 
£550 000 for a 12th centurv 
English gilt altar candlestick. 

Only throe similar candlesticks 
are known to have survived. It 
iq one of the few English 
items collected by Robert von 
Klrsch. a German industrialist 
who fled to Switzerland in 1934 
and died, aged 9-L last Novem- 
ber.- « 

The top price in the afternoon 
session was the £110.000 paid 
for a walnut polychrome group 
nf the Virgin and Child pro- 
duced in Ferrara around 1470. 

Saleroom Page 6 

jthe Texas airline, last night 
! cleared the main hurdle to its 
plans for operating Concordes 
between Washington DC and 
Dallas-Kori Wort: j. Texas, when 
the U.S. Civil Aeronautics Board 
gave the service tentative 

At the same time, it was 
learned in New York, British Air 
ways hopes to start a direct 
Lon d on-Bat la s-Furt Worth Con- 
corde service. Jt wilJ seek 
authorisation for the service at 
UK Civil Aviation Authority 
hearings next week, when British 
Caledonian will make a rival 
claim to be the designated earner 
for the route. 

British Airways and Air France 
agreed more than a year ago to 
lease the aircraft they operate 
from Paris and London lo 
Washington DC for an onward leg 
to Dalfub-Fort Worth- Braniff 
said yesterday it hoped to start 
i services in October to link the 
city supersonically three times a 
week with London and three 
times a week with Paris. 

Apart from enabling thp air- 
craft to win greater acceptance 
among American travellers the 
main importance of the agree- 
ment to the European airlines is 
that it will increase utilisation 
of their Concordes and take them 
closer to an operating profit. 

Braniff. which seems certain to 
he the first U.S. airline operating 
Concorde, said the British Air 
ways pJan for a direct service 
did not affect its programme, it 
would start crew training for 
Concorde shortly. Braniff will 
not be able to fly Concordes 
supersonically on tl?e domestic 
leg but alms to fly at 95 per cent 
of supersonic speed, saving 

about 22 minutes un the sub- 
sonic two and a-hall hour trip. 

Last ii'ghr Mr. Harding 
Lawrence. Braniff chairman, said 
he was very pleased with thu 
CAB’S decision. He hoped formal 
government approval would be 
obtained in time to start ser- 
vices in October. 

The airline hopes to include' 
its orange colours on the 
Concordes used on the route. 

Braniff expects Concorde 
flights to Texas via Washington 
to attract more businessmen to 

Carter refuses permission fur 
any U.S. military aircraft I n 
attend this year's Fa ru- 
bor ough air show in 

September, Page S 

the route. Dallas-Forr Worth :s 
the fourth busiest U.S. airport 
and Braniff runs many connect- 
ing flights from there. 

Braniff has other plans f»r 
Concorde, which it hopes to put 
into effect after gaining opera- 
tional experience. Principal! - ., 
it would like to lease ihe air- 
craft to operate supersonic all;, 
on its New York-Pananu route. 

The CAE's tentative approval 
for BraniiFs application v.ys 
taken without a formal von? and 
involves a request to its stair 
to show cause why the airline 
should not operate Concorde*. 

Assuming that the board's 
approval is endorsed, the «nl; 
other obstacle is a Federal 
Aviation Authority certificate, 
needed tor the aircraft to bo 
used on a domestic route. The 
FAA has been conducting stuu.e* 
for several months and a certifi- 
cate will apparently be issued 

talks on aircraft links 


f in New York 

.lour — IVviin* 

S|.« • si.r'4 < si.satt-toi? 
l iii'i/iiji ; in-, 

Sini uil' ' 1 1.40-1 .Sc* illi ] 1 .10.1,44 rim 
]Tnh«nth%i . &.10.4.W vlW 

have talks in Washington this 
weekend with top U.S. industry 
executives. They may have a 
vital bearing on whether Britain 
collaborates in aerospace with 
Boeing or EEC aircraft pro- 

Officials are ate" arranging for 
Mr. Callaghan, travelling lo New 
York to receive on award com- 
memorating the late Senator 
Hubert Humphrey, to meet Presi- 
dent Carter Aerospace is likely 
to feature in the loaders' con- 

So far. the Prime Minister has 
arranged to see -Hr. Frank 
Borman, chairman of Eastern 
Airlines, and Mr. Terry Wilson, 
chairman of Boeing., which has 
(offered the UK a stake in its 757 
1 airliner project. He may also 

meet representatives of 
McDonnell Douglas, which has 
made separate overtures to Euro- 
pean manufacturers. 

The Government is determined 
nor lo be rushed into making up 
its mind op. the questions, which 
also concern Rolls-Royce and the 
impending purchase of new air- 
craft by British Airways, anj 
decisions are unlikely until atior 
the Western summits in WV>t 
Germany next month. 

France and West Germane 
insist on the need for Britain to 
collaborate with Europe. Mr. 
Callaghan, who will disco -s ;he 
issue with Presidenr Gisi-jrd 
d’Estaing and Chancellor Helmut 
Schmidt, emphasises that no 
deadline exists and that the all- 
important consideration is t<» 
make the correct decisions. 

J. Lyons passes final dividend 

3def8y . . • 

akistan's Ambassador to the 
K. Lieut.-Gen. Mohamzaad 
kbar KJian, has died, in London 
iter an heart attack, 
ormer security officers are 
nong 12 men to appear in the 
unstable Court next month 
3arged with stealing vehicle 
arts worth £12,000 from 
hrysler's van factory- 
one bank raider shot and 
•riousty wouDdcd a security 
uard before grabbing £5.770 in 
suitcase from Lloyds Bank, in 
orells, Birmingham, 
ath youth. 19, has been charged 
ith the murder of nine-year-old 
essu Maddoeks. found strangled 
jar her home in the town on 

:i jacked lorry carrying S1.6m 
i gold and silver was found with 
s cargo intact in North Stoning- 
m. Connecticut. 

• SAUDI ARABIA has signed 
contracts worth S40Ora for the 
construction of a cross-country 
pipeline to export crude oil 
through the Red Sea. Page 5 

© EAST GERMANY has agreed 
to supply Russia with technical: 
expertise in return for extra 
supplies of oil and gas- Back 


transferred effective control of 
his French empire. Generale 
Occidental, to the Hong Kong, 
quoted investment co& pany, 
General OrientaL Back Page 

reports record pre-tax profits of 
£13.7m (£1 1.16m) for the year; to 
March 26 on turnover up from j 
£88.9m to 1113.61m. Page -2 

tax profit rose 52 per wnt From 
£33.?m to a record £49S3niOD 
turnover £61m ahead to £ 1 83.34m 
for the year to March 31. Page 23 
and Lex 


J. LYONS’ shares plunged 24p 
to 76p yesterday, knocking £lOm 
off the group’s market capitalisa- 
tion, as the City took stock of 
the group's announcement that 
ir will nor be paying a final 
dividend-— after pre-tax losses of 
£345,000 in the second half. 

Group pre-tax profits in the 
year to March 31, 197S. fell 37 \ 
p% cent to £6.2m. The previous 
year 'ihe group earned profits of 
almost £10m and this time the 
City hadAieen forecasting profits 
of between £11 im and £131m. 
Turnover last year rose only 3 
per cent to £790m. 

Mr. Neil Salmon, chairman of 
Lyons, said that the group had 
decided not to “further erode 
reserves" by paying a final divi- 
dend. Losses after tax but be- 
fore extraordinary items totalled 
£516,000 for the year while re- 

serves had already been reduced 
by £4.9m — including provisions of 
£2m apiece against the closure of 
loss-making meat operations in 
France and against the group's 
investment in Spiliers French. 

With related advance corpora- 
tion tax the cost to Lyons of 
maintaining their final dividend 
would have been £3Jm. Share 
holders’ funds stand at about 

Food operations in the UK 
were worst hit with trading 
profits more than halved at 
£5.7m. The group blamed a 
drop in consumer spending and 
stiff price competition. It also 
had some sharp words to say 
about the Price Commission’s 
intervention on tea prices earlier 
this year. 

Mr. Salmon said that the dis- 

location in tea trade, caused by 
fluctuating prices, had been I 
- aggravated by inappropriate 
Governmental ’ intervention ” 
which had impelled blenders 
to make premature prire reduc- 
tions— a month before they were 

He said that dislocation in the 
tea market had cost the group 
nearl} £5m profit — of which 
£ltin was a direct result of 
Government intervention on 


On the question of future divi- 
dend payments the group said 
that it intended to restore divi- 
dends to. at least 1976-77 levels 
— provided that results for the 
year matched current trading 

Defails Page 23 
Lex Back Page 

Property Investment 
& Development Consultants. 
Property Managers. 


;hief price charges yesterday 

Prices in pence unless otherwise 


ills and Allen lntnl. 182 + 5 
ic.-irtlo Engineers ... 165 + ® 

unnel B 262 + 4 

ecr is Stone 30 -r s 


Hen Harvey Rosa... 29a — 10 

akcr Perkins 97 - i 

ally Mail A 2S* - **■ 

inlay (JuO f* “ ' 

on. Accident 2 o- » 

illartls v o 

unting Associates... 20. - « 

and Secs. 203 3 

Lookers _£? _ 1 

Lucas Inds. _ iL 

Mersey Dock Units... —4 _ 4 

Midland Bank 34.. 10 

NatWest - it 

News Intel , 

Rowlinson Const. ... m 

Standard Chartered... •£» _ 

Stock Conversion ... -*{ J 

Tube Invs “®2 _ | 

Git Exploration ^ _ ?, 

Anglo United Dev. ... Ijjj _ J* 

Central Pacific 430 W 

Norths ate Espln. ... 3J0 Jh 

Pancontinentai _ | 

Randfontein ***** _ | 

selection Trust *19 3 . 

. European news 2-3 

American news 4 

Overseas news 4 

World trade news 5 

Home news — general 6, 8 

— labour 9 

— Parliament ... 10 

Making EEC fibres healthy 
again 20 

Politics Today: the reluctant 
Europeans 21 

Around Britain: Aviemore 18 


Appointments Atfrts. 
Bank Realm ......... 

Books - 


Entertainment Guide 
Euro, Options Ex. ... 

Technical page 15 

Management page 17 

Arts page 19 

Leader page 20 

UK Companies 22-25 

Mining 24 


Behind the veil of BFs new 
German partner 17 

Turkey’s ear makers change 

gear 26 

Energy review: Soviet 
plans for Barents Sea ... 30 

lull. Companies 26-27 

Euromarkets 26 

Money & Exchanges 2S 

World markets 29 

Farming, raw materials ... 35 

UK stock market 36 

Elections In Iceland: key 
NATO base threat ...... 2 

New Zealand economy: full 
employment ends 4 


International frozen foods 31-34 



Food Prices 


FT-Aciuarles Indices 




Lex j..-.. 





Men and Matter* ... 


Property — 






Saleroom — 


Share Information . 3W 

Today's Events 21 

TV and Radio ...... “ 

Untt Trusts 31 

Weather * 

Base Lending RalcS 29 

Lookers 25 

For latest Share Index ’phone 01-246 S026 

ArbUhaet Laitism 20 

■note Company .... 22 

Charter Cored 2J 

CMB. s.2. 9 

bnrnoipc inutl 24 

Kwftfli 2i 

Uilsta tola res Is « 

narks a Spencer .., 25 

Minster insurance , 22 

Property Consultants and Valuers 
71 South Audley Street London W1Y 6HD 
Tel: 01-492 0141 Telex: 261983 

in association with MBL Management 
Barrington Laorance (Overseas) 
Beecroft Sons & Nicholson 



I IlV] 





bankers meet their 


broking house appear to have 
more than met their match in 
West Germany. A recently pub- 
lished survey here shows that 
they are having considerabl diffi- 
culties in building up what they 
consider to be a reasonable share 
of business. 

Indeed, Europeans and 
Americans, so used to see aggres- 
sive Japanese competition, may 
derive wry amusement from the 
fact that many Japanese view the 
West German financial com- 
munity as a "closed society." 
They find breaking into the 
domestic corporate finance 
market particularly difficult, and 
also appear to have trouble in the 
syndication of non-Japanese 

The report, commissioned and 
published by the business news- 

paper Handelsblatt. indicates 
considerable resentment both 
towards the -German banks and 
about federal banking regula- 
tions. The Japanese appear to 
feel that things are far more 
liberal in Tokyo. 

Handelsblatt's . report shows 
that most of the large Japanese 
hanks active, in the Federal 
Republic began operating there 
very recently. While a number 
have had representative offices in 
Germany for well over a decade, 
most Japanese branch operations 
were started up after 1970 and 
many of the most important are 
less than three years old. 

West Germany’s "universal 
banking system" seems to have 
taken them by surprise. By 
contrast to Britain^nd the U.S., 
where deposit and^-investment 
banking functions are separated 
by law, German banks are free 

to offer the whole gamut of 
banking services under one roof. 

Tbe German banks are major 
investors Jn industry. They own 
a very large proportion of 
publicly quoted shares on issue 
and also control many shares 
that are in private hands because 
they exercise voting rights on 
equity deposited with them. They 
also own sizeable chunks of 
stock in many unquoted concerns. 

While there are many 
arguments for this system, it 
undoubtedly gives German bank? 
an advantage over foreign com- 
petitors when it conies tj* Cor- 
porate credit Japan es embankers, 
according to the survey, are 
greatly dismayed-' by the close- 
ness of tljic relationship between 
GecptefT companies and ' their 
house banks. 

Handelsblatt point' out that 

generally Japanese?- banks in the 
Federal * Republic /fall into two 
categories. Thqsa interested in 
financing foreign trade are 
situated in Hamburg or Duessel- 
dorf, the city frith the greatest 
concentration if Japanese com- 
panies in the Federal Republic. 
Those whidby&re interested in 
brokerage, j£ie stock exchange 
and “univereai banking" in the 
German- -meaning of the word 
have jUl up in "Frankfurt 
Basiafflly. it seems to. he the 
-Frankfurt banks that are haying 
the greatest difficulty. 

The Federal Republic’s bank- 
ing regulations are considered by 
the Jananese hankers to be very 
irksome— particularly the' very 
tight capital to lending ratios 
imposed. This considerably 
restricts the ability of the' 
Japanese banks, which, Uke most 
foreign banking - subsidiaries, 

have relatively restricted Mfiitai 
bases, to compete with: the 
major German banks. . 

The Japanese -experience is, 
however, by no means .unique. 
Most foreign bankers would - 
-agree that West Germany, parti- 
cularly at the present time; when 
demand for industrial credit, is 
slack, is a very tough market for. 
the non-German bank. .Sympathy 
for the Japanese is, however, not 
conspicous among . foreign 

“No doubt the Japanese- 
believe that Tokyo is a far more 
liberal banking centre than 
Frankfurt ... for Japanese,, of. 
‘course,". said one leading foreign- 
banker here. “ In my view. it is; 
Infinitely easier for - a foreign 
bank to work in Germany (hah 
in Japan." 

*-.;A German banker .thought 

ihaf language fy^'-t^rhaPi one 
of the -greatest problems that. the 
Japanese facejd m.-Grataany in' 
: comparison with other . foreign 
bankers:- *Fo£ thpnivT te^ sald, 

- “ German, - Frencfc' ,a$KL English - 
are very foreign languages, 
whereas most Qf .^he Euregjean 
or . American bankers here are 
-fluent in at "least. two of them." 

' "Foreign' bankers in Germany 
do not. "entirely agree. One 
British banker ~- said that. 

English; they seemed to ha quite 
comfortable in. German. Bart of 
-the problem, he^bugh^was that 
foe German banks had^only just 
started ' gstaM^uig : thpTn^^g 
in ; Japan ahtf :twb-waj : reStiool 
Sbips-rdf- the type *•' common 
between' German and. American 
and British banks— had not had 
dine to 'develop.'.-' ; . v 

- T-. - • ■ -i ■ ? 


m mfc 

■i'll i 



From here on she will be doing the job 
she was designed for -carrying your cargo. 

This weekend the S.A. Sederberg 
leaves Europe on her maiden voyage 
to Cape Town and she's the latest 
edition to our container fleet- j 

55,000 tons and every ounce a / . fg 

marvel of modern technology, 
echoing the factihatSaf marine a x 

mean to bring you only the best ' 

jncomainershipmenttoSouth ; " 

Africa. : 

The S.A. Sederberg is the ' : 

second of four large container \ 

vessels acquired for the European . 
trade and will continue a long . > ;• 

standing trading relationship of 


NATO base threatened German terrorists 


their eyes on Iceland this 
Sunday, where a general election 
could replace a conservative- 
dominated Government by a 
left-wing coalition .in which the 
Marxist People’s Alliance would 
for the first time be the largest 
party. A major plank in People's 
Alliance platform is the island's 
withdrawal from NATO and the 
expulsion of U.S. forces from 
their important Keflavik base at 
its south-western extremity. 

It is not difficult to raise the 
bogey of foreign domination in 
a country of 230,000 people so 
fiercely proud of their history', 
culture and independence. The 
Americans hove shown remark- 
able sensitivity to the Ice- 
landers' feelings by going to 
extreme lengths to disguise the 
presence of their up to 4,000 
troops in Keflavik. GIs are not 
allowed to wear uniform or even 
to take goods from army shops 
on their restricted excursions 
outside the base, and the U.S. 
services TV channel was recently 
switched to .close circuit to 
prevent the local inhabitants 
receiving it. 

Washington is offering to help 
build a new passenger terminal 
at Kefiavik to segregate civilian 
travellers from the military, 
given that all international 
flights to Iceland have to land 
on the airstrip -of the base. The 
offer has been denounced as 
ew-of-elcction trickery by the 
People's Alliance. 

Loss of the base would leave 
a serious hole in Western 
defences in a key strategic area. 
Keflavik is the base for airborne 
and submarine surveillance of 
the North Atlantic approaches 
from Greenland to Norway, and 
the new American airborne early 
warning system (AWACS1 will 
soon be operating from there. It 
already has distant early warn- 
ing radar. Phantom interceptors, 
and listening devices to detect 
the passage of submarines. RAF 
Nimrods land at Keflavik, though 
not during cod wars, and British 
transport planes and aircraft 
from the Queen's Flight put in 
occasional appearances. 

The island's importance is cer- 
tainly not lost on the Soviet 
Union, whose ships are making 
increasingly frequent visits. The 
Soviet Embassy is by far the 
largest in Reykjavik, and. accord- 

ing to the Icelanders, the ambas- 
sador is well known to be a lead- 
ing KGB expert on Nordic affairs. 
The Russians have recently been 
engaged in a long, but so far 
unsuccessful, tussle with the local 
authorities in a hid to establish 
a Soviet-financed weekly news 
magazine on the island. 

There is no imminent danger 
of a Russian take-over. The main 
force behind the Icelandic Com- 
munists' hostility to the U.S. is 
nationalism rather than allegi- 
ance to Moscow,. Indeed the 
People’s Alliance claims to have 
invented something very tike 
Eurocommunism a good 40 years 
ago. Not that it would necessarily 
accept the Communist label; the 
party* would prefer to describe 
itself as "a socialist alliance of 
the Left reflecting a Marxist 

The event that has focussed 
particular attention on the elec- 
tion was last month's dress- 
rehearsal municipal election, in 
which the Left made surprising 
and spectacular gains. The 
dominant partner in the ruling 
coalition, the conservative Inde- 
pendence Party, led by Mr. Geir 
Hallgrimsson, foe Prime Minister, 
saw its share of the vole fall , 
dramatically from nearly 50 per 
cent to 40 per cent.- It lost 
control of Reykjavik, the home 
of half Iceland's population and 
the party's traditional power base 
for the past half century. The , 
Independence Party’s smaller , 
left-of-centre partner, the. Pro- 
gressive Party, fell . from just , 
under 19 per cent L6 lUtli % hove 
IS oer cent 1 , i 

The People’s Allianoe. 1 on the 
other hand, gained 7 .41 per cent, i 
points to finish with almost a i 
quarter of foe total vote, and the ■ 
Social Democrats (also left-of- 
centre) made a similar advance 
to 16.5 per cent. The small left- 
wing Liberal /Party could muster 
no more than 1 per cent. 

If these results were repeated 
at national level, it would clearly 
be possible for the left-wing 
parties, the People’s Alliance, the 
Social Democrats and the Pro- 
gressives. to form a Government, 
forcing' the Independence 'Party 
into opposition. But that . is by 
no m^ans a foregone conclusion. 
Ail sorts of different permuta- 
tions will almost certainly be 
passible, and even that of the 
Independence Party and the 

Mr. Geir Hallgrimsson . . . 
problems wi thin his party. 

(May municipal elections) 


Swing of total 

(conservative) —9,1 
People's Alliance 
(Marxist ) +7.4 

Social Democrats 
(left-of-centre) +7 jD 
(left-of-centre) — 3 j 6 
Others — 

People’s Alliance joining in a 
new coalition not being 

Moreover, it is by no means 
sure that foe pattern will be 
repeated. The hope of foe Inde- 
pendence Party is that those 
among its supporters who appear 
to have abstained in the muni- 
cipal elections will rally in the 
national poll. 

Even if foe People’s Alliance 
emerges as the leading partner 
in a new left-wing coalition, the 
Americans would not be asked 
to leave at once. The Social 
Democrats are pro-NATO, as are 



?'■ BvoanBaaoasa mhk 
i -1 uu i*u iu h i 


! I Ml •• •» •• »• III • : 

«• 1 >65 1 » Ml It It 

• - ; #. 

which we are particularly proud. 

It you've missed the boat this time, 
don’t worry. The Sederberg will be 
\ back for more, along with her sister 
container ships she’ll be working hard 
- : from the outset to provide you with 
the besi, most reliable service to 
., ; South Africa. A service for which we 
X f atSafmarine have already ■ 

earned a reputation to be equally 
■ proud of.. 

And, of course, the Sederberg 
. will open up even greater possibilities 
for increased turnover and trade by 
both exporters and importers. 

We know you’ll be pleased with the 

. 56-60 St. Mary Axe, London EC3 8BH. 
-Tel. 01-283 3088 

probably around two-thirds*' of 
of the Progressives, and/raw 
would not join a coalitionfr tie. 
main foreign policy object/ by ah 
to take Iceland out of m gmi? 
People’s Alliance wouldiiave to 
moderate its stand in the in- 
evitably complicated negotiations 
preceding the formation of a 
new Government df it wanted to 
take port in it. It might settle 
for a bid to revise the defence 
agreement with the U.S., cutting 
back still further foe number 
of American troops, on ^the; 
understanding that- a further 
success in foe next round , of 
national elections would be 
interpreted as a mandate for' 
their total expulsion. 

It would he difficult to -draw 
that conclusion from a People’s 
Alliance success this time round.; 
Everyone knows the party’s 
policy on NATO but the election,; 
like the municipal poll before It 
is being fought primarily’ 
on economic issues. : Mr: 
Hallgrimsson's defeat last month 
was partly due to leadership and 
personality problems in his own 
party. The main reason .was 
undoubtedly dissatisfaction with 
the way he has allowed inflation 
to get out of hand and. th^ 
general failure of his economic 
management over the past 12 

Inflation, after falling to under 
30 per cent a year ago, low .‘by 
Icelandic standards, is now well 
on the way back to 50 per eeht 
Mr. Hallgrimsson mishandled the 
trade unions, first, caving 
them, and allowing wage settle* 
meats of more than 60 per-cent' 
over 12 months and then, trying 
to cancel some of foe increases 
when foe inflationary , impact 
became apparent The aQgry 
unions have retaliated with a' 
; partial ban on the handling of 
1 exports (to strike at suqfi short 
notice would have been/ Illegal) 
i at a time when the. balance of 
1 payments is again deteriorating. 

Some Icelanders see a parallel 
; with this spring's French elec- 
tions. They -argue that foe muni- 
' cipal elections, not usually held 
so close to general elections, 
gave the voters a chance to vote 
with their hearts in a first poll 
and that they will now vote with 
their heads to keep the People's 
Alliance from a major role in 

Naples gun 
attack on 

By Paul Betts 

ROME, June 22. 

wounded in the legs in a so- 
called knee-capping attack an 
executive of foe state-controlled 
Alfasud car company in Naples 

The shouting is foe second 
terrorist attack in the last 24 
hours. Yesterday the left-wing 
Red Brigades extremist move- 
ment claimed responsibility for 
the murder of a Genoa anti- 
terrorist police officer in a 
crowded bus in broad daylight 
A group calling itself Armed 
Proletariat Fighters claimed 
responsibility for tonight's 

Alfasud is the southern subsi- 
diary of a financially troubled 
state-owned Alfa Romeo car 
group which has recently become 
the target of increasing terrorist 

Reuter adds from Turin: The 
jury in the trial of 46 alleged 
members of the Red -Brigades 
went into its fourth day of 
deliberation today. 

The two judges and six jurors 
retired on Monday to consider 
almost 200 charges against the 
defendants. The verdict had 
been expected today but court 
officials said It was unlikely now 
before tomorrow. 

# A judge In Italy's Lockheed 
bribes trial, who was once a 
director of a company- headed by 
two of the defendants, announced 
today he was resigning from foe 

Professor Grip Giacchi did not 
say why he decided to step down. 
But he stated that he was taking 
legal action against newspapers 
and magazines which have sought 
to link him with two key figures 
in the S2m bribes scandal. 

Sig. Antonio d'Oyitfio Lefebvre 
and his brother Sig. Ovidio 
Lefebvre are alleged to have 
been the pipeline through, which 
the U.S. Lockheed Aircraft 
Corporation paid bribes to Italian 
officials, including two former 
Government ministers. 

FlMiitUiAL Tiiwts. puoiubod Callr except Sna- 
itayi and holidays. U.S. bubivripilon sioo.QO 
lair freight) 5 .WH 1 . 0 D mlr mall) per annum. 
St until Uom smtan Paul at New York. N.Y. 

...BY LESLIE COUTT ' : •" ‘ :V ^BERLSNi. JiUte 22, 

FOUR ALLEGED- West • German - congrafoktfosg . tfiemselvfes * over 
terrorists, identified as a Berlin ' recent -- .'Bjresfo" f‘ of' 'terrorists 
prison escaper and the.. three: attrffiutffig''tQuch closer 
women who freed him, have^ co-operation between "federal and 
teen captured in Bulgaria 7 ami stafe.' There is 
returned to West Germany todaS'. ^CHhci^tieal^rbhy Tn the fact 
They were arrested at a Black . foai fols .' . Cb-operati o n - was 
Sea beach resort after. ■ by ^ert Mafoofer after 

recognised by an: official. /re o/a between 

holiday from the - very prison 'at. fhfi?redeM, i Craoiiim Office and 
which foe escape took place lasT'&atericM foe 

hi both. • -. ' t Mi^pper* r -'bf l! iftei4iient bfthe 

. Herr Till Meyer waa. freed iWeSt = iT^Gennan.^ . Employers’ 
from Moabit Prison here WhtieT^dexafo^^'HeiT ,': Hans-Marti a 
im trial with a group of others Snmeyer, ' to hold their hostage 
suspected of taking- part in foe for days; in “ near , where 
1974 murder of West Beriia'he was todnapped in Cologne, 
High Court Judge Guenter von vnfo -fofj;„pbilee, ignoring _a~, tip 
Drenkmaon and foe 1875 kid : irotn. one .Ot the building’s 
napping of the Wert Berifo occupant^ TT * ‘ ‘ ‘ ‘ 

politician Peter Lorepz. - 'ABjBiqojt'fiowaWfl reports from 



West . Germans 

Aname youcan now 
bank on in A|ihan ? 

Umm al Qiwain. 

the ne^orkolUadiesftf : ; 
Grindlaj^ Bahkalready 
establishedin the United Arab 

Ras-al “KhaimahySharjaK^nd 
also in Bahrain^t>niaixand 

.. Qata 

Gnndlays now hasoheofifie 

23F«achurch Street, London Ed 3 R 3 EU .• "'H n 5 

- Office of the Regional Director, Mfcldle East,' 

Grindlayg Honk L i mited, PO Box •••-- 
. : -Tel: 59641 Telcx:8220MINEVAGJ : . 


Ordj^afjSlB^ - ; . & 90?6 Equivalent ’ • : - 10 . 30 % ‘ / 1 

Mpn^^.IncwnffSharak 6 ^ 0 % - _ .J Q ; ^ ; t ^ . 18 ^ 9 % ;y ; ‘ 
fii MiW^VefikSi 9 rt& : ^ 7 . 4 CX (where thcoma tax : "• IT.M% ■: ■ ; : . • . 

7.MK V „ 

li$ Loridoii Rd:, North End# Prirtsrncratlt-- 


Friday lime 23 1978 

Slim prospect of 
early end to 
French strikes 


PROSPECTS FOR resolving the 
ihree major industrial disputes 
which have broken out in France 
grew more distant today. 
« A, .- 8tr * ke ' movement at the 
Moulinex domestic appliance 
company has spread and seven 
of the company’s 12 piants in 
Normandy were today under 
worker occupation. Civilian em- 
ployees at the Defence Ministry’s 
munitions plants and naval 
yards, strikebound since last 
week, appeared to be digging in 
for a long conflict and unions 
claimed that 60,000 bad come out. 

At the Renault car plant at 
F lins outside Paris, the company 
is hoping for a return to normal 
production next week. Police 
moved m for the second time on 
the night of Tuesday to Wednes- 
day and cleared out the occupied 
heavy press shop. 

Riot police still stood guard in 
the factory today to stop the 100- 
or-so strikers from reoccupying 
the area. Some other workers 
refused to service equipment in 
solidarity with the strikers but 
the company said activity in the 

PARIS, June 22. 

press shop Was b3ck to norma) 
levels with more than half ihe 
machines working.. It will be 
four or five days, however, before 
stocks of parts have regained 
sufficient levels for Renault to 
take back the 9,000 workers it 
. laid off on Tuesday. •: 

Initial attempts' to reach agree- 
ment with the strikers have 
failed. Although a compromise 
has been outlined on two points, 
on retraining and on immigrant 
workers’ extra unpaid holiday, 
there Is no sign of accord on the 
strikers’ claim for a FFr 300 
(£35) a month pay rise. 

The company has already lost 
production of 15,000 cars and this 
is expected to rise- to 20,000 by 
the time the faetory’h operations 
have been fully resumed. 

Railway workers in Lyons, on 
strike since Monday, opted 
yesterday to’ go back to work. 
Rut several railway union 
branches have called a strike for 
this weekend, which win hit 
Paris suburban services. Dockers' 
unions have also called a strike 
for the weekend. 

Warsaw Pact concession 
reported at MBFR talks 


THE LATEST Warsaw Pact 
proposal at the 10-naiion East- 
West mutual and balanced force 
reduction talks (MBFRi was a 
significant move towards the 
Western position, senior NATO 
officials said today, as the two 
sides completed their 174th 
plenary meeting since the talks 
started here in October 1973. 

Though the gap is as wide as 
ever with regard to - manpower 
figures, new details about the 
Eastern initiative confirmed the 
general impression that -the 
negotiations have entered a more 
meaningful phase. According to 
well-informed Western and 
Eastern sources, the Warsaw 
Pact proposal involves the 
following new factors: 

In the so-called Phase One 
(within one year) the Soviets 
would reduce their forces in the 
central region by 30.000 men, 

1.000 battle tanks and 250 
infantry combat vehicles (or 
armoured personnel carriers) in 
exchange for a reduction of the 
U.S. forces by 14,000 men, 1.000 
nuclear warheads, 54 nuclear 
capable aircraft and 36 ballistic 

VIENNA, June 22. 

In a Phase Two, Which would 
take up to three years, the War- 
saw Pact now suggests that 
overall levels would be reduced 
on each side to 700,000. The 
Warsaw Pact would cut its forces 
by IO5.O00 and later by 95. 000. 
Though the West welcomes the 
Eastern ai-eptance. of the prin- 
ciple of collective ground force 
ceilings, it stil insists that the 
Warsaw Pact’s figures for exist- 
ing troop levels are wrong. The 
conflict over the interpretation 
of manpower data has thus 
emerged as perhaps the major 
outstanding issue, a Western 
diplomat said. 

Certain potentially- significant 
changes have also been made in 
the Eastern proposals with regard 
to the so called numerical limits 
placed on national armies. NATO 
sticks to a collective-ceiling for 
each side as a- whole, since 
numerical sub-ceilings on the 
army of each participant would 
make any future shifts within 
the alliance impossible. The 
Warsaw Pact now accepted the 
concept of collective ceiling but 
combined it with certain, iic Na- 

Turkey debt rescheduling 

THE DEBT rescheduling opera- 
tions for Turkey worked out by 
major industrialised countries in 
Paris last month will cost the 
West German 'Government 
around DM750m. spread over the 
1978 and 1979 budgets, Herr 
Hans-Peter Behring, head of the 
export insurance section at the 
Economics Ministry, has said. 

This is one of the largest short- 
falls West Germany has ever- 
faced tinder . an .’interaationaf 
rescheduling .programme and 
illustrates a trend towards grow- 
ing debt repayment difficulties fiy 
developing countries, be said,; 

West Germany's stake in; the 
rescheduling operation, worked 
out under the aegis of the OECD, 
is the largest of the countries 
involved, reflecting its position 
as Turkey’s most important 
trading partner. 

Under the programme, 
creditor countries agreed to 
reschedule over a medium term 
period about Sl^bn of Turkish 
debts to governments and sup- 
pliers built' up under official 
export credit schemes. 

The “ relatively generous ” 
agreement foresees the re- 
scheduling of all such outstand- 
ing short term debts as of May 20 
this year, and a somewhat 
further-reaching arrangement for 

BONN, June 22. 

mediu-.xv and long term debts, 
Herr Behring said. 

• Turkish Prime Minister 
Bnlent Ecevit, completing two 
days of Kremlin talks, \ esterday 
conferred with President Leonid 
Brezhnev on his country's 
rapidly expanding relations with 
the Soviet Union. 

; Mr. Ecevit. who has been given 
a warm welcome by Soviet 
leaders, met the Communist 
Party chief after meeting Prime 
Minister Alexei Kosygin and 
putting the finishing touches to a 
political document setting out 
principles for friendly relations 
between the two nations. 

Conclusion of the document 
has been held up since Moscow 
and Ankara reached preliminary 
understanding on its contents in 
1975. Turkey, a member of 
NATO, apparently believed that 
the Soviet draft was too dose to 
a u non-aggression " pact. 

A Turkish Embassy spokesman 
said that Mr. Brezhnev told the 
Turkish Premier that he now 
wanted to strengthen ties with 
Moscow’s southern neighbour. 
Mr. Kosygin stressed the same 
theme in 2 speech at a Kremlin 
banquet last night The two men 
also discussed “ outstanding 
international matters." the 
spokesman said. Reuter 


Announces that with effect from 1st July I97S 
the following increased interest rates w ill apply 10 all 
investment accounts, both new and existing. 

Share Accounts 6.70% 10.00%* 

Deposit Accounts 6.45% P n. “ 9.63%* 

Build-Up Shares -7.95% P .i = U.87%* 

Bondshares tissue 

3 YEAR. TERM 7-70% p.a. ='11 .49% * 
2 YEAK.TERM. 7-20%p.a. = 10.75%* 

The rales on all previous issues of Bondshares will he increased 
in accordance with the agreed differential above the new share rate. 


Rates remain unchanged. 

At arc snd ot7)'cars cquivafcnMo;^ ^ = 

*Wben income lax is paid at a basic rale o C 33 V 



for the security you need today RniMinj.Sui.ivi'. 

AH*yffe>uw.teiorXffeci.L«iikw:iWi fr\l- 

prices for 
ACP sugar 
to rise 2 % 

By Our Own Correspondent 
BRUSSELS, Jane 22. 

Pacific* (ACP) countries parly 
to the Lome Convention today 
accepted EEC offers Tor a 2 
per cent rise )jo ibe guaranteed 
prices of their eanc sugar 
exports to the Commanity for 
the 12 months from July 1 
Ibis year. 

Tbe offer. - the minimum 
allowable under the sugar pro- 
tocol of the Lome convention, 
reflected an uncompromising 
stand by tbe Community. 

The ACP countries bad 
sought a 9 per cent rise, back- 
dated to May I, together with 
suhsidies for storage costs, but 
none of their supplementary 
demands was met. 

Under the sugar protocol, 
ACP sugar can be sold freely 
on EEC markets but the Com- 
munity is bound to take at 
least i-2ro tonnes a year at a 
guaranteed price “ within the 
range obtaining in the Cora- 

Sinee EEC Ministers earlier 
this year awarded Community 
beet producers a 2 per cent 
price rise, a parallel rise Tor 
ACP producers was obligatorv- 
Rnt the guaranteed price is. in 
lheo*-v. ..negotiable. 

ACP states this year stressed 
their determination to win 
some form of concession from 
the Community by sending 
their Ministers to negotiate In- 
stead of leaving it as nsnal to 
their ambassadors. 

But talks quickly broke down 
last month when the Commis- 
sion refused to budge from its 
initial position, and it was tbp 
ACP ambassadors who today 
signed the agreement in 

In view of the stale of ilie 
sugar market within the Com- 
munity, it might have been 
politically difficult for the Com- 
mission to ward ACP producers 
higher guaranteed prices than 
its own beet producers. 

Tbe Community's exportable 
surplus currently stands at 
around 3m tonnes and another 
3.3m tonnes are expected from 
this year’s crop. Moreover. 
Community sugar prices are 
well above world prices, which 
have dropped to around £100 
per tonne from £650 four years 

The price guaranteed to ACP 
producers is 27.SI units of 
account per 100 kilos- 

Last year, ACP producers 
were awarded a 2 per cent rise 
hut got an effective 6 per cent 
rise as the result of commit- 
ments from Tate and Lyle, and 
there are suggestions that a 
similar agrement may have 
been reached this year. 

Our Commodities Staff adds: 
Although the official price to 
be paid to tbe ACP cane sup- 
pliers has been set at 27.81ua, 
refiners have again agreed to 
pay more. 

Tai? and Lyle, the British 
refiner which processes most of 
the ACP raws, will pay 28.22ua. 
This special arrangement was 
established lo give the raw 
sugar suppliers a share of Ihe 
profits currently being earned 
In tbe EEC sugar market. 

The extra 3.1ua a tonne 
represents half the difference 
between the EEC intervention 
price for sugar and the market 

Dutch trade 
gap widens 
during April 

HOLLAND’S trade deficit 
worsened considerably in 
April to Fi 668m f$30Oml, 
Charles Batchelor writes from 
Amsterdam. This was the 
worst deficit since tbe FI 873m 
recorded in June. 1977, and 
compares with March’s FI 135m 
and FI 192m in April, 1977. 
Exports for last April totalled 
FI 9.651m, and Imports 
FI 8.96bn. 

For Ihe first four months 
of tbe year, however, the 
deficit was down on that for 
Ihe same period last year, 
imports totalled FJ 37.4bn, 
exports FI 3G.3bn, to show a 
deficit of Fi 1. 1 bn, compared 
with FI l.Sbn in the same 
period last year. 

Tremors continue 
in Saionica 

Half-a- million of Salonica’s 

700.000 inhabitants have fled 
the city as repeated after- 
shocks threaten another earth- 
quake following that on 
Tuesday which kilted at least 
20 people, Reuter reports from 
Saionica the remaining 

200.000 are living in parks, 
squares, and other open spaces. 
Major Vassilios Koukos, of the 
Saionica gendarmerie, f ears 
that the death toll may rise. 
He asio said that more than 
500 blocks of flats were made 
uninhabitable while more than 
800 houses suffered serious 
damage- Meanwhile, a series of 
minor earth tremors yesterday 
shook southern Hungary early 
causing damage bat no 

Jens Krag dies 

Air. Jens Otto Krag, the 
former Danish Social 
Democratic Prime Minister, 
has died aged 63. He had a long 
ministerial career behind him 
when he became Prime 
Minister first in 1S62 remain- 
ing in office until 1908, Hilary 
Barucs writes from Copen- 
hagen. He returned ro office 
again in 1971, hot made a sen- 
sational exit from Danish 
politics when he announced bis 
resignation on the day after 
the referendum taking Den- 
mark into the Common Market, 
in 1972, 

Steelworkers on strike in Be 


THE TIN DEMANS government 
plans to restructure the Belgian 
steel industry came under re- 
newed attack today when wor- 
kers from all but one Belgian 
steel plant went on strike. 

The strikes show no sign of 
early resolution and reports in- 
dicate that white collar workers 
may become involved. 

More than 49.000 men stayed 
away from work today after 
talks last night between 
management and union repre- 
sentatives failed to produce con- 
cessions satisfactory ici most. 
The only exqeptiun is the Sidutar 
plant in Ghent, where men re- 

turned to work tr,r] u >- after- their 
union representatives accepted 
a provisional cte-al expected to 
be put to the vote within a day 
or so. 

The unions an.- demanding 
that the reiiroincnt a«e for steel 
workers be reduced to 55 from 
65 (60 in "xeepiional circum- 
stances) and that the working 
week be reduced to 3S hours in 
the immediate future, and ulti- 
mately to 3d from the present 
40 hours. 

This is their price for accept- 
ing the Government's plans for 

restructuring the national steel 
industry which, u estimated. 

will mean a loss of around S.S00 

Though talks had been under- 
way for many weeks, there was 
virtually no progress until late 
last night when, in view of a 
two-week-old strike threat, man- 
agement representatives con- 
ceded that there unght be sonic 
room for manoeuvre over the 
retirement age issue and offered 
to reduce the working week to 
3S hours by the end of next 

The offer came too late to 
affect today's strike, except at 
Sid mar. hut so far, there has 
been no sign of its having been 
accepted anywhere else. 

BRUSSELS, -June 22. 

Although so:n0 industry 
sources suggested to-day that the 
return to work at Sidutar indi- 
cates Che start of a split within 
the unions, it is felt that this K 
unlikely to weaken the overall 
union stand. 

The Sidutar workers belong to 
the CSC. a Catholic union with 
a predominantly Flemish power 
base. But most of the country's 
major steel plants 3re in 
Wal Ionia. where the socialist 
FGTB union. Holds sway aud so 
far there is no siim that any 
individual deals iviJJ be made 
without a better across the 
board offer. 


urged lor 

No Bonn moves on 
tax before summit 


BOW, June 22. 

ment will not take any decision 
on reform of the tax structure 
before the end of July. Herr 
Manfrs-i Lahnstein. State Secre- 
tary at the Bonn Finance 
Ministry, told journalists here 

Spelling out what has already 
been strongly hinted at by Chan- 
cellor Helmut Schmidt and Herr 
Hans Matlhoefer the Finance 
Minister this week, Herr 
Lahnstein said that this meant 
no decision on the matter would 
be taken before the world 
economic summit meeting here 
in the middle of July. 

His remarks reinforce the West 
German Government's already 
insistent efforts ro dispel any 
notion abroad that a medium-in- 
long-term tax reform package 
might be a part of Bonn's contri- 
bution towards an overall agree- 
ment at the summit on the 
strengthening of the world 

For some weeks now. Bonn has 
been emphasising that late July 
was the earliest opportunity it 
could take to set overall budget 
targets for 1979. in which any 
change in the tax structure 
would clearly be an integral part. 

German ministers also now argue 
that only at the end of next 
month will the; have sufficient 
data on the ocunmin during the 
second quarter in be a hie ;o take 
a view of v. hat. if anything, ought 
to be done V» support growth. 

Last nicbr. jhe coalition 
defeated a Christian Democratic 
parliament a r.. motion seeking a 
firm c(ii;iiiiun:..r,i to tax reform 
in 1979. That reasserted the 
unity' of the social Democrats and 
Free' Democrats and compelled 
the EDP to shelve the sweeping 
tax reform nian they had form- 
ally approved as a party only 24 
hours earlier. The FDP has thus 
had to swallow Herr Schmidt’s 
assertion that tax reforms of the 
kind if jdM'Catcs, cutting some 
Dm20bn »&' individuals’ and com- 
panies' payments, arc “not 
feasible” m the short term. 

Neverthvle-.'. Herr Schmidt 
has not ruled ,.,ut sonic form of 
tv ' reform fur 19R0. This is 
likely to kci-n alive hopes, both 
within GeriiW'ty and abroad, that 
even if pr< »grammc is formally 
presented l*y the Chancellor in 
July, Bonn’s partners might be 
offered the assurance that it will 
be nhde it a ken thereafter. 

Editorial rnnimcnt Page 20 


ORDERS FOR the West German 
steel industry dropped heavily 
last month. This was riie second 
month in a row that bookings 
declined and it is doubly dis- 
appointing as March's figures 
showed an encouraging increase 
in demand. 

Domestic industry's demand 
remains particularly weak and. 
as the buifc of the industry’s 
production goes !o German con- 
sumers. the home market 
remains the key to steel pro- 
ducers' fortunes. Orders from 
other EEC customers, which had 
improved in March, declined in 
April and remained at the same 
level in May. 

Order? from countries outside 
the EEC. which in recent months 
have heen relatively buoyant, 
showed j near 10 per cent 
improvement on Abril perform- 
ance — e»'en so bookings arc well 
below the March figures. 

The steii-lics. produced by the 
West German iron and Steel 
Industry Association, show that 
orders for rolled steel finished 
products were a tn.'a) of 4 per 
cent, or 70.000 tonnes below the 
April level of 1.7m tonnes. 
Domestic bookings fell by 11.5 


FRANKFURT. June 22. 

per cent— or 115,000 tonnes — 
from April’s lm tonnes to 
SSd.OOO tonnes. 

According to the association, 
the statistic-., which do not 
include figures {or semi-finished 
products, hot rolled broad strip 
and special sierls, show that 
May’s orders .vure running at 

100.000 tonnes below the level 
of May last year when the indus- 
try was heading for its lowest 
order level since the end of the 
Second World War. 

In contrast to the trends in 
the domestic market, things are 
still rather better in third 
markets outside the EEC than 
rhey wore last year. Although 
May’s book] ngs, at 576,000 
tonnes, wore considerably below 
the March level of 700,000 
tonnes, they v.ere 9.7 per cent 
up on the Anril performance 
and sonic 160.000 tonne' ahead 
of bookings in May. 1977. 

The industry's order bool; at 
the end of Me; stood at 3.074,900 
tonnes — just under throe 
months' production at the 
current depressed levels — and 
only slightly less than the 

3.697.000 tonnes reported at tic? 
end nf April. 

By Lynton McLain 

DELFT. June 22. 

OIL TANKER crews should bo 
subject to tbe same mandatory 
penalties and training now 
applied in aviation, an E\\*»n Oil 
Corporation executive said yes- 

Mr. Ian Blackwood, manager of 
the marine department. Esso 
Europe, was speaking ac the 
unveiling of the world's first 
supertanker engine room simula- 
tor. He said thru an Exxon 
survey had shown that the 
“enviable safety record" in 
aviation was a direct result of 
frequent re-exam mat ion of per- 
sonnel. s trier disciplinary action, 
effective maintenance and inten- 
sive training. 

Application of similar prac- 
tices to oil tankers would be 
highly beneficial, he said. Avia- 
tion bad bad a disciplined 
approach from the start, but it 
would be a iremenduus problem 
tn have this discipline and out- 
side control imposed on sea- 
farers. It ’.vms a problem fur 


The highest priority had to »w> 
siven to uniform and effective 
international standards of train- 
ing. licensing and periodic re- 
examination of ships’ officers. 

Governments at the current 
Intergovernmental Maritime 
Consultative Organisation con- 
ference. however, had “an 
ambivalent attitude " to the intro- 
duction of the highest standards. 
There was a good chance that 
the convention would not ratify 
these standards, Mr. Blackwood 

The n**iv $500,000 Meant turbine 
supertanker engine-room .simu- 
lator at Delft hast been paid for 
hv Exxon in conjunction with the 
Netherlands industrial research 
organisation T.vO. I? provides 
realistic training in engine 
failures and malfunctions and is 
the first tanker engine-room 
simulator, although simulators 
already exist for supertanker 

Yes ! You'll have to speak up for battery electrics . 
In fact, you may have to shout at the top of your 
voice: "Let's get rid of that noisy truck and get an electric!" 

Shout loud down your cost accountant's ear too! 
"Electric trucks cost more to buy but they're cheaper to 
run because an electric truck comes with most of its fuel 
pre-pafd for 5 years. It's an electrical energy package 
called a battery and charger:' 

Speak up for a rugged Chloride battery while you're 
at it. And get a Chloride engineer in the deal, to look after it. 
So if you want to lower the decibels on vour job — 

: speakup for electrics. 

Chloride Industrial Batteries Limited, 
ggsps V P- O. Box 5, Clifton Junction, 

^ , Swinton, Manchester M272LR- 

Telephone: 061-7944611. Teles: 669087. 


M T O 'i n O 

Financial .Times Friday {June 23 :1978 

^lew Carter concession 

AciJUREK MARTIN, U. 5 . editor 

-FJ CARTER Administration 
reed to accept a further 
V I ,®' l , n 0 E£ at in Us already trimmed 
nc duction Bill, the Speaker 
i r”Trhe House. Mr. ‘Tip" 
“V. w -ill. announced this morn- 

Irgm ■ 

Ern addition, the Administru- 
t-uj-.n will not insist on inclusion 
tin the Bill mow being drawn 
ec-P by the House Ways and 
wdeans Committee) or the tax 
rrefnrm measures it proposed 
last January. 

These measures, which would 
have generated approximately 
$9bn in additional revenue, in- 
clude such items as curbing lax 
deductions on business lunches 
and first class air travel. Under 
the agreement hammered out 
with tbe Democratic leadership, 
these proposals may be sub- 
mitted to a Itoor vole by the full 

In st'llling on a S15bn tax cut 
hill and freeing it uf its rela- 
tively controversial reform 

measures, the Administration 
appejrs once again to have 
bowed to ^political reality. Its 
original S-4.5bn tax cut and 
reform package ran into Congres- 
sional apposition and was pared 
tn just under S'JGbn several 
weeks ago as part of the attempt 
to narrow the budget deficit and 
thereby control inflation. 

But -once tbo.n. under the 
partial influence of the California 
Lax-cuiiing referendum. Congress 
has taken off on a variety of tax 
tangents which have jeopardised 
lhe chances uf passage of the 
Administration's proposals. 

The most important of these is 
the amendment sponsored by 
Congressman William Steiger, 
the Wisconsin Republican, to 
reduce capital gains taxes to 
their pre-lH6P levels. The justi- 
fication fnr this idea is that it 
would help promote much needed 
capital investment. 

Both ih<* Administration and 
llie Gonyress tonal Democratic 


leadership strongly oppose the 
Steiger amendment on the 
grounds that it would be little 
more than a windfall for tbe :ieh. 
But it has attracted a lot of hack- 
ing on Capital Hill and inside 
the crucial Ways and Means 
Committee it has become a 
stumbling block to any progress 
on the Administration's overall 
tax package. 

The decision to reduce the Tax 
Bill tn a simple Sl5bn reduction 
— with probably two-thirds of the 
benefits going to individuals, the 
balance lb companies — represents 
a big gamble. 

It will almost certainly mean 
a bust of amendments heing 
offered on the House floor, in- 
cluding Mr. Steiger's, a possible 
rollback in higher social security 
taxes, plus the president's reform 
measures which he is, for 
obvious reasons, loath to abandon 
entirely as well as. quite possibly, 
other ihcasures. favoured by 
Republicans. for progressive 
income tax reductions. 



to control 


By Diana Smith 

BRAZIL’S National 'I;m"liiry 
Council has flee reed a l«i»V',r- 
ar>, 20-day frec/v on i'r ■■ •: *•» 
converted from foreign 1 
enlertng the couiiirv ar i-.- 
June 21. 

This is i he second time in 
just out six months that the 
authurities have frozen the 
conversion of foreign loans in 
order to hold down expansion 
of lhe means of payment and 
contain inflation. 

The 25 per cent expansion 
forecast in the I97S monetary 
budget is more likely to reach 
35 per cent iiy the end of the 
year. Experts non dispute 
whether ibis week's measure — 
which will temporarily keep an 
estimated JS-I.Wm nui or circula- 
tion-can hate any lasting 
effect since, once the funds are 
released, ihcir inflationary 
effect will be identical. The 
authorities have hinied. 
liowPMT. dial this freeze could 
be extended beyond 30 clays. 

Last year, the Government 
temporarily froze Cruzeiro 
conversions of forrtgu loans 
when the amount of money in 
current accounts and in the 
hands or the public went out 
of control- This year's problem 
appears to derhe more Troni 
the vapid growth or UW-day or 
more deposit accounts ton 
which the banks are not 
obliged lo deposit 35 per cent 
each month at the cent ml bank 
as they arc nn current 
and from an un- 
infiux of foreign 

filibuster on Labour Bill 


! THE SENATE failed again for 
ihe sixl. 1 : I line this afternoon to 
end the filibuster that is holding 
up the Labour Law Reform Bill. 

The margin of failure was 
•igrmieamly wide*- than in the 
i -vi previous divisions last week. 
Tnflav's er.iv was 53 in favour” 
:n<l 45 again* l terminating the 
'I'^ter. jiei.Mi votes short pf 
the rtp needed to cut off debate. 

La-fl .'.eek protagonists of the 
Bill bad g.n-pered 5S votes and 
: the subserp'i.-ni decline »eems tn 
.ui'llr'.' momentum has 

!*«■••• •'i! ;>■ l hr opposition. princi- 
S-v-iliern Democrats and 
C‘m*«*n Republicans who 

trad *: inn-. !i v -,.ite against iabour- 
; sponged 1 <"a i isL > .iiqiu 

It U now .• si rung possibility 
that the P:li i- dead for the 
present -i.»n »f the legislature. 
This will '•en-i.iiib* not only a 
defeat fur organised labour, 
whose dour nn i.lapilnl Hill has 
heen visibly diminishing in 
• recent years, bur also fnr the 
J Carter Adniini.-iratiun. which had 
i nought to repair irs fragile rela- 
' nons with ihe trade union move- 
ment by strongly backing the 


Senator Robert Byrd, the 
majority leader more or less 
acknowledged defeat in advance 
of this afternoon’s vote by trying 
to have the Bill serif back to com- 
mittee Tor unspecified amend- 
ments. But this manouvre v::<s 
defeated. Tl will now clearly 
require all Air. Byrd's formidable 
talents as a parliamentarian to 
devise ways of keeping the 
measure alive 

The main purpose of the Bill 
is to make it easier for union* 
io organise in commercial estab- 
lish men is and cci m niensu raid;, 
reduce the delaying tactics that 
management has been able to 
employ to furestall union recug 

A* currentlv constituted, the 
Bill is appreciably weaker than 
its original version— much »«• the 
chagrin of the labuur movement 
Fatlure to get even a watered 
down measure through the Sen- 
ate I-. therefore, a hitter blow 

By the same token. »h*’ luisi 
ne.-s community, which has made 
the demise of the Labour Law 
Reform Bill a tup tob'ivmc pri 
only, is congratulating i^clf on 
its success. 


U.S. envoy 

Mondale to assess Israeli flexibility 


° i Vice-President, is expected to 

Government rlari ' 5 dur ‘° 8 " u v,sit w isr “* 

aebec ba rs credit move 


® Brazil has detalucd the 
Cruzeiro for the eighth time 
this year, changing ihe 
exchange rate to 1 7-9:: from 
17.60 to tile dollar. The new 
seilcr’s rale is IS.03. 


Zenith fights RCA Tor marki-i 
share: Cuticr-Hammcr sells 
Leeds and Northnip slake; 
Slower growth at IBM — p'!6. 


; IN A decision with far reaching 
'implications. the separatist 
Parti Quebeeois Government will 
, not allow the Quebec Credit 
, Union League lo participate 
; fully in the Canadian Co-opera- 
tive Credit Society because this 
would mean an “ unacceptable " 
surrender of provincial powers 
to Ottawa. 

1 The Canadian C. .-opera live 
Credit Society poofs surplus 
funds of provincial credit union 
■j roups and facilitates the 
transfer of funds be! ween 
proiinccs. Credit union groups 
i from ihe largest provinces 
. participate. 

1 The Quebec Credit Union 
Leazu.\ which is a federation of 
Sfl small credit unions in the 
province, mainly English-speak- 
ing ones which do not havs- easy 
access lo the large Caisse 
Pupul.iire Desjardins credit 
union movement (SCflhn assets), 
'belongs to the Canadian Co- 
1 operative Credit Society but 

MONTREAL. June 22. 

cannot participate fully in its 
facilities because of provincial 
restrictions. This means it can- 
not- increase its borrowing 
power 3nd get into the mortgage 
loan business. 

Canada's Cross National Pro- 
duct increased at a real annual 
rale of 2.8 per cent in the 197S 
first quarter. 

This compares wiih re a 
annual growth rales of H per cent 
in the 1977 fourth quarter. 1.2 
per cent in 1977 second and third 
quarters and 5.2 per cent in the 
1077 first quarter. 

© A threatened strike against 
Air Canada by its 1.500 pilots 
has been averted jfier successful 
negotiations between the 
Canadian Air Line Pilots Associ- 
ation. Air Canada and the Federal 
Labor Department. Air Canada 
said it agreed to let all its pilots 
fly first cl.iv. between align- 
ments in return for lifting the 
strike threat. 




theft is second only in narcotics 
trafficking in importance, and its 
incidence is growing at the rale 
of 25 per cent a year. The 
largest single number of ca-cs 
— river 12.500 per year — is in the 
United Stales, and most experts 
agree that this figure represents 
only the tip of the iceberg, us 
many thefts go unrcporled. NVv 
York City, where possibly ihv* 
largest collection of art object-, 
on sale anywhere in the world 
is on display within a mere 
20-block area. is generally 
recognised as the clearing house 
for illegitimate as much as 
legitimate art dealings. 

It is estimated that only some 
5 per cent of all stolen art works 
are ever recovered. Both this 
'act. and the upsurge in art 
theft, are tied to the nature nf 
and developments in the legiti- 
mate art market. There are an 
enormous quantity of objects, 
worth enormous amounts of 
money, which are in demand by 
-n I lectors. As Detective Robert 
Yulpe. New York Cily Police 
Department's experi in an thefts 
explains. " with the financial 
situation fluctuating wildly, 
people nave turned to art as a 
solid investment." Criminal 
money -making patterns, lie 
mints out. ’‘always follow 
legitimate pattern*." There has 
i (so heen an increase, he a<M->. 
in making and dealing in fakes. 

Art objects are not only 
ihundant and valuable, there is 
ilso no centralised system for 
■egislering them. In general ton. 
he Jaw enforcement officers 
-ailed in after a crime is enm- 
nilted know very little about art 
don t ideation — by contrast, in 
Europe, the number of snecia- 
ised art agents in the U.S. can 
n? counted on the fingers of one 
land. Meanwhile, thieves have 
jecoine more professional and 
i! ore knowledgeable about art, as 
Ihicago Federal Bureau or 
ovesiigations agent Robert E. 
ipieL points out. Stolen art not 
icing as easy to dispose of as lor 
n.st3nce, stolen cars, they have 

to learn lo do some research and 
careful planning. And. with the 
uri trade being highly inter- 
national. they use a co-operative 
international network io dispose 
of ihe objects they have stolen. 

Because uf the difficulties of 
disposal, most looses from pri vale 
galleries tend to be small paint- 
ings or sculptures not nf the 
highest value. Musi losses occur 
during regular showing hours. 

Thieves have become 
more professional and 
knowledgeable about art 
. . . They use an 
international network to 
dispose of stolen objects. 

with the most recent technique 
being the use of groups of three 
thieves, to work together to dis- 
tract guards. To some extent it 
is also true that museum losses 
are mainly of second- rank items, 
but museums are mure concerned 
about inaidc johs. losses from the 
enormous inventories the institu- 
tion?, stare but do not effectively 
guard. Private collections are 
hardest hit outside New York 
City, where collector., tend to be 
less security-conscious 

As Detective Volpe points out. 
“art theft has more than one 
victim.” In most Western coun- 
tries, it is illegal to pass title 
on a stolen object, irrespective 
of whether that object was pur- 
chased iu good faith. Thus there 
can be enormous monetary 
losses, fnr artists, owner, dealer, 
and eventual purchaser or a 
stolen work. In the case of 
losses from museum*:, it is the 
public that pays. The Arts and 
Artifacts Indemnity Act o( 1975 
provides that the federal govern- 
ment will pick up 'lie insurance 
expenses for exhibits in public 
museums. This ha* cost *i:t*}.7in 

for the first 17 museums ihai 
have taken advantage of the 

Growing concern about the 
increase in thefts has recently 
precipitated concerted effurLs 
both ti-, make these harder, and 
to make it easier Fur prospective 
purchasers to identify stolen 
works. Thus according io Mr. 
Harold J.' Smith, a specialist in 
art insurance, art galleries and 
auctioneers must now lake steps 
similar to those taken by jewel- 
lery houses before they are 
underwritten, including the in- 
stallation of buzzer doors, hold- 
up alarms, two-way mirrors, and 
television surveillance systems. 

This spring, organisations lo 
register stolen works of art and 
disseminate the information to 
interested parties have been pro- 
liferating in New York City. One 
may choose between the Inter- 
national Guide m Missing 
Treasures, the Annual Index of 
Stolen Art. supplemented by 
monthly newsletters- and Art 
Central. They offer similar ser- 
vices, according to one’s parti- 
cular background and pocket- 

The international Guide was 
begun by two art dealers, in 
collaboration with Donald 
Mason, a former FBI agent, who 
single-handedly created a special 
art division ai the Bureau. It 
offers a handsome and relatively 
expensive subscription service, 
whose appeal would seem to be 
mainly to the private investiueni- 
oriented segment of the ar; 
world. The Index i< put out by 
a non-profit-making research 
vroup. who in the paM.havc had 
their closest tie® with the 
museum community but now. 
undvr ihc expert rhrecnnn »? 
Ms. Ronnie Burnham ir.- •■■■■ 
tending their sen lie r^n-r ; .| 
is a computer syjiem. w'c ir> its 
pilot slage with Ihv Now Y—-k 
Police Department, which = 
to simplify the process uf art 
identification for ihe nu-- 
xpvciahst. and eventually make 
ihv in forma l ion insttin^neuir'-. 
available in !hc iniem.ilinnal 
lav.- enforcement coinniuntty. 

By Our Own Correspondent 

A SENIOR U.S. diplomat is 
currently in Angola Tor 
pret iousiy-unannounced talk*, 
with the Govcrameut of Presi- 
dent Neto, principally on ways 
to cose tensions on the burner 
with Zaire. 

next week whether a new Middle 
East peace shuttle would be 
likely to produce any movement 
in the deadlocked Jerusalem- 
j Cairo negotiations. 
i Mr. Mandate .is due here a 

■ week tomorrow on what was 

■ originally planned as a Goodwill 
itrip to celebrate Israel’s 30th 
, anniversary- However. the 
i Cabinet's hard-line decision an 
! Sunday about the future of the 

Mr. Donald McHenry, uhu is i West Bonk and Gaza Strip has 
Mr. Andrew Young's Number 2 'given the visit considerable 
at the U.S. mission lo ihc j political significance. 

United Nations and highly j The Vice-President will he 
experienced In African affairs, i accompanied by Mr. Harold 
will alsu he discussing the [Saunders, the Assistant Sec- 
LVe.xlcrn plan for the iranslcr ; ret ary of State, and two senior 

to majority rule in Namibia. 
In his major speech on 

White House officials. Mr. David 
Aaron and Dr. William Quant 

Mr. Menahem Begin (left) and Mr. Walter Mondale, 

-TEL AVIV. June 22. 

.V negotiations restarted, . with 
emphasis on Israel taking a more 
flexible position. 

It is suspected here that Mr. 
Mondale may carry a blunt 
message from President Jimmy 
Carter to Mr- Menahem Begin, 
the Prime Minister. Depending 
on Israel's response - to that 
America is expected to try one 
more peace- shuttle, either by 
Mr. Cyrus Vance, the Secretary 
.of State, ‘ nr by Mr. Alfred 
i Atherton, the roving ambassador. 
Israel might pirefer this to the 
long-threatened presentation of 
an AraerLean peace plan, or set, 
of proposals as is the more 
euphemistic terminology. Mr. 
Mondale's fonr-day visit is being 
-viewed as a crucial test of U.S.- 
Israet relations which have 
cooled sharply in Tecent months. 
Officials in Jerusalem are 

African policy on Tuesday. 31r. ! of the National Security Council, occupied territories was envis- decision would not satisfy the hoping Mr. Mondale s team will 

Cyrus Vance, the Secretary uf iThis team will clearly seek not as®d as a permanent solution to Americans. Some officials have bring with them Egyptian 

State, offered an unexpected only to demonstrate" America's ihe problem. But the U.S. had since been trying to present the responses to a series of Israeli 

' commitment to Israel but also to hoped that Israel meant ; it as relatively mild expression of questions about Cairo's position, 

try to elicit some Israeli flexi- only an interim solution to be “regret" by Washington over They wilt stress that it is unrea- 

bility nn the key Palestinian followed by a more generous the decision as indicating greater sonable to expect any further 

questions. permanent arrangement. American understanding or the Israeli commitments before 

The Cabinet ruled on Sunday Mr. Mosbe Davan, Lhe Foreign Israeli position.^ . ■ Egypt -presents ip ■?) v ? 

~ ------- — • —'an in response to that or Mr. 


olive branch to Angola when 
he said (hat the UJS. should 
seek io improve ties wiih 

President -Nelo's Government. 

It is understood that the 


Slow progress on ending war 


SALISBURY, June 22. 

decision to dispatch Mr. 31c- j that its offer of limited self-rule Minister, said after the meeting But others arc expecting-unten- 
Henry was actually taken over .'for the Palestinians in the that he was aware Israel's ' sified American efforts to get the 

a week ago. ; — — - — ■ — — — 

The oieriurc to Angola is 
seen as something of a victory 
for Mr. Vance anti the 
moderate Africanists in the 
Stale Department over lhe 
more hardline pavilion 
associated with Dr. Brzi-zinski. 
the National Security Adviser. 

Several weeks ago. ihc 

Carter Administration had : BISHOP ABEL MUZOREWA. while black MPs attacked .the sition a I Government's principal 
been embarrassed by the me- current chairman of the Execu- lack of progress in everything achievements had been the 
lation that Admiral Stansfidd | tive Council of the Rhodesian except the release of detainees, release of detainees — 713 out of 
Turner, head of the tlA, ; transitional government, admitted Thirteen of the 15 black MPs also more than 900 have been released 
reportedly^ acting at Dr. : today that the interim regime issued a statement calling for all sp far — and the halt called to.| 

Brzczin*«kis instigation, had had failed to move Tast enough the parties to get together to executions of condemned] 

been discreetly sounding out • j n its efforts to abolish racial bring about an effective ceasefire-. prisoners. But the guerrillas still 
Congress on the possibility of discrimination and bring about and lasting peace." wanted to see the protected 

proiidiug covert ILS. as<isi- an end tn ihe wan Bishop Muzorewa blamed the villages disbanded fn the rural, 

unci* to ihc nationalist groups in an interview, with rhe lack of progress towards a cease- areas, and real moves to get rid ■ 
Mill fighting Uie Angolan Financial Times, he admitted fire on the deep mistrust between -of facial discrimination, he. -said, 
regime. ihat there was justifiable concern the guerrillas and the security admitted that a statement 

among both blacks and whites in forces. "The guerrillas are so h y his own UANC. condemning 

Rhodesia at the Jack of progress suspicious that this may be a trap the kilting by the Rhodesian 

towards a ceasefire — but he which has been set for them," he security forces of 22 villagers 

denied that the transitional said. “We have to go to people on ]y g miles from Salisbury, had 

J '-"- J and reassure them.” ■ ' ' **-- - 

Japan to 
plan for 

IJmreier, at Ills news nm- 
fi-reuev on May 23. Presidi-ut 
Carter publicly disavowed any 
iulentioii uf .supplying Midi 

coicri aid. .government had failed. 

It also seems clear that out i Bishop Muzorewa, whose He also claimed that there was censors. “In a complicated 
the last week Mr. Vance, win* United African National Council no unified command of the guer- issue like this things may have 

of lhe most respected ami jtl'ANCi is politically the most rillas: “There is not one person happened of which -those at the 

popular men in Washing tu:i. .significant Nationalist Party in who can say he can command the ^ 0 p were not aware," be said, 

has regained much or the ih' e interim government, also in- guerrillas to stop and everybody In SDite oF growing pressure 

foreign policy ground it had sisted that he still saw no reason slops." he said outside the main parties to the 

appeared lie had lost tu Dr. !0 attend an all-party, conference He claimed there were at least internal settlement to bold all- 
hHcilePiuai iiualiflesh-l'in th . e lea J? en \ of ._ the external two factions within ZIPKA, the party talks, as proposed hy the 

disiurhed informed opinion 
here as much as they have 
reassured ll. 

Thi* week alone, Mr. Yaiwe 
has carefully cnuncialeri, vvi;li 
President Carter'* approv a!, 

Ihc mode rale 
U.S. African 
Congress on 
!«•• Soxiei 
ficanlly lonin 
sharp rhetorical 
and played a central role in 
Tuesday night's While Houm- 
session on foreign policyTir 
Congressional leaders. 

\t the While House. 
den! Carter had made Ihe 
point, accepted by many of ihe 
Congressmen urescnl. lhai be 
consciously sought divergent 
Quintons Trom his advisers 
before making lhe final deci- 
sions himself. This week at 
'oast, as lhe Angola initiative 

io' h^wto n toe lie 'war *10 r ^e 1 THE ERITREAN guerrilla leader The Russians 
President's oar with sizeable ! A ° luefi Nawr has paid a secret to favour a confederation neighbouring Ethiopian province 
and UM-foi assistance Tram lhe to Moscow amid signs of Ethiopia and Eritrea, of Bale Daneb says guerrillas 

ever discreet hot extremely In- I increased Soviet pressure for a r k r rd i BarSv 
fluential Secretary of Defence, ' nnonnniaH •.> thn i 7 .,-uir rejected b» 0 uernlia leaders. Bare, and Harp w. 

Dr. Harold Brown. 

Refugees bid 
to gain 

By Jimmy Bums 

LIS SON. June 22. 

For the first time since 
World War II the Japanese 
armed forces have been 
ordered fo prepare a compre- 
hensive plan for the defence 
of the country against foreign 
attack,. according to a Japanese 
Defence Agency, spokesman, * 
Renter reports from Tokyo. 

Tbe study, ordered by Mr. 
Shin Kanemara. the Defence 

_ _ Minister, is a measure of how 

been” banned bv the military > public opinion has swing away 

from Its former aversion to the 
military following the defeat of 
the nation in World War II. 
Until now the staffs of the 
three armed services have 
never been ordered to make a 
comprehensive joint plan 
bcausc of publie opinion as 

Patriotic Front— Mr. Joshua in Hilary wing of Mr. Joshna British and U.S. envoys currently! 

Nkoino and Mr. Robert Mugabe Nkomo's. Zimbabwe African in Salisbur;. i Mr. John Graham i mentary opposition parties. 

— ;<s proposed by Britain and the People's Union IZAPU), and and Mr. Stephen Low. (he Bishop! IT varviatmn linlH-nn 
L"S. three factions in ZANLA. the said: “I have yet to see a real “L -1 

He was speaking at a. time of army of the Zimbabwe African convincing reason for' holding a CHINA and > letnarn squaboled 
growing public frustration ex- National Union (ZANU>. so-called nil-party conference;" w0 ™ 5 j 1 ?® protocol^yes- 

ores-ed hy both blacks and “The problem is trying to Any suggestion that he was pre- »*rtlay. blocking toe etacua- 

— - - Don or ethnic Chinese from 

y sea, according to 
from Hanoi, 
reports from Hong 
Vietnam said that the 
China’s fault, and 
accused the . Chinese of . 
_ deliberate delay. 

Ghana appeal 

Mr. JT. H_ Mcnsah, a former 
Ghanaian finance Minister and 
one of ihe country's leading 
economists, has won an appeal. 
In- the high court against a 
sedition conviction,. JReuier 
reports from Accra. The Ghana 
News Agency, said he was 
freed- from JaH last Friday 
after serving nearly three 
years of an elght year hard 
labonr sentence. Meanwhile,' 
lhe agency .also reported that 
.the .Chief "'Of-, the .t*etroIeiini 
Department, Mr. Bonsn, 

haiF been dianlssed'hecause of 
a temporary-oD shortage which 
has almost flailed commercial 
activity. .’'Vj/; 

_ growing number of calls Fori 
Several Rhodesian Front .\IPs riot be correct to say we have all-parly talks, .which have- in- 
rtrongly criticised the Govern- accomplished; eluded- bath .majoE^bLack news- 
mem iu speeches in parliament accomplish. We have not com- papers as well as the black Ml^, 
vesterday. principally for ils plefod w'hat we set out to do." and Influential members o£ the 
failure to achieve a ceasefire. Bishop Muzorewa said the trail- Rhodesia Front. ; y 

Eritrean leader visits Moscow 

. / ■ BEIRUT. June 22. 

negouated end lo the 17-year Re J utor , ......... 

«ar ,if inrt^npnden.-e in x.. . . •* ,n past few weeks guer- 

; Ethiopia's strategic Erilrea Nairobi: In?sudde?%reu Ethiopians 

i province. African diplomats 5:31(1 activity in the EUdopian 2J“Sb 

° G3den Ogaden ..dmffcg fleree attacjtt on 

They said that Mr. Nasser Liberation Vront : (WSLFr has “ -aTTSm ‘ BtESfiS 
went to Moscow frour Algiers in fought a fierce battle round Gode, tr 0 n DS ^ Q ravs' . 2 £e- said to bave. 
ihe second week of June. less in the southern part ofthe desert iZ P a SS 
toon a month after a major territory, and claimed today to Last March, ’ lhe ' Ethiopians, 
Ethiopian offensive against have recaptured tms important wjth th hcl _ , f Gubac and! 
Eritrean guerrillas railed to town from tbe Ethiopian and R^iaa tanks aircraft and 
! break their grip on most of the Cuban, garrison. «ussiaa -.tanss, aircran and 

— — . I 'awh inetr grip on uium ut me ya* uauu. , trcion«; Hnw^'thO'reeuIap 

SOME 1,500 Angolan refugees .countryside and all but five There has been no confinnation a rmv ontfof tbe’OEadirt. 

who have lived in Portugal 
since Angola was granted her 
independence in Now-nibcr, 
1975, have applied for repatria- 
tion. it was confirmed here 
today. According in the 
Portuguese High Com mis-, ion 
for Ref ogees, the applications 
will he one of ihc main issues 
ex peeled io be put to President 
-Neto nr Angola by President 
Ramalho Eanes at the meeting 
in Guinea Bissau this week- 

A 1 1 hough no official agenda 
on the meeting has yei 'licen 
published here, the subject of 
the refugees, in addiiinn n, the 
possible return in (lie lunger 
term of some 50.ft-jti Portu- 
guese sel tiers who lied Angola 
in 1975. Is likely la be of con- 
siderable interest to btnb sides. 

The suducn influx into 
Portugal of nearly lm r.eiilers 
and refugees from the former 
African ceinr.ies in 1975 and 
lfi7S has uui severe strains on 
the Portuguese econoai>. The 
Governmeni is believed lo have 

spent almost £250 m sn accom- 
modating (hem. 

This Integra lion has no; heen 
entirely successful given Por- 
tugal's limited economic 
resources and her hadly 
struclured industry and asrt- 
cuilure. With u.nemplov ,-nent 
estimated al about 12 per ceni. 

towns. Mr. Nasser heads the or comment from the Ethiopians. 

Eritrean Liberation Front- butTi^hefirel .time sintS the beh£d 

I Revolutionary Couucil (ELF- Ogadeo war ended in March that ' 

RC1. one of lhe two major the WSLF haa claimed - the vo ' vm 8 «®timte *e .war. ; 

I groups fighting for the indepen- recapture of a strategic centre. Somalf radio v" -meanwhile 
! donee of tbe Red Sea province. The claim was made through claimed today that Ethiopian air- 
i E;u»t European sources said Daneb. the daily bulletin of the craft had bombed ' two major 
] both the Soviet Union and Us WSLF. which is. published in towns In northern am alia- — 
(Cuban allies, reluciant to get Mogadishu.- Borama and .-GeblUe-^-kilfiiig, 1R 

! drawn into another African war, Gode has the only" concrete civilians and 1 wounding -mo're 

(were trying to bring the pro- rnnw’ay in the whole of the than 40. Boranfa isralmoat orr -the 

; Soviet military rulers of Ethiopia southern Ogaden. The WSLF Somaii-Ethiopian .border , and 

and ihe Eritrean guerrillas to claims lo have killed 300 Gebilie is: some 50 miles iosidel 

,the negotiating table. Ethiopian and- Cuban troops. Somalia. . 



i NEW ZEALAND'S unemployed in November — the Australian a vital part ot the : GdverriinebtV. rapid rise- of’ unemployment was 

; numbered dozens or, al worst example, where large-scale un- strategy for rdstwc(iiri!Sg‘ 1 the aggravated by & rrattrral decree e 

'200-300 a few years ago. Full -employment apparently had economy l N .01rr''McildoDh says. - . -of-, absenteeism.- ami; staff tuen- 

j employment, or as some econ- little effect on tbe Government’s New Zealand's' line nip foyrnfent With mtiunpcng ntiemploy;: 

! oraists called it. overfull employ- popularity, has heartened New rate has crept Slowly apwarda mentworkerSarenatarally IeSs 
Iraent was regarded as mandatory Zealand’s policy makers — the since 1975 ,- when -tb«' -ferms' iff idhpiage Jobs.- • 

! in a country .which helped New Zealand Government is trade, affecteff by the l973 "ml:. No.w. the '- r GairerBment . hah ' 
j pioneer the welfare state system, deeply concerned. Mr. Robert crisis, worsened', dzaraaficalli,' stimuiqted the-: economy y,-im a. 
i Today the number of regis- Muldoon. the Prime Minister, In two years. they turned 1 against' “firim bee :of ' measures that it' 

I tored unemployed or tiiose on repeatedly referred in his budget New Zealand- by.! 43 per .cenL ■?hbpe&-W.Ul . help to teduce unem- 
1 government special relief work this month to the need to reduce However New .Zealand business plpynjeHt.- These include cuts to 
a, n*» ri .«ni ‘ is S'"- 762 — 37 P pr cent unemployment, and. in spelling confidence ; was still oveiM>pti- personal "-income ' tax, .additional', 

in addition to an acme hou^in" labour force and almost 10,000 out measures to stimulate the mistic as retailers- .'.and mami-.. femily- benefits, .a. ..payment- of., 
.shurtugc. vtiih mosl Hau [more than three-months ago. To economy, commented frequently facturers partichlarly continued' NZS2a-.for- every child: cash. 

rviiivd al prices wav n.nVt this must be added an unknown that they should help to create a much /higher level of-forwarjd .grahtb'-Ior^ .farmers, a reductiorr- 

■ - - ‘ ,, ' 0rC «- — nr ,H(li»(r.fl,l r.r . 1 ,,. flf COWpatij’ fc; IffimEnlVe Cplfr ,. 

pony : (iquidity -at. .time^ when " 


in energy — is sim Ci«.p L . r aiely 
lacking manpower, u could 
well afford f<* rt-i iiicgraic 
many or its former subjects. 

The in-aty ur eo-uperaiion 
and friendship which General 
L'uocs and President Neto will 
‘ian in Bissau could signify 
lhe hcginnlDs of greater i*- c h- 
assists nev 1 -. Angola on 
brhu'f rr Portugal. 

li is »:-is aspect of Hi.. i alfc! 

wbu-li is ii.-lii-v ed iu " 0 r 
eun>ii-»ra.'Hr inl.-rcsi fn ' , hi » 

,V s ; ‘''^b'-Firitioii. within ihe ! been h 
Lonteji. *.f if. recentiy d,..|i nc d lister of 
Vvliey «>;! ..r.aola. nanu-ti ihat I though 
pi.’.n-rs should nitn I nn'n fOX 

■ ■ i r/i . 

}i i h; 

Iodiaii hbme^iMmster 
coifld split; Janata 

INDIA’S RULING Janata’ Party 
came', close 1 - to-, serious division 
yesterday when. : the. Central Par- 
fi ament ary Board : asked Mr. Raj 
■Naxain’, '. ; the 7 Heal th Minister.- to 
i-eyplau a, personal attack' the 
Party -President, Mr. Chandra 
.Sbekhar—an_ - indication . that- 
disciplinary f action ; -should Be 
taken against Mr. Nacain,- writes!: 
K.- K. Sharma from. New -Delhi, J. 
In ‘fact, the CPB^s decision Is' 
tantamount to provoking a show- 
down with Mr. Qharan Singh, the 
Minister. -for Home Affairs, who 
Is behind.- Mr. -.Narafu's demands . . 
for the resignation of 'Mr..-. 
Shekhar.- . • •' 

what" can be afforded i, x ihp ; but certainly a large number of additional employment or cut orders and prod action than, the- of cbmpan>'Jtax:tcrimRrdve cprp-.-_ 
lov.-pr-paicl. the influx o"r thp i married women and part-time unemploymenL economy -warranted.:';' ' 

I. with seif-suRii-inncv I fits, hundreds of would-be school mem scheme which subsidises, activity tn'a€A}USiness-' higher • disposable .incomes -left 
,j — is still di-sa L *rai«*lv leavers who returned to school wages paid hy formers io hire would, again, pick ifp'.in a few .after income, tas' faas been cut 

'when they could not find a jou, unskilled or skilled workers for months." When- the^crunA -came will' stimulate 'consumer demand, 

and about 50.000 New Zealandera farm work, and financial grants in late 497Z il-was. much -more increase . production ’ and. create 

who have left to seek work in to local authorities to create jobs severe than would- have been further employment. Fiscal meas- 

other countries over the past in public .utilities- and .services,, the . case, had ; 'restraint 1 --been ures have released.- 'NZSdSm for 
three years. Other schemes- will help manu-. shown earlier.' -... • ' housing and thi^ too should help 

Some trade union leaders Facurers and employers to pro- Staff was' laid off wholesale, create more .work In the. building - 
claim the true unemployment vide more work for those seek- particularfy.iif 'clothing and con- industry. - 

level is nearer 100.000. One tog their first job. and govern- sumer goods itodnstrtas.'The car.'-. Some of these moves could he 

former Labour Cabinet Minister meat help for employers to industry, one o,£ the major era- negated by high wage demands 
forecast an unemployment level reduce the initial cost of labour ’ ploy ers in. N.ew Zealand -but and ihcreases. The Federation of 
of 200.000 by the end of the tor firms wanting io expand. where over-production was high, LabbUr haifr tdready ilodged>an 
year. This — in a country with There are also financial grants suffered a severe cutback. Build- 'application before the arbitra-- 
□ total population ol 3Jm — has for employers setting up train- toy. particularly house building, tion court for a 14 'per cent wage 
hotly denied by the Min- ing programmes lo turn un- slowed almost tn a standstill. increase. 'Ifle 'Govetflhient/ eto- 
L a hour. Mr. J. B. Gordon, skilled workers into skilled The rise of unemployment was ployers and'thc fanning Industry 
he declined to offer his employees, and the Governmeni accel«rated bjr.wfcrat Mr. Mul- have issued i warnings- ihata .wage '7 
, ..... h«uhl nim at j own forecast. has set up a training programme doan calls the adjustment ' p'ro- increase of this size would iinder- 

•5M11S.UP- a mure positive i Although unemployment as for^ school leavers. "Training cess necessary to return a degree -mtae effoTts' restore ■ New 

rM m 



• ) 

•• }*t 

a i.78 


Nelo’s; Ho\ i.-rnnicnL 

President I such is pot likely to be the and retraining lo meet present of stability ‘ lo‘ th£i economy at a Zealand’s ecdnonijr anfl ieduce 
j hottest issue of the clectiun and future skilled needs form lower but sustainable level. The unemploymenL '- 



• i 

i ■’ 

financial Times: Friday ~Jcsu 23.2975. 


Ja|[aiieseT¥ ©ompanies in Doubts in ! Saudi order 

• . • . ' , TT Bonn about BY JAMIE BUCHAN 

1 31W3U to CUrO. U .S. sales future of ,$£,* a. 

fibre pact 


SUBSIDIARIES AND affiliates of. 
Japanese -! ..companies, in the 
Taiwan electronics industry have 
received official “ guidance" to 
restrain - ^their- exports' of -colour 
TV' sets to the U.S., it was con- 
firmed today. - . 

The guidance, originally. issued, 
in May. applies to. companies in 
which Japan has a capital stake 
-or- Which arc using Japanese 
technology. ; . Indigenous 

.Taiwanese .companies, have not 
been subjected to the. restraints 
but have been told that they 
must not use Japanese trading 
companies to sell: their sets in 
the VS- • .. - : .; . 

The guidance calls oh ' the 
companies concerned to keep 
their U.S. sales, at or below, last 
year's levels.- Shipments to the 
U.S. in 1977 are thought to have 

reached around - 400,000 sets but 
were running .at far higher levels 
in the early part'of 1978. 

In .February. alone - , . according 
to Matsushita Electric, one of the 
companies covered 1 by. ; the new 
ruling, Taiwan- shipped 124,000 
colour TV sets-tb the -U-S. The 
bulk of those shipments probably 
came - -from coinpzni®® with 
Japanese-affiliations,-..-- • - 
-■ ip- -the four months to -the end 
Of April this year,;t«rtal Taiwan 
colour, television exports to the 
U.S._ were up 326A-l>eT cent on 
the year, at 356£00 sets. 

The Taiwan aiition follows 
nearly a year after the signature 
of ah orderly marketing agree- 
ment (OMA) between Japan and 
the U.S. under which Japan's 
colour TV exports to tbe : U.S. are 

Zenith decision praised 

a Psn to 


***n i0r 



THE West German; Economics 
Minister, Count Otto.LambgdorS, 
today expressed his "great 
satisfaction " at . the decision . of 
the U.S. Supreme Court in the 
Zenith .case, which ruled that 
countervailing duties on Japan- 
ese electronic equipment should 
not be imposed.* ‘ He hoped -it 
would serve as a precedent for 
the American tax courts in deal- 
ing with the pending suit 
brought by U!S. Steel against 

BONN; June 

European Community value- 
added tax rebates. . 

' Count Lambsdorff praised the 
court’s ruling as a strengthening 
of the U.S. Administration s view 
that rebates of indirect taxes on 
exported goods were not to be 
regarded., as subsidies solong as 
they conformed to GA-TT regu- 
lations. .. 

In this sense; said the 
Minister, the Supreme Court 
ruling was a positive -.contribu- 
tion to the successful conclusion 
"of the current GAIT roynd. 

TOKYO, June 22. 

restricted to 1.75m units per year 
for a three year period (expiring 
in August, 1980). 

The restraint 1 -imposed on 
direct exports from Japan may 
have contributed to the rapid 
increase in shipments from 
Taiwan early this year. This, at 
least, would, explain the. Taiwan 
Government's decision to single 
out Japanese com pan ics in apply- 
ing its new export "guidance." 

Another reason for limiting 
the measure to Japanese affiliated 
companies could be the desire to 
retaliate against Japanese com- 
panies which are stepping up 
business relations with the I 
People’s Republic of China. 

Hitachi and Toshiba, both of 
which are deeply involved in the 
Taiwan - electronics industry are 
currently competing to win a 
Y20bn export order Tor the 
supply of TV tube manufacturing 
plant to China. 

Hitachi has a 100 per cent con- 
trolled Taiwan subsidiary which 
depends heavily • on the U.S. 
market for colour TV sets. 
Toshiba has a nine PC' 
capital stake in Tatung Electric 
Corporation. a Taiwan-based 
company which makes sets bear- 
ing the Toshiba brand name and 
which also exports actively to 
the U.S. „ . . 

The president or Tatung ^aid 
■ recently that his company had 
received ** no strict guidance 
from the Taiwan Government on 
exports to U.S. This however 
presumably does not rule out the 
i issue of an “ informal ” Govern- 
ment directive to the company. 


flltlirP rtf THE ? AUD ‘ A J AB1AN u "™™ h - “Vbe'buu' PU Mo P bif°OvJr C s?^'p% e <;iin e Cora- 

IlOre p.ilCl l0 export crude oil thruuuh the Houston and CA £ “ U The Actual constructor. is expected 

Red Sea. worth P about 380m to begin within the next, three 

By Rhys David cJ5ST.fc.2S Stffi U to° n *be ‘Sa&t STff «£ 

THE EEC pact signed by 13 five companies for a pipeline 10 J J? half of the line is Deliveries of the 48-inch pipe 

SSSMlErS’S “iS 5-^r& M 35 f “Sc d t eeo Pre u« 

eaoadiv imo line vdth | town of Aar iu ‘.mV EN I. at Yaribu since last year- r 

wrlier this week aimed at bring- 1 Ghawar oilfield S-MS arm of the Italian rotes and have been underway 

SaSF^ $ 

\ Si£S that of the „?“£ 

Tir irom G B«st the! «« S=?=Lm ~ 

German government is unhappy g umed pipeline iu the West to United Technologies CorooigJ^ j ‘ Sa £ d i oil minister himself, 
with the provision in the agree- h European market. The King- received more man J*-™ Sheikh Ahmad Zaki Yamam has 
meni setting linuts on delivery ^pVcntly exports nearly 40 c£66m> in ^ontrocts tor the She > kb Ahmad f^\ ]nlQn is 
by producers. The limits ate per ce nt of its nil to Europe. supply of a» 33 of the modular s . lk . v de gigned to 

Intended to ensure that while P Apa rt from ns strategic signi- industrial gas turl ’ 1 J ,es secure supplies of Middle Eastern 

capacity reductions take place Bc3nce m releasing the Kingdom will move the crude m e ■•^ccordin” to the majority 

market shares remain the same. rrom dependence on a single pipeline. nrYenorts the Soviet Union will 

The agreement has been j and thus vulnerable outlet, the The insurance p **£ A Irtlv nc-ed m import oil.” 

actively backed by the EEC \ Gulf, the pipeline will also oppn . underwriters'" Contracts Sheikh Yamani told an audience 

Commission Industry Director- Ihe way for the : development or national {^"2 at at Riyadh University u April 

Germans ^M^vo^tJk] based industry* - Horn one 

ift-eJ2Sj"®SSS^ p tfe -35 SUS3 S eS,* s,e T p ,r?r d ^„f ^ on o. 

Germans will probably be argu- line and II pumping stations. A to P®**' ‘ C fo lender though Yanbu. a decayed village some 

ing that limits on deliveries sixth contract went to an Amen- been put 340 kin north of Jeddah, will be 

represent a hrcach of free trade. ca n insurance group which will again contracts have not yet been ^ ^ Q[ the s ^ dlXs 

The German Government is provide coverage during the av ^rded Wi11m U of the u S of Bab el Mandcb at the southern 

e cSsSn“xi d Uei views in dis - ssbs" " orl: m very russed ^'a^yssaiVs.ppiy «■* ° f s - haudi 

ir the Germans arc unwilling - A . _ , 

rocasti n g *0 f ' t he° ag^eni^n t.^hit PnO rftfiCS HOW OlltitllGd £15lU COIltraC 

5 frDU1 " rri0i , for tin plant 

I Lawrence Mills. Hong Kong’s trOflp FBPCTOTl fill OTIS By Kenneth Gooding 

Director of Trade, said after the JLi/1 Ik AfiO THE H?ad Wr j yhtson Machine 

first day of talks with EEC IUREK MARTIN WASHINGTON, June Div isiun of Davy Internationa! 

officials that he was confident of rinniate ulani 

JEDDAH, June. 22. 

Arabia's dependence on the G11IF 
as ,the only outlet for its oil 
exports wilt diminish. 

The sudden expenditure cut m 
the national budget f 1- ?™ 
SR 145 bn to SR 130hn. v.hicn 
seems to have occurred at the 
last minute, is an indication that 
there are fears in some Govern- 
ment eircles that with the present 
glut on the world oil market, the 
Kingdom will have to scale down 
its ambitious development plan 
or be ubiised to draw down 
foreign reserves — a move sources 
close to the Saudi Arabian Mone- 
tary agency 1 eject as utterly 
unthinkable, hecause of the un- 
certainty this would cause in 
foreign exchange markets. 

It is planned that SU 115bn nf 
the national revenue will come 
from oil computed on the basis 
of a daily production rate of Sm 
bauds a day— a ceiling the King- 
dom had not begun tu appro-icn 
1 in the first five months of this 
1 year anti it is hard tu imagine 
it raising production levels 
1 further to flood a d row nine 
■ market. 

© Japan's Hitachi shipbuilding 
t and engineering company has 
i signed a S60m contract with Abu 
; Dhnhi's national drilling enm- 
5 pany to build three nil drilling 
l ri''S for installation by April, 
i 19S0, reports Rcutar from Tokyo. 

£15m contract 
for tin plant 

Plessev wins 
Brazil deal 


Narita cargo 



japan AIR' LINES has been 
experiencing -serious trouble 
with, cargo handling at Narita 
Airport (the new Tokyo inter- 
national airport). The airline 
also claims, however, that the 
** worst is over ” and that cargo 
handling facilities have been 
functioning smoothly since the 
middle of last week. . 

Problems started to develop 
with JAL’s JA^Tos computer- 
ised cargo handling system 
shortly after Narita opened on 
May 21. The airline describes 
the difficulties as being both 
mechanical and human, (in that 
operators apparently failed to 
cope with the complexity of the 
system when running at full 

capacity). _ 

The failures resulted in cargo 
not being cleared in toe for 

flights on the scheduled depar- 
ture day and having to be held 
over to- the following. day -There 
were also . heavy losses on in- 
coming perishable cargoes. 

The JAL-Tos system, which 
uses a Toshiba computer to 
control documentation and 
mechanical handling 7 -.and cost 
820m. was designed to-be. ready 
in time for Narita’s/originally 
scheduled 1973 opening date. 
During the five-year f. waiting 
period before Narita - ^ actually 
opened last month some tnoam- 
cations were intrpduMd. The 
modifications were, dejogned to 
allow for manual interyenhon in 
Ihe system, a need which had 
been identified afteh- , snags 
devel oped w ith earlier ^system s 
which depended whoUy$>n com- 
puter control. . . VI .. . . 

JAL apparently calculated that 

TOKYO. June 32. 

the inclusion of manual control 
capability would enable it to 
avoid hold-ups or at least reduce 
teething troubles when JAL-Tos 
started to function, but this 
proved not to be the case. 
Problems were “ far worse than 
expected " when the first big 
consignments of airfreight began 
to pile np at Narita in the last 
ten days of May. 

JAL coped with the emergency 
by despatching a special cargo 
handling team to Narita in late 
May and by setting a June 15 
deadline for “normalising the 
svstem. The airline claims that 
the deadline was substantially 
met and that today cargo 
handling at Narita is ■‘marginally 
belter" than during the final 
months at Haneda (the badly 
congested former Tokyb inter- 
national airport). 

Lawrence Mills. Hone Kong's TS'^fiP FBPWOT151rlftriS By Kenneth Gooding | 

Director of Trade, said after the JLU1 Ik >j«HE Head Wriyhtson Machine 

first day of talks with EEC , UREK MART in WASHINGTON, June Div i s i un of Davy International 

setting thl problems 0 still affect- THE LEADING trading nations sioner, in the hope °* b ™ a *j n | | ha ® r Yu-osTavL^i^the^ace 
ing Hong Kong textile exports to if 1 g pul resolution of the progress on what lhe f i -1 ;®’ [ order for '“r usla i a 10 1 n T . in ., n 
the EEC by today. JJoblerns of selective safeguards, considers to be an area of over- of competition from Japan. 

Tile problems are mainly the subsidies and countervailing riding importance. France and West Germany, 

certificate of origin of textile duties at the tup of their working Working parties at official level The Japanese price is believed 
products and their classification, agenda as they attempt to con- . Q Geneva have already begun tQ havc been slightly lower, but 

The EEC wants to be sure Hong cl „dc a broad nniltinaQooal trade the flna! pr0 cess. The current ^ Ou tcoine was influenced by 

Kong textile products really agre ement by the middle of next inteation & for the four leading ^ Wrightson has 

originate there and are not made month . Ministers. Mr. Strauss, Mr. f . he ” ’ similar 

elsewhere and stamped in Hong '-working deadlines agreed Wilhelhm Haferkampf, the EEL just brought on ^tream r 

Kone - . , - Iw-hlnswn this week a rc Vice - rnJJ«. ,£*£%££ Ebf | 

Robert Gibbeus writes from as follows. . LuV Affairs Minister, and Mr. Vale, which was successfully! 

Montreal: The Canadian Govern- Tune 30- T y have agreed texts . . barren' Canada’s Trade commissioned in record time. 

me nt has -ncioded bi^erol covering safeguards subsidies ^^5?' to meet in Geneva The new plant W U1 be the first 
agreements with seven foreign and countervailing duties. about July 5 ta ta ^ e the e ie C trolvtic tinning line to be 

countries ^tlSftile products Jul V 5: To settle dirference ? final political decisions. installed in Yugoslavia and will 

clothing and textile pioaucis. government procurement ow a p pea rs generally L_ ve _ potential output oF 

S'., c0 “ p ^.‘ re S. fc poiw«, _«» . ISO.OOO^onnes a year. The plant 

SSlff- h «tn« T»iwnn Poland and evaluations and standards codes win submit to Congress legisla- includes c0 ii preparation, shear- 

Philippines. Taiwan. Poland ana both of Vihlch there is tion requiring that “material { and inspection lines and will 
Romania already substantive agreement) in j urv " l0 a domestic industry b e located on the Hemijska ln- 

The new restraints take effect and t0 agree on a nesotiating be p r 0V ed before action against dustr jj a zorka site at Sabac, near 

on January 1. 1979, replacing position with the developing competing imports is Taken, thus Belgrade. 

quota agreements expiring at the C0llI1 tries. bringing it in line with common n .. wH . be in raid-1980 

end of 1978 and will last till the specific deadline for solv- international practice. qn d commissioning in September 

end of 1981. except for China estion of access for But, in return for tills. Ote US. per cent of the 

where the agreement ends at the 8 products has is still hoping for foreign con ■ q w ui be UK-inade. 

end of 1980 Tne new a 5 r eemen t, | S nllv bPen sel . However, cessions on the subsidy code. 0 _ t from Head wrightson 

»'■ ^5* S ' r „ a “S I he „ U . S .;^ : Xt'aro^fto machine., division-, Clev^nd 

by Ottawa for all imports 




• - © 


• ■ 

TS* - ' 



'• V - . v 

> ■ • # v . . 

I'PHTir , - . _ r ; ■ I 

— r- • ' 

By Diana 5mith 

PLESSEY OF Brazil, the local 
subsidiary of Plcssey lntev- 
nationai. has won a 821 -bn 
order for Sau Paulo's new area 
traffic control system against 
competition from Philips anti 
Siemens — the largest contract of 
its kind in the world. 

Under the terms oF the agree- 
ment signed with the Sao Paum 
municipality. Plessey will inslal 
500 sets of intersection •signal-, 
controlled by three mini com- 
puters. in San Paulo 5 busiest 
downtown streets and most 
heavily used traffic laoes in other 
parts of the city. 

The Sao Paulo municipality 
claims that with savings m 
travelling time and fuel effected 
by a synchronised, computer- 
controlled traffic interception 
svstem, the new equipment will 
pay for itself within seven 
months. The first signals will 
be installed later this jear and 
work will continue for the next 
three vears. Part of the equip 
ment will be manufactured in 
Brazil, and the three mini com- 
puters will he imported from the 
I Digital Computer Company 01 
I the U.S. 

From now on. the city can operate on today’s 
information .... today. Not on yesterday s news. 

The reason: Data General Eclipse minicomputers 
have arrived on the scene. Compiiters that give you 
up-to-date information when you need it. No waiting 

for batched processed information. 

Among the first to take advantage is Butler l ill — 
one of die city’s leading money brokers, handling 
deals ranging from hundreds of thousands to millions 

° f The Eclipse system automatically updates all 
relevant information on the day s activities as they 

^Display monitors give the dealers the information 
they want — when they want it. 

Deals, statistics, rates and other information are 
typed directly into the system so that customer and 
market information is always up-to-date. 

Dealers can forget routine administration and 
concentrate on the essential job of giving their clients 
an accurate, highly efficient broking service. 

A similar system for Butler Til s sister company, 

Guy Buder (International) Ltd. is being developed. 

“We decided how we wished to improve our 
services” commented Angus Cncnton, Butler s 
Administration Manager. “We looked for a company 
with demonstrably proven nuni-computers to assist us 
in achieving our objectives. We felt that Data 
General’s overall competence suited our requirements 

beS Data General has installed more than 47,000 
svstems world-wide. Systems that provide excellent 
price/performance as well as superior reliability. And 
everything is supported world -wide, bend lor ^ 
information - you too could operate on today s 
information . — not yesterday s new s. 

| Westway House. 320 (UAp ^ &* , Grenford, 

Middlesex UB6 9BH. Tel: 01 -578 923 1 
J □ Please send literature. , | 

! I □ Please send literature and have a representative phone me. j 

j Name. — | 

I Position ~ j 

1 Company | 

I Address ~ to | 




Mortgage General Motors plans Shetland Consume groups 

curb ‘had 



By Michael Cassell. 
Building Correspondent 

I GENERAL Motors is thought tn to finance incoming industrial this year in the form of incoming 

! i._ ne-otiating with the Northern projects backed by international investmenLthaa-ataay time since 
i be mui lug nor ui era chio M companies. the H«>*. when the major 

j Ireland Department of Com- Stalling more than SO per chemical plants established them- 

| mercy about setting up a second ceQt of pro j ect coSts j S possible, selves there. 

icar components plant. A major new industry would 0« r ‘"E monUjs.Du 

may harm 
oil plan 


BY DAVID • CHURCHIUL . -v" • • : • ; . . r ■ >0^. •- , 

DISAGREEMENT, ■ ' «An ^either case th? *^“2* >. - ‘ 

consumer groups and employers. he’ passed on tp the enstomw® ff jiff ~ ; : ■>.* 
leaders emerged, yesterday eyer arid In. some industries. ' --■ 7?^ s-;-; ; .s.—Ji-*.}. y : =$ 
proposals to make'inanufacturecs ' be .a. • very significant sinou^ -Vo 

GOVERNMENT restrictions on 7 u * new ‘ n “ us “^ “ Pnn t has decided to snend £30m 

mortgage lending had “little or! U ao \ e Be oii on ttt Northern. keTand plant 

no effect ” on house prices. \ 1.000 in the high unemployment Roman Catholic We.t Be . Qear Londonderry. 

arcurding to ihe Incorporated | area 0 f West Be tfasL AVX CorporaUon, the world's 

Vall ' erS ! L» «— S a „e^„,2“'h«VeS — "ATS? & 

A SaSil survey of estate General Motors announced plans more than 2D per cam at times has embarked ™" ^ 

agents carried out by the society to s«.*i up a plant at Dundonald during the last ten years manufacturing plant Tor tiOO jobs. 

Miggesls that the restrictions to make seat belts. That £16m, violence. . _ The first General Motors plant 

might have exacerbated rather prnjt-c! »n cmplov 600 workers A guarded bint of the n r has been announced and Good- 
than improved the price' was welcomed as General Motors components 1 project was ^ given ^ Tyrc and R ubber company 
situation. * first investment .in Northern yesterday by Lord M . e,che “’ a has decided to establish a £3m 

By Ray Dafter, 

Energy Correspondent 

According to the agents prices Ireland. t, AHI w.,« “>> u ucvciupmeni venue 

throughout ihe housing range] The plant now being discussed BotfS^secondar^whoote he was Grai S av p l J; 

continued lo rise substantially- Js e ,\ peeled to be even bigger— a nrneoerls A sec ? nd G ? neral Motors plant 

until the end of last month. £20m investment t 0 employ, in °£ u 5K^„Ji t | n J f 1 .t, 1 ,S P in Nort, ? e £ n lreIan d would also 

research and development ventre 

mini mV mu «i luoi niuiiLu, ivym mvt'aiuicui to eiuuiuy, in - .. !_ . 

when the survey was undertaken, addition to skilled workers, °y W ln futu £ . add weight to the Provinces 

Average prices in the three hundreds of people with no 
months tn Mav rose by just less previous experience in engineer- 
lhan 9 per ccnr. j n g or the motor industry. 

Some agents are quoted as say- Bevonri acknowledging that 
,n 8 that prices will rise further I talks * w j t h a company have 
as the lending cuts are gradually | rea ched a delicate stage, the 
pha-sc mu. a conclusion which; Department is refusing to give 
contrasts sharply’ with thisUmy details of the proposed 
week s statement by Mr. Peter j Belfast development. 

Shore. Secretary for the Environ- i « . . K1 . . . 

merit. Ho said he believed house f - ? u \ U - l * pr0 i h i?I*i hat l speC, -i 
prices were moderating. j industrial assistance paekacO is 

General Motors may intend to c | a j m to be a major European 
site its proposed European plant mo tor components centre, 
to manufacture brake retarders Related plants include Ihe 
(a device to provide engine l>rak- Ford carburettor ' factory, 
ing on automatic .vehicles) in Michciin and Goodyear in tyres 
West Belfast. anti rubber. Kent Plasties in tiash- 

The group has been looking for boards, and Walker Tenneco 
a suitable location and has been making silencers, 
giving particular attention lo The Northern Ireland 
the UK. authorities see a direct correla- 

DELAYS IN building the 
£670 m SiiUom Yot oil terminal 
in the Shetland islands may 
hinder Britain’s attempt to 
reach seif-sufficiency in oil by 

British Petroleum, operator 
for the group of companies 
that will use Sul] ora Voe, said 
yesterday that although the 
terminal would be able to 
receive some crude oil later 
this year it would not be ready 

to receive untreated crude 

before about March, 1980. 

li hoped Ihe terminal's 
treatment plant would he 
ready to process the crude 
and remove the gas content of 
the fuel, next year. ■ 

BP said that late delivery 
of equipment was among 

leaders emerged, yesterday ever and. In . some industries. 


irrespective of whether or not the council, the Consumfera*. -■ - * 

company was - negligent in rinn and the National Federation .^/re- 
production. of consumer Groupa^disaffeed, 

Such a move already has the with the confederation 
backing in- principle -of the Law potential effects .. product -• Jbr-; . 

Commission as web as the EEC liability. .1- Rfo*'. 

Commission as web as the liability. 

Commission, which has produced They argued thSt ^hop- pr 
a “ draft directive ' advocating n<J t so far been su^stauii 
Increased product liability- increased by retaiiers^ho^ 
L The Confederation: of BritlsTi respons ible for ■'conqienfia 1 

Industry yesterday made dear it ; peppleT-‘for defective! 

Eelt that legislative changes ^ buy . , ; ■'* iaSeffifiSllffiffl 

i-tm; fiia 

which increased manufacturers* « We . believe >' 

ilfSjTf™ IKS . St>viaen«- ipdicates'tS^fte^ 

ving particular attention lo The ' Northern Ireland reasons for the delay but the 
e UK- authorities see a direct correla- 1 development might 'still be 

If the second Genera! Motors turn between the rising interest | brought back lo schedule. 

industrial assistance package is plant is finally secured for being shown hv international 
bein' 1 negnlialed by the Depart- Northern Ireland, ihe Province companies in the Province as a 
inpnT of Commerce for General will be in a position lo manufacturing centre and _thr 

Slight decline 
in May 
ear outnut 

1 inent of Commerce for General will be in a position lo manufacturing centre and thr 

;Motors. The Northern Ireland celebrate a more successful decline in the number of violent 

authorities have special latitude period of industrial expansion incidents since 19ib. 

Peers back EEC ships 

U BP fails to make up. for 
lost time the Government will 
have either la allow oil com- 
panies to separate and burn 
off gas in the oilfields or to 
hold up delivery to shore of 
untreated crude. 

That might hamper Britain’s 
attempts to reach energy self- 
sufficiency ip the next 18 
months, since the fields 

would have to share the costs of inlurieis 



voa^nuipm v^^betl/w ihe a™/ BACKING for the EEC's Bui it says lhat cnntraclinn policy s» far-it is hesf to work 
a-einonfhlv level «f lasi^ ^ ! attempts lo produce an orderly of Ihe European industry i* for an orderly contraction and 

The sea son'll lv -irimcioH fin„« and ctHirdinaicd reduction of inevitable and that any attempt “reasonable to a^ree the order 
for Mav a'as i0SfK>n J iiniis t^n^r I capacity wiihm the shipbuiiding lo sustain higher output nr of that reduction, if no* a 

The sciiMiDJily adjusted figure 
for May -.vas 106.000 units. 3 per 
cent below the monthly average 
last year. 

Output from March to May rose 


industry came yesterday from a capacity lhan the market can precise figure. 

Lords select committee. 

can only lead to the con- problem of allocating any 

So far. the Commission's plan, tinuation of aids or protective cu tbnerk& among member states 

4 per cent compared with the based on a 4t> per cent reduc- measures for ^ a considerable IS acknowledged. But. the report 

preceding three monlhs. relied- ,ion ,n l be capacity of the in- period of time.' says that if cuts have to be faced, 

ing a relatively trouble-free dustry between 1975 and 1980. This would be incompatible 3n agreement within the Corn- 

period of industrial relations. has made liltle progress. Britain with the Commission's fourth nu , n fty would strengthen its 

In the three months production has been among the most voci- directive on support measures position m wider international 

for export rose S per cent while ferous opponents of declared con- for the shipbuilding industry negotiations on shipbuilding 

that for the home market was up traction targets. and would prolong the world capacity within the Orgamsa- 

1 per cent. The Lords committee on crises in shipbuilding and ship- tjon f or Econnmic Co-operation 

Commercial vehicle production European coni muni ties accepts ping. ani j Development, 

in Mav of 35.400 units (seasonally that the forecast of 2.4m com- If capacity is to he reduced — . ' .. 

adjusted t was 7 per cent above pensated gross tons output for and the report points out that committee on burn- 

ihe average monthly level last the Community's shipyards in some contraction has ncvn impli- Comniiintti'es’ Shipbut/dinp; 

Thai might hamper Britain’s therefore, urgently necessary for In -the. lf^,_howeveiV; fcw&faqiories- puJderseysidB ahti 
attempts to reach energy seti- the Government to .define its product .. itafamly-. -lavfa- -^re. cuT 1 dbwn =thr : ^waieforce after 
sufficiency in the next 18 {policy on this issue, he said. _. ! aireSfe:; w : forc^:^j. lost, 
months, since the fields I Sir John said that to protect/ -lnb’WUll^^ea^radSl^^aBt' -• 
destined lo use Suliom Yoe i themselves manufacturers would ye^^- Qn^eiiS^^ ..‘nut; ■ 

are among the most Important leifber have to take out .additional iptej-OuilioM of dtdlars gnd’ ifl-- Tw frr'o ^ tran s- 
ln ihe North Sea. They insurance or set aside funds for'6u^n<^prefahimjf;^e 
include Brent, NLnlau, possible compensation. ■ - .- ;-Y) 

Heather, Hutton, Cormorant, ‘ ' ^ ~ havp 

Dunlin, . Thistle and j _ _ ^ "! ?_ fi6cided.^fia^neree , ^frditt : lhe end. 

Where suitable equipment j GfOWU : ^^^^oa^e-Hoare. secre- 

has been Installed on offshore V ® >; tary"^ 'tte;, Shippers* 1 Council, 

production platforms, it will i* . • n ./v , ..' t , . ssId-iUxt. xught/'that' in recent 

?o e *r^r n jr e .£S director is . new chainnan ;j 

partly overcome Baring. Such - V- - : J the freight assoda r 

equipment is being installed, BY MARGARET REID' v J . / : ;- c tjoif .wdwld .eive the council more, 

for example, in Brent, the 'V , .... "' adidiiiistrative.bgck-up as well as 

biggest field In the North Sea. \ FORMER merchant banXer.^biiKsmie managing ’directh^-^5n Jtdtpiog to.draw jiow members, . 

The Department of Energy. ; Mr. Sidney Eburne. who has beeavNoyeiii her 197B. / \U ;!v= .<£ i ^ 

although concerned about the ‘managing director of the Crown tn May 1977 he Was .apptnnt^d jf*Ja‘^raY€l- J^OWtu 

are among the most Important ! 
k In Ihe North Sea. They 
d include Brent, NLnlau. 
ir I Heather, Hutton, Cormorant, 
a Dunlin, Thistle and 
Murchison. : 

v Where suitable equipment j 
; s has been Installed on offshore 
production platforms, it will 
j be possible lo return some gas 
,! to the reservoir and tbus 
s partly overcome Baring. Such 
,i equipment is being Installed, 
for example. In Brent, tbe 
biggest field In the North Sea. . 

ossible compensation. . 

Grown Ageii^maDiging 
director is new chairttian 



•Select committee on Euro- 
pean Communities' Shipbuilding; 

1 19S0 is not necessarily reliable, citly accepted 

Government Lords Paper 188; SO; £1. 


fresh delays, have made nt 
comment. However, official: 
have told companies that thej 
mav not assume that permis 
sioii will be given for gas 
Haring ir the treatment 
facilities are not ready in time. 

:vir. aianey fcourne, wug uas oeeH...piyvisuiuer lat o. ... ..V, , . v ; r.-.w w y, r - r j 

managing director of the Crown #;tn May 1977 he was .appointed rA^^raVel^gTOWltl 

i-i^An 1 0*712 tn VtAivAvn^ A nant ■ Virt#!'. VnAtnViar {nY-rtiL ■ -i • 

Joining Continental ‘big league 


THE £20 M deal BP Chemicals Forth Chemicals' plants, sited 
is negotiating with Monsanto alongside BP’s naphtha crackers BS 

marks another step in the com- -*l Grangemouth in Scotland and 

panv's attempts to In leg rate Us SjJfiSR ® a . y * n "' al ‘“ 5, PrcBuce 

, Wfl 220.000 tonnes of styrene Product 

1 s and so improve the monomer a vear . At present Hieh"den*iti 

crnnomie loading on its basic. 40.000 tonnes or this is used to 
highly capital intensive, pelro- make polystyrene at BP's factory ; 
chemical plants. in Stroud. Gloucestershire. poi" thrien* 

If the dual goes through— and A further 170.000 tonnes is sold p 0 J V invl n * 
l here is no reason to suppose a ,0 Monsanto for use in its poly- diioride 

";^ ain in 

..imiinl rif the whole of Mon- France. The forthcoming deal 
vanv-s polystyrene and expand- with Monsanto will mean that BP « , „ 

ihe European Ei'onomic Com- having an outlet for almost all of B .. 
munity boundaries. its styrene monomer production Butaa,cne 

BP Chemicals will als<» acquire and thi $ at .i < lIin e when the basic 
full, ownership of Forth Chemi- petrochemicals market is 
cals, the UK styrene monomer depressed. . 

producer in which it already has BP will take, over the entire conlin ent- 
a fit* per rent share. * Wingles plant and although Mon- moves W1 


- Annual 



' Capacity 

High density 


/ 110,000 tonnes 

Low density 


, 100,000 tonnes 



150,000 tonnes 

Poly vinyl 

Baglan Say 

230,000 tonnes 


and Barry 



130.000 tonnes 


40,000 tonnes 


40.000 tonnes 


Baglan Bay and 

500,000 tonnes j 


and Baglan Bay 

> J 0,000 tonnes | 

CWULU1S a UliCLLUI - Vij I)* VUt^ . , A ZHI ‘Of* ±Otf£m. . • - • . I , II W » E 

I Bank and o f _^evbecame lha t of part^fiae ■ diair- ; • The latest' traffit forbcasts .by 
las Cook subsidiary^, mad iast autumn.' . authority suggest an average «, 

ing after four yeaw; /«r. Eburne, kdip wilt be faJL rate of growth -forthg next 1?- , „ „ * ^ 

of the agents: chairman; has : 1»eo cloudy years of between ^'pbr-cen f add. ;Q I C*. f 

at time, he has pr^^o^cerned wIth, fc th^-:reorgauisa- RB’ner^ ceiit : forTiiiTiort5'in the !fi i \ \ f 

facilities are not ready in time, the Midland Bank and of_thevbecam’e that of part-mae dtair-: ■ The latest" tra®fc forecasts .by 

bank's Thomas Cook subsidiary^ brad iast autumn.' >? the authority suggest an average «, 

will be leaving after four yeaw - Mr. Eburne. who wilt be ftil^ rate of growth, for the next If- . I 
g^nill-17 vorrlipt as chairman oF the agents: chairman; hasTwen clo^iy years of between ^per-'cenfaiid 'O I CX f 

IjUlllV YC1U1U During that time, he has pr^o^cerned with^th^-ireorgauisa- ^g.pCT ^: for-^ttfportsrinv the !fi i \ ■: f 

. _ „ sided over the agents’ recovery, titto, of the agenttn^ad yltiLit* south-east: and between 3,4 p6r u ^ 

in Hollar from their ^ 224 ju losses ob-larra; property uiypiveffiejut in eent ancL 7 . 0 peiLceat'for Scottish 

111 UU11«1 secondary banking and property.^ Aufeaiia. a subj^t -for which a&por tt. 'a -- 

• Mr. Eburne, 59, who was a J rtte'YvW|U . •.Ixet^n.^ '.paitictfiar “ •’S*'? -V-." ■ L 

premium case «r mo™ oiwwl -. .^juSctatrsct:- ■ r 

“ • City merchant bank, joined the / It. is not;. .whether a JL 

! JOHN BARNES, self-^yled King Crown Agents as finance director separate appolntinedt will be 5 ?- SSSS^^fiSiS^and 
I of Colon ta. was found guilty at | in j„ nc 1975, w jtbln a year of made \toi the post'- oT^managing i, 

! >STS 2 b« r s I *• «nl«. there arte. ««■** _ ^ 

Mr. E 
• City raei 

concerned in a £lra fraud plot j 
Barnes. 47. an economist and 

known as Prince John de Mari- 


with others 
scheme to 

in a 

Engineering orders stay 
at December 1977 level 

^ Cables has won ' contracts' worth !M 
£$L5m f br.^te'minufacture and *. f 
■•V supply;, u£ -two . high-capacity 
itnderseai".- * telecommunications ul L 

If- rtUL.*etweeri *th e- tJK 


I | Ilf V | |QU | U || ....... - • • 

Intent currency attracting the CONTINUING UNCERTAINTIES down on the average^btake 

" TWqr wilf- run^jetween *th e- TJK 
- ^^.-Spbirt add tite.XJK and the 
[ Netherlands.--.; 

K, ' The^outraets are for the NG-1 
i 45MHZ: system; which, offers the 
Ywariafc; largest capacity and: is 
. ;capahIe ^of-'carTyiug up; to 5^20 


T ' 


— ■■■ - 1 ,, ■ tuday. along with five others who 

| were convicted of related offences 

continent. It reckons the new tir.n capacity r.f 500,000 tonnes ! at an earlier trial. 

moves will make an impression of propylene— used to make Mr David Tudor Price, pro- 

on potential customers and it polypropylene among other I scouting, said that the plan was 

!» dollar premium.” in large areas of the engineer- year. - : 2il r Timp^ annoinf mPnt • “*• 

_ , - . „ i, A ing industry are reflected in The bmh order intake for.the 1 IMiea ,« |WVUi tl U cni ^ .. 

Judge ‘ figures today from the Depart- quarter. lffted export- xtrdej books PauT/Cfbwftids! joining. Times 

•would pass HlfEiS-SS! merit V industry. by between -£7h& 1 per 'ieqt. Newspa^r: ^ 'Productioa 

] today. al°ng with five others 1 bo ^ eod of thc erst' quarter According 'to tbe Engitreering Dirertdr -fti^ July .10. He is at 
| were convicted of related offences ^ Industry’s order books Employers' JFeaeratidjk .the butT present y£)fertor pf llao- 
■ at an earlier Inal. wereunchanged from their level look for -the rest of ; the year jfr powerat, : Min«:;-:<5roup News- 

Thu -am hen- for RP is th-jt it sanl ° wil1 retain ownership of on potential customers and it polypropylene among other scouting, said that the plan was 
W il, hw J A,iranteed outlc lhc Newport factory, all the W* they will also bring about things - and about 110.000 to gain the “dollar premium” 
f..r its sivronu'DniduIlfnn ThP s, - vrene Produced there will go to a chan SK in BPs whole style and tonnes capacity of butadiene, on non-existent foreign invest- 
ed! will also put BP among the Ep - . T he company will also be approach. Bp pojn! oul {hat elhv , ene is ments. Had the fraud succeeded 

Imp five European producers „r acquiring Monsanto a technical Meanwhile Monsanto will be a more important naptha Trac- lh « Bank of England or tne 

■ ..... . » , _ . . sprvifbc onrl nnrnmprpi-il inforoclc n<»ri (n h- — ■ - r • D-tiS-U m.hlii. wniilH hiBo tns.1 

in December last year. 

Over the three months, new 

for continued slow recovery. 


ings - and about 110.000 to gain the " dollar premium ” - ‘ J by 2 per cent 'while 

ones capacity uf butadiene, on non-existent foreign invest- lfSt ol «-!-■ were 3 Ser cent better 
BP point out that ethylene is men*. ™ the fraud succeeded {fan att end o^ iSt?. 

Sitf adiyan lidllA ; ' ttlHg 

Imp five European producers „ r acquiring Monsanto’s technical Meanwhile Monsanto will be 3 more important naptha frag- 1 ‘he .Bank of England ur tne denartment notes in the LFULWIU f TJWiMHf 

pniystyronc. And. logelher W jih S j' rvices an ^ commercial interests, glad to be relieved of its poly- nient than propylene or buta-i British public would have lo& raasaJ! j ne T ra de’ and Industry • • - ' .• 1. -• 

th«.- agreement between BP and “ resu It, BP Chemicals will styrene business within the diene bill il adds that it “ always £ltn - that the volume- of home orders- gm ^ A 1 '■ '■ 

Union Gar-hide — announced last H ave 3 substantial presence in EEC. Monsanto is not fully has an eye on better iniegra- Barnes denied having - any part on ^ an( j has made no lasting T AT/ltll/\C< ' ■ iff HIT - ; " 

week. 11 will give the company a u ° nUn ? nl ^. . polystyrene integrated into basic raw 1 ion "and is un tbe loi.kuut-for in the fraud plot. He said he had improvement yet from the I Ci.’L ;H C3 : '• ~ ' -*' 1 

subsiantiai slake in the European maiKc ' ‘ lir time. materials in Europe and it acquisitions in these other two become the 1 king ’ of Colonia. an extended trough it entered at the . '. . r • . .••: -.7:;. y •' 

plastics market. BP already has a production believes that prospects for its areas. Polypropylene is now the uninhabited group of islands in beginning of 1977. T ' • 

BP Chemical* lua l«. naphtha SH e !!* 230.000. tonnes of polystyrene on are on,; n.aj-.r ptohe _ in the Soutt .China Sens In which New orders, for the home mar-. V n ' 

has an eye on better iniegra- Barnes denied having' any part on ^ an d has made no lasting 
lion ” and is un tbe lonkuut-for in th« fraud plot. He said be had improvement yet from the 
acquisitions in these other two become the 'king ’ oF Colonia. an extended trough it entered at the 

BP Chemicals has two nanhthi vapaciiy 01 gau.oou tonnes oi 
crackers-naphiha is one »f the PVr in Wales and about 110.000 therefore unattractive 
basic products of an yi! refiner v to . n n« of high-density poly- It says it has been findm 

which BP is not represented he had acquired an interest. ket Faltered in the first quarter' thndoii^ iidaler 

,.Mr. Len Burchell. BP Barnes claimed seism ological so the . provisional estimate of 

— and a third cracker. l.«ing built ‘■'^ylene, in Scotiand. ts dea economically tough tn support Chemicals’ managing director. stu dies had shown that there was trends in March was only mar- {fouS ntahOMn^?ra^Sxdry , s^S 

jointly with Jill, is due lo come w,,h Union Carbide will put it polystyrene marketing and com- has said: “We do not have- the i more oil under the islands than ginally higher than the level in {° use ^ ' Sety ' GalfS * 

un stream ai the end of thic vpar mm the low-density polyethylene mercial activities when it has no urnteciion of a sufficient diver- there was in the Persian Gulf. December. . . . 

.... Stream auhe end of this year, min the low-density polyethylene mercial activities when il has no protection of a sufficient diver- there was in the Persian Gulf. December. . • . . _ for a ^^ o?^^ical inSfu- nSoffofr^a 

Naphtha is cracked inn. a field with ar i annual production styrene monomer plant or sity of chemicals’ activities! He saw a solicitor. Brian Wood- The increase in the trend of JJT* 

number >*f fragments, one or the capacity of 250.000 tonnes a year, naptha crackers in Europe. 

which wilt go on 

inti.v important or wmctl IS Dr uncmicats says me lairt or a iiapuia cracners in avui- anen nuigr pai u. ui nur iiusmeM OOCUmems similar «u me nun.u yumici wua -»s . — « -k r.‘r~!, "T. I'r’* ; - 4 i ■ - r VVjcHiV. Viui WfSlir- 

cthylcnc. Four major polymers lhai it will be in Europe on a land and Wales produce propy- are having a bad tinio” The Sea oi! leases and while he was that was partly influenced by the by ^ an anonymou? blaaer for-a -. -At .B. vansa^ .. ’ 

can lie derived from ethylene — wholly-owned basis and will also lene and butadiene us well as Union Carhide and Monsanto with Wooding, the solicitor talked coincidental arrival .of .a few violin oy;-StoMvarL . Kn<wm,^as % 

polystryrene. high and low den- be producing all four of the ethylene and in these two sectors deals are signs that BP is now with a man known as Keith large contracts in February, the _ Graf ^Yon^ej; Goltz Stradi- j • V.,. '.rr. \ ; "^1. 1 

i,My poll ethylene and polyvinyl ethylene polymers will put it the company is not nearly so making a real effort (o spread Gardien about “ dollar premium ” Seasonally adjusted figures for van. ■_[ \ : 4' '• •' 

BP Chemicals says the fact BP's naptha crackers in Scot- when other parts 

ethylene. Four major polymers lhai it will be in Europe on a land and Wales produce propy- are having 

rSST to obtaining new ' ’a^KTSiV “donnTth - 

is of nur business [documents simitar to the North quarter was 44 per cent, but The top price, was £M,«H) paid. U. \ 

bud tinu-" The Sea oi! leases and while he was that was partly influenced by the by an. anonymous bidder .for-a -. -At a .Chrmt^.-s Li \ 

chloride, better known as PVC. into “the big league” on the well integrated. It has a prnduc- its business risks. 

January and March were well Shimolrara^"a.japaiiese- dealer; 
-i. paid £20,000 f Or a. £remanese 


eighing in against checks and balances 


violin *bjr.i Ahtohio ^Stradivari. .. • <7* 

made a round ^firP.-and Reageg-. ^ j « 

of London. aS^QO^fqf ; avl675.^8tij;^I»tir r snd' Mth cen- . \ 

S»hn by Andrea tiiry. Am erfean- paintings,, draw-; • 

f h vfol ^: :in gs : and sCulptwre on y^edhesr- ] j 

mi T hetro v _Iiandolfl . «f -day, ^.tinbhyiiihus^twerjtmd' i 

: £12^22 ;'£or e max ble^rtEtl 

siivir am- f t orGineW^f^drefifine legend;. A> 

tetchingfi^so.? ^ 11 


: Ghristie^S-;* South Kensihgjron^.iTibb^T^'ltwo-to/ -’aurtloTj‘:^«rf.- 

IT is m l must a year since ihe terday that he thought the basic either to a company’s historic are very narrow limits to what tion in price. That is .true of tions because the two things are sold 16 -pdtyyal scrapboote b»~ j btenui rfoWaT ~ gtamne 

— S — -»-* ».'U4n.- nnrranl Cnlantiuo *=• -— <■* - •- — »- * “ » -* — « ,, -- J 1 ! — u, “ — —•!«*** longing td-^eBe -fatOa. ChapJeg -FCT^td : A ^ 

Rolls of “ f fiixv 

the commission often criteria themselves are causing art wtiicb' : Idtsfiefl-rjE5K116. 'ftn artd. : ^':Austri^‘-X9^ Doifuss ill 
know be Fare it has problems during sectoral anonymoik^buyei^'p^a.:the r ^p7S<^b“Htainp:feti:ire'd£310.- 
a reference whether examinations. : ' 

rtV in miDclinn uii 1 1 ho nvniti(n<ilinnr *11*011 O^# ^ " 4*^ ' ' " ‘A - • f — - 

]’rice Commission, variously pwlicy was correet. Selective, profit performance or lo return he can do about them- most of the nationalised in- inextricably inlermeshed- longing itsed:- E^ir of'PwSSj^j f 

described as a “star chamber flexible, investigations were on turonver. It \ s generally recognised in dustries whose profits are below it is not only in relation to Mis, of-'flMHWalftr J 

with mafia-iviie powers " and an m ?re effective than the old rigid Firstly, they protect a coin- birth ihe commission and Depart- the safeguard levels before the safeguards ' that Mr. Williams They were imgBtJJy -the- com-. iSltWl ilseue.’Seatised £500-: '-^>- 

effect ive iddition to the Govern |J ^ ce . control^-the last vestiges panys profit from the effects of nient of Prices thai there is little commission has anything to do takes issue with the drafters of pany..;^ ^^-^. ^ 

mem s 2nm 'ethion armoure eL eXp ‘ re ° l ** a during one of the chance of switching dis- with them. the Price Commission Act ■. He ChristfeS^#4 >^e : 0| 

' . 1 aunoury, end of July. commissions three-month inves- cretionary safeguards at .this To make matters worse for Mr. also says in his report that the English objreifcbf.JbnriiVttM 

Mditou worn. ^Qjitipn of margin con- tigations. Secondly they protect point. All that might be done Williams the commission often criteria themselves are causing art ‘ which 'idtsttea.v£5K 116. ■"* ftn^ 3iW.:^-!:Ai«triSit--X935 Dfllf05S W\ 

Jn ihat period industry's fears troi in the summer would not, profits from the effects of any is modify them. does not know beFore it has Problems during - --sectoral anony»oU^ , *^£a^'^ittlthe;tbp7Sch4tt^t^np:ftefche , d£310; ; - ' 

aboul how ihe commissioo he said, reduce the commission's price restriction the commission Mr. Williams’ first objet-iion to announced a reference whether examinations. •' : -r-' y; ^Vy . -v * ,/ •--- ; 

would use its discretion have— effectiveness as most companies might recommend on completion the safeguards is that they oblige the company in question wil! be Sectoral examinations are ^ • --'V- 

with a few evceoiions such a «s v l ere stili trading way below of an investigation. the. commission to calculate an able to invoke the safeguard when the commission looks- at X / lla ltll d OjUltC fl ICT V ~ 

f w, nvnJsed bv roe thei L Sta , l , ul0 ^hS^ t ce , ll, - ES ' lt In the commission’s view these entitlement to a price increase provisions. This, be says. limits a whole sector rather than an Bv ' ' 

1 . ■ p 0!>setl P- l " e would allow the commission to safeguards severely limit its asamst a set of "mechanistic the commission’s ability to carry individual company. The criteria, ^N|iHpiG-R0VYS34r; V ^ ' T - . > ' *" 

manufaciurere - been largely shed some of- its staff however, options. Mr. Williams empba- "ties independent of the out its duty under another sec- he feels, are better .suited to cttb W ' 

confounded, bo have any hopes Mr. Williams made lt clear sised it was not that the com mis- criteria wnich are supposed to tion of the Act which says it has individual company, 'ravesttga- 

ihe Government might have had that he was very unhappy about sitra was opposed to some kind nf provide the basis of the ieaisla- to have "regard to all matters tions and, in an ideal -world, ' fnV H 

«f the commission hitting the some aspects of the legislation, safeguards, but that, like Mr Roy tion. reievant with a view to restrain- would he modified, ^cefk&Wth^jiro^Sed, S; 1 C 

hca, dlinea as the housewife's ? hi <* came ‘ nt0 **** last gatteraley the Prices Secretary. SecomW-and this is probably ing prices.” Mr. Williams, perhaps 

champion. Recn.umendations Au ««5t when the old system of it did not feel that the existing the criticism which is likely to m other words, the two sec- scious that the commission is - ^ v 

almut the price of cement are cosi-based controls ended. His numeric safeguards were com- strike a sympathetic chord with tions of the controls are, in Mr. hardly popular with the Tories, ThB fZStF 

Jmrdly front page news. biggest worry seemed to be the patibte with what was supposed there Labour MPs who w a m 10 Williams's opinion, contradictory- has been at pains to tiS-to.fteep 

The 10 months or onMraiions safeguards which were to be a discretionary system of tiBhten the provisions -Mr. because an interim increase, out of the main political a^a. ^ ^;^W^'®-^:Both%e^w^t iy^eS : iKN 
have also givCn ui Hnc* SS2 S’ "JhKteT M* U SL llfle !; iV“ ,a -S? ^ ,t he « guards once allowed, cannot be roiled But he is enough of a; politician K 

mission lime lo cmne lo onus 2SJ2 h ?i b “n?w Mr ’ Williams said that the ^ VL ' t i'l u ^ t ' d , lh ? options open back whatever tbe commission- to know that the chances oF ."SfiF: mSey. W& ' 0 

with the legislation 11 ad minis- tiwnM^rtmraf U J??.-i , S r, ® w 10 cammissj on had found the safe- i-]Jl c n “mmlssion both in discovers during an investigation, setting any major changes to the ^ ' mid3Jir=ma^i^^f-iafife.’ ’47s ' ^ 

let's, .luricing by ihe commis- In ^ ueparTmcnl or PllC es. guards to he “a fundamental l ‘ rei “' n '' , tn investi gale a com- There is no point in it consider- legislation through; the House of AnotheTiT^naricBhle priee'Was-jetctHid £600^ r'.r?.;-' 

siun's report fnr ihe quarter to 1 _ T * iese . provisions, which even constraint'* in some circum- P an -- Hn . ,n lh 5 crinduci of an jng prices iF it knows it can do Commons are limited. £110 for /aQ-«tiage^L-hpttIe:-gf *; .Prices-- -of firBt-jgoyth.-*49s ■* ^ 

Aunl .to. iiublishcd vesierdav lhose .*0 favour of precise, stances on its ability lo luako investigation and the framing of nothing about them. For this reason, the best he Laflte .I875;-jtvhlcii jn'tbg.- 197fi-"jn '.-raaraum ~ .were - very - high:' X 




tRISTlE^-' t hs^eaz 3 y” sale ;of- J»Aail^^er^...l?btdbe^naus- 
□estand^Tai^r jester-; IgseTSSSf went fdr£i®,Arecorit, \ 

_ -If f.— ---.Ci- —r.A. — t-O r- - .n«. / - - V. ' r 


Jmrdly front page news. 

The 10 months of operations 
have also given Lhc Price Cum- 

rai'tte ; ^ 832 - -foltowed; by 

■2!'Tnagntmi uf :Laflte 

icrs. *>unBin^ u> me commis- 
sion's report for Ihe quarter to 
April 30- iiublishcd yesterday. 

it is Tar from suitaged about numer .‘ c safeguards admit, are 
some of Lhc details of ihe Price exce5S ' vel >' ^complicated, protect 

Coimuission Acl. a ff ^® m P an J r5 Profits from the will be music to Mr. Hattersley's that it undermines the purpose Code, which embodies margin the notification requirements. 1779, ttnceel;-'-' 

Mr. Charles Williams the °‘ tk 5? m .I? lss, ° n Inv * st '- ea J s - He has never liked lhc ° r an investigation if, because of control, expires in the summer, which were the subject or joint Ch rigtie’s^sdixce' " regular -==’ "Wi i^e > sala oi 

commission's chairman, said ves. C, ,°J,A mt0 effec j safeguards, but the present ihe safeguards, the commission some changes will have to be study by the commission and the sales bej^T;^ ; J 1886,^%1nrpnj^ 

al lwo staaes and are fleared political situation means there can never recommend a rcstric- made lo the safeguard rcgula- CBI. ; £120, ; . 

*X-;‘£' '? .V *?w 4 T _ ’» r ; r v.'> Z: 

: •aiV vi-v. 

. <• £**£■-**’ ' 7 '*~ 

In this version of the story, 
the potion that turns a rational 
man into a snarling wreck is a 
strong dose of bad environment 
Given the antiquated 
premises that are such a large 
part of the British industrial 
scene, managing all too often 
means making do. 

The important is elbowed 
out by the urgent. Long term 

considerations have to play 

second fiddle to solving today s 




Moving to Milton Keynes won t bring an instant cure. 

But it will help. A new start, in a new factory, in a green and 
pleasant place, makes life much easier for the shopfloor and the 

n^o^room alike. , L A r 

Particularly when you consider all the other attractions ot 

*LER w ‘" 

Like factories, warehouses 

to move into. 

And houses all ready and 

;, too. 

good communications 

(We’re just 1 mile off the Ml, 
halfway between London and 

Birmingham). . 

And a unique combination 

r , industry 

and housing, trees and fields, 

highways and byways. 

They are all a help when it 

comes to preventing British 
. . , ^"U-^^-bound. 

and offices all ready and waiting 

7 - *.» vAA ' ' A' . . 






iincQfponud et South 

■ Ablest 

notice' to 'Holders -of preference 


U.S. bans 

Managing Director 


for one of the smaller public insurance broking houses which 
operates internationally. 

„ w,t Ji 'J/Wf *° U» notice ol ' d «l;i 
Hon ol alvfdeM advertised In i* 1 ®. Pre 
on 2 nd June 1978 , th* tallowing inform, 
tlon is publhbesi- • tor n olden ot shsi 
warrants to Dearer. 

The dividend of ono rand iRi ODi Pi 
share was declared in South Alrican cm 
renev. South African * non-resident sljari 
holders' U* at IS cents per share will t 
deducted trun the dividend payable ' 
rcsoecr ol ell share warrant coooons. lea' 
Ing a net tJMoend of 85.00 cents f' 

The dividend on bearer shares will c 
paid on or alter 4 th August 1978 asamj 
surrender ol coupon No. 138 detarhf 
from share warrants to bearer as under; 
ia> At the ofhed of the following Coniine* 



tal caving a Bents: 
Barm us Rothuhlld 

Bamue Rothuh 
21 Rue Uffitte. 
Paris 9 e 

• confirmation in the role of Group Managing Director 
within a vear is envisaged. 

Banaue Bruxelles Lambert. 
2 Rue de la Rtacncc. 
iodo Brussels 

Socldf* General* de Binquc. 
3 Montasne dp Pare, 

1000 Brussels . 

Credit Sulsic. 
ParadeolaB 8 . 

• all-round experience at top level with emphasis on 
international broking business development is the main 

Union Bank of Switzerland. 
Bannioistraue 45 

Swiss Bank Corporation, 
1 Acschenvorstadr, 
Basle 4002. 


Barauc intenuUonai a liwambaurH, 
2 Boulevard Royal. 

refused permission for an; 
American military aircraft to 
attend this year's Farborough 
air show in September. 

The move is linked with 
growing efforts by President 
Jimmy Carter to remove 
emphasis from the image of 
the U.S. as a seller of military 

The new policy on military 
equipment sales and promotion 
was decided by President 
Carter last month. In an un- 
published edict to the U.S. 

Participation by U5. military 
equipment makers in an air 
show such as- Farnborough 
would normally be handled by 
the ILS. Department of Com- 

tha, fe n dt certain to be on • exhibited atariaval equipment 

.. - .’. V. T. ichfliir: ~ : ■. ■ : 

view.- •’ !'• 

. U.S. regulations. require that 
military equipment companies. 

a show; . v, - : 

, : V ."An w 'from' President 

Carter & ■ plfic e "in. Washington 

wishing to exhibit overseas, v stopped^tii^'pajier from being 
ntast bave approval fFOm tte ; d^yered^ana ; the . team* and 

■su?"?. strs - ■ 

the department cancelled its : . ' • V T. ■ ■ • -Diplomati^' and L mfiitary 

planned exhibition pavilmn nt ^ncy. ^ .« #.•.$#■ - ;frqm -. 70 nations 

Farnborough on the gronnd . m J“|® n ^ e tave not ’4rteii ■ in- ; ■ x^e^y^watehett a display 
that costs were too high. - officially that any air- of;^ritish.;Amy 'mobaity ana 

At the last Farnborough craft a ^ c t o be pulled ^Lt* .LflrppQwei:, imaware tbat- pro- 
show two years ago. at least six iiekheecL Boeing and Northrop during tijederooiisfratloas had 
U 3. military aircraft were had reserved the right to brihg'-- Adny's resources 
shown. . . ju>r*fi, hut there, was h<kct»k : to- tae-liinft.''.* ; - - . 

The Society of British Aero- finnatiou which, if 
space Companies, which., wished to bring.: • . V '•'v.' i-.t^uag paftia .ttie mobUlty dis* 

organises • Farnborough, said ; The first lmpact of the neWj.v;.pay^^Boriiigtoni J .Dorset, ba<l 

106 aircraft were booked to policy came thH \ month In .;ntf ba^-dp:ja 3 Emties. - “ If the 

appear at the show in Septem- Rotterdam* BepresenDStives;. : «eltif!es. bziuk^down; there is 

her. Only one. the Fairchild .from McDonnell Doa^.wereXiiittfihJg^eWmaTie-gap. That 
A-10 gronnd attack aircraft; is to have pres e rtf e da . paper on; isplay would 

a U.S. military type, but even the Harpoon anO«liip:;td^e^^^^e..j^)ie v ^ee)ied^:'... ! - 


Payments in remet of eouDons lodge 
at the office of a Continental flavin 
aacm wifi b* made In South AlrUa 

terms are for discussion above ^ 20 , 000 , 

agent win o* maae in souin «»rn 
currency to an ’authorised dealer 
exchange In Uie - Rcoubllc 0 > 5 oi 

"Write in complete confidence 
to G. W. Elms as adviser to the company. 

exchange m the ■ Rcoubllc o> Soul 
Africa nominated by the Continent; 
paving agent. Instruction! regard! n 
disposal of the proceeds ol me Parmer 
so made can onlv be given to sue 
authorised dealer -by the continent! 
naviiM agent concerned. __ 

Ibt At the London Bearer Retention Qlhc 
ol Charter Consolidated Limited. 4 
Holborn Viaduct. London ECU* 'A. 
Unless persons -depositing coupons ; 
such office request payment In rand t 
an address in the Republic ol 'taut 
Africa, oavment will be made m Unite 


.management: co ns u lta n ts 



til In respect of coupons lodged one 
to 21 at July 1978 . at me Unite 
Kingdom currency equivalent of m 
rand currency value of their divided 
on 25 Ih July 1978 : or 
(III in resoect ot coupons lodged durm 
the period 2 TM July 1978 to 26 f 
July 1978 both days Inclusive 1 
the United Kingdom current 
equivalent Ot the rand current 
valud ol their dividend on 3 1 ' 
July 1978 : or 

Old in respect of coupons lodged on c 
attar 27 th Joly 1978 at the prevai 
Ing rate el exchange on tne day th 
proceeds are remitted, through a 
authorised dealer in aichanqe 1 
Johannesburg to the London Heart 
Reccoti-n Office. 

Coupons must be left tor at least Ion 
clear days tar examination and may 0 
presented any weekday 'Saturday exteofec 
between the hours of 10 a.m. and 3 bjji. 

United Kingdom Income tax will be tie 
ducted Irom payments in United Klnedon 
currency In respect 'ol coupons dcooslrei 
*t the London Bearer Reception ORtc* 
unless such coupons are acoOmoanied 0 
Inland Revenue declarations Where sue 

Marketing Director 

forces and military equipment 
manufacturers, he said the LLS. 
had to curtail its participation 
In military sales shows. 

for opencast 
mine in 

BL plan to import 
Minis goes; ahe^i|| 

-I—.- ---■at-'' " jrfiaik A"-'.'" 


X l/l noIIU V/ bl CARS, formerly the . caro ^ of meeting i ■ • . Urf‘3 

Financial Times Reporter division P* British Lwtand,M .un^ TO '\pl& 

pressing abead with the contro- Perf orm arufe -'Lrpiig®c^5e. ^ PSTERLEB^new t^wn4n County u 

THE National coal Board has,^ ersja , deCisiort t0 import Minis the biggestXeyl£n.dpTahf-a'nd:E^ Ifur&am-''-is*t& be, expanded , 

bOPll 21 VPD (iliVerLUlient nDDrOYnl r r A A Qalirltim nnn rAhciHiiiod-tA.hon'tiflt * < 

tor a /iioni company "which produces a range of packaging 
materials for industrial customers. 

• supported by a substantial investment programme this 
appointment will spearhead improvements in the sales and 
marketing organisation. Emphasis initially will be on 
extending existing customer contacts ami markets prior to 
developing into new business areas. 

Amount of dividend declared 
Lw, South African non. 
resident shareholders' tax 
at 15% 

» b a Vh S v ^ h HVhTouT QLh A! ls pre ^ nting ”*■' S * ttw T ed Sf wlS? “putput »ia: ,-“Tb« 

taler by the . Hi.,h Court. A concern from gaming its coild be in crewed -at LanEbrfiig^ Gnvtcnjpeltf. .-tizq/ncrepted tha 

second public inquiry into the of a booming UK market. . .'te-No^East .&afi apecial un 

Less: U.K. income tax at 
19*-'. on the gross amount 
at the dividend of 100 

Board’s proposals was held at Provisional 

Uh market. - -> There are no accurate figures hhT'fhfe^Nqrt^L Ehst >. has special un- 

estimates show th^ the" present level of. miports^utf ' problems and that 

Uinn ft P nuirp- .^. r . 4.-.^- H-A nwArtA. "JAkLNAffliia aasnpw hbn 

• A successful record at senior level in a similar role is the 
prime requirement. Experience should have included control 
and motivation of a sales force within a fast-moving 
environment and ideally he based on a sound background of 
marketing or brand management. 

remuneration: around £ 15 , 000 . Age: probably 35-45. 

Should the amendment to- the U.K 
Finance Bill reducing the basic ra:c a 
U.K Ir/’m* t»* *o 33 ■„ br mstxmei 
ami enarred before the oavment dale c 
:hg dividend a further notice will b? oub 
lishcd amending the above figures 

Far and on bchxll o 
London Secrclarle’ 
London OW*e= J. C. GREENSMIT 1 

so Holborn Viaduct. 

EC 1 P 1 AJ. 22 nd June 1974 

NOTE — The Company has been reo»estcf 
by the Commissioners of inland Revenue ti 
stale: Under ihc double tax agreemen 
between the United Kingdom and ihi 
ReouMic ol Sou'h Alrica. the South Africai 
non-resident shareholders* fax aopiizabli 
to the d«»Id*nd . Is allowaoic at a credl 
against the United Kingdom tax pavabli 

r—oecl o' •«» -'vl-wid tins dm-ctloh 
»* 5 * a* the reduetd rate Of t 9 **i in- 
stead «if at thy basic rate ol 34 ®;. icnre 

-W an allowance of credit at the raw 

Cawker site. i the industry on target towards^* j^SeVthi iVveiT bas f^len 

Objections to the plans were j forecasts of record sa*« 4 SjWrSil in the pastlwo years. 

made by South Yorkshire County around 1.7m vehicles for 1978. ■ . . 

Council and other local j 1 ° ^ . . ■- i . 

amhoriuei. Problem " Dlfect&lSIihMn- . 

Salvage tug s enkna-wcii a bnwant new ptibiisuing - 

LU t_ ?.» So far -this month Fort WWtoMjl -.i-,;’ : .f 

Council and 

Salvage tug’s 
bid ‘a waste’ 
-tanker mate 

hlng is that imporSrs ..*«nlon support Is sought. to. TW 0 TpRMER .directors^ 
shuuvi are now responsible for the. wthhqld credentials .^om two sLareholdert of . Jttnrgan-G>^-x- . . 

By Paul Taylor. Industrial Staff manufacture, of almost eyery'.shjp ste wards- -who -hdite led; tat', pfan, • 

THE CHIEF MATE of the Amoco other car sold in the- UK. ' ■^paros.^ , : . v ; Mr. . jnd -• - Mr.; ;• 

s and- 
-Grain- ; 
h and : 

! - Mr. - 

Write in complete confidence 
to P. Craigie as adviser to the company. 





/ inquiry chairman, asked Mr. vear in order to preserve 30 ns. proaucimiy unvc anu were s, me inree- men own, rereauy 

No. IHW817 of isr* Rosario Strano if in his opinion Mr. Michael Edwardes./he BL little suppoiy among theVwork- acquired,’^ SO' peT: cent stake in 

m iiw rich, court of justice the salvage tug Pacific “ever did chairman, fias said tha/ chances force for militant-action. • ^e fortmghtly business journal. - 
Chanrery Diviylbn E»mnamt»s Cmm. In M v onn/f *' Mr Slrann rr nlipri- ". ' \ ' ' investor^ JterieW^in a settlement 

'he M,mr id status developments r. A®?.. warni rtpntu. . . j » ; — r \ • griftLSlfUharTes Forte "who- 

LIMITED andjln Hie Mailer or ihe Cum- No. Sir. ’ . , .. . - - - - \ ■*£****■ -' 

the iu| l crew “ad l^n VorWnq! RCSCJITCll OlllSt ljC 51101©- \ ,Xast ^ Alpane sold;its 28 
1 vnrv lnirH 11 in n«jt lirtrx; aprnss A »vOw_W . — — - *** v * .r v I per, cent : stake in . Mocian- ' 



LTMrreb ,nd?ln ihg”Mai7er"orihe*CoDi. ** ^ 0 . sir." I V- ' -I ^ * W ■ 

-K-n™.v 0 ,v„ „ , tb 0 Mr lu r;™ z* R psp arch ‘must fee mote \ » 

srsaWA-ari -“W i'VSSwSSS wesearm iimsi wc rnuic \ 

Juaik-c was. on the 7ih dar or jum iFTs to the crippled tanker, all efforts 1 j i. . *. 1. y J -t- > Grampian^- tpr^.Trafalgar; House, 

wmnn« to the »(d conn by ike com- to save the tanker had failed. fll 111 8 91 llllCTl/V ■ ' Vj.« Tor .relieved, to* be : jusM 

“aSLr SiSn'^ .reicvdui iu muusuj , 

London -EC3R the. and dial th.' aaid Bardari. master of the Amoco BY DAVID F1SHLOCK, SCIENCE EDITOR - - ■ i ■ * »t,! Pegg*. then -left the M : U.. 

PpUrtoir- is directed io he hoard berore Cadiz had told the board Board. 

that he had argued wjth the tug THE POLICY’ of making Uie wnr tv [!****£ ■ 

loth day of July 1978/ and any creditor captain over the positioning of Department of Industry s six longer-railge • ^esedrclit E%it} Dr. jviJl be -joined' .by two ■ more - 

or rcmtrfhlllnrv rtf til* caiH rnmMiHi .< . 9 A 44 . . -AfiAAMh ActoHMeKtflont-e mfiro niTTlMO TIqXMPC ' onipf* KPlPntiqt 1 frirtnnv Mrfpnn*! A Svhh.i-' 

l j j • J ■ , i -iw- 9 - - - -t- ' Gnunpiapv to-;TrafaJgar; House,. 

relevant to industry ! to 

BY DAVID F1SHLOCK, SCIENCE EDITOR - - -s-* ^ ' Peggv.thin .:ieft the M : G.. 

• • . • iBoard. “'M 

or wBtfttMiiocy or u» «aid ‘ cnmwms l i U e for a final attemot to tow research establishments more Duncaa -Dayiesi^ chtef scientistlfuntter.. MorsaitGrampian direct 
desirovs io sifp{X>ri or oiww (he nuking I .. c_ nrn *i, n rolpvdnf- In thn Government's and erieineer at the” Industry J tors "who .'-have. - -iiist-' rejdtmpd. 

Fund Manager 


5nrortcr , SS"u,r ZZrWMorZZ the tanker away from the rocky relevant 'to the Government's and engineer at the’ Industry tors who.' : have : just- resigned, 
appear ai tbe rime or hearing in person Brfttanv coasr. He said the two industrial strategy was formally Department. • • They are ; Mri Ray. Watson, who 

or by hts Counsel for thxi purpose: and - 1 — . — . , i — . unciani.. ho Mr I« » - .. ’ . w.c m-iin' .iiaAnai Jin.. 


under section fifSi 

Schlesingers have an exceptional opportunity 
for an additional Assistant Fund Manager, based in 
their Hanover Square, London. W] offices. 

Candidates, aged niid~20s, must have a 
minimum of 2 years investment experience, and a 
degree or professional qualification would be un 

This is a challenging opportunity for an 
ambitious, hard-working person to join a successful 
and expanding investment management group. 

Funds under management exceed £I00m and include 
the Schlesinger PJMS unit trusts, the Trident range of 
insurance funds, private client and pension funds. 

Salary' will be commensurate with age and 
experience and the position offers outstanding career 
prospects within the company. 

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 
Bustable Personnel Services Ltd 
18 Dering Street London W1 
Recruitment Consultants 

To: all persons sailing the goods or 
Performing the services to which this Not leg 

TAKF NOTICE that tne Price Commis- 
sion. in exercise ol their powers under 
section 6r2i and 131 ol. and paragraph till 
and t2i ot Schedule 3 to. the Counter- 
Inflation Act 1973. intend on or alter 1Z 
July 1578 to make the tallowing Order- — 

1 til Subject to sub-paragraph >2i be- 
low. this Order applies to all goods 
and services sold or provided under a 
contract which makes provision lor the 
variation ol a price lor the sale ol 
poods or a charge lor the provision ol 
services ev reference to changes in 
costs imurred or Io be incurred in 
the supply of the floods or services. 

>Zi Nothing in this Order applies to 
any price or charge to which, by virtue 
ol paragraphs S to 9 ol iha 1977 
Code, the margin controls under that 
Code do not apply. 

X il* B person in the course ol business 
shall not charge a price lor the sale 
ot floods or make a charge lor the 
provision ol services mclno goods or 
sendees to which this Order appllesi 
under such a contract as .s mentioned 
tn earagraoh HI. above which exceeds 
a arice or charge determined In 
accordance with the contrart as re- 
. , dKordance with sub- 
' 2l 6el0 '"- 

. 1 .■'here, under (he contract, a price 
Or naryc tails to be varied trv re+er- 
ence to a change In any costs incurred 

1? ^ Incurred m the supply ol 

ll*o floods or services— 
tai I" determining the amount in rela- 
which any such variation 
K> .be. calculated, and 
lot in calculating the amount ol anv 
such variation. 

account shall be taken of any ln- 
In costs which is under any ol 
•sm 28 and “0 to 76 ol the 

men could not ajerpe on the hest endowed yesterday by Mr. Les Spendiqg by the- DepaiHwnt wa* ;M-C^ fif oup editorial dwecT. 
u» understened to any ereduor method or attaching a line. Cap- Huckfield, Industry Minister. on researe ht- and development Mr. -Stephen v Hoe._: 

trihijcofT of rix? said Company reonirtos tain Bardari said he wanted the Mr. Huekfield urged companies has fallen .from £32m ini 972-73 PVyl ishpir ana - igroup - ed nor of ; 
dMftr ffle «Sir m tug to tow from the hows, so he t0 sec0 nd some of their younger to an estimated £27m Id 1977-78 [Travel Trade Garotte., ; 

Kina's Beam House, 
39-11 Mark Lane. 
London. EC3R THE. 

tug to tow from the hows, so he t 0 second some of their younger to an estimated £ 1977-78 iraiSW; . I raae Garotte., - 
could use the tanker's engines. s i a 5 for two or three years. Io But. this . Is the budget of the . *7 . . . " 

but the tug master wanted to tow help transfer research centre research . centres on ly« and the- 

from the stern. innovations into oroduction. rii'n:irtmftnt>“has been inorMsisin "3<lT v3 . 

but the tug master wanted to low help transFer research centre research . centres on ly« and - the- v 

from the stern. innovations into production. dunartment-Tias been increasjag - 

L 22 ?lL?J? irl '™ULS? ’IS Th. attitude that il irduatry WW^IIigWjrfiniita* £«wC' 

• who ^ 'olwcnt^ 'nT* £n “whirt. w"h aomething from the Se "'jSJ^fcfSHPL'ESXS - Oni-IUel JOlfl, 

appear on the heanns of the salJ Petition 

research centres they must corac ciatioiiS .4ibd with indust rial 1 com- 

17 a firm ihc game and address of Hie 
firm and must be slaned by iiu- person 

and imui be served, or. ir posted, must ■ . . . . „ . . . . To achieve this. Dr. Davies. said, sional ; and. 'general rojrinces 

be Km by post in sufficu-ni uni: io reach WOTK ^fct"5irr , 5 departments target is tn the research ■■■ effort . had tobe coihniitteis. ’ • •• •• ■**■». 

o h Nrel to ,r?C e /f».reL n ,a «V r .hl' ,a 7 l I ^ J . . have 50 per cent of the budget of changed- from work that^ ^ was 

Sf^jSfy un? 4,,enioon flf ■** 7lh dul THE ENGLISH Industrial the five ^most industry-orientated . merely- Important', to work that supplies ■ d^artment by co-^fri s- -,: 

Estates Corporation announced research centres funded through was “utterly indispensable ordihating 4he '-‘'demand- : of 1 K JUCI 
yesterday that work had started contracts from industry. Reseffrcft -Estohlishihents Re- custoiiie'rs antf by detailed nego- : -- ‘ ' 

on the construction of an advance The research centres were Hcto JS75, : :fltxiilQbfe. Yrom the Tiatidns-fOr fhir'rrebSli^ dn.bulk ' - . 

In llie HIGH COURT OP JUSTICE 1 factory of about 10.000 sq ft for refucusizic theiT orom-ammes on Dennrtmemt af 'Tnduxtru r.ihmwi £uhh1»e. . v^SwImo - narwvf«im 

A rlt/nnoo from 9 to 13 per cent of their ment spending, .but to look .^or greater London . 0ounril, says a 

Aavance iaciory budget between 1975 and 1977. 3 rowt * fr ^ m li q0 ?y tra ?J r . ese a«£- IjPP. 1 ? •-to.-'Jte/qoiia^g.-pnifM- 


and paragraph 88 al the 
1977 code to be left out ol account 
SUSL. o, .w Dr0 fif. etl,,ltv deduction: 

e,l «t this ugragraoh does not 
IK? -1 ? ?."•«« or charge to the e«ent 
Ih4t a like restriction li Imposed by 

°L order given _. 
"2*5' Oy the Pnce Commission under 
section 6 ol the Act. 

3 In this Order— 

'' ijj* |S76 Code " means the code 
iDiitJilnetJ in the CountM-'InHaUon 
irit* Order 1976: aixl 

we T 977. code" means the code 
contained in the Ceunier-lnfletion 
M iPrlce Codei Order 1977. 

.. Wntfen ; rear Mentations m»y be made to 
the Commlulon In resaecf of the intended 
Order and should be sent to Secretary. 
Frire Commission Clelgnd House. Pagr 
Slreet. London SW1P 4LW. 

Dated: t6 Juno 1978. 

Signed- N. 6 GODFREY, 
on behaH ol me 
Price Commlulon 



ECUADOR 47a i2l;»,i SALT LOAN 


The Council ol Foreign Bondholders refer 
io the announce men; published on the 7ih 
June on behalf el the Government of 
Ecuador concerning the Oner ol redemo- 
iian at par ol all outstanding Bongs 
■ Certificates: ol the 4 *„ t2i;%i Salt Lean 
Holders ol these Bonds or ol the Coun- 
cil 1 ! Certificate* al the Donesli ol the 
Bonds may. through the medium al an 
Authorised Depositary, present them to the 
Council lor redemption on or after Mon- 
day. 3rd July 1 978- Anv cauoons attached 
to Bonds should at the same time be 
exhibited to the Council. The Council will, 
alter ver.hcattan. pay the sums due on 
redemption, return any coupons evhiBifed 
to them and issue certificates entlilinq the 
hoiacr to oavment of compensation and ol 
Interest due lor the years 1954 to 1956. 
They win aijo issue i n respect ol 

Bonds with Coupons Nos. 1-26 attached: 

Coupons Nos- 21 -40 and 47-90. 
Bonds witn Coupons Nos. 21-40 attached- 
Ceupgnv Nos. 47-90. 

Council's Cortlncaics ot Deposit; Coupons 
Nti, 47-90- 

All coupons and Interest and Compen- 
sation Certificates Should then be offered 
to Messrs- Cautts & Co . is Lombard 
Street lor payment. womoaro 

Bonds twilh coupon* snacked) and Ccr. 
nutates ol Deposit must 0* lodged bv 
authorised depositaries together with the 
appropriate listing forms, obtainable irSn 
tne council and must net 1* , cnl tn dom 
T he Count'i may require to retain the 

documents lodged tar an aoproorlite period 
tar cvamination. 

Bomtaoltiers are rcminned that in ' 
order to conlgrm with the requirements ol 
the United Kingdom Exchange Control any 
foreign currency received by thorn must 
be dealt with under the terms ol the. 
Bank ol England Notice E.C.7 oaragraohs 
40. 79. 80 or 81 As dooropriarc. 


9-12 Chejpsidc. 

London EC2V SAB. 

33M June. 1978. 

NO. OOIS8S or »n on the construction of an advance The research centres were i-icio ]97S, : ':dtaUatite. irani . the tiatidns -Wr -faip^rehbli^ qh, hulk V : 

in Lhe HiGrt court ov justice factory of about 10,000 sn ft for refocusing theiT programmes on Deportment p/Tncfurtry Lthi-trrft supplies- of y various : petroleum 

L n the Department of Industry at goals to be achieved over the Abell Hbme. John. IsUp Street, products , said Mr.- Cyril Tartot '■ 
the Miner % Station Road. Liskeard. I next ^-5 years, and as a result London. SWX. . Free." . I the committee "rice-chairman. 

NOTICE IS HEREBY 1 GflTEM tbai x 4 * -,-V\ • 

Peuilon for ihc Winding up o> tho- above- ! : ._ — :■ - y ■ . = ? ■. ' V • 

named Company by the Ifiefi Coon or . ■ -a- -v _ , ■ ' ' ' p .-.,—-'-. - s.'.*. •'. . v 

Anglia-Hastmgs merger HOM ^ cm**'?? k - - ^ 
decision next week fc kn orders for STC 

Justice. Strand. London. WCCA 2LL on Uie °* F -. KJ. JL 


ordef^nitc r s^ fl Kut!on maV iSpear m A DECISION on whether or not Opponents of- the plans STANDARD. TBUBBHONES AND moots ofthe authority throughout 

Anglia-Hastings merger 
decision next week 


£4nt orders for STC 

the ume of bearuis m peraon or by ms the proposed merger between claimed that the two societies CABLES {afc inr company) bag < the 3980s.-” Delivery is planned- 

T£ ft! ««fe» 

King’s Bditm W«i5P, 

39-41 Mark Unr. 

London, EC5H THE. 
Solicitor to the Petitioners 

11972 C.S) 


undxr section 61S) 


wnor Street, on Bond Street, w.t. Tel: 
A93 7611 - SoJOCtlO'i ol _ Allien pxlntlnqi 
MASTERS. Medlsltanl. Ltger. Braqua 
Mondrian. Ernst. Mlro. Klee, pieusa a-o. 

I through July. 

AG NEW GALLERY. 43. Old Band St. 
W.l. 01-629 6176. OLD MASTER 
PAINTINGS. Until 28 July. MgnT.Fr" 
9.3Q-S-30. Thurs. until T. 


KOWBOTHAM I1SS8-I91U. Until 3f»w 
June. Mon.-Fn. 9.3D-S.30. Wed*. 7. 

589' 6848.°' ” Wa ' W “ **'»«. Tw.»: 

BROWSE 3. DARBY, 19. Cork St.. W.l. 
100oil2.30 M ° n-Fr '- ,0 - 00 - a - 30 - 

I IL- F S.W.1 18th CENTURY 

! SCULPTURE. Until 7lh July. Mon»Fri. 

To- wth Mrvan who is ■ printer or 
binder mb b gr has been under contract 
■n ilie Controller of Her Malntv's Station- 
ery Offise nH- Her MaiestvS Gdifernment? : 

rue p«m Cotaniission. In exerclM of 
their oowers under section 6<5i of the 
Counter- Inflation Act T973. hereby Bl«e 
you natiee k follows: — 

Ti w t £S , "! , * s,on J n *«fe on or alter 
’i.ii'' 1 'F *978 : » make an order under 
section 6 <Zj and ill of the said Act ro* 

jy ,1?*, 'fn?, W jbe PerformanS 

®* course el business. 

Mldhrearteflon w!H reoulfe 

Prt ? charged for work executed and 

I^Sundt beginning on 

i August 1978 and ending on 31 July 

Tbuano. he Controller of Her Majesty's 
SMfenjV.pWcc lor Her Malta!*-* CWn 
menu shall not exceed the price charged 
1 1 ’® Iasi transaction under mat 

SThE 1 SSSS, 1 1WS as increased - 

ov Inc amount of any increase in coats 
Incurred after that dale. <wns 

u 3 im. W r*I5H.r r ^?I!*'\ nLatlB,,s mj T be made I 
” ™ L Pmmtsa on In respect of the In- 1 
tenoed onier and should be sent to S«H-e- 
tary Prire Commission. Cleland House, 
E.40C SfTTOt. London 5W ip 4LW. 

Dated; 18 June 1978. 

s-gmid: N. E GODFREY, 
on behalf ol the 
Price Commission 

trar of Friendly Societies. forces by claiming that a mer* H ouse» L6bto^'iaaods £oi Corn- , ; i , ^^S e w«Jt- 
The merger plans, due to ger was necessary If they were wa 11 : jM>cf . j’-tfifry jffwflfty . - jatelliT^- | ^ aataaase .. . 
take effect on July 1, are being tn establish themselves as one earth swtfon^^efori^he efitii"i>. - : 

opposed by a group of share- of the leaders. of .the movements raent whli-^e^xOramissioneil be- alro : .developinjr an • 

holders and by officials of the A spokesman for the Regis- i We «, n 198L ' , yhoyse-ietting . system: 

National Union of Bank Era- trar said yesterday that Mr. Jw Teroupals in eight area, offlew 

ployees. Their objections to the Brading hoped to give his deci- . < it . - - y tb be, jtsed to answer queries 

lhr en iSmp S 2n4 0 ,d 0 d'r f . 1 i i e »f 0 ,h u - n,uw I which would create the slon on Monday afternoon, ff and t housing 

ii a^m mS ?ddr%*°2r Sic | severlth biggest building society his decision upholds the merger] Newcastte-npon TynB Citji Council, applicants on.the. spot . 

ann *nd must be sjtfnc-d by ate nenon Jin the UK. were put to the Chief plans, objectors might take bas ordered.', an • 1CL 2970 *: '... . ' 

*!m^. O | W h? l8 <u,™.4 k^ !, ^ P ^0 f C|,o, ^ Registrar oo Wednesday and court action to prevent them computer^. -.valued .at iUJm, to . r :: ■ - 

ft? «m * m u iS£?w*iSS Included yesterday morning, taking effect. I enhance f se^i«s Jo ail depart- . . . V : 

tllr Shovp.namod nnl lat»^ f ... \ ^ 

Alcohol sales estimate ‘ too ^ t 

the ibove-uuaeil not later iimn four 

o'clock in the afternoon of ih P 141 h 
of July iff*. 


[■ Conditioning 



/• •• •-'•-'■f IL.-y ShopR-R AQ tarjraBfO 

THE TREASUHY has set its Budget was the first time since Mr. .HaA^rten rinsisted that" - - 

G B U, 5*r JTi ARR J8S - Kins'* aifihts 100 high in forecasting 1974 that duties had not been there waS^irP Britain- a efrod* TPfttmafKMjt 

^decent paintings. SSvf I a 16 per cent increase io revenue, put up. Since March.. 1974.. the un rWt ^rfemand far : rtahl«' a 1 . rw- 

BUM — £3m <Hu«4 21 Junr 1978 du* 
20 ScjnemOcr 197* at 9'iv««. AppIIcmiom 
totalled El 2m. Total outstanding Urn. ■ 

M ? I Soc,ew HOOm or 10 per cent on last This had helped depress trade steady, vriiK''<W)J^®piioriJ: could 1 ■; 

Frf io's? s.»7 lo.i. until 0 juiy M 4sh' year's income from tills source, to such an extent that the wine" double b^ , 19 Sakift'«a;the, jcuireht 

Adm - 20p - ‘ suggested Dr. Peter Hallgarten, and spirit industry had been 17 bottIe^£-&ea&;£L ywiir.for the: '%•' 

Specialist Prinunaklng C 
Pgiywehnic, Mon.-Fn. 
Until July 4lh. Free. 

Pinaricial Times Friday 1 June 23 1978 

labour n ews 

to act 
on Shelton closure 



rferlined lo intervene In the 

British.-. Steel Corporation 
decision to end today . iron and 
steeimaking at Shelton, Stoke-on- 
Trent. Workers have campaigned 
for eishr years to save the plant. 

Mr. Erie Varley," industry Sec- 
retary. and Mr. Gerald Kaufman, 
his junior Minister, yesterday 
morning told union leaders o£ 
thn decision. . 

They recommended that the 
corporation should meet the TUC 
steel industry committee again, 
hut it was not clear yesterday 
whether that could result in a 
reversal of the closure decision. 

The Government appears to 
have decided that the corpora: 
tion had not Infringed procedure 
by declaring this pan of the 
Shelton works redundant, in 
spite of union protests that a 
promise of consultation had been 
broken and ■ the procedure not 

Iron nod steeimaking wifi shut 
down today for the annual two- 
■wcek holiday, and - unlikely to 
resume after the hreak. 

The 1.600 workers faced with 
redundancy will slay on 90 per 
cent of earnings for 10 weeks. 

dropping to the standard 60 per 
ceor fall-back pay after that. The 
corporation hopes, in spite nf 
union opposition, -to negotiate 
redundancy terms .meanwhile. 

Shelton workers have always 
maintained that their plant is 

? rofi table. and have pressed the 
■ovenunent to give ' them the 
long-promised electric arc furnace 
to replace basic steeimaking. 

Dockers at Imininghain on the 
Humber have said they will 
black iron ore. imports in 
sympathy with the Shelton 
workers, and drivers at Imming- 
ham and Grimsby are threaten- 
ing not to move finished steel 

John Lloyd writes: Mr. Varley 
said yesterday that the closure 
of the works was a matter for 
British Steel. 

However, he said that talks 
between iheTDC steel commute..- 
and the Department. of Industry 
would continue. Mr. Kaufman 
will lead the discussions. 

Mr. Varley denied that Mr. Bill 
Sirs, general .secretary’ of the 
Iron and Steel Trades Confede ra- 
tion, had said that there would 
be no further co-operation un 

redundancies and closures if 
Shelton were to cease production. 

He said, however, that while 
the cun federation wanted to 
cu-operate. there were certain 
areas of the country where it was 
difficult for it lo agree lo 

Mr. Varley was speaking at Ihe 
ufficial ripening of a £25m 
development scheme at British 
SiM's Imperial Works at Air- 
drie. Scotland. 

The development has doubled 
BSC's capacity' to produce oil- 
well casing, a market in which 
its strength is increasing. 

Later he visited the Chrysler 
plant at Linwood. where he met 
management and union repre- 

He told journalists that 
Guvernment liability Tor -Chrys- 
ler »va.>- “ strictly limited." 

There was provision for losses 
ff £?.5m this year, and ISm 
novt year. 

But we do not expect losses ” 
he said, “The Sunbeam and ; 
Avenger are good models, the ( 
d'unOiUk- market is booming, and) 
Chrysler, together with olher UK 
car producers can make head- 
way against imparted cars.” 

NGA will back 



Postal engineers 
broaden action 


POST OFFICE engineers 
extended their eight-month 
industrial action yesterday in 
support of a shorter working 
week by starting an indefinite 
overtime ban throughout 


The action, .which involves 
about 2(1.000 Scottish members 
of the Post Office Engineering 
Union, follows a walkout of 1,000 
members in Dundee and 
Edinburgh on Wednesday aFter 
13 men were sent home, after 
warnings, for broadening 

The 13 workers returned to 
work yesterday but were sent 
home again. 

Telephone repair and installa- 
tion work will riol be done out- 
side normal hours until the Post 
Office allows the 13 men to return 
lo work. 

A statement from the union’s 
national executive council, after 
consideration of the Post Office’s 
action, said that if riien. were sent 
home in Other regions similar 
action was planned. 

The union gave full backing to 
the sympathetic action by the 
1 .000 men. It regretted the aetioo 
oF the Post Office and deplored 
ns failure to recognise the 
stren;4h of feeling that exists 
among union members for a 
shorter working week. 

Mr. Bryan Stanley, the union's 
general secretary, said that the 

Post Office’s refusal to move 
towards an acceptable settlenienr 
of a claim lodged seven years 
ago had Jed to ari explosion 
among union members. 

The membership, was deter- 
mined to express 'dissatisFae tiu n 
and anger at the negative 
altitude of the Post:* Office. 

The engineers say: they wnrk 
Ionger hours than other tele- 
communication workers; I her 
have a good record on produc- 
tivity: new technology being 
brought in will have an effect oh 
jobs; but the Post Office is not 
prepared to recognise their 
efforts in the form of a shorter 
working week. 

The action, as well.. as hitting 
telephone work, is a furl her 
threat' to outside TV broadcasts, 
including the . open golf 
championship 'at SL. : Andrews. 
Like the rest of the industrial 
action since last November, its 
effects are likely, to be inore long- 
term. ' 

The Post Office’ said this week 
that to meet' the engineers' 
claim for a 35-bour week without 
loss of pay would be a clear 
breach of the Government's 
incomes policy. 

The union and the Post Office 
will submit their cases on 
Monday to Lord McCarthy, who 
has been called in by the 
Government to try lo promote a 

Plea to save docks jobs 


AN APPEAL has been made by 
Mr. Norman Willis. TUC deputy 
general secretary, to Mr. Peter 
Shore, the Environment Secre- 
tary urging the Government to 
do all it can to save jobs within 
ihe Port of London, 

Mr. Willis says the ijlosure 
proposals .of the near-bankrupt 
port would be a '* massive blow " 
to the London dock area which 
jias already suffered severe 
environmental and.. -social 

The Port of London Authority 
ir. due to meet union officials in 
further discussions over dock 
closure proposals. The authority 

has also called an emergency 
board meeting next week lo 
finalise closure plans. 

Mr. Willis, is a member of the 
docklands joint committee, says 
he is deeply concerned at the 
threat facing the dock com- 

Much would depend on 
whether . the Government is 
willing to give the port authority 
financial assistance to deal with 
its difficulties without forcing it 
into major surgery. 

The authority's less drastic 
proposals would still include the 
closure of one dock complex 
and a Government cash injection 
of £50ni. 

Fair wages 
claim put 
by company 

By Philip Bauett. Labour Staff 

A COMPANY will try in win a 
p:t> rise for Us workers next 
week by a claim for a fair wages 
award U has lodged with ihe 
central arbitration committee. 

G. W. B. Parkinson Cowan, of 
Bricrlcy Hill. Dudley, which 
manufactures industrial boilers, 
wants lo give its -.100 workers a 
wage increase wit hunt falling 
foul of the Government's pay 

It has lodged a claim for an 
award under the 1946 Fair Wages 
Resolution, which stales that 
wurkers employed on Govern- 
ment contracts must be paid the 
same rates as olher workers in 
the same area. 

The company is employed on 
sonic Government cuniracts, and 
ihe Fair Wages Resolution is the 
only pay clause under which com 
names can approach the arbilra 
lion committee. 

The arbitration committee said 
that a fair wages award could be 
raised by an employer if it felt 
that it was not fulfilling the con- 
ditions of its Government 

Because an employer had 
lodged a claim did not mean an 
award would be gTanted or 
indicate the level of any award. 

THE National Graphical 
Association iNGAj will con- 
tinue to support the fight for a 
closed shop in editorial depart- 
ments of newspapers, delegates 
to the association's conference 
at Douglas. Isle of Man. were 
told yesterday. 

Mr. Tony Duhbins, assistant 
general secretary, pav* the 
undertaking during a speech 
emphasising the print union's 
determination to retain for its 
members the right to feed 
material into new computer- 
based newspaper production 

It was clear, Mr. Dubbins said, 
that no one union wuuld be able 
to control new technology 
effectively, and it would be 
necessary in the long term for 
the NGA to enter into joint 
agreements with the National 
Union of Journalists and the 
National Society qf Operative 
Primers. Graphical and Media 
Personnel (NATSOPAt. 

The absence of an NUJ closed 
shop when the new lechnolosy 
is introduced "is a danger not 
only to the NU.l and their 
ability lo organise and negotiate 
reasonable wages and conditions 
for journalists hut poses many 
dangcVs in the NGA and other 
unions in the industry also." 

A combination of a scini- 

organlsed editorial department 
and new production techniques 
would enable an employer to 
keep producin',; newspapers 
during a dispute. 

The NGA and rubor print 
unions suppnm-d ihe NUJ in :» 
closed-shop dispute at North or 
England Nevrs;.jp v rs. Darlington, 
last year. Cr-mpuier-nased pro- 
duction i cch niq ucs could 
eliminate jobs done by 

NGA members, and journalists, 

advertising <taff anil other 
employees e.t n make direct 
inputs into Him system. 

The Association was faced with 
a direct challenge from Times 
Newspapers, which was insisting 
that a new production system it 
wished to introduce must have 
direct inpuL by journalists and 
advertising stair. 

Mr. Dubbins said i he NGA 
intended to prated its interests. 
“We certainly --till have the 
muscle and Uv power to do so. 
Our policy will remain that 
except in the broader context of 
amaigamation wc can nut at ihe 
present time co merle ihe control 
and retention >>f the original key- 
stroke to other than com jwsi tors." 

The conference agreed lo 
circulate to all branches a dis- 
cussion paper on new technology 
that will he used as a basis fur 
sounding members' opinions and 
developing future policy. 

PA staff works to rule 


services to newspapers, radio 
and TV si aliens were disrupted 
yesterday because of a work to 
rule by 240 members of the 
National Unton of Journalists. 

News services were affected 
to a lesser extern. The main 
delays in the racing department 
were to lists of jockeys, course- 
tips and betting forecasts. 

The journalists claim to be 
paid about £2,000 less than other 

Firemen reject arbitration 

HE Fire Brigade Union has 
dirated to employers that it is 
:>t yet prepared to enter into 
bitralion or mediation on the 
spute over proposals lo ibtro- 
ice a 42-hour week because of 

the employers’ continued stand 
on the issue of manning 

Talks between the two sides 
broke down earlier this month 
largely over principles on man- 
ning changes. 

Meeting today 
on Rover row 

HOPES OF a settlement to Ihe 
strike that has hailed production 
at BL cars Rover plant, at Soli- 
hull, rests on a mer.-nng lo-day 
between full-time union officials 
and shop stewards. 

- Efforts will be renewed to 
reach agreement with the SO 
drivers who walked out in protest 
at the dismissal of a shop 
steward. Last night 5.000 workers 
at nine plants had been laid off 
and lost production is costing 
E3m a day al showroom prices. 

back contract 

ants yesterday voted overwhelm- 
ingly in favour of a new contract 
that will give them more pay for 
extra National Heallh Service 

About 70 per cent of the 12.000 
consultants who voted approved 
the contract, which will now go 
to the independent review body 
on doctors pay for the exact 
money terms of the contract to 
be calculated. 

CMB, s.a. 


CMB's results for the accounting 
period 1977 have been afferted by the 
severe crisis the sea transport industry 
is going through. The contraction of 
traffics has had an effect on the loading 
factor r*f Us vessels, whiie receipts have 
a teo suffered from the intense com- 
petition. which stands in the way of a 
reasonable adaptation of rates to the 
effective increase in casts. Operating 
charges of ships flying the Belgian flag 
are in fact particularly high: they prove 
to become less and less bearable during 
an econuinic crisis. 

Under these difficult conditions, the 
diversification prograrojnc that tbe Com- 
pany follows since a number of years, 
has proved profitable; indeed, the 
efficiency of some services has permitted 
a softening of the effects of the recession 
to a certain extent. On the other hand, wii 1 
crisis in the steel industry has not yet 
enabled the Company to confirm its hopes 
placed in the development of its fleet 
of hulk carriers. 

GMB's fleet increased in 1977 by six 
units: two multi-purpose cargo ships of 
20.nuo ciwt, three 75.000 ihrt hulk carriers 
and a container ship for 3.500 20ft units- 

The most outstanding feature of the 
rationalization and development policy of 

CMB during the past year was the intro- 
duction of the container on several of 
its regular, lines and their gradual 
integration in a dnor-io-door transport 
chain. Container services were thus 
inaugurated to the Persian Gulf and 
Algeria, whilst the use nf unit loads was 
developed on the lines lo the West 
African coast and between the North 
American seaboard and certain West 
African ports. On the Europe-South 
Africa run, the first cellular ships also 
made their appearance. 

The Company has. moreover, spared no 
effort to further intensify the policy of 
co-operatinn it has practised since a 
number of years with shipping companies 
of new countries and, especially, with 
Compagnio Maritime Zalruisc and 
Soeicte Ivoirienne de Transport Maritime. 

For Ihfr accounting period 1977. Uic 
benefit for distribution amounts to 
BFl50.23n.2S8. against BF170.532.4n For 
th^ previous year, aFter depreciation and 
write offs amounting to BF791.760.ilS, 
against BF979. 13 1.254. The nei dividend 
for the year was fixed at BF230. against 

CMB. n.v. St. KaLelijnevest 61, 


Fleet Slice! murnalisK They 
want the management to im- 
prove !■» per cent pay niter, 
which includes consideration 
nf a pocsihlc productivity deal 
and. an ixatuin.ilion of the 
the agcnc;.\ pay -i.vJing struc- 

The jn:m.r.fmenl feels Dial 
any increase in the offer would 
lake it be;/'. off (he Government's 
pay guidelines. An talks have 
yet been arranged in resolve 
the dispute. 


uiiding Society 

Notice to Borrowing Members 

Provincial Building Society hereby gives notice 
that Ihe scale ol interest rales applicable to its 
various classes of mortgage accounts is to be 
increased by I.25 f a with e'fect from 1st July 
1 978. Where a mortgage deed specifies a 
period ot notice before such increase is lo he 
effective, that period will commence on 
1st July 1978. 

Under the Society's scheme lor anually 
recalculating mortgage repayments no 
adjustment to current monthly repayments 
is required. The increase in interest charged 
during 1 978 will be taken into account when 
calculating the new fined monthly repayment 
lor 1 979- The revised figure will be notified in 
each borrowers annual statement ol accounL 

hfl^invesfment Rates 

New investment rates from 1st July 1978 

I '..i i vl k"iro f -°. Oiii.n /in l £■.;*!■( 

I - .i- - Eaur/Ilcnt DiHercnli:-.l 

1 ..-.I.- Rate 1 1 p i i.i a! riii.-.-. v P.-iij 

i.ieTj-: Buvi.; R.,1,- iip-pjiu 

s ut.TJ'.-llJ..,, l-:,-'.e 

Bringing you u better sen* ice. 

• 1 1>\, I l.’U.i ! ■•< . • Eu. !• lino >. ii-l, 

J'pjiifH io; fi.-tf-..-.! SIjI ?«iL Jfiupn'ii-. C'-'/J .C-14-l 

AurK c«*:rrd Cl. COO miUior. 

Ov«r 1"7Q b»« nchr*. (hraughcui ihe UK*. 

The Nuts and Bolts of the Economy 

Seminar brings together top decision makers from business, trade unions and politics 
to talk about the way things are in Britain. 

They debate the key problems of economic grnwth and labour relations, 
ranging from the effect of class prejudice on industria f performance 
to the likely results of purring worker directors in the boardroom. 

Within the structure of six w cekly one-hour programmes, the 
discussion is conducted in a relaxed and frank atmosphere. 

This unique event will be covered each week in the Sunday Times 
by publication in the Business News supplement* if t lie xpccia il y 
commissioned papers on which each discussion is based . 

The Nuts and Bolts of the Economy Seminar 

Starts at noon on. Sunday 25 June on the IT V network 


Those lakiug part, photographed nhovc. arc (left to right): 

Lord Armstrong, chairman of (he M'Jund flunk 
Rt Hon Joel Barnett MJP, Chief Sr. re'.o "filte Treasury 
Sir Christopher Cockerell, tHcvvi-" ihe J.wer. raft 
Cha rlcs Dumas, a j’l.i niter nyih C, J •>h>rs, Sew 5 ’ork 

Mary Goldring, broadcaster athijmin.i 

John Grccnborough, deputy ch,ur>i:.n: »//> eel or, Shcil (UK) Ltd 

nnd president nf the Cunfedcratuvi ofH-vti-h hi, fusin' 

Tom Jackson, ^eitcm/ yrcre/ir v fltuc l of Past Other Workers 

Lord Kcarton, eliairinan nj the h ■*/ mu l Oil Corpora /tun 
Lawrence B Krause, senior fcfbn.\ /.V. Jitstithtim:, ll\i.-hiirghni DC 
Joints Lee. principal, M, Kinsey C C > 

Jack Leonard, ciuphi yee-dir. ■, 7 "r „/ /:, >:rh Steel Corporal inn, Sh'itton 

Sir David Orr, t kiurmau u) L mSewr i.'<! 

Rt Hon James Prior MP, Slimlmi' Sp«Ksituin mi Kmptaymnt 

Hugh Scanlon, president oj the Ahui^oW it'd L iu»n if Engineering Workers 






4>- * ; !V .y: - . - j '• 

Unilateral action promised to conserve stocks 

o • 


applauded for tou: 




% W 7f4 F3 IIS a 8 SB I I I 1 l^lUVa NEGOTIATES are |n progress The Minister contended that t as a whole. ■ .... ■ 

AMJi to secure more contracts for the was already clear that Bntams As the recent. by-eleetions at. *y.-Ra^'Wniwel6'L»fibY Staff 

* » Marathon oil rig building yard offshore supplies industry had Garscadden and Hamilton had • - .. 

RY -OHS HUNT PARLIAMENTARY CORRESPONDENT on the Clyde, Mr. Gregoi ■ built up the skills and the -kno w- shown, the SNF .had Itoffl 

by jOHN hunt. rAHLi amcn i An Mackenzie, Scottish Minister of ledge both to compete at home, “ rumbled by the Scottish far fhe m^-crfl^calyigTY ^moiig 

tttt? roMMilNS vesterdav gave not moving fast enough on tion. they still wanted such would lake out 70 per cent. state, told the Commons last where there were growing people. The reality of the- 

fid' 'actin’ to Mr. John "Silkin, conservation. measures adopted. This was Mr- J**™* ,“ S ®F * night when be gave an optimistic markets for inspection, main- tion was that as a ' heat cpnsitiHjffcIes 1 - dfSwir bV 

nt Aoriculture and “We are in complete agree- another argument for doing it W) said there was deep satisue- assessment of th e prospects for tenance and repair of installa- Government policy, S<»tland had. 

v'hi for ti T p T0L|O h stance ment m resist ins proposals which “at the soonest-' 1 tion among Mp s for the fishing Erita j n - S offshore supplies tlons, and also in export markets, benefited to a substantial .degree 

hehaciaken this week in the are unacceptable ill-founded and The Minister agreed with Mr. pwtt ow *»lm ml fJE industry. Mr. Gordon Wilson (SNP, from North. Sea OR and' 

■REC C.ijuncil nf Ministers nego- intrusive.'' said Mr. Peyton. Alick Bnchanan-Smitb lO. North Si Win has taken agmnst thc H0 re - ected a Scottis h National Dundee E), who led the attack economic activity related to it . D^j^osa&^r^^fid^y 

liaiion* on a Common Fisheries At the same time, there was Angus and Meams) that the callous ana cjiuca^aemanas o Party csU for ^ establishment on the Government, alleged that Mr. Mackenzie told ^ 

policy. disappointment, he said, that the conservation measures needed to our lo t^nta^pamie s r s»- of an oi i Development Fund for the mismanagement of the oil that the Government had con- ago -iOr .^^Zd^KifeS- S 

.vm- Silkin told the House that Minister had not come to the be comprehensive in their scope. i* Scotland and accusations of resources, particularly the failure side red the possibility Of egKfi)-. vr»»twTi -v-ii fr rfya^ fa an com 

in the absence of an agreement House immediately prepared to Mr. Silkin added: "We must uu Ea „h ap i Timk /t,k Wat- Government mismanagement of to establish a development fund, lishing a special oil fund but-bad 
It in- LusvmDourc talks. Britain put forward definite measures see k the approva of the Commit- «*• L^in'lter Norlh Sea oil sources. amounted to “one of the deC id£i. on balance, that the 

n.»% intends to go ahead with on conservation to be enforced sion first of all. But if the ford» ed S, e ^ nB J?tSlations nf Mr - MackeDzie said ^ greatest swindles and frauds of creation of artificial . machinery ' 

uni l:< feral measures io conserve at once. Commission does not gne us de^erven uie congraniiauons according to the estimates of. the the Scottish people of all time.” would be the wtong approach, to that a revised'feverSSrwiil 

i-'.u-k, in our tislung grounds. Mr, S" kin reminded him that approval, we can sti » WjfhMd- 1* V’Q ^ d e in Glas ° ow based Offshore Supplies There bad been a “ruthless the country’s problems. • bfc vS^R&mSiS^ 

... , ihe Government had to follow Under the stipulated pro- superb stand nenas maoe in ..ncemnnim.a ran*” of the r - Mr Jo Grimanfi (L. Orkney and T “"*• 

Bvlieve me. as far as 1 and lhg re g U iar procedure and submit cedures. he explained 
CfiliPHCUPS are concerned, nrcinricils tn nine) ho In 

my colleagues are concerned ju CODservat ion proposals to the measures must be in accordance temptuous and densory that - Sea are now olaced in 
there will he no delay, he Conimission . “ We will announce with scientific evidence. They although our waters provided the sea are now placed in 

declared io the House at the earliest must be necessary and non- majority oF the Community s This was a rood record said 

He did nut give a specific nine- poss ,b| e moment what conserva- discriminatory. total fish, we should on l> get t h e Minister But the aim’ must 

-‘ale but. in fact. Britain will f jon mMSurw we intend to Mr. Silkin said that the Com- 30 per cent of the catch be tnl^Sre a stVll Create? share 

now pul us conservation propo- adopt - he added. mission's proposals for a common The exchanges ended with r h ^market—" n ft b v o 

v, is to the EEC Commission with Ve ry painful decisions had to fisheries policy were that Rfr, liamish Watt (SNP. Banh» ^ „ r “moitaioS hut hv 

il.c hope of a decision next week. b made The fishing industry. Germany, Denmark France, giving his blessings to Mr Silkin or c °“P^ sl on. but by con- 

Tiio Government is anl.cipalins jncludlns t he Scottish industry. Holland and Belgium, who con- for a fruitful journey to Norway SJSLhjS! 

sources. MCUauu# icmiuiuw Uic. rrcw rTiLfrt>r.t rf-r.-.- . 

He condemned the ineffective- that the oil reveQue could: bo put OBlikely 

*ss of the petroleum revenue to best use by existing bodies . tl e< ^ 

ilut the Com mission will agree 
die proposal* but. if not. Mr. 
Silkin -i ill intends to press ahead 
vi uh ihrm. 

The measures are likely to 
include a ban on herring fishing 
<:ff the west coasr of Scotland, an 
■.•nlai^e.menl of the " pout box “ 
n i he Norih Sea where fishing 
forbidden and stricter control 
nf tin.- nie-li sizes of nets. 

fn a statement to the House. 

Sdfcin said that despite the 
-. ■Miininess of the UK to be 
if'-vrde in the search for an 

including the *- iso industry. Holland ana g . ^ when he 3 oes there for fishing Performance and competitive Wilson maintained, must now local communities disruptai ■by'.- 1 -Withfivident ^^If^Qfereatf tliey 

Sey w S o S Sfd suffer freS coSSre?. Smmunit^ » TaVks short!? 65 8 position of our industries^ have a “sick sound” to their the actives of oU 

tney wouia sun .r um conserva Loraraunuy ^ Mackenzie stressed the followers in Scotland. Amid and for research, into ". other pa^. hais two.vWeslinihster MPs 

Government's confidence in the cheers from his SNP colleagues, energy sources including- stm,..anii generaHy ft^ea^weH," ^.should 

Government lacks allies 
for 2i% surcharge 

under negotiation. Wilson of returning to policies “mismanagement of Scotland’s axid^sofee of the 

It is understood, however, that which could only have the effect oil resources.” was defeated by. _pr opened MiajincKsesits^ - - ^ 


igr.-i-nient on j common policy, the GOVERNMENT faces the Mr. Healeys most obvious Mr. Callaghan retorted that 
:lic other members of the Euro- increasing prospect of a escape route is to increase the the surcharge was only necessary 
near 1 Community had shown no humiliating defeat or a climb- National Insurance surcharge by because oF changes to tiio 
icjOJROS* to depart from the down over the 2J per cent. 1' per cent to gain Liberal sup- Finance Bill, which Mrs. 

ions tlu-y had adopted in National Insurance surcharge port and lo make up the Thatcher supported. “It wo* 
January. Consequently, no pro- when the Finance Bill returns difference by raising tobacco or no part of the Government s 
gross had been made. to the Commons early next other excise duties. original strategy to introduce 

II,. .-r. nfi rmed that the Council month. On paper, he has not gol the this tax at all, he said. 

nf Aim Kiei-s had agreed to ex- The Conservatives have Parliamentary support to secure On whether the Government 
r.’-nd for another "month the decided rn vote against the sur- the 21 per cent proposal. intended to go ahead with the 

reciprocal filling arrangements charge, which means that defeat In the Commons yesterday. Mr. proposal, the Prime Minister 

these relate to projects in the of separating Scotland from the 131 votes to 14, Government , . They aro: tbflfTotfes have aim> 
Middle East and io UK waters. management of the UK economy majority 117. • r.^^j^^^iaprts'-.abp ^^ ivisiona in 

Assembly Wales winning ne M^^ KataB 

industry, MPs 

THE IMPORTANCE of an inde- ivod awfm 

pendent role for the Comptrnl- BT ,VUK 
ler and Auditor General of the 

Welsh Assembly was agreed by GROWING SUCCESS for the mining in Wales. 

• /. nouncing .thecri*^ 

. >. .1 . satisfied witb-the^iw 

\<‘ • the Enxo-soats 'ial' 

"Wales; whi«* 


tion of 
id., and 


rt-ic- j';. •.*.< •• 

induce a ban nn furrher catches prepared to back the Government for amendments 10 toe finance wou , d ?0 abead jjr. ( 

••f herring off the west of Scot- or ahstain. should the surcharge Bill to return income-tax to its s i, ou | d " listen to the 
land desv.ite c-Kar evidence that be reduced. previous level. This would avoid gmal| p us i nessmen W ho 

1 iii 1 ? highly important stuck was The Scots Nationalists, who th<? need to increase me surc harae would hit job: 
io danger. As a result, the voted with ihe Tories in the cen- surcharge. 4 . and small businesses. 

Government would have to con- sure on Mr. Denis Healey, Chan- Mrs ; . Margaret Thatcner. _ . ■ trti . 

<ider urgeniiy what could he cellar of the Exchequer, last Opposition leader, had challenged ,. - 1 . . . m : •' , P SIC i 
•1i<r.e to proieet fish in lliai area. week, are also determined to vote the Prime Minister to say i wisn you Had inougn 
Fur the Opposition. Mr. John against the Government when the whether he was still determined things oerorc. 
reyttm. shadow Agriculture Mini- report stage of the Finance Bill “ to go ahead with a 2f per cent A way out of the dile 
■iier endorsed Mr. Silkin'* hard opens in the Commons on July 5 extra tax on jobs" when school for the Opposition “to 

' v.uuipiruiiei cuuiu um.v uc le- nigoi. Decause they Know that * when i k - 

. Prep^dirii^'^GoreS.m «« amendments ,o the Finsnee “„«* ^SSdl'^.rf'SnSSS’n S^'^ISSS He ““ “** had ^ een ./ S^ tr iSnhf d ^! : ’!'" k 

; or abstain.^ should ,he surehar S e “Jft should listen ,0 the CB[ and with I ho Sk2J 

®“ lu d rtcuinnienadiion io me yueen. . . % caramiinitv •' tipcrav. 

jobs, exports Government spokesman Mr. Jones replying to entj-^-m^ wig'tpxr 

Baroness Siedmon wanted ,o dim by Plaid Cymru Ifi-, who. £fi- JJ, 1 *® 

surcharge would hit jobs, exports Government spokesman Mr. Jones replying to enti- WipIpv r/i m n la ir, o a — u Sli* n 

and small businesses. Baroness Hedman wSnted ,0 eism by Plaid Cymru MP. y h«. 

.. S ?**!? 1 ibe iKl.b lal r„m b „ 1 , P r„,,. b r tW .'Sd SSSJ * b.U^d J?. *“•- 

line hoi complained that he was or 6. 

leavers were coming on to the amendments to the Finance Bill 
| unemployment register in that would return income tax t«: 
increasing numbers. . the position where it' was." . 

Hope for improved differentials "£ri»ssi ww cwoi w** -TSfiB ■jBBggvsw 

THE PRIME MINISTER repeated number of his own-supporters Baroness Elies tC>: “There Cymru. Caernarvon) said th^^e or _ me_ _ Con^rvhUvg. ,Mr. 1978HG«atUiBaace>^ order 

yesterday his hope that future whose only hope waif (lie policies- seems to be no limit to the num- run-down of major industries,. ^ Iftori fog?* IreUtn3 Act 

nav rounds would brine an °f ^ Tory Government. her of bodies which can be in- and the failure to ensure thaf Gov^nment^ economic., ptocies A974 •• Penod 

fmnrnvpmlt inilS Mr - Callaghan replied: “ l hope eluded in the scope of this clause others were developed in their forWaJess Problons. . - - \ - ■ 

in, P raveraent In differentials for ck-itiPfi wnrkpr< wnn’r hnvr. to nn-i.-: frnm ihP fact that fhpvniace had led to *’ economic only way to. suBHflRteVbe . 

ler and Auditor General and the Principality was liKeiy to oe long ^tedorural denontdatiim ' ' • premises, the • ...aeronautical , 

House of Commons. and difficult. Manv branch i-factorieji'- had sector, and thdmlnal.TLaw. 

i T -^ 55 , l v p ® rn in ie 4 , ~ But Government action involv- c«me io Wales .to get.tlie grants 

- whhlh wSfiSHialv in ^ the expenditure of £55m had WhicW were aygiTable, and there xeaeaith 

J n t} l^ wpRh h resulted in the saving or creating were examples "Of firms .which, JSSSa?- i‘. ^ at “ 

WS^!8?t5S8mtr!!£ • f . eM0# J!! >s ; .; SSJ'JS* 

' ' r f • 

■V... ■ ■'* 

i J.o- r wu. umdgiMii i ej-Mitru. i nupc imucu in iue ui mis tmuac vwvn in,~ 

l differentials for gkilIed workers won t have to apart from ihe fact that they place had led to “economic 
skilled workers. wait as long as sill that. must be established by statute.” blackspots ” being create/ in Welsh economy was by creattag 

Mr. Peter Temnle-Mnrris (C will, c-.,ereeHin-j nav Alihnnoh thi^ nnwr rnnlri Wales. / the Tight Climate for businesses 

Mr. Peter Teraple-Moms (C.. “1 hope with succeeding pay Although this power could WaJes. / enmare tor ousiness|s 

Leominster) claimed that Phase rounds in yearly pay bargaining only be exerted with the Welsh people had seen a to wrive, and ine uoyemmenl 
Three had “definitely failed on that Hu's situation can he approval of the Secretary of collapse of the coal industry nao railed to achieve this. . . ^ 

differentials." He said Mr. improved. We must recugoise State, he had lo lake into which meant there were now He believed that free market 



V .’ • ■ ■' . - 

Callaghan had let down a large skill as far as possible.’ 

account the Assembly's view. 

only 35,000 people employed in forces were much more likely *0 

produce results than the “isola- 

K ; - ' ■ ; ? 

I FOR the ' establishment 

at the Institute of 

Dividend control reply puzzles Tories 




Fur three davs wc are prehenting Swindon’^ 
advantage an. a growth centre for Industry and 
Commerce at the new Institute nf Directors' 
headquarters, 116 Pail Mall. London SW1. 

Presentation open from 
10.00 a.m. to 7.00 p.m. 
Refreshments and buffet. 

THE PROLONGED guessing probe further. Mr. Peter fiordem interpretation on the words I Mr. Joel Barnett, Chief Secre- • 1 

game over the future of dividend (C. Horsham and Crawley i asked used. A statement will be made ta ry to the Treasury, said in a . 

controls was kept up by Mr. if ihe fact that there would be at the appropriate time. written answer. “None. A state- T * 1 - _ mwTjV Vwrnll 

Michael Foot, Leader of the no legislation meant that there “ A number of factors have to ment on the Government’s I If ftlrfl IX - .^V 111 

House, in the Commons yesterday would be no further dividend be carefully considered as part intentions when the present ■. 

when he came in for intensive control. nf the Government's general powers expire on July 31 will be • '/» . : 

questioning by the Conservatives. Mr. Foot retorted: “1 don't approach to counter inflation.'’ made at an appropriate time.” IT) CSTIV 

The controls, which have been believe there will he any ncees- hu said. Richard Evans. Lobb*- Editor, *11 €i mM Y JLmCUjLA 

m force for nearly six years, lapse si ly for fresh leaisiation. The Yet another theory was put by writes: Ministers appear to be • _ ' . . 

at the end of July unless the Government is still considering Mr. Kenneth Baker (C- St. holding back from a final deci- BY JOHN 1 LLOYD - : 

Government brings in snme form the mailer. But haw we could Marylebonei. He suggested that sion on dividend controls until - 

of legislation to renew them. make a statement lo the House, 1 as Mr. Foot had said that sub- they have further talks with the THE LIBERAL PARTY • has 

tionist ” . plans proposed -by -the- of fc- a -'pepartnaent. -et " Marine 
Welsh Nationalists. - Adairs -were rejeMeff- fayv .the 

The . real future for Wales lay Priipe Minister-, in the- Commons 
not in “grandiose” plans fojrther yesterday.- 
economy but in small businesses WEPs frbm botb sides .suggested 
that could react to ■ demand "and' chartges io' the; Way: prob- 
provide a Uving,;. ■ dynamic lems^tAnkeri-. disasters,, and oU 
■economy. • - v — . - ; . deveiapmeat are iafimtnjstered; ' . . 

r.Ai • ' 

Liberals will be tougher 
in any future^pa^?^r;"' • 

BY JOHN- LLOYD ' . -/ ” ' 

^4 np- .f 

HU*- j«r. 

fci. r ; . 


?f you wo^ld Tike to attend 



ai&mdon JR 

C0733)2S16L itfe 

topic. She asked again whether intended 
it had been decided that dividend matter. 

! limitation would be reintroduced. He a si 


the ing a new clause to the Finance might not renew the legislation the Scottish Liberal Party.' . . Conservative Party; jdn^t^wblch'. 

Bill. after July 31, but will warn com- It would be mneb tougher in “ deplores tbe. -idea - Jtbpt-^ihe 

irm Tli.-. lairlnr r.t -fha ttmiCd In 1H n3nip( th:it PvPiKciro ditiirlanil nm, c.h.a. aAO- . V ■■ 1 « ■' .V ‘ ' 


mb By GHH Is a leading engineering and plant construction groujj ; i. • 

** » world-wide. Its turnover in 1976/77 was approximately 

£ 3,000 m and orders in hand stood at £ 3,500m at the beginning of 1978 - growth resulting from the wide 
range of products and services. Of the 85,000 employees, 4,500 are engaged in the research dind. ;-.:-rr.’"v 
development of new products and processes. Over the past five years £ 375m has been invested in the ? 
current modernisation of its manufacturing shops. GHH welcomes opportunities to be a partner in clients* 

projects of basic materials and producer goods industries, the chemical industry, the energy sector, the 

processing and communications sectors, transport and traffic systems and for the civil engineering and building 
sectors. GHH plans, finances and supplies special industrial equipment and turnkey plants; It a!s.o undertakes 
contract research and development work for the energy sector; for space travel, materia[s,:;tfgnsport> , f 
environmental protection and the infrastructure, including logistics systems. In addition to being a producer 

and supplier, GHH offers a wide range of possibilities for co-operation in Africa, America, Asia, Australia 
and Eu rope. ■ . ' ;> y y : . |{ 

Guiehoffnungshutte Aktienverein- Press end Informations Dept.* EssenerSfrasse'D-4200 Oberhausen I • ‘ ' 



Hf e b 

th e 


: ft 



kabelmetai H schaucau 

The Financial Times 

. . -'f*. • f 

. r^tsijRr. 

Behind everything that BMW does lies 

hebasic aim to develop and improve.Even 
c xi.p (Upcf lias already p een achieved it cart 

,aL ,ft P r a lone and continuing career 

luxury cars. BMW is both unique and highly 

individual. We alone produce a range ot 
^ noiv ainno with what are 

StcS die best superbikes in the 

W ° This progression, and the use of power 
and imagination to improve the way andthe 
style in which we live, is essential to BMW s 
philosophy. It is something webeheve we 
share with those who own a BMW. 

316 - £4349. 320 - £5349. 320A - £5,729. 323i - £634* 

Motorcycle prices: R60/7 - a,eS9.Kmj-af99. 
R100/7 - £2,099. R100/S - £2,499. R100/RS - £2,999. 

All car prices include front and rear seatbelts,^ 
car tax and VAT. Number plates and delivery extra. 

■ Prices correct at time of going to press. 

t successful motor - ' share with those who own a bmw. 

xclusive range of high performance RMW rreate substantial advantages. Your BMW Centre will be happy 

For the joy of motoring. 

Ltd.. 9M Great Wert Road 3igntfwd3BddlwgLW-568M55^E^oANAroandPiplomafic-56rgALaiie^LoodOT^^j^j^£^^l 

The Property Market 



more respectful audience since 
omputer programs took the 
lace of the crystal ball. But 
be audience at St. Quintin Son 
nd Stanley s summer reception 
t the Vintners Hall last night 
light well have preferred a 
heeringly fictional view of the 
uture to the rather depressing 
icture of industrial decline 
ainted by James Morrell. Direc- 
or of the Henley Centre for 
’orecasting in ibs paper “The 
'uture of The Property Markets." 

Looking at property as one 
spect of the economy as a whole, 
lr. Morrell gave his impressions 
f the present and future sbape 
f the industrial world. 

In the recovery phase after the 
Second World War the Indus- 
rialised nations embarked upon 
n uniquely sustained period of 
apital expansion. Between the 
arly 1950s and the mid-1970s as 
ouch as 25 per rent of the total 
-utput of the developed world 
/as ploughed back into invest* 
lent to the point where, in Mr. 
Iorell's view,’ “we have now 
eiched a stage of capital satura- 

The Henley Centre is sceptical 
•f inter-government attempts to 
?ad the world economy out of 
ecession in the near future. But 

rhere is no industrial renaiss- 
ance on the horizon, at least the 
c-c hr. c logical re' nlution provides 
ome siimoier of hope. 

Energy-related industries, elec- 
vonics, aud chemicals all receive 

Mr. Morrell's seal of approval as 
growth sectors. And new markets 
opening in the developing world 
give him some . grounds for 
longer-term optimism about the 
prospects for economic recovery. 
But any future expansion will, 
he believes, depend Increasingly 
upon industrial efficiency. Aud 
as far as the property market 
is concerned Mr. Morrell com- 
ments that, "the severity of 
competition and the threat to 
survival will constitute a major 
incentive for industrial building 
investment in coming years, for 
the good reason that fairly pre- 
dictable and substantial cost 
savings will be attainable.” 

A declining population in 
Britain cuts the need for a net 
increase in the stock of houses, 
schools, hospitals and roads. And 
Mr. Morrell believes that, “ lower 
population levels will ultimately 
ease the pressure on land re- 
sources ” even if rising living 
standards result in greater 
demand for recreational and 
house soace. Taking account of 
the Tact’ that land prices will he 
influenced by the speed at which 
redundant huildines and land can 
be brought on to the market. 
Mr. Morrell anticipates that 
“ land prices may rise more 
moderately in future in relation 
to other prices." 

On specific sectors of the 
market Mr. Morrell believes that. 

In terms of dynamics there is 
littie doubt that the vital sector, 
offerics the best prospects for 

growth in demand, is industrial 
buildings.” Demand for office 
space, "will reflect the ‘keeping 
up with the Joneses’ law of fore- 
casting. Today's ‘best’ will be- 
come tomorrow's ‘ Norm Y* And 
to the discomfort of shop 
developers in his audience Mr. 
Morrell argued that “retailing 

accounts for a declining share erf 
consumers' spending. Therefore 
shop development offers an un- 
exciting prospect” 

Overall, he believes that there 
has been, “ a profound change in 
society in the 1970's.” Inflation 
accelerated from 1888 to 1976, 
and in that year personal taxa- 
tion also reached a peak. Now, 
•' both inflation and the tax 
burden are in decline and British 
society is moving gradually in a 
direction .of anti-bureaucracy, 
anti the corporate state, anti 
stale welfare, anti-bigness. 
Which may ultimately be re- 
flected in a more entrepreneurial 
society. In such an environment 
the gradual relaxation in infla- 
tion and interest rates is cer- 
tainly plausible and presents a 
scenario far more favourable to 
the property industry than in 
recent years.” 

Towards standard 

Financial Times Mday Jane 33 1978' 

-.y—- it is oust* by the accountants for 'invest* 

SuSSip* when“pp5ed Sent trusts under which, 
? wm* “realised and. unrealised. g_ain s or. 


tn nmoertv investment com- ’Teaiiseo 

^nSLaTL the BPF recom-. losses” are shown, “prominent^ 
panics, lnsteaa, the x* cum ... . ^ balance sheet— of in . 

THE BRITISH Property Federa- 
tion's consultative paper on 
property company accounting, 
published tills week, puts a strong 
counter-argument to the accoun- 
tancy profession’s calls for port- 
folio depreciation, But.there will 
be a few raised eyebrows over 
the BPF's defence Of capitalisa- 
tion of development - outgoings, 
particularly after the apparent 
lead given recently in the 
accounts of Land Securities, 
when the giant of the sector took 
Uie first step towards abandoning 
the capitalisation principle. 

The BPF’s report is the pro- 
perty industry’s reaction to the 

nfle-making. Accounting ' Stand- 
ards Committee’s decision last 
year— a decision impressed upon 
the committee by the leading 
English accounting body 1 — to 
defer application of new account- 
ing standards to property invest- 
ment companies until January 
1979, pending a full investigation 
of property accounting. 

The BPF’s recommendations, 
which are now open for com- 
ment from interested parties 
within the industry, provide a 
comprehensive pattern for 
property accounting practice. On 
depredation, the BPF argues 
that it is unnecessary, and, “in 

arepnts that quali-‘,' ; On. -thc, thorny-, .qaestlon.v of • 
fie? internal valuers should -h£ capKafisaBqn at 
able to cany out these yearly interest the .BPF^^n^^the 
reviews, hut it also recommends' principle th^. revenue, 
independent external valuations account ; ^should. aoraajfr. .^ bo 
at least every third year. . ; .-. rdieved <rfibe charge farinterest 

Provisions in tie new .ccoant- 

City in balance 

FORECASTS OF a critical under- fail review of the City market 
supply of City of London offices, for 18 months, 
and a consequent explosion in Ellis's City Accommodation 
City rents, are dismissed by Review, published this week, sug- 
Richard Ellis in the firm's first gest that the overall supply and 




- Balance Between New Supply &Takc. L 

I i i r 1 i r i ( v i 1 n 

1970 T2 

■■PirM {. Rn rt.ti r 

take-up of new offices will move 
into balance over the next few 
years. Although new building 
forecasts suggest shortage of 
prime modem offices in the 
central banking and insurance 
area of the City by the end of 
1979, there are no signs of a 
repetition of the general under- 
supply of offices that caused the 
dramatic upward surge in City 
rent of five years ago. 

Some 15m sq ft of new offiws 
have been developed in the City 
since 1960. But this supply of 
new space has come onto the 
market in three distinct phases. 

Between 1961 and 1969 devel- 
opment completions averaged 
800.000 to 850,000 sq ft a year, 
roughly in line with letting 
demand. By 1870 the supply was 
being affected by Government 
restrictions, and the rate of com- 
pletions between 1970 and 1973 
dropped to an average 400.000 
sq ft a year. As that fall in 
supply coincided with a strongly 
expansionary period for the 
City’s financial sector, rents rose 
sharply and new developments 
were initiated. 

This additional supply of 
space eventually flowed on to a 
letting market hammered into 
inactivity by the economic reces- 
sion, and rents, fell as much as 
40 per cent from the peak levels 
of 1973 as development com- 
pletions trebled te an annual 
average of 1.4m sq ft between 
1974 and 1977. , 

Office space available m the 
EC postal districts of the City 
reached a high point of 4.3m sq 
ft in May 1977 and has since 
fallen by 63 per cent to 2.7m 
sq ft. Encouraged by this 
revival of letting demand 
developers have reconsidered 
City office schemes, and Ellis 
forecasts a development com- 
pletion rate of around lm sq ft 
a year until 1981. A further 
1.25m sq ft might be completed 
within that foux-year span, but 
Ellis doubts if there will be 
sufficient letting and rental 
pressure to justify bringing for- 
ward these schemes. 

On the other side of the 
equation, letting demand is 
expected to ease slightly from 
the historically high levels of. 
the past winter, and the firm 

“sTtS ^ioSxn 


also challenged and make- a «Uwefatenf transfer 
hi 8 *??!*?? Tt 0 fftBte that unrealised reserves should 

man/ be left to the individual com- 
pany R ar^ that properties : 
olF ranltal Surpluses- should. -Cease to. be; treated as 
KSrtoldere, thesectorshould developments ^the eariiest of: :• 
be granted the exemptions' made the date .of full letting, .when • 
pe gran eg ■ - income exceeds outgoings, or two ' 

" . . ' t_fc_.IT. between 3,16618 kfter practical comp?* 

anticipates a take-up of Between f the- building. - 

2:75m and 3m sq ft this year. , ; 

After allowing for space re* Copies of. the proposals-. are 
leased on to the market by firms avaijjible from the BPF at 35 
moving from old to new City. Caihenne Place, London, SWL- 
offlees, the projected takwip rate ; • v ".' 

falls back more or less into ; - 

balance with the projected new AN TS-month-old question needs 
supply. ’ answering at . Percy Billon’s 

This move towards a : balance annual toecting today. Share- 
of supply and demand for .office holders of the industrial-property 
space still leaves a sufficient SFoup -need a - straightforward 
amount of unlet office accom- explanation^! the reasons for 

modation on the ' market ; to; 13 

prevent any wild upward move-. Decenmer -1976 . of -the former 
meat in City rents as a whole. maMgmg toctor and deputy 
But with just 3m sq ft of ^halrman^Bryn,^ Turaer-Samtzels-. 
speculative new office develop- .Smce . that., time . a disturbing 
ments due for completion in the '“ 0U 4 ot innuendo 

next four years, Ellis forecasts groups unage. 

sharper rental competition for Veiled- tents of management dis- 
primV space, particularly in the V*teaaad management succession 
traditional banking and ihsux- problems; which foflo wed the 
ance area of the City- '/•.• . s 

anre area of thTcity “ - octogenarian Percy Bilton’s 

anc^ area of the City^ ' decision to . fake back- the reins 

There is just 500,000 sq -ft .of seem unfounded, and stand at 
net lettable new space due 'for odds' with the group's talk of Mr. 
completion in thi s inner financial Turaer-Sainnel’s “ gross mis* 
area before 1981, and that is 63. management” of Baton's hoiistog 
per cent lea then the take-up of 

development space there over the . matter, and an opportunity to bin 
past foujr years. the- rumours once and for all. 



K) for Industry 

* 1 * 


Warehouse premises dose to King's Crass 
16,375 sq. ft. 



New Single Storey Warehouses or Factories 
13.500 sq.ft, and 6.450 sq. ft. 



Warehouse/ Faaory Units 
to be built from 3,000 sq. ft. 


Industrial Estate 

12.550 sq. ft 

New Warehouie/Factory Unit 


Prestige Office & Factory 
105,000 sq. ft. 

□ 16,000^ ft. . ^ 

□ Modern single-storey unit 

LEWES, Sussex 

New Faaory/ Warehouse Units 
3.8S0 sq. fr.- 38.000 sq. ft. 



Client's urgentrequirement 


3.000 sq. ft * 100.000 sq. ft. 
New Factory /Warehouse Units 


4.350 sq. ft.- 8.700. sq. ft. 

Factory /Warehouse 


King 8- Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 
01*236 3000 Telex 885485 
Manchester, Leeds and Brussels 

Central Location rf. 

□ 6,000 - 8,000 sq. ft. 

□ Modern single-starey 
warehouse - : 'VJ 

^conditioned § : ■ ; k::;|g§|i 

»nal i t y S| iecif icaf ioi 

^ C 'W 



Urgently Required by Industrial Concern 
To Develop a 70.000 sq. ft. Factory 
Details Please to Retained Surveyors:— 

1/3 Ashbourne Parade, Ealing, W5 
998 2711 

;'-1ao McDOuginl 02T-30Q7136\ 

industrici iqcati'ans 
J fn/brmaliem set yfee 


KSeft ffluJlarTcis 

. , , v , : 

Jo i n t Sole 




r ' 

6,100 Sq.Ft. of Offices 
5 vacant Flats 

Freehold For Sale 

Sole Agents 


Chartered Surveyors 

Joint Sole Agents 







Estate House 
V. London SW1Y 4UL 

90 High Street. Dudley 
W Tv'idiands D ft IDE 
Tel: Dudley 59541 

Property I I 

at the touch of a buthm. 

Maidenhead, Berks. 

Warehouse + OfficesTo Let 53,000 sq.ft 

London SW 19 . 

Warehouse 4* Offices. Lease for Sale. 
10,000 sq.ft 

WmchesteTjHants. . . 

Factoiy/Warefcouse with potentialhigii 
office ewiit^nt For Sale or ToLet . 
44 ,ooo;sq;S. J - _': 

Southend-on-S ea,Essex. 

Factory Premises To Let 17,095 sq.ft 

Factory^- 1 Offices oH4 acres 
55,4 37SQ&-;. 

Bury St Edmunds, Suffolk. 
Warehouse Units to be built lb Let 
7,000 - 3 7,000 sq. ft 


Factory/War^aouseBufldin^ forSale." : 
16,800 sq-ft-f" 29,000 sq.ft 

Industrial Property Department 

33 King Street, London EC2V SEE. 

Tel: 01 -606 4060. Telex; 8S5557. 

Industrial Pnverty 

One (rf the ILWCoraputon Services 

r*~ vy« „ 

i m. ‘hi 

k\\\« JlllJMiW . 

. viwri*r 

Chartered Surveyors 



i!U ns. 

STWljItt H l 94 toi ti (It 


1) National Charity Headquarters 
Approximately 30, OOOsq. ft. 

Central/North- West London 
Freehold or long leasehold 

2) Self-contained office building 
6/8,000 sq.ft. 

Close to Law Courts 

3) Office Sites/Refurbishment Propositions 
Central/West London or Suburbs 

Any size considered 
Freehold or long leasehold 

4) Industrial Sites/Refurbishment Propositions 

London and Home Counties 

Agents retained if necessary. 

All details tO: RefcP.LLorP.S.K. 

01-930 1070 

Estate House, 130 Jermyn Street, London SW1Y 4UL 

■S *, Zi?* s . T ■ 

| — .M.- * ' -'•' cl 




7 )^ By Order afWilliams&Glyns Bank Ltd. 


Freehold BankPremises 

101/103 Baker Street, 

a si. Loncbn,Wl -*q| 

Of particular interest to Banks, 
Building Societies and similar users. 


on Wednesday, 26th July, 1978 

at 12 noon (unless sold previously) 


Preliminary announcement 


with outline planning consent 


offices, shops, residential and workshops. 

71 SouthAudley Street, London Wn bHD. Teiepnone.u 

One of the best distribution centres in the South 
West where the company you wH keep 
Wool worths. BOC Transtueld, NatWest Bank GEC 
Osram, C& A Modes, and many other famous names 
on theexisting Patchway Trading Estate. ^ 

Your connections are Quarante®** temgsmtat 
n i y three Quarters of a mile from the Bristol wty 
boundarT andSose tothe M4 and M5 motorway . 

SuSKUe constructed to a high specifi^m. 

wM 22 ft 

ISfficeS'Further information, from the joint agents. 

A Development by 

j. T. Baylis &Co. Ltd. 


onppw SficeS’Furthw taformattoi? from the join 

with the rigm ■i'gsi, 
connections . Uxv— 


Trading Istritt instol 

Vterehojj Units 18.300/50.000 sg. ft- _ 

Langley Slater & Co 

gGordctSt Uendc-nA~K9TG.Tr. 



7C Je-n-yrn U -v»oo SW1 Y SPC. W 01- WU 1C*> 

Chartered Surveyors 
75 Grosvenor Street, London WlX 0 JB. 
01-499 0404 Ttelex 8812560 
and in the City of London -Kensington -Hyde Park 
Little Venice -C helsea 

Newcastle upcnTyne 

Ground floor 
Showroom premises 

in superb City Centre 
location with 

car parking 

Unique opportunity to acquire a 
freehold property in the centre of 
Newcastle upon Tyne. Immediate 
occupation, (with office premises if 
required) in Renaissance style 
building with basement car parking. 

Also available on lease. 

Write or telephone: 

F J Hutchins. F.R.I.C.S.. Managing Director. 
-Wingrove House, Pontelarid Road, 

Newcastle upon Tyne NE5 3DP. 

Telephone: (0632) 866811. 

'• 'y r ;$L^ •-*' 

m /' 

TK!!|I| IHK* 

US I - 1 

te ^ -7 , 

"SB ■ : 




^four company 
will be in good com 

at Antfadin House 

Queen Street EC4 

19,830 /q.fL TOUT 

Freehold may be available 

Joint /ole agent/: 

Antholin House is a self-contained office building 
•situated at the junction of Queen Street and Queen 
Victoria Street which demands attention from any 
organisation requiring representation in the heart 
of the City of London.The buijdinfecompnses 
a pproximatelv 16.000 square feet of open pirn , . 
air-conditioned office accommodahon together ■ 
with 2.SP0 square feet of lower ground noor ana 
basement storage.The pound Moor, ' 

which is approached direct from Queen Street 
is ideal as a Banking Hall Manrfon 

Bank of England ! House 

The amenities include the following: 

■ Air-conditioning 

b High-speed 10-person automatic passenger ur 

■ Fully carpeted office floors 

■ Suspended acoustic tiled ceilings 

■ High level intensity fluorescent lighting 

■ Scar spaces 


siiinuiB niBsm 

9/10 Fenchurch Street London EC3M 3BE 01623 6644 

~ t '-| 



‘ I 

and postlethwaite 


^ Weatherail 
Green & Smith 

Site for Retail Store 

l^ncance,LorrwaU ...... 

Penwith District Council seek an Organisation whichwiH 
carry out a major town centre scheme-for a retail store 
andmulti-storey car park on a prominent comer site* 
about 3.557m- (0.878 aciahn area. 

S£SCe"nt ^ ** Oth0W Wh ° m3V h< L 

!At7SSS! h th. Urn instance, .0 re^r thev interest - ft 
The Chief Execuirve, Penwith Oisuttt CouncM,. 

Si. Clare, Penzance, Cornwall TH' 183 
And to seek 






24 Austin Friars, London EC2N 2EN 
Tele pho ne: 01 -638 901 1 

l,. i 

T‘ : Cm 

Richard Ellis 

WComhi^^ondonlcSV 3PS.Tei: 01-2S3 3090 


Site— 2i-3 Acres 

Factory 50,000 sq. ft, 


Chartered Surveyors 
1 Snow Hill. London, EC1 
Telep hope-01- 236 3000 Telex 885485 
Manchester • Leeds ■ Brussels 

warehouses cfese to M4 Hi 
Uni ts 8-67000 sqft i nc 9,00 0 st ) f I offico 


Ground Floor 

With Offices 
Heating, Close Tube 


Chartered Surveyors^Property 

Mlllll HSDNS 

'43 STV 

> ST.- JAMES'S®?! 
T€ LE P H O N E : • O'J. 




3 t roams, wuni. f&F «r ™iulition.n*. 
c.'h.. lujh ceilinw. Silo S7 *; 4 °°; Re '2 t 
S«>00. Write 27 West SSih Street, 
Apt. 84. NTC 10019. Phone 


Rate: £14 P*r single column centimetre 
For further details contact Diane Steward 01-248 5284 

Required by : 
The Association pr 
Anaesthetists . 

2,000 - 6,000 sq- «■ 

Borough S.E.1 Offices 

Offices/Workshops To Let 

10,000 - 12,000 sq. ft- 7,850 sq. ft. 

To Let 
500 sq. ft. 


Long Leasehold 
For Sale 
14,200 sq.ft. 

New self-contained 
Office Building 
To Let 
7,500 sq. ft. 


Next i the A1 
Orton Southgate 


Extremely well fitted factories available singly or in multiples 
of 3.000, 10,000 and 20.000 sq ft in ideal location, with superb 
connections to national road system. 

Offices included-Ample Gar Parking 
All Services Storage Compound 

Large pool of focal labour. Housing guaranteed for existing employees. 

Ring John Case, Chief Estates Surveyor 


orwrite - Peterborough Development Corpora tion.PO Box 3, 

Touthill Close, Peterborough PEI 1UJ. 

Crescent Road 

■ ■ ■ Vv- * 

H .A 1 ' 

Tit nlirklge Wells 
16,850^. TO LET 

C • ■ ‘ I r >tv. < ! r i! "1 ig li 1 t.ifinys ■ 

^ ^ ent rat • :{■ 

ib'-’jgj; " ; v - Prestige enrnnce-h;i!l.. • 
t '■ - Jn*]*, L F toiled on^very floor 

|| t; On- site.ear. parking.. _ \_ 

r . v mmm — . m ****.***—**,™ 1 1 ■■ n ■ .»n.n ■ B '4SBiejiails frcm'^ - J ' 

V , XI Healey & Baker 

re, - 'V - V ^v\ . ... ... -> ' . ‘FJK * 'rEsab. : *e.1 !Z2Cjr LonJai _ , ", 

• i_Y ’ ?, ' * ' ’ ‘ ■ 2^St.G*oryfrStrf*<it,HarKiv«rSqu«rp r 

-4' ' ■ - > :*U,ndonW1A 3 BG - 01-6^292-^ 

I-* 1 ■ * 



SITE AREA : 23,000 sqft. 



f 2n3«s^vny CEPJT- STR E ET 
'GI®iSGdwI;-’^-{3 2 '5QH; 

S 32 S j 



Rime Air Conditioned 
Office Building 

11,255 SQ.FT. 

Every amenity inc.Car Parking 


Jrr^yi5 lt: ^ LONDON VV1X 4DD 

PARTNERS 01-493 7050 




Prime Shop Let to Multiple Tenant on F.R.I. Lease 


Joint So to Agents: 

Burrows & Day A CLOKE & SONS 

Chartered Surwron ,Sl G,bncl5 HiB * Miidswne 

40. Eirl Strce-. Mi'^itarte Tel.; 0622 5391 1 and 51252 

Tel.: ( 0»i 22 i 1,74435 



Welsh potential 

"With, its large, multi- 
skilled workforce, proxim- 
ity to major markets and 
nation ai/tnte mational com* 
muni cations networks, this 

progressive Welsh county 

dominates the north-west- 
ern development scene. The 
news in Clwyd is about 
sales, not strikes - and 
it's a great place to live, 

Talk to us about the 
low-cost sites and factories 
plus extensive financial aid 
available to incoming in- 
dustries - we’ll make you 
a deal you can’t refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Clwyd County Council, 
Shire Hall, Mold (tel. Mold 
3121) lor free colour 




APP. 20,000 SQ. FT. 


BOLTON 23171 


Agents on the 
takeover trail 

COMPETITION FOR prime shops 
is forcing surveyors into the 
takeover business. . And the 
agents for both Harris. Carpets 
and the Owen Owen department 
store group have just lined up 
corporate acquisitions, as part of 
their clients' . search for adeti-. 
tional shops. ' ' . 

In a £2.3 m deal, Owen Owen, 
advised by Conrad 'Sitblat. has 
bought Suters Limited, a family 
company with stores "in Slough 
and Uxbridge. The Liverpool 
based retailer paid cadi and un- 
secured debentures for Suters. 
and takes over a 60,000 sq foot 
store by St Martins’ Qiieensmere 
Shopping Centre in Slough's 
High Street, and a 30,000 sq ft 
unit in the pedestrianised section 
of Uxbridge's High Street oppo- 
site Town and City's shopping 

Harris Carpets' takeover gives 
the group its first Scottish out- 
lets. Harris, advised by Smith 
Melzack, has ‘ resolved-. ’ an 18 
month search for Scottish shops 
by acquiring 3. Ross and Com- 
pany (Carpets). Harris paid 
£450,000 for the company and has 
taken responsibility for debts 
which take the total cost of the 
purchase to around £lm. 

J. Ross has 26 shops in 
Scotland — which wall continue to 
trade under that name — and a 
further 5 in the North West — 
which will come under the 
Harris banner. 


A 5.7 PER CENT initial yield on 
the British Broadcasting 

Authority’s £142m purchase of 
the 145,500 square foot SL 
Catherine's House office blots m 
Kingsway. WC2, looks like 
another indication of fund man- 
ager's judgment bowing under 
the weight of investable funds. 
But it isn’t That yield, based on 
the Department of the -Environ- 
ment’s average rent of £5.75 a 
square foot, looks ahead to a full 
rent review next March and_ to 
further five yearly reviews until 
the end' of the'- present lease' in 

1 m. ' . : ■ 

On that basis the purchase, 
from a Brandfs-led banking 
consortium through Jones Lang 
Wootton makes considerably 
more actuarial sense. Knight,. 
Frank and Rutley -acted for the 
BBC fund. . • 

« ' ' 

IBM HAS paid around £3 a 
square foot for 58,260 square feetj 
of Commercial -Union Properties 
recently - completed 147 7 -000 ! 
square foot office development! 
at 54, Hagley Road, Birmingham. 
This first letting just below the 
initial £3.25 asking rent leaves 
joint agents Jones Lang Wootton 
and Edward Rigwood and Bewlay 
with the scheme’s 88.87S square 
foot, 17-storey tower to market 
Weatherall Green and Smith and 
Ralphs and Janes advised the 
computer group. 


Friends Provident Life Office 
have now let their 18,000 sq- ft 1 
Spacer Honse refurbishment on 
Wilson Street, EC2 to BP Trad- 
ing for around £6.60 a sq ft. 
BP was advised by Knight Frank 
and Rutley, and Richard Ellis 

acted for the refurbishers. 

(K - ‘' i/M 


& * -Hr 

Grand Metropolitan will un- 
veil the results of Its £lm 
conversion of The Ritz Hotel's 
former Grill Room and down- 
stairs bar with the opening 
of The Ritz Casino next 

Grand Met has set up a 
separate subsidiary to 
operate the casino, and has 
negotiated a 21-ycar lease on 
the space from the hotel’s 
owners, Trafalgar House. 

Trafalgar, which paid just 
£2. 75m for the hotel in 1976, 
and which is reported to have 

Trevor Humphries 

ignored countless higher 
offers since then will now 
have the Casino trade to far- 
ther bolster Interest in the 
four shops it has built into 
the hotel's Piccadilly colon- 

Letting agents Healey and 
Baker have signed np tenants 
for two of the four 500 sq 
foot units at “ Bond Street 
rents,” when shops of that 
size can cost around £50 a 
sq foot. • 

3 B 


, . 

-** 1 * 5 ' 


1 Within minutes of the City and West End 
I Close to major British Bail Underground Stations and 
Freightllner Depot 

i Excellent loading and parking including covered bays 
t Roof Car Park of 23,500-sq. ft; 

I Concrete Floors © Up to 16 ft. Headroom 
I Ventilation System © Gas Heating 

> Sprinklers, Fire Alarm and Fire-Fighting Equipment 

► Electrical installations including Fluorescent 

1 Joint Sole AQems 


13 Savile Row. W1 
Tel: 01 437 DUS 



JEauteA&siL* -Sunmn-Vikisi 


TIilfHonKnicaiLucaLaniloaN P STOTdejr: 2 v 9 lt>l 

Just the tickets 

20 minutes from town . 

Refurbished Of flc^ 1 

12,500sq.ft ToL^ ' 

v :: e 25 Car spaces: •/ > 

; Central Heating ^ 1 
Bprestige Entrance Halli^' 

•■Suspended Ceilings "T ir Mi a || Ua, . C a 

• •.-■Integral Lighting ^ . lUl llclII nyUOC 

M G^enlsmrth °1'^5 6944 









iQUO ou 

ODDOoi 8 jP^QlS OCOli 





A period building in a prime pcsiUon 
on 6 floon Md In need of soma 
owdcroiudoa. consistiDg: 

Approx. 2.000 sq. ft. Office Spec* 

2 Residential Units 
Full planning and building consent 
available. Potential for redevelopment, 
resale or long term investment. 

FREEHOLD £32,750 


IV. Onsbam Road; Brighton. BN2 1NB 
TcL 0273 6M9V7 


1^58 SQ. FT. 


to Let 

£5.73 per sq. ft- ‘ 

Lift, Cent./Htg.. Carpets •. 
Joint 5ole Agents:— - 
01-222 1324 
01-409 2199 

Office Building 


(off Bedford Square) 

Vacant possession 4.004 sq ft. 
Funhcr 1.600 sq. it. let 
Central HeatinK 
Ground Lease 42 years to rm 

M, Party Prance, S.W.L 
01-222 1324 


With Extensive Accommodation 
Prestige Positions and Period 
Details From:— . 
20, Bridge Street, Northampton 
Tel: 32991/4 


20,000 SQ. FT. 

May be divided 

Cotton Commercial 
01-543 1231 

Our new office llit h now available 


Modem Hetw suKaMe For Contowe 
Centre. Offices, small Hot** or 
aatinulns in Private OcomaUeo 


- BUILT 19U- 

BrealbUMzur UD-aad down, i 

the Laire -■ . • 

Larse Boathouse and Dr y Dtx* - 
■ Mi Acred of FfeMs.Wd W«»;v 
- ' v/oodund; 

4 Bnrertalnliw Rooms, Jj Math B gd- 
mmru . 5 BlltbrOOIfiS'. 5 PMdW 

Auction— 29 th Septemtar, 3921 ^ 

Loadden & Cook, m Fountain Street? 
Manchester M2 2FE. Tel: OBWBa SBSi: 
Atip HKb eison & Comparer., Late: 
Road, Windermere, LA23 9BJ. Tel:, 
1 99662 > 2281/2. : ^ ' 


x Business flats available ’- 
together with accomioodktkm 
call 0272 34563, or write;tc> r T 


1 Harley Place. Bristol S. V 

r< vi; f i ife 1 5^%tT iTiaF'M 

iTTs a tTTjjfj n n q n 

« 4*2 erffe 



50,000 sqft W; 


with car parking ^;- 
:;n ; the^^ 


.'V HammerenTNi* 1 ^}.' 

Write Box T490?i^;: 
,• : - Rnancial Time '. . *' ’ 

M, Cannon Street,. EC4P4BY 


•important : 


'V::~ '- '4r, '&77 J A«w -If-V 
mile .Spiith .of the City _ v 
off'Bermondsey 'Street.*'- - 

: - Alt; ^riguf^es 7 to: - 
Sheep. Street^Welllngboroagh 
r : ; ;(Q933j^ES29j : . 

." tit ACRES iApfmnty y 

: ; : LAND~AT>„;>i 


'il jtkttJiiof Buk ' ; ‘ 

3 c ti ikid. app iVral For.,] 90 unit*. 
AUCrreN'It&a’jULT. i97B : 

previouily) - 

, .- :; ^< 0373 .) 4541 



Wanted, unprodactivev derelict 
land, mirtiholfl^quaj:^ 
for jreturrf. td\gncuhuraliise r 
lease or freehold purchase} ' 

~i ■ ' w -' 

Financial Times; 

10. 0.hrwm;a«e«?EC4P 4ST^ 





Located directly on the beach , and uifra-^aStaL' in the inost^rh^giouB areak'hn'^^: 
Florida Gold Coast Luxury 2 starey^inj^e.i&mily 2 or ff-hedroouL ! 

yards and garages, with occupancy in 78 at intreductory. prices from. fTO.CKWj^ylm^iaFt-: 
gages available. These units offer future, ^capital, appreciation and: W^wi^>as?fefe , ffi 
off-season renting. For brochures, information telephone- the Ff^ideot w5t% 

20 years experience of building zrumy-.liwusands of liomes. Charles Waison, 

01-235 8050 or write: '• i‘ ■■' ''■ • .: . y f z* 

Peel Properties Hillsboro Beach ahd Yacht Villas lne. r 

1194 North Ocean BlvcL, Hillsboro Bieach 33062 Fla. U.S.A. .V/.- 1 - . 

20 Storey Office Building 
six years old, six levels, garage 
space 500 Cars. 

Gross area 050,000 sq. ft 
Net returnable area 
837,094 sq. ft. 

12.5% eash flow on down 

Price: $35,000,000 total price 
less $ 20 , 600,000 credit for pre- 
sent Mortgages = $14,400,000 
cash down payment 



TbI: Itm 277 7746 

Offered: --.50% parlicipation in development .7 

Plantation Bosine^Ckmpus - > 



AppraxlnuiBly 45.000 square 
tout wtm subsamis on-eiie parking. 
SultaW* lor offices, warehousing, 
indusrtal.- man order. Muesliona}, 
recrtnllonal. wholesale cash 
end cany users. 

Fully uvf-Gonufaeq vriih 
central heating throughout 


MasoaOfien& Partners 

rSVKE5:iUfllERHOU5£ : 


lcyton,01dham international 
L ancashire property 

220JOOOsq.fb. ™ S£urveyappeare<lon 

(May divide) ^ n J «n. 

'retwpB m a T id ^ yDU wou,t * reprints of this 
JHLAEa& ia l JM survey please write or 'phone: 

QRT0LST Terry Druce, 

1 ml Ip AR57M « Financial Times, Bracken House, 
1 m I e MQ Cannon Street, EC4P 4BY, 

01-248 8000, extn. 7196 

Joseph C. ^Canharo /interests, the successful devetaper of &e 
Canal Place pr&ject - (costs US$ 500 nnUfijn)' - his • receiltfy 
started developing R82 acres, rioae .by the. JSisisissippi, 
Bus4ness ; _Rtfc. r .- 

Projected^ indnstry, office-’ -buifiiingi -an^ shopping 

centres. iHstence dowatown.Tif ew -Oil eaxis : Chra 20 iaixiatbs; 
to Intemati«uti Airport S mimrtes.- ' --- r v - - « ■ r ' . ; . .y, J 

Cash investineitr US$ 75 million - ■[> 

Uocumeiiid^ah '■ an~ request obiaindble frmnr -■ . '• 

± j^RHGN; PttOjERXIES B.V. r . v 

.; o -BCt . BOX 70QO\ - ’ ' v^V,’ -J - - v:' -' 

- JOOT TWA jAiusterdnxn 


' / ' ; -v: FOR- SALE. Vr 


j vp- H*1J of SJJOO wj^ki. -' -r 

' ‘ v O Mlrihh* (&»qfing_9i J -SO .lonr Soiib <rf Writ . *-1 ‘ **■ 

" A t ^«n 25',000. »un. tia9 entirely; andoMd 

s: r zf--. ~ Writ* to.- — • - • . 

Mree 7S3S9J? 




Uh - N 



‘5 ? 

.A..*, v i.‘ 




Analyser meets many needs 

Guides would-be 

micro users 

WTHT MAJOR interest, both 
industrial and political, focused t] 
at the moment on the micropro- ii 
cessorand the intricate memory t 
chips '.’which serve it, the a 
Electrical Research Association g 
Is seeking to draw attention to 
the protracted study it has been s 
carrying out on behalf of some r 
50 sponsoring companies on j 
what if takes, from the user side, i 
to make sure a microprocessor ( 
application will work. t 

Two. sections out of the five- ) 
part study, which began nine , 
months ago. are completed. They ; 
cover the economics of develop^ , 
ing systems and a study of , 
development ' systems, with an" ■ 
analysis of available software to , 
come. - 

This will be followed by 
examination of the integration 
of hardware and software; a 
study of quality assurance as 
applied to outgoing systems and 
software and an examination of 
what designers could come up 
against in the field— high current 
spikes, excessive heat and 
excessive moisture, inter alia: 

Completion is scheduled for 
a further three - months and 
additional sponsors can gain 
access to the wealth of docu- 
mentation arising from the ERA 
work for a £1,600 entrance fee. 
This may seem high, but it is 
a little' known fact that develop- 
ment costs . on a system built 
around a micro intended to 
replace existing discrete logic 
' can run as high as £40,000 simply 
because the cost of producing 
the special software demanded 
for efficient micro, operation is 
much higher than for minis. 

And it must be said that since 
there are. still not- enough train- 
ing facilities to enable engineers 
to move over to micros, there is 
a risk that development could 
go down the wrong path. 

Interestingly,. ERA re- 
searchers have found that a 
micro solution can pay off even 
in such low numbers- as 100-off. 
They have examined the options 
of custom-designed logic, uncom- 
mitted logic arrays, hardwired 
logic, programmable logic etc., 
compared with using the micro 
and the conclusions of this 
chapter will be of considerable 
value to any production manager 
“ who has a number of difficult 
decisions to make- in this area. 

ERA wants to ' continue its 
work, particularly along the 
lines of what forms of support 
might be provided for users of 
microbased products. 

ERA research staff see the 
, present concern with large scale 
: integrated circuit memories as 
i inevitable since the -more power- 
ful the memory, the easier it is 
t to program and" operate the 
i micro. And they are not 
i theorists only since they have 
. developed a micro-based cash 

1 dispenser for ' Scandinavian 
banking, a micro-based terminal 

s for a Spanish engineering group 
h to he used in supervision of men 
t voltage networks and a micro- 
o based information retrieval 
c unit for a UK peripherals com- 
y pany. 

2 Further details of the ERA 
d study from Cleeve Bead, 
is Leatherhead, Surrey KT*__ *5A. 

Leatherhead 7415L 


W- • •• 


Micros come i 
down | 

PRICE reductions of about 30 i 
per cent, and in some cases 50 . 
per cent, have been announced 
by Fairchild for its F6800 range 
of microprocessor products. 

The company states tnat tbe ■ 
reductions are the direct result 
of the major investment it has 
made at its manufacturing 
plants at South San Jose u* 
California. Tbe new fan h ties 
include computer-controlled pro- 
jection alignment, use of four- 
inch wafers, and ion implanta- 
tion: production yields have been 
- well above ” original expecta- 

^Examples of the new prices at 

the one to two dozen level are 
*6 77 for the CPU and £3.28 for 
the F8S10P random access 

m Mon? from the company on 
Potters Bar 51111. 

the trigger can be delayed 10to 
99,990 clock periods alter tbe 
event. Tnus. a “ window can 
Opened up on tbe operation of 
any micro or mainframe at 
exactly the. time point that the 
engineer requires. 

The company is also offering 
the MBA-1 Micro Bus Analyser, 
mainly intended for trouble 
shooting microprocessor systems 
in the field, and a number or 
digital circuit modules. , 

More from Microsystems. Duke 

, street. High Wycombe, Bucks 
■ (0494 41661). 

,'L. war hots up 

ESkVr’ - - •' snnivr: itself to the half do 

Feeding commands to the new spectrometer through a ke ? board. 



Non-crease linen 

WORLD LAUNCH takes place 
today of a complex piece . 
analytical equipment employing 
thi» ' latest technologies but 
aimed bv its originator, iht 
Philips company, at a muen 
wider range of companies than 
earlier machines of this typ.. 

Even small industrial oreanisa- 
tions will bo ahle to use the new 
X-ray fluorescence spectroTTioti-r 
a<i a practical analytical tool. »he 
company asserts, justifying this 
claim on the basis of great 
improvements in price/perform- 
ance ratios. 


The FW1400 spectrometer has 
virtually no manual controls. All 
its functions are pro-program- 
mable and commands are 
entered through a keyboard 
printer or a display unit. 

There is not one single 
machine, but a carefully chosen 
set of building blocks which 
permit some 50 variants to be net 
up. This provides a very close 
match of a large number of 

Improved counting electronics, 
fast-acting vacuum system, ana 
a new continuous-feed sample 

Automated castiter 

■ .... in tamiinal's flir 

LINEN is a comfortable fabric, 
but it is generally quick to 
crease and hard to iron. To put 
this ancient natural fibre back 
on the same footing as the easy- 
c&re man-made fibres has taken 
years of work. But now. Lintrend 
says it has found the key pro- 
cess to do this. . 

This process, developed by 
the company's managing direc- 
tor Dr. F. R- W. Sloan, can give 
a pure linen fabric the same wet 
crease resistance as polyester/ 
cotton. The treated fabric 
creases only marginally in wash- 
ing and yet retains all the 
absorption and coolness proper- 
ties which are the hallmark of 
linen., , . .. 

" The- explanation of how the 
process works lies in complex 

organic chemistry— what it does 

is to create extra links between 
the" long cellulosic molecular 
chains in linen, but without em- 
brittling the fibre as other pro- 

cesses in the past have done or f 
tended to do. They thus were i 
never really suitable for treat- , 
ing lightweight summer fabrics, j 
because of the lowering of a bra - ( 
sion resistance this would entail. , 
Lintrend, which, is launching 
the fabrics under the name of 
“ Elite " is providing two weights 
—154 and 174 grams per square 
metre, 91.5 and 114 ’em wide re- 
spectively. This is fl ounce .-.6 
inch, and 5 ounce 45 inch. len 
colours are offered and first 
sampling is alreatt^under way 
in the U.S. for spring. .19 <9- 
The Linen Industry Research 
Association of Larabeg, Northern 
Ireland, has made " an indepen- 
dent evaluation of tbe prpcess 
and will be. responsible Cor set- 
ting up quality control; stan* 

da For data' on tbe processed 
the product. Dr.. F. R. W. Slohn 
is on W-629 1618 at Lintrend. 
55A, Duke Street, London W.L 

MfR HAS a low-cost electronic 
accounting unit for all typra ° 
financial institutions, which can 
handle most transactions at 
cashier’s windows, including the 
nrinting of passbooks, ledger 
cards” and other inserted docu- 

111 Microprocessor-based NCR 225 
can operate as a f roe-si andtn 
svstem or can be upuratleil f - 
on-line communications and d.»ta- 
capture capabilities al a 

^Programs, which tailor the 

terminal’s function to the specific 
requirements of the financial 
institution, can be entered 
the terminal keyboard. » me 
terminal is on-line, the programs 
can he loaded through a central 
processor or cassette unit. 

Other capabilities include the 
calculation of inierest as a by- 
product of normal transaction 
processing. Also the new terminal 
can he used fur both front-office 
and back-office transactions. In 
addition, it can uerfurm positive 
pruuf r.f deposit at the teller 
station and automatical!) pro- 
duce withdrawal cheques. 

system give high measuring Jj 
speeds and sample throughputs. ‘ 
Internal temperature control 
permits the equipment to be y 
used in laboratories where there 
is no air conditioning- _ 

To simplify the incorporation £ 
of the equipment into existing ; 
laboratories or production lines. ^ 
the company is providing a 
universal interface so that the , 
user's own computer can he ; 
connected immediately without y 
problems. , 

At the same time, full soft- , 
■ware support is provided on the ! 
machine f or Digital Equipment , 
Corporation and Philips minis. 
If users wish, they can reduce 
outlay to the point where they 
obtain a ba-ic orintout of intensi- 
ties through ' a programmable 
calculator connected to the 1400. 

: At the cither end nf the spectrum, 
l tie machine can he linked into a 
1 company's central computer if so 
5 required. 

5 Though the 1400 has been 
1 designed with the metal- 
produeing and processing indus- 
e tries ’ n min[ J it is also ideally 
suited for mining operations. 
i ceramics and general industrial 
il application*. including such 
3 things a* Ihc determination of 
n wear metal- in lubricants, 
e Mar!:-?iir 4 and support of .he 
x equipmviii m Britain is hy Pye 
j. Urticant. York Street. Cambridge. 
0223 .W6fi. 

ADDING itself to the half dozen m 
or so companies already offering & 
logic analysers in the uh. 3; 
Internationa! of California says 
that it is spreading its win-5 
because by 19S0 the market for J* 
such products will have jumped 
from S50m this year to &S5m. n 
flkrcnrdinsly. it is offering its a 
products through Microsystems 0 
Services oF High Wycomhe in a i 
nri^f bracket spanning $3,000 to ( 
SS.OOO. . . e 

A major battle is brewing 4 
according to EH. for the in- 
creased market for analysers that 
will result from the diminishing 
use of nscillnscopes by the data 
nrocessine hardware fraternity 
and the need for quick and con- 
venient means of testing micro- 
processors. Before long, says 
the company. 30 per cent of 
the SfiOOm oscilloscope market 
will he replaced by logic 
analysers. . . 

One of the companys mam 
products is the model 1S50. which 
1 can deal with IS channels at 50 
0 MHz. giving it more scope than 
manv testers already offered. 

0 It 'can he set to trigger on an 
I- external event and then capture 
5- The data that led up to or 
y followed, thai event. Once cho- 
s. tured the data is read hack in 
il hexadecimal or octal form, as a 
h timins diagram, or in a map 
if domain diagram. 

Tip tn 51 n IS hit words can he 
ie acquired and the trigger can be 
■e generated the first time the 
c tri-'-er event ha c - occurred or up 
i?yiwa times after- Additionally 


0 Hewlett Packard is offering a 
new linear microwave bipolar 
transistor which is rated at nan 
of one watt and has good gain 
and efficiency up to 5 umz, 
Wokingham 7 84 77 4. 

a Miniature chrominance delay 
lines for colour television 
receivers are announced by Mui 
lard measuring only 3i x <•» * 
2S.5 mm. They arc designated 
DL700. 01-5S0 8633. 

O Intel has a refresh 
unit giving four bit resolution 
picture elements for faster scan 
CRT terminals. More od 0S65 

0 AMI Microsystems has intro- 
duced two fully static 4096 bit 
random access memories for 
> microprocessor applications. 
J designated S2114. More on 

1 31345. 

0 Low-pass and band-pass filters 
fabricated using charge transfer 
(“bucket brigade") techniques, 
made bv Reticon in the U.S. are 
being supplied by Herbert Sigma 
of Letchwortli. More on (Hb-b 

a Siemens is offering light 
emitting diodes of only 1 ntm 
diameter having high luminosity 
hut low current consumption. 
09327 8569 1. 

© transport 

Kennedy Tower. 

St. Chads Queensway, 
Birmingham B4 6EL 

the conversion unit can easily 
be fitted into any current produc- 
tion vehicle by adding a special 
gas/air mixer to the existing 
carburettor and installing a gas 
storage tank with separate pres- 
sure lines, a regulator, and fuel 
selector switch. No modification 
to the actual engine is necessary 
and the conversion unit can 
easilv be removed and refined 
when fleet cars or vans arc 

Since the system operates on 
pressurised natural gas. an essen- 
tial extra is a compressor instal- 
lation linked to the mains gas 
supplv. This can operate in two 
, ways’— either 3S a direct feed 
, line svstem where a number oF 
vehicles can be connected and 
filled directly, or as a method 
of charging reservoir storage 
tanks which can supply the gas 
■ already pressurised, 
f The running costs of operating 
r nn natural gas have been eare- 
’• fully analysed by American 
J operators who claim that a typi- 
cal 28-van delivery fleet would 
s provide a payback on investment 
r in two years, with a subsequent 
5, 50 per cent saving in running 
e costs. 

a Further from International 
16 ■> png ram* l ‘i!eh'' , '>nd ^oad, 
Camberley. Surrey (0276 20036). 

@ lbghteng 

Lighting a 

North Sea 

A DU AL fuel conversion unit de- 
signed to permit a vehicle to run 
on either natural gas or 
has been fitted to over 30.000 
vehicles in the U.S.. and proved 
to be a viable system, says Inter- 
national Gas Apparatus who is 
to m3ke it available in the UK 
on the conclusion of an agree- 
ment with the manufacturers. 
Dual Fuel System* of America. 

‘ Designed specifically for use 
by fleet owners and nperator^. 

MADE TO be installed speedily 
in any restricted space where a 
wide spread of illumination is 
required is a fitting called SKW 
Skeleton Strip from Linolile. 
Pier Road, Felthani. Middlesex 
TW14-0TW (01-S90 8142». 

A choice of pull-cord or push 
button switching is offered and 
thp white lampholders are 
mounted on a ready-wired 
aluminium spine. It coinprises 
a three-way terminal block to 
reduce wiring time to a mini- 
mum. a cable clamp, and a 
"universal” switching unit, in- 
stallation is by two fixing s^ews 
and it is available in four sizes 
to accommodate both 221 mm 
■ and 2S4 mm strip lamps in single 
and double lamp lengths. 

I office equipment 

Control by microphone 

BSSswasjS -SSTZ »" 

to cassette desktop dictation JS? whenSaproschlna the 
systems has been ca . , Qf a C assette or when there 

“Thought Station by Dictaphone a ne jn the recorder. A 

and is an executive desktop unit feature enables the 

with a hand tmcropbone and t0 be used for con- 

cradle. including P ; ference recording. - . j 

speaker. . Thought Station is compauhie 

The microphone Dictaphone’s Thought 

trols every dictation hinjtioj- ^dels 255 and 260 

recording, fast forward, revert machines and can be 

scanning and ^“Vuthor to connected to a recorder up to 

lndfixins ■ allows the ,* cn pAot awav. 

record subsonic tones ; on the phone Corporation, 120 

B«Bfigg5 £r 


New leasehold factories and serviced sites 
are ready NOW. 

+ Govemmentgrants are available and 
X substantial rent concessions may apply. 

* New motorways, fast trunk roads. High 

Speed Trains and modern docks link you 

* with all yoursuppliers and markets. 

★ New Town housing availability. 

Cwmbran Is one or ^^ m 1 ®^ 1 ° 9 ^^ C tton2ho“ ra 


l«t more Uiirn choice 

Folly serviced, leasehold si tea are ^ schools 

and Government eranMt Smw indusW- and 

jissaflsss-»'»-- today . 

mW gg B ssesss^'^^^ a,m ‘ 









boarding and. applications where 
it is either impossible or ^prac- 
tical to interrupt typesetting uni- 
put, is the purpose of an editing 
terminal by Itek. 

A screen displays keyboard or 
tape cassette input and l j»h 
parameters. By amply 
a button the operator can scroll 
through an 8.000 character hie. 
displaying up to 15 
at a time and makms edit in-. 
additional input decision at 
This means that any section 
of a job can be seleetedund 
viewed with a speed nnrmaUy 

■ associated only with f J 

s storage. Unlike some o'sc 

■ systems, however, the QuadnicK 
editing terminal, working Jj®® 

« tape ca«seues. allows j 

t jobs id be dupticated without re-1 

b search 3nd revise capability! 

3 enables the operator to ^irect ti e 
terminal to search for qau 

0 Siring change and correction 

k The change and correction l. I 
hiserted automatically without 
"■jany further instruction from th. I 

iBy^'establishing and sto r ’ n P 1 
[formats the terminal allows text 
Itn be arranged automatically in J 
anv desired layout-import an 

[where columnar or other diflicult I 

formats are concerned. 

I Itek Graphic Products ium- I 
I Itek House, Mora Street. London I 
I EC1V 8BT. 01-253 3080. 1 

More power 

ATKINS ON-LINE is the new 
name chosen for the or g an ’f“" , "l 
[resulting from the r ? cent c meI >“ | 
of Atkins Computing Servicts 
with On-Line Systems Inc a U.S. I 
I computer service bureau based at I 
I Pittsburg. Atkins Computing I 
1 Services 8 was previously part of 
I lie W. S. Atkins Lroup. 

I One of the first extensions of 
[services will take place very! 

I shortly when the Atkins On-Line I 
[network joins up by sate ^ 1 * j?| 

1 Pittsburg, allowing users to gam I 
\ access to the Pittsburg computer 
1 complex from fifteen locations in 
the UK and Holland 
I The combination of Atkins on- 1 
Line and On-Line Systems Inc- 1 
lin terms of resources and net- 
I works, provides a complex of I 
I more than 20 computers and an I 
1 array of communications units as j 
S as a network operating 

1 toougbouttheU S the UK ami 

I | in Canada and Holland. | 

1 The UK end will gam a great | 
I Ideal of power when delivery is I 
■ ' I taken in early 1979 of the first I 
I wo 256K word DEC syrtem 10 s. 

I I These will be based at Epsom m j 
I addition to the two Sigma 9 s. the j 
f I first DEC 10 becoming opera- [ 
I tional during the first quarter I 

[ The DEC 10'S will enablel 

Atkins On-Line to provide a I 

1 wider range of software as well 
• S being a vehicle for the 
development of engineering and j 
[lonerating systems software fori 

thlu.S market. Simultaneously 

they will also be instrumental in 
lithe introduction to the UK and 
Europe of th® management mfor- 

Hmation systems currently being 

J2 || sold in the U.S. by On-Lme 

Sy S S f?om Atkins On-Line at 

Uoumo^House 12 West Street.l 

[ Epsom. 03727 29678. 

Success brings Confidence. 

Pr oof: Our Record of Achievement 

1977 was another successful year 
for the Landesbank Rheinland-Pfalz. 

Despite very difficult economic 
conditions, expansion continued - 
a good reason why more and more 
people put their trust in us. 

As one of the large West- German 
banks we present last year's 
financial highlights. 

Extracts from the 77 Annual Report 

Volume of business 

Total assets 

Loans and advances 




Capital &reserves 
Fiduciary accounts 
Building society 
Profit after taxes 
Number of employees 

In million DM 
1977 1976 + 























+ 13.0 
+ 13.2 
+ 8.9 
+ 28.1 
+ 16.9 
+ 9.2 
+ 14.6 
+ 6.2 
+ 47.5 
+ 53.6 
+ 2.5 

If you wish to. learn more about us, write to us and we shall be 
pleased to send you a copy of our 77 Annual Report 


PFALZ We give credit to the future. 

LatdesbankRheinlMd-PIsI- - Gicozentrale - Mainz. K— e* Scb.en, Grossed 54-56, D-6500M^, 1^(06131)101-^^418.855. 


*->* -vv- 1-. 

' >A^Ti^^rv ^i^^'JSi^; :;?S y;jiv>4:; ^:; : :r- ^-j- 


7; T;r ;ii&rtW;i!fiM-?W?^;^p 

• y ’ ’ rs&^^SC- i jr*Z- :r-:ti 


his country. They are that foj accept, had wide and wild 

Bonaparte by Correlli _ Barnett he betrayed the principles of strategic visions, but not much 
Alien and Unwin. £7.50. 224 tbe revolution., and (b) he was else. Nor, so far as can be 

pages totally indifferent to the true judged from the gothic report- 

‘. , . _ , interests of France as a nation, ingg of his entourage, had Hitler. 

Mr. Correlli Barnett 5. study of well. there is something in each Barnett draws implicit' compari- 
Napoleon Bonaparte is some- 0 { ^ QS e charges, but they can* sons, not over-stressed, between 
. thing of an oddity. Not che QO j be sustained at the same him and Napoleon. As a rule, 
; physical book itself, which is ti raei Certainly Napoleon Napoleon may have operated 

well designed, splendidly ulus- betrayed the principles of the nearer the plane of reason, *but 

trated, and an example of evolution — though not always he too had periods of blinding 
accurate printing. All this is Q.,j Se rt f the Enlightenment and and self-deceptive optimism, 
what we have come to ex-pect tilt . Romantic Movement, of Mayhe without that fund of 

.from a Rainbird production such W hich he was the child and gambling hope neither of those 

as this. The ondity resides in became a symbol. He didn’t two would have been able to do 
the text and in Barnett s betrav foe revolution- for high- anvthing at all. 
attitude to h:s subject. He has m i nf ud nr even ideological 

almost no use for him at ail. — lita nitmui -*11 the purely military side. 

I, uu iiiu uureiy in i u lot y owe, 
, rea ^" S ’ 'L Barnett produces some convinc- 

Barnett dues allow Napoleon leaders who emerge from fne orofessionai criUcisms At 
a certain disreputable credit as nowhere, be was swept along bv “J J 5 ”® 1 1 ™ AStmSS^NaOT 
an opportunist politician. A* a the tide. But if he hadn’t H* T1 b “ t L as IS’t, 

soldier, though, he emerges as imposed on France an auto- SfSfSI' 

a slapdash gambler with only crL .tic regime, and so given h5?n«riSte« 

occasional flashes of military Barnett so much moral pain, the 

talent, someone who in the last countrv wouldn't have lasted ver * n,uch to chance. Early 19th 
war might have made a hit or long The England of Pitt and century war bad just reached a 
miss corps commander in the th C e arK industrial revolution, cnt,cal transition. It had becrnve 
desert. In other respects, as \™ a Russia of Alexander T. the Dot compact enough to be 

man and thinker. Barnett judges Austria of Metternich, were not governed by one mind. It had 
that he was superficial, vulgar, s0 sensitive as Correlli Barnett almost got beyond supreme com- 
third-rate. his chief accomplish- about the sanctity of revolu- m ? n t " “* the field. It was cer- 
ment being his ability to tinnary principles. It is desir- tamly beyond one mind alone 
rationalise, and so glorify, his 2 bi e j 0 recall rhe Holy Alliance t0 supervise the background 
own exploits after the event. looming just ahead. A genuinely w ®rk, supplies, intelligence, staff 

In fact, Barnett’s Napoleon is revolutionary France couldn’t easlertob 

about as diminutive and have been allowed to survive.- As ^ r ° u 1 ®S I1 ha „,; ad . h “ n . a f„S 
ridiculous a figure .is the for how. in Napoleons g | VS n Napoleon was the last „reat 

Napoleon in War and Peace It circumstances, he or anyone else Sinner!,, r rounder own 
is interesting to note that could have best established entire opera Uor i under his own 


■ . "Case two/romes after another 

Udy SackvtUe by Susan Mary death— this J tumlr of Victoria's 
. ATriii p. Weidenfela ach cloSe '"jBaeod, Sic -John Murray 

son, £&95. 275 -pages* Scoth 'aie '■ enormous /and enor- 

rj** ^ £150:000 leash-plus" objets ffart 

^nvincutg biography ««£* wotth £350^000. . His family are 

: SSEi 

ar\R Mnrimnns and tfww > »gKly sab was tme orthe most troqbie- 

^ j ety ^oobbdy Sold : . Meanwhile, beautlfpf; ■ .and 
fLili to " love her v!“ 5 briUUia daughter,- only 

- SSSyirt^liag . wrot^.: “ Oa JjggA 

S55£;% most w^erful'Mr- .lius^;, , Bang . JMtan. 

Slr\,v«%ver met" Susan f or - another.-* woman. . Violet 

StaAhS S ii^St ta inffS" TJtefusS:. : a 

of^Ddw?lta C ° n it ir ^ Sffi^h to cdmmejfts, ^ 

- maS^lelf-r^P^thSmde? butfor.a. womn-flifch^ycbeate 

rae aad/;try ; ^ hard to- under 

- it is an. «xtxa- stand.”4he wrjtesbeside a photo- 

hJSSTrtS' Bfth? of^te^^ amourouse. 

- viwnajy story. virmxio'Mnu- r-,„„ 

■ &££%*£ wia.Ms. wma** 

ASS’s xwted gasps of amaze- oi a- mad .wom^ho^.suKe^- 
- , ful mao - m to . apnaraln 

* "V ' ^ 

Barnett also takes a view of France in military or economic control. Berthier wasn t a chief 

Kutusov very similar to terms, then- has never been a of staff in the modern sense, bui 

Tolstov's: he may have been realistic answer. an efficient headquarters f l.B 

drunken. lazy, dissipated, but he Vet a good deal of Barnett’s assistant just obeying mstruc- J ! P\) 

was. in their judgment. br»tb accusation stands. None of The tions. It isn t surprising that g,\s V 

cunning and wire, and his ^rcat military conquerors seem there were so many loose ends. 

strategy was the right one. to have had ar.y conception of including, as one can see from 

Barnett brings strong arsu- what to dr. v.-uh tiicir conquests. Stendhal's personal experiences. Four Bossetbs: 
ments and considerable technical except to launch o.T into some a total lack of training for • Biography by 
skill to justify bis dismissal of more. Alexander didn’t have tjie armies growing into the traub. W. H. A 

Napoleon. At times, his con- faintest idea, nor did Julius hundreds of thousands, utterly pa^.s 

tempt gets too much for him. Caesar: it was left to Augustus uncontrollable by lsth century w . 

and he overstates, or confuses, one of the sparest and quietest administrative processes, or lack . f y “Jr" ■ 1 “ "P; 

" at her heroine’s unerriHff .to. separate 

: m fty te be the centre of dramas r °F e ffi ] other ^ 

Iw more able, on the other By then VJi^ris ^ fairiy mad 
'bfflj.d,- -to appreciate where; the . S ■ .. 

fairyttde turns to farce.- ;. - After ^.-wa^WMions- with 

^ her own -'hnsba^-... became » 

Christina Rossetti and her mother drawn -by Dante Gabriel Rossetti, an illustration from the. S4j»g.- SackyiUe- a. m loTOr' ; ind-4wr betoved?Kl»le 

7 1 Warr. forms a passionate lialson^ 

m / /j ~t ? /i sm >n / /V 14 already married Spanish JhE-fflg^-Sien^ Sir 

C . /p' I / y sSffS bv detpr oilPNUn I ■'- dancer, Fepita. whose- motfcer-ds - , r ^~ 

KC/ LslVlJl BY PET E « QUENNELL SdSther Just^ossBily' T 5 al ^^ r ^ Je ^ h ' h ^ *£?* 

. • • atiSpfmish duke but more f**®P 

9 n «rth> — I — 7T~. — i — real talent and eventually wispy carrot-coloured moustache a jwdlar. Fepita 
Bioeraohv bv" Shnw'u^n became a nun; while William and thin beard attested to the hirth, leaving five of -Xaow3’|s 2^.-^? ■ ‘ 

traifh* w h too developed into a learned man of frailty of his masculinity more .children of whom the second 'fe Qnerrqmaiiest ma vie-, was 

Christina Rossetti and her mother drawn -by Dante Gabriel Rossetti, an illustration from the 

book reviewed below. - . - , 


traub. W. H. AIIenT£5.95. SQ'S developed 

On Dante Gabriel and than 

overstates! "or confu"^," one of the sr^rest and quietest administrative processes or lack ft ISte Byron *»*«- ■ « ^^““fiabSir w5 Porous dT£-nTi^s“hU dStiSd^ “““ — - - : .»neD*er;,of ’ American 

For instance, he hrings of political geniuses, to create of me. w-fth Mm travelled neither a briiliactlr dis- lack of genuine virility? Some- ^At eighteen, she -is.: ^removed w 

in accusations against rim Unman Empire. Nunolenn. wonder is that Napoleon achieved FletcheranS his snar-ip' •- tioguished painter nor a richiv thing surely has gone, wrong from, the convent;, .told jg^rongest . on Ihe vSeyen 3W?rs 

i as a tolerable ruler of and this Barnett makes one so much. partner Bob SshtlS Tt fa Rifted poet he was one of thi ^re. ; fifeg^mate tor. ^Srsttm^d 

to create of same. Perhaps the chief le f f England for the last li:ue. Though Dante flabriei 

Christina Rossetti, however, a cruel and beautiful tori*. She is put into- a convent ‘Vi. 

spark of imaginative genius fell. . . . How can Swinburnes. In. ^arls and'.abasi-, . V^-YS 1 ' - 

iras one of the here. 

In short-performers cdl 

partner Bob Rushton 'but' hi* gifted poet he was one of the her*- . '-i ^ag%nate Jor the Lftst tipAirntf JSS5?3l 

private medical attendant Dr founding fathers of the Pre- Nor is Professor Weintraub -a to England- She.fa.ti|t^n 

- ,H - “ h - perceptive titerery critic. CM* »» tor .tint J^J52»t2SKJSJS2(S 

The Performers: Politics 
Theatre by Norman Shraf 
Constable £4.95, 213 pages 

and, bra id esher de votlomti VW****. .* 

Polidori. whom John Murray hod Raphaelite Brotherhood, and perceptive literary critic. Christ .uP-oy her aunt . tne-£Otmt»s.-or 

offered 500 guineas if he coo id sponsored a new mood, a new tina Rossetti was an inspired perpfc who decides tO'Sendher Sj®®* T * 1 

produce a day-to-day account of attitude towards the visible religious poet in the great Wt?** as bos * ess _55^ e £r£S er ' 

Childe Harold’s latest pil- world, in the history of English English I7th century tradition; SSL“?. 01 ^ thc BrltWl i ^ Illst ® r caSf 

grnnage. Polidori — poor de.*r art. and, besides her devotional verse, teWtehingtoo. r. - 

— — - surprising that there is so much and IT. and finally Callaghan *hnn!I> yd0 rrnTrr" W |wi?J eS r nt i y S v- Four Rossettis “ a study of she gave us “Goblin Market,” a . g ^ e j B bgn e pf many i> wH Vafawird riw rwh n avaUa^Wi^nd 

Performers: Politics as pr p S )5 Ur e for basic reform of the solid and homely for a drab l*, 0 ™? ..I?? nn ,™!? er the whole clan, and includes strang e s ymbolic 3^ s ] t^ iece halkf^receives 12 • proposals, mir Vwwiinft: ji^ffrimring: a« all 
itre by Norman Shrapnel. and fatalirtic aqe. cntcrnal nonsense and fracn.'s- ,a„taiip/i nnrtTaitK nf thpir friends that portrays the conflict between receives la- . PrpPP|««, — 

stable £4.95. 213 pages plate ’ r . shrapnel deals wiih them all. having proved Inrnler- alii^^usfa^ sJ^nburoe UmoTOnce and experiences one from the 

■■■— ~ - None of which, of course, in . rn L,_- „ n wit u a pa r |j am en- able; but before he left he had Tn!^f’ or between maidenly virtue and America and one. Cffot of . B qtas Vxe tera a gets o lder and 

Commons is shown off any way diminishes Normao ^ 0 f no years of British confided a significant note to his HoSao^ Hun? 1 ^TtitiSn J Bell dreams of sexual love-^ ft a R . ed ^J°J ia ^ 

n the British democratic Shrapnel's argument that the hi ^orv. witnessed from the Press diary. He was describing the and that ^oble figure torments a young girl's mind. SJfE? etSs^Ms^A^o^toln^too 

l when the country is con- drama has been hest acted out s3 i ]e ry perched above the party’s arrival at Ostend: “As a « J? aT *7°. tn owR The Professor makes no real Qdyer fathers pohticail disgrace, AwP^emadns too 

political personalities in the ghost-infested Gothic |;‘'^ r - s P ch ai r Oddlv though ^nn as he reached his room JS XI attempt to appreciate the wdiK's }**?>&*■ " ^ V - 

3 and ideology- does not theatre of the Commons. The not the. lions that remain Lord Byron fell like 8 thunder- n ° L wh r.m ° th elf °lffved— Rwf poetic value, but suggests that it yHer.v. father’s 6utnm/j tuTOs Sackvifle^West -dd«s it- better m 

sadly, none of these con- performers, to use the title of n , h £ mind the Churchills, bo* upon rhe chambermaid" ^ n^thpri, Jff p may have sprung from the poet’s .“&*«.*<> matter^ecause he her book Pe^to^the hfj 

. -NintinT,,,! rni-hmac hie tinmn.ikm.iv roartahio hnnt ir u . 2, . : . setts s pathetic wife, tiitabetii " i inherits Knnlp Park the • beaull- story of her Krandmother- and 

Shrapnel deals with them all. 

— None of Which, of course, in an d comes ud with a Pariiamen- able; but before he left he bad oTbetween maided virtue and ^America and one . (not of . -gar »■ viMerta ^ty^oioer aw 

_pe Commons is shown off any way diinioMni Norman tary sketch of 22 years of British , h Jf Hototn^ Hunt. Wiltiam Beli dreams of sexual 

poetic value, but suggests that -it a y 

roday, sadly, none of these con- performers, to use the title of * n ” h e‘ ‘mind *’ the ‘ Churchills. [ bolt- upon the chambermaid.” n rth«ric l Sp ,U |5ivs.iIwt may have sprung from the poet's Mft. matter because he her 

iitions obtain. National fortunes his compulsively readable book. Bevans Foots, but those two Apart from the brief part that s ^al Sdored bv Swinburn^an^ secret for her elder SSjSiivhJf. 

are at a low ebb. the nineteenth are of a less heroic cut than Jn g n i te iv subtle symbols of i he played in Byron's? life and hi : *_ * vE* sister, "who could not houso - Her hC^f^Y 1 ^^*-. ■■ ■ •' - -r. 

:entur>- is long gone, and Parlia- before, but then the story-line ^Vccptible decline. ' publication of an absurd Goth:-: ^"guessed at the intensity of *Mt..isa\so .Me'g.M her hand,'MA 

meat by and large is a pretty is less exciting. British politics MacmU i an P aai j Butler. [ novel The Vamjjur- .which much ,Si“nh!2i nf ^ repressed and unrecognised erotic S!® 

Ms. Alsqp' 

uninspiring place, peopled by has a remarkable ability to Rutter nf the round exores- • annoyed the poet, as niiinv '‘ ine - -« me cojeci r ms fueling which was subi 

rhe grey doctrinal armies of produce the man to fit the hour. sil}nIe 4 ’ facPi mast cr of the readers foil sure that he hiraa-if p^na^in^ DOt entire y transferred to her .. ? er , hook: 

g ^ ^ ^SgS^flgg MeSeSeK; ^ 

7 B S SSS3 ass 

fjf ^>2 "?>S S2ISS. SSJSVSa.SSSS •>. s not t mink,, good M» &nu^Z^V&** 

« wJiteh nV.i v Kaphaelites " CuBSums." and ® ea y essed aod unrecoBnised erotii ebusm. Lionel SackviJl e-West. the has the advantage of .being^.atole 

zru"? a? swja.'S! assarJiia 'szagssss. 

long and unhappy, if not entirely transferred to her ’’ ■ after her father’s, death, falls affairs-.-’ whteb are .not even 

unrequited passion. tra s e ui ■ ’ love with tier:.. . . j" hinted .at iii Yita’s book. She 

Tt is a long book; Professor Professor Weintraub _also t They marry. VTta^' ; Sickvilli- also has tlje-b^ographer’S: greatest 
IVointraub seems warmly credits Christina with - liiritt West> brilliant and h6auftfti;v ^is irieild, reafiy intfenate. 

attached to the period and to serial fantasies.” and quotes 'a seems-srinn^’ But^there -unliteiaiy ' idiary • 4fi‘ which 

rapher. since, although he is suck," EUen Moers announces, he^./father wheh'. her Spanish/ husband and. Itis : lover, • Olive 

XV MitiW 1 Fnnt h, r rTnw comm.ttea su cine; but we may __* he or}sJ i nal of Brownings perverse." This strikes : 
^nhnnnv F fmnth P nch \"* .*> T ™rh r,f .be “Mr. Sludce." we read, was “the posterous rubbUh, an 

who doU is ^ ad ^^rried first American medium to get of a certain type hi 

gamekTOper. O e who d e. Dante Gabriel s father. Gabriele extensive press coverage." Less pseudo-criticism at its 
the Labour MP Deno . Rossetti, a hard-worked pro- pardonable are various sentences most ct micallv .absurd: 

■ hear the case but Henri isyan- the; . major;.. 'cHaiacteE? are of 



' -T-: *9 ' rji v i r.> t- '■ • • /'4 

m ' * • ' m\ 

ramtikninpr One who does is rriT-j-i" V *u Z V , . 1 rtiuci ican meuiuui lu gei ui a rertmu ij-pe «x iqyueru spaiush relations , look fike manapes :-:to “ be V ‘Iwnarkabiy 

fhe S^our MP Denois Skiver ?SfJ iabriel h s . G , abnele ^f^sive press coverage." Less pseudo criticism it its w^,3Wd plumbers. -^7^^ ^ 

‘inn teLiHopnr- ShraS Jossetti a hard-worked pro- pardonable are various sentences most ci mically .absurd: , ’ • - %: , . , 1 

“ tr, hi and , fes50r ¥ of Italian at King’s Col- that defy analysis. IVhat does The Pre-Raphaelites J '.“always 

^rrecOy observe , ry |gg e London-contributed some- the Processor mean when he re- loved a nke. Rossetti once nearly 

doiSl wlS nearlv evenmne else th f m C- to l u ? hterarj- evolution marks that the Polidoris "were rolled out of bed when be heard 

does " Evemineelseof course h,s n i ph ® ws an ? ^ 1S nieces - not the marrying type, leaving a story nat he enjoyed. Some 
BiSr? the rules of ^ mon S J that remarkable group, the Rosfetti children with handy of Profeisor Weintraub's. and 

Victorian ritual Skanner ianores l *t e Maria Francesca, recourse to such uncles and Miss Mow s glosses would have r — .. ■’ ■ jrjj; ; ' ; ip 'l;-.. Acbriliafy.-Eorces UndiaJ for the 

thSinot much inthe 8 abi3l though she occasionally wrote aunts as survived ”? Or when he brought kirn tumbling' to the Boarding Party 'byJamesXeas or. p 0 i 0 ,^nt-peggin&7PaperohaBefl 

^med al^ominal friend and foe ^rsc. had the smallest share of writes of Swinburne that “a floor. • " Hemematm, £4.90. J2Q4 pages Md ’ part i 

alike but because of the " . Mr. Leasor builds up the whole 

gratuitous offence he sometimes II' 7 . This -is a. rich story. Very story— slightly Blowly— with great 

gives to the institution itself. An J SAII®* ” /Tf“t 1M/Yn^11 British^jf-its-time and gallant defcaU and the core of the, matter 

anti-hero, perhaps, but one well iff (J [Jff B J [J j 3 (f \ (1 \/ f3(S\ / 1/ Bawcally. In late 1M2 a trans- is very good nddteV , 

suited to a moment when Parlia- 1/+* W y t tx^kj is V mitter was wprktog fn>m a Geiv - -At a. reunion of the CLH In 

ment's standing has rarely been ■' ~ ™an sbip^ vvhich, along with 197fi- -at the Albert Tavern, 

lower. - BY GEORGE KIALCGLM THOMSON l ? ree ofh«s. i h«i Bhrftared in -Victoria, London, 'the TO«p mem- 

RUPERT CORNWELL the neutral harbbixr of Goa and bers -present, were told of the 

Dulles dynasty 


For the Record by Niki Lauda. Dui lee 

Q: In these days it is hard to estimate what I 
may have to leave when the time comes. 
I want to be fair to close relatives; but I also 
want to benefit a cause close to my heart 
How can I best ensure both? 

A: Most of us have a similar problem, with 
inflation. The sensible course is probably to 
leave fixed proportions of your estate to the 
individuals you wish to remember — say 20% 
to one, 15% to another and so on — and then 
the residue to the cause you wish to help. 

Q: I wish to remember old people, since they 
seem certain to be in continued need; 
but their needs may change. How can I 
anticipate what they may be? 

A: Help the Aped has a justified reputation for 
keeping well abreast of the needs of old 
people: and has pioneered a great deal of 
much-needed work for lonely, sick, hungry 
and despairing old people. "Their trustee's 
are especially careful to make maximum use 
of volunteers in daily touch with ?he elderly, 
thereby ensuring the most practical response 
to need and obtaining the utmost value for 
each bequest. 

William Kim be r, £4.95. 222 

It should be 111 pages. The 

7— TZ; — 77— — fascinating are his revelations Allen Dulles’ first big- coup in j? Ued ]*■: the 

about Allen DuUes. intelliEence occurred during the ? L cean w?s being -decimated. One .was. news; it. .did . ekpUinJbe 

Hodder and Stoughton. £7.95. 
530 pages. 

Unut Allen Dulles. intelligence occurred during the Yu ,waa. new* .it. .oia ; uw 

Mosley had the good idea war, when a German official thousand - : • - taui iundrod-uff!mtten_.^iapter. iir ^ther.CLH 

it snouia oe in pages, me .T t __ Dickens «sairi r,r an- ,u ‘uai caru-carrying nnei 

first half of the book contains all other c : t ’y the best of ■ U cret 'P* who had known Dulles store 

^ ^fhew^Tof b Ses f Frr.rn the ISS 

“““ fiwvu iUtft " 41 , nucu d \JCiLUmi UU1U4I rvi linn . , 7.” ^ / V-4 - 

writing about him to Kim Philby Fritz Kolbe, brought him a £5? ® Calcutta-, were oflWal Wrtory, (Ppbhshed . m 

in Moscow. That card-carrying brief-case containing andmmense bankei^.—mercbants, aolicitoxs i957): This portion vof the 
creen. who had u-nnum niiiiM ctnr» and accOunfants f^ong otters) Histoxy is suppressed: fotrcasons 

and troughs of Lauda’s years white House known VY teS sort o£ He should .have on providing this treasuroanonth ^ ^ 

with Ferrari. The language is iJ.,Svf n .|5} 0 « e, thp ■ Eh l ^r Sf known that the Dulles’ were after month. _.??? talejs <ff ; how 18 -of those , Thg^ongips 0Lt5e<liH go back 

championship that year, for he r~r K n~‘ *“'<■ t...^ oairf- what thic rmmt™ keen out of it - «• avusiuy. *u*ci-au iuicr huuuvijt *ia 

withdrew from . the Japanese !™" bl,,1 S t0 remove the counter- “ ?■ ^ ls ®“ mt ^L “Sura " Mosley's account is bai ^ e for . Heavens sake! And. prank.. .-- . 

r j -n-:.. » Dane, as one hostess i-nmi, ,inad neeas is a good aose or auez . iwoaiey s acioani h mnet nannik tkuu . .. . 

Grand Prix A sii^eestion comes Pane. as%ne hostess rom pinned. n eeds ,. is „ a „ p* dose of "Su«": Mosley's account is 

And a sizeable segment of Socialism." Perhaps he thought somewhat different from Uie 
from the Ferrari pit: We 11 pre- *7. . ot . , v~^u* aectmtnA bor^nn - Tlorti Tluttec 

home. A Hoaghly. River- hopper 
barge- for Heavens sake! And. 
most people, only- -joined these 

Dchin in British settlement . at ^Galcutta. ’ ’ 
ir Barge it was: never jiteant ta-conddet 
milt la amphibian' warfare aifig'had The 
iut... the Last Action of - ^SOje Calcutta Light 
1 came Horse failed- it would, have been 
■ hopper pubUcIy put -flown to "a drunken 

.Aful npQnV -• i. 1 ** V. *’ 

tend you've got enaine 

si'iS? ti polio; w Ml0 -ti, B i; M d. SLi* 10 " w »™ ^ ■JS2** SSESf !2S°S^l2S:?SSSl 

But Lauda's is typically of [ be Dulles clan 

honest. He considers the water- 
covered track too dangerous. 

There were three of them. 

I — John Foster D„ a Presbv- 

hood. At any rate, the evidence, brothers weq» involved. - John 
althougn flimsy, was enoush to Fosfer promised Eden his moral 
convince Angleion that Philbv support, and declined to be 'told 
“sounded like a Commie." He anything about the Anglo-French 

.tuS'-.C -^- s - • 

decision ' He waots terian Talleyrand. who“ n,S P Sd on his - suspkkm il plan. The CJa" pleaded, with 

FerfarTs' reactions to bis with- )^ orl ? Counc,1 of Churches Dulles, who shared his doubts Eisenhower to see that the plan 

drawa?soured his relationship f OT t *! e Communion of Saints, with William Jackson, deputy succeeded. But Bte^advised by 

aratvai a</uff*u uis reiaiiuiiftr/ip Innked aftpr fnrp.ipn nffoire Via > r. . . Tnhn Fnctar • nnA . tunc 

wifh thi looked after foreign affairs. He director of the CIA Jackson John Foster • and others, wai 

wuh the team but he became found it hard , distin-nrish afraid that it might lose him 

champion again the next year *? rf distinguish ordered that henceforth certain afraid that « "light lose him 

before breaking with them * Christianity from Success and im- delicate information should be the election. He must "tebw-^l 
description^of the pressure hi« withheld from Philby. nothing. But. says Mosley, “He 

exerted o^itim nf intern^ffn ““?!?"? th K at *?- v , we « Philby immediately sensed the «uld have spoken out for or 

trigues and of Enzo Ferrari’s ^? n h u change and. moving fast, 

V. :. feffteif ''By Denys: 


rages explains why Lauda is only biTdes Aitho „ £ 

one of a long line of drivers who dangerous to 

&houldet arranged for the immediate ^S 11 , 1 * 1 , hav ^ t ^ 

Thov publish two useful puiefes for those 
considerin'? their v.’iiJs: and I often commend 
these to clients to sludv in advance of consulting 
me. Copies may be obtained free on request bv 
writing to: Hon. Treasurer. The Rt. Hon. Lord 
Mavbniv-Kins. Help the Ajjed. Room FT5L, 
FREEPOST 30, London W1E 7JZ. (No stamp 


The rest of the 

book de- 

u..c ui , , U11S u, „r.v Bre w«M J 1“®5‘ dangerous to removal to Russia of his accom- whoiesale vote of approval.^ 

have found life with Ferrari im-L e ° e ^ ies ’^ e ^ as “ore piice. Donald Maclean. (He ) ater Was pu f® 

| dangerous to her friends. t hou S ht that he himself was h yP™ cri 5” - «. «. 7 

2— Allen D. (brother), was safe. I Thus Allen Dulles was on Characteristic of the.bystena 

Characteristic of 1 the .hysteria 
prevailing in Whitehall in those ! 

The world's 

generates into pseudo-psychology, director of the CIA. pursuinc the Philby’s trail in 1951 - 12 years P re 7 au ? n S ,n wm ? 

examples of fan-lcllers and a agents of Hitler, and later the before the Foreign Office were . ® e ®« n S 

description of the Lnuda home. KGB, with the enthusiasm o£ a rcad . v tn him. Which was between Eden an d Liddell Jiar t. 

BRIAN ACER deputed boy 5^7 i mo too fife ‘ ‘ ^ the mifltary exp^t.. - had 

Lonely Vi-il- Coastwatcbers of l u p unlald ,willl0!,s 01 dollars So. if Kim Philby had been :l Qr v ^*° U ^S® 

TlieSolomons C by Walter Lord. Solrnnf m “h d bV an ,ndulgent S™ hlS i K t ’ ,fl - ere misht , have SSTum 1 ^ Jhteb wefe^l 
Allen Lane £5 50 3™ naees government. He was a victim of been no betraying remark out- se “ l Iour * . ^ 

_Aiien Lane. £3-50.J r pages g(mt fpsychosoraaticli an “ « side Buckingham Palace and . . . ejected, he in tiie original 

Strung out halfway from New ardent, devotee of women (not the imagination boggles ! In the version - Eden complained., it 

Guinea to Fiji, the Solomons psychosomatic), two failings Hons? nf Lords todav. Lord takes five attempts before L you 

were, in 1942. Australia's last which can’ fortunately be com- Philby. FCMG ? There have been get lt ri « ht ! 7 . - i* a ' 

lino of defence against the bined with an active life as head stranger turns of the wheel. that is the original. 'Hdpn-.thra 
armies of Japan. For the of a world-wide network of On the U2 affair. Mosley Is ti ? re . w inkwell . .. at his 

Japanese, they were the jumping- bribery, spyaag. undercover work equally informative. The Diane distinguished ’ visitor. Hart 

nff rinirit fnn ihn nrmnu.irt .-vf ntn :.l. - i i n \ ^ _ -inmmA il *» wnutoAOrUir ' fiafitat 


me of 

oS point Tor tbe conquest of Aus- etc. 

3— Eleanor Lansing 

which could fly higher and J arame . d a wastepaper. basket 
photograph more accurately over Prime Stmisteria ■ head 

.l, , wftltrAri nut « P 5 Ft*n»v-nT>-. '• 

Tojo’s modern Samurai ,, ktpr) (down tn the makes of rar in 211(1 walked out! Fifteairalt. 7 - .. . .. , ,_. . . ......... 

advanced, the ruhh to escape i esb , hp o t .. lp Ihe Kremlin parking lot) than But if anyone thinks that f»u bi isb bi^y->>ri^v£i.Q9 Amw*} rfiiSX<F tf n hmtJ) 

Every Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
offer to the public. 

For further details please ring 

01-248 $000 Extn. 265 

advanced, me to escape desk a . 1h c t , n ,. r ^ the Kremlin parking lot) than But “ anyone thinks that rubircheCrt twtlfly -price, Q-Op Awwiy .^ub?Kr^tk>Pz«5W Un land ) 

from the Soioaions turned to TfJ the i of L f any before, was financed out of ^iocy is a monopoly of. the -> • .>-• 

boat for Sydney. Those who ~ ier norror of his. she fir(f of mtranimis into Pages. The warlike Kennedys -.-• ,j? r : ; v- - ; . v- -. 

stayed became the Coastwatchers. * Blondhein^' LJllf ha , n - d ' Hnwimi «i>wc inw British? «e« as much at fault -as any- Apollo. Hag&ljie,-. ffrdriten, Hpu'«; ^10,- Cannofl Lwdon 

" a Ad L 11, J?* **'"?* , word ^ JSSn jftSFiJXf J2 Twice at least Eden authorised one. But It was -Allen DuUes ? *- J ./ 

ssl** ff s « e; s«25. . ^ • 

iney saved ijuaoaicana:. ana 
Guadalcanal saved the Pacific." . 
Today, the Pacific has returned SU1CJ(,C? ' 

6C4F w; Telfwi^-spoor; 

ioaay, me pacitic has returned success, even greater than the lost her job soon after. It was 

tu its di cams. Hardly anj thing In- his thorough and enthrall- Berlin Tunnel, dug into East the end of the clan's era of 

remains tu commemorate the mg investigation of these three. Berlin to tap the telephone ex- power. The “Irish Mafia " took 

Coastwatchers. Waiter Lord’s : remarkable Americans. Leonard changes of the Red Army. over. 

the gap. It is ■ MusJcy brings to light many facts Eventually the tunnel was It was. as Dickens said, the age-l 

ocsunca to do well. that have been forgotten and betrayed to the Russians by the of wisdom, it was the age o£i 

JOHN DUNSTAN I some that were unknown. Most Infamous George Blake. foolishness. _ 

.•L ml 7 -■ -■ 

\ '■ .'i 


T ' *■ in write ‘A mousfy rich - “Seery " leaves her 

-It is very d^Gctilt to_W3ite-a -wma ^- ■nhxs nbiets d*art 




,y/j Jiaie ^'±S78 


The Man 

ent Pag. 

:. 'Veba, the Dusseldorf-based energy group, last week unveiled a £2 10m deal with 
British Petroleum. Its chairman disclosed his strategy to Jonathan Carr. 

v CLPixtI, Jast Friday when Veba 
announced a £2l0m deal with 
.BP, this giant West German 
group was relatively unknown 
outside its own country. And 

- even „ in Germany there still 
remains the impression that 
Veba is principally an oil 


- -But oil Is only part of the 
-.story — and as far. as Veba 
■profits are concerned, a 

singularly unhappy part. Veba 
is, _a. group active in almost 

every energy-related fiield 

with 'a sizeable interest in 
..hollow glass as well. Through 
the BP agreement, the Veba 
management has pulled off a 
coop chiefly in the oil sector 
which.- alters the company’s 
structure and should greatly 
improve its long-term prospects. 

power of BP’s German partner 

Germany’s leading 
energy strategist 





Electricity , 4,820.3 

Crude oil, natural gas, and chemicals 10.025.1 
Hollow glass 470.5 

Other 347S 


. 1977 Change 
(Provisional) per cent 




+ 5 J 

- 3.6 

- 0.9 
-+■ 4.4 

- 0.7 

(DM m) 

1976 1977* 

Profit before tax (on 
income and assets) 835 669 

Tax 507 522 

Profit . after tax 328 147 

Minority interest 103 70 

Group profit 225 77 

* 1977 results are provisional. 

Trading .... 

T ransportation. - 













- 0.9 
+ 5.4 
- 21.1 


- 0.6 


But Veba had a somewhat 
inauspicious start. It was 
founded as “Vereinigte Elek- 
.trizitaets-und Bergwerks AG” in 
Berlin in 1929 to act as a 
holding company for the 
"Prussian government’s indus- 
trial interests. That was the 
y.ear of the '** great crash.” and 
the joke then was that Veba was 
formed largely because the 
government needed a way of 
paying the salaries of some of 
its -civil servants. 

Today the Federal German 
Government has 43.7 per cent 
of Veba stock — making it -much 
the . biggest single shareholder. 
But few Joke about the com- 
pany’s role any more. It is fair 
-to. describe ft as the nucleus 
around which West Germany’s 
energy . plans revolve and 
through which some of them 
come to fruition. This is no 
laughing matter in a' country 
with few indigenous energy 
resources, and where a voci- 
ferous internal opposition to 
-nuclear power has recently 

l*ast year Veba's group sales 
totalled DM27.1 bn, making it 
much the biggest company in 
the country in turnover terms. 

And of that -total. DMll.Sbn, or 
more than 40 per cent, came 
from services, chiefly Trading 
and transport In that sector 
the key Veba holdings are Hugo 
Stinnes AG of Mulheim, 
acquired by Veba in 1985, and 
Raab Kareher of Essen, which 
was owned by Gelsenberg and 
came to Veba in 1975 as part of 
a controversial merger. The 
two together control a substan- 
tial inland waterways fleet and 
warehousing companies. They 
also trade in coal, fuel oil. 
petrol, steel, -Chemicals and 
fertilisers and their activities to 
some extent parallel one 
another. It is not -then so sur- 
prising that this was one of the 
aspects of the -controversial 
Veba-Gelsenberg merger — a 
move which was to create an 
internationally - • competitive 
German oil company — which 
attracted the attention of the 
German Monopolies Commis- 
sion. ■ Nor is it surprising that 
Veba is relinquishing part of 
the Stinnes empire in the deal 
with BP. 

Apart from services, Veba 
sales from production last year 
totalled DM15;6bry. of which 
about one-third came from elec- 
tricity supplies. Although the 
sales figures might seem to belie 
it, electricity was, is and is 
likely to remaih-the core of 
Veba's activity. It accounts for 
the biggest single slice of Veha’s 
profit and roughly 70 per cent 
of its investment expenditure. 

The main Veba holdings here 
are the Preussenelektra concern 
with its associates and sub- 
sidiaries, serving an area of 
North and Central Germany 
with a population of about 12m, 
and the Veba Kraftwerke Ruhr, 
which is a major supplier Inr 
the Rhine and Ruhr regiun. In 
all, the Veba group accounts for 
about 15 per cent of West Ger- 
many’s electricity output. 
Roughly 17 per cent of Veba's 
electricity is generated in 
nuclear power plants, a much 
higher percentage than the 
national average. If German 
opposition to nuclear energy can 
be reduced, and there have been 
some moderately encouraging 
signs of this over the last nine 
months, then Veba stands to 
gain. It is also worth noting that 
Preussenelektra has a particu- 
larly high proportion of tariff- 
rate customers, that is diems 
whose electricity consumption is 
above the national average. 
Prospects for strong growth are 
therefore good. 

But the gloom starts with that 
sector of Veba activities which 
embraces crude oil/natural gas 
and chemicals — together 
accounting for sales of DM9.7bn 
last year (including mineral oil 
tax). It is here (and to a much 
lesser extent in the glass sector) 
that the main reason for the 66 
per cent drop in group profit 
to DM77m is to be found. 

The contribution of chemicals 
to profits dropped for those 


1976 1977* 

Electricity - 1,141 945 

Crude oil. natural gas 
and chemicals 250 218 

Hollow glass 25 24 

Trading, transport and 
other 207 170 

Investments 210 172 

merger should not h3ve taken 
place but that it would have 
been better had it done so 
sooner. Had it been up to the 
excutive chairman of Veba only. 
Rudolf von Bennigsen Foerder, 
it would have done so. Restruc- 
turing would have been far 
easier before the oil crisis. But 
the whole merger process took 
time and argument. It finally 
went through in the exception- 
ally difficult market conditions 
of 2975. 7t was hard to see 
' whether the merger provided 
opportunities for rationalisa- 
tion but also bargaining count- 
ers for the future. In retrospect 
it. is easier to see that in the 
wake oE the accord with BP. 

TOTAL 1,833 1,529 

* 1977 results are provisional. 

reasons familiar to the industry 
throughout Europe — low sales 
of organic chemicals, over- 
supply of plastic, and reduced 
earnings from fibres. Against 
that must be set relatively 
buoyant sales of inorganic 
chemicals and the satisfactory 
use of capacity- And Veba is 
optimistic about the long-term 


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The biggest setback came in 
the crude oil sector where 
losses are described as similar 
to those of the disastrous year 
of 1975. This happened despite 
the marked weakening of the 
dollar which cut Veba's oil 
import bill. West Germany's 
Consumption of crude oil fell, 
there were fewer opportunities 
for petroleum products— and 
Veba's refineries were working 
only to 66 per cent of capacity 
against 71 per cent in 1976. 

It might well be asked there- 
fore whether the creation of a 
German oil group via the Veba- 
Gelsenberg marriage was not so 
much a milestone as a mill- 
stone. Was it for this that the 
two companies merged to 
become, among other things, the 
biggest single refiner in 
Germany (just under 20 per 
cent of the market) and major- 
ity shareholder (56 per cent) 
of Aral, much the largest petrol 
station network in the country? 

The answer is not that the 

Veba has had three medium 
term objectives for its oil see- 
tor. It wanted to strengthen its 
crude oil position by obtaining 
two thirds of its needs either 
from. its own production sources 
or front long-term contracts at 
competitive prices. It planned 
to cut back surplus refinery 
capacily while concentrating on 
the processing of refinery pro- 
ducts. And it aimed to step up 
its activity not only in petro- 
chemicals but in the chemical 
sector generally. The BP deal 
was not the start of these efforts 
but it has carried Veba consid- 
erably further along its chosen 

Veba already has partial 
access to North Sea oil via its 
54 per cent stake in the ex- 
ploration company. Demuiex, 
which itself has an interest of 
more than 40 per cent in 
North Sea’s Thistle field. Now 
under the new agreement BP 
promises to supply Veba with 
3m tonnes of crude annually at 
competitive prices up to the 
year 2000 . 

. This takes Veba more than 
half way to its target of 11m to 
12m tonnes annually— two-thirds 
of the amount required to feed 
its refineries once the accord 
with BP takes effect. Under the 
agreement. Veba is selling to BP 
holdings in refineries in Bavaria 
and Baden Wuerttemberg, thus 
cutting back its refinery capacity 
by 5.3m tonnes to 18.8m tonnes 
a year. Veba expects its use of 
refinery capacity to rise to an 
average So per cent 
. With the DM 800m received 
from BP for the refinery and 
other interests. Vola will be able 
'fd. intensify not only its own 

search for more crude oil but 
also its activities in the chemical 
sector. It has recently taken a 
big step in this direction with 
the first stage of its acquisition 
of Bayer's stake in Chemische 
Werke Huels. one of the 
country’s biggest chemical con- 
cerns. Veba now has 62 per cent 
of the Huels slock and will take 
the remaining Bayer stake at the 
end of the next year. Thus in 
the medium term Veba is build- 
ing up a comprehensive 
-chemical base, with big sales 
outlets and refinery output 
tailored to its needs. By selling 
to BP both Stinnes-Stromeyer 
Brennstoffhandel and (if final 
details are ironed out! the 
Stinnes Fanal company, Veba is 
losing a big fuel trading 
organisation and around 1.000 
Fanal petrol stations around the 
country. Veba's market share of 
light heating oit will drop from 
22 to 15 per cent and of heavy 
heatiog oil from 25 to 15 per 
cent. Competition authorities, 
who will scrutinise carefully the 
deal as a whole, will surely have 
reason to applaud the Stinues 
transaction. Meanwhile the 
enure trading operation of Raah 
Kareher remains at Veba's 

Heavy price 

In one sector — gas — it can be 
argued that Veba has paid a 
heavy price. By disposing to BP 
of the Gelsenberg 25 per cent 
share in Ruhrgas. the country' 's 
biggest gas distributor, Veba 
appears to have retreated from a 
profitable growth path. Perhaps 
this was just the painful part of 
a necessary price for the 
package. Or perhaps Veba has 
its own ideas on the future 
profitability of gas. 

Whatever the explanation, the 
carrying through of the BP 
agreement seems bound to make 
Veba a stronger concern overall. 
The oil sector losses should be 
sharply reduced, weighing less 
heavily on the profitable elec- 
tricity sector, whose future in 
any case seems assured. There 
appear to be big opportunities 
for Veba in chemicals despite 
the present depressed state of 
parts of the industry. And, not 
least, there are good prospects 
for more co-operation between 
Veba and Britain — and not only 
in oil. 

FOERDER could well be 
described as West Germany's 
leading coergy strategist 
Certainly his interests go far 
beyond the restructuring of 
Veba. the- energy group of 
which he is executive chairman. 
The new' accord with BP, w'hich 
he was instrumental in carry- 
ing through on the German side, 
fits well into the strategy — but 
it is only part of it. 

It could be suggested that 
strategy in so crucial a field 
must come initially from the 
Federal Government in Bonn. 
Besides the government has a 
stake of 43.7 per cent in Veba 
— much the biggest single 
shareholding — and has re- 
presentatives on the super- 
visory board. This is true, but 
it would be wrong to suppose 
that the Government simply 
proposes and Veba obeys. It 
can just a- well be argued that 
Veba’s own energy schemes 
feed more easily into govern- 
ment policy because of the 
close ties between the two 

Mr. von Bennigsen-F uerdcr 
knows a lot about the relation- 
ship between government and 
industry from the inside. He 
was born in 1926 in Berlin (three 
years before Veba was founded 
in the same city), studied law 
in Germany and Switzerland 
and entered the Finance 
Ministry in Bonn in 1957. His 
special field was legal aspects 
of government holdings in in- 
dustry — experience which 
stood him in good stead when 
he went to Veba in 1959. He 
became chairman in 1971 — and 
thus has guided the group 
through some of its toughest 
years, through the merger with 
Gelsenberg. the cartel problems 
associated with it and the oil 

His main experience has thus 
been on the legal and financial 
side — not directly on energy. 
Yet he has a dear concept not 
only of where the European oil 
industry’ should go but what its 
relationship should be to other 
energy sources. 

For years he has been urging 
closer co-operation between the 
European oil companies — not 
only the better to defend their 
own interests against others but 
tq work more effectively with 
the developing world. 

He sees the future of the 
German oil sector to be in a 
move away from simple refined 

■B55i dM i 

Rudolf von Bennigsen-Foerder 

products and towards a higbe 
degree of conversion — mur 
sophisticated products comm; 
from the most modern teelim 
logy. The BP deal helps Veh 
do just that. In his view thi 
not unly makes sense bevau* 
the oil-producing countries wi! 
soon be insisting lhaL they wil 
only sell crude oil along wit 
products they have refined then 
selves. He also sees it as pai 
of an effective developmer 
policy, a division of labour undr 
which the Eurupeans move u 
to higher technology and th 
OPEC states develop thei 
refineyy industry- 

This might seem tn make f<> 
a difficult relationship with th 
British. Indeed Britain as hot 
a developed industrial natiu 
and an oil producer, occupies 
special position. But eve 
Britain’s insistence that Denim-? 
(in which Veba holds 54 p* 
cent) must land 50 per cent f 
its oil from rhe Thistle field i 
Britain does not seem to hav 
unduly upset Veba. Cm the evt 
trary, there seems to be a 
appreciative recognition the 
Deminex has actually bee 
treated rather better than sod? 
other interests. 

In fact Mr. von Bennigser 
Foerder spoke with the greats; 
warmth about co-operation wit 
the British even before the B 
deal was announced. Clear! 
West Germany's leading energ 
concern and Europe's leading o 
producing nation are natur; 
partners. Beyond that there ar 
close personal relations be twee 
members of the Veba boar 
and their British negotiatin 



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The anti-foreign 



IT SEEMS that trade union ask whether existing UK capacity 
opposition to the Tenneco hid is sufficient to meet present and 
for Albright and Wilson, which future demand, whether the 
was discussed in this column last investment ^ develop the 
Friday, has been partially skills of the ln workforce, pro- 
allayed. The American company vide Jong-term employment, 
is expected to give undertakings include a research- and develop- 
about maintaining the British ment programme, result in a net 
management of the business and increase in Joos and lead to 
about investment, exports and import substitution and an in- 
employee participation. If these crease in export. Acquisitions, 
are satisfactory to -all concerned, as well as new factones, should 
the Government should be let off he subjected to the same tests, 
the hook as far as a reference to The implication is that if, say, 
the Monopolies Commission is Hitachi bought a British TV 
concerned— and it will no manufacturer, the proposal 
doubt be relieved about that, should be referred to the Mono- 
However, the issues raised by polies Commission or some other 
this affair are likely to come up body to see whether the deal 
Opposition to foreign was in the best interests of 


take-overs, whether from em- British industry, 
pioyees or from other sources, xn one sense this is just an 
may well become more vocal, attempt by one company to pre- 
Tbe Government may have to serve its market position against 
decide whether to deal with the unwelcome competition. But 
opposition on an ad hoc basis,, philips is a large and important 
within the general policy of company. Us attitudes towards 
encouraging inward investment, Japanese companies are shared 
or to modify the policy. by many European businessmen. 

T . . The paper puts particular em- 

Tndismitlinafe P basis on Japanese pricing tac- 

lliuiovi imiuaic ti cs ; W hich arc described as 

There is a group within the predatory and unfair “the 
Labour Party which is worried selective and relentless attack on 
about the influence of foreign- target markets at prices well 
owned companies over the coun- below the level of viability of 
try's economy and would like a their competitors, if not also 
review board, along Canadian their own. ’ Milliard argues that 
lines, to examine whether each the investment in the UK by 
pronosed investment is in line YKK, the Japanese zip fastener 
with national objectives. There company, has led to a net loss of 
is also a feeling in parts of jobs in the British industry and 
industry that f he Government has not achieved any worthwhile 
has been too indiscriminate in Its balance of payments advantages, 
wonine of foreign investors. The investment by NSK, the ball 

Some years ago the British bearing manufacturer is criti- 
fihre makers were not hapoy cised on similar grounds, 
whpn American rivals like Du 

Pool and Monsanto were invited f T*-* nw+ct lrivmr< 
to set up here, with considerable (JllGcndniugS 
aid from rhr favoa.ver; there was , ... 

a fear that these investments „ The document seems to call 
would create over-capacity. More £? r two responses, one from the 
recently there has been stren- Government and the other from 
uous opposition to some nronosed the Japanese. The Government 
Japanese invesirnents. Lobbying should re-state its attitude to in- 
bv the domestic indusirv fnw- ward investment, making it qnite 
trafed Hitachi's nho to build TV dear that while it will wish to 
sets in the U.K. There are a * lew about ^e va,ue of 

rumbiines about a suggestion proposed venture to the 

that Komatsu, the manufacturer economy fas it does now) and 
of construction eauipment, might s®** 1 undertakings where ap- 
set up a factory here. propriate. it has no intention of 

Ironically, a leading role in making it more difficult for 
the figbt against Hitachi was Japanese companies to invest in 
played by a foreigo-owned com- th e UK than it has been, say, 
pany. Philips, whose operations for the Dutch or the Americans, 
throughout the world depend on Secondly, it is time Japanese 
a liberal policy on the part of companies woke up to the fact 
national governments towards that they are losing the propa- 
i award investment. Philips' sub- ganda battle. Thev may think 
sidiarv. Mullard, has just put out that all they have 'to do is to 
i document on the future of the produce goods which people 
British electronic components want to buy. But in these days 
industry. Among other things, of high-pressure lobbying that is 
the paper calls for an “ urgent not enough. They have to con- 
’eappraisal " of the criteria used vince governments and the 
jy governments to assess inward public that their trading methods 
.n vestment projects. are reasonable and that the com- 

Mullard would like to see the petition which they offer, 
ipinions of the established UK whether through exports from 
nanufacturers given much more Japan or by direct investment. is 
veigbL The Government should fair. 

Catalyst in the 




■ r : ■ 

. ~ u;, AVlEMORE 

THE CLAN MacDuff in the hotels, restaurants, sport and has reached 1,800. It Is still for many years bat It took tiie ffliant; of ATiemore operat^ . tiie centre - and. owns 

iciv J u : U- __ T.;..... -r_.. ... ■ ...J nnm, i 1 .. „ ila 

lN Macuuff in the noteis, restaurants, sport ana nas reacaen uis sou wi u n tri«r arff-q'rif the. Bite^thehwtelsr- ivtiKth 

■y dealt with an up- leisure facilities has injected rising. While a dearth of jobs arrival of the Aviemore Centro ■Centre s a auiziealeve- incTode a Post House' inri hnth 

iff by turning him fresh life, opening m, new busi- has been a perennial problem to P ace it on a fully 'commernri catering. When 

start sheriff by hinting 
into soup. A small 
of the . long-established 

dents of the Scottish Highlands’ young people in particular from simply, Aviemore has no unem- operating « — —r ,ri; adifef"Tn' J thp 

ployment” is fully endorsed by due to_ start, up. tins 

rugged Spey Valley were in- the area. The centre is paying its piojmcui m iui V cuum*™ o 7 «« w -v***--* “7' WAAm./meratibn.?’ <ttiirir ft tlraf-th-Tw 

But with a veryheavy the region's Employment Ser- wmter. Largely as a result ,of to 

clined to do much the same to way. cut warn a very neavy ^ ® «— r«v*»«“ii ww * T'?—' T V-m — - lit#* these. -the arst in 

the proponents of the Aviemore plough-back into extending vice Agency. all-year indoor facilities -at the -V** 

tourism centre when it first facilities — M I don’t think there's The centre and ib hotels, cur- Centre, ranging from conference. 

sprouted a chunk of architec- been more than -a three-month 
tural Americana, near the foot period since we opened that we _ 

of the Cairngorms 11 years haven't had the builders in” says The majority have come from mg pool squasu couns, ory^ ind&e 

=f£-w aw. a sk sa-s* »Ss SStaftadHttUN ’ 

9,000 has welcomed its arrival addition, its Clan Tartan Centre jj r Marshall recalls, “ but small j^g houses which used to dose 
and the fact that it has where me origins of S -°P 0 businesses sueh as craft shops they. doors the end of ^sum- 
achieved most of the goals first SeoTtls f n *J nes . can •» traced by an d potteries have proliferated mer now stay open all year. 

_ . s".*- -»v v. -hard'-'after. lucrative conference 

Facilities "" ' 7 ' husiness, and , pvsrr'SO have 
r dtll lura .... - : to r : the eurt^nt 

mu.' ' . .•tu - 'V-.* - 


town's employment." 

. visit the Aviemore CdrC^e ^ch - who ’ have been -drawn in, and 

A few which line the valley, the Awe- year so me to stay,^aamy ethes? rtiieeentrp hashecome the tradi- 

nnPTHV? — fill «.i j—-- ! XT, - • 


small factories have opened, more Centre has helped fill merely to spend tbe dayl'v At' hoibe ; :, o^>riieW5cottish 

JUCh IS negllg- them, *«ic rhliimp; the Mnffi^e . 

House of Fraser Group. 

The declared brief was to - - . . , _ 

create a domestic tourism mag- The eff ect on Aviemore itself ££ “ or^ouTd Tu' Widely 
net: to give Scotland a strong ^ 6een dra matic. Eleven years welcomed “ “ “ “ ly Apart from the 

new lever with which to crack ^ it wa5 - a dedinine com- hotels planned eventually 

open. the inrernational tourism mu nity of 600, its main prop ^ by the the 90-acre centre , 

market: and to provide some f rom i£s ro j e ^ ^ important centre has rippled out along cluster of new developments by. indeed two : had. to - lie gabled, s^^ rathfir.fthan spectacular. ; > r 1 ’ 
kind of economic base to help railway junction long since the Spey to affect the whole of various operators including the ijj -size witiiin -l&ifl-- -gStfi hg* hack 1 to 1 - - 

stem the seemingly inexorable chopped away by the Beeching the valley. Tourism for a long Automobile Association ana J nojQths..^ r j6uf Aey \arh-p,ri^."tite^ ^re-reoessioh ^;levelS of } 

drift of population from the axe. Today, its old, grey stone time has been the valley’s main the Forestry Commission are at separately from. ; ^tbe! • C«itre Ki73, uSien 't£e. ’•Highlands’ 2m ' :* 

Higbiands. And, of course, to houses straddling tbe main A9 occupation, with forestry and various «" th “ «'"piine. i * 

make money. roadlink between Inverness. 30 farming as also-rans. But a There 

The first three objectives miles to the north, and Perth decade 
have met with almost unqualified have been joined by over 300 mainly 
success. The complex of five new homes and the population summer; 

suy lommuNwu separately from. . - the. . centre 3S73 when ffle .•Highlands’ 2m 

stages in the pipeline, itself. Highland TouriSt ’CCiuiji- recorded ^tisitOrs “pTOVideff some 
is increasing emphasis gorm -r Itev£lopmeQt> * jb^^ ; revenae ‘ for 

Music Maestro for a surprise 

BOOKMAKERS, who can have length for his fourth consecutive 
few complaints about tbe first win. 

three days of Royal Ascot p ast his peak when beaten a 
results, may do even better this j on g way ou t j n the ‘William Hill 
afternoon and virtually scoop the nj ddle p ark Sta kes on his final 
pool for the King s Siand Stakes, juvenile appearance. Music 
For in this event. Solinos, con- Maestro has run respectably on 

two starts this spring without 



recapturing his former brilliance. 

In the belief that he is now 
back to his best and will be 
suited by any further spells of 
the heavy rain which lashed the 


2.30 — Ardaluan 

3.05 — Classic Example 
3.45 — Soft Pedal 
i20 — Music Maestro*** 
L5S— - Nonchalant* 

5.30 — John Cherry** 

sidered an Irish banker for the 
O'Brien-Piggott team by* many, 
could meet his match in New- 
market's Music Maestro. 

A powerfully-made Song colt 
from Michael Stoute’s in-form 
Beech Hurst stable. Music 
Maestro, a stable companion to 
Shangamuzo. who pulled off a 

Piggott, who has had a quiet 

course* yesterday SSd 'be b * W»«m exac f 8 

worth taking a chance with the standards, should have few 
Newmarket three-ear-old. problems later in the afternoon 

Solinos. whose stable lifted the on John Cherry, the meeting's 
race a year ago with Godswalk, safest bet in the Queen 
is probably a good forecast bet. Alexandra Stakes. 

£250,000 aid for abbey repairs 

THE GREATER London Council one of the best known and loved 
surprise win ic the Gold Cup — subject to the approval of its buildings in London- It is 
yesterday improved tremen- finance and establishement com- certainly one of London’s 
dously towards the end of last mine*, — is making a grant of greatest treasures 
summer. £250.000 towards the restoration “ It is undoubtedly our duty to 

In Doncaster’s Fiying Childers of Westminster Abbey. help with tbe preservation of 

Stakes. Music Maestro came Mr. Horace Cutler, leader of these symbols of British culture 
through strongly inside the final the council, said: “We have had and tradition. Far too much of 
furlong to beat the fast Wragg an appeal from the dean and our national heritage is being lost 
filly by three-quarters of a chapter of the abbey, which is through neglect” 

TV Radio 

f Indicates programme in 
black and white. 

BBC 1 

6.40 am Open University. 12.45 
>m Teithi'r Tir. 1J5 News. 1J0 
low Do You Do? 1.55 Tennis/ 
.loyal Ascot. 4.18 Regional News 
or England lexcept London). 
-20 Pl3y School. 4.45 It's the 
VolF. 4.50 Take Hart. 5.10 
nabitha. 5.35 Roobarb. 

: 5.40 News. 

7.00 World Cup Report for Athletics. 1.00 am News and 

7.30 The Wonderful World of Weather for Wales. 

Disney. Scotland — 5.55 pm Reporting 

8.15 The Black and While Scotland. 6.15 Scottish Libera! 

Minstrel Show. Party Conference ’78 from Perth. 

94)0 News. 625 Join BBC 1 London for 

9.25 Petrocelli. Nationwide. 10.15 The Beechgrovc 

10.15 Shades of Grey iBBC prize- Garden. 10.45-10.46 News for 
winning artists and shows). Scotland. 

10.45 Regional News. Northern Ireland— 1.18-120 pm 

10.46 Athletics: The Nationwide Northern Ireland News. 5JS-6J0 

Building Society AAA Scene Around Six. 
Championships. times 10A5-10A6 

1L25 The Late Film: “ Rogue’s Northern Ireland. 

7.00 Winner Takes All 

7.30 The Pink Medicine Show. 

8.00 Hawaii Five-O. 

9.00 People Like Us. 

10.00 News. 

10.30 Police Five. 

10.40 The South Bank Show. 

11.40 Baretta. 

Report West Headlines. 11 W Report 
Wales Headlines. 2.00 Women Only. 5JS 
The Undersea Adventures Of Captain 
Nemo. S20 Crossroads. U0 Report West 
MS Report Wales.- 6J0 Smmerdale 
Farm. UN The Incredible Bulk. 10JZ 
David Niven's World. 114)0 The South 
Bank Show. 

MTV Cymru /Wales — As HTV General 

,, • . Service except: DL50-12J5 ptu Penawdau 

12.40 am Close- - Music by iMgar, Newyiidion y Dydd. 4JS4.C. cuniu 

CanlaoitL L0D4J5 Y DydtL UlSULOQ 

Gallery,” starring Brian England — 5.55-620 pm 
Donlevy. East (Norwich 1: Look 

painting by Constable. 

All IBA Regions as London Outlook. 

10.15 Life- except at the following times:— **tv wmi-as htv General service 
News for ANGLIA izm-LOO pm Report wea Head- 

tJO am Manfr ed. IS Richard Hearse 

Look Safari lp The Cits.. 1U0 Roger 
North Whittaker Show. UJ0 About Britain. 

lines. 6J54J3 Report West. 


Funky Phantom. 

9-K am 


All Regions as BBC 1 except at (Leeds. Manchester. Newcastle); 
the following times: — _ Midlands - Today (Birmingham); 

IV PS pm Anglia News. 505 Chauerbox. DsnomBt. the D« Wonder. 1035 Safari 
6JJ3 About Anglia. MO The Incre-lible in the C!tF UJS Tbe Roger Whmaker 
Uulk. 1030 Probe. U.00 Tbe South Bank Show. 1U5 About Britain. USB P» 

Wales — 130-1.45 pm O Dan Y Points West (Bristol); South SJ^^; Pol j n Surseoo- 12.30 am News and Road Report- WO Mr. and 

5-55 Nationwide (London and Mor. 5.10-5.40 Teliffant. 5.55-650 Today (Southamoton): Spotlight 
Soutii-East only). Wales Today. 10.45 Kane on South-West (Plymouth). 

6.20 Nationwide. Friday. 1JL.I5 Join BBC 1 London 




L Bachelor Briton 
cockney vulgarism (6) 
l Frenchman surrounded by. 

boyish voices shudders (8) 

) Unlike a harp it requires 
little pluck (7) 

I Topical variation that is 

7 Colonel returning to us in a 
place (5) 

8 A drop of soda-water to throw 
about (6) 

9 Exploiting you and me in 
Greek capital (5) 

11 Lisp mimed In pet arrange- 
ment (10) 

visual (7) 17 Cheer about one minute and 

! Doctor on a satellite (4) kill (9) 

1 Against essay on a theme? 1® Insensitive viewer (5-3) 

No. just the opposite! (10) 19 Apprentice going round Fleet 
i Vaporous side in Surrey (6) Street district Is unbecoming 
1 One more that’s different (7) (8) 

) Soak the French and race if --22 Mark on sailor could be a 
chase follows (7) beetle (6) 

. Movement from one in part 23 Half-erared with ring on your 
of London (6) head (5) 

■ What Army officers get as 25 Make a plan of tbe French 
additional payment (10) wo °d (5) 

! Invite Eastern leader to wait 27 ln Ellis Island (4) 


■ Salesman allowed Oriental to 
be completely filled (7) 
i Soend time in a journey (7) 

1 Whispered about article in 
food (S) 

. Agree when posted- (6) 

No. 3,699 


Member of two unions could 
be a criminal (8> 

■ Psychological condition of 
person in Rover in race (9) 

: Always tbe night before the 
start of Ramadan (4) 

Soldiers going to the east and 

rising again (Si 

Lighter game to tolerate (10) 

BQonraaHHaHH c mam 
D □ E HE R n u 

QEHBra Ha 0 C 3 C]nHHE 5 

E G 

mmmmnmu Finnna 
n o q □ be 
BBHQ raaa umm Yc. 
a a □ -e e _ 
eqhs . mmmum b 
HDE? 3 Q 

ei ca □ □ n h 0 e 


o 0.B u on u n 



BBC 2 

Your Music at Nut hi. Mrs. 505 Cartoon. 5JD CrowoaOa. 54*» 

. r|-» i Scotland Today. I JO Enuuerdalc Karm 

A 1 V _ (.oo Q moor. 1BJ0 Ways and Moans. 

HUB am Friends Of Man. The u w uvi e GalL UJBS Friday Claetua: 
Rise And FaU Of Laura Ashley. UJS .. Tbe Bravados.'* starring Gregory Peck. 
6-40-7.55 am Ooen University. The Roger Wtutuker Show. 12.50 p«i cnf t-t-tj rnv 

11.00 Plav School (As BBC-1 ATV Ne»?desk. 1Z2S The Movie 5UU 1 tltlViV 

jorinmt Matinee: "The Straw Man." siarrme *.*> am David Nivens World. V55 

onn L d„7''i Dermot Walsh. Olfforti Evans and Una Nalure Of Thiags. IM5 Safari In TTie 

Z.INl urn Royal Avcot. Morris. Tbe Sullivans. 5.15 Break- cuy. n ia Roger WhUtaker. UJS About 

■L30 Tennis: Colgate Inter- au-ay. &.oo ATV Today. B.OO The Brititla LLSa pm Southern Ncws. _ 2.W 

national Women’s Tennis incredible Hulk. iOJO The South Bank women Only. 500 weekend. 5J» Cross- 

Tournament (semi-finals). Show- mo m Gel Vou «no Pictures. roads. 6.00 Day By Day. 6JJ0 scene 

4.53 Open University. BORDER 

South East 6J0 SurvtvaL MO The 

7.00 News On 2 Headlines. 

9.30 am Flying Jewet. . 9J5 Certain I™?"* 1 ^ liS 

7.05 That’s The Way The Money women, ifl-fi safari in The cuy: iuo 


7-30 Newsdav. 
8.15 The Money 

women. JO.™ £>«iori in hic o.-u:- R«,.n OT ian Private Eve. 

The Roger WWoaker Show. 105 Aboot R,dl,e Brouklemao Private B>e. 

t* - > r ?.*. v.' /.i ,r .^* * . • • * 


CC — These theatres accept certain, credit 
te bo* 

cards by telephone or at the 

oft ix. 


COLISEUM. Create earns. 1/1-240 5258. 
Reservations 01-US6 5161. 

LONuOH l-briv/a 8ALLCT ■ _ 
Ton'L 7.30. Tom or. 3 A 7.50 . Sanawne 
►an. La crwtte. Etudes. 96 batconr seau 
always available ir-m 10 am aay 

Mon. next to July 8 wttn London Festival 
Battet all seats sola (except mats. July 
S A 8. July- 10 to IS Nervye* with 
Du ten National Ballet, seats avertable. 

COVENT GARDEN. CC. 240 1066, 
(Ganiencharpe cre d it cards 836 6903. 

Tonlpht at 7.30: FatszaH. Tomor.. Toe. 
& Thur. next at 7.M: Lobsi Miller. V»etL 
next at 7.30: PeJUas et Mtftsande. 65 
Ampht' seats avail, for all peris, from 
10 am on day or pert. Note: Personal! 
Tel. bkgs. for July Ballet opens July 
and not Jane 1. 



UntJl Acs. 7 wttti the London Ph 

monlc Orchestra. -Tonight. Sun. & Thur. 
next at 5-30: Die 2aubertk>te. tomor. 
& Wed. neat at 6.15: La Sobeme. 
Possible returns -only. Box Office Glynde- 
bourne Lewes. L Sussex (0273 81 241 U 

Avc.. EC1. 837 1672. Until July 1 £ 


Ave.. EC1. 837 1672. Until July 1 Eros. 
7 JO MaL Sat- 2.30 Fks: time In London 
Manollta and Rafael Aguiler’S 
Spamsn folk and flamenco.' 



ADELPHI THEATRE. CC. 01-636 7611. 
Evbs- 7.30. Mats Thus. 3.0. Sat. 4.0 



ALUERY. 836 3B78» Party' Rites,';-. 

“A AouSAjS^ TlM^jYWtilbS^.'lS 
, LIONEL BAR7^ . v fgy 

ABLE*! Q D !e£ YOURSEL^ tUCuyTio BE 

IT AGAIN,"- Pally Miiror. 

ALDWYCH. 836 '6404- fidOi 


repertoire. Tonmhf. 730~V-CQR10t3UMIS 
i! An evening of true theatrical gJOryj: 5. 
Times. With: Stdeflbero3 Uft DANCE 
OP DEATH next Pen 29 Juwu »SC also 
at THE WAREHOUSE 'see under Wjpnd 

_Tbeitra Is.rfMer 

ON parade.' 


ALMOSTFREE.'- 485 622*. .LUnChUme* 
■ One Oh by .Bob Wilson. _• Tues^Sat 
1 ; 1S OjBL Suns. 3.00 4-S.OOro.Bf. No 


shows. Moos. 

ALMOST FREE. 485 6224. EvenhipS IOirt 

Vonneuufs - Player Hano.?. by- James 
5a ur ders. Tuos^Sals. 0 pan. No shows 


AMBASSADORS 01-836 .1711. 

Nightly at 8.00. Matinee Wed. -^2 -4 5. 

Saturday S and 8 • • 

In SLEUTH ' ‘ • 

The Worla-umous Thrllksr • • ■ ; 

•^Seeing the pjay again Is Jn. tact ap 

utter ana total Joy." Punch. Seat or tees : 
£2.00 to £4.40. Dinner and Too- Price 
Seat £7 JO. 

BntaiiL H2L50 pm Border Nous 5J5 
_ The Lincolnshire Show. 6.00 Look a round 

Programme: Friday. S.OO The Ineredihle Hulk. 10.38 


9JZS am The Good Word lollowed by 
North East News Headlines. 9J0 Bis 

Small is Bountiful: Starting M-'rry Meet U.00 The Souih Bank Show, gjjg" jjgf, ,.55 Antavour-Yesierday 

T1225 am Border 

When I was Young. Safari Id Tl*e 
City, it in Roger Whittaker. U-3S About 
Brlmln. 17 « pm North Easi News and 

new- ventures. ’Pw Practice. 

9.00 M.H. & 5n- Five nenny Piece pie ' v-s sum mao-. 

with Mike Hard ins. CHANNEL 

9.30 The Great Enslish Garden 1JS pm Channel Lunchume Neus and Look around. JL15 Mr an d M re 6.W 

Party 100 Years of Wirn- Whafs On Where. 6.00 Report ,\i Sis. Northern Life. 8.00 Tho Incredible Hulk. 

hlPrinn (Peter Ustinov «■» ^ Bionic Woman. 1828 Clnnnet MJO Spomtime U-« The South Bank 

Dierion (reter Lsunov U|e News UU2 Summer of ’75 11.00 Show. 12J» The Pracuce. 12J0 am 

IPOKsOacKI. The South Bank Show iRal Prince.. 12.00 Epilogue. 

10^0 The Devil S Crown. News and Weather In French. ULSTER 

Jv News ° n 2. GRAMPIAN 18JS am Safari In The City. 1L05 

1L2« Rugby Union. Australia ▼. 9 W am pirn Thin*. IJO T- hno- Boa«?r vm maker mt About Britain. 

Wales fhljrh lights). flash. UM5 The Beachcombers. 12-50 pm Lunchtime. 403 Ulster News 

12.HM220 am Closedown (read- Safari In Thu Cuy. ILOS Racer Headlines. 505 Fllnretones. 6.M Reports. 

Jny>. Whittaker 1130 About Britain 12- SD pm tu5 Pniicc Si*. >.80 The Incredible Hulk. 

Rhr.9 Wsioc n»h- 7ni.7innm Grampian News Pe-idC ‘■°n >; r --. UL30 The South Bank Show 11.30 Police 

MaHrilv,. HIOIJsT.m Th^Th. r»an Today. 7.00 The Enlertainen. The Woman 12JS am Bedtjmc 
»*» "inu 'r, am T “ al * T ° e Pasadena Fnnf (ircliesira 3(3 Ml. Ill- WF^TWi ] 

Way The Money Goes. errdihio Hulk, iojo Refleciion-. 10 js __ .,1 

Points North. 1135 Rilchie BrocfclPinan. _ , ’ = _ am ll i!! rw -.. B,,nn 2 , L^', ir 
12.35 am Grampian Lale Nudu Head- '2“ urp D gg. rt '■ 

The City. U.05 The Rorct Whlnaker 
. », . r, . Show. 1130 About Britain. LL27 pm Gus 

IkKAIN ALIA Honevbun'R Birthdays. 1230 Westward 

0J0 am Sesame Street UL25 “The Ne« Headlines 6.08 Westward Dlarv 
Contest,’’ Starring Eleanor Parker, Going lip Of David Lev," starring Topol and Spnris Desk. 8.00 The Bionic 
Bob Cummings and Louis “ I,<J aalr ^ Bloom- U.3S Return To The Woman. HL28 Westward Late New«. WJO 

Jourdan. 1130 Inner Snarn 11 S3 Planet Of Tbe Apes. 1233 pm Tins Is Summer of '78. 1L08 The South Bank 

AnV tLIm J im Your 125 Friday Matinee Peter Show. 12.00 Faith For Lira 

Beany Anti Cecil Cartoon. - U4W Ustinov In *■ Hor Millions." SOD Mat's 

A Handful Of Songs. 12.10 pm New. 5i5 Crossroads. 6.00 Granada 

Rainbow. 124S0 News plus . FT Reports, brio Mr and Mrs. 8.00 The _ _ ... . ... -w. 

index. 1255 Help! LOO The Better 0 HaJ > n Rrt»ns Extra. SSStoi^iZST warid 

Sex. 1450 Crown Court. 2.00 Money- ^ Sou,h BanR “'*■ n2 - M Cwot 22?SS? ££ 


94(0 am A Diary Of Civilisations. 
1048 “The Great American Beauty 


SJO am Choirs Of Tho World. 9JS On 

Go-Round. 3L25 Rawlings Queen’s ^ 0f Th " Cenlury: *** ^^ las ^ 

Club Tennis. 4.15 Golden Hf II. 4.45 ° f Ck>ry 

Fanfare. 5.15 Etnmerdale Farm. 
5.45 News. 

6.00 Thames At 6. 

6.35 Crossroads. 


HJO am -Seven Sinners." si.irriog 
Edmond Lowe and Constance Ctrniminps. 
lfLfi Safari in The City. U.05 Koeer 

Whittaker. 1L3D Mount Sieu-an 12JD pm Rafferty. 

ChurdiilL 1250 pm Calendar News. 1Z2 S 
Friday Film Mailnee: “ The History nl 
Mr. Polly." slarrinK John Mills. 410 
Cartoon Tune. SJS The LlnwInsWre 
Show. LOO Calendar 'Em ley Moor and 
Belmont editions 1. 8.89 Th* InerWfibte 

Hulk. lOria Tbe Sooth Bank Show. 1139 

RADIO 1 34 7 °* Midnight. includliiK DA DIO 4 

(S> Sterephonlc broadcast N#wS “ N<,W8 S^marv KAU, V^^} Mem, 285m and VHF 

^ 7JB Daw Lee RADIO 3 464m. Stereo & VHF US am News. AIT Fannins Todmv.-f 
Travte. 9JM Simon Bales. 1131 Paul ft Mw j lia _ Wb „ 6.35 Up To Tbe Hoar. Vto New. 

Bmirtt inducing 12.39 pm News heat. ^55 a ‘ m v^lSwr TwTmL* tjb Today. P 7J5 Ud To The Hour (continued! 

2M Ton y Blackbarn. C38 Krf Jensen Oven ore |(« t*Thr£E TWht for the Day. «* 


JSffSSLS 1 !^ ^ncen ,S.. OJfiTUtSTwi ^7^800 Today. 835 Y«terday I. 

?* ,e ,nS iC ^ , Qrchestra ,Sl - Radio Composer-. QmliSiSl « Mr PartJnmenL 1M News. MS Local Time. 

=.»■ Peel fSL 12.092.82 mu ern UJO OuSfefs^S “ A Bar For Nothin 

. Nothing fSl XBJM-Nflwd. 

As Radio 2. 

RADIO 2 1 -» nnD vtu- Analysis: A^enWtng to Disarm. HJB 

530 am News Summary. 5J2. Ray Neti^ 2JB PtaytSPS). MWdS Pixm BvnTwhere. 1238 New. 

Moore wtUi The. Early Show (Si, indud- Concert part 2; Poulenc. Ravel iSr. 2.99 

dir 635 Pause tor Thoughi. 732 David Mwic’ For 'owna And Brass' part I Is™ ■ ■ ■ Uimuote <S) S2S Wtofbcr wro- 
Allan (St litciudhiK 127 Racing Bulletin 2A> Interval Beadfaix. 2 j 4S Music tar Brammp nrws :L ® ^ ortd A* _® ne - 

and 2 45 Pause for Thought. in.O? John Chons and Brras nart 2 u n 1p i, 1*30 The ATChera. US Woman's Horn’ 

JgW" lS i 1US ^ Wawoners 1 Walk, violm sonata 1S1. ’ Is? The 1973 SS i£S%th SlSte 1 
1230 Prte Murray s Open Rowe In New- Hasldl ComneUUon iS>. Ifi Tlte YoOtK ^ JS 

quay (SI lariudins L45 Soon s P *. Idea iSt. Homewarf Bound. I&B5 

Afternoon Theatre lS>. 8.00 News. 4J5 

hSiZu'im NW'iiri® uSUS’cfiTU! 

Sports Desk and Baring (ram Royal tinned*. tfjQ Lifelines: 
As««- «l Wassonera' Walk. « 5 Sporu Recreation. 7JC. aty 
Desk. -LS3 John Dunn 1S1 lncindlne 5.® 

Soorts Desk and - 

Previn looks back over hs career. 5J» 

Leisure And 

sr-.o^ B „ , s r^fgs: g ■ = « « 

I.MlW i rut t'r.llali. ^^^"pScra 06 t-M^News^OS 1 The 

MdlorinK Information. 6J3 World Cbp Lulher And Vollalre (talk by Dermix 7 ja m rt# w r-r k rmm 

Suorta Ussk rm -n- “ Frntnni nun narr Archers. 729 Pick Of The Week from 

Sports TJssk. 7.0Z The Midnlie Follies FrnlonJ - 8J0 CBSO pan 2: TdtaikovSty via 

Orchestra and sweet Substitute in Band ' Sl - Tbf ' I Jea ‘ J n *' lt Remembered: BBC and Te,eTls!on ,sv ^ 

Parade, tnriudlni: 1 S 1 7J8 Sporu Desk. TSdeuK Rnewtcx. e. — 

Philip Jones Ensemble 1S1. 8J0. Anv 

Qu-sllnnsr 935 Letter From Anterira 

UB Nell Richardson conducts the BBC Alk»* piano rerilai (S». ms Chanson ?jTKSd«S5e ill 

Rachp Orcte«ra is., ifi Friday Ni*ht Franatae: Son _ or_Oaude Nouparo -St. ^ 

Wuslc Nlsht 'Si. 9J5 Snorts D«fc. g- 35 Totuahfs Schubert The 

HU? Free Sp,n. IOJO Let's Go Latin. Son* IS). ' ' ■ ifL “J® % ■SHL jusefi 

UJB and FlmmSl World Totiirfu. HJ9 TodayTS 

LLK boons Desk. UriS Peter Clayton 5-C-7JS pm Open Unireraily. ParllamenL 22JB News. 

APOLLO. 01-437 2663. Evenings _Jf.OO. 
Mats. Thors J.00. 5vt. S.OO and 8-JW- 
DONALD SiNOCN . ...^t 
Actor o* the Year.'' Evening -Standard. 
-IS SUPERB." N.O-W. . ' C’V.'i 
"Wickedly funny." Tl mesr ■ ...- 

01-85B 2132. 


tom iria^jgD-s.' : .. 

■■ Hilarious . . see It,” SundaY TtoeL 
Monday to Thursday S.30. Fr Way and 
Saturday at 7.00 and 9. IS. - 

ASTORIA THEATRE. Charing Crow Road. 
01-734 4291 . Mou.-Thucs..8 JUB.:jSrt. 
-'nd SaL 6.0 and 8.45. CBof^r food 

6.0 and 8.45. 


■■infectious, a pp ealing. ' 

heart -thumping," Observer. Seats 

£6 00. Half.nout- before .'Show *badt.iarailr 
able seats £3.00. Mdn.-xiwre. aluL'Yrt 
U n.m. peri only.;. s 

Lunchume Thoab-e . JjTS jjx 

.’ theatrb 1 "; 

GhUEMVnCH TOUlhdg^ * •; “6 88- 7785. 

.... ^enlnos 7.K3. MaL Sat. 2.30. 


•flayk by Yeats. »ynge aoo L*« Qegont. 
.for-2 v«Md0 only, "thajmi stage .at its 
bBA-'vPr^TImes. Fcthai! -r 
V* AKES by - Stanley Hood 

HAYMARKET. 930. 9832.. Box. Office, Now 

. Open? ‘Prevs,. July 4 lad s it -aio. Cpdos 

July 6. '7.00,-. 


HARRY ANDREWS' - • ;/- A « 

: -.~r - mtON ■' ■JENCUCK.-7?-- 
and IRENE HANDt . m: *--■ 7 W.i 
r,.— r/ . . A FAMILY" > 

, : A new Play by RonaU) HASlWbtit^ 
}-, ./-:>,1JlreeUd by CASPER 


_ (Fl-S3b-t660& 


1- ^- - V 1.' Itu 'lf RMTiKtf aHCV-' 

, . Midi uerex- wunn 
.'Directed, by BURT StiEVl 
v . It 13 packed to-burstins 
t and . shew . 
riun. Expresk. 

Sunday Triegrapb-.- » 

WNffS^. ROAD THEATRE. 1 .7488, 


to Thors. 9.J. Frt» S^Jr.SO, 9.30. 






(A a Spectacular .comedy Rerue ' 
roar- best, chanca . ir see ''.The Two 
Roubles Revue - at theU-obdoa Palladium 
Is- to book now tar the performance THIS 

7 SUNDAY clone 


01-437 36* 
iS.Tf* 87 

MAY FAIR. 629 3036,. Reded, price PI 





01-836 8888. 
tfi " 


t«B:' at 

AS 8r 8.45. 


.. rilLHtah. 

* 0 ... 

; 4 

Jias everylnB.” g. Mir.' 
-,.8-SAT. 3JJ; 

_ et £!■ -£2 -£l. - • • 
flit :CMjl i .JIOOkDwi 836; £597. . *. 

01-388 1394. 

EvriringCiXSOr Mats. Wed. 230. 



”$S2US&Sf ’ 

^. J l LA»I 


joo: .’ 

ST. MARTIN'S." ecT 836J A43'TGjri ‘a.QO. 
■Matinee Tues. TLA 5.- SaiwdM 5 and *. 
(A_ CHpiSTlt 

WORLD'S 1 t] 




- CC. . ->34 5051. 
COCO.; 7.TBJ. 
r - Bna* 


• RAZ2CE DA2ZL* ' y 

' bourne 

MERMAID. . 048 7656.; Kestatuai*. Z48 
2835. TvenWg 7^30 * 9-?5, 

GOOD BOV.- ' - " 


A play tor Ktort^and ooJlestra jay ^TOM 

£3 and «2.‘ • '* It . seems to narai n 
almost every ~Xaa» *dtb . *3e-- inRIjori 
theatrical and verbal vrit-'’ D. TeL- .*'No 
one who taWt-' Ch*. «s«sh.'(angitag»>hd 

R 0 V -\ 

the hiahes. comic , art a 
this put-" S. Trmes. - - 

N AT I ONAGTHEATRE. - >-->26 22S2. 


7.4S. TaWOTw. — - „. - .. 

FARCE. By -.A*an -AvriObourtl^ 
COTTESLOC -tim - ~ 

A Tomw. T 

uiffalo-Mt D4Md -Mainef.*- - • 
Many pccrttant L cnaap aee & alt. k 
day aTi-perf. :Cw.- paric.-Hjw*dMi: 
2033.- CredlLiE*rd. hk»V .928- 3052. 


OU> : 'pROSldECT:' AT THt OcffiiC™* 

nmar . Jheaire. • COren* 

?S. ft mud- Shakespeare 

Tonis MO. -OairW Rodklrfs 
E ^iraTr. rt-ouMe outstand- 

ing.” F. Tlmes;:AII sens tl-PO- Advance 
bkjr. - Aldwrdh. Student ~rfao<Biy £1 ■ 

Westminster.-. . 1 - 0293. 

^MOGG^DOT ^^m SAw : humour.' 
TTdORNMILL*S- dramattC"^rt." ^D.- Tri- 
.'Tuteacely human, carl as 'drama.*' Y.Post 

. E*S5>: 7.45. Mats.: WAG 3UM. San r A30. 



WHITEHALL. ' 0V~930 669Z-T76S. 

Eros. 8.30.', frt. .add ;sat- an(L9.oo. 
Paul-. Raymond presents -toe -Saoskthmal 

-v. ' 


■a 2.:- 
*->■». • 




WINDMILL '*H£ATRE. CC.-'(n~437-'63-1 2. 

"twice aUghtfr &WL ano-i^w. : . 

mkt j n nn -YSSuSAYMoNor^Meinr.' 1 . 

MKT, JWN1 . -, . •»;. .. .... , -RIP -OFF .'i -f.; ' 

LADY* NOT k FOR_ BURNING • i-' :1a- 

: . -.e 

i,> - v;)r . 

*i swat.*-*- 

, Fry . 

'3d. juiy 'r. 

IOHT . . . . 

” an outstanding revival," The Times. 
Returns -JehfL.IO. 

OPEN AIR. Regent’s Park. Tel. 486 2431 


L on cfrttme Today- S.TS-.' 

Thur. & SaL^JO 

Juno 12-23. "A SUC 


CAMBRIDGE 836 6056. Moo. to-TWs. 

8 .DO. Friday. Saurdav 5 AS and 8.30 

Exciting Black j African Musical 
“Packed with viriety." D. Mirrpr. 
Seal Prices £Z.M-£5.5D. ' 


Dinner ana lop-prlce seat- £8.75. Inc. 


0243 '81312. 

one 24. 26 Br .27 at :7.00 


at 2.00. June 28 at 7.00 


■*awriP i! *' 

■ .tour -do farce.” 

- An unparalleled .tour de farce.” S. Tens. 
Tues. to Sat. at 8.0. 4.30. No 
Ms. Mwi. Seats £7.25, £2.25. f.2.50. 
i. j.OO. latecomers not admitted. - 

CRITERION. 930 3215. CC. 835 1071-3. 
Evss. 8.0. Sits. 5.30. BriO. Thun. 3J). 


5EC0 ^^r^ 5 ^ 

'• VERT 

'5. T«L 

DRURY LANE. ' 01-836 8108.' Every 
nftihf a.oo. Matinees Wed. Sr Sat. »!o 
^ _ A .CHORUS UHE . 


DU CHESS . ' 836 8243? . Mon. - tp- Thors. 
Evening, 8.00.- * MS. 

The Nudity, jj stunning.” Dally *TeJ. 



Sensational Year 

Evenings e.oa. m_^ 
John g!¥l 

.01-836 5122. 

in Julian Mitchell's - 
?!!*?. ,*i*_HarMd Hobson (Dw^ Instant 

FORTUNE. 836 2238. Brt. 8riO.Th«^-3 J 
.. . . Sat S 00 and TUMI. . "4 

Muriel Pirlor, as^MISS MARPLE In "’ | 

rat'd Great Year. 

TMSATRE.. CC. 01-S36-4BBT. 
BW; ““t- w «d 3.0 Sat. 5.30. 8.30. 

...... ™ E HOMECOMING 

Gdn. ■ "Not to be- missbo,- 1 - Timet. 

GLOBE THEATRE. 01-437 1592. 

Eros. 8.15. Wed. 3.0 .,-Sk. 64) 8.40. 

ALAN AY'"XBOHnN , 4 Nvw CbmedV ’ 
"This must he th»- hapemf laughtar- 
rrslcar i" London.” D. T*l. ‘"An Irres's- 
ttbly movable evening." Sunday Tlmag. 

PHOENIX- 01-836-229*. Sverrings- 8.1S. 

Friday aiMf -Setifreay' 6J>0 ind_(L4Q. 

Garden, make o»- laugh.” o. . Mali- in 
HAVE DIED.” Sunday Times.-.-” SHEER 
DELIGHT." -E- Standard. ■ .- ^-GLORIOUS 1 

PICCADIU.r-rAlT.AS06. Credit eaid bk**. 1 
-836 J 971-3.’ 8.30 a-mf-BJO Jin).. . 
E*Ba.; 4 30 Wdaf mSCS.‘3. 
_Roy(fl -SBakece ar e - CAmpeey -.-.|a. ' 


-cm w 

_ BEST 4lONW£tY 1 OF.'T»« T£A^'- 
Ev. Su.- Award and". SWET Award . 

POLESSCN - LAOY . OpEN '- 1 AtR-i Oreet 

flock ham. - - - 



7 as a mu Madnee -S-DOJ •" _ 

io-7 pro.-. tSycil tf.m.T Bobkbatn 



01-437 6677- - 'MdBday-Friday.L . Ms. 

8.00. Mat Thun 3-«£ Set. *.30 reed TO0S| 
■ (VITA - 

Or. Tim Rice A ndrew Doyd- Wedfietw 

Widj DaWd-.smjv-fflpine PajBe v*d-&*a 
AcWano. omcfB by.' Harold ; ffict-.-.- 

PRINCE OF- WaLESL CCi- 01-030 
Monday to Frktrr- at-^ uAi.'Sati 

LONDON AND^SroADvfctt’.fi- *, 
.cRtDiT. t/our>$cln^ &T 1 « ‘ 

■ -jura 

WYNDHAM'S: «J -83B 3Q2*,SCredlt;.Cfrd 
1 071-3 from^RJ 

i.3CT- M«1 -Mon> 

Thdra.' "6- - Fit. , 8Bgr^t?'8rt6'gi»el -6ri«. 

VERY . -FUNNY.'' -EveMW '.Mmt ■ .- 
Mary .a'Mattey’siBnaaiHiit TdBiedr-. 

■ . T; .ONcSroCOLTHOLIC,^ .. ^ -■ 
■” Supreme comeay . on- sex and-.iYUown." 

- " k ™ , ' 

- IriUlGHTER.**. ^Gaariflan.' . 

YOUNG 'VIC. .628 0363 :.Ne*». c»np«ny— r 

-Wert:' Season. - _E9 (£l>.*S. - wed. -mQ. 
-2 prel-.-Ne oert. tJHaTrhur. ■ 


-r--. . 




StmOmfiCf. . - ..._ 

1;TH« te oMia ACiL.xto^^K; ASW 
■gfytt t&10>''&1f>.>l8fcs »*# iS2tri;fltl Pi 
2r •TLITIS'OtL wto i8eriorLr 2iOO,' '5436. ; 



ii^'JIUOimi^-'^-V^ > ' 

CCA4HCo-l v '2; r jt; A^-Oxtanl^strtef . 
.lemoHm, Cdut.'AL^7»Hi fpao-j 

; H.Tfro.'' r -‘i 

a< -raliWd\8«iriw.\ ; tee/' 

t _ j . :TAV-/PW. -tJCS3ri . 

• sjjoj --8.Z5^-.iaf«3ht»f -j ittsa-tA? *.* ■= 

T.OS: 335. ^6.05. 8JS-:riHJ»- . 

. -t - < -• Photic .'Deunmii mfi’ ■ 

. . M .-SAW ■ MAWACRfi. - 

FAITH BROo}g^C^^AU 2$C>$E 

Ttft r ot^coumRY < 

w " %5SS3E#^g*»- 

Directed *v - CUF FORD WILLIAMS 

HAYM O nq>*VUB 8AR. CC. 01-734 1393. 

AT j a m*g 1-Ul.iJ J-BJn. *00*0- 5IINJ 
■' PAUlT TO YMON ir jreaente.. ; . : 

* ' - ^-THE, FJ PTTV AL.OF . 

- ■■ . : 

_ . FMIV. 'el 
Ittt s 

ROYAL ALBERT, HAIL ^. 59g .B2.t2.j 
'Eros. 7-30. Soetoy jwrt'»*l Inc 30. 

. rrHXATR*r- ; • j 

J- pTOh-rtMo^a8Aghh»--^--" ^ 



?*LiiND..r,-.C- J; 

by Big Moirtaoo. 

ROY ALTY^.-Cndfr CireA. 01-AW 800^ 
Monday. Thursday -SWUM «J». -FriO»Y : 
5J0 and MS. S«bnNW r*.OO afld 8.00,; 

BUBBUNG^ OTgyi's Ss AI^. 

riaoklnoa. aStrted^rMNgr J r ~ 

Spedal h*a u£*S. OtO^ 


' ODMlNtr HOME: IXL Sep. [Hobs. _Mon - 

^o. san.-ririO; tas. 

LatB.-giNMl' TO, 4Md . SaL- liji5 W". 

sum : may . Jke •booked ‘ -bu Jtttrancc -\Tor 

-8,1,0 prep. -Mefc-FrL and alt jm>»- Sat: 

8,1.0 prog. -MolC'FrL and ail juvSO- 
api Iw. NQ.,l^^ % h<y^ l j t Jag.^ 

Waa®!iSE 'Mssfxsi 

HWW UlgBOT-J QIMn 1930 6111}.' 


aimd i/o: Sep. Proor, D»y. Omh o 
J 4». 4.15. .7.45. Late FrL and l 
I. ^W jffjypen. 1 U5 eat, AlLaeata may 

4 ^-«0SKflP9 

ssatm T^ m - ^ 

_L«»e ahofy Frt. 
By.Sa fc.Ooarv ooep 1 1.13- wn, All aaatt 
htele.' In Mttanw C«ejrf .Ipte shops- 

. r - ■ T* ’ .. .'IV dp -J’. s .’. 

Friday June 23 I97S 

Si Smith Square 



Oxford supplies the suspense 

John’s 250th Anniversary tial threat to the darity of the Bach's Cantata No lTti “Vere ^ 

InTy^TT % 2 i ? r f f B8 K, without nURie FufhV'lhc filing and \ Frame's 5-:fr Rrreur, Hraol's 

in the y oulhlul hands of Diverti- ^hicb they blend smo sludge. chamber organ were uneasily i Oxford Mlm Festival Rockinglio^.- lsbu .. vri m tho #*' 

menti. a chamber orchestra Mr - Fdend ana^ his players mated, and in place of the usual T|1U Canoes Dm?i-u.|V Fortnight! \J 

inducted by the. experienced s ™ounted alt those dangers (doubtless unamhcnticl con- \ Tbe VnA Pw-mx and, the >!.,r attraction. Liza 

Lionet Friend. T.acr c with great credit, .and the result tralto soloist we had John-Ancelo ! Puns-PuHman and Phutnix Minelll m .1 .Matter of Time. 

they concluded nnhi,, . . ' was both mmrtBg and beautifuUy Mess ana's higbly-srrung counter- The Medusa Touch (A) Plaza directed by her father Vincente. 
Richard Strinwe W1 , shaped. DxverUmenh s first tenor. He was cruelly tried by The Comeback <Xi outside the competition, which 

rff^ttnn . roub * e< * vale- desks are strongly manned (by the second aria, which makes ABU Shafte^bur*- Avenue stipulates ihji u x films must be 

df^uop Ufetamorphosen. a.^siudy both sexes), but'- none of the extreme demands on breath enn- and rjcncral Release b3sei* on a M.or>. not el or play, 

for 23 solo strings’* The piece raa *- a Qd-filc was content to trol. though he recovered his ! are a host uf original works 

runs severe risks: its c . oast along. The music gathered aplomb for the sturdily reassur-1 receiving choir first British 


M-aol’s -.nS .tSBSiZr-' f 

Riehard Stri i«' t j , tenor, ne was cruelly trieu oy The Comeback (\i uunnut n..- eumpeuuun. wiiil-o 

u roub * e< * vale- desks are strongly manned (by the second aria, which makes j\BC Shafte^bur*- Avenue stipulates ihjj ux films must be 

dfistiop iWeiainoTpfKWCT. a “ study sex ®®)< but'- none of the extreme demands on breath enn- and rjencrul Release b 3 sei* on a M.or;.. not el or play, 

for 23 solo strings’* The piece raa *‘*ud-filc was content to trol. though he recovered his ! are a host uf original works 

runs severe risks: its luscious c 5 ast alon S- TH e mbsic Sphered aplomb for the sturdily reassur-j receiving cheir first British 

chromatic texture curdlm -> *** broad impetus necessary to ing one which ends the work. | For the past two weeks, screenings- among them Lina 

MUDCtm of miKtuniw. M * v* “*?* its ever-ncher texture. The witty edge of Stravinsky's England's city of dreaming spires Wertmuller , t .Nightjul of Ram. 

nnndlirtnr l*t« 8 ’ “5 jf tbe a “ d pose ttt »- keenly sustained "Ragtime” and his second Little has been metamorphosed into a Paul Masur«fcv'» ,t« Unmarried 
MB^it'sueoe ^.1 whn* a ^^H ,: - ar , t:b cllmax ‘ ^ dying fall was poig- Suite was blunted in this hall, city or bustle and film-frenzy. Woman, which won its star Jill 
rnit - at Stravinsky nantly measured, . though per- despite Dlvertimenti's crisp This is the last week of the ciayburgh the Best Actress 

• * 7,1 1 ’r n ' 1 1 n 1 , m Jana cek’s haps Friend was too anxious not attack. The protracted rcdistri- second year of the Oxford lnier- award ai Cannes ibis year, and 

nf e Vv^V inn t S v Ueeze ^ out t0 over-insist at the last citation button of the orchestra before national Film Festival ends the superb Australian film, also 

lon E tube. Almost from the Ennco- All the playing each or these trilles took longer on Sunday night 1 ; an event shown at Cannes. In Search ■-»/ 

5L P r~?Z+?* rrie *.s ome solQ w * s s0 clean-lined that the heady than the music itself— and the I begun in February IkTT with the Anna. 

KJinB .11 S dli ?° l theit acoustic only flattered it. with- interval passed more slowly than laudable aim of supplying the The fesi:v,l h.i* been <?t agin a. 

’t’£ rk ,0 the out smud «ioE- the subsequent Metamoryiiaseu. \ mi Kin- link left in the British in addition. number or special 

tIw - y * * cou * tlc The earlier half of the concert too. Celebrations should not he festival circuit by London and events . niu.-t interestingly an 

halo ot 5t. Johns was a poten- made a scrappier impression. In so leisurelv Edinburgh. Of these |wo strictly- anthology of film gathered 

■' ■’ ror-the-devutfi- festivals, one is together under jhe title “ Good- 

a saturation view- in of the year's bye to Beriin and tracing the 
Young -Vic critical I y U-sl-accIaimed films, influence •>; Nazism on cmoin.i 

the other a sternly Scottish before, during and after World 
demonst ration of the principle War Two. roe lilies range from 

T"* < 1 r mmm n • !h:«i rin*iin;i u lire! rt th^ VjfttpirC CiSlo^K" 

; "x : ■ - ■ vino's 

& W 

Ltf s&r-'?*' * 

F' ' 


■ ■ i 

vTlt t ■ .-i 

Bartholomew Fair 

Michael Bogdanov, the new Nightingale the balladeer 
Artistic Director, of the Young becomes a guitar-toting pop star 
Vic, obviously intends the style > n bangles and satin: the cut* 

■“"s • that cinema is education first, art the vampire classic 

H nif* second, and rntcrtuintncnc a Noeferaiu. ■» hich many have seen 

L dlJL humbly Hailing third. » proohe.-y of the rise or 

The missing j n3 red,em in both '! 

Jooson comedy is io be done in Oxford* has been^triin-^o ^ ahaTei an,J Th^vJoht Porter. 
modern, or modish, dress, then *£ For all ft, diminutive budget. 


The Siepford Wives 

. 1. * ‘xuutiu, ui >uuu»>i. ciinnU v*l lb., r^ulii-,1 it ror an H? umiinutive OUUSfl. 

Vic, obviously intends the style in bangles and satin: the cut* a design solution must surely *>• iS s . , , -.«£ i-,T »* a furthermore. Oxford has sue- from :t nove i bv lra < RMmnnTa one of the happiest marriage Remi.-k. S«. much fur that, and 

of business to be much the same P ursc Edgeworth, a fey mock- found for the entire presenla- ^ l . .. ;. } cceded in attrarrma a fair quota sabn t Levin, was made three that recent .mema has given us r.n to th* next nnplaiivlbilitv. 

as before. His high-spirited ‘nnocent in a three-piece suit; tion. I Lr ndu'n and a . mice of of Wm-wurld luminaries to the veiirs a . 0 and ipen , m ost of its between scence-ficuon fantasy The film wheels its uav rrmn 

version, of a day. in the stews of Wellborn, a scheming in- in an uneven 1 tUL Jam«, . t JSn-Bln : 1 cull uri l d Versions ^ rtival - Lj ' f ye ^ carlv iifo. cold-shouMerod by and social allegory. one wm.ld-be i»»r tU- iw ■ ..f 

Smithfieid is happy-go-lucky. W t ^ ( a Car less extensive than those »«**'*'« '\ :irCiX Bcllochios disl f lblU0rs . on cable television * , , actn.n^, r suspense to another. 

■ * : t*.' .. r , , *..w.-i*wk • vauuvt . ■vMi'.i vc uni jiv^. 1 hwoj. puu»t uu> a ; - , • , -- , . jicai .•-J#. UiJt" jjwuco. ujv 

presented as anything other than joyous sense of relish in the I Bogdanovich opus in England festival will edge nearer toward* 

types — London buses, tnvnaiy sen red rn ih^ reontibfable ljtra 
bohbies. royal occasions — is tirade, who ia busy these days 

1 :,I D«/.l.,.v ^ftnoar mi bonnies. royal occasions-— is tirade, wtu, ]3 nusy tnese nays 

: fulfill 1 nc the enormous potential O00K KC\ ie»S appcdT OU lerrnr jf ; e d >„■ ft, e supernalural n t in - n. shuiv ei er»one that 
tuc -vimuw uiuiuuiew yoKes. rmoous rags, and nor ts sne. The Richard Eyre's Nottingham Play- w "! »“■ n-^««-iwr »n su».» ^ e4 . 1?nI hj - ;IS 3 mrjV j e M el . D - ~ r ^' pr ' r ,, Rich “ d Burton. "I P.lituh .-inc-.n, r >n hold its own 

the jpactous interior of the Justice's sauctiraonious counter- house production last year, in “Wive for the Test ual from ih»Mr together— and that Oxford itself Page 1-6 have a 01 ft for disaster. " savs Mr. in 1 hi- hi - I-i.n’«nier. ial world 

JSf?* y ^ f ?5J ed part ' Zeal-of-the-Land Busy, which Ken Campbell made an far-rtung corners of h .- a >t . nU( ...' Thls architectural SSm ’“..d demSn/trales' fi bv !" n ^ Vhi film ind 

with punk punks, baton-wtelding descends on the scene with indelible impression as Knockem lh ®> ,olK ‘' _ . .. , nHo . and scholastic oasis, shimmering America's equivalent 01 the Home- h P it-uiVesqu'’ly anti-iocial i* s ur-tlec^ nrs r V..«oac of ihe 

policemen, and gymnasts 0 n evangelical fury in regulation the horse-courser. t Tbt ' * a *T* r ' »***• ,end ;^ within ea.-v reach of London, is Counties commuter belt. Here :/ tl ,as L jVhin^ h s pa r ^nt* over K? , \ r,Lu , 1 

large baUs and tall stilts. black trilby and frock coat If a MICHAEL COVENEY 10 be no in m manj ««. M ^ per R-ci siting for a festival peace and composure are almost ^ burning down a school. ^"^Vnai he has ihc Mcdtus' 

q d . t t , - r. * n distribiiiors havr ihoi^ht twicc a ”“ c t} ^; Jt vilHor-^f'rom oAliv fn|! J SI ' ; , /\ pn 'do n’^vscvaTer^^ * 

St. Bartholomew s music festival ™ *S5 

One of London's oldest derecki on the evening of Friday, (double bass) collaborate in a Hayworth, slated for the rule >.f 15 ^y^n^Jer mSSi?*"' v ‘ uund ' up 1,3 jn ' riurins a vi,it by the Oueen. This .f.^^plavs a'sHtteh-b^ed 

churches., the.Pnary Church of July 14. with the composer con- lunchtime programme Including 1 Honorary Pres idem of the Jurv. festival 1 .. week nr two la’er. ncquins. ... la^-i >umt recalls the Bnriah r ,., irnmo tu his sin^<iri n 

St. Bartholomew, founded in ducUng the London. Chorale and works by Guy. Michael Finnissy. f j id ROt turn up; aUlnuiili a red "Jf". n ,.,/? e 7 L iS'n h i„ adiv^her^IcrewSSlf nei<*h- emert,, ’'I 5 antJjnonarehM) J : f sk i car' " retire- 

1123. Will be the venue of Lon- the Royal Academy of Music Barry Anderson and Xenakis. wail(?d VnUmi-Ucallv for ^ ded ‘. ‘ Iad to requisition an and ^ s coop of .some years hack, when Jl J I l , r ij man-ion 

tSS'-'SS..^ of 20th « SSS of ^SSf &M5SA EhJLr * uf ^ 22 lir^a’p « S iliSrSSSk 

The festiva!, from July 4 to Qb^wi S^VioUn Tale rJH**' oil T ? at uk’s^-i ° f ‘u 'oum^of to' nSv "shrine. * healtiTy 'JIfn tempi for the male fi' "fEd conspSSsfy: Mr Burinn *'udi«) but finds that peace .and 

15, wiJl represent the work of 32 /or Oboe and Capnee /m- Vioim. Tate and \ \ joEJeitric 1 L- i »r,, L rl. i! England needs a fesiival with a chauvinism and female submls- a i m0 *t succeeds: who is next in iramtiilliiy elude him the e 

Bm«sh composerx and 16 coun- Effing thJ Phoenix interpref stockhauiem 8^^% IS’SETi t hi /ear dash ofyl-rnour ami flamboy- sivenees all around h-.*r. Howe^r. rhis assassins' geometrical pro- Tninja not ; .nly ?« bump «n rhe 

premieres in the 23 lunchtime and ^Brirish 3 p?^m>res of works by f 0V r f r undn^/ehiml requiremenu' jn *** tm week-end with heMu-sban'd and ^On'hl.nd to combat Mr. Bur- whimper, and present thciiwe/vw 

evening concerts. Taverner s UlUmos Jims and the untisn premieres ot works Hon glinting behind tht- steel- •* return® behavin'- like the Ideal ton's •• Medusa touch ” are Lino in th- form .»f decomposing 

It has been organised by “g Zn^ta^ And >0 to London. The Step- wl?f "purring Uipes and dome, d~° ? r^ wto *»hr WJg 

Andrew Morns, the church's Paul Ziolo. Golm ' Matthew® Ensemble lunchtime concert on | n the iceth of copious unhelpful- ipnl V.'iry: nicely illustrates the JJ C broniide^. ^Miss Loss know^ improbably operatni? in Britain dwr Tn fi ’ L|‘ cv in j^sbnek 
organist, and will embrace the (wor i d premiere), Jaroslav Rybar July 5 and the SPNM concert in ne cs rrom furcicn distributnrs “way radical social movement* that somethin,. urr> aim-ier is n n a Common Market exihan-J. . ^i.hi.ii.-h there arc 

three 20tb century music organi- and j anaC ek. • the evening conducted by Lionel Sod tenacious rivalry from the gradually Slier through to Suing on. . • Imis. and Lee T ^ 113 ''-' k ™ l r Il ‘V 7^'t ^ r-'toi Pei e W lkcr" 

sations m London— SPNM. the The Nash Ensemble offers Friend will include the world London Film Festival. Bergson popular arL Or not so gradually V isit the movie and uncover (he even more improbable P\kIw bolts n 1 ihe g"’- ' %wifilv 

Park Lane Group and the New Messiaen's Quartet for the End premiere of Harold Allen's has put together th t - festival's in this case, since Bryan Forbes’s mysteries yourselves. Though analyst. I was w^ tl i ? 1 ha E Mur into H.p 

Macnaghten Concerts. of Time on JuIy 6. aijd the fed- Blame Not My Lute with first competitive event and has Highly entertaining impromptu made strictly within a eommer- man. says Mr -Ventura on their .ihn . w-l WUI . CnliJic 

Among the highlights is a con- lowing day Jane" Manning Timothy "Walker the guitar found some worthy films to put on the theme of Womens Lib. cial formal, the film is a spry, first meeting. And I \\ as expeet- j* ‘ 

cert of works by Krzysztof Pen- (soprano) and Barry Guy soIoisL in it: Australia's The Irishman, scripted by William Goldman witty and hugely enjoyable fable: mg an Englishman, says Miss, menace. 

ily consolation 
erewball neigh- 
tiss. whose kti- 
.dary mess, and 

(aver last). i*r of the dcleniiina- ?" n L 


La Boheme 


E^i Boheme is an unlikely 
choice for Glyndebourne. not 
because bf the company it keeps 
there (the opera apears more, 
not less, admirable as the yea^ 
go by) but because it so often 
turns up elsewhere, while other 
works by Puccini not often: or 
happily attempted by the larger 
companies might be considered 
stronger candidates for Glynde- 
bourne’s ensemble methods— 
Manon Lescaut, for example. 
None the less, Boheme was 
chosen, just over 10 years ago, 
for a production by Redgrave in 
designs, by Henry Bardon and 
David Walker. These are used 
again for an otherwise new pro- 
duction by John Cos first seen 
on Wednesday. 

The result looks perfectly 
f rcS h — there is no feeling of a 
re-vamped show. Mr. Coxa 
direction is unobtrusive but 
sympathetic: his treatment 01 
the four Bohemians, in par- 
ticular, is beautifully natural. A 
young ’ cast spares H* 
gambols from heavy middle-aged 
tenors and baritones. Except 
that they are an uncommonly 
well-favoured lot the young 
people are totally convincing. 
The settings, which include a 
handsome if . improbably 
luxurious Cafe Momus, are 
□leasing except for oae or two 
minor details.- What, for 'in- 
stance, are the lights visible 
through the grime of the studio 
window in the first sc^ne ? Since 
the studio is obviously and 
rightly in the attic they cant 
reasonably be street lamps. Ana 
whv the fussy levels /or the 
third act set— -surely this needs 
to be emptier, not only to mark 
the desolate season and (he low 

point in Mimi’s and Rodolfo’s 
fortunes but to make the 
sharpest possible contrast with 
the contented crowds of the 
previous scene. 

The girls are both American. 
Linda Zoghby's aquiline, drawn 
features easily suggest Mirai's 
fatal illness. She has dignity 
and simplicity, and she sings 
well, though even in the last two 
acts when the voice gains body 
and warmth, there is so far no 
very strong personality. So 
vocally, though not dramatically, 
the portrait is slightly negative. 
Ashley Putnam comes with a 
growing reputation. Her Musetta 
holds the stage without the tan- 
trums to which more mature 
sopranos are easily tempted in 
this role, and with only 
occasional resort to shrillness. It 
will be surprising if we don’t 
soon hear Miss Putnam in more 
important parts. 

The young Italian tenor 
Albert Cupido is a find. He 
looks well and moves with' easy, 
unforced distinction. His lyrical 
singing at this stage has a touch 
of rawness : the voice still hasn't 
filled out Yet there . are 
musicianly qualities rare in lyric 
tenors of any age, high among 
them a winning way of phrasing 
quick music so that the words 
lie perfectly on the notes fondly 
enough in slower, more straight- 
forward passages Mr. Cupido 
once or twice showed hazy kieas 
about -rhythm). The ' Marcello 
was Brent Ellis, excellent singer, 
physically much better suited 
here than in the daemonic world 
Of Don Giornnni. The silence 
after the tenor and baritone 
duet, admirably sung and 
directed, so full of sadness and 

Festival Hall 

Wigmore Hall 

Cherkassky Chilingirian String Quartet 

w *%\ 




Albert Cupido, Linda Zogtiby and Ashley Putnam 

dashed hopes, may be taken as 
a compliment. 

The quartet of Bohemians is 
completed by Alan Charles as 
Schaunard (a good performance 
that nevertheless does not always 
make one aware of the musicaJ. 
riches Puccini slipped into the 
role } and Willard White as 
Colline. Mr. Whites farewell to 
bis outer garment is one of the 
expected pleasures of the even- 

Nicola Rescigna conducts. Same ! 
of the first act suggested that wc j 
were in for a high-pressure read- 
ing. though the London Philhar- 
monic was not found wanting. It 
turned out to be a lively hut not 
rushed Boheme full of gleaming 
detail, with a bloom on the 
orchestral . tone, the strings 
especially, rarely heard in the 
dry Glyndebourne pit, least of all j 
on first nights. 


The soloist for the Grieg con-' 
c-.-rto in last night s RPO concert 
under Lawrence Easier, framed 
!>y Mendelsvihn's Heb rides over-! 
tur*.» and Rimsky’s Scheherazade. ] 
v as Shura Cherkassky. But 
those who expected a whipped- 
creara confection as filling to 
their popular concert-sandwich 
may ' have been surprised. 
Cherkassky's Grieg (to pursue 
ibe culinary metaphor is no mere 
\\ himsy: every Cherkassky 

appearance is a feast of a kind) 
was fresh, tart fruit with crystal- 
line spun-sugar dressing. He 
continued in the vein of bis last 
London recital: each foreground 
gesture etched quick and sharp, 
ihe middle and background of 
the music a swirl nf shadow and 
melting colour. 

The first movement bltfz- 
nrtaves were staccato and bright, 
almost entirely unpedalied; io 
the first subject after the open- 
ing flourish, both hands, an 
or lave apart, spoke indepen- 
dently— sudden. magical conver- 
sation; the cadenza was weighty, 
taut as a spring. In the little 
adagio, the colours hurst into 
brilliant sunlight at C major — 
and stayed there. Cherkassky's 
finale', was stormy, but without 
any trace of dark clouds, full of 
dashing base-colours: stern but 
esating illumination. (Better 
>till ii the cellist had been per- 
suaded to articulate some of his 
bass line under the piano's solo 
statement of the central inter- 
lude— ^even single notes can 
make an expressive accompani- 
menL) Foster's partnership was 
civilised and attentive; once or 
twice, maybe, a degree too polite. 

Three Schuoert programmes 
by the Chilingirian String 
Quartet like others arc on Mon- 
day and Friday evenings of next 
week; began un Wednesday with 
D.S87 in »j. which must be one 
uf the hardest of all quartet* for 
the players to start convincingly. 
Such a precise balance of iasiru- 
rnenu is required, such a deli- 
care articulation of quickly 
repeated tremolando notes, such 
an exact pitching of notes to 
assure the listener of the in- 
tended conflict between G major 
and G minor. The youthful 
players of this British quartet 
almost, if not quite, achieved 
conviction here, though it was 
proper that they availed them- 

selves of Schubert's repeal and 
made the passage still belter the 
next time. 

If Schubert's Ninth Symphony 
L his “Great C major." surely 
this quartet — exceptionally long, 
exceptionally rich and with a 
finale in the same galloping fi/S 
— is bis “Great G major.” These 
players paced it excellent ly, 
always with room for individual 
lilt and grace. For a young team 
their unanimity is remarkable, 
their tone imposing. A disturbing 
fault, however, was the un- 
reliable intonation of their 
leader. Levon Chilrngirian, in 
higher passages, both here and in 
the “Trout" Quintet. 

The assisting artists in the 
Quintet were Clifford Benson, an 

_ 167 th Anniversary of V^n'ezuela'^ indppeTfttejsrce^ | 


chauvinism and female submls- almost succeeds: who is nexl in tranquillity dude bnn their, 
slveness all around her. However, rhis assassins' geometrical pro- Things not only go bump in rnc 

when Miss Prentiss goes away for gression'.' ’ night. they scream. wail, 

a week-end with her husband and On hand to combat Mr. Bur- whimper, jnd present themselves 

returns behaving like the Ideal ton's "Medusa touch” are Lino in the form ■»« decomposing 

v entertaining impromptu made strictly within a comnier- man. says Mr. Ventura on their ahn^ tbai ihL. blui in - 
tic theme of Women's Lib. cul format, the film is a spry, first meeting: “And \ was expect- general texture *>, winic 
ted by William Goldman witty and hugely enjoyable fable: ing an Englishman. ’ says Miss menace. 

alert and sufficiently command- 
ing performance, and Rodney 
Slaiford on the double-bass mm 
at his bvri. I ihmk;. On ihe 
whole it a w oil-shaped and 
well - contrasted performance 
with one nr two variant readme-: 
which made me wonder whelhc-i 
the player* have access 10 a 
source unfamiliar tu me. or wore 
possessed b> an imp i»f unprovi 
station. For an encore there «'af 
a pleasing and rathei 
Beethcivc-n-isn scherzo of which 
we were not allowed to know 
the composer until it was over 
“Hummel.” Mr. Chilingiriar 
then announced, and tht 
audience smiled its approval a. 
the end of an agreeable evening 

Telegrams: Flnantlmo. London PS4. Teles: 386341/2, S 82897 
Telephone: 01-248 SOM 

Fridav June 23' 197S 

A prescription to 




BY RHYS DAVID, Textiles Correspondent 


V : .V".^ ^'V+tv - 

. • .viriC.:/.,; V. ... V ifr. . ; :■?. '■ . vjt ’ 

. . ;;; : . 


..... ; jg 

YESTERDAY'S reports from 
Washington that President 
Carter is on the point or decid- 
ing to impose a surcharge on 
imported oil if Congress con- 
tinues to drag its feet over his 
energy programme, were favour- 
ably received in the foreign ex- 
change markets, where fhe dol- 
lar immediately strengthened. 
America's growing dependence 
on oil imports is a major factor 
in the enormous current account 
deficit, which is forecast by the 
Organisation for Economic 
Co-operation and Development 
to rise $6l>n this year to 
and the outflow in turn is a 
major factor in the weakness of 
the dollar. 

Oil shortages 

The news will also be warmly 
received in the capitals of the 
major industrialised countries 
whose pr^me ministers will be 
meeting at next month's 
economic summit in Boon, since 
it sharply improves the possi- 
bility that they could put 
together a package which could 
be labelled a success. During his 
recent visit to Washington." Mr. 
James Callaghan, the British 
Prime Minister, said that a cut- 
back in U.S. oil imports was 
3ii essential ingredient for the 
success of tiic summit. 

In the longer-term. America's 
voracious appetite for imported 
oil could, if unchecked, seriously 
aggravate the dangers of a world 
oil shoKagn in the late 19S0s 
or early 1990s. Recent U.S. 
forecasts suggested that the 
country's oil imports were likely 
to rise from 9ra barrels a day to 
11.5m barrels a day by 1985. 
and not decline to 6m barrels 
as provided for by the Carter 
energy programme. On the 
basis of these and other esti- 
mates. the International Energy 
Agency calculated that there 
would be a world •'demand gap" 
of between 4m and 12m barrels 
a day by 1985. 

Determined action by Presi- 
dent Carter to curb oil imports 
■would obviously help to alle- 
viate, or at least postpone, the 
dangers of such a " demand 
gap." But from the point of 
view of next month's economic 
summit, it is the short-term 
impact on the foreign exchange 
markets which is likely to 
prove the critical factor. The 
German Government has been 
for some time under pressure 
to stimulate its domestic 
economy, as a way of helping 

the world out of the current 
recession: but Chancellor 

Schmidt has made it plain that 
there can be no question of 
German reflationary moves 
except as part of a package, one 
important ingredient of which 
would be action to stabilise the 
foreign exchange markets, and 
especially the dollar. 

At this stage. President 
Carter is not firmly committed 
to an import tax, since he still 
hopes for early action in Con- 
gress on his energy programme. 
But the simultaneous announce- 
ment that the Energy Depart- 
ment has prepared a petrol 
rationing plan goes -some way 
to buttress the credibility of 
what i.s still in the realms of 

Meanwhile, another economic 
summit kite was flown yester- 
day, when Mr. Rainer Offergeld. 
the' West German Development 
Minister, declared that a pro- 
posal for transferring SlObn a 
year for several years from 
developed tu developing coun- 
tries. would be on the agenda 
at the Bonn meeting. This 
particular kile appears to be 
rather lets firmly tethered to 
the ground, since it does not 
have the endorsement of the 
German Government, and is 
discounted as fanciful in other 
capitals. Undoubtedly the 
problem nf the non-oil develop- 
ing countries, with their heavy 
accumulation nf debts, must 
come up at the summit, and 
the participating countries may 
well agree on some sort of 
assistance programme. It is 
much more doubtful if they 
will agree on a programme on 
such a large scale. 


Yet there could be a case 
for considering a massive 
transfer programme, not merely 
for the sake of the help it 
would provide for the poorer 
countries, but also because of 
Us potential usefulness in 
currency stabilisation. Major 
aid transfers by reserve-rich 
surplus countries like Germany 
and Japan, coupled with smaller 
commiuueats by weaker indus- 
trialised countries, should help 
alleviate upward pressure on the 
Deutsche Mkrk and the Yen. and 
make it easier for Chancellor 
Schmidt to give feasibility to 
his plan for an enlarged Euro- 
pean scheme for currency 

months of negotiation 
and some intensive 
diplomacy by top EEC officials. 
11 major producers in Europe’s 
fibre industry have this week 
completed the first stage of a 
new agreement aimed at restor- 
ing the sector to health. 

After losing between S2bn 
and S3bn over the past three 
years es a result of massive 
over-capacity, low plant utilisa- 
tion and weak prices, the EEC 
fibres industry is planning to 
work together on a scries of 
measures to bring capacity and 
production into line with 

Under the arrangement the 
procedures will, during the 
next three years, first 
stabilise capacity at levels 
prevailing at the end of last 
year, when the present talks 
began, and then reduce it. 
During this period — though 
with the exception of the 
Italians — producers will be 
expected to maintain the 1976 
pattern of deliveries for all the 
main fibre types, neither 
gaining nor lasing in relation to 
their competitors. Any increase 
in the market up to 1981 will 
be divided on the same basis. 

The agreement is an excep- 
tional measure intended to deal 
with a major crisis, and still has 
to overcome two possible 

Though the arrangement has 
been backed throughout by the 
industry directorate of the EEC, 

| with the Commissioner, 
Viscount Etienne Davignon, 
himself playing an important 
role at various stages in the 
talks, it runs counter to the 
competition rules of the Com- 
munity, and has had to be 
vetted by both the EEC com- 
petitions directorate and the 
authorities in the individual 
member countries, including 
the tough German cartel office. 

The EEC has already rejected 
a proposal that the agreement 
should represent an informal 
I understanding among the pro- 
ducers and has insisted that it 
be brought under the formal 
rules laid down in Article 87 
of the Rome Treaty. This could 
involve the drawing up of 

special legislation which would 
have to be approved by the EEC 
Council of Ministers. 

There are signs too that the 
German authorities with their 
dedication to free trade will 
not let it pass lightly. In Bonn 
yesterday there were reports 
that the German Government 
was unhappy with the provision 
in the agreement setting limits 
on deliveries by the individual 

Nevertheless, though further 
bargaining between the Com- 
mission and member govern- 
ments may still have to take 
place, the need for the agree- 
ment has persuaded the pro- 
ducers to complete their part 
of it. and to proceed, after talks 
earlier this week with the trade 
unions, to the formal signing 

Indeed, as a result of the con- 
tinued slow world economic 
recovery from recession, the 
need to act has become even 
more urgent, according to the 
fibre producers, since negotia- 
tions started last autumn. The 
graph shows consumption of 
alt fibres was gjowing at a rate 
of about 4 per cent per annum 
from the mid-1960s but fell back 
dramatically with the oil crisis 
in 1973. A recovery took place 
in 1976 but this was reversed 
again in 1977. 

This figure for final consump- 
tion includes imports which 
were growing, especially at the 
end of this period, at a very 
rapid rate. The impact on 
domestic fibre producers in 
Europe has as a result been 
even more serious, as the figure 
in the graph for mill con- 
sumption — usage of fibre by 
textile producers in Europe — 
shows. After growing from 
just under 3.5bn kgs in 1985 
to 4.7bn kgs in 1973, con- 
sumption of fibre was down by 
the end of 1977 to 4-lbn kgs. 

Behind these figures is the 
massive shift that has taken 
place in the distribution of tex- 
tile and clothing manufacture 
during the present decade. 
According to figures from 
Enka, the Dutch-German fibre 
arm of the chemical group. 
Akzo, Western Europe 

All Fibres 




Mill Intake of Fibres 


1965 '66 '67 W '69 70 '71 72 

74 '75 76 

accounted for 31 per cent of 
man-made fibre production in 
1970 but only 22.5 per cent in 
1977. The U.S. marginally in- 
creased its share from 27 per 
cent to 28.5 per- cent, while 
Japan, like Europe, suffered a 
drop in its share, down from 
18 to 13 per cent. The rest of 
the world— low cost producers 
in the Far East, South America 
and Comecon— increased its 
share over the same period 
from 23 to 35 per cent. 

The result bas inevitably 
been over-capacity in Europe — 
estimated currently at around 
30 per cent— and continuing 
losses by all the major pro- 
ducers in fibres. Furthermore, 
there is not too much comfort 
to be drawn from the projec- 
tions of the likely future size 
of the market which will be 
available to European pro- 
ducers in the years ahead. ICI's 
estimates show that if demand 
rises throughout Europe at an 
average 2.5 per cent per annum 
rate between now and 1985, 
fibre consumption including im- 
ports in that year will reach 
6.05bn kgs against the present 
4.85bn kgs. The amount of fibre 
which European producers will 
be able to sell is determined, 
however, by the level of im- 
ports. If these grow at the 
same rate as in the three years 
up to the end of 1977 — roughly 
35 per cent — European pro- 
ducers could be left supplying 
only 2.55bn kgs out of the total 
usage, and even this assumes a 
fair increase in exports from 

On a less pessimistic assump- 
tion — a 6 per cent per annum 
increase in imports — European 
mill intake in 1985 will be 
4.73bn kgs. If the present 
round of the Multi-Fibre 
Arrangement, signed at the end 
of last year to regulate textile 
trade internationally, proves 
fully effective, and imports 
grow at only 4 per cent per 
annum, mill intake could reach 
5.05bn kgs. The capacity prob- 
lem is given a further dimen- 
sion. however, by the improve- 
ments which are continually 
taking place in man-made fibre 
production machinery, making 
it possible for the producers to 
increase significantly the out- 
put at easting plants. ■ 

So the need for co-ordinated 
restructuring action by the 
sector to meet new market con- 
ditions has been apparent for 
some time. The negotiations 
have been able to proceed only 
slowly, however, because of the 
precedent such an agreement 
could set for other crisis-hit 
industries, and more particu- 
larly because of the conflict of 
interest between fibre pro- 
ducers in different parts of 

In Northern Europe the 
major producers started adapt- 
ing several years ago and 
have already eliminated large 

amounts of capacity. Thus ICX 
has shut down plants in- this 
country at Wilton on Teesside 
and in Germany at Offenbach 
and bas trimmed its labour 

force by 30 per cent; Hoechst • . ... . .. .... ^ J-v -. ... 

in Germany has also closed viscount Etie!mei>avlgnoiL- to role in^e talfa. ' 

plants and reduced its total ' - y. ' • T \ ‘C :: r . * ; ■ 

hL SbarkS doQe so - Those ■ tfttt? 6 

o^maiorsurMrF . already brought . ttteir ;rap.mty,^ by 

TTie Italians who have a utilisation up above the average an , aver£ge l^pet cent from 
lower share of’ the total fibre throughout the industry , bf J?Iy I^ts^^eral increase 
marine f 3 than ° Britain or G? “ound 60-70 per cent wilHtfm; for^mopth^X* ^ . . . . 
manv while at the same time be guaranteed the. same share / : Unceifein^ <jv^,^e way- the 

K “L?™teS of toui output 

and clothing industry, have. in i®/ 6 - v \ am- 

been insistini on their right to *». 

catch un and at least become the same up to lSfilv _Tbe 

self-sufficient in synthetic fibre that the Italians witibeal to w6d assum^oos-aboi^tapacity and 
produrton JS ftSulL at a a bigger proportion:^ 
time when other producers estimated growth ^27fim Kgs: 

have been cutting back, the ln the total size or the .market would 1 h? reviseddownwards by 
Italians, whose fibre industry by that date, .to/228bn- icgs. ®ost prqd^cers .IT the calcula- 
has also been making the Other suppliers , wiU.r 'torfWt -turns haf tir bemiatie n»w. 
biggest losses in Europe, have their share of 95nL;kgS otrt ,-ef Provisiom . exjsts .far the 
been going ahead with a major this total growth, aril this will figures BVbe • «vfew£..^wice. 
investment programme. be transferred to Italian pro- yearly by GfRFS, the European 

The need to secure Italian dUceis -. enahlfhg ■ ' them to 'Federation -of .Fibre Producers, 
co-operation has resulted in a increase their curreht'IT. per. fhd Adjusted sjcmr by J sector 
compromise which does go cent^abare of the Europe^ tft inwt markfet <fcapg<&; -with 
some way towards meeting their marj5et to 21 per cent ; ; . - the, Commlssi.oa .becoming . io- 

aspirations while achieving the , rales also prevent swfftb- voiced if. the' .trepd'.in any 
overall objective of a reduction *hg from export tov domestic ^ •sector showra.faH t^more than 
in capacity. markets in the event of a <fowti-. lO^per renL'. A.p^jfcaeiB eopM 

turn ih demand outside Eiirbpe, arise, if -gtow?fr the. market 

or increases in • capacity to is at 9- jbwet-.rajbe than 

N PW canacitv SerPe " expansion in ‘ export expected; Jasjais-.wjJl affect the 
1 J markets. Investment . in new ‘prop?«d transfer . of • market 

| PV a]c capacity to replace old will stiD Share. to thaltalfins. . 

ICY CIS be allowed, though clearly this".. There' is aisb'.thb' question of 

_ . . , _ . . wifl jje. closely wat(*ed. • : the attitude' of important non- 

Tne first main element in the • .Tbexigning of the agreement signatories - . are • in a 

agreement is the setting of new along- these lines”- follows a position! to/inSErMK^ .develop- 
European capacity levels for period of hard bargaining /witb/~ments 

six main fibre groups nylon producers naturally anxious two' 1 UiS. producers; Bu Pont 
textile and nylon carpet fil®' not to; see any of -their rivals and :7ftbuCTntd,.%e' barred by 
me oL Py * on staple, polyester 'gaining any competitive .adyan- UiL- .anti’trftgt 'legislatioa. from 
textile filament, polyester staple, tage from the deal: Whether bat have been 

and acrylic staple. Total jt '-nrij] work will only become . kept infdtpfed. Spain and some 
capacity — currently put & t ---ptajiT'-a!; «rnpTien«» of nnerttinp-'- EFTA -ir conn tries • . also have 

capacity — currently 

Total it^wiD work will only become . tept infdtiafeii Spain and some 
*f;:clear.-as experience of operating: SCT .A ^ .cogn tries ■ . also have 

THE EXTRA costs that could 
fall upon manufacturers if the 
law relating to liability for 
defective products were to be 
changed in line with the recent 
recommendations of the Pearson 
Commission has aroused con- 
cern in many industries. As 
the Confederation of British 
Industry has acknowledged in 
Us latest representations to the 
Government, valid comparisons 
cannot be made with the situa- 
tion in the United Stales since 
I he consequences of product 
liability litigation there reflect 
in large part the peculiarities 
of the American judicial pro- 
cess including, in particular, the 
system of entrepreneurial trial 
lawyers. But the CBI does 
question whether the balance 
between the costs and the 
benefits of a change in thy law 
in Britain has been sufficiently 

Stiffer test 

The costs to industry would, 
however, depend to some 
extent upon how the new law 
was drafted, while the argu- 
ments in favour of a change 
would appear to be consider- 
able. A person injured by a 
defective product has at present 
two ways of claiming redress. 
He can sue the seller under the 
law of contract, or he can take 
out an actiuu for tort against 
Ihe person responsible fur the 
defect. It is rare nowadays for 
final users to buy direct from 
the manufacturer and in any 
case the law nf contract gives 
no rights to third parties who 
may be injured, such as the 
purchaser's family or passers-by. 
while in claim tort the injured 
person has to prove negligence 
which is a far stiller test than 
the strict liability available in 
contract law. As a result only 
a tiny proportion — the Pearson 
Committee hazarded an esti- 
mate of 5 per cenl—nf injuries 
or deaths arising from defec- 
tive products and services 
attract compensation. 

On grounds nf equity, there- 
fore, it seems only right that 
the costs of hardship in personal 
injury cases should be borne, 
not by- the victim as largely 
happens now. but should be 
shared out either amon? tax- 
payers through some form of 
Stale compensation scheme 

based upon the no-fault 
principle or by consumers gener- 
ally by making It easier to claim 
compensation from the firm 
responsible for the defect. Of 
the alternatives, the latter 
would obviously be more sen- 
sible as it would give the maker 
of the defective product tor 
component) a greater incentive 
to control quality and safety. 
Whether compensation was paid 
by the firm or its insurers, the 
costs would ultimately be 
passed on to users in general. 

Of the various ways the law 
could be changed, the most 
logical would be to extend strict 
liability to actions for t»rt, as 
proposed not only by Pearson, 
but also by the English and 
Scottish Law Commissions and 
the EEC Commission in its draft 
directive on product liability. 
Limiting strict liability to con- 
' tract law may have been accept- 
able in the days when producers 
and users dealt directly with 
each other, but not in this age. 

It is however not only ar ques- 
tion of deciding whether in prin- 
ciple the law should be changed 
but of deciding the many de- 
tailed legal issues that such a 
change would involve. Judging 
from the National Consumer 
Council’s and Consumer Associ- 
ation’s joint submission to the 
Government, there i« some com- 
mon ground between industry 
and consumer bodies. But some 
of the more contentious matters 
—such as in particular the stan- 
dard of proof that would be re- 
quired — would have a consider- 
able influence upon the magni- 
tude of the costs that would fall 
upon industry, and thus upon 
users. There is also the question 
of whether compensation should 
cover property damage, non- 
pecuniary loss as well as injury 
and whether — a point of special 
concern to the drugs industry— 
there should be a legal limit to a 
manufacturer's liability (as 
there is normally in his insur- 
ance policy). There may per- 
haps be a case for the State to 
top up the compensation avail- 
able when an unforeseen defect 
in a product approved by a 
GovernmenT-apDOinLed body has 
catastrophic effects. But. other- 
wise, the cost of raising product 
quality and safety ought to 
fall on consumers as a whole. 

around 3.12bn kgs mil be .tb4' «jg-eement— without-’pai^dl s^giiifiCMt ’or ': growing, fibre 
reduced as a result of these go' $tr within the . assumption is 

measures to 2.72 kgs. ' obtained. . i; thqy- will not ■ 

At the same time the prov.^On^ point, hoWCTeu^: there to -' upset . the 

dueers are being divided into. 1 , "is some confidence on ';the part: arrangement . : 
two groups. Non-Italian pro- 'of -lie fibre prdducer^-. wltp''-:'; 'tke proflucm^ , ^also ; 

dueers will' be expected to believe a degree of. : -C(h^oh ; expecting the Commission to 
reduce their capacities by mid- purpose has been estabHSbdf in Play a. wider rple ^thag. merely 
1979 and hold them at the new* tile talks. The participation -'supervising and . policing.- the . 
level until 1981. The Italians the Italians waS.' J dbwdtiily" 6 ^®^^!!^ Tbc reductions in . 
will also be expected to reduce crucial and there^s^iifigns .that. caj«|d.t3r' tg.^ljaye. : 

their capacity in the short term the task of ratippalisrng Italy's important economic apd social 
from 600m kgs to 515m kgs, Jflbrd:; sector -is^Talveady being consequences;'and jr^durees will 
but unlike the other producers taCkled with j^rea’t vigour as a_ have to made; grabble, to 
they will be able to raise it result of toe^deaLV -.The' new- help indiyiduate:«iff re^>ns .to _ 
again to 600m kgs by 3981. manSgement .whjql? . 'has taken adapt AjCiear .deelaratipii of - - 
This will enable the Italians to over at r " Rhori&Foulenc, the the Comm^rfr^m^ess ; ±n - 
replace older capacity - with French chemicals, fibres and do so is tor.- -' v 
new, and compares with thelr^textilesi. group, is also moving Perhapsrthebi^gest Imponder- : 
original plan to boost capacity ahead with its, programme! of able of a3I,'ImweVer is. the likely - 
to 800m kgs. * ; ' / restructuring, and these-tooves p.erf onnance over the next few 

Within the new, overfill in Italy and-. France^ s\oul d years y.of -the';; fibre ' ind ustry’s : 
capacity levels for the various bring -both countries 1 - ifiqre ii^ and - 

fibres, individual companies will closely in line, with progf^''.dpihi^ been 

be expected to follow the>output already made 7 in ' ..Northern, .very largetjr.ike -TOlnieaabUity of 
pattern set in 1976, when total Europe. \.the^-';twp .sectors/ To imports 

deliveries throughout Europe At the .same .time,— the^which" has /eaaseff >the^ ^ -ffbfe 
amounted to 2fan kgs. This prospect of Stronger consumer producers->to lose J ,outletB in 
provision means that signatories demand later this year coupled .'Europe. .' The fibre industry’s 
to the agreement will not be with more stable market COO-' chances oflretanilng-toAriahility - 
allowed to increase their ditions, through implemtotatidn instill, asllilcelyv to . depend on 
market share at the expense of of toe Multi-Fibre Arrangemeni i^ meaatu’^. w^ch^the textile - 
their competitors. The formula also appears to be giving "pro-^ indostry;'- tafees- 'to .- strengthen 
also places the onus for making dueers some of the confidence itself as .on^ the , capacity and ' 
capacity reductions on com- needed to take, toe measures production: agreement fins 
panies that have not already necessary to strengih'en to,eir now been worked.. out, ;. , V-.-' 

mze o 

Street cleaner's 
lead in GLC 

A small victory' over the visual 
vulgarity in London’s West End 
has just been achieved by the 
GLC. After a refusal to renew 
its licence, a sex-cinema - in 
Brewer Street, Soho has re- 
moved a lurid display on its 
walls. “It now looks almost like 
a Presbyterian church,” says 
Bryan Cassidy, vice-chairman of 
the GLC's public services and 
safety committee, ln the year 
since be was elected a6 a Tory 
councillor for Hendon. Cassidy 
has led the “clean-up-London" 
campaign. What vexes him par- 
ticularly is the hyperbole of toe 
posters outside London's sex 
cinemas and strip clubs. “Hav- 
ing been in a few, I think it's 
high time they were prosecuted 
under the Trade Descriptions 

Cassidy, a 43-year-old business 
executive, says it is high time to 
end the “chaotic state of the 
law" over censorship. But his 
views may blow a few fuses in 
the Festival of Light executive. 


“It’s fantastic. I’ve just 
had a £l-miIlion hid for 
my hammer! ” 

because Cassidy thinks Britain 
should have “P for Porn” 
cinemas on the Continental pat- 
tern, where any legal sexual 
act can be seen: “The parallel 
with gambling is very close — if 
you want to place a bet you 
know where to go." But the pro- 
viso would he: no offensive 
nudity on the street billboards. 

Needless to say, Cassidy looks 
forward to a general election 
victory by the Tories later this 
year. He recalls Willie White- 
law’s promise to reintroduce the 
Cinematograph and Indecent 
Displays Bill, which will make it 
far easier- to “clean up the 
streets." When that step has 
been taken, affirms Cassidy, the 
end of censorship will follow. 
"Live and let love is our aim." 

Up against it 

Rough days for Lloyd’s of 
London. First New York is 
making threatening noises about 
setting up a market to compete 
with it — and now New Zealand 
is doing the same. 1 learn they 
are fed up down under with toe 
number of Lloyd's salesmen 
sent over to sign up new names 
for Lloyd's underwriting syndi- 
cates. Denis Adam, chairman of 
one of the main insurance 
brokers in New Zealand, tells 
me these “itinerant salesmen 
raise some eyebrows.” He 
resents the way that "our 
capacity is being used to expand 
a market 12,000 miles away.” 

Adam is now a member of 
a committee advising Welling- 
ton on how to establish an insur- 
ance exchange based on Lloyd’s. 
It is a move designed to reduce 
the NZ insurance community’s 
dependence on a market which 
Adam feels is too inward look- 
ing and “thinks insurance 
begins and ends with London. 
With this we cannot agree." 
Will this news make Lloyd's ring 
Hie Lutine bell for the business 
they may lose? Let me reassure 

you. Premiums from New 
Zealand may amount to £34m, 
but the Lloyd's total is £2bn. 

Gem for Jonas 

Museums and collectors of toe 
world are homing in on a newly 
discovered Brazilian treasure. 
But Brazil means to hang on to 
the amazing find of farmer 
Jonas Lima. Not long ago, Lima 
was poking about in a cave on 
his property and found a rock 
which has been described as 
“almost pure shafts of rubel- 
lite set on a base of bifurcated 
quartz crystal surrounded by 
modular crystals of lepidolite 
and microcrystals of aphrizite 
and epidote .” 

In layman's language, this 
amounts to a very large piece 
of rubellite, almost as hard as 
a diamond, weighing 25 lb, 
more than 50 inches long and 
a foot wide. Mining experts 
say it must be worth several 
million dollars. 

The Brazilian Institute of 
Gems and Precious Stones says 
it will match any foreign bid 
to prevent the stone leaving 
the country. Farmer Lima has 
just hidden it in a secret place 
and announced that all the fuss 
has made him so nervous that 
he plans to escape on a trip 
to Europe. 

English version of The Reserve- ! 
tion, his latest nightmarish 

Ruysllnck has found it less easy 
to penetrate the literary iron 
curtain here. I learn that the 
book is only appearing because 
the Belgian embassy has pro- 
mised the publisher, Peter 
Owen, that it will cover the 
translation costs. : 

The other side 

Belgium’s best selling novelist, 
Ward Ruysllnck, is baffled be- 
cause his books keep on being 
published in Eastern Europe. 
His theme is always the destruc- 
tion of individuality by oppres- 
sive bureaucracies — scarcely 
one likely to please communist 
regimes. Yet the requests for 
publication rights keep coming 
in from such countries as Poland 
and Romania. “I think toe book 
editors are using me to make 
oblique comments on their own 
societies," says Ruyslinck who is 
in Londun to help launch the 

Toeing the line 

Dr. Dickson Mabon, Minister of 
State for Energy, yesterday put ! 
away his Portuguese phrase- 
book and cancelled his air ticket 
to Rio de Janeiro. .He will not 
be going to the “Offshore 
Brazil ” conference, where he 
was to have promoted business 
for Britain’s oil .industry. 
Instead he will be obeying a 
Labour three-line whip for Mon- 
day, to attend the Tory supply 
day debate on national trade 
and prosperity. 

Mabon - Is reported to be 
almost as angry as Energy Sec- 
retary Anthony Wedgwood 
Bean was last month, when par- 
liamentary pressures of the 
same kind stopped him going' 
to an offshore conference to 
Texas. Both hope that the 
-Impending general election will.' 
one way or another, put them 
out of their misery. 

Not a chance' 

A colleague tells me that while 
caught in a traffic jam at Hyde 
Park Corner yesterday, he 
shouted to the driver of the car 
beside him: “Drives, you mad, 
doesn't it?” “Yes,” , the other 
driver shouted back, .“but what, 
can one do?" 

“Write to your MP,” my col- 
league suggested, only to. be, 
told: "Don’t be daft, old boy, I 
am my MP-" 

ji '■■■: 

V with j37& JScdh^^j^ million ; 

sq ft’of adfjitional indyfetrlal 

known concerns have ^already reioc^todhere.VVA have unit.:. 
factories already built in sizes from 3®^, to 40 000 sq to 
Off-the-peg facTorietcan b6 on^ed 'm muItipfe&.Qf TO 000,5q.ft . 
; and;yfrtiialiY unlimited Sta«;are ‘[irmediatoty^ ^avaHabS? ontour - ■ 
new. employment are^ Some sites cwhavepw^emils'Kfings 
if dpsired - V- ‘j • - v ; • 

" As : well as its cenfral ipcBtoa affordic^^ease of access 
and .distribution vie themotorWaysto alt parts, ofthe country, 
Northampton has tremendous advanrages to offer firms wishing 
to relocate their factoriw'aricT^ warehouses . As wefl '»«cprjontic - 
rentaand afirst ctess latiwr refcitionsrpitord'tne expansion of 
this histoito couraY tewn'm^^tod^entfioirie* fw-yow staff to 
rent p/^Jjrew*«iwiw; new'SchoofeandpeW^^m 
Tacflh^.Mostimp<Htont.ha^ tK^/it8!to®nipton •.* 

offers nWitoPorwmt^ aiMi SucdMs;. * /, " ■ ■? ■' 

deiaiis W write 

'Lj Austin-CrpyvQ. Chief Sstere Siw^r, ; ' ? ;^y' .'r •; •• - 



... . - 

: B^ciai T^mes.. Friday June 23 1978 


of Britain 

NEARLY HALF the British studies of its own. and which appears to be happen ins. but 
electorate, and perhaps consider- has come up with nothing to quite another to say under which 
ably more, would, vote for with r suggest tbai the MORI results system Britain could coneeiv- 
d rawing from the Common Mar- might be wrong, it is there- ably have done better, 
ket'if "there- -were a new- refer-- fore a fact that membership of The fact is that not only has 
tfum on 'the (subject That is the the European Community is a number of British industries 
conclusion p£ a research study distinctly unpopular with about benefited front Community sup- 
conducted - for the Daily Express half of the British electorate, port through (say> the Social 
last .v mo nth. by Market and and that the unpopularity cuts Fund; the British Government 
Opinion ."Research International, across party divisions* would also have found it diffi- 

the precise, findings of which cult to play much of a role on 

ari as' follows; 48 per cent want . TVJo HiffPTPUCP its own in a whoJe sei-ies , of 

to -get. Britain out, 43 per cent 1 umw vuw international economic negotia- 

-want .to stay in, and 9 per cent Last month, however. MORI tions. Whether on textiles or 
ddn’t -know. put a second question, the in the Tokyo Round on tariff 

The breakdown by party alle- answers to which, go some way reductions and non-TarilT 
oiance is perhaps even more re- to explaining the -anti -Market barriers to tradc^ th T e ft G»vern- 
veahng:.. membership of the feeling. The question went: ‘Do ment has been able to express 

Community is no longer seen you think Britain's membership .is views first in the Com- 

very much as a par tv political in the Common Market over the mumty and then to use the 
question. According to MORI. Tew years, has or has not Community to negotiate as a 
nparlv 40 oer cent oE Conserva- made Britain more prosperous bloc. It is hard to sec any British 
n, e votei? now favour wVth- than it would have been? " Just Government carrying such 
drawal against 53 per cent of over 20 per cent of those polled weight or influence by itself. 
Sur v^and 55 P pcr ce“ t at said that it had; 15 per cent said Thus the MORI question 

REFERENDUM June 5. 1975 

, hATher Britain EVauld in or [[«* 


would yw w“- 


i Britain Bore f^osp^rrai# 

j I would have Sear.? 

39 . S 5 ‘. 



lo« r r.sBW-i 

Crei | Lib. 


g-Hj.nA 5 

Cun. I Lib. 



liHa |tfT X IMVfrri: *:!■■ 

Dr. Owen acknowledges that play up those 
the opinion pulK arc probably elect ion camp ' ~ j. ' n . 
right and that there is a fair especially 

amount of dis> a ti s faction witu stitucnmc*. T . * 1 I , J dav5 
Europe in the country- But he bered I that m J i(V ^. nnl ,^ one 

R£-s 3 *srs 

Mr. W.n „ P-rc^y r - 

a ,o, i!Si™i.? e .i; IK s r »" f,",L si ’ ki " in i "' 

ssr& z ne rn, „ 

rnmm „n Agricultural Policy believe that such 
and k I. lit " r fnr the British ahemt. if not hostility to. ’-he 

£iir» - ■* Dr - arrar ■wras 

U«en ar.ue.. Thatcher herself v.- 35 never a 

As a recipe Tur more or «*- rti larl ar dent European, 
ig Labour unity- that l- v 

reason to 
re; ic-enco 

ss rn .t«i^ s* « 5 f-“ ?i.s srjsryjar ponT. zb sssr-^TiJii « .4 

S sssinst Europe. JiosHlity Cnjutl l>«* ^ ^ lldc/imerests of m™™* N evertholess. p - r 'V »- 3 * lwl * k 

I 1 _ .L. 

oils, mine cuuiiiiuin^ « *“** -- --- - f T , ., re3l behind- relationship wun me S iae-jsaurs. i u. siactie 

This time the somewhat artificial; it was also most pronounced ^among^ the ohlc^^ or .' arii -% r - llf pro- muniiy. > v hat he has donejn ^ be^een ihe official view^of tio “ s . ' 0 f 

preserving Labour unity- that is ^ ^ of lho senora! 

all very well— provide d i ffen ehantmctrt with Lur"P* 
party does 
, Neve: . 

Lo! ? 1 ' side-issues. 


in the 

^certain can only be to mak ; 

!? P wt-t ha to e membenfhi *”1 memb^hipTad mS^Britain SociaUst O-n^ttary tha^thc pany 

as hostile to membership as 
those who vote Labour. 

less prosperous, while the E unpopular with much of the one does not d «ect “ity sreat — j - — — .. wh 
figures for Labour and Liberal electorate, but it also knows- confidence in No. 10 Do ^ - ' vertied prM -M a rket Labour'. 

■ opinion, hai be- fail ^Conciliator. andTbe'vie-A of half the pub 

hat I mean by “doin 

He bcliev 

a ke the Tnry 
aj, a whole less enthu- 
There will be ev.-^p- 

^ - ciutr.-'e t( r, John 

Europe as beneficial to Britain Mr . Dott;lfi* Hurd 

lie- that membership is 

amnna them. n»*t to 

for the meet 

ites tear itself 

Of course, there is not going suppnneTs were 64 per cent and or rather a large part of it Street that he U ? . tn’tbs past bus today become Common 3 

to be a new referendum tomor- T2 P per cent respecUvely. In knows— that membership is and noone wants- - ^econvennr.nal wisdom. Mr. now in the proce» ® l ^ Callaghan a 

row. The only serious chance other words, there was no great beneficial to the country. At him. .Beside^. n\ u.^i on the^ irutt , >rsk . v has „ 10 ved to brought together JJ” w ^Jj d , btfnehTS , hv , 

of there ever being a new difference between them, 
referendum would occur if y et j t j s a i s0 striking 
Labour were to lose the general response to the prosperity 
election, the left wing of the question is almost certa 
party' took control, and Labour wrong. Leaving aside such 

then returned to power. In tivelv minor issues as 

that sense the question is Zealand butter or the size ot blaming it tor w.nai n scp the Dr. Owen's po* 

academic, at least for the lime Britain's net contribution to the Indeed one suspects that the jamb does m ' m th 15 „f course, crucial. As 

' - • is entirely happy Lommumtj develop aion e more j. s.-erc-tarv he has lhe wuu. 

IORI findings, and federal lines. ro i P of hn-v.-sna ’all of British Tor 

it lfic/lnnr- Nnt Ic-aSt. the Tltnks Tuie , _ . ..-i i ^ tV, Q 

prestige in puvuns imvu^u ablk . 

“SM^nSta: There may alao he ■ 

for anti-European candidates to 



Malcolm Rutherford 

Letters to the Editor 

lightened, flexible and full of should show that they have this that demand is as high as 
good ideas. Some or all of these knowledge by Qualifying 
adjectives certainly apply to the s ' 

most successful British com- AtaMX Roper.^ 
panies, and the fact that the, victoria Street, 

apply is probably a reason fur ^ HerIi -. 


Statement by Pre-'-ident Spyrns ' 

Kyprianou »i Cyprus following 

his discu%«on*- with Ml. James British Steel torpor* 
Callaghan. Prime Minister. on-Trent. 

- - - Mr. Eric 

Cricket: Combined Uimcrsi'.in* 
v Pakistan, c'ainbridce. Iili-'-n 

F£ J == art a= aa; a 

which frequently conducts country’s economic problems as some Tory voters may hove Mrs tmn 

Today’s Events 

.oroorouoo. S l=Kc 

D,vM Mcel. MP. addresses Mr. Eric Varley. lodosfry jumomms «»«■■ J^docome^^ y 

Meeting between management Glasgow . commerce Bricks and . 

Surcharge on 

From Mr. E. Whiting. .... 

r.- t -.^et ^ r*ur fiirthpr J he success of those companies 

Sir. — May I add a f-rw further W(mld Ujat were m0 re. 

points on the effect of the 2 { per Webb-Bowen stated 

cent surcharge on employment. nothjng new wben b e drew atten- 

Paxt-time work, carrying earn- ti0n tn the failings of British 

ings of less than £i7.50 per week, management. He suggested some 

“"“•LSf XUUr £re w r, Zm from Mr. c. Jackson 


as can go. 

The solution to this second 
problem is not too difficult, how- 
ever. and it goes as follows. 
Under the existing somewhat 
rigid wages structure marginal 
costs rise very rapidly as full 
employment is approached. This 
is because the wage for a givtn 
job is fixed by union rules or 
similar, whereas the suitability 
of the unemployed for a given 
job deteriorates rapidly as full 
employment is approached. But 

between them, will, be satnng a board room:' Anything which . ha '^nt^eVf" Directors (June this .. -- hcif , isir , n 

total 21 per cent contribution to wil , bring a breath of fresh air he «*» lu e « urec quite richl l0 marginal costs by siibsidisin 

National Insurance (which will | nt0 SO me of the fustier board J "j_ h between the back- twitb " unemployment benefit ) 

be payable on earnings over rooms of British industry is to ' knDW i e dge required to the labour involved. 

£17 50). be welcomed. The suggestion that » erform successfully as a ^ above iSt ] believe, a very 

Overtime for workers already the financial establi^ =„ director and the intangibles that brj ef summary of an important 

earning£l20 per week will be City should cast its twit wderm ^ fQr RQod perforI7ianC e as a missing H nk in conventional 

similarly very profitable as com- selecting non-executive dire director. . economics. On the basis of the 

pa?ed with employing a new per- is a |ood one. Gont panies can ^ „, ad tbat [b e Institute is above it should be possible to 
son An extra £10 earnings at only benefit fr ®“ ‘JJJIJS' . JJ considering means of assessing arrange worthwhile J°*>s Jor s jJJ 
this level will be National In- their boards experienced senior knowledge, but be thl? unemployed. Such jobs 

suranw-free; HO paid to a new executives from outside, sure > d0 ^ me j ess u,an justice In over- would obviously be temporary- 

worker will suffer contributions more use should be rnade^of iook j Qg ray contention that know- temporary (for the individual 
of m0 “head-hunters" to find Jedge of management techniques c 0nt . er ned) as unemployment 

ThP advantage of self-employ- right candidates. is of far je SS importance than itself The j obs would also prob- 

ment as compared with employ- Mr. Webb-Bowen was also tb(J intangibles of directur ahJ b3Ve to be part time since 

SeS hy °Sere “ill be further art3cke d for reccr.mendms the quamy ." Jr a w , e , o unemployment 

inrrMSPd At tbe upper limit of . merits of the two-tier board The. To say that qualities of benefit proportions is paid, it is 

M wS^nraftts or salary a year, Astern is now so well and so .. business acumen and leader- only {air t0 as k for correspond- 

tte self-employed p a y S y National successfully established through, ghip can not be tested! n the ingly short hours. The low pay 

Insurance of £312 a year, while ou t Europe land not just m examination ball ls ..} ruE: in ^ and free time would ensure that 

S emnloved Will pay a total of Germany, as one of the contnbu- sensei but to wait until they are nellhert b e motivation nor oppor; 

(isiuuing contracting-in tors to this correspondence tcsted in the market place ma> kv for these “unemployed 
S tfc fflS^Sfon whemeL- A alleges.. It also exists ^de facto well betoo iatefor thocompan> t0 find proper employ- 

selfSnnloved person in a small in t he U.’S.A. Compared w,thUie 0Jl whose Board the failed £ was impair cd. 
£Kb good potential will unitary board I] t h« xhe gmt director serves-aod for Bmish R s Musgrave . 

be then reluctant to form a iner it that it • I sus- 1 xffv^Jnntention is that means 24. Garden A venue. 

limited company necessary for P«« er ° f ^fs^S^verlcoked of raakinc valid assessments, of Frtnnvrellgate Moor, 

expansion because of the very pect that this is on i Tun -tipr ™ nF nredict ne Durham. 


r — .-im.ii mi inn Womens 

Park. Bournemouth. Tennis: 
Ran lings Grand Pri:. queens. 

Inu-maiiuna! Serica. 

Manx Race 

plan for Hie Upner Docks 
London's East End. 

Second dsy of Japan- 
level" consultations 

trade and economic re»uw<». ^ 'ia m FXT ARy"bL’SL\ ESS House of Ler 

STVSS w o" pojentw .nd .( tMm Durban,. 

expansion because 

heavy National »«"™S ^,Tm P rT a%" a ‘"device for Smma“te periormance have been 

CiTSiS! and JaEWTlS-PWe* l ?53 

therefore employees, of the com- yon. 
pany. .. u „ Bryan Cassidy. 

The argument is advanced by Lob bit. 

Mr. Healey that employers (joutrty Hall. SE1 
National Insurance conttibtoions 
are much higher in other Euro- 
pean countries than in the L 
and therefore we should be able 
to raise our contributions with- 
out any deleterious effects. m - 

Other countries, however, have Mr . .4. Roper. 

not increased theirs recently be 
cause of the known effect on em- sir.— There is 



and by the civil service in this 

and in other countries, and m Lc\lUt!i 

- industry in the selection of 
management trainees. 

Mv plea to the Institute is that 

It should set up a working party tfic NatUnu a officer. 

director lin %ualW« C mSS& SKfs. 

^A>, h ou, h > n„ c ^ d 

Soon of that'potSrtiaL nd reC °'’ MaJne^fettS- Uune 2D i * ■ *»- 
fallacy ; in i join with Mr. Hildreth in accurate. TOe Commission d 
Myddeltpn s ah horring that a person should an agreement w th 
r..,r;..n,iicm Fmm cpninp on a wlthntlf the JinOWleOkB 

in France employers takiiL, argument ab P Board directors for lack of a her stales— this in form a uu 

new young people were exetnpted ij« n e *1). comments formal quatification,” but believe given to us b \ v Ln it was 

from National insurance contr Mr Mjddelion s fact that many would welcome, a departmCTt. When it »* 

butious for a period, m Italy taka- no account at . ^ _ vstematic attempt to examine learned tbat the Commissi on i na 

there is an increasing movement thar ^ certain sP her * ! 5 - need She problem in depth with the made this deal, our Government 

towards “ fiscal isati on. pubtic bDlil . des ®^ ns ? dangers Sm of improving the average an d others binerly complamed. 

^L^o^ rtor " ua,i,ies 00 mk-ssAm 

rs gsrsf 

b Fu?fteScr e , Natlona] lusur- ““fiction of tM » 25, Out Bur!i»gto» Straat W,. 

contributions in other is 3 u important ana Mr. 

ance coniriounu**» siuner is a«i this into 

countries tend to_be.more com^ Mydde itoo does not take 

prehensive. Tn Britain we ' account. 

a very lop-sided system withthe . 

pSCUl 9 * inwAp limit Of ii I 

no usa Mr. Myldehoa A Wage for the 

for foil competition by 


From Mr. R. Musgrave. 

In the final paragraph, Dr. 
Mayne slates that as far as the 
Community’s policy on synthetic 
fibres is concerned, the trad*, 
unions have been, and will con- 
tinue to be. fully consulted. Tbe 
Commission’s definition of con- 
sultation is entirely different 
from what many normal em- 
ployers would define as common 
industrial practice. 

Several days ago I represented! 

asi^’airiis^ ''**-** • 

fnr small part-time workers, ana t” j; ^ pro fession anoineri ^ hv Messrs. Nason ,„„ f tuinn«ieiir Davignoo 

Rlob TAALL M**ri 

for small pan-ume j^-dicai proressiM.. osal madc py ftiessrs. net Monsieur Davignoa 

more work for ^osc already meaica ^ ; muR * ’.fSSd {June 16). namely that tin- aI ^ n C om plained bitterly at the 

highly paid will ,n ® vl j a n r' new be protected asaiustun employment benefit should be k f mvo jveinent and lack of 

favoured at the petitioners in their ^ * s / d as a wage for V h n C r consultation. We were told that 

employment f. 0, ;. t 5 0 ? e T n t sur ^ce hiterests. .. c , mo unemployed and in payment for ^ emp i„yers and the Comrais- 

within the NaUonal Ins-u letter on useful jobs which should be ‘ ioR jf ad re ached agreement 

limits. . . fmm Dr. Monica found for them? It is a seff^ whicll wou |d be signed the next 

Edwin Whiting. 

(Lecturer in Management 

Control). „ . „ . 

Manchester Business School. 

Booth Street West, Manchester. 

~ from Dr. Monica vinceoi, f d for them? it is a seii- 
P as rniite clear than with ev i d cnt truth that there must be 

it see t, __. ».> hpr. she has sort Q f solution ^ for d ocu m ent it would be released to I 

“ — . \m*t sne Has 

Sery' ISte &‘* a * e "SStafS u 0 n ”m P lo7men, a lang the* linn: “““te7rt,teT«VeMi.t U .lly .10 

of the la w relating to f ur yj er m 0 re. it must be possible un - 10QS concerned. Both the 
Si*? Property and the v “Jg* to do better than the job creauon Comraiss j Q i, and the employers 
ithlr P aspecti of the Dw which schemes mounted to date. reEused to give information to the 

involved in conve - 5 „ a iS C li I i,t Messrs Nason suggest, as trade unions present, and we are 

Bfe Sg s « sa 

can be reduced tfl a know- jobs concerned be socially use- fashion. , . 

a person without a follow ful" But- if we try to absorb gy all accounts, although 

fedge of the law ^^d foUow. UT]ernplpy ed into the socially nea riy 40 years late, the new 
i-rom ate . nd ^jjg fallacy in Jh] * ® isa^ useful sector of the economy. prd er has arrived. No doubt in 

Greater London Council 1 ? g tbat jt needs a know- rather a large number will end the ensu ing months we will 

Hendon North . has a detailed xnow - hi-. r a L-,M the 

day. .After signature of this 

Board room 

From the Member of the 

I&nest Scotch Wins® 


eMail hew Gloag &Son Ltd* 
Perth, Scotland 
EttBUSHED in IBOO AT the same address 

S£?f&cot[and to 3 pnooFSg: 

person who has a detailed know- «^ domg futile tasks like raking other agreet nents between the 
?J?SS ledge of the law after Stul b ? aches E The commercial sector Commission _and major nau on a 1/ 

Sir— The managiuo ledge ot Sbp ., n d deal beaones. me uommisaiuu *•»* -■ 

Ores International (June a solicitor) to rec°?nise and pflers a rouc h wider, .scope raulti . nat ,ooal producers 

. — & 


Date' Corre- Total 

Arbuthnot Latham 623 

Current. . of sponding for 
payment payment div. year 
. 623 Aug.? 5.61 10-08 

ATV on target with record £I3.7m 

IN LINE with the forecast of 
profits not less than £18m made 
ai the time of the October. 1077, 
rights issue. Associated Television 
Corporation reports a record pre- 
tax surplus of £i:!.7m for the year 
to March 26, l!»7S, compared with 
the previous year's Ill.lttm. At 
midway, the result was slightly 
down from JLxtTni to £5.Qlm. 

Turnover for th« year rose 
from £8S.9m to £1 13. 61m and 
profits were subject to tax of 
£i.7Sm (£Mm) in accordance 
with ED IP. After extraordinary 
items of £149,000 (£345.000 j and 
minorities, attributable profit was 
hetlcr ;<l £S.05m (£7.72m). Com- 
parisons are restated. 

Stated eaminus advanced from 
n restated 14.(>8p to 16.S3p per 
23p "A" share. As forecast, the 
total payment on increased capital 
i.-. lifted to the maximum per- 
mitted 6.5-tHp (5.422p) per “A” 
share with a final of 3.777p net— 
a linaJ of Jj.lOSp on the ordinary 
capital makes a total of 2ti.lU6p per £1 share. 

The directors say that if the 
rate of ACT is reduced before 
the AGM on September 14. they 
will recommend the payment of 
an appropriately increased final 

The amount released from 
deferred tax. together with Ihe 
share premium obtained on the 
one-for-four rights issue and a 
surplus arising on the revaluation 
or properties, has contributed to 
an increase of £24 m in the group's 

Asked about ihe current year. 
Lord Grade, the chairman, com- 
mented: “There is only one word 
for U — sen. National. Capcricorn 
line has opened in the U.S. and 
took over LSSiim in the box offices 
in ihe first len days. It is going 
in he a really big one — our first 
really big one. 

'* Wo have several other very, 
very big films and we. are very 
buoyant about the films section. 
Wo believe we have sot this off to 
a line art.” the chairman added. 

For the rest of the business 
“ Every division looks outstanding 
and nc 3re confident our results 
w ill exceed last year's figures,” he 

Ansa lone, which made a loss in 
Ihe previous yvar. turned in a 
profit and “ is making great 

Lord Grade said ATV was still 
on the takeover trail, but there 
mu* no deni in prospect at the 
moment. ” Wt* arc very cautious 
when we go into other businesses 
for we only go for those with 
growth potential. ” he said. “There 
will he several other things in due 
course and we are investigating.” 



Arbuthnot La tham 

Associated TV 

Baker Perkins 

Bccchwood Con struct 


British Sleam 



French ( Thus.) 

Hampto n Tru st 


House of Fraser 
Investors Capit al 

Kwik Fit 

Lain* (John) 


Page Col. Company 

*23 7 Lee (Arthur) 

22 1 Lesney Produc ts 

23 1 Lonsdal e Universal 

25 2 Lookers' 

25 f Lyons (J. ) 

25 2 Marks & Sp encer 

22 3 Mersey D ocks 

25 A Racal Electronics 

~~22~~V Randalls 

22 5 Sheepbridge Engg. 

23 B Tebbitt Group 

23 A Trans Oceanic 

23 7 Tunnel Holdings 

22 4 Vectis Stone 

”23 6 Wedgwood 

Page Col. 

_22 4 

24 A 

2 3 8 

_22 A" 

23 1 

23 4 

23 7~ 

23 6 

“25 h 

22 2 

23 3 

25 3~ 

22 5 

25 1 

25 1~ 

Increases are running at around 
a tenth. Otherwise property 
development chipped in around 
£70.000 (nil in the previous 
period) to group profits, Engineer- 
ing activities also showed a good 
improvement now that Lamson is 
fully integrated. - But yacht build- 
ing interests are s ini a sluggish 
performer. On present prospects 

the shares at 85p stand on a 
prospective p/e of 7iJ and yield 
6.6 per cent. A ratine which 
suggests that much . of the 
expected improvement in the 
second half has been taken into 

ATV “A" 3.78 

Baker Perkins 2.4 

Beech wood Construction. JJ 
British Steam Sped. ...... 3.64 

Crest Nicholson inL 1-5 

Edbro (Holdings) ~ 4.2S 

Estates and Agency 0-45 

Thomas French mtt 1.2 

Henleys int.f 3 

Investors Capital Tst int. 0.7 

Arthur Lee inL 0*44 

Lnnstfale Universal ... InL 1-67 

Lookers 0-99 

J. Lyons and Co Nil 

Racal EJecL 2:18 

Randalls Group Nil 

Sheepbridge 2.25 

Tunnel Holdings 7 62 

Aug. 17 
.Toly 28 
July 24 
sepL l 

July 10 
Aug. 9 
July 21 
Aug. 7 



to raise £2.1 

7 T ‘"‘ 

f ■ - T 







Vectis Stone int 0.7 

Aug. 1 
July 31 
Aur. 11 

Hcnlys, the Leyland distributor, ih it&er :f#t^e v th^":*as^' clfcfdW 
is raising £2.8m from shareholders to Increase the .mJttPprisBd. 
by way of -a rights issue of one..Therefore_as EG at js caflecf.tor.-.- 
new 20p share for every four 'June 2»-» consider an increase iar 
held at a price of 108p each: the capital rfiram- £3m:,t*i33m;-- 

The ’company has also revealed ;The »sue.ttf'5j?41il0 shares Is 
. half year: figures to March 31. 1?7S» underwritten byiJmi-SajnueJLajtf 
which show pre-tax profits of brokers are L.Me^el.. - 
£2.54m‘ compared with £1.68m. on . . .De^lttgs^ia the}n6w^are3-'are. 

Dividends shown pence per share net except where 

• — J.4$ sales up from mm to £9D.2m, i . expected 'io;atirt;bh:^Ufe'25.r ; r / 7 ; -; :« 

otherwise stated. • The director have'tfedaredan v'- U : - ;-" r ■ 

£0.8m at 

i Additional O.Q338p if ACT is reduced. 


Tunnel just ahead after 
final quarter setback 

offs have been made for un- 
recovered production expenses. 
Meantime ihe record business has 
remained sluggish, though music 
publishing continues strong 
(profits around £2m> and the com- 
pany has king-term hopes here 
with a numbvr of new writers 
developing under • Its umbrella. 
This vear as advertising revenue 
slows down TV contracting may 
only turn in maintained profits. 
The first half should look good 
against a period which bore the 
costs or “Life oT Jesus” but the 
closing months of the year are ex- 
pected t« see increased programme 
expenditure. Several new films are 
unlikely to have much impact this 
year though ” Capricorn One ” 
might make a profit in the second 
half. Overall pre-tax profit could 
top flam. Meantime the p 'e is 6 2 
and the yield is 9) per cent at 
108p. which is a fair enough rating. 

Upsurge at 


static in 
second half 

9 comment 

The market expected ATV to top 
last October's profit forecast of 
over £l-3m by a bit more than 5 
per cent. Television advertising 
revenue was buoyant along with 
the rest of the sector and Ansa- 
fone turned into the black with a 
profit of £4u0.0(iu compared with a 
Bituinn loss. Films, however, did 
nor present such a bright picture. 
Though the overall contribution to 
profits held up live new films 
released within the year failed to 
live up to expectations and wrile- 

AN ALMOST static second half 
at Sheepbridge Engineering 
resulted in pre-tax profits heing 
only £0.28m ahead at £5.56m for 
the year to March 31,' 1973. after 
£2.3m against £2. 04m at halfway. 
External sales advanced from 
£51.flm to £58.58ni for the full 

After tax of ISm, compared 
with £2.74m. and minorities 
£83.006 (£48.0001 the attributable 
balance came out lower at £2.48m. 
against £24Hm. and on capital 
increased by last year's one-for- 
four rights issue,' earnings per 
2-ip share are down from S.4p 
to 7.4p. 

The dividend is stepped up to 
4.25p (3.4475pj. as forecast at ihe 
time of the issue, with a final 
payment of 2J!3p net. Also an 
additional 0.033Sp will be paid, if 
ACT is reduced, with the interim 
dividend for the 1978-79 year. 

£1 1.83m to £I6.S4m taxable profit 
of Crest Nicholson jumped from 
£0.43m to £1.01 m in the April 30, 
1978. haLf-year. 

Directors say the substantial 
growth in full year profits pre- 
dicted recently is well within 
grasp. and that the improvement 
is coming from aii parts of the 
business. " 

The property division is 
expected to produce an impres- 
sive improvement in profitability 
Tor the year while the marine 
activities, although busy, are not 
yet achieving full profit potential. 

Orders for tennis courts and 
other playing surfaces are well up, 
which will result in improved 
second half profits. All industrial 
companies have shown an 
increase in activity. 

They say the Board continues to 
seek further opportunities for 

The result is subject to tax nf 
£0.52 m (£0.21 oi) and minority 
interests of £25.000 f £19.000) 

The interim dividend is lifted 
from lp to 1.5 p. Last year a 
2.32&4p final was paid. 

FIRST HALF results of Lookers, 

the motor vehicle distributor and 
engineering group, .are a record 
and the directors are also expect- 
ing a peak result for the current 
year, to September 1978. 

From higher turnover of 
£2 7.09m against £20.62 m. pre-tax 
profits for the first half ended 
March 31, 197S rose from £GIW.S49 
to £833.420. in 1970-77. the 
group reported full year profits 
of £J.44m. 

The interim dividend is lifted 
from 0.9075p to 0.99825p and if 
the ACT rate is reduced, a sup- 
plementary dividend for the pre- 
vious year will be paid with the 
inlerim on September 29. the 
directors say. Last year's final 
was 1.5497p. 

Profit in the first half was 
struck be To re tax of £443.778 
(£315,561) and extraordinary 
credits of £7,5S4 (£74,358 debit l. 
The interim dividend absorbs 
£74, DOS (£67.280). 

Ail irading departments con- 
tributed satisfactorily during the 
period. New car sales have been 
buoyant and in addition parts 
operations, vehicle. leasing and 
contract hire, and commercial 
vehicles sales have shown good 

The agricultural division main- 
tained its turnover, but profit 
margins have been under 

The second half has started 
reasonably well. but higher 
interest rales wilt raise costs, the 
directors state. 

an increase of 30 per cent. . ' • d«Mter • 

Henlys last raised -hew eqliity sent; .with^TOrte^^.feHTwrtngs 

capital 4 n 1964. Since.tbfefr ^ Sf-;j 

company's business has increased fgtftat--' 

significantly and capital employed - shareholders* t.-ftutdJL,. ef2ri^&n- ; .-. 

has increased over the past 10 . However, deposits tTfrLeyfewvdJw 

years from £10m to £35m. ; . -pew^ehwtes.-are^expected to ns* 
Further working capital £. ls_3Qon'as chan s^h^ heea madfi, . 
expected to be required as a resul t'. sfuf Shg^wore stocking cost 

of the substantial Increase '.in t% oat^lbe’distribuior^andBe^ya 
level of trading and changes, »■ tK»ki«£.-Jors ^finance '■‘for*- 
the pattern of bulk deposits, helfrat&iusftip^ cur- 

A MARGINALLY lower second this subsidiary- is estimated to level of trading and changes, : &l^ Toolg iag >foi>.7finahre 'fdr' 

half surplus- of £3.48m compared produce 'a net profit of some the pattern of bulk deposits. held 

with £3 5m ■'ave Tunnel Holdings, £50.000. -. " by vehicle manufacturers. : The : TeBtty -~taIkttvg.y-tg i ^vo. jc::- three 

the cement* 0 etc manufacturing Certain properties in Gian thorn directors ai-e also ■ considering- ; pnvat^compaitles P -- thodK&.tf. these 
rrrnua a ore-tax total of iB^2ra . have been revalued at March 31. opoortunities for acquisition. ' tp- fHiitfon itfie 

for the 52 weeks to March 26, 1978, to show a. surplus of £29,000 Commenting on. the -\|Bterifir.^rap ; wuacferati(m: fe hot Tlkely ^ 

197« a pains t £6 48m for 1976-77* w'hicb has been credited to capital results, the chairman Mr. .G^IL^ib^j more -Henfys'Js 

Eternal t^movef shows a smaU reserve. Net assets at March 31 Chandier, says that- ; .Witbjthe.hoDfnV tp^^pread its! deSrterthip. 
External tuniover snows a smau rt*a.7as (£450^511. »,p n Knn /.F fnreemirt ftD^ra±fan®-intBrwds^ni'it-wrouW-iwt be-sur- 

Extcrndl salps 

Share- associates' sales 


From associates 

lot. receivable 

Other income . .... 

Except looa I items 

Deb. UUcren . 

Pre-tax prom 


Exchange losses 

From minorities 

Extraord. credits .... 
Retained .. ......... 

l p, 1 o ,1 ^l‘tn“rt4 84m with were £954,725 (£450,351). exception of forecotntrdp^ratfonst-interests^radit^ould-jHrtbe^sur-'. 

» fSa? Suim ' B" trains areas have contriboted ^pririne to see.a^bicUfor a J'ord 

nm n 7f r e n r m „ - to This satisfactory.fmp^vtoehjj.dBalgr and-fw^r mqve^ 4nfo 

coming from associates. TTK/VC ii mn Apl In the absenee^ -:.«f luntorebeen: agricultural equipment-.- -Tb;/Back 

Full-year earnings per SOp ■ MIIJS. Jj J[ dm-JLl circumstances gronp^.vwnH'upTts rights caB. -Heiriy^ tiFBne 

share are given as 36.7p (25.5p) ( again achieve ifecord profits^in the with most distrihutbrs^la' having 

before extraordinary items and — a ■ j current year ending: ; -Sebfiember a. bumpe'tyyear ^- interim, profits 

53.8p (30-Spi after such items. 4-11 nr 30. The directors : antjcfpate that ’&e uD 51 per;6ent— is ’push- 

The final dividend is 7.6223p net (Cl l* profits fot secondfialf witt at iripc the 'dirittend. up --for .•an- 

for a maximum permitted least match tb€£ V-p'UStaJ)d1 ng rig^S. pre^MCttte '-ylrfd; &t. 10^ 

10.9723P (9.S5S0P) total. T re-sults of the coniparabTe"period; per^^t'at;l3Vil:^Witb.-ii ^ car 

Ski Y 1YI IlfirriS When profits of JE2 1pm 'were: made, volume up By; 23T-jieS: fcent ■ the- 

S’o mo J1A - • The present^ 'airtivorised- Capital first 5 taffi;- ^ Henlys -&, *uQS«cing 

External ssi-s wjc« Kjss is adequaie to permit the rights Leyfehd ' dfetribdtor§- ® c a~^ whole,’ 

24 " 2>6 W 1S PRE-TAX PROFITS of Thomas Lssae but this would only leive a though car tradihg' is a. cyclical 

US 15 L589 pmni*h nmi .SnilS for thfc SIX mra . mtortAn ’ Af ckoroc lttihicfrnr ” nrirl* * cm nfr s -arei 

Thos. French 
£0.S4m at 


197S-77 six months 

945 1,046 

119 306 

17 223 

t"(t 12B 

6J16 6.<m 

ns; -which- 

K3 for the six months to January could restrict Heblys* flcrfbUity'is Jbmmd to;4lSecr-7rtifitaF ; *• • * 
128 1977. on turnover ahead from . .. . . • . -v ■ - . -.. 

£52SSm. to £&76m. For the 35-...' : - >•' < r-2- • - -j’?* ' s - ' 

Retained • — 2.4.1 ^ directors state that the - . -P ~ 

Extraordinary credits consisted change in the financial year-end v IirPTi TllSrlllff • - ^ : - , 

of a net surplus on the sale of complicates comparisons with' c.. rr • V-T:". 

— parent group previous periods: traditionally the ' ■ r ~.. ‘S . : - ' L 

£2 2m (£39,000* and associate ml first half-year has accounted for ERIC SHORT • ";r. ‘ . 

(£235,000) less goodwill written i t<ss than half the annual nrofil- ^ 

off in a subsidiary £200.000 (nil), wherea^ thev now expect similar ^ Ecclesiastical, losunuice xib^pblemxw^jTd arise in the 
«• . n (ff ror ih,. ? wo hatr« in th^ Dffire. a small composite insutvMutttre. regaMfng ; solvency. , ;The 

^ kn ' ,h e c . » 1 ftal ™ “ aoce company, is raising £3m Jjy.-issue o of -preference, capital, is 

says that trading profit at £3.J?m current year. gr placing of .3m 10 per cdht'acceWable^ro the Department of 

vvas . per '”1 iSf* interim dividend Is lifted redeemable second .'cumiila'tivft. .Tra'de'for.geiverfey purposes, but 

VP'j re i * lr/m m’D n t hrtl I i»n inn v. A a A_ . ■ o_*"' _ .. . . . • • » a . v' ' ...» 


year’s £2.92m even though the from lp net per 10p share to 3 .2p preference £1 shares at par. - .’does i-noV»ireniove -any. .voting 
^fA^?? w _ ar l_ in . t 5 n i. i rf a absorbing £45.000 (£37.500) ant •- comnanv was esfabllshed’'^'*^-^™ Allchurches. loan 

I- c* . ^ .. • etn/4r 'icoiia iIiahM Tiftt Vinra* hoofi 

• comment 

Full-year pre-tax profits from the 
housing to leisure group Crest 
Nichpbon look to be on target 
for the £2.6m expected by some 
brokers earlier this year. There 
is a .strong second Jin If bias, par- 
ticularly in the building activities, 
both on the housing and leisure 
fronts. Profits from housebuild- 
ing have risen from around 
£214,000 to around £440.000 due 
to a firmer trend in the house- 
building cycle. Crest’s own house 
prices have been outperforming 
the national trend, rising by well 
over 15 per cent on the com- 
parable period. while cost 

Arthur Lee 
falls £0.3m 
at halfway 

already poor trading climate in the directors hope to recommend 
the construction and building a final— for the la months 
materials industries with weather a second interim of lJ25p and a 
conditions being responsible for a final of-0.94p was paid.- 

conditions Deing responsioie lor a final of-fl‘)4D was naid . - . -w. '*£ f • . . - 

particularly bad March quarter. " or u.^p was paid. . . :of v fehurch property..- -IW.existrnig;! 1 . The .company has lite. Option to 

p The growing costs of the ln the UIv trading conditions , share capital Die second preference 

absorbed The nlant nt Thurrock ^ uT French has been able; surplus profits of EK)'ai% apph'ed -Reden 

win be opened hyThe Prinre of a _ d 7fu n i a 51 : °/Jl ■ Ch ' 1 ? :h 1992 1 

: Redem ptidh'^ hi.; ihe»jears^M83 to 

Wales on July 7. snme sei ; lors of the business have ’.pensions for ciers?inen-anif-‘'«inQe-: pelh., 'Cf^nnu-r,. ' 

A^tear of Progress 

Highlights from the 
Chairman’s Statement 

6 Total sales increased by 20.2 ,, 1 ',_ 
t«i t'SS?.Sm and about il"„ of 
our sales are now made in. 
Countries other than the UK. 

tor capital investment projects in 
the UK. and abroad. 

0 Group profit increased by 
17.4'.'., to flOTm, rhe tirst time 
more than jL 100m has been 

• Ar the year’s end" we were 
employing ti7,000 people in the 
UK — 1,500 more than in 1977- 
"Vi’e were also able to give special 
employment to 325 young people 
under various got eminent 

INCLUDING A £055m release of 
provisions no longer provided and 
after associate company losses of 
£106.000 against profits £82.000 
last time, taxable profit of Arthur 
Lee and Sons dropped from 
£1.03m to £0.67m in the March 31. 
1978. half-year. 

The result i“! also after addi- 
tional depreciation of £057 m 
(some £0.3m) and -is exclusive of 
realised stock profits. 

Directors say ‘ its remaining 
associated company— Alloy Steel 
Rods— has suffered from disrup- 
tion caused by substantial 
expansion, but has now ceased to 
operate at a loss. 

Trading In the majority of 
manufacturing operations is being 
affected by adverse market con- 
ditions, but the stockholding 
division continues to produce 
satisfactory results. 

The group's 50 per cent interest 
in SA Aciers Alexis has been 
disposed of and the release of 
provisions came from this source. 

Turnover for the year was 
virtually static at £32.97m (£33m), 
but directors say that volume 
showed some reduction, and this, 
with higher costs in general, 
affected results. 

Profit is before tax of £224.000 
(£574.000) and minority interests 
of £74.000 (£142.000). Last year 
there were extraordinary profits 
of £53.000. 

Earnings per 12Jp share are 
shown at 1.73p U.41p) and the 
interim dividend is stepped up 
from 0.4 p to 0.44 p. The rate of 
final dividend will be decided in 
the light of circumstances pre- 
vailing at that time. Last year a 
l.Oop final was paid on profits of 

0 comment 

Latest full-year 

greatly improved their contribti- Its incorporation, .the .company - inclusive it is 7i 'peri./ ce^ ;1 i ta . 
tion. Titian /|Mid otit.a 1»fn£'£6.75in.-by: yeani -199B-«i‘2002^^cliii^f«6 -ft 1&: 





Overseas, there has been nn-way of charitable.- ”grants and 5 per. cent •• In , yes**- -2003 to ir 
such recovery, they add, an$ -.covenants. . ' 2007^ ^ rpclBsfye .iJ '3s',21 -p^ c^ 

results have hppn less- satub>- -m j a >4''iR<.: numliHn 

nrnhlemt a still dporp^spri ^ w«w..a.. F ,« v -jiHa-’an overan pront-airec^ax of . ouis — 

hu?S cvcle and unusuX^bld ‘ Piemen t, exrept in South £347,000 -.a fter'^n T^nderwri ting '-.will 
weathe? tdSrin™ the last Afncawhere conditions have been ^ -of £155,000 .sand -that US .. The' 

Quarter) ‘ o^ed -tS overall f^eptfonal/y # difficult and .are solvency margin wawtu healthy.' ' 

pre-tax A weaker performance boosted bv associates -con trihit? nP cent net ' Bn^ttus imtiad short- 

at the associate level has not ms^Net^ rofit Sme faU« cnmfor&ly.fl«Dmmodited -: 

helped where profits fell away ^aw^r^at" moim US 

from £M2n. to £973.000 in the St affer lat • 

second half . This seems due Minorities too\jfc>3B2 comprehSisive - ' : ;But r rile 

prmcinally to increased comneti- m>320 , and th e amount ffitrihut- hotels which has 

non in world asbestos markets. was £234.772 (E24 i>. 4W after and is endeavourinTte p^trafe business- , ^ansmg ^frora the 
which has affected the P«*rltor- unr h aT1 ged extraordinary debits of the small offiee aridl bniferi^hr^ should-, 

manre ai Cvnrus Asbestos Mines. £9.^0. commercial business' manteL- \s%umriate:fa.edme fitow and remove . 

L h,,e ,r^ ncy im n»^ rs p^wh^rp The company manufactures T3, the Boai^SUthatVh‘s :Shortfali-. by. Die. earl, 1980s. - 
?r a fkn ree in curtain styling products and now was a grind time to'3tmderpin \ istrare& have' hcea placed' 

Meanwhile in tne nome cernenT e i ec t r ic- surface heating products, ihe capital base to WLstire that 'with major 'financjal . msthirtinas - 
market, market share continues - . . .. » w ... ...ii/n. 

to slide. At the beginning of its • :!•••., v-.t- ' ‘.7” l’ V : t 

financial year Tunnel started with >?. ";•■■■ 

10.6 per cent of the market but ^10 . A * --'t.-V .' . ‘“-jaVp ’ J 

— . _ . 

• •• i!'. 

to slide. At the beginning nf its 
financial year Tunnel started with 
10.6 per cent of the market but 
now holds nearer 10 per cent. 
Meanwhile the cash position of 
the group is strong at £16m — 
equal to around two-thirds of the 
grouo's market capitalisation. For 
the longer-term there .is bound 
to be speculation about what the 
group’s entrv into waste dispnsal 
activities will have on earnings 
(the first results of which will 
not be seen for two years) and 
more predictably the possihle 
timing of any disposal of the 
shareholding by Thomas W. Wnrd 
Roth fartors could provide 
jsimnort For the “ B ” shores 
siandine »t 2fi?n on n o'n of 6.9 
and yielding 6.5 per cent. 

Olivetti Ir 

0 We succeed cvl in making real 
volume increases in sales on both 
•mJcs ot tlie business, but the net 
protit result was below our 
budgeted expectation. 

0 A record t'56m was approved 
and committed during the veac 

0 Our company is strong tinari- 
cially and we shall continue to 
invest in improving and extend- 
ing our t'ucilrties so that we can 
make lull use of the present 
opportunities and be placed in a 

gv*od position when the recession 
is behind us and our customers 
spending potential is restored. 

at Kwik-Fit 

Reduced loss 
at Hampton 

£y.' : - ; 
. • . . 1 . 

Final Results for the year ending 31st March, 1978 

$ales (excluding VATj 







Exports from UK 



Profit before taxation 






Profit after taxation 



Profit attributable to sKa reholders 




Interim paid of 1.0779p per share 



Second interim declared of 1.9183p 

per share 



Provision for third interim of 0.0290p 

per share 



At the AGM of- Kwik-Fif (Tyres 
and Exhausts) Holdings Mr. 
Stenson, the chairman, said that 
fitting stations were now the 
principal activity and the expan- 
sion of this division continues. 
Plans are in hand for the opening 
of 10 new depots which have been 
acquired and new siles were 
continually being looked for so 
that the operation could bo 

extended throughout the UK. 

During the first three months 
of the current year sales from 
retail depots had shown an in- 
crease of almost 50 per cent, and 
the chairman was confident that 
this division would see a further 
upsurge of profit. Resolutions 
put to the shareholders at the 
EGM were approved. 

Copies of the Report and Accounrs are available from the Secretary, 
The Boots Company Limited, Nottingham NG2 3AA. 

A loss of £11.094 compared with 
a previous deficit of £93.659, has 
been incurred by Hampton Trust 
for the year ended March 31. 1978. 
Turnover amounted to £335,664 
against £327.196. 

The loss is after interest of 
£34,510 (£30.395) but there is no 
tax charge this tljno (£82). There 
is also an extraordinary loss of 
£46 830. 

The only unprofitable part of 
the group was rhe Cherryfields 
residential sire, the directors say. 

There remain 20 houses to be 
completed and it is envisaged 
• hat all these will be sold by 
December 31. 1978. This being so. 
the Board considers that no fur- 
ther loses will be incurred in this 

Apart from Cherryfields. the 
grnun's income arises from rents 
received and interest on deposits. 
Clanrhnrn, which was acquired on 
December 12. 1977. contributed 
£15.000 net rirofit. Tn a full year 

from the Statement by the Chairman Mr. Donald Si Fearce) 

9 j£ Pre-tax profit of £ 4 , 143 , 478 . : / /" V ; 

Premium Income £ 43 ; 46 Q .,?-43 . ^; . v - 
Book value of total free reserves £ 20 , 5 99 ^ ISv 

■^r Taking into consideration'tKe'm 

investments the free reserves -would have ex^eedei > : 
. £ 27 ,OOG,GOOu, • ; •. 


Total assets exceed £ 105 j 000 , 0 GQ^ : : ri -- 

Policy of developing 

. and overseas, being successfuB^guist^^ 



are pleased to announce 
that they will be commencing 
business on June 26th from 
their Offices in DUBLIN 

Address: 28/29 Grafton Street Dublin 2. 

Telephone: Dublin 778060/778331 
Partners: Frank Shanley, John L Gageby. 

Confidence in long term prQspe^^ 

Consolidated Results andBalance Sheet 

Profit before tax '', 'T 

Profit after tax : ' 

Total Assets • ' 

Book value, of free reserves/. ^ 


wUmN • Finaftoal; Times Friday June 23 1978 

Second half loss from i 
J . Lyons— no final 

Ml FACTORS 'ADVEKSB-to the UK some Increased expenditure on disastrous. 

businesses ot\3. Lyons and- Co. food. The group’s UK business However, since the beginning of 
intensified during the laSt.quarter is'benefitting from this as weU as the current year, sales have 
•' of the March ’31/1978, year and from the actions taken by man- recovered to more normal levels, 
for. .tha- second : .half. the’ group agemeot “Theta are currenUy Also the high cost of coffee 

••"slumped -from a £5 .33m profit to similar ’ siens of improvement beans led to consumer resistance 
. l -a'JE0i35m loss resulting in a full overseas notahlv in the U.S.." and both instant coffee and. 

- ■ ' -yeart" downturn from £9£Sm- to they add' •' •-- • ground coffee sales declined 

£6Jl3m. Last year's : figure was Directors sav that while it severely, they add. Consumption 

*H£L_ an exce P tl,>nBl debit of wonJd be injudicious to forecast is again increasing following a 
£8.6Sm., the full yearns results, their ex- ? en «s of price rod ucOons. resuit- 

- . -. The gnmP » also -passing the perience so far m 1978 and Indies- in s from a fall in bean costs. 

•. final- dnridena payment so the {ions 'from ' the r - marhet-place, Horn burg, the group's major 
total. w£ the, year is -IImP net persuade them that the recovery pig-meat operation in the Nether- 
-flirr.e 71“ which they planned and expected, lands, made a recovery from a 

for 137S-77 yfetfo In cluded a 5£3ap ^ only delayed ’ fihat the depressed level of performance 

^ current year as a whole should and the North American busi- 

■ : ■.SffiK&ftflBM’ a, *“ « « “BUMSt K — 

. . v ' tfSSVSSSWfZi WSSS^^s,-- -«*« * - “> Mf SSS 
'• U ' (W,> S). ■ - iSOi 

-■ directors- state that in overseas as to; UK; fowl products Trauma pm*i ss.kt 35.7is 

. particular the effect- of reduced <£27301). ^£13 ml i^rahie 21.317 s«'.M8 

consumer spending on' food -was (£I3.03m): catering • £t4m (£]3m) Ex.'t'niionai rivbic — 3.K7 

. uracerbated by ■ the -fierce' price an d £0 52m (iO.lBrol; . property pre-tax pr«nt lbs i,® 

".-SS3B5 - ftSd Em dim) and JMJra S*J“ “ US 

• r ule rs . which impacted !*>“) and non-foods £22m f£18m) ^{. ,n, ros ^ 

adversely Ion., manufacturers’ and E0.25m ( £0.1 Im. Toss). Net p'raiu ' an 2M5 

margins. =. The poor summer And overseas; food '-products in Minorities i.*w J-Bifi 

' -weather 'militated against the Europe £23 7m (£319m) and miiWiw Jm ^ «6 fgj 

‘ group’s ice cream and soft drinks £5. 72m (£4.4m); - in U.S. £I79m L ,?!«£ smo 

' -businesses, and. in France the price (£170m) and £l0.1Sin (£I2.55m); AuVSunlhJp'toS se*? eiisi 1 

' control regime contributed to other £20m (£16m) and £0.f.7m Pivf. hi vs 75 m 

• increased losses in the Reybier (£l.lm); and hotel. am (£lm> and Avsiiahi^ t.vz. «■=£ 

• ■ ;m eathusipess and further delayed £0.i3m loss (X0.13m. los5). Busi- bIts 

- - its planned recovery. nesses sold £«m (£56m) and « R( . fTal(;d !0 accoum for eftanse in 

‘ ■reey. say 'that these difficulties £j^Bra (£4.94m). - - basis for deform! lax. and Tor ehanao 

-• '' could -have been more easily faced in the UK the increase in con- <n tmamieni or invostmoms in comoanies 
Sd-»t hot been for the serious, sumerspending on food in the °n:'<ousiy resarded as associate. t Profit. 

• V dislocation of the UK tea, coffee early months of the year was There was a .reduction in 

and .instant coffee markets which followed by a significant decline reserves of £4.87 m (£8.30m) which 

' followed unprecedented com- j n demand, which picked up only was principally from a £2m 

- ' aridity price movements. This towards the end of the year. write-off from goodwill following 

-■ dislocation. \ aggravated by Following a stock-up of tea at closure of the loss-making fresh- 
‘inappropriate Government inter- the beginning of the yi»r, volume meat operation which was part of 
ventjoh” significantly reduced fell back in the latter half thereby the Reybier business, and a £2m 

Racal expands by 52% 
to record £49.83m 

maximum allowed under current 

1977-78 •1975-77 

780.000 789.000 

26.067 35.715 

board meetings 10< Abuthnot Latham and Co., the 

From £33.7m l0 . 3 . r * COT l SdwSw. «■ «* " sua l " y and transfer to inner reserves, 

for the year ended March 31. 19TO, heM (or ^ pUrp , 0V _ s oC eonsiderins , ant i ^Vrbuthnot Insurance ben k«. 
on turnover ahead by £5im to dividt-nus. Official indicauora are naj *he croup's insurance„ 
£ 183.34m. . _ side, had another record year 

on turnover 

On lncr.«d by Ins. Th n\ invesuntm divi f inn 

year’s rights issue earnings per „ tal umujwo. contributed to the ^rowui 

van share for the year arc show" today non-banking earnings. 

", P 25.46p (18-S9p) and with interims: Cardiff Moiling. News Inier- 

Treasury consent the dividend is oattMaj. £ Aui]n , LQI](Janl> Jotm Brawn. l -j 

effectively raised from 0^9^ to >£jrcros RediiTuslon ^. apa . | nn^fl/tlP 

3^8n net with a final payment oi future dates B 4 * *1 B JO.C&J.V’ 

", 254fin (l&£9p) and Wltn Interims: Cardiff Mailing. News 
Treasury consent the divWend is mwl £ Ao9ijn , Londonl . Job n Brown, 
effectively raised from 0 «bbp m j, Mcr0Si RediiTusion. &.a P a. 

3^8p net with a final payment ot future dates 

21 Nct profit came out at £23.64m giUoii b™s pjswmit jm-m 

,£li 75m” and after marines the M^nd^Doai t™*i 28 

attributable balance emerged at i Frank c.» — Jab' * 

The group has entered mto a R anw ick June 

contract to sell Racal’s 88 per 

Holdings ^^Shannesburg for 

R7 543.000 (£4.718,000). rM WUlilUy*’ 

Gnnaker has also agreed to- 
purchase the remaining Pff T n 4-1^ q fYl 
L-ent from the minority holders, g idllldlll 

^The contract also provides for m 

R770,000 en redwmable P preference increase 

£585,000 to £747.000 on turnover 
of £14.67m against £t3.o8m are 
reported by Lonsdale Universal 
for the first six months to Marcn 
31. 1878. and the directors are 
expecting current trends to be 
substantially maintained in the 
second half-year. 

The interim dividend is raised 
from 1.392 to I.67p per 25p share. 

■ Tivrn Ji/rfc 

Mr Neil Salmon, chairman of J- Lyons— location of tea 
^ Sc markets ic UK. following pnee move- 
ments, cut profits by some tom. 

asrjffiw issssss si w .™ 

5™ ^ a- & •sss 1 a ,n K *ss^f^ 

eS'up. amounting to oth« ^oop romgnta. 7^," £ ^fek’the 

Bank of En^ann and Holdings to* from , a- « STsim„ ar 

’WSS«r ^ takino into account the S3Sfc~ ^ ^ “ “ 

^UP profits; the directors esti- ieneih«iing'ihVnuniber of weeks' provision "against the possibility ^^11 3¥S^"1 3.1 01^^3)21" CSS 
• mated by nearly £5m below what stock cover represented, by pur- that the group's investment in Wl CIS 

.could reasonably have been chases made when ; the world Spillers-French might need to be 

expected in more normal and prices were very high- lb August written down following darifica- j kt 

stable: conditfons. - and again in October of 1977 the tj 0 n of that company's position. 1— — fit w/fl 

. However, the directors remain rctaji price was reduced and The directors continued to eive ■■OBFBtJ 0 1 wT 1 1 iM ,\ L ‘ v M kJ 

convinced that there has been no demand began to improve. priority to reducing the high H/’V'JLftMfaa 

adverse fundamental change m But a Price Commission report oearine of the group and reduced . „„ 

the underlying strength of the at the end of January 19.78 argued lotal deht by ^me £2lm. only ^ rnriRENT year at Marks directors continued to i m or i me 
group’s trading position. for a price reduction on grounds n part of which results from g«e dm rl has started very well alert for new . , [ , |iortiinit , es to 

They 5^ that the modest patently inconsistent with favourable exchange movements. SJ^EiKj pw» in noth 
upturn in UK consumer spending economic facts. The directors say Xrnover and profits, the chair- publication of the annual account 

Ik at last appears to be resulting in that the effect on .sales was See Lex S Sir Marcus Sieff. told ^ rthe bl under n£?na 

lv annml meotinc. there, na-e j " 

as^ts of ^cal E'-^icsJouth .foilm,. 

;V»"fhoS bU “ 2 mointer n ^= -JSST 15.9, > MA is 

HlSSIS»"iul prWai"pTofit for ,,f5 r " m " s er ^ mdiluKd taT5S»»W '*»» ‘.d»s“ iari ” 

fhc year to that date amounted <j£ fJ p ^ 12 . s ^ di luted. The final operatmg >^c e ^tnuonery^^ 
Lo R3.302.0lMi. dividend is 0.23P per . sh ?. r ® mpnpnpmPTlt p! r 

to R3, 302,000. 

See Lex 



js 0.23P per 
lO.USp (9.X11P). 

the and property management, etc. 

f Hviifd upturn in UK consumer spending economic facts. The directors say 
* H j {J i 4 jj^ at last appears to be resulting in that the effect on sales was 

John Laing’s property flotation 

a 'special *.* •?•»»« ' h T. 'ffifl?* 

Baker Perkins turns in £8.93m 

AFTER A marginal increase from buriness announced in D«««ber for .capital equipment is stm 

yesterday's annual meeting. , there, na-.e «-v.. — national contracting group is to nouns ** rf ld e„ d con- of an area around Canning ana 

hencr m «pon b j™ SJ-SSUSSl^f^B Shi ^ 

r.!r&.SHsns s-iss « « Z 

croup recorded a pre-tax profit W™?" 1 for clmirman U told shareholders at of September. over the type of development for 

from » SZESr.. '."5-1-eSH *5 ri^bc ^JrJ°SL a SSSSSF m 

AiiTKH a mareiDju iultcusc uvui im ; . r « iu— « l. 0 Ke inn ***' iq ufAdk*: to Hprii rciiuncv verier aay b jiiuu^i , 7- 

MS5m to £3.5toi in the first half, 1977. and the strengthening of relauvely slack there has been £1 o5 bn . recently Mile-, were shown to be « considerable progress has been 

SSax profits of Baker Perkins sterling, the sales value of the some increase from the U.S. and Jn rep]y M a question mi per cent and net made towards a separate property 

Holdings finished the year : to continuing businesses increased continental Europe. T^us enabled the company’s attitude „rofits ahead by US per cent flotation. Lain* has now received 

March 31 1978 ahead from £7.92m by approximately 12 per cent. BPs division "jBjthig laundry. accep t a nce of credit cards. Sir P d vvub tbe same period t h e tax clearances necessary be- 

Marcn » _^ lMja Gilbert, the chairman, foundry find printing pJant, to said a proposal is bein., compare „ -Uj% nv , AnAC 9ic ^nuld be out 

After tax on the ED19 basis of persistently sluggish Business similar improvement ^ *">■ ukely oeiore me ena ui u. 
«VT. ler /c^rn\ full vear earnihes climate which prevailed m most Australian company meant that 

&«SS' S.-S -2SSSSS Advance by 

S=« Investors 

"SS. In 8ie m.rk.t. of Uie World Mem* ‘‘I’jL'S ,° f , tJSt 

r«Mffl"on sales of £86.5m, Mr. Ian Gilbert, the chairman, rounory ano pnmnis ^ Marcus saifl a proposal is ue...^ fore the proposals could be put 

says that having regard to the recover which together with a sludied an d that a decision was la *LJ? r ^ lw . ard trer d has con- I JSta reholders. And so the board 
^After Ux on 'the ED 19 basis of persistently^ sluggish j business nmi £ m ^° nI ^ Ukely before the end of the year. ln P May 3 nd sales and net hns n0 w afireed 1 in principle (to 

Bsr£E= 11 ^ 

B»^ : = ^ i bss 

MJFss^S SS» k 

aSSSSJffsr-*. g»j4vaapffs MSB es 

Sire- SfiJ 

suit of substantially higher inv^t- not deteriorate? further, further times. cent s 


: Mersey Docks 

■ SHlL-fl still chasing sX3\3k 

s*L a i ra i e ™. -s = * 

profits again show a substantial proceed with a scheme of arra Re ■ ^ jeve j g^. added. . 

ba -5?. IBM. SB sr?i.°ss sssaw? “ £7 %«U ^urm^oc H. J. Heinz 
SSJBT."r '"ur r »- « J„15 issss: S-2* &^flSSrSEft declines 
l a i d ' ,he WW.'ffi i S!S£ STS t a h"e tata- ^ .tel? to £17 3m 

„ ts.jr. 3mfiS.j5 a s- more «<. ^ 

counting period arouna uie euu are stjJ1 possibfe difficulties 

September. over the type of development for 

_ _ v which the local authorities are 

Mersey Docks 

still chasing =. ° e T% “ 

j envisaged and it will be some time 

pvfra trade before revenue from building 

t-TAH “ littUt leases becomes receivable, he 

The general cargo trade is added> 

H. J. Heinz 
to £17.3m 

be offered 

^.^pl^nd'ml&ilncr, and Jfo.ros should be made in th. ; ' 

SMSJSf SS& s Tebbitt Group 

v JsarfeSS » loss exceeds 

basis was 22A- per. cent compared industries . 

with. 2L3 per cent m 197&-77. - • a J AAA 

Sales increased by 6 per cent, ^ comment IaItjuvv 

of £1.19m ^ w 

Net assets have risen by 7 per for 
cent since November, 19 it. mainly aft 
owing to the recent strength of 
many of the trust’s American 
holdings. While asset value per „t 
share has . risen from 9a 4p m — 
103. Op during the period since 
November, the market Indices in 
the U.S. and UK are on balance 
little changed. 

income received to date has 

■ _ • . i. _ : __ kiMrt nvrivP. 


possible deveropment 

to cancel the out- 
per cent of shares 
company not held 

and the scheme 

cum ,u„ v i/viiimvii. wm— — - 7 income rewntu ™ — 

5 ? B«l«r Perwu; iSte'cempro"? Mowlne , ground from . <n«cted th, L dlrj«.n < be««te S 

UK.siinilM:.talast year « » rtsTeropled with the company's a oMo''prolit V a deficit of. fattens with dividend increases 
cent. The mcrea^ ^ ^nnoun cement of a sluggish start gg-™J a f ha if Wa y. Tebbitt Group from equity investments and 

the actual improvement achie . current year, disappointed . deeper into the red in the rather more earned than antici- 

as, if adjustments are made to laj ^ shares ^ 2; 0 n d s U months to finish 1977 pa ted on cash balances. 

a e to 97p. While world demand, ^d fl« ? e basis of the uurereit in 

dSnasal oflhe laundry machinery rp to - — — wlt^ a Pr^ estimate for Ihe" full year. 

Su ’timt - the directors expect to recommend 

At midway the directors said an increase in the final dividend 
thrt -See the (Stop bad come not less than the 17 per cent in 
. tato oibierSS! a thorough the ioteritt, dtetnbution. 

. . assessment and reorganisation 

Olivetti International s. A. More deals in 

m Gnaranteed Notes 1984 ^ ^ ^ view at House 

herebv Aal t0 noteholders of the above loan that Pjld 0 f FraSer 

that since the group 
. into new owmership, a thorough 
’ . assessment and reorganisation 

Olivetti International s. A. 

9V4% Gnaranteed Notes 1984 per I0p share f th 

. . - . * n 1ba j. increased from 0.39p to 4.73p and 

Notice fe hereby noteholder of «« above load jg, no dW-d ***** 


ending on 31st- May, r v/o. “ — 

purchased on the open markeL 

US$ 35.839.000- orthe Notes remain outstanding. 

Union Bank of Switzerland 

iTimover «nd the roav soon be heard, was given 

from £22flm to • “ credit yesterday by Sir Hugh Fraser, the 

S?fS«7 (JK6.433 debitf and an Jhainnan. at the annual meeting 

|Sk. deb,t ° f S5 "“ 3 '"^‘ffiT sbarebCder, that the 




This announcement appears as a 

matter of record only. 

European Coal and Steel Community 

U S. $50,000,000 8f per cent. Bonds due 1987 

Banca Commercdale Italiana 

Banque de Pans et des Pays-Bas 

wv Banca Nazionale del Lavoro 

Amsterdaiti-Rotterdain Bank N. - 

Banque Internationale a Iauembourg S J5- , . . 

Deutsche Bank aktiengesellschaft 

Kuhn Loeb I.hntanBrothers International ^ 

Morgan stanleytotemational Limited • 

Sod6t4 GeneraledeBBnqii® S.A. 

June. 19 ^ 8 . . — — 

S.G. Warburg & Co. Ltd- 

Banco di Roma 
Credito ItaJiano 

Dresdiier Bank Aktiengesellschaft 
Merrill Lynch International & Co. 
N. M. Rothschild & Sons limited 

Points from the Review by the 
Chairman, Mr Murray Hofmeyr 


Earnings after tax and before extraordinary items 
for the year to 31st March, 1978 increased by 
32% to £25.4 million (equivalent to 24.26p per 
share) compared with £19.3 million (equivalent to 
18.40p per share) for the previous year. 

Extraordinary Items 
Provisions under extraordinary items totalled 
£21.7 million including £8.2 million to cover 
' currency movements. £7.5 million against our 
investment in Cleveland Potash and £6 million 
for Botswana RST. 

Cleveland Potash 

Progress in the development of Cleveland 
Potash has continued to be slow and costly ana 
production has only recently risen above 30,000 
' tonnes per month — just under 40% of design 
capacity. Considerable progress has been made 
and there are no longer any known geological or 
other purely technical factors which need 
prevent steady progress to profitability. However,, 
the overall level of performance is still much 
below forecast and a far more effective and 
sustained commitment will be needed if success 
.. is to be achieved. 

Jin Mining Interests 

' Charter’stin mining interestsare now 
concentrated in the 28.6% holding in Malaysia 
" Mining Corporation and we received our first 

dividend from this company in January,-1978. 
MMC Group Companies produced nearly 25,000 
tonnes of 70-75% tin concentrate in 1977 — just 
over 10% of the world’s known production. 

Industrial Companies 

We have been working to expand Charter s U.K. 
industrial base. M.K. Refrigeration is now a 
wholly-owned subsidiary and we have 
accounted for five months’ post-acquisition 
profits of £1.1 million. Charter’s other wholly- 
owned industrial subsidiaries continue to make 
good progress. 


£162 -4m 





: •..} ;• c ; 

We are currently investing substantial amounts 
to expand the operations of our industrial 
companies and are continuing our search for 
further opportunities to enter other industrial 
sectors with encouraging prospects. In this way 
we intend to achieve a more equal balance 
between our industrial and mining investments 
and between our U.K. and foreign earnings. 

Metal Prices 

In the short term the prospect for a substantial 
increase in base metal prices is not e ^p^ r fp' ng 
but in the longer term there is no doubt that the 
demand for metals and minerals will continue to 
grow. The mining industry must meet the 
challenge of providing for this increased 
demand but the investment necessary wiH be 
made only if investors have greater confidence 
about prices and about their ability to achieve 
adequate protection against major political nsks. 

Cop** of me Annua: ^ ^ “* 

or from P.O. Box 102 Charter House, Park Street, Ashford, Kent, TN24 etu. 


- ~ - -y -■ 

Financial. Times Friday Tune 



LO;Ynn.VS Charter Consolidated, further ni'idest rise in Profits 
the Uiv mi runs finance arm "f appears inb--* on _lhe cards. The 

Tara's debts 

Smith Africa's bis: Anglo America n shares w ’ m ' 13Jp yeslerday - 
Corporation. is still treading its 
way carefully after having sur- 
vived major and cosily disappoim- 
ments. vueh as ihe ill-faled 

Tcnke-Fungurumc copper venture CANADA'S Tara Exploration and 
in Zaire and the disa.sirous invest- Development has tentatively 
mem in the Botswana RST agreed with the Toronto-Dominion 
nickel-copper operation. Bank for a revised repayment 

Another problem child, the scbuciuK- Mmes 

Cleveland Potash operation m «h» 

Yorkshire which was 

success in Western Mining's 
efforts to find under acceptable 
conditions a joint venturer for 
the company's gold mining leases 
In Western Australia. These leases 
remain intact and unencumbered 
under the latest deal 

Mystery approach to 

J. B. 



written «h<ch operate-; the big lead-zinc 


Chemical Industries to support re '^ e ^ 

the singling operation P The major portion oF Tara 

Charters chairman. Mr. Murray s ,. n jnr debt advanced by 

Hnfmeyr. says in I he annual 

Australia's Haoma Cold Mines 

with North Wot Mining have 

joined Western Australia's dia- 
mond rush. They have been 
granted three large temporary 
reserves in the West Kimberley 
goldfield, reports our Perth cor- 
The areas involved cover 524 
sq km and a Haoma announce- 

the Toronlo-Dominion banking 

totals I' 

report at h?a«t there are no 
lonzer any known ecological or im>. 

purely levhnical factors to prevent Tara E:;p> oration is 10 per eent- 
CJeee land's steady proeres-. to nvnet j k v North gate Exploration 
profitability. But labour prohlcms v ^j cIl ^ j^,-, held its annual meet- 
remain and Mr. Hofmeyr cannot j n ,, jn Toriinio yesterday. The 
see a rapid improvement in the '^ ic!cnt \[ r . Pat Hughes, said 
price of potash while suhsianual tha[ a p cr t iic profils setback in 
stocks overhang the market. t ^ c j; rj ..| quarter of this year 

In the past ye-ir In March Cl. which roll or led low production at 
I'h.irier r:ii.v.\1 its earnings to ihe Tynagh lead-zinc mine in 
125.4m from £l!l.Cm thanks to County Gnlvuy. output had 
increased dividends from Anglo recovered in the second quarter, 
and iJie diamond i»icrc»K coupled lj is runninc at an average of 
with higher share-dealing profits, above .lO.UHO tons of ore a month 
At the same time Charter's w hich is the le’-cl needed m order 
divorsilication paid oft in that to avoid operating losses. Mr. 
higher income from tin, wolfram. Hughes mentioned the group's 
diamonds, ’-old and platinum varioui exploration activities, but 

aiThioned the fall in earnings 
from the depressed base metal *. 

Much of Cha ricr's sirenath is 
drawn from its major invest- 
ments in mher leading finance 
hoi.i-.p-. this source providing 
542 per cent of 1P77-7S invest- 
menf income compared with 
49.9 per coni in the previous year. 
Among thc'-e holdings, that in 

had little to say regarding the 
lri>h uranium exploration of the 
group's 24 per cent-owned Anglo 
United Development 



Australia's Kalgoorlie Southern 

merit describes them as being 
“adjacent to Corvine Riotinto of 
Australia's diamond tenements in 
the Leonard River area.'' Indeed, 
one of the five areas is within a 
black being worked by the Ashton 
joint venrure which CRA is head 

Ilanma and North West plan an 
airborne geophysics survey over 
the area. Carr Boyd Minerals is 
working nearby, and the group 
that includes Otter. Spargos and 
Bamhou Creek is operating 
fariher south around Nullaginc 
in the Pilbara. 

Among the international groups 
that have followed the Ashton 
group and Anglo American Cor- 
poration subsidiary. Sfockdale Ex- 
ploration. into the diamond search 
arc Selection Trust and A max. 

Diamond prospecting has de 
veioped into a mild frenzy 
reminiscent of Poseidon nickel 
boom times, helped by rumours 
that the Ashton joint venturers 
have discovered diamonds of gem 

Selection Trust has been reduced Gold Mines has now averted the 
to 25.8 per cent from 28.1 per cent threat of a winding-up. The 

At ihe 
seek in 

a year ago while a sireabte .-ale suspension of trading in the 
has ht-en made of shares in Union shares has also been lifted foilow- 
Corporaiion. ing shareholders approval of the 

c- mo fi.„ D rv*. - purchase for A¥l.Sm (11.1m) of a 
Ch .?I ler ., I J per cent stake in Three Springs 
. . i t0 e ‘l K, P d ts j Talc from Universal Milling. Three 
mdus j;,al earnings h.i SP In order Spr \ n ^. s o;irned a$ 512.000 in the 
to achieve a more equal balance T.-, j a ; t 

■ ;jnd in- min 5 Western Mining owns the other 

inrestments and between UI\ and 0 'f [jit talc producer. As 

foreign oarnins&kisl y*-:ir Sou.h a j rent |y announced. Western 
Africa provided «n.9 per cent of Minin**' and Gold Mines of 
revenue while 32.8 per cent came kSrIie have sSld thHr ”spec- 

nr.r „i,i ^f iv i ^r. ih i'K' tiv c imeresLs Of 30.83 per cent and 

pcri.Lntu... of jsslU in thu UK. 27.17 per cent in Kalgoorlie 

Mr. Hofmeyr ventures no Southern to Universal Milling of 
forecast of current year s Perth and are waiving debts owed 
pro- peels but the revenue pattern to them by Kalgoorlie Southern, 
of winners and losers may not he Kalgoorlie Southern faced 
greatly changed. On this basis a winding-up following the lack of 


Hyundai International of South 
Korea has applied for Australian 
Government approval of its plan 
to mine coal in New South Wales, 
jointly with White Industries of 

A spokesman for Australia's 
Ministry of Energy and Resources 
said that the Government would 
favourably consider the plan 
which calls for investment of 
AS-Jom c£2Sm>. including ASIQm 
in equity Investment. 

The Government has been 
encouraging Korean firms to mine 
coal overseas to supply domestic 
power plants. One source said 
that White Industries will control 
SO per cent or the joint venture 
and Hyundai. 20 per cent 

Shares of J. B. Eastwood were 
suspended at 80p yesterday 
following: a bid approach' from an 
undisclosed source. The suspen- 
sion price values the eggs and 
poultry company at £21 ini. 

In the stock market" the first 
name to come to mind as the 
likely bidder was imperial Group 
which has substantial broiler 
chicken Interests already. But 
Imperial’s stake in this field could 
be too great for such a bid to get 
past the Monopolies Commission. 
Eastwood and Imperial have -IS 
per cent of the chicken market 
between them. 

Among .the other mooted can- 
didates, Unilever, BAT Industries, 
Borthwicks and Northern Foods 

all denied that they are the 

bidder. Other suggestions were 
Union International Dalgety or 

perhaps a North American com- 

The poultry industry has not 
been healthy recently — except .in 
comparison to the red meat busi- 
ness. But recently there have 
been signs of improvement 
Meanwhile, eggs have had a 
difficult time and are regarded as 
a tricky cyclical business. The 
bidder is therefore expected to 
be a falrlv sizeable company 
which knows the area and can 
afford to view the ups and downs 

Imperial Group is the only 
company which would be likely 
to run into monopoly difficulties. 
No other company has more than 
5 per cent oF either the egg or 
poultry markets, Eastwood claims 
to have 14 per cent of the former 
and 13 per cent of the latter. 

The Eastwood board witl 
probably require a bid price -well 
in excess of the 90p per share 
valuation in the market before 
recommending an offer. In the 
last annual report. Sir John East- 
wood, the chairman, wrote that 
the book net worth of- I68p per 
share “is only a fraction of the 
true value" The agricultural 
land and freehold buildings in the 
balance sheet at £23 .3m, were last 
valned in 1973. “Since then land 
values have more or less doubled,^ 
wrote Sir John. 

Over the last five years, 
Eastwood has diversified both by 
product and by country. It has 
entered the turkey and pig 
businesses and obtained sub- 
sidiaries in Germany. Holland' and 
France. In 1977, the company} 
invested £9Jm in fixed assets. Its 
pre-tax profit was iSfim. . ' 


“A year of record turnover 
and profit” 

Extracts from the Statement of Chairman,. -= ; ' 
MrAlecStenson. • . ; 

*6roup profit before lax forlhey^ ended28 Febrtaryi 1975, 1 
amounts to £947,076 (im^dinga stilus of £T42,21 t arfemg , ' • 
from the disposal of discontinued operaiion^.Thi5 compares- . 
with £51 3,588 (induding m,T39fromXa j' 

e.Av-iwian/Hisnosed of Affinal 977/781 fortiMOffivkuRvanr! 

Total dividend up to 0.99p net per share, compared with Q.7p 

net for the previous year. • ■ \ 

"Capitalisation issue of t ordhrary sharefca'efeiySheW - 

Lesney expands further In U.S. 

7 umovt.-_ . ....... 

"end profit by 96% com pared with lastyean / - 

■*Van Rooy Dorsman.the Duti^sutB^i^'T^deas^ffc^t 
’ -contribution to the Gn^sprbfl^^;^;^^ : - a • . : -V ; 

Lesney products and Go. is senting about IS per cent of the gas engineering. The twq com 
making further inroads into the U.S. plastic kit market However, panies are already associated 
U.S. toy market with the acquisi- the company incurred a pre-tax through a joint company,- Gibson 
tion of most of the assets of AMT loss of 80.39m, against a profit of Liquid Gas, and the acquisition is 
Corporation, a publicly-quoted $I.I9ni, mainly due to industrial intended both to strengthen the 
manufacturer of plastic model problems at the Troy factory. existing association and contribute 

Mr. Tapscott said that the U.S. to Ruiicim&n's expansion in the~| 
plastic kit operation will be con- liquid gas field, 

kits, for $S.65m (£4Bm) cash. 

Plastic kits account for around 
3 per cent of Lesney's current 
group sales: and currently sell 
within a price range of 44p to 
£3.50. The acquisition will add a 
range of toys in the more 
expensive bracket— from 82 to 
$15— and, according to Mr. P. SI. 
Tapscott. chairman, lift the share 
of plastic kits to 15 per cent of 
group sales. 

At present around a quarter of 
Lesney's profits come front the 
U.S., which represents half the 
free world’s toy market 

As a result of the acquisition, 
Lesney hopes to be able to 
Improve its profit margins on 
plastic kits in overseas markets. 

Up to now it has been expen- 
sive to ship plastic kits — -a low 
weight but high volume toy. Now, 
Lesney will be able to fly moulds 
across the Atlantic in both direc- 
tions and manufacture the entire 
range locally. 

ducted entirely from 
leasehold premises In Baltimore. 
After write-off's of around Sim for 
moulds, he expected sales of about 
*13m and pre-tax profits of around 
S1.4m in the first full year. 

AMT has total assets of $10m 
with net worth of S3.7m. 
employs about 300 people. 


In a major property financing 
deal MEPC has arranged medium- 
term bank loans to cover the 

£6.9M FOR 

Dalgety has fulfilled a plan to 
use part of the proceeds of its 
£12m March 197? rights issue to 
increase the malting capacity of 
its subsidiary. Associated British 
Maltsters, by acquiring the melt- 
ings of Inver House .Distillers, 
UK subsidiary of the U.S. based 
Publicker Industries. 

The sale was disclosed last! 

h Z.. ™ iLJS Monday but the price of £6B5m 

building costs of its two largest was not re vealed until Dalgety. 

remaining development schemes. 
Medium-term loans at “favour- 
able " interest rates enabled 
MEPC to start work this week on 

not revealed until 
issued a formal statement yester- 

A recent study by the broking 

its partially pre-let 150,000 sq ft firm Iledderwick Stirling G rum bar 
Guildford shopping centre. And and Company suggested that thii* 
a separate loan agreement will demand for malt for brewing win 
enable the group' to buiid a grow at a rate of 2 per cent a year 

44,500 sq ft shop, and 41,000 sq ft for the next seven years white 
The acquisition IS being financed „rc.. 0 hv th*. Hnnrl errant the. demand fmm malt whiRk’T- 

ht, - HnM, h nt office scheme by the Bond Street the demand from malt whisky 

by a medium-term dollar bank ...k* will h, «., nn in<r «t <t 

loan in the U.S. 

AMTs directors will liquidate 
the corporation and Lesney’s 
U.S. subsidiary. Lesney Products 
Corporation, will acquire all of 

tube station in London's Oxford distillers will be running at 5 per 
Street cent. 

MEPC's success in arranging The acquisition, which will con£ 
bank finance for the schemes, plement Daigety’s existing 
which are expected to have an Scotland-based plant will increase} 
eventual capital value of around total capacity by 50 per cent and 

its assets with the exception of £25m apiece, stands out because position it to take advantage of 

factory at Troy, Michigan, with 
effect from August. 

For 1077, AMTs croup sales 
totalled S15.5Sm ( 816.7m >. repro- 

of the extreme rarity of this form the better growth trend 
of bank finance for developments malt whisky distillers, 
in recent years. The arrange- 
ments mean that the group has 
avoided trading its equity in the 
schemes in return for financing. 



The Walter Rtmdmaa group 
has acquired a 51 per cent interest 
in Liquid Gas Equipment of 


Hedderwick Stilling Grumbar 
and Co. bought 30,0dfi Wood and' 
Sons (Holdings) ordinary shares 
at 54p on behalf of associates of 
Newman Industries. 

Seligmann Rayner and Co? 
bought on behalf of Petford 
10,000 W. Henyiall at 25p. Petford 

is too 

a description 
services we offer 

Clothes on hangers 

or In cartons 

These extend well beyond the movement of 
clothes on hangers for which we are best known. 

We also carry them in cartons. And offer short 
and long term warehousing facilities with garment 
call-off systems if required. For multiples, this pro- 
vides an economic alternative to holding back-up 
stock at branches. With Tibbett & Britten rapidly 
replacing garments sold, the floor space saved can 
be more profitably used to extend the selling area. 
Equally, clothing manufacturers and shippers 
rely on us to handle ail their Warehousing and 

Whilst operating a regular distribution network, 
costed on quantity and distance, we also offer 
contract rates for bulk and will gladly set up 
special collection and delivery systems to suit our 
clients' needs. 

Security is an essential of our service. Our 
record in this is unrivalled by any other transport 

The 'Clothing Transport People' is too simple a 
description of the services we offer. Callus . . . 

Efficient warehouse cali-off systems 

Nationwide depots 

691/697 High Road, Tottenham, 

Domestic, Continental 
and world wide service 

350 vehicles in operation 

London N178AZ. Tel: 01-8083040. Telex: 267547, 

Edinburgh, a privately-owned now owns 260,000 shares U0.4 
company specialising in liquid per cent). 

Customagic chairman 

quits Mooloya Board 

Sir Cecil Burney is to resign 
as a director of Mooloya invest- 
ments with the company in the 
middle of a £Jm bid for Cuslo- 
magic. Sir Cecil is also chairman 
of Customagic which ha-i been 
split by the 20 p-a-share offer. 

Sir Cecil’s resignation comes at 
a time when the City Take-over 
Panel has said that it is seeking 
further information from Mooloya 
regarding a contract with a 
Jersey consultancy company. 

The contract refers to a £38,625 
fee to be paid to Gras d’Eau for 
procuring the transfer of 1.4m 
shares to Mooloya from certain 
Customagic shareholders — includ- 
ing four members of the Terry 
family who between them con- 
trol a 26 per cent, stake in Custo- 

Mooloya has also entered into 
an agreement with Mr. Maurice 
Prax. a Jersey consultant who is 
to make his services available to 
Mooloya for £7,500 a year fee 
condirional upon Mooloya acquir 
ins over 50 per cent, of Custo- 

The agreement to run for five 
years states that Mr. Prax’s 
services will not be required 
outside of Jersey and in the event 
of his death his fee will be paid 
in full to his estate. 

On April 30 this year Mr. Prax 
initialled an agreement by which 
Mooloya conditionally acquired 
658.000 shares in Customagic, 
representing a 12*. per cent stake. 
Mooloya currently holds a 47 per 
cent stake in the company, includ- 
ing the Terry family interests. 

A further agreement involves 
Mr. Bernard Terry who is to 
accept the appointment of director 
for Customacic’s Mai! Order 
division, for £15,000 a year, the 
agreement to run for six years 
and provided the bid goes uncon- 

The bid has caused a split 
between the Terry family and 

other directors of Customagic, 
including Sir Cecil Burney, who 
are opposed to the offer. 

performance has been reflected 
in the market value of the shares 
orer the last five years." The 
highest price, after adjustment 
for scrip issues was 62 p in 1973. 

Mr. Murray produced the tradi- 
tional “ assets can only be 
assessed by reference to the level 
or profits consistently earned by 
l hem" to counter the argument 
that the offer is below the net 
tangible asset backing. 

Advice to help 
small companies 

THE WELSH Development 
Agency is to expand its help and 
advice service for email com- 

Its Small Business Unit will 
provide a counselling service on 
business Life to assist companies 
employing fewer than 200 people. 

*1978/79 Outlook - sales thrtJugH the Kwik-F i t 
retail outl ets for they first ; quarter? of. Ibis 
year show a n i ncrease ^f appr<»Qmat©lY 50 % 
over last year. 1(F new depofe jare presently 
In various stages.xjf 'devekipmerit abcl' new 
, sites are continually being sought as part jof . 
the expansion' ',pit>d^mmevto4^extbhd'-- the 
: Kwik- Fit service^ throughout: the United 
^Kingdom. T •• . r . > ; V v.' ' 

_/£S February 1 978 CCTLbeob&fated ftpm the .. 

Company SeCTetary at Head Office: East Main Stream 


i ?* r ! 

v ■ i 


’ ,f£‘ ; . ■ ; - 7 v;_v . ■ 

The Cha intrarT^ Mr,Jbhn F. Pearce^reports ; ? 

J5 W 

are acqtislderable improvemehf 
• ,, ' over all previous "' " 

v yeai^withprofits up:i>yl9%/ r 

• i • VV v';- 

x >£ ' - 

’ *■ T- , 

Pre-tax profits ^ 1 ,106.236 -927,344 

Turnover . 9^64,071 6,497,746 

Export turnover \ 

• Retained net profit \ : '.; ^6i1.^667 : :,' 1 6494HZ 

Wet asset value, per sh^e ? \ 727-30p : f14*85p 

Earnings per share 
-before taxation 
-after taxation 

: i r 1ft53p V-i. 16.90p 

Pre-tax profit to turnover (UJC. Companies Cnty}T4.tX. 

The Rep ort and Accounts can be obtained from: 
The Company Secretary, - • • j . ;■ 

DurapTpe International Limited^’';-: \r 
Norton Canes, Cannock, Stafford8hke WSl L3NS . 

The Annual General meeting wdil take pfobe Waldorf V 

Hotel, London, Wednesday, July 1 Sth . f 97ftK^jQP ,«it- : 

h; ti- r , 

■ v - 


A formec chairman and manag- 
ing director of Spooner Industries 

has endorsed tbe Redman Heenan 
offer or 63p cash for each 
Spooner share, Redman's chair- 
man, Mr. Angus Murray claims in 
a letter lo Spooner shareholders. 

But while it may have ihe en- 
dorsement of a former Board 
member Redman has the implac- 
able opposition of the present 
Board, which has described the 
offer as “completely inadequate 
and totally unacceptable.” 

Tbe detailed reasons for the 
present Board's rejection of the 
offer will be circulated to Spooner 
shareholders in the near future 
but essentially they relate to the 
fact that the price is below cur- 
rent book asset value of 69p a 
share; below the revalued asset 
backing and at a p/e of fi.8 Red- 
man would be buying earnings 
very cheaply. 

Mr. Murray points out lhai 
Spooner's profit record over the 
past decade lias been erratic and 
that the prospect for the latest 
year’s result was of an improve- 
ment on last year but the size 
is uncertain. 

He adds that this “indifferent 

“The group’s profit for the year * after taxation, totalled £1,395,000 - . \ J 
(1977: £1,053,000). After taking^ihto account the share of profit bf associated, • 
companies and deducting loan interest and minorities, die attributable profit,, 
before extraordinary items, worfe: out ar£l ,097,000 (1977: £928,000), ' ~ 
an increase of 1 8 per cent over last yeaiv • -S ... ■>;■£ . 

We are proposing to pay an ii 

which is the maximum allowed under ciirreni legislation. . 

Air. B. M. P. Thompson-McCauslandand Mr, F. C- $av3Ie have been , 
appointed deputy chairmen of Arbulhnot Latham &Co., Limiredvthe 

inner reserves. 

Arbuthnot Insurance Services, whkiooinprises the grmip’amsumice broking, 
interests, had another record year vtfnfctbe investmentdivision conuL. 

buted to the growth in non-banku^ eanamgsl' * • r " - -S - 

Over the last two years, total 

increased by nearly 60 per cent, w^temiunj^p^shate^bw anincxease of 
17 per cent over the previous. yeari^’r .^v . V •'-*''?/ : ' : -v ‘Si ’ * ; 

.-2 J: ^ v .A- R; Cf Arbnthnot,Chairmaii : 

The Annual General Meeting will 'BTthfulyj 1978. 

Secretary, Arbuthnot Latham HoIdr^Limited, 37 Queen Streep ' 
London EC4R 1BY. ' T 

? \ ; 


.> \y-r-i-. -..«a - 

■--v vJ ' 



Friday. June 23 1978 

expansion on Edbro recovers 

in second half 

Boots set 

’ ‘HgH 

' ■ 

MOST OF. Wedgwood’s recently 
extended, manufacturing . facilities 
are. .now ,,-in production and 
beginning v-to .■ -make . . a. useful 
contribution, to.-output. Sir Arthur. 
Bryan, the chairman, says in his 
annual statement. Other 
expansions are also either in the 
course, of .building or under 

..Provided there is no return- to 
excessive cost-push inflation- he 
anticipates that the group will 
com©, dose to achieving the 
ambitious . targets.- set for its 
factory 1 -and sales forces’ In the 
■ ctareut^year, he says. 

Pan Arabian will be represented 
by the international. Corporation 
for Trade ’and ‘Con tract Services, 
an agency Which has represented 
General Accident in. Saudi Arabia 
since 1373, -The. agency's head- 
quarters arc also in Dammam and 
it has branch' offices in Riyadh 
and Jeddah. 

I-Wedgwood is mahing a one-for- 
Sre: -scrip Jss " 


orr&.-A&ip. Jssuo, and dealings fn 
the new- shares are- expected to 
"begln^ on July .24. 

Air pcevtmiely reported, pre-tax 
profit, In- the. April 1, 197s year 
-advanced 8 per cent to £8J5m 
after , exchange losses of £o.77m 
(£1 .24m profits). 

The weakness of the American 
dollar Two a considerable bearing 
00 the. 1 . sales figure of 173 Am 
failing, ‘ifitu short of target, 'Sir 
Arthur says. 

During, the year its share of 
world- markets increased, 
particularly in the U.S., Canada 
arid Europe. 

A current cost statement sbows 
the-. profit Tor the year cut to 
£6.48m f£ 4.37ml .by additional 
depreejatron of JE0.63m t£0.39m) 
and" 1 stock -replacement of £l.75m 
z f£3J!8m)r o^set by a ffl.olm 

- glaring adjustment. 

-’ r - - -Af year-Mid fixed assets were 

£2£2%Br-(£17.45m 1 and net current 
assets : £2Q.llhi I'floihn). 
ji-Meetinfl;-34 Wicmore Street. \V 
Ju&. 19 at 11 a.ra. 

Brit. Steam 
to £2.27m 

' v: j % 
1 _ 1 


A SECOND half -advance from 
£L09ra to £l.3Gm at British Steam 
Specialties Croup lifted the full 
year’s figure to March 31, 2078, 
from £1.7Sm to a record £2. 27m 
on turnover of £3D.4m against 

Stated earnings per 20n share 
are ll.Sp (8.6p) and the dividend 

is effectively raised front 4.6p to 

5.137p net with 2 final payment 
of 3.637 p. Also proposed is a 
ohe-for-ten scrip issue'. 

Tax for tbe year took fMUm 
(JE0.37m) and the amount retained 
came out at £0.6m fSf».4m arter 
an extraordinary- - credit of 

The group manufactures and 
supplies pipeline equipment. 

„„ su tn- 

” IS*. ' 

■ fr 

GA partner 
in Saudi 
Arabia venture 

Vectis Stone 
well ahead 
at midway 



1 ! : ,^JV 



A new insurance company. Pan 
Arabian Insurance Company, has 
been formed jointly by General fire and Life- Assurance 
■ CoVjterarton and Sheik- Abdul 
Karim El-Khereiji, the principal 
. of the International Corporation 
for Trade and Contract Services, 
insurance agents in Saudi Arabia. 

Tbe hew company is a joint 
.PDet'axion-iii-.whlch. jjje -Shell* Jias. 
the majority shareholding, while 
General Acc'dent and the Insur- 
ance Company of North America 
hold substantial minority 
. interests. 

The new company, with head- 
q IfifrfdVs. ■HTTJKKIi'e reitf " hiiildin C, 
Dammam, will write all classes of 
insurance, including fire . and 
allied.- lines, ocean, and inland 
faarine, contractors' all risk, 
general " liability , workers’ com- 
pensation, accident, crime and 

Including three months’ results 
from Celtic Oil Supplies, taxable 
profit of Vectis Stone Group 
climbed from £126£ £205 .40« 
in the March 31, 1573, half-year 
on turnover up to £6.95m. 

Directors soy the group has con- 
tinued to be busy during the 
summer and that profits fur the 
full year are expected to be well 
in excess of last year's record 
£404,302. - - 

Firm -half profit is subject to tax 
of £110.750 (£Sii.l23>. 

The interim dividend is up from 
0.fip to Q.7p net per lOp share. 
La*t year a fl.884p final was paid. 
_ Group interests Include gravel 
tyiiriictidn and tarmacadam manu- 
facture. civil engineering. plant 
hire and petroleum products 




A second half fall of £27,626 ai 
Bcecliwood Construction' (Hoid- 

T * 1 

1 ??*!*■ 



K*- SfcS&fs 

•* awes' 

" v:0-3 
:» jo t}\ ):■; 


grvjiis tor year ended March 31. 197S. 
rcowicd June ». fixed ' assets fl.-Um 
Krt-IPm 1. Wet . current a?*«s 
til JsSthi. Increase- in wortant capital 
)56Mi 4 ({13.1.424). * Company continues 
goffer or ■ r^.’^uipwos and rvtrgan'unnn 
where neeeksar?. - firadaat expansion cm* 
tamies and chairman is confident In Cffirv- 
pany's ability. to h#tfd. or- improve post- 
rion. Meetuta . U Iqckley. Jnly 13. at 
ftmn. • k *■ ' 1 “ 4 ' 5 ” 

PANIES— Pes'oiip- to March. 19, 10 iS 

reported May 13. F»*'-d Bsscta £5.«m 
fUlinu. net . cnrretu assets H.48m 
ta.tBtfi'. £7W.OOO » 049.000 • increase 10 
. tfoadnp capital- -Upturn jn offtake 8 Wes 
grounds 'for .eoijftdrnce If It is sustained. 
M^rtnn; Ndntoabam. July. M. at noon. 

fur year to March 31 197S, already known 
Rtxed assaW.; £BR.79m > W.-'m •, . Net 

4crenf atc«»vX7ff RSm InveM- 

meijLS : .SDSS WW-' v 

Vlnehestet .House, . EC. nn July 19- at 


JoDunrv 31 after -tun/' 30, 1978. when n 
sed.n-month penod viU end on January 
31. 1079. Ctiancv.- found neeossary tk-cdus<. 
i> id difficult to staff effectively in July 
and August for a combination of stock 
taking and oth*rr end-or-yeur worn in 
addiuon »o the normal day to dar running 
of an emcient organlsatJon. 

Result? tor sear 10 March 51 reported 
June 6. Quoted investments on British 
Stock Exchanges U.Pfm >41.9100. Wed 
on other cxcbang:s ii> 37ui t ID. 46m- 
unquoted, at directors 1 valuation £11 538 
(£2.0001, Current assets £120.157 (CM9.2S0I. 
nabUincs m.MJ' ttS2.07ii. London and 
Mandie«lcr Atsurunce Coinnanv holds 
tfi.73 per cent of the equity. Meeting. 
Edinburgh on July 13 a> 10.15 a.m. 

TRUST-rResUltS. Vr^r. 10 April 5. .1978. 
‘ ' Lined. UK investments 

already ’known. ‘ - - 

B^3m fniOTtpO. elsewhere. £3S9m 
’14.35m >. Hnimed.. 4n . efiuity £!2S.Jri 
iTOB.WEt. in other fttvcsimenis iff.lfafl 
■J7,1N>. Ner current assets £1 25m 
i.£0.7tnt. Dvrectnrs have decided to retain 
suhaandal degree of' overseas- urvesuueoi 
and thhs policy will be continued during 
qjmtos ' year/. At May 21. Prudential 
Assurance Company held 9.65 per cent 
of equity. Drayton Premier investment 
Trust 6.9J per tarn and Drayton Consoli- 
dated Trait fi.SI nor cent. Meeting. 11 «■ 
Old Broad Street. EC. July 14.. ai 
2,30 pm. .... - _ - • 

Turnorer— ner rents receivable— for 1977 
a I S,W f£s».262‘. Profil £49,037 >«2.3M> 
byforo lax CM.KO 1 £23.437 1 . S urpl us M 
sale of freehold property 18.456 t £3.786 )■ 
Prom minorities £3.924 (nfli. Set prant 
£31.497 >£21.735). rotignrd OS.M2 '£»,W3i. 
Eaniingx per 35p Share’ 0 6Sp i9.77p». 
Dividend. 0.43575P t0.4l25pJ net". . 

MEKT— Results Jnr year to March. 31. 
»I8: already, known.. Intestments .£LSSm 
tQ.Mmi. Unrealised deRcli on eo^n of 
Invevrinems at March 31. 1978 £1784191,. At year-end. net assets ft ™ 
I88.3P Per Rhare' against £2 0?ni iSS.Bp >- 
Trustees tor Roman Catholic Purposes 
Registered and Son Life Assurance hold 
22,37 per cent and 8,95 Per cent of 
sharas._juwPns.-3/ Moorsaie Place, bc. 
Jniv 12. at noon. 

Jti Se ebansed from June M 10 


[ IVnliii-oray fm-. <+'• -ir 
I June 31 I mv. 1— 1 

I'.lie w.ieek 






LlAnll.l’t IK*> 


PUhlic U««ish...., 24.2e9.4i* + £«9^7D 

jpd-isl Deic*ita..| 65S.IWJ.Oiki - 658.tW.M0 

jdiuikeii< 1 368.3b2,bi>L — 16.18O.fiOO 

Reserve^ it Other' [ 

Sim 1 - 9.S'7£.J&Sa- 

'1.674.574,600 - 1*1.327,086 

ijvm. M’. , untiw..!l.M5i®l .OK —563.979^90 
10, WJ?! .j w _ KlI . 7 , lw 

A r 7S7& 1 ' tii.aM»- aw.™ 

N%o- . 17» - l-\X7,m 

Cwa i I**jtas* - 

j.G74,£M,6S0 —741-587.089 

7tT\tfTC»l’lbJ» *■’ 

Nc-Uv Issued. T 

In Uufuiatu. 11 . 8Ab8.oS4.t2u - 
la U«itk'c Uept, 16.6».,1>. — 1—207,034 

VU5KT3 . ’ 

Gorr. l»ebtp ' ll.Olt .lOJ 

■:nhc.-nert. ■*.«?l.4eC - 

l/tlier Srecurit ie«. - 60o.4tl.086 

;9.m.i>: | o.oW) si' 



Motor Vehicle Distributors and Engineers 


me wwiw, ™»t»« ;fi'°,Tirv?di ud iSre: resul “ 

Turnover ......... 

.^iroup Profit before Taxation 


4 - 

'f5raup-'Profit after Taxation 

^Bxtoordinary items 

profit attributable to Shareholders 

Half year 

Half year 


















interim ai 0.99825p per share 
J - (proposed) (30-9.77 — 0.9075p per 



t Corporation t» »« b«» ^ SSSSliS* iSwtS 
^2%. Implementation ° f „^ e effective charge for the 
deferred taxation may result rate lower than 52%. 

year being, as in the previous year, at a rate lower \ 

The interim dividend-proposed Is Ihe^waxUnuiH perenwlWe 

at the present time. If the ™tc of aavance i»»»w , ious vear 

is. reduced a supplementary dividend fr e Se p tein bei: 

will be paid with the interim dividend on 3 v 

. The interim results are k ^ fre d*" ^.U sf a rtori 1 v during 

All Trading Departments have contributed ^Usfactor . 

the period. 

New. car sales have b . e&Tl S^ontralrt 'nire^'and CoIS 

Operation^ Vubicle Leasmg and . ff00d reS ults. Our 

mercial ■ Vehicles saTes have . ijc^nraover. but profit 
Agricultural Division has maintained its turnover. 

margins have been under pres- - slarled 

\ The 'second half of ? n ^ re lTat« will raise our rosts. 

reasonably weU. but hjghM in st rates resu ]ts will be 

However, we anticipate that the tu/i 
another record for the company. 

TJ2nd Juds 197S, ■ r. E. Tongue, 


In 3s) followed a first hiiif 
downturn from £l£i5.Wl to 

£134^22 and for the full year 
L-ndod March 31, 1978 the civil 

and mechanical engineering 
group announces* a fall in taxable 
profits from £400,898 lo £312,153. 
Turnover for the period was 
ahead at XSJSSm against £7.25nt. 

Earnings per ltip share arc 
shown as 2.5p (3.3p) and the 
dividend is niaimu'rncd at l.sp net 
i'ith nn unchanged final of 1.3p. 

Pre-tax profit was struck after 
depreciation £423,918 1 £421.886), 
and interest payable £155,344 
(£182.934). Tax took £154,967 
11203,15a) and adcr extraordinary 
debits of £15,458 (ml) and 
minorities profit £146 (£20,109 

loss), the attributable balance 

came out at £141,582 against 

Midway rise 
for Trans 

After interest and management 
expenses of £535.409, against 
1427.600. pre-tax income of the 
Truiis -Oceanic Trust improved 
from £427,600 to £535.400 for the 
six months to April 30. 1978. 

Available revenue was hie* her 
at £332.100 (£262,100). An Interim 
dividend of 1.5p (same i net has 
already been paid in the current 
year — JpsC year’s final was ’J.ap 
from £962.01)0 taxable revenue. 

Net asset value at the half-year 
is shown at 223.8p t212.6p) per 
25p share and assuming full con- 
version, at 23 7.4 p (20ti.7p ). 

AFTER FALLING from £l.77m. 
la £U3m. in the first hair, pre-tax 
profits of the Edbro (Holdings) 
enfdncerinff croup recovered in 
tbc (alter half and finished the 
year to March 31, 197S, ahead 
from £3.61 ra to £3,G6m. 

Ear nines are shown at 44.5p 
(SJ.lpj per 2ap share before Lax 
of £tl.U9m (£lm). and 32. 3p f37p) 
after tax. The issued capital was 
increased by 105,634 sbarcs on the 
acquisition of Longion Machinery 
Supplies lost September and by 
1.05m shares on the acquisition of 
Edbro (Scotland) last November. 

The net final dividend, based 
on a 33 per cent tax rate is 
4.2S45p for a maximum permitted 
6.3145p lo.6543pl total. 

The directors say that in the 
absence of further Government 
guidance, the final dividend will 
be increased to 7p per share, 
making a total of 9.0301 p by the 
declaration of a second interim 
payment on August I of 2.7iS6p. 

If the rale of tax remains at 
34 per rent and there is no 
change in dividend control the 
proposed final will become 
4.2206p, the maximum permitted 
under current legislation. 



Tnr. und divs reed 
Imertsi changes . 

Pre-tax proik 


To mmorlUes 










1 £006 




acquisition® which all came in 
the second fr'if, taxable profits 
would have been nearly 10 per 
cent down but the company has 
Incurred redundancy payments of 
JESOOiQOO- Lack of orders, short 
time working^ and industrial un- 
rest hit the hrst six months but 
an round improvement, both 
at home and overseas, helped 
moke up much of the shortfall. 
Two trends are apparent in 
Edbro's future growth pattern. 
First, the company, is now con- 
centrating on a narrower range 
of products rather than produc- 
ing . to customer specifications. 
This involved the purchase last 
year of a new uiirebouse in Man- 
chester and some further in- 
crease in stocks which has pushed 
the overdraft up to £2m. although 
this is still only 15 por . cent of 
shareholders funds. Secondly. 
Edbro's long term strategy Is for 
more automation: capital expen- 
diture on plant and equipment 
next year is likely to exceed 
£I.5m. Wi*ii ihree-quarters of the 
home market Tnr hydraulic tip- 
ping gear already under its belt, 
Edbro's thrust trill have to be in 
the tough overseas markets 
where penetration is weak. At 
15Bp the Shares still have poten. 
tial on a p e of 4.8 and a yield 
of 6.1 per cent. 


• comment 

Edbro's camion of a year ago 
was well justified and after the 
poor first half the company, bol- 
stered by acquisitions, has done 
well 10 just beat the previous 
pre-tax protH figure. Excluding 


Acceptances received by L\VT 
1 Holdings) amount to as 1. 000 
shares 98.10 per cent of Hutchin- 
son ordinary capital in issue prior 
to the capitalization. The cfTcr is 
now unconditional and remains 

THE STRONG financial position 
of the Boots Company is 
emphasised by IUr. G. I. Hobday, 
the chairman in his annual 
report. The group will continue 
to invest in improving and 
extending Facilities to make use 
of any opportunities, he says. 

This will place the group in a 
very good position “ at the time 
when recession is behind us and 
our customers' spending potential 
is restored." Mr. Hobday adds. 

The indications are that con- 
sumer spending will become more 
buoyant in the LfK during the 
current year and the group is 
well poised 10 t^ke full advantage 
of this in its stores. 

The substantial capital invest- 
ment programme continues to be 
directed towards increasing Boors 
share of important retail and 
industrial markets in the UK 
and the world at large, particu- 
larly the EEC and North America. 

A record £56m was approved 
and committed during the year 
for capita) investment projects 
in the UK and abroad. However, 
nrtuat expenditure, although 
higher Than the previous year 
was lower than planned owing 
to delays and some difficulties in 
the building Industry, the chair- 
man says. 

Future capital expenditure 
approved by the directors but not 
provided for shows contracts 
placed of £2R.ilm (£22.9m> and 
contracts not placed, £17An 

For the year ended March 31. 
1078 pre-tax profits were up from 
£91 ,1m to a record £10?m on sales 
of £$S2.Sm irrn-m). The dividend 
is 2.n962;> (2.7084)1). A current 
cost Mate men: shows a deprecia- 

tion adjustment of £l0.9m. cost 
of saJes, £9.?m and a gearing 
adjustment of £1.9m lowering the 
pre-tat: profits to £SS.3ra. 

The group's own brands 
continue to grow, says Mr. 
Hobday. During the current year, 
new laboratories will be Opened 
at a capital cost of £lm to assist 
in the quality control of own 
brand developments. 

Capital investment In new shops 
has remained or a high level and 
amounted fn £21 m. A total of 37 
chemist shops will be replaced or 
enlarged, with new stores being 
opened in Manchester, Taunton. 
Kettering. Leamington Spa and 

On chemicals manufacture, the 
chairman says it is now 
impractlablc to enntrect further 
plants on the Nottingham site and 
agreement was recently reached 
to buy land at Cramltnctcm. 
Northumberland on which future 
chemical manufacture will be 
sited in the UK. 

During the year, work was 
started on a new extension to 
the group's laboratory facilities 
to provide n significant increase 
in space available fnr medical and 
pharmaceutic.':? research teams. 

The integration of Rucker 
PharmacnJ Company of the US. 
is proceeding satisfactorily and 
the development of this company 
into a vehicle for the marketing 
of Boots products in the U.S. is 
a major objective, the chairman 

Meeting. 2<1. Aldcrmanbury. 
E.C., July 20. at 37.00 am. 

held at the Baltic Exchange at 
II ajti. on July ir and not July 11 
as reported yesterday. 

slumps to 


The annual meeting of London 
and Overseas Freighters will be 

THE FINAL dividend has been 
omitted at Randalls Group after 
it slumped to a £409.000 loss in 
the second half of 1977 to leave 
the pre-tax loss at £284.597 com- 
pared with a £715.207 profit pre- 
viously. Turnover dipped from 
£22.62m to £22.3Gm. 

At halftime when profit was 
down from £524.450 to £124.000, 
Mr. C R. Randall, the chairman, 
reported that there wav a drastic 
loss of profit in both the merchant 
and retail areas of the business in 
the second quarter, and severe 
disruption arising from the 
closure of a factory had caused a 
trading loss at Randalls Fabrica- 

For the year extraordinary 
debits were £728.624 f £721.1 1 1 1 and 
took the overall loss to £1 .Aim 
(E2S5.244 profit) after taking 
account of a tax credit of £22.115 
f£383.B74 charge) and minority 
interests of £35,778 (£25.138). 

Mr. Randall says that so far 
this year progress has been satis- 
factory and he is reasonably con- 
fident the group will make a good 
recovery over the year. 

With the final omitted, the divi- 
dend total stands at 1.432p net per 
25p share compared with 4.633Ap 

The financial year ending 31st March 1978 
The Honourable Sir Marcus Sieff, O.B.E., B.A. 

/ ■StTfliehaid 

Mr. Michael D. Sieff retired this year from the Board after 
serving 49 years with the Company, having been a director 
since 1950, Mr. H. B. Freeman also retired this year after 
40 years, having been a director since 1 965. Mr. J. Levy, 
who joined the Company in 1949, and has been a director 
since 1967, has tendered his resignation. 1 thank them for 
their contribution to our development. Mr. R. Greenbury 
was appointed a Joint Managing Director. 

STAFF We are fortunate in having high calibre staff. 
Each person is treated as an individual with prospects of a 
worthwhile career commensurate with his or her abilities; 
there is a general willingness at all levels to accept 
responsibility and obligations; staff stability, productivity 
and loyally are high. 

1 thank the members of our staff who are in direct 
contact with our customers for maintaining high standards 
of courtesy. We value our customers’ constructive 
comments and criticisms and act on them. We are 
shopkeepers and our sales depend on satisfying their 

In France, we opened a second store in Paris, in a 
suburban shopping area, and are enlarging our store in 
Boulevard Haussmann from 27,100 sq. ft. to 57,700 sq. ft. 
3n Canada, we have a chain of 54 stores in the 
Marks and Spencer Division after opening 7 in busy 
regional shopping malls and main streets and closing 
19 in ihe original downtown locations. 


sales reached £1,254,055.000 and our profits before tax 
£1 17,91 5,000. After taxes amounting to £53,736,000 and 
the adjustment for minority interests, there remains 
£64,535,000 for distribution against £54.668,000 last year. 
This-figure is after the deduction of £1,925,000 allocated 
for the first time to the Employees Profit Sharing Scheme 
and an additional payment this year of £1,588,000 to fund 
the increases in pensions awarded during the year. We 
believe that our staff and pensioners should share in the 
success of the business. 

BRITISH MADE I thank the management and staff 
of our manufacturers for their collaboration. We have the 
support of many efficient and profitable British 
manufacturers* some of whom have worked with us for 
fifty years or more. They produce 93 per cent, of 
“St Michael” clothing, footwear and home furnishings; 
they' understand our approach to quality and our method 
of operation. Through our stores they are informed of 
customers’ requirements. 

DIVIDEND The Board recommend a final dividend of 
2-5443 pence per share which makes the total distribution # 
for the year 4-2443 pence per share compared with 3-838 1 * 
pence last year. This is the maximum we are permitted to 

STORE DEVELOPMENT During the year v,e 
opened 4 new stores and 8 major extensions. We improved 
the shopping and working environment in 14 stores (over 
300,000 sq. ft. of selling areal by installing air 
conditioning, wall panelling; carpets and upgrading staff 

THE FUTURE There is much scope for furthei. 
development in the U.K. in both existing and new 
departments. Our development plans for the next four 
years envisage 450,000 sq. ft. of new selling area and an 
investment of about £200,000,000 including improvements 
to our existing.stores. 

It is in the interests of our shareholders, staff and 
customers alike; for us to support political parties which 
are committed to a profitable free enterprise sector within 
a mixed economy. There is a need for a strong, united 
representation of British business. In addition to our 
continuing support for the Retail Consortium we joined 
the Confederation of British Industry which now speaks 
for commerce as well as the private and the public sectors 
of industry". Together with other major companies we 
founded the Industry and Parliament Trust which offers 
Members of Parliament, of all parties in both Houses, 
direct experience in industry and commerce and helps to 
give business management an understanding of 
parliamentary and legislative procedures. 

PROFIT SHARING This year I have simplified my 
statement to make it easier for shareholders, staff and 
others to understand better our developments and policy. 
We value the interest in our progress shown by many of 
our 234,000 shareholders, whose numbers will now be 
augmented by 17,000 of the staff who qualify for our 
Profit Sharing Scheme. It is a measure of our staffs 
involvement in the business thai over 1,500 have 25 years 
or more service with the Company. 

UK SALES Our store sales in the U.K. have grown to 
£1 , 1 34,543,000 against £954,599,000 last year, an increase 
of £179,944,000.’Sales of both our textile and food 
divisions continued to grow in real terms in spite of 
inflation and the recession. We concentrate on quality, 
good value and good service. We have a high quality 
operation but there is no room for complacency and much 
scope for improvement. 

QUALITY We achieved our results because of our 
commitment to quality In all aspects of our business. 

For half a century our policy has been 
to improve our fabrics, design and 
make-up. During this time standards 
of living for most people have 
risen steadily despite periodic 
setbacks; higher levels of 
real income have created 
demands for better 
quality goods which 
we try to satisfy; our 
policy of upgrading 
quality applies 
equally to 

“St Michael” foods. 

with the shopping and social environment in the areas we 
serve and support the national policy to protect viable city 
centres and to rehabilitate inner urban areas. Businesses 
such as ours have some experience which could be helpful 
in dealing in a practical way with these problems and we 
are considering how best to help. We donated this year 
£638,000 to national and local charities with ihe emphasis 
on social weA-being, the arts, education and health. We 
encourage our management and staff to take part in 
communal activities since local personal involvement and 
help are important and valuable. 

Some two hundred thousand people in the U.K. are 
employed in producing and distributing “St Michael” 
goods. As 1 said, 93 per cent.of our manufactured goods 
are made in the U.K., but I regret that, in some areas, the 
British textile industry fails to encourage innovation and 
investment. We import only a small amount of finished 
goods but we and our suppliers are compelled to buy a 
substantial quantity of high quality woven fabrics from 
high wage, technically advanced producers, mainly in 
Western Europe, North America and Israel. Much of this 
could, and should, be within the capacity of British firms 
to produce; but they do not. Tiiis is a challenge lo the 

GOOD HOUSEKEEPING Twenty years ago 
Lord Marks carried out a simplification of the business 
resulting in the elimination of many wasteful or bureaucratic 
practices, which led to increased productivity' and 
individual involvement. In the intervening twenty years the 
growth of the business and government legislation has 
created the need for another “Good Housekeeping 

Whai was appropriate for the sixties and seventies will 
not do for the ] 9S0's. A team of directors and executives is 
now reviewing all our methods of operation and 
administration. It is already apparent that this review wiU 
improve on our efficiency, lead to greater job satisfaction 
and to more attention being , /] 

given to our' customers. ft j 



M & S OVERSEAS Exports of “St Michael” 
textiles and foods have grown by £12,764,000 
to £53,212,000(32 percent). They have doubled 
in two years but the rate of increase 
has now slowed down. This is partly 
due to the general recession and 
partly to unilateral action by a 
number of countries who have 
restricted or banned many 
categories of goods which we 
, export to them . We are reassessing 
our priorities with emphasis on . 
those markets which offer more 
growth and stability in the 
longer term. 

Turnover (excluding sales tax) £ million - 
Profit before tax £ million 

1254 1 \ 



sc . iv#/'/ 1 -j 






What happens to each £1 put in the till. 

Goods Salaries 
and and 
expenses welfare - 


Tax on 

Re- Dividend 

A copy of the full report can be obtained from: 

The Secretary (Room Cl 39). Marks and Spencer Ltd., 
Michael House, Baker StreeL, London W.X. 



I - 


Aour family is our business 




. NEW YORK, June 22- 

Leeds and 

stake sold 


By Our Own Correspondent 

.NEW YORK, June 22. 


’ : ESSEN,Jniie, 2sL ‘ 

em for Zenith Radio Corpora* employee. year, Zenith had a 2 per cent domestic TJJ5. ' producers nay TTTtyP JSl Xt tte RUHRGAS West Germany's the past, Ruhrgas ^ :« 

{ion, the Ldtog US. television Mr. Mark Hassenberg. an lead and the year before 3 per gain be ^opiing for relief tf sha^d biggest importer and distributor j g* 

from^foreiim* imports °of P colour C^Mys^b* RCA^M to have ^RCA’s battle with Zenith has This is becaiise^Slour’ imports ownereMps of namral gas, does tenns as those from paer apensfte. 

television sets P heinednlse the industry’s profit- been greatly helped by the fact up to the end of April were run- w ^?hout to “K . change m sources. . ; . " Xi ^ -tir^^OTre^.^Rt^gaaeaii 

SSL- 3L» u *--5 wn&si MSSfV^SIfoSS SSSJ - ZT? & P L X USd.TSbWSSi^ffi 

Supreofe ft? fpfiZp “^^”17 '«££ 2?*?“ “* JSvtttt.wft! Kfyear' *» 

'fiSS&TSKrSff LTn on oppli^Z ^ tom .g Si* year's total colour for three y«*. The iodustr, per cent stake to Leeds and ^ “*£ faers. the Netherlands tte gaTSStryWo-. the, year 

Japanese colour sets, .is most bent 00 tope at ui nem us wnu« cUia* tb*t-«on» Jioanew WO- Northrup. . . .. ,h.r A.r. tc no immernate nms. the Rneiet Union. Norway and ZOOO is- assarefl -Otwheli lime- 

tirssssifjn — «%*• -g cSzstt *“ b s£* n. assrw ™ ^ 

price war with RCA. Zenith ex- MARKET SHARE have been at an annual rate of SJw »nese™h «i HtSE??* nrder based producer of electronic and supplier of ft to Ruhrgas. of the companys 8*® it gJ£- :; i* „k 

pects some of this pressure to June 1978 July 1977 10.6m. which is L3ra more than J^S^thfSSbft nos Sibl bJdnuSfc control • systems. The though he said (here were in- gMi tint 

ease later in the vear when it % % the oeak achieved in 1973 This e7aQe u,e gu °ta unposeo oy nyurauui. w ^u k c Tyco creased chances that the German West Germany stseLt, ute..firs^, sales ^ from.. D^ v.lste;^ to 

Harts to enjoy benefits Zenith 21.15 22.0 volume has helped prevent a “£ whlch camc 1 Laboratories, which sold its 32 company would gain access to three 

expected from switching produc- rca 20j 0 20.0 totai erosion of Zenith's margins, e £![ ■ ■■ ■_._ frflni Der cen t holding in Cutler- fresh international sources as a cent, 20 per cent and Jgjhi - PM 

lion Fmm rhii-aen tn Mexico, hut R55 «.o hut the comnanv still ■■ onlv Sr, — w^tnn rnrnnration 10 result of the new relationship, respectively. ;: ... . '?■: -j ■■_ ■ OrtJus. - B3£ ; tnna- 

impact on its profitability of a CO 
price war with RCA. Zenith ex- I 

pects some of this pressure to 
ease later in the year, when it 
starts to enjoy the benefits Zenith 
expected from switching produc* rca 
lion from Chicago to Mexico, but Sears 
in the meantime it is struggling Magnavox 
with the difficulties of having Sony 
lost price leadership to RCA. ge 
T his is a result of a radical Quasar 
cost-cutting programme intro- Sylvania 
duced by RCA. which has — 
redesigned its colour television perch a 









hut the company still only m V W . 1U “‘ liVU i S'' ~'r * n Patnn Corporation 10 result of the new relanonsmp. respectively. ^ ^ ; 

managed a net profit of Slim Taiwan have risen 326.6 per cent Hammer to Eaton corpora^ However he de clined to specify . In -addition. HuErgasrhas; .a ■ frared;tiTre^eiTes and DM'66.4m 
IS Se first quarter of this ye2 10 the months of the days ago inan a^emem men interests might prove supply agreement ^g^he&wmL dlStrihutedtp^^^ com, 

Sm^^TwShlem to &'m «5 H&TySg'SiSfaSSS ft HttMe. «M »•»««« •> * *>*»« “« 

norinH InQt vpar RTA. whirh is . .• _ .1 * " . oaU that pfiTtmanv's Leeds 1 • - -""•••* ' ^ -■ *£• • > m -"j ;*_;*.' - . ■' 

Statofl loss 

lost price leadership to RCA. gE 6 -5 6.0 compared with $6m in the same korea However analysts expect control of Cutler-Hammer, it 

This is a result of a radical Quasar 53 . 5.0 period last year. RCA. which is tfaa £ yen’s’ recent strong would sell that company’s Leeds 

cost-cutting programme intro- Sylvania 33 4.0 a diversified conglomerate, does appreciation avainst the dollar and Northrup holding to Tyco.^ 

duced by RCA. which has _ not publish separate profit w ni force Japanese companies It can be assumed that Leeds 

redesigned its colour television perch as the U.S. industry’s figures for its television manu- an( j producers in- Taiwan and and Northrup, a Philadelphia 

range, eliminated some materials largest producer of colour sets, factoring subsidiary. South Korea dependent on electronics company, is not uo- 

and standardised more of its and latest figures suggest that. The surprising strength of Japanese components to raise happy with the sale, since it had 

production. Since it is already with a little help from imported consumer demand, at a time their prices significantly. an agreement with Cutler- D , nimw, uvu » n » . — ...» 

producing offshore. RCA also has brands, it may be close to doing when consumer confidence is In April, imports from Japan Hammer which gave it substan- . 'i: 1 "' -afVVp'-^ -v - . HI 11 **" 

the advantage of cheaper labour just that. said to be falling and consumer were higher than the year before tial delaying powers over any STATOIL, the Norwegian state first productron from ingrewe..(jf Kr 400in -this 

costs than Zenith, which is only According to the trade maga- debt running at record levels, for the first time since the disposal of its stock. The com- oil company, made a loss of which Statoil has ^am't^erslupfye^I^i^terii^^ ;• - 

just starting to build up its pro- zine Television Digest, RCA had raises some doubts about marketing agreement went into pany has made no secret of its NKr 112m (S203m) last year, interest By the midd^ -oF- tber^hy,^; ;L47bh-iir'1977 ' of which 

flaitolinn i •* Uf nv i A A _ rtA ...» «Un ton A oa 1 a.ii. _..l — I _ol..o.» ...til aA-oA o« 1 a. ^ UahV «VlA flltnrft rm. : — oA 1 aAA «>mn huHaatOfl tmH iGCAr h/mllMTiXV> ‘■'tills •' 'AMNUMma *J- T- ^ -- •- «_ 


' rh'-r-'Y- ' v;'-;-' niv'iiia T,vW^ fli* 

June 22.“ 

. nielli 


Mexico. Recent a 20 per cent share ot the colour whether sales volume will con- effect 


future This was less than budgeted and 2980s, however) ’tjte ' Company- g^:iJh new. loans 

c°rco profit Sales growth slowing at IBM 

SAN .ANTONIO. June 22. 


NEW YORK, June 22, 

Cutler-Hammer, wmen aiso cen t The company, wrnen came invested: some r - NKr I-Tbuv-.dfLKrTBSliniiri'baziR^antlriiortgage 
manufactures electronic control into business five years ago, is w Mch lJbn went tolbe^ti^dBff:^h3^;^udbKfc'^S7in'Jin^fii!hncIng 
s>stems. revealed late -today that stin investing heavily and does Taeld, where- the r first- puupriiifi ebistribiit^^R 1 Stato^parbfers 

A MEETING of creditors oF A SLOWDOWN in the recently the result that product sales have evident in the first quarter of 
Commonwealth Oil Refining high rate of growth of sales leaped by 56 per cent and rental this year when earnings per 

I’nmn-inv iTriRrni *r,i<t rh-ii revenues means that IBM’s quar- revenues less than 12 per cent, share rose only 5 per cent In 
*j., . 1 ter to quarter earnings com- Although rentals are reckoned an interview with the Dow Jones 

unaudited net earnings for May par j stlQs will be less “ebullient” to be more profitable to the com- news agency, Mr. Cary offered would result in recoverable 
were or 10 cents a share this year than they were in 1977. pany In the long term, surging no explanation for the antici- ^ profits of S93m. 

n f tar *• n AVtroAfrfinopir APaHit n f o*»i*c th n nnmn snv’r pKiirmon Mi* cilnc hnuo Alnorlr Hurl o m nrn nntArf onli no m eiUc rrvourtK »*r _ m aa.:«a 

after an extraordinary credit of says the company’s chairmaii Mr. sales have clearly had a more pared decline in sales growth None of the companies were 

$378,000 or 2 cents a share. May Frank Cary. immediate effect on the com- this year but he did say that he commenting on this surprise 

revenues amounted to S973m. During the last two years, IBM pany's balance sheet and helped did not expect sales revenues to development this evening. Tyco 
rom oi on wealth Oil said the customers have shown a much account for the 15 per cent fall out of the 26 per cent to 42 ha(J built up its stake in Cutler- 

fi -ures which were subject to greater inclination to purchase increase in earnings per share in per cent of, gross revenues Hammer after the latter com- 

adjustment, include about S ather - rent the com P an &f 19 H- . . . . bracket that has existed since pany had thwarted Tyco’s 

SS50.00U of amounts previously data processing equipment, with The slowdown in sales became 1968. attempt early last year to 

accrued but now added to income acquire Leeds and Northrup. 

deliveries from the Frigg Field’ ,Kr L85bn and^ttie NQrwegiair authorised^Stete. guarantees nf 
to St. Fergus represented the. -parliament hasV ''’approved- ^.la^upio RciSjn.fhr.lhis purpose. 

Rhone-Pouloic cuts loss 



PARIS, June 22.- 

<i?» « ?s£ “ 

as a result of the recent Court- __ _ n .. . 

Peak income at Beatrice Foods 

However, the figures do not A H 14. k, A WUO brokerage house, reported 

include amounts the company CHICAGO, June 22. earnings for the third quarl 

expects to recover from business AMERICA’S largest producer, the highest for any quarter in dustrial and the chemical and ^ 2 cen ^ a s f ha I5,Zf 1 
interruption insurance covering th» hUmrv nrAnnrt. .miic.oicn chnuiori To tal net of _S7.4m mcr 

However, the figures do not 
include amounts the company 

Peak income at Beatrice Foods 

OPERATING losses at- the- where new spending, as bdmg ' 
the chemical fibre subsidiary .- of] concentrated, and r'a'-’-ftilrfber: .■ 

CHICAGO, June 22. 

oSi iSumrifl from a ra SJr fire Seatrice Foods, reports net in- the company's i history. . allied products units also showed *® Ial while revenue of sector which has produced-some . 731, meanihgi.tbat-cthe Sato-fprseveuyew from inters - ; . 

and expTos on^oS ^brJSS 19 come for the first quarter ended Beahrice said that the increase excellent gains, the company said si272m “mpared with S602m, FFr 2bn in losses ov?r thr^target figure of L250 cuts:in.j ? hs natimml banks to. help- ?nance a - ’ - 
COPCO h t-t d rt Mav 31 of S62.19m or 65 cents a was _ attributable to particularly _ Sates revenues ^ moved^. ahead iSSS from New York years . this year is withiii 

May 31 of $62.19m or 65 cents a 

was attributable to particularly Sates revenues moved ahead 


SS from 31.51bn toJl.6Bb” Figures SffS. f£PL*2S5 SUVA”? 

sduminium smelter, in - 

seconit ' • The aim is to s^TfiOdM ^ 

company also petitioned the 
court for authority to accept 
$169,171 in settlement oF pro- 
pen v damage losses caused by 
the February accident. 


Woolworth hopeful for second Quart©] 

running some FFr 1548m rVt be offered new former _ AJumJ niq^ltouiQr “fc- H com— ’ 

month less than the 1977 averaged textile sites. -.•> . . j^y tor flie 'imrpose "of ^ • 

However, he held out no hope - The improvement m the com- +hp'rM»WrWrc*4**^ 

AP-DJ NEW YORK. June 22. Vilas furniture division to a 

THE MULTIPLE store trader this increase as completely satis- Meanwhile, Robert Gibbens Quebec-based group of furniture 

T* m F. W. Woolworth expects factory, noting that domestic reports from Montreal that the manufacturers, Norca Manage- 

rremier domestic earnings to show a earnings were down and that the national catalogue retailer, ment, Robert Gibbons writes 

recovery in the second quarter, improvement came from foreign Consumers Distributing Company Montreal. Vilas has three 
the chairman, Mr. Edward F. subsidiaries. plans to buy the catalogue show- Plants m Quebec and is a leading 

(JlrJuCilQ Gibbons, told the annual meet- He attributed the decline in room business of May Depart- name in colonial-style products. 

ing. reports Reuter from New domestic earnings during the ment - Store- in the U.S.- in However, the business cycle 
VANCOUVER. June 22. York. first quarter to starting up new exchange for Consumers common ha s been depressed for two years 

PREMIER CABLEV1SION said Some portion of the improve- customer credit arrangements. stock. and much of the industry is non 

the Toronto Stock Exchange meat may reflect recovery of Gross margins in the stores Consumers would issue profitable, 

incorrectly and improperly re- consumer purchases postponed have been corrected after a between 1.5m and 1.6m Treasury ^ II U J 

ported that the company was from the first quarter. In the troublesome period in the first shares to May which operates 70 we?! ahead 

Mofson disnosal 

Moison Companies, the major less imm tne tor:the'.wirpos5 {if ^ 

brewing, industrial and construe- However, he held put no hop®. .- The i m p royement in the com- the'newrsffiffelter: It*is-7^per «mt : 

tion products group, i. .Ming n, SL*3SS5J*^2S?»- STSiKI .JSrLtSS 

d fo Commission governing import* Edd^^lri'tbni-owned'byliie . 
rpup in the light of the^ renegotiation Spanish'state-holding company ' ' ■ 

/was of the Multifibre agreement.' ier orapv ^cmi (25 per ' • 

84m ’ ' In addition, European chemical cent)- and Banco- de BUBao (12 — — 

. fibre makers; had UgreM-.. & -J-. U 

ujiu niiinujjci ij i r- iiuuuaaco puoipuucM nave ucru Lum'ucu a&itri a uciwccii x.uui an u i-vm ucdbuij ^ n i j 

>rted that the company was from the first quarter. In the troublesome period in the first shares to May which operates 70 l^ara We'! atiead 

omitting a dividend payable in first quarter, Woolworth earned half of last year. catalogue stores in the U.S. at Cara Operations, the airli 

May. and also incorrectly stated 32 cents per share compared with Woolworth plans to open 13 present- These stores reported general caterer, earned 

l$18-2m) in 1977.. .fibre makers; bad agreW-.. U 

So far this year, some ^r260ni reduce capacity . by 20 per\cent = ; ^boutshalt .the^ SSOm loan ia 
of investment s has- been com- to 1981^and had fixed produ«8jon4«xpected to ije sold to banks 
mitted to nylon and polyester, quotas../... -\.- 

4 expected td i>e ■ sold to banks 
/ getttially.-/-' -:- ■' 


airline and 
med CS lm 

that the omission was due to anti- 21 cents in the 1977 first quarter, stores and 20 Woolco outlets in total sates last year of almost i n the fourth quarter ended 

in M a Lion board rulings. Mr 

Mr. Stuart H. Wallace, presi- 
dent of Premier, said: " No divi- 
dend was payable in or even f 
contemplated for May, 1978” J 

and added that Premier “has "* 

never established a semil-annual 
dividend policy.” The company 
“ could not pay a dividend in THE 



Mr. Gibbons did not regard the U.S. this year. 


Increase in Petro-Canada’s budget 


Alcan Australia Si PC 1088 

OTTAWA, June 22. 

Other changes include a reduc- Panarctic — Cominco. lnco and 

March 31 against CS 557,106 a 
year earlier, equal to 57 cents a 
share avainst 30 cents writes 

Robert Gibbons. The earnings ^ Austra!ja ^ ^ 

for the full year were C$4.8m amev 8pc is87 

or CS 2.56 a share against CS 3.1m Australia stpc 1902 

or C$1.67. excluding estra- b^bMp?^ 

ordinary items. Bwaier «pc i»k: 

Can. N. Railway Sloe 1BS6 
ni>>ri . • • .■ Credit National Slpc 1886.. 

r !V 1 L ootlinisnc D^nma rfc SIPC 1084 


Ports Autonomcs 9pc U0t 
Pro*. Quebec 9pc 1B9S .. 
Prov..SaSKacdivR:3!pc *88 

831 Reed Interaanonal 9pc 1987 

“ could not pay a dividend in THE Federal Government Other changes include a reduc- Panarctic — Cominco. lnco and 
May even if it wanted to and approved an increase in Petro- tion by CS40m to CSlOOm in the Noraoda Mines — declined to sub- .• ■ .» 

this point was expressed ** to the Canada’s 1978 capital budget to funds to be used for exploration, scribe for any units. r !VJL. OptHUlSTlC £r 5 n o rfc 1884 

Toronto Exchange. C$820m from CS307m as part of an increase in tbe contribution Industry observers said the fMC Corporation expects second |cl | j£. jaw 

He said that the earliest date the preparations for the Govern- for the polar gas pipeline con- three mining companies did not quarter and full year net income eib sjpc »»2 

ih3t Premier could declare or ment-owned oil company's sortium of C$700,000 to C$2.2m participate because of limited to be greater than a vear ago. p? 1 Wpc « 9W i«A' , "“ 

rft-n- <1 i ni/lni>i4 hh/Ia. AID n; n ; irlnnnciH foIrcAVnr nf TIncL'i/ Oil ind n eica in thn QunnruHo Aocb racirlfino f mm nonorn 1 s 1 r li.i.u * 1 — ErlCSSOD osEK? 1889 

07* RHM tor 1002 

034 Selection rrust fifoc 1080_. 
07k Skand. BnddJda 0UC.109U.. 

934 SKF 8PC 1037 

964 Sweden ^K’danit Sipc 19S7 
08k United Biscute 9pc .I98S • 

994 Volvo 8 pc. 1987 Mudi 

98* Slmser Sjpc 7081 j - • 992 • 

« : S. of. Scol Elec.. Blue' 1981 - »Si 
08k Sweden orflmn) 7»pc U82 ■ VS 
94k Swedish r sute Cb; 7tPC . *88 S3 
ask Teimex okpe 08*. 
01i Teimeco 7 iBC tBBZ Mto _ .. 912 
98 Votkswaseo -71pc .1087 ' 93* 

pay a dividend under AIB Divi- planned takeover of Husky Oil. 

the Syncrude cash resulting from general Mr . Robert K. Malott, chairman I 

dend Compliance Period rules is Most of the additional Canada investment by CS12.6m. economic problems in the mining an( j c t,j e f executive, said in Los fit. Lakes Paper 8ipc i0S4 07 

October this year. He indicated CS512.Sm will go towards to C$64.5m. industry. Angeles today, reports AP-DJ. Hamcraier 99 : 

that Premier may establish a development and most, but not Petro-Canada raised its interest Panarctic plans to use the Last year’s second quarter net jcisit^ws? 9PC ,W “ ” le 

semi-annual payment policy at all. of the funds are to be in Panarctic Oils to 48 per cent CS 12m raised from the sale of income was $38.7m, or $1-17 a ise Orawia < »Jpc liau .!”!! un* 

that lime but declined to com- arranged through additional debt from 45 per cent following 960,000 units to help finance its share. Net income for the whole Macmtuan Bioedei »pc 1092 94 * 

ment on a possible rate. financing. ■ Panarctic’s latest financing issue, exploration programme in the 0 f 1977 totalled $120.6m. or $3.60 5{SS , | 0 , «^ , m»* <pc ’** 

The last dividend was 24 cents Only C$4S4ra in new funds are Petro-Canada contributed Arctic Islands through January a share on sales of $2.29bn. The HMiand lot. Fin. 8 jpc"i 02 941 

in November. 1977. the maxi- to be raised by debt financing, for C$ 9.2m to purchase 736.432 units when another sale of units slated chairman added that FMC had a Nariona? coal Bd. 8 pc i987 03 

mum allowed by the AIB. Prior a revised total of C$5i)4m. it said, of Panarctic at a price of C$ 12.50 to raise an additional C$ 17m is record $1.6bn order backlog at Kil^EJS!!! 1 ^!!! 9 ” .’2? S{ 

98 NOTES • . . ■ 

984 Australia 72pc,19M 
961 BeU Canada" 7i pc 1987 . — 
100* Br. Ccluo&la HysL 7*pc *85 
97* Can! Pec. 8*pc 1984 — 

100J Dow Chemical 8p4 1986 ... 
93 ECS 7kpc 1981 . 


: as: Aiu«r btowoip* uupc » 

931 ; CUfcotp *lBpc 1988 r__.u- 
. : CourtaukJS SIpc I8£9 ..__w. 
ECS 9*pc 1989 LT, 

94* f EXE 9 toe — — 

.«* • HB - 

S3 Eamnce^for : tu4..^toc.tl0S7. iE93 
97* -pidUKelDr ted. lOpfrlWl.- W 
98 Ttaous 1#4^ OST -.HfaiMt-- ."tW 
03* Gesterner. .71 t»c M8K , 9* 
9*2 IMA lOpc 994 

96 Rovrtnrve /Wbc 1988 . — .* 87* 

93 8ears lDIpc 1988- — : 804 

97 • TMal Oil ,8ipc «84 — — - «0 

963 ECS. 8* PC, 1989 

ment on a possible rate. 

Tbe last dividend was 24 cents 

104 EEC 7 4 pc 10X2 ., - 

95 EEC 73PC 1984 ' ; 

99 Earn Cntzeir Sipc 1081 
301 GotavcrtelT7SPC 1982- ...„ 

9M Kodouns Spe 1083 

93: Mlcbelln 8kpc 1083 ■ 

190 Montreal Urban 8 toe 1981 
m ne» BmaseuK $dc ism ... 


New BmM_-Prow. 8toc "83 -99* 

her, 1976. 

from the Federal Government The second, third and fourth allotment if necessary, 
and C$64.5m in preferred shares, largest industry shareholders of Agencies 

against $150m a year over the N^sfe Hydra sjpc ux'Z'. 

last five. I Oslo 9 pc 109 - 

97* New Zealand 81 PC 198C 
96 Nordic lav: Bit. 72 DC - 1984 
93J Nome Hydro Tipc 1982 — -. 

95* Norway 7*pc 1983 «;• 

99* Ooiarlo -Hydro -8pc 1987 

974 OM BONDS V - . 

09* Aslan Dey. Bank ftpc-VM.. M* 

99* 8HDE - 1 . 25* 

97 . Csoitda -gpc: *8© . 98 

190 Den Notteft. UC&. 6DC .-90 .991. 

964 Dentudie Bantc 4ip? *988- 97t 

9S ' BtS atacMd — .941 . 

96* ElB 5tp<* 1000 «4 

05* EU AqtBtalne anc -1088 .^ 9». 

- Mr - - Soorcer WUftc- We*d.' Secnrtrtes London^ 

© THE TOP management of 
Oyab-Renault, the largest car 
manufacturer in Turkey, is today 
facing a characteristic dilemma 
of vehicle companies in the 
developing world. ’It wants to 
expand. The market, it believes, 
is there, and the skills to back 
up a fairly large-scale develop- 
ment are on hand. But the 
financial position of the country 
makes it difficult for Renault, 
which has -H per cent of the 
joint company, to go ahead with 
any confidence that it will be 
able to repatriate adequate divi- 
dends to France over the short 

Turkey’s balance of payments 
problems blew up in their pr^ 
sent form after the oil crisis. 
They are now so serious that 
they are threatening to bring the 
process of industrialisation, 
which depends critically on 
importing foreign technical 
skills, advice* and manufacturing 
goods, to a shuddering halt. 
Several West European exporters 
to the country have stopped 
supplying products like engines 
and tools because they cannot 
be assured of payment in hard 

So far, Oyak-Rcnault has 
avoided the worst of these diffi- 
culties. While the rival Tofas 
company, run by Fiat, has cut 
back production this year, 
Oyak's output has gone up, and 
work on expanding capacity with 
a big new paint plant is con- 
tinuing. The ability to continue 
on an even course has depended 
partly on Renault’s own financial 
strength, the Fact that it has 
made good profits out of Oyak 
in the past, and some trading 
deals by which Renault -has 
taken payment in kind. 

’’.The question now is what hap- 
pens to the plans for further 
growth — -Renault has. in fact 
already drawn up a detailed pro- 

gramme for expanding the 
present capacity of about 40,000 
of the R12 model, a j'ear to 
between 80.000 and 100.000. while 
Introducing its new car. the R18, 
at the same time. The idea is to 
present this plan formally by the 
end of this year, but in the mean- 
time, Renault is manoeuvring to 
get assurances on safeguarding 
its investment. It wants, says M. 
Maurice Fertey. the French direc- 
tor general of the company, an 
agreement on the repatriation of 
profits, the abolition of price cqo- 
trols, and concessions on royalties 
and management fees. Everyone 
at Oyak-Renault seems confident 
that these concessions will be 
forthcoming in the longer term. 

The company will, however, 
have to change its marketing 
direction significantly towards 
export sales. The Government 
has already indicated that an 
export target of about 5.000 
vehicles a year must be part of 
any development plan, on the 
grounds that the overseas earn- 
ings are needed to balance the 
import of equipment needed for 

“Our crisis is not caused by 
inflation or lack of growth, as 

Turkey’s car makers change gear 

would - be tbe .bfeginniitg of.- a ^ijung; jjTbhyl came - . back with a; 
period -of expansion encouraged- ctydj^ facility df around. $30mi. 
by strong demand. . • : v. • \ t .’j /■ » Wa : toW -Fi^that if they fef t' 

“Once you plant the automotive virus in a 
country everyone catches the fever," says 
M. Maurice Fertey. the French bead of the 
Oyak-Renault business in Turkey. His 
words could stand as a statement of the 
principle behind the increasing efforts 
which are being made by western Europe’s 
motor manufacturers to put down roots in 
tbe developing world. These are the areas 
where the $ per cent growth rates which 
swept through the European industry like a 
bush fire 20 years ago can be recaptured. 

The change of emphasis in world vehicle 
production has already, in effect, taken 
place. Since 1970, the largest percentage 
gains in world output have been made out- 
side the traditional manufacturing areas. 
The eastern bloc (114 per cent up in the 

seven years). Latin America (up 70 per 
cent) and Spain (Op 113 per cent), stand 
out as regions which have all made 
significant advances in this period. Daring 
the next 10 years, still more new territories 
will become forces to be reckoned with, as 
production is expanded in countries like 
Iran, South Korea and Turkey. And they 
will probably be followed by African 

The attraction of the developing world 
does, however, carry dangers. In Turkey, 
for example, motor m an □ facto ring in the 
past few months has been undermined by 
the foreign exchange crisis. This has meant 
that European partners have no assurance 
of being able to repatriate payments for 
supplies and services. Manufacturers also 

Last year, however, .they- were- us -out in. . tire cpld to our most 
obliged to lay off fiOO'woricj^ difficnlt^ ' time. !we: -would. do the 

have to face hieher costs, oolltical un- aad CQt down proddctioa; by a ;saine to them, when better day* 

ducers have to bay virtually everything Wh&t cam enclose t<* crippling ^5 a ^r, ,vLo ^ thttesSftae' 

locally, whatever the price; and in Eastern the Bursa, factory was the foreign 

Europe, governments often insist on buy- currency .-famine which . iiurt 

back clauses which mean that the western almost way ;oftep- Miatiy ' ‘‘fr - 

partner has to promise a certain market. 1977. toe worse ' economic year . , Tofas executives are^aow con- 

NevertheJess, the western Europeans ** 

stil i dri vtogSiead towards STSrtoi of foreign'cffrteW-ii Fefam part 
past few days, for example, Citroen has but import .transfers. 

pas* tew nays, tor example, nm, eraerEenc ; goods Slrnfe Wr For theTutare, Tofa^may face, 

announced a deal to set up a new transaxle the 

Xt In ReSSn; :spare-.paSS- AntftttFdB 

5n«M^ i 1t« I ^?fnSt^n^3tomanIa.' Flat and come uhder this category, Tofas. ; oniyrmput; iB which- Turkey . bas 

ReM^tSeS^tiS^a J5?p£Sj could limp along omy’jtflto Enropf 

fn SairfV negotiating for a new plant pam supplied wl ciedJti.. .•T'‘Xv>'7.- : .S£ati$ti<^.'^ow 

Automobile TSttftttrt' which.:^ la At^TofaB toe- a^eragg per hou^v • 
capitalised at around $lShx. owes 

with the EEC has expanded many in France. More of the U.S. (a deal with American Tofas factory under the hot sun. 
considerably in the iast few product is made outside tbe plant Motors to assemble and distri- From tbe dust and mud which * of , to TLS2 (two abiSato) 

years i. the company believes than in European works, but bute cars locally). These are all covered most of them it was 18 tP-peeg ot juam^ worm^or nr > vho. 

years i. the company believes than in European works, but bute cars locally). These are all covered most 
that there is plenty of scope in there is still great scope in investments which challenge the apparent thal 
the vehicle industry for develop- increasing productivity by American approach ‘ of total sitting there 1 
ing trading relations within the improving mechanisation, even ownership and control of over- “Th e7 are 

silly). These are an covered most or mem H was ^ further tocreasea Bre on the way-V 

which challenge the apparent that they had been ‘ But on S^pS^ front which^V;. 

approach of total sitting there for severer days, to function .-Bt.full capamty ^ 

those io Italy or the UK,” says 
one of Oyak's senior Turkish 

immediate geographical sur- if working hours ate brought seas subsidiaries. If the con- finish" exp iained a factory how?e« of JtSJ Govenwwot : eoiitroJi, the eid 

roundings. down from thpir nrpeont 4S rent works out thev Will Set np— . v... QOlaera IS xiat.Qr 1121/ wmeu -mo Nnl nM vitN Hiw - • TWNxar 

«. * Vauw •’ l . . • - r • ’ ” ; ' ; • v 0*51 wm'.mvw u* 

“They, are not completely The bmcestof Tofas’x share- ^ re^tye^-herease^^ 
iahM* M 9 Fn etnrv . .. ae o^gesi ur ioia^y snwBr fi n vpmm«rrr controls the 

has cadBea'^deal of trouble. . 

(n- reAarit'- vmk - hM'DnQP ofii. ***"< 

one of Oyak's senior Turkish 
executives. “It is simply that 
all of our manufacturing effort 
in the last seven years has gone 
into import substitution in 
Turkey, rather than exports. We 
now need to earn more overseas 
to pay for what we are buying.” 

With most of the rest of the 
world’s motor industry preach- 
ing a similar export message, the 
idea will obviously not be easy 
to follow through. But Ovak is 
hoping that it will be able to 
find markets in North Africa 
the Sudan and the Middle East. 
Despite the tentative moves 
Turkey has made towards union 
with the Common Market (trade 

On the cost and labour side, at h0 H** ?. 

J— »«* U»ft present 4S cent works out they w«. set “, C uU,e. -Some a M't have w» 

hours a week. Renault clearly on the path to “Olds per.wu.ot.equuy- A rinriM-a iwW 

least, Oyak-Renault seems reason- For th * ,7 k^ 5, .^ ese ,’ mp _ ro .Xf’ becoraing a Diulttoational. and some dashboards. We are 

«« Kth te R ry dodsworth , me, 

• CARS ARE in great demand *£at 

SS^Kirikish 3 h r "^P^SSS Pushed ahead in the past fei to Turkey. To boy a Fiat from Per cent. local^ made, with the 
fnr that! fhi nm-nnili .!S5 >eare. the Tofas factory in Bursa, the remainder of the more compU- 

tofee sdeS 8 ffTrLiS: The French company, now the former Ottoman capital 100 miles “ l f d components coming from 
contracts? a^d labou? costs ^ ^are ^ ? uro ? e futh of Istanbul, Ode has to wait ^ ‘ • - 

Renault cleariy on toe path to rear -vi e w' mirrors, some flashers SatSjtrorf-' %SSfaY^ Uader a n^f 
becoming a multinational. __j cn _ a ri«hftnuniE am "«te-ownea- jinOTtury , -.nut hS 

the Tofas factory in Bursa. 

7.T- . . j BU meutu twuere. lovesutieni is oi output at tne current proaue- me executives were noping .tnat ; its preStcteirBr ■ *' ■ 

some UK plants and as good as aiso being increased) and the lion rate, sitting ‘ around the the switch to a phishier model went toltalj^fot SOmeHoUgh bar^;”““r v ' • 

j v, . - .yJPfMWWM' 


Financial Times Friday June 23 1978 


Ttntfrmatiovat FTXAivri ai and COMPANY NEWS 

Merger proposed by two 
major Dutch contractors 


TWO 'DUTCH construction com- l 
parties, Stevin Group and Royal c 
.Adii&'an Volker, ^are considering £ 
a" merger which -would- result in s 
me (third . largest construction ] 
company in Europe. \ 

•Thfi ■-COTupanles, which in the ’ 
yms.t have been involved in many ’ 
joint ventures all over the > 
world, had a combined net in- 1 
^ome- laSt' year of some $32m. 1 
Tbeir combined sales in 1977 : 
were .51-6bn, while year-end ] 
order books totalled $l-67bn. 

' 'The: -first . round -of talks has ' 
■been completed. The two com- 
pajues’ - combined workforce is 
22,000. 'Initial talks have been. ' 
held with the unions and the ; 
-works- councils. In accordance : 
with' this Dutch merger code, the , 
Social .Economic Council and 
the Economics Ministry have 
been informed. 

Stevin -expects turnover to be 

Earnings fall 
at Michelin 

By .pur. Financial Staff 

I<JET PROFITS a tenth lower on a 
rise of almost an eighth in sales 
axe announced by Michcliu. 
Groiip earnings have dipped to! 
FFr 875m tS148m) for 1977 from 
FFr 754m with the company’s 
- tyre'ahd rubber interests turning 
. in net profits sharply lower at 
ppr 3S.4m against FFr 115.4m. 
Group turnover last year was 
' FFr lS.lbn compared with 
FFr.iMbn with cash flow emerg- 
• in» ; at FFr ' 2.37bn against 

little changed this year. The 
company took on . its present 
form through the merger of 
several building groups in 1971- 
1973. Stevin’s largest share- 
holder, the Dutch businessman 
Mr. Pieter Heerema, was 
informed yesterday of the 
merger plan and the company 
has -the impression his reaction 
was positive, a Stevin official 
said. Mr. Heerema, who sur- 
prised the company in February 
with the disclosure of a 43 per 
cent shareholding, has not been 
involved in the discussions. 

Volker. which only came to the 
Amsterdam stock- market in 
April- is the smallest but 
perhaps most profitable of the 
major Dutch contractors. It 
expects to at least maintain 
profits in the current year. The 
company been - particularly 

active in seeking new, partners 
and is currently holding, talks 

AMSTERDAM. June 23. 

with HVA, a group with interests 
in consultancy and agro- 
industrial projects. These talks, 
aimed at a possible Integration 
of some activities, are unaffected 
by today’s announcement, Volker 

HVA is still adjusting to Uie 
nationalisation of its extensive 
operations in Ethiopia three 
years ago. 

The form of the merger 
between Stevin and Volker has 
not yet been decided, but the 
intention is to leave both com- 
panies with an equal status. 
While Volker’s talks with HVA 
are formally aimed at “ the inte- 
gration of parts " of their opera- 
tions a complete merger is not 
excluded. .. 

The shares of both Volker and 
Stevin. suspended on tbe 
Amsterdam Stock Exchange 
today, are expected to be 
requoted tomorrow. 

Cardo beats forecast 


CARDO the investment company The result Is higher than the 
which owns the Swedish sugar SKr 181m forecast at the eight- 
company, increased its earnings month stage. The improvement 
by 44 per cent during the finau- over 1976 derives from the su„ar 
cfal year ending April 30. The company, which benefited from a 
preliminary figures show a pre- larger sugar beet harvest a 
tax profit of SKr lS7m fS40.<m) higher sugar content, increased 
on a turnover of SKr 1.2bn output and larger exports. 
(5280ml. up by 14 per cent. Earnings of the Hilleshoeg 
The Board proposes to pay a ,. eed compan y, which has been a 

dividend of SKr 5.75 a share on profits earner for the 

the increased share capital. stead y P™* 1 ! , 0 

making a total .payment of group *PPed shRMly dae t 

making a total payment of group, tuppea wkuu; ‘I 

SKr 27.9m against SKr 24.3m the higher sped costs continuing 
previous year. The corresponding investment in research ana 
dividend in 1976-77 was SKr 5. development, 

Small rise 
in profit 
at Shell 

By lames Forth 

SYDNEY. June 22. 
owned and the largest producer 
and distributor of petroleum 
products in the country, lifted 
earnings only 3 per ce *J*> 
AS52.5m to Ab*4.1m 
(UJ5.S61.9ni) in 1977. The 
profit improvement lagged 
behind sales, which rose 1«.B 
per cent from A5813m to 
AS956m (U-S.Sl.Q91m). , 

The return on shareholders 
funds fell slightly, from 10.9 | 
to 10.7 per cent, reflecting the 
higher capital Investment made 
during the period, a large pro- 
portion of which did not 
generate in come in 197 «. 

In the previous year earn- 
ings rose AS15m. However. Ike 
chairman, Mr. L. T. Froggatt 
warned in July last year that 
industrial disputes and plant 
breakdowns in the last quarter 
of 1976 had led to shortfalls in 
production. These had had to 
be met by high costs imports, 
and would affect the results in 
the first quarter of 1977. 

The results of the main 
„ operating company, which 
B supplies and markets Shell 
; petroleum products, fell from 

1 AS44.1Q1 to AS42m. But tbe 
r directors considered that this 
a sector of the group’s business 

2 bad enjoyed a successful year 
given the flatness of tbe 
economy and Government con- 

* trol on prices. 

a The directors pointed out 
e that if current cost accounting 
o had been adopted the group 
«, profit would show a nse of 46 
d per cent from A$2*..«lm to 


Caution after a half-year surge 

- TOKY( 


THE LATEST half-year results 
from Isuzu Motors, one of 
Ja can’s smaller truck and pas- 
senger car manufacturers and a 
34 ■* ner cent-owned associate of 
General Motors of the U.S.. are 
a coad deal better than Forecast, 
rurrent profits arc Y3bn ahead 
of target and the net level YMbn 
over for the business term ended 
last April. Oo the strength of 
srifik exports of small sized 

Sucks w GM and a sales 

recovery of large-sized trucks 
with high added value as a result 
of tbe active expansion of public 
works since the end of last year, 
Isuzu Motors’ current profits 

shot up by S6.7 per cent to 
Yl2.66bn. Net profits ended lto 
per cent higher at Y7.392bn, on 
sales of Y27S.7bn, up 22-4 per 
cent over the same period in the 
previous fiscal year. 

Isuzu is a recovery situation. 
In October 1977. the company 
resumed dividends for the first 
time in seven years. 

The number of vehicles sold in 
the half-year under review rose 
bv 13 per cent to 22,600 of 
which exports accounted for 56 
per cent in unit terms. 

According to the company, the 
improvement in operating ratios 

offset an increase in fixed costs; 
management also achieved a 
Y2.5bn reduction by streamlining 
production lines. 

Isuzu’s exports in value 
accounted for 36 per cent of total 

In terms of value, Isuzu s ex- 
ports accounted for 36 per cent 
of the sales total. Since most ot 
Isuzu’s exports were invoiced in 
ven. direct exchange losses on 
its exports were marginal. How- 
ever the company’s overseas dis- 
tributors requested reductions 
on transfer prices to compensate 
for yen revaluation which cost it 

Asahi Insurance reconstruction 


Sharp falls in Eurodollar bond markets 

THE FIRST radical management sj 
reconstruction of a Japanese in- F 
surance company since the war r 
is to be undertaken by Asahi Fire o 
and Marine Insurance. Steps to a 
he taken include replacement of 
its top management team. Merger j 
with a larger insurance company c 
is also possible. i 

The company has run into < 
problems following the sharp ; 
reversal, two years ago, of the « 
Japanese Government’s tradi- 
tional policy of protecting small , 
insurance companies. Analysts 
said reconstruction moves were 
possible at Japan’s six smallest 
non-life insurance companies 
dealing with the public. The six 
have annual premium incomes 
ranging from Y6bn to Y37bn 
(around S30mj — or about a 
sixtieth of that of the industry 
leader, Tokyo Fire and Marine. 

Asahi suffered an underlying 
loss oF Yl.Tbn <S8m> last year, 
about three times its officially 
stated ' stockholders' equity, 
according to the Nihon Keizai 
Shimbun newspaper. The com- 
pany is expected to receive 

special permission from the a 
Finance Ministry to include e 
realised capital gains in its o 
operating earnings this year and 11 
avoid reporting a loss. h 

Analysts said that the com- c 
panv almost certainly has sum- F 
cient unrealised capital gams in c 
its Y12bn secuirties portfolio to t 
cover the current losses and any c 
additional losses during recon- « 
struction. 1 

Asahi’s operating expenses are i 
45 per cent of its premium 
income, the highest proportion of 
all Japan’s 20 non-life insurance, 
companies. Premium income 
was Y22.6bn in 1976. Japans 
smaller insurance companies 
have traditionally performed 
i essentiallv the same functions 
i as the large insurance companies. 
t and have suffered from a much 
higher ratio of operaUng 
o expenses to income. Operating 
f expenses are 28 per cent of 
j. premium income at Tokto Marine 
■ and Fire. 

The Finance Ministry pro- 
,. tected small insurance com- 
e panies until two years ago by 

TOKYO, June -2. 

allowing them to introduce new 
types of insurance ahead of 
other insurers, and to keep 
insurance premiums relatively 
high. But under pressure from 
consumer groups for lower 
premiums and from Foreign 
companies for liberalisation or 
the market, the Government has 
changed its policy. Officials now 
say that small companies which 
cannot keep up with the indus- 
try should merge with others 
which can. 

Asahi's three largest share- 
holders are Nomura Securities, 
the Japan National Railways, 
and the Daiwa Bank. The presi- 
dents of the three have endorsed 
reconstruction moves. Including 
reorganisation of the company s 
branches, reduction of other ex- 
penses, and channelling of insur- 
ance business to tbe company 
by the three shareholders, foe 
company handies much of the 
national railroad's business 
already, but its problems are not 
reported to be linked to those 
of the railroad. 

TOKYO. June 22. 

For the current six month 
period the company expects to 
suffer an additional cost burden 
of Y3bn for the same reason. As a 
result, current earnings are 
likely to show a fail during the 
second half of the business year. 
Profits for the year as a whole, 
however, should still show a rise 
of 40 per cent over 1976-77. 

Despite the improvement Isuzu 
Is cautious, citing uncertain 
future business prospects and in- 
sufficient international reserves. 

It plans to declare an unchanged 
dividend of Y4 per share of Y50 
par value this year, including an 
interim dividend of Y2. 

Agreement on 
Sasebo HI 

TOKYO. June 22. 

r A SYNDICATE of IS Japanese 
F banks and major shareholders in 
> Sasebo Heavy Industries Com- 
t pany have agreed on full co- 
a operative efforts to salvage the. 

r shipyard from financial diiri- 

n culties. , - „ 

if Tbe agreement emerged from 

c si meeting of banks and snare - 
IS holders to bring to a conclusion 
h three-month-old negotiations, in 
° which the Government has 
rc intervened. 

rS Following the agreement 
Sasebo appears well placed to 
e- obtain YS.3bn for severance pay 
■s, to 1 600 of its 6.600-strong work- 
's, force The workers are being laid 
si- off under a three-year Teconstnic- 
ed tion programme proposed by tne 
an Transport Ministry. 

The Japanese Finance Ministry 
is considering applications from 
Bank Eumiputra Malaysia. 
Amsterdam-Rotterdam Bank and 
Societe General de Banque 
(Brussels) to open branch offices 
in Tokyo, 


n i — J. *i. 



THE . Eurodollar bond market 
feJl very sharply yesterday while 
other sectors, although Less badly 
hit were also weak. . The D-mark 
sector fell slightly under the 
impact of a second consecutive 
very weak day on the German 
domestic bond market. Sterling 
denominated Eurobonds were 
about ii points down. 

Two new dollar issues were 
offered yesterday however, a 
S20m placement for the Danish 
Cement company F- L- Smidth 
and a S25m floating rate note for 
Arab. International Bank. 

•Tfe F. L. Smidth placement 
offers 91 per cent for ten years 
(aVerage life .6.53). The coupon 
is payable semi-annually, appar- 
ently -because that suits i the 
borrower's cash flow. Chase 
IfiW&ttaxt is . lead manager. 

;The^S25m offering for Arab 
International Bank is for five 
years. The interest rate wilt be 
S per cent above LIBOR or 6 j per 
cent whichever is the higher. 

Managers are UBAF and Libyan ' 
Arab Foreign Bank. The latter 
owns a substantial minority of 
the Arab International Bank, 
with the rest being owned by- 
Egyptian investors. There is a 
management group of some 15 

The Deutsche Mark domestic 
market was weak for the second 
day running as the Federal 
Government tried to sell schultl- 
scheine at rates somewhat above 
the market generally. This was 
interpreted to indicate that it is 
well below target on financing 

its deficit. Yesterday the Bundes- 
bank bought some DM 200m of 
Federal government bonds fol- 
lowing PM 160m of purchases on 
Wednesday to help . support 
prices in the domestic market. 

Tbe Deutsche- Mark foreign 
bond market was weak in' these 
circumstances though by no 
means as weak as the domestic 
market. / 

Terms .'for lto - \ okado s. 

two - trance issue on the 
New York bond market have 
now been fixed. The coupon 
on the S20m five-year notes has 
been set at 91 per cent and the 
issue price at 991 to yield 9.47 per 
cent by 1ABD standards. 

The S50m of 15-ycar con- 
vertibles will carry a coupon ot 
52 per cent. The conversion 
price has been set at YI4.73. a 
premium of 9.1 per cent over yes- 
terdav’s closing price for the 
stock of Y13.50. For the Durposes 
of the issue the exchange rate 
has been set at Y213.5 per U.S. 

In the yen market, the Indus- 
trialisation Fund of Finland has 
launched a Y5bn 12 year issue 
(average life S.06 ™ 

Daiwa Securities. Coupon is 6A 
per cent- and issue pnee 99.55. 
Further details of the calender 
of future issues are now avail- 
able. Next month s Issues will 
be augmented by a 1- year 
placement of YlObn for 

Indonesia. In ad fl i,i °5nK« SS 
previously reported Y30bn for 
Electricite de France, there will 
be a Y30bn issue for Spain ana 
a Y20bn issue for Pern ex In 

^ReuTer^ reports from Tokyo 
that these bring the total vahm 
of issues in the first half of the 
iininpsc fiscal year (Apni- 
September) to Y582bn (S2.7bn» 
up from Y12bn in the same 19i « 

P0 A°new floating rate certificate 
of deposit (FRCD) issue was 
launched ydsterday in the Asian | 
dollar market while the Indus- 
trial Bank of Japan has more 
than doubled the size of the 
issue it launched a week ago in 

The new issue in Singapore is 
S15m for Overseas Union Bank. 
The three year issue will pay 
interest at a quarter of a point 
above Singapore inter-bank 
offered rate via Singapore 
Nomura Merchant Banking and 
Asian American Merchant Bank, 

- - - — 

New Cho Jock Kim bid for FEDH minority 

SINGAPORE, June 22. 


THE SINGAPORE hotelier and 
publisher. Mr. Cho Jock Kim, is 
making a fresh attempt to buy 
out minority shareholders or tar 
Eastern Hotels Development 
(FEDH)— the owner of the 
Singapore Hilton. 

FEDH said today that it has 
received a formal notice of a 
takeover offer from FEP Invest- 
ments Private Limited (Fepillto 
acquire 18.S2m shares of FEDH 
—the shares not held by Fepil. 
International Holdings Private 
Limited (IHLi and Mr. Cho Jock 
Kim— at SS 1.1S a share m cash. 

Mr^Cbo — who is also chair- 
man of FEDH— and bis associates 
control IHL and Fepil, and 
collectively own 21.18m FEDH 
I shares or 52.9 per cent of the 

company's issued capital. In an 
earlier attempt, in October last 
year. Mr. Cho through another 
of his companies. Fep Inter- 
national Pte. (Fep). offered to 
acquire 16.32m shares held by 
minority shareholders, also at 
the price of SS 1.18 per share m 

Fep International which is a 
subsidy of IHL. however, failed 
to proceed with the offer within 
the statutory time limit as it was 
unable to complete financial 
arrangements with its bankers 
in time. 

Mr- Cho then withdrew the 
offer and substituted it with 
another for the same shares, at 
the same price, but through the 
parent company. IHL. to facili- 

tate financial arrangements 
between the IHL group of com- 
panies and their bankers. 

The SIC in December repri- 
manded Fep International for 
breaching the code on takeovers 
and mergers. It then ordered 
Fep International to take au 
possible steps to proceed with 
the original offer. 

In hi« latest attempt Mr. Cho 
has secured the agreement of the 
SIC to the withdrawal of the 
original offer by Fep Inter- 
national and substitute it with 
the offer by Fepil. 

Fepil. which was formed tor 
the purpose of making this take- 
over offer, appears to have 
secured financing for the bid 
, from Singapore International 
Merchant Bankers (STM8L). The 

offer is not conditional upon 
acceptances being received in 
respect of a minimum number 
of shares. Chartered Merchant 
Bankers is acting for Mr. Cho. 
while FEDH has appointed 
Morgan Grenfell Asia to advise 
minority shareholders. 

FEDH. which was put into 
receivership one-and-a-half years 
ago bv the Overseas Chinese 
Banking Corporation over deben- 
tures worth some SSI2m, is still 
in the hands of the receivers. 

The company was also involved 
in a protracted dispute with the 
Stock Exchange of Singapore 
over its accounts and a number 
of questionable transactions by 
the company. Trading in its 
shares has been suspended since 
1 January, 1976. 



os 1 '-?? 


MEDIUM term loan 

US $70,000,000 






trade development bank 





AND provided by 
























APRIL 21, 

MAY 19, 1978 


As New Yirk’s oldest bank, 
we financed the trade 
of our young nation. 

Now; almost 200 years later, 
we are financiers to 
the wide world. 

Our international involvement began early. 
Soon after our nation's indepcn- $ 
dcnce. The Bank of New York was 
Founded to encourage the growth of 
America's fledgling commodities trade. 

That was only 
the beginning. 

Through the ensuing years, we 
have grown from strength to 
strength. Today, we have an im- 
portant global reputation for 
both the quality and scope of our 
services to our corporate 

We can boast a uniquely com- 
patible relationship with scores of 
correspondent banks, bo tit at 
home and overseas. 

And we serve the diverse 
financial needs of American 
corporate clients and their over- 
seas subsidiaries, as well as local 
businesses all over the world. 

London Pride. 

Our I^ondon Branch at 

147 Leaden hall Street provides the full range of com- 
| mercial banking services. 

It is actively involved in corpo- 
rate lending, export-import ". 
financing. Euro-currency parti- 
cipations. leasing, cash man- 
agement, corjjorate trust and 
investment management 

London is complemented 
bv the international Divi- 
sion in New York, the Bank’s 
149 branch offices throughout 
the entire State of New York 
and a complete branch in 

/v. j 

Merely the Very Best. 

The Bank of New York has 
never sought to become the Very 
Biggest. Our aim is merely to 
be the Very Best. 

In fact, we take pride in our 
rank as America’s twentieth larg- 
est bank. Not its Mass Money 
Mover. But its Finest Financier. 

There is only one bank this dd. And this new 


Member FDIC 


London Office: 147 Leadenhall Street, London EC3V 4PN 
Main Office: 48 Wall Street. New York. N. Y. 10015 
Incorporated with limited liability in the Stale of New York, U.S.A. 


ABSUST 31 1978 

The Financial Times proposes to publish a major Survey on Aerospace on Thursday 
August 31 1978. The publication date of the Survey is just prior to the Air Show at Farn- 
borough and will therefore provide useful information to both exhibitors and visitors. 
The Financial Times is also sponsoring the World; Aerospace Conference at the Royal 
Lancaster Hotel, London, on August 30 and 31 1978. 

The editorial synopsis is set out below. 
INTRODUCTION The world’s aerospace and 
airline industries are now moving through a 
critical phase, with some major decisions on 
new civil jet airliners likely to be taken in both 
Western Europe and the U.S. this year, that will 
determine what airlines buy and fly for the rest 
of this century. At the same time, spending on 
military aircraft and guided weapons continues 
to increase. Overall, the outlook for the world’s 
aerospace industries is bright, although com- 
petition will continue to be fierce. 

BRITISH AEROSPACE A year after nationalisa- 
tion. How has the British Aerospace Group 
performed in its first year or so of State control? 
What are the problems facing it in its second 

frames emerge from the project offices, so must 
the aero-engine manufacturers move to meet 
the changing patterns of demand. 

winged aircraft are increasingly in demand for 
an ever-widening spectrum of tjasks arid the 
demand for civil types is expanding rapidly. 

AIRLINERS As the world’s aerospace indus- 
tries converge upon Farnborough, one of the 
major discussion topics is likely to be the 
progress made in settling the new generations 
of civil aircraft. What are the protects on offer 
and what is the current market situation? 

spending on armaments continuing to rise, 
there is a demand for new types of military 
aircraft, even while existing types continue in 
quantity production. What is the current state 
of the military aircraft market world-wide? 

After more than 20 years of active development, 

space research has come of age and is now 
being ^regarded more as a tool for the use of 
mankind than as a glamorous new frontier of 
adventure. In particular satellites are being 
used increasingly in an ever-widening variety 
of role. 

world's airlines have had a difficult time in 
recent years, with rising fuel and other costs 
eroding* their profitability. They have also been 
facing the growth of consumerist pressures 
which have forced down fares levels on some 
major routes and which promise further to 
upset their balance sheets. 

area of civil aviation that has been crowing 
ranidlv is the use of aircraft for private business 
executive transport either on a direct ownership 
or charter basis. 

heart of any aircraft, civil or military, is the 
equipment that goes into it, representing at 
least a third of its value. A big industry has 
evolved, serving the manifold requirements of 
the a irframe and engine manufacturers. 

TOE RAF With increasing pressures on the 
defence budget the RAF has been obliged to 
cut its spending on new aircraft, but it remains 
a vigorous force. 

LEISURE FLYING Flying as a pastime has 
been increasing in recent years in all areas — 
gliding, hang-vliding, power-flying and even 
ballooning. What does it cost to participate in 
these various leisure aspects of aviation, where 
does the would-be participant go and what are 
the prospects for further expansion? 
on land and environmental difficulties, there 
will be few. if any. new airports in future and 
all the expansion will be within the areas of 
existing airports, posing problems for planners, 
airlines and Government bodies. 

For further information on advertising in this 
Survey please contact: 

Neil Ryder 

Financial Times, Bracken House 
10 Camion Street. London EC4P 4BY 
Tel: 01-248 8000 Ext. 520. 

For further details of the World Aerospace 
Conference please contact: 

Diana Whittington 

Financial Times Conference Organisation 
Bracken House, 10. Cannon Street 
London EC4P 4BY 

Tel: 01-236 4382 Telex: 27347 FTCONFG 



Hie conient and publication dates of Surveys in Ow Financial Times arc subject to chance at the discretion of the Editor. 

Currency, Money and 

Dollar improves 
on oil news 

The U.S. dollar rose quite 
sharply in late trading in the 
foreign exchange market yester- 
day, following reports that Presi- 
dent Carter is prepared to raise 
oil prices ' in mid-July through 
increased import fees if Congress 
is unwilling to act on domestic 
on taxes. 

Market sources suggested that 
this may be an over-reaction how- 
ever. since at the time European 

centres dosed there was no indi- 
cation of how any new measures 
would be introduced. 

The dollar improved against the 
Japanese yen to Y211.0Q from 
Y210.65 previously,, and also 
gained ground against the German 

D-mark to DM . 2.0885 from 

DM 2.0745. The Swiss franc 
finished at SwFr 1.8800 in terms 
of the dollar, compared with 
SwFr 1.8640 on Wednesday. 

The dollar's trade-weighted 
depreciation since the Washington 
Currency Agreement of December 
1971, as calculated by Morgan 
Guaranty of New York, narrowed 
to 6.3 per cent from 6.5 per cent. 

Sterling declined - with- most 
other currencies against the U.S. 
unit in late trading, tt opened at 
S1.S475-1.8435 and touebed a high 
point of ffI.8KO-I.8510. In the 
afternoon the pound fell to 
S1.S375-1.8385, and closed at that 
level, a fall of L15 cents on the 
day. Sterlings trade-weighted 
index, on Bank of England figures, 
fell to 61.4 from BL5, after stand- 
ing at 61.5 at noon and in early 

Forward sterling was firmer, 
with the three-month discount 
against the dollar narrowing to 
1.35 cents from 1.53 cents on 

TOKYO: The dollar closed slightly 
firmer on the day against the yen, 
at Y209.S5 compared with Y209.55 

on Wednesday. The U.S. currency 
opened at Y210.50. and rose as 
high as Y210B0, before further 
selling pressure, led by exporters, 
pushed the dollar to a low point 
of Y209.70 in the afternoon. 

The Bank of Japan intervened 
in a email way once more, 
estimated at $20m to 
bought at the Y21Q.00 and Y209.80 
levels. Market volume remained 
fairly heavy at 3519m in spot 
trading and $605m in combined 
forward and swap business. It 
was suggested that there is little 
the authorities can do to stop the 
appreciation of the yen, although 
heavier Intervention is expected 
if the dollar approaches Y200. 
FRANKFURT: The dollar 

improved to DM 2.0888- in ' late 
trading, following news that 
President Carter may announce 
higher Import fees to reduce oil 
imports. Trading was quiet before 
lunch, but was described as some- 
what hectic In the afternoon. The 
U.S. currency was fixed at 
DM 2.0808, compared with 
DM 2.0778 previously, and the 
Bundesbank did not intervene. 
The dollar’s rise from an opening 
level of DM 2.0795 was also partly 
the result of expectations of an 
increase in U.S. prime rates - to 
9 per cent from Sf per cent The 
Bundesbank’s trade - weighted 
revaluation index of the D-mark 
against 22 currencies was 145.7 
(145.8), up 0.9 per cent -from the 
end of 1977!. 

The yen touched its highest 
level this year against the German 
currency, but the Swiss franc 
declined to DM 1.1097 from 
DM 1.1128 previously. 

PARIS: The expectation of - a 
move by the U.S. President to 
reduce oil Imports pushed the 
dollar to its highest level of the 
day in late trading. The U&; 
currency rose to FFr 45812} in 
terms of the French franc, coni-' 
pared with FFr 45700 early in. 
the day, and FFr 4J5770 at the 
previous dose. The D-mark fell 
to FFr 2.1955, from DM22065 on. 
Wednesday, while the Swiss franc 
declined to FFr 2.4385 from 
FFr 2.4465. 

AMSTERDAM: At the fixing the 
dollar rose to 17 22345 from 
F] 22300 on Wednesday. 

MILAN: The dollar and Japanese 
yen -were both firmer against the 
Italian lira at yesterday’s fixing. 
The U.S. currency improved . to 
L856.80, from Wednesday’s firing 
level of L85&20, and from an 
early morning level of. L85S201 
The yen rose to L4.072 from 
L4.045. regaining the ground lost 
on the previous day, while other: 
major European currencies held: 

Day’s \ 

June 22 "• 



5 firm against the lira. 

the pound SPOT 

June 22 




L’aiwiian. gj 



Belgian Fr.j 
Banish Kr, 
D-Mark . 
Port. Ban. 
Span. Pol 

NTwgn. Kr. 
Pieuoh Ft.- 

ri mytwhff r. 

Yen- . 
A nutria Sriil 


7 jl.W7B-t.8610 
8l z .l2iS40-2.0BSfr l 
4 i 4-101+14.. 

86.7M47S' . 

8.41-8.484 . 
27.43* Z? -80 








81 8 







, 60,22-80.52. 


, w-imu : 
3.-32** -351 


5K*5ffir. ■ 



Rryiitn rate is far .canvmUKe francs J - SfcHnoiitti-fittmihf djatar-2. 
Financial fnnes HMMMB.: . * tfmoatb&M-fcfiOc pm. tl 


9.473- fiAapml 


37-27 t-i pfo . - 














: WDwdft 
14-34 ore 3Ji 
rj5-7JB ypjnj, 
SB-35 gtogax 






— HJM : 
-176 ■ 

trUr- ; 









Belgian Ft. 
Danish Kr 
Ptm. Es . 
lira ' ' - 
Preach Fr 
Sir-dish Kr 
Yen • 
Austria Sch 
Swiss Ft 

1 DJS. 

2L2Z9S-2JSS5 ■ gXW£tZ3SS 
3ZM-32.72 - --32.H32.72'' ' 
S-6Z7S*A36®V, SM&5MX 


— - B554U5: • 

B5.3MBt.9S- -'156.15-856.95 .’ 
5J83M3999-.- SMKlSJUf' 
45B&4S770':- *SOWm^ 
.Ji 004501 r 
2UJ&21U» 210482055' 

1J665-1 30^ i . 

cents per.Cani^ait’V 


• - 5T 

vm'mapaf- _ 

MOMMScpm ■ ^SOZ ARUMc*? 7 im 

8.7S4U8C pm: j; :%90>*J2823LC 0Ot ■ Jl» 

-3J7 : ^Ucj£ ; . Sf 

a jg ojhf faL^'. ca -/zaijLTipf pa-; ' sjff . 

■ -im ■ ' 
lisasOram .479 ' 

.JOraZc pm.- ; CH 


June 22. 

-■ -gpoaidi tcwoptwg.- 
t JJrMfPS UnSvfY. 

. .. HJahts'-; Acchaot . 

Hi dollar 

Canadian dollar .... 
Austrian scMUinsr. : 
Bdsiao franc- — . 

Danish • krone 

Deutsche Mark — 

Guilder ... 1 

Flfearii franc 


Vea ... 

Norwegian krone . 


Swedish krona 
Swlss iranc .... — «. 



Mtm - 

'Z5BM - . X5736D 
2.7548J- -2.76288; r 
5^042 .-..S4m«r~ 
2S5&2SL z OasaMZ' 

■ 97,4268 ■ r— VT-6875.., 

-2J07S9 ^.ZSJCm 



Watfri* Maman- 
fewtawt Guaranty 

i -’Ma : 


CaaidffiXttoaar 7 .^. 7 ■•X5J6— -a*- 
Anstrtanr-scMHifBr . +MJ 

Belgtan-^ftasc. - *I2A 

Danlsb . limie.--Z^^ H5 jC 
, D«nsti»%*birttv . - : 34-K.e - 

5wfts franc ‘ +75j4 

Gadder . . 120 J2 - +18JI- 
Frtndi '.-ftattc 9M6'- . ~ 

Unw .u. r. -«.9 

Vm- 'M8.74 . -+39i 

Based on ttade^welaJnnd. chanaes from 
W«aiini{rqn*|. ^8re«ofent : D&»nber. 1071. 


m — 1 ■" "■ 

i :- ! v 

rkets^'-V- .•■■■ -• 

irceuttna ■ ..— 

Adsbalht lMlM-.... 
Ffail&nd MarkUa...l| 
tSmxU. Cnj/elm.,... J 
C s cr e e prw.-tim*....[ 
Hone konz liidlar 
tma Dial.-. 

Kotialt Dinar(Kl»M- 0.50041 Jib 

"LoSeiabooi-" Fmacj 
Malaysin Uniter.... 
7<bw ZCalnnii United 
4iaui<i Arabia !ti\al 
Stnoapore Dollar. 1 
Bdntlr African ltendl 


' : tv T‘i 

£ . 

.ficiCM Bate 

1.453-1,457*' (790 £ K-79^.TIftABi fda. 

1.6089-1 6250W.B71M.87Sttfe^'inifii._jU_^ 





^6625 4J6&K 

10 JO- 10.49 


«67M^9ogaS „ , _ 

• V "rifa. ‘ "• x " 

XE 60- 1590 
. '390^00 
80-84 , 


< Btaiete..-.^) - 1^4-1.86 * 

• Ka'f fbr on^ Uivt been 1.448-1 B3, • 

t Rate for Argentina on Junei.71 sbonid IUvb been 283.CS-786.fl2. 


June Zi ! Pmiml Strrlinp V.S. IKiIlsr 


Jaiomese Yen 

French Franc 

ftwbw Fr«tc A 

Dutch Guilder 

Italian Ur*: 


llefeinn Trane 

VVui'-i MerUna 

U.S. !<• 'Iter 







. 387.8 . 

■ 8.418, 

.1:881 / 

^ 4.115. . 

.- 8=839 




''^60.27 • 
>.:7;~3a.79 .. 

imiIhHw Merfc 

Japp ueu? Vwi LOW 






1000. . 

P; 2.193 
:-V 21.71 . 

8^17 • ' 


: 10.61 . 

• ' 4a# ; 
4074c. y* 


: ia.Ti • 

: ,155.4- . . 

Fivnt-b Franc 10 
Swu* FntrK- 



2-184 >- 
0.538 - 



• 460* 

- 10.. 

- ?435 ' 



' -44889 • 
K . Jr 190 - 

•T876’Y'; ! 

. • 4*6 ^ .;;’ 

sV :oj97 - ; 

- ' - 7L60 • 

17.43 --- 

Uuiob buii-ier 
liaiian Un* LOCK- 





8.480 . 



; "'2.046 
5.389 ■ 

■ 0.840 “ 

: • 2.189 - : 

fi' --L. 

8.606 •_ 

■ • • 383s8-'v 



30116 . 

'.aaoiliaii Hotter 
n«-i*ner> Fnm.- 100 








■ 643.4 ^ 

f 4.077 J 

I., 1675 
. S.737 . 

• L995 

6J^8 ' 

-768.0. ji 

; .ysASff^j- 

- r-89.19 T ' 

- too. -. 





- ' -- 

.lime iZ 



LX -Iter 

UjS. IMter 

W. Oerman 
- - »«rk 

French Franc. 


V - A^an 9 

Japanese Yen 

t.'li-'i lei 

? >iav» tn-tiiv. 


flint- neiiiiln-... 
4it lal'.HI! Iia...._. 
Oiu: \-bii .. 

10 10 i 4 
10 - 10 U 

11 ills 


11-8 12 U 

l^- 12 fo 




8 i 4 tfls 

&l 7 - 6 t B 

6I 4 -9!e 


75a 77g 

B- 8 I 4 


6 r a ^i a 

9 Is 

4 414 .- 
4-i4 . 
4-4U . 
4i a -4Ja . 

53b-5Ss . 

• ii in 

}i u, . 

itii 4 
' 2 - 2 '• 
2 ii-a.V 

"'■3asr-ai« • 
3*8 ^ 





• • 979ij. 

• lOU-lOX* 

mVir = 

111 * iS. 

r\ AlO'iVj 
-.-.19-11 — 

IS* ISlfl 

8 4I 

■ 918-94.' 

■" 4-6 ' 

.3ft- 5ft 

3*8 .4 
' 35*. 4 

3* at* -; 

44-16* ■ 

The loi’owmg notnmal rate* were floored tor tar dm dollar certificates oi depoitt Ooe month 3.0&BJ5 oer cent three months 8JhB.4l per cent six months 8-7B&88 • 
per reni: one vear 8.00-fl.lO per cent. • .... ... I ... . • 

Lons-remi Eurodollar deposits. Two rears 92 91 t>-r cent: three rears 91-95 per cent: tour, rears 9PM per cent." Ore roars *t-5H percent. “Rates are oomtoaL A 
closlna rates. . . . - - •• T . * * * * *"» 

Shon-icrm rates sre call for sterling. G.S dollars and Canadian dollars two daya' notice for gsUders and Swiss francs. . ✓ - 

Asiao rates are closing rates <o Singapore. : 


•* ✓ . ^ • • , 

U.S. rates continue firmer 

There was again strong upward evitabllity of a rate of 8 per cent per cent One-month money was. 
pressure on U5. interest rates as to per cent in the near future, firmer at 5J-51 per cent from 5ft- 
tbe authorities seem more deter- Thirteen-week Treasury bills 
mined to limit the money supply rose to 6.84 per cent from 6.77 per 5^1?^ 

. M*nt whiio 2fi-wepk hill* were 5 L 5 i. .cent-. Funds for six 

growth. Although relatively small “-L J w ^J e ^^' , ^! k ce nt ls aE S morSh^ were also unchanged at 

per cent agamsi -. b _j 

in size, a number of banks have - 0ne . year - bUls 

were firmer at 7.67 per cent from 

already increased their prime 
rates from 8| per cent to 9 per 
cent However, credit demand is 
strong at the moment which has 
introduced the necessity to in- 
crease rates to maintain profit 
margins. In fact further increases 
were seen in 

7.62 per cent 

Paris*. Short-term money market 

rates showed Uttie money ; at' 5}- per cent and over- 

day-to-day money slightly easier business dealt at 5 per cent 

6|-62 per \cent and 12-month 
money -firmed . slightly to .' 7fr-7}‘ 
per cent against 7-7 J per cent. 

Hong Kong: Conditions were 
still generally tight with call) 

at 7.5 per cent from 7.625 per Amsterdam: 


interbank money 

broker-loan rates, £*2L market rates fell to 2$ per cent 

which are eeneraliy seen as giv- *£ at * c at ^ from 4ft per cent for call money 

inc some indication as to future three^month. tiirough to 9 per W hfle fends for one-month eased 
prime rates. The firmer trend ce ' nt for one year • to 4* per'centLagainst.4t per cent 

was underlined with Federal Brussels: Deposit rates for com- Three-month - loaiDS.-- were un- 
funds quoted at 7J per cenl with mercial francs were, firmer at the changed at Ai per Cent as was 
surae sources suggesting the in- short end with call money at 4-5. the six-month irate at .5 ft percent 


Extremely large assistance 




Gold Jra^ed. fairly quietly m the 

London 'buffion market yesterday. 1 
It- opened-- at:;«85-185i and .was; 
fixed at Sl85L53 in. the- mornings 
The metaX;.d6cti^4 : to' $±85-80 at 


Guiii. lJtjjrnjn te.Tfnirf - 


3t8A-183i . 

-.V FtoTioon fkstpzy - 


>ikmiiM6telJy ■ 
LKrosetTuaiT^r^: ' 

SlSfcM - 

Junr 21 



flflfl-35 - ■ 

, NewJjsayet^(i»«i^. 
Ofaf ~ 

Gtdrt Ocfttts . 

Bank of England Minimum 
Lending Rate 10 per cent 
(since June 8, 1978). 
Day-to-day credit remained 

to 2 or 3 houses at MLR for repay- In the interbank market,', over? 
ment to-day. Total -assistance, night lokns ' opened at- lO-lOf -pte 
appeared to have been overdone cent and touched 101-104 percent/ 
with discount houses paying as before easing -. to 9f-l0,. per centj 
in little as 5 per cent for secured where most of-the day’s husfness 
nmn1 „ }rj tha r calT loans towards the very end. was don^' ' However, towards the- 1 , 

estremely short suppJ mtiw ^ - market . wag a . en d conditions .bepame more, rej 

don money market yesterday and s , igh[ net take-up of Treasury bills Jaxed with. clostnfi balances taken 
the authorities alleviated the and the repayment of Wednes- at around S' per cent/: The Bank 
shortage by bu^ng a large amount day's extremely large loans. On 0 f Eng iand 1 anno unced- yagmrriay 
of Treasury bills direct from the the other hand, banks brought for- that MmimiTm T^rfinr Ham wsi 
houses, and a small number of ward balances above target note that Mi L^dm|Rai te.was 
local authority bills. Total buying circulation fell, and Government unchanged at lu- por cem. 

large, in addition, they disbursements exceeded revenue Rates in the table below are'. 

also lent a moderate amount transfers to the Exchequer. 

nominal in- somfe eases. 

. the ‘afWniooa JSdiig^ and closed at l; , 
$t8*5-1854, ^ faa^erf ,rn on thev 
tiay^ The.^riner teoffancy of thef- 
doBar -was a. factor - behind the ‘ 
overall^. wsdomsa bf gold/ -. J J . 

L'C ;3ri. rrankfuit tbe‘ l24 kilo .ter ;■ 
r.Waa fixed at.'DK- l2L4l5 Cf^85 ; 85 
rper ounce) compared "with DStr- 
12,465 {$186.63}> 1 pre^dlisJy. . - 


J un>! 22 



nl ilcpi" 1 '!’* 




Local Auth. 

1 miits 

Pina doc 
H nnso 




nuu-ket , 
tie) kmI 

.Sligi We 
Hank = 
J Billv* 









y : — 

.. — 

-lave lli it ICL ■■ 


■ ■rn 


— ■ 

- — 

• — 






- 10 ss 

. . 

* : . ; 

\ • ’ -'l, 

t Inv* ii'.itlct-- 



10 la- 101 . 

10 se - 

■ • J 


; . .a 

■Ine llirnUli.... 

10 ,; -94 

10 - 10 -.:, 




. 104 1 

814 9 V 



10 94 


— ■ 


1 O 4 

9 'p 

9i»8 ; 'a 

- lOH 

Iliat- ru'inth-. 









l\ im HUH' . — 

L0 r L-9H.: 


&Ta IOIr 

91, 912 

lOs* - 

- lose. ..y 

Xiiii* inunili-.- 

1 O 1 '. 9; .. 

Vo.’.." 10 /. 

9 sb-10 



M- —+ t- ' 

hum ,iewi 




S ia 10 


_ — ■ ’ 


• ■ 

■■ -.r, 

. tin 1 enr 





t - . ;- 

- -• 'J 

Loc-.r aurhorliy and Bnancr bating tw n dors' itotice. otb^ *mn C ays’ Loager-tena toctf xnibortu norbtwe rate- 

flomWkfiy three yean lli-Lii per cent: tonr years 11 M 2 per efiau five years 124-UJ per- cent.:. ASenk MIT Mt«*Vfal-»We ««j 
buyiflR rates for prune paper. .Burins rates for four-month tank UHa fl* 1 * per cent: -fonr-nudati W Its .TOwr *#!■' 

Approximate scDine rates for one-month Treasury bills Ml » oer coot: two-ntMith 8 -S'm «r. ccoC ■ anfi chcee-^BforlPn-M 
per cem. Approximate scHing rate for one-month bank bins « per cent; and. two-month ^jarWryerceWr' «agTra 4 »aTW»Bi 
month 99is-9t per cent One-month trade bUIa IDS pct com: two-wontt lfll per e«n: and also Ptfee-wOTW.'lW 
Fbinnee Him Base Rates tpobUzbed by Uh- Ftoanro Hangee. Aeaoclanoal. W. jeg: emg ^rqculin»: 

Deposit Rates ifor small sums at seven days notice i 61-7 per cent, dearths BmJt Rm Raw^for .rlemflaft 'Ul - rw.. cqg»i 
Treasury BUls: Areraw tonttor rates at dlsamnt 9.1348 per ccnL • • •' "■ 


S2D i--] 

«i -arr r* 








'Fed. Funds'- 


runuk' .-1-— 

TreBBny. Bito--.*n-yn*to.~~±...- «« -r^v 
Treasury Bills :etVfekF J3J 3 ..V-jv 



JttEoiim -Bate 1 . 
.<jteraS*t ■■ \‘-2S}.4 
Oor f-bwhOt; 
SitreaViBiftidto -. 


btscoter ftaie 

One. . j yqth 

Thiei- mraafe'. 

^MU ' 2 -U". . i i -f" 

■ mi 


Mia. vj... 

2 fr- 

v ■ iV v - .' 

June 23 1978 


vJ '•’.**** t ■,< 

■,-y ■- 

Eli liter $ and bargain-hunting lift Wall St. 

^i.annualN.U.^S 1LZ ^ 



$2.6U ;to- £ — 111% (1121%) 

Effective- $L8380 49I% (51%) the market. gained 2 cents. U ua U «<, <.«>«» — r-. - - - nianuw* *- •»»-. - . 

FIRMER- dollar and bargain- Allegheny Airlines was a stand- Stuck volume was down slightly 94153 shares. „ _ yon to Yl.220. Seino Transporta- “*** ;?“ * V»a a£> ps 

hunting helped halt the recent out performer. jumphifi $2* to at 3.22m 1 3.60m) with losing Among specula tives. SL Fab 1 ®" t l“„ Y20 to Y 1.1 20, Nippon a Goldfields dropped 

slide on Wall Street yesterday, ®10g in heavy trading- Allegheny shares ahead or rising ones 324 Copper, which said it was seeking ca-urtty Patrol Y-0 to Y1.760, cra fi to \S2L40. 

imail gains said it knew of no reason for the to 274. gas leases In Pennsylvania, crept Matsushita Elec'-*- VlQ to Asa-u. ‘ - 

funds rate from 7j to 7} per cent in moderate trading, the declared an initial _ 
making the outcome of yesier- index closing 0.13 up at 147.18. dividend, rose a cents to enffv0 Kaisha lost Y30 to YL230. 

day's report of less concern to The average price per share Husky Oil. the most acu^c in- ^. ' n Shiupan Y24 to Y72ti. 
the market. gained 2 cents. dustrial. gained C$1 i to CSa2| on Y23 to Y615. Kokuyo 


Prices cased again, BHP losing 
10 cents to AS6D2. . 

Bank of NSW fell 2 to AM. 

3 cents to AS2.0D 



NEW YORK-bowjo^ s 

leaving slocks posting small 

. _ _ _ gas 

gain but its air route to Atlantic Resorts Inter national “A” u cents higher to 
Dow Jones Industrial City and its sharply higher earn- spurted 57 to $76 in first place, its 157.500 shares. 
Jbushed JLTT^ ahead at jpgs^ reported this week may have b " stock rising $5J to $70. 


124 cents on 

Y1 760 

Electric Y19 ^J° 4 ^"^82.06 and. North BH 
2 to A51.2S, while Rewson, 

. y. Voai Toyota Motor Y1S to 

Y220. ! cen t t o ASL23. „ , . 

n„ - c Among the gamers Coal and 

Tans Allied put on S cents to AS3J90. 

, , The trend of the market was Theiss 3 to AS2.63, and the NSW 

pattern of Wednesday. *»**neraHy lower, with no specific engineering and coal group. 

The S, ik . ke factore influential. The declines, white Industries. 7 to i ASLffi. 


Industrial 827. 70| BS4.95 B50.04; 858.62) 856.B7j B44.25; MMl 

B'nie Bn’d»* j 87.8* BB.fl' BB-OZ; »■». 87.30 87.961 M^6 

at the dose. 

The Dow 

827.70, while' the NYSE All Com- been influential. Husky Oil, in second place, added 

mon "Stocks index ended -with a Gaming stocks continued to $$ to S46i. , .. . 

gain of. 18 cents at $54.07. attract heavy interest.' some of international Systems and Con- Prices closed a little higher _m 

Volume, at -7.16m shares, was which might be the result of a trois picked up $15 to $244 and moderate trading, repeating 
down nearly. 2m on Wednesday's rush by speculators who sold the Loews Warrants $14 to S1SJ. pattern of Wednesday. 

tssLf* 10 “ ver the,r ^sst-sttbs -sas** s-jm-w-j** 

sAWi*2aa««-=s: -jssusfWias-ass: «*.»■» Slj-jktSK £&£ tSuTSJta JWSa 

shares i n » ^ slan; o[ ihc new Gallons rose 4 cents to 94, 

monthly account. , while Coles eased 1 to AS1.96. 

Most Portfolios. Cars and 
Chemical advanced against the Johannesburg 

^ ' wried oil if- Congress failed To nrf^ «A'Vo«245 before t , .. “ l japau“unc was bought heavily general trena. tiecincais * Gold shares were mostly easier. 

-t. enact an equalisation tax to bring tending a Pr ’ nes weakened m busy trading t0 h f t a new ■■high” for the year raged. Petroles BP rcflecting.the lower bullion trend. 

, safdLw oil up - “■ s—ru, t0 sssl-ss.,!: eas,cr m d 

•T ^jfsnssssL^jss fM sag,**".* 1 * » « « *» r *. 

' ippsK^ aseases a 

EE€L si5 b “ jEW-iSEa; X mi sf 

lS? week fears o£ tighter SJi 20 L 25 S while Banquc Canadienne Y 90 to Yt.180. Nippon Cheimplan Moulinex FFro. to FPr 144^3. SmMh Su ., Q R ^ 0 bid. The 

WA&S : “ - '“ uns ^ ■“ 

isupply unchanged from the pre- S27i— it said a private investor ^ C$-^3. Coles Book Stores at Tr-ODO, u»wn «au 01 B „ 

vious "week’s . jump of S4.3bn. proposed to offer$36 a share for CS185 and Norauda ' A at C$244, Tokyo Style Y4a WY| o • /^AnnanV Hong KOUg 

Group, which Y40 to Y700 -I 

LawpO — ‘ WUI 1UM S1..I' a*! "'“I “K 

I'UlltieB \ UM.80 1 104 


Truding toI.! 
writ ; 

.26 104.26 I04J7 1 . )| 106.51 

1 10.95 



i-t "it 

'SS'S 4 

. i22j2i 

1051.70' 47-M 
ill/l/fi*! I2i7/j2l 

37.160' 39.100 37.920; 25.5001 27,690. 29.280. - 

"79. 88 
1 1 







•U*fib ol lmic% ■■hp.iiKC.1 main AuK**** - a 


.lime Jim* | June 
2 E ' 21 ' 20 

1 June ! Juno 
I 19 I IS 

I June 
i lo 

Hi-.'U 1 Lf» 




■MLMUI' 106.681 t07.78j 107.64. 108.70 112.* 

^Coiup'^lte I 96.24 S6.Q1* 9B.6V 



Inti. dir. yield % 

June 32 ' June I* 

98.34 100.52 

vtr.ei | ■ 

-lime 7 




114.64 5.52 

I26.0n I 4.48 

11 1-751, 

Year rm.i i«vpn.«^. 





It 1 Id. 1. P. E Katin 










H.Y.S.E. all common 

Rises aTid ^ails 

1 June 22- June 21 June 20 





On .. Wednesday the Fed its stock, 
appeared to boost the key Federal On the AMERICAN SE prices 







Abbott Laba. 

iiftlifffsnaimph ... 
Aetna DlfeACaa:. 
Air Products . 

Alreu — 


Alex* — • 

Alkg. LodJum 
Allegheny Fowm 
Allied Chenriw 
Allied Store*.. 
Allir Chalmers 

AM A3 

Amerad* Hess.... 

AmiT. AlHiuK....| 
Armt. Blands — J 
Amec, Broadcast .. 

A raw- Can- 1 

Amt*. Cyanamid! 

1 7i a 

345 t 
33J, i 
277 0 ; 
117 j I 
5012 \ 
4778 ; 
425, J 
29 I 






Amer. Blee. Eoa 2213 

•a F^.iAM I AM. 

Am e& Bs press. 
Anter.Home Pwd 
Amer- Medical. ... 
Aioer- Motors:.... 
Amer. Nat. Qas..l 
Amer- Stanrtsrd.. 
Amer, Stores- 
Amer. Tel- A Tel. 



AMP— • 

Anchor Hocking.' 

Aniieuaer Busch-j. 

Armen Steel... — ] 

A.S.A..— I 

Asamer* Ot) i 

Aaan.v-...‘. i 

Ashland OIL ! 

AtLlflchflekl ; 

AntoData Pro....; 

C w' - J 




Avon Prolurts— 
Balt Gu Bled .... 

Bank America- ...•! 
UaoliemTri N.\.; 



Beatrice Etwd ■ 


Bell J: Ho* ell 1 


Benguri Cnoa • 
Bethlehem Steel. 1 
Black A Decker... | 


Boise Cascade •, 

Bntden I 

Borg Warner 

Bnuilff lot- 

Brisb.J Myers. —I 

Brit. Pd- ADIL..' 



Balova Watch.. _ 
Burlington A" lim. 
Bozronghs ........ 

UamiibcJI Soup. 
C a nadia n Pact do 
Canal KandelpU.-| 

Carnation - 

Carriurft General 
Carter Hawley ._ 
Caterpillar Tracttj 

Ceianvae t'orpu... 
Central AS.W..„| 

CertainteeiL | 

Cessna Alroraft-.i 
Chute Mb nhattau] 
Chemical Bk- 5Y| 
Cbnehrgfa Pond.; 
Cbewje S.v*teiu..j 
ChjcJgo Bndgo...j 

Chrysler I 

Cinerama ; 

Cine. MUaerou...; 

CiHrnrp — 

Cities Sermw-... 
City Ini in ting... 

Cock Cola 

Colaste Palm-....,- 
CoUins AUtunn-l 

Colombia Gas — 
Columbia Pirt—.i 
Combustluu. £ ng 
Combnation Uq...i 
C'm'ir'th Kdlroii.: 
.C'm’w*ili Oil KeL] 
Comm. Satellite^ 

28 >8 
26 l B 

4 ns 

46 U 
32l 8 

29 1« 


14 i a 







55ia I 
27i 8 i 
4112 > 
23 , 

a6Lj ' 
Hol4 ' 
3814 ! 


165s I 
50is ; 

30l< I 





145 4 
58I S 
I6 1 * 
i Q7g 
27 7 e 
35i t 







43 1« 

177 S 

171 b 





27T B 





























247 # 


2 nSe 










261 2 
I 304 

I 143* 

I c6 

[ I £-58 












54i a 




Criming Clusji....! 
CPC lnr'u'tiuiial! 

Crane 1 

Crx-ken Nat 1 

Crown Zollerhai'hl 
Cun mi in* Engine- 
Cuttles \Crl"Lt...| 


Dart iu-luttric*. 


Del Moqll- 


Deurxyly Inter.. 
Detroit cdiMUi... 

Di an iond Stianirk 


Digila Kd.uiji 

Diiney vlt’elti.... 

Dover Coryn 

r*.»*r Chi-aunl.... 

I ira vo 



Dvina Industrie^ 

Ca^lt Piefacr 

East Airlines 

Eastman Kculak. 

E. G. 4 G 

El Paso Nat. Gan 1 


I'.inenon LUvirlv 

E. M.I 


E smirk 

Ethyl — 

Exxon ; 

Paln-Jilld fairiei* 1 
Fed. Dept. M>Tt*| 

Fim.,'nc Tire 

Fst- Nat. Bnaton.l 

Pleal Van 

Fiim koto ! 

Florida Power ... 

F. SLC. I 

Ford Motor. 

Foremost Mck.... 


Franklin Mint.... 
Free|«*t- Mlneial 


Fadue luds.. 

55 5 4 | 
524 ! 
281: j 

301* < 

38i a , 
17 1 

£6?s i 
411* 5 
321b I 
26* > 
ille ; 
15Jb ' 
4Sig ' 

445s - 
2 b 4 
265a j 
44 1 

30** . 

i2 , 
54 ! 

c84 I 

25is I 
Ida ! 
3l>8 I 
e6i 2 ! 
k358 . 

*1. i 

22Ja ; 
305, j 
22-4 I 
441 Z ; 


I i6l- I 

I 281c ! 

2u5a I 
' 27lj ! 
I 295* ; 









201 ; 







5 IT# 














40t s : 
25 la 
£27 fl 







215 4 















9 r 

G.A.F I JS3* 

Gannett ...j 4a 

Gen. Amer. lnt.. luU 

GJk-T.A 275* 

Geu. Cable loja 

lien- Dy us m r* .. 77J* 

Geu. Elect n*7>....l 1,0 4 • 
Gen. F<x»l» .. 314 1 

General Milt- [ -0*« ; 

General .Motors.., 60 , 

Gen. Pub. Util...; i«J‘a ! 

Gen. stlgusi : I 

Gen. Tel. Elect... 28.8; 

Gen. Tyre *54 ; 

Geuean* £'B ! 

Georgia Pacific.- ,»»»• | 
GectyOil ! W95* , 


5458 i 
11 1 
43fl | 
283* ' 
*34 : 
4? \ 

is 7a 1 
.4De' ; 

214 ; 

USB \ 




407 g 





LDU1U1. tr 

C^mputerSolecce 1 

Conn LHe li 

Connie -I 

Con .Edison X.YJ 

Consol Foods } 

Consol Nat; GaaJ 
Consumer Power 
Continental Grp 
Continental OiI-| 264 
Continental Tele; 151s 

Control Data. j 33*9 

. Cooper Indus I 63** 







307 B 




































(intlritli D- F.... 
Gcoxlyear Tire.—S 

Gould I 

Grace W. IL..™., 

Gt. Allan Pae Teal 

Grt. North lron.j 

Gull £ Western. | 

Gulf Oil 

Hallhurton | 

Hanna Mining-.., 

Harris LVrpn.. ..; 

H. - T I 

Heul'leln I 

Bewle Piu-kanl...; 

Holiday 1 ; 





IfotMOH Nat.CiBsl 
HiidI (Ph.A)C Inn 
Hutton lE.F.)..«(nM 

INA ■■■■■■■■ 

I agereoll Itand... 

luiand Steel 


Interriint Knergj 


lull- Harvester... 
Inti. Min 4 Client I 
in.ll. M ultib»:»I“-| 

I new - 

Inti. Paper.™ 

lnt. Uect-lfier....-.; 
[ut. Tel. 4 Tel. —I 


Iow« Beef •[ 

U7 internal lonall 
Jim Walter I 









27)a I 

79&8 • 

t77j 1 
344 I 
6738 • 

nZ*9 ! 
t4Ts 1 
ID-* ; 
I67e I 
56>* 1 
15 I 

7 i 

I 304 




Xi.-1 9 
-0 . 
a. 4 




23 4 
o2 l, 




79 4 
57 4 

Johns Mam Ille ..j 
Johnson Johiiurni 
Johnson Coni ml. | 
Joy 31a niiiatiurV 

K. Mar Con*. | 

Kaiser Aluniinl’m 
Kaiser Iniliimiie.-. 
Kaiser Steel - 



Kerr McGee 

Kldde Walter.. .. 
Kimberly Clerk.. 



Krugif Co 

Lenaerrsy Tiniii. . 
Leri Stiiuw 

Ubhy0! w ■ Pl '* , . 

Dimet Group 

IAlly (Elyi 

Utton Indus!.... 
I/"L'khr*d Ai rcr'l L 
Lone Srar Indus.! 
Long i stand Lid. 1 
Louisiana Lnu-l.-l 

Latiriicil • 

Iiuufcy. Stores 

L'ke VungrtVu.! 

MacMillan J 

.Moot U. H. 1 

.Mil*. Hanover....! 

Mr poo ; 

.‘•Inraibxn Oil • 

Msrine Midland. | 
Marshall Field .. 

Mae Dept. Stole* j 

MCA - 

McUeruiotl | 

McDonnell 0«i«, 

MoGraw Sl» 

Mem ores | 

Merck 1 

Merrill Lynch..... 
Mesa P-etroleuiu.j 

MGM.™ : 

Minn Ming&Mtgi 
M«bii Con*:. 1 

; Monsanto.-.. ,.t .. 

.Morgan J.P.J*... 


Murphy OH 


Nataj Chemical. 
National Can... . 

304 ‘ 
615* ! 
£9 ; 



3 5 1 

235, ! 
124 , 
2B7r. : 
435* 1 
324 | 
45is | 
22 1 
46 Su . 
33ij : 
32 4 . 
27 4 



l 4 







-45b l 

49 4 ; 

Sic *8 
-34 I 


•At 4 



3b *e 








Nat. Distillers-...' 
Nat Sernw Ind.i 
.National dtcel....' 

Nauunaa ! 

Milt - 

\ vi'iiine hup 

Nvw Knubiii'l El. 
New Ilugiauil Tel. 

X 1. ■tnr 1 '.Lilian fc 
Nw-tij Share....- 
A.L. ludiiMriea... 
Ni.itIi Nal-Gaa... 
Ntlui. slates Pwr 
Nilme-t Airline*. 
Ntliwert luuivurp, 

Nori'.n Stmun ; 

tio-idcntnl Petrol; 
Ogllvy Alnl her... .j 

ytiiii Evlisou- 

Oliu I 

Urentaui Shipa 
Owens Curnlufl 
Owen* llinoia 

Pa.-ili!- Gaf ! 

Pkt-ilb- Light lng- 
Prtil l'ur. tc Ltd.. 
L"«n Ani " old Airi 
Pal ker Hannifin.; 

Peabody lilt 

Feu- P«- * Lt... 

IVnnv J- C : 


po.plvs Drug— . 

I'eniiL:* Go* - 

IVpcic!. - 

tVrKin Elmer..... 1 


I'll V.T 

I'ht-H* DOilge.... 
phila'ielphla bleJ 
Philip Morris-... 
Phillips Petro n». ; 

Ptlsi'iir* - 

PUiii'V Bowes... 

Pitt Mon 

Flmi-y Ltd ADlti 

p.daroiil ... 
Putoinac Elec. — ' 
ppf; Industrie*. 
Procter Gamble . 
Pul* Si-i ve Elect , 



Quaker Oats 

H t |.id Aim-r1riUI.| 

1 KvpuWns ateel... 











19 4 









iei 9 

i47 S 







. 2050 
357 b 

■ 294 














it 9 4 





211 * 
27 . 


457 B 











3 2 4 
li37 B 

24t z 




a 34 


















2 1 5b 














a 14 

Ok 4 
65 )b 
a 24 





I June 
I 21 


HeyiwMo Metals 
Reynolds 11. J.— 
lUch’siHi Jlcridl.j 
Kis'bnvll Ini it...] 
Rohm A Hhrs I 

Kota I Uuli'li I 

liTE ' 

l(u>s 4«s ; 

Ryder S.i rlem ... : 
rialounv Sliic...! 
»t. J,n - MiiHl»ls.j 
.St. Iti-uis PM|>tr...j 
Ssnta Pc Indi™. 

Saul Invcsi 1 

Salon In Jr I 

Srh 111/ Brow mg.. 1 
Sdduinbcrger . ..I 

SOI ] 

Stoll Paper ; 

bnivll Mry ! 

Snn Duo-1 er j 

Sea Contaiucr. ... 

Seagram — . 


Sears Ruduivk.... 


Shell OH ; 

Shell TraU'|sirt...| 

Signal....... ; 

>l”Hi»lc Uri' - 

Simplicity Pat... 


Smitli Kline 

Sill limn 


■’MMiuiJiemCal . B*l 

Sun them Cu_ 1 

Stlm.Nat llw j 

Southern Parihv.l 
Sou thcru Kail »ayj 







ZB* ■ 
1 5 . 


414 ! 

iZ-'J i 

27-4 I 

34 4 j 


64 j 
I37 C 
lc)« I 
'670 ! 







1 5 





7V.jolwi.rth I 

Wyly ' 3i e 

\erti-* I 5l“a 

Zapata ! 16'a 

/enilh I hut in 144 

rSTreHN aiilb/to, 130*5 








l .S.HOiUy LiUli-.l 6.79tj6.81i 

Soiithlnmi J 

S'w't ib»nH|ian»..i 

Sperry Hutch I 

Sperry Hand 

Squib I 

Siaiulard Draudr-I 
Std. OllCalHomia; 
Sul. Oil Indiana. 

Std. Oil 1.H1I1*. 

Stauff Chemicals. 
Sterling Drug, 

Sun C o. 


syntea I 

llccli niculor | 

rektrouis t 

role'yoe.. — 

Trim - 


285, 1 






391 B 

••61b 1 

37*0 I 

13*0 I 

£O'0 ; 



32 I 
£- 5 *, 
lv I 


3 1*, I 

48 | 



»7i 3 

















307 C 



l41 a 










27 S 





£ 1 *4 

















11 s * 






Ahi'lhl Paper.... 1 
Aglll*-' Eagle.. 
.Menu Miiiullituiu. 
■M^i.iua sin-1... - 


Hank lloillniilj 
Bd lik .Vova Sii'liaj 
llnblv lirmipm-- 
Hull Tcloplmnc...- 
Unw Valley lnil...> 

BP CanaiJa ' 

Bimrvan. I 

Urineo ' 

UalKwy Power ...1 
Csnidi.iw Mines...' 
Conaita Cemeni.. 
Canada N \V lan ., 
Can. Imp Uk.Com 
Canada Indust ... 

Can. Pacific 

Cau Pacific lav.. 
Con. Super Oil... 
Carling 0'Keelo.| 
Cusaior Atbotca. 













121 - 
6 12 
£ l*n 

= 670 



t- 2 u 1 *3.6 j 





Tutor*' I’d roleuni' 



Tvxa*. I list 'in , 

Texas Oil A Gbb..| 32 
I'etm. UtfllikA — , BO 

Time- I oh 

Tunes Mirror 





Trans Union 

| Traii-wav lntr'n. 

| Trails World Air.- 

Traveler* ■— * 

Tri Continental ..: 












39l e 







A 4** 
27i 2 


1A5 S 



8* *a 


1 ji B 

3b 4 






30th Century Fo* 

U.A.L.— — 




Unilever XV ; 

I' n ion Uanroir- 
lluiun Carbide... 

I ninn Coiumereel 
Union Oil Cain...; 
ITm-n HkciBc 1 

LTili'i.vai— ' 

Untie- 1 Brands.... 

L'n Bmicrix 

US Hyifinii 

US Sh'«- 

US Steel ..... 

US 1>4hnulugiia>. 
UVIDdllSI^e». , ...■ 
Virginia Meet.... 


Wa rner-Lamhort 
M'asie-Man ' utenr 

IVelU-FarBO 1 

Western Han-wp; 
Western N. Amen 
IV'eatern L'nlmi...! 
Westingtaoc Klee; 

Wcsvaco ] 

Weyerhaeuser.. ..I 

Whirlpool ! 

Whim Con. lud...; 

IVIIliam Co. | 

Wiacuusin Elect..: 

37)e < 
£4 , 

£.4*4 I 

c7)s ] 
-41- | 
£4 \ 

384 I 
"« 1 
454 I 





















£ll 4 




79 i 8 
3 150 






377 b 









397 b 
= 6 







Cluetrain 1 

C"iir. Ballnirit...; 

Coimuner ium 

Coseka Uesmiccs! 

Cimtaiu | 

Da on LVjiel 

Den it. >11 Mines—! 

Di.ui Mines | 

Dome Petroleum; 
Doiniiiion Undne| 

Dom tar. 


Palo.n’ge Nickel.. 
Fond Motor Can | 

Genstar ' 

Giant YeTu kulie. 
Gulf Oil G b inula. J 
Hawker SULCai..; 

Hollingei 1 

Home Oil *A | 

Hudson Bay Mng; 

Hudson Bay 

lluilaonOil A Ga*! 

I.A.C ; 

lmai->5 | 

liri]>erial till 

Into I 


134 ; 

114 I 
£t>4 I 
1 2 c 4 
184 ■ 
c.74 I 

It 4 




















ltf B 

54.07 53.91! 64.22 54.76! 

w i I 

Prices, contfn tied to weaken in tr ^ r g es Sie^Han'I^Sen? Indes I MONTREAL 
a technical reacuon \o recent c j os j n g 9 points ahead at 549.72. 

The market opened weak and 
share prices continued to retreat! indutfrini 

in early trading. Buying orders I combined 

increased, though, and a 

I Hwli ! 


>! 5B.20 I 


| 12.61 1 


Dpi it-* trailed I 

Hi-vf I 

Falls ! 

U neb* nue-1 ' 

New Hmhj ; 

New Lo»i 

1.852- 1.871 
747 346 

653 1.151 
452 574 

21 174 

42- 855 






reaction to 

gains. The generally depressed 
mood on the bond market also 
undermined sentiment. 

The Commcrbzank index fell 
6S to 792.4. 

All sectors posted declines ex- 
cept for Banks, which edged 





.lull... 1 June 

io • r- 

.1 une 

182.59 183-3) 1 a 5.9b 
131.37' 192.31: 192.53' 


185.06 1 Icibj 
194.00 it*. 

lWf.dll ilt.2, 
170.62 1*0 1. 

SOOn mucaacu, iiu.u a .» - 1 -mL-rtWl-n 

rallv developed which continued | TOKONiu 
Into the afternoon. Profit-taking I .qhaNNEBBDRG 
in the late afternoon, however,’ 

tvlnW ML ( 1131.7. 1142.3; 1 143.5 lMa.0ri3.ra 

slightly higher. Commerzbank trimiT , e d some of the early gains, 
gained 00 pfennigs to DM229.10. 

In Chemicals. Hocchst lost 
DM2J0 to DMI27.50 and Bayer 

IihIuM mi 

"25.1 I Z24.9 
240.0 | 241.6 

223.9- 2 If .3 
242.2 239.7 

224.0 iLI/^j 
242.2 i£.0-b; 

no J 1 < 

lsi.ii (20.4' 
44.0 1 13.7 > 

Ht-b ' !*■» 

\raong gainers. Hong Kong 
Bank rase 30 cents to HKS1S.10. 

Hong Kong Land 20 cents to . .. miu (.-• 

HKS9.30. New World 121 cents to | Australia ' -j 4 « 9 -* 4 314 : 

actricaK. .\ER retreated HKS2.175, Hutchison 20 cents to 2 
to DM77.50 and Siemens HKSS.13. Swire Pacific “A” 10 
nnigs to DM2S8. In cents 10 HKRS.10. Whcelock “A" d 

10 cents to HKS3.10 and Jardinp 
10 cents to HKS15.S0. 

Hong Kong Electric gained Ij 
cents to HKSS.95, China Light 10 
rents to HJ\$25.30. Hong Kong 
Telephone 50 cents to HKS34.50 

Belgium U 
Damnrk t“i‘ 
Germauy’iD 792.* 
Holland CD. £5.6 

45.16 ‘ 94.31 


40 pfennigs to DM138.70. 

In Electrical-.. 

50 pfennigs 

Engineerings, KI!D dipped 
pfennigs to DM184.10. while in 
Motors YW cased DM2.20 to 

The bond sector continued 
weak, with public authority 

issues losing up to 50 pfennigs — _ _ 

despite DM112m-wortb of Bundes- Wharf HKS1.10 ip HKS._S0n. j It£ j v , c ji 61.£3 ee.U i 
hank mirchnses compared with Turnover totalled HKSli 1.49ml • • ittlt 

, iJj.-fr) it-'* ; 9J.4J 
(3/bj ' IUiW 

te.u: sw.oj 

I 71.2 

16 -'1 

J'l .0 


Sweden < 

1.1' lot. Hi. 



IuZ.'jG 1 It. 1: 


' i.i,;i 

fl'f 3. 

j7I-.4S ! Jdf.y; 

j 13.01 

1 0 1. 

2113.6 ' y'Ji.i 


■ illli 

! iL-. 4. 

799.2 | 

'CM. 4 




FimaAa Inn-. 11*3*0 

bank purchases compared 
S3 Em on Wednesday. 


i0t 8 
J 850 


4 46 




bl 2 




















187 S 



>Ul B 

*. Kr 1* di-nnin rantosa wherwise 4»au-rt 

M,. (-4.1 fi9.6 

clr .7 

lutnoruy 'leicpnnnt .w mrnu niYwi.™, y,, w | u S n 44 - 

50 pfennigs and Hong Kong and Kowloon I Hong Kobe M9-- M4) - 72 ;^J J} ' Aiuahny Airline* ...ft 

*— . ■ .... r fit's, ,n .» uten nn 1 “ ' ■ 1 k ,o Playboy Enterprises 32^.200 

IBS Am 1 il'Jrli 
fa, 41 1.73 ..411.29 [4 

1 1-4, lOl 

: 350.79 530.45 ! 330.99 • 

IM 1 1 22(f| . it*' 

Indices and base dates (all base values Scny 

} 480 Inds.. 40 Uulliles. 4« Finance and 
■m Transport. iHi Sydney All uni. 

MU Belgian SE 3112/83. «-• Copenhawn 
SE l/I.'TS. (Hi Paris Bourse 1M. 

Per srure 1 Kraiio 

NOTES: Oversea) orirea tnown ivlnw ann-ar fc-nu ^ SU J- 
••«auf|e I on-mium heleian mvMeMiB a Gross div fil5i 

are after wuhluiinme rax scrio and 'or 

« PMM denom unless mnerwise sial«i. taxes 
tfiein* b*sefl on net dividend* olus ra* 

V Hras 580 dennm unless mheruifp slated 

l Japan 
j Singapore 

ricntf issue t- After locaA | 
lax tree « Krants - inclndiiiB ! 
I Inline div p Nora. 0 Share spill « HIv 
and rleld exclude special oayment ' Indi 
caipri dtv a Unniflcial trading r Mlnm-lo. | 

Suulbb Si:.7fi0 

llurruh's 306)60 

H'tuard Johnson ... iiri.4(i0 

llvrcuk's 275.900 

Amer. Hr. mo frdci*. 245.800 

Del E. Webb 2J5.WW 




8 ! 











+ 1 

+ 1 

+ H 




u Mercer omrtm* * AskMl 

? Krs SOfl npimm and Bearer sharea twiners only--- — --- - 

■inless otbpruiisr qtaiprt. « Yen M denom. t RM. S Traded t ffjj* » 
n ew si a iwl - Prire at -ime xr Et rtchts rit Ex HvWnd 
-It suspension n Klurins hSehllllnps scrip ««ue ta E* alt. a Interim since 
«>nrs Dividend after pendina riehn Increased. 

Bunk 3! '7.64. M!;|i Milan 3' 

New SE 4. L'63. (bi Straits Times 1966. 
u: 1 Closed. u!> Madrid SE 30'12'n. 
ici Mockhnlm Industrial t.'l'5S. if 1 Swiss 
Bank Corn. u»‘ Uuavailable. 


: Pru-c I 

|+ « 


June — 

j Dm. 

1 ~ 

1 i 

t * 

AbG 22 ’b 1 n'c 1 vi , o 

wnxVeralch... 587.5-2;! .31.., | ; | 

130.7b! I8.7t 6.7 

■ . 158.7| — 0.4 10.76 e.7 

281.5 + 1.5 28.121 5.0 
314.5 +1.5 I 18 2.9 

165 1 ] — - 

225.1 *0.9 17 j 7-6 

Venn , + oatV 1 A Iv 

uainder Hen*...-: 295.5^,...^- 28.12- 4.6 

'W“* - — ! ?S9.9-0.1| 17 ,3.3 

.. J il2' 4 ; ! 

Ure-merBrnik...., M |S— -1-0 I 12 I 2.9 


Jiytrl. H.VIKU... . 
Umii Giinimi ; 


IuIhuiI N«l- Gap . 
Ini',., v Pipeline 
Kauwr Kuroun-es,; 
Lmin Fin. Cun*- 

Lublun- U-niii. - D'. 

Mi-miii'n bine'll. 1 
Xlmary Fernusou 

lie Inly re 

Moure 1‘i.rpn 
M oui italunia te Ka] 
N.minila Mines... 
Xuritm Energy ■ 
Slim. Teieeoni 
Suniar Oil A Gatj 
Uakwoiri iMrl’nil 
i’acifio Coplarr M., 

Pacific Fein'leuml 
Pun. Can. t'ci'm. 

1*1111110 J 

Peuylea Ucpu 6...1 
I'lMi-tkib* G1I...I 


i)iu-i^.- aturgiMK 
Kou^crOll \ 

Hcwl Shaw | 

ltir> AIuiyui | 

li.ival IHi.hI Can- 
Key*' Tni-4 ' 

Stf- litre K’lourvef; 
shell l a 1 lad 
SUemif-U. SJiort.| 

-tiehen- U. O 


••Steel of Canaiia.. 
riteejiKock Iron 
Texaco Canaiia... 
Torunlo DnmJIk. 
Tran.' CauPipeLn 
Tran-, llounl Opt.] 



li id. nh«» Mines; 
Walker Hiram.... 
W«.t Cob ■ tTran*. 
Wev,tou Geti. 

■ 2 








a.bJ i 
+4*4 I 
l-U I 
adz I 



2.00 l 






*0i 4 










1 » 

12 U 











4. <5 
C37 B 
ll-' *4 

4 ‘8 
29 U 

• &J 4 
I£7 8 
H'4 , 
171* | 

U 1* 

- *9 














June 22 

••Prices! + or : DiiVY Id 

Yen ' — 

1 Mill 


. lunun 

•«i Nipi'.n Pnm' 

/un Phm«» ) 

Ida -hi — 

rtunda Mntore— 

1,'UMr K"X>i- ,1.170 

Iiuh.._ I 229 

N.^Ynkodo...^.... 1.350 

m .-. • b55 —a 

i.A.L. 12.670 +20 

.NII-WI K'e- t. P«. 1.14? !-rl0 


June 22 

ilvi.'kcrbuIT TSetni., 

U-iie)i.iBiiiina 1 

lisini Lined ...... 


rl'*r*.-ll-l — 

Hue-ch..-..-- — 


Un.i urcl baix— ... 







La-uciil.iau 100 — I 



ilamie mimn . 

.liuiiL'iienur Kncu.: 
.laeki-rniArui— I 
rteu -«-; UM UM. 

WU4-I UlL* — ~ 

■ til 1 l-ll 

•it. 1 Zuckca— 
(in —en A.G.—~. 

• aria 

* huA 

. I'lTin-* Wfrf W- 


-Oi 12 

122. : 114.04' 5.8 

294 . + 1 wlS.72 

127.5- 2-9 18.75 

45.8-0.4 4 

131 i+0.5 9.36J 

137.5- 0.5 14.041 
321 1-2.5 '24.44; 3.7 

222.5- 0.5 |18'72i 4.2 

90 j ! — ‘ - 

184.1— 0.4 1B.76 5.1 

95.0—0.6 - 

242 !— 6 25 5.2 

1.400—32 26 B.7 

110.5' — 1.0 9.36 4.3 

197.5- 1.0 12 3.0 

158.2 — 0.3 17.15 5.4 

215.2 -2.8 j 10 2.4 

648 +3 18 j 1.7 

129.2+1.0 — - 

115.2 +0.2 - | - 

189.5 —0.6 25 | b 6 
266-5—2-0 2 b. Ui 5-3 
288 —0.5 lo 2-8 

243 ' JZfc-66! 5.4 

117.6 —0.1 * D. 18; 7.3 

175.5 -0.5 J 14 4.0 
118 1+0.1 1 l£ I 5.0 
290 ;— 2 1 18 . 3.1 
210 2.2* 25 6.0 

li'IIUII &ti 

Ytir.rta _.... 

.>.•>«> UM’imiL* 

u-fiau mu. In. ...' built-..' 
jii iii-iBin He* vi : 

lit Iiljislll Li.n*. 

-4 It - ill * , 

Jll-MKI'-lll ' 

Delin' _ 

*i|>,* <1 1 ro:in|»in.. : 

• 1 HII • 

rt.inwi - 

■Hi. i:.**-in 

■ Hi ut Hn-tai- • 


1 lin Mi tine 1 

.fct*ia Ci.i-rnica . 

• ih 


#i>- Mm me 

•1..11 ft.'* ' 

•kin -ail-v 

•k \ •■ 'li>l*iui 


. 281 
! 120 
! 145 
; 145 


- 3 


— 1 1 
— 24 

i + 20" 

1 + 4 

+ 29 

+ 1-" 



3 :+T" 

— b"‘ 

— IB 










I 13 





| 4.8 


• 2.3 

; 1.2 
j 2.3 
1 2.8 
: 0.0 

10 4.2 

11 ! 1.1 
a 1 4.u 
12 2.0 
10 5.4 
10 1 i.n 
20 1.0 

Source Nlfcko Securtiic*. Tokyo 



Juut 22 

t Bid. I Asked 8 rradea. 
1 New stock 


Price | 




:t. j 

VdI. [ 



Veil- 1 



ATT • - 
ATT . .. 














S537 3 

Cldcorp . 





E. Kodak 





H. Kodak 

E. Kodak 










S. Kodak 




Exxon - 










“ “ 


















£260 : — 
5280 1 5Ie 






















22. SO 

' 1 































1 1.10 



i 57 











1 51 







! I 


1 ■; 
i ;; 

F 105-60 







Sat Ved 

Nat Xed 




1 8.30 

! 1 


I - 


1 - 







R. D. a bell 

!f 26.00 1-gO 
IF27.50 ! D- ao 

piao - 

Fl30 j - 

! 6 

i « 


1 0.80 

. 6.00 


i 39 






F 130.40 


p 122-20 

IL D. Shell 
Untie* er 

ritS ! 12.00 

F120 ) 2.70 
FI 30 ! - 







i 3 


10 % 
10 % 
10 % 
101 % 
10 % 

A.B-N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd.... 

Banque du Rhone — 

-Barclays Bank 

Barnett Christie Ltd.... 11 % 
Eremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

a Brown Shipley 10 % 

Canada Perm't. Trust 10 % 
Capitol C &. C Fin. Ltd. 10 % 

Cayzer Ltd 

Cedar Holdings 104% 

■ Charterhouse Japhet... 10 % 

Choulartons 10 *> 

C. E. Coates : U % 

Consolidated Credits ... 10 % 
Co-operative Bank ■•■ c 10 % 
Corinthian Securities... 10 % 
Credit Lyonnais ..... .. 10 % 
The Cyprus popular Bk. 10 % 

Duncan Lawrie 10 % 

Basil Trust 10 n 

English Transcont ... 10 % 

First London Sera 10 % 

First NaL Fin. Corpn. II % 
First Nat. Secs. Ltd. ... Jl % . 

B Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank *10 

■ Guinness Mahon 10 ™ 

lHambros Bank 10 % 

I Hill Samuel 510 % 

C. Hoa’re & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 9 % 

Keyser UUniann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11}% 

Midland Bank 10 % 

I Samuel Montagu 10 % 

B Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 
Bossminster Accept’cs 10 % 
Royal Bk- Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 115% 

Security Trust Co. Ltd. 11 % 

Rhenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whi teaway Laidlaw ... 101% 

Williams & Glyn's 10 % 

Yorkshire Bank 10 % 

■ Members of Ibe AccepUnc Houses 

a 7-3 Ay deposits 7%. Utioath deposits 

t T-day deposits on sinns of IlO.iwO 
and udder fij 5 ., no to 325,000 #4% 
aud over £23.006 72ti. • 

X Call deposits over 11.000 7'i- 
j Demand deposits 74%. 



+ or ; Div.[Vi-i. 

Ihnl.l ll-l JJ)— . 
usu'i.A- . 
l-KViii UuklFilOO 
\«EV iF'.lOj | 


ii^nh- -n 

Hi iki i Weal 'ill IKI0> 
Uurbiui L'euetuile 
Kiivrvier I'lF'.JSU). 1 

linnAmn l"i Pi.UJ 

I mi bnoi.enFlul 
lMiu»i>ii{Fl.irai. .[ 

. i.-ti'ivi-ii 

• Iuiiiuj 

. L. *i . ir .1 Aji„. 
nil. .Uu iL-i >L-'C)..| 
Y«H.r .eu iK-.IOj...j 
AMI.Nf' lH-4** L 
wll'nJ BiuF-JJ 

• r>t Mid HkiPvBl| 
•Jm IF'. -VI — — — | 
Van Unimifien™.. 
>*akh<ie.i »f . nOj- 
ybi up) iF'. 10).— 
njns'.-b veriKi.IO.: 
iioiw.. iP', sO)—. 


ilureniolFi. rt))... 
mky.'l'ao- H'da-r 
bill'vier it'", riii.1 
i 'lainuKn.IntSIV 

106.4 +0.1 | b21, 3.4 
89.8'— .4 — — 

362.5;— 0.5 2B.& 7.9 
8 Q.6«ii — 2.1 I 50 

76.0— O.l 123.5 

l£3,9l — ij.I | 80 

73.5' 26 

277 1+ 1 27.6 1 

137.0 37.6j a.o 

67.8 +0.3 i 94.6 6.1 

36.51 : 23 ] 0-2 

104.61-0.21 14 

34.0— 0.4 

152-0 — 6.2 



105.6;— 1.1 


187.3|+1. B 

J line 23 



+ .»T 

— ; Net 

PlV. 1 

Viiwi 2.37Q — | — 

k*. Bn. UmK... 1.045 +5 I 72 , 4.4 

.Mkiin -B" -1.930 -3G 116 6.0 

14 !100 . b.b 

e;b2- 'Z.260RI.+ 1CJ 177 

I rnbf. 6.440 1 430 

i-*bnqiii> Nai '2.695 , — 05 ;170 

12 * 4.8 

a ! 5.3! 
26 I /.to 
12 . S 5.3 
40 | 4.5 
21 : «.!■ 

42 , 5.9 

36 , 4.6 

lo I 3.C 

38.0 -1.5 I — I — 

*6.5 ; 17 | 6.4 

85.6-1.4; - J - 

170.5 A2bl| 7.5 

130.5- — .i 

122.71 — U.l ' 14 1 6.B 
130.I 1 — 0.6 ,3i.rj: 0.3 

252.5 + 0.4; lto | 7.6 

136 : «7e 4.1 

119 1 30 1 ux 

122. 2: -i-O.l ;4£. I 7 0 

405.8+0.8 33 j 4.0 


■ .I). Inn-feDm 2.135 |— 20 

i«v>eit ;l,308id +*4 

Ll'iix.ken :2.250 

HlftfT HA!,,,.. 1.740 

KitMitfiiaiiiit ...... 6.750 

Lh Kiiyaif Ui-i\^..;5.550 

fKii H... Iiru* .2.640 

iVln.riim 3.680 

-ivUmi I'aii'i'i- ..;2.965 
■hv Urn I mms uiii. 1 1.905 
■IMH 3.105 




—5 jl70 I 7.6 
|+10 1 142 | 8.2 
j+ 40 1290 | 4.3 
1—10 U325. 5.8 

S2.26' 3.0 

'—10 174 | 4.7 

' 1205 | 6.9 

I -140 | 7.4 

'—10 .215 1 
.. my ;:;:::::::::::..2.355 «-5 :121a a.9 

I IMi+i.m b n-l.... 2.560 j 170 | 6.7 

_n Mm. 1 1 i n—..! 710aJ— 20 ] 50 j 7.0 
»' ipiiic MnnlHiiii-.-.l.) 10 i — 10 l _ 


U-nw An-trai'3 — 

% n«ii Miu;. I nil-. In-i SI 

Imio 1 K+iiorau/in.w— — 

Ann«> I'tftro.eiim 

a-mic. M'nerai- - 

Akuv». Pulp P«|*r SI 

\ toe. C.m. In iu-irie« 

An. l. Fonn+atlnn Invert..- 1 



Aii-i Hi A li» , 

B«mtK«. Creek Gout 

uiup ,'lru lnt — 

bruipalmnile C-jpi«r 

droit en Hli Prot<netarv ... 
■*H T-Utll.— .— 

uiiriiin Unlt&t Hrewerv... 

v. J. Cole- 

-If Ml 

Cix-Lbum Cement U'.iiliici.i Aii-l 

...m m dim ifh.— 

.niiinc liinnuio I 

..miHin AiiMraiiM — j 

uutiku. UnWer iSIi — —l 

b3CUI( I 

.kiiiei-amitb............... | 

t.2. Iiiiiimlrles :- 

jen. Pniperty rruw....... 


rli mker 

ii-l AunniiM — 


leinun^k IikIuM ne" ....... 

■.•nn lUavidi... .1 

uciiiiar- Oii_ 

del nit* Lx | nnmon 

J IM Hiildinue— 

; ilyri h'mienuin ......— ... 

Ne*e. ' 

.McliOIMi i nivr notional ■ 

Null ll UlOkOli U' lin!4"‘3«' 

wini.iin.luu, ......... 

kill — I 

wilier bx|.iurHiiuti_ 

Pinnvoi IIiiilYNU — ' 

.(uL-kiil X Cnlnuin I 

■ i. ilrwli... .... 


.(■raos Exploration— 

llM'lljtfl I 


H’**i ern M in Inc (DO cen i a J 
iVn.ivlirlhi 1 

Autl. S — 

-D.0 1 




t2.05 1 





1 1.03 

7 1-13 
< 1.23 








1 1.18 
t0.2 I 
■2x 6 




June '.2 

h roiH’i 

l + :.» 

1 u 



<+ l.Oi 
j— 0.02 



|— 0.06 


I-"- -i 


-0.0 i 




'+ 0.114 
'.- 0.01 








!— 0.01 



+ 0.01 

'.ITW-II BltllK j 

wVirreTi+Hr' i 

. ivnd'Hii. ; 

go 1 

65.5 + 0.5 

105 i ' 



Anr-fc Hv'trr.Ki.n 1 


104.35 +0.75 
9Z.5;— 0.75 


Prt-e +"i 

.turn £2 

Cm* 1 — 1 

Aw-ialla OP 

1.03 -0.05 

.nit-n iu i+ra*i .. 

2.03 : 

1.25 c. . .: 


2.15 ,-O.02l 

At ne. OP.; 

3.18 >-0.01 

1.51 +0.0li 

2. B0 —0.01 

Untp PE. 

5.65 —0.06 

. 1: .. • r 1 

| 1.Z0 :-o.oii 











; 12 




Turnover: Cr.S6.0m. Volume 37.7m. 
Source: Rio de Janeiro SE. 



June 22 



And" American Corpn. , 


— 0.05 

Charier I'.ni militated ..... 


Ea^t Drleloniem 





-0 05 


6. Ill 




Rusi«nhnrs Vlaiinum .... 


ST. Helena 


Snuihraal - 



Gold Held- S\ 


Union Corpuraimn 

• A.M 


Dt- Beer:- Deferred 




— n.ns 

Kiwi Hm iici +’ty 

* us 

I'rcstdern Hr^nd 


-n 20 

Prcsidcm Sieyn 

11 A) 

— IMS 






Wwi Dnef'ininn 


WeMern HiiMincs 


— lll'T 

Wesicrn Deep 


June 2£ 






Pnce | + .»; Dlv. YW. 

Frs. ! 1 ' o 


June 22 

I Khbw 

l|-,)r Div. 'Y'J. 

tn im jimiimvii.... ia4ia — >4 I 11 ! H.2 

jurin'-er W 440 ^-30 ' 16 ! 3-4 

Uoij'te lkuh.,„. l 22 *j —l* i 13 9-« 

0,ut A-HiiU- 162U 12 7.4 

Finau lainteiuu- 130 — tc | 13 .10.0 

or. Uyeeencr._ 361 ! 12 ] 6-3 

ror. Paplr— 761a — j — 

rtoji-nc-Jiaiik 123) 4 — 1« 12 8.9 

G.N'tlTnH.lKmui 267 t— 1 12 | 4.0 

.\i*r-i Kauei. 1931*1— >* 12 j 6-2 

Jlielitt.rik —J 75*4 * 12 I 

y ri vail ani* — J la9 ) ‘ — ; 8-6 

rtDviu-iwnk ] la6 [ ( 11 1 8.1 

M+n. Uereai-i'en.i 402 i— l I 11 | 3.' 

i.ii« 4 1791*1-14 I 12 ! 6.7 

I 1 ! 

\ 1.270 

uBL-A 1.636 

.ita GeiuVlFi. U il,130 
Ik*. l*Hrt. i-eM... 850 

l fc ’* '*« ‘ 

.lOlll --S.ioa 

.-. eeirouni 

l_-l.-l lliw-M-l.. 660 

....... -I 

— 16 ! 

! 21 



...nnian Pi Cert .-74.500 ,-350lS50 
ih . laiiw.-i.... 7.450 ,-50 , 55 

i men- ■# ■ d. 

lemi-yi iF». IA)| .-1.430 

•vsrtle (Pi. 1 

U... Ill- 2.+05 

..'er .-~o £.o*5 
I'lre-.i 'si P ie.l.‘ ' 289 
hii iru i Pi. cOi.. '3.960 

Un. Pari»Oeri+t 485 
• inniHciUi»r lJi; 300*o! 

>uj^i I'u (F.liK*ii 449 
*wi*sair iPr. W 860 
JWIHH UHtlklP.IJj* 383 
]»mB iKe. F.*m.4.76D 

+ 60 
+ 2 
+ 5 

+ 25' 

mon Dank 3. 100 a 

.nrich lnr— .10.600 i— 75 





21 - l.o 

j.rtf.Y. 2.9 

• 15 I l.a 

• 15 | 5.2 

• 2b I 1.7 
; 26 | 2.7 

12 4.0 
14 4.0 
I 10 I 4.1 
.1 10 j 2.6 
1 40 2.1 
20 3.2 
44 2.1 

..elite +»_ 

\iiii*uel> vi •’l" 
ti Liltill < 

\i|,lit*t< ll-.... ....... 

•I ■ ' 

J..II4-JIICI .... 

,*.N. Ubtvi 
. arrei.-H"..,.. 

и. G.fc _•! 

к. l.i A me 

le Uitncol'e...... 

ui. Me me. 

e hi C.m n KV 
en«* l<+« 


P ■ . Pel ime- 

i“n. iJ i •piiim ■ 

iliielH. ' 

I n.-w|iu+ i". Ht-i ' 

L*lh-ije — 

L.Uinll — | 

u-uihihI il.e33 

.il-m-Mii. Plieinx.. 940 

.iliclieHii 1.9B3 

Jl.el Heiine*sv...; +76 
-l-illllflcx ......... | 

I'+UIVk ..... I 

I'eeliiuc-i | 

remi *1-1(101 ui ... 
reiuei.i-Ciir.icn. ! 

t* vlam ...» 

It vlii. 'leeJuii.jiii .' 

.well- -UK- 

.ill' me Poulenc... 

1 1, Am III ......... 

»l> KiwMiflr.i. .... 

-un .................. 

i. -enieotulquc — 

• li- nia.n ■ rand-, 
u -In-ir 1 

744.5 -0.3 | 4is- O.b 

3 [21.1S| 9.6 

'_j.l I 16.5, 6.7 
'—14 !2».2s. 3.4 



10 lift 

711 PO 

(— 1 



.- 47.7 

14-db ifi.7 
42 i 5.1 
4J.S| l.o 

/9 I 4.W 

31.5 B.; 
7 j.oU 7.1 
1 £ . 3.b 
11.1) 3.0 
12 iu.l 

ii./b. +.6 
17. In Ij.3 
8 .2): +.s 
5.7 9.2 

740 '-23 
137 —1.4 

189.7J+ 1.7 
bl.Bf — 1-3 

114.2— d.5 - - 

199.51 — 0.5 -l6./( 6-4 
13.+7 74.2 
ii.i's 2.3 
39.S 4.2 
3J.43 2- 
I2.b 2-7 

1 69 

T 3 




tW+A*ior. Industrial 

Barlow R^'-J 

I'NI InVw-lni iiti 

Cornc Finance 

Dc H.-cr. 1na’i<iria1 ... 

Klyari Cr-»»f'11daied Irv. 

IJUlira Si-*. * .......... 

F»- -r Ready Si 

vodemte V’oU;-‘brlc;ftliiSJ • 
Greaierniam Stores 
nnir+un Xssuranw'e iS\* 


LT \ 

, lc , ”7r'l7.' - flodwjy 


•>K Ram- 

l+ciui-r '1'llmQ 

l+Cl..f;J IVi't.-«,r 

P*.-« -a " Jilirsw 

V-. n<i itin**' 1*r<v«*rtiei . 

R. -'.lhraPdl r.Trtllll 

.. • 

Sjee Ilf.ldinrA 

S. M-PI 

C. C Smub Sue+r 

rrc. crl.- 

T. r, r Oats +nd NjiI. Ml~ 


Securities Rand li.S.Sft .72 
(Discount of 37.4%1 

-U.4 la. +5 12.5 
-1.9 I 7.5 0.4 
-6.3 “■= 
_7.0 1L25 4 6 
+ 0.1 — ■ 

27 0.3 

37 +.0 



4£0 -l 
a4S 1-6 
u8 .il .. . . y. 
.140.31- .8 l*-* 3 - 
1^>40 i+2lj ,!»-f 
2al -8 . ao.5 10.1 
726 •— 14 , 26-6; 4-? 
198.41 + 5.9 15. 16 1 8-1 
21.51—5 . - ' 



i ;« 



1 «< 
J 9* 
0 .«* 



7.-. , s 

i "S 



- 0.01 

+ 0M 

-o ns 
+o n.T 

— n m 
-o 10 

— n ni 

+ H.P1 
— n.iis 




June 22 



June E2 

Pros ! + wr j Div. VI. i. — I Lite • % 


I'ltA ]—■«!. 

4 ! + ! 

| OH.' 

K <1 

1 * 

„rtw)!liiU'*l*‘l .. — 


jo : 

: 2.9 


3.4 I 

695 ! 




88 1 


185 1—2 



Vrat SlugncMt- •• 

239 ; 



•a -M2 

■ I'r'V 



• M MCI 



i veil i Pnv 

rirt-m A O' jl.963 ~ 27 

Fired! npa-— i** 

mUVivw* I 1 16 

! 39.35 -0.75] — ' — 

I 465 -7 ! - - 
' 1.770»i‘ — 10 I 1=0 B.5 
' 1.430x1-+ a 16-' 10.1 

i luO i-5.75' - - 
I 11.760 -220' 200; 1.7 
I 195.5!— 3-= I - ! - 
I 56.050 —B0 1,200; 5.6 
146.25 -0.76i - ; - 
90 Sal +4 . 

' 130 6.5 

83. 6.4 

AuJ AlKM.jwfl..- 
A<ial+ivai L'lKrr* 
A ah A (Kr.^l..... 

Alias UoiiCMKriSl 

.illeni i 

UMOPl. — — 



+ "« 







+ 1 
+ 3 
+ 2 


I Kr. • i 

: 3.3 
' =-.6 
‘ 3.U 









+ 4 


rJKw+ *1UX 



-r 1 





+ 6 

1 3 1 

M*' ; | 


+ 1 

1 2 t 


+ 5 

! 1 

IIIV. — I. 


+ 1 

1 — ! 



+ 1 


>"lil 1C. I 






• 3 - V5 i 

».K.e. ‘i 

' hi 


+ U.5 



+ 1 


■b' K|9| 



6 .'i-i 

n L 


+ 1.5 

v — ■ 

Wlvo iKr. Wi»...! 


+ Z.S 








June JJ 


Bain, i Rilhjo ••• • 
Ktun-o Ail-ini i«:o ti.OUCi 
■lariwn C'-nirjl 

Bjh'ai Kxiwriwjr 

suiico ... ...... 

C.inix* riruiu'la (l.UOOi 

Halt vo liftiianu 

BdPia Ind. Cal. ■ l.flUO* 
p lud. Mi-rtuerraueo... 
Banco Pouul+r .. .... 
IJani+i SuniMn'Ier 
lijnwO UrquiJu 11.000 1 

hsneo Vireaja 

Bjjico ZarafiOiano 


Ban us Andaluda 

Babcix-k WiIcoti 




e. I. Anwon<-sa» 

F,nanolj Z»"- 

‘••pi lii.i TiillCi 

+ ,-rv> • 1 ."09 • 

nil**..' illiHU' 
r, i| Prvvudo'- . . 

••im. V<.-lJia»w-2 1 400 1 


IS. »'lu-.-fO 

•'i+tia . 

•‘aiM'U+as Beumd+5 • . 

t'..irolll« r 


• irno I' 

Sniai w* .... 

Am' lisa 


Torrai Itcislcntli ...... . 


9- 7 ! Uniou EIcc. 

Per cent 






















85 JS 

56 JO 

. 130 

. 104 


- 2 
- 2 

- 5 

- 2 

- 0.75 

- 0.25 
+ 0.50 


+ O.M 
+ 4 

+ 1JS 
+ 0-50 

- 0.25 

- 1 

+ 0.25 

+ 02S 

- \ ■-'■■ ■ •-■■-•■• • -: s : *'.• --5^ 




Barents Sea problems 

THE POSSIBLE involvement of 
British Petroleum in the Soviet 
Union's plans to drill for oil 
and gas in the Arctic Barents 
Sea has provided a new slant to 
the strategic, political and in* 
dustrial importance of this 

Clearly, the Russians regard 
the Barents Sea as an important 
supplier of fuel for itself and 
its Eastern European neigh- 
bours in the longer term. After 
ail. the Arctic Basin is seen by 
many in the oil industry as 
probably being the most 
important of the world's remain- 
ing petroleum areas.* Large 
nil and gas accumulations have 
already been discovered on the 
North Slope of Alaska — where 
BP is also heavily involved— in 
the far north of Siberia, and on 
the Canadian Arctic islands. 

But Norway also has aspira- 
tions for exploiting the Barents 
Sea; so much so that there is 
a long-standing wrangle over 
the possible median line be- 
tween the two countries. 

British Petroleum made it 
clear this week that it will not 
he drawn into any exploration 
activity in an area which is 
under dispute. Indeed, it was 
at pains to emphasise that its 
discussions with a Russian dele- 
gation in London some three 
months ago had been purely 
“ exploratory." “BP has made 
no commitment and no firm 

pledge has been made by the 
Russians." a spokesman said. 

We have nothing in hand and 
nothing is scheduled." 

He added that; the possible 
development of the area must 
be regarded as a long-term pro- 
ject, possibly taking 10 to 15 
years before any of 1 is found, 
proven and exploited. 

Dr. Djerman Gvishiani, de- 
puty chairman of the Soviet 
State Committee for Science and 
Technology, who led the talks 
with BP. recognised that the ex- 
ploration of Arctic regions was 
not urgent, according to Novosti. 
an official Russian newts agency. 
However, the Soviet Union was 
“now ready to negotiate in speci- 
fic terms on the (Barents Sea) 
project." he said. The stage was 
now approaching when oil and 
gas resources of the Barents Sea 
could be developed. This 
“offered possibilities" for 
foreign companies, including 
those based in Britain. 

If the Soviet Union opens up 
the Barents Sea to Western oil 
companies — and this is an in- 
triguing prospect in view of the 
strategic importance of the 
region to Russia's military might 
— then BP would be an obvious 
partner. BP has experience of 
Arctic conditions but. more sig- 
nificantly. if is one of the leaders 
in offshore drilling technology. 
This i6 why the Russians have 
been negotiating with BP about 

the company's possible Involve- 
ment in drilling activities in the 
Caspian Sea. Those talks have 
been continuing for the past 
three years. 

It is generally agreed that 
geological conditions favourable 
to large future discoveries exist 
in many of the Arctic offshore 
regions, including the Barents 
and the adjoining Kara Sea. 
Oil and gas reserves have 
already been found in onshore 
regions. However, offshore 
exploration in severe weather 
conditions will pose many tech- 
nological problems— a point 
made in the Central Intelligence 
Agency's discussion paper on 
Soviet Petroleum Production 
published last year: “The tech- 
nology to cope with pack ice 
such as will be encountered m 
the offshore Artie seas has not 
been developed as yet. even in 
the West. Thus, development 
of these areas is unlikely before 
the end of the 1980s at the 

meet . fts ■ increasing energy 
needs and obligations by the 

Remote areas 

The problems associated with 
finding and exploiting reserves 
in the more remote areas of 
the Soviet Union, coupled with 
the decline in production from 
a number of existing com- 
mercial fields, led the CIA to 
question Russia’s ability to 

Russia is the world's biggest 
oil producer. According to the 
Oil and Gas Journal its output 
last year averaged 10.9m barrels 
a day, some 2m b/d more than 
the estimated production of the 
U.S. or Saudi Arabia. Eastern 
European countries have been 
heavily reliant on this oil; 
indeed the rapid expansion of 
the Comecon chemical industries 
the mechanisation of its agri- 
culture, and the modernisation 
of its transport and metal- 
lurgical sector has largely been 
due tn the supply of Russian oil 
and gas. 

The CIA predicted that 
Rossia might he able tn reach 
a maximum output of between 
lira and 12m b/d by the early 
1980s but that this rate or pro- 
duction could not be main- 
tained for long. Consequently, 
the Soviet Union and other 
Eastern European countries 
would have to import oil just 
at the time when supplies of 
free world crude might be 
beginning to be tight— in the 
late 1980s. This was also the 
conclusion nf a report published 
in May by the Vienna Institute 
for Comparative Economic 
Studies. In fact, a number of 
Eastern European countries 
have already made serious over- 
tures to oil and gas exporting 

countries in North Africa and 
the Middle East. 

Mr. Jeremy Russell, deputy 
head of Shell International's 
East Europe Division and 
author of a book on Soviet 
foreign policyt has reported 
that the Soviet oil industry is 
faced with the task of provid- 
ing between 2bn and 4bn bar- 
rels of extra oil every year 
until 19S5 if its production 
targets are to be. met Taking 
the lower figure, that challenge 
ic on a par with discovering a 
North Sea Brent or Forties 
Field every year. It is an awe- 
some prospect. On the other 
hand, as Mr. Russell points out. 
the Soviet oil industry has a 
fairly good record in meeting 
its five-year plan targets. 


A Swiss publication. Energy 
In Countries With Planned 
Economies, reported earlier 
this month that last year the 
Soviet Union produced 546m 
tons of crude, including gas 
condensate — some 573,000 tons 
more than demanded by the 
five-year plan. During the 
year 5,144 new wells were 
drilled, again 489 more than 

There is little doubt that 
Russia is putting more emphasis 
on exploration. With 65 per 
cent of the total area of the 

Soviet Union consisting of sed>- jmirt ' of the . . undiscovered ar^a;; Tfusi accord Tiin^ opt oh 
mentary rock, the potential oil. reserves are thought.' to .'lie. ^ulyv^AlfhthxghrTenewal 'looks \/y£ 
and gas reserves are thought east of the Urals, 7-in | f > 

to be enormous. It is a ques- and eastern Siberia/ and. in. ■&(?',; date .of jjV 

tion of whether the Russian' oil ' shore regions -such*; 

industry can find and exploit' Barents Sea. ?•'.! . .-.■Otfj'^h^itiming Soyiet 

the new reserves in time to But the implications: of 7am1ouhce1ne4t--.aItijough -.N0r- 
offset the impact of bailing Barents Sea exploitation go /far ' yegiati: i>|Scnila^.-t^iiiafl 7 tn dis-IrN 
production in older producing beyond' energy ,t*L 

regio ns such as the Trans- The area gives Russi a its safest />;'i • d ^ ii t ft^bric erhg 

ucasus year-round access to- both -th’e a 

Caucasus and North Caucasus year-round access to- both 1 , the ataxia ^' nFVSrift>JKpT^n t _ 

areas. According to Mr. Russell, iNorwegi an Sea and the^Nor^T grfi npV Vf ^oi^egiaii' islajads 
ultimate recoverable reserves- -jAtlan tic and straddles the exit j gojjie -&Qf» ^Biifles^inorth - of the 
are at least 350bn barrels ot. from the crucial SoViet-naV^/Barent^ rSpitz- 

— some five to ten base at Murma nsk.v . Thus: $*••. ber^efi^Tfajrtfe ?gjves 4l sigiia- 
total proven reserves : joint BP-Soviet -Union: - .arflUpg; £ Tjfff - jrfjfrR ' the 

nd o'f 1976, depending -;prpjcct could bear pa--reIatM)lQ-;-. in gj e j a j. , deposits' ^pf :the' aiea 

are at least 350bn barrets oevirom 
5 Ora tons — some five to ten base 
times the 
as at the end 
on whether 
reserve estimates 
the more 

BP ~ and the Oil 
Journal. By far 


l u 6 ui» «uj an giuuai oim^cs r- . ihatr^ p»pitzDergeu-is considered 

I and Gas... -Norway anti the Soviet ^ .Tamtinehral -p* G^ c!; 

the greater-have "been in disputfr forsome ’ih«!f ;ii^7frwfctyiwilL allow off- * 

*r-?- years over the development^. 1 shpre: ;,proSpe^g 7by aU 41 

*J' the offshore region s ^.j n..- the Soviet ~c "■ ' 

2> ; Arctic part of ihe Bai^ts 

> Oflo has been . pressing ier--tzl<S * 

:: Barents Sea tiv be - div^edr Jn . sheik is-' : in' exten- ■ - 

accordance with the .1958 that - ' - 

tinentai Shelf •:», •: •. 
favours the drawing, . of. p^peet*hefe 3 '7 ; • - 1 * ?. >• 

. median line at- .an- eQUidj$tant-. “:u57iL' : ’ 

l : -point between '• * ;: 

- and Soviet co a Sts Mdscow^an ^ ® , T.— 

the other hand. Wants'^ 

7 “' .. '> the .. 1 Mnrmansfe-.-.base. The — 

I a much larger- 
'7-1 sea. 

"peninsula. . 

. , .the-force consists .. ■„ - r 

... . ^ rubmarihes. carrying 7 . 7-’ - - 

_ ^thA SS^r-fi'-Whi^ias a' range 
r, : . olr -1,500 .mile&r : ;_Tbi& limited 7" 


• I JL liJLlj lyrifU V.lrMAVM j;- ,V* • *i w V u ^ - 7 .. 

- ■' • : ' tance . jmeane - - ftdt-' the : sub- .. - 
; j|- - Norw *y ■marines Ireq.uently - ; to .. . - . ... 

"1 exploration in- the -Barents .Sea .'tin*' "Sareritk- Sm ‘towards T . . 

North Sea resouX«. .but a]^ , ■ 

partly hecausei/is reluctant to . -Even .with, the.deployinent of . . 
prejudice • fuWre' 'talks on the lohger . ^ Tange ^mlssiles, the _^_. ..... . 

drawing, up V a demarcation Barents.'Sea- wia^a^ .one or ...... . 

: liric. According to one • No.^- * : : ■" . : 1 

'tyUgian ■ irfficiak ib> London, the ^Soviet, ; t[nio n . . .., 

. Soviet dedsibn to : go aiiead with - Y^^scow’s 'pfed . to e^Jand : ; 

exploration- . .could : - seriously its r m.l-;re^ae J :nKiyv force it to 

affect the talks. -7 - xe-exanune somerof Jte strategic 

There are-'two <ffiier\disputes assumptiOts 7-aboat the neu- 
j in the -Barents. Sea whhdi may- t r ahty,of ;the sea Md may even 
have-' a bearing din '.thA CdtP forces it -toi-push . ahead .for a 
tinentai : Shejf talks and’ o\ ex- qiiick .settlement! with Norway 
p] oration: The , first 'conArOT'on-'thfe' vexed problem of how to 

fishing -'in the disputed *'^py exploit 'the 0)ntmental Shelf, 
wne" -between Norway and '1 

Soviet Union. An- agreement la% romsux' ^of the woru, jbv e. n. 
V- ar - aoriihnchpri- kort dfi JHbUdii-.jSetmUfc Proa, BewrowrteW. 

jear esrannsnea- some, sari on. g^^ ^Eitcrdu you a^ taemr » Smite t; 

r?ZOdKS: ' tnnendl, Allowing- riOT- ; Foreign. POOcn. pv'Jcfcmy ftnwM, pub- 


I the nght .to pohce fisbJng in the wMiBd. roniii^^^ 


and space 


Our involvement includes 
insurance cover for some 
40communications satellites 
valued at over $1,000,000,000 

Klaln Board! post 
ter head 
fibres diviakhi 

Hov: 3 Id 



l 'f» S'~- ^ lc 


Pioneering the insurance of space projects is an outstanding 
example of Bowring leadership. 

We began as long ago as 19(K5 with the Early Bird programme. We 
have since played a part in developing, planning or placing the 
cover for every insured satellite — pre-launch, launching and 
orbiting risks. 

C.T. Bowring Space Projects Limited, our subsidiary, is organised 
to follow up our spectacular growth in this field by arranging 
insurance for present and future programmes such as the new 
Space Shuttle and a wide range of commercial, governmental, 
scientific and research projects. 

Dr. B.- Smith, chairman' or Mr. y 

»CI fibres *- : 

I a member..’ 

ICI from, 

made ' - .-textile 
manage^ - '^rid r '• -sales . 

(weaving :- trades), 
j appointed: a -member 
Board in -1969 and 

later became deputy _ 

1 l tl a1 tJF&WiSSP* oyer 38 jB :^^uW.for^tfaei international *" > 

I chairman. . m • 1975 . . - . . : ;*CTgineei4i%T®iittitractfir ■ organisa-i *. 

. i =Son. Th^ otii^^mqr ^ - ^ c V 

Mr.-. Frank Sbanlcy aud HIr. 7 0 . - 

John L. Gagety ; are comtacncing v-:| 
a new stMfcbrokiqg: partnership'^, 



Once again we have been able to extend the boundaries of 

international broking. 

The reason? We have the skill, the contacts and the unique world- 
wide resources required to handle complex insurance running into 
millions of dollars. 

r - 

! I 

in Doblm* witfi .effect, from June 
28. The name 1 of -tbe firm will bew 
RIAD A AND" CO: :: . • ' ; ^r 

Management - changes by .Ibe-.-; 
take ^effect.- from: the end' ot this^ ' 
year Include: Mr. Robert G. Engel^: 
a senior > vice president heading 

Morgad Guaranty's banking oper,. 

atioos' in’ the UK end.Scdhainavia/ 
fts - shipping 

woHd-wide, will succeed Mr.“/ 

Moreover, we are members of the Bowring Group whose 
international services include not only insurance and reinsurance 
broking but also insurance underwriting, credit finance and 
leasing, merchant banking, shipping, trading and engineering. 


Insurance brokers to the world 


J r- 

; %e^ r 

; : r* L 
V. -v,; 1 • 

C.T. Bowring Onsurance) Holdings Limited, 

The Bowring' Building, Tower Place, London EC3P 3BE 

Tel: 01-283 3100 Telex: 882191 

A member of the Bowring Group 

tieaois .Weatberst0ne; aa7:execa- -; 
tive vice president and "treasurer. • 

Mr. WeaLhereto'pe' jfl . 1 to -be. ytcu r; 
chairman ■' of the-bank? atuJ. of : its 
holding . company,. J.- P/ Horgan . 
and - Co: 7 Inc. 1 ' Mrr . - : - 

A. N.;MaatwL, vlre Resident 
general manager, of the Paris ; " 
office, w'Ui- hecdme a senior "vice.;- 
president and-head be Ihe.oanSrts.r 
British : IS^-?>Scandinavia ) ‘ ; and; , 
shipping taiolie^s. ’ ^ 7 ' 

Mr: .IL, ;B 2 Edgc : .has iteiii 'bavp -tieen-i 

appointed ----- — 



jk, SjNi y j*. i 

as a'Oinaw ui. iwwuuia nj- . . ,ncr 

VESTMENTS. u - -7' . 7 ' Netherland s/ , -gperatyna;. r . 

. ri- becomes 
- r- - nnsirlnif^snil '■ mtniiml-. mannier' . s V’ 

I . . Friday June 23 1978' : ' 


t- -W31&: ■ . 

H&fc: -• 

•rifete 6 

1 S** 1 


£«=•. j-.i. 

;-.*r^~ ■-• 

v 3 

Friday, June 2| §97$ 

?ljr. . 

. i? 5^ 

The frozen food market has proved itself to be one of the most 
consistently expanding sectors of the grocery business. In virtually every developed 
country frozen food sales have grown faster than the total food market. 


By Elinor Goodman 

Wben .after the. war Unilever 
and General Foods decided to 
abandon their join venture in 
the British frozen food business, 
not even Unilever, which took 
over the Birds Eye name out- 
side the UJS.. was particularly 
optimistic about the potential 
Jot quick-frozen foods on this 
side of the Atlantic. Like many 
of the other companies which 
went into frozen foods in the 
early days, Unilever probably 
saw It more as a way of protect- 
ing its existing canning interests 
than a major growth area in its 
.own. right. ' • 

Tn Britain itself very few re- 
tailers had the equipment to sell 
-frozen foods and only a minority 
of homes had refrigerators. 
Even in. America, the country 
where TMr- Clarence Birdseye 
started . it all with General 
Foods, the market was in the 

Thirty years later the frozen 
food market has proved itself to 
he one of the most consistently 
expanding sectors of the grocery 
business. For its part. Birds 
Bye hais become one of the three 

largest divisions in Unilever’s 
British operations, and ex-Birds 
Eye executives are now running 
frozen food companies all over 
the world. 

In Britain alone the market 
is now worth over £700m and is 
expected to top the £lbn mark 
by the early 1980s. Worldwide, 
according to one estimate, the 
total market Is now worth £20bn. 
Frozen Food cabinets have be- 
come an integral part of every 
supermarket and a quick glance 
at any display cabinet will show 
just how far the range of frozen 
foods has developed since the 
days when quick freezing was 
largely seen as a means of offer- 
ing seasonal products like rhu- 
barb at unseasonal times of the 

In virtually every developed 
country frozen food sates have 
grown faster than the total food 
market, and while sales in the 
established markets, like 
America and Scandinavia are 
no longer leaping ahead at the 
rate they did in the early days, 
they are still showing volume 
gains in most years. 


Last year volume sales' in 
Britain dropped sharply for the 
first time since the war but that 
had probably more to do with 
the relative cheapness of fresh 
produce than with the country's 
overall economic state. Inter- 
nationally the business has not 
been entirely immune from the 
effects of recession — especially 
in those countries where per 
capita consumption is already 
high— but in most countries it 
has been less severely hit by 
cut-backs in consumer spending 
than other sectors of the grocery 
market . . 

In a World where convenience 
is becoming/ increasingly 

important in the whole food 
market frozen foods are no 
longer generally considered the 
kind of luxury which can be 
dispensed with when money is 
short; indeed they often offer a 
cheap alternative when fresh 
food prices are high. 

Frozen fish has become an 
international commodity, and 
thanks to the developments in 
containerisation frozen vege- 
tables are shipped round the 
world. It is not only in this 
sense that the business can be 
described as international. Most 
of the companies which 
dominate the various markets 
around the world are multi- 
nationals. In Europe the big 
names are Nestle and Unilever. 
In some countries, like Britain, 
they compete against each 
other as well as with national 
groups like the Imperial Group 
subsidiary Ross Foods. 

In other European countries 
like West Germany and Italy 
the two companies have formed 
joint ventures — which in the 
case of Germany have to fight 
strong local opposition. In- 
creased competition could be in 
store for the fut ure if the dis- 
cu si sons between ITT and Heinz 
over the sales of ITT's European 
frozen food operations bear 
fruit As a major earner. Heinz 
has long bad its eye on the 
frozen food sector, which over 
the years has taken sales a way 
from canned goods. 

In America the market is 
more fragmented but again the 
names whicb dominate it in- 
clude some of the biggest com- 
panies in the food business, like 
Green Giant, General Foods and 
Sara Lee. 

As the Monopolies Com- 
mission found in its report on 
the Eritish market, the frozen 
husiness is an expensive one to 
penetrate as a branded manu- 



Tonnes Kg per 
000s head 

1976 ‘ 

Tonnes Kg per 
000s head 


Tonnes Kg per 
000s head 









W. Germany 






















Nether! and 

























7 64.0 















































Source; Birds Eye 

facturer. But this did not stop 
companies trying when the 
market was growing at 20 per 
cent or more a year. Behind the 
Nestle subsidiary, Findus, which 
vies with Ross as Britain’s 
second largest frozen food pro- 
ducer. are a series of mergers 
which brought together four 
different companies over the 

And though the three major 
British manufacturers— Birds 
Eye, Findus and Ross — account 
for well over half the retail 
market, there are many smaller 
companies around which, as the 
development of the home 
freezer market five years ago 
showed, can catch the big boys 
off guard. 

The growth in sales around 
the world has not by any means 
always been matched by a 

growth in profits. Frozen foods 
are traditionally a high-volume, 
low-margin business. Despite 
the often close links with their 
suppliers, the frozen food com- 
panies are vulnerable tn sudden 
swings in raw material prices. 
Moreover, as will be spelt out 
graphically at next week’s 
International Frozen Food In- 
dustries Conference in London, 
the profits of branded manufac- 
turers can be seriously under- 
mined by competition from com- 
panies prepared to supply own 
brands foods at a discount 
America is still by far the 
largest market anywhere in the 
world. . No other country can 
compare with it in either the 
volume of sales or the range of 
goods on offer. In 1976 the 
Americahs spent £8bn on quick 
frozen foods, more than 10 

times as much as their nearest 
rivals the British. Per capita 
consumption was also way out 
in front at 35 kilogrammes per 
head as against 13.7 per cent in . 
Britain and 1S.7 per cent in 
Sweden, the country where 
Findus originated as an offshoot 
of a confectionery company. 

The - American market is 
generally considered to be at 
least 15 years ahead of most 
European markets, and even 
farther ahead of some of today’s 
big growth markets like Japan. 
The American manufacturers 
adopted a buck-shot approach to 
new product development right 
from the start and bombarded 
the U.S. housewife with a huge 
variety of products. The result 
is that today, with a vast amount 
of retail cabinet space at their 
disposal, the American manu- 
facturers offer a staggering 
range of frozen produrTs. Just 
one Washington supermarket 
last week was offering no fewer 
than 68 different kinds of TV 
dinners and the space devoted to 
desserts alone would have 
accommodated the entire range 
of frozen foods sold in an 
average British store. 

The growth in frozen food 
sales is obviously connected 
with the rise in living 
standards and a consequent 
increase in refrigerator owner- 
ship. But this does not entirely 
explain the different times at 
which different markets round 
the world have taken off. 
Urbanisation and the number 
of working wives also play a 
major part in determining de- 
mand. After the Americans, 
the Scandinavians were the first 
to discover the attractions of 
frozen foods, thanks largely to 
Findus’s early efforts in 

The next in were the British 
and in the late 50s and 60s the 

British' market was increasing 
at the rate of 20 per cent or 
more — and that was without 
1970s style double digit . infla- 
tion, to bolster the .figures- .In 
the 1970s the British .market 
has been given another boost 
by the increase in home, freezer 
ownership. _ . 

The French and German mar* 
kets did not really-take off until, 
about ten years ago, , when in 
the. case of France Nestle 
started investing heavily in the 
market Now the markets 
showing the biggest percentage 
gains are those like Italy and 
Japan where per capita con- 
sumption is relatively low — 
though in terms of extra 
volume an increase of 1 per 
cent in the American market 
is still worih more than, say, a 
20 per cent increase in the 
Irish market 


The growth rate is obviously 
partly dictated by the retail 
trade and the amount of space 
it is prepared to devote to 
frozen foods. A highly frag- 
mented retail market like Italy 
does not lend itself easily to 
mass frozen food distribution. 
Nor of course do the enormous 
distances involved in distribu- 
tion in countries like Brazil. In 
Britain Birds Eye is now con- 
cerned that future growth may 
be inhibited by the lack of 
back-up storage space in super- 
markets, while the development 
of the catering market may 
well be restricted in the short 
term by the lack of adequate 
storage facilities for frozen 

But the most important fac- 
tor in the British market over 
the last eight ^years has been 

the increase in home freezers. 
Ir was not a development for 
which the American-, market 
had prepared the British -mapu; 
factiirers. Jn the US refrigera- 
tors had long been.-sold with-, 
ample storage space for frozen 
foods and the manufacturers 
had gone into big packs in, the 
early days. American consu- 
mers buying foods for their, 
freezer compartments either, 
went to their usual supermar- 
ket or. bad it delivered to their 

In Britain none of the .com- 
panies involved in .the froz'/p 1 
food industry — - ’ whether 
refrigerator manufacturers, food 
companies or established 
retailers — was really prepared 
for the way demand for freezers 
suddenly took off. Families 
bought huge coffin-sized freezers 
and looked around for suitably 
scaled packs to fill them. To 
begin with, it was not generally 
the established companies which 
filled this need. 

In the High Street Bejam 
pioneered the concept of the 
specialist freezer centre which 
sold both frezers and the food 
tn fill them. A number of other 
chains sprang up with similar 
kinds of stores, while indepen- 
dent freezer centres, some of 
them operated by farmers and 
other producers, also pro- 
liferated. Of the big super- 
market chain" the Co-op was the 
first to set the message but it 
was not until about three years 
ago that the supermarkets really 
started making in-roads into the 
specialist freezer centre's share 
of frozen food sales. 

And just as the established 
supermarket groups were slow 
to see the potential of the home 
freezer market, so to were the 
big manufacturers in recognising 

Confirmed on next page 


i 0 

’ !CI 


v f * * 

O ptimum insulation, optimum cube , 
o ptimum h yg iene. And a savin g of up to % ton. 

How’s it done? 

Like its illustrious partner the.'Freightmaster, the Fridgemaster is 

a very simple, basic concept 

The trick has been to manufacture a self- strengthening body thus 

dispensing with a chassis. * ' 

And in the process meet the most severe class of ATP standards of 

insulation and hygiene. 

Thinking ahead. . . 

■ The Fridgemaster has been designed to meet current and anticipated 

International requirements. 

And the Fridgemaster is built to last. 

. . t _ .J 4-V, i-irmnT'ili- 

; trunking ™ ; - 

■ service other than routine checks. . ■ 

A - - • - - 'Investment is an over-used word in relation to capital goods, but it 
ij6 1 j us tified in relation to F ridge m aster. 

i \ IhewSte rootthefront bulkhead and the doors areallatleast 75mm 

y-mi polyurethane foam sandwiched in GRP. No breaks, no sidewall 

V . J an incredibly strong integral piece. 

J "^(By way of illustration, the roof had 16 tons hung from it on hooks /■ , , . 

■i ' : 'and only bowed 5mm-? i6"-in the middle.) mgsssSSSassB S L ■ .. 

* s - ; " Attention to detaiL , 

r • ■ :'The secret of high thermal efficiency 
^Shes in the retention of cold air and the pre- 

■i e j| *, 

foam tee is fresistant barner to tagze , 
any deterioration mthe event of accidental 

damage^ery yl(]IiaHMB point there’s apos- 
916 V SEuses two 500 gauge C 23mm) . . 


polythene sheet water ^ vapour bame r. ' 

bl ° C Asteel url£ipan the length of the van protects the polythene 

. nf tJprishable Foodstuffs and on the Special Equipment ;o J>e used far such carriage. 
* Agreement on the International Carnage of . ensnap 

sheet barrier from flying stones and gravel. 
O peratin g theatre cleanliness. 

• In the construction, specially designed continuous sealing strips 
and cornice sections give both a compression seal and an edge seal, to 

keep moisture out and stop dirt traps from 
being created 

And the door is a one-piece, specially 
moulded unit. 

Each door has four-sided outer door 
seals and a wedge type interior seal which 
restricts heat gain to the cargo area. 

(The cargo area which is steam clean- 
able has no exposed timber to rot and 
breed bacteria.) 

Even more attention to detaiL 
As an example of the lengths we goto 
to cover all contingencies, York have built an intricate system of ducts 
into the polyurethane foam. 

• Air and electric lines are therefore easily accessible. A minor detail, 
but one day it could be a vital one to a customer. ’ 

The ultimate reefer? 

The GRP Fridgemaster not only fits in with the regulations, it fits in 
with you. We have a range of options which make it the perfect match 
for all your load patterns. ... _ 

There are four self- 
draining floor options: ex- 
truded aluminium top hat, 

32mm or 50mm T section, 
or PGP plate. 

TheFridgemaster can 
be yours. 

In the configuration 
you want, and with the 
cargo fixings you want. 

Ring today to see the 
ultimate reefer. 

YorkTrailer Company 
Limited, at Northallerton, 

North Yorkshire DL7 8UE. 

Telephone: Northallerton 
(0609)' 3155. Telex: 58600. 







7 • ^ 

RSsan<S&T ; 


last YEAR the volume of following year sales increased it was only companies like free standing units. In the-i same .geezers- was i almost 14 

frozen food sales in Britain fell by over 5 per cent in real terms Bejam which fully recognised way Birds Eye madeadeter-feet By 1976. l .had fallen -tp and h^ges^mg 

bv around 4 per cent— the first as the shortage of fresh produce the potential of the freezer mined effort to start , selling v 12^ cubic- feet- A JKH^iJSSK 

significant decline since the created by the drought sent market Bejam, which this year hulk packs specially designed; was ! evident in upright’ HK'35X ^“^222 

market took off in the early people flocking to the frozen celebrates its 10th anniversary, for the freezer. Since then the'.wfclle younger families incrros- lines k 

1950s. It was not so much a food cabinets for their started opening shops which supermarkets have gradualtyingly favoured fridge freezers. Tor 

reflection of Britain's economic vegetables. sold both freezers and the food won back some of the sales from,'- ; 

state but a reminder of the in 1976 volume sales ecteed up to put in them. The food was the specialist freezer centres but- 

simple fact that sales of frozen farther 00 j y to fall back to sold in bulk packs and though these stores, which are a AlCUtl 

vegetables can be very badly belnw their 1975 level the fol- some leading brands were uniquely British phenomenon This trend towards slightly ^_“we^prou«oie_ co <^irea- 
hit if there are pJentifu! lowing year. The fall in sales, stocked, the emergence of stUl sell around 35 per cent of smaller freezers haS^ been rate on ^preparro^iOTO^ wnere. 
supplies of cheap fresh produce coupled with the intensification Bejam and other chains like the frozen food sold through the matched by a decline m the ?• - T 5 . 1 * 01 or.nncu. paramount 
And vegetables. „f the price war among the Dalgety and the plethora of shops in Britain. popularity of the giant pack im^rtancey 


together with fish, account for supermarkets last year" has independent operators opened Today 35 per cent of families sizes. New supermarkets say the 
well over half the British frozen raea nt that the big three maou- »P the W for smaller frozen 0Wa a freezer and by 1980 it-is big demand is for the medium- gTowtir m -fttB prepared -food 

food market. f a cturcr*— Birds’ Eye. Findus food producers to get into the expected that more than half sized bulk packs, and most have s^onBirds^e Is partcularJy 

The result was that manufac- and Ross have CQmc uuder market (Ironically, it was of ^ households wiU have one. the space to stock these. Indeed, optun^nt -about .the^potennal 
turers started this year increasing pressure. Suprisinsly. shortly after this that the Gov- _ ( sj rea dy freezer owners buy some people in the industry for, irpztti -^cakes and deserts 

overstocked and sales of ^ view of ^ American ernment asked the Monopolies wore ^ an half frozen food ^nery whether the sperialist/wMe^^ 

vegetables so far this year have experience> there- was r o Commission to examine the sold In this country as well its centre has a products- 

not been very encouraging. For significant increase in the share market) creating new demand for hoirie futiirein its P r ^ nt f 9 im -^ r ' 

Eye * ^mleyer ta ken j jy owo brands— at least j t was no t un til about four packa c ’ ntr lit® fost t-i.v- nf the smaller co- ' ;AsL seem;<fotinnflfo ab ont.the 

, treauus new uejuiauu mr iiuuus lUOire in 1L5 ,i... 

It was not until about four packaging products like foil tainiy some of the smaller ^ 

ears ago that the established trays and freezer bags. - ; f operative shops dos^ ■ 

companies— both retailers and But the trend is now away7butythe big chains like Bejam bl Vr vri+w freezer owners 

at one of its ?-* about 1/ per cent, and the manufacturers— really caught nn from the very large freezers to tailored their operations to .the iixiessin e- fhbv f eel 

its annual J ine u P of t J ,e leading manufac- t0 what v^s happening. The big slightly more compact versions, changing market. Bejam. for es^; thJtiSTT-was hbtfifcu^inarBthan 
review ,he cempeny chains like Tesco. The. average ..size or f is 

longed strike 
factories, and 

the industry nTf “ ad _ e Sainsbury and Co-op also started bought 
' “ " n p en i n g their own freezer over th 

centres — either in-store or as the average capacity for cbest v Thoagh the big manufacturers- i ~ " 

the concern in me muusiry Birds Eye market share in some 
about the ability or frozen food individual sectors 
raanutacturers to earn the „ 

returns from their investments ® J** 8 . ? yes ,, har f. of . 1 ie 
which were anticipated in the ^ket is far smaller than it was 
heady days of the late 60s and ‘ n Jl ,e fi ! ar n lysl f J « s w ^en it held 
earlv 70s when the increase in * l* r , ^ But it still 
home freezer ownership resulted t0 srfI ^47 per cent of 

in manv new companies a 1 ^ ro ? en foo J P? cke *l m 
entering the market. standard sizes and sold in supor- 

But if last year showed that ?? ar t r ts - u °" llu |.. 5 as » U ' e 
frozen foods had Jost their four Nest, e subsidiary Findus lS the 

ht has declined steadily 'of- other groceries as ^ r 

opening their own freezer over the past five years. Iq 1973 frozen foods. * a. rvsj*; r'-: -j 

.wnnna ..K.nifii (>• i. j.1 1..V wiaTMrfa/fhiwr* I r ~-" ' rfjm nr ; -l ^ hO nlM3I| - 


the drought, fell away, sales of / iese figures conceal the are five-course “hungry man” Growth of the $14bn-a-year ' ilv£s,say frozen foods ^re^TS^ ;e<»finauca) ! a^i^pergy-effiedent 
prepared foods like cod in ' ia /;f' u T p market for bul k p j atters f 0r big eaters, two- industry shows no sign qf.? ! fiht* Progressive Grbcer in; : n»aiis^of :food :pre'paration is 

butter sauce and frozen cream P 5 - jn tnis sector Ross, w-hich C ourse entrees for small eaters, abating. Americans have the April published a poU. of lcre%tii^;4reii^ndip^,aew inar^ 
cakes continued t» increase. always been relatively s hrimp cakes, devilled crabs highest per capital consumption- store executives in which 53’per vketing- v ,"-.<)pporhmilies r ”. . he 

Even under financial pressure strong in catering and only bad and fi|{ ets f or seafood lovers, of frozen products — they eat cent said that frozen fobds.are'rasserts^vV'. -,:..-." ’ 
the British housewife was not a small vested interest in the Wei „ ht watcher dinners for four times more than the achieving "better ihan average”- : 

prepared to sacrifice the 
convenience of foods like this. 

.ztuert^wa^e ovens bad 

. * j 1 , , II VI £11 l UBUUCl UIIIUVI .7 IMUL LUIU1 ui« . ftUUCVUl^. _ _ _ 

in^ arC L P , f 0 ! I et> has 0VCr dieters and Bavarian. Chinese British, says Mr. Hugh Symons,.gri)vrtb. . ; -been;^ris£4Iled lii i^T per cent 

10 per cent of sales as against -twns- a «r* •• --- •--- ' 


D . • „ . against and Mexican meals for ethnic 

B.rds Eyes 13.7 per cent, and f00c1 enthusi asts. 

At Birds Eye the view is that 
last year's fall in sales was 
nothing more than a hiccup. In 
sterling terms sales increased fingers sold were in packs of 60s. 

a research and technical coq- ■ . Ip 1976. the year for whkrh .pf ali'AJHeri<lan. homes, accprd- 
sultant with Birds Eye UB; whp ^e ! most recent figires rfedzen 'food report 
Near the TV dinners are the is doing research on the^airaUable, frozen products nudeVA^!&;.l^ 15 per cent . 

nn ‘J Pizzas— ranging from giant to industry here. In 1942 the : the highest sales gaS^V^'^r^iaiiket/.riftoetratioa •'1878.' 

r^fai rotVii LiPf T oc+Jlt 16 r r bits °f hors d’oeuvres — in average American diet eon- food items, after refrfe'ateA' -.iyear jmicn^waves are 
IvVmnil ^7 cheese, cheese and tomato, pep- tamed 0.3 per cent of frozeafobds. The leading star, in: mb#.. «Epett^d?to tnitsell gia and elec- 

e- ampie, ai per c.nt of the hsn . — j By 1975 that proportion jireag was pizza, ;fbUoN£$ 

Findus’s 3.5 per cent 
In some sectors bulk packs 

peroni and deluxe with green foods 

prepared vegetabf^-wl^trtgen fodcLmzurafacturers 

setting the pace. 

Even so 
will be much 


. ____ foods came onto the marker ve § etab,e and a new Birds Eye Except for World War Two 7 , ^nationalities. Italian food? .-jifea^ave /^ire ady.^ hn^ appear 

' ?he rate of -rowth naorelv Se growth to ?omc ,ine of vegetables lust- frozen foods have made steady'rtivioli and lasagna, are tag { .m.wpeta^f,a^ ; <5a$fea.:- 

.Vh dower than^?The 0^2 ? ™^ labled-San Francisco- progress since Mr. aarenefr^ere. and orientqT^e,^ 

ich slower than in the ireezer ownersnip. This p] . wis- «„i«v?ifc.nahle in wiHp‘ raru»tv_ . . 

late 1950s and 1960s when the development has s'utnulaletl ®. rtse »? besan de,e “ > ?. inB .T” dc : ^J£l e in 

■ rf ‘ -.1 

v ^ variety. 

market was increasing at 20 per fr^nS'Ules’but itTwaJo ^ ezi # P'^cesses.ln 

cent or more a year. The created new competitors for the MaQdarin * Mr. Birdseyes interest ¥as 4e4, ; to have sp^nt frozen 

growth rate had slowed down established operators, 
by the beginning of the decade In 1970 only around 5 per cent 
Jo 3 per cent in 1974. The nf families owned a freezer, and 

An empty plate is proof that someone's just enjoy- 
ed a good, nourishing, well-prepared meal. 

We at Findus are concerned to bringyouthebest 
food to serve on thatplate. 

We like bringing out excitingnewideas for family 
meals, always carefully preparedfromtbefinest 

Often usingnewtechnlques to add to our already 
considerable expertise. 

Our ideas and our expertise are just two reasons 
why we're still the fastest-growing firozenfood brand 
in the world. 

of top-quality products. 

And whywe saywe handyou'Success onaplate r . 

Bavarian and Hawaiian. 

It is in towns like Columbia fishing in Labrador. There hq 
that frozen foods enjoy their saw fish caught and frozen in 
greatest popularity. It is very mid-air in 50 below zero 
much a commuter community weather. When the fish thawed 
with a large proportion of work- months later some were 
ing women who have little time alive. Mr. Birdseye then 
to devote to food preparation, experimenting with fowl' 

Its residents can and do afford game, and cabbage to deve 
to pay the somewhat higher process which would re 
costs of convenience foods, flavour of fresh food. . 

With more than 50 per cent of 

American women holding at J)gy^|opniGHt 

aroused, so the story goes, while Mqx^an foods, of which • frozen;;. produ^-^^ilfeitolloHs' . ghd _ 


least part-time jobs, industry 

Fmdus.Success on aplate.Q 

constitute a large percent restaur^^^I ;spnri;ffiB mdus- 
;; try t6r§vs)a‘ ghSifer "growth. As 
Despite - its -posAkni as the labeur^o^^hb^^id^tiie, avail- . 
■orld’s leading producer of able' pqotiBfr ^rilied workers 
frozen foods, the U.S. Vcxport shrink institdtiqiial buying is 
picture is - not particularly on th& fo - 1976. of 

stable. Tariffs imposed by Com- the Sbn lb df prfepared frozen ' 
mon ' Market countries haye foods T>rodUced, -3^bn went to 
the limited trade in Westefn' retaU ciIstbmers. jurd\l2bn to 
Europe, says Mr. Martin, an^tbe : iood^ seijrice^market The 
of course many of the- unde r-i\UJS ^Ig rirtip&ntof;Agri culture, 
developed countries do not have B^^mifod-surrey ''of food pro- 
thc demand for refrigerated t ^^ors,fotjndfhat between 1968 
specialists expect frozen food Development faltered during products. Sales of frozen beef 1973, abpnt. 4,355 hew frozen 

production to continue to climb the war years but in the 1950s, and veal fiufrt«ated from 397lT ^>d, prddurtS fW^re introduced 

as it has every year but two as Americans moved to the 1975 buf .citeady gains were .to the fciod;sK i yice:induStry. 

since 1039. suburbs, food chains moved with made in p?rk ( 134m lb in 19757 - The Testaurarit business is 

Giant Food, despite its exten- them and frozen food- pro- and cbiefcdh (126m lb) salmon, doing well, and . frozen foods 
sive array of frozen foods, is duction tripled — from 2bn to vegetable .fruits and orange will profit^y it- Fast food out- 
one of the few chains to have 6bn lb. In the 1960s Americans Juice. ^ - ‘ = \ lets are drawing more and more 

cut back the space it allots to began watching the box with TV Indusoy forces. - are talking, famines oirt tp ; djnner. Ameri- 

frozen products. Its managers, dinners and meat pies. The about new £ ’developments . .in 'cans are expected tt i be. eating 
says Mr. Barry Scher, director wide acceptance of prepared three distinct areas — fi^h, onQ outfiftwo'niejdshway from 
of public affairs, noticed a drop foods took production up to foods designed, for micro-wave the hoifie some time in the near 
in demand when food prices nearly 12bn lb. Today ovens and .. institutional food future.-’/.-- . 

leaped 31.5 per cent during Americans have available almost Purchases. Despite' 1 tbe cn-rreut rise in 

1973 and 1974 and since then anything which can conceivably Although Americans in 1975 food- prices, which'^bnie expect 
have cut back frozen food space be packaged and frozen — soups, consumed: some 120m lb of sea- may fonT many Consumers tb 
by about 10 per cent.. sauces, candy, noodles, sand- food through retail outlets, lower costiaimedrgoods, frozen 

But as if to confirm that wiches, quiche, com dogs, pud- much of-. -this total included foods are' expected ’to' have a’ 
Giant’s cutback is not typical of dings, even snails. shrimp dishes, crab.-clam cakes, bright long-term -'future. The 

the industry. Mr. Sam Martin, Along with the spectacular fried scjllqps.' fillets, fish sticks trend towardi smaller families-,- 
publisher of Quick Frozen Foods growth in product types, the and chip'dmners. “Americans /foe rise Of singiemember hoiise- 
Magazine, asserts that while industry has spread to include simply haven't started, eating holds, the -focrease-fo working . 
some products were hurt during some 20,000 companies, of fish properly, says Mr. Symons, 'women in higher paid ^obS, the 
the recession years, others which about 150 account for 90 “They eat seafood but not the. emphasis ■ on : leisure' time - pur- 
spurted ahead. He predicts that per cent of production. mundane jflsh like cod.” suits, the groWfo^iQ idifoosable 

the present leap in beef prices Nationwide, grocery stores In a paper- to .be presented j ncomet __aii /theefr aughr well 
ta record 6.6 per cent in April) have been reserving incroas- next mouth. Mr. Thomas^ B. for the future. - 
will move customers towards the ingly bigger space for frozen House, President of the Ameri- ’• '-Vom*r Tlniinp 

cheaper frozen beef imports. In items. An A. C. Nielson Co. can Frozen Food' Institute, pre^. . ivaUCy UUuue 



the demand. for bulk packs to 
fill the freezers. 

Groups like Bejam stocked the 
leading brands like Birds Eye 
but they also sold many lesser 
brands packed in the sizes which 
the housewife wanted. The re- 
sult was that Birds Eye did not 
do as well out of the qariy free- 
zer boom as it probably could 
have done. In 3973 all the big 
manufacturers went into bulk 
packs. In retrospect they 'almost 
went tnn far. as the trend to- 
day is away from the giant 51b. 
packs of say. peas, to medium- 
size packs which are better 
suited- to the new smaller 

Birds Eye now claims around 
14 per cent of bulk pack sales 
as against 47 per cent of ordinary 
packs sold through supermark- 
ets. Of the established manufac- 
turers it was the third brand. 
Boss, which did best In this 
sector. It was already well 
established in catering and with 
only a very small share of the 
retail market it had little to lose 
by attacking the catering sector. 

In the future freezer owners 
look like playing an increasingly 
important part in the frozen 
food market. Already 35 per 
cent of all British homes own a 
freezer as against nearer 5 per 
cent in 1970, and almost half of 
at! the frozen food sold is bought 
bv home freezer owners. By 
1980 another 3m families are 
expected to have bought freezers 

hut it may well be that they will 
buy most of their frozen foods 
from supermarkets rather than 
the specialist freezer centres. 

The feeling among frozen 
food manufacturers is that the 
specialist freezer centres will 
expand rather more slowly in 
the future unless they start 
selling bulk packs of other 
groceries as Bejam is doing now. 
In 1977 the share of frozen food 
sales taken by specialist freezer 
centres eased from 36 per cent 
to 35 per cent last year while 
the multiple’s share increased 
from 48 per cent to 53 per cent. 

The increasing trend towards 
home freezer ownership has 
been evident throughout most 
of Europe. In some Scandi- 
navian countries over two thirds 
of all homes already have .a 
freezer while the proportion of 
families with freezers is greater 
in both France and Germany 
than it is in Britain. But in 
most countries, it has been the 
supermarkets — or more specific- 
ally the hypermarkets— which 
have benefited from this trend. 
Only in France has there been 
anything like the specialist 
home freezer centre interest 
there has been in Britain. 

If the increased ownership of 
freezers is partly symptomatic 
of the housewife’s desire to free 
herself from the tyranny of the- 
kilchen, the increase in the 
number of meals eaten away 
from homes could be said to be 


another aspect Of the same ball fa any other ‘Rectors of th* 
game. As such it could provide food . industry which . Would 
a mixed blessing for the. frozen appear seriousiyvtO' -challenge, 
food manufacturers. In tbe frozen food’s role as/the’con- 
U.S.. where this; trend has gone venience food of, _ the future., 
far further than anywhere. .fo Indeed'. : .developments , 
Eurepe. Jrofo/rthe food manu-: mierbyave dvens . toay, 
f acturers?^MtVthe- ref^e^ard 1 ' lielp- '■ffie?'SnaT2Stty.:iV- 7^1' : 
alamed-At-the :mipUcatioiiS--for. ' fefen.ab,. 1 in most of the’estab- 

prepared-'rfoodlsales. of: peopl . thegrowtb^rate/ 

eating .nfore .ratals 3h restau- 7^ ' likely : fo be' slower than it 

■ afrea^;hTOnlmMl«^ed : in this 
But agwnst. thli tnaiiy roana/ way, - so new product/develop- 
facturers think ‘that- .the cater^ .rnehtiu the future' isi.tikely to- 
ing sector cpuldj^ovide a major be -fo ainly . of, prepared - f oods.- 
growth marketTD^he 1980s.'-In aimed at particular segments of 
Britain Ro^^fo«ds-is ptrtting : the market"- In ^Brilaih, for 
particular efopbasis r on this ‘ example, Findus lS BOw- iaimch- 
market aDdlcohipahies from, out- Jhg a range bf c^rie-fohtrohwl . 
side the 'Products for slhruners, while - 

like United /Biscuits are' : just/Birdh Eye is * aiming for quite"! 
beginning. , fo more ^iu^tiaoiigaf 'a-djfferent market with iis new 
margins on^^aterteg/prodnc^ rangQ of desserts,, '! .1 

are gMoxBrl^r thanun one fonea fobd;.indusb ^ \ 
sa ^ es * ■ >‘"7 -- 'iv if.- ■ 1 -A ■ 'Axecutiye says; y" Wp --are ' hot- 

For to -invent l anotheT frozen., 

however , ) if. :WiU;^be- tlie' - shops pea or fish finger overnight but.- 
wh ich prov^Je - the foahv bSttle^ there, is plenty ..of room: left, fof ‘ . 
ground for ^xhe frozen ■ food.- the kind new. product." ' : 
manufactfosi^ ’>1^. ^he" Aa he points out, volume lio^ » 
Internationa “Trade .Centre m are im t Al ways ’the jsost profit . 
Geneva jH-edicted that all-Eurb-: able/ . Over rthfef pasf few years ' 
pcan countries vrith fhe. -excep- it-ha?been salesjQf foe; prepiared_ 
tion of -S&itforlaiid -' whi Si, 'risen fastest 

least doiibib?foe«: lines, 

of frozesyfao2st,f»y .i^rrdTh^^ksp&^S^'li^iiL'kcSiipet-ffd^i' 
signs are 'tl^r v%garies>Jif fluctuating ; 

will ' 

Qh Vl n ilj^ m 1 r »a r r f g nafeffAn Imo ■ »*: JiirtW* / . 

y.JUne -23 ‘19.78- 


oo - 


material supply f or fruzen food coming? - 1S ' * tr °” d < -’ ventu «l Production of VJS.fHM 

.manufacture," according to one rise^im * 11 have to t,JQne5 - This proved too much 

of Britain’s leading producers U i* furUw 5‘ t r ! ‘ jr 1,10 ma ^t and about 25.Q00 

-hut . there are s ?riW p5£ fish * l onncB have bce " ^rried 

and demand problems." And than Rif m ? re fyrwarrt into the current season, 
as in other sectors of the UK t aCt K Thc nianuf.c.urers have cut 
•food^ industry many of th « fish marked So ”f ho^cwiJei 5“* *> n *™««* acreages Mr 
problems are blamed on. EEC remain steadfast in their bolh poralocs anri P eas { h ,s 
membership, insistence on cod^ prodSc " ^ son ln ?" alt r P V° t,ear 

fi awjnatermls for two of the and the fortunes of the British < *“ rpluScs but there are 
industry s major sectors— meat catching industry do not ars ‘ n suine nuaners that 
and vegetables— are in basic improve dramatieaily. the frozen S* farn,ers may S ° ahe “ d 
oyersupply and though domestic industry will have to change V fr "°P S anyway in the 
supplies of fish— the other major from a largely domestic , pc " l find,n S bu - ver s latcr - If 
sector— have been cut back operation to a costly import- th,s P rov cs tJ ie casLMbcsr exira 
drastically, -worldwide avail- *>*secL industry supplies will obviously depress 

ability is more than adequate. There has been little sign so th f "?*« *? nh f r 

In value .terms fish is still the of any substantial change in 1 ®" *® l « f of ,I"“ n me .fi 
most important sector of ibg the public taste, for frozen fish. pr °ducls totalled £I39in a _6 


second place with meat products seeill « iirtle prospect ... „ , . 

with a 22 per cent share. substantial improvement in the arowt *} ,s expected t» Mintimic 
The problems of the UK fish Brilish ‘■‘“d catch." an . rf l ‘ ,niI ' ,s has r,,re ^ asI Ihat 

industry are well documented. The vegetables group occupies' v " J 11 ". 4, tc ™' s . me f. t prr,d ‘V’^ 
Loss of access to the Icelandic se ‘ cond Place in the frozen food Y' . 5l ' sha f ,n 2 the markr 
fishing grounds, inadequate l alcs tab,e vvith a 1977 totai °f ' v a ^ r -' b,p w,t h venetahlcs at 

quotas under the EEC’s “ 16u,n - equal to 30 per cent nf a ’ 111 35 per cent carh by 1996 ‘ 

common fisheries policy and market. In volume. terms it BuI ihis is not to say thaf 

reduced fishing opportunities m tbt? ‘dear leader with a share- f,1 o moat sector is suffering any 

non-EEC waters following the uf 30 pcr wnt. problems than fish nr 

general switch to 260-miie ^he clear leader within this V,, V' tables. In fact it is prnb- 

natidnal limits have all aet - l£,r is the potato. According »Wy sufterine inure tin 

to Ministry of Agriculture Common Market-inspired 


contributed to a serious decline 10 Ministry of Agriculture ‘■" mmnn inarKci-mspired mar- 
in the UK catch of the white fi S urc * 1*2-200 tonnes of frozen distortions than either of 
fish on which the frozen fish p .°. ,atoes * mostly in the form ..f the "there, 
industry depends chips) were produced in 1977 Beef is by far Hie most impnr- 

■ -mu- Rritich representing a sharp cut-back 1 ant raw materia! Mr this seel nr. 

fn i,5,rv-, n/rnh from the 1976 record of 177.100 '■•iili purchases currenUv run- 

r? fq— hut ,?f V lp nne.s. Birds Eve believes the n '»- at about 60.00ft tonnes a 

3.o per tent iu 19 n but this cut j, ac j- wa , even sharper and .«*ar. and it is the heef market 

eUtliiM.. output »t whi.-h ha, M «v„rcl y 
fall ta. cod landings. Out of a 120 .000 tonnes onlv affected bv the EEC’s coiinnun 

im'XHZ Th,s reduction - reflect wl asrlniliural policy, 
non in 46 iQ^R partly the large carry-over from Commodity membership has 
3wl» fn ^ rl n , }!!m the PMwus season when mi the manufacturers off from 
'h.e- ir«« l °h ta housewives rejected high-priced manv of iheir traditional sup- 

* *1 .tS! 1 , b3S b K-P ° Sted Potatoes t resulting from the pliers, mainly in the Comm-n- 

drought » and partly the realisa- wealth anri South America, and 

landings of maeker . I a fish little t j un t j ial these san1e hj gh p r i L . t . s inn-ed them to rely heavily on 

wore Jikfly m lead to excessive thC production. 

used by the quick frozen food 

plantings and a depressed Birds Eye estimates that 

AS- cod represents three- market. This assessment was around two-thirds of the indus- 

quarters of the frozen 
industry’s fish supplies 

try's heef supplies arc imported, 
is with ahnut 15.000 tonnes coni- 
ine from African, Caribbean and 
Pacific countries under the 

food fully home out by events and 
the a further large surplus 

decHne^m catches has led to a believed t»» have been carried 
dramatic increase fri imports, over into this year. 

Latest estimates put the The problems of plenty which Lome Convention and most »f 
proportion of fish that some are besetting the frozen potato the remainder from other EEC 
larger companies now import at market are also, though les* < nuntries — mainly West Or- 
more than 50 per cent compared severely, affecting - sales many. Denmark. Ireland and 
with a “ normal’’ level of about prospects fur frozen peas. A France. 

10‘ per cent; Cod landings in very low crop in 1976. when Many people in the Industry 
ifie UK during the first quarter only 75,600 tonnes of peas*werc are bitter at havins to pay what 
of this year wore 54 per cent fruzen by the industry, led to they sec as “artificially liieh ” 
down 'on the corresponding excessive plantings last year arid EEC prices for beef when 

cheaper supplies of meat more 
suitable to their purposes are 
available from third countries. 

There are arrangements under 
which ihirU-country beef can he 
imparted tariff-free but these 
operate in a way that pre- 
cludra the frozen Mod manufac- 
turers from making any signifi- 
cant use of them. 

Manufacturing meat can only 
he imported directly into thc 
EEC duty-free if it is to be used 
in products using a very high 
proportion of meat. This dearly 
rules out the beefburger — by far 
thc industry's biggest meat pro- 
duct — in which a high propor- 
tion of meat •* extenders ” arc 
used, and effectively limits this 
meat in the relatively minor 
*' sliced roast beef in gravy ” 

Thc other way »t importing 
manufacturing Imef from third 
couni rlcs without paying duty 
is thr»uph the vi-callerf 
.iu menage ’’ system. Bui this 
involves buying equivalent 
aniuiims nf beef from the EEC’s 
mtervi-nt'Win stocks at ••inflated” 
prices. Since 1 his intervention 
beef is nut suitable for manu- 
facturing purposes — it needs 
too much trimming and prepara- 
tion — the premium effectively 
applies to the third country 
imports, removing the advant- 
age nf duty-free access. 

While EEC support prices 

remain at a level nhidi eiicnur- FQR A XAT(ON - wh „ rc shup . 
ages over-prod 11 tU.»n these pro- ^ 3 ,„. 3Vs> heen 

blems are likely to remain. somethmc mure than 311st a 
Tin- remaining frozen food tradition 1; i.-, hardly surprising 
products, consisting mainly of that Britain lead* tho way in 
confectionery and desserts, one of tin* retailing phenomena 
act-mi nf for about « per cent of of the 197 ns: rbr home freezer 
the market. But this is the main centre, in nr. other country — 
growth sector and the market including the L’.S. — has the 
share is expected to have home freezer centre assumed 
rcaohcd 12 per cent bv I99tj. such a prominent position in 
' , . , the relaii market a> it has in 

These products are obviously r»nl v in France has 

less drpendftrn on any single the Wal j ,,’ade set out to 
raw material than the major ejJIa hli S h freezer centres like the 
product groups l>ut some nianu- uiternationally-known company 
faidurers have experienced pm- Bejam. And that in France has 
blcms over the rising price nf happened only recently, 
cream, partly because of the Yet according to a survey 
EEC’s dairy regime. Artificial carried out by Birds Eye, the 
cream seems, judging by house- subsidiary of Unilever which is 
wife reaction, to present a quite the world's largest frozen food 
acceptable alternative, however, group- Britain only achieved 
$0 these problems are unlikely fourth place in the international 
to prove insurmountable. consumption of quick frozen 

n . , ! m* foods.. league table. The V.S. 

Kicnara iviooney \s way out in front, followed 



-• • i 

V-iL. '&J&. 

A large frozen fotxl store. 

more space 

bv Sweden, Denmark, and then 
the UK. 

Within the UK market home 
freezer centres are the fastest 
growing sector of the retail end 
of the frozen foods industry. In 
the past year the share of the 
market captured by freezer 
centres has risen from 16 per 
cent to 19 per cent. But the 
main outlet fur frozen foods in 
the UK still remains the 
multiple chains which account 
t or some -W per cent of trade. 

The Co-operative stores 
maintained their share of the 
market at 12 per cent with the 
symbol-supermarkets accounting 
for 9 per cent. Independent 
grocers and other types of store 
accounted for the rest of the 

Over tho past six years the 
number of shops, excluding 
specialist freezer centres, with 
frozen food cabinets has 
slumped Horn 122.ftft0 in 1972 

to 9S.90U in 1977. However, 
because multiples nowadays 
usually instal three or four 
frozen cabinets in supermarkets 
toial in-store frozen fond 
capacity has risen substantially. 


Retailer*' allocation of fioor- 
spacc to frozen foods is about 
four square metres on average 
in the UK. In the United States, 
where frozen food sales arc 
much higher. The allocation for 
frozen foods tends to average 
about 1ft per cent of the tot:i) 
retailing space. UK retailors, 
therefore, can be expected to 
increase their allocation of 
freezer capacity as demand 
grows. A recent survey, carried 
out by Birds Eye, reinforced 
this trend out. 

Some 200 store managers 

-U 5 • 


.! Vi',, 

from ten lop re rail -m: i..- 

a-f-vd Ivm much ad h:;-n':- ; :fo 
space for fro’en fonii 
be needed by ip/‘i. i.,-.\ 
cent said ;h:.i r • 
would account '.'mi- in 
or more of overall 
by 1990. Up to 2“> per 
that as imi'.'i a> a fifth 01 i:v. 
floor space ’xonlr! i., • Jev.ilc 
to frozen food * by 
and -,ome pm the «*r. 

The retailers were ni- 
ihe chance to -ay •. ’.iv;: 
main caiccnrifs of r,- o- 
wnuld demand the 
crease m display f.y U-t 
f«*ur categories 
grocery fond-.. i< ►.-ci- ein. r-< 
and dairy roods. f*:i|y -»ne n: 
of the CO'i lvlaibi.- 
froz.en foods v-ouM n 
more space by 19sn. 

Of 1 he majority 


I C i T 

■. *’ ,J 1 1 


You’ll get the Birds Eye view on Stand 24 at the very first 
International FrozenFood Industries Exhibition to be held at 
Olympia from June 25th to 29th. . 

There vou il find out that we at Birds Eye are the number, 
one frozen food manufacturers in the world: 

And also how we built the UK frozen food market into 
what it is today- 

How we spend more on , market research and advertising 
than all the other frozen food manufacturers put together 

And how, all the time, were developing, improving and 

adding to our product range. So we can offer you a range that 
no-one can equal. 

From Black Forest Gateau to Brunchies and beefburgers. 
From creamy cheesecakes and curries to fish fingers and Florida 
Orange Juice. We cater tor all tastes. 

And we export to no less than forty’ countries. Including 
fish fingers to Australia, cream cakes to Holland and even China 
Dragon to Hong Kong. 

Come and see the Birds Eye 
Stand number 2-i for the whole story. 



<>r. I ■ • <- 


the wants to use this expertise- to the market to the independent., has freezer sections in 350 As the multiples and the movement of. 1,000 product which reported on the 'ftH . 


engineering group, recently penetrate une of the biggest possibly because of the high stores. 

inripnpndents slus it out for lines from factory to depot Its food — ... „ .. ..... ... ...... „ . . . . 


itxM s± ss. s asvtnsu = rtsrs s»rg ^ 

market in; l?fe of : ^zeo. ; ^feods 

announced a slightly surprising growth areas m the food in- capital costs for both retailer 
move for a company whose chief dustry. Last year, total spending and consumer 

claim to fame in the 1970s has on frozen foeda™* from fetOm Bejam. which now. has over 1M freezer capacjnr at 75 of its 1M ^tte «pm«« ~ ££ i.e'ictSTdisSbu- ML trade (eadudihg heme “Be^^Tmtdi^titw 

BK STiri toush takeover 5 i^^nf 00m - “ iocrease SSM5 MS s mrjs&mm* sr« a? sr» . ; 

In Mar it revealed plans to But the precise areas of «. its boom prospects, has seen integrated within supermsrkets. f ™“". f “ d „“" ket r L.J? eC ?^ o?”‘ 

set up B nationwide chain of pansion in frozen foods give sales rocket to nearyffiOm 
fold ciohk in the UK from a BOC’s move an extra strategic since it was set up in 1968. 
base in Kin"s Lynn Norfolk, significance. The real growth in But as the independents have 

The plans have been hatehed in the market recently has come grown, so the larger multiples Macfisheries are also heavily 
conjunction with Anglia Frozen from spending on freezer foods like J. Sainsbury. Tesco and the involved in the freezer market 
Foods the processors°aad Frifo* which has risen so rapidly Co-op have started to add "Most of the bigger freezer 

hl fi k ctnre^p nnprators during the past ten years that freezer centres to their stores chains have continued to expand : - - • . . 

The c'hain^hotild^be completed' It i s oow within sight of over- in a bid to compete In the despite difficult trading condi- depend on getting the frozen a mnnber of ^er^nqapi^ . .... . 

hv tup pariv '80s hauling expenditure by non- market. Effectively, the mul- tions and increased competition goods to where and when they f r N 1 p.-lo f if\TI supplying retailers agu^.j^Ul^li&..'gf'^3||EBi>q^iiieiiC 

frPR 7 pi* owners as the main f*nii- tioles have declared war on the from eroeerv outlets ** notes are needed at a cost-effective L/dltuidUUll brands.. re- 

«iLoni4n)< : 

Ifriv^w^T^ftefieljin nan- 

tne mul- tions and increased competition gooos to wnexe anu wnen uiey f^ n | Oll 8oti/\n ^ - ^ . 

The idea is 10 provide freezer freezer owners as the main eon- Uples have declared 

cnnarmcHratc ttnrf stituent of total outlays on independent freezer v K v..tu... onus njs ju il» eumuai sui»cj. *- — — ■=> — «* — utner irozen iuou cumtMuira — *; — - — - — — - — • ■*. • » - m 

d C Ii ^rUr SU ?f^ ^ frozen food. A recent list of spending plans it calculates that Bejara. still th e market place from mde- use a comb i nat ion of direct to of fhe market ^oidd se^^^'cast;_ti^^^^^?BOC to 

later and Sore hygienic <ier- Figures produced by Birds of the operators gives an im- the largest freezer operator, pendent small retailers *° de p 0tSi wholesalers or cash and cult for smaH 'eanwrtMg r1 ^J^|^^‘:dsiHa'.' 
„ SSLiKTJn net dNM Eve illustrate the point Last Passion of the scale and in- opened 17 new branches last superstores and discount houses t0 retai i e .r; daicd-. Pfrng a substantial *afage W . ; em afl. 

"m ^verai manufactured vear. spending by freezer tensity of the competition. year, and has 20 more planned Plus the rapid rise in transport J facilities; and own pods 'undyr theur;«ra^jnto ? spedalist ^ 

BOC has been distributing Initially, independent freezer big push to get into the market. Paration. ^Oewte added 11 A recent calculation estimated 

Spencer, via another subsidiary, most n[ this market Larger centres and is 
since the early 1970s. It now retailers were content to leave developing more. 

But it also centre chain with 57 outlets. 

timed relative to the require- storage depots in ine urv, ^ far as prices are cqnttnia^ br6bIeihi : 6£ J J&ffii]^- ^ew sites 

ments of the market. It will ing over 130ra cubic feet o£ bas been characterised in' the;.^obH ; ^proreit^thB ^ specialists ’ - ■ ■ ' 
compete with a number of weU- The J^ e ^ rfi “"^®. ; i>a^ .as one of ' 


established major operators. Christian Salvesen, Union told - on the part of Birds' 

onrl T?/»cc b’d , ni]ir6Y]tr - i-Lr'.ll'- <ibC _zzj' i : a 


One of the leading distribu- Storage and Frigoscandii 
tors is Unicold, formed by Birds Intense competition at the lovdng 
Eye, the Unilever subsidiary, retailing and distribution sec-- larger sales . ahd : ^^fot 

Findus and . Ro® ..generally; ^fofc- . : hacfciip^ ; ;to the^mntlples from rfAf) P 
its lead.\ ’^dufd ^h- v 

nearly two-thirds put frozen Bill O'Gomian. chairman of Excise. In the past five years, i n g costs with better tempera- PU teris ed depots. Ross Foods E.vo--at the processing end. Rpss Foods. Amorg^these 
grocery foods at the top of their W. H. O’Gorman Ltd., Britain's imports of dLsplay equipment ture control and improved uses a computer to control the The Monopolies Commission, vantages are we Mfeye, econo- ^ 


lists, with dairy foods second, largest refrigeration contractor Jiave outstripped home produc- reliability. 

Ttie bulk of those surveyed to supermarkets. •• Twenty yeas 


On the consumer side, 
research has shown that buyers 
of frozen foods tend to shop 

expected to see a sharp rise in ago an average new supermarket 

the number of different pucks had only about f 7.000 invested But British manufacturers 
of frozen foods stocked by 19S0. in display cases and cold rooms, are experiencing increased ^und for either price or 
Given This optimism by now it’s more like .£150,000," he demand and are beginning to variety. A study over an eight- 
retailers it is surprising that says. “ However, there is still a be more aggressive about mar- week period shows that only one 
there is not a greater incentive lack of back-up storage in many ketmg and publicity. Mr. Philip major multiple or symbol group 
to make more efficient use of nf the larger stores. Retailers Cummins, sale-s director of Car- — excluding freezer centres— 
frozen food cabinets. Many tend to consider storage and tor Refrigeration Display Ltd., appears to attract more than, 
retailers have insufficient back- cabinet space on the basis of which manufacturers super- b alf of all its customers' spend- 
up storage capacity which pre- forecasts for only one year market display cases, explains: in « on frozen foods. The 
vents them from restocking ahead. More often than not. they “In the first half, of 1978 we aV eragc is around 40 per cent. 


top-selling lines quickly and are buying short*' 
using the remaining space for 

a wider range of products. PrcfCrGIlCC 

In a survey of .2.500 super- 
stores and supermarkets carried He adds 
out by Birds Eye. a fifth were retailers to 
found not to have any back-up view of the 

were due to carry out frozen 

Another trend apparent from 

food display case installations in research over past year is 

laikniit a sharp rise in the number of COMPRESSOR and condenser was a household name in home: Which is for the food 

/ . • - a -V V I ■ - v ' •••••-■ 

■■■■: 'V: 

lodindnstor. -siXi l 2in Cubic.- feet units-.--' •' • 

storage for frozen foods. Mr. to look into 

JUbert Jfcljn. who ™ ns . » u| - ‘““ k „ a , n " exh.bmon in April snowea that markets demonstrates. One nnveiled by a British mannfa^ explained: ... Sl .. 

land s biggest food trader, told a f r 0 - ^ the major refrigeration display effect of this is to narrow the turer. It has been designed and selling fridges cheaper thad^Jliiear feet of display - . . planhed : .\far -^nas ' vet 1 qntBA- 

recent grocery conference in p * ' case manufacturers have distinction between retail and developed by Presteold Hold- Presteold could make thenL’'; ' : .v> : Prestcold^ is not/involvM in " dosed •itte'" - ' N-:*' : ^ • • 

Ireland that limiting the range British retailers how'ever. invested heavily m fur her bulk pack sizes . There is un- ings. the largest member of But the company continues ^ m ^SSuri^ • 

of irozen foods being sold, be- seem to haw a marked preter- improvements in the technology- doubtedly a swing to smaller British Leyland's SP Industries be the main supplier of etnalfcSS!? Wr rm8r 

cause. of lack of space, did not ence for impurted display equip- and styling of frozen food packs by freezer owners. group, formerly the Special hermetic -compressors to the ma iHr - - <• 

make sense. ment according to figures cases. Technical changes have ^ . ... nixrici«n 

. . . . __ u.z u J u u . n»virl Phiir/'hill Products Division. domestic fridge manufacturers • wilvhrB- " 

Th,c View was «h«*d by Mr. published by the Customs and been aimed at reducing operat- Uavid Uiurchlll FoUwfas ^ trial, ttils like Thom, although I*C eon- SSSkS 'ffTU S 

year it is to be manufactured trnues to make its own equip- XL trend in tins firfd-is towards future" trenff ; niay-be'tb replace v’r-- s 


Lookaround the frozen food market, and you’ll find Ross. 

A centrepiece at the supermarket In the freezer centre. 
Sitting in the comer shop cabinet 

Mum home from work the factory canteen manager, the chef 
of the grand hotel; they all know Ross. 

And we know them. Which is precisely why we have such a 
complete understanding of everything frozen foods can offer. 

Around the world, from Paris to Perth, Ross offers a first class 
service to ALL sectors of the frozen food market. 

Come and find out what we can offer you by visiting us on 
Stand 28 at the International Frozen Food Industries Exhibition, 
Olympia, June 25th -29th 197& 

lar trend in this fteldus towards future ay'te'tb replsce * 

in sizes ranging from 3hp to menL Last year it consolidatef wide . is , aild freezer - 

30hp at Prestcold's Theale plant its hold bn the UK market particularly for the dls*play T of «MK^: ^eefing whfle. retain^ :r7.. 
m Berkshire. The AGR is de- when Fngidaire, the U.S. wv- buUc bome freezer nackSi and lhg aihodnlar lbrm'otcibhstn^ ' 

signed to combine the advan- cern owned by General Molbrs, away iram ventiicaJ diispiay^es^arii - 1 - ••rsv’7>' v.V >' 

taaes of both the hermetic and gave up making compressors in ^ ag«inst shop -waife '- .v l;'- inside ^ ^ the! sto^^tiift J^iqr . *. • 
open compre-ssor while avoiding Bntam and ui stead is now buy- ' insf ttWUndS more auto- 

the disadvantages of both. ing them from Presteold for Presteold has 80C) TadioK;ottv fornrs .of storage and -- " 

The company has spent flra sale under the Fngidaire name. vehicles dperatiiig 

developing this muiti-role com- Thpn* ar»» hwn dicromihip • — - ■ - • •• c ’- 1 — 

e ,«e. .J * 0 1 discernioie - raore tha D so debots to nr^dSalyAwBiilt^nTfodiiced mobile - ■ 
during a period of trends withmthe homefreezer ^ de a maintenaneo-^rvice?^ :^(Sing- Ihte^ne of - Its -cold : : : -‘ 

. both of which are said Tstores - . and- forklift. :and pedes-- 


worldwide depression in the market ««ui «» »mcu o*c aam «*. i5Iorey ano-'io 

industry. It is hoped that it will to be related to the pressure triah st^ei^ aTer l&elS to be ; ' : . 

f .' nsrnaTtv hV i'.- • : ' : * - 

have uses both in the refrigera- for space saving. One is the ** least “ pa^aHy Tteptaced. by'>- = . ; 

e away from chest freezers U P. to abodt ih25m-«iblp,fm overhead ^ •• 

tion industry and in the grow- move away trom cnest freezers overhead -'cranba. 

ing market of air-conditioning towards upright versions and Inspire pressed atete-t 

«nits. the other, ^ hSS&S of^e ' ■ 

The AGR's main advantages can . 

include its abiUty to function as r S^ V SS U ^S3S^ 

iT.SVhS a vol°um P eSk Council for A^ril t^^Sow Other forma of compressor 

capacity. It could open the way JJjJJ® 1 P er cent of - hom ^ s used^fo?- S S oSb further^ step ; tije ’ . air- to 

to the use of low density refrig- ™ have a todge. Home ^ «W ranI ^fonthg ztfarfeetih.l978,by U 

erants and has wider applica- D,a rket sales of fndges, jndud- p . acquiring- - Searle-lfrtrai ‘BKIl 

tions as a high temperature heat ° V6r in Britainl 'wdth' 'I^^bfank:W£2.^ Arheavy fijdy 

pump. I.5m last year and British manu- storage ^depots in BntRin,. ^ NC 

Presteold is Europe’s major ^..rers pxnr.rtPd .HpMTv mnrp about I3tej. cubic feet capacity. 
industrial and commercial re- than - 3 °- 000 units. . The . -'followed.- . v ' ^^^55! 

fr iteration group, with more In 1977 one in every f ou r ' a h^^fhn cubic’ feet ^UiJJn The deifian <f' - effi ' .^TEs Con 

than 80 per cent nf the UK com* families had a freezer; this Co?d sSe^fid FrilbsSla - & *«lso ^ 

pressor dnd condenser unit mar- figure is increased to 36 per cent ^ oia f . likely_tP nraMrih^.fise of eqtiip- v , . * « - 

kct. The c«ioipany also claims if fridge freezers are included. Christian Salvesen’s clients me nt for.*!' exttuctihg heat a 

40 per cent, of the European By 19S0 it is estimated that 50 include Marks and Spencer, growth are '*. Frisstcold sees 
market for semi-hermetic com- per cent of all households will Sainsbury, ' Kraft and County bea ^ TecoVury^for -example, ^ ' 

pressors and 5 per cent of the own a freezer or fridge-freezer. Fare. The company at present ng , W g, heat extracted in a : ; ; *•• 

hermetic market io Europe. Sales of freezer units appear bas 12 depots in the UK, with, cojd stbte--tb • ripen fruit in L \ '< : • 

In tho mein com t A U A .. A iftrc tWO 1111(3 6 F CDnStTUCtlOn^ 2nd ATta rvT fho 


The company is aiso one.^if i^qtTHE largest, 

exporters ^ v ’ - - - - • — • • - 

Visitors at the exhibztio?L 'wiii : be woicoffie at ' 
STAND NO<7 jivtere ^fi^trang^P'fiofiie j- - * '• 
pr<xinced am3 imp^ed yfiget^jes^ : ^ and pasta.- ; - 
products areon'sJSbW.; : ’w ' r 7. '• . * 

In Europe 

compressors v . 

company, Danfoss, the Spanish than compensated for, however, cold. store is near Grantham 

company, Unidad Germedca by increasing fridge-freezer 111 Lincolnshire and consists t« 

and the Italian company, sales, which grew by 34' per cent 

Necchi. Japan is an increas- last year to reach 570.000, 

ingly important market, but Domestic fridge and freezer, 
while tlie U.S. remains the equipment uses hermetic com- 
biggest market for hermetic pressors — ■ sealed units which 
Presteold because of licensing must be replaced if they fail, 
compressors it is not open to- Presteold manufactures a series 
agreements. of these units at its Glasgow 

Presteold shares the Euro- factory. They range in capacity 
pean market in semi-hermetics from a fourteenth of one horse 
with companies like the power to 3 horse power and have 
German DMW, which also has many uses besides domestic re- 
plants in Belgium and France, frigeration. These include use 
Presteold exports half of the in air conditioning equipment 
production from its four UK and ice-making machines.. Corn- 
factories to more than 90 mercial and industrial refrgera 
countries through its subsidiary tion demands that the units 
Presteold Searie International, must be serviceable and there- 
It has subsidiaries in Canada, fore semi-hermetic and open 
South Africa, Germany and compressors are manufactured 
France. Like its competitors with capacities ranging from 
in Europe Presteold has been 0.25 hp to 70 hp for the larger 
hit by what it describes as “ a open compressor types, 
very depressed world market" Where large storage or sales 
However, turnover rose last areas are involved these units 
year by 38 per cent to £61ra, will often be arranged in series 

of which £13m came from in a plant room circuited to dis* 

direet exports and a further display cases in a supermarket 
£6.5m from its overseas sales play cases. and col drooms. . The 
companies. Profits before tax often reflect only a fraction of 
and interest were £2.5m last the store's refrigeration capa- 
year against a budgeted £4m, ciiy for there may . well be a 
reflecting falling prices and series of cold stores and prepara'- 
squeezed profit margins. In tion rooms behind the sales .area, 
spite of this investment has Refrigeration has applications 
been maintained, with £4.5m not only in tile retail sphere 

spent in 1977 and £5m due for but also in catering and in 

investment this year. special settings, like hospital! 

Prestcold's dominance of the blood banks. -Presteold acts as 
home market is reflected right refrigeration, .consultant, in- 
across the range of compressor staller and seryic* engineer in 
sizes and condensing units and these markets' anf-is the main 
the company therefore provides contractor for rnaftSf of the big 
a valuable insight into the stores and supeWM^ 6 * chains; 
equipment market at both the The company 70 per 

retail and cold storage ends. cent of all UK retail eontract- 
Untii the mid-sixties Presteold ing work, more half of 



Paul Taylor ; 



: *v. - t ;• j ^ f #1 * - 

•v - -,TeU:<^v*ortK.(0234Wai.4^L /- /--V .. ! 


" ? (r Ct ^L*TQ< 



■: v GJ^RAL FRIGQ SPA , » 

nm™ xr it 'thiwat tmnn nimrTCTBripc' -v'.j 


General'' Brigd- will* .^presaat’;; thetr’ ^redtoctJwv^ pt :ftozeni : 
vegetahlesV . arijchbk^ : ^p^_cra3aK,v r jS&eI t a 

i 1-^ 

l.y ■! V 1 V ' 

— - - “41 • 

T * J. 

-V ‘ 

: ’v:? --Tnjyflr 

_ - <• . •; 

\ Pn fflferal 'Times Friday Jurie 23 1978 


farming AND raw mater! 

Eire threat 

world zinc 
cartel move 


THE -EEb Commission has pro- 
posed Community approaches to 
President Carter, asking him to 
reject demands by U.S. zinc pro- 
docers for restrictions on im- 
ports .and a sharp rise in import 
duties, which would hit Com- 
munity producers hard. 

It- also hopes to persuade 
. other major producers, such as 
Australia. Canada, Spain, Fin- 
land and Norway, to “take a 
global view " and avert a move 
towards protectionist measures 

However, it considers that the 
present' crisis in the zinc indus- 
try, .which is causing Community 
producers losses of about $2m 
& year. is. cyclical not structural 
and indicated today that i{ 
would.'; oppose any attempts to 
form a " crisis cartel." 

• The - Commission’s' proposals 
-forwarded to the Council of 
■Ministers last night, aim to 
. form a united stand among the 
Nine before the special meeting 
of the International studv 
Group for Lead and Zinc, lo he 
held in Vienna on July 3-5. 

According to the Commission, 
the present situation in the' 
industry, with world zinc prices 
at about 3550 a tonne and EEC 
production costs at about 3750, 
is mainly due to over-production! 

BRUSSELS, June £1. 

A slight recovery in zinc con- 
sumption in 1976 and 1977 from 
the depressed levels of 1975 was 
misinterpreted' by -producers, 
whose stocks had risen to S45,(joo 
tonnes by the end of last year, 
from 212,000 tonnes in 1973. The 
cost of maintaining these stock- 
is causing heavy losses. 

U S. producers are seeking to 
imports restricted to 
450,000 tonnes over the next five 
years, and to have import duties 
raised to 7 cents a pound (27 per 
cent of the price) from ihe 
present 0.7 per cent. 

Though the U.S.: International 
Trade Commission - has rejecied 
these demands, the ultimate 
decision rests with President 
Carter, and js expected within 
a month or two. 

Approval would hit Com- 
munity producers bard, (he 
Commission said today. Not only 
would it severely limit Com- 
niuniiy export potential Hast 
year 10 per cent of EEC produi - 
tion went to the U-S.) hut n 
would also encourage other 
major exporters (such a* 
Canada, Norway, . Finland and 
Spain) to try to offload on Com- 
munity markets what they could 
not sell to the U.S. 

fish deals 

By Our Own Correspondent 
UV1Sl.t\, June 22. 
THE IRISH Fisheries Minister 
has threatened to veto lishiug 
arrangements bet ween the EEC 
and non-member countries, aiul 
to close fishing grouniLs wIT 
\ortb-wt»t Ireland. This is in 
respunse to (lie continued 
failure to achieve an EEC lish- 
ing policy. 

The must immediate problem 
faring the minister, Mr. Brian 
Lenibau, is the threat by Mr. 
John Sllkln, the British 
minister, unilaterally to close 
the Scottish herring grounds. 
Uc fears that boats fishing 
there will move south to the 
grounds off the Donegal coast. 

Mr. Lcnihan plans to close 
these grounds except for the 
inshore belt traditionally fished 
by Irish boats. 

His more general problem is 
the need lo operate the fishing 
plans he agreed with the EEC. 
despite considerable political 
opposition. Mr. Lenihan needs 
to have these working, and 
seen to he working, and hopes 
his threat of a veto on third, 
country deals may got the 
stalled talks moving. 

Such a Trio is Ireland's most 
effective weapon becuuse, with 
no deep-water fleet, it has m* 
in lens! ill Ihird-cuunlry deals 

mg to fear’ 
mb plans 

Europe acts against 


BRUSSELS, June 22. 

THE EEC Commission has 
derided to impose provisional 
anti-dumping duties on imports 
of ferro-chroraium from South 
Africa and Sweden. 

This follows complaints from 
German, French and Italian pro- 
ducers. whose output fell by 
about 17 per cent between 1974 
and 1977. while the Swedish and 
South African combined share 
of Community markets increased 
from 19 to 45 per cent. 

Commission investigations 
have shown that Sweden and 
South Africa have been dumping 
- ferro-chroraium at prices about 
10 per cent below those they are 
getting on their domestic mar- 
kets. The new duties will be cal- 
culated to make up this differ- 
. ence.- 

The Commission said today 
that price-cutting by Sweden and 
South Africa had depressed Com- 
munity prices to such an extent 
that EEC .producers were no 

longer covering production costs. 
Several plants in Italy have been 
forced to close. 

The Commission said the situa- 
tion had deteriorated sharply in 
the first few months of this year, 
following a spectacular increase 
in imports. 

The new measures are aimed 
primarily at South Africa. Total 
Community imports of ferro- 
chromium in 1977 were 300.000 
tonnes, of which South Africa 
accounted for 159,000 tonnes. 


Sales of blister copper pro- 
duced by O’okiep Copper arc 
being handled exclusively by the 
company and its South African 
subsidiary, O'okiep . Sales 

The sales agency agreement 
between Ametaico and O’okiep 
Copper is now ended- 

Delays may 
hit Colombia 
coffee sales 

BOGOTA. June K. 
c-reuld he reduced because »f port 
congestion at Buenaventura, 
normally the country's most 
active port, according in ihv 
Colombian National Association 
or lndusiralisis. 

Sr. Fabiu Echeverry, head uf 
j tilt* Association told President 
| Lopez Mivhplsen: ” Indications 
, are we will not be able to export 
I more than 500.GG0 sacks of coffee 
per month apart' from exceptional 

He said 10 ships were docked 
at Buenaventura. 10 more riding 
anchor outside waiting to dock, 
while six scheduled to call and 
three due to unload continued 
their voyages because of lack of 

Pori warehouses are practically 
full, so iho National Coffee 
Federation has suspended the 
granting of customs permits. 

© On the London futures market, 
meanwhile, prices fell again in 
response to the conunuing mild 
weather in Brazil. At ihe close 
September coffee was £1,404.5 a 
innne. down £59 on ihe day. 
Minimum overnight tempepu- 
tures in the coffee areas were 
about 13 deg. C. on Wednesday 


nor New Zealand lamb exporters 
have reason lo fear ilnj Common 
Market’s plans in reorganise 
Community trade in muifnn and 
lamb, according lo the National 
Farmers’ Union. 

On the other hand, bringing 
the trade under the umbrella of 
the Common Agricultural Policy 
could lead lo u 20 per cent rise 
in UK sheep production over five 
years, Mr. David Parker, chair- 
man of I fit* NFU livestock com- 
mittee told MPa investigating 
the EEC’s ideas. 

There was scope for this expan- 
sion without harming New 
Zealand, lie said. 

Mr. Parker complained of the 
“unnecessary barrage" of reports 
on how a common regime govern- 
ing lamb would push up consumer 

"There is nothing in the pro- 
posiilf will cause llio price of 
iatnh to rise any more ihan it 
would^c do." be said in 
evidence iu a Commons com- 


The Mmistr. of Agriculture has 
suggested a price ri\e of 10-15 per 
cent. New Zealand shippers fear 
:■ jump of 3S-4U per cent. Mr 
Parker xn'd ih«i even without a 
•-■own? on sheep policy there was 
hound tn be scum- naiur.d lurmu- 

niration uf prices in ihe EEC. 
This \ -J ready happening to 
some f. tenl. 

He int'do clc-ir for ihe first 
time that the M.tiionjl Farmers’ 

Union would not he satisfied 
with a simple agreement be- 
tween France and Britain allow- 
ing free trade in lamb between 
the two countries. France might 
soon face action in the Euro- 
pean Court of Justice over its 
periodic bans and heavy taxes 
cm imports or British lamb. 

Sheep farmers warned the ad- 
vantages gained for other major 
commodities through the 
mechanisms or the CAP. it was 
only logical, .Mr. Parker said, 
that lamb should bv treated in 
the same way as other farm pro- 
ducts. . 

Mr. Philip Butcher, an NFU 
commodities expert, claimed 
many people had wrongly 
assumed that harmonisation of 
lamb prices would mean only 
price increases in Britain. 
There would be reductions in 
France, he predicted. These 
might help boos: consumption. 

Commenting on reports that 
consumption could suiter drama- 
tically from price increases. Mr. 
Parker said that the price nf 
lamb in' Britain had rt a en 5U 
per cent in three years while 
sales had dropped only 9 per 

Mr. Butcher si revert that in 
spite of all fears about inclu- 
sion of a “ safeguard eloirei " 
jn the. proposed EEC lamb 
regime, GATT conditions ruled 
nut any import controls more 
onerous than the existing 20 per 
cent ad valorem import duty 
charged on lamb from New 

Is VV 


COCOA PRICES mi the London 
futures m.-irke i yesterday 
resumed the upward t.vnd which 
had been interrupted by Wednes- 
day's sharp sell-off. 

Reports (hat a serious oil 
shortage had brought commercial 
auivilj in Ghana almost to a 
jsiandsiill triggered a £40 permis- 
sible limit advance soon after 
ithc opening and nearby prices 
' made further gain*! during the 

Values eased back early in the 
afternoon but a renewed 
upsurge near the cln-e left 
prices near tne duj's highs with 
ihe September position quoted 
at £1.312.5 a tonne, up £4S un the 

The Ghanaian Government 
said jhc mi shortage, caused by 
the failure of a contracted ship- 
ping company to iifr crude oil 
from Algeria and Nigeria and 
deliver it lo Ghana, has reduced 

stocks by 25 per cent. Road 
transport frnin up-country farms 
has been affected badly 3od it 
is feared that cocoa shipments 
may be delayed. 

In London, however, the trade 
did not seem mo worried by the 
news from Accra. It was the 
speculators who were most 
impressed, though even they are 
thought to be maintaing a fairly 
cautious aliunde to the market. 

From Kuala Lumpur, mean- 
while. Heutcr reports that 
Malaysia's planted cocoa area 
is expected to nearly double to 

60.000 hectares by 1980 from 
about 33.000 hectares currently, 
according to Isbak Bin Patch 
Akhir. secretary-general of the 
Malaysian Agriculture Ministry*. 

He told a cocoa planter’s con- 
ference that ihe planted area 
was expected to rise- to about 

250.000 hectares by the turn of 
the century. 


Pilgrims flock 
learn from Tachai 


TACHAf JS ihe best known 
village in mudern China. It lies 
3.000 feet up in the Taihang 
mount. -i ins in Shansi province, 
some 300 miles south of Peking. 

The landscape at the time nf 
liberation ilhe Communist take- 
over) was unpromising. A series 
of steep ravines, with no more 
than half an acre of level land. 

The fields, 4.700 of them on 
the 130 acres, were tiny and 
sloping, so that they were unable 
to retain water, earth and fer- 
tiliser after any downpour. The 
grain yield was 0-3 of a tonne a 
hectare. Today it is 7.5. 

What with the difficult sur- 
roundings. the sufferings during 
the Japanese invasion and the 
alleged ox tort ion of the land- 
owner and throe rich peasants 
the inhabitants had literally a 
very thin time. 

Today after nearly 30 years of 
quile remarkable effort and 
many setbacks both climatic and 
political, the village is providing 
for 450 inhabitants in reasonable 
loniluions. wuh new housing, 
s-'lioolc and all the appurtenances 
or modern Chinese living, austere 
as they are 

The villagers were led for 
much of the time by a local man. 
Chen Yung Kuci. now a vice 
premier of the State Council in 
charge of agriculture. 


In 1964 Chairman Mao visited 
Tachai. and was so impressed 
with what h»? saw th3t he issued 
ihe call "Learn from Tachai." 
Ever since then the village has 
been a show-ease farm, visited by 
up to half :• million Chinese 
annually. and by many 

During the day I was there, 
more than 1.U00 Chinese arrived 
complete with notebooks and 
cameras, ntodded round the b/)i- 
side roads, visited the new 
housing and other amenities and 
returned ro their distant homes 
to spread the gospel. 

The message is quite simple. 
If China's present scanty food 
supply is in be increased, more 
cultivable land will have to he 

provided and more irrigation and 
fertiliser used. 

Over the years the Tachai vil- 
lagers have created 3.500 irrig- 
able terraces, and since 1970 
these are being reconstructed 
into larger fields.' This has been 
made possible by changing from 
the old system of flood irrigation, 
requiring absolutely level land, 
to the use of spray techniques 
which hotb saw water and do 
nut require such critical level- 
ling. The larger fields also allow 
for the use of some mechanisa- 

Tachai is lucky in its sur- 
roundings. The steep and eroded 
mountains of Shansi arc covered 
with loess soil to a great depth 
over rock. Loess soil, which 
covers much of Central China, is 
said to have been blown from the 
Golii desert aeons ago. It is an 
extraordinary soil. In can he 
tunneled inio — in fact many 
people still live in caves in it — 
but once broken down and ferti- 
lised becomes good friable soil. 

Carving the hills into terraces 
provided few problems, although 
subsequent floods washed many 
or them out. Today many of 
the terraces have been rebuilt 
with granite retaining walls. 

This work is still going on all 
over the area with a little help 
from tractors but mainly by 
hand. In fact the landscape 
has been so terraced that aJJ the 
contours are on the square, a 
most extraordinary sight. 

How much more scope there is 
for making more land by ter- 
racing is impossible to say. but 
i saw from the I rain plenty of 
land which would have been 
made more productive by the 
use of spray irrigation, without 
excessive levelling for growing 
any crops, except rice. 

It is not generally considered 
economic tn irrigate cereal crops, 
but Chinese farming cannot be 
judged by normal economic 
criteria. The crops are desper- 
ately needed. So the cost of 
bringing water to the more 
remote areas is. in terms of 
resources used, not really 

There is ample labour. Water 

and power to pump it are ade- 
quate, I was told. Although 
distance from water is a problem, 
there are no insuperable 
obstacles to bringing it and 
spray irrigation would probably 
materially reduce the quantity 

One of the lessons of Tachai 
is the emphasis on fertility, and 
particularly the need for humus, 
which js met by composting 
almost everything: dung, night 
soil and so on. On one inten- 
sive farm. I was told, that they 
used the dung from six pigs an 
acre and would like it to be IS. 
But of course ibere is not at 
present The feed for such num- 
bers of animals, most cereals 
being reserved for human food. 
But in praeiieal terms Iho supply 
nf humus is not :is critical for 
production as that of fertilisers. 


Nitrogen is increasingly used, 
hui even on Tachai. the applica- 
tion per crop is at present about 
half that in Europe under similar 
cropping. I was told in Peking 
that hy there would be suf- 
ficient nitrogen, and a large 
number of fixation plants are 
under construction. Phosphate 
and potash arc apparently avail- 

Chinese farm output at present 
js estimated at ‘JSOin tonnes of 
everything including a formula 
for calculating potatoes, pulses, 
mil lot — everything humanly edi- 
ble in fact and the intention is 
to increase this to 400m tonnes 
by 1 985. 

I see nn reason nt all why this 
should not he achieved as long 
as the water, irrigation equip- 
ment and fertiliser arc made 
available. Because where they 
are already provided, as at 
Tachai. the Chinese certainly 
know how to use them. 

I won’t forget Tachai. The 
beds in the guest houses where 
I spent two nights were just 
boards with a blanket over. At 
5 am I was quile ready to get 
out inio the fields to join the 
other visitors. 

World sugar crop estimates increased 

F. O. LIGHT, in his fourth and This was much in line with (?.9in from 6.2m tonnes. Earlier 
final estimate for 1977-78. put expectations and had very little this week Cuban President Fidel 
^ or l-^ suear production at impact un sugar futures. Castro said he expected the 

thiS° , °esiimaie e:J of :,S 9"^9o!)0 The Crease over the third Cuban crop lo exceed the 
tonnes, and 1976-77 production of estimate was mainly due to planned target of 7.3m tonnes. 
87,452.000 tonnes. revision in the Cuban tonnage to Reuter 



COPPER— Lost ground ott the London 
Meal Exchange fotiowtng the lower New 
York market overnight. Forward metal 
waned at £723 but when stops were 
touched off at £720 slid to jF» 12. iTonsumcr 
busing at th« lower level was noi strong 
enoagn ro hold out against s-on-loss 
KtUns. A lower Comes p pent ns helped 

Kerb of £716. Turnover 27.400 tonnes. 

Amalgamated Metal Trading reported 
that m the irtonuhg three months wi re- 
bars traded ai £3?. 16. IS. H. H. IS. 1“ 

13. ;. 13. 14. 15.. 14. J4.5. 14. 15. 14. 13.5. 
M. 16.5. 16. . Cathodes- litre- months 
mg a. T71J. Kerb: Wire bars cash ‘692.5. 
three inr.nihs mil. 13. 11. 11.3. 13. 11.5. 

14. 13.5. 13. 13.5. Afternoon. Wirrhua 
'.■ash 92.3. three months £713. 14. 15. 

(uPPRtti “• m - 14- urf ’ ion. t+cr Jt:?;. ,4, .}"$• three months 

UUPPfiB| Offleial — Fn-ilOeiiil — *nn ... Kerb: Tvirvhars ibrve months 

- • - 1 1 " - 1 • £?«.* M. H!J. 75. 15.5. Id. 16.3. 

TIN— Easier as forward muvi-d 
d"wn from fii.JA) iu IS510 in early 
trading. The East was lower mvruinhi 
and ihv market was luOueiued 'iv the 
Tall In copper. Buying against physical 
business In Un- U.5. vied with si op- loss 
and chart & te)h ng. but ui ihe .tin-moon 
ihe buying continued and the price nn.ved 
up to £6.350 before closing on the Kerb 
at £6.360. Turnover 1.965 tonnes. 

jlornlh'i: Standard cash I’JWJA Ibree 
months £6.530. 111. 20. 40. 40. 43. 

Kerbs; Standard three months I6.S5Q. 
Afir-rmion: Standard three months £6.330. 

45. so. 55. 60. Kerbs: Standard three 
months £6,550. 60. 



a, in. f-f nrj p.m. |1 . 
oflh-bv j — tlnr.ili .-m . — 

" ! & I £ 

Wirehaxil { 

tub 6G6-.5 [—10 
3 monUis..! 716 .5 ID-5 

beltl'in'nn 696-.S IO i 
Cathodes-, 1 1 I 

Coab i 691-2.5-I0.2S 

713 .5 

689 91 

-16 & 


• month*..) 711.6-2 — 10.5 710.5-1 —15 


• month*..) 711.6-2—10-5 
Smi'ra'ntj 692.5 —10 I 
t/.d.Srnu’.l — !_ 

tbe weaker trend. Bui the decision of 
Soucom not to change its force majeurc 
and an expectation of lower warehouse 
nocks caused a rails' Id ■’ close on the 

fit Gr«ti" I C c l ' 

CankL .....i 6660-5 -tOO; 6655-70 ,-67.5 
i lUMHiikJ 6570-90 .- 85 1 6575-90 -72.5 
Set dent's .) 6665.65.- IOO' - ... 

Standard I I I ! 

L’wdi 6655- 65'-iOC 6 6650 70 70 

3 ntonths.i 6540-5 1102 5 6555-60 70 

Setuem't. t665 LlOU, — 

BtrnilN K.. ; 51725 -7«v - i 

New York! — I ... 

LEAD— Lower with the f.ill in cupper 
the main inlliieuee. l-umanl b. 
at £113 and lom-hcri a low f--r the d.iv ui 
£310 bclare rvcuuTiiu m On dlicminm. 
helped by N-.-w Vork mtlu, u> v* and •> 
weak i -r pound, flic close on ihe Kerb 
wav 5314.3. Turnover O.hso loniivs. 

LUKr h.1. 

lV«>|eMUVV j 

’. i iih . *4-oi i Bti-iiiv» 
— : iw 

f nn*- 

I.G. Index Limited 01-351 3466. September Cocoa 1807-1818 

29 Lamont Hoad, London SW10 OHS. 

1. Tax-free trading on coidinodity futures. 

2. The commodity futures market for the smaller investor. 



■NOTICE IS HEREBY RIVEN th« ch« thirto«nth annual general meeting of 
nt«mb*r* of Charter Consolidind Lmited will be heM at v y in ^ p “'-' r . 

100 OW Bread Street. London EC2N IBU. on Wednesday. July 19th. rt/b. it 
12 noon lor the following purposes: 

1. To consider the accounts and the report of rhr director lor cht year 
lo March 31, 1978. 

2. To declare a final dividend. . . _ 

• X To reappoint as directors Mr. f. J. A. Howard. Mr. Ll. W. f n 7“ n ’ 
Mr. W. O. Wilson. Mr. J. E. H. Collin*. Mr. H. J. and Mr. 
J. Og’lvie Thompson . 

A. To reappoint Coopera & lybrand and Dcloicte HasLiM 5 Sci" as 
joint auditors and autho"*e the board to ft* rheir remuncra.ion. 

A member entitled to attend and .ote at the mwimi .3 9 ntnM to *Ppt»M 
one or more proxie* to attend and. on a poll, to vote imioi o 
pnwy need nos be a member ol the company. . thc O ojrd 

D. 5. BOOTH 

A0, Holborn Viaduct. 

London EC1P IAJ. 

June 22. 1778. 

1. ^itoldan of share warrants to bearer ' w ^‘|® IV^he" recant 

or by proxy or co vote at tho meeting mutt eompiy 
conditions governing share warrants to bearer. 

2. Thore arc no directors' service contract*. required by The bra-* 

Exchange ■ to be made available for inipecwn at ** "J ' 1 ‘ W | a4pet . 

3. Copies of the annual report are avajlable from 40, Ho bo 

London EC1P IAJ. 


5} Per Cent Guaranteed Bonds 1972/78 

Holder, ,re reminded that the final redemption , of 'to.bW'ttone* Bonds 
will be effected on 15th July. 1978 at the offices ol — 

S. G. Warburg S Co. Ltd.. 

30, Gresham Street. London. Ec2P 2to 
or „ ,he offices o» one of the Pay. ng Agents named on the 

reverse of the 

S. G. Warburg S t.o. ere. 

» Principal Paying Agent 

23rd June, 1778. 


(Incorporated with limited HaDllltV In 
Netherlands AiuiUW 

Shareholders In the Pund " r *. l‘to S 2o 
that payment of a dividend of U.yo co 
oer share lor the year ended 3’st 
t378 has been approved ttv ’the Annual 
v*cneral MeeUno held on 21st June Wo- 

Coupon No. s on bearer Share c«vin- 
cates will be paid on Ptosentatkm « * he 
offices ol the Paying Agents on and ara^ 
23rd June 1978. Chaoues wflll be 
to holder* of resistored shares on tnat 

..Copies ol the Report of the Pond lor 
the year ended 31st Maiyh 7978 wIM oe 
available at the offices of the 
brokers from whom share* were 
and at the office of the PaviffB AJjeius- 
Br Order of the Board o! Management 

23rd June 197B. 


of Johnny .Hawkeswort n d Friends. 
YLt. 69 Ocad StTeet^n»n. W.1 . 


now at Midnight and i t a-«- „ 
"ri. CIMOd Saturdays. Ql-437 6455. 


A c«h d^rmutlon oi vo ss 

j'Jlv.^878 ^'’ orctemat'O” ol 
CO K.n NO GuVram t v : '"Tru*t Comoanv of 
2^^ ■felXSSk .Corporate Trvst Depart- 

merrtl New^Tork Brussels 

i! fiSSSSu 


^This distribution « In °n the 

regular wr torh r dlvWend Pavaui 1 MoTgan 

^ i*« j»*. 



frXcfinB M>ustrat«r nandoook. 

• l.KAD j 

I a. 111. . 

Dill' Hi | 

-full ' :-f 
— ILu-fli’-ial | — 

! £ 

£ 1 £ 

. £ 

’Cull J 

300-.5 ' 

-7 ; 303-3 


3 nujntlo... 

1 O09.5-10 

— 7.5j 313 .-a 




” 7 


U.b. 2>pia.( 




J.nv 1531 85 --63.0' 1625- l&3o 

■ ii.u-, ... 1494 95 ■ 59.0 1525 14s6 
\.«vi-n.*t-i ... . 1405 09 -46.0 1425-1365 
Jntnwv . ..' 1545 47 - 3R.Q' 1550 1300 

M.iuh 1285 93 -e«.5, 1500 172a 

' 1056-60 -42.0 1248 1200 

Ju.V ( 121540 - 30.0 1200 1160 

sales n't? ■ • ysi* |«I* of 3 miin-v. 

.Uabiojo uih’ dull Cl'JSv <iu urdiT 
huj-r. v<*ibT luisiii-.s*. salrffi: a line 
l.-Otfii. _ ,\ua. IiU.'jI), 1/5 im. 
iTa.GO. i: i-t ivi un IM nu. — : 0< c. 
1+1 liu. 104 'iu. — b. 1411. MU. laii.0U. — : 
April I'S 0t> Ml (Hi — June 1M.IW. 
i-n i. 00 . — . /alt... I ‘luh lets ol 17.JjM 

ICO Indicator prices fur June 22 <0.5. 
C'.'iiLs ik r i«'u:iJi' Culurubiari MiM 
Arabu-.-is li-.PJ 'IVJ./U-: unwasfii-if 171 nu 'Mnw*: miter mild 
Arabn.a:. lr._-.iC r|*. i ini>; Ruhuitas M»-3U 
ti.7ii.0Ui. Drib avc-raae 155.10 ilSLMi. 

Morning: cash 1702 3. EW2. £701. ibrt-L- 
months cifl. 12. T3.j. 12. 11.5. 11. £319 
Kerbs: ittrn- monins L'lu.5, lj A/Iemuou: 
three monlhs 1312. 12.5. 13. Kerba: three 
months £714. 15. 

ZINC— Weaker. 0) line wilh Ihv prevail- 
ing trend, as forward niciai mawd down 
from EU5 to CJofi bvlurc si aging .’ llmin-u 
recovery to X3QB and a ••lose on the Kerb 
ol £305.5. TUmorer l.luo iuwi«. 





'i i-rn-iiii) + ••! Verienlxy c + 
STnlll- ••Ur.«’ — I vl.l-H I — 

I a. III. .+ i.ri p.m. 

ZUfU I uni -lot — , L'lRdlWni* — 



1 + 0.15 
i t l'.56 
+ 0.55 

I C ! X 

Ciwli 1296.5 7.5 -9.5 -298.5-9.5 -8.5 

5 UMailK.[aW.b-.75 -U.U; *08.3-9 — 8 .‘j 
S’ mcta . . 297.5 — 9.5| i ... . 

Frni.UVstl 2M 51 . 

Morains: three months La«» 7 6. T. s. 
Ai S. 7. 7.5. r. n.3. 7. U.5. Kerb - ihr-.-r 
hioaih* r::07. Euxi..V .Uienwon. +js& C-"“'. 
thrvv month* LPKr.J. 6. ••.». 7. 7.5. $ 3. V.5 
Kerbs: ibree monihs OW. 

* Cents Pi-r round. *. On previous 
OffUial close. 1 JA1 per ptctii. 


. Silver was Used 2.5p an hiikc loirt-r 
for spot delivery in the London bullion 
market yesterday at 2»S.lp. UA cunt 
equivalents ■■{ die Usings were: Sput 
532.1c, down 5.1c: Uirec-niunUt 542.4c. 
down 4.4c: sfx-iuunih 553_'c. down J..V: 
and li'-month 576.0c. down Lie, The 
metal opened at 2SS.4-2.-S.4w iS52j-53ici 
and dosed at 287.6-2SS.Gn iK?:-S31c». 
M/c No. 16 — Scjwt — — — — 



tnw or. 




j+ .j I-3I.K. i+ iW 

— I close 1 — 

Sjoi j J—3.0 287-4S,. !-4 15 

> nu'iithr.. ! 295.75 m -5J6 295.45|i —4.0a 

■•niDDiliB.. | 303.5 |i -3.45 — 

tSahuiLlm. ! 320|- —3.5 — -. • 

LME — Turiitivrr ItiU i,7i V'l* nt 10.WU 
ozu. Momniu Three inmnli- 2%.*. MV 
B5.8. i>5.S. JN.I. SB J. Kerb--' Thru- 
niuuihs 596. 9fi.l. Ihi.U. Cj.4i 

2 sT. 4. three ninlilh. 2'i5. 5 2. s'- 5 7. 
3.G. 5 5. 54. 3.2. Kerb*: Three months 
295.4. 3.3, 3.4. 


CunlUiU'-d shortcnveHne allli-d volb 
modest consumer interest b*/M rrnrv 
steady through the day. Gill and Dudus 

.Y&icrtuy'i'i -f> dr : Birinns 

COCOA | Clove '| — | Lome 

ci*. I b-i.&j - + 0,20- "i9.45 

>,.v. ) 67.3 S • + U.I-J- U2.15 

Jtn. bO.10 ■ t U, Is. tM.Ba I 9i.7j i-L'.SD 67.45 

iu.- ,-o.:o; bu.95 

' IMPOF5TSD— Wheal: CWKS No. 1." 1.11 
P -r -.1 it. June iI*..uo Titbuir. L’.S. Dark 
,iiiril> ■ r'i Slum.- *Jo. 2. 14 n>.-r cent. .Mine 
r>t is. Inly £5%nd. Am;. LC.,23 iranshit*- 
m< ui Easi C«**i. 

HaiXe: M.h . l-r-.-och .tun' il«7.ri. Jidy 
£111.0-1. AM., till’ ir.uidilpmcM Ka« 
t.ux,I. S. Alri'.-an White .tu he- A UK 113.50 
(i!«s;u-i f. Alriejii VeLow Jure-Auu. 
£75 OT i.iljrsor 

HCCA— I.oi jrimi I'v-urm jpui prnw. 
Feed wheal — Snuili l.liieuln lDT.lii. Feed 
barley— juuih Lim Pin Jti.m. Will sin re 

IS! -III. 

The UK lliO’i- UT eu* fll-.iilil lur the 
Weil - btvilnilvi; Juik 26 I* expected to 
remain nii-.-Uaiiai.-d 

husin.-ss dan .— Wheat: Si pi H.IWI4. 
Nj> v;,4ifc».Jgu. .Ian. M 15-.4I.W). M*rch 
PJ n(l-92.. r Ji. May — . Kale-: I’M Barloy: 
Svpt. 7fl.5t)rj.2i), Am-. S2.:;ii-si.»5. jjn. 
S3.fli>s4.50. 3Jjri.ll 87.25-67.25. >lay — . 
Sail-*: l>4. 

EEC IMPORT LEVIES: Effective fur 
June .-J iu order tvmni U-ry. plus July. 
Acs- and So pi. premiums ’previous ju 
twcfetsi all iu uniis or accooni por 
innni-. Common hlioai — 57A1. rc<n nil 
»sr.*J. rest nih. Durum wheat— iaa.79. 
rest ml <11^.79, rest niP. Rye—t>7.fi4, 
r,.y mi i k: si. rest iilli. 

Barley— Ul .66. rest ml irt.ES. rest ml’: 
Oats— n/.fi:: r~*t nil ’73.65, rt« nth; Maize 
i uihcr than hybrid fnr seoduiK’— ' 7G.S-". 
rc-J nil »7C.&;. nil.: Buckwheat— All 
ml <au nii»: NHict— n.M. rcsi ml m.94. 
rest niti: Grain Corghum—s:;.(C rest inf 
iMK. r<-si tiil<: Flour Levies: wheat or 
•nixed .wheal and rye (lour— 155.21 1155 21 ii 
Rye Flour — 124.91 iUS.91). 


ABOUT UNCHAUCEO opening nn ibe physical in.irkvf Gaud inieresi 
iIiro’iKliuiil the do y el.e.iPK on a s’eJdr 
note. h-niv anil l*>.-Jt ri.pun..d * 
)Jj)a)M.iR .iOih/li'i J.fice ol 3511 l3Ji» t tills 
a kilo ilnr.vr, Juiy>. 

Ni..i | '•’«'»■ r. in'. ■ 


I'rrri’Sh | Sip.uH'.t 
eii '■e ’ 

, SoMTlIaKlI 

July .’1865.0-67.8 

sept .18! 1.0-14.0 

Dec 17K.U-6G.0 

March 1736.U-57.0 

Uav..._ I77fl.0-25.fl 

JiilV- ' 

i«4 1 

LsS.O 18W.0-I7S5 
+ 48.OTS&.0-I768 
It 44.61 1745.0.10.D 
I + 47.5/ 0SJ 

+ 42-O , 1 im.0-18.0 
1 + 43.0! - 

; i i 

Jills- ; 5B.50-h9.25i 58.86 SB. 40; 66.M-50.6O 

A up • 69.11160.00! 53.00-69.50’ 60.00-59.60 

Jlv-aem-, 59.00 53.«J| 60.00-a8.IS 
Ck-t- Ute' 62.30-62.4tl) 91.45 61,50 62.70 60.90 
Jbu- Sir. I 64.S5 c4.40l 63.4ti-6S.60l tfl.80-t2.40 
Apr-Jne- bb.7j-c5.BD 64.B5-B4.e6’ w5.80-t4.D0 
Jl.r-bef t’ 67.13-67.20! 66.13-M.26j t7.2a-tS.35 
Uff- cu . 1 58.40-68 "* «•»»»-«■--■» ™ 

Jml-.-Iir 1 B9.S5t9 


MEAT COMMISSION— Averane tai'lutk 
prices at represent* live nMrkets ”it 
June il: GB cairle 77S7p per fcs. l.w. 
I-9S5-. UK sheep 117. To per Vu. esi. 
d.e.’» . i-ll.ll, GB pig. 6J.1 p her I.w. 
i*illi England and Wales— Cat lie 
Dumber, dwn 12.0 rer cent, average 
price’p i~1.09>: bheeii duuu 12.1 
per rwn. average price Mfl.Do « — »&«: 
Pi.-*. IP S 5 per rent, overawe price *C Ip 
i-t-a.l- Scotland— Cank numbers dotnl 
11.7 tier rent. a*er price 72.43y 
i — 0.79 • ■ Sheep di-wn 14.7 per cent, 
avoraue pm-c 128.1P ’-->.8’. 

SMITKFIELD i pence per pound— Beef: 
S.;i,Kli killed sxlcs 56.0 io Si. 0: Ulster 
hiutlQUAnerx 73.0 to Ji 0. (orenuarii rs ;H.O 
hi ::i. 0 Eire hindquarters 72.0 iu 78.0. 
forvuu iners 33.0 to 'ifi.O. 

Vest: Dutch hinds and ends 54 ft lu 


Lamb : English small &4.0 to fit 0. 
frji-iisn medium 60.0 to 0» 0. Imporn-d 
frozen: \Z PL 52.5 i«J 5S.«. NZ PM 51.5 
lo ."2.0. 

Peru: English, under lou lb 37.0 tu 44.0, 
100-120 lb 39.0 to -rtO. 130-160 Ih ti.O ID 
COVERT GARDEN i price* Ut 6lcrlinR 
Dvr p;*cka*:e cuvpt where staled*. 
Imporlrd produce: O r MBM O 'WWf 
\ akTd.i Lima 15 kilos 4^pS.2i: S. 
.Mn-.-an. Navels 4 00-4.6*. Lemons— 
lialirii: IUU-T20S new trup 4.0*q.j0: 
Si ,j iiia. Trars J J0-1.M. farce hoses 
4.4V. Grapefruit— S. .African: 27 72 ::.4iV 
4.2u: Jaffa: 28 Wins 3.S0-4.20. AppIcs- 
l-r.ti'.h- Golden Dcllctons 20-10 t4* 3-flv- 
3.5*. 7.S 20-J.00. fumble boxes, rvr lt> 

U.ifi-0 IT: W. Australian: r.ranny Sm’ilt 
yjn. Tii>puirtan: Granny Smith o.i»: S. 
.African *: runny Smith B.:». While Winter 
Fearniam 7.50.7J*. Slarklns Dcheiou# h.’Ju- 
5. t[). i '•■’Men Dcluious 5.**-b.>4i. York* 
5.30-5 5 1 ''. UiUeaii: Graiutv Smith 5 0 O->.jU. 
Starknia 5 104.30; New Zealand: Slumi'T 
FippttiN lies 9is. 17a 9.20. flraiiny Smith 
qeu: Italian: Rome BcaUU* per lb u.l*. 
I'iidden fehetous 0.15-P.17. JotulhaUi 4U-lO 
4.49. Pears— S. African: Carton*. Mai+- 
ham's Ir’inipb 9.00. Winter Nills T.bO-i.tU. 
loscphinei 0.50. Feachci— Spanish: Siau- 
flard iray* i.00-3.20: Italian: Standard French: l.Sfl-1.00. Grape*— 

Israeli IVTlcttc 4.00. Plums— Spanirli. 
S I: i lu. : Japs 1.0M.20. Santa Ro«a 2.40- 
•L'rt Apricots— Spanish' 3 kilos - .00-2 W. 
Banas—Juman-aa: Per lb 0.13. Avocados 
— KvU'.j Fdcttu U24S tSMW. S. 
Alricau l-Ui-ne LKM.WI. Strawberries— 
Californian *-90. Charles— I'n-nch: Per Hi 
o.kO-O.iO. Italian OH. Onions— Curare: 
r.oi: Du: -n L50: Israeli: XV8: Trias: 
4.::n; Kurmiun: 2.80: Spanish Pota- 
toes— Cypriot: 6,60; Btiuan): 3.30: Jersey: 
0.07-0. 46 

. English produce: Potatoes— Per 56-Ib 
3.50-3.00. Lettuce— Per 12 0.60. Cos 0.90. 
Wrbh-> 0.70. Carrots— Per lb 1.30-1.40. 
Onions— Per SC-lb I.50-1.S0. Rhubarb— P*. r 
1b. uuiduor 0.05. Cucumhors — Per tray 
12 '34s 1 20-1.30. Mushrooms— Per lb n 30- 

0 4*. Apples— Per lb Brantley's 0.10-0.20. 
Tomatoes— Per n-& EntJlsh 4 40-4.**/. 
Greens— Per eraie. Kent 1 00. 'Jabbaui- 

1.00. Celery— Per 12 'Is 2.50-3.00. Aspara- 
gus — P’-r I’undlo approx. 5-lb 1.60-l.M). 
sirawhcirtes— Per 1-tb 0.16-0.20. CauN- 

riowers — P.'- r 12 Llacgln 2.1/0. Kent :t Oft. 
Broad Bears— Per lb 0.05. Peas— Per lb 



A qiie.l day In vhuh caltu-s cas’ d £1 
from i he ‘ip-nltw levels Uro r pric-s 
m ih- Chvaso market cunirihui’-d i” 
ir. akii-.-'« j: the close and s ranci d 
ff’irit i“ "i £L5fl. SNW Commuditu** 

report'd. _ _ 

;VrUttlfiy"+ v ,r Hii-Iih— 

( CVse " — Ik’lic 


June — — 

Aulu-i 1 19.89-20.0 - 1.9J 121.50- 19.00 

t’-li’ls.'r I21.BJ-S2.1 -f 1.40 122.20-21.00 

1 ’ t r”.Ur ....|16D.lft-20_3 + 1 .55' 120.50- 19.63 

Tel mm rr • 121 JW-22J +0.90 — 

April 1 123.20-24.0' + D.5S — 

June 124J0-26.0 +1.Q ,126.20 


.T>4 0-3 j 4 .2. Hi: Man* -aOA. a.-* ■>. «S..h 

35S.V 4: May *»! 'J. asCjA >l>3«.5. la: Pnres per tonne unless oihenvlse 
July 31*7.0. 363 3. 3o3 t. 14: t.'cl. f. "CT.U oST.O. 4: Dec. 259.5. 570.3. Staled. 

370.i)-:j70.U. 7. Total fac.s: 74. 


rj' ‘Mllf.’ .1 1 Mine (if for JffihrJttO'- 
Au+us: shlpmcni. White su^ir daily price 
«x hx-J d! £l'i:..ou If 10*1 .30’. 

Afu-r Ix-giunninc :h*. day on n -icadi-.r 
note, the nurhit drifted in fniri!' Him 
l1*nJilir>lis. Tin Initial sle.ifLllciS V. un 
ihuui:hi ni bv ■■ comhnuiioii c* nacen tiuiv 
shorn ycsionla* ’s Ken* an bu-.irt t-irt-r 
and curr-'av l)Uetuj:iuns A rally in the 
lyriy aUemoHii f:m-d lur LuK of fresh 
burins cl Hi- higher i-v. h and Juul 
ira*l*'v lift ih*. mi.r 1 .-.- .ibuiii nwchbiui.-d 
on ih: day. The l.DP W.« niich.uifrt at 
*l(ni. I.DH’W • ' re du— -i bv il tn 
rui3.Au. C. irsunukuw re por led. 

.■•iis**’ i 

Pro,. YcAcntuy* ; llu-mc. 

li-inni.. llv t:.'se L'"Uc 

C.uin. ' 

y. j^.r timin' 

An-. ... 96.50 99.60 97.5 j- 27.60 99.f0-57.25 
lh-l.. . Ill * 40- 100 5 sj.Ia-'Ji.&O 101.00 ifl.10 
K, „„ Iu2.66-03.7Q Wl.40.fll.4p 105.25 01.25 
M/ir-li . HO.tU lQ.r,5 10:. 60 09.70 ;i..5j Ue.50 
.Alai .... 1 1 12.85 15.25; 1 12 J J /2.50 1 ) 4.00 12.50 
liic.. 16.90 16.85,113.2} 15. fa 1*6.75 15.75 
0.1 .. ..1120 2b 23.40'-lla.4vla.3li 1 20 .+3 ’ 3^00 

Sale*. 2.4U •a.Mm lotb of 5b tunnes. 
Tjie and Hie evrililr.TT priiv lur 
yra nil la leu b*-<K ulitic sts.'Bf was £'242 40 
■ same i a ionite for horn- iradc and 
113A.OU luiit-baiiy.-d* "’w i-:.pon. 

jriiaiianal Sugar Agreement prise 
Inr June 21 l- S. urns per (kiiiikI fob and 
MO.-i'l C<nWv4D oorl - P.uly i;.bf, ’(.tii, 
1 . 1 -it.iy jVtM.-i 7.-7 J 1 7.w ■- 
EEC IMPORT LEVIES— Ed k-r IIV<? t’.dav 
fur dcnatursHl a no noli-dr in* fliri d >uyar in 
units nl jccuniu ia.-r luu kilns ipicumui 
m brack el-: r. White 27.25 <27.11 * Raw 

■£I.4i ItnnC' 

Lfiim-S: l+-r >l.<nrl, 
I 1«» I - ■ Htf” 

Metals \ 

U'niiiiil'iUi i£&BD 

1'rs*: mm kri ici*:, Iff i. 040-40 
L **l*l w-li \V,lliirs|L692.7a 

0 il,. -nl U- *i,i. ilu. ;C713.?5 

• *nIi '.■■tlhale j.’690 

> I'bmllir tin. .In. .L710.75 
. . Tiuv •.'r.i>lc5.l25 

£30+. 5 

' Hi..ntln .... ..'£313.25 

\i-ki-i £2.666 

1 tr Mxr*el’«-H'i Un 61.86 


rimin’ mi Uny 135.0 
Knv MnrLri. . . '£130.15 
V.’-ksilsvr noil i.i ffl'dO-aa 

rent,- rir.ii- n / 

',295.75:., £b,66D - 


ll'nlnnm &d.l>Hlwll'ff 150,33 

3iuc strell l£299 

i iioKrfis iT.J08.75 

Pi,.»lucer» ■ £636-600 

Oils | 

rivsunt iVbilj .... Iff 690}, 

lirriiiiiiiimt '£71*9 

T.iii'*eil Lrixle <vi.|£377 
I ‘Him .Mala tan k&OO-t. 

„ .. £680 
. lo.o-iooa-ia 
15.75 £740.5 
- 16.0 £760.76 
15.25 £732.5 
-15.1.’ £762.76 
1.76 * 181.12a 
-5.25 £304.25 
-4.a £514.26 




-5.55 £156.4 
. . . <125-30 
-3..i £8b.3|’ 
-3.25 493.011 
-70.0 £0,370 
. . £132-57 
-8.5 £323 
-S.5 £333.26 
. . '?566-&0Q 

-5.0 5600 


.. £365 
-5.0 3615 

Seeds . 

• cjmi Phtllii 1*480., .. A417.5 

.X’la^uo tL'.s.i... [S28Q.5-: -4.5 ?300.5 

oes for 

By Our Own Correspondent 

DAILY SALES Of liquid milk 
in England and Wales continued 
downwards again last month, 
falling 200.000 litres to 17.9m 
litres compared with lS.lm a 
day du ring Apr! 1 and 18.6m 
litres in May last year. 

Because Jess miJk was drunk 
ilie amount diverted into the 
already glutted butter market 
increased again. Use of milk for 
manufacturing was 5 per cent 
higher than in May 1S77. 

Afilk production during lire 
monlh was also higher — ^.*2 per 
cent up on May 1977 at l.-7hn 

Biggest increases came from 
ihe North of England and South 
Wales. The rise in output was 
also above average in the South 
West. Production in the South 
East was unchanged. 

Grains 1 

Lurn-I >;K«: ; 

lluiin- Eu turn.... £82.15 

•U?i i/jj 

I icii’-b N... o Aiiii£lQ5.7a 
V.'Im *1 

A". I Km spiiii^-t&6 
\...iH*olWinicr ; 
Kiuzlisb Miihui;..‘£UH.S 

Ci» •* 'l’l|””CIII £1.907 

I'liinre >f|il XI. 51 2.5 


'n« X 1.494.5 

•■■n inn 1 A 1 1 M'Im*... 7 7a. 3. 

liuiflwr Ini.. i58.25|i 


ll',i.ilir.|» d4s fcilii..,] 283f. 

■^0.15 £79.95 

- 0.5 £95.5 


«• 57.0 £1.828 
T 46.0 £ 1.767.5 

- 59.0 £1.376 

. . 11 . 2 .- 

- 0.25 56|> 

. . . £101 

■ Nominal. 1 Unqnored. k Auxusi. 
ni Junc-AususL n JuJy^rPL p July'-Autf. 
e-July. June -July. xPcr ion. 

Sales: S.100 fms of ID tonnes. 

International Cotoe Organisation »U.S. 
cents per pound*— Dally price Juno 111 
138.45 1138 ST*. IMItruior prices Juiu. 32 
15-day average lx:. ns iISLSOi: g-'-day 
avcrajK- TU.Th i 103.73*. 


LONDON PALMDIL: Clove: Jane mon- 
30.00, -fuiy^u.b (i. Aoe. 3M.-X.9n. 
Sept. 290.00-3311 ou. Ocl. 2flO.Wi-MO.WI. Nov. 
vso.pil-215.QO. Dec. 2SU OlKfin fru. Jan. uu- 
iliiotcd, Veb. uiiqu titl'd. Sales: oiL 

Uei- ui,- 1 b8.4B-6B.5ffi B7.B0 B7.8ft iB.70-t,7J0 
fill) 68.00 68,10 c9.fiO-t9.26 
Sal-S- 373 1 51 7> hits of 15 tonnes and 
10 1 2ft’ loi’" of 5 tonnes. 

Physical closing prices lbuyeni were: 
Spot 5s. -5p i5S.0i: July 5Sp iia.0*; allc. 
5&.5p i5Aj'. 

Sales: T2 lots of loo tonnes. 


n>DC0 per fctloi 

£lm investment 


DUNDEE JUTS— Finn, b’ll no offers 
hriiu; Abide Ji«l prux.i arc nuntlnaJ. 
C.iliuila goods firm. Cu*Jinli>*ns c and f 
i.- K lor June shunned. IU u t 4ft in 
S-) ui, 7.’ u.- X7.7; i» r 5. m yards July 
ffl.BJ ji:d l“.T". Adh-6'l’i.: 2)JK and 
t: +'■. •• B i wills ■ £27 i«. E7.ia and 
U» .-i. lur ihe ropcciit.; bhipin.ui jwrtuds. 

Securities will invest more than 
£lin throughout Cornwall in the 
next three years, developing in- 
dustrial sites in the main 
population areas. 

The company is seeking ibe 
support of local authorities in 
Ihe county. Meetings are planned 
with council officials, with the 
aim of launching joint schemes. 

Mr. Michael Mu timer. St. 
Mod wen'* managing director, 
said: " Our initial aim is lo pro- 
vide smaller firms with new 

„„„ NUraPcMMcu* 

jo iv -4.VA 348.0C4SJ. 5: ow. 347 j. atl d at the same tunc help to 

mo-isi.o. it. Dec. 174.1. U4.5. create more jobs in these areas.” 


June 22 I June 21 ;>Innih V« >"■ 

246.0 4, 247.1 7) 4*51.48 I 254.39 
i Base: July i."i93J=5Wi 


June 2i - Ji"im:21 \«u "«■» 

1493.1 149B.6 1491.8 1569.2 

■ Base- Scinpinbcf Is. |i!l = lfi'i’ 


i hxi 

.’ 1 .11 


J 21 

1 ll!i -' 

39-361 ** 

Km in i+ 352.86 349.9 la-. 8.84 a72-22 
i.Averncc i i”j * 


1 June ! 

M'mdy'a | eZ j 

'December 31. uai=iftn. 

U nway 

YeMerd’yi-f or 
Clou — 

, Biiatne** 

| Dune 

July 1 


240.W2JJ | 

Hwrlule* ... 

fjtfjuajj l .... 


246.1148.0 ! 1 

M X* 

24BJl.ft«.D | 



S46.1M8.0 ! 

IM.’lM ..... 

047.0-60,0 1 

LUii-mi - 

248.0-&EJ ) 


Sales Nil 

• off* lors ol 1,500 kilos. 

SVDMEV GREASY — Jn order barer. 


LIVERPOOL COTTON— Spat ao d ship- 
ment sales amounted lo TOO lunnes. bruic- 
ins the iwal lor the weoK so far io 
rtl tonnes. K. W. Ta lien-all reported 
Pronounced upsurge la DusiiteM c« re-red 
a wider rance or American ivnt style 1 .. 
Support was also evident In African and 
Latin American srowUib. 


GRIMSBY FISH — Supply good- demand 
goad. Prices al ship’s side iwifTVc>.*»c<Ii 
per «nnc: Shelf end 0.40-11 JO. lOfllin^s 
I2.i:0-11.3O. Large haddock Jl.w m.-’lium 
£.: 'rt-Li.SO. sniall mu«A Medium 
pljire 15.50. best small £.’ »• 

skinned dogfish large ffl.Ofl, nted»t'» I3tt 
Irfiiiun sok-R la rue £7.00. nicdi"i" fl - 
RvdiDsh U.W-e.60. Rods 'l..'"-Ii-W. 
Saiihc Il.60-n.30. 

Metals hold 
sugar eases 

NEW Vi.’KK. June J'J. 
L'UI’PER Cl. Mb ED lu'-’-’T mi renewed 
-ucculjtlvc iiuuidaU'iu and -lup-los.-. sell- 
ms- hT ccit/u. itteljh ch-ie'l uu j Shad} 
ni'ic nn rciicn’Ctl Cvmnii'-ivn U>«usc buj - 
mu :md .hun-enwniiK dc-.|*iic .i .-arunur 
U.S. il*i!lar ^.upur ejM-d .<n trade hedur 
•.cflinu jud fticjf yftiirt flmc. Coca 
r« ser-.etl loiinla,'. decline r-n fresh 
biKciilatite hm inf deMiile trade arburj«c 
M'llir.^. 1 *hcIk- re-i’Mil-. 

Cocoa — 'u|v 1 W-B i MS Dili. -Sept. 14J.M0 
'ITtV’i. Dec. 1 March i::i.50. Mj.v 
J uly 131.0.7. Sent. 13ft.SU. Sales: 


Collco— " t"' C ’lilra .l. JuLc loJ 75 
iliij i.fl i. Sept. 14F.~el4fl.6ft •HS.A3I. Dec. 
134,50. March '.JUJu. Mas IIj.MMJT.Ou. 
July Uu.piMJ3.tHi. Sepi. lW.b.-UO.nfi. 
Sal*-.: 7i'U 

Copper — June jR.TU ’ Jl.Slt ■ . Julv i;-.S0 
'9.70'. Anu ju..1u. Sent. WMU. Dec. 61.5n. 

Jjn tiJ.-lo. ,Mare-h . Mar iM.10. July 

nj ill. Sc pi. 6IJ.4H. Dec. K7 90. Jan. 66. 4ft. 
March oS.M Sale.. U.7W. 

Colton — Nn ?• July 5ft t.p i3?.oji. Oct. 
•.J. Ttrfi?. W IS’. Dec iG.redS.i7. Sfareft 

IH Ju-lH. 01 ' May 63. PO. 06.110. .Idly ta.10-b6.V3. 
Met. 63 ".VCftJIJ. Dec. <>3.00-65.56. SaKt: 

0 JTft l-alc. 

‘GofdWune Ifu.ip 1 153 06’. -Inly 1st. 70 

■ WA.:i0i. \us. 1SS.00. Oct. IftO.SXl. De.-. 
191 I’D. I- eh 1H7 IU April 'JflD.JO. Jimp 

\«u J'W.ui. net. J09.3O. Dec. 
212 60. I'cb 213.70. April 2 IS. SO sale*;:’O M*. 

lLard— Clm-Jcii l»n:e not ai-allable 
•22 30". 'IV prime xtcani 'Jt.'rt nem 

■ 24. On rrad’d*. 

tMalze — Julv J5fl;-2"fti •277; •. Sent. 'Jfift!- 
J-io; ■ J37 , ■ Dec '.'crjr-Jftj. March 'Jefti- 
:7n si:i> :'7 j?. Jol;- 27ft! 

SPIatinum — Jnl* 21j.6it-245.UQ i?4l.3ftt. 
OC 1 .. 246.30-247 9ft ’245.IIH. Jan. J4ft 50. 
Sprit 252.ti623J.3Q. Jui’ -34 sri.J53.00. »'i r i 
Jl37.7fl-237.3fl. Jan. J*'*0.3i£26fl.50. Sales; 

1 96" 

'Sliver— .Tune 571.4ft i.’iftl.Ol)*. Julv 40 
>57.:. 10*. .\us. 33’.. 10. c epi . 339.70. Dec 
531 -'ill, Jan. o.ia.UI. March 3* Ij-.flfl. Afar 
57 1 . 1 4U. Jnly art 20. Sept. 390.20. Dec. 
f.nj.wJ. Jan. fl'tS <V>. March nlSl'Q. Sale-: 
Jl.ono. Handy and Harman iTtu buliiun 1 
Jl’s'.'ll < 5.15.00 ■ . 

Soyabean*— July dSfi-fi&T ifi7fii. A up. 672'- 
871 iSSCii. Sent. 630. N-*v. 627MI2SV 

• *2:il ■. J.’n. 6.12-033. March 039. May 

641-042. July *HI. 

Soyabean OH-^luly 25 40.73.45 ' 23. 30i. 
A up. 24.05-25.7D i24.ft0'’. Sent. 24.00-24.10. 
Oct 23.40-1! 33. Dec. 22.65-22.35. Jan. 
22.J0-27.-J5. March 72.25. May 22.00-22.10, 
Julv 21.90-21.05. 

!:Soyabcan Neal — Julv 17b.V>i)-l 70210 

■ 172 40’. sup I»6in74.i-* <177.40.. «ept. 
IT7..Si6l7fi M. pci. 172.70 Dec. I TO. 00- 170.4ft. 
Jan. I7H nn. Mar-.4i 171 ift. May l? 
Julv 17:: oil. 

Sugar — N" II 1 -I’d' iiHI ■ 6 r l4+-.95 •. 
Sept. 7.I1.V; US 1 7 itft-7 II”. uci 7.18-7.JH. 
-T MU. T7J 7 73. M.m-h 7 95. M.iv S.lft. July 
-. ,V-;.:i7. •ji.-pl * ."i>-j.'Vl. Ocl, S 70- ->.72 
Sr- 1. - ■..r.r.ft 

Tin— .'■‘■’i iii6."i<i'4.iin a •lid ■ 337 na-.76t.ftff 

a..! id i. 

“Wheat— Iu!-. 1 TJft-722 .ftlfl'i. Sent TJA- 
323: Dee ft,u;-"H 1 .'. March 330!- All. 

Mu-- TJV’fl'. Jui 11 'CO-.r’I. 

tVINMF'Ei.: tune 22 .-Rye— July 

lUn 70 bid <tU6 5U bid.. Ocl. 105 7ft bid 
1 ]/*', jn bid *. Ni*v. IOJ.JHi Hem.. Dec. 104 #8 
a -.-feed. 

rtoats — July 77 .Oil bid 1 77.01’ ■. uct. T.i.fift 
asked ’73.00*. Dec. 73.50 a*fced. March 
75.40 a Jkvd. 

XtBarley— Julv 75.1U bid • 75.50 1. Ocl. 
75. ID bid 1 75.50*. Dec. 13.10 asked. March 
73 40 a>fc«S. 

SI Flaxseed— July 2 JJ.ftfl bid '239.00 bid'. 
Oct. 23T.W) *240 60 atfccdi. Nov. 257.50 
3>ked. Dee. 2:14.70 bid. 

'7 Wheal — SCWRS 13.5 per cent nmioB 
conrenr elf St. Lawrence I63.GI -166.71*. 

All cenis Per pound ex-warehouse 
unless otherwise siaied. * Js per truy 
ounc’-s— 1QD euners lots, t ftth-ato loose 
3s P’-r loo lb*— Dept, of At. prices pre- 
vious dav. Prim.. Meant fob. NY bullr 
tank ■.ats 7 i7* ius per .16 Ih buslnd e^- 
ware-hi'U^ 1 . 1 Inin bushel lois : per 
I rnv niim-o for jd n: units of «.B n*-r 
K-nl I’liril- iMivi-nul * V. 'Cents r--r 
ln>v eunu cN-varcHoure. !l Ni-w 11 B '■ 
djtlir.n.t 111 is a shori tun 'or bulk tuls 
of tin 1 Phori tons dell’.crid l.o.b. cars 
ijhic.-ip'i. Tolcdu. Sr. I.ouls and Alum. 
•■Cent* per sa lb bushel m store. 

r..nix prr Jb hntli**). ■ ■ Ovifs p- r 
■4-i Ih bi|c>^i ex-v in-hoiio* ’■ Cenis per 
•'ri lb hii’.h.-l ex- warehouse. 1,800 bushel 
IMS. V. 5C per loune. 


Financial Times . Friday 



pressure begins to ease 

from lowest— J. Lyons weak 


Gnrorumeni. »ec» 68-W bu.t> 

Fisert Interest — 71193 78.0 

Industrial Ordinary....! -458.7 .455.1 

June -I June ,-u June 
20 19 I 1 16 


69.?*] 69.94j 70.44 : 70£: 

73.00] 72.S 
465.4! 467. 

72.29; -IfcSB 7B.H 
467JJ 470.6 4B9J 

! 164.5] 164^ 157.9*, • 157.0) 100.8 

Account Dealing Dates 

•Fir*.l Ucclara- Last Account 
Dralings lions Dealings Day 
Jun. 12 Jun.22 Jun.2-5 Juty 4 
Jwi.2ti Julv C July 7 Juk 18 
July 10 July 20 July 21 Aug. I 

* " New lime " tfcadnns may take place 
from 9 JO am twin business days earlier. 

Slock markets failed lo shake 
nil the underlying uncertainty 
which has characterised recent 
trading. Wednesday's steadier 
i rend in rlu- Gilt-edged sector 
cave way in unsettled' conditions 
as operators became pro-occupied 
with i he possibility of a further 
rise in shnri-term U.S interest 
rales. With conditions remaining 
thin and sensitive, shnrl-daled 
.s lucks were quick w respond to 
early sell ini; and were soon show- 
ing losses extending to t a point. 
However, a -light rallying ten- 
dency Je\ duped as the day pro- 
gressed nnd final quola lions were 
above the wnrsi. The loncer 
maturities followed a similar 
pa i tern, hut hero the recovery 
was more marked und pri*-es 
eveniually reverted lo overnight 
levels ivitli the aid or hern dosing, 
after ha vine recorded losses of 
I initially. The long tap. 
Exchequer. J:! per cent 2013-17 
tXln p.iiri) rln-ed unaltered at 14. 
after J3f: a call u( i’UO is due on 

Dullness in the Iiidus-irkil 
leaders was less pronounced 
hciMii-e selling pressure began m 
case. M one >tagf a modest rally 
got underway, hi.n this was 
stilled by ihe .shock final dividend 
emission and the poor annual 
re-ulis from J. Lyons, which 
slumped 24 to 7fip. Down 3.2 at 
its lowest of the day. the FT 
-tO-share indev rallied to show a 
loss or l.S at noon, but closed 2.9 
oil on balance at 452.7. The state- 
ment by Mr. Michael Foot in the 
House of Commons on dividend 
limitation had little impact on 
late sentiment. 

Secondary issues again came in 
for a fair amount of selling, the 
overall setback in equities being 
mirrored by another one per 
cent decline to 2ftS.8H in the FT- 
.Vluarles All-Share index. Fells 
were in a sharp siv-to-one 
majority over rises in FT-quotcd 

First-time dealings in Southend- 
on-Sea 12 per cent. 1PS7, were 
few and. as expected of an issue 
largely left in the hands of the 
underwriters, the slock opened 
at H'„ a disconm. of ; in ‘10- paid 
form, and drilled a shade easier 
to close at u. Other recently 
issued scrips turned lower anti 
Greenwich 11 J per cent.. 19*;. 
shed 1 to 47!. in Coil-paid form. 

while Soulli Tyneside 12J per cent 
Hiyiii i vjn paid) lost ; to 9;. Dull- 
ness also prevailed elsewhere in 
Corpora lions and falls extending to 
A were sustained. 

Recent buyers of investment 
currency a$aln held fire and the 
premium reacted from an initially 
higher rale of 113 to 110i per 
cent before steadying lo close 
at 111 per cent, a loss of 1 J more 
on the day Selling released by 
arbitrage operations in Hong 
Kong. Australian • and South 
African securities was mainly 
responsible for the easiness. 
Vestcrday's SE conversion factor 
uas n.fiijiia (H.KtfWi. 

river -70 per cent of the business 
trail 'acted in the Traded Options 
vesterdav was done in two stocks. 
Grand Metropolitan recorded an 
unusually huh total of ITS 
contracts, with the July IUQ 
series particularly popular, while 
IC1 followed closely with M2. The 
overall tola/ of 617 was the 
highest since the beginning of 

reacted 3 and 4 respectively. 
Elsewhere. II. P. Bnlmer fell 3 
to 134p for a twy-tlay loss of S. 

With the lack of buying orders 
still the predominating factor. 
Building descriptions continued 
lower. Richard Costal d and Taylor 
Woodrow receded S apiece to 272 p 
and 3tHp respectively, while 
Marchwiel shed ii to 292p. In 
further reaction to the lower 
profits, Ruwlinson Construction 
dipped 13 to 90p and Beecbwood 
Construction cased a penny to 
24 p. On the other hand, Vcclis 

Engineering leaders passed 
another dull session. Tubes fell 
fi to 370 p and Viewers declined 5 
to a 1978 low of L65p, while further 
nervous offerings in front of 
today's annual results took Jobn 
Brown down to 342p before a close 
of only 2 easier on balance at 
S46p. Wednesday's major casualty 
Honker steadied 2, at 204p. Else- 
where. Baker Perkins lost 7 to 97p 
in reaction to the disappointing 
preliminary profits and accom- 
panying statement concerning 

current prospects. Sbeepbridgc 


Banks succumb 

Having displayed resilience lo 
rhe general dullness nn Wednes- 
day.' the major clearing banka 
succumbed yesterday. The 
reappearance of sellers brought 
falls or 10 and 11 respectively 
in .Midland. .142 1 ). and NntW'est, 
2:.r.p, while Llovds receded 7 lo and Barclays. which have 
been unseith’d recently by crow- 
in&r criticism of its proposed 
purchase of Investment Trust 
Corporation rum cash resale to 
rhe Post Office Pension Fund, 
cheapened 4 more to 31 Dp. 
Eisew here, Standard Chartered 
remained on offer at 38fip. down 
15. Discounts mirrored events 
in gilts so Allen Harvey Ross. 
2Dop. and Scccombc Marshall and 
Campiun. 210p. Inst 10 apiece in 
thin markets. Union slipped 5 
to Slop as did GUlett Bros, to 
220p. Hire Purchases also gave 
ground on small seJline and lack 
of support. Lloyds and Scottish 
shed 3 to S4p and UDT 2 to Sop, 
while Wagon Finance were also 
ihe latter amount lower nr 43p. 
Monrgafe Mercantile touched a 
1H78 low of $p before closing a 
penny off at !>p. Among Merchant 
Banks. Arhuthnnt Latham hold 
firm at 137p following the results. 

Losses in Insurances ranged to 
fi with General Accident closing 
that much easier at 202p. 

Breweries continued to give 
ground and Allied lost another 
1} to S3|i in further reflection of 
rhe interim figures. Whitbread 
“A” slipoed a like amount to SSp, 
while City of London deEerred, 
Slip, and Boddingtons. I06p. 


> (fasti- Ew£ I 

Stone provided a bright spot at 
30p. up 3. on the impressive first- 
half profits, while Tunnel B put 
on 4 to 262 p after the annual 
results. Elsewhere, small new-time 
demand lifted Tilbury Contracting 

4 to 282p, but Miibury fell S to 
105p as profit-taking set in 
following the recent results 

Small selling clipped 4 from 
ICI at StiGp. but Fisons improved 
a few ponce to 35fip. still 
influenced by Press mention. 

In televisions. .Associated cased 
3 lo luSp despite Lhe increased 
profits, while Anglia A added a 
penny to 72p on the first-hair 

A quietly dull trend obtained in 
Stores. W. n. Smith A declined 

5 lo 14i>p and House of Fraser 
cheapened 3 tn 133p. Elsewhere, 
Allied Retailers gave up 7 at 
SfltJp. while Lee Cooper receded 5 
to 143 p in a thin market. Home 
Charm. 170p. and Forminstcr, 
ISSp. lost 4 apiece as did mail- 
order concern Freemans, ro 314p 

Racal Electronics resisted the 
easier trend in Electricals and 
settled a net 4 better at 24Sp, after 

240p. on the better-than-expected 
preliminary figures. Ferranti 



Danish A.1 per ton .. 
British A.1 per ton ... 
Irish Special per ton 
lJUter A.1 per loaf, 

June 22 

Week ago 

Month ago 

preliminary figures. Ferranti 
rose 10 further to 37Qp following 
Press comment on the company's 
prospects, but Thorn Electrical 
came on offer and finished 7 
cheaper at 323p. Philips’ I .amp 
reflected overseas advices and the 
lower investment premium with a 
fall of 15 to 955 u. 

declined 2 to Tip also on irading 
news and Arthur Lee finished II 
down at 22Jp following the lower 
first-half earnings. Losses or 4 
or so were recorded in f'egler- 
Hatlcrsley. 156p, Spear and Jack- 
son, ]24p, and M.L. Holdings. 113p. 

The omission of a final dividend 
shook the market in J. Lyons 
much more than the dismal pre- 
liminary profits, which had been 
anticipated, and the price tumbled 
24 in highly nervous conditions to 
a year's low of 75p. Sentiment 
elsewhere in Foods was not 
influenced although the trend was 
generally a shade easier. Avium 
closed fractionally cheaper at 3fiJp 
cm light profit-taking following the 
record results, while small selling 
clipped 3 from Llnrood, at I40p. 
and 4 from Bluebird Confec- 
tionery, at 168p. J. B. Eastwood 
were suspended late at 90p pend- 
ing the outcome of a bid approach 
from an unnamed party. 

Miscellaneous Industrial leaders 
retained their easier tendency in 
lighter trading. Unilever finished 
10 lower at 514p and Turner and 
Newall gave up 4 to l?dp us did 
Reckitt and Col man to 473p. Toye, 
however, were firm among 
secondary issues, rising 3 lo fi2p 
in response to speculative bid 
hopes. Lonsdale Universal 
hardened 2 to 92p following the 
increased interim earnings but 
Randalls dipped from an initially 
higher level of 6tjp to close 2 
lower at a 1978 low of 62p after 
news of the profits setback and 

final dividend omission. Crest 
Nicholson lost the turn to Sop op 
uninspiring interim figures and 
Sotheby Parke BerPOt, at 287p. 
gave back 3 of the previous days 
improvement of 5 despite the 
unprecedented sum realised so far 
at the Robert Van ffirsch art 
auction. Comment on the poor 
second-half performance unsettled 
Lindustries. which receded 4 to 
134 p, and small offerings ahead of 
next Tuesday's annual results left 
LG Gas 3 easier at 337p. Hunting 
Associates were notable for a 
reaction of S to 207p.- 

Motor Manufacturers were dull 
following last month's lower pro- 
duction figures. Reliant eased 4 
lo 10! p awaiting today's Interim 
figures while Group Lotus, 45p. 
and Rolls-Royce. 92p, both dosed 
around 2 cheaper. Components 
had a couple of dull spots in 
Dowtv. 3 off at 19»p. and Lucas 
Industries, 6 down at 29Sp, but 
an isolated firm counter in Dis- 
tributors was provided by Henlys, 
which finished 2 harder at 131p 
on the dividend -boosting rights 
issue proposal. Higher first-half 
profits failed to sustain Lookers, 
down 4 at G2p, and Kenning 
shaded 2 to 734p on further con- 
sideration of the half-yearly 
report. Appieyard lost 3 to 92p 
and Adams and Gibbon declined 
4 to b*flp. 

Persistent small selling left 
selected Newspapers with sharp 
falls Daily Mail A retreated 11 
lo 2S7p and News International 
eased 7 to 243p, the latter await- 
ing today's interim results. 
Associated Book Publishers shed 
7 more to 223 p for a two-day fall 
of 15 on continued profit- taking. 

Oils drift 

Properties moved sharply lower 
on scattered offerings and a 
further lack of buying interest. 
Notable falls included Land 
Securities. 5 cheaper at 202p. and 
Stock Conversion. S down at 240p. 
Chesterfield shed 10 to 300p and 
Great Portland Estates lost 4 to 
2S2p, after 278 d. while Haslemerc 
save up 5 at 229p. Property Part- 
nerships. recently higher on bid 
speculation and the property 
revaluation, eased fi to lllp and 
Control Securities drifted back 2 
to 33p. 

British Petroleum’s approach' to 
acquire Monsanto's polystyrene 
business within the EEC generated 
little interest and the close was 
a couple of pence lower at S46p. 
Shell regained an early fall of 
4 to finish unchanged at the over- 
night level of 530p, but Burmah 
cheapened 2 to 82p. Speculative 
favourites Slebens (UK) and Oil 
Exploration had contrasting for- 
tunes: the former mirrored Press 
comment with a rise of 4 to 328p 
but the latter met with small 
selling and fell 8 to 22Sp. 

Investment Trusts made 
another drab showing. Alliance 
Investment reacted 5 to 223p, 
while losses of 3 or so occurred 

in Caledonian Trust “B." 75lp, 
Foreign and Colonial, 161 p, and. 
Montagu Boston Warrants, S2p. 
Capital issues had M and G Dual 
4 off at lOap and City and Com- 
mercial 6 cheaper at 103p. 

Following recent strength. 
Mersey Dock Units fell 4 to 22!p 
on the chairman's warning about 
immediate progress in the deve- 
lopment of the south docks. 
Hong Koug and Kowloon Wharf, 
however, were marked up 20 to 
405p in line with Far Eastern 

Mining markets were subdued 
with the prevailing tread easier. 
The lower investament dollar 
premium affected sterling prices 
and there was little stimulus from 
the metal markets. 

Trading was drab among Aus- 
tralians. The domestic markets 
were quiet overnight in advance 
of the end of the tax year and 
London prices were lowered 
further because oF the premium's 
fail. One or two small' sellers 
helped Central Pacific to lose 60 
to 4D0p. but most other falls were 
caused by marking down. 

Pancontincntal were } softer at 
£13. Co mine Riotintu fell 7 to 
225p, and North Broken Hill at 
ItSp and Pcko-WaUsend at 4SSp 
were both 4 easier. 

London Financials (ended lower, 
moving on the back of the U.K. 
industrial market In a reaction 
to their recent rise Selection 
Trust were 8 lower at 410p. Rio 
Tinto-Zinc were 3 softer at 219p 
and Consolidated Gold Fields fell 
2 to 174p. In advance of the 
chairman's statement today. 
Charter Consolidated were down 
2 at 13flp. 

South African Financials also 
were lower, partly because of the 
premium. Only De Beers stood 
out against the trend with a rise 
of 3 ro 3SSp, as the price held 
steady in New York. 

Gold shares moved quietly, 
responding to the bullion price 
which finished $L75 lower at 
SI85.I25 an ounce. Prices were 
generally lower, led down by 
Randfonteln which fell 3 to £34$. 
Also among the heavyweights, 
Buffelsfontein at' £10}, West Dries 
at £22 J and Western Holdings at 
£ 18 ’’ were all J lower. 

lrisb-Canadians went lower as 
stock caiue out on end-of-account 
considerations, but the market 
was not busv. North frate lost 35 
to 395p, following the treiid fn 
Canada. Anglo United continued 
to fall, dropping 13 to 184p. 

Uni. Uiv. YiekL — 

ti mi ngs. l"/i f ta H 

P/K Kb tin (iwt)Ptl-- 

tinting* marked ........ 

Kqiilty turnover Lai ... 

• 6.66) 6.62 
16.31* - lb5sl ' 
8.23 8.16! 

4,898* 5,057! 4-711. 4.480f 4.84lj 4.86! 

jauhyiwnialasfcrtriJ - 1 13,2561 14,5281 13 ,3241 1 3;906< 16.1 

— — 'loTaro 45370. U am 43^.4. Noon 4S3A 1 pm 453.5.' ' 

64.71 «.39 
16.1221 11,827 

10 am 453.0. U am «3.«. noon uum pm «ia.a.. 

2 pm 453.0. 3 T an 43LT. - ; 

Latest Index 01-246,8026. 

-Based on 52 per oam corporation tax. rNH=T.7fi-.'~ '- . . 

Basis 100 Govf. Sees. 13/18/26. Rxed.iw. X92&._ jn^ Qnl. 1/7/56- Gold 
Uinei 12/9/55. SE AcUritr Jniy-DflC. 1M2. - . 

highs and lows 


1378 • 

Since Gompilatooa |- 












49.18 ' 

Fixed Jot.... 



(6/6) . 




(3 il /7b) 

lud. On] 














442.3 j 43.6 
(C2A<7(i) ](26/ 10(71) 

l». 142.5 \ 150.2 
'XT7.I 18 Li 
e.: 46.1 ) 38-9 
1 11.5 i 115.3 

5-day Av* nupj. T" I 

1E6J3 J 156.8 
toddy fcrialf.J '163,9 ] 161,9 

1E6D f 156.6 

il»tJve.J 39.4 
■ — ^L.1 106.7 


.no. - v .; 




Cba nge 







on day 





. 11 


. 4 . 

•i 1 

- 328 



. 10 - 


-- 2 



Shell Transport ... 




• — ' 

.■ '586 


BAT lads 


9 . 


' “'4. . 




£1 - 



• -+ 4 

r 545 

422 , 

Bensford tS. & W.) 

25p ■ 




- 06 


25p - 

S - 





Marks & Spencer 




: 100 


Baca! Electronics 




■ 4- 4 




25p . 

• 8" 

219- - 

- - 3 . 



Barclays Bank ... 


' - 7 

• - 3IO “ 

4 T . 



Grand Met. 

50p . 

• 7 . 


’ ; 



Hawker Siddeley... 




V-f 2 m- 



Imperial Group ... 

25p . 

7 . 

'• .75 

- , j-_- v ^ 

■ : ..8f - 

. 7IJ 

Heed IntJ 


*7 . 


“ 143. - 


. ; - \ 
L*l=-- J " 


■ The following securities quoted to the 
Share Information Service Yesterday 
attained new Highs and Lows for- .1978. 



British Funds 

Corpus. Don). and 

Foreign Bonds 


Financial and Prop. .. 



Recent Issues 


Up Down Same 
— 34 « 


InL Systems Controls 


Holllnoer inland Nat Gas 

BUILDINGS <11 . - - - 

-Vecus- Stone . . . 


Albrtaht & Wilson 


Hill & Smith Weston- Eva ns 

Trfotex Foundries 

Ewer <GlI Sharrva Waro 

Fiexetf© Tove 

Magnolia Wood CAJ 

Rllew fE. J.) 


Herman 5mith 


Channel Islands Cao. Slaewell 
Crescent Jdpan Authority Iny. 

G.T. Japan •• 


Sertam Consld. • ' 

TEAS 111 

Warren Plants. 


Transvaal Cons. Oe Beers Defd. ’ 

' r, BUILD |N €2 M ■ . 

Francis (G. 40 . Orme Devs. 
Gieeson ti^. , . Wettew . Bras. *• 

• '' > .aiiMiCALS n>: - - • 

C«w. Gftrar 80 c Ov> ...- . • „ . 4 
"isbt-94 ; 

- CINEMAS 41) 

.Scattlih-TV A- ; • - ' 


Casket ■■ < -.r . 

.. . 

-J- 1 

• t ! 

7' ^ ’ 

1 21 43 

107 t76 755 

M Jlfl 107 

1 U n 

a r a 

4 m 32 

3 20 is: 

130 1,177 U13. 


Treas. 9 '.pc 1983 . Treas. 7UfK-'BSr 
iraund 7,pc t ', 

King & Shaxson - . Moamate Merc. 

‘ BEERS rtt . 

Btilmer ih. P.i . / 

Campbell- beherwood KVeUco 

.--ENGlNEERlNG'-ddl' ' 
Bamfords ' - . Himl & Moscrop 
-.British Nnrtbmn - Jones Group 
Gw»- Eng. <Rjdc(! tftd RenoW ' 

CRN * Vickers 

HovRfen Group' Wtunsoo 

FOODS (37 

Lyons (j A - - - Tavener RuUedoe 

• Nordm & PeOCOCk 

- ‘ - . 'INDUSTRIALS (3) 

'Horteon MMiands Rantfalb 

• Nat Cadtoobinp 


Bowring tC- To . Sun Alllanoa 
Matthews WrJghtson 


Gates IF. Oj. .... 

Gordon a GotUb- . .. 

’■ ; " - . - PROPERTY-fSV, - -. . 

. Centrcvlncial Lsts. Second City 
jermyn Inv: ■* . U-K- Property — 

Land investors- . 

" ' 'SHIPPING (Zh ■ 

Ocean Transport r Runciman CWA 

. Lovex : -- 

TRusm r» _ ■ ' 
Britannia Arrow • . Martin (R.- P.l 


NZ per tonne 

12.31 12.62- 



English pur cwIt 




Danish salted per cult ... 

73.98. 75.44 


70.19 72.41 


NZ per tonns 

1. 161.50 



English cheddar trade per 





Ilo nu- produce: 

Sire 4 

2.25 3.00 

2.40 3.40 

2.70 3.40 

.Size 2 


3.60 4.50 


June 22 

Week ago 

Month ago 





Scorli.-h killed sides ex- 

56.0. 50.0 

55.0 58.0 

54.0 58.0 

Eire forequarters 

33.0. 30.0 

34.0 se.o 

36.0. SS.fJ 



60.0 66.0 

60.0 6S.0 




50.0 51.0 

HI) 11 U.V — Enelish ewes ... 




PORK rail weights 1 

55.0 44.0 

35.0 43.0 

36.0 45.0 

POULTRY — Bro'ler chickens 

86.3 39.0 

35.5 37.0 

* London Egu Exchange 

price per 

120 eggs. 

t Delivered. 

J Unavailable 'I For deJivcrj - June 15-.fuly 2. 



First Last Last For 

Deal- Deal- Declara- Scttle- 

ings ings tion menl 

Juti.20 July 3 Sep. 14 Sep. 26 
July 4 July 17 Sep. 28 OcLlO 
July 18 July 31 Oct. 12 Oct. 24 

For ntte indications sec end of 
Share Information Service 

Money was ^-iven for the call 
of Premier Consolidated Oil, 
Dawson International, Lofs. 
Group Lotus. James Groan, Duple 
International. S and V Stores 
preferred. Orme Developments. 
Shaw Carpels. British Land and 
P ami O deferred, while a put 
was done in Brown and Jarkson. 
A short-dated call was transacted 
in J. Brown. 

•X-li.lnr . .Tuonan.' , 

I yi |n‘T|| 

U !> 


1 M ■ V BP § 

I ‘••in i mi My 

r; K« 

I'i Kl ' 



fimiM Mol. 

Hmii'i Met. 

(imnil Mur. 


Ii I 




Jjlll.l -V--S. 

Mark- .v Si 

: P r *« 

1 . lining 






1 &|iiity 
[ dew 

. 750 j 


• 113 


133 i 


: 846p 






92 1 



‘ 650 





64 | 

: 9oo 



42 : 

- . 

! „ 

n. 140 

7 ! 




17 I 



u- 160 • 

1 , 




912 ; 


i 160 

15 1 






; 173(i 

! 130 

2>2 1 






' 100 * 

16 • 



23la 1 

. U5p 

. 110 




15 ! 


! 120 




10 i 


130 ; 




6‘s : 



! 320 , 

33); > 






. 253p 

' 240 ' 

141; ! 






1 „ 

1 260 





23 1 


; 280 



13»s , 


• 100 ' 








. 110 

1 !-_• ' 




8 1 


120 1 





5i 4 i 



550 ' 





49 I 


1 366)i 

360 ' 




5 1 

30 1 


390 j 

2 i-j 


10 1 2 | 


lfli- ; 



420 1 




12 ■ 


1 •• 

1 i 

25" ; 



33 t 



1 200 ■ 

5I S 




19 1 


1 270 i 



91; : 


.' i2Q ; 




261’ 1 




140 • 





14 f 



3 In 




• SOO • 




1 1 



525 [■ 













17 | 




(ilTi- £-*>■) til JfOl (!■>{*) ' (Nl fHiTO i WmwiiU 4 IH-ii Wnlftl f^i f 



7t> t.l*. 50:6 
t'(0 l'.l\ 5:7 
■34 ' K.l*. : — 

llmmall il-.L'.i 


Tlinmcv 1 ‘Ivih-pI. .. 

.. 86 -Ucl I4.S 4.1, 7.7: 4.8 
...162 U 2.64! 3. 0 1 2.415^ 
... 34 ! U'.a.O 2.3l 8.9. 7.4 



£f. 1+ -r 

IKS >lk:t t Itt^ZpWW mwit ig'iniK 

M 1 I'fl 1 1 II f 1 II 1 IB 1 1 

100 r.iv 

• ’ K.l*. 131.-7 

c9d CIO 'd-i-a 

• ■ : K.l*. ,14(7 

i , Vii 1 ■ ■ 

- • • I-. I'. I 7'7 ' 

etuo 1 - 1 - 1 

.tC>7.EG C 10,28(7 
■: ( f.K 125 8 

• ♦ ; K.l*. |25|3 
E99 ,Jt6U |^0(8 

’ * ! F.P. - 1 1 :8 

• " ■ F.P. '21/7 

1«JUI(' — 25-6 

■ « : F.e. . 30.6 ; 
- K.P. . 7:7 
( 109 ■ K.l'. - 

• • K.l’. 21/7 

£98 k £10 - i 

£99 L'lu 21-7 i 
lI i ■ K.l*. dfa-6 
£983 1 c50 1 9 

i.f. 16 6 

198 ; £25 

3-J: M..n. ' Hr. llHio HJ*. 19S3 

-*-ii AiiIwuiiuivi* l'n»K. vi, I’ivi 

jq thinicl I*T# 

fi|. L'livu Uwcvhiiu ’ilTfc, I'uin. I'ivI 

i(. in frail. >n 12'I. I'taiv. I‘rl.1. 1979— 4J5 

97|. fH-Trlnr-t fl.J.i l mu. I’ref 

IOJ,; 'li.tliilwn'h idly oi> Vnr. Kalu LZoS 

IOI 4 hniH W'hih- 7% l[.<l. I'nM. I9K3 

I4l.n1 Kmrvlyiv E-i-. IM> 

o’.!,. Ii net-udoM MilMt* IC% L'mii. I’rel 

<*>!« (jiwnnkli 1 Um. Bi.ri. 1 , on II Koii. tact,. 

ti 1 Lilwity A I'rf 

9-2;. '.\»S Sen-ra^uDls 3^ L'um. I'rtf 

1 rninnt r.i% uim, 1 ri 

lo. rrciaa..' lOi % v'nm Orel 

■d-* ymok «H. \ . 1 . loai’n 

IC'Vi- l(.«l.inHMi Prot 

y7i-j|. -i v iii -in i.uin. I‘i-i 

9 NHirlieud vii iya 2J !(«■[. lufcT 

r-i.lllli. lyilbiili! liiix linl. lJth 

P4 In .' II (M, Lm. Lii». Ln.Jyfo 

i iJl I 1 IlC 4 H«l lift, lf«l. ISfcr 

•+rp. 'l\'li- lit 1 I 'ml 

r J.‘ l'.'c>i Kuni VV«)ur 12^ Iiuli. 193^ 

-! 99j: 

I 96|. -rl _ 

.' IO 1 --I 4 63 

• ffil'i 64 

B|.|ll' — In g- 

- 1 9ai.j “ 

.1100 ■ — ,■ 60 

■ 11 ! 67 

. 1«|.||. — 14 no 
•I 99|i-i = 

■ 4712^)3 

■!l00 i 

■ ! 9ZM | 71 | Investment Trusts 150) 

io6 6, u"i " j 81 Mining Finance ril 

Overseas Traders QB) 

.' 109|. I 99 1 ALL-S&ARE INDE»fl73)„ 

• 9"i — Jg 
. 96 j-a 
.. 48U-IJ 
9S|il .... 
25 — q 

Finish with the long trek to 
the Office and leave commuting lo 
others. Re-locate in Newport, the 
friendly end established town with 
e.-rcellent communications, fine 
leisure facilities and attractively 
priced homes. 

With direct motorway links 
to London. Birmingham and the 
North. Newport commands a work 
force of we!! over a million within a 
20 mile radius and is a natural 

choice for industrial expansion. 

Add to these benefits the 
wide range of available sites and a 
leally helpful council and it 
becomes easy to understand 
why so many leading companies 
have re-located there. 

Sc* take a ride to Newport and. 
find out more. Contact the Chief 
Executive. Civic Centre. Newport, 
Gwent. Tel: 0633 65491. 


• IjUl-i 

liVfiiin.-. , I’.Ti? 

I Unit.. 1 

• 9 R L«iw 

L']ii%iiiHi4- *.<r 
Price - 



I <i?i] 1 1 nNai miii ndiv ii<4 1 1 > ms* rt?i> i«jr rree of Biamp nniy. ivrisiim 

mi urn's. «!.••. Ni* "’liim.iuj, u it'iMiiiiLii mvinmn mm viiflil. x FartM.ii 8! ilitflricnil: 
ii it-i h^.vi* nn ur-\ Hilly \carj, e.irnmu^. r DiviUl'IH) anil vlcld un grv3vwiu» 

>r i.IIhij’ •j-iiiijm--. ii»r 19<D uiIpiij i I 1 iKuri'.- MSvinn^fl »•■■■«•- 

m iiiiivitmuii i.i aii.ircy cm now r.uiKiu* liu iiivldeml or ranking only for restrtcteO 
ii'"iii)-» • f'l.ii nn. un.i in -jiiiilii; j'' f'riu-. uiiii'iis iiihcrwuc indiiMiuL i I»aw-4 
>v li-ndi-r. ■ nit. r.’rt io ii) unlnwrv shores as j ■■nnhis" *• Isjim) 

»v w.v. al 03 pii. ilis.u inn. t Mininmin ivmlvr pruy. 55 R"lninvluiv*:if. TO IssimiI 

15 20-jt. Re«I- Deb & Loans (15) 57 . 4 s ! tia.9S 

1 ■ 

IB investment Trust Prcfs. (15) 51.68 f u.6e 
17 Couil. and Indl- Profs. (201 70.53] 

wltera business has room to boom. 

w.v. al imi. » Minininin icniiir price. 55 R"imm*lusv*:if. TO IssimH T Redemption yield. Highs and lows record, base 'dates nnd viltu and. aHuffturan dnuUM-am 

■•••in v mi ri:ur.^iii>iiiijii nn.-rucr nr i.irmhivct |l‘l Inirnriuciiuii. 1 j Issued jaucs. « m, n n sf the constituents Is available from UwToDUohordr *b»' WnBBqftU' 7Diu*,-.'Dnc||eB' 

nirmi-: f'r r.-iu *. nui«!i r>. ■ ,mii.iiii.-ii! I- iiits ior iully uaidi. • Provuunml London. ECU* 4BY, price Up, by post 2 2a. -:.y •- ■ 

Mbflshod in Saturday 
House, jCBimD -5oteb si 

■it pjrilj-pjid ailutrucBi I^n-.-rs. * with warranis. 

jflHfc j 

; ■ Fri&jy June 23. 1973 




Abbey XJfe Awpnace Co, Lt& 

£a^?Fmd2l!^^67 i '^ C:4, 3 *a 01 '^ 8 ® U1 ® Bartholomew Ct-WaRbam Cross- WX31OT1 

— — ' ’ J “ Port/<M[oKund __.! 1»J I , ..I _ 

Peru olio Capital... [4X7 O s| ... . _ 

Equity acc. U9 

Property Fd._;. VOX I 

property Act... 153* 

Srird»*eSfund_ n.i 

_ Convertible Pltrvi 1305 

ifttoney Fund . U] l 

=J»efi*-ftrDpert?_ 172.9 

TensSehsetK-ti H4 

Taos- Srcurtcx^i 134 . q , 

. 3*f f7X . jj a n a t pd 17J.S 

VKaraF-LSer.-r B2< 

VEqutt+Fd. Set 4 .. 34* 

9>Coor/Vd.S«r.4 utS 

-*J4«m«-Fd-Ser.4„P09 1J 

roritoVto . ^ NPI p Wsio«s Management Lid. 

-1 Gresham Life Ass. Soc: Ltd. 

mi. i irarei huri-h sl. PJ-HU4TP0 

Uanaa.-HM.n-l . .IM99 156.11 | _ 

Juiitj J Next dcallui* JuJy 3. 

New Zealand Ins. Cn. (l'.K.» Ltd.? 



pr^at Juoc20 ViiueUoniwrnial^T^e^iy. C.*S. Super Fd 

• £1* 5*4* Fond hlOV • l5S _ 

*>.l_Inu Bund ...Ju?9 : 12b a .... J _ 

CJiPwy.#=l l ^_Jjt <l 103*) ... . } — 
Growth & Sec. Life Ass. Soc. Ltd.? 
Weir Bank. Bny-on-Tbaova*. Berta. 0e=e*42&4 
Fiend blr Finance .'. 

{ •e Trihnnfc Beca. 

Xandbank Scs Ace 

KivrtKeylnv Plip 
Small Wi FU. 

Tcrhnolc*yFd (9* 1 

Extra Inc Fd lg»D 


.en-Tluuraa-Berfcj. OCaata 

th»=l = 

American Kd..:.„ 

FjrKiiilFH . . ., 

■Jill Edued Fd . .. 
I'on. Deposit Fd ... 

M2 5 

~ 1 

1C 13 
103 3 
96 5 

1«* « 

991-0 7 
*3 7 
106b tl3 
10B 7 

Albany Life Assurance Co. Lid.- Guardian BoyaJ Exchange 

Sl.-Old Burlmcum SC W. L . ’ tu-err van E “ b *»Be.E.C3- 

— - — - - lanaf . 2T ' 3902 rmaon- KnO. riu 


144.1 — 2.ll __ 

IMA +0jJ _ 


y&i =& - 

3*13 -3 il 

Norwich Union Insurance Group 

Pu Box -I, Norwich NR1 3NG. uVO S2Mi 

. v&auipFd. Ace — 1180.0 

ttFuMlnX- Acc. 1349 

ViTM-Mbo^FtLAc, lia.2 
VZatLMaHJtfAcni. 104.9 
Vfnp.FdAei; — __ 108.1 
Wplelnv.Aee. 16X5 

Cat M-m. Pc n. Aoc. . ITe b 
I ntLMnJ>eFdAcc„ UXO 
prop .DeTiAcc.. ~ lai 



. AMEV-LUe Assurance ud.9 

§f|S = 

Brnpenj-Boada l_p«a 1*201 . | _ 

Haxnbro Lite Assurance Limited V 

7 flld Park Line, bowion, Wl OM3S/3Q32 

Munaerd Fund 

, E«juit> Kurd 

012837107 ITi-perty Fund 

1'ixrdlnl Fund... 
twpo^il Fund 
N-.-r. Unit June lb . 


12 B 0 _.., 

M9S 157 3| 
1055 ux3 

3513 |- i*J — 

— Equity I. 1174.2 

Furtllnt.Dep [1252 . 131*1 -.0 1 

183 4 *Jl 
170 b -01, 
145 b -2 2j 
- 119* -2d 



Managed Ace .. -. 


— O-.tnw ... _ I ' pi g* - 1251 

*«**«« 4D10X Ben. Pm?. 5w£ Z ™ 

Gill Ed set) 

American Arc. 

Ben.Fj.Dep Cap.., 
Pen Prop Cap. 

AMV VJan»Ke-d IXS5 9 

AMEVMgd.-g 1 115.9 


jtMSV-EgUigFd— 1D9 b 
AMEVFjiedlnL.—. 9X5 - 
-aMEV Prop. Fa. — 9b 8 
AJSVMWlJe&Fd. 97.7 
l-Pen-B' 981 

. ns 

1433 .... 

1220 ..„ 

110.4 .... 

1155 ... 

9b4 .... 

102X .... 

1029 — . 

iw3 ::: 

Arrow jLife Assurance 

80. Uxbridge Road W.UL 
SentLFctCp:i7nX.n.9 87 

ScXiJk-Fd Si. Uni — fifig 104 4l I 

Pen.JtKd.Fd.Bq Jll7.9 -22* 

PcnJJ*<tFtL--FirflXL5 lgo| -X21 _ 

Barclay 5 Ofe Assur. Co. lid. 

2S Romford RcU.ET. 


98 0 
MB.b ‘ 


a.o s 

Pen. Man. Cap. 20fc3 

Pep. Man Aec. 245J 

Pen. Gill Bdg. Cap.. 12X7 
Pcn.CuiBdR.Acc.. mi 

Pen. 85. Cap 


Pen. Daf. Cap. .._ 
Pen. DAF. A?c._ ... 







147 3 



3::i = 

Phoenix Assurance Co. Lid. 

— +5. Kinc WillUm M . ELM P 41 IB. 01-020 9876 

— UealihAsi QUO Ub 

— ITl.Ax-. I 77.7 

— Kb r. Ph E» tl (7b 1 SO. 

— Prop. Equity & Life Ass. Co.¥ 

Z 1 19. Crkoff nrdStreet, Will SAS. 01A8603S7 

_ r silk Ivan, nd ...1 uas l | — 

_ n«-4 Money Ud | 149 6 | „...( _ 

Z Property Growth Assur. Co. Ltd.? 

— Lcun House. Croj-don, CBS 1 XU 01-OM COW 

propcm Fund 

Property Fund ■ A l 
A gnculiiin) Fund. 
Agrlv. KundlA- . . .. 
Abbey NaL Fund . 
Ai-bev Nal Fd «Al. 
Invesmwiu Fund... 

Hearts of Oak Benefit Society 

15-17. Tavi stock Flaw, WCIH BSM 01387 SCOT mTSSSS fUdA.'.' 
01-7490111 pb 4 3|5J I — Equity Fund 

| - Hill Samuel Life Asms. Ltd* S3KpuSd ,A, “ 

NIATwnr .Acldiscoiabe-RA.Cniy. 01-68843*5 jgorwy FUndi At. 

OPtoperty Units [152.9 

*Nopi«y Serm A .1100.9 



G^&ed- ^ lolS 

K— ^ 

JIQT1M„ 98.6 

. UanJPtenaAccum... 971 

Do.laltiaX 956 

Gift Edcl'ens-Acc. _ H8 
Do.IoiSU— . „ 92.1 
Bh»ey Pen*. Act- U»3 
Do. lolllnl 97.4 


1U.9 -id 

1152 -Ojj 

109J ..j] 
1136 -o.d 
103.8 -0.X 


Managed Units 1 1433 

Managwl Series A. 9b.4 
01-SH6544 Managed Series C- 9*i 

Money UniU 1203 

Money Senes A.. 972 

Fixed Ini.Ser.A 9X9 

FW. Managed Cap. 140 7 
Pits. Managed Arc . M83 
Pna.G trcd Cap„ 105.1 

Pna Gtced. An- 110* 

rer* EquiryCap.... 977 . 
Pen*. Equity Aw— 98.0 • 

Pn»-Fxd.lnXCap 99 3 

Ni Fxd. ] nl Aec...„ 95 0 
T>ns. Prop. Cap _ 95.1 
Pena. Prop. Aec 95.4 

Ai-iiurial Fond. 

(illledl-nl Fund . _ 
O. II Bleed Fd iA>_ 

tRetlrv Annuity 

♦iBvwd. Ann'T} 



67 5 
165 7 
112 2 


— Prop. Growth pensions X Annuities Ud. 

•Current unit value Jape ix" 

Beehive Life Assur. Co. Ltd.* Imperial Life Ass. Co. of Canada 

71 Lombard St, EC3. 01-823 1288 I mpenal House. Gull dlord. 7i: 

1-4- ssarfeten’is! si— i- 

Canada Life Assurance Co. .. Unit Linked Portfolio 

194 9 99f 

All w"! her Ac. Uts. 

•All Wenlher Cap.. 

Wnv.Fd Uts 

Pennon Fd. Ula... 
Cmv. Pens Kd. .. . 
rwr. I*ns Con. Ut 
Mon. I'i-ikl Fd . .. 
Man. Pens. Cap Ut 
Prop. Pen*. Fd ... . 
Prt-p Pens Cap Uix 
Bdgg. Sue Fen. Ut 
Bldy. So c. Cap. Ut ... 



137 0 
14b 2 




— 0 2 

Provincial Life Assurance Co. Ltd. 

222.Bwh-vp6Caie.E031 m-2476533 

Prov. Manoeed FA 

Itox Ca*li Fd 

GIU Fund 20 . .. . 

Property Fund .. 

U3J 119* 

1W 5 U0 1 

. .. 

1146 120.? 


954 100 5 

97J 103 ’ 

95* 100.4 

.. ... 

Cannon Assurance Ltd.9 Irish Life Assurance Co. Ltd. 

X iNynipicWy,, Wem5>IeyHA90NB 01^028878 3 1- Finsbury Square. ECX 

Equity Uni £s_ 

taboo - 

Proparty Uniw DO JO 0126 
Prop. Bood/Exec — 03 JO 
BaLBdJExec/UniL 0X99 
Deposit Bond _ — U0.9 

Equity Accum. 03 - 

Property Accum.— 0X68 
MnsA ACCUUL 1580 



SodGUtZ-. 5X5 

2nd Eq. Pwul/Aw. . 9X6 
. g ori prp-PenaJAcg. _ 1*7.9 
2nd MBA Pens/Aw 98* 
2nd DepkPensrAcc. 98.4 
ml GUt PensfAcc. 88.7 
-XfcESJ.F-.L 373 

-out — 

1XM-0.071 - 

.wt** - 

lSil ~°' 81 

lg||.-0.3j - 

-o*i _ 

933 ...„ 

40.S-051 — 
28.51 -o3 

Blue CTip, June 22_I71.7 
Managed Fund. — 22X6- > 
Exempt Man. Fd . loi 3 
Prop. Mod. June l_ 1771 
Prop. Mod-Gth. [1931 

King A Shaxsou Ltd. 


Prudential Pensions Limited^ 

01-ee KS3 Hoi bom Bars. EC1N 2NH. 0J AOS 9222 

-1.71 4 40 Equll FA June 21. (0459 2S35J | - 

“3.91 — K»d. lM.JuoC21_.kl« 72 18<)7) — 

- Prop k June 21 . ^578 2658) ) - 

-Zl — Reliance Mutual 

Tunbridge Wells. Kent 0692 22271 

014Z231433 BcI Prop-Biis 1 MU I I — 

Rothschild Asset Management 
St Swuhinx Lane. London, EtX 01-6204356 

NC. Prop. Mur 31..PMJ X2XM ■ — .1 — 

Next Sub. Day June 30 

Royal Insurance Group 
New Hall Place, Liverpool. 0512274422 

Royal Shield Fd |1335 141 Jj | — 

LfcES-XF-2 (265 

Current value June 2L 

Capital Life AssttranceV 

Cooiston House. Cbxpei Ash Wton 

Key Invest FA I 101*1 1 

MnitmnTflt.l 10X03 f 

Charter house Magna Gp-V 
U, Chequers Sq.. Uxbridge UB8 INS 
ChithM Energy — 138.4 ’ 40.41 , 

Cbnhse. Money 29-4 3X0 . 

Chrthse. Managed- 38.4 404 , 

CWthse.. Equity— 35 A ■ 37,4 . 

Mxgns B1 A Soc. — - {Mi' “ 

lUgnnMexuiged.— • 150.0 

csty of Westminster Assur. Co. Ltd. i5£ 

■' Riaffiewi Bouse. 4 Whitebane Hand, DfxAwum .. 

Bond tu Exempt -110X18'. 104.771*0081 _ 

Next dealing dale July.* 

Govt Ser. Bd. |UX40 1257*1-0211 — 

Langham Life Assurance Co. Ltd. 

Xanghxm Hr. Holmbrook Dr. NW4. 01^035211 

Langham 'A* Plan ..(&3* 67.U I — 

VProp Bond MU ' 148.7) — 

Wisp (SF> Man Fd|7*5 8X6| ..—I - 

Legal & General (Unit 'Assur.) Ltd. „ a> rn ^. r rmnnw 

Kingswood House, Klnguvood. Tndvmth. ~l , F( ^, p , 

Surrrr KT2QRFT; Rurcb Heal h KHSS *■ UlStltulen*. End it. EC3P 3 

Surrey KT206EU. 

Cash lultlaL 

I)o. Accura. 

Equity Initial. 

(XXC 28311 

I>\ Arrum.. 

lull. Initial 

Do.AWum. (98 J 

Managed initial |115 j 

521*2 Po.Awum... 

Property Initial I 

Do. Accum | 

Legal A General ill 
Exempt Cash but.. 

Do. Awum. 

Exempt Eqty. Init— 

Croydon CR02J A. 

- Waat Prop-Fond— .{60.4 

. Managed Fund (1735 

Etplity FBBd — (563 

Farmland Fund — .(73*. 
.Money Fund 1120.7 

01-8849684. Exempt Mcgd. hut 

Do. Accnm. | 

Exempt Prop. Inlt . 
Do. Accum. 

ah Fund-. 64.0 

PULA Stunt. 16*2 

PBa. MnKd Cap. — 126* 

PeniJ4ngd.Aec— 120-6 
Pwhl Money Cap. . - 46* 

Pena. Money Acc _ 483 
Prta. Equity Cap. „ h* 

Pena-Equity Acc _ 56.6 
Fund currently c osed to new invent ium.l 
rmann Units 204* I I -~ 

City «f Westminster Assur. Soc. Ltd. 
Tetopfaone 01-684 9664 

» Wzd:. 

SEP. 01-f« 888 
1267 1341 -0*1 — 

15X7 1AJ6 — 

ilill’Fd ' 1182 124 5 -0.4 — 

Deposit Fdt 123.1 129 b — 

Cump Pens.Fd 1 »15 21X2 .. . — 

— * - - 1716 188 1 -23 — 

3 IE 3 2305 ... — 

920 96.9 -03 — 

985 103.71 ♦0.2 — 

price* on June 20. 
t Weekly dealings. 

Schroder life Group? 

Enterprise House. Portsmouth. 

But lav. Fd 


EquilvJYns Fd. 

Imp Pens Fd.* 

Gill Pens. Fd. .. .„— 
Dc pos Pena. Fd t 

Equity June 20 ....... 


Equity* June 20 

y utcpintJuiioso- 

im. Hi Judo 2u_ 

K £ S Gilt June 20— 
K h u.'June20.. — 
Mngd. Fla. June 20 

Legal & General Prop. Fd. Mgra. Ltd 
lXQuoen Victoria St.EC4N4TF 01-248 9678 Money3June*0 — 
L&CPrp.Fd. Junes |95JJ- J0X7] .....| — Property June 20- 

Next sub. day July 1. , - P^erty3Juoe20. 

Life Assur. Co. Of Pgansylvanja . HffluSaiSS® 

SM2 New Bond St_ wl70RQ. ' 01-490 83*5 MnPoCpB June 20. 

LACOPUoR* jf»7 J03N .MjJgAwBJgg. 


First Units — ™- 

Property Units. {545 

Commercial 'Union Croup 

s*. Helen'*, J, Oudershalt EC3. 

- VrAnAeUUune 17.)' 54.96 

Do. Annuity UW: — | 1**2 

Confederation Life Insurance Co. 

50. Chancery Lane. WC2A 1HE- 

Lloyds Bk. Uiit Tst. Mngrs. Ltd. ' FxdJnlPnAcclB 

71. Lombard St-ECS ^ 01-4B3 128B ^ Pen. Cap B 

Exempt- i*.i mu — J 7» 

Lloyds Life Assurance 

30. CHllon a . EC2A 4 MX 
Btf.Glh Jur*e6... — l X3Z458 
Opts Prep.J une 22.023* 130.4( -*0.1| 

Money Pen. Cap. R. 
Muncy Pen. Ace. B.. 








2282 -2.9 
124.5 -1* 
14X3 -21 
15X7 -22 
144.9 -1.4 
1441 -0.4 
1257 -07 
1275 -1.2 
1511 -14 
1129 +01 
1234 -rOl 
1*30 +02 

160.4 +02 
126* +07 
137* +0.3 
209-0 -22 

101.4 +0.1 
1005 +0.2 
1009 +d.: 


DOTS 27733 
-131 - 

Opt* Eqty June 22. 127 6 
-Ai-sn-ran °P*- H 7- -Ru* • m.6 
- -©1-2837500 Man. June 22 . 145.9 

1-0 BZl — Opt5DepfJune22P2X5 



153 M — 1.9( 

Scottish Widows’ Group 
PO Box 902, Edinburgh Ell 18SBU. 031-CSS WOO 
lnv.Mv.Serics 1 — 

Inv. pfjr. Senes 2.— (94 6 

— In-. Cush June J5_ 

London Indemnity 4 Gnl- las. Co. Ltd. &uu n C e C /uiJf7.Z^s l 

18-20. The Forbury. Reading 582A1 1. M*dJ-en June IS — 

105.5 1055 

996 IM9 

W7 1829 

138 7 144.6 

1351 140 9 

266.0 266.0 

. — 

- mCinaged Fluid 

Pemnuil Pea. Fd— |7Xb 
Equity Pen. Fund- 
Fixed Jul Pen. Fd. 


CoraMU Insurance Co. Ltd. 

' Cam.Feh.June 15- 
Gfispec. Juacl5_ 

(15X6 35921 

177* 186.4 

72.6 7bi 




.- 1S3.4 



Fixed Jnier**t — 

1« 12 Ely Place London E.CJN 6TT. 


i Z The London & Manchester Ass. Gp* |»ior Managed s ... 

Solar Equity *S Z. 

_ InLS... 

— . The Leas. Folkestone, Kent 


Cap Growth Fund . 

•flex. Exroipt Fd.. 

<» Exempt Prop. Fd., 

*Expt inv. Tst Fd.| 

— Flexible Fund 

01-8M5410 inv.TniitFund. — 

— Pr9pert<FiJod 

M & G Group* 

Three Quays. Tower HUl EC3R 8BQ 01-06 4SBB 


m = 








~ . solar Fxd 

125 6 

— . Solar Cash S }??9 

Solar lotl.S .. „ 
Solar Managed P_ 
ScUr Properly P — 

Solar Equity p. 

' Solar Fx dint P.... 

‘Solar Cub P 

Solar rati. P_ 







1323 -1.01 
117.1 . ... 
1651 -L8 
120 4 —0.5 
1062 +0.1 
1052 -li 
1329 -1.1 
1168 . . 
3655 -1* 
120.3 -03 
106 0 +01 
1QS.2( -li| 

Credit dc Commerce insurance Pers.Pension—— 

120, Regent St, London WIK 5FE. 01-4307081 Conv. IMMif. .. 

.CfcCMajKLFd — P2X0 wxtH i - 

Crswn life Assurance Co. Ltd.V Family sj-efl** — 

-Maul'd Fund Aec. -[1003 

• • Macg-dFit Incm._ 1003 
. Hing'd FA Init — 99* 

BquityFH.Acc 96.7 

Equity Fd. loan 96.7 

Equity Fd Init , — - 96.7 
. Property Fd. Acc. 95.5 
. - Property Fd-Jncm. B5 
R»peity-Fd.Init~. 953 
tar.TW.Fd. Acc — 97.4 
bv.TstFd. Inan... 97.4 
'.lw.TK.Fd- Init.— 972 
Find lot Fd Acc. . 96.1 

• Fnt'Jnt Fd-tncm. . 963 

loflert.Ta.Acc 1043 

iMedL Frt. loem. ..- 10^1 
Money Fd. Arc — ... 95*. 
Ntmer Fctlncm. — 55 8 

Dirt. Fd. Inan, 98b 

tVownBrtlsv.'A— 159.6 

105* -02 
1055 -03 
105.0 -0.5 — 
10X7 -33 
1813 -33 
10X7 -33 — 
100 * -01 — 
100* -01 — 

100J — 

1025 +03 
102* —03 
1Q2.3 +0.4 — 

1011 -0* 
1013 -0.2 
.109* -0.5 
109* -0* 


1002 ...... 

10X7 -13 








liana ced Hd."”..- 

Properr; Bd"*. 

E*. Yield Fd Bd* 
Recovery Fd Bd * . 
American Fd. Bd.* (53 3 
Japan Fd-Bd.* — 

Merchant Investors Assurance 

125. High Street Croydon 







M3 a 







112 6 







163 2 


CO 7 



66 b 




56 7| 


:x '‘June 22. ' 


I'roporti' Pens 


Equity Fltu 

Mousy Market 

WonevAO*. Fens. ... 











Deposit Pena. 


Managed Pens. — 

Crusader insurance Co. Ud. _ jg^g^CZZ 

Vlnada House. Tower PL, EC3. 01-638»Hl Pensions Ltd. 

ttUkMK**.|!U ■ WUon Coqit. DoHcinit Surrey. 

Ragle Star lusor/Midland Ass- NdexEq.Cap — Bl 

1. Thread needle SL.TXTL 01-5881^2 NelexFfl Accum. (UX3 

Equitv & Law Life Ass. Soc. L»d.¥ NeicaihhincAcc 

AmerohamTtoodHigh’Wi-combc 0434 33377 Neiex Gihlnri_ap 

Sun Alliance Fund MangmX Ltd. 

~ Sun AlUaocc House. Horsham. 0403 *4141 

Z Exp.F«UntJunel4 U3503B 160.001 I - 
.1st Bn. June 20 1 U4JJ I - -I — 

Z Son Alliance Linked Life Ins. Ltd. 

— ; Sun Alliance House. Horsham 040364141 

— •• Equity Fund >1S3 1214 

T FUedlnterwtFd. . 1039 1094 

— TToperwFund — 10B* 1142 

~~ International Fd. .. 1874 13X6 

~ Deposit Fund 96 6 10X7 

18. Managed Fund (168 0 113.7| 

: Sun Life of Canada (U K.) Ltd. 
01-8868171 2 . 3 . 4. Cockspur St. SWlY 5BH 03-930 5400 

Maple LtGrth -I }«5 

Maple LfMangd-.. lg-5 

sawd ® 


+0 3 




Target Life Assurance Co. Ltd. 
Toi-rK House. Gatehouse Rtf - Aylesbury. 
Bucks. Aj-Iesbury i0296i SOU 




Fixed Interest F. 106.4 

i -i-ii 

-03 — 

- 0*1 — 

__ Nel Mxd. Fd. ray._ 

_ Mel Mad. Fd Acc. 

H7 8 

117 ^-O.R 
6* 51 
50 X 








_ . Mao. Fund Inc Q00.3 JSSi 

Mao. Fun ri Acc ' 

Frop. Fd. lae. 

- Prop. Fd. Arc. 

I'rop. Fd. Inv. — 
sail Fixed ltd. Fd. Inc 

- ReJ. Plan Ac. Pea .. 


• • Rxt.Pl 3nMa n.Cap.. 

“ . Gilt Pen. Acc. ... 

U2. *q 





+Q i 


65.7J —0 fl — 

120.® — 1* 


Next Sub- P*? May 25 

For Sew Court property see under 
Rothschild Asael Maaagewral 



. \Tauid Deirt d KJtbus nml Kaianai 

J»d*« has b— 1 lyeNy L/j gSi 22^ 
that 'the Forty-6rst Ordinal General *««« 
ins . ot Shareholders will be he'd « 

'BMhuyan Hall In the head oftce oi tne 

tommny at 10, TsuenK)o-Cho. . ha"**™; 
UWO-KU. Kyoto at 9*0 a.m. on Tiliirw 

day, June Z9th. 1S78. 

, Details ol Aflenda arts «*?”£!*• report. 
L The ooproval .ol the bus>n»* 

balance rtiwt, profit and jois st or „ hr 

lor Hie *1St term Mrom April 

_ « March 31st 

2. . The Reform of the amount 

oeuwtfon to B*gCw«M»-..„ . f 

C M!SeR S D!ROSl : 


ol eom- 

. itaSSThSHw ■ € tf*5* 1 zsSrsi 


R^Ss°Uf" noUta? U'aL ZgtSHEuffw 

uteri-. Receipts with one & the 
1 p.m., 27*h Jun®- 2 9 ‘5„ LIMITED, 45 

- tte. 

Frank ‘ 

kOURScr 'SE^ffiasat 

GEOISE. 43 Boulevard Hflyaw, 



HIH SamueJ & Co. ^ 
erctwnary proxy io * per»" acs “ 
by the Company 

Voting ^ righto mav nBh ’ r “SS- 

ln mm ei Daposuarv 

ing Oral nary shares 0" lhc Kcsc “ 

3Ut March 197S- . | U ii tfiVt Of 

Copies. In Enslrth of the .. 

tfio^SiWce shwt'lv^" during 

4 lured, win *« « any 

normal business hour* ■* 
of the CO- LIMITED 

45 Beech • Siceet 
London EC2P 2LX. 

Gii< PstLCap- U2X0 

— * Transiuteroatioaol Life Ins. Co. ltd. 

•* 2Brc*mBld£i.EC4INV. 01-4056497 

.. Tullpln+csl Fd .— 

'* Tulip Mangd Fd— 

—rieXtn. Bond Fd 

■Uaa. Pen. Fd. Cap. . 
plan. Pea Fd. Ace. . 

'. (Trident Life Assurance Co. Ltd.V 

iRenalade House. Gloucester 043S36941 

legal notice 



EqulW Ame ri ra p ,. . |M2 

No. 001907 of 1®-"® 




U^SauJty Fund... 

High Yield 

GUI Edged 


cSdqS In 

JUSTKS LsTwnailcmai.-. 

3BfV c S*"wfe5A& 

fegjSl'crcd lom« Is aKuau- ^ 

directed -o h , Cou ns o( Jusiicc. 
sluing at >5* 2LL. on lhc 17th 

5 rr » n ^ ^Sw°i^ and ms credit or or 
day of j jjpntrwjiy desirous 

cowributory rf JSLSj ifc ntaJtinB of an 
jo sttppon «r majr appe ar 

Order on the saw p.uu ji w[Ioa or by 
at Ac ju»c ol hesri «■« ! and a 
his counsel. - for Utai CTSiusIwd hy the 
of^thc P«Uloa WHI ' *JISE£ or con- 
understaaed io ons cpan7 Tv anlTtw 

sjsrs»*'»“'p-Si»? - v ■—*« 

charge for lhc saint. ■ _____ 


NATHAN * ^ A 9IP „ 

ro. CopO»ll AvePBC, 

kS^n.'JSSfc® 8 '* GO '’ 

SUi W the PWW«r. - 
N oTE-.xm; fwrson »j» Jf d U p2S l i£ 

appear oa ^ he ?I by post W. Ute 

ptnst aorse on. or *fw wriIiag ot hls 

dW yo-named nouct > nmsl sure 

inivoilon so io do. ioc^ ^ ^ 

the aJS?8lld *Mft» of ^ 

if. a firm lhc nan- ou jh( _ j,._, rtDn or 
fim and niusi be s'bncd , |CJlor f;£ awJ . 
entt. or hrt .or 1 1» » ^ lf p^lrd. miisi- 
and mosi bo ■""t %fnciou tunc to 
he acoi by wki in ■ wl lattr than 
roach jftcnwort o# Un- 

Tour o’ciort a » 

Uih day of -Jbli. 

Growth Cap 

Growth Aec. — • . 

Pens. Mngd. Cap. — 
Pena. Mngd. Acc. ... 
Peiu-GtiUJe p Cap. . 
Potts Ctd OepAcc.. 

Pen*. Ppty. u»p 

Pena. Pty. Acr- 

|Trdt Bond.. ... 

"Cash value 
















1568 -H 

892 -0.71 

109.7 -0.9( 


1293 .. . 
107 0 -12 


107 9 

124.2 . 

37 a -0.4 






for £100 premium. 





164 8 



105 2 





<0 7 











AJihcv Unit Tst., Mgro. Ltd. lai 
72 ttj. i.aiL-hcusi- Rd . Aslnbur.* 05WC r.Wl 

Allijry L jpilol Dl 8 33.B -0*1 4 33 

Ahht> Intnjni-.... ...138.4 40 8 -0 3 541 

A'lbet Inv In! F.|..|35 7 3B « -0 11 4 38 

Abbot iJt-n Tit .. |M 1 4691 -0 4) 4 19 

Allied llainbro GroupW iaiigi 

iiimhrvll.-- . H-ilTon. Pirmnnvl. Ewt. 

U1 58H 2851 or Urcaiuood iU877i 211459 
Balaam! Fords 
Allied l»t - - 
5rl IniL Fund.. 
firth A lar .. — . 

Elect A Inil r-e-. 

Allied I'npital.... _ 

HamPro Fund 
Hambro At Fil—. 
lonn Fundi 

(IlRh Yield Kd.. 

H li! It In come 
A H Eq Inc 
loiemailaatl Funds 


Pacific I- jn.l . 

Scrr iif Anwnca .. 
f 5 A. twnplfl .. 

Specialist Funds 
■Smaller Or s Fd ... 

2nd Smlr «‘o'jFd. 

Ri-rfi-fTt SiL- — 

Met Mia A Oil* . 

Oiyntn Earnings 
Lxpt Smlr. Co'a 0 

Anderson Unit Trust Managers Lid. 

150 Fenehurrb St. EHM 6 X\ dilrai 

Anderson U.T. .. (49 3 53.1J ... . | 4 35 

An shat- her Unit Mg me. Co. Ltd. 

1 NobleSI. EC5V7JA 01-0236376. 

laic Monthly Fund (1650 17501 | 8.90 

Arbntlmot Securities Ltd lalirt 
37. Queen St. London EC4R. IB Y 01 -238 5281 

3. arlntorc Fund Managers V lalig) ’ rrpctual Un)E Trust >IngmLM fal 

2. hi. Jiarv A*.- si.|*. 

ts*\ra«r*cati r«t . ,'2« 1 
Fnii'h TsL f A • r . ,4C 3 

Ct-mow-i D Star- 55 7 
Extra income Ti.-.- |ao 
i:< yjrEu*': T ni -: \;l 9 
Hu’hlnc*;tre f-A . - HI 

luconac Fund ne 

iUi'WSSSVj . tit 7 


33 3.?. -0 7, 
58 4' .. . 
157 ?l 


W 5' -Cl 
76 & -5 a 
14 43-31} 
SI 2 -0 « 

3fi.Zi -6.0 

bl-SKt .I5J1 isiljrv .Henley on Thames 


0 32 
3 41 

P’petimICpGih. ™[J99 418! I 341 

7 72 .Piccadilly Unit T. Mgrs. Ud-Y faubl 
^ p Wardg’ic Hi*> . 59a Umdoa 1b aJIECY raa WOl 

a 62 
3 32 

J.rtni Income 28 4 

Small i - c'» F-l .. . 
Capital Fund .. 
lr.r Fm« a, turt! 
Privair Fund , . 

Arctimltr Fund 

Gibbs (Antor.j 1 Unit Tst. Mgs. Ltd. Ti-chnnico Fund - 
U1-5834IU JgSSSWia-Z; 

3b 9 

41 7 


26 1 

30 9i .... 
39 W . . 
44 bq -a 2 
. 47 lid, ... .. 
3/0i -0 l! 
62 El 

23 BlomTteM Si 

iaiAG locrme-- ,J2 2 453! j 830 

<a< AG. tiro*? IK/ M2 41 o3 A 4.90 

l u JLG.FJrEu->- >23 7 25 s) 0*0 

Deal n K -lue*. ttHud. 

Go veil (Jchnil? 

kmZm !*. 1 ni , “TST "«!•*“ “?•“*- c “- 

ssr4 ! . . 

Crieveson Maaaqemeet Cc. Lid. ,0sh lBecm * ~ - ' Iw ® 

62 El 

58 0 . . 
28 0 +3.- 
25 6*4 .. . 

5 34 
4. OB 
4 41 

IniJ. (,On1. X-Ch. Tst. 
h irsl Mi-rlinu-.— ... 1857 
Fusil 111X — 135.16 


Klein wort Benson Limited 

Practical Invest. Co. LuLV lyHc) 

44. Rloootxbcry Sq. BTIA ZKA 01-823 BBRJ 

Practical June 21 — (15X9 16!*! I 4JS 

Accum. Units.-. (214 8 227.91 .... | 418 

-171 313 
1 7*0 

i n^zu, 

2ii*> _ . 

129 Ol 

1-6084433 PrndL Portfolio Mngrs. LuLV (aHbkci 

103 II 


2053 -,._l 
102 3rt 

76 8 


4 52 Holborn Bars. KC1N2NH 01-405 B222 

BK Prudenlial.. (12X0 128 5i -10( <*2 

8 02 Quilter Management Co. Ltdf 
2-22 TheStk.E*chnnge.&r2NlKP. 01-8004177 
QnadrsptGwi Fd .M7 3 IIO.J 460 

2 18 Sfuadraal Income— 1127.7 IK 7! ( 7.91 

1 93 Beliance Unit Mgrs. LA9 
3 93 Reliance H> . Tunbndee Kells. KL 0892 22271 

69 9| I 5.3* 

44.4 -02} . 5.79 
SeUorde T. iiie. . 1~ |4fl 4 43 Xl -M 5*9 

0277-217238 Ridgefield taL UT 11010 
Ridedield Inrome|9X0 

107 On! 
99 0rt| 



Extra Income FU... 1304 * 
Hlsh Inc Mind . . 40.1 
61 Accum Units'.. |55 2 
lOlj". K-<Jr»l Uls 1)55 2 

Proferoibce Fund._): 
(Accum. Union .. 
CupilalFund . . . 

Comm-Jditv Fund 
fAccura Uni Li 1. 
flOSK'dro in.'.. , 

Fin &Pn>p.Fd. | 

CinnLi Fund .. 

lAccum Units' 

Growth Fund 

fAccum. UniL-ci 

SnullerCo'o Kd . . 

Eastern & Inti. Fd . 

<84. WMrwl.UtE.j_.. 

Foreicn Fd. 

N. Amer. & IdL Fd 


37 4 
19 7 

! s*.a 

'66 0 






26 5 

27 0 


58 8 -0 3 

65 0 +14 
93* +21. 
5S4j +14) 
10 7 .. -0 4 
4S2 -0.4 
34?. -35| 
<1 1 -U* 

28 q -0 5 

29 U 

Ml *4 

34 1| -0.5 

-02) 923 

11 jr 

3 02 

Arsbway Unit Tst. Mgs. Lld.V lalfc) 
317 Hi*h TlnlBcm, WC1V TNI. 01 SU C23J. 

Archway Fund 180.9 ebltd -2.7| 616 

Knees al June 22. Next sub Hay June 29. 

Barclays Unicorn Lid. faiigiVtci 

Unicom Ho. 252 Romford Rd FT GI r 2M 5544 

Unicorn America ..133 <1 
Do. Aust. Acc — -...(705 

Do. Aual. Inc 155* 

Do Capital (64 4 

Do. E tempt T« 1055 

Do. Extra Income . 77 4 

Do. Financial 58.1 

Do. 500.. . 71 J 

Do Genera) . . — .133 5 
Do. Growth ACC . . (39b 
Do. Income Tst ...183 0 
•Do Prf. A‘ns Tw .(1375 . . 

Prices nt May 30 Ne b. dn-. June -J 

fianrosi'a™ 51 - r, '-r- -l-s. 

FamsuTfa -fur." 21 '262 2 

'Accum init-- -141 
B'me.K.'dJuiivZL 17J 3 
'Accum. inn-'. ,1-7 2 

FBdcus.Jun.-2u . iv, a 

“c-cumUn.t:',. j»2_« 

•Snwhrtr luM-.a 97 . 
lAccum U“ ,L -' „ l--«S 

Ui.ibrsD.Jur.eSl |*jq 

lArcotn. L'niL'- .32 5 

Guardian Roytd Ex. Unit Mgrs. Ltd. Opportunity Fd 165 4 

Royal achanye.K ' f-3tiN. Ill -82B 8011 ScCtordeT.IAcC .'...(415 

Mtr<Guardbil!T : ;c7 4 40*1 -Oil 4 48 

Henderson Administration^ (a)lcKg) Ridgefield Management Lid. 

Premier CT.Wsi.s. 5 Raylcirb Road. Hurton. 3840. Kennedy SC.. Manchester 091 2S88STJ 
Brentwood. E*« ^ «.+ — ,-r n <«n+ 1 1 <•- 

U.K. Fund* , 

Car. i<rowthlr.c .. .417 
Csn Growth A-.-t- - Jr;j 

Income * As**--" - 1 31.® 

Hick UCbsc Fuad-. 

HtshlncCTw* .154 2 
Cobol £xtrn Inc — [55 4 
.Sector Fonda 

Financial & PTL' . 134 0 

OH A Nat R« (26 7 

Intern xilanci 

Cabot — - 19b 0 

Irlcroationoi U’ 7 
W'rld Wide J uni- 16 |7S 6 
Oversea*' Fandr. 

Auafni'aa (37 9 

S r "SC“--r3I 

North Amer. 3'. 5 

N.AmGrts Juts- i; iri 2 
Cj botAmer ^ - l r- (51 > 

Kill Samuel Unit Tst. Mgrs.t <*) 

Artmlhnot Securities iCJ.) limited 
Bov2S4. SI I lelicr Jersey ®N7!W 
Cop. TsL -Jersey 1 (1160 1200) -1 41 " 

\e*l dee! in i! dale Jul* 4 -_„ _-e 
East &1 MJ-TbI .ri 1 11160 123.4-2*1 305 

::c\i wit July a. . 

Australian Selection Pond NV 
Market Opportumiie*. c,o lrt«h Young A 
Ouihmiw. 1Z7, Kent St . Svdnov 

USSISharea 1 ji.sUW I— J — 

Nel AseL Value June 15 

Bank of America Inieroailowl SJL 

35 Boulevard Royal. I uhnnbbun: GJ>. tlucrnse^ Inc 1 " 

ndinveat Income .JV'suito U20I.--.I “7 s Do. A-. cum. ... 

Price* al June 15 .NeM auh. day June 21 KB Fur EW Fd 

Bnk. of Ladn. A S. America Ltd. ISBKUJpSrt "Z 
40-86. Queen IVtona M . KC4. 0 MOO 2313 k El'S GwiIl Kd. 

Aleskader Fund . IU>»f6 — I J — 

Net a*»e: tulue June 21 

Banque Bruxelles Lambert 
2. Rue De la ReKvncr B 1003 BiU«*elJ 
Reals Fund LF ..(1.867 J.9B5J +3) 7*1 

Barclays Unicorn lot. <Ch. Is-' L^ 

1. Charms Crou.SL I teller, Jray. 0534 73741 

Overseas Income .. )«8 7 

L'mdoIIarTrud. Ktsal* _ 

UnihondTnra ItC-TOrt M0-. 

■Subject to fee and wtLhfcoldiM taxes 

Barclays Unicorn InL cl. O. Man) Lid. 

1 Thomas St . L<ouk!b.«, I o.lL 

-D 31 


63 3J -051 

5B*rt -0*1 

25*1 -0 a 
28 5| -0 3 


|H Rothschild Asset Management (g) 

632 72-80. Gatehouse Rd. .Aylesbury KS5SNI 

Samuel Montagu Ldn. Agts. 

114. Old Broadst . K<‘? 0;-*S854« 

uia:in m 

N.C. Income Fund. 143 4 1ST 5 c -1.3 7 00 

KC.lalL Ftf •fee.-jns 45S-13 2.76 
N.C.Jntl. Fd.iAec ' 29 8 95 5 -13 X76 

N C. Smllr Coys Fd|151.1 160 Q -X4 4.64 

Rothschild & Lowndes Mgmt. ta) 

St. Swi thins Lane. Ldn.. EC*. 01-8384198 

455 NewC-t. Esempl l_JDBI 132 01 3*4 







Apollo Frl Jure 14. 
Japtau June 16_. 

117 Grp SUyJI 

317 Jersey May 31 - 


41 el -0 i| 


« , 

12b Id 

54 0 


■ P- 7 ! 


Price on June 15. Next dealing July 17. 

1 87 Rowan Unit Trust Magi. Ud.Vta> 
City Cate H;*- FinsburvSq,EC2 OMJ081068 
Ataencan June 32 



2.33 Seeuritles June 20. (168 0 

]2bi Sxi 

Bisbopsgate Commodity Ser. Ltd. 

P.O. Sox 43. Douglas. I o M. («4-2aWl 

AR.VAC -J une 5. ...K'S» 1* » 

CANRHO--J uoe S . K1 155 1 

COUNT* “June |£2 512 2. 

Ortclnally Lsyued at *510 nni 

Bridge Management Ltd. 

PO. Box 508. Grand Cayman. Cayman Is. 

N'bashi Juno2 . | v 15338 ! J — 

G.P.O. Box fiao. Hvoe Kong , . __ 

NipponFH Ju Drill .pi 37* 17111 4 0-70 

E t Stuck Split. 

Britannia Tst. Mngmt. (CD Lid. _ . . 

30 Bath St . ,9 l Helier, Jersey. OSMBIN SA. 

Ida Boulevard Royal. Ltivemhourg 

Do. Rocovery 

Do Trustee Fund. 

Do. Wldwide Tru*l 

B1* ! flJMJae . 

Do Accum. . — - (69.7 

4a Beeet FI. ECLi il.:: 
rt'lBnfisbTro^. ^454 
icilntlTrost. ..[77 3 
Ui UoliarTni.:' 6 

ibiCapKaJTr.if: . :1'3 9 
ibiFioanrlsiTnii: 15*5 
Jm lac«a^•7•^l^■ '13 7 

•bi Security In:-,'. .IS) 5 

(•.» Hisfc Yi+IH 1 :l <22.7 

Ectel.V (aitgi 
15.Chtwtop l 'e'' , .r<ret. E.C.2. 

Inlel. Inv. Fur.d . |« 6 9L5i -0.81 
Kev Fend :*!w52sers Ltd. (aKgl 

134 High bid June 22 
lAecum. Units ■ 
Merlin J une 21 — 
01A1380H 1 Accum Untui — 


79 3 

71 5) -2*| 
177 O' 

79 6 

13 31 









DexMolnalrd Fds- 


Growth Invest _. - 


Jersey EneroTM 
UnitrsLSTsx Stu .. 

1*56) -1*1 HI Royal Tsl Can. Fd. Mgrs. Ltd. 
83 II -0 ?! ‘ ‘ ' 

31 0 -o3l 


" * z?S &4, jennvTJ Street. S.W L 01-6208252 

484 Capital Fd. IM6 7331 1 355 

4 87 Income Fd |71.9 75 B) . ...| 743 

7 47 prices at May 16. 2*evt dealing June 30. 

3ixsc| -0.2I a 20 Save & Prosper Group 

4. Great St. Helena. London EC3P 3EP 
_. 63-73 dtteen St.. Edinburgh EM2 4SX 

, °i « 1 Dealt OfU to: 01-95* B8» or 031-228 7351 

Save & Prosper Securities LULV 


44 71 —0 t| 5 03 
llvl -0.-H 5 39 
5- S -0 7 1*7 

fc’S-P.-J 4 93 
32 b| — C e) 4 98 

Baring Brothers & Co. LULV taiui 

88. LcadeohaJJ St. E C a DJ-5E8 2330 

Stratton Tst |169 4 17b 61 I * 25 

Do. Accum. (210.0 219 o| | 435 

Next sub. day July 5. 

BUhopsgate Progressive Mgmt. Co.ff 

O.Bifhopsgiile. E.CJL 01-588 CB0 

B’CrtcPr.—Juat-X.lUJ 4 196 . — 1 3 66 

Acc. LUs* 1 'June 20.. 219 6 233* I 3*6 

B'eaielQt June 13 .. 180 1 19X7^ ._... 134 

(ACCIIOU June 13.... 1981 21151 ...I 1.29 

Neat sub. day ‘June 27. ••July 9 

Bridge Pnttd MaasgervtfiaHO 
King William St. EC4R 0AR 01622 4351 

S5.MilkSt-E02'. air: 

KecErersy la , L 'q I75.B 

Key Biully a i.V-^ £i* 

♦Kov hJtrtn[ '. .- <i . 1752 2 
Key Income Fliic '7f 7 
KerFiiCdtrl r<l ,53 4 
Kei- SmaJJ Co'.v ‘ ; r * J 

Kleinwor: Edasen Unit Managers? 

2P FeochurchE: Ei'.t 01-6238300 

K-B-L'nitFo }r.;„ |s:9 92 31 _....( 509 

AK-B Unitrd vi- . ii550 115 21 - I 5.09 

K.B.Fd.Int.7.C> . I=5J 59 9 1 4.47 

IntenMUiobol Funds 

».y -1.05 
70.7 -0 7( 
162 .7 . 

81 5c -B.6I 
642 . .1 
10L4) -0 9 


ITU— f 

Gniv. Growth | 



a 4? Jarnuliy Jornme Fund 

1220 Hlgb-YieM 1 51* 

6 23 High Income Funds 

High Return 16*8 

Income (41-3 

U K. Funds 

UKEqohr K2-1 

.... Oversees Fundstu 

L & C Unit Trust Management Ltd.? — — --[wj 

The Stock Kclihase. EFXN 1HP 01-583 2800 lfj. |75.4 

ttlzd 7 S SSSoS^ IT** 


7*-.c Hlgh-Hlnlmum Fuads 

x+5 Select Intent 4L (2S3S 

3 25 Select Income .. — 151 .5 

55.11 —0.71 7.54 

69.61 -0.71 

44.4 -0-4} 



45.2J -D*| 4.93 

92 31-0*1 3.29 
10661-0.4 11.77 

81.0| -Ll] L24 

Americne £1 Gen.T-- 
loro me 




Capital fnc.f . 

Do. Acc. t - [39 b 


lnienttl Inc.t 

Do. .Lfic.f 




26 5 -LSI 
54 « 

3S2 — 
4i7 .... 
1-MO -.... 
17b — | 
19 3 


3 21 
. . 3*1 

Ticcj June 

ifRjic. MafertJ-'r ~!T?B 
*(AocUqi t-TniU- ;14.7 
•Growth Fund ;5S 5 
•1 akuol Ui-.ft- 612 
■milltanifll arra-;: |37i 

iAmer.can F : ps 3 

f Accum L’r.iiv*.. „ If 0 
"High Ym.u |“7 0 

<3 3f .. — 

48 5 


27 1 


? Scotblts Securities Ltd.? 

0*0 Scothita (38 1 ■» 3-0.7/ 

050 Scotyiold |«4 5103-0*^ 

10*7 ScoSharoa (55 6 59.7^ 




Tyndall Assurance/Fens ions? 

Chtnynjie Road, Bristol. 027222341 

[3-Way June 22 

Equity June 22 

Rood June 1C ~ , — 

Proporry June — .... 
iDepusil June 32 — 

13- way Pen M«yS. 

lO'sdasInv June 22 
Ato.Pn.3-W Jane 1- 
[Do EquIiyJune 1-.. 

Do prop. M«r z 

Vanbrugh Life Assurance 
Ul-43 Maddox St. Ldn.WlR0LA. 01-4864823 

fUanaged FcL .(143.6 15L2( — 0.7 — 

IBquItyFd .!r. Z24 0 236. B -23 — 

K^uod im* i»-2 -2S - 

lPto*dlnter»I.F«f..-. 163.9 172.6 -0.* — 

Vanbrugh Pensions Limited 

[41-43 Maddoa St. Xdn.WlRBLA 01-480 4SS3 

fa?.— :: B? = 

rafa“::-:ES- a"! I = 

Guaranteed see 'Ins. Base fUtea' (able. 

(Welfare Insurance Co, Ltd.? 

|Tlu> Leas, FolkcsUKic. Kent. 0303 57333 

HnneynuherFd..!..i 1033 I .....J .— 

For other JuDd*. please teler to The 
Mapclicsier biwip 

Windsor Life Assur. Co. Ltd. ■ 

1 niph ureeL WitaLKT Windsor G1144 

Lll" Inv plan* - .—169* 72.9 

Future Y-idGthCa. TOM 

)-u(urc-tssrt<;ihifti.( 4J.W 

Kul Avil Pens L25.04.. , 

Flex. luv. Growth - UI6.D Ullj --4 — 

■ LundonSt 

Deatlag "Tues. tWe^^Thur- 

Britannia Trust Management (a) (g) 
3 London Wall Biuldinss, lon-Jon Wall. 
London EC2U5QL 01-836 W7B XK79 

Asmu —1*9 7 

Capital Acc 

Cetera* lad 




Extra Income... — 

Far East 

Financial See- 

Gold {(General. — 

Growth-- — 

lac.* Growth 

IdiT Growth- — 


UinerulE— — — 

Nat High Inc 

New Issue — 

North American.... 


Status Change — .... 

Untv Energy 

The British Life Office Ltd. 1 ? <=l 

Reliance Hie.Tunbndsa Wells, KL 22CT1 

RL British Life 149 4 5X3 -9 61 5.73 

BL Balanced' Wl 4JS -.1 5 $1 

BL Dividend* (424 ^ 45.41 - I 910 

"Prices June 21. Next dealinc June 28. 

Brown Shipley & Co. Ltd.? 

.UoCri.. Founders CL EC2 

•i.temo*. Out- .'W-a 72 5| -0.11 1CB7 ScoL fc.Glh-4 |2«5 2*6 Dd I 1.38 

Deal, til".-: 'T-r.-s. TfWed. tThurs. "Fn. Scot Ex VW* !167.2 275J<* | 6 93 

Legal & G.ycerai Tyndall Fnad? Pnces at June 14. Next sub day June 2a 
i8.CanynseB.Jid, Bnitot 027232241 Schlesinger Trust Mngrs. Ltd. (aRr) 

Dis. June 1 * . . . ^7 8 
tAcruSLUn)-.-' . _.|72* 

I & (Incorporating Trident Tmsuj 
526 !4o. South Street, Dorking. 


Next sub. day July 1 i asl SKetnot 216 

Leonine Administration Ltd. AaGrowLi - 

2.DuteSLU-mton *IWSf?. 01-488 SMI ^StS^iiro “»■ 

Leo Du*... (74.1 78 C -03 503 Extra Tac Tsl 291 

Leo Accum lR 1 CS.4] -M 4.M income Dirt. 33.1 

Lloyds 3k. Unit Tst. Mngrs. Ltd.? (a> g l 

Registrar < L-.'p; 'Tortag-by-Sca. . Io^Tol' U nits. — Z 25 2 


-0.4 4.64 'Nil Yield' — B74 

- 2^ SreL te Gill Trust. -.123 1 

-0 w 3J< Property Share? .. 25 J 

01-031283 ^toii5d7«::' 

5X4( -r ” ' 

54* 9«d —8 b 1 3J« property 

MX -g.7 3X4 Special 5IL Tst- .249 
OS 7 -0 7 6.41 x/i. Orth. Accum Si. Q 

1X7* -0.9 60 V JC. Grth. Dist ... (IS 5 

7C*{ =o| s.i J. Henry Schroder Wagg 4 Co. Ltd.V 

01 2403434 

Woithlng. VX-.-i - . Sbtvex. 

PBtOtalncdi. .[«* 

Do Mhxi:. fe.6 

Sccocd'C-p.) ni 

Do.lAocum.1 Wj 

Third acco^tu- — £4.9 
Do.fArcurui. -11091 

Lioyfi'h Life Unit Tst. Mngrs. Ltd. “ 

TSoO.CsltbiiUtrSi AriosbDir. 02865041 gSCSSi. 
Ecul'yA^eam „„.(1530 16XB| | 4A7 income June 20 — 

» ^ 6 VHcnzI gSSafiSfc. 

22 71 -0.31 
293 -DJ 
27.0 -02 
26 Id —02 
313 .. .. 
4X0« -0J 
3X1 xw -02 
5X7 -0.7 
27.1* -03 
30.1k -03 


27 J -0.6 
28 9 -03 
22.6a -0J 
199C -0J 










Three &uj>x. Tv«*r HilL EC3R 6 HQ 01628 458S Mccnm Units* . .. 

S*.’ also Stock ixcbaoge Dealings. 



BS Units June 20 
Do. (Acr iJon*20 
Oceanic Truata lai 


General — 

Growth Accum. — 
Growth Income ....... 

Big* Income — 








5o 6 
,57 9 


229.91 ( 4 75 

296. *j J 4.75 

American — — 59 . 

t.V-cum Units) 511 

Australasian M 3 

i Accum. Uiut» Su3 

CcnuuodiQr 7p 2 

i.VctSLUmin. _ 52.2 
impound Growth. 105 7 
Om rer.:oa Growth £2 9 
Ccn*eriioa Inc. - - 65 7 

Di' ' Jer.H U4 8 

(.-.ccupv UnUSI.. — 217.6 

European 491 

I Accum Uniisi- — 497 

E.X-a Yield. 35 3 

i Accum Uoith 11X4 

FtrSiJvfB 571 

(Arcuto Units). ....... m2* 

Fiodof Iny.TitJ 61.9 

lAccupv UnilSi ..175 5 

Gcr.croi [166 1 



Recorerv - — - .— 

ExmpL Juno 12 — 

Canada Life Unit Tst. Mngrs. LULU 
2-fl High Si. rwtero Bar. Herts. P. Bar 51122 

Con. Gen Dist 137 2 39 21 -9.41 4 43 

Do Gen Accum . . 1952 f7 W -0.4 443 

Do Inc. Dirt 325 343) -O.lj 7 91 

Do Inc. Accum. — 142 6 44 9 1 -0)1 7.91 

Capel I James) Ringl Ltd.? 

190 Old Broad St, ECXN1BQ 01-588 8010 

Capitol (05 88 71 .- I **= 

Pncos oa June 2X Next denliag 
CarJiol Unit Fd. Mgrs. Ltd.? (£)(c) 
Milburn House. NcwcaaUe-upon-Tyne 21183 
Carl iol.. (69 6 72-lj j 3.92 

[Accum. Xlnltai 
Hti'h income 
tArc-ic. tinitai..,. 

Jop-n Income 

i.'.cciB Uailrt . 


lAiruca UaltCI 

.MKitad. — _ — ..... 
lAv' un. Units; 

257 2 
>7 6 




SX 1 




66 4t 




Soc v ad Gen 

i.Vcuiu. UiuCii . . ^ 

Special — lli0.9 

(Accum U'nieu . . (28X4 
fipccicliscd Funds 
T.-u'i— (7*21 

l -^l 




1783 -1.1, 
163 7u -0.W 
165 2 -0 $ 
224 7 -1*^ 
275.1 -l.g 

179 q -i a 

297 J -Jffl 
B64 -O.-t 
87 Si -feffl 
181 BnS -0 S 
27611 -XI 

m n -o u 

215 6) - AW 

Europe: June 10 _ 

i Accum Units) 

•Spec. Ex June 7... 




188 5a 
86.2 -X8[ 
1061 -23) 
250 6 

For tax exempt lands only 
3$ Scottish Equitable Fnd. Mgrs. Ltd.? 

2-P? 28 SL AzrirewsSq^ Edinburgh 03 1-556 9 JO J 

Income lip — .JC9 2 523) I 537 

IS Accum. Units . . . '561 W»| | 537 

° Dealing day Wednesday. 

30 Sebag Unit Tst. Managers Ltd-? (al 
22 PO Box Ml. Bcklbry. Ha#., E.C.A 01-2385000 
2B SobPB Capital Fd -TCI M.M -0 71 394 

2.05 *ehe* Income Fd- -F9.9 313) -03) 83* 

JS Security Selection Ltd. 

552 15-18. Lincoln's Inn Fields. WCX 01-831 B83fr9 

5 92 UoW Gth T* Acc _.|24.2 25.# .1 X29 

859 Unvl Glh Ta*. Inc — 123 1 225rt| - 

Stewart Unit Tst. Managers Ltd. (al 
1.9B 45. ChcrloUeSq .Edinburgh. 031-2283271 
tSceimit American Fund 
Standard Units . .164.7 69.1J —33f L40 

Arcua. Units. . — 169 . 

Withdrawal Urals . (5X6 
-Stewart BrtUrb Capital Fuad 

4 53 
4 S3 

m = 

536 Standard |133.4 1«-9J . — | <35 




Accum. Units . — . |15i 8 
Dtaling tFri. 




lAccuet Units) June 20 , 
Cltan ffi. J un# 20 — II J* 3 


274 3 


184 0 

-1 1 

Do Aeeom.Uniu.-W3* 

Do. High Yield . — 1«.7 44 2J . — j 




Do. Accum. Unit' ..Kl 9 54.* 

Next dealing dal# June 26. 
Charities Official Invest. Fd$ 

T? London Wall. ECXN 1DB. 01.5881815 

laeotnt* June 20...— [132.4 — ( -2.8] 6.70 

Accum. June 20 £53.1 — 1 -3 q — 

♦Unauth. Only available to ReE- XQ an Lies. 

Charterhouse Japhet? 

1. Paternoater Row, ECA 

CJ. lute mail 23 8 25.' 

Accum. Units ... — fflJ . 29 1 

C.J. Income- 3X6 341 

CJ Euro Fin — «... 26 * 28.! 

Accum. Units.,.. — 30.6 3X1 

CJ Fd.Juv.rai 27 8 29L 

Accum. Unit* [31.6 . .3*01 

Aecun Unit*) . 
p-ms-E-JanralS. . (135.a 
JKancUfe Management Ltd. 

St. Georse'atViy, Stevenage. 

Grou-.h ‘Jnllx.1 151 8 

USai'floiver Kanagetaeni Co. 13± 

Sun Alliance Fond Mogl. Ltd- 
t a# Sun Alliance Rse. Horsbam. IM03 K141 

6 58 F^p.Sq TsL June UlEZU.O 22X2) .. ..J 434 
JOIN fTbe FomiJy Fd— jW* So*) -O.eJ 3*7 

7M Target Tst. Mngrs. Ltd.? laKg) 


51. Gresham SL. ECS. 
Target Commodity. 35 7 
Tame; Financial — 58 4 
043858101 Tarset Equity- . . 362 
54 51 .... I 4X1 Target Ex June 21. 238.1 

0Do. Acc Units 282.6 

Ter get Gift Fluid .. [U3.I 

Dealings: 0298 3941 

li'IS urra>bntn SL, ECV7AU. 01 <06 8099 Target CroWJt 

inconie June20 I1C77 i!3.4( 1 813 Tnrgct.Ictl... .-_... 


Gcnerai Jaa#2u....{69 6 735| 

Mercury Pond Managers Ltd. 

533 Do.selnv.Uatta 

Target lav..—. 

Txt-Tr June 21. 



7 74 


123 9 195 6 

23S.9 2541 

64 9 690 

... .. 


2141 223.0 

[255 5 2661 

Oi -OOP 4555 TgL Inc 288 




TT-Pwf (136 

Coyne Growth Fd ..|1B.6 

Price June 21. Next dealing June 

Chieftain Trust Managers Ltd.?<aifg) 
11 New SL EC2M 4TP 
American Ju 23.1 

3u. Grrvhum St, ECSP2I3L 
Mere Gea. Juoe21. r 
acc l't: June 21... 

More InL June 21- 
Accm Uts JuneSl. 

M'-rt Er_Kay25 _ 
a c cura-X'lo. AprX7. 

Kicisad Bank Gronp 
Ua'U Trust Managers Ltd.? lat 

CouriKTiod fioaso, SUwr Street. Heed __ 

She([> ?ld. SI 3RD. Tel: 07427984- 30 0. Wood Street. E.CZ 

3-StjHI I-H TX UT June 1 00.3 

I' 55 Target Tst. Mgrs. (Scotland) ia)(bl 
*:42 19. Athol Crescent, Edln.1 031-2298821,2 

‘ Target Anver EjelH27.Z 29Xrt-0J« 1*4 
Target Thistle ....._ [fa 8 *1^ -o3| 5,96 


High Income *0.3 

lnttfntailonalTrt... iiC*.* 
Basie Resroe. Trt.|2a.4 

0X283 2832 
248] -0.41 Xb3 
43.fl-0.-H 9.51 
253-0.1 315 

284 -0.M 038 

Confederation Funds MgL Ltd.? (a) 

M Chancery Xanc, WC2A1RE 01-2*20282 
Growth Fuad -.«X5 43.6) . — l 435 

Cosmopolitan Fond Managers. 

3a PonlStrccL London SWUC9EJ. 01-05 8925. 
CasmopolraGth-Fd. {17 A 18.71-03] 4.90 

Crescent Unit Tst. Mgrs. Ltd. (aKgl 
* Melville Crea.. Edinburgh 8. CO 1-228 483 1 


D*.i At :um... 

<'.ro»rl: — 

Do. Accum 





Do A:cum k— Z— 

laconic . — 

Do. Accum.^__ — 





103 6 


Do Accum . — . ... 
Equity Exeopf— 



39 3n -0*1 
47 Z -0.5) 
30.2 —7.4 1 
32 6 -O.fl 
54 6 -04 

621 -OS} 
5229 -o.r 

55.5 -0.fl 
65 2 
69 3 
199 3 






a 39 
5 *9 

Extra incMnc Fd. - i58 6 • 63.« -0*| 10X3 

Trades Union Unit Tst Managers? 

01-828 B0U 
53.4| | 538 

Transatlantic and Gen. Secs. Co.? 
V..fO New London Rd. Ch elm sford 02*561651 

Crescent Growth, 

Ctbo. Internal 157.9 

Cres. High. Dirt. fc.5 
Cres, Rf«Tvei — _f39X 
Crea. Tokyo 1 — 

28 . 6 -o.i; 
6X1 -0.W 
4S6 -0.?] 
4X0 -D.fl 






MinsL-T Fond Managers Ltd. 

Mtavi er Itae.. Arthur Sf ., EC* 01-8231953 

MJnrter June 12 (353 3T3t — ( 5*7 

Cxempt Ma> 21 ]96.7 9*.7| .| 5JB 

IW1A Unit Trust Mgemnt. Ltd. 

Old Queen Street, SWlH WG. 01-9807333. i Acnim. Units.) .....JC l 
ML\Unita (39.9 *191 - I WiekYJnneSa [S9.3 

Barbican June 22... 741 
lAccum. Unita.i. — U1B 
Barb£xpl*ler31.- 85* 

Butte June 22 78 6 

i Accum. Units' 97 3 

Colewo June 18 . ... 126.0 

lAccuiraUnllet 15X0 

Cumbld. Jme 21 _ 50.3 
i Accnm. Units) — 55 1 

Glen. Juno 20 537 

(Accum. Units* 69.0 

tlari boro June 20 - 527 
lArrum Unitai- .. 59.5 
Van. Cots. June 20300 

(Accum. Units) 61.4 

Van -Hy June 13 „. 72.1 
Vang. Tee June 21. 43.5 


Discretionary Unit Fond Managers 
22, Blomfleld SL, EC2M TAX. 01-8384*85 

Disc Income 116X5 173JJ 1 5.23 

E. F. Wine be* ter Fuad MngL Ltd. 
Old Jewry. ECS 01-8982157 

Great Winchester... IU.0 19 6j | 6.24 

GLWtneh'er O scoflao* 224 1 4*0 

Enuon & Dudley Tat. Mngtnnt. Ltd. 

20, Arilnltton SL. S.W.I. 01-4007551 

EaxoB Dudley Xxt.)67J 72.5) ( 3.80 

Eqnitas Secs. Ud. (a) (g) 

41 Blshopagatc, EC2 , 01-5882551 

Ptvgnssive J65.4 69.0) -O t) AJJ 

Equity Si Law Un. Tr. M.? (aMbKc) 
AmershamRd., High Wycombe 04H 33377 

Equity ALaw .)«* 67M-0JJ 4.30 

Fnunlington Unit Mgt. Ltd. (a) 

5-7. Ireland Yard. EC4B 50 H. 01-248 8971 

American—.— — — 156.4 . 53W .. ( 100 

Capital TSI E64 1XS« -2 A 392 

Income Tst jlOLB H»Xd-2J) 7.15 ’ 

in L Growth Fd... — 1060 lli.w -5 4 14- 
Do. Accum. |1092 116 0| -5 6| 2.44 

Friends' Provdt. Unit TV. Mgrs.? 
PudumEnd. Dorkutg. 0309 5055 

FnendsProe.Ula.-WJ 43 WtO.1I 438 

Do. Accum .. 153.2 5b 8) -0.<| 4.33 

O.T. Unit Managers Ltd.? 

18. fliubury Circus EC2M7PD 

Matuii Unit Trust Managers? (aiigl 

15. C&plhaU Atb.,EC 2R7BU. 0Id084W3 Do. Accum. 174.0 

Mfgfcg* 1$ Tyndall Managers Ltd.? 

M-jrual Blue Chip... 4J+ 47 0 -0* 639 1 a Canynge Road. Bristol 

Muiu.i! High Yla_p53 593|-0.4l 878 income Juno 21— .197.6 

JVsiional ud Commercial jAccunfattij — . VIA 

31. Sl Andrew Square. Edinburgh 031-556 MSI f^KSttaZZ 17*0 

lncomi- June U.— (1464 15181 1 612 Exempt June 21 110 6 

, Accura UOIUI I2M.6 OTSfl b 12 JSSbudEBL _ 156.0 

Capr June l*„ h»g 13J.4) 3 64 /ol Eortt June 21— 24? 6 

lAccum unlui 1154. S 160b| I 3-64 (A «ura. Uniii. Z7X0 

Natiocal Provident Inv. Mngrs. Ltd.? Prof lunoZK 9*2 

43. GrEr«huirh6L.D^p3HH 
N p.r Gift UaJ5tt_ f *52 48 1. 

(Accuira uaitu*.— S5X H-. -. .. 

NPI O Truat ... 124 6 131.fl .. ■ - JM 

(Accum Unlcai-.._JI5X9 148.71 | 2.60 

•■Pncea on May 25. Next dealinc June 2S. 

•Kncv-v on June 1*. Next dealing Jane 28. 

National Westieinfiter?(Bl 

101. rneapatde, EC2V BEL’. 01-808 0)80. 


Hsxe -22l 

1019 -X7 




58.3 . — 




6X1 — 
527 ..... 

« 7 ^ ::::: 

625 -I9f 

U.I - l * 
























Capital* Accum.)— 

Extra Inc e 

FirunciiJ 34* 

Grotrih 14* ■ B6.7 

Income. ... — ---- . 34 9 
Portfolio lav Fd_ 664 
Cnivor.ul Fd (dl... 59* 


68 7 

93 2 



— D.7 
— 0.2 

70 W -0*f 

- 1 . 0 | 


Lon don wall Group 

Capital Growth 88.4 

Ito. Accum. 82.2 

Extra Inc Growth- 16 9 

Do. Accum... 42.9 

Financial PrTty 14* 

Do. Accum. — — 180 

7 97 HjBhlnC.Prionty_.168A 
5*4 International 

NEL Trust Managers Ltd.? lallgt 

5.14 Special Sits. Z_ -_|toi 

534 TSB Unit Trusts (y> 

2-26 21. Chancy Way. Andover. Hants. 


King Sc Sbaxson Mgrs. 

1 Channu CtOx». si llvltor. jiTrcy.iISM' 737*1 
Valley H-e m k-iu: Port, tirasy. .twai' 

1 TIio.tu* ^tret-1 lk/acl9a.l.031 •WM.'f'Ad 

Gilt Fund IJcr*v, , > .1916 J W 1 12^2 

■ liHTni.t -1 n %1 . . 102? 105*«S . — 12 00 

Gill KnrJ Guurra>r>n 3b 940| J 12 0Q 

W bt) ..—J — 



IbS 9 6? 7( 

78 9 S3 i 

SVS32 57 
SI. SU 96 
SIM 78 - , 

. .18 bo 19 SIX 

■KB act a* London payitiK uriePta only. 

Lloyds Bk. (C.t.l U/T Mgrs. 

I’.'l.ltov 1+5. SI Holier. Jersey. 053*C?S01 

Xlcyxls Til ■ ' 156.4 6l4j J 1X4 

‘ ‘ ‘ ■ lllly j 7- 

SiCnet Bermuda ... 
■I luir-ncDiJW' 

di £23 3910 

3 39 

4 JO 

. 075 
-003) 168 

Next dealing dale July 
lice Lloyds Internationa Mgmnt. S„A_ 

7 Rue du Rhone. r.O Box ITS. T'^Il Geneva 12 

Lloyd* InLGruwm IvTDISI Bt M .1 IU 

Lloyda InL Income. IsKMlH 315ifl 6*0 

33 0 

Unicom Aust. Exl. 
DO-Atut Min 
Do-Grtr. rucilic. ...)622 
DraJsl). Inc f me (38* 

Do. I. ol Man Tat ....&5 9 
Do. Manx Mutual — 

57 Ij 


«*«*« M & G Croup 

—22] 160 Three Quav«, Tuwer Hill G.HR 6B0 01-435 -UE3 


-O.fl 170 




Aurt. Ev. June 21 .. 
Gold Ex June?!.. . 



hi WJ6 



132 6 

. 93*0 
-1.IX 53*3 

5648 40 5253 3*0 

WV2DD U.™ 109 

SISU« 11 W 3 98 

£5 06 5*3 0.76 

1 17 Jrxyl>'*J une? ...IU255 Ulij — 

Murray, Johnstone (inv. Adviser! 

103. Hope SL, Glasgow. C2 MI-2210521 

■HopeSL Fd. I 5UK33A3 1 | — 

-Murray Fuad i SUS1117 i J — 

•KAV May 15 l 




N AV June 16 1 SUS10.64 | 

tso W egit Ltd. 

1.00 Rank ol Bermuda Rides., Hamilton, ttrruia. 

NAVJuneS.- |C5*3 — I • — I — 

Phoenix JniernaiiojiaJ 
Hi Box 77. Sv Peter port. Vuermey. 
lnter-DoIlor Fund. |S2*3 2*1|-0 05| — 

Brown Shipley Tst. Co. (Jersey) Ltd. p roperiv Ciemh Overseas Lid. 

P.O. Box 5B3. St Uelier, Jersey. “MWTr. a In»h Town. Gibraltar iGibifilue 

35.71 — 


I'S. Dollar Deaumlnati-d Fd*. 

Utdtrsf STUL — KI'SS N 54H J — 

InLHuth InL TsL PIS097 1«] I 9D 

Value June 16. Next dealinc June 36. 

Sterling Bond Fd. ..|U007 X0*2( ..... | 1X00 

Butterfield Management Co. Ltd. 
P.O. Box 195. Hamilton. Bermuda. 

Buttress Equity — [2*6 X4«| J 194 

Buttress Income 1197 XMI ...-j 5 85 

Prices at May IX Next mb. day July lu. 

Capital Internationa] SA. 

37 rue Notre-Domr, Luxembourg. 

Capital lnu Fund— | 5USX730 1 -.--J — 
Charterhouse Japhet 
XT'aternorter Row. EC4. 


V S Dollar Fund— I 
Skerljna Fund | 

JUS85 89 

Fondak. _ 

Fondla 11 

Emperor Fund f 


Clive Investments (Jersey) Ltd. 

Quest Fund Mngmnt. (Jersey) Ltd. 

P.m. BoxlM. V llv.-tii.-r, Jemy. (d-iaT-rU. 
Quest St I itFxdlml £ 1 . — I — 

Quert fw). Sect l Sf. S l ) — 

Quest I nil Bd. | SIS I ...... | — 

Pnues at next dealltyj 

Richmond Life Ass. Lid. 

43. At bd Street. DoupUr.l.uM P624 2791S 
[109* 11! .91 -x: - 

1733 lEJ2 4iq . . 1D.K 
124.0 1*0 71 —3 C — 

10b7 XU. 2 ~ 

169*' 178iJ 1147 

014(13899 it'Thc Silver Trust 
549 Richmond Bond V7 

cv-. Platinum Bd 

Do. Gold Bd. _ . . .. 
Do Em-U7nE6d.... 

X80 Rothschild Asset Management iC.I.) 
P.O Box 58. Sl Julian-. CL Gucrr^L-y. Ois 1 2C33I 

O.C.Ldc F d Junel..)1471 

OC.Intl Fd-t 

C C.SmCoFdMv-3! _ 

(i C. Coiamnditv' .. 

CA'. Dlr.'.'umaiy.T.- 

P.O. Box 320. SL Heller. Jeracy. 0634 37381. O J^-Bq Fr. Uay30- 

CIiv*CtltFri lC.L).(pJ5 18871 J IX M 

CJJve Gilt Fd. Uay.'.JlD.O* 10.051 ,..—1 1X00 

Conthiil Ins. (Guernsey) Ltd. 

P.O. Box 157. SL Peter Port. Guernsey 
IntnLMun. Fd. _| 166.0 1H3.0( — 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta lav. June 1X..ISX85 X94J ] 

Dentscher lnvestmeBt-Trust 
Postiach 2685 Bieberftiuse 8-108000 Frtinldurt. 

Concentra .IDM39 46 7® 911 | — - 

lot Renlcnioods . 71 58) 4 — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box N3712. Nassau, Ba h a m aa. 

NAVJuneai JSOSKO 15*S)— tXTDf — 

Emson St Dudley TsXMgXJrsy.Ltd. 

P.O. Box 73. Sr. Helier. Jersey. 16M 20591 Nonh American 

EJ>iC.T. |120 0 1278|.. -.1 3.00 Sepro"? 

F. & C. Mgmt. Ltd. Inv. Advisers 
1-2. Laurence Pouniney HUL BC4R OB A. 

01-023 40BO 

Ceut-Fd. June I-f — { 5US5J8 I J — 

FideUty MgmX & Res. (Bda.) Ltd. 

P.O. Box 870. Hamilton. Bermuda. 

Fidelity A*. Ass. - I -5US2549 
Fidelity InL Fund..! SUR2XIB 
Fidelity Pac Fd— SUS4637 

Fidelity Wrld Fd — | SUS14XS , — caol 

Fidelity Mgmt Research (Jersey) Ltd. ciit f«i Z1Z. — - 

Waterloo Hae..DonSL,SL Helier, Jersey. 

0534 27581 

Series A (Lntnl ). — I £190 

Senes B iTactfici _j fc8 0i 
Series D ( £1766>4 
first Viking Commodity Trusts 
R -St. George's Su DourIbs. l.o Jt 



155.9«i .. , 

5,1*3 1*6-007! 

[146* 155.6 

1346 142 b 

„..._tafcll 27 771 — . 

Price on June 1+ Ne\t dealir-4 Jura? 5ft. 
tPnccs on June 21. Next dealing July 7. 

1 2* 
3 25 
0 72 

Royal Trust <CI| Fd. Mgt. Ltd. 

P.O. Box 104. Royal TsL Hsra. Jersey. t)K>1 27441 

RT. Jai L Fd 1*139*3 9 K} — ..J 3 C3 

RT.Iafl iJqy.lFrt-.W 9£| .... J 321 

Prices at June 15. Next dealing Jiny 14 

Save & Prosper Internalion&l 
Dvaiinx U>- 

37 Broad Sl . SL Helier. Jersey- 0XX-20TQ1 

l 1 * Dollar-draamlaaied Funds _ 

DlrFxdini**Jun21..l919 9 75*8 I r.*3 

InteTnaLGr-5 [704 7b2i I — 

Far Eastern'!. . . -KX49 44 SM ... 1 — 

379 4J0i — 

14.04 15*4] | — 

SteHinjt-denomi noted Funds _ 

I'hannel Capitals .J23C* 2^271 -321 

Channel Islands*.- [142. 9 159 5j -1 >1 

Comrae-i June l 1123 2 lZOTl-ln] — 

SL Fixed June I ....fill 4 1179) -1 5) 1179 

Prices 00 "June 19 -'June 111. "•JuiiC ‘3L 
{Weekly Doalinex. 

Schlesinger International Mngt. Ltd 
4 X La Muite sl, SX Helier. Jersey. 05*1 Ti»S. 



__ S-VLL 

lntL Fd. Jersey .1103 

1=1 = 

InlnLFd.LxinbnL ... 
•Far Eaat Fund— 

SID 56 

Next sub. day Jura: 28 

Schroder Life Gronp 

Enterprise House. Portsmouth. 







OttiS'iflKi.Trira'ABi “Dunbar It Co. Ui. jS 11 ” 1 ^ "^119.2 

51 Pal) MalL London SW17 5J H. 01-030 7857 1 

tFixed’lnlwsL. . 

5 Fixed lnieresi— 


SManaced ... 

53. Pall MalL London SWI7 5J H. 

K*L Vtk. Cm. Tit. -.08 0 40.0J +0*1 220 

FsLVk.DbLOp.Trt... (74 0 79 Oaf ....-] X70 

Fleming Japan Fend S.A. 

37. rue NoUe-Dame. Lusetnboure 

Klm£. Juneil 1 5U849 82 | ] — . 

Free World Fund Ltd. 

Butterfield Bid*.. Hamilton. Bermuda. 

NAV May 31 1 SU 817925 | -—l — 

G.T. Management Ltd. 


104 8 


126a -03 — 
134.C +0» — 
3447 -0.B — 
2114 -02 — 

1*3 7 .. . — 
122*1 +02 — 

J. Henry Schroder Wagg « Co. Ud. 
CO, ChcJpside. EC*. 01-5864000 

’ ‘ ' 2*1 

ChapS June 20 ... 

TralalearMayal _ 

Asian Fd. June J*-. 

. , DarlinK Fnd. ._ .. 

Park Hae_ 18 Finsbury Circus, London EC2. Japan Fd.June 15. 

Tel: 01-8C8 813X TLX: 888100 , . ,. . , , , 

London Areata for: Sentry Assurance International LUL 

2 81 

Anchor ■ B' units.. ._£CSI_n 
Anchor CtitBdse.. 
Anchor let. Fd — - 

Anchor 1 ra Joy. Tbt . 

Berry Pac Fd. 1 

Berry Par Sbr 

G .T. Asia Fd 

G.T Asia Sterling... 

U.T. Bond Fluid 

G.T. Dollar FcL 

K.74 9w| 

B? 36 M 

, 5U94505 . 


103 67 14.711 

51 '£12 85 

-0.CS 12.96 
■MJ.03 1.75 






Voi 3 

P.O. Box 326, Hamilton 5. Bermuda 

Managed Fund |MRMB l&H ..—1 - 

|JS singer A- Friedlander Ldn. Agenls 
103 20. Cannon SL. EC4. 01-246 Srt4d 

168 Dekofonds IDIDM1 2UM ..-.I 6*4 

141 TnkyoTsL June* — | SUS35.00 l ... 4 1.77 

A99 Stronghold Mauagcreeo: Limited 

L15 p.o. Box 315, SL Helier. Jersey. 0T-J4-714C3 

Gartmore Invest. Ltd. Lda. Agts. Commodity Tni5t_|92.2B 97141 t — 

2.SL Mary Axe. London. ^C3 OIOB33531 Surinvest (Jersey l Ltd. «xi 

Cfspvre rnpA ^ fFarEmrt ura H ^ n( , OuceuxH*-. Dnn.Rd.Sr Helier. J* 05*427343 

I MB Hutchison Hse. 

HK 4 Pac. XX Tat. (JHK3MB 

Japan Fd KSU4S5 Jtj 

S. American Tax _ & 51X14 11M 

lntl. Bond Fund PU5UW5 MU 

Gartmore I nvuti imt KagL LUL 
P O. Box 32. Douglas, loM. 
Gartmore IntL Inc .. (21* 
Gartmore Inti GribKS* 

1 2 40 American 1 nd.TsL . (£832 a.^91-0 121 - 

.._.J 0 60 Copper Trust jxlOS? ~* 

.Jf 1* Jap Index Tsl |U2.«) 1225[-uC7[ — 

+o o7| 5.70 TgB Ul|U niznjigers Ud. 

06242SBI1 BagaleUe FjLSL Scwour. Jcrae>. 0534 ..454 

4961 .... I «C4 

1 49 « . .1 «N 

Price* on June 21. Nest sub. day June 12X 

Jersey Fund 147 1 

Guernsey Fund (471 

22.7} -0.11 10.90 
6951 ....1 4.0 

Hambro Pacific Fund Mgmt. Ltd. 

2X1 0. Connaught Centre. HOnK Kong 

Far East June 21 — 112*2 1*891 j — 

Japan Fund fsUSLTS 7U1 A — 

Uambros (Guernsey) LtdJ 

!!?**■ ^ ^1^5=1 Il*~ Management Co. N V.. Curacao. 

SSff3u M9 u KAV «- r shart Juae J9 - 50M3M 

Tokyo Pacific Holdings N.V. 

Inn mis Manopcraeor On. N V . Curacao. 

NAV per share June 10. 5X1535.02 

Tokyo Pacific Hldgs. iScahoard) S.V. 

f|g Tyndail Group 

P.O. Box 125S Hamilton 5, ECrmuda, 2.27B0 




Overseas June*! — BCS1JI 

1 Accum. Vnlli) pt'FlSa 

3-Vt'ay IDL May IO.-|Jlii58 

2 New St.. SL Belief . Jersey 

TOFSLJunt-12 IE7 7l> 

(.Accum. Shares) . _ (Cl i90 


lntnl. Bond TUSflOS 03 1083 

InL Equity SUSOD.W U X 

InL Sega. ‘A’ SUSp>2 LO 

InL Sees. -B- 5USfX09 IX. __ 

Prices on June 2X Next dealing June SS 

Henderson Baring Fond Mgrs. Ltd. 

P.O. Box N8723, Nassau, Bahama* 

Japan Fd. IfTSaX Hia-DJ9( — 

Pnres on June 21, Next dealing date June 28. American June S3 . |S2* 

Hill -Samuel & Co. (Guernsey) Ltd. 

a LeFobvre SX, Peter Port Guernsey. C.I. tNonJ. Acc. Uts ; - 1273.8 _ _ , , -. „ 

Guernsey T sl (145.4 155*| -L6) 3.55 GiliFuDdJun«22..n0u0 IWOd -1*^ 

Wtn t.mntl rh.«i..u Fund 4A (Accum Shaw — (137 o 139btfl-16( — 

HlH Samuel Overseas Fund »-A. Vlefoiy House. Douglas laleof 

37. Ro# Noire- Damra Xuxemtourg^ ^ _ iSaSSS VSyvFjlmJO X*Bl .1 - 

Iutematiouai Pacific Inv. MngL Lid. L td i - Kogmat (C.f.l Lid. 

PO TU.V AST u WM c. cvrinev Aust 14, Mulcoster SlrecL St Helier. lersc?. 

PO Box R237. 38. P.U SL Sidney, am. __ cj.b. Fund |HIS99» )0Lft| - I 8.16 

i*a . . | 6.W 
IWj-OOll — 

0534 37331.' 3 
8251 .. | fc.CO 
12 3<jj+9Q5 - 
SS 9^ -1 0> 2.00 
csa-i.cii - 
206 bj +0 o| 7.62 
290 4j-,06| — 

XI.S.TsXlnv. Fnd ..| SX S10 4? | I D.95 

Net orxet Juirf ri). 

Javelin Equity Tst. tSALU 

JJE.T. Managers (Jersey) Ltd. United States TsL !n:i. Acv. Co. 

PC Box 184. Royal TsL Use.. Jer«y0534 27441 14. Rue Aldnnfier. UuwmlvAire 
Jersey ExtrnLT*t_ [163. a 173 (4 ... I — 

As at May.3X Next sub. day June 30. 

Jardine Fleming & Co. Ltd. 

4Sth Floor. Connaught centre. Hong Konc 

• - - “ J 2.80 

*32XU XPO 
+ZM 1.90 

JardiaeEstn.Trt._l SHK25436 
Jorc^nc J’po-Fd.*-) JNK33115 

JxrdLceSllA. I SUSli.24 

J online FlenOnt SHK9 70 

NAV June 15. 'Equivalent SUS71.06. 
Next sub, June 30. 
Keyselex MngL, Jersey Ltd- 

S. G. Warburg * Co. LUL 

30, Gresham Street, EC2. 0I-C304555 

Cnv.Bd Fd Juneni.l 3L'_R9_61 NW - 

EnO .inxjuoeC].. .) U'SBB — 

Or.a.SFd.SI«y3l.._[__SLJ5JJ^ Jl J_ - - 

MrEiir. June ill Z . fr-'SMJS UCfl-CCCl — 
Warburg Invest. Mngt- Jray. Lid. 

1 . Chan ngCrou, Si Hcli-.-r.Js> CT 033573741 

jersi T CSIF Ltd. May 25 ...ISV.M2J2 U 

PO BOx98.5L Helier, Jersey.. (En£ 01-6007070) (^VT Ud! May 25 ...HJ2 53 12/ 

Bondsalex — 

— (FnX«D 

Keyselex lutl (£6*1 

Keyselex Europe.- 

Japan Glh. Fund 

Keyselex Japan 

Cent Assets Cap—. 




J7J1 +0 84] 

13*2 . -. 

£133.82 l+0.01( 


Meuds Tsi June :fl. |£12 17 

TMTLtd JuneB |£206S MSm • -I — 

World Wide Growth Management^ 

10a. BouleviH Royal. Luxi-ml-ourc 
Worldwide Glh Fd] SUS14.39 |hJ03] — 


5 q {1 fbiTSB General ‘ 

Milton O&uit.IAirfclng. Stares - . 

M :8:?| SS ^ 


ibiDo Accum.. S* 

rbi Do. Accum_ 

TSB Scottub 

to 0284 83432-3 


G T Cap. Die 

Oo. Ace..-. £?/ 

GT Inc Fd. Un — 


G.T U.S & Gen — .1147. 4 

G.T. Jo pap A Cen— 
*tJt. JVna.£x-Fd~ . 

G.T.Infl Fund 

GT. FoilrYdlFd .. 

82. B 

232 9 

G. & A. Trust laHgt 
S. Ray lei ch Rd., Bren tuood 
G MA 13U 

3 30 

33.4a) -0*1 4*7 

For Sec Gout Fund Mznasers Ltd. 

see Sknhscbfld Asset Management th) Do Accum. 187.7 

Norwich Union Insurance Group ibl Ulster Bank? lai 
P.OUt-c 4. Norwich. KR13NC. 0SW 22200 Waring SmL Belfast. 

GrouplM.Fd. JS37 3 3S5.6| -3*| 518 ,h'ULslor Growth -1361 

Pearl Trust Managers Lid. (aHgKri 
££ if. O' 1 Holbo-n, TVTIV 7CB 01-106 8441 

46 9| —0.71 

59.4 -8.9 
Slid -0.6 

63.7 -0.6 
87* -0.9 

93.4 -LO 







»B|-0*| 5.44 

Unit Trust Account & Mgmt. Ltd. 

Pearl C routh Fd... . 

Accum Units 

Pearl fro - . — .- .. 

Pearl <- rol Tst 

■Aei-ur.. Xwta - 

31 B 
34 0 
.144 0 

TTi King WilLlan SL. EC4R9AR 
lay Friars H<i#. Fund ..[1530 

5^25 Do. Accum. (34.0 

^5 Wleler Growth Fund 

Peljein Unite Admin. Ut L igHs) Kr5 WilLa«Sl,£U4RftAB 

Sl ruuntuin bL, aancheMer 061 2365635 lacomc Units M* 

Keilr&ii Uia H ~. [EL2 B7J) -0*| &20 A«um.Uoil8 $42 


162.01 | 4.19 

3C.g 4*6 

354 4*6 

01-S23 4351 

ILSI =i if. 

Prices do not include L 

Indicated. Yields % fjjSwn 

pri S*h*D5»i biSpn free 4 ^" XML." ulxeV 'p _ Penodic prenii 1 1 m u.-uraucc plans 
mw include; all expenses c-xeept agent - ton 
y Ottered price IncludM all expenses U boupht ihrougn managers z Pro.iuu* d- 1 , i line*. , 
V MullfS SSSSTJmiSffS* unless , F n d.c.icd bj • 4jJ , ° **~ taL 

♦ Yield before Jersey lax. I lui-subdj vision. 

1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01'L'S3^1101. 
Index Guide as at 20lh June. 197$ (Base 100 af 1-3-1-7JI 

Clive Fixed Interest Capital 

Clive Fixed Interest Incuine 



CORAL INDEX: Close 452-457 


t Property Growth '■ 

f Vanbrugh iluarameed 9 >< 

TAddrtss shonn under Insurance an-i Prnwny KcnJ TsMt. 

irnaay JiinieT2^&78"^' 

3.99 I 2.9! 8.9! 4.4 



High Lm 

PROPERTY— Continued 

WV. TRUSTS— Continued 

fArtiirta.;™, SlJ. 

Omen. I’niun - _ 

"Ten A* i iiJi-di I 
Juaroi.-.riR -j ji ] 
Haoiir»Li/t/ i 
Ifcatt-.T. 3*. 1 

Hns.; Hr.ijirr-.*] 
Hirnhini ti. nip 
Legal &i>n.d|i 
Lon £ Min "ip 
Matthew ttr iij. 
Him-Mllrtc, Ltip 
Moru-.Cf.r.. 3 a 
Pearl Dp 
huddeat "A 
Do -B- . 

Prudential 5p 

All Lm«; £l. 



d2.70{ 6J 
«.6I 21 
15.56 13 

14.87 Iq3. 
4.21 2. 

212 5. 


— , 57 

iw„r_ w 

S 3 

160 -4 

£15»; . .. 
143 -1 
137 .. .. 
20 .... 
6121 . .. 
ISO -4 
£02 -5 
! 210 -4 
l 317 
243 -4 
178 -2 1 

161 -2 ' 

150 -3 ! 

105 -I 
128 ■ 2 
167 ■ 

| 160 -5 

187 -5 

57 -i 
! 230 -2 

236 -4 I 


12£ . 

140 -2 

352 -1 

400 -3 

97 -2 

906 -12 
170 . . 

£29 -<a 

250 -i 

and Cycl 

23 -1 


45 -2 
101; -u 

92 -2ly 

£11* 4 ... 

ciai Vehi 

107 -1 
55 -3 


78 -1 
62 -1 


58 *2 
94 rt -2 
66 -1 

113 -2 

aim -2 


24‘? . .. 

£2!=$ -■<, 

199 -3 
71 -1 
145 -2 
lli 4 +U 

KaibFnHU# Kij*_| 55 -1 

298 -6 
SnpraUroap tOp 54 .... 

155 .... 

681, -1 


90 .. 

id Distri 

69 -4 

19 -i 4 
92 -3 

112 -2 
40 ! < -»* 

40 +1 

44i s 

20 -j, 

125 -t 

40 +1 
3Bi5id -11 i 

aO -uj 

78 -2 


50 — I; 

30 ...r.. 

■ 421; -2 

114 -1 
97*r .. .. 

132 -+2 

133 -4 



39’-: .. 

73«; -2 
76i 2 -1 
62 -4 


34 -1, 

7i 2 - l i 
IF* -i* 

?6a -2 h269 
3S>; -IK 1.65 
44 ... 40.62 

i ? ~'b 

‘73 -1 
42 -J; 


QanfitM Laur . 
Hanger 1 if&. 10p 

Ivon L Lyon 

Nelson Baud ip. 
Pennine Mir. ton 






ga m 


Gordon &Gotcfa 

1+ «ri Die 
I — I Net 

V» | Vld] 
Net Cit Gr s 

£174 1.145 
£150 £125 
[150 £125 






T 1 1 ' 



148 119 
29Z 262 
20 14 

19 16 I 

37i ? 30 

Irnrv Properly _ 


I.indfmcy't... - 
I a nil Set SOn 
I* r. V.-. 
It* i‘. 

Ic |U*«* 7i|r. 'S;. 

I JU I Jlujill}.- 

1 '. 111! i IM'I- CV 
Itlgl+.i. pip I'lji 
fo'ii Sb’p tii'i' 

L* :iir>ti Ihliis 2f.V 
MKIV. . 

Mirier*- . 
MrlnenK* Ibu . 
'•t:dt.ul'!Wh Sup 
M-Juntrirwin . 
MnckluF'A lJ 1 
Nofton . . . 

f.Ji'h.1 . 
pRrt>HJd<! A 111'- 
iTp Ir.i L F:r ■ : _ 
Prup rjn'itni'. - 
Prop 6 Rev '.-V 
iThp Im Sip . 
■Lilian Prop. 5p. 
Feyjlinn. . ... 
Kegiurul Prvp . 
£V. 'A' 

lliivfc l Tteipkinf 

Samuel Props 
Sen MctrCfi 31p 
Srt.mdt'tty top 
Slough E-ts. . 

IV IU+cCmd 90 I 
Surl. iVnilvKI . 
Santo- ilji] 01 — 
Sbhv Property 
Town Centre ... 
Town A City JOp 
fr.Mlurd Part . 

UK Prewrt;.. 

L'ld KimI 1*1011 
Warner hitaiv rup 
Wehbr.lo* 1 lip 
Wrttirrfer I'.Sip 

Winaon . . 

-5 hl.6 10] 0 811966 

-1, tO 1 1 - 

-i 160 
-5 5.32 
-2 Q5V« 

-2 3(44°. 

-3 OltP*. 

.. in 
. . 02i’s 
-1 W31 
-Z »300 
-2 r2Z£ 

... tl 7 



-1 1.32 

. 1 h2 22 


-1 12 00 
-5 Jb54 
.. *t4 Q 
>6 1 7b 
-3 5.16 
-6 Tl 68 

. - 1.0 
-2 pi 0 
.. . r 12 37 

-1 t*i2 1 
-1 11.94 1 2 

-1; tl 75 l.«K 7.6 
-2 227 
-2 Q10*i 
-8 62 0 
-6 3.95 
-tl>? 0181^ 

-I? 0 01 
-5 T3 65 

-3 517 
... T2 bfa 
. 6 45 

.. . h.itlJS 


High Low StKtr j 

«7 I 79 PretincrlRv..^! 

76 66 fcr.i -.ur: 

I tfc. ci rtf' In.-. ./ 

•. .• ;->• . 1 


75 64 Hawthorn 1 50p 70 

157 125 MianHimrwU 129n! -3 6 86 

131 135 Vnsper 164 -6 4 65 

295 260 Yarrow 5up 27D -2 t4.61 4.7| 2.6i 90 


*. jpi: J 4 ,r 

1*.. - ' i 

'-■• ■■ 

'.lai. : 7m<: ... 

1 ;l - . ■. ' '• t in- 
n.. ■ _ 

''ll; 1 1 • in; 

• :!><-. I 
1 ."•• 

' ■ m* Blip-. . iyp 
M; 'll k In'. . 

I- T. 

•' -I M-. ; 1 

' '■1:1 Kur: ' i i^j 

[ .r 


1 r.''-(;:ar' .. 
Ojihiiu.. In-. . 
ittr.;*..,.? .»p. 


lv-.-. f.- K-.£i 

■ .* p >ip 

r^.'-.rr. fiiftt] 
[■r V •T'-ji- •.■m ■_ k 
r<i-. "* 1 ;.- 
l»' r.TEjftcm 

i' Prtiricr . 

Lnsal' in? 5iip 
Is l ayr^iiTT 

>j i- Lor, 

Lu.r..-. ir? \w. 7f. 
Lt.n In-, [p ;i.. 

1 In; 7-ru. 
HIu-. C-.i-n 
En.-. i. i"i^maii 
I ■. V 7r>;_ 
En; tr; 

L- L-M.'iip . 

r.'LM; !nr f«jp 

1+ nrj Mi t |\Td| 
Price I - j Net |rvr|r^| 

95 ].. .. t5 55 
70 . J.-249 

63 -1 tl 9 
240 l £.43 

eo - 2 '- . 

75'j -3'-; - 
82 -2 35 

255 ! i-0 

105 '-1 ?60 
1-2 a 0 

-J 3 4 
-3 3 55 
-1 O: 

' . wlfO 

1 :u 
1-6 - 
-1';- - 
-1 tJ 07 

3 5 

-1 3 8 

-2 ti*67 
-IS; — 

.. .. ai 
-2 t5 84 
-1 3.5 

+2 - 
-1 t3 32 

-2 h2 40 
...1 13.43 

-1 1 7 75 

-3 - 

-2 +2.3 

FINANCE, LANII— Continued 

1KR ! i . r «{ We I lYTd! 

High Imel Sock ! Pnw | - | Net ]t.'ir , i.f»|Pf( 

1 1 mt ) Sock j 

17 i-’-iwTawtSOp.- 
25 jHsniCroTnj't . 
7— liUmpw.TiS.ip 
^5 i!wl;ar_N£L-_ 

16 jjn Co 
SO !k v.-a:i ic' ... .. 

1 JJ 1 r ”1 .rr'i.n 

IS |Ka_hVi:V . 

li 'I*-n iuf" iirp .. 
7? lL<ti Vi'i tiint 
”04 [M j'i Hid? ;? 

i Sn ‘X. r.'.r -:} ■. 'p ] 

.i°29 ! V.'ii'.'.Mn A .Tit 1 
1 14 'NM'. Jn-.r I_\-p 1 


I PjrjTit< Hip . . 
i 21:? P.«cin- 
\lo~ -li.w 4 Im.| 
;'£43 : j*rre"-. ' rr 250— 
10 'jeiwltip — 

90 IScuL & MeTr 

£43 I4 E Anr , 

51 pmiJIif-i'': . .. 
Tv [She rjr.iT-iafc 
1 £27 : « ^ue: F:n NT Vfl.l 
■ 030 fTf»B! MB I* :? 1 
2* jv.'siR, St-iec: JS< 
361? ('.lot of Encl.’nn . 

68 j Yule Calls lOp.— | 

22 -3 J - I 

28 . tlojl 

10>4 *■:? - 1 

43 -f _ | 

177 . .. g-i 0 1 

17 -1 iQ 9-1 ■ 

lia .. . yjlJ.V 

70-5 1 a : 

26 1-3 I 05 I 
89 1-3 J tl 75 I 

122m >4 D '■ 

67 : : L f>6» ■ 
•36 '-3 ;? 1 

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215 -2 6 SI 3 5 

£64*: ... 

11 d.iS 

100 .. .. 3 02 I 

£50 . .. Q4 25 - 

56 -1 t4*l 21 

8 ! it» — — 

£44 -1, 0221- - 

CIO 1 * .. ;vtt<i2 
25 ... 21 

54J; -1 tl 33 


High Low ; 

8 fully Integrated banking servlc* 



Head Oliiec Osaka. Jjpan 

MINES— Continued 

■ or] Dh. 

- I Vt Cit W* 

210 155 Ealr.-.nRIiSV 185 .... QSDc 1.3 23.1 

24 15 Rhod p Corn l&p 171; .... Q 56 714 8 

80 52 RwnCwis.K4 ... 70 -3 — — — 

175 122 Tanean; iki50p 146 d -1 Q100 U! 68 

90 73 lw. fmf Ste. ... 
41 32 V.linkieCol.P.h 1 . 
361; 10 pamCpr^BDOLM. 

90id[ .... Qf. lU 8.0 
36 ...... t*57i^r 1.4173 



305 252 
200 117 
150 112 
343 206 
157 130 
■JJi; .+41? 

140 67 

16 34 

115 78 

CoaunonBri" J lip. 
5 nl«r '.1 1 
Furness £l 

J- icuta <J i 1 3 ip., 
ion.Ohcji Fnrs. 
I/- le Shipping . 
Jlan Uners^tp 
Mersey lit Unit* ' l . 
‘TeanTrinrti'n 1 

Reardon Sm, &Jp 1 

l"j -A Dup : 

Rurn-imuiiW 1... 

66 3ttvk20p 

134 Fr:i Borneo lfip 
770 P.m PelK't m. tl 
70 IM S°»Pf.£J .... 
42 8urraah£l.. . 
£51 rn'£’LniH96 

: son -o'i'Mr. seii! . 

49 epiu> Itj - ■ 
21 Chjr.erh.Jl3p.. 

1 £12»«i-"err PweietB . 
»2 |Ttt':aiiO:i£: ... 
116 !r»i;'!«iTil£l 

24 KCA 

134 l.\SVO 

£100 1.4S’4>'KM«1-E3 
254 LV5HO "w '.'Or 
1?- MsirrtMslJtK'.' 
173 Hip . 

12!; PreTfe? Cans jj 
£14- r ? RaPierOsI . . 

I‘j lEcindds I«» 1c 
£35^1 HjL LVichrLU 
455 riepireRrt. .- 
434 Shell Traar Her 
51 Lv T'vPt £l . 
226 nfevKsd. .K'-l 

WceteNa: l«)c!t 
[w FIi Or! Ife.. 
nioodside A30c.. 


16 1 ; AJIehoneltov.- 

56 Buothilmn'i; ... 

57 Vu-Hmarlnis... 
93 CanurSciKhiiir 
29 Uiiillara. Sinw ™ . 

64 HdtuuZOp 

47 K Shoes.... ._ 
36 Lanben/Ilh JOdl. 

I 38 SewMdlEurt't.. 

40 Oliver 'Gi 'A' 

46*4 PitlardGrp. 

33 Stead i Sun' A' . 
5b Stmni&Fislicr. 

41 Siilo Shoes 

1 18'.- Turner W*EMp. 

66 1 ; VVardVvluUr. 

24 Wtiarruli^) 

116 80 
580 420 
130 e3 
82'; 28 
97 u2 
102 35 

160 130 
SI 58 
600 445 
69 55 

145 130 
58 48 

67. 53 
73 64 







Ahercnm R030 _ 
Audn Are In. Rl 

Edkurfc. 10c 

■Jdd Fids P.2'?r 
Gruteis A'SOc .. 
Huled'sCpa RU 
Primroso lOcU. .. 
Rv*. Th-Tfcnn '■‘.50c 
S A. brent 20c... 




[ \tncun Lake? _ 
Atm. Agnc 50c 
ip*r:< r Md'S few . 
rnne-.i'k ~r.o- 
1 EmmeadilOp-.. 
'kill i rtalhis _ 

1.1 Mini £10. . 
H r ■ n+ Croc £1. 
ff'-jinjn-.'iS '... 
IwhvapeCl — 

lock. Ksv 

Jamaica Supr.. 
Ld.-.rt-c . 

Vjtfhtl! C'.+W .. . 
NicerienQec £i 
0:eanMlnjs Jup 
rJoOL. £ttii ! r Jp 

[ss-VNV lOp... 
Saucer tJ FlilCtp 
SeuaSu^r-ji'ip . 
■Sjnv? [1 jrt>> lOp 


T-wKen* -‘Op. 
[io SpcCni 81. 
I' lTS? Mere lup 
Do lOpcLn !£p 


. 1+ m if 

Price | — j n 


63 IffUsontfaJlunlOp. 


.. .. it?- 52 : 

.. . I^jjl” 
—2 rh4 13 
-1 62 
. 150 
-7 tl5 0 
-2 S 71 
-1 (Jl2\ 

+25 421 73 
4 26 

-2 05 0 

.... ZO.oh 


-I-. ? 4 

.. 132 
-4 2.68 
>5 {7 7 
-5 $7.7 

£4 43 


-2 hi 75 
+1 6 a 

. 710 
• QSM 
-1 thO.751 
-I <3.4 : 

15 70 

132 64 

125 63 

820 150 
245 143 
72 48 

138 61 

40 10 

220 125 

39 10 
6W !»' 

14? 79 

In Bi' 
178 11? 
48 30 

il-t-’* 750 

40 12 

538 310 
300 50 

16D 84 

70 35 

30 24 

360 240 

60 45 
290 200 

,-,.145 111 
^'V 10 8>; 

M 290 220 
- 165 130 
93 78 

11 10 
75 68 

4M 450 
400 260 
70 <0 

62 50 

215 2d5 

ol 49 

61 47 
235 140 
310 230 
226 134 

75 55 

100 85 

10b 74 

220 148 



Ewi£j:u r ;lle5(lT<iei 
Central PaciTk- . .. 
'■"t.-jni- Ri«.r:i>5i>: 
'ill! te SI . 
MauiwnAre.Trjp . 
\Una!;Ej.?u- ... 
M 1..M Hldis. Sv .. 
Mean L>ell 2C--. ._ 
N'cwmeLii 10c ... 
NmrhF. IlillSCi „ 


fukbndceSAI — 
f'A-il iciopoer .... 
FauLoni'iuSc. __ 
hnntaMUi Sp . 
Southern Panfic .. 
Viesm r>LrjRS:<Jc- 


313 -2 
106 -1 
490 -60 

225 -7 

54 -1 

120 -4 
23 -2 
194 -7 

30 -2 


118 -4 

13 -l; 

341; -11; 
£13 -1; 
371; . 

488 -4 
185 -5 

140 -4 


Anal Niarria. 

Aver HitirnSMl .. . 


'■w-nr . . ._.. 

'luMA-Bi-e l£‘2p . 
'iopengfons... — 

Hnnckorig . . — 

'iilns lOp ... 

tanurlS.-p. . . 
r'jmuivtinc SM030 . 


Mali;. iiredringSM!. 


P?n-.-!j.len !up . .. 
Itial'iiSJMl . .. 
■! Pirsn 
5rBstl; i.'ri.try 10p._ . 
.c-iuth Hm'aSJiu 50 
:kihu IJalayan SMI., 
^unan l^-'i SMI . 
Supreme Corp SMI 

TinK'fiS lip. 

Tnnc'-jT.H.'br SMI 
TronchaMJ ... . 




j 7 p 

-5 iQllOc 
-3 h 4 51 

. . ZQ155c 
-10 0125 
-5 T093c 

*5 roeoc 
-1 eL99 

. b4J3 
+5 icnjc 

-1 Qb-jC 

.. .. ZQlOc 

.. . 6.5 

-2 ZQ88c 

100 170 

17 9 

300 220 
465 24S 
254 164 

90 30 

£12 750 
45 4? 

ISO 120 


[Messina HI 56 ....| 90 |-1 |JQ2Dc| l.fl * 


Burma Mires iThp. 
1 . 0 a. Murvh 10c .. 

■-.‘.inhlfcleCSl _ . . 
RT2" . .. 
Sr-hipa iwic i*S1 . . 
T.raLtritnSI . 
Te rid; Mj?ral‘ 10? . 
Yukon Cons. CSJ-. 

14 -1 _ - - 

250 -5 *Q30c 2.6 t 
390 -35 - — 

219 -3 9.5 28 6.6 

58-5 - - — 

£10* -‘ e - - -J 

43 133 * 4.7* 

180 Q7c 2.9 1.8 


t'nliti* iBHerMlw indicated, prices and net dlrldenda are In 

5 iwm-r anrl dHruuninaiionK arr ‘45p. Eatkmaled prlrejeorslnxa 
. -j ratios and r-oiers are hatved on latest annual re porta and account* 
3-t and. where possible, are updated on haK-.iearly rijnres. P/Ca an 

3 6 calr j|r.:-d o n ib~ lii»Ls of net dlambnlioit: bracketed flpUM 

— indicate If) per . eni or more dlfferecrr (I calculated on “nlf* 
didrtbulion. ■'oirri are bated on -'maximum" dl&irl ballon. 
VicldR are based on middle prices, are gmga, ad justed to ACT of 
St per ceuL and allon ter value of declared distifballosn and 
richi-ti Securities %riib denamLialions other than aterllng V* 
•jiutied lncliune of Ibe Iniearneni dollar premittm. 

£ Sierlirtc dcnomlaaied sec unties which Include lnreatuajut 
dollar premium. , 

* ■Tats" sux-k. 

v, * Higtis and Lews marked thus have been edjtutrd (0 allow 
*:■? - - for neats issue? far cs»b. 

J J T Interim sinre increased or resumed. 

4 4 * Interim since reduced, passed or deferred. j 

J 4 Tax-free 10 ren-residcnls ua application. J 

4.6 O Futures or report awaited. ! 

3.7 +t Unlisted secuntj . j 

» Price at t:me of suspension. ! 

9 Indicated dividend after pending scrip and/or rlgbta liwm 

cover relates to previous dividend or forecast 
~ Free of Stamp Put> 

* Merger bid or rscrcanisatton In prnsresa. J 

f Not comparable. j 

* Same interim: reduced final and/or reduced earning 

5 Forecast dividend: cover on earnings updated by latest 
interim -vtatemenf. 

r Cover allow s for conversion of shares not now ranking foe - 
dividend/) or only for re>incied dmdead. , 

♦. Cover docs not allow for shares which may also rank for 
riu irterri at a fuiure date No P E ratio usually provided, j 

* E.vrluding a final dividend declaration. I 

* Regional price. t 

II No par value I 

a Ta\ free. 6 Figure-; based on prospectus or other official 
estimate, c Cento, d Dividend rate paid or payable on part 
ci capital; cover based on dividend on hill capital. 

*• Redemption yield, f Flat yield K Assumed dividend and 

a e yield, b .Assumed dividend and yield alter scrip issue. 
i Payment (I am capital sources, k Konya, m Inierim higher 
than previous tot.-i| n Rights ivsue pending q Farninga 
tu<<;d on preliminary ficure* r AuMralian currency, 
s .Dividend and yield eirlude a special paymenl. t Indicated 
dividend, cover relates to previous dividend. F'E ratio based 
on laiest annual earnings, u Forecast dividend: cover bused 
on previous year's comings. » Tax fire up to HJp in the £. 
k Yield allows for currency clause, y Dividend and yield 
based on merger term.,. 1 Dividend and yield include a 
special pajnvcn- Cover does not apply to special payment. 

A Net dividend and yield B Prelerrncc dividend passed or 
.lefened C Canadian a C-yver and P, tv ratio exclude profit* 
of I.' K. aerospace subsidiaries R Issue price F Dividend 

— and yield based on prospectus or other official estimates foe* 

“ 1B77-TB. Ci A*rumed .fiivdend and yield after pending scrip 

61 and. or rights issue. M Dividend and yield baaed or 
7.0 rror.pecius or other otfieial Minaic: for 1876-77 K Figure* 

hiK-ed on pimpeciu or ot/ver ofliciui esiim.11-.-5 for 1FT8. 
M nt-.-idend and yield based on prospectus or other official 
till mail s for IF78 N Dividend a nd y ield based on pros peclua 
or other official estimates :-i r 1979 P Dividend and yiel d 

6 hosed on p nr. pen u? or Other olflclal estimates for 1977. 

y itrrv. T Figure ussurued 1‘ No significant Corporation 

Tax parable Z Dividend toial to dale W ^'leld based on 
nxyumrliou Treasury Bill Jlate stays uochaoged until maturity 

-■t -tock. 

.» hhrev i otinru- tf ci dividend . «c ex sc ri p issue; r« ng hts : a ex 
all, d es capital distribution. 

" Recent Jssues " and Rights ” Page 36 

This serv ice is available to every Company dealt in on 
Slock Exchanges throughout (he United Kingdom fora 
fee of £400 per annum for each secu r .vy 


T+ir I-vl In wing is a selection r-f l.ondi>n <(iiotdl mn> uf -+ 
n -iiflv ti-.ii.-it mill in reciunal -ii.irih-t. Itim-> 

|, .-j-, iw.«i c-f ulneti are umI oflu-i.illv li>leil in I/t 
a:-.- a, ij'iole-l -iii the !r::-n «■■ •*iiane>- 

. S'refi Refrhnit I 52 I 

••l+.;iii - - Im. - Op j 23 
,\-ii hpllltlrnL. i 45 

r..|.- ->*r k-.; '■opt 270 

ti i-.iil- ft Kr.,i- £ 1 

I - H V < A 

Flit - -1 M-'lidv 
I -.-.I 

y : i :i-ra<-- 
«■/«’ r. J'lif V" 

..i-.uc -'.<in • *11 
;r. j -r - Kr- 
r ■ . M Min Cl 
!!...! - I... • 

*. ; li i i i-ii- 

IV..'-— ' II' 

. I Mill- 

5>!iv.-ll'i']J Hnck 


£1 4J5d 
A 37 

bmdjll ittm.i. 

rnnv 9°i 'BO £2 £90'; 
Alliance tin- 73 

Arnett. 3400 

v'tllTi'll 'l* J > 43 .fi 

iMiindalkm 95 

' uui re'i- I'ni'J.. 2 38 

H-HOh'MMg'.. 44 

In-, (‘••ri. .. 143 

Irinli 130 

J vt ■ . . to 

SlIuli.'-IITTi . 30 

Till! . 170 

Unidarc- 90 




M rlt- Si spnrr 
Alnllund bank 

2 JiW 2 ?ti-j J 01 J 
2 1.4 J 


^ A «*« -“■'^‘iiriMAM' v v _ q 

: *Ar 

kee, thi'<js rollii * 

Friday June 23 1978 


SIR Junes Goldsmith has trans- investment group in which Sir 
furred 10 Hang Kong effective Janies holds hfl per cent, 
control of Generale Occidentale, Trocadero owns IS per cent, 
his French empire which era* af Occidentale. Argyle is now 
braces Cavenham Foods, General to increase its stake in Trocadero 
Alimentaire, Banque Occiden- to 49 per cent, and will also 
tale, and Lloyds insurance brok- buy outright from Trocadtero 2 
ers Wigbam Poland. per cent of Occidentale. It will 

At the end of a tangled web a j so have options over a further 
of manoeuvres, details of which substantial stake, 
were announced in Hong Kong Argyle, which also has sub- 
yesterday. Generale Oriental, the stantial cash assets, some rest- 
Hong Kong quoted investment d Ua [ ufC properties and a house- 
company in which Sir Janies building company called Maiden- 
owns just under 74 per cent. bead, has now been sold to 
will own 35.1 per cent of General General Oriental by Evon. 
Occidentale. Oriental is to pay for Argyle 

Sir James's own holdings in bv wav of the issue of 85.25tn 
Occidentale will be 9.65 per cent S h are s at HKS 1.60 plus USS 1.5m 
and General Oriental will also 0 f | oan sloc k for which Evon 
have options over further sub- W jj| subscribe, 
sianlial holdings of Occidentale Oriental thus 

pins convertible 

loan stock ot 


It is widely expected 
Oriental and Sir James 



becomes an 
investment company valued at 
nearly £20m. Its last balance 
sheet showed that it was worth 
less than fim. 

Evon intends to distribute 
23.56m of these shares to outside 

eventually together hold more shareholders, to maintain Orien- 
than 50 per cent of Occidental's tal's public listing in Hong Kong, 
shares. Some 6.2Srn shares will be 

It bad been known for some allocated to existing shareholders 
months that Sir James had made on the basis of three for one at 
contingency plans to transfer HKS 1.60. 
control of his business empire The remainder have apparently 
to Hong Kong. already been placed by stock- 

He had expressed bitter dis- brokers Joseph Sebag, with what 
satisfaction with the degree of were described yesterday as 
restraints on business in Britain “European institutions.” 
and with the political climate The result will be to dilute 
in France. Sir James's own holding in 

II emerged yesterday that General Oriental to 65 per cent, 
those plans were set in motion In a separate but simltaneous 
last March when Argyle Securi- deal. General Oriental will issue 
ties, the former quoted U.K. a further 10.75m shares to 
properly company, was sold by independent shareholders of 
Occidentale subsidiaries to Evon Occidentale in return for a 
SA. the Panamanian company in further 3.1 per cent of Occlden- 
whieh Sir James is a substan- tale. 

tial minority shareholder. Oriental already owns 0.7 per 

immediately following this cent. Together with Argyle’s 
deal, Argyle acquired a 20.7 per direct and indirect holdings in 
cent st3ke in Occidentale. It Occidentale, Oriental will there- 
also acquired a 20 per cent stake fore have a minimum stake of 
in Trocadero. a private French 35.1 per cent in Occidentale. 

EDerman calls for 
extended moratorium 



oil bays 





BP in £20m bid 
for Monsanto 
Europe interests 


SOME OF Britain’s biggest ship- companies with strong non 
ping companies are pressing for marine interests ruled out from 
an urgent extension of the tbe present moratorium, said the 
Government's recent debt mora- industry faced severe dislocation 
torium plan for the industry. if help was not given. 

The plan, announced last Ellerman Lines, like most of 
month, . involves shipyard debt the other large British liner 
repayments being delayed for companies, has found itself sup- 
three years, with Government porting hefty debts on ships 
guarantees for the banks in- being delivered but which were 
volved. But it is limited in scope ordered in better times, 
and aimed at small trampship Ellerman has eight ships 
companies. worth more than £80m either 

Owners are saying now that delivered or on the way. All will 
these concessions should be be British-built, except the City 
available even to cover their of Durban container ship, which 
debts with foreign shipyards and was built in Germany, 
that the larger companies with Mr. Martin-Jenkins said there 
extensive non-shipping interests was no reason why a moratorium 
and alternative cash resources should not apply to ships con- 
should not be excluded, as they tracted in foreign yard) if the 
are from Ihe present scheme. basic objective was to assist the 
If the Government agrees to uk shipping industry, 
these requests, which have been 
discussed informally between the Tncfalmonk 
General Council of British Ship- in5iaUDeUU ‘ 
ping and the Department of The company has talked to its 
Trade, it would require access bankers about rescheduling the 
to section 8 of the 1972 Industry debt, but clearly feels that a 
Act, rather than the Act's section Government guarantee on defer 
10 used for the original red capital instalments is 
moratorium plan. This scheme necessary, 
was aimed at small, tramp-ship Mr. Martin-Jenk ins's statement 
companies. to the meeting was positive about 

So far, the general council has tbe group's non-shipping 
been coy about the desire among interests, but extremely gloomy 
at least some of its members for about shipping. There were 
a more wide-ranging scheme, but inherent disadvantages in the 
Mr. Dennis Martin-Jenkins, a industry's cyclical nature. "We 
former council president and are. therefore, gradually reducing 
chairman of Ellerman Lines, our investment.” 
delivered an outspoken plea for Ellerman. he said later, had 
such an extension after his sold 12 of its 40 ships in the past 
company's annual meeting year and was cutting its officer 
yesterday. corps by 30 per cent. Most of 

Mr. Martin-Jenkins. whose the ships sold were old vessels 
company is one of those larger, making way for those under 
predominantly liner shipping construction. 

Carter renews threat to 
act against oil imports 


PRESIDENT CARTER again dealings with a Congress whose 
warned Congress today that he dilatory _ approach to energy 
might impose fees on imported matters is well known, 
oil if legislation was not passed Senator Jackson did say that 
tu raise thp price of domestic he thought the President might 
crude to world levels. have a partial Energy Bill by 

»■« mid-July. But if will clearly’ not 
However, , a ^ c ^ding to ^ju^e the most controversial 
Congressmen who had breakfast j tem: t j,e crude oil equalisation 
in the White House this morn- tax designed to lift domestic 
mg. he stopped short of threaten- prices t0 world levels . The p^. 
in? in act before the economic de nt will therefore have to go 
summit in Bonn next month. ^ Bonn with little to show fox 
Dr. James Scbleringer. Energy a year-long effort to curb energy 
Secretary, said later that consumption, 
although the President would Meanwhile Dr. Scfalesinger also 
like an Energy Bill on bis desk unveiled today the Administra- 
by mid-July, he does not tion’s updated version of a 
realistically expect one until standby rationing plan for petrol 
autumn. He implied that any that the U.S. Government is 
decision on an import fee or required by law to have ready, 
other curbs on foreign oil would It can only be invoked in a 
probably wait until then. national emergency created by 

Senator Henry Jackson, the un interruption^ to supplies and 
Washington State Democrat and is of no immediate significance, 
a key figure on energy legisla- The principal change from ihe 
tiori. reported that the President plan drawn up by President Ford 
is "clearly prepared” io act is to base the issue of ration 
against ,-uuports. But Adroini- coupons on registered owners of 
strairw officials privately main- cars rather than on holders of 
tain that, so far. the ihrcat has driver’s licences, 
mainly been used as a lever in Editorial comment Page 20 

EAST BERLIN, June 22. 
EAST GERMANY, Comecun's 
leader in advanced technology, 
has agreed to supply the 
Soviet Union with technical 
expertise In return for extra 
supplies of Soiiet oil and gas 
In an important series of 
economic agreements. 

Moscow Is also to supply 
East Germany with credits to 
bridge its deficit wilb the 
Soviet Union, which could 
reach 3bn marks (£750m) this 

The agreements, part of a 
wider package reached here 
by lop economic officials from 
both countries, represent a 
farther Soviet attempt to 
integrate more closely, the 
economies of Comecon states. 

East Germany has agreed to 
make wide-ranging concessions 
on its range of products to fit 
the needs of Soviet Industry. 

But East Germany has 
managed to stand firm in one 
crucial industrial area — micro- 

Late last year East Germany 
and the Soviet Union agreed 
to co-operate in research and 
production In the electronics 
industry, in most cases this 
meant a transfer of technology 
to the Soviet Union. Since 
then tbe Russians have been 
attempting to get micro-pro- 
cessors Included In the agree- 
ment but the attempts have 
been resisted by the East 

Tbe reason is that East 
Germany is working hard to 
acquire micro-processor know- 
ledge from the West in the 
hope of becoming pre-eminent 
in this field within Comecon. 

The -East German and Soviet 
commissions on economic and 
scientific-technical co-operation 
also signed an agreement here 
on further co-operation in 
machine toot building in which 
East Germany will contribute 
the lion’s share. 

Similarly the East German 
chemical plant construction 
Industry Is to provide new ways 
of improving output in the 
Soviet food processing 

The East German printing 
machine industry has agreed to 
a " division of labour " In pro- 
ducing components for sheet- 
fed offset machines. East 
Germany Is the largest 
Comecon exporter of printing 
machinery to the West. 

An agreement was also 
signed on cooperation in 
satellite exploration of the 
earth's raw materials using ail 
East German multi-spectral 
camera. The MKF-6 was built 
by Carl Zeiss Jena in a crash 
programme at great cost and 
was successfully used in the 
.Soviet Sovuz 22 in September 

Selective cooperation is to 
take place between the East 
German and Soviet photo- 
chemical industries to 
“ improve the quality of photo- 
chemical products ” and lo 
introduce new lines. 

BP CHEMICALS is negotiating would be Monsanto’s polystyrene 
a £20zn deal to acquire nearly ail marketing and commercial ra- 
the U.S.-based Monsanto group's terests and its European tech- 
polystyrene interests in Europe. niraJ services. 

BP Chemicals exnPMc the deal Ep Chemicals said yesterday 
to be concluded witbta the next _*» Monsanto acquisitions 
few months, ft ^Froinws the would be a logical development 
company” mOm UfchS ofSe because the company already 
U.S.-based Union Carbine's main Produced ethylene and benzene 
European subsidiaries, which the raw materials from which 
was agreed in principle last Styrene monomer and then poly- 
week along with a £200m deal styrene are made. The deal 
between Deutsche BP and Veba, would give it a substantial stake 
the leading West German energy ,n European polystyrene 

concern. The two BP Chemicals market and strengthen its post- 
deals represent a further step in non in other Continental plastics 
its bid fully to integrate its markets, 
petrochemical activities. ^ ■ 

If agreement is reached on t-OITlIIllliilCIlt 
this latest set of - negotiations. Monsanto is not integrated into 
Monsanto will sell Bp its poly- basic raw materials in Europe, 
styrene plant at Wingles. near As a result, it sees the outlook 
Lille in France, plus its "3 per for its polystyrene activities on 
cent holding in Forth Chemicals, the Continent as unattractive, 
a UK styrene monomer company But the company said it would 
with plants at Grangemouth in continue its “strong commit- 
Sfcotiand and Baglan Bay in meat” to its polystyrene opera 
South Wales. BP Chemicals tions in other parts of the world, 
already owns the remaining 66 including those of its -Spanish 
per cent of Forth. affiliate. Aiscondel. in which It 

BP would also acquire all the ha* a P er cen f holding, 
polvstyrene and expandable The Monsanto plant at Wingles 
polystyrene produced at Mon- employs about 450 people who 
santo’s Newport factory in Wales would all be given the chance 
although Monsanto would con- to retain their jobs if BP 
tin lie to own an d operate the Che m* cals took over the factory 
plant Included in the deal News Analysis Page 6 

Rate of inflation 
6 could rise 
again this winter’ 


e for 
show an 
the very 

THE RATE of inflation could rise to five months to work through to 
again this winter, Mr. Charles the retail price index, which 
Williams, chairman of tbe Price covers such things as rates, which 
Commission, warned yesterday, are not covered by the com 

There was every chance that tho 

inflation would stay near its Given this time-lag the com 

presen r rate-just under S per 5*1555- JS?Ci t ^ 

cent— In the short term But it Prime Minister went to the 
mieht b p less easy to keen it country in October he would be 

down to this level in the medium sure t* 13 * infl . atio ° *ould 

term not have risen again by then, 

though the 12-month 
CL nn n n m the July RPI might 

Juu r P* increase because of 
Mr. Williams did not comment small rise last July, 
directly on forecasts made by _ . . 

Mr. Roy Hattersley, the Prices Critical 
Secretary, that inflation would xhe profit margin controls on 
fnr^h* ftMhi* 1 vo-Ir^SnMw c0 *npanies, which have existed 
seemed less happy than the ^ n j * j„j y Mr. williams 

fn * n 1 s 1^1 V th e nn”' « C ^Jnd said this would have no impact 

L min“ d y d on P rices because the vast 

earnings. majority of companies were 

He said these increases would still trading way below their 
eventually feed through to shop statutory profit ceilings, 
prices and could result in a rise in the commission's report for 
in the rate of retail price the three months to the end of 
inflation. April, published yesterday, it 

The commission's own index of was critical of tile profit safe- 
price Increases notified to it has guard written into the _ price 
been showing an annual increase controls. These provisions, 
of about 7 per cent for the past which are being reviewed by the 
four months. Mr. Williams said Department of Prices, were, tbe 
that the June figure looked like report said, inhibiting tbe corn- 
being about the same. . mission's work in certain key 

Movements in the commission’s respects, 
index usually take two and a half Quarterly Report, Page 6 

Callaghan says 35-hour week 
will not solve unemployment 

■ ' .'J„' i ' .:V-‘ ‘X. : XV ' £ j 

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I re ! 

!T lL - - r - • V7 7 

proved too much- Following a 
£4Jhn fall in reserves during 
the 12 months to MarctL -the 
final dividend — which would 
have cost about £3£m with 
unrelieved ACT — has been 
omitted. The shares, which 
have been relatively strong 
lately, plummeted by 24p to Top 
on the news. 

A year ago, a -final dividend., 
was paid on- the assumption that 
profits in 1977-78 could double-, 
to £2Qm or more but in tBe - 
event the pre-tax figure emerges 
nearly two-fifths lower at £B2m. 
The bad summer in 1977. cut,- 
profits oh ice cream and soft 
drinks by £2m or more, food*. 


p_ - . 3.; 

W ; 



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_ - 


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- 70 


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*?.: fit 

g:^ #defc wortii ^ 

>k ,., ^4?":- . due 

defer , y 

prepayments- paig : ; 

^SimffafcsriiehjeS ■ are 

thp nricc war am ong iriH lg groWta- vStOCl^r t- i "' v j?* 

Sailers, and losses in the "done it again. i , 

French meat-business may have fox. 1978 come this Ai pahjful 

risen by about £2m. But what. JESem^-ESm to 

really scuppered tbe group’s" mum forecast— andv are - 1© .b^he^tst ^r^uctantlo eut down 
£ti5 optimism was the dislo- ;na cless than 52 per^e .^^e;g^ i g *¥**. >. 
cation of the tea and coffer^eans that Racalhasmpliiifiied^ 
markets. .-.:- r ^re^ax profits 

After a strong first quarter,, years over 2\ : tim^ ; 
customers started to run dova^ewnings per 

stocks of tea and coffee in the^oubled on air actual tax : baqfe; .! 

second half and in Februaj^.vSTet. another of 

after the Price CommissioBVifeat all this has 

report, Lyons was impelled 'tn'fiusiness whose to IMF 

cut tea prices about a month-balance sheet sshare of 

before its commodity costs came -shareholders’ funds— .were 
down. Profits on tea alone fefl-£|2nL ‘K: 

by about £5m in tbe fraaT-. On a share priefi^of involve a cut . 

quarter of the year. ' V:'. '?p) the capitalisation;^ .Raeal-^^® 

This has come straigtiV. is now £282m. .‘This compare^ 

through to shareholders’ equity* very favourably with .T jthe-. 
as a result of Lyons’ tax profr. market valuation, of PIesse£-**f.v 
1 era— with all of its profits- 2207m— where preW^bfigS; J 
earned overseas, the tax rat©.^ -reported earlier fets weekweri 
works out at 85 per cent and only 6 per cent better at £43tn: 
minorities also take out a size- The news f 
able chunk. In addition, thero : L}s’ t 11 ® 1 . J** 81 

are provisions of about ^£2ar hoomed last.. -.After 
each agiinst SpIlterf^-gSjW ; V 


, . . 


. iog - warUy . 
^®ttpriang . . 

. ... . .. ul. • ■ nnwiwer clan auiw uiuau. ■ ™ »fi g- »mumm nuw..IP^rkcf fof 

Although tradras 

inirohre a' cut . . • 
in its 

•' •' i- - -. Mwinirti 

^ffoi^ate' stags o/ is^t week's 
. -to& tap have finaT^- unwound 

and the French company. " V -V , trailed to he.the^r perfni?Mr,- 
The result is that despite^^f Strat f1fflte' 
sizeable disposals 

absence of a final dividmilS, ^^. 1 ^’ ■ 

tag roughly f70m of 9>odwU« ; 

whi,e aebt b 

a market capitalisation ot just if Egjertriaa Lmei. a weli x^ '-WQ^pi|>bab&^ J^ 
over £30m. The shares remain private; UK shipping v <;pmpaiiy^ '^tne'sn^i^on^^^selljng.gim* 
strictly speculative. wants^a- three-year. jnbrbtoriuin - mii^ their' receqt fough 

oiiJEs-detes,. the ^ ^Yund>. 

T nr -Tnier' * shinoinc •' industry:- managers •-'rifiaU'"' 

Racal UK . i&er ; : shipping* 1 ^ industry - raanagws -be ‘treated 

RacaL the market’s only real must lie wdrse than, most -had;, gCTtIy; ^V-' ; ;^ . .r 

— ■ 'v". — s — ' • -"JIj 1 .} ‘'K-' ■ 1 y ' . ‘i 


THE Prime Minister indicated more likely to increase unetn- is to secure a new understanding 
yesterday that he had strong ployment by some 100.000 than with the .unions on pay restraint, 

reservations about including to reduce it. Ministers are still highly opti- 

introductioa of a shorter working The TUC intends, however, to mistic about the outcome, and it 
week in the next stage of pay press its point on the Govern- seems likely that the main ten- 

policy- raent and will also call for fur- ance of the 12-month rule— one 

TUC leaders see reduced hours ther reflationary action to help of the main props of pay policy 
of work as the best way of seeur- reduce unemployment. over the past three years — will 

jng union support for a further Some hard bargaining now ap- be taken as read, 
period of wage restraint. pears likely if the Government Parliament, Page 10 

At a meeting today with Mr. — . ■ 

Denis Healey, the Chancellor, 

who shares Mr. Callaghan's 
doubts, union leaders are 
expected to suggest a two-hour 
reduction as the first step 
towards a 35-hour week. 

Mr. Callaghan, replying to a 
Commons question, confirmed 
that the issue would be discussed, 
but warned that adoption of a 
35-hour week would not provide 
an easy solution to the problems 
of pay restraint or unemploy, 

There was a “ very good case ” 
for a shorter working week, pro- 
vided it .did not result merely 
in more overtime payments. 

It would also be necessary, he 
said to ensure that unit costs or 
production were not increased 
and that Britain's European 
competitors would be pursuing 
the same policy. 

His approach echoed concern 
expressed earlier this week by 
the Confederation of British 
Industry about the impact of s 
cut in working hours on 
industry's unit costs and com- 

Confederation leaders warned 
that their members would be 
urged to resist union claims for 
a cut in hours if the Govern- 
ment supported the proposal as 
a general entitlement in a Phase 
Four pay agreement. 

They claimed that contrary 
to the TUC view, the move was 

SUNNY intervals, showers. 
London, Cent S and SE England, 
Midlands, E Anglia, 
Channel Islands: 

Sunny intervals. showers. 
Max 15C-16C (59F-6JF). 

E, NE, Cent N England: 
Sunny intervals, showers. Max 
14C (57F). 





























Melbrpurnc C 







M'.'Xira C. 







S« Mibn 







50 Monin?aJ 
































Sw Vorfc 




















B. Aires 



























Bln deJ'O 












Copnhagcn S 




S .30 














Sirastwurrf G 























Tel AvW 











R. Kong 




































SW England, S Wales: 
Sunny intervals, showers. 
Max 14C-15C (57F-59F). 

N Wales, NW England, Lakes, 
Isle of Man. 

Cloudy, rain. Max 13C-14C 

Borders, SW Scotland, Cent 
Highlands, N Ireland. 
Cloudy, rain. Max 13C (55F). 
NE, NW Scotland, Orkney, 

Cloudy, rain. Max Z1C-12C 

Outlook: Little change. 






*C «p 

F 23 73 
S *7 81 
P 20 68 
C 12 54 
C 20 *» 
R 12 H 





.1! 83 
2B 79 
>3 73 
1A 73 
20 8S 

H 57 

*i 72 

U 52 


IP G6 

Mid -das 
-C *F 

Jersey P 15 so 
US Ptas S 22 73 
Locarno c 3 n 
















S 44 1J1 
S 34 7S 
S Zfi 7B 


S. 51 69 
r 24 79 
S a 72 

c in a 

F JD ffi 
5-21 70 
V 27 SI 
S 29 S4 
K “U 73 

F— Fair. R— Rain, S— Sunns, C— Cloudy. 

■■■ __ - 'j-z- - *- 

‘ •' > -- - '-'V >. >'-•*- ; 

: v’>; " : '• ’ , ;•”> ?; ; ;y_ ; ■ ; - ••• - .• . 

A surnnu ry Of the Statement by th eChainnan, fan. -lym i*gar r Tor tro ynar exiqaciaa « _ 

. • • . . ; . - ‘i? :V . — • . _ V- : ^ r ?’ ’ 

Profits before tax. at £861 £2B, are 4696 op ^t-liTflh's 'Empire* SrteTtoac^uuafit^mApraofv. -j 'j 

year. . '• r ' ^ / 

- - : - ^ edastma-Ertinra aiteoneTOimmfrftrfiiaSwolsoactsjTiB: : v 



( Summary o^ftwiiits-- - -. 1977 / 78 ' j - 



FYofitafterTax’ iiV-. ; :0’; 

Extraonfina ty teahr •= -G&